FlexShares Trust

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FlexShares^® Trust

Semiannual Report

April 30, 2022

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Table of Contents



Statements of Assets and Liabilities			2

Statements of Operations			10

Statements of Changes in Net Assets			18

Financial Highlights			34

Schedules of Investments			67

FlexShares^® US Quality Low Volatility Index Fund			67

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund			71

FlexShares^® Emerging Markets Quality Low Volatility Index Fund			78

FlexShares^® Morningstar US Market Factor Tilt Index Fund			83

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund			125

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund			172

FlexShares^® US Quality Large Cap Index Fund			221

FlexShares^® STOXX^® US ESG Select Index Fund			226

FlexShares^® STOXX^® Global ESG Select Index Fund			233

FlexShares^® ESG & Climate US Large Cap Core Index Fund			248

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund			253

FlexShares^® ESG & Climate Emerging Markets Core Index Fund			262

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund			268

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund			275

FlexShares^® Global Quality Real Estate Index Fund			282

FlexShares^® Real Assets Allocation Index Fund			287

FlexShares^® Quality Dividend Index Fund			288

FlexShares^® Quality Dividend Defensive Index Fund			293

FlexShares^® Quality Dividend Dynamic Index Fund			298

FlexShares^® International Quality Dividend Index Fund			305

FlexShares^® International Quality Dividend Defensive Index Fund			310

FlexShares^® International Quality Dividend Dynamic Index Fund			317

FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund			324

FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund			325

FlexShares^® Disciplined Duration MBS Index Fund			326

FlexShares^® Credit-Scored US Corporate Bond Index Fund			331

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund			347

FlexShares^® High Yield Value-Scored Bond Index Fund			356

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund			375

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund			390

FlexShares^® Ready Access Variable Income Fund			399

FlexShares^® Core Select Bond Fund			412

Notes to the Financial Statements			415

Fund Expenses			463

Liquidity Risk Management Program			467

Approval of Advisory Agreement			468

Supplemental Information			471

For More Information			484

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FlexShares^® Trust

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


	FlexShares^® US Quality Low Volatility Index Fund		FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund		FlexShares^® Emerging Markets Quality Low Volatility Index Fund			FlexShares^® Morningstar US Market Factor Tilt Index Fund

ASSETS
Securities, at cost	$	140,491,034	$	66,363,409	$	14,445,142		$	942,368,425
Affiliate securities, at cost		—		—		—			457,315
Securities Lending Reinvestments, at cost		—		968,888		—			224,504,072

Securities, at value†		159,611,468		67,897,986		14,728,604			1,487,531,138
Affiliate securities, at value		—		—		—			639,322
Securities Lending Reinvestments, at value		—		968,888		—			224,509,853
Cash		1,915,287		296,153		140,681			8,181,959
Cash segregated at broker*		5,266		121,465		25,220			889,559
Foreign cash††		—		494,578		75,429			—
Restricted cash**		—		—		—			—
Due from Authorized Participant		—		—		—			—
Unrealized appreciation on forward foreign currency contracts		—		46,852		—			—
Receivables:
Dividends and interest		109,539		497,488		25,636			951,748
Securities lending income		755		663		—			38,534
Capital shares issued		—		—		—			—
Investment adviser		601		298		56			6,657
Securities sold		—		—		—			—
Variation margin on futures contracts		—		—		1,456			—

Total Assets		161,642,916		70,324,371		14,997,082			1,722,748,770


LIABILITIES
Cash overdraft		—		—		—			—
Unrealized depreciation on forward foreign currency contracts		—		19,702		7			—
Due to brokers		36,890		—		—			—
Payables:
Cash collateral received from securities loaned		—		968,888		—			224,498,570
Deferred compensation (Note 7)		6,668		3,769		670			160,443
Investment advisory fees (Note 4)		30,557		19,272		4,981			326,831
Trustee fees (Note 7)		1,318		649		139			15,215
Securities purchased		—		—		—			302,616
Deferred non-US capital gains taxes		—		—		26,014			—
Due to Authorized Participant		—		—		—			—
Variation margin on futures contracts		44,808		44,736		—			452,746
Capital shares redeemed		—		—		—			1,708
Other		700		2,250		—			1,500

Total Liabilities		120,941		1,059,266		31,811			225,759,629

Net Assets	$	161,521,975	$	69,265,105	$	14,965,271		$	1,496,989,141


NET ASSETS CONSIST OF:
Paid-in capital	$	138,978,179	$	68,069,095	$	15,170,847		$	912,802,399
Distributable earnings (loss)		22,543,796		1,196,010		(205,576	)		584,186,742

Net Assets	$	161,521,975	$	69,265,105	$	14,965,271		$	1,496,989,141


Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		3,100,001		2,700,001		600,001			9,400,001
Net Asset Value	$	52.10	$	25.65	$	24.94		$	159.25

† Securities on loan, at value	$	8,082,484	$	1,820,532	$	—		$	273,615,671
†† Cost of foreign cash	$	—	$	509,148	$	75,724		$	—

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

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

See Accompanying Notes to the Financial Statements.


2		FLEXSHARES SEMIANNUAL REPORT

Statements of Assets and Liabilities (cont.)


	FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund			FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund			FlexShares^® US Quality Large Cap Index Fund		FlexShares^® STOXX^® US ESG Select Index Fund

ASSETS
Securities, at cost	$	497,335,966		$	240,653,989		$	121,600,985	$	171,124,663
Affiliate securities, at cost		—			—			—		126,155
Securities Lending Reinvestments, at cost		20,154,710			1,939,381			—		248,877

Securities, at value†		541,709,255			268,198,880			138,992,889		180,067,420
Affiliate securities, at value		—			—			—		112,840
Securities Lending Reinvestments, at value		20,154,710			1,939,381			—		248,877
Cash		2,907,819			152,492			1,706,009		667,652
Cash segregated at broker*		1,303,381			155,851			295,182		95,953
Foreign cash††		4,620,790			348,121			—		—
Restricted cash**		—			—			—		—
Due from Authorized Participant		—			—			—		—
Unrealized appreciation on forward foreign currency contracts		145,305			34,473			—		—
Receivables:
Dividends and interest		5,222,318			737,952			106,364		156,018
Securities lending income		38,309			12,346			1,101		762
Capital shares issued		—			—			1,186,821		—
Investment adviser		2,613			1,414			598		846
Securities sold		10,873,352			66,126			—		—
Variation margin on futures contracts		130,532			—			—		—

Total Assets		587,108,384			271,647,036			142,288,964		181,350,368


LIABILITIES
Cash overdraft		—			—			—		—
Unrealized depreciation on forward foreign currency contracts		264,535			8,641			—		—
Due to brokers		—			—			—		—
Payables:
Cash collateral received from securities loaned		20,154,710			1,939,381			—		248,877
Deferred compensation (Note 7)		91,412			45,819			6,663		8,145
Investment advisory fees (Note 4)		187,985			138,090			38,806		50,862
Trustee fees (Note 7)		5,706			2,992			1,164		1,587
Securities purchased		3,877			69			1,162,180		—
Deferred non-US capital gains taxes		—			824,320			—		—
Due to Authorized Participant		—			3,469			—		—
Variation margin on futures contracts		—			29,584			56,016		49,363
Capital shares redeemed		12,872,599			—			—		—
Other		13,500			50,000			2,500		—

Total Liabilities		33,594,324			3,042,365			1,267,329		358,834

Net Assets	$	553,514,060		$	268,604,671		$	141,021,635	$	180,991,534


NET ASSETS CONSIST OF:
Paid-in capital	$	611,403,371		$	302,405,456		$	125,063,483	$	167,061,361
Distributable earnings (loss)		(57,889,311	)		(33,800,785	)		15,958,152		13,930,173

Net Assets	$	553,514,060		$	268,604,671		$	141,021,635	$	180,991,534


Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		8,600,001			5,000,001			3,075,001		1,825,001
Net Asset Value	$	64.36		$	53.72		$	45.86	$	99.17

† Securities on loan, at value	$	79,077,868		$	9,267,693		$	10,583,830	$	3,994,982
†† Cost of foreign cash	$	4,790,050		$	335,967		$	—	$	—

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

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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			3

Statements of Assets and Liabilities (cont.)


	FlexShares^® STOXX^® Global ESG Select Index Fund			FlexShares^® ESG & Climate US Large Cap Core Index Fund			FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund			FlexShares^® ESG & Climate Emerging Markets Core Index Fund

ASSETS
Securities, at cost	$	141,113,185		$	13,715,807		$	19,041,956		$	4,943,860
Affiliate securities, at cost		—			—			—			—
Securities Lending Reinvestments, at cost		2,134,066			—			—			—

Securities, at value†		162,192,893			12,976,705			17,759,098			4,831,794
Affiliate securities, at value		—			—			—			—
Securities Lending Reinvestments, at value		2,134,066			—			—			—
Cash		765,397			86,523			119,601			62,950
Cash segregated at broker*		175,072			200			41,040			6,998
Foreign cash††		626,875			1,022			67,947			1,363
Restricted cash**		429	⁽¹⁾		—			11,524			441,975
Due from Authorized Participant		—			—			—			—
Unrealized appreciation on forward foreign currency contracts		48,271			—			11,248			—
Receivables:
Dividends and interest		482,476			7,047			57,615			1,394
Securities lending income		2,330			—			—			—
Capital shares issued		—			—			—			—
Investment adviser		815			—			44			2
Securities sold		4,490,739			—			271			—
Variation margin on futures contracts		—			—			—			—

Total Assets		170,919,363			13,071,497			18,068,388			5,346,476


LIABILITIES
Cash overdraft		—			—			—			—
Unrealized depreciation on forward foreign currency contracts		12,365			—			12,994			—
Due to brokers		—			—			—			—
Payables:
Cash collateral received from securities loaned		2,134,495			—			—			—
Deferred compensation (Note 7)		9,483			30			60			—
Investment advisory fees (Note 4)		59,538			722			1,661			240
Trustee fees (Note 7)		1,615			10			46			8
Securities purchased		4,876,451			27,193			79			—
Deferred non-US capital gains taxes		—			—			—			34
Due to Authorized Participant		—			—			11,524			441,975
Variation margin on futures contracts		72,291			2,548			7,383			1,545
Capital shares redeemed		—			—			—			—
Other		13,000			2,500			13,500			—

Total Liabilities		7,179,238			33,003			47,247			443,802

Net Assets	$	163,740,125		$	13,038,494		$	18,021,141		$	4,902,674


NET ASSETS CONSIST OF:
Paid-in capital	$	135,703,467		$	13,788,265		$	19,322,886		$	5,000,000
Distributable earnings (loss)		28,036,658			(749,771	)		(1,301,745	)		(97,326	)

Net Assets	$	163,740,125		$	13,038,494		$	18,021,141		$	4,902,674


Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		1,250,001			275,000			400,000			100,000
Net Asset Value	$	130.99		$	47.41		$	45.05		$	49.03

† Securities on loan, at value	$	9,543,032		$	—		$	—		$	—
†† Cost of foreign cash	$	644,419		$	1,051		$	69,511		$	1,376

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

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

⁽¹⁾

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

See Accompanying Notes to the Financial Statements.


4		FLEXSHARES SEMIANNUAL REPORT

Statements of Assets and Liabilities (cont.)


	FlexShares^® Morningstar Global Upstream Natural Resources Index Fund		FlexShares^® STOXX^® Global Broad Infrastructure Index Fund			FlexShares^® Global Quality Real Estate Index Fund		FlexShares^® Real Assets Allocation Index Fund

ASSETS
Securities, at cost	$	6,127,170,314	$	2,321,364,371		$	369,596,680	$	—
Affiliate securities, at cost		—		—			—		51,938,053
Securities Lending Reinvestments, at cost		202,359,834		38,469,275			6,052,675		—

Securities, at value†		8,090,675,445		2,520,492,194			405,054,763		—
Affiliate securities, at value		—		—			—		52,218,833
Securities Lending Reinvestments, at value		202,364,005		38,469,275			6,052,675		—
Cash		21,917,643		5,818,003			11,047,912		2,130
Cash segregated at broker*		4,831,220		3,299,588			1,401,965		—
Foreign cash††		7,844,669		5,340,092			2,056,825		—
Restricted cash**		80,357		472,628	⁽¹⁾		—		—
Due from Authorized Participant		117,365		—			—		—
Unrealized appreciation on forward foreign currency contracts		2,243,935		1,093,330			13,046		—
Receivables:
Dividends and interest		21,566,199		6,316,072			698,897		—
Securities lending income		48,761		34,334			5,302		—
Capital shares issued		13,500,535		—			—		—
Investment adviser		24,031		10,359			1,795		138
Securities sold		4,433,543		3,710,928			13,394		1,348,611
Variation margin on futures contracts		—		—			—		—

Total Assets		8,369,647,708		2,585,056,803			426,346,574		53,569,712


LIABILITIES
Cash overdraft		—		—			—		—
Unrealized depreciation on forward foreign currency contracts		2,246,482		1,154,235			84,549		—
Due to brokers		—		—			—		—
Payables:
Cash collateral received from securities loaned		202,348,694		38,480,637			6,052,675		—
Deferred compensation (Note 7)		568,944		168,757			31,415		1,008
Investment advisory fees (Note 4)		3,115,096		1,022,232			163,452		5,503
Trustee fees (Note 7)		40,060		22,364			3,515		116
Securities purchased		13,176,214		7,688			—		1,357,358
Deferred non-US capital gains taxes		1,204,319		1,413,613			—		—
Due to Authorized Participant		80,357		1,465,300			—		—
Variation margin on futures contracts		1,580,640		641,389			314,712		—
Capital shares redeemed		4,514,160		2,729,005			—		—
Other		49,500		10,000			2,000		—

Total Liabilities		228,924,466		47,115,220			6,652,318		1,363,985

Net Assets	$	8,140,723,242	$	2,537,941,583		$	419,694,256	$	52,205,727


NET ASSETS CONSIST OF:
Paid-in capital	$	7,051,246,245	$	2,458,245,199		$	394,147,294	$	52,232,038
Distributable earnings (loss)		1,089,476,997		79,696,384			25,546,962		(26,311	)

Net Assets	$	8,140,723,242	$	2,537,941,583		$	419,694,256	$	52,205,727


Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		180,900,001		46,500,001			6,300,001		1,575,001
Net Asset Value	$	45.00	$	54.58		$	66.62	$	33.15

† Securities on loan, at value	$	543,174,950	$	130,306,071		$	42,566,894	$	—
†† Cost of foreign cash	$	8,179,562	$	5,419,233		$	2,116,480	$	—

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

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

⁽¹⁾

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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			5

Statements of Assets and Liabilities (cont.)


	FlexShares^® Quality Dividend Index Fund		FlexShares^® Quality Dividend Defensive Index Fund		FlexShares^® Quality Dividend Dynamic Index Fund		FlexShares^® International Quality Dividend Index Fund

ASSETS
Securities, at cost	$	1,327,698,109	$	337,126,729	$	17,097,999	$	563,553,925
Affiliate securities, at cost		—		—		—		—
Securities Lending Reinvestments, at cost		147,554,010		26,521,823		228,520		15,101,779

Securities, at value†		1,617,736,640		389,915,667		20,410,215		553,427,055
Affiliate securities, at value		—		—		—		—
Securities Lending Reinvestments, at value		147,555,458		26,521,823		228,520		15,101,779
Cash		7,960,699		4,608,540		211,300		6,088,953
Cash segregated at broker*		776,002		532,538		44,538		1,512,064
Foreign cash††		—		—		—		4,777,993
Restricted cash**		—		—		—		—
Due from Authorized Participant		—		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		—		324,486
Receivables:
Dividends and interest		2,054,001		492,518		27,479		4,520,829
Securities lending income		39,908		9,476		487		28,562
Capital shares issued		—		—		—		—
Investment adviser		6,685		1,787		93		2,508
Securities sold		—		—		2,217		—
Variation margin on futures contracts		—		—		—		168,649

Total Assets		1,776,129,393		422,082,349		20,924,849		585,952,878


LIABILITIES
Cash overdraft		—		—		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		—		471,165
Due to brokers		—		—		—		—
Payables:
Cash collateral received from securities loaned		147,549,869		26,521,823		228,520		15,101,779
Deferred compensation (Note 7)		178,024		43,153		6,093		73,676
Investment advisory fees (Note 4)		517,623		129,025		6,588		227,880
Trustee fees (Note 7)		13,813		3,886		189		5,339
Securities purchased		—		—		—		10,583
Deferred non-US capital gains taxes		—		—		—		—
Due to Authorized Participant		—		—		—		—
Variation margin on futures contracts		340,842		164,200		8,960		—
Capital shares redeemed		—		—		—		—
Other		6,000		4,250		750		8,500

Total Liabilities		148,606,171		26,866,337		251,100		15,898,922

Net Assets	$	1,627,523,222	$	395,216,012	$	20,673,749	$	570,053,956


NET ASSETS CONSIST OF:
Paid-in capital	$	1,313,665,811	$	335,213,884	$	16,700,838	$	724,658,056
Distributable earnings (loss)		313,857,411		60,002,128		3,972,911		(154,604,100	)

Net Assets	$	1,627,523,222	$	395,216,012	$	20,673,749	$	570,053,956


Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		29,150,001		7,400,001		350,001		25,000,001
Net Asset Value	$	55.83	$	53.41	$	59.07	$	22.80

† Securities on loan, at value	$	195,375,435	$	37,545,141	$	1,202,024	$	52,163,598
†† Cost of foreign cash	$	—	$	—	$	—	$	4,859,556

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

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

See Accompanying Notes to the Financial Statements.


6		FLEXSHARES SEMIANNUAL REPORT

Statements of Assets and Liabilities (cont.)


	FlexShares^® International Quality Dividend Defensive Index Fund			FlexShares^® International Quality Dividend Dynamic Index Fund			FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund			FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund

ASSETS
Securities, at cost	$	60,098,632		$	79,879,120		$	2,166,008,617		$	823,613,215
Affiliate securities, at cost		—			—			—			—
Securities Lending Reinvestments, at cost		1,465,336			1,766,975			—			—

Securities, at value†		61,300,121			75,802,678			2,151,600,078			811,141,771
Affiliate securities, at value		—			—			—			—
Securities Lending Reinvestments, at value		1,465,336			1,766,975			—			—
Cash		195,829			966,768			491,403			158,433
Cash segregated at broker*		134,083			188,634			—			—
Foreign cash††		523,209			232,341			—			—
Restricted cash**		—			—			—			—
Due from Authorized Participant		—			—			—			—
Unrealized appreciation on forward foreign currency contracts		50,107			36,125			—			—
Receivables:
Dividends and interest		583,722			528,137			2,427,238			1,127,970
Securities lending income		3,763			6,056			3,434			3,703
Capital shares issued		—			—			—			5,306,928
Investment adviser		283			360			3,914			2,516
Securities sold		342,374			—			1,754,393			—
Variation margin on futures contracts		—			—			—			—

Total Assets		64,598,827			79,528,074			2,156,280,460			817,741,321


LIABILITIES
Cash overdraft		—			—			—			—
Unrealized depreciation on forward foreign currency contracts		3,639			4,996			—			—
Due to brokers		—			—			—			—
Payables:
Cash collateral received from securities loaned		1,465,336			1,766,975			—			—
Deferred compensation (Note 7)		9,781			5,951			259,068			94,231
Investment advisory fees (Note 4)		25,907			31,245			306,582			120,362
Trustee fees (Note 7)		632			632			9,102			5,541
Securities purchased		—			—			1,753,133			5,308,233
Deferred non-US capital gains taxes		—			28,216			—			—
Due to Authorized Participant		330,089			—			—			—
Variation margin on futures contracts		42,159			48,868			—			—
Capital shares redeemed		—			—			—			—
Other		3,500			3,500			—			—

Total Liabilities		1,881,043			1,890,383			2,327,885			5,528,367

Net Assets	$	62,717,784		$	77,637,691		$	2,153,952,575		$	812,212,954


NET ASSETS CONSIST OF:
Paid-in capital	$	84,671,666		$	95,694,025		$	2,190,678,485		$	818,744,665
Distributable earnings (loss)		(21,953,882	)		(18,056,334	)		(36,725,910	)		(6,531,711	)

Net Assets	$	62,717,784		$	77,637,691		$	2,153,952,575		$	812,212,954


Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		2,900,001			2,900,001			83,804,000			30,600,001
Net Asset Value	$	21.63		$	26.77		$	25.70		$	26.54

† Securities on loan, at value	$	5,080,629		$	5,315,295		$	196,220,377		$	97,755,280
†† Cost of foreign cash	$	530,158		$	237,430		$	—		$	—

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

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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			7

Statements of Assets and Liabilities (cont.)


	FlexShares^® Disciplined Duration MBS Index Fund			FlexShares^® Credit-Scored US Corporate Bond Index Fund			FlexShares^® Credit-Scored US Long Corporate Bond Index Fund			FlexShares^® High Yield Value- Scored Bond Index Fund

ASSETS
Securities, at cost	$	109,644,947		$	264,573,693		$	56,021,111		$	920,190,750
Affiliate securities, at cost		—			—			—			—
Securities Lending Reinvestments, at cost		—			—			—			—

Securities, at value†		102,737,009			242,634,200			46,122,793			852,591,488
Affiliate securities, at value		—			—			—			—
Securities Lending Reinvestments, at value		—			—			—			—
Cash		4,516,197			3,046,551			604,761			14,769,186
Cash segregated at broker*		—			—			—			—
Foreign cash††		—			—			—			—
Restricted cash**		—			—			—			—
Due from Authorized Participant		—			—			—			—
Unrealized appreciation on forward foreign currency contracts		—			—			—			—
Receivables:
Dividends and interest		299,285			2,176,164			577,397			15,988,229
Securities lending income		—			—			—			—
Capital shares issued		—			—			—			—
Investment adviser		419			1,219			238			2,284
Securities sold		7,422,473			10,293,639			2,940,480			72,884,924
Variation margin on futures contracts		—			—			—			—

Total Assets		114,975,383			258,151,773			50,245,669			956,236,111


LIABILITIES
Cash overdraft		—			—			—			—
Unrealized depreciation on forward foreign currency contracts		—			—			—			—
Due to brokers		—			—			—			—
Payables:
Cash collateral received from securities loaned		—			—			—			—
Deferred compensation (Note 7)		7,517			16,117			3,628			14,990
Investment advisory fees (Note 4)		18,182			45,715			8,885			262,802
Trustee fees (Note 7)		981			2,927			545			3,272
Securities purchased		6,905,561			11,942,357			3,256,159			79,449,553
Deferred non-US capital gains taxes		—			—			—			—
Due to Authorized Participant		—			—			—			—
Variation margin on futures contracts		—			—			—			—
Capital shares redeemed		—			—			—			—
Other		1,600			1,500			—			6,500

Total Liabilities		6,933,841			12,008,616			3,269,217			79,737,117

Net Assets	$	108,041,542		$	246,143,157		$	46,976,452		$	876,498,994


NET ASSETS CONSIST OF:
Paid-in capital	$	122,095,074		$	272,242,675		$	57,927,253		$	953,344,046
Distributable earnings (loss)		(14,053,532	)		(26,099,518	)		(10,950,801	)		(76,845,052	)

Net Assets	$	108,041,542		$	246,143,157		$	46,976,452		$	876,498,994


Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		5,050,001			5,100,001			1,000,001			19,750,001
Net Asset Value	$	21.39		$	48.26		$	46.98		$	44.38

† Securities on loan, at value	$	—		$	—		$	—		$	—
†† Cost of foreign cash	$	—		$	—		$	—		$	—

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

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

See Accompanying Notes to the Financial Statements.


8		FLEXSHARES SEMIANNUAL REPORT

Statements of Assets and Liabilities (cont.)


	FlexShares^® ESG & Climate High Yield Corporate Core Index Fund			FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund			FlexShares^® Ready Access Variable Income Fund			FlexShares^® Core Select Bond Fund

ASSETS
Securities, at cost	$	28,972,681		$	50,547,346		$	649,815,804		$	99,696,307
Affiliate securities, at cost		—			—			—			55,521,156
Securities Lending Reinvestments, at cost		—			—			—			33,593,976

Securities, at value†		26,237,737			43,698,860			644,113,868			91,442,997
Affiliate securities, at value		—			—			—			51,571,715
Securities Lending Reinvestments, at value		—			—			—			33,593,976
Cash		645,872			579,968			91,226,039			1,010,570
Cash segregated at broker*		—			—			—			—
Foreign cash††		—			—			—			—
Restricted cash**		—			—			—			—
Due from Authorized Participant		—			—			—			—
Unrealized appreciation on forward foreign currency contracts		—			—			—			—
Receivables:
Dividends and interest		406,664			391,929			2,686,327			—
Securities lending income		—			—			—			7,137
Capital shares issued		—			—			—			—
Investment adviser		143			181			1,017			463
Securities sold		887,087			1,104,000			—			—
Variation margin on futures contracts		—			—			—			28,144

Total Assets		28,177,503			45,774,938			738,027,251			177,655,002


LIABILITIES
Cash overdraft		—			—			—			—
Unrealized depreciation on forward foreign currency contracts		—			—			—			—
Due to brokers		—			—			—			18,191
Payables:
Cash collateral received from securities loaned		—			—			—			33,593,976
Deferred compensation (Note 7)		225			341			33,164			6,534
Investment advisory fees (Note 4)		4,695			4,526			122,953			25,672
Trustee fees (Note 7)		449			359			2,118			1,038
Securities purchased		1,216,663			964,505			89,645,769			—
Deferred non-US capital gains taxes		—			—			—			—
Due to Authorized Participant		—			—			—			—
Variation margin on futures contracts		—			—			—			—
Capital shares redeemed		—			—			—			—
Other		—			500			4,725			—

Total Liabilities		1,222,032			970,231			89,808,729			33,645,411

Net Assets	$	26,955,471		$	44,804,707		$	648,218,522		$	144,009,591


NET ASSETS CONSIST OF:
Paid-in capital	$	30,234,795		$	52,238,513		$	654,233,797		$	160,387,482
Distributable earnings (loss)		(3,279,324	)		(7,433,806	)		(6,015,275	)		(16,377,891	)

Net Assets	$	26,955,471		$	44,804,707		$	648,218,522		$	144,009,591


Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		600,000			1,050,000			8,675,001			6,175,001
Net Asset Value	$	44.93		$	42.67		$	74.72		$	23.32

† Securities on loan, at value	$	—		$	—		$	—		$	32,557,764
†† Cost of foreign cash	$	—		$	—		$	—		$	—

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

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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			9

FlexShares^® Trust

Statements of Operations

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


	FlexShares^® US Quality Low Volatility Index Fund			FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund			FlexShares^® Emerging Markets Quality Low Volatility Index Fund			FlexShares^® Morningstar US Market Factor Tilt Index Fund

INVESTMENT INCOME
Dividend income	$	1,193,609		$	1,145,160		$	166,485		$	13,272,117
Income from non-cash dividends		—			—			13,562			—
Dividend income received from affiliate		—			—			—			9,423
Interest income		130			—			—			—
Securities lending income (net of fees) (Note 2)		6,064			3,009			—			212,126
Foreign withholding tax on dividends		(4,353	)		(109,880	)		(13,852	)		(4,008	)
Foreign withholding tax on interest		—			—			—			—

Total Investment Income		1,195,450			1,038,289			166,195			13,489,658


EXPENSES
Deferred compensation (Note 7)		1,361			614			123			13,598
Investment advisory fees		180,812			121,016			30,864			2,043,187
Trustee fees (Note 7)		4,653			2,188			451			48,803
Other expenses (Note 4)		—			—			—			157

Total Gross Expenses Before Fees Reimbursed		186,826			123,818			31,438			2,105,745


Less:
Investment advisory fees reimbursed (Note 4)		(2,033	)		(1,004	)		(206	)		(23,798	)

Total Net Expenses		184,793			122,814			31,232			2,081,947

Net Investment Income (Loss)		1,010,657			915,475			134,963			11,407,711


NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			20,169
Transactions in investment securities		(1,551,542	)		(1,323,627	)		(83,332	)⁽¹⁾		(1,069,726	)
In-kind redemptions on investments in affiliated securities		—			—			—			13,626
In-kind redemptions on investments in securities		5,744,045			1,241,765			—			54,260,141
Expiration or closing of futures contracts		(69,400	)		(119,449	)		(31,753	)		(314,133	)
Settlement of forward foreign currency contracts		—			25,132			72			—
Foreign currency transactions		—			(3,822	)		(20,474	)		—

Net Realized Gain (Loss)		4,123,103			(180,001	)		(135,487	)		52,910,077


NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		(11,715,147	)		(6,053,559	)		(733,385	)⁽²⁾		(237,064,958	)⁽³⁾
Securities lending		—			—			—			5,737
Futures contracts		(48,083	)		(21,986	)		3,067			(789,471	)
Forward foreign currency contracts		—			21,933			(9	)		—
Translation of other assets and liabilities denominated in foreign currencies		—			(40,781	)		898			—

Net Change in Unrealized Appreciation (Depreciation)		(11,763,230	)		(6,094,393	)		(729,429	)		(237,848,692	)

Net Realized and Unrealized Gain (Loss)		(7,640,127	)		(6,274,394	)		(864,916	)		(184,938,615	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(6,629,470	)	$	(5,358,919	)	$	(729,953	)	$	(173,530,904	)

⁽¹⁾

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

⁽²⁾

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

⁽³⁾

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

See Accompanying Notes to the Financial Statements.


10		FLEXSHARES SEMIANNUAL REPORT

Statements of Operations (cont.)


	FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund			FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund			FlexShares^® US Quality Large Cap Index Fund			FlexShares^® STOXX^® US ESG Select Index Fund

INVESTMENT INCOME
Dividend income	$	10,405,483		$	4,418,994		$	1,071,545		$	1,433,150
Income from non-cash dividends		—			253,587			—			—
Dividend income received from affiliate		—			—			—			—
Interest income		22			—			—			—
Securities lending income (net of fees) (Note 2)		243,739			89,117			5,511			2,600
Foreign withholding tax on dividends		(1,042,971	)		(537,647	)		(166	)		—
Foreign withholding tax on interest		—			(4	)		—			—

Total Investment Income		9,606,273			4,224,047			1,076,890			1,435,750


EXPENSES
Deferred compensation (Note 7)		4,991			2,567			1,197			1,572
Investment advisory fees		1,196,702			925,867			229,134			308,509
Trustee fees (Note 7)		18,279			9,449			4,143			5,535
Other expenses (Note 4)		—			—			—			—

Total Gross Expenses Before Fees Reimbursed		1,219,972			937,883			234,474			315,616


Less:
Investment advisory fees reimbursed (Note 4)		(9,134	)		(4,940	)		(1,948	)		(2,600	)

Total Net Expenses		1,210,838			932,943			232,526			313,016

Net Investment Income (Loss)		8,395,435			3,291,104			844,364			1,122,734


NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			—
Transactions in investment securities		7,317,415			(4,821,059	)		(653,740	)		312,817
In-kind redemptions on investments in affiliated securities		—			—			—			—
In-kind redemptions on investments in securities		4,531,591			1,021,235			1,459,816			6,876,076
Expiration or closing of futures contracts		(690,178	)		(557,490	)		(96,634	)		(10,571	)
Settlement of forward foreign currency contracts		(282,644	)		43,407			—			—
Foreign currency transactions		(247,224	)		(29,927	)		—			—

Net Realized Gain (Loss)		10,628,960			(4,343,834	)		709,442			7,178,322


NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		(90,152,176	)		(31,205,508	)⁽¹⁾		(13,886,299	)		(31,469,908	)⁽²⁾
Securities lending		—			—			—			—
Futures contracts		193,236			72,241			(97,564	)		(88,860	)
Forward foreign currency contracts		3,515			16,596			—			—
Translation of other assets and liabilities denominated in foreign currencies		(544,866	)		7,149			—			—

Net Change in Unrealized Appreciation (Depreciation)		(90,500,291	)		(31,109,522	)		(13,983,863	)		(31,558,768	)

Net Realized and Unrealized Gain (Loss)		(79,871,331	)		(35,453,356	)		(13,274,421	)		(24,380,446	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(71,475,896	)	$	(32,162,252	)	$	(12,430,057	)	$	(23,257,712	)

⁽¹⁾

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

⁽²⁾

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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			11

Statements of Operations (cont.)


	FlexShares^® STOXX^® Global ESG Select Index Fund			FlexShares^® ESG & Climate US Large Cap Core Index Fund			FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund			FlexShares^® ESG & Climate Emerging Markets Core Index Fund
										April 20, 2022* through April 30, 2022

INVESTMENT INCOME
Dividend income	$	1,792,696		$	25,453		$	171,481		$	1,585
Income from non-cash dividends		—			—			—			—
Dividend income received from affiliate		—			—			—			—
Interest income		4			4			—			—
Securities lending income (net of fees) (Note 2)		10,757			—			—			—
Foreign withholding tax on dividends		(103,274	)		—			(17,295	)		(12	)
Foreign withholding tax on interest		—			—			—			—

Total Investment Income		1,700,183			25,457			154,186			1,573


EXPENSES
Deferred compensation (Note 7)		1,485			32			65			—
Investment advisory fees		375,518			1,742			4,952			240
Trustee fees (Note 7)		5,303			73			192			8
Other expenses (Note 4)		—			—			—			—

Total Gross Expenses Before Fees Reimbursed		382,306			1,847			5,209			248


Less:
Investment advisory fees reimbursed (Note 4)		(2,660	)		(12	)		(59	)		(2	)

Total Net Expenses		379,646			1,835			5,150			246

Net Investment Income (Loss)		1,320,537			23,622			149,036			1,327


NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			—
Transactions in investment securities		127,710			(16,243	)		(106,156	)		—
In-kind redemptions on investments in affiliated securities		—			—			—			—
In-kind redemptions on investments in securities		8,341,868			—			—			—
Expiration or closing of futures contracts		(166,170	)		(424	)		(4,908	)		—
Settlement of forward foreign currency contracts		60,192			—			(1,058	)		—
Foreign currency transactions		(68,327	)		(10	)		(1,311	)		15,018

Net Realized Gain (Loss)		8,295,273			(16,677	)		(113,433	)		15,018


NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		(30,189,604	)		(905,044	)		(1,388,179	)		(112,100	)⁽¹⁾
Securities lending		—			—			—			—
Futures contracts		(96,809	)		(3,792	)		(7,397	)		(1,547	)
Forward foreign currency contracts		25,067			—			(399	)		—
Translation of other assets and liabilities denominated in foreign currencies		(25,960	)		(29	)		(3,169	)		(24	)

Net Change in Unrealized Appreciation (Depreciation)		(30,287,306	)		(908,865	)		(1,399,144	)		(113,671	)

Net Realized and Unrealized Gain (Loss)		(21,992,033	)		(925,542	)		(1,512,577	)		(98,653	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(20,671,496	)	$	(901,920	)	$	(1,363,541	)	$	(97,326	)

*	Commencement of investment operations.

⁽¹⁾

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

See Accompanying Notes to the Financial Statements.


12		FLEXSHARES SEMIANNUAL REPORT

Statements of Operations (cont.)


	FlexShares^® Morningstar Global Upstream Natural Resources Index Fund			FlexShares^® STOXX^® Global Broad Infrastructure Index Fund			FlexShares^® Global Quality Real Estate Index Fund			FlexShares^® Real Assets Allocation Index Fund

INVESTMENT INCOME
Dividend income	$	149,621,192		$	40,005,252		$	7,319,886		$	—
Income from non-cash dividends		—			—			—			—
Dividend income received from affiliate		—			—			—			519,421
Interest income		—			—			—			—
Securities lending income (net of fees) (Note 2)		525,747			261,538			30,343			—
Foreign withholding tax on dividends		(4,988,679	)		(2,373,783	)		(259,507	)		—
Foreign withholding tax on interest		—			—			—			—

Total Investment Income		145,158,260			37,893,007			7,090,722			519,421


EXPENSES
Deferred compensation (Note 7)		56,271			21,229			3,567			293
Investment advisory fees		16,267,150			6,073,103			975,594			114,110
Trustee fees (Note 7)		178,430			74,732			12,364			899
Other expenses (Note 4)		—			—			—			—

Total Gross Expenses Before Fees Reimbursed		16,501,851			6,169,064			991,525			115,302


Less:
Investment advisory fees reimbursed (Note 4)		(48,017	)		(34,536	)		(5,607	)		(92,527	)

Total Net Expenses		16,453,834			6,134,528			985,918			22,775

Net Investment Income (Loss)		128,704,426			31,758,479			6,104,804			496,646


NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			(118,244	)
Transactions in investment securities		20,174,687	⁽¹⁾		(10,433,847	)⁽²⁾		5,358,727			—
In-kind redemptions on investments in affiliated securities		—			—			—			—
In-kind redemptions on investments in securities		185,481,517			17,923,478			9,813,262			—
Expiration or closing of futures contracts		1,287,196			280,685			(563,298	)		—
Settlement of forward foreign currency contracts		(371,371	)		(814,306	)		129,114			—
Foreign currency transactions		(288,006	)		(1,076,972	)		(335,595	)		—

Net Realized Gain (Loss)		206,284,023			5,879,038			14,402,210			(118,244	)


NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		845,093,338	⁽³⁾		(148,485,385	)⁽⁴⁾		(37,255,755	)		(880,549	)⁽⁵⁾
Securities lending		4,122			—			—			—
Futures contracts		(1,750,302	)		(394,717	)		(430,722	)		—
Forward foreign currency contracts		(396,904	)		189,928			(65,575	)		—
Translation of other assets and liabilities denominated in foreign currencies		(975,849	)		(381,474	)		(120,149	)		—

Net Change in Unrealized Appreciation (Depreciation)		841,974,405			(149,071,648	)		(37,872,201	)		(880,549	)

Net Realized and Unrealized Gain (Loss)		1,048,258,428			(143,192,610	)		(23,469,991	)		(998,793	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,176,962,854		$	(111,434,131	)	$	(17,365,187	)	$	(502,147	)

⁽¹⁾

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

⁽²⁾

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

⁽³⁾

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

⁽⁴⁾

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

⁽⁵⁾

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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			13

Statements of Operations (cont.)


	FlexShares^® Quality Dividend Index Fund			FlexShares^® Quality Dividend Defensive Index Fund			FlexShares^® Quality Dividend Dynamic Index Fund			FlexShares^® International Quality Dividend Index Fund

INVESTMENT INCOME
Dividend income	$	20,390,013		$	5,065,894		$	257,130		$	15,934,672
Income from non-cash dividends		—			—			—			811,787
Dividend income received from affiliate		—			—			—			—
Interest income		—			—			—			—
Securities lending income (net of fees) (Note 2)		170,127			33,364			1,912			89,113
Foreign withholding tax on dividends		—			—			—			(1,734,429	)
Foreign withholding tax on interest		—			—			—			—

Total Investment Income		20,560,140			5,099,258			259,042			15,101,143


EXPENSES
Deferred compensation (Note 7)		13,603			3,665			178			4,883
Investment advisory fees		3,078,009			804,707			40,588			1,415,866
Trustee fees (Note 7)		47,405			12,640			638			17,544
Other expenses (Note 4)		—			—			—			—

Total Gross Expenses Before Fees Reimbursed		3,139,017			821,012			41,404			1,438,293


Less:
Investment advisory fees reimbursed (Note 4)		(20,992	)		(5,844	)		(292	)		(8,624	)

Total Net Expenses		3,118,025			815,168			41,112			1,429,669

Net Investment Income (Loss)		17,442,115			4,284,090			217,930			13,671,474


NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			—
Transactions in investment securities		(18,520,962	)		(2,204,777	)		(49,825	)		(3,065,921	)
In-kind redemptions on investments in affiliated securities		—			—			—			—
In-kind redemptions on investments in securities		45,753,634			27,975,823			778,103			218,774
Expiration or closing of futures contracts		(131,838	)		(401,500	)		(8,836	)		(1,313,325	)
Settlement of forward foreign currency contracts		—			—			—			(292,926	)
Foreign currency transactions		—			—			—			(425,365	)

Net Realized Gain (Loss)		27,100,834			25,369,546			719,442			(4,878,763	)


NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		(98,362,111	)		(44,031,131	)		(1,966,035	)		(72,065,005	)
Securities lending		1,412			—			—			—
Futures contracts		(638,373	)		(202,718	)		(18,436	)		193,749
Forward foreign currency contracts		—			—			—			(49,356	)
Translation of other assets and liabilities denominated in foreign currencies		—			—			—			(352,947	)

Net Change in Unrealized Appreciation (Depreciation)		(98,999,072	)		(44,233,849	)		(1,984,471	)		(72,273,559	)

Net Realized and Unrealized Gain (Loss)		(71,898,238	)		(18,864,303	)		(1,265,029	)		(77,152,322	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(54,456,123	)	$	(14,580,213	)	$	(1,047,099	)	$	(63,480,848	)

See Accompanying Notes to the Financial Statements.


14		FLEXSHARES SEMIANNUAL REPORT

Statements of Operations (cont.)


	FlexShares^® International Quality Dividend Defensive Index Fund			FlexShares^® International Quality Dividend Dynamic Index Fund			FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund			FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund

INVESTMENT INCOME
Dividend income	$	1,729,649		$	1,965,934		$	—		$	—
Income from non-cash dividends		—			238,616			—			—
Dividend income received from affiliate		—			—			—			—
Interest income		—			—			50,037,599			23,268,093
Securities lending income (net of fees) (Note 2)		12,359			18,223			15,005			25,313
Foreign withholding tax on dividends		(166,188	)		(237,448	)		—			—
Foreign withholding tax on interest		—			—			—			—

Total Investment Income		1,575,820			1,985,325			50,052,604			23,293,406


EXPENSES
Deferred compensation (Note 7)		559			629			13,618			6,156
Investment advisory fees		161,740			189,344			1,473,464			689,050
Administration fees (Note 5)		—			—			—			30,372
Trustee fees (Note 7)		2,022			2,295			40,686			20,970
Other expenses (Note 4)		—			—			—			—

Total Gross Expenses Before Fees Reimbursed		164,321			192,268			1,527,768			746,548


Less:
Investment advisory fees reimbursed (Note 4)		(980	)		(1,081	)		(14,446	)		(38,965	)

Total Net Expenses		163,341			191,187			1,513,322			707,583

Net Investment Income (Loss)		1,412,479			1,794,138			48,539,282			22,585,823


NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			—
Transactions in investment securities		(574,608	)		(1,168,302	)⁽¹⁾		2,845,499			(1,012,790	)
In-kind redemptions on investments in affiliated securities		—			—			—			—
In-kind redemptions on investments in securities		170,629			—			716,750			3,494,379
Expiration or closing of futures contracts		(188,337	)		(189,274	)		—			—
Settlement of forward foreign currency contracts		54,271			26,991			—			—
Foreign currency transactions		(115,711	)		(56,934	)		—			—

Net Realized Gain (Loss)		(653,756	)		(1,387,519	)		3,562,249			2,481,589


NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		(6,389,061	)		(9,033,158	)⁽²⁾		(67,325,074	)		(52,098,191	)
Securities lending		—			—			—			—
Futures contracts		(11,945	)		(36,517	)		—			—
Forward foreign currency contracts		32,947			27,067			—			—
Translation of other assets and liabilities denominated in foreign currencies		(36,844	)		(36,142	)		—			—

Net Change in Unrealized Appreciation (Depreciation)		(6,404,903	)		(9,078,750	)		(67,325,074	)		(52,098,191	)

Net Realized and Unrealized Gain (Loss)		(7,058,659	)		(10,466,269	)		(63,762,825	)		(49,616,602	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(5,646,180	)	$	(8,672,131	)	$	(15,223,543	)	$	(27,030,779	)

⁽¹⁾

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

⁽²⁾

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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			15

Statements of Operations (cont.)


	FlexShares^® Disciplined Duration MBS Index Fund			FlexShares^® Credit- Scored US Corporate Bond Index Fund			FlexShares^® Credit-Scored US Long Corporate Bond Index Fund			FlexShares^® High Yield Value- Scored Bond Index Fund

INVESTMENT INCOME
Dividend income	$	—		$	—		$	—		$	—
Income from non-cash dividends		—			—			—			—
Dividend income received from affiliate		—			—			—			—
Interest income		472,547			3,041,687			990,633			21,535,086
Securities lending income (net of fees) (Note 2)		—			—			—			—
Foreign withholding tax on dividends		—			—			—			—
Foreign withholding tax on interest		—			—			—			—

Total Investment Income		472,547			3,041,687			990,633			21,535,086


EXPENSES
Deferred compensation (Note 7)		861			2,335			456			5,574
Investment advisory fees		114,676			326,620			60,537			1,308,214
Trustee fees (Note 7)		3,311			9,166			1,696			17,406
Other expenses (Note 4)		—			—			—			—

Total Gross Expenses Before Fees Reimbursed		118,848			338,121			62,689			1,331,194


Less:
Investment advisory fees reimbursed (Note 4)		(1,421	)		(4,412	)		(890	)		(6,488	)

Total Net Expenses		117,427			333,709			61,799			1,324,706

Net Investment Income (Loss)		355,120			2,707,978			928,834			20,210,380


NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			—
Transactions in investment securities		(2,107,164	)		(4,201,144	)		(1,187,296	)		(12,607,175	)
In-kind redemptions on investments in affiliated securities		—			—			—			—
In-kind redemptions on investments in securities		—			—			—			416,638
Expiration or closing of futures contracts		—			—			—			—
Settlement of forward foreign currency contracts		—			—			—			—
Foreign currency transactions		—			—			—			—

Net Realized Gain (Loss)		(2,107,164	)		(4,201,144	)		(1,187,296	)		(12,190,537	)


NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		(7,132,054	)		(23,096,542	)		(11,754,532	)		(67,666,055	)
Securities lending		—			—			—			—
Futures contracts		—			—			—			—
Forward foreign currency contracts		—			—			—			—
Translation of other assets and liabilities denominated in foreign currencies		—			—			—			—

Net Change in Unrealized Appreciation (Depreciation)		(7,132,054	)		(23,096,542	)		(11,754,532	)		(67,666,055	)

Net Realized and Unrealized Gain (Loss)		(9,239,218	)		(27,297,686	)		(12,941,828	)		(79,856,592	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(8,884,098	)	$	(24,589,708	)	$	(12,012,994	)	$	(59,646,212	)

See Accompanying Notes to the Financial Statements.


16		FLEXSHARES SEMIANNUAL REPORT

Statements of Operations (cont.)


	FlexShares^® ESG & Climate High Yield Corporate Core Index Fund			FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund			FlexShares^® Ready Access Variable Income Fund			FlexShares^® Core Select Bond Fund

INVESTMENT INCOME
Dividend income	$	—		$	—		$	—		$	560,150
Income from non-cash dividends		—			—			—			—
Dividend income received from affiliate		—			—			—			693,931
Interest income		737,431			519,508			1,831,683			612
Securities lending income (net of fees) (Note 2)		—			—			—			24,279
Foreign withholding tax on dividends		—			—			—			—
Foreign withholding tax on interest		—			—			—			—

Total Investment Income		737,431			519,508			1,831,683			1,278,972


EXPENSES
Deferred compensation (Note 7)		273			388			3,657			1,000
Investment advisory fees		39,628			28,207			572,073			230,238
Trustee fees (Note 7)		1,339			1,442			10,558			3,658
Other expenses (Note 4)		—			—			—			—

Total Gross Expenses Before Fees Reimbursed		41,240			30,037			586,288			234,896


Less:
Investment advisory fees reimbursed (Note 4)		(788	)		(701	)		(3,055	)		(96,965	)

Total Net Expenses		40,452			29,336			583,233			137,931

Net Investment Income (Loss)		696,979			490,172			1,248,450			1,141,041


NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			(2,540,954	)
Transactions in investment securities		(446,707	)		(590,220	)		(464,835	)		(353,649	)
In-kind redemptions on investments in affiliated securities		—			—			—			(8,868	)
In-kind redemptions on investments in securities		(72,176	)		—			—			58,605
Expiration or closing of futures contracts		—			—			—			(5,785	)
Settlement of forward foreign currency contracts		—			—			—			—
Foreign currency transactions		—			—			—			—

Net Realized Gain (Loss)		(518,883	)		(590,220	)		(464,835	)		(2,850,651	)


NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		(2,325,179	)		(6,165,917	)		(6,347,887	)		(12,608,855	)⁽¹⁾
Securities lending		—			—			—			—
Futures contracts		—			—			—			28,144
Forward foreign currency contracts		—			—			—			—
Translation of other assets and liabilities denominated in foreign currencies		—			—			—			—

Net Change in Unrealized Appreciation (Depreciation)		(2,325,179	)		(6,165,917	)		(6,347,887	)		(12,580,711	)

Net Realized and Unrealized Gain (Loss)		(2,844,062	)		(6,756,137	)		(6,812,722	)		(15,431,362	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(2,147,083	)	$	(6,265,965	)	$	(5,564,272	)	$	(14,290,321	)

⁽¹⁾

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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			17

FlexShares^® Trust

Statements of Changes in Net Assets


	FlexShares^® US Quality Low Volatility Index Fund						FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021

OPERATIONS
Net investment income (loss)	$	1,010,657		$	1,643,691		$	915,475		$	2,226,694
Net realized gain (loss)		4,123,103			9,877,154			(180,001	)		4,060,236
Net change in unrealized appreciation (depreciation)		(11,763,230	)		29,486,420			(6,094,393	)		8,924,507


Net Increase (Decrease) in Net Assets
Resulting from Operations		(6,629,470	)		41,007,265			(5,358,919	)		15,211,437


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(931,512	)		(1,694,565	)		(880,977	)		(2,249,889	)

Total distributions		(931,512	)		(1,694,565	)		(880,977	)		(2,249,889	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		29,086,514			56,108,720			8,149,550			13,390,874
Cost of shares redeemed		(21,078,049	)		(44,870,466	)		(8,015,506	)		(16,728,469	)

Net Increase (Decrease) from Capital Transactions		8,008,465			11,238,254			134,044			(3,337,595	)

Total Increase (Decrease) in Net Assets		447,483			50,550,954			(6,105,852	)		9,623,953


NET ASSETS
Beginning of Period	$	161,074,492		$	110,523,538		$	75,370,957		$	65,747,004

End of Period	$	161,521,975		$	161,074,492		$	69,265,105		$	75,370,957


SHARE TRANSACTIONS
Beginning of period		2,950,001			2,700,001			2,700,001			2,800,001
Shares issued		—			—			100,000			—
Shares issued in-kind		550,000			1,150,000			200,000			500,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(400,000	)		(900,000	)		(300,000	)		(600,000	)

Shares Outstanding, End of Period		3,100,001			2,950,001			2,700,001			2,700,001

⁽¹⁾

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

See Accompanying Notes to the Financial Statements.


18		FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)


	FlexShares^® Emerging Markets Quality Low Volatility Index Fund						FlexShares^® Morningstar US Market Factor Tilt Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021

OPERATIONS
Net investment income (loss)	$	134,963		$	384,138		$	11,407,711		$	20,467,734
Net realized gain (loss)		(135,487	)		204,217			52,910,077			125,723,634
Net change in unrealized appreciation (depreciation)		(729,429	)		669,161			(237,848,692	)		436,303,767


Net Increase (Decrease) in Net Assets
Resulting from Operations		(729,953	)		1,257,516			(173,530,904	)		582,495,135


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(148,467	)		(269,007	)		(11,284,311	)		(19,993,786	)

Total distributions		(148,467	)		(269,007	)		(11,284,311	)		(19,993,786	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		—			5,276,872			44,415,344			95,734,574
Cost of shares redeemed		—			—			(89,630,006	)		(106,003,334	)

Net Increase (Decrease) from Capital Transactions		—			5,276,872			(45,214,662	)		(10,268,760	)

Total Increase (Decrease) in Net Assets		(878,420	)		6,265,381			(230,029,877	)		552,232,589


NET ASSETS
Beginning of Period	$	15,843,691		$	9,578,310		$	1,727,019,018		$	1,174,786,429

End of Period	$	14,965,271		$	15,843,691		$	1,496,989,141		$	1,727,019,018


SHARE TRANSACTIONS
Beginning of period		600,001			400,001			9,650,001			9,700,001
Shares issued		—			—			—			—
Shares issued in-kind		—			200,000			250,000			600,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		—			—			(500,000	)		(650,000	)

Shares Outstanding, End of Period		600,001			600,001			9,400,001			9,650,001

⁽¹⁾

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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			19

Statements of Changes in Net Assets (cont.)


	FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund						FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021

OPERATIONS
Net investment income (loss)	$	8,395,435		$	15,324,867		$	3,291,104		$	7,624,187
Net realized gain (loss)		10,628,960			21,856,890			(4,343,834	)		25,611,349
Net change in unrealized appreciation (depreciation)		(90,500,291	)		152,302,928			(31,109,522	)		31,176,773


Net Increase (Decrease) in Net Assets
Resulting from Operations		(71,475,896	)		189,484,685			(32,162,252	)		64,412,309


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(12,030,789	)		(13,410,048	)		(5,433,825	)		(6,011,707	)

Total distributions		(12,030,789	)		(13,410,048	)		(5,433,825	)		(6,011,707	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		14,615,863			44,016,396			—			50,124,591
Cost of shares redeemed		(26,233,611	)		(70,468,136	)		(28,171,247	)		—

Net Increase (Decrease) from Capital Transactions		(11,617,748	)		(26,451,740	)		(28,171,247	)		50,124,591

Total Increase (Decrease) in Net Assets		(95,124,433	)		149,622,897			(65,767,324	)		108,525,193


NET ASSETS
Beginning of Period	$	648,638,493		$	499,015,596		$	334,371,995		$	225,846,802

End of Period	$	553,514,060		$	648,638,493		$	268,604,671		$	334,371,995


SHARE TRANSACTIONS
Beginning of period		8,800,001			9,200,001			5,500,001			4,700,001
Shares issued		—			—			—			—
Shares issued in-kind		200,000			600,000			—			800,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(400,000	)		(1,000,000	)		(500,000	)		—

Shares Outstanding, End of Period		8,600,001			8,800,001			5,000,001			5,500,001

⁽¹⁾

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

See Accompanying Notes to the Financial Statements.


20		FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)


	FlexShares^® US Quality Large Cap Index Fund						FlexShares^® STOXX^® US ESG Select Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021

OPERATIONS
Net investment income (loss)	$	844,364		$	1,172,409		$	1,122,734		$	2,051,388
Net realized gain (loss)		709,442			5,820,892			7,178,322			25,495,358
Net change in unrealized appreciation (depreciation)		(13,983,863	)		26,126,364			(31,558,768	)		24,935,787


Net Increase (Decrease) in Net Assets
Resulting from Operations		(12,430,057	)		33,119,665			(23,257,712	)		52,482,533


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(800,199	)		(1,136,947	)		(1,155,791	)		(1,955,493	)

Total distributions		(800,199	)		(1,136,947	)		(1,155,791	)		(1,955,493	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		13,543,283			54,387,819			30,792,000			115,766,022
Cost of shares redeemed		(3,766,641	)		(13,737,728	)		(17,029,708	)		(63,701,888	)

Net Increase (Decrease) from Capital Transactions		9,776,642			40,650,091			13,762,292			52,064,134

Total Increase (Decrease) in Net Assets		(3,453,614	)		72,632,809			(10,651,211	)		102,591,174


NET ASSETS
Beginning of Period	$	144,475,249		$	71,842,440		$	191,642,745		$	89,051,571

End of Period	$	141,021,635		$	144,475,249		$	180,991,534		$	191,642,745


SHARE TRANSACTIONS
Beginning of period		2,875,001			2,025,001			1,700,001			1,125,001
Shares issued		—			—			—			—
Shares issued in-kind		275,000			1,150,000			275,000			1,200,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(75,000	)		(300,000	)		(150,000	)		(625,000	)

Shares Outstanding, End of Period		3,075,001			2,875,001			1,825,001			1,700,001

⁽¹⁾

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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			21

Statements of Changes in Net Assets (cont.)


	FlexShares^® STOXX^® Global ESG Select Index Fund						FlexShares^® ESG & Climate US Large Cap Core Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			September 20, 2021* through October 31, 2021

OPERATIONS
Net investment income (loss)	$	1,320,537		$	2,456,041		$	23,622		$	2,838
Net realized gain (loss)		8,295,273			13,795,248			(16,677	)		(534	)
Net change in unrealized appreciation (depreciation)		(30,287,306	)		34,498,730			(908,865	)		167,182


Net Increase (Decrease) in Net Assets
Resulting from Operations		(20,671,496	)		50,750,019			(901,920	)		169,486


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(1,268,473	)		(2,324,712	)		(17,337	)		—

Total distributions		(1,268,473	)		(2,324,712	)		(17,337	)		—


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		14,352,430			53,795,593			11,288,265			—
Cost of shares redeemed		(14,389,810	)		(27,826,718	)		—			—

Net Increase (Decrease) from Capital Transactions		(37,380	)		25,968,875			11,288,265			—

Total Increase (Decrease) in Net Assets		(21,977,349	)		74,394,182			10,369,008			169,486


NET ASSETS
Beginning of Period	$	185,717,474		$	111,323,292		$	2,669,486		$	2,500,000	^(2),(3)

End of Period	$	163,740,125		$	185,717,474		$	13,038,494		$	2,669,486


SHARE TRANSACTIONS
Beginning of period		1,250,001			1,050,001			50,000			50,000	⁽²⁾
Shares issued		50,000			—			—			—
Shares issued in-kind		50,000			400,000			225,000			—
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(100,000	)		(200,000	)		—			—

Shares Outstanding, End of Period		1,250,001			1,250,001			275,000			50,000

*	Commencement of investment operations.

⁽¹⁾

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

⁽²⁾

Amount includes the initial subscription.

⁽³⁾

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

See Accompanying Notes to the Financial Statements.


22		FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)


	FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund						FlexShares^® ESG & Climate Emerging Markets Core Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			September 20, 2021* through October 31, 2021			April 20, 2022* through April 30, 2022

OPERATIONS
Net investment income (loss)	$	149,036		$	15,775		$	1,327
Net realized gain (loss)		(113,433	)		(777	)		15,018
Net change in unrealized appreciation (depreciation)		(1,399,144	)		103,891			(113,671	)


Net Increase (Decrease) in Net Assets
Resulting from Operations		(1,363,541	)		118,889			(97,326	)


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(57,093	)		—			—

Total distributions		(57,093	)		—			—


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		14,322,715			—			—
Cost of shares redeemed		—			—			—

Net Increase (Decrease) from Capital Transactions		14,322,715			—			—

Total Increase (Decrease) in Net Assets		12,902,081			118,889			(97,326	)


NET ASSETS
Beginning of Period	$	5,119,060		$	5,000,171	^(2),(3)	$	5,000,000	^(2),(3)

End of Period	$	18,021,141		$	5,119,060		$	4,902,674


SHARE TRANSACTIONS
Beginning of period		100,000			100,000	⁽²⁾		100,000	⁽²⁾
Shares issued		—			—			—
Shares issued in-kind		300,000			—			—
Shares redeemed		—			—			—
Shares redeemed in-kind		—			—			—

Shares Outstanding, End of Period		400,000			100,000			100,000

*	Commencement of investment operations.

⁽¹⁾

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

⁽²⁾

Amount includes the initial subscription.

⁽³⁾

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			23

Statements of Changes in Net Assets (cont.)


	FlexShares^® Morningstar Global Upstream Natural Resources Index Fund						FlexShares^® STOXX^® Global Broad Infrastructure Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021

OPERATIONS
Net investment income (loss)	$	128,704,426		$	188,997,153		$	31,758,479		$	61,807,665
Net realized gain (loss)		206,284,023			(71,904,345	)		5,879,038			117,716,133
Net change in unrealized appreciation (depreciation)		841,974,405			1,409,046,021			(149,071,648	)		271,965,150


Net Increase (Decrease) in Net Assets
Resulting from Operations		1,176,962,854			1,526,138,829			(111,434,131	)		451,488,948


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(128,767,470	)		(167,354,837	)		(34,319,736	)		(58,905,802	)

Total distributions		(128,767,470	)		(167,354,837	)		(34,319,736	)		(58,905,802	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		1,436,199,035			1,894,646,901			93,605,875			754,964,371
Cost of shares redeemed		(396,381,443	)		(125,446,435	)		(53,816,491	)		(360,237,628	)

Net Increase (Decrease) from Capital Transactions		1,039,817,592			1,769,200,466			39,789,384			394,726,743

Total Increase (Decrease) in Net Assets		2,088,012,976			3,127,984,458			(105,964,483	)		787,309,889


NET ASSETS
Beginning of Period	$	6,052,710,266		$	2,924,725,808		$	2,643,906,066		$	1,856,596,177

End of Period	$	8,140,723,242		$	6,052,710,266		$	2,537,941,583		$	2,643,906,066


SHARE TRANSACTIONS
Beginning of period		156,550,001			109,500,001			45,800,001			38,600,001
Shares issued		—			—			—			—
Shares issued in-kind		33,600,000			50,850,000			1,650,000			13,350,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(9,250,000	)		(3,800,000	)		(950,000	)		(6,150,000	)

Shares Outstanding, End of Period		180,900,001			156,550,001			46,500,001			45,800,001

⁽¹⁾

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

See Accompanying Notes to the Financial Statements.


24		FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)


	FlexShares^® Global Quality Real Estate Index Fund						FlexShares^® Real Assets Allocation Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021

OPERATIONS
Net investment income (loss)	$	6,104,804		$	7,422,552		$	496,646		$	379,252
Net realized gain (loss)		14,402,210			10,254,699			(118,244	)		233,987
Net change in unrealized appreciation (depreciation)		(37,872,201	)		91,009,496			(880,549	)		1,551,258


Net Increase (Decrease) in Net Assets
Resulting from Operations		(17,365,187	)		108,686,747			(502,147	)		2,164,497


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(6,447,159	)		(5,654,125	)		(504,499	)		(383,940	)

Total distributions		(6,447,159	)		(5,654,125	)		(504,499	)		(383,940	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		55,270,757			74,006,928			22,912,687			24,868,156
Cost of shares redeemed		(30,361,538	)		(23,016,532	)		—			(850,756	)

Net Increase (Decrease) from Capital Transactions		24,909,219			50,990,396			22,912,687			24,017,400

Total Increase (Decrease) in Net Assets		1,096,873			154,023,018			21,906,041			25,797,957


NET ASSETS
Beginning of Period	$	418,597,383		$	264,574,365		$	30,299,686		$	4,501,729

End of Period	$	419,694,256		$	418,597,383		$	52,205,727		$	30,299,686


SHARE TRANSACTIONS
Beginning of period		5,950,001			5,200,001			900,001			175,001
Shares issued		—			—			—			—
Shares issued in-kind		800,000			1,150,000			675,000			750,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(450,000	)		(400,000	)		—			(25,000	)

Shares Outstanding, End of Period		6,300,001			5,950,001			1,575,001			900,001

⁽¹⁾

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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			25

Statements of Changes in Net Assets (cont.)


	FlexShares^® Quality Dividend Index Fund						FlexShares^® Quality Dividend Defensive Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021

OPERATIONS
Net investment income (loss)	$	17,442,115		$	32,968,130		$	4,284,090		$	9,828,754
Net realized gain (loss)		27,100,834			155,267,183			25,369,546			61,643,521
Net change in unrealized appreciation (depreciation)		(98,999,072	)		267,516,624			(44,233,849	)		63,438,797


Net Increase (Decrease) in Net Assets
Resulting from Operations		(54,456,123	)		455,751,937			(14,580,213	)		134,911,072


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(17,822,843	)		(31,171,462	)		(4,409,901	)		(9,806,498	)

Total distributions		(17,822,843	)		(31,171,462	)		(4,409,901	)		(9,806,498	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		271,620,405			441,818,714			66,824,673			116,279,178
Cost of shares redeemed		(214,363,097	)		(489,030,914	)		(100,676,533	)		(204,498,560	)

Net Increase (Decrease) from Capital Transactions		57,257,308			(47,212,200	)		(33,851,860	)		(88,219,382	)

Total Increase (Decrease) in Net Assets		(15,021,658	)		377,368,275			(52,841,974	)		36,885,192


NET ASSETS
Beginning of Period	$	1,642,544,880		$	1,265,176,605		$	448,057,986		$	411,172,794

End of Period	$	1,627,523,222		$	1,642,544,880		$	395,216,012		$	448,057,986


SHARE TRANSACTIONS
Beginning of period		28,150,001			29,150,001			8,000,001			9,650,001
Shares issued		—			—			—			—
Shares issued in-kind		4,700,000			8,100,000			1,200,000			2,250,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(3,700,000	)		(9,100,000	)		(1,800,000	)		(3,900,000	)

Shares Outstanding, End of Period		29,150,001			28,150,001			7,400,001			8,000,001

⁽¹⁾

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

See Accompanying Notes to the Financial Statements.


26		FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)


	FlexShares^® Quality Dividend Dynamic Index Fund						FlexShares^® International Quality Dividend Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021

OPERATIONS
Net investment income (loss)	$	217,930		$	404,524		$	13,671,474		$	22,006,728
Net realized gain (loss)		719,442			1,782,150			(4,878,763	)		48,065,144
Net change in unrealized appreciation (depreciation)		(1,984,471	)		4,139,378			(72,273,559	)		73,816,552


Net Increase (Decrease) in Net Assets
Resulting from Operations		(1,047,099	)		6,326,052			(63,480,848	)		143,888,424


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(218,313	)		(369,573	)		(10,341,805	)		(20,693,535	)

Total distributions		(218,313	)		(369,573	)		(10,341,805	)		(20,693,535	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		3,151,733			5,862,851			30,175,935			60,426,090
Cost of shares redeemed		(3,117,576	)		(3,095,145	)		(2,306,229	)		(21,090,657	)

Net Increase (Decrease) from Capital Transactions		34,157			2,767,706			27,869,706			39,335,433

Total Increase (Decrease) in Net Assets		(1,231,255	)		8,724,185			(45,952,947	)		162,530,322


NET ASSETS
Beginning of Period	$	21,905,004		$	13,180,819		$	616,006,903		$	453,476,581

End of Period	$	20,673,749		$	21,905,004		$	570,053,956		$	616,006,903


SHARE TRANSACTIONS
Beginning of period		350,001			300,001			23,900,001			22,500,001
Shares issued		—			—			—			—
Shares issued in-kind		50,000			100,000			1,200,000			2,300,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(50,000	)		(50,000	)		(100,000	)		(900,000	)

Shares Outstanding, End of Period		350,001			350,001			25,000,001			23,900,001

⁽¹⁾

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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			27

Statements of Changes in Net Assets (cont.)


	FlexShares^® International Quality Dividend Defensive Index Fund						FlexShares^® International Quality Dividend Dynamic Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021

OPERATIONS
Net investment income (loss)	$	1,412,479		$	2,799,484		$	1,794,138		$	2,288,529
Net realized gain (loss)		(653,756	)		5,928,070			(1,387,519	)		1,919,295
Net change in unrealized appreciation (depreciation)		(6,404,903	)		8,195,139			(9,078,750	)		5,806,232


Net Increase (Decrease) in Net Assets
Resulting from Operations		(5,646,180	)		16,922,693			(8,672,131	)		10,014,056


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(953,475	)		(2,683,528	)		(1,400,102	)		(1,876,931	)

Total distributions		(953,475	)		(2,683,528	)		(1,400,102	)		(1,876,931	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		—			—			11,735,227			45,461,250
Cost of shares redeemed		(2,141,152	)		(2,184,308	)		—			—

Net Increase (Decrease) from Capital Transactions		(2,141,152	)		(2,184,308	)		11,735,227			45,461,250

Total Increase (Decrease) in Net Assets		(8,740,807	)		12,054,857			1,662,994			53,598,375


NET ASSETS
Beginning of Period	$	71,458,591		$	59,403,734		$	75,974,697		$	22,376,322

End of Period	$	62,717,784		$	71,458,591		$	77,637,691		$	75,974,697


SHARE TRANSACTIONS
Beginning of period		3,000,001			3,100,001			2,500,001			1,000,001
Shares issued		—			—			—			—
Shares issued in-kind		—			—			400,000			1,500,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(100,000	)		(100,000	)		—			—

Shares Outstanding, End of Period		2,900,001			3,000,001			2,900,001			2,500,001

⁽¹⁾

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

See Accompanying Notes to the Financial Statements.


28		FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)


	FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund						FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021

OPERATIONS
Net investment income (loss)	$	48,539,282		$	58,365,045		$	22,585,823		$	26,012,110
Net realized gain (loss)		3,562,249			36,821,507			2,481,589			12,575,174
Net change in unrealized appreciation (depreciation)		(67,325,074	)		(1,328,792	)		(52,098,191	)		2,282,079


Net Increase (Decrease) in Net Assets
Resulting from Operations		(15,223,543	)		93,857,760			(27,030,779	)		40,869,363


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(34,384,238	)		(61,292,947	)		(17,189,819	)		(26,674,665	)

Total distributions		(34,384,238	)		(61,292,947	)		(17,189,819	)		(26,674,665	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		777,809,011			302,448,698			200,701,344			155,885,058
Cost of shares redeemed		(11,833,074	)		(326,919,699	)		(58,747,101	)		(51,695,657	)

Net Increase (Decrease) from Capital Transactions		765,975,937			(24,471,001	)		141,954,243			104,189,401

Total Increase (Decrease) in Net Assets		716,368,156			8,093,812			97,733,645			118,384,099


NET ASSETS
Beginning of Period	$	1,437,584,419		$	1,429,490,607		$	714,479,309		$	596,095,210

End of Period	$	2,153,952,575		$	1,437,584,419		$	812,212,954		$	714,479,309


SHARE TRANSACTIONS
Beginning of period		54,504,000			55,554,000			25,500,001			21,800,001
Shares issued		—			—			—			—
Shares issued in-kind		29,750,000			11,450,000			7,250,000			5,550,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(450,000	)		(12,500,000	)		(2,150,000	)		(1,850,000	)

Shares Outstanding, End of Period		83,804,000			54,504,000			30,600,001			25,500,001

⁽¹⁾

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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			29

Statements of Changes in Net Assets (cont.)


	FlexShares^® Disciplined Duration MBS Index Fund						FlexShares^® Credit-Scored US Corporate Bond Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021

OPERATIONS
Net investment income (loss)	$	355,120		$	381,266		$	2,707,978		$	4,833,547
Net realized gain (loss)		(2,107,164	)		1,283,596			(4,201,144	)		3,014,355
Net change in unrealized appreciation (depreciation)		(7,132,054	)		(2,030,761	)		(23,096,542	)		(6,321,483	)


Net Increase (Decrease) in Net Assets
Resulting from Operations		(8,884,098	)		(365,899	)		(24,589,708	)		1,526,419


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(1,360,472	)		(2,676,548	)		(5,391,860	)		(7,983,218	)

Total distributions		(1,360,472	)		(2,676,548	)		(5,391,860	)		(7,983,218	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		18,157,387			19,053,611			21,196,585			133,299,728
Cost of shares redeemed		(11,114,063	)		(4,788,861	)		(60,811,839	)		(13,500,359	)

Net Increase (Decrease) from Capital Transactions		7,043,324			14,264,750			(39,615,254	)		119,799,369

Total Increase (Decrease) in Net Assets		(3,201,246	)		11,222,303			(69,596,822	)		113,342,570


NET ASSETS
Beginning of Period	$	111,242,788		$	100,020,485		$	315,739,979		$	202,397,409

End of Period	$	108,041,542		$	111,242,788		$	246,143,157		$	315,739,979


SHARE TRANSACTIONS
Beginning of period		4,750,001			4,150,001			5,900,001			3,700,001
Shares issued		800,000			800,000			400,000			2,250,000
Shares issued in-kind		—			—			—			200,000
Shares redeemed		(500,000	)		(200,000	)		(1,200,000	)		—
Shares redeemed in-kind		—			—			—			(250,000	)

Shares Outstanding, End of Period		5,050,001			4,750,001			5,100,001			5,900,001

⁽¹⁾

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

See Accompanying Notes to the Financial Statements.


30		FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)


	FlexShares^® Credit-Scored US Long Corporate Bond Index Fund						FlexShares^® High Yield Value-Scored Bond Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021

OPERATIONS
Net investment income (loss)	$	928,834		$	1,701,113		$	20,210,380		$	15,485,875
Net realized gain (loss)		(1,187,296	)		1,029,123			(12,190,537	)		9,388,965
Net change in unrealized appreciation (depreciation)		(11,754,532	)		(16,024	)		(67,666,055	)		1,852,410


Net Increase (Decrease) in Net Assets
Resulting from Operations		(12,012,994	)		2,714,212			(59,646,212	)		26,727,250


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(1,865,131	)		(3,440,094	)		(23,507,612	)		(14,752,663	)

Total distributions		(1,865,131	)		(3,440,094	)		(23,507,612	)		(14,752,663	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		—			27,084,379			453,262,692			415,533,944
Cost of shares redeemed		—			(11,864,331	)		(68,793,574	)		(41,947,766	)

Net Increase (Decrease) from Capital Transactions		—			15,220,048			384,469,118			373,586,178

Total Increase (Decrease) in Net Assets		(13,878,125	)		14,494,166			301,315,294			385,560,765


NET ASSETS
Beginning of Period	$	60,854,577		$	46,360,411		$	575,183,700		$	189,622,935

End of Period	$	46,976,452		$	60,854,577		$	876,498,994		$	575,183,700


SHARE TRANSACTIONS
Beginning of period		1,000,001			750,001			11,600,001			4,100,001
Shares issued		—			450,000			8,050,000			7,200,000
Shares issued in-kind		—			—			1,500,000			1,150,000
Shares redeemed		—			(200,000	)		(1,300,000	)		(850,000	)
Shares redeemed in-kind		—			—			(100,000	)		—

Shares Outstanding, End of Period		1,000,001			1,000,001			19,750,001			11,600,001

⁽¹⁾

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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			31

Statements of Changes in Net Assets (cont.)


	FlexShares^® ESG & Climate High Yield Corporate Core Index Fund						FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			September 20, 2021* through October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			September 20, 2021* through October 31, 2021

OPERATIONS
Net investment income (loss)	$	696,979		$	208,614		$	490,172		$	102,578
Net realized gain (loss)		(518,883	)		(16,194	)		(590,220	)		(68,270	)
Net change in unrealized appreciation (depreciation)		(2,325,179	)		(409,765	)		(6,165,917	)		(682,569	)


Net Increase (Decrease) in Net Assets
Resulting from Operations		(2,147,083	)		(217,345	)		(6,265,965	)		(648,261	)


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(914,896	)		—			(519,580	)		—

Total distributions		(914,896	)		—			(519,580	)		—


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		4,960,576			—			2,243,196			—
Cost of shares redeemed		(24,709,761	)		—			—			—

Net Increase (Decrease) from Capital Transactions		(19,749,185	)		—			2,243,196			—

Total Increase (Decrease) in Net Assets		(22,811,164	)		(217,345	)		(4,542,349	)		(648,261	)


NET ASSETS
Beginning of Period	$	49,766,635		$	49,983,980	^(2),(3)	$	49,347,056		$	49,995,317	^(2),(3)

End of Period	$	26,955,471		$	49,766,635		$	44,804,707		$	49,347,056


SHARE TRANSACTIONS
Beginning of period		1,000,000			1,000,000	⁽²⁾		1,000,000			1,000,000	⁽²⁾
Shares issued		100,000			—			50,000			—
Shares issued in-kind		—			—			—			—
Shares redeemed		(300,000	)		—			—			—
Shares redeemed in-kind		(200,000	)		—			—			—

Shares Outstanding, End of Period		600,000			1,000,000			1,050,000			1,000,000

*	Commencement of investment operations.

⁽¹⁾

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

⁽²⁾

Amount includes the initial subscription.

⁽³⁾

See Accompanying Notes to the Financial Statements.


32		FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)


	FlexShares^® Ready Access Variable Income Fund						FlexShares^® Core Select Bond Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021

OPERATIONS
Net investment income (loss)	$	1,248,450		$	2,617,948		$	1,141,041		$	1,991,134
Net realized gain (loss)		(464,835	)		1,261,361			(2,850,651	)		252,759
Net change in unrealized appreciation (depreciation)		(6,347,887	)		(2,362,864	)		(12,580,711	)		(1,848,559	)


Net Increase (Decrease) in Net Assets
Resulting from Operations		(5,564,272	)		1,516,445			(14,290,321	)		395,334


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(2,105,236	)		(3,046,370	)		(1,251,519	)		(2,693,092	)

Total distributions		(2,105,236	)		(3,046,370	)		(1,251,519	)		(2,693,092	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		334,362,025			55,265,356			40,599,544			36,362,834
Cost of shares redeemed		(52,813,134	)		(148,597,576	)		(7,565,081	)		(16,671,414	)

Net Increase (Decrease) from Capital Transactions		281,548,891			(93,332,220	)		33,034,463			19,691,420

Total Increase (Decrease) in Net Assets		273,879,383			(94,862,145	)		17,492,623			17,393,662


NET ASSETS
Beginning of Period	$	374,339,139		$	469,201,284		$	126,516,968		$	109,123,306

End of Period	$	648,218,522		$	374,339,139		$	144,009,591		$	126,516,968


SHARE TRANSACTIONS
Beginning of period		4,925,001			6,150,001			4,825,001			4,075,001
Shares issued		4,450,000			725,000			—			—
Shares issued in-kind		—			—			1,650,000			1,375,000
Shares redeemed		(700,000	)		(1,950,000	)		—			—
Shares redeemed in-kind		—			—			(300,000	)		(625,000	)

Shares Outstanding, End of Period		8,675,001			4,925,001			6,175,001			4,825,001

⁽¹⁾

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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			33

FlexShares^® Trust

Financial Highlights


	FlexShares^® US Quality Low Volatility Index Fund
	Six Months ended April 30, 2022 (Unaudited)									For the period 07/15/19* through 10/31/19

				Year ended October 31,
				2021			2020

Net asset value, beginning of period	$	54.60		$	40.93		$	40.44		$	40.00


PER SHARE

Investment Operations
Net Investment Income		0.33	^(a)		0.57	^(a)		0.64	^(a)		0.17	^(a)
Net Realized and Unrealized Gain (Loss)		(2.53	)		13.69			0.38			0.35

Total from Operations		(2.20	)		14.26			1.02			0.52

Distributions
Net Investment Income		(0.30	)		(0.59	)		(0.53	)		(0.08	)

Total from Distributions		(0.30	)		(0.59	)		(0.53	)		(0.08	)

Net Asset Value, end of period	$	52.10		$	54.60		$	40.93		$	40.44

Total Return^(b)
Net Asset Value^(d)		(4.05	)%		35.05	%		2.63	%		1.30	%
Market Value (Unaudited)^(e)		(4.03	)%		34.99	%		2.60	%		1.43	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.23	%		0.23	%		0.23	%		0.23	%
Expenses net of reimbursements		0.22	%		0.22	%		0.22	%		0.22	%
Net Investment Income Before Reimbursements		1.23	%		1.17	%		1.55	%		1.45	%
Net Investment Income Net of Reimbursements		1.23	%		1.17	%		1.56	%		1.45	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		22	%		43	%		47	%		9	%
Net assets, end of period (thousands)	$	161,522		$	161,074		$	110,524		$	6,067

*	Commencement of investment operations.

See Accompanying Notes to the Financial Statements.


34		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund
	Six Months ended April 30, 2022 (Unaudited)									For the period 07/15/19* through 10/31/19

				Year ended October 31,
				2021			2020

Net asset value, beginning of period	$	27.92		$	23.48		$	25.60		$	25.00


PER SHARE

Investment Operations
Net Investment Income		0.33	^(a)		0.73	^(a)		0.64	^(a)		0.16	^(a)
Net Realized and Unrealized Gain (Loss)		(2.29	)		4.43			(2.22	)		0.53

Total from Operations		(1.96	)		5.16			(1.58	)		0.69

Distributions
Net Investment Income		(0.31	)		(0.72	)		(0.54	)		(0.09	)

Total from Distributions		(0.31	)		(0.72	)		(0.54	)		(0.09	)

Net Asset Value, end of period	$	25.65		$	27.92		$	23.48		$	25.60

Total Return^(b)
Net Asset Value^(d)		(7.08	)%		22.05	%		(6.24	)%		2.76	%
Market Value (Unaudited)^(e)		(8.18	)%		21.88	%		(6.06	)%		3.04	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.33	%		0.33	%		0.33	%		0.32	%
Expenses net of reimbursements		0.32	%		0.32	%		0.32	%		0.32	%
Net Investment Income Before Reimbursements		2.42	%		2.68	%		2.63	%		2.21	%
Net Investment Income Net of Reimbursements		2.42	%		2.68	%		2.64	%		2.21	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		28	%		56	%		62	%		14	%
Net assets, end of period (thousands)	$	69,265		$	75,371		$	65,747		$	5,120

*	Commencement of investment operations.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			35

Financial Highlights (cont.)


	FlexShares^® Emerging Markets Quality Low Volatility Index Fund
	Six Months ended April 30, 2022 (Unaudited)									For the period 07/15/19* through 10/31/19

				Year ended October 31,
				2021			2020

Net asset value, beginning of period	$	26.41		$	23.95		$	24.94		$	25.00


PER SHARE

Investment Operations
Net Investment Income		0.22	^(a)		0.69	^(a)		0.56	^(a)		0.23	^(a)
Net Realized and Unrealized Gain (Loss)		(1.44	)		2.22			(0.91	)		(0.18	)

Total from Operations		(1.22	)		2.91			(0.35	)		0.05

Distributions
Net Investment Income		(0.25	)		(0.45	)		(0.64	)		(0.11	)

Total from Distributions		(0.25	)		(0.45	)		(0.64	)		(0.11	)

Net Asset Value, end of period	$	24.94		$	26.41		$	23.95		$	24.94

Total Return^(b)
Net Asset Value^(d)		(4.62	)%		12.09	%		(1.41	)%		0.19	%
Market Value (Unaudited)^(e)		(5.54	)%		11.62	%		(0.59	)%		0.31	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.41	%		0.41	%		0.41	%		0.40	%
Expenses net of reimbursements		0.40	%		0.40	%		0.40	%		0.40	%
Net Investment Income Before Reimbursements		1.75	%		2.57	%		2.38	%		3.18	%
Net Investment Income Net of Reimbursements		1.75	%		2.58	%		2.39	%		3.18	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		25	%		54	%		81	%		12	%
Net assets, end of period (thousands)	$	14,965		$	15,844		$	9,578		$	4,989

*	Commencement of investment operations.

See Accompanying Notes to the Financial Statements.


36		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® Morningstar US Market Factor Tilt Index Fund
	Six Months ended April 30, 2022 (Unaudited)

				Year ended October 31,
				2021			2020			2019			2018			2017

Net asset value, beginning of period	$	178.97		$	121.11		$	119.52		$	110.13		$	107.50		$	88.32


PER SHARE

Investment Operations
Net Investment Income		1.21	^(a)		2.08	^(a)		2.10	^(a)		1.95	^(a)		2.02	^(a)		1.74	^(a)
Net Realized and Unrealized Gain (Loss)		(19.75	)		57.80			1.60			9.33			2.59			19.13

Total from Operations		(18.54	)		59.88			3.70			11.28			4.61			20.87

Distributions
Net Investment Income		(1.18	)		(2.02	)		(2.11	)		(1.89	)		(1.98	)		(1.69	)

Total from Distributions		(1.18	)		(2.02	)		(2.11	)		(1.89	)		(1.98	)		(1.69	)

Net Asset Value, end of period	$	159.25		$	178.97		$	121.11		$	119.52		$	110.13		$	107.50

Total Return^(b)
Net Asset Value^(d)		(10.42	)%		49.68	%		3.28	%		10.41	%		4.22	%		23.77	%
Market Value (Unaudited)^(e)		(10.38	)%		49.57	%		3.33	%		10.41	%		4.19	%		23.72	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.26	%		0.26	%		0.26	%		0.26	%		0.25	%		0.26	%
Expenses net of reimbursements		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net Investment Income Before Reimbursements		1.39	%		1.28	%		1.78	%		1.72	%		1.77	%		1.73	%
Net Investment Income Net of Reimbursements		1.40	%		1.29	%		1.79	%		1.72	%		1.77	%		1.74	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		6	%		24	%		26	%		28	%		15	%		22	%
Net assets, end of period (thousands)	$	1,496,989		$	1,727,019		$	1,174,786		$	1,446,137		$	1,387,665		$	1,150,199

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			37

Financial Highlights (cont.)


	FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund
	Six Months ended April 30, 2022 (Unaudited)

				Year ended October 31,
				2021			2020			2019			2018			2017

Net asset value, beginning of period	$	73.71		$	54.24		$	62.67		$	59.76		$	67.51		$	55.62


PER SHARE

Investment Operations
Net Investment Income		0.95	^(a)		1.71	^(a)		1.31	^(a)		1.85	^(a)		1.78	^(a)		1.58	^(a)
Net Realized and Unrealized Gain (Loss)		(8.93	)		19.27			(7.88	)		2.89			(7.39	)		11.91	^(g)

Total from Operations		(7.98	)		20.98			(6.57	)		4.74			(5.61	)		13.49

Distributions
Net Investment Income		(1.37	)		(1.51	)		(1.86	)		(1.83	)		(2.14	)		(1.60	)

Total from Distributions		(1.37	)		(1.51	)		(1.86	)		(1.83	)		(2.14	)		(1.60	)

Net Asset Value, end of period	$	64.36		$	73.71		$	54.24		$	62.67		$	59.76		$	67.51

Total Return^(b)
Net Asset Value^(d)		(10.97	)%		38.79	%		(10.57	)%		8.13	%		(8.61	)%		24.58	%^(g)
Market Value (Unaudited)^(e)		(12.20	)%		38.95	%		(10.23	)%		8.16	%		(9.48	)%		25.38	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.40	%		0.40	%		0.40	%		0.40	%		0.39	%		0.40	%
Expenses net of reimbursements		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Net Investment Income Before Reimbursements		2.74	%		2.42	%		2.28	%		3.09	%		2.65	%		2.57	%
Net Investment Income Net of Reimbursements		2.74	%		2.42	%		2.28	%		3.09	%		2.65	%		2.57	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		16	%		29	%		21	%		25	%		34	%		22	%
Net assets, end of period (thousands)	$	553,514		$	648,638		$	499,016		$	965,142		$	968,096		$	985,608

See Accompanying Notes to the Financial Statements.


38		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund
	Six Months ended April 30, 2022 (Unaudited)

				Year ended October 31,
				2021			2020			2019			2018			2017

Net asset value, beginning of period	$	60.79		$	48.05		$	50.42		$	47.92		$	57.38		$	47.52


PER SHARE

Investment Operations
Net Investment Income		0.60	^(a)		1.51	^(a)		1.02	^(a)		1.49	^(a)		1.46	^(a)		1.28	^(a)
Net Realized and Unrealized Gain (Loss)		(6.68	)		12.40			(1.97	)		2.46			(9.34	)		9.80

Total from Operations		(6.08	)		13.91			(0.95	)		3.95			(7.88	)		11.08

Distributions
Net Investment Income		(0.99	)		(1.17	)		(1.42	)		(1.45	)		(1.58	)		(1.22	)

Total from Distributions		(0.99	)		(1.17	)		(1.42	)		(1.45	)		(1.58	)		(1.22	)

Net Asset Value, end of period	$	53.72		$	60.79		$	48.05		$	50.42		$	47.92		$	57.38

Total Return^(b)
Net Asset Value^(d)		(10.14	)%		28.95	%		(1.86	)%		8.29	%		(14.05	)%		23.56	%
Market Value (Unaudited)^(e)		(11.91	)%		30.12	%		(1.44	)%		8.08	%		(15.22	)%		23.47	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.59	%		0.60	%
Expenses net of reimbursements		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net Investment Income Before Reimbursements		2.10	%		2.46	%		2.13	%		2.92	%		2.56	%		2.44	%
Net Investment Income Net of Reimbursements		2.10	%		2.47	%		2.14	%		2.93	%		2.56	%		2.44	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		16	%		40	%		41	%		45	%		49	%		34	%
Net assets, end of period (thousands)	$	268,605		$	334,372		$	225,847		$	413,414		$	488,736		$	568,071

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			39

Financial Highlights (cont.)


	FlexShares^® US Quality Large Cap Index Fund
	Six Months ended April 30, 2022 (Unaudited)

				Year ended October 31,
				2021			2020			2019			2018			2017

Net asset value, beginning of period	$	50.25		$	35.48		$	34.69		$	33.44		$	31.83		$	26.15


PER SHARE

Investment Operations
Net Investment Income		0.29	^(a)		0.50	^(a)		0.62	^(a)		0.68	^(a)		0.54	^(a)		0.49	^(a)
Net Realized and Unrealized Gain (Loss)		(4.40	)		14.76			0.76			1.29			1.58			5.65

Total from Operations		(4.11	)		15.26			1.38			1.97			2.12			6.14

Distributions
Net Investment Income		(0.28	)		(0.49	)		(0.59	)		(0.72	)		(0.51	)		(0.46	)

Total from Distributions		(0.28	)		(0.49	)		(0.59	)		(0.72	)		(0.51	)		(0.46	)

Net Asset Value, end of period	$	45.86		$	50.25		$	35.48		$	34.69		$	33.44		$	31.83

Total Return^(b)
Net Asset Value^(d)		(8.23	)%		43.21	%		4.13	%		6.04	%		6.63	%		23.65	%
Market Value (Unaudited)^(e)		(8.15	)%		43.09	%		4.16	%		6.01	%		6.30	%		24.08	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.33	%		0.33	%		0.33	%		0.33	%		0.33	%		0.34	%
Expenses net of reimbursements		0.32	%		0.32	%		0.32	%		0.32	%		0.32	%		0.32	%
Net Investment Income Before Reimbursements		1.18	%		1.11	%		1.77	%		2.04	%		1.56	%		1.65	%
Net Investment Income Net of Reimbursements		1.18	%		1.11	%		1.77	%		2.05	%		1.57	%		1.67	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		8	%		30	%		48	%		69	%		94	%		64	%
Net assets, end of period (thousands)	$	141,022		$	144,475		$	71,842		$	51,171		$	61,859		$	27,055

See Accompanying Notes to the Financial Statements.


40		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® STOXX^® US ESG Select Index Fund
	Six Months ended April 30, 2022 (Unaudited)

				Year ended October 31,
				2021			2020			2019			2018			2017

Net asset value, beginning of period	$	112.73		$	79.16		$	72.29		$	64.33		$	60.49		$	49.96


PER SHARE

Investment Operations
Net Investment Income		0.63	^(a)		1.26	^(a)		1.27	^(a)		1.21	^(a)		1.09	^(a)		1.05	^(a)
Net Realized and Unrealized Gain (Loss)		(13.55	)		33.50			6.81			7.83			3.84			10.45

Total from Operations		(12.92	)		34.76			8.08			9.04			4.93			11.50

Distributions
Net Investment Income		(0.64	)		(1.19	)		(1.21	)		(1.08	)		(1.09	)		(0.97	)

Total from Distributions		(0.64	)		(1.19	)		(1.21	)		(1.08	)		(1.09	)		(0.97	)

Net Asset Value, end of period	$	99.17		$	112.73		$	79.16		$	72.29		$	64.33		$	60.49

Total Return^(b)
Net Asset Value^(d)		(11.52	)%		44.15	%		11.40	%		14.21	%		8.13	%		23.19	%
Market Value (Unaudited)^(e)		(11.55	)%		44.12	%		11.45	%		14.26	%		7.97	%		23.30	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.33	%		0.33	%		0.33	%		0.33	%		0.33	%		0.35	%
Expenses net of reimbursements		0.32	%		0.32	%		0.32	%		0.32	%		0.32	%		0.32	%
Net Investment Income Before Reimbursements		1.16	%		1.25	%		1.67	%		1.78	%		1.66	%		1.82	%
Net Investment Income Net of Reimbursements		1.17	%		1.26	%		1.68	%		1.79	%		1.67	%		1.85	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		29	%		40	%		66	%		75	%		110	%		67	%
Net assets, end of period (thousands)	$	180,992		$	191,643		$	89,052		$	56,024		$	28,946		$	13,610

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			41

Financial Highlights (cont.)


	FlexShares^® STOXX^® Global ESG Select Index Fund
	Six Months ended April 30, 2022 (Unaudited)

				Year ended October 31,
				2021			2020			2019			2018			2017

Net asset value, beginning of period	$	148.57		$	106.02		$	101.77		$	91.61		$	91.97		$	75.52


PER SHARE

Investment Operations
Net Investment Income		1.05	^(a)		2.03	^(a)		1.72	^(a)		2.05	^(a)		1.95	^(a)		1.56	^(a)
Net Realized and Unrealized Gain (Loss)		(17.65	)		42.38			4.26			10.12			(0.61	)		16.67	^(h)

Total from Operations		(16.60	)		44.41			5.98			12.17			1.34			18.23

Distributions
Net Investment Income		(0.98	)		(1.86	)		(1.73	)		(2.01	)		(1.70	)		(1.78	)

Total from Distributions		(0.98	)		(1.86	)		(1.73	)		(2.01	)		(1.70	)		(1.78	)

Net Asset Value, end of period	$	130.99		$	148.57		$	106.02		$	101.77		$	91.61		$	91.97

Total Return^(b)
Net Asset Value^(d)		(11.24	)%		42.10	%		6.03	%		13.49	%		1.38	%		24.37	%^(h)
Market Value (Unaudited)^(e)		(11.92	)%		41.84	%		6.46	%		12.96	%		1.71	%		24.55	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.43	%		0.43	%		0.43	%		0.43	%		0.43	%		0.45	%
Expenses net of reimbursements		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%
Net Investment Income Before Reimbursements		1.47	%		1.50	%		1.66	%		2.15	%		2.03	%		1.81	%
Net Investment Income Net of Reimbursements		1.48	%		1.51	%		1.66	%		2.16	%		2.04	%		1.83	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		33	%		48	%		58	%		66	%		78	%		64	%
Net assets, end of period (thousands)	$	163,740		$	185,717		$	111,323		$	91,590		$	73,284		$	32,189

See Accompanying Notes to the Financial Statements.


42		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® ESG & Climate US Large Cap Core Index Fund
	Six Months ended April 30, 2022 (Unaudited)			For the period 09/20/21* through 10/31/21

Net asset value, beginning of period	$	53.39		$	50.00


PER SHARE

Investment Operations
Net Investment Income		0.31	^(a)		0.06	^(a)
Net Realized and Unrealized Gain (Loss)		(5.95	)		3.33

Total from Operations		(5.64	)		3.39

Distributions
Net Investment Income		(0.33	)		—
From Net Realized Gains		(0.01	)		—

Total from Distributions		(0.34	)		—

Net Asset Value, end of period	$	47.41		$	53.39

Total Return^(b)
Net Asset Value^(d)		(10.61	)%		6.78	%
Market Value (Unaudited)^(e)		(10.56	)%		6.76	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.10	%		0.09	%
Expenses net of reimbursements		0.09	%		0.09	%
Net Investment Income Before Reimbursements		1.22	%		0.96	%
Net Investment Income Net of Reimbursements		1.22	%		0.96	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		6	%		—	%⁽ⁱ⁾
Net assets, end of period (thousands)	$	13,038		$	2,669

*	Commencement of investment operations.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			43

Financial Highlights (cont.)


	FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund
	Six Months ended April 30, 2022 (Unaudited)			For the period 09/20/21* through 10/31/21

Net asset value, beginning of period	$	51.19		$	50.00


PER SHARE

Investment Operations
Net Investment Income		0.86	^(a)		0.16	^(a)
Net Realized and Unrealized Gain (Loss)		(6.58	)		1.03

Total from Operations		(5.72	)		1.19

Distributions
Net Investment Income		(0.42	)		—

Total from Distributions		(0.42	)		—

Net Asset Value, end of period	$	45.05		$	51.19

Total Return^(b)
Net Asset Value^(d)		(11.24	)%		2.38	%
Market Value (Unaudited)^(e)		(12.15	)%		2.82	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.13	%		0.12	%
Expenses net of reimbursements		0.12	%		0.12	%
Net Investment Income Before Reimbursements		3.61	%		2.72	%
Net Investment Income Net of Reimbursements		3.61	%		2.72	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		9	%		—	%⁽ⁱ⁾
Net assets, end of period (thousands)	$	18,021		$	5,119

*	Commencement of investment operations.

See Accompanying Notes to the Financial Statements.


44		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® ESG & Climate Emerging Markets Core Index Fund
	For the period 04/20/22* through 04/30/22 (Unaudited)

Net asset value, beginning of period	$	50.00


PER SHARE

Investment Operations
Net Investment Income		0.01	^(a)
Net Realized and Unrealized Gain (Loss)		(0.98	)

Total from Operations		(0.97	)

Distributions
Net Asset Value, end of period	$	49.03

Total Return^(b)
Net Asset Value^(d)		(1.94	)%
Market Value (Unaudited)^(e)		(2.72	)%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.19	%
Expenses net of reimbursements		0.18	%
Net Investment Income Before Reimbursements		0.90	%
Net Investment Income Net of Reimbursements		0.90	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		—	%⁽ⁱ⁾
Net assets, end of period (thousands)	$	4,903

*	Commencement of investment operations.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			45

Financial Highlights (cont.)


	FlexShares^® Morningstar Global Upstream Natural Resources Index Fund
	Six Months ended April 30, 2022 (Unaudited)

				Year ended October 31,
				2021			2020			2019			2018			2017

Net asset value, beginning of period	$	38.66		$	26.71		$	31.40		$	31.51		$	31.59		$	27.40


PER SHARE

Investment Operations
Net Investment Income		0.77	^(a)		1.44	^(a)		0.89	^(a)		1.08	^(a)		0.91	^(a)		0.70	^(a)
Net Realized and Unrealized Gain (Loss)		6.32			11.72			(4.65	)		(0.09	)		(0.13	)		4.13	^(j)

Total from Operations		7.09			13.16			(3.76	)		0.99			0.78			4.83

Distributions
Net Investment Income		(0.75	)		(1.21	)		(0.93	)		(1.10	)		(0.86	)		(0.64	)

Total from Distributions		(0.75	)		(1.21	)		(0.93	)		(1.10	)		(0.86	)		(0.64	)

Net Asset Value, end of period	$	45.00		$	38.66		$	26.71		$	31.40		$	31.51		$	31.59

Total Return^(b)
Net Asset Value^(d)		18.55	%		49.70	%		(11.87	)%		3.16	%		2.33	%		17.81	%^(j)
Market Value (Unaudited)^(e)		17.56	%		49.58	%		(11.46	)%		3.06	%		2.01	%		17.97	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.47	%		0.47	%		0.47	%		0.47	%		0.46	%		0.47	%
Expenses net of reimbursements		0.46	%		0.46	%		0.46	%		0.46	%		0.46	%		0.46	%
Net Investment Income Before Reimbursements		3.64	%		3.95	%		3.03	%		3.40	%		2.72	%		2.36	%
Net Investment Income Net of Reimbursements		3.64	%		3.95	%		3.04	%		3.41	%		2.72	%		2.36	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		17	%		28	%		29	%		24	%		30	%		18	%
Net assets, end of period (thousands)	$	8,140,723		$	6,052,710		$	2,924,726		$	5,510,201		$	5,435,783		$	4,760,397

See Accompanying Notes to the Financial Statements.


46		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® STOXX^® Global Broad Infrastructure Index Fund
	Six Months ended April 30, 2022 (Unaudited)

				Year ended October 31,
				2021			2020			2019			2018			2017

Net asset value, beginning of period	$	57.73		$	48.10		$	52.56		$	45.09		$	47.85		$	43.49


PER SHARE

Investment Operations
Net Investment Income		0.69	^(a)		1.38	^(a)		1.25	^(a)		1.35	^(a)		1.36	^(a)		1.37	^(a)
Net Realized and Unrealized Gain (Loss)		(3.10	)		9.57			(4.53	)		7.34			(2.71	)		4.40

Total from Operations		(2.41	)		10.95			(3.28	)		8.69			(1.35	)		5.77

Distributions
Net Investment Income		(0.74	)		(1.32	)		(1.18	)		(1.22	)		(1.41	)		(1.41	)

Total from Distributions		(0.74	)		(1.32	)		(1.18	)		(1.22	)		(1.41	)		(1.41	)

Net Asset Value, end of period	$	54.58		$	57.73		$	48.10		$	52.56		$	45.09		$	47.85

Total Return^(b)
Net Asset Value^(d)		(4.20	)%		22.85	%		(6.23	)%		19.52	%		(2.90	)%		13.44	%
Market Value (Unaudited)^(e)		(4.64	)%		22.51	%		(5.93	)%		19.99	%		(3.25	)%		13.23	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.47	%		0.48	%
Expenses net of reimbursements		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%
Net Investment Income Before Reimbursements		2.46	%		2.45	%		2.51	%		2.73	%		2.88	%		2.97	%
Net Investment Income Net of Reimbursements		2.46	%		2.45	%		2.52	%		2.74	%		2.89	%		2.98	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		10	%		13	%		13	%		12	%		13	%		12	%
Net assets, end of period (thousands)	$	2,537,942		$	2,643,906		$	1,856,596		$	1,477,030		$	773,363		$	875,628

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			47

Financial Highlights (cont.)


	FlexShares^® Global Quality Real Estate Index Fund
	Six Months ended April 30, 2022 (Unaudited)

				Year ended October 31,
				2021			2020			2019			2018			2017

Net asset value, beginning of period	$	70.35		$	50.88		$	66.60		$	57.96		$	62.02		$	57.12


PER SHARE

Investment Operations
Net Investment Income		0.98	^(a)		1.38	^(a)		1.43	^(a)		1.76	^(a)		1.80	^(a)		0.99	^(a)
Net Realized and Unrealized Gain (Loss)		(3.66	)		19.13			(14.62	)		8.68			(3.99	)		5.54

Total from Operations		(2.68	)		20.51			(13.19	)		10.44			(2.19	)		6.53

Distributions
Net Investment Income		(1.05	)		(1.04	)		(2.50	)		(1.80	)		(1.87	)		(1.63	)
Tax Return of Capital		—			—			(0.03	)		—			—			—

Total from Distributions		(1.05	)		(1.04	)		(2.53	)		(1.80	)		(1.87	)		(1.63	)

Net Asset Value, end of period	$	66.62		$	70.35		$	50.88		$	66.60		$	57.96		$	62.02

Total Return^(b)
Net Asset Value^(d)		(3.92	)%		40.58	%		(20.29	)%		18.37	%		(3.69	)%		11.71	%
Market Value (Unaudited)^(e)		(4.34	)%		40.98	%		(20.40	)%		18.65	%		(3.95	)%		11.71	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.46	%		0.46	%		0.46	%		0.46	%		0.46	%		0.46	%
Expenses net of reimbursements		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Net Investment Income Before Reimbursements		2.81	%		2.16	%		2.53	%		2.80	%		2.92	%		1.67	%
Net Investment Income Net of Reimbursements		2.82	%		2.17	%		2.54	%		2.81	%		2.92	%		1.67	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		25	%		52	%		56	%		53	%		61	%		64	%
Net assets, end of period (thousands)	$	419,694		$	418,597		$	264,574		$	376,264		$	275,332		$	244,970

See Accompanying Notes to the Financial Statements.


48		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® Real Assets Allocation Index Fund
	Six Months ended April 30, 2022 (Unaudited)

				Year ended October 31,
				2021			2020			2019			2018			2017

Net asset value, beginning of period	$	33.67		$	25.72		$	30.30		$	26.45		$	28.08		$	25.63


PER SHARE

Investment Operations
Net Investment Income		0.42	^(a)		0.83	^(a)		0.86	^(a)		0.76	^(a)		0.80	^(a)		0.66	^(a)
Net Realized and Unrealized Gain (Loss)		(0.46	)		7.78			(4.58	)		3.85			(1.64	)		2.54

Total from Operations		(0.04	)		8.61			(3.72	)		4.61			(0.84	)		3.20

Distributions
Net Investment Income		(0.48	)		(0.66	)		(0.86	)		(0.76	)		(0.79	)		(0.75	)
From Net Realized Gains		—			—			—			—			0.00	^(k)		—

Total from Distributions		(0.48	)		(0.66	)		(0.86	)		(0.76	)		(0.79	)		(0.75	)

Net Asset Value, end of period	$	33.15		$	33.67		$	25.72		$	30.30		$	26.45		$	28.08

Total Return^(b)
Net Asset Value^(d)		(0.17	)%		33.66	%		(12.45	)%		17.69	%		(3.09	)%		12.73	%
Market Value (Unaudited)^(e)		(0.23	)%		33.74	%		(12.54	)%		17.72	%		(3.32	)%		13.05	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.58	%^(l)		0.58	%^(l)		0.58	%^(l)		0.58	%^(l)		0.59	%^(l)		0.65	%^(l)
Expenses net of reimbursements		0.11	%^(l)		0.12	%^(l)		0.11	%^(l)		0.11	%^(l)		0.11	%^(l)		0.11	%^(l)
Net Investment Income Before Reimbursements		2.02	%		2.07	%		2.65	%		2.22	%		2.39	%		1.88	%
Net Investment Income Net of Reimbursements		2.48	%		2.53	%		3.11	%		2.69	%		2.87	%		2.42	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		5	%		40	%		14	%		4	%		5	%		11	%
Net assets, end of period (thousands)	$	52,206		$	30,300		$	4,502		$	11,361		$	13,887		$	6,318

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			49

Financial Highlights (cont.)


	FlexShares^® Quality Dividend Index Fund
	Six Months ended April 30, 2022 (Unaudited)

				Year ended October 31,
				2021			2020			2019			2018			2017

Net asset value, beginning of period	$	58.35		$	43.40		$	46.33		$	44.53		$	42.57		$	37.11


PER SHARE

Investment Operations
Net Investment Income		0.61	^(a)		1.16	^(a)		1.24	^(a)		1.24	^(a)		1.20	^(a)		1.23	^(a)
Net Realized and Unrealized Gain (Loss)		(2.50	)		14.89			(2.67	)		2.29			1.98			5.43

Total from Operations		(1.89	)		16.05			(1.43	)		3.53			3.18			6.66

Distributions
Net Investment Income		(0.63	)		(1.10	)		(1.25	)		(1.19	)		(1.22	)		(1.20	)
From Net Realized Gains		—			—			(0.25	)		(0.54	)		—			—

Total from Distributions		(0.63	)		(1.10	)		(1.50	)		(1.73	)		(1.22	)		(1.20	)

Net Asset Value, end of period	$	55.83		$	58.35		$	43.40		$	46.33		$	44.53		$	42.57

Total Return^(b)
Net Asset Value^(d)		(3.30	)%		37.27	%		(2.98	)%		8.45	%		7.42	%		18.10	%
Market Value (Unaudited)^(e)		(3.29	)%		37.20	%		(2.98	)%		8.52	%		7.40	%		18.03	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.38	%		0.38	%		0.38	%		0.38	%		0.37	%		0.38	%
Expenses net of reimbursements		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%
Net Investment Income Before Reimbursements		2.09	%		2.16	%		2.79	%		2.80	%		2.64	%		3.00	%
Net Investment Income Net of Reimbursements		2.10	%		2.16	%		2.79	%		2.81	%		2.64	%		3.00	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		19	%		51	%		75	%		95	%		76	%		89	%
Net assets, end of period (thousands)	$	1,627,523		$	1,642,545		$	1,265,177		$	1,707,344		$	1,759,108		$	1,815,665

See Accompanying Notes to the Financial Statements.


50		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® Quality Dividend Defensive Index Fund
	Six Months ended April 30, 2022 (Unaudited)

				Year ended October 31,
				2021			2020			2019			2018			2017

Net asset value, beginning of period	$	56.01		$	42.61		$	46.25		$	44.46		$	42.04		$	36.82


PER SHARE

Investment Operations
Net Investment Income		0.55	^(a)		1.09	^(a)		1.21	^(a)		1.22	^(a)		1.21	^(a)		1.18	^(a)
Net Realized and Unrealized Gain (Loss)		(2.58	)		13.39			(3.28	)		3.35			2.45			5.18

Total from Operations		(2.03	)		14.48			(2.07	)		4.57			3.66			6.36

Distributions
Net Investment Income		(0.57	)		(1.08	)		(1.21	)		(1.14	)		(1.24	)		(1.14	)
From Net Realized Gains		—			—			(0.36	)		(1.64	)		—			—

Total from Distributions		(0.57	)		(1.08	)		(1.57	)		(2.78	)		(1.24	)		(1.14	)

Net Asset Value, end of period	$	53.41		$	56.01		$	42.61		$	46.25		$	44.46		$	42.04

Total Return^(b)
Net Asset Value^(d)		(3.69	)%		34.28	%		(4.45	)%		11.40	%		8.69	%		17.44	%
Market Value (Unaudited)^(e)		(3.65	)%		34.19	%		(4.43	)%		11.40	%		8.74	%		17.41	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%
Expenses net of reimbursements		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%
Net Investment Income Before Reimbursements		1.97	%		2.10	%		2.77	%		2.76	%		2.70	%		2.94	%
Net Investment Income Net of Reimbursements		1.97	%		2.11	%		2.77	%		2.76	%		2.71	%		2.95	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		22	%		57	%		76	%		91	%		94	%		74	%
Net assets, end of period (thousands)	$	395,216		$	448,058		$	411,173		$	450,963		$	320,091		$	313,167

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			51

Financial Highlights (cont.)


	FlexShares^® Quality Dividend Dynamic Index Fund
	Six Months ended April 30, 2022 (Unaudited)

				Year ended October 31,
				2021			2020			2019			2018			2017

Net asset value, beginning of period	$	62.59		$	43.94		$	45.49		$	42.20		$	41.84		$	35.32


PER SHARE

Investment Operations
Net Investment Income		0.62	^(a)		1.22	^(a)		1.33	^(a)		1.21	^(a)		1.15	^(a)		1.19	^(a)
Net Realized and Unrealized Gain (Loss)		(3.52	)		18.57			(1.21	)		3.26			0.40			6.45

Total from Operations		(2.90	)		19.79			0.12			4.47			1.55			7.64

Distributions
Net Investment Income		(0.62	)		(1.14	)		(1.67	)		(1.18	)		(1.19	)		(1.12	)

Total from Distributions		(0.62	)		(1.14	)		(1.67	)		(1.18	)		(1.19	)		(1.12	)

Net Asset Value, end of period	$	59.07		$	62.59		$	43.94		$	45.49		$	42.20		$	41.84

Total Return^(b)
Net Asset Value^(d)		(4.69	)%		45.38	%		0.86	%		10.86	%		3.59	%		21.81	%
Market Value (Unaudited)^(e)		(4.68	)%		45.32	%		0.91	%		10.89	%		3.67	%		21.59	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%
Expenses net of reimbursements		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%
Net Investment Income Before Reimbursements		1.98	%		2.14	%		2.93	%		2.81	%		2.61	%		2.99	%
Net Investment Income Net of Reimbursements		1.99	%		2.15	%		2.94	%		2.82	%		2.62	%		3.00	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		23	%		53	%		77	%		77	%		77	%		63	%
Net assets, end of period (thousands)	$	20,674		$	21,905		$	13,181		$	52,308		$	44,305		$	58,571

See Accompanying Notes to the Financial Statements.


52		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® International Quality Dividend Index Fund
	Six Months ended April 30, 2022 (Unaudited)

				Year ended October 31,
				2021			2020			2019			2018			2017

Net asset value, beginning of period	$	25.77		$	20.15		$	23.06		$	22.37		$	26.27		$	22.45


PER SHARE

Investment Operations
Net Investment Income		0.56	^(a)		0.97	^(a)		0.79	^(a)		1.13	^(a)		1.22	^(a)		1.06	^(a)
Net Realized and Unrealized Gain (Loss)		(3.11	)		5.55			(2.86	)		0.70			(3.86	)		3.69

Total from Operations		(2.55	)		6.52			(2.07	)		1.83			(2.64	)		4.75

Distributions
Net Investment Income		(0.42	)		(0.90	)		(0.84	)		(1.14	)		(1.26	)		(0.93	)

Total from Distributions		(0.42	)		(0.90	)		(0.84	)		(1.14	)		(1.26	)		(0.93	)

Net Asset Value, end of period	$	22.80		$	25.77		$	20.15		$	23.06		$	22.37		$	26.27

Total Return^(b)
Net Asset Value^(d)		(9.99	)%		32.42	%		(8.94	)%		8.41	%		(10.48	)%		21.50	%
Market Value (Unaudited)^(e)		(11.39	)%		32.85	%		(8.93	)%		9.09	%		(11.30	)%		21.80	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.47	%		0.48	%
Expenses net of reimbursements		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%
Net Investment Income Before Reimbursements		4.54	%		3.80	%		3.68	%		4.98	%		4.77	%		4.27	%
Net Investment Income Net of Reimbursements		4.54	%		3.81	%		3.68	%		4.98	%		4.78	%		4.28	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		31	%		68	%		74	%		71	%		71	%		69	%
Net assets, end of period (thousands)	$	570,054		$	616,007		$	453,477		$	774,685		$	765,167		$	979,701

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			53

Financial Highlights (cont.)


	FlexShares^® International Quality Dividend Defensive Index Fund
	Six Months ended April 30, 2022 (Unaudited)

				Year ended October 31,
				2021			2020			2019			2018			2017

Net asset value, beginning of period	$	23.82		$	19.16		$	21.87		$	21.39		$	25.06		$	22.16


PER SHARE

Investment Operations
Net Investment Income		0.47	^(a)		0.93	^(a)		0.74	^(a)		1.09	^(a)		1.14	^(a)		0.99	^(a)
Net Realized and Unrealized Gain (Loss)		(2.34	)		4.62			(2.70	)		0.51			(3.54	)		2.81

Total from Operations		(1.87	)		5.55			(1.96	)		1.60			(2.40	)		3.80

Distributions
Net Investment Income		(0.32	)		(0.89	)		(0.75	)		(1.12	)		(1.27	)		(0.90	)

Total from Distributions		(0.32	)		(0.89	)		(0.75	)		(1.12	)		(1.27	)		(0.90	)

Net Asset Value, end of period	$	21.63		$	23.82		$	19.16		$	21.87		$	21.39		$	25.06

Total Return^(b)
Net Asset Value^(d)		(7.93	)%		29.03	%		(8.92	)%		7.66	%		(10.03	)%		17.45	%
Market Value (Unaudited)^(e)		(9.08	)%		28.97	%		(8.88	)%		8.12	%		(10.91	)%		17.69	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Expenses net of reimbursements		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%
Net Investment Income Before Reimbursements		4.10	%		3.91	%		3.65	%		5.02	%		4.68	%		4.18	%
Net Investment Income Net of Reimbursements		4.11	%		3.92	%		3.66	%		5.03	%		4.68	%		4.19	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		31	%		65	%		75	%		63	%		69	%		72	%
Net assets, end of period (thousands)	$	62,718		$	71,459		$	59,404		$	78,719		$	87,703		$	95,217

See Accompanying Notes to the Financial Statements.


54		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® International Quality Dividend Dynamic Index Fund
	Six Months ended April 30, 2022 (Unaudited)

				Year ended October 31,
				2021			2020			2019			2018			2017

Net asset value, beginning of period	$	30.39		$	22.38		$	24.94		$	23.51		$	27.82		$	23.47


PER SHARE

Investment Operations
Net Investment Income		0.65	^(a)		1.28	^(a)		0.70	^(a)		1.05	^(a)		1.32	^(a)		1.11	^(a)
Net Realized and Unrealized Gain (Loss)		(3.76	)		7.63			(2.45	)		1.52			(4.34	)		4.08

Total from Operations		(3.11	)		8.91			(1.75	)		2.57			(3.02	)		5.19

Distributions
Net Investment Income		(0.51	)		(0.90	)		(0.81	)		(1.14	)		(1.29	)		(0.84	)

Total from Distributions		(0.51	)		(0.90	)		(0.81	)		(1.14	)		(1.29	)		(0.84	)

Net Asset Value, end of period	$	26.77		$	30.39		$	22.38		$	24.94		$	23.51		$	27.82

Total Return^(b)
Net Asset Value^(d)		(10.37	)%		39.87	%		(6.99	)%		11.30	%		(11.34	)%		22.37	%
Market Value (Unaudited)^(e)		(11.80	)%		40.37	%		(7.03	)%		12.23	%		(12.11	)%		22.91	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Expenses net of reimbursements		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%
Net Investment Income Before Reimbursements		4.45	%		4.24	%		2.90	%		4.36	%		4.83	%		4.19	%
Net Investment Income Net of Reimbursements		4.46	%		4.25	%		2.91	%		4.37	%		4.83	%		4.20	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		32	%		72	%		85	%		88	%		75	%		76	%
Net assets, end of period (thousands)	$	77,638		$	75,975		$	22,376		$	47,391		$	63,481		$	91,796

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			55

Financial Highlights (cont.)


	FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund
	Six Months ended April 30, 2022 (Unaudited)

				Year ended October 31,
				2021			2020			2019			2018			2017

Net asset value, beginning of period	$	26.38		$	25.73		$	24.58		$	23.81		$	24.60		$	24.82


PER SHARE

Investment Operations
Net Investment Income		0.77	^(a)		1.09	^(a)		0.33	^(a)		0.46	^(a)		0.68	^(a)		0.37	^(a)
Net Realized and Unrealized Gain (Loss)		(0.91	)		0.68			1.09			0.79			(0.78	)		(0.27	)

Total from Operations		(0.14	)		1.77			1.42			1.25			(0.10	)		0.10

Distributions
Net Investment Income		(0.54	)		(1.12	)		(0.27	)		(0.48	)		(0.69	)		(0.32	)

Total from Distributions		(0.54	)		(1.12	)		(0.27	)		(0.48	)		(0.69	)		(0.32	)

Net Asset Value, end of period	$	25.70		$	26.38		$	25.73		$	24.58		$	23.81		$	24.60

Total Return^(b)
Net Asset Value^(d)		(0.54	)%		6.95	%		5.81	%		5.30	%		(0.41	)%		0.42	%
Market Value (Unaudited)^(e)		(0.53	)%		6.95	%		5.85	%		5.35	%		(0.49	)%		0.46	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.19	%		0.19	%		0.19	%		0.19	%		0.18	%		0.21	%
Expenses net of reimbursements		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%		0.20	%
Net Investment Income Before Reimbursements		5.93	%		4.14	%		1.33	%		1.89	%		2.79	%		1.49	%
Net Investment Income Net of Reimbursements		5.93	%		4.15	%		1.33	%		1.89	%		2.80	%		1.50	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		50	%		53	%		71	%		52	%		85	%		134	%
Net assets, end of period (thousands)	$	2,153,953		$	1,437,584		$	1,429,491		$	1,178,722		$	1,641,610		$	2,113,130

See Accompanying Notes to the Financial Statements.


56		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund
	Six Months ended April 30, 2022 (Unaudited)

				Year ended October 31,
				2021			2020			2019			2018			2017

Net asset value, beginning of period	$	28.02		$	27.34		$	25.50		$	23.95		$	25.06		$	25.45


PER SHARE

Investment Operations
Net Investment Income		0.80	^(a)		1.16	^(a)		0.36	^(a)		0.44	^(a)		0.71	^(a)		0.47	^(a)
Net Realized and Unrealized Gain (Loss)		(1.67	)		0.70			1.76			1.59			(1.08	)		(0.45	)

Total from Operations		(0.87	)		1.86			2.12			2.03			(0.37	)		0.02

Distributions
Net Investment Income		(0.61	)		(1.18	)		(0.28	)		(0.48	)		(0.74	)		(0.41	)

Total from Distributions		(0.61	)		(1.18	)		(0.28	)		(0.48	)		(0.74	)		(0.41	)

Net Asset Value, end of period	$	26.54		$	28.02		$	27.34		$	25.50		$	23.95		$	25.06

Total Return^(b)
Net Asset Value^(d)		(3.15	)%		6.88	%		8.39	%		8.53	%		(1.51	)%		0.08	%
Market Value (Unaudited)^(e)		(3.18	)%		6.96	%		8.47	%		8.45	%		(1.51	)%		0.08	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.20	%		0.19	%		0.19	%		0.19	%		0.18	%		0.21	%
Expenses net of reimbursements		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%		0.20	%
Net Investment Income Before Reimbursements		5.89	%		4.17	%		1.35	%		1.77	%		2.88	%		1.86	%
Net Investment Income Net of Reimbursements		5.90	%		4.17	%		1.35	%		1.78	%		2.88	%		1.87	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		31	%		46	%		66	%		41	%		65	%		87	%
Net assets, end of period (thousands)	$	812,213		$	714,479		$	596,095		$	557,185		$	904,027		$	819,372

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			57

Financial Highlights (cont.)


	FlexShares^® Disciplined Duration MBS Index Fund
	Six Months ended April 30, 2022 (Unaudited)

				Year ended October 31,
				2021			2020			2019			2018			2017

Net asset value, beginning of period	$	23.42		$	24.10		$	23.55		$	22.74		$	23.86		$	24.74


PER SHARE

Investment Operations
Net Investment Income		0.07	^(a)		0.09	^(a)		0.37	^(a)		0.61	^(a)		0.49	^(a)		0.39	^(a)
Net Realized and Unrealized Gain (Loss)		(1.83	)		(0.16	)		0.85			1.03			(0.88	)		(0.50	)

Total from Operations		(1.76	)		(0.07	)		1.22			1.64			(0.39	)		(0.11	)

Distributions
Net Investment Income		(0.27	)		(0.61	)		(0.67	)		(0.83	)		(0.73	)		(0.77	)

Total from Distributions		(0.27	)		(0.61	)		(0.67	)		(0.83	)		(0.73	)		(0.77	)

Net Asset Value, end of period	$	21.39		$	23.42		$	24.10		$	23.55		$	22.74		$	23.86

Total Return^(b)
Net Asset Value^(d)		(7.55	)%		(0.28	)%		5.19	%		7.36	%		(1.65	)%		(0.44	)%
Market Value (Unaudited)^(e)		(7.80	)%		(0.11	)%		5.19	%		7.07	%		(1.31	)%		(0.53	)%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.21	%		0.21	%		0.21	%		0.21	%		0.21	%		0.21	%
Expenses net of reimbursements		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net Investment Income Before Reimbursements		0.62	%		0.35	%		1.54	%		2.64	%		2.09	%		1.61	%
Net Investment Income Net of Reimbursements		0.62	%		0.36	%		1.54	%		2.65	%		2.10	%		1.62	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		168	%		476	%		175	%		61	%		160	%		61	%
Net assets, end of period (thousands)	$	108,042		$	111,243		$	100,020		$	35,330		$	71,628		$	38,183

See Accompanying Notes to the Financial Statements.


58		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® Credit-Scored US Corporate Bond Index Fund
	Six Months ended April 30, 2022 (Unaudited)

				Year ended October 31,
				2021			2020			2019			2018			2017

Net asset value, beginning of period	$	53.52		$	54.70		$	52.58		$	48.59		$	50.98		$	51.49


PER SHARE

Investment Operations
Net Investment Income		0.47	^(a)		0.91	^(a)		1.32	^(a)		1.63	^(a)		1.40	^(a)		1.26	^(a)
Net Realized and Unrealized Gain (Loss)		(4.84	)		(0.51	)		2.39			3.94			(2.43	)		(0.34	)

Total from Operations		(4.37	)		0.40			3.71			5.57			(1.03	)		0.92

Distributions
Net Investment Income		(0.48	)		(0.96	)		(1.37	)		(1.58	)		(1.36	)		(1.23	)
From Net Realized Gains		(0.41	)		(0.62	)		(0.22	)		—			—			(0.20	)

Total from Distributions		(0.89	)		(1.58	)		(1.59	)		(1.58	)		(1.36	)		(1.43	)

Net Asset Value, end of period	$	48.26		$	53.52		$	54.70		$	52.58		$	48.59		$	50.98

Total Return^(b)
Net Asset Value^(d)		(8.26	)%		0.70	%		7.20	%		11.66	%		(2.05	)%		1.85	%
Market Value (Unaudited)^(e)		(8.45	)%		0.68	%		7.22	%		11.56	%		(2.23	)%		1.99	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.23	%		0.23	%		0.23	%		0.23	%		0.23	%		0.23	%
Expenses net of reimbursements		0.22	%		0.22	%		0.22	%		0.22	%		0.22	%		0.22	%
Net Investment Income Before Reimbursements		1.82	%		1.68	%		2.46	%		3.20	%		2.83	%		2.48	%
Net Investment Income Net of Reimbursements		1.83	%		1.69	%		2.46	%		3.21	%		2.84	%		2.49	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		32	%		53	%		62	%		65	%		76	%		65	%
Net assets, end of period (thousands)	$	246,143		$	315,740		$	202,397		$	97,275		$	60,736		$	50,982

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			59

Financial Highlights (cont.)


	FlexShares^® Credit-Scored US Long Corporate Bond Index Fund
	Six Months ended April 30, 2022 (Unaudited)

				Year ended October 31,
				2021			2020			2019			2018			2017

Net asset value, beginning of period	$	60.85		$	61.81		$	57.84		$	48.04		$	53.88		$	53.83


PER SHARE

Investment Operations
Net Investment Income		0.93	^(a)		1.90	^(a)		1.99	^(a)		2.11	^(a)		2.07	^(a)		2.06	^(a)
Net Realized and Unrealized Gain (Loss)		(12.93	)		1.22			3.90			9.89			(5.87	)		0.74

Total from Operations		(12.00	)		3.12			5.89			12.00			(3.80	)		2.80

Distributions
Net Investment Income		(0.93	)		(1.88	)		(1.92	)		(2.20	)		(2.04	)		(2.07	)
From Net Realized Gains		(0.94	)		(2.20	)		—			—			—			(0.68	)

Total from Distributions		(1.87	)		(4.08	)		(1.92	)		(2.20	)		(2.04	)		(2.75	)

Net Asset Value, end of period	$	46.98		$	60.85		$	61.81		$	57.84		$	48.04		$	53.88

Total Return^(b)
Net Asset Value^(d)		(20.28	)%		5.14	%		10.34	%		25.57	%		(7.24	)%		5.58	%
Market Value (Unaudited)^(e)		(20.78	)%		5.23	%		10.57	%		25.51	%		(7.86	)%		4.25	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.23	%		0.23	%		0.23	%		0.23	%		0.23	%		0.24	%
Expenses net of reimbursements		0.22	%		0.22	%		0.22	%		0.22	%		0.22	%		0.22	%
Net Investment Income Before Reimbursements		3.38	%		3.13	%		3.27	%		4.06	%		4.05	%		3.92	%
Net Investment Income Net of Reimbursements		3.38	%		3.14	%		3.28	%		4.07	%		4.06	%		3.94	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		31	%		88	%		74	%		44	%		93	%		91	%
Net assets, end of period (thousands)	$	46,976		$	60,855		$	46,360		$	17,352		$	26,424		$	18,858

See Accompanying Notes to the Financial Statements.


60		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® High Yield Value-Scored Bond Index Fund
	Six Months ended April 30, 2022 (Unaudited)												For the period 07/17/18* through 10/31/18

				Year ended October 31,
				2021			2020			2019

Net asset value, beginning of period	$	49.58		$	46.25		$	47.85		$	48.84		$	50.00


PER SHARE

Investment Operations
Net Investment Income		1.34	^(a)		2.67	^(a)		3.12	^(a)		2.67	^(a)		1.68	^(a)
Net Realized and Unrealized Gain (Loss)		(4.84	)		3.42			(1.77	)		0.78			(1.60	)

Total from Operations		(3.50	)		6.09			1.35			3.45			0.08

Distributions
Net Investment Income		(1.33	)		(2.76	)		(2.95	)		(3.57	)		(1.24	)
From Net Realized Gains		(0.37	)		—			—			—			—
Tax Return of Capital		—			—			—			(0.87	)		—

Total from Distributions		(1.70	)		(2.76	)		(2.95	)		(4.44	)		(1.24	)

Net Asset Value, end of period	$	44.38		$	49.58		$	46.25		$	47.85		$	48.84

Total Return^(b)
Net Asset Value^(d)		(7.25	)%		13.38	%		3.07	%		7.48	%		0.13	%
Market Value (Unaudited)^(e)		(7.89	)%		13.20	%		3.12	%		7.64	%		0.13	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%
Expenses net of reimbursements		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%
Net Investment Income Before Reimbursements		5.72	%		5.40	%		6.78	%		5.56	%		11.56	%
Net Investment Income Net of Reimbursements		5.72	%		5.40	%		6.78	%		5.57	%		11.57	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		64	%		128	%		95	%		44	%		18	%
Net assets, end of period (thousands)	$	876,499		$	575,184		$	189,623		$	100,480		$	48,845

*	Commencement of investment operations.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			61

Financial Highlights (cont.)


	FlexShares^® ESG & Climate High Yield Corporate Core Index Fund
	Six Months ended April 30, 2022 (Unaudited)			For the period 09/20/21* through 10/31/21

Net asset value, beginning of period	$	49.77		$	50.00


PER SHARE

Investment Operations
Net Investment Income		0.97	^(a)		0.21	^(a)
Net Realized and Unrealized Gain (Loss)		(4.69	)		(0.44	)

Total from Operations		(3.72	)		(0.23	)

Distributions
Net Investment Income		(1.12	)		—

Total from Distributions		(1.12	)		—

Net Asset Value, end of period	$	44.93		$	49.77

Total Return^(b)
Net Asset Value^(d)		(7.58	)%		(0.50	)%
Market Value (Unaudited)^(e)		(8.01	)%		(0.50	)%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.24	%		0.23	%
Expenses net of reimbursements		0.23	%		0.23	%
Net Investment Income Before Reimbursements		4.04	%		3.64	%
Net Investment Income Net of Reimbursements		4.05	%		3.64	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		24	%		8	%
Net assets, end of period (thousands)	$	26,955		$	49,767

*	Commencement of investment operations.

See Accompanying Notes to the Financial Statements.


62		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund
	Six Months ended April 30, 2022 (Unaudited)			For the period 09/20/21* through 10/31/21

Net asset value, beginning of period	$	49.35		$	50.00


PER SHARE

Investment Operations
Net Investment Income		0.49	^(a)		0.10	^(a)
Net Realized and Unrealized Gain (Loss)		(6.65	)		(0.75	)

Total from Operations		(6.16	)		(0.65	)

Distributions
Net Investment Income		(0.52	)		—

Total from Distributions		(0.52	)		—

Net Asset Value, end of period	$	42.67		$	49.35

Total Return^(b)
Net Asset Value^(d)		(12.58	)%		(1.32	)%
Market Value (Unaudited)^(e)		(12.91	)%		(1.30	)%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.13	%		0.12	%
Expenses net of reimbursements		0.12	%		0.12	%
Net Investment Income Before Reimbursements		2.08	%		1.81	%
Net Investment Income Net of Reimbursements		2.09	%		1.81	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		23	%		8	%
Net assets, end of period (thousands)	$	44,805		$	49,347

*	Commencement of investment operations.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			63

Financial Highlights (cont.)


	FlexShares^® Ready Access Variable Income Fund
	Six Months ended April 30, 2022 (Unaudited)

				Year ended October 31,
				2021			2020			2019			2018			2017

Net asset value, beginning of period	$	76.01		$	76.29		$	75.89		$	75.48		$	75.61		$	75.56


PER SHARE

Investment Operations
Net Investment Income		0.20	^(a)		0.48	^(a)		1.07	^(a)		1.98	^(a)		1.58	^(a)		0.89	^(a)
Net Realized and Unrealized Gain (Loss)		(1.09	)		(0.22	)		0.57			0.41			(0.24	)		0.00	^(k)

Total from Operations		(0.89	)		0.26			1.64			2.39			1.34			0.89

Distributions
Net Investment Income		(0.20	)		(0.52	)		(1.23	)		(1.98	)		(1.47	)		(0.84	)
From Net Realized Gains		(0.20	)		(0.02	)		(0.01	)		—			—			—

Total from Distributions		(0.40	)		(0.54	)		(1.24	)		(1.98	)		(1.47	)		(0.84	)

Net Asset Value, end of period	$	74.72		$	76.01		$	76.29		$	75.89		$	75.48		$	75.61

Total Return^(b)
Net Asset Value^(d)		(1.16	)%		0.34	%		2.18	%		3.21	%		1.80	%		1.18	%
Market Value (Unaudited)^(e)		(1.15	)%		0.35	%		2.17	%		3.18	%		1.91	%		1.06	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.26	%		0.26	%		0.26	%		0.26	%		0.26	%		0.26	%
Expenses net of reimbursements		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net Investment Income Before Reimbursements		0.54	%		0.62	%		1.41	%		2.61	%		2.09	%		1.17	%
Net Investment Income Net of Reimbursements		0.55	%		0.63	%		1.41	%		2.62	%		2.10	%		1.18	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		30	%		84	%		79	%		73	%		131	%		71	%
Net assets, end of period (thousands)	$	648,219		$	374,339		$	469,201		$	275,097		$	211,350		$	162,557

See Accompanying Notes to the Financial Statements.


64		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® Core Select Bond Fund
	Six Months ended April 30, 2022 (Unaudited)															For the period 11/18/16* through 10/31/17

				Year ended October 31,
				2021			2020			2019			2018

Net asset value, beginning of period	$	26.22		$	26.78		$	25.66		$	23.74		$	25.08		$	25.00


PER SHARE

Investment Operations
Net Investment Income		0.22	^(a)		0.46	^(a)		0.51	^(a)		0.73	^(a)		0.63	^(a)		0.55	^(a)
Net Realized and Unrealized Gain (Loss)		(2.88	)		(0.39	)		1.19			1.93			(1.31	)		0.15

Total from Operations		(2.66	)		0.07			1.70			2.66			(0.68	)		0.70

Distributions
Net Investment Income		(0.24	)		(0.52	)		(0.58	)		(0.74	)		(0.66	)		(0.62	)
From Net Realized Gains		—			(0.11	)		—			—			—			—

Total from Distributions		(0.24	)		(0.63	)		(0.58	)		(0.74	)		(0.66	)		(0.62	)

Net Asset Value, end of period	$	23.32		$	26.22		$	26.78		$	25.66		$	23.74		$	25.08

Total Return^(b)
Net Asset Value^(d)		(10.20	)%		0.26	%		6.69	%		11.38	%		(2.73	)%		2.86	%
Market Value (Unaudited)^(e)		(10.23	)%		0.30	%		6.57	%		11.41	%		(2.92	)%		3.19	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.36	%^(l)		0.36	%^(l)		0.36	%^(l)		0.36	%^(l)		0.36	%^(l)		0.43	%^(l)
Expenses net of reimbursements		0.21	%^(l)		0.20	%^(l)		0.20	%^(l)		0.19	%^(l)		0.16	%^(l)		0.16	%^(l)
Net Investment Income Before Reimbursements		1.59	%		1.56	%		1.76	%		2.80	%		2.41	%		2.08	%
Net Investment Income Net of Reimbursements		1.74	%		1.72	%		1.93	%		2.97	%		2.61	%		2.35	%

Supplemental Data
Portfolio Turnover Rate^(b)(f)		53	%		50	%		91	%		135	%		53	%		99	%
Net assets, end of period (thousands)	$	144,010		$	126,517		$	109,123		$	26,299		$	38,583		$	3,762

*	Commencement of investment operations.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			65

Financial Highlights (cont.)

(a)

Net investment income per share is based on average shares outstanding.

(b)

Not annualized for periods less than one year.

(c)

Annualized for periods less than one year.

(d)

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at adjusted net asset value.

(e)

Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at market value. Market value is determined by the mid point of the bid/ask spread at 4:00 p.m. Eastern Time from the primary listing exchange. Market value returns may vary from net asset value returns.

(f)

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

(g)

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

(h)

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

(i)

Less than 0.5%.

(j)

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

(k)

Per share amount is less than $0.005.

(l)

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

See Accompanying Notes to the Financial Statements.


66		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® US Quality Low Volatility Index Fund

April 30, 2022 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 98.7%

Air Freight & Logistics – 1.3%

CH Robinson Worldwide, Inc.		9,486	$	1,006,939

Expeditors International of Washington, Inc.		10,540		1,044,198
				2,051,137

Automobiles – 0.6%

Tesla, Inc.*		1,178		1,025,755

Banks – 0.1%

JPMorgan Chase & Co.		868		103,605

Beverages – 1.4%

PepsiCo, Inc.		13,082		2,246,310

Biotechnology – 5.0%

AbbVie, Inc.		11,098		1,630,074

Amgen, Inc.(a)		10,788		2,515,654

BioMarin Pharmaceutical, Inc.*		7,750		630,462

Gilead Sciences, Inc.		24,490		1,453,237

Regeneron Pharmaceuticals, Inc.*		2,323		1,531,112

United Therapeutics Corp.*		930		165,131

Vir Biotechnology, Inc.*		10,974		223,321
				8,148,991

Capital Markets – 1.5%

Nasdaq, Inc.		4,526		712,257

S&P Global, Inc.		2,728		1,027,092

Virtu Financial, Inc., Class A		23,126		667,879
				2,407,228

Chemicals – 0.8%

Ecolab, Inc.		6,448		1,091,904

Linde plc		434		135,391
				1,227,295

Commercial Services & Supplies – 3.0%

Republic Services, Inc.		7,812		1,048,917

Tetra Tech, Inc.		7,130		993,066

Waste Connections, Inc.		7,812		1,077,822

Waste Management, Inc.		10,168		1,672,026
				4,791,831


Investments	Shares		Value

Containers & Packaging – 0.8%

Packaging Corp. of America		2,976	$	479,642

Sonoco Products Co.(a)		14,260		882,837
				1,362,479

Diversified Consumer Services – 0.2%

Service Corp. International		4,650		305,087

Diversified Financial Services – 0.4%

Berkshire Hathaway, Inc., Class B*		1,860		600,464

Diversified Telecommunication Services – 2.0%

AT&T, Inc.		17,918		337,934

Iridium Communications, Inc.*		29,388		1,049,445

Verizon Communications, Inc.		39,060		1,808,478
				3,195,857

Electric Utilities – 3.7%

American Electric Power Co., Inc.		11,470		1,136,792

Duke Energy Corp.		15,190		1,673,330

NextEra Energy, Inc.		17,980		1,276,939

PNM Resources, Inc.		17,298		807,125

Xcel Energy, Inc.		14,446		1,058,314
				5,952,500

Entertainment – 0.0%(b)

Warner Bros Discovery, Inc.*		4,334		78,662

Equity Real Estate Investment Trusts (REITs) – 3.9%

American Tower Corp.		1,240		298,865

Crown Castle International Corp.		4,092		757,879

Digital Realty Trust, Inc.		7,192		1,050,895

Equinix, Inc.		1,550		1,114,574

Essex Property Trust, Inc.		3,348		1,102,396

Extra Space Storage, Inc.		558		106,020

Public Storage		4,092		1,520,178

SBA Communications Corp.		930		322,812
				6,273,619

Food & Staples Retailing – 4.4%

Albertsons Cos., Inc., Class A		28,520		892,106

Costco Wholesale Corp.		4,154		2,208,765

Kroger Co. (The)		21,018		1,134,131

Walmart, Inc.		18,972		2,902,526
				7,137,528

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			67

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Food Products – 1.7%

Flowers Foods, Inc.		9,734	$	258,146

Hershey Co. (The)		6,572		1,483,760

Hormel Foods Corp.		18,476		967,958
				2,709,864

Health Care Equipment & Supplies – 0.6%

Abbott Laboratories		8,308		942,957

Health Care Providers & Services – 0.0%(b)

UnitedHealth Group, Inc.		186		94,590

Hotels, Restaurants & Leisure – 0.9%

Airbnb, Inc., Class A*		1,984		303,969

Booking Holdings, Inc.*		516		1,140,520
				1,444,489

Household Durables – 0.5%

Newell Brands, Inc.(a)		32,302		747,791

Household Products – 3.1%

Clorox Co. (The)		9,114		1,307,585

Procter & Gamble Co. (The)		22,816		3,663,109
				4,970,694

Industrial Conglomerates – 0.9%

Roper Technologies, Inc.		3,038		1,427,617

Insurance – 7.4%

Alleghany Corp.*		1,798		1,504,027

Aon plc, Class A		3,410		982,046

Assurant, Inc.		7,564		1,375,740

Chubb Ltd.		8,184		1,689,587

Everest Re Group Ltd.		2,852		783,473

Markel Corp.*		682		922,937

Progressive Corp. (The)		9,920		1,065,011

RenaissanceRe Holdings Ltd.		5,456		783,045

Travelers Cos., Inc. (The)		8,060		1,378,743

W R Berkley Corp.		14,322		952,270

Willis Towers Watson plc		2,108		452,925
				11,889,804

Interactive Media & Services – 4.3%

Alphabet, Inc., Class A*		1,331		3,037,595

Alphabet, Inc., Class C*		1,565		3,598,451


Investments	Shares		Value

Interactive Media & Services – (continued)

Meta Platforms, Inc., Class A*		1,364	$	273,441
				6,909,487

IT Services – 5.7%

Akamai Technologies, Inc.* (a)		8,432		946,745

Amdocs Ltd.		10,292		820,170

Automatic Data Processing, Inc.		5,766		1,258,026

Jack Henry & Associates, Inc.		7,440		1,410,475

Mastercard, Inc., Class A		2,232		811,064

VeriSign, Inc.*		2,728		487,466

Visa, Inc., Class A(a)		16,616		3,541,368
				9,275,314

Life Sciences Tools & Services – 1.2%

ICON plc*		3,286		743,326

QIAGEN NV*		25,420		1,153,305
				1,896,631

Media – 1.2%

Cable One, Inc.(a)		558		650,740

Charter Communications, Inc., Class A* (a)		2,356		1,009,522

New York Times Co. (The), Class A		7,440		285,101
				1,945,363

Metals & Mining – 2.2%

Agnico Eagle Mines Ltd.		16,244		945,888

Newmont Corp.		22,196		1,616,979

Royal Gold, Inc.		7,688		1,003,130
				3,565,997

Multiline Retail – 2.1%

Dollar General Corp.		5,084		1,207,603

Target Corp.		9,300		2,126,445
				3,334,048

Multi-Utilities – 2.5%

CMS Energy Corp.		20,832		1,430,950

Consolidated Edison, Inc.		11,222		1,040,728

Dominion Energy, Inc.		1,550		126,542

WEC Energy Group, Inc.		14,756		1,476,338
				4,074,558

See Accompanying Notes to the Financial Statements.


68		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Oil, Gas & Consumable Fuels – 1.0%

Coterra Energy, Inc.(a)		56,172	$	1,617,192

Pharmaceuticals – 10.9%

Bristol-Myers Squibb Co.		10,168		765,345

Eli Lilly & Co.		15,066		4,401,231

Johnson & Johnson		44,020		7,943,849

Merck & Co., Inc.		38,378		3,403,745

Zoetis, Inc.		6,572		1,164,887
				17,679,057

Professional Services – 1.2%

FTI Consulting, Inc.* (a)		5,642		889,800

Thomson Reuters Corp.		682		68,173

Verisk Analytics, Inc.		5,022		1,024,739
				1,982,712

Road & Rail – 1.9%

JB Hunt Transport Services, Inc.		5,146		879,194

Landstar System, Inc.		7,378		1,142,852

Old Dominion Freight Line, Inc.		3,968		1,111,516
				3,133,562

Semiconductors & Semiconductor Equipment – 0.4%

NVIDIA Corp.		3,162		586,456

Software – 10.1%

Adobe, Inc.*		2,976		1,178,347

Check Point Software Technologies Ltd.*		9,610		1,213,647

Citrix Systems, Inc.		8,494		850,249

Microsoft Corp.		44,144		12,250,843

Tyler Technologies, Inc.*		1,736		685,217

VMware, Inc., Class A		1,426		154,065
				16,332,368

Specialty Retail – 3.3%

AutoZone, Inc.*		124		242,478

Home Depot, Inc. (The)		12,958		3,892,583

O’Reilly Automotive, Inc.*		2,046		1,241,002
				5,376,063

Technology Hardware, Storage & Peripherals – 5.1%

Apple, Inc.		52,452		8,269,058


Investments	Shares		Value

Water Utilities – 0.8%

American Water Works Co., Inc.		8,122	$	1,251,438

Wireless Telecommunication Services – 0.6%

T-Mobile US, Inc.*		8,618		1,061,221
Total Common Stocks (Cost $140,306,157)				159,426,679
	Principal Amount

SHORT-TERM INVESTMENTS – 0.1%

U.S. TREASURY OBLIGATIONS – 0.1%

U.S. Treasury Bills 0.40%, 6/30/2022(c) (d) (Cost $184,877)	$	185,000		184,789
Total Investments – 98.8% (Cost $140,491,034)				159,611,468

Other assets less liabilities – 1.2%				1,910,507
NET ASSETS – 100.0%			$	161,521,975

*	Non-income producing security.

^(a)

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

^(b)

Represents less than 0.05% of net assets.

^(c)

All or a portion of the security pledged as collateral for Futures Contracts.

^(d)

The rate shown was the current yield as of April 30, 2022.

Percentages shown are based on Net Assets.

As of April 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments (including derivative instruments, if applicable) for federal income tax purposes was as follows:



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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			69

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

Futures Contracts

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


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

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

Abbreviations:

USD – US Dollar


Security Type	% of Net Assets
Common Stocks		98.7	%
Short-Term Investments		0.1
Others⁽¹⁾		1.2
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


70		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

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

April 30, 2022 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 98.0%

Aerospace & Defense – 0.9%

Elbit Systems Ltd.		243	$	52,963

Singapore Technologies Engineering Ltd.		197,100		585,205
				638,168

Air Freight & Logistics – 0.9%

Deutsche Post AG (Registered)		3,159		136,369

DSV A/S		621		103,041

SG Holdings Co. Ltd.		21,600		382,285
				621,695

Auto Components – 0.5%

Bridgestone Corp.		2,700		99,343

Pirelli & C SpA(a)		45,171		226,257
				325,600

Automobiles – 0.1%

Ferrari NV		270		57,822

Banks – 12.3%

Bank Hapoalim BM		56,052		523,021

Bank Leumi Le-Israel BM		58,347		616,375

Bankinter SA(b)		48,033		285,387

Banque Cantonale Vaudoise (Registered)		2,727		232,482

BOC Hong Kong Holdings Ltd.		148,500		542,244

Chiba Bank Ltd. (The)(b)		37,800		218,526

Commonwealth Bank of Australia		945		69,762

DBS Group Holdings Ltd.		27,000		663,220

FinecoBank Banca Fineco SpA		30,888		434,199

Hang Seng Bank Ltd.		27,000		480,044

HSBC Holdings plc		26,784		168,574

Mitsubishi UFJ Financial Group, Inc.		48,600		282,950

Mizuho Financial Group, Inc.		37,800		460,538

Oversea-Chinese Banking Corp. Ltd.		54,000		484,510

Royal Bank of Canada		14,580		1,480,188

Sumitomo Mitsui Financial Group, Inc.		20,200		610,397

Swedbank AB, Class A		4,266		68,368

Toronto-Dominion Bank (The)		7,074		513,592

United Overseas Bank Ltd.		18,900		410,465
				8,544,842


Investments	Shares		Value

Beverages – 0.5%

Budweiser Brewing Co. APAC Ltd.(a)		40,500	$	102,100

Suntory Beverage & Food Ltd.		5,400		213,816
				315,916

Capital Markets – 2.3%

Deutsche Boerse AG		3,861		676,960

Euronext NV(a)		2,025		163,681

Japan Exchange Group, Inc.		16,200		244,013

Singapore Exchange Ltd.		72,900		516,830
				1,601,484

Chemicals – 5.2%

Air Liquide SA		7,020		1,224,466

Akzo Nobel NV		999		87,579

Givaudan SA (Registered)		135		541,725

Kansai Paint Co. Ltd.		5,400		75,065

Koninklijke DSM NV		2,781		471,171

Novozymes A/S, Class B		9,261		649,070

Symrise AG		4,779		571,970
				3,621,046

Commercial Services & Supplies – 1.4%

Brambles Ltd.		52,812		395,950

Secom Co. Ltd.		8,100		573,552
				969,502

Diversified Financial Services – 0.5%

Groupe Bruxelles Lambert SA		2,970		283,805

Investor AB, Class A(b)		1,836		38,845

L E Lundbergforetagen AB, Class B		540		25,585

Sofina SA		54		16,748
				364,983

Diversified Telecommunication Services – 6.0%

BT Group plc		63,045		140,378

Elisa OYJ		9,207		541,593

HKT Trust & HKT Ltd.		27,000		38,748

Koninklijke KPN NV(b)		147,879		512,476

Nippon Telegraph & Telephone Corp.		18,900		561,194

Orange SA		30,780		367,511

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			71

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Diversified Telecommunication Services – (continued)

Proximus SADP		14,958	$	261,947

Singapore Telecommunications Ltd.		183,600		368,290

Spark New Zealand Ltd.		2,457		7,846

Swisscom AG (Registered)		1,080		641,780

Telecom Italia SpA		194,940		57,192

Telefonica Deutschland Holding AG		78,651		238,049

Telia Co. AB		1,836		7,664

TELUS Corp.		10,179		255,978

United Internet AG (Registered)		4,995		161,931
				4,162,577

Electric Utilities – 4.7%

Chubu Electric Power Co., Inc.		24,300		246,076

CLP Holdings Ltd.		7,000		68,250

Emera, Inc.(b)		5,265		255,536

Fortis, Inc.		6,912		338,069

Hydro One Ltd.(a)		10,638		289,079

Iberdrola SA		75,330		874,958

Kansai Electric Power Co., Inc. (The)		21,600		190,059

Power Assets Holdings Ltd.		94,500		636,532

Red Electrica Corp. SA		16,686		336,831
				3,235,390

Electronic Equipment, Instruments & Components – 0.8%

Halma plc		9,855		306,230

Hirose Electric Co. Ltd.		1,900		244,026
				550,256

Equity Real Estate Investment Trusts (REITs) – 0.4%

Link REIT		34,062		295,638

Food & Staples Retailing – 4.7%

Carrefour SA		14,661		311,807

Coles Group Ltd.		8,046		106,925

Etablissements Franz Colruyt NV		6,426		236,794

J Sainsbury plc		77,544		227,133

Jeronimo Martins SGPS SA		11,097		231,794

Koninklijke Ahold Delhaize NV(b)		21,924		649,686

Loblaw Cos. Ltd.		4,644		426,992

Metro, Inc.		5,238		289,390

Tesco plc		110,484		377,298

Welcia Holdings Co. Ltd.		18,900		390,808
				3,248,627


Investments	Shares		Value

Food Products – 5.9%

JDE Peet’s NV		8,370	$	247,238

MEIJI Holdings Co. Ltd.		5,400		269,667

Nestle SA (Registered)		25,218		3,273,547

Yakult Honsha Co. Ltd.		5,400		280,086
				4,070,538

Gas Utilities – 1.2%

Osaka Gas Co. Ltd.		13,500		244,346

Snam SpA		54,459		300,127

Tokyo Gas Co. Ltd.		13,500		259,559
				804,032

Health Care Equipment & Supplies – 1.1%

Coloplast A/S, Class B		2,673		363,537

ConvaTec Group plc(a) (b)		43,038		114,552

Fisher & Paykel Healthcare Corp. Ltd.		5,292		73,848

Hoya Corp.		2,400		240,630
				792,567

Hotels, Restaurants & Leisure – 0.3%

McDonald’s Holdings Co. Japan Ltd.		5,400		214,650

Household Durables – 0.3%

SEB SA		351		42,472

Sekisui House Ltd.		10,800		188,308
				230,780

Household Products – 0.7%

Reckitt Benckiser Group plc		5,751		450,552

Independent Power and Renewable Electricity Producers – 0.5%

Uniper SE		12,879		333,146

Industrial Conglomerates – 1.2%

CK Hutchison Holdings Ltd.		40,500		284,930

Jardine Matheson Holdings Ltd.		5,400		286,902

Keppel Corp. Ltd.		51,300		255,218
				827,050

Insurance – 2.2%

Admiral Group plc		11,475		363,629

Fairfax Financial Holdings Ltd.		432		238,595

Gjensidige Forsikring ASA		702		15,190

See Accompanying Notes to the Financial Statements.


72		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Insurance – (continued)

Japan Post Holdings Co. Ltd.		37,800	$	265,936

Medibank Pvt Ltd.		128,655		292,572

Sampo OYJ, Class A		1,593		77,994

Tryg A/S		12,204		292,496
				1,546,412

IT Services – 1.6%

CGI, Inc.*		3,996		320,293

Itochu Techno-Solutions Corp.		5,400		127,331

Nomura Research Institute Ltd.		8,100		231,947

Obic Co. Ltd.		3,100		461,315
				1,140,886

Leisure Products – 0.4%

Shimano, Inc.		1,500		269,759

Machinery – 1.7%

GEA Group AG		7,533		295,388

Knorr-Bremse AG		2,322		167,405

Kone OYJ, Class B		9,693		471,299

Schindler Holding AG		1,377		268,690
				1,202,782

Marine – 0.9%

Hapag-Lloyd AG(a)		108		43,637

Kuehne + Nagel International AG (Registered)		1,917		543,313
				586,950

Metals & Mining – 1.1%

BHP Group Ltd.(b)		3,699		126,204

Franco-Nevada Corp.		2,754		418,643

Hitachi Metals Ltd.*		13,500		211,315
				756,162

Multiline Retail – 1.1%

B&M European Value Retail SA		17,982		110,669

Pan Pacific International Holdings Corp.		2,700		41,909

Wesfarmers Ltd.		18,009		632,354
				784,932


Investments	Shares		Value

Multi-Utilities – 0.8%

National Grid plc		35,451	$	531,434

Oil, Gas & Consumable Fuels – 1.3%

Enbridge, Inc.		2,349		103,036

ENEOS Holdings, Inc.		75,600		266,199

Idemitsu Kosan Co. Ltd.		10,800		283,838

Shell plc		8,937		243,819
				896,892

Personal Products – 1.2%

Beiersdorf AG		2,187		221,074

Kobayashi Pharmaceutical Co. Ltd.		6,500		446,010

Unilever plc		4,158		194,145
				861,229

Pharmaceuticals – 14.4%

AstraZeneca plc		9,099		1,220,975

GlaxoSmithKline plc		70,119		1,581,978

Hikma Pharmaceuticals plc		9,990		236,237

Novartis AG (Registered)		2,295		204,544

Novo Nordisk A/S, Class B		17,415		2,006,184

Ono Pharmaceutical Co. Ltd.		10,800		277,836

Otsuka Holdings Co. Ltd.		8,100		272,772

Roche Holding AG		8,343		3,114,926

Roche Holding AG – BR		108		43,705

Sanofi		9,774		1,043,275
				10,002,432

Professional Services – 1.6%

RELX plc		6,966		209,287

SGS SA (Registered)		108		280,612

Wolters Kluwer NV		6,102		621,715
				1,111,614

Real Estate Management & Development – 3.3%

CK Asset Holdings Ltd.		81,000		551,277

Daito Trust Construction Co. Ltd.		2,700		260,914

Henderson Land Development Co. Ltd.		135,000		548,008

New World Development Co. Ltd.		27,000		103,579

PSP Swiss Property AG (Registered)		1,971		250,170

Sun Hung Kai Properties Ltd.		50,500		585,379
				2,299,327

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			73

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Road & Rail – 0.8%

MTR Corp. Ltd.		54,000	$	288,027

Tobu Railway Co. Ltd.		10,800		243,658
				531,685

Semiconductors & Semiconductor Equipment – 0.6%

ASML Holding NV		702		405,835

Software – 2.9%

Constellation Software, Inc.		297		469,853

Dassault Systemes SE		10,800		484,621

Nice Ltd.*		1,107		227,691

Open Text Corp.		5,346		215,212

Oracle Corp. Japan		5,400		349,275

Sage Group plc (The)		8,073		74,740

SAP SE		1,971		202,857
				2,024,249

Specialty Retail – 1.4%

Nitori Holdings Co. Ltd.		4,100		422,468

USS Co. Ltd.		32,400		540,417
				962,885

Technology Hardware, Storage & Peripherals – 1.2%

Canon, Inc.		16,200		374,490

FUJIFILM Holdings Corp.		8,800		487,206
				861,696

Textiles, Apparel & Luxury Goods – 2.1%

Hermes International		513		642,121

LVMH Moet Hennessy Louis Vuitton SE		1,215		794,053
				1,436,174

Tobacco – 0.5%

Japan Tobacco, Inc.		18,900		324,361

Trading Companies & Distributors – 1.4%

Brenntag SE		567		44,228

ITOCHU Corp.		21,600		655,535

MonotaRO Co. Ltd.		13,500		235,385
				935,148


Investments	Shares		Value

Water Utilities – 0.5%

United Utilities Group plc		21,843	$	315,649

Wireless Telecommunication Services – 2.6%

KDDI Corp.		25,800		863,253

Rogers Communications, Inc., Class B		189		10,349

SoftBank Corp.		45,900		536,728

Vodafone Group plc		276,750		422,302
				1,832,632
Total Common Stocks (Cost $66,363,409)				67,897,986
	Principal Amount

SECURITIES LENDING REINVESTMENTS(c) – 1.4%

REPURCHASE AGREEMENTS – 1.4%

CF Secured LLC, 0.27%, dated 4/30/2022, due 5/2/2022, repurchase price $968,902, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 3.00%, maturing 5/26/2022 – 2/15/2052; Cash; total market value $981,652 (Cost $968,888)	$	968,888		968,888
Total Investments – 99.4% (Cost $67,332,297)				68,866,874

Other assets less liabilities – 0.6%				398,231
NET ASSETS – 100.0%			$	69,265,105

*	Non-income producing security.

^(a)

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

^(b)

The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $1,820,532, collateralized in the form of cash with a value of $968,888 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $584,421 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from June 30, 2022 – February 15, 2052 and $404,862 of collateral in the form of Foreign Government

See Accompanying Notes to the Financial Statements.


74		FLEXSHARES SEMIANNUAL REPORT

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

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

^(c)

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

Percentages shown are based on Net Assets.

Abbreviations

OYJ – Public Limited Company



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

Futures Contracts

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


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

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

Forward Foreign Currency Contracts

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


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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			75

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

Forward Foreign Currency Contracts (cont.)


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

Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

DKK – Danish Krone

EUR – Euro

GBP – British Pound

HKD – Hong Kong Dollar

ILS – Israeli Shekel

JPY – Japanese Yen

NOK – Norwegian Krone

NZD – New Zealand Dollar

SEK – Swedish Krona

SGD – Singapore Dollar

USD – US Dollar

See Accompanying Notes to the Financial Statements.


76		FLEXSHARES SEMIANNUAL REPORT

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

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


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

^†	Amount represents less than 0.05%.

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


Security Type	% of Net Assets
Common Stocks		98.0	%
Securities Lending Reinvestments		1.4
Others⁽¹⁾		0.6
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			77

Schedule of Investments

FlexShares^® Emerging Markets Quality Low Volatility Index Fund

April 30, 2022 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 98.4%

Air Freight & Logistics – 0.7%

Agility Public Warehousing Co. KSC		25,482	$	103,940

Auto Components – 0.9%

MRF Ltd.		138		131,296

Automobiles – 1.1%

Bajaj Auto Ltd.		2,586		126,168

Hero MotoCorp Ltd.		1,086		35,612
				161,780

Banks – 22.4%

Abu Dhabi Islamic Bank PJSC		51,324		122,684

Agricultural Bank of China Ltd., Class H		198,000		74,696

Al Rajhi Bank		4,416		207,920

Attijariwafa Bank		1,566		72,928

Banco BBVA Peru SA		5,634		2,611

Banco de Credito del Peru SA, Class C		6,390		5,109

Bank Central Asia Tbk. PT		25,200		14,124

Bank of China Ltd., Class H		780,000		308,177

Bank of Communications Co. Ltd., Class H		126,000		87,842

Boubyan Bank KSCP		32,848		105,152

Chang Hwa Commercial Bank Ltd.		127,200		79,836

China Construction Bank Corp., Class H		210,000		149,615

China Merchants Bank Co. Ltd., Class H		2,000		12,210

Commercial Bank PSQC (The)		12,480		26,350

Commercial International Bank Egypt SAE		38,502		93,288

E.Sun Financial Holding Co. Ltd.		83,519		95,914

First Financial Holding Co. Ltd.		115,260		108,708

Hua Nan Financial Holdings Co. Ltd.		135,484		109,167

ICICI Bank Ltd.		5,538		53,849

Industrial & Commercial Bank of China Ltd., Class H		492,000		297,226

Itau Unibanco Holding SA (Preference)*		1,200		5,784

Kuwait Finance House KSCP		54,205		174,227


Investments	Shares		Value

Banks – (continued)

Malayan Banking Bhd.		25,385	$	52,887

Masraf Al Rayan QSC		65,430		96,840

Mega Financial Holding Co. Ltd.		114,000		160,893

National Bank of Kuwait SAKP		39,387		135,210

Postal Savings Bank of China Co. Ltd., Class H(a)		126,000		96,353

Qatar Islamic Bank SAQ		23,184		155,907

Qatar National Bank QPSC		44,526		284,267

Saudi National Bank (The)		1,884		39,681

Sberbank of Russia PJSC^‡ (b)		12,360		—

Taiwan Cooperative Financial Holding Co. Ltd.		124,207		120,096
				3,349,551

Capital Markets – 0.8%

Macquarie Korea Infrastructure Fund		10,776		121,831

Chemicals – 3.1%

Asian Paints Ltd.		3,798		160,838

PhosAgro PJSC^‡ (b)		1,158		—

Pidilite Industries Ltd.		2,748		87,129

SABIC Agri-Nutrients Co.		3,084		133,694

Yanbu National Petrochemical Co.		4,710		76,725
				458,386

Construction Materials – 1.1%

ACC Ltd.		1,014		30,893

Asia Cement Corp.		18,000		29,373

LafargeHolcim Maroc SA		342		68,495

Taiwan Cement Corp.		24,000		37,373
				166,134

Consumer Finance – 0.0%(c)

Bajaj Finance Ltd.		42		3,666

Diversified Financial Services – 0.6%

Far East Horizon Ltd.		114,000		93,134

Diversified Telecommunication Services – 6.3%

China Tower Corp. Ltd., Class H(a)		696,000		81,609

Chunghwa Telecom Co. Ltd.		39,000		173,330

Emirates Integrated Telecommunications Co. PJSC		48,234		86,539

See Accompanying Notes to the Financial Statements.


78		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Diversified Telecommunication Services – (continued)

Emirates Telecommunications Group Co. PJSC		17,160	$	163,515

Hellenic Telecommunications Organization SA		6,198		120,310

Itissalat Al-Maghrib		8,076		108,369

Saudi Telecom Co.		5,928		183,334

Telefonica Brasil SA		1,800		19,333
				936,339

Electric Utilities – 1.6%

Cia de Transmissao de Energia Eletrica Paulista (Preference)		6,600		33,532

Manila Electric Co.		16,860		113,810

Tenaga Nasional Bhd.		45,600		94,688
				242,030

Electronic Equipment, Instruments & Components – 1.4%

Hon Hai Precision Industry Co. Ltd.		13,000		44,986

Synnex Technology International Corp.		36,000		94,655

WPG Holdings Ltd.		42,000		77,373
				217,014

Entertainment – 0.6%

NetEase, Inc., ADR		888		84,653

Food & Staples Retailing – 1.4%

BIM Birlesik Magazalar A/S		6,750		37,962

InRetail Peru Corp.(a)		2,370		86,268

President Chain Store Corp.		9,000		83,510
				207,740

Food Products – 5.9%

Almarai Co. JSC		4,788		66,380

Dali Foods Group Co. Ltd.(a)		216,000		110,668

International Holding Co. PJSC*		2,268		134,794

Nestle Malaysia Bhd.		3,900		119,325

Orion Corp.		798		60,358

Tingyi Cayman Islands Holding Corp.		58,000		106,299

Uni-President China Holdings Ltd.		78,000		68,892

Uni-President Enterprises Corp.		42,000		97,464


Investments	Shares		Value

Food Products – (continued)

Want Want China Holdings Ltd.		126,000	$	113,857
				878,037

Gas Utilities – 1.7%

China Resources Gas Group Ltd.		16,000		60,871

ENN Energy Holdings Ltd.		5,800		78,283

Petronas Gas Bhd.		30,000		117,009
				256,163

Health Care Providers & Services – 3.9%

Bangkok Dusit Medical Services PCL, NVDR		158,400		119,089

Bangkok Dusit Medical Services PCL, Class F		17,400		12,955

Bumrungrad Hospital PCL, NVDR		25,200		118,090

Dr Sulaiman Al Habib Medical Services Group Co.		1,758		93,740

IHH Healthcare Bhd.		52,800		80,167

Mouwasat Medical Services Co.		1,506		96,765

Shanghai Pharmaceuticals Holding Co. Ltd., Class H		42,000		68,304
				589,110

Hotels, Restaurants & Leisure – 0.6%

Yum China Holdings, Inc.		2,334		97,561

Household Durables – 1.5%

Coway Co. Ltd.		2,100		118,543

Whirlpool of India Ltd.		5,208		110,612
				229,155

Independent Power and Renewable Electricity Producers – 0.0%

Unipro PJSC^‡ (b)		726,000		—

Insurance – 0.5%

Bupa Arabia for Cooperative Insurance Co.		1,830		81,088

Interactive Media & Services – 3.1%

Tencent Holdings Ltd.		9,600		461,760

Internet & Direct Marketing Retail – 3.3%

Alibaba Group Holding Ltd., ADR*		4,434		430,497

JD.com, Inc., ADR*		840		51,794

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			79

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Internet & Direct Marketing Retail – (continued)

JD.com, Inc., Class A*		457	$	15,470

Pinduoduo, Inc., ADR*		84		3,620
				501,381

IT Services – 4.3%

Infosys Ltd.		4,602		94,370

Samsung SDS Co. Ltd.		1,086		128,400

Tata Consultancy Services Ltd.		9,102		422,305
				645,075

Life Sciences Tools & Services – 0.1%

Samsung Biologics Co. Ltd.* (a)		25		16,680

Marine – 0.6%

MISC Bhd.		47,400		85,034

Metals & Mining – 0.6%

Polyus PJSC^‡ (b)		546		—

Vale SA		5,400		90,821
				90,821

Multiline Retail – 0.0%(c)

Robinson PCL*		600		342

Multi-Utilities – 0.8%

Qatar Electricity & Water Co. QSC		24,336		114,271

Oil, Gas & Consumable Fuels – 1.4%

Petroleo Brasileiro SA		600		4,051

Petroleo Brasileiro SA (Preference)		2,400		14,675

Petronas Dagangan Bhd.		16,200		80,898

Qatar Fuel QSC		22,932		115,423

Surgutneftegas PJSC (Preference)^‡ (b)		156,600		—
				215,047

Personal Products – 1.3%

Colgate-Palmolive India Ltd.		6,174		133,632

Hengan International Group Co. Ltd.		9,000		42,671

Hindustan Unilever Ltd.		594		17,366
				193,669

Pharmaceuticals – 3.5%

Cipla Ltd.		10,440		134,006


Investments	Shares		Value

Pharmaceuticals – (continued)

Dr Reddy’s Laboratories Ltd.		720	$	38,918

Lupin Ltd.		2,370		23,087

Richter Gedeon Nyrt.		3,324		66,287

Sino Biopharmaceutical Ltd.		12,000		6,347

Sun Pharmaceutical Industries Ltd.		5,910		71,797

Torrent Pharmaceuticals Ltd.		132		4,860

Yuhan Corp.		1,758		85,521

Zydus Lifesciences Ltd.		19,434		89,514
				520,337

Professional Services – 1.0%

51job, Inc., ADR*		2,430		147,866

Real Estate Management & Development – 1.4%

Aldar Properties PJSC		100,278		154,251

Wharf Holdings Ltd. (The)		18,000		52,879
				207,130

Semiconductors & Semiconductor Equipment – 5.8%

Taiwan Semiconductor Manufacturing Co. Ltd.		48,000		876,117

Specialty Retail – 3.0%

Abu Dhabi National Oil Co. for Distribution PJSC		108,522		122,023

Home Product Center PCL, NVDR		264,000		115,620

Hotel Shilla Co. Ltd.		294		19,007

Jarir Marketing Co.		2,220		113,640

Zhongsheng Group Holdings Ltd.		11,000		73,323
				443,613

Technology Hardware, Storage & Peripherals – 4.1%

Compal Electronics, Inc.		96,000		72,467

Inventec Corp.		90,000		77,556

Lite-On Technology Corp.		7,000		15,437

Samsung Electronics Co. Ltd.		8,358		448,510
				613,970

Textiles, Apparel & Luxury Goods – 0.1%

Li Ning Co. Ltd.		500		3,986

Page Industries Ltd.		12		7,155
				11,141

Tobacco – 0.9%

KT&G Corp.		1,962		129,030

See Accompanying Notes to the Financial Statements.


80		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Transportation Infrastructure – 1.5%

Taiwan High Speed Rail Corp.		120,000	$	113,993

Westports Holdings Bhd.		123,000		111,317
				225,310

Water Utilities – 0.5%

Guangdong Investment Ltd.		62,000		79,810

Wireless Telecommunication Services – 5.0%

Advanced Info Service PCL, NVDR		18,000		112,993

Bharti Airtel Ltd.*		246		2,378

Etihad Etisalat Co.		6,762		77,972

Far EasTone Telecommunications Co. Ltd.		38,000		106,746

Globe Telecom, Inc.		210		9,131

Intouch Holdings PCL, NVDR		49,800		101,781

Maxis Bhd.		69,000		60,228

Mobile Telecommunications Co. KSCP		41,730		92,733

PLDT, Inc.		690		24,663

Taiwan Mobile Co. Ltd.		25,000		92,026

Vodacom Group Ltd.		6,342		60,941
				741,592
Total Common Stocks (Cost $14,445,142)				14,728,604

Total Investments – 98.4% (Cost $14,445,142)				14,728,604

Other assets less liabilities – 1.6%				236,667
NET ASSETS – 100.0%			$	14,965,271

*	Non-income producing security.

^(a)

^(b)

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

^(c)

Represents less than 0.05% of net assets.

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

Percentages shown are based on Net Assets.

Abbreviations

ADR – American Depositary Receipt

NVDR – Non-Voting Depositary Receipt

PJSC – Public Joint Stock Company

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



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

Futures Contracts

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

Number of
Contracts

Expiration
Date

Trading
Currency

Notional
Amount

Value and
Unrealized
Appreciation*

Long Contracts

MSCI Emerging Markets E-Mini Index

06/17/2022

USD

264,350

1,446

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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			81

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

Forward Foreign Currency Contracts

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


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

Abbreviations:

HKD – Hong Kong Dollar

USD – US Dollar

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


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

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


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

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


82		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Morningstar US Market Factor Tilt Index Fund

April 30, 2022 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 99.4%

Aerospace & Defense – 1.5%

AAR Corp.* (a)		2,820	$	132,484

Aerojet Rocketdyne Holdings, Inc.* (a)		2,068		82,679

AeroVironment, Inc.* (a)		1,316		105,701

Astronics Corp.* (a)		8,084		78,334

Axon Enterprise, Inc.* (a)		2,256		253,123

Boeing Co. (The)*		17,672		2,630,300

BWX Technologies, Inc.(a)		4,324		224,502

Byrna Technologies, Inc.* (a)		940		5,565

Curtiss-Wright Corp.		2,632		376,139

Ducommun, Inc.* (a)		564		28,804

General Dynamics Corp.		7,332		1,734,238

HEICO Corp.(a)		1,692		238,961

HEICO Corp., Class A		1,880		219,283

Hexcel Corp.(a)		5,076		275,931

Howmet Aerospace, Inc.		12,220		416,946

Huntington Ingalls Industries, Inc.		1,316		279,966

Kaman Corp.(a)		3,384		132,010

Kratos Defense & Security Solutions, Inc.*		4,324		65,595

L3Harris Technologies, Inc.		6,392		1,484,606

Lockheed Martin Corp.		7,708		3,330,781

Maxar Technologies, Inc.(a)		4,888		157,442

Mercury Systems, Inc.* (a)		4,324		241,236

Moog, Inc., Class A		7,144		570,591

Northrop Grumman Corp.		4,888		2,147,787

Parsons Corp.* (a)		7,332		270,771

Raytheon Technologies Corp.		48,128		4,567,829

Spirit AeroSystems Holdings, Inc., Class A(a)		4,512		189,684

Textron, Inc.		6,956		481,703

TransDigm Group, Inc.*		1,316		782,770

Triumph Group, Inc.* (a)		7,144		161,026

Vectrus, Inc.* (a)		3,384		122,162

Virgin Galactic Holdings, Inc.* (a)		10,340		77,447

Woodward, Inc.(a)		1,316		145,392
				22,011,788


Investments	Shares		Value

Air Freight & Logistics – 0.6%

Air Transport Services Group, Inc.* (a)		16,920	$	529,596

Atlas Air Worldwide Holdings, Inc.* (a)		7,144		492,507

CH Robinson Worldwide, Inc.(a)		3,948		419,080

Expeditors International of Washington, Inc.		4,324		428,379

FedEx Corp.		7,708		1,531,888

Forward Air Corp.(a)		940		91,152

GXO Logistics, Inc.*		1,692		100,149

Hub Group, Inc., Class A* (a)		9,212		618,678

United Parcel Service, Inc., Class B(a)		24,064		4,331,039
				8,542,468

Airlines – 0.3%

Alaska Air Group, Inc.*		5,452		296,534

Allegiant Travel Co.* (a)		940		145,879

American Airlines Group, Inc.* (a)		26,132		490,498

Delta Air Lines, Inc.*		14,664		630,992

Frontier Group Holdings, Inc.* (a)		1,504		15,957

Hawaiian Holdings, Inc.* (a)		6,768		114,785

JetBlue Airways Corp.* (a)		70,500		776,205

SkyWest, Inc.* (a)		13,348		389,094

Southwest Airlines Co.* (a)		15,228		711,452

Spirit Airlines, Inc.* (a)		4,136		97,651

Sun Country Airlines Holdings, Inc.* (a)		2,256		62,063

United Airlines Holdings, Inc.* (a)		6,580		332,290
				4,063,400

Auto Components – 0.4%

Adient plc* (a)		23,312		795,872

American Axle & Manufacturing Holdings, Inc.* (a)		20,116		133,168

Aptiv plc*		6,580		700,112

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			83

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Auto Components – (continued)

Autoliv, Inc.(a)		3,384	$	249,333

BorgWarner, Inc.		9,776		360,050

Cooper-Standard Holdings, Inc.* (a)		3,948		18,200

Dana, Inc.(a)		30,832		456,622

Dorman Products, Inc.* (a)		940		92,797

Fox Factory Holding Corp.*		1,880		153,934

Garrett Motion, Inc.* (a)		9,964		66,460

Gentex Corp.(a)		8,648		253,819

Gentherm, Inc.* (a)		1,128		76,050

Goodyear Tire & Rubber Co. (The)* (a)		63,544		846,406

LCI Industries(a)		5,640		548,885

Lear Corp.(a)		2,444		312,685

Luminar Technologies, Inc.* (a)		11,844		146,510

Modine Manufacturing Co.* (a)		9,400		74,260

Patrick Industries, Inc.(a)		4,888		304,278

Standard Motor Products, Inc.(a)		3,008		128,382

Tenneco, Inc., Class A* (a)		17,108		293,744

Visteon Corp.*		2,256		236,226

XL Fleet Corp.* (a)		9,776		13,686
				6,261,479

Automobiles – 1.7%

Arcimoto, Inc.* (a)		1,504		5,053

Ford Motor Co.		132,352		1,874,104

General Motors Co.*		48,880		1,853,041

Harley-Davidson, Inc.(a)		34,968		1,274,584

Tesla, Inc.*		22,372		19,480,643

Thor Industries, Inc.(a)		13,348		1,021,789

Winnebago Industries, Inc.(a)		7,520		399,914

Workhorse Group, Inc.* (a)		10,152		30,557
				25,939,685

Banks – 6.1%

1st Source Corp.(a)		5,640		244,043

Allegiance Bancshares, Inc.(a)		3,008		122,907


Investments	Shares		Value

Banks – (continued)

Ameris Bancorp(a)		14,100	$	587,970

Associated Banc-Corp.		33,088		660,106

Atlantic Union Bankshares Corp.(a)		18,612		628,713

Banc of California, Inc.(a)		3,760		67,830

BancFirst Corp.(a)		3,384		276,642

Bancorp, Inc. (The)* (a)		6,204		140,769

Bank of America Corp.		235,752		8,411,631

Bank of Hawaii Corp.(a)		2,444		181,687

Bank OZK(a)		29,516		1,134,005

BankUnited, Inc.(a)		21,808		818,672

Banner Corp.		6,768		363,442

Berkshire Hills Bancorp, Inc.(a)		3,948		97,673

BOK Financial Corp.(a)		7,896		654,815

Brookline Bancorp, Inc.		13,160		190,294

Cadence Bank		46,436		1,162,757

Cathay General Bancorp(a)		16,544		663,249

Central Pacific Financial Corp.		3,948		95,463

Citigroup, Inc.		64,860		3,126,901

Citizens Financial Group, Inc.		15,416		607,390

City Holding Co.(a)		376		29,095

Columbia Banking System, Inc.(a)		16,168		453,997

Comerica, Inc.		5,264		431,122

Commerce Bancshares, Inc.(a)		3,197		218,545

Community Bank System, Inc.(a)		3,384		217,930

Community Trust Bancorp, Inc.		2,068		82,327

ConnectOne Bancorp, Inc.(a)		4,324		120,467

Cullen/Frost Bankers, Inc.		2,068		273,576

Customers Bancorp, Inc.* (a)		5,828		245,184

CVB Financial Corp.(a)		28,952		666,475

Dime Community Bancshares, Inc.(a)		10,528		331,000

Eagle Bancorp, Inc.(a)		6,204		312,371

East West Bancorp, Inc.		5,640		402,132

Eastern Bankshares, Inc.(a)		6,204		118,869

Enterprise Financial Services Corp.(a)		3,760		166,079

See Accompanying Notes to the Financial Statements.


84		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Banks – (continued)

FB Financial Corp.		1,316	$	50,705

Fifth Third Bancorp		24,252		910,178

First Bancorp/NC		3,572		133,807

First Bancorp/PR(a)		55,836		759,928

First Bancshares, Inc. (The)(a)		3,196		102,879

First Busey Corp.		14,476		325,276

First Citizens BancShares, Inc., Class A(a)		752		480,814

First Commonwealth Financial Corp.		25,568		344,657

First Financial Bancorp(a)		18,988		388,305

First Financial Bankshares, Inc.(a)		6,768		270,585

First Financial Corp.(a)		3,760		160,251

First Foundation, Inc.(a)		5,264		116,966

First Hawaiian, Inc.(a)		27,824		656,925

First Horizon Corp.		21,432		479,648

First Interstate BancSystem, Inc., Class A		6,392		207,868

First Merchants Corp.(a)		13,348		523,108

First Republic Bank(a)		4,324		645,227

Flushing Financial Corp.(a)		5,452		117,218

FNB Corp.		75,200		866,304

Fulton Financial Corp.(a)		33,840		513,353

Glacier Bancorp, Inc.(a)		4,888		223,675

Hancock Whitney Corp.		19,364		905,654

Hanmi Financial Corp.		7,896		182,792

HarborOne Bancorp, Inc.(a)		2,068		27,690

Heartland Financial USA, Inc.(a)		9,212		403,209

Heritage Commerce Corp.(a)		10,340		116,118

Heritage Financial Corp.(a)		6,016		145,707

Hilltop Holdings, Inc.(a)		16,920		431,291

Home BancShares, Inc.(a)		35,156		760,073

HomeStreet, Inc.(a)		3,196		129,726

Hope Bancorp, Inc.(a)		27,824		397,883

Horizon Bancorp, Inc.(a)		12,220		213,606

Huntington Bancshares, Inc.(a)		47,188		620,522

Independent Bank Corp. – MA(a)		2,444		188,579


Investments	Shares		Value

Banks – (continued)

Independent Bank Corp. – MI		8,836	$	174,423

Independent Bank Group, Inc.		9,964		675,559

International Bancshares Corp.(a)		13,536		538,597

JPMorgan Chase & Co.		97,008		11,578,875

KeyCorp		34,028		657,081

Lakeland Bancorp, Inc.(a)		12,220		183,667

Lakeland Financial Corp.(a)		752		54,761

Live Oak Bancshares, Inc.(a)		940		39,790

M&T Bank Corp.		6,686		1,114,155

Meta Financial Group, Inc.		3,008		131,299

Metropolitan Bank Holding Corp.* (a)		1,316		117,190

Midland States Bancorp, Inc.(a)		4,888		128,848

National Bank Holdings Corp., Class A		1,128		41,183

NBT Bancorp, Inc.		8,084		284,557

Nicolet Bankshares, Inc.* (a)		3,760		305,989

Northwest Bancshares, Inc.(a)		24,252		307,515

OceanFirst Financial Corp.(a)		15,980		299,305

OFG Bancorp(a)		15,416		409,757

Old National Bancorp		71,064		1,077,330

Pacific Premier Bancorp, Inc.(a)		20,492		642,629

PacWest Bancorp(a)		27,260		896,581

Park National Corp.(a)		940		110,779

Peoples Bancorp, Inc.		6,016		164,959

Pinnacle Financial Partners, Inc.(a)		4,700		364,485

PNC Financial Services Group, Inc. (The)		14,288		2,373,237

Popular, Inc.(a)		20,116		1,568,847

Preferred Bank		2,256		151,423

Premier Financial Corp.(a)		11,092		294,382

Prosperity Bancshares, Inc.(a)		21,056		1,376,641

QCR Holdings, Inc.		2,068		112,272

Regions Financial Corp.(a)		34,780		720,642

Renasant Corp.(a)		11,092		330,431

S&T Bancorp, Inc.(a)		6,768		191,264

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			85

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Banks – (continued)

Sandy Spring Bancorp, Inc.(a)		9,212	$	361,755

Seacoast Banking Corp. of Florida(a)		5,076		164,970

ServisFirst Bancshares, Inc.(a)		1,504		120,801

Signature Bank		1,880		455,430

Silvergate Capital Corp., Class A*		1,128		131,931

Simmons First National Corp., Class A(a)		24,816		592,358

Southside Bancshares, Inc.(a)		752		29,471

SouthState Corp.(a)		18,612		1,441,313

Stock Yards Bancorp, Inc.(a)		564		29,486

SVB Financial Group*		1,504		733,410

Synovus Financial Corp.(a)		34,968		1,452,571

Texas Capital Bancshares, Inc.*		12,784		656,586

Tompkins Financial Corp.(a)		188		13,724

Towne Bank		14,288		393,920

TriCo Bancshares(a)		564		21,178

TriState Capital Holdings, Inc.*		4,324		130,628

Triumph Bancorp, Inc.* (a)		564		39,164

Truist Financial Corp.		44,180		2,136,103

Trustmark Corp.(a)		15,792		440,281

UMB Financial Corp.(a)		1,504		135,631

Umpqua Holdings Corp.		56,400		932,856

United Bankshares, Inc.(a)		30,456		1,012,966

United Community Banks, Inc.(a)		25,192		759,287

Univest Financial Corp.		6,016		151,603

US Bancorp		45,120		2,191,027

Valley National Bancorp(a)		95,316		1,141,886

Veritex Holdings, Inc.		4,700		154,395

Washington Trust Bancorp, Inc.(a)		5,452		255,917

Webster Financial Corp.(a)		41,924		2,095,781

Wells Fargo & Co.		128,404		5,602,266

WesBanco, Inc.(a)		12,972		418,217

Westamerica Bancorp(a)		2,632		155,077

Western Alliance Bancorp		4,136		314,791

Wintrust Financial Corp.		12,784		1,116,299


Investments	Shares		Value

Banks – (continued)

Zions Bancorp NA(a)		6,392	$	361,212
				90,669,399

Beverages – 1.2%

Boston Beer Co., Inc. (The), Class A* (a)		376		141,000

Brown-Forman Corp., Class A(a)		1,504		93,880

Brown-Forman Corp., Class B		4,512		304,289

Celsius Holdings, Inc.* (a)		564		29,328

Coca-Cola Co. (The)		104,340		6,741,408

Coca-Cola Consolidated, Inc.		940		415,010

Constellation Brands, Inc., Class A		5,076		1,249,153

Keurig Dr Pepper, Inc.		26,508		991,399

Molson Coors Beverage Co., Class B(a)		6,956		376,598

Monster Beverage Corp.*		9,588		821,500

National Beverage Corp.(a)		1,128		49,722

PepsiCo, Inc.		37,036		6,359,452

Vintage Wine Estates, Inc.* (a)		1,316		13,594

Zevia PBC, Class A* (a)		7,144		24,575
				17,610,908

Biotechnology – 2.3%

4D Molecular Therapeutics, Inc.* (a)		2,256		26,869

AbbVie, Inc.		58,468		8,587,780

ACADIA Pharmaceuticals, Inc.* (a)		9,400		173,336

Acumen Pharmaceuticals, Inc.* (a)		5,264		20,319

Agenus, Inc.* (a)		57,340		106,079

Agios Pharmaceuticals, Inc.* (a)		188		4,130

Akebia Therapeutics, Inc.* (a)		10,904		4,527

Alaunos Therapeutics, Inc.* (a)		18,988		10,090

Aldeyra Therapeutics, Inc.*		188		577

Alector, Inc.* (a)		5,264		50,534

Alkermes plc*		6,016		173,562

See Accompanying Notes to the Financial Statements.


86		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Biotechnology – (continued)

Allakos, Inc.* (a)		752	$	2,835

Allogene Therapeutics, Inc.* (a)		19,176		160,120

Alnylam Pharmaceuticals, Inc.* (a)		3,572		476,612

Altimmune, Inc.* (a)		188		850

Amgen, Inc.(a)		18,048		4,208,613

Amicus Therapeutics, Inc.* (a)		7,332		51,911

Anavex Life Sciences Corp.* (a)		5,640		48,448

Anika Therapeutics, Inc.* (a)		376		8,095

Apellis Pharmaceuticals, Inc.* (a)		3,760		163,673

Arcturus Therapeutics Holdings, Inc.* (a)		940		18,217

Arcus Biosciences, Inc.* (a)		1,692		40,963

Arrowhead Pharmaceuticals, Inc.*		4,888		200,946

Atara Biotherapeutics, Inc.* (a)		188		1,196

Atossa Therapeutics, Inc.* (a)		7,896		7,975

Avid Bioservices, Inc.* (a)		1,504		20,244

Avidity Biosciences, Inc.* (a)		2,256		32,261

Avita Medical, Inc.* (a)		5,264		32,110

Beam Therapeutics, Inc.* (a)		1,316		49,390

BioCryst Pharmaceuticals, Inc.* (a)		14,852		137,975

Biogen, Inc.*		4,512		935,969

BioMarin Pharmaceutical, Inc.*		3,948		321,170

Bioxcel Therapeutics, Inc.* (a)		5,828		76,405

Bluebird Bio, Inc.*		5,828		21,156

Blueprint Medicines Corp.* (a)		2,068		120,668

Bolt Biotherapeutics, Inc.* (a)		9,024		14,077

Bridgebio Pharma, Inc.*		4,136		33,171

CareDx, Inc.* (a)		2,632		80,118

Caribou Biosciences, Inc.*		1,316		9,738

Catalyst Pharmaceuticals, Inc.*		16,732		127,498


Investments	Shares		Value

Biotechnology – (continued)

Celldex Therapeutics, Inc.* (a)		1,504	$	45,947

CEL-SCI Corp.* (a)		11,468		32,798

ChemoCentryx, Inc.* (a)		2,444		45,116

Clovis Oncology, Inc.* (a)		13,536		27,072

Coherus Biosciences, Inc.* (a)		8,084		73,079

Crinetics Pharmaceuticals, Inc.* (a)		5,264		106,964

CRISPR Therapeutics AG* (a)		3,760		186,571

Cue Biopharma, Inc.* (a)		3,008		11,912

Curis, Inc.* (a)		188		172

Cytokinetics, Inc.* (a)		3,384		134,920

CytomX Therapeutics, Inc.* (a)		15,604		26,683

Deciphera Pharmaceuticals, Inc.* (a)		3,196		32,344

Denali Therapeutics, Inc.* (a)		22,372		532,454

Design Therapeutics, Inc.* (a)		940		11,224

Dynavax Technologies Corp.* (a)		752		6,640

Eagle Pharmaceuticals, Inc.* (a)		1,692		74,668

Editas Medicine, Inc.* (a)		1,504		19,913

Emergent BioSolutions, Inc.* (a)		11,280		365,246

Enanta Pharmaceuticals, Inc.* (a)		1,880		121,072

Epizyme, Inc.* (a)		26,320		16,987

Evelo Biosciences, Inc.* (a)		1,504		3,715

Exact Sciences Corp.* (a)		4,700		258,735

Exelixis, Inc.*		14,476		323,394

Fate Therapeutics, Inc.* (a)		4,136		118,124

FibroGen, Inc.* (a)		3,384		31,471

Fortress Biotech, Inc.* (a)		5,076		5,584

G1 Therapeutics, Inc.* (a)		4,700		24,158

Geron Corp.* (a)		16,356		23,062

Gilead Sciences, Inc.		39,856		2,365,055

Global Blood Therapeutics, Inc.* (a)		3,760		115,432

Gossamer Bio, Inc.* (a)		1,316		9,094

Gritstone bio, Inc.* (a)		5,076		13,147

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			87

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Biotechnology – (continued)

Halozyme Therapeutics, Inc.* (a)		6,580	$	262,542

Heron Therapeutics, Inc.* (a)		376		1,700

Homology Medicines, Inc.* (a)		18,048		29,960

Horizon Therapeutics plc*		6,768		667,054

Immuneering Corp., Class A* (a)		752		3,737

ImmunoGen, Inc.* (a)		21,996		106,241

Incyte Corp.*		4,324		324,127

Inhibrx, Inc.*		564		8,939

Insmed, Inc.* (a)		6,392		140,432

Intellia Therapeutics, Inc.* (a)		2,444		119,829

Intercept Pharmaceuticals, Inc.* (a)		6,956		109,279

Ionis Pharmaceuticals, Inc.*		7,520		276,435

Iovance Biotherapeutics, Inc.* (a)		3,008		45,571

Ironwood Pharmaceuticals, Inc.* (a)		4,512		54,144

IVERIC bio, Inc.* (a)		188		2,604

Jounce Therapeutics, Inc.* (a)		2,068		10,960

KalVista Pharmaceuticals, Inc.* (a)		6,392		81,370

Karyopharm Therapeutics, Inc.* (a)		7,332		44,725

Keros Therapeutics, Inc.* (a)		752		39,864

Kiniksa Pharmaceuticals Ltd., Class A* (a)		6,956		64,899

Kodiak Sciences, Inc.*		1,880		11,318

Krystal Biotech, Inc.* (a)		2,256		136,736

Kura Oncology, Inc.* (a)		19,364		277,873

Kymera Therapeutics, Inc.*		188		5,894

Lexicon Pharmaceuticals, Inc.* (a)		3,572		6,465

Ligand Pharmaceuticals, Inc.* (a)		752		69,831

MacroGenics, Inc.* (a)		188		1,344

Madrigal Pharmaceuticals, Inc.* (a)		940		65,800

MannKind Corp.* (a)		7,896		24,714


Investments	Shares		Value

Biotechnology – (continued)

MeiraGTx Holdings plc*		5,264	$	54,167

Mersana Therapeutics, Inc.* (a)		10,716		37,292

Mirati Therapeutics, Inc.* (a)		1,316		81,316

Moderna, Inc.* (a)		11,280		1,516,145

Myriad Genetics, Inc.* (a)		3,196		65,518

Natera, Inc.* (a)		1,504		52,820

Neurocrine Biosciences, Inc.*		2,256		203,108

Novavax, Inc.* (a)		2,444		110,151

Ocugen, Inc.* (a)		11,092		24,292

OPKO Health, Inc.*		91,180		246,186

Organogenesis Holdings, Inc.* (a)		1,692		10,896

Pieris Pharmaceuticals, Inc.* (a)		4,136		11,581

Precigen, Inc.* (a)		5,640		7,501

Precision BioSciences, Inc.* (a)		2,632		5,238

Protagonist Therapeutics, Inc.* (a)		1,692		15,380

Prothena Corp. plc* (a)		1,504		43,857

PTC Therapeutics, Inc.* (a)		3,572		126,199

Radius Health, Inc.* (a)		5,452		37,292

Recursion Pharmaceuticals, Inc., Class A* (a)		1,316		8,159

Regeneron Pharmaceuticals, Inc.*		3,572		2,354,341

REGENXBIO, Inc.* (a)		188		5,219

Relay Therapeutics, Inc.* (a)		4,700		112,001

REVOLUTION Medicines, Inc.* (a)		4,324		86,350

Rhythm Pharmaceuticals, Inc.* (a)		4,700		29,422

Rigel Pharmaceuticals, Inc.* (a)		20,304		47,917

Rocket Pharmaceuticals, Inc.* (a)		2,820		28,990

Rubius Therapeutics, Inc.* (a)		940		1,560

Sage Therapeutics, Inc.* (a)		12,972		408,877

Sangamo Therapeutics, Inc.*		3,196		13,263

Sarepta Therapeutics, Inc.*		5,264		380,692

Scholar Rock Holding Corp.* (a)		2,068		14,621

See Accompanying Notes to the Financial Statements.


88		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Biotechnology – (continued)

Seagen, Inc.*		3,948	$	517,227

Selecta Biosciences, Inc.* (a)		376		288

Seres Therapeutics, Inc.* (a)		2,256		10,671

Shattuck Labs, Inc.* (a)		5,264		20,214

Sorrento Therapeutics, Inc.* (a)		1,880		2,839

Spero Therapeutics, Inc.* (a)		2,820		13,705

Stoke Therapeutics, Inc.*		2,820		40,721

Surface Oncology, Inc.*		12,220		25,906

Sutro Biopharma, Inc.* (a)		3,384		20,338

TG Therapeutics, Inc.* (a)		8,084		56,103

Travere Therapeutics, Inc.* (a)		1,880		47,244

Twist Bioscience Corp.* (a)		1,504		43,375

Ultragenyx Pharmaceutical, Inc.* (a)		3,384		239,215

United Therapeutics Corp.*		1,880		333,813

Vanda Pharmaceuticals, Inc.* (a)		1,316		13,055

Vaxart, Inc.* (a)		188		654

Veracyte, Inc.* (a)		3,572		73,119

Verastem, Inc.* (a)		12,596		17,886

Vericel Corp.* (a)		1,692		48,222

Vertex Pharmaceuticals, Inc.*		8,648		2,362,807

Viking Therapeutics, Inc.* (a)		24,252		57,720

Vir Biotechnology, Inc.* (a)		5,264		107,122

Xencor, Inc.* (a)		2,068		51,659

Y-mAbs Therapeutics, Inc.* (a)		4,324		36,322
				34,997,923

Building Products – 0.7%

A O Smith Corp.(a)		3,572		208,712

AAON, Inc.(a)		2,632		128,284

Advanced Drainage Systems, Inc.		1,692		173,362

Allegion plc(a)		2,820		322,157

American Woodmark Corp.*		1,692		79,270

Apogee Enterprises, Inc.(a)		3,196		140,624

Armstrong World Industries, Inc.(a)		2,068		175,077


Investments	Shares		Value

Building Products – (continued)

AZEK Co., Inc. (The)* (a)		4,700	$	99,828

Builders FirstSource, Inc.*		7,332		451,431

Carlisle Cos., Inc.		1,504		390,077

Carrier Global Corp.(a)		24,440		935,319

Cornerstone Building Brands, Inc.*		12,220		298,046

Fortune Brands Home & Security, Inc.		4,324		308,085

Gibraltar Industries, Inc.*		940		35,570

Griffon Corp.		8,272		154,769

Insteel Industries, Inc.(a)		188		7,975

JELD-WEN Holding, Inc.* (a)		18,988		394,760

Johnson Controls International plc		24,252		1,451,967

Lennox International, Inc.		940		200,399

Masco Corp.		7,520		396,229

Masonite International Corp.*		6,392		495,508

Owens Corning(a)		4,136		376,086

PGT Innovations, Inc.* (a)		5,828		103,564

Quanex Building Products Corp.(a)		4,700		90,334

Resideo Technologies, Inc.* (a)		31,396		706,096

Simpson Manufacturing Co., Inc.		1,692		175,410

Trane Technologies plc		6,016		841,578

Trex Co., Inc.*		3,572		207,855

UFP Industries, Inc.		13,912		1,076,371

Zurn Water Solutions Corp.(a)		4,888		152,603
				10,577,346

Capital Markets – 2.9%

Affiliated Managers Group, Inc.		10,152		1,274,787

Ameriprise Financial, Inc.		3,948		1,048,155

Ares Management Corp.		3,760		248,987

Artisan Partners Asset Management, Inc., Class A(a)		13,912		447,132

AssetMark Financial Holdings, Inc.* (a)		4,136		79,535

B. Riley Financial, Inc.(a)		3,948		178,292

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			89

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Capital Markets – (continued)

Bank of New York Mellon Corp. (The)		25,004	$	1,051,668

BGC Partners, Inc., Class A		68,996		250,455

BlackRock, Inc.		3,794		2,370,036

Blackstone, Inc., Class A		18,048		1,833,135

Blucora, Inc.* (a)		16,168		327,402

Brightsphere Investment Group, Inc.(a)		5,640		113,026

Carlyle Group, Inc. (The)		3,008		109,160

Charles Schwab Corp. (The)		40,796		2,705,999

CME Group, Inc.		9,212		2,020,560

Cohen & Steers, Inc.(a)		752		58,423

Coinbase Global, Inc., Class A*		752		84,758

Cowen, Inc., Class A(a)		8,084		184,719

Evercore, Inc., Class A		8,836		934,407

FactSet Research Systems, Inc.		940		379,281

Federated Hermes, Inc., Class B(a)		21,056		599,675

Focus Financial Partners, Inc., Class A* (a)		3,948		155,749

Franklin Resources, Inc.(a)		11,092		272,752

Goldman Sachs Group, Inc. (The)		11,092		3,388,495

Hamilton Lane, Inc., Class A(a)		2,632		180,503

Houlihan Lokey, Inc.		1,880		156,585

Interactive Brokers Group, Inc., Class A		3,384		201,551

Intercontinental Exchange, Inc.		15,604		1,807,099

Invesco Ltd.		14,852		272,980

Janus Henderson Group plc(a)		39,292		1,197,620

Jefferies Financial Group, Inc.(a)		8,648		266,012

KKR & Co., Inc.		15,792		804,918

LPL Financial Holdings, Inc.		2,632		494,474

MarketAxess Holdings, Inc.		940		247,793

Moelis & Co., Class A(a)		1,692		74,888

Moody’s Corp.		4,512		1,427,958

Morgan Stanley		47,376		3,818,032


Investments	Shares		Value

Capital Markets – (continued)

Morningstar, Inc.(a)		564	$	142,822

MSCI, Inc.		2,068		871,145

Nasdaq, Inc.		3,008		473,369

Northern Trust Corp.(a) (b)		6,204		639,322

Open Lending Corp., Class A* (a)		1,316		17,950

Oppenheimer Holdings, Inc., Class A		376		12,115

Piper Sandler Cos.(a)		3,384		389,092

PJT Partners, Inc., Class A		376		24,812

Raymond James Financial, Inc.		5,828		567,997

S&P Global, Inc.(a)		9,588		3,609,882

Sculptor Capital Management, Inc.(a)		564		5,899

SEI Investments Co.(a)		3,196		178,081

State Street Corp.		11,468		768,012

StepStone Group, Inc., Class A(a)		376		9,633

Stifel Financial Corp.(a)		26,696		1,651,148

StoneX Group, Inc.* (a)		4,888		331,309

T. Rowe Price Group, Inc.(a)		7,332		902,129

Tradeweb Markets, Inc., Class A(a)		3,572		254,291

Victory Capital Holdings, Inc., Class A		6,016		162,372

Virtu Financial, Inc., Class A		20,680		597,238

Virtus Investment Partners, Inc.(a)		1,504		266,449

WisdomTree Investments, Inc.(a)		18,988		110,700
				43,052,768

Chemicals – 1.9%

AdvanSix, Inc.		8,648		385,182

Air Products & Chemicals, Inc.		5,640		1,320,155

Albemarle Corp.		3,196		616,285

Amyris, Inc.* (a)		8,084		27,728

Ashland Global Holdings, Inc.(a)		2,068		217,078

Avient Corp.		3,008		148,114

Axalta Coating Systems Ltd.*		9,588		243,247

Balchem Corp.(a)		2,068		254,777

See Accompanying Notes to the Financial Statements.


90		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Chemicals – (continued)

Cabot Corp.(a)		13,160	$	866,586

Celanese Corp.		3,760		552,494

CF Industries Holdings, Inc.		8,084		782,774

Chase Corp.(a)		188		15,860

Chemours Co. (The)(a)		39,292		1,299,386

Corteva, Inc.		18,048		1,041,189

Danimer Scientific, Inc.* (a)		5,828		22,846

Dow, Inc.(a)		22,748		1,512,742

DuPont de Nemours, Inc.		16,732		1,103,141

Eastman Chemical Co.		4,324		443,945

Ecolab, Inc.		6,580		1,114,257

Ecovyst, Inc.(a)		1,316		13,239

Element Solutions, Inc.		14,476		298,495

FMC Corp.		4,324		573,103

GCP Applied Technologies, Inc.* (a)		3,384		106,156

Hawkins, Inc.(a)		564		21,026

HB Fuller Co.(a)		1,692		112,856

Huntsman Corp.(a)		48,128		1,630,095

Ingevity Corp.*		752		45,045

Innospec, Inc.		752		71,673

International Flavors & Fragrances, Inc.		6,392		775,350

Koppers Holdings, Inc.		6,580		159,631

Kronos Worldwide, Inc.(a)		4,700		71,534

Linde plc		13,724		4,281,339

Livent Corp.* (a)		7,896		168,658

Loop Industries, Inc.* (a)		7,520		48,880

LyondellBasell Industries NV, Class A(a)		8,460		897,014

Minerals Technologies, Inc.		8,272		526,182

Mosaic Co. (The)		10,528		657,158

NewMarket Corp.(a)		1,880		610,267

Olin Corp.		6,204		356,110

PPG Industries, Inc.		5,828		745,926

Quaker Chemical Corp.(a)		376		61,179

Rayonier Advanced Materials, Inc.* (a)		15,228		78,120

RPM International, Inc.		4,324		358,459

Scotts Miracle-Gro Co. (The)(a)		1,316		136,772


Investments	Shares		Value

Chemicals – (continued)

Sensient Technologies Corp.(a)		1,316	$	111,334

Sherwin-Williams Co. (The)		6,392		1,757,544

Stepan Co.(a)		564		57,590

Tredegar Corp.(a)		10,152		116,240

Trinseo plc(a)		8,084		383,586

Tronox Holdings plc, Class A		23,688		407,433

Valvoline, Inc.(a)		6,768		204,597

Westlake Corp.(a)		376		47,583

Zymergen, Inc.* (a)		2,820		4,738
				27,862,698

Commercial Services & Supplies – 0.6%

ABM Industries, Inc.(a)		15,228		735,056

ACCO Brands Corp.		27,824		203,950

ACV Auctions, Inc., Class A* (a)		5,076		67,765

Brady Corp., Class A		3,948		176,673

BrightView Holdings, Inc.* (a)		12,220		154,705

Brink’s Co. (The)(a)		2,444		144,074

Casella Waste Systems, Inc., Class A*		2,256		185,533

Cintas Corp.		2,256		896,219

Clean Harbors, Inc.*		1,692		177,542

Copart, Inc.*		5,452		619,620

CoreCivic, Inc., REIT* (a)		29,328		364,547

Deluxe Corp.(a)		10,528		285,098

Driven Brands Holdings, Inc.* (a)		3,572		99,623

GEO Group, Inc. (The), REIT* (a)		32,712		213,609

Harsco Corp.*		3,008		30,742

Healthcare Services Group, Inc.(a)		5,452		93,175

HNI Corp.(a)		3,760		134,006

IAA, Inc.* (a)		2,068		75,792

Interface, Inc.(a)		8,460		107,357

KAR Auction Services, Inc.* (a)		31,396		460,265

Kimball International, Inc., Class B(a)		9,776		75,080

Matthews International Corp., Class A(a)		5,640		168,128

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			91

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Commercial Services & Supplies – (continued)

MillerKnoll, Inc.		17,297	$	548,819

Montrose Environmental Group, Inc.* (a)		188		8,530

MSA Safety, Inc.(a)		1,316		158,828

Pitney Bowes, Inc.(a)		18,988		100,067

Republic Services, Inc.		5,640		757,283

Rollins, Inc.(a)		4,888		163,943

Shapeways Holdings, Inc.* (a)		9,400		17,860

SP Plus Corp.* (a)		4,136		117,876

Steelcase, Inc., Class A(a)		8,272		97,031

Stericycle, Inc.* (a)		3,196		160,407

Tetra Tech, Inc.		1,880		261,846

UniFirst Corp.(a)		564		97,177

US Ecology, Inc.* (a)		376		18,044

Viad Corp.* (a)		2,444		80,041

Waste Management, Inc.		10,152		1,669,395
				9,725,706

Communications Equipment – 0.9%

ADTRAN, Inc.(a)		4,136		71,925

Arista Networks, Inc.* (a)		5,452		630,088

CalAmp Corp.* (a)		188		1,028

Calix, Inc.* (a)		3,948		157,565

Cambium Networks Corp.* (a)		564		8,612

Casa Systems, Inc.* (a)		4,888		23,951

Ciena Corp.* (a)		3,948		217,811

Cisco Systems, Inc.		139,120		6,814,098

CommScope Holding Co., Inc.*		46,812		282,276

Comtech Telecommunications Corp.(a)		4,888		66,477

Digi International, Inc.* (a)		3,760		71,139

Extreme Networks, Inc.*		12,596		120,921

F5, Inc.*		1,504		251,785

Harmonic, Inc.* (a)		2,820		23,406

Infinera Corp.* (a)		7,332		56,383

Inseego Corp.* (a)		5,076		14,467

Juniper Networks, Inc.		12,972		408,877

Lumentum Holdings, Inc.* (a)		18,236		1,480,945


Investments	Shares		Value

Communications Equipment – (continued)

Motorola Solutions, Inc.		4,700	$	1,004,343

NETGEAR, Inc.* (a)		7,708		167,264

NetScout Systems, Inc.* (a)		15,416		474,813

Plantronics, Inc.* (a)		9,024		359,697

Ribbon Communications, Inc.* (a)		28,764		99,236

Viasat, Inc.* (a)		3,384		124,565

Viavi Solutions, Inc.* (a)		16,920		242,633
				13,174,305

Construction & Engineering – 0.4%

AECOM		5,828		411,224

Ameresco, Inc., Class A* (a)		1,316		66,379

API Group Corp.*		13,536		251,228

Arcosa, Inc.(a)		1,504		80,509

Argan, Inc.(a)		1,880		69,147

Comfort Systems USA, Inc.(a)		2,632		222,194

Construction Partners, Inc., Class A* (a)		940		24,261

Dycom Industries, Inc.* (a)		1,504		127,705

EMCOR Group, Inc.		3,384		360,328

Fluor Corp.* (a)		4,136		102,366

Granite Construction, Inc.(a)		3,760		111,484

Great Lakes Dredge & Dock Corp.* (a)		8,648		119,429

Infrastructure and Energy Alternatives, Inc.*		2,444		22,851

MasTec, Inc.* (a)		15,416		1,110,106

MDU Resources Group, Inc.		46,436		1,196,191

MYR Group, Inc.*		1,692		133,820

Primoris Services Corp.(a)		11,468		265,828

Quanta Services, Inc.		4,512		523,302

Sterling Construction Co., Inc.*		6,580		150,616

Tutor Perini Corp.* (a)		3,572		33,113

Valmont Industries, Inc.		752		187,105

WillScot Mobile Mini Holdings Corp.*		12,972		455,317
				6,024,503

Construction Materials – 0.1%

Eagle Materials, Inc.(a)		1,880		231,842

Martin Marietta Materials, Inc.		1,692		599,340

See Accompanying Notes to the Financial Statements.


92		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Construction Materials – (continued)

Summit Materials, Inc., Class A* (a)		5,452	$	151,566

Vulcan Materials Co.		3,384		583,029
				1,565,777

Consumer Finance – 0.9%

Ally Financial, Inc.		13,160		525,874

American Express Co.		16,920		2,956,093

Atlanticus Holdings Corp.* (a)		564		24,275

Capital One Financial Corp.		14,288		1,780,571

Credit Acceptance Corp.* (a)		376		192,700

Curo Group Holdings Corp.(a)		3,948		46,349

Discover Financial Services		9,588		1,078,266

Encore Capital Group, Inc.* (a)		7,332		423,863

Enova International, Inc.* (a)		8,084		302,342

EZCORP, Inc., Class A* (a)		2,444		17,108

FirstCash Holdings, Inc.(a)		1,504		119,989

Green Dot Corp., Class A* (a)		2,632		69,695

LendingClub Corp.* (a)		8,084		123,281

LendingTree, Inc.* (a)		564		44,793

Moneylion, Inc.* (a)		18,800		39,104

Navient Corp.(a)		36,096		573,565

Nelnet, Inc., Class A(a)		4,700		385,729

OneMain Holdings, Inc.		25,192		1,157,069

PRA Group, Inc.* (a)		11,656		489,902

PROG Holdings, Inc.* (a)		15,416		408,061

Regional Management Corp.		752		32,374

SLM Corp.		72,756		1,217,208

SoFi Technologies, Inc.* (a)		16,168		98,948

Synchrony Financial		16,168		595,144

Upstart Holdings, Inc.* (a)		752		56,415

World Acceptance Corp.* (a)		376		70,955
				12,829,673

Containers & Packaging – 0.6%

Amcor plc(a)		52,640		624,310

AptarGroup, Inc.		1,504		172,704


Investments	Shares		Value

Containers & Packaging – (continued)

Avery Dennison Corp.		1,880	$	339,528

Ball Corp.		8,460		686,614

Berry Global Group, Inc.* (a)		5,640		317,814

Crown Holdings, Inc.		4,888		537,875

Graphic Packaging Holding Co.		63,732		1,389,358

Greif, Inc., Class A(a)		6,204		376,459

International Paper Co.		12,408		574,242

Myers Industries, Inc.		188		4,123

O-I Glass, Inc.* (a)		31,772		428,287

Packaging Corp. of America		3,196		515,099

Ranpak Holdings Corp.* (a)		4,324		65,206

Sealed Air Corp.		6,204		398,359

Silgan Holdings, Inc.(a)		18,236		809,131

Sonoco Products Co.(a)		25,004		1,547,998

TriMas Corp.		1,504		44,428

Westrock Co.		9,212		456,270
				9,287,805

Distributors – 0.1%

Funko, Inc., Class A* (a)		4,324		70,438

Genuine Parts Co.		4,700		611,235

LKQ Corp.(a)		10,152		503,844

Pool Corp.		940		380,907
				1,566,424

Diversified Consumer Services – 0.3%

2U, Inc.* (a)		5,640		56,287

ADT, Inc.(a)		33,840		231,804

Adtalem Global Education, Inc.* (a)		12,032		352,658

American Public Education, Inc.* (a)		2,256		43,857

Beachbody Co., Inc. (The)*		17,672		28,982

Bright Horizons Family Solutions, Inc.*		1,316		150,340

Chegg, Inc.* (a)		4,324		106,976

Coursera, Inc.* (a)		940		17,681

Duolingo, Inc.* (a)		564		48,769

frontdoor, Inc.*		4,700		145,277

Graham Holdings Co., Class B(a)		940		556,828

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			93

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Diversified Consumer Services – (continued)

Grand Canyon Education, Inc.* (a)		9,024	$	866,033

H&R Block, Inc.(a)		43,428		1,132,168

Laureate Education, Inc., Class A(a)		13,160		149,103

OneSpaWorld Holdings Ltd.* (a)		9,588		96,263

Perdoceo Education Corp.*		13,160		147,129

PowerSchool Holdings, Inc., Class A* (a)		2,256		34,156

Service Corp. International		4,888		320,702

Stride, Inc.* (a)		12,032		472,857

Terminix Global Holdings, Inc.* (a)		4,136		189,801

Udemy, Inc.* (a)		1,504		16,409

Vivint Smart Home, Inc.* (a)		3,948		20,687

WW International, Inc.* (a)		14,100		138,039
				5,322,806

Diversified Financial Services – 1.5%

A-Mark Precious Metals, Inc.(a)		1,504		118,515

Apollo Global Management, Inc.		11,092		551,938

Berkshire Hathaway, Inc., Class B*		60,160		19,421,453

Cannae Holdings, Inc.* (a)		19,928		446,387

Compass Diversified Holdings		376		8,220

Equitable Holdings, Inc.		14,852		428,183

Jackson Financial, Inc., Class A(a)		20,304		859,062

Voya Financial, Inc.(a)		4,888		308,628
				22,142,386

Diversified Telecommunication Services – 0.8%

Anterix, Inc.* (a)		188		9,746

AT&T, Inc.		232,744		4,389,552

Bandwidth, Inc., Class A* (a)		188		4,159

Cogent Communications Holdings, Inc.		3,196		186,966

Consolidated Communications Holdings, Inc.* (a)		14,288		85,014


Investments	Shares		Value

Diversified Telecommunication Services – (continued)

EchoStar Corp., Class A* (a)		8,648	$	201,931

Globalstar, Inc.* (a)		22,372		25,951

IDT Corp., Class B*		3,384		89,608

Iridium Communications, Inc.* (a)		7,520		268,539

Liberty Latin America Ltd., Class A*		9,024		83,382

Liberty Latin America Ltd., Class C*		40,984		378,692

Lumen Technologies, Inc.(a)		27,824		279,909

Ooma, Inc.* (a)		940		12,070

Verizon Communications, Inc.		136,488		6,319,394
				12,334,913

Electric Utilities – 1.5%

ALLETE, Inc.		3,948		234,274

Alliant Energy Corp.		7,896		464,364

American Electric Power Co., Inc.		16,544		1,639,676

Avangrid, Inc.(a)		752		33,351

Duke Energy Corp.		25,004		2,754,441

Edison International		11,092		763,019

Entergy Corp.		6,016		715,002

Evergy, Inc.		6,204		420,941

Eversource Energy		9,588		837,991

Exelon Corp.		32,148		1,503,883

FirstEnergy Corp.		18,424		797,943

Hawaiian Electric Industries, Inc.		6,768		278,233

IDACORP, Inc.(a)		3,008		316,382

MGE Energy, Inc.(a)		1,128		87,837

NextEra Energy, Inc.		52,076		3,698,438

NRG Energy, Inc.		9,588		344,209

OGE Energy Corp.		46,060		1,781,601

Otter Tail Corp.(a)		940		54,482

PG&E Corp.* (a)		42,488		537,473

Pinnacle West Capital Corp.		3,008		214,170

PNM Resources, Inc.		2,444		114,037

Portland General Electric Co.		23,124		1,094,459

PPL Corp.		24,816		702,541

Southern Co. (The)		35,344		2,593,896

Xcel Energy, Inc.		15,416		1,129,376
				23,112,019

See Accompanying Notes to the Financial Statements.


94		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Electrical Equipment – 0.7%

Acuity Brands, Inc.		2,256	$	389,115

American Superconductor Corp.* (a)		188		1,002

AMETEK, Inc.		5,452		688,370

Array Technologies, Inc.* (a)		6,016		39,284

Atkore, Inc.* (a)		11,656		1,120,142

AZZ, Inc.(a)		2,632		120,124

Blink Charging Co.* (a)		2,068		39,499

Bloom Energy Corp., Class A* (a)		7,520		139,571

Eaton Corp. plc		11,092		1,608,562

Emerson Electric Co.		19,928		1,797,107

Encore Wire Corp.		4,324		487,790

EnerSys		1,128		73,839

Eos Energy Enterprises, Inc.* (a)		3,948		8,370

Fluence Energy, Inc.* (a)		7,332		67,234

FTC Solar, Inc.* (a)		2,632		7,370

FuelCell Energy, Inc.* (a)		19,928		81,306

Generac Holdings, Inc.*		1,692		371,191

GrafTech International Ltd.(a)		40,984		372,135

Hubbell, Inc.(a)		1,316		257,094

nVent Electric plc(a)		10,716		361,986

Plug Power, Inc.* (a)		16,544		347,755

Regal Rexnord Corp.		2,256		287,053

Rockwell Automation, Inc.(a)		3,008		760,031

Romeo Power, Inc.* (a)		8,084		8,892

Sensata Technologies Holding plc* (a)		4,324		196,353

Shoals Technologies Group, Inc., Class A* (a)		2,068		20,639

Sunrun, Inc.* (a)		5,264		105,175

TPI Composites, Inc.*		3,008		34,412

Vertiv Holdings Co.(a)		4,700		58,891

Vicor Corp.* (a)		752		45,511
				9,895,803

Electronic Equipment, Instruments & Components – 1.2%

Advanced Energy Industries, Inc.(a)		2,820		215,786

Aeva Technologies, Inc.*		22,372		73,380

Akoustis Technologies, Inc.* (a)		4,324		19,198


Investments	Shares		Value

Electronic Equipment, Instruments & Components – (continued)

Alpine 4 Holdings, Inc.*		5,452	$	4,238

Amphenol Corp., Class A		16,544		1,182,896

Arlo Technologies, Inc.* (a)		9,212		71,301

Arrow Electronics, Inc.*		3,008		354,523

Avnet, Inc.		21,808		952,137

Badger Meter, Inc.(a)		940		75,849

Belden, Inc.(a)		3,572		184,422

Benchmark Electronics, Inc.(a)		940		22,334

CDW Corp.		3,384		552,201

Cognex Corp.		4,136		279,718

Coherent, Inc.*		940		251,826

Corning, Inc.		24,440		860,044

CTS Corp.(a)		940		33,248

ePlus, Inc.* (a)		2,820		159,274

Fabrinet* (a)		1,316		129,218

FARO Technologies, Inc.* (a)		376		12,893

Flex Ltd.*		18,988		313,112

II-VI, Inc.* (a)		24,440		1,495,972

Insight Enterprises, Inc.* (a)		8,648		859,352

IPG Photonics Corp.* (a)		940		88,811

Itron, Inc.* (a)		2,068		98,809

Jabil, Inc.		6,016		347,304

Keysight Technologies, Inc.*		4,888		685,640

Kimball Electronics, Inc.* (a)		9,964		177,758

Knowles Corp.* (a)		2,820		52,226

Lightwave Logic, Inc.* (a)		940		10,688

Littelfuse, Inc.		940		215,495

Methode Electronics, Inc.(a)		10,152		452,881

MicroVision, Inc.* (a)		8,460		27,326

National Instruments Corp.		4,700		169,858

nLight, Inc.* (a)		1,128		14,833

Novanta, Inc.* (a)		2,068		266,152

OSI Systems, Inc.* (a)		564		44,612

PC Connection, Inc.		2,068		102,345

Plexus Corp.* (a)		7,708		625,427

Rogers Corp.*		1,128		305,372

Sanmina Corp.* (a)		16,356		668,797

ScanSource, Inc.* (a)		4,324		148,054

TD SYNNEX Corp.(a)		9,212		922,029

TE Connectivity Ltd.		9,024		1,126,015

Teledyne Technologies, Inc.*		940		405,657

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			95

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Electronic Equipment, Instruments & Components – (continued)

Trimble, Inc.*		6,768	$	451,426

TTM Technologies, Inc.* (a)		22,748		317,335

Velodyne Lidar, Inc.*		376		707

Vishay Intertechnology, Inc.		27,824		518,361

Vontier Corp.(a)		37,976		972,945

Zebra Technologies Corp., Class A*		1,316		486,472
				17,806,257

Energy Equipment & Services – 0.6%

Archrock, Inc.(a)		14,100		122,811

Baker Hughes Co.		27,260		845,605

Cactus, Inc., Class A(a)		4,700		234,671

ChampionX Corp.(a)		13,912		293,543

Core Laboratories NV(a)		2,444		63,544

DMC Global, Inc.* (a)		752		15,033

Dril-Quip, Inc.* (a)		188		5,429

Halliburton Co.		21,432		763,408

Helix Energy Solutions Group, Inc.* (a)		41,736		171,535

Helmerich & Payne, Inc.(a)		7,520		346,146

Liberty Energy, Inc., Class A* (a)		8,272		133,510

Nabors Industries Ltd.* (a)		1,692		261,657

Newpark Resources, Inc.* (a)		16,168		56,426

NexTier Oilfield Solutions, Inc.* (a)		32,336		356,666

Noble Corp.* (a)		13,348		426,202

NOV, Inc.		90,428		1,639,460

Oceaneering International, Inc.* (a)		11,092		125,672

Oil States International, Inc.* (a)		564		3,813

Patterson-UTI Energy, Inc.(a)		4,888		80,359

ProPetro Holding Corp.* (a)		14,476		204,691

RPC, Inc.* (a)		18,988		196,336

Schlumberger NV		35,156		1,371,436

Select Energy Services, Inc., Class A*		27,448		212,996

Transocean Ltd.*		139,496		524,505

US Silica Holdings, Inc.* (a)		5,828		108,284


Investments	Shares		Value

Energy Equipment & Services – (continued)

Weatherford International plc*		14,476	$	467,285
				9,031,023

Entertainment – 1.0%

Activision Blizzard, Inc.		21,244		1,606,047

AMC Entertainment Holdings, Inc., Class A* (a)		10,152		155,326

Cinedigm Corp., Class A* (a)		16,544		11,516

Cinemark Holdings, Inc.* (a)		10,528		166,974

CuriosityStream, Inc.*		5,264		10,686

Electronic Arts, Inc.		7,144		843,349

IMAX Corp.*		2,068		32,716

Liberty Media Corp-Liberty Formula One, Class A*		1,880		107,950

Liberty Media Corp-Liberty Formula One, Class C* (a)		5,828		363,259

Lions Gate Entertainment Corp., Class A*		17,860		240,931

Lions Gate Entertainment Corp., Class B*		34,592		434,822

Live Nation Entertainment, Inc.* (a)		3,572		374,631

Madison Square Garden Entertainment Corp.* (a)		1,880		137,710

Madison Square Garden Sports Corp., Class A* (a)		376		60,953

Marcus Corp. (The)* (a)		5,640		88,717

Netflix, Inc.*		11,844		2,254,624

Playtika Holding Corp.*		3,760		66,101

Redbox Entertainment, Inc.* (a)		3,008		17,988

Roku, Inc.* (a)		3,196		296,908

Sciplay Corp., Class A*		188		2,512

Skillz, Inc.* (a)		16,168		33,144

Take-Two Interactive Software, Inc.*		2,820		337,018

Walt Disney Co. (The)*		49,068		5,477,461

Warner Bros Discovery, Inc.*		72,569		1,317,127

Warner Music Group Corp., Class A(a)		6,580		195,887

See Accompanying Notes to the Financial Statements.


96		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Entertainment – (continued)

World Wrestling Entertainment, Inc., Class A(a)		1,316	$	76,841

Zynga, Inc., Class A* (a)		30,080		248,762
				14,959,960

Equity Real Estate Investment Trusts (REITs) – 3.4%

Acadia Realty Trust		4,136		86,525

Agree Realty Corp.(a)		3,384		229,841

Alexander & Baldwin, Inc.		6,016		127,539

Alexander’s, Inc.(a)		188		46,656

Alexandria Real Estate Equities, Inc.(a)		4,324		787,660

American Assets Trust, Inc.		376		13,762

American Campus Communities, Inc.		5,452		352,581

American Homes 4 Rent, Class A(a)		6,768		268,080

American Tower Corp.		12,408		2,990,576

Americold Realty Trust(a)		4,512		119,027

Apartment Income REIT Corp.		5,640		277,319

Apple Hospitality REIT, Inc.(a)		5,640		99,772

Armada Hoffler Properties, Inc.(a)		1,692		22,927

Ashford Hospitality Trust, Inc.* (a)		9,400		66,270

AvalonBay Communities, Inc.		3,760		855,325

Bluerock Residential Growth REIT, Inc.		4,888		130,070

Boston Properties, Inc.(a)		3,572		420,067

Braemar Hotels & Resorts, Inc.(a)		376		2,279

Brandywine Realty Trust(a)		14,852		173,323

Brixmor Property Group, Inc.		11,468		291,058

Camden Property Trust		2,444		383,439

CareTrust REIT, Inc.(a)		2,444		39,617

CatchMark Timber Trust, Inc., Class A(a)		5,452		44,761

Centerspace(a)		1,504		138,759

Chatham Lodging Trust*		7,708		110,687


Investments	Shares		Value

Equity Real Estate Investment Trusts (REITs) – (continued)

City Office REIT, Inc.(a)		6,580	$	97,647

Community Healthcare Trust, Inc.(a)		1,316		48,455

Corporate Office Properties Trust(a)		8,648		230,815

Cousins Properties, Inc.(a)		6,016		215,974

Crown Castle International Corp.		11,280		2,089,169

CubeSmart		7,332		348,343

DiamondRock Hospitality Co.*		41,548		441,240

Digital Realty Trust, Inc.		8,084		1,181,234

DigitalBridge Group, Inc.* (a)		26,132		181,879

Diversified Healthcare Trust		86,292		194,157

Douglas Emmett, Inc.		8,084		238,155

Duke Realty Corp.		9,400		514,650

EastGroup Properties, Inc.		2,256		423,000

Empire State Realty Trust, Inc., Class A(a)		10,152		87,713

EPR Properties(a)		5,640		296,213

Equinix, Inc.		2,444		1,757,431

Equity Commonwealth* (a)		2,820		73,856

Equity LifeStyle Properties, Inc.		4,888		377,745

Equity Residential		8,084		658,846

Essential Properties Realty Trust, Inc.(a)		3,008		72,192

Essex Property Trust, Inc.(a)		1,504		495,222

Extra Space Storage, Inc.		3,384		642,960

Federal Realty Investment Trust(a)		2,444		286,095

First Industrial Realty Trust, Inc.		7,896		457,968

Four Corners Property Trust, Inc.(a)		6,768		185,849

Franklin Street Properties Corp.(a)		18,612		96,038

Gaming and Leisure Properties, Inc.		7,332		325,394

Getty Realty Corp.		4,700		126,477

Global Net Lease, Inc.(a)		10,904		152,983

Healthcare Realty Trust, Inc.(a)		8,648		234,188

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			97

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Equity Real Estate Investment Trusts (REITs) – (continued)

Healthcare Trust of America, Inc., Class A		11,844	$	360,768

Healthpeak Properties, Inc.		12,972		425,611

Hersha Hospitality Trust* (a)		188		1,839

Highwoods Properties, Inc.		7,144		291,761

Host Hotels & Resorts, Inc.(a)		20,868		424,664

Hudson Pacific Properties, Inc.(a)		10,340		240,715

Independence Realty Trust, Inc.(a)		9,400		256,244

Industrial Logistics Properties Trust(a)		4,512		72,914

Innovative Industrial Properties, Inc.		940		135,915

Invitation Homes, Inc.		14,288		568,948

Iron Mountain, Inc.(a)		7,520		404,050

iStar, Inc.		6,204		104,475

JBG SMITH Properties(a)		6,580		173,449

Kilroy Realty Corp.(a)		4,700		329,000

Kimco Realty Corp.		19,928		504,776

Kite Realty Group Trust(a)		6,956		155,119

Lamar Advertising Co., Class A(a)		3,008		332,113

Life Storage, Inc.		2,820		373,622

LTC Properties, Inc.(a)		4,136		136,488

LXP Industrial Trust(a)		8,836		110,892

Macerich Co. (The)		15,604		195,830

Medical Properties Trust, Inc.(a)		15,604		286,957

Mid-America Apartment Communities, Inc.(a)		3,008		591,613

National Health Investors, Inc.(a)		752		38,751

National Retail Properties, Inc.(a)		6,392		280,225

National Storage Affiliates Trust(a)		2,820		159,612

Necessity Retail REIT, Inc. (The)(a)		26,508		198,015

NexPoint Residential Trust, Inc.		188		16,762

Office Properties Income Trust(a)		15,228		329,229


Investments	Shares		Value

Equity Real Estate Investment Trusts (REITs) – (continued)

Omega Healthcare Investors, Inc.(a)		59,408	$	1,513,716

Outfront Media, Inc.		10,716		274,330

Paramount Group, Inc.(a)		43,428		413,000

Park Hotels & Resorts, Inc.		54,144		1,067,178

Pebblebrook Hotel Trust(a)		9,588		234,139

Physicians Realty Trust(a)		13,912		238,452

Piedmont Office Realty Trust, Inc., Class A		10,904		175,554

Plymouth Industrial REIT, Inc.(a)		4,512		108,829

PotlatchDeltic Corp.		18,048		999,679

Preferred Apartment Communities, Inc., Class A(a)		16,356		406,937

Prologis, Inc.		20,116		3,224,394

PS Business Parks, Inc.(a)		564		105,581

Public Storage		4,136		1,536,524

Rayonier, Inc.(a)		9,024		389,837

Realty Income Corp.		13,724		951,897

Regency Centers Corp.(a)		3,008		207,041

Retail Opportunity Investments Corp.(a)		7,520		140,098

Rexford Industrial Realty, Inc.		5,076		396,131

RLJ Lodging Trust		2,820		39,536

RPT Realty(a)		9,400		124,926

Ryman Hospitality Properties, Inc.* (a)		3,572		333,911

Sabra Health Care REIT, Inc.		61,476		718,040

Safehold, Inc.		188		8,093

SBA Communications Corp.		2,820		978,850

Service Properties Trust		6,392		51,903

Simon Property Group, Inc.		8,084		953,912

SITE Centers Corp.		5,452		86,687

SL Green Realty Corp.		2,820		195,200

Spirit Realty Capital, Inc.		4,512		196,046

STAG Industrial, Inc.(a)		9,212		343,792

STORE Capital Corp.		9,024		256,552

Summit Hotel Properties, Inc.* (a)		10,528		103,911

Sun Communities, Inc.		3,572		627,136

Sunstone Hotel Investors, Inc.*		9,400		115,150

See Accompanying Notes to the Financial Statements.


98		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Equity Real Estate Investment Trusts (REITs) – (continued)

Tanger Factory Outlet Centers, Inc.(a)		9,588	$	154,654

Terreno Realty Corp.(a)		4,324		314,571

UDR, Inc.		9,024		480,167

Uniti Group, Inc.(a)		5,828		72,209

Universal Health Realty Income Trust(a)		1,128		56,614

Urban Edge Properties(a)		5,076		94,870

Urstadt Biddle Properties, Inc., Class A(a)		5,452		94,592

Ventas, Inc.		9,776		543,057

VICI Properties, Inc.(a)		27,636		823,829

Vornado Realty Trust(a)		3,948		152,827

Washington REIT(a)		6,956		167,570

Welltower, Inc.(a)		10,528		956,048

Weyerhaeuser Co.		22,372		922,174

Whitestone REIT(a)		12,408		150,757

WP Carey, Inc.		4,888		394,804

Xenia Hotels & Resorts, Inc.*		29,140		562,111
				51,567,981

Food & Staples Retailing – 1.5%

Albertsons Cos., Inc., Class A		752		23,523

Andersons, Inc. (The)(a)		5,264		264,411

BJ’s Wholesale Club Holdings, Inc.* (a)		33,088		2,129,213

Casey’s General Stores, Inc.		1,504		302,755

Chefs’ Warehouse, Inc. (The)* (a)		4,324		158,258

Costco Wholesale Corp.		11,844		6,297,692

Grocery Outlet Holding Corp.* (a)		3,196		107,609

Ingles Markets, Inc., Class A		2,444		227,585

Kroger Co. (The)		23,688		1,278,205

Performance Food Group Co.*		8,648		425,914

PriceSmart, Inc.(a)		376		29,873

Rite Aid Corp.* (a)		12,596		80,237

SpartanNash Co.(a)		10,340		354,455

Sprouts Farmers Market, Inc.*		29,704		885,179

Sysco Corp.		13,536		1,157,057


Investments	Shares		Value

Food & Staples Retailing – (continued)

United Natural Foods, Inc.* (a)		15,228	$	653,738

US Foods Holding Corp.*		8,460		318,265

Walgreens Boots Alliance, Inc.(a)		21,808		924,659

Walmart, Inc.		45,872		7,017,957

Weis Markets, Inc.(a)		5,076		405,471
				23,042,056

Food Products – 1.2%

Archer-Daniels-Midland Co.		19,176		1,717,403

B&G Foods, Inc.(a)		6,016		162,011

Beyond Meat, Inc.* (a)		3,572		131,735

Bunge Ltd.		3,948		446,598

Calavo Growers, Inc.(a)		2,820		102,197

Campbell Soup Co.(a)		4,700		221,934

Conagra Brands, Inc.		16,544		577,882

Darling Ingredients, Inc.*		4,888		358,730

Flowers Foods, Inc.(a)		12,408		329,060

Fresh Del Monte Produce, Inc.(a)		6,956		181,204

Freshpet, Inc.* (a)		2,444		228,147

General Mills, Inc.		21,056		1,489,291

Hain Celestial Group, Inc. (The)* (a)		2,820		94,583

Hershey Co. (The)		3,760		848,895

Hormel Foods Corp.		5,828		305,329

Hostess Brands, Inc.* (a)		3,948		89,580

Ingredion, Inc.		15,228		1,296,055

J & J Snack Foods Corp.(a)		376		56,287

J M Smucker Co. (The)(a)		3,948		540,600

John B Sanfilippo & Son, Inc.		188		14,596

Kellogg Co.(a)		6,956		476,486

Kraft Heinz Co. (The)(a)		20,868		889,603

Lamb Weston Holdings, Inc.(a)		3,948		260,963

Lancaster Colony Corp.(a)		564		87,521

McCormick & Co., Inc. (Non-Voting)(a)		7,520		756,286

Mondelez International, Inc., Class A		45,120		2,909,338

Pilgrim’s Pride Corp.*		9,400		266,490

Post Holdings, Inc.*		3,384		251,736

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			99

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Food Products – (continued)

Sanderson Farms, Inc.(a)		4,700	$	890,039

Seaboard Corp.		62		261,949

Simply Good Foods Co. (The)* (a)		2,632		109,623

Tattooed Chef, Inc.* (a)		10,340		82,617

Tootsie Roll Industries, Inc.(a)		3,196		111,956

TreeHouse Foods, Inc.* (a)		11,844		373,086

Tyson Foods, Inc., Class A		8,648		805,648

Vita Coco Co., Inc. (The)* (a)		5,640		61,250

Vital Farms, Inc.*		1,880		21,620

Whole Earth Brands, Inc.* (a)		188		1,299
				17,809,627

Gas Utilities – 0.5%

Atmos Energy Corp.(a)		3,948		447,703

Chesapeake Utilities Corp.		564		70,596

Macquarie Infrastructure Holdings LLC(a)		3,384		12,690

National Fuel Gas Co.(a)		23,312		1,634,871

New Jersey Resources Corp.(a)		21,620		933,119

ONE Gas, Inc.(a)		3,760		317,231

South Jersey Industries, Inc.(a)		28,764		983,441

Southwest Gas Holdings, Inc.		13,536		1,192,657

Spire, Inc.(a)		13,536		984,744

UGI Corp.		7,896		270,833
				6,847,885

Health Care Equipment & Supplies – 2.3%

Abbott Laboratories		47,376		5,377,176

ABIOMED, Inc.* (a)		1,128		323,262

Accuray, Inc.* (a)		4,512		12,002

Align Technology, Inc.* (a)		1,880		545,031

Alphatec Holdings, Inc.*		188		2,040

AngioDynamics, Inc.* (a)		564		11,872

Artivion, Inc.* (a)		3,008		61,032

Asensus Surgical, Inc.* (a)		752		341

Aspira Women’s Health, Inc.* (a)		23,124		14,716


Investments	Shares		Value

Health Care Equipment & Supplies – (continued)

AtriCure, Inc.* (a)		1,128	$	58,577

Avanos Medical, Inc.*		1,128		32,892

Axogen, Inc.* (a)		7,520		54,445

Axonics, Inc.* (a)		752		38,969

Baxter International, Inc.		12,972		921,790

Becton Dickinson and Co.		9,024		2,230,643

BioLife Solutions, Inc.* (a)		1,880		23,820

Bioventus, Inc., Class A* (a)		2,820		33,925

Boston Scientific Corp.*		35,908		1,512,086

Cardiovascular Systems, Inc.*		188		3,516

Cerus Corp.* (a)		18,048		83,382

ClearPoint Neuro, Inc.* (a)		2,068		17,723

CONMED Corp.(a)		940		124,982

Cooper Cos., Inc. (The)(a)		1,316		475,129

CryoPort, Inc.* (a)		1,692		38,171

CVRx, Inc.* (a)		3,948		24,596

Dentsply Sirona, Inc.		5,640		225,544

DexCom, Inc.*		2,632		1,075,382

Eargo, Inc.* (a)		9,212		34,821

Edwards Lifesciences Corp.*		16,168		1,710,251

Enovis Corp.* (a)		2,882		186,977

Envista Holdings Corp.* (a)		6,768		268,148

Figs, Inc., Class A* (a)		1,692		26,497

Glaukos Corp.* (a)		2,632		124,467

Globus Medical, Inc., Class A* (a)		4,512		298,785

Haemonetics Corp.* (a)		3,008		152,415

Heska Corp.* (a)		376		41,300

Hologic, Inc.*		7,144		514,297

ICU Medical, Inc.*		752		160,920

IDEXX Laboratories, Inc.* (a)		2,068		890,233

Inari Medical, Inc.* (a)		564		45,515

Inogen, Inc.* (a)		1,316		33,268

Insulet Corp.* (a)		1,692		404,371

Integer Holdings Corp.*		940		70,660

Integra LifeSciences Holdings Corp.* (a)		4,136		252,958

Intersect ENT, Inc.* (a)		940		25,728

Intuitive Surgical, Inc.*		9,776		2,339,397

iRhythm Technologies, Inc.*		1,504		185,548

Lantheus Holdings, Inc.* (a)		5,264		349,582

LeMaitre Vascular, Inc.		188		8,123

See Accompanying Notes to the Financial Statements.


100		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Health Care Equipment & Supplies – (continued)

LivaNova plc*		3,196	$	245,005

Masimo Corp.* (a)		1,316		148,668

Medtronic plc		36,660		3,825,838

Merit Medical Systems, Inc.*		1,692		104,921

Natus Medical, Inc.*		1,128		37,529

Neogen Corp.*		6,204		163,786

Nevro Corp.*		2,068		127,575

Novocure Ltd.* (a)		2,632		201,559

NuVasive, Inc.* (a)		3,008		154,731

OraSure Technologies, Inc.* (a)		188		1,154

Ortho Clinical Diagnostics Holdings plc*		7,708		135,738

Orthofix Medical, Inc.*		2,820		87,420

Outset Medical, Inc.* (a)		2,632		91,804

Penumbra, Inc.* (a)		940		162,206

PROCEPT BioRobotics Corp.* (a)		1,880		66,853

Quidel Corp.* (a)		9,588		964,745

ResMed, Inc.		3,760		751,887

Retractable Technologies, Inc.* (a)		6,016		23,041

RxSight, Inc.* (a)		1,880		23,068

SeaSpine Holdings Corp.* (a)		4,888		45,507

Senseonics Holdings, Inc.* (a)		564		790

Shockwave Medical, Inc.* (a)		2,068		312,537

SI-BONE, Inc.* (a)		3,008		60,100

Sientra, Inc.* (a)		8,648		12,280

Sight Sciences, Inc.* (a)		2,068		14,435

SmileDirectClub, Inc.* (a)		37,036		68,517

STAAR Surgical Co.* (a)		2,256		128,795

Stereotaxis, Inc.* (a)		3,760		9,400

STERIS plc		3,008		673,942

Stryker Corp.		9,212		2,222,487

Surmodics, Inc.*		188		7,268

Tactile Systems Technology, Inc.* (a)		3,760		63,469

Tandem Diabetes Care, Inc.*		2,256		217,659

Teleflex, Inc.		1,128		322,179


Investments	Shares		Value

Health Care Equipment & Supplies – (continued)

TransMedics Group, Inc.* (a)		1,504	$	31,524

Treace Medical Concepts, Inc.* (a)		2,632		51,587

Varex Imaging Corp.* (a)		4,888		97,027

ViewRay, Inc.* (a)		7,144		19,074

Zimmer Biomet Holdings, Inc.		5,076		612,927

Zynex, Inc.(a)		5,076		32,334
				33,768,671

Health Care Providers & Services – 3.3%

1Life Healthcare, Inc.* (a)		11,280		79,524

Acadia Healthcare Co., Inc.* (a)		6,016		408,366

Accolade, Inc.*		188		1,045

AdaptHealth Corp.*		6,016		76,163

Addus HomeCare Corp.* (a)		1,504		126,757

Agiliti, Inc.* (a)		376		7,422

Amedisys, Inc.* (a)		1,692		215,984

AmerisourceBergen Corp.		5,452		824,833

AMN Healthcare Services, Inc.* (a)		3,196		312,409

Anthem, Inc.		8,084		4,057,602

Apollo Medical Holdings, Inc.* (a)		752		27,433

Aveanna Healthcare Holdings, Inc.* (a)		6,016		17,567

Brookdale Senior Living, Inc.* (a)		54,708		338,095

Cardinal Health, Inc.		9,964		578,410

Castle Biosciences, Inc.*		2,256		50,399

Centene Corp.*		20,116		1,620,344

Chemed Corp.		376		184,763

Cigna Corp.		11,092		2,737,284

Community Health Systems, Inc.* (a)		27,260		209,084

Covetrus, Inc.*		4,324		59,671

CVS Health Corp.		43,052		4,138,589

DaVita, Inc.* (a)		2,820		305,603

Encompass Health Corp.		22,936		1,578,685

Ensign Group, Inc. (The)(a)		2,444		196,327

Fulgent Genetics, Inc.* (a)		4,324		237,301

Guardant Health, Inc.* (a)		2,632		162,394

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			101

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Health Care Providers & Services – (continued)

Hanger, Inc.*		3,572	$	58,724

HCA Healthcare, Inc.		8,084		1,734,422

HealthEquity, Inc.* (a)		5,264		328,052

Henry Schein, Inc.*		4,700		381,170

Humana, Inc.		4,136		1,838,700

Innovage Holding Corp.* (a)		188		863

Invitae Corp.* (a)		5,452		28,950

Joint Corp. (The)* (a)		188		5,738

Laboratory Corp. of America Holdings*		3,384		813,108

LHC Group, Inc.*		1,504		249,438

McKesson Corp.		5,264		1,629,787

MEDNAX, Inc.* (a)		4,512		83,562

ModivCare, Inc.* (a)		376		39,093

Molina Healthcare, Inc.*		2,068		648,215

National HealthCare Corp.		2,068		140,748

Oak Street Health, Inc.* (a)		4,324		78,221

Option Care Health, Inc.* (a)		10,152		303,342

Owens & Minor, Inc.(a)		17,484		620,507

Patterson Cos., Inc.(a)		20,492		630,539

PetIQ, Inc.* (a)		2,444		48,636

Premier, Inc., Class A		27,072		980,277

Progyny, Inc.* (a)		3,384		130,115

Quest Diagnostics, Inc.		4,324		578,724

R1 RCM, Inc.* (a)		4,324		97,376

RadNet, Inc.* (a)		1,128		21,996

Select Medical Holdings Corp.(a)		23,876		539,836

Surgery Partners, Inc.* (a)		3,572		182,744

Tenet Healthcare Corp.*		25,568		1,853,936

Tivity Health, Inc.* (a)		5,264		169,132

UnitedHealth Group, Inc.		31,020		15,775,221

Universal Health Services, Inc., Class B		2,444		299,463

US Physical Therapy, Inc.(a)		188		19,509
				48,862,198

Health Care Technology – 0.3%

Allscripts Healthcare Solutions, Inc.* (a)		33,840		699,134

American Well Corp., Class A* (a)		17,672		55,313


Investments	Shares		Value

Health Care Technology – (continued)

Cerner Corp.		8,789	$	823,002

Certara, Inc.* (a)		6,392		117,293

Change Healthcare, Inc.*		63,732		1,501,526

Computer Programs & Systems, Inc.* (a)		3,384		108,017

Convey Health Solutions Holdings, Inc.* (a)		3,196		16,268

Doximity, Inc., Class A* (a)		6,016		239,858

Evolent Health, Inc., Class A* (a)		7,144		196,603

Health Catalyst, Inc.* (a)		376		6,257

HealthStream, Inc.*		188		3,591

Inspire Medical Systems, Inc.* (a)		1,504		309,463

Multiplan Corp.* (a)		376		1,666

NextGen Healthcare, Inc.*		564		10,631

Omnicell, Inc.* (a)		2,444		266,812

OptimizeRx Corp.* (a)		564		15,854

Phreesia, Inc.* (a)		564		12,904

Schrodinger, Inc.* (a)		3,384		83,653

Simulations Plus, Inc.(a)		940		43,860

Tabula Rasa HealthCare, Inc.* (a)		1,692		5,702

Teladoc Health, Inc.* (a)		4,888		165,019

Veeva Systems, Inc., Class A*		3,384		615,719
				5,298,145

Hotels, Restaurants & Leisure – 2.0%

Airbnb, Inc., Class A*		9,588		1,468,978

Aramark		6,392		231,710

BJ’s Restaurants, Inc.* (a)		2,256		62,694

Bloomin’ Brands, Inc.(a)		18,988		417,546

Booking Holdings, Inc.*		1,128		2,493,230

Boyd Gaming Corp.		4,324		261,948

Brinker International, Inc.* (a)		11,656		423,463

Caesars Entertainment, Inc.* (a)		6,580		436,122

Carnival Corp.* (a)		22,936		396,793

Cheesecake Factory, Inc. (The)* (a)		11,280		416,345

Chipotle Mexican Grill, Inc.*		752		1,094,619

See Accompanying Notes to the Financial Statements.


102		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Hotels, Restaurants & Leisure – (continued)

Choice Hotels International, Inc.		1,128	$	158,439

Churchill Downs, Inc.(a)		1,316		267,069

Cracker Barrel Old Country Store, Inc.(a)		5,828		646,850

Darden Restaurants, Inc.(a)		3,008		396,244

Dave & Buster’s Entertainment, Inc.* (a)		4,324		196,742

Denny’s Corp.* (a)		1,692		21,691

Dine Brands Global, Inc.(a)		4,136		296,510

Domino’s Pizza, Inc.(a)		1,128		381,264

DraftKings, Inc., Class A* (a)		9,400		128,592

El Pollo Loco Holdings, Inc.*		3,760		40,044

Esports Technologies, Inc.* (a)		1,692		6,176

Everi Holdings, Inc.* (a)		8,460		146,866

Expedia Group, Inc.*		3,948		689,913

F45 Training Holdings, Inc.* (a)		1,316		11,568

First Watch Restaurant Group, Inc.* (a)		1,316		17,108

GAN Ltd.* (a)		7,332		27,348

Golden Entertainment, Inc.* (a)		3,384		162,297

Golden Nugget Online Gaming, Inc.* (a)		5,076		25,431

Hilton Grand Vacations, Inc.*		6,204		290,533

Hilton Worldwide Holdings, Inc.*		7,520		1,167,781

Hyatt Hotels Corp., Class A* (a)		2,444		232,082

Jack in the Box, Inc.(a)		5,828		482,325

Las Vegas Sands Corp.*		9,400		333,042

Light & Wonder, Inc.* (a)		6,204		347,796

Lindblad Expeditions Holdings, Inc.* (a)		6,580		100,740

Marriott International, Inc., Class A*		7,332		1,301,577

Marriott Vacations Worldwide Corp.		2,632		393,037

McDonald’s Corp.		19,928		4,965,260


Investments	Shares		Value

Hotels, Restaurants & Leisure – (continued)

Membership Collective Group, Inc., Class A* (a)		6,392	$	47,876

MGM Resorts International		12,032		493,793

Norwegian Cruise Line Holdings Ltd.* (a)		13,912		278,657

Papa John’s International, Inc.		940		85,587

Penn National Gaming, Inc.* (a)		5,076		185,629

Planet Fitness, Inc., Class A*		3,196		255,776

PlayAGS, Inc.* (a)		3,760		24,816

Portillo’s, Inc., Class A* (a)		1,692		35,244

Red Robin Gourmet Burgers, Inc.* (a)		5,828		76,871

Red Rock Resorts, Inc., Class A(a)		2,256		99,174

Royal Caribbean Cruises Ltd.* (a)		4,700		365,331

Rush Street Interactive, Inc.* (a)		12,784		81,178

Ruth’s Hospitality Group, Inc.(a)		5,640		118,271

SeaWorld Entertainment, Inc.* (a)		3,760		253,574

Shake Shack, Inc., Class A* (a)		2,256		130,464

Six Flags Entertainment Corp.* (a)		5,640		215,843

Starbucks Corp.		31,396		2,343,397

Texas Roadhouse, Inc.(a)		2,632		216,693

Travel + Leisure Co.(a)		20,304		1,126,466

Vail Resorts, Inc.		1,128		286,692

Wendy’s Co. (The)		6,204		122,591

Wingstop, Inc.(a)		2,068		189,760

Wyndham Hotels & Resorts, Inc.		3,572		314,193

Wynn Resorts Ltd.* (a)		2,444		172,253

Yum! Brands, Inc.		8,460		989,905
				29,447,807

Household Durables – 0.7%

Beazer Homes USA, Inc.*		3,384		51,031

Cavco Industries, Inc.* (a)		188		44,415

Century Communities, Inc.(a)		7,896		416,277

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			103

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Household Durables – (continued)

Cricut, Inc., Class A* (a)		752	$	8,738

DR Horton, Inc.		11,468		798,058

Ethan Allen Interiors, Inc.(a)		4,700		111,578

Garmin Ltd.		3,760		412,622

GoPro, Inc., Class A* (a)		28,764		256,575

Green Brick Partners, Inc.*		8,836		174,069

Helen of Troy Ltd.* (a)		940		201,639

Hovnanian Enterprises, Inc., Class A* (a)		376		17,304

Installed Building Products, Inc.(a)		752		60,513

iRobot Corp.* (a)		1,504		76,178

KB Home(a)		21,056		682,846

La-Z-Boy, Inc.		8,648		227,269

Leggett & Platt, Inc.(a)		4,700		167,461

Lennar Corp., Class A		9,588		733,386

Lennar Corp., Class B(a)		564		36,773

LGI Homes, Inc.* (a)		5,452		510,907

Lovesac Co. (The)* (a)		1,316		57,693

M/I Homes, Inc.*		7,896		349,635

MDC Holdings, Inc.		13,536		499,614

Meritage Homes Corp.*		9,024		744,931

Mohawk Industries, Inc.* (a)		1,692		238,674

Newell Brands, Inc.(a)		12,220		282,893

NVR, Inc.*		107		468,255

PulteGroup, Inc.		9,776		408,246

Purple Innovation, Inc.* (a)		6,768		27,884

Skyline Champion Corp.* (a)		1,880		95,955

Sonos, Inc.* (a)		3,572		81,513

Taylor Morrison Home Corp., Class A* (a)		31,772		832,109

Tempur Sealy International, Inc.(a)		8,084		219,157

Toll Brothers, Inc.		4,888		226,657

TopBuild Corp.* (a)		1,128		204,326

Traeger, Inc.*		3,384		20,270

Tri Pointe Homes, Inc.*		29,892		617,868

Tupperware Brands Corp.* (a)		12,972		228,048

Universal Electronics, Inc.* (a)		2,820		83,190


Investments	Shares		Value

Household Durables – (continued)

Vuzix Corp.* (a)		188	$	972

Weber, Inc., Class A(a)		2,444		21,458

Whirlpool Corp.(a)		2,256		409,509
				11,106,496

Household Products – 1.1%

Central Garden & Pet Co.*		1,692		74,093

Central Garden & Pet Co., Class A* (a)		10,340		427,869

Church & Dwight Co., Inc.(a)		7,332		715,310

Clorox Co. (The)(a)		2,820		404,585

Colgate-Palmolive Co.		21,244		1,636,850

Energizer Holdings, Inc.(a)		15,416		466,951

Kimberly-Clark Corp.		11,280		1,566,002

Procter & Gamble Co. (The)		64,108		10,292,539

Reynolds Consumer Products, Inc.(a)		10,340		305,961

Spectrum Brands Holdings, Inc.(a)		9,588		815,651

WD-40 Co.(a)		376		69,177
				16,774,988

Independent Power and Renewable Electricity Producers – 0.1%

AES Corp. (The)		19,552		399,252

Clearway Energy, Inc., Class A(a)		3,572		101,516

Clearway Energy, Inc., Class C(a)		2,444		74,615

Ormat Technologies, Inc.(a)		1,504		116,861

Sunnova Energy International, Inc.* (a)		1,880		32,468

Vistra Corp.		17,672		442,153
				1,166,865

Industrial Conglomerates – 0.6%

3M Co.		18,424		2,657,109

General Electric Co.		28,952		2,158,372

Honeywell International, Inc.		17,860		3,456,089

Roper Technologies, Inc.		3,008		1,413,519
				9,685,089

Insurance – 2.8%

Aflac, Inc.		21,244		1,216,856

See Accompanying Notes to the Financial Statements.


104		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Insurance – (continued)

Alleghany Corp.*		376	$	314,524

Allstate Corp. (The)		9,964		1,260,845

Ambac Financial Group, Inc.* (a)		8,648		66,849

American Equity Investment Life Holding Co.(a)		21,996		829,689

American Financial Group, Inc.		2,820		390,514

American International Group, Inc.		26,884		1,572,983

American National Group, Inc.		2,632		496,421

AMERISAFE, Inc.(a)		376		17,428

Aon plc, Class A		5,828		1,678,406

Arch Capital Group Ltd.* (a)		14,476		661,119

Argo Group International Holdings Ltd.		6,956		297,717

Arthur J Gallagher & Co.		5,076		855,255

Assurant, Inc.		2,256		410,321

Assured Guaranty Ltd.		18,424		1,016,084

Axis Capital Holdings Ltd.(a)		16,920		970,024

Brighthouse Financial, Inc.* (a)		18,236		936,601

Brown & Brown, Inc.(a)		6,204		384,524

BRP Group, Inc., Class A*		1,692		39,119

Chubb Ltd.		14,476		2,988,570

Cincinnati Financial Corp.		4,136		507,322

CNO Financial Group, Inc.(a)		32,336		780,591

Employers Holdings, Inc.(a)		752		29,584

Enstar Group Ltd.*		3,008		709,136

Erie Indemnity Co., Class A(a)		940		150,663

Everest Re Group Ltd.		1,128		309,873

Fidelity National Financial, Inc.		10,904		434,197

First American Financial Corp.(a)		4,700		274,057

Genworth Financial, Inc., Class A*		111,860		415,001

Globe Life, Inc.		2,632		258,147

GoHealth, Inc., Class A* (a)		18,236		13,626


Investments	Shares		Value

Insurance – (continued)

Goosehead Insurance, Inc., Class A(a)		376	$	21,616

Hanover Insurance Group, Inc. (The)		7,896		1,159,291

Hartford Financial Services Group, Inc. (The)		12,408		867,691

HCI Group, Inc.(a)		1,316		84,342

Horace Mann Educators Corp.		7,896		314,656

James River Group Holdings Ltd.(a)		9,212		218,416

Kemper Corp.		1,504		69,425

Kinsale Capital Group, Inc.(a)		1,316		291,744

Lemonade, Inc.* (a)		2,256		47,060

Lincoln National Corp.		6,768		407,095

Loews Corp.		7,896		496,185

Markel Corp.*		376		508,833

Marsh & McLennan Cos., Inc.		13,912		2,249,570

MBIA, Inc.* (a)		6,580		79,223

Mercury General Corp.(a)		6,768		341,310

MetLife, Inc.		24,440		1,605,219

National Western Life Group, Inc., Class A(a)		376		74,734

Old Republic International Corp.		12,596		277,238

Oscar Health, Inc., Class A* (a)		10,528		77,486

Primerica, Inc.		2,068		267,930

Principal Financial Group, Inc.(a)		9,212		627,706

ProAssurance Corp.(a)		1,692		41,572

Progressive Corp. (The)		18,800		2,018,368

Prudential Financial, Inc.(a)		12,972		1,407,592

Reinsurance Group of America, Inc.		1,504		161,409

RenaissanceRe Holdings Ltd.(a)		10,528		1,510,979

RLI Corp.		1,316		151,050

Ryan Specialty Group Holdings, Inc., Class A*		752		27,816

Safety Insurance Group, Inc.(a)		2,444		210,282

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			105

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Insurance – (continued)

Selective Insurance Group, Inc.		13,912	$	1,145,792

Selectquote, Inc.* (a)		30,832		63,514

SiriusPoint Ltd.* (a)		15,228		95,632

Stewart Information Services Corp.		6,956		358,930

Travelers Cos., Inc. (The)		8,460		1,447,168

Trupanion, Inc.* (a)		2,444		155,487

Universal Insurance Holdings, Inc.(a)		11,656		146,399

Unum Group(a)		46,436		1,417,227

W R Berkley Corp.		5,076		337,503

White Mountains Insurance Group Ltd.(a)		188		197,028

Willis Towers Watson plc		3,384		727,086
				41,993,650

Interactive Media & Services – 3.5%

Alphabet, Inc., Class A*		8,002		18,262,084

Alphabet, Inc., Class C*		7,391		16,994,348

Angi, Inc., Class A*		4,700		20,727

Bumble, Inc., Class A* (a)		3,760		90,202

Cargurus, Inc.* (a)		6,016		196,603

Cars.com, Inc.* (a)		19,740		219,509

Eventbrite, Inc., Class A* (a)		5,264		55,693

EverQuote, Inc., Class A* (a)		1,692		23,485

fuboTV, Inc.* (a)		8,272		31,351

IAC/InterActiveCorp* (a)		1,504		124,651

Liberty TripAdvisor Holdings, Inc., Class A* (a)		10,904		16,356

Match Group, Inc.*		6,768		535,687

MediaAlpha, Inc., Class A* (a)		2,632		38,796

Meta Platforms, Inc., Class A*		60,912		12,211,029

Pinterest, Inc., Class A*		15,416		316,336

QuinStreet, Inc.* (a)		1,692		16,091

Snap, Inc., Class A*		26,508		754,418

TripAdvisor, Inc.* (a)		6,204		159,257

TrueCar, Inc.* (a)		10,904		39,036

Twitter, Inc.*		20,680		1,013,734

Vimeo, Inc.* (a)		9,024		91,955


Investments	Shares		Value

Interactive Media & Services – (continued)

Yelp, Inc.* (a)		1,128	$	36,694

Ziff Davis, Inc.*		3,196		282,398

ZoomInfo Technologies, Inc., Class A*		6,768		320,803
				51,851,243

Internet & Direct Marketing Retail – 2.2%

1847 Goedeker, Inc.* (a)		35,156		44,648

1stdibs.com, Inc.* (a)		1,128		8,528

Amazon.com, Inc.*		11,656		28,972,503

CarParts.com, Inc.* (a)		1,316		7,883

Chewy, Inc., Class A* (a)		2,444		71,023

DoorDash, Inc., Class A* (a)		3,760		306,177

eBay, Inc.		20,868		1,083,466

Etsy, Inc.* (a)		3,008		280,315

Groupon, Inc.* (a)		2,820		55,018

Lands’ End, Inc.* (a)		564		7,907

Liquidity Services, Inc.* (a)		564		8,133

MercadoLibre, Inc.*		1,316		1,281,297

Overstock.com, Inc.* (a)		2,068		69,402

PetMed Express, Inc.(a)		1,504		32,938

Porch Group, Inc.* (a)		3,760		13,912

Poshmark, Inc., Class A* (a)		3,008		33,208

Quotient Technology, Inc.* (a)		5,452		28,950

Qurate Retail, Inc., Series A(a)		89,300		375,953

RealReal, Inc. (The)*		6,204		33,626

Revolve Group, Inc.* (a)		564		23,835

Shutterstock, Inc.		1,880		142,354

Stitch Fix, Inc., Class A* (a)		5,452		51,794

ThredUp, Inc., Class A* (a)		3,572		23,539

Wayfair, Inc., Class A* (a)		2,068		159,112

Xometry, Inc., Class A* (a)		752		24,681
				33,140,202

IT Services – 3.6%

Accenture plc, Class A		16,920		5,082,091

Affirm Holdings, Inc.* (a)		3,760		107,912

Akamai Technologies, Inc.* (a)		5,076		569,933

Automatic Data Processing, Inc.		11,468		2,502,088

See Accompanying Notes to the Financial Statements.


106		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

IT Services – (continued)

BigCommerce Holdings, Inc., Series 1* (a)		752	$	13,438

Block, Inc., Class A*		12,972		1,291,233

Bread Financial Holdings, Inc.		12,408		679,958

Brightcove, Inc.* (a)		2,632		18,556

Broadridge Financial Solutions, Inc.(a)		3,384		487,736

Cantaloupe, Inc.* (a)		3,008		16,454

Cloudflare, Inc., Class A* (a)		6,768		582,996

Cognizant Technology Solutions Corp., Class A		18,048		1,460,083

Concentrix Corp.(a)		1,692		266,456

Conduent, Inc.*		48,692		274,136

CSG Systems International, Inc.(a)		3,008		184,902

DigitalOcean Holdings, Inc.*		376		14,826

DXC Technology Co.*		10,904		312,945

EPAM Systems, Inc.*		1,692		448,363

Euronet Worldwide, Inc.* (a)		2,444		297,313

EVERTEC, Inc.(a)		1,880		74,072

Evo Payments, Inc., Class A* (a)		1,316		29,649

ExlService Holdings, Inc.* (a)		1,128		153,577

Fastly, Inc., Class A* (a)		6,016		95,654

Fidelity National Information Services, Inc.		19,176		1,901,300

Fiserv, Inc.* (a)		18,612		1,822,487

FleetCor Technologies, Inc.*		2,068		516,007

Flywire Corp.* (a)		752		22,944

Gartner, Inc.*		2,444		710,104

Genpact Ltd.		3,948		158,986

Global Payments, Inc.		9,212		1,261,860

GoDaddy, Inc., Class A*		4,324		349,422

GreenBox POS* (a)		3,384		12,216

Grid Dynamics Holdings, Inc.* (a)		376		5,234

I3 Verticals, Inc., Class A* (a)		2,632		72,248

International Business Machines Corp.		29,516		3,902,310

International Money Express, Inc.* (a)		2,632		52,298


Investments	Shares		Value

IT Services – (continued)

Jack Henry & Associates, Inc.(a)		2,068	$	392,051

Limelight Networks, Inc.*		3,760		13,423

LiveRamp Holdings, Inc.*		3,572		111,875

Marqeta, Inc., Class A* (a)		12,972		120,640

Mastercard, Inc., Class A		22,748		8,266,168

MAXIMUS, Inc.		2,444		178,119

MongoDB, Inc.* (a)		1,692		600,542

Okta, Inc.*		3,572		426,175

Paya Holdings, Inc.* (a)		188		957

Paychex, Inc.		8,460		1,072,136

Payoneer Global, Inc.* (a)		19,176		80,156

PayPal Holdings, Inc.*		30,644		2,694,527

Perficient, Inc.* (a)		1,128		112,134

Rackspace Technology, Inc.* (a)		15,792		156,183

Repay Holdings Corp.* (a)		6,204		83,010

Sabre Corp.* (a)		15,040		157,469

Shift4 Payments, Inc., Class A* (a)		3,196		167,662

Snowflake, Inc., Class A*		6,392		1,095,844

SolarWinds Corp.(a)		13,160		162,789

Squarespace, Inc., Class A* (a)		1,880		37,544

Switch, Inc., Class A(a)		6,204		185,251

TaskUS, Inc., Class A* (a)		1,128		32,588

Toast, Inc., Class A*		4,888		91,063

TTEC Holdings, Inc.(a)		564		41,629

Tucows, Inc., Class A* (a)		188		10,833

Twilio, Inc., Class A* (a)		4,324		483,510

Unisys Corp.* (a)		13,912		197,690

VeriSign, Inc.*		2,632		470,312

Verra Mobility Corp.* (a)		11,280		158,258

Visa, Inc., Class A(a)		43,992		9,376,015

Western Union Co. (The)(a)		8,460		141,790

WEX, Inc.* (a)		2,632		437,544
				53,307,674

Leisure Products – 0.3%

Acushnet Holdings Corp.(a)		1,128		45,955

AMMO, Inc.* (a)		18,988		76,902

Brunswick Corp.(a)		3,008		227,435

Callaway Golf Co.*		5,264		115,492

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			107

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Leisure Products – (continued)

Genius Brands International, Inc.* (a)		34,028	$	24,160

Hasbro, Inc.(a)		3,196		281,440

Johnson Outdoors, Inc., Class A(a)		188		14,378

Malibu Boats, Inc., Class A* (a)		4,136		208,000

MasterCraft Boat Holdings, Inc.* (a)		5,828		140,280

Mattel, Inc.*		12,784		310,779

Nautilus, Inc.* (a)		12,032		36,216

Peloton Interactive, Inc., Class A* (a)		8,084		141,955

Polaris, Inc.(a)		13,536		1,285,108

Smith & Wesson Brands, Inc.		8,460		116,156

Solo Brands, Inc., Class A* (a)		1,692		10,101

Sturm Ruger & Co., Inc.(a)		4,136		281,868

Vinco Ventures, Inc.* (a)		7,144		17,717

Vista Outdoor, Inc.* (a)		12,032		423,887

YETI Holdings, Inc.* (a)		2,820		137,813
				3,895,642

Life Sciences Tools & Services – 1.3%

10X Genomics, Inc., Class A* (a)		2,256		107,747

Absci Corp.* (a)		2,068		12,222

Adaptive Biotechnologies Corp.* (a)		2,444		20,163

Agilent Technologies, Inc.		8,084		964,179

Akoya Biosciences, Inc.* (a)		1,128		10,614

Alpha Teknova, Inc.* (a)		1,504		16,890

Avantor, Inc.* (a)		14,100		449,508

Azenta, Inc.(a)		2,632		197,295

Berkeley Lights, Inc.* (a)		188		935

Bionano Genomics, Inc.* (a)		16,356		26,660

Bio-Rad Laboratories, Inc., Class A*		564		288,802

Bio-Techne Corp.		940		356,909

Bruker Corp.		2,632		151,314

Charles River Laboratories International, Inc.*		1,316		317,827


Investments	Shares		Value

Life Sciences Tools & Services – (continued)

ChromaDex Corp.* (a)		6,580	$	12,436

Codexis, Inc.* (a)		5,640		67,849

Cytek Biosciences, Inc.* (a)		1,316		12,436

Danaher Corp.		17,108		4,296,332

Illumina, Inc.*		3,948		1,171,174

IQVIA Holdings, Inc.* (a)		5,264		1,147,499

Maravai LifeSciences Holdings, Inc., Class A*		3,384		103,990

Medpace Holdings, Inc.*		1,128		150,667

Mettler-Toledo International, Inc.*		564		720,527

NanoString Technologies, Inc.* (a)		3,384		63,552

NeoGenomics, Inc.* (a)		3,572		33,755

Pacific Biosciences of California, Inc.* (a)		10,716		67,939

PerkinElmer, Inc.(a)		3,760		551,254

Personalis, Inc.*		4,700		26,320

Quanterix Corp.*		2,444		54,232

Rapid Micro Biosystems, Inc., Class A*		2,820		16,441

Repligen Corp.* (a)		1,504		236,489

Sotera Health Co.* (a)		5,264		107,280

Standard BioTools, Inc.* (a)		8,272		21,921

Syneos Health, Inc.* (a)		3,572		261,077

Thermo Fisher Scientific, Inc.		10,528		5,821,142

Waters Corp.* (a)		1,692		512,710

West Pharmaceutical Services, Inc.		1,880		592,313
				18,970,400

Machinery – 1.9%

AGCO Corp.(a)		2,632		335,317

Agrify Corp.* (a)		2,444		7,063

Alamo Group, Inc.		376		47,541

Albany International Corp., Class A		2,256		176,464

Allison Transmission Holdings, Inc.		25,004		936,150

Altra Industrial Motion Corp.		3,760		146,640

Astec Industries, Inc.		1,692		66,157

Barnes Group, Inc.		1,504		50,504

Blue Bird Corp.* (a)		3,760		60,273

Caterpillar, Inc.		17,296		3,641,500

See Accompanying Notes to the Financial Statements.


108		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Machinery – (continued)

Chart Industries, Inc.* (a)		2,256	$	380,858

CIRCOR International, Inc.* (a)		2,632		51,719

Columbus McKinnon Corp.(a)		564		19,994

Commercial Vehicle Group, Inc.* (a)		6,392		45,895

Crane Co.(a)		3,384		325,642

Cummins, Inc.		4,700		889,193

Deere & Co.		9,024		3,407,011

Desktop Metal, Inc., Class A* (a)		376		1,320

Donaldson Co., Inc.		4,700		230,488

Douglas Dynamics, Inc.(a)		3,384		104,769

Dover Corp.		3,760		501,208

EnPro Industries, Inc.(a)		1,316		122,664

ESCO Technologies, Inc.		2,256		140,887

Evoqua Water Technologies Corp.* (a)		5,640		235,132

Federal Signal Corp.(a)		1,880		63,976

Flowserve Corp.(a)		7,520		245,979

Fortive Corp.		9,024		518,880

Franklin Electric Co., Inc.(a)		1,128		78,892

Gates Industrial Corp. plc* (a)		17,860		227,715

Gorman-Rupp Co. (The)(a)		1,692		53,907

Graco, Inc.(a)		4,324		268,174

Greenbrier Cos., Inc. (The)(a)		6,204		264,973

Helios Technologies, Inc.		752		50,519

Hillenbrand, Inc.(a)		18,612		759,742

Hyster-Yale Materials Handling, Inc.(a)		2,068		63,529

Ideanomics, Inc.* (a)		940		676

IDEX Corp.		1,692		321,175

Illinois Tool Works, Inc.(a)		7,332		1,445,211

Ingersoll Rand, Inc.		9,400		413,224

ITT, Inc.		3,008		211,222

John Bean Technologies Corp.(a)		1,504		177,307

Kadant, Inc.(a)		376		69,560

Kennametal, Inc.		5,264		135,443

Lincoln Electric Holdings, Inc.(a)		2,256		303,951


Investments	Shares		Value

Machinery – (continued)

Lindsay Corp.		376	$	50,816

Manitowoc Co., Inc. (The)*		3,384		44,804

Meritor, Inc.* (a)		19,740		708,863

Middleby Corp. (The)* (a)		1,880		289,313

Mueller Industries, Inc.(a)		15,228		824,596

Mueller Water Products, Inc., Class A(a)		5,452		65,588

Nikola Corp.* (a)		50,948		365,807

Nordson Corp.		1,316		283,848

Oshkosh Corp.(a)		3,008		278,060

Otis Worldwide Corp.		10,340		753,166

PACCAR, Inc.		12,408		1,030,484

Parker-Hannifin Corp.		3,384		916,455

Pentair plc		4,136		209,902

Proto Labs, Inc.*		1,504		64,085

RBC Bearings, Inc.* (a)		1,128		189,899

REV Group, Inc.(a)		7,144		85,156

Snap-on, Inc.		1,692		359,533

SPX Corp.* (a)		1,504		63,018

Standex International Corp.		188		17,680

Stanley Black & Decker, Inc.(a)		5,264		632,470

Tennant Co.(a)		188		12,141

Terex Corp.		14,852		504,968

Timken Co. (The)(a)		16,356		942,760

Toro Co. (The)(a)		2,444		195,838

Trinity Industries, Inc.(a)		3,008		83,442

Wabash National Corp.(a)		7,144		102,231

Watts Water Technologies, Inc., Class A(a)		940		119,812

Welbilt, Inc.*		10,152		239,790

Westinghouse Air Brake Technologies Corp.		5,076		456,383

Xylem, Inc.		4,136		332,948
				27,822,300

Marine – 0.1%

Eagle Bulk Shipping, Inc.(a)		2,444		152,114

Genco Shipping & Trading Ltd.		5,828		128,391

Kirby Corp.* (a)		4,324		281,925

Matson, Inc.(a)		10,152		873,275
				1,435,705

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			109

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Media – 1.1%

Advantage Solutions, Inc.* (a)		30,456	$	153,194

Altice USA, Inc., Class A* (a)		56,212		521,647

AMC Networks, Inc., Class A* (a)		7,708		251,512

Audacy, Inc.* (a)		752		1,910

Cable One, Inc.(a)		188		219,246

Cardlytics, Inc.* (a)		2,256		76,997

Charter Communications, Inc., Class A* (a)		3,384		1,450,010

Clear Channel Outdoor Holdings, Inc.*		102,648		252,514

Comcast Corp., Class A		147,204		5,852,831

DISH Network Corp., Class A* (a)		8,084		230,475

EW Scripps Co. (The), Class A* (a)		14,852		244,464

Fox Corp., Class A(a)		8,084		289,731

Fox Corp., Class B		2,444		81,239

Gannett Co., Inc.* (a)		752		3,016

Gray Television, Inc.(a)		24,816		459,592

iHeartMedia, Inc., Class A* (a)		9,776		156,318

Interpublic Group of Cos., Inc. (The)(a)		11,468		374,086

John Wiley & Sons, Inc., Class A(a)		10,904		554,905

Liberty Broadband Corp., Class A* (a)		564		60,720

Liberty Broadband Corp., Class C*		3,948		441,465

Liberty Media Corp-Liberty SiriusXM, Class A* (a)		2,068		86,504

Liberty Media Corp-Liberty SiriusXM, Class C*		4,888		204,709

Magnite, Inc.* (a)		940		9,071

New York Times Co. (The), Class A		4,324		165,696

News Corp., Class A		9,776		194,151

News Corp., Class B		3,196		63,632

Nexstar Media Group, Inc., Class A(a)		9,964		1,578,497

Omnicom Group, Inc.		5,828		443,686


Investments	Shares		Value

Media – (continued)

Paramount Global, Class A(a)		1,128	$	35,588

Paramount Global, Class B(a)		19,928		580,303

PubMatic, Inc., Class A* (a)		940		21,216

Scholastic Corp.(a)		752		27,711

Sinclair Broadcast Group, Inc., Class A(a)		12,220		271,773

Sirius XM Holdings, Inc.(a)		36,096		216,576

TechTarget, Inc.* (a)		1,128		75,926

TEGNA, Inc.		52,452		1,156,567

Thryv Holdings, Inc.* (a)		3,008		77,697

Urban One, Inc.* (a)		9,588		77,567

WideOpenWest, Inc.* (a)		6,768		135,698
				17,098,440

Metals & Mining – 0.9%

Alcoa Corp.		7,332		497,110

Allegheny Technologies, Inc.* (a)		9,964		270,821

Arconic Corp.* (a)		22,936		577,070

Carpenter Technology Corp.(a)		5,076		193,802

Century Aluminum Co.* (a)		10,152		171,264

Cleveland-Cliffs, Inc.* (a)		19,176		488,796

Coeur Mining, Inc.* (a)		23,312		84,623

Commercial Metals Co.(a)		30,456		1,248,696

Compass Minerals International, Inc.(a)		940		55,582

Freeport-McMoRan, Inc.		46,248		1,875,356

Gatos Silver, Inc.* (a)		2,820		9,532

Hecla Mining Co.(a)		15,040		78,358

Kaiser Aluminum Corp.(a)		1,316		126,994

Materion Corp.(a)		564		48,025

McEwen Mining, Inc.* (a)		1,880		1,260

MP Materials Corp.* (a)		4,324		164,485

Newmont Corp.		25,004		1,821,541

Nucor Corp.		9,212		1,425,833

Piedmont Lithium, Inc.* (a)		3,384		221,347

Reliance Steel & Aluminum Co.(a)		2,444		484,523

Royal Gold, Inc.(a)		3,572		466,075

Ryerson Holding Corp.(a)		1,128		41,522

See Accompanying Notes to the Financial Statements.


110		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Metals & Mining – (continued)

Schnitzer Steel Industries, Inc., Class A(a)		4,512	$	205,883

Southern Copper Corp.		1,880		117,068

Steel Dynamics, Inc.		7,520		644,840

SunCoke Energy, Inc.		9,024		75,080

TimkenSteel Corp.* (a)		9,400		194,298

United States Steel Corp.(a)		61,288		1,868,671

Warrior Met Coal, Inc.		9,964		339,473

Worthington Industries, Inc.(a)		8,836		420,328
				14,218,256

Mortgage Real Estate Investment Trusts (REITs) – 0.5%

AGNC Investment Corp.(a)		11,656		127,983

Annaly Capital Management, Inc.(a)		37,036		237,771

Apollo Commercial Real Estate Finance, Inc.(a)		31,960		384,798

Arbor Realty Trust, Inc.(a)		31,396		536,872

Ares Commercial Real Estate Corp.(a)		5,452		82,162

ARMOUR Residential REIT, Inc.(a)		12,972		95,214

Blackstone Mortgage Trust, Inc., Class A(a)		41,360		1,242,454

BrightSpire Capital, Inc.(a)		17,672		150,212

Broadmark Realty Capital, Inc.(a)		40,608		317,149

Chimera Investment Corp.(a)		51,512		516,150

Dynex Capital, Inc.(a)		13,912		225,792

Ellington Financial, Inc.(a)		16,168		261,760

Granite Point Mortgage Trust, Inc.(a)		5,640		54,877

Hannon Armstrong Sustainable Infrastructure Capital, Inc.(a)		4,136		165,399

Invesco Mortgage Capital, Inc.(a)		85,916		149,494

KKR Real Estate Finance Trust, Inc.(a)		7,144		135,736

Ladder Capital Corp.		7,332		83,511

MFA Financial, Inc.(a)		19,270		274,598


Investments	Shares		Value

Mortgage Real Estate Investment Trusts (REITs) – (continued)

New Residential Investment Corp.(a)		108,664	$	1,130,106

New York Mortgage Trust, Inc.(a)		83,660		269,385

Orchid Island Capital, Inc.(a)		20,116		55,922

PennyMac Mortgage Investment Trust(a)		23,500		360,490

Ready Capital Corp.(a)		14,288		208,176

Redwood Trust, Inc.(a)		33,840		328,248

Starwood Property Trust, Inc.(a)		12,972		296,799

TPG RE Finance Trust, Inc.		11,656		122,971

Two Harbors Investment Corp.(a)		82,908		398,788
				8,212,817

Multiline Retail – 0.5%

Big Lots, Inc.(a)		8,836		273,033

Dillard’s, Inc., Class A(a)		940		285,581

Dollar General Corp.		6,580		1,562,947

Dollar Tree, Inc.*		6,768		1,099,462

Franchise Group, Inc.(a)		7,896		294,442

Kohl’s Corp.		6,204		359,088

Macy’s, Inc.(a)		13,536		327,165

Nordstrom, Inc.(a)		9,212		236,748

Ollie’s Bargain Outlet Holdings, Inc.* (a)		3,384		162,601

Target Corp.		15,792		3,610,841
				8,211,908

Multi-Utilities – 0.9%

Ameren Corp.		6,580		611,282

Avista Corp.(a)		16,920		686,444

Black Hills Corp.(a)		16,544		1,211,682

CenterPoint Energy, Inc.		19,364		592,732

CMS Energy Corp.(a)		8,272		568,204

Consolidated Edison, Inc.		10,904		1,011,237

Dominion Energy, Inc.		27,448		2,240,855

DTE Energy Co.		6,768		886,879

NiSource, Inc.		15,980		465,338

NorthWestern Corp.(a)		12,220		692,752

Public Service Enterprise Group, Inc.		17,860		1,244,128

Sempra Energy		9,964		1,607,791

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			111

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Multi-Utilities – (continued)

Unitil Corp.		2,632	$	134,232

WEC Energy Group, Inc.		8,648		865,232
				12,818,788

Oil, Gas & Consumable Fuels – 4.8%

Alto Ingredients, Inc.* (a)		20,868		120,408

Antero Midstream Corp.(a)		79,712		818,642

Antero Resources Corp.* (a)		70,124		2,468,365

APA Corp.		14,288		584,808

Arch Resources, Inc.(a)		4,324		719,427

Berry Corp.(a)		12,972		142,303

Brigham Minerals, Inc., Class A(a)		6,016		149,077

California Resources Corp.		2,068		83,154

Callon Petroleum Co.* (a)		10,904		559,048

Centennial Resource Development, Inc., Class A* (a)		12,596		97,493

Centrus Energy Corp., Class A* (a)		2,068		57,408

Cheniere Energy, Inc.		8,460		1,148,953

Chesapeake Energy Corp.(a)		24,064		1,973,729

Chevron Corp.		63,732		9,984,892

Civitas Resources, Inc.(a)		15,792		925,732

Clean Energy Fuels Corp.* (a)		17,860		104,660

CNX Resources Corp.*		53,392		1,097,206

Comstock Resources, Inc.* (a)		12,032		204,905

ConocoPhillips		43,052		4,112,327

CONSOL Energy, Inc.* (a)		5,640		268,182

Continental Resources, Inc.(a)		3,572		198,496

Coterra Energy, Inc.		27,261		784,843

Crescent Energy, Inc., Class A(a)		2,820		44,302

CVR Energy, Inc.		10,904		273,363

Delek US Holdings, Inc.*		15,417		373,083

Denbury, Inc.* (a)		1,316		84,198

Devon Energy Corp.(a)		18,424		1,071,724

Diamondback Energy, Inc.		6,392		806,862


Investments	Shares		Value

Oil, Gas & Consumable Fuels – (continued)

Dorian LPG Ltd.		8,460	$	124,531

DT Midstream, Inc.(a)		22,184		1,192,390

Earthstone Energy, Inc., Class A* (a)		6,392		86,228

EOG Resources, Inc.		18,424		2,151,186

EQT Corp.		18,800		747,300

Equitrans Midstream Corp.(a)		97,384		765,438

Exxon Mobil Corp.		137,992		11,763,818

Gevo, Inc.* (a)		376		1,395

Green Plains, Inc.* (a)		5,076		142,483

Gulfport Energy Corp.*		2,256		212,019

Hess Corp.		8,272		852,595

HF Sinclair Corp.* (a)		10,152		385,979

International Seaways, Inc.(a)		3,760		79,449

Kinder Morgan, Inc.		58,844		1,068,019

Kosmos Energy Ltd.*		98,324		664,670

Laredo Petroleum, Inc.* (a)		2,632		187,425

Magnolia Oil & Gas Corp., Class A(a)		11,656		270,885

Marathon Oil Corp.		29,704		740,224

Marathon Petroleum Corp.		16,544		1,443,629

Matador Resources Co.(a)		25,004		1,220,695

Murphy Oil Corp.		32,712		1,245,673

New Fortress Energy, Inc.(a)		2,632		102,069

NextDecade Corp.* (a)		3,384		18,917

Northern Oil and Gas, Inc.(a)		12,972		324,041

Oasis Petroleum, Inc.(a)		3,760		498,802

Occidental Petroleum Corp.(a)		21,996		1,211,760

ONEOK, Inc.		13,160		833,423

Ovintiv, Inc.(a)		10,716		548,552

Par Pacific Holdings, Inc.*		8,460		124,108

PBF Energy, Inc., Class A*		22,184		644,667

PDC Energy, Inc.(a)		25,004		1,743,779

Peabody Energy Corp.* (a)		26,132		591,628

Phillips 66		11,280		978,653

Pioneer Natural Resources Co.		7,144		1,660,766

Range Resources Corp.* (a)		16,168		484,070

Ranger Oil Corp.*		5,452		173,646

See Accompanying Notes to the Financial Statements.


112		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Oil, Gas & Consumable Fuels – (continued)

Renewable Energy Group, Inc.* (a)		11,656	$	711,715

Ring Energy, Inc.* (a)		15,416		68,910

SilverBow Resources, Inc.* (a)		940		34,404

SM Energy Co.(a)		6,768		240,467

Southwestern Energy Co.* (a)		252,108		1,890,810

Targa Resources Corp.		7,520		552,043

Tellurian, Inc.*		15,980		79,580

Texas Pacific Land Corp.(a)		188		256,921

Uranium Energy Corp.* (a)		3,572		15,181

Valero Energy Corp.		11,844		1,320,369

W&T Offshore, Inc.*		34,404		163,763

Whiting Petroleum Corp.(a)		9,024		659,203

Williams Cos., Inc. (The)		42,676		1,463,360

World Fuel Services Corp.		752		18,213
				72,017,441

Paper & Forest Products – 0.2%

Clearwater Paper Corp.*		2,444		80,921

Glatfelter Corp.(a)		7,144		78,584

Louisiana-Pacific Corp.(a)		22,372		1,443,441

Mercer International, Inc.		10,528		168,553

Neenah, Inc.(a)		1,692		59,897

Resolute Forest Products, Inc.(a)		6,956		96,967

Schweitzer-Mauduit International, Inc.(a)		4,700		118,252

Sylvamo Corp.* (a)		6,392		285,403
				2,332,018

Personal Products – 0.3%

BellRing Brands, Inc.* (a)		8,272		177,273

Coty, Inc., Class A* (a)		22,184		179,912

Edgewell Personal Care Co.(a)		13,912		530,604

elf Beauty, Inc.* (a)		752		18,296

Estee Lauder Cos., Inc. (The), Class A		6,392		1,687,871

Herbalife Nutrition Ltd.* (a)		23,500		624,630

Honest Co., Inc. (The)*		3,008		11,912


Investments	Shares		Value

Personal Products – (continued)

Inter Parfums, Inc.(a)		564	$	46,096

Medifast, Inc.		564		100,595

Nu Skin Enterprises, Inc., Class A(a)		12,220		521,061

Thorne HealthTech, Inc.* (a)		3,008		20,154

USANA Health Sciences, Inc.* (a)		188		14,412

Veru, Inc.* (a)		188		2,203
				3,935,019

Pharmaceuticals – 3.5%

9 Meters Biopharma, Inc.* (a)		29,516		12,332

Aclaris Therapeutics, Inc.*		752		9,265

Aerie Pharmaceuticals, Inc.* (a)		5,640		40,100

Amneal Pharmaceuticals, Inc.* (a)		3,384		13,062

Amphastar Pharmaceuticals, Inc.* (a)		1,128		40,010

Ampio Pharmaceuticals, Inc.* (a)		36,284		8,353

ANI Pharmaceuticals, Inc.* (a)		188		5,548

Antares Pharma, Inc.* (a)		17,108		95,206

Arvinas, Inc.* (a)		940		51,672

Axsome Therapeutics, Inc.* (a)		1,880		59,690

Bristol-Myers Squibb Co.		71,064		5,348,987

Cara Therapeutics, Inc.* (a)		1,128		9,836

Cassava Sciences, Inc.* (a)		1,128		23,541

Catalent, Inc.*		3,948		357,531

Clearside Biomedical, Inc.*		3,760		5,753

Collegium Pharmaceutical, Inc.*		3,760		60,536

Corcept Therapeutics, Inc.* (a)		5,076		109,185

DICE Therapeutics, Inc.* (a)		1,316		26,741

Elanco Animal Health, Inc.* (a)		9,588		242,672

Eli Lilly & Co.		21,244		6,206,010

Endo International plc* (a)		58,468		116,936

Evolus, Inc.* (a)		2,068		23,141

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			113

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Pharmaceuticals – (continued)

Harmony Biosciences Holdings, Inc.* (a)		752	$	33,870

Innoviva, Inc.* (a)		10,528		179,608

Intra-Cellular Therapies, Inc.*		3,196		161,750

Jazz Pharmaceuticals plc* (a)		1,880		301,214

Johnson & Johnson		86,480		15,606,181

KemPharm, Inc.* (a)		4,136		18,488

Marinus Pharmaceuticals, Inc.*		3,196		21,158

Merck & Co., Inc.		82,720		7,336,437

Nektar Therapeutics* (a)		7,896		32,611

NGM Biopharmaceuticals, Inc.*		1,504		18,770

Ocular Therapeutix, Inc.* (a)		5,640		20,135

Omeros Corp.* (a)		188		652

Oramed Pharmaceuticals, Inc.* (a)		1,128		5,798

Organon & Co.(a)		6,956		224,887

Pacira BioSciences, Inc.* (a)		3,572		266,364

Perrigo Co. plc		33,088		1,134,918

Pfizer, Inc.		184,804		9,068,332

Phibro Animal Health Corp., Class A(a)		2,068		37,203

Pliant Therapeutics, Inc.* (a)		2,256		13,220

PLx Pharma, Inc.* (a)		5,640		17,033

Prestige Consumer Healthcare, Inc.* (a)		13,160		719,326

Provention Bio, Inc.* (a)		376		1,688

Reata Pharmaceuticals, Inc., Class A* (a)		2,256		57,257

Relmada Therapeutics, Inc.* (a)		9,024		226,593

Revance Therapeutics, Inc.* (a)		3,196		52,350

Royalty Pharma plc, Class A		9,400		400,252

Supernus Pharmaceuticals, Inc.*		5,640		157,356

TherapeuticsMD, Inc.* (a)		100,392		20,249

Tilray Brands, Inc.*		24,628		122,647

Viatris, Inc.		38,540		398,118

Zoetis, Inc.		12,784		2,265,964
				51,786,536


Investments	Shares		Value

Professional Services – 0.7%

ASGN, Inc.* (a)		3,384	$	383,915

Barrett Business Services, Inc.		940		67,652

Booz Allen Hamilton Holding Corp.(a)		3,384		276,236

CACI International, Inc., Class A* (a)		5,640		1,496,292

CBIZ, Inc.*		1,880		78,753

Clarivate plc* (a)		8,648		135,601

CoStar Group, Inc.*		9,400		598,028

Dun & Bradstreet Holdings, Inc.* (a)		9,400		148,426

Equifax, Inc.		3,196		650,450

Exponent, Inc.(a)		3,196		306,209

First Advantage Corp.* (a)		752		13,055

Forrester Research, Inc.*		188		10,470

FTI Consulting, Inc.* (a)		1,128		177,897

Heidrick & Struggles International, Inc.		2,820		90,127

Huron Consulting Group, Inc.*		564		29,204

ICF International, Inc.(a)		564		55,729

Insperity, Inc.		1,128		119,624

Jacobs Engineering Group, Inc.		4,136		573,043

KBR, Inc.(a)		8,836		434,996

Kelly Services, Inc., Class A(a)		8,272		159,567

Kforce, Inc.(a)		376		26,339

Korn Ferry(a)		3,760		231,014

Leidos Holdings, Inc.		3,948		408,657

ManpowerGroup, Inc.		12,220		1,102,244

ManTech International Corp., Class A(a)		1,504		120,831

Nielsen Holdings plc		12,972		347,779

Resources Connection, Inc.		6,016		103,415

Robert Half International, Inc.		3,760		369,646

Science Applications International Corp.(a)		14,100		1,173,543

Sterling Check Corp.* (a)		752		19,537

TransUnion		5,076		444,251

TriNet Group, Inc.* (a)		1,316		116,729

TrueBlue, Inc.*		2,632		67,300

Upwork, Inc.*		3,572		74,905

See Accompanying Notes to the Financial Statements.


114		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Professional Services – (continued)

Verisk Analytics, Inc.		4,136	$	843,951
				11,255,415

Real Estate Management & Development – 0.2%

CBRE Group, Inc., Class A* (a)		9,588		796,187

Cushman & Wakefield plc* (a)		34,404		615,831

eXp World Holdings, Inc.(a)		2,820		37,760

Howard Hughes Corp. (The)* (a)		1,128		113,127

Jones Lang LaSalle, Inc.* (a)		2,068		452,334

Kennedy-Wilson Holdings, Inc.(a)		2,632		59,352

Newmark Group, Inc., Class A(a)		36,096		438,566

Opendoor Technologies, Inc.* (a)		4,136		28,911

RE/MAX Holdings, Inc., Class A		5,828		136,725

Realogy Holdings Corp.* (a)		30,832		337,919

Redfin Corp.* (a)		5,640		62,886

RMR Group, Inc. (The), Class A		376		10,257

St Joe Co. (The)(a)		564		30,010

WeWork, Inc.* (a)		12,220		85,662

Zillow Group, Inc., Class A*		564		21,799

Zillow Group, Inc., Class C* (a)		3,196		127,265
				3,354,591

Road & Rail – 0.9%

AMERCO(a)		188		100,670

ArcBest Corp.(a)		2,068		149,227

Avis Budget Group, Inc.* (a)		1,692		452,898

Covenant Logistics Group, Inc., Class A		940		19,308

CSX Corp.		57,340		1,969,056

Daseke, Inc.* (a)		10,528		88,435

Heartland Express, Inc.(a)		5,828		80,426

JB Hunt Transport Services, Inc.(a)		2,256		385,437


Investments	Shares		Value

Road & Rail – (continued)

Knight-Swift Transportation Holdings, Inc.(a)		4,888	$	234,086

Landstar System, Inc.(a)		1,504		232,970

Lyft, Inc., Class A* (a)		8,272		269,667

Marten Transport Ltd.		2,820		49,011

Norfolk Southern Corp.		6,768		1,745,332

Old Dominion Freight Line, Inc.(a)		2,632		737,276

Ryder System, Inc.(a)		11,844		827,896

Saia, Inc.*		940		193,602

Schneider National, Inc., Class B(a)		5,264		124,388

Uber Technologies, Inc.*		42,864		1,349,359

Union Pacific Corp.		17,296		4,052,280

Werner Enterprises, Inc.		16,356		648,188

XPO Logistics, Inc.*		2,820		151,688
				13,861,200

Semiconductors & Semiconductor Equipment – 4.2%

ACM Research, Inc., Class A*		1,128		17,044

Advanced Micro Devices, Inc.*		43,804		3,746,118

Allegro MicroSystems, Inc.* (a)		376		9,141

Alpha & Omega Semiconductor Ltd.* (a)		5,828		250,021

Ambarella, Inc.*		1,692		138,879

Amkor Technology, Inc.(a)		20,680		388,991

Analog Devices, Inc.		13,348		2,060,664

Applied Materials, Inc.		24,252		2,676,208

Axcelis Technologies, Inc.* (a)		1,128		61,420

AXT, Inc.* (a)		7,520		44,368

Broadcom, Inc.		13,536		7,504,223

Cirrus Logic, Inc.*		3,008		228,006

CMC Materials, Inc.		1,128		201,810

Cohu, Inc.* (a)		1,316		34,953

Diodes, Inc.* (a)		1,504		109,837

Enphase Energy, Inc.* (a)		3,196		515,834

Entegris, Inc.		3,572		397,885

First Solar, Inc.* (a)		2,068		151,026

FormFactor, Inc.* (a)		2,444		93,141

Ichor Holdings Ltd.* (a)		2,444		71,145

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			115

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Semiconductors & Semiconductor Equipment – (continued)

Impinj, Inc.* (a)		1,504	$	74,087

Intel Corp.		135,736		5,916,732

KLA Corp.		3,948		1,260,438

Kulicke & Soffa Industries, Inc.(a)		13,536		628,206

Lam Research Corp.		3,572		1,663,695

Lattice Semiconductor Corp.*		4,700		225,788

MACOM Technology Solutions Holdings, Inc.*		1,504		76,629

Magnachip Semiconductor Corp.*		5,452		99,717

Marvell Technology, Inc.		22,748		1,321,204

MaxLinear, Inc.* (a)		3,572		170,992

Microchip Technology, Inc.		15,604		1,017,381

Micron Technology, Inc.		36,096		2,461,386

MKS Instruments, Inc.(a)		2,068		235,711

Monolithic Power Systems, Inc.		1,128		442,447

NeoPhotonics Corp.*		7,144		108,160

NVIDIA Corp.		66,364		12,308,531

NXP Semiconductors NV		7,332		1,253,039

ON Semiconductor Corp.* (a)		12,596		656,377

Onto Innovation, Inc.* (a)		3,384		240,738

PDF Solutions, Inc.*		376		8,742

Photronics, Inc.*		16,356		245,176

Power Integrations, Inc.(a)		3,196		255,680

Qorvo, Inc.*		3,008		342,250

QUALCOMM, Inc.		37,600		5,252,344

Rambus, Inc.* (a)		3,760		93,662

Semtech Corp.*		3,572		212,891

Silicon Laboratories, Inc.* (a)		2,444		329,720

SiTime Corp.* (a)		564		95,073

Skyworks Solutions, Inc.		4,136		468,609

SMART Global Holdings, Inc.* (a)		9,400		213,004

SolarEdge Technologies, Inc.*		1,504		376,617

SunPower Corp.* (a)		6,580		108,636

Synaptics, Inc.* (a)		1,692		251,160

Teradyne, Inc.(a)		4,700		495,662


Investments	Shares		Value

Semiconductors & Semiconductor Equipment – (continued)

Texas Instruments, Inc.		24,816	$	4,224,924

Ultra Clean Holdings, Inc.*		11,280		351,598

Universal Display Corp.(a)		940		120,066

Veeco Instruments, Inc.* (a)		1,504		34,472

Wolfspeed, Inc.* (a)		3,760		344,830
				62,687,088

Software – 7.0%

8x8, Inc.* (a)		2,820		25,859

ACI Worldwide, Inc.* (a)		5,452		150,584

Adobe, Inc.*		12,408		4,912,948

Agilysys, Inc.* (a)		376		13,841

Alarm.com Holdings, Inc.* (a)		1,316		80,381

Altair Engineering, Inc., Class A* (a)		1,316		71,485

Alteryx, Inc., Class A* (a)		3,760		241,392

American Software, Inc., Class A(a)		1,316		22,504

Amplitude, Inc., Class A* (a)		1,692		29,542

Anaplan, Inc.*		2,068		134,399

ANSYS, Inc.*		2,256		621,957

Appfolio, Inc., Class A* (a)		188		19,526

Appian Corp.* (a)		2,256		107,837

AppLovin Corp., Class A*		376		14,344

Asana, Inc., Class A* (a)		940		25,192

Aspen Technology, Inc.* (a)		1,692		268,250

Autodesk, Inc.* (a)		5,452		1,031,955

Avalara, Inc.*		2,820		214,517

Avaya Holdings Corp.* (a)		19,364		179,117

AvidXchange Holdings, Inc.* (a)		3,384		27,715

Benefitfocus, Inc.* (a)		376		4,004

Bentley Systems, Inc., Class B(a)		4,324		183,294

Bill.com Holdings, Inc.* (a)		2,256		385,122

Black Knight, Inc.*		5,076		333,950

Blackbaud, Inc.* (a)		1,504		87,247

Blackline, Inc.* (a)		1,880		126,054

Bottomline Technologies DE, Inc.*		1,316		74,512

Box, Inc., Class A* (a)		5,452		166,940

BTRS Holdings, Inc., Class A* (a)		10,152		68,221

See Accompanying Notes to the Financial Statements.


116		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Software – (continued)

C3.ai, Inc., Class A* (a)		1,128	$	19,165

Cadence Design Systems, Inc.*		7,332		1,106,032

CDK Global, Inc.		7,896		429,621

Cerence, Inc.* (a)		1,128		33,276

Ceridian HCM Holding, Inc.* (a)		2,820		158,287

ChannelAdvisor Corp.* (a)		3,760		54,558

Citrix Systems, Inc.		2,632		263,463

Cleanspark, Inc.* (a)		2,256		14,641

Clear Secure, Inc., Class A* (a)		1,504		45,752

Clearwater Analytics Holdings, Inc., Class A*		1,692		29,678

CommVault Systems, Inc.*		1,316		80,276

Confluent, Inc., Class A* (a)		3,008		93,970

Consensus Cloud Solutions, Inc.* (a)		3,760		198,227

Coupa Software, Inc.*		2,256		194,693

Crowdstrike Holdings, Inc., Class A* (a)		5,076		1,008,906

CS Disco, Inc.* (a)		940		28,867

Datadog, Inc., Class A* (a)		7,332		885,559

Digimarc Corp.* (a)		752		19,454

Digital Turbine, Inc.* (a)		752		23,801

DocuSign, Inc.*		5,264		426,384

Dolby Laboratories, Inc., Class A(a)		2,444		189,337

DoubleVerify Holdings, Inc.* (a)		752		16,356

Dropbox, Inc., Class A* (a)		10,904		237,162

Duck Creek Technologies, Inc.* (a)		752		11,979

Dynatrace, Inc.*		6,392		245,197

Ebix, Inc.(a)		3,948		117,650

Elastic NV*		1,128		85,886

Enfusion, Inc., Class A* (a)		752		9,603

Envestnet, Inc.* (a)		3,760		299,446

Everbridge, Inc.*		2,444		105,336

Fair Isaac Corp.*		752		280,880

Five9, Inc.* (a)		1,880		206,988

ForgeRock, Inc., Class A* (a)		1,316		26,886


Investments	Shares		Value

Software – (continued)

Fortinet, Inc.*		3,572	$	1,032,344

Freshworks, Inc., Class A* (a)		2,820		51,239

Guidewire Software, Inc.* (a)		3,008		261,516

HubSpot, Inc.* (a)		1,128		427,997

Intapp, Inc.* (a)		752		18,755

InterDigital, Inc.(a)		940		53,439

Intuit, Inc.		7,332		3,070,275

Jamf Holding Corp.* (a)		376		11,581

JFrog Ltd.* (a)		4,136		86,318

Kaleyra, Inc.* (a)		2,256		13,152

Kaltura, Inc.* (a)		7,144		11,073

LivePerson, Inc.* (a)		4,700		106,314

Mandiant Corp.*		11,280		247,934

Manhattan Associates, Inc.*		2,256		294,521

Marathon Digital Holdings, Inc.* (a)		7,144		111,446

MeridianLink, Inc.* (a)		752		12,145

Microsoft Corp.		199,844		55,460,707

MicroStrategy, Inc., Class A* (a)		376		133,168

Mimecast Ltd.* (a)		3,008		239,677

Mitek Systems, Inc.* (a)		940		10,500

Model N, Inc.*		752		19,432

Momentive Global, Inc.* (a)		10,716		169,527

N-able, Inc.* (a)		3,008		30,080

nCino, Inc.* (a)		3,948		148,011

NCR Corp.* (a)		30,080		1,053,702

New Relic, Inc.* (a)		3,572		226,000

NortonLifeLock, Inc.(a)		13,724		343,649

Nutanix, Inc., Class A* (a)		8,084		202,343

Olo, Inc., Class A* (a)		3,760		40,194

OneSpan, Inc.* (a)		1,504		21,252

Oracle Corp.		43,052		3,160,017

PagerDuty, Inc.* (a)		4,512		128,908

Palantir Technologies, Inc., Class A* (a)		37,976		394,950

Palo Alto Networks, Inc.* (a)		2,820		1,582,810

Paycom Software, Inc.*		1,316		370,415

Paycor HCM, Inc.*		1,128		27,783

Paylocity Holding Corp.* (a)		1,128		213,903

Pegasystems, Inc.		940		71,995

PROS Holdings, Inc.* (a)		2,256		63,010

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			117

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Software – (continued)

PTC, Inc.*		2,444	$	279,129

Q2 Holdings, Inc.* (a)		3,196		165,329

Qualtrics International, Inc., Class A* (a)		2,068		38,341

Qualys, Inc.* (a)		1,504		204,965

Rapid7, Inc.* (a)		3,572		341,197

RingCentral, Inc., Class A* (a)		2,444		207,373

Riot Blockchain, Inc.* (a)		3,948		40,033

Sailpoint Technologies Holdings, Inc.* (a)		4,700		300,001

Salesforce, Inc.*		26,132		4,597,664

ServiceNow, Inc.*		5,452		2,606,601

Smartsheet, Inc., Class A* (a)		4,512		218,065

Smith Micro Software, Inc.* (a)		16,544		50,956

Splunk, Inc.* (a)		3,760		458,795

Sprinklr, Inc., Class A* (a)		1,692		23,096

Sprout Social, Inc., Class A* (a)		2,444		149,768

SPS Commerce, Inc.* (a)		2,256		269,885

SS&C Technologies Holdings, Inc.		5,828		376,838

Stronghold Digital Mining, Inc., Class A* (a)		1,880		7,332

Sumo Logic, Inc.* (a)		5,452		51,140

Synopsys, Inc.*		3,948		1,132,247

Tenable Holdings, Inc.* (a)		5,452		301,114

Teradata Corp.* (a)		3,572		147,702

Trade Desk, Inc. (The), Class A*		11,468		675,695

Tyler Technologies, Inc.*		1,316		519,438

UiPath, Inc., Class A* (a)		7,332		130,730

Unity Software, Inc.* (a)		4,136		274,672

Upland Software, Inc.* (a)		5,264		78,539

Varonis Systems, Inc.* (a)		3,760		162,432

Verint Systems, Inc.*		2,068		112,830

Veritone, Inc.* (a)		2,068		22,396

Vertex, Inc., Class A* (a)		3,008		42,804

VMware, Inc., Class A(a)		5,640		609,346

Vonage Holdings Corp.* (a)		9,212		183,872

Workday, Inc., Class A*		5,076		1,049,209


Investments	Shares		Value

Software – (continued)

Workiva, Inc.* (a)		1,692	$	163,295

Xperi Holding Corp.		25,944		404,726

Zendesk, Inc.*		2,820		344,153

Zoom Video Communications, Inc., Class A*		5,828		580,294

Zscaler, Inc.* (a)		1,880		381,151

Zuora, Inc., Class A* (a)		9,964		121,262
				104,316,502

Specialty Retail – 2.5%

Aaron’s Co., Inc. (The)(a)		4,324		88,772

Abercrombie & Fitch Co., Class A*		12,784		442,071

Academy Sports & Outdoors, Inc.(a)		19,176		716,415

Advance Auto Parts, Inc.		1,880		375,304

American Eagle Outfitters, Inc.(a)		34,592		522,685

America’s Car-Mart, Inc.* (a)		1,504		121,598

Arko Corp.(a)		2,820		26,141

Asbury Automotive Group, Inc.* (a)		5,264		967,049

AutoNation, Inc.*		2,068		239,702

AutoZone, Inc.*		678		1,325,809

Bath & Body Works, Inc.(a)		8,084		427,563

Bed Bath & Beyond, Inc.* (a)		19,740		268,661

Best Buy Co., Inc.(a)		7,520		676,274

Big 5 Sporting Goods Corp.(a)		4,512		65,289

Boot Barn Holdings, Inc.*		1,504		135,450

Buckle, Inc. (The)		7,144		221,893

Burlington Stores, Inc.*		1,692		344,423

Caleres, Inc.(a)		7,896		181,055

Camping World Holdings, Inc., Class A(a)		9,964		255,875

CarMax, Inc.* (a)		4,888		419,293

Carvana Co.* (a)		1,880		108,965

Cato Corp. (The), Class A(a)		1,692		22,927

Chico’s FAS, Inc.*		376		1,993

Children’s Place, Inc. (The)* (a)		1,692		78,390

Citi Trends, Inc.* (a)		940		26,292

Conn’s, Inc.* (a)		3,572		55,902

See Accompanying Notes to the Financial Statements.


118		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Specialty Retail – (continued)

Container Store Group, Inc. (The)* (a)		8,084	$	61,843

Designer Brands, Inc., Class A(a)		4,888		67,552

Dick’s Sporting Goods, Inc.(a)		15,980		1,540,792

EVgo, Inc.* (a)		3,948		35,769

Five Below, Inc.*		1,128		177,209

Floor & Decor Holdings, Inc., Class A* (a)		2,256		179,848

Foot Locker, Inc.(a)		23,688		694,295

GameStop Corp., Class A* (a)		2,068		258,645

Gap, Inc. (The)		9,212		114,413

Genesco, Inc.* (a)		2,256		139,940

Group 1 Automotive, Inc.(a)		4,324		752,981

GrowGeneration Corp.* (a)		4,512		26,666

Guess?, Inc.(a)		7,332		164,750

Haverty Furniture Cos., Inc.(a)		2,068		51,348

Hibbett, Inc.(a)		2,444		105,532

Home Depot, Inc. (The)		28,012		8,414,805

JOANN, Inc.(a)		1,504		15,702

Leslie’s, Inc.* (a)		2,632		51,587

Lithia Motors, Inc., Class A(a)		1,316		372,599

LL Flooring Holdings, Inc.* (a)		6,580		90,870

Lowe’s Cos., Inc.		22,560		4,460,789

MarineMax, Inc.* (a)		6,204		253,868

Monro, Inc.(a)		2,820		128,959

Murphy USA, Inc.		5,640		1,317,504

National Vision Holdings, Inc.* (a)		3,384		127,408

ODP Corp. (The)* (a)		13,160		566,275

OneWater Marine, Inc., Class A(a)		752		24,583

O’Reilly Automotive, Inc.*		1,880		1,140,314

Party City Holdco, Inc.* (a)		188		581

Penske Automotive Group, Inc.(a)		1,880		197,062

Petco Health & Wellness Co., Inc.* (a)		3,572		68,797


Investments	Shares		Value

Specialty Retail – (continued)

Rent-A-Center, Inc.(a)		13,536	$	326,488

RH*		564		189,572

Ross Stores, Inc.		8,836		881,568

Sally Beauty Holdings, Inc.* (a)		23,688		358,162

Shift Technologies, Inc.* (a)		28,012		37,536

Shoe Carnival, Inc.		3,008		90,811

Signet Jewelers Ltd.(a)		11,844		831,449

Sleep Number Corp.* (a)		5,076		205,882

Sonic Automotive, Inc., Class A(a)		6,580		279,979

Sportsman’s Warehouse Holdings, Inc.* (a)		11,468		110,207

Tilly’s, Inc., Class A(a)		1,316		11,607

TJX Cos., Inc. (The)		32,712		2,004,591

Tractor Supply Co.		3,008		605,962

TravelCenters of America, Inc.* (a)		2,256		85,750

Ulta Beauty, Inc.*		1,316		522,189

Urban Outfitters, Inc.* (a)		15,040		357,952

Victoria’s Secret & Co.* (a)		16,168		761,836

Vroom, Inc.* (a)		34,216		53,377

Warby Parker, Inc., Class A* (a)		1,692		39,407

Williams-Sonoma, Inc.(a)		2,444		318,893

Zumiez, Inc.* (a)		6,016		220,366
				38,012,661

Technology Hardware, Storage & Peripherals – 4.7%

3D Systems Corp.* (a)		5,640		63,957

Apple, Inc.		412,660		65,055,849

Corsair Gaming, Inc.*		8,272		125,155

Dell Technologies, Inc., Class C		9,024		424,218

Diebold Nixdorf, Inc.* (a)		20,868		85,559

Eastman Kodak Co.* (a)		20,492		105,944

Hewlett Packard Enterprise Co.		44,932		692,402

HP, Inc.(a)		38,164		1,397,947

NetApp, Inc.		6,768		495,756

Pure Storage, Inc., Class A*		14,852		435,164

Seagate Technology Holdings plc		7,520		616,941

Super Micro Computer, Inc.*		11,280		474,888

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			119

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Technology Hardware, Storage & Peripherals – (continued)

Western Digital Corp.*		10,528	$	558,721

Xerox Holdings Corp.(a)		34,592		601,901
				71,134,402

Textiles, Apparel & Luxury Goods – 0.7%

Capri Holdings Ltd.* (a)		4,700		224,190

Carter’s, Inc.(a)		1,504		126,697

Columbia Sportswear Co.(a)		940		77,230

Crocs, Inc.* (a)		2,068		137,377

Deckers Outdoor Corp.*		940		249,805

Fossil Group, Inc.* (a)		12,784		126,306

G-III Apparel Group Ltd.*		10,340		273,803

Hanesbrands, Inc.(a)		80,652		1,069,445

Kontoor Brands, Inc.(a)		10,340		410,808

Levi Strauss & Co., Class A(a)		1,504		27,237

Lululemon Athletica, Inc.* (a)		3,008		1,066,727

Movado Group, Inc.(a)		1,880		67,624

NIKE, Inc., Class B		34,216		4,266,735

Oxford Industries, Inc.(a)		1,128		101,069

PVH Corp.		3,196		232,605

Ralph Lauren Corp.(a)		1,692		176,543

Rocky Brands, Inc.(a)		1,880		72,399

Skechers USA, Inc., Class A* (a)		5,076		194,411

Steven Madden Ltd.(a)		5,264		216,140

Tapestry, Inc.		10,904		358,960

Under Armour, Inc., Class A* (a)		5,452		83,743

Under Armour, Inc., Class C*		10,152		144,057

Vera Bradley, Inc.* (a)		8,084		49,717

VF Corp.		8,084		420,368

Wolverine World Wide, Inc.(a)		5,828		115,511
				10,289,507

Thrifts & Mortgage Finance – 0.6%

Axos Financial, Inc.*		12,408		470,015

Essent Group Ltd.(a)		24,628		998,173

Federal Agricultural Mortgage Corp., Class C		2,444		250,339

Flagstar Bancorp, Inc.		11,092		391,548

Merchants Bancorp(a)		3,384		79,592


Investments	Shares		Value

Thrifts & Mortgage Finance – (continued)

MGIC Investment Corp.		83,284	$	1,087,689

Mr Cooper Group, Inc.* (a)		18,424		828,527

New York Community Bancorp, Inc.(a)		104,904		969,313

NMI Holdings, Inc., Class A*		20,680		380,098

Northfield Bancorp, Inc.(a)		14,664		191,952

PennyMac Financial Services, Inc.(a)		8,836		429,076

Provident Financial Services, Inc.(a)		15,040		332,835

Radian Group, Inc.		44,180		945,010

Rocket Cos., Inc., Class A(a)		30,268		267,872

TFS Financial Corp.(a)		1,692		25,363

TrustCo Bank Corp.(a)		3,572		111,268

Walker & Dunlop, Inc.(a)		2,068		247,664

Washington Federal, Inc.(a)		18,236		554,921

WSFS Financial Corp.		15,604		625,252
				9,186,507

Tobacco – 0.6%

22nd Century Group, Inc.* (a)		11,280		21,545

Altria Group, Inc.		58,092		3,228,172

Philip Morris International, Inc.		50,008		5,000,800

Turning Point Brands, Inc.(a)		1,504		47,211

Universal Corp.(a)		7,520		435,032

Vector Group Ltd.(a)		29,516		375,443
				9,108,203

Trading Companies & Distributors – 0.8%

Air Lease Corp.(a)		25,568		1,029,879

Applied Industrial Technologies, Inc.(a)		2,632		275,544

Beacon Roofing Supply, Inc.* (a)		13,536		807,152

BlueLinx Holdings, Inc.* (a)		2,068		137,874

Boise Cascade Co.(a)		9,024		682,034

Custom Truck One Source, Inc.* (a)		12,220		80,285

Fastenal Co.		15,228		842,261

GATX Corp.(a)		2,632		272,122

Global Industrial Co.(a)		376		11,603

GMS, Inc.* (a)		11,468		549,891

See Accompanying Notes to the Financial Statements.


120		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Trading Companies & Distributors – (continued)

H&E Equipment Services, Inc.		3,572	$	126,734

Herc Holdings, Inc.(a)		1,692		216,271

McGrath RentCorp(a)		2,256		188,286

MRC Global, Inc.*		6,768		81,148

MSC Industrial Direct Co., Inc., Class A(a)		3,384		280,398

NOW, Inc.*		23,124		252,052

Rush Enterprises, Inc., Class A(a)		8,836		449,576

SiteOne Landscape Supply, Inc.* (a)		1,504		212,109

Titan Machinery, Inc.* (a)		2,256		53,196

Triton International Ltd.(a)		16,732		1,022,158

United Rentals, Inc.* (a)		2,444		773,575

Univar Solutions, Inc.* (a)		38,540		1,122,285

Veritiv Corp.* (a)		1,504		211,372

Watsco, Inc.(a)		752		200,619

WESCO International, Inc.*		10,716		1,320,854

WW Grainger, Inc.		1,128		564,034
				11,763,312

Water Utilities – 0.1%

American States Water Co.(a)		2,632		207,033

American Water Works Co., Inc.		4,700		724,176

California Water Service Group(a)		1,504		78,012

Essential Utilities, Inc.(a)		7,708		345,010

Middlesex Water Co.(a)		564		50,168

SJW Group(a)		2,632		155,288
				1,559,687

Wireless Telecommunication Services – 0.2%

Gogo, Inc.* (a)		8,836		162,671

Shenandoah Telecommunications Co.(a)		2,256		45,571

Telephone and Data Systems, Inc.(a)		22,560		413,299

T-Mobile US, Inc.*		16,168		1,990,928


Investments	Shares		Value

Wireless Telecommunication Services – (continued)

United States Cellular Corp.* (a)		2,068	$	59,517
				2,671,986
Total Common Stocks (Cost $942,804,623)				1,487,996,130
	Number of Warrants

WARRANTS – 0.0%(c)

Oil, Gas & Consumable Fuels – 0.0%(c)

Occidental Petroleum Corp., expiring 8/3/2027, price 22.00 USD* (Cost $21,117)		4,266		143,935
	Number of Rights

RIGHTS – 0.0%(c)

Biotechnology – 0.0%(c)

Achillion Pharmaceuticals, Inc., CVR*^‡		44,344		25,720

Media – 0.0%

Media General, Inc., CVR*^‡		22,261		—

Pharmaceuticals – 0.0%(c)

Zogenix, Inc., CVR* ^‡ (d)		4,675		4,675
Total Rights (Cost $0)				30,395
	Principal Amount

SECURITIES LENDING REINVESTMENTS(e) – 15.0%

CERTIFICATES OF DEPOSIT – 3.3%

Bank of Montreal, Chicago
(SOFR + 0.14%), 0.42%, 7/18/2022(f)	$	4,000,000		4,000,000

Commonwealth Bank of Australia, New York
(SOFR + 0.47%), 0.75%, 9/9/2022(f)		5,000,000		5,002,580

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			121

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


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS(e) – (continued)

CERTIFICATES OF DEPOSIT – (continued)

Goldman Sachs International
0.90%, 6/3/2022	$	4,000,000	$	3,996,800

Macquarie Bank Ltd.
(SOFR + 0.18%), 0.46%, 5/10/2022(f) (g)		3,000,000		3,000,000

Mitsubishi UFJ Trust & Banking Corp., New York
(SOFR + 0.35%), 0.63%, 8/4/2022(f)		2,000,000		2,000,216

Mizuho Bank Ltd., New York
0.25%, 5/5/2022		7,000,000		7,000,000

Natixis SA, New York
(SOFR + 0.18%), 0.41%, 6/17/2022(f)		5,000,000		5,000,324

Skandinaviska Enskilda Banken AB, New York
(SOFR + 0.36%), 0.64%, 10/26/2022(f)		5,000,000		5,001,000

Standard Chartered, New York
(SOFR + 0.62%), 0.90%, 6/24/2022(f)		5,000,000		5,000,000

The Norinchukin Bank, New York
(SOFR + 0.45%), 0.73%, 6/10/2022(f)		5,000,000		5,000,000

Westpac Banking Corp., New York
(SOFR + 0.44%), 0.72%, 9/19/2022(f)		5,000,000		5,001,985
Total Certificates of Deposit (Cost $49,997,124)				50,002,905


Investments	Principal Amount		Value

REPURCHASE AGREEMENTS – 11.7%

BofA Securities, Inc., 0.77%, dated 4/30/2022, due 8/1/2022, repurchase price $6,011,935, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 2.25%, maturing 12/15/2023 – 8/15/2046; Common Stocks; total market value $6,110,294	$	6,000,000	$	6,000,000

CF Secured LLC, 0.27%, dated 4/30/2022, due 5/2/2022, repurchase price $10,000,150, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 3.00%, maturing 5/26/2022 – 2/15/2052; Cash; total market value $10,131,747		10,000,000		10,000,000

Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $41,507,640, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 –5/15/2040; total market value $41,776,223		41,506,948		41,506,948

See Accompanying Notes to the Financial Statements.


122		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS(e) – (continued)

REPURCHASE AGREEMENTS – (continued)

Societe Generale, New York Branch, 0.28%, dated 4/30/2022, due 5/6/2022, repurchase price $87,004,060, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 7.25%, maturing 4/30/2022 – 8/15/2051; total market value $88,096,211	$	87,000,000	$	87,000,000

TD Prime Services LLC, 0.40%, dated 4/30/2022, due 5/2/2022, repurchase price $30,000,667, collateralized by various Common Stocks; total market value $32,714,141		30,000,000		30,000,000
Total Repurchase Agreements (Cost $174,506,948)				174,506,948
Total Securities Lending Reinvestments (Cost $224,504,072)				224,509,853
Total Investments – 114.4% (Cost $1,167,329,812)				1,712,680,313

Liabilities in excess of other assets – (14.4%)				(215,691,172	)
NET ASSETS – 100.0%			$	1,496,989,141

*	Non-income producing security.

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

^(a)

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

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

^(b)

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

^(c)

Represents less than 0.05% of net assets.

^(d)

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

^(e)

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

^(f)

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

^(g)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

Percentages shown are based on Net Assets.

Abbreviations

CVR – Contingent Value Rights

SOFR – Secured Overnight Financing Rate



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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			123

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

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


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

Futures Contracts

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


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

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

Abbreviations:

USD – US Dollar


Security Type	% of Net Assets
Common Stocks		99.4	%
Warrants		0.0	^†
Rights		0.0	^†
Securities Lending Reinvestments		15.0
Others⁽¹⁾		(14.4	)
		100.0	%

^†	Amount represents less than 0.05%.

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


124		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

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

April 30, 2022 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 97.9%

Aerospace & Defense – 1.2%

Airbus SE		9,933	$	1,105,934

Austal Ltd.(a)		130,462		187,280

Babcock International Group plc*		187,867		722,697

BAE Systems plc		75,293		699,525

Bombardier, Inc., Class B*		34,672		34,182

CAE, Inc.*		4,836		115,598

Chemring Group plc		8,536		37,670

Dassault Aviation SA		550		92,952

Elbit Systems Ltd.		412		89,797

Hensoldt AG		13,846		387,812

INVISIO AB*		2,552		45,550

Kongsberg Gruppen ASA		1,540		67,111

Leonardo SpA*		12,056		124,946

LISI		880		19,960

Meggitt plc*		15,738		153,133

Montana Aerospace AG* (b)		1,496		22,995

MTU Aero Engines AG*		774		158,121

QinetiQ Group plc		223,471		959,542

Rheinmetall AG		1,118		253,342

Rolls-Royce Holdings plc*		144,007		150,589

Saab AB, Class B		2,493		106,610

Safran SA		5,676		617,831

Senior plc*		31,416		50,487

Singapore Technologies Engineering Ltd.		17,900		53,146

Thales SA		1,677		215,836

Ultra Electronics Holdings plc		1,232		50,487
				6,523,133

Air Freight & Logistics – 0.7%

bpost SA* (a)		32,637		200,557

Cargojet, Inc.		352		41,338

Cia de Distribucion Integral Logista Holdings SA(a)		23,048		425,260

Deutsche Post AG (Registered)		16,297		703,518

DSV A/S		3,354		556,519

Freightways Ltd.		6,248		49,799

ID Logistics Group*		81		25,977

Kerry Logistics Network Ltd.		18,500		42,724


Investments	Shares		Value

Air Freight & Logistics – (continued)

Kintetsu World Express, Inc.		1,900	$	45,535

Konoike Transport Co. Ltd.		14,900		132,715

Mainfreight Ltd.(a)		1,892		99,837

Oesterreichische Post AG* (a)		11,438		370,442

PostNL NV(a)		178,364		588,580

Royal Mail plc		14,455		62,539

SG Holdings Co. Ltd.		8,800		155,745

Singapore Post Ltd.		101,200		52,399

Yamato Holdings Co. Ltd.(a)		6,200		117,004
				3,670,488

Airlines – 0.2%

Air Canada*		5,192		91,405

Air France-KLM* (a)		20,064		83,692

Air New Zealand Ltd.* (a)		11,968		6,875

ANA Holdings, Inc.*		2,400		45,449

Deutsche Lufthansa AG (Registered)*		11,748		88,651

easyJet plc*		14,080		99,170

Exchange Income Corp.(a)		13,416		435,111

Finnair OYJ* (a)		82,324		40,870

Japan Airlines Co. Ltd.*		2,800		46,487

JET2 plc*		2,813		43,811

Qantas Airways Ltd.*		22,968		91,404

Singapore Airlines Ltd.*		16,799		66,909

Wizz Air Holdings plc* (b)		728		29,020
				1,168,854

Auto Components – 1.2%

Aisin Corp.		4,500		131,291

ARB Corp. Ltd.		997		28,412

Brembo SpA(a)		3,647		36,935

Bridgestone Corp.		14,400		529,830

Burelle SA		132		74,918

CIE Automotive SA		1,716		38,016

Cie Generale des Etablissements Michelin SCA(a)		4,214		529,244

Cie Plastic Omnium SA(a)		720		11,819

Continental AG*		1,935		134,768

Denso Corp.		8,500		522,032

Dometic Group AB(a) (c)		5,962		51,978

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			125

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Auto Components – (continued)

ElringKlinger AG*		11,880	$	100,137

Exedy Corp.		12,900		154,529

Faurecia SE(a)		3,967		88,218

FCC Co. Ltd.		12,900		129,538

Gestamp Automocion SA(a)(b)		64,027		210,606

G-Tekt Corp.		10,700		103,482

GUD Holdings Ltd.(a)		6,543		59,703

Hella GmbH & Co. KGaA		660		41,811

HI-LEX Corp.(a)		8,800		77,703

Johnson Electric Holdings Ltd.(a)		151,778		173,518

JTEKT Corp.		6,700		46,904

Koito Manufacturing Co. Ltd.		2,500		92,332

KYB Corp.		8,600		195,551

Linamar Corp.(a)		1,584		63,060

Magna International, Inc.		6,665		403,743

Musashi Seimitsu Industry Co. Ltd.(a)		17,200		176,434

NGK Spark Plug Co. Ltd.		2,700		41,659

NHK Spring Co. Ltd.(a)		2,900		18,847

Nifco, Inc.		2,400		50,645

Nippon Seiki Co. Ltd.		17,200		124,924

NOK Corp.		200		1,715

Nokian Renkaat OYJ		2,552		34,662

Pacific Industrial Co. Ltd.		24,400		189,648

Piolax, Inc.		12,900		151,044

Pirelli & C SpA(b)		9,548		47,825

Schaeffler AG (Preference)		58,050		313,548

Shoei Co. Ltd.		2,200		81,931

Stanley Electric Co. Ltd.(a)		3,800		65,817

Sumitomo Electric Industries Ltd.		17,200		185,661

Sumitomo Riko Co. Ltd.		12,400		53,214

Sumitomo Rubber Industries Ltd.(a)		4,900		42,586

TI Fluid Systems plc(b)		7,392		15,072

Tokai Rika Co. Ltd.		19,600		207,255

Topre Corp.(a)		17,200		146,962

Toyo Tire Corp.		4,600		52,938

Toyoda Gosei Co. Ltd.		2,000		29,345

Toyota Boshoku Corp.		2,700		43,368

TS Tech Co. Ltd.		4,800		50,460

Valeo		3,080		56,878


Investments	Shares		Value

Auto Components – (continued)

Vitesco Technologies Group AG*		8,471	$	344,412

Yokohama Rubber Co. Ltd. (The)		3,600		48,293
				6,605,221

Automobiles – 2.1%

Aston Martin Lagonda Global Holdings plc* (a) (b)		578		6,193

Bayerische Motoren Werke AG		7,181		594,760

Bayerische Motoren Werke AG (Preference)		1,012		75,427

Ferrari NV		1,978		423,598

Honda Motor Co. Ltd.		38,700		1,021,267

Isuzu Motors Ltd.		12,900		151,044

Mazda Motor Corp.		17,300		124,048

Mercedes-Benz Group AG*		18,920		1,339,293

Mitsubishi Motors Corp.*		900		2,271

Nissan Motor Co. Ltd.*		56,300		224,661

PIERER Mobility AG(a)		440		36,491

Porsche Automobil Holding SE (Preference)		3,182		267,004

Renault SA*		3,344		83,167

Stellantis NV		50,936		698,244

Subaru Corp.(a)		13,300		201,101

Suzuki Motor Corp.		11,900		358,947

Toyota Motor Corp.		292,400		5,045,232

Trigano SA		352		45,972

Volkswagen AG (Preference)		4,214		662,122

Volvo Car AB, Class B* (a)		5,984		44,605

Yamaha Motor Co. Ltd.		6,900		143,262
				11,548,709

Banks – 9.7%

77 Bank Ltd. (The)		30,100		375,205

ABN AMRO Bank NV, CVA(a) (b)		9,020		114,140

AIB Group plc		18,788		41,266

Aktia Bank OYJ		5,368		54,761

AMCO – Asset Management Co. SpA*		239		987

Aozora Bank Ltd.		2,900		58,287

See Accompanying Notes to the Financial Statements.


126		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Banks – (continued)

Australia & New Zealand Banking Group Ltd.(a)		64,500	$	1,251,348

Awa Bank Ltd. (The)(a)		17,200		285,162

Banca Monte dei Paschi di Siena SpA* (a)		133,386		113,276

Banca Popolare di Sondrio SpA(a)		33,798		135,561

Banco Bilbao Vizcaya Argentaria SA		151,145		806,660

Banco BPM SpA(a)		32,208		102,851

Banco Comercial Portugues SA, Class R* (a)		379,192		59,204

Banco de Sabadell SA		174,838		137,227

Banco Espirito Santo SA (Registered)* ^‡		48,647		—

Banco Santander SA(a)		383,646		1,139,915

Bank Hapoalim BM		20,597		192,191

Bank Leumi Le-Israel BM		32,551		343,867

Bank Millennium SA*		25,740		29,205

Bank of East Asia Ltd. (The)(a)		54,378		80,810

Bank of Ireland Group plc*		18,662		114,187

Bank of Kyoto Ltd. (The)		1,600		69,898

Bank of Montreal(a)		14,534		1,548,982

Bank of Nova Scotia (The)(a)		27,821		1,770,853

Bank of Queensland Ltd.(a)		13,492		77,951

Bank Polska Kasa Opieki SA		4,004		88,424

Bankinter SA(a)		20,797		123,565

Banque Cantonale de Geneve		731		124,262

Banque Cantonale Vaudoise (Registered)(a)		701		59,762

Barclays plc		352,299		655,506

BAWAG Group AG* (b)		2,156		103,989

Bendigo & Adelaide Bank Ltd.(a)		9,421		71,302

Berner Kantonalbank AG (Registered)		1,548		357,237

BNP Paribas SA(a)		25,757		1,350,602

BPER Banca(a)		40,348		68,317

CaixaBank SA		100,922		328,771

Canadian Imperial Bank of Commerce		10,406		1,156,340

Canadian Western Bank		3,124		79,221


Investments	Shares		Value

Banks – (continued)

Chiba Bank Ltd. (The)		17,400	$	100,591

Chugoku Bank Ltd. (The)(a)		73,100		539,392

Close Brothers Group plc		1,760		24,527

Commerzbank AG*		21,801		144,480

Commonwealth Bank of Australia(a)		27,176		2,006,195

Concordia Financial Group Ltd.(a)		32,321		117,749

Credit Agricole SA(a)		29,498		322,890

Credito Emiliano SpA		29,455		181,159

Dah Sing Banking Group Ltd.		156,640		132,561

Dah Sing Financial Holdings Ltd.		68,800		202,117

Daishi Hokuetsu Financial Group, Inc.(a)		17,200		334,548

Danske Bank A/S		13,717		212,234

DBS Group Holdings Ltd.		42,156		1,035,507

DNB Bank ASA(a)		15,910		313,792

Erste Group Bank AG		7,740		242,183

FIBI Holdings Ltd.		1,100		51,880

FinecoBank Banca Fineco SpA		11,567		162,600

First International Bank of Israel Ltd. (The)		1,144		48,375

Fukuoka Financial Group, Inc.		2,800		51,306

Graubuendner Kantonalbank		7		11,647

Gunma Bank Ltd. (The)(a)		146,200		420,906

Hachijuni Bank Ltd. (The)		3,200		10,571

Hang Seng Bank Ltd.		12,900		229,355

Heartland Group Holdings Ltd.(a)		50,556		75,471

Hirogin Holdings, Inc.		5,200		25,767

Hokuhoku Financial Group, Inc.		51,300		348,441

HSBC Holdings plc		467,496		2,942,336

Hyakugo Bank Ltd. (The)(a)		94,600		251,176

ING Bank Slaski SA		748		33,206

ING Groep NV(a)		86,774		833,034

Intesa Sanpaolo SpA		379,346		782,294

Israel Discount Bank Ltd., Class A		31,322		186,533

Iyo Bank Ltd. (The)(a)		124,600		606,843

Jyske Bank A/S (Registered)*		1,292		72,485

KBC Ancora		352		14,386

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			127

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Banks – (continued)

KBC Group NV		5,805	$	398,181

Kiyo Bank Ltd. (The)		28,000		308,830

Kyushu Financial Group, Inc.(a)		166,600		511,785

Laurentian Bank of Canada(a)		15,523		474,538

Liechtensteinische Landesbank AG		3,698		206,492

Lloyds Banking Group plc		1,583,174		911,945

Luzerner Kantonalbank AG (Registered)		16		6,849

Mebuki Financial Group, Inc.		28,010		56,643

Mediobanca Banca di Credito Finanziario SpA(a)		14,448		146,505

Mitsubishi UFJ Financial Group, Inc.		292,400		1,702,357

Mizrahi Tefahot Bank Ltd.		3,121		116,283

Mizuho Financial Group, Inc.		55,929		681,413

Nanto Bank Ltd. (The)(a)		12,946		203,443

National Australia Bank Ltd.(a)		53,578		1,242,394

National Bank of Canada		8,084		567,502

NatWest Group plc		74,949		205,135

Nishi-Nippon Financial Holdings, Inc.		55,900		337,833

Nordea Bank Abp		57,061		576,941

North Pacific Bank Ltd.(a)		98,900		188,548

Ogaki Kyoritsu Bank Ltd. (The)(a)		14,100		207,430

Oversea-Chinese Banking Corp. Ltd.		90,370		810,837

Pareto Bank ASA		16,280		95,584

Powszechna Kasa Oszczednosci Bank Polski SA*		11,308		83,607

Raiffeisen Bank International AG(a)		4,224		48,928

Resona Holdings, Inc.		58,900		256,812

Ringkjoebing Landbobank A/S		704		87,060

Royal Bank of Canada		32,680		3,317,734

San-In Godo Bank Ltd. (The)		55,900		278,723

Santander Bank Polska SA		836		50,978

Shiga Bank Ltd. (The)(a)		18,200		344,024

Shinsei Bank Ltd.		2,600		45,715

Shizuoka Bank Ltd. (The)		17,200		111,649


Investments	Shares		Value

Banks – (continued)

Skandinaviska Enskilda Banken AB, Class A		28,122	$	320,320

Skandinaviska Enskilda Banken AB, Class C(a)		684		8,423

Societe Generale SA		17,157		419,372

Spar Nord Bank A/S		30,229		386,688

SpareBank 1 Nord Norge		39,302		421,430

Sparebank 1 Oestlandet		1,329		19,629

SpareBank 1 SMN		3,103		44,031

SpareBank 1 Sorost-Norge(a)		16,236		101,425

SpareBank 1 SR-Bank ASA		4,796		61,774

Sparebanken More		13,545		116,658

Sparebanken Vest		36,722		388,641

St Galler Kantonalbank AG (Registered)		110		53,377

Standard Chartered plc		57,362		397,395

Sumitomo Mitsui Financial Group, Inc.		32,300		976,030

Sumitomo Mitsui Trust Holdings, Inc.		8,600		267,572

Suruga Bank Ltd.(a)		73,900		232,720

Svenska Handelsbanken AB, Class A		26,187		267,342

Svenska Handelsbanken AB, Class B(a)		908		10,329

Swedbank AB, Class A		13,502		216,386

Sydbank A/S		23,134		803,143

TBC Bank Group plc		15,308		242,546

Toronto-Dominion Bank (The)		41,409		3,006,409

Unicaja Banco SA(b)		453,865		431,403

UniCredit SpA		48,633		456,874

United Overseas Bank Ltd.		36,626		795,433

Valiant Holding AG (Registered)		5,547		558,900

Virgin Money UK plc		41,844		91,858

Walliser Kantonalbank (Registered)		485		55,213

Westpac Banking Corp.(a)		54,309		921,255

Yamaguchi Financial Group, Inc.		94,600		520,607

Zuger Kantonalbank AG		10		75,413
				53,790,923

See Accompanying Notes to the Financial Statements.


128		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Beverages – 1.1%

Anheuser-Busch InBev SA/NV(a)		14,147	$	826,811

Asahi Group Holdings Ltd.		11,400		427,896

Britvic plc		3,520		37,874

Budweiser Brewing Co. APAC Ltd.(a) (b)		39,600		99,831

C&C Group plc* (a)		23,522		61,722

Carlsberg A/S, Class B		1,677		216,043

Coca-Cola Bottlers Japan Holdings, Inc.(a)		3,354		37,796

Coca-Cola Europacific Partners plc		3,408		170,230

Coca-Cola HBC AG*		4,000		82,235

Davide Campari-Milano NV		10,340		117,645

Diageo plc		38,270		1,930,808

Fevertree Drinks plc		2,199		50,109

Heineken Holding NV		1,496		117,892

Heineken NV		3,569		351,662

Ito En Ltd.(a)		800		32,973

Kirin Holdings Co. Ltd.		12,938		189,786

Olvi OYJ, Class A		1,452		48,328

Pernod Ricard SA		3,354		699,345

Primo Water Corp.		9,245		135,921

Remy Cointreau SA		396		79,166

Royal Unibrew A/S		836		72,819

Sapporo Holdings Ltd.		1,800		37,512

Suntory Beverage & Food Ltd.		1,800		71,272

Takara Holdings, Inc.		4,200		35,529

Treasury Wine Estates Ltd.		8,668		69,422
				6,000,627

Biotechnology – 0.6%

Abcam plc*		4,545		71,328

Argenx SE*		903		260,923

Bavarian Nordic A/S* (a)		3,916		75,473

BioGaia AB, Class B		1,134		71,444

Clinuvel Pharmaceuticals Ltd.(a)		1,368		16,099

CSL Ltd.		7,697		1,494,916

Galapagos NV*		924		54,587

Genmab A/S*		989		351,346

Genus plc		1,232		38,917

GNI Group Ltd.* (a)		4,400		39,055


Investments	Shares		Value

Biotechnology – (continued)

Grifols SA(a)		3,564	$	60,158

Grifols SA (Preference), Class B		5,680		62,558

HEALIOS KK*		1,100		6,334

Idorsia Ltd.* (a)		3,564		61,502

Imugene Ltd.* (a)		171,556		26,822

Mesoblast Ltd.* (a)		44,748		34,185

MorphoSys AG*		2,816		60,306

Oxford Biomedica plc*		44		315

Pacific Edge Ltd.* (a)		60,412		35,289

PeptiDream, Inc.*		2,500		40,560

Pharma Mar SA* (a)		414		31,874

PureTech Health plc*		5,168		11,199

SanBio Co. Ltd.* (a)		2,200		18,882

Takara Bio, Inc.		400		6,471

Telix Pharmaceuticals Ltd.*		14,168		46,416

Valneva SE* (a)		4,620		60,290

Vitrolife AB		880		22,950
				3,060,199

Building Products – 1.0%

AGC, Inc.		5,200		196,264

Aica Kogyo Co. Ltd.		1,500		34,791

Arbonia AG		2,156		38,649

Assa Abloy AB, Class B(a)		15,566		398,951

Belimo Holding AG (Registered)		132		66,024

Bunka Shutter Co. Ltd.(a)		23,200		174,770

Carel Industries SpA(a) (b)		2,464		59,916

Central Glass Co. Ltd.		13,100		241,758

Cie de Saint-Gobain		11,696		695,039

Daikin Industries Ltd.		4,900		758,108

dormakaba Holding AG		44		20,625

Fletcher Building Ltd.		17,649		70,907

Geberit AG (Registered)		559		322,506

Genuit Group plc		15,664		88,891

GWA Group Ltd.(a)		17,760		28,776

Inrom Construction Industries Ltd.		8,932		38,652

Inwido AB		4,884		68,123

James Halstead plc		9,372		29,181

Kingspan Group plc		2,581		242,495

Lindab International AB		2,244		52,976

Lixil Corp.		6,000		106,236

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			129

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Building Products – (continued)

Munters Group AB(b)		10,384	$	62,876

Nibe Industrier AB, Class B		24,897		247,715

Nichias Corp.		800		14,455

Nichiha Corp.		12,900		234,084

Nitto Boseki Co. Ltd.		1,900		37,073

Noritz Corp.(a)		17,200		199,932

Reliance Worldwide Corp. Ltd.		13,860		39,004

ROCKWOOL International A/S, Class A		88		24,561

ROCKWOOL International A/S, Class B		174		49,205

Sanwa Holdings Corp.		5,400		49,515

Schweiter Technologies AG		56		56,943

Sekisui Jushi Corp.		14,100		193,391

Steico SE		396		40,105

Takara Standard Co. Ltd.		19,376		194,568

Takasago Thermal Engineering Co. Ltd.(a)		21,500		281,943

TOTO Ltd.		3,000		101,536

Tyman plc		17,160		59,462

Uponor OYJ		2,112		37,409

Volution Group plc		7,524		38,872
				5,696,287

Capital Markets – 3.2%

3i Group plc		22,016		366,244

ABG Sundal Collier Holding ASA		145,813		111,748

Abrdn plc		27,500		65,358

AJ Bell plc		11,352		35,574

Allfunds Group plc		4,048		34,975

Alpha FX Group plc(b)		1,804		46,657

Amundi SA(b)		880		53,566

Anima Holding SpA(b)		105,264		519,706

Ashmore Group plc		9,588		26,820

ASX Ltd.		2,752		169,501

AURELIUS Equity Opportunities SE & Co. KGaA		2,464		66,337

Avanza Bank Holding AB		2,704		69,468

Azimut Holding SpA		3,740		80,449

Banca Generali SpA(a)		1,397		46,748

Brederode SA*		80		10,279


Investments	Shares		Value

Capital Markets – (continued)

Brewin Dolphin Holdings plc		17,746	$	114,297

Brookfield Asset Management, Inc., Class A		23,822		1,194,383

Bure Equity AB		968		23,208

Canaccord Genuity Group, Inc.		34,701		306,812

CI Financial Corp.		5,304		69,514

Cie Financiere Tradition SA		572		64,528

CMC Markets plc(a) (b)		47,257		172,060

Credit Suisse Group AG (Registered)		54,137		374,690

Daiwa Securities Group, Inc.		38,700		189,975

Deutsche Bank AG (Registered)*		44,634		453,256

Deutsche Boerse AG		2,924		512,673

EFG International AG*		27,262		208,120

EQT AB		4,988		144,852

Euronext NV(b)		1,462		118,174

Fairfax India Holdings Corp.* (a) (b)		35,045		421,241

flatexDEGIRO AG*		4,400		76,241

Flow Traders(b)		11,825		385,471

Gimv NV		7,697		443,349

Haitong International Securities Group Ltd.(a)		860,000		137,010

Hargreaves Lansdown plc		5,061		58,280

Hong Kong Exchanges & Clearing Ltd.		19,858		854,946

HUB24 Ltd.(a)		4,532		77,650

IG Group Holdings plc		8,448		86,496

IGM Financial, Inc.(a)		2,200		70,077

Impax Asset Management Group plc		4,224		46,191

Insignia Financial Ltd.(a)		26,488		65,130

IntegraFin Holdings plc(b)		5,764		26,081

Intermediate Capital Group plc		5,280		102,584

Investec plc		16,636		98,814

IP Group plc		82,720		86,615

JAFCO Group Co. Ltd.		900		10,927

Japan Exchange Group, Inc.		8,600		129,538

JTC plc(b)		5,016		49,184

Julius Baer Group Ltd.		4,902		238,724

Jupiter Fund Management plc		199,821		447,060

See Accompanying Notes to the Financial Statements.


130		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Capital Markets – (continued)

Leonteq AG		616	$	42,457

Liontrust Asset Management plc		2,508		36,841

London Stock Exchange Group plc		4,945		491,461

Macquarie Group Ltd.		5,848		860,184

Magellan Financial Group Ltd.(a)		2,640		30,599

Man Group plc		44,849		132,324

Molten Ventures plc*		53,148		462,420

Ninety One plc		26,268		87,659

Nomura Holdings, Inc.		72,600		280,179

Nordnet AB publ(a)		2,420		42,527

Okasan Securities Group, Inc.(a)		81,100		218,462

Onex Corp.		880		53,149

Partners Group Holding AG		387		417,640

Pendal Group Ltd.(a)		6,964		26,279

Perpetual Ltd.(a)		3,971		93,098

Platinum Asset Management Ltd.(a)		37,488		50,085

Polar Capital Holdings plc		6,468		45,232

Quilter plc(b)		55,748		92,249

Rathbones Group plc		21,844		575,928

Ratos AB, Class B(a)		8,448		43,752

Rothschild & Co.		1,452		57,442

Sanne Group plc*		9,329		106,233

SBI Holdings, Inc.		4,800		107,922

Schroders plc		1,980		70,599

Schroders plc (Non-Voting)		96		2,851

Singapore Exchange Ltd.		16,400		116,269

Sprott, Inc.		1,056		48,882

St James’s Place plc		8,514		138,748

Swissquote Group Holding SA (Registered)		660		109,541

Tamburi Investment Partners SpA		10,560		97,143

Tikehau Capital SCA(a)		1,672		38,717

TMX Group Ltd.		836		85,553

Tokai Tokyo Financial Holdings, Inc.		94,600		282,573

TP ICAP Group plc		267,503		442,650

UBS Group AG (Registered)		84,667		1,458,001


Investments	Shares		Value

Capital Markets – (continued)

UOB-Kay Hian Holdings Ltd.		124,700	$	147,195

Value Partners Group Ltd.(a)		352,000		135,037

Van Lanschot Kempen NV, CVA(a)		14,448		379,524

VNV Global AB*		31,562		132,973

Vontobel Holding AG (Registered)(a)		339		25,006

VZ Holding AG		285		21,346

Warsaw Stock Exchange		7,260		63,412

WealthNavi, Inc.* (a)		2,400		31,991

X-Trade Brokers Dom Maklerski SA* (b)		17,952		83,336
				17,827,050

Chemicals – 3.1%

ADEKA Corp.(a)		2,300		44,417

Air Liquide SA(a)		7,740		1,350,053

Air Water, Inc.		6,000		79,701

Akzo Nobel NV(a)		3,268		286,494

Arkema SA		1,677		193,103

Asahi Kasei Corp.		34,400		284,498

BASF SE*		20,898		1,111,356

Borregaard ASA		1,692		32,690

C Uyemura & Co. Ltd.		4,300		199,467

Calix Ltd.* (a)		9,988		62,462

Chr Hansen Holding A/S		1,584		124,226

Ciech SA		9,548		85,161

Clariant AG (Registered)* (a)		2,836		49,027

Corbion NV		1,352		47,153

Covestro AG(b)		3,913		170,446

Croda International plc		2,494		244,360

Daicel Corp.		8,900		54,474

Denka Co. Ltd.		1,400		37,604

DIC Corp.		2,899		55,380

Elementis plc*		41,976		64,242

Elkem ASA(b)		7		30

EMS-Chemie Holding AG (Registered)(a)		129		116,487

Essentra plc		16,940		66,888

Evonik Industries AG		4,160		109,759

FUCHS PETROLUB SE		55		1,468

FUCHS PETROLUB SE (Preference)		1,182		37,508

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			131

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Chemicals – (continued)

Fujimori Kogyo Co. Ltd.		7,100	$	196,735

Fuso Chemical Co. Ltd.		1,100		32,603

Givaudan SA (Registered)		129		517,648

Hexpol AB(a)		5,784		50,349

ICL Group Ltd.		9,848		108,690

Incitec Pivot Ltd.		36,784		100,903

Israel Corp. Ltd. (The)*		104		59,601

JCU Corp.(a)		1,400		35,875

Johnson Matthey plc		5,160		144,144

JSR Corp.		3,100		85,061

K+S AG (Registered)*		5,203		176,688

Kaneka Corp.		1,300		34,968

Kansai Paint Co. Ltd.		5,300		73,675

Kemira OYJ(a)		2,992		39,455

KH Neochem Co. Ltd.		2,200		41,959

Koninklijke DSM NV		2,855		483,708

Konishi Co. Ltd.		12,900		152,239

Kumiai Chemical Industry Co. Ltd.(a)		8,000		54,276

Kuraray Co. Ltd.		6,700		53,885

Kureha Corp.		6,400		483,606

LANXESS AG		2,156		84,360

Lenzing AG		132		12,143

Lintec Corp.		1,800		33,622

Methanex Corp.		1,290		64,992

Mitsubishi Chemical Holdings Corp.		35,100		214,837

Mitsubishi Gas Chemical Co., Inc.		6,200		90,875

Mitsui Chemicals, Inc.		5,500		126,293

NanoXplore, Inc.*		8,536		21,439

Nihon Parkerizing Co. Ltd.		40,600		288,612

Nippon Kayaku Co. Ltd.(a)		3,700		32,385

Nippon Paint Holdings Co. Ltd.		21,500		172,418

Nippon Sanso Holdings Corp.		2,800		50,506

Nippon Shokubai Co. Ltd.		400		16,178

Nippon Soda Co. Ltd.		10,339		273,717

Nissan Chemical Corp.		2,900		154,670

Nitto Denko Corp.		2,800		189,102

NOF Corp.		1,200		45,199

Novozymes A/S, Class B		3,741		262,193

Nufarm Ltd.		23,520		107,808


Investments	Shares		Value

Chemicals – (continued)

Nutrien Ltd.		12,599	$	1,244,472

OCI NV*		1,318		50,500

Okamoto Industries, Inc.(a)		6,100		180,326

Orica Ltd.(a)		4,722		55,268

Osaka Organic Chemical Industry Ltd.		1,400		30,516

Osaka Soda Co. Ltd.(a)		9,200		227,231

Palram Industries 1990 Ltd.		3,652		51,028

Re:NewCell AB* (a)		1,804		21,552

Recticel SA		2,200		48,507

Robertet SA		44		40,987

Sakata INX Corp.(a)		17,200		130,633

Sanyo Chemical Industries Ltd.(a)		5,900		226,783

Shikoku Chemicals Corp.		16,100		161,298

Shin-Etsu Chemical Co. Ltd.		6,500		902,304

Shin-Etsu Polymer Co. Ltd.		13,400		106,116

Showa Denko KK		4,200		81,919

Sika AG (Registered)		2,365		733,390

SOL SpA		3,009		53,139

Solvay SA		1,548		147,890

Sumitomo Chemical Co. Ltd.		37,400		159,057

Symrise AG		2,236		267,614

Synthomer plc		9,988		38,322

T Hasegawa Co. Ltd.		900		17,610

Taiyo Holdings Co. Ltd.		1,800		43,277

Teijin Ltd.(a)		3,000		32,140

Tenma Corp.		1,300		22,195

Tessenderlo Group SA*		4,343		153,256

Toagosei Co. Ltd.		5,300		43,730

Tokai Carbon Co. Ltd.		6,600		54,813

Tokuyama Corp.(a)		25,800		345,102

Tokyo Ohka Kogyo Co. Ltd.		700		38,577

Toray Industries, Inc.		38,700		184,867

Tosoh Corp.		7,800		108,006

Toyo Gosei Co. Ltd.		300		22,623

Toyo Ink SC Holdings Co. Ltd.		1,600		23,896

Toyobo Co. Ltd.		34,400		283,038

Treatt plc		3,432		45,588

Turpaz Industries Ltd.		9,724		64,719

UBE Corp.		3,900		60,685

Umicore SA(a)		3,182		123,969

Victrex plc		1,452		33,324

See Accompanying Notes to the Financial Statements.


132		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Chemicals – (continued)

Wacker Chemie AG		256	$	41,091

Yara International ASA		3,354		173,054

Zeon Corp.		3,600		38,401
				16,988,684

Commercial Services & Supplies – 1.2%

Befesa SA(b)		2,236		140,117

Biffa plc(b)		15,576		68,210

Big Technologies plc*		11,924		35,929

Bilfinger SE*		10,492		427,910

Boyd Group Services, Inc.		208		25,877

Brambles Ltd.		25,069		187,951

Bravida Holding AB* (b)		4,312		44,646

Caverion OYJ(a)		8,888		43,788

Cewe Stiftung & Co. KGAA		308		28,236

Cleanaway Waste Management Ltd.(a)		35,024		79,647

Clipper Logistics plc		5,236		56,535

Coor Service Management Holding AB(b)		6,692		61,191

Dai Nippon Printing Co. Ltd.		5,700		119,623

Daiseki Co. Ltd.		1,499		54,321

Derichebourg SA		33,368		305,726

Downer EDI Ltd.		9,548		37,726

Duskin Co. Ltd.		3,700		79,135

Elis SA*		12		174

Elis SA – XLON*		4,520		65,565

GFL Environmental, Inc.(a)		1,760		53,294

HomeServe plc		3,784		46,700

Intrum AB*		2,464		60,132

ISS A/S*		2,508		41,952

Lassila & Tikanoja OYJ		960		10,350

Loomis AB		2,271		57,185

Marlowe plc*		4,092		42,127

Matsuda Sangyo Co. Ltd.		6,900		122,598

Mitie Group plc		492,909		335,415

Mitsubishi Pencil Co. Ltd.		1,800		17,436

Nippon Kanzai Co. Ltd.		1,300		27,995

Okamura Corp.		31,900		294,969

Park24 Co. Ltd.*		2,200		31,567

Pilot Corp.		1,700		68,887

Prestige International, Inc.		4,000		19,296


Investments	Shares		Value

Commercial Services & Supplies – (continued)

Prosegur Cash SA(a) (b)		163,760	$	121,622

Prosegur Cia de Seguridad SA		80,969		169,043

Raksul, Inc.* (a)		1,600		33,751

Rentokil Initial plc		31,476		217,350

Restore plc		7,172		40,070

Ritchie Bros Auctioneers, Inc.		2,193		121,417

Sato Holdings Corp.		1,100		15,206

Sdiptech AB, Class B*		1,056		37,373

Secom Co. Ltd.		3,800		269,074

Securitas AB, Class B(a)		7,047		84,154

Serco Group plc		441,395		842,895

SG Fleet Group Ltd.		60,588		106,350

Smart Metering Systems plc		5,165		53,498

Societe BIC SA		8,729		523,052

Sohgo Security Services Co. Ltd.		1,900		53,087

SPIE SA		2,992		71,209

TOMRA Systems ASA(a)		1,936		77,469

TOPPAN, Inc.		8,600		142,847

Veridis Environment Ltd.		18,963		225,294

Waste Connections, Inc.		4,429		614,179
				6,911,150

Communications Equipment – 0.3%

AudioCodes Ltd.		1,936		45,591

BATM Advanced Communications Ltd.		10,755		6,218

Gilat Satellite Networks Ltd.*		7,568		55,782

Nokia OYJ*		88,107		452,706

Spirent Communications plc		42,656		123,818

Telefonaktiebolaget LM Ericsson, Class A(a)		3,789		32,190

Telefonaktiebolaget LM Ericsson, Class B		43,774		354,676

VTech Holdings Ltd.(a)		64,500		458,298
				1,529,279

Construction & Engineering – 2.0%

Ackermans & van Haaren NV		454		81,613

ACS Actividades de Construccion y Servicios SA(a)		6,798		176,348

Aecon Group, Inc.(a)		20,812		243,774

AF Gruppen ASA		704		14,297

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			133

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Construction & Engineering – (continued)

Arcadis NV		1,848	$	77,826

Ashtrom Group Ltd.		1,861		52,362

Badger Infrastructure Solutions Ltd.(a)		2,812		65,457

Balfour Beatty plc		246,992		752,919

Boskalis Westminster		218		7,612

Bouygues SA		4,085		141,566

Chudenko Corp.		12,900		208,097

Cie d’Entreprises CFE		352		46,492

COMSYS Holdings Corp.		4,300		89,843

Daiho Corp.		4,300		148,024

Eiffage SA		1,720		171,363

Elco Ltd.		231		17,974

Elecnor SA		12,556		149,017

Electra Ltd.		15		10,325

EXEO Group, Inc.		3,900		65,231

Fasadgruppen Group AB		2,508		40,155

Ferrovial SA		7,181		186,284

Fomento de Construcciones y Contratas SA		3,843		44,190

Fugro NV* (a)		7,040		87,191

GOLD FIN HLDG* ^‡		89,827		—

Hazama Ando Corp.		71,200		496,795

HOCHTIEF AG		442		27,110

Instalco AB(b)		7,260		45,228

JGC Holdings Corp.		5,400		61,477

Johns Lyng Group Ltd.		7,568		48,027

Kajima Corp.		12,700		142,135

Kandenko Co. Ltd.		37,400		237,863

Keller Group plc		25,069		266,271

Kinden Corp.		2,300		27,303

Kumagai Gumi Co. Ltd.		13,700		287,302

Kyudenko Corp.		2,100		47,718

Maire Tecnimont SpA(a)		12,452		36,939

Mirait Holdings Corp.		2,300		32,398

Monadelphous Group Ltd.(a)		7,216		54,614

Morgan Sindall Group plc		15,781		430,934

NCC AB, Class B		246		3,080

Nippon Densetsu Kogyo Co. Ltd.		18,900		235,739

Nippon Road Co. Ltd. (The)(a)		2,500		139,511


Investments	Shares		Value

Construction & Engineering – (continued)

Nishimatsu Construction Co. Ltd.		17,000	$	501,891

NRW Holdings Ltd.(a)		178,278		247,052

Obayashi Corp.		17,300		119,642

Okumura Corp.		14,400		340,105

Peab AB, Class B(a)		3,999		38,608

Penta-Ocean Construction Co. Ltd.		1,500		7,375

Raito Kogyo Co. Ltd.		20,400		305,780

Raiznext Corp.		8,800		73,084

Sacyr SA – BATE(a)		120,877		329,255

Sanki Engineering Co. Ltd.		18,800		213,161

Shapir Engineering and Industry Ltd.		2,525		23,780

Shikun & Binui Ltd.*		3,396		20,204

Shimizu Corp.		17,800		93,836

SHO-BOND Holdings Co. Ltd.		1,200		50,756

Skanska AB, Class B		6,794		131,498

SNC-Lavalin Group, Inc.(a)		2,068		46,229

Sumitomo Densetsu Co. Ltd.		6,400		109,861

Sumitomo Mitsui Construction Co. Ltd.		66,140		215,430

Sweco AB, Class B		4,708		67,159

Taikisha Ltd.		13,300		329,523

Taisei Corp.		4,800		130,596

Takamatsu Construction Group Co. Ltd.		8,700		145,851

Tess Holdings Co. Ltd.(a)		2,000		21,689

Toda Corp.		5,200		29,941

Toenec Corp.		2,900		74,425

Tokyu Construction Co. Ltd.(a)		35,200		164,100

Totetsu Kogyo Co. Ltd.(a)		10,400		188,077

Veidekke ASA		3,088		40,437

Vestum AB*		21,560		63,106

Vinci SA		8,213		804,394

Webuild SpA(a)		146,630		251,367

WSP Global, Inc.		1,183		138,678

YIT OYJ(a)		66,855		271,253

Yokogawa Bridge Holdings Corp.(a)		15,400		226,317
				11,312,864

See Accompanying Notes to the Financial Statements.


134		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Construction Materials – 0.6%

Adbri Ltd.(a)		22,176	$	46,333

Boral Ltd.(a)		3,476		8,819

Breedon Group plc		81,796		81,334

Brickworks Ltd.		3,147		53,160

Buzzi Unicem SpA		3,148		58,947

Cementir Holding NV		18,963		132,833

CRH plc(a)		12,686		512,460

CSR Ltd.(a)		15,532		67,772

Forterra plc(b)		13,728		42,916

HeidelbergCement AG		3,225		188,006

Holcim AG*		11,610		575,925

Ibstock plc(b)		27,720		65,951

Imerys SA		1,103		43,915

James Hardie Industries plc, CHDI		6,490		191,587

Maeda Kosen Co. Ltd.		1,200		27,629

Marshalls plc		8,360		64,288

Mitani Sekisan Co. Ltd.(a)		1,200		48,163

RHI Magnesita NV		13,803		415,912

Sumitomo Osaka Cement Co. Ltd.(a)		14,600		407,934

Taiheiyo Cement Corp.		2,200		35,727

Titan Cement International SA*		13,115		185,398

Vicat SA		6,407		194,661

Wienerberger AG		2,596		73,944
				3,523,614

Consumer Finance – 0.4%

AEON Financial Service Co. Ltd.		400		3,683

Aiful Corp.(a)		107,500		308,660

Allied Group Ltd.		176,000		62,135

Cembra Money Bank AG(a)		11,352		829,778

Credit Corp. Group Ltd.(a)		3,350		65,564

Credit Saison Co. Ltd.(a)		6,200		70,011

goeasy Ltd.(a)		528		47,638

Gruppo MutuiOnline SpA		1,056		32,507

Isracard Ltd.		11,630		58,819

Jaccs Co. Ltd.		11,300		287,820

Marui Group Co. Ltd.(a)		3,200		55,400

Provident Financial plc		11,220		36,175

Resurs Holding AB(a) (b)		37,356		109,627


Investments	Shares		Value

Consumer Finance – (continued)

Zip Co. Ltd.* (a)		14,040	$	10,925
				1,978,742

Containers & Packaging – 0.5%

BillerudKorsnas AB(a)		2,965		46,307

Cascades, Inc.(a)		27,133		268,135

CCL Industries, Inc., Class B		2,893		126,784

DS Smith plc		27,004		112,187

FP Corp.		1,200		27,305

Fuji Seal International, Inc.(a)		14,900		198,728

Huhtamaki OYJ		2,051		78,175

Intertape Polymer Group, Inc.		23,005		715,503

Mayr Melnhof Karton AG(a)		275		48,855

Orora Ltd.		19,096		54,282

Pact Group Holdings Ltd.(a)		75,938		124,660

Rengo Co. Ltd.		9,500		56,460

SIG Group AG*		6,450		136,622

Smurfit Kappa Group plc		4,214		180,845

Toyo Seikan Group Holdings Ltd.		5,600		60,945

Transcontinental, Inc., Class A(a)		28,380		357,068

Verallia SA(b)		1,364		37,729

Vidrala SA		415		29,902

Winpak Ltd.		1,716		57,050
				2,717,542

Distributors – 0.1%

Arata Corp.		6,600		182,880

Bapcor Ltd.(a)		6,776		32,793

D’ieteren Group		220		35,974

Doshisha Co. Ltd.		7,000		82,772

Inchcape plc		8,938		80,179

Inter Cars SA		484		44,718

PALTAC Corp.		800		29,299
				488,615

Diversified Consumer Services – 0.1%

AcadeMedia AB(b)		27,993		159,354

Benesse Holdings, Inc.		2,000		35,165

Cary Group AB*		4,488		33,912

G8 Education Ltd.(a)		353,890		275,384

IDP Education Ltd.		2,501		47,757

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			135

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Diversified Consumer Services – (continued)

InvoCare Ltd.(a)		4,432	$	38,645

LITALICO, Inc.		1,200		25,258

Park Lawn Corp.		1,496		39,775

Perfect Medical Health Management Ltd.		88,000		51,592
				706,842

Diversified Financial Services – 1.0%

AMP Ltd.*		110,352		90,969

Banca IFIS SpA		8,901		164,045

Banca Mediolanum SpA		4,444		32,705

Banque Nationale de Belgique		86		153,326

BFF Bank SpA(b)		10,956		68,770

Burford Capital Ltd.		13,545		116,319

Challenger Ltd.		9,812		50,832

Creades AB, Class A(a)		21,586		206,970

ECN Capital Corp.		16,720		76,140

eGuarantee, Inc.		2,800		46,811

Element Fleet Management Corp.(a)		9,988		89,638

Eurazeo SE*		1,144		88,825

EXOR NV		2,752		193,935

Fuyo General Lease Co. Ltd.		700		37,982

GRENKE AG		1,804		47,959

Groupe Bruxelles Lambert SA		1,376		131,487

HAL Trust(a)		1,247		180,490

Hypoport SE*		88		24,602

Illimity Bank SpA*		3,080		40,323

Industrivarden AB, Class A(a)		3,388		88,148

Industrivarden AB, Class C(a)		3,828		97,915

Investment AB Oresund		9,417		113,273

Investor AB, Class A(a)		8,178		173,024

Investor AB, Class B		28,846		562,997

Japan Securities Finance Co. Ltd.		8,800		63,711

Kinnevik AB, Class B* (a)		4,687		93,373

L E Lundbergforetagen AB, Class B		1,348		63,867

M&G plc		71,036		191,036

Mitsubishi HC Capital, Inc.		24,429		110,304

Mizuho Leasing Co. Ltd.(a)		13,038		302,905

Omni Bridgeway Ltd.* (a)		110,983		268,158


Investments	Shares		Value

Diversified Financial Services – (continued)

ORIX Corp.		27,300	$	500,233

PEUGEOT INVEST		308		34,637

Plus500 Ltd.		37,926		742,335

Ricoh Leasing Co. Ltd.		5,600		147,175

Sofina SA		323		100,180

SRH NV* ^‡		2,857		—

Svolder AB, Class B		33,540		199,938

Tokyo Century Corp.(a)		600		18,547

Wendel SE		497		50,072

Zenkoku Hosho Co. Ltd.		600		21,141
				5,785,097

Diversified Telecommunication Services – 1.3%

ARTERIA Networks Corp.(a)		10,700		110,006

Aussie Broadband Ltd.*		13,244		52,330

BCE, Inc.(a)		4,429		236,689

Bezeq The Israeli Telecommunication Corp. Ltd.*		52,780		84,204

BT Group plc		192,468		428,555

Cellnex Telecom SA(b)		8,729		410,338

Chorus Ltd.		13,585		64,808

Deutsche Telekom AG (Registered)		75,637		1,401,967

Elisa OYJ		2,494		146,707

Gamma Communications plc		3,432		51,534

Helios Towers plc* (a)		10,824		15,234

HKBN Ltd.		51,500		60,189

HKT Trust & HKT Ltd.		53,400		76,634

Infrastrutture Wireless Italiane SpA(b)		5,179		55,619

Internet Initiative Japan, Inc.		1,000		31,723

Koninklijke KPN NV		56,158		194,616

NetLink NBN Trust(b)		61,600		44,609

Nippon Telegraph & Telephone Corp.		26,800		795,767

NOS SGPS SA		86,344		366,358

Orange SA		44,032		525,739

PCCW Ltd.		36,035		20,529

Proximus SADP		2,464		43,150

Singapore Telecommunications Ltd.		129,000		258,766

Spark New Zealand Ltd.		20,724		66,179

See Accompanying Notes to the Financial Statements.


136		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Diversified Telecommunication Services – (continued)

Swisscom AG (Registered)		387	$	229,971

Telecom Italia SpA(a)		112,508		33,008

Telecom Italia SpA (Retirement Savings Plan)		96,272		26,833

Telefonica Deutschland Holding AG		24,508		74,177

Telefonica SA		116,272		568,289

Telekom Austria AG*		1,426		10,230

Telenor ASA		12,642		180,337

Telia Co. AB		32,379		135,158

Telstra Corp. Ltd.		67,037		192,465

TELUS Corp.		8,041		202,213

United Internet AG (Registered)		1,848		59,910

Uniti Group Ltd.*		6,635		23,434
				7,278,275

Electric Utilities – 1.5%

Acciona SA		528		104,440

BKW AG		440		54,034

Chubu Electric Power Co., Inc.		17,200		174,177

Chugoku Electric Power Co., Inc. (The)(a)		4,206		27,724

CK Infrastructure Holdings Ltd.		11,000		74,094

CLP Holdings Ltd.		26,500		258,375

Contact Energy Ltd.		11,528		61,205

EDP – Energias de Portugal SA(a)		41,753		195,658

Electricite de France SA		12,414		113,727

Elia Group SA/NV(a)		446		71,376

Elmera Group ASA(b)		42,441		97,213

Emera, Inc.(a)		3,827		185,743

Endesa SA(a)		6,278		132,658

Enea SA*		63,769		138,097

Enel SpA		177,547		1,164,651

EVN AG		748		19,215

Fortis, Inc.(a)		6,966		340,710

Fortum OYJ		9,675		162,286

Genesis Energy Ltd.(a)		14,837		27,590

HK Electric Investments & HK Electric Investments Ltd.(b)		44,500		43,955

Hokkaido Electric Power Co., Inc.		75,600		281,837


Investments	Shares		Value

Electric Utilities – (continued)

Hokuriku Electric Power Co.		69,300	$	275,467

Hydro One Ltd.(b)		6,149		167,094

Iberdrola SA(a)		92,384		1,073,040

Infratil Ltd.		8,272		45,099

Kansai Electric Power Co., Inc. (The)		21,500		189,179

Kyushu Electric Power Co., Inc.		13,200		83,035

Mercury NZ Ltd.		17,560		69,068

Okinawa Electric Power Co., Inc. (The)(a)		17,970		179,062

Origin Energy Ltd.		43,645		212,152

Orsted A/S(b)		3,010		338,466

PGE Polska Grupa Energetyczna SA*		10,843		24,146

Power Assets Holdings Ltd.		23,500		158,291

Red Electrica Corp. SA		9,632		194,436

Romande Energie Holding SA (Registered)		21		25,529

Shikoku Electric Power Co., Inc.		77,300		445,090

SSE plc		17,915		420,268

Terna – Rete Elettrica Nazionale		22,460		184,009

Tohoku Electric Power Co., Inc.(a)		10,900		60,742

Tokyo Electric Power Co. Holdings, Inc.*		22,400		77,456

Trustpower Ltd.		5,123		22,411

Verbund AG*		1,354		145,983
				8,118,788

Electrical Equipment – 1.3%

ABB Ltd. (Registered)(a)		29,670		904,788

Alfen Beheer BV* (a) (b)		968		88,006

Ballard Power Systems, Inc.* (a)		1,824		15,228

Daihen Corp.		8,600		247,592

DiscoverIE Group plc		4,796		46,003

Fagerhult AB		6,336		32,122

Fuji Electric Co. Ltd.		3,100		137,581

Fujikura Ltd.		107,500		515,263

Furukawa Electric Co. Ltd.		25,800		422,167

GARO AB(a) (b)		1,980		29,922

GS Yuasa Corp.		2,700		47,244

Hexatronic Group AB(a)		1,540		66,517

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			137

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Electrical Equipment – (continued)

Huber + Suhner AG (Registered)		867	$	76,727

Idec Corp.		2,200		39,242

ITM Power plc* (a)		10,192		42,406

Legrand SA		4,472		399,875

Mabuchi Motor Co. Ltd.		700		18,829

Mitsubishi Electric Corp.		49,200		519,494

NEL ASA*		12,688		18,535

Nexans SA		748		69,125

Nidec Corp.		8,710		574,056

Nissin Electric Co. Ltd.		18,400		197,833

Nitto Kogyo Corp.		10,600		125,341

NKT A/S*		2,838		136,521

Nordex SE*		1,408		20,691

PowerCell Sweden AB* (a)		2,948		43,994

Prysmian SpA		4,128		135,958

Sanyo Denki Co. Ltd.		4,300		186,192

Schneider Electric SE		9,331		1,355,483

Siemens Energy AG		6,536		127,078

Siemens Gamesa Renewable Energy SA*		4,136		66,867

Signify NV(a) (b)		2,795		119,713

Somfy SA		275		37,018

TKH Group NV, CVA		2,194		108,368

Varta AG		352		33,339

Vestas Wind Systems A/S		16,383		424,764
				7,429,882

Electronic Equipment, Instruments & Components – 1.7%

Ai Holdings Corp.		3,800		50,154

Alps Alpine Co. Ltd.		5,348		47,676

ALSO Holding AG (Registered)*		52		11,947

Amano Corp.		700		13,556

Anritsu Corp.(a)		500		6,341

AT&S Austria Technologie & Systemtechnik AG		880		45,814

Azbil Corp.		2,100		64,430

Barco NV		2,992		68,305

Basler AG		264		29,689

Canon Marketing Japan, Inc.		1,500		32,730

Celestica, Inc.*		38,485		434,821


Investments	Shares		Value

Electronic Equipment, Instruments & Components – (continued)

Citizen Watch Co. Ltd.		22,400	$	85,236

Codan Ltd.(a)		7,304		37,372

Comet Holding AG (Registered)		473		104,039

CONEXIO Corp.		6,600		74,375

Daiwabo Holdings Co. Ltd.		34,400		448,984

Dexerials Corp.		3,500		78,072

FIH Mobile Ltd.* (a)		328,000		40,968

Fingerprint Cards AB, Class B* (a)		10,108		11,823

FIT Hon Teng Ltd.* (b)		264,000		34,320

Halma plc		6,837		212,450

Hamamatsu Photonics KK		2,700		122,121

Hexagon AB, Class B* (a)		35,604		467,165

Hioki EE Corp.(a)		700		42,413

Hirose Electric Co. Ltd.		582		74,749

Horiba Ltd.		800		39,271

Hosiden Corp.		21,500		206,769

Ibiden Co. Ltd.		2,800		106,761

Inficon Holding AG (Registered)		44		40,571

Iriso Electronics Co. Ltd.(a)		1,200		28,296

Japan Aviation Electronics Industry Ltd.		21,544		302,973

Jenoptik AG		2,585		73,467

Kaga Electronics Co. Ltd.		8,700		206,823

Keyence Corp.		3,200		1,305,341

Kyocera Corp.		5,900		312,532

Lagercrantz Group AB, Class B		2,640		27,092

Landis+Gyr Group AG* (a)		1,102		62,216

LEM Holding SA (Registered)		27		62,587

Macnica Fuji Electronics Holdings, Inc.		17,300		363,332

Maruwa Co. Ltd.		600		70,902

Meiko Electronics Co. Ltd.(a)		8,600		231,993

Murata Manufacturing Co. Ltd.		10,500		631,653

Mycronic AB		924		16,389

NCAB Group AB		5,280		33,696

Nichicon Corp.		3,200		29,145

Nippon Ceramic Co. Ltd.		900		16,554

Nippon Electric Glass Co. Ltd.		2,200		44,540

Nippon Signal Co. Ltd.(a)		23,000		160,304

See Accompanying Notes to the Financial Statements.


138		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Electronic Equipment, Instruments & Components – (continued)

Nissha Co. Ltd.(a)		17,200	$	183,072

Nohmi Bosai Ltd.		11,100		164,153

Novonix Ltd.* (a)		6,864		25,511

Oki Electric Industry Co. Ltd.		34,400		224,359

Omron Corp.		3,800		226,604

Oxford Instruments plc		3,036		88,813

Renishaw plc		880		47,000

Riken Keiki Co. Ltd.(a)		1,200		38,021

Sensirion Holding AG* (b)		528		64,079

Shimadzu Corp.		5,100		168,675

Siix Corp.(a)		8,828		68,138

Softwareone Holding AG* (a)		3,256		44,614

Spectris plc		2,112		78,223

Taiyo Yuden Co. Ltd.		2,500		99,954

TDK Corp.		8,600		269,829

Topcon Corp.		2,200		28,544

Vaisala OYJ, Class A		836		38,717

Venture Corp. Ltd.		4,500		55,887

VSTECS Holdings Ltd.		348,000		301,600

Yokogawa Electric Corp.		4,900		78,780
				9,307,330

Energy Equipment & Services – 0.4%

Aker Solutions ASA(a) (b)		17,908		63,201

BW Offshore Ltd.(a)		43,202		126,408

Drilling Co. of 1972 A/S (The)*		843		42,322

John Wood Group plc*		245,788		689,383

Modec, Inc.		6,400		60,265

Odfjell Drilling Ltd.*		32,516		85,508

Saipem SpA* (a)		177,547		202,662

SBM Offshore NV		5,113		74,437

Secure Energy Services, Inc.(a)		16,104		83,037

Subsea 7 SA(a)		26		218

Technip Energies NV*		36,593		447,225

Tenaris SA		7,656		119,616

TGS ASA		7,656		120,470

Vallourec SA*		9,020		107,576

Worley Ltd.(a)		10,916		107,906
				2,330,234


Investments	Shares		Value

Entertainment – 0.6%

Bollore SE		12,858	$	60,633

Capcom Co. Ltd.		3,400		90,144

CD Projekt SA		1,193		32,524

CTS Eventim AG & Co. KGaA*		704		49,017

Daiichikosho Co. Ltd.		1,100		30,140

DeNA Co. Ltd.		1,100		15,996

Embracer Group AB* (a)		6,644		45,169

EVENT Hospitality and Entertainment Ltd.*		2,282		23,725

Frontier Developments plc* (a)		2,332		37,593

IGG, Inc.(a)		316,000		131,698

Kinepolis Group NV*		1,030		57,481

Koei Tecmo Holdings Co. Ltd.(a)		1,246		38,132

Konami Holdings Corp.		2,200		136,524

Modern Times Group MTG AB, Class B*		7,040		75,264

Nexon Co. Ltd.		9,000		206,453

Nintendo Co. Ltd.		2,000		924,822

Paradox Interactive AB		952		16,054

Shochiku Co. Ltd.*		800		82,001

Square Enix Holdings Co. Ltd.		1,800		72,383

Stillfront Group AB* (a)		177,461		365,492

Team17 Group plc*		5,676		30,999

Toei Animation Co. Ltd.		200		15,638

Toho Co. Ltd.		3,100		115,568

Ubisoft Entertainment SA*		1,425		64,868

Universal Music Group NV(a)		20,339		478,161
				3,196,479

Equity Real Estate Investment Trusts (REITs) – 2.4%

Activia Properties, Inc.		15		47,931

Advance Residence Investment Corp.		18		49,529

Aedifica SA		704		83,998

AEON REIT Investment Corp.		29		33,463

Allied Properties REIT(a)		1,540		50,283

Altarea SCA		88		13,535

ARA LOGOS Logistics Trust(d)		70,400		43,334

Arena REIT		14,330		49,391

ARGAN SA		989		116,855

Argosy Property Ltd.		68,432		57,963

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			139

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Equity Real Estate Investment Trusts (REITs) – (continued)

Artis REIT(a)		22,317	$	228,924

Ascendas REIT		67,135		139,044

Ascott Residence Trust		30,164		25,339

Assura plc		57,957		47,952

Befimmo SA		1,091		54,613

Big Yellow Group plc(a)		4,224		75,836

Boardwalk REIT(a)		7,783		343,279

British Land Co. plc (The)		10,868		70,653

BWP Trust		12,444		36,788

Canadian Apartment Properties REIT(a)		1,012		39,845

Capital & Counties Properties plc		43,340		90,000

CapitaLand China Trust		73,814		62,541

CapitaLand Integrated Commercial Trust		77,546		130,844

Care Property Invest NV		1,540		39,397

Carmila SA(a)		18,478		288,112

CDL Hospitality Trusts		36,800		35,710

Centuria Industrial REIT		20,592		58,388

Centuria Office REIT(a)		157,079		245,582

Champion REIT(a)		24,000		10,522

Charter Hall Group(a)		8,140		90,588

Charter Hall Long Wale REIT		7,926		30,191

Charter Hall Retail REIT		6,292		19,987

Charter Hall Social Infrastructure REIT(a)		16,370		46,882

Choice Properties REIT(a)		3,957		46,999

Cofinimmo SA		507		68,622

Comforia Residential REIT, Inc.		19		47,515

Covivio		660		47,311

CRE Logistics REIT, Inc.		44		67,650

Crombie REIT(a)		3,256		44,609

Cromwell European REIT(b)		23,174		56,228

Cromwell Property Group(a)		48,403		29,410

CT REIT(a)		3,432		47,665

Daiwa House REIT Investment Corp.		42		102,115

Daiwa Securities Living Investments Corp.		26		23,018

Derwent London plc		1,508		57,102

Dexus		14,476		114,910


Investments	Shares		Value

Equity Real Estate Investment Trusts (REITs) – (continued)

Dexus Industria REIT		18,568	$	44,864

Dream Office REIT(a)		1,452		29,539

ESR-REIT		252,000		71,171

Far East Hospitality Trust		53,976		26,189

First Capital REIT(a)		1,819		24,366

Fortune REIT		92,000		80,554

Frasers Centrepoint Trust		33,249		58,991

Frasers Hospitality Trust		39,200		18,310

Frasers Logistics & Commercial Trust(b)		43,839		46,033

Frontier Real Estate Investment Corp.		12		46,588

Fukuoka REIT Corp.(a)		26		32,590

Gecina SA		704		79,913

Global One Real Estate Investment Corp.		48		41,272

GLP J-REIT		74		100,411

Goodman Group		26,961		459,453

Goodman Property Trust		19,085		27,995

GPT Group (The)(a)		29,568		106,954

Granite REIT		484		36,030

Great Portland Estates plc(a)		14,577		125,273

Growthpoint Properties Australia Ltd.		4,004		12,577

H&R REIT(a)		5,632		56,318

Hamborner REIT AG		6,058		56,687

Hammerson plc		171,380		62,183

Hankyu Hanshin REIT, Inc.		26		29,761

Heiwa Real Estate REIT, Inc.		43		49,552

Hibernia REIT plc(a)		34,222		58,558

HomeCo Daily Needs REIT(b)		87,577		88,687

Hoshino Resorts REIT, Inc.(a)		16		82,618

Hulic Reit, Inc.		23		28,652

ICADE		836		50,315

Ichigo Office REIT Investment Corp.(a)		128		82,297

Industrial & Infrastructure Fund Investment Corp.		44		63,405

Ingenia Communities Group		28,760		95,856

Inmobiliaria Colonial Socimi SA		7,185		60,411

InterRent REIT(a)		6,380		70,437

Invincible Investment Corp.		121		39,645

See Accompanying Notes to the Financial Statements.


140		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Equity Real Estate Investment Trusts (REITs) – (continued)

Irish Residential Properties REIT plc		25,256	$	38,687

Irongate Group(a)		19,889		27,067

Itochu Advance Logistics Investment Corp.		44		54,677

Japan Hotel REIT Investment Corp.		77		39,284

Japan Logistics Fund, Inc.		19		46,635

Japan Metropolitan Fund Invest		147		117,205

Japan Prime Realty Investment Corp.		13		39,584

Japan Real Estate Investment Corp.		24		116,517

Kenedix Office Investment Corp.(a)		9		47,306

Kenedix Retail REIT Corp.		31		65,536

Keppel DC REIT		21,100		31,629

Keppel Pacific Oak US REIT(b)		253,700		183,932

Keppel REIT		27,933		24,678

Killam Apartment REIT		23,306		368,541

Kiwi Property Group Ltd.		3,973		2,733

Klepierre SA*		3,960		95,500

Land Securities Group plc		12,513		118,234

LaSalle Logiport REIT		44		59,704

Lendlease Global Commercial REIT		636,400		366,383

Link REIT		37,623		326,546

LondonMetric Property plc		19,536		66,126

LXI REIT plc(b)		62,752		116,760

Manulife US REIT(b)		114,400		71,500

Mapletree Commercial Trust		34,368		46,541

Mapletree Industrial Trust		35,086		66,315

Mapletree Logistics Trust		45,115		58,481

Mapletree North Asia Commercial Trust(b)		49,500		43,015

Mercialys SA*		19,479		189,260

Merlin Properties Socimi SA		2,992		32,858

Mirai Corp.(a)		88		34,369

Mirvac Group		65,446		112,552

Mitsui Fudosan Logistics Park, Inc.		9		38,762

Montea NV		396		47,541


Investments	Shares		Value

Equity Real Estate Investment Trusts (REITs) – (continued)

Mori Hills REIT Investment Corp.		16	$	18,240

National Storage REIT		8,949		16,599

Nextensa		1,012		75,800

Nippon Accommodations Fund, Inc.		8		39,457

Nippon Building Fund, Inc.		24		124,853

Nippon Prologis REIT, Inc.		41		114,082

NIPPON REIT Investment Corp.		11		31,626

Nomura Real Estate Master Fund, Inc.		95		119,520

NorthWest Healthcare Properties REIT(a)		4,268		44,248

NTT UD REIT Investment Corp.(a)		23		26,646

One REIT, Inc.		14		29,748

Orix JREIT, Inc.		49		66,299

OUE Commercial REIT		2,977		895

Parkway Life REIT		12,500		43,812

Precinct Properties New Zealand Ltd.		22,735		22,429

Primary Health Properties plc		28,776		52,278

Prime US REIT(b)		180,600		133,644

Property for Industry Ltd.(a)		26,697		46,438

Reit 1 Ltd.		15,092		98,730

Retail Estates NV		4,257		325,592

RioCan REIT		2,596		48,749

Rural Funds Group		20,724		44,919

Safestore Holdings plc		4,488		70,997

Samty Residential Investment Corp.(a)		44		44,659

Sasseur REIT(b)		149,600		90,460

Scentre Group		70,391		149,570

Secure Income REIT plc		14,030		75,919

Segro plc		18,662		314,550

Sekisui House Reit, Inc.(a)		55		32,348

Shaftesbury plc		8,712		65,463

Shopping Centres Australasia Property Group		32,912		71,804

SOSiLA Logistics REIT, Inc.		44		53,659

SPH REIT(d)		44,800		31,632

Star Asia Investment Corp.		669		306,720

Starhill Global REIT		146,296		63,036

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			141

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Equity Real Estate Investment Trusts (REITs) – (continued)

Stockland		56,588	$	167,291

Stride Property Group		32,208		41,391

Summit Industrial Income REIT		3,212		51,119

Sunlight REIT		55,000		26,988

Suntec REIT		43,500		57,962

Target Healthcare REIT plc		40,084		55,861

Tokyu REIT, Inc.		21		29,629

Tritax Big Box REIT plc		33,836		103,569

UK Commercial Property REIT Ltd.		63,932		70,956

Unibail-Rodamco-Westfield* (a)		3,096		222,096

Unibail-Rodamco-Westfield, CHDI*		5		18

UNITE Group plc (The)		6,028		85,899

United Urban Investment Corp.		40		43,872

Vicinity Centres(a)		65,692		87,533

Vital Healthcare Property Trust(a) (d)		25,273		51,179

Warehouse Reit plc(b)		20,284		40,848

Warehouses De Pauw CVA		2,992		116,093

Waypoint REIT Ltd.		43,262		82,702

Workspace Group plc		8,954		74,982

Xior Student Housing NV(b)		924		49,518
				13,404,293

Food & Staples Retailing – 1.8%

Aeon Co. Ltd.		14,413		274,610

Ain Holdings, Inc.		800		36,060

Alimentation Couche-Tard, Inc.		13,846		619,579

Arcs Co. Ltd.		20,018		315,195

Axfood AB		1,496		44,467

Axial Retailing, Inc.(a)		8,600		224,691

Belc Co. Ltd.		5,100		216,502

Carrefour SA(a)		13,158		279,842

Coles Group Ltd.		19,350		257,145

Cosmos Pharmaceutical Corp.		200		18,663

Create SD Holdings Co. Ltd.		500		11,470

Daikokutenbussan Co. Ltd.(a)		400		14,696

Dairy Farm International Holdings Ltd.		7,600		20,672

Dino Polska SA* (b)		1,012		65,702


Investments	Shares		Value

Food & Staples Retailing – (continued)

Empire Co. Ltd., Class A		3,212	$	106,635

Endeavour Group Ltd.		24,768		137,291

Etablissements Franz Colruyt NV(a)		1,044		38,471

Fuji Co. Ltd.(a)		4,400		75,258

George Weston Ltd.		1,524		190,576

GrainCorp Ltd., Class A		10,837		79,632

Heiwado Co. Ltd.		14,100		212,762

HelloFresh SE*		1,980		84,764

Inageya Co. Ltd.(a)		11,198		115,818

Itochu-Shokuhin Co. Ltd.		1,900		72,299

J Sainsbury plc		32,120		94,082

Jeronimo Martins SGPS SA		5,280		110,289

Kato Sangyo Co. Ltd.		11,700		304,330

Kesko OYJ, Class A		2,248		53,122

Kesko OYJ, Class B		4,945		125,358

Kobe Bussan Co. Ltd.		1,900		46,928

Koninklijke Ahold Delhaize NV(a)		24,080		713,576

Kusuri no Aoki Holdings Co. Ltd.(a)		600		26,675

Lawson, Inc.		800		29,453

Loblaw Cos. Ltd.		2,580		237,217

Marks & Spencer Group plc*		48,796		84,390

MARR SpA		1,155		18,886

MatsukiyoCocokara & Co.		2,400		79,747

Maxvalu Tokai Co. Ltd.		500		10,061

Metcash Ltd.(a)		29,436		100,200

Metro, Inc.		4,429		244,694

Mitsubishi Shokuhin Co. Ltd.		4,400		109,015

North West Co., Inc. (The)(a)		16,813		471,351

Ocado Group plc* (a)		10,105		117,226

Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		3,463		262,921

San-A Co. Ltd.		7,500		234,447

Seven & i Holdings Co. Ltd.		17,500		772,345

Sheng Siong Group Ltd.		51,500		57,061

Shop Apotheke Europe NV* (a) (b)		748		62,434

Shufersal Ltd.		3,578		30,217

Sligro Food Group NV*		2,552		60,171

Sonae SGPS SA		349,934		379,869

See Accompanying Notes to the Financial Statements.


142		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Food & Staples Retailing – (continued)

Sugi Holdings Co. Ltd.		800	$	34,455

Sundrug Co. Ltd.		1,600		37,295

Tesco plc		174,534		596,027

Tsuruha Holdings, Inc.		900		46,195

United Super Markets Holdings, Inc.		2,000		16,888

Valor Holdings Co. Ltd.		19,100		301,036

Welcia Holdings Co. Ltd.		2,300		47,559

Woolworths Group Ltd.		18,834		515,433

Zur Rose Group AG* (a)		260		32,304
				9,976,057

Food Products – 3.0%

a2 Milk Co. Ltd. (The)*		12,579		40,169

AAK AB		2,860		50,040

Agrana Beteiligungs AG		6,028		107,153

Ajinomoto Co., Inc.		8,000		209,015

Ariake Japan Co. Ltd.(a)		800		32,170

Aryzta AG*		62,524		58,811

Associated British Foods plc		7,697		155,245

Ausnutria Dairy Corp. Ltd.* (a)		308,000		287,346

Austevoll Seafood ASA		3,432		55,220

Bakkafrost P/F*		1,281		89,098

Bakkavor Group plc(b)		38,192		50,731

Barry Callebaut AG (Registered)		38		88,242

Bega Cheese Ltd.(a)		22,616		81,164

Bell Food Group AG (Registered)		860		235,677

Calbee, Inc.(a)		3,200		57,425

Chocoladefabriken Lindt & Spruengli AG		24		270,994

Chocoladefabriken Lindt & Spruengli AG (Registered)		3		356,668

Cloetta AB, Class B		16,456		41,907

Costa Group Holdings Ltd.(a)		16,050		38,096

Cranswick plc		924		36,867

Danone SA		10,707		651,064

DyDo Group Holdings, Inc.		500		19,412

Ebro Foods SA		1,618		29,017

Elders Ltd.		12,728		129,165

Emmi AG (Registered)		41		41,015


Investments	Shares			Value

Food Products – (continued)

First Pacific Co. Ltd.		860,000		$	347,457

First Resources Ltd.		5,100			7,867

Fuji Oil Holdings, Inc.(a)		1,200			17,052

Fujicco Co. Ltd.(a)		2,000			31,337

Glanbia plc(a)		2,024			24,299

Golden Agri-Resources Ltd.		213,400			50,225

Greencore Group plc* (a)		27,148			39,061

Grieg Seafood ASA*		3,299			49,857

Hilton Food Group plc		3,916			59,883

Hokuto Corp.		8,600			135,346

House Foods Group, Inc.(a)		2,400			56,314

Inghams Group Ltd.(a)		148,350			325,763

Itoham Yonekyu Holdings, Inc.		2,100			10,617

Japfa Ltd.		201,820			88,421

JDE Peet’s NV(a)		1,804			53,288

Kagome Co. Ltd.		900			22,576

Kameda Seika Co. Ltd.		900			29,280

Kernel Holding SA		13,728			80,928

Kerry Group plc, Class A(a)		2,537			281,023

Kewpie Corp.		2,100			35,497

Kikkoman Corp.		3,500			197,746

KWS Saat SE & Co. KGaA		704			52,136

Leroy Seafood Group ASA		5,456			51,945

Maple Leaf Foods, Inc.		301			6,663

Maruha Nichiro Corp.(a)		17,200			318,086

Megmilk Snow Brand Co. Ltd.		19,200			287,200

Mehadrin Ltd.*		—	(e)		19

MEIJI Holdings Co. Ltd.		2,800			139,827

Morinaga & Co. Ltd.		1,100			34,343

Morinaga Milk Industry Co. Ltd.		1,200			48,626

Mowi ASA		5,977			171,100

Nestle SA (Registered)		45,408			5,894,409

Neto Malinda Trading Ltd.*		3,440			176,038

NH Foods Ltd.		3,200			101,389

Nichirei Corp.		1,600			29,454

Nippn Corp.(a)		27,300			356,105

Nippon Suisan Kaisha Ltd.		13,200			58,481

Nisshin Oillio Group Ltd. (The)		9,700			219,740

Nisshin Seifun Group, Inc.(a)		2,690			36,085

Nissin Foods Holdings Co. Ltd.		1,500			104,778

Norway Royal Salmon ASA		132			3,478

Orkla ASA		13,485			110,525

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			143

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Food Products – (continued)

Premier Foods plc		273,738	$	381,483

Premium Brands Holdings Corp.(a)		660		54,161

Prima Meat Packers Ltd.		8,600		141,386

Riken Vitamin Co. Ltd.(a)		10,400		136,863

S Foods, Inc.		7,300		170,442

Sakata Seed Corp.		2,800		94,551

Salmar ASA		748		62,062

Saputo, Inc.(a)		4,455		95,719

Savencia SA		1,716		111,152

Schouw & Co. A/S(a)		4,472		343,107

Showa Sangyo Co. Ltd.(a)		12,900		261,266

Societe LDC SA		1,695		155,926

Strauss Group Ltd.		952		25,498

Suedzucker AG		1,979		25,930

Synlait Milk Ltd.* (a)		1,760		4,032

Tassal Group Ltd.(a)		66,650		178,092

Tate & Lyle plc		11,000		107,308

Toyo Suisan Kaisha Ltd.		1,800		55,642

United Malt Grp Ltd.(a)		25,168		74,404

Vilmorin & Cie SA		1,612		76,611

Viscofan SA		825		45,736

Vitasoy International Holdings Ltd.(a)		72,000		130,673

WH Group Ltd.(b)		154,000		106,970

Wilmar International Ltd.		73,100		235,038

Yakult Honsha Co. Ltd.		2,500		129,670

Yamazaki Baking Co. Ltd.		2,900		35,948
				16,595,645

Gas Utilities – 0.3%

AltaGas Ltd.(a)		6,645		152,756

APA Group(a)		16,324		133,291

Brookfield Infrastructure Corp., Class A(a)		704		50,209

Enagas SA(a)		5,500		119,352

Hong Kong & China Gas Co. Ltd.(a)		155,907		172,675

Italgas SpA		6,908		45,037

Keppel Infrastructure Trust		55,647		22,365

Naturgy Energy Group SA(a)		5,117		155,090

Nippon Gas Co. Ltd.(a)		6,000		85,304


Investments	Shares		Value

Gas Utilities – (continued)

Osaka Gas Co. Ltd.(a)		9,900	$	179,187

Rubis SCA		2,784		74,717

Saibu Gas Holdings Co. Ltd.		1,400		23,006

Shizuoka Gas Co. Ltd.		21,500		154,496

Snam SpA		30,874		170,148

Superior Plus Corp.		10,208		90,495

Toho Gas Co. Ltd.		2,000		47,160

Tokyo Gas Co. Ltd.		11,000		211,493
				1,886,781

Health Care Equipment & Supplies – 1.2%

Advanced Medical Solutions Group plc		10,648		37,499

Alcon, Inc.		8,170		591,718

Ambu A/S, Class B(a)		3,172		42,475

Ansell Ltd.(a)		2,200		42,713

Arjo AB, Class B		4,131		31,214

Asahi Intecc Co. Ltd.		3,200		62,735

BioMerieux		825		79,009

Carl Zeiss Meditec AG		715		90,816

Cellavision AB*		1,320		41,716

Cochlear Ltd.		866		142,618

Coloplast A/S, Class B		1,720		233,926

ConvaTec Group plc(b)		26,224		69,799

Demant A/S*		1,980		87,862

DiaSorin SpA(a)		293		38,653

Draegerwerk AG & Co. KGaA		1,496		68,810

Draegerwerk AG & Co. KGaA (Preference)		2,752		137,032

Eckert & Ziegler Strahlen- und Medizintechnik AG		264		13,441

Eiken Chemical Co. Ltd.		1,600		21,266

El.En. SpA		2,684		37,829

Elekta AB, Class B(a)		6,069		41,359

Fisher & Paykel Healthcare Corp. Ltd.		10,601		147,932

Fukuda Denshi Co. Ltd.		4,300		248,919

Getinge AB, Class B(a)		3,050		89,258

GN Store Nord A/S		2,064		78,681

Hogy Medical Co. Ltd.		1,200		30,102

Hoya Corp.		6,300		631,653

Japan Lifeline Co. Ltd.(a)		24,500		205,175

Jeol Ltd.		1,100		50,517

See Accompanying Notes to the Financial Statements.


144		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Health Care Equipment & Supplies – (continued)

Koninklijke Philips NV		14,449	$	381,074

Medistim ASA		1,188		32,453

Menicon Co. Ltd.(a)		1,900		40,857

Nagaileben Co. Ltd.		1,500		22,380

Nanosonics Ltd.* (a)		16,777		47,929

Nihon Kohden Corp.		2,300		55,743

Nipro Corp.		5,200		41,179

Olympus Corp.		21,500		383,170

Paramount Bed Holdings Co. Ltd.(a)		1,600		26,811

PolyNovo Ltd.* (a)		32,604		22,012

Revenio Group OYJ		924		44,586

Riverstone Holdings Ltd.		232,200		162,266

Sartorius AG (Preference)		430		162,898

Sedana Medical AB*		4,620		17,936

Siemens Healthineers AG(b)		4,945		267,409

Smith & Nephew plc		15,093		246,909

Sonova Holding AG (Registered)		823		301,169

STRATEC SE		308		35,027

Straumann Holding AG (Registered)		1,870		224,539

Surgical Science Sweden AB*		1,584		30,618

Sysmex Corp.		2,700		179,430

Terumo Corp.		12,600		378,700

Xvivo Perfusion AB*		1,892		41,053

Ypsomed Holding AG (Registered)		81		11,666
				6,552,541

Health Care Providers & Services – 0.7%

Alfresa Holdings Corp.		5,500		75,181

Ambea AB(b)		29,670		151,935

Amplifon SpA		2,112		85,156

Arvida Group Ltd.		33,660		35,829

As One Corp.		800		42,791

Australian Clinical Labs Ltd.(b)		40,420		147,931

BML, Inc.(a)		10,500		271,091

CareTech Holdings plc		39,818		368,437

Chartwell Retirement Residences(a)		5,472		52,235

China Evergrande New Energy Vehicle Group Ltd.* (d)		40,000		5,914


Investments	Shares		Value

Health Care Providers & Services – (continued)

CVS Group plc		4,356	$	98,441

dentalcorp Holdings Ltd.* (a)		3,652		41,176

EBOS Group Ltd.(a)		2,014		55,425

Fagron		2,504		47,100

Fresenius Medical Care AG & Co. KGaA		4,085		256,155

Fresenius SE & Co. KGaA		9,503		338,851

Galenica AG(b)		792		58,748

H.U. Group Holdings, Inc.(a)		21,500		481,908

Healius Ltd.		14,608		46,923

Integral Diagnostics Ltd.(a)		13,068		36,590

Korian SA(a)		572		12,129

Mediclinic International plc*		11,132		51,908

Medicover AB, Class B		1,320		22,064

Medipal Holdings Corp.		5,100		83,806

NMC Health plc*		2,074		31

Oceania Healthcare Ltd.		48,312		32,298

Orpea SA(a)		950		34,155

Raffles Medical Group Ltd.		4,124		3,584

Ramsay Health Care Ltd.		3,096		178,456

Ryman Healthcare Ltd.(a)		8,272		49,448

Ship Healthcare Holdings, Inc.(a)		1,800		30,287

Solasto Corp.		4,400		30,565

Sonic Healthcare Ltd.(a)		7,826		204,276

Spire Healthcare Group plc* (b)		14,036		38,064

Summerset Group Holdings Ltd.(a)		6,644		50,540

Suzuken Co. Ltd.		1,880		55,721

Toho Holdings Co. Ltd.(a)		25,700		419,142

Uniphar plc		9,064		37,483

Well Health Technologies Corp.* (a)		16,192		57,012
				4,088,786

Health Care Technology – 0.1%

CompuGroup Medical SE & Co. KGaA		624		33,704

Craneware plc		1,936		41,625

EMIS Group plc		2,728		45,827

M3, Inc.		6,700		217,300

Nexus AG*		880		42,937

Pro Medicus Ltd.(a)		1,100		37,116

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			145

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Health Care Technology – (continued)

Sectra AB, Class B*		2,948	$	37,567
				456,076

Hotels, Restaurants & Leisure – 1.2%

888 Holdings plc		8,316		19,900

Accor SA*		2,133		70,949

Arcland Service Holdings Co. Ltd.		1,400		24,281

Aristocrat Leisure Ltd.		10,879		260,231

Atom Corp.(a)		5,800		33,127

Autogrill SpA*		902		6,771

Basic-Fit NV* (b)		1,196		50,544

Betsson AB, Class B*		44,978		279,237

Cafe de Coral Holdings Ltd.(a)		38,000		59,958

Carnival plc*		4,488		72,490

Collins Foods Ltd.(a)		6,204		45,588

Colowide Co. Ltd.		3,500		44,952

Compass Group plc		29,584		632,169

Corporate Travel Management Ltd.* (a)		3,366		62,791

Create Restaurants Holdings, Inc.		4,400		27,576

Crown Resorts Ltd.*		2,112		19,361

Dalata Hotel Group plc*		18,392		84,401

Domino’s Pizza Enterprises Ltd.(a)		1,398		74,820

Domino’s Pizza Group plc(a)		25,542		111,468

Doutor Nichires Holdings Co. Ltd.		2,700		31,072

Entain plc*		10,019		191,010

Evolution AB(b)		2,967		310,959

Flight Centre Travel Group Ltd.* (a)		4,576		73,461

Flutter Entertainment plc*		1,493		152,394

Flutter Entertainment plc – XDUB* (a)		952		96,996

Food & Life Cos. Ltd.		2,000		47,931

Fuji Kyuko Co. Ltd.(a)		1,000		31,839

Galaxy Entertainment Group Ltd.(a)		36,000		209,224

Genting Singapore Ltd.*		104,400		61,238

Greggs plc		2,464		72,698


Investments	Shares		Value

Hotels, Restaurants & Leisure – (continued)

Heiwa Corp.		2,450	$	36,932

HIS Co. Ltd.* (a)		4,400		75,326

Hongkong & Shanghai Hotels Ltd. (The)* (a)		66,000		65,696

Ichibanya Co. Ltd.		1,000		37,126

Imperial Hotel Ltd.		2,700		37,616

InterContinental Hotels Group plc		2,537		164,739

J D Wetherspoon plc*		3,795		35,044

Jumbo Interactive Ltd.		3,476		43,352

Kindred Group plc, SDR(a)		7,392		65,728

KOMEDA Holdings Co. Ltd.		1,200		20,729

Kura Sushi, Inc.(a)		1,400		34,903

Kyoritsu Maintenance Co. Ltd.(a)		1,600		58,660

La Francaise des Jeux SAEM(b)		1,364		51,241

Mandarin Oriental International Ltd.*		8,000		16,400

McDonald’s Holdings Co. Japan Ltd.		1,100		43,725

Melco International Development Ltd.* (a)		21,000		16,862

Melia Hotels International SA*		9,988		83,873

MGM China Holdings Ltd.* (a)		32,400		18,748

Mitchells & Butlers plc*		22,924		65,621

Monogatari Corp. (The)		700		29,176

MOS Food Services, Inc.(a)		2,100		48,270

MTY Food Group, Inc.		1,452		58,998

Ohsho Food Service Corp.		704		33,146

Oriental Land Co. Ltd.(a)		3,900		595,265

Playtech plc*		8,360		54,999

Plenus Co. Ltd.		1,000		14,711

Restaurant Brands International, Inc.(a)		4,687		269,144

Restaurant Brands New Zealand Ltd.(a)		1,154		9,610

Restaurant Group plc (The)*		15,488		12,075

Round One Corp.(a)		5,100		57,235

Royal Holdings Co. Ltd.*		1,600		25,687

Saizeriya Co. Ltd.(a)		1,800		33,205

Sands China Ltd.*		40,400		90,829

Scandic Hotels Group AB* (b)		17,204		67,211

Shangri-La Asia Ltd.*		32,000		24,348

See Accompanying Notes to the Financial Statements.


146		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Hotels, Restaurants & Leisure – (continued)

SJM Holdings Ltd.* (a)		76,000	$	32,449

SkiStar AB		2,828		55,443

Skylark Holdings Co. Ltd.		3,700		44,065

Sodexo SA		1,462		111,233

SSP Group plc*		20,152		60,039

Star Entertainment Grp Ltd. (The)*		11,421		25,729

Tabcorp Holdings Ltd.		43,606		169,198

Tokyotokeiba Co. Ltd.		1,200		41,031

Toridoll Holdings Corp.		1,100		20,020

Trainline plc* (b)		34,012		121,103

TUI AG, DI*		28,116		81,295

Webjet Ltd.* (a)		2,112		9,050

Whitbread plc*		2,508		88,702

Wynn Macau Ltd.* (a)		12,800		7,994

Yoshinoya Holdings Co. Ltd.(a)		4,900		89,332

Zensho Holdings Co. Ltd.		1,800		42,652
				6,655,001

Household Durables – 1.2%

Azorim-Investment Development & Construction Co. Ltd.		4,285		22,313

Barratt Developments plc		23,779		147,631

Bellway plc		2,640		80,808

Berkeley Group Holdings plc*		2,069		105,964

Bonava AB, Class B		31,656		155,478

Breville Group Ltd.(a)		2,420		41,447

Cairn Homes plc		38,456		46,688

Casio Computer Co. Ltd.(a)		3,600		37,650

Countryside Properties plc* (b)		13,624		43,002

Crest Nicholson Holdings plc		92,966		295,532

De’ Longhi SpA(a)		1,012		24,811

DFS Furniture plc		103,544		218,399

Dom Development SA		2,244		47,989

Electra Consumer Products 1970 Ltd.		3,831		218,403

Electrolux AB, Class B(a)		7,073		109,229

Fiskars OYJ Abp		574		13,261

Focusrite plc		2,156		26,933

Forbo Holding AG (Registered)		24		35,407

Fujitsu General Ltd.		2,100		37,523


Investments	Shares		Value

Household Durables – (continued)

Glenveagh Properties plc* (a) (b)		34,100	$	41,298

Haseko Corp.		3,500		38,442

Iida Group Holdings Co. Ltd.		5,400		86,610

JM AB		1,842		43,034

JS Global Lifestyle Co. Ltd.(b)		22,000		26,497

Kaufman & Broad SA(a)		6,321		193,715

Ki-Star Real Estate Co. Ltd.(a)		3,300		138,052

Man Wah Holdings Ltd.(a)		19,200		18,280

Nagawa Co. Ltd.		500		35,505

Neinor Homes SA* (b)		15,910		179,927

Nikon Corp.(a)		5,800		65,852

Nobia AB*		52,159		206,647

Open House Group Co. Ltd.		1,800		70,022

Panasonic Holdings Corp.(a)		51,600		462,194

Persimmon plc		7,267		191,598

Pressance Corp.(a)		8,600		103,683

Redrow plc		10,340		68,544

Rinnai Corp.		600		38,530

Sangetsu Corp.		2,256		27,147

SEB SA		616		74,538

Sekisui Chemical Co. Ltd.		10,900		147,986

Sekisui House Ltd.		16,300		284,206

Sharp Corp.		6,200		52,640

Sony Group Corp.		20,500		1,775,316

Sumitomo Forestry Co. Ltd.		3,300		50,916

Tama Home Co. Ltd.(a)		4,400		86,329

Tamron Co. Ltd.(a)		4,400		78,009

Taylor Wimpey plc		85,527		136,264

Token Corp.(a)		2,600		173,788

Victoria plc* (a)		5,192		41,719

Vistry Group plc		7,172		75,322

Vitec Group plc (The)		2,376		37,050

Zojirushi Corp.		1,300		13,787
				6,771,915

Household Products – 0.4%

Earth Corp.		600		25,471

Essity AB, Class A		616		16,448

Essity AB, Class B		9,374		249,824

Henkel AG & Co. KGaA		1,730		110,599

Henkel AG & Co. KGaA (Preference)		3,010		194,842

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			147

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Household Products – (continued)

Lion Corp.		6,800	$	70,278

Pigeon Corp.(a)		2,400		41,068

Reckitt Benckiser Group plc		11,782		923,040

Sano-Brunos Enterprises Ltd.		308		33,689

Unicharm Corp.(a)		8,100		283,025
				1,948,284

Independent Power and Renewable Electricity Producers – 0.3%

Albioma SA		1,496		79,778

Boralex, Inc., Class A(a)		2,081		62,704

Brookfield Renewable Corp.		2,068		74,643

Capital Power Corp.(a)		2,596		85,758

ContourGlobal plc(b)		17,776		42,895

Corp. ACCIONA Energias Renovables SA		1,276		47,626

Doral Group Renewable Energy Resources Ltd.*		2,244		8,697

Drax Group plc		13,330		135,225

EDP Renovaveis SA(a)		5,117		122,215

Electric Power Development Co. Ltd.		3,100		42,758

Encavis AG		7,267		160,609

Enlight Renewable Energy Ltd.*		14,280		30,987

eRex Co. Ltd.(a)		2,700		41,429

ERG SpA		704		24,434

Falck Renewables SpA		5,060		47,162

Innergex Renewable Energy, Inc.		559		7,523

Meridian Energy Ltd.		28,875		88,834

Neoen SA* (a) (b)		1,144		46,102

Northland Power, Inc.		3,652		110,784

Scatec ASA(b)		988		12,249

Solaria Energia y Medio Ambiente SA*		4,928		110,838

TransAlta Corp.		6,864		74,008

Uniper SE		2,028		52,459

Voltalia SA (Registered)*		2,112		44,895
				1,554,612

Industrial Conglomerates – 1.0%

Aker ASA, Class A(a)		264		21,947


Investments	Shares		Value

Industrial Conglomerates – (continued)

Arad Investment & Industrial Development Ltd.		1,075	$	145,090

Bonheur ASA		1,276		48,142

CK Hutchison Holdings Ltd.		63,356		445,728

DCC plc		2,236		170,628

Hitachi Ltd.		22,300		1,045,119

Indus Holding AG		7,120		203,555

Investment AB Latour, Class B		2,024		54,375

Italmobiliare SpA		245		7,806

Jardine Cycle & Carriage Ltd.		3,600		75,603

Jardine Matheson Holdings Ltd.		6,000		318,780

Keihan Holdings Co. Ltd.		2,500		53,662

Keppel Corp. Ltd.		30,100		149,748

Lifco AB, Class B* (a)		4,576		97,797

Melrose Industries plc		71,556		106,099

Nisshinbo Holdings, Inc.(a)		55,000		413,901

Nolato AB, Class B		3,080		21,543

Noritsu Koki Co. Ltd.		800		13,374

NWS Holdings Ltd.		44,000		40,040

Siemens AG (Registered)		12,771		1,586,822

Smiths Group plc		5,500		102,025

Storskogen Group AB, Class B*		7,392		15,821

TOKAI Holdings Corp.		45,795		308,929

Toshiba Corp.		7,600		317,116
				5,763,650

Insurance – 4.1%

Admiral Group plc		4,601		145,800

Aegon NV		25,413		133,109

Ageas SA		4,558		220,612

AIA Group Ltd.		196,200		1,944,208

Allianz SE (Registered)		9,288		2,118,409

Alm Brand A/S		225,922		393,128

ASR Nederland NV		3,538		161,763

Assicurazioni Generali SpA(a)		26,316		502,493

AUB Group Ltd.(a)		4,928		81,704

Aviva plc		83,678		455,215

AXA SA		47,300		1,270,432

Baloise Holding AG (Registered)		1,032		181,064

Beazley plc		13,904		75,342

Clal Insurance Enterprises Holdings Ltd.*		2,684		59,792

See Accompanying Notes to the Financial Statements.


148		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Insurance – (continued)

CNP Assurances		3,124	$	68,813

Coface SA		5,065		61,502

Conduit Holdings Ltd.		4,092		19,574

Dai-ichi Life Holdings, Inc.		25,900		520,659

Direct Line Insurance Group plc		22,704		72,317

Fairfax Financial Holdings Ltd.		559		308,737

Gjensidige Forsikring ASA		2,860		61,887

Great Eastern Holdings Ltd.		2,400		35,455

Great-West Lifeco, Inc.		6,200		171,924

Grupo Catalana Occidente SA		704		20,461

Hannover Rueck SE		1,204		189,127

Harel Insurance Investments & Financial Services Ltd.		3,957		48,788

Helvetia Holding AG (Registered)		880		114,233

Hiscox Ltd.		5,060		60,136

iA Financial Corp., Inc.		2,967		155,936

IDI Insurance Co. Ltd.		3,036		100,578

Insurance Australia Group Ltd.(a)		42,742		137,901

Intact Financial Corp.		2,752		386,988

Japan Post Holdings Co. Ltd.		24,400		171,663

Japan Post Insurance Co. Ltd.		4,400		71,488

Just Group plc		407,812		435,207

Lancashire Holdings Ltd.		82,818		441,075

Legal & General Group plc		134,246		424,904

Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		40,084		57,890

Manulife Financial Corp.		42,828		841,782

Mapfre SA		22,440		41,309

Medibank Pvt Ltd.		51,283		116,622

Menora Mivtachim Holdings Ltd.*		1,761		44,110

Migdal Insurance & Financial Holdings Ltd.		26,952		45,725

MS&AD Insurance Group Holdings, Inc.		10,000		299,552

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		3,096		742,390


Investments	Shares		Value

Insurance – (continued)

nib holdings Ltd.		11,260	$	56,654

NN Group NV		7,353		364,116

Phoenix Group Holdings plc		15,781		120,661

Phoenix Holdings Ltd. (The)		5,085		64,309

Poste Italiane SpA(b)		11,981		118,532

Power Corp. of Canada		12,651		374,170

Powszechny Zaklad Ubezpieczen SA		9,856		68,185

Protector Forsikring ASA		4,092		46,908

Prudential plc		42,613		540,356

PSC Insurance Group Ltd.		14,212		46,459

QBE Insurance Group Ltd.(a)		32,508		284,614

Sampo OYJ, Class A		8,729		427,374

SCOR SE		3,124		88,983

Societa Cattolica Di Assicurazione SpA*		16,060		104,959

Sompo Holdings, Inc.		8,400		342,652

Steadfast Group Ltd.		17,908		65,668

Storebrand ASA		12,857		113,493

Sun Life Financial, Inc.(a)		13,889		694,531

Suncorp Group Ltd.		25,284		205,914

Swiss Life Holding AG (Registered)		688		406,144

Swiss Re AG		6,579		544,403

T&D Holdings, Inc.		12,900		166,278

Talanx AG		968		40,643

Tokio Marine Holdings, Inc.		16,500		893,899

Topdanmark A/S		880		49,520

Trisura Group Ltd.*		2,200		53,173

Tryg A/S		5,124		122,808

Unipol Gruppo SpA		6,080		33,482

UnipolSai Assicurazioni SpA(a)		11,528		32,641

UNIQA Insurance Group AG(a)		43,817		337,441

Wuestenrot & Wuerttembergische AG		7,568		143,071

Yunfeng Financial Group Ltd.*		312,000		54,875

Zurich Insurance Group AG		3,483		1,600,031
				22,618,751

Interactive Media & Services – 0.2%

Adevinta ASA*		6,732		53,254

Auto Trader Group plc(b)		15,566		124,060

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			149

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Interactive Media & Services – (continued)

Baltic Classifieds Group plc*		16,280	$	26,980

Better Collective A/S* (a)		2,464		38,369

carsales.com Ltd.(a)		5,148		78,217

Dip Corp.		1,400		46,033

Kakaku.com, Inc.		1,600		33,875

Moneysupermarket.com Group plc		22,168		48,706

New Work SE		159		27,173

REA Group Ltd.(a)		1,056		97,123

Rightmove plc		13,244		102,827

Scout24 SE(b)		1,232		78,762

SEEK Ltd.(a)		5,525		111,429

Trustpilot Group plc* (b)		10,868		14,231

Wirtualna Polska Holding SA(b)		1,936		43,496

Z Holdings Corp.		45,000		178,736
				1,103,271

Internet & Direct Marketing Retail – 0.3%

Allegro.eu SA* (b)		3,080		15,988

ASKUL Corp.		1,000		12,288

ASOS plc* (a)		1,370		24,046

Auction Technology Group plc*		4,356		48,072

Belluna Co. Ltd.(a)		15,600		88,018

BHG Group AB* (a)		7,216		50,399

boohoo Group plc* (a)		15,511		15,821

Boozt AB* (b)		2,508		26,557

Cazoo Group Ltd.*		3,471		5,865

Delivery Hero SE* (b)		2,288		81,680

Demae-Can Co. Ltd.* (a)		8,800		37,018

Dustin Group AB(a) (b)		3,680		26,717

Just Eat Takeaway.com NV* (a) (b)		1,936		53,727

Mercari, Inc.* (a)		1,900		32,410

Oisix ra daichi, Inc.* (a)		2,000		41,865

Prosus NV*		13,416		659,398

Rakuten Group, Inc.(a)		15,800		111,951

Redbubble Ltd.*		44		36

Takkt AG		2,728		44,205

Temple & Webster Group Ltd.* (a)		7,304		30,624


Investments	Shares		Value

Internet & Direct Marketing Retail – (continued)

THG plc*		44	$	59

Zalando SE* (b)		1,814		72,394

Zalando SE* (b)		938		37,434

ZOZO, Inc.		2,800		59,648
				1,576,220

IT Services – 1.6%

AddNode Group AB		2,640		112,546

Adesso SE		220		43,401

Adyen NV* (b)		516		883,487

Alten SA		616		84,025

Amadeus IT Group SA*		7,654		487,705

Appen Ltd.(a)		2,420		11,454

Atea ASA*		2,420		29,300

Atos SE		968		23,896

Bechtle AG		1,364		63,774

Bell System24 Holdings, Inc.		14,100		163,027

BIPROGY, Inc.		1,100		28,018

Bouvet ASA		5,764		42,999

CANCOM SE		1,981		96,342

Capgemini SE		2,494		515,948

Capita plc*		482,460		145,254

CGI, Inc.*		3,870		310,194

Change, Inc.(a)		3,500		49,301

Computacenter plc		1,092		36,716

Computershare Ltd.		11,438		205,893

Comture Corp.(a)		2,300		50,239

Converge Technology Solutions Corp.*		11,792		79,625

Data#3 Ltd.		12,760		52,775

Digital Garage, Inc.		1,300		43,347

DTS Corp.(a)		2,100		46,179

Econocom Group SA/NV		29,084		111,990

Edenred		4,257		215,744

EML Payments Ltd.* (a)		24,816		28,217

FDM Group Holdings plc		3,850		49,207

Formula Systems 1985 Ltd.		389		37,834

Fujitsu Ltd.		3,200		461,500

Future Corp.		3,400		50,596

GFT Technologies SE		924		37,041

GMO internet, Inc.		1,200		24,313

GMO Payment Gateway, Inc.(a)		1,000		85,597

See Accompanying Notes to the Financial Statements.


150		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

IT Services – (continued)

Indra Sistemas SA* (a)		9,988	$	102,892

Infocom Corp.		1,600		27,478

Infomart Corp.		5,300		26,795

Itochu Techno-Solutions Corp.		2,400		56,592

Keywords Studios plc		1,144		34,528

KNOW IT AB		1,144		35,698

Matrix IT Ltd.		924		23,429

Megaport Ltd.* (a)		3,960		24,427

Mitsubishi Research Institute, Inc.(a)		4,300		130,102

NCC Group plc		23,672		54,388

NEC Corp.		6,300		245,562

NEC Networks & System Integration Corp.		2,400		34,270

NET One Systems Co. Ltd.		2,300		55,210

Nexi SpA* (b)		15,910		158,141

NEXTDC Ltd.* (a)		10,736		86,061

Nomura Research Institute Ltd.		6,645		190,282

NS Solutions Corp.		800		24,082

NTT Data Corp.		10,200		189,183

Nuvei Corp.* (b)		836		46,992

Obic Co. Ltd.		1,300		193,455

One Software Technologies Ltd.		3,388		56,221

Otsuka Corp.		2,500		82,491

Relia, Inc.		15,300		126,122

Reply SpA		484		72,147

S&T AG(a)		3,168		54,142

SCSK Corp.		2,700		43,263

SHIFT, Inc.*		300		57,448

Shopify, Inc., Class A*		1,806		776,535

Softcat plc		2,288		40,676

Solutions 30 SE*		5,136		30,158

Sopra Steria Group SACA		396		70,894

SUNeVision Holdings Ltd.		90,000		74,903

TechMatrix Corp.		3,300		51,324

TELUS International CDA, Inc.* (a)		4,752		103,514

TietoEVRY OYJ(a)		1,598		40,358

TIS, Inc.		4,700		106,399

Transcosmos, Inc.(a)		8,600		204,114

Tyro Payments Ltd.*		8,888		7,927


Investments	Shares		Value

IT Services – (continued)

Wise plc, Class A*		9,328	$	46,260

Worldline SA* (b)		4,558		182,000
				8,673,947

Leisure Products – 0.3%

Accell Group NV*		1,452		87,925

Bandai Namco Holdings, Inc.		4,000		273,510

Beneteau SA*		2,904		36,763

BRP, Inc.(a)		639		52,033

Games Workshop Group plc		684		63,634

GLOBERIDE, Inc.		8,600		175,306

Harvia OYJ(a) (b)		748		25,898

MIPS AB(b)		440		31,738

Mizuno Corp.		8,600		142,183

Sega Sammy Holdings, Inc.		2,600		46,357

Shimano, Inc.		1,600		287,743

Snow Peak, Inc.(a)		1,600		29,849

Spin Master Corp.* (b)		1,936		69,999

Technogym SpA(b)		4,905		37,438

Thule Group AB(a) (b)		2,024		71,694

Tomy Co. Ltd.(a)		34,900		333,484

Universal Entertainment Corp.*		300		5,402

Yamaha Corp.		3,400		131,213

Yonex Co. Ltd.		5,600		36,869
				1,939,038

Life Sciences Tools & Services – 0.4%

AddLife AB, Class B		1,496		33,759

Bachem Holding AG (Registered), Class B* (a)		88		38,894

Chemometec A/S		572		65,504

Ergomed plc*		2,420		36,095

Eurofins Scientific SE		2,150		201,230

Evotec SE*		3,042		74,709

Gerresheimer AG		755		52,966

Lonza Group AG (Registered)		1,204		717,451

Oxford Nanopore Technologies plc*		5,808		22,350

QIAGEN NV*		4,369		198,222

Sartorius Stedim Biotech		344		113,552

Siegfried Holding AG (Registered)*		88		64,369

Tecan Group AG (Registered)		220		66,998

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			151

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Life Sciences Tools & Services – (continued)

Wuxi Biologics Cayman, Inc.* (b)		43,000	$	328,824
				2,014,923

Machinery – 2.9%

Aalberts NV		1,404		69,066

Aichi Corp.		13,200		92,306

Aida Engineering Ltd.(a)		25,500		190,128

Alfa Laval AB(a)		5,160		145,895

Alstom SA(a)		4,634		103,248

Amada Co. Ltd.		7,200		56,351

ANDRITZ AG		2,081		89,483

Atlas Copco AB, Class A(a)		10,793		498,027

Atlas Copco AB, Class B(a)		6,794		273,401

ATS Automation Tooling Systems, Inc.*		1,980		58,081

Beijer Alma AB		2,304		48,464

Bobst Group SA (Registered)		528		45,095

Bodycote plc		11,283		88,324

Bucher Industries AG (Registered)		176		64,369

Burckhardt Compression Holding AG		132		67,996

Bystronic AG		55		46,010

Cargotec OYJ, Class B		684		23,942

CKD Corp.		2,500		32,803

CNH Industrial NV		17,802		257,852

Concentric AB		2,420		47,692

Construcciones y Auxiliar de Ferrocarriles SA		720		22,255

Daetwyler Holding AG		176		57,207

Daifuku Co. Ltd.		2,300		142,907

Danieli & C Officine Meccaniche SpA(a)		528		11,335

Danieli & C Officine Meccaniche SpA (Retirement Savings Plan)		4,004		62,853

Deutz AG		7,436		33,324

DMG Mori Co. Ltd.		2,100		26,615

Duerr AG		2,684		70,334

Ebara Corp.		2,600		120,809

Electrolux Professional AB, Class B		4,532		25,637


Investments	Shares		Value

Machinery – (continued)

Epiroc AB, Class A(a)		9,900	$	203,795

Epiroc AB, Class B		7,697		136,007

FANUC Corp.		3,100		482,491

Fincantieri SpA* (a)		208,253		127,973

FLSmidth & Co. A/S		3,696		102,945

Fluidra SA		912		25,130

Frencken Group Ltd.		30,800		31,895

Fuji Corp.		1,000		16,842

Fujitec Co. Ltd.		2,400		52,109

Fukushima Galilei Co. Ltd.		4,300		125,455

GEA Group AG		3,182		124,774

Georg Fischer AG (Registered)		880		48,504

Giken Ltd.		1,200		33,019

Glory Ltd.(a)		21,600		349,274

Harmonic Drive Systems, Inc.(a)		1,500		38,206

Hino Motors Ltd.		10,300		53,583

Hirata Corp.		800		29,639

Hitachi Construction Machinery Co. Ltd.		2,800		63,862

Hitachi Zosen Corp.(a)		12,400		67,475

Hoshizaki Corp.		1,200		76,412

Husqvarna AB, Class B		7,480		72,178

IHI Corp.		2,500		57,194

IMI plc		3,784		64,374

Indutrade AB		5,016		120,261

Interpump Group SpA		1,584		64,803

Interroll Holding AG (Registered)		19		58,136

Japan Steel Works Ltd. (The)(a)		900		25,563

JOST Werke AG(b)		5,934		230,371

Jungheinrich AG (Preference)		3,036		75,202

Kardex Holding AG (Registered)		264		50,915

Kawasaki Heavy Industries Ltd.(a)		2,800		49,880

KION Group AG		1,419		79,729

Kitz Corp.		30,100		154,031

Komatsu Ltd.		16,600		374,256

Komax Holding AG (Registered)		176		46,781

Kone OYJ, Class B		6,192		301,071

Konecranes OYJ		2,273		64,743

See Accompanying Notes to the Financial Statements.


152		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Machinery – (continued)

Krones AG		484	$	37,861

Kubota Corp.(a)		19,200		328,768

Kurita Water Industries Ltd.		2,500		86,350

Kyokuto Kaihatsu Kogyo Co. Ltd.		13,000		131,545

Makino Milling Machine Co. Ltd.		8,600		264,518

Makita Corp.		4,700		140,427

Manitou BF SA(a)		5,246		119,263

Max Co. Ltd.		2,800		34,384

Meidensha Corp.		16,400		298,228

Metso Outotec OYJ		13,287		115,053

MINEBEA MITSUMI, Inc.		7,311		142,202

MISUMI Group, Inc.		3,900		98,734

Mitsubishi Heavy Industries Ltd.(a)		8,600		294,389

Miura Co. Ltd.		2,100		44,250

Morgan Advanced Materials plc		20,416		72,411

Morita Holdings Corp.		15,500		149,186

Nabtesco Corp.		2,900		66,658

Nachi-Fujikoshi Corp.		8,600		250,247

NFI Group, Inc.(a)		3,960		36,531

NGK Insulators Ltd.		7,900		106,829

Nikkiso Co. Ltd.(a)		21,500		134,417

Nitta Corp.		8,600		183,603

Nittoku Co. Ltd.		1,300		19,647

Norma Group SE		2,596		64,468

NSK Ltd.		9,600		53,276

NTN Corp.* (a)		176,300		283,038

OC Oerlikon Corp. AG (Registered)		469		3,385

OKUMA Corp.(a)		1,000		36,045

Organo Corp.		3,100		214,387

OSG Corp.		1,500		18,895

Palfinger AG		787		19,926

Pfeiffer Vacuum Technology AG		220		39,409

Rational AG		55		33,856

Rotork plc		13,640		50,142

Sandvik AB(a)		17,630		338,888

Savaria Corp.(a)		3,080		36,968


Investments	Shares		Value

Machinery – (continued)

Schindler Holding AG		690	$	134,638

Schindler Holding AG (Registered)		220		42,928

SFS Group AG		220		27,833

Shibaura Machine Co. Ltd.		2,349		56,477

Shibuya Corp.		8,600		155,857

Shima Seiki Manufacturing Ltd.		1,300		18,603

Shinmaywa Industries Ltd.		21,000		147,823

Skellerup Holdings Ltd.(a)		10,736		39,858

SKF AB, Class A		1,408		27,690

SKF AB, Class B(a)		5,764		95,553

SMC Corp.		1,100		535,312

Spirax-Sarco Engineering plc		1,204		183,662

Stabilus SE		1,188		56,648

Stadler Rail AG(a)		1,056		38,622

Star Micronics Co. Ltd.		12,900		145,469

Sumitomo Heavy Industries Ltd.		3,300		70,019

Tadano Ltd.		8,900		63,473

Takeuchi Manufacturing Co. Ltd.		2,600		47,782

Takuma Co. Ltd.		30,300		340,746

Techtronic Industries Co. Ltd.		29,500		400,043

THK Co. Ltd.		1,700		34,037

Tocalo Co. Ltd.		3,800		38,276

Toyota Industries Corp.		3,800		228,481

Trelleborg AB, Class B(a)		4,796		106,759

Tsubakimoto Chain Co.		10,800		247,243

Tsugami Corp.		20,600		194,298

Union Tool Co.		500		14,433

Valmet OYJ		3,228		87,382

VAT Group AG(b)		473		149,602

Vesuvius plc		9,944		40,376

Volvo AB, Class A(a)		3,212		53,329

Volvo AB, Class B		27,047		437,575

Wacker Neuson SE		1,713		36,016

Wartsila OYJ Abp		5,720		46,452

Weir Group plc (The)		3,920		76,727

Yaskawa Electric Corp.		4,300		147,692
				15,866,585

Marine – 0.6%

AP Moller – Maersk A/S, Class A		66		189,072

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			153

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Marine – (continued)

AP Moller – Maersk A/S, Class B		129	$	378,330

Clarkson plc		1,408		65,230

D/S Norden A/S		11,094		415,358

Dfds A/S		660		25,796

Golden Ocean Group Ltd.(a)		4,796		61,336

Kawasaki Kisen Kaisha Ltd.		2,000		105,743

Kuehne + Nagel International AG (Registered)		731		207,179

Mitsui OSK Lines Ltd.		9,700		229,847

MPC Container Ships ASA		18,920		57,492

Nippon Yusen KK(a)		3,800		277,462

NS United Kaiun Kaisha Ltd.(a)		4,300		119,315

Pacific Basin Shipping Ltd.		1,720,000		802,330

SITC International Holdings Co. Ltd.		24,000		81,059

Stolt-Nielsen Ltd.		8,815		161,037

Wallenius Wilhelmsen ASA(a)		5,632		35,969

Wilh Wilhelmsen Holding ASA, Class A		4,472		110,881
				3,323,436

Media – 1.0%

4imprint Group plc		836		28,654

Ascential plc* (b)		26,918		107,538

Atresmedia Corp. de Medios de Comunicacion SA		25,344		97,589

Cogeco Communications, Inc.(a)		572		47,217

Cogeco, Inc.		3,010		180,169

Corus Entertainment, Inc., Class B(a)		67,682		222,950

CyberAgent, Inc.		6,300		67,396

Cyfrowy Polsat SA		8,140		44,427

Dentsu Group, Inc.		3,800		137,998

Euromoney Institutional Investor plc		4,083		50,903

Eutelsat Communications SA		3,740		41,862

Future plc		2,332		64,939

Hakuhodo DY Holdings, Inc.		4,700		55,866

Informa plc* (a)		28,337		204,426

Intage Holdings, Inc.		4,100		50,000


Investments	Shares		Value

Media – (continued)

IPSOS		15,050	$	731,930

ITV plc		82,500		76,959

JCDecaux SA*		968		20,444

Kadokawa Corp.		2,200		55,611

Lagardere SA		2,552		67,198

Mediaset Espana Comunicacion SA*		49,364		222,055

Metropole Television SA		4,972		92,893

MFE-MediaForEurope NV, Class B(a)		33,079		30,604

Next Fifteen Communications Group plc		5,104		85,099

Nine Entertainment Co. Holdings Ltd.(a)		10,556		20,179

Nippon Television Holdings, Inc.		2,400		23,118

Nordic Entertainment Group AB, Class B*		1,188		39,631

oOh!media Ltd.(a)		47,520		52,681

Pearson plc		14,104		139,146

ProSiebenSat.1 Media SE		2,772		32,212

Publicis Groupe SA		5,117		310,827

Quebecor, Inc., Class B(a)		2,728		64,526

RAI Way SpA(b)		8,120		48,099

Reach plc		111,155		226,917

RTL Group SA		1,056		55,300

S4 Capital plc*		10,516		40,269

Schibsted ASA, Class A		1,144		24,276

Schibsted ASA, Class B(a)		2,493		48,567

SES SA, Receipts		9,724		87,565

Seven West Media Ltd.* (a)		410,478		204,194

Shaw Communications, Inc., Class B		6,736		201,651

Singapore Press Holdings Ltd.(d)		27,000		45,948

SKY Perfect JSAT Holdings, Inc.		50,300		163,060

Stroeer SE & Co. KGaA		620		37,380

Telenet Group Holding NV		1,320		39,409

Television Francaise 1		37,109		316,513

TX Group AG		352		50,190

ValueCommerce Co. Ltd.		1,400		41,548

Vivendi SE		10,019		115,842

WPP plc		20,339		256,633

See Accompanying Notes to the Financial Statements.


154		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Media – (continued)

YouGov plc		7,040	$	110,926
				5,581,334

Metals & Mining – 6.0%

Acerinox SA		7,260		77,240

Agnico Eagle Mines Ltd.		7,310		427,716

Alamos Gold, Inc., Class A(a)		3,983		31,102

Allkem Ltd.* (a)		8,316		72,395

Alumina Ltd.(a)		42,504		54,672

AMG Advanced Metallurgical Group NV(a)		1,540		60,988

Anglo American plc		31,519		1,419,056

Antofagasta plc		6,963		135,589

Aperam SA		1,554		60,707

ArcelorMittal SA		13,545		401,744

Asahi Holdings, Inc.(a)		29,300		467,000

Aurubis AG		1,075		123,784

AVZ Minerals Ltd.* (a)		111,012		78,102

B2Gold Corp.(a)		29,025		123,772

Barrick Gold Corp.		5,914		132,574

Barrick Gold Corp. – XLON		22,380		505,962

Bekaert SA		1,540		57,772

Bellevue Gold Ltd.* (a)		49,941		34,071

BHP Group Ltd.		51,120		1,748,937

BHP Group Ltd.		63,948		2,181,798

BlueScope Steel Ltd.		10,707		156,287

Boliden AB(a)		5,418		238,554

Capricorn Metals Ltd.*		19,272		56,837

Capstone Copper Corp.* (a)		10,472		47,933

Centamin plc		402,394		462,667

Centerra Gold, Inc.		83,850		780,076

Chalice Mining Ltd.* (a)		10,120		49,983

Daido Steel Co. Ltd.		800		22,877

Daiki Aluminium Industry Co. Ltd.(a)		12,900		144,572

De Grey Mining Ltd.* (a)		86,240		73,850

Deterra Royalties Ltd.		15,180		52,428

Dowa Holdings Co. Ltd.		1,100		47,036

Dundee Precious Metals, Inc.		76,239		443,815

Eldorado Gold Corp.*		64,500		629,835

Endeavour Mining plc		3,438		84,559

Endeavour Silver Corp.* (a)		11,132		42,680


Investments	Shares		Value

Metals & Mining – (continued)

Equinox Gold Corp.* (a)		98,169	$	703,594

Eramet SA* (a)		3,827		517,177

ERO Copper Corp.* (a)		4,268		61,680

Evolution Mining Ltd.(a)		35,786		102,997

Falcon Metals Ltd.*		1		—	(f)

Ferrexpo plc		10,868		22,555

First Majestic Silver Corp.		3,432		35,634

First Quantum Minerals Ltd.		9,589		276,329

Fortescue Metals Group Ltd.(a)		39,646		609,413

Fortuna Silver Mines, Inc.* (a)		103,329		363,012

Franco-Nevada Corp.		2,881		437,949

Fresnillo plc(a)		3,872		37,695

Glencore plc*		242,950		1,516,883

Gold Road Resources Ltd.(a)		80,872		89,369

Granges AB(a)		38,442		318,932

Greatland Gold plc* (a)		350,768		58,572

Grupa Kety SA		308		44,559

Hill & Smith Holdings plc		5,236		90,981

Hitachi Metals Ltd.*		4,740		74,195

Hochschild Mining plc(a)		99,717		147,730

Hudbay Minerals, Inc.		13,288		85,568

IAMGOLD Corp.*		17,424		49,489

IGO Ltd.		13,200		123,542

Iluka Resources Ltd.		6,916		55,734

Imdex Ltd.		22,176		39,556

ioneer Ltd.* (a)		110,528		53,019

Ivanhoe Mines Ltd., Class A* (a)		13,068		105,317

Jastrzebska Spolka Weglowa SA*		3,124		47,603

Jervois Global Ltd.* (a)		49,165		31,620

JFE Holdings, Inc.		12,900		158,811

K92 Mining, Inc.* (a)		16,544		118,444

KGHM Polska Miedz SA		2,288		74,735

Kinross Gold Corp.		23,532		119,497

Kobe Steel Ltd.		7,000		30,526

Kyoei Steel Ltd.		8,300		85,780

Labrador Iron Ore Royalty Corp.(a)		24,811		674,802

Lake Resources NL* (a)		76,296		106,813

Lithium Americas Corp.* (a)		2,508		63,541

Lundin Gold, Inc.* (a)		6,342		51,359

Lundin Mining Corp.		13,029		119,581

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			155

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Metals & Mining – (continued)

Lynas Rare Earths Ltd.* (a)		19,307	$	125,680

MAG Silver Corp.*		4,656		68,999

Maruichi Steel Tube Ltd.(a)		1,900		40,681

Mineral Resources Ltd.		3,698		153,842

Mitsubishi Materials Corp.		3,800		59,628

Mitsui Mining & Smelting Co. Ltd.		1,600		40,753

New Gold, Inc.* (a)		231,856		339,244

Newcrest Mining Ltd.(a)		15,050		287,489

Nickel Mines Ltd.(a)		46,684		43,626

Nippon Light Metal Holdings Co. Ltd.		21,500		276,301

Nippon Steel Corp.		21,015		335,679

Norsk Hydro ASA		34,959		299,963

Northern Star Resources Ltd.		17,974		125,433

Novagold Resources, Inc.* (a)		16,426		102,948

OceanaGold Corp.*		1,000		2,504

OceanaGold Corp.* (a)		247,090		618,668

Orla Mining Ltd.* (a)		10,780		45,969

Osisko Gold Royalties Ltd.(a)		9,245		114,364

Osisko Mining, Inc.*		27,456		87,005

Outokumpu OYJ(a)		7,392		36,924

OZ Minerals Ltd.(a)		6,973		123,884

Pan American Silver Corp.		4,082		101,727

Perenti Global Ltd.(a)		313,556		158,208

Perseus Mining Ltd.(a)		483,320		681,791

Pilbara Minerals Ltd.*		36,168		73,253

Ramelius Resources Ltd.(a)		358,792		385,013

Regis Resources Ltd.(a)		257,226		382,047

Rio Tinto Ltd.		8,686		696,466

Rio Tinto plc		24,080		1,725,063

Salzgitter AG*		15,093		634,028

Sandfire Resources Ltd.		150,672		611,399

Sandstorm Gold Ltd.		13,772		103,017

Sanyo Special Steel Co. Ltd.		9,000		138,654

Sayona Mining Ltd.* (a)		267,529		60,838

Seabridge Gold, Inc.*		5,588		99,295

Silver Lake Resources Ltd.*		70,620		93,346

SilverCrest Metals, Inc.*		9,416		71,391

Sims Ltd.(a)		5,980		88,266

Solaris Resources, Inc.*		3,872		38,931

South32 Ltd.		117,433		398,074


Investments	Shares		Value

Metals & Mining – (continued)

SSAB AB, Class A		10,296	$	66,591

SSAB AB, Class B		9,504		56,907

SSR Mining, Inc.		5,762		127,408

St Barbara Ltd.(a)		292,572		277,568

Stelco Holdings, Inc.		596		21,866

Sumitomo Metal Mining Co. Ltd.		6,100		267,005

Teck Resources Ltd., Class B(a)		10,406		412,641

thyssenkrupp AG*		8,316		64,745

Toho Titanium Co. Ltd.		200		2,294

Tokyo Steel Manufacturing Co. Ltd.		30,100		312,012

Torex Gold Resources, Inc.*		34,787		391,407

Turquoise Hill Resources Ltd.* (a)		35,733		979,963

UACJ Corp.		11,500		193,856

voestalpine AG		1,880		49,702

Vulcan Energy Resources Ltd.* (a)		6,732		40,569

Wesdome Gold Mines Ltd.*		8,888		91,171

West African Resources Ltd.*		70,224		67,870

Western Areas Ltd.*		19,404		52,952

Westgold Resources Ltd.(a)		157,067		182,498

Wheaton Precious Metals Corp.(a)		7,267		327,400

Yamana Gold, Inc.		23,875		132,447

Yamato Kogyo Co. Ltd.		1,300		42,143

Yodogawa Steel Works Ltd.		11,500		218,532
				33,483,501

Multiline Retail – 0.4%

B&M European Value Retail SA		17,329		106,651

Canadian Tire Corp. Ltd., Class A		1,220		168,913

Dollarama, Inc.		4,343		242,696

Europris ASA(b)		66,177		339,531

H2O Retailing Corp.		5,615		36,708

Harvey Norman Holdings Ltd.(a)		17,952		64,936

Isetan Mitsukoshi Holdings Ltd.		9,100		67,639

Izumi Co. Ltd.		1,300		28,125

J Front Retailing Co. Ltd.		9,100		68,341

Next plc		2,365		178,928

See Accompanying Notes to the Financial Statements.


156		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Multiline Retail – (continued)

Pan Pacific International Holdings Corp.		7,500	$	116,413

Ryohin Keikaku Co. Ltd.		6,000		54,137

Seria Co. Ltd.		1,000		19,697

Takashimaya Co. Ltd.		4,400		40,108

Tokmanni Group Corp.		2,948		38,564

Warehouse Group Ltd. (The)(a)		30,712		68,771

Wesfarmers Ltd.		18,748		658,303
				2,298,461

Multi-Utilities – 0.7%

A2A SpA		51,964		89,465

ACEA SpA		1,552		26,802

AGL Energy Ltd.		12,344		76,143

Algonquin Power & Utilities Corp.(a)		12,062		175,544

Atco Ltd., Class I		1,064		38,104

Canadian Utilities Ltd., Class A		1,628		49,195

Centrica plc*		123,453		123,159

E.ON SE		53,492		560,364

Engie SA(a)		38,442		459,157

Hera SpA		19,272		72,297

Iren SpA		19,624		51,259

National Grid plc		63,985		959,178

REN – Redes Energeticas Nacionais SGPS SA		142,244		433,674

RWE AG		10,578		441,795

Sembcorp Industries Ltd.		4,000		8,545

Telecom Plus plc		4,843		101,056

Veolia Environnement SA(a)		11,352		334,125
				3,999,862

Oil, Gas & Consumable Fuels – 6.0%

Advantage Energy Ltd.*		10,340		86,811

Aker BP ASA(a)		1,828		66,810

Ampol Ltd.		2,420		58,214

ARC Resources Ltd.(a)		17,931		249,874

Baytex Energy Corp.*		29,713		152,744

Beach Energy Ltd.		39,336		45,425

Birchcliff Energy Ltd.		97,524		717,285

BP plc		456,058		2,241,940

BRIGHTOIL* ^‡		50,147		—


Investments	Shares		Value

Oil, Gas & Consumable Fuels – (continued)

BW LPG Ltd.(b)		35,819	$	229,719

Cameco Corp.(a)		7,095		184,141

Canadian Natural Resources Ltd.		27,176		1,690,672

Capricorn Energy plc* (a)		23,656		61,242

Cenovus Energy, Inc.(a)		21,672		402,731

Crescent Point Energy Corp.		15,928		110,918

Denison Mines Corp.* (a)		53,196		69,094

Diversified Energy Co. plc(b)		315,706		479,606

DNO ASA		22,968		35,673

Enbridge, Inc.		32,164		1,410,832

ENEOS Holdings, Inc.		77,450		272,713

Energean plc*		8,008		119,040

Energy Fuels, Inc.* (a)		10,296		77,982

Enerplus Corp.(a)		92,149		1,134,874

Eni SpA		55,298		781,127

Equinor ASA		24,123		831,283

Equital Ltd.*		6,794		278,750

Euronav NV		8,360		97,983

FLEX LNG Ltd.		10,750		309,004

Freehold Royalties Ltd.		5,060		59,308

Galp Energia SGPS SA		12,298		150,885

Gaztransport Et Technigaz SA		660		79,514

Gibson Energy, Inc.(a)		1,537		29,416

Hafnia Ltd.*		46,860		139,324

Harbour Energy plc		13,992		88,573

Idemitsu Kosan Co. Ltd.		5,982		157,215

Imperial Oil Ltd.		5,117		258,963

Inpex Corp.		23,500		277,879

Itochu Enex Co. Ltd.		17,300		142,876

Iwatani Corp.		1,397		55,962

Japan Petroleum Exploration Co. Ltd.		14,600		289,273

Karoon Energy Ltd.*		45,716		67,250

Keyera Corp.(a)		4,972		123,984

Koninklijke Vopak NV		1,558		42,109

Lundin Energy AB		4,076		170,642

MEG Energy Corp.*		4,928		74,418

Mitsuuroko Group Holdings Co. Ltd.		1,200		9,345

Naphtha Israel Petroleum Corp. Ltd.*		7,920		63,307

Neste OYJ		7,482		325,197

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			157

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Oil, Gas & Consumable Fuels – (continued)

New Hope Corp. Ltd.(a)		175,053	$	436,649

NexGen Energy Ltd.* (a)		16,236		80,415

NuVista Energy Ltd.*		64,156		550,174

Oil Refineries Ltd.*		549,927		246,365

OMV AG		3,827		198,231

Paramount Resources Ltd., Class A		4,048		98,377

Parex Resources, Inc.		44,204		866,060

Parkland Corp.		2,207		63,013

Paz Oil Co. Ltd.*		3,637		564,520

Pembina Pipeline Corp.		7,869		299,294

Peyto Exploration & Development Corp.(a)		60,974		624,506

Polski Koncern Naftowy ORLEN SA		5,060		85,884

Polskie Gornictwo Naftowe i Gazownictwo SA		60,060		84,319

PrairieSky Royalty Ltd.(a)		12,040		166,085

Repsol SA		34,529		520,351

San-Ai Obbli Co. Ltd.		25,600		187,712

Santos Ltd.		46,870		266,465

Shell plc		172,731		4,712,450

Suncor Energy, Inc.(a)		33,153		1,197,923

Tamarack Valley Energy Ltd.		123,969		487,903

TC Energy Corp.		15,695		834,455

Topaz Energy Corp.		3,344		59,551

TotalEnergies SE(a)		56,674		2,823,499

Tourmaline Oil Corp.		6,982		361,433

Tullow Oil plc*		538,962		380,963

United Energy Group Ltd.(a)		3,462,000		410,349

Vermilion Energy, Inc.(a)		60,888		1,192,462

Washington H Soul Pattinson & Co. Ltd.		5,720		113,045

Whitecap Resources, Inc.(a)		16,598		136,753

Whitehaven Coal Ltd.(a)		17,109		59,820

Woodside Petroleum Ltd.		14,417		319,146

Z Energy Ltd.(a) (d)		19,228		47,049
				33,277,148

Paper & Forest Products – 0.6%

Altri SGPS SA		22,145		148,465

Canfor Corp.* (a)		1,464		28,042


Investments	Shares		Value

Paper & Forest Products – (continued)

Daiken Corp.		6,500	$	105,557

Daio Paper Corp.		3,745		44,832

Hokuetsu Corp.(a)		64,600		332,075

Holmen AB, Class B		1,540		90,167

Interfor Corp.(a)		23,005		659,163

Metsa Board OYJ, Class B(a)		6,595		71,592

Mondi plc		8,557		162,224

Navigator Co. SA (The)		5,269		21,789

Nippon Paper Industries Co. Ltd.(a)		38,100		303,483

Oji Holdings Corp.		26,000		123,618

Semapa-Sociedade de Investimento e Gestao		3,520		48,720

Stella-Jones, Inc.		3,652		101,440

Stora Enso OYJ, Class R		12,212		243,425

Svenska Cellulosa AB SCA, Class A		2,068		40,924

Svenska Cellulosa AB SCA, Class B		9,116		178,860

Tokushu Tokai Paper Co. Ltd.		4,400		117,166

UPM-Kymmene OYJ		8,772		305,753

West Fraser Timber Co. Ltd.(a)		2,150		189,943
				3,317,238

Personal Products – 0.9%

Beiersdorf AG		1,720		173,867

Blackmores Ltd.(a)		1,320		67,868

euglena Co. Ltd.* (a)		4,400		29,274

Fancl Corp.		400		7,718

Interparfums SA		132		7,380

Jamieson Wellness, Inc.(b)		2,330		58,886

Kao Corp.		7,700		310,888

Kobayashi Pharmaceutical Co. Ltd.		900		61,755

Kose Corp.(a)		700		72,615

L’Occitane International SA		4,500		14,367

L’Oreal SA		3,741		1,376,958

Mandom Corp.		2,600		25,988

Milbon Co. Ltd.		1,000		41,911

Noevir Holdings Co. Ltd.		1,000		39,364

Ontex Group NV* (a)		23,263		161,973

Pola Orbis Holdings, Inc.		2,000		23,248

PZ Cussons plc		28,228		72,653

See Accompanying Notes to the Financial Statements.


158		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Personal Products – (continued)

Rohto Pharmaceutical Co. Ltd.		2,000	$	53,566

Shiseido Co. Ltd.		6,600		312,578

Unilever plc		18,528		865,110

Unilever plc		23,440		1,094,710
				4,872,677

Pharmaceuticals – 4.9%

ALK-Abello A/S*		2,640		58,125

Almirall SA		4,404		57,703

Astellas Pharma, Inc.		30,000		458,012

AstraZeneca plc		24,768		3,323,564

Aurora Cannabis, Inc.*		44		134

Bausch Health Cos., Inc.*		7,181		137,153

Bayer AG (Registered)*		21,758		1,443,782

Camurus AB* (a)		2,860		47,514

Canopy Growth Corp.*		6,156		35,692

Chugai Pharmaceutical Co. Ltd.		11,200		337,400

COSMO Pharmaceuticals NV* (a)		413		23,742

Daiichi Sankyo Co. Ltd.		29,700		747,773

Dechra Pharmaceuticals plc		2,193		100,166

Eisai Co. Ltd.		4,700		205,471

Faes Farma SA		17,235		72,183

Financiere de Tubize SA(a)		264		26,180

GlaxoSmithKline plc		113,778		2,566,984

H Lundbeck A/S		484		11,188

Haw Par Corp. Ltd.		3,200		27,066

Hikma Pharmaceuticals plc		2,900		68,577

Hisamitsu Pharmaceutical Co., Inc.		1,900		52,427

Hutchmed China Ltd.* (a)		7,150		22,038

Indivior plc*		45,193		177,709

Ipsen SA		770		80,175

JCR Pharmaceuticals Co. Ltd.		2,400		44,977

Kaken Pharmaceutical Co. Ltd.		1,500		45,558

Kissei Pharmaceutical Co. Ltd.		1,400		27,782

KYORIN Holdings, Inc.		4,400		64,220

Kyowa Kirin Co. Ltd.		4,400		92,816

Merck KGaA		2,193		409,375

Mithra Pharmaceuticals SA* (a) (b)		1,848		18,170


Investments	Shares		Value

Pharmaceuticals – (continued)

Mochida Pharmaceutical Co. Ltd.		900	$	25,702

Nippon Shinyaku Co. Ltd.		1,400		95,199

Novartis AG (Registered)		39,001		3,475,997

Novo Nordisk A/S, Class B		26,875		3,095,963

Ono Pharmaceutical Co. Ltd.		9,200		236,675

Orion OYJ, Class A		352		14,334

Orion OYJ, Class B		1,404		55,454

Otsuka Holdings Co. Ltd.		8,700		292,977

Recordati Industria Chimica e Farmaceutica SpA		1,628		78,986

Roche Holding AG		11,395		4,254,415

Roche Holding AG – BR		485		196,269

Sanofi		18,275		1,950,671

Santen Pharmaceutical Co. Ltd.		4,500		36,921

Sawai Group Holdings Co. Ltd.		1,800		60,505

Shionogi & Co. Ltd.		4,600		258,155

Sosei Group Corp.* (a)		5,200		51,254

Sumitomo Pharma Co. Ltd.		3,600		32,149

Taisho Pharmaceutical Holdings Co. Ltd.(a)		600		23,618

Takeda Pharmaceutical Co. Ltd.		37,217		1,082,671

Teva Pharmaceutical Industries Ltd.*		27,391		244,355

Torii Pharmaceutical Co. Ltd.		800		20,191

Towa Pharmaceutical Co. Ltd.(a)		9,800		208,617

Tsumura & Co.		900		22,194

UCB SA		2,279		260,619

Vetoquinol SA		308		40,291

Vifor Pharma AG		837		148,360

Virbac SA		132		53,752

ZERIA Pharmaceutical Co. Ltd.(a)		1,800		27,647
				27,127,597

Professional Services – 1.3%

Adecco Group AG (Registered)		3,870		152,105

AFRY AB, Class B		2,640		44,183

ALS Ltd.		8,712		81,104

Amadeus Fire AG		352		49,611

Applus Services SA		49,708		389,101

BayCurrent Consulting, Inc.		300		99,915

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			159

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Professional Services – (continued)

Benefit One, Inc.		1,000	$	15,375

BeNext-Yumeshin Group Co.(a)		4,400		50,908

BTS Group AB, Class B		1,100		41,390

Bureau Veritas SA		4,199		121,508

Danel Adir Yeoshua Ltd.		220		34,914

DKSH Holding AG		660		57,150

Experian plc		15,609		547,151

Funai Soken Holdings, Inc.		2,700		45,431

GlobalData plc		2,508		39,124

Hays plc		34,264		52,999

Insource Co. Ltd.(a)		1,900		32,776

Intertek Group plc		2,322		145,997

Intertrust NV* (b)		33,067		683,727

IPH Ltd.		13,904		75,095

JAC Recruitment Co. Ltd.		1,300		18,392

LifeWorks, Inc.		5,588		82,636

McMillan Shakespeare Ltd.		22,962		194,183

Meitec Corp.		800		42,729

Nihon M&A Center Holdings, Inc.		4,800		59,796

Nomura Co. Ltd.		6,000		41,355

Pagegroup plc		9,108		56,192

Pasona Group, Inc.		1,800		28,801

Persol Holdings Co. Ltd.		4,200		84,091

Randstad NV		1,849		99,208

Recruit Holdings Co. Ltd.		27,500		1,022,654

RELX plc		31,820		956,004

RWS Holdings plc		8,360		46,182

SGS SA (Registered)		86		223,450

SmartGroup Corp. Ltd.(a)		7,766		49,284

SMS Co. Ltd.		2,000		47,777

S-Pool, Inc.		4,400		44,455

Stantec, Inc.		1,848		85,268

SThree plc		7,172		33,091

Synergie SE		440		16,966

TechnoPro Holdings, Inc.		1,100		28,273

Teleperformance		903		326,463

Thomson Reuters Corp.		2,451		246,318

Tinexta Spa		1,056		26,803

UT Group Co. Ltd.(a)		2,000		45,523

Weathernews, Inc.		500		26,397


Investments	Shares		Value

Professional Services – (continued)

Wolters Kluwer NV(a)		4,472	$	455,639
				7,147,494

Real Estate Management & Development – 2.2%

ADLER Group SA(a) (b)		27,907		213,002

Aedas Homes SA(b)		6,751		158,108

Aeon Mall Co. Ltd.		1,990		24,207

AFI Properties Ltd.		165		10,019

Airport City Ltd.*		1,928		43,273

Allreal Holding AG (Registered)		366		69,531

Alony Hetz Properties & Investments Ltd.		2,596		42,729

Altus Group Ltd.		2,640		99,378

Amot Investments Ltd.		5,448		41,640

Aroundtown SA		20,640		104,472

Ascendas India Trust		262,300		239,335

Atrium Ljungberg AB, Class B		792		13,053

Azrieli Group Ltd.		532		46,011

Big Shopping Centers Ltd.		16		2,432

Blue Square Real Estate Ltd.		283		25,382

Bukit Sembawang Estates Ltd.		60,200		219,718

CA Immobilien Anlagen AG(a)		572		16,293

Capitaland Investment Ltd.*		44,131		135,183

Castellum AB(a)		4,945		98,917

Catena AB		924		48,449

Cibus Nordic Real Estate AB		3,432		79,726

City Developments Ltd.		9,400		58,133

CK Asset Holdings Ltd.		43,000		292,653

CLS Holdings plc, REIT		14,403		37,070

Colliers International Group, Inc.		748		83,020

Corem Property Group AB, Class B*		19,888		42,362

Daito Trust Construction Co. Ltd.		1,600		154,616

Daiwa House Industry Co. Ltd.		15,900		385,719

Deutsche EuroShop AG		19,393		322,019

Deutsche Wohnen SE		1,012		29,135

DIC Asset AG		3,740		52,554

Dios Fastigheter AB		7,480		67,671

DREAM Unlimited Corp., Class A		1,584		57,260

Entra ASA(b)		2,068		34,539

See Accompanying Notes to the Financial Statements.


160		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Real Estate Management & Development – (continued)

ESR Cayman Ltd.* (b)		51,600	$	157,507

Fabege AB		5,412		66,397

Fastighets AB Balder, Class B* (a)		2,107		105,766

FastPartner AB, Class A		3,124		26,413

FirstService Corp.		676		84,724

Gav-Yam Lands Corp. Ltd.		593		6,566

Gazit-Globe Ltd.		22,517		212,465

Grainger plc		11,088		41,290

Grand City Properties SA		2,508		44,450

Great Eagle Holdings Ltd.		124,555		292,094

GuocoLand Ltd.		102,400		121,613

Hang Lung Group Ltd.		33,000		64,771

Hang Lung Properties Ltd.		44,000		84,230

Heba Fastighets AB, Class B		2,640		34,020

Heiwa Real Estate Co. Ltd.		1,300		40,888

Henderson Land Development Co. Ltd.		33,239		134,928

Hiag Immobilien Holding AG*		355		36,939

Ho Bee Land Ltd.		80,400		176,415

Hufvudstaden AB, Class A		2,610		34,086

Hulic Co. Ltd.		13,700		116,105

Hysan Development Co. Ltd.		19,000		56,059

Ichigo, Inc.		5,500		12,311

Immobel SA(a)		1,591		114,804

IMMOFINANZ AG*		2,253		54,524

Intershop Holding AG		76		49,641

Israel Canada T.R Ltd.		7,168		35,823

Isras Investment Co. Ltd.		136		33,431

IWG plc*		18,668		57,188

Jeudan A/S		560		21,919

K Wah International Holdings Ltd.		572,089		215,094

Katitas Co. Ltd.		1,100		25,853

Keihanshin Building Co. Ltd.		4,400		45,881

Kerry Properties Ltd.		16,500		44,793

K-fast Holding AB* (a) (b)		5,148		23,718

Kojamo OYJ(a)		1,980		39,541

LEG Immobilien SE		1,419		146,105

Lendlease Corp. Ltd.(a)		14,937		130,033

Lifestyle Communities Ltd.		5,148		55,462

Mega Or Holdings Ltd.		1,085		41,789


Investments	Shares		Value

Real Estate Management & Development – (continued)

Melisron Ltd.*		460	$	37,636

Mitsubishi Estate Co. Ltd.		21,500		312,560

Mitsui Fudosan Co. Ltd.		21,500		455,605

Mivne Real Estate KD Ltd.		14,248		53,725

Mobimo Holding AG (Registered)(a)		352		101,359

Morguard Corp.		1,419		140,118

New World Development Co. Ltd.		33,590		128,860

Nexity SA		18,017		550,824

Nomura Real Estate Holdings, Inc.		1,400		34,092

NP3 Fastigheter AB		396		11,120

Nyfosa AB		2,684		29,928

OUE Ltd.		90,000		88,638

PATRIZIA AG		3,248		55,714

Platzer Fastigheter Holding AB, Class B		3,080		31,513

Prashkovsky Investments and Construction Ltd.		1,672		66,198

Property & Building Corp. Ltd.*		128		17,885

PSP Swiss Property AG (Registered)		531		67,397

Relo Group, Inc.		2,270		32,781

S IMMO AG		2,564		61,536

Sagax AB, Class B		2,420		62,617

Samhallsbyggnadsbolaget i Norden AB(a)		22,748		72,123

SAMTY Co. Ltd.(a)		8,900		144,257

Savills plc		7,783		105,826

Sella Capital Real Estate Ltd., REIT		76,693		261,416

Selvaag Bolig ASA(a)		11,440		54,827

Shun Tak Holdings Ltd.* (a)		860,000		175,373

Singapore Land Group Ltd.		5,656		10,567

Sino Land Co. Ltd.		97,289		129,452

Sirius Real Estate Ltd.		65,648		100,059

Starts Corp., Inc.		12,900		239,859

Sumitomo Realty & Development Co. Ltd.(a)		11,600		307,459

Summit Real Estate Holdings Ltd.		2,418		57,166

Sun Hung Kai Properties Ltd.		35,500		411,504

Swire Pacific Ltd., Class A		3,500		20,029

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			161

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Real Estate Management & Development – (continued)

Swire Properties Ltd.		24,800	$	59,992

Swiss Prime Site AG (Registered)		1,285		126,428

TAG Immobilien AG		4,270		85,858

Tokyo Tatemono Co. Ltd.		5,200		73,208

Tokyu Fudosan Holdings Corp.		11,200		58,524

Tricon Residential, Inc.(a)		8,256		120,088

UOL Group Ltd.*		6,799		35,942

VGP NV		176		45,861

VIB Vermoegen AG		271		9,792

Vonovia SE*		12,035		482,460

Wallenstam AB, Class B(a)		4,444		49,598

Watkin Jones plc		13,596		42,248

Wharf Real Estate Investment Co. Ltd.		25,000		118,370

Wihlborgs Fastigheter AB(a)		3,652		63,991

Wing Tai Holdings Ltd.		24,000		30,415

YH Dimri Construction & Development Ltd.		452		40,972

Zensun Enterprises Ltd.		144,000		67,355
				12,374,370

Road & Rail – 1.4%

Aurizon Holdings Ltd.		31,840		91,187

Canadian National Railway Co.		10,062		1,189,442

Canadian Pacific Railway Ltd.		14,620		1,074,951

Central Japan Railway Co.(a)		3,700		468,640

ComfortDelGro Corp. Ltd.		18,400		19,587

East Japan Railway Co.		5,700		300,002

Europcar Mobility Group* (b)		237,747		126,058

Firstgroup plc*		31,646		44,817

Fukuyama Transporting Co. Ltd.		1,000		28,095

Hankyu Hanshin Holdings, Inc.		4,500		119,308

Hitachi Transport System Ltd.		1,300		85,690

Keikyu Corp.(a)		5,700		57,678

Keio Corp.(a)		1,800		69,396

Keisei Electric Railway Co. Ltd.(a)		2,900		71,515

Kelsian Group Ltd.(a)		13,288		74,884

Kintetsu Group Holdings Co. Ltd.		3,900		112,431


Investments	Shares		Value

Road & Rail – (continued)

Kyushu Railway Co.		2,100	$	41,397

Maruzen Showa Unyu Co. Ltd.		6,600		161,994

MTR Corp. Ltd.		25,764		137,421

Mullen Group Ltd.(a)		32,207		309,709

Nagoya Railroad Co. Ltd.		4,400		71,081

Nankai Electric Railway Co. Ltd.		3,000		53,790

National Express Group plc*		204,336		638,281

Nikkon Holdings Co. Ltd.		24,100		366,448

NIPPON EXPRESS HOLDINGS, Inc.		1,600		94,350

Nishi-Nippon Railroad Co. Ltd.		1,000		20,114

Northgate plc		97,008		483,520

NTG Nordic Transport Group A/S* (a)		792		43,412

Odakyu Electric Railway Co. Ltd.		4,600		70,157

Sakai Moving Service Co. Ltd.		2,900		99,271

Sankyu, Inc.		1,333		40,692

SBS Transit Ltd.		26,000		55,167

Seibu Holdings, Inc.		2,600		26,008

Seino Holdings Co. Ltd.		3,100		25,411

Senko Group Holdings Co. Ltd.(a)		50,900		346,510

Sixt SE*		308		40,453

Sixt SE (Preference)		298		21,723

Stef SA		1,290		127,379

TFI International, Inc.		1,591		128,644

Tobu Railway Co. Ltd.		4,000		90,244

Tokyu Corp.		8,700		106,836

Trancom Co. Ltd.		600		31,445

West Japan Railway Co.		4,300		160,769
				7,725,907

Semiconductors & Semiconductor Equipment – 1.7%

Advantest Corp.		3,100		215,105

AEM Holdings Ltd.		13,200		45,979

AIXTRON SE		7,783		203,214

Alphawave IP Group plc* (a)		19,492		36,708

ams-OSRAM AG*		5,984		74,842

ASM International NV		688		210,411

ASM Pacific Technology Ltd.		5,000		51,012

ASML Holding NV		6,579		3,803,403

See Accompanying Notes to the Financial Statements.


162		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Semiconductors & Semiconductor Equipment – (continued)

BE Semiconductor Industries NV(a)		1,505	$	93,261

Disco Corp.		600		148,657

Ferrotec Holdings Corp.(a)		14,900		275,551

Furuya Metal Co. Ltd.(a)		1,600		115,962

Infineon Technologies AG		21,113		611,398

Japan Material Co. Ltd.		3,900		59,451

Lasertec Corp.		1,300		177,752

Megachips Corp.		1,000		25,973

Melexis NV		495		43,317

Meyer Burger Technology AG* (a)		160,380		77,327

Mimasu Semiconductor Industry Co. Ltd.		4,600		83,472

Nordic Semiconductor ASA*		3,828		78,663

Nova Ltd.*		352		34,004

Optorun Co. Ltd.		2,900		43,290

REC Silicon ASA* (a)		22,352		39,466

Renesas Electronics Corp.*		23,900		259,735

Rohm Co. Ltd.		1,600		113,121

Sanken Electric Co. Ltd.		1,600		59,648

SCREEN Holdings Co. Ltd.		1,100		91,525

Shinko Electric Industries Co. Ltd.		1,400		61,701

Siltronic AG*		405		38,325

SMA Solar Technology AG		1,100		50,735

SOITEC*		528		96,336

STMicroelectronics NV		10,664		402,018

SUMCO Corp.		5,700		83,459

Tokyo Electron Ltd.		2,600		1,113,368

Tokyo Seimitsu Co. Ltd.		1,600		55,696

Tower Semiconductor Ltd.*		2,191		105,565

Tri Chemical Laboratories, Inc.		1,800		34,302

Ulvac, Inc.		1,000		39,827

X-Fab Silicon Foundries SE* (b)		4,400		31,727
				9,185,306

Software – 1.2%

Altium Ltd.		1,716		40,084

Asseco Poland SA		3,212		56,421

Atoss Software AG		176		25,845

Avast plc(b)		6,996		49,539


Investments	Shares		Value

Software – (continued)

AVEVA Group plc		2,332	$	63,680

BlackBerry Ltd.* (a)		8,682		49,930

BrainChip Holdings Ltd.* (a)		89,100		62,053

Bytes Technology Group plc		10,736		60,278

Constellation Software, Inc.(a)		301		476,181

Dassault Systemes SE		11,063		496,422

Descartes Systems Group, Inc. (The)*		1,408		87,903

Digital Arts, Inc.		1,000		56,576

Docebo, Inc.* (a)		1,100		47,346

dotdigital group plc		44		48

Dubber Corp. Ltd.* (a)		23,408		17,467

Dye & Durham Ltd.(a)		3,388		56,226

Enghouse Systems Ltd.(a)		2,552		72,144

FD Technologies plc*		132		3,919

Freee KK*		1,200		35,150

Fuji Soft, Inc.		700		37,442

GB Group plc		18,877		138,290

Hansen Technologies Ltd.(a)		15,092		58,774

Hilan Ltd.		865		50,530

Hut 8 Mining Corp.* (a)		9,856		35,320

Ideagen plc		13,640		40,244

IRESS Ltd.(a)		6,556		51,436

Kape Technologies plc*		8,536		36,866

Kinaxis, Inc.* (a)		520		57,841

Learning Technologies Group plc		20,240		33,365

Lectra		1,188		49,505

Lightspeed Commerce, Inc.* (a)		2,184		49,061

LINK Mobility Group Holding ASA* (a)		24,552		40,874

Magic Software Enterprises Ltd.		2,288		39,686

Micro Focus International plc(a)		140,868		671,537

Miroku Jyoho Service Co. Ltd.		1,000		10,212

Money Forward, Inc.*		1,100		38,036

Nemetschek SE		884		71,137

Netcompany Group A/S* (b)		440		24,798

Nice Ltd.*		1,033		212,471

Open Text Corp.		4,558		183,490

Oracle Corp. Japan		800		51,744

QT Group OYJ*		308		27,333

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			163

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Software – (continued)

Rakus Co. Ltd.		1,600	$	19,969

Sage Group plc (The)		16,125		149,286

SAP SE		17,458		1,796,793

SimCorp A/S		660		46,800

Sinch AB* (a) (b)		7,462		33,796

Software AG		1,320		41,135

Systena Corp.(a)		7,600		24,109

TeamViewer AG* (b)		3,960		48,230

Technology One Ltd.		7,884		58,773

Temenos AG (Registered)		1,188		121,535

TomTom NV*		6,776		59,331

Trend Micro, Inc.		2,500		140,090

Truecaller AB, Class B*		3,168		17,986

Vitec Software Group AB, Class B(a)		2,332		118,679

Vobile Group Ltd.* (a) (b) (d)		46,000		22,689

Voyager Digital Ltd.* (a)		53,535		178,443

WiseTech Global Ltd.(a)		3,397		109,285

WithSecure OYJ*		8,140		44,568
				6,798,701

Specialty Retail – 1.7%

ABC-Mart, Inc.		700		28,960

Accent Group Ltd.(a)		26,488		27,012

Adairs Ltd.(a)		53,196		107,363

Alpen Co. Ltd.		4,600		70,122

Arcland Sakamoto Co. Ltd.(a)		12,700		151,839

Aritzia, Inc.*		1,716		61,427

Autobacs Seven Co. Ltd.(a)		27,900		295,022

Bic Camera, Inc.(a)		4,100		34,683

Bilia AB, Class A		3,652		51,275

Carasso Motors Ltd.		9,988		64,294

CECONOMY AG		63,081		218,541

City Chic Collective Ltd.*		15,004		31,881

Clas Ohlson AB, Class B		13,201		151,106

Currys plc		435,461		510,091

DCM Holdings Co. Ltd.		49,700		409,691

Delek Automotive Systems Ltd.		19,839		282,011

Dufry AG (Registered)*		1,188		48,235

Dunelm Group plc		2,604		32,072

Eagers Automotive Ltd.(a)		4,180		39,745

EDION Corp.(a)		30,100		271,820


Investments	Shares		Value

Specialty Retail – (continued)

Fast Retailing Co. Ltd.		1,100	$	510,775

Fenix Outdoor International AG		369		33,232

Fielmann AG		607		30,865

Fnac Darty SA		7,439		371,670

Fox Wizel Ltd.		123		18,221

Frasers Group plc*		4,620		39,385

H & M Hennes & Mauritz AB, Class B(a)		11,180		142,904

Hikari Tsushin, Inc.		400		47,082

Hornbach Holding AG & Co. KGaA		3,397		408,896

IDOM, Inc.		20,000		100,340

Industria de Diseno Textil SA(a)		18,060		382,953

JB Hi-Fi Ltd.(a)		2,881		108,450

JD Sports Fashion plc		44,135		73,919

JINS Holdings, Inc.		900		29,662

Joshin Denki Co. Ltd.(a)		8,600		132,093

Joyful Honda Co. Ltd.(a)		23,500		282,776

Kid ASA(b)		11,997		135,982

Kingfisher plc		43,990		139,896

KMD Brands Ltd.		260,752		233,553

Kohnan Shoji Co. Ltd.		10,100		291,946

Komeri Co. Ltd.		12,900		273,015

K’s Holdings Corp.(a)		6,100		60,736

Leon’s Furniture Ltd.		11,841		181,592

Luk Fook Holdings International Ltd.		136,672		314,239

Maisons du Monde SA(b)		2,332		40,149

Mekonomen AB*		15,695		182,859

Musti Group OYJ* (a)		2,068		49,000

Nextage Co. Ltd.		3,200		49,497

Nick Scali Ltd.(a)		6,996		50,861

Nishimatsuya Chain Co. Ltd.(a)		14,200		174,486

Nitori Holdings Co. Ltd.		1,600		164,866

Nojima Corp.		12,900		260,171

Pet Valu Holdings Ltd.		1,716		42,227

Pets at Home Group plc		11,308		44,125

Premier Investments Ltd.		3,036		54,952

Sanrio Co. Ltd.		2,200		46,476

Shimamura Co. Ltd.		500		44,535

Sleep Country Canada Holdings, Inc.(b)		1,760		34,372

See Accompanying Notes to the Financial Statements.


164		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Specialty Retail – (continued)

Super Retail Group Ltd.(a)		5,324	$	40,105

T-Gaia Corp.		9,600		122,186

USS Co. Ltd.		5,400		90,069

Vivo Energy plc(b)		175,698		319,413

Watches of Switzerland Group plc* (c)		3,344		42,866

WH Smith plc*		1,408		25,729

Yamada Holdings Co. Ltd.		17,300		51,676

Yellow Hat Ltd.		13,100		164,205
				9,326,197

Technology Hardware, Storage & Peripherals – 0.5%

Brother Industries Ltd.		7,600		132,806

Canon, Inc.(a)		25,100		580,229

Eizo Corp.		8,500		222,407

Elecom Co. Ltd.		1,600		19,290

FUJIFILM Holdings Corp.		6,600		365,405

Konica Minolta, Inc.		14,500		50,810

Logitech International SA (Registered)		3,039		201,755

Maxell Ltd.		17,200		154,529

MCJ Co. Ltd.(a)		25,800		169,464

Melco Holdings, Inc.		2,900		88,974

Quadient SA		11,395		214,337

Razer, Inc.* (b) (d)		264,000		94,212

Ricoh Co. Ltd.		17,200		126,252

Riso Kagaku Corp.		1,700		32,055

Seiko Epson Corp.		8,300		116,467

Toshiba TEC Corp.		1,100		37,570

Wacom Co. Ltd.		8,800		64,254
				2,670,816

Textiles, Apparel & Luxury Goods – 1.7%

adidas AG		2,967		606,351

Asics Corp.(a)		3,400		54,270

Brunello Cucinelli SpA*		660		34,298

Burberry Group plc		7,525		150,312

Canada Goose Holdings, Inc.*		2,464		53,982

Chow Sang Sang Holdings International Ltd.		149,000		166,354

Cie Financiere Richemont SA (Registered)		8,385		997,752


Investments	Shares		Value

Textiles, Apparel & Luxury Goods – (continued)

Coats Group plc		98,856	$	88,121

Crystal International Group Ltd.(b)		127,500		50,050

Delta Galil Industries Ltd.		1,106		74,140

Descente Ltd.(a)		1,200		23,396

Dr. Martens plc		8,536		22,827

EssilorLuxottica SA – IM		2,578		444,121

EssilorLuxottica SA – MO		2,410		416,450

Gildan Activewear, Inc.		2,703		92,063

Goldwin, Inc.		1,200		60,667

Gunze Ltd.		6,200		179,932

Hermes International		559		699,699

HUGO BOSS AG		1,232		70,002

Japan Wool Textile Co. Ltd. (The)		23,900		178,936

Kering SA		1,204		651,719

LPP SA		24		50,865

LVMH Moet Hennessy Louis Vuitton SE		4,343		2,838,331

Marimekko OYJ		2,420		34,108

Moncler SpA		3,612		191,591

New Wave Group AB, Class B		2,552		44,977

Pandora A/S		1,806		161,101

Puma SE		1,720		128,250

Samsonite International SA* (a) (b)		90,000		200,735

Seiren Co. Ltd.(a)		3,600		57,296

Spinnova OYJ* (a)		2,948		24,880

Stella International Holdings Ltd.		151,000		159,734

Swatch Group AG (The)(a)		473		124,018

Swatch Group AG (The) (Registered)		792		39,622

Tod’s SpA* (a)		245		9,822

Wacoal Holdings Corp.		3,900		55,689
				9,236,461

Thrifts & Mortgage Finance – 0.5%

Aareal Bank AG		4,545		155,925

Deutsche Pfandbriefbank AG(b)		48,246		613,310

Equitable Group, Inc.		9,675		436,418

First National Financial Corp.		1,452		41,263

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			165

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Thrifts & Mortgage Finance – (continued)

Genworth Mortgage Insurance Australia Ltd.		135,106	$	288,039

Home Capital Group, Inc.		16,211		406,401

Liberty Financial Group Ltd.(b)		27,280		100,810

Mortgage Advice Bureau Holdings Ltd.		2,596		38,786

OSB Group plc		13,068		92,125

Paragon Banking Group plc		99,029		616,681

Resimac Group Ltd.(a)		26,481		30,392
				2,820,150

Tobacco – 0.7%

British American Tobacco plc		51,944		2,186,030

Imperial Brands plc		21,457		448,808

Japan Tobacco, Inc.		25,800		442,778

Scandinavian Tobacco Group A/S, Class A(b)		22,532		473,884

Swedish Match AB(a)		26,617		213,733
				3,765,233

Trading Companies & Distributors – 2.0%

AddTech AB, Class B		4,180		74,907

Ashtead Group plc		6,923		363,231

BayWa AG		1,056		50,521

Beijer Ref AB		4,576		75,228

Bossard Holding AG (Registered), Class A		220		48,050

Brenntag SE		2,155		168,096

Bufab AB		968		32,322

Bunzl plc		5,848		227,827

Diploma plc		1,364		47,231

Electrocomponents plc		5,808		76,930

Ferguson plc		3,741		476,258

Finning International, Inc.		4,018		113,619

Grafton Group plc		5,016		61,704

Hanwa Co. Ltd.		15,700		385,956

Howden Joinery Group plc		11,782		112,629

IMCD NV		1,032		166,246

Inaba Denki Sangyo Co. Ltd.		20,700		408,696

Inabata & Co. Ltd.		17,400		285,658

ITOCHU Corp.(a)		34,200		1,037,931

Kanamoto Co. Ltd.(a)		14,023		210,302


Investments	Shares		Value

Trading Companies & Distributors – (continued)

Kanematsu Corp.		30,100	$	312,709

Kloeckner & Co. SE*		29,541		386,125

Marubeni Corp.		41,700		457,844

Mitsubishi Corp.		34,400		1,163,748

Mitsui & Co. Ltd.		37,100		902,014

MonotaRO Co. Ltd.		5,600		97,641

Nagase & Co. Ltd.		2,200		31,652

Nippon Steel Trading Corp.		4,900		200,826

Nishio Rent All Co. Ltd.		8,900		192,755

OEM International AB, Class B		2,244		34,829

Reece Ltd.(a)		5,999		74,648

Rexel SA*		4,641		96,158

Richelieu Hardware Ltd.		2,684		76,590

Russel Metals, Inc.(a)		22,876		612,867

Seven Group Holdings Ltd.(a)		3,036		43,129

Sojitz Corp.		6,899		105,807

Sumitomo Corp.		28,000		445,523

Theme International Holdings Ltd.*		1,720,000		241,137

Thermador Groupe		396		40,105

Toromont Industries Ltd.		1,677		148,392

Toyota Tsusho Corp.		5,200		188,438

Travis Perkins plc		5,412		83,474

Trusco Nakayama Corp.		1,800		28,203

Yamazen Corp.(a)		32,300		239,832

Yuasa Trading Co. Ltd.		8,600		192,498
				10,820,286

Transportation Infrastructure – 0.4%

Aena SME SA* (b)		1,075		154,574

Aeroports de Paris*		555		79,364

Atlantia SpA*		6,579		158,452

Atlas Arteria Ltd.(a)		9,240		45,702

Auckland International Airport Ltd.*		22,876		116,332

Enav SpA* (b)		12,657		58,831

Flughafen Zurich AG (Registered)* (a)		320		54,726

Fraport AG Frankfurt Airport Services Worldwide*		890		48,222

Getlink SE		8,675		159,972

Hamburger Hafen und Logistik AG		1,220		19,975

See Accompanying Notes to the Financial Statements.


166		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Transportation Infrastructure – (continued)

Japan Airport Terminal Co. Ltd.*		1,200	$	50,015

Kamigumi Co. Ltd.		3,100		52,879

Mitsubishi Logistics Corp.		1,700		39,430

Port of Tauranga Ltd.		5,225		22,010

Qube Holdings Ltd.		36,652		77,098

SATS Ltd.*		19,000		62,604

Sumitomo Warehouse Co. Ltd. (The)		25,800		434,912

Transurban Group		49,165		501,027

Westshore Terminals Investment Corp.(a)		1,647		44,369
				2,180,494

Water Utilities – 0.1%

Pennon Group plc		2,970		41,465

Severn Trent plc		4,042		159,651

United Utilities Group plc		10,965		158,453
				359,569

Wireless Telecommunication Services – 0.9%

Airtel Africa plc(b)		34,804		64,059

Cellcom Israel Ltd.*		32,508		189,704

Freenet AG		2,198		61,007

KDDI Corp.		38,900		1,301,571

Millicom International Cellular SA, SDR* (a)		3,036		69,069

Okinawa Cellular Telephone Co.		4,300		165,614

Orange Belgium SA		1,188		23,086

Partner Communications Co. Ltd.*		6,160		49,036

Rogers Communications, Inc., Class B(a)		5,031		275,474

SoftBank Corp.		64,600		755,395

SoftBank Group Corp.		21,082		857,372

StarHub Ltd.		189,200		172,635

Tele2 AB, Class B(a)		8,052		107,131

Vodafone Group plc		607,160		926,487
				5,017,640
Total Common Stocks (Cost $497,285,840)				541,651,162


Investments	Shares		Value

CLOSED END FUNDS – 0.0%(g)

Independent Power and Renewable Electricity Producers – 0.0%(g)

Renewables Infrastructure Group Ltd. (The) (Cost $50,126)		34,059	$	57,727
	Number of Warrants

WARRANTS – 0.0%(g)

Capital Markets – 0.0%(g)

Magellan Financial Group Ltd., expiring 4/16/2027, price 35.00 USD*		329		366

Construction & Engineering – 0.0%

Webuild SpA, expiring 8/2/2030*^‡ (a)		10,785		—
Total Warrants (Cost $—)				366
	Principal Amount

SECURITIES LENDING REINVESTMENTS(h) – 3.6%

REPURCHASE AGREEMENTS – 3.6%

Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $13,154,929, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 –5/15/2040; total market value $13,240,050	$	13,154,710		13,154,710

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			167

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


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS(h) – (continued)

REPURCHASE AGREEMENTS – (continued)

Societe Generale, New York Branch, 0.28%, dated 4/30/2022, due 5/6/2022, repurchase price $2,000,093, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 7.25%, maturing 4/30/2022 –8/15/2051; total market value $2,025,200	$	2,000,000	$	2,000,000

TD Prime Services LLC, 0.40%, dated 4/30/2022, due 5/2/2022, repurchase price $5,000,111, collateralized by various Common Stocks; total market value $5,452,357		5,000,000		5,000,000
				20,154,710
Total Securities Lending Reinvestments (Cost $20,154,710)				20,154,710
Total Investments – 101.5% (Cost $517,490,676)				561,863,965

Liabilities in excess of other assets – (1.5%)				(8,349,905	)
NET ASSETS – 100.0%			$	553,514,060

*	Non-income producing security.

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

^(a)

The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $79,077,868, collateralized in the form of cash with a value of $20,154,710 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $34,984,751 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 12, 2022 – February 15, 2052 and $30,235,958 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 8.50%, and maturity dates ranging from May 12, 2022 – June 30, 2120; a total value of $85,375,419.

^(b)

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

ings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

^(c)

^(d)

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

^(e)

Amount represents less than one share.

^(f)

Amount less than one dollar.

^(g)

Represents less than 0.05% of net assets.

^(h)

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

Percentages shown are based on Net Assets.

Abbreviations

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

CVA – Dutch Certification

DI – Depositary Interest

OYJ – Public Limited Company

SCA – Limited partnership with share capital

SDR – Swedish Depositary Receipt



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

See Accompanying Notes to the Financial Statements.


168		FLEXSHARES SEMIANNUAL REPORT

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

Futures Contracts

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


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

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

Forward Foreign Currency Contracts

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


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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			169

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

Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

DKK – Danish Krone

EUR – Euro

GBP – British Pound

HKD – Hong Kong Dollar

ILS – Israeli Shekel

JPY – Japanese Yen

NOK – Norwegian Krone

NZD – New Zealand Dollar

SEK – Swedish Krona

SGD – Singapore Dollar

USD – US Dollar

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


Australia	6.5	%
Austria	0.4
Belgium	1.0
Canada	11.8
Denmark	1.9
Finland	0.8
France	6.9
Germany	5.8
Hong Kong	2.6
Ireland	0.2
Israel	1.3
Italy	2.0
Japan	25.2
Netherlands	2.9
New Zealand	0.4
Norway	1.3
Poland	0.3
Portugal	0.4
Singapore	1.5
Spain	2.0
Sweden	3.0
Switzerland	6.1
United Kingdom	13.6
United States	0.0	^†
Other¹	2.1
	100.0	%

^†	Amount represents less than 0.05%.

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

See Accompanying Notes to the Financial Statements.


170		FLEXSHARES SEMIANNUAL REPORT

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


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

^†	Amount represents less than 0.05%.

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			171

Schedule of Investments

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund

April 30, 2022 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 99.9%

Aerospace & Defense – 0.3%

AECC Aero-Engine Control Co. Ltd., Class A		5,500	$	19,872

AECC Aviation Power Co. Ltd., Class A		4,700		26,957

Aselsan Elektronik Sanayi ve Ticaret A/S		6,972		11,498

AVIC Electromechanical Systems Co. Ltd., Class A		5,300		7,982

AviChina Industry & Technology Co. Ltd., Class H		41,000		22,470

Bharat Electronics Ltd.		24,010		74,927

Embraer SA*		16,500		47,346

Hanwha Aerospace Co. Ltd.		899		38,150

Hanwha Systems Co. Ltd.		689		8,612

Hindustan Aeronautics Ltd.(a)		2,256		47,075

Korea Aerospace Industries Ltd.		1,608		56,139

Kuang-Chi Technologies Co. Ltd., Class A*		5,600		11,299

LIG Nex1 Co. Ltd.		5,157		337,094

United Aircraft Corp. PJSC* ^‡ (b)		25,155,036		—
				709,421

Air Freight & Logistics – 0.4%

Agility Public Warehousing Co. KSC		23,555		96,080

Aramex PJSC		46,860		52,052

Blue Dart Express Ltd.		265		23,701

Hanjin Transportation Co. Ltd.		3,000		78,702

Hyundai Glovis Co. Ltd.		700		116,481

JD Logistics, Inc.* (a)		16,500		34,572

Kerry Express Thailand PCL, NVDR		38,500		26,416

Kerry TJ Logistics Co. Ltd.		100,000		151,143

SF Holding Co. Ltd., Class A*		5,000		38,940

Sinotrans Ltd., Class A		23,500		13,450

Sinotrans Ltd., Class H		83,000		25,388

YTO Express Group Co. Ltd., Class A		4,700		12,758

Yunda Holding Co. Ltd., Class A		10,600		24,847

ZTO Express Cayman, Inc.		8,800		245,848
				940,378


Investments	Shares		Value

Airlines – 0.2%

Aeroflot PJSC* ^‡ (b)		74,029	$	—

Air Arabia PJSC		123,926		72,539

AirAsia Group Bhd.*		174,900		28,926

Azul SA (Preference)*		11,700		51,906

China Airlines Ltd.*		61,000		57,636

China Eastern Airlines Corp. Ltd., Class A*		14,300		10,247

China Southern Airlines Co. Ltd., Class A*		14,100		13,914

Controladora Vuela Cia de Aviacion SAB de CV, Class A*		35,000		56,131

Eva Airways Corp.*		53,798		65,067

Gol Linhas Aereas Inteligentes SA (Preference)*		10,600		32,556

Hanjin Kal Corp.*		273		12,498

InterGlobe Aviation Ltd.* (a)		1,913		46,500

Jeju Air Co. Ltd.*		1,962		34,601

Jin Air Co. Ltd.*		658		9,666

Korean Air Lines Co. Ltd.*		3,407		81,784

Pegasus Hava Tasimaciligi A/S*		2,391		21,518

Turk Hava Yollari AO*		16,292		45,248
				640,737

Auto Components – 1.0%

Apollo Tyres Ltd.		137,750		369,412

Autel Intelligent Technology Corp. Ltd., Class A*		2,695		11,485

Balkrishna Industries Ltd.		1,750		49,087

Bharat Forge Ltd.		5,888		54,052

Bosch Ltd.		208		39,432

Cheng Shin Rubber Industry Co. Ltd.		50,000		56,742

DTR Automotive Corp.		1,550		96,258

Endurance Technologies Ltd.(a)		1,456		23,223

Exide Industries Ltd.		25,755		51,616

Fuyao Glass Industry Group Co. Ltd., Class A		4,800		25,906

Fuyao Glass Industry Group Co. Ltd., Class H(a)		8,400		34,901

Halla Holdings Corp.		4,000		133,758

See Accompanying Notes to the Financial Statements.


172		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Auto Components – (continued)

Hankook & Co. Co Ltd.		907	$	10,507

Hankook Tire & Technology Co. Ltd.		2,542		70,532

Hanon Systems		2,756		25,015

Hota Industrial Manufacturing Co. Ltd.		16,134		41,381

Huayu Automotive Systems Co. Ltd., Class A		9,400		27,970

Hyundai Mobis Co. Ltd.		1,950		322,154

Hyundai Wia Corp.		583		30,403

Iljin Hysolus Co. Ltd.*		880		28,306

Kenda Rubber Industrial Co. Ltd.		49,000		52,449

Kordsa Teknik Tekstil A/S		32,850		100,655

Kumho Tire Co., Inc.*		1		3

Mando Corp.		1,155		50,025

Minda Industries Ltd.		1,870		22,376

Minth Group Ltd.		12,000		28,753

Motherson Sumi Systems Ltd.		28,296		50,934

MRF Ltd.		38		36,154

Myoung Shin Industrial Co. Ltd.*		220		3,950

Nan Kang Rubber Tire Co. Ltd.		14,000		18,334

Nexen Tire Corp.		13,315		72,830

Nexteer Automotive Group Ltd.		28,000		16,059

Ningbo Joyson Electronic Corp., Class A		4,700		7,792

S&T Motiv Co. Ltd.		3,100		118,348

Sebang Global Battery Co. Ltd.		605		36,608

Shandong Linglong Tyre Co. Ltd., Class A		5,500		14,838

Sundram Fasteners Ltd.		4,550		47,945

Tianneng Power International Ltd.(c)		312,000		262,049

Tong Yang Industry Co. Ltd.		200,000		225,272

Tube Investments of India Ltd.		1,200		29,287

Weifu High-Technology Group Co. Ltd., Class A		4,700		14,477
				2,711,278

Automobiles – 2.1%

Astra International Tbk. PT		585,000		305,675

Bajaj Auto Ltd.		1,174		57,278


Investments	Shares		Value

Automobiles – (continued)

Brilliance China Automotive Holdings Ltd.*		96,000	$	44,160

BYD Co. Ltd., Class A		2,400		88,538

BYD Co. Ltd., Class H		15,000		450,794

China Motor Corp.		5,400		10,791

Chongqing Changan Automobile Co. Ltd., Class A		13,160		20,918

Chongqing Changan Automobile Co. Ltd., Class B		5,300		2,493

Dongfeng Motor Group Co. Ltd., Class H		1,100,000		808,932

DRB-Hicom Bhd.		360,000		114,942

Eicher Motors Ltd.		2,520		86,712

Ford Otomotiv Sanayi A/S		3,071		61,788

Geely Automobile Holdings Ltd.		101,000		160,135

Great Wall Motor Co. Ltd., Class A		4,700		17,710

Great Wall Motor Co. Ltd., Class H(c)		50,000		72,010

Guangzhou Automobile Group Co. Ltd., Class H		82,000		70,753

Hero MotoCorp Ltd.		4,650		152,480

Hyundai Motor Co.		4,300		636,784

Hyundai Motor Co. (2nd Preference)		1,150		87,074

Hyundai Motor Co. (3rd Preference)		54		3,882

Hyundai Motor Co. (Preference)		715		53,739

Kia Corp.		7,950		530,422

Li Auto, Inc., Class A*		10,000		123,309

Mahindra & Mahindra Ltd.		15,800		190,590

Maruti Suzuki India Ltd.		2,250		227,165

NIO, Inc., ADR*		25,200		420,840

Niu Technologies, ADR* (c)		1,135		10,839

Oriental Holdings Bhd.		8,500		13,862

SAIC Motor Corp. Ltd., Class A		25,000		60,536

Sanyang Motor Co. Ltd.		250,000		236,637

Tata Motors Ltd.*		34,600		198,070

Tata Motors Ltd., Class A*		8,230		23,390

Tofas Turk Otomobil Fabrikasi A/S		3,233		17,116

TVS Motor Co. Ltd.		3,564		30,531

UMW Holdings Bhd.		190,000		145,331

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			173

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Automobiles – (continued)

XPeng, Inc., ADR*		3,297	$	81,139

XPeng, Inc., Class A* (c)		5,000		65,637

Yadea Group Holdings Ltd.(a)		16,000		24,389

Yulon Motor Co. Ltd.		26,986		36,255
				5,743,646

Banks – 13.6%

Absa Group Ltd.		21,650		235,222

Abu Dhabi Commercial Bank PJSC		85,640		237,355

Abu Dhabi Islamic Bank PJSC		19,571		46,782

AFFIN Bank Bhd.*		194,227		93,689

Agricultural Bank of China Ltd., Class A		401,100		186,332

Agricultural Bank of China Ltd., Class H		900,000		339,530

Akbank TAS, ADR		57,801		67,338

Al Ahli Bank of Kuwait KSCP*		27,390		26,814

Al Rajhi Bank		21,750		1,024,062

Alinma Bank		19,000		209,969

Alliance Bank Malaysia Bhd.		501,800		435,696

Alpha Services and Holdings SA*		64,300		73,667

AMMB Holdings Bhd.*		75,000		63,570

AU Small Finance Bank Ltd.* (a)		2,288		41,606

Axis Bank Ltd.*		41,900		399,363

Banco Bradesco SA		44,000		132,474

Banco Bradesco SA (Preference)		165,242		599,946

Banco Davivienda SA (Preference)		47,000		392,258

Banco de Bogota SA		3,134		39,762

Banco de Chile		1,401,200		139,865

Banco de Credito e Inversiones SA		1,574		48,693

Banco del Bajio SA(a)		335,000		827,138

Banco do Brasil SA		45,000		301,866

Banco do Estado do Rio Grande do Sul SA (Preference), Class B		91,000		193,680

Banco Inter SA*		11,000		33,696

Banco Pan SA (Preference)		10,600		20,035


Investments	Shares		Value

Banks – (continued)

Banco Santander Chile		1,930,150	$	92,836

Bancolombia SA		9,000		87,828

Bancolombia SA (Preference)		14,027		135,404

Bandhan Bank Ltd.(a)		12,633		55,263

Bangkok Bank PCL, NVDR		15,300		58,296

Bank Al Habib Ltd.		411,400		151,138

Bank AlBilad*		8,534		117,858

Bank Al-Jazira		6,066		51,186

Bank Central Asia Tbk. PT		1,014,500		568,587

Bank Jago Tbk. PT*		75,000		60,271

Bank Mandiri Persero Tbk. PT		575,000		354,987

Bank Negara Indonesia Persero Tbk. PT		235,000		149,540

Bank of Ayudhya PCL, NVDR		71,400		71,400

Bank of Baroda*		33,636		49,678

Bank of Beijing Co. Ltd., Class A		74,200		51,479

Bank of Changsha Co. Ltd., Class A		9,400		10,603

Bank of Chengdu Co. Ltd., Class A		10,600		27,019

Bank of China Ltd., Class A		205,000		100,524

Bank of China Ltd., Class H		2,400,000		948,236

Bank of Communications Co. Ltd., Class A		120,000		92,546

Bank of Communications Co. Ltd., Class H		651,000		453,849

Bank of Hangzhou Co. Ltd., Class A		18,800		43,611

Bank of India*		5,936		3,739

Bank of Jiangsu Co. Ltd., Class A		53,880		59,958

Bank of Nanjing Co. Ltd., Class A		31,800		56,001

Bank of Ningbo Co. Ltd., Class A		16,650		91,781

Bank of Qingdao Co. Ltd., Class H(a)		53,000		23,912

Bank of Shanghai Co. Ltd., Class A		45,000		44,337

Bank of the Philippine Islands		56,000		101,799

Bank of Zhengzhou Co. Ltd., Class A*		17,490		7,036

Bank of Zhengzhou Co. Ltd., Class H* (a)		116,600		22,737

See Accompanying Notes to the Financial Statements.


174		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Banks – (continued)

Bank Pan Indonesia Tbk. PT*		71,500	$	4,981

Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT		2,454,660		249,750

Bank Pembangunan Daerah Jawa Timur Tbk. PT		1,580,000		86,646

Bank Rakyat Indonesia Persero Tbk. PT		1,145,019		384,648

Bank Tabungan Negara Persero Tbk. PT		1,945,000		247,536

Banque Saudi Fransi		11,800		170,513

BDO Unibank, Inc.		53,000		131,980

BNK Financial Group, Inc.		11,051		69,333

BOC Hong Kong Holdings Ltd.		105,500		385,230

Boubyan Bank KSCP		18,229		58,354

Burgan Bank SAK		30,004		28,981

Canara Bank*		15,092		45,340

Capitec Bank Holdings Ltd.		1,722		242,047

Chang Hwa Commercial Bank Ltd.		115,722		72,632

China Bohai Bank Co. Ltd., Class H(a) (c)		1,200,000		197,294

China CITIC Bank Corp. Ltd., Class H		250,000		127,770

China Construction Bank Corp., Class A		28,200		25,987

China Construction Bank Corp., Class H		3,200,000		2,279,844

China Everbright Bank Co. Ltd., Class A		120,000		58,114

China Everbright Bank Co. Ltd., Class H		53,000		19,319

China Merchants Bank Co. Ltd., Class A		50,000		303,097

China Merchants Bank Co. Ltd., Class H		119,500		729,536

China Minsheng Banking Corp. Ltd., Class A		85,000		47,746

China Minsheng Banking Corp. Ltd., Class H(c)		200,000		76,216

China Zheshang Bank Co. Ltd., Class A		47,000		23,618


Investments	Shares		Value

Banks – (continued)

China Zheshang Bank Co. Ltd., Class H(c)		53,000	$	22,561

Chongqing Rural Commercial Bank Co. Ltd., Class A		18,800		11,045

Chongqing Rural Commercial Bank Co. Ltd., Class H		94,000		36,660

CIMB Group Holdings Bhd.		232,701		277,948

City Union Bank Ltd.		9,675		17,352

Commercial Bank PSQC (The)		60,629		128,009

Commercial International Bank Egypt SAE		55,400		134,230

Credicorp Ltd.		2,050		284,725

Credit Agricole Egypt SAE		241,835		86,192

Credit Bank of Moscow PJSC* ^‡ (b)		229,590		–

CTBC Financial Holding Co. Ltd.		600,000		595,410

DGB Financial Group, Inc.		7,200		51,248

Doha Bank QPSC		41,736		29,797

Dubai Islamic Bank PJSC		78,650		138,112

E.Sun Financial Holding Co. Ltd.		233,879		268,589

Emirates NBD Bank PJSC		74,000		307,238

Eurobank Ergasias Services and Holdings SA* (c)		82,900		87,438

Far Eastern International Bank		58,088		23,649

Federal Bank Ltd.		47,988		60,266

First Abu Dhabi Bank PJSC		78,603		480,214

First Financial Holding Co. Ltd.		312,267		294,517

Grupo Aval Acciones y Valores SA (Preference)		142,166		30,377

Grupo Bolivar SA		825		18,946

Grupo Elektra SAB de CV* (c)		1,000		59,958

Grupo Financiero Banorte SAB de CV, Class O		75,000		495,051

Grupo Financiero Inbursa SAB de CV, Class O* (c)		60,000		101,693

Gulf Bank KSCP		47,580		52,944

Habib Bank Ltd.		311,175		182,349

Haci Omer Sabanci Holding A/S		32,096		43,296

Hana Financial Group, Inc.		9,550		357,365

Hong Leong Bank Bhd.		25,000		120,478

Hong Leong Financial Group Bhd.		5,000		22,281

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			175

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Banks – (continued)

Hua Nan Financial Holdings Co. Ltd.		158,473	$	127,690

Huaxia Bank Co. Ltd., Class A		47,000		38,887

ICICI Bank Ltd.		92,500		899,437

IDFC First Bank Ltd.*		61,957		32,015

Indian Bank		7,425		15,881

IndusInd Bank Ltd.		11,600		148,493

Industrial & Commercial Bank of China Ltd., Class A		260,000		188,675

Industrial & Commercial Bank of China Ltd., Class H		2,050,000		1,238,442

Industrial Bank Co. Ltd., Class A		55,000		171,003

Industrial Bank of Korea		9,950		89,122

Intercorp Financial Services, Inc.(a)		1,040		28,600

Itau CorpBanca Chile SA		2,260,745		4,611

Itau Unibanco Holding SA (Preference)*		150,000		723,012

Itausa SA		27,014		52,586

Itausa SA (Preference)		147,200		273,760

JB Financial Group Co. Ltd.		1,500		10,689

Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		6,700		8,229

KakaoBank Corp.*		1,250		42,148

Kasikornbank PCL, NVDR		36,500		163,051

KB Financial Group, Inc.		11,900		554,260

Kiatnakin Phatra Bank PCL, NVDR		9,800		20,673

King’s Town Bank Co. Ltd.		50,000		66,326

Komercni Banka A/S		1,272		42,214

Kotak Mahindra Bank Ltd.		20,150		472,036

Krung Thai Bank PCL, NVDR		119,000		52,812

Kuwait Finance House KSCP		100,732		323,776

Kuwait International Bank KSCP		26,655		21,136

Malayan Banking Bhd.		205,000		427,093

Malaysia Building Society Bhd.		1,091,517		160,462

Masraf Al Rayan QSC		83,000		122,845

MCB Bank Ltd.		16,300		13,241

Meezan Bank Ltd.		43,230		32,617

Mega Financial Holding Co. Ltd.		319,000		450,218


Investments	Shares		Value

Banks – (continued)

Metropolitan Bank & Trust Co.		38,560	$	37,744

Moneta Money Bank A/S(a)		18,360		68,882

National Bank of Greece SA*		13,994		56,468

National Bank of Kuwait SAKP		137,238		471,119

Nedbank Group Ltd.		14,266		199,961

O-Bank Co. Ltd.		106,000		34,308

OTP Bank Nyrt.*		6,850		206,338

Ping An Bank Co. Ltd., Class A		40,000		93,032

Piraeus Financial Holdings SA*		28,658		41,963

Postal Savings Bank of China Co. Ltd., Class A		115,000		94,451

Postal Savings Bank of China Co. Ltd., Class H(a) (c)		300,000		229,412

Public Bank Bhd.		465,000		500,942

Punjab National Bank*		43,248		19,858

Qatar International Islamic Bank QSC		9,789		31,046

Qatar Islamic Bank SAQ		38,850		261,258

Qatar National Bank QPSC		135,200		863,156

Qingdao Rural Commercial Bank Corp., Class A		18,800		9,675

RBL Bank Ltd.* (a)		198,401		311,970

Regional SAB de CV		5,500		33,183

RHB Bank Bhd.		70,202		100,784

Riyad Bank		24,711		268,798

Saudi British Bank (The)		7,100		84,898

Saudi Investment Bank (The)		8,657		53,085

Saudi National Bank (The)		39,900		840,381

Sberbank of Russia PJSC^‡ (b)		369,050		—

Sberbank of Russia PJSC (Preference)^‡ (b)		39,708		—

SCB X PCL, NVDR		48,900		164,190

Security Bank Corp.		2,550		5,031

Shanghai Commercial & Savings Bank Ltd. (The)		121,000		201,150

Shanghai Pudong Development Bank Co. Ltd., Class A		75,000		91,430

Shinhan Financial Group Co. Ltd.		15,700		526,875

SinoPac Financial Holdings Co. Ltd.		350,000		216,705

Standard Bank Group Ltd.		40,817		433,558

State Bank of India		58,250		378,186

See Accompanying Notes to the Financial Statements.


176		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Banks – (continued)

Taichung Commercial Bank Co. Ltd.		90,591	$	45,948

Taishin Financial Holding Co. Ltd.		346,566		228,101

Taiwan Business Bank		86,892		37,586

Taiwan Cooperative Financial Holding Co. Ltd.		300,200		290,265

Thanachart Capital PCL, NVDR		19,300		22,681

Tisco Financial Group PCL, NVDR		11,200		29,676

TMBThanachart Bank PCL, NVDR		1,314,800		49,905

Turkiye Garanti Bankasi A/S*		67,350		67,912

Turkiye Halk Bankasi A/S*		28,578		10,407

Turkiye Is Bankasi A/S, Class C		54,084		38,335

Turkiye Vakiflar Bankasi TAO, Class D*		28		8

Union Bank of India Ltd.*		10,017		4,993

Union Bank of Taiwan*		114,325		62,834

United Bank Ltd.		197,871		146,355

VTB Bank PJSC^‡ (b)		136,511,531		—

Woori Financial Group, Inc.		18,250		214,321

Yapi ve Kredi Bankasi A/S		42		14

Yes Bank Ltd.*		38,361		6,850
				36,442,365

Beverages – 1.1%

Ambev SA		79,200		232,217

Anadolu Efes Biracilik ve Malt Sanayii A/S		27		54

Anhui Gujing Distillery Co. Ltd., Class B		3,500		46,740

Arca Continental SAB de CV		15,000		95,174

Becle SAB de CV		10,700		26,671

Carabao Group PCL, NVDR		11,600		37,086

China Foods Ltd.		300,000		107,824

China Resources Beer Holdings Co. Ltd.		33,107		196,208

Cia Cervecerias Unidas SA		4,510		30,135

Coca-Cola Femsa SAB de CV		10,000		54,521

Coca-Cola Icecek A/S		2,875		23,920

Distell Group Holdings Ltd.*		3,420		37,432


Investments	Shares		Value

Beverages – (continued)

Embotelladora Andina SA (Preference), Class B		9,513	$	17,285

Emperador, Inc.		55,200		20,619

Fomento Economico Mexicano SAB de CV		35,000		263,145

Fraser & Neave Holdings Bhd.		3,700		19,547

Hebei Hengshui Laobaigan Liquor Co. Ltd., Class A		5,500		17,960

Heineken Malaysia Bhd.		3,800		20,687

Hite Jinro Co. Ltd.		348		10,335

Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		2,100		50,710

Kweichow Moutai Co. Ltd., Class A		1,900		527,391

Lotte Chilsung Beverage Co. Ltd.		150		21,736

Luzhou Laojiao Co. Ltd., Class A		2,400		76,780

Nongfu Spring Co. Ltd., Class H(a)		33,200		177,718

Osotspa PCL, NVDR		31,700		32,394

Radico Khaitan Ltd.		4,450		52,384

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		1,960		80,935

Tsingtao Brewery Co. Ltd., Class H(c)		8,000		65,714

United Breweries Ltd.		1,379		28,609

United Spirits Ltd.*		5,697		64,305

Varun Beverages Ltd.		1,741		24,678

Vina Concha y Toro SA		219,226		321,238

Wuliangye Yibin Co. Ltd., Class A		6,100		150,143

Yantai Changyu Pioneer Wine Co. Ltd., Class B		15,000		21,488
				2,953,783

Biotechnology – 0.6%

3SBio, Inc.* (a) (c)		45,980		32,524

ABLBio, Inc.*		1,585		31,990

Adimmune Corp.		19,000		26,171

Akeso, Inc.* (a) (c)		11,000		20,973

Alphamab Oncology* (a) (c)		24,000		24,746

Alteogen, Inc.*		780		35,957

Amicogen, Inc.*		514		13,055

Anterogen Co. Ltd.*		477		9,267

AptaBio Therapeutics, Inc.*		954		14,887

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			177

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Biotechnology – (continued)

Ascentage Pharma Group International* (a) (c)		11,000	$	18,955

BeiGene Ltd.* (c)		12,000		159,977

Beijing Tiantan Biological Products Corp. Ltd., Class A		5,300		15,875

Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		1,015		24,870

Biocon Ltd.*		6,644		32,024

Bioneer Corp.*		1,265		30,769

BNC Korea Co. Ltd.*		2,035		17,498

Brii Biosciences Ltd.*		16,500		17,875

Burning Rock Biotech Ltd., ADR*		1,431		7,885

Cellid Co. Ltd.*		39		756

Celltrion, Inc.		1,737		243,401

CrystalGenomics, Inc.*		5,353		21,821

CStone Pharmaceuticals* (a) (b)		25,000		16,059

Daan Gene Co. Ltd., Class A		8,000		21,849

Eubiologics Co. Ltd.*		935		14,256

GC Cell Corp.*		474		25,210

GeneOne Life Science, Inc.*		3,823		34,090

Genetron Holdings Ltd., ADR*		4,943		8,502

Genexine, Inc.*		282		9,093

Green Cross Corp.		163		24,463

Green Cross Holdings Corp.		1,219		21,498

Helixmith Co. Ltd.*		1,890		31,676

Hualan Biological Engineering, Inc., Class A		5,300		13,429

Hugel, Inc.*		126		12,580

I-Mab, ADR* (c)		742		9,305

Immunotech Biopharm Ltd.*		25,000		16,887

Innovent Biologics, Inc.* (a)		25,000		80,135

iNtRON Biotechnology, Inc.*		1,643		23,612

Jacobio Pharmaceuticals Group Co. Ltd.* (a)		16,500		16,929

Kintor Pharmaceutical Ltd.* (a) (c)		7,000		20,252

L&C Bio Co. Ltd.		1,325		42,250

Medigen Vaccine Biologics Corp.*		3,000		25,496

MedPacto, Inc.*		235		5,997

Medy-Tox, Inc.*		120		13,070


Investments	Shares		Value

Biotechnology – (continued)

Naturecell Co. Ltd.*		2,743	$	37,563

NKMax Co. Ltd.*		1,797		30,188

OBI Pharma, Inc.*		10,354		39,167

OliX Pharmaceuticals, Inc.*		901		16,858

Pharmicell Co. Ltd.*		2,919		26,610

Remegen Co. Ltd., Class H* (a) (c)		7,500		32,309

Seegene, Inc.		963		31,090

Shanghai Junshi Biosciences Co. Ltd., Class A*		1,113		16,130

Shanghai RAAS Blood Products Co. Ltd., Class A		9,400		7,706

SillaJen, Inc.* ^‡		2,522		12,148

SK Bioscience Co. Ltd.*		450		48,547

Taigen Biopharmaceuticals Holdings Ltd.*		44,000		25,899

TaiMed Biologics, Inc.*		1,000		2,124

Vaxcell-Bio Therapeutics Co. Ltd.*		371		13,292

Zai Lab Ltd.* (c)		13,500		56,693

Zhejiang Orient Gene Biotech Co. Ltd., Class A		550		15,298
				1,699,536

Building Products – 0.3%

Astral Ltd.		1,766		49,749

Beijing New Building Materials plc, Class A		5,300		23,358

Blue Star Ltd.		2,703		40,181

China Lesso Group Holdings Ltd.		33,000		41,849

Kajaria Ceramics Ltd.		2,608		35,260

KCC Glass Corp.		4,500		222,850

Kyung Dong Navien Co. Ltd.		208		8,512

Luoyang Glass Co. Ltd., Class H* (c)		18,000		24,547

LX Hausys Ltd.		2,200		103,519

Taiwan Glass Industry Corp.		48,000		36,559

Xinyi Glass Holdings Ltd.		50,000		112,539

Zhejiang Weixing New Building Materials Co. Ltd., Class A		5,300		15,280

Zhuzhou Kibing Group Co. Ltd., Class A		5,300		8,939
				723,142

See Accompanying Notes to the Financial Statements.


178		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Capital Markets – 2.1%

Aju IB Investment Co. Ltd.		20,700	$	65,099

B3 SA – Brasil Bolsa Balcao		110,000		295,424

Banco BTG Pactual SA*		20,000		93,251

Bangkok Commercial Asset Management PCL, NVDR		26,500		14,855

Bolsa Mexicana de Valores SAB de CV		26,600		52,696

Boursa Kuwait Securities Co. KPSC		2,016		17,433

Bursa Malaysia Bhd.		8,000		12,845

Caitong Securities Co. Ltd., Class A		12,220		13,209

Capital Securities Corp.		100,000		53,265

Changjiang Securities Co. Ltd., Class A		14,100		11,880

China Bills Finance Corp.		53,000		31,826

China Cinda Asset Management Co. Ltd., Class H		3,800,000		644,138

China Everbright Ltd.		356,000		344,378

China Galaxy Securities Co. Ltd., Class A		5,200		7,326

China Galaxy Securities Co. Ltd., Class H		131,000		71,793

China International Capital Corp. Ltd., Class H(a)		37,200		75,480

China Merchants Securities Co. Ltd., Class A		21,220		41,138

China Merchants Securities Co. Ltd., Class H(a)		16,600		17,370

China Renaissance Holdings Ltd.* (a) (c)		75,100		96,481

CITIC Securities Co. Ltd., Class A		17,475		52,237

CITIC Securities Co. Ltd., Class H		44,073		97,851

Coronation Fund Managers Ltd.		7,009		18,533

CSC Financial Co. Ltd., Class A		11,000		36,038

CSC Financial Co. Ltd., Class H(a)		400,000		371,137

Daishin Securities Co. Ltd.		212		2,979

Daishin Securities Co. Ltd. (Preference)		530		6,456


Investments	Shares		Value

Capital Markets – (continued)

Daou Data Corp.		6,500	$	72,970

Daou Technology, Inc.		9,678		159,887

Dhani Services Ltd.*		14,469		10,505

Dubai Financial Market PJSC		67,052		48,741

Edelweiss Financial Services Ltd.		49,005		38,689

Egyptian Financial Group-Hermes Holding Co.*		329,568		303,188

Everbright Securities Co. Ltd., Class A		9,400		16,240

Founder Securities Co. Ltd., Class A		14,100		13,100

GF Securities Co. Ltd., Class A		14,100		34,399

GF Securities Co. Ltd., Class H		44,000		55,630

Glory Sun Financial Group Ltd.* (c)		1,272,000		12,321

Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A		8,640		9,680

Guosen Securities Co. Ltd., Class A		14,100		20,764

Guotai Junan International Holdings Ltd.(c)		1,235,000		135,366

Guotai Junan Securities Co. Ltd., Class A		20,000		44,330

Guotai Junan Securities Co. Ltd., Class H(a)		21,200		27,560

Haitong Securities Co. Ltd., Class A		18,800		25,830

Haitong Securities Co. Ltd., Class H		100,000		70,353

Hanwha Investment & Securities Co. Ltd.		5,088		19,485

HDFC Asset Management Co. Ltd.(a)		1,717		45,860

Huatai Securities Co. Ltd., Class A		24,100		48,844

Huatai Securities Co. Ltd., Class H(a)		47,000		65,293

IBF Financial Holdings Co. Ltd.		49,893		27,168

ICICI Securities Ltd.(a)		1,880		13,790

IDFC Ltd.		70,150		52,400

Indian Energy Exchange Ltd.(a)		14,850		41,679

Industrial Securities Co. Ltd., Class A		26,500		26,190

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			179

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Capital Markets – (continued)

Investec Ltd.		13,000	$	79,095

Is Yatirim Menkul Degerler A/S*		57,900		80,053

JM Financial Ltd.		203,050		204,132

JSE Ltd.		38,345		269,109

KIWOOM Securities Co. Ltd.		640		48,560

Korea Investment Holdings Co. Ltd.		1,250		70,263

Meritz Securities Co. Ltd.		6,708		34,982

Mirae Asset Securities Co. Ltd.		7,045		45,153

Mirae Asset Securities Co. Ltd. (2nd Preference)		6,840		24,125

Moscow Exchange MICEX-RTS PJSC^‡ (b)		29,911		—

Multi Commodity Exchange of India Ltd.		583		10,908

Nanjing Securities Co. Ltd., Class A		9,400		10,660

NH Investment & Securities Co. Ltd.		5,150		44,488

Nippon Life India Asset Management Ltd.(a)		5,244		21,712

Noah Holdings Ltd., ADR*		1,113		20,001

Orient Securities Co. Ltd., Class A		9,400		13,072

Orient Securities Co. Ltd., Class H(a) (c)		20,400		12,454

President Securities Corp.		53,000		37,401

PSG Konsult Ltd.		3,256		2,783

Reinet Investments SCA		3,950		80,168

Samsung Securities Co. Ltd.		2,050		64,797

Saratoga Investama Sedaya Tbk. PT		27,500		6,905

SDIC Capital Co. Ltd., Class A		14,288		13,926

Shenwan Hongyuan Group Co. Ltd., Class A		47,900		29,742

Shenwan Hongyuan Group Co. Ltd., Class H(a) (c)		75,200		15,814

Shinyoung Securities Co. Ltd.*		1,650		75,800

Sinolink Securities Co. Ltd., Class A		9,400		11,773

SPIC Dongfang New Energy Corp., Class A		25,000		16,510


Investments	Shares		Value

Capital Markets – (continued)

Tata Liquid Fund* ^‡		5,000	$	—

UTI Asset Management Co. Ltd.		1,378		14,275

Western Securities Co. Ltd., Class A		10,000		9,473

Woori Investment Bank Co. Ltd.		6,985		4,816

Woori Technology Investment Co. Ltd.*		3,763		24,418

Yangzijiang Financial Holding Pte. Ltd.*		95,000		37,494

Yuanta Securities Korea Co. Ltd.		40,334		114,965

Zheshang Securities Co. Ltd., Class A		4,700		6,572

Zhongtai Securities Co. Ltd., Class A		15,900		17,476
				5,559,255

Chemicals – 4.1%

Aarti Industries Ltd.		4,300		49,948

Advanced Petrochemical Co.		2,025		36,226

AECI Ltd.		48,150		310,005

Alkyl Amines Chemicals		220		9,151

Alpek SAB de CV(c)		163,200		220,308

Alujain Holding		795		16,299

Asia Polymer Corp.		150,000		186,256

Asian Paints Ltd.		8,500		359,959

Atul Ltd.		259		30,334

Balaji Amines Ltd.		742		31,368

Barito Pacific Tbk. PT		474,700		27,833

Batu Kawan Bhd.		6,300		42,140

Bayer CropScience Ltd.		141		8,577

Berger Paints India Ltd.		5,245		49,261

Boubyan Petrochemicals Co. KSCP		7,344		24,348

Braskem SA (Preference), Class A		5,500		44,669

Carborundum Universal Ltd.		5,200		52,165

Castrol India Ltd.		6,655		9,411

Chambal Fertilizers and Chemicals Ltd.		72,750		435,448

Chandra Asri Petrochemical Tbk. PT		41,200		28,562

Chemplast Sanmar Ltd.*		17,000		132,188

China Lumena New Materials Corp.* ^‡		22,200		—

See Accompanying Notes to the Financial Statements.


180		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Chemicals – (continued)

China Man-Made Fiber Corp.		629,042	$	183,321

China Petrochemical Development Corp.*		85,254		34,130

China Risun Group Ltd.(a) (c)		55,000		27,829

China Steel Chemical Corp.		12,000		46,615

Chunbo Co. Ltd.		141		31,377

CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A		5,500		6,120

Coromandel International Ltd.		1,898		22,211

D&L Industries, Inc.		110,800		15,175

DCM Shriram Ltd.		1,375		21,335

Deepak Nitrite Ltd.		1,909		58,102

Dongjin Semichem Co. Ltd.		1,196		36,280

Dongyue Group Ltd.(c)		42,000		50,585

Ecopro Co. Ltd.		631		43,205

Egypt Kuwait Holding Co. SAE		10,969		14,150

EID Parry India Ltd.		7,975		55,392

Engro Corp. Ltd.		134,984		201,840

Engro Fertilizers Ltd.		244,146		125,063

Fauji Fertilizer Co. Ltd.		286,342		185,448

Finolex Industries Ltd.		19,195		39,222

Foosung Co. Ltd.		1,768		26,886

Formosa Chemicals & Fibre Corp.		69,000		187,040

Formosa Plastics Corp.		86,000		307,815

Grand Pacific Petrochemical		350,000		309,325

Guangzhou Tinci Materials Technology Co. Ltd., Class A*		700		7,962

Gujarat Fluorochemicals Ltd.		715		26,226

Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		40,750		441,151

Hangzhou Oxygen Plant Group Co. Ltd.		5,000		19,804

Hansol Chemical Co. Ltd.		232		45,532

Hanwha Solutions Corp.*		3,142		80,051

HDC Holdings Co. Ltd.		16,791		96,655

Hengli Petrochemical Co. Ltd., Class A		15,000		47,708

Hengyi Petrochemical Co. Ltd., Class A		14,100		16,311

Huabao International Holdings Ltd.(c)		17,000		9,382


Investments	Shares		Value

Chemicals – (continued)

Huafon Chemical Co. Ltd., Class A		5,300	$	6,276

Hyosung Advanced Materials Corp.		55		20,931

Hyosung Chemical Corp.*		801		145,086

Hyosung TNC Corp.		110		36,214

Indorama Ventures PCL, NVDR		68,000		89,839

Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		23,500		15,591

International CSRC Investment Holdings Co.		53,000		41,986

Jiangsu Eastern Shenghong Co. Ltd., Class A		5,300		9,857

Jubilant Ingrevia Ltd.		6,490		42,718

Kansai Nerolac Paints Ltd.		2,196		13,489

KCC Corp.		106		28,905

Kolon Industries, Inc.		674		33,432

Korea Petrochemical Ind Co. Ltd.		2,075		251,115

KuibyshevAzot PJSC^‡ (b)		9,900		—

Kumho Petrochemical Co. Ltd.		450		55,354

LB Group Co. Ltd., Class A		4,700		13,058

LG Chem Ltd.		850		351,234

LG Chem Ltd. (Preference)		170		33,838

Linde India Ltd.		624		29,237

Lotte Chemical Corp.		500		78,224

LOTTE Fine Chemical Co. Ltd.		397		25,761

Luxi Chemical Group Co. Ltd., Class A* (b)		10,800		29,841

Mesaieed Petrochemical Holding Co.		69,776		49,624

Miwon Commercial Co. Ltd.		212		28,947

Nan Pao Resins Chemical Co. Ltd.		19,000		78,964

Nan Ya Plastics Corp.		100,000		294,143

Nantex Industry Co. Ltd.		7,000		13,038

National Industrialization Co.*		5,584		30,728

Navin Fluorine International Ltd.		645		33,175

Ningxia Baofeng Energy Group Co. Ltd., Class A		10,600		22,690

Nizhnekamskneftekhim PJSC^‡ (b)		28,600		—

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			181

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Chemicals – (continued)

Nizhnekamskneftekhim PJSC (Preference)^‡ (b)		26,400	$	—

OCI Co. Ltd.		333		27,971

Omnia Holdings Ltd.		11,250		59,329

Orbia Advance Corp. SAB de CV		30,533		73,458

Organichesky Sintez PJSC^‡ (b)		11,550		—

Oriental Union Chemical Corp.*		38,000		26,429

Petkim Petrokimya Holding A/S*		57,016		36,614

Petronas Chemicals Group Bhd.		50,000		117,377

PhosAgro PJSC^‡ (b)		1,540		—

PI Advanced Materials Co. Ltd.		520		19,852

PI Industries Ltd.		1,314		48,955

Pidilite Industries Ltd.		3,250		103,045

PTT Global Chemical PCL, NVDR		64,500		94,161

Rain Industries Ltd.		89,900		201,692

Rongsheng Petrochemical Co. Ltd., Class A		25,000		52,072

SABIC Agri-Nutrients Co.		3,750		162,565

Sahara International Petrochemical Co.		5,394		82,403

Sasa Polyester Sanayi A/S*		4,051		17,452

Sasol Ltd.*		17,792		441,846

Satellite Chemical Co. Ltd., Class A		2,380		13,022

Saudi Basic Industries Corp.		15,950		557,068

Saudi Industrial Investment Group		6,889		60,610

Saudi Kayan Petrochemical Co.*		16,300		82,048

Scientex Bhd.		26,100		22,842

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		6,110		28,013

Shanghai Putailai New Energy Technology Co. Ltd., Class A*		1,400		25,237

Shin Foong Specialty & Applied Materials Co. Ltd.		28,000		99,744

Shinkong Synthetic Fibers Corp.		53,000		35,513


Investments	Shares		Value

Chemicals – (continued)

Sichuan Yahua Industrial Group Co. Ltd., Class A		3,600	$	14,516

Sinofert Holdings Ltd.* (c)		622,000		104,642

SK Chemicals Co. Ltd.		412		41,823

SK IE Technology Co. Ltd.* (a)		165		16,684

SKC Co. Ltd.		440		53,073

Sociedad Quimica y Minera de Chile SA (Preference), Class B		2,513		186,475

Solar Industries India Ltd.		1,040		37,562

Soulbrain Co. Ltd.		141		27,616

Soulbrain Holdings Co. Ltd.		3,350		75,748

SRF Ltd.		2,640		86,778

Sumitomo Chemical India Ltd.		2,585		14,522

Supreme Industries Ltd.		1,204		30,664

Taekwang Industrial Co. Ltd.		100		80,892

Taiwan Fertilizer Co. Ltd.		24,000		60,986

Tata Chemicals Ltd.		3,975		48,888

TKG Huchems Co. Ltd.		2,002		35,704

Tongkun Group Co. Ltd., Class A		9,400		21,677

TSRC Corp.		47,000		51,344

Unid Co. Ltd.		2,750		279,160

Unipar Carbocloro SA (Preference), Class B		3,056		59,248

UPL Ltd.		9,600		103,344

USI Corp.		28,000		27,501

Wanhua Chemical Group Co. Ltd., Class A		5,000		59,094

Xinjiang Zhongtai Chemical Co. Ltd., Class A		10,600		11,892

Yanbu National Petrochemical Co.		5,550		90,409

Yung Chi Paint & Varnish Manufacturing Co. Ltd.		41,000		100,986

Yunnan Energy New Material Co. Ltd.*		900		27,730

Zhejiang Longsheng Group Co. Ltd., Class A		9,400		14,370

Zhejiang Yongtai Technology Co. Ltd., Class A*		2,800		10,712
				11,090,357

See Accompanying Notes to the Financial Statements.


182		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Commercial Services & Supplies – 0.2%

China Everbright Environment Group Ltd.		100,000	$	59,392

Cleanaway Co. Ltd.		6,000		40,813

Dynagreen Environmental Protection Group Co. Ltd., Class H(a) (c)		50,000		21,667

Frontken Corp. Bhd.		44,000		28,198

GPS Participacoes e Empreendimentos SA(d)		14,100		42,651

Indian Railway Catering & Tourism Corp. Ltd.		5,500		53,671

KEPCO Plant Service & Engineering Co. Ltd.		954		28,939

PNB Holdings Corp.*		46,815		37,436

S-1 Corp.		347		19,035

Saudi Airlines Catering Co.*		2,350		59,333

Taiwan Secom Co. Ltd.		3,165		11,758
				402,893

Communications Equipment – 0.5%

Accton Technology Corp.		9,000		71,144

Ace Technologies Corp.*		705		5,866

Addsino Co. Ltd., Class A		5,300		7,233

Advanced Ceramic X Corp.		2,000		16,658

Arcadyan Technology Corp.*		76,000		330,037

BYD Electronic International Co. Ltd.(c)		24,500		50,148

D-Link Corp.		48,760		28,040

Glarun Technology Co. Ltd., Class A		10,600		23,076

KMW Co. Ltd.*		563		14,792

Seojin System Co. Ltd.		1,590		24,622

Sercomm Corp.		100,000		282,947

Sterlite Technologies Ltd.		11,660		29,462

Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		900		3,762

Wistron NeWeb Corp.		140,000		364,303

ZTE Corp., Class A		4,700		17,217

ZTE Corp., Class H		10,600		22,534
				1,291,841


Investments	Shares		Value

Construction & Engineering – 1.3%

BES Engineering Corp.		105,000	$	34,020

CH Karnchang PCL, NVDR		44,000		25,051

China Communications Services Corp. Ltd., Class H		1,046,000		478,596

China Conch Venture Holdings Ltd.		50,000		130,319

China Energy Engineering Corp. Ltd., Class H(c)		2,500,000		347,304

China Railway Group Ltd., Class A		47,000		50,518

China Railway Group Ltd., Class H		100,000		70,225

Continental Holdings Corp.		200,000		181,167

CTCI Corp.		265,000		418,958

Daewoo Engineering & Construction Co. Ltd.*		3,901		21,027

DL Construction Co. Ltd.		3,900		84,459

DL E&C Co. Ltd.		1,300		62,412

DL Holdings Co. Ltd.		397		19,566

Ellaktor SA*		94,545		136,046

Gamuda Bhd.		48,221		41,204

Greentown Management Holdings Co. Ltd.(a)		53,000		40,327

GS Engineering & Construction Corp.		2,500		83,698

HDC Hyundai Development Co-Engineering & Construction, Class E		136		1,624

Hyundai Engineering & Construction Co. Ltd.		2,326		82,503

IJM Corp. Bhd.		78,400		33,136

IS Dongseo Co. Ltd.		808		34,482

KEC International Ltd.		6,678		34,712

KEPCO Engineering & Construction Co., Inc.		382		22,385

KNR Constructions Ltd.		6,325		22,369

Larsen & Toubro Ltd.		12,804		283,801

Larsen & Toubro Ltd., GDR(a)		296		6,542

Malaysian Resources Corp. Bhd.		85,090		7,525

Metallurgical Corp. of China Ltd., Class A		65,800		34,863

Metallurgical Corp. of China Ltd., Class H		106,000		27,425

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			183

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Construction & Engineering – (continued)

NBCC India Ltd.		41,870	$	20,759

Power Construction Corp. of China Ltd., Class A		37,600		44,296

Rail Vikas Nigam Ltd.(a)		196,250		86,389

Samsung Engineering Co. Ltd.*		2,900		60,032

Shanghai Construction Group Co. Ltd., Class A		23,500		11,559

Shanghai Tunnel Engineering Co. Ltd., Class A		14,100		12,544

Sichuan Road & Bridge Co. Ltd., Class A		22,000		34,935

Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		9,400		6,793

Tekfen Holding A/S		95,700		126,582

TY Holdings Co. Ltd.*		753		15,228

United Integrated Services Co. Ltd.		6,000		36,539

Voltas Ltd.		4,050		66,838

Waskita Karya Persero Tbk. PT*		603,196		22,052

Wijaya Karya Persero Tbk. PT*		281,200		18,427

Xinte Energy Co. Ltd., Class H(c)		100,000		222,784
				3,602,021

Construction Materials – 1.7%

ACC Ltd.		1,404		42,774

Ambuja Cements Ltd.		11,597		56,466

Anhui Conch Cement Co. Ltd., Class A		10,000		60,665

Anhui Conch Cement Co. Ltd., Class H		40,500		221,440

Arabian Cement Co.		2,310		25,836

Asia Cement China Holdings Corp.		182,500		118,625

Asia Cement Co. Ltd.		7,800		95,016

Asia Cement Corp.		96,000		156,659

BBMG Corp., Class A		42,300		17,981

Birla Corp. Ltd.		2,530		36,011

Cementos Argos SA		22,735		34,320

Cemex SAB de CV* (c)		436,700		192,153

Chia Hsin Cement Corp.		250,000		168,360

China Jushi Co. Ltd., Class A		5,143		12,282


Investments	Shares		Value

Construction Materials – (continued)

China National Building Material Co. Ltd., Class H		136,050	$	183,107

China Resources Cement Holdings Ltd.		100,000		83,480

China Tianrui Group Cement Co. Ltd.*		400,000		299,765

CSG Holding Co. Ltd., Class A		16,200		13,822

Dalmia Bharat Ltd.		1,710		33,983

GCC SAB de CV		7,800		51,585

Goldsun Building Materials Co. Ltd.		50,000		49,617

Grasim Industries Ltd.		6,100		135,043

Grupo Argos SA		146,200		529,232

Hanil Cement Co. Ltd.		12,850		211,268

HLB Global Co. Ltd.*		2,640		16,710

Huaxin Cement Co. Ltd., Class A		3,700		12,245

Huaxin Cement Co. Ltd., Class H*		10,400		19,352

Indocement Tunggal Prakarsa Tbk. PT		32,900		23,772

JK Cement Ltd.		530		18,353

Lucky Cement Ltd.*		5,787		17,658

Nuh Cimento Sanayi A/S		28,500		91,317

Oyak Cimento Fabrikalari A/S*		149,600		108,152

POSCO Chemical Co. Ltd.		385		41,688

Qassim Cement Co. (The)		2,600		55,732

Ramco Cements Ltd. (The)*		2,289		23,797

Saudi Cement Co.		2,022		31,159

Semen Indonesia Persero Tbk. PT		57,600		25,429

Shree Cement Ltd.		200		67,820

Siam Cement PCL (The), NVDR		11,400		123,153

Southern Province Cement Co.		1,634		29,101

SSANGYONG C&E Co. Ltd.		290		1,914

Taiwan Cement Corp.		166,452		259,203

Tangshan Jidong Cement Co. Ltd., Class A		4,700		7,670

Tipco Asphalt PCL, NVDR		265,100		126,164

TPI Polene PCL, NVDR		1,990,100		87,158

UltraTech Cement Ltd.		2,152		186,654

Union Andina de Cementos SAA		379,200		197,500

Universal Cement Corp.		200,000		137,741

See Accompanying Notes to the Financial Statements.


184		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Construction Materials – (continued)

Yamama Cement Co.*		3,763	$	35,064

Yanbu Cement Co.		2,888		32,493
				4,606,489

Consumer Finance – 0.8%

360 DigiTech, Inc., ADR		3,150		45,455

AEON Credit Service M Bhd.		45,000		164,351

Bajaj Finance Ltd.		4,750		414,574

BFI Finance Indonesia Tbk. PT		335,500		29,738

Cholamandalam Investment and Finance Co. Ltd.		7,750		74,897

CreditAccess Grameen Ltd.*		1,166		15,805

Differ Group Holding Co. Ltd.* (c)		166,000		43,583

FinVolution Group, ADR		57,550		216,388

JMT Network Services PCL, NVDR		16,500		41,912

Krungthai Card PCL, NVDR		21,200		35,746

Lufax Holding Ltd., ADR(c)		20,300		112,665

Mahindra & Mahindra Financial Services Ltd.		20,141		48,256

Manappuram Finance Ltd.		218,739		329,357

Muangthai Capital PCL, NVDR		16,500		22,281

Muthoot Finance Ltd.		2,226		36,777

Ngern Tid Lor PCL, NVDR		23,692		25,421

Poonawalla Fincorp Ltd.*		5,720		22,931

Ratchthani Leasing PCL, NVDR		203,500		26,024

Samsung Card Co. Ltd.		1,140		30,361

SBI Cards & Payment Services Ltd.		5,050		54,888

Shriram City Union Finance Ltd.		1,925		43,027

Shriram Transport Finance Co. Ltd.		4,600		72,335

Srisawad Corp. PCL, NVDR		26,403		41,435

Sundaram Finance Ltd.		1,445		38,028

Transaction Capital Ltd.		15,500		49,500

Yixin Group Ltd.* (a)		15,500		1,580

Yulon Finance Corp.		1,391		10,925
				2,048,240

Containers & Packaging – 0.2%

Cheng Loong Corp.		16,000		18,157

Klabin SA		15,000		62,820


Investments	Shares		Value

Containers & Packaging – (continued)

Polyplex Thailand PCL, NVDR		197,000	$	143,796

SCG Packaging PCL, NVDR		33,400		53,879

Taiwan Hon Chuan Enterprise Co. Ltd.		118,000		301,851

Ton Yi Industrial Corp.		53,000		28,500
				609,003

Distributors – 0.1%

Wuchan Zhongda Group Co. Ltd., Class A		13,800		10,370

Xinhua Winshare Publishing and Media Co. Ltd., Class H		200,000		143,510
				153,880

Diversified Consumer Services – 0.2%

17 Education & Technology Group, Inc., ADR*		1		1

Advtech Ltd.		24,310		27,359

Cairo Investment & Real Estate Development Co. SAE		14,617		9,566

China Education Group Holdings Ltd.(a)		26,000		22,567

China Kepei Education Group Ltd.(a) (c)		200,000		56,079

China Yuhua Education Corp. Ltd.(a) (c)		702,000		124,364

Cogna Educacao*		33,000		16,326

Fu Shou Yuan International Group Ltd.		55,000		38,203

Hope Education Group Co. Ltd.(a) (c)		202,000		12,486

Humansoft Holding Co. KSC		1,431		15,765

Lung Yen Life Service Corp.		2,000		3,260

MegaStudyEdu Co. Ltd.		385		29,212

New Oriental Education & Technology Group, Inc.*		33,000		39,535

Offcn Education Technology Co. Ltd., Class A*		4,700		3,268

TAL Education Group, ADR* (c)		20,285		68,766

YDUQS Participacoes SA		10,500		34,179
				500,936

Diversified Financial Services – 0.9%

AVIC Industry-Finance Holdings Co. Ltd., Class A		23,500		13,735

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			185

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Diversified Financial Services – (continued)

Bajaj Finserv Ltd.		644	$	125,621

Bajaj Holdings & Investment Ltd.		750		50,719

Chailease Holding Co. Ltd.		27,883		223,722

China Shandong Hi-Speed Financial Group Ltd.* (c)		306,000		36,660

Corp. Financiera Colombiana SA*		3,252		23,708

Far East Horizon Ltd.(c)		55,000		44,933

FirstRand Ltd.		171,750		743,739

Genertec Universal Medical Group Co. Ltd.(a)		390,000		252,009

Grupo de Inversiones Suramericana SA		4,400		44,354

Grupo de Inversiones Suramericana SA (Preference)		42		231

L&T Finance Holdings Ltd.*		26,381		30,214

Meritz Financial Group, Inc.		947		28,538

Metro Pacific Investments Corp.		381,000		27,733

National Investments Co.		113,150		156,553

NICE Holdings Co. Ltd.		6,563		89,092

Piramal Enterprises Ltd.		2,112		59,678

Power Finance Corp. Ltd.		36,542		56,288

REC Ltd.		22,048		36,630

Remgro Ltd.		16,350		147,216

Yuanta Financial Holding Co. Ltd.		400,000		354,871
				2,546,244

Diversified Telecommunication Services – 1.4%

AL Yah Satellite Communications Co. PJSC		43,340		31,387

Asia Pacific Telecom Co. Ltd.*		68,164		17,483

China Tower Corp. Ltd., Class H(a)		800,000		93,804

Chunghwa Telecom Co. Ltd.		74,000		328,883

CITIC Telecom International Holdings Ltd.		732,000		263,090

Converge Information and Communications Technology Solutions, Inc.*		60,500		33,376

Emirates Telecommunications Group Co. PJSC		59,400		566,015


Investments	Shares		Value

Diversified Telecommunication Services – (continued)

Hellenic Telecommunications Organization SA		7,550	$	146,554

HFCL Ltd.		22,055		21,408

Indus Towers Ltd.*		17,200		47,026

KT Corp.		3,250		92,635

LG Uplus Corp.		7,617		84,903

Link Net Tbk. PT		370,000		117,148

Magyar Telekom Telecommunications plc		169,334		183,485

Oi SA*		268,200		42,243

Ooredoo QPSC		23,350		48,018

Operadora de Sites Mexicanos SA de CV, REIT(c)		22,200		27,107

Rostelecom PJSC^‡ (b)		33,770		—

Rostelecom PJSC (Preference)^‡ (b)		15,392		—

Sarana Menara Nusantara Tbk. PT		315,700		21,995

Saudi Telecom Co.		11,200		346,379

Tata Communications Ltd.		1,646		23,567

Tata Teleservices Maharashtra Ltd.*		23,925		43,723

Telefonica Brasil SA		15,189		163,140

Telekom Malaysia Bhd.		44,000		50,433

Telkom Indonesia Persero Tbk. PT		1,450,000		462,096

Telkom SA SOC Ltd.*		138,212		412,987

TIME dotCom Bhd.		9,000		9,199

Tower Bersama Infrastructure Tbk. PT*		121,300		25,185

True Corp. PCL, NVDR		501,200		70,534

Turk Telekomunikasyon A/S		19,746		13,398
				3,787,201

Electric Utilities – 1.3%

Adani Transmission Ltd.*		5,152		188,004

Alupar Investimento SA		3,500		18,574

Celsia SA ESP		219,950		236,096

Centrais Eletricas Brasileiras SA		11,900		97,272

Centrais Eletricas Brasileiras SA (Preference), Class B		10,000		81,075

CESC Ltd.		298,285		334,213

CEZ A/S		5,002		214,686

See Accompanying Notes to the Financial Statements.


186		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Electric Utilities – (continued)

Cia de Transmissao de Energia Eletrica Paulista (Preference)		5,200	$	26,419

Cia Energetica de Minas Gerais		7,197		27,831

Cia Energetica de Minas Gerais (Preference)		36,694		108,700

Cia Energetica de Minas Gerais (Preference)* (b)		238		856

Cia Paranaense de Energia		5,500		39,871

CPFL Energia SA		4,700		34,309

EDP – Energias do Brasil SA		9,400		40,203

Enel Americas SA		742,704		77,749

Enel Chile SA		211,903		5,587

Energisa SA		4,800		46,176

Enerjisa Enerji A/S(a)		7,676		7,280

Engie Energia Chile SA		150,450		68,406

Equatorial Energia SA		25,000		129,437

Federal Grid Co. Unified Energy System PJSC^‡ (b)		12,705,298		—

First Philippine Holdings Corp.		79,000		105,853

Holding Co. ADMIE IPTO SA(c)		54,160		131,127

Inter RAO UES PJSC^‡ (b)		1,596,292		—

Interconexion Electrica SA ESP		13,200		72,205

Korea Electric Power Corp.*		7,750		142,536

Manila Electric Co.		11,250		75,941

Mosenergo PJSC^‡ (b)		4,455,000		—

Neoenergia SA		4,700		17,824

Power Grid Corp. of India Ltd.		108,250		322,516

Public Power Corp. SA*		2,126		17,158

ROSSETI PJSC^‡ (b)		1,466,436		—

RusHydro PJSC^‡ (b)		2,361,000		—

Saudi Electricity Co.*		24,100		173,804

SGC Energy Co. Ltd.		3,450		139,538

SJVN Ltd.		231,550		86,329

Tata Power Co. Ltd. (The)		33,250		105,414

Tenaga Nasional Bhd.		91,900		190,829

Torrent Power Ltd.		4,645		32,397

Transmissora Alianca de Energia Eletrica SA		5,800		51,509
				3,447,724

Electrical Equipment – 1.1%

ABB India Ltd.		427		11,711

AcBel Polytech, Inc.		192,000		188,577


Investments	Shares		Value

Electrical Equipment – (continued)

Advanced Energy Solution Holding Co. Ltd.		1,000	$	31,212

Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA		5,500		5,420

Amara Raja Batteries Ltd.		1,222		8,992

Bharat Heavy Electricals Ltd.*		45,044		31,024

Bizlink Holding, Inc.		2,000		20,390

CG Power & Industrial Solutions Ltd.*		12,320		31,895

Chicony Power Technology Co. Ltd.		66,000		156,740

China High Speed Transmission Equipment Group Co. Ltd.* (c)		200,000		112,157

Chung-Hsin Electric & Machinery Manufacturing Corp.		178,000		328,517

CS Wind Corp.		581		27,662

Dongfang Electric Corp. Ltd., Class A		9,400		18,009

Doosan Enerbility*		5,638		92,470

Doosan Fuel Cell Co. Ltd.*		690		19,145

Ecopro BM Co. Ltd.		200		75,860

ElSewedy Electric Co.		199,809		84,614

Fangda Carbon New Material Co. Ltd., Class A		5,300		5,697

Finolex Cables Ltd.		3,245		17,040

Gotion High-tech Co. Ltd., Class A*		4,600		18,716

Graphite India Ltd.		5		35

Havells India Ltd.		5,800		99,532

HEG Ltd.		1,060		17,071

Hitachi Energy India Ltd.		371		15,283

Hyosung Heavy Industries Corp.*		2,300		102,182

Hyundai Electric & Energy System Co. Ltd.*		10,400		180,924

Jiangsu Zhongtian Technology Co. Ltd., Class A		10,400		25,814

KEI Industries Ltd.		1,595		25,189

Korea Electric Terminal Co. Ltd.		3,050		169,984

Kung Long Batteries Industrial Co. Ltd.		1,000		4,665

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			187

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Electrical Equipment – (continued)

LS Corp.		1,200	$	55,127

LS Electric Co. Ltd.		456		17,372

Ming Yang Smart Energy Group Ltd., Class A		4,500		15,180

NARI Technology Co. Ltd., Class A		11,400		55,382

Polycab India Ltd.		990		32,198

Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A/S		21,560		27,443

Shanghai Electric Group Co. Ltd., Class A		24,000		13,991

Shanghai Electric Group Co. Ltd., Class H		94,000		23,002

Shanghai Liangxin Electrical Co. Ltd., Class A*		6,500		10,509

Ta Ya Electric Wire & Cable		39,640		38,126

Taihan Electric Wire Co. Ltd.*		11,376		16,394

Tatung Co. Ltd.*		50,000		56,912

TBEA Co. Ltd., Class A		8,500		25,008

Teco Electric and Machinery Co. Ltd.		22,000		23,287

V-Guard Industries Ltd.		11,448		31,697

Voltronic Power Technology Corp.		1,458		64,552

Walsin Lihwa Corp.		94,000		142,871

WEG SA		25,000		151,953

Xinjiang Goldwind Science & Technology Co. Ltd., Class A		10,600		18,168

Xinjiang Goldwind Science & Technology Co. Ltd., Class H		28,200		40,542

Zhefu Holding Group Co. Ltd., Class A		21,200		14,419

Zhejiang Chint Electrics Co. Ltd., Class A		4,700		23,325

Zhuzhou CRRC Times Electric Co. Ltd., Class H		12,400		49,545
				2,873,530

Electronic Equipment, Instruments & Components – 3.9%

AAC Technologies Holdings, Inc.(c)		14,000		33,010

Apex International Co. Ltd.		63,000		203,905

Asia Optical Co., Inc.*		17,000		40,834


Investments	Shares		Value

Electronic Equipment, Instruments & Components – (continued)

AU Optronics Corp.		300,000	$	174,552

Aurora Corp.		8,900		27,266

Avary Holding Shenzhen Co. Ltd., Class A		4,700		21,028

BH Co. Ltd.		10,800		233,885

BOE Technology Group Co. Ltd., Class A		80,500		46,440

Career Technology MFG. Co. Ltd.*		22,556		16,032

Chang Wah Electromaterials, Inc.		32,000		38,323

Cheng Uei Precision Industry Co. Ltd.		165,000		190,607

Chroma ATE, Inc.		8,000		45,190

Compeq Manufacturing Co. Ltd.		41,000		63,777

Coretronic Corp.		19,000		36,807

Daeduck Electronics Co. Ltd.		2,067		50,358

Daejoo Electronic Materials Co. Ltd.		467		31,047

Delta Electronics Thailand PCL, NVDR		9,500		100,686

Delta Electronics, Inc.		34,000		288,375

Dynapack International Technology Corp.		61,000		166,182

E Ink Holdings, Inc.		15,000		88,548

Elite Material Co. Ltd.		5,000		37,658

Erajaya Swasembada Tbk. PT		3,545,000		128,380

FLEXium Interconnect, Inc.*		10,000		31,416

Foxconn Industrial Internet Co. Ltd., Class A		35,000		50,584

Foxconn Technology Co. Ltd.		32,000		64,053

General Interface Solution Holding Ltd.		5,000		15,555

Genius Electronic Optical Co. Ltd.		2,237		28,764

Global Brands Manufacture Ltd.		139,800		155,331

Gold Circuit Electronics Ltd.		10,000		28,159

Hana Microelectronics PCL, NVDR		24,900		32,715

Hannstar Board Corp.		137,000		179,178

HannStar Display Corp.		94,000		41,937

Hengdian Group DMEGC Magnetics Co. Ltd., Class A		5,100		11,838

See Accompanying Notes to the Financial Statements.


188		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Electronic Equipment, Instruments & Components – (continued)

Hollysys Automation Technologies Ltd.		26,100	$	401,940

Holy Stone Enterprise Co. Ltd.		64,000		247,528

Hon Hai Precision Industry Co. Ltd.		385,000		1,332,293

Honeywell Automation India Ltd.		32		16,794

Huagong Tech Co. Ltd., Class A		4,700		12,009

Iljin Materials Co. Ltd.		477		33,420

Inari Amertron Bhd.		65,100		42,468

Innolux Corp.		350,000		162,084

Jay Mart PCL, NVDR		16,500		30,109

KCE Electronics PCL, NVDR		19,100		34,296

Kingboard Holdings Ltd.		25,500		116,025

Kingboard Laminates Holdings Ltd.		37,500		58,309

L&F Co. Ltd.*		436		76,126

Largan Precision Co. Ltd.		2,000		114,671

LG Display Co. Ltd.		6,489		86,537

LG Innotek Co. Ltd.		450		125,040

Lingyi iTech Guangdong Co., Class A*		15,900		10,331

Lotes Co. Ltd.		1,299		32,304

Luxshare Precision Industry Co. Ltd., Class A		10,000		46,880

Mcnex Co. Ltd.		1,130		40,216

Merry Electronics Co. Ltd.		96,235		267,723

MH Development Ltd.* ^‡		22,000		—

Nan Ya Printed Circuit Board Corp.		4,000		54,825

OFILM Group Co. Ltd., Class A*		4,700		3,953

Park Systems Corp.		371		33,614

Partron Co. Ltd.		19,670		183,232

Primax Electronics Ltd.		181,000		343,265

Redington India Ltd.		213,550		427,840

Samsung Electro-Mechanics Co. Ltd.		1,700		224,682

Samsung SDI Co. Ltd.		1,000		486,465

SAMT Co. Ltd.		27,300		95,202

Sang-A Frontec Co. Ltd.		275		8,583


Investments	Shares		Value

Electronic Equipment, Instruments & Components – (continued)

Shengyi Technology Co. Ltd., Class A		4,700	$	11,902

Shenzhen Kaifa Technology Co. Ltd., Class A		4,700		6,957

Shenzhen Kinwong Electronic Co. Ltd., Class A		5,000		15,637

Simplo Technology Co. Ltd.		5,200		51,426

Sinbon Electronics Co. Ltd.		3,000		26,514

SOLUM Co. Ltd.*		1,802		35,653

Solus Advanced Materials Co. Ltd.		329		18,965

Speed Tech Corp.		50,000		89,905

Sunny Optical Technology Group Co. Ltd.		15,000		222,721

Supreme Electronics Co. Ltd.*		191,331		300,217

Synnex Technology International Corp.		52,000		136,724

Taiwan PCB Techvest Co. Ltd.		100,000		166,409

Taiwan Union Technology Corp.		117,000		306,041

Tianma Microelectronics Co. Ltd., Class A		9,400		13,072

Tong Hsing Electronic Industries Ltd.		3,022		23,991

Tripod Technology Corp.		14,000		58,896

Truly International Holdings Ltd.(c)		800,000		222,275

Unimicron Technology Corp.		22,000		158,979

Universal Scientific Industrial Shanghai Co. Ltd., Class A		4,700		8,641

Vidente Co. Ltd.*		1,431		16,406

VS Industry Bhd.		45,600		10,474

Wah Lee Industrial Corp.		80,640		285,894

Walsin Technology Corp.*		9,378		38,975

Wingtech Technology Co. Ltd., Class A		3,100		30,958

Wintek Corp.* ^‡		64,000		—

WPG Holdings Ltd.		50,440		92,921

WT Microelectronics Co. Ltd.		14,000		34,103

Wuhan Guide Infrared Co. Ltd., Class A		6,580		15,414

WUS Printed Circuit Kunshan Co. Ltd., Class A		5,170		10,203

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			189

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Electronic Equipment, Instruments & Components – (continued)

Yageo Corp.		15,000	$	205,849

Zhejiang Dahua Technology Co. Ltd., Class A		2,900		7,361

Zhejiang Jiecang Linear Motion Technology Co. Ltd., Class A		5,500		22,210

Zhen Ding Technology Holding Ltd.		23,150		83,252
				10,580,129

Energy Equipment & Services – 0.1%

Bumi Armada Bhd.*		1,585,000		156,552

China Oilfield Services Ltd., Class A		9,400		17,824

China Oilfield Services Ltd., Class H		18,000		18,697

Dialog Group Bhd.		51,700		29,689

Gulf International Services QSC*		45,210		24,171

Serba Dinamik Holdings Bhd.* ^‡		54,180		3,179
				250,112

Entertainment – 0.9%

37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		4,700		17,232

Alibaba Pictures Group Ltd.*		160,000		13,663

Archosaur Games, Inc.(a) (c)		100,000		96,098

Bilibili, Inc., Class Z* (c)		4,000		103,796

CJ CGV Co. Ltd.*		1,732		38,060

CJ ENM Co. Ltd.		140		14,245

CMGE Technology Group Ltd.* (c)		600,000		159,824

Com2uSCorp		133		10,144

Devsisters Co. Ltd.		495		24,080

DouYu International Holdings Ltd., ADR*		1,081		1,913

Fire Rock Holdings Ltd.(b) (c)		106,000		7,565

Giantstep, Inc.*		935		22,296

HYBE Co. Ltd.*		350		70,084

International Games System Co. Ltd.		1,000		24,766


Investments	Shares		Value

Entertainment – (continued)

iQIYI, Inc., ADR* (c)		1,686	$	6,002

JYP Entertainment Corp.		489		23,126

Kakao Games Corp.*		956		46,049

Kingsoft Corp. Ltd.		16,000		49,145

Krafton, Inc.*		110		22,070

NCSoft Corp.		286		95,979

Neowiz*		6,850		115,076

NetDragon Websoft Holdings Ltd.		110,500		223,080

NetEase, Inc.		36,000		706,589

Netmarble Corp.(a)		410		31,207

NHN Corp.*		630		17,656

Pearl Abyss Corp.*		900		48,869

Perfect World Co. Ltd., Class A		4,100		9,193

PVR Ltd.*		2,458		58,810

SM Entertainment Co. Ltd.		699		37,955

SMI Holdings Group Ltd.* ^‡		72,000		—

Studio Dragon Corp.*		385		25,565

Tencent Music Entertainment Group, ADR*		7,897		33,562

Webzen, Inc.*		1,849		32,829

Wemade Co. Ltd.		488		30,150

Wysiwyg Studios Co. Ltd.*		1,485		39,431

XD, Inc.* (a)		8,000		21,514

XPEC Entertainment, Inc.* ^‡		14,800		—

YG Entertainment, Inc.		605		27,456

Zhejiang Century Huatong Group Co. Ltd., Class A*		11,280		8,151
				2,313,230

Equity Real Estate Investment Trusts (REITs) – 1.2%

Axis REIT		99,000		43,434

Brookfield India Real Estate Trust(a)		6,435		27,943

Concentradora Fibra Danhos SA de CV		359,600		402,267

CPN Retail Growth Leasehold REIT		44,100		26,009

Embassy Office Parks REIT		9,600		48,365

Emlak Konut Gayrimenkul Yatirim Ortakligi A/S		957,000		171,353

Equites Property Fund Ltd.		27,560		37,203

ESR Kendall Square REIT Co. Ltd.		6,325		36,913

See Accompanying Notes to the Financial Statements.


190		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Equity Real Estate Investment Trusts (REITs) – (continued)

Fibra Uno Administracion SA de CV(c)		95,000	$	104,177

Fortress REIT Ltd., Class A		31,313		24,649

Growthpoint Properties Ltd.		82,041		73,242

Hyprop Investments Ltd.		152,650		349,383

IGB REIT		6,200		2,321

JR Global Reit		53,500		250,462

KLCCP Stapled Group		6,900		10,540

Korea Asset In Trust Co. Ltd.		24,750		77,344

LOTTE Reit Co. Ltd.		1,828		8,645

MREIT, Inc.		42,200		14,146

Pavilion REIT		15,000		4,548

PLA Administradora Industrial S de RL de CV		341,600		453,101

Prologis Property Mexico SA de CV(c)		21,400		57,431

Redefine Properties Ltd.		249,977		69,226

Resilient REIT Ltd.		144,750		530,449

Sunway REIT		39,400		13,213

Vukile Property Fund Ltd.		383,200		325,870

Yuexiu REIT		72,610		29,058
				3,191,292

Food & Staples Retailing – 1.0%

Abdullah Al Othaim Markets Co.		363		10,820

Al Meera Consumer Goods Co. QSC		1,990		10,382

Atacadao SA		13,500		56,075

Avenue Supermarts Ltd.* (a)		2,735		141,120

Berli Jucker PCL		500		500

Berli Jucker PCL, NVDR		13,800		13,800

BGF retail Co. Ltd.		239		34,442

Bid Corp. Ltd.		6,800		142,094

BIM Birlesik Magazalar A/S		13,531		76,098

Cencosud SA		45,150		72,246

Cia Brasileira de Distribuicao		70,930		291,185

Clicks Group Ltd.		4,250		83,521

Cosco Capital, Inc.		1,046,400		98,216

CP ALL PCL, NVDR		85,500		162,263

DaShenLin Pharmaceutical Group Co. Ltd., Class A		5,500		22,043


Investments	Shares		Value

Food & Staples Retailing – (continued)

Dis-Chem Pharmacies Ltd.(a)		6,949	$	16,893

Dongsuh Cos., Inc.		859		18,329

E-MART, Inc.		550		57,803

Grupo Comercial Chedraui SA de CV		55,000		138,629

GS Retail Co. Ltd.		1,333		30,612

Hyundai Greenfood Co. Ltd.		19,585		142,522

InRetail Peru Corp.(a)		406		14,778

Magnit PJSC^‡ (b)		2,296		—

Migros Ticaret A/S*		152		465

Organizacion Soriana SAB de CV, Class B		31,000		35,787

Philippine Seven Corp.*		5,321		6,625

Pick n Pay Stores Ltd.		6,784		24,693

President Chain Store Corp.		11,000		102,068

Puregold Price Club, Inc.		26,060		16,473

Raia Drogasil SA		19,400		81,992

Sendas Distribuidora SA		25,000		77,138

Shoprite Holdings Ltd.		9,100		131,768

Sok Marketler Ticaret A/S		7,298		6,396

SPAR Group Ltd. (The)		4,972		52,017

Sumber Alfaria Trijaya Tbk. PT		351,600		41,473

Sun Art Retail Group Ltd.(c)		24,000		7,525

Wal-Mart de Mexico SAB de CV		95,000		335,899

Yonghui Superstores Co. Ltd., Class A		26,500		17,822
				2,572,512

Food Products – 3.2%

Agthia Group PJSC		11,024		12,816

Alicorp SAA		202,400		269,867

Almarai Co. JSC		3,913		54,249

Astra Agro Lestari Tbk. PT		20,800		17,935

Avanti Feeds Ltd.		507		2,892

AVI Ltd.		8,984		39,063

Balrampur Chini Mills Ltd.		3,850		22,317

Beijing Dabeinong Technology Group Co. Ltd., Class A		5,300		5,777

Binggrae Co. Ltd.		2,553		111,795

Bombay Burmah Trading Co.		2,394		31,410

BRF SA*		15,000		41,133

Britannia Industries Ltd.		1,988		85,282

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			191

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Food Products – (continued)

Century Pacific Food, Inc.*		17,700	$	7,629

Charoen Pokphand Enterprise		88,000		242,425

Charoen Pokphand Foods PCL, NVDR		110,700		77,894

Charoen Pokphand Indonesia Tbk. PT		122,300		43,447

Cherkizovo Group PJSC^‡ (b)		2,594		—

China Feihe Ltd.(a)		50,000		47,858

China Huiyuan Juice Group Ltd.* ^‡		24,000		—

China Mengniu Dairy Co. Ltd.*		50,000		271,471

China Modern Dairy Holdings Ltd.(c)		1,350,000		197,868

China Youran Dairy Group Ltd.* (a) (c)		350,000		142,745

Chongqing Fuling Zhacai Group Co. Ltd., Class A		5,000		26,530

CJ CheilJedang Corp.		319		101,084

CJ CheilJedang Corp. (Preference)		104		14,739

COFCO Joycome Foods Ltd.* (a)		1,000,000		411,667

Daesang Corp.		10,300		208,296

Dali Foods Group Co. Ltd.(a)		45,500		23,312

Dongwon F&B Co. Ltd.		532		75,395

Dongwon Industries Co. Ltd.		500		99,323

Foshan Haitian Flavouring & Food Co. Ltd., Class A		5,555		68,748

Genting Plantations Bhd.		10,400		21,739

Great Wall Enterprise Co. Ltd.		38,000		68,070

Gruma SAB de CV, Class B		4,750		56,415

Grupo Bimbo SAB de CV, Series A		30,000		92,461

Grupo Nutresa SA		2,911		35,491

Guangdong Haid Group Co. Ltd., Class A		4,800		44,947

Harim Holdings Co. Ltd.		24,472		213,351

Health & Happiness H&H International Holdings Ltd.		75,000		83,162

Heilongjiang Agriculture Co. Ltd., Class A		10,600		22,658

Henan Shuanghui Investment & Development Co. Ltd., Class A		4,700		21,227


Investments	Shares		Value

Food Products – (continued)

HUISHAN DAIRY* ^‡		158,000	$	—

Indofood CBP Sukses Makmur Tbk. PT		51,800		27,245

Indofood Sukses Makmur Tbk. PT		100,800		43,805

Industrias Bachoco SAB de CV, Series B		73,000		278,393

Inner Mongolia Yili Industrial Group Co. Ltd., Class A		8,200		47,890

International Holding Co. PJSC*		8,750		520,038

IOI Corp. Bhd.		60,000		64,362

Japfa Comfeed Indonesia Tbk. PT		249,100		24,915

JBS SA		20,100		153,626

Kuala Lumpur Kepong Bhd.		10,831		73,293

Leong Hup International Bhd.(a)		515,000		62,105

Lien Hwa Industrial Holdings Corp.		15,400		29,363

Lotte Confectionery Co. Ltd.		900		89,570

M Dias Branco SA*		5,300		25,332

Maeil Dairies Co. Ltd.		2,050		113,272

Marfrig Global Foods SA		10,600		40,134

Marico Ltd.		9,000		61,423

Mayora Indah Tbk. PT		83,900		10,128

Mezzan Holding Co. KSCC		72,100		137,401

Minerva SA		105,000		278,391

Monde Nissin Corp.* (a)		107,400		26,703

Muyuan Foods Co. Ltd., Class A		7,420		58,835

Namchow Holdings Co. Ltd.		69,000		111,779

Nestle India Ltd.		650		155,865

Nestle Malaysia Bhd.		900		27,536

New Hope Liuhe Co. Ltd., Class A*		9,000		19,170

NongShim Co. Ltd.		56		13,532

Orion Corp.		165		12,480

Orion Holdings Corp.		11,663		137,430

Ottogi Corp.		15		5,613

Perusahaan Perkebunan London Sumatra Indonesia Tbk. PT		1,355,000		128,985

PPB Group Bhd.		14,080		55,563

QL Resources Bhd.		25,395		29,808

Qurain Petrochemical Industries Co.		15,408		18,855

See Accompanying Notes to the Financial Statements.


192		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Food Products – (continued)

Samyang Corp.		1,800	$	78,822

Samyang Foods Co. Ltd.		2,133		166,938

Samyang Holdings Corp.		2,800		193,726

San Miguel Food and Beverage, Inc.		7,670		9,109

Sao Martinho SA		3,500		32,801

Saudia Dairy & Foodstuff Co.		698		32,752

Savola Group (The)*		5,650		53,776

Sawit Sumbermas Sarana Tbk. PT		1,450,000		106,522

Sichuan Teway Food Group Co. Ltd., Class A		5,300		16,897

Sime Darby Plantation Bhd.		55,503		66,805

SLC Agricola SA*		42,700		456,213

Taiwan TEA Corp.*		8,000		5,184

Tata Consumer Products Ltd.		10,619		114,431

Thai Union Group PCL, NVDR		82,200		40,560

Thaifoods Group PCL, NVDR		1,280,000		156,963

Tiger Brands Ltd.(c)		3,445		33,761

Tingyi Cayman Islands Holding Corp.		74,000		135,623

Toly Bread Co. Ltd., Class A		7,420		15,399

Tongwei Co. Ltd., Class A		5,500		34,318

Ulker Biskuvi Sanayi A/S		59,050		66,419

Uni-President China Holdings Ltd.		3,000		2,650

Uni-President Enterprises Corp.		150,000		348,086

Universal Robina Corp.		13,530		26,565

Want Want China Holdings Ltd.		100,000		90,363

Yihai International Holding Ltd.*		7,000		19,940

Yuan Longping High-tech Agriculture Co. Ltd., Class A*		5,100		12,620

Zad Holding Co.		3,130		15,728

Zhou Hei Ya International Holdings Co. Ltd.* (a) (c)		14,000		7,316
				8,637,615

Gas Utilities – 0.6%

Adani Total Gas Ltd.		4,901		157,139

Aygaz A/S		36,850		80,864

Beijing Enterprises Holdings Ltd.		16,000		54,447


Investments	Shares		Value

Gas Utilities – (continued)

China Gas Holdings Ltd.		60,000	$	73,565

China Resources Gas Group Ltd.		34,000		129,350

Daesung Holdings Co. Ltd.		1,900		90,310

ENN Energy Holdings Ltd.		13,500		182,210

GAIL India Ltd.		61,200		127,416

Grupo Energia Bogota SA ESP		93,400		59,168

Gujarat Gas Ltd.		2,679		16,906

Gujarat State Petronet Ltd.		14,375		49,260

Indraprastha Gas Ltd.		4,564		21,040

Korea Gas Corp.		999		32,611

Kunlun Energy Co. Ltd.		120,000		100,941

Mahanagar Gas Ltd.(a)		1,456		14,651

National Gas & Industrialization Co.		1,155		15,027

Perusahaan Gas Negara Tbk. PT*		155,100		15,513

Petronas Gas Bhd.		15,000		58,505

Towngas Smart Energy Co. Ltd.*		450,000		224,250

Zhongyu Energy Holdings Ltd.		55,000		48,508
				1,551,681

Health Care Equipment & Supplies – 0.3%

AK Medical Holdings Ltd.(a) (c)		24,000		13,122

DIO Corp.*		520		14,180

Eoflow Co. Ltd.*		1,734		31,477

Hartalega Holdings Bhd.		69,300		70,040

Humasis Co. Ltd.		1,982		19,646

Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		5,300		19,174

Kangji Medical Holdings Ltd.		25,000		23,355

Kossan Rubber Industries Bhd.		22,800		9,636

Lifetech Scientific Corp.* (c)		110,000		31,124

Microport Scientific Corp.(c)		11,498		23,125

Peijia Medical Ltd.* (a)		21,000		18,173

Poly Medicure Ltd.		2,864		32,704

SD Biosensor, Inc.		990		35,943

Shandong Pharmaceutical Glass Co. Ltd., Class A		4,700		14,906

Shandong Weigao Group Medical Polymer Co. Ltd., Class H		36,000		38,679

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			193

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Health Care Equipment & Supplies – (continued)

Sri Trang Gloves Thailand PCL, NVDR		60,400	$	42,853

St Shine Optical Co. Ltd.		2,000		18,219

Suheung Co. Ltd.		2,400		74,427

Supermax Corp. Bhd.		5,761		1,469

TaiDoc Technology Corp.		24,000		236,128

Top Glove Corp. Bhd.		120,100		46,346

Venus MedTech Hangzhou, Inc., Class H* (a)		18,500		34,472
				849,198

Health Care Providers & Services – 0.6%

Al Hammadi Co. for Development and Investment		3,740		48,660

Apollo Hospitals Enterprise Ltd.		1,640		95,564

Bangkok Chain Hospital PCL, NVDR		20,800		13,057

Bangkok Dusit Medical Services PCL, NVDR		73,400		55,184

Bumrungrad Hospital PCL, NVDR		10,300		48,267

Celltrion Healthcare Co. Ltd.		1,343		68,647

Chabiotech Co. Ltd.*		3,303		49,440

Chularat Hospital PCL, NVDR		101,400		11,546

CM Hospitalar SA*		11,000		32,652

Dallah Healthcare Co.		1,217		39,066

Diagnosticos da America SA*		990		4,540

Dr Lal PathLabs Ltd.(a)		430		14,625

Dr Sulaiman Al Habib Medical Services Group Co.		1,017		54,228

Fleury SA		3,600		10,483

Fortis Healthcare Ltd.*		15,205		53,138

Hapvida Participacoes e Investimentos SA(a)		67,578		119,676

HLB Life Science CO Ltd.*		3,012		24,940

Huadong Medicine Co. Ltd., Class A		5,300		27,437

Hygeia Healthcare Holdings Co. Ltd.(a) (c)		6,400		31,567

IHH Healthcare Bhd.		60,000		91,099

Jinxin Fertility Group Ltd.* (a) (c)		12,000		7,662

Kora Saude Participacoes SA*		17,305		11,811


Investments	Shares		Value

Health Care Providers & Services – (continued)

KPJ Healthcare Bhd.		14,124	$	3,082

Life Healthcare Group Holdings Ltd.		29,257		39,808

Max Healthcare Institute Ltd.*		9,075		49,131

Medikaloka Hermina Tbk. PT(a)		313,500		30,275

Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*		9,400		7,135

Metro Healthcare Indonesia TBK PT*		641,300		23,003

Metropolis Healthcare Ltd.(a)		1,540		48,306

Mitra Keluarga Karyasehat Tbk. PT(a)		100,200		17,487

Mouwasat Medical Services Co.		688		44,206

Narayana Hrudayalaya Ltd.* (a)		2,750		25,188

Netcare Ltd.		72,109		69,527

Odontoprev SA		5,390		11,047

Qualicorp Consultoria e Corretora de Seguros SA		3,700		9,915

Rede D’Or Sao Luiz SA(a)		14,300		106,062

Shanghai Pharmaceuticals Holding Co. Ltd., Class A		4,700		12,551

Shanghai Pharmaceuticals Holding Co. Ltd., Class H		23,500		38,218

Sinopharm Group Co. Ltd., Class H		40,000		92,580

Thonburi Healthcare Group PCL, NVDR		16,500		29,628

Xian International Medical Investment Co. Ltd., Class A*		9,400		12,244
				1,582,682

Health Care Technology – 0.0%(e)

Yidu Tech, Inc.* (a)		5,100		5,401

Hotels, Restaurants & Leisure – 0.8%

Alsea SAB de CV*		25,000		54,793

Ananti, Inc.*		2,798		19,448

Asset World Corp. PCL, NVDR		171,900		24,292

Bloomberry Resorts Corp.*		236,200		27,418

Central Plaza Hotel PCL*		1,600		2,172

Central Plaza Hotel PCL, NVDR*		5,700		7,739

See Accompanying Notes to the Financial Statements.


194		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Hotels, Restaurants & Leisure – (continued)

DoubleUGames Co. Ltd.		3,747	$	148,567

Genting Bhd.		70,000		74,446

Genting Malaysia Bhd.		61,100		42,806

Grand Korea Leisure Co. Ltd.*		1,040		12,834

Haidilao International Holding Ltd.(a) (c)		13,164		26,274

Hana Tour Service, Inc.*		718		47,219

Herfy Food Services Co.*		1,705		25,456

Huazhu Group Ltd.		30,000		99,412

Indian Hotels Co. Ltd.		18,028		60,492

Jiumaojiu International Holdings Ltd.(a)		6,000		13,459

Jollibee Foods Corp.		10,380		42,749

Jubilant Foodworks Ltd.		4,950		35,356

Kangwon Land, Inc.*		2,150		45,876

Leejam Sports Co. JSC		1,155		34,057

Lotte Tour Development Co. Ltd.*		1,961		25,762

Magnum Bhd.		19,594		8,146

Minor International PCL, NVDR*		50,300		51,401

MK Restaurants Group PCL, NVDR		4,800		7,708

Modetour Network, Inc.*		1,430		25,902

OPAP SA		4,017		60,091

Paradise Co. Ltd.*		421		5,581

Seera Group Holding*		6,600		38,712

Shenzhen Overseas Chinese Town Co. Ltd., Class A		22,200		20,390

Sports Toto Bhd.		372,013		164,921

Tongcheng Travel Holdings Ltd.* (a) (c)		18,800		33,833

Travellers International Hotel Group, Inc.* ^‡		209,900		10,896

Trip.com Group Ltd.*		8,800		209,958

Viva China Holdings Ltd.		1,472,000		178,228

Yum China Holdings, Inc.		7,900		330,220
				2,016,614

Household Durables – 1.2%

Amber Enterprises India Ltd.*		935		45,375

AmTRAN Technology Co. Ltd.		299,767		147,466


Investments	Shares		Value

Household Durables – (continued)

Arcelik A/S		4,982	$	22,586

Bajaj Electricals Ltd.*		2,173		31,204

Beijing Roborock Technology Co. Ltd., Class A		275		23,880

Coway Co. Ltd.		1,201		67,795

Crompton Greaves Consumer Electricals Ltd.		13,950		70,222

Cuckoo Holdings Co. Ltd.		5,500		81,887

Cyrela Brazil Realty SA Empreendimentos e Participacoes		129,900		371,165

Dixon Technologies India Ltd.(a)		705		40,545

Ecovacs Robotics Co. Ltd., Class A		1,500		24,617

Gree Electric Appliances, Inc. of Zhuhai, Class A		15,000		71,072

Haier Smart Home Co. Ltd., Class A		10,600		41,695

Haier Smart Home Co. Ltd., Class H		40,000		144,784

Hang Zhou Great Star Industrial Co. Ltd., Class A*		5,000		11,743

Hangzhou Robam Appliances Co. Ltd., Class A		5,300		24,863

Hanssem Co. Ltd.		303		18,962

Hisense Home Appliances Group Co. Ltd.(c)		150,000		147,779

Kinpo Electronics		50,000		24,088

LG Electronics, Inc.		3,452		320,190

LG Electronics, Inc. (Preference)		584		27,108

Lock&Lock Co. Ltd.*		728		6,057

Midea Group Co. Ltd., Class A		10,000		86,671

MRV Engenharia e Participacoes SA		126,000		262,574

Nien Made Enterprise Co. Ltd.		2,000		21,272

Orient Electric Ltd.		6,985		30,113

PIK Group PJSC^‡ (b)		4,646		—

Q Technology Group Co. Ltd.(a) (c)		200,000		142,490

Sampo Corp.		150,000		157,758

Skyworth Group Ltd.*		674,000		359,070

TCL Electronics Holdings Ltd.* (c)		350,000		160,588

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			195

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Household Durables – (continued)

TCL Technology Group Corp., Class A		55,700	$	35,346

TTK Prestige Ltd.		1,825		20,266

Vestel Beyaz Esya Sanayi ve Ticaret A/S		134,950		83,390

Vestel Elektronik Sanayi ve Ticaret A/S		27,860		49,021

Whirlpool of India Ltd.		674		14,315

Zinus, Inc.		770		39,665
				3,227,622

Household Products – 0.0%(e)

Blue Moon Group Holdings Ltd.(a)		26,500		20,839

C&S Paper Co. Ltd., Class A		5,000		7,985

Kimberly-Clark de Mexico SAB de CV, Class A(c)		27,000		37,692

Unilever Indonesia Tbk. PT		75,200		20,178

Vinda International Holdings Ltd.		3,000		7,265
				93,959

Independent Power and Renewable Electricity Producers – 1.3%

Aboitiz Power Corp.		34,200		21,062

AC Energy Corp.		196,100		27,121

Adani Green Energy Ltd.*		7,200		271,526

Adani Power Ltd.*		16,869		61,866

AES Brasil Energia SA		5,300		11,826

Aksa Enerji Uretim A/S*		129,200		144,802

Auren Energia SA*		15,168		44,901

Banpu Power PCL, NVDR		59,300		28,222

Canvest Environmental Protection Group Co. Ltd.(a)		250,000		105,466

CGN Power Co. Ltd., Class A		44,000		18,904

CGN Power Co. Ltd., Class H(a)		350,000		99,029

China Datang Corp. Renewable Power Co. Ltd., Class H(c)		1,050,000		402,809

China Longyuan Power Group Corp. Ltd., Class H		50,000		98,265

China National Nuclear Power Co. Ltd., Class A		42,300		45,787


Investments	Shares		Value

Independent Power and Renewable Electricity Producers – (continued)

China Power International Development Ltd.		150,000	$	73,794

China Resources Power Holdings Co. Ltd.		54,000		102,960

China Yangtze Power Co. Ltd., Class A		35,000		120,723

Colbun SA		9		1

Datang International Power Generation Co. Ltd., Class H		212,000		34,315

Electricity Generating PCL, NVDR		8,900		43,266

Energy Absolute PCL, NVDR		31,500		81,394

Eneva SA*		20,000		55,410

Engie Brasil Energia SA		10,000		84,609

First Gen Corp.		29,500		13,166

Global Power Synergy PCL, NVDR		24,700		47,958

Guangxi Guiguan Electric Power Co. Ltd., Class A		15,000		12,980

Gulf Energy Development PCL, NVDR		85,700		121,982

Huadian Power International Corp. Ltd., Class A		26,500		15,086

Huaneng Lancang River Hydropower, Inc., Class A		23,500		21,905

Huaneng Power International, Inc., Class A		24,300		26,930

Huaneng Power International, Inc., Class H(c)		102,000		51,870

Hub Power Co. Ltd. (The)		458,650		168,916

Hubei Energy Group Co. Ltd., Class A		23,500		14,663

JSW Energy Ltd.		8,692		36,119

Malakoff Corp. Bhd.		865,000		132,129

Mega First Corp. Bhd.		265,000		231,308

NHPC Ltd.		79,420		34,493

NLC India Ltd.		97,350		104,173

NTPC Ltd.		146,369		299,085

OGK-2 PJSC^‡ (b)		11,431,280		—

Omega Energia SA		11,994		25,866

Ratch Group PCL, NVDR		8,900		11,434

SDIC Power Holdings Co. Ltd., Class A		23,500		34,535

See Accompanying Notes to the Financial Statements.


196		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Independent Power and Renewable Electricity Producers – (continued)

Shanghai Electric Power Co. Ltd., Class A		14,100	$	19,094

Shenzhen Energy Group Co. Ltd., Class A		10,600		9,398

Sichuan Chuantou Energy Co. Ltd., Class A		9,400		15,740

Super Energy Corp. PCL, NVDR		517,400		13,143

Taiwan Cogeneration Corp.		3,000		3,888

Terna Energy SA		933		17,481

TPI Polene Power PCL, NVDR		1,083,600		120,857

Unipro PJSC^‡ (b)		5,337,000		—
				3,582,257

Industrial Conglomerates – 1.7%

3M India Ltd.*		69		18,021

Aamal Co.		21,949		7,082

Aboitiz Equity Ventures, Inc.		76,640		74,284

AG Anadolu Grubu Holding A/S		58,750		162,140

Alfa SAB de CV, Class A		80,000		53,586

Alliance Global Group, Inc.		157,700		35,706

AntarChile SA		1,696		12,448

Ayala Corp.		4,270		60,322

Bidvest Group Ltd. (The)		11,050		152,340

China Baoan Group Co. Ltd., Class A		5,500		7,515

CITIC Ltd.		200,000		208,255

CJ Corp.		564		39,067

DMCI Holdings, Inc.		121,000		19,284

Doosan Co. Ltd.		574		41,039

Dubai Investments PJSC		954,080		651,976

Enka Insaat ve Sanayi A/S		50,808		54,276

Far Eastern New Century Corp.		123,000		125,397

Fosun International Ltd.		61,500		65,371

Godrej Industries Ltd.*		3,377		21,748

Grupo Carso SAB de CV, Series A1		11,100		36,256

GT Capital Holdings, Inc.		1,610		15,543

Hanwha Corp.		1,692		40,616

Hanwha Corp. (3rd Preference)		1,425		18,039

HAP Seng Consolidated Bhd.		11,900		20,419

Hong Leong Industries Bhd.		31,200		64,572


Investments	Shares		Value

Industrial Conglomerates – (continued)

Hyosung Corp.		201	$	13,347

Industries Qatar QSC		32,487		167,799

JG Summit Holdings, Inc.		60,111		64,135

KAP Industrial Holdings Ltd.		1,094,150		352,812

KOC Holding A/S		24,045		65,065

LG Corp.		3,475		202,801

Lotte Corp.		1,392		37,959

LT Group, Inc.		5,100		832

Mytilineos SA		1,603		29,932

National Industries Group Holding SAK*		62,444		64,186

PSG Group Ltd.*		76,540		461,769

Quinenco SA		12,939		35,514

Reunert Ltd.		70,600		196,584

Samsung C&T Corp.		1,477		135,823

San Miguel Corp.		13,510		27,509

Shanghai Industrial Holdings Ltd.		196,000		288,773

Siemens Ltd.		1,416		42,074

Sime Darby Bhd.		54,600		29,347

SK, Inc.		1,185		252,850

SM Investments Corp.		7,740		126,245

Sunway Bhd.		50,749		21,216

Thoresen Thai Agencies PCL, NVDR		44,900		12,716

Turkiye Sise ve Cam Fabrikalari A/S		49,404		60,259
				4,694,849

Insurance – 3.1%

Allianz Malaysia Bhd.		25,000		73,160

Bangkok Insurance PCL, NVDR		10,300		82,099

BB Seguridade Participacoes SA		25,000		128,377

Bupa Arabia for Cooperative Insurance Co.		262		11,609

Caixa Seguridade Participacoes S/A		27,500		43,536

Cathay Financial Holding Co. Ltd.		278,000		589,473

China Development Financial Holding Corp.		500,000		304,490

China Life Insurance Co. Ltd., Class H		225,000		330,353

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			197

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Insurance – (continued)

China Pacific Insurance Group Co. Ltd., Class A		19,500	$	61,576

China Pacific Insurance Group Co. Ltd., Class H		80,000		179,043

China Taiping Insurance Holdings Co. Ltd.		31,800		36,720

Co. for Cooperative Insurance (The)		974		17,918

DB Insurance Co. Ltd.		1,834		98,271

Discovery Ltd.*		6,587		63,412

Fubon Financial Holding Co. Ltd.		250,453		632,176

General Insurance Corp. of India* (a)		39		66

Hanwha General Insurance Co. Ltd.*		27,200		102,866

Hanwha Life Insurance Co. Ltd.*		12,318		28,834

HDFC Life Insurance Co. Ltd.(a)		20,300		154,662

Hyundai Marine & Fire Insurance Co. Ltd.		2,700		69,972

ICICI Lombard General Insurance Co. Ltd.(a)		3,684		61,697

ICICI Prudential Life Insurance Co. Ltd.(a)		6,030		41,473

IRB Brasil Resseguros S/A*		379,451		212,245

Korean Reinsurance Co.		36,128		279,589

Max Financial Services Ltd.*		2,721		26,967

Mercuries & Associates Holding Ltd.		190,500		132,168

Mercuries Life Insurance Co. Ltd.*		126,094		33,240

Meritz Fire & Marine Insurance Co. Ltd.		1,498		52,895

Mirae Asset Life Insurance Co. Ltd.		27,830		88,187

Momentum Metropolitan Holdings		24,539		26,112

New China Life Insurance Co. Ltd., Class A		4,700		21,285

New China Life Insurance Co. Ltd., Class H		28,600		73,084

Old Mutual Ltd.(c)		142,165		114,065


Investments	Shares		Value

Insurance – (continued)

People’s Insurance Co. Group of China Ltd. (The), Class H		229,000	$	73,549

PICC Property & Casualty Co. Ltd., Class H		200,000		205,451

Ping An Insurance Group Co. of China Ltd., Class A		25,100		169,797

Ping An Insurance Group Co. of China Ltd., Class H		184,000		1,205,381

Porto Seguro SA		9,600		39,449

Qatar Insurance Co. SAQ		697,700		469,380

Qualitas Controladora SAB de CV(c)		85,000		458,142

Rand Merchant Investment Holdings Ltd.(c)		20,434		34,896

Samsung Fire & Marine Insurance Co. Ltd.		1,015		169,705

Samsung Life Insurance Co. Ltd.		2,566		132,999

Sanlam Ltd.		57,413		238,963

Santam Ltd.		723		13,354

SBI Life Insurance Co. Ltd.(a)		7,528		108,869

Shin Kong Financial Holding Co. Ltd.		450,000		150,074

Shinkong Insurance Co. Ltd.		100,000		183,882

Sul America SA*		10,377		55,655

Syarikat Takaful Malaysia Keluarga BHD		238,760		194,693

Tongyang Life Insurance Co. Ltd.		20,950		112,423

ZhongAn Online P&C Insurance Co. Ltd., Class H* (a) (c)		16,500		58,041
				8,246,323

Interactive Media & Services – 2.9%

AfreecaTV Co. Ltd.		275		24,084

Autohome, Inc., Class A(c)		5,500		40,026

Baidu, Inc., Class A*		40,000		665,804

Hello Group, Inc., ADR		64,012		340,544

Hong Seng Consolidated Bhd.*		62,600		36,955

Info Edge India Ltd.		1,344		81,778

JOYY, Inc., ADR		825		32,645

Kakao Corp.		5,305		379,713

Kuaishou Technology* (a)		25,000		212,684

NAVER Corp.		2,600		593,073

Tencent Holdings Ltd.		110,000		5,291,003

See Accompanying Notes to the Financial Statements.


198		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Interactive Media & Services – (continued)

Weibo Corp., ADR*		1,577	$	36,492

Zhihu, Inc., ADR* (c)		1,113		1,725
				7,736,526

Internet & Direct Marketing Retail – 2.8%

Alibaba Group Holding Ltd.*		260,400		3,388,520

Alibaba Health Information Technology Ltd.* (c)		84,000		48,712

Americanas SA*		8,118		39,343

Baozun, Inc., Class A* (c)		8,000		20,443

Bukalapak.com PT Tbk.*		1,765,500		46,521

China Ruyi Holdings Ltd.* (c)		30,799		7,497

Dada Nexus Ltd., ADR*		2,805		21,402

Gradiant Corp.(b)		25,350		91,228

Hyundai Home Shopping Network Corp.		2,801		134,698

JD Health International, Inc.* (a) (c)		15,000		96,640

JD.com, Inc., Class A*		37,501		1,269,446

Maoyan Entertainment* (a) (c)		22,000		17,553

Meituan, Class B* (a)		71,500		1,567,393

momo.com, Inc.		1,300		34,887

Naspers Ltd., Class N		3,700		376,112

Pinduoduo, Inc., ADR*		7,450		321,020

Ping An Healthcare and Technology Co. Ltd.* (a) (c)		16,500		41,428

Vipshop Holdings Ltd., ADR*		9,850		75,451
				7,598,294

IT Services – 1.7%

China TransInfo Technology Co. Ltd., Class A		4,700		6,115

Chinasoft International Ltd.*		46,000		37,873

Chindata Group Holdings Ltd., ADR* (c)		1,925		12,012

Cielo SA*		487,800		334,906

Coforge Ltd.		858		47,144

Computer Age Management Services Ltd.		1,007		32,649

Danal Co. Ltd.*		2,860		21,951

DHC Software Co. Ltd., Class A		9,400		8,305

Fawry for Banking & Payment Technology Services SAE*		18,921		4,728


Investments	Shares		Value

IT Services – (continued)

Firstsource Solutions Ltd.		22,385	$	36,604

GDS Holdings Ltd., Class A* (c)		15,000		64,522

Happiest Minds Technologies Ltd.		1,568		20,510

HCL Technologies Ltd.		20,000		282,369

Hyundai Autoever Corp.		212		22,787

Infosys Ltd.		64,700		1,326,755

Jasmine Technology Solution PCL, NVDR*		4,100		66,079

Kginicis Co. Ltd.		7,830		108,473

Kingsoft Cloud Holdings Ltd., ADR* (c)		3,457		12,514

Larsen & Toubro Infotech Ltd.(a)		656		41,527

Locaweb Servicos de Internet SA* (a)		4,800		6,950

Lotte Data Communication Co.		2,400		69,459

Mastek Ltd.		660		24,289

Mindtree Ltd.		1,105		51,347

Mphasis Ltd.		1,750		65,089

My EG Services Bhd.		86,314		18,637

Persistent Systems Ltd.		850		48,043

Posco ICT Co. Ltd.		2,080		10,251

Samsung SDS Co. Ltd.		700		82,763

Sonata Software Ltd.		4,565		44,914

Systex Corp.		100,000		273,787

Tata Consultancy Services Ltd.		18,376		852,591

Tech Mahindra Ltd.		10,000		164,699

TravelSky Technology Ltd., Class H		50,000		76,088

Vnet Group, Inc., ADR*		1,563		9,331

Wipro Ltd.		26,041		173,328

Yeahka Ltd.* (c)		17,600		46,657
				4,506,046

Leisure Products – 0.2%

Fusheng Precision Co. Ltd.		7,000		52,009

Giant Manufacturing Co. Ltd.		5,000		42,154

GOLFZON Co. Ltd.		1,500		194,427

HLB, Inc.*		1,320		32,685

Johnson Health Tech Co. Ltd.		50,000		98,556

Merida Industry Co. Ltd.		5,350		44,015

O-TA Precision Industry Co. Ltd.		35,000		169,802
				633,648

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			199

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Life Sciences Tools & Services – 0.3%

Cellivery Therapeutics, Inc.*		188	$	5,306

Divi’s Laboratories Ltd.		2,387		140,686

EirGenix, Inc.*		9,000		27,053

Genscript Biotech Corp.*		20,000		57,990

Hangzhou Tigermed Consulting Co. Ltd., Class H(a)		6,000		59,188

LegoChem Biosciences, Inc.*		1,250		42,795

Pharmaron Beijing Co. Ltd., Class H(a)		1,600		20,372

Samsung Biologics Co. Ltd.* (a)		306		204,162

Shanghai Medicilon, Inc., Class A		385		22,329

ST Pharm Co. Ltd.		344		26,868

Viva Biotech Holdings(a)		22,500		7,169

WuXi AppTec Co. Ltd., Class A		4,060		63,628

WuXi AppTec Co. Ltd., Class H(a)		6,918		96,106
				773,652

Machinery – 1.2%

AIA Engineering Ltd.		972		24,635

Airtac International Group		2,913		80,248

Ashok Leyland Ltd.		31,124		51,750

China CSSC Holdings Ltd., Class A		10,600		25,201

China International Marine Containers Group Co. Ltd., Class H(c)		15,900		22,089

CIMC Enric Holdings Ltd.(c)		48,000		50,899

CNHTC Jinan Truck Co. Ltd., Class A		1,260		1,894

CNPC Capital Co. Ltd., Class A		29,200		20,480

Creative & Innovative System*		2,703		28,838

CSBC Corp. Taiwan*		53,000		37,760

Cummins India Ltd.		2,280		30,735

Daewoo Shipbuilding & Marine Engineering Co. Ltd.*		705		14,762

Dawonsys Co. Ltd.		1,869		43,898

Doosan Bobcat, Inc.		1,272		42,079

Dufu Technology Corp. Bhd.		37,100		21,475

Escorts Ltd.		1,666		35,630

Estun Automation Co. Ltd., Class A		5,000		11,257


Investments	Shares		Value

Machinery – (continued)

Haitian International Holdings Ltd.		16,000	$	39,683

Hiwin Technologies Corp.		5,372		40,187

HJ Shipbuilding & Construction Co. Ltd.*		1,060		6,633

Hyundai Construction Equipment Co. Ltd.		6,131		182,075

Hyundai Doosan Infracore Co. Ltd.*		52,743		276,733

Hyundai Elevator Co. Ltd.		208		5,904

Hyundai Heavy Industries Co. Ltd.*		750		83,599

Hyundai Mipo Dockyard Co. Ltd.*		602		40,213

Hyundai Rotem Co. Ltd.*		1,766		26,785

Infore Environment Technology Group Co. Ltd., Class A		9,400		6,365

Jiangsu Hengli Hydraulic Co. Ltd., Class A		3,800		26,497

Korea Shipbuilding & Offshore Engineering Co. Ltd.*		605		44,219

Lakshmi Machine Works Ltd.		165		20,255

LK Technology Holdings Ltd.(c)		9,500		12,108

Lonking Holdings Ltd.		800,000		222,275

Pentamaster Corp. Bhd.		21,200		16,752

People & Technology, Inc.		8,800		353,822

Rexon Industrial Corp. Ltd.		69,000		93,052

Riyue Heavy Industry Co. Ltd., Class A		5,000		12,388

SAM KANG M&T Co. Ltd.*		1,219		20,090

Samsung Heavy Industries Co. Ltd.*		14,477		69,849

Sany Heavy Equipment International Holdings Co. Ltd.		12,000		11,455

Sany Heavy Industry Co. Ltd., Class A		25,000		62,623

Schaeffler India Ltd.		1,100		33,206

SFA Engineering Corp.		1,089		34,552

Shanghai Mechanical and Electrical Industry Co. Ltd., Class B		104,700		116,636

Shin Zu Shing Co. Ltd.		78,000		221,757

Sinotruk Hong Kong Ltd.		30,500		37,318

See Accompanying Notes to the Financial Statements.


200		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Machinery – (continued)

SKF India Ltd.		624	$	27,463

Timken India Ltd.		605		15,703

Turk Traktor ve Ziraat Makineleri A/S		5,550		87,980

UWC Bhd.		10,600		7,840

Weichai Power Co. Ltd., Class A		17,300		29,389

Weichai Power Co. Ltd., Class H		69,000		97,615

XCMG Construction Machinery Co. Ltd., Class A		18,800		14,156

Yangzijiang Shipbuilding Holdings Ltd.		95,000		62,604

Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		9,400		23,917

Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A		9,400		16,639

Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H(c)		10,000		10,642

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		17,700		15,585

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		29,200		17,305
				3,087,499

Marine – 0.9%

Cia Sud Americana de Vapores SA		578,613		65,387

COSCO SHIPPING Holdings Co. Ltd., Class H* (c)		106,450		169,047

Evergreen Marine Corp. Taiwan Ltd.		80,558		396,292

Far-Eastern Shipping Co. plc* ^‡ (b)		302,500		—

HMM Co. Ltd.		11,250		254,379

Korea Line Corp.*		73,900		157,391

MISC Bhd.		40,000		71,758

Orient Overseas International Ltd.		5,500		154,636


Investments	Shares		Value

Marine – (continued)

Pan Ocean Co. Ltd.		8,853	$	46,944

Precious Shipping PCL, NVDR		330,000		184,029

Qatar Navigation QSC		20,237		47,290

Regional Container Lines PCL, NVDR		110,000		143,723

Taiwan Navigation Co. Ltd.		76,000		97,335

Transcoal Pacific Tbk. PT*		32,900		22,581

U-Ming Marine Transport Corp.		14,000		30,493

Wan Hai Lines Ltd.		39,900		197,635

Wisdom Marine Lines Co. Ltd.		11,898		37,217

Yang Ming Marine Transport Corp.*		53,000		226,561
				2,302,698

Media – 0.4%

Affle India Ltd.*		2,120		33,883

Astro Malaysia Holdings Bhd.		139,200		31,974

Cheil Worldwide, Inc.		1,074		21,634

China Literature Ltd.* (a) (c)		6,200		26,630

Echo Marketing, Inc.		9,350		149,630

Elang Mahkota Teknologi Tbk. PT*		342,300		70,599

Focus Media Information Technology Co. Ltd., Class A		23,500		20,799

Grupo Televisa SAB, Series CPO(c)		35,000		64,963

Innocean Worldwide, Inc.		3,468		135,020

Leo Group Co. Ltd., Class A		18,800		4,795

Media Nusantara Citra Tbk. PT		3,295,000		228,425

MultiChoice Group		9,750		79,708

NanJi E-Commerce Co. Ltd., Class A		4,700		3,418

Plan B Media PCL, NVDR*		97,500		22,347

Saudi Research & Media Group*		605		42,647

Sun TV Network Ltd.		1,889		11,922

Surya Citra Media Tbk. PT*		427,000		7,481

Zee Entertainment Enterprises Ltd.		17,800		57,783
				1,013,658

Metals & Mining – 5.0%

African Rainbow Minerals Ltd.		3,900		64,577

AJU Steel Co. Ltd.*		5,400		70,295

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			201

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Metals & Mining – (continued)

Alrosa PJSC^‡ (b)		85,800	$	—

Aluminum Corp. of China Ltd., Class A*		26,500		19,150

Aluminum Corp. of China Ltd., Class H*		60,000		28,676

Aneka Tambang Tbk.*		201,400		36,121

Angang Steel Co. Ltd., Class H		38,000		16,903

Anglo American Platinum Ltd.		1,900		210,789

AngloGold Ashanti Ltd.		12,800		266,363

APL Apollo Tubes Ltd.*		4,469		59,824

Baoshan Iron & Steel Co. Ltd., Class A		60,000		58,843

Beijing Shougang Co. Ltd., Class A		10,600		7,724

Bradespar SA (Preference)		6,186		36,587

CAP SA		2,756		34,172

Century Iron & Steel Industrial Co. Ltd.		6,000		25,954

Chifeng Jilong Gold Mining Co. Ltd., Class A*		7,900		22,020

China Gold International Resources Corp. Ltd.		105,600		400,400

China Hongqiao Group Ltd.(c)		75,000		95,493

China Metal Recycling Holdings Ltd.* ^‡		51,000		—

China Molybdenum Co. Ltd., Class A		22,500		15,986

China Molybdenum Co. Ltd., Class H(c)		57,000		28,986

China Nonferrous Mining Corp. Ltd.		450,000		232,853

China Northern Rare Earth Group High-Tech Co. Ltd., Class A		5,300		25,490

China Oriental Group Co. Ltd.		500,000		133,824

China Steel Corp.		400,000		489,898

China Zhongwang Holdings Ltd.* ^‡ (c)		699,600		143,014

Chung Hung Steel Corp.		23,000		29,769

Cia Brasileira de Aluminio*		11,000		38,072

Cia Siderurgica Nacional SA		20,000		85,093

Citic Pacific Special Steel Group Co. Ltd., Class A		10,600		29,031


Investments	Shares		Value

Metals & Mining – (continued)

Dongkuk Steel Mill Co. Ltd.		2,067	$	31,021

DRDGOLD Ltd.		190,393		156,492

Eregli Demir ve Celik Fabrikalari TAS		41,200		93,072

Feng Hsin Steel Co. Ltd.		16,000		45,163

Ganfeng Lithium Co. Ltd., Class A		2,200		36,963

Ganfeng Lithium Co. Ltd., Class H(a) (c)		5,200		63,491

GEM Co. Ltd., Class A		5,300		5,431

Gerdau SA (Preference)		32,700		184,689

Gold Fields Ltd.		28,129		387,088

Grupo Mexico SAB de CV, Series B		100,000		468,040

Harmony Gold Mining Co. Ltd.		16,953		70,529

Henan Shenhuo Coal & Power Co. Ltd., Class A(b)		5,500		10,003

Hesteel Co. Ltd., Class A		37,600		13,300

Hindalco Industries Ltd.		46,700		294,859

Hindustan Copper Ltd.		16,483		24,430

Hsin Kuang Steel Co. Ltd.		100,000		218,487

Hunan Valin Steel Co. Ltd., Class A		23,500		20,835

Hyundai Steel Co.		3,128		108,334

Impala Platinum Holdings Ltd.		25,280		329,597

Industrias Penoles SAB de CV(c)		2,325		25,600

Inner Mongolia BaoTou Steel Union Co. Ltd., Class A*		70,500		20,121

Inner Mongolia ERDOS Resources Co. Ltd., Class A		3,200		13,797

Inner Mongolia ERDOS Resources Co. Ltd., Class B		5,300		15,068

Jiangxi Copper Co. Ltd., Class A		9,400		25,145

Jiangxi Copper Co. Ltd., Class H		18,000		28,722

Jinchuan Group International Resources Co. Ltd.(c)		144,000		18,720

Jindal Stainless Ltd.*		67,550		161,623

Jindal Steel & Power Ltd.		13,170		93,043

JSW Steel Ltd.		29,050		276,335

Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class A*		111,700		94,963

See Accompanying Notes to the Financial Statements.


202		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Metals & Mining – (continued)

Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class D*		331,172	$	337,949

Korea Zinc Co. Ltd.		400		183,439

Koza Altin Isletmeleri A/S*		2,182		25,292

Koza Anadolu Metal Madencilik Isletmeleri A/S*		87,550		184,223

Kumba Iron Ore Ltd.		2,000		67,525

Maanshan Iron & Steel Co. Ltd., Class A		21,200		12,713

Maanshan Iron & Steel Co. Ltd., Class H		110,000		43,601

Magnitogorsk Iron & Steel Works PJSC^‡ (b)		45,174		—

Merdeka Copper Gold Tbk. PT*		235,162		85,974

Metalurgica Gerdau SA (Preference)		22,200		50,925

MMC Norilsk Nickel PJSC^‡ (b)		2,090		—

MMG Ltd.*		144,000		62,217

National Aluminium Co. Ltd.		23,045		31,669

Nickel Asia Corp.		2,127,200		313,345

NMDC Ltd.		33,050		69,457

Northam Platinum Holdings Ltd.*		7,418		88,624

Novolipetsk Steel PJSC^‡ (b)		51,150		—

Polyus PJSC^‡ (b)		1,155		—

Poongsan Corp.		7,276		185,376

POSCO Holdings, Inc.		2,350		540,725

Press Metal Aluminium Holdings Bhd.		60,000		82,554

Qatar Aluminum Manufacturing Co.		42,858		28,244

Raspadskaya OJSC^‡ (b)		4,240		—

Royal Bafokeng Platinum Ltd.		4,676		46,712

Sansteel Minguang Co. Ltd. Fujian, Class A		14,100		14,749

Saudi Arabian Mining Co.*		6,818		250,849

Seah Besteel Holdings Corp.		5,900		85,729

Severstal PAO^‡ (b)		5,995		—

Shandong Gold Mining Co. Ltd., Class A		5,100		14,835


Investments	Shares		Value

Metals & Mining – (continued)

Shandong Gold Mining Co. Ltd., Class H(a) (c)		13,650	$	25,226

Shandong Nanshan Aluminum Co. Ltd., Class A		42,400		20,984

Shanxi Taigang Stainless Steel Co. Ltd., Class A		15,900		14,362

Shougang Fushan Resources Group Ltd.(c)		1,406,000		532,213

Sibanye Stillwater Ltd.(c)		80,950		285,542

Steel Authority of India Ltd.		47,114		59,630

TA Chen Stainless Pipe*		64,793		97,600

Tata Steel Ltd.		24,500		407,374

Tiangong International Co. Ltd.(c)		52,000		17,364

Tianshan Aluminum Group Co. Ltd., Class A		10,600		11,055

Tung Ho Steel Enterprise Corp.		10,050		21,549

United Co. RUSAL International PJSC* ^‡ (b)		75,100		—

Usinas Siderurgicas de Minas Gerais SA Usiminas (Preference), Class A		21,400		48,874

Vale Indonesia Tbk. PT		58,300		29,357

Vale SA		125,000		2,102,350

Vedanta Ltd.		39,400		210,472

Volcan Cia Minera SAA, Class B*		122,924		27,530

VSMPO-AVISMA Corp. PJSC* ^‡ (b)		53		—

Xiamen Tungsten Co. Ltd., Class A		3,900		9,331

YC INOX Co. Ltd.		150,000		163,356

Young Poong Corp.		318		172,925

Yunnan Copper Co. Ltd., Class A		9,400		14,956

Zhaojin Mining Industry Co. Ltd., Class H		47,500		45,344

Zhejiang Huayou Cobalt Co. Ltd., Class A		2,800		34,988

Zijin Mining Group Co. Ltd., Class A		32,900		55,291

Zijin Mining Group Co. Ltd., Class H		100,000		149,118
				13,404,385

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			203

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Multiline Retail – 0.2%

Central Retail Corp. PCL, NVDR*		54,475	$	62,825

El Puerto de Liverpool SAB de CV, Class C1		2,700		13,611

Falabella SA		23,151		64,998

Golden Eagle Retail Group Ltd.		155,000		108,850

Hyundai Department Store Co. Ltd.		760		45,806

Lojas Renner SA*		16,650		79,851

Lotte Shopping Co. Ltd.		211		15,875

Magazine Luiza SA*		60,000		59,125

MINISO Group Holding Ltd., ADR		954		7,012

Mitra Adiperkasa Tbk. PT*		154,600		9,598

Shinsegae, Inc.		212		41,944

Woolworths Holdings Ltd.		18,150		68,188
				577,683

Multi-Utilities – 0.0%(e)

Qatar Electricity & Water Co. QSC		9,684		45,472

YTL Corp. Bhd.		78,870		11,504

YTL Power International Bhd.		1,531		272
				57,248

Oil, Gas & Consumable Fuels – 4.4%

Adaro Energy Tbk. PT		389,800		89,807

Aegis Logistics Ltd.		7		20

AKR Corporindo Tbk. PT		748,500		55,246

Aldrees Petroleum and Transport Services Co.		2,365		49,749

Bangchak Corp. PCL, NVDR		128,900		126,077

Banpu PCL, NVDR		93,200		33,470

Bashneft PJSC* ^‡ (b)		1,305		—

Bashneft PJSC (Preference)^‡ (b)		1,163		—

Bayan Resources Tbk. PT		20,000		58,633

Bharat Petroleum Corp. Ltd.		28,989		137,507

Bukit Asam Tbk. PT*		106,000		27,931

China Coal Energy Co. Ltd., Class A		23,500		33,536

China Coal Energy Co. Ltd., Class H		83,000		70,770

China Petroleum & Chemical Corp., Class A		107,000		70,499


Investments	Shares		Value

Oil, Gas & Consumable Fuels – (continued)

China Petroleum & Chemical Corp., Class H		766,000	$	379,771

China Shenhua Energy Co. Ltd., Class A		20,000		93,457

China Shenhua Energy Co. Ltd., Class H		100,000		322,451

China Suntien Green Energy Corp. Ltd., Class H		50,000		28,549

Coal India Ltd.		66,400		158,828

Cosan SA		36,164		153,355

Dana Gas PJSC		151,247		48,589

Ecopetrol SA		149,450		120,447

Empresas COPEC SA		10,650		78,279

Exxaro Resources Ltd.(c)		8,756		125,392

Formosa Petrochemical Corp.		29,000		90,122

Gazprom PJSC^‡ (b)		412,500		—

GS Holdings Corp.		2,300		80,024

Guanghui Energy Co. Ltd., Class A*		15,100		20,311

HD Hyundai Co. Ltd.		1,300		60,342

Hellenic Petroleum Holdings SA		3,199		24,433

Hindustan Petroleum Corp. Ltd.		24,050		85,041

Indian Oil Corp. Ltd.		73,300		120,820

Indo Tambangraya Megah Tbk. PT		16,500		32,324

Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		5,300		11,707

Inner Mongolia Yitai Coal Co. Ltd., Class B		445,000		599,860

IRPC PCL, NVDR		242,000		24,589

LUKOIL PJSC^‡ (b)		12,265		—

Mari Petroleum Co. Ltd.		1,984		18,324

Medco Energi Internasional Tbk. PT*		2,772,440		105,183

MOL Hungarian Oil & Gas plc		18,550		158,214

Motor Oil Hellas Corinth Refineries SA		2,820		44,922

Novatek PJSC^‡ (b)		20,020		—

Oil & Natural Gas Corp. Ltd.		114,800		240,961

Oil India Ltd.		12,870		38,462

Pakistan Oilfields Ltd.		56,150		114,374

Pakistan Petroleum Ltd.		29,830		11,865

Pakistan State Oil Co. Ltd.		102,700		93,765

Petro Rio SA*		15,000		80,873

See Accompanying Notes to the Financial Statements.


204		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Oil, Gas & Consumable Fuels – (continued)

PetroChina Co. Ltd., Class H		666,000	$	322,553

Petroleo Brasileiro SA		115,000		776,544

Petroleo Brasileiro SA (Preference)		140,800		860,915

Petronas Dagangan Bhd.		6,600		32,958

Petronet LNG Ltd.		26,146		69,741

PTT Exploration & Production PCL		469		2,068

PTT Exploration & Production PCL, NVDR		40,131		176,928

PTT PCL, NVDR		266,200		291,460

Qatar Fuel QSC		9,120		45,904

Qatar Gas Transport Co. Ltd.		55,314		51,946

Reliance Industries Ltd.		61,000		2,226,579

Rosneft Oil Co. PJSC^‡ (b)		74,042		—

Saudi Arabian Oil Co.(a)		36,350		435,138

Semirara Mining & Power Corp.		42,200		22,230

Shaanxi Coal Industry Co. Ltd., Class A		25,000		65,318

Shanxi Coking Coal Energy Group Co. Ltd., Class A		22,000		46,859

Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		15,900		37,390

Siamgas & Petrochemicals PCL, NVDR		231,100		82,319

SK Discovery Co. Ltd.		5,350		176,346

SK Gas Ltd.		1,187		112,463

SK Innovation Co. Ltd.*		1,013		165,338

S-Oil Corp.		1,551		127,809

Star Petroleum Refining PCL, NVDR		93,500		29,483

Surgutneftegas PJSC^‡ (b)		319,000		—

Surgutneftegas PJSC (Preference)^‡ (b)		225,500		—

Tatneft PJSC^‡ (b)		26,900		—

Tatneft PJSC (Preference)^‡ (b)		3,870		—

Thai Oil PCL, NVDR		16,500		27,219

Thungela Resources Ltd.* (c)		59,300		1,019,812

Transneft PJSC (Preference)^‡ (b)		55		—

Turkiye Petrol Rafinerileri A/S*		2,530		39,885


Investments	Shares		Value

Oil, Gas & Consumable Fuels – (continued)

Ultrapar Participacoes SA		4,900	$	12,932

United Tractors Tbk. PT		40,000		83,535

Yankuang Energy Group Co. Ltd., Class A		5,300		27,944

Yankuang Energy Group Co. Ltd., Class H(c)		52,000		148,455
				11,836,950

Paper & Forest Products – 0.2%

Century Textiles & Industries Ltd.		4,455		48,710

Empresas CMPC SA		26,895		40,072

Indah Kiat Pulp & Paper Tbk. PT		90,900		47,497

Kuk-il Paper Manufacturing Co. Ltd.*		2,756		7,329

Lee & Man Paper Manufacturing Ltd.		47,000		22,643

Nine Dragons Paper Holdings Ltd.		55,000		48,858

Pabrik Kertas Tjiwi Kimia Tbk. PT		53,800		24,493

Sappi Ltd.*		15,650		57,697

Shandong Chenming Paper Holdings Ltd., Class A		21,200		16,994

Shandong Chenming Paper Holdings Ltd., Class B		15,900		5,735

Shandong Sun Paper Industry JSC Ltd., Class A		9,400		17,581

Suzano SA		25,000		250,444

YFY, Inc.		47,000		49,830
				637,883

Personal Products – 0.5%

Amorepacific Corp.		552		79,548

AMOREPACIFIC Group		611		24,323

Colgate-Palmolive India Ltd.		2,341		50,670

Cosmax, Inc.		107		7,326

Dabur India Ltd.		11,050		80,473

Emami Ltd.		4,717		30,344

Gillette India Ltd.		103		7,094

Godrej Consumer Products Ltd.*		8,219		84,123

Hengan International Group Co. Ltd.(c)		25,000		118,529

Hindustan Unilever Ltd.		15,550		454,615

Hyundai Bioscience Co. Ltd.*		1,967		44,633

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			205

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Personal Products – (continued)

Kolmar Korea Co. Ltd.		142	$	5,314

LG Household & Health Care Ltd.		150		108,559

LG Household & Health Care Ltd. (Preference)		43		17,015

Microbio Co. Ltd.*		18,669		36,672

Natura & Co. Holding SA		10,558		39,634

TCI Co. Ltd.		7,000		40,491

Yatsen Holding Ltd., ADR* (c)		20,881		12,836
				1,242,199

Pharmaceuticals – 1.4%

Ajanta Pharma Ltd.		384		8,646

Alembic Pharmaceuticals Ltd.		4,730		48,335

Alkem Laboratories Ltd.		516		21,941

Apeloa Pharmaceutical Co. Ltd., Class A		4,700		13,264

Aspen Pharmacare Holdings Ltd.		7,050		75,834

AstraZeneca Pharma India Ltd.		235		8,453

Asymchem Laboratories Tianjin Co. Ltd., Class A		500		20,271

Aurobindo Pharma Ltd.		5,429		44,676

Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		5,000		7,265

Binex Co. Ltd.*		1,942		24,120

Bukwang Pharmaceutical Co. Ltd.		1,431		13,558

CanSino Biologics, Inc., Class A*		318		7,339

CanSino Biologics, Inc., Class H* (a) (c)		800		8,595

Celltrion Pharm, Inc.*		130		9,564

Center Laboratories, Inc.		9,088		19,517

Changchun High & New Technology Industry Group, Inc., Class A		600		14,303

China Medical System Holdings Ltd.		28,000		40,540

China Resources Pharmaceutical Group Ltd.(a)		26,500		14,084

China Traditional Chinese Medicine Holdings Co. Ltd.		1,110,000		544,662


Investments	Shares		Value

Pharmaceuticals – (continued)

Chong Kun Dang Pharmaceutical Corp.		102	$	8,040

Cipla Ltd.		8,234		105,690

CSPC Pharmaceutical Group Ltd.		168,080		173,518

Daewoong Co. Ltd.		339		8,111

Daewoong Pharmaceutical Co. Ltd.		49		7,139

Dong-A Socio Holdings Co. Ltd.		104		9,440

Dong-A ST Co. Ltd.		94		5,239

DongKook Pharmaceutical Co. Ltd.		30		537

Dr Reddy’s Laboratories Ltd.		2,450		132,430

Enzychem Lifesciences Corp.*		927		16,569

Genomma Lab Internacional SAB de CV, Class B		12,000		12,636

Gland Pharma Ltd.* (a)		971		40,671

GlaxoSmithKline Pharmaceuticals Ltd.		1,140		23,429

Glenmark Pharmaceuticals Ltd.		8,121		46,696

Grand Pharmaceutical Group Ltd.(c)		24,000		14,835

Granules India Ltd.		9,381		34,582

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		12,000		31,200

Hanall Biopharma Co. Ltd.*		919		13,536

Hanmi Pharm Co. Ltd.		99		24,592

Hanmi Science Co. Ltd.		658		26,823

Hansoh Pharmaceutical Group Co. Ltd.(a)		16,000		26,551

Hua Han Health Industry Holdings Ltd.* ^‡		3,780,000		—

Huons Global Co. Ltd.		3,784		85,712

Hypera SA*		7,400		55,916

Ilyang Pharmaceutical Co. Ltd.		795		15,729

Ipca Laboratories Ltd.		3,080		40,765

JB Chemicals & Pharmaceuticals Ltd.		2,226		50,054

Jeil Pharmaceutical Co. Ltd.		371		7,872

JETEMA Co. Ltd.*		19		284

Jiangsu Hengrui Medicine Co. Ltd., Class A		8,400		37,594

See Accompanying Notes to the Financial Statements.


206		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Pharmaceuticals – (continued)

Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		11,000	$	24,248

Joincare Pharmaceutical Group Industry Co. Ltd., Class A		4,700		7,942

Jubilant Pharmova Ltd.		4,141		25,550

JW Pharmaceutical Corp.		243		5,978

Kalbe Farma Tbk. PT		373,200		42,219

Komipharm International Co. Ltd.*		1,425		10,154

Korea United Pharm, Inc.		636		14,963

Laurus Labs Ltd.(a)		8,297		63,316

Livzon Pharmaceutical Group, Inc., Class H(c)		3,930		13,374

Lupin Ltd.		4,620		45,005

Luye Pharma Group Ltd.* (a) (c)		725,000		228,233

Mega Lifesciences PCL, NVDR		400		572

Mezzion Pharma Co. Ltd.*		636		10,229

Natco Pharma Ltd.		4,500		46,320

Ocumension Therapeutics* (a)		16,000		19,291

Oneness Biotech Co. Ltd.*		3,000		19,796

Oscotec, Inc.*		1,510		32,761

Pfizer Ltd.		341		19,565

Pharmally International Holding Co. Ltd.* ^‡		2,564		3,693

Procter & Gamble Health Ltd.		636		36,915

Reyon Pharmaceutical Co. Ltd.		1,045		23,296

Richter Gedeon Nyrt.		2,074		41,360

Sam Chun Dang Pharm Co. Ltd.*		890		32,100

Sanofi India Ltd.		163		14,873

SciClone Pharmaceuticals Holdings Ltd.* (a) (c)		55,000		58,111

ScinoPharm Taiwan Ltd.		41,000		34,079

Shandong Buchang Pharmaceuticals Co. Ltd., Class A		4,700		12,965

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		3,800		24,795

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		8,000		34,565

Shin Poong Pharmaceutical Co. Ltd.*		432		10,542


Investments	Shares		Value

Pharmaceuticals – (continued)

Sihuan Pharmaceutical Holdings Group Ltd.		264,000	$	42,395

Sino Biopharmaceutical Ltd.		178,999		94,677

SK Biopharmaceuticals Co. Ltd.*		330		24,119

SSY Group Ltd.(c)		110,000		54,677

Sun Pharmaceutical Industries Ltd.		18,425		223,833

Suven Pharmaceuticals Ltd.		3,735		29,490

Torrent Pharmaceuticals Ltd.		717		26,397

TTY Biopharm Co. Ltd.		15,000		38,015

United Laboratories International Holdings Ltd. (The)		400,000		197,294

Yifan Pharmaceutical Co. Ltd., Class A		4,700		8,441

Yuhan Corp.		1,045		50,836

Yungjin Pharmaceutical Co. Ltd.*		1,602		6,326

Yunnan Baiyao Group Co. Ltd., Class A		1,100		12,738

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		700		32,535

Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		4,700		10,824

Zhejiang NHU Co. Ltd., Class A		5,640		22,921

Zydus Lifesciences Ltd.		4,844		22,312
				3,855,797

Professional Services – 0.1%

51job, Inc., ADR* (c)		710		43,204

Boa Vista Servicos SA*		12,500		20,269

L&T Technology Services Ltd.(a)		689		36,879

Quess Corp. Ltd.(a)		3,339		30,971

TeamLease Services Ltd.*		880		44,655
				175,978

Real Estate Management & Development – 4.4%

Agile Group Holdings Ltd.		46,000		22,278

Aldar Properties PJSC		56,911		87,542

Aliansce Sonae Shopping Centers sa*		5,300		22,582

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			207

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Real Estate Management & Development – (continued)

A-Living Smart City Services Co. Ltd.(a) (c)		13,250	$	21,177

AP Thailand PCL, NVDR		416,200		143,392

Arabian Centres Co. Ltd.		5,897		34,777

Arriyadh Development Co.		2,145		17,499

Ayala Land, Inc.		85,000		52,184

Barwa Real Estate Co.		79,500		74,113

BR Malls Participacoes SA*		31,500		60,364

Brigade Enterprises Ltd.		4,730		28,203

Bumi Serpong Damai Tbk. PT*		168,600		11,223

C&D International Investment Group Ltd.(c)		247,791		610,149

Cathay Real Estate Development Co. Ltd.		33,100		20,663

Cencosud Shopping SA		11,704		11,936

Central China New Life Ltd.* (a)		200,000		103,490

Central Pattana PCL, NVDR		28,000		49,460

China Aoyuan Group Ltd.(b) (c)		713,000		107,230

China Dili Group*		100,000		23,833

China Evergrande Group(b) (c)		66,000		11,510

China Jinmao Holdings Group Ltd.		200,000		66,529

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		18,800		44,724

China Overseas Grand Oceans Group Ltd.		774,000		457,723

China Overseas Land & Investment Ltd.		108,500		338,105

China Overseas Property Holdings Ltd.(c)		45,000		53,912

China Resources Land Ltd.		94,000		422,908

China Resources Mixc Lifestyle Services Ltd.(a)		10,200		49,595

China SCE Group Holdings Ltd.(c)		679,000		122,886

China Vanke Co. Ltd., Class A		20,000		58,843

China Vanke Co. Ltd., Class H		53,100		126,149

Chong Hong Construction Co. Ltd.		102,000		253,309

CIFI Ever Sunshine Services Group Ltd.(a)		10,000		13,484


Investments	Shares		Value

Real Estate Management & Development – (continued)

CIFI Holdings Group Co. Ltd.(c)		139,801	$	68,242

Ciputra Development Tbk. PT		179,449		13,183

Commercial Real Estate Co. KSC		47,355		18,389

Corp. Inmobiliaria Vesta SAB de CV		23,200		42,982

Country Garden Holdings Co. Ltd.(c)		218,813		152,547

Country Garden Services Holdings Co. Ltd.		40,887		176,395

Dar Al Arkan Real Estate Development Co.*		16,171		46,649

DLF Ltd.		13,840		67,324

Dongwon Development Co. Ltd.		16,750		69,080

Eco World Development Group Bhd.		66,000		14,554

Emaar Development PJSC*		39,052		55,074

Emaar Economic City*		28,350		82,840

Emaar Properties PJSC		118,085		205,111

Evergrande Property Services Group Ltd.* (a) (b)		78,500		20,610

Gemdale Corp., Class A		14,100		30,567

Gemdale Properties & Investment Corp. Ltd.		2,600,000		278,353

Godrej Properties Ltd.*		2,572		52,941

Greenland Holdings Corp. Ltd., Class A		29,610		21,532

Greentown China Holdings Ltd.		25,500		45,370

Greentown Service Group Co. Ltd.(a)		30,000		30,206

Guangzhou R&F Properties Co. Ltd., Class H(c)		760,400		285,896

Hanson International Tbk. PT* ^‡		2,409,275		4,155

Highwealth Construction Corp.		32,500		51,768

Hopson Development Holdings Ltd.(c)		25,079		48,521

Huaku Development Co. Ltd.		100,000		312,802

Huijing Holdings Co. Ltd.(c)		302,000		73,901

Indiabulls Real Estate Ltd.*		21,560		25,186

IOI Properties Group Bhd.		52,800		12,371

Jiayuan International Group Ltd.(c)		523,243		79,359

Jinke Properties Group Co. Ltd., Class A		14,100		9,547

See Accompanying Notes to the Financial Statements.


208		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Real Estate Management & Development – (continued)

Kaisa Group Holdings Ltd.* (b)		119,714	$	12,816

KE Holdings, Inc., ADR*		10,500		148,890

Kindom Development Co. Ltd.		167,400		196,788

King’s Town Construction Co. Ltd.*		50,000		57,929

Korea Real Estate Investment & Trust Co. Ltd.		69,770		122,764

KWG Group Holdings Ltd.(c)		26,500		9,660

KWG Living Group Holdings Ltd.(a) (c)		53,000		20,265

LAMDA Development SA*		1,368		9,395

Logan Group Co. Ltd.		29,000		9,166

Longfor Group Holdings Ltd.(a)		50,000		248,530

LSR Group PJSC^‡ (b)		21,295		—

LVGEM China Real Estate Investment Co. Ltd.* (c)		330,000		45,003

Mabanee Co. KPSC		17,775		48,432

Macrotech Developers Ltd.* (a)		825		10,891

Mah Sing Group Bhd.		560,000		88,113

MAS P.L.C.		18,975		25,506

MBK PCL, NVDR*		90,344		34,291

Megaworld Corp.		444,200		24,335

Midea Real Estate Holding Ltd.(a) (c)		109,400		209,984

Multiplan Empreendimentos Imobiliarios SA*		500		2,489

National Real Estate Co. KPSC*		9,515		7,421

NEPI Rockcastle plc		10,206		62,018

Oberoi Realty Ltd.*		2,915		36,617

Origin Property PCL, NVDR		421,500		135,372

OSK Holdings Bhd.		415,000		88,653

Pakuwon Jati Tbk. PT*		534,400		20,643

Parque Arauco SA		15,651		13,140

Phoenix Mills Ltd. (The)		4,744		67,425

Poly Developments and Holdings Group Co. Ltd., Class A		35,000		96,281

Poly Property Group Co. Ltd.		800,000		201,882

Powerlong Real Estate Holdings Ltd.		41,000		14,109

Prestige Estates Projects Ltd.		6,042		37,516

Prince Housing & Development Corp.		50,000		21,204


Investments	Shares		Value

Real Estate Management & Development – (continued)

Pruksa Holding PCL, NVDR		264,700	$	102,789

Quality Houses PCL, NVDR		1,858,500		121,549

Radiance Holdings Group Co. Ltd.* (a) (c)		300,000		163,647

Redco Properties Group Ltd.(a) (c)		452,000		126,161

Redsun Properties Group Ltd.(c)		436,000		152,814

RiseSun Real Estate Development Co. Ltd., Class A		9,400		5,337

Robinsons Land Corp.		871,106		319,041

Ruentex Development Co. Ltd.		21,600		57,379

Salhia Real Estate Co. KSCP		29,032		43,674

Saudi Real Estate Co.*		2,226		13,234

Seazen Group Ltd.* (c)		83,808		35,783

Seazen Holdings Co. Ltd., Class A		4,700		19,779

Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B		125,000		120,250

Shanghai Lingang Holdings Corp. Ltd., Class A		5,640		10,917

Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		15,900		25,538

Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		17,540		16,032

Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		4,700		8,263

Shenzhen Investment Ltd.		1,099,930		238,318

Shimao Group Holdings Ltd.(b)		32,000		18,027

Shimao Services Holdings Ltd.(a)		11,000		5,888

Shinsun Holdings Group Co. Ltd.* (a)		165,000		13,669

Shoucheng Holdings Ltd.(c)		110,000		15,141

Shui On Land Ltd.		1,425,000		203,412

Sichuan Languang Justbon Services Group Co. Ltd., Class H*		26,500		182,889

Sime Darby Property Bhd.		178,200		24,150

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			209

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Real Estate Management & Development – (continued)

Sinic Holdings Group Co. Ltd., Class H* ^‡ (a)		318,000	$	19,448

Sino-Ocean Group Holding Ltd.		1,400,000		267,647

SK D&D Co. Ltd.		3,477		79,174

Skyfame Realty Holdings Ltd.		1,000,000		10,833

SM Prime Holdings, Inc.*		220,000		147,495

SOHO China Ltd.*		76,000		13,948

SP Setia Bhd. Group		75,694		20,343

Summarecon Agung Tbk. PT*		227,900		11,162

Sunac China Holdings Ltd.(b) (c)		145,000		84,640

Sunac Services Holdings Ltd.(a) (c)		24,000		13,275

Supalai PCL, NVDR		23,800		15,218

Talaat Moustafa Group		462,076		217,418

Times China Holdings Ltd.(c)		379,000		135,251

United Development Co. QSC		67,999		27,075

UOA Development Bhd.		20,600		8,517

Vista Land & Lifescapes, Inc.		1,425,200		70,434

WHA Corp. PCL, NVDR		117,490		11,526

Wharf Holdings Ltd. (The)(c)		42,000		123,385

Yuexiu Property Co. Ltd.		58,600		61,392

Zhejiang China Commodities City Group Co. Ltd., Class A		5,500		4,267

Zhenro Properties Group Ltd.(a)		800,000		62,196

Zhongliang Holdings Group Co. Ltd.(a) (c)		236,500		75,657

Zhongtian Financial Group Co. Ltd., Class A*		28,200		9,119

Zhuguang Holdings Group Co. Ltd.(c)		1,100,000		200,480
				11,778,336

Road & Rail – 0.2%

Beijing-Shanghai High Speed Railway Co. Ltd., Class A		60,200		41,949

BTS Group Holdings PCL, NVDR		119,640		31,438

Cia de Locacao das Americas		14,500		68,984

CJ Logistics Corp.*		150		14,690

Container Corp. of India Ltd.		4,571		38,653

Dazhong Transportation Group Co. Ltd., Class B*		200		55


Investments	Shares		Value

Road & Rail – (continued)

Localiza Rent a Car SA		9,550	$	102,091

Movida Participacoes SA*		65,000		238,227

Rumo SA		20,000		66,112

SIMPAR SA		17,376		40,947

Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		5,500		15,171
				658,317

Semiconductors & Semiconductor Equipment – 5.6%

ADATA Technology Co. Ltd.		16,000		38,323

Alchip Technologies Ltd.		1,000		30,059

Amazing Microelectronic Corp.		3,000		13,486

Andes Technology Corp.		2,379		23,971

Anpec Electronics Corp.		2,000		12,892

AP Memory Technology Corp.		2,000		17,031

Ardentec Corp.		200,000		295,160

ASE Technology Holding Co. Ltd.		111,000		360,014

ASMedia Technology, Inc.		1,000		48,345

Chipbond Technology Corp.		21,000		47,806

ChipMOS Technologies, Inc.		31,000		49,115

D&O Green Technologies Bhd.		15,300		13,847

Daqo New Energy Corp., ADR*		693		28,808

DB HiTek Co. Ltd.		1,424		76,755

Elan Microelectronics Corp.		4,000		20,492

Elite Semiconductor Microelectronics Technology, Inc.		5,000		21,204

eMemory Technology, Inc.		1,000		43,596

ENNOSTAR, Inc.*		7,000		13,940

Eo Technics Co. Ltd.		134		11,938

Episil Technologies, Inc.*		6,259		22,296

Etron Technology, Inc.*		13,000		27,257

Eugene Technology Co. Ltd.		1,219		41,927

Everlight Electronics Co. Ltd.		200,000		293,464

Faraday Technology Corp.		4,000		35,351

Flat Glass Group Co. Ltd., Class A		3,600		22,189

Flat Glass Group Co. Ltd., Class H(c)		7,000		25,337

FocalTech Systems Co. Ltd.		4,000		15,742

See Accompanying Notes to the Financial Statements.


210		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Semiconductors & Semiconductor Equipment – (continued)

Formosa Advanced Technologies Co. Ltd.		54,000	$	71,266

Foxsemicon Integrated Technology, Inc.		6,000		43,867

GCL System Integration Technology Co. Ltd., Class A*		25,500		10,646

GemVax & Kael Co. Ltd.*		920		10,841

Genesys Logic, Inc.		3,000		20,305

Gigadevice Semiconductor Beijing, Inc., Class A		1,440		27,285

Global Mixed Mode Technology, Inc.		2,000		13,639

Global Unichip Corp.		2,000		28,125

Globalwafers Co. Ltd.		4,000		70,567

Greatek Electronics, Inc.		14,000		32,821

Gudeng Precision Industrial Co. Ltd.		4,000		29,177

Hana Materials, Inc.		318		15,951

Hangzhou First Applied Material Co. Ltd., Class A		1,900		26,751

Hangzhou Silan Microelectronics Co. Ltd., Class A		2,900		18,491

Holtek Semiconductor, Inc.		6,000		19,053

Hua Hong Semiconductor Ltd.* (a) (c)		11,000		43,741

Innox Advanced Materials Co. Ltd.		843		33,257

ITE Technology, Inc.		11,000		35,976

JA Solar Technology Co. Ltd., Class A		2,700		33,378

JCET Group Co. Ltd., Class A		5,300		17,396

Jusung Engineering Co. Ltd.		1,487		25,395

King Yuan Electronics Co. Ltd.		35,000		48,031

Koh Young Technology, Inc.		1,007		15,514

LandMark Optoelectronics Corp.		5,000		23,918

LEENO Industrial, Inc.		180		25,381

LONGi Green Energy Technology Co. Ltd., Class A		7,120		73,459

LX Semicon Co. Ltd.		411		43,522

Macronix International Co. Ltd.		48,000		62,208


Investments	Shares		Value

Semiconductors & Semiconductor Equipment – (continued)

MediaTek, Inc.		28,000	$	788,451

Mi Technovation Bhd.		26,500		10,957

MLS Co. Ltd., Class A		6,600		8,938

MPI Corp.		43,000		131,587

Nanya Technology Corp.		50,000		111,279

NAURA Technology Group Co. Ltd., Class A		900		32,655

NEPES Corp.*		1,325		32,228

NEXTIN, Inc.		265		14,347

Novatek Microelectronics Corp.		18,000		243,355

Nuvoton Technology Corp.		4,000		19,813

OptoTech Corp.		13,000		18,325

Pan Jit International, Inc.		8,000		20,654

Parade Technologies Ltd.		1,400		68,158

Phison Electronics Corp.		3,000		39,440

Pixart Imaging, Inc.		9,000		35,419

Radiant Opto-Electronics Corp.		14,330		49,832

RDC Semiconductor Co. Ltd.*		3,000		32,417

Realtek Semiconductor Corp.		9,070		125,393

RFHIC Corp.		829		18,943

RichWave Technology Corp.		5,000		34,351

S&S Tech Corp.		423		9,396

SDI Corp.		8,000		35,826

Seoul Semiconductor Co. Ltd.		1,370		14,834

SFA Semicon Co. Ltd.*		3,233		17,040

Shenzhen Goodix Technology Co. Ltd., Class A		1,800		15,437

Shinsung E&G Co. Ltd.*		7,632		11,515

Sigurd Microelectronics Corp.		200,000		383,369

Silergy Corp.		1,000		92,110

Silicon Integrated Systems Corp.		17,240		13,102

SIMMTECH Co. Ltd.		9,100		360,450

Sino-American Silicon Products, Inc.		13,000		65,716

Sitronix Technology Corp.		4,000		34,944

SK Hynix, Inc.		16,500		1,477,906

Sonix Technology Co. Ltd.		67,000		172,072

Sunplus Technology Co. Ltd.		29,000		32,615

Taiwan Semiconductor Co. Ltd.		14,000		36,810

Taiwan Semiconductor Manufacturing Co. Ltd.		337,000		6,151,075

Taiwan Surface Mounting Technology Corp.		13,000		46,530

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			211

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Semiconductors & Semiconductor Equipment – (continued)

Tesna, Inc.		770	$	29,365

Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		4,700		27,842

Tianshui Huatian Technology Co. Ltd., Class A		10,800		14,019

Tokai Carbon Korea Co. Ltd.		86		9,709

TongFu Microelectronics Co. Ltd., Class A		4,700		9,469

Topco Scientific Co. Ltd.		75,000		426,201

TSE Co. Ltd.		165		10,496

TSEC Corp.*		24,000		35,949

Ultra Chip, Inc.		3,000		13,435

Unigroup Guoxin Microelectronics Co. Ltd., Class A		1,200		33,338

United Microelectronics Corp.		200,000		324,337

United Renewable Energy Co. Ltd.*		40,574		29,596

UniTest, Inc.*		636		12,963

Vanguard International Semiconductor Corp.		18,000		64,426

Via Technologies, Inc.		100,000		166,579

Visual Photonics Epitaxy Co. Ltd.		10,000		29,448

ViTrox Corp. Bhd.		9,600		16,759

Wafer Works Corp.		18,511		34,101

Will Semiconductor Co. Ltd. Shanghai, Class A		1,500		34,272

Win Semiconductors Corp.		6,961		46,170

WONIK IPS Co. Ltd.		824		26,308

Wonik QnC Corp.		6,500		157,842

Wuxi Taiji Industry Co. Ltd., Class A		2,700		2,726

XinTec, Inc.		3,000		14,046

Xinyi Solar Holdings Ltd.		81,343		122,748
				15,069,739

Software – 0.4%

360 Security Technology, Inc., Class A*		15,500		19,272

Agora, Inc., ADR* (c)		1,696		12,500

Ahnlab, Inc.		190		15,732


Investments	Shares		Value

Software – (continued)

AsiaInfo Technologies Ltd.(a)		21,200	$	35,990

Beijing Kingsoft Office Software, Inc., Class A		1,265		36,239

Birlasoft Ltd.		8,950		48,460

Cyient Ltd.		4,500		52,107

Douzone Bizon Co. Ltd.		530		17,238

Hancom, Inc.*		7,350		120,549

Hundsun Technologies, Inc., Class A		5,500		31,796

Iflytek Co. Ltd., Class A		4,700		26,400

Intellect Design Arena Ltd.*		4,580		47,380

Kingdee International Software Group Co. Ltd.*		50,000		104,000

KPIT Technologies Ltd.		6,435		46,624

Linklogis, Inc., Class B* (a) (c)		55,000		53,064

Ming Yuan Cloud Group Holdings Ltd.* (c)		11,000		14,721

NavInfo Co. Ltd., Class A*		4,700		8,869

OneConnect Financial Technology Co. Ltd., ADR*		14,630		20,043

Oracle Financial Services Software Ltd.		632		29,443

Route Mobile Ltd.		954		20,447

Shanghai Baosight Software Co. Ltd., Class A		4,200		30,344

Shanghai Baosight Software Co. Ltd., Class B		8,930		32,952

Tanla Platforms Ltd.		2,943		54,579

Tata Elxsi Ltd.		647		65,561

TOTVS SA*		10,100		65,203

Weimob, Inc.* (a) (c)		25,000		15,294

Yonyou Network Technology Co. Ltd., Class A		4,700		13,657
				1,038,464

Specialty Retail – 1.4%

Abu Dhabi National Oil Co. for Distribution PJSC		49,400		55,546

Ace Hardware Indonesia Tbk. PT		206,000		14,849

Bermaz Auto Bhd.		435,000		176,858

China Meidong Auto Holdings Ltd.		8,000		26,663

See Accompanying Notes to the Financial Statements.


212		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Specialty Retail – (continued)

China Tourism Group Duty Free Corp. Ltd., Class A		2,500	$	69,072

China Yongda Automobiles Services Holdings Ltd.		56,500		52,927

Chow Tai Fook Jewellery Group Ltd.*		50,000		84,628

Com7 PCL, NVDR		22,000		26,818

Cuckoo Homesys Co. Ltd.		3,100		86,632

Detsky Mir PJSC^‡ (a) (b)		258,500		—

Dogan Sirketler Grubu Holding A/S*		519,750		121,051

EEKA Fashion Holdings Ltd.		100,000		161,863

Foschini Group Ltd. (The)		10,416		91,488

GOME Retail Holdings Ltd.* (c)		383,447		18,815

Grupo SBF SA*		5,300		25,825

Home Product Center PCL, NVDR		78,600		34,423

Hotai Motor Co. Ltd.		6,000		118,064

Hotel Shilla Co. Ltd.		861		55,663

Italtile Ltd.		10,931		11,880

Jarir Marketing Co.		839		42,948

JUMBO SA		2,397		39,043

K Car Co. Ltd.		5,400		118,662

LOTTE Himart Co. Ltd.		4,191		78,748

M.Video PJSC^‡ (b)		31,680		–

Motus Holdings Ltd.		76,750		551,984

MR DIY Group M Bhd.(a)		42,400		34,185

Mr Price Group Ltd.		5,300		72,073

Pan German Universal Motors Ltd.		9,000		62,136

Pepkor Holdings Ltd.(a)		25,185		34,108

Pet Center Comercio e Participacoes SA		11,807		36,311

Pop Mart International Group Ltd.* (a) (c)		11,000		50,751

PTT Oil & Retail Business PCL, NVDR		57,500		41,971

Shanghai Yuyuan Tourist Mart Group Co. Ltd.		18,800		25,658

Shinsegae International, Inc.		405		10,238

Siam Global House PCL, NVDR		38,944		24,788

Suning.com Co. Ltd., Class A*		23,500		11,524


Investments	Shares		Value

Specialty Retail – (continued)

Super Group Ltd.		169,700	$	288,408

Topsports International Holdings Ltd.(a)		55,000		42,479

Truworths International Ltd.		188,350		669,742

United Electronics Co.		1,265		43,372

Via S/A*		39,700		23,809

Vibra Energia SA		40,000		170,591

Zhongsheng Group Holdings Ltd.(c)		9,000		59,991
				3,766,585

Technology Hardware, Storage & Peripherals – 5.1%

Acer, Inc.		97,858		91,631

Advantech Co. Ltd.		7,941		99,547

Asia Vital Components Co. Ltd.		112,000		397,076

ASROCK, Inc.		21,000		118,268

Asustek Computer, Inc.		23,000		278,570

AURAS Technology Co. Ltd.		34,000		192,635

Canaan, Inc., ADR*		9,900		37,620

Catcher Technology Co. Ltd.		24,000		118,064

Chicony Electronics Co. Ltd.*		15,992		44,761

China Greatwall Technology Group Co. Ltd., Class A		5,500		7,531

Clevo Co.		44,000		50,605

Compal Electronics, Inc.		150,000		113,230

CosmoAM&T Co. Ltd.*		1,166		52,080

Darfon Electronics Corp.		100,000		160,812

Ennoconn Corp.		30,000		201,523

Getac Holdings Corp.		13,000		20,310

Gigabyte Technology Co. Ltd.		18,000		66,258

HTC Corp.*		18,000		29,068

Innodisk Corp.		4,733		32,757

Inventec Corp.		87,000		74,971

KONA I Co. Ltd.*		689		13,193

Legend Holdings Corp., Class H(a)		259,500		309,568

Lenovo Group Ltd.		200,000		195,765

Lite-On Technology Corp.		73,000		160,981

Micro-Star International Co. Ltd.		21,000		86,207

Mitac Holdings Corp.		46,600		43,872

Multilaser Industrial SA*		90,000		94,322

Ninestar Corp., Class A		4,700		29,198

Pegatron Corp.		76,000		181,262

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			213

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Technology Hardware, Storage & Peripherals – (continued)

Qisda Corp.		57,000	$	61,108

Quanta Computer, Inc.		96,000		272,932

Samsung Electronics Co. Ltd.		160,650		8,620,868

Samsung Electronics Co. Ltd. (Preference)		25,200		1,189,777

Shenzhen Transsion Holdings Co. Ltd., Class A		2,200		28,256

Wistron Corp.		100,000		96,690

Wiwynn Corp.		3,000		103,815
				13,675,131

Textiles, Apparel & Luxury Goods – 1.1%

Aditya Birla Fashion and Retail Ltd.*		6,536		24,411

Aksa Akrilik Kimya Sanayii A/S		62,447		193,949

Alok Industries Ltd.*		23,980		8,078

Alpargatas SA (Preference)		5,500		21,768

ANTA Sports Products Ltd.		20,000		234,128

Arezzo Industria e Comercio SA		4,000		72,267

Bata India Ltd.		848		21,617

Bosideng International Holdings Ltd.(c)		96,000		48,452

Eclat Textile Co. Ltd.		4,698		77,701

F&F Co. Ltd.		275		30,872

F&F Holdings Co. Ltd.		103		2,161

Feng TAY Enterprise Co. Ltd.		10,600		68,867

FF Group* ^‡		3,536		—

Fila Holdings Corp.		1,167		30,290

Fuguiniao Group Ltd.* ^‡		334,800		—

Golden Solar New Energy Technology Holdings Ltd.*		42,000		41,218

Grendene SA		8,264		15,770

Grupo de Moda Soma SA*		15,900		38,785

Guararapes Confeccoes SA*		13,200		24,576

Handsome Co. Ltd.		4,950		139,908

Hansae Co. Ltd.		1,281		26,620

Hwaseung Enterprise Co. Ltd.		331		4,348

KPR Mill Ltd.		5,665		46,703

Lao Feng Xiang Co. Ltd., Class B		2,500		8,047

LF Corp.		8,550		133,083

Li Ning Co. Ltd.		44,500		354,757

Makalot Industrial Co. Ltd.		4,334		26,908


Investments	Shares		Value

Textiles, Apparel & Luxury Goods – (continued)

Page Industries Ltd.		120	$	71,550

Paiho Shih Holdings Corp.		50,000		59,795

Pou Chen Corp.		99,000		103,952

Rajesh Exports Ltd.		6,434		52,946

Ruentex Industries Ltd.		20,540		80,486

Shenzhou International Group Holdings Ltd.		15,000		208,191

Shinsung Tongsang Co. Ltd.*		32,000		90,318

Tainan Spinning Co. Ltd.		48,555		33,934

Taiwan Paiho Ltd.		17,000		38,700

Texhong Textile Group Ltd.(c)		100,000		121,588

Titan Co. Ltd.		7,450		239,573

Trident Ltd.		22,165		15,121

Vaibhav Global Ltd.		41		251

Vardhman Textiles Ltd.		3,575		20,402

VIP Industries Ltd.		3,025		26,365

Vivara Participacoes SA		5,300		27,227

Welspun India Ltd.		7,370		8,012

Xtep International Holdings Ltd.(c)		27,500		40,797

Youngone Corp.		890		34,013

Youngone Holdings Co. Ltd.		2,463		100,599
				3,069,104

Thrifts & Mortgage Finance – 0.5%

Aavas Financiers Ltd.*		611		18,290

Can Fin Homes Ltd.		4,876		37,771

Housing Development Finance Corp. Ltd.		31,450		917,344

Indiabulls Housing Finance Ltd.		150,900		303,211

LIC Housing Finance Ltd.		10,300		51,027

Sangsangin Co. Ltd.		13,850		125,709
				1,453,352

Tobacco – 0.2%

British American Tobacco Malaysia Bhd.		400		1,185

Gudang Garam Tbk. PT		14,900		31,554

ITC Ltd.		52,150		177,068

KT&G Corp.		3,800		249,905

RLX Technology, Inc., ADR* (c)		18,975		38,519

Smoore International Holdings Ltd.(a) (c)		33,000		70,911
				569,142

See Accompanying Notes to the Financial Statements.


214		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Trading Companies & Distributors – 0.5%

Adani Enterprises Ltd.		4,716	$	143,869

ALAFCO Aviation Lease & Finance Co. KSCP*		146,850		103,507

Armac Locacao Logistica E Servicos SA		11,000		32,919

Barloworld Ltd.		89,223		646,823

BOC Aviation Ltd.(a) (c)		2,900		22,953

COSCO SHIPPING Development Co. Ltd., Class A		37,600		17,638

IndiaMart InterMesh Ltd.(a)		192		12,344

LX International Corp.		12,100		370,418

Posco International Corp.		1,484		29,184

SK Networks Co. Ltd.		2,415		9,325

Xiamen C & D, Inc., Class A		9,400		20,635
				1,409,615

Transportation Infrastructure – 1.0%

Adani Ports & Special Economic Zone Ltd.		14,253		159,679

Airports of Thailand PCL*		54,000		105,241

Airports of Thailand PCL, NVDR*		30,500		59,442

Anhui Expressway Co. Ltd., Class H(c)		138,000		121,887

Bangkok Expressway & Metro PCL, NVDR		142,000		34,204

Beijing Capital International Airport Co. Ltd., Class H*		100,000		55,186

CCR SA		10,400		26,062

China Merchants Port Holdings Co. Ltd.		55,407		97,310

COSCO SHIPPING Ports Ltd.		86,749		62,136

EcoRodovias Infraestrutura e Logistica SA*		4,700		6,558

Evergreen International Storage & Transport Corp.		29,000		35,518

GMR Infrastructure Ltd.*		48,418		23,847

Grupo Aeroportuario del Centro Norte SAB de CV		12,181		85,470

Grupo Aeroportuario del Pacifico SAB de CV, Class B*		5,000		76,936


Investments	Shares		Value

Transportation Infrastructure – (continued)

Grupo Aeroportuario del Sureste SAB de CV, Class B		3,475	$	75,834

Guangdong Provincial Expressway Development Co. Ltd., Class B		125,000		94,314

Hainan Meilan International Airport Co. Ltd.*		6,000		11,486

International Container Terminal Services, Inc.		16,500		68,143

Jasa Marga Persero Tbk. PT*		39,723		11,043

Jiangsu Expressway Co. Ltd., Class H		20,000		19,806

Lingkaran Trans Kota Holdings Bhd.		120,000		127,897

Malaysia Airports Holdings Bhd.*		27,900		43,963

Ningbo Zhoushan Port Co. Ltd., Class A		23,500		13,949

Novorossiysk Commercial Sea Port PJSC^‡ (b)		189,696		—

Promotora y Operadora de Infraestructura SAB de CV		2,160		15,745

Qingdao Port International Co. Ltd., Class H(a) (c)		47,000		23,781

Saudi Ground Services Co.*		4,431		40,638

Shanghai International Airport Co. Ltd., Class A*		5,300		39,748

Shanghai International Port Group Co. Ltd., Class A		57,800		52,035

Shenzhen Airport Co. Ltd., Class A*		9,400		9,105

Shenzhen Expressway Corp. Ltd., Class H		22,000		22,684

Shenzhen International Holdings Ltd.		33,343		35,952

Shenzhen Investment Holdings Bay Area Development Co. Ltd.(c)		250,000		87,304

Sichuan Expressway Co. Ltd., Class H(c)		300,000		83,735

Taiwan High Speed Rail Corp.		51,000		48,447

TAV Havalimanlari Holding A/S*		10,176		29,358

Westports Holdings Bhd.		17,500		15,838

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			215

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Transportation Infrastructure – (continued)

Yuexiu Transport Infrastructure Ltd.		400,000	$	256,431

Zhejiang Expressway Co. Ltd., Class H* (c)		606,000		501,257
				2,677,969

Water Utilities – 0.6%

Aguas Andinas SA, Class A		1,182,633		207,954

Athens Water Supply & Sewage Co. SA		15,900		119,764

Beijing Enterprises Water Group Ltd.		132,000		43,068

China Water Affairs Group Ltd.(c)		402,000		443,698

Cia de Saneamento Basico do Estado de Sao Paulo*		10,000		89,920

Cia de Saneamento de Minas Gerais-COPASA		85,000		234,461

Cia de Saneamento do Parana		100,000		399,216

Grandblue Environment Co. Ltd., Class A		4,700		13,186

Guangdong Investment Ltd.		100,000		128,726

Luenmei Quantum Co. Ltd., Class A		9,400		9,690
				1,689,683

Wireless Telecommunication Services – 1.3%

Advanced Info Service PCL, NVDR		20,700		129,942

America Movil SAB de CV, Series L		715,000		695,784

Axiata Group Bhd.		78,804		63,536

Bharti Airtel Ltd.*		44,245		427,734

DiGi.Com Bhd.		65,000		57,035

Empresa Nacional de Telecomunicaciones SA		59,237		216,310

Etihad Etisalat Co.		4,695		54,137

Far EasTone Telecommunications Co. Ltd.		30,000		84,273

Globe Telecom, Inc.		825		35,873

Indosat Tbk. PT		31,800		15,355

Intouch Holdings PCL, NVDR		23,700		48,438

Kuwait Telecommunications Co.		10,890		29,530


Investments	Shares		Value

Wireless Telecommunication Services – (continued)

Maxis Bhd.		32,900	$	28,717

Mobile Telecommunications Co. KSCP		72,450		161,000

Mobile Telecommunications Co. Saudi Arabia*		8,508		31,620

Mobile TeleSystems PJSC^‡ (b)		31,356		—

MTN Group Ltd.		53,650		572,210

PLDT, Inc.		3,140		112,235

Sistema PJSFC^‡ (b)		122,643		—

SK Telecom Co. Ltd.		2,916		132,334

Smartfren Telecom Tbk. PT*		2,936,200		16,811

Taiwan Mobile Co. Ltd.		30,000		110,431

TIM SA*		22,700		61,790

Turkcell Iletisim Hizmetleri A/S		37,150		54,115

Vodacom Group Ltd.		21,800		209,478

Vodafone Idea Ltd.*		97,468		12,113

Vodafone Qatar QSC		107,200		48,541
				3,409,342
Total Common Stocks (Cost $240,642,926)				268,184,299
	Principal Amount

CORPORATE BONDS – 0.0%(e)

Independent Power and Renewable Electricity Producers – 0.0%(e)

NTPC Ltd.

Series 54, 8.49%, 3/25/2025 (Cost $—)		INR 49,126		8,438
	Number of Rights

RIGHTS – 0.0%(e)

Airlines – 0.0%(e)

Gol Linhas Aereas Inteligentes SA, expiring 5/13/2022, price 42.67 BRL*		1,810		7

Biotechnology – 0.0%(e)

Medigen Vaccine Biologics Corp., expiring 5/10/2022, price 220.00 TWD* (b)		78		81

See Accompanying Notes to the Financial Statements.


216		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Number of Rights		Value

RIGHTS – (continued)

Capital Markets – 0.0%(e)

Orient Securities Co. Ltd., expiring 4/26/2022, price 8.460000 CNY* (b)		2,632	$	280

Orient Securities Co. Ltd., expiring 5/20/2022, price 10.380000 HKD* ^‡ (b)		5,712		—
				280

Electronic Equipment, Instruments & Components – 0.0%(e)

Solus Advanced Materials Co. Ltd., expiring 5/10/2022, price 49,400.00 KRW* (b)		48		892

IT Services – 0.0%(e)

Fawry for Banking & Payment Technology Services SAE, expiring 5/11/2022, price 0.50 EGP*		17,731		3,683

Semiconductors & Semiconductor Equipment – 0.0%(e)

Episil Technologies, Inc., expiring 5/27/2022, price 95.00 TWD* (b)		33		11
Total Rights (Cost $11,063)				4,954
	Number of Warrants

WARRANTS – 0.0%(e)

Banks – 0.0%(e)

TMBThanachart Bank PCL, expiring 4/21/2099, price 1.00 THB* (b)		13,148		134

Real Estate Management & Development – 0.0%(e)

MBK PCL, expiring 12/31/2099, price 1.00 THB* (b)		3,613		1,055
Total Warrants (Cost $—)				1,189


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS(f) – 0.7%

REPURCHASE AGREEMENTS – 0.7%

Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $1,939,413, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 – 5/15/2040; total market value $1,951,962 (Cost $1,939,381)	$	1,939,381	$	1,939,381
Total Investments – 100.6% (Cost $242,593,370)				270,138,261

Liabilities in excess of other assets – (0.6%)				(1,533,590	)
NET ASSETS – 100.0%			$	268,604,671

*	Non-income producing security.

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

^(a)

^(b)

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

^(c)

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

^(d)

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			217

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

^(e)

Represents less than 0.05% of net assets.

^(f)

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

Percentages shown are based on Net Assets.

Abbreviations

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

NVDR – Non-Voting Depositary Receipt

OJSC – Open Joint Stock Company

PJSC – Public Joint Stock Company

SCA – Limited partnership with share capital



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

Futures Contracts

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

Number of
Contracts

Expiration
Date

Trading
Currency

Notional
Amount

Value and
Unrealized
Appreciation*

Long Contracts

MSCI Emerging Markets E-Mini Index

06/17/2022

USD

1,374,620

22,870

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

Forward Foreign Currency Contracts

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


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

* Non-deliverable forward.

See Accompanying Notes to the Financial Statements.


218		FLEXSHARES SEMIANNUAL REPORT

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

Abbreviations:

BRL – Brazilian Real

HKD – Hong Kong Dollar

INR – Indian Rupee

KRW – Korean Won

TWD – Taiwan Dollar

USD – US Dollar

ZAR – South African Rand

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


Brazil	5.6	%
Chile	0.7
China	26.6
Colombia	0.7
Czech Republic	0.1
Egypt	0.3
Greece	0.4
Hungary	0.2
India	11.2
Indonesia	1.9
Kuwait	0.7
Malaysia	2.4
Mexico	2.5
Pakistan	0.6
Peru	0.3
Philippines	1.0
Qatar	1.0
Saudi Arabia	2.4
Singapore	0.0	^†
South Africa	5.4
South Korea	15.4
Taiwan	15.7
Thailand	2.1
Turkey	1.2
United Arab Emirates	1.4
United Kingdom	0.0	^†
United States	0.1
Other¹	0.1
	100.0	%

^†	Amount represents less than 0.05%.

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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			219

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


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

^†	Amount represents less than 0.05%.

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


220		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® US Quality Large Cap Index Fund

April 30, 2022 (Unaudited)


Investments	Shares			Value

COMMON STOCKS – 98.6%

Aerospace & Defense – 0.7%

Lockheed Martin Corp.		984		$	425,206

Textron, Inc.		9,102			630,314
					1,055,520

Air Freight & Logistics – 1.5%

Expeditors International of Washington, Inc.		6,642			658,023

United Parcel Service, Inc., Class B		7,995			1,438,940
					2,096,963

Automobiles – 1.6%

Ford Motor Co.		21,402			303,052

Tesla, Inc.* (a)		2,214			1,927,863
					2,230,915

Banks – 3.4%

Bank of America Corp.		22,386			798,733

Citigroup, Inc.		30,258			1,458,738

Citizens Financial Group, Inc.		8,241			324,695

JPMorgan Chase & Co.		738			88,088

Wells Fargo & Co.		48,216			2,103,664
					4,773,918

Biotechnology – 1.9%

AbbVie, Inc.		—	(b)		59

Amgen, Inc.(a)		7,995			1,864,354

Gilead Sciences, Inc.		3,198			189,769

Moderna, Inc.*		2,091			281,051

Regeneron Pharmaceuticals, Inc.*		183			120,617

Vertex Pharmaceuticals, Inc.*		984			268,849
					2,724,699

Building Products – 0.8%

Lennox International, Inc.		123			26,222

Masco Corp.		10,332			544,393

Trane Technologies plc		3,567			498,988
					1,069,603

Capital Markets – 1.3%

Ameriprise Financial, Inc.		369			97,966


Investments	Shares		Value

Capital Markets – (continued)

Bank of New York Mellon Corp. (The)		15,744	$	662,192

Goldman Sachs Group, Inc. (The)		861		263,027

Morgan Stanley		10,086		812,831
				1,836,016

Chemicals – 1.3%

Celanese Corp.		1,353		198,810

Dow, Inc.		13,407		891,566

DuPont de Nemours, Inc.		10,824		713,626
				1,804,002

Communications Equipment – 1.5%

Cisco Systems, Inc.		43,788		2,144,736

Consumer Finance – 2.2%

Ally Financial, Inc.		3,936		157,282

American Express Co.		2,829		494,255

Capital One Financial Corp.		8,118		1,011,665

Discover Financial Services		6,888		774,624

Synchrony Financial		16,728		615,758
				3,053,584

Distributors – 0.5%

Genuine Parts Co.		615		79,981

LKQ Corp.		615		30,522

Pool Corp.		1,476		598,105
				708,608

Diversified Financial Services – 2.2%

Berkshire Hathaway, Inc., Class B*		8,364		2,700,150

Equitable Holdings, Inc.		14,760		425,531
				3,125,681

Diversified Telecommunication Services – 0.6%

AT&T, Inc.		22,140		417,560

Verizon Communications, Inc.		9,840		455,592
				873,152

Electric Utilities – 2.4%

Evergy, Inc.		12,300		834,555

Exelon Corp.		21,156		989,678

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			221

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Electric Utilities – (continued)

PG&E Corp.* (a)		11,931	$	150,927

Southern Co. (The)		19,065		1,399,180
				3,374,340

Electrical Equipment – 0.1%

Emerson Electric Co.		1,476		133,106

Energy Equipment & Services – 0.3%

Schlumberger NV		9,348		364,665

Entertainment – 1.7%

Activision Blizzard, Inc.		11,316		855,490

Electronic Arts, Inc.		5,658		667,927

Liberty Media Corp-Liberty Formula One, Class C*		861		53,666

Netflix, Inc.*		246		46,828

Warner Bros Discovery, Inc.*		44,099		800,397
				2,424,308

Equity Real Estate Investment Trusts (REITs) – 2.1%

Essex Property Trust, Inc.		246		81,000

Iron Mountain, Inc.		17,466		938,448

Mid-America Apartment Communities, Inc.(a)		246		48,383

Public Storage		2,829		1,050,974

Regency Centers Corp.		615		42,331

Weyerhaeuser Co.		20,664		851,770
				3,012,906

Food & Staples Retailing – 0.3%

Walmart, Inc.		2,829		432,809

Food Products – 1.1%

Campbell Soup Co.		1,230		58,081

General Mills, Inc.		3,444		243,594

Hershey Co. (The)		1,599		361,006

Kraft Heinz Co. (The)		2,583		110,113

Tyson Foods, Inc., Class A		8,856		825,025
				1,597,819

Health Care Equipment & Supplies – 1.2%

Abbott Laboratories		2,091		237,329

Hologic, Inc.*		5,166		371,900


Investments	Shares		Value

Health Care Equipment & Supplies – (continued)

IDEXX Laboratories, Inc.*		1,476	$	635,389

ResMed, Inc.(a)		2,091		418,137
				1,662,755

Health Care Providers & Services – 3.8%

Anthem, Inc.		615		308,687

Cardinal Health, Inc.		4,059		235,625

Cigna Corp.		492		121,416

CVS Health Corp.		1,722		165,536

DaVita, Inc.* (a)		738		79,977

HCA Healthcare, Inc.		4,797		1,029,196

Laboratory Corp. of America Holdings*		2,829		679,752

McKesson Corp.		3,321		1,028,215

Quest Diagnostics, Inc.		2,460		329,246

UnitedHealth Group, Inc.		2,829		1,438,688
				5,416,338

Health Care Technology – 0.6%

Cerner Corp.		8,610		806,240

Veeva Systems, Inc., Class A* (a)		246		44,760
				851,000

Hotels, Restaurants & Leisure – 0.3%

Yum! Brands, Inc.		3,198		374,198

Household Durables – 0.6%

Lennar Corp., Class A		5,658		432,780

NVR, Inc.*		33		144,415

PulteGroup, Inc.(a)		2,952		123,276

Whirlpool Corp.		984		178,616
				879,087

Household Products – 2.5%

Colgate-Palmolive Co.		11,808		909,806

Procter & Gamble Co. (The)		16,605		2,665,933
				3,575,739

Independent Power and Renewable Electricity Producers – 0.5%

AES Corp. (The)		33,579		685,683

Industrial Conglomerates – 0.2%

Honeywell International, Inc.		1,107		214,216

See Accompanying Notes to the Financial Statements.


222		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Insurance – 2.4%

Aflac, Inc.		5,904	$	338,181

Allstate Corp. (The)		5,658		715,963

American International Group, Inc.		15,129		885,198

MetLife, Inc.		14,022		920,965

Prudential Financial, Inc.		4,305		467,136
				3,327,443

Interactive Media & Services – 6.9%

Alphabet, Inc., Class A*		1,792		4,089,684

Alphabet, Inc., Class C*		1,690		3,885,868

Meta Platforms, Inc., Class A*		8,241		1,652,073

Pinterest, Inc., Class A*		3,444		70,671
				9,698,296

Internet & Direct Marketing Retail – 2.3%

Amazon.com, Inc.*		1,025		2,547,771

eBay, Inc.		11,808		613,071

Etsy, Inc.* (a)		738		68,774
				3,229,616

IT Services – 4.4%

Accenture plc, Class A		4,182		1,256,106

Cognizant Technology Solutions Corp., Class A		8,487		686,598

Gartner, Inc.*		2,214		643,278

Jack Henry & Associates, Inc.		2,952		559,640

Mastercard, Inc., Class A		1,599		581,045

Paychex, Inc.		2,214		280,580

Visa, Inc., Class A(a)		10,332		2,202,059
				6,209,306

Life Sciences Tools & Services – 1.4%

Danaher Corp.		492		123,556

IQVIA Holdings, Inc.*		492		107,251

Mettler-Toledo International, Inc.*		569		726,914

Thermo Fisher Scientific, Inc.		615		340,046

Waters Corp.*		2,091		633,615
				1,931,382

Machinery – 1.5%

CNH Industrial NV		3,690		52,361

Dover Corp.		615		81,980

Fortive Corp.		2,583		148,522


Investments	Shares		Value

Machinery – (continued)

Illinois Tool Works, Inc.		5,658	$	1,115,248

Parker-Hannifin Corp.		2,706		732,839
				2,130,950

Media – 1.3%

Comcast Corp., Class A		8,733		347,224

DISH Network Corp., Class A* (a)		3,936		112,216

Fox Corp., Class A		1,968		70,533

Interpublic Group of Cos., Inc. (The)		21,894		714,182

Omnicom Group, Inc.		7,995		608,659
				1,852,814

Metals & Mining – 0.6%

Freeport-McMoRan, Inc.		11,931		483,802

Newmont Corp.		5,535		403,225
				887,027

Multiline Retail – 1.2%

Target Corp.(a)		7,626		1,743,685

Multi-Utilities – 1.3%

DTE Energy Co.(a)		7,134		934,840

Public Service Enterprise Group, Inc.		12,423		865,386
				1,800,226

Oil, Gas & Consumable Fuels – 3.0%

Continental Resources, Inc.(a)		14,514		806,543

EOG Resources, Inc.		10,824		1,263,810

Kinder Morgan, Inc.		32,226		584,902

Marathon Petroleum Corp.		2,952		257,592

Occidental Petroleum Corp.(a)		23,001		1,267,125
				4,179,972

Pharmaceuticals – 5.9%

Eli Lilly & Co.		9,840		2,874,559

Johnson & Johnson		19,065		3,440,470

Pfizer, Inc.		40,221		1,973,645
				8,288,674

Real Estate Management & Development – 0.5%

CBRE Group, Inc., Class A*		8,487		704,760

Road & Rail – 0.4%

Old Dominion Freight Line, Inc.		2,214		620,186

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			223

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Semiconductors & Semiconductor Equipment – 6.2%

Advanced Micro Devices, Inc.*		4,797	$	410,239

Applied Materials, Inc.		6,519		719,372

Broadcom, Inc.		1,845		1,022,850

Intel Corp.		24,231		1,056,229

KLA Corp.		1,968		628,304

Lam Research Corp.		2,091		973,904

Microchip Technology, Inc.		984		64,157

NVIDIA Corp.		6,642		1,231,892

QUALCOMM, Inc.		3,321		463,910

Texas Instruments, Inc.		12,423		2,115,016
				8,685,873

Software – 9.2%

Adobe, Inc.*		3,567		1,412,354

Autodesk, Inc.*		369		69,844

Check Point Software Technologies Ltd.*		5,535		699,015

Fair Isaac Corp.*		738		275,651

Fortinet, Inc.*		2,091		604,320

Intuit, Inc.		4,059		1,699,706

Microsoft Corp.		22,017		6,110,158

Oracle Corp.		26,568		1,950,091

SS&C Technologies Holdings, Inc.		615		39,766

Zoom Video Communications, Inc., Class A* (a)		1,476		146,965
				13,007,870

Specialty Retail – 2.8%

AutoZone, Inc.*		452		883,873

Bath & Body Works, Inc.(a)		6,027		318,768

Best Buy Co., Inc.(a)		4,428		398,210

Home Depot, Inc. (The)		3,813		1,145,425

Lowe’s Cos., Inc.		4,551		899,869

O’Reilly Automotive, Inc.*		369		223,817

Ulta Beauty, Inc.*		369		146,419
				4,016,381

Technology Hardware, Storage & Peripherals – 8.7%

Apple, Inc.		72,693		11,460,052

HP, Inc.(a)		15,621		572,197

NetApp, Inc.		1,353		99,107

Seagate Technology Holdings plc		984		80,727
				12,212,083


Investments	Shares		Value

Tobacco – 0.9%

Altria Group, Inc.		4,797	$	266,569

Philip Morris International, Inc.		9,840		984,000
				1,250,569

Trading Companies & Distributors – 0.5%

United Rentals, Inc.* (a)		1,107		350,388

WW Grainger, Inc.		738		369,022
				719,410
Total Common Stocks (Cost $121,600,985)				138,992,889

Total Investments – 98.6% (Cost $121,600,985)				138,992,889

Other assets less liabilities – 1.4%				2,028,746
NET ASSETS – 100.0%			$	141,021,635

*	Non-income producing security.

^(a)

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

^(b)

Amount represents less than one share.

Percentages shown are based on Net Assets.



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

See Accompanying Notes to the Financial Statements.


224		FLEXSHARES SEMIANNUAL REPORT

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

Futures Contracts

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


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

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


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

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			225

Schedule of Investments

FlexShares^® STOXX^® US ESG Select Index Fund

April 30, 2022 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 99.6%

Air Freight & Logistics – 0.5%

FedEx Corp.		2,117	$	420,733

United Parcel Service, Inc., Class B		2,482		446,710
				867,443

Airlines – 0.3%

American Airlines Group, Inc.* (a)		2,117		39,736

Delta Air Lines, Inc.*		3,796		163,342

Southwest Airlines Co.*		4,161		194,402

United Airlines Holdings, Inc.* (a)		1,898		95,849
				493,329

Auto Components – 0.1%

Aptiv plc*		1,460		155,344

Automobiles – 4.6%

Ford Motor Co.		20,586		291,498

General Motors Co.*		14,673		556,253

Tesla, Inc.*		8,541		7,437,161
				8,284,912

Banks – 4.6%

Bank of America Corp.		74,606		2,661,942

Citigroup, Inc.		20,294		978,374

Fifth Third Bancorp		5,767		216,435

Huntington Bancshares, Inc.(a)		15,987		210,229

JPMorgan Chase & Co.		30,733		3,668,291

KeyCorp		8,249		159,288

NU Holdings Ltd., Class A* (a)		6,789		40,802

Regions Financial Corp.		5,767		119,492

US Bancorp		4,964		241,052
				8,295,905

Beverages – 0.7%

Coca-Cola Co. (The)		20,586		1,330,061

Biotechnology – 2.4%

AbbVie, Inc.		12,264		1,801,336

Amgen, Inc.(a)		3,869		902,212

Biogen, Inc.*		511		106,002

Gilead Sciences, Inc.		10,950		649,773

Regeneron Pharmaceuticals, Inc.*		511		336,805

Vertex Pharmaceuticals, Inc.*		2,190		598,352
				4,394,480


Investments	Shares		Value

Building Products – 0.3%

Johnson Controls International plc		3,358	$	201,043

Trane Technologies plc		2,482		347,207
				548,250

Capital Markets – 3.4%

Bank of New York Mellon Corp. (The)		4,891		205,715

BlackRock, Inc.		1,460		912,033

Blackstone, Inc., Class A		3,577		363,316

Coinbase Global, Inc., Class A*		511		57,595

Goldman Sachs Group, Inc. (The)		3,431		1,048,136

Intercontinental Exchange, Inc.		1,971		228,262

LPL Financial Holdings, Inc.		292		54,858

Moody’s Corp.		1,387		438,958

Morgan Stanley		12,337		994,239

MSCI, Inc.		730		307,512

Northern Trust Corp.(b)		1,095		112,840

S&P Global, Inc.		3,066		1,154,349

State Street Corp.		2,628		175,997

T. Rowe Price Group, Inc.		803		98,801
				6,152,611

Chemicals – 1.0%

Air Products & Chemicals, Inc.		730		170,871

Dow, Inc.		2,701		179,617

DuPont de Nemours, Inc.		1,825		120,322

Eastman Chemical Co.		511		52,465

Ecolab, Inc.		1,898		321,407

International Flavors & Fragrances, Inc.		730		88,549

LyondellBasell Industries NV, Class A		1,022		108,363

PPG Industries, Inc.		1,679		214,895

Sherwin-Williams Co. (The)		2,044		562,018
				1,818,507

Commercial Services & Supplies – 0.3%

Cintas Corp.		949		377,000

Republic Services, Inc.		1,022		137,224
				514,224

Communications Equipment – 0.6%

Cisco Systems, Inc.		21,608		1,058,360

Consumer Finance – 0.3%

Capital One Financial Corp.		3,723		463,960

See Accompanying Notes to the Financial Statements.


226		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Containers & Packaging – 0.4%

Amcor plc		15,330	$	181,814

Ball Corp.(a)		3,358		272,535

Crown Holdings, Inc.		365		40,164

International Paper Co.		1,460		67,569

Packaging Corp. of America		365		58,827

Westrock Co.		2,409		119,318
				740,227

Diversified Financial Services – 1.7%

Apollo Global Management, Inc.		4,453		221,581

Berkshire Hathaway, Inc., Class B*		8,979		2,898,691
				3,120,272

Diversified Telecommunication Services – 0.8%

AT&T, Inc.		23,944		451,584

Lumen Technologies, Inc.(a)		5,183		52,141

Verizon Communications, Inc.		21,170		980,171
				1,483,896

Electric Utilities – 0.3%

Constellation Energy Corp.		1,022		60,512

Duke Energy Corp.		2,774		305,584

Entergy Corp.		1,168		138,817

FirstEnergy Corp.		2,044		88,526
				593,439

Electrical Equipment – 0.6%

Eaton Corp. plc		2,774		402,285

Emerson Electric Co.		4,234		381,822

Rockwell Automation, Inc.		949		239,784
				1,023,891

Electronic Equipment, Instruments & Components – 0.3%

Amphenol Corp., Class A		3,212		229,658

CDW Corp.		511		83,385

TE Connectivity Ltd.		1,752		218,615

Teledyne Technologies, Inc.*		146		63,006
				594,664

Energy Equipment & Services – 0.6%

Baker Hughes Co.		6,643		206,066

Halliburton Co.		6,570		234,023


Investments	Shares		Value

Energy Equipment & Services – (continued)

Schlumberger NV		14,819	$	578,089
				1,018,178

Entertainment – 1.0%

ROBLOX Corp., Class A* (a)		1,022		31,324

Walt Disney Co. (The)*		15,622		1,743,884
				1,775,208

Equity Real Estate Investment Trusts (REITs) – 1.8%

Alexandria Real Estate Equities, Inc.		511		93,084

AvalonBay Communities, Inc.		1,387		315,515

Camden Property Trust		657		103,077

Crown Castle International Corp.		1,460		270,407

Equity Residential		2,336		190,384

Essex Property Trust, Inc.		438		144,220

Healthpeak Properties, Inc.		5,621		184,425

Host Hotels & Resorts, Inc.		5,475		111,416

Iron Mountain, Inc.(a)		2,117		113,746

Kimco Realty Corp.		5,548		140,531

Mid-America Apartment Communities, Inc.(a)		511		100,504

Prologis, Inc.		3,942		631,863

Simon Property Group, Inc.		1,022		120,596

Ventas, Inc.		3,431		190,592

VICI Properties, Inc.(a)		2,409		71,812

Welltower, Inc.(a)		4,453		404,377
				3,186,549

Food & Staples Retailing – 1.4%

Kroger Co. (The)		4,599		248,162

Walmart, Inc.		14,965		2,289,495
				2,537,657

Food Products – 0.4%

Bunge Ltd.		730		82,578

General Mills, Inc.		3,358		237,511

Hershey Co. (The)		584		131,850

Kellogg Co.		1,533		105,010

McCormick & Co., Inc. (Non-Voting)		949		95,441
				652,390

Health Care Equipment & Supplies – 3.4%

Abbott Laboratories		15,184		1,723,384

Baxter International, Inc.		3,504		248,994

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			227

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Health Care Equipment & Supplies – (continued)

Becton Dickinson and Co.		2,482	$	613,525

Boston Scientific Corp.*		11,899		501,067

Dentsply Sirona, Inc.		1,606		64,224

Edwards Lifesciences Corp.*		3,285		347,487

Hologic, Inc.*		2,336		168,169

IDEXX Laboratories, Inc.*		292		125,700

Intuitive Surgical, Inc.*		3,139		751,163

Medtronic plc		7,008		731,355

ResMed, Inc.(a)		511		102,185

Stryker Corp.		3,504		845,375
				6,222,628

Health Care Providers & Services – 3.0%

Anthem, Inc.		2,555		1,282,431

Cigna Corp.		1,679		414,344

Humana, Inc.		657		292,076

Quest Diagnostics, Inc.		657		87,933

UnitedHealth Group, Inc.		6,497		3,304,049
				5,380,833

Hotels, Restaurants & Leisure – 2.1%

Carnival Corp.* (a)		6,059		104,821

Domino’s Pizza, Inc.		292		98,696

Hilton Worldwide Holdings, Inc.*		2,409		374,094

Marriott International, Inc., Class A*		2,555		453,563

McDonald’s Corp.		5,183		1,291,396

MGM Resorts International		2,409		98,865

Royal Caribbean Cruises Ltd.*		1,679		130,509

Starbucks Corp.		10,001		746,475

Vail Resorts, Inc.		146		37,107

Yum China Holdings, Inc.		2,190		91,542

Yum! Brands, Inc.		2,993		350,211
				3,777,279

Household Durables – 0.0%(c)

Whirlpool Corp.		511		92,757

Household Products – 1.0%

Clorox Co. (The)		511		73,313

Colgate-Palmolive Co.		4,161		320,605

Kimberly-Clark Corp.		1,022		141,885

Procter & Gamble Co. (The)		8,322		1,336,097
				1,871,900


Investments	Shares		Value

Independent Power and Renewable Electricity Producers – 0.0%(c)

AES Corp. (The)		1,533	$	31,304

Industrial Conglomerates – 0.9%

3M Co.		6,059		873,829

General Electric Co.		11,242		838,091
				1,711,920

Insurance – 1.6%

Aflac, Inc.		6,570		376,330

Aon plc, Class A(a)		1,533		441,489

Chubb Ltd.		2,263		467,196

Hartford Financial Services Group, Inc. (The)		2,117		148,042

Marsh & McLennan Cos., Inc.		2,555		413,143

MetLife, Inc.		5,913		388,366

Principal Financial Group, Inc.		2,482		169,123

Progressive Corp. (The)		4,088		438,888

Willis Towers Watson plc		438		94,109
				2,936,686

Interactive Media & Services – 5.6%

Alphabet, Inc., Class C*		2,190		5,035,533

Meta Platforms, Inc., Class A*		24,017		4,814,688

Snap, Inc., Class A*		10,877		309,559
				10,159,780

Internet & Direct Marketing Retail – 4.6%

Amazon.com, Inc.*		3,175		7,891,875

Coupang, Inc.*		3,723		47,915

eBay, Inc.		5,110		265,311

Etsy, Inc.* (a)		1,314		122,452
				8,327,553

IT Services – 4.7%

Accenture plc, Class A		6,789		2,039,144

Block, Inc., Class A*		3,577		356,055

Broadridge Financial Solutions, Inc.		365		52,607

Cognizant Technology Solutions Corp., Class A		4,526		366,153

Fidelity National Information Services, Inc.		4,307		427,039

International Business Machines Corp.		9,198		1,216,068

Mastercard, Inc., Class A		7,446		2,705,727

Paychex, Inc.		1,679		212,780

See Accompanying Notes to the Financial Statements.


228		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

IT Services – (continued)

PayPal Holdings, Inc.*		12,118	$	1,065,536

Twilio, Inc., Class A*		511		57,140
				8,498,249

Leisure Products – 0.1%

Hasbro, Inc.		1,314		115,711

Life Sciences Tools & Services – 1.9%

Agilent Technologies, Inc.		1,971		235,081

Charles River Laboratories International, Inc.*		292		70,521

Danaher Corp.		5,840		1,466,599

Illumina, Inc.*		1,095		324,832

PerkinElmer, Inc.		657		96,323

Thermo Fisher Scientific, Inc.		2,044		1,130,168

West Pharmaceutical Services, Inc.		511		160,996
				3,484,520

Machinery – 1.8%

Caterpillar, Inc.		3,723		783,841

Cummins, Inc.		949		179,541

Deere & Co.		2,117		799,273

Dover Corp.		803		107,040

Fortive Corp.		3,212		184,690

Illinois Tool Works, Inc.		1,679		330,948

Ingersoll Rand, Inc.		2,190		96,273

Otis Worldwide Corp.		3,723		271,183

PACCAR, Inc.		1,241		103,065

Parker-Hannifin Corp.		949		257,008

Stanley Black & Decker, Inc.		949		114,022

Westinghouse Air Brake Technologies Corp.		657		59,071

Xylem, Inc.		730		58,765
				3,344,720

Media – 0.5%

Comcast Corp., Class A		15,257		606,618

Interpublic Group of Cos., Inc. (The)		4,307		140,494

Omnicom Group, Inc.(a)		1,971		150,052

Paramount Global, Class B		3,212		93,534
				990,698


Investments	Shares			Value

Metals & Mining – 0.4%

Alcoa Corp.		511		$	34,646

Freeport-McMoRan, Inc.		5,183			210,170

Newmont Corp.		5,621			409,490
					654,306

Mortgage Real Estate Investment Trusts (REITs) – 0.1%

Annaly Capital Management, Inc.		14,527			93,263

Multiline Retail – 0.5%

Target Corp.		4,161			951,413

Multi-Utilities – 0.3%

CMS Energy Corp.		1,752			120,345

Public Service Enterprise Group, Inc.		1,533			106,789

Sempra Energy		2,263			365,157
					592,291

Oil, Gas & Consumable Fuels – 5.1%

APA Corp.		2,336			95,612

Chevron Corp.		20,002			3,133,713

ConocoPhillips		9,271			885,566

Devon Energy Corp.		3,285			191,088

Diamondback Energy, Inc.		876			110,578

EOG Resources, Inc.		1,898			221,610

Exxon Mobil Corp.		43,800			3,733,950

Hess Corp.		1,022			105,338

ONEOK, Inc.(a)		1,314			83,216

Phillips 66(a)		3,942			342,008

Valero Energy Corp.		2,263			252,279
					9,154,958

Paper & Forest Products – 0.0%(c)

Sylvamo Corp.*		—	(d)		16

Personal Products – 0.3%

Estee Lauder Cos., Inc. (The), Class A		2,409			636,121

Pharmaceuticals – 7.5%

Bristol-Myers Squibb Co.		23,214			1,747,318

Catalent, Inc.*		657			59,498

Eli Lilly & Co.		7,300			2,132,549

Johnson & Johnson		27,229			4,913,745

Merck & Co., Inc.		25,988			2,304,876

Pfizer, Inc.		48,253			2,367,774
					13,525,760

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			229

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Professional Services – 0.1%

Booz Allen Hamilton Holding Corp.		1,314	$	107,262

Real Estate Management & Development – 0.2%

CBRE Group, Inc., Class A*		3,504		290,972

Road & Rail – 0.3%

Grab Holdings Ltd., Class A* (a)		9,271		27,350

Uber Technologies, Inc.*		16,863		530,847
				558,197

Semiconductors & Semiconductor Equipment – 6.1%

Advanced Micro Devices, Inc.*		8,322		711,697

Analog Devices, Inc.		2,628		405,711

Applied Materials, Inc.		6,059		668,611

Intel Corp.		34,821		1,517,847

Lam Research Corp.		1,241		578,008

Microchip Technology, Inc.		4,964		323,653

Micron Technology, Inc.		9,490		647,123

NVIDIA Corp.		17,228		3,195,277

Qorvo, Inc.*		438		49,836

QUALCOMM, Inc.		7,811		1,091,119

Teradyne, Inc.(a)		876		92,383

Texas Instruments, Inc.		9,490		1,615,673

Wolfspeed, Inc.* (a)		657		60,253
				10,957,191

Software – 9.3%

Adobe, Inc.*		4,891		1,936,591

Autodesk, Inc.*		2,190		414,523

Cadence Design Systems, Inc.*		1,387		209,229

Intuit, Inc.		2,482		1,039,338

Microsoft Corp.		32,631		9,055,755

NortonLifeLock, Inc.(a)		3,139		78,601

Oracle Corp.		11,169		819,805

Palo Alto Networks, Inc.* (a)		803		450,708

Salesforce, Inc.*		6,789		1,194,457

ServiceNow, Inc.*		1,752		837,631

Splunk, Inc.*		1,095		133,612

Synopsys, Inc.*		1,314		376,842

UiPath, Inc., Class A*		1,241		22,127

Workday, Inc., Class A*		1,022		211,247
				16,780,466


Investments	Shares		Value

Specialty Retail – 2.9%

AutoZone, Inc.*		146	$	285,499

Bath & Body Works, Inc.		876		46,332

Best Buy Co., Inc.(a)		2,117		190,382

Carvana Co.*		292		16,924

Home Depot, Inc. (The)		7,227		2,170,991

Lowe’s Cos., Inc.		5,840		1,154,743

Ross Stores, Inc.		3,139		313,178

TJX Cos., Inc. (The)		12,410		760,485

Tractor Supply Co.		949		191,176

Williams-Sonoma, Inc.(a)		730		95,250
				5,224,960

Technology Hardware, Storage & Peripherals – 5.7%

Apple, Inc.		58,765		9,264,303

Dell Technologies, Inc., Class C		2,190		102,952

Hewlett Packard Enterprise Co.		14,308		220,486

HP, Inc.(a)		11,461		419,817

NetApp, Inc.		1,752		128,334

Seagate Technology Holdings plc		1,168		95,823

Western Digital Corp.*		2,847		151,090
				10,382,805

Textiles, Apparel & Luxury Goods – 1.0%

Lululemon Athletica, Inc.*		1,241		440,096

NIKE, Inc., Class B		8,833		1,101,475

VF Corp.		3,504		182,208
				1,723,779

Trading Companies & Distributors – 0.1%

United Rentals, Inc.*		511		161,742

WW Grainger, Inc.		219		109,506
				271,248

Water Utilities – 0.1%

American Water Works Co., Inc.		1,460		224,957
Total Common Stocks (Cost $171,250,818)				180,180,260

See Accompanying Notes to the Financial Statements.


230		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS(e) – 0.1%

REPURCHASE AGREEMENTS – 0.1%

Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $248,882, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 – 5/15/2040; total market value $250,492 (Cost $248,877)	$	248,877	$	248,877
Total Investments – 99.7% (Cost $171,499,695)				180,429,137

Other assets less liabilities – 0.3%				562,397
NET ASSETS – 100.0%			$	180,991,534

*	Non-income producing security.

^(a)

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

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

^(b)

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

^(c)

Represents less than 0.05% of net assets.

^(d)

Amount represents less than one share.

^(e)

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

Percentages shown are based on Net Assets.



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

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

Security

Value
October 31,
2021

Purchases at
Cost

Sales
Proceeds

Shares
April 30,
2022

Value
April 30, 2022

Change in
Unrealized
Appreciation
(Depreciation)

Dividend
Income

Realized
Gain/

(Loss)

Northern Trust Corp.

—

126,155

—

1,095

112,840

(13,315

)

—

Futures Contracts

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


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

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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			231

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

Abbreviations:

USD – US Dollar


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

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


232		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares® STOXX® Global ESG Select Index Fund

April 30, 2022 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 99.1%

Aerospace & Defense – 0.1%

Meggitt plc*		2,700	$	26,271

MTU Aero Engines AG*		225		45,965

Rheinmetall AG		200		45,321

Singapore Technologies Engineering Ltd.		7,500		22,268
				139,825

Air Freight & Logistics – 0.3%

Deutsche Post AG (Registered)		3,075		132,743

DSV A/S		1,275		211,557

FedEx Corp.		650		129,181

Royal Mail plc		1,550		6,706

Yamato Holdings Co. Ltd.		2,500		47,179
				527,366

Airlines – 0.2%

ANA Holdings, Inc.*		2,500		47,343

easyJet plc*		2,325		16,376

International Consolidated Airlines Group SA*		16,425		29,687

Qantas Airways Ltd.*		15,625		62,182

Singapore Airlines Ltd.*		7,800		31,067

Southwest Airlines Co.*		1,575		73,584

Wizz Air Holdings plc* (a)		475		18,934
				279,173

Auto Components – 0.3%

Aisin Corp.		2,500		72,939

Bridgestone Corp.		2,500		91,984

Cie Generale des Etablissements Michelin SCA(b)		950		119,312

Continental AG*		450		31,342

Denso Corp.(b)		2,500		153,539

Dometic Group AB(b) (c)		2,975		25,937

Faurecia SE(b)		300		6,668

Sumitomo Electric Industries Ltd.		5,000		53,971

Valeo		250		4,617
				560,309

Automobiles – 1.6%

Bayerische Motoren Werke AG		2,300		190,496


Investments	Shares		Value

Automobiles – (continued)

General Motors Co.*		9,650	$	365,832

Honda Motor Co. Ltd.		10,000		263,893

Isuzu Motors Ltd.		2,500		29,272

Mazda Motor Corp.		2,500		17,926

Mercedes-Benz Group AG*		4,900		346,857

Mitsubishi Motors Corp.*		2,500		6,310

Nissan Motor Co. Ltd.*		10,000		39,904

Renault SA*		800		19,896

Subaru Corp.		2,500		37,801

Suzuki Motor Corp.		2,500		75,409

Toyota Motor Corp.		57,500		992,137

Volkswagen AG (Preference)		1,025		161,052

Yamaha Motor Co. Ltd.		2,500		51,907
				2,598,692

Banks – 7.7%

Australia & New Zealand Banking Group Ltd.(b)		19,575		379,770

Banco Bilbao Vizcaya Argentaria SA		37,875		202,138

Banco BPM SpA(b)		6,925		22,114

Banco de Sabadell SA		23,675		18,582

Banco Santander SA(b)		62,400		185,407

Bank of America Corp.		29,950		1,068,616

Bank of Ireland Group plc*		3,750		22,945

Bank of Montreal		3,025		322,394

Bank of Nova Scotia (The)		5,425		345,310

Bank of Queensland Ltd.(b)		525		3,033

Bank Polska Kasa Opieki SA		675		14,907

Bankinter SA(b)		5,200		30,896

Barclays plc		68,250		126,989

BAWAG Group AG* (a)		625		30,145

BNP Paribas SA(b)		2,525		132,402

CaixaBank SA(b)		28,350		92,355

Canadian Imperial Bank of Commerce		1,975		219,467

Citigroup, Inc.		10,650		513,436

Commerzbank AG*		4,625		30,651

Commonwealth Bank of Australia(b)		11,675		861,876

Danske Bank A/S		4,400		68,078

DBS Group Holdings Ltd.		8,594		211,100

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			233

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Banks – (continued)

Erste Group Bank AG		800	$	25,032

Fifth Third Bancorp		2,975		111,652

Hang Seng Bank Ltd.		5,000		88,897

HSBC Holdings plc		55,500		349,307

Huntington Bancshares, Inc.(b)		7,700		101,255

ING Groep NV(b)		14,075		135,121

Intesa Sanpaolo SpA		117,825		242,981

JPMorgan Chase & Co.		24,325		2,903,432

KBC Group NV		1,250		85,741

KeyCorp		4,300		83,033

Lloyds Banking Group plc		345,950		199,275

Mediobanca Banca di Credito Finanziario SpA		5,275		53,489

Mitsubishi UFJ Financial Group, Inc.		80,000		465,761

Mizuho Financial Group, Inc.		7,500		91,377

National Australia Bank Ltd.		10,600		245,798

National Bank of Canada		1,425		100,036

NatWest Group plc		34,950		95,658

Nordea Bank Abp		24,025		242,807

Royal Bank of Canada		8,125		824,865

Skandinaviska Enskilda Banken AB, Class A		11,175		127,287

Societe Generale SA		1,625		39,720

Standard Chartered plc		13,600		94,219

Svenska Handelsbanken AB, Class A		11,550		117,914

Swedbank AB, Class A(b)		5,550		88,945

Toronto-Dominion Bank (The)		6,075		441,062

UniCredit SpA		3,825		35,933

United Overseas Bank Ltd.		5,000		108,589

Virgin Money UK plc		10,925		23,983

Westpac Banking Corp.(b)		11,550		195,925
				12,621,705

Beverages – 1.5%

Anheuser-Busch InBev SA/NV(b)		4,200		245,466

Asahi Group Holdings Ltd.		2,500		93,837

Britvic plc		2,100		22,595

Budweiser Brewing Co. APAC Ltd.(a)		10,000		25,210

Carlsberg A/S, Class B		375		48,310

Coca-Cola Co. (The)		16,225		1,048,297


Investments	Shares		Value

Beverages – (continued)

Coca-Cola HBC AG*		675	$	13,877

Davide Campari-Milano NV		1,675		19,058

Diageo plc		10,425		525,965

Heineken Holding NV		375		29,552

Heineken NV(b)		1,300		128,092

Kirin Holdings Co. Ltd.		2,500		36,672

Pernod Ricard SA		1,250		260,639

Remy Cointreau SA		150		29,987

Royal Unibrew A/S		50		4,355
				2,531,912

Biotechnology – 1.2%

AbbVie, Inc.		4,826		708,824

Amgen, Inc.(b)		1,525		355,615

Gilead Sciences, Inc.		5,025		298,183

Grifols SA(b)		1,475		24,897

Regeneron Pharmaceuticals, Inc.*		275		181,255

Swedish Orphan Biovitrum AB*		850		18,010

Vertex Pharmaceuticals, Inc.* (b)		1,400		382,508
				1,969,292

Building Products – 0.6%

AGC, Inc.		2,500		94,358

Assa Abloy AB, Class B(b)		7,150		183,252

Cie de Saint-Gobain		2,300		136,678

Daikin Industries Ltd.		1,300		201,131

Fletcher Building Ltd.		3,925		15,769

Geberit AG (Registered)		100		57,694

Lixil Corp.		2,500		44,265

Nibe Industrier AB, Class B		4,400		43,778

Trane Technologies plc		900		125,901
				902,826

Capital Markets – 2.0%

3i Group plc		2,000		33,271

Abrdn plc		7,250		17,231

BlackRock, Inc.		975		609,063

Daiwa Securities Group, Inc.		7,500		36,817

Deutsche Boerse AG		375		65,750

Euronext NV(a)		125		10,104

Goldman Sachs Group, Inc. (The)		1,825		557,519

IG Group Holdings plc		1,800		18,429

Julius Baer Group Ltd.		1,275		62,092

See Accompanying Notes to the Financial Statements.


234		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Capital Markets – (continued)

London Stock Exchange Group plc		1,775	$	176,409

Macquarie Group Ltd.		2,500		367,726

Man Group plc		5,800		17,112

Moody’s Corp.		425		134,504

Morgan Stanley		3,750		302,212

MSCI, Inc.		200		84,250

S&P Global, Inc.		1,450		545,925

Schroders plc		175		6,240

St James’s Place plc		2,175		35,445

UBS Group AG (Registered)		12,100		208,367
				3,288,466

Chemicals – 1.0%

Air Liquide SA(b)		1,025		178,786

Akzo Nobel NV		900		78,900

Arkema SA		275		31,666

Asahi Kasei Corp.		5,200		43,006

Chr Hansen Holding A/S		650		50,976

Covestro AG(a)		175		7,623

Croda International plc		575		56,338

Ecolab, Inc.		1,125		190,508

Givaudan SA (Registered)		25		100,319

Hexpol AB		1,925		16,757

Incitec Pivot Ltd.		11,650		31,957

Kansai Paint Co. Ltd.		2,500		34,752

Koninklijke DSM NV		1,050		177,896

Mitsubishi Chemical Holdings Corp.		5,000		30,604

Mitsui Chemicals, Inc.		2,500		57,406

Novozymes A/S, Class B		1,150		80,599

Nutrien Ltd.		1,225		121,000

Orica Ltd.(b)		1,950		22,824

PPG Industries, Inc.		575		73,594

Sherwin-Williams Co. (The)		625		171,850

Solvay SA		375		35,826

Symrise AG		225		26,929

Victrex plc		900		20,655

Yara International ASA		1,125		58,046
				1,698,817

Commercial Services & Supplies – 0.3%

Cintas Corp.		625		248,288

Elis SA*		850		12,330


Investments	Shares		Value

Commercial Services & Supplies – (continued)

ISS A/S*		300	$	5,018

Rentokil Initial plc		11,075		76,476

Republic Services, Inc.		550		73,848

Securitas AB, Class B(b)		525		6,269

SPIE SA		1,075		25,585

TOMRA Systems ASA(b)		150		6,002

TOPPAN, Inc.		2,500		41,525
				495,341

Communications Equipment – 0.1%

Nokia OYJ*		19,425		99,808

Construction & Engineering – 0.5%

Arcadis NV		675		28,427

Bouygues SA		1,350		46,784

Eiffage SA		675		67,250

Ferrovial SA		2,800		72,635

Kajima Corp.		2,500		27,979

Obayashi Corp.		5,000		34,579

Shimizu Corp.		2,500		13,179

Skanska AB, Class B		2,300		44,517

Sweco AB, Class B		600		8,559

Vinci SA		3,725		364,832

WSP Global, Inc.		250		29,306
				738,047

Construction Materials – 0.2%

CRH plc(b)		3,425		137,952

Holcim AG*		3,225		159,979

Wienerberger AG		1,025		29,196
				327,127

Consumer Finance – 0.2%

Capital One Financial Corp.		1,750		218,085

Marui Group Co. Ltd.(b)		2,500		43,281
				261,366

Containers & Packaging – 0.3%

Amcor plc		9,425		111,781

Ball Corp.(b)		1,300		105,508

BillerudKorsnas AB		1,800		28,112

DS Smith plc		3,500		14,541

Huhtamaki OYJ		975		37,162

Orora Ltd.		2,775		7,888

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			235

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Containers & Packaging – (continued)

SIG Group AG*		100	$	2,118

Smurfit Kappa Group plc		1,725		74,029

Westrock Co.		1,000		49,530
				430,669

Distributors – 0.0%(d)

D’ieteren Group		100		16,352

Diversified Financial Services – 0.2%

Apollo Global Management, Inc.		1,550		77,128

Eurazeo SE*		350		27,175

Groupe Bruxelles Lambert SA		325		31,056

Kinnevik AB, Class B* (b)		1,050		20,918

M&G plc		12,450		33,482

ORIX Corp.		5,000		91,618
				281,377

Diversified Telecommunication Services – 1.1%

BT Group plc (b)		37,000		82,385

Cellnex Telecom SA(a)		1,700		79,915

Chorus Ltd.		1,875		8,945

Deutsche Telekom AG (Registered)		24,075		446,241

Elisa OYJ		700		41,177

Infrastrutture Wireless Italiane SpA(a)		3,025		32,487

Koninklijke KPN NV		21,750		75,375

Nippon Telegraph & Telephone Corp.		7,500		222,696

Orange SA		5,125		61,192

Proximus SADP(b)		325		5,691

Singapore Telecommunications Ltd.		40,000		80,238

Spark New Zealand Ltd.		12,225		39,038

Swisscom AG (Registered)		150		89,136

Telecom Italia SpA(b)		30,275		8,882

Telefonica SA		24,375		119,135

Telenor ASA		3,075		43,865

Telia Co. AB		14,500		60,527

Telstra Corp. Ltd.		70,200		201,546

TELUS Corp.		5,075		127,624
				1,826,095

Electric Utilities – 0.8%

Acciona SA		100		19,780


Investments	Shares		Value

Electric Utilities – (continued)

CLP Holdings Ltd.(b)		12,500	$	121,875

Contact Energy Ltd.		4,400		23,361

EDP – Energias de Portugal SA		12,000		56,233

Electricite de France SA		4,875		44,661

Elia Group SA/NV(b)		150		24,005

Endesa SA(b)		1,300		27,470

Enel SpA		33,300		218,437

Entergy Corp.		550		65,368

Fortum OYJ		2,275		38,160

Iberdrola SA		32,500		377,488

Origin Energy Ltd.		8,450		41,074

Orsted A/S(a)		450		50,601

Red Electrica Corp. SA		2,225		44,915

SSE plc		4,475		104,979

Verbund AG*		450		48,517
				1,306,924

Electrical Equipment – 0.9%

ABB Ltd. (Registered)		6,800		207,366

Eaton Corp. plc		1,125		163,148

Emerson Electric Co.		1,750		157,815

Legrand SA		1,750		156,481

Mitsubishi Electric Corp.		10,000		105,588

Prysmian SpA		1,700		55,990

Rockwell Automation, Inc.		275		69,484

Schneider Electric SE		2,400		348,640

Siemens Energy AG		1,550		30,136

Signify NV(a)		400		17,132

Vestas Wind Systems A/S		4,125		106,950
				1,418,730

Electronic Equipment, Instruments & Components – 0.8%

Amphenol Corp., Class A		1,800		128,700

Halma plc		1,450		45,057

Hexagon AB, Class B* (b)		15,300		200,754

Ibiden Co. Ltd.		1,700		64,819

Kyocera Corp.		2,500		132,429

Murata Manufacturing Co. Ltd.		5,000		300,787

Omron Corp.		1,200		71,559

Shimadzu Corp.		1,100		36,381

Spectris plc		650		24,074

Taiyo Yuden Co. Ltd.		700		27,987

TDK Corp.		2,500		78,438

See Accompanying Notes to the Financial Statements.


236		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Electronic Equipment, Instruments & Components – (continued)

TE Connectivity Ltd.		800	$	99,824

Yokogawa Electric Corp.		2,500		40,194
				1,251,003

Energy Equipment & Services – 0.4%

Baker Hughes Co.(b)		3,200		99,264

Halliburton Co.		2,450		87,269

Schlumberger NV		9,875		385,224

Worley Ltd.(b)		1,425		14,086
				585,843

Entertainment – 0.7%

Bollore SE		7,850		37,018

Walt Disney Co. (The)*		9,950		1,110,718
				1,147,736

Equity Real Estate Investment Trusts (REITs) – 1.7%

Alexandria Real Estate Equities, Inc.		400		72,864

Ascendas REIT		17,500		36,244

AvalonBay Communities, Inc.		950		216,106

Big Yellow Group plc(b)		1,325		23,789

British Land Co. plc (The)		6,500		42,256

Camden Property Trust		400		62,756

CapitaLand Integrated Commercial Trust		23,724		40,030

Charter Hall Group(b)		575		6,399

Charter Hall Long Wale REIT		2,850		10,856

Derwent London plc		850		32,186

Dexus		8,750		69,457

Equity Residential		1,400		114,100

Essex Property Trust, Inc.		250		82,318

Gecina SA		100		11,351

Goodman Group		9,225		157,207

Healthpeak Properties, Inc.		3,900		127,959

Host Hotels & Resorts, Inc.		2,875		58,506

Iron Mountain, Inc.(b)		1,175		63,133

Kimco Realty Corp.(b)		3,225		81,689

Klepierre SA*		1,200		28,939

Land Securities Group plc		4,625		43,701

Link REIT		13,146		114,100


Investments	Shares		Value

Equity Real Estate Investment Trusts (REITs) – (continued)

Mid-America Apartment Communities, Inc.(b)		275	$	54,087

Mirvac Group		20,050		34,481

Prologis, Inc.		3,025		484,877

Safestore Holdings plc		1,650		26,102

Segro plc		6,950		117,143

Shopping Centres Australasia Property Group		3,250		7,091

Simon Property Group, Inc.		875		103,250

Stockland		15,350		45,379

Unibail-Rodamco-Westfield*		300		21,521

Ventas, Inc.		2,150		119,433

Vicinity Centres		21,750		28,981

Welltower, Inc.(b)		3,025		274,700
				2,812,991

Food & Staples Retailing – 1.5%

Aeon Co. Ltd.(b)		2,500		47,632

Carrefour SA		3,650		77,627

Coles Group Ltd.		3,850		51,163

Etablissements Franz Colruyt NV(b)		50		1,843

J Sainsbury plc		4,400		12,888

Jeronimo Martins SGPS SA		1,200		25,066

Kesko OYJ, Class B		825		20,914

Koninklijke Ahold Delhaize NV(b)		6,925		205,212

Kroger Co. (The)(b)		2,750		148,390

Marks & Spencer Group plc*		2,650		4,583

Seven & i Holdings Co. Ltd.		3,700		163,296

Walmart, Inc.		9,825		1,503,127

Woolworths Group Ltd.(b)		8,125		222,358
				2,484,099

Food Products – 1.1%

AAK AB		1,125		19,684

Ajinomoto Co., Inc.		2,500		65,317

Associated British Foods plc		1,075		21,682

Barry Callebaut AG (Registered)		25		58,054

Bunge Ltd.		575		65,044

Danone SA		1,975		120,094

General Mills, Inc.		2,475		175,057

Hershey Co. (The)		400		90,308

Kellogg Co.(b)		1,400		95,900

Kerry Group plc, Class A(b)		775		85,846

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			237

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Food Products – (continued)

McCormick & Co., Inc. (Non-Voting)		675	$	67,885

Mowi ASA		3,475		99,477

Nestle SA (Registered)		6,425		834,029

Orkla ASA		4,225		34,629

Salmar ASA		525		43,560
				1,876,566

Gas Utilities – 0.1%

Enagas SA(b)		1,575		34,178

Italgas SpA		3,200		20,863

Naturgy Energy Group SA(b)		775		23,489

Rubis SCA		500		13,419

Snam SpA		13,475		74,261

Tokyo Gas Co. Ltd.		2,500		48,067
				214,277

Health Care Equipment & Supplies – 2.7%

Abbott Laboratories		9,750		1,106,625

Ansell Ltd.(b)		1,300		25,239

Baxter International, Inc.		1,525		108,367

Becton Dickinson and Co.		1,175		290,448

Boston Scientific Corp.*		5,700		240,027

Coloplast A/S, Class B		325		44,201

ConvaTec Group plc(a) (b)		6,600		17,567

DENTSPLY SIRONA, Inc.		875		34,991

Edwards Lifesciences Corp.*		1,650		174,537

Elekta AB, Class B(b)		425		2,896

Fisher & Paykel Healthcare Corp. Ltd.		3,125		43,608

Getinge AB, Class B(b)		1,100		32,191

GN Store Nord A/S		850		32,403

Hologic, Inc.*		1,450		104,386

Hoya Corp.		2,500		250,656

Intuitive Surgical, Inc.*		1,450		346,985

Koninklijke Philips NV		5,550		146,374

Medtronic plc		3,625		378,305

Olympus Corp.		5,000		89,109

Siemens Healthineers AG(a)		825		44,613

Smith & Nephew plc		3,900		63,801

Sonova Holding AG (Registered)		325		118,931

Straumann Holding AG (Registered)		750		90,056

Stryker Corp.		1,800		434,268


Investments	Shares		Value

Health Care Equipment & Supplies – (continued)

Terumo Corp.		5,000	$	150,278
				4,370,862

Health Care Providers & Services – 1.9%

Anthem, Inc.		1,325		665,057

Cigna Corp.		900		222,102

Fresenius SE & Co. KGaA		1,550		55,269

Galenica AG(a)		300		22,253

Orpea SA		550		19,774

Ramsay Health Care Ltd.		1,175		67,728

Sonic Healthcare Ltd.		2,050		53,509

Summerset Group Holdings Ltd.(b)		1,450		11,030

UnitedHealth Group, Inc.		3,850		1,957,918
				3,074,640

Hotels, Restaurants & Leisure – 1.5%

Accor SA*		975		32,431

Aristocrat Leisure Ltd.		2,000		47,841

Carnival Corp.* (b)		2,975		51,467

Compass Group plc		8,725		186,441

Crown Resorts Ltd.*		2,100		19,251

Domino’s Pizza Enterprises Ltd.(b)		375		20,070

Domino’s Pizza, Inc.		175		59,150

Entain plc*		1,675		31,933

Greggs plc		200		5,901

Hilton Worldwide Holdings, Inc.*		1,475		229,053

InterContinental Hotels Group plc		1,200		77,921

La Francaise des Jeux SAEM(a)		500		18,783

Marriott International, Inc., Class A*		1,225		217,462

McDonald’s Corp.		2,025		504,549

MGM Resorts International		1,400		57,456

Oriental Land Co. Ltd.(b)		1,400		213,685

Royal Caribbean Cruises Ltd.* (b)		775		60,241

Sands China Ltd.*		10,000		22,482

Sodexo SA		525		39,944

Star Entertainment Grp Ltd. (The)*		9,425		21,232

Starbucks Corp.		4,700		350,808

Tabcorp Holdings Ltd.		7,975		30,944

TUI AG, DI*		3,725		10,771

Whitbread plc*		1,150		40,673

Yum! Brands, Inc.		1,575		184,291
				2,534,780

See Accompanying Notes to the Financial Statements.


238		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Household Durables – 0.8%

Barratt Developments plc		2,000	$	12,417

Berkeley Group Holdings plc*		300		15,368

Casio Computer Co. Ltd.		2,500		26,146

Electrolux AB, Class B(b)		50		772

Nikon Corp.(b)		2,600		29,520

Panasonic Holdings Corp.		15,000		134,358

Persimmon plc		475		12,524

SEB SA		50		6,050

Sekisui Chemical Co. Ltd.		2,500		33,942

Sekisui House Ltd.		2,500		43,590

Sony Group Corp.		10,000		866,008

Taylor Wimpey plc		13,125		20,911

Vistry Group plc		2,050		21,530

Whirlpool Corp.		225		40,842
				1,263,978

Household Products – 1.2%

Clorox Co. (The)		500		71,735

Colgate-Palmolive Co.		2,425		186,846

Essity AB, Class B		4,500		119,928

Henkel AG & Co. KGaA (Preference)		1,375		89,006

Kimberly-Clark Corp.		925		128,418

Procter & Gamble Co. (The)		6,550		1,051,603

Reckitt Benckiser Group plc		3,975		311,414

Unicharm Corp.		1,200		41,930
				2,000,880

Independent Power and Renewable Electricity Producers – 0.0%(d)

Drax Group plc		1,450		14,709

Meridian Energy Ltd.		3,500		10,768

Uniper SE		650		16,814
				42,291

Industrial Conglomerates – 1.0%

3M Co.		2,425		349,734

DCC plc		325		24,801

General Electric Co.		9,150		682,132

Hitachi Ltd.		5,300		248,391

Investment AB Latour, Class B		75		2,015

Keppel Corp. Ltd.		5,000		24,875


Investments	Shares		Value

Industrial Conglomerates – (continued)

Siemens AG (Registered)		2,450	$	304,417

Smiths Group plc		1,800		33,390

Storskogen Group AB, Class B*		1,425		3,050
				1,672,805

Insurance – 1.8%

Admiral Group plc		450		14,260

Aegon NV		7,350		38,498

Aflac, Inc.		2,625		150,360

Ageas SA		350		16,940

Allianz SE (Registered)		950		216,676

ASR Nederland NV		850		38,863

Assicurazioni Generali SpA(b)		8,350		159,440

Aviva plc		19,225		104,586

AXA SA		13,025		349,839

CNP Assurances		850		18,723

Direct Line Insurance Group plc		5,375		17,120

Gjensidige Forsikring ASA		1,775		38,409

Hannover Rueck SE		275		43,198

Hartford Financial Services Group, Inc. (The)		1,075		75,175

Insurance Australia Group Ltd.(b)		13,025		42,023

Japan Post Holdings Co. Ltd.		5,000		35,177

Legal & General Group plc		14,575		46,131

Medibank Pvt Ltd.		14,275		32,462

MetLife, Inc.		2,950		193,756

MS&AD Insurance Group Holdings, Inc.		1,100		32,951

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		925		221,806

nib holdings Ltd.		2,300		11,572

Poste Italiane SpA(a)		2,900		28,691

Power Corp. of Canada		2,900		85,771

Principal Financial Group, Inc.		1,450		98,803

QBE Insurance Group Ltd.		7,950		69,604

Sampo OYJ, Class A		1,400		68,544

Storebrand ASA		2,850		25,158

Sun Life Financial, Inc.		2,200		110,013

Suncorp Group Ltd.		6,275		51,104

Swiss Life Holding AG (Registered)		150		88,549

Swiss Re AG		1,175		97,230

Tryg A/S		2,050		49,133

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			239

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Insurance – (continued)

Zurich Insurance Group AG		700	$	321,568
				2,992,133

Interactive Media & Services – 4.0%

Alphabet, Inc., Class C*		1,300		2,989,129

carsales.com Ltd.		2,350		35,705

Meta Platforms, Inc., Class A*		15,850		3,177,450

REA Group Ltd.		450		41,388

Rightmove plc		4,625		35,909

Snap, Inc., Class A*		8,225		234,083

Z Holdings Corp.		17,500		69,508
				6,583,172

Internet & Direct Marketing Retail – 4.0%

Amazon.com, Inc.*		2,500		6,214,075

Delivery Hero SE* (a)		250		8,925

eBay, Inc.		2,375		123,310

Etsy, Inc.* (b)		775		72,222

Just Eat Takeaway.com NV* (a)		425		11,792

Rakuten Group, Inc.(b)		5,000		35,428

Zalando SE* (a)		817		32,605

Zalando SE* (a)		233		9,299
				6,507,656

IT Services – 3.5%

Accenture plc, Class A		5,400		1,621,944

Alten SA		100		13,641

Atos SE(b)		200		4,937

Bechtle AG		700		32,729

Block, Inc., Class A*		1,300		129,402

Capgemini SE		1,100		227,563

CGI, Inc.*		1,425		114,219

Cognizant Technology Solutions Corp., Class A		2,850		230,565

Edenred		1,475		74,753

Fidelity National Information Services, Inc.		1,600		158,640

Fujitsu Ltd.		1,600		230,750

International Business Machines Corp.		6,075		803,176

Itochu Techno-Solutions Corp.		2,500		58,950

Mastercard, Inc., Class A		3,550		1,289,999


Investments	Shares		Value

IT Services – (continued)

NEC Corp.		2,500	$	97,445

NEXTDC Ltd.* (b)		2,175		17,435

Nomura Research Institute Ltd.		1,100		31,499

NTT Data Corp.		5,000		92,737

PayPal Holdings, Inc.*		4,650		408,874

Softcat plc		125		2,222

Sopra Steria Group SACA		75		13,427

Worldline SA* (a)		1,150		45,919
				5,700,826

Leisure Products – 0.1%

Bandai Namco Holdings, Inc.		1,000		68,377

Hasbro, Inc.		700		61,642

MIPS AB(a)		275		19,836

Thule Group AB(a) (b)		400		14,169

Yamaha Corp.		900		34,733
				198,757

Life Sciences Tools & Services – 1.2%

Agilent Technologies, Inc.		725		86,471

Charles River Laboratories International, Inc.*		100		24,151

Danaher Corp.		2,725		684,329

Eurofins Scientific SE		725		67,857

Illumina, Inc.*		625		185,406

Lonza Group AG (Registered)		325		193,664

PerkinElmer, Inc. (b)		275		40,318

QIAGEN NV*		850		39,491

Sartorius Stedim Biotech		25		8,252

Tecan Group AG (Registered)		50		15,227

Thermo Fisher Scientific, Inc.		1,075		594,389

West Pharmaceutical Services, Inc.		200		63,012
				2,002,567

Machinery – 1.6%

Alfa Laval AB(b)		1,725		48,773

Alstom SA(b)		1,375		30,636

Atlas Copco AB, Class A(b)		2,650		122,280

Caterpillar, Inc.		1,525		321,074

CNH Industrial NV		4,175		60,473

Cummins, Inc.		350		66,217

Daifuku Co. Ltd.		800		49,707

Deere & Co.		825		311,479

See Accompanying Notes to the Financial Statements.


240		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Machinery – (continued)

Ebara Corp.		300	$	13,939

Epiroc AB, Class A(b)		3,775		77,710

FANUC Corp.		500		77,821

Fortive Corp.		1,275		73,312

GEA Group AG		700		27,449

Georg Fischer AG (Registered)		520		28,661

Husqvarna AB, Class B		4,050		39,080

Indutrade AB		1,675		40,159

Kawasaki Heavy Industries Ltd.		2,500		44,535

KION Group AG		250		14,047

Knorr-Bremse AG		375		27,036

Kone OYJ, Class B		2,950		143,437

Metso Outotec OYJ		4,525		39,182

MINEBEA MITSUMI, Inc.		2,500		48,626

Mitsubishi Heavy Industries Ltd.		2,500		85,578

NGK Insulators Ltd.		2,500		33,807

Otis Worldwide Corp.		1,650		120,186

Parker-Hannifin Corp.(b)		325		88,016

Sandvik AB(b)		6,675		128,308

Schindler Holding AG		175		34,147

SKF AB, Class B(b)		2,400		39,786

Spirax-Sarco Engineering plc		350		53,390

Trelleborg AB, Class B(b)		2,150		47,859

Valmet OYJ		1,550		41,959

Volvo AB, Class B		9,650		156,121

Wartsila OYJ Abp		2,450		19,896

Weir Group plc (The)		650		12,723

Xylem, Inc.		425		34,212
				2,601,621

Marine – 0.2%

AP Moller – Maersk A/S, Class B		25		73,320

Kuehne + Nagel International AG (Registered)		175		49,598

Mitsui OSK Lines Ltd.		2,500		59,239

Nippon Yusen KK		900		65,715
				247,872

Media – 0.2%

Dentsu Group, Inc.		1,200		43,578

Informa plc* (b)		6,150		44,367

Interpublic Group of Cos., Inc. (The)		2,475		80,734


Investments	Shares		Value

Media – (continued)

ITV plc		17,525	$	16,348

Nordic Entertainment Group AB, Class B*		100		3,336

Pearson plc		3,775		37,243

Publicis Groupe SA		1,625		98,709

Vivendi SE		3,450		39,890

WPP plc		2,250		28,390
				392,595

Metals & Mining – 1.8%

Anglo American plc		4,450		200,349

Antofagasta plc		1,375		26,775

ArcelorMittal SA		3,275		97,136

Aurubis AG		175		20,151

BHP Group Ltd.(b)		23,250		793,251

BHP Group Ltd.		5,175		177,049

BlueScope Steel Ltd.		3,000		43,790

Boliden AB (b)		1,550		68,246

Fortescue Metals Group Ltd.(b)		9,750		149,871

Glencore plc*		39,925		249,276

JFE Holdings, Inc.		2,500		30,777

Lynas Rare Earths Ltd.*		5,850		38,081

Mineral Resources Ltd.		925		38,481

Newcrest Mining Ltd.(b)		3,325		63,515

Newmont Corp.		3,425		249,612

Norsk Hydro ASA		8,625		74,006

Rio Tinto Ltd.		2,175		174,397

Rio Tinto plc		5,075		363,567

Sims Ltd.		175		2,583

South32 Ltd.		22,550		76,440

voestalpine AG		175		4,627
				2,941,980

Mortgage Real Estate Investment Trusts (REITs) – 0.0%(d)

Annaly Capital Management, Inc.(b)		5,700		36,594

Multiline Retail – 0.5%

Isetan Mitsukoshi Holdings Ltd.		2,600		19,325

Next plc		600		45,394

Target Corp.		1,950		445,868

Wesfarmers Ltd.		7,975		280,028
				790,615

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			241

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Multi-Utilities – 0.5%

A2A SpA		12,600	$	21,693

AGL Energy Ltd.		5,200		32,076

Centrica plc*		27,625		27,559

CMS Energy Corp.		950		65,256

E.ON SE		5,100		53,426

Engie SA(b)		8,575		102,421

Hera SpA		8,400		31,512

National Grid plc		17,475		261,962

Sempra Energy(b)		1,300		209,768

Veolia Environnement SA(b)		1,250		36,791
				842,464

Oil, Gas & Consumable Fuels – 5.3%

Aker BP ASA(b)		875		31,979

Ampol Ltd.		1,375		33,076

APA Corp.		900		36,837

BP plc		74,000		363,777

Chevron Corp.		15,875		2,487,136

Enbridge, Inc.		6,650		291,694

Eni SpA		14,625		206,590

Equinor ASA		6,325		217,961

Exxon Mobil Corp.		29,075		2,478,644

Galp Energia SGPS SA		1,725		21,164

Lundin Energy AB		400		16,746

Neste OYJ		1,300		56,503

OMV AG		725		37,554

Phillips 66(b)		1,775		153,999

Repsol SA		4,275		64,424

Shell plc		42,350		1,155,797

Suncor Energy, Inc.		4,700		169,826

TotalEnergies SE(b)		15,850		789,647

Woodside Petroleum Ltd.		1,674		37,057
				8,650,411

Paper & Forest Products – 0.1%

Mondi plc		1,775		33,651

Stora Enso OYJ, Class R		3,350		66,776

Svenska Cellulosa AB SCA, Class B		3,725		73,086
				173,513

Personal Products – 1.1%

Beiersdorf AG		450		45,489

Estee Lauder Cos., Inc. (The), Class A		1,275		336,677


Investments	Shares		Value

Personal Products – (continued)

Kao Corp.		1,200	$	48,450

L’Oreal SA		1,475		542,906

Shiseido Co. Ltd.		3,600		170,497

Unilever plc		9,076		423,777

Unilever plc		5,649		263,823
				1,831,619

Pharmaceuticals – 10.3%

ALK-Abello A/S*		500		11,009

Astellas Pharma, Inc.		12,500		190,838

AstraZeneca plc		8,625		1,157,370

Bayer AG (Registered)*		4,300		285,332

Bristol-Myers Squibb Co.		12,100		910,767

Daiichi Sankyo Co. Ltd.		10,000		251,775

Dechra Pharmaceuticals plc		450		20,554

Eisai Co. Ltd.		1,300		56,832

Eli Lilly & Co.		3,450		1,007,849

GlaxoSmithKline plc		28,525		643,562

Ipsen SA		225		23,428

Johnson & Johnson		21,650		3,906,959

Kyowa Kirin Co. Ltd.		2,500		52,736

Merck & Co., Inc.		17,150		1,521,033

Merck KGaA		850		158,672

Novartis AG (Registered)		16,575		1,477,261

Novo Nordisk A/S, Class B		7,575		872,630

Ono Pharmaceutical Co. Ltd.		2,500		64,314

Orion OYJ, Class B		625		24,686

Otsuka Holdings Co. Ltd.		1,300		43,778

Pfizer, Inc.		30,625		1,502,769

Roche Holding AG		3,975		1,484,098

Sanofi		6,925		739,173

Santen Pharmaceutical Co. Ltd.		2,500		20,512

Shionogi & Co. Ltd.		2,500		140,302

Takeda Pharmaceutical Co. Ltd.		7,500		218,181

UCB SA		525		60,037

Vifor Pharma AG		250		44,313
				16,890,770

Professional Services – 0.5%

Adecco Group AG (Registered)		875		34,391

ALS Ltd.		1,975		18,386

Booz Allen Hamilton Holding Corp.		725		59,182

Bureau Veritas SA		2,075		60,045

DKSH Holding AG		100		8,659

Experian plc		2,475		86,758

See Accompanying Notes to the Financial Statements.


242		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Professional Services – (continued)

Intertek Group plc		725	$	45,585

Randstad NV		500		26,827

RELX plc		11,300		339,499

SGS SA (Registered)		25		64,956

Teleperformance		125		45,191
				789,479

Real Estate Management & Development – 0.6%

Aroundtown SA		3,100		15,691

Capitaland Investment Ltd.*		12,500		38,290

Castellum AB(b)		1,375		27,505

CBRE Group, Inc., Class A* (b)		2,275		188,916

City Developments Ltd.		2,500		15,461

Daiwa House Industry Co. Ltd.		2,500		60,648

Fabege AB		950		11,655

Hongkong Land Holdings Ltd.		5,000		23,450

Hulic Co. Ltd.		2,500		21,187

Kojamo OYJ		475		9,486

Mitsubishi Estate Co. Ltd.		5,000		72,688

Mitsui Fudosan Co. Ltd.		5,000		105,955

Samhallsbyggnadsbolaget i Norden AB(b)		3,075		9,749

Sumitomo Realty & Development Co. Ltd.(b)		1,100		29,156

Sun Hung Kai Properties Ltd.		6,000		69,550

Swire Properties Ltd.		10,000		24,190

Swiss Prime Site AG (Registered)		625		61,492

Tokyu Fudosan Holdings Corp.		2,500		13,063

Vonovia SE*		4,975		199,438

Wihlborgs Fastigheter AB		250		4,381
				1,001,951

Road & Rail – 0.7%

Canadian National Railway Co.		3,125		369,411

Canadian Pacific Railway Ltd.		4,150		305,133

ComfortDelGro Corp. Ltd.		10,000		10,645

Hankyu Hanshin Holdings, Inc.		1,100		29,164

MTR Corp. Ltd.		12,500		66,673

Tokyu Corp.		2,600		31,928

Uber Technologies, Inc.*		7,925		249,479

West Japan Railway Co.		900		33,649
				1,096,082


Investments	Shares		Value

Semiconductors & Semiconductor Equipment – 5.4%

Advanced Micro Devices, Inc.*		5,050	$	431,876

Advantest Corp.		1,100		76,328

ams-OSRAM AG*		525		6,566

Analog Devices, Inc.		1,500		231,570

Applied Materials, Inc.		3,725		411,054

ASML Holding NV		1,850		1,069,508

BE Semiconductor Industries NV(b)		475		29,435

Infineon Technologies AG		6,975		201,985

Intel Corp.		22,475		979,685

Lam Research Corp.		750		349,320

Microchip Technology, Inc.		3,200		208,640

Micron Technology, Inc.		5,975		407,435

Nordic Semiconductor ASA*		375		7,706

NVIDIA Corp.		10,300		1,910,341

QUALCOMM, Inc.		4,600		642,574

Renesas Electronics Corp.*		10,000		108,676

Rohm Co. Ltd.		400		28,280

SOITEC*		175		31,929

STMicroelectronics NV(b)		3,425		129,244

Teradyne, Inc.(b)		425		44,821

Texas Instruments, Inc.		6,375		1,085,344

Tokyo Electron Ltd.		1,000		428,219

Wolfspeed, Inc.* (b)		450		41,269
				8,861,805

Software – 8.5%

Adobe, Inc.*		3,250		1,286,838

Autodesk, Inc.*		1,750		331,240

Cadence Design Systems, Inc.*		750		113,137

Dassault Systemes SE		3,400		152,566

Intuit, Inc.		1,525		638,594

Microsoft Corp.		29,150		8,089,708

Netcompany Group A/S* (a)		500		28,179

Open Text Corp.		950		38,244

Oracle Corp.		6,600		484,440

Palo Alto Networks, Inc.*		525		294,672

Sage Group plc (The)		5,875		54,391

Salesforce, Inc.*		4,100		721,354

SAP SE		6,250		643,256

ServiceNow, Inc.*		1,075		513,957

SimCorp A/S		300		21,273

Splunk, Inc.* (b)		650		79,313

Synopsys, Inc.*		825		236,602

WiseTech Global Ltd.(b)		850		27,345

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			243

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Software – (continued)

Workday, Inc., Class A*		475	$	98,182
				13,853,291

Specialty Retail – 1.5%

AutoZone, Inc.*		50		97,773

Best Buy Co., Inc.(b)		1,250		112,413

H & M Hennes & Mauritz AB, Class B(b)		4,050		51,768

Home Depot, Inc. (The)		2,825		848,630

Industria de Diseno Textil SA(b)		4,275		90,649

JB Hi-Fi Ltd.		500		18,822

JD Sports Fashion plc		11,300		18,926

Kingfisher plc		7,800		24,805

Lowe’s Cos., Inc.		2,800		553,644

Ross Stores, Inc.		1,550		154,643

TJX Cos., Inc. (The)		6,350		389,128

Tractor Supply Co.		450		90,652

Williams-Sonoma, Inc.(b)		575		75,026

Yamada Holdings Co. Ltd.		2,800		8,364
				2,535,243

Technology Hardware, Storage & Peripherals – 5.7%

Apple, Inc.		52,550		8,284,507

Canon, Inc.(b)		2,500		57,792

Dell Technologies, Inc., Class C		1,425		66,989

FUJIFILM Holdings Corp.		2,500		138,411

Hewlett Packard Enterprise Co.		9,575		147,551

HP, Inc.(b)		7,700		282,051

Konica Minolta, Inc.		5,000		17,521

Logitech International SA (Registered)		425		28,215

NetApp, Inc.		1,150		84,238

Ricoh Co. Ltd.		2,600		19,085

Seagate Technology Holdings plc		575		47,173

Western Digital Corp.*		2,750		145,942
				9,319,475

Textiles, Apparel & Luxury Goods – 1.6%

adidas AG		550		112,401

Burberry Group plc		1,650		32,959

Christian Dior SE		25		15,560

Hermes International		150		187,755

HUGO BOSS AG		600		34,092


Investments	Shares		Value

Textiles, Apparel & Luxury Goods – (continued)

Kering SA		425	$	230,050

Lululemon Athletica, Inc.*		850		301,435

LVMH Moet Hennessy Louis Vuitton SE		1,600		1,045,666

Moncler SpA		950		50,391

NIKE, Inc., Class B		3,500		436,450

Pandora A/S		475		42,372

Puma SE		725		54,059

VF Corp.		1,575		81,900
				2,625,090

Thrifts & Mortgage Finance – 0.0%(d)

OSB Group plc		2,825		19,915

Tobacco – 0.5%

Altria Group, Inc.		5,025		279,239

British American Tobacco plc		9,525		400,853

Japan Tobacco, Inc.		5,000		85,810
				765,902

Trading Companies & Distributors – 0.8%

AddTech AB, Class B		1,825		32,705

Ashtead Group plc		2,275		119,363

Electrocomponents plc		425		5,629

Ferguson plc		1,275		162,317

IMCD NV		275		44,300

Marubeni Corp.		7,500		82,346

Mitsubishi Corp.		7,500		253,724

Mitsui & Co. Ltd.		10,000		243,131

Rexel SA*		2,050		42,474

Sojitz Corp.(b)		1,599		24,523

Sumitomo Corp.		7,500		119,337

Toyota Tsusho Corp.		2,500		90,595

Travis Perkins plc		1,725		26,606

United Rentals, Inc.* (b)		175		55,391

WW Grainger, Inc.		125		62,504
				1,364,945

Transportation Infrastructure – 0.2%

Aena SME SA* (a)		225		32,353

Aeroports de Paris*		125		17,875

Atlantia SpA*		2,750		66,232

Auckland International Airport Ltd.*		8,475		43,098

Getlink SE		3,200		59,010

Qube Holdings Ltd.		7,100		14,935

See Accompanying Notes to the Financial Statements.


244		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Transportation Infrastructure – (continued)

Transurban Group		16,375	$	166,873
				400,376

Water Utilities – 0.2%

American Water Works Co., Inc.		975		150,228

Pennon Group plc		825		11,518

Severn Trent plc		1,675		66,159

United Utilities Group plc		2,725		39,379
				267,284

Wireless Telecommunication Services – 0.2%

Tele2 AB, Class B(b)		2,750		36,589

Vodafone Group plc		142,425		217,331
				253,920
Total Common Stocks (Cost $141,113,185)				162,192,893
Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS(e) – 1.3%

REPURCHASE AGREEMENTS – 1.3%

Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $2,134,102, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 – 5/15/2040; total market value $2,147,911 (Cost $2,134,066)	$	2,134,066		2,134,066
Total Investments – 100.4% (Cost $143,247,251)				164,326,959

Liabilities in excess of other assets – (0.4%)				(586,834	)
NET ASSETS – 100.0%			$	163,740,125

*	Non-income producing security.

^(a)

^(b)

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

^(c)

^(d)

Represents less than 0.05% of net assets.

^(e)

The security was purchased with cash collateral held from securities on loan at April 30, 2022. The total value of securities purchased was $2,134,066.

Percentages shown are based on Net Assets.

Abbreviations

DI – Depositary Interest

OYJ – Public Limited Company

SCA – Limited partnership with share capital



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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			245

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

Futures Contracts

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


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

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

Forward Foreign Currency Contracts

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


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

See Accompanying Notes to the Financial Statements.


246		FLEXSHARES SEMIANNUAL REPORT

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

Abbreviations:

AUD – Australian Dollar

CHF – Swiss Franc

DKK – Danish Krone

EUR – Euro

GBP – British Pound

JPY – Japanese Yen

NOK – Norwegian Krone

SEK – Swedish Krona

SGD – Singapore Dollar

USD – US Dollar

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


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

^†	Amount represents less than 0.05%.

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


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

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			247

Schedule of Investments

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

April 30, 2022 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 99.5%

Air Freight & Logistics – 0.2%

United Parcel Service, Inc., Class B		121	$	21,778

Automobiles – 2.3%

General Motors Co.*		99		3,753

Tesla, Inc.*		341		296,929
				300,682

Banks – 3.6%

Bank of America Corp.		4,829		172,299

Citigroup, Inc.		2,134		102,880

Fifth Third Bancorp		308		11,559

JPMorgan Chase & Co.		1,331		158,868

KeyCorp		407		7,859

PNC Financial Services Group, Inc. (The)		66		10,963
				464,428

Beverages – 1.7%

Coca-Cola Co. (The)		418		27,007

PepsiCo, Inc.		1,111		190,770
				217,777

Biotechnology – 2.5%

AbbVie, Inc.		605		88,862

Amgen, Inc.		627		146,210

Biogen, Inc.*		253		52,482

Regeneron Pharmaceuticals, Inc.*		22		14,501

Vertex Pharmaceuticals, Inc.*		66		18,033
				320,088

Building Products – 1.0%

Johnson Controls International plc		1,276		76,394

Trane Technologies plc		407		56,935
				133,329

Capital Markets – 3.6%

Bank of New York Mellon Corp. (The)		55		2,313

Goldman Sachs Group, Inc. (The)		220		67,208

Moody’s Corp.		297		93,995

Morgan Stanley		1,309		105,492

MSCI, Inc.		55		23,169


Investments	Shares		Value

Capital Markets – (continued)

S&P Global, Inc.		352	$	132,528

State Street Corp.		594		39,780
				464,485

Chemicals – 1.7%

Ecolab, Inc.		396		67,059

International Flavors & Fragrances, Inc.		440		53,372

PPG Industries, Inc.		418		53,500

Sherwin-Williams Co. (The)		187		51,417
				225,348

Commercial Services & Supplies – 0.9%

Waste Management, Inc.		737		121,192

Communications Equipment – 1.2%

Arista Networks, Inc.*		330		38,138

Cisco Systems, Inc.		2,321		113,683
				151,821

Consumer Finance – 0.1%

American Express Co.		88		15,374

Containers & Packaging – 0.1%

Packaging Corp. of America		77		12,410

Diversified Financial Services – 0.8%

Apollo Global Management, Inc.		396		19,705

Berkshire Hathaway, Inc., Class B*		220		71,023

Equitable Holdings, Inc.		638		18,393
				109,121

Diversified Telecommunication Services – 1.1%

AT&T, Inc.		4,246		80,079

Verizon Communications, Inc.		1,342		62,135
				142,214

Electric Utilities – 1.0%

Eversource Energy		605		52,877

Exelon Corp.		1,716		80,274
				133,151

Electrical Equipment – 0.3%

Plug Power, Inc.*		1,012		21,272

See Accompanying Notes to the Financial Statements.


248		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Electrical Equipment – (continued)

Rockwell Automation, Inc.		88	$	22,235
				43,507

Electronic Equipment, Instruments & Components – 0.3%

TE Connectivity Ltd.		260		33,095

TE Connectivity Ltd.		4		499
				33,594

Energy Equipment & Services – 0.8%

Baker Hughes Co.		1,089		33,781

Halliburton Co.		1,034		36,831

Schlumberger NV		726		28,321
				98,933

Entertainment – 1.4%

Electronic Arts, Inc.		176		20,777

Spotify Technology SA*		154		15,654

Walt Disney Co. (The)*		1,100		122,793

Warner Bros Discovery, Inc.*		1,045		18,967
				178,191

Equity Real Estate Investment Trusts (REITs) – 3.1%

Boston Properties, Inc.		253		29,753

Equinix, Inc.		154		110,738

Healthpeak Properties, Inc.		902		29,595

Prologis, Inc.		968		155,161

Ventas, Inc.		671		37,274

Weyerhaeuser Co.		869		35,820
				398,341

Food & Staples Retailing – 0.8%

Kroger Co. (The)		407		21,962

Walgreens Boots Alliance, Inc.		1,320		55,968

Walmart, Inc.		165		25,243
				103,173

Food Products – 0.7%

General Mills, Inc.		319		22,563

Kellogg Co.		440		30,140

Mondelez International, Inc., Class A		616		39,720
				92,423


Investments	Shares		Value

Health Care Equipment & Supplies – 2.2%

Abbott Laboratories		858	$	97,383

Baxter International, Inc.		385		27,358

Boston Scientific Corp.*		924		38,910

Edwards Lifesciences Corp.*		165		17,454

Medtronic plc		1,045		109,056
				290,161

Health Care Providers & Services – 4.0%

Anthem, Inc.		319		160,116

Cigna Corp.		583		143,873

CVS Health Corp.		517		49,699

Humana, Inc.		154		68,462

UnitedHealth Group, Inc.		187		95,099
				517,249

Health Care Technology – 0.1%

Veeva Systems, Inc., Class A*		99		18,013

Hotels, Restaurants & Leisure – 1.7%

Caesars Entertainment, Inc.*		187		12,394

Hilton Worldwide Holdings, Inc.*		55		8,541

Las Vegas Sands Corp.*		572		20,266

McDonald’s Corp.		572		142,520

Starbucks Corp.		528		39,410
				223,131

Household Durables – 0.1%

Whirlpool Corp.		110		19,967

Household Products – 2.2%

Church & Dwight Co., Inc.		132		12,878

Clorox Co. (The)		121		17,360

Colgate-Palmolive Co.		979		75,432

Kimberly-Clark Corp.		286		39,705

Procter & Gamble Co. (The)		891		143,050
				288,425

Industrial Conglomerates – 0.3%

3M Co.		253		36,488

Insurance – 2.8%

American International Group, Inc.		451		26,388

Chubb Ltd.		361		76,079

Chubb Ltd.		2		413

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			249

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Insurance – (continued)

Hartford Financial Services Group, Inc. (The)		627	$	43,846

Marsh & McLennan Cos., Inc.		440		71,148

MetLife, Inc.		1,320		86,698

Prudential Financial, Inc.		462		50,132

Travelers Cos., Inc. (The)		99		16,935
				371,639

Interactive Media & Services – 5.8%

Alphabet, Inc., Class A*		132		301,249

Alphabet, Inc., Class C*		126		289,716

Meta Platforms, Inc., Class A*		803		160,977
				751,942

Internet & Direct Marketing Retail – 3.6%

Amazon.com, Inc.*		154		382,787

eBay, Inc.		1,221		63,394

Etsy, Inc.*		220		20,502
				466,683

IT Services – 4.6%

Accenture plc, Class A		77		23,128

Akamai Technologies, Inc.*		231		25,937

Automatic Data Processing, Inc.		561		122,399

Cloudflare, Inc., Class A*		132		11,370

International Business Machines Corp.		803		106,165

Mastercard, Inc., Class A		583		211,850

Okta, Inc.*		132		15,749

Twilio, Inc., Class A*		77		8,610

Visa, Inc., Class A		374		79,711
				604,919

Leisure Products – 0.1%

Hasbro, Inc.		220		19,373

Life Sciences Tools & Services – 1.2%

Agilent Technologies, Inc.		165		19,679

Illumina, Inc.*		198		58,737

Mettler-Toledo International, Inc.*		22		28,106

Thermo Fisher Scientific, Inc.		33		18,246

West Pharmaceutical Services, Inc.		99		31,191
				155,959


Investments	Shares		Value

Machinery – 2.0%

Caterpillar, Inc.		231	$	48,635

Cummins, Inc.		253		47,865

Deere & Co.		198		74,755

Illinois Tool Works, Inc.		176		34,691

Stanley Black & Decker, Inc.		297		35,685

Xylem, Inc.		308		24,794
				266,425

Media – 0.8%

Comcast Corp., Class A		1,034		41,112

Interpublic Group of Cos., Inc. (The)		583		19,017

Omnicom Group, Inc.		308		23,448

Paramount Global, Class B		682		19,860
				103,437

Metals & Mining – 0.4%

Newmont Corp.		627		45,677

Steel Dynamics, Inc.		55		4,716
				50,393

Multiline Retail – 0.7%

Target Corp.		407		93,061

Multi-Utilities – 1.1%

Consolidated Edison, Inc.		605		56,108

Sempra Energy		561		90,523
				146,631

Oil, Gas & Consumable Fuels – 2.9%

ConocoPhillips		814		77,753

Devon Energy Corp.		264		15,357

Diamondback Energy, Inc.		55		6,943

Exxon Mobil Corp.		264		22,506

Hess Corp.		462		47,618

Marathon Petroleum Corp.		781		68,150

Occidental Petroleum Corp.		616		33,935

Pioneer Natural Resources Co.		176		40,915

Valero Energy Corp.		440		49,051

Williams Cos., Inc. (The)		341		11,693
				373,921

Personal Products – 0.7%

Estee Lauder Cos., Inc. (The), Class A		352		92,949

See Accompanying Notes to the Financial Statements.


250		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Pharmaceuticals – 4.9%

Bristol-Myers Squibb Co.		1,067	$	80,313

Eli Lilly & Co.		440		128,537

Johnson & Johnson		1,144		206,447

Merck & Co., Inc.		968		85,852

Pfizer, Inc.		2,816		138,181
				639,330

Professional Services – 0.6%

Equifax, Inc.		198		40,297

TransUnion		88		7,702

Verisk Analytics, Inc.		132		26,934
				74,933

Road & Rail – 1.8%

CSX Corp.		3,410		117,099

Norfolk Southern Corp.		374		96,447

Union Pacific Corp.		88		20,618
				234,164

Semiconductors & Semiconductor Equipment – 4.5%

Advanced Micro Devices, Inc.*		330		28,222

Applied Materials, Inc.		418		46,126

Enphase Energy, Inc.*		220		35,508

Intel Corp.		2,431		105,967

Micron Technology, Inc.		594		40,505

NVIDIA Corp.		1,166		216,258

QUALCOMM, Inc.		418		58,390

SolarEdge Technologies, Inc.*		88		22,036

Texas Instruments, Inc.		187		31,837
				584,849

Software – 9.9%

Adobe, Inc.*		363		143,730

Autodesk, Inc.*		198		37,477

Bill.com Holdings, Inc.*		33		5,633

Cadence Design Systems, Inc.*		22		3,319

Crowdstrike Holdings, Inc., Class A*		66		13,118

Intuit, Inc.		33		13,819

Microsoft Corp.		2,761		766,233

NortonLifeLock, Inc.		77		1,928

Oracle Corp.		737		54,096

Salesforce, Inc.*		836		147,086


Investments	Shares		Value

Software – (continued)

VMware, Inc., Class A		330	$	35,653

Workday, Inc., Class A*		330		68,211

Zoom Video Communications, Inc., Class A*		66		6,572
				1,296,875

Specialty Retail – 1.8%

Best Buy Co., Inc.		99		8,903

Home Depot, Inc. (The)		319		95,828

Lowe’s Cos., Inc.		374		73,951

TJX Cos., Inc. (The)		319		19,548

Tractor Supply Co.		198		39,887
				238,117

Technology Hardware, Storage & Peripherals – 7.9%

Apple, Inc.		5,753		906,961

Dell Technologies, Inc., Class C		440		20,685

Hewlett Packard Enterprise Co.		308		4,746

HP, Inc.		2,145		78,571

NetApp, Inc.		88		6,446

Western Digital Corp.*		187		9,924
				1,027,333

Textiles, Apparel & Luxury Goods – 1.0%

Lululemon Athletica, Inc.*		44		15,604

NIKE, Inc., Class B		715		89,160

VF Corp.		418		21,736
				126,500

Trading Companies & Distributors – 0.3%

WW Grainger, Inc.		77		38,502

Water Utilities – 0.3%

American Water Works Co., Inc.		253		38,982
Total Common Stocks (Cost $13,710,809)				12,971,711

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			251

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


Investments	Principal Amount		Value

SHORT-TERM INVESTMENTS – 0.0%(a)

U.S. TREASURY OBLIGATIONS – 0.0%(a)

U.S. Treasury Bills 0.36%, 6/30/2022(b) (c) (Cost $4,998)	$	5,000	$	4,994
Total Investments – 99.5% (Cost $13,715,807)				12,976,705

Other assets less liabilities – 0.5%				61,789
NET ASSETS – 100.0%			$	13,038,494

*	Non-income producing security.

^(a)

Represents less than 0.05% of net assets.

^(b)

All or a portion of the security pledged as collateral for Futures Contracts.

^(c)

The rate shown was the current yield as of April 30, 2022.

Percentages shown are based on Net Assets.



Aggregate gross unrealized appreciation	$	124,702
Aggregate gross unrealized depreciation		(868,667	)
Net unrealized depreciation	$	(743,965	)
Federal income tax cost	$	13,718,118

Futures Contracts

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


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

Abbreviations:

USD – US Dollar


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

^†	Amount represents less than 0.05%.

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


252		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

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

April 30, 2022 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 98.5%

Air Freight & Logistics – 0.4%

Deutsche Post AG (Registered)		1,232	$	53,184

DSV A/S		80		13,274
				66,458

Auto Components – 1.0%

Bridgestone Corp.		1,600		58,870

Cie Generale des Etablissements Michelin SCA		456		57,270

Denso Corp.		300		18,425

Magna International, Inc.		160		9,692

Sumitomo Electric Industries Ltd.		4,000		43,177
				187,434

Automobiles – 2.3%

Bayerische Motoren Werke AG		312		25,841

Honda Motor Co. Ltd.		800		21,112

Mercedes-Benz Group AG*		952		67,389

Porsche Automobil Holding SE (Preference)		608		51,018

Toyota Motor Corp.		12,800		220,858

Volkswagen AG (Preference)		128		20,112
				406,330

Banks – 11.4%

ABN AMRO Bank NV, CVA(a)		1,440		18,222

Australia & New Zealand Banking Group Ltd.		4,656		90,330

Banco Bilbao Vizcaya Argentaria SA		4,192		22,373

Banco Santander SA		18,000		53,483

Bank of Montreal		784		83,556

Bank of Nova Scotia (The)		2,384		151,745

Barclays plc		13,384		24,903

BNP Paribas SA		2,216		116,199

Canadian Imperial Bank of Commerce		232		25,780

Commonwealth Bank of Australia		2,472		182,489

Credit Agricole SA		1,432		15,675

DBS Group Holdings Ltd.		800		19,651

HSBC Holdings plc		24,288		152,864

ING Groep NV		7,208		69,197

Intesa Sanpaolo SpA		19,000		39,182


Investments	Shares		Value

Banks – (continued)

KBC Group NV		304	$	20,852

Lloyds Banking Group plc		33,152		19,096

Mitsubishi UFJ Financial Group, Inc.		17,600		102,467

Mizuho Financial Group, Inc.		1,600		19,494

National Australia Bank Ltd.		4,968		115,200

NatWest Group plc		9,248		25,312

Nordea Bank Abp		1,704		17,229

Resona Holdings, Inc.		4,800		20,929

Royal Bank of Canada		2,472		250,962

Skandinaviska Enskilda Banken AB, Class A		2,648		30,162

Societe Generale SA		1,840		44,975

Toronto-Dominion Bank (The)		2,760		200,384

UniCredit SpA		2,000		18,789

Westpac Banking Corp.		5,976		101,372
				2,052,872

Beverages – 2.6%

Anheuser-Busch InBev SA/NV		1,200		70,133

Asahi Group Holdings Ltd.		800		30,028

Carlsberg A/S, Class B		280		36,072

Coca-Cola HBC AG*		1,272		26,151

Diageo plc		3,440		173,556

Kirin Holdings Co. Ltd.		2,400		35,205

Pernod Ricard SA		296		61,719

Suntory Beverage & Food Ltd.		800		31,676
				464,540

Biotechnology – 0.7%

CSL Ltd.		448		87,011

Grifols SA		2,528		42,671

Swedish Orphan Biovitrum AB*		216		4,576
				134,258

Building Products – 1.6%

Assa Abloy AB, Class B		2,440		62,536

Cie de Saint-Gobain		1,024		60,852

Daikin Industries Ltd.		200		30,943

Geberit AG (Registered)		88		50,770

Kingspan Group plc		872		81,928

Nibe Industrier AB, Class B		344		3,423
				290,452

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			253

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Capital Markets – 2.4%

Abrdn plc		5,592	$	13,290

Credit Suisse Group AG (Registered)		2,232		15,448

Daiwa Securities Group, Inc.		5,600		27,490

Deutsche Bank AG (Registered)*		1,544		15,679

Deutsche Boerse AG		144		25,248

EQT AB		568		16,495

Hong Kong Exchanges & Clearing Ltd.		900		38,748

IGM Financial, Inc.		536		17,073

London Stock Exchange Group plc		72		7,156

Macquarie Group Ltd.		528		77,664

Nomura Holdings, Inc.		8,800		33,961

St James’s Place plc		2,240		36,504

UBS Group AG (Registered)		6,344		109,246
				434,002

Chemicals – 3.8%

Akzo Nobel NV		720		63,120

Arkema SA		216		24,872

Chr Hansen Holding A/S		408		31,998

Clariant AG (Registered)*		1,560		26,968

Covestro AG(a)		424		18,469

Croda International plc		568		55,652

Givaudan SA (Registered)		16		64,204

Koninklijke DSM NV		704		119,275

Mitsui Chemicals, Inc.		800		18,370

Nissan Chemical Corp.		800		42,667

Novozymes A/S, Class B		240		16,821

Nutrien Ltd.		672		66,377

Shin-Etsu Chemical Co. Ltd.		300		41,645

Sika AG (Registered)		184		57,059

Sumitomo Chemical Co. Ltd.		6,400		27,218

Umicore SA		144		5,610

Wacker Chemie AG		80		12,841
				693,166

Commercial Services & Supplies – 0.3%

Brambles Ltd.		4,104		30,769

Dai Nippon Printing Co. Ltd.		900		18,888
				49,657


Investments	Shares		Value

Communications Equipment – 0.4%

Nokia OYJ*		7,760	$	39,872

Telefonaktiebolaget LM Ericsson, Class B		3,360		27,224
				67,096

Construction & Engineering – 0.1%

WSP Global, Inc.		224		26,258

Diversified Financial Services – 0.2%

M&G plc		10,392		27,947

ORIX Corp.		800		14,659
				42,606

Diversified Telecommunication Services – 2.2%

Deutsche Telekom AG (Registered)		6,648		123,224

Koninklijke KPN NV		6,744		23,371

Nippon Telegraph & Telephone Corp.		900		26,724

Singapore Telecommunications Ltd.		14,400		28,885

Swisscom AG (Registered)		136		80,817

Telecom Italia SpA		27,144		7,964

Telefonica Deutschland Holding AG		4,232		12,809

Telefonica SA		5,200		25,415

Telia Co. AB		2,384		9,951

TELUS Corp.		2,320		58,343
				397,503

Electric Utilities – 2.3%

Acciona SA		48		9,494

Electricite de France SA		680		6,230

Hydro One Ltd.(a)		336		9,130

Iberdrola SA		10,400		120,796

Orsted A/S(a)		1,160		130,439

Red Electrica Corp. SA		2,232		45,056

Terna – Rete Elettrica Nazionale		7,464		61,151

Verbund AG*		344		37,089
				419,385

Electrical Equipment – 2.2%

ABB Ltd. (Registered)		600		18,297

Nidec Corp.		200		13,181

Schneider Electric SE		1,248		181,293

Siemens Gamesa Renewable Energy SA*		608		9,830

Signify NV(a)		496		21,244

See Accompanying Notes to the Financial Statements.


254		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Electrical Equipment – (continued)

Vestas Wind Systems A/S		6,144	$	159,296
				403,141

Electronic Equipment, Instruments & Components – 0.6%

Halma plc		544		16,904

Murata Manufacturing Co. Ltd.		800		48,126

Omron Corp.		800		47,706
				112,736

Energy Equipment & Services – 0.1%

Tenaris SA		816		12,749

Equity Real Estate Investment Trusts (REITs) – 1.6%

British Land Co. plc (The)		3,536		22,988

Gecina SA		240		27,243

GPT Group (The)		3,048		11,025

Japan Real Estate Investment Corp.		8		38,839

Land Securities Group plc		944		8,920

Mirvac Group		13,536		23,279

Nippon Prologis REIT, Inc.		8		22,260

Segro plc		4,504		75,915

Stockland		2,808		8,301

Unibail – Rodamco-Westfield*		320		22,956

Vicinity Centres		18,976		25,285
				287,011

Food & Staples Retailing – 1.8%

Aeon Co. Ltd.		1,600		30,485

Carrefour SA		808		17,184

HelloFresh SE*		136		5,822

Jeronimo Martins SGPS SA		952		19,885

Kesko OYJ, Class B		520		13,182

Loblaw Cos. Ltd.		296		27,216

Tesco plc		20,792		71,004

Woolworths Group Ltd.		4,856		132,895
				317,673

Food Products – 2.8%

Ajinomoto Co., Inc.		800		20,901

Danone SA		184		11,188

Nestle SA (Registered)		3,432		445,508

Orkla ASA		2,976		24,392
				501,989


Investments	Shares		Value

Gas Utilities – 0.3%

Hong Kong & China Gas Co. Ltd.		48,000	$	53,162

Health Care Equipment & Supplies – 1.8%

Coloplast A/S, Class B		192		26,113

Fisher & Paykel Healthcare Corp. Ltd.		840		11,722

Koninklijke Philips NV		4,568		120,475

Olympus Corp.		2,400		42,773

Sonova Holding AG (Registered)		144		52,695

Sysmex Corp.		800		53,165

Terumo Corp.		800		24,044
				330,987

Health Care Providers & Services – 0.2%

Amplifon SpA		136		5,483

Fresenius Medical Care AG & Co. KGaA		280		17,558

Fresenius SE & Co. KGaA		456		16,260
				39,301

Hotels, Restaurants & Leisure – 1.1%

Compass Group plc		2,688		57,439

Entain plc*		272		5,186

Genting Singapore Ltd.*		35,200		20,647

La Francaise des Jeux SAEM(a)		512		19,234

Oriental Land Co. Ltd.		100		15,263

Sands China Ltd.*		12,800		28,777

Whitbread plc*		1,376		48,666

Wynn Macau Ltd.*		6,400		3,997
				199,209

Household Durables – 1.5%

Barratt Developments plc		2,112		13,112

Berkeley Group Holdings plc*		192		9,835

Electrolux AB, Class B		1,960		30,269

Panasonic Holdings Corp.		3,200		28,663

Sekisui House Ltd.		1,700		29,641

Sony Group Corp.		1,800		155,882
				267,402

Household Products – 0.6%

Henkel AG & Co. KGaA (Preference)		904		58,517

Reckitt Benckiser Group plc		736		57,661
				116,178

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			255

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Independent Power and Renewable Electricity Producers – 0.2%

EDP Renovaveis SA		1,472	$	35,157

Industrial Conglomerates – 1.8%

Hitachi Ltd.		4,000		187,465

Siemens AG (Registered)		1,040		129,222
				316,687

Insurance – 6.2%

AIA Group Ltd.		14,400		142,694

Allianz SE (Registered)		784		178,815

ASR Nederland NV		440		20,117

Aviva plc		18,296		99,532

AXA SA		4,752		127,634

Dai-ichi Life Holdings, Inc.		100		2,010

Insurance Australia Group Ltd.		5,208		16,803

Japan Post Insurance Co. Ltd.		800		12,998

Legal & General Group plc		20,752		65,683

MS&AD Insurance Group Holdings, Inc.		2,400		71,893

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		128		30,693

NN Group NV		1,352		66,950

QBE Insurance Group Ltd.		2,328		20,382

Sun Life Financial, Inc.		1,904		95,211

Suncorp Group Ltd.		480		3,909

Swiss Life Holding AG (Registered)		16		9,445

Swiss Re AG		296		24,494

Zurich Insurance Group AG		264		121,277
				1,110,540

Interactive Media & Services – 0.4%

SEEK Ltd.		1,576		31,785

Z Holdings Corp.		10,400		41,308
				73,093

Internet & Direct Marketing Retail – 0.1%

Zalando SE* (a)		272		10,855

IT Services – 1.8%

Amadeus IT Group SA*		120		7,646

Capgemini SE		336		69,510


Investments	Shares		Value

IT Services – (continued)

CGI, Inc.*		664	$	53,222

Edenred		424		21,488

Fujitsu Ltd.		300		43,266

GMO Payment Gateway, Inc.		100		8,560

Itochu Techno-Solutions Corp.		400		9,432

Nexi SpA* (a)		584		5,805

Nomura Research Institute Ltd.		1,600		45,816

Shopify, Inc., Class A*		72		30,731

Worldline SA* (a)		928		37,055
				332,531

Leisure Products – 0.2%

Yamaha Corp.		800		30,874

Machinery – 2.0%

Alstom SA		1,424		31,727

Atlas Copco AB, Class A		464		21,411

Epiroc AB, Class A		1,288		26,514

GEA Group AG		968		37,958

Hitachi Construction Machinery Co. Ltd.		800		18,246

Husqvarna AB, Class B		2,120		20,457

KION Group AG		352		19,778

Knorr-Bremse AG		48		3,461

Komatsu Ltd.		2,400		54,109

Kone OYJ, Class B		432		21,005

Kubota Corp.		800		13,699

Makita Corp.		800		23,902

SKF AB, Class B		1,360		22,545

Volvo AB, Class B		3,160		51,124
				365,936

Media – 1.2%

Dentsu Group, Inc.		900		32,684

Informa plc*		2,768		19,969

Pearson plc		2,288		22,573

Publicis Groupe SA		1,120		68,033

Quebecor, Inc., Class B		296		7,001

WPP plc		5,424		68,439
				218,699

Metals & Mining – 3.4%

BHP Group Ltd.		1,692		57,728

BHP Group Ltd.		156		5,337

See Accompanying Notes to the Financial Statements.


256		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Metals & Mining – (continued)

BlueScope Steel Ltd.		1,808	$	26,391

Boliden AB		392		17,260

Fortescue Metals Group Ltd.		6,704		103,050

Glencore plc*		1,304		8,142

Hitachi Metals Ltd.*		900		14,088

Kinross Gold Corp.		4,624		23,481

Norsk Hydro ASA		5,376		46,128

Rio Tinto Ltd.		784		62,863

Rio Tinto plc		1,272		91,125

Sumitomo Metal Mining Co. Ltd.		200		8,754

Teck Resources Ltd., Class B		2,416		95,804

Wheaton Precious Metals Corp.		1,152		51,901
				612,052

Multiline Retail – 0.3%

Canadian Tire Corp. Ltd., Class A		296		40,982

Next plc		96		7,263
				48,245

Multi-Utilities – 0.3%

Engie SA		1,096		13,091

National Grid plc		2,656		39,815
				52,906

Oil, Gas & Consumable Fuels – 5.4%

Ampol Ltd.		1,024		24,633

Enbridge, Inc.		6,144		269,499

ENEOS Holdings, Inc.		16,000		56,338

Eni SpA		4,384		61,927

Imperial Oil Ltd.		376		19,029

Lundin Energy AB		616		25,789

Neste OYJ		888		38,596

Pembina Pipeline Corp.		264		10,041

Repsol SA		3,656		55,096

Shell plc		9,840		268,455

TotalEnergies SE		2,856		142,286
				971,689

Paper & Forest Products – 0.9%

Mondi plc		2,480		47,016

Oji Holdings Corp.		800		3,804

Stora Enso OYJ, Class R		1,512		30,139


Investments	Shares		Value

Paper & Forest Products – (continued)

UPM-Kymmene OYJ		2,216	$	77,240
				158,199

Personal Products – 2.1%

Kao Corp.		2,400		96,900

L’Oreal SA		464		170,785

Shiseido Co. Ltd.		100		4,736

Unilever plc		2,472		115,423
				387,844

Pharmaceuticals – 9.4%

Astellas Pharma, Inc.		1,600		24,427

AstraZeneca plc		1,816		243,685

Bayer AG (Registered)*		376		24,950

Daiichi Sankyo Co. Ltd.		3,200		80,568

Eisai Co. Ltd.		100		4,372

GlaxoSmithKline plc		8,056		181,754

Kyowa Kirin Co. Ltd.		800		16,876

Merck KGaA		152		28,374

Novartis AG (Registered)		1,800		160,427

Novo Nordisk A/S, Class B		2,296		264,496

Ono Pharmaceutical Co. Ltd.		1,700		43,733

Roche Holding AG		864		322,581

Sanofi		1,616		172,492

Takeda Pharmaceutical Co. Ltd.		3,300		96,000

UCB SA		200		22,871
				1,687,606

Professional Services – 2.1%

Adecco Group AG (Registered)		784		30,814

Experian plc		936		32,810

Randstad NV		712		38,202

Recruit Holdings Co. Ltd.		1,700		63,219

RELX plc		7,336		220,404
				385,449

Real Estate Management & Development – 1.0%

City Developments Ltd.		2,400		14,842

Daiwa House Industry Co. Ltd.		2,400		58,222

ESR Cayman Ltd.* (a)		20,800		63,491

Lendlease Corp. Ltd.		840		7,313

Mitsubishi Estate Co. Ltd.		800		11,630

New World Development Co. Ltd.		8,000		30,690
				186,188

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			257

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Road & Rail – 2.1%

Canadian National Railway Co.		1,072	$	126,723

Canadian Pacific Railway Ltd.		1,192		87,643

Central Japan Railway Co.		200		25,332

East Japan Railway Co.		1,600		84,211

MTR Corp. Ltd.		8,000		42,671

West Japan Railway Co.		300		11,216
				377,796

Semiconductors & Semiconductor Equipment – 2.1%

Advantest Corp.		800		55,511

ASML Holding NV		448		258,994

STMicroelectronics NV		688		25,937

Tokyo Electron Ltd.		100		42,822
				383,264

Software – 2.1%

Open Text Corp.		1,152		46,375

SAP SE		2,480		255,244

WiseTech Global Ltd.		176		5,662

Xero Ltd.*		976		66,828
				374,109

Specialty Retail – 0.8%

Chow Tai Fook Jewellery Group Ltd.*		3,200		5,416

Fast Retailing Co. Ltd.		100		46,434

H & M Hennes & Mauritz AB, Class B		1,616		20,656

Industria de Diseno Textil SA		1,920		40,713

Kingfisher plc		10,664		33,913
				147,132

Technology Hardware, Storage & Peripherals – 0.9%

Canon, Inc.		4,900		113,272

Ricoh Co. Ltd.		3,200		23,489

Seiko Epson Corp.		1,600		22,451
				159,212

Textiles, Apparel & Luxury Goods – 2.7%

adidas AG		144		29,429

Burberry Group plc		1,984		39,630

Cie Financiere Richemont SA (Registered)		672		79,963

Hermes International		24		30,041

Kering SA		152		82,277


Investments	Shares		Value

Textiles, Apparel & Luxury Goods – (continued)

LVMH Moet Hennessy Louis Vuitton SE		304	$	198,677

Puma SE		320		23,860
				483,877

Trading Companies & Distributors – 0.8%

Ferguson plc		216		27,498

Mitsui & Co. Ltd.		4,800		116,703

Rexel SA*		360		7,459
				151,660

Transportation Infrastructure – 0.8%

Getlink SE		2,288		42,192

Transurban Group		9,208		93,836
				136,028

Water Utilities – 0.3%

Severn Trent plc		1,272		50,241

Wireless Telecommunication Services – 0.8%

Rogers Communications, Inc., Class B		192		10,513

SoftBank Corp.		800		9,355

SoftBank Group Corp.		1,600		65,070

Vodafone Group plc		34,560		52,736
				137,674
Total Common Stocks (Cost $19,041,956)				17,759,098

Total Investments – 98.5% (Cost $19,041,956)				17,759,098

Other assets less liabilities – 1.5%				262,043
NET ASSETS – 100.0%			$	18,021,141

*	Non-income producing security.

^(a)

Percentages shown are based on Net Assets.

Abbreviations

CVA – Dutch Certification

OYJ – Public Limited Company

See Accompanying Notes to the Financial Statements.


258		FLEXSHARES SEMIANNUAL REPORT

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

SCA – Limited partnership with share capital



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

Futures Contracts

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


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

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

Forward Foreign Currency Contracts

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


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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			259

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

Forward Foreign Currency Contracts (cont.)


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

See Accompanying Notes to the Financial Statements.


260		FLEXSHARES SEMIANNUAL REPORT

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

Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

DKK – Danish Krone

EUR – Euro

GBP – British Pound

HKD – Hong Kong Dollar

ILS – Israeli Shekel

JPY – Japanese Yen

NOK – Norwegian Krone

NZD – New Zealand Dollar

SEK – Swedish Krona

SGD – Singapore Dollar

USD – US Dollar


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

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			261

Schedule of Investments

FlexShares^® ESG & Climate Emerging Markets Core Index Fund

April 30, 2022 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 98.6%

Air Freight & Logistics – 0.7%

Hyundai Glovis Co. Ltd.		78	$	12,979

ZTO Express Cayman, Inc., ADR		714		19,642
				32,621

Airlines – 0.1%

Korean Air Lines Co. Ltd.*		144		3,457

Auto Components – 0.2%

Hankook Tire & Technology Co. Ltd.		180		4,995

Hanon Systems		472		4,284
				9,279

Automobiles – 1.4%

Hero MotoCorp Ltd.		376		12,329

Li Auto, Inc., ADR*		174		3,903

Mahindra & Mahindra Ltd.		138		1,665

NIO, Inc., ADR*		1,962		32,765

XPeng, Inc., Class A*		1,200		15,753
				66,415

Banks – 16.2%

Agricultural Bank of China Ltd., Class H		54,000		20,372

Akbank TAS		12,842		7,711

Axis Bank Ltd.*		1,684		16,051

Banco Bradesco SA		5,200		15,656

Banco Bradesco SA (Preference)		10,800		39,212

Banco do Brasil SA		1,800		12,075

Banco Santander Brasil SA		1,400		8,976

Bancolombia SA		1,002		9,778

Bancolombia SA (Preference)		1,686		16,275

Bank of the Philippine Islands		5,140		9,344

Bank Polska Kasa Opieki SA		148		3,268

Bank Rakyat Indonesia Persero Tbk. PT		94,800		31,846

China Construction Bank Corp., Class H		86,000		61,271

Commercial International Bank Egypt SAE		5,208		12,619

CTBC Financial Holding Co. Ltd.		54,000		53,587

E.Sun Financial Holding Co. Ltd.		44,000		50,530

First Abu Dhabi Bank PJSC		10,666		65,162

First Financial Holding Co. Ltd.		38,000		35,840


Investments	Shares		Value

Banks – (continued)

Grupo Financiero Banorte SAB de CV, Class O		800	$	5,280

Industrial & Commercial Bank of China Ltd., Class H		72,000		43,496

Itau Unibanco Holding SA (Preference)*		2,800		13,496

KB Financial Group, Inc.		1,092		50,861

mBank SA*		58		3,911

Mega Financial Holding Co. Ltd.		38,000		53,631

Nedbank Group Ltd.		1,628		22,819

OTP Bank Nyrt.*		784		23,616

Santander Bank Polska SA		162		9,879

Shinhan Financial Group Co. Ltd.		1,164		39,063

SinoPac Financial Holdings Co. Ltd.		8,000		4,953

Standard Bank Group Ltd.		1,268		13,469

State Bank of India		1,958		12,712

Turkiye Garanti Bankasi A/S*		9,158		9,234

Turkiye Is Bankasi A/S, Class C		8,438		5,981

Yapi ve Kredi Bankasi A/S		15,424		5,056

Yes Bank Ltd.*		42,226		7,540
				794,570

Beverages – 0.6%

Cia Cervecerias Unidas SA		720		4,811

Coca-Cola Femsa SAB de CV		2,200		11,995

United Spirits Ltd.*		1,086		12,258
				29,064

Biotechnology – 0.3%

BeiGene Ltd.*		1,200		15,998

Capital Markets – 0.2%

B3 SA – Brasil Bolsa Balcao		4,400		11,817

Chemicals – 2.2%

Asian Paints Ltd.		750		31,761

Indorama Ventures PCL, NVDR		6,000		7,927

LG Chem Ltd.		54		22,314

Orbia Advance Corp. SAB de CV		3,400		8,180

PTT Global Chemical PCL, NVDR		6,400		9,343

Sociedad Quimica y Minera de Chile SA (Preference), Class B		360		26,713
				106,238

See Accompanying Notes to the Financial Statements.


262		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Construction & Engineering – 0.2%

Hyundai Engineering & Construction Co. Ltd.		246	$	8,726

Construction Materials – 0.6%

Siam Cement PCL (The), NVDR		2,800		30,248

Containers & Packaging – 0.3%

Klabin SA		3,200		13,402

Diversified Financial Services – 1.5%

FirstRand Ltd.		9,990		43,260

Yuanta Financial Holding Co. Ltd.		36,000		31,939
				75,199

Diversified Telecommunication Services – 1.3%

Chunghwa Telecom Co. Ltd.		5,000		22,222

Hellenic Telecommunications Organization SA		938		18,208

LG Uplus Corp.		972		10,834

Orange Polska SA*		3,698		5,645

Telefonica Brasil SA		400		4,296

True Corp. PCL, NVDR		27,800		3,912
				65,117

Electric Utilities – 1.6%

Centrais Eletricas Brasileiras SA		1,200		9,809

Centrais Eletricas Brasileiras SA (Preference), Class B		1,000		8,107

Cia Energetica de Minas Gerais (Preference)		4,400		13,034

Cia Paranaense de Energia (Preference)		7,200		10,817

CPFL Energia SA		800		5,840

Enel Americas SA		61,754		6,465

Power Grid Corp. of India Ltd.		8,018		23,889
				77,961

Electrical Equipment – 0.6%

Doosan Enerbility*		70		1,148

Havells India Ltd.		988		16,955

Xinjiang Goldwind Science & Technology Co. Ltd., Class H		2,400		3,450

Zhuzhou CRRC Times Electric Co. Ltd., Class H		1,800		7,192
				28,745


Investments	Shares		Value

Electronic Equipment, Instruments & Components – 1.9%

AU Optronics Corp.		22,000	$	12,800

Delta Electronics Thailand PCL, NVDR		1,000		10,599

Delta Electronics, Inc.		6,000		50,890

Samsung SDI Co. Ltd.		44		21,404
				95,693

Energy Equipment & Services – 0.1%

Dialog Group Bhd.		6,400		3,675

Entertainment – 0.7%

Bilibili, Inc., ADR*		44		1,071

CD Projekt SA		38		1,036

Kingsoft Corp. Ltd.		3,600		11,058

NCSoft Corp.		12		4,027

NetEase, Inc., ADR		206		19,638
				36,830

Food & Staples Retailing – 2.2%

CP ALL PCL, NVDR		7,600		14,423

President Chain Store Corp.		2,000		18,558

Shoprite Holdings Ltd.		1,058		15,320

Sun Art Retail Group Ltd.		7,000		2,195

Wal-Mart de Mexico SAB de CV		15,800		55,865
				106,361

Food Products – 1.3%

BRF SA*		1,400		3,839

Charoen Pokphand Foods PCL, NVDR		10,000		7,037

CJ CheilJedang Corp.		36		11,408

Grupo Bimbo SAB de CV, Series A		2,600		8,013

Marico Ltd.		2,202		15,028

Nestle India Ltd.		36		8,633

Nestle Malaysia Bhd.		200		6,119

Thai Union Group PCL, NVDR		11,800		5,822
				65,899

Gas Utilities – 0.4%

ENN Energy Holdings Ltd.		1,000		13,497

GAIL India Ltd.		2,688		5,596
				19,093

Health Care Providers & Services – 0.2%

Sinopharm Group Co. Ltd., Class H		4,000		9,258

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			263

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Hotels, Restaurants & Leisure – 1.1%

Genting Bhd.		5,400	$	5,743

Jubilant Foodworks Ltd.		272		1,943

Kangwon Land, Inc.*		232		4,950

Yum China Holdings, Inc.		1,020		42,636
				55,272

Household Durables – 1.1%

Arcelik A/S		270		1,224

Coway Co. Ltd.		190		10,725

LG Electronics, Inc.		360		33,392

Nien Made Enterprise Co. Ltd.		1,000		10,636
				55,977

Household Products – 0.2%

Unilever Indonesia Tbk. PT		32,000		8,587

Independent Power and Renewable Electricity Producers – 1.6%

Adani Green Energy Ltd.*		1,414		53,325

China Longyuan Power Group Corp. Ltd., Class H		6,000		11,792

Energy Absolute PCL, NVDR		5,600		14,470
				79,587

Industrial Conglomerates – 1.1%

Far Eastern New Century Corp.		12,000		12,234

GT Capital Holdings, Inc.		240		2,317

Samsung C&T Corp.		246		22,622

Siemens Ltd.		316		9,389

Turkiye Sise ve Cam Fabrikalari A/S		6,910		8,428
				54,990

Insurance – 3.4%

Cathay Financial Holding Co. Ltd.		24,000		50,890

Fubon Financial Holding Co. Ltd.		20,000		50,482

Ping An Insurance Group Co. of China Ltd., Class H		9,500		62,234

Sanlam Ltd.		670		2,789
				166,395

Interactive Media & Services – 6.2%

Baidu, Inc., ADR*		312		38,741

NAVER Corp.		162		36,953


Investments	Shares		Value

Interactive Media & Services – (continued)

Tencent Holdings Ltd.		4,800	$	230,880
				306,574

Internet & Direct Marketing Retail – 7.8%

Alibaba Group Holding Ltd., ADR*		1,880		182,529

Alibaba Health Information Technology Ltd.*		4,000		2,320

JD.com, Inc., ADR*		514		31,693

Meituan, Class B* (a)		3,200		70,149

Naspers Ltd., Class N		328		33,342

Pinduoduo, Inc., ADR*		594		25,595

Prosus NV*		476		23,395

Vipshop Holdings Ltd., ADR*		1,610		12,333
				381,356

IT Services – 3.1%

Infosys Ltd.		4,242		86,987

Tech Mahindra Ltd.		1,928		31,754

Wipro Ltd.		4,710		31,350
				150,091

Life Sciences Tools & Services – 1.4%

Divi’s Laboratories Ltd.		514		30,295

Genscript Biotech Corp.*		2,000		5,799

Wuxi Biologics Cayman, Inc.* (a)		4,000		30,588
				66,682

Machinery – 0.1%

Weichai Power Co. Ltd., Class H		2,000		2,829

Marine – 0.3%

COSCO SHIPPING Holdings Co. Ltd., Class H*		2,000		3,176

MISC Bhd.		6,000		10,764
				13,940

Media – 0.6%

China Literature Ltd.* (a)		1,600		6,872

Grupo Televisa SAB, Series CPO		7,000		12,993

Zee Entertainment Enterprises Ltd.		2,530		8,213
				28,078

Metals & Mining – 3.7%

Anglo American Platinum Ltd.		182		20,191

See Accompanying Notes to the Financial Statements.


264		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Metals & Mining – (continued)

AngloGold Ashanti Ltd.		128	$	2,664

Gold Fields Ltd.		3,168		43,595

Hindalco Industries Ltd.		5,996		37,858

Hyundai Steel Co.		382		13,230

Impala Platinum Holdings Ltd.		468		6,102

Kumba Iron Ore Ltd.		276		9,319

NMDC Ltd.		3,024		6,355

POSCO Holdings, Inc.		114		26,231

Press Metal Aluminium Holdings Bhd.		13,000		17,887
				183,432

Multiline Retail – 0.6%

Lojas Renner SA*		3,200		15,347

Woolworths Holdings Ltd.		3,824		14,366
				29,713

Oil, Gas & Consumable Fuels – 3.8%

Bharat Petroleum Corp. Ltd.		1,278		6,062

Cosan SA		400		1,696

Empresas COPEC SA		1,096		8,056

Hindustan Petroleum Corp. Ltd.		1,128		3,989

Indian Oil Corp. Ltd.		1,588		2,618

MOL Hungarian Oil & Gas plc		1,234		10,525

Petroleo Brasileiro SA		800		5,402

Petroleo Brasileiro SA (Preference)		600		3,669

Petronas Dagangan Bhd.		1,400		6,991

Polski Koncern Naftowy ORLEN SA		932		15,819

PTT Exploration & Production PCL, NVDR		5,400		23,807

PTT PCL, NVDR		25,400		27,810

Reliance Industries Ltd.		1,052		38,399

SK Innovation Co. Ltd.*		116		18,933

Thai Oil PCL, NVDR		3,200		5,279

Ultrapar Participacoes SA		2,600		6,862
				185,917

Paper & Forest Products – 0.7%

Empresas CMPC SA		3,542		5,277

Lee & Man Paper Manufacturing Ltd.		4,000		1,927

Suzano SA		2,800		28,050
				35,254


Investments	Shares		Value

Personal Products – 1.8%

AMOREPACIFIC Group		144	$	5,732

Godrej Consumer Products Ltd.*		816		8,352

Hindustan Unilever Ltd.		2,070		60,518

LG Household & Health Care Ltd.		16		11,580
				86,182

Pharmaceuticals – 1.8%

Aspen Pharmacare Holdings Ltd.		1,432		15,404

China Medical System Holdings Ltd.		6,000		8,687

CSPC Pharmaceutical Group Ltd.		32,000		33,035

Dr Reddy’s Laboratories Ltd.		458		24,756

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		2,000		8,641
				90,523

Professional Services – 0.2%

51job, Inc., ADR*		132		8,032

Real Estate Management & Development – 2.3%

Aldar Properties PJSC		7,954		12,235

Ayala Land, Inc.		22,200		13,629

China Overseas Land & Investment Ltd.		14,000		43,627

China Vanke Co. Ltd., Class H		1,400		3,326

DLF Ltd.		1,716		8,348

Godrej Properties Ltd.*		48		988

Logan Group Co. Ltd.		4,000		1,264

Longfor Group Holdings Ltd.(b)		4,000		19,882

NEPI Rockcastle plc		1,894		11,509
				114,808

Road & Rail – 0.5%

BTS Group Holdings PCL, NVDR		30,400		7,988

Rumo SA		4,800		15,867
				23,855

Semiconductors & Semiconductor Equipment – 9.7%

Flat Glass Group Co. Ltd., Class H		2,000		7,239

GCL Technology Holdings Ltd.*		48,000		15,539

SK Hynix, Inc.		364		32,604

Taiwan Semiconductor Manufacturing Co. Ltd.		20,000		365,048

United Microelectronics Corp.		16,000		25,947

Xinyi Solar Holdings Ltd.		18,000		27,162
				473,539

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			265

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Software – 0.3%

Kingdee International Software Group Co. Ltd.*		8,000	$	16,640

Specialty Retail – 0.1%

GOME Retail Holdings Ltd.*		46,000		2,257

Home Product Center PCL, NVDR		2,200		964
				3,221

Technology Hardware, Storage & Peripherals – 5.5%

Asustek Computer, Inc.		1,000		12,112

Lenovo Group Ltd.		28,000		27,407

Micro-Star International Co. Ltd.		2,000		8,210

Samsung Electronics Co. Ltd.		3,562		191,145

Samsung Electronics Co. Ltd. (Preference)		604		28,517
				267,391

Textiles, Apparel & Luxury Goods – 1.4%

Eclat Textile Co. Ltd.		1,000		16,539

Feng TAY Enterprise Co. Ltd.		2,000		12,994

Li Ning Co. Ltd.		3,500		27,902

LPP SA		4		8,478

Shenzhou International Group Holdings Ltd.		200		2,776
				68,689

Thrifts & Mortgage Finance – 0.3%

Housing Development Finance Corp. Ltd.		546		15,926

Transportation Infrastructure – 1.7%

Airports of Thailand PCL, NVDR*		16,400		31,962

CCR SA		4,400		11,026

Grupo Aeroportuario del Pacifico SAB de CV, Class B*		900		13,849

Grupo Aeroportuario del Sureste SAB de CV, Class B		280		6,110

Malaysia Airports Holdings Bhd.*		5,200		8,194

Taiwan High Speed Rail Corp.		8,000		7,600

Westports Holdings Bhd.		3,800		3,439
				82,180


Investments	Shares		Value

Wireless Telecommunication Services – 1.4%

Advanced Info Service PCL, NVDR		1,600	$	10,044

Bharti Airtel Ltd.*		1,004		9,706

Mobile Telecommunications Co. KSCP		2,446		5,436

Taiwan Mobile Co. Ltd.		6,000		22,086

Vodacom Group Ltd.		2,414		23,196
				70,468
Total Common Stocks (Cost $4,943,860)				4,831,794

Total Investments – 98.6% (Cost $4,943,860)				4,831,794

Other assets less liabilities – 1.4%				70,880
Net Assets – 100.0%			$	4,902,674

*	Non-income producing security.

^(a)

^(b)

Percentages shown are based on Net Assets.

Abbreviations

ADR – American Depositary Receipt

NVDR – Non-Voting Depositary Receipt

PJSC – Public Joint Stock Company



Aggregate gross unrealized appreciation	$	69,557
Aggregate gross unrealized depreciation		(183,170	)
Net unrealized depreciation	$	(113,613	)
Federal income tax cost	$	4,943,860

See Accompanying Notes to the Financial Statements.


266		FLEXSHARES SEMIANNUAL REPORT

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

Futures Contracts

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


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

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

Abbreviations:

USD – US Dollar

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


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

^†	Amount represents less than 0.05%.

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


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

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			267

Schedule of Investments

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund

April 30, 2022 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 99.4%

Building Products – 0.4%

Steico SE		21,708	$	2,198,482

UFP Industries, Inc.(a)		191,754		14,836,007

Zurn Water Solutions Corp.(a)		401,598		12,537,890
				29,572,379

Chemicals – 16.7%

CF Industries Holdings, Inc.		1,154,142		111,755,570

Corteva, Inc.		4,504,410		259,859,413

FMC Corp.(a)		759,780		100,701,241

ICL Group Ltd.		5,774,328		63,730,070

K+S AG (Registered)*		1,606,392		54,551,210

Mosaic Co. (The)		2,062,260		128,726,269

Nutrien Ltd.		4,113,666		406,329,326

PhosAgro PJSC^‡ (b)		308,581		—

PI Industries Ltd.		644,004		23,993,082

SABIC Agri-Nutrients Co.		1,343,664		58,248,845

Scotts Miracle-Gro Co. (The)(a)		296,676		30,833,537

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		1,447,209		6,635,147

UPL Ltd.		4,099,194		44,127,635

Yara International ASA(a)		1,418,256		73,176,837
				1,362,668,182

Equity Real Estate Investment Trusts (REITs) – 1.2%

Weyerhaeuser Co.		2,329,992		96,042,270

Food Products – 14.9%

a2 Milk Co. Ltd. (The)* (a)		6,063,768		19,363,588

Archer-Daniels-Midland Co.		3,285,144		294,217,497

Bakkafrost P/F*		434,160		30,197,410

Bunge Ltd.(a)		835,758		94,540,945

Charoen Pokphand Indonesia Tbk. PT		59,335,200		21,078,587

International Holding Co. PJSC*		3,763,704		223,687,830

IOI Corp. Bhd.		27,496,800		29,495,821

Kuala Lumpur Kepong Bhd.		4,341,600		29,379,473

Mowi ASA		3,824,226		109,474,116


Investments	Shares		Value

Food Products – (continued)

Muyuan Foods Co. Ltd., Class A		3,618,020	$	28,688,202

New Hope Liuhe Co. Ltd., Class A*		2,894,488		6,165,123

PPB Group Bhd.		6,150,600		24,271,806

Salmar ASA		477,576		39,624,780

Tongwei Co. Ltd., Class A		2,894,400		18,059,790

Tyson Foods, Inc., Class A(a)		1,848,798		172,234,022

Wilmar International Ltd.		23,517,000		75,614,078
				1,216,093,068

Metals & Mining – 27.4%

Agnico Eagle Mines Ltd.(a)		1,013,040		59,273,997

Alcoa Corp.		419,688		28,454,846

Anglo American plc		3,824,226		172,175,183

Barrick Gold Corp.(a)		4,497,174		100,812,985

BHP Group Ltd.(a)		11,335,194		386,737,625

Boliden AB(a)		759,780		33,453,020

China Northern Rare Earth Group High-Tech Co. Ltd., Class A		1,085,400		5,220,202

First Quantum Minerals Ltd.(a)		1,454,436		41,912,975

Fortescue Metals Group Ltd.(a)		4,439,286		68,237,861

Franco-Nevada Corp.(a)		473,958		72,047,698

Freeport-McMoRan, Inc.		3,437,100		139,374,405

Glencore plc*		28,585,818		178,478,456

Gold Fields Ltd.(a)		2,178,036		29,972,309

Grupo Mexico SAB de CV, Series B		7,959,600		37,254,134

Hindalco Industries Ltd.		3,932,766		24,831,076

Impala Platinum Holdings Ltd.		2,467,476		32,170,598

MMC Norilsk Nickel PJSC^‡ (b)		1,277,631		—

Newcrest Mining Ltd.(a)		2,029,698		38,771,843

Newmont Corp.(a)		1,624,482		118,343,514

Norsk Hydro ASA		3,921,912		33,651,689

Rio Tinto plc		2,955,906		211,757,648

Saudi Arabian Mining Co.*		946,344		34,818,031

Sibanye Stillwater Ltd.(a)		7,492,878		26,430,264

South32 Ltd.(a)		12,388,032		41,992,957

See Accompanying Notes to the Financial Statements.


268		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Metals & Mining – (continued)

Sumitomo Metal Mining Co. Ltd.		723,600	$	31,672,859

Teck Resources Ltd., Class B(a)		1,150,524		45,623,064

Vale SA		10,391,114		174,765,939

Wheaton Precious Metals Corp.(a)		1,117,962		50,367,554

Zijin Mining Group Co. Ltd., Class A		4,703,492		7,904,609
				2,226,507,341

Multi-Utilities – 1.1%

Veolia Environnement SA		3,049,974		89,770,205

Oil, Gas & Consumable Fuels – 29.5%

BP plc		31,610,466		155,394,214

Cameco Corp.(a)		994,950		25,822,536

Canadian Natural Resources Ltd.(a)		1,758,348		109,390,282

Cenovus Energy, Inc.(a)		1,953,720		36,305,974

Chevron Corp.		1,960,956		307,222,977

China Petroleum & Chemical Corp., Class H		43,416,000		21,524,982

ConocoPhillips		1,530,414		146,185,145

Coterra Energy, Inc.(a)		882,792		25,415,582

Devon Energy Corp.		748,926		43,565,025

Diamondback Energy, Inc.(a)		217,080		27,402,008

Eni SpA		4,063,014		57,393,244

EOG Resources, Inc.		698,274		81,530,472

Equinor ASA		1,606,392		55,356,559

Exxon Mobil Corp.		4,707,018		401,273,285

Gazprom PJSC^‡ (b)		15,937,700		—

Hess Corp.		340,092		35,053,282

LUKOIL PJSC^‡ (b)		214,305		—

LUKOIL PJSC, ADR^‡ (b)		269,035		—

Marathon Oil Corp.		890,028		22,179,498

Novatek PJSC^‡ (b)		1,237,715		—

Occidental Petroleum Corp.(a)		795,960		43,849,436

Petroleo Brasileiro SA (Preference)		7,236,000		44,244,191

Pioneer Natural Resources Co.		278,586		64,762,887


Investments	Shares		Value

Oil, Gas & Consumable Fuels – (continued)

Repsol SA		2,167,182	$	32,659,348

Rosneft Oil Co. PJSC^‡ (b)		2,926,433		—

Saudi Arabian Oil Co.(c)		3,005,184		35,974,395

Shell plc		12,091,356		329,876,556

Suncor Energy, Inc.		2,199,744		79,483,728

Tatneft PJSC^‡ (b)		2,021,036		—

TotalEnergies SE(a)		3,892,968		193,947,720

Woodside Petroleum Ltd.(a)		1,302,480		28,832,671
				2,404,645,997

Paper & Forest Products – 3.7%

Canfor Corp.* (a)		238,788		4,573,788

Chengxin Lithium Group Co. Ltd., Class A*		361,860		2,438,586

Dongwha Enterprise Co. Ltd.*		21,708		1,425,884

Interfor Corp.(a)		235,170		6,738,332

Mondi plc(a)		2,083,968		39,507,969

Stella-Jones, Inc.(a)		242,406		6,733,236

Stora Enso OYJ, Class R		2,568,780		51,204,212

Suzano SA		2,708,898		27,137,117

Svenska Cellulosa AB SCA, Class B		2,261,250		44,366,758

UPM-Kymmene OYJ		2,355,318		82,095,900

West Fraser Timber Co. Ltd.(a)		401,598		35,479,387
				301,701,169

Trading Companies & Distributors – 0.9%

Boise Cascade Co.(a)		137,484		10,391,041

Mitsui & Co. Ltd.		2,532,600		61,575,254
				71,966,295

Water Utilities – 3.6%

American States Water Co.(a)		123,012		9,676,124

American Water Works Co., Inc.		604,206		93,096,061

Beijing Enterprises Water Group Ltd.		21,708,000		7,082,771

California Water Service Group(a)		177,282		9,195,618

China Water Affairs Group Ltd.(a)		3,850,000		4,249,345

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			269

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Water Utilities – (continued)

Cia de Saneamento Basico do Estado de Sao Paulo*		1,447,200	$	13,013,169

Essential Utilities, Inc.(a)		781,488		34,979,403

Grandblue Environment Co. Ltd., Class A		361,800		1,015,039

Guangdong Investment Ltd.		12,402,000		15,964,543

Pennon Group plc		1,230,120		17,173,902

Severn Trent plc		1,099,872		43,442,777

United Utilities Group plc		2,963,142		42,819,787
				291,708,539
Total Common Stocks (Cost $6,127,170,314)				8,090,675,445
	Principal Amount

SECURITIES LENDING REINVESTMENTS(d) – 2.5%

CERTIFICATES OF DEPOSIT – 0.4%

Commonwealth Bank of Australia, New York (SOFR + 0.47%), 0.75%, 9/9/2022(e)	$	5,000,000		5,002,580

Goldman Sachs International 0.90%, 6/3/2022		8,000,000		7,993,600

Macquarie Bank Ltd. (SOFR + 0.18%), 0.46%, 5/10/2022(e) (f)		2,000,000		2,000,000

Mizuho Bank Ltd., New York 0.25%, 5/5/2022		2,000,000		2,000,000

Natixis SA, New York (SOFR + 0.18%), 0.41%, 6/17/2022(e)		3,000,000		3,000,194

Skandinaviska Enskilda Banken AB, New York (SOFR + 0.36%), 0.64%, 10/26/2022(e)		2,000,000		2,000,400

Standard Chartered, New York (SOFR + 0.62%), 0.90%, 6/24/2022(e)		3,000,000		3,000,000


Investments	Principal Amount		Value

CERTIFICATES OF DEPOSIT – (continued)

The Norinchukin Bank, New York (SOFR + 0.45%), 0.73%, 6/10/2022(e)	$	5,000,000	$	5,000,000

Westpac Banking Corp., New York (SOFR + 0.44%), 0.72%, 9/19/2022(e)		3,000,000		3,001,191
Total Certificates of Deposit (Cost $32,993,794)				32,997,965



REPURCHASE AGREEMENTS – 2.1%

BofA Securities, Inc., 0.77%, dated 4/30/2022, due 8/1/2022, repurchase price $8,015,913, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 2.25%, maturing 12/15/2023 – 8/15/2046; Common Stocks; total market value $8,147,059		8,000,000		8,000,000

CF Secured LLC, 0.27%, dated 4/30/2022, due 5/2/2022, repurchase price $20,000,300, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 3.00%, maturing 5/26/2022 – 2/15/2052; Cash; total market value $20,263,494		20,000,000		20,000,000

Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $65,297,109, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 – 5/15/2040; total market value $65,719,626		65,296,020		65,296,020

See Accompanying Notes to the Financial Statements.


270		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS(d) – (continued)

REPURCHASE AGREEMENTS – (continued)

Societe Generale, New York Branch, 0.28%, dated 4/30/2022, due 5/6/2022, repurchase price $50,002,333, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 7.25%, maturing 4/30/2022 – 8/15/2051; total market value $50,630,006	$	50,000,000	$	50,000,000

TD Prime Services LLC, 0.40%, dated 4/30/2022, due 5/2/2022, repurchase price $26,070,599, collateralized by various Common Stocks; total market value $28,428,611		26,070,020		26,070,020
Total Repurchase Agreements (Cost $169,366,040)				169,366,040
Total Securities Lending Reinvestments (Cost $202,359,834)				202,364,005
Total Investments – 101.9% (Cost $6,329,530,148)				8,293,039,450

Liabilities in excess of other assets – (1.9%)				(152,316,208	)
NET ASSETS – 100.0%			$	8,140,723,242

*	Non-income producing security.

^(a)

The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $543,174,950, collateralized in the form of cash with a value of $202,348,694 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $331,498,523 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 31, 2022 – February 15, 2052 and $30,643,741 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 7.50%, and maturity dates ranging from May 12, 2022 – June 30, 2120; a total value of $564,490,958.

^(b)

^(c)

^(d)

The security was purchased with cash collateral held from securities on loan at April 30, 2022. The total value of securities purchased was $202,364,005.

^(e)

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

^(f)

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

Percentages shown are based on Net Assets.

Abbreviations

ADR – American Depositary Receipt

OYJ – Public Limited Company

PJSC – Public Joint Stock Company

SCA – Limited partnership with share capital

SOFR – Secured Overnight Financing Rate



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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			271

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

Futures Contracts

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund had the following open futures contracts as of April 30, 2022:


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)*
Long Contracts
FTSE 100 Index		86		06/17/2022		GBP	$	8,112,011	$	362,632
FTSE/JSE Top 40 Index		30		06/15/2022		ZAR		1,248,482		(15,635	)
MSCI Emerging Markets E-Mini Index		57		06/17/2022		USD		3,013,590		17,537
Russell 2000 Emini Index		70		06/17/2022		USD		6,514,550		(405,785	)
S&P/TSX 60 Index		144		06/16/2022		CAD		28,212,981		(936,733	)
SPI 200 Index		14		06/16/2022		AUD		1,842,822		59,977
									$	(918,007	)

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

Forward Foreign Currency Contracts

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund had the following outstanding contracts as of April 30, 2022:


Contracts to Receive		Counterparty	In Exchange For		Delivery Date		Unrealized Appreciation (Depreciation)
BRL*	1,699,240	Citibank NA	USD	328,020		06/15/2022	$	10,396
CAD	720,000	Bank of Montreal	USD	562,523		06/15/2022		775
INR*	6,925,711	Citibank NA	USD	89,482		06/15/2022		698
MXN	2,080,000	Toronto-Dominion Bank (The)	USD	97,318		06/15/2022		3,729
USD	1,080,354	BNP Paribas SA	AUD	1,450,000		06/15/2022		49,062
USD	12,121,558	Citibank NA	AUD	16,526,520		06/15/2022		367,298
USD	4,325,469	Citibank NA	BRL*	20,500,000		06/15/2022		242,752
USD	7,162,862	Toronto-Dominion Bank (The)	CAD	9,050,000		06/15/2022		82,514
USD	173,974	UBS AG	CHF	161,534		06/15/2022		7,176
USD	918,441	Bank of Montreal	EUR	860,000		06/15/2022		9,302
USD	1,608,320	JPMorgan Chase Bank	EUR	1,450,000		06/15/2022		75,469
USD	2,238,990	Toronto-Dominion Bank (The)	EUR	2,000,000		06/15/2022		124,712
USD	7,707,184	JPMorgan Chase Bank	GBP	5,850,000		06/15/2022		362,117
USD	12,323,247	Morgan Stanley	GBP	9,420,000		06/15/2022		495,807
USD	1,068,590	Toronto-Dominion Bank (The)	HKD	8,354,345		06/15/2022		2,784
USD	1,611,579	Citibank NA	JPY	196,300,000		06/15/2022		94,053
USD	2,484,552	JPMorgan Chase Bank	JPY	295,500,000		06/15/2022		200,145
USD	285,049	Citibank NA	KRW*	350,052,156		06/15/2022		6,318
USD	595,376	Morgan Stanley	MYR*	2,500,000		06/15/2022		21,522
USD	1,089,710	Bank of Montreal	NOK	9,570,000		06/15/2022		62,373
USD	619,678	Morgan Stanley	SGD	840,000		06/15/2022		11,414
USD	1,568,219	Toronto-Dominion Bank (The)	SGD	2,160,000		06/15/2022		4,113
USD	198,150	UBS AG	ZAR	3,000,000		06/15/2022		9,406
Total unrealized appreciation							$	2,243,935
AUD	18,760,000	Bank of Montreal	USD	14,094,457		06/15/2022	$	(751,664	)
AUD	900,000	Morgan Stanley	USD	659,865		06/15/2022		(19,752	)
AUD	1,480,000	Toronto-Dominion Bank (The)	USD	1,107,610		06/15/2022		(54,981	)

See Accompanying Notes to the Financial Statements.


272		FLEXSHARES SEMIANNUAL REPORT

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

Forward Foreign Currency Contracts (cont.)


Contracts to Receive		Counterparty	In Exchange For		Delivery Date		Unrealized Appreciation (Depreciation)
CAD	2,920,000	Bank of Montreal	USD	2,300,073		06/15/2022	$	(15,585	)
CAD	15,514,539	Citibank NA	USD	12,260,578		06/15/2022		(122,641	)
CAD	1,800,000	JPMorgan Chase Bank	USD	1,429,110		06/15/2022		(20,864	)
EUR	1,400,000	Bank of Montreal	USD	1,541,955		06/15/2022		(61,961	)
EUR	1,700,000	Bank of New York	USD	1,854,575		06/15/2022		(57,439	)
EUR	2,158,602	Toronto-Dominion Bank (The)	USD	2,382,959		06/15/2022		(101,017	)
GBP	10,900,000	Bank of Montreal	USD	13,817,457		06/15/2022		(131,777	)
GBP	500,000	Citibank NA	USD	655,625		06/15/2022		(27,841	)
GBP	690,000	JPMorgan Chase Bank	USD	901,082		06/15/2022		(34,741	)
GBP	9,024,860	Toronto-Dominion Bank (The)	USD	11,835,358		06/15/2022		(504,042	)
HKD	5,500,000	Bank of Montreal	USD	702,276		06/15/2022		(614	)
JPY	109,400,416	BNP Paribas SA	USD	937,645		06/15/2022		(91,909	)
MYR*	2,080,000	Goldman Sachs & Co.	USD	483,345		06/15/2022		(5,899	)
NOK	16,920,000	Bank of Montreal	USD	1,899,206		06/15/2022		(82,849	)
NOK	14,031,048	Bank of New York	USD	1,571,174		06/15/2022		(64,945	)
NOK	5,000,000	Citibank NA	USD	582,951		06/15/2022		(46,203	)
NZD	126,346	Bank of New York	USD	86,559		06/15/2022		(4,565	)
SEK	5,469,173	Citibank NA	USD	566,582		06/15/2022		(7,429	)
SGD	629,915	Citibank NA	USD	463,612		06/15/2022		(7,476	)
ZAR	11,140,000	Citibank NA	USD	731,158		06/15/2022		(30,288	)
Total unrealized depreciation							$	(2,246,482	)
Net unrealized depreciation							$	(2,547	)

*	Non-deliverable forward.

Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – Euro

GBP – British Pound

HKD – Hong Kong Dollar

INR – Indian Rupee

JPY – Japanese Yen

KRW – Korean Won

MXN – Mexican Peso

MYR – Malaysian Ringgit

NOK – Norwegian Krone

NZD – New Zealand Dollar

SEK – Swedish Krona

SGD – Singapore Dollar

USD – US Dollar

ZAR – South African Rand

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			273

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

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2022:


Australia	6.9	%
Brazil	3.2
Canada	13.3
China	1.5
Finland	1.6
France	3.5
Germany	0.7
India	1.1
Indonesia	0.3
Israel	0.8
Italy	0.7
Japan	1.2
Malaysia	1.0
Mexico	0.5
New Zealand	0.2
Norway	4.2
Saudi Arabia	1.6
Singapore	0.9
South Africa	1.1
South Korea	0.0	^†
Spain	0.4
Sweden	1.0
United Arab Emirates	2.8
United Kingdom	14.6
United States	36.3
Other¹	0.6
	100.0	%

^†	Amount represents less than 0.05%.

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


Security Type	% of Net Assets
Common Stocks		99.4	%
Securities Lending Reinvestments		2.5
Others⁽¹⁾		(1.9	)
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


274		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund

April 30, 2022 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 99.3%

Air Freight & Logistics – 2.7%

bpost SA* (a)		132,060	$	811,520

CTT-Correios de Portugal SA(a)		176,700		802,494

Deutsche Post AG (Registered)		1,347,570		58,172,649

Oesterreichische Post AG* (a)		43,710		1,415,634

PostNL NV(a)		537,540		1,773,819

Royal Mail plc		1,067,640		4,619,094
				67,595,210

Commercial Services & Supplies – 4.7%

Ambipar Participacoes e Empreendimentos S/A		93,000		659,913

Befesa SA(b)		49,290		3,088,710

Biffa plc(b)		405,480		1,775,671

Casella Waste Systems, Inc., Class A* (a)		21,390		1,759,114

China Everbright Environment Group Ltd.		4,650,000		2,761,737

Clean Harbors, Inc.* (a)		21,390		2,244,453

Cleanaway Co. Ltd.		112,000		761,853

Cleanaway Waste Management Ltd.(a)		2,803,950		6,376,407

CoreCivic, Inc., REIT* (a)		48,360		601,115

Daiseki Co. Ltd.		93,060		3,372,312

GEO Group, Inc. (The), REIT* (a)		49,290		321,864

Insun ENT Co. Ltd.*		42,780		381,478

Koentec Co. Ltd.		14,880		99,279

Midac Holdings Co. Ltd.		21,400		350,335

Renewi plc*		104,160		902,333

Republic Services, Inc.		84,630		11,363,270

Shanghai Youngsun Investment Co. Ltd., Class B* ^‡		57,800		—

Stericycle, Inc.* (a)		38,130		1,913,745

TRE Holdings Corp.		93,000		1,496,642

US Ecology, Inc.* (a)		13,950		669,460

Waste Connections, Inc.		356,190		49,393,649

Waste Management, Inc.		170,190		27,986,043
				118,279,383


Investments	Shares		Value

Diversified Financial Services – 0.0%(c)

Metro Pacific Investments Corp.		16,740,000	$	1,218,504

Diversified Telecommunication Services – 13.3%

AT&T, Inc.		46,473		876,481

AT&T, Inc.		2,865,357		54,040,633

BCE, Inc.(a)		631,470		33,746,255

BT Group plc(a)		4,851,810		10,803,182

Cellnex Telecom SA(b)		374,790		17,618,343

China Tower Corp. Ltd., Class H(b)		31,620,000		3,707,602

Deutsche Telekom AG (Registered)		2,407,770		44,629,152

Frontier Communications Parent, Inc.* (a)		98,580		2,601,526

HKT Trust & HKT Ltd.		2,790,000		4,003,925

Infrastrutture Wireless Italiane SpA(b)		243,660		2,616,760

Koninklijke KPN NV		2,249,670		7,796,256

Liberty Global plc, Class C*		143,220		3,394,314

Lumen Technologies, Inc.(a)		386,880		3,892,013

Nippon Telegraph & Telephone Corp.		1,649,200		48,969,376

Operadora de Sites Mexicanos SA de CV, REIT(a)		2,325,000		2,838,964

Spark New Zealand Ltd.		1,334,550		4,261,653

Swisscom AG (Registered)(a)		17,670		10,500,238

Vantage Towers AG		66,030		2,251,358

Verizon Communications, Inc.		1,688,880		78,195,144
				336,743,175

Electric Utilities – 13.4%

American Electric Power Co., Inc.		205,530		20,370,078

Duke Energy Corp.		314,340		34,627,694

Enel SpA		6,987,090		45,833,068

Eversource Energy		140,430		12,273,582

Exelon Corp.		398,970		18,663,817

Iberdrola SA(a)		5,287,050		61,409,083

NextEra Energy, Inc.		800,730		56,867,845

Orsted A/S(b)		170,190		19,137,415

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			275

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Electric Utilities – (continued)

Southern Co. (The)		432,450	$	31,737,506

SSE plc		963,480		22,602,294

Xcel Energy, Inc.		219,480		16,079,105
				339,601,487

Energy Equipment & Services – 0.0%(c)

Secure Energy Services, Inc.(a)		277,140		1,429,015

Equity Real Estate Investment Trusts (REITs) – 5.4%

American Tower Corp.		185,070		44,605,571

Crown Castle International Corp.		175,770		32,554,362

Digital Realty Trust, Inc.(a)		116,250		16,986,450

Equinix, Inc.		36,540		26,275,183

Keppel DC REIT		930,022		1,394,124

SBA Communications Corp.		44,640		15,494,990
				137,310,680

Gas Utilities – 1.1%

APA Group(a)		910,470		7,434,323

Beijing Enterprises Holdings Ltd.		465,000		1,582,369

Enagas SA(a)		212,040		4,601,336

Keppel Infrastructure Trust		4,650,000		1,868,890

Petronas Gas Bhd.		465,000		1,813,644

Snam SpA		1,855,350		10,224,943
				27,525,505

Health Care Providers & Services – 3.5%

Acadia Healthcare Co., Inc.* (a)		37,200		2,525,136

Apollo Hospitals Enterprise Ltd.		159,960		9,320,964

Bangkok Dusit Medical Services PCL, NVDR		15,996,000		12,026,190

Bumrungrad Hospital PCL, NVDR		744,000		3,486,482

Encompass Health Corp.		39,990		2,752,512

HCA Healthcare, Inc.		98,580		21,150,339

IHH Healthcare Bhd.		3,255,000		4,942,127

Life Healthcare Group Holdings Ltd.		1,699,110		2,311,853

Mediclinic International plc*		453,840		2,116,223


Investments	Shares		Value

Health Care Providers & Services – (continued)

Ramsay Health Care Ltd.(a)		253,890	$	14,634,428

Rede D’Or Sao Luiz SA(b)		744,000		5,518,178

Select Medical Holdings Corp.		45,570		1,030,337

Tenet Healthcare Corp.*		43,710		3,169,412

Universal Health Services, Inc., Class B(a)		27,900		3,418,587
				88,402,768

IT Services – 0.2%

Fastly, Inc., Class A* (a)		43,710		694,989

NEXTDC Ltd.* (a)		317,130		2,542,156

Switch, Inc., Class A(a)		57,660		1,721,728
				4,958,873

Media – 4.7%

Cable One, Inc.		2,199		2,564,474

Charter Communications, Inc., Class A* (a)		49,290		21,120,272

Comcast Corp., Class A		1,844,190		73,324,994

DISH Network Corp., Class A* (a)		107,880		3,075,659

Liberty Broadband Corp., Class C* (a)		60,450		6,759,519

Shaw Communications, Inc., Class B		331,080		9,911,287

Sirius XM Holdings, Inc.(a)		406,410		2,438,460
				119,194,665

Multi-Utilities – 9.0%

Consolidated Edison, Inc.		145,080		13,454,719

Dominion Energy, Inc.		330,150		26,953,446

E.ON SE		1,902,780		19,932,864

Engie SA(a)		1,672,140		19,972,281

National Grid plc		3,281,040		49,184,988

Public Service Enterprise Group, Inc.		206,460		14,382,004

RWE AG		608,220		25,402,595

Sempra Energy		130,200		21,009,072

Veolia Environnement SA		896,520		26,387,367

WEC Energy Group, Inc.		129,270		12,933,463
				229,612,799

Oil, Gas & Consumable Fuels – 8.2%

Antero Midstream Corp.(a)		137,640		1,413,563

DT Midstream, Inc.(a)		39,060		2,099,475

See Accompanying Notes to the Financial Statements.


276		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Oil, Gas & Consumable Fuels – (continued)

Enbridge, Inc.		1,823,730	$	79,995,543

Equitrans Midstream Corp.(a)		184,140		1,447,341

Keyera Corp.(a)		197,160		4,916,466

Kinder Morgan, Inc.		820,260		14,887,719

Koninklijke Vopak NV		64,170		1,734,375

ONEOK, Inc.(a)		183,210		11,602,689

Pembina Pipeline Corp.(a)		493,830		18,782,580

Plains GP Holdings LP, Class A* (a)		77,190		862,212

Targa Resources Corp.		93,930		6,895,401

TC Energy Corp.		882,570		46,923,541

Transneft PJSC (Preference)^‡ (d)		1,473		—

Williams Cos., Inc. (The)		494,760		16,965,320
				208,526,225

Road & Rail – 17.7%

Aurizon Holdings Ltd.		2,514,720		7,201,956

Canadian National Railway Co.		959,760		113,454,513

Canadian Pacific Railway Ltd.(a)		1,168,201		85,893,234

Canadian Pacific Railway Ltd.		104,040		7,617,776

Central Japan Railway Co.(a)		280,900		35,578,643

CSX Corp.		903,960		31,041,987

East Japan Railway Co.(a)		516,400		27,179,157

Keisei Electric Railway Co. Ltd.(a)		236,400		5,829,716

Kyushu Railway Co.		215,900		4,256,010

MTR Corp. Ltd.		2,143,500		11,433,056

Norfolk Southern Corp.		99,510		25,661,639

Odakyu Electric Railway Co. Ltd.(a)		472,100		7,200,290

Rumo SA		1,767,000		5,840,998

Tobu Railway Co. Ltd.		279,000		6,294,512

Union Pacific Corp.		262,260		61,444,895

West Japan Railway Co.		335,000		12,525,008
				448,453,390


Investments	Shares		Value

Transportation Infrastructure – 7.4%

Adani Ports & Special Economic Zone Ltd.		1,081,590	$	12,117,260

Aena SME SA* (b)		100,440		14,442,236

Aeroports de Paris*		38,130		5,452,532

Airports of Thailand PCL, NVDR*		5,766,000		11,237,387

Atlantia SpA* (a)		693,780		16,709,350

Atlas Arteria Ltd.(a)		1,312,230		6,490,452

Auckland International Airport Ltd.* (a)		1,637,730		8,328,359

Bangkok Expressway & Metro PCL, NVDR		11,346,000		2,732,978

CCR SA		1,488,000		3,728,864

China Merchants Port Holdings Co. Ltd.		1,860,000		3,266,672

COSCO SHIPPING Ports Ltd.		2,150,000		1,539,991

Flughafen Zurich AG (Registered)* (a)		26,040		4,453,346

Getlink SE(a)		596,130		10,992,951

Grupo Aeroportuario del Pacifico SAB de CV, Class B* (a)		520,800		8,013,662

Grupo Aeroportuario del Sureste SAB de CV, Class B		279,000		6,088,553

International Container Terminal Services, Inc.		2,418,000		9,986,032

Japan Airport Terminal Co. Ltd.* (a)		128,200		5,343,316

Jiangsu Expressway Co. Ltd., Class H		1,860,000		1,841,948

Promotora y Operadora de Infraestructura SAB de CV		330,150		2,406,503

Qube Holdings Ltd.		2,637,480		5,548,002

Santos Brasil Participacoes SA		744,000		1,065,175

Shenzhen International Holdings Ltd.		1,860,679		2,006,251

Transurban Group(a)		4,198,020		42,780,851

Westports Holdings Bhd.		1,302,000		1,178,335

Westshore Terminals Investment Corp.(a)		55,800		1,503,223
				189,254,229

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			277

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Water Utilities – 2.6%

Aguas Andinas SA, Class A		3,832,530	$	673,911

American States Water Co.(a)		15,810		1,243,615

American Water Works Co., Inc.		74,400		11,463,552

Beijing Enterprises Water Group Ltd.		5,860,000		1,911,970

California Water Service Group		22,320		1,157,738

Cia de Saneamento Basico do Estado de Sao Paulo*		465,000		4,181,263

Cia de Saneamento de Minas Gerais-COPASA		279,000		769,585

Cia de Saneamento do Parana (Preference)		1,209,000		952,122

Essential Utilities, Inc.		93,000		4,162,680

Guangdong Investment Ltd.		3,820,000		4,917,316

Middlesex Water Co.(a)		7,440		661,788

Pennon Group plc		362,700		5,063,713

Severn Trent plc		346,890		13,701,472

SJW Group		12,090		713,310

TTW PCL, NVDR		2,418,000		776,584

United Utilities Group plc		931,860		13,466,127
				65,816,746

Wireless Telecommunication Services – 5.4%

KDDI Corp.		1,151,700		38,535,192

SoftBank Group Corp.		886,200		36,040,351

T-Mobile US, Inc.* (a)		271,560		33,439,898

Vodafone Group plc		18,712,530		28,554,099
				136,569,540
Total Common Stocks (Cost $2,321,364,371)				2,520,492,194


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS(e) – 1.5%

REPURCHASE AGREEMENTS – 1.5%

BofA Securities, Inc., 0.77%, dated 4/30/2022, due 8/1/2022, repurchase price $2,003,978, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 2.25%, maturing 12/15/2023 – 8/15/2046; Common Stocks; total market value $2,036,765	$	2,000,000	$	2,000,000

CF Secured LLC, 0.27%, dated 4/30/2022, due 5/2/2022, repurchase price $15,000,225, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 3.00%, maturing 5/26/2022 – 2/15/2052; Cash; total market value $15,197,620		15,000,000		15,000,000

Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $11,469,466, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 – 5/15/2040; total market value $11,543,681		11,469,275		11,469,275

See Accompanying Notes to the Financial Statements.


278		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS(e) – (continued)

REPURCHASE AGREEMENTS – (continued)

TD Prime Services LLC, 0.40%, dated 4/30/2022, due 5/2/2022, repurchase price $10,000,222, collateralized by various Common Stocks; total market value $10,904,714	$	10,000,000	$	10,000,000
				38,469,275
Total Securities Lending Reinvestments (Cost $38,469,275)				38,469,275
Total Investments – 100.8% (Cost $2,359,833,646)				2,558,961,469

Liabilities in excess of other assets – (0.8%)				(21,019,886	)
NET ASSETS – 100.0%			$	2,537,941,583

*	Non-income producing security.

^(a)

The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $130,306,071, collateralized in the form of cash with a value of $38,480,637 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $54,900,100 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from April 30, 2022 – February 15, 2052 and $44,334,625 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 8.50%, and maturity dates ranging from May 12, 2022 – June 30, 2120; a total value of $137,715,362.

^(b)

^(c)

Represents less than 0.05% of net assets.

^(d)

^(e)

The security was purchased with cash collateral held from securities on loan at April 30, 2022. The total value of securities purchased was $38,469,275.

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

Percentages

shown are based on Net Assets.

Abbreviations

NVDR

– Non-Voting Depositary Receipt

PJSC

– Public Joint Stock Company

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



Aggregate gross unrealized appreciation	$	333,844,192
Aggregate gross unrealized depreciation		(149,938,157	)
Net unrealized appreciation	$	183,906,035
Federal income tax cost	$	2,375,036,764

Futures Contracts

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


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)*
Long Contracts
FTSE 100 Index		37		06/17/2022		GBP	$	3,490,051	$	191,230
S&P 500 E-Mini Index		22		06/17/2022		USD		4,540,250		(44,317	)
S&P/TSX 60 Index		32		06/16/2022		CAD		6,269,551		(229,018	)
SPI 200 Index		19		06/16/2022		AUD		2,500,973		26,628
TOPIX Index		10		06/09/2022		JPY		1,468,818		97,712
									$	42,235

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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			279

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

Forward Foreign Currency Contracts

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund had the following outstanding contracts as of April 30, 2022:


Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
GBP	150,000	Citibank NA	USD	187,558		06/15/2022	$	777
USD	22,159,939	Citibank NA	AUD	30,212,839		06/15/2022		671,473
USD	2,057,869	Toronto-Dominion Bank (The)	CAD	2,600,000		06/15/2022		23,736
USD	601,788	Toronto-Dominion Bank (The)	CHF	560,000		06/15/2022		23,542
USD	465,322	Bank of Montreal	EUR	430,000		06/15/2022		10,752
USD	1,180,034	BNP Paribas SA	EUR	1,100,000		06/15/2022		17,181
USD	997,427	Toronto-Dominion Bank (The)	EUR	900,000		06/15/2022		46,002
USD	880,829	Toronto-Dominion Bank (The)	GBP	670,000		06/15/2022		39,599
USD	97,287	Toronto-Dominion Bank (The)	HKD	760,399		06/15/2022		280
USD	1,740,473	Citibank NA	JPY	212,000,000		06/15/2022		101,575
USD	1,105,388	JPMorgan Chase Bank	JPY	142,000,000		06/15/2022		7,636
USD	1,874,711	Toronto-Dominion Bank (The)	JPY	223,000,000		06/15/2022		150,777
Total unrealized appreciation							$	1,093,330
AUD	29,400,000	Citibank NA	USD	21,569,780		06/15/2022	$	(659,435	)
CAD	4,705,816	Citibank NA	USD	3,701,015		06/15/2022		(19,379	)
CHF	220,000	Toronto-Dominion Bank (The)	USD	236,715		06/15/2022		(9,547	)
CHF	207,000	UBS AG	USD	222,940		06/15/2022		(9,196	)
EUR	3,160,130	Toronto-Dominion Bank (The)	USD	3,494,182		06/15/2022		(153,486	)
GBP	558,747	Toronto-Dominion Bank (The)	USD	730,989		06/15/2022		(29,445	)
JPY	325,846,439	BNP Paribas SA	USD	2,792,752		06/15/2022		(273,747	)
Total unrealized depreciation							$	(1,154,235	)
Net unrealized depreciation							$	(60,905	)

Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – Euro

GBP – British Pound

HKD – Hong Kong Dollar

JPY – Japanese Yen

USD – US Dollar

See Accompanying Notes to the Financial Statements.


280		FLEXSHARES SEMIANNUAL REPORT

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

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


Australia	3.7	%
Austria	0.1
Belgium	0.0	^†
Brazil	0.9
Canada	17.6
Chile	0.0	^†
China	0.9
Denmark	0.8
France	2.5
Germany	6.0
Hong Kong	0.7
India	0.8
Italy	3.0
Japan	9.2
Malaysia	0.3
Mexico	0.8
Netherlands	0.4
New Zealand	0.5
Philippines	0.4
Portugal	0.0	^†
Singapore	0.1
South Africa	0.1
South Korea	0.0	^†
Spain	3.9
Switzerland	0.6
Taiwan	0.0	^†
Thailand	1.2
United Kingdom	6.0
United States	38.8
Other¹	0.7
	100.0	%

^†	Amount represents less than 0.05%.

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


Security Type	% of Net Assets
Common Stocks		99.3	%
Securities Lending Reinvestments		1.5
Others⁽¹⁾		(0.8	)
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			281

Schedule of Investments

FlexShares^® Global Quality Real Estate Index Fund

April 30, 2022 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 96.6%

Commercial Services & Supplies – 0.2%

GEO Group, Inc. (The), REIT* (a)		88,472	$	577,722

Equity Real Estate Investment Trusts (REITs) – 79.0%

Abacus Property Group(a)		393,750		920,603

Acadia Realty Trust		51,912		1,085,999

AEON REIT Investment Corp.		924		1,066,209

Alexander & Baldwin, Inc.		51,762		1,097,354

American Tower Corp.		42,714		10,294,928

Apple Hospitality REIT, Inc.		116,046		2,052,854

ARGAN SA		1,890		223,312

Argosy Property Ltd.		140,364		118,890

AvalonBay Communities, Inc.		72,702		16,538,251

Befimmo SA		20,203		1,011,309

Big Yellow Group plc(a)		87,570		1,572,201

Brixmor Property Group, Inc.		157,374		3,994,152

Broadstone Net Lease, Inc.		75,474		1,561,557

BWP Trust		350,851		1,037,222

Canadian Apartment Properties REIT(a)		42,714		1,681,756

Centuria Industrial REIT		426,762		1,210,081

Charter Hall Group(a)		237,636		2,644,599

Charter Hall Long Wale REIT		346,752		1,320,807

Cousins Properties, Inc.(a)		75,978		2,727,610

Cromwell European REIT(b)		380,300		922,754

Crown Castle International Corp.		23,688		4,387,254

CT REIT(a)		72,362		1,004,988

Dexus		434,448		3,448,631

Dream Industrial REIT(a)		83,160		973,415

Dream Office REIT(a)		49,266		1,002,242

Duke Realty Corp.		197,316		10,803,051

Empire State Realty Trust, Inc., Class A(a)		116,202		1,003,985

Equinix, Inc.		3,276		2,355,706

Equity Residential		185,094		15,085,161

Essex Property Trust, Inc.		33,894		11,160,277

Extra Space Storage, Inc.		69,552		13,214,880

First Capital REIT(a)		76,059		1,018,841

First Industrial Realty Trust, Inc.		66,402		3,851,316

Frasers Logistics & Commercial Trust(b)		1,497,400		1,572,330


Investments	Shares		Value

Equity Real Estate Investment Trusts (REITs) – (continued)

Fukuoka REIT Corp.(a)		630	$	789,688

Goodman Group		295,092		5,028,777

Goodman Property Trust		662,886		972,356

GPT Group (The)		1,017,576		3,680,785

Granite REIT		16,632		1,238,112

Growthpoint Properties Australia Ltd.		353,756		1,111,173

H&R REIT(a)		86,058		860,546

Healthcare Trust of America, Inc., Class A		117,306		3,573,141

Healthpeak Properties, Inc.		279,090		9,156,943

Highwoods Properties, Inc.		52,920		2,161,253

Ichigo Office REIT Investment Corp.(a)		660		424,344

Industrial Logistics Properties Trust		44,236		714,854

InterRent REIT(a)		70,182		774,827

InvenTrust Properties Corp.(a)		45,360		1,373,954

iStar, Inc.(a)		46,998		791,446

Japan Excellent, Inc.		867		853,884

Japan Logistics Fund, Inc.		437		1,072,600

Kenedix Office Investment Corp.(a)		229		1,203,682

Killam Apartment REIT(a)		55,440		876,681

Kimco Realty Corp.		229,572		5,815,059

Lamar Advertising Co., Class A		40,950		4,521,289

LondonMetric Property plc		477,221		1,615,311

LXP Industrial Trust(a)		149,742		1,879,262

Macerich Co. (The)		73,962		928,223

Mid-America Apartment Communities, Inc.(a)		59,976		11,796,080

Mirvac Group		980,658		1,686,509

Montea NV		8,946		1,073,997

Mori Trust Sogo Reit, Inc.(a)		882		963,283

National Storage REIT		684,054		1,268,781

NIPPON REIT Investment Corp.		330		948,788

NorthWest Healthcare Properties REIT(a)		94,942		984,298

NTT UD REIT Investment Corp.(a)		882		1,021,829

Office Properties Income Trust		40,274		870,724

Paramount Group, Inc.		113,297		1,077,454

Parkway Life REIT		292,300		1,024,500

Phillips Edison & Co., Inc.(a)		60,102		2,035,054

See Accompanying Notes to the Financial Statements.


282		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Equity Real Estate Investment Trusts (REITs) – (continued)

Piedmont Office Realty Trust, Inc., Class A		72,626	$	1,169,279

PotlatchDeltic Corp.		33,768		1,870,410

Precinct Properties New Zealand Ltd.		1,093,302		1,078,604

Prologis, Inc.		215,964		34,616,870

PS Business Parks, Inc.		10,458		1,957,738

Public Storage		63,504		23,591,736

Rayonier, Inc.		75,348		3,255,034

Regency Centers Corp.		79,506		5,472,398

Retail Opportunity Investments Corp.		69,193		1,289,066

RioCan REIT(a)		79,632		1,495,378

RPT Realty		82,133		1,091,548

Safestore Holdings plc		105,966		1,676,308

Saul Centers, Inc.(a)		20,863		1,076,739

Segro plc		295,344		4,978,049

Shopping Centres Australasia Property Group		605,808		1,321,689

Simon Property Group, Inc.		145,152		17,127,936

SITE Centers Corp.		89,528		1,423,495

SL Green Realty Corp.(a)		34,525		2,389,819

Starhill Global REIT		2,125,900		916,004

Summit Industrial Income REIT(a)		65,898		1,048,758

Tritax Big Box REIT plc		995,652		3,047,600

Urban Edge Properties		61,866		1,156,276

Washington REIT		50,526		1,217,171

Waypoint REIT Ltd.		555,156		1,061,263

Weyerhaeuser Co.		389,214		16,043,401
				331,506,581

Household Durables – 0.4%

Bonava AB, Class B		97,398		478,370

Iida Group Holdings Co. Ltd.		79,200		1,270,281
				1,748,651

Real Estate Management & Development – 17.0%

Allreal Holding AG (Registered)		8,064		1,531,965

Bukit Sembawang Estates Ltd.		39,600		144,532

CA Immobilien Anlagen AG(a)		27,730		789,852

Castellum AB(a)		105,462		2,109,595

Catena AB		19,279		1,010,866


Investments	Shares		Value

Real Estate Management & Development – (continued)

CK Asset Holdings Ltd.		1,047,500	$	7,129,165

Daito Trust Construction Co. Ltd.		34,700		3,353,226

Dios Fastigheter AB		92,169		833,849

DREAM Unlimited Corp., Class A(a)		32,130		1,161,462

Entra ASA(b)		50,022		835,441

Fabege AB		133,434		1,637,039

Gav-Yam Lands Corp. Ltd.		92,610		1,025,443

Grand City Properties SA(a)		53,172		942,376

Heiwa Real Estate Co. Ltd.(a)		25,200		792,606

Helical plc		21,919		120,535

Henderson Land Development Co. Ltd.(a)		773,000		3,137,851

Intershop Holding AG		252		164,599

Isras Investment Co. Ltd.		3,780		929,177

Katitas Co. Ltd.		34,800		817,891

Kennedy-Wilson Holdings, Inc.		66,150		1,491,683

Kerry Properties Ltd.		360,000		977,295

Kojamo OYJ(a)		61,614		1,230,444

LEG Immobilien SE		37,548		3,866,059

Mobimo Holding AG (Registered)(a)		3,780		1,088,456

Nomura Real Estate Holdings, Inc.		59,000		1,436,747

Platzer Fastigheter Holding AB, Class B(a)		14,393		147,261

PSP Swiss Property AG (Registered)		24,318		3,086,568

Realogy Holdings Corp.* (a)		70,308		770,576

Shurgard Self Storage SA		20,034		1,164,531

Sino Land Co. Ltd.		1,830,000		2,434,978

Sirius Real Estate Ltd.		677,142		1,032,084

Sumitomo Realty & Development Co. Ltd.(a)		159,200		4,219,611

Sun Hung Kai Properties Ltd.		674,500		7,818,583

Swiss Prime Site AG (Registered)		40,572		3,991,785

TAG Immobilien AG		73,836		1,484,646

Tokyo Tatemono Co. Ltd.		102,600		1,444,446

Tricon Residential, Inc.(a)		112,518		1,636,641

VGP NV		4,662		1,214,790

Wihlborgs Fastigheter AB(a)		69,804		1,223,112

Wing Tai Holdings Ltd.		75,600		95,807

Yanlord Land Group Ltd.		1,016,700		898,236
				71,221,809
Total Common Stocks (Cost $369,596,680)				405,054,763

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			283

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


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS(c) – 1.4%

REPURCHASE AGREEMENTS – 1.4%

Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $6,052,776, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 – 5/15/2040; total market value $6,091,941 (Cost $6,052,675)	$	6,052,675	$	6,052,675
Total Investments – 98.0% (Cost $375,649,355)				411,107,438

Other assets less liabilities – 2.0%				8,586,818
NET ASSETS – 100.0%			$	419,694,256

*Non-income

producing security.

^(a)

The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $42,566,894, collateralized in the form of cash with a value of $6,052,675 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Invest-

ments; $30,735,558 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from April 30, 2022 – February 15, 2052 and $9,428,034 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 7.50%, and maturity dates ranging from May 12, 2022 – June 30, 2120; a total value of $46,216,267.

^(b)

^(c)

The security was purchased with cash collateral held from securities on loan at April 30, 2022. The total value of securities purchased was $6,052,675.

Percentages shown are based on Net Assets.

Abbreviations

OYJ – Public Limited Company



Aggregate gross unrealized appreciation	$	52,342,932
Aggregate gross unrealized depreciation		(20,666,859	)
Net unrealized appreciation	$	31,676,073
Federal income tax cost	$	379,051,858

Futures Contracts

FlexShares^® Global Quality Real Estate Index Fund had the following open futures contracts as of April 30, 2022:


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)*
Long Contracts
EURO STOXX 50 Index		25		06/17/2022		EUR	$	985,323	$	301
S&P Midcap 400 E-Mini Index		38		06/17/2022		USD		9,481,380		(438,597	)
SPI 200 Index		30		06/16/2022		AUD		3,948,904		127,714
TOPIX Mini Index		3		06/09/2022		JPY		44,065		2,578
									$	(308,004	)

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

See Accompanying Notes to the Financial Statements.


284		FLEXSHARES SEMIANNUAL REPORT

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

Forward Foreign Currency Contracts

FlexShares^® Global Quality Real Estate Index Fund had the following outstanding contracts as of April 30, 2022:


Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	269,820	Toronto-Dominion Bank (The)	AUD	373,695		06/15/2022	$	4,036
USD	137,182	UBS AG	CHF	127,373		06/15/2022		5,658
USD	34,307	Goldman Sachs & Co.	ILS	111,846		06/15/2022		753
USD	35,248	Bank of New York	NOK	314,773		06/15/2022		1,457
USD	21,648	Bank of New York	NZD	31,599		06/15/2022		1,142
Total unrealized appreciation							$	13,046
AUD	719,336	Citibank NA	USD	527,605		06/15/2022	$	(15,987	)
CAD	369,101	Citibank NA	USD	290,289		06/15/2022		(1,520	)
EUR	117,819	Toronto-Dominion Bank (The)	USD	130,065		06/15/2022		(5,514	)
GBP	61,709	Toronto-Dominion Bank (The)	USD	80,732		06/15/2022		(3,252	)
HKD	1,265,030	Toronto-Dominion Bank (The)	USD	161,851		06/15/2022		(465	)
JPY	65,231,732	BNP Paribas SA	USD	559,086		06/15/2022		(54,802	)
SEK	2,202,771	Citibank NA	USD	228,197		06/15/2022		(2,992	)
SGD	1,470	Citibank NA	USD	1,082		06/15/2022		(17	)
Total unrealized depreciation							$	(84,549	)
Net unrealized depreciation							$	(71,503	)

Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – Euro

GBP – British Pound

HKD – Hong Kong Dollar

ILS – Israeli Shekel

JPY – Japanese Yen

NOK – Norwegian Krone

NZD – New Zealand Dollar

SEK – Swedish Krona

SGD – Singapore Dollar

USD – US Dollar

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			285

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

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


Australia	6.1	%
Austria	0.2
Belgium	1.1
Canada	3.8
Finland	0.3
France	0.1
Germany	1.5
Hong Kong	5.1
Israel	0.5
Japan	5.2
New Zealand	0.5
Norway	0.2
Singapore	1.3
Sweden	1.8
Switzerland	2.3
United Kingdom	3.3
United States	63.3
Other¹	3.4
	100.0	%

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


Security Type	% of Net Assets
Common Stocks		96.6	%
Securities Lending Reinvestments		1.4
Others⁽¹⁾		2.0
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


286		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Real Assets Allocation Index Fund

April 30, 2022 (Unaudited)


Investments	Shares		Value

EXCHANGE TRADED FUNDS – 100.0%

FlexShares^® Global Quality Real Estate Index Fund(a)		204,687	$	13,576,889

FlexShares^® Global Upstream Natural Resources Index Fund(a)		274,995		12,286,776

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund(a)		484,470		26,355,168
Total Exchange Traded Funds (Cost $51,938,053)				52,218,833

Total Investments – 100.0% (Cost $51,938,053)				52,218,833

Liabilities in excess of other assets – 0.0%				(13,106	)
NET ASSETS – 100.0%			$	52,205,727

^(a)

Investment in affiliated Fund. Northern Trust Investments, Inc. is the Investment Adviser to both the Fund and the affiliated Funds.

Percentages shown are based on Net Assets.



Aggregate gross unrealized appreciation	$	1,653,061
Aggregate gross unrealized depreciation		(1,402,147	)
Net unrealized appreciation	$	250,914
Federal income tax cost	$	51,967,919

The underlying index of the FlexShares^® Real Assets Allocation Index Fund is comprised of securities of affiliated FlexShares^® Funds. The Schedules of Investments of the affiliated FlexShares^® Funds are located elsewhere in this Report.

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


Security	Value October 31, 2021		Purchases at Cost		Sales Proceeds		Shares April 30, 2022		Value April 30, 2022		Change in Unrealized Appreciation (Depreciation)			Dividend Income		Realized (Loss)
FlexShares^® Global Quality Real Estate Index Fund	$	8,892,328	$	6,709,593	$	1,185,178		204,687	$	13,576,889	$	(750,873	)	$	132,663	$	(88,981	)
FlexShares^® Global Upstream Natural Resources Index Fund		6,247,673		5,401,591		425,754		274,995		12,286,776		1,083,250			160,868		(19,984	)
FlexShares^® STOXX^® Global Broad Infrastructure Index Fund		15,150,662		12,675,970		249,259		484,470		26,355,168		(1,212,926	)		225,890		(9,279	)
	$	30,290,663	$	24,787,154	$	1,860,191		964,152	$	52,218,833	$	(880,549	)	$	519,421	$	(118,244	)


Security Type	% of Net Assets
Exchange Traded Funds		100.0	%
Others⁽¹⁾		0.0	^†
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

^†	Amount represents less than 0.05%.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			287

Schedule of Investments

FlexShares^® Quality Dividend Index Fund

April 30, 2022 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 99.4%

Aerospace & Defense – 0.6%

Lockheed Martin Corp.		23,903	$	10,328,964

Auto Components – 0.5%

Gentex Corp.(a)		282,172		8,281,748

Banks – 5.0%

Bank of America Corp.		420,343		14,997,838

Cullen/Frost Bankers, Inc.		61,215		8,098,132

JPMorgan Chase & Co.		374,286		44,674,777

US Bancorp		277,508		13,475,789

Wells Fargo & Co.		14,575		635,907
				81,882,443

Beverages – 0.1%

Coca-Cola Co. (The)		21,571		1,393,702

PepsiCo, Inc.		2,915		500,535
				1,894,237

Biotechnology – 2.3%

AbbVie, Inc.		71,126		10,446,987

Amgen, Inc.(a)		112,519		26,238,305
				36,685,292

Building Products – 0.8%

A O Smith Corp.(a)		108,438		6,336,033

Trane Technologies plc		52,470		7,340,028
				13,676,061

Capital Markets – 0.5%

Janus Henderson Group plc(a)		246,609		7,516,642

Chemicals – 2.9%

Dow, Inc.(a)		166,738		11,088,077

Eastman Chemical Co.(a)		70,543		7,242,650

LyondellBasell Industries NV, Class A		93,280		9,890,478

Olin Corp.		142,252		8,165,265

Sherwin-Williams Co. (The)		38,478		10,579,911
				46,966,381


Investments	Shares		Value

Commercial Services & Supplies – 0.6%

Cintas Corp.		6,413	$	2,547,628

Rollins, Inc.(a)		211,629		7,098,037
				9,645,665

Communications Equipment – 2.5%

Cisco Systems, Inc.		829,609		40,634,249

Consumer Finance – 1.8%

Ally Financial, Inc.		175,483		7,012,300

Discover Financial Services		76,956		8,654,472

OneMain Holdings, Inc.		152,746		7,015,624

Synchrony Financial		192,973		7,103,336
				29,785,732

Containers & Packaging – 0.4%

International Paper Co.		142,252		6,583,422

Diversified Telecommunication Services – 1.6%

AT&T, Inc.		555,599		10,478,597

Lumen Technologies, Inc.(a)		906,565		9,120,044

Verizon Communications, Inc.		135,256		6,262,353
				25,860,994

Electric Utilities – 1.5%

Evergy, Inc.		149,831		10,166,034

Southern Co. (The)		195,888		14,376,220
				24,542,254

Entertainment – 0.9%

Activision Blizzard, Inc.		153,329		11,591,673

Warner Bros Discovery, Inc.*		134,408		2,439,505
				14,031,178

Equity Real Estate Investment Trusts (REITs) – 5.1%

AvalonBay Communities, Inc.		40,227		9,150,838

Equity Residential		113,685		9,265,327

Extra Space Storage, Inc.		47,806		9,083,140

Healthpeak Properties, Inc.		290,917		9,544,987

Highwoods Properties, Inc.		198,803		8,119,115

Prologis, Inc.		55,968		8,971,111

Public Storage		30,899		11,478,978

SL Green Realty Corp.		106,689		7,385,013

See Accompanying Notes to the Financial Statements.


288		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Quality Dividend Index Fund (cont.)


Investments	Shares		Value

COMMON STOCKS – (continued)

Equity Real Estate Investment Trusts (REITs) – (continued)

Weyerhaeuser Co.		235,532	$	9,708,629
				82,707,138

Food & Staples Retailing – 0.0%(b)

Costco Wholesale Corp.		583		309,993

Health Care Equipment & Supplies – 1.9%

Abbott Laboratories		207,548		23,556,698

ResMed, Inc.		34,980		6,994,951
				30,551,649

Health Care Providers & Services – 1.9%

Cardinal Health, Inc.		157,410		9,137,651

McKesson Corp.		36,729		11,371,666

UnitedHealth Group, Inc.		19,239		9,783,993
				30,293,310

Health Care Technology – 0.6%

Cerner Corp.		104,163		9,753,823

Hotels, Restaurants & Leisure – 0.2%

Domino’s Pizza, Inc.(a)		4,081		1,379,378

International Game Technology plc(a)		103,774		2,265,386

Wingstop, Inc.(a)		3,498		320,977
				3,965,741

Household Products – 3.8%

Clorox Co. (The)(a)		5,247		752,787

Colgate-Palmolive Co.		34,397		2,650,289

Procter & Gamble Co. (The)		366,124		58,781,208
				62,184,284

Independent Power and Renewable Electricity Producers – 0.2%

AES Corp. (The)		185,977		3,797,650

Industrial Conglomerates – 1.0%

3M Co.		113,685		16,395,651

Insurance – 4.0%

Aflac, Inc.(a)		159,159		9,116,627

Allstate Corp. (The)		71,709		9,074,057


Investments	Shares		Value

Insurance – (continued)

American Financial Group, Inc.		62,964	$	8,719,255

Aon plc, Class A		28,567		8,227,010

MetLife, Inc.		148,665		9,764,317

Principal Financial Group, Inc.(a)		122,430		8,342,380

Prudential Financial, Inc.(a)		88,033		9,552,461

Travelers Cos., Inc. (The)		9,328		1,595,648
				64,391,755

Internet & Direct Marketing Retail – 0.3%

eBay, Inc.(a)		55,385		2,875,589

Shutterstock, Inc.(a)		19,822		1,500,922
				4,376,511

IT Services – 4.3%

Accenture plc, Class A		62,381		18,736,757

International Business Machines Corp.		166,738		22,044,431

Mastercard, Inc., Class A		13,409		4,872,562

Paychex, Inc.		81,037		10,269,819

Visa, Inc., Class A(a)		32,065		6,834,014

Western Union Co. (The)(a)		418,594		7,015,635
				69,773,218

Life Sciences Tools & Services – 0.1%

Agilent Technologies, Inc.		6,996		834,413

Thermo Fisher Scientific, Inc.		1,166		644,705
				1,479,118

Machinery – 1.6%

Illinois Tool Works, Inc.		58,883		11,606,428

Pentair plc		113,685		5,769,514

Snap-on, Inc.(a)		41,393		8,795,598
				26,171,540

Media – 3.5%

Comcast Corp., Class A		314,820		12,517,243

Interpublic Group of Cos., Inc. (The)		251,273		8,196,525

New York Times Co. (The), Class A(a)		205,216		7,863,877

Nexstar Media Group, Inc., Class A(a)		48,972		7,758,144

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			289

FlexShares^® Quality Dividend Index Fund (cont.)


Investments	Shares		Value

COMMON STOCKS – (continued)

Media – (continued)

Omnicom Group, Inc.		28,567	$	2,174,806

Sirius XM Holdings, Inc.(a)		1,426,601		8,559,606

TEGNA, Inc.		409,266		9,024,316
				56,094,517

Metals & Mining – 1.9%

Freeport-McMoRan, Inc.		278,091		11,276,590

Newmont Corp.		162,657		11,849,563

Southern Copper Corp.(a)		127,094		7,914,143
				31,040,296

Mortgage Real Estate Investment Trusts (REITs) – 0.4%

AGNC Investment Corp.(a)		639,551		7,022,270

Multiline Retail – 0.8%

Kohl’s Corp.		81,037		4,690,421

Target Corp.		39,061		8,931,298
				13,621,719

Multi-Utilities – 1.2%

Public Service Enterprise Group, Inc.		149,831		10,437,228

WEC Energy Group, Inc.		82,203		8,224,410
				18,661,638

Oil, Gas & Consumable Fuels – 3.0%

Antero Midstream Corp.(a)		832,524		8,550,021

Chevron Corp.		12,243		1,918,111

Coterra Energy, Inc.		409,849		11,799,553

Exxon Mobil Corp.		57,134		4,870,674

PDC Energy, Inc.(a)		150,997		10,530,531

Targa Resources Corp.		144,584		10,613,911
				48,282,801

Paper & Forest Products – 0.5%

Louisiana-Pacific Corp.(a)		127,094		8,200,105

Sylvamo Corp.*		1		28
				8,200,133

Pharmaceuticals – 7.2%

Eli Lilly & Co.		112,519		32,870,176

Johnson & Johnson		359,711		64,913,447

Pfizer, Inc.		404,019		19,825,212
				117,608,835


Investments	Shares		Value

Professional Services – 0.5%

Robert Half International, Inc.		73,458	$	7,221,656

Road & Rail – 2.1%

Old Dominion Freight Line, Inc.(a)		27,401		7,675,568

Union Pacific Corp.(a)		111,353		26,088,894
				33,764,462

Semiconductors & Semiconductor Equipment – 5.6%

Broadcom, Inc.		76,373		42,340,428

Microchip Technology, Inc.(a)		113,102		7,374,250

NVIDIA Corp.		65,879		12,218,578

Texas Instruments, Inc.		172,568		29,379,702
				91,312,958

Software – 6.1%

CDK Global, Inc.		203,467		11,070,639

Microsoft Corp.		252,439		70,056,871

NortonLifeLock, Inc.(a)		320,067		8,014,478

Oracle Corp.		145,167		10,655,258
				99,797,246

Specialty Retail – 4.2%

Bath & Body Works, Inc.(a)		73,458		3,885,194

Best Buy Co., Inc.(a)		72,875		6,553,649

Dick’s Sporting Goods, Inc.(a)		66,462		6,408,266

Home Depot, Inc. (The)		90,365		27,145,646

Lowe’s Cos., Inc.		97,944		19,366,467

Williams-Sonoma, Inc.(a)		43,142		5,629,168
				68,988,390

Technology Hardware, Storage & Peripherals – 9.1%

Apple, Inc.		896,654		141,357,503

Seagate Technology Holdings plc		85,118		6,983,081
				148,340,584

Textiles, Apparel & Luxury Goods – 2.2%

NIKE, Inc., Class B		171,985		21,446,529

Ralph Lauren Corp.		67,628		7,056,306

Tapestry, Inc.(a)		219,791		7,235,520
				35,738,355

See Accompanying Notes to the Financial Statements.


290		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Quality Dividend Index Fund (cont.)


Investments	Shares		Value

COMMON STOCKS – (continued)

Tobacco – 3.0%

Altria Group, Inc.		362,626	$	20,151,127

Philip Morris International, Inc.		290,334		29,033,400
				49,184,527

Trading Companies & Distributors – 1.1%

Fastenal Co.		163,823		9,061,050

WW Grainger, Inc.		18,656		9,328,560
				18,389,610
Total Common Stocks (Cost $1,327,698,109)				1,617,736,640
	Principal Amount

SECURITIES LENDING REINVESTMENTS(c) – 9.1%

CERTIFICATES OF DEPOSIT – 1.4%

Bank of Montreal, Chicago (SOFR + 0.14%), 0.42%, 7/18/2022(d)	$	2,000,000		2,000,000

Commonwealth Bank of Australia, New York (SOFR + 0.47%), 0.75%, 9/9/2022(d)		2,000,000		2,001,032

Goldman Sachs International 0.90%, 6/3/2022		3,000,000		2,997,600

Macquarie Bank Ltd. (SOFR + 0.18%), 0.46%, 5/10/2022(d) (e)		1,000,000		1,000,000

Mitsubishi UFJ Trust & Banking Corp., New York (SOFR + 0.35%), 0.63%, 8/4/2022(d)		2,000,000		2,000,216

Mizuho Bank Ltd., New York 0.25%, 5/5/2022		3,000,000		3,000,000

Natixis SA, New York (SOFR + 0.18%), 0.41%, 6/17/2022(d)		3,000,000		3,000,194

Skandinaviska Enskilda Banken AB, New York (SOFR + 0.36%), 0.64%, 10/26/2022(d)		1,000,000		1,000,200


Investments	Principal Amount		Value

CERTIFICATES OF DEPOSIT – (continued)

Standard Chartered, New York (SOFR + 0.62%), 0.90%, 6/24/2022(d)	$	2,000,000	$	2,000,000

The Norinchukin Bank, New York (SOFR + 0.45%), 0.73%, 6/10/2022(d)		3,000,000		3,000,000
Total Certificates of Deposit (Cost $21,997,794)				21,999,242



REPURCHASE AGREEMENTS – 7.7%

BofA Securities, Inc., 0.77%, dated 4/30/2022, due 8/1/2022, repurchase price $8,015,913, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 2.25%, maturing 12/15/2023 – 8/15/2046; Common Stocks; total market value $8,147,059		8,000,000		8,000,000

Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $48,742,668, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 – 5/15/2040; total market value $49,058,067		48,741,856		48,741,856

Societe Generale, New York Branch, 0.28%, dated 4/30/2022, due 5/6/2022, repurchase price $50,002,333, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 7.25%, maturing 4/30/2022 – 8/15/2051; total market value $50,630,006		50,000,000		50,000,000

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			291

FlexShares^® Quality Dividend Index Fund (cont.)


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS(c) – (continued)

REPURCHASE AGREEMENTS – (continued)

TD Prime Services LLC, 0.40%, dated 4/30/2022, due 5/2/2022, repurchase price $18,814,778, collateralized by various Common Stocks; total market value $20,516,520	$	18,814,360	$	18,814,360
Total Repurchase Agreements (Cost $125,556,216)				125,556,216
Total Securities Lending Reinvestments (Cost $147,554,010)				147,555,458
Total Investments – 108.5% (Cost $1,475,252,119)				1,765,292,098

Liabilities in excess of other assets – (8.5%)				(137,768,876	)
NET ASSETS – 100.0%			$	1,627,523,222

*	Non-income producing security.

^(a)

The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $195,375,435, collateralized in the form of cash with a value of $147,549,869 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $58,487,237 of collateral in the form of U.S. Government

Treasury Securities, interest rates ranging from 0.00% – 6.00%, and maturity dates ranging from April 30, 2022 – February 15, 2052 and $1,431,473 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 12, 2022 – June 30, 2120; a total value of $207,468,579.

^(b)

Represents less than 0.05% of net assets.

^(c)

The security was purchased with cash collateral held from securities on loan at April 30, 2022. The total value of securities purchased was $147,555,458.

^(d)

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

^(e)

Percentages shown are based on Net Assets.

Abbreviations

SOFR – Secured Overnight Financing Rate



Aggregate gross unrealized appreciation	$	346,211,125
Aggregate gross unrealized depreciation		(56,716,239	)
Net unrealized appreciation	$	289,494,886
Federal income tax cost	$	1,475,489,640

Futures Contracts

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


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
S&P 500 E-Mini Index		45		06/17/2022		USD	$	9,286,875	$	(307,572	)

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

Abbreviations:

USD – US Dollar


Security Type	% of Net Assets
Common Stocks		99.4	%
Securities Lending Reinvestments		9.1
Others⁽¹⁾		(8.5	)
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


292		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Quality Dividend Defensive Index Fund

April 30, 2022 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 98.7%

Auto Components – 0.4%

Gentex Corp.(a)		49,284	$	1,446,485

Banks – 4.0%

Bank of America Corp.		46,334		1,653,197

JPMorgan Chase & Co.		91,916		10,971,094

US Bancorp		65,860		3,198,161

Wells Fargo & Co.		3,552		154,974
				15,977,426

Beverages – 0.5%

Coca-Cola Co. (The)		25,460		1,644,971

PepsiCo, Inc.		740		127,065
				1,772,036

Biotechnology – 5.2%

AbbVie, Inc.		75,338		11,065,645

Amgen, Inc.(a)		26,940		6,282,139

Gilead Sciences, Inc.		57,136		3,390,450
				20,738,234

Building Products – 1.2%

A O Smith Corp.(a)		26,936		1,573,871

Lennox International, Inc.(a)		6,218		1,325,615

Trane Technologies plc		12,728		1,780,520
				4,680,006

Capital Markets – 0.5%

Janus Henderson Group plc(a)		59,200		1,804,416

Chemicals – 2.5%

CF Industries Holdings, Inc.		29,600		2,866,168

Chemours Co. (The)(a)		59,496		1,967,533

Dow, Inc.		39,664		2,637,656

LyondellBasell Industries NV, Class A		5,328		564,928

Olin Corp.(a)		34,928		2,004,867
				10,041,152

Commercial Services & Supplies – 0.6%

Rollins, Inc.		67,340		2,258,584

Communications Equipment – 2.4%

Cisco Systems, Inc.		197,140		9,655,917


Investments	Shares		Value

Consumer Finance – 0.2%

SLM Corp.(a)		54,908	$	918,611

Containers & Packaging – 0.1%

International Paper Co.		10,212		472,611

Distributors – 0.1%

Pool Corp.(a)		1,184		479,781

Diversified Telecommunication Services – 1.5%

AT&T, Inc.		136,012		2,565,186

Lumen Technologies, Inc.(a)		216,820		2,181,209

Verizon Communications, Inc.		28,416		1,315,661
				6,062,056

Electric Utilities – 1.9%

Evergy, Inc.(a)		35,668		2,420,074

Exelon Corp.		57,572		2,693,218

PPL Corp.		20,730		586,866

Southern Co. (The)		22,348		1,640,120
				7,340,278

Entertainment – 0.9%

Activision Blizzard, Inc.		36,556		2,763,633

Warner Bros Discovery, Inc.*		32,904		597,208
				3,360,841

Equity Real Estate Investment Trusts (REITs) – 6.4%

American Tower Corp.		20,722		4,994,417

CubeSmart		11,692		555,487

Duke Realty Corp.		39,664		2,171,604

Equity Residential		26,640		2,171,160

Extra Space Storage, Inc.		11,692		2,221,480

Healthpeak Properties, Inc.		69,264		2,272,552

Highwoods Properties, Inc.		10,360		423,102

Iron Mountain, Inc.(a)		47,222		2,537,238

Mid-America Apartment Communities, Inc.		10,804		2,124,931

Prologis, Inc.		19,832		3,178,871

Public Storage		7,402		2,749,843
				25,400,685

Food & Staples Retailing – 0.0%(b)

Costco Wholesale Corp.		148		78,695

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			293

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Food Products – 1.2%

Hershey Co. (The)		11,396	$	2,572,875

Sanderson Farms, Inc.(a)		10,806		2,046,332
				4,619,207

Health Care Equipment & Supplies – 2.6%

Abbott Laboratories		76,074		8,634,399

ResMed, Inc.		8,586		1,716,942
				10,351,341

Health Care Providers & Services – 0.6%

UnitedHealth Group, Inc.		4,588		2,333,227

Health Care Technology – 0.1%

Cerner Corp.		2,664		249,457

Hotels, Restaurants & Leisure – 1.7%

Domino’s Pizza, Inc.(a)		4,292		1,450,696

McDonald’s Corp.		16,874		4,204,326

Starbucks Corp.		15,540		1,159,905
				6,814,927

Household Products – 4.5%

Clorox Co. (The)		11,398		1,635,271

Kimberly-Clark Corp.		14,060		1,951,950

Procter & Gamble Co. (The)		87,178		13,996,428
				17,583,649

Independent Power and Renewable Electricity Producers – 0.4%

AES Corp. (The)		70,764		1,445,001

Industrial Conglomerates – 1.0%

3M Co.		27,084		3,906,055

Insurance – 3.7%

Aflac, Inc.		37,740		2,161,747

American Financial Group, Inc.		15,096		2,090,494

Aon plc, Class A		10,362		2,984,152

Assurant, Inc.		12,730		2,315,332

MetLife, Inc.		22,200		1,458,096

Travelers Cos., Inc. (The)		14,208		2,430,421

Willis Towers Watson plc		6,218		1,336,000
				14,776,242


Investments	Shares		Value

Internet & Direct Marketing Retail – 0.3%

eBay, Inc.		13,324	$	691,782

Shutterstock, Inc.(a)		4,740		358,913
				1,050,695

IT Services – 3.4%

International Business Machines Corp.		39,964		5,283,641

Jack Henry & Associates, Inc.(a)		5,772		1,094,256

Mastercard, Inc., Class A		3,406		1,237,672

Paychex, Inc.		19,684		2,494,553

Visa, Inc., Class A(a)		7,846		1,672,218

Western Union Co. (The)(a)		106,132		1,778,772
				13,561,112

Life Sciences Tools & Services – 0.5%

Thermo Fisher Scientific, Inc.		3,848		2,127,636

Machinery – 2.3%

Graco, Inc.(a)		28,126		1,744,374

Illinois Tool Works, Inc.		14,506		2,859,278

Otis Worldwide Corp.		26,344		1,918,897

Toro Co. (The)(a)		15,244		1,221,502

Watts Water Technologies, Inc., Class A(a)		10,510		1,339,604
				9,083,655

Media – 3.4%

Comcast Corp., Class A		77,412		3,077,901

Interpublic Group of Cos., Inc. (The)		59,052		1,926,276

New York Times Co. (The), Class A		48,692		1,865,877

Nexstar Media Group, Inc., Class A(a)		11,692		1,852,247

Omnicom Group, Inc.		6,956		529,560

Sirius XM Holdings, Inc.(a)		339,150		2,034,900

TEGNA, Inc.(a)		97,692		2,154,109
				13,440,870

Metals & Mining – 1.2%

Newmont Corp.		39,368		2,867,959

Southern Copper Corp.		30,196		1,880,305
				4,748,264

Mortgage Real Estate Investment Trusts (REITs) – 0.4%

AGNC Investment Corp.(a)		151,404		1,662,416

See Accompanying Notes to the Financial Statements.


294		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Multiline Retail – 1.3%

Target Corp.		22,648	$	5,178,465

Multi-Utilities – 2.9%

CMS Energy Corp.		35,668		2,450,035

Dominion Energy, Inc.(a)		17,020		1,389,513

DTE Energy Co.		19,388		2,540,604

Public Service Enterprise Group, Inc.		36,408		2,536,181

WEC Energy Group, Inc.		23,828		2,383,991
				11,300,324

Oil, Gas & Consumable Fuels – 0.8%

Chevron Corp.		2,812		440,556

Coterra Energy, Inc.(a)		58,608		1,687,324

Exxon Mobil Corp.		13,620		1,161,105
				3,288,985

Paper & Forest Products – 0.0%(b)

Sylvamo Corp.*		1		37

Pharmaceuticals – 7.2%

Eli Lilly & Co.		37,002		10,809,394

Johnson & Johnson		81,850		14,770,651

Pfizer, Inc.		58,620		2,876,484
				28,456,529

Road & Rail – 0.5%

Old Dominion Freight Line, Inc.(a)		6,810		1,907,617

Semiconductors & Semiconductor Equipment – 6.1%

Broadcom, Inc.		18,648		10,338,265

KLA Corp.		6,956		2,220,773

Lam Research Corp.		2,812		1,309,717

NVIDIA Corp.		15,690		2,910,024

Texas Instruments, Inc.		42,182		7,181,485
				23,960,264

Software – 6.0%

CDK Global, Inc.		48,544		2,641,279

Microsoft Corp.		60,092		16,676,732

NortonLifeLock, Inc.(a)		76,664		1,919,667

Oracle Corp.		35,816		2,628,894
				23,866,572


Investments	Shares		Value

Specialty Retail – 4.2%

Best Buy Co., Inc.(a)		16,874	$	1,517,479

Dick’s Sporting Goods, Inc.(a)		3,112		300,059

Home Depot, Inc. (The)		36,560		10,982,624

Lowe’s Cos., Inc.		13,026		2,575,631

Williams-Sonoma, Inc.(a)		10,804		1,409,706
				16,785,499

Technology Hardware, Storage & Peripherals – 9.3%

Apple, Inc.		212,100		33,437,564

HP, Inc.(a)		42,328		1,550,475

Seagate Technology Holdings plc		20,276		1,663,443
				36,651,482

Textiles, Apparel & Luxury Goods – 0.4%

NIKE, Inc., Class B		12,434		1,550,520

Tobacco – 3.1%

Altria Group, Inc.		86,288		4,795,024

Philip Morris International, Inc.		72,972		7,297,200
				12,092,224

Trading Companies & Distributors – 0.6%

Fastenal Co.		40,108		2,218,374

Water Utilities – 0.6%

American Water Works Co., Inc.		15,688		2,417,207
Total Common Stocks (Cost $337,126,729)				389,915,667
	Principal Amount

SECURITIES LENDING REINVESTMENTS(c) – 6.7%

REPURCHASE AGREEMENTS – 6.7%

BofA Securities, Inc., 0.77%, dated 4/30/2022, due 8/1/2022, repurchase price $1,001,989, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 2.25%, maturing 12/15/2023 – 8/15/2046; Common Stocks; total market value $1,018,382	$	1,000,000		1,000,000

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			295

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


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS(c) – (continued)

REPURCHASE AGREEMENTS – (continued)

CF Secured LLC, 0.27%, dated 4/30/2022, due 5/2/2022, repurchase price $3,000,045, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 3.00%, maturing 5/26/2022 – 2/15/2052; Cash; total market value $3,039,524	$	3,000,000	$	3,000,000

Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $17,522,115, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 – 5/15/2040; total market value $17,635,496		17,521,823		17,521,823

TD Prime Services LLC, 0.40%, dated 4/30/2022, due 5/2/2022, repurchase price $5,000,111, collateralized by various Common Stocks; total market value $5,452,357		5,000,000		5,000,000
				26,521,823
Total Securities Lending Reinvestments (Cost $26,521,823)				26,521,823
Total Investments – 105.4% (Cost $363,648,552)				416,437,490

Liabilities in excess of other assets – (5.4%)				(21,221,478	)
NET ASSETS – 100.0%			$	395,216,012

*	Non-income producing security.

^(a)

The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $37,545,141, collateralized in the form of cash with a value of $26,521,823 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $13,311,858 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.00%, and maturity dates ranging from April 30, 2022 – February 15, 2052 and $9,837 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 12, 2022 – June 30, 2120; a total value of $39,843,518.

^(b)

Represents less than 0.05% of net assets.

^(c)

The security was purchased with cash collateral held from securities on loan at April 30, 2022. The total value of securities purchased was $26,521,823.

Percentages shown are based on Net Assets.



Aggregate gross unrealized appreciation	$	70,153,897
Aggregate gross unrealized depreciation		(17,609,681	)
Net unrealized appreciation	$	52,544,216
Federal income tax cost	$	363,790,089

See Accompanying Notes to the Financial Statements.


296		FLEXSHARES SEMIANNUAL REPORT

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

Futures Contracts

FlexShares^® Quality Dividend Defensive Index Fund had the following open futures contracts as of April 30, 2022:


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
S&P 500 E-Mini Index		25		06/17/2022		USD	$	5,159,375	$	(103,185	)

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

Abbreviations:

USD – US Dollar


Security Type	% of Net Assets
Common Stocks		98.7	%
Securities Lending Reinvestments		6.7
Others⁽¹⁾		(5.4	)
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			297

Schedule of Investments

FlexShares^® Quality Dividend Dynamic Index Fund

April 30, 2022 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 98.7%

Air Freight & Logistics – 0.4%

United Parcel Service, Inc., Class B		497	$	89,450

Auto Components – 0.3%

Gentex Corp.		2,401		70,469

Banks – 5.7%

Bank of America Corp.		7,231		258,002

Citigroup, Inc.		4,781		230,492

Cullen/Frost Bankers, Inc.(a)		840		111,124

JPMorgan Chase & Co.		4,795		572,331

Wells Fargo & Co.		14		611
				1,172,560

Beverages – 0.2%

Coca-Cola Co. (The)		357		23,066

PepsiCo, Inc.		84		14,423
				37,489

Biotechnology – 2.0%

AbbVie, Inc.		609		89,450

Amgen, Inc.		1,400		326,466
				415,916

Building Products – 1.8%

A O Smith Corp.		1,456		85,074

Masco Corp.		1,337		70,447

Owens Corning		1,204		109,480

Trane Technologies plc		707		98,902
				363,903

Capital Markets – 0.4%

Janus Henderson Group plc		2,898		88,331

Chemicals – 3.9%

Celanese Corp.		721		105,944

Chemours Co. (The)		3,556		117,597

Dow, Inc.		2,226		148,029

Eastman Chemical Co.		805		82,649

LyondellBasell Industries NV, Class A		1,274		135,082

Olin Corp.		1,029		59,065

Sherwin-Williams Co. (The)		595		163,601
				811,967


Investments	Shares		Value

Commercial Services & Supplies – 0.7%

Cintas Corp.		350	$	139,041

Communications Equipment – 2.5%

Cisco Systems, Inc.		10,451		511,890

Consumer Finance – 2.9%

Ally Financial, Inc.		1,050		41,958

American Express Co.		1,204		210,351

Capital One Financial Corp.		1,022		127,362

Discover Financial Services		1,022		114,934

Synchrony Financial		2,751		101,264
				595,869

Containers & Packaging – 0.2%

International Paper Co.		1,113		51,510

Diversified Financial Services – 0.8%

Equitable Holdings, Inc.		2,492		71,844

Voya Financial, Inc.(a)		1,365		86,186
				158,030

Diversified Telecommunication Services – 1.6%

AT&T, Inc.		7,399		139,545

Lumen Technologies, Inc.(a)		10,850		109,151

Verizon Communications, Inc.		1,883		87,183
				335,879

Electric Utilities – 0.4%

PPL Corp.		2,597		73,521

Electrical Equipment – 0.6%

Emerson Electric Co.		1,449		130,671

Electronic Equipment, Instruments & Components – 0.2%

CDW Corp.		217		35,410

Entertainment – 0.8%

Activision Blizzard, Inc.		1,855		140,238

Warner Bros Discovery, Inc.*		1,673		30,365
				170,603

Equity Real Estate Investment Trusts (REITs) – 3.9%

AvalonBay Communities, Inc.		532		121,020

Brixmor Property Group, Inc.		4,774		121,164

See Accompanying Notes to the Financial Statements.


298		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Equity Real Estate Investment Trusts (REITs) – (continued)

Cousins Properties, Inc.(a)		217	$	7,790

Equity Residential		1,526		124,369

Highwoods Properties, Inc.		2,352		96,056

Lamar Advertising Co., Class A		973		107,429

SL Green Realty Corp.		1,414		97,877

Weyerhaeuser Co.		3,206		132,151
				807,856

Food & Staples Retailing – 0.0%(b)

Costco Wholesale Corp.		7		3,722

Health Care Equipment & Supplies – 0.6%

Abbott Laboratories		1,015		115,203

Health Care Providers & Services – 1.3%

Cardinal Health, Inc.		1,505		87,365

Quest Diagnostics, Inc.		329		44,033

UnitedHealth Group, Inc.		252		128,155
				259,553

Hotels, Restaurants & Leisure – 0.3%

International Game Technology plc(a)		2,688		58,679

Household Durables – 0.5%

Whirlpool Corp.		553		100,381

Household Products – 0.7%

Procter & Gamble Co. (The)		952		152,844

Independent Power and Renewable Electricity Producers – 0.3%

AES Corp. (The)		3,563		72,756

Industrial Conglomerates – 1.0%

3M Co.		1,400		201,908

Insurance – 2.9%

Aflac, Inc.		2,107		120,689

MetLife, Inc.		2,023		132,870

Principal Financial Group, Inc.		1,477		100,643

Prudential Financial, Inc.		1,071		116,214

Unum Group		4,067		124,125
				594,541


Investments	Shares		Value

Internet & Direct Marketing Retail – 0.3%

eBay, Inc.		805	$	41,796

Shutterstock, Inc.		161		12,191
				53,987

IT Services – 4.4%

Accenture plc, Class A		1,218		365,838

Genpact Ltd.		161		6,483

International Business Machines Corp.		2,093		276,716

Mastercard, Inc., Class A		168		61,048

Paychex, Inc.		966		122,421

Visa, Inc., Class A(a)		399		85,039
				917,545

Machinery – 1.8%

Crane Co.		1,141		109,799

Illinois Tool Works, Inc.		756		149,015

Snap-on, Inc.		560		118,994
				377,808

Media – 3.5%

Comcast Corp., Class A		3,941		156,694

Interpublic Group of Cos., Inc. (The)		3,255		106,178

New York Times Co. (The), Class A		2,464		94,421

Nexstar Media Group, Inc., Class A		665		105,349

Omnicom Group, Inc.		462		35,172

Sirius XM Holdings, Inc.(a)		18,613		111,678

TEGNA, Inc.		5,187		114,373
				723,865

Metals & Mining – 1.2%

Freeport-McMoRan, Inc.		3,752		152,144

Southern Copper Corp.(a)		1,589		98,947
				251,091

Mortgage Real Estate Investment Trusts (REITs) – 0.4%

AGNC Investment Corp.(a)		7,504		82,394

Multiline Retail – 1.9%

Kohl’s Corp.		2,002		115,876

Target Corp.		1,218		278,495
				394,371

Oil, Gas & Consumable Fuels – 6.1%

Antero Midstream Corp.		10,962		112,580

APA Corp.		3,738		152,996

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			299

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Oil, Gas & Consumable Fuels – (continued)

Chevron Corp.		126	$	19,740

Continental Resources, Inc.(a)		532		29,563

Devon Energy Corp.		2,226		129,486

Exxon Mobil Corp.		658		56,095

Marathon Oil Corp.		5,278		131,528

Occidental Petroleum Corp.(a)		3,360		185,102

ONEOK, Inc.(a)		833		52,754

PDC Energy, Inc.		2,002		139,620

Plains GP Holdings LP, Class A*		10,192		113,845

Targa Resources Corp.		1,953		143,370
				1,266,679

Paper & Forest Products – 0.5%

Louisiana-Pacific Corp.		1,736		112,007

Pharmaceuticals – 7.0%

Johnson & Johnson		4,634		836,252

Pfizer, Inc.		12,341		605,573
				1,441,825

Professional Services – 0.5%

Robert Half International, Inc.		1,001		98,408

Road & Rail – 1.9%

Union Pacific Corp.		1,673		391,967

Semiconductors & Semiconductor Equipment – 7.4%

Applied Materials, Inc.		1,008		111,233

Broadcom, Inc.		917		508,375

KLA Corp.		364		116,211

Lam Research Corp.		343		159,756

Microchip Technology, Inc.(a)		1,554		101,321

NVIDIA Corp.		805		149,303

Texas Instruments, Inc.		2,233		380,168
				1,526,367

Software – 6.3%

CDK Global, Inc.		2,702		147,016

Microsoft Corp.		3,367		934,410

NortonLifeLock, Inc.		4,039		101,136

Oracle Corp.		1,778		130,505
				1,313,067


Investments	Shares		Value

Specialty Retail – 3.6%

Bath & Body Works, Inc.(a)		1,134	$	59,977

Best Buy Co., Inc.(a)		854		76,800

Dick’s Sporting Goods, Inc.(a)		1,071		103,266

Home Depot, Inc. (The)		196		58,878

Lowe’s Cos., Inc.		1,729		341,875

Williams-Sonoma, Inc.(a)		728		94,990
				735,786

Technology Hardware, Storage & Peripherals – 9.2%

Apple, Inc.		11,487		1,810,926

Seagate Technology Holdings plc		1,085		89,013
				1,899,939

Textiles, Apparel & Luxury Goods – 1.6%

NIKE, Inc., Class B		1,190		148,393

Ralph Lauren Corp.		924		96,410

Tapestry, Inc.		2,569		84,572
				329,375

Tobacco – 3.0%

Altria Group, Inc.		4,571		254,010

Philip Morris International, Inc.		3,710		371,000
				625,010

Trading Companies & Distributors – 1.2%

Fastenal Co.		2,093		115,764

WW Grainger, Inc.		266		133,008
				248,772
Total Common Stocks (Cost $17,097,999)				20,410,215

See Accompanying Notes to the Financial Statements.


300		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS(c) – 1.1%

REPURCHASE AGREEMENTS – 1.1%

Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $228,523, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 – 5/15/2040; total market value $230,002 (Cost $228,520)	$	228,520	$	228,520
Total Investments – 99.8% (Cost $17,326,519)				20,638,735

Other assets less liabilities – 0.2%				35,014
NET ASSETS – 100.0%			$	20,673,749

*	Non-income producing security.

^(a)

The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $1,202,024, collateralized in the form of cash with a value of

$228,520 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $947,261 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.00%, and maturity dates ranging from April 30, 2022 – February 15, 2052 and $110,943 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 12, 2022 – June 30, 2120; a total value of $1,286,724.

^(b)

Represents less than 0.05% of net assets.

^(c)

The security was purchased with cash collateral held from securities on loan at April 30, 2022. The total value of securities purchased was $228,520.

Percentages shown are based on Net Assets.



Aggregate gross unrealized appreciation	$	4,038,972
Aggregate gross unrealized depreciation		(732,749	)
Net unrealized appreciation	$	3,306,223
Federal income tax cost	$	17,323,537

Futures Contracts

FlexShares^® Quality Dividend Dynamic Index Fund had the following open futures contracts as of April 30, 2022:


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
S&P 500 E-Mini Index		12		06/17/2022		USD	$	247,650	$	(8,975	)

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

Abbreviations:

USD – US Dollar


Security Type	% of Net Assets
Common Stocks		98.7	%
Securities Lending Reinvestments		1.1
Others⁽¹⁾		0.2
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			301

Schedule of Investments

FlexShares^® International Quality Dividend Index Fund

April 30, 2022 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 97.1%

Auto Components – 1.0%

Bridgestone Corp.		117,600	$	4,326,947

Fuyao Glass Industry Group Co. Ltd., Class H(a)		330,000		1,371,118
				5,698,065

Automobiles – 1.9%

Bajaj Auto Ltd.		73,000		3,561,594

Ford Otomotiv Sanayi A/S		224,250		4,511,869

Mercedes-Benz Group AG*		40,000		2,831,486
				10,904,949

Banks – 9.1%

Agricultural Bank of China Ltd., Class H		13,000,000		4,904,316

Al Rajhi Bank		8,500		400,208

Banco Bilbao Vizcaya Argentaria SA		229,250		1,223,506

BNP Paribas SA		19,250		1,009,399

BOC Hong Kong Holdings Ltd.		954,500		3,485,330

China Merchants Bank Co. Ltd., Class H		125,000		763,113

FinecoBank Banca Fineco SpA		285,250		4,009,819

First Abu Dhabi Bank PJSC		577,926		3,530,760

Hana Financial Group, Inc.		14,250		533,241

Hang Seng Bank Ltd.		33,900		602,722

HSBC Holdings plc		55,250		347,734

Industrial & Commercial Bank of China Ltd., Class H		3,000,000		1,812,354

Mitsubishi UFJ Financial Group, Inc.		1,425,000		8,296,369

Nordea Bank Abp		113,250		1,145,064

Royal Bank of Canada		95,500		9,695,337

Saudi National Bank (The)		8,000		168,497

Sberbank of Russia PJSC^‡ (b)		1,227,390		—

Skandinaviska Enskilda Banken AB, Class A		415,250		4,729,856

Swedbank AB, Class A(c)		291,250		4,667,625

Toronto-Dominion Bank (The)		8,000		580,822
				51,906,072


Investments	Shares		Value

Beverages – 0.8%

Thai Beverage PCL		8,750,000	$	4,340,466

Building Products – 1.1%

Geberit AG (Registered)		4,250		2,451,965

Lixil Corp.		225,000		3,983,869
				6,435,834

Capital Markets – 4.4%

3i Group plc		139,250		2,316,476

Abrdn plc		1,353,750		3,217,405

CSC Financial Co. Ltd., Class H(a) (c)		2,625,000		2,435,589

IGM Financial, Inc.(c)		120,750		3,846,276

Julius Baer Group Ltd.		45,500		2,215,819

Macquarie Korea Infrastructure Fund		54,000		610,510

Moscow Exchange MICEX-RTS PJSC^‡ (b)		775,590		—

Partners Group Holding AG		2,250		2,428,141

Samsung Securities Co. Ltd.		137,750		4,354,041

SBI Holdings, Inc.		156,600		3,520,962
				24,945,219

Chemicals – 1.7%

Kumho Petrochemical Co. Ltd.		11,750		1,445,362

Nissan Chemical Corp.		8,500		453,342

Nitto Denko Corp.		17,300		1,168,378

Wacker Chemie AG		19,500		3,129,958

Yara International ASA		63,000		3,250,570
				9,447,610

Construction Materials – 2.0%

Ambuja Cements Ltd.		860,750		4,191,008

Anhui Conch Cement Co. Ltd., Class H		506,000		2,766,631

China Resources Cement Holdings Ltd.		5,304,000		4,427,802
				11,385,441

Diversified Financial Services – 2.0%

Investor AB, Class B(c)		48,750		951,470

M&G plc		1,622,000		4,362,014

Power Finance Corp. Ltd.		791,750		1,219,591

See Accompanying Notes to the Financial Statements.


302		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Diversified Financial Services – (continued)

REC Ltd.		2,863,750	$	4,757,775
				11,290,850

Diversified Telecommunication Services – 1.2%

Elisa OYJ		5,750		338,238

Koninklijke KPN NV(c)		761,750		2,639,853

Spark New Zealand Ltd.		46,750		149,288

Swisscom AG (Registered)(c)		3,750		2,228,404

Telefonica SA		8,750		42,766

Telenor ASA		82,250		1,173,291
				6,571,840

Electric Utilities – 2.4%

Endesa SA(c)		74,250		1,568,951

Enel SpA		994,500		6,523,601

Iberdrola SA		246,750		2,866,001

Power Assets Holdings Ltd.		375,000		2,525,920
				13,484,473

Electrical Equipment – 0.8%

Mitsubishi Electric Corp.		295,200		3,116,962

WEG SA		275,000		1,671,479
				4,788,441

Electronic Equipment, Instruments & Components – 0.6%

Hexagon AB, Class B* (c)		184,500		2,420,852

Kingboard Laminates Holdings Ltd.		250,000		388,726

Largan Precision Co. Ltd.		2,000		114,672

Shimadzu Corp.		10,200		337,349
				3,261,599

Energy Equipment & Services – 0.3%

Tenaris SA		93,000		1,453,014

Entertainment – 1.1%

Nintendo Co. Ltd.		13,100		6,057,587

Equity Real Estate Investment Trusts (REITs) – 0.5%

Stockland		903,250		2,670,282

Food & Staples Retailing – 0.1%

Cencosud SA		455,750		729,264


Investments	Shares		Value

Food Products – 2.4%

China Feihe Ltd.(a)		129,000	$	123,473

Nestle SA (Registered)		90,250		11,715,345

Want Want China Holdings Ltd.		2,000,000		1,807,256
				13,646,074

Gas Utilities – 0.9%

Naturgy Energy Group SA(c)		170,250		5,160,059

Health Care Equipment & Supplies – 1.5%

Hartalega Holdings Bhd.		4,025,000		4,067,991

Hoya Corp.		5,800		581,522

Top Glove Corp. Bhd.		9,700,000		3,743,195
				8,392,708

Hotels, Restaurants & Leisure – 0.2%

La Francaise des Jeux SAEM(a)		23,750		892,211

Household Durables – 2.6%

Barratt Developments plc		356,750		2,214,864

Electrolux AB, Class B(c)		253,500		3,914,834

Iida Group Holdings Co. Ltd.		35,800		574,193

Nien Made Enterprise Co. Ltd.		324,000		3,446,048

Persimmon plc		155,750		4,106,427

Sony Group Corp.		4,200		363,723
				14,620,089

Household Products – 0.4%

Unilever Indonesia Tbk. PT		9,475,000		2,542,440

Independent Power and Renewable Electricity Producers – 0.0%

Unipro PJSC^‡ (b)		125,500,000		—

Industrial Conglomerates – 0.4%

Industries Qatar QSC		438,750		2,266,187

Insurance – 4.0%

Allianz SE (Registered)		48,500		11,061,889

BB Seguridade Participacoes SA		1,075,000		5,520,223

Caixa Seguridade Participacoes S/A		88,068		139,424

Zurich Insurance Group AG		13,750		6,316,515
				23,038,051

Interactive Media & Services – 0.7%

Rightmove plc		9,000		69,876

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			303

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Interactive Media & Services – (continued)

Tencent Holdings Ltd.		85,300	$	4,102,932
				4,172,808

Internet & Direct Marketing Retail – 0.8%

momo.com, Inc.		76,600		2,055,626

ZOZO, Inc.		130,200		2,773,634
				4,829,260

IT Services – 1.1%

Infosys Ltd.		58,000		1,189,363

Itochu Techno-Solutions Corp.		100,000		2,357,981

Nomura Research Institute Ltd.		75,000		2,147,654

Obic Co. Ltd.		4,800		714,294
				6,409,292

Machinery – 2.7%

Atlas Copco AB, Class A(c)		50,000		2,307,178

Atlas Copco AB, Class B(c)		9,250		372,235

Daifuku Co. Ltd.		6,200		385,227

Epiroc AB, Class A(c)		116,250		2,393,052

Epiroc AB, Class B		9,250		163,449

FANUC Corp.		9,000		1,400,780

Kone OYJ, Class B		61,250		2,978,137

Schindler Holding AG		1,000		195,127

Sinotruk Hong Kong Ltd.		3,125,000		3,823,531

Yaskawa Electric Corp.		33,900		1,164,364
				15,183,080

Marine – 3.4%

AP Moller – Maersk A/S, Class A		1,500		4,297,080

AP Moller – Maersk A/S, Class B		1,500		4,399,189

Nippon Yusen KK(c)		58,400		4,264,155

Orient Overseas International Ltd.		174,500		4,906,190

SITC International Holdings Co. Ltd.		500,000		1,688,726
				19,555,340

Media – 0.7%

Publicis Groupe SA		69,000		4,191,337

Metals & Mining – 4.9%

BHP Group Ltd.(c)		55,581		1,896,329


Investments	Shares		Value

Metals & Mining – (continued)

BHP Group Ltd.		42,419	$	1,451,255

Cia Siderurgica Nacional SA		75,000		319,101

Fortescue Metals Group Ltd.(c)		351,750		5,406,876

Gerdau SA (Preference)		225,000		1,270,799

Grupo Mexico SAB de CV, Series B		1,000,000		4,680,403

Impala Platinum Holdings Ltd.		62,750		818,125

Kumba Iron Ore Ltd.(c)		111,000		3,747,665

MMC Norilsk Nickel PJSC^‡ (b)		16,315		—

Rio Tinto plc		81,750		5,856,474

Severstal PAO^‡ (b)		58,985		—

Vedanta Ltd.		503,500		2,689,658
				28,136,685

Multiline Retail – 0.0%(d)

B&M European Value Retail SA		21,750		133,860

Multi-Utilities – 1.1%

Canadian Utilities Ltd., Class A(c)		74,000		2,236,125

Engie SA(c)		346,500		4,138,646
				6,374,771

Oil, Gas & Consumable Fuels – 8.2%

Adaro Energy Tbk. PT		31,100,000		7,165,206

Canadian Natural Resources Ltd.		142,250		8,849,652

China Shenhua Energy Co. Ltd., Class H		1,750,000		5,642,895

Enbridge, Inc.		236,500		10,373,765

Exxaro Resources Ltd.(c)		91,250		1,306,765

Lundin Energy AB		142,500		5,965,783

Ovintiv, Inc.		6,000		307,140

Petroleo Brasileiro SA (Preference)		825,000		5,044,425

Shell plc		61,750		1,684,664

TotalEnergies SE		3,000		149,460
				46,489,755

Personal Products – 2.0%

Hengan International Group Co. Ltd.(c)		125,000		592,647

L’Oreal SA		30,000		11,042,162
				11,634,809

Pharmaceuticals – 8.7%

Astellas Pharma, Inc.		25,000		381,676

See Accompanying Notes to the Financial Statements.


304		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Pharmaceuticals – (continued)

AstraZeneca plc		12,000	$	1,610,254

China Medical System Holdings Ltd.		500,000		723,922

Chugai Pharmaceutical Co. Ltd.		117,200		3,530,654

GlaxoSmithKline plc		321,750		7,259,110

Novartis AG (Registered)		109,500		9,759,280

Novo Nordisk A/S, Class B		79,750		9,187,090

Orion OYJ, Class B(c)		95,250		3,762,120

Roche Holding AG		35,500		13,254,210

Roche Holding AG – BR		500		202,339
				49,670,655

Professional Services – 1.6%

Nihon M&A Center Holdings, Inc.		111,100		1,384,034

Randstad NV		20,000		1,073,095

Recruit Holdings Co. Ltd.		43,600		1,621,371

RELX plc		73,250		2,200,731

SGS SA (Registered)		1,109		2,881,469
				9,160,700

Real Estate Management & Development – 2.0%

China Overseas Land & Investment Ltd.		34,000		105,950

China Resources Land Ltd.		44,000		197,957

CK Asset Holdings Ltd.		44,000		299,459

Daito Trust Construction Co. Ltd.		42,000		4,058,660

Hopson Development Holdings Ltd.(c)		2,300,000		4,449,826

Land & Houses PCL, NVDR		5,225,000		1,456,898

Logan Group Co. Ltd.(c)		2,750,000		869,216

Sunac Services Holdings Ltd.(a) (c)		182,000		100,671
				11,538,637

Road & Rail – 1.0%

Aurizon Holdings Ltd.		1,810,500		5,185,126

Canadian National Railway Co.		2,250		265,976
				5,451,102

Semiconductors & Semiconductor Equipment – 3.8%

Advantest Corp.		25,000		1,734,718

ASML Holding NV		6,000		3,468,676

Novatek Microelectronics Corp.		279,000		3,771,997


Investments	Shares		Value

Semiconductors & Semiconductor Equipment – (continued)

Parade Technologies Ltd.		7,000	$	340,791

Realtek Semiconductor Corp.		80,000		1,106,003

Silergy Corp.		6,000		552,662

Taiwan Semiconductor Manufacturing Co. Ltd.		512,222		9,349,305

Vanguard International Semiconductor Corp.		311,000		1,113,145
				21,437,297

Software – 1.5%

SAP SE		68,750		7,075,813

Temenos AG (Registered)		16,250		1,662,417
				8,738,230

Specialty Retail – 1.6%

Chow Tai Fook Jewellery Group Ltd.*		1,000,000		1,692,550

Industria de Diseno Textil SA(c)		164,500		3,488,139

Topsports International Holdings Ltd.(a)		576,000		444,876

USS Co. Ltd.		200,000		3,335,906
				8,961,471

Technology Hardware, Storage & Peripherals – 2.6%

Brother Industries Ltd.		175,000		3,058,043

Catcher Technology Co. Ltd.		858,000		4,220,793

Quanta Computer, Inc.		1,250,000		3,553,799

Samsung Electronics Co. Ltd.		61,000		3,273,408

Wiwynn Corp.		15,000		519,075
				14,625,118

Textiles, Apparel & Luxury Goods – 1.2%

Bosideng International Holdings Ltd.(c)		804,000		405,784

Eclat Textile Co. Ltd.		74,000		1,223,898

Li Ning Co. Ltd.		423,000		3,372,182

LVMH Moet Hennessy Louis Vuitton SE		2,500		1,633,854

Pandora A/S		5,000		446,017
				7,081,735

Tobacco – 2.4%

Gudang Garam Tbk. PT		2,225,000		4,711,837

Imperial Brands plc		209,500		4,382,034

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			305

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Tobacco – (continued)

Japan Tobacco, Inc.		250,000	$	4,290,483

Swedish Match AB(c)		59,250		475,774
				13,860,128

Trading Companies & Distributors – 0.6%

Ashtead Group plc		67,250		3,528,429

Wireless Telecommunication Services – 1.1%

Tele2 AB, Class B(c)		32,000		425,758

Total Access Communication PCL, NVDR		2,650,000		3,559,124

Turkcell Iletisim Hizmetleri A/S		1,612,500		2,348,849
				6,333,731
Total Common Stocks (Cost $563,553,925)				553,427,055
	Principal Amount

SECURITIES LENDING REINVESTMENTS(e) – 2.6%

REPURCHASE AGREEMENTS – 2.6%

Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $10,916,321, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 – 5/15/2040; total market value $10,986,957	$	10,916,139		10,916,139

TD Prime Services LLC, 0.40%, dated 4/30/2022, due 5/2/2022, repurchase price $4,185,733, collateralized by various Common Stocks; total market value $4,564,321		4,185,640		4,185,640
				15,101,779
Total Securities Lending Reinvestments (Cost $15,101,779)				15,101,779
Total Investments – 99.7% (Cost $578,655,704)				568,528,834

Other assets less liabilities – 0.3%				1,525,122
NET ASSETS – 100.0%			$	570,053,956

*	Non-income producing security.

^(a)

^(b)

^(c)

The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $52,163,598, collateralized in the form of cash with a value of $15,101,779 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $22,471,789 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 31, 2022 – February 15, 2052 and $17,719,555 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 8.50%, and maturity dates ranging from May 12, 2022 – June 30, 2120; a total value of $55,293,123.

^(d)

Represents less than 0.05% of net assets.

^(e)

The security was purchased with cash collateral held from securities on loan at April 30, 2022. The total value of securities purchased was $15,101,779.

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

Percentages shown are based on Net Assets.

Abbreviations

NVDR – Non-Voting Depositary Receipt

OYJ – Public Limited Company

PJSC – Public Joint Stock Company



Aggregate gross unrealized appreciation	$	69,936,884
Aggregate gross unrealized depreciation		(82,310,766	)
Net unrealized depreciation	$	(12,373,882	)
Federal income tax cost	$	580,960,434

See Accompanying Notes to the Financial Statements.


306		FLEXSHARES SEMIANNUAL REPORT

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

Futures Contracts

FlexShares^® International Quality Dividend Index Fund had the following open futures contracts as of April 30, 2022:


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)*
Long Contracts
EURO STOXX 50 Index		99		06/17/2022		EUR	$	3,901,880	$	56,209
FTSE 100 Index		27		06/17/2022		GBP		2,546,794		112,513
MSCI Emerging Markets E-Mini Index		97		06/17/2022		USD		5,128,390		(53,568	)
S&P/TSX 60 Index		8		06/16/2022		CAD		1,567,388		(57,787	)
SPI 200 Index		8		06/16/2022		AUD		1,053,041		34,904
TOPIX Index		13		06/09/2022		JPY		1,909,463		112,126
									$	204,397

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


Forward Foreign Currency Contracts
FlexShares^® International Quality Dividend Index Fund had the following outstanding contracts as of April 30, 2022:


Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
BRL*	2,837,851	Goldman Sachs & Co.	USD	552,423		06/15/2022	$	12,755
EUR	329,015	Toronto-Dominion Bank (The)	USD	345,829		06/15/2022		1,986
GBP	639,447	Toronto-Dominion Bank (The)	USD	795,650		06/15/2022		7,217
INR*	16,433,833	Goldman Sachs & Co.	USD	212,918		06/15/2022		1,068
TRY	764,685	Citibank NA	USD	45,600		06/15/2022		4,206
USD	339,657	Citibank NA	AUD	463,088		06/15/2022		10,292
USD	80,697	Toronto-Dominion Bank (The)	AUD	108,901		06/15/2022		3,243
USD	483,858	Goldman Sachs & Co.	BRL*	2,299,009		06/15/2022		25,995
USD	179,263	Toronto-Dominion Bank (The)	CAD	226,489		06/15/2022		2,068
USD	255,837	Toronto-Dominion Bank (The)	CHF	238,072		06/15/2022		10,009
USD	55,793	BNP Paribas SA	CZK	1,289,588		06/15/2022		785
USD	476,565	BNP Paribas SA	DKK	3,217,078		06/15/2022		19,386
USD	114,164	JPMorgan Chase Bank	DKK	766,649		06/15/2022		5,216
USD	93,802	JPMorgan Chase Bank	EUR	87,664		06/15/2022		1,128
USD	485,577	Toronto-Dominion Bank (The)	EUR	438,147		06/15/2022		22,395
USD	311,147	Bank of Montreal	GBP	237,424		06/15/2022		13,044
USD	601,693	Toronto-Dominion Bank (The)	GBP	457,085		06/15/2022		27,792
USD	141,339	JPMorgan Chase Bank	HKD	1,104,844		06/15/2022		389
USD	782,965	Citibank NA	JPY	95,369,788		06/15/2022		45,694
USD	464,259	Toronto-Dominion Bank (The)	JPY	55,224,428		06/15/2022		37,339
USD	850,120	Citibank NA	KRW*	1,041,156,062		06/15/2022		21,092
USD	17,760	Bank of New York	NOK	158,603		06/15/2022		734
USD	119,242	Bank of New York	NZD	174,054		06/15/2022		6,289
USD	119,162	Goldman Sachs & Co.	PLN	522,804		06/15/2022		2,040
USD	216,494	Bank of Montreal	SEK	2,045,733		06/15/2022		7,344
USD	91,048	Citibank NA	SEK	855,488		06/15/2022		3,586
USD	11,549	Citibank NA	SGD	15,691		06/15/2022		186

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			307

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


Forward Foreign Currency Contracts (cont.)


Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	323,816	JPMorgan Chase Bank	TWD*	9,123,516		06/15/2022	$	14,142
USD	187,492	BNP Paribas SA	ZAR	2,840,994		06/15/2022		8,752
USD	200,712	Citibank NA	ZAR	3,058,072		06/15/2022		8,314
Total unrealized appreciation							$	324,486
AUD	944,318	BNP Paribas SA	USD	705,285		06/15/2022	$	(33,652	)
CAD	582,513	Citibank NA	USD	458,133		06/15/2022		(2,399	)
CAD	152,520	Toronto-Dominion Bank (The)	USD	121,189		06/15/2022		(1,863	)
CHF	192,931	Toronto-Dominion Bank (The)	USD	209,833		06/15/2022		(10,616	)
CHF	646,525	UBS AG	USD	696,312		06/15/2022		(28,722	)
DKK	2,026,655	Bank of Montreal	USD	301,566		06/15/2022		(13,559	)
EUR	446,651	Bank of Montreal	USD	488,771		06/15/2022		(16,599	)
EUR	450,984	Toronto-Dominion Bank (The)	USD	499,124		06/15/2022		(22,372	)
GBP	295,549	Bank of Montreal	USD	389,971		06/15/2022		(18,890	)
GBP	665,754	Toronto-Dominion Bank (The)	USD	866,241		06/15/2022		(30,341	)
HKD	815,893	Bank of Montreal	USD	104,231		06/15/2022		(143	)
HKD	8,574,934	Toronto-Dominion Bank (The)	USD	1,097,100		06/15/2022		(3,153	)
JPY	21,641,055	Bank of Montreal	USD	183,339		06/15/2022		(16,039	)
JPY	196,900,189	BNP Paribas SA	USD	1,678,867		06/15/2022		(156,700	)
JPY	41,864,011	JPMorgan Chase Bank	USD	347,425		06/15/2022		(23,789	)
SEK	4,483,920	Citibank NA	USD	468,544		06/15/2022		(10,121	)
TWD*	28,052,301	Goldman Sachs & Co.	USD	988,523		06/15/2022		(36,360	)
USD	548,877	Citibank NA	BRL*	2,843,346		06/15/2022		(17,396	)
USD	388,171	Citibank NA	INR*	30,043,624		06/15/2022		(3,029	)
USD	210,258	Toronto-Dominion Bank (The)	MXN	4,493,878		06/15/2022		(8,057	)
USD	182,602	Toronto-Dominion Bank (The)	TRY	2,991,694		06/15/2022		(12,254	)
ZAR	1,672,274	Citibank NA	USD	110,321		06/15/2022		(5,111	)
Total unrealized depreciation							$	(471,165	)
Net unrealized depreciation							$	(146,679	)

*	Non-deliverable forward.

Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CZK – Czech Koruna

DKK – Danish Krone

EUR – Euro

GBP – British Pound

HKD – Hong Kong Dollar

INR – Indian Rupee

JPY – Japanese Yen

KRW – Korean Won

MXN – Mexican Peso

NOK – Norwegian Krone

NZD – New Zealand Dollar

PLN – Polish Zloty

SEK – Swedish Krona

SGD – Singapore Dollar

TRY – Turkish Lira

TWD – Taiwan Dollar

USD – US Dollar

ZAR – South African Rand

See Accompanying Notes to the Financial Statements.


308		FLEXSHARES SEMIANNUAL REPORT

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

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


Australia	2.9	%
Brazil	2.5
Canada	6.3
Chile	0.1
China	8.9
Denmark	3.2
Finland	1.2
France	4.1
Germany	4.2
Hong Kong	1.8
India	3.1
Indonesia	2.5
Italy	2.1
Japan	12.5
Malaysia	1.4
Mexico	0.8
Netherlands	1.3
New Zealand	0.0	^†
Norway	0.8
Qatar	0.4
Saudi Arabia	0.1
Singapore	0.8
South Africa	1.0
South Korea	1.8
Spain	2.5
Sweden	5.3
Switzerland	9.7
Taiwan	5.5
Thailand	0.9
Turkey	1.2
United Arab Emirates	0.6
United Kingdom	7.6
Other¹	2.9
	100.0	%

^†	Amount represents less than 0.05%.

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


Security Type	% of Net Assets
Common Stocks		97.1	%
Securities Lending Reinvestments		2.6
Others⁽¹⁾		0.3
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			309

Schedule of Investments

FlexShares^® International Quality Dividend Defensive Index Fund

April 30, 2022 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 97.8%

Air Freight & Logistics – 0.2%

Deutsche Post AG (Registered)		957	$	41,312

SG Holdings Co. Ltd.		5,800		102,651
				143,963

Auto Components – 0.7%

Bridgestone Corp.		12,800		470,960

Automobiles – 2.2%

Bajaj Auto Ltd.		9,889		482,474

Ford Otomotiv Sanayi A/S		24,621		495,370

Hero MotoCorp Ltd.		11,716		384,183
				1,362,027

Banks – 9.0%

Banco Bilbao Vizcaya Argentaria SA		95,091		507,500

Banco de Chile		1,485,960		148,326

Banco Santander Chile		2,970,644		142,882

Bank of China Ltd., Class H		580,000		229,157

Bank of Communications Co. Ltd., Class H		174,000		121,305

Bankinter SA		76,618		455,224

BOC Hong Kong Holdings Ltd.		130,500		476,517

China CITIC Bank Corp. Ltd., Class H		58,000		29,643

China Everbright Bank Co. Ltd., Class H		377,000		137,420

Commonwealth Bank of Australia(a)		10,933		807,100

Credit Agricole SA		11,107		121,579

Hang Seng Bank Ltd.		8,700		154,681

HSBC Holdings plc		5,075		31,941

KBC Group NV		2,291		157,146

Malayan Banking Bhd.		44,291		92,275

National Bank of Canada		2,639		185,260

Nordea Bank Abp		49,822		503,747

Royal Bank of Canada		8,961		909,737

Sberbank of Russia PJSC^‡ (b)		79,800		—

Swedbank AB, Class A(a)		25,578		409,918

Toronto-Dominion Bank (The)		493		35,793
				5,657,151


Investments	Shares		Value

Beverages – 0.4%

Carabao Group PCL, NVDR		78,300	$	250,331

Biotechnology – 0.2%

Grifols SA(a)		6,264		105,731

Capital Markets – 2.4%

Abrdn plc		125,512		298,299

CSC Financial Co. Ltd., Class H(a) (c)		449,500		417,066

Macquarie Korea Infrastructure Fund		44,863		507,209

Moscow Exchange MICEX-RTS PJSC^‡ (b)		227,100		—

Singapore Exchange Ltd.		40,600		287,837
				1,510,411

Chemicals – 1.6%

Evonik Industries AG		4,669		123,188

Nissan Chemical Corp.		6,400		341,340

Yara International ASA		10,411		537,170
				1,001,698

Construction & Engineering – 1.1%

ACS Actividades de Construccion y Servicios SA(a)		6,410		166,283

Bouygues SA		3,944		136,680

Taisei Corp.		4,800		130,596

WSP Global, Inc.		2,262		265,164
				698,723

Construction Materials – 0.9%

China Resources Cement Holdings Ltd.		552,000		460,812

LafargeHolcim Maroc SA		522		104,545
				565,357

Diversified Financial Services – 1.8%

M&G plc		178,524		480,101

Power Finance Corp. Ltd.		98,368		151,523

REC Ltd.		297,192		493,749
				1,125,373

See Accompanying Notes to the Financial Statements.


310		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Diversified Telecommunication Services – 2.8%

Emirates Telecommunications Group Co. PJSC		11,571	$	110,259

Hellenic Telecommunications Organization SA		7,685		149,174

Koninklijke KPN NV		30,363		105,223

Nippon Telegraph & Telephone Corp.		7,800		231,604

Orange SA		16,907		201,868

Proximus SADP(a)		7,308		127,979

Spark New Zealand Ltd.		4,350		13,891

Telecom Italia SpA (Retirement Savings Plan)		315,520		87,941

Telefonica Deutschland Holding AG		50,779		153,690

Telefonica SA		50,194		245,328

Telenor ASA		24,447		348,735
				1,775,692

Electric Utilities – 3.7%

CPFL Energia SA		34,800		254,032

EDP—Energias de Portugal SA(a)		31,842		149,214

Endesa SA(a)		7,656		161,776

Enel SpA		52,867		346,791

Energisa SA		60,900		585,856

Iberdrola SA		8,962		104,094

Power Grid Corp. of India Ltd.		109,504		326,252

Red Electrica Corp. SA		8,178		165,085

SSE plc		9,657		226,544
				2,319,644

Electrical Equipment – 0.1%

Mitsubishi Electric Corp.		5,800		61,241

Electronic Equipment, Instruments & Components – 0.6%

Delta Electronics Thailand PCL, NVDR		11,600		122,943

Kingboard Laminates Holdings Ltd.		145,000		225,461
				348,404

Equity Real Estate Investment Trusts (REITs) – 0.5%

Covivio		1,885		135,124

Gecina SA		464		52,670

Growthpoint Properties Ltd.(a)		155,063		138,433
				326,227


Investments	Shares		Value

Food & Staples Retailing – 1.1%

BIM Birlesik Magazalar A/S		93,380	$	525,168

Etablissements Franz Colruyt NV(a)		2,581		95,109

Welcia Holdings Co. Ltd.		3,800		78,575
				698,852

Food Products – 3.8%

Nestle SA (Registered)		17,226		2,236,106

Orkla ASA		14,268		116,943

Sime Darby Plantation Bhd.		34,800		41,886
				2,394,935

Gas Utilities – 2.0%

Naturgy Energy Group SA(a)		18,966		574,835

Petronas Gas Bhd.		124,700		486,369

Snam SpA		30,740		169,410
				1,230,614

Health Care Equipment & Supplies – 1.6%

Fisher & Paykel Healthcare Corp. Ltd.		24,070		335,887

Hartalega Holdings Bhd.		423,400		427,922

Top Glove Corp. Bhd.		588,700		227,177
				990,986

Health Care Providers & Services – 0.8%

Mitra Keluarga Karyasehat Tbk. PT(c)		2,975,400		519,263

Hotels, Restaurants & Leisure – 0.5%

McDonald’s Holdings Co. Japan Ltd.		3,100		123,225

OPAP SA		10,701		160,078
				283,303

Household Durables – 1.3%

Electrolux AB, Class B(a)		15,022		231,987

Persimmon plc		16,530		435,822

Sekisui House Ltd.		8,700		151,692
				819,501

Industrial Conglomerates – 1.8%

Alfa SAB de CV, Class A		87,000		58,274

CITIC Ltd.		44,000		45,816

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			311

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Industrial Conglomerates – (continued)

Jardine Matheson Holdings Ltd.		2,900	$	154,077

Quinenco SA		49,590		136,112

Siemens AG (Registered)		4,814		598,149

Toshiba Corp.		2,900		121,005
				1,113,433

Insurance – 4.4%

AIA Group Ltd.		5,800		57,474

Allianz SE (Registered)		1,885		429,931

Aviva plc		34,017		185,055

BB Seguridade Participacoes SA		95,700		491,428

Direct Line Insurance Group plc		37,410		119,159

Great-West Lifeco, Inc.		5,481		151,987

Medibank Pvt Ltd.		64,380		146,405

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		899		215,571

Sampo OYJ, Class A		4,031		197,359

SCOR SE		4,495		128,034

Zurich Insurance Group AG		1,450		666,105
				2,788,508

Interactive Media & Services – 0.7%

Tencent Holdings Ltd.		8,700		418,470

Internet & Direct Marketing Retail – 0.5%

ZOZO, Inc.		14,500		308,892

IT Services – 1.4%

Edenred		695		35,223

Itochu Techno-Solutions Corp.		11,600		273,526

Tata Consultancy Services Ltd.		12,644		586,643
				895,392

Leisure Products – 0.6%

Shimano, Inc.		2,200		395,647

Life Sciences Tools & Services – 0.1%

Sartorius Stedim Biotech		174		57,436

Machinery – 1.1%

Atlas Copco AB, Class B(a)		870		35,010

Knorr-Bremse AG		1,421		102,448

Kone OYJ, Class B		7,250		352,514


Investments	Shares		Value

Machinery – (continued)

Sinotruk Hong Kong Ltd.		145,000	$	177,412
				667,384

Marine – 2.0%

Mitsui OSK Lines Ltd.		17,400		412,303

Nippon Yusen KK(a)		5,800		423,495

SITC International Holdings Co. Ltd.		128,000		432,314
				1,268,112

Media – 0.5%

Publicis Groupe SA		3,310		201,063

Quebecor, Inc., Class B(a)		6,003		141,990
				343,053

Metals & Mining – 6.3%

African Rainbow Minerals Ltd.		29,957		496,037

BHP Group Ltd.(a)		2,726		93,007

Cia Siderurgica Nacional SA		101,500		431,849

Fortescue Metals Group Ltd.(a)		38,802		596,439

Fresnillo plc(a)		29,232		284,578

Gerdau SA (Preference)		29,000		163,792

Grupo Mexico SAB de CV, Series B		58,000		271,463

Kumba Iron Ore Ltd.		11,745		396,543

Magnitogorsk Iron & Steel Works PJSC^‡ (b)		172,884		—

Novolipetsk Steel PJSC^‡ (b)		47,108		—

Rio Tinto Ltd.		87		6,976

Rio Tinto plc		14,500		1,038,763

Severstal PAO^‡ (b)		6,900		—

Sibanye Stillwater Ltd.		53,708		189,449
				3,968,896

Multiline Retail – 1.6%

B&M European Value Retail SA		63,191		388,907

Canadian Tire Corp. Ltd., Class A		870		120,454

Dollarama, Inc.		3,596		200,952

Wesfarmers Ltd.		7,627		267,808
				978,121

Multi-Utilities – 0.1%

Engie SA(a)		3,451		41,219

See Accompanying Notes to the Financial Statements.


312		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Oil, Gas & Consumable Fuels – 7.7%

Adaro Energy Tbk. PT		3,181,300	$	732,948

BP plc		127,484		626,700

China Petroleum & Chemical Corp., Class H		348,000		172,533

Enbridge, Inc.		25,839		1,133,394

Exxaro Resources Ltd.(a)		10,005		143,279

LUKOIL PJSC^‡ (b)		240		—

Neste OYJ		8,874		385,699

Pembina Pipeline Corp.		15,370		584,590

Polskie Gornictwo Naftowe i Gazownictwo SA		76,676		107,646

Shell plc		20,184		550,660

Surgutneftegas PJSC (Preference)^‡ (b)		276,000		—

TotalEnergies SE		7,540		375,643
				4,813,092

Personal Products – 2.0%

Hengan International Group Co. Ltd.(a)		87,000		412,483

L’Oreal SA		2,233		821,905

Unilever plc		1,073		50,100
				1,284,488

Pharmaceuticals – 8.5%

AstraZeneca plc		1,102		147,875

Daiichi Sankyo Co. Ltd.		18,600		468,302

GlaxoSmithKline plc		41,441		934,964

Novartis AG (Registered)		7,366		656,501

Novo Nordisk A/S, Class B		1,015		116,927

Orion OYJ, Class B		10,179		402,043

Roche Holding AG		6,786		2,533,608

Sanofi		609		65,004
				5,325,224

Professional Services – 0.0%(d)

RELX plc		493		14,812

Real Estate Management & Development – 1.1%

Daito Trust Construction Co. Ltd.		4,600		444,520

Land & Houses PCL, NVDR		609,000		169,809

Logan Group Co. Ltd.(a)		290,000		91,663
				705,992


Investments	Shares		Value

Road & Rail – 1.3%

Aurizon Holdings Ltd.		185,687	$	531,793

Canadian National Railway Co.		2,262		267,394
				799,187

Semiconductors & Semiconductor Equipment – 2.9%

ASML Holding NV		522		301,775

Novatek Microelectronics Corp.		25,000		337,992

Powerchip Semiconductor Manufacturing Corp.		58,000		105,471

Taiwan Semiconductor Manufacturing Co. Ltd.		58,000		1,058,642
				1,803,880

Software – 0.1%

SAP SE		319		32,832

Specialty Retail – 1.3%

Home Product Center PCL, NVDR		348,000		152,409

Industria de Diseno Textil SA(a)		16,907		358,504

USS Co. Ltd.		10,800		180,139

Vibra Energia SA		31,900		136,046
				827,098

Technology Hardware, Storage & Peripherals – 4.4%

Asustek Computer, Inc.		15,000		181,676

Catcher Technology Co. Ltd.		87,000		427,983

Compal Electronics, Inc.		174,000		131,346

FUJIFILM Holdings Corp.		7,500		415,232

Inventec Corp.		163,000		140,463

Lite-On Technology Corp.		232,000		511,611

Logitech International SA (Registered)		3,509		232,957

Quanta Computer, Inc.		53,000		150,681

Ricoh Co. Ltd.		17,400		127,720

Samsung Electronics Co. Ltd.		8,236		441,964
				2,761,633

Textiles, Apparel & Luxury Goods – 0.9%

Li Ning Co. Ltd.		46,500		370,701

LVMH Moet Hennessy Louis Vuitton SE		261		170,574
				541,275

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			313

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Tobacco – 3.2%

British American Tobacco plc		14,065	$	591,917

Imperial Brands plc		22,562		471,921

ITC Ltd.		89,175		302,781

Japan Tobacco, Inc.		29,000		497,696

Swedish Match AB(a)		15,863		127,379
				1,991,694

Trading Companies & Distributors – 1.2%

ITOCHU Corp.(a)		8,700		264,035

Mitsubishi Corp.		8,700		294,320

Sumitomo Corp.		13,100		208,442
				766,797

Transportation Infrastructure – 0.7%

Westports Holdings Bhd.		481,400		435,676

Wireless Telecommunication Services – 2.1%

KDDI Corp.		11,600		388,129

SoftBank Corp.		14,000		163,708

Tele2 AB, Class B(a)		35,989		478,832

Vodafone Group plc		170,926		260,822
				1,291,491
Total Common Stocks (Cost $60,098,632)				61,300,121
	Principal Amount

SECURITIES LENDING REINVESTMENTS(e) – 2.3%

REPURCHASE AGREEMENTS – 2.3%

Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $1,465,361, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 – 5/15/2040; total market value $1,474,842 (Cost $1,465,336)	$	1,465,336		1,465,336
Total Investments – 100.1% (Cost $61,563,968)				62,765,457

Liabilities in excess of other assets – (0.1%)				(47,673	)
NET ASSETS – 100.0%			$	62,717,784

^(a)

The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $5,080,629, collateralized in the form of cash with a value of $1,465,336 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $1,238,290 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from June 30, 2022 – February 15, 2052 and $2,789,228 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 7.50%, and maturity dates ranging from May 25, 2022 – June 30, 2120; a total value of $5,492,854.

^(b)

^(c)

^(d)

Represents less than 0.05% of net assets.

^(e)

The security was purchased with cash collateral held from securities on loan at April 30, 2022. The total value of securities purchased was $1,465,336.

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

Percentages shown are based on Net Assets.

Abbreviations

NVDR – Non-Voting Depositary Receipt

OYJ – Public Limited Company

PJSC – Public Joint Stock Company



Aggregate gross unrealized appreciation	$	7,719,934
Aggregate gross unrealized depreciation		(6,709,777	)
Net unrealized appreciation	$	1,010,157
Federal income tax cost	$	61,774,591

See Accompanying Notes to the Financial Statements.


314		FLEXSHARES SEMIANNUAL REPORT

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

Futures Contracts

FlexShares^® International Quality Dividend Defensive Index Fund had the following open futures contracts as of April 30, 2022:


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
MSCI EAFE E-Mini Index		10		06/17/2022		USD	$	998,300	$	(24,070	)
MSCI Emerging Markets E-Mini Index		7		06/17/2022		USD		370,090		(3,107	)
									$	(27,177	)

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

Forward Foreign Currency Contracts

FlexShares^® International Quality Dividend Defensive Index Fund had the following outstanding contracts as of April 30, 2022:


Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	40,607	Citibank NA	AUD	55,364		06/15/2022	$	1,231
USD	67,809	Toronto-Dominion Bank (The)	AUD	90,000		06/15/2022		3,797
USD	132,472	UBS AG	CHF	123,000		06/15/2022		5,464
USD	254,994	Toronto-Dominion Bank (The)	EUR	230,000		06/15/2022		11,853
USD	196,940	Toronto-Dominion Bank (The)	GBP	150,000		06/15/2022		8,605
USD	68,566	BNP Paribas SA	JPY	8,000,000		06/15/2022		6,721
USD	178,152	Citibank NA	JPY	21,700,000		06/15/2022		10,397
USD	49,225	Citibank NA	ZAR	750,000		06/15/2022		2,039
Total unrealized appreciation							$	50,107
CHF	50,000	Toronto-Dominion Bank (The)	USD	54,380		06/15/2022	$	(2,751	)
NOK	59,477	Bank of New York	USD	6,660		06/15/2022		(276	)
USD	19,304	Citibank NA	BRL*	100,000		06/15/2022		(612	)
Total unrealized depreciation							$	(3,639	)
Net unrealized appreciation							$	46,468

* Non-deliverable forward.

Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CHF – Swiss Franc

EUR – Euro

GBP – British Pound

JPY – Japanese Yen

NOK – Norwegian Krone

USD – US Dollar

ZAR – South African Rand

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			315

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

FlexShares^® International Quality Dividend Defensive Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2022:


Australia	3.9	%
Belgium	0.6
Brazil	3.3
Canada	6.4
Chile	0.7
China	5.3
Denmark	0.2
Finland	2.1
France	4.1
Germany	2.7
Greece	0.5
Hong Kong	1.8
India	4.3
Indonesia	2.0
Italy	1.0
Japan	11.3
Malaysia	2.7
Mexico	0.5
Morocco	0.2
Netherlands	0.6
New Zealand	0.6
Norway	1.6
Poland	0.2
Portugal	0.2
Singapore	0.7
South Africa	2.2
South Korea	1.5
Spain	4.5
Sweden	2.8
Switzerland	10.1
Taiwan	4.9
Thailand	1.1
Turkey	1.6
United Arab Emirates	0.2
United Kingdom	11.4
Other¹	2.2
	100.0	%

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


Security Type	% of Net Assets
Common Stocks		97.8	%
Securities Lending Reinvestments		2.3
Others⁽¹⁾		(0.1	)
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


316		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® International Quality Dividend Dynamic Index Fund

April 30, 2022 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 97.6%

Auto Components – 1.1%

Fuyao Glass Industry Group Co. Ltd., Class H(a)		116,000	$	481,969

Koito Manufacturing Co. Ltd.		2,900		107,105

Magna International, Inc.		3,277		198,510

Nexteer Automotive Group Ltd.		174,000		99,794
				887,378

Automobiles – 2.6%

Ford Otomotiv Sanayi A/S		32,654		656,993

Isuzu Motors Ltd.(b)		14,500		169,778

Mercedes-Benz Group AG*		14,326		1,014,097

Porsche Automobil Holding SE (Preference)		2,262		189,806
				2,030,674

Banks – 9.3%

Agricultural Bank of China Ltd., Class H		464,000		175,046

Australia & New Zealand Banking Group Ltd.		24,186		469,226

Banco Bilbao Vizcaya Argentaria SA		122,554		654,070

BNP Paribas SA		18,560		973,218

China Construction Bank Corp., Class H		841,000		599,172

China Merchants Bank Co. Ltd., Class H		32,500		198,409

Credit Agricole SA		15,631		171,099

DBS Group Holdings Ltd.		14,863		365,090

DNB Bank ASA(b)		10,411		205,336

Hana Financial Group, Inc.		5,510		206,186

ING Groep NV(b)		32,422		311,253

National Bank of Canada		3,538		248,370

Nordea Bank Abp		65,511		662,378

Royal Bank of Canada		12,064		1,224,760

Sberbank of Russia PJSC (Preference)^‡ (c)		31,920		—

Skandinaviska Enskilda Banken AB, Class A		49,967		569,143

Societe Generale SA		7,134		174,378
				7,207,134


Investments	Shares		Value

Beverages – 1.2%

Anheuser-Busch InBev SA/NV(b)		6,235	$	364,400

Thai Beverage PCL		1,203,500		597,000
				961,400

Building Products – 0.3%

Nibe Industrier AB, Class B		23,374		232,562

Capital Markets – 4.9%

3i Group plc		38,918		647,416

Abrdn plc		209,989		499,073

CSC Financial Co. Ltd., Class H(a)		536,500		497,788

EQT AB(b)		3,538		102,744

Macquarie Group Ltd.		2,987		439,359

Meritz Securities Co. Ltd.		78,503		409,391

Samsung Securities Co. Ltd.		19,140		604,982

SBI Holdings, Inc.		26,200		589,075
				3,789,828

Chemicals – 2.7%

BASF SE*		7,772		413,315

Nippon Sanso Holdings Corp.		8,700		156,930

Nissan Chemical Corp.		10,500		560,011

Shin-Etsu Chemical Co. Ltd.		2,900		402,566

Wacker Chemie AG		3,683		591,161
				2,123,983

Construction & Engineering – 0.5%

ACS Actividades de Construccion y Servicios SA(b)		7,676		199,125

Bouygues SA		5,104		176,879
				376,004

Construction Materials – 0.1%

CRH plc(b)		1,392		56,067

Diversified Financial Services – 1.8%

Banca Mediolanum SpA		18,241		134,242

M&G plc		232,145		624,303

REC Ltd.		387,614		643,974
				1,402,519

Diversified Telecommunication Services – 1.0%

Telefonica SA		149,988		733,079

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			317

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Electric Utilities – 0.9%

Endesa SA		9,338	$	197,318

Enel SpA		34,858		228,657

SSE plc		12,167		285,426
				711,401

Electrical Equipment – 1.3%

Mitsubishi Electric Corp.		34,800		367,447

WEG SA		110,200		669,807
				1,037,254

Electronic Equipment, Instruments & Components – 0.2%

Omron Corp.		2,900		172,934

Energy Equipment & Services – 1.0%

Tenaris SA		51,069		797,892

Equity Real Estate Investment Trusts (REITs) – 1.6%

Fibra Uno Administracion SA de CV		165,300		181,268

Growthpoint Properties Ltd.		193,430		172,685

RioCan REIT		10,063		188,969

Stockland(b)		235,915		697,437
				1,240,359

Food & Staples Retailing – 0.1%

Cencosud SA		30,885		49,420

Food Products – 0.7%

Nestle SA (Registered)		4,205		545,851

Gas Utilities – 0.6%

AltaGas Ltd.(b)		9,106		209,330

Kunlun Energy Co. Ltd.		174,000		146,365

Naturgy Energy Group SA(b)		3,828		116,022
				471,717

Health Care Equipment & Supplies – 2.0%

Hartalega Holdings Bhd.		559,700		565,678

Hoya Corp.		5,000		501,312

Straumann Holding AG (Registered)		1,450		174,108

Top Glove Corp. Bhd.		777,200		299,919
				1,541,017


Investments	Shares		Value

Health Care Providers & Services – 0.2%

Hapvida Participacoes e Investimentos SA(a)		75,228	$	133,223

Hotels, Restaurants & Leisure – 0.7%

Aristocrat Leisure Ltd.		7,482		178,973

OPAP SA		26,564		397,376
				576,349

Household Durables – 2.8%

Barratt Developments plc		83,375		517,629

Bellway plc		4,930		150,903

Electrolux AB, Class B(b)		7,743		119,576

Haier Smart Home Co. Ltd., Class H		52,200		188,944

JS Global Lifestyle Co. Ltd.(a) (b)		522,000		628,703

Persimmon plc		21,025		554,335
				2,160,090

Industrial Conglomerates – 1.3%

Siemens AG (Registered)		6,380		792,728

SK, Inc.		928		198,013
				990,741

Insurance – 4.8%

Allianz SE (Registered)		6,815		1,554,366

Aviva plc		40,919		222,603

AXA SA		15,921		427,623

BB Seguridade Participacoes SA		29,000		148,918

CNP Assurances		7,685		169,280

Manulife Financial Corp.		16,182		318,056

SCOR SE		5,510		156,945

Zurich Insurance Group AG		1,624		746,038
				3,743,829

Interactive Media & Services – 0.8%

Autohome, Inc., ADR		6,322		183,781

Tencent Holdings Ltd.		8,700		418,470
				602,251

Internet & Direct Marketing Retail – 0.5%

ZOZO, Inc.		17,700		377,061

IT Services – 0.6%

Capgemini SE		1,334		275,972

Infosys Ltd.		8,236		168,890
				444,862

See Accompanying Notes to the Financial Statements.


318		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Machinery – 3.6%

Atlas Copco AB, Class B(b)		1,131	$	45,513

Doosan Bobcat, Inc.		21,518		711,842

FANUC Corp.		4,000		622,569

Komatsu Ltd.		8,700		196,146

MINEBEA MITSUMI, Inc.		5,800		112,813

SKF AB, Class B(b)		8,265		137,014

Volvo AB, Class B		12,586		203,620

Wartsila OYJ Abp		43,239		351,144

Weichai Power Co. Ltd., Class H		7,000		9,903

Yaskawa Electric Corp.		12,600		432,772
				2,823,336

Marine – 4.1%

AP Moller – Maersk A/S, Class A		203		581,538

AP Moller – Maersk A/S, Class B		203		595,357

Mitsui OSK Lines Ltd.		26,100		618,455

Nippon Yusen KK(b)		8,400		613,337

Orient Overseas International Ltd.		27,500		773,182
				3,181,869

Media – 0.8%

Publicis Groupe SA		10,063		611,267

Metals & Mining – 7.1%

Anglo American Platinum Ltd.(b)		1,595		176,952

BHP Group Ltd.		42,275		1,442,351

BHP Group Ltd.		11,172		382,221

Fortescue Metals Group Ltd.(b)		49,329		758,254

Gerdau SA (Preference)		34,800		196,550

Impala Platinum Holdings Ltd.		45,124		588,320

Kumba Iron Ore Ltd.		15,022		507,184

MMC Norilsk Nickel PJSC^‡ (c)		2,128		—

Rio Tinto plc		9,715		695,971

Severstal PAO^‡ (c)		7,952		—

Vedanta Ltd.		139,780		746,694
				5,494,497

Multi-Utilities – 0.7%

Engie SA(b)		47,444		566,678

Oil, Gas & Consumable Fuels – 10.0%

Adaro Energy Tbk. PT		4,205,000		968,800

BP plc		159,326		783,232


Investments	Shares		Value

Oil, Gas & Consumable Fuels – (continued)

Canadian Natural Resources Ltd.(b)		19,749	$	1,228,624

Enbridge, Inc.		5,916		259,498

Exxaro Resources Ltd.(b)		14,442		206,820

Keyera Corp.(b)		8,120		202,484

Lundin Energy AB		18,908		791,586

Neste OYJ		16,646		723,501

Pembina Pipeline Corp.(b)		21,518		818,427

Petroleo Brasileiro SA (Preference)		63,800		390,102

Shell plc		1,363		37,185

TotalEnergies SE		20,880		1,040,242

Woodside Petroleum Ltd.(b)		12,354		273,477
				7,723,978

Personal Products – 2.0%

L’Oreal SA		4,205		1,547,743

Pharmaceuticals – 2.9%

Astellas Pharma, Inc.		17,400		265,647

China Medical System Holdings Ltd.		232,000		335,900

GlaxoSmithKline plc		36,337		819,811

Orion OYJ, Class B(b)		10,817		427,243

Roche Holding AG		609		227,375

Takeda Pharmaceutical Co. Ltd.		7,000		203,635
				2,279,611

Professional Services – 1.5%

Adecco Group AG (Registered)		3,480		136,777

Nihon M&A Center Holdings, Inc.		17,400		216,761

Recruit Holdings Co. Ltd.		22,600		840,435
				1,193,973

Real Estate Management & Development – 1.7%

China Evergrande Group(b) (c)		928,000		161,843

China Resources Land Ltd.		58,000		260,943

Country Garden Holdings Co. Ltd.(b)		248,001		172,896

Daiwa House Industry Co. Ltd.		2,900		70,351

Land & Houses PCL, NVDR		829,400		231,263

Logan Group Co. Ltd.(b)		377,000		119,162

NEPI Rockcastle plc		26,419		160,539

Sunac Services Holdings Ltd.(a) (b)		261,000		144,369
				1,321,366

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			319

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Road & Rail – 0.9%

Aurizon Holdings Ltd.		242,556	$	694,661

Semiconductors & Semiconductor Equipment – 7.4%

Advantest Corp.		5,900		409,393

ASM International NV		754		230,596

ASML Holding NV		2,755		1,592,700

Globalwafers Co. Ltd.		8,000		141,134

MediaTek, Inc.		12,000		337,908

Nanya Technology Corp.		71,000		158,016

Novatek Microelectronics Corp.		40,000		540,788

Phison Electronics Corp.		26,000		341,809

Silergy Corp.		5,000		460,552

Taiwan Semiconductor Manufacturing Co. Ltd.		55,000		1,003,885

Tokyo Electron Ltd.		1,200		513,862
				5,730,643

Software – 0.9%

Nemetschek SE		2,407		193,695

SAP SE		4,524		465,614
				659,309

Specialty Retail – 1.5%

Fast Retailing Co. Ltd.		300		139,302

Hotai Motor Co. Ltd.		9,000		177,096

Industria de Diseno Textil SA(b)		22,852		484,565

USS Co. Ltd.		11,600		193,483

Vibra Energia SA		40,600		173,150
				1,167,596

Technology Hardware, Storage & Peripherals – 1.8%

Quanta Computer, Inc.		210,000		597,038

Samsung Electronics Co. Ltd.		8,497		455,970

Samsung Electronics Co. Ltd. (Preference)		6,612		312,175
				1,365,183

Textiles, Apparel & Luxury Goods – 1.0%

Burberry Group plc		7,975		159,300

Eclat Textile Co. Ltd.		30,000		496,175

LVMH Moet Hennessy Louis Vuitton SE		116		75,811

Moncler SpA		1,334		70,759
				802,045


Investments	Shares		Value

Tobacco – 1.5%

Imperial Brands plc		29,087	$	608,402

Japan Tobacco, Inc.		34,100		585,222
				1,193,624

Trading Companies & Distributors – 2.0%

Ashtead Group plc		9,541		500,591

Ferguson plc		5,017		638,703

Rexel SA*		8,381		173,648

Toyota Tsusho Corp.		5,800		210,180
				1,523,122

Transportation Infrastructure – 0.0%(d)

CCR SA		11,600		29,069

Wireless Telecommunication Services – 0.6%

SoftBank Group Corp.		8,700		353,815

Total Access Communication PCL, NVDR		43,500		58,423

Vodafone Group plc		55,042		83,991
				496,229
Total Common Stocks (Cost $79,879,120)				75,802,678
	Principal Amount

SECURITIES LENDING REINVESTMENTS(e) – 2.3%

REPURCHASE AGREEMENTS – 2.3%

Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $1,767,004, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 – 5/15/2040; total market value $1,778,438 (Cost $1,766,975)	$	1,766,975		1,766,975
Total Investments – 99.9% (Cost $81,646,095)				77,569,653

Other assets less liabilities – 0.1%				68,038
NET ASSETS – 100.0%			$	77,637,691

See Accompanying Notes to the Financial Statements.


320		FLEXSHARES SEMIANNUAL REPORT

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

*	Non-income producing security.

^(a)

^(b)

The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $5,315,295, collateralized in the form of cash with a value of $1,766,975 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $2,814,252 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 31, 2022 – November 15, 2051 and $1,040,969 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 7.50%, and maturity dates ranging from May 12, 2022 – June 30, 2120; a total value of $5,622,196.

^(c)

Security fair valued as of April 30, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2022 amounted to $161,843, which represents approximately 0.21% of net assets of the Fund.

^(d)

Represents less than 0.05% of net assets.

^(e)

The security was purchased with cash collateral held from securities on loan at April 30, 2022. The total value of securities purchased was $1,766,975.

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

Percentages shown are based on Net Assets.

Abbreviations

ADR – American Depositary Receipt

NVDR – Non-Voting Depositary Receipt

OYJ – Public Limited Company

PJSC – Public Joint Stock Company



Aggregate gross unrealized appreciation	$	6,061,981
Aggregate gross unrealized depreciation		(10,340,421	)
Net unrealized depreciation	$	(4,278,440	)
Federal income tax cost	$	81,835,144

Futures Contracts

FlexShares^® International Quality Dividend Dynamic Index Fund had the following open futures contracts as of April 30, 2022:


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
MSCI EAFE E-Mini Index		13		06/17/2022		USD	$	1,297,790	$	(34,901	)
MSCI Emerging Markets E-Mini Index		9		06/17/2022		USD		475,830		(9,177	)
									$	(44,078	)

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

Forward Foreign Currency Contracts

FlexShares^® International Quality Dividend Dynamic Index Fund had the following outstanding contracts as of April 30, 2022:

Contracts to Receive

Counterparty

In Exchange For

Maturity Date

Unrealized
Appreciation/
(Depreciation)

USD

100,434

Citibank NA

AUD

136,932

06/15/2022

3,043

USD

23,744

Morgan Stanley

CAD

30,000

06/15/2022

273

USD

38,016

Bank of Montreal

CHF

36,000

06/15/2022

843

USD

133,842

UBS AG

CHF

124,272

06/15/2022

5,520

USD

13,206

Bank of Montreal

DKK

90,000

06/15/2022

416

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			321

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

Forward Foreign Currency Contracts (cont.)


Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	34,508	Bank of Montreal	EUR	31,000		06/15/2022	$	1,737
USD	26,597	Morgan Stanley	EUR	24,000		06/15/2022		1,226
USD	97,460	Toronto-Dominion Bank (The)	EUR	88,284		06/15/2022		4,131
USD	35,430	JPMorgan Chase Bank	GBP	27,000		06/15/2022		1,530
USD	23,694	Morgan Stanley	GBP	18,000		06/15/2022		1,094
USD	14,284	Toronto-Dominion Bank (The)	GBP	10,918		06/15/2022		575
USD	49,488	BNP Paribas SA	JPY	5,774,060		06/15/2022		4,851
USD	141,208	Citibank NA	JPY	17,200,000		06/15/2022		8,241
USD	35,891	JPMorgan Chase Bank	JPY	4,500,000		06/15/2022		1,103
USD	12,610	Morgan Stanley	JPY	1,500,000		06/15/2022		1,014
USD	12,766	Bank of New York	NOK	114,000		06/15/2022		528
Total unrealized appreciation							$	36,125
AUD	23,000	Toronto-Dominion Bank (The)	USD	17,063		06/15/2022	$	(704	)
CAD	59,542	Citibank NA	USD	46,828		06/15/2022		(245	)
CAD	21,000	Goldman Sachs & Co.	USD	16,439		06/15/2022		(10	)
CAD	35,000	Morgan Stanley	USD	27,737		06/15/2022		(354	)
DKK	137,000	BNP Paribas SA	USD	20,295		06/15/2022		(826	)
EUR	21,000	Morgan Stanley	USD	23,215		06/15/2022		(1,015	)
HKD	21,702	Toronto-Dominion Bank (The)	USD	2,777		06/15/2022		(8	)
JPY	1,900,000	Goldman Sachs & Co.	USD	16,418		06/15/2022		(1,730	)
SGD	8,000	Citibank NA	USD	5,888		06/15/2022		(94	)
USD	14,202	Bank of New York	DKK	100,000		06/15/2022		(10	)
Total unrealized depreciation							$	(4,996	)
Net unrealized appreciation							$	31,129

Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

DKK – Danish Krone

EUR – Euro

GBP – British Pound

HKD – Hong Kong Dollar

JPY – Japanese Yen

NOK – Norwegian Krone

SGD – Singapore Dollar

USD – US Dollar

See Accompanying Notes to the Financial Statements.


322		FLEXSHARES SEMIANNUAL REPORT

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

FlexShares^® International Quality Dividend Dynamic Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2022:


Australia	6.9	%
Belgium	0.5
Brazil	2.2
Canada	6.3
Chile	0.1
China	6.4
Denmark	1.5
Finland	1.9
France	8.4
Germany	6.7
Greece	0.5
Hong Kong	0.8
India	2.0
Indonesia	1.2
Italy	1.6
Japan	12.9
Malaysia	1.1
Mexico	0.2
Netherlands	2.8
Norway	0.3
Singapore	1.2
South Africa	2.3
South Korea	3.7
Spain	3.1
Sweden	3.7
Switzerland	2.4
Taiwan	5.5
Thailand	0.4
Turkey	0.8
United Kingdom	10.2
Other¹	2.4
	100.0	%

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


Security Type	% of Net Assets
Common Stocks		97.6	%
Securities Lending Reinvestments		2.3
Others⁽¹⁾		0.1
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			323

Schedule of Investments

FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund

April 30, 2022 (Unaudited)


Investments	Principal Amount		Value

U.S. TREASURY OBLIGATIONS – 99.9%

U.S. Treasury Inflation Linked Bonds
2.38%, 1/15/2025	$	44,224,000	$	73,134,246
2.00%, 1/15/2026		39,499,000		62,306,665
2.38%, 1/15/2027		25,378,000		40,573,892
1.75%, 1/15/2028		24,050,000		36,385,163
3.63%, 4/15/2028		26,315,000		56,893,743

U.S. Treasury Inflation Linked Notes
0.38%, 7/15/2023(a)		62,983,000		79,855,747
0.63%, 1/15/2024		63,137,000		80,110,273
0.50%, 4/15/2024		49,684,000		58,300,759
0.13%, 7/15/2024		63,224,000		78,657,483
0.13%, 10/15/2024		54,209,000		62,171,223
0.25%, 1/15/2025		240,038,000		298,982,661
0.13%, 4/15/2025		208,232,000		236,536,160
0.38%, 7/15/2025(a)		240,038,000		300,321,778
0.13%, 10/15/2025		200,654,000		227,129,439
0.63%, 1/15/2026		65,390,000		82,081,115
0.13%, 4/15/2026		61,474,000		68,486,353
0.13%, 7/15/2026(a)		56,792,000		69,485,689
0.13%, 10/15/2026		59,119,000		63,275,096
0.38%, 1/15/2027		59,342,000		72,492,317
0.13%, 4/15/2027		32,737,000		33,745,152
0.38%, 7/15/2027		58,341,000		70,675,124
Total U.S. Treasury Obligations (Cost $2,166,008,617)				2,151,600,078

Total Investments – 99.9% (Cost $2,166,008,617)				2,151,600,078

Other assets less liabilities – 0.1%				2,352,497
NET ASSETS – 100.0%			$	2,153,952,575

^(a)

The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $196,220,377, collateralized by $78,760,455 in U.S. Government Treasury Securities, interest rates ranging from 0.13% – 3.63%, and maturity dates ranging from February 15, 2023 – February 15, 2044 and $125,601,396 in Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.50%, and maturity dates ranging from May 12, 2022 – September 20, 2117; a total value of $204,361,851.

Percentages shown are based on Net Assets.



Aggregate gross unrealized appreciation	$	8,671,322
Aggregate gross unrealized depreciation		(24,069,100	)
Net unrealized depreciation	$	(15,397,778	)
Federal income tax cost	$	2,166,997,856


Security Type	% of Net Assets
U.S. Treasury Obligations		99.9	%
Others⁽¹⁾		0.1
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


324		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund

April 30, 2022 (Unaudited)


Investments	Principal Amount		Value

U.S. TREASURY OBLIGATIONS – 99.9%

U.S. Treasury Inflation Linked Bonds
2.00%, 1/15/2026	$	14,571,000	$	22,984,643
2.38%, 1/15/2027		12,005,000		19,193,379
1.75%, 1/15/2028		20,111,000		30,425,863
3.63%, 4/15/2028		21,600,000		46,699,785
2.50%, 1/15/2029		10,299,000		16,064,629
3.88%, 4/15/2029		14,572,000		32,122,385
3.38%, 4/15/2032		3,642,000		7,853,012

U.S. Treasury Inflation Linked Notes
0.38%, 7/15/2025		29,860,000		37,359,119
0.13%, 10/15/2025		24,976,000		28,271,477
0.63%, 1/15/2026		30,886,000		38,769,801
0.13%, 4/15/2026		29,047,000		32,360,398
0.13%, 7/15/2026(a)		26,830,000		32,826,825
0.13%, 10/15/2026		27,905,000		29,866,736
0.38%, 1/15/2027		28,680,000		35,035,551
0.13%, 4/15/2027		14,996,000		15,457,809
0.38%, 7/15/2027		47,433,000		57,461,017
0.50%, 1/15/2028		49,922,000		59,991,496
0.75%, 7/15/2028		29,240,000		35,194,183
0.88%, 1/15/2029(a)		26,336,000		31,694,974
0.25%, 7/15/2029		28,989,000		33,163,951
0.13%, 1/15/2030		29,907,000		33,497,789
0.13%, 7/15/2030(a)		31,248,000		35,210,293
0.13%, 1/15/2031		31,563,000		34,918,903
0.13%, 7/15/2031		34,911,000		37,586,485
0.13%, 1/15/2032(a)		26,117,000		27,131,268
Total U.S. Treasury Obligations (Cost $823,613,215)				811,141,771

Total Investments – 99.9% (Cost $823,613,215)				811,141,771

Other assets less liabilities – 0.1%				1,071,183
NET ASSETS – 100.0%			$	812,212,954

^(a)

The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $97,755,280, collateralized by $27,093,733 in U.S. Government Treasury Securities, interest rates ranging from 0.63% – 2.63%, and maturity dates ranging from February 15, 2023 – May 15, 2031 and $73,838,467 in Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.50%, and maturity dates ranging from May 11, 2022 – September 20, 2117; a total value of $100,932,200.

Percentages shown are based on Net Assets.



Aggregate gross unrealized appreciation	$	2,608,591
Aggregate gross unrealized depreciation		(16,439,470	)
Net unrealized depreciation	$	(13,830,879	)
Federal income tax cost	$	824,972,650


Security Type	% of Net Assets
U.S. Treasury Obligations		99.9	%
Others⁽¹⁾		0.1
		100.0	%

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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			325

Schedule of Investments

FlexShares^® Disciplined Duration MBS Index Fund

April 30, 2022 (Unaudited)


Investments	Principal Amount		Value

MORTGAGE-BACKED SECURITIES – 95.1%

FHLMC
3.00%, 12/1/2026	$	112,463	$	112,125
2.50%, 1/1/2028		189,923		186,594
2.50%, 4/1/2028		110,917		108,840
2.00%, 8/1/2031		149,786		142,313
2.00%, 10/1/2031		32,618		30,990
3.00%, 4/1/2033		130,119		126,399
3.00%, 6/1/2033		105,588		102,569
5.00%, 5/1/2034		54,315		57,523
5.00%, 7/1/2034		269,086		285,935
3.00%, 5/1/2035		17,844		17,242
5.00%, 7/1/2035		268,033		284,403
5.00%, 8/1/2035		100,568		106,542
5.00%, 10/1/2035		17,504		18,512
3.00%, 11/1/2035		20,786		20,129
5.00%, 11/1/2035		165,368		175,349
5.00%, 12/1/2035		104,912		111,484
6.00%, 1/1/2037		67,851		75,161
6.00%, 4/1/2037		36,109		39,971
6.00%, 5/1/2037		58,831		65,132
5.00%, 2/1/2038		52,021		55,161
5.00%, 7/1/2038		155,819		165,110
5.00%, 10/1/2038		46,702		49,471
5.00%, 11/1/2038		174,930		185,008
5.00%, 12/1/2038		306,493		324,156
5.00%, 2/1/2039		126,797		134,459
5.00%, 5/1/2039		66,224		70,045
5.00%, 6/1/2039		25,554		26,964
5.00%, 7/1/2039		50,100		53,131
5.00%, 9/1/2039		64,936		68,944
6.00%, 11/1/2039		36,726		40,658
5.00%, 12/1/2039		218,096		231,338
5.00%, 1/1/2040		16,258		17,295
5.00%, 3/1/2040		43,176		45,999
5.00%, 4/1/2040		19,345		20,635
6.00%, 4/1/2040		43,560		47,979
5.00%, 5/1/2040		17,800		18,897
6.00%, 5/1/2040		102,234		113,057
5.00%, 7/1/2040		96,590		102,779
6.00%, 7/1/2040		162,408		179,800
5.00%, 9/1/2040		91,096		97,060
4.00%, 1/1/2041		13,805		13,998
5.00%, 5/1/2041		140,181		147,803
5.00%, 7/1/2041		211,093		223,592


Investments	Principal Amount		Value

MORTGAGE-BACKED SECURITIES – (continued)
3.50%, 11/1/2041	$	65,183	$	64,586
3.00%, 3/1/2042		11,756		11,361
4.50%, 3/1/2042		536,839		559,633
3.00%, 4/1/2042		85,346		82,482
3.00%, 6/1/2042		70,766		68,385
3.00%, 8/1/2042		39,932		38,588
3.00%, 11/1/2042		275,218		265,899
3.00%, 12/1/2042		86,529		83,611
3.00%, 1/1/2043		44,160		42,660
3.00%, 2/1/2043		23,334		22,502
3.00%, 3/1/2043		122,857		118,722
3.00%, 4/1/2043		28,806		27,818
3.00%, 6/1/2043		18,560		17,933
3.00%, 10/1/2043		56,639		54,727
4.00%, 8/1/2044		12,981		13,162
5.00%, 8/1/2044		38,221		40,482
4.00%, 1/1/2045		40,580		41,081
4.00%, 2/1/2045		89,348		91,084
4.50%, 2/1/2045		445,338		461,284
4.00%, 8/1/2045		100,117		101,305
4.00%, 9/1/2045		16,800		17,001
4.00%, 10/1/2045		163,581		165,754
4.00%, 11/1/2045		34,161		34,560
4.00%, 12/1/2045		13,986		14,149
4.00%, 1/1/2046		43,325		43,809
2.50%, 9/1/2046		24,709		22,787
3.00%, 11/1/2046		29,559		28,217

FHLMC UMBS
3.00%, 8/1/2026		78,984		78,498
3.00%, 1/1/2027		119,784		119,331
3.00%, 2/1/2027		64,611		64,367
3.00%, 4/1/2027		424,141		422,504
2.50%, 6/1/2027		39,089		38,376
3.00%, 5/1/2031		116,028		115,580
2.00%, 8/1/2031		36,548		34,695
2.00%, 11/1/2031		59,365		56,354
2.50%, 12/1/2031		789,280		774,900
2.00%, 1/1/2032		69,691		66,157
2.00%, 2/1/2032		66,625		62,916
5.00%, 8/1/2035		404,511		428,310
2.00%, 10/1/2035		1,337,372		1,256,123
1.50%, 2/1/2036		1,361,679		1,249,515
2.00%, 3/1/2036		875,637		822,420
1.50%, 4/1/2036		891,784		818,313

See Accompanying Notes to the Financial Statements.


326		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Disciplined Duration MBS Index Fund (cont.)


Investments	Principal Amount		Value

MORTGAGE-BACKED SECURITIES – (continued)
6.00%, 4/1/2036	$	458,197	$	502,895
2.50%, 10/1/2036		754,291		703,502
5.00%, 3/1/2038		61,257		64,850
5.00%, 7/1/2039		78,728		83,415
5.00%, 10/1/2039		28,798		30,528
5.00%, 1/1/2040		28,770		30,568
5.00%, 3/1/2040		49,832		53,278
5.00%, 5/1/2040		64,032		67,777
2.00%, 7/1/2040		118,933		107,196
6.00%, 7/1/2040		743,971		822,705
1.50%, 10/1/2040		605,646		520,376
3.50%, 12/1/2040		48,768		48,282
2.00%, 1/1/2041		188,513		169,907
2.00%, 2/1/2041		1,358,246		1,224,092
1.50%, 3/1/2041		788,372		677,323
2.00%, 3/1/2041		680,155		612,975
4.50%, 3/1/2041		87,648		91,373
1.50%, 4/1/2041		225,965		194,135
2.00%, 4/1/2041		178,151		160,554
4.50%, 4/1/2041		16,649		17,299
1.50%, 5/1/2041		690,618		593,337
2.50%, 6/1/2041		889,871		826,481
4.00%, 1/1/2042		66,262		67,494
5.00%, 2/1/2042		53,370		56,699
3.00%, 3/1/2042		125,207		120,748
3.50%, 11/1/2042		78,573		77,789
3.00%, 12/1/2042		545,462		526,554
3.50%, 1/1/2043		44,388		44,132
3.50%, 2/1/2043		30,004		29,652
2.50%, 6/1/2043		440,520		407,518
4.00%, 12/1/2043		12,890		13,049
4.50%, 3/1/2044		64,403		67,230
4.00%, 6/1/2044		4,788		4,851
4.50%, 7/1/2044		24,469		25,458
4.00%, 8/1/2044		14,027		14,210
4.00%, 12/1/2044		822,865		823,028
4.50%, 12/1/2044		14,546		15,078
5.00%, 12/1/2044		144,559		151,709
4.00%, 2/1/2045		17,870		18,202
4.50%, 9/1/2045		15,129		15,549
4.00%, 10/1/2045		45,812		46,314
4.00%, 12/1/2045		22,697		23,052
4.50%, 12/1/2045		739,981		764,809
3.00%, 1/1/2046		47,526		45,653
3.50%, 1/1/2046		843,665		832,180


Investments	Principal Amount		Value

MORTGAGE-BACKED SECURITIES – (continued)
4.00%, 1/1/2046	$	38,007	$	38,503
4.00%, 2/1/2046		1,203,168		1,218,626
4.50%, 4/1/2046		38,592		40,354
2.50%, 10/1/2046		934,814		861,311
2.50%, 12/1/2046		136,676		125,924
4.50%, 3/1/2047		532,720		546,615
4.50%, 8/1/2048		507,873		522,937
4.50%, 4/1/2050		1,025,164		1,048,171
4.50%, 1/1/2051		1,137,336		1,166,198

FNMA UMBS
3.50%, 12/1/2025		978,894		982,320
4.00%, 5/1/2026		999,048		1,019,068
3.00%, 11/1/2026		1,039,191		1,032,073
3.00%, 12/1/2026		312,062		310,882
3.50%, 12/1/2026		529,423		531,447
3.00%, 1/1/2027		106,185		105,784
3.00%, 2/1/2027		118,953		118,504
3.00%, 10/1/2027		110,890		110,472
3.00%, 11/1/2027		146,630		146,078
2.50%, 12/1/2027		268,421		263,510
2.50%, 9/1/2028		70,613		69,339
3.00%, 7/1/2030		1,180,853		1,176,455
3.50%, 10/1/2030		67,574		65,750
3.50%, 11/1/2030		11,427		11,119
2.00%, 9/1/2031		30,014		28,492
2.00%, 11/1/2031		71,762		68,123
2.00%, 2/1/2032		65,276		61,643
3.50%, 10/1/2032		496,622		498,360
6.00%, 12/1/2032		12,687		13,906
6.00%, 4/1/2033		7,409		8,094
3.00%, 5/1/2033		119,581		115,810
3.00%, 6/1/2033		122,126		118,558
3.00%, 7/1/2033		15,086		14,643
3.00%, 10/1/2033		26,113		25,347
4.00%, 3/1/2034		1,017,951		1,038,032
6.00%, 3/1/2034		248,656		269,925
6.00%, 8/1/2034		41,936		46,233
6.50%, 9/1/2034		127,669		138,874
6.00%, 12/1/2034		193,148		212,066
6.00%, 4/1/2035		726,426		779,762
2.50%, 7/1/2035		823,366		790,847
5.00%, 8/1/2035		25,177		26,654
1.50%, 11/1/2035		930,330		853,414
6.00%, 11/1/2035		37,002		40,504
5.00%, 12/1/2035		56,889		60,220

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			327

FlexShares^® Disciplined Duration MBS Index Fund (cont.)


Investments	Principal Amount		Value

MORTGAGE-BACKED SECURITIES – (continued)
2.00%, 1/1/2036	$	577,605	$	542,537
5.00%, 2/1/2036		211,052		223,445
4.50%, 6/1/2036		539,768		563,444
6.00%, 6/1/2036		51,505		57,002
2.00%, 7/1/2036		1,086,255		1,020,231
2.50%, 7/1/2036		871,993		836,617
5.00%, 7/1/2036		24,253		25,669
6.50%, 8/1/2036		19,860		21,836
6.00%, 9/1/2036		794,754		870,590
2.50%, 11/1/2036		917,996		856,605
6.00%, 11/1/2036		50,606		56,008
1.50%, 2/1/2037		1,372,990		1,259,436
6.00%, 6/1/2037		106,849		118,258
6.00%, 8/1/2037		169,877		186,396
6.00%, 9/1/2037		24,975		27,626
6.50%, 10/1/2037		42,888		45,926
5.00%, 3/1/2038		56,463		59,763
5.00%, 5/1/2038		46,977		49,750
6.00%, 5/1/2038		16,536		18,302
6.00%, 9/1/2038		30,060		33,271
5.00%, 6/1/2039		57,206		60,567
5.00%, 10/1/2039		56,694		60,068
5.00%, 2/1/2040		46,485		50,137
5.00%, 3/1/2040		181,053		191,835
5.00%, 6/1/2040		17,534		18,581
6.00%, 6/1/2040		120,502		133,315
2.00%, 11/1/2040		777,999		701,401
2.00%, 12/1/2040		418,322		377,105
2.00%, 1/1/2041		197,073		177,631
3.50%, 1/1/2041		42,695		42,270
1.50%, 2/1/2041		870,892		748,586
2.50%, 2/1/2041		310,637		284,877
3.50%, 2/1/2041		26,658		26,393
4.50%, 2/1/2041		138,176		143,930
1.50%, 4/1/2041		467,577		401,980
2.00%, 5/1/2041		905,764		815,022
4.50%, 5/1/2041		44,832		46,761
5.00%, 5/1/2041		35,906		38,277
6.00%, 5/1/2041		28,094		31,080
4.50%, 6/1/2041		592,711		617,345
2.50%, 7/1/2041		909,052		844,292
5.00%, 7/1/2041		476,237		507,235
6.00%, 7/1/2041		800,084		886,988
4.50%, 8/1/2041		136,751		142,780
5.00%, 8/1/2041		73,795		78,446


Investments	Principal Amount		Value

MORTGAGE-BACKED SECURITIES – (continued)
4.00%, 9/1/2041	$	236,203	$	240,422
4.50%, 9/1/2041		84,024		87,513
3.50%, 10/1/2041		143,856		142,416
4.00%, 10/1/2041		60,477		61,601
5.00%, 10/1/2041		72,788		77,615
4.00%, 11/1/2041		86,958		88,043
4.00%, 12/1/2041		19,880		20,140
4.00%, 1/1/2042		179,364		181,709
4.50%, 1/1/2042		20,557		21,464
6.00%, 1/1/2042		82,978		92,076
3.00%, 3/1/2042		161,415		155,594
4.00%, 3/1/2042		94,326		96,304
3.00%, 4/1/2042		54,532		52,664
4.50%, 4/1/2042		109,886		114,718
3.50%, 5/1/2042		27,715		27,390
4.50%, 5/1/2042		79,161		82,649
3.50%, 6/1/2042		49,573		49,043
3.50%, 7/1/2042		148,437		146,959
4.00%, 7/1/2042		130,230		133,278
3.50%, 8/1/2042		46,177		45,886
3.00%, 9/1/2042		76,691		74,059
3.50%, 9/1/2042		16,280		16,104
4.00%, 9/1/2042		77,642		79,088
3.00%, 10/1/2042		166,944		160,875
3.50%, 10/1/2042		28,651		28,365
2.50%, 12/1/2042		261,725		242,155
3.00%, 12/1/2042		157,734		152,299
2.50%, 1/1/2043		8,278		7,661
3.00%, 1/1/2043		156,123		150,680
3.50%, 1/1/2043		42,727		42,300
4.00%, 1/1/2043		83,025		84,343
4.50%, 1/1/2043		212,669		221,988
2.50%, 2/1/2043		779,422		720,992
3.00%, 2/1/2043		207,200		199,999
3.50%, 2/1/2043		78,595		77,828
3.50%, 3/1/2043		99,971		98,970
2.50%, 5/1/2043		13,572		12,467
2.50%, 6/1/2043		7,224		6,673
4.00%, 8/1/2043		45,052		45,588
4.00%, 9/1/2043		108,045		109,730
4.50%, 9/1/2043		28,139		29,340
4.00%, 10/1/2043		131,352		132,927
4.00%, 11/1/2043		265,015		269,801
4.50%, 11/1/2043		102,881		107,523
4.50%, 12/1/2043		74,254		77,405

See Accompanying Notes to the Financial Statements.


328		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Disciplined Duration MBS Index Fund (cont.)


Investments	Principal Amount		Value

MORTGAGE-BACKED SECURITIES – (continued)
4.00%, 1/1/2044	$	104,741	$	106,141
4.50%, 2/1/2044		21,017		21,840
4.50%, 3/1/2044		116,510		123,820
5.00%, 3/1/2044		21,517		22,827
4.00%, 4/1/2044		1,046,169		1,059,698
4.50%, 4/1/2044		216,618		225,487
5.00%, 6/1/2044		35,165		37,284
4.00%, 10/1/2044		42,649		43,415
4.50%, 10/1/2044		10,468		10,897
4.50%, 12/1/2044		39,473		41,052
4.00%, 2/1/2045		30,676		31,075
4.50%, 2/1/2045		133,827		139,168
4.00%, 4/1/2045		28,708		29,165
4.00%, 8/1/2045		12,901		13,016
4.00%, 11/1/2045		64,630		65,659
4.50%, 11/1/2045		86,611		90,461
4.00%, 12/1/2045		345,041		350,204
4.00%, 2/1/2046		9,754		9,893
4.50%, 3/1/2046		143,160		148,087
4.00%, 4/1/2046		13,240		13,423
2.50%, 6/1/2046		81,344		75,285
4.50%, 6/1/2046		98,500		102,549
4.50%, 7/1/2046		21,276		22,070
4.50%, 8/1/2046		18,281		18,911
2.50%, 9/1/2046		138,847		128,016
2.50%, 10/1/2046		66,624		61,425
4.50%, 10/1/2046		35,584		36,738
2.50%, 12/1/2046		22,915		21,073
4.50%, 1/1/2047		32,127		33,179
4.00%, 2/1/2047		34,174		34,656
4.50%, 2/1/2047		39,181		40,964
2.50%, 3/1/2047		142,088		131,048
4.50%, 3/1/2047		207,872		218,243
4.50%, 5/1/2047		646,137		661,895
4.50%, 7/1/2047		88,576		92,092
5.00%, 7/1/2047		282,629		299,159
3.50%, 2/1/2048		1,282,564		1,261,385
4.50%, 4/1/2048		845,189		883,609
4.00%, 7/1/2048		149,734		152,091
4.50%, 11/1/2048		720,687		735,724
6.00%, 2/1/2049		102,491		114,804
2.50%, 7/1/2049		1,491,024		1,375,434
4.50%, 10/1/2049		867,660		886,092
2.50%, 11/1/2049		1,114,095		1,025,805
4.50%, 11/1/2049		1,089,866		1,125,311
4.00%, 1/1/2050		997,961		1,001,067


Investments	Principal Amount		Value

MORTGAGE-BACKED SECURITIES – (continued)

FNMA/FHLMC UMBS, 15 Year, Single Family
TBA 2.50%, 5/25/2037	$	1,000,000	$	957,539
TBA 3.00%, 5/25/2037		3,700,000		3,629,189
TBA 3.50%, 5/25/2037		1,800,000		1,802,110

GNMA
6.00%, 3/15/2033		55,027		61,146
5.50%, 8/20/2033		33,541		36,570
5.50%, 11/20/2033		31,008		32,841
6.00%, 12/15/2033		98,477		108,591
5.50%, 3/20/2034		37,862		41,318
5.50%, 7/20/2034		23,755		25,916
5.50%, 9/20/2034		10,150		10,691
6.00%, 2/15/2035		23,418		25,919
5.50%, 3/20/2036		76,582		82,917
5.50%, 9/20/2038		44,873		48,953
5.50%, 2/20/2039		74,471		81,247
4.50%, 5/15/2039		2,388,190		2,525,936
5.00%, 11/15/2039		2,197,975		2,331,609
4.00%, 6/15/2040		361,592		375,322
4.00%, 8/15/2040		358,159		371,796
4.00%, 11/15/2040		259,595		269,728
5.50%, 12/20/2040		21,858		23,822
5.50%, 1/20/2041		21,695		23,679
5.50%, 5/20/2041		131,934		143,975
4.00%, 9/15/2041		1,061,405		1,091,580
4.50%, 11/15/2041		479,065		504,314
5.50%, 11/20/2041		236,706		258,233
5.50%, 12/20/2041		58,083		62,323
5.50%, 2/20/2042		15,663		17,083
3.50%, 6/15/2042		498,040		500,942
2.50%, 3/20/2043		46,849		43,676
2.50%, 5/20/2043		67,758		63,171
5.50%, 3/20/2044		69,871		76,229
4.50%, 10/20/2044		137,843		145,052
2.50%, 11/20/2044		41,459		38,671
5.00%, 6/20/2045		182,421		194,489
4.00%, 8/15/2045		2,167,881		2,248,854
4.50%, 12/20/2045		290,465		306,103
5.50%, 3/20/2046		601,839		649,793
5.00%, 5/20/2046		421,540		451,361
3.50%, 6/15/2046		2,412,829		2,417,962
2.50%, 10/20/2046		1,157,353		1,079,177
5.50%, 2/20/2047		276,248		301,468
5.50%, 7/20/2049		12,988		13,679
2.50%, 8/20/2050		1,772,330		1,652,729

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			329

FlexShares^® Disciplined Duration MBS Index Fund (cont.)


Investments	Principal Amount		Value

MORTGAGE-BACKED SECURITIES – (continued)
2.50%, 3/20/2051	$	1,126,410	$	1,050,138
3.00%, 4/20/2051		375,599		360,457
1.50%, 10/20/2051		7,742		6,756
3.50%, 12/20/2051		982,517		964,887
4.00%, 12/20/2051		777,886		782,327
Total Mortgage-Backed Securities (Cost $109,644,947)				102,737,009

Total Investments – 95.1% (Cost $109,644,947)				102,737,009

Other assets less liabilities – 4.9%				5,304,533
NET ASSETS – 100.0%			$	108,041,542

Percentages shown are based on Net Assets.

Abbreviations

FHLMC – Federal Home Loan Mortgage Corp.

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

TBA – To Be Announced; Security is subject to delayed delivery.

UMBS – Uniform Mortgage-Backed Securities



Aggregate gross unrealized appreciation	$	5,688
Aggregate gross unrealized depreciation		(6,913,868	)
Net unrealized depreciation	$	(6,908,180	)
Federal income tax cost	$	109,645,189


Security Type	% of Net Assets
Mortgage-Backed Securities		95.1	%
Others⁽¹⁾		4.9
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


330		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Credit-Scored US Corporate Bond Index Fund

April 30, 2022 (Unaudited)


Investments	Principal Amount		Value

CORPORATE BONDS – 98.6%

Aerospace & Defense – 1.1%

Boeing Co. (The)
5.15%, 5/1/2030	$	150,000	$	149,852

General Dynamics Corp.
3.50%, 5/15/2025		375,000		376,371
3.75%, 5/15/2028		600,000		599,019

L3Harris Technologies, Inc.
4.40%, 6/15/2028		500,000		501,350

Lockheed Martin Corp.
3.55%, 1/15/2026		305,000		307,736

Northrop Grumman Corp.
3.25%, 1/15/2028		500,000		480,757

Precision Castparts Corp.
3.25%, 6/15/2025		185,000		185,698
				2,600,783

Air Freight & Logistics – 0.2%

CH Robinson Worldwide, Inc.
4.20%, 4/15/2028		210,000		209,065

FedEx Corp.
2.40%, 5/15/2031		175,000		150,652

United Parcel Service, Inc.
4.45%, 4/1/2030		50,000		52,076
				411,793

Banks – 26.2%

Banco Santander SA
5.18%, 11/19/2025		200,000		204,295
1.72%, 9/14/2027(a)		600,000		529,005

Bank of America Corp.
Series L, 3.95%, 4/21/2025		500,000		498,793
0.98%, 9/25/2025(a)		750,000		699,143
4.45%, 3/3/2026		500,000		501,553
1.20%, 10/24/2026(a)		500,000		451,755
1.73%, 7/22/2027(a)		450,000		404,624
Series L, 4.18%, 11/25/2027		615,000		606,270
3.82%, 1/20/2028(a)		500,000		487,188
3.71%, 4/24/2028(a)		5,000		4,835
3.42%, 12/20/2028(a)		250,000		237,189
4.27%, 7/23/2029(a)		300,000		294,978
3.97%, 2/7/2030(a)		300,000		290,483
3.19%, 7/23/2030(a)		250,000		229,344


Investments	Principal Amount		Value

Banks – (continued)
2.50%, 2/13/2031(a)	$	600,000	$	515,912
2.59%, 4/29/2031(a)		188,000		162,745
1.90%, 7/23/2031(a)		250,000		204,825
2.69%, 4/22/2032(a)		212,000		182,366
2.30%, 7/21/2032(a)		500,000		414,059
2.57%, 10/20/2032(a)		250,000		211,780
3.85%, 3/8/2037(a)		250,000		223,053

Bank of Montreal
3.80%, 12/15/2032(a)		500,000		474,562
3.09%, 1/10/2037(a)		75,000		63,210

Bank of Nova Scotia (The)
4.50%, 12/16/2025		350,000		353,943
Series 2, 3.62%, 10/27/2081(a)		250,000		199,919

BankUnited, Inc.
5.13%, 6/11/2030		250,000		247,389

Barclays plc
4.38%, 9/11/2024		490,000		492,899
3.65%, 3/16/2025		200,000		197,068
5.20%, 5/12/2026		300,000		304,367
4.84%, 5/9/2028		300,000		295,851
2.67%, 3/10/2032(a)		50,000		41,749

Canadian Imperial Bank of Commerce
2.25%, 1/28/2025		300,000		289,244

Citigroup, Inc.
3.35%, 4/24/2025(a)		600,000		591,199
4.40%, 6/10/2025		825,000		830,907
5.50%, 9/13/2025		650,000		680,838
4.60%, 3/9/2026		380,000		383,386
3.11%, 4/8/2026(a)		500,000		484,586
3.40%, 5/1/2026		300,000		292,818
3.20%, 10/21/2026		350,000		338,416
4.45%, 9/29/2027		200,000		198,940
3.89%, 1/10/2028(a)		500,000		489,220
3.67%, 7/24/2028(a)		500,000		482,124
2.98%, 11/5/2030(a)		500,000		448,298
2.67%, 1/29/2031(a)		500,000		435,604
4.41%, 3/31/2031(a)		636,000		622,615
2.57%, 6/3/2031(a)		250,000		215,041
2.56%, 5/1/2032(a)		100,000		84,638
3.06%, 1/25/2033(a)		400,000		350,240

Citizens Financial Group, Inc.
3.25%, 4/30/2030		200,000		183,439

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			331

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Banks – (continued)

Comerica, Inc.
3.70%, 7/31/2023	$	250,000	$	251,795

Cooperatieve Rabobank UA
3.75%, 7/21/2026		250,000		243,444

Discover Bank
4.20%, 8/8/2023		400,000		403,544
2.45%, 9/12/2024		500,000		487,539
4.65%, 9/13/2028		250,000		250,716

Fifth Third Bancorp
1.63%, 5/5/2023		150,000		148,073
4.30%, 1/16/2024		250,000		253,617
3.65%, 1/25/2024		500,000		501,862
2.55%, 5/5/2027		250,000		234,358

Fifth Third Bank NA
3.85%, 3/15/2026		400,000		398,191

First Horizon Corp.
3.55%, 5/26/2023		250,000		250,339

HSBC Holdings plc
3.80%, 3/11/2025(a)		450,000		448,070
4.25%, 8/18/2025		1,040,000		1,039,105
3.90%, 5/25/2026		1,000,000		986,829
4.29%, 9/12/2026(a)		650,000		647,106
4.04%, 3/13/2028(a)		700,000		678,909
4.58%, 6/19/2029(a)		670,000		663,743
4.95%, 3/31/2030		300,000		303,640
3.97%, 5/22/2030(a)		800,000		756,703
2.36%, 8/18/2031(a)		50,000		41,614
2.80%, 5/24/2032(a)		200,000		168,950

Huntington Bancshares, Inc.
4.00%, 5/15/2025		200,000		201,842
2.55%, 2/4/2030		250,000		224,028

ING Groep NV
3.55%, 4/9/2024		200,000		199,840
1.73%, 4/1/2027(a)		500,000		450,782
4.55%, 10/2/2028		350,000		349,116
4.05%, 4/9/2029		250,000		241,658

JPMorgan Chase & Co.
3.88%, 9/10/2024		627,000		630,673
0.65%, 9/16/2024(a)		285,000		275,807
4.02%, 12/5/2024(a)		40,000		40,218
0.82%, 6/1/2025(a)		500,000		471,045
2.30%, 10/15/2025(a)		120,000		115,241
2.00%, 3/13/2026(a)		115,000		108,461


Investments	Principal Amount		Value

Banks – (continued)
2.08%, 4/22/2026(a)	$	500,000	$	470,786
4.13%, 12/15/2026		369,000		367,447
3.96%, 1/29/2027(a)		750,000		743,497
1.58%, 4/22/2027(a)		250,000		226,501
8.00%, 4/29/2027		250,000		290,649
3.63%, 12/1/2027		250,000		241,993
3.78%, 2/1/2028(a)		925,000		899,561
4.01%, 4/23/2029(a)		130,000		127,179
4.20%, 7/23/2029(a)		450,000		443,335
4.45%, 12/5/2029(a)		500,000		497,446
3.70%, 5/6/2030(a)		250,000		238,366
2.74%, 10/15/2030(a)		200,000		178,255
4.49%, 3/24/2031(a)		200,000		199,831
2.96%, 5/13/2031(a)		500,000		440,673
1.95%, 2/4/2032(a)		225,000		184,227
2.96%, 1/25/2033(a)		100,000		88,215

KeyCorp
2.25%, 4/6/2027		300,000		276,586
4.10%, 4/30/2028		200,000		198,479
2.55%, 10/1/2029		200,000		178,900

Lloyds Banking Group plc
4.05%, 8/16/2023		300,000		303,010
1.63%, 5/11/2027(a)		500,000		448,758

Mitsubishi UFJ Financial Group, Inc.
3.76%, 7/26/2023		50,000		50,508
3.41%, 3/7/2024		50,000		49,941
2.19%, 2/25/2025		700,000		672,290
3.68%, 2/22/2027		350,000		344,673
3.29%, 7/25/2027		750,000		720,931
3.74%, 3/7/2029		200,000		192,749
2.05%, 7/17/2030		100,000		83,318

Mizuho Financial Group, Inc.
2.23%, 5/25/2026(a)		750,000		709,975
3.17%, 9/11/2027		500,000		473,986
4.02%, 3/5/2028		390,000		382,297
4.25%, 9/11/2029(a)		500,000		491,206
3.15%, 7/16/2030(a)		200,000		183,553
2.59%, 5/25/2031(a)		250,000		217,882
2.56%, 9/13/2031		50,000		41,517

National Australia Bank Ltd.
3.63%, 6/20/2023		250,000		252,639

PNC Bank NA
3.50%, 6/8/2023		250,000		251,880
3.88%, 4/10/2025		250,000		250,627

See Accompanying Notes to the Financial Statements.


332		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Banks – (continued)
3.25%, 1/22/2028	$	250,000	$	242,532
4.05%, 7/26/2028		250,000		247,758
2.70%, 10/22/2029		500,000		449,996

PNC Financial Services Group, Inc. (The)
3.90%, 4/29/2024		550,000		555,697
3.15%, 5/19/2027		80,000		77,929
2.55%, 1/22/2030		300,000		268,794

Royal Bank of Canada
4.65%, 1/27/2026		550,000		562,188

Santander Holdings USA, Inc.
4.50%, 7/17/2025		240,000		242,224
4.40%, 7/13/2027		500,000		494,448

Santander UK Group Holdings plc
3.82%, 11/3/2028(a)		200,000		190,767

Sumitomo Mitsui Financial Group, Inc.
2.70%, 7/16/2024		1,000,000		981,358
2.35%, 1/15/2025		250,000		240,780
1.47%, 7/8/2025		500,000		463,489
3.78%, 3/9/2026		50,000		49,385
2.63%, 7/14/2026		600,000		569,212
1.40%, 9/17/2026		500,000		445,964
3.45%, 1/11/2027		250,000		242,040
3.36%, 7/12/2027		450,000		434,924
1.90%, 9/17/2028		500,000		429,246
4.31%, 10/16/2028		500,000		499,074
3.04%, 7/16/2029		300,000		273,546
2.72%, 9/27/2029		250,000		223,549
2.75%, 1/15/2030		200,000		177,525
2.13%, 7/8/2030		300,000		254,723
2.14%, 9/23/2030		250,000		204,840

SVB Financial Group
3.13%, 6/5/2030		500,000		452,176

Toronto-Dominion Bank (The)
0.45%, 9/11/2023		500,000		484,491
3.25%, 3/11/2024		450,000		450,959
1.25%, 9/10/2026		350,000		314,559
3.62%, 9/15/2031(a)		250,000		244,550

Truist Bank
3.63%, 9/16/2025		250,000		249,153
3.30%, 5/15/2026		200,000		196,764


Investments	Principal Amount		Value

Banks – (continued)

Truist Financial Corp.
2.85%, 10/26/2024	$	150,000	$	148,436
4.00%, 5/1/2025		210,000		212,456
1.89%, 6/7/2029(a)		200,000		175,575

US Bancorp
3.38%, 2/5/2024		200,000		200,923
3.95%, 11/17/2025		200,000		203,488
Series V, 2.38%, 7/22/2026		500,000		476,697
3.00%, 7/30/2029		200,000		186,011

Wells Fargo & Co.
3.00%, 2/19/2025		500,000		491,853
3.55%, 9/29/2025		1,190,000		1,183,080
2.41%, 10/30/2025(a)		500,000		480,925
3.00%, 4/22/2026		500,000		481,675
4.10%, 6/3/2026		500,000		498,502
3.20%, 6/17/2027(a)		1,000,000		959,975
4.30%, 7/22/2027		1,000,000		1,000,541
3.58%, 5/22/2028(a)		1,110,000		1,066,615
2.39%, 6/2/2028(a)		850,000		775,118
2.88%, 10/30/2030(a)		450,000		404,359
2.57%, 2/11/2031(a)		500,000		438,877

Westpac Banking Corp.
1.15%, 6/3/2026		500,000		454,482
2.89%, 2/4/2030(a)		300,000		286,556
4.32%, 11/23/2031(a)		250,000		245,018
4.11%, 7/24/2034(a)		400,000		376,862
2.67%, 11/15/2035(a)		300,000		248,303
				64,518,196

Beverages – 1.0%

Anheuser-Busch InBev Worldwide, Inc.
4.75%, 1/23/2029		250,000		257,772

Coca-Cola Co. (The)
1.00%, 3/15/2028		500,000		433,994
3.45%, 3/25/2030		200,000		195,474
2.25%, 1/5/2032		225,000		197,740

Constellation Brands, Inc.
4.65%, 11/15/2028		300,000		303,461
3.15%, 8/1/2029		500,000		460,210

PepsiCo, Inc.
7.00%, 3/1/2029		500,000		601,146
				2,449,797

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			333

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Biotechnology – 1.5%

AbbVie, Inc.
2.95%, 11/21/2026	$	500,000	$	479,596
4.25%, 11/14/2028		1,000,000		999,068
3.20%, 11/21/2029		210,000		195,956

Amgen, Inc.
2.60%, 8/19/2026		500,000		478,298
2.20%, 2/21/2027		300,000		278,154
2.45%, 2/21/2030		300,000		265,233

Gilead Sciences, Inc.
3.65%, 3/1/2026		330,000		328,259
2.95%, 3/1/2027		800,000		766,435
				3,790,999

Building Products – 0.7%

Allegion plc
3.50%, 10/1/2029		250,000		233,928

Carlisle Cos., Inc.
3.75%, 12/1/2027		200,000		195,256

Carrier Global Corp.
2.72%, 2/15/2030		250,000		221,859

Fortune Brands Home & Security, Inc.
4.00%, 6/15/2025		150,000		150,639

Lennox International, Inc.
1.35%, 8/1/2025		450,000		417,451

Masco Corp.
3.50%, 11/15/2027		500,000		481,353
				1,700,486

Capital Markets – 7.3%

Ameriprise Financial, Inc.
2.88%, 9/15/2026		100,000		97,041

Ares Capital Corp.
3.88%, 1/15/2026		500,000		480,149
2.15%, 7/15/2026		500,000		444,480
2.88%, 6/15/2028		500,000		432,793

Bain Capital Specialty Finance, Inc.
2.55%, 10/13/2026		175,000		154,290

Bank of New York Mellon Corp. (The)
2.45%, 8/17/2026		100,000		96,496
1.65%, 7/14/2028		300,000		266,633


Investments	Principal Amount		Value

Capital Markets – (continued)

BlackRock, Inc.
3.20%, 3/15/2027	$	200,000	$	196,852
3.25%, 4/30/2029		400,000		386,598

Blackstone Secured Lending Fund
3.65%, 7/14/2023		150,000		150,306
3.63%, 1/15/2026		750,000		718,905
2.13%, 2/15/2027(b)		250,000		217,723

Cboe Global Markets, Inc.
3.65%, 1/12/2027		200,000		199,340
1.63%, 12/15/2030		100,000		82,861

Charles Schwab Corp. (The)
4.20%, 3/24/2025		300,000		306,152
3.20%, 1/25/2028		100,000		96,439
4.00%, 2/1/2029		400,000		400,048

CME Group, Inc.
3.00%, 3/15/2025		325,000		322,634

Credit Suisse AG
1.25%, 8/7/2026		450,000		399,278

Credit Suisse Group AG
3.75%, 3/26/2025		150,000		147,291

Deutsche Bank AG
3.70%, 5/30/2024		645,000		647,064
1.45%, 4/1/2025(a)		500,000		472,959
3.96%, 11/26/2025(a)		100,000		98,693
2.13%, 11/24/2026(a)		250,000		227,435
3.55%, 9/18/2031(a)		250,000		221,008

Goldman Sachs BDC, Inc.
3.75%, 2/10/2025		200,000		198,216

Goldman Sachs Group, Inc. (The)
4.00%, 3/3/2024		500,000		504,971
3.85%, 7/8/2024		500,000		503,270
3.50%, 1/23/2025		465,000		461,511
3.50%, 4/1/2025		500,000		493,339
1.43%, 3/9/2027(a)		250,000		223,614
1.54%, 9/10/2027(a)		500,000		442,752
3.10%, 2/24/2033(a)		750,000		656,593

Jefferies Group LLC
4.15%, 1/23/2030		200,000		189,920

Lazard Group LLC
3.75%, 2/13/2025		450,000		450,149
4.50%, 9/19/2028		250,000		248,770

See Accompanying Notes to the Financial Statements.


334		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Capital Markets – (continued)

Moody’s Corp.
3.75%, 3/24/2025	$	300,000	$	301,812
4.25%, 2/1/2029		250,000		251,931

Morgan Stanley
0.79%, 5/30/2025(a)		500,000		468,239
2.72%, 7/22/2025(a)		500,000		486,761
3.13%, 7/27/2026		500,000		479,759
1.59%, 5/4/2027(a)		500,000		450,459
3.62%, 4/1/2031(a)		250,000		234,486

Nasdaq, Inc.
3.85%, 6/30/2026		215,000		215,950
1.65%, 1/15/2031		100,000		80,500

Owl Rock Capital Corp.
3.40%, 7/15/2026		675,000		623,820
2.63%, 1/15/2027		500,000		441,676
2.88%, 6/11/2028		250,000		213,543

S&P Global, Inc.
2.95%, 1/22/2027		200,000		193,953
4.75%, 8/1/2028(b)		500,000		519,659
2.70%, 3/1/2029(b)		1,000,000		922,852

State Street Corp.
3.10%, 5/15/2023		200,000		200,989
3.55%, 8/18/2025		300,000		301,201
				18,024,163

Chemicals – 1.0%

Cabot Corp.
4.00%, 7/1/2029		250,000		241,156

Celanese US Holdings LLC
3.50%, 5/8/2024		200,000		199,421

FMC Corp.
3.20%, 10/1/2026		200,000		193,595

Huntsman International LLC
4.50%, 5/1/2029		250,000		246,976

Nutrien Ltd.
4.20%, 4/1/2029		100,000		100,087

PPG Industries, Inc.
3.75%, 3/15/2028		250,000		250,677

Rohm and Haas Co.
7.85%, 7/15/2029		300,000		365,971

RPM International, Inc.
3.75%, 3/15/2027		100,000		98,894
4.55%, 3/1/2029		250,000		250,553


Investments	Principal Amount		Value

Chemicals – (continued)

Sherwin-Williams Co. (The)
3.45%, 6/1/2027	$	500,000	$	485,824
				2,433,154

Commercial Services & Supplies – 0.9%

Cintas Corp. No. 2
3.70%, 4/1/2027		350,000		348,415

RELX Capital, Inc.
3.00%, 5/22/2030		200,000		180,882

Republic Services, Inc.
2.50%, 8/15/2024		567,000		555,335
3.38%, 11/15/2027		100,000		97,151
3.95%, 5/15/2028		200,000		199,909

Waste Connections, Inc.
4.25%, 12/1/2028		250,000		251,547

Waste Management, Inc.
3.15%, 11/15/2027		350,000		340,315
1.15%, 3/15/2028		250,000		215,223
				2,188,777

Communications Equipment – 0.5%

Cisco Systems, Inc.
2.20%, 9/20/2023		117,000		116,333
3.63%, 3/4/2024		300,000		304,328
2.95%, 2/28/2026		100,000		99,149

Motorola Solutions, Inc.
4.60%, 2/23/2028		100,000		100,011
4.60%, 5/23/2029		300,000		296,190
2.75%, 5/24/2031		250,000		209,057
				1,125,068

Consumer Finance – 1.1%

AerCap Ireland Capital DAC
1.75%, 1/30/2026		300,000		267,236
3.88%, 1/23/2028		350,000		325,038

Ally Financial, Inc.
8.00%, 11/1/2031		250,000		298,108

Capital One Financial Corp.
3.50%, 6/15/2023		320,000		322,059
3.90%, 1/29/2024		50,000		50,279
3.30%, 10/30/2024		200,000		197,727

Synchrony Financial
4.50%, 7/23/2025		600,000		603,708
3.95%, 12/1/2027		500,000		479,541
5.15%, 3/19/2029		200,000		199,342

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			335

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Consumer Finance – (continued)

Toyota Motor Credit Corp.
3.05%, 1/11/2028	$	100,000	$	96,870
				2,839,908

Containers & Packaging – 0.2%

Amcor Finance USA, Inc.
4.50%, 5/15/2028		300,000		308,090

Avery Dennison Corp.
4.88%, 12/6/2028		200,000		206,239
				514,329

Diversified Financial Services – 0.6%

Berkshire Hathaway, Inc.
3.13%, 3/15/2026		330,000		328,107

Block Financial LLC
2.50%, 7/15/2028		400,000		355,699

National Rural Utilities Cooperative Finance Corp.
5.25%, 4/20/2046(a)		150,000		145,646

Voya Financial, Inc.
4.70%, 1/23/2048(a)		100,000		90,911
5.65%, 5/15/2053(a)		450,000		448,315
				1,368,678

Diversified Telecommunication Services – 1.5%

British Telecommunications plc
9.62%, 12/15/2030(c)		200,000		256,313

Deutsche Telekom International Finance BV
8.75%, 6/15/2030(c)		100,000		127,439

Orange SA
9.00%, 3/1/2031(c)		250,000		330,072

TELUS Corp.
3.70%, 9/15/2027		200,000		200,236

Verizon Communications, Inc.
4.13%, 3/16/2027		700,000		703,984
2.10%, 3/22/2028		500,000		448,832
4.33%, 9/21/2028		500,000		503,432
4.02%, 12/3/2029		225,000		220,758
1.68%, 10/30/2030		63,000		51,173
1.75%, 1/20/2031		500,000		409,190
2.55%, 3/21/2031		450,000		391,679
				3,643,108


Investments	Principal Amount		Value

Electric Utilities – 2.5%

AEP Texas, Inc.
3.95%, 6/1/2028	$	500,000	$	492,895

American Electric Power Co., Inc.
Series J, 4.30%, 12/1/2028		295,000		295,105
3.88%, 2/15/2062(a)		100,000		89,742

Avangrid, Inc.
3.80%, 6/1/2029		250,000		243,920

Duke Energy Corp.
3.15%, 8/15/2027		200,000		192,551
2.45%, 6/1/2030		300,000		262,405
3.25%, 1/15/2082(a)		250,000		212,976

Edison International
4.95%, 4/15/2025		700,000		713,379

Emera US Finance LP
3.55%, 6/15/2026		150,000		146,588

Enel Chile SA
4.88%, 6/12/2028		250,000		246,435

Eversource Energy
Series U, 1.40%, 8/15/2026		500,000		452,446
Series M, 3.30%, 1/15/2028		100,000		95,572

Fortis, Inc.
3.06%, 10/4/2026		200,000		191,952

Interstate Power & Light Co.
4.10%, 9/26/2028		250,000		251,838

ITC Holdings Corp.
3.35%, 11/15/2027		200,000		194,283

MidAmerican Energy Co.
3.65%, 4/15/2029		950,000		939,267

NextEra Energy Capital Holdings, Inc.
4.80%, 12/1/2077(a)		100,000		93,282
5.65%, 5/1/2079(a)		175,000		172,347

Pacific Gas and Electric Co.
3.15%, 1/1/2026		175,000		164,765

Sierra Pacific Power Co.
2.60%, 5/1/2026		20,000		19,287

Southern California Edison Co.
6.65%, 4/1/2029		150,000		163,915

Southern Co. (The) Series 21-A, 3.75%, 9/15/2051(a)		500,000		451,250

Southwestern Electric Power Co. Series M,
4.10%, 9/15/2028		200,000		197,751
				6,283,951

See Accompanying Notes to the Financial Statements.


336		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Electrical Equipment – 0.6%

ABB Finance USA, Inc.
3.80%, 4/3/2028	$	300,000	$	301,797

Emerson Electric Co.
0.88%, 10/15/2026		200,000		178,636
2.00%, 12/21/2028		500,000		447,941

Hubbell, Inc.
3.35%, 3/1/2026		200,000		198,043
3.50%, 2/15/2028		250,000		243,845

Rockwell Automation, Inc.
2.88%, 3/1/2025		150,000		148,696
				1,518,958

Electronic Equipment, Instruments & Components – 1.4%

Avnet, Inc.
4.63%, 4/15/2026		175,000		175,878

CDW LLC
4.13%, 5/1/2025		300,000		296,484
2.67%, 12/1/2026		500,000		460,121
4.25%, 4/1/2028		200,000		187,472
3.28%, 12/1/2028		500,000		451,465

Flex Ltd.
4.88%, 6/15/2029		250,000		250,783

Keysight Technologies, Inc.
4.60%, 4/6/2027		200,000		205,415

TD SYNNEX Corp.
1.75%, 8/9/2026(b)		350,000		315,101

Teledyne Technologies, Inc.
2.25%, 4/1/2028		225,000		201,368

Trimble, Inc.
4.90%, 6/15/2028		250,000		253,360

Tyco Electronics Group SA
3.70%, 2/15/2026		200,000		200,628
3.13%, 8/15/2027		200,000		193,632

Vontier Corp.
2.40%, 4/1/2028		250,000		214,436
				3,406,143

Entertainment – 0.5%

Activision Blizzard, Inc.
3.40%, 6/15/2027		200,000		196,948

Electronic Arts, Inc.
4.80%, 3/1/2026		100,000		103,549


Investments	Principal Amount		Value

Entertainment – (continued)

Netflix, Inc.
4.38%, 11/15/2026	$	150,000	$	149,235
5.88%, 11/15/2028		800,000		826,000
				1,275,732

Equity Real Estate Investment Trusts (REITs) – 7.0%

Agree LP
2.00%, 6/15/2028		250,000		219,533

Alexandria Real Estate Equities, Inc.
2.75%, 12/15/2029		100,000		89,959
4.70%, 7/1/2030		100,000		101,714

American Campus Communities Operating Partnership LP
3.63%, 11/15/2027		200,000		198,756

American Homes 4 Rent LP
4.90%, 2/15/2029		300,000		304,569

American Tower Corp.
3.38%, 10/15/2026		200,000		192,674
2.75%, 1/15/2027		300,000		279,321
3.55%, 7/15/2027		400,000		382,619
3.60%, 1/15/2028		500,000		477,059
3.80%, 8/15/2029		238,000		222,781

AvalonBay Communities, Inc.
3.45%, 6/1/2025		200,000		199,029
3.50%, 11/15/2025		50,000		49,769
2.45%, 1/15/2031		200,000		178,254

Boston Properties LP
3.25%, 1/30/2031		250,000		227,085

Brandywine Operating Partnership LP
4.10%, 10/1/2024		50,000		50,313
3.95%, 11/15/2027		250,000		242,444

Brixmor Operating Partnership LP
4.05%, 7/1/2030		200,000		189,538

Crown Castle International Corp.
3.80%, 2/15/2028		250,000		241,343
3.10%, 11/15/2029		750,000		679,257

CubeSmart LP
4.00%, 11/15/2025		250,000		248,749
3.00%, 2/15/2030		200,000		182,034

Duke Realty LP
3.25%, 6/30/2026		250,000		243,535
2.88%, 11/15/2029		100,000		91,923

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			337

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Equity Real Estate Investment Trusts (REITs) – (continued)

EPR Properties
4.50%, 6/1/2027	$	100,000	$	96,431
4.95%, 4/15/2028		350,000		337,439

Equinix, Inc.
1.45%, 5/15/2026		500,000		451,560
2.00%, 5/15/2028		500,000		436,772

ERP Operating LP
2.85%, 11/1/2026		200,000		192,871
3.25%, 8/1/2027		45,000		43,280

Essex Portfolio LP
3.88%, 5/1/2024		200,000		200,944
4.00%, 3/1/2029		350,000		344,101

GLP Capital LP
5.38%, 11/1/2023		555,000		563,686
5.25%, 6/1/2025		200,000		203,814
5.38%, 4/15/2026		500,000		510,639
5.75%, 6/1/2028		500,000		525,630

Healthpeak Properties, Inc.
3.00%, 1/15/2030		250,000		227,886

Highwoods Realty LP
4.13%, 3/15/2028		200,000		196,931
4.20%, 4/15/2029		100,000		98,766

Host Hotels & Resorts LP
Series E, 4.00%, 6/15/2025		250,000		248,641

Hudson Pacific Properties LP
3.25%, 1/15/2030		100,000		91,232

Kilroy Realty LP
4.38%, 10/1/2025		400,000		406,156
4.25%, 8/15/2029		100,000		98,284

Life Storage LP
2.20%, 10/15/2030		200,000		168,016

LifeStorage LP
3.50%, 7/1/2026		200,000		197,076

Mid-America Apartments LP
3.95%, 3/15/2029		50,000		49,394
2.75%, 3/15/2030		150,000		135,946

National Retail Properties, Inc.
3.90%, 6/15/2024		500,000		503,426
3.50%, 10/15/2027		150,000		145,212
4.30%, 10/15/2028		140,000		139,849

Office Properties Income Trust
2.65%, 6/15/2026		160,000		143,594


Investments	Principal Amount		Value

Equity Real Estate Investment Trusts (REITs) – (continued)

Omega Healthcare Investors, Inc.
5.25%, 1/15/2026	$	300,000	$	305,681
3.63%, 10/1/2029		150,000		133,718

Physicians Realty LP
4.30%, 3/15/2027		200,000		200,544

Piedmont Operating Partnership LP
3.15%, 8/15/2030		100,000		87,914

Prologis LP
2.25%, 4/15/2030		200,000		176,523

Public Storage
3.09%, 9/15/2027		200,000		193,365
1.85%, 5/1/2028		300,000		267,611
1.95%, 11/9/2028		500,000		445,204

Realty Income Corp.
4.63%, 11/1/2025		200,000		205,472
4.13%, 10/15/2026		300,000		303,216

Sabra Health Care LP
5.13%, 8/15/2026		200,000		199,840
3.90%, 10/15/2029		200,000		183,313

Simon Property Group LP
3.38%, 10/1/2024		600,000		600,163

SITE Centers Corp.
3.63%, 2/1/2025		129,000		127,393

Spirit Realty LP
2.10%, 3/15/2028		250,000		218,293
3.40%, 1/15/2030		200,000		182,271

STORE Capital Corp.
4.50%, 3/15/2028		150,000		150,757
2.75%, 11/18/2030		250,000		213,597

Ventas Realty LP
3.50%, 2/1/2025		50,000		49,575

Welltower, Inc.
4.00%, 6/1/2025		200,000		200,570
3.10%, 1/15/2030		250,000		230,565

Weyerhaeuser Co.
4.00%, 4/15/2030		250,000		241,362

WP Carey, Inc.
4.60%, 4/1/2024		195,000		198,048
4.00%, 2/1/2025		150,000		151,081
				17,315,910

See Accompanying Notes to the Financial Statements.


338		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Food & Staples Retailing – 0.6%

Costco Wholesale Corp.
2.75%, 5/18/2024	$	300,000	$	299,039
3.00%, 5/18/2027		375,000		369,341
1.38%, 6/20/2027		300,000		271,180

Walmart, Inc.
3.05%, 7/8/2026		500,000		497,579
1.80%, 9/22/2031		100,000		85,461
				1,522,600

Food Products – 1.2%

Campbell Soup Co.
4.15%, 3/15/2028		150,000		149,501

Flowers Foods, Inc.
3.50%, 10/1/2026		250,000		244,144

General Mills, Inc.
4.20%, 4/17/2028		250,000		252,348

J M Smucker Co. (The)
3.38%, 12/15/2027		100,000		97,010

McCormick & Co., Inc.
3.40%, 8/15/2027		200,000		193,751

Mondelez International, Inc.
1.50%, 5/4/2025		400,000		378,441
2.75%, 4/13/2030		92,000		82,596

Tyson Foods, Inc.
4.35%, 3/1/2029		400,000		405,750

Unilever Capital Corp.
2.60%, 5/5/2024		700,000		694,962
2.90%, 5/5/2027		200,000		193,700
3.50%, 3/22/2028		300,000		296,911
				2,989,114

Gas Utilities – 0.4%

Atmos Energy Corp.
3.00%, 6/15/2027		250,000		240,744

Eastern Energy Gas Holdings LLC
3.60%, 12/15/2024		54,000		53,682

National Fuel Gas Co.
5.20%, 7/15/2025		200,000		204,271
5.50%, 1/15/2026		275,000		284,071
4.75%, 9/1/2028		150,000		146,915
				929,683


Investments	Principal Amount		Value

Health Care Equipment & Supplies – 0.7%

Abbott Laboratories
3.88%, 9/15/2025	$	500,000	$	510,046

Baxter International, Inc.
2.60%, 8/15/2026		200,000		189,526
2.27%, 12/1/2028(b)		500,000		446,260

DH Europe Finance II Sarl
2.20%, 11/15/2024		250,000		242,655

Edwards Lifesciences Corp.
4.30%, 6/15/2028		200,000		202,169

Stryker Corp.
1.95%, 6/15/2030		100,000		84,980
				1,675,636

Health Care Providers & Services – 2.0%

AmerisourceBergen Corp.
3.45%, 12/15/2027		200,000		194,587

Anthem, Inc.
4.10%, 3/1/2028		250,000		250,347

Cigna Corp.
4.38%, 10/15/2028		250,000		251,530

CVS Health Corp.
4.30%, 3/25/2028		159,000		159,849

HCA, Inc.
4.13%, 6/15/2029		250,000		240,191

Humana, Inc.
1.35%, 2/3/2027		100,000		88,488
3.95%, 3/15/2027		300,000		297,846

Laboratory Corp. of America Holdings
3.60%, 2/1/2025		300,000		299,113
1.55%, 6/1/2026		250,000		228,499

McKesson Corp.
1.30%, 8/15/2026		500,000		449,737

Quest Diagnostics, Inc.
2.95%, 6/30/2030		200,000		179,500

UnitedHealth Group, Inc.
1.15%, 5/15/2026		1,250,000		1,141,288
2.95%, 10/15/2027		250,000		241,641
3.85%, 6/15/2028		1,000,000		1,003,573
3.88%, 12/15/2028		15,000		15,062
				5,041,251

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			339

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Hotels, Restaurants & Leisure – 0.6%

Marriott International, Inc.
Series EE, 5.75%, 5/1/2025	$	12,000	$	12,598
Series HH, 2.85%, 4/15/2031		150,000		129,296

McDonald’s Corp.
3.30%, 7/1/2025		500,000		498,991
3.80%, 4/1/2028		90,000		89,619
2.63%, 9/1/2029		100,000		90,853
3.60%, 7/1/2030		300,000		288,603

Starbucks Corp.
4.00%, 11/15/2028		250,000		248,675
2.55%, 11/15/2030		250,000		217,285
				1,575,920

Household Durables – 0.8%

DR Horton, Inc.
2.50%, 10/15/2024		200,000		195,306
1.30%, 10/15/2026		500,000		443,926

Lennar Corp.
4.50%, 4/30/2024		300,000		304,754
4.75%, 11/29/2027		300,000		301,363

PulteGroup, Inc.
5.50%, 3/1/2026		500,000		522,383

Whirlpool Corp.
4.75%, 2/26/2029		200,000		203,205
				1,970,937

Household Products – 0.5%

Colgate-Palmolive Co.
3.25%, 3/15/2024		250,000		252,438

Procter & Gamble Co. (The)
3.10%, 8/15/2023		150,000		151,412
2.70%, 2/2/2026		250,000		246,277
2.80%, 3/25/2027		185,000		180,083
3.00%, 3/25/2030		400,000		381,644
				1,211,854

Industrial Conglomerates – 1.3%

3M Co.
2.65%, 4/15/2025		500,000		491,752
3.63%, 9/14/2028		300,000		298,337
3.38%, 3/1/2029		200,000		195,161
2.38%, 8/26/2029		250,000		226,708


Investments	Principal Amount		Value

Industrial Conglomerates – (continued)

Honeywell International, Inc.
1.35%, 6/1/2025	$	250,000	$	237,021
2.50%, 11/1/2026		300,000		288,800
2.70%, 8/15/2029		100,000		93,621

Roper Technologies, Inc.
1.40%, 9/15/2027		350,000		307,606
4.20%, 9/15/2028		200,000		201,164
1.75%, 2/15/2031		250,000		202,328

Trane Technologies Global Holding Co. Ltd.
3.75%, 8/21/2028		200,000		194,968

Trane Technologies Luxembourg Finance SA
3.50%, 3/21/2026		250,000		246,959
3.80%, 3/21/2029		200,000		192,713
				3,177,138

Insurance – 3.9%

Aflac, Inc.
3.60%, 4/1/2030		250,000		244,069

Allied World Assurance Co. Holdings Ltd.
4.35%, 10/29/2025		200,000		199,209

Allstate Corp. (The)
0.75%, 12/15/2025		150,000		136,753

American Equity Investment Life Holding Co.
5.00%, 6/15/2027		150,000		154,013

American Financial Group, Inc.
3.50%, 8/15/2026		200,000		198,153

American International Group, Inc.
2.50%, 6/30/2025		500,000		481,476
Series A-9, 5.75%, 4/1/2048(a)		200,000		193,908

Aon Corp.
2.80%, 5/15/2030		250,000		223,763
2.05%, 8/23/2031		100,000		82,937

Aon Global Ltd.
3.88%, 12/15/2025		400,000		403,284

Assurant, Inc.
3.70%, 2/22/2030		100,000		92,871

Athene Holding Ltd.
4.13%, 1/12/2028		200,000		192,891
6.15%, 4/3/2030		250,000		263,697

See Accompanying Notes to the Financial Statements.


340		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Insurance – (continued)

AXIS Specialty Finance LLC
4.90%, 1/15/2040(a)	$	200,000	$	186,274

AXIS Specialty Finance plc
4.00%, 12/6/2027		200,000		196,489

Brown & Brown, Inc.
4.20%, 9/15/2024		200,000		201,859
2.38%, 3/15/2031		250,000		207,661

Chubb INA Holdings, Inc.
3.15%, 3/15/2025		270,000		269,389

CNO Financial Group, Inc.
5.25%, 5/30/2029		250,000		255,530

Enstar Group Ltd.
4.95%, 6/1/2029		250,000		254,103

Fairfax Financial Holdings Ltd.
4.85%, 4/17/2028		250,000		251,849

Fidelity National Financial, Inc.
3.40%, 6/15/2030		250,000		227,066

First American Financial Corp.
4.60%, 11/15/2024		200,000		202,923

Globe Life, Inc.
4.55%, 9/15/2028		150,000		153,044

Hanover Insurance Group, Inc. (The)
2.50%, 9/1/2030		250,000		213,214

Manulife Financial Corp.
4.15%, 3/4/2026		200,000		202,646
2.48%, 5/19/2027		250,000		237,823
4.06%, 2/24/2032(a)		50,000		48,694

Markel Corp.
3.35%, 9/17/2029		300,000		282,701

Marsh & McLennan Cos., Inc.
3.50%, 6/3/2024		16,000		16,074
3.50%, 3/10/2025		75,000		75,201
2.25%, 11/15/2030		515,000		446,899

MetLife, Inc.
4.55%, 3/23/2030		150,000		155,094

Principal Financial Group, Inc.
2.13%, 6/15/2030		100,000		85,446

Progressive Corp. (The)
2.45%, 1/15/2027		200,000		189,981
3.20%, 3/26/2030		100,000		94,355

Prudential Financial, Inc.
5.63%, 6/15/2043(a)		400,000		400,388


Investments	Principal Amount		Value

Insurance – (continued)
5.20%, 3/15/2044(a)	$	10,000	$	9,743
5.38%, 5/15/2045(a)		500,000		497,850
4.50%, 9/15/2047(a)		250,000		237,334
5.70%, 9/15/2048(a)		300,000		300,413
3.70%, 10/1/2050(a)		100,000		87,737

RenaissanceRe Finance, Inc.
3.45%, 7/1/2027		100,000		97,734

Trinity Acquisition plc
4.40%, 3/15/2026		200,000		203,073

Willis North America, Inc.
3.60%, 5/15/2024		150,000		149,592
2.95%, 9/15/2029		250,000		223,891
				9,529,094

Interactive Media & Services – 0.2%

Alphabet, Inc.
0.80%, 8/15/2027		335,000		295,059

Weibo Corp.
3.50%, 7/5/2024		200,000		195,356
				490,415

Internet & Direct Marketing Retail – 0.2%

Alibaba Group Holding Ltd.
3.40%, 12/6/2027		500,000		479,593

IT Services – 2.4%

Automatic Data Processing, Inc.
1.70%, 5/15/2028		380,000		342,546
1.25%, 9/1/2030		200,000		164,751

Fiserv, Inc.
3.80%, 10/1/2023		500,000		504,954
3.50%, 7/1/2029		1,250,000		1,167,821

Genpact Luxembourg Sarl
3.38%, 12/1/2024		250,000		248,402

Global Payments, Inc.
4.80%, 4/1/2026		250,000		256,033
4.45%, 6/1/2028		160,000		159,706
2.90%, 5/15/2030		250,000		220,848

International Business Machines Corp.
3.50%, 5/15/2029		500,000		484,175

Mastercard, Inc.
2.00%, 3/3/2025		350,000		340,503
2.95%, 11/21/2026		100,000		98,640
2.95%, 6/1/2029		150,000		143,080

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			341

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

IT Services – (continued)

PayPal Holdings, Inc.
1.65%, 6/1/2025	$	150,000	$	142,046
2.65%, 10/1/2026		100,000		95,855
2.85%, 10/1/2029		200,000		183,915
2.30%, 6/1/2030		50,000		43,793

VeriSign, Inc.
4.75%, 7/15/2027		500,000		503,120

Visa, Inc.
1.90%, 4/15/2027		275,000		256,085
2.05%, 4/15/2030		300,000		265,875

Western Union Co. (The)
2.85%, 1/10/2025		350,000		340,069
				5,962,217

Leisure Products – 0.1%

Hasbro, Inc.
3.90%, 11/19/2029		150,000		142,931

Life Sciences Tools & Services – 0.2%

Agilent Technologies, Inc.
2.30%, 3/12/2031		150,000		126,238

Thermo Fisher Scientific, Inc.
2.60%, 10/1/2029		500,000		456,357
				582,595

Machinery – 1.0%

Cummins, Inc.
3.65%, 10/1/2023		100,000		101,097
1.50%, 9/1/2030		150,000		122,879

Dover Corp.
3.15%, 11/15/2025		200,000		197,319

Fortive Corp.
3.15%, 6/15/2026		100,000		98,124

Illinois Tool Works, Inc.
2.65%, 11/15/2026		200,000		193,887

nVent Finance Sarl
4.55%, 4/15/2028		300,000		302,026

Otis Worldwide Corp.
2.06%, 4/5/2025		300,000		286,009
2.29%, 4/5/2027		200,000		184,305
2.57%, 2/15/2030		50,000		44,007

Parker-Hannifin Corp.
3.25%, 6/14/2029		545,000		510,541


Investments	Principal Amount		Value

Machinery – (continued)

Stanley Black & Decker, Inc.
4.00%, 3/15/2060(a)	$	300,000	$	286,829

Westinghouse Air Brake Technologies Corp.
4.95%, 9/15/2028(c)		150,000		152,087
				2,479,110

Media – 0.4%

Charter Communications Operating LLC
4.20%, 3/15/2028		500,000		482,641

Comcast Corp.
4.15%, 10/15/2028		201,000		202,794

Fox Corp.
4.71%, 1/25/2029		300,000		302,635
				988,070

Metals & Mining – 1.2%

AngloGold Ashanti Holdings plc
3.38%, 11/1/2028		250,000		223,843

ArcelorMittal SA
4.25%, 7/16/2029		250,000		243,199

BHP Billiton Finance USA Ltd.
3.85%, 9/30/2023		300,000		303,887

Freeport-McMoRan, Inc.
4.55%, 11/14/2024		500,000		506,905
4.63%, 8/1/2030		500,000		485,643

Reliance Steel & Aluminum Co.
1.30%, 8/15/2025		250,000		231,866

Rio Tinto Finance USA Ltd.
7.13%, 7/15/2028		200,000		234,877

Steel Dynamics, Inc.
2.80%, 12/15/2024		100,000		98,010

Vale Overseas Ltd.
6.25%, 8/10/2026		379,000		399,233
3.75%, 7/8/2030		250,000		226,311
				2,953,774

Multiline Retail – 0.3%

Dollar General Corp.
3.88%, 4/15/2027		500,000		502,471

Dollar Tree, Inc.
4.20%, 5/15/2028		225,000		223,868
				726,339

See Accompanying Notes to the Financial Statements.


342		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Multi-Utilities – 1.2%

Ameren Corp.
1.75%, 3/15/2028	$	500,000	$	445,768

Berkshire Hathaway Energy Co.
4.05%, 4/15/2025		1,100,000		1,115,666
3.25%, 4/15/2028		100,000		96,096

Consolidated Edison Co. of New York, Inc.
2.40%, 6/15/2031		150,000		130,270

Dominion Energy, Inc.
5.75%, 10/1/2054(a)		200,000		199,536

NiSource, Inc.
2.95%, 9/1/2029		500,000		451,616

Sempra Energy
3.40%, 2/1/2028		347,000		333,510
4.12%, 4/1/2052(a)		100,000		88,358
				2,860,820

Oil, Gas & Consumable Fuels – 6.3%

Boardwalk Pipelines LP
4.45%, 7/15/2027		250,000		248,262
4.80%, 5/3/2029		250,000		246,623

Canadian Natural Resources Ltd.
3.85%, 6/1/2027		400,000		392,169

Cheniere Corpus Christi Holdings LLC
5.88%, 3/31/2025		200,000		207,918
5.13%, 6/30/2027		500,000		515,163

Continental Resources, Inc.
4.38%, 1/15/2028		500,000		488,115

Coterra Energy, Inc.
3.90%, 5/15/2027(b)		500,000		489,417

Devon Energy Corp.
4.50%, 1/15/2030		500,000		494,924

Diamondback Energy, Inc.
3.13%, 3/24/2031		500,000		446,221

Eastern Gas Transmission & Storage, Inc.
3.60%, 12/15/2024(b)		26,000		25,847

Enbridge, Inc.
3.70%, 7/15/2027		200,000		195,892
5.50%, 7/15/2077(a)		350,000		335,801
6.25%, 3/1/2078(a)		350,000		353,743


Investments	Principal Amount		Value

Oil, Gas & Consumable Fuels – (continued)
Series 20-A, 5.75%, 7/15/2080(a)	$	100,000	$	99,500

Energy Transfer LP
4.75%, 1/15/2026		300,000		304,082
4.95%, 5/15/2028		250,000		250,131
5.25%, 4/15/2029		150,000		152,785
3.75%, 5/15/2030		100,000		92,445

Enterprise Products Operating LLC
3.75%, 2/15/2025		700,000		702,237
4.15%, 10/16/2028		350,000		350,299
3.13%, 7/31/2029		300,000		278,840
Series E, 5.25%, 8/16/2077(a)		200,000		182,983
5.38%, 2/15/2078(a)		350,000		314,121

Exxon Mobil Corp.
3.48%, 3/19/2030		200,000		195,248

Hess Corp.
7.88%, 10/1/2029		200,000		237,591

Kinder Morgan, Inc.
4.30%, 3/1/2028		500,000		498,355

Magellan Midstream Partners LP
5.00%, 3/1/2026		250,000		259,707

Marathon Petroleum Corp.
3.80%, 4/1/2028		250,000		241,147

MPLX LP
4.88%, 6/1/2025		500,000		510,109
1.75%, 3/1/2026		250,000		228,682
4.00%, 3/15/2028		600,000		584,160

ONEOK Partners LP
4.90%, 3/15/2025		400,000		408,941

ONEOK, Inc.
4.35%, 3/15/2029		750,000		730,343
3.10%, 3/15/2030		175,000		156,152

Pioneer Natural Resources Co.
1.13%, 1/15/2026		500,000		453,597

Sabine Pass Liquefaction LLC
5.88%, 6/30/2026		50,000		52,621
4.50%, 5/15/2030		450,000		447,971

Spectra Energy Partners LP
4.75%, 3/15/2024		500,000		510,287
3.38%, 10/15/2026		300,000		292,504

Targa Resources Partners LP
6.88%, 1/15/2029		500,000		527,450
4.00%, 1/15/2032		500,000		453,370

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			343

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Oil, Gas & Consumable Fuels – (continued)

TotalEnergies Capital International SA
2.83%, 1/10/2030	$	500,000	$	463,518

Transcanada Trust
5.30%, 3/15/2077(a)		300,000		289,500
5.50%, 9/15/2079(a)		500,000		483,125

Valero Energy Partners LP
4.50%, 3/15/2028		200,000		200,161

Williams Cos., Inc. (The)
2.60%, 3/15/2031		250,000		216,790
				15,608,847

Paper & Forest Products – 0.1%

Suzano Austria GmbH
6.00%, 1/15/2029		250,000		253,066

Pharmaceuticals – 1.8%

Bristol-Myers Squibb Co.
3.40%, 7/26/2029		78,000		75,726
2.95%, 3/15/2032		250,000		230,327

Eli Lilly & Co.
3.38%, 3/15/2029		400,000		389,316

Johnson & Johnson
2.95%, 3/3/2027		650,000		641,206
2.90%, 1/15/2028		500,000		487,286

Merck & Co., Inc.
3.40%, 3/7/2029		500,000		491,843
2.15%, 12/10/2031		200,000		174,554

Merck Sharp & Dohme Corp.
6.40%, 3/1/2028		150,000		171,123

Novartis Capital Corp.
1.75%, 2/14/2025		150,000		144,666
3.00%, 11/20/2025		500,000		496,416
2.20%, 8/14/2030		200,000		178,433

Pfizer, Inc.
3.45%, 3/15/2029		500,000		489,108
2.63%, 4/1/2030		125,000		114,983

Zoetis, Inc.
3.00%, 9/12/2027		145,000		139,587
3.90%, 8/20/2028		250,000		249,049
				4,473,623


Investments	Principal Amount		Value

Professional Services – 0.3%

Equifax, Inc.
2.60%, 12/1/2024	$	150,000	$	146,316
3.10%, 5/15/2030		250,000		227,951

Verisk Analytics, Inc.
4.00%, 6/15/2025		250,000		251,914
4.13%, 3/15/2029		250,000		247,774
				873,955

Real Estate Management & Development – 0.1%

CBRE Services, Inc.
4.88%, 3/1/2026		200,000		204,343

Road & Rail – 1.4%

Burlington Northern Santa Fe LLC
3.40%, 9/1/2024		500,000		502,568
3.25%, 6/15/2027		224,000		221,059

Canadian National Railway Co.
2.75%, 3/1/2026		400,000		388,689

Canadian Pacific Railway Co.
2.45%, 12/2/2031		100,000		87,163

CSX Corp.
3.80%, 3/1/2028		100,000		99,537
4.25%, 3/15/2029		200,000		201,543

JB Hunt Transport Services, Inc.
3.88%, 3/1/2026		300,000		301,552

Norfolk Southern Corp.
3.15%, 6/1/2027		200,000		193,590

Union Pacific Corp.
3.15%, 3/1/2024		1,000,000		1,001,772
2.38%, 5/20/2031		500,000		441,934
				3,439,407

Semiconductors & Semiconductor Equipment – 2.8%

Broadcom Corp.
3.88%, 1/15/2027		900,000		878,931

Broadcom, Inc.
4.25%, 4/15/2026		500,000		518,623
3.46%, 9/15/2026		150,000		146,302
4.00%, 4/15/2029(b)		2,000,000		1,907,848
4.15%, 11/15/2030		149,000		141,468

Intel Corp.
1.60%, 8/12/2028		300,000		264,556

KLA Corp.
4.65%, 11/1/2024		200,000		205,090

See Accompanying Notes to the Financial Statements.


344		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Semiconductors & Semiconductor Equipment – (continued)

Maxim Integrated Products, Inc.
3.45%, 6/15/2027	$	200,000	$	194,766

Micron Technology, Inc.
4.19%, 2/15/2027		500,000		497,441
4.66%, 2/15/2030		200,000		198,112

NVIDIA Corp.
1.55%, 6/15/2028		200,000		176,411

NXP BV
5.55%, 12/1/2028(b)		200,000		210,127
2.50%, 5/11/2031(b)		500,000		421,478

Qorvo, Inc.
4.38%, 10/15/2029		250,000		232,595

QUALCOMM, Inc.
3.25%, 5/20/2027		200,000		196,208

Skyworks Solutions, Inc.
0.90%, 6/1/2023		250,000		243,879

Texas Instruments, Inc.
1.38%, 3/12/2025		200,000		190,316
2.90%, 11/3/2027		250,000		243,188
				6,867,339

Software – 2.5%

Adobe, Inc.
2.30%, 2/1/2030		350,000		314,342

Autodesk, Inc.
3.50%, 6/15/2027		200,000		194,938

Citrix Systems, Inc.
4.50%, 12/1/2027		200,000		202,514

Microsoft Corp.
3.63%, 12/15/2023		475,000		482,095
2.70%, 2/12/2025		640,000		633,683
3.13%, 11/3/2025		276,000		276,971
3.30%, 2/6/2027		339,000		339,987

Oracle Corp.
2.50%, 4/1/2025		500,000		478,070
1.65%, 3/25/2026		500,000		452,475
2.65%, 7/15/2026		400,000		373,739
2.80%, 4/1/2027		500,000		463,545
2.30%, 3/25/2028		600,000		524,202
2.95%, 4/1/2030		500,000		432,811

VMware, Inc.
1.40%, 8/15/2026		150,000		134,686
1.80%, 8/15/2028		950,000		809,456
				6,113,514


Investments	Principal Amount		Value

Specialty Retail – 2.0%

Advance Auto Parts, Inc.
1.75%, 10/1/2027	$	60,000	$	52,744

AutoZone, Inc.
3.25%, 4/15/2025		540,000		533,499
3.13%, 4/21/2026		125,000		121,837
3.75%, 6/1/2027		250,000		248,051

Best Buy Co., Inc.
4.45%, 10/1/2028		200,000		203,231

Home Depot, Inc. (The)
3.35%, 9/15/2025		3,000		3,004
2.13%, 9/15/2026		500,000		475,247
2.50%, 4/15/2027		200,000		190,775
2.80%, 9/14/2027		450,000		433,399
0.90%, 3/15/2028		500,000		427,055
3.90%, 12/6/2028		60,000		60,080

Lowe’s Cos., Inc.
3.10%, 5/3/2027		500,000		485,076
1.30%, 4/15/2028		250,000		213,628
3.65%, 4/5/2029		500,000		483,042

O’Reilly Automotive, Inc.
3.55%, 3/15/2026		300,000		297,086
3.60%, 9/1/2027		200,000		196,531
4.35%, 6/1/2028		550,000		555,241
				4,979,526

Technology Hardware, Storage & Peripherals – 3.5%

Apple, Inc.
1.13%, 5/11/2025		500,000		471,974
3.20%, 5/13/2025		300,000		301,188
3.25%, 2/23/2026		518,000		517,765
2.05%, 9/11/2026		500,000		474,132
3.35%, 2/9/2027		830,000		827,445
3.20%, 5/11/2027		625,000		617,097
3.00%, 11/13/2027		1,500,000		1,461,505
1.20%, 2/8/2028		500,000		438,660
1.40%, 8/5/2028		650,000		570,771

Dell International LLC
6.02%, 6/15/2026		1,000,000		1,057,301
5.30%, 10/1/2029		750,000		767,831

HP, Inc.
3.00%, 6/17/2027		400,000		375,864
4.00%, 4/15/2029		500,000		475,431

NetApp, Inc.
1.88%, 6/22/2025		200,000		188,825
				8,545,789

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			345

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Textiles, Apparel & Luxury Goods – 0.2%

NIKE, Inc.
2.75%, 3/27/2027	$	360,000	$	348,154

Tapestry, Inc.
4.13%, 7/15/2027		58,000		56,921
				405,075

Tobacco – 1.9%

Altria Group, Inc.
2.35%, 5/6/2025		360,000		343,636
4.40%, 2/14/2026		500,000		506,173
4.80%, 2/14/2029		250,000		248,301
3.40%, 5/6/2030		300,000		270,322

BAT Capital Corp.
3.56%, 8/15/2027		1,000,000		934,434
2.73%, 3/25/2031		275,000		227,079

Philip Morris International, Inc.
2.88%, 5/1/2024		500,000		498,219
1.50%, 5/1/2025		473,000		445,071
2.75%, 2/25/2026		500,000		484,688
0.88%, 5/1/2026		500,000		449,579

Reynolds American, Inc.
4.45%, 6/12/2025		200,000		201,781
				4,609,283

Trading Companies & Distributors – 0.3%

Air Lease Corp.
1.88%, 8/15/2026		500,000		446,143

Aircastle Ltd.
4.25%, 6/15/2026		250,000		241,677
				687,820

Water Utilities – 0.3%

American Water Capital Corp.
3.00%, 12/1/2026		500,000		491,362
2.95%, 9/1/2027		200,000		192,243
				683,605


Investments	Principal Amount		Value

Wireless Telecommunication Services – 0.1%

T-Mobile USA, Inc.
3.88%, 4/15/2030	$	200,000	$	189,984
Total Corporate Bonds (Cost $264,573,693)				242,634,200

Total Investments – 98.6% (Cost $264,573,693)				242,634,200

Other assets less liabilities – 1.4%				3,508,957
NET ASSETS – 100.0%			$	246,143,157

^(a)

Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end.

^(b)

^(c)

Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of April 30, 2022.

Percentages shown are based on Net Assets.



Aggregate gross unrealized appreciation	$	52,266
Aggregate gross unrealized depreciation		(22,222,174	)
Net unrealized depreciation	$	(22,169,908	)
Federal income tax cost	$	264,804,108


Security Type	% of Net Assets
Corporate Bonds		98.6	%
Others⁽¹⁾		1.4
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


346		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund

April 30, 2022 (Unaudited)


Investments	Principal Amount		Value

CORPORATE BONDS – 98.2%

Aerospace & Defense – 1.0%

Boeing Co. (The)
5.81%, 5/1/2050	$	150,000	$	151,155

L3Harris Technologies, Inc.
5.05%, 4/27/2045		100,000		103,398

Lockheed Martin Corp.
4.09%, 9/15/2052		125,000		120,950

Precision Castparts Corp.
3.90%, 1/15/2043		100,000		92,285
				467,788

Air Freight & Logistics – 0.2%

FedEx Corp.
5.25%, 5/15/2050		100,000		102,807

Auto Components – 0.3%

Aptiv plc
5.40%, 3/15/2049		50,000		49,644

Lear Corp.
5.25%, 5/15/2049		75,000		70,577
				120,221

Banks – 8.2%

Bank of America Corp.
6.11%, 1/29/2037		250,000		276,451
7.75%, 5/14/2038		200,000		257,504
4.08%, 3/20/2051(a)		250,000		226,284

Citigroup, Inc.
5.88%, 1/30/2042		135,000		151,533
6.68%, 9/13/2043		150,000		178,411
5.30%, 5/6/2044		100,000		101,918
4.75%, 5/18/2046		135,000		129,466
4.65%, 7/23/2048		195,000		193,334

Cooperatieve Rabobank UA
5.25%, 5/24/2041		100,000		114,630

Fifth Third Bancorp
8.25%, 3/1/2038		125,000		173,093

HSBC Holdings plc
6.80%, 6/1/2038		100,000		113,044
5.25%, 3/14/2044		200,000		194,811

JPMorgan Chase & Co.
6.40%, 5/15/2038		35,000		41,578


Investments	Principal Amount		Value

Banks – (continued)
4.95%, 6/1/2045	$	350,000	$	352,192
3.33%, 4/22/2052(a)		100,000		80,266

Lloyds Banking Group plc
4.34%, 1/9/2048		200,000		174,099

Regions Financial Corp.
7.38%, 12/10/2037		100,000		126,154

Wells Fargo & Co.
3.07%, 4/30/2041(a)		200,000		161,601
5.38%, 11/2/2043		265,000		277,826
5.61%, 1/15/2044		100,000		107,292
4.90%, 11/17/2045		300,000		294,442
5.01%, 4/4/2051(a)		100,000		104,896
				3,830,825

Beverages – 1.5%

Anheuser-Busch Cos. LLC
4.90%, 2/1/2046		50,000		49,472

Anheuser-Busch InBev Worldwide, Inc.
4.60%, 4/15/2048		25,000		23,658
5.55%, 1/23/2049		50,000		53,733
5.80%, 1/23/2059		100,000		109,617

Coca-Cola Co. (The)
3.00%, 3/5/2051		200,000		164,620

Coca-Cola Femsa SAB de CV
5.25%, 11/26/2043		150,000		155,017

Constellation Brands, Inc.
5.25%, 11/15/2048		75,000		77,846
3.75%, 5/1/2050		100,000		83,952
				717,915

Biotechnology – 4.9%

AbbVie, Inc.
4.05%, 11/21/2039		150,000		137,817
4.85%, 6/15/2044		200,000		200,475
4.88%, 11/14/2048		200,000		201,320
4.25%, 11/21/2049		100,000		92,062

Amgen, Inc.
5.15%, 11/15/2041		228,000		236,445
4.40%, 5/1/2045		200,000		186,908
4.56%, 6/15/2048		100,000		96,540
3.38%, 2/21/2050		100,000		78,585
4.66%, 6/15/2051		250,000		241,743
2.77%, 9/1/2053		137,000		95,017

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			347

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Biotechnology – (continued)

Gilead Sciences, Inc.
5.65%, 12/1/2041	$	100,000	$	110,896
4.80%, 4/1/2044		150,000		148,093
4.75%, 3/1/2046		300,000		297,532
4.15%, 3/1/2047		100,000		91,947

Regeneron Pharmaceuticals, Inc.
2.80%, 9/15/2050		100,000		71,245
				2,286,625

Building Products – 0.2%

Masco Corp.
4.50%, 5/15/2047		50,000		46,134

Owens Corning
4.40%, 1/30/2048		50,000		45,283
				91,417

Capital Markets – 2.6%

CI Financial Corp.
4.10%, 6/15/2051		100,000		78,350

Goldman Sachs Group, Inc. (The)
6.75%, 10/1/2037		100,000		115,807
4.02%, 10/31/2038(a)		130,000		119,281
4.75%, 10/21/2045		85,000		84,181

Jefferies Group LLC
6.50%, 1/20/2043		100,000		109,619

Legg Mason, Inc.
5.63%, 1/15/2044		75,000		82,976

Moody’s Corp.
2.75%, 8/19/2041		100,000		76,863
5.25%, 7/15/2044		100,000		104,992
4.88%, 12/17/2048		50,000		50,402

Morgan Stanley
6.38%, 7/24/2042		75,000		90,492
4.30%, 1/27/2045		60,000		56,949

Nasdaq, Inc.
3.25%, 4/28/2050		100,000		77,520

S&P Global, Inc.
3.70%, 3/1/2052(b)		100,000		87,712
2.30%, 8/15/2060		100,000		64,131
				1,199,275

Chemicals – 1.5%

Albemarle Corp.
5.45%, 12/1/2044		50,000		51,448


Investments	Principal Amount		Value

Chemicals – (continued)

Dow Chemical Co. (The)
9.40%, 5/15/2039	$	58,000	$	86,710

FMC Corp.
4.50%, 10/1/2049		50,000		47,282

LYB International Finance BV
4.88%, 3/15/2044		100,000		96,672

LYB International Finance III LLC
4.20%, 10/15/2049		50,000		44,139

LyondellBasell Industries NV
4.63%, 2/26/2055		100,000		91,493

RPM International, Inc.
4.25%, 1/15/2048		50,000		46,068

Sherwin-Williams Co. (The)
4.50%, 6/1/2047		145,000		139,041
3.80%, 8/15/2049		100,000		85,976
				688,829

Commercial Services & Supplies – 0.1%

Republic Services, Inc.
6.20%, 3/1/2040		50,000		57,667

Communications Equipment – 0.7%

Cisco Systems, Inc.
5.90%, 2/15/2039		185,000		221,154
5.50%, 1/15/2040		100,000		115,190
				336,344

Construction & Engineering – 0.2%

Valmont Industries, Inc.
5.00%, 10/1/2044		100,000		97,812

Diversified Telecommunication Services – 3.8%

AT&T, Inc.
3.65%, 6/1/2051		100,000		81,528
3.30%, 2/1/2052		50,000		38,095
3.55%, 9/15/2055		100,000		77,778
3.80%, 12/1/2057		482,000		387,806

Bell Canada
4.30%, 7/29/2049		25,000		23,653

Bell Canada (The)
4.46%, 4/1/2048		150,000		143,857

Telefonica Emisiones SA
5.52%, 3/1/2049		150,000		151,091

TELUS Corp.
4.30%, 6/15/2049		50,000		47,780

See Accompanying Notes to the Financial Statements.


348		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Diversified Telecommunication Services – (continued)

Verizon Communications, Inc.
3.40%, 3/22/2041	$	300,000	$	253,237
4.00%, 3/22/2050		150,000		134,765
2.88%, 11/20/2050		100,000		73,436
3.55%, 3/22/2051		200,000		165,395
3.88%, 3/1/2052		250,000		219,297
				1,797,718

Electric Utilities – 4.5%

AEP Texas, Inc.
3.45%, 5/15/2051		100,000		79,259

American Electric Power Co., Inc.
3.25%, 3/1/2050		50,000		38,616

Appalachian Power Co.
7.00%, 4/1/2038		100,000		120,225
Series Y, 4.50%, 3/1/2049		100,000		94,889

Duke Energy Corp.
4.80%, 12/15/2045		150,000		143,813
3.75%, 9/1/2046		150,000		124,858

Emera US Finance LP
4.75%, 6/15/2046		100,000		94,015

Georgia Power Co.
4.30%, 3/15/2042		100,000		91,052

MidAmerican Energy Co.
4.25%, 7/15/2049		100,000		97,512

Oklahoma Gas and Electric Co.
4.15%, 4/1/2047		150,000		140,236

Pacific Gas & Electric Co.
4.95%, 7/1/2050		50,000		41,925

PacifiCorp
6.25%, 10/15/2037		100,000		115,175

Southern California Edison Co.
5.50%, 3/15/2040		100,000		103,928
4.50%, 9/1/2040		125,000		115,933
4.00%, 4/1/2047		75,000		64,534
Series C, 4.13%, 3/1/2048		100,000		87,856
Series B, 4.88%, 3/1/2049		100,000		97,367

Southern Co. (The)
4.40%, 7/1/2046		150,000		137,410

Southwestern Electric Power Co.
Series L, 3.85%, 2/1/2048		100,000		85,780

Tampa Electric Co.
3.45%, 3/15/2051		200,000		165,586


Investments	Principal Amount		Value

Electric Utilities – (continued)

Tucson Electric Power Co.
4.00%, 6/15/2050	$	100,000	$	90,494
				2,130,463

Electrical Equipment – 0.1%

Emerson Electric Co.
5.25%, 11/15/2039		50,000		54,470

Electronic Equipment, Instruments & Components – 0.6%

Corning, Inc.
4.38%, 11/15/2057		125,000		113,511
5.45%, 11/15/2079		50,000		49,229

Tyco Electronics Group SA
7.13%, 10/1/2037		100,000		127,024
				289,764

Entertainment – 0.5%

Electronic Arts, Inc.
2.95%, 2/15/2051		50,000		37,516

Magallanes, Inc.
5.14%, 3/15/2052(b)		200,000		179,900
				217,416

Equity Real Estate Investment Trusts (REITs) – 1.6%

Alexandria Real Estate Equities, Inc.
4.00%, 2/1/2050		100,000		88,717

American Tower Corp.
3.10%, 6/15/2050		150,000		105,397

Crown Castle International Corp.
5.20%, 2/15/2049		100,000		100,067
4.15%, 7/1/2050		100,000		87,642
3.25%, 1/15/2051		100,000		75,254

National Retail Properties, Inc.
3.50%, 4/15/2051		150,000		119,781

Regency Centers LP
4.40%, 2/1/2047		50,000		47,171

Ventas Realty LP
5.70%, 9/30/2043		50,000		54,011

Welltower, Inc.
4.95%, 9/1/2048		50,000		51,392
				729,432

Food Products – 1.3%

Campbell Soup Co.
3.13%, 4/24/2050		100,000		74,602

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			349

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Food Products – (continued)

Conagra Brands, Inc.
5.40%, 11/1/2048	$	100,000	$	100,343

Kraft Heinz Foods Co.
6.50%, 2/9/2040		150,000		165,427

Mondelez International, Inc.
2.63%, 9/4/2050		150,000		106,066

Tyson Foods, Inc.
5.10%, 9/28/2048		150,000		156,449
				602,887

Gas Utilities – 0.6%

Atmos Energy Corp.
5.50%, 6/15/2041		50,000		54,780
4.13%, 10/15/2044		115,000		107,614
4.30%, 10/1/2048		100,000		95,859
				258,253

Health Care Equipment & Supplies – 0.4%

Becton Dickinson and Co.
3.79%, 5/20/2050		150,000		130,153

DH Europe Finance II Sarl
3.40%, 11/15/2049		50,000		42,411
				172,564

Health Care Providers & Services – 3.6%

AmerisourceBergen Corp.
4.30%, 12/15/2047		75,000		69,832

Cardinal Health, Inc.
4.37%, 6/15/2047		150,000		135,814

CVS Health Corp.
5.05%, 3/25/2048		210,000		213,335

HCA, Inc.
5.50%, 6/15/2047		100,000		98,653
5.25%, 6/15/2049		100,000		95,831

Humana, Inc.
8.15%, 6/15/2038		25,000		33,374

Laboratory Corp. of America Holdings
4.70%, 2/1/2045		100,000		96,204

UnitedHealth Group, Inc.
5.95%, 2/15/2041		100,000		117,560
3.05%, 5/15/2041		300,000		251,230
4.63%, 11/15/2041		300,000		309,121


Investments	Principal Amount		Value

Health Care Providers & Services – (continued)
3.70%, 8/15/2049	$	75,000	$	67,261
3.88%, 8/15/2059		100,000		89,979
3.13%, 5/15/2060		125,000		96,112
				1,674,306

Hotels, Restaurants & Leisure – 2.3%

McDonald’s Corp.
4.88%, 7/15/2040		50,000		50,791
4.60%, 5/26/2045		100,000		98,421
4.88%, 12/9/2045		125,000		126,751
4.45%, 3/1/2047		100,000		96,648
4.45%, 9/1/2048		100,000		96,398
3.63%, 9/1/2049		250,000		210,184
4.20%, 4/1/2050		100,000		92,655

Starbucks Corp.
4.50%, 11/15/2048		50,000		47,759
4.45%, 8/15/2049		100,000		92,806
3.50%, 11/15/2050		200,000		160,504
				1,072,917

Household Durables – 0.1%

MDC Holdings, Inc.
3.97%, 8/6/2061		100,000		66,595

Household Products – 0.1%

Church & Dwight Co., Inc.
3.95%, 8/1/2047		50,000		46,647

Independent Power and Renewable Electricity Producers – 0.1%

Southern Power Co.
5.15%, 9/15/2041		50,000		48,891

Industrial Conglomerates – 0.3%

Honeywell International, Inc.
5.70%, 3/15/2036		100,000		115,497

Trane Technologies Luxembourg Finance SA
4.50%, 3/21/2049		50,000		48,426
				163,923

Insurance – 6.4%

Aflac, Inc.
6.45%, 8/15/2040		50,000		58,996
4.75%, 1/15/2049		50,000		51,898

See Accompanying Notes to the Financial Statements.


350		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Insurance – (continued)

Alleghany Corp.
4.90%, 9/15/2044	$	75,000	$	76,958

Allstate Corp. (The)
6.50%, 5/15/2057(a)		15,000		17,278

Aon Corp.
6.25%, 9/30/2040		50,000		58,172
3.90%, 2/28/2052		100,000		86,679

Aon Global Ltd.
4.60%, 6/14/2044		55,000		52,652
4.75%, 5/15/2045		100,000		98,551

Arch Capital Group Ltd.
7.35%, 5/1/2034		200,000		244,986

Arthur J Gallagher & Co.
3.50%, 5/20/2051		50,000		40,669

Athene Holding Ltd.
3.45%, 5/15/2052		150,000		111,194

Berkshire Hathaway Finance Corp.
5.75%, 1/15/2040		115,000		132,353
4.20%, 8/15/2048		200,000		192,115
4.25%, 1/15/2049		150,000		145,921
2.85%, 10/15/2050		50,000		38,164

Brighthouse Financial, Inc.
4.70%, 6/22/2047		39,000		33,688

Brown & Brown, Inc.
4.95%, 3/17/2052		50,000		48,225

Everest Reinsurance Holdings, Inc.
3.50%, 10/15/2050		100,000		81,024
3.13%, 10/15/2052		50,000		37,198

Hartford Financial Services Group, Inc. (The)
2.90%, 9/15/2051		200,000		148,635

Markel Corp.
5.00%, 4/5/2046		100,000		100,603
4.15%, 9/17/2050		125,000		113,090
3.45%, 5/7/2052		100,000		79,728

Marsh & McLennan Cos., Inc.
4.75%, 3/15/2039		100,000		102,220
4.90%, 3/15/2049		100,000		104,760

MetLife, Inc.
10.75%, 8/1/2039		100,000		139,908
4.05%, 3/1/2045		100,000		93,097

Old Republic International Corp.
3.85%, 6/11/2051		50,000		40,989


Investments	Principal Amount		Value

Insurance – (continued)

Progressive Corp. (The)
4.13%, 4/15/2047	$	100,000	$	95,794

Selective Insurance Group, Inc.
5.38%, 3/1/2049		25,000		25,484

W R Berkley Corp.
6.25%, 2/15/2037		100,000		113,058
4.75%, 8/1/2044		100,000		100,306

Willis North America, Inc.
5.05%, 9/15/2048		100,000		100,547
3.88%, 9/15/2049		50,000		41,783
				3,006,723

Interactive Media & Services – 0.1%

Alphabet, Inc.
2.25%, 8/15/2060		75,000		50,259

Internet & Direct Marketing Retail – 0.7%

Alibaba Group Holding Ltd.
2.70%, 2/9/2041		200,000		142,317
4.20%, 12/6/2047		225,000		188,954
				331,271

IT Services – 1.4%

Fiserv, Inc.
4.40%, 7/1/2049		30,000		27,201

Global Payments, Inc.
4.15%, 8/15/2049		100,000		87,603

International Business Machines Corp.
4.25%, 5/15/2049		100,000		94,626
3.43%, 2/9/2052		100,000		82,723

Mastercard, Inc.
3.65%, 6/1/2049		100,000		91,221

Visa, Inc.
4.30%, 12/14/2045		170,000		171,625

Western Union Co. (The)
6.20%, 6/21/2040		100,000		100,390
				655,389

Leisure Products – 0.1%

Hasbro, Inc.
6.35%, 3/15/2040		50,000		54,978

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			351

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Machinery – 0.7%

Dover Corp.
5.38%, 3/1/2041	$	100,000	$	106,497

Illinois Tool Works, Inc.
3.90%, 9/1/2042		25,000		23,819

Otis Worldwide Corp.
3.11%, 2/15/2040		50,000		40,601
3.36%, 2/15/2050		100,000		78,601

Parker-Hannifin Corp.
4.00%, 6/14/2049		100,000		89,456
				338,974

Media – 3.7%

Charter Communications Operating LLC
3.50%, 6/1/2041		250,000		183,430
6.48%, 10/23/2045		100,000		101,154
5.75%, 4/1/2048		400,000		377,258
4.80%, 3/1/2050		100,000		82,343
3.70%, 4/1/2051		250,000		177,261

Comcast Corp.
2.94%, 11/1/2056(b)		135,000		97,207
2.99%, 11/1/2063(b)		100,000		71,011

Fox Corp.
5.48%, 1/25/2039		100,000		103,854
5.58%, 1/25/2049		50,000		52,060

Interpublic Group of Cos., Inc. (The)
5.40%, 10/1/2048		50,000		54,076

Time Warner Cable LLC
7.30%, 7/1/2038		200,000		224,983
6.75%, 6/15/2039		100,000		107,005
5.88%, 11/15/2040		100,000		98,139
				1,729,781

Metals & Mining – 3.8%

ArcelorMittal SA
6.75%, 3/1/2041(c)		100,000		107,721

Barrick Gold Corp.
5.25%, 4/1/2042		50,000		52,444

Barrick North America Finance LLC
5.75%, 5/1/2043		100,000		110,679

Barrick PD Australia Finance Pty. Ltd.
5.95%, 10/15/2039		80,000		89,892


Investments	Principal Amount		Value

Metals & Mining – (continued)

BHP Billiton Finance USA Ltd.
4.13%, 2/24/2042	$	50,000	$	48,289
5.00%, 9/30/2043		245,000		266,020

Freeport-McMoRan, Inc.
5.45%, 3/15/2043		200,000		200,233

Rio Tinto Finance USA Ltd.
5.20%, 11/2/2040		75,000		81,997

Southern Copper Corp.
7.50%, 7/27/2035		100,000		121,157
6.75%, 4/16/2040		50,000		58,582
5.88%, 4/23/2045		150,000		164,864

Vale Overseas Ltd.
6.88%, 11/21/2036		150,000		165,424
6.88%, 11/10/2039		200,000		220,070

Vale SA
5.63%, 9/11/2042		100,000		97,551
				1,784,923

Multiline Retail – 0.1%

Dollar General Corp.
4.13%, 4/3/2050		50,000		44,094

Multi-Utilities – 3.3%

Ameren Illinois Co.
4.80%, 12/15/2043		100,000		100,913

Berkshire Hathaway Energy Co.
6.13%, 4/1/2036		200,000		227,854
4.45%, 1/15/2049		100,000		96,620
4.25%, 10/15/2050		150,000		141,349
2.85%, 5/15/2051		200,000		146,501

Consolidated Edison Co. of New York, Inc.
4.63%, 12/1/2054		100,000		96,500
4.50%, 5/15/2058		130,000		122,501
3.70%, 11/15/2059		100,000		82,040
3.60%, 6/15/2061		100,000		81,279

Dominion Energy, Inc.
Series A, 4.60%, 3/15/2049		100,000		98,704

NiSource, Inc.
4.38%, 5/15/2047		100,000		90,319
3.95%, 3/30/2048		150,000		128,152

Sempra Energy
4.00%, 2/1/2048		100,000		88,422

See Accompanying Notes to the Financial Statements.


352		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Multi-Utilities – (continued)

Southern Co. Gas Capital Corp.
4.40%, 5/30/2047	$	50,000	$	46,015
				1,547,169

Oil, Gas & Consumable Fuels – 13.8%

Canadian Natural Resources Ltd.
6.50%, 2/15/2037		100,000		110,339
6.25%, 3/15/2038		100,000		110,418
6.75%, 2/1/2039		100,000		114,586

Columbia Pipeline Group, Inc.
5.80%, 6/1/2045		50,000		54,063

ConocoPhillips Co.
4.03%, 3/15/2062(b)		50,000		44,952

Continental Resources, Inc.
4.90%, 6/1/2044		100,000		87,400

Enbridge Energy Partners LP
5.50%, 9/15/2040		100,000		105,194
7.38%, 10/15/2045		100,000		125,743

Enbridge, Inc.
5.50%, 12/1/2046		25,000		27,169
3.40%, 8/1/2051		100,000		78,968

Energy Transfer LP
5.80%, 6/15/2038		100,000		99,984
6.50%, 2/1/2042		200,000		210,149
5.00%, 5/15/2044(c)		50,000		43,939
6.13%, 12/15/2045		100,000		99,165
6.25%, 4/15/2049		200,000		204,329

Enterprise Products Operating LLC
5.95%, 2/1/2041		180,000		195,390
4.45%, 2/15/2043		300,000		272,488
4.85%, 3/15/2044		230,000		221,677
4.25%, 2/15/2048		85,000		75,088
3.95%, 1/31/2060		150,000		122,253

Exxon Mobil Corp.
3.45%, 4/15/2051		100,000		86,344

Hess Corp.
6.00%, 1/15/2040		50,000		53,210
5.80%, 4/1/2047		100,000		106,034

Kinder Morgan Energy Partners LP
6.95%, 1/15/2038		100,000		114,256
6.50%, 9/1/2039		150,000		164,358
6.38%, 3/1/2041		100,000		107,070
5.50%, 3/1/2044		150,000		148,646


Investments	Principal Amount		Value

Oil, Gas & Consumable Fuels – (continued)

Kinder Morgan, Inc.
5.55%, 6/1/2045	$	125,000	$	126,196
5.05%, 2/15/2046		50,000		47,633
5.20%, 3/1/2048		100,000		96,969
3.60%, 2/15/2051		100,000		77,128

Magellan Midstream Partners LP
5.15%, 10/15/2043		15,000		14,709
4.20%, 10/3/2047		145,000		126,969
4.85%, 2/1/2049		100,000		95,593
3.95%, 3/1/2050		100,000		83,879

Marathon Oil Corp.
5.20%, 6/1/2045		100,000		97,952

Marathon Petroleum Corp.
6.50%, 3/1/2041		100,000		113,051
4.50%, 4/1/2048		100,000		88,371
5.00%, 9/15/2054		100,000		91,678

MPLX LP
4.70%, 4/15/2048		200,000		177,804
4.95%, 3/14/2052		250,000		229,500
4.90%, 4/15/2058		150,000		132,328

ONEOK Partners LP
6.85%, 10/15/2037		200,000		215,079
6.13%, 2/1/2041		100,000		102,051

ONEOK, Inc.
4.95%, 7/13/2047		150,000		137,623
7.15%, 1/15/2051		100,000		114,687

Phillips 66 Partners LP
4.90%, 10/1/2046		75,000		74,777

Plains All American Pipeline LP
5.15%, 6/1/2042		100,000		88,003
4.70%, 6/15/2044		100,000		83,691

Spectra Energy Partners LP
5.95%, 9/25/2043		100,000		110,281

TransCanada PipeLines Ltd.
5.10%, 3/15/2049		100,000		104,788

Valero Energy Corp.
3.65%, 12/1/2051		50,000		39,205
4.00%, 6/1/2052		100,000		83,553

Williams Cos., Inc. (The)
6.30%, 4/15/2040		100,000		111,808
5.40%, 3/4/2044		50,000		50,302
4.85%, 3/1/2048		250,000		238,416
3.50%, 10/15/2051		200,000		154,166
				6,491,402

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			353

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Pharmaceuticals – 1.2%

Bristol-Myers Squibb Co.
3.90%, 3/15/2062	$	100,000	$	88,249

Johnson & Johnson
5.85%, 7/15/2038		150,000		180,697

Royalty Pharma plc
3.55%, 9/2/2050		50,000		36,978
3.35%, 9/2/2051		100,000		71,583

Zoetis, Inc.
4.45%, 8/20/2048		100,000		99,070
3.00%, 5/15/2050		100,000		79,276
				555,853

Professional Services – 0.2%

Equifax, Inc.
7.00%, 7/1/2037		50,000		57,966

Verisk Analytics, Inc.
3.63%, 5/15/2050		50,000		42,049
				100,015

Road & Rail – 4.1%

Burlington Northern Santa Fe LLC
5.75%, 5/1/2040		100,000		113,858
5.40%, 6/1/2041		150,000		165,230
5.15%, 9/1/2043		200,000		213,766
4.90%, 4/1/2044		300,000		312,397
4.15%, 12/15/2048		100,000		95,864

Canadian Pacific Railway Co.
6.13%, 9/15/2115		100,000		111,152

CSX Corp.
6.22%, 4/30/2040		100,000		118,136
4.50%, 8/1/2054		50,000		48,873

Kansas City Southern
4.20%, 11/15/2069		50,000		43,876

Norfolk Southern Corp.
3.16%, 5/15/2055		50,000		38,356
5.10%, 8/1/2118		50,000		47,860

Union Pacific Corp.
3.80%, 10/1/2051		100,000		90,067
3.50%, 2/14/2053		100,000		85,458
3.84%, 3/20/2060		200,000		176,198
4.10%, 9/15/2067		200,000		179,998
3.75%, 2/5/2070		100,000		83,527
				1,924,616


Investments	Principal Amount		Value

Semiconductors & Semiconductor Equipment – 2.7%

Broadcom, Inc.
3.42%, 4/15/2033(b)	$	200,000	$	172,020
3.47%, 4/15/2034(b)		200,000		170,218
3.14%, 11/15/2035(b)		200,000		162,005
3.19%, 11/15/2036(b)		110,000		87,116
3.50%, 2/15/2041(b)		290,000		226,400
3.75%, 2/15/2051(b)		100,000		77,013

Intel Corp.
4.75%, 3/25/2050		150,000		155,468
4.95%, 3/25/2060		50,000		53,381

Micron Technology, Inc.
3.37%, 11/1/2041		100,000		79,779

Texas Instruments, Inc.
4.15%, 5/15/2048		100,000		100,026
				1,283,426

Software – 2.8%

Microsoft Corp.
2.53%, 6/1/2050		200,000		150,993
2.92%, 3/17/2052		100,000		81,795
2.68%, 6/1/2060		56,000		41,314
3.04%, 3/17/2062		269,000		215,383

Oracle Corp.
6.13%, 7/8/2039		105,000		109,279
3.65%, 3/25/2041		300,000		233,212
4.13%, 5/15/2045		225,000		179,243
3.60%, 4/1/2050		200,000		144,070
4.38%, 5/15/2055		115,000		90,628
3.85%, 4/1/2060		125,000		88,850
				1,334,767

Specialty Retail – 2.0%

Home Depot, Inc. (The)
5.95%, 4/1/2041		100,000		118,105
4.88%, 2/15/2044		75,000		79,149
4.50%, 12/6/2048		200,000		201,943
2.75%, 9/15/2051		250,000		189,367

Lowe’s Cos., Inc.
4.05%, 5/3/2047		100,000		88,102
4.55%, 4/5/2049		150,000		142,691
5.13%, 4/15/2050		100,000		103,165
				922,522

See Accompanying Notes to the Financial Statements.


354		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Technology Hardware, Storage & Peripherals – 2.9%

Apple, Inc.
4.38%, 5/13/2045	$	100,000	$	102,019
4.65%, 2/23/2046		190,000		202,122
2.95%, 9/11/2049		100,000		81,259
2.65%, 2/8/2051		100,000		76,206
2.70%, 8/5/2051		200,000		154,907
2.55%, 8/20/2060		100,000		70,693
2.80%, 2/8/2061		100,000		73,619

Dell International LLC
3.38%, 12/15/2041(b)		250,000		188,063
8.35%, 7/15/2046		62,000		83,149
3.45%, 12/15/2051(b)		100,000		70,881

Hewlett Packard Enterprise Co.
6.35%, 10/15/2045(c)		150,000		159,573

HP, Inc.
6.00%, 9/15/2041		100,000		105,504
				1,367,995

Tobacco – 5.5%

Altria Group, Inc.
5.80%, 2/14/2039		300,000		298,328
4.25%, 8/9/2042		140,000		112,974
4.50%, 5/2/2043		100,000		83,633
5.38%, 1/31/2044		225,000		211,902
5.95%, 2/14/2049		250,000		245,455
3.70%, 2/4/2051		100,000		71,665

BAT Capital Corp.
4.39%, 8/15/2037		250,000		213,502
3.73%, 9/25/2040		100,000		74,999
4.54%, 8/15/2047		200,000		159,282
4.76%, 9/6/2049		100,000		81,966
3.98%, 9/25/2050		150,000		108,707

Philip Morris International, Inc.
6.38%, 5/16/2038		50,000		56,777
4.13%, 3/4/2043		330,000		285,343
4.25%, 11/10/2044		350,000		307,453

Reynolds American, Inc.
6.15%, 9/15/2043		100,000		96,576
5.85%, 8/15/2045		175,000		163,945
				2,572,507

Trading Companies & Distributors – 0.2%

WW Grainger, Inc.
4.60%, 6/15/2045		100,000		101,912


Investments	Principal Amount		Value

Water Utilities – 0.5%

American Water Capital Corp.
3.45%, 5/1/2050	$	200,000	$	169,225
3.25%, 6/1/2051		100,000		81,703
				250,928

Wireless Telecommunication Services – 0.7%

Rogers Communications, Inc.
4.30%, 2/15/2048		100,000		87,401
4.35%, 5/1/2049		100,000		88,574
3.70%, 11/15/2049		50,000		39,753
4.55%, 3/15/2052(b)		150,000		133,790
				349,518
Total Corporate Bonds (Cost $56,021,111)				46,122,793

Total Investments – 98.2% (Cost $56,021,111)				46,122,793

Other assets less liabilities – 1.8%				853,659
NET ASSETS – 100.0%			$	46,976,452

^(a)

Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end.

^(b)

^(c)

Percentages shown are based on Net Assets.



Aggregate gross unrealized appreciation	$	17,998
Aggregate gross unrealized depreciation		(9,942,724	)
Net unrealized depreciation	$	(9,924,726	)
Federal income tax cost	$	56,047,519


Security Type	% of Net Assets
Corporate Bonds		98.2	%
Others⁽¹⁾		1.8
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			355

Schedule of Investments

FlexShares^® High Yield Value-Scored Bond Index Fund

April 30, 2022 (Unaudited)


Investments	Principal Amount		Value

CORPORATE BONDS – 97.3%

Aerospace & Defense – 3.2%

Bombardier, Inc.
7.13%, 6/15/2026(a)	$	3,655,000	$	3,367,004
6.00%, 2/15/2028(a)		2,620,000		2,269,732

F-Brasile SpA Series NR, 7.38%, 8/15/2026(a)		1,650,000		1,458,187

Howmet Aerospace, Inc.
5.95%, 2/1/2037		50,000		50,608

Rolls-Royce plc
5.75%, 10/15/2027(a)		185,000		178,648

Spirit AeroSystems, Inc.
3.95%, 6/15/2023		190,000		186,807
7.50%, 4/15/2025(a)		1,840,000		1,869,615
4.60%, 6/15/2028		1,065,000		920,501

TransDigm UK Holdings plc
6.88%, 5/15/2026		705,000		702,416

TransDigm, Inc.
8.00%, 12/15/2025(a)		1,210,000		1,259,156
6.25%, 3/15/2026(a)		5,530,000		5,515,428
6.38%, 6/15/2026		1,060,000		1,048,049
7.50%, 3/15/2027		750,000		756,645
5.50%, 11/15/2027		5,325,000		4,889,788
4.63%, 1/15/2029		1,090,000		949,761
4.88%, 5/1/2029		1,105,000		970,085

Triumph Group, Inc.
6.25%, 9/15/2024(a)		405,000		390,384

Wesco Aircraft Holdings, Inc.
8.50%, 11/15/2024(a)		1,900,000		1,059,250
				27,842,064

Air Freight & Logistics – 0.1%

Western Global Airlines LLC
10.38%, 8/15/2025(a)		915,000		939,449

Airlines – 1.2%

American Airlines Group, Inc.
3.75%, 3/1/2025(a)		1,095,000		978,903

American Airlines, Inc.
11.75%, 7/15/2025(a)		3,025,000		3,484,588
5.50%, 4/20/2026(a)		4,310,000		4,277,309

Hawaiian Brand Intellectual Property Ltd.
5.75%, 1/20/2026(a)		1,645,000		1,599,269


Investments	Principal Amount		Value

Airlines – (continued)

United Airlines Holdings, Inc.
5.00%, 2/1/2024	$	210,000	$	208,708
				10,548,777

Auto Components – 1.7%

Allison Transmission, Inc.
3.75%, 1/30/2031(a)		285,000		246,990

American Axle & Manufacturing, Inc.
6.88%, 7/1/2028		1,105,000		1,042,927

Clarios Global LP
6.75%, 5/15/2025(a)		605,000		617,914
8.50%, 5/15/2027(a)		3,600,000		3,602,304

Cooper-Standard Automotive, Inc.
13.00%, 6/1/2024(a)		285,000		288,259

Dealer Tire LLC
8.00%, 2/1/2028(a)		885,000		866,884

Dornoch Debt Merger Sub, Inc.
6.63%, 10/15/2029(a)		1,850,000		1,519,312

Goodyear Tire & Rubber Co. (The)
7.00%, 3/15/2028		500,000		506,045

Icahn Enterprises LP
5.25%, 5/15/2027		1,470,000		1,375,714
4.38%, 2/1/2029		695,000		600,855

IHO Verwaltungs GmbH
6.00%, 5/15/2027(a) (b)		185,000		171,792
6.38%, 5/15/2029(a) (b)		600,000		571,827

Patrick Industries, Inc.
7.50%, 10/15/2027(a)		180,000		182,151
4.75%, 5/1/2029(a)		1,175,000		1,009,031

Real Hero Merger Sub 2, Inc.
6.25%, 2/1/2029(a)		1,935,000		1,571,723

Wheel Pros, Inc.
6.50%, 5/15/2029(a)		1,120,000		852,667
				15,026,395

Automobiles – 1.0%

Ford Motor Co.
6.63%, 10/1/2028		330,000		342,436
6.38%, 2/1/2029		150,000		151,667
9.63%, 4/22/2030		750,000		917,865
7.45%, 7/16/2031		1,182,000		1,287,175

See Accompanying Notes to the Financial Statements.


356		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Automobiles – (continued)
3.25%, 2/12/2032	$	1,555,000	$	1,265,980
4.75%, 1/15/2043		996,000		803,707
7.40%, 11/1/2046		450,000		486,790
5.29%, 12/8/2046		615,000		528,525

Jaguar Land Rover Automotive plc
7.75%, 10/15/2025(a)		535,000		536,035

Mclaren Finance plc
7.50%, 8/1/2026(a)		1,060,000		1,027,269

PM General Purchaser LLC
9.50%, 10/1/2028(a)		1,685,000		1,628,232
				8,975,681

Banks – 0.5%

Intesa Sanpaolo SpA
4.20%, 6/1/2032(a) (c)		585,000		485,626

UniCredit SpA
7.30%, 4/2/2034(a) (c)		2,360,000		2,388,703
5.46%, 6/30/2035(a) (c)		1,715,000		1,550,852
				4,425,181

Beverages – 0.4%

Primo Water Holdings, Inc.
4.38%, 4/30/2029(a)		1,815,000		1,579,422

Triton Water Holdings, Inc.
6.25%, 4/1/2029(a)		2,400,000		1,997,639
				3,577,061

Building Products – 1.7%

Cornerstone Building Brands, Inc.
6.13%, 1/15/2029(a)		1,525,000		1,270,729

CP Atlas Buyer, Inc.
7.00%, 12/1/2028(a)		1,614,000		1,350,256

Eco Material Technologies, Inc.
7.88%, 1/31/2027(a)		925,000		896,718

Griffon Corp.
5.75%, 3/1/2028		3,105,000		2,777,128

MIWD Holdco II LLC
5.50%, 2/1/2030(a)		1,365,000		1,182,363

New Enterprise Stone & Lime Co., Inc.
5.25%, 7/15/2028(a)		795,000		727,687
9.75%, 7/15/2028(a)		1,105,000		1,089,475


Investments	Principal Amount		Value

Building Products – (continued)

Oscar AcquisitionCo LLC
9.50%, 4/15/2030(a)	$	1,850,000	$	1,687,589

SRM Escrow Issuer LLC
6.00%, 11/1/2028(a)		2,075,000		1,995,434

Standard Industries, Inc.
4.38%, 7/15/2030(a)		805,000		672,175
3.38%, 1/15/2031(a)		420,000		336,036
Victors Merger Corp.
6.38%, 5/15/2029(a)		1,880,000		1,144,647
				15,130,237

Capital Markets – 0.4%

Advisor Group Holdings, Inc.
10.75%, 8/1/2027(a)		465,000		492,200

Aretec Escrow Issuer, Inc.
7.50%, 4/1/2029(a)		1,095,000		1,021,104

Coinbase Global, Inc.
3.38%, 10/1/2028(a)		190,000		147,861
3.63%, 10/1/2031(a)		640,000		475,594

Compass Group Diversified Holdings LLC
5.25%, 4/15/2029(a)		280,000		251,650

Hightower Holding LLC
6.75%, 4/15/2029(a)		780,000		721,835

Nomura Holdings, Inc.
2.65%, 1/16/2025		705,000		683,776
				3,794,020

Chemicals – 4.0%

ASP Unifrax Holdings, Inc.
5.25%, 9/30/2028(a)		2,295,000		2,023,731
7.50%, 9/30/2029(a)		1,175,000		975,520

Axalta Coating Systems LLC
4.75%, 6/15/2027(a)		1,165,000		1,108,235
3.38%, 2/15/2029(a)		150,000		129,995

Cerdia Finanz GmbH
10.50%, 2/15/2027(a)		1,895,000		1,681,813

Chemours Co. (The)
5.75%, 11/15/2028(a)		1,830,000		1,717,803
4.63%, 11/15/2029(a)		935,000		811,182

Cornerstone Chemical Co.
6.75%, 8/15/2024(a)		480,000		427,142

CVR Partners LP
6.13%, 6/15/2028(a)		1,065,000		1,045,212

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			357

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Chemicals – (continued)

EverArc Escrow Sarl
5.00%, 10/30/2029(a)	$	1,845,000	$	1,620,150

FXI Holdings, Inc.
7.88%, 11/1/2024(a)		550,000		542,905
12.25%, 11/15/2026(a)		1,015,000		1,083,513

Gates Global LLC
6.25%, 1/15/2026(a)		510,000		503,362

GPD Cos., Inc.
10.13%, 4/1/2026(a)		550,000		574,087

HB Fuller Co.
4.25%, 10/15/2028		260,000		233,051

Herens Holdco Sarl
4.75%, 5/15/2028(a)		1,075,000		944,656

Illuminate Buyer LLC
9.00%, 7/1/2028(a)		1,105,000		1,051,109

LSF11 A5 HoldCo LLC
6.63%, 10/15/2029(a)		955,000		833,123

Minerals Technologies, Inc.
5.00%, 7/1/2028(a)		430,000		402,293

NOVA Chemicals Corp.
4.25%, 5/15/2029(a)		400,000		346,714

Olympus Water US Holding Corp.
4.25%, 10/1/2028(a)		1,525,000		1,350,052
6.25%, 10/1/2029(a)		1,070,000		889,422

PMHC II, Inc.
9.00%, 2/15/2030(a)		2,390,000		1,927,105

Polar US Borrower LLC
6.75%, 5/15/2026(a)		950,000		775,993

Rain CII Carbon LLC
7.25%, 4/1/2025(a)		570,000		549,426

SCIH Salt Holdings, Inc.
4.88%, 5/1/2028(a)		2,485,000		2,182,625
6.63%, 5/1/2029(a)		2,190,000		1,749,328

SCIL IV LLC
5.38%, 11/1/2026(a)		1,170,000		1,069,164

Trinseo Materials Operating SCA
5.38%, 9/1/2025(a)		420,000		405,913
5.13%, 4/1/2029(a)		1,220,000		1,075,162

Tronox, Inc.
4.63%, 3/15/2029(a)		1,900,000		1,702,742


Investments	Principal Amount		Value

Chemicals – (continued)

Valvoline, Inc.
4.25%, 2/15/2030(a)	$	300,000	$	260,798
3.63%, 6/15/2031(a)		200,000		162,870

Venator Finance Sarl
9.50%, 7/1/2025(a)		150,000		156,704

WR Grace Holdings LLC
5.63%, 8/15/2029(a)		3,425,000		2,926,320
				35,239,220

Commercial Services & Supplies – 4.7%

ADT Security Corp. (The)
4.13%, 8/1/2029(a)		255,000		216,945

Allied Universal Holdco LLC
6.63%, 7/15/2026(a)		2,080,000		2,009,613
9.75%, 7/15/2027(a)		2,410,000		2,342,351
4.63%, 6/1/2028(a)		3,225,000		2,848,191
6.00%, 6/1/2029(a)		2,955,000		2,426,838

Aptim Corp.
7.75%, 6/15/2025(a)		1,795,000		1,409,075

APX Group, Inc.
6.75%, 2/15/2027(a)		1,195,000		1,186,187

Aramark Services, Inc.
5.00%, 2/1/2028(a)		1,803,000		1,681,171

Cimpress plc
7.00%, 6/15/2026(a)		550,000		513,604

CoreCivic, Inc.
8.25%, 4/15/2026		1,320,000		1,358,386
4.75%, 10/15/2027		780,000		696,427

Covanta Holding Corp.
5.00%, 9/1/2030		300,000		271,402

Deluxe Corp.
8.00%, 6/1/2029(a)		1,350,000		1,282,547

Garda World Security Corp.
4.63%, 2/15/2027(a)		780,000		709,305
9.50%, 11/1/2027(a)		985,000		969,127
6.00%, 6/1/2029(a)		1,395,000		1,157,710

GEO Group, Inc. (The)
REIT, 5.88%, 10/15/2024		690,000		615,118

GFL Environmental, Inc.
4.00%, 8/1/2028(a)		1,840,000		1,621,684

Harsco Corp.
5.75%, 7/31/2027(a)		695,000		634,226

Intrado Corp.
8.50%, 10/15/2025(a)		2,170,000		1,946,631

See Accompanying Notes to the Financial Statements.


358		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Commercial Services & Supplies – (continued)

Legends Hospitality Holding Co. LLC
5.00%, 2/1/2026(a)	$	460,000	$	432,264

Madison IAQ LLC
4.13%, 6/30/2028(a)		315,000		277,989
5.88%, 6/30/2029(a)		3,200,000		2,611,968

Nielsen Finance LLC
5.88%, 10/1/2030(a)		800,000		771,384

Prime Security Services Borrower LLC
5.25%, 4/15/2024(a)		835,000		835,017
3.38%, 8/31/2027(a)		1,470,000		1,261,253
6.25%, 1/15/2028(a)		4,435,000		3,980,634

Stericycle, Inc.
5.38%, 7/15/2024(a)		610,000		608,695
3.88%, 1/15/2029(a)		45,000		39,743

Vericast Corp.
11.00%, 9/15/2026(a)		4,040,000		3,795,095

Waste Pro USA, Inc.
5.50%, 2/15/2026(a)		1,060,000		944,338
				41,454,918

Construction & Engineering – 1.9%

Artera Services LLC
9.03%, 12/4/2025(a)		3,120,000		2,952,472

Brand Industrial Services, Inc.
8.50%, 7/15/2025(a)		3,272,000		2,957,544

Brundage-Bone Concrete Pumping Holdings, Inc.
6.00%, 2/1/2026(a)		465,000		435,382

Global Infrastructure Solutions, Inc.
5.63%, 6/1/2029(a)		760,000		692,523
7.50%, 4/15/2032(a)		950,000		885,305

Great Lakes Dredge & Dock Corp.
5.25%, 6/1/2029(a)		640,000		604,138

HTA Group Ltd.
7.00%, 12/18/2025(a)		415,000		411,634

IEA Energy Services LLC
6.63%, 8/15/2029(a)		875,000		801,741


Investments	Principal Amount		Value

Construction & Engineering – (continued)

INNOVATE Corp.
8.50%, 2/1/2026(a)	$	1,045,000	$	1,009,005

Pike Corp.
5.50%, 9/1/2028(a)		2,430,000		2,232,915

Promontoria Holding 264 BV
7.88%, 3/1/2027(a)		1,050,000		988,412

Railworks Holdings LP
8.25%, 11/15/2028(a)		830,000		825,219

VM Consolidated, Inc.
5.50%, 4/15/2029(a)		1,075,000		963,436

Weekley Homes LLC
4.88%, 9/15/2028(a)		725,000		640,601
				16,400,327

Consumer Finance – 2.2%

Cobra AcquisitionCo LLC
6.38%, 11/1/2029(a)		1,265,000		969,351

Curo Group Holdings Corp.
7.50%, 8/1/2028(a)		3,160,000		2,634,950

Enova International, Inc.
8.50%, 9/1/2024(a)		610,000		612,855

FirstCash, Inc.
4.63%, 9/1/2028(a)		1,082,000		986,021
5.63%, 1/1/2030(a)		975,000		908,447

Ford Motor Credit Co. LLC
4.54%, 8/1/2026		645,000		617,562
3.82%, 11/2/2027		835,000		756,690
2.90%, 2/10/2029		835,000		696,344
5.11%, 5/3/2029		1,782,000		1,693,051
4.00%, 11/13/2030		2,380,000		2,068,208
3.63%, 6/17/2031		950,000		791,112

goeasy Ltd.
5.38%, 12/1/2024(a)		620,000		608,865

LFS Topco LLC
5.88%, 10/15/2026(a)		765,000		709,040

OneMain Finance Corp.
8.25%, 10/1/2023		240,000		249,062
8.88%, 6/1/2025		575,000		603,822
6.63%, 1/15/2028		1,195,000		1,180,780
5.38%, 11/15/2029		640,000		577,126
4.00%, 9/15/2030		300,000		245,969

PROG Holdings, Inc.
6.00%, 11/15/2029(a)		1,970,000		1,743,401

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			359

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Consumer Finance – (continued)

World Acceptance Corp.
7.00%, 11/1/2026(a)	$	860,000	$	747,198
				19,399,854

Containers & Packaging – 1.7%

Ardagh Metal Packaging Finance USA LLC
4.00%, 9/1/2029(a)		450,000		386,210

Cascades, Inc.
5.38%, 1/15/2028(a)		285,000		275,351

Clydesdale Acquisition Holdings, Inc.
8.75%, 4/15/2030(a)		3,220,000		2,941,889

Intelligent Packaging Ltd. Finco, Inc.
6.00%, 9/15/2028(a)		810,000		763,425

LABL, Inc.
6.75%, 7/15/2026(a)		760,000		732,340
5.88%, 11/1/2028(a)		1,475,000		1,351,376

Mauser Packaging Solutions Holding Co.
7.25%, 4/15/2025(a)		1,995,000		1,897,953

Owens-Brockway Glass Container, Inc.
5.88%, 8/15/2023(a)		560,000		567,748
5.38%, 1/15/2025(a)		175,000		171,327
6.38%, 8/15/2025(a)		175,000		174,815
6.63%, 5/13/2027(a)		1,385,000		1,366,060

Pactiv Evergreen Group Issuer, Inc.
4.00%, 10/15/2027(a)		1,170,000		1,022,469

Pactiv LLC
7.95%, 12/15/2025		275,000		269,880
8.38%, 4/15/2027		1,175,000		1,161,699

Trident TPI Holdings, Inc.
9.25%, 8/1/2024(a)		365,000		359,147
6.63%, 11/1/2025(a)		510,000		494,241

Trivium Packaging Finance BV
8.50%, 8/15/2027(a)		1,130,000		1,117,355
				15,053,285

Distributors – 0.2%

BCPE Empire Holdings, Inc.
7.63%, 5/1/2027(a)		2,165,000		2,031,809


Investments	Principal Amount		Value

Diversified Consumer Services – 0.9%

Adtalem Global Education, Inc.
5.50%, 3/1/2028(a)	$	445,000	$	412,426

Carriage Services, Inc.
4.25%, 5/15/2029(a)		620,000		540,231

Grand Canyon University
5.13%, 10/1/2028		765,000		738,225

Metis Merger Sub LLC
6.50%, 5/15/2029(a)		2,170,000		1,890,732

Service Corp. International
4.00%, 5/15/2031		500,000		450,775

Signal Parent, Inc.
6.13%, 4/1/2029(a)		920,000		704,695

Sotheby’s
5.88%, 6/1/2029(a)		650,000		612,741

StoneMor, Inc.
8.50%, 5/15/2029(a)		1,425,000		1,380,568

WW International, Inc.
4.50%, 4/15/2029(a)		1,540,000		1,220,465
				7,950,858

Diversified Financial Services – 1.2%

Armor Holdco, Inc.
8.50%, 11/15/2029(a)		1,225,000		1,186,014

CPI CG, Inc.
8.63%, 3/15/2026(a)		981,000		950,932

Ford Holdings LLC
9.30%, 3/1/2030		545,000		649,324

Jefferies Finance LLC
5.00%, 8/15/2028(a)		1,130,000		1,030,425

Jefferson Capital Holdings LLC
6.00%, 8/15/2026(a)		450,000		420,291

Midcap Financial Issuer Trust
6.50%, 5/1/2028(a)		2,825,000		2,440,941
5.63%, 1/15/2030(a)		1,495,000		1,193,152

MPH Acquisition Holdings LLC
5.75%, 11/1/2028(a)		2,080,000		1,811,087

Sabre GLBL, Inc.
7.38%, 9/1/2025(a)		670,000		678,030
				10,360,196

Diversified Telecommunication Services – 6.3%

Altice France Holding SA
10.50%, 5/15/2027(a)		590,000		598,826
6.00%, 2/15/2028(a)		3,770,000		3,120,090

See Accompanying Notes to the Financial Statements.


360		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Diversified Telecommunication Services – (continued)

Altice France SA
5.50%, 1/15/2028(a)	$	1,910,000	$	1,685,499
5.13%, 1/15/2029(a)		1,295,000		1,100,582
5.13%, 7/15/2029(a)		3,605,000		3,057,797
5.50%, 10/15/2029(a)		5,985,000		5,109,005

CCO Holdings LLC
5.00%, 2/1/2028(a)		555,000		529,376
5.38%, 6/1/2029(a)		260,000		246,693
4.75%, 3/1/2030(a)		1,410,000		1,257,551
4.50%, 8/15/2030(a)		1,220,000		1,066,469
4.25%, 2/1/2031(a)		2,035,000		1,718,965
4.75%, 2/1/2032(a)		325,000		280,517
4.50%, 5/1/2032		1,772,000		1,504,729
4.50%, 6/1/2033(a)		620,000		508,214
4.25%, 1/15/2034(a)		1,480,000		1,179,123

Frontier Communications Holdings LLC
5.00%, 5/1/2028(a)		700,000		640,010
6.75%, 5/1/2029(a)		3,130,000		2,824,277
5.88%, 11/1/2029		2,635,000		2,290,803
6.00%, 1/15/2030(a)		2,895,000		2,520,662

Iliad Holding SASU
6.50%, 10/15/2026(a)		1,415,000		1,361,711
7.00%, 10/15/2028(a)		1,720,000		1,628,574

Intelsat Jackson Holdings SA
6.50%, 3/15/2030(a)		1,135,000		1,068,103

Level 3 Financing, Inc.
4.25%, 7/1/2028(a)		935,000		791,627
3.63%, 1/15/2029(a)		175,000		142,438

Lumen Technologies, Inc.
5.63%, 4/1/2025		390,000		381,036
5.13%, 12/15/2026(a)		2,780,000		2,506,906
Series G, 6.88%, 1/15/2028		1,010,000		963,934
4.50%, 1/15/2029(a)		3,050,000		2,413,450
5.38%, 6/15/2029(a)		3,085,000		2,521,247

Sprint Capital Corp.
8.75%, 3/15/2032		680,000		865,300

Telecom Italia Capital SA
6.38%, 11/15/2033		810,000		709,337
6.00%, 9/30/2034		180,000		157,569

Telesat Canada
5.63%, 12/6/2026(a)		1,580,000		1,127,828


Investments	Principal Amount		Value

Diversified Telecommunication Services – (continued)

Virgin Media Finance plc
5.00%, 7/15/2030(a)	$	3,380,000	$	2,944,994

Virgin Media Secured Finance plc
5.50%, 5/15/2029(a)		1,250,000		1,158,312
4.50%, 8/15/2030(a)		200,000		173,936

Windstream Escrow LLC
7.75%, 8/15/2028(a)		2,806,000		2,677,359
				54,832,849

Electric Utilities – 0.9%

Emera, Inc. Series 16-A, 6.75%, 6/15/2076(c)		1,415,000		1,439,763

FirstEnergy Corp. Series C, 7.38%, 11/15/2031		1,155,000		1,329,549
Series C, 5.35%, 7/15/2047(d)		225,000		210,653
Series C, 3.40%, 3/1/2050		340,000		253,861

NextEra Energy Operating Partners LP
4.25%, 7/15/2024(a)		690,000		684,832

NRG Energy, Inc.
3.63%, 2/15/2031(a)		815,000		679,787
3.88%, 2/15/2032(a)		455,000		380,494

PG&E Corp.
5.00%, 7/1/2028		1,575,000		1,449,173
5.25%, 7/1/2030		645,000		589,369

Vistra Operations Co. LLC
4.38%, 5/1/2029(a)		585,000		531,613
				7,549,094

Electronic Equipment, Instruments & Components – 0.2%

Likewize Corp.
9.75%, 10/15/2025(a)		910,000		886,190

TTM Technologies, Inc.
4.00%, 3/1/2029(a)		680,000		595,874
				1,482,064

Energy Equipment & Services – 2.2%

Archrock Partners LP
6.88%, 4/1/2027(a)		725,000		727,103
6.25%, 4/1/2028(a)		1,680,000		1,631,809

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			361

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Energy Equipment & Services – (continued)

Bristow Group, Inc.
6.88%, 3/1/2028(a)	$	910,000	$	893,021

CGG SA
8.75%, 4/1/2027(a)		1,364,000		1,355,584

Oceaneering International, Inc.
6.00%, 2/1/2028		640,000		596,125

Precision Drilling Corp.
6.88%, 1/15/2029(a)		1,140,000		1,107,413

Tervita Corp.
11.00%, 12/1/2025(a)		195,000		217,669

Transocean Guardian Ltd.
5.88%, 1/15/2024(a)		609,429		584,187

Transocean Phoenix 2 Ltd.
7.75%, 10/15/2024(a)		292,500		295,252

Transocean Poseidon Ltd.
6.88%, 2/1/2027(a)		768,750		740,775

Transocean Proteus Ltd.
6.25%, 12/1/2024(a)		452,500		445,237

Transocean Sentry Ltd.
5.38%, 5/15/2023(a)		279,108		272,193

USA Compression Partners LP
6.88%, 4/1/2026		1,195,000		1,172,683
6.88%, 9/1/2027		2,430,000		2,378,120

Valaris Ltd.
8.25%, 4/30/2028(a) (b)		815,000		836,357

Weatherford International Ltd.
11.00%, 12/1/2024(a)		495,000		510,560
8.63%, 4/30/2030(a)		4,995,000		4,951,444

Welltec International ApS
8.25%, 10/15/2026(a)		605,000		614,273
				19,329,805

Entertainment – 0.5%

Allen Media LLC
10.50%, 2/15/2028(a)		2,340,000		2,115,056

Cinemark USA, Inc.
8.75%, 5/1/2025(a)		330,000		344,261
5.88%, 3/15/2026(a)		555,000		518,240

Lions Gate Capital Holdings LLC
5.50%, 4/15/2029(a)		240,000		213,060


Investments	Principal Amount		Value

Entertainment – (continued)

Live Nation Entertainment, Inc.
4.75%, 10/15/2027(a)	$	1,435,000	$	1,349,976
				4,540,593

Equity Real Estate Investment Trusts (REITs) – 2.6%

American Finance Trust, Inc.
4.50%, 9/30/2028(a)		935,000		796,424

Brookfield Property REIT, Inc.
5.75%, 5/15/2026(a)		1,495,000		1,450,225
4.50%, 4/1/2027(a)		1,825,000		1,655,749

Diversified Healthcare Trust
4.75%, 5/1/2024		435,000		413,881
9.75%, 6/15/2025		1,255,000		1,317,103

Global Net Lease, Inc.
3.75%, 12/15/2027(a)		775,000		697,664

Iron Mountain, Inc.
5.25%, 3/15/2028(a)		760,000		725,109
4.88%, 9/15/2029(a)		300,000		275,355
5.25%, 7/15/2030(a)		2,731,000		2,507,795
4.50%, 2/15/2031(a)		400,000		343,504
5.63%, 7/15/2032(a)		1,164,000		1,065,467

Service Properties Trust
4.65%, 3/15/2024		400,000		378,564
4.35%, 10/1/2024		730,000		676,316
4.50%, 3/15/2025		485,000		434,179
7.50%, 9/15/2025		1,200,000		1,199,256
5.25%, 2/15/2026		425,000		378,822

Uniti Group LP
7.88%, 2/15/2025(a)		2,750,000		2,802,882
4.75%, 4/15/2028(a)		980,000		876,414
6.50%, 2/15/2029(a)		3,700,000		3,195,117
6.00%, 1/15/2030(a)		1,950,000		1,625,959
				22,815,785

Food & Staples Retailing – 0.1%

C&S Group Enterprises LLC
5.00%, 12/15/2028(a)		1,010,000		861,060

Performance Food Group, Inc.
4.25%, 8/1/2029(a)		200,000		178,043

US Foods, Inc.
4.63%, 6/1/2030(a)		130,000		116,504
				1,155,607

See Accompanying Notes to the Financial Statements.


362		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Food Products – 1.3%

B&G Foods, Inc.
5.25%, 4/1/2025	$	1,110,000	$	1,058,622
5.25%, 9/15/2027		770,000		706,759

Chobani LLC
7.50%, 4/15/2025(a)		555,000		521,148

Post Holdings, Inc.
5.75%, 3/1/2027(a)		307,000		303,117
5.63%, 1/15/2028(a)		1,475,000		1,397,009
5.50%, 12/15/2029(a)		2,315,000		2,109,347
4.63%, 4/15/2030(a)		3,818,000		3,268,933
4.50%, 9/15/2031(a)		825,000		687,167

Sigma Holdco BV
7.88%, 5/15/2026(a)		680,000		510,036

TreeHouse Foods, Inc.
4.00%, 9/1/2028		1,280,000		1,044,557
				11,606,695

Gas Utilities – 1.0%

AmeriGas Partners LP
5.63%, 5/20/2024		880,000		880,079
5.50%, 5/20/2025		800,000		789,054
5.88%, 8/20/2026		1,340,000		1,325,006
5.75%, 5/20/2027		995,000		978,831

Ferrellgas LP
5.38%, 4/1/2026(a)		1,495,000		1,354,866
5.88%, 4/1/2029(a)		2,610,000		2,277,343

Suburban Propane Partners LP
5.88%, 3/1/2027		390,000		390,485
5.00%, 6/1/2031(a)		110,000		100,191
Superior Plus LP
4.50%, 3/15/2029(a)		805,000		736,563
				8,832,418

Health Care Equipment & Supplies – 0.4%

Avantor Funding, Inc.
4.63%, 7/15/2028(a)		105,000		100,037

Mozart Debt Merger Sub, Inc.
3.88%, 4/1/2029(a)		1,735,000		1,516,165
5.25%, 10/1/2029(a)		1,305,000		1,137,490

Ortho-Clinical Diagnostics, Inc.
7.38%, 6/1/2025(a)		130,000		132,773
7.25%, 2/1/2028(a)		249,000		251,847


Investments	Principal Amount		Value

Health Care Equipment & Supplies – (continued)

Varex Imaging Corp.
7.88%, 10/15/2027(a)	$	154,000	$	158,809
				3,297,121

Health Care Providers & Services – 2.0%

AHP Health Partners, Inc.
5.75%, 7/15/2029(a)		700,000		636,405

Air Methods Corp.
8.00%, 5/15/2025(a)		425,000		348,069

Centene Corp.
2.45%, 7/15/2028		200,000		174,769
3.00%, 10/15/2030		775,000		675,424
2.50%, 3/1/2031		250,000		208,194

DaVita, Inc.
4.63%, 6/1/2030(a)		1,823,000		1,589,227
3.75%, 2/15/2031(a)		570,000		465,656

Encompass Health Corp.
4.50%, 2/1/2028		900,000		833,593
4.75%, 2/1/2030		530,000		479,690
4.63%, 4/1/2031		200,000		176,788

Envision Healthcare Corp.
8.75%, 10/15/2026(a)		3,155,000		1,313,584

Global Medical Response, Inc.
6.50%, 10/1/2025(a)		995,000		965,220

Hadrian Merger Sub, Inc.
8.50%, 5/1/2026(a)		55,000		54,494

HCA, Inc.
5.63%, 9/1/2028		150,000		155,227
3.50%, 9/1/2030		660,000		593,366

LifePoint Health, Inc.
5.38%, 1/15/2029(a)		1,410,000		1,207,313

ModivCare, Inc.
5.88%, 11/15/2025(a)		674,000		661,336

Molina Healthcare, Inc.
3.88%, 5/15/2032(a)		400,000		351,792

Radiology Partners, Inc.
9.25%, 2/1/2028(a)		1,840,000		1,750,613

RP Escrow Issuer LLC
5.25%, 12/15/2025(a)		715,000		665,937

Team Health Holdings, Inc.
6.38%, 2/1/2025(a)		1,170,000		998,887

Tenet Healthcare Corp.
6.13%, 10/1/2028(a)		690,000		663,359

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			363

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Health Care Providers & Services – (continued)

US Acute Care Solutions LLC
6.38%, 3/1/2026(a)	$	905,000	$	880,058

US Renal Care, Inc.
10.63%, 7/15/2027(a)		1,968,000		1,701,867
				17,550,868

Hotels, Restaurants & Leisure – 6.6%

1011778 BC ULC
4.38%, 1/15/2028(a)		665,000		607,674
4.00%, 10/15/2030(a)		1,960,000		1,677,956

Affinity Gaming
6.88%, 12/15/2027(a)		1,565,000		1,467,923

Boyd Gaming Corp.
8.63%, 6/1/2025(a)		215,000		224,676
4.75%, 6/15/2031(a)		485,000		439,362

CEC Entertainment LLC
6.75%, 5/1/2026(a)		1,265,000		1,190,694

Cedar Fair LP
5.38%, 4/15/2027		565,000		550,149
6.50%, 10/1/2028		380,000		381,535
5.25%, 7/15/2029		1,125,000		1,066,174

Fertitta Entertainment LLC
6.75%, 1/15/2030(a)		3,780,000		3,275,880

Full House Resorts, Inc.
8.25%, 2/15/2028(a)		700,000		693,035

Genting New York LLC
3.30%, 2/15/2026(a)		390,000		357,146

GPS Hospitality Holding Co. LLC
7.00%, 8/15/2028(a)		1,265,000		963,127

Hilton Domestic Operating Co., Inc.
3.63%, 2/15/2032(a)		825,000		699,959

Hilton Grand Vacations Borrower Escrow LLC
5.00%, 6/1/2029(a)		1,150,000		1,039,663
4.88%, 7/1/2031(a)		85,000		74,346

Jacobs Entertainment, Inc.
6.75%, 2/15/2029(a)		1,305,000		1,280,185

Life Time, Inc.
5.75%, 1/15/2026(a)		1,105,000		1,073,679
8.00%, 4/15/2026(a)		805,000		786,968

MajorDrive Holdings IV LLC
6.38%, 6/1/2029(a)		1,700,000		1,349,460


Investments	Principal Amount		Value

Hotels, Restaurants & Leisure – (continued)

Marriott Ownership Resorts, Inc.
4.75%, 1/15/2028	$	265,000	$	244,166
4.50%, 6/15/2029(a)		430,000		378,929

MGM Resorts International
5.75%, 6/15/2025		365,000		362,971

Midwest Gaming Borrower LLC
4.88%, 5/1/2029(a)		2,055,000		1,805,862

Mohegan Gaming & Entertainment
8.00%, 2/1/2026(a)		3,715,000		3,281,738

Motion Bondco DAC
6.63%, 11/15/2027(a)		1,435,000		1,323,350

Resorts World Las Vegas LLC
4.63%, 4/16/2029(a)		3,065,000		2,674,540
4.63%, 4/6/2031(a)		200,000		171,343

Royal Caribbean Cruises Ltd.
9.13%, 6/15/2023(a)		1,105,000		1,142,172
11.50%, 6/1/2025(a)		1,720,000		1,871,962
4.25%, 7/1/2026(a)		820,000		742,153
5.50%, 8/31/2026(a)		1,895,000		1,765,572
5.38%, 7/15/2027(a)		1,895,000		1,741,287
7.50%, 10/15/2027		570,000		579,357

Scientific Games Holdings LP
6.63%, 3/1/2030(a)		2,365,000		2,249,966

SeaWorld Parks & Entertainment, Inc.
8.75%, 5/1/2025(a)		160,000		167,739
5.25%, 8/15/2029(a)		1,420,000		1,293,918

Six Flags Entertainment Corp.
5.50%, 4/15/2027(a)		700,000		681,621

Sizzling Platter LLC
8.50%, 11/28/2025(a)		1,310,000		1,194,563

TKC Holdings, Inc.
6.88%, 5/15/2028(a)		1,185,000		1,135,994
10.50%, 5/15/2029(a)		2,150,000		2,072,310

Travel + Leisure Co.
4.63%, 3/1/2030(a)		500,000		445,902

Viking Cruises Ltd.
6.25%, 5/15/2025(a)		415,000		382,694
5.88%, 9/15/2027(a)		2,420,000		2,053,552
7.00%, 2/15/2029(a)		2,065,000		1,840,462

Viking Ocean Cruises Ship VII Ltd.
5.63%, 2/15/2029(a)		865,000		764,465

See Accompanying Notes to the Financial Statements.


364		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Hotels, Restaurants & Leisure – (continued)

VOC Escrow Ltd.
5.00%, 2/15/2028(a)	$	1,550,000	$	1,404,998

Wynn Las Vegas LLC
4.25%, 5/30/2023(a)		415,000		407,271
5.50%, 3/1/2025(a)		2,465,000		2,388,215

Wynn Resorts Finance LLC
7.75%, 4/15/2025(a)		745,000		768,840

Yum! Brands, Inc.
4.75%, 1/15/2030(a)		170,000		161,944
3.63%, 3/15/2031		600,000		516,508
4.63%, 1/31/2032		195,000		177,499
6.88%, 11/15/2037		400,000		423,792
				57,817,246

Household Durables – 1.4%

Ashton Woods USA LLC
4.63%, 8/1/2029(a)		1,190,000		1,001,188
4.63%, 4/1/2030(a)		495,000		405,935

Beazer Homes USA, Inc.
7.25%, 10/15/2029		1,080,000		1,032,745

Brookfield Residential Properties, Inc.
6.25%, 9/15/2027(a)		1,040,000		977,059
5.00%, 6/15/2029(a)		585,000		517,336
4.88%, 2/15/2030(a)		1,890,000		1,580,588

Century Communities, Inc.
3.88%, 8/15/2029(a)		205,000		172,286

Empire Communities Corp.
7.00%, 12/15/2025(a)		730,000		692,595

Installed Building Products, Inc.
5.75%, 2/1/2028(a)		390,000		370,000

LGI Homes, Inc.
4.00%, 7/15/2029(a)		1,105,000		913,821

M/I Homes, Inc.
4.95%, 2/1/2028		560,000		515,939

Mattamy Group Corp.
4.63%, 3/1/2030(a)		970,000		826,919

New Home Co., Inc. (The)
7.25%, 10/15/2025(a)		800,000		757,512

Newell Brands, Inc.
5.75%, 4/1/2046(d)		291,000		271,561

Shea Homes LP
4.75%, 2/15/2028(a)		575,000		515,396


Investments	Principal Amount		Value

Household Durables – (continued)

SWF Escrow Issuer Corp.
6.50%, 10/1/2029(a)	$	1,800,000	$	1,393,146

Tempur Sealy International, Inc.
3.88%, 10/15/2031(a)		420,000		347,886
				12,291,912

Household Products – 0.7%

Energizer Holdings, Inc.
6.50%, 12/31/2027(a)		345,000		331,683
4.75%, 6/15/2028(a)		1,400,000		1,232,784
4.38%, 3/31/2029(a)		2,400,000		1,998,000

Kronos Acquisition Holdings, Inc.
5.00%, 12/31/2026(a)		950,000		842,037
7.00%, 12/31/2027(a)		1,745,000		1,380,923
				5,785,427

Independent Power and Renewable Electricity Producers – 0.4%

Calpine Corp.
5.13%, 3/15/2028(a)		2,300,000		2,088,779
4.63%, 2/1/2029(a)		1,535,000		1,341,337
5.00%, 2/1/2031(a)		460,000		392,847
3.75%, 3/1/2031(a)		100,000		84,408
				3,907,371

Insurance – 2.7%

Acrisure LLC
7.00%, 11/15/2025(a)		1,475,000		1,438,147
10.13%, 8/1/2026(a)		375,000		390,503
4.25%, 2/15/2029(a)		1,170,000		1,022,609
6.00%, 8/1/2029(a)		1,555,000		1,358,782

Alliant Holdings Intermediate LLC
6.75%, 10/15/2027(a)		2,670,000		2,527,876
5.88%, 11/1/2029(a)		920,000		859,110

Assurant, Inc.
7.00%, 3/27/2048(c)		360,000		372,368

AssuredPartners, Inc.
5.63%, 1/15/2029(a)		1,890,000		1,664,542

BroadStreet Partners, Inc.
5.88%, 4/15/2029(a)		2,090,000		1,815,792

Enstar Finance LLC
5.75%, 9/1/2040(c)		945,000		931,226
5.50%, 1/15/2042(c)		820,000		764,039

GTCR AP Finance, Inc.
8.00%, 5/15/2027(a)		745,000		743,190

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			365

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Insurance – (continued)

HUB International Ltd.
7.00%, 5/1/2026(a)	$	1,800,000	$	1,783,674
5.63%, 12/1/2029(a)		1,485,000		1,364,329

Liberty Mutual Group, Inc.
7.80%, 3/15/2037(a)		275,000		351,755
4.30%, 2/1/2061(a)		225,000		170,201

NFP Corp.
6.88%, 8/15/2028(a)		6,715,000		5,934,213
				23,492,356

Interactive Media & Services – 0.4%

Rackspace Technology Global, Inc.
3.50%, 2/15/2028(a)		775,000		671,293
5.38%, 12/1/2028(a)		1,690,000		1,381,702

TripAdvisor, Inc.
7.00%, 7/15/2025(a)		425,000		436,195

ZipRecruiter, Inc.
5.00%, 1/15/2030(a)		1,280,000		1,198,502
				3,687,692

Internet & Direct Marketing Retail – 0.6%

ANGI Group LLC
3.88%, 8/15/2028(a)		1,565,000		1,246,851

Millennium Escrow Corp.
6.63%, 8/1/2026(a)		1,445,000		1,337,160

Photo Holdings Merger Sub, Inc.
8.50%, 10/1/2026(a)		2,520,000		2,334,415

QVC, Inc.
5.45%, 8/15/2034		100,000		80,317
				4,998,743

IT Services – 1.3%

Acuris Finance Us, Inc.
5.00%, 5/1/2028(a)		559,000		514,112

Ahead DB Holdings LLC
6.63%, 5/1/2028(a)		1,290,000		1,136,883

Arches Buyer, Inc.
6.13%, 12/1/2028(a)		1,601,000		1,394,895

Cablevision Lightpath LLC
5.63%, 9/15/2028(a)		895,000		768,094

Conduent Business Services LLC
6.00%, 11/1/2029(a)		1,410,000		1,298,991


Investments	Principal Amount		Value

IT Services – (continued)

Endurance International Group Holdings, Inc.
6.00%, 2/15/2029(a)	$	2,365,000	$	1,917,235

ION Trading Technologies Sarl
5.75%, 5/15/2028(a)		625,000		585,975

Northwest Fiber LLC
6.00%, 2/15/2028(a)		1,250,000		1,047,544
10.75%, 6/1/2028(a)		579,000		596,555

Presidio Holdings, Inc.
8.25%, 2/1/2028(a)		755,000		734,207

Tempo Acquisition LLC
5.75%, 6/1/2025(a)		130,000		131,475

Virtusa Corp.
7.13%, 12/15/2028(a)		940,000		847,255
				10,973,221

Leisure Products – 0.1%

Universal Entertainment Corp.
8.50%, 12/11/2024(a)		1,269,000		1,280,054

Machinery – 1.0%

Granite US Holdings Corp.
11.00%, 10/1/2027(a)		335,000		346,353

Husky III Holding Ltd.
13.00%, 2/15/2025(a) (b)		375,000		387,364

Interpipe Holdings plc
8.38%, 5/13/2026(a)		500,000		215,000

JPW Industries Holding Corp.
9.00%, 10/1/2024(a)		360,000		362,383

OT Merger Corp.
7.88%, 10/15/2029(a)		820,000		698,070

SPX FLOW, Inc.
8.75%, 4/1/2030(a)		1,580,000		1,422,987

Terex Corp.
5.00%, 5/15/2029(a)		890,000		817,732

Titan Acquisition Ltd.
7.75%, 4/15/2026(a)		1,005,000		981,237

Titan International, Inc.
7.00%, 4/30/2028		815,000		799,710

TK Elevator Holdco GmbH
7.63%, 7/15/2028(a)		950,000		915,634

TK Elevator US Newco, Inc.
5.25%, 7/15/2027(a)		525,000		492,508

Wabash National Corp.
4.50%, 10/15/2028(a)		1,095,000		917,884
				8,356,862

See Accompanying Notes to the Financial Statements.


366		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Marine – 0.1%

Stena AB
7.00%, 2/1/2024(a)	$	1,075,000	$	1,069,775

Media – 7.5%

Advantage Sales & Marketing, Inc.
6.50%, 11/15/2028(a)		1,255,000		1,142,094

Altice Financing SA
5.00%, 1/15/2028(a)		2,275,000		1,902,287
5.75%, 8/15/2029(a)		6,300,000		5,317,105

Cable One, Inc.
4.00%, 11/15/2030(a)		270,000		232,100

CSC Holdings LLC
7.50%, 4/1/2028(a)		1,795,000		1,657,548
6.50%, 2/1/2029(a)		1,375,000		1,308,546
5.75%, 1/15/2030(a)		6,555,000		5,402,926
4.63%, 12/1/2030(a)		1,305,000		1,000,635
5.00%, 11/15/2031(a)		200,000		154,950

Diamond Sports Group LLC
5.38%, 8/15/2026(a)		9,610,000		3,519,566
6.63%, 8/15/2027(a)		5,515,000		1,158,150

DIRECTV Holdings LLC
5.88%, 8/15/2027(a)		4,510,000		4,253,494

DISH DBS Corp.
5.88%, 11/15/2024		2,220,000		2,156,164
7.75%, 7/1/2026		4,295,000		4,045,374
5.25%, 12/1/2026(a)		1,290,000		1,186,832
7.38%, 7/1/2028		3,007,000		2,649,964
5.75%, 12/1/2028(a)		1,845,000		1,653,775
5.13%, 6/1/2029		4,714,000		3,686,301

GCI LLC
4.75%, 10/15/2028(a)		985,000		914,922

Gray Escrow II, Inc.
5.38%, 11/15/2031(a)		425,000		366,883

Gray Television, Inc.
4.75%, 10/15/2030(a)		570,000		493,355

iHeartCommunications, Inc.
8.38%, 5/1/2027		1,785,000		1,770,256

Liberty Interactive LLC
8.50%, 7/15/2029		140,000		126,258
8.25%, 2/1/2030		135,000		119,445
McGraw-Hill Education, Inc.
5.75%, 8/1/2028(a)		2,980,000		2,665,267
8.00%, 8/1/2029(a)		2,265,000		2,030,256


Investments	Principal Amount		Value

Media – (continued)

Nexstar Media, Inc.
5.63%, 7/15/2027(a)	$	110,000	$	107,162

Outfront Media Capital LLC
4.63%, 3/15/2030(a)		300,000		267,360

Radiate Holdco LLC
6.50%, 9/15/2028(a)		2,915,000		2,548,468

Scripps Escrow II, Inc.
5.38%, 1/15/2031(a)		825,000		735,335

Sinclair Television Group, Inc.
5.13%, 2/15/2027(a)		665,000		583,465
5.50%, 3/1/2030(a)		1,260,000		1,031,650

Sirius XM Radio, Inc.
4.00%, 7/15/2028(a)		790,000		715,049
4.13%, 7/1/2030(a)		560,000		492,450
3.88%, 9/1/2031(a)		395,000		334,172

Summer BC Bidco B LLC
5.50%, 10/31/2026(a)		626,000		601,974

Terrier Media Buyer, Inc.
8.88%, 12/15/2027(a)		1,695,000		1,661,193

Univision Communications, Inc.
9.50%, 5/1/2025(a)		315,000		330,470

UPC Broadband Finco BV
4.88%, 7/15/2031(a)		400,000		352,226

UPC Holding BV
5.50%, 1/15/2028(a)		780,000		738,890

Urban One, Inc.
7.38%, 2/1/2028(a)		1,150,000		1,115,489

Virgin Media Vendor Financing Notes IV DAC
5.00%, 7/15/2028(a)		885,000		805,186

VZ Secured Financing BV
5.00%, 1/15/2032(a)		765,000		661,224

Ziggo Bond Co. BV
5.13%, 2/28/2030(a)		1,163,000		1,010,833

Ziggo BV
4.88%, 1/15/2030(a)		320,000		284,016
				65,291,065

Metals & Mining – 1.4%

Arconic Corp.
6.13%, 2/15/2028(a)		1,660,000		1,611,229

Baffinland Iron Mines Corp.
8.75%, 7/15/2026(a)		585,000		595,270

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			367

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Metals & Mining – (continued)

Carpenter Technology Corp.
6.38%, 7/15/2028	$	830,000	$	828,489
7.63%, 3/15/2030		800,000		815,986

Century Aluminum Co.
7.50%, 4/1/2028(a)		375,000		377,257

Compass Minerals International, Inc.
4.88%, 7/15/2024(a)		135,000		133,825

Eldorado Gold Corp.
6.25%, 9/1/2029(a)		1,185,000		1,149,450

FMG Resources August 2006 Pty. Ltd.
4.38%, 4/1/2031(a)		565,000		500,714
6.13%, 4/15/2032(a)		700,000		695,125

Infrabuild Australia Pty. Ltd.
12.00%, 10/1/2024(a)		200,000		202,667

Kaiser Aluminum Corp.
4.50%, 6/1/2031(a)		300,000		259,184

Mineral Resources Ltd.
8.13%, 5/1/2027(a)		680,000		691,689

New Gold, Inc.
7.50%, 7/15/2027(a)		720,000		725,378

Perenti Finance Pty. Ltd.
6.50%, 10/7/2025(a)		370,000		371,018

Tacora Resources, Inc.
8.25%, 5/15/2026(a)		761,000		728,349

Taseko Mines Ltd.
7.00%, 2/15/2026(a)		610,000		606,166

TMS International Corp.
6.25%, 4/15/2029(a)		1,210,000		1,054,122

Warrior Met Coal, Inc.
7.88%, 12/1/2028(a)		605,000		633,868
				11,979,786

Mortgage Real Estate Investment Trusts (REITs) – 0.4%

Apollo Commercial Real Estate Finance, Inc.
4.63%, 6/15/2029(a)		1,365,000		1,189,311

New Residential Investment Corp.
6.25%, 10/15/2025(a)		1,505,000		1,435,559

Starwood Property Trust, Inc.
4.38%, 1/15/2027(a)		710,000		663,101
				3,287,971


Investments	Principal Amount		Value

Multiline Retail – 0.1%

NMG Holding Co., Inc.
7.13%, 4/1/2026(a)	$	1,165,000	$	1,157,958

Multi-Utilities – 0.1%

Algonquin Power & Utilities Corp.
4.75%, 1/18/2082(c)		965,000		883,911

Oil, Gas & Consumable Fuels – 12.2%

Aethon United BR LP
8.25%, 2/15/2026(a)		840,000		866,779

Alliance Resource Operating Partners LP
7.50%, 5/1/2025(a)		300,000		301,189

Antero Midstream Partners LP
7.88%, 5/15/2026(a)		405,000		423,906
5.75%, 3/1/2027(a)		605,000		590,298
5.75%, 1/15/2028(a)		585,000		569,948
5.38%, 6/15/2029(a)		1,130,000		1,061,590

Ascent Resources Utica Holdings LLC
8.25%, 12/31/2028(a)		500,000		520,648
5.88%, 6/30/2029(a)		1,050,000		1,017,681

Athabasca Oil Corp.
9.75%, 11/1/2026(a)		915,000		972,348

Baytex Energy Corp.
8.75%, 4/1/2027(a)		990,000		1,048,390

Berry Petroleum Co. LLC
7.00%, 2/15/2026(a)		915,000		889,279

Buckeye Partners LP
5.85%, 11/15/2043		320,000		255,814

California Resources Corp.
7.13%, 2/1/2026(a)		1,171,000		1,193,337

Callon Petroleum Co.
6.13%, 10/1/2024		350,000		346,012
8.25%, 7/15/2025		345,000		346,378
6.38%, 7/1/2026		885,000		855,202
8.00%, 8/1/2028(a)		940,000		973,520

Centennial Resource Production LLC
6.88%, 4/1/2027(a)		685,000		684,589

Chesapeake Energy Corp.
5.50%, 2/1/2026(a)		625,000		620,438
6.75%, 4/15/2029(a)		1,370,000		1,380,850

Citgo Holding, Inc.
9.25%, 8/1/2024(a)		1,845,000		1,835,849

See Accompanying Notes to the Financial Statements.


368		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Oil, Gas & Consumable Fuels – (continued)

CITGO Petroleum Corp.
7.00%, 6/15/2025(a)	$	1,271,000	$	1,264,543
6.38%, 6/15/2026(a)		1,055,000		1,050,411

Civitas Resources, Inc.
5.00%, 10/15/2026(a)		720,000		684,954

Coronado Finance Pty. Ltd.
10.75%, 5/15/2026(a)		610,000		655,787

CQP Holdco LP
5.50%, 6/15/2031(a)		4,190,000		3,870,093

Crescent Energy Finance LLC
7.25%, 5/1/2026(a)		1,110,000		1,089,781

Crestwood Midstream Partners LP
5.63%, 5/1/2027(a)		600,000		584,946
6.00%, 2/1/2029(a)		1,305,000		1,271,683
8.00%, 4/1/2029(a)		935,000		976,276

CVR Energy, Inc.
5.25%, 2/15/2025(a)		836,000		809,925
5.75%, 2/15/2028(a)		1,310,000		1,229,619

DCP Midstream Operating LP
6.45%, 11/3/2036(a)		125,000		139,960
6.75%, 9/15/2037(a)		100,000		112,463
5.60%, 4/1/2044		100,000		95,752

Delek Logistics Partners LP
6.75%, 5/15/2025		310,000		308,402
7.13%, 6/1/2028(a)		1,025,000		981,714

DT Midstream, Inc.
4.38%, 6/15/2031(a)		330,000		296,114

Earthstone Energy Holdings LLC
8.00%, 4/15/2027(a)		645,000		642,855

Encino Acquisition Partners Holdings LLC
8.50%, 5/1/2028(a)		1,630,000		1,635,941

Energy Ventures Gom LLC
11.75%, 4/15/2026(a)		1,060,000		1,098,462

EnLink Midstream Partners LP
5.05%, 4/1/2045		125,000		96,479
5.45%, 6/1/2047		225,000		182,682

Enviva Partners LP
6.50%, 1/15/2026(a)		758,000		773,240

EQM Midstream Partners LP
4.75%, 7/15/2023		625,000		622,694
6.00%, 7/1/2025(a)		650,000		644,969
5.50%, 7/15/2028		595,000		569,358
4.50%, 1/15/2029(a)		175,000		157,820


Investments	Principal Amount		Value

Oil, Gas & Consumable Fuels – (continued)

Genesis Energy LP
5.63%, 6/15/2024	$	255,000	$	250,390
6.50%, 10/1/2025		1,100,000		1,046,457
6.25%, 5/15/2026		620,000		579,037
8.00%, 1/15/2027		2,265,000		2,224,445
7.75%, 2/1/2028		2,190,000		2,110,886

Global Partners LP
7.00%, 8/1/2027		540,000		528,536
6.88%, 1/15/2029		1,195,000		1,166,562

Gran Tierra Energy International Holdings Ltd.
6.25%, 2/15/2025(a)		1,100,000		1,019,100

Gran Tierra Energy, Inc.
7.75%, 5/23/2027(a)		865,000		801,474

Gulfport Energy Corp.
8.00%, 5/17/2026(a)		764,000		787,241

Harvest Midstream I LP
7.50%, 9/1/2028(a)		1,225,000		1,245,556

Holly Energy Partners LP
5.00%, 2/1/2028(a)		700,000		666,781

Howard Midstream Energy Partners LLC
6.75%, 1/15/2027(a)		715,000		693,661

Ithaca Energy North Sea plc
9.00%, 7/15/2026(a)		1,428,000		1,458,195

ITT Holdings LLC
6.50%, 8/1/2029(a)		3,622,000		3,226,115

Laredo Petroleum, Inc.
7.75%, 7/31/2029(a)		710,000		696,659

Magnolia Oil & Gas Operating LLC
6.00%, 8/1/2026(a)		590,000		590,687

Matador Resources Co.
5.88%, 9/15/2026		1,445,000		1,420,543

MEG Energy Corp.
7.13%, 2/1/2027(a)		1,515,000		1,541,278

Moss Creek Resources Holdings, Inc.
10.50%, 5/15/2027(a)		1,580,000		1,542,570

Murphy Oil Corp.
6.37%, 12/1/2042(d)		35,000		31,652

New Fortress Energy, Inc.
6.75%, 9/15/2025(a)		1,475,000		1,451,953
6.50%, 9/30/2026(a)		1,770,000		1,714,971

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			369

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Oil, Gas & Consumable Fuels – (continued)

NGL Energy Operating LLC
7.50%, 2/1/2026(a)	$	6,480,000	$	6,106,072

NGL Energy Partners LP
7.50%, 11/1/2023		1,010,000		938,270
6.13%, 3/1/2025		1,145,000		962,233
7.50%, 4/15/2026		1,145,000		960,466

Northern Oil and Gas, Inc.
8.13%, 3/1/2028(a)		1,550,000		1,544,180

NuStar Logistics LP
6.00%, 6/1/2026		655,000		654,145
5.63%, 4/28/2027		640,000		615,224
6.38%, 10/1/2030		75,000		74,012

Oasis Petroleum, Inc.
6.38%, 6/1/2026(a)		470,000		472,834

Occidental Petroleum Corp.
7.15%, 5/15/2028		75,000		81,379
8.88%, 7/15/2030		1,305,000		1,569,262
6.63%, 9/1/2030		1,285,000		1,394,431
7.50%, 5/1/2031		990,000		1,130,031
6.45%, 9/15/2036		285,000		309,678
Zero Coupon, 10/10/2036		1,970,000		1,017,820
7.95%, 6/15/2039		50,000		60,713

Parkland Corp.
5.88%, 7/15/2027(a)		635,000		616,915
4.50%, 10/1/2029(a)		1,025,000		898,971
4.63%, 5/1/2030(a)		485,000		425,241

PBF Holding Co. LLC
9.25%, 5/15/2025(a)		1,580,000		1,640,238
7.25%, 6/15/2025		1,270,000		1,228,071
6.00%, 2/15/2028		2,635,000		2,323,872

PBF Logistics LP
6.88%, 5/15/2023		380,000		379,590

Penn Virginia Holdings LLC
9.25%, 8/15/2026(a)		830,000		851,788

Rockies Express Pipeline LLC
4.80%, 5/15/2030(a)		150,000		137,595
6.88%, 4/15/2040(a)		90,000		85,675

SM Energy Co.
10.00%, 1/15/2025(a)		390,000		422,081

Strathcona Resources Ltd.
6.88%, 8/1/2026(a)		590,000		571,616


Investments	Principal Amount		Value

Oil, Gas & Consumable Fuels – (continued)

Sunoco LP
6.00%, 4/15/2027	$	555,000	$	558,466
5.88%, 3/15/2028		730,000		719,904
4.50%, 5/15/2029		400,000		360,226
4.50%, 4/30/2030(a)		125,000		112,196

Tallgrass Energy Partners LP
5.50%, 1/15/2028(a)		1,340,000		1,254,575
6.00%, 12/31/2030(a)		2,360,000		2,185,891
6.00%, 9/1/2031(a)		1,745,000		1,594,755

Talos Production, Inc.
12.00%, 1/15/2026		1,100,000		1,184,178

Tap Rock Resources LLC
7.00%, 10/1/2026(a)		600,000		606,891

Teine Energy Ltd.
6.88%, 4/15/2029(a)		965,000		963,133

TerraForm Power Operating LLC
5.00%, 1/31/2028(a)		985,000		920,363

Venture Global Calcasieu Pass LLC
4.13%, 8/15/2031(a)		1,070,000		972,662
3.88%, 11/1/2033(a)		330,000		287,608

W&T Offshore, Inc.
9.75%, 11/1/2023(a)		1,060,000		1,054,324

Western Midstream Operating LP
5.45%, 4/1/2044		105,000		95,975
5.30%, 3/1/2048		330,000		286,937
5.75%, 2/1/2050(d)		525,000		463,617
				106,489,821

Paper & Forest Products – 0.6%

Clearwater Paper Corp.
4.75%, 8/15/2028(a)		215,000		189,309

Domtar Corp.
6.75%, 10/1/2028(a)		1,629,000		1,617,654

Mercer International, Inc.
5.13%, 2/1/2029		1,270,000		1,181,995

Resolute Forest Products, Inc.
4.88%, 3/1/2026(a)		300,000		286,536

Schweitzer-Mauduit International, Inc.
6.88%, 10/1/2026(a)		790,000		710,751

Sylvamo Corp.
7.00%, 9/1/2029(a)		1,245,000		1,203,672
				5,189,917

See Accompanying Notes to the Financial Statements.


370		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Personal Products – 0.5%

BellRing Brands, Inc.
7.00%, 3/15/2030(a)	$	170,000	$	166,384

Herbalife Nutrition Ltd.
7.88%, 9/1/2025(a)		587,000		578,536

HLF Financing Sarl LLC
4.88%, 6/1/2029(a)		2,110,000		1,701,103

Oriflame Investment Holding plc
5.13%, 5/4/2026(a)		1,975,000		1,445,700

Prestige Brands, Inc.
5.13%, 1/15/2028(a)		145,000		137,926
3.75%, 4/1/2031(a)		200,000		169,847
				4,199,496

Pharmaceuticals – 2.2%

Bausch Health Americas, Inc.
9.25%, 4/1/2026(a)		3,185,000		3,165,412
8.50%, 1/31/2027(a)		5,170,000		4,893,354

Bausch Health Cos., Inc.
9.00%, 12/15/2025(a)		1,585,000		1,592,925
7.00%, 1/15/2028(a)		2,150,000		1,765,827
5.00%, 1/30/2028(a)		3,735,000		2,761,566
4.88%, 6/1/2028(a)		770,000		684,114
5.00%, 2/15/2029(a)		1,020,000		717,473
7.25%, 5/30/2029(a)		2,400,000		1,815,036

Organon & Co.
4.13%, 4/30/2028(a)		450,000		417,478
5.13%, 4/30/2031(a)		577,000		522,269

P&L Development LLC
7.75%, 11/15/2025(a)		1,035,000		914,562
				19,250,016

Professional Services – 0.4%

ASGN, Inc.
4.63%, 5/15/2028(a)		695,000		646,597

CoreLogic, Inc.
4.50%, 5/1/2028(a)		1,575,000		1,397,702

Dun & Bradstreet Corp. (The)
5.00%, 12/15/2029(a)		855,000		796,313

Science Applications International Corp.
4.88%, 4/1/2028(a)		525,000		502,727
				3,343,339


Investments	Principal Amount		Value

Real Estate Management & Development – 1.0%

Forestar Group, Inc.
3.85%, 5/15/2026(a)	$	501,000	$	451,822
5.00%, 3/1/2028(a)		1,350,000		1,222,276

Hunt Cos., Inc.
5.25%, 4/15/2029(a)		1,455,000		1,345,882

Kennedy-Wilson, Inc.
4.75%, 2/1/2030		855,000		774,895
5.00%, 3/1/2031		150,000		135,593

Realogy Group LLC
5.75%, 1/15/2029(a)		2,670,000		2,244,349
5.25%, 4/15/2030(a)		2,755,000		2,231,660
				8,406,477

Road & Rail – 0.7%

Albion Financing 1 SARL
6.13%, 10/15/2026(a)		1,395,000		1,306,864

Albion Financing 2SARL
8.75%, 4/15/2027(a)		1,250,000		1,188,569

Carriage Purchaser, Inc.
7.88%, 10/15/2029(a)		835,000		733,798

Hertz Corp. (The)
5.00%, 12/1/2029(a)		420,000		366,992

PECF USS Intermediate Holding III Corp.
8.00%, 11/15/2029(a)		1,735,000		1,609,204

Watco Cos. LLC
6.50%, 6/15/2027(a)		890,000		861,058
				6,066,485

Software – 2.7%

Change Healthcare Holdings LLC
5.75%, 3/1/2025(a)		1,390,000		1,388,283

Condor Merger Sub, Inc.
7.38%, 2/15/2030(a)		6,510,000		5,832,016

Consensus Cloud Solutions, Inc.
6.00%, 10/15/2026(a)		520,000		494,712
6.50%, 10/15/2028(a)		885,000		833,024

Helios Software Holdings, Inc.
4.63%, 5/1/2028(a)		540,000		476,145

LogMeIn, Inc.
5.50%, 9/1/2027(a)		1,989,000		1,742,871

Minerva Merger Sub, Inc.
6.50%, 2/15/2030(a)		4,460,000		4,111,563

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			371

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Software – (continued)

Open Text Corp.
3.88%, 2/15/2028(a)	$	250,000	$	228,097

Open Text Holdings, Inc.
4.13%, 2/15/2030(a)		1,210,000		1,075,581

Rocket Software, Inc.
6.50%, 2/15/2029(a)		1,970,000		1,689,275

SS&C Technologies, Inc.
5.50%, 9/30/2027(a)		2,365,000		2,320,704

Veritas US, Inc.
7.50%, 9/1/2025(a)		3,455,000		3,050,161
				23,242,432

Specialty Retail – 3.7%

99 Escrow Issuer, Inc.
7.50%, 1/15/2026(a)		1,315,000		856,499

Arko Corp.
5.13%, 11/15/2029(a)		1,230,000		1,090,174

Asbury Automotive Group, Inc.
5.00%, 2/15/2032(a)		300,000		266,672

At Home Group, Inc.
4.88%, 7/15/2028(a)		920,000		761,847
7.13%, 7/15/2029(a)		1,590,000		1,188,525
BCPE Ulysses Intermediate, Inc.
7.75%, 4/1/2027(a) (b)		1,405,000		1,203,045

eG Global Finance plc
8.50%, 10/30/2025(a)		520,000		520,673

Guitar Center, Inc.
8.50%, 1/15/2026(a)		545,000		546,872

LBM Acquisition LLC
6.25%, 1/15/2029(a)		2,525,000		2,058,052

LCM Investments Holdings II LLC
4.88%, 5/1/2029(a)		380,000		333,459

LSF9 Atlantis Holdings LLC
7.75%, 2/15/2026(a)		1,450,000		1,309,807

Michaels Cos., Inc. (The)
5.25%, 5/1/2028(a)		2,625,000		2,260,624
7.88%, 5/1/2029(a)		4,190,000		3,304,338

Park River Holdings, Inc.
5.63%, 2/1/2029(a)		1,155,000		888,030
6.75%, 8/1/2029(a)		950,000		761,911

PetSmart, Inc.
7.75%, 2/15/2029(a)		1,475,000		1,469,270


Investments	Principal Amount		Value

Specialty Retail – (continued)

Rent-A-Center, Inc.
6.38%, 2/15/2029(a)	$	1,230,000	$	1,073,089

Sonic Automotive, Inc.
4.88%, 11/15/2031(a)		150,000		128,241

SRS Distribution, Inc.
4.63%, 7/1/2028(a)		115,000		105,446
6.13%, 7/1/2029(a)		1,380,000		1,219,561
6.00%, 12/1/2029(a)		2,775,000		2,438,365

Staples, Inc.
7.50%, 4/15/2026(a)		3,510,000		3,357,631
10.75%, 4/15/2027(a)		3,228,000		2,864,204

White Cap Buyer LLC
6.88%, 10/15/2028(a)		2,065,000		1,894,772

White Cap Parent LLC
8.25%, 3/15/2026(a) (b)		835,000		806,827
				32,707,934

Technology Hardware, Storage & Peripherals – 0.3%

Diebold Nixdorf, Inc.
9.38%, 7/15/2025(a)		1,175,000		1,030,416

Seagate HDD Cayman
5.75%, 12/1/2034		250,000		235,490

Xerox Corp.
6.75%, 12/15/2039		75,000		70,545

Xerox Holdings Corp.
5.50%, 8/15/2028(a)		1,110,000		1,001,054
				2,337,505

Textiles, Apparel & Luxury Goods – 0.2%

Crocs, Inc.
4.25%, 3/15/2029(a)		1,015,000		863,968

Eagle Intermediate Global Holding BV
7.50%, 5/1/2025(a)		1,220,000		1,102,355
				1,966,323

Thrifts & Mortgage Finance – 2.1%

Freedom Mortgage Corp.
7.63%, 5/1/2026(a)		1,940,000		1,767,835
6.63%, 1/15/2027(a)		2,145,000		1,859,736

Home Point Capital, Inc.
5.00%, 2/1/2026(a)		2,045,000		1,618,127

See Accompanying Notes to the Financial Statements.


372		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Thrifts & Mortgage Finance – (continued)

Ladder Capital Finance Holdings LLLP REIT, 4.25%, 2/1/2027(a)	$	715,000	$	658,114

Nationstar Mortgage Holdings, Inc.
5.50%, 8/15/2028(a)		1,270,000		1,157,389
5.13%, 12/15/2030(a)		1,595,000		1,389,811
5.75%, 11/15/2031(a)		1,455,000		1,293,284

NMI Holdings, Inc.
7.38%, 6/1/2025(a)		600,000		626,313

PennyMac Financial Services, Inc.
5.38%, 10/15/2025(a)		510,000		482,952
4.25%, 2/15/2029(a)		2,240,000		1,804,802
5.75%, 9/15/2031(a)		1,530,000		1,257,270

Radian Group, Inc.
6.63%, 3/15/2025		330,000		336,399

Rocket Mortgage LLC
3.88%, 3/1/2031(a)		650,000		549,445
4.00%, 10/15/2033(a)		140,000		112,430

United Wholesale Mortgage LLC
5.50%, 11/15/2025(a)		960,000		883,493
5.75%, 6/15/2027(a)		1,305,000		1,134,534
5.50%, 4/15/2029(a)		2,135,000		1,775,840
				18,707,774

Tobacco – 0.4%

Turning Point Brands, Inc.
5.63%, 2/15/2026(a)		155,000		147,768

Vector Group Ltd.
10.50%, 11/1/2026(a)		1,210,000		1,236,729
5.75%, 2/1/2029(a)		2,650,000		2,329,761
				3,714,258

Trading Companies & Distributors – 0.8%

BlueLinx Holdings, Inc.
6.00%, 11/15/2029(a)		735,000		666,094

Fortress Transportation & Infrastructure Investors LLC
6.50%, 10/1/2025(a)		1,390,000		1,326,609

Fortress Transportation and Infrastructure Investors LLC
9.75%, 8/1/2027(a)		1,400,000		1,430,807
5.50%, 5/1/2028(a)		2,850,000		2,462,956


Investments	Principal Amount		Value

Trading Companies & Distributors – (continued)

Foundation Building Materials, Inc. 6.00%, 3/1/2029(a)	$	1,325,000	$	1,079,729

Imola Merger Corp.
4.75%, 5/15/2029(a)		170,000		158,317
				7,124,512

Water Utilities – 0.0%(e)

Solaris Midstream Holdings LLC
7.63%, 4/1/2026(a)		415,000		425,906

Wireless Telecommunication Services – 0.2%

Connect Finco SARL
6.75%, 10/1/2026(a)		350,000		340,783

Vmed O2 UK Financing I plc
4.25%, 1/31/2031(a)		651,000		551,241
4.75%, 7/15/2031(a)		760,000		653,094
Vodafone Group plc
7.00%, 4/4/2079(c)		445,000		470,539
				2,015,657
Total Corporate Bonds (Cost $920,190,719)				852,591,433
	Shares

COMMON STOCKS – 0.0%(e)

Oil, Gas & Consumable Fuels – 0.0%(e)

Whiting Petroleum Corp. (Cost $31)		1		55
Total Investments – 97.3% (Cost $920,190,750)				852,591,488

Other assets less liabilities – 2.7%				23,907,506
NET ASSETS – 100.0%			$	876,498,994

^(a)

^(b)

Payment in-kind security.

^(c)

Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			373

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

^(d)

^(e)

Represents less than 0.05% of net assets.

Percentages shown are based on Net Assets.

Abbreviations

SCA – Limited partnership with share capital



Aggregate gross unrealized appreciation	$	1,179,385
Aggregate gross unrealized depreciation		(71,892,433	)
Net unrealized depreciation	$	(70,713,048	)
Federal income tax cost	$	923,304,536


Security Type	% of Net Assets
Corporate Bonds		97.3	%
Common Stocks		0.0	^†
Others⁽¹⁾		2.7
		100.0	%

^†	Amount represents less than 0.05%.

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


374		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund

April 30, 2022 (Unaudited)


Investments	Principal Amount		Value

CORPORATE BONDS – 97.3%

Aerospace & Defense – 0.6%

Bombardier, Inc.
7.50%, 3/15/2025(a)	$	40,000	$	38,855
7.13%, 6/15/2026(a)		41,000		37,769
7.88%, 4/15/2027(a)		99,000		92,347
				168,971

Airlines – 1.4%

American Airlines Group, Inc.
3.75%, 3/1/2025(a)		18,000		16,092

American Airlines, Inc.
11.75%, 7/15/2025(a)		106,000		122,104
5.50%, 4/20/2026(a)		60,000		59,545
5.75%, 4/20/2029(a)		129,000		124,511

United Airlines, Inc.
4.38%, 4/15/2026(a)		28,000		27,062
4.63%, 4/15/2029(a)		28,000		25,730
				375,044

Auto Components – 1.4%

Cooper-Standard Automotive, Inc.
13.00%, 6/1/2024(a)		10,000		10,114
5.63%, 11/15/2026(a)		15,000		7,080

Dealer Tire LLC
8.00%, 2/1/2028(a)		21,000		20,570

Goodyear Tire & Rubber Co. (The)
5.00%, 5/31/2026		79,000		76,239
5.25%, 4/30/2031		71,000		61,815
5.25%, 7/15/2031		30,000		25,917
5.63%, 4/30/2033		29,000		25,016

Icahn Enterprises LP
6.38%, 12/15/2025		34,000		33,899
6.25%, 5/15/2026		39,000		38,735

IHO Verwaltungs GmbH
6.00%, 5/15/2027(a)(b)		51,000		47,359

Real Hero Merger Sub 2, Inc.
6.25%, 2/1/2029(a)		18,000		14,620

Wheel Pros, Inc.
6.50%, 5/15/2029(a)		13,000		9,897
				371,261


Investments	Principal Amount		Value

Automobiles – 0.8%

Ford Motor Co.
9.00%, 4/22/2025	$	41,000	$	45,776
7.45%, 7/16/2031		28,000		30,491
3.25%, 2/12/2032		41,000		33,380
4.75%, 1/15/2043		75,000		60,520
5.29%, 12/8/2046		49,000		42,110
				212,277

Banks – 1.1%

Intesa Sanpaolo SpA
5.02%, 6/26/2024(a)		75,000		73,433
4.95%, 6/1/2042(a)(c)		50,000		39,250

UniCredit SpA
5.86%, 6/19/2032(a)(c)		100,000		95,416
5.46%, 6/30/2035(a)(c)		90,000		81,386
				289,485

Beverages – 0.1%

Primo Water Holdings, Inc.
4.38%, 4/30/2029(a)		34,000		29,587

Biotechnology – 0.2%

Emergent BioSolutions, Inc.
3.88%, 8/15/2028(a)		15,000		12,758

Grifols Escrow Issuer SA
4.75%, 10/15/2028(a)		60,000		54,830
				67,588

Building Products – 0.5%

Builders FirstSource, Inc.
4.25%, 2/1/2032(a)		25,000		21,382

New Enterprise Stone & Lime Co., Inc.
5.25%, 7/15/2028(a)		25,000		22,883
9.75%, 7/15/2028(a)		6,000		5,916

SRM Escrow Issuer LLC
6.00%, 11/1/2028(a)		34,000		32,696

Standard Industries, Inc.
4.75%, 1/15/2028(a)		55,000		50,678
				133,555

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			375

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Capital Markets – 2.4%

Advisor Group Holdings, Inc.
10.75%, 8/1/2027(a)	$	16,000	$	16,936

AG Issuer LLC
6.25%, 3/1/2028(a)		6,000		5,873

Aretec Escrow Issuer, Inc.
7.50%, 4/1/2029(a)		26,000		24,245

Coinbase Global, Inc.
3.38%, 10/1/2028(a)		35,000		27,238
3.63%, 10/1/2031(a)		20,000		14,862

Deutsche Bank AG
4.50%, 4/1/2025		125,000		122,705
3.73%, 1/14/2032(c)		73,000		60,408
3.74%, 1/7/2033(c)		50,000		40,939

Dresdner Funding Trust I
8.15%, 6/30/2031(a)		100,000		121,320

MSCI, Inc.
4.00%, 11/15/2029(a)		71,000		65,490
3.63%, 9/1/2030(a)		70,000		61,842
3.88%, 2/15/2031(a)		79,000		71,422

Nomura Holdings, Inc.
2.65%, 1/16/2025		25,000		24,247
				657,527

Chemicals – 1.9%

ASP Unifrax Holdings, Inc.
5.25%, 9/30/2028(a)		5,000		4,409
7.50%, 9/30/2029(a)		15,000		12,453

Avient Corp.
5.75%, 5/15/2025(a)		39,000		39,443

Axalta Coating Systems LLC
3.38%, 2/15/2029(a)		74,000		64,131

Chemours Co. (The)
5.75%, 11/15/2028(a)		18,000		16,896

Cornerstone Chemical Co.
6.75%, 8/15/2024(a)		28,000		24,917

CVR Partners LP
6.13%, 6/15/2028(a)		21,000		20,610

Element Solutions, Inc.
3.88%, 9/1/2028(a)		30,000		26,856

Gates Global LLC
6.25%, 1/15/2026(a)		23,000		22,701

GPD Cos., Inc.
10.13%, 4/1/2026(a)		21,000		21,920


Investments	Principal Amount		Value

Chemicals – (continued)

Illuminate Buyer LLC
9.00%, 7/1/2028(a)	$	16,000	$	15,220

LSB Industries, Inc.
6.25%, 10/15/2028(a)		15,000		14,721

LSF11 A5 HoldCo LLC
6.63%, 10/15/2029(a)		15,000		13,086

Methanex Corp.
5.25%, 12/15/2029		21,000		20,098

Olympus Water US Holding Corp.
6.25%, 10/1/2029(a)		15,000		12,468

SCIH Salt Holdings, Inc.
4.88%, 5/1/2028(a)		35,000		30,741
6.63%, 5/1/2029(a)		23,000		18,372

SPCM SA
3.38%, 3/15/2030(a)		15,000		12,776

TPC Group, Inc.
10.50%, 8/1/2024(a)		44,000		14,749

Valvoline, Inc.
4.25%, 2/15/2030(a)		49,000		42,597

Venator Finance Sarl
5.75%, 7/15/2025(a)		28,000		22,999

WR Grace Holdings LLC
5.63%, 8/15/2029(a)		40,000		34,176
				506,339

Commercial Services & Supplies – 3.2%

ADT Security Corp. (The)
4.13%, 8/1/2029(a)		35,000		29,777

Allied Universal Holdco LLC
6.63%, 7/15/2026(a)		95,000		91,785
6.00%, 6/1/2029(a)		98,000		80,484

Aptim Corp.
7.75%, 6/15/2025(a)		21,000		16,485

Aramark Services, Inc.
6.38%, 5/1/2025(a)		80,000		81,584
5.00%, 2/1/2028(a)		34,000		31,703

Garda World Security Corp.
4.63%, 2/15/2027(a)		11,000		10,003
9.50%, 11/1/2027(a)		39,000		38,371
6.00%, 6/1/2029(a)		21,000		17,428

GFL Environmental, Inc.
4.75%, 6/15/2029(a)		40,000		36,353

IAA, Inc.
5.50%, 6/15/2027(a)		24,000		23,488

See Accompanying Notes to the Financial Statements.


376		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Commercial Services & Supplies – (continued)

Interface, Inc.
5.50%, 12/1/2028(a)	$	28,000	$	25,586

Intrado Corp.
8.50%, 10/15/2025(a)		34,000		30,500

Nielsen Finance LLC
5.63%, 10/1/2028(a)		79,000		76,667
5.88%, 10/1/2030(a)		34,000		32,784
4.75%, 7/15/2031(a)		44,000		41,648

Prime Security Services Borrower LLC
5.25%, 4/15/2024(a)		18,000		18,000
5.75%, 4/15/2026(a)		79,000		75,878
6.25%, 1/15/2028(a)		39,000		35,005

Vericast Corp.
11.00%, 9/15/2026(a)		45,000		42,272

WASH Multifamily Acquisition, Inc.
5.75%, 4/15/2026(a)		23,000		22,402

Waste Pro USA, Inc.
5.50%, 2/15/2026(a)		20,000		17,818
				876,021

Communications Equipment – 0.6%

CommScope Technologies LLC
5.00%, 3/15/2027(a)		35,000		27,524

CommScope, Inc.
6.00%, 3/1/2026(a)		55,000		51,969
8.25%, 3/1/2027(a)		71,000		61,147
4.75%, 9/1/2029(a)		28,000		23,457
				164,097

Construction & Engineering – 0.7%

AECOM
5.13%, 3/15/2027		44,000		43,558

Artera Services LLC
9.03%, 12/4/2025(a)		33,000		31,228

Brand Industrial Services, Inc.
8.50%, 7/15/2025(a)		34,000		30,732

Cellnex Finance Co. SA
3.88%, 7/7/2041(a)		50,000		37,500

Pike Corp.
5.50%, 9/1/2028(a)		21,000		19,297

Tutor Perini Corp.
6.88%, 5/1/2025(a)		21,000		19,692
				182,007


Investments	Principal Amount		Value

Consumer Finance – 4.0%

Cobra AcquisitionCo LLC
6.38%, 11/1/2029(a)	$	15,000	$	11,494

Credit Acceptance Corp.
5.13%, 12/31/2024(a)		16,000		15,830
6.63%, 3/15/2026		16,000		16,197

Ford Motor Credit Co. LLC
5.13%, 6/16/2025		248,000		247,665
3.38%, 11/13/2025		275,000		259,531
4.00%, 11/13/2030		100,000		86,900

OneMain Finance Corp.
6.13%, 3/15/2024		79,000		79,390
6.88%, 3/15/2025		123,000		124,154
3.50%, 1/15/2027		55,000		48,394
6.63%, 1/15/2028		40,000		39,524
3.88%, 9/15/2028		30,000		25,539
5.38%, 11/15/2029		35,000		31,562
4.00%, 9/15/2030		55,000		45,094

SLM Corp.
4.20%, 10/29/2025		19,000		18,582
3.13%, 11/2/2026		19,000		17,356
				1,067,212

Containers & Packaging – 1.0%

Berry Global, Inc.
5.63%, 7/15/2027(a)		50,000		49,875

Cascades, Inc.
5.38%, 1/15/2028(a)		34,000		32,849

Crown Americas LLC
4.75%, 2/1/2026		71,000		70,766
4.25%, 9/30/2026		44,000		42,658

Graphic Packaging International LLC
4.13%, 8/15/2024		34,000		34,036
3.50%, 3/1/2029(a)		34,000		30,116
3.75%, 2/1/2030(a)		20,000		17,564
				277,864

Distributors – 0.4%

American Builders & Contractors Supply Co., Inc.
4.00%, 1/15/2028(a)		18,000		16,811
3.88%, 11/15/2029(a)		11,000		9,733

BCPE Empire Holdings, Inc.
7.63%, 5/1/2027(a)		28,000		26,277

Ritchie Bros Holdings, Inc.
4.75%, 12/15/2031(a)		35,000		35,054

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			377

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Distributors – (continued)

Univar Solutions USA, Inc.
5.13%, 12/1/2027(a)	$	15,000	$	14,397
				102,272

Diversified Consumer Services – 0.7%

Adtalem Global Education, Inc.
5.50%, 3/1/2028(a)		34,000		31,511

Service Corp. International
4.63%, 12/15/2027		44,000		42,732
3.38%, 8/15/2030		79,000		68,068

Signal Parent, Inc.
6.13%, 4/1/2029(a)		11,000		8,426

Sotheby’s
7.38%, 10/15/2027(a)		50,000		49,320
				200,057

Diversified Financial Services – 0.4%

CPI CG, Inc.
8.63%, 3/15/2026(a)		26,000		25,203

Sabre GLBL, Inc.
9.25%, 4/15/2025(a)		28,000		29,920
7.38%, 9/1/2025(a)		28,000		28,336

Verscend Escrow Corp.
9.75%, 8/15/2026(a)		25,000		25,780
				109,239

Diversified Telecommunication Services – 7.0%

Altice France SA
5.13%, 7/15/2029(a)		75,000		63,616

British Telecommunications plc
4.25%, 11/23/2081(a)(c)		50,000		46,715

CCO Holdings LLC
5.13%, 5/1/2027(a)		139,000		135,694
5.00%, 2/1/2028(a)		55,000		52,461
4.75%, 3/1/2030(a)		130,000		115,944
4.50%, 8/15/2030(a)		71,000		62,065
4.25%, 2/1/2031(a)		165,000		139,375
4.50%, 5/1/2032		111,000		94,258
4.25%, 1/15/2034(a)		65,000		51,786

Embarq Corp.
8.00%, 6/1/2036		44,000		39,812

Iliad Holding SASU
6.50%, 10/15/2026(a)		60,000		57,741


Investments	Principal Amount		Value

Diversified Telecommunication Services – (continued)
7.00%, 10/15/2028(a)	$	30,000	$	28,405

Intelsat Jackson Holdings SA
6.50%, 3/15/2030(a)		30,000		28,232

Level 3 Financing, Inc.
5.38%, 5/1/2025		34,000		33,747
4.63%, 9/15/2027(a)		79,000		71,148
4.25%, 7/1/2028(a)		45,000		38,100

Lumen Technologies, Inc.
5.63%, 4/1/2025		28,000		27,356
5.13%, 12/15/2026(a)		95,000		85,668
4.00%, 2/15/2027(a)		79,000		70,381

Sprint Capital Corp.
6.88%, 11/15/2028		111,000		121,992
8.75%, 3/15/2032		76,000		96,710

Switch Ltd.
3.75%, 9/15/2028(a)		49,000		46,251

Telecom Italia Capital SA
6.38%, 11/15/2033		79,000		69,182
6.00%, 9/30/2034		15,000		13,131

Telecom Italia SpA
5.30%, 5/30/2024(a)		100,000		98,242

Virgin Media Finance plc
5.00%, 7/15/2030(a)		75,000		65,347

Virgin Media Secured Finance plc
5.50%, 5/15/2029(a)		100,000		92,665

Windstream Escrow LLC
7.75%, 8/15/2028(a)		49,000		46,754
				1,892,778

Electric Utilities – 0.4%

FirstEnergy Corp.
Series B, 4.40%, 7/15/2027(d)		50,000		48,567
Series C, 7.38%, 11/15/2031		28,000		32,232
Series C, 3.40%, 3/1/2050		23,000		17,173
				97,972

Electrical Equipment – 0.7%

EnerSys
5.00%, 4/30/2023(a)		12,000		12,074
4.38%, 12/15/2027(a)		12,000		11,221

Sensata Technologies BV
5.00%, 10/1/2025(a)		111,000		110,309
4.00%, 4/15/2029(a)		50,000		44,635
				178,239

See Accompanying Notes to the Financial Statements.


378		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Electronic Equipment, Instruments & Components – 0.1%

Likewize Corp.
9.75%, 10/15/2025(a)	$	16,000	$	15,581

Energy Equipment & Services – 2.2%

Archrock Partners LP
6.25%, 4/1/2028(a)		55,000		53,422

CGG SA
8.75%, 4/1/2027(a)		50,000		49,692

Ensign Drilling, Inc.
9.25%, 4/15/2024(a)		21,000		20,557

KLX Energy Services Holdings, Inc.
11.50%, 11/1/2025(a)		11,000		7,244

Nine Energy Service, Inc.
8.75%, 11/1/2023(a)		16,000		10,104

Patterson-UTI Energy, Inc.
5.15%, 11/15/2029		30,000		28,593

Petrofac Ltd.
9.75%, 11/15/2026(a)		40,000		37,471

Precision Drilling Corp.
6.88%, 1/15/2029(a)		23,000		22,343

TechnipFMC plc
6.50%, 2/1/2026(a)		41,000		42,481

Transocean Guardian Ltd.
5.88%, 1/15/2024(a)		33,352		31,971

Transocean Poseidon Ltd.
6.88%, 2/1/2027(a)		71,250		68,657

Transocean, Inc.
7.50%, 1/15/2026(a)		71,000		58,134
11.50%, 1/30/2027(a)		23,000		22,911
7.50%, 4/15/2031		15,000		9,994
6.80%, 3/15/2038		18,000		10,948

USA Compression Partners LP
6.88%, 4/1/2026		50,000		49,066

Weatherford International Ltd.
11.00%, 12/1/2024(a)		13,000		13,409
6.50%, 9/15/2028(a)		15,000		15,165
8.63%, 4/30/2030(a)		55,000		54,520
				606,682

Entertainment – 0.1%

Allen Media LLC
10.50%, 2/15/2028(a)		21,000		18,981


Investments	Principal Amount		Value

Equity Real Estate Investment Trusts (REITs) – 2.8%

HAT Holdings I LLC
3.38%, 6/15/2026(a)	$	81,000	$	74,494

Iron Mountain, Inc.
4.88%, 9/15/2027(a)		55,000		52,455
4.88%, 9/15/2029(a)		79,000		72,510
4.50%, 2/15/2031(a)		96,000		82,441

MPT Operating Partnership LP
5.00%, 10/15/2027		79,000		75,896
3.50%, 3/15/2031		100,000		85,282

Park Intermediate Holdings LLC
7.50%, 6/1/2025(a)		30,000		31,083
5.88%, 10/1/2028(a)		34,000		33,026
4.88%, 5/15/2029(a)		34,000		31,185

RHP Hotel Properties LP
4.75%, 10/15/2027		27,000		25,210

SBA Communications Corp.
3.88%, 2/15/2027		111,000		105,472
3.13%, 2/1/2029		40,000		34,367

VICI Properties LP
3.88%, 2/15/2029(a)		50,000		45,462
				748,883

Food & Staples Retailing – 1.3%

Albertsons Cos., Inc.
4.63%, 1/15/2027(a)		50,000		46,887
3.50%, 3/15/2029(a)		75,000		63,279
4.88%, 2/15/2030(a)		30,000		27,206

Rite Aid Corp.
8.00%, 11/15/2026(a)		71,000		59,774

Safeway, Inc.
7.25%, 2/1/2031		10,000		10,461

United Natural Foods, Inc.
6.75%, 10/15/2028(a)		21,000		21,042

US Foods, Inc.
6.25%, 4/15/2025(a)		44,000		45,265
4.75%, 2/15/2029(a)		39,000		36,080
4.63%, 6/1/2030(a)		31,000		27,782
				337,776

Food Products – 0.5%

Lamb Weston Holdings, Inc.
4.88%, 5/15/2028(a)		79,000		76,946
4.38%, 1/31/2032(a)		25,000		22,475

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			379

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Food Products – (continued)

Pilgrim’s Pride Corp.
4.25%, 4/15/2031(a)	$	30,000	$	27,413
				126,834

Gas Utilities – 0.6%

AmeriGas Partners LP
5.63%, 5/20/2024		44,000		44,004
5.88%, 8/20/2026		55,000		54,384

Ferrellgas LP
5.38%, 4/1/2026(a)		23,000		20,844
5.88%, 4/1/2029(a)		29,000		25,304

Suburban Propane Partners LP
5.00%, 6/1/2031(a)		34,000		30,968
				175,504

Health Care Equipment & Supplies – 0.7%

Hologic, Inc.
3.25%, 2/15/2029(a)		55,000		49,071

Mozart Debt Merger Sub, Inc.
3.88%, 4/1/2029(a)		50,000		43,693
5.25%, 10/1/2029(a)		56,000		48,812

Teleflex, Inc.
4.63%, 11/15/2027		19,000		18,643
4.25%, 6/1/2028(a)		19,000		17,935
				178,154

Health Care Providers & Services – 7.1%

180 Medical, Inc.
3.88%, 10/15/2029(a)		20,000		17,828

Acadia Healthcare Co., Inc.
5.00%, 4/15/2029(a)		39,000		37,007

AHP Health Partners, Inc.
5.75%, 7/15/2029(a)		28,000		25,456

Air Methods Corp.
8.00%, 5/15/2025(a)		18,000		14,742

Akumin, Inc.
7.00%, 11/1/2025(a)		28,000		23,629

Centene Corp.
4.25%, 12/15/2027		215,000		207,978
4.63%, 12/15/2029		230,000		222,865
3.00%, 10/15/2030		214,000		186,504

Community Health Systems, Inc.
5.63%, 3/15/2027(a)		34,000		32,449


Investments	Principal Amount		Value

Health Care Providers & Services – (continued)

DaVita, Inc.
4.63%, 6/1/2030(a)	$	170,000	$	148,200

Encompass Health Corp.
4.50%, 2/1/2028		80,000		74,097
4.75%, 2/1/2030		40,000		36,203

Envision Healthcare Corp.
8.75%, 10/15/2026(a)		39,000		16,238

Global Medical Response, Inc.
6.50%, 10/1/2025(a)		18,000		17,461

HCA, Inc.
5.88%, 5/1/2023		49,000		50,593
5.38%, 2/1/2025		120,000		123,428
5.88%, 2/15/2026		73,000		75,475
5.63%, 9/1/2028		71,000		73,474
5.88%, 2/1/2029		49,000		51,111
3.50%, 9/1/2030		251,000		225,659

LifePoint Health, Inc.
5.38%, 1/15/2029(a)		15,000		12,844

Owens & Minor, Inc.
4.50%, 3/31/2029(a)		25,000		22,523

Prime Healthcare Services, Inc.
7.25%, 11/1/2025(a)		30,000		30,119

Radiology Partners, Inc.
9.25%, 2/1/2028(a)		34,000		32,348

RegionalCare Hospital Partners Holdings, Inc.
9.75%, 12/1/2026(a)		60,000		61,740

Team Health Holdings, Inc.
6.38%, 2/1/2025(a)		23,000		19,636

Tenet Healthcare Corp.
4.88%, 1/1/2026(a)		18,000		17,542
6.13%, 10/1/2028(a)		18,000		17,305

US Acute Care Solutions LLC
6.38%, 3/1/2026(a)		25,000		24,311

US Renal Care, Inc.
10.63%, 7/15/2027(a)		18,000		15,566
				1,914,331

Health Care Technology – 0.1%

IQVIA, Inc.
5.00%, 5/15/2027(a)		30,000		29,760

Hotels, Restaurants & Leisure – 6.8%

1011778 BC ULC
4.00%, 10/15/2030(a)		18,000		15,410

See Accompanying Notes to the Financial Statements.


380		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Hotels, Restaurants & Leisure – (continued)

Caesars Entertainment, Inc.
6.25%, 7/1/2025(a)	$	111,000	$	112,349
8.13%, 7/1/2027(a)		71,000		74,279

Caesars Resort Collection LLC
5.75%, 7/1/2025(a)		33,000		33,737

Carnival Corp.
5.75%, 3/1/2027(a)		44,000		39,917
4.00%, 8/1/2028(a)		16,000		14,441

CEC Entertainment LLC
6.75%, 5/1/2026(a)		18,000		16,943

Constellation Merger Sub, Inc.
8.50%, 9/15/2025(a)		21,000		19,560

Hilton Domestic Operating Co., Inc.
5.75%, 5/1/2028(a)		55,000		55,839
4.88%, 1/15/2030		25,000		24,222
4.00%, 5/1/2031(a)		55,000		49,276
3.63%, 2/15/2032(a)		100,000		84,844

Hilton Worldwide Finance LLC
4.88%, 4/1/2027		55,000		54,868

International Game Technology plc
4.13%, 4/15/2026(a)		173,000		162,722

IRB Holding Corp.
7.00%, 6/15/2025(a)		18,000		18,450

Life Time, Inc.
8.00%, 4/15/2026(a)		16,000		15,641

MGM Resorts International
5.75%, 6/15/2025		55,000		54,694
4.75%, 10/15/2028		55,000		50,595

Mohegan Gaming & Entertainment
8.00%, 2/1/2026(a)		34,000		30,035

Penn National Gaming, Inc.
5.63%, 1/15/2027(a)		45,000		42,919

Powdr Corp.
6.00%, 8/1/2025(a)		21,000		21,365

Royal Caribbean Cruises Ltd.
9.13%, 6/15/2023(a)		16,000		16,538
11.50%, 6/1/2025(a)		49,000		53,329
4.25%, 7/1/2026(a)		44,000		39,823
5.50%, 4/1/2028(a)		21,000		19,199

Six Flags Entertainment Corp.
4.88%, 7/31/2024(a)		45,000		44,879
5.50%, 4/15/2027(a)		79,000		76,926


Investments	Principal Amount		Value

Hotels, Restaurants & Leisure – (continued)

Sizzling Platter LLC
8.50%, 11/28/2025(a)	$	11,000	$	10,031

TKC Holdings, Inc.
6.88%, 5/15/2028(a)		16,000		15,338
10.50%, 5/15/2029(a)		18,000		17,350

Travel + Leisure Co.
6.63%, 7/31/2026(a)		40,000		40,924
4.50%, 12/1/2029(a)		25,000		22,171
4.63%, 3/1/2030(a)		15,000		13,377

Vail Resorts, Inc.
6.25%, 5/15/2025(a)		23,000		23,548

Viking Cruises Ltd.
6.25%, 5/15/2025(a)		8,000		7,377

Wyndham Hotels & Resorts, Inc.
4.38%, 8/15/2028(a)		20,000		18,670

Wynn Las Vegas LLC
5.50%, 3/1/2025(a)		111,000		107,542
5.25%, 5/15/2027(a)		33,000		30,448

Wynn Resorts Finance LLC
5.13%, 10/1/2029(a)		49,000		42,967

Yum! Brands, Inc.
3.88%, 11/1/2023		55,000		55,535
4.75%, 1/15/2030(a)		34,000		32,389
3.63%, 3/15/2031		95,000		81,780
4.63%, 1/31/2032		79,000		71,910
				1,834,157

Household Durables – 2.2%

Beazer Homes USA, Inc.
5.88%, 10/15/2027		35,000		32,336

Century Communities, Inc.
6.75%, 6/1/2027		28,000		28,341
3.88%, 8/15/2029(a)		25,000		21,010

Empire Communities Corp.
7.00%, 12/15/2025(a)		28,000		26,565

KB Home
6.88%, 6/15/2027		55,000		57,163

Meritage Homes Corp.
3.88%, 4/15/2029(a)		30,000		26,884

Newell Brands, Inc.
4.88%, 6/1/2025		40,000		40,566
4.45%, 4/1/2026(d)		123,000		122,089
5.75%, 4/1/2046(d)		28,000		26,130

Taylor Morrison Communities, Inc.
5.88%, 6/15/2027(a)		81,000		80,501

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			381

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Household Durables – (continued)

Tempur Sealy International, Inc.
4.00%, 4/15/2029(a)	$	89,000	$	77,253

TopBuild Corp.
3.63%, 3/15/2029(a)		16,000		13,962
4.13%, 2/15/2032(a)		19,000		16,399

Tri Pointe Homes, Inc.
5.70%, 6/15/2028		35,000		33,604
				602,803

Household Products – 0.4%

Energizer Holdings, Inc.
4.38%, 3/31/2029(a)		49,000		40,792

Spectrum Brands, Inc.
5.00%, 10/1/2029(a)		71,000		66,122
				106,914

Independent Power and Renewable Electricity Producers – 0.6%

Calpine Corp.
5.13%, 3/15/2028(a)		10,000		9,082
5.00%, 2/1/2031(a)		30,000		25,620

Clearway Energy Operating LLC
3.75%, 2/15/2031(a)		79,000		68,061

Talen Energy Supply LLC
6.50%, 6/1/2025		20,000		7,429
10.50%, 1/15/2026(a)		20,000		7,429
7.25%, 5/15/2027(a)		50,000		47,944
				165,565

Insurance – 1.6%
Acrisure LLC
7.00%, 11/15/2025(a)		50,000		48,751
4.25%, 2/15/2029(a)		34,000		29,717

Alliant Holdings Intermediate LLC
4.25%, 10/15/2027(a)		21,000		19,422
6.75%, 10/15/2027(a)		44,000		41,658

AmWINS Group, Inc.
4.88%, 6/30/2029(a)		23,000		21,086

AssuredPartners, Inc.
7.00%, 8/15/2025(a)		21,000		20,740

BroadStreet Partners, Inc.
5.88%, 4/15/2029(a)		16,000		13,901

GTCR AP Finance, Inc.
8.00%, 5/15/2027(a)		34,000		33,917


Investments	Principal Amount		Value

Insurance – (continued)

HUB International Ltd.
7.00%, 5/1/2026(a)	$	71,000	$	70,356

Liberty Mutual Group, Inc.
4.30%, 2/1/2061(a)		55,000		41,605

NFP Corp.
6.88%, 8/15/2028(a)		71,000		62,744

USI, Inc.
6.88%, 5/1/2025(a)		28,000		27,614
				431,511

Interactive Media & Services – 0.4%
Twitter, Inc.
3.88%, 12/15/2027(a)		33,000		32,422
5.00%, 3/1/2030(a)		15,000		15,341

Ziff Davis, Inc.
4.63%, 10/15/2030(a)		53,000		47,348
				95,111

Internet & Direct Marketing Retail – 0.5%

Match Group Holdings II LLC
4.63%, 6/1/2028(a)		25,000		23,340
4.13%, 8/1/2030(a)		50,000		44,758

Photo Holdings Merger Sub, Inc.
8.50%, 10/1/2026(a)		23,000		21,306

QVC, Inc.
4.75%, 2/15/2027		25,000		22,456
5.45%, 8/15/2034		25,000		20,080
				131,940

IT Services – 1.3%

Ahead DB Holdings LLC
6.63%, 5/1/2028(a)		11,000		9,694

Black Knight InfoServ LLC
3.63%, 9/1/2028(a)		44,000		40,864

Block, Inc.
2.75%, 6/1/2026(a)		34,000		31,047
3.50%, 6/1/2031(a)		34,000		28,530
Endurance International Group Holdings, Inc.
6.00%, 2/15/2029(a)		24,000		19,456

Exela Intermediate LLC
11.50%, 7/15/2026(a)		40,000		14,800

Gartner, Inc.
3.63%, 6/15/2029(a)		79,000		70,811

See Accompanying Notes to the Financial Statements.


382		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

IT Services – (continued)

Northwest Fiber LLC
10.75%, 6/1/2028(a)	$	28,000	$	28,849

Presidio Holdings, Inc.
8.25%, 2/1/2028(a)		28,000		27,229

Twilio, Inc.
3.63%, 3/15/2029		50,000		44,186

Virtusa Corp.
7.13%, 12/15/2028(a)		28,000		25,237
				340,703

Machinery – 0.2%
JPW Industries Holding Corp.
9.00%, 10/1/2024(a)		28,000		28,185

Maxim Crane Works Holdings Capital LLC
10.13%, 8/1/2024(a)		1,000		994

Terex Corp.
5.00%, 5/15/2029(a)		23,000		21,133
				50,312

Media – 5.0%
Altice Financing SA
5.75%, 8/15/2029(a)		25,000		21,100

Beasley Mezzanine Holdings LLC
8.63%, 2/1/2026(a)		28,000		26,146

Cengage Learning, Inc.
9.50%, 6/15/2024(a)		18,000		17,667

Clear Channel Outdoor Holdings, Inc.
5.13%, 8/15/2027(a)		55,000		51,756
7.75%, 4/15/2028(a)		49,000		46,246
7.50%, 6/1/2029(a)		34,000		32,129

CSC Holdings LLC
5.75%, 1/15/2030(a)		30,000		24,727

Cumulus Media New Holdings, Inc.
6.75%, 7/1/2026(a)		16,000		15,943

DIRECTV Holdings LLC
5.88%, 8/15/2027(a)		41,000		38,668

DISH DBS Corp.
5.88%, 11/15/2024		31,000		30,108
7.75%, 7/1/2026		11,000		10,361
5.25%, 12/1/2026(a)		16,000		14,720
5.75%, 12/1/2028(a)		16,000		14,342


Investments	Principal Amount		Value

Media – (continued)

iHeartCommunications, Inc.
8.38%, 5/1/2027	$	54,000	$	53,554
5.25%, 8/15/2027(a)		79,000		73,972

Lamar Media Corp.
3.75%, 2/15/2028		18,000		16,498
4.00%, 2/15/2030		64,000		57,433
McGraw-Hill Education, Inc.
8.00%, 8/1/2029(a)		25,000		22,409

News Corp.
3.88%, 5/15/2029(a)		34,000		30,787

Nexstar Media, Inc.
5.63%, 7/15/2027(a)		21,000		20,458

Paramount Global
6.25%, 2/28/2057(c)		30,000		29,012
6.37%, 3/30/2062(c)		49,000		47,591

Sirius XM Radio, Inc.
4.00%, 7/15/2028(a)		76,000		68,789
4.13%, 7/1/2030(a)		79,000		69,471

Spanish Broadcasting System, Inc.
9.75%, 3/1/2026(a)		6,000		5,889

Summer BC Bidco B LLC
5.50%, 10/31/2026(a)		25,000		24,041

TEGNA, Inc.
4.63%, 3/15/2028		84,000		80,945
5.00%, 9/15/2029		74,000		71,878

Terrier Media Buyer, Inc.
8.88%, 12/15/2027(a)		33,000		32,342

Townsquare Media, Inc.
6.88%, 2/1/2026(a)		21,000		20,973

Univision Communications, Inc.
5.13%, 2/15/2025(a)		55,000		54,109
6.63%, 6/1/2027(a)		49,000		49,183
4.50%, 5/1/2029(a)		15,000		13,482

UPC Holding BV
5.50%, 1/15/2028(a)		100,000		94,730

Urban One, Inc.
7.38%, 2/1/2028(a)		23,000		22,310

Ziggo Bond Co. BV
5.13%, 2/28/2030(a)		50,000		43,458
				1,347,227

Metals & Mining – 1.3%
Alcoa Nederland Holding BV
4.13%, 3/31/2029(a)		20,000		18,749

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			383

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Metals & Mining – (continued)

Baffinland Iron Mines Corp.
8.75%, 7/15/2026(a)	$	44,000	$	44,772

Commercial Metals Co.
4.13%, 1/15/2030		50,000		45,565

Eldorado Gold Corp.
6.25%, 9/1/2029(a)		25,000		24,250

FMG Resources August 2006 Pty. Ltd.
5.88%, 4/15/2030(a)		75,000		74,568
4.38%, 4/1/2031(a)		100,000		88,622

Hudbay Minerals, Inc.
4.50%, 4/1/2026(a)		18,000		16,620
6.13%, 4/1/2029(a)		18,000		17,055

Taseko Mines Ltd.
7.00%, 2/15/2026(a)		16,000		15,900
TMS International Corp.
6.25%, 4/15/2029(a)		11,000		9,583
				355,684

Mortgage Real Estate Investment Trusts (REITs) – 0.1%
Apollo Commercial Real Estate Finance, Inc.
4.63%, 6/15/2029(a)		21,000		18,297

New Residential Investment Corp.
6.25%, 10/15/2025(a)		23,000		21,939
				40,236

Multiline Retail – 0.6%
Macy’s Retail Holdings LLC
5.88%, 4/1/2029(a)		21,000		19,955
6.13%, 3/15/2032(a)		15,000		13,904
4.50%, 12/15/2034		50,000		39,091
5.13%, 1/15/2042		6,000		4,467

Nordstrom, Inc.
4.25%, 8/1/2031		75,000		63,715
5.00%, 1/15/2044		39,000		32,404
				173,536

Oil, Gas & Consumable Fuels – 9.8%
Aethon United BR LP
8.25%, 2/15/2026(a)		18,000		18,574

Antero Midstream Partners LP
5.38%, 6/15/2029(a)		25,000		23,486


Investments	Principal Amount		Value

Oil, Gas & Consumable Fuels – (continued)

Antero Resources Corp.
7.63%, 2/1/2029(a)	$	60,000	$	63,636

Ascent Resources Utica Holdings LLC
8.25%, 12/31/2028(a)		50,000		52,065

Blue Racer Midstream LLC
6.63%, 7/15/2026(a)		28,000		28,073

Buckeye Partners LP
3.95%, 12/1/2026		20,000		18,925
4.50%, 3/1/2028(a)		76,000		69,459

Calumet Specialty Products Partners LP
11.00%, 4/15/2025(a)		15,000		15,028

Cheniere Energy Partners LP
4.50%, 10/1/2029		65,000		62,326
4.00%, 3/1/2031		90,000		81,599
3.25%, 1/31/2032(a)		58,000		49,682

Cheniere Energy, Inc.
4.63%, 10/15/2028		94,000		91,064

Chesapeake Energy Corp.
6.75%, 4/15/2029(a)		33,000		33,261

Citgo Holding, Inc.
9.25%, 8/1/2024(a)		44,000		43,782

CITGO Petroleum Corp.
7.00%, 6/15/2025(a)		55,000		54,721

Colgate Energy Partners III LLC
5.88%, 7/1/2029(a)		23,000		22,917

CQP Holdco LP
5.50%, 6/15/2031(a)		65,000		60,037

Crestwood Midstream Partners LP
5.63%, 5/1/2027(a)		55,000		53,620

CrownRock LP
5.63%, 10/15/2025(a)		34,000		34,042
5.00%, 5/1/2029(a)		28,000		27,439

DCP Midstream Operating LP
5.38%, 7/15/2025		28,000		28,176
5.13%, 5/15/2029		55,000		54,167
5.85%, 5/21/2043(a)(c)		21,000		19,127

Delek Logistics Partners LP
7.13%, 6/1/2028(a)		21,000		20,113

Encino Acquisition Partners Holdings LLC
8.50%, 5/1/2028(a)		18,000		18,066

Endeavor Energy Resources LP
6.63%, 7/15/2025(a)		23,000		23,634
5.75%, 1/30/2028(a)		44,000		44,162

See Accompanying Notes to the Financial Statements.


384		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Oil, Gas & Consumable Fuels – (continued)

Energy Ventures Gom LLC
11.75%, 4/15/2026(a)	$	19,000	$	19,689

Enviva Partners LP
6.50%, 1/15/2026(a)		28,000		28,563

Genesis Energy LP
8.00%, 1/15/2027		105,000		103,120

Global Partners LP
7.00%, 8/1/2027		23,000		22,512

Gran Tierra Energy, Inc.
7.75%, 5/23/2027(a)		30,000		27,797

Great Western Petroleum LLC
12.00%, 9/1/2025(a)		11,000		12,272

Harvest Midstream I LP
7.50%, 9/1/2028(a)		23,000		23,386

Hess Midstream Operations LP
5.13%, 6/15/2028(a)		49,000		47,479

Hilcorp Energy I LP
6.25%, 11/1/2028(a)		60,000		59,850

Holly Energy Partners LP
5.00%, 2/1/2028(a)		18,000		17,146

ITT Holdings LLC
6.50%, 8/1/2029(a)		55,000		48,988

MEG Energy Corp.
7.13%, 2/1/2027(a)		90,000		91,561

Moss Creek Resources Holdings, Inc.
7.50%, 1/15/2026(a)		50,000		45,912

Neptune Energy Bondco plc
6.63%, 5/15/2025(a)		30,000		29,775

New Fortress Energy, Inc.
6.75%, 9/15/2025(a)		20,000		19,688
6.50%, 9/30/2026(a)		20,000		19,378

NGL Energy Operating LLC
7.50%, 2/1/2026(a)		55,000		51,826

NGL Energy Partners LP
7.50%, 11/1/2023		28,000		26,011
6.13%, 3/1/2025		28,000		23,531

Northriver Midstream Finance LP
5.63%, 2/15/2026(a)		28,000		27,353

NuStar Logistics LP
5.75%, 10/1/2025		34,000		33,869
6.38%, 10/1/2030		34,000		33,552

Occidental Petroleum Corp.
6.95%, 7/1/2024		34,000		35,703
6.63%, 9/1/2030		18,000		19,533


Investments	Principal Amount		Value

Oil, Gas & Consumable Fuels – (continued)
6.45%, 9/15/2036	$	116,000	$	126,045
4.20%, 3/15/2048		89,000		73,896

Parkland Corp.
4.50%, 10/1/2029(a)		50,000		43,852
4.63%, 5/1/2030(a)		40,000		35,072

PBF Logistics LP
6.88%, 5/15/2023		18,000		17,980

Renewable Energy Group, Inc.
5.88%, 6/1/2028(a)		18,000		19,084

Rockies Express Pipeline LLC
4.95%, 7/15/2029(a)		49,000		45,932

Strathcona Resources Ltd.
6.88%, 8/1/2026(a)		21,000		20,346

Summit Midstream Holdings LLC
5.75%, 4/15/2025		16,000		12,824

Sunnova Energy Corp.
5.88%, 9/1/2026(a)		11,000		10,080

Sunoco LP
6.00%, 4/15/2027		55,000		55,343

Tallgrass Energy Partners LP
7.50%, 10/1/2025(a)		28,000		28,629
6.00%, 12/31/2030(a)		49,000		45,385

Teine Energy Ltd.
6.88%, 4/15/2029(a)		28,000		27,946

Western Midstream Operating LP
3.60%, 2/1/2025(d)		44,000		42,136
4.55%, 2/1/2030(d)		71,000		65,329
				2,649,554

Paper & Forest Products – 0.3%

Domtar Corp.
6.75%, 10/1/2028(a)		30,000		29,791

Mercer International, Inc.
5.13%, 2/1/2029		55,000		51,189
				80,980

Personal Products – 0.5%

Avon Products, Inc.
8.45%, 3/15/2043(d)		11,000		12,732

Coty, Inc.
5.00%, 4/15/2026(a)		39,000		36,883
6.50%, 4/15/2026(a)		73,000		70,925

HLF Financing Sarl LLC
4.88%, 6/1/2029(a)		25,000		20,155
				140,695

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			385

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Pharmaceuticals – 3.6%

Bausch Health Americas, Inc.
8.50%, 1/31/2027(a)	$	144,000	$	136,294

Bausch Health Cos., Inc.
6.13%, 4/15/2025(a)		354,000		355,549
5.00%, 1/30/2028(a)		76,000		56,192
4.88%, 6/1/2028(a)		89,000		79,073
6.25%, 2/15/2029(a)		111,000		80,906
7.25%, 5/30/2029(a)		35,000		26,469
5.25%, 1/30/2030(a)		106,000		73,700
5.25%, 2/15/2031(a)		35,000		24,369

Endo Dac
9.50%, 7/31/2027(a)		11,000		8,654
6.00%, 6/30/2028(a)		48,000		21,000

Lannett Co., Inc.
7.75%, 4/15/2026(a)		21,000		11,051

P&L Development LLC
7.75%, 11/15/2025(a)		16,000		14,138

Par Pharmaceutical, Inc.
7.50%, 4/1/2027(a)		44,000		40,197

Perrigo Finance Unlimited Co.
3.90%, 6/15/2030(d)		35,000		31,501
				959,093

Professional Services – 0.1%

CoreLogic, Inc.
4.50%, 5/1/2028(a)		18,000		15,974

Real Estate Management & Development – 0.9%

Howard Hughes Corp. (The)
5.38%, 8/1/2028(a)		44,000		42,713
4.38%, 2/1/2031(a)		44,000		39,198

Kennedy-Wilson, Inc.
4.75%, 3/1/2029		28,000		25,868
5.00%, 3/1/2031		43,000		38,870

Realogy Group LLC
5.75%, 1/15/2029(a)		44,000		36,986
5.25%, 4/15/2030(a)		30,000		24,301

WeWork Cos. LLC
5.00%, 7/10/2025(a)		30,000		24,380

WeWork Cos., Inc.
7.88%, 5/1/2025(a)		25,000		21,100
				253,416


Investments	Principal Amount		Value

Road & Rail – 1.0%

First Student Bidco, Inc.
4.00%, 7/31/2029(a)	$	23,000	$	20,516

NESCO Holdings II, Inc.
5.50%, 4/15/2029(a)		28,000		26,425

Uber Technologies, Inc.
7.50%, 5/15/2025(a)		44,000		45,494
7.50%, 9/15/2027(a)		55,000		56,672
6.25%, 1/15/2028(a)		44,000		43,621
4.50%, 8/15/2029(a)		70,000		60,389

XPO Logistics, Inc.
6.25%, 5/1/2025(a)		18,000		18,427
				271,544

Semiconductors & Semiconductor Equipment – 0.2%

Entegris Escrow Corp.
4.75%, 4/15/2029(a)		26,000		25,094

ON Semiconductor Corp.
3.88%, 9/1/2028(a)		33,000		30,656
				55,750

Software – 2.9%

Boxer Parent Co., Inc.
7.13%, 10/2/2025(a)		28,000		28,596

Camelot Finance SA
4.50%, 11/1/2026(a)		18,000		16,943

Castle US Holding Corp.
9.50%, 2/15/2028(a)		28,000		25,874

Change Healthcare Holdings LLC
5.75%, 3/1/2025(a)		49,000		48,940

Clarivate Science Holdings Corp.
3.88%, 7/1/2028(a)		36,000		32,093
4.88%, 7/1/2029(a)		36,000		31,770

Condor Merger Sub, Inc.
7.38%, 2/15/2030(a)		33,000		29,563

Crowdstrike Holdings, Inc.
3.00%, 2/15/2029		34,000		30,226

Elastic NV
4.13%, 7/15/2029(a)		23,000		20,618

Fair Isaac Corp.
5.25%, 5/15/2026(a)		14,000		14,087
4.00%, 6/15/2028(a)		13,000		11,895

LogMeIn, Inc.
5.50%, 9/1/2027(a)		33,000		28,916

Minerva Merger Sub, Inc.
6.50%, 2/15/2030(a)		15,000		13,828

See Accompanying Notes to the Financial Statements.


386		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Software – (continued)

NCR Corp.
5.75%, 9/1/2027(a)	$	24,000	$	23,134
5.00%, 10/1/2028(a)		32,000		29,580
5.13%, 4/15/2029(a)		58,000		55,704
6.13%, 9/1/2029(a)		24,000		23,010
5.25%, 10/1/2030(a)		22,000		20,816

NortonLifeLock, Inc.
5.00%, 4/15/2025(a)		49,000		49,000

Open Text Holdings, Inc.
4.13%, 2/15/2030(a)		89,000		79,113
4.13%, 12/1/2031(a)		50,000		43,426

PTC, Inc.
4.00%, 2/15/2028(a)		34,000		31,566

Rocket Software, Inc.
6.50%, 2/15/2029(a)		28,000		24,010

SS&C Technologies, Inc.
5.50%, 9/30/2027(a)		33,000		32,382

Veritas US, Inc.
7.50%, 9/1/2025(a)		55,000		48,555
				793,645

Specialty Retail – 2.9%

99 Escrow Issuer, Inc.
7.50%, 1/15/2026(a)		16,000		10,421

At Home Group, Inc.
4.88%, 7/15/2028(a)		21,000		17,390
7.13%, 7/15/2029(a)		18,000		13,455

Bath & Body Works, Inc.
9.38%, 7/1/2025(a)		44,000		49,553
5.25%, 2/1/2028		34,000		32,678
6.63%, 10/1/2030(a)		44,000		43,846
6.88%, 11/1/2035		79,000		77,345

BCPE Ulysses Intermediate, Inc.
7.75%, 4/1/2027(a)(b)		16,000		13,700

Carvana Co.
5.50%, 4/15/2027(a)		71,000		56,956

Gap, Inc. (The)
3.63%, 10/1/2029(a)		36,000		29,340
3.88%, 10/1/2031(a)		36,000		28,764

LBM Acquisition LLC
6.25%, 1/15/2029(a)		28,000		22,822

Lithia Motors, Inc.
3.88%, 6/1/2029(a)		40,000		36,172
4.38%, 1/15/2031(a)		40,000		36,762


Investments	Principal Amount		Value

Specialty Retail – (continued)

LSF9 Atlantis Holdings LLC
7.75%, 2/15/2026(a)	$	34,000	$	30,713

Michaels Cos., Inc. (The)
5.25%, 5/1/2028(a)		12,000		10,334
7.88%, 5/1/2029(a)		44,000		34,700

Park River Holdings, Inc.
5.63%, 2/1/2029(a)		18,000		13,839

Penske Automotive Group, Inc.
3.75%, 6/15/2029		49,000		41,872

Specialty Building Products Holdings LLC
6.38%, 9/30/2026(a)		28,000		27,521

SRS Distribution, Inc.
6.13%, 7/1/2029(a)		34,000		30,047

Staples, Inc.
7.50%, 4/15/2026(a)		65,000		62,179
10.75%, 4/15/2027(a)		34,000		30,168

White Cap Buyer LLC
6.88%, 10/15/2028(a)		18,000		16,516

White Cap Parent LLC
8.25%, 3/15/2026(a)(b)		6,000		5,798
				772,891

Technology Hardware, Storage & Peripherals – 0.9%

Seagate HDD Cayman
4.88%, 3/1/2024		20,000		20,125
4.13%, 1/15/2031		150,000		131,851

Xerox Corp.
6.75%, 12/15/2039		21,000		19,753

Xerox Holdings Corp.
5.00%, 8/15/2025(a)		44,000		42,196
5.50%, 8/15/2028(a)		44,000		39,681
				253,606

Textiles, Apparel & Luxury Goods – 0.5%

Eagle Intermediate Global Holding BV
7.50%, 5/1/2025(a)		25,000		22,589

Hanesbrands, Inc.
4.88%, 5/15/2026(a)		60,000		58,722

Under Armour, Inc.
3.25%, 6/15/2026		30,000		27,646

William Carter Co. (The)
5.63%, 3/15/2027(a)		24,000		23,949
				132,906

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			387

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Thrifts & Mortgage Finance – 1.4%

Freedom Mortgage Corp.
8.13%, 11/15/2024(a)	$	44,000	$	42,680
7.63%, 5/1/2026(a)		49,000		44,652

Home Point Capital, Inc.
5.00%, 2/1/2026(a)		25,000		19,782

MGIC Investment Corp.
5.25%, 8/15/2028		55,000		51,735

Nationstar Mortgage Holdings, Inc.
5.50%, 8/15/2028(a)		59,000		53,768
5.13%, 12/15/2030(a)		44,000		38,340

PennyMac Financial Services, Inc.
4.25%, 2/15/2029(a)		74,000		59,623

Provident Funding Associates LP
6.38%, 6/15/2025(a)		25,000		24,604

Radian Group, Inc.
4.88%, 3/15/2027		20,000		19,325

United Wholesale Mortgage LLC
5.50%, 11/15/2025(a)		23,000		21,167
				375,676

Trading Companies & Distributors – 1.9%

Ahern Rentals, Inc.
7.38%, 5/15/2023(a)		18,000		17,010

Boise Cascade Co.
4.88%, 7/1/2030(a)		21,000		19,780

Fortress Transportation and Infrastructure Investors LLC
9.75%, 8/1/2027(a)		95,000		97,090
5.50%, 5/1/2028(a)		18,000		15,556

Foundation Building Materials, Inc.
6.00%, 3/1/2029(a)		16,000		13,038

Imola Merger Corp.
4.75%, 5/15/2029(a)		74,000		68,915

United Rentals North America, Inc.
4.88%, 1/15/2028		79,000		76,959
5.25%, 1/15/2030		55,000		53,564
3.88%, 2/15/2031		44,000		38,870

WESCO Distribution, Inc.
7.13%, 6/15/2025(a)		55,000		57,201
7.25%, 6/15/2028(a)		55,000		57,238
				515,221


Investments	Principal Amount		Value

Water Utilities – 0.1%

Solaris Midstream Holdings LLC
7.63%, 4/1/2026(a)	$	28,000	$	28,736

Wireless Telecommunication Services – 4.3%

Ligado Networks LLC
+ 0.00%), 15.50%,
11/1/2023(a)(b)(e)		114,950		78,691
17.50%, 5/1/2024(a)(b)		34,250		13,512

Sprint Corp.
7.88%, 9/15/2023		150,000		156,756
7.13%, 6/15/2024		84,000		88,519
7.63%, 2/15/2025		55,000		58,568
7.63%, 3/1/2026		71,000		77,190

T-Mobile USA, Inc.
2.63%, 4/15/2026		111,000		103,341
4.75%, 2/1/2028		111,000		109,682
3.50%, 4/15/2031		214,000		189,968

Vmed O2 UK Financing I plc
4.25%, 1/31/2031(a)		25,000		21,169
4.75%, 7/15/2031(a)		65,000		55,857

Vodafone Group plc
7.00%, 4/4/2079(c)		139,000		146,977
5.12%, 6/4/2081(c)		60,000		50,243
				1,150,473
Total Corporate Bonds (Cost $28,972,681)				26,237,737

Total Investments – 97.3% (Cost $28,972,681)				26,237,737

Other assets less liabilities – 2.7%				717,734
NET ASSETS – 100.0%			$	26,955,471

^(a)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees.

^(b)

Payment in-kind security.

^(c)

Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end.

^(d)

See Accompanying Notes to the Financial Statements.


388		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

^(e)

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

Percentages shown are based on Net Assets.



Aggregate gross unrealized appreciation	$	13,178
Aggregate gross unrealized depreciation		(2,753,117	)
Net unrealized depreciation	$	(2,739,939	)
Federal income tax cost	$	28,977,676


Security Type	% of Net Assets
Corporate Bonds		97.3	%
Others⁽¹⁾		2.7
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			389

Schedule of Investments

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund

April 30, 2022 (Unaudited)


Investments	Principal Amount		Value

CORPORATE BONDS – 97.5%

Air Freight & Logistics – 0.6%

FedEx Corp.
3.25%, 4/1/2026	$	100,000	$	98,745
5.25%, 5/15/2050		150,000		154,210
				252,955

Auto Components – 0.1%

Aptiv plc
3.10%, 12/1/2051		50,000		34,535

Automobiles – 0.7%

General Motors Co.
6.80%, 10/1/2027		200,000		216,417
5.95%, 4/1/2049		100,000		100,558
				316,975

Banks – 15.5%

Banco Santander SA
2.75%, 5/28/2025		200,000		191,524
5.18%, 11/19/2025		200,000		204,294

Bank of America Corp.
3.46%, 3/15/2025(a)		200,000		198,366
3.09%, 10/1/2025(a)		200,000		196,232
1.73%, 7/22/2027(a)		200,000		179,833
3.42%, 12/20/2028(a)		200,000		189,751
4.27%, 7/23/2029(a)		150,000		147,489
2.69%, 4/22/2032(a)		200,000		172,044
6.11%, 1/29/2037		200,000		221,160
2.68%, 6/19/2041(a)		100,000		75,193

Barclays plc
5.20%, 5/12/2026		200,000		202,911
3.81%, 3/10/2042(a)		200,000		158,337

Citigroup, Inc.
3.35%, 4/24/2025(a)		250,000		246,333
3.11%, 4/8/2026(a)		150,000		145,376
3.20%, 10/21/2026		150,000		145,035
4.45%, 9/29/2027		150,000		149,205
3.98%, 3/20/2030(a)		50,000		48,143
4.41%, 3/31/2031(a)		150,000		146,843
2.57%, 6/3/2031(a)		150,000		129,024
8.13%, 7/15/2039		100,000		138,116
4.75%, 5/18/2046		100,000		95,901
4.65%, 7/23/2048		50,000		49,573


Investments	Principal Amount		Value

Banks – (continued)

HSBC Holdings plc
3.80%, 3/11/2025(a)	$	200,000	$	199,142
4.30%, 3/8/2026		200,000		200,535
4.58%, 6/19/2029(a)		200,000		198,132
2.80%, 5/24/2032(a)		200,000		168,950
6.50%, 9/15/2037		150,000		169,033

ING Groep NV
4.05%, 4/9/2029		200,000		193,326

JPMorgan Chase & Co.
3.80%, 7/23/2024(a)		100,000		100,500
3.88%, 9/10/2024		150,000		150,879
1.58%, 4/22/2027(a)		200,000		181,201
3.78%, 2/1/2028(a)		200,000		194,500
4.45%, 12/5/2029(a)		150,000		149,233
2.74%, 10/15/2030(a)		150,000		133,691
4.49%, 3/24/2031(a)		150,000		149,873
2.58%, 4/22/2032(a)		100,000		85,855
5.60%, 7/15/2041		100,000		109,744
5.63%, 8/16/2043		100,000		109,195

Mitsubishi UFJ Financial Group, Inc.
2.19%, 2/25/2025		200,000		192,083
2.31%, 7/20/2032(a)		200,000		166,823

Royal Bank of Canada
2.55%, 7/16/2024		100,000		98,411
1.15%, 6/10/2025		200,000		184,903

Santander Holdings USA, Inc.
3.45%, 6/2/2025		200,000		196,681

Santander UK Group Holdings plc
1.09%, 3/15/2025(a)		200,000		189,044
				6,952,417

Beverages – 2.8%

Anheuser-Busch Cos. LLC
4.70%, 2/1/2036		100,000		99,243
4.90%, 2/1/2046		50,000		49,472

Anheuser-Busch InBev Worldwide, Inc.
4.75%, 1/23/2029		100,000		103,109
5.45%, 1/23/2039		100,000		106,697
5.55%, 1/23/2049		300,000		322,398

Diageo Capital plc
2.13%, 10/24/2024		200,000		194,951

See Accompanying Notes to the Financial Statements.


390		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Beverages – (continued)

PepsiCo, Inc.
2.25%, 3/19/2025	$	100,000	$	97,712
2.63%, 7/29/2029		100,000		93,549
3.50%, 3/19/2040		200,000		185,943
				1,253,074

Biotechnology – 1.3%

Amgen, Inc.
1.90%, 2/21/2025		100,000		95,837
1.65%, 8/15/2028		100,000		87,361
2.80%, 8/15/2041		50,000		38,504
4.66%, 6/15/2051		200,000		193,395

Biogen, Inc.
3.15%, 5/1/2050		50,000		34,981

Gilead Sciences, Inc.
4.60%, 9/1/2035		150,000		151,771
				601,849

Building Products – 0.2%

Johnson Controls International plc
4.95%, 7/2/2064(b)		50,000		47,654

Owens Corning
4.30%, 7/15/2047		50,000		44,602
				92,256

Capital Markets – 7.2%

Bank of New York Mellon Corp. (The)
2.20%, 8/16/2023		200,000		198,413
2.10%, 10/24/2024		10,000		9,785
3.40%, 1/29/2028		100,000		98,313

Blackstone Private Credit Fund
2.63%, 12/15/2026(c)		50,000		43,930

Deutsche Bank AG
2.22%, 9/18/2024(a)		150,000		146,026
3.96%, 11/26/2025(a)		150,000		148,040
3.04%, 5/28/2032(a)		150,000		125,269

FS KKR Capital Corp.
2.63%, 1/15/2027		50,000		44,928

Goldman Sachs Group, Inc. (The)
4.00%, 3/3/2024		200,000		201,988
3.50%, 4/1/2025		200,000		197,336
2.38%, 7/21/2032(a)		100,000		82,838


Investments	Principal Amount		Value

Capital Markets – (continued)
3.10%, 2/24/2033(a)	$	100,000	$	87,546
6.75%, 10/1/2037		100,000		115,807
5.15%, 5/22/2045		100,000		100,804

Moody’s Corp.
3.75%, 2/25/2052		50,000		42,783

Morgan Stanley
Series F, 3.88%, 4/29/2024		200,000		201,401
3.88%, 1/27/2026		200,000		198,554
3.13%, 7/27/2026		200,000		191,904
0.98%, 12/10/2026(a)		200,000		178,779
2.70%, 1/22/2031(a)		200,000		176,199
2.24%, 7/21/2032(a)		100,000		82,737
4.46%, 4/22/2039(a)		100,000		97,602
5.60%, 3/24/2051(a)		150,000		171,229

S&P Global, Inc.
1.25%, 8/15/2030		100,000		81,388

State Street Corp.
2.90%, 3/30/2026(a)		100,000		97,975
2.40%, 1/24/2030		100,000		90,035
				3,211,609

Chemicals – 1.2%

Ecolab, Inc.
4.80%, 3/24/2030		200,000		212,128

International Flavors & Fragrances, Inc.
5.00%, 9/26/2048		50,000		49,318

Nutrien Ltd.
5.88%, 12/1/2036		100,000		111,464

Sherwin-Williams Co. (The)
2.95%, 8/15/2029		200,000		184,388
				557,298

Commercial Services & Supplies – 0.6%

Waste Management, Inc.
0.75%, 11/15/2025		300,000		274,152

Communications Equipment – 0.3%

Cisco Systems, Inc.
5.90%, 2/15/2039		100,000		119,542

Consumer Finance – 2.0%

American Express Co.
3.13%, 5/20/2026		100,000		98,199

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			391

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Consumer Finance – (continued)

Caterpillar Financial Services Corp.
0.95%, 1/10/2024	$	100,000	$	96,978
1.10%, 9/14/2027		200,000		177,599

General Motors Financial Co., Inc.
1.25%, 1/8/2026		250,000		224,002

John Deere Capital Corp.
3.45%, 3/7/2029		200,000		196,948

Synchrony Financial
4.38%, 3/19/2024		100,000		100,945
				894,671

Containers & Packaging – 0.3%

International Paper Co.
6.00%, 11/15/2041		100,000		111,107

Packaging Corp. of America
3.05%, 10/1/2051		50,000		37,963
				149,070

Diversified Financial Services – 1.4%

Shell International Finance BV
0.38%, 9/15/2023		200,000		194,109
3.88%, 11/13/2028		100,000		100,181
6.38%, 12/15/2038		100,000		122,747
4.38%, 5/11/2045		150,000		146,147
3.25%, 4/6/2050		50,000		41,390
				604,574

Diversified Telecommunication Services – 4.8%

AT&T, Inc.
4.35%, 3/1/2029		150,000		151,681
4.30%, 2/15/2030		150,000		151,005
3.50%, 6/1/2041		100,000		83,432
3.50%, 9/15/2053		50,000		39,415
3.55%, 9/15/2055		200,000		155,556
3.80%, 12/1/2057		100,000		80,458
3.65%, 9/15/2059		100,000		77,590

Orange SA
9.00%, 3/1/2031(b)		100,000		132,029

Telefonica Emisiones SA
5.21%, 3/8/2047		150,000		142,668

Verizon Communications, Inc.
3.38%, 2/15/2025		50,000		49,996
4.13%, 3/16/2027		150,000		150,854


Investments	Principal Amount		Value

Diversified Telecommunication Services – (continued)
4.33%, 9/21/2028	$	200,000	$	201,373
2.36%, 3/15/2032(c)		100,000		84,179
2.65%, 11/20/2040		150,000		113,963
3.40%, 3/22/2041		200,000		168,824
4.86%, 8/21/2046		100,000		101,213
3.55%, 3/22/2051		200,000		165,395
3.70%, 3/22/2061		100,000		82,041
				2,131,672

Electric Utilities – 2.8%

Arizona Public Service Co.
2.20%, 12/15/2031		100,000		82,897

Commonwealth Edison Co.
3.00%, 3/1/2050		50,000		39,611
Series 130, 3.13%, 3/15/2051		100,000		80,793

Connecticut Light and Power Co. (The)
Series A, 2.05%, 7/1/2031		100,000		85,693

Edison International
4.13%, 3/15/2028		300,000		289,843

Eversource Energy
3.45%, 1/15/2050		100,000		80,021

Exelon Corp.
4.95%, 6/15/2035		100,000		100,353
4.45%, 4/15/2046		50,000		47,614
4.70%, 4/15/2050		100,000		97,666

Oncor Electric Delivery Co. LLC
2.75%, 6/1/2024		100,000		99,025
4.55%, 12/1/2041		100,000		101,933

Potomac Electric Power Co.
3.60%, 3/15/2024		100,000		100,702

Southern California Edison Co.
Series C, 4.13%, 3/1/2048		50,000		43,928
				1,250,079

Energy Equipment & Services – 0.5%

Baker Hughes Holdings LLC
4.08%, 12/15/2047		50,000		44,802

Halliburton Co.
2.92%, 3/1/2030		100,000		90,703
4.85%, 11/15/2035		100,000		101,262
				236,767

See Accompanying Notes to the Financial Statements.


392		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Entertainment – 1.1%

Walt Disney Co. (The)
3.35%, 3/24/2025	$	100,000	$	99,732
2.00%, 9/1/2029		200,000		175,264
6.65%, 11/15/2037		100,000		123,246
3.50%, 5/13/2040		100,000		88,533
				486,775

Equity Real Estate Investment Trusts (REITs) – 3.8%

Alexandria Real Estate Equities, Inc.
2.75%, 12/15/2029		200,000		179,917

AvalonBay Communities, Inc.
2.95%, 5/11/2026		200,000		194,496

Boston Properties LP
3.25%, 1/30/2031		100,000		90,834

Brixmor Operating Partnership LP
3.90%, 3/15/2027		100,000		98,058

Equinix, Inc.
3.20%, 11/18/2029		100,000		90,966
3.40%, 2/15/2052		50,000		38,946

ERP Operating LP
4.50%, 7/1/2044		100,000		100,014

Healthpeak Properties, Inc.
1.35%, 2/1/2027		100,000		89,887

Host Hotels & Resorts LP
Series F, 4.50%, 2/1/2026		100,000		100,064

Kilroy Realty LP
4.38%, 10/1/2025		100,000		101,539

Kimco Realty Corp.
2.25%, 12/1/2031		100,000		84,325

Prologis LP
3.00%, 4/15/2050		100,000		79,796

UDR, Inc.
3.20%, 1/15/2030		100,000		92,809

Ventas Realty LP
4.00%, 3/1/2028		200,000		195,994

Welltower, Inc.
3.10%, 1/15/2030		200,000		184,452
				1,722,097

Food & Staples Retailing – 2.0%

Kroger Co. (The)
2.65%, 10/15/2026		100,000		95,009
3.95%, 1/15/2050		100,000		88,653


Investments	Principal Amount		Value

Food & Staples Retailing – (continued)

Walgreens Boots Alliance, Inc.
3.45%, 6/1/2026	$	100,000	$	98,313
4.10%, 4/15/2050		75,000		64,452

Walmart, Inc.
3.40%, 6/26/2023		200,000		202,273
3.25%, 7/8/2029		100,000		97,970
1.80%, 9/22/2031		150,000		128,192
4.05%, 6/29/2048		100,000		101,010
				875,872

Food Products – 1.6%

Bunge Ltd. Finance Corp.
1.63%, 8/17/2025		100,000		93,160

Campbell Soup Co.
4.15%, 3/15/2028		100,000		99,668

General Mills, Inc.
3.70%, 10/17/2023		100,000		101,022
2.88%, 4/15/2030		100,000		91,019

Kellogg Co.
2.65%, 12/1/2023		100,000		99,464

Kraft Heinz Foods Co.
6.50%, 2/9/2040		50,000		55,142

Mondelez International, Inc.
2.63%, 9/4/2050		100,000		70,710

Unilever Capital Corp.
3.50%, 3/22/2028		100,000		98,970
				709,155

Health Care Equipment & Supplies – 1.7%

Abbott Laboratories
3.40%, 11/30/2023		100,000		100,982
4.90%, 11/30/2046		150,000		164,907

Baxter International, Inc.
1.73%, 4/1/2031		100,000		80,678
3.13%, 12/1/2051(c)		50,000		37,403

Becton Dickinson and Co.
1.96%, 2/11/2031		100,000		82,597

Boston Scientific Corp.
2.65%, 6/1/2030		100,000		88,958

Medtronic, Inc.
4.63%, 3/15/2045		100,000		105,302

Zimmer Biomet Holdings, Inc.
2.60%, 11/24/2031		100,000		85,824
				746,651

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			393

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Health Care Providers & Services – 5.4%

Aetna, Inc.
2.80%, 6/15/2023	$	200,000	$	199,553
3.88%, 8/15/2047		50,000		43,333

AmerisourceBergen Corp.
2.70%, 3/15/2031		100,000		87,755

Anthem, Inc.
2.38%, 1/15/2025		200,000		193,915
2.25%, 5/15/2030		100,000		86,692
3.60%, 3/15/2051		200,000		169,490

Cardinal Health, Inc.
3.08%, 6/15/2024		100,000		99,335
4.90%, 9/15/2045		50,000		47,443

Cigna Corp.
4.50%, 2/25/2026		100,000		102,159
4.38%, 10/15/2028		150,000		150,918
4.90%, 12/15/2048		150,000		149,780

CommonSpirit Health
4.19%, 10/1/2049		100,000		90,060

CVS Health Corp.
3.88%, 7/20/2025		100,000		100,610
4.30%, 3/25/2028		200,000		201,069
4.78%, 3/25/2038		100,000		99,213
5.05%, 3/25/2048		150,000		152,382
4.25%, 4/1/2050		50,000		45,514

HCA, Inc.
4.38%, 3/15/2042(c)		150,000		130,870

Kaiser Foundation Hospitals
Series 2021, 2.81%, 6/1/2041		100,000		79,532

Laboratory Corp. of America Holdings
1.55%, 6/1/2026		100,000		91,399
2.70%, 6/1/2031		100,000		87,289
				2,408,311

Hotels, Restaurants & Leisure – 1.4%

Las Vegas Sands Corp.
3.20%, 8/8/2024		100,000		96,174

Marriott International, Inc.
Series II, 2.75%, 10/15/2033		100,000		82,397

McDonald’s Corp.
3.50%, 7/1/2027		100,000		98,674
3.63%, 9/1/2049		200,000		168,147


Investments	Principal Amount		Value

Hotels, Restaurants & Leisure – (continued)

Sands China Ltd.
5.40%, 8/8/2028(b)	$	200,000	$	188,912
				634,304

Household Durables – 0.3%

Lennar Corp.
4.50%, 4/30/2024		100,000		101,584

Whirlpool Corp.
4.60%, 5/15/2050		50,000		46,364
				147,948

Household Products – 0.2%

Kimberly-Clark Corp.
3.10%, 3/26/2030		100,000		94,923

Independent Power and Renewable Electricity Producers – 0.4%

Constellation Energy Generation LLC
3.25%, 6/1/2025		100,000		98,168
5.75%, 10/1/2041		50,000		49,667

Oglethorpe Power Corp.
5.05%, 10/1/2048		50,000		50,367
				198,202

Insurance – 4.2%

Allstate Corp. (The)
3.85%, 8/10/2049		100,000		90,371

American International Group, Inc.
2.50%, 6/30/2025		200,000		192,590
4.75%, 4/1/2048		100,000		102,996

Brighthouse Financial, Inc.
3.85%, 12/22/2051		50,000		37,086

Chubb INA Holdings, Inc.
4.35%, 11/3/2045		100,000		98,723

Corebridge Financial, Inc.
4.35%, 4/5/2042(c)		100,000		90,766

Everest Reinsurance Holdings, Inc.
3.13%, 10/15/2052		50,000		37,198

Hartford Financial Services Group, Inc. (The)
3.60%, 8/19/2049		100,000		84,943

Lincoln National Corp.
4.00%, 9/1/2023		200,000		202,314

See Accompanying Notes to the Financial Statements.


394		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Insurance – (continued)

Manulife Financial Corp.
4.06%, 2/24/2032(a)	$	100,000	$	97,388

MetLife, Inc.
3.60%, 4/10/2024		200,000		201,629
10.75%, 8/1/2039		50,000		69,954
4.60%, 5/13/2046		100,000		103,088

Progressive Corp. (The)
4.20%, 3/15/2048		50,000		48,597

Prudential Financial, Inc.
4.50%, 9/15/2047(a)		100,000		94,933
4.35%, 2/25/2050		150,000		147,079

Travelers Cos., Inc. (The)
4.00%, 5/30/2047		150,000		140,732

Unum Group
4.13%, 6/15/2051		50,000		39,414
				1,879,801

Interactive Media & Services – 0.5%

Alphabet, Inc.
0.45%, 8/15/2025		100,000		92,320
1.10%, 8/15/2030		100,000		82,002
2.05%, 8/15/2050		100,000		69,283
				243,605

Internet & Direct Marketing Retail – 1.6%

Amazon.com, Inc.
1.00%, 5/12/2026		200,000		182,630
1.65%, 5/12/2028		250,000		222,861
3.88%, 8/22/2037		100,000		97,731
2.88%, 5/12/2041		150,000		124,861

eBay, Inc.
2.70%, 3/11/2030		100,000		88,387
				716,470

IT Services – 2.1%

International Business Machines Corp.
3.00%, 5/15/2024		200,000		199,187
3.50%, 5/15/2029		150,000		145,253
4.25%, 5/15/2049		150,000		141,939

Mastercard, Inc.
2.95%, 6/1/2029		200,000		190,773
1.90%, 3/15/2031		100,000		87,115


Investments	Principal Amount		Value

IT Services – (continued)

PayPal Holdings, Inc.
1.35%, 6/1/2023	$	100,000	$	98,742
2.85%, 10/1/2029		100,000		91,957
				954,966

Leisure Products – 0.1%

Hasbro, Inc.
6.35%, 3/15/2040		50,000		54,978

Machinery – 1.1%

Caterpillar, Inc.
5.20%, 5/27/2041		100,000		111,190

Cummins, Inc.
1.50%, 9/1/2030		100,000		81,920

Illinois Tool Works, Inc.
2.65%, 11/15/2026		200,000		193,887

Stanley Black & Decker, Inc.
4.00%, 3/15/2060(a)		100,000		95,610
				482,607

Media – 0.9%

Fox Corp.
4.71%, 1/25/2029		100,000		100,878
3.50%, 4/8/2030		100,000		92,939

Paramount Global
4.95%, 1/15/2031		100,000		99,231
4.38%, 3/15/2043		100,000		82,965
4.95%, 5/19/2050		50,000		45,500
				421,513

Metals & Mining – 0.4%

Newmont Corp.
5.88%, 4/1/2035		100,000		110,788

Teck Resources Ltd.
6.25%, 7/15/2041		50,000		54,454
				165,242

Multiline Retail – 0.6%

Target Corp.
2.25%, 4/15/2025		100,000		97,215
2.65%, 9/15/2030		200,000		183,276
				280,491

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			395

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Multi-Utilities – 1.5%

Consolidated Edison Co. of New York, Inc.
2.40%, 6/15/2031	$	100,000	$	86,846
3.95%, 3/1/2043		50,000		44,840

Consumers Energy Co.
4.35%, 4/15/2049		100,000		100,389

Dominion Energy, Inc.
Series C, 3.38%, 4/1/2030		100,000		92,673

Puget Energy, Inc.
2.38%, 6/15/2028		200,000		178,389

San Diego Gas & Electric Co.
2.95%, 8/15/2051		100,000		78,062

Sempra Energy
4.00%, 2/1/2048		100,000		88,422
				669,621

Oil, Gas & Consumable Fuels – 6.3%

BP Capital Markets America, Inc.
3.38%, 2/8/2061		50,000		39,077

Canadian Natural Resources Ltd.
6.25%, 3/15/2038		100,000		110,418

Devon Energy Corp.
5.00%, 6/15/2045		50,000		48,960

Enbridge, Inc.
2.50%, 8/1/2033		100,000		82,902
5.50%, 7/15/2077(a)		100,000		95,943

Enterprise Products Operating LLC
6.45%, 9/1/2040		100,000		113,293
4.25%, 2/15/2048		100,000		88,339
4.80%, 2/1/2049		50,000		47,931
4.20%, 1/31/2050		50,000		44,081

Hess Corp.
3.50%, 7/15/2024		100,000		99,494
6.00%, 1/15/2040		50,000		53,211

Kinder Morgan Energy Partners LP
6.95%, 1/15/2038		100,000		114,256

Kinder Morgan, Inc.
4.30%, 6/1/2025		100,000		101,022
2.00%, 2/15/2031		100,000		82,657
5.55%, 6/1/2045		100,000		100,957

Magellan Midstream Partners LP
3.95%, 3/1/2050		50,000		41,940


Investments	Principal Amount		Value

Oil, Gas & Consumable Fuels – (continued)

Marathon Petroleum Corp.
4.50%, 4/1/2048	$	50,000	$	44,186

MPLX LP
1.75%, 3/1/2026		100,000		91,472
2.65%, 8/15/2030		100,000		86,629
5.50%, 2/15/2049		100,000		98,202

ONEOK Partners LP
6.13%, 2/1/2041		50,000		51,025

Plains All American Pipeline LP
4.65%, 10/15/2025		200,000		202,354
4.90%, 2/15/2045		50,000		43,144

Sabine Pass Liquefaction LLC
4.50%, 5/15/2030		100,000		99,549

Suncor Energy, Inc.
6.80%, 5/15/2038		50,000		58,610

TotalEnergies Capital International SA
2.83%, 1/10/2030		100,000		92,703
3.13%, 5/29/2050		100,000		79,638

Transcontinental Gas Pipe Line Co. LLC
3.25%, 5/15/2030		50,000		46,473

Valero Energy Corp.
4.00%, 4/1/2029		100,000		97,391
2.80%, 12/1/2031		100,000		86,650

Williams Cos., Inc. (The)
4.55%, 6/24/2024		200,000		202,894
6.30%, 4/15/2040		100,000		111,808
5.75%, 6/24/2044		50,000		52,201
				2,809,410

Paper & Forest Products – 0.2%

Suzano Austria GmbH
3.13%, 1/15/2032		100,000		80,902

Personal Products – 0.2%

Estee Lauder Cos., Inc. (The)
3.15%, 3/15/2027		100,000		97,773

Pharmaceuticals – 4.5%

AstraZeneca plc
6.45%, 9/15/2037		50,000		61,890

GlaxoSmithKline Capital, Inc.
3.88%, 5/15/2028		100,000		100,786
6.38%, 5/15/2038		100,000		123,109

See Accompanying Notes to the Financial Statements.


396		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Pharmaceuticals – (continued)

Johnson & Johnson
2.63%, 1/15/2025	$	100,000	$	99,398
1.30%, 9/1/2030		100,000		84,290
3.63%, 3/3/2037		200,000		193,409
3.70%, 3/1/2046		100,000		95,448

Merck & Co., Inc.
2.90%, 3/7/2024		100,000		99,918
3.40%, 3/7/2029		100,000		98,369
2.35%, 6/24/2040		100,000		77,552
3.70%, 2/10/2045		100,000		91,664
2.75%, 12/10/2051		50,000		38,392

Novartis Capital Corp.
3.40%, 5/6/2024		100,000		100,819
2.00%, 2/14/2027		100,000		94,112
2.75%, 8/14/2050		100,000		79,178

Pfizer, Inc.
0.80%, 5/28/2025		100,000		93,269
3.45%, 3/15/2029		100,000		97,822
7.20%, 3/15/2039		100,000		135,161
4.13%, 12/15/2046		100,000		99,786

Takeda Pharmaceutical Co. Ltd.
2.05%, 3/31/2030		200,000		168,625
				2,032,997

Road & Rail – 1.4%

Canadian National Railway Co.
4.45%, 1/20/2049		100,000		101,626

Canadian Pacific Railway Co.
1.35%, 12/2/2024		100,000		94,811
4.80%, 8/1/2045		100,000		101,848

CSX Corp.
3.40%, 8/1/2024		100,000		100,329
4.30%, 3/1/2048		100,000		95,666
3.80%, 4/15/2050		100,000		88,871

Norfolk Southern Corp.
4.10%, 5/15/2121		25,000		20,546
				603,697

Semiconductors & Semiconductor Equipment – 1.8%

Intel Corp.
2.88%, 5/11/2024		100,000		100,051
3.40%, 3/25/2025		100,000		100,190
2.45%, 11/15/2029		200,000		181,480


Investments	Principal Amount		Value

Semiconductors & Semiconductor Equipment – (continued)
2.00%, 8/12/2031	$	100,000	$	85,120
4.75%, 3/25/2050		150,000		155,468
4.95%, 3/25/2060		50,000		53,381

Micron Technology, Inc.
3.37%, 11/1/2041		50,000		39,889

QUALCOMM, Inc.
3.45%, 5/20/2025		100,000		100,341
				815,920

Software – 3.8%

Microsoft Corp.
3.13%, 11/3/2025		150,000		150,527
2.40%, 8/8/2026		200,000		193,830
3.30%, 2/6/2027		200,000		200,582
3.45%, 8/8/2036		50,000		47,941
2.53%, 6/1/2050		250,000		188,742
2.92%, 3/17/2052		150,000		122,692
3.04%, 3/17/2062		50,000		40,034

Oracle Corp.
3.60%, 4/1/2040		200,000		155,516
3.65%, 3/25/2041		100,000		77,737
4.00%, 7/15/2046		100,000		78,729
4.10%, 3/25/2061		100,000		74,309

Salesforce, Inc.
1.50%, 7/15/2028		100,000		88,431
2.90%, 7/15/2051		100,000		78,740

VMware, Inc.
0.60%, 8/15/2023		200,000		193,636
				1,691,446

Specialty Retail – 2.0%

Dick’s Sporting Goods, Inc.
4.10%, 1/15/2052		50,000		36,751

Home Depot, Inc. (The)
3.90%, 12/6/2028		200,000		200,266
5.88%, 12/16/2036		150,000		177,518

Lowe’s Cos., Inc.
2.50%, 4/15/2026		200,000		191,024
3.65%, 4/5/2029		100,000		96,608
2.63%, 4/1/2031		100,000		87,854
3.00%, 10/15/2050		150,000		111,697
				901,718

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			397

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Technology Hardware, Storage & Peripherals – 3.0%

Apple, Inc.
2.40%, 5/3/2023	$	100,000	$	100,134
3.45%, 5/6/2024		200,000		202,414
3.25%, 2/23/2026		300,000		299,864
1.65%, 2/8/2031		300,000		254,664
2.38%, 2/8/2041		150,000		117,497
3.85%, 5/4/2043		150,000		142,363
4.65%, 2/23/2046		50,000		53,190
2.65%, 2/8/2051		50,000		38,103

Dell International LLC
8.10%, 7/15/2036		54,000		66,742
3.38%, 12/15/2041(c)		50,000		37,613

HP, Inc.
2.65%, 6/17/2031		58,000		48,157
				1,360,741

Water Utilities – 0.4%

American Water Capital Corp.
2.30%, 6/1/2031		200,000		174,501

Wireless Telecommunication Services – 0.7%

Vodafone Group plc
4.38%, 5/30/2028		100,000		101,771
5.25%, 5/30/2048		200,000		200,957
				302,728
Total Corporate Bonds (Cost $50,547,346)				43,698,860

Total Investments – 97.5% (Cost $50,547,346)				43,698,860

Other assets less liabilities – 2.5%				1,105,847
NET ASSETS – 100.0%			$	44,804,707

(a)

Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end.

(b)

(c)

Percentages shown are based on Net Assets.



Aggregate gross unrealized appreciation	$	—
Aggregate gross unrealized depreciation		(6,861,102	)
Net unrealized depreciation	$	(6,861,102	)
Federal income tax cost	$	50,559,962


Security Type	% of Net Assets
Corporate Bonds		97.5	%
Others⁽¹⁾		2.5
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


398		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Ready Access Variable Income Fund

April 30, 2022 (Unaudited)


Investments	Principal Amount		Value

CORPORATE BONDS – 87.0%

Aerospace & Defense – 1.2%

Boeing Co. (The)
1.17%, 2/4/2023	$	929,000	$	916,988
1.95%, 2/1/2024		900,000		874,381

General Dynamics Corp.
2.25%, 11/15/2022		5,700,000		5,712,119
				7,503,488

Air Freight & Logistics – 1.0%

United Parcel Service, Inc.
2.35%, 5/16/2022		5,225,000		5,227,981
2.45%, 10/1/2022		445,000		446,232
2.50%, 4/1/2023		1,047,000		1,049,146
				6,723,359

Airlines – 0.3%

Southwest Airlines Co.
4.75%, 5/4/2023		1,670,000		1,699,921

Automobiles – 2.5%

BMW US Capital LLC
3.80%, 4/6/2023(a)		1,250,000		1,264,435
(United States SOFR Compounded Index + 0.53%), 0.82%, 4/1/2024(a) (b)		900,000		899,066

Daimler Finance North America LLC
0.75%, 3/1/2024(a)		2,350,000		2,250,575

Hyundai Capital America
1.25%, 9/18/2023(a)		910,000		883,429
0.80%, 1/8/2024(a)		1,700,000		1,621,439
0.88%, 6/14/2024(a)		1,000,000		940,258

Kia Corp.
2.38%, 2/14/2025(a)		730,000		704,196

Nissan Motor Acceptance Co. LLC
1.13%, 9/16/2024(a)		900,000		837,708

Stellantis NV
5.25%, 4/15/2023		2,211,000		2,251,108

Volkswagen Group of America Finance LLC
2.90%, 5/13/2022(a)		2,163,000		2,163,985


Investments	Principal Amount		Value

Automobiles – (continued)
0.75%, 11/23/2022(a)	$	1,000,000	$	990,507
3.13%, 5/12/2023(a)		1,410,000		1,410,304
				16,217,010

Banks – 18.2%

ANZ New Zealand Int’l Ltd.
(SOFR + 0.60%), 0.79%, 2/18/2025(a) (b)		1,450,000		1,446,563

Australia & New Zealand Banking Group Ltd.
2.63%, 5/19/2022		599,000		599,219

Bank of America Corp.
(BSBY3M + 0.43%), 0.91%, 5/28/2024(b)		3,700,000		3,681,389
(SOFR + 0.73%), 1.01%, 10/24/2024(b)		2,200,000		2,199,882
Series 2025, (SOFR + 0.66%), 0.83%, 2/4/2025(b)		2,000,000		1,983,740

Bank of Montreal
(United States SOFR Compounded Index + 0.62%), 0.88%, 9/15/2026(b)		3,300,000		3,274,966

Bank of New Zealand
(SOFR + 0.81%), 1.08%, 1/27/2027(a) (b)		4,000,000		3,987,072

Bank of Nova Scotia (The)
(United States SOFR Compounded Index + 0.55%), 0.76%, 3/2/2026(b)		5,000,000		4,944,870

Banque Federative du Credit Mutuel SA
(ICE LIBOR USD 3 Month + 0.96%), 2.02%, 7/20/2023(a) (b)		1,000,000		1,005,390

Barclays Bank plc
1.70%, 5/12/2022		3,561,000		3,561,724

BNP Paribas SA
2.95%, 5/23/2022(a)		300,000		300,277
4.25%, 10/15/2024		1,000,000		1,008,786

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			399

FlexShares^® Ready Access Variable Income Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Banks – (continued)

Canadian Imperial Bank of Commerce
2.55%, 6/16/2022	$	565,000	$	565,861
(SOFR + 0.80%), 1.09%, 3/17/2023(b)		2,300,000		2,304,419

Capital One Bank USA NA
3.38%, 2/15/2023		350,000		352,203

Citigroup, Inc.
(SOFR + 0.67%), 0.84%, 5/1/2025(b)		900,000		889,000
(SOFR + 0.69%), 0.96%, 1/25/2026(b)		2,400,000		2,364,789

Commonwealth Bank of Australia
(SOFR + 0.40%), 0.69%, 7/7/2025(a) (b)		1,800,000		1,784,984
(SOFR + 0.52%), 0.78%, 6/15/2026(a) (b)		1,900,000		1,888,032

Cooperatieve Rabobank UA
(United States SOFR Compounded Index + 0.30%), 0.58%, 1/12/2024(b)		2,000,000		1,996,641
(United States SOFR Compounded Index + 0.38%), 0.67%, 1/10/2025(b)		1,600,000		1,593,324

HSBC Holdings plc
0.73%, 8/17/2024(c)		2,240,000		2,157,680

ING Groep NV
(SOFR + 1.01%), 1.30%, 4/1/2027(b)		3,800,000		3,740,608

JPMorgan Chase & Co.
0.77%, 8/9/2025(c)		1,000,000		937,096
(SOFR + 0.92%), 1.12%, 2/24/2026(b)		6,000,000		5,929,193
(SOFR + 0.77%), 1.05%, 9/22/2027(b)		2,500,000		2,414,457

KeyBank NA
(SOFR + 0.34%), 0.62%, 1/3/2024(b)		4,800,000		4,764,914

Lloyds Banking Group plc
1.33%, 6/15/2023(c)		400,000		399,235
4.05%, 8/16/2023		650,000		656,522


Investments	Principal Amount		Value

Banks – (continued)

Mitsubishi UFJ Financial Group, Inc.
2.62%, 7/18/2022	$	2,720,000	$	2,726,012
3.46%, 3/2/2023		500,000		503,624

Mizuho Financial Group, Inc.
(ICE LIBOR USD 3 Month + 0.88%), 1.63%, 9/11/2022(b)		600,000		601,295
(ICE LIBOR USD 3 Month + 0.84%), 1.88%, 7/16/2023(b)		700,000		700,415
(ICE LIBOR USD 3 Month + 0.85%), 1.65%, 9/13/2023(b)		2,250,000		2,253,505
(ICE LIBOR USD 3 Month + 0.61%), 1.22%, 9/8/2024(b)		2,900,000		2,898,627

National Australia Bank Ltd.
(SOFR + 0.65%), 0.93%, 1/12/2027(a) (b)		4,000,000		3,974,932

National Bank of Canada
0.75%, 8/6/2024		900,000		846,859

NatWest Markets plc
(SOFR + 0.53%), 0.71%, 8/12/2024(a) (b)		600,000		596,381

Nordea Bank Abp
1.00%, 6/9/2023(a)		640,000		626,514

PNC Financial Services Group, Inc. (The)
2.85%, 11/9/2022(d)		375,000		376,638

Royal Bank of Canada
(United States SOFR Compounded Index + 0.44%), 0.71%, 1/21/2025(b)		3,000,000		2,971,934
(United States SOFR Compounded Index + 0.53%), 0.80%, 1/20/2026(b)		2,750,000		2,717,005
(United States SOFR Compounded Index + 0.57%), 0.84%, 4/27/2026(b)		2,000,000		1,971,101

Skandinaviska Enskilda Banken AB
2.20%, 12/12/2022(a)		600,000		599,432

See Accompanying Notes to the Financial Statements.


400		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Ready Access Variable Income Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Banks – (continued)
(ICE LIBOR USD 3 Month + 0.32%), 0.84%, 9/1/2023(a) (b)	$	2,800,000	$	2,791,636
0.65%, 9/9/2024(a)		500,000		468,857

Societe Generale SA
2.63%, 10/16/2024(a)		1,000,000		965,972

Sumitomo Mitsui Financial Group, Inc.
0.51%, 1/12/2024		300,000		286,568
(SOFR + 0.88%), 1.17%, 1/14/2027(b)		1,480,000		1,471,468

Sumitomo Mitsui Trust Bank Ltd.
0.80%, 9/12/2023(a)		900,000		872,455
0.85%, 3/25/2024(a)		400,000		381,216

Swedbank AB
1.30%, 6/2/2023(a)		400,000		393,213

Toronto-Dominion Bank (The)
(SOFR + 0.24%), 0.53%, 1/6/2023(b)		2,700,000		2,696,087
0.55%, 3/4/2024		2,000,000		1,908,267
(SOFR + 0.59%), 0.83%, 9/10/2026(b)		2,000,000		1,969,944

Truist Bank
1.25%, 3/9/2023		1,000,000		989,908

Truist Financial Corp.
3.05%, 6/20/2022		2,358,000		2,359,829
(SOFR + 0.40%), 0.64%, 6/9/2025(b)		3,750,000		3,689,222

Wells Fargo & Co.
(SOFR + 1.32%), 1.59%, 4/25/2026(b)		2,600,000		2,603,416

Westpac Banking Corp.
(SOFR + 0.30%), 0.49%, 11/18/2024(b)		4,410,000		4,389,335
(SOFR + 0.52%), 0.74%, 6/3/2026(b)		2,568,000		2,555,596
				117,890,099

Beverages – 0.5%

Keurig Dr Pepper, Inc.
0.75%, 3/15/2024		3,500,000		3,340,484


Investments	Principal Amount		Value

Biotechnology – 1.6%

AbbVie, Inc.
2.90%, 11/6/2022	$	4,000,000	$	4,012,014

Biogen, Inc.
3.63%, 9/15/2022		5,000,000		5,025,120

Gilead Sciences, Inc.
0.75%, 9/29/2023		1,624,000		1,572,255
				10,609,389

Capital Markets – 7.2%

Ares Capital Corp.
3.50%, 2/10/2023		1,100,000		1,100,457

Bank of New York Mellon Corp. (The)
1.95%, 8/23/2022		1,383,000		1,383,147
Series J, (SOFR + 0.20%), 0.47%, 10/25/2024(b)		2,800,000		2,775,072

BlackRock, Inc.
3.38%, 6/1/2022		7,500,000		7,513,930

Blackstone Private Credit Fund
2.70%, 1/15/2025(a)		800,000		753,312

Charles Schwab Corp. (The)
2.65%, 1/25/2023		1,472,000		1,475,245
(United States SOFR Compounded Index + 0.50%), 0.78%, 3/18/2024(b)		1,390,000		1,388,646
(United States SOFR Compounded Index + 1.05%), 1.27%, 3/3/2027(b)		7,000,000		7,008,203

Deutsche Bank AG
(ICE LIBOR USD 3 Month + 1.19%), 1.65%, 11/16/2022(b)		1,150,000		1,154,323
0.90%, 5/28/2024		1,100,000		1,039,692

FS KKR Capital Corp.
1.65%, 10/12/2024		980,000		918,923

Goldman Sachs Group, Inc. (The)
(SOFR + 0.54%), 0.73%, 11/17/2023(b)		300,000		299,026
(SOFR + 0.58%), 0.81%, 3/8/2024(b)		2,600,000		2,579,086

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			401

FlexShares^® Ready Access Variable Income Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Capital Markets – (continued)

Intercontinental Exchange, Inc.
2.35%, 9/15/2022	$	1,890,000	$	1,892,907

Macquarie Bank Ltd.
2.10%, 10/17/2022(a)		650,000		649,829

Moody’s Corp.
2.63%, 1/15/2023		2,400,000		2,402,327

Morgan Stanley
2.75%, 5/19/2022		845,000		845,527
1.16%, 10/21/2025(c)		500,000		467,362
(SOFR + 0.95%), 1.15%, 2/18/2026(b)		3,000,000		2,977,677

Nasdaq, Inc.
0.45%, 12/21/2022		4,800,000		4,735,079

UBS AG
(SOFR + 0.32%), 0.53%, 6/1/2023(a) (b)		2,500,000		2,496,198
0.70%, 8/9/2024(a)		200,000		188,738

UBS Group AG
3.49%, 5/23/2023(a)		620,000		620,929
				46,665,635

Chemicals – 0.7%

Air Products and Chemicals, Inc.
2.75%, 2/3/2023		2,000,000		2,003,997

International Flavors & Fragrances, Inc.
0.70%, 9/15/2022(a)		805,000		800,533
3.20%, 5/1/2023		750,000		751,219

Sherwin-Williams Co. (The)
2.75%, 6/1/2022		524,000		524,356

Westlake Corp.
0.88%, 8/15/2024		300,000		285,794
				4,365,899

Communications Equipment – 0.1%

Cisco Systems, Inc.
2.60%, 2/28/2023		471,000		471,645

Construction Materials – 0.1%

Martin Marietta Materials, Inc.
0.65%, 7/15/2023		980,000		955,695


Investments	Principal Amount		Value

Consumer Finance – 6.8%

AerCap Ireland Capital DAC
4.63%, 7/1/2022	$	450,000	$	451,478
(SOFR + 0.68%), 0.97%, 9/29/2023(b)		900,000		892,266
1.65%, 10/29/2024		750,000		699,624

Ally Financial, Inc.
4.63%, 5/19/2022		2,750,000		2,753,755

American Express Co.
2.50%, 8/1/2022		4,338,000		4,345,485
(United States SOFR Compounded Index + 0.72%), Zero Coupon, 5/3/2024(b)		3,000,000		3,000,303

American Honda Finance Corp.
(ICE LIBOR USD 3 Month + 0.37%), 0.74%, 5/10/2023(b)		2,500,000		2,501,438
0.88%, 7/7/2023		2,420,000		2,370,758
(ICE LIBOR USD 3 Month + 0.42%), 1.03%, 9/8/2023(b)		600,000		600,421

Capital One Financial Corp.
(ICE LIBOR USD 3 Month + 0.72%), 1.96%, 1/30/2023(b)		1,500,000		1,498,679
3.50%, 6/15/2023		1,000,000		1,006,434

Caterpillar Financial Services Corp.
(ICE LIBOR USD 3 Month + 0.74%), 1.13%, 5/13/2022(b)		3,000,000		3,000,256
2.40%, 6/6/2022		542,000		542,430
1.90%, 9/6/2022		800,000		801,472

General Motors Financial Co., Inc.
4.15%, 6/19/2023		465,000		469,959
1.70%, 8/18/2023		380,000		372,794
(SOFR + 0.76%), 0.99%, 3/8/2024(b)		800,000		794,601
3.50%, 11/7/2024		600,000		594,253

John Deere Capital Corp.
2.70%, 1/6/2023		300,000		301,806
2.80%, 1/27/2023		625,000		627,306
(SOFR + 0.12%), 0.41%, 7/10/2023(b)		1,500,000		1,494,965

See Accompanying Notes to the Financial Statements.


402		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Ready Access Variable Income Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Consumer Finance – (continued)
(SOFR + 0.20%), 0.49%, 10/11/2024(b)	$	1,500,000	$	1,500,792
(SOFR + 0.56%), 0.78%, 3/7/2025(b)		1,720,000		1,727,545

PACCAR Financial Corp.
2.65%, 4/6/2023		1,000,000		1,003,022

Synchrony Financial
4.25%, 8/15/2024		1,493,000		1,493,590

Toyota Motor Credit Corp.
(SOFR + 0.30%), 0.58%, 6/13/2022(b)		2,500,000		2,499,820
(SOFR + 0.32%), 0.60%, 1/13/2025(b)		7,000,000		6,938,673
				44,283,925

Containers & Packaging – 0.1%

Avery Dennison Corp.
0.85%, 8/15/2024		1,040,000		980,970

Diversified Financial Services – 0.7%

AIG Global Funding
2.30%, 7/1/2022(a)		1,025,000		1,025,298

Element Fleet Management Corp.
1.60%, 4/6/2024(a)		500,000		480,769

Jackson Financial, Inc.
1.13%, 11/22/2023(a)		950,000		917,177

NTT Finance Corp.
0.58%, 3/1/2024(a)		600,000		572,547

Siemens Financieringsmaatschappij NV
2.90%, 5/27/2022(a)		305,000		305,278

Synchrony Bank
3.00%, 6/15/2022		1,000,000		1,000,439
				4,301,508

Diversified Telecommunication Services – 1.6%

AT&T, Inc.
(United States SOFR Compounded Index + 0.64%), 0.93%, 3/25/2024(b)		1,160,000		1,159,466


Investments	Principal Amount		Value

Diversified Telecommunication Services – (continued)
(ICE LIBOR USD 3 Month + 1.18%), 1.98%, 6/12/2024(b)	$	3,550,000	$	3,577,958

Bell Canada
Series US-3, 0.75%, 3/17/2024		1,850,000		1,768,314

Verizon Communications, Inc.
(ICE LIBOR USD 3 Month + 1.10%), 1.61%, 5/15/2025(b)		1,000,000		1,011,846
(United States SOFR Compounded Index + 0.79%), 1.08%, 3/20/2026(b)		2,600,000		2,593,454
				10,111,038

Electric Utilities – 2.9%

American Electric Power Co., Inc.
Series A, (ICE LIBOR USD 3 Month + 0.48%), 0.80%, 11/1/2023(b)		1,400,000		1,400,126

Duke Energy Corp.
2.40%, 8/15/2022		250,000		250,269
3.05%, 8/15/2022		1,700,000		1,702,244

Entergy Louisiana LLC
0.62%, 11/17/2023		1,400,000		1,349,921

Eversource Energy
Series T, (United States SOFR Compounded Index + 0.25%), 0.43%, 8/15/2023(b)		1,500,000		1,496,399

Florida Power & Light Co.
(United States SOFR Compounded Index + 0.38%), 0.66%, 1/12/2024(b)		4,400,000		4,384,395

Mississippi Power Co.
Series A, (SOFR + 0.30%), 0.59%, 6/28/2024(b)		950,000		940,874

NextEra Energy Capital Holdings, Inc.
(ICE LIBOR USD 3 Month + 0.27%), 0.75%, 2/22/2023(b)		2,121,000		2,115,489

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			403

FlexShares^® Ready Access Variable Income Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Electric Utilities – (continued)

OGE Energy Corp.
0.70%, 5/26/2023	$	1,490,000	$	1,450,208

PPL Electric Utilities Corp.
(ICE LIBOR USD 3 Month + 0.25%), 1.22%, 9/28/2023(b)		850,000		846,665
(SOFR + 0.33%), 0.62%, 6/24/2024(b)		1,360,000		1,352,071

Southern Co. (The)
Series 21-A, 0.60%, 2/26/2024		1,840,000		1,755,003
				19,043,664

Electrical Equipment – 0.6%

Eaton Corp.
2.75%, 11/2/2022		3,875,000		3,886,661

Energy Equipment & Services – 0.3%

Baker Hughes Holdings LLC
1.23%, 12/15/2023		1,220,000		1,184,442

Schlumberger Finance Canada Ltd.
2.65%, 11/20/2022(a)		930,000		932,068
				2,116,510

Entertainment – 0.5%

Take-Two Interactive Software, Inc.
3.30%, 3/28/2024		510,000		508,002
3.55%, 4/14/2025		240,000		238,056

TWDC Enterprises 18 Corp.
2.35%, 12/1/2022		1,855,000		1,854,983

Walt Disney Co. (The)
3.00%, 9/15/2022		568,000		570,539
				3,171,580

Equity Real Estate Investment Trusts (REITs) – 1.3%

American Campus Communities Operating Partnership LP
3.75%, 4/15/2023		985,000		990,128
4.13%, 7/1/2024		1,000,000		1,012,172


Investments	Principal Amount		Value

Equity Real Estate Investment Trusts (REITs) – (continued)

Crown Castle International Corp.
3.15%, 7/15/2023	$	1,700,000	$	1,699,718

Public Storage
(SOFR + 0.47%), 0.74%, 4/23/2024(b)		4,000,000		3,989,957

Simon Property Group LP
(United States SOFR Compounded Index + 0.43%), 0.71%, 1/11/2024(b)		700,000		698,398
				8,390,373

Food & Staples Retailing – 1.8%

Kroger Co. (The)
2.80%, 8/1/2022		5,523,000		5,528,980

Walgreen Co.
3.10%, 9/15/2022		3,900,000		3,910,231

Walgreens Boots Alliance, Inc.
0.95%, 11/17/2023		1,770,000		1,717,035

Walmart, Inc.
2.35%, 12/15/2022		400,000		401,513
				11,557,759

Food Products – 1.3%

Campbell Soup Co.
3.65%, 3/15/2023		2,394,000		2,411,123

Conagra Brands, Inc.
3.20%, 1/25/2023		2,575,000		2,587,838
0.50%, 8/11/2023		560,000		541,895

General Mills, Inc.
(ICE LIBOR USD 3 Month + 1.01%), 2.05%, 10/17/2023(b)		650,000		657,530

Hormel Foods Corp.
0.65%, 6/3/2024		280,000		267,216

McCormick & Co., Inc.
2.70%, 8/15/2022		1,111,000		1,112,034
0.90%, 2/15/2026		620,000		558,351

Unilever Capital Corp.
2.20%, 5/5/2022		550,000		550,037
				8,686,024

See Accompanying Notes to the Financial Statements.


404		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Ready Access Variable Income Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Gas Utilities – 0.5%

CenterPoint Energy Resources Corp.
0.70%, 3/2/2023	$	1,170,000	$	1,146,158

ONE Gas, Inc.
(ICE LIBOR USD 3 Month + 0.61%), 1.36%, 3/11/2023(b)		2,050,000		2,045,678

Southern Natural Gas Co. LLC
0.63%, 4/28/2023(a)		180,000		175,926
				3,367,762

Health Care Equipment & Supplies – 1.4%

Baxter International, Inc.
0.87%, 12/1/2023(a)		1,800,000		1,732,180
(United States SOFR Compounded Index + 0.44%), 0.49%, 11/29/2024(a) (b)		1,140,000		1,134,819

Becton Dickinson and Co.
(ICE LIBOR USD 3 Month + 1.03%), 1.61%, 6/6/2022(b)		1,050,000		1,050,028

DH Europe Finance II Sarl
2.05%, 11/15/2022		3,050,000		3,050,088

Stryker Corp.
0.60%, 12/1/2023		1,910,000		1,838,653

Zimmer Biomet Holdings, Inc.
1.45%, 11/22/2024		650,000		616,000
				9,421,768

Health Care Providers & Services – 4.3%

Aetna, Inc.
2.75%, 11/15/2022		4,485,000		4,493,205

Anthem, Inc.
3.13%, 5/15/2022		625,000		625,352
0.45%, 3/15/2023		800,000		786,297

Cigna Corp.
3.05%, 11/30/2022		4,000,000		4,020,041
(ICE LIBOR USD 3 Month + 0.89%), 1.93%, 7/15/2023(b)		2,500,000		2,514,030


Investments	Principal Amount		Value

Health Care Providers & Services – (continued)

CVS Health Corp.
3.50%, 7/20/2022	$	2,800,000	$	2,802,874
2.75%, 12/1/2022		2,870,000		2,877,859

HCA, Inc.
5.00%, 3/15/2024		400,000		410,189

Humana, Inc.
3.15%, 12/1/2022		1,100,000		1,103,905
0.65%, 8/3/2023		760,000		738,087

McKesson Corp.
2.70%, 12/15/2022		1,640,000		1,643,310

UnitedHealth Group, Inc.
3.35%, 7/15/2022		4,026,000		4,035,380
2.75%, 2/15/2023		500,000		502,063
0.55%, 5/15/2024		1,580,000		1,505,646
				28,058,238

Hotels, Restaurants & Leisure – 2.2%

McDonald’s Corp.
3.35%, 4/1/2023		5,500,000		5,540,499

Starbucks Corp.
1.30%, 5/7/2022		6,362,000		6,362,020
(United States SOFR Compounded Index + 0.42%), 0.60%, 2/14/2024(b)		2,370,000		2,372,505
				14,275,024

Household Durables – 0.5%

DR Horton, Inc.
4.38%, 9/15/2022		810,000		812,122

Lennar Corp.
4.75%, 11/15/2022(d)		1,150,000		1,157,248
4.88%, 12/15/2023		940,000		956,345

Whirlpool Corp.
4.70%, 6/1/2022		406,000		406,682
				3,332,397

Household Products – 1.2%

Church & Dwight Co., Inc.
2.45%, 8/1/2022		2,385,000		2,387,450
2.88%, 10/1/2022		3,150,000		3,158,977

Clorox Co. (The)
3.05%, 9/15/2022		1,950,000		1,953,514
				7,499,941

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			405

FlexShares^® Ready Access Variable Income Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Industrial Conglomerates – 1.3%

3M Co.
2.25%, 3/15/2023	$	680,000	$	680,356

General Electric Co.
(ICE LIBOR USD 3 Month + 0.30%), 1.34%, 5/13/2024(b)		3,000,000		2,961,770

Honeywell International, Inc.
2.15%, 8/8/2022		2,500,000		2,503,144

Roper Technologies, Inc.
0.45%, 8/15/2022		1,395,000		1,387,967
3.13%, 11/15/2022		825,000		828,022
				8,361,259

Insurance – 3.2%

Allstate Corp. (The)
(ICE LIBOR USD 3 Month + 0.63%), 1.61%, 3/29/2023(b)		849,000		848,504

Aon Corp.
2.20%, 11/15/2022		4,227,000		4,221,409

Athene Global Funding
3.00%, 7/1/2022(a)		269,000		269,459
1.20%, 10/13/2023(a)		1,900,000		1,839,609
(ICE LIBOR USD 3 Month + 0.73%), 1.72%, 1/8/2024(a) (b)		1,000,000		993,912

Berkshire Hathaway Finance Corp.
3.00%, 5/15/2022		5,000,000		5,002,076

Brighthouse Financial Global Funding
0.60%, 6/28/2023(a)		630,000		613,187

Chubb INA Holdings, Inc.
2.88%, 11/3/2022		585,000		587,154

Corebridge Financial, Inc.
3.50%, 4/4/2025(a)		2,300,000		2,276,773

Jackson National Life Global Funding
2.50%, 6/27/2022(a)		670,000		670,924

New York Life Global Funding
(United States SOFR Compounded Index + 0.33%), 0.61%, 1/14/2025(a) (b)		2,000,000		1,985,152


Investments	Principal Amount		Value

Insurance – (continued)

Protective Life Global Funding
0.63%, 10/13/2023(a)	$	900,000	$	869,786

Security Benefit Global Funding
1.25%, 5/17/2024(a)		650,000		616,693
				20,794,638

Internet & Direct Marketing Retail – 0.7%

eBay, Inc.
(ICE LIBOR USD 3 Month + 0.87%), 2.11%, 1/30/2023(b)		1,510,000		1,511,691
2.75%, 1/30/2023		3,181,000		3,186,169
				4,697,860

IT Services – 0.9%

Fidelity National Information Services, Inc.
0.60%, 3/1/2024		910,000		864,029

Global Payments, Inc.
4.00%, 6/1/2023		1,000,000		1,008,382
1.50%, 11/15/2024		240,000		227,046

International Business Machines Corp.
2.85%, 5/13/2022		100,000		100,059

PayPal Holdings, Inc.
2.20%, 9/26/2022		320,000		320,635
1.35%, 6/1/2023		3,440,000		3,396,722
				5,916,873

Life Sciences Tools & Services – 0.1%

Thermo Fisher Scientific, Inc.
(United States SOFR Compounded Index + 0.53%), 0.81%, 10/18/2024(b)		550,000		547,966
1.22%, 10/18/2024		390,000		370,371
				918,337

Machinery – 0.9%

CNH Industrial Capital LLC
1.95%, 7/2/2023		630,000		620,560

Daimler Trucks Finance North America LLC
(SOFR + 0.60%), 0.87%, 12/14/2023(a) (b)		2,000,000		1,994,946

See Accompanying Notes to the Financial Statements.


406		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Ready Access Variable Income Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Machinery – (continued)

Parker-Hannifin Corp.
3.50%, 9/15/2022	$	3,000,000	$	3,018,101
				5,633,607

Media – 1.2%

Charter Communications Operating LLC
4.46%, 7/23/2022		2,662,000		2,666,664

Comcast Cable Communications Holdings, Inc.
9.46%, 11/15/2022		1,407,000		1,459,143

Comcast Corp.
(ICE LIBOR USD 3 Month + 0.63%), 1.67%, 4/15/2024(b)		1,000,000		1,005,442

Discovery Communications LLC
2.95%, 3/20/2023		2,500,000		2,500,429
				7,631,678

Multiline Retail – 1.2%

Dollar General Corp.
3.25%, 4/15/2023		5,500,000		5,522,337

Target Corp.
8.80%, 5/15/2022		2,300,000		2,305,825
				7,828,162

Multi-Utilities – 2.0%

Ameren Illinois Co.
2.70%, 9/1/2022		1,000,000		1,000,534
0.38%, 6/15/2023		670,000		651,833

Black Hills Corp.
1.04%, 8/23/2024		960,000		908,658

CenterPoint Energy, Inc.
(United States SOFR Compounded Index + 0.65%), 0.83%, 5/13/2024(b)		760,000		754,220

Consolidated Edison, Inc.
Series A, 0.65%, 12/1/2023		3,600,000		3,463,881


Investments	Principal Amount		Value

Multi-Utilities – (continued)

Dominion Energy, Inc.
Series D, (ICE LIBOR USD 3 Month + 0.53%), 1.36%, 9/15/2023(b)	$	2,000,000	$	1,997,158

DTE Energy Co.
Series H, 0.55%, 11/1/2022		3,000,000		2,976,414
2.25%, 11/1/2022		1,082,000		1,081,927
				12,834,625

Oil, Gas & Consumable Fuels – 3.4%

Canadian Natural Resources Ltd.
2.95%, 1/15/2023		2,500,000		2,505,224

ConocoPhillips Co.
2.13%, 3/8/2024		1,500,000		1,476,332

Continental Resources, Inc.
4.50%, 4/15/2023		2,720,000		2,754,000

Enbridge, Inc.
(SOFR + 0.40%), 0.59%, 2/17/2023(b)		690,000		688,792
(United States SOFR Compounded Index + 0.63%), 0.82%, 2/16/2024(b)		4,700,000		4,707,057

Exxon Mobil Corp.
1.90%, 8/16/2022		600,000		600,562

Kinder Morgan Energy Partners LP
3.95%, 9/1/2022		400,000		400,322

Kinder Morgan, Inc.
3.15%, 1/15/2023		1,700,000		1,705,334

MPLX LP
3.50%, 12/1/2022		2,420,000		2,432,485
3.38%, 3/15/2023		2,000,000		2,008,471

Phillips 66
3.70%, 4/6/2023		600,000		604,757

Saudi Arabian Oil Co.
1.25%, 11/24/2023(a)		200,000		194,654

Suncor Energy, Inc.
2.80%, 5/15/2023		500,000		498,611

TransCanada PipeLines Ltd.
1.00%, 10/12/2024		520,000		488,747

Williams Cos., Inc. (The)
3.70%, 1/15/2023		950,000		954,604
				22,019,952

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			407

FlexShares^® Ready Access Variable Income Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Paper & Forest Products – 0.3%

Georgia-Pacific LLC
0.63%, 5/15/2024(a)	$	2,200,000	$	2,088,704

Pharmaceuticals – 2.9%

AstraZeneca plc
2.38%, 6/12/2022		1,800,000		1,801,608
(ICE LIBOR USD 3 Month + 0.67%), 1.13%, 8/17/2023(b)		480,000		482,062

Bristol-Myers Squibb Co.
2.60%, 5/16/2022		2,000,000		2,001,363
0.54%, 11/13/2023		700,000		679,176

Eli Lilly & Co.
2.35%, 5/15/2022		3,719,000		3,720,474

GlaxoSmithKline Capital plc
2.88%, 6/1/2022		1,300,000		1,300,000

Merck & Co., Inc.
2.40%, 9/15/2022		1,375,000		1,377,358

Roche Holdings, Inc.
(SOFR + 0.56%), 0.80%, 3/10/2025(a) (b)		4,000,000		4,013,517

Shire Acquisitions Investments Ireland DAC
2.88%, 9/23/2023		448,000		447,184

Viatris, Inc.
1.13%, 6/22/2022		3,054,000		3,050,198
				18,872,940

Road & Rail – 1.9%

Canadian Pacific Railway Co.
1.35%, 12/2/2024		910,000		862,777

JB Hunt Transport Services, Inc.
3.30%, 8/15/2022		5,000,000		5,010,528

Ryder System, Inc.
2.88%, 6/1/2022		1,757,000		1,759,290
3.40%, 3/1/2023		3,300,000		3,322,184

SMBC Aviation Capital Finance DAC
4.13%, 7/15/2023(a)		700,000		698,511

Union Pacific Corp.
2.95%, 1/15/2023		600,000		602,374
				12,255,664


Investments	Principal Amount		Value

Semiconductors & Semiconductor Equipment – 1.7%

Advanced Micro Devices, Inc.
7.50%, 8/15/2022	$	200,000	$	202,933

Analog Devices, Inc.
(SOFR + 0.25%), 0.54%, 10/1/2024(b)		610,000		607,321

Intel Corp.
3.10%, 7/29/2022		4,500,000		4,522,954

Microchip Technology, Inc.
0.98%, 9/1/2024(a)		870,000		817,425

NVIDIA Corp.
0.31%, 6/15/2023		3,390,000		3,309,268

QUALCOMM, Inc.
3.00%, 5/20/2022		421,000		421,401
(ICE LIBOR USD 3 Month + 0.73%), 1.97%, 1/30/2023(b)		970,000		972,751
				10,854,053

Software – 0.4%

Oracle Corp.
2.50%, 10/15/2022		1,800,000		1,801,302

VMware, Inc.
0.60%, 8/15/2023		590,000		571,227
				2,372,529

Specialty Retail – 0.5%

AutoZone, Inc.
2.88%, 1/15/2023		860,000		861,389

O’Reilly Automotive, Inc.
3.80%, 9/1/2022		1,145,000		1,146,285
3.85%, 6/15/2023		1,109,000		1,117,733
				3,125,407

Technology Hardware, Storage & Peripherals – 0.6%

Apple, Inc.
2.30%, 5/11/2022		3,101,000		3,101,702

Dell International LLC
5.45%, 6/15/2023		268,000		273,967

Hewlett Packard Enterprise Co.
2.25%, 4/1/2023		400,000		398,108
				3,773,777

See Accompanying Notes to the Financial Statements.


408		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Ready Access Variable Income Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Textiles, Apparel & Luxury Goods – 0.7%

Ralph Lauren Corp.
1.70%, 6/15/2022	$	4,289,000	$	4,291,377

Trading Companies & Distributors – 0.8%

Air Lease Corp.
(ICE LIBOR USD 3 Month + 0.35%), 1.18%, 12/15/2022(b)		1,500,000		1,498,445
0.70%, 2/15/2024		1,000,000		949,040
0.80%, 8/18/2024		980,000		910,431

GATX Corp.
3.90%, 3/30/2023		2,058,000		2,076,597
				5,434,513

Wireless Telecommunication Services – 0.9%

Rogers Communications, Inc.
3.00%, 3/15/2023		4,919,000		4,928,619

Vodafone Group plc
2.50%, 9/26/2022		708,000		709,495
				5,638,114
Total Corporate bonds (Cost $569,763,655)				564,271,835



MUNICIPAL BONDS – 2.9%

University of Missouri, System Facilities Revenue Bonds
Series 2020-A, 1.47%, 11/1/2023		1,000,000		978,631

City of New York
Series 2021-D, 0.43%, 8/1/2022		830,000		828,335
Series 2021-D, 0.59%, 8/1/2023		1,800,000		1,751,430
+ 0.00%), 0.35%, 6/1/2044(b)		5,000,000		5,000,000

Montgomery County, General Obligation Bonds
+ 0.00%), 0.31%, 11/1/2037(b)		1,000,000		1,000,000
				8,579,765

Anaheim Public Financing Authority
Series 2021-A, 0.63%, 7/1/2024		500,000		474,092


Investments	Principal Amount		Value

MUNICIPAL BONDS – (continued)

California Earthquake Authority
Series 2020-B, 1.33%, 7/1/2022	$	500,000	$	500,198

Miami-Dade County, Capital Asset Acquisition Special Obligation Bonds
Series 2020-B, 0.38%, 4/1/2023		1,110,000		1,090,521

New York City Transitional Finance Authority, Building Aid
Series 2022 Subseries S-1B, 0.64%, 7/15/2024		1,000,000		946,039
				3,010,850

Port Authority of New York & New Jersey
Series AAA, 1.09%, 7/1/2023		1,000,000		981,088

Development Authority of Monroe County, Gulf Power Company plant Scherer Project
+ 0.00%), 0.40%, 9/1/2037(b)		5,000,000		5,000,000
Total Municipal Bonds (Cost $18,738,729)				18,550,334



ASSET-BACKED SECURITIES – 2.3%

AmeriCredit Automobile Receivables Trust
Series 2020-3, Class A2, 0.42%, 3/18/2024		37,365		37,352
Series 2021-1, Class A2, 0.28%, 6/18/2024		325,362		325,023
Series 2021-2, Class A2, 0.26%, 11/18/2024		487,998		486,008

BA Credit Card Trust
Series 2019-A1, Class A1, 1.74%, 1/15/2025		880,000		881,114

Barclays Dryrock Issuance Trust
Series 2019-1, Class A, 1.96%, 5/15/2025		700,000		701,004

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			409

FlexShares^® Ready Access Variable Income Fund (cont.)


Investments	Principal Amount		Value

ASSET-BACKED SECURITIES – (continued)

Capital One Multi-Asset Execution Trust
Series 2019-A2, Class A2, 1.72%, 8/15/2024	$	900,000	$	900,983

Enterprise Fleet Financing LLC
Series 2019-2, Class A2, 2.29%, 2/20/2025(a)		243,647		243,812

Ford Credit Auto Lease Trust
Series 2022-A, Class A2A, 2.78%, 10/15/2024		800,000		800,731

Ford Credit Auto Owner Trust
Series 2020-C, Class A2, 0.25%, 9/15/2023		123,571		123,426

GM Financial Automobile Leasing Trust
Series 2022-1, Class A1, 0.57%, 2/21/2023		991,936		990,639

Hyundai Auto Receivables Trust
Series 2022-A, Class A2A, 1.81%, 2/18/2025		1,300,000		1,291,653

Nissan Auto Receivables Owner Trust
Series 2022-A, Class A1, 0.50%, 3/15/2023		903,386		902,269

Santander Drive Auto Receivables Trust
Series 2021-4, Class A2, 0.37%, 8/15/2024		278,134		277,232
Series 2022-1, Class A2, 1.36%, 12/16/2024		1,500,000		1,488,211
Series 2022-2, Class A2, 2.12%, 10/15/2026		2,000,000		1,993,578

Verizon Owner Trust
Series 2020-A, Class A1A, 1.85%, 7/22/2024		1,046,856		1,047,016

World Financial Network Credit Card Master Trust
Series 2019-B, Class A, 2.49%, 4/15/2026		1,000,000		1,001,809
Series 2019-C, Class A, 2.21%, 7/15/2026		1,000,000		1,001,897


Investments	Principal Amount		Value

ASSET-BACKED SECURITIES – (continued)

World Omni Automobile Lease Securitization Trust
Series 2020-B, Class A2, 0.32%, 9/15/2023	$	209,018	$	208,768
Total Asset-Backed Securities (Cost $14,726,506)				14,702,525



U.S. GOVERNMENT AGENCY SECURITIES – 0.3%

FFCB
(SOFR + 0.04%), Zero Coupon, 2/5/2024(b) (Cost $1,800,000)		1,800,000		1,800,368

FOREIGN GOVERNMENT SECURITIES – 0.1%

Japan Bank for International Cooperation
1.75%, 1/23/2023 (Cost $799,364)		800,000		798,294

SHORT-TERM INVESTMENTS – 6.8%

COMMERCIAL PAPER – 0.8%

Mccormick & Company Corporate Commercial Paper
0.45%, 5/2/2022(e) (Cost $4,999,938)		5,000,000		4,999,809

U.S. TREASURY OBLIGATIONS – 6.0%

U.S. Treasury Bills
0.21%, 5/3/2022(e)		4,000,000		3,999,991
0.42%, 5/24/2022(e)		10,000,000		9,998,235
0.56%, 5/31/2022(e)		10,000,000		9,997,402
0.32%, 6/2/2022(e)		10,000,000		9,997,221
0.48%, 6/7/2022(e)		5,000,000		4,997,854
Total U.S. Treasury Obligations (Cost $38,987,612)				38,990,703
Total Short-Term Investments (Cost $43,987,550)				43,990,512
Total Investments – 99.4% (Cost $649,815,804)				644,113,868

Other assets less liabilities – 0.6%				4,104,654
NET ASSETS – 100.0%			$	648,218,522

See Accompanying Notes to the Financial Statements.


410		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Ready Access Variable Income Fund (cont.)

(a)

(b)

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

(c)

Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end.

(d)

(e)

The rate shown was the current yield as of April 30, 2022.

Percentages shown are based on Net Assets.

Abbreviations

ICE – Intercontinental Exchange

LIBOR – London Interbank Offered Rate

SOFR – Secured Overnight Financing Rate

USD – US Dollar



Aggregate gross unrealized appreciation	$	102,490
Aggregate gross unrealized depreciation		(5,804,426	)
Net unrealized depreciation	$	(5,701,936	)
Federal income tax cost	$	649,815,804

FlexShares^® Ready Access Variable Income Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2022:


Australia	2.5	%
Canada	6.7
Finland	0.1
France	0.5
Germany	2.1
Ireland	0.4
Japan	2.2
Netherlands	1.1
New Zealand	0.8
Saudi Arabia	0.0	^†
South Korea	0.1
Sweden	0.7
Switzerland	1.1
United Kingdom	1.9
United States	79.2
Other¹	0.6
	100.0	%

^†	Amount represents less than 0.05%.

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


Security Type	% of Net Assets
Corporate Bonds		87.0	%
Municipal Bonds		2.9
Asset-Backed Securities		2.3
U.S. Government Agency Securities		0.3
Foreign Government Securities		0.1
Short-Term Investments		6.8
Others⁽¹⁾		0.6
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			411

Schedule of Investments

FlexShares^® Core Select Bond Fund

April 30, 2022 (Unaudited)


Investments	Shares		Value

EXCHANGE TRADED FUNDS – 98.6%

FlexShares^® Credit-Scored US Corporate Bond Index Fund(a)		301,418	$	14,512,824

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund(a)		87,249		4,062,296

FlexShares^® Disciplined Duration MBS Index Fund(a)		1,193,272		25,518,122

FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund(a)		290,878		7,478,473

iShares 10+ Year Investment Grade Corporate Bond ETF(b)		147,983		8,180,500

iShares 20+ Year Treasury Bond ETF(b)		115,860		13,839,477

iShares 3-7 Year Treasury Bond ETF		160,223		19,154,660

iShares 5-10 Year Investment Grade Corporate Bond ETF		212,813		11,096,070

iShares 7-10 Year Treasury Bond ETF(b)		86,828		8,926,787

iShares MBS ETF		148,119		14,530,474

iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF(b)		289,042		14,715,128
Total Exchange Traded Funds (Cost $154,217,573)				142,014,811
	Principal Amount

SECURITIES LENDING REINVESTMENTS(c) – 23.3%

REPURCHASE AGREEMENTS – 23.3%

CF Secured LLC, 0.27%, dated 4/30/2022, due 5/2/2022, repurchase price $31,594,450, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 3.00%, maturing 5/26/2022 – 2/15/2052; Cash; total market value $32,010,217	$	31,593,976		31,593,976


Investments	Principal Amount		Value

REPURCHASE AGREEMENTS – (continued)

Societe Generale, New York Branch, 0.28%, dated 4/30/2022, due 5/6/2022, repurchase price $2,000,093, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 7.25%, maturing 4/30/2022 – 8/15/2051; total market value $2,025,200	$	2,000,000	$	2,000,000
				33,593,976
Total Securities Lending Reinvestments (cost $33,593,976)				33,593,976



SHORT-TERM INVESTMENTS – 0.7%

U.S. TREASURY OBLIGATIONS – 0.7%

U.S. Treasury Bills 0.22%, 5/19/2022(d) (e) (Cost $999,890)		1,000,000		999,901
Total Investments – 122.6% (Cost $188,811,439)				176,608,688

Liabilities in excess of other assets – (22.6%)				(32,599,097	)
NET ASSETS – 100.0%			$	144,009,591

^(a)

Investment in affiliated Fund. Northern Trust Investments, Inc. is the Investment Adviser to both the Fund and the affiliated Funds.

^(b)

The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $32,557,764, collateralized in the form of cash that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; a total value of $33,593,976.

^(c)

The security was purchased with cash collateral held from securities on loan at April 30, 2022. The total value of securities purchased was $33,593,976.

^(d)

All or a portion of the security pledged as collateral for Futures Contracts.

^(e)

The rate shown was the current yield as of April 30, 2022.

Percentages shown are based on Net Assets.

See Accompanying Notes to the Financial Statements.


412		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Core Select Bond Fund (cont.)



Aggregate gross unrealized appreciation	$	26,900
Aggregate gross unrealized depreciation		(12,746,611	)
Net unrealized depreciation	$	(12,719,711	)
Federal income tax cost	$	189,356,543

For the period ended April 30, 2022, the FlexShares^® Core Select Bond Fund was invested in securities of affiliated FlexShares^® Funds. The Schedules of Investments of the affiliated FlexShares^® Funds are located elsewhere in this Report.

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


Security	Value October 31, 2021		Purchases at Cost		Sales Proceeds		Shares April 30, 2022		Value April 30, 2022		Change in Unrealized Appreciation (Depreciation)			Dividend Income		Realized (Loss)
FlexShares^® Credit-Scored US Corporate Bond Index Fund	$	37,734,108	$	8,224,312	$	28,416,005		301,418	$	14,512,824	$	(1,144,008	)	$	315,007	$	(1,885,583	)
FlexShares^® Credit-Scored US Long Corporate Bond Index Fund		5,998,595		1,774,991		2,450,159		87,249		4,062,296		(1,127,921	)		88,604		(133,210	)
FlexShares^® Disciplined Duration MBS Index Fund		14,831,201		20,299,998		7,565,841		1,193,272		25,518,122		(1,582,199	)		242,161		(465,037	)
FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund		—		7,831,391		191,011		290,878		7,478,473		(159,793	)		40,372		(2,114	)
FlexShares^® Ready Access Variable Income Fund		2,015,253		9,819,265		11,773,773		—		—		3,133			7,787		(63,878	)
	$	60,579,157	$	47,949,957	$	50,396,789		1,872,817	$	51,571,715	$	(4,010,788	)	$	693,931	$	(2,549,822	)

Futures Contracts

FlexShares^® Core Select Bond Fund had the following open futures contracts as of April 30, 2022:


	Number of Contracts			Expiration Date		Trading Currency		Notional Amount			Value and Unrealized Appreciation*
Short Contracts
U.S. Treasury 10 Year Note		(49	)		06/21/2022		USD	$	(5,838,656	)	$	28,144

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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			413

FlexShares^® Core Select Bond Fund (cont.)

Abbreviations:

USD – US Dollar


Security Type	% of Net Assets
Exchange Traded Funds		98.6	%
Securities Lending Reinvestments		23.3
Short-Term Investments		0.7
Others⁽¹⁾		(22.6	)
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


414		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements April 30, 2022 (Unaudited)

1. Organization

FlexShares^® Trust (the “Trust”), a Maryland statutory trust, was formed on May 13, 2010, originally named NT ETF Trust and renamed FlexShares^® Trust as of April 12, 2011. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940 (the “1940 Act”), as amended. The Trust consists of thirty-two operational exchange-traded funds as of April 30, 2022 (each a “Fund” and collectively, the “Funds”).

The FlexShares^® ESG & Climate Emerging Markets Core Index Fund commenced operations on April 20, 2022.

The FlexShares^® US Quality Low Volatility Index Fund, FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares^® Emerging Markets Quality Low Volatility Index Fund, FlexShares^® ESG & Climate US Large Cap Core Index Fund, FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares^® ESG & Climate Emerging Markets Core Index Fund, FlexShares ESG & Climate High Yield Corporate Core Index Fund, and FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund are non-diversified series of the Trust, pursuant to the 1940 Act.

The FlexShares^® Morningstar US Market Factor Tilt Index Fund, FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares^® Morningstar Global Upstream Natural Resources Index Fund, FlexShares^® US Quality Large Cap Index Fund, FlexShares^® STOXX^® Global Broad Infrastructure Index Fund, FlexShares^® STOXX^® US ESG Select Index Fund, FlexShares^® STOXX^® Global ESG Select Index Fund, FlexShares^® Quality Dividend Index Fund, FlexShares^® Quality Dividend Defensive Index Fund, FlexShares^® Quality Dividend Dynamic Index Fund, FlexShares^® International Quality Dividend Index Fund, FlexShares^® International Quality Dividend Defensive Index Fund, FlexShares^® International Quality Dividend Dynamic Index Fund, FlexShares^® Disciplined Duration MBS Index Fund, FlexShares^® High Yield Value-Scored Bond Index Fund, FlexShares^® Global Quality Real Estate Index Fund, FlexShares^® Real Assets Allocation Index Fund, FlexShares^® iBoxx 3-Year Target Duration TIPS

Index Fund, FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund, FlexShares^® Credit-Scored US Corporate Bond Index Fund, FlexShares^® Credit-Scored US Long Corporate Bond Index Fund, FlexShares^® Ready Access Variable Income Fund and the FlexShares^® Core Select Bond Fund are diversified series of the Trust, pursuant to the 1940 Act.

Each Fund, except the FlexShares Ready Access Variable Income Fund and the FlexShares Core Select Bond Fund, seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of a specified benchmark index (each an “Underlying Index”). The FlexShares US Quality Low Volatility Index Fund, FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares Emerging Markets Quality Low Volatility Index Fund, FlexShares US Quality Large Cap Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares Real Assets Allocation Index Fund, FlexShares Quality Dividend Index Fund, FlexShares Quality Dividend Defensive Index Fund, FlexShares Quality Dividend Dynamic Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic Index Fund, FlexShares Credit-Scored US Corporate Bond Index Fund, FlexShares Credit-Scored US Long Corporate Bond Index Fund, FlexShares High Yield Value-Scored Bond Index Fund, FlexShares ESG & Climate US Large Cap Core Index Fund, FlexShares ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares ESG & Climate Emerging Markets Core Index Fund, FlexShares ESG & Climate High Yield Corporate Core Index Fund and the FlexShares ESG & Climate Investment Grade Corporate Core Index Fund seek to track Underlying Indexes developed by Northern Trust Investments, Inc. (“NTI” or “Investment Adviser”), an indirect subsidiary of Northern Trust Corporation. The FlexShares Morningstar US Market Factor Tilt Index Fund, FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund and FlexShares Morningstar Global Upstream Natural Resources Index Fund seek to track Underlying Indexes sponsored by Morningstar, Inc. The FlexShares STOXX^® US ESG Select Index Fund, FlexShares STOXX^® Global ESG Select Index Fund, and FlexShares


		FLEXSHARES SEMIANNUAL REPORT			415

Notes to the Financial Statements (cont.)

STOXX^® Global Broad Infrastructure Index Fund seek to track Underlying Indexes sponsored by STOXX. The FlexShares iBoxx 3-Year Target Duration TIPS Index Fund and FlexShares iBoxx 5-Year Target Duration TIPS Index Fund seek to track Underlying Indexes sponsored by Markit Indexes Limited. The FlexShares Disciplined Duration MBS Index Fund seeks to track an Underlying Index sponsored by ICE Data Indexes, LLC.

The FlexShares Real Assets Allocation Index Fund is a fund of funds that seeks to achieve its investment objective by investing primarily in the shares of other FlexShares ETFs that are eligible for inclusion in its Underlying Index, rather than in securities of individual companies. The FlexShares Core Select Bond Fund seeks to achieve its investment objective by investing, under normal circumstances in U.S. dollar-denominated investment-grade fixed-income securities either directly or indirectly through FlexShares ETFs, unaffiliated ETFs and other registered investment companies. The investment performance of each of the FlexShares Real Assets Allocation Index Fund and FlexShares Core Select Bond Fund is directly related to the performance of the underlying fund(s) in which it invests (“Underlying Fund”).

The FlexShares Ready Access Variable Income Fund and the FlexShares Core Select Bond Fund are actively managed and do not seek to replicate the performance of a specified index. The FlexShares Ready Access Variable Income Fund seeks maximum current income consistent with the preservation of capital and liquidity. The FlexShares Core Select Bond Fund seeks total return and preservation of capital. Each Fund, except the FlexShares Ready Access Variable Income Fund and the FlexShares Core Select Bond Fund, is referred to herein as an “Index Fund.” Each Fund is managed by the Investment Adviser.

2. Significant Accounting Policies

The Trust, which is an investment company, follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services-Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their

financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Investment Valuation

Each Fund’s net asset value (“NAV”) is determined daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading, based on prices at the time of closing provided that any U.S. fixed-income assets may be valued as of the announced closing time for trading in fixed-income instruments on any day that the Securities Industry and Financial Markets Association announces an early closing time. The NAV of a Fund is calculated by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

The investments of the Funds are valued at fair value pursuant to the pricing policy and procedures approved by the Trust’s Board of Trustees (“Board”). The Funds’ investments are valued using market quotations when available. When market quotations are not readily available, are deemed unreliable, or do not reflect material events occurring between the close of local markets and the time of valuation, the Funds value securities at fair value as determined in good faith in accordance with the Funds’ fair value pricing procedures as approved by the Board. Such circumstances include periods when trading in a security is suspended, the exchange or market on which a security trades closes early, the trading volume in a security is limited, corporate actions and announcements take place, or regulatory news affecting an issuer is released, such as government approvals. Additionally, the Trust, in its discretion, may make adjustments to the prices of securities held by a Fund if an event occurs after the publication of market values normally used by a Fund but before the time as of which the Fund calculates its NAV, depending on the nature and significance of the event, consistent with applicable


416		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

regulatory guidance and the Trust’s fair value procedures. Other events that can trigger fair valuing of foreign securities include, for example, significant fluctuations in general market indicators, government actions, or natural disasters.

The use of fair valuation involves the risk that the values used by the Funds to price their investments may be higher or lower than the values used by other investment companies and investors to price the same investments. Fair value pricing involves subjective judgments and it is possible that a fair value determination for a portfolio security may be materially different than the value that could be realized upon the sale of such security. In addition, fair value pricing could result in a difference between the prices used to calculate an Index Fund’s NAV and the prices used by an Index Fund’s Underlying Index. This difference may adversely affect an Index Fund’s ability to track its Underlying Index. Portfolio securities of certain Funds are listed on foreign exchanges and their value may change on days when shareholders will not be able to purchase or sell Fund shares.

Security prices are generally provided by independent pricing services. Portfolio securities listed or traded on domestic securities exchanges or the NASDAQ/NMS, including dollar-denominated foreign securities or American Depositary Receipts (“ADRs”), are valued at the closing price, or last sale price, reported on the exchange or system where the security is principally traded. The closing price for securities traded on the NASDAQ/NMS is the Nasdaq Official Closing Price (“NOCP”). If there have been no sales for that day on the exchange or system where the security is principally traded, then the value is determined with reference to the last sale price, or the NOCP, if applicable, on any other exchange or system. If there have been no sales of the security for that day on any exchange or system, the security is valued at fair value pursuant to the Trust’s fair value procedures.

Securities that are traded regularly in the over-the-counter market (other than the NASDAQ/NMS), including securities listed on exchanges but primarily traded over-the-counter, are valued on the basis of bid quotes or the mean between the bid and asked quotes based upon quotes furnished by one or more broker-dealers or market makers for those securities. Securities that may be traded

over-the-counter include equity securities, fixed-income securities, non-exchange-listed foreign securities, and certain derivative instruments. Fixed-income securities may be valued using prices provided directly from one or more broker-dealers, market makers, or independent third-party pricing services which may use matrix pricing and valuation models, as well as recent market transactions for the same or similar assets, to derive values when such prices are believed to reflect fair market values of such securities. Such prices may be determined by taking into account securities prices, yields, maturities, call features, ratings, prepayment speeds, credit risks, cash flows, institutional size trading in similar groups of securities and developments related to specific securities. Fixed-income securities maturing within a relatively short period, less than 60 days, are valued at amortized cost when it approximates fair value.

Foreign equity securities are generally priced at the closing price or last sales price reported on the foreign exchange on which they are principally traded. If there have been no sales for that day on the primary exchange, then the value is determined with reference to the last sale price on any other exchange. If there have been no sales of the security for that day on any exchange, the security will be valued at fair value pursuant to the Trust’s fair value procedures. Spot and forward foreign currency exchange contracts generally are valued using an independent pricing service. The value of assets denominated in foreign currencies is converted into U.S. dollars using exchange rates deemed appropriate by NTI as Investment Adviser. Any use of a different rate from the rates used by an Underlying Index’s index provider may adversely affect an Index Fund’s ability to track its Underlying Index. An Underlying Index’s index provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index.

Exchange-traded financial futures and options thereon are valued at the settlement price as established by the exchange on which they are traded. Over-the-counter options are valued at broker-provided bid prices, as are swaps. The foregoing prices may be obtained from one or more independent pricing services or, as needed or applicable, independent broker-dealers. If there was no sale on that day, and for other


		FLEXSHARES SEMIANNUAL REPORT			417

Notes to the Financial Statements (cont.)

non-exchange traded derivatives, the contract is valued at fair value pursuant to the Trust’s fair value procedures.

Each Fund relies on various sources to calculate its NAV. The ability of the Funds’ administrator to calculate the NAV per share of the Funds is subject to operational risks associated with processing or human errors, systems or technology failures, and errors caused by third party service providers, data sources, or trading counterparties. Such failures may result in delays in the calculation of the Funds’ NAVs and/or the inability to calculate NAV over extended time periods. The Funds may be unable to recover any losses associated with such failures, and it may be necessary for alternative procedures to be followed to price portfolio securities when determining the Funds’ NAVs.

Various inputs are used in determining the value of each Fund’s investments. These inputs are summarized in three levels listed below:

•

Level 1—Quoted prices in active markets for identical assets on the measurement date.

•

Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

•

Level 3—Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt securities may be valued at amortized cost, as long as amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the valuations as of April 30, 2022 for each Fund based upon the three levels defined above. Please refer to the Schedules of Investments to view equity and debt securities segregated by industry type, where applicable.


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total

FlexShares US Quality Low Volatility Index Fund
Investments
Common Stocks*	$	159,426,679		$	—	$	—	$	159,426,679

Short-Term Investments		—			184,789		—		184,789

Total Investments	$	159,426,679		$	184,789	$	—	$	159,611,468

Other Financial Instruments
Liabilities

Futures Contracts	$	(39,542	)	$	—	$	—	$	(39,542	)

Total Other Financial Instruments	$	(39,542	)	$	—	$	—	$	(39,542	)


418		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares Developed Markets ex-US Quality Low Volatility Index Fund
Investments
Common Stocks*	$	67,897,986		$	—		$	—	$	67,897,986
Securities Lending Reinvestments

Repurchase Agreements		—			968,888			—		968,888

Total Investments	$	67,897,986		$	968,888		$	—	$	68,866,874

Other Financial Instruments
Assets
Forward Foreign Currency Contracts	$	—		$	46,852		$	—	$	46,852
Liabilities
Futures Contracts		(17,238	)		—			—		(17,238	)

Forward Foreign Currency Contracts		—			(19,702	)		—		(19,702	)

Total Other Financial Instruments	$	(17,238	)	$	27,150		$	—	$	9,912


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares Emerging Markets Quality Low Volatility Index Fund
Investments
Common Stocks
Multiline Retail	$	—		$	342		$	—	$	342

Other*		14,728,262			—			—		14,728,262

Total Investments	$	14,728,262		$	342		$	—	$	14,728,604

Other Financial Instruments
Assets
Futures Contracts	$	1,446		$	—		$	—	$	1,446
Liabilities

Forward Foreign Currency Contracts		—			(7	)		—		(7	)

Total Other Financial Instruments	$	1,446		$	(7	)	$	—	$	1,439


		FLEXSHARES SEMIANNUAL REPORT			419

Notes to the Financial Statements (cont.)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares Morningstar US Market Factor Tilt Index Fund
Investments
Common Stocks*	$	1,487,996,130		$	—		$	—	$	1,487,996,130
Rights		—			—			30,395		30,395
Warrants		143,935			—			—		143,935
Securities Lending Reinvestments
Certificates of Deposit		—			50,002,905			—		50,002,905

Repurchase Agreements		—			174,506,948			—		174,506,948

Total Investments	$	1,488,140,065		$	224,509,853		$	30,395	$	1,712,680,313

Other Financial Instruments
Liabilities

Futures Contracts	$	(333,095	)	$	—		$	—	$	(333,095	)

Total Other Financial Instruments	$	(333,095	)	$	—		$	—	$	(333,095	)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund
Investments
Closed End Funds	$	57,727		$	—		$	—	$	57,727
Common Stocks
Banks		53,789,936			987			—		53,790,923
Equity Real Estate Investment Trusts (REITs)		13,278,148			126,145			—		13,404,293
Health Care Providers & Services		4,082,841			5,945			—		4,088,786
Internet & Direct Marketing Retail		1,538,786			37,434			—		1,576,220
Media		5,535,386			45,948			—		5,581,334
Oil, Gas & Consumable Fuels		33,230,099			47,049			—		33,277,148
Software		6,776,012			22,689			—		6,798,701
Technology Hardware, Storage & Peripherals		2,576,604			94,212			—		2,670,816
Other*		420,462,941			—			—		420,462,941
Warrants		366			—			—		366
Securities Lending Reinvestments

Repurchase Agreements		—			20,154,710			—		20,154,710

Total Investments	$	541,328,846		$	20,535,119		$	—	$	561,863,965

Other Financial Instruments
Assets
Futures Contracts	$	396,952		$	—		$	—	$	396,952
Forward Foreign Currency Contracts		—			145,305			—		145,305
Liabilities
Futures Contracts		(85,627	)		—			—		(85,627	)

Forward Foreign Currency Contracts		—			(264,535	)		—		(264,535	)

Total Other Financial Instruments	$	311,325		$	(119,230	)	$	—	$	192,095


420		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)


	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares Morningstar Emerging Markets Factor Tilt Index Fund
Investments
Common Stocks
Automobiles	$	5,699,486	$	44,160		$	—	$	5,743,646
Biotechnology		1,671,329		16,059			12,148		1,699,536
Chemicals		11,060,516		29,841			—		11,090,357
Commercial Services & Supplies		365,457		37,436			—		402,893
Electric Utilities		3,446,868		856			—		3,447,724
Energy Equipment & Services		246,933		—			3,179		250,112
Entertainment		2,305,665		7,565			—		2,313,230
Equity Real Estate Investment Trusts (REITs)		3,165,283		26,009			—		3,191,292
Food & Staples Retailing		2,572,012		500			—		2,572,512
Hotels, Restaurants & Leisure		2,003,546		2,172			10,896		2,016,614
Internet & Direct Marketing Retail		7,507,066		91,228			—		7,598,294
Metals & Mining		13,251,368		10,003			143,014		13,404,385
Oil, Gas & Consumable Fuels		11,834,882		2,068			—		11,836,950
Pharmaceuticals		3,852,104		—			3,693		3,855,797
Real Estate Management & Development		11,317,011		437,722			23,603		11,778,336
Transportation Infrastructure		2,572,728		105,241			—		2,677,969
Other*		184,304,652		—			—		184,304,652
Corporate Bonds*		—		8,438			—		8,438
Rights		3,690		1,264			—		4,954
Warrants		—		1,189			—		1,189
Securities Lending Reinvestments

Repurchase Agreements		—		1,939,381			—		1,939,381

Total Investments	$	267,180,596	$	2,761,132		$	196,533	$	270,138,261

Other Financial Instruments
Assets
Futures Contracts	$	22,870	$	—		$	—	$	22,870
Forward Foreign Currency Contracts		—		34,473			—		34,473
Liabilities

Forward Foreign Currency Contracts		—		(8,641	)		—		(8,641	)

Total Other Financial Instruments	$	22,870	$	25,832		$	—	$	48,702


		FLEXSHARES SEMIANNUAL REPORT			421

Notes to the Financial Statements (cont.)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total

FlexShares US Quality Large Cap Index Fund
Investments

Common Stocks*	$	138,992,889		$	—	$	—	$	138,992,889

Total Investments	$	138,992,889		$	—	$	—	$	138,992,889

Other Financial Instruments
Liabilities

Futures Contracts	$	(50,741	)	$	—	$	—	$	(50,741	)

Total Other Financial Instruments	$	(50,741	)	$	—	$	—	$	(50,741	)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total

FlexShares STOXX^® US ESG Select Index Fund
Investments
Common Stocks*	$	180,180,260		$	—	$	—	$	180,180,260
Securities Lending Reinvestments

Repurchase Agreements		—			248,877		—		248,877

Total Investments	$	180,180,260		$	248,877	$	—	$	180,429,137

Other Financial Instruments
Liabilities

Futures Contracts	$	(49,369	)	$	—	$	—	$	(49,369	)

Total Other Financial Instruments	$	(49,369	)	$	—	$	—	$	(49,369	)


422		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares STOXX^® Global ESG Select Index Fund
Investments
Common Stocks
Internet & Direct Marketing Retail	$	6,498,357		$	9,299		$	—	$	6,507,656
Other*		155,685,237			—			—		155,685,237
Securities Lending Reinvestments

Repurchase Agreements		—			2,134,066			—		2,134,066

Total Investments	$	162,183,594		$	2,143,365		$	—	$	164,326,959

Other Financial Instruments
Assets
Forward Foreign Currency Contracts	$	—		$	48,271		$	—	$	48,271
Liabilities
Futures Contracts		(41,113	)		—			—		(41,113	)

Forward Foreign Currency Contracts		—			(12,365	)		—		(12,365	)

Total Other Financial Instruments	$	(41,113	)	$	35,906		$	—	$	(5,207	)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares ESG & Climate US Large Cap Core Index Fund
Investments
Common Stocks*	$	12,971,711		$	—		$	—	$	12,971,711

Short-Term Investments		—			4,994			—		4,994

Total Investments	$	12,971,711		$	4,994		$	—	$	12,976,705

Other Financial Instruments
Liabilities

Futures Contracts	$	(2,552	)	$	—		$	—	$	(2,552	)

Total Other Financial Instruments	$	(2,552	)	$	—		$	—	$	(2,552	)


		FLEXSHARES SEMIANNUAL REPORT			423

Notes to the Financial Statements (cont.)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

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

Common Stocks*	$	17,759,098		$	—		$	—	$	17,759,098

Total Investments	$	17,759,098		$	—		$	—	$	17,759,098

Other Financial Instruments
Assets
Futures Contracts	$	191		$	—		$	—	$	191
Forward Foreign Currency Contracts		—			11,248			—		11,248
Liabilities
Futures Contracts		(7,588	)		—			—		(7,588	)

Forward Foreign Currency Contracts		—			(12,994	)		—		(12,994	)

Total Other Financial Instruments	$	(7,397	)	$	(1,746	)	$	—	$	(9,143	)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares ESG & Climate Emerging Markets Core Index Fund
Investments

Common Stocks*	$	4,831,794		$	—		$	—	$	4,831,794

Total Investments	$	4,831,794		$	—		$	—	$	4,831,794

Other Financial Instruments
Liabilities

Futures Contracts	$	(1,547	)	$	—		$	—	$	(1,547	)

Total Other Financial Instruments	$	(1,547	)	$	—		$	—	$	(1,547	)


424		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares Morningstar Global Upstream Natural Resources Index Fund
Investments
Common Stocks*	$	8,090,675,445		$	—		$	—	$	8,090,675,445
Securities Lending Reinvestments
Certificates of Deposit		—			32,997,965			—		32,997,965

Repurchase Agreements		—			169,366,040			—		169,366,040

Total Investments	$	8,090,675,445		$	202,364,005		$	—	$	8,293,039,450

Other Financial Instruments
Assets
Futures Contracts	$	440,146		$	—		$	—	$	440,146
Forward Foreign Currency Contracts		—			2,243,935			—		2,243,935
Liabilities
Futures Contracts		(1,358,153	)		—			—		(1,358,153	)

Forward Foreign Currency Contracts		—			(2,246,482	)		—		(2,246,482	)

Total Other Financial Instruments	$	(918,007	)	$	(2,547	)	$	—	$	(920,554	)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares STOXX^® Global Broad Infrastructure Index Fund
Investments
Common Stocks*	$	2,520,492,194		$	—		$	—	$	2,520,492,194
Securities Lending Reinvestments

Repurchase Agreements		—			38,469,275			—		38,469,275

Total Investments	$	2,520,492,194		$	38,469,275		$	—	$	2,558,961,469

Other Financial Instruments
Assets
Futures Contracts	$	315,570		$	—		$	—	$	315,570
Forward Foreign Currency Contracts		—			1,093,330			—		1,093,330
Liabilities
Futures Contracts		(273,335	)		—			—		(273,335	)

Forward Foreign Currency Contracts		—			(1,154,235	)		—		(1,154,235	)

Total Other Financial Instruments	$	42,235		$	(60,905	)	$	—	$	(18,670	)


		FLEXSHARES SEMIANNUAL REPORT			425

Notes to the Financial Statements (cont.)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares Global Quality Real Estate Index Fund
Investments
Common Stocks*	$	405,054,763		$	—		$	—	$	405,054,763
Securities Lending Reinvestments

Repurchase Agreements		—			6,052,675			—		6,052,675

Total Investments	$	405,054,763		$	6,052,675		$	—	$	411,107,438

Other Financial Instruments
Assets
Futures Contracts	$	130,593		$	—		$	—	$	130,593
Forward Foreign Currency Contracts		—			13,046			—		13,046
Liabilities
Futures Contracts		(438,597	)		—			—		(438,597	)

Forward Foreign Currency Contracts		—			(84,549	)		—		(84,549	)

Total Other Financial Instruments	$	(308,004	)	$	(71,503	)	$	—	$	(379,507	)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares Real Assets Allocation Index Fund
Investments

Exchange Traded Funds	$	52,218,833		$	—		$	—	$	52,218,833

Total Investments	$	52,218,833		$	—		$	—	$	52,218,833


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares Quality Dividend Index Fund
Investments
Common Stocks*	$	1,617,736,640		$	—		$	—	$	1,617,736,640
Securities Lending Reinvestments
Certificates of Deposit		—			21,999,242			—		21,999,242

Repurchase Agreements		—			125,556,216			—		125,556,216

Total Investments	$	1,617,736,640		$	147,555,458		$	—	$	1,765,292,098

Other Financial Instruments
Liabilities

Futures Contracts	$	(307,572	)	$	—		$	—	$	(307,572	)

Total Other Financial Instruments	$	(307,572	)	$	—		$	—	$	(307,572	)


426		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total

FlexShares Quality Dividend Defensive Index Fund
Investments
Common Stocks*	$	389,915,667		$	—	$	—	$	389,915,667
Securities Lending Reinvestments

Repurchase Agreements		—			26,521,823		—		26,521,823

Total Investments	$	389,915,667		$	26,521,823	$	—	$	416,437,490

Other Financial Instruments
Liabilities

Futures Contracts	$	(103,185	)	$	—	$	—	$	(103,185	)

Total Other Financial Instruments	$	(103,185	)	$	—	$	—	$	(103,185	)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total

FlexShares Quality Dividend Dynamic Index Fund
Investments
Common Stocks*	$	20,410,215		$	—	$	—	$	20,410,215
Securities Lending Reinvestments

Repurchase Agreements		—			228,520		—		228,520

Total Investments	$	20,410,215		$	228,520	$	—	$	20,638,735

Other Financial Instruments
Liabilities

Futures Contracts	$	(8,975	)	$	—	$	—	$	(8,975	)

Total Other Financial Instruments	$	(8,975	)	$	—	$	—	$	(8,975	)


		FLEXSHARES SEMIANNUAL REPORT			427

Notes to the Financial Statements (cont.)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares International Quality Dividend Index Fund
Investments
Common Stocks*	$	553,427,055		$	—		$	—	$	553,427,055
Securities Lending Reinvestments

Repurchase Agreements		—			15,101,779			—		15,101,779

Total Investments	$	553,427,055		$	15,101,779		$	—	$	568,528,834

Other Financial Instruments
Assets
Futures Contracts	$	315,752		$	—		$	—	$	315,752
Forward Foreign Currency Contracts		—			324,486			—		324,486
Liabilities
Futures Contracts		(111,355	)		—			—		(111,355	)

Forward Foreign Currency Contracts		—			(471,165	)		—		(471,165	)

Total Other Financial Instruments	$	204,397		$	(146,679	)	$	—	$	57,718


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares International Quality Dividend Defensive Index Fund
Investments
Common Stocks*	$	61,300,121		$	—		$	—	$	61,300,121
Securities Lending Reinvestments

Repurchase Agreements		—			1,465,336			—		1,465,336

Total Investments	$	61,300,121		$	1,465,336		$	—	$	62,765,457

Other Financial Instruments
Assets
Forward Foreign Currency Contracts	$	—		$	50,107		$	—	$	50,107
Liabilities
Futures Contracts		(27,177	)		—			—		(27,177	)

Forward Foreign Currency Contracts		—			(3,639	)		—		(3,639	)

Total Other Financial Instruments	$	(27,177	)	$	46,468		$	—	$	19,291


428		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares International Quality Dividend Dynamic Index Fund
Investments
Common Stocks
Real Estate Management & Development	$	1,159,523		$	161,843		$	—	$	1,321,366
Other*		74,481,312			—			—		74,481,312
Securities Lending Reinvestments

Repurchase Agreements		—			1,766,975			—		1,766,975

Total Investments	$	75,640,835		$	1,928,818		$	—	$	77,569,653

Other Financial Instruments
Assets
Forward Foreign Currency Contracts	$	—		$	36,125		$	—	$	36,125
Liabilities
Futures Contracts		(44,078	)		—			—		(44,078	)

Forward Foreign Currency Contracts		—			(4,996	)		—		(4,996	)

Total Other Financial Instruments	$	(44,078	)	$	31,129		$	—	$	(12,949	)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund
Investments

U.S. Treasury Obligations	$	—		$	2,151,600,078		$	—	$	2,151,600,078

Total Investments	$	—		$	2,151,600,078		$	—	$	2,151,600,078


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares iBoxx 5-Year Target Duration TIPS Index Fund
Investments

U.S. Treasury Obligations	$	—		$	811,141,771		$	—	$	811,141,771

Total Investments	$	—		$	811,141,771		$	—	$	811,141,771


		FLEXSHARES SEMIANNUAL REPORT			429

Notes to the Financial Statements (cont.)


	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total

FlexShares Disciplined Duration MBS Index Fund
Investments

Mortgage-Backed Securities	$	—	$	102,737,009	$	—	$	102,737,009

Total Investments	$	—	$	102,737,009	$	—	$	102,737,009


	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total

FlexShares Credit-Scored US Corporate Bond Index Fund
Investments

Corporate Bonds*	$	—	$	242,634,200	$	—	$	242,634,200

Total Investments	$	—	$	242,634,200	$	—	$	242,634,200


	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total

FlexShares Credit-Scored US Long Corporate Bond Index Fund
Investments

Corporate Bonds*	$	—	$	46,122,793	$	—	$	46,122,793

Total Investments	$	—	$	46,122,793	$	—	$	46,122,793


	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total

FlexShares High Yield Value-Scored Bond Index Fund
Investments
Common Stocks*	$	55	$	—	$	—	$	55

Corporate Bonds*		—		852,591,433		—		852,591,433

Total Investments	$	55	$	852,591,433	$	—	$	852,591,488


430		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)


	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total

FlexShares ESG & Climate High Yield Corporate Core Index Fund
Investments

Corporate Bonds*	$	—	$	26,237,737	$	—	$	26,237,737

Total Investments	$	—	$	26,237,737	$	—	$	26,237,737


	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total

FlexShares ESG & Climate Investment Grade Corporate Core Index Fund
Investments

Corporate Bonds*	$	—	$	43,698,860	$	—	$	43,698,860

Total Investments	$	—	$	43,698,860	$	—	$	43,698,860


	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total

FlexShares Ready Access Variable Income Fund
Investments
Asset-Backed Securities	$	—	$	14,702,525	$	—	$	14,702,525
Corporate Bonds*		—		564,271,835		—		564,271,835
Municipal Bonds		—		18,550,334		—		18,550,334
U.S. Government Agency Securities		—		1,800,368		—		1,800,368
Foreign Government Securities		—		798,294		—		798,294

Short-Term Investments		—		43,990,512		—		43,990,512

Total Investments	$	—	$	644,113,868	$	—	$	644,113,868


		FLEXSHARES SEMIANNUAL REPORT			431

Notes to the Financial Statements (cont.)


	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total

FlexShares Core Select Bond Fund
Investments
Exchange Traded Funds	$	142,014,811	$	—	$	—	$	142,014,811
Securities Lending Reinvestments
Repurchase Agreements		—		33,593,976		—		33,593,976

Short-Term Investments		—		999,901		—		999,901

Total Investments	$	142,014,811	$	34,593,877	$	—	$	176,608,688

Other Financial Instruments
Assets

Futures Contracts	$	28,144	$	—	$	—	$	28,144

Total Other Financial Instruments	$	28,144	$	—	$	—	$	28,144

*	See Schedules of Investments for segregation by industry type.

Foreign Securities

The FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares Emerging Markets Quality Low Volatility Index Fund, FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares STOXX^® Global ESG Select Index Fund, FlexShares Morningstar Global Upstream Natural Resources Index Fund, FlexShares STOXX^® Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares Real Assets Allocation Index Fund (through its investment in its Underlying Funds), FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic Index Fund, FlexShares ESG & Climate Developed Markets ex-US Core Index Fund and the FlexShares ESG & Climate Emerging Markets Core Index Fund invest in publicly-traded equity securities of issuers in countries other than the United States of America (“U.S.”). Such investments include direct investments in non-U.S. dollar denominated securities traded outside the U.S. The Funds’ investments in foreign securities also may be in the form of ADRs and Global Depositary Receipts (“GDRs”) (collectively, “Depositary Receipts”) based on securities in their Underlying Indexes. ADRs are receipts that are traded in the United States evi-

dencing ownership of the underlying foreign securities and are denominated in U.S. dollars. GDRs are receipts issued by a non-U.S. financial institution evidencing ownership of underlying foreign or U.S. securities and usually are denominated in foreign currencies. GDRs may not be denominated in the same currency as the securities they represent. Generally, GDRs are designed for use in foreign securities markets.

In addition to investment risks associated with the underlying issuer, ADRs and GDRs expose a Fund to risk associated with non-uniform terms that apply to ADR and GDR programs, credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency and liquidity risk. ADRs and GDRs are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted.

To the extent a Fund invests in ADRs, such ADRs will be listed on a national securities exchange. To the extent a Fund invests in GDRs, such GDRs will be listed on a foreign exchange. A Fund will not invest in any unlisted Depositary Receipt, any Depositary Receipt that NTI deems to be illiquid or any Depositary Receipt for which market quotations are not readily available. Generally, all Depositary Receipts must be sponsored.


432		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

The FlexShares Credit-Scored US Corporate Bond Index Fund, FlexShares Credit-Scored US Long Corporate Bond Index Fund, FlexShares High Yield Value-Scored Bond Index Fund, FlexShares ESG & Climate High Yield Corporate Core Index Fund and the FlexShares ESG & Climate Investment Grade Corporate Core Index Fund may invest in U.S. dollar denominated bonds of non-U.S. corporations to the extent such bonds are included in each Fund’s Underlying Index. The FlexShares Core Select Bond Fund may invest in U.S. dollar denominated bonds of non-U.S. corporations, either directly or indirectly through Underlying Funds, to achieve its investment objective.

The FlexShares Ready Access Variable Income Fund may invest, without limitation, in fixed-income securities and instruments of foreign issuers in developed and emerging markets, including debt securities of foreign governments.

Investing in foreign securities, including Depositary Receipts, may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in U.S. securities, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments also may impose taxes and limits on investment and repatriation. Any of these events could cause the value of a Fund’s foreign investment to decline. To the extent that a Fund’s assets are significantly invested in a single country or geographic region, a Fund will be subject to the risks associated with that particular country or region.

The FlexShares Emerging Markets Quality Low Volatility Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, and FlexShares ESG & Climate Emerging Markets Core Index Fund will invest primarily in emerging market countries. In addition, the FlexShares Morningstar Global Upstream Natural Resources Index Fund, FlexShares STOXX^® Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares Real Assets Allocation Index Fund (through its investment in its Underlying Funds), FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, and the FlexShares International Quality Dividend Dynamic Index Fund may invest its assets in emerging market countries. The

FlexShares Ready Access Variable Income Fund may invest up to 20% of its total assets in fixed-income securities and instruments of issuers in emerging markets. The markets of emerging market countries are less developed and less liquid, subject to greater price volatility and generally subject to increased economic, political, regulatory and other uncertainties than more developed foreign markets. The risks of foreign investment are increased when the issuer is located in a country with an emerging economy or securities market.

Inflation-Indexed Securities

The FlexShares iBoxx 3-Year Target Duration TIPS Index Fund and the FlexShares iBoxx 5-Year Target Duration TIPS Index Fund invest primarily in U.S. Treasury Inflation-Protected Securities (“TIPS”).

TIPS have varying maturities and pay interest on a semiannual basis equal to a fixed percentage of the inflation-adjusted principal amount. If the periodic adjustment rate measuring inflation falls, the principal value of TIPS will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of TIPS, even during a period of deflation.

The value of TIPS is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of TIPS. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of TIPS. Any increase in the principal amount of TIPS will be considered taxable ordinary income, even though investors do not receive their principal until maturity.

While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise


		FLEXSHARES SEMIANNUAL REPORT			433

Notes to the Financial Statements (cont.)

due to reasons other than inflation, investors in these securities may not be protected to the extent that the increase is not reflected in the TIPS’ inflation measure.

The periodic adjustment of TIPS is tied to the Consumer Price Index for Urban Consumers (“CPI-U”), which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. There can be no assurance that the CPI-U will accurately measure the real rate of inflation in the prices of goods and services.

Mortgage-Backed Pass-Through Securities

The FlexShares Disciplined Duration MBS Index Fund invests primarily in U.S. agency mortgage-backed pass-through securities (“MBS”), a category of pass-through securities backed by pools of mortgages and issued by one of the following U.S. government agencies: the Federal National Mortgage Association (FNMA or Fannie Mae), the Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) or the Government National Mortgage Association (GNMA or Ginnie Mae) (each a “US Agency”). Under normal circumstances, the Fund will invest at least 80% of its total assets in the securities of its Underlying Index and in “to-be announced transactions” (“TBA transactions”) that represent securities in its Underlying Index. In a TBA transaction, the buyer and seller agree upon general trade parameters such as agency, coupon rate, settlement date, par amount and price. The actual pools delivered generally are determined two days prior to settlement.

Pending settlement of such TBA contracts, the FlexShares Disciplined Duration MBS Index Fund will invest in liquid, short-term instruments. The FlexShares Core Select Bond Fund may also invest either directly or through its Underlying Funds in MBS, including TBA transactions.

Mortgage Dollar Rolls

The FlexShares Disciplined Duration MBS Index Fund, the FlexShares Ready Access Variable Income Fund and the FlexShares Core Select Bond Fund (directly or through its Underlying Funds) may enter into mortgage dollar roll

transactions. A mortgage dollar roll involves the sale by the Fund of securities for delivery in the future (generally within 30 days). The Fund simultaneously contracts with the same counterparty to repurchase substantially similar (same type, coupon and maturity) but not identical securities on a specified future date. During the roll period, the Fund will not be entitled to accrue interest and receive principal payments on the securities sold. However, the Fund benefits to the extent of any difference between (a) the price received for the securities sold and (b) the lower forward price for the future purchase and/or fee income plus the interest earned on the cash proceeds of the securities sold. Successful use of mortgage dollar rolls depends upon the Investment Adviser’s ability to predict correctly interest rates and mortgage prepayments. The use of this technique may diminish the investment performance of the Fund compared with what such performance would have been without the use of mortgage dollar rolls.

For financial reporting and tax purposes, a Fund treats mortgage dollar rolls as two separate transactions: one involving the purchase of a security and a separate transaction involving a sale. The Fund currently does not intend to enter into mortgage dollar rolls that are accounted for as financing and does not treat them as borrowings.

Repurchase Agreements

To the extent consistent with its investment policies, each Fund may enter into repurchase agreements under which it purchases securities (collateral) for cash from a seller and agrees to resell those securities to the same seller within a specified time at a specified price. During the term of a repurchase agreement, the market value of the underlying collateral, including accrued interest, is required to equal or exceed the market value of the repurchase agreement. The underlying collateral for tri-party repurchase agreements is held in accounts at JPMorgan Chase, the Fund’s custodian, and is not reflected in the assets of the Funds, at the Bank of New York or JPMorgan Chase which, in turn, holds securities through the book-entry system at the Federal Reserve Bank of New York. The Fund is subject to credit risk on repurchase agreements to the extent that the counterparty fails to perform under the agreement and the value of the collateral received falls below the agreed repurchase price.


434		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

The Northern Trust Company, the parent of NTI, currently is a party to various Master Repurchase Agreements with a number of different counterparties, and acts as agent on behalf of various disclosed principals, including the Funds and various other accounts managed by NTI, in entering into repurchase agreements under the Master Repurchase Agreements. NTI administers and manages these repurchase agreements in accordance with and as part of its duties under its investment advisory agreement with the Funds and does not collect any additional fees from the Funds for such services. As of April 30, 2022, none of the Funds presented in these financial statements had repurchase agreements outstanding except as discussed below.

As of April 30, 2022, the FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares Morningstar US Market Factor Tilt Index Fund, FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares STOXX^® US ESG Select Index Fund, FlexShares STOXX^® Global ESG Select Index Fund, FlexShares Morningstar Global Upstream Natural Resources Index Fund, FlexShares STOXX^® Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares Quality Dividend Index Fund, FlexShares Quality Dividend Defensive Index Fund, FlexShares Quality Dividend Dynamic Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic Index Fund, and the FlexShares Core Select Bond Fund invested cash collateral for loans of portfolio securities in repurchase agreements, as reflected in the respective Schedule of Investments under the caption “Securities Lending Reinvestments.”

Securities Lending

Each Fund may lend securities to banks, brokers and dealers or other qualified institutions. In exchange, the Fund is

required to receive minimum initial collateral value as follows:


Type of Loan	Minimum Initial Collateral Requirement

U.S. dollar denominated securities secured by U.S. dollar denominated government securities or cash collateral		102	%

U.S. dollar denominated securities secured by non-U.S. dollar denominated government securities or cash collateral		105	%

Non-U.S. dollar denominated securities secured by government securities or cash collateral in the same denomination as the lent securities		102	%

Non-U.S. dollar denominated securities secured by government securities or cash collateral in the different denomination from the lent securities		105	%

U.S. dollar and Non-U.S. dollar denominated securities secured by equity securities collateral		105	%

The collateral is maintained thereafter, at a value equal to at least 100% of the value of the securities loaned. The collateral amount is valued at the beginning of each business day and is compared to the market value of the loaned securities from the prior business day to determine if additional collateral is required. If additional collateral is required, a request is sent to the borrower.

Securities lending may represent no more than one-third of the value of a Fund’s total assets (including the loan collateral). JPMorgan Chase Bank, N.A. (the “Securities Lending Agent”) serves as the securities lending agent for the securities lending program of a Fund.

Collateral for loans of portfolio securities made by a Fund may consist of cash, cash equivalents, securities issued or guaranteed by the U.S. government or foreign governments or its agencies (or any combination thereof). Any cash collateral received by the Fund in connection with these loans may be invested in a variety of short-term investments, either directly or indirectly through money market portfolios. The market value of securities on loan and the value of investments made with cash collateral received are disclosed


		FLEXSHARES SEMIANNUAL REPORT			435

Notes to the Financial Statements (cont.)

in the Schedules of Investments. Securities lending income includes income from the securities lending program recorded when earned from the Securities Lending Agent and any fees charged to borrowers less expenses associated with the loan. The net amount is reflected in the Statement of Operations under “Securities lending income (net of fees).” The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day.

When a Fund lends its securities, it will continue to receive payments equal to the dividends and interest paid on the securities loaned and simultaneously may earn interest on the investment of the cash collateral.

A Fund will have the right to terminate a loan at any time and recall the loaned securities within the normal and customary settlement time for securities transactions. A Fund does not have the right to vote securities on loan, but can terminate the loan and regain the right to vote if a material event affecting the securities occurred. A borrower might become insolvent or refuse to honor its obligation to return the securities. In the event of a default by a borrower with respect to any loan, the Securities Lending Agent will exercise any and all remedies provided under the applicable borrower agreement. These remedies include purchasing replacement securities for the Fund by applying the collateral held from the defaulting borrower against the purchase cost of the replacement securities. If the proceeds from the collateral are less than the purchase cost of the replacement securities, the Securities Lending Agent is responsible for such shortfall, subject to certain limitations that are set forth in detail in the Securities Lending Agency Agreement. In this event, a Fund could experience delays in recovering its securities and possibly may incur a capital loss. Each Fund will be responsible for any loss that might result from its investment of the cash collateral it receives from a borrower.

In accordance with guidance presented in FASB Accounting Standard Update (“ASU”) 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, liabilities under the

outstanding securities lending transactions as of April 30, 2022, which were comprised of cash, were as follows:


Fund

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund	$	968,888

FlexShares^® Morningstar US Market Factor Tilt Index Fund		224,498,570

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund		20,154,710

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund		1,939,381

FlexShares^® STOXX^® US ESG Select Index Fund		248,877

FlexShares^® STOXX^® Global ESG Select Index Fund		2,134,495

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund		202,348,694

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund		38,480,637

FlexShares^® Global Quality Real Estate Index Fund		6,052,675

FlexShares^® Quality Dividend Index Fund		147,549,869

FlexShares^® Quality Dividend Defensive Index Fund		26,521,823

FlexShares^® Quality Dividend Dynamic Index Fund		228,520

FlexShares^® International Quality Dividend Index Fund		15,101,779

FlexShares^® International Quality Dividend Defensive Index Fund		1,465,336

FlexShares^® International Quality Dividend Dynamic Index Fund		1,766,975

FlexShares^® Core Select Bond Fund		33,593,976

At April 30, 2022, the Securities Lending Agency Agreement does not permit the Funds to enforce a netting arrangement.

The cash collateral received from securities loaned as disclosed in the Statements of Assets and Liabilities is collateralized by securities on loan as disclosed within the Schedules of Investments and such borrowings have maturities that are overnight and continuous.


436		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

Securities lending agreements may be subject to regulation as qualified financial contracts (“QFCs”). Regulations adopted by federal banking regulators under the Dodd-Frank Act, which took effect in 2019, require that certain QFCs with counterparties that are part of U.S. or foreign global systemically important banking organizations be amended to include contractual restrictions on close-out and cross-default rights. If a covered counterparty of a Fund or certain of the covered counterparty’s affiliates were to become subject to certain insolvency proceedings, the Fund may be temporarily unable to exercise certain default rights, and the QFC may be transferred to another entity. These requirements may impact a Fund’s credit and counterparty risks. The remaining maturities of the securities lending transactions are considered overnight and continuous.

Derivative Contracts

Futures Contracts

All of the Index Funds may invest in futures contracts to help track the price and yield performance of their Underlying Indexes. At the time a Fund enters into a futures contract, it is generally required to make a margin deposit with the custodian of a specified amount of liquid assets. Subsequent payments to be made or received by the Funds equal to the change in contract value are recorded as variation margin payable or receivable and offset in unrealized gains or losses. Futures are marked to market each day with the change in value reflected in the unrealized gains or losses. A Fund recognizes a realized gain or loss when a contract is closed or expires. The Statements of Operations reflect unrealized gains or losses on open futures contracts, as “Net change in unrealized appreciation (depreciation) on futures contracts”, and any realized gains (losses) on closed futures contracts as “Net realized gain (loss) from Expiration or closing of futures contracts”.

The FlexShares Core Select Bond Fund may take long or short positions in futures to manage the Fund’s exposure to interest rate risk. When applicable, the Fund seeks to mitigate the potential impact of interest rates on the performance of bonds by entering into short positions in U.S. Treasury futures or transactions in interest rate swaps. The Fund’s short positions in U.S. Treasury futures and interest

rate swaps are not intended to mitigate credit spread risk or other factors influencing the price of bonds, which may have a greater impact than interest rates. In addition, when interest rates fall, long-only bond investments will perform better than the Fund’s investments. As of April 30, 2022, the FlexShares Core Select Bond Fund did not hold swaps.

As of April 30, 2022, the FlexShares US Quality Low Volatility Index Fund, FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares Emerging Markets Quality Low Volatility Index Fund, FlexShares Morningstar US Market Factor Tilt Index Fund, FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares US Quality Large Cap Index Fund, FlexShares STOXX^® US ESG Select Index Fund, FlexShares STOXX^® Global ESG Select Index Fund, FlexShares ESG & Climate US Large Cap Core Index Fund, FlexShares ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares ESG & Climate Emerging Markets Core Index Fund, FlexShares Morningstar Global Upstream Natural Resources Index Fund, FlexShares STOXX^® Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares Quality Dividend Index Fund, FlexShares Quality Dividend Defensive Index Fund, FlexShares Quality Dividend Dynamic Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic Index Fund, and the FlexShares Core Select Bond Fund had open futures contracts.

The use of futures contracts involves, to varying degrees, elements of market and counterparty risk, which may exceed the amounts recognized in the Statements of Assets and Liabilities. Futures contracts present the following risks: imperfect correlation between the change in market value of a Fund’s securities and the price of futures contracts; the possible inability to close a futures contract when desired; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities prices, interest rates, currency exchange rates and other economic factors. Futures markets are highly volatile and the use of futures


		FLEXSHARES SEMIANNUAL REPORT			437

Notes to the Financial Statements (cont.)

may increase the volatility of a Fund’s NAV. As a result of the low margin deposits normally required in futures trading, a relatively small price movement in a futures contract may result in substantial losses to a Fund. Futures contracts may be illiquid, and exchanges may limit fluctuations in futures contract prices during a single day. Foreign exchanges or boards of trade generally do not offer the same protection as U.S. exchanges.

Foreign Currency Translations

Values of investments denominated in foreign currencies are converted into U.S. dollars using the prevailing market rates on the date of valuation as quoted by one or more banks or dealers that make a two-way market in such currencies (or a data service provider based on quotations received from such banks or dealers). Any use of a rate different from the rates used by an Underlying Index’s index provider may affect the corresponding Index Fund’s ability to track its Underlying Index. The cost of purchases and proceeds from sales of investments, interest and dividend income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such transactions. “Net realized gain (loss) on foreign currency transactions” on the Statements of Operations include the effect of changes in exchange rates between trade date and settlement date on investment security transactions, foreign currency transactions and interest and dividends received, and the portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in “Net realized gain (loss) on investment in securities” on the Statements of Operations. Unrealized gains and losses on assets and liabilities, other than investments in securities, which result from changes in foreign currency exchange rates have been included in “Net change in unrealized appreciation (depreciation) on translation of other assets and liabilities denominated in foreign currencies” on the Statements of Operations.

Forward Foreign Currency Exchange Contracts

The FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares Emerging Markets Quality Low Volatility Index Fund, FlexShares Morningstar Developed

Markets ex-US Factor Tilt Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares STOXX^® Global ESG Select Index Fund, Flex Shares ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares ESG & Climate Emerging Markets Core Index Fund, FlexShares Morningstar Global Upstream Natural Resources Index Fund, FlexShares STOXX^® Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares Real Assets Allocation Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic Index Fund, and the FlexShares Ready Access Variable Income Fund may enter into forward foreign currency exchange contracts to facilitate local settlements or to protect against currency exposure in connection with its distributions to shareholders. The FlexShares Ready Access Variable Income Fund also may engage in forward foreign currency transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates. The Funds, however, do not expect to engage in currency transactions for speculative purposes (e.g., for potential income or capital gain). All forward foreign currency exchange contracts held are “marked-to-market” daily at the applicable exchange rates and any resulting unrealized gains or losses are recorded. The Funds record realized gains or losses at the time the forward foreign currency exchange contract is offset by entering into a closing transaction or extinguished by delivery of the currency. The difference between the future foreign currency exchange rates at the date of entry into the contract and the rates at the reporting date are included in “Net change in unrealized appreciation (depreciation) on forward foreign currency contracts” in the Statements of Operations. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollars without the delivery of foreign currency.

There are several risks associated with these contracts. One risk is the potential inability of counterparties to meet the terms of their contracts, and unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts


438		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. The Statements of Operations reflect (i) realized gains or losses, if any, in “Net realized gain (loss) from settlement of forward foreign currency contracts” and (ii) unrealized gains or losses in “Net change in unrealized appreciation (depreciation) on forward foreign currency contracts”. Forward foreign currency exchange contracts are privately negotiated transactions and can have substantial price volatility. As a result, they offer less protection against default by the other party than is available for instruments traded on an exchange. The institutions that deal in forward foreign currency exchange contracts are not required to continue to make markets in the currencies they trade, and these markets can experience periods of illiquidity.

As of April 30, 2022, the FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares Emerging Markets Quality Low Volatility Index Fund, FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares STOXX Global ESG Select Index Fund, FlexShares ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares Morningstar Global Upstream Natural Resources Index Fund, FlexShares STOXX^® Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, and the FlexShares International Quality Dividend Dynamic Index Fund had open forward foreign currency contracts.

Offsetting of Financial Assets and Derivative Assets

The Funds’ accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement or similar agreement does not result in an offset of reported amounts of financial assets and financial liabilities in the Statements of Assets and Liabilities across transactions between the Fund and the applicable counterparty. In the event of a default, the agreement provides the right for the

non-defaulting party to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral. The Funds’ right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject.

For financial reporting purposes, the Trust can offset financial assets and financial liabilities of the FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares Emerging Markets Quality Low Volatility Index Fund, FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares STOXX^® Global ESG Select Index Fund, FlexShares ESG & Climate Developed Market ex-US Core Index Fund, FlexShares Morningstar Global Upstream Natural Resources Index Fund, FlexShares STOXX^® Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund and the FlexShares International Quality Dividend Dynamic Index Fund that are subject to master netting arrangements or similar agreements in the Statements of


		FLEXSHARES SEMIANNUAL REPORT			439

Notes to the Financial Statements (cont.)

Assets and Liabilities. The following table presents the gross and net amounts of these assets and liabilities:


				Gross Amounts Not Offset in the Statement of Assets and Liabilities
		Gross Amounts of Assets presented in Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Received		Net Amount
FlexShares Developed Markets ex-US Quality Low Volatility Index Fund	Foreign Currency Contracts — Bank of New York	$	656	$	—		$	—	$	656
	Foreign Currency Contracts — BNP Paribas SA		3,524		(1,513	)		—		2,011
	Foreign Currency Contracts — Citibank NA		2,402		(1,048	)		—		1,354
	Foreign Currency Contracts — Citigroup Global Markets, Inc.		11,431		(27	)				11,404
	Foreign Currency Contracts — JPMorgan Chase Bank		1,620		—					1,620
	Foreign Currency Contracts — Morgan Stanley		17,651		(6,717	)		—		10,934
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		9,568		(9,568	)		—		—
	Total	$	46,852	$	(18,873	)	$	—	$	27,979
FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund	Foreign Currency Contracts — Bank of New York	$	25,690	$	(6,714	)	$	—	$	18,976
	Foreign Currency Contracts — BNP Paribas SA		1,074		(1,074	)		—		—
	Foreign Currency Contracts — Citibank NA		74,671		(20,060	)				54,611
	Foreign Currency Contracts — Morgan Stanley		883		—					883
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		22,516		(22,516	)				—
	Foreign Currency Contracts — UBS AG		20,471		—					20,471
	Total	$	145,305	$	(50,364	)	$	—	$	94,941
FlexShares Morningstar Emerging Markets Factor Tilt Index Fund	Foreign Currency Contracts — Citibank NA	$	25,143	$	(7,709	)	$	—	$	17,434
	Foreign Currency Contracts — Goldman Sachs & Co.		582		(582	)		—		—
	Foreign Currency Contracts — JPMorgan Chase Bank		1,358		—			—		1,358
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		7,390		—			—		7,390
	Total	$	34,473	$	(8,291	)	$	—	$	26,182
FlexShares STOXX^® Global ESG Impact Index Fund	Foreign Currency Contracts — BNP Paribas SA	$	13	$	(13	)	$	—	$	—
	Foreign Currency Contracts — Citibank NA		14,825		(432	)				14,393
	Foreign Currency Contracts — Goldman Sachs & Co.		71		(71	)				—
	Foreign Currency Contracts — JPMorgan Chase Bank		3,314		(3,314	)				—
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		25,339		—					25,339
	Foreign Currency Contracts — UBS AG		4,709		—			—		4,709
	Total	$	48,271	$	(3,830	)	$	—	$	44,441
FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund	Foreign Currency Contracts — Bank of Montreal	$	4,257	$	(4,257	)	$	—	$	—
	Foreign Currency Contracts — Bank of New York		679		(354	)		—		325
	Foreign Currency Contracts — Citibank NA		455		(41	)				414
	Foreign Currency Contracts — Citigroup Global Markets, Inc.		1,005		(73	)				932
	Foreign Currency Contracts — Goldman Sachs & Co.		33		(33	)				—
	Foreign Currency Contracts — JPMorgan Chase Bank		1,815		(1,476	)				339
	Foreign Currency Contracts — Morgan Stanley		55		(55	)				—
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		2,909		(423	)				2,486
	Foreign Currency Contracts — UBS AG		40		—					40
	Total	$	11,248	$	(6,712	)	$	—	$	4,536


440		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)


				Gross Amounts Not Offset in the Statement of Assets and Liabilities
		Gross Amounts of Assets presented in Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Received		Net Amount
FlexShares Morningstar Global Upstream Natural Resources Index Fund	Foreign Currency Contracts — Bank of Montreal	$	72,450	$	(72,450	)	$	—	$	—
	Foreign Currency Contracts — BNP Paribas SA		49,062		(49,062	)				—
	Foreign Currency Contracts — Citibank NA		721,515		(241,878	)		—		479,637
	Foreign Currency Contracts — JPMorgan Chase Bank		637,731		(55,605	)		—		582,126
	Foreign Currency Contracts — Morgan Stanley		528,743		(19,752	)		—		508,991
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		217,852		(217,852	)		—		—
	Foreign Currency Contracts — UBS AG		16,582		—			—		16,582
	Total	$	2,243,935	$	(656,599	)	$	—	$	1,587,336
FlexShares STOXX^® Global Broad Infrastructure Index Fund	Foreign Currency Contracts — Bank of Montreal	$	10,752	$	—		$	—	$	10,752
	Foreign Currency Contracts — BNP Paribas SA		17,181		(17,181	)		—		—
	Foreign Currency Contracts — Citibank NA		773,825		(678,814	)				95,011
	Foreign Currency Contracts — JPMorgan Chase Bank		7,636		—					7,636
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		283,936		(192,478	)				91,458
	Total	$	1,093,330	$	(888,473	)	$	—	$	204,857
FlexShares Global Quality Real Estate Index Fund	Foreign Currency Contracts — Bank of New York	$	2,599	$	—		$	—	$	2,599
	Foreign Currency Contracts — Goldman Sachs & Co.		753		—			—		753
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		4,036		(4,036	)		—		—
	Foreign Currency Contracts — UBS AG		5,658		—			—		5,658
	Total	$	13,046	$	(4,036	)	$	—	$	9,010
FlexShares International Quality Dividend Index Fund	Foreign Currency Contracts — Bank of Montreal	$	20,388	$	(20,388	)	$	—	$	—
	Foreign Currency Contracts — Bank of New York		7,023		—			—		7,023
	Foreign Currency Contracts — BNP Paribas SA		28,923		(28,923	)		—		—
	Foreign Currency Contracts — Citibank NA		93,370		(38,056	)		—		55,314
	Foreign Currency Contracts — Goldman Sachs & Co.		41,858		(36,360	)		—		5,498
	Foreign Currency Contracts — JPMorgan Bank		20,875		(20,875	)		—		—
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		112,049		(88,656	)		—		23,393
	Total	$	324,486	$	(233,258	)	$	—	$	91,228
FlexShares International Quality Dividend Defensive Index Fund	Foreign Currency Contracts — BNP Paribas SA	$	6,721	$	—		$	—	$	6,721
	Foreign Currency Contracts — Citibank NA		13,667		(612	)		—		13,055
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		24,255		(2,751	)		—		21,504
	Foreign Currency Contracts — UBS AG		5,464		—			—		5,464
	Total	$	50,107	$	(3,363	)	$	—	$	46,744


		FLEXSHARES SEMIANNUAL REPORT			441

Notes to the Financial Statements (cont.)


					Gross Amounts Not Offset in the Statement of Assets and Liabilities
		Gross Amounts of Assets presented in Statements of Assets and Liabilities			Financial Instruments			Cash Collateral Received		Net Amount
FlexShares International Quality Dividend Dynamic Index Fund	Foreign Currency Contracts — Bank of Montreal	$	2,996		$	—		$	—	$	2,996
	Foreign Currency Contracts — Bank of New York		528			(10	)		—		518
	Foreign Currency Contracts — BNP Paribas SA		4,851			(826	)				4,025
	Foreign Currency Contracts — Citibank NA		11,284			(339	)		—		10,945
	Foreign Currency Contracts — JPMorgan Chase Bank		2,633			—			—		2,633
	Foreign Currency Contracts — Morgan Stanley		3,607			(1,369	)		—		2,238
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		4,706			(712	)		—		3,994
	Foreign Currency Contracts — UBS AG		5,520			—					5,520
	Total	$	36,125		$	(3,256	)	$	—	$	32,869

					Gross Amounts Not Offset in the Statemednt of Assets and Liabilities
		Gross Amounts of Liabilities presented in Statements of Assets and Liabilities			Financial Instruments			Cash Collateral Pledged		Net Amount
FlexShares Developed Markets ex-US Quality Low Volatility Index Fund	Foreign Currency Contracts — BNP Paribas SA	$	(1,513	)	$	1,513		$	—	$	—
	Foreign Currency Contracts — Citibank NA		(1,048	)		1,048			—		—
	Foreign Currency Contracts — Citigroup Global Markets, Inc.		(27	)		27					—
	Foreign Currency Contracts — Goldman Sachs & Co.		(12	)		—					(12	)
	Foreign Currency Contracts — Morgan Stanley		(6,717	)		6,717					—
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		(10,385	)		9,568			—		(817	)
	Total	$	(19,702	)	$	18,873		$	—	$	(829	)
FlexShares Emerging Markets Quality Low Volatility Index Fund	Foreign Currency Contracts — Citibank NA	$	(7	)	$	—		$	—	$	(7	)
	Total	$	(7	)	$	—		$	—	$	(7	)
FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund	Foreign Currency Contracts — Bank of New York	$	(6,714	)	$	6,714		$	—	$	—
	Foreign Currency Contracts — BNP Paribas SA		(95,682	)		1,074			—		(94,608	)
	Foreign Currency Contracts — Citibank NA		(20,060	)		20,060			—		—
	Foreign Currency Contracts — Goldman Sachs & Co.		(2,471	)		—					(2,471	)
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		(139,608	)		22,516					(117,092	)
	Total	$	(264,535	)	$	50,364		$	—	$	(214,171	)
FlexShares Morningstar Emerging Markets Factor Tilt Index Fund	Foreign Currency Contracts — Citibank NA	$	(7,709	)	$	7,709		$	—	$	—
	Foreign Currency Contracts — Goldman Sachs & Co.		(932	)		582			—		(350	)
	Total	$	(8,641	)	$	8,291		$	—	$	(350	)


442		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)


					Gross Amounts Not Offset in the Statemednt of Assets and Liabilities
		Gross Amounts of Liabilities presented in Statements of Assets and Liabilities			Financial Instruments		Cash Collateral Pledged		Net Amount
FlexShares STOXX^® Global ESG Impact Index Fund	Foreign Currency Contracts — Bank of Montreal	$	(453	)	$	—	$	—	$	(453	)
	Foreign Currency Contracts — BNP Paribas SA		(4,201	)		13				(4,188	)
	Foreign Currency Contracts — Citibank NA		(432	)		432				—
	Foreign Currency Contracts — Goldman Sachs & Co.		(85	)		71				(14	)
	Foreign Currency Contracts — JPMorgan Chase Bank		(7,194	)		3,314				(3,880	)
	Total	$	(12,365	)	$	3,830	$	—	$	(8,535	)
FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund	Foreign Currency Contracts — Bank of Montreal	$	(5,618	)	$	4,257	$	—	$	(1,361	)
	Foreign Currency Contracts — Bank of New York		(354	)		354		—		—
	Foreign Currency Contracts — Citibank NA		(41	)		41		—		—
	Foreign Currency Contracts — Citigroup Global Markets, Inc.		(73	)		73		—		—
	Foreign Currency Contracts — Goldman Sachs & Co.		(163	)		33				(130	)
	Foreign Currency Contracts — JPMorgan Chase Bank		(1,476	)		1,476				—
	Foreign Currency Contracts — Morgan Stanley		(4,846	)		55				(4,791	)
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		(423	)		423				—
	Total	$	(12,994	)	$	6,712	$	—	$	(6,282	)
FlexShares Morningstar Global Upstream Natural Resources Index Fund	Foreign Currency Contracts — Bank of Montreal	$	(1,044,450	)	$	72,450	$	—	$	(972,000	)
	Foreign Currency Contracts — Bank of New York		(126,949	)		—		—		(126,949	)
	Foreign Currency Contracts — BNP Paribas SA		(91,909	)		49,062				(42,847	)
	Foreign Currency Contracts — Citibank NA		(241,878	)		241,878				—
	Foreign Currency Contracts — Goldman Sachs & Co.		(5,899	)		—				(5,899	)
	Foreign Currency Contracts — JPMorgan Chase Bank		(55,605	)		55,605				—
	Foreign Currency Contracts — Morgan Stanley		(19,752	)		19,752				—
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		(660,040	)		217,852		—		(442,188	)
	Total	$	(2,246,482	)	$	656,599	$	—	$	(1,589,883	)
FlexShares STOXX^® Global Broad Infrastructure Index Fund	Foreign Currency Contracts — BNP Paribas SA	$	(273,747	)	$	17,181	$	—	$	(256,566	)
	Foreign Currency Contracts — Citibank NA		(678,814	)		678,814		—		—
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		(192,478	)		192,478		—		—
	Foreign Currency Contracts — UBS AG		(9,196	)		—		—		(9,196	)
	Total	$	(1,154,235	)	$	888,473	$	—	$	(265,762	)
FlexShares Global Quality Real Estate Index Fund	Foreign Currency Contracts — BNP Paribas SA	$	(54,802	)	$	—	$	—	$	(54,802	)
	Foreign Currency Contracts — Citibank NA		(20,516	)		—		—		(20,516	)
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		(9,231	)		4,036		—		(5,195	)
	Total	$	(84,549	)	$	4,036	$	—	$	(80,513	)


		FLEXSHARES SEMIANNUAL REPORT			443

Notes to the Financial Statements (cont.)


					Gross Amounts Not Offset in the Statemednt of Assets and Liabilities
		Gross Amounts of Liabilities presented in Statements of Assets and Liabilities			Financial Instruments		Cash Collateral Pledged		Net Amount
FlexShares International Quality Dividend Index Fund	Foreign Currency Contracts — Bank of Montreal	$	(65,230	)	$	20,388	$	—	$	(44,842	)
	Foreign Currency Contracts — BNP Paribas SA		(190,352	)		28,923		—		(161,429	)
	Foreign Currency Contracts — Citibank NA		(38,056	)		38,056				—
	Foreign Currency Contracts — Goldman Sachs & Co.		(36,360	)		36,360				—
	Foreign Currency Contracts — JPMorgan Bank		(23,789	)		20,875				(2,914	)
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		(88,656	)		88,656		—		—
	Foreign Currency Contracts — UBS AG		(28,722	)		—		—		(28,722	)
	Total	$	(471,165	)	$	233,258	$	—	$	(237,907	)
FlexShares International Quality Dividend Defensive Index Fund	Foreign Currency Contracts — Bank of New York	$	(276	)	$	—	$	—	$	(276	)
	Foreign Currency Contracts — Citibank NA		(612	)		612		—		—
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		(2,751	)		2,751				—
	Total	$	(3,639	)	$	3,363	$	—	$	(276	)
FlexShares International Quality Dividend Dynamic Index Fund	Foreign Currency Contracts — Bank of New York	$	(10	)	$	10	$	—	$	—
	Foreign Currency Contracts — BNP Paribas SA		(826	)		826		—		—
	Foreign Currency Contracts — Citibank NA		(339	)		339				—
	Foreign Currency Contracts — Goldman Sachs & Co.		(1,740	)		—		—		(1,740	)
	Foreign Currency Contracts — Morgan Stanley		(1,369	)		1,369				—
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		(712	)		712				—
	Total	$	(4,996	)	$	3,256	$	—	$	(1,740	)

The following tables indicate the location of derivative-related items on the Statements of Assets and Liabilities as well as the effect of derivative instruments on the Statements of Operations during the reporting period.

Fair Value of Derivative Instruments as of April 30, 2022


Derivatives by risk type	Statements of Assets and Liabilities Location	Fund	Value

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares US Quality Low Volatility Index Fund	$	(39,542	)

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		(17,238	)

Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		46,852

Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		(19,702	)

Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares Emerging Markets Quality Low Volatility Index Fund		1,446

Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares Emerging Markets Quality Low Volatility Index Fund		(7	)


444		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)


Derivatives by risk type	Statements of Assets and Liabilities Location	Fund	Value

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares Morningstar US Market Factor Tilt Index Fund	$	(333,095	)

Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		396,952

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		(85,627	)

Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		145,305

Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		(264,535	)

Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		22,870

Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		34,473

Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		(8,641	)

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares US Quality Large Cap Index Fund		(50,741	)

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares STOXX^® US ESG Select Index Fund		(49,369	)

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares STOXX^® Global ESG Select Index Fund		(41,113	)

Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares STOXX^® Global ESG Select Index Fund		48,271

Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares STOXX^® Global ESG Select Index Fund		(12,365	)

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares ESG & Climate US Large Cap Core Index Fund		(2,552	)

Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares ESG & Climate Developed Markets ex-US Core Index Fund		191

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares ESG & Climate Developed Markets ex-US Core Index Fund		(7,588	)

Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares ESG & Climate Developed Markets ex-US Core Index Fund		11,248

Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares ESG & Climate Developed Markets ex-US Core Index Fund		(12,994	)

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts	FlexShares ESG & Climate Emerging Markets Core Index Fund		(1,547	)

Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares Morningstar Global Upstream Natural Resources Index Fund		440,146


		FLEXSHARES SEMIANNUAL REPORT			445

Notes to the Financial Statements (cont.)


Derivatives by risk type	Statements of Assets and Liabilities Location	Fund	Value

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares Morningstar Global Upstream Natural Resources Index Fund	$	(1,358,153	)

Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares Morningstar Global Upstream Natural Resources Index Fund		2,243,935

Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares Morningstar Global Upstream Natural Resources Index Fund		(2,246,482	)

Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares STOXX^® Global Broad Infrastructure Index Fund		315,570

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares STOXX^® Global Broad Infrastructure Index Fund		(273,335	)

Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares STOXX^® Global Broad Infrastructure Index Fund		1,093,330

Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares STOXX^® Global Broad Infrastructure Index Fund		(1,154,235	)

Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares Global Quality Real Estate Index Fund		130,593

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares Global Quality Real Estate Index Fund		(438,597	)

Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares Global Quality Real Estate Index Fund		13,046

Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares Global Quality Real Estate Index Fund		(84,549	)

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares Quality Dividend Index Fund		(307,572	)

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares Quality Dividend Defensive Index Fund		(103,185	)

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares Quality Dividend Dynamic Index Fund		(8,975	)

Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares International Quality Dividend Index Fund		315,752

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares International Quality Dividend Index Fund		(111,355	)

Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares International Quality Dividend Index Fund		324,486

Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares International Quality Dividend Index Fund		(471,165	)

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares International Quality Dividend Defensive Index Fund		(27,177	)

Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares International Quality Dividend Defensive Index Fund		50,107


446		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)


Derivatives by risk type	Statements of Assets and Liabilities Location	Fund	Value

Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares International Quality Dividend Defensive Index Fund	$	(3,639	)

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares International Quality Dividend Dynamic Index Fund		(44,078	)

Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares International Quality Dividend Dynamic Index Fund		36,125

Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares International Quality Dividend Dynamic Index Fund		(4,996	)

Interest Rate Futures Contracts	Assets — Unrealized appreciation on futures contracts	FlexShares Core Select Bond Fund		28,144

*	Includes cumulative appreciation/depreciation on futures contracts as reported in the Schedule of Investments. Current day’s variation margin is reported within the Statement of Assets and Liabilities for futures contracts.

The Effect of Derivative Instruments on the Statements of Operations for the Period Ended April 30, 2022


Derivatives by risk type	Location of Gain or (Loss) on Derivatives on the Statements of Operations	Fund	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation) on Derivatives

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares US Quality Low Volatility Index Fund	$	(69,400	)	$	(48,083	)

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		(119,449	)		(21,986	)

Foreign Currency Contracts	Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency contracts	FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		25,132			21,933

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares Emerging Markets Quality Low Volatility Index Fund		(31,753	)		3,067

Foreign Currency Contracts	Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency contracts	FlexShares Emerging Markets Quality Low Volatility Index Fund		72			(9	)


		FLEXSHARES SEMIANNUAL REPORT			447

Notes to the Financial Statements (cont.)


Derivatives by risk type	Location of Gain or (Loss) on Derivatives on the Statements of Operations	Fund	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation) on Derivatives

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares Morningstar US Market Factor Tilt Index Fund	$	(314,133	)	$	(789,471	)

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		(690,178	)		193,236

Foreign Currency Contracts	Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency contracts	FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		(282,644	)		3,515

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		(557,490	)		72,241

Foreign Currency Contracts	Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency contracts	FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		43,407			16,596

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares US Quality Large Cap Index Fund		(96,634	)		(97,564	)

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares STOXX^® US ESG Select Index Fund		(10,571	)		(88,860	)

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares STOXX^® Global ESG Select Index Fund		(166,170	)		(96,809	)


448		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)


Derivatives by risk type	Location of Gain or (Loss) on Derivatives on the Statements of Operations	Fund	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation) on Derivatives

Foreign Currency Contracts	Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency contracts	FlexShares STOXX^® Global ESG Select Index Fund	$	60,192		$	25,067

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares ESG & Climate US Large Cap Core Index Fund		(424	)		(3,792	)

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares ESG & Climate Developed Markets ex-US Core Index Fund		(4,908	)		(7,397	)

Foreign Currency Contracts	Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency contracts	FlexShares ESG & Climate Developed Markets ex-US Core Index Fund		(1,058	)		(399	)

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares ESG & Climate Emerging Markets Core Index Fund		—			(1,547	)

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares Morningstar Global Upstream Natural Resources Index Fund		1,287,196			(1,750,302	)

Foreign Currency Contracts	Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency contracts	FlexShares Morningstar Global Upstream Natural Resources Index Fund		(371,371	)		(396,904	)

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares STOXX^® Global Broad Infrastructure Index Fund		280,685			(394,717	)


		FLEXSHARES SEMIANNUAL REPORT			449

Notes to the Financial Statements (cont.)


Derivatives by risk type	Location of Gain or (Loss) on Derivatives on the Statements of Operations	Fund	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation) on Derivatives

Foreign Currency Contracts	Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency contracts	FlexShares STOXX^® Global Broad Infrastructure Index Fund	$	(814,306	)	$	189,928

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares Global Quality Real Estate Index Fund		(563,298	)		(430,722	)

Foreign Currency Contracts	Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency contracts	FlexShares Global Quality Real Estate Index Fund		129,114			(65,575	)

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares Quality Dividend Index Fund		(131,838	)		(638,373	)

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares Quality Dividend Defensive Index Fund		(401,500	)		(202,718	)

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares Quality Dividend Dynamic Index Fund		(8,836	)		(18,436	)

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares International Quality Dividend Index Fund		(1,313,325	)		193,749

Foreign Currency Contracts	Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency contracts	FlexShares International Quality Dividend Index Fund		(292,926	)		(49,356	)


450		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)


Derivatives by risk type	Location of Gain or (Loss) on Derivatives on the Statements of Operations	Fund	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation) on Derivatives

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares International Quality Dividend Defensive Index Fund	$	(188,337	)	$	(11,945	)

Foreign Currency Contracts	Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency contracts	FlexShares International Quality Dividend Defensive Index Fund		54,271			32,947

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares International Quality Dividend Dynamic Index Fund		(189,274	)		(36,517	)

Foreign Currency Contracts	Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency contracts	FlexShares International Quality Dividend Dynamic Index Fund		26,991			27,067

Interest Rate Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares Core Select Bond Fund		(5,785	)		28,144

At April 30, 2022, the volume of derivative activities, which represents activities throughout the period, was as follows:


	Foreign Exchange Contracts				Equity Contracts								Interest Rate future
Fund	Number of Trades		Average Notional Amount		Number of Trades Long		Average Notional Balance Long		Number of Trades Short		Average Notional Balance Short		Number of Trades Long		Average Notional Balance Long		Number of Trades Short		Average Notional Balance Short

FlexShares US Quality Low Volatility Index Fund		—	$	—		18	$	305,493		—	$	—		—	$	—		—	$	—

FlexShares Developed Markets Ex-US Quality Low Volatility Index Fund		146		51,760		21		187,350		—		—		—		—		—		—

FlexShares Emerging Markets Quality Low Volatility Index Fund		7		17,014		10		62,254		—		—		—		—		—		—

FlexShares Morningstar US Market Factor Tilt Index Fund		—		—		72		721,112		—		—		—		—		—		—


		FLEXSHARES SEMIANNUAL REPORT			451

Notes to the Financial Statements (cont.)


	Foreign Exchange Contracts				Equity Contracts								Interest Rate future
Fund	Number of Trades		Average Notional Amount		Number of Trades Long		Average Notional Balance Long		Number of Trades Short		Average Notional Balance Short		Number of Trades Long		Average Notional Balance Long		Number of Trades Short		Average Notional Balance Short

FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		72	$	520,240		98	$	398,202		—	$	—		—	$	—		—	$	—

FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		34		208,918		40		344,824		—		—		—		—		—		—

FlexShares US Quality Large Cap Index Fund		—		—		15		357,112		—		—		—		—		—		—

FlexShares STOXX US ESG Select Index Fund		—		—		17		277,044		—		—		—		—		—		—

FlexShares STOXX Global ESG Select Index Fund		51		141,800		34		398,796		—		—		—		—		—		—

FlexShares^® ESG & Climate US Large Cap Core Index Fund		—		—		4		21,980		—		—		—		—		—		—

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund		197		7,887		8		62,695		—		—		—		—		—		—

FlexShares ESG & Climate Emerging Markets Core Index Fund		—		—		1		54,417		—		—		—		—		—		—

FlexShares Morningstar Global Upstream Natural Resources Index Fund		208		1,404,775		255		1,131,817		—		—		—		—		—		—

FlexShares STOXX Global Broad Infrastructure Index Fund		91		2,217,480		153		997,966		—		—		—		—		—		—

FlexShares Global Quality Real Estate Index Fund		64		464,672		61		554,999		—		—		—		—		—		—

FlexShares Quality Dividend Index Fund		—		—		50		927,655		—		—		—		—		—		—

FlexShares Quality Dividend Defensive Index Fund		—		—		33		582,351		—		—		—		—		—		—

FlexShares Quality Dividend Dynamic Index Fund		—		—		12		82,712		—		—		—		—		—		—

FlexShares International Quality Dividend Index Fund		179		337,392		112		398,116		—		—		—		—		—		—

FlexShares International Quality Dividend Defensive Index Fund		44		100,637		37		117,007		—		—		—		—		—		—

FlexShares International Quality Dividend Dynamic Index Fund		105		41,350		41		130,762		—		—		—		—		—		—

FlexShares Core Select Bond Fund		—		—		—		—		—		—		1		2,038,611		1		5,866,800

Taxes and Distributions

Each Fund has qualified and intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue

Code of 1986, as amended, which includes distributing substantially all of its net investment income and net capital gains to shareholders. Accordingly, no provision for federal and state income taxes is required in the financial statements.


452		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

As of April 30, 2022, management of the Funds has reviewed all open tax years and major jurisdictions and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months. On an ongoing basis management will monitor the tax positions taken to determine if adjustment to conclusions are necessary based on factors including but not limited to further implementation on guidance expected from FASB and on-going analysis of tax law, regulation, and interpretations thereof.

3. Investment Transactions and Related Income and Expense

Throughout the reporting period, investment transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, investment transactions are accounted for on the trade date on the last business day of the reporting period.

Interest income is recognized on an accrual basis. Bond discount is accreted and premium is amortized using the effective yield method. Dividend income is recorded on the ex-dividend date, or as soon as information is available. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds.

Each Fund except the FlexShares iBoxx 3-Year Target Duration TIPs Index Fund, and the FlexShares iBoxx 5-Year Target Duration TIPs Index Fund may hold the securities of real estate investment trusts (“REITs”). Distributions from such investments may be comprised of return of capital, capital gains and income. The actual character of amounts received during the year is not known until after the REIT’s fiscal year end. The Fund records the character of distributions received from REITs during the year based on estimates available. The characterization of distributions received by the Fund may be subsequently revised based on information received from the REITs after their tax reporting periods concluded.

All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign markets in which a Fund invests. These foreign taxes, if any, are paid by the Funds and disclosed in the Statements of Operations. Foreign taxes payable, if any, are reflected in the Funds’ Statements of Assets and Liabilities.

Expenses directly attributable to a Fund are charged to that Fund, while expenses which are attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or another reasonable basis.

4. Investment Advisory Fees

NTI serves as the Investment Adviser of the Funds pursuant to the Investment Advisory Agreement. The Investment Adviser is responsible for making investment decisions for the Funds and for placing purchase and sale orders for portfolio securities, subject to the general supervision of the Board.

As compensation for its advisory services and assumption of certain Fund expenses, NTI is entitled to a unitary management fee (“Management Fee”), computed daily and payable monthly, at the annual rates set forth in the table below (expressed as a percentage of each Fund’s respective average daily net assets).

From the Management Fee, NTI pays most of the expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services (“Covered Expenses”). Covered Expenses do not include the following fees under the Investment Advisory Agreement: its advisory fees payable under the Advisory Agreement, distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1, interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business.


		FLEXSHARES SEMIANNUAL REPORT			453

Notes to the Financial Statements (cont.)

The Management Fee rate payable by each Fund is set forth in the following table:


Fund	Unitary Management Fee

FlexShares US Quality Low Volatility Index Fund		0.22	%

FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		0.32	%

FlexShares Emerging Markets Quality Low Volatility Index Fund		0.40	%

FlexShares Morningstar US Market Factor Tilt Index Fund		0.25	%

FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		0.39	%

FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		0.59	%

FlexShares US Quality Large Cap Index Fund		0.32	%

FlexShares STOXX^® US ESG Select Index Fund		0.32	%

FlexShares STOXX^® Global ESG Select Index Fund		0.42	%

FlexShares ESG & Climate US Large Cap Core Index Fund		0.09	%

FlexShares ESG & Climate Developed Markets ex-US Core Index Fund		0.12	%

FlexShares ESG & Climate Emerging Markets Core Index Fund		0.18	%

FlexShares Morningstar Global Upstream Natural Resources Index Fund		0.46	%

FlexShares STOXX^® Global Broad Infrastructure Index Fund		0.47	%

FlexShares Global Quality Real Estate Index Fund		0.45	%

FlexShares Real Assets Allocation Index Fund		0.57	%

FlexShares Quality Dividend Index Fund		0.37	%

FlexShares Quality Dividend Defensive Index Fund		0.37	%

FlexShares Quality Dividend Dynamic Index Fund		0.37	%

FlexShares International Quality Dividend Index Fund		0.47	%


Fund	Unitary Management Fee

FlexShares International Quality Dividend Defensive Index Fund		0.47	%

FlexShares International Quality Dividend Dynamic Index Fund		0.47	%

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund		0.18	%

FlexShares iBoxx 5-Year Target Duration TIPS Index Fund		0.18	%

FlexShares Disciplined Duration MBS Index Fund		0.20	%

FlexShares Credit-Scored US Corporate Bond Index Fund		0.22	%

FlexShares Credit-Scored US Long Corporate Bond Index Fund		0.22	%

FlexShares High Yield Value-Scored Bond Index Fund		0.37	%

FlexShares ESG & Climate High Yield Corporate Core Index Fund		0.23	%

FlexShares ESG & Climate Investment Grade Corporate Core Index Fund		0.12	%

FlexShares Ready Access Variable Income Fund		0.25	%

FlexShares Core Select Bond Fund		0.35	%

The Investment Adviser has contractually agreed until March 1, 2023 to reimburse a portion of the operating expenses of each Fund (other than acquired fund fees and expenses (“AFFE”)) so the “Total Annual Fund Operating Expenses After Expense Reimbursement” do not exceed the Fund’s Management Fee plus (+) 0.0049%. In the case of the FlexShares Real Assets Allocation Index Fund, the Investment Adviser has contractually agreed until March 1, 2023 to waive Management Fees or reimburse certain expenses in an amount equal to the AFFE attributable to the Fund’s investments in its Underlying Fund. After these dates, the contractual arrangements will continue automatically thereafter for periods of one year (each such one-year period, a “Renewal Year”). The contractual arrangements may be terminated, with respect to a Fund, as to any succeeding Renewal Year, by NTI or the Fund upon 60 days’ written notice prior to the end of the current Renewal Year. The


454		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

Board may terminate the arrangements at any time with respect to a Fund if it determines that it is in the best interest of the Fund and its shareholders. In the case of the FlexShares Core Select Bond Fund, the Investment Adviser has contractually agreed until March 1, 2023 to waive Management Fees or reimburse certain expenses in an amount equal to the sum of (a) any AFFE incurred by the Fund that are attributable to the Fund’s investment in Acquired Funds managed by NTI or an investment adviser controlling, controlled by, or under common control with NTI (“Affiliated Funds”); and (b) 0.05% or such lesser amount in AFFE incurred by the Fund that are attributable to the Fund’s investment in Underlying Funds that are not Affiliated Funds. AFFE are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies. Because AFFE are not direct expenses of a Fund, they are not reflected on a Fund’s financial statements. After these dates, the contractual expense reimbursement agreements continue automatically for periods of one year unless terminated, as to any succeeding renewal year, by either party upon 60 days’ written notice prior to the end of the current term. The Board may terminate the contractual expense reimbursement agreements discussed above with respect to any Fund at any time if it determines that it is in the best interest of a Fund and its shareholders. These expenses and the reimbursements are shown as “Investment advisory fees reimbursed” on the Statements of Operations.

In addition, effective October 29, 2018, NTI contractually agreed to reimburse the Funds for certain other fees and expenses that are not Covered Expenses. These fees and expenses and the reimbursements are shown as Other expenses and Other expenses reimbursed, respectively, in the Statements of Operations.

The Investment Adviser may voluntarily waive or reimburse additional management fees or expenses. Any such additional voluntary expense reimbursement or fee waiver could be implemented, increased or decreased, or discontinued at any time. Amounts waived or reimbursed by the Investment Adviser pursuant to voluntary or contractual agreements discussed above may not be recouped by the Investment Adviser. These waivers and/or reimbursements are shown as Expenses waived and/or reimbursed by Advisor on the

Statements of Operations. As of the period ended

April 30, 2022, the Investment Adviser did not voluntarily waive or reimburse additional management fees.

5. Administration Fees

Per terms of agreements JPMorgan Chase Bank, N.A. (the “Administrator”) serves as administrator of the Funds. The Administrator provides certain administrative services to the Funds. For these services, the Administrator is entitled to certain fees and reasonable out-of-pocket expenses. These fees and expenses are Covered Expenses as defined above.

6. Custodian Fees

JPMorgan Chase Bank, N.A. (the “Custodian”) acts as custodian for the Funds in accordance with a Global Custody Agreement. The Custodian holds cash, securities and other assets of the Funds as required by the 1940 Act. As compensation for the services rendered under the agreement, the Custodian is entitled to fees and reasonable out-of-pocket expenses. These fees and expenses are Covered Expenses as defined above.

7. Trustees Fees

The Trust compensates each Trustee who is not an officer, director or employee of Northern Trust Corporation, or its subsidiaries, for his or her services as a Trustee of the Trust and as a member of Board committees.

The Trust has adopted a deferred compensation plan (the “DC Plan”) for its Trustees who are not officers of Northern Trust or NTI. Under the DC Plan, Independent Trustees may elect to defer all or a portion of their compensation. The amount deferred is adjusted periodically based upon the performance of the investment options selected by the Trustees. The investment options currently available under the DC Plan are the FlexShares Morningstar US Market Factor Tilt Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares STOXX^® US ESG Select Index Fund, FlexShares Morningstar Global Upstream Natural Resources Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares Quality Dividend Index Fund, FlexShares iBoxx 5-Year Target Duration TIPS Index Fund, and the FlexShares Ready Access Variable Income Fund. Expenses related to the DC Plan are stated on the Statements of Operations.


		FLEXSHARES SEMIANNUAL REPORT			455

Notes to the Financial Statements (cont.)

8. Distribution and Service Plan

Foreside Fund Services, LLC (the “Distributor”) serves as the Funds’ distributor and distributes Creation Units (as described in Note 9) for each Fund on an agency basis. The Distributor does not receive a fee from the Funds for its distribution services. However, it receives compensation from NTI for its services as distributor pursuant to a separate letter agreement between it and NTI.

The Trust has adopted a Distribution and Service Plan (“the Plan”) pursuant to Rule 12b-1 under the 1940 Act. Payments to financial intermediaries under the Plan are tied directly to their own out-of-pocket expenses. The Plan has not been implemented with respect to the Funds. The Plan may not be implemented without further Board approval. The maximum distribution fee is 0.25% of each Fund’s respective average daily net assets under the Plan. The Funds did not pay any 12b-1 fees during the fiscal year.

9. Issuance and Redemption of Fund Shares

Each Fund only issues and redeems shares to Authorized Participants in exchange for the deposit or delivery of a basket of assets (securities and/or cash), in large blocks known as Creation Units, each of which is comprised of a specified number of shares.

Retail investors may only purchase and sell fund shares in the secondary market through a broker-dealer and such transactions may be subject to customary commission and fee rates imposed by the broker-dealer.

Authorized Participants may pay transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. The transaction fees are paid directly to the Fund and used to offset Fund custody fees. Certain fees or costs associated with Creation Unit purchases may be paid by NTI in certain circumstances. In addition, the Trust may from time to time waive the standard transaction fee. The net custody fees charged to the Fund are paid for by the Investment Adviser through the

Fund’s Unitary Fee. Transaction fees remaining in the Funds were as follows:


Fund	As of April 30, 2022		As of October 31, 2021

FlexShares US Quality Low Volatility Index Fund	$	700	$	1,400

FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		2,250		9,000

FlexShares Morningstar US Market Factor Tilt Index Fund		1,500		4,500

FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		13,500		27,000

FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		50,000		50,000

FlexShares US Quality Large Cap Index Fund		2,500		2,500

FlexShares STOXX^® US ESG Select Index Fund		—		1,400

FlexShares STOXX^® Global ESG Select Index Fund		13,000		13,000

FlexShares ESG & Climate US Large Cap Core Index Fund		2,500		—

FlexShares ESG & Climate Developed Markets ex-US Core Index Fund		13,500		—

FlexShares Morningstar Global Upstream Natural Resources Index Fund		49,500		40,500

FlexShares STOXX^® Global Broad Infrastructure Index Fund		10,000		28,000

FlexShares Global Quality Real Estate Index Fund		2,000		6,000

FlexShares Quality Dividend Index Fund		6,000		4,600

FlexShares Quality Dividend Defensive Index Fund		4,250		2,850

FlexShares Quality Dividend Dynamic Index Fund		750		1,450

FlexShares International Quality Dividend Index Fund		8,500		8,500

FlexShares International Quality Dividend Defensive Index Fund		3,500		—


456		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)


Fund	As of April 30, 2022		As of October 31, 2021

FlexShares International Quality Dividend Dynamic Index Fund	$	3,500	$	7,000

FlexShares Disciplined Duration MBS Index Fund		1,600		400

FlexShares Credit-Scored US Corporate Bond Index Fund		1,500		2,500

FlexShares High Yield Value-Scored Bond Index Fund		6,500		10,500

FlexShares ESG & Climate Investment Grade Corporate Core Index Fund		500		—

FlexShares Ready Access Variable Income Fund		4,725		525

The FlexShares Real Assets Allocation Index Fund, FlexShares iBoxx 3-Year Target Duration TIPS Index Fund, FlexShares iBoxx 5-Year Target Duration TIPS Index Fund and the FlexShares Core Select Bond Fund do not charge standard creation unit transaction fees.

10. Investment Transactions

For the period ended April 30, 2022, the FlexShares iBoxx 3-Year Target Duration TIPS Index, FlexShares iBoxx 5-Year Target Duration TIPS Index and FlexShares Disciplined Duration MBS Index Funds invested solely in U.S. Government, including U.S. government agency, securities. The cost of securities purchased by each Fund and proceeds from sales of securities, excluding short-term securities, derivatives and in-kind transactions for the period ended April 30, 2022, were as follows:


Fund	Purchases		Sales

FlexShares US Quality Low Volatility Index Fund	$	35,833,397	$	38,093,889

FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		22,551,088		20,771,573

FlexShares Emerging Markets Quality Low Volatility Index Fund		3,857,472		3,997,460

FlexShares Morningstar US Market Factor Tilt Index Fund		103,516,323		101,197,411


Fund	Purchases		Sales

FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund	$	93,918,527	$	101,375,638

FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		49,432,071		74,730,993

FlexShares US Quality Large Cap Index Fund		11,161,676		11,186,446

FlexShares STOXX^® US ESG Select Index Fund		56,388,566		56,263,760

FlexShares STOXX^® Global ESG Select Index Fund		67,706,236		57,604,439

FlexShares ESG & Climate US Large Cap Core Index Fund		300,562		267,806

FlexShares ESG & Climate Developed Markets ex-US Core Index Fund		1,384,688		755,129

FlexShares ESG & Climate Emerging Markets Core Index Fund		3,694,694		—

FlexShares Morningstar Global Upstream Natural Resources Index Fund		1,343,563,102		1,179,758,798

FlexShares STOXX^® Global Broad Infrastructure Index Fund		268,023,411		269,309,311

FlexShares Global Quality Real Estate Index Fund		106,748,170		114,745,171

FlexShares Real Assets Allocation Index Fund		1,873,877		1,860,191

FlexShares Quality Dividend Index Fund		323,929,505		324,462,885

FlexShares Quality Dividend Defensive Index Fund		95,007,762		98,211,841

FlexShares Quality Dividend Dynamic Index Fund		5,155,757		5,750,889

FlexShares International Quality Dividend Index Fund		194,160,233		183,100,639


		FLEXSHARES SEMIANNUAL REPORT			457

Notes to the Financial Statements (cont.)


Fund	Purchases		Sales

FlexShares International Quality Dividend Defensive Index Fund	$	21,155,902	$	21,749,057

FlexShares International Quality Dividend Dynamic Index Fund		28,598,600		25,413,291

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund		843,562,029		869,748,043

FlexShares iBoxx 5-Year Target Duration TIPS Index Fund		240,927,016		254,660,711

FlexShares Disciplined Duration MBS Index Fund		194,526,089		189,750,752

FlexShares Credit-Scored US Corporate Bond Index Fund		93,365,095		129,939,382

FlexShares Credit-Scored US Long Corporate Bond Index Fund		16,708,532		16,899,303

FlexShares High Yield Value-Scored Bond Index Fund		746,034,577		446,305,469

FlexShares ESG & Climate High Yield Corporate Core Index Fund		8,186,255		17,616,585

FlexShares ESG & Climate Investment Grade Corporate Core Index Fund		13,727,366		10,973,909

FlexShares Ready Access Variable Income Fund		136,792,139		106,829,117

FlexShares Core Select Bond Fund		69,643,697		70,576,757

11. In-Kind Transactions

During the period ended April 30, 2022, certain Funds received securities in exchange for subscriptions of shares (subscriptions-in-kind). For the period ended April 30,

2022, the fair value of the securities received for subscriptions for each Fund was as follows:


Fund	Fair Value

FlexShares US Quality Low Volatility Index Fund*	$	28,965,697

FlexShares Developed Markets ex-US Quality Low Volatility Index Fund*		4,758,802

FlexShares Morningstar US Market Factor Tilt Index Fund		43,763,960

FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		10,705,005

FlexShares US Quality Large Cap Index Fund		13,261,234

FlexShares STOXX^® US ESG Select Index Fund		30,232,443

FlexShares STOXX^® Global ESG Select Index Fund		6,676,848

FlexShares ESG & Climate US Large Cap Core Index Fund		11,218,534

FlexShares ESG & Climate Developed Markets ex-US Core Index Fund		13,514,775

FlexShares ESG & Climate Emerging Markets Core Index Fund		1,249,166

FlexShares Morningstar Global Upstream Natural Resources Index Fund		1,234,757,857

FlexShares STOXX^® Global Broad Infrastructure Index Fund		88,498,023

FlexShares Global Quality Real Estate Index Fund		50,709,608

FlexShares Real Assets Allocation Index Fund		22,913,278

FlexShares Quality Dividend Index Fund		266,916,470

FlexShares Quality Dividend Defensive Index Fund		65,589,675

FlexShares Quality Dividend Dynamic Index Fund		3,117,689

FlexShares International Quality Dividend Index Fund		19,928,105

FlexShares International Quality Dividend Dynamic Index Fund		8,432,018

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund		774,978,607


458		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)


Fund	Fair Value

FlexShares iBoxx 5-Year Target Duration TIPS Index Fund	$	199,780,278

FlexShares High Yield Value-Scored Bond Index Fund		71,050,093

FlexShares Core Select Bond Fund		40,181,382

During the period ended April 30, 2022, certain Funds delivered securities in exchange for redemption of shares (redemptions-in-kind). For financial reporting purposes, the Funds recorded net realized gains and losses in connection with each transaction. For the period ended April 30, 2022, the fair value and realized gain (losses) of the securities transferred for redemptions for each Fund were as follows:


Fund	Fair Value		Net Realized Gains (Losses)

FlexShares US Quality Low Volatility Index Fund	$	20,539,748	$	5,744,045

FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		7,330,973		1,241,765

FlexShares Morningstar US Market Factor Tilt Index Fund		88,597,063		54,273,767

FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		19,266,254		4,531,591

FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		3,896,222		1,021,235

FlexShares US Quality Large Cap Index Fund		3,620,842		1,459,816

FlexShares STOXX^® US ESG Select Index Fund		16,243,745		6,876,076

FlexShares STOXX^® Global ESG Select Index Fund		14,564,565		8,341,868

FlexShares Morningstar Global Upstream Natural Resources Index Fund		377,885,910		185,481,517

FlexShares STOXX^® Global Broad Infrastructure Index Fund		51,105,378		17,923,478


Fund	Fair Value		Net Realized Gains (Losses)

FlexShares Global Quality Real Estate Index Fund	$	29,815,859	$	9,813,262

FlexShares Quality Dividend Index Fund		210,333,413		45,753,634

FlexShares Quality Dividend Defensive Index Fund		99,394,355		27,975,823

FlexShares Quality Dividend Dynamic Index Fund		2,574,578		778,103

FlexShares International Quality Dividend Index Fund		1,507,708		218,774

FlexShares International Quality Dividend Defensive Index Fund		1,512,774		170,629

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund		11,794,242		716,750

FlexShares iBoxx 5-Year Target Duration TIPS Index Fund		58,705,604		3,494,379

FlexShares High Yield Value-Scored Bond Index Fund		4,770,189		416,638

FlexShares ESG & Climate High Yield Corporate Core Index Fund		10,100,408		(72,176	)

FlexShares Core Select Bond Fund		7,472,086		49,737

12. Guarantees and Indemnifications

In the normal course of business each Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that provide general indemnifications. Additionally, under the Funds’ organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. The Funds’ maximum exposure under these arrangements is unknown, as it involves possible future claims that may or may not be made against the Funds.


		FLEXSHARES SEMIANNUAL REPORT			459

Notes to the Financial Statements (cont.)

13. New Accounting Pronouncements

In March 2020, the FASB issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848) “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. The new guidance is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022, and the adoption of ASU 2020-04 is elective. Management does not believe this update has a material impact on the Funds’ financial statements and disclosures.

In December 2020, Rule 2a-5 under the 1940 Act was adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. The effective date for compliance with Rule 2a-5 is September 8, 2022. Management is evaluating the impact of the adoption of Rule 2a-5 on the financial statements.

14. LIBOR Transition

Certain of the Funds’ investments, payment obligations and financing terms may be based on floating rates, such as LIBOR, Euro Interbank Offered Rate and other similar types of reference rates (each, a “Reference Rate”). On July 27, 2017, the Chief Executive of the UK Financial Conduct Authority (FCA), which regulates LIBOR, announced that the FCA will no longer persuade nor compel banks to submit rates for the calculation of LIBOR and certain other Reference Rates after 2021. Although many LIBOR rates were phased out as of December 31, 2021 as originally contemplated, a majority of U.S. dollar LIBOR rates will continue to be published until June 30, 2023. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing the secured overnight financing rate (“SOFR”) that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates

for other currencies have also been announced or have already begun publication. Uncertainty related to the liquidity and value impact of the change in to alternative rates, and how to appropriately adjust these rates at the time of transition, poses risks for the Funds. The effect of any changes to, or discontinuation of, LIBOR on the Funds will depend on, among other things, (1) existing fallback or termination provisions in individual contracts, and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new instruments and contracts. The expected discontinuation of LIBOR could have a significant impact on the financial markets in general and may also present heightened risk to market participants, including public companies, investment advisers, investment companies, and broker-dealers. The risks associated with this discontinuation and transition will be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new instruments and contracts are commercially accepted and market practices become settled. Until then, the Funds may continue to invest in instruments that reference such rates or otherwise use such Reference Rates due to favorable liquidity or pricing.

15. Legal Proceedings

On or about February 14, 2020, Marc S. Kirschner, as Trustee for NWHI Litigation Trust (“Litigation Trustee”) and Wilmington Savings Fund Society, FSB, as indenture Trustee (“Indenture Trustee”) for several series of notes issued by Nine West Holdings, Inc. (“Nine West”), filed separate complaints (docket nos. 20-cv-01129 and 20-cv-01136, respectively ) in the United States District Court for the Northern District of Illinois against a group of defendants including the FlexShares Morningstar US Market Factor Tilt Index Fund that had invested in The Jones Group Inc. (“Jones Group”). The claims in these actions stems from a series of merger transactions (“Transactions”) entered into by Jones Group, Nine West and others in 2014 that allegedly rendered Jones Group insolvent. The matters in these proceedings were transferred from the United States


460		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

District Court for the Northern District of Illinois to the United States District Court for the Southern District of New York to centralize the litigation, and were assigned to the Honorable Jed S. Rakoff for coordinated or consolidated pretrial proceedings. The FlexShares Morningstar US Market Factor Tilt Index Fund allegedly received $224,910 as a result of the Transactions. The Litigation Trustee and Indenture Trustee seek to clawback these proceeds for the benefit of the Trust and the noteholders, respectively, on the basis that they were alleged fraudulent conveyances. On June 29, 2020, the former public shareholder defendants, including FlexShares Morningstar US Market Factor Tilt Index Fund, filed a motion to dismiss on the basis that the payments allegedly made to them in connection with the Transactions were shielded from the fraudulent conveyance claims under Section 546(e) of the Bankruptcy Code. On August 27, 2020, all fraudulent conveyance claims against the former public shareholder defendants were dismissed. Plaintiffs appealed from that decision and the actions are currently on appeal before the U.S. Court of Appeals for the Second Circuit. The Fund intends to continue to vigorously defend itself against this action.

16. Coronavirus (COVID-19) Pandemic

The outbreak of a respiratory disease caused by a novel coronavirus was first detected in December 2019 and has spread internationally. The outbreak and efforts to contain its spread have resulted in closing borders and quarantines, restricting international and domestic travel, enhanced health screenings, cancellations, disrupted supply chains and customer activity, responses by businesses (including changes to operations and reducing staff), and have produced general concern and uncertainty. The impact of the coronavirus pandemic, and other epidemics and pandemics that may arise in the future, could adversely affect national and global economies, individual companies and the market in general in a manner and for a period of time that cannot be foreseen at the present time. Health crises caused by the recent outbreak may heighten other preexisting political, social and economic risks in a country or region. Governmental authorities and regulators throughout the world, such as the U.S. Federal Reserve, have in the past responded to major economic disruptions with changes to fiscal and

monetary policy, including but not limited to, direct capital infusions, new monetary programs, and dramatically lower interest rates. Certain of those policy changes are being implemented or considered in response to the coronavirus outbreak. Such policy changes may adversely affect the value, volatility and liquidity of dividend and interest paying securities. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in a Fund being, among other things, unable to buy or sell certain securities or financial instruments or to accurately price its investments. In the event of a pandemic or an outbreak, there can be no assurance that a Fund and its service providers will be able to maintain normal business operations for an extended period of time or will not lose the services of key personnel on a temporary or long-term basis due to illness or other reasons. A pandemic or disease could also impair the information technology and other operational systems upon which the Funds’ investment adviser rely, and could otherwise disrupt the ability of the Funds’ service providers to perform essential tasks. Although multiple asset classes may be affected by a market disruption, the duration and effects may not be the same for all types of assets. To the extent a Fund may overweight its investments in certain countries, companies, industries or market sectors, such position will increase a Fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors. These conditions could result in a Fund’s inability to achieve its investment objectives, cause the postponement of reconstitution or rebalance dates for a Fund’s underlying index or benchmark index, adversely affect the prices and liquidity of the securities and other instruments in which a Fund invests, negatively impact a Fund’s performance, and cause losses on your investment in a Fund. Management is monitoring the development of the pandemic, which was ongoing as of the date of the financial statements and is evaluating its impact on the financial position and operating results of the Funds.

17. European Instability

Russia’s military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility


		FLEXSHARES SEMIANNUAL REPORT			461

Notes to the Financial Statements (cont.)

and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad ranging economic sanctions on Russia and certain Russian individuals, banking entities and corporations as a response to Russia’s invasion of Ukraine. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. These sanctions, as well as any other economic consequences related to the invasion or cyberattacks on governments, companies or individuals, have already decreased, and may further decrease, the value and liquidity of certain Russian securities and securities of issuers in other countries that are subject to economic sanctions related to the invasion. To the extent that a Fund has exposure to Russian or other Eastern European investments, the Fund’s ability to price, buy, sell, receive or deliver such investments may be impaired. These and any related events could significantly impact a Fund’s performance and the value of an investment in the Fund, even beyond any direct exposure the Fund may have to Russian issuers or adjoining geographic regions. Funds that track an Index (an Index Fund) may experience challenges liquidating positions in Russian securities that have been removed from its underlying index and/or sampling the underlying index to continue to seek the Index Fund’s respective investment goal. Such circumstances may lead to increased tracking error between an Index Fund’s performance and the performance of its respective underlying index.

18. Subsequent Events

Management has evaluated subsequent events for the Funds through the date the financial statements were issued, and has concluded that there are no recognized or non-recognized subsequent events relevant for financial statement disclosure.


462		FLEXSHARES SEMIANNUAL REPORT

Fund Expenses (Unaudited)

As a shareholder, you incur two types of costs:

(1) Transaction costs for purchasing and selling shares and (2) ongoing costs, including advisory and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses

The actual expense examples are based on an investment of $1,000 invested at the beginning of a six month period and held through the period ended April 30, 2022.

The first line under each Fund in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The hypothetical expense examples are based on an investment of $1,000 invested at the beginning of a six month period and held through the period ended April 30, 2022.

The second line under each Fund in the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as brokerage commissions on purchases or sales of Fund shares. Therefore, the second line for each Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.


	Beginning Account Value		Ending Account Value 04/30/22		Expenses Paid During the Period *		Annualized Expense Ratio During Period

FlexShares^® US Quality Low Volatility Index Fund

Actual	$	1,000.00	$	959.50	$	1.07		0.22	%

Hypothetical	$	1,000.00	$	1,023.70	$	1.10		0.22	%

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

Actual	$	1,000.00	$	929.20	$	1.53		0.32	%

Hypothetical	$	1,000.00	$	1,023.21	$	1.61		0.32	%

FlexShares^® Emerging Markets Quality Low Volatility Index Fund

Actual	$	1,000.00	$	953.80	$	1.94		0.40	%

Hypothetical	$	1,000.00	$	1,022.81	$	2.01		0.40	%


		FLEXSHARES SEMIANNUAL REPORT			463

Fund Expenses (cont.)


	Beginning Account Value		Ending Account Value 04/30/22		Expenses Paid During the Period *		Annualized Expense Ratio During Period

FlexShares^® Morningstar US Market Factor Tilt Index Fund

Actual	$	1,000.00	$	895.80	$	1.18		0.25	%

Hypothetical	$	1,000.00	$	1,023.55	$	1.25		0.25	%

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

Actual	$	1,000.00	$	890.30	$	1.83		0.39	%

Hypothetical	$	1,000.00	$	1,022.86	$	1.96		0.39	%

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund

Actual	$	1,000.00	$	898.60	$	2.78		0.59	%

Hypothetical	$	1,000.00	$	1,021.87	$	2.96		0.59	%

FlexShares^® US Quality Large Cap Index Fund

Actual	$	1,000.00	$	917.70	$	1.52		0.32	%

Hypothetical	$	1,000.00	$	1,023.21	$	1.61		0.32	%

FlexShares^® STOXX^® US ESG Select Index Fund

Actual	$	1,000.00	$	884.80	$	1.50		0.32	%

Hypothetical	$	1,000.00	$	1,023.21	$	1.61		0.32	%

FlexShares^® STOXX^® Global ESG Select Index Fund

Actual	$	1,000.00	$	887.60	$	1.97		0.42	%

Hypothetical	$	1,000.00	$	1,022.71	$	2.11		0.42	%

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

Actual	$	1,000.00	$	893.90	$	0.42		0.09	%

Hypothetical	$	1,000.00	$	1,024.35	$	0.45		0.09	%

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

Actual	$	1,000.00	$	887.60	$	0.56		0.12	%

Hypothetical	$	1,000.00	$	1,024.20	$	0.60		0.12	%

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

Actual	$	1,000.00	$	980.60	$	0.05		0.17	%

Hypothetical	$	1,000.00	$	1,023.95	$	0.85		0.17	%

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund

Actual	$	1,000.00	$	1,185.50	$	2.49		0.46	%

Hypothetical	$	1,000.00	$	1,022.51	$	2.31		0.46	%

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund

Actual	$	1,000.00	$	958.00	$	2.28		0.47	%

Hypothetical	$	1,000.00	$	1,022.46	$	2.36		0.47	%


464		FLEXSHARES SEMIANNUAL REPORT

Fund Expenses (cont.)


	Beginning Account Value		Ending Account Value 04/30/22		Expenses Paid During the Period *		Annualized Expense Ratio During Period

FlexShares^® Global Quality Real Estate Index Fund

Actual	$	1,000.00	$	960.80	$	2.19		0.45	%

Hypothetical	$	1,000.00	$	1,022.56	$	2.26		0.45	%

FlexShares^® Real Assets Allocation Index Fund^(b)

Actual	$	1,000.00	$	998.30	$	0.55		0.11	%

Hypothetical	$	1,000.00	$	1,024.25	$	0.55		0.11	%

FlexShares^® Quality Dividend Index Fund

Actual	$	1,000.00	$	967.00	$	1.80		0.37	%

Hypothetical	$	1,000.00	$	1,022.96	$	1.86		0.37	%

FlexShares^® Quality Dividend Defensive Index Fund

Actual	$	1,000.00	$	963.10	$	1.80		0.37	%

Hypothetical	$	1,000.00	$	1,022.96	$	1.86		0.37	%

FlexShares^® Quality Dividend Dynamic Index Fund

Actual	$	1,000.00	$	953.10	$	1.79		0.37	%

Hypothetical	$	1,000.00	$	1,022.96	$	1.86		0.37	%

FlexShares^® International Quality Dividend Index Fund

Actual	$	1,000.00	$	900.10	$	2.21		0.47	%

Hypothetical	$	1,000.00	$	1,022.46	$	2.36		0.47	%

FlexShares^® International Quality Dividend Defensive Index Fund

Actual	$	1,000.00	$	920.70	$	2.24		0.47	%

Hypothetical	$	1,000.00	$	1,022.46	$	2.36		0.47	%

FlexShares^® International Quality Dividend Dynamic Index Fund

Actual	$	1,000.00	$	896.30	$	2.21		0.47	%

Hypothetical	$	1,000.00	$	1,022.46	$	2.36		0.47	%

FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund

Actual	$	1,000.00	$	994.60	$	0.89		0.18	%

Hypothetical	$	1,000.00	$	1,023.90	$	0.90		0.18	%

FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund

Actual	$	1,000.00	$	968.50	$	0.88		0.18	%

Hypothetical	$	1,000.00	$	1,023.90	$	0.90		0.18	%

FlexShares^® Disciplined Duration MBS Index Fund

Actual	$	1,000.00	$	924.50	$	0.95		0.20	%

Hypothetical	$	1,000.00	$	1,023.80	$	1.00		0.20	%


		FLEXSHARES SEMIANNUAL REPORT			465

Fund Expenses (cont.)


	Beginning Account Value		Ending Account Value 04/30/22		Expenses Paid During the Period *		Annualized Expense Ratio During Period

FlexShares^® Credit-Scored US Corporate Bond Index Fund

Actual	$	1,000.00	$	917.40	$	1.05		0.22	%

Hypothetical	$	1,000.00	$	1,023.70	$	1.10		0.22	%

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund

Actual	$	1,000.00	$	797.20	$	0.98		0.22	%

Hypothetical	$	1,000.00	$	1,023.70	$	1.10		0.22	%

FlexShares^® High Yield Value-Scored Bond Index Fund

Actual	$	1,000.00	$	927.50	$	1.77		0.37	%

Hypothetical	$	1,000.00	$	1,022.96	$	1.86		0.37	%

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund

Actual	$	1,000.00	$	924.20	$	1.10		0.23	%

Hypothetical	$	1,000.00	$	1,023.65	$	1.15		0.23	%

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund

Actual	$	1,000.00	$	874.20	$	0.56		0.12	%

Hypothetical	$	1,000.00	$	1,024.20	$	0.60		0.12	%

FlexShares^® Ready Access Variable Income Fund

Actual	$	1,000.00	$	988.40	$	1.23		0.25	%

Hypothetical	$	1,000.00	$	1,023.55	$	1.25		0.25	%

FlexShares^® Core Select Bond Fund^(b)

Actual	$	1,000.00	$	898.00	$	0.99		0.21	%

Hypothetical	$	1,000.00	$	1,023.75	$	1.05		0.21	%

*	Expenses are equal to the average account value over the period multiplied by the Fund’s annualized expense ratio, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one half year period).

(a)

The Fund commenced operations on April 20, 2022. Actual Expenses Paid During the Period are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 11 divided by 365 (to reflect the actual days in the period). Hypothetical Expenses Paid During the Period are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half year period).

(b)

Annualized expense ratio and expenses paid during the period do not include fees and expenses of the Underlying Fund(s) in which the Fund invests.


466		FLEXSHARES SEMIANNUAL REPORT

Liquidity Risk Management Program (Unaudited)

FlexShares Trust (the “Trust”), on behalf of each of its series (each, a “Fund” and, collectively, the “Funds”), has adopted and implemented a liquidity risk management program (the “Program”) as required by rule 22e-4 under the Investment Company Act of 1940, as amended (the “Rule”). The Program is reasonably designed to assess and manage each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund.

The Trust’s Board of Trustees (the “Board”) has appointed Northern Trust Investments, Inc. (“NTI”), the investment adviser to the Funds, as the program administrator for the Program. NTI has delegated oversight of the Program to the Northern Trust Asset Management Credit & Liquidity Risk Management Committee (the “Committee”).

At a meeting of the Board held on December 9, 2021, the Board received and reviewed the annual written report of the Committee, on behalf of NTI (the “Report”), concerning the operation of the Program for the review period October 1, 2020 through September 30, 2021. The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation.

The Report summarized the operation of the Program and the information and factors considered by the Committee in reviewing the adequacy and effectiveness of the Program’s implementation with respect to each Fund¹. Such information and factors included, among other things: (i) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (ii) the methodology and inputs used to classify the liquidity of each Fund’s portfolio investments and the Committee’s assessment that each Fund’s strategy is appropriate for an exchange-traded fund structured as an open-end fund; (iii) that each Fund held primarily highly liquid investments (cash and investments that the Fund reasonably expects can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value); (iv) that none of the Funds required the establishment of a highly liquid investment minimum (as defined in the Rule) and the reason for that determination; and (v) that none of the Funds had breached the 15% maximum threshold on illiquid investments (i.e., any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven days or less without the sale or disposition significantly changing the market value of the investment). The Report also summarized the changes made to the Program over the course of the year.

The Committee concluded, and reported to the Board, that the Program was adequate and effective in its implementation and reasonably designed to assess and manage each Fund’s Liquidity Risk.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to Liquidity Risk and other risks to which an investment in the Fund may be subject.

The Report noted that each of the FlexShares ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares ESG & Climate US Large Cap Core Index Fund, FlexShares ESG & Climate High Yield Corporate Core Index Fund and FlexShares ESG & Climate Investment Grade Corporate Core Index Fund were new and therefore the information provided in the Report for those Funds was only included for the period from September 20, 2021 (the date on which they commenced investment operations) through September 30, 2021. In addition, the FlexShares ESG & Climate Emerging Markets Core Index Fund was not included in the Report because that Fund had not commenced investment operations during the reporting period.


		FLEXSHARES SEMIANNUAL REPORT			467

Approval of Advisory Agreement (Unaudited)

The Board of Trustees (the “Board”) of the FlexShares Trust (the “Trust”) oversees the management of the Trust and the series of the Trust covered in this report and, as required by law, determines whether to approve the Trust’s investment advisory and ancillary services agreement (the “Advisory Agreement”) with Northern Trust Investments, Inc. (the “Adviser”), an indirect subsidiary of the Northern Trust Corporation.

* * * * *

At a meeting on August 20, 2021 (the “August Meeting”), the Board, including all of the Trustees who are not parties to the Advisory Agreement or interested persons of any such party (the “Independent Trustees”), considered whether to provide initial approval of the Advisory Agreement between the Adviser and the Trust, with regard to the following proposed new series of the Trust: FlexShares^®ESG & Climate Emerging Markets Core Index Fund (the “Fund”).

In advance of, and in preparation for, the Trustees’ consideration of the Advisory Agreement at the August Meeting, the Trustees received written materials relating to the Advisory Agreement and had the opportunity to ask questions and request further information in connection with their consideration. At the August Meeting, the Trustees considered the Adviser’s presentations and discussed all of the information that had been provided. Among other things, the Board considered comparisons with other funds in relevant peer universes and peer groups that had been objectively determined by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of fund data, which included, among other things, the following information: (1) a description of the types of funds chosen by Broadridge to compare to the Fund; (2) data on the Fund’s expenses and fees; and (3) comparative fee data for the Fund’s peer group, including comparisons of advisory fees and total expense ratios. In considering the Advisory Agreement, the Independent Trustees met with their independent legal counsel separately from the “interested” Trustee of the Trust and officers and employees of the Adviser. After evaluating all the materials, the Trustees, including the Independent Trustees, concluded that the Advisory Agreement was in the best interest of the Fund and

its prospective shareholders and approved the Advisory Agreement on behalf of the Fund.

The material factors and conclusions that formed the basis for the Trustees reaching their determination to approve the continuation of the Advisory Agreement are separately discussed below.

Nature, Quality and Extent of Services

The Board examined the nature, quality and extent of the services to be provided by the Adviser to the Fund. The Board also considered the Adviser’s responsibilities under the Advisory Agreement to perform securities trading services and ancillary services including, among other things: (i) filing reports with the SEC, (ii) periodically updating the Trust’s registration statement, (iii) establishing and maintaining the Fund’s website to comply with regulatory requirements, (iv) monitoring anticipated purchases and redemptions of creation units by shareholders and new investors, (v) providing information and assistance as required by the Trust’s administrator and fund accountant in connection with the Trust’s shares, and (vi) providing assistance in connection with the operations of the Trust generally.

The Board also considered the quality of the Adviser’s resources that are made available to the Trust. The Board noted the Adviser’s and its affiliates’ financial position, stability and commitment to growing their exchange-traded funds (“ETFs”) business. The Board also considered the operation and strength of the Adviser’s compliance program.

The Board noted that it is proposed that Foreside Fund Services, LLC, an entity unaffiliated with the Adviser, provide distribution services to the Fund and that JPMorgan Chase Bank, N.A., also an unaffiliated entity, provide custody, transfer agency, securities lending and fund administration support services, and that these service provider arrangements were relevant to the Board’s considerations of the totality of the circumstances surrounding renewal of the Advisory Agreement. The Board concluded that the Fund is expected to benefit from the services provided under the Advisory Agreement and as a result of the Adviser’s operations, resources, experience, reputation and personnel.


468		FLEXSHARES SEMIANNUAL REPORT

Approval of Advisory Agreement (cont.)

Performance, Fees and Expenses

The Board considered that the investment objective of the Fund is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of a specified index (each, an “Underlying Index”).

The Board noted that because the Fund had not yet commenced operations, there was no performance information to consider. The Board considered fee and expense information of the Fund provided by Broadridge. The Broadridge comparisons ranked the Fund in various quintiles with the first quintile being the lowest 20% of the funds in terms of fund cost. The Board noted that there were limitations in providing comparable peer funds.

The Board considered that, effective as of the date of the Fund’s prospectus, the Adviser contractually agreed to reimburse the portion of the operating expenses of the Fund until at least one year thereafter, so that, after such reimbursement, the total annual fund operating expenses of the Fund, excluding any acquired fund fees and expenses, expressed as a percentage of average daily net assets, does not exceed an amount equal to the sum of (i) the Fund’s advisory fee rate and (ii) 0.0049% (the “Expense Reimbursement Agreement”).

In reaching its determinations, the Board considered a large amount of data provided by the Adviser in response to a written request previously submitted by the Independent Trustees to the Adviser. Among the information considered by the Board was the following information:

The Board considered that the Fund’s total expenses were in the first quintile of its expense group. The Board also considered that the Fund’s Net Advisory Fee, Contractual Advisory Fee and total expense ratio were lower than its expense group median.

Costs of Services and Profits of the Adviser

The Board considered the unitary fee structure and the expenses for the Fund and noted that, under the Advisory Agreement, the Adviser will be responsible for most

expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services. The Board considered that the Adviser will not be responsible under the Advisory Agreement for certain expenses, including the fees and expenses of the Trust’s Independent Trustees and their independent legal counsel, litigation expenses and other extraordinary expenses.

The Board considered the advisory fee for the Fund as compared to that of other comparable funds in relation to its respective Broadridge median. The Board considered the Adviser’s explanation that the Fund’s advisory fee (both gross and net of waivers) compared favorably with its respective Broadridge median advisory fee (both gross and net of waivers) for comparable funds set forth in the Broadridge report, especially taking into account, among other factors, important differences between the indexes upon which such comparable funds are based and the Fund’s Underlying Index. The Board considered the advisory fee schedules for other accounts with similar investment advisory mandates as those of the Fund, noting that there were no comparable accounts for the Fund. The Board considered (a) the differences in managing ETFs versus separately managed accounts which involve daily purchase and redemption activity along with robust regulatory and governance requirements; and (b) the Fund’s unitary fee structure.

The Board considered the Adviser’s estimated profitability information provided by the Adviser. The Board noted that the Adviser’s potential for profitability would be subject to financial uncertainties and risks. The Board also considered that the Adviser would continue to develop and offer additional new products in efforts to complete the overall integrity of the Trust’s product suite, consistent with its product strategy, and that these products may expose the Adviser to additional financial risks and uncertainties.

Economies of Scale

The Board considered whether the Adviser may realize economies of scale in managing and supporting the Fund. The Board reviewed the Fund’s fee arrangements, which did not include breakpoints, and considered that, in light of the unitary fee structure and expense reimbursement agreement, the Adviser’s estimated profitability from services to


		FLEXSHARES SEMIANNUAL REPORT			469

Approval of Advisory Agreement (cont.)

be provided to the Fund and the significant investment that the Adviser had made and continues to make in the Trust, breakpoints were not necessary at this time. The Board also noted the Expense Reimbursement Agreement.

Other Benefits to the Adviser

In addition to considering the profits that may be realized by the Adviser, the Board considered information regarding other direct and indirect benefits the Adviser may receive as a result of its relationship with the Fund, including whether any compensation would be paid to its affiliates. The Board also reviewed the extent to which the Adviser and its other clients, as well as the Fund, benefit from receipt of the research products and services generated by the Fund.

The Board, including the Independent Trustees, considered the data provided by the Adviser and concluded that sufficient information had been provided to allow them to evaluate the terms of the Advisory Agreement and the Fund’s investment advisory fee. They determined that the Fund’s advisory fee was reasonable in light of the services to be provided.


470		FLEXSHARES SEMIANNUAL REPORT

Supplemental Information (Unaudited)

Principal Risks

As with any investment, you could lose all or part of your investment in a Fund, and the Fund’s performance could trail that of other investments. In addition to the discussion of the risks of certain of the Funds’ investments included in Note 2, some of the principal risks of investment in the Funds are summarized below. A more complete description of principal risks is included in each Fund’s Prospectus.

The following risks apply to all of the Funds:

Derivatives Risk

Changes in the value of a derivative instrument may not correlate perfectly with the underlying asset, rate or index, and the Funds could lose more than the principal amount invested.

Market Trading Risk

Each Fund is subject to risks resulting from its shares being listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. Any of these factors may lead to the Funds’ shares trading at a premium or discount to NAV.

Authorized Participant Concentration Risk

Only an Authorized Participant may engage in creation or redemption transactions directly with the Funds. The Funds have a limited number of institutions that act as Authorized Participants. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Funds and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units, Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be heightened for a Fund if it invests in non-U.S. securities or other securities or instruments that are less widely traded. Such securities or instruments often involve greater settlement and operational issues and capital costs for Authorized Participants.

Market Risk

Market risk is the risk that general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, volatility in the equities market or adverse investor sentiment could cause the value of your investment in a Fund to decline. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. The outbreak of COVID-19, a respiratory disease caused by a novel coronavirus, has negatively affected the worldwide economy, the financial health of individual companies and the market in significant and unforeseen ways. The future impact of COVID-19 is currently unknown. The effects to public health, business and market conditions resulting from the COVID-19 pandemic may have a significant negative impact on the performance of the Fund’s investments. Market risk also includes the risk that a particular style of investing, such as growth or value, may underperform the market generally. The value of the securities in which a Fund invests may go up or down in response to the prospects of individual issuers and/or general economic conditions. Securities markets may experience great short-term volatility and may fall sharply at times. Different markets may behave differently from each other and a foreign market may move in the opposite direction from the U.S. market.


		FLEXSHARES SEMIANNUAL REPORT			471

Supplemental Information (cont.)

Price changes may be temporary or last for extended periods. You could lose money over short periods due to fluctuation in a Fund’s NAV in response to market movements, and over longer periods during market downturns.

The following risk applies only to the Index Funds:

Index Risk

Is the risk that an Index Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Index Fund does not utilize an investing strategy that seeks returns in excess of an index. Additionally, each Index Fund rebalances and/or reconstitutes its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Index Fund’s rebalance and/or reconstitution schedule.

Tracking Error Risk

Tracking error risk is the risk that an Index Fund’s performance may vary substantially from the performance of its Underlying Index. An Index Fund’s performance may vary from the performance of its Underlying Index for a number of reasons, including that the Index Fund incurs operating expenses that the Underlying Index does not and that the Index Fund accepts custom baskets.

Calculation Methodology Risk

Each of the Index Funds is subject to Calculation Methodology Risk. This is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Index guaranteed.

Concentration Risk

If an Index Fund is concentrated in a particular industry or group of industries, the Index Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes.

The following risks apply to each Fund, as disclosed:

Interest Rate/Maturity Risk

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund, FlexShares iBoxx 5-Year Target Duration TIPS Index Fund, FlexShares Disciplined Duration MBS Index Fund, FlexShares Credit-Scored US Corporate Bond Index Fund, FlexShares Credit-Scored US Long Corporate Bond Index Fund, FlexShares High Yield Value-Scored Bond Index Fund, FlexShares Ready Access Variable Income Fund, FlexShares ESG & Climate High Yield Corporate Core Index Fund, FlexShares ESG & Climate Investment Grade Corporate Core Index Fund, and FlexShares Core Select Bond Fund are subject to the risk that the value of the Funds’ fixed-income assets will decline because of rising interest rates. Risks associated with rising interest rates are heightened given that interest rates in the U.S. are currently at historically low levels. The magnitude of this decline will often be greater for longer-duration fixed income securities than shorter-duration fixed-income securities. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates.


472		FLEXSHARES SEMIANNUAL REPORT

Supplemental Information (cont.)

MLP Risk

FlexShares STOXX Global Broad Infrastructure Index Fund and FlexShares Real Assets Allocation Index Fund are subject to the risk that accompanies an investment in MLP units. The risks of investing in an MLP are similar to those of investing in a partnership, including more flexible governance structures, which could result in less protection for investors, such as the Fund, than investments in a corporation. An investor in an MLP normally would not be liable for the debts of the MLP beyond the amount that the investor has contributed but may not be shielded from liability to the same extent that a shareholder of a corporation would be. MLPs are also subject to risks related to potential conflicts of interest between the MLP and the MLP’s general partner and cash flow risks. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. MLPs may also be sensitive to changes in interest rates and during periods of interest rate volatility, limited capital markets access and/or low commodities pricing and may not provide attractive returns.

New Fund Risk

FlexShares ESG & Climate US Large Cap Core Index Fund, FlexShares ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares ESG & Climate Emerging Markets Core Index Fund, FlexShares ESG & Climate High Yield Corporate Core Index Fund, and FlexShares ESG & Climate Investment Grade Corporate Core Index Fund are subject to the risk that each Fund will not grow to or maintain an economically viable size, in which case it may experience greater tracking error to its Underlying Index than it otherwise would at higher asset levels, or it could ultimately liquidate without shareholder approval. The timing of such liquidation may not be favorable and could have negative tax consequences for shareholders. From time to time, an Authorized Participant, a third-party investor, a Fund’s adviser or an affiliate of the Fund’s adviser, may invest in the Fund and hold its investment for a specific period of time in order to facilitate commencement of the Fund’s operations or for the Fund to achieve size or scale. There can be no assurance that any such entity would not redeem its investment or that the size of a Fund would be maintained at such levels, which could negatively impact the Fund. Each Fund’s Distributor does not maintain a secondary market in the shares.

Non-diversification Risk

FlexShares US Quality Low Volatility Index Fund, FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares Emerging Markets Quality Low Volatility Index Fund, FlexShares ESG & Climate US Large Cap Core Index Fund, FlexShares ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares ESG & Climate Emerging Markets Core Index Fund, FlexShares ESG & Climate High Yield Corporate Core Index Fund, and FlexShares ESG & Climate Investment Grade Corporate Core Index Fund are subject to the risk that because the Funds are non-diversified and may invest a larger percentage of their respective assets in the securities of fewer issuers than a diversified fund, each Fund’s performance will be more vulnerable to changes in the market value of a single issuer or group of issuers, and more susceptible to risks associated with a single economic, political or regulatory occurrence.

Mid and Small Cap Stock Risk


		FLEXSHARES SEMIANNUAL REPORT			473

Supplemental Information (cont.)

Fund, FlexShares Quality Dividend Defensive Index Fund, FlexShares Quality Dividend Dynamic Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, and FlexShares International Quality Dividend Dynamic Index Fun are subject to the risk that stocks of mid-sized and smaller companies may be more volatile than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid-sized and small companies may have limited product lines or financial resources, may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Smaller companies may also include micro-capitalization companies. Securities of smaller companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.

Valuation Risk

FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares STOXX Global ESG Select Index Fund, FlexShares ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares ESG & Climate Emerging Markets Core Index Fund, FlexShares Morningstar Global Upstream Natural Resources Index Fund, FlexShares STOXX Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares Real Assets Allocation Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic Index Fund, FlexShares Disciplined Duration MBS Index Fund, FlexShares Credit-Scored U.S Corporate Bond Index Fund, FlexShares Credit-Scored US Long Corporate Bond Index Fund, FlexShares High Yield Value-Scored Bond Index Fund, FlexShares ESG & Climate High Yield Corporate Core Index Fund, FlexShares ESG & Climate Investment Grade Corporate Core Index Fund, and FlexShares Ready Access Variable Income Fund are subject to the risk that the sale price the Funds could receive for a security may differ from the Funds’ valuation of the security, particularly for securities that trade in low volume or volatile markets, or that are valued using a fair value methodology.

Value Investing Risk

FlexShares Morningstar US Market Factor Tilt Index Fund, FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares US Quality Large Cap Index Fund, FlexShares Global Quality Real Estate Index Fund, and FlexShares Real Assets Allocation Index Fund are subject to the risk that each Fund’s investment in companies whose securities are believed to be undervalued, relative to their underlying profitability, will not appreciate in value as anticipated.

ESG Investment Risk

FlexShares STOXX US ESG Select Index Fund, FlexShares STOXX Global ESG Select Index Fund, FlexShares ESG & Climate US Large Cap Core Index Fund, FlexShares ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares ESG & Climate Emerging Markets Core Index Fund, FlexShares ESG & Climate High Yield Corporate Core Index Fund, and FlexShares ESG & Climate Investment Grade Corporate Core Index Fund are subject to the risk that because the methodology of each Fund’s Underlying Index selects and assigns weights to securities of issuers for nonfinancial reasons, each Fund may underperform the broader equity market or other funds that do not utilize ESG investment criteria. Although each Fund’s Underlying Index is designed to measure a portfolio of companies with certain ESG characteristics, there is no assurance that the Underlying Index or Fund will be comprised of such securities or that companies that have historically exhibited such characteristics will continue to exhibit such characteristics. There is also the risk that a Fund may have indirect exposure to companies that have been excluded from its Underlying Index through its use of certain derivative instruments. In addition, because investors can differ in their views of what constitutes positive or negative ESG characteristics, a Fund may invest in companies that do not reflect the beliefs and values of any particular investor. A company included in a Fund’s Underlying Index may not exhibit positive or favorable ESG characteristics.


474		FLEXSHARES SEMIANNUAL REPORT

Supplemental Information (cont.)

High Portfolio Turnover Risk

FlexShares Disciplined Duration MBS Index Fund, FlexShares Credit-Scored US Long Corporate Bond Index Fund, FlexShares High Yield Value-Scored Bond Index Fund, and FlexShares ESG & Climate High Yield Corporate Core Index Fund are subject to the risk that active and frequent trading of each Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return.

Global Natural Resources Risk

FlexShares Morningstar Global Upstream Natural Resources Index Fund and FlexShares Real Assets Allocation Index Fund are subject to the risks associated with investment in the global natural resources sector in addition to the general risk of the stock market. The natural resources sector can be significantly affected by events relating to U.S. and foreign political and economic developments and environmental and other government regulations, as well as other factors including, but not limited to: commodity price volatility, technological developments and natural or man-made disasters. Declines in the demand for, or prices of, natural resources generally would be expected to contribute to declines in the value of a Fund’s equity securities. Such declines may occur quickly and without warning and may negatively impact the value of a Fund and your investment.

Hedging Risk

FlexShares Core Select Bond Fund is subject to the risk that the Fund’s short positions in U.S. Treasury futures and similar positions through transactions in interest rate swaps will not completely eliminate interest rate risk of long positions in bonds. In certain falling interest rate environments, the Fund’s hedging strategy could result in disproportionately larger losses in the short U.S. Treasury futures and interest rate swaps positions as compared to gains in the long bond positions attributable to interest rate changes.

Corporate Bond Risk

FlexShares Credit-Scored US Corporate Bond Index Fund, FlexShares ESG & Climate High Yield Corporate Core Index Fund, FlexShares ESG & Climate Investment Grade Corporate Core Index Fund, and FlexShares Credit-Scored US Long Corporate Bond Index Fund invest primarily in bonds issued by corporations. Corporate debt securities are subject to the risk of the issuer’s inability to meet principal and interest payments on the obligation and may also be subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity. When interest rates rise, the value of corporate debt can be expected to decline. Debt securities with longer maturities tend to be more sensitive to interest rate movements than those with shorter maturities.

Interest Rate Risk

FlexShares STOXX^® Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, and FlexShares Real Assets Allocation Index Fund are subject to the risk that rising interest rates may adversely affect the Funds. Increases in interest rates typically lower the present value of a REIT’s future earnings stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may change based upon investors’ collective perceptions of future earnings, the value of a Fund may decline when investors anticipate or experience rising interest rates. Risks associated with rising interest rates are heightened given that interest rates in the U.S. are currently at historically low levels.

Cash Transactions Risk

FlexShares Disciplined Duration MBS Index Fund and FlexShares Ready Access Variable may effect creation or redemption orders of their shares entirely for cash, rather than for in-kind securities. Paying redemption proceeds entirely in cash rather


		FLEXSHARES SEMIANNUAL REPORT			475

Supplemental Information (cont.)

than through in-kind delivery of portfolio securities may require a Fund to dispose of or sell portfolio securities or other assets at an inopportune time to obtain the cash needed to meet redemption orders. This may cause a Fund to sell a security or other financial instrument and recognize a capital gain or loss that might not have been incurred if it had not effected a redemption order entirely for cash. As a result, investment in a Fund’s shares may be less tax efficient than investment in an ETF that meets redemption orders entirely in-kind with portfolio securities. The use of all cash creations and redemption orders may also cause a Fund’s shares to trade in the secondary market at wider bid-ask spreads and/or greater premiums or discounts to the Fund’s NAV. To the extent that the maximum additional variable charge for cash creation or cash redemption transactions is insufficient to cover the transaction costs of purchasing or selling portfolio securities, a Fund’s performance could be negatively impacted.

China Investment Risk

FlexShares Emerging Markets Quality Low Volatility Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, and FlexShares ESG & Climate Emerging Markets Core Index Fund are subject to the risks associated with investments in companies located or operating in China, such as nationalization, expropriation, or confiscation of property; alteration or discontinuation of economic reforms; and considerable degrees of economic, political and social instability. Investors in Chinese markets generally experience difficulties in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgements due to a lack of publicly available information; and there are generally limited legal remedies for shareholders. Internal social unrest or confrontations with other neighboring countries, including military conflicts, may disrupt economic development in China and result in a greater risk of currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the U.S., or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. The inability of the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China. Certain securities issued by companies located or operating in China, such as China A-shares, are subject to trading restrictions and suspensions, quota limitations and sudden changes in those limitations, and operational, clearing and settlement risks.

Taiwan Investment Risk

FlexShares Emerging Markets Quality Low Volatility Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, and FlexShares ESG & Climate Emerging Markets Core Index Fund are subject to the risks of investing in securities of Taiwanese issuers. Specifically, Taiwan’s geographic proximity and history of political contention with China have resulted in ongoing tensions between the two countries, which may materially affect the Taiwanese economy and its securities market. Investments in securities of Taiwanese companies are subject to Taiwan’s heavy dependence on exports. Reductions in spending on Taiwanese products and services, labor shortages, institution of tariffs or other trade barriers, or a downturn in any of the economies of Taiwan’s key trading partners, including the United States, may have an adverse impact on the Taiwanese economy and the values of Taiwanese companies.

Foreign Securities Risk

FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares Emerging Markets Quality Low Volatility Index Fund, FlexShares Morningstar US Market Factor Tilt Index Fund, FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares STOXX Global ESG Select Index


476		FLEXSHARES SEMIANNUAL REPORT

Supplemental Information (cont.)

Fund, FlexShares ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares ESG & Climate Emerging Markets Core Index Fund, FlexShares Morningstar Global Upstream Natural Resources Index Fund, FlexShares STOXX Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares Real Assets Allocation Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic Index Fund, FlexShares Credit-Scored U.S Corporate Bond Index Fund, FlexShares Credit-Scored US Long Corporate Bond Index Fund, FlexShares High Yield Value-Scored Bond Index Fund, FlexShares ESG & Climate High Yield Corporate Core Index Fund, FlexShares ESG & Climate Investment Grade Corporate Core Index Fund, FlexShares Ready Access Variable Income Fund, and FlexShares Core Select Bond Fund are subject to the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of a Fund’s investments to decline. Foreign banks, agents and securities depositories that hold a Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless a Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by a Fund, could reduce performance if there are unanticipated changes in currency exchange rates.

Emerging Markets Risk

FlexShares Emerging Markets Quality Low Volatility Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares ESG & Climate Emerging Markets Core Index Fund, FlexShares Morningstar Global Upstream Natural Resources Index Fund, FlexShares STOXX Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares Real Assets Allocation Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic Index Fund, FlexShares Ready Access Variable Income Fund are subject to the risk that investments in emerging markets are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investments than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volumes and greater price volatility than companies in more developed markets. Emerging market economies may be based on only a few industries, may be highly vulnerable to changes in local and global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede a Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.


		FLEXSHARES SEMIANNUAL REPORT			477

Supplemental Information (cont.)

Japan Investment Risk

FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares ESG & Climate Developed Markets ex-US Core Index Fund, and FlexShares Developed Markets ex-US Quality Low Volatility Index Fund are subject to the risks of investment in securities of Japanese issuers. The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could negatively impact Japanese issuers. In recent times, Japan’s economic growth rate has remained low, and it may remain low in the future. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the securities of Japanese companies held by a Fund.

Dividend Risk

FlexShares Quality Dividend Index Fund, FlexShares Quality Dividend Defensive Index Fund, FlexShares Quality Dividend Dynamic Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, and FlexShares International Quality Dividend Dynamic Index Fund are subject to the risk that an issuer of stock held by a Fund may choose not to declare a dividend or the dividend rate might not remain at current levels. Dividend paying stocks might not experience the same level of earnings growth or capital appreciation as non-dividend paying stocks. A Fund’s performance during a broad market advance could suffer because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks.

Volatility Risk

FlexShares Quality Dividend Index Fund, FlexShares Quality Dividend Defensive Index Fund, FlexShares Quality Dividend Dynamic Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, and FlexShares International Quality Dividend Dynamic Index Fund are subject to the risk that the actual level of volatility experienced by a Fund may be greater or lower than the targeted overall volatility of the Fund’s Underlying Index. Although a Fund’s Underlying Index is designed to have a targeted overall volatility, there is no guarantee that it will have the targeted overall volatility. A Fund will continue to seek to track the Underlying Index even if the Underlying Index does not have the targeted overall volatility. There is also the risk that a Fund may experience volatility greater or lower than that of the Underlying Index as a result of tracking error. A portfolio of securities with greater volatility is generally considered to have a higher risk profile than a portfolio with lower volatility.

Real Estate Securities Risk

FlexShares Global Quality Real Estate Index Fund and FlexShares Real Assets Allocation Index Fund are subject to the risks associated with investment in the real estate sector in addition to the general risk of the stock market. Investing in securities of real estate companies will make an Underlying Fund, and the Fund, more susceptible to risks associated with the owner-ship of real estate and with the real estate industry in general, as well as risks that relate specifically to the way in which real estate companies are organized and operated. Real estate companies may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. The value of real estate securities may underperform other sectors of the economy or broader equity markets. To the extent that an Underlying Fund, and the Fund, concentrates its investments in the real estate sector, it may be subject to greater risk of loss than if it were diversified across different industry sectors.

Real Estate Investment Trust (REIT) Risk

FlexShares Global Quality Real Estate Index Fund, FlexShares Real Assets Allocation Index Fund, and FlexShares STOXX^® Global Broad Infrastructure Index Fund are subject to the risk that a Fund’s investments may be affected by factors affecting REITs


478		FLEXSHARES SEMIANNUAL REPORT

Supplemental Information (cont.)

and the real estate sector generally. Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs whose underlying properties are concentrated in a particular industry or geographic region are also subject to risks affecting such industries and regions. By investing in REITs through the Fund, a shareholder will bear expenses of the REITs in addition to expenses of the Fund.

Fund of Funds Risk

FlexShares Real Assets Allocation Index Fund is subject to the risk that the Fund’s investment performance largely depends on the investment performance of the Underlying Fund(s) in which it primarily invests. The Fund’s NAV will change with changes in the value of the Underlying Fund(s) and other securities in which the Fund invests based on their market valuations.

An investment in the Fund will entail more costs and expenses than direct investments in the Underlying Fund(s). The Fund will indirectly pay a proportional share of the expenses of the Underlying Fund(s) in which it invests (including operating expenses and management fees), in addition to the fees and expenses it pays directly. As the Fund’s allocation to an Underlying Fund changes from time to time, or to the extent that the expense ratio of an Underlying Fund changes, the weighted average operating expenses borne by the Fund may increase or decrease.

Credit (or Default) Risk

FlexShares Disciplined Duration MBS Index Fund, FlexShares Credit-Scored U.S Corporate Bond Index Fund, FlexShares Credit-Scored US Long Corporate Bond Index Fund, FlexShares High Yield Value-Scored Bond Index Fund, FlexShares ESG & Climate High Yield Corporate Core Index Fund, FlexShares ESG & Climate Investment Grade Corporate Core Index Fund, FlexShares Ready Access Variable Income Fund, and FlexShares Core Select Bond Fund are subject to the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a TBA, repurchase or other transaction, to meet its payment or other financial obligations will adversely affect the value of the Fund’s investments and its returns. The credit quality of a debt security or of the issuer of a debt security held by the Fund could deteriorate rapidly, which may impair the Fund’s liquidity or cause a deterioration in the Fund’s NAV. The Fund could also be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty. The degree of credit risk depends on the issuer’s or counterparty’s financial condition and on the terms of the securities.

Debt Extension Risk

Liquidity Risk


		FLEXSHARES SEMIANNUAL REPORT			479

Supplemental Information (cont.)

rities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like, adversely affecting the value of the Fund’s investments and its returns.

Prepayment (or Call) Risk

U.S. Government Securities Risk

FlexShares Disciplined Duration MBS Index Fund, FlexShares Ready Access Variable Income Fund and FlexShares Core Select Bond Fund are subject to the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Many U.S. government securities that may be purchased by the Fund are not backed by the full faith and credit of the United States. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future.

Asset-Backed and Mortgage-Backed Securities Risk

FlexShares Ready Access Variable Income Fund and FlexShares Core Select Bond Fund are subject to the risk that asset-backed and mortgage-backed securities may be less liquid than other bonds, and may be more sensitive than other bonds to the market’s perception of issuers and creditworthiness of payees, particularly in declining general economic conditions when concern regarding mortgagees’ ability to pay (e.g., the ability of homeowners, commercial mortgagees, consumers with student loans, automobile loans or credit card debtholders to make payments on the underlying loan pools) rises, which may result in the Fund experiencing difficulty selling or valuing these securities. In addition, these securities may not be backed by the full faith and credit of the U.S. government, have experienced extraordinary weakness and volatility at various times in recent years, and may decline quickly in the event of a substantial economic or market downturn. Those asset-backed and mortgage-backed securities that are guaranteed as to the timely payment of interest and principal by a government entity, are not guaranteed as to market price, which will fluctuate. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain asset-backed and mortgage-backed securities.

Distressed Securities Risk

FlexShares High Yield Value-Scored Bond Index Fund and FlexShares ESG & Climate High Yield Corporate Core Index Fund are subject to the risks of investing in distressed securities, which are in addition to the risks of investing in non-investment grade securities generally. NTI defines securities issued by companies whose financial condition is troubled or uncertain and that may be involved in bankruptcy proceedings, reorganizations or financial restructurings as “distressed securities.” Distressed securities are speculative and involve a substantial risk that principal will not be paid. In addition, the Fund will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. These securities may present a substantial risk of default. A Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.


480		FLEXSHARES SEMIANNUAL REPORT

Supplemental Information (cont.)

High Yield Securities Risk

FlexShares High Yield Value-Scored Bond Index Fund and FlexShares ESG & Climate High Yield Corporate Core Index Fund are subject to the risk that a Fund will be subject to greater credit risk, price volatility and risk of loss than if it invested primarily in investment grade securities, which can adversely impact the Fund’s return and net asset value. High yield securities are considered highly speculative and are subject to increased risk of an issuer’s inability to make principal and interest payments. The FlexShares High Yield Value-Scored Bond Index Fund’s Underlying Index is designed to be comprised of securities with the potential for higher yields as compared to the overall high yield corporate bond market. As such, the FlexShares High Yield Value-Scored Bond Index Fund is expected to exhibit greater sensitivity to market fluctuations.

Substantial Volatility Risk

FlexShares High Yield Value-Scored Bond Index Fund and FlexShares ESG & Climate High Yield Corporate Core Index Fund are subject to the risk that the value of the securities in a Fund’s portfolio may fluctuate, sometimes rapidly and unpredictably at a greater level than the overall market. There is a risk that a Fund could have substantial volatility.

Value Score Risk

FlexShares High Yield Value-Scored Bond Index Fund is subject to the risk that the Fund’s investment in companies whose securities are believed to be undervalued will not appreciate in value as anticipated. Although the Underlying Index is designed to measure a portfolio of bonds of companies with the potential for higher yields and less risk of insolvency relative to the Parent Index, there is no assurance that the Underlying Index or Fund will be comprised of such securities. Accordingly, the Fund may be subject to greater credit risk, price volatility and risk of loss relative to the Parent Index.

Sector Risk

FlexShares Ready Access Variable Income Fund and FlexShares Core Select Bond Fund are subject to the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease.

Financial Sector Risk

FlexShares Disciplined Duration MBS Index Fund, FlexShares Credit-Scored US Corporate Bond Index Fund, FlexShares ESG & Investment Grade Corporate Core Index Fund, and FlexShares Ready Access Variable Income Fund are subject to the risk that each Fund will be impacted by events affecting the U.S. and/or non-U.S. financial sectors if it invests a relatively large percentage of its assets in those sectors, adversely affecting the Fund’s performance. The U.S. and non-U.S. financial sectors can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition and the availability and cost of capital, among other factors.

Information Technology Sector Risk

FlexShares ESG & Climate US Large Cap Core Index Fund is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology securities also may be affected adversely by changes in technology, consumer and business purchasing patterns, government regulation and/or obsolete products or services.


		FLEXSHARES SEMIANNUAL REPORT			481

Supplemental Information (cont.)

Equity Securities Risk

FlexShares US Quality Low Volatility Index Fund, FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares Emerging Markets Quality Low Volatility Index Fund, FlexShares Morningstar US Market Factor Tilt Index Fund, FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares US Quality Large Cap Index Fund, FlexShares STOXX US ESG Select Index Fund, FlexShares STOXX Global ESG Select Index Fund, FlexShares ESG & Climate US Large Cap Core Index Fund, FlexShares ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares ESG & Climate Emerging Markets Core Index Fund, FlexShares Morningstar Global Upstream Natural Resources Index Fund, FlexShares STOXX Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares Real Assets Allocation Index Fund, FlexShares Quality Dividend Index Fund, FlexShares Quality Dividend Defensive Index Fund, FlexShares Quality Dividend Dynamic Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic Index Fund are subject to the risks of investing in equity securities, which may be more volatile and underperform other asset classes and the general securities markets.

Low Volatility Risk

FlexShares US Quality Low Volatility Index Fund, FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, and FlexShares Emerging Markets Quality Low Volatility Index Fund are subject to the risk that, although each Fund’s Underlying Index is designed to have overall volatility that is lower than that of its Parent Index, there is no guarantee it will be successful. Securities or other assets in the Fund’s portfolio may be subject to price volatility and the prices may not be any less volatile than the market as a whole and could be more volatile. The market prices of the securities or other assets in a Fund’s portfolio may fluctuate, sometimes rapidly and unpredictably. A Fund will continue to seek to track its Underlying Index even if the Underlying Index does not have lower overall volatility than its Parent Index. There is also the risk that a Fund may experience volatility greater than that of its Parent Index as a result of tracking error. A portfolio of securities with greater volatility is generally considered to have a higher risk profile than a portfolio with lower volatility.

Depositary Receipts Risk

FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares Emerging Markets Quality Low Volatility Index Fund, FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares STOXX US ESG Select Index Fund, FlexShares ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares ESG & Climate Emerging Markets Core Index Fund, FlexShares Morningstar Global Upstream Natural Resources Index Fund, FlexShares STOXX Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, and FlexShares International Quality Dividend Dynamic Index Fund are subject to the risks that depositary receipts may expose the Funds to investment risks associated with the underlying issuers and additional risks associated with non-uniform terms that apply to depositary receipt programs, including credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency, political, economic, market risks and the risks of an illiquid market for depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may not track the price of the underlying foreign securities on which they are based, may have limited voting rights, and may have a distribution subject to a fee charged by the depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the market price of the depositary receipts.


482		FLEXSHARES SEMIANNUAL REPORT

Supplemental Information (cont.)

Geographic Risk

FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares Emerging Markets Quality Low Volatility Index Fund, FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares STOXX Global ESG Select Index Fund, FlexShares ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares ESG & Climate Emerging Markets Core Index Fund, FlexShares Morningstar Global Upstream Natural Resources Index Fund, FlexShares STOXX Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares Real Assets Allocation Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic Index Fund, FlexShares Ready Access Variable Income Fund, and FlexShares Core Select Bond Fund are subject to the risk that if a Fund invests a significant portion of its total assets in certain issuers within the same country or geographic region, an economic, business or political development affecting that country or region may affect the value of the Fund’s investments more than if the Fund’s investments were not so concentrated in such country or region.

Income Risk

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund, FlexShares iBoxx 5-Year Target Duration TIPS Index Fund, FlexShares Disciplined Duration MBS Index Fund, FlexShares CreditScored U.S Corporate Bond Index Fund, FlexShares Credit-Scored US Long Corporate Bond Index Fund, FlexShares High Yield Value-Scored Bond Index Fund, FlexShares ESG & Climate High Yield Corporate Core Index Fund, FlexShares ESG & Climate Investment Grade Corporate Core Index Fund, FlexShares Ready Access Variable Income Fund, and FlexShares Core Select Bond Fund are subject to the risk that a Fund’s income may decline due to a decline in inflation (or deflation) or due to changes in inflation expectations.

Premium/Discount Information

Information about the differences between the daily market prices on secondary markets for shares of the Funds and the Funds’ net asset values for various time periods, as applicable, is available by visiting the Funds’ website at flexshares.com


		FLEXSHARES SEMIANNUAL REPORT			483

For More Information (Unaudited)

Portfolio Holdings

FlexShares^® Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year an exhibit to its reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov.

Proxy Voting

FlexShares^® Trust Proxy Voting Policies and Procedures are available upon request and without charge by calling 1-855-FLEXETF (1-855-353-9383) or by visiting the Funds’ website flexshares.com or the SEC’s website at sec.gov. Each Fund’s portfolio securities voting record for the 12-month period ended June 30 is available upon request and without charge by calling 1-855-FLEXETF (1-855-353-9383) or by visiting the SEC’s website at sec.gov.


484		FLEXSHARES SEMIANNUAL REPORT

LOGO

FlexShares^® Trust

50 S. LaSalle Street

Chicago, IL 60603

800.595.9111

www.flexshares.com

FlexShares^® is a registered trademark of NTI. Morningstar^® is a registered trademark of Morningstar, Inc. (“Morningstar”). Morningstar^® US Market Factor Tilt Index^SM, Morningstar^® Developed Markets ex-US Factor Tilt Index^SM, Morningstar^® Emerging Markets Factor Tilt Index^SM, and Morningstar^® Global Upstream Natural Resources Index^SM are service marks of Morningstar, Inc. STOXX and its licensors (the “Licensors”) have no relationship to FlexShares^® Trust other than the licensing of the STOXX^® USA ESG Select KPIs Index, STOXX^® Global ESG Select KPIs Index and STOXX^® Global Broad Infrastructure Index and the related trademarks for use in connection with the FlexShares^® STOXX^® US ESG Select Index Fund, FlexShares^® STOXX^® Global ESG Select Index Fund and FlexShares^® STOXX^® Global Broad Infrastructure Index Fund, respectively. The iBoxx 3-Year Target Duration TIPS Index and iBoxx 5-Year Target Duration TIPS Index are each the property of Markit North America, Inc. (“Markit”) and have been licensed for use in connection the FlexShares iBoxx 3-Year Target Duration TIPS Index Fund and the FlexShares iBoxx 5-Year Target Duration TIPS Index Fund, respectively. Northern Trust Quality Low Volatility Index^SM, Northern Trust Developed Markets ex-US Quality Low Volatility Index^SM, Northern Trust Emerging Markets Quality Low Volatility Index^SM, Northern Trust Quality Large Cap Index^SM, Northern Trust Quality Dividend Index^SM, Northern Trust Quality Dividend Dynamic Index^SM, Northern Trust Quality Dividend Defensive Index^SM, Northern Trust International Quality Dividend Index^SM, Northern Trust Quality Dividend Dynamic Index^SM, Northern Trust International Quality Dividend Defensive Index^SM, Northern Trust Global Quality Real Estate Index^SM, Northern Trust Credit-Scored US Corporate Bond Index^SM, Northern Trust Credit-Scored US Long Corporate Bond Index^SM, Northern Trust Real Assets Allocation Index^SM, Northern Trust High Yield US Corporate Bond Index^SM, and Northern Trust High Yield Value-Scored US Corporate Bond Index^SM are service marks of NTI and have been licensed for use by FlexShares Trust. The ICE^® BofAML^® Constrained Duration US Mortgage Backed Securities Index^SM are trademarks of ICE Data Indices, LLC or its affiliates (“ICE”) and have been licensed for use by NTI.

FS00238-0622