UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22555

FlexShares Trust

(Exact name of registrant as specified in charter)

50 South LaSalle Street

Chicago, Illinois 60603

(Address of principal executive offices) (Zip code)

Jose Del Real, Esq.

Northern Trust Investments, Inc.

50 South LaSalle Street

Chicago, Illinois 60603

(Name and Address of Agent for Service)

with a copy to:

Himanshu Surti

Northern Trust Investments, Inc.

50 South LaSalle Street

Chicago, Illinois 60603

(Name and Address of Agent for Service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2021

Item 1. Reports to Stockholders.

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

FlexShares^® Trust

Semiannual Report

April 30, 2021

Table of Contents

Statements of Assets and Liabilities	2
Statements of Operations	9
Statements of Changes in Net Assets	16
Financial Highlights	30
Schedules of Investments	56
FlexShares® US Quality Low Volatility Index Fund	56
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund	59
FlexShares® Emerging Markets Quality Low Volatility Index Fund	65
FlexShares® Morningstar US Market Factor Tilt Index Fund	70
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund	104
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund	145
FlexShares® US Quality Large Cap Index Fund	187
FlexShares® STOXX® US ESG Select Index Fund (formerly known as FlexShares® STOXX® US ESG Impact Index Fund)	192
FlexShares® STOXX® Global ESG Select Index Fund (formerly known as FlexShares® STOXX® Global ESG Impact Index Fund)	199
FlexShares® Morningstar Global Upstream Natural Resources Index Fund	213
FlexShares® STOXX® Global Broad Infrastructure Index Fund	220
FlexShares® Global Quality Real Estate Index Fund	227
FlexShares® Real Assets Allocation Index Fund	232
FlexShares® Quality Dividend Index Fund	233
FlexShares® Quality Dividend Defensive Index Fund	238
FlexShares® Quality Dividend Dynamic Index Fund	243
FlexShares® International Quality Dividend Index Fund	248
FlexShares® International Quality Dividend Defensive Index Fund	256
FlexShares® International Quality Dividend Dynamic Index Fund	263
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund	271
FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund	272
FlexShares® Disciplined Duration MBS Index Fund	274
FlexShares® Credit-Scored US Corporate Bond Index Fund	279
FlexShares® Credit-Scored US Long Corporate Bond Index Fund	296
FlexShares® High Yield Value-Scored Bond Index Fund	305
FlexShares® Ready Access Variable Income Fund	323
FlexShares® Core Select Bond Fund	334
Notes to the Financial Statements	336
Fund Expenses	378
Liquidity Risk Management Program	382
Supplemental Information	383
For More Information	396

FlexShares^® Trust

Statements of Assets and Liabilities April 30, 2021(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	$	123,131,940	$	78,264,310	$	14,593,991	$	895,894,724
Affiliate securities, at cost		—		—		—		564,869
Securities Lending Reinvestments, at cost		—		2,693,457		—		115,578,812
Securities, at value†		144,285,726		85,820,241		16,364,258		1,651,089,390
Affiliate securities, at value		—		—		—		864,880
Securities Lending Reinvestments, at value		—		2,693,457		—		115,582,271
Cash		743,243		309,905		129,092		14,363,438
Cash segregated at broker*		3,457		46,317		17,510		373,705
Foreign cash††		—		298,750		16,477		—
Restricted cash**		—		—		58,942		—
Due from Authorized Participant		—		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		7,426		374		—
Receivables:
Dividends and interest		122,117		443,759		21,135		954,406
Securities lending income		—		1,707		—		20,637
Capital shares issued		—		—		—		—
Investment adviser		557		374		52		6,581
Securities sold		—		—		—		—
Variation margin on futures contracts		39,871		16,298		116		480,796
Total Assets		145,194,971		89,638,234		16,607,956		1,783,736,104
LIABILITIES
Unrealized depreciation on forward foreign currency contracts		—		8,122		16		—
Due to brokers		49,128		—		—		—
Payables:
Cash collateral received from securities loaned		—		2,693,459		—		115,578,792
Deferred compensation (Note 7)		3,960		2,373		397		131,296
Investment advisory fees (Note 4)		25,972		22,846		5,224		333,191
Trustee fees (Note 7)		1,629		1,052		159		21,345
Securities purchased		—		—		—		—
Deferred non-US capital gains taxes		—		—		30,771		—
Due to Authorized Participant		—		—		58,942		—
Variation margin on futures contracts		—		—		—		—
Capital shares redeemed		—		—		—		—
Other		4,200		9,000		8,000		12,000
Total Liabilities		84,889		2,736,852		103,509		116,076,624
Net Assets	$	145,110,082	$	86,901,382	$	16,504,447	$	1,667,659,480
NET ASSETS CONSIST OF:
Paid-in capital	$	121,083,802	$	79,135,308	$	15,170,848	$	955,495,545
Distributable earnings (loss)		24,026,280		7,766,074		1,333,599		712,163,935
Net Assets	$	145,110,082	$	86,901,382	$	16,504,447	$	1,667,659,480
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		2,950,001		3,200,001		600,001		10,000,001
Net Asset Value	$	49.19	$	27.16	$	27.51	$	166.77
† Securities on loan, at value	$	—	$	4,037,422	$	—	$	152,977,337
†† Cost of foreign cash	$	—	$	295,781	$	16,363	$	—

* 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	$	484,274,917	$	243,433,738	$	69,814,232	$	142,973,220
Affiliate securities, at cost		—		—		—		—
Securities Lending Reinvestments, at cost		18,370,885		2,462,892		263,694		57,104
Securities, at value†		617,689,622		332,668,145		94,060,732		176,634,790
Affiliate securities, at value		—		—		—		—
Securities Lending Reinvestments, at value		18,370,885		2,462,892		263,694		57,104
Cash		2,619,909		674,002		639,735		1,602,237
Cash segregated at broker*		972,240		355,657		43,555		150,741
Foreign cash††		8,762,028		2,067,259		—		—
Restricted cash**		—		—		—		—
Due from Authorized Participant		—		—		—		—
Unrealized appreciation on forward foreign currency contracts		43,535		8,464		—		—
Receivables:
Dividends and interest		4,852,464		517,294		85,127		170,728
Securities lending income		43,557		24,281		445		290
Capital shares issued		—		—		—		2,551,627
Investment adviser		2,354		1,002		379		859
Securities sold		—		—		—		—
Variation margin on futures contracts		389,500		—		38,788		85,647
Total Assets		653,746,094		338,778,996		95,132,455		181,254,023
LIABILITIES
Unrealized depreciation on forward foreign currency contracts		53,418		23,130		—		—
Payables:
Cash collateral received from securities loaned		18,370,885		2,462,892		263,694		57,104
Deferred compensation (Note 7)		80,588		40,176		4,552		4,975
Investment advisory fees (Note 4)		202,474		151,293		25,188		46,877
Trustee fees (Note 7)		9,792		4,294		1,211		1,860
Securities purchased		—		3		—		2,521,572
Deferred non-US capital gains taxes		—		861		—		—
Due to Authorized Participant		—		—		—		—
Variation margin on futures contracts		—		10,524		—		—
Capital shares redeemed		—		—		—		—
Other		60,000		75,000		6,500		7,700
Total Liabilities		18,777,157		2,768,173		301,145		2,640,088
Net Assets	$	634,968,937	$	336,010,823	$	94,831,310	$	178,613,935
NET ASSETS CONSIST OF:
Paid-in capital	$	609,467,143	$	318,315,263	$	71,479,286	$	133,179,532
Distributable earnings (loss)		25,501,794		17,695,560		23,352,024		45,434,403
Net Assets	$	634,968,937	$	336,010,823	$	94,831,310	$	178,613,935
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		8,800,001		5,300,001		2,075,001		1,750,001
Net Asset Value	$	72.16	$	63.40	$	45.70	$	102.07
† Securities on loan, at value	$	60,720,569	$	13,947,664	$	3,999,717	$	3,033,560
†† Cost of foreign cash	$	8,613,398	$	2,060,700	$	—	$	—

* 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® Morningstar  Global Upstream Natural Resources Index Fund			FlexShares® STOXX® Global Broad Infrastructure Index Fund		FlexShares® Global Quality Real Estate Index Fund
ASSETS
Securities, at cost	$	121,457,437	$	4,111,739,406		$	2,134,286,524	$	309,965,609
Affiliate securities, at cost		—		—			—		—
Securities Lending Reinvestments, at cost		3,005,671		36,663,555			15,057,745		10,941,163
Securities, at value†		167,504,958		5,093,317,156			2,606,955,936		358,577,366
Affiliate securities, at value		—		—			—		—
Securities Lending Reinvestments, at value		3,005,671		36,666,781			15,057,745		10,941,163
Cash		2,072,410		14,074,053			11,326,404		3,366,869
Cash segregated at broker*		72,682		3,818,514			1,152,603		634,183
Foreign cash††		391,226		22,614,720			7,214,156		1,824,119
Restricted cash**		—		1,609,602			36,159		—
Due from Authorized Participant		—		491,217			13,756,173		—
Unrealized appreciation on forward foreign currency contracts		792		334,480			91,073		3,641
Receivables:
Dividends and interest		390,981		10,054,421			5,916,957		582,833
Securities lending income		1,219		44,931			38,816		4,556
Capital shares issued		—		26,397,959			—		—
Investment adviser		639		18,409			9,480		872
Securities sold		—		185			—		—
Variation margin on futures contracts		115,824		1,019,433			605,984		132,153
Total Assets		173,556,402		5,210,461,861			2,662,161,486		376,067,755
LIABILITIES
Unrealized depreciation on forward foreign currency contracts		707		387,889			44,841		11,755
Payables:
Cash collateral received from securities loaned		3,005,671		36,663,531			15,057,745		10,941,163
Deferred compensation (Note 7)		6,419		464,032			122,433		24,450
Investment advisory fees (Note 4)		58,371		1,873,543			981,305		121,185
Trustee fees (Note 7)		1,978		57,382			32,290		4,766
Securities purchased		—		26,276,231			14,232,367		—
Deferred non-US capital gains taxes		—		541,955			1,325,110		—
Due to Authorized Participant		—		1,609,602			36,159		—
Variation margin on futures contracts		—		—			—		—
Capital shares redeemed		—		—			—		—
Other		43,000		105,000			66,000		20,000
Total Liabilities		3,116,146		67,979,165			31,898,250		11,123,319
Net Assets	$	170,440,256	$	5,142,482,696		$	2,630,263,236	$	364,944,436
NET ASSETS CONSIST OF:
Paid-in capital	$	125,220,748	$	5,204,600,842		$	2,271,481,277	$	346,337,530
Distributable earnings (loss)		45,219,508		(62,118,146	)		358,781,959		18,606,906
Net Assets	$	170,440,256	$	5,142,482,696		$	2,630,263,236	$	364,944,436
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		1,250,001		136,400,001			45,500,001		5,650,001
Net Asset Value	$	136.35	$	37.70		$	57.81	$	64.59
† Securities on loan, at value	$	4,528,506	$	126,528,187		$	148,101,015	$	34,686,748
†† Cost of foreign cash	$	374,007	$	22,399,789		$	7,086,581	$	1,807,582

* 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.

4 FLEXSHARES SEMIANNUAL REPORT

Statements of Assets and Liabilities (cont.)

	FlexShares® Real Assets Allocation Index Fund		FlexShares® Quality Dividend Index Fund		FlexShares® Quality Dividend Defensive Index Fund		FlexShares® Quality Dividend Dynamic Index Fund
ASSETS
Securities, at cost	$	—	$	1,150,456,323	$	371,357,325	$	15,164,904
Affiliate securities, at cost		6,527,022		—		—		—
Securities Lending Reinvestments, at cost		—		67,036,575		15,820,569		338,785
Securities, at value†		—		1,526,753,498		477,637,708		19,939,725
Affiliate securities, at value		7,377,304		—		—		—
Securities Lending Reinvestments, at value		—		67,038,747		15,820,569		338,785
Cash		2,101		4,933,927		1,180,589		310,222
Cash segregated at broker*		—		192,995		90,252		53,154
Foreign cash††		—		—		—		—
Restricted cash**		—		—		—		—
Due from Authorized Participant		—		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		—		—
Receivables:
Dividends and interest		—		1,882,571		494,879		23,744
Securities lending income		—		9,318		3,171		71
Capital shares issued		—		—		—		—
Investment adviser		18		5,734		1,883		55
Securities sold		557,043		151,051		—		1,954
Variation margin on futures contracts		—		246,767		55,483		12,073
Total Assets		7,936,466		1,601,214,608		495,284,534		20,679,783
LIABILITIES
Unrealized depreciation on forward foreign currency contracts		—		—		—		—
Payables:
Cash collateral received from securities loaned		—		67,036,561		15,820,569		338,785
Deferred compensation (Note 7)		553		150,246		35,139		5,726
Investment advisory fees (Note 4)		579		467,150		151,013		6,154
Trustee fees (Note 7)		83		22,486		7,234		274
Securities purchased		547,822		—		—		—
Deferred non-US capital gains taxes		—		—		—		—
Due to Authorized Participant		—		40,266		—		—
Variation margin on futures contracts		—		—		—		—
Capital shares redeemed		—		—		—		—
Other		—		11,600		8,450		1,100
Total Liabilities		549,037		67,728,309		16,022,405		352,039
Net Assets	$	7,387,429	$	1,533,486,299	$	479,262,129	$	20,327,744
NET ASSETS CONSIST OF:
Paid-in capital	$	6,764,682	$	1,088,590,340	$	368,761,428	$	16,129,883
Distributable earnings (loss)		622,747		444,895,959		110,500,701		4,197,861
Net Assets	$	7,387,429	$	1,533,486,299	$	479,262,129	$	20,327,744
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		225,001		27,900,001		9,100,001		350,001
Net Asset Value	$	32.83	$	54.96	$	52.67	$	58.08
† Securities on loan, at value	$	—	$	85,123,744	$	26,149,841	$	568,864
†† 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 5

Statements of Assets and Liabilities (cont.)

	FlexShares® International Quality Dividend Index Fund			FlexShares® International Quality Dividend Defensive Index Fund			FlexShares® International Quality Dividend Dynamic Index Fund			FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund
ASSETS
Securities, at cost	$	475,235,368		$	59,461,566		$	47,454,347		$	1,352,671,804
Affiliate securities, at cost		—			—			—			—
Securities Lending Reinvestments, at cost		23,036,738			2,428,130			2,161,098			—
Securities, at value†		570,988,369			71,139,202			55,082,684			1,430,541,496
Affiliate securities, at value		—			—			—			—
Securities Lending Reinvestments, at value		23,036,738			2,428,130			2,161,098			—
Cash		6,107,073			460,239			225,203			265,564
Cash segregated at broker*		1,369,294			99,055			32,163			—
Foreign cash††		8,981,957			767,601			123,371			—
Restricted cash**		43,703			—			—			—
Due from Authorized Participant		137,676			—			—			—
Unrealized appreciation on forward foreign currency contracts		43,618			1,857			1,886			—
Receivables:
Dividends and interest		3,936,613			456,248			322,848			1,910,510
Securities lending income		14,616			5,997			1,243			1,704
Capital shares issued		—			—			2,931			—
Investment adviser		2,154			279			173			5,739
Securities sold		—			—			141			—
Variation margin on futures contracts		334,542			32,233			9,416			—
Total Assets		614,996,353			75,390,841			57,963,157			1,432,725,013
LIABILITIES
Unrealized depreciation on forward foreign currency contracts		85,140			14,680			3,498			—
Payables:
Cash collateral received from securities loaned		23,036,738			2,428,130			2,161,098			—
Deferred compensation (Note 7)		63,291			8,552			4,753			232,236
Investment advisory fees (Note 4)		223,605			28,064			20,853			208,642
Trustee fees (Note 7)		8,353			1,071			475			21,068
Securities purchased		134,814			—			—			—
Deferred non-US capital gains taxes		—			—			19,990			—
Due to Authorized Participant		43,703			—			—			—
Variation margin on futures contracts		—			—			—			—
Capital shares redeemed		—			—			—			—
Other		32,501			5,000			32,000			—
Total Liabilities		23,628,145			2,485,497			2,242,667			461,946
Net Assets	$	591,368,208		$	72,905,344		$	55,720,490		$	1,432,263,067
NET ASSETS CONSIST OF:
Paid-in capital	$	657,552,598		$	86,546,723		$	62,075,747		$	1,386,353,138
Distributable earnings (loss)		(66,184,390	)		(13,641,379	)		(6,355,257	)		45,909,929
Net Assets	$	591,368,208		$	72,905,344		$	55,720,490		$	1,432,263,067
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		22,500,001			3,000,001			1,800,001			53,904,000
Net Asset Value	$	26.28		$	24.30		$	30.96		$	26.57
† Securities on loan, at value	$	45,022,886		$	7,107,596		$	3,861,859		$	54,504,147
†† Cost of foreign cash	$	8,849,453		$	757,160		$	122,784		$	—

* 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® iBoxx 5-Year Target Duration TIPS Index Fund		FlexShares® Disciplined Duration MBS Index Fund			FlexShares® Credit- Scored US Corporate Bond Index Fund		FlexShares® Credit- Scored US Long Corporate Bond Index Fund
ASSETS
Securities, at cost	$	556,968,020	$	105,677,836		$	283,089,798	$	56,643,496
Affiliate securities, at cost		—		—			—		—
Securities Lending Reinvestments, at cost		3,648,356		—			—		—
Securities, at value†		599,496,820		106,867,362			286,954,476		56,487,495
Affiliate securities, at value		—		—			—		—
Securities Lending Reinvestments, at value		3,648,356		—			—		—
Cash		175,034		39,136,799			4,252,059		877,573
Cash segregated at broker*		—		—			—		—
Foreign cash††		—		—			—		—
Restricted cash**		—		—			—		—
Due from Authorized Participant		—		—			—		—
Unrealized appreciation on forward foreign currency contracts		—		—			—		—
Receivables:
Dividends and interest		886,469		217,785			2,362,724		577,525
Securities lending income		4,297		—			—		—
Capital shares issued		—		—			—		—
Investment adviser		2,447		478			1,355		170
Securities sold		—		4,233,516			11,428,312		2,864,266
Variation margin on futures contracts		—		—			—		—
Total Assets		604,213,423		150,455,940			304,998,926		60,807,029
LIABILITIES
Unrealized depreciation on forward foreign currency contracts		—		—			—		—
Payables:
Cash collateral received from securities loaned		3,648,356		—			—		—
Deferred compensation (Note 7)		82,478		5,676			11,125		2,654
Investment advisory fees (Note 4)		87,542		17,420			52,518		9,470
Trustee fees (Note 7)		9,155		1,417			3,100		693
Securities purchased		—		43,627,584			11,913,268		2,669,242
Deferred non-US capital gains taxes		—		—			—		—
Due to Authorized Participant		—		—			—		—
Variation margin on futures contracts		—		—			—		—
Capital shares redeemed		—		—			—		—
Other		—		4,400			4,000		2,500
Total Liabilities		3,827,531		43,656,497			11,984,011		2,684,559
Net Assets	$	600,385,892	$	106,799,443		$	293,014,915	$	58,122,470
NET ASSETS CONSIST OF:
Paid-in capital	$	557,987,246	$	109,150,518		$	287,150,024	$	57,717,434
Distributable earnings (loss)		42,398,646		(2,351,075	)		5,864,891		405,036
Net Assets	$	600,385,892	$	106,799,443		$	293,014,915	$	58,122,470
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		21,450,001		4,500,001			5,450,001		1,000,001
Net Asset Value	$	27.99	$	23.73		$	53.76	$	58.12
† Securities on loan, at value	$	115,918,300	$	—		$	—	$	—
†† 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 7

Statements of Assets and Liabilities (cont.)

	FlexShares® High Yield Value-Scored Bond Index Fund		FlexShares® Ready Access Variable Income Fund		FlexShares® Core Select Bond Fund
ASSETS
Securities, at cost	$	202,136,005	$	409,659,193	$	58,243,024
Affiliate securities, at cost		—		—		54,282,553
Securities Lending Reinvestments, at cost		—		—		—
Securities, at value†		207,873,474		411,809,065		58,053,728
Affiliate securities, at value		—		—		54,636,120
Securities Lending Reinvestments, at value		—		—		—
Cash		2,618,624		1,042,174		281,418
Cash segregated at broker*		—		—		—
Foreign cash††		—		—		—
Restricted cash**		—		—		—
Due from Authorized Participant		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		—
Receivables:
Dividends and interest		3,351,651		1,398,632		—
Securities lending income		—		—		—
Capital shares issued		4,968,446		762		—
Investment adviser		937		1,879		481
Securities sold		16,809,158		4,012,453		8,127,502
Variation margin on futures contracts		—		—		—
Total Assets		235,622,290		418,264,965		121,099,249
LIABILITIES
Unrealized depreciation on forward foreign currency contracts		—		—		—
Payables:
Cash collateral received from securities loaned		—		—		—
Deferred compensation (Note 7)		7,120		25,864		4,475
Investment advisory fees (Note 4)		63,229		85,934		16,585
Trustee fees (Note 7)		2,912		6,689		1,521
Securities purchased		21,957,545		950,000		8,125,170
Deferred non-US capital gains taxes		—		—		—
Due to Authorized Participant		—		—		—
Variation margin on futures contracts		—		—		—
Capital shares redeemed		—		3,809,512		—
Other		5,500		2,275		—
Total Liabilities		22,036,306		4,880,274		8,147,751
Net Assets	$	213,585,984	$	413,384,691	$	112,951,498
NET ASSETS CONSIST OF:
Paid-in capital	$	205,273,895	$	410,551,813	$	113,118,206
Distributable earnings (loss)		8,312,089		2,832,878		(166,708	)
Net Assets	$	213,585,984	$	413,384,691	$	112,951,498
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		4,300,001		5,425,001		4,325,001
Net Asset Value	$	49.67	$	76.20	$	26.12
† 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

FlexShares^® Trust

Statements of Operations

For the six months ended April 30, 2021 (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	$	1,027,261		$	1,380,538		$	126,047		$	11,864,472
Dividend income received from affiliate		—			—			—			10,321
Interest income		18			—			—			—
Securities lending income (net of fees) (Note 2)		—			2,707			12			211,678
Foreign withholding tax on dividends		(1,340	)		(110,718	)		(20,144	)		(10,731	)
Total Investment Income		1,025,939			1,272,527			105,915			12,075,740
EXPENSES
Deferred compensation (Note 7)		2,310			1,391			240			25,534
Investment advisory fees		140,282			127,934			27,065			1,807,760
Trustee fees (Note 7)		4,589			2,898			493			54,674
Other expenses (Note 4)		—			—			—			315
Total Gross Expenses Before Fees Reimbursed		147,181			132,223			27,798			1,888,283
Less:
Investment advisory fees reimbursed (Note 4)		(3,501	)		(2,120	)		(358	)		(40,346	)
Total Net Expenses		143,680			130,103			27,440			1,847,937
Net Investment Income (Loss)		882,259			1,142,424			78,475			10,227,803
NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			—
Transactions in investment securities		(207,374	)		1,161,701			124,784	(1)		19,716,094
In-kind redemptions on investments in affiliated securities		—			—			—			3,297
In-kind redemptions on investments in securities		3,645,305			—			—			10,059,062
Expiration or closing of futures contracts		70,495			109,798			36,910			3,004,394
Settlement of forward foreign currency contracts		—			(8,564	)		98			—
Foreign currency transactions		—			5,957			(287	)		—
Net Realized Gain (Loss)		3,508,426			1,268,892			161,505			32,782,847
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		19,790,035			8,861,822			1,422,387	(2)		408,761,543	(3)
Securities lending		—			—			—			1,256
Futures contracts		49,377			45,689			(180	)		824,992
Forward foreign currency contracts		—			(2,417	)		358			—
Translation of other assets and liabilities denominated in foreign currencies		—			4,112			370			—
Net Change in Unrealized Appreciation (Depreciation)		19,839,412			8,909,206			1,422,935			409,587,791
Net Realized and Unrealized Gain (Loss)		23,347,838			10,178,098			1,584,440			442,370,638
Net Increase (Decrease) in Net Assets Resulting from Operations	$	24,230,097		$	11,320,522		$	1,662,915		$	452,598,441

⁽¹⁾   Net of non-US capital gains tax of $(18,661).

⁽²⁾  Net of deferred non-US capital gains tax of $30,771.

⁽³⁾  Includes $259,946 change in unrealized appreciation on investments in affiliates.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 9

Statements of Operations (cont.)

	FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund			FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund			FlexShares® US Quality Large Cap Index Fund			FlexShares® STOXX® US ESG Select Index Fund
INVESTMENT INCOME
Dividend income	$	8,522,159		$	3,075,948		$	675,531		$	1,275,587
Dividend income received from affiliate		—			—			—			—
Interest income		—			654			—			—
Securities lending income (net of fees) (Note 2)		209,277			96,382			2,864			2,775
Foreign withholding tax on dividends		(841,900	)		(423,116	)		—			—
Total Investment Income		7,889,536			2,749,868			678,395			1,278,362
EXPENSES
Deferred compensation (Note 7)		10,805			4,876			1,607			2,404
Investment advisory fees		1,154,592			824,511			142,344			236,349
Trustee fees (Note 7)		22,724			10,571			3,328			5,339
Other expenses (Note 4)		—			—			—			—
Total Gross Expenses Before Fees Reimbursed		1,188,121			839,958			147,279			244,092
Less:
Investment advisory fees reimbursed (Note 4)		(16,174	)		(6,668	)		(2,433	)		(3,660	)
Total Net Expenses		1,171,947			833,290			144,846			240,432
Net Investment Income (Loss)		6,717,589			1,916,578			533,549			1,037,930
NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			—
Transactions in investment securities		1,551,610			8,556,837	(1)		524,148			931,782
In-kind redemptions on investments in affiliated securities		—			—			—			—
In-kind redemptions on investments in securities		3,586,561			—			1,841,892			13,765,161
Expiration or closing of futures contracts		2,384,258			730,771			95,629			182,593
Settlement of forward foreign currency contracts		28,430			32,497			—			—
Foreign currency transactions		72,646			(77,435	)		—			—
Net Realized Gain (Loss)		7,623,505			9,242,670			2,461,669			14,879,536
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		150,639,563			62,607,408	(2)		19,034,856			18,143,308
Securities lending		—			—			—			—
Futures contracts		975,733			(32,868	)		55,229			126,130
Forward foreign currency contracts		50,318			(26,882	)		—			—
Translation of other assets and liabilities denominated in foreign currencies		190,180			1,295			—			—
Net Change in Unrealized Appreciation (Depreciation)		151,855,794			62,548,953			19,090,085			18,269,438
Net Realized and Unrealized Gain (Loss)		159,479,299			71,791,623			21,551,754			33,148,974
Net Increase (Decrease) in Net Assets Resulting from Operations	$	166,196,888		$	73,708,201		$	22,085,303		$	34,186,904

⁽¹⁾   Net of non-US capital gains tax of $(677).

⁽²⁾  Net of deferred non-US capital gains tax of $861.

See Accompanying Notes to the Financial Statements.

10 FLEXSHARES SEMIANNUAL REPORT

Statements of Operations (cont.)

	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
INVESTMENT INCOME
Dividend income	$	1,543,984		$	73,284,168		$	31,432,463		$	4,630,275
Dividend income received from affiliate		—			—			—			—
Interest income		—			—			—			—
Securities lending income (net of fees) (Note 2)		3,911			473,902			216,821			26,698
Foreign withholding tax on dividends		(86,745	)		(3,621,117	)		(1,808,134	)		(255,107	)
Total Investment Income		1,461,150			70,136,953			29,841,150			4,401,866
EXPENSES
Deferred compensation (Note 7)		2,506			68,034			39,703			5,154
Investment advisory fees		306,134			9,077,116			5,260,273			652,356
Trustee fees (Note 7)		5,270			144,908			82,703			11,019
Other expenses (Note 4)		—			—			—			—
Total Gross Expenses Before Fees Reimbursed		313,910			9,290,058			5,382,679			668,529
Less:
Investment advisory fees reimbursed (Note 4)		(3,554	)		(92,384	)		(57,910	)		(7,600	)
Total Net Expenses		310,356			9,197,674			5,324,769			660,929
Net Investment Income (Loss)		1,150,794			60,939,279			24,516,381			3,740,937
NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			—
Transactions in investment securities		1,895,035			(85,535,599	)		(10,720,030	)(1)		(2,763,203	)
In-kind redemptions on investments in affiliated securities		—			—			—			—
In-kind redemptions on investments in securities		1,734,784			18,819,343			—			2,563,098
Expiration or closing of futures contracts		250,436			6,325,267			3,745,579			1,221,303
Settlement of forward foreign currency contracts		(9,953	)		429,933			(81,179	)		(23,840	)
Foreign currency transactions		24,825			602,828			562,494			73,771
Net Realized Gain (Loss)		3,895,127			(59,358,228	)		(6,493,136	)		1,071,129
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		29,185,943			1,270,861,732	(2)		396,269,048	(3)		66,771,626
Securities lending		—			2,186			—			—
Futures contracts		162,946			2,041,353			1,464,636			157,364
Forward foreign currency contracts		(3,046	)		(129,055	)		72,607			(7,496	)
Translation of other assets and liabilities denominated in foreign currencies		18,882			389,739			84,643			26,742
Net Change in Unrealized Appreciation (Depreciation)		29,364,725			1,273,165,955			397,890,934			66,948,236
Net Realized and Unrealized Gain (Loss)		33,259,852			1,213,807,727			391,397,798			68,019,365
Net Increase (Decrease) in Net Assets Resulting from Operations	$	34,410,646		$	1,274,747,006		$	415,914,179		$	71,760,302

⁽¹⁾   Net of non-US capital gains tax of $(85,396).

⁽²⁾  Net of deferred non-US capital gains tax of $541,955.

⁽³⁾  Net of deferred non-US capital gains tax of $1,325,110.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 11

Statements of Operations (cont.)

	FlexShares® Real Assets Allocation Index Fund			FlexShares® Quality Dividend Index Fund			FlexShares® Quality Dividend Defensive Index Fund			FlexShares® Quality Dividend Dynamic Index Fund
INVESTMENT INCOME
Dividend income	$	—		$	18,651,827		$	6,128,158		$	207,328
Dividend income received from affiliate		52,227			—			—			—
Interest income		—			—			—			—
Securities lending income (net of fees) (Note 2)		—			59,338			21,012			532
Foreign withholding tax on dividends		—			—			(791	)		—
Total Investment Income		52,227			18,711,165			6,148,379			207,860
EXPENSES
Deferred compensation (Note 7)		94			25,780			8,324			288
Investment advisory fees		15,314			2,654,267			857,504			30,262
Trustee fees (Note 7)		220			54,705			17,588			636
Other expenses (Note 4)		—			—			—			—
Total Gross Expenses Before Fees Reimbursed		15,628			2,734,752			883,416			31,186
Less:
Investment advisory fees reimbursed (Note 4)		(12,615	)		(39,434	)		(12,774	)		(451	)
Total Net Expenses		3,013			2,695,318			870,642			30,735
Net Investment Income (Loss)		49,214			16,015,847			5,277,737			177,125
NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		6,174			—			—			—
Transactions in investment securities		—			1,423,954			(997,062	)		728,264
In-kind redemptions on investments in affiliated securities		—			—			—			—
In-kind redemptions on investments in securities		—			71,082,713			23,752,355			—
Expiration or closing of futures contracts		—			1,236,691			264,512			9,621
Settlement of forward foreign currency contracts		—			—			—			—
Foreign currency transactions		—			—			—			—
Net Realized Gain (Loss)		6,174			73,743,358			23,019,805			737,885
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		1,240,211	(1)		254,961,842			72,765,396			3,626,487
Securities lending		—			780			—			—
Futures contracts		—			448,353			97,822			12,071
Forward foreign currency contracts		—			—			—			—
Translation of other assets and liabilities denominated in foreign currencies		—			—			—			—
Net Change in Unrealized Appreciation (Depreciation)		1,240,211			255,410,975			72,863,218			3,638,558
Net Realized and Unrealized Gain (Loss)		1,246,385			329,154,333			95,883,023			4,376,443
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,295,599		$	345,170,180		$	101,160,760		$	4,553,568

⁽¹⁾   Includes $1,240,211 change in unrealized appreciation on investments in affiliates.

See Accompanying Notes to the Financial Statements.

12 FLEXSHARES SEMIANNUAL REPORT

Statements of Operations (cont.)

	FlexShares® International Quality Dividend Index Fund			FlexShares® International Quality Dividend Defensive Index Fund			FlexShares® International Quality Dividend Dynamic Index Fund			FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund
INVESTMENT INCOME
Dividend income	$	11,337,373		$	1,438,492		$	792,815		$	—
Dividend income received from affiliate		—			—			—			—
Interest income		—			—			—			13,400,106
Securities lending income (net of fees) (Note 2)		50,884			11,996			4,144			24,216
Foreign withholding tax on dividends		(1,079,614	)		(141,597	)		(69,537	)		—
Total Investment Income		10,308,643			1,308,891			727,422			13,424,322
EXPENSES
Deferred compensation (Note 7)		9,552			1,222			600			24,180
Investment advisory fees		1,256,918			161,592			88,602			1,210,170
Trustee fees (Note 7)		20,371			2,617			1,337			50,435
Other expenses (Note 4)		—			—			—			—
Total Gross Expenses Before Fees Reimbursed		1,286,841			165,431			90,539			1,284,785
Less:
Investment advisory fees reimbursed (Note 4)		(13,867	)		(1,797	)		(819	)		(40,311	)
Total Net Expenses		1,272,974			163,634			89,720			1,244,474
Net Investment Income (Loss)		9,035,669			1,145,257			637,702			12,179,848
NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			—
Transactions in investment securities		18,707,779			2,523,282			841,336			7,390,639
In-kind redemptions on investments in affiliated securities		—			—			—			—
In-kind redemptions on investments in securities		2,149,355			266,094			—			10,347,059
Expiration or closing of futures contracts		2,455,293			244,680			64,200			—
Settlement of forward foreign currency contracts		159,607			(22,594	)		635			—
Foreign currency transactions		79,660			22,057			(2,095	)		—
Net Realized Gain (Loss)		23,551,694			3,033,519			904,076			17,737,698
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		107,217,447			12,239,919			8,475,117	(1)		23,624,365
Securities lending		—			—			—			—
Futures contracts		948,899			85,914			23,616			—
Forward foreign currency contracts		(76,327	)		(13,904	)		(1,804	)		—
Translation of other assets and liabilities denominated in foreign currencies		244,091			11,480			4,266			—
Net Change in Unrealized Appreciation (Depreciation)		108,334,110			12,323,409			8,501,195			23,624,365
Net Realized and Unrealized Gain (Loss)		131,885,804			15,356,928			9,405,271			41,362,063
Net Increase (Decrease) in Net Assets Resulting from Operations	$	140,921,473		$	16,502,185		$	10,042,973		$	53,541,911

⁽¹⁾   Net of deferred non-US capital gains tax of $19,990.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 13

Statements of Operations (cont.)

	FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund			FlexShares® Disciplined Duration MBS Index Fund			FlexShares® Credit- Scored US Corporate Bond Index Fund			FlexShares® Credit- Scored US Long Corporate Bond Index Fund
INVESTMENT INCOME
Dividend income	$	—		$	—		$	—		$	—
Dividend income received from affiliate		—			—			—			—
Interest income		6,006,565			289,917			2,622,253			845,565
Securities lending income (net of fees) (Note 2)		22,754			—			—			—
Foreign withholding tax on dividends		—			—			—			—
Total Investment Income		6,029,319			289,917			2,622,253			845,565
EXPENSES
Deferred compensation (Note 7)		10,670			1,891			5,064			946
Investment advisory fees		527,077			101,947			294,482			54,934
Trustee fees (Note 7)		22,295			3,808			9,747			1,839
Other expenses (Note 4)		—			—			—			—
Total Gross Expenses Before Fees Reimbursed		560,042			107,646			309,293			57,719
Less:
Investment advisory fees reimbursed (Note 4)		(18,043	)		(3,115	)		(8,022	)		(1,531	)
Total Net Expenses		541,999			104,531			301,271			56,188
Net Investment Income (Loss)		5,487,320			185,386			2,320,982			789,377
NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			—
Transactions in investment securities		4,526,489			834,234			1,799,191			428,846
In-kind redemptions on investments in affiliated securities		—			—			—			—
In-kind redemptions on investments in securities		3,130,725			—			—			—
Expiration or closing of futures contracts		—			—			—			—
Settlement of forward foreign currency contracts		—			—			—			—
Foreign currency transactions		—			—			—			—
Net Realized Gain (Loss)		7,657,214			834,234			1,799,191			428,846
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		5,184,132			(1,065,351	)		(3,613,854	)		(2,028,239	)
Securities lending		—			—			—			—
Futures contracts		—			—			—			—
Forward foreign currency contracts		—			—			—			—
Translation of other assets and liabilities denominated in foreign currencies		—			—			—			—
Net Change in Unrealized Appreciation (Depreciation)		5,184,132			(1,065,351	)		(3,613,854	)		(2,028,239	)
Net Realized and Unrealized Gain (Loss)		12,841,346			(231,117	)		(1,814,663	)		(1,599,393	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	18,328,666		$	(45,731	)	$	506,319		$	(810,016	)

See Accompanying Notes to the Financial Statements.

14 FLEXSHARES SEMIANNUAL REPORT

Statements of Operations (cont.)

	FlexShares® High Yield Value-Scored Bond Index Fund			FlexShares® Ready Access Variable Income Fund			FlexShares® Core Select Bond Fund
INVESTMENT INCOME
Dividend income	$	—		$	—		$	296,920
Dividend income received from affiliate		—			—			855,688
Interest income		6,288,388			2,036,900			—
Securities lending income (net of fees) (Note 2)		—			—			—
Foreign withholding tax on dividends		—			—			—
Total Investment Income		6,288,388			2,036,900			1,152,608
EXPENSES
Deferred compensation (Note 7)		3,639			8,199			2,073
Investment advisory fees		365,319			547,626			193,009
Trustee fees (Note 7)		7,427			16,665			4,082
Other expenses (Note 4)		—			—			—
Total Gross Expenses Before Fees Reimbursed		376,385			572,490			199,164
Less:
Investment advisory fees reimbursed (Note 4)		(5,749	)		(13,597	)		(100,970	)
Total Net Expenses		370,636			558,893			98,194
Net Investment Income (Loss)		5,917,752			1,478,007			1,054,414
NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			(1,252,102	)
Transactions in investment securities		6,677,639			617,589			516,769
In-kind redemptions on investments in affiliated securities		—			—			496,352
In-kind redemptions on investments in securities		—			—			292,521
Expiration or closing of futures contracts		—			—			—
Settlement of forward foreign currency contracts		—			—			—
Foreign currency transactions		—			—			—
Net Realized Gain (Loss)		6,677,639			617,589			53,540
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		7,523,086			(858,943	)		(2,090,392	)(1)
Securities lending		—			—			—
Futures contracts		—			—			—
Forward foreign currency contracts		—			—			—
Translation of other assets and liabilities denominated in foreign currencies		—			—			—
Net Change in Unrealized Appreciation (Depreciation)		7,523,086			(858,943	)		(2,090,392	)
Net Realized and Unrealized Gain (Loss)		14,200,725			(241,354	)		(2,036,852	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	20,118,477		$	1,236,653		$	(982,438	)

⁽¹⁾   Includes $(1,134,945) change in unrealized depreciation on investments in affiliates.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 15

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, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
OPERATIONS
Net investment income (loss)	$	882,259		$	820,548		$	1,142,424		$	1,041,274
Net realized gain (loss)		3,508,426			(694,524	)		1,268,892			(1,704,692	)
Net change in unrealized appreciation (depreciation)		19,839,412			1,304,851			8,909,206			(1,448,187	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		24,230,097			1,430,875			11,320,522			(2,111,605	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(873,640	)		(643,733	)		(698,022	)		(864,658	)
Tax return of capital		—			—			—			—
Total distributions		(873,640	)		(643,733	)		(698,022	)		(864,658	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		24,909,345			107,381,424			10,531,878			63,603,016
Cost of shares redeemed		(13,679,258	)		(3,711,596	)		—			—
Net Increase (Decrease) from Capital Transactions		11,230,087			103,669,828			10,531,878			63,603,016
Total Increase (Decrease) in Net Assets		34,586,544			104,456,970			21,154,378			60,626,753
NET ASSETS
Beginning of Period	$	110,523,538		$	6,066,568		$	65,747,004		$	5,120,251
End of Period	$	145,110,082		$	110,523,538		$	86,901,382		$	65,747,004
SHARE TRANSACTIONS
Beginning of period		2,700,001			150,001			2,800,001			200,001
Shares issued		—			—			—			—
Shares issued in-kind		550,000			2,650,000			400,000			2,600,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(300,000	)		(100,000	)		—			—
Shares Outstanding, End of Period		2,950,001			2,700,001			3,200,001			2,800,001

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

See Accompanying Notes to the Financial Statements.

16 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, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
OPERATIONS
Net investment income (loss)	$	78,475		$	150,459		$	10,227,803		$	23,501,673
Net realized gain (loss)		161,505			(556,324	)		32,782,847			121,619,088
Net change in unrealized appreciation (depreciation)		1,422,935			322,631			409,587,791			(115,132,476	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		1,662,915			(83,234	)		452,598,441			29,988,285
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(13,650	)		(168,979	)		(10,271,816	)		(23,509,426	)
Tax return of capital		—			—			—			—
Total distributions		(13,650	)		(168,979	)		(10,271,816	)		(23,509,426	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		5,276,872			7,242,230			70,247,490			28,195,556
Cost of shares redeemed		—			(2,400,617	)		(19,701,064	)		(306,024,565	)
Net Increase (Decrease) from Capital Transactions		5,276,872			4,841,613			50,546,426			(277,829,009	)
Total Increase (Decrease) in Net Assets		6,926,137			4,589,400			492,873,051			(271,350,150	)
NET ASSETS
Beginning of Period	$	9,578,310		$	4,988,910		$	1,174,786,429		$	1,446,136,579
End of Period	$	16,504,447		$	9,578,310		$	1,667,659,480		$	1,174,786,429
SHARE TRANSACTIONS
Beginning of period		400,001			200,001			9,700,001			12,100,001
Shares issued		—			—			—			—
Shares issued in-kind		200,000			300,000			450,000			300,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		—			(100,000	)		(150,000	)		(2,700,000	)
Shares Outstanding, End of Period		600,001			400,001			10,000,001			9,700,001

⁽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 17

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, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
OPERATIONS
Net investment income (loss)	$	6,717,589		$	16,169,983		$	1,916,578		$	6,156,347
Net realized gain (loss)		7,623,505			(29,509,439	)		9,242,670			(12,435,161	)
Net change in unrealized appreciation (depreciation)		151,855,794			(111,181,202	)		62,548,953			(13,844,715	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		166,196,888			(124,520,658	)		73,708,201			(20,123,529	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(4,023,791	)		(23,632,565	)		(1,407,331	)		(8,202,693	)
Tax return of capital		—			—			—			—
Total distributions		(4,023,791	)		(23,632,565	)		(1,407,331	)		(8,202,693	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		—			—			37,863,151			—
Cost of shares redeemed		(26,219,756	)		(317,973,662	)		—			(159,241,139	)
Net Increase (Decrease) from Capital Transactions		(26,219,756	)		(317,973,662	)		37,863,151			(159,241,139	)
Total Increase (Decrease) in Net Assets		135,953,341			(466,126,885	)		110,164,021			(187,567,361	)
NET ASSETS
Beginning of Period	$	499,015,596		$	965,142,481		$	225,846,802		$	413,414,163
End of Period	$	634,968,937		$	499,015,596		$	336,010,823		$	225,846,802
SHARE TRANSACTIONS
Beginning of period		9,200,001			15,400,001			4,700,001			8,200,001
Shares issued		—			—			—			—
Shares issued in-kind		—			—			600,000			—
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(400,000	)		(6,200,000	)		—			(3,500,000	)
Shares Outstanding, End of Period		8,800,001			9,200,001			5,300,001			4,700,001

⁽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® US Quality Large Cap Index Fund						FlexShares® STOXX® US ESG Select Index Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
OPERATIONS
Net investment income (loss)	$	533,549		$	1,048,649		$	1,037,930		$	1,203,766
Net realized gain (loss)		2,461,669			1,168,558			14,879,536			(2,609,895	)
Net change in unrealized appreciation (depreciation)		19,090,085			2,315,780			18,269,438			8,424,199
Net Increase (Decrease) in Net Assets
Resulting from Operations		22,085,303			4,532,987			34,186,904			7,018,070
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(545,780	)		(976,050	)		(911,383	)		(1,145,374	)
Tax return of capital		—			—			—			—
Total distributions		(545,780	)		(976,050	)		(911,383	)		(1,145,374	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		6,907,970			27,538,152			88,757,564			28,636,289
Cost of shares redeemed		(5,458,623	)		(10,423,258	)		(32,470,721	)		(1,481,524	)
Net Increase (Decrease) from Capital Transactions		1,449,347			17,114,894			56,286,843			27,154,765
Total Increase (Decrease) in Net Assets		22,988,870			20,671,831			89,562,364			33,027,461
NET ASSETS
Beginning of Period	$	71,842,440		$	51,170,609		$	89,051,571		$	56,024,110
End of Period	$	94,831,310		$	71,842,440		$	178,613,935		$	89,051,571
SHARE TRANSACTIONS
Beginning of period		2,025,001			1,475,001			1,125,001			775,001
Shares issued		—			—			—			—
Shares issued in-kind		175,000			850,000			950,000			375,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(125,000	)		(300,000	)		(325,000	)		(25,000	)
Shares Outstanding, End of Period		2,075,001			2,025,001			1,750,001			1,125,001

⁽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® STOXX® Global ESG Select Index Fund						FlexShares® Morningstar Global Upstream Natural Resources Index Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
OPERATIONS
Net investment income (loss)	$	1,150,794		$	1,657,054		$	60,939,279		$	119,595,799
Net realized gain (loss)		3,895,127			(1,568,609	)		(59,358,228	)		(39,761,254	)
Net change in unrealized appreciation (depreciation)		29,364,725			6,374,388			1,273,165,955			(779,563,599	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		34,410,646			6,462,833			1,274,747,006			(699,729,054	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(885,280	)		(1,663,474	)		(50,906,814	)		(122,625,164	)
Tax return of capital		—			—			—			—
Total distributions		(885,280	)		(1,663,474	)		(50,906,814	)		(122,625,164	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		32,068,372			14,933,528			1,079,289,082			8,825,295
Cost of shares redeemed		(6,476,774	)		—			(85,372,386	)		(1,771,946,391	)
Net Increase (Decrease) from Capital Transactions		25,591,598			14,933,528			993,916,696			(1,763,121,096	)
Total Increase (Decrease) in Net Assets		59,116,964			19,732,887			2,217,756,888			(2,585,475,314	)
NET ASSETS
Beginning of Period	$	111,323,292		$	91,590,405		$	2,924,725,808		$	5,510,201,122
End of Period	$	170,440,256		$	111,323,292		$	5,142,482,696		$	2,924,725,808
SHARE TRANSACTIONS
Beginning of period		1,050,001			900,001			109,500,001			175,500,001
Shares issued		—			—			—			—
Shares issued in-kind		250,000			150,000			29,650,000			250,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(50,000	)		—			(2,750,000	)		(66,250,000	)
Shares Outstanding, End of Period		1,250,001			1,050,001			136,400,001			109,500,001

⁽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® STOXX® Global Broad Infrastructure Index Fund						FlexShares® Global Quality Real Estate Index Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
OPERATIONS
Net investment income (loss)	$	24,516,381		$	42,348,376		$	3,740,937		$	8,457,554
Net realized gain (loss)		(6,493,136	)		(51,372,425	)		1,071,129			(20,467,829	)
Net change in unrealized appreciation (depreciation)		397,890,934			(114,928,084	)		66,948,236			(76,869,427	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		415,914,179			(123,952,133	)		71,760,302			(88,879,702	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(20,971,098	)		(40,390,855	)		(1,900,093	)		(14,558,175	)
Tax return of capital		—			—			—			(168,159	)
Total distributions		(20,971,098	)		(40,390,855	)		(1,900,093	)		(14,726,334	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		378,723,978			660,871,183			53,526,393			85,130,549
Cost of shares redeemed		—			(116,962,142	)		(23,016,531	)		(93,214,545	)
Net Increase (Decrease) from Capital Transactions		378,723,978			543,909,041			30,509,862			(8,083,996	)
Total Increase (Decrease) in Net Assets		773,667,059			379,566,053			100,370,071			(111,690,032	)
NET ASSETS
Beginning of Period	$	1,856,596,177		$	1,477,030,124		$	264,574,365		$	376,264,397
End of Period	$	2,630,263,236		$	1,856,596,177		$	364,944,436		$	264,574,365
SHARE TRANSACTIONS
Beginning of period		38,600,001			28,100,001			5,200,001			5,650,001
Shares issued		—			—			—			—
Shares issued in-kind		6,900,000			13,400,000			850,000			1,450,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		—			(2,900,000	)		(400,000	)		(1,900,000	)
Shares Outstanding, End of Period		45,500,001			38,600,001			5,650,001			5,200,001

⁽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® Real Assets Allocation Index Fund						FlexShares® Quality Dividend Index Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
OPERATIONS
Net investment income (loss)	$	49,214		$	278,087		$	16,015,847		$	41,042,206
Net realized gain (loss)		6,174			(288,406	)		73,743,358			63,818,614
Net change in unrealized appreciation (depreciation)		1,240,211			(1,066,621	)		255,410,975			(185,641,841	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		1,295,599			(1,076,940	)		345,170,180			(80,781,021	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(50,028	)		(278,767	)		(15,324,600	)		(51,028,755	)
Tax return of capital		—			—			—			—
Total distributions		(50,028	)		(278,767	)		(15,324,600	)		(51,028,755	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		1,640,129			—			144,924,459			147,107,228
Cost of shares redeemed		—			(5,503,899	)		(206,460,345	)		(457,464,822	)
Net Increase (Decrease) from Capital Transactions		1,640,129			(5,503,899	)		(61,535,886	)		(310,357,594	)
Total Increase (Decrease) in Net Assets		2,885,700			(6,859,606	)		268,309,694			(442,167,370	)
NET ASSETS
Beginning of Period	$	4,501,729		$	11,361,335		$	1,265,176,605		$	1,707,343,975
End of Period	$	7,387,429		$	4,501,729		$	1,533,486,299		$	1,265,176,605
SHARE TRANSACTIONS
Beginning of period		175,001			375,001			29,150,001			36,850,001
Shares issued		—			—			—			—
Shares issued in-kind		50,000			—			2,900,000			3,250,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		—			(200,000	)		(4,150,000	)		(10,950,000	)
Shares Outstanding, End of Period		225,001			175,001			27,900,001			29,150,001

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

See Accompanying Notes to the Financial Statements.

22 FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)

	FlexShares® Quality Dividend Defensive Index Fund						FlexShares® Quality Dividend Dynamic Index Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
OPERATIONS
Net investment income (loss)	$	5,277,737		$	12,604,759		$	177,125		$	844,204
Net realized gain (loss)		23,019,805			9,870,639			737,885			2,220,861
Net change in unrealized appreciation (depreciation)		72,863,218			(42,112,077	)		3,638,558			(6,207,406	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		101,160,760			(19,636,679	)		4,553,568			(3,142,341	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(5,274,263	)		(16,131,191	)		(171,508	)		(962,948	)
Tax return of capital		—			—			—			—
Total distributions		(5,274,263	)		(16,131,191	)		(171,508	)		(962,948	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		53,955,900			120,783,417			2,764,865			—
Cost of shares redeemed		(81,753,062	)		(124,805,477	)		—			(35,021,933	)
Net Increase (Decrease) from Capital Transactions		(27,797,162	)		(4,022,060	)		2,764,865			(35,021,933	)
Total Increase (Decrease) in Net Assets		68,089,335			(39,789,930	)		7,146,925			(39,127,222	)
NET ASSETS
Beginning of Period	$	411,172,794		$	450,962,724		$	13,180,819		$	52,308,041
End of Period	$	479,262,129		$	411,172,794		$	20,327,744		$	13,180,819
SHARE TRANSACTIONS
Beginning of period		9,650,001			9,750,001			300,001			1,150,001
Shares issued		—			—			—			—
Shares issued in-kind		1,100,000			2,800,000			50,000			—
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(1,650,000	)		(2,900,000	)		—			(850,000	)
Shares Outstanding, End of Period		9,100,001			9,650,001			350,001			300,001

⁽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 23

Statements of Changes in Net Assets (cont.)

	FlexShares® International Quality Dividend Index Fund						FlexShares®  International Quality Dividend Defensive Index Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
OPERATIONS
Net investment income (loss)	$	9,035,669		$	21,426,092		$	1,145,257		$	2,469,326
Net realized gain (loss)		23,551,694			(49,578,473	)		3,033,519			(6,127,777	)
Net change in unrealized appreciation (depreciation)		108,334,110			(36,850,169	)		12,323,409			(2,835,580	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		140,921,473			(65,002,550	)		16,502,185			(6,494,031	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(5,278,882	)		(22,159,155	)		(816,267	)		(2,523,077	)
Tax return of capital		—			—			—			—
Total distributions		(5,278,882	)		(22,159,155	)		(816,267	)		(2,523,077	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		23,339,693			9,495,567			—			3,677,673
Cost of shares redeemed		(21,090,657	)		(243,541,907	)		(2,184,308	)		(13,975,686	)
Net Increase (Decrease) from Capital Transactions		2,249,036			(234,046,340	)		(2,184,308	)		(10,298,013	)
Total Increase (Decrease) in Net Assets		137,891,627			(321,208,045	)		13,501,610			(19,315,121	)
NET ASSETS
Beginning of Period	$	453,476,581		$	774,684,626		$	59,403,734		$	78,718,855
End of Period	$	591,368,208		$	453,476,581		$	72,905,344		$	59,403,734
SHARE TRANSACTIONS
Beginning of period		22,500,001			33,600,001			3,100,001			3,600,001
Shares issued		—			—			—			—
Shares issued in-kind		900,000			400,000			—			200,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(900,000	)		(11,500,000	)		(100,000	)		(700,000	)
Shares Outstanding, End of Period		22,500,001			22,500,001			3,000,001			3,100,001

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

See Accompanying Notes to the Financial Statements.

24 FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)

	FlexShares®  International Quality Dividend Dynamic Index Fund						FlexShares®  iBoxx 3-Year Target Duration TIPS Index Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
OPERATIONS
Net investment income (loss)	$	637,702		$	925,989		$	12,179,848		$	16,808,449
Net realized gain (loss)		904,076			(878,854	)		17,737,698			12,155,953
Net change in unrealized appreciation (depreciation)		8,501,195			(3,322,029	)		23,624,365			42,400,460
Net Increase (Decrease) in Net Assets
Resulting from Operations		10,042,973			(3,274,894	)		53,541,911			71,364,862
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(277,004	)		(952,482	)		(10,194,142	)		(12,627,726	)
Tax return of capital		—			—			—			—
Total distributions		(277,004	)		(952,482	)		(10,194,142	)		(12,627,726	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		23,578,199			10,025,244			125,034,197			343,216,451
Cost of shares redeemed		—			(30,812,569	)		(165,609,506	)		(151,185,194	)
Net Increase (Decrease) from Capital Transactions		23,578,199			(20,787,325	)		(40,575,309	)		192,031,257
Total Increase (Decrease) in Net Assets		33,344,168			(25,014,701	)		2,772,460			250,768,393
NET ASSETS
Beginning of Period	$	22,376,322		$	47,391,023		$	1,429,490,607		$	1,178,722,214
End of Period	$	55,720,490		$	22,376,322		$	1,432,263,067		$	1,429,490,607
SHARE TRANSACTIONS
Beginning of period		1,000,001			1,900,001			55,554,000			47,954,000
Shares issued		—			—			—			350,000
Shares issued in-kind		800,000			400,000			4,750,000			13,350,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		—			(1,300,000	)		(6,400,000	)		(6,100,000	)
Shares Outstanding, End of Period		1,800,001			1,000,001			53,904,000			55,554,000

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

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 25

Statements of Changes in Net Assets (cont.)

	FlexShares®  iBoxx 5-Year Target Duration TIPS Index Fund						FlexShares® Disciplined Duration MBS Index Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
OPERATIONS
Net investment income (loss)	$	5,487,320		$	7,386,692		$	185,386		$	1,028,489
Net realized gain (loss)		7,657,214			9,689,662			834,234			348,869
Net change in unrealized appreciation (depreciation)		5,184,132			25,429,146			(1,065,351	)		1,683,407
Net Increase (Decrease) in Net Assets
Resulting from Operations		18,328,666			42,505,500			(45,731	)		3,060,765
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(4,368,797	)		(5,908,902	)		(1,538,829	)		(1,754,929	)
Tax return of capital		—			—			—			—
Total distributions		(4,368,797	)		(5,908,902	)		(1,538,829	)		(1,754,929	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		23,585,987			119,287,446			11,969,283			66,955,234
Cost of shares redeemed		(33,255,174	)		(116,973,562	)		(3,605,765	)		(3,570,206	)
Net Increase (Decrease) from Capital Transactions		(9,669,187	)		2,313,884			8,363,518			63,385,028
Total Increase (Decrease) in Net Assets		4,290,682			38,910,482			6,778,958			64,690,864
NET ASSETS
Beginning of Period	$	596,095,210		$	557,184,728		$	100,020,485		$	35,329,621
End of Period	$	600,385,892		$	596,095,210		$	106,799,443		$	100,020,485
SHARE TRANSACTIONS
Beginning of period		21,800,001			21,850,001			4,150,001			1,500,001
Shares issued		—			—			500,000			2,800,000
Shares issued in-kind		850,000			4,450,000			—			—
Shares redeemed		—			—			(150,000	)		(150,000	)
Shares redeemed in-kind		(1,200,000	)		(4,500,000	)		—			—
Shares Outstanding, End of Period		21,450,001			21,800,001			4,500,001			4,150,001

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

See Accompanying Notes to the Financial Statements.

26 FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)

	FlexShares® Credit-Scored US Corporate Bond Index Fund						FlexShares®  Credit-Scored US Long Corporate Bond Index Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
OPERATIONS
Net investment income (loss)	$	2,320,982		$	3,543,318		$	789,377		$	1,108,090
Net realized gain (loss)		1,799,191			2,972,745			428,846			1,951,533
Net change in unrealized appreciation (depreciation)		(3,613,854	)		3,098,927			(2,028,239	)		168,819
Net Increase (Decrease) in Net Assets
Resulting from Operations		506,319			9,614,990			(810,016	)		3,228,442
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(5,365,229	)		(3,976,789	)		(2,538,040	)		(1,038,434	)
Tax return of capital		—			—			—			—
Total distributions		(5,365,229	)		(3,976,789	)		(2,538,040	)		(1,038,434	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		95,476,416			99,484,140			20,958,435			26,818,282
Cost of shares redeemed		—			—			(5,848,320	)		—
Net Increase (Decrease) from Capital Transactions		95,476,416			99,484,140			15,110,115			26,818,282
Total Increase (Decrease) in Net Assets		90,617,506			105,122,341			11,762,059			29,008,290
NET ASSETS
Beginning of Period	$	202,397,409		$	97,275,068		$	46,360,411		$	17,352,121
End of Period	$	293,014,915		$	202,397,409		$	58,122,470		$	46,360,411
SHARE TRANSACTIONS
Beginning of period		3,700,001			1,850,001			750,001			300,001
Shares issued		1,750,000			1,850,000			350,000			450,000
Shares issued in-kind		—			—			—			—
Shares redeemed		—			—			(100,000	)		—
Shares redeemed in-kind		—			—			—			—
Shares Outstanding, End of Period		5,450,001			3,700,001			1,000,001			750,001

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

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 27

Statements of Changes in Net Assets (cont.)

	FlexShares® High Yield Value- Scored Bond Index Fund						FlexShares® Ready Access Variable Income Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
OPERATIONS
Net investment income (loss)	$	5,917,752		$	10,800,929		$	1,478,007		$	4,996,263
Net realized gain (loss)		6,677,639			(4,005,108	)		617,589			169,631
Net change in unrealized appreciation (depreciation)		7,523,086			(1,237,194	)		(858,943	)		1,872,649
Net Increase (Decrease) in Net Assets
Resulting from Operations		20,118,477			5,558,627			1,236,653			7,038,543
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(6,217,716	)		(9,992,636	)		(1,793,127	)		(5,325,015	)
Tax return of capital		—			—			—			—
Total distributions		(6,217,716	)		(9,992,636	)		(1,793,127	)		(5,325,015	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		46,999,843			93,576,705			5,727,247			218,827,724
Cost of shares redeemed		(36,937,555	)		—			(60,987,366	)		(26,436,867	)
Net Increase (Decrease) from Capital Transactions		10,062,288			93,576,705			(55,260,119	)		192,390,857
Total Increase (Decrease) in Net Assets		23,963,049			89,142,696			(55,816,593	)		194,104,385
NET ASSETS
Beginning of Period	$	189,622,935		$	100,480,239		$	469,201,284		$	275,096,899
End of Period	$	213,585,984		$	189,622,935		$	413,384,691		$	469,201,284
SHARE TRANSACTIONS
Beginning of period		4,100,001			2,100,001			6,150,001			3,625,001
Shares issued		950,000			2,000,000			75,000			2,875,000
Shares issued in-kind		—			—			—			—
Shares redeemed		(750,000	)		—			(800,000	)		(350,000	)
Shares redeemed in-kind		—			—			—			—
Shares Outstanding, End of Period		4,300,001			4,100,001			5,425,001			6,150,001

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

See Accompanying Notes to the Financial Statements.

28 FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)

	FlexShares® Core Select Bond Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
OPERATIONS
Net investment income (loss)	$	1,054,414		$	1,184,248
Net realized gain (loss)		53,540			770,397
Net change in unrealized appreciation (depreciation)		(2,090,392	)		1,203,701
Net Increase (Decrease) in Net Assets
Resulting from Operations		(982,438	)		3,158,346
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(1,772,820	)		(1,218,108	)
Tax return of capital		—			—
Total distributions		(1,772,820	)		(1,218,108	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		15,966,175			80,884,377
Cost of shares redeemed		(9,382,725	)		—
Net Increase (Decrease) from Capital Transactions		6,583,450			80,884,377
Total Increase (Decrease) in Net Assets		3,828,192			82,824,615
NET ASSETS
Beginning of Period	$	109,123,306		$	26,298,691
End of Period	$	112,951,498		$	109,123,306
SHARE TRANSACTIONS
Beginning of period		4,075,001			1,025,001
Shares issued		—			—
Shares issued in-kind		600,000			3,050,000
Shares redeemed		—			—
Shares redeemed in-kind		(350,000	)		—
Shares Outstanding, End of Period		4,325,001			4,075,001

⁽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

FlexShares^® Trust

Financial Highlights

			PER SHARE
			Investment Operations									Distributions
	Net asset value, beginning of period		Net Investment Income			Net Realized and Unrealized Gain (Loss)			Total from Operations			Net Investment Income			From Net Realized Gains		Tax return of capital		Total
FlexShares® US Quality Low Volatility Index Fund
Six Months ended April 30, 2021 (Unaudited)	$	40.93	$	0.31	(a)	$	8.26		$	8.57		$	(0.31	)	$	—	$	—	$	(0.31	)
Year ended October 31, 2020		40.44		0.64	(a)		0.38			1.02			(0.53	)		—		—		(0.53	)
For the period 07/15/19* through 10/31/19		40.00		0.17	(a)		0.35			0.52			(0.08	)		—		—		(0.08	)
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund
Six Months ended April 30, 2021 (Unaudited)		23.48		0.37	(a)		3.54			3.91			(0.23	)		—		—		(0.23	)
Year ended October 31, 2020		25.60		0.64	(a)		(2.22	)		(1.58	)		(0.54	)		—		—		(0.54	)
For the period 07/15/19* through 10/31/19		25.00		0.16	(a)		0.53			0.69			(0.09	)		—		—		(0.09	)
FlexShares® Emerging Markets Quality Low Volatility Index Fund
Six Months ended April 30, 2021 (Unaudited)		23.95		0.15	(a)		3.44			3.59			(0.03	)		—		—		(0.03	)
Year ended October 31, 2020		24.94		0.56	(a)		(0.91	)		(0.35	)		(0.64	)		—		—		(0.64	)
For the period 07/15/19* through 10/31/19		25.00		0.23	(a)		(0.18	)		0.05			(0.11	)		—		—		(0.11	)

* Commencement of investment operations.

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

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

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

(e) 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) The amount shown for a share outstanding throughout the period is directionally inconsistent with aggregate net realized and unrealized gain (loss) for the period as presented in the financial statements.

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

(i) 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.

(j) The Expenses net of reimbursements and Net investment Income (Loss) net of reimbursement ratios include a voluntary reimbursement of advisory fees made by JPMorgan Chase Bank, N.A. Absent this additional reimbursement, Expenses net of reimbursements would have increased by 0.20% and the Net investment Income (Loss) net of reimbursement would have decreased by 0.20%.

(k) 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. For the FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund and 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.

See Accompanying Notes to the Financial Statements.

30 FLEXSHARES SEMIANNUAL REPORT

								RATIOS/SUPPLEMENTAL DATA
		Total Return(b)						Ratios to Average Net Assets(c)												Supplemental Data
Net Asset Value, end of period		Net  Asset Value(d)			Market  Value (Unaudited)(e)			Expenses			Expenses net of reimbursements			Net investment Income before reimbursements			Net investment Income net of reimbursements			Portfolio Turnover Rate(b)(f)			Net assets, end of period (thousands)
$	49.19		21.00	%		20.94	%		0.23	%		0.22	%		1.38	%		1.38	%		22	%	$	145,110
	40.93		2.63			2.60			0.23			0.22			1.55			1.56			47			110,524
	40.44		1.30			1.43			0.23			0.22			1.45			1.45			9			6,067
	27.16		16.66			16.37			0.33			0.32			2.85			2.85			26			86,901
	23.48		(6.24	)		(6.06	)		0.33			0.32			2.63			2.64			62			65,747
	25.60		2.76			3.04			0.32			0.32			2.21			2.21			14			5,120
	27.51		14.98			14.22			0.41			0.40			1.15			1.16			29			16,504
	23.95		(1.41	)		(0.59	)		0.41			0.40			2.38			2.39			81			9,578
	24.94		0.19			0.31			0.40			0.40			3.18			3.18			12			4,989

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 31

Financial Highlights (cont.)

			PER SHARE
			Investment Operations									Distributions
	Net asset value, beginning of period		Net Investment Income			Net Realized and Unrealized Gain (Loss)			Total from Operations			Net Investment Income			From Net Realized Gains		Tax return of capital		Total
FlexShares® Morningstar US Market Factor Tilt Index Fund
Six Months ended April 30, 2021 (Unaudited)	$	121.11	$	1.05	(a)	$	45.67		$	46.72		$	(1.06	)	$	—	$	—	$	(1.06	)
Year ended October 31, 2020		119.52		2.10	(a)		1.60			3.70			(2.11	)		—		—		(2.11	)
Year ended October 31, 2019		110.13		1.95	(a)		9.33			11.28			(1.89	)		—		—		(1.89	)
Year ended October 31, 2018		107.50		2.02	(a)		2.59			4.61			(1.98	)		—		—		(1.98	)
Year ended October 31, 2017		88.32		1.74	(a)		19.13			20.87			(1.69	)		—		—		(1.69	)
Year ended October 31, 2016		87.02		1.65	(a)		2.33			3.98			(2.68	)		—		—		(2.68	)
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund
Six Months ended April 30, 2021 (Unaudited)		54.24		0.75	(a)		17.63			18.38			(0.46	)		—		—		(0.46	)
Year ended October 31, 2020		62.67		1.31	(a)		(7.88	)		(6.57	)		(1.86	)		—		—		(1.86	)
Year ended October 31, 2019		59.76		1.85	(a)		2.89			4.74			(1.83	)		—		—		(1.83	)
Year ended October 31, 2018		67.51		1.78	(a)		(7.39	)		(5.61	)		(2.14	)		—		—		(2.14	)
Year ended October 31, 2017		55.62		1.58	(a)		11.91	(k)		13.49			(1.60	)		—		—		(1.60	)
Year ended October 31, 2016		58.18		1.59	(a)		(1.55	)		0.04			(2.60	)		—		—		(2.60	)

* Commencement of investment operations.

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

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

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

(e) 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) The amount shown for a share outstanding throughout the period is directionally inconsistent with aggregate net realized and unrealized gain (loss) for the period as presented in the financial statements.

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

(i) 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.

(j) The Expenses net of reimbursements and Net investment Income (Loss) net of reimbursement ratios include a voluntary reimbursement of advisory fees made by JPMorgan Chase Bank, N.A. Absent this additional reimbursement, Expenses net of reimbursements would have increased by 0.20% and the Net investment Income (Loss) net of reimbursement would have decreased by 0.20%.

(k) 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. For the FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund and 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.

See Accompanying Notes to the Financial Statements.

32 FLEXSHARES SEMIANNUAL REPORT

								RATIOS/SUPPLEMENTAL DATA
		Total Return(b)						Ratios to Average Net Assets(c)												Supplemental Data
Net Asset Value, end of period		Net  Asset Value(d)			Market  Value (Unaudited)(e)			Expenses			Expenses net of reimbursements			Net investment Income before reimbursements			Net investment Income net of reimbursements			Portfolio Turnover Rate(b)(f)			Net assets, end of period (thousands)
$	166.77		38.69	%		38.64	%		0.26	%		0.25	%		1.41	%		1.41	%		12	%	$	1,667,659
	121.11		3.28			3.33			0.26			0.25			1.78			1.79			26			1,174,786
	119.52		10.41			10.41			0.26			0.25			1.72			1.72			28			1,446,137
	110.13		4.22			4.19			0.25			0.25			1.77			1.77			15			1,387,665
	107.50		23.77			23.72			0.26			0.25			1.73			1.74			22			1,150,199
	88.32		4.70			4.77			0.28			0.27			1.92			1.93			26			830,253
	72.16		33.92			33.77			0.40			0.39			2.26			2.26			12			634,969
	54.24		(10.57	)		(10.23	)		0.40			0.39			2.28			2.28			21			499,016
	62.67		8.13			8.16			0.40			0.39			3.09			3.09			25			965,142
	59.76		(8.61	)		(9.48	)		0.39			0.39			2.65			2.65			34			968,096
	67.51		24.58	(k)		25.38			0.40			0.39			2.57			2.57			22			985,608
	55.62		0.20			0.80			0.43			0.42			2.91			2.92			35			622,898

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 33

Financial Highlights (cont.)

			PER SHARE
			Investment Operations									Distributions
	Net asset value, beginning of period		Net Investment Income			Net Realized and Unrealized Gain (Loss)			Total from Operations			Net Investment Income			From Net Realized Gains		Tax return of capital		Total
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund
Six Months ended April 30, 2021 (Unaudited)	$	48.05	$	0.40	(a)	$	15.25		$	15.65		$	(0.30	)	$	—	$	—	$	(0.30	)
Year ended October 31, 2020		50.42		1.02	(a)		(1.97	)		(0.95	)		(1.42	)		—		—		(1.42	)
Year ended October 31, 2019		47.92		1.49	(a)		2.46			3.95			(1.45	)		—		—		(1.45	)
Year ended October 31, 2018		57.38		1.46	(a)		(9.34	)		(7.88	)		(1.58	)		—		—		(1.58	)
Year ended October 31, 2017		47.52		1.28	(a)		9.80			11.08			(1.22	)		—		—		(1.22	)
Year ended October 31, 2016		45.02		0.97	(a)		3.10			4.07			(1.57	)		—		—		(1.57	)
FlexShares® US Quality Large Cap Index Fund
Six Months ended April 30, 2021 (Unaudited)		35.48		0.25	(a)		10.22			10.47			(0.25	)		—		—		(0.25	)
Year ended October 31, 2020		34.69		0.62	(a)		0.76			1.38			(0.59	)		—		—		(0.59	)
Year ended October 31, 2019		33.44		0.68	(a)		1.29			1.97			(0.72	)		—		—		(0.72	)
Year ended October 31, 2018		31.83		0.54	(a)		1.58			2.12			(0.51	)		—		—		(0.51	)
Year ended October 31, 2017		26.15		0.49	(a)		5.65			6.14			(0.46	)		—		—		(0.46	)
Year ended October 31, 2016		26.62		0.50	(a)		(0.47	)		0.03			(0.50	)		—		—		(0.50	)

* Commencement of investment operations.

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

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

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

(e) 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) The amount shown for a share outstanding throughout the period is directionally inconsistent with aggregate net realized and unrealized gain (loss) for the period as presented in the financial statements.

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

(i) 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.

(j) The Expenses net of reimbursements and Net investment Income (Loss) net of reimbursement ratios include a voluntary reimbursement of advisory fees made by JPMorgan Chase Bank, N.A. Absent this additional reimbursement, Expenses net of reimbursements would have increased by 0.20% and the Net investment Income (Loss) net of reimbursement would have decreased by 0.20%.

(k) 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. For the FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund and 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.

See Accompanying Notes to the Financial Statements.

34 FLEXSHARES SEMIANNUAL REPORT

								RATIOS/SUPPLEMENTAL DATA
		Total Return(b)						Ratios to Average Net Assets(c)												Supplemental Data
Net Asset Value, end of period		Net  Asset Value(d)			Market Value (Unaudited)(e)			Expenses			Expenses net of reimbursements			Net investment Income before reimbursements			Net investment Income net of reimbursements			Portfolio Turnover Rate(b)(f)			Net assets, end of period (thousands)
$	63.40		32.62	%		33.66	%		0.60	%		0.59	%		1.36	%		1.37	%		17	%	$	336,011
	48.05		(1.86	)		(1.44	)		0.60			0.59			2.13			2.14			41			225,847
	50.42		8.29			8.08			0.60			0.59			2.92			2.93			45			413,414
	47.92		(14.05	)		(15.22	)		0.59			0.59			2.56			2.56			49			488,736
	57.38		23.56			23.47			0.60			0.59			2.44			2.44			34			568,071
	47.52		9.41			10.65			0.66			0.65			2.23			2.23			34			299,351
	45.70		29.59			29.69			0.33			0.32			1.19			1.20			18			94,831
	35.48		4.13			4.16			0.33			0.32			1.77			1.77			48			71,842
	34.69		6.04			6.01			0.33			0.32			2.04			2.05			69			51,171
	33.44		6.63			6.30			0.33			0.32			1.56			1.57			94			61,859
	31.83		23.65			24.08			0.34			0.32			1.65			1.67			64			27,055
	26.15		0.12			0.12			0.38			0.32			1.87			1.93			59			6,538

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 35

Financial Highlights (cont.)

			PER SHARE
			Investment Operations								Distributions
	Net asset value, beginning of period		Net Investment Income			Net Realized and Unrealized Gain (Loss)			Total from Operations		Net Investment Income			From Net Realized Gains		Tax return of capital		Total
FlexShares® STOXX® US ESG Select Index Fund
Six Months ended April 30, 2021 (Unaudited)	$	79.16	$	0.65	(a)	$	22.85		$	23.50	$	(0.59	)	$	—	$	—	$	(0.59	)
Year ended October 31, 2020		72.29		1.27	(a)		6.81			8.08		(1.21	)		—		—		(1.21	)
Year ended October 31, 2019		64.33		1.21	(a)		7.83			9.04		(1.08	)		—		—		(1.08	)
Year ended October 31, 2018		60.49		1.09	(a)		3.84			4.93		(1.09	)		—		—		(1.09	)
Year ended October 31, 2017		49.96		1.05	(a)		10.45			11.50		(0.97	)		—		—		(0.97	)
For the period 07/13/16* through 10/31/16		50.00		0.27	(a)		(0.15	)		0.12		(0.16	)		—		—		(0.16	)
FlexShares® STOXX® Global ESG Select Index Fund
Six Months ended April 30, 2021 (Unaudited)		106.02		0.99	(a)		30.11			31.10		(0.77	)		—		—		(0.77	)
Year ended October 31, 2020		101.77		1.72	(a)		4.26			5.98		(1.73	)		—		—		(1.73	)
Year ended October 31, 2019		91.61		2.05	(a)		10.12			12.17		(2.01	)		—		—		(2.01	)
Year ended October 31, 2018		91.97		1.95	(a)		(0.61	)		1.34		(1.70	)		—		—		(1.70	)
Year ended October 31, 2017		75.52		1.56	(a)		16.67	(k)		18.23		(1.78	)		—		—		(1.78	)
For the period 07/13/16* through 10/31/16		75.00		0.41	(a)		0.34			0.75		(0.23	)		—		—		(0.23	)

* Commencement of investment operations.

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

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

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

(e) 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) The amount shown for a share outstanding throughout the period is directionally inconsistent with aggregate net realized and unrealized gain (loss) for the period as presented in the financial statements.

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

(i) 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.

(j) The Expenses net of reimbursements and Net investment Income (Loss) net of reimbursement ratios include a voluntary reimbursement of advisory fees made by JPMorgan Chase Bank, N.A. Absent this additional reimbursement, Expenses net of reimbursements would have increased by 0.20% and the Net investment Income (Loss) net of reimbursement would have decreased by 0.20%.

(k) 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. For the FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund and 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.

See Accompanying Notes to the Financial Statements.

36 FLEXSHARES SEMIANNUAL REPORT

								RATIOS/SUPPLEMENTAL DATA
		Total Return(b)						Ratios to Average Net Assets(c)												Supplemental Data
Net Asset Value, end of period		Net  Asset Value(d)			Market Value (Unaudited)(e)			Expenses			Expenses net of reimbursements			Net investment Income before reimbursements			Net investment Income net of reimbursements			Portfolio Turnover Rate(b)(f)			Net assets, end of period (thousands)
$	102.07		29.77	%		29.68	%		0.33	%		0.32	%		1.40	%		1.40	%		18	%	$	178,614
	79.16		11.40			11.45			0.33			0.32			1.67			1.68			66			89,052
	72.29		14.21			14.26			0.33			0.32			1.78			1.79			75			56,024
	64.33		8.13			7.97			0.33			0.32			1.66			1.67			110			28,946
	60.49		23.19			23.30			0.35			0.32			1.82			1.85			67			13,610
	49.96		0.24			0.28			0.37			0.32			1.75			1.80			20			4,996
	136.35		29.39			29.10			0.43			0.42			1.57			1.58			22			170,440
	106.02		6.03			6.46			0.43			0.42			1.66			1.66			58			111,323
	101.77		13.49			12.96			0.43			0.42			2.15			2.16			66			91,590
	91.61		1.38			1.71			0.43			0.42			2.03			2.04			78			73,284
	91.97		24.37	(k)		24.55			0.45			0.42			1.81			1.83			64			32,189
	75.52		1.00			1.03			0.45			0.42			1.74			1.77			22			7,552

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 37

Financial Highlights (cont.)

			PER SHARE
			Investment Operations									Distributions
	Net asset value, beginning of period		Net Investment Income			Net Realized and Unrealized Gain (Loss)			Total from Operations			Net Investment Income			From Net Realized Gains		Tax return of capital		Total
FlexShares® Morningstar Global Upstream Natural Resources Index Fund
Six Months ended April 30, 2021 (Unaudited)	$	26.71	$	0.53	(a)	$	10.89		$	11.42		$	(0.43	)	$	—	$	—	$	(0.43	)
Year ended October 31, 2020		31.40		0.89	(a)		(4.65	)		(3.76	)		(0.93	)		—		—		(0.93	)
Year ended October 31, 2019		31.51		1.08	(a)		(0.09	)		0.99			(1.10	)		—		—		(1.10	)
Year ended October 31, 2018		31.59		0.91	(a)		(0.13	)		0.78			(0.86	)		—		—		(0.86	)
Year ended October 31, 2017		27.40		0.70	(a)		4.13	(k)		4.83			(0.64	)		—		—		(0.64	)
Year ended October 31, 2016		25.52		0.55	(a)		2.73			3.28			(1.40	)		—		—		(1.40	)
FlexShares® STOXX® Global Broad Infrastructure Index Fund
Six Months ended April 30, 2021 (Unaudited)		48.10		0.59	(a)		9.63			10.22			(0.51	)		—		—		(0.51	)
Year ended October 31, 2020		52.56		1.25	(a)		(4.53	)		(3.28	)		(1.18	)		—		—		(1.18	)
Year ended October 31, 2019		45.09		1.35	(a)		7.34			8.69			(1.22	)		—		—		(1.22	)
Year ended October 31, 2018		47.85		1.36	(a)		(2.71	)		(1.35	)		(1.41	)		—		—		(1.41	)
Year ended October 31, 2017		43.49		1.37	(a)		4.40			5.77			(1.41	)		—		—		(1.41	)
Year ended October 31, 2016		43.30		1.34	(a)		(0.02	)(g)		1.32			(1.13	)		—		—		(1.13	)

* Commencement of investment operations.

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

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

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

(e) 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) The amount shown for a share outstanding throughout the period is directionally inconsistent with aggregate net realized and unrealized gain (loss) for the period as presented in the financial statements.

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

(i) 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.

(j) The Expenses net of reimbursements and Net investment Income (Loss) net of reimbursement ratios include a voluntary reimbursement of advisory fees made by JPMorgan Chase Bank, N.A. Absent this additional reimbursement, Expenses net of reimbursements would have increased by 0.20% and the Net investment Income (Loss) net of reimbursement would have decreased by 0.20%.

(k) 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. For the FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund and 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.

See Accompanying Notes to the Financial Statements.

38 FLEXSHARES SEMIANNUAL REPORT

								RATIOS/SUPPLEMENTAL DATA
		Total Return(b)						Ratios to Average Net Assets(c)												Supplemental Data
Net Asset Value, end of period		Net  Asset Value(d)			Market Value (Unaudited)(e)			Expenses			Expenses net of reimbursements			Net investment Income before reimbursements			Net investment Income net of reimbursements			Portfolio Turnover Rate(b)(f)			Net assets, end of period (thousands)
$	37.70		42.89	%		42.37	%		0.47	%		0.46	%		3.08	%		3.08	%		16	%	$	5,142,483
	26.71		(11.87	)		(11.46	)		0.47			0.46			3.03			3.04			29			2,924,726
	31.40		3.16			3.06			0.47			0.46			3.40			3.41			24			5,510,201
	31.51		2.33			2.01			0.46			0.46			2.72			2.72			30			5,435,783
	31.59		17.81	(k)		17.97			0.47			0.46			2.36			2.36			18			4,760,397
	27.40		13.84			14.05			0.49			0.48			2.20			2.20			18			2,822,012
	57.81		21.33			21.03			0.48			0.47			2.18			2.19			9			2,630,263
	48.10		(6.23	)		(5.93	)		0.48			0.47			2.51			2.52			13			1,856,596
	52.56		19.52			19.99			0.48			0.47			2.73			2.74			12			1,477,030
	45.09		(2.90	)		(3.25	)		0.47			0.47			2.88			2.89			13			773,363
	47.85		13.44			13.23			0.48			0.47			2.97			2.98			12			875,628
	43.49		3.09			3.26			0.48			0.47			3.09			3.10			14			669,676

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 39

Financial Highlights (cont.)

			PER SHARE
			Investment Operations									Distributions
	Net asset value, beginning of period		Net Investment Income			Net Realized and Unrealized Gain (Loss)			Total from Operations			Net Investment Income			From Net Realized Gains			Tax return of capital			Total
FlexShares® Global Quality Real Estate Index Fund
Six Months ended April 30, 2021 (Unaudited)	$	50.88	$	0.75	(a)	$	13.34		$	14.09		$	(0.38	)	$	—		$	—		$	(0.38	)
Year ended October 31, 2020		66.60		1.43	(a)		(14.62	)		(13.19	)		(2.50	)		—			(0.03	)		(2.53	)
Year ended October 31, 2019		57.96		1.76	(a)		8.68			10.44			(1.80	)		—			—			(1.80	)
Year ended October 31, 2018		62.02		1.80	(a)		(3.99	)		(2.19	)		(1.87	)		—			—			(1.87	)
Year ended October 31, 2017		57.12		0.99	(a)		5.54			6.53			(1.63	)		—			—			(1.63	)
Year ended October 31, 2016		57.47		1.90	(a)		(0.58	)		1.32			(1.67	)		—			—			(1.67	)
FlexShares® Real Assets Allocation Index Fund
Six Months ended April 30, 2021 (Unaudited)		25.72		0.28	(a)		7.12			7.40			(0.29	)		—			—			(0.29	)
Year ended October 31, 2020		30.30		0.86	(a)		(4.58	)		(3.72	)		(0.86	)		—			—			(0.86	)
Year ended October 31, 2019		26.45		0.76	(a)		3.85			4.61			(0.76	)		—			—			(0.76	)
Year ended October 31, 2018		28.08		0.80	(a)		(1.64	)		(0.84	)		(0.79	)		0.00	(h)		—			(0.79	)
Year ended October 31, 2017		25.63		0.66	(a)		2.54			3.20			(0.75	)		—			—			(0.75	)
For the period 11/23/15* through 10/31/16		25.00		0.86	(a)		0.51	(g)		1.37			(0.74	)		—			—			(0.74	)

* Commencement of investment operations.

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

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

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

(e) 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) The amount shown for a share outstanding throughout the period is directionally inconsistent with aggregate net realized and unrealized gain (loss) for the period as presented in the financial statements.

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

(i) 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.

(j) The Expenses net of reimbursements and Net investment Income (Loss) net of reimbursement ratios include a voluntary reimbursement of advisory fees made by JPMorgan Chase Bank, N.A. Absent this additional reimbursement, Expenses net of reimbursements would have increased by 0.20% and the Net investment Income (Loss) net of reimbursement would have decreased by 0.20%.

(k) 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. For the FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund and 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.

See Accompanying Notes to the Financial Statements.

40 FLEXSHARES SEMIANNUAL REPORT

								RATIOS/SUPPLEMENTAL DATA
		Total Return(b)						Ratios to Average Net Assets(c)												Supplemental Data
Net Asset Value, end of period		Net  Asset Value(d)			Market Value (Unaudited)(e)			Expenses			Expenses net of reimbursements			Net investment Income before reimbursements			Net investment Income net of reimbursements			Portfolio Turnover Rate(b)(f)			Net assets, end of period (thousands)
$	64.59		27.79	%		27.97	%		0.46	%		0.45	%		2.57	%		2.57	%		25	%	$	364,944
	50.88		(20.29	)		(20.40	)		0.46			0.45			2.53			2.54			56			264,574
	66.60		18.37			18.65			0.46			0.45			2.80			2.81			53			376,264
	57.96		(3.69	)		(3.95	)		0.46			0.45			2.92			2.92			61			275,332
	62.02		11.71			11.71			0.46			0.45			1.67			1.67			64			244,970
	57.12		2.28			2.44			0.46			0.45			3.26			3.27			57			197,049
	32.83		28.86			29.29			0.58	(i)		0.11	(i)		1.36			1.83			11			7,387
	25.72		(12.45	)		(12.54	)		0.58	(i)		0.11	(i)		2.65			3.11			14			4,502
	30.30		17.69			17.72			0.58	(i)		0.11	(i)		2.22			2.69			4			11,361
	26.45		(3.09	)		(3.32	)		0.59	(i)		0.11	(i)		2.39			2.87			5			13,887
	28.08		12.73			13.05			0.65	(i)		0.11	(i)		1.88			2.42			11			6,318
	25.63		5.56			5.60			0.72	(i)		0.11	(i)		3.03			3.64			11			1,282

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 41

Financial Highlights (cont.)

			PER SHARE
			Investment Operations									Distributions
	Net asset value, beginning of period		Net Investment Income			Net Realized and Unrealized Gain (Loss)			Total from Operations			Net Investment Income			From Net Realized Gains			Tax return of capital		Total
FlexShares® Quality Dividend Index Fund
Six Months ended April 30, 2021 (Unaudited)	$	43.40	$	0.56	(a)	$	11.54		$	12.10		$	(0.54	)	$	—		$	—	$	(0.54	)
Year ended October 31, 2020		46.33		1.24	(a)		(2.67	)		(1.43	)		(1.25	)		(0.25	)		—		(1.50	)
Year ended October 31, 2019		44.53		1.24	(a)		2.29			3.53			(1.19	)		(0.54	)		—		(1.73	)
Year ended October 31, 2018		42.57		1.20	(a)		1.98			3.18			(1.22	)		—			—		(1.22	)
Year ended October 31, 2017		37.11		1.23	(a)		5.43			6.66			(1.20	)		—			—		(1.20	)
Year ended October 31, 2016		35.99		1.23	(a)		1.03			2.26			(1.14	)		—			—		(1.14	)
FlexShares® Quality Dividend Defensive Index Fund
Six Months ended April 30, 2021 (Unaudited)		42.61		0.55	(a)		10.06			10.61			(0.55	)		—			—		(0.55	)
Year ended October 31, 2020		46.25		1.21	(a)		(3.28	)		(2.07	)		(1.21	)		(0.36	)		—		(1.57	)
Year ended October 31, 2019		44.46		1.22	(a)		3.35			4.57			(1.14	)		(1.64	)		—		(2.78	)
Year ended October 31, 2018		42.04		1.21	(a)		2.45			3.66			(1.24	)		—			—		(1.24	)
Year ended October 31, 2017		36.82		1.18	(a)		5.18			6.36			(1.14	)		—			—		(1.14	)
Year ended October 31, 2016		35.81		1.11	(a)		0.99			2.10			(1.09	)		—			—		(1.09	)

* Commencement of investment operations.

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

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

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

(e) 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) The amount shown for a share outstanding throughout the period is directionally inconsistent with aggregate net realized and unrealized gain (loss) for the period as presented in the financial statements.

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

(i) 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.

(j) The Expenses net of reimbursements and Net investment Income (Loss) net of reimbursement ratios include a voluntary reimbursement of advisory fees made by JPMorgan Chase Bank, N.A. Absent this additional reimbursement, Expenses net of reimbursements would have increased by 0.20% and the Net investment Income (Loss) net of reimbursement would have decreased by 0.20%.

(k) 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. For the FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund and 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.

See Accompanying Notes to the Financial Statements.

42 FLEXSHARES SEMIANNUAL REPORT

								RATIOS/SUPPLEMENTAL DATA
		Total Return(b)						Ratios to Average Net Assets(c)												Supplemental Data
Net Asset Value, end of period		Net  Asset Value(d)			Market Value (Unaudited)(e)			Expenses			Expenses net of reimbursements			Net investment Income before reimbursements			Net investment Income net of reimbursements			Portfolio Turnover Rate(b)(f)			Net assets, end of period (thousands)
$	54.96		27.99	%		27.95	%		0.38	%		0.37	%		2.22	%		2.23	%		27	%	$	1,533,486
	43.40		(2.98	)		(2.98	)		0.38			0.37			2.79			2.79			75			1,265,177
	46.33		8.45			8.52			0.38			0.37			2.80			2.81			95			1,707,344
	44.53		7.42			7.40			0.37			0.37			2.64			2.64			76			1,759,108
	42.57		18.10			18.03			0.38			0.37			3.00			3.00			89			1,815,665
	37.11		6.41			6.43			0.38			0.37			3.38			3.38			85			1,438,149
	52.67		25.02			24.99			0.38			0.37			2.27			2.27			28			479,262
	42.61		(4.45	)		(4.43	)		0.38			0.37			2.77			2.77			76			411,173
	46.25		11.40			11.40			0.38			0.37			2.76			2.76			91			450,963
	44.46		8.69			8.74			0.38			0.37			2.70			2.71			94			320,091
	42.04		17.44			17.41			0.38			0.37			2.94			2.95			74			313,167
	36.82		5.96			5.96			0.38			0.37			3.09			3.10			72			252,223

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 43

Financial Highlights (cont.)

			PER SHARE
			Investment Operations									Distributions
	Net asset value, beginning of period		Net Investment Income			Net Realized and Unrealized Gain (Loss)			Total from Operations			Net Investment Income			From Net Realized Gains		Tax return of capital		Total
FlexShares® Quality Dividend Dynamic Index Fund
Six Months ended April 30, 2021 (Unaudited)	$	43.94	$	0.57	(a)	$	14.14		$	14.71		$	(0.57	)	$	—	$	—	$	(0.57	)
Year ended October 31, 2020		45.49		1.33	(a)		(1.21	)		0.12			(1.67	)		—		—		(1.67	)
Year ended October 31, 2019		42.20		1.21	(a)		3.26			4.47			(1.18	)		—		—		(1.18	)
Year ended October 31, 2018		41.84		1.15	(a)		0.40			1.55			(1.19	)		—		—		(1.19	)
Year ended October 31, 2017		35.32		1.19	(a)		6.45			7.64			(1.12	)		—		—		(1.12	)
Year ended October 31, 2016		35.14		1.11	(a)		0.31	(g)		1.42			(1.24	)		—		—		(1.24	)
FlexShares® International Quality Dividend Index Fund
Six Months ended April 30, 2021 (Unaudited)		20.15		0.41	(a)		5.96			6.37			(0.24	)		—		—		(0.24	)
Year ended October 31, 2020		23.06		0.79	(a)		(2.86	)		(2.07	)		(0.84	)		—		—		(0.84	)
Year ended October 31, 2019		22.37		1.13	(a)		0.70			1.83			(1.14	)		—		—		(1.14	)
Year ended October 31, 2018		26.27		1.22	(a)		(3.86	)		(2.64	)		(1.26	)		—		—		(1.26	)
Year ended October 31, 2017		22.45		1.06	(a)		3.69			4.75			(0.93	)		—		—		(0.93	)
Year ended October 31, 2016		23.03		0.92	(a)		(0.68	)		0.24			(0.82	)		—		—		(0.82	)

* Commencement of investment operations.

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

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

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

(e) 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) The amount shown for a share outstanding throughout the period is directionally inconsistent with aggregate net realized and unrealized gain (loss) for the period as presented in the financial statements.

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

(i) 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.

(j) The Expenses net of reimbursements and Net investment Income (Loss) net of reimbursement ratios include a voluntary reimbursement of advisory fees made by JPMorgan Chase Bank, N.A. Absent this additional reimbursement, Expenses net of reimbursements would have increased by 0.20% and the Net investment Income (Loss) net of reimbursement would have decreased by 0.20%.

(k) 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. For the FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund and 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.

See Accompanying Notes to the Financial Statements.

44 FLEXSHARES SEMIANNUAL REPORT

								RATIOS/SUPPLEMENTAL DATA
		Total Return(b)						Ratios to Average Net Assets(c)												Supplemental Data
Net Asset Value, end of period		Net  Asset Value(d)			Market Value (Unaudited)(e)			Expenses			Expenses net of reimbursements			Net investment Income before reimbursements			Net investment Income net of reimbursements			Portfolio Turnover Rate(b)(f)			Net assets, end of period (thousands)
$	58.08		33.62	%		33.59	%		0.38	%		0.37	%		2.16	%		2.16	%		26	%	$	20,328
	43.94		0.86			0.91			0.38			0.37			2.93			2.94			77			13,181
	45.49		10.86			10.89			0.38			0.37			2.81			2.82			77			52,308
	42.20		3.59			3.67			0.38			0.37			2.61			2.62			77			44,305
	41.84		21.81			21.59			0.38			0.37			2.99			3.00			63			58,571
	35.32		4.16			4.43			0.38			0.37			3.23			3.25			69			52,979
	26.28		31.68			31.55			0.48			0.47			3.37			3.37			34			591,368
	20.15		(8.94	)		(8.93	)		0.48			0.47			3.68			3.68			74			453,477
	23.06		8.41			9.09			0.48			0.47			4.98			4.98			71			774,685
	22.37		(10.48	)		(11.30	)		0.47			0.47			4.77			4.78			71			765,167
	26.27		21.50			21.80			0.48			0.47			4.27			4.28			69			979,701
	22.45		1.16			2.05			0.48			0.47			4.17			4.18			68			496,050

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 45

Financial Highlights (cont.)

			PER SHARE
			Investment Operations									Distributions
	Net asset value, beginning of period		Net Investment Income			Net Realized and Unrealized Gain (Loss)			Total from Operations			Net Investment Income			From Net Realized Gains		Tax return of capital			Total
FlexShares® International Quality Dividend Defensive Index Fund
Six Months ended April 30, 2021 (Unaudited)	$	19.16	$	0.38	(a)	$	5.03		$	5.41		$	(0.27	)	$	—	$	—		$	(0.27	)
Year ended October 31, 2020		21.87		0.74	(a)		(2.70	)		(1.96	)		(0.75	)		—		—			(0.75	)
Year ended October 31, 2019		21.39		1.09	(a)		0.51			1.60			(1.12	)		—		—			(1.12	)
Year ended October 31, 2018		25.06		1.14	(a)		(3.54	)		(2.40	)		(1.27	)		—		—			(1.27	)
Year ended October 31, 2017		22.16		0.99	(a)		2.81			3.80			(0.90	)		—		—			(0.90	)
Year ended October 31, 2016		22.54		0.83	(a)		(0.35	)		0.48			(0.86	)		—		—			(0.86	)
FlexShares® International Quality Dividend Dynamic Index Fund
Six Months ended April 30, 2021 (Unaudited)		22.38		0.49	(a)		8.30			8.79			(0.21	)		—		—			(0.21	)
Year ended October 31, 2020		24.94		0.70	(a)		(2.45	)		(1.75	)		(0.81	)		—		—			(0.81	)
Year ended October 31, 2019		23.51		1.05	(a)		1.52			2.57			(1.14	)		—		—			(1.14	)
Year ended October 31, 2018		27.82		1.32	(a)		(4.34	)		(3.02	)		(1.29	)		—		—			(1.29	)
Year ended October 31, 2017		23.47		1.11	(a)		4.08			5.19			(0.84	)		—		—			(0.84	)
Year ended October 31, 2016		23.82		0.83	(a)		(0.13	)		0.70			(0.98	)		—		(0.07	)		(1.05	)

* Commencement of investment operations.

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

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

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

(e) 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) The amount shown for a share outstanding throughout the period is directionally inconsistent with aggregate net realized and unrealized gain (loss) for the period as presented in the financial statements.

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

(i) 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.

(j) The Expenses net of reimbursements and Net investment Income (Loss) net of reimbursement ratios include a voluntary reimbursement of advisory fees made by JPMorgan Chase Bank, N.A. Absent this additional reimbursement, Expenses net of reimbursements would have increased by 0.20% and the Net investment Income (Loss) net of reimbursement would have decreased by 0.20%.

(k) 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. For the FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund and 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.

See Accompanying Notes to the Financial Statements.

46 FLEXSHARES SEMIANNUAL REPORT

								RATIOS/SUPPLEMENTAL DATA
		Total Return(b)						Ratios to Average Net Assets(c)												Supplemental Data
Net Asset Value, end of period		Net  Asset Value(d)			Market Value (Unaudited)(e)			Expenses			Expenses net of reimbursements			Net investment Income before reimbursements			Net investment Income net of reimbursements			Portfolio Turnover Rate(b)(f)			Net assets, end of period (thousands)
$	24.30		28.32	%		28.00	%		0.48	%		0.47	%		3.32	%		3.32	%		31	%	$	72,905
	19.16		(8.92	)		(8.88	)		0.48			0.47			3.65			3.66			75			59,404
	21.87		7.66			8.12			0.48			0.47			5.02			5.03			63			78,719
	21.39		(10.03	)		(10.91	)		0.48			0.47			4.68			4.68			69			87,703
	25.06		17.45			17.69			0.48			0.47			4.18			4.19			72			95,217
	22.16		2.24			3.39			0.48			0.47			3.78			3.79			73			77,561
	30.96		39.33			38.96			0.48			0.47			3.37			3.38			29			55,720
	22.38		(6.99	)		(7.03	)		0.48			0.47			2.90			2.91			85			22,376
	24.94		11.30			12.23			0.48			0.47			4.36			4.37			88			47,391
	23.51		(11.34	)		(12.11	)		0.48			0.47			4.83			4.83			75			63,481
	27.82		22.37			22.91			0.48			0.47			4.19			4.20			76			91,796
	23.47		3.17			3.96			0.49			0.47			3.70			3.72			75			18,777

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 47

Financial Highlights (cont.)

			PER SHARE
			Investment Operations									Distributions
	Net asset value, beginning of period		Net Investment Income			Net Realized and Unrealized Gain (Loss)			Total from Operations			Net Investment Income			From Net Realized Gains		Tax return of capital			Total
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund
Six Months ended April 30, 2021 (Unaudited)	$	25.73	$	0.23	(a)	$	0.80		$	1.03		$	(0.19	)	$	—	$	—		$	(0.19	)
Year ended October 31, 2020		24.58		0.33	(a)		1.09			1.42			(0.27	)		—		—			(0.27	)
Year ended October 31, 2019		23.81		0.46	(a)		0.79			1.25			(0.48	)		—		—			(0.48	)
Year ended October 31, 2018		24.60		0.68	(a)		(0.78	)		(0.10	)		(0.69	)		—		—			(0.69	)
Year ended October 31, 2017		24.82		0.37	(a)		(0.27	)		0.10			(0.32	)		—		—			(0.32	)
Year ended October 31, 2016		24.38		0.15	(a)		0.47			0.62			(0.16	)		—		(0.02	)		(0.18	)
FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund
Six Months ended April 30, 2021 (Unaudited)		27.34		0.26	(a)		0.59			0.85			(0.20	)		—		—			(0.20	)
Year ended October 31, 2020		25.50		0.36	(a)		1.76			2.12			(0.28	)		—		—			(0.28	)
Year ended October 31, 2019		23.95		0.44	(a)		1.59			2.03			(0.48	)		—		—			(0.48	)
Year ended October 31, 2018		25.06		0.71	(a)		(1.08	)		(0.37	)		(0.74	)		—		—			(0.74	)
Year ended October 31, 2017		25.45		0.47	(a)		(0.45	)		0.02			(0.41	)		—		—			(0.41	)
Year ended October 31, 2016		24.56		0.30	(a)		0.88			1.18			(0.27	)		—		(0.02	)		(0.29	)

* Commencement of investment operations.

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

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

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

(e) 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) The amount shown for a share outstanding throughout the period is directionally inconsistent with aggregate net realized and unrealized gain (loss) for the period as presented in the financial statements.

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

(i) 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.

(j) The Expenses net of reimbursements and Net investment Income (Loss) net of reimbursement ratios include a voluntary reimbursement of advisory fees made by JPMorgan Chase Bank, N.A. Absent this additional reimbursement, Expenses net of reimbursements would have increased by 0.20% and the Net investment Income (Loss) net of reimbursement would have decreased by 0.20%.

(k) 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. For the FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund and 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.

See Accompanying Notes to the Financial Statements.

48 FLEXSHARES SEMIANNUAL REPORT

								RATIOS/SUPPLEMENTAL DATA
		Total Return(b)						Ratios to Average Net Assets(c)												Supplemental Data
Net Asset Value, end of period		Net  Asset Value(d)			Market Value (Unaudited)(e)			Expenses			Expenses net of reimbursements			Net investment Income before reimbursements			Net investment Income net of reimbursements			Portfolio Turnover Rate(b)(f)			Net assets, end of period (thousands)
$	26.57		4.03	%		4.10	%		0.19	%		0.18	%		1.80	%		1.81	%		30	%	$	1,432,263
	25.73		5.81			5.85			0.19			0.18			1.33			1.33			71			1,429,491
	24.58		5.30			5.35			0.19			0.18			1.89			1.89			52			1,178,722
	23.81		(0.41	)		(0.49	)		0.18			0.18			2.79			2.80			85			1,641,610
	24.60		0.42			0.46			0.21			0.20			1.49			1.50			134			2,113,130
	24.82		2.55			2.55			0.21			0.20			0.62			0.63			105			1,841,902
	27.99		3.14			3.29			0.19			0.18			1.87			1.87			24			600,386
	27.34		8.39			8.47			0.19			0.18			1.35			1.35			66			596,095
	25.50		8.53			8.45			0.19			0.18			1.77			1.78			41			557,185
	23.95		(1.51	)		(1.51	)		0.18			0.18			2.88			2.88			65			904,027
	25.06		0.08			0.08			0.21			0.20			1.86			1.87			87			819,372
	25.45		4.81			4.64			0.21			0.20			1.18			1.19			72			651,605

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 49

Financial Highlights (cont.)

			PER SHARE
			Investment Operations									Distributions
	Net asset value, beginning of period		Net Investment Income			Net Realized and Unrealized Gain (Loss)			Total from Operations			Net Investment Income			From Net Realized Gains			Tax return of capital		Total
FlexShares® Disciplined Duration MBS Index Fund
Six Months ended April 30, 2021 (Unaudited)	$	24.10	$	0.04	(a)	$	(0.05	)	$	(0.01	)	$	(0.36	)	$	—		$	—	$	(0.36	)
Year ended October 31, 2020		23.55		0.37	(a)		0.85			1.22			(0.67	)		—			—		(0.67	)
Year ended October 31, 2019		22.74		0.61	(a)		1.03			1.64			(0.83	)		—			—		(0.83	)
Year ended October 31, 2018		23.86		0.49	(a)		(0.88	)		(0.39	)		(0.73	)		—			—		(0.73	)
Year ended October 31, 2017		24.74		0.39	(a)		(0.50	)		(0.11	)		(0.77	)		—			—		(0.77	)
Year ended October 31, 2016		24.87		0.45	(a)		0.29			0.74			(0.87	)		—			—		(0.87	)
FlexShares® Credit-Scored US Corporate Bond Index Fund
Six Months ended April 30, 2021 (Unaudited)		54.70		0.47	(a)		(0.30	)		0.17			(0.49	)		(0.62	)		—		(1.11	)
Year ended October 31, 2020		52.58		1.32	(a)		2.39			3.71			(1.37	)		(0.22	)		—		(1.59	)
Year ended October 31, 2019		48.59		1.63	(a)		3.94			5.57			(1.58	)		—			—		(1.58	)
Year ended October 31, 2018		50.98		1.40	(a)		(2.43	)		(1.03	)		(1.36	)		—			—		(1.36	)
Year ended October 31, 2017		51.49		1.26	(a)		(0.34	)		0.92			(1.23	)		(0.20	)		—		(1.43	)
Year ended October 31, 2016		50.32		1.21	(a)		1.13			2.34			(1.17	)		—			—		(1.17	)

* Commencement of investment operations.

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

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

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

(e) 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) The amount shown for a share outstanding throughout the period is directionally inconsistent with aggregate net realized and unrealized gain (loss) for the period as presented in the financial statements.

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

(i) 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.

(j) The Expenses net of reimbursements and Net investment Income (Loss) net of reimbursement ratios include a voluntary reimbursement of advisory fees made by JPMorgan Chase Bank, N.A. Absent this additional reimbursement, Expenses net of reimbursements would have increased by 0.20% and the Net investment Income (Loss) net of reimbursement would have decreased by 0.20%.

(k) 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. For the FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund and 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.

See Accompanying Notes to the Financial Statements.

50 FLEXSHARES SEMIANNUAL REPORT

								RATIOS/SUPPLEMENTAL DATA
		Total Return(b)						Ratios to Average Net Assets(c)												Supplemental Data
Net Asset Value, end of period		Net  Asset Value(d)			Market Value (Unaudited)(e)			Expenses			Expenses net of reimbursements			Net investment Income before reimbursements			Net investment Income net of reimbursements			Portfolio Turnover Rate(b)(f)			Net assets, end of period (thousands)
$	23.73		0.00	%		0.12	%		0.21	%		0.20	%		0.36	%		0.36	%		178	%	$	106,799
	24.10		5.19			5.19			0.21			0.20			1.54			1.54			175			100,020
	23.55		7.36			7.07			0.21			0.20			2.64			2.65			61			35,330
	22.74		(1.65	)		(1.31	)		0.21			0.20			2.09			2.10			160			71,628
	23.86		(0.44	)		(0.53	)		0.21			0.20			1.61			1.62			61			38,183
	24.74		3.02			2.69			0.21			—	(j)		1.62			1.83	(j)		89			42,063
	53.76		0.31			0.38			0.23			0.22			1.73			1.73			24			293,015
	54.70		7.20			7.22			0.23			0.22			2.46			2.46			62			202,397
	52.58		11.66			11.56			0.23			0.22			3.20			3.21			65			97,275
	48.59		(2.05	)		(2.23	)		0.23			0.22			2.83			2.84			76			60,736
	50.98		1.85			1.99			0.23			0.22			2.48			2.49			65			50,982
	51.49		4.71			4.70			0.24			0.22			2.34			2.36			59			36,041

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 51

Financial Highlights (cont.)

			PER SHARE
			Investment Operations									Distributions
	Net asset value, beginning of period		Net Investment Income			Net Realized and Unrealized Gain (Loss)			Total from Operations			Net Investment Income			From Net Realized Gains			Tax return of capital			Total
FlexShares® Credit-Scored US Long Corporate Bond Index Fund
Six Months ended April 30, 2021 (Unaudited)	$	61.81	$	0.95	(a)	$	(1.51	)	$	(0.56	)	$	(0.93	)	$	(2.20	)	$	—		$	(3.13	)
Year ended October 31, 2020		57.84		1.99	(a)		3.90			5.89			(1.92	)		—			—			(1.92	)
Year ended October 31, 2019		48.04		2.11	(a)		9.89			12.00			(2.20	)		—			—			(2.20	)
Year ended October 31, 2018		53.88		2.07	(a)		(5.87	)		(3.80	)		(2.04	)		—			—			(2.04	)
Year ended October 31, 2017		53.83		2.06	(a)		0.74			2.80			(2.07	)		(0.68	)		—			(2.75	)
Year ended October 31, 2016		50.29		2.14	(a)		3.56			5.70			(2.16	)		—			—			(2.16	)
FlexShares® High Yield Value-Scored Bond Index Fund
Six Months ended April 30, 2021 (Unaudited)		46.25		1.45	(a)		3.49			4.94			(1.52	)		—			—			(1.52	)
Year ended October 31, 2020		47.85		3.12	(a)		(1.77	)		1.35			(2.95	)		—			—			(2.95	)
Year ended October 31, 2019		48.84		2.67	(a)		0.78			3.45			(3.57	)		—			(0.87	)		(4.44	)
For the period 07/17/18* through 10/31/18		50.00		1.68	(a)		(1.60	)		0.08			(1.24	)		—			—			(1.24	)

* Commencement of investment operations.

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

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

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

(e) 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) The amount shown for a share outstanding throughout the period is directionally inconsistent with aggregate net realized and unrealized gain (loss) for the period as presented in the financial statements.

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

(i) 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.

(j) The Expenses net of reimbursements and Net investment Income (Loss) net of reimbursement ratios include a voluntary reimbursement of advisory fees made by JPMorgan Chase Bank, N.A. Absent this additional reimbursement, Expenses net of reimbursements would have increased by 0.20% and the Net investment Income (Loss) net of reimbursement would have decreased by 0.20%.

(k) 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. For the FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund and 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.

See Accompanying Notes to the Financial Statements.

52 FLEXSHARES SEMIANNUAL REPORT

								RATIOS/SUPPLEMENTAL DATA
		Total Return(b)						Ratios to Average Net Assets(c)												Supplemental Data
Net Asset Value, end of period		Net  Asset Value(d)			Market Value (Unaudited)(e)			Expenses			Expenses net of reimbursements			Net investment Income before reimbursements			Net investment Income net of reimbursements			Portfolio Turnover Rate(b)(f)			Net assets, end of period (thousands)
$	58.12		(1.10	)%		(0.74	)%		0.23	%		0.22	%		3.15	%		3.16	%		39	%	$	58,122
	61.81		10.34			10.57			0.23			0.22			3.27			3.28			74			46,360
	57.84		25.57			25.51			0.23			0.22			4.06			4.07			44			17,352
	48.04		(7.24	)		(7.86	)		0.23			0.22			4.05			4.06			93			26,424
	53.88		5.58			4.25			0.24			0.22			3.92			3.94			91			18,858
	53.83		11.60			12.75			0.25			0.22			4.01			4.04			80			13,457
	49.67		10.84			10.73			0.38			0.37			5.98			5.99			81			213,586
	46.25		3.07			3.12			0.38			0.37			6.78			6.78			95			189,623
	47.85		7.48			7.64			0.38			0.37			5.56			5.57			44			100,480
	48.84		0.13			0.13			0.38			0.37			11.56			11.57			18			48,845

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 53

Financial Highlights (cont.)

			PER SHARE
			Investment Operations									Distributions
	Net asset value, beginning of period		Net Investment Income			Net Realized and Unrealized Gain (Loss)			Total from Operations			Net Investment Income			From Net Realized Gains			Tax return of capital		Total
FlexShares® Ready Access Variable Income Fund
Six Months ended April 30, 2021 (Unaudited)	$	76.29	$	0.25	(a)	$	(0.04	)	$	0.21		$	(0.28	)	$	(0.02	)	$	—	$	(0.30	)
Year ended October 31, 2020		75.89		1.07	(a)		0.57			1.64			(1.23	)		(0.01	)		—		(1.24	)
Year ended October 31, 2019		75.48		1.98	(a)		0.41			2.39			(1.98	)		—			—		(1.98	)
Year ended October 31, 2018		75.61		1.58	(a)		(0.24	)		1.34			(1.47	)		—			—		(1.47	)
Year ended October 31, 2017		75.56		0.89	(a)		0.00	(h)		0.89			(0.84	)		—			—		(0.84	)
Year ended October 31, 2016		75.36		0.65	(a)		0.23			0.88			(0.63	)		(0.05	)		—		(0.68	)
FlexShares® Core Select Bond Fund
Six Months ended April 30, 2021 (Unaudited)		26.78		0.25	(a)		(0.48	)		(0.23	)		(0.32	)		(0.11	)		—		(0.43	)
Year ended October 31, 2020		25.66		0.51	(a)		1.19			1.70			(0.58	)		—			—		(0.58	)
Year ended October 31, 2019		23.74		0.73	(a)		1.93			2.66			(0.74	)		—			—		(0.74	)
Year ended October 31, 2018		25.08		0.63	(a)		(1.31	)		(0.68	)		(0.66	)		—			—		(0.66	)
For the period 11/18/16* through 10/31/17		25.00		0.55	(a)		0.15			0.70			(0.62	)		—			—		(0.62	)

* Commencement of investment operations.

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

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

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

(e) 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) The amount shown for a share outstanding throughout the period is directionally inconsistent with aggregate net realized and unrealized gain (loss) for the period as presented in the financial statements.

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

(i) 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.

(j) The Expenses net of reimbursements and Net investment Income (Loss) net of reimbursement ratios include a voluntary reimbursement of advisory fees made by JPMorgan Chase Bank, N.A. Absent this additional reimbursement, Expenses net of reimbursements would have increased by 0.20% and the Net investment Income (Loss) net of reimbursement would have decreased by 0.20%.

(k) 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. For the FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund and 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.

See Accompanying Notes to the Financial Statements.

54 FLEXSHARES SEMIANNUAL REPORT

								RATIOS/SUPPLEMENTAL DATA
		Total Return(b)						Ratios to Average Net Assets(c)												Supplemental Data
Net Asset Value, end of period		Net  Asset Value(d)			Market Value (Unaudited)(e)			Expenses			Expenses net of reimbursements			Net investment Income before reimbursements			Net investment Income net of reimbursements			Portfolio Turnover Rate(b)(f)			Net assets, end of period (thousands)
$	76.20		0.28	%		0.28	%		0.26	%		0.25	%		0.67	%		0.67	%		46	%	$	413,385
	76.29		2.18			2.17			0.26			0.25			1.41			1.41			79			469,201
	75.89		3.21			3.18			0.26			0.25			2.61			2.62			73			275,097
	75.48		1.80			1.91			0.26			0.25			2.09			2.10			131			211,350
	75.61		1.18			1.06			0.26			0.25			1.17			1.18			71			162,557
	75.56		1.19			1.18			0.26			0.25			0.86			0.87			59			109,564
	26.12		(0.89	)		(0.93	)		0.36	(i)		0.18	(i)		1.73			1.91			46			112,951
	26.78		6.69			6.57			0.36	(i)		0.20	(i)		1.76			1.93			91			109,123
	25.66		11.38			11.41			0.36	(i)		0.19	(i)		2.80			2.97			135			26,299
	23.74		(2.73	)		(2.92	)		0.36	(i)		0.16	(i)		2.41			2.61			53			38,583
	25.08		2.86			3.19			0.43	(i)		0.16	(i)		2.08			2.35			99			3,762

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 55

Schedule of Investments

FlexShares® US Quality Low Volatility Index Fund

April 30, 2021 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.4%
Air Freight & Logistics – 2.1%
CH Robinson Worldwide, Inc.		7,906	$	767,515
Expeditors International of Washington, Inc.		11,505		1,263,939
United Parcel Service, Inc., Class B		5,251		1,070,469
				3,101,923
Automobiles – 0.4%
Tesla, Inc.*		885		627,854
Banks – 0.1%
JPMorgan Chase & Co.		1,180		181,496
Beverages – 1.6%
Coca-Cola Co. (The)		11,623		627,410
PepsiCo, Inc.		12,095		1,743,615
				2,371,025
Biotechnology – 2.6%
Amgen, Inc.		10,266		2,460,144
Regeneron Pharmaceuticals, Inc.*		2,537		1,221,058
United Therapeutics Corp.*		590		118,921
				3,800,123
Capital Markets – 2.2%
Intercontinental Exchange, Inc.		8,083		951,450
Nasdaq, Inc.		5,251		848,246
S&P Global, Inc.		3,422		1,335,915
				3,135,611
Chemicals – 0.9%
Ecolab, Inc.		5,723		1,282,639
Commercial Services & Supplies – 2.7%
Republic Services, Inc.		8,260		878,038
Tetra Tech, Inc.		5,487		700,306
Waste Connections, Inc.		7,847		934,656
Waste Management, Inc.		10,679		1,473,382
				3,986,382
Consumer Finance – 0.1%
Credit Acceptance Corp.*		236		93,170
Diversified Financial Services – 0.4%
Berkshire Hathaway, Inc., Class B*		1,888		519,106

Investments	Shares		Value
Diversified Telecommunication Services – 6.0%
AT&T, Inc.		61,950	$	1,945,850
Cogent Communications Holdings, Inc.		11,328		855,377
Iridium Communications, Inc.*		21,299		809,149
Liberty Global plc, Class C*		11,564		312,922
Verizon Communications, Inc.		72,393		4,183,591
Vonage Holdings Corp.*		46,079		624,370
				8,731,259
Electric Utilities – 3.7%
American Electric Power Co., Inc.		8,260		732,745
Duke Energy Corp.		1,062		106,933
IDACORP, Inc.		8,496		870,670
NextEra Energy, Inc.		17,287		1,339,915
Pinnacle West Capital Corp.		9,263		784,113
PNM Resources, Inc.		826		40,771
Portland General Electric Co.		14,337		729,180
Xcel Energy, Inc.		10,856		774,033
				5,378,360
Equity Real Estate Investment Trusts (REITs) – 3.5%
Camden Property Trust		6,077		732,157
Crown Castle International Corp.		3,717		702,736
Equinix, Inc.		295		212,624
Equity LifeStyle Properties, Inc.		13,688		949,947
Extra Space Storage, Inc.		767		114,045
Life Storage, Inc.		6,844		657,435
Public Storage		4,779		1,343,663
SBA Communications Corp.		1,062		318,303
				5,030,910
Food & Staples Retailing – 5.2%
Casey’s General Stores, Inc.		3,363		747,225
Costco Wholesale Corp.		7,729		2,875,884
Kroger Co. (The)		1,298		47,429
Sprouts Farmers Market, Inc.*		32,568		834,066
Walmart, Inc.		21,771		3,045,981
				7,550,585
Food Products – 1.2%
Hershey Co. (The)		6,844		1,124,469
McCormick & Co., Inc. (Non-Voting)		7,080		639,749
				1,764,218

See Accompanying Notes to the Financial Statements.

56 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Health Care Equipment & Supplies – 1.6%
Abbott Laboratories		10,325	$	1,239,826
Stryker Corp.		4,012		1,053,672
				2,293,498
Health Care Providers & Services – 1.3%
Chemed Corp.		2,124		1,012,319
Encompass Health Corp.		8,614		730,984
UnitedHealth Group, Inc.		236		94,117
				1,837,420
Household Durables – 0.7%
Helen of Troy Ltd.*		4,720		996,911
Household Products – 1.1%
Clorox Co. (The)		4,307		786,027
Procter & Gamble Co. (The)		354		47,231
WD-40 Co.		3,186		792,486
				1,625,744
Independent Power and Renewable Electricity Producers – 0.7%
Atlantica Sustainable Infrastructure plc		26,491		1,021,228
Insurance – 4.5%
Alleghany Corp.*		885		600,889
Allstate Corp. (The)		9,263		1,174,548
Aon plc, Class A		3,953		993,942
Arthur J Gallagher & Co.		3,717		538,779
Chubb Ltd.		5,782		992,133
Progressive Corp. (The)		295		29,718
Travelers Cos., Inc. (The)		7,906		1,222,742
W R Berkley Corp.		13,216		1,053,580
				6,606,331
Interactive Media & Services – 5.4%
Alphabet, Inc., Class A*		1,239		2,915,986
Alphabet, Inc., Class C*		1,433		3,453,702
Facebook, Inc., Class A*		4,484		1,457,659
				7,827,347
Internet & Direct Marketing Retail – 3.7%
Amazon.com, Inc.*		1,395		4,837,051

Investments	Shares		Value
Internet & Direct Marketing Retail – (continued)
Stamps.com, Inc.*		2,360	$	484,673
				5,321,724
IT Services – 10.5%
Accenture plc, Class A		8,614		2,497,802
Automatic Data Processing, Inc.		2,183		408,199
Genpact Ltd.		14,927		709,480
Globant SA*		3,245		743,689
Jack Henry & Associates, Inc.		2,714		441,921
Mastercard, Inc., Class A		15,458		5,905,883
Visa, Inc., Class A		19,234		4,492,293
				15,199,267
Life Sciences Tools & Services – 1.8%
Charles River Laboratories International, Inc.*		2,537		843,426
ICON plc*		5,074		1,100,804
QIAGEN NV*		13,393		644,605
				2,588,835
Media – 1.6%
Cable One, Inc.		354		633,660
Charter Communications, Inc., Class A*		2,478		1,668,809
				2,302,469
Metals & Mining – 2.1%
Agnico Eagle Mines Ltd.		11,505		718,372
Newmont Corp.		20,591		1,285,085
Royal Gold, Inc.		9,735		1,088,957
				3,092,414
Multiline Retail – 1.5%
Ollie’s Bargain Outlet Holdings, Inc.*		4,484		413,739
Target Corp.		8,791		1,822,022
				2,235,761
Multi-Utilities – 1.8%
Ameren Corp.		1,711		145,162
CMS Energy Corp.		7,198		463,479
Consolidated Edison, Inc.		7,788		602,869
WEC Energy Group, Inc.		13,865		1,347,262
				2,558,772

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 57

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Pharmaceuticals – 9.0%
Eli Lilly and Co.		14,278	$	2,609,590
Johnson & Johnson		38,232		6,221,494
Merck & Co., Inc.		44,014		3,279,043
Zoetis, Inc.		5,841		1,010,668
				13,120,795
Professional Services – 0.6%
Verisk Analytics, Inc.		4,484		843,889
Road & Rail – 2.9%
JB Hunt Transport Services, Inc.		5,074		866,183
Landstar System, Inc.		6,844		1,179,084
Old Dominion Freight Line, Inc.		5,192		1,338,549
Werner Enterprises, Inc.		16,756		774,630
				4,158,446
Software – 8.8%
Adobe, Inc.*		4,071		2,069,452
Atlassian Corp. plc, Class A*		3,186		756,866
Check Point Software Technologies Ltd.*		9,027		1,054,444
Intuit, Inc.		1,770		729,523
Microsoft Corp.		24,662		6,219,263
Tyler Technologies, Inc.*		2,301		977,603
Zoom Video Communications, Inc., Class A*		2,891		923,877
				12,731,028
Specialty Retail – 2.1%
Home Depot, Inc. (The)		5,841		1,890,557
O’Reilly Automotive, Inc.*		2,006		1,109,077
				2,999,634
Technology Hardware, Storage & Peripherals – 4.5%
Apple, Inc.		49,678		6,530,670

Investments	Shares		Value
Water Utilities – 0.5%
American Water Works Co., Inc.		4,897	$	763,883
Total Common Stocks (Cost $123,056,947)				144,210,727
	Principal Amount
SHORT-TERM INVESTMENTS – 0.0%(a)
U.S. TREASURY OBLIGATIONS – 0.0%(a)
U.S. Treasury Bills 0.05%, 7/15/2021(b) (c) (Cost $74,993)	$	75,000		74,999
Total Investments – 99.4% (Cost $123,131,940)				144,285,726
Other assets less liabilities – 0.6%				824,356
NET ASSETS – 100.0%			$	145,110,082

* 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, 2021.

Percentages shown are based on Net Assets.

As of April 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments (including derivative instruments, if applicable) for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	21,833,263
Aggregate gross unrealized depreciation		(641,645	)
Net unrealized appreciation	$	21,191,618
Federal income tax cost	$	123,137,436

Futures Contracts     

FlexShares^® US Quality Low Volatility Index Fund had the following open futures contracts as of April 30, 2021:    

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
S&P 500 E-Mini Index		4		06/18/2021		USD	$	834,880	$	43,328

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

Abbreviations:

USD – US Dollar

See Accompanying Notes to the Financial Statements.

58 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

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

April 30, 2021 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 98.8%
Air Freight & Logistics – 0.5%
DSV Panalpina A/S		768	$	171,498
SG Holdings Co. Ltd.		12,800		290,885
				462,383
Auto Components – 0.1%
Bridgestone Corp.		3,200		128,141
Automobiles – 0.3%
Toyota Motor Corp.		3,200		237,925
Banks – 10.1%
Bank Leumi Le-Israel BM*		53,984		380,827
Bank of Nova Scotia (The)		19,392		1,233,793
BOC Hong Kong Holdings Ltd.		224,000		790,230
Chiba Bank Ltd. (The)(a)		32,000		199,661
Commonwealth Bank of Australia		19,360		1,331,560
Hang Seng Bank Ltd.		35,200		691,142
Oversea-Chinese Banking Corp. Ltd.		60,800		557,547
Royal Bank of Canada		16,416		1,565,405
Shizuoka Bank Ltd. (The)		83,200		637,102
Skandinaviska Enskilda Banken AB, Class A		3,072		39,473
Sumitomo Mitsui Financial Group, Inc.		22,400		779,148
Swedbank AB, Class A		3,008		52,912
Toronto-Dominion Bank (The)		7,488		514,336
				8,773,136
Beverages – 0.4%
Carlsberg A/S, Class B		768		134,948
Suntory Beverage & Food Ltd.		6,400		216,056
				351,004
Capital Markets – 2.3%
Deutsche Boerse AG		4,288		739,699
Euronext NV(b)		864		87,055
Japan Exchange Group, Inc.		19,200		449,941
Singapore Exchange Ltd.		86,400		678,653
				1,955,348
Chemicals – 5.9%
Air Liquide SA		7,872		1,327,821

Investments	Shares		Value
Chemicals – (continued)
Akzo Nobel NV		3,808	$	458,040
Chr Hansen Holding A/S*		3,680		338,713
Croda International plc		6,528		611,353
Givaudan SA (Registered)		143		599,564
Koninklijke DSM NV		3,808		683,943
Novozymes A/S, Class B		10,656		759,486
Symrise AG		2,944		380,624
				5,159,544
Commercial Services & Supplies – 1.6%
Brambles Ltd.		62,688		503,603
Secom Co. Ltd.		7,100		589,539
Securitas AB, Class B		16,352		279,342
				1,372,484
Diversified Financial Services – 1.6%
Groupe Bruxelles Lambert SA(a)		3,552		389,021
Industrivarden AB, Class A		832		31,959
Investor AB, Class A		544		46,321
Investor AB, Class B(a)		10,432		886,919
L E Lundbergforetagen AB, Class B		352		20,140
Sofina SA		64		24,361
				1,398,721
Diversified Telecommunication Services – 6.7%
BCE, Inc.		15,136		714,844
Deutsche Telekom AG (Registered)		44,352		854,255
Elisa OYJ		11,200		636,242
HKT Trust & HKT Ltd.		448,000		650,642
Koninklijke KPN NV		93,664		323,149
Nippon Telegraph & Telephone Corp.		25,600		645,240
Proximus SADP		12,128		258,852
Singapore Telecommunications Ltd.		195,200		366,807
Spark New Zealand Ltd.		10,711		33,815
Swisscom AG (Registered)(a)		1,376		747,254
Telefonica Deutschland Holding AG		111,712		325,170
Telia Co. AB		8,128		33,682
United Internet AG (Registered)		6,016		253,545
				5,843,497

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 59

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Electric Utilities – 4.2%
Chubu Electric Power Co., Inc.		25,600	$	309,270
CLP Holdings Ltd.		71,500		705,624
Emera, Inc.(a)		4,992		226,714
Fortis, Inc.(a)		7,552		336,593
Hydro One Ltd.(b)		11,616		278,267
Iberdrola SA		83,392		1,127,851
Power Assets Holdings Ltd.		64,000		393,467
Tohoku Electric Power Co., Inc.		35,200		310,119
				3,687,905
Electronic Equipment, Instruments & Components – 1.2%
Halma plc		9,504		340,549
Hamamatsu Photonics KK		6,400		371,218
Hirose Electric Co. Ltd.		2,000		318,558
				1,030,325
Food & Staples Retailing – 5.8%
Etablissements Franz Colruyt NV		10,688		634,690
ICA Gruppen AB		13,376		616,934
J Sainsbury plc		101,696		334,689
Kesko OYJ, Class B		5,664		172,776
Koninklijke Ahold Delhaize NV		27,456		740,024
Loblaw Cos. Ltd.		6,880		381,694
Metro, Inc.		8,096		370,644
Seven & i Holdings Co. Ltd.		12,800		550,269
Sundrug Co. Ltd.		12,800		436,211
Tesco plc		138,848		424,855
Tsuruha Holdings, Inc.		1,900		219,368
Welcia Holdings Co. Ltd.(a)		6,400		199,662
				5,081,816
Food Products – 4.7%
MEIJI Holdings Co. Ltd.		3,200		198,198
Nestle SA (Registered)		32,224		3,846,882
				4,045,080
Gas Utilities – 1.8%
Osaka Gas Co. Ltd.		19,200		370,281
Toho Gas Co. Ltd.(a)		9,600		533,114
Tokyo Gas Co. Ltd.		32,000		647,875
				1,551,270

Investments	Shares		Value
Health Care Equipment & Supplies – 2.5%
Coloplast A/S, Class B		4,352	$	721,030
ConvaTec Group plc(b)		51,936		156,903
DiaSorin SpA		544		92,500
Fisher & Paykel Healthcare Corp. Ltd.		3,072		79,240
Hoya Corp.		6,900		784,973
Sysmex Corp.		3,700		369,814
				2,204,460
Health Care Providers & Services – 0.1%
Sonic Healthcare Ltd.		1,856		51,440
Hotels, Restaurants & Leisure – 0.7%
McDonald’s Holdings Co. Japan Ltd.		12,800		584,347
Household Durables – 0.8%
Rinnai Corp.		1,000		100,453
SEB SA		1,760		320,981
Sekisui House Ltd.		12,800		258,682
				680,116
Household Products – 1.0%
Lion Corp.		12,800		240,062
Reckitt Benckiser Group plc		6,624		591,638
				831,700
Independent Power and Renewable Electricity Producers – 0.3%
Uniper SE		7,776		284,005
Industrial Conglomerates – 1.0%
Jardine Matheson Holdings Ltd.		12,800		860,672
Insurance – 3.4%
Admiral Group plc		14,400		623,845
Ageas SA		256		15,520
AIA Group Ltd.		12,800		162,990
Assicurazioni Generali SpA		21,024		422,276
Direct Line Insurance Group plc		152,160		600,629
Gjensidige Forsikring ASA		896		20,431
NN Group NV		320		16,013
Sampo OYJ, Class A		2,880		136,979
Tryg A/S		43,168		989,119
				2,987,802

See Accompanying Notes to the Financial Statements.

60 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
IT Services – 2.5%
Adyen NV* (b)		64	$	157,283
CGI, Inc.*		4,000		353,601
Fujitsu Ltd.		1,800		286,620
Itochu Techno-Solutions Corp.		6,400		221,911
Nomura Research Institute Ltd.		7,900		243,205
NTT Data Corp.		6,400		99,421
Obic Co. Ltd.		3,400		657,262
Shopify, Inc., Class A*		96		113,521
				2,132,824
Leisure Products – 0.4%
Bandai Namco Holdings, Inc.		4,300		315,739
Machinery – 2.4%
Alstom SA*		7,232		395,595
Knorr-Bremse AG		5,248		644,389
Kone OYJ, Class B		9,216		724,897
Schindler Holding AG		1,056		300,805
Schindler Holding AG (Registered)		96		26,735
				2,092,421
Marine – 1.0%
Kuehne + Nagel International AG (Registered)		3,008		900,372
Metals & Mining – 1.9%
Fortescue Metals Group Ltd.		12,928		225,589
Franco-Nevada Corp.		3,520		489,944
Kinross Gold Corp.		38,592		271,355
Polymetal International plc		12,672		262,386
Wheaton Precious Metals Corp.		8,672		359,442
				1,608,716
Multiline Retail – 0.9%
Wesfarmers Ltd.		18,880		789,132
Oil, Gas & Consumable Fuels – 0.1%
Idemitsu Kosan Co. Ltd.		3,200		76,615
Personal Products – 0.7%
Kobayashi Pharmaceutical Co. Ltd.		6,400		570,880
Unilever plc		1,024		59,993
				630,873

Investments	Shares		Value
Pharmaceuticals – 11.6%
AstraZeneca plc		6,720	$	717,817
Chugai Pharmaceutical Co. Ltd.		16,000		600,302
GlaxoSmithKline plc		78,624		1,458,273
Novartis AG (Registered)		3,328		284,470
Novo Nordisk A/S, Class B		30,976		2,271,685
Ono Pharmaceutical Co. Ltd.		6,400		161,076
Roche Holding AG		11,168		3,644,095
Roche Holding AG – BR(a)		128		44,517
Sanofi(a)		3,712		389,967
Santen Pharmaceutical Co. Ltd.		35,200		450,849
UCB SA		1,024		94,991
				10,118,042
Professional Services – 1.8%
RELX plc		28,064		730,299
Wolters Kluwer NV(a)		8,704		788,565
				1,518,864
Real Estate Management & Development – 3.8%
Deutsche Wohnen SE		4,064		220,151
Hang Lung Properties Ltd.		224,000		611,419
Henderson Land Development Co. Ltd.		160,000		711,743
Hongkong Land Holdings Ltd.		73,600		364,320
New World Development Co. Ltd.		32,000		169,335
PSP Swiss Property AG (Registered)		4,224		521,487
Sun Hung Kai Properties Ltd.		48,000		724,927
				3,323,382
Road & Rail – 1.4%
Hankyu Hanshin Holdings, Inc.		1,700		53,502
Kintetsu Group Holdings Co. Ltd.*		6,400		229,230
MTR Corp. Ltd.		112,000		624,397
Nagoya Railroad Co. Ltd.*		12,800		293,461
				1,200,590
Semiconductors & Semiconductor Equipment – 0.7%
ASML Holding NV		928		604,589
Software – 1.9%
Dassault Systemes SE		2,464		572,321
Nice Ltd.*		1,376		332,953
Open Text Corp.		6,144		289,071
Oracle Corp. Japan		3,200		300,078

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 61

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Software – (continued)
SAP SE		896	$	125,938
				1,620,361
Specialty Retail – 1.6%
ABC-Mart, Inc.		9,600		513,792
Nitori Holdings Co. Ltd.		3,200		574,100
Yamada Holdings Co. Ltd.		64,000		318,521
				1,406,413
Technology Hardware, Storage & Peripherals – 0.9%
Canon, Inc.		16,000		381,026
FUJIFILM Holdings Corp.		6,400		414,956
				795,982
Textiles, Apparel & Luxury Goods – 2.5%
Hermes International		704		884,764
LVMH Moet Hennessy Louis Vuitton SE		1,760		1,326,723
				2,211,487
Tobacco – 0.7%
Japan Tobacco, Inc.		32,000		598,399
Trading Companies & Distributors – 1.4%
ITOCHU Corp.		28,800		897,950
MonotaRO Co. Ltd.		12,800		326,719
				1,224,669
Transportation Infrastructure – 0.1%
Aena SME SA* (b)		544		94,759
Water Utilities – 1.3%
Pennon Group plc		26,336		377,033
Severn Trent plc		7,520		257,901
United Utilities Group plc		35,552		476,582
				1,111,516
Wireless Telecommunication Services – 2.2%
KDDI Corp.		28,800		871,074
Rogers Communications, Inc., Class B		448		22,047
Softbank Corp.		38,400		495,172
Vodafone Group plc		254,976		482,941
				1,871,234
Total Common Stocks (Cost $78,264,310)				85,810,100

Investments	Number of Rights		Value
RIGHTS – 0.0%(c)
Capital Markets – 0.0%(c)
Euronext NV, expiring 5/10/2021, price 59.65 EUR* (Cost $–)		864	$	10,141
	Principal Amount
SECURITIES LENDING REINVESTMENTS(d) – 3.1%
REPURCHASE AGREEMENTS – 3.1%
Societe Generale, New York Branch, 0.01%, dated 4/30/2021, due 5/3/2021, repurchase price $2,693,459, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 3.63%, maturing 6/17/2021 – 2/15/2044; total market value $2,737,874 (Cost $2,693,457)	$	2,693,459		2,693,457
Total Investments – 101.9% (Cost $80,957,767)				88,513,698
Liabilities in excess of other assets – (1.9%)				(1,612,316	)
NET ASSETS – 100.0%			$	86,901,382

* Non-income producing security.

^(a)  The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 was $4,037,422, collateralized in the form of cash with a value of $2,693,459 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $539,395 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 13, 2021 – February 15, 2051 and $1,053,146 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.75%, and maturity dates ranging from July 7, 2021 – September 20, 2117; a total value of $4,286,000.

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

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

^(d)  The security was purchased with cash collateral held from securities on loan at April 30, 2021. The total value of securities purchased was $2,693,457.

See Accompanying Notes to the Financial Statements.

62 FLEXSHARES SEMIANNUAL REPORT

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

Percentages shown are based on Net Assets.

Abbreviations

OYJ – Public Limited Company

As of April 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments (including derivative instruments, if applicable) for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	9,222,960
Aggregate gross unrealized depreciation		(1,731,069	)
Net unrealized appreciation	$	7,491,891
Federal income tax cost	$	81,037,393

Futures Contracts

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund had the following open futures contracts as of April 30, 2021:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
MSCI EAFE E-Mini Index		8		06/18/2021		USD	$	902,920	$	16,282

* 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, 2021:
Contracts to Receive		Counterparty	In Exchange For			Maturity Date		Unrealized Appreciation/ (Depreciation)
CAD	4,000	BNP Paribas SA		USD	3,180		06/16/2021	$	72
CAD	20,000	Morgan Stanley		USD	15,839		06/16/2021		420
CHF	7,000	Bank of New York		USD	7,581		06/16/2021		103
DKK	2,566,000	Bank of New York		USD	411,008		06/16/2021		4,673
DKK	80,000	Morgan Stanley		USD	12,929		06/16/2021		30
EUR	27,000	Citibank NA		USD	32,275		06/16/2021		257
JPY	3,400,000	Morgan Stanley		USD	31,030		06/16/2021		87
SEK	80,000	Morgan Stanley		USD	9,418		06/16/2021		47
USD	102,315	Morgan Stanley		AUD	132,000		06/16/2021		330
USD	36,279	Morgan Stanley		EUR	30,000		06/16/2021		133
USD	125,567	Morgan Stanley		GBP	90,000		06/16/2021		943
USD	52,982	BNP Paribas SA		JPY	5,753,000		06/16/2021		331
Total unrealized appreciation								$	7,426
AUD	9,000	Morgan Stanley		USD	6,978		06/16/2021	$	(24	)
AUD	20,000	Toronto-Dominion Bank (The)		USD	15,495		06/16/2021		(44	)
EUR	17,000	Morgan Stanley		USD	20,568		06/16/2021		(22	)
GBP	61,000	Morgan Stanley		USD	84,661		06/16/2021		(193	)
JPY	1,500,000	BNP Paribas SA		USD	13,772		06/16/2021		(44	)
JPY	1,380,000	Morgan Stanley		USD	12,675		06/16/2021		(45	)
USD	17,298	Morgan Stanley		CHF	16,000		06/16/2021		(265	)
USD	369,577	Citibank NA		DKK	2,300,000		06/16/2021		(3,013	)
USD	15,787	Morgan Stanley		DKK	100,000		06/16/2021		(413	)

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 63

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)
USD	24,059	Toronto-Dominion Bank (The)		DKK	150,000		06/16/2021	$	(240	)
USD	116,102	BNP Paribas SA		EUR	97,000		06/16/2021		(772	)
USD	53,282	Morgan Stanley		EUR	45,000		06/16/2021		(939	)
USD	36,987	Toronto-Dominion Bank (The)		EUR	31,000		06/16/2021		(365	)
USD	15,267	Toronto-Dominion Bank (The)		GBP	11,000		06/16/2021		(55	)
USD	177,813	Morgan Stanley		JPY	19,600,000		06/16/2021		(1,565	)
USD	19,043	BNP Paribas SA		SEK	162,000		06/16/2021		(123	)
Total unrealized depreciation								$	(8,122	)
Net unrealized depreciation								$	(696	)

Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

DKK – Danish Krone

EUR – Euro

GBP – British Pound

JPY – Japanese Yen

SEK – Swedish Krona

USD – US Dollar

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, 2021:

Australia	3.3	%
Belgium	1.6
Canada	8.7
Denmark	6.2
Finland	1.9
France	6.1
Germany	4.4
Hong Kong	7.2
Israel	0.8
Italy	0.6
Japan	24.1
Netherlands	4.4
New Zealand	0.1
Norway	0.0	†
Singapore	3.3
Spain	1.4
Sweden	2.3
Switzerland	12.6
United Kingdom	9.8
Other1	1.2
	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.

64 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Emerging Markets Quality Low Volatility Index Fund

April 30, 2021 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.2%
Air Freight & Logistics – 0.6%
ZTO Express Cayman, Inc., ADR		3,132	$	100,725
Automobiles – 0.2%
Hero MotoCorp Ltd.		1,056		40,191
Banks – 12.4%
Al Rajhi Bank		144		3,798
Banco BBVA Peru SA		4,560		2,478
Banco de Chile		82,485		8,789
Bank Central Asia Tbk. PT		3,600		7,981
Bank of China Ltd., Class H		372,000		147,998
Bank of Communications Co. Ltd., Class H		156,000		99,824
Chang Hwa Commercial Bank Ltd.		126,000		80,743
China Construction Bank Corp., Class H		210,000		166,284
China Merchants Bank Co. Ltd., Class H		1,500		12,100
Commercial International Bank Egypt SAE*		32,778		121,944
E.Sun Financial Holding Co. Ltd.		84,709		81,728
First Financial Holding Co. Ltd.		126,000		103,297
Hong Leong Bank Bhd.		18,600		80,913
Hua Nan Financial Holdings Co. Ltd.		138,000		93,867
Industrial & Commercial Bank of China Ltd., Class H		198,000		128,994
Malayan Banking Bhd.		51,185		102,835
Masraf Al Rayan QSC		112,188		137,670
Mega Financial Holding Co. Ltd.		138,000		161,304
Postal Savings Bank of China Co. Ltd., Class H(a)		132,000		85,996
Qatar National Bank QPSC		40,626		199,727
Sberbank of Russia PJSC		13,800		54,725
SinoPac Financial Holdings Co. Ltd.		114,000		54,280
Taiwan Cooperative Financial Holding Co. Ltd.		133,890		102,576
				2,039,851
Beverages – 0.1%
Arca Continental SAB de CV		3,600		19,354

Investments	Shares		Value
Biotechnology – 1.4%
Celltrion, Inc.*		61	$	14,587
Green Cross Corp.		222		67,557
Seegene, Inc.		1,728		145,405
				227,549
Capital Markets – 0.8%
Macquarie Korea Infrastructure Fund		12,678		137,340
Chemicals – 2.7%
Asian Paints Ltd.		4,554		155,939
PhosAgro PJSC		2,592		150,770
Pidilite Industries Ltd.*		5,562		136,346
				443,055
Commercial Services & Supplies – 0.8%
S-1 Corp.		1,722		126,168
Diversified Consumer Services – 0.7%
China East Education Holdings Ltd.(a)		51,000		119,114
Diversified Telecommunication Services – 4.3%
China Tower Corp. Ltd., Class H(a)		516,000		74,408
Chunghwa Telecom Co. Ltd.		42,000		171,410
Maroc Telecom		8,388		129,501
Saudi Telecom Co.		3,936		133,296
Telefonica Brasil SA		10,800		85,998
Tower Bersama Infrastructure Tbk. PT		563,400		108,819
				703,432
Electric Utilities – 1.7%
Cia de Transmissao de Energia Eletrica Paulista (Preference)		3,600		17,916
Enel Chile SA		1,102,998		74,901
Manila Electric Co.		14,580		82,605
Transmissora Alianca de Energia Eletrica SA		13,800		106,325
				281,747
Electronic Equipment, Instruments & Components – 1.1%
Hon Hai Precision Industry Co. Ltd.		18,000		74,750
WPG Holdings Ltd.		60,000		110,622
				185,372

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 65

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Entertainment – 0.5%
NetEase, Inc., ADR		576	$	64,546
Netmarble Corp.(a)		126		14,669
				79,215
Food & Staples Retailing – 3.7%
Berli Jucker PCL, NVDR		62,400		71,142
BIM Birlesik Magazalar A/S		14,040		110,058
InRetail Peru Corp.(a)		2,130		75,402
President Chain Store Corp.		9,000		87,316
Puregold Price Club, Inc.		72,840		56,426
Sun Art Retail Group Ltd.		93,000		85,734
Wal-Mart de Mexico SAB de CV		37,200		122,270
				608,348
Food Products – 5.8%
Dali Foods Group Co. Ltd.(a)		111,000		66,027
Gruma SAB de CV, Class B		8,430		92,049
International Holdings Co. PJSC*		7,410		182,973
Nestle Malaysia Bhd.		3,600		119,256
Orion Corp.		924		97,189
PPB Group Bhd.		18,000		81,291
Tingyi Cayman Islands Holding Corp.		30,000		53,999
Uni-President China Holdings Ltd.		114,000		138,851
Uni-President Enterprises Corp.		44,000		118,297
				949,932
Gas Utilities – 2.8%
China Resources Gas Group Ltd.		26,000		141,100
ENN Energy Holdings Ltd.		7,000		119,328
Grupo Energia Bogota SA ESP		113,634		79,279
Petronas Gas Bhd.		31,800		122,188
				461,895
Health Care Equipment & Supplies – 0.6%
Hartalega Holdings Bhd.		17,400		43,666
Top Glove Corp. Bhd.		40,200		55,446
				99,112
Health Care Providers & Services – 3.8%
Apollo Hospitals Enterprise Ltd.		2,202		95,054
Bangkok Dusit Medical Services PCL, NVDR		163,800		114,154

Investments	Shares		Value
Health Care Providers & Services – (continued)
Bangkok Dusit Medical Services PCL, Class F		17,400	$	12,126
Bumrungrad Hospital PCL, NVDR		31,800		136,851
Celltrion Healthcare Co. Ltd.*		832		83,922
IHH Healthcare Bhd.		64,800		85,105
Mitra Keluarga Karyasehat Tbk. PT(a)		598,800		108,609
				635,821
Hotels, Restaurants & Leisure – 0.9%
Jubilant Foodworks Ltd.*		1,110		43,333
Yum China Holdings, Inc.		1,680		105,706
				149,039
Household Durables – 0.4%
Coway Co. Ltd.		1,062		63,872
Household Products – 0.1%
Hindustan Unilever Ltd.		528		16,778
Independent Power and Renewable Electricity Producers – 0.7%
Colbun SA		464,341		79,317
Unipro PJSC		792,000		30,298
				109,615
Industrial Conglomerates – 0.3%
Enka Insaat ve Sanayi A/S		58,200		55,098
Insurance – 0.8%
Ping An Insurance Group Co. of China Ltd., Class H		12,000		131,250
Interactive Media & Services – 6.4%
Tencent Holdings Ltd.		13,100		1,050,786
Internet & Direct Marketing Retail – 11.1%
Alibaba Group Holding Ltd., ADR*		4,830		1,115,488
JD.com, Inc., ADR*		1,284		99,330
Meituan, Class B* (a)		5,000		191,841
Naspers Ltd., Class N		456		104,053
Pinduoduo, Inc., ADR*		528		70,715
Prosus NV*		2,328		252,865
				1,834,292
IT Services – 2.9%
Infosys Ltd.		4,140		75,696

See Accompanying Notes to the Financial Statements.

66 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
IT Services – (continued)
Mphasis Ltd.		210	$	5,003
Samsung SDS Co. Ltd.		204		33,562
Tata Consultancy Services Ltd.		7,020		287,695
Tech Mahindra Ltd.		5,328		69,081
				471,037
Marine – 1.3%
MISC Bhd.		1,200		1,986
Orient Overseas International Ltd.		13,000		210,562
				212,548
Metals & Mining – 1.2%
Polyus PJSC		546		100,875
Vale SA		4,600		92,436
				193,311
Multiline Retail – 0.0%(b)
Robinson PCL* (c)		600		376
Multi-Utilities – 0.5%
Qatar Electricity & Water Co. QSC		18,558		87,667
Oil, Gas & Consumable Fuels – 3.1%
China Shenhua Energy Co. Ltd., Class H		69,000		143,920
LUKOIL PJSC		270		20,846
Petronas Dagangan Bhd.		15,600		76,774
Qatar Fuel QSC		18,054		90,245
Reliance Industries Ltd.		1,326		35,704
Surgutneftegas PJSC (Preference)		249,600		142,443
				509,932
Personal Products – 0.0%(b)
Hengan International Group Co. Ltd.		500		3,241
Pharmaceuticals – 2.0%
Cadila Healthcare Ltd.*		1,476		11,381
Dr Reddy’s Laboratories Ltd.		72		5,018
Lupin Ltd.		2,118		30,581
Richter Gedeon Nyrt.		3,198		91,607
Sino Biopharmaceutical Ltd.		102,000		109,921
Yuhan Corp.		1,498		86,593
				335,101

Investments	Shares		Value
Road & Rail – 1.1%
CJ Logistics Corp.*		540	$	83,256
GMexico Transportes SAB de CV(a)		56,400		91,053
				174,309
Semiconductors & Semiconductor Equipment – 8.1%
Taiwan Semiconductor Manufacturing Co. Ltd.		62,000		1,331,758
Specialty Retail – 1.2%
Home Product Center PCL		2,800		1,268
Home Product Center PCL, NVDR		251,600		113,932
Zhongsheng Group Holdings Ltd.		12,000		90,925
				206,125
Technology Hardware, Storage & Peripherals – 4.9%
Chicony Electronics Co. Ltd.		37,000		111,929
Lite-On Technology Corp.		7,000		16,013
Samsung Electronics Co. Ltd.		9,228		676,120
				804,062
Textiles, Apparel & Luxury Goods – 0.0%(b)
Page Industries Ltd.		12		4,805
Thrifts & Mortgage Finance – 0.0%(b)
Housing Development Finance Corp. Ltd.		228		7,449
Tobacco – 0.6%
KT&G Corp.		1,416		104,894
Transportation Infrastructure – 1.8%
Jiangsu Expressway Co. Ltd., Class H		72,000		84,915
Promotora y Operadora de Infraestructura SAB de CV		4,020		31,192
Shenzhen Expressway Co. Ltd., Class H		76,000		78,869
Shenzhen International Holdings Ltd.		42,000		69,974
Westports Holdings Bhd.		34,800		36,530
				301,480
Water Utilities – 0.5%
Guangdong Investment Ltd.		50,000		76,994
Wireless Telecommunication Services – 5.3%
Advanced Info Service PCL, NVDR		16,800		92,262
America Movil SAB de CV, Series L		34,200		23,987

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 67

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Wireless Telecommunication Services – (continued)
Far EasTone Telecommunications Co. Ltd.*		60,000	$	139,834
Globe Telecom, Inc.		3,090		117,632
Intouch Holdings PCL, NVDR		70,800		144,954
Maxis Bhd.		72,600		81,525
PLDT, Inc.		3,180		84,272
Taiwan Mobile Co. Ltd.		38,000		136,040
Vodacom Group Ltd.		5,736		49,711
				870,217
Total Common Stocks (Cost $14,593,990)				16,364,257
	Principal Amount
CORPORATE BONDS – 0.0%(b)
Food Products – 0.0%(b)
Britannia Industries Ltd. 8.00%, 8/28/2022 (Cost $1)		INR 78		1
Total Investments – 99.2% (Cost $14,593,991)				16,364,258
Other assets less liabilities – 0.8%				140,189
NET ASSETS – 100.0%			$	16,504,447

* Non-income producing security.

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

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

^(c)  Security fair valued as of April 30, 2021 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2021 amounted to $376, which represents approximately 0.00% of net assets of the Fund.

Percentages shown are based on Net Assets.

Abbreviations

ADR – American Depositary Receipt

INR – Indian Rupee

NVDR – Non-Voting Depositary Receipt

PJSC – Public Joint Stock Company

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

As of April 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments (including derivative instruments, if applicable) for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,970,816
Aggregate gross unrealized depreciation		(249,640	)
Net unrealized appreciation	$	1,721,176
Federal income tax cost	$	14,644,976

Futures Contracts     

FlexShares^® Emerging Markets Quality Low Volatility Index Fund had the following open futures contracts as of April 30, 2021:    

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
MSCI Emerging Markets E-Mini Index		2		06/18/2021		USD	$	133,660	$	1,536

* 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.

68 FLEXSHARES SEMIANNUAL REPORT

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, 2021:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
HKD	1,100,000	BNP Paribas SA	USD	141,502		06/16/2021	$	143
HKD	460,000	Morgan Stanley	USD	59,096		06/16/2021		137
USD	167,493	Citibank NA	HKD	1,300,000		06/16/2021		94
Total unrealized appreciation							$	374
USD	15,436	Toronto-Dominion Bank (The)	HKD	120,000		06/16/2021	$	(16	)
Total unrealized depreciation							$	(16	)
Net unrealized appreciation							$	358

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, 2021:

Brazil	1.8	%
Chile	1.0
China	31.7
Colombia	0.5
Egypt	0.7
Hungary	0.6
India	6.2
Indonesia	1.4
Malaysia	5.4
Mexico	2.3
Morocco	0.8
Peru	0.5
Philippines	2.1
Qatar	3.1
Russia	3.0
Saudi Arabia	0.8
South Africa	2.5
South Korea	10.5
Taiwan	18.0
Thailand	4.2
Turkey	1.0
United Arab Emirates	1.1
Other1	0.8
	100.0	%

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

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 69

Schedule of Investments

FlexShares^® Morningstar US Market Factor Tilt Index Fund

April 30, 2021 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.1%
Aerospace & Defense – 1.4%
AAR Corp.*		3,000	$	120,720
Aerojet Rocketdyne Holdings, Inc.		5,400		252,288
AeroVironment, Inc.* (a)		800		88,296
Axon Enterprise, Inc.*		4,000		606,440
Boeing Co. (The)*		19,000		4,451,890
BWX Technologies, Inc.		3,800		254,296
Cubic Corp.(a)		1,600		119,744
Curtiss-Wright Corp.		1,600		204,640
Ducommun, Inc.*		200		11,786
General Dynamics Corp.		7,600		1,445,748
HEICO Corp.(a)		1,200		168,960
HEICO Corp., Class A(a)		2,000		252,560
Hexcel Corp.*		2,800		157,948
Howmet Aerospace, Inc.*		13,200		421,872
Huntington Ingalls Industries, Inc.		1,400		297,248
Kaman Corp.(a)		1,000		53,350
Kratos Defense & Security Solutions, Inc.*		8,200		219,268
L3Harris Technologies, Inc.		6,800		1,422,764
Lockheed Martin Corp.		8,200		3,120,592
Maxar Technologies, Inc.(a)		5,000		194,050
Mercury Systems, Inc.*		1,800		135,432
Moog, Inc., Class A		7,800		675,090
National Presto Industries, Inc.(a)		200		20,576
Northrop Grumman Corp.		5,200		1,843,088
PAE, Inc.* (a)		7,200		64,584
Parsons Corp.* (a)		600		26,598
Raytheon Technologies Corp.		50,600		4,211,944
Spirit AeroSystems Holdings, Inc., Class A		5,000		228,450
Teledyne Technologies, Inc.*		1,000		447,750
Textron, Inc.		8,400		539,616
TransDigm Group, Inc.*		1,400		859,236
Triumph Group, Inc.*		13,400		226,728
Vectrus, Inc.* (a)		1,200		62,820
Virgin Galactic Holdings, Inc.* (a)		7,200		159,480
				23,365,852

Investments	Shares		Value
Air Freight & Logistics – 0.5%
Air Transport Services Group, Inc.* (a)		2,000	$	52,640
Atlas Air Worldwide Holdings, Inc.* (a)		7,400		502,534
CH Robinson Worldwide, Inc.		4,200		407,736
Echo Global Logistics, Inc.*		3,200		104,640
Expeditors International of Washington, Inc.		4,600		505,356
FedEx Corp.		8,400		2,438,604
Forward Air Corp.		1,000		88,290
Hub Group, Inc., Class A* (a)		2,800		184,016
United Parcel Service, Inc., Class B		20,000		4,077,200
XPO Logistics, Inc.*		3,000		417,360
				8,778,376
Airlines – 0.7%
Alaska Air Group, Inc.*		30,600		2,115,684
Allegiant Travel Co.*		1,000		235,730
American Airlines Group, Inc.* (a)		151,200		3,284,064
Delta Air Lines, Inc.*		20,000		938,400
Hawaiian Holdings, Inc.* (a)		12,800		321,408
JetBlue Airways Corp.*		79,400		1,616,584
SkyWest, Inc.*		13,400		665,444
Southwest Airlines Co.*		17,600		1,104,928
Spirit Airlines, Inc.* (a)		20,600		737,892
United Airlines Holdings, Inc.* (a)		8,800		478,720
				11,498,854
Auto Components – 0.4%
Adient plc*		24,200		1,121,428
American Axle & Manufacturing Holdings, Inc.*		18,200		168,896
Aptiv plc*		7,000		1,007,230
Autoliv, Inc.* (a)		2,200		221,452
BorgWarner, Inc.		6,400		310,912
Cooper Tire & Rubber Co.		4,200		239,358
Cooper-Standard Holdings, Inc.* (a)		3,400		98,736

See Accompanying Notes to the Financial Statements.

70 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Auto Components – (continued)
Dana, Inc.		10,800	$	273,240
Dorman Products, Inc.*		1,000		99,180
Fox Factory Holding Corp.*		2,000		306,460
Gentex Corp.		7,000		246,260
Gentherm, Inc.*		1,200		85,440
Goodyear Tire & Rubber Co. (The)*		48,800		839,848
LCI Industries		1,000		146,500
Lear Corp.(a)		1,800		330,912
Motorcar Parts of America, Inc.* (a)		4,400		95,040
Patrick Industries, Inc.		1,400		125,440
Standard Motor Products, Inc.		600		25,698
Tenneco, Inc., Class A*		15,600		157,092
Veoneer, Inc.* (a)		25,400		581,660
Visteon Corp.*		1,000		121,810
				6,602,592
Automobiles – 1.3%
Ford Motor Co.*		140,000		1,615,600
General Motors Co.*		44,200		2,529,124
Harley-Davidson, Inc.(a)		9,600		464,352
Tesla, Inc.*		21,200		15,040,128
Thor Industries, Inc.		13,800		1,953,942
Winnebago Industries, Inc.(a)		6,800		543,660
				22,146,806
Banks – 7.4%
1st Source Corp.(a)		5,800		276,022
Allegiance Bancshares, Inc.		600		23,760
Ameris Bancorp		15,000		811,350
Associated Banc-Corp.		32,200		704,858
Atlantic Union Bankshares Corp.		16,600		641,922
Banc of California, Inc.(a)		4,000		71,600
BancFirst Corp.(a)		600		41,706
Bancorp, Inc. (The)*		14,200		315,311
BancorpSouth Bank		25,200		745,668
Bank of America Corp.		260,200		10,545,906
Bank of Hawaii Corp.(a)		1,400		127,246
Bank OZK		30,800		1,262,492
BankUnited, Inc.(a)		23,800		1,109,318

Investments	Shares		Value
Banks – (continued)
Banner Corp.(a)		6,800	$	386,512
Berkshire Hills Bancorp, Inc.		4,200		93,198
BOK Financial Corp.(a)		8,200		721,108
Boston Private Financial Holdings, Inc.		24,600		362,112
Brookline Bancorp, Inc.(a)		3,000		48,300
Bryn Mawr Bank Corp.		600		27,576
Cadence Bancorp		2,600		57,850
Camden National Corp.		5,400		257,688
Cathay General Bancorp		15,600		631,488
Central Pacific Financial Corp.		4,200		113,190
CIT Group, Inc.		21,600		1,151,064
Citigroup, Inc.		71,600		5,100,784
Citizens Financial Group, Inc.		16,400		758,992
City Holding Co.(a)		600		46,440
Columbia Banking System, Inc.(a)		2,400		104,472
Comerica, Inc.		34,200		2,570,472
Commerce Bancshares, Inc.(a)		2,933		228,217
Community Bank System, Inc.(a)		3,600		279,468
Community Trust Bancorp, Inc.		2,200		98,032
ConnectOne Bancorp, Inc.		5,400		146,610
CrossFirst Bankshares, Inc.*		2,800		41,272
Cullen/Frost Bankers, Inc.(a)		14,000		1,680,840
Customers Bancorp, Inc.*		4,628		159,758
CVB Financial Corp.(a)		33,600		712,656
Dime Community Bancshares, Inc.		12,200		404,064
Eagle Bancorp, Inc.(a)		6,000		320,460
East West Bancorp, Inc.		35,000		2,665,250
Eastern Bankshares, Inc.		6,400		136,512
Enterprise Financial Services Corp.(a)		6,400		314,432
FB Financial Corp.		1,400		58,744
Fifth Third Bancorp		26,600		1,078,364
First Bancorp/NC		4,800		203,520
First Bancorp/PR		59,800		751,686
First Bancshares, Inc. (The)(a)		6,600		258,192
First Busey Corp.		15,000		374,700
First Citizens BancShares, Inc., Class A(a)		1,800		1,561,428
First Commonwealth Financial Corp.		26,400		382,536

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 71

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Banks – (continued)
First Financial Bancorp(a)		19,200	$	470,592
First Financial Bankshares, Inc.		7,000		343,560
First Financial Corp.		1,800		79,632
First Foundation, Inc.		10,600		252,280
First Hawaiian, Inc.		28,000		768,880
First Horizon Corp.		126,200		2,308,198
First Interstate BancSystem, Inc., Class A		2,600		122,122
First Merchants Corp.		14,600		674,666
First Midwest Bancorp, Inc.		22,600		473,922
First Republic Bank		4,600		842,904
Flushing Financial Corp.(a)		5,600		130,312
FNB Corp.(a)		69,200		891,988
Fulton Financial Corp.(a)		33,200		566,060
German American Bancorp, Inc.(a)		800		34,664
Glacier Bancorp, Inc.(a)		3,400		200,430
Great Southern Bancorp, Inc.		400		22,564
Great Western Bancorp, Inc.		9,600		317,280
Hancock Whitney Corp.		18,400		850,816
Hanmi Financial Corp.		8,000		162,400
HarborOne Bancorp, Inc.		2,400		34,344
Heartland Financial USA, Inc.		8,000		402,160
Heritage Commerce Corp.		15,800		190,706
Hilltop Holdings, Inc.(a)		18,000		633,600
Home BancShares, Inc.		37,600		1,046,408
Hope Bancorp, Inc.		22,600		339,226
Horizon Bancorp, Inc.(a)		8,000		146,720
Huntington Bancshares, Inc.(a)		40,000		612,800
Independent Bank Corp. – MA(a)		1,200		98,280
Independent Bank Corp. – MI		8,400		197,904
Independent Bank Group, Inc.		9,800		739,998
International Bancshares Corp.		15,000		710,850
Investors Bancorp, Inc.		60,600		887,184
JPMorgan Chase & Co.		103,800		15,965,478
KeyCorp		37,400		813,824
Lakeland Bancorp, Inc.		6,600		119,658
Lakeland Financial Corp.		800		52,184
Live Oak Bancshares, Inc.		1,000		63,960
M&T Bank Corp.		4,800		756,912
Midland States Bancorp, Inc.		5,000		140,900

Investments	Shares		Value
Banks – (continued)
National Bank Holdings Corp., Class A(a)		1,200	$	47,880
NBT Bancorp, Inc.		1,400		53,046
OceanFirst Financial Corp.		17,400		397,764
OFG Bancorp		16,000		379,040
Old National Bancorp		41,600		786,240
Pacific Premier Bancorp, Inc.		7,000		308,210
PacWest Bancorp		25,000		1,085,250
Park National Corp.		400		50,036
Peoples Bancorp, Inc.(a)		6,600		220,638
People’s United Financial, Inc.		94,200		1,707,846
Pinnacle Financial Partners, Inc.		19,000		1,665,160
PNC Financial Services Group, Inc. (The)		14,800		2,766,860
Popular, Inc.(a)		21,200		1,567,952
Preferred Bank		2,400		157,296
Prosperity Bancshares, Inc.		21,000		1,540,560
QCR Holdings, Inc.(a)		1,800		86,796
Regions Financial Corp.		37,000		806,600
Renasant Corp.(a)		3,800		160,094
S&T Bancorp, Inc.		2,400		79,080
Sandy Spring Bancorp, Inc.		9,800		444,528
Seacoast Banking Corp. of Florida*		5,200		189,020
ServisFirst Bancshares, Inc.(a)		1,600		101,184
Signature Bank		13,400		3,370,234
Silvergate Capital Corp., Class A*		1,000		107,220
Simmons First National Corp., Class A		22,600		644,100
South State Corp.		2,800		236,096
Southside Bancshares, Inc.(a)		1,000		40,150
Sterling Bancorp		50,000		1,256,500
Stock Yards Bancorp, Inc.(a)		800		40,928
SVB Financial Group*		1,800		1,029,294
Synovus Financial Corp.		37,000		1,733,820
TCF Financial Corp.		38,000		1,729,760
Texas Capital Bancshares, Inc.*		3,600		247,068
Tompkins Financial Corp.(a)		400		31,260
Towne Bank		14,800		458,504
TriCo Bancshares		800		37,024
TriState Capital Holdings, Inc.* (a)		3,000		71,610

See Accompanying Notes to the Financial Statements.

72 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Banks – (continued)
Triumph Bancorp, Inc.*		600	$	53,178
Truist Financial Corp.		47,000		2,787,570
Trustmark Corp.		17,000		550,970
UMB Financial Corp.		1,400		135,842
Umpqua Holdings Corp.		47,600		887,264
United Bankshares, Inc.(a)		28,600		1,123,122
United Community Banks, Inc.		23,000		752,560
Univest Financial Corp.		6,200		173,166
US Bancorp		47,800		2,836,930
Valley National Bancorp(a)		91,200		1,255,824
Veritex Holdings, Inc.		14,600		493,188
Washington Trust Bancorp, Inc.		5,600		285,880
Webster Financial Corp.(a)		19,800		1,047,618
Wells Fargo & Co.		110,000		4,955,500
WesBanco, Inc.(a)		13,600		493,544
Westamerica Bancorp		800		50,720
Western Alliance Bancorp		25,000		2,626,750
Wintrust Financial Corp.		12,600		971,460
Zions Bancorp NA		37,200		2,075,760
				123,623,006
Beverages – 0.9%
Boston Beer Co., Inc. (The), Class A*		200		243,298
Brown-Forman Corp., Class A(a)		1,600		114,160
Brown-Forman Corp., Class B		5,000		381,400
Coca-Cola Co. (The)		103,800		5,603,124
Coca-Cola Consolidated, Inc.		200		58,650
Constellation Brands, Inc., Class A		6,000		1,441,920
Keurig Dr Pepper, Inc.		21,800		781,530
Molson Coors Beverage Co., Class B* (a)		7,600		417,620
Monster Beverage Corp.*		10,400		1,009,320
National Beverage Corp.		800		38,872
PepsiCo, Inc.		37,000		5,333,920
				15,423,814
Biotechnology – 2.4%
AbbVie, Inc.		60,400		6,734,600
ACADIA Pharmaceuticals, Inc.*		3,200		65,792

Investments	Shares		Value
Biotechnology – (continued)
Acceleron Pharma, Inc.*		3,200	$	399,904
Adverum Biotechnologies, Inc.* (a)		16,600		64,740
Agenus, Inc.* (a)		2,400		7,416
Agios Pharmaceuticals, Inc.* (a)		1,000		55,800
Akebia Therapeutics, Inc.* (a)		57,600		183,744
Alector, Inc.* (a)		5,400		105,300
Alexion Pharmaceuticals, Inc.*		7,800		1,315,704
Alkermes plc*		5,400		118,827
Alnylam Pharmaceuticals, Inc.*		4,000		562,560
Altimmune, Inc.* (a)		7,000		101,290
Amgen, Inc.		19,800		4,744,872
Amicus Therapeutics, Inc.* (a)		8,200		80,688
Anika Therapeutics, Inc.* (a)		600		24,108
Apellis Pharmaceuticals, Inc.* (a)		5,000		253,350
Arcus Biosciences, Inc.* (a)		5,200		175,500
Ardelyx, Inc.* (a)		13,000		95,030
Arena Pharmaceuticals, Inc.* (a)		4,600		315,698
Arrowhead Pharmaceuticals, Inc.*		3,600		261,936
Assembly Biosciences, Inc.* (a)		1,800		7,704
Athenex, Inc.* (a)		20,200		81,002
Avita Medical, Inc.* (a)		6,800		140,352
BioCryst Pharmaceuticals, Inc.* (a)		17,400		202,449
Biogen, Inc.*		5,000		1,336,650
BioMarin Pharmaceutical, Inc.* (a)		3,400		264,928
Bioxcel Therapeutics, Inc.* (a)		1,200		40,764
Blueprint Medicines Corp.* (a)		1,800		173,376
Cardiff Oncology, Inc.* (a)		10,200		101,286
CareDx, Inc.*		3,400		268,838
Catalyst Pharmaceuticals, Inc.*		41,400		189,612
ChemoCentryx, Inc.* (a)		1,400		67,662
Clovis Oncology, Inc.* (a)		34,800		206,712
Coherus Biosciences, Inc.* (a)		18,400		272,320
Crinetics Pharmaceuticals, Inc.* (a)		8,600		148,866
CRISPR Therapeutics AG* (a)		3,400		446,318
Cue Biopharma, Inc.* (a)		2,400		29,112

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 73

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Biotechnology – (continued)
Cytokinetics, Inc.* (a)		2,200	$	55,968
Deciphera Pharmaceuticals, Inc.*		600		27,822
Denali Therapeutics, Inc.* (a)		2,200		132,968
Dicerna Pharmaceuticals, Inc.*		2,400		74,856
Dynavax Technologies Corp.*		1,000		9,980
Editas Medicine, Inc.* (a)		1,800		66,618
Eiger BioPharmaceuticals, Inc.* (a)		4,200		35,658
Emergent BioSolutions, Inc.*		2,600		158,548
Enanta Pharmaceuticals, Inc.*		2,000		101,480
Epizyme, Inc.* (a)		2,600		20,306
Esperion Therapeutics, Inc.* (a)		5,400		145,530
Exact Sciences Corp.*		4,800		632,736
Exelixis, Inc.*		10,000		246,200
Fate Therapeutics, Inc.* (a)		4,400		384,516
FibroGen, Inc.*		600		13,392
Flexion Therapeutics, Inc.*		3,800		29,488
G1 Therapeutics, Inc.* (a)		10,400		219,128
Gilead Sciences, Inc.		40,600		2,576,882
Global Blood Therapeutics, Inc.* (a)		4,800		195,744
Halozyme Therapeutics, Inc.* (a)		8,000		399,600
Heron Therapeutics, Inc.* (a)		600		10,488
Homology Medicines, Inc.* (a)		8,000		54,160
Ideaya Biosciences, Inc.*		2,600		53,430
ImmunoGen, Inc.*		8,600		69,316
Immunovant, Inc.* (a)		4,400		68,992
Incyte Corp.*		6,600		563,508
Insmed, Inc.*		7,000		236,110
Intellia Therapeutics, Inc.* (a)		4,200		322,434
Intercept Pharmaceuticals, Inc.* (a)		4,200		83,076
Invitae Corp.* (a)		6,000		209,400
Ionis Pharmaceuticals, Inc.* (a)		6,200		265,484
Iovance Biotherapeutics, Inc.* (a)		3,800		119,472
Ironwood Pharmaceuticals, Inc.* (a)		5,400		59,616
Jounce Therapeutics, Inc.*		5,600		52,808
Kadmon Holdings, Inc.* (a)		37,200		151,032

Investments	Shares		Value
Biotechnology – (continued)
Karyopharm Therapeutics, Inc.* (a)		1,800	$	16,812
Kodiak Sciences, Inc.* (a)		800		96,672
Ligand Pharmaceuticals, Inc.*		600		87,534
Madrigal Pharmaceuticals, Inc.* (a)		600		81,660
Mersana Therapeutics, Inc.* (a)		3,600		57,348
Mirati Therapeutics, Inc.*		1,000		166,220
Moderna, Inc.*		8,600		1,537,852
Molecular Templates, Inc.* (a)		4,800		44,928
Myriad Genetics, Inc.*		3,400		102,748
Natera, Inc.* (a)		4,600		506,092
Neurocrine Biosciences, Inc.*		2,600		245,674
Nkarta, Inc.*		800		25,480
Novavax, Inc.*		3,400		805,562
OPKO Health, Inc.* (a)		33,400		136,940
Precision BioSciences, Inc.* (a)		1,000		9,290
Prothena Corp. plc* (a)		1,600		42,464
PTC Therapeutics, Inc.* (a)		2,000		82,420
Radius Health, Inc.*		7,800		173,940
Regeneron Pharmaceuticals, Inc.*		3,000		1,443,900
REVOLUTION Medicines, Inc.* (a)		3,600		119,484
Rhythm Pharmaceuticals, Inc.*		1,200		25,872
Rigel Pharmaceuticals, Inc.* (a)		37,200		138,384
Rocket Pharmaceuticals, Inc.* (a)		3,000		137,520
Sage Therapeutics, Inc.*		1,600		126,016
Sangamo Therapeutics, Inc.* (a)		4,000		47,120
Sarepta Therapeutics, Inc.* (a)		2,000		141,680
Seagen, Inc.*		4,200		603,792
Seres Therapeutics, Inc.* (a)		7,200		149,832
Sorrento Therapeutics, Inc.* (a)		21,200		174,476
Spectrum Pharmaceuticals, Inc.* (a)		8,400		26,124
Sutro Biopharma, Inc.* (a)		1,800		36,918
TG Therapeutics, Inc.* (a)		3,200		143,072
Translate Bio, Inc.*		6,600		153,252
Travere Therapeutics, Inc.*		1,200		29,664
Twist Bioscience Corp.* (a)		1,400		187,866

See Accompanying Notes to the Financial Statements.

74 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Biotechnology – (continued)
Ultragenyx Pharmaceutical, Inc.* (a)		2,200	$	245,608
United Therapeutics Corp.*		10,800		2,176,848
Vanda Pharmaceuticals, Inc.*		1,600		26,560
Veracyte, Inc.*		5,600		278,600
Vericel Corp.*		3,800		237,196
Vertex Pharmaceuticals, Inc.*		6,600		1,440,120
Viking Therapeutics, Inc.* (a)		19,400		123,966
Vir Biotechnology, Inc.* (a)		5,400		257,796
Voyager Therapeutics, Inc.* (a)		1,000		4,820
XBiotech, Inc.*		600		10,248
Xencor, Inc.*		1,400		59,584
Y-mAbs Therapeutics, Inc.*		3,000		90,210
ZIOPHARM Oncology, Inc.* (a)		5,000		17,300
				40,365,020
Building Products – 0.8%
A O Smith Corp.		3,800		257,450
AAON, Inc.(a)		1,400		91,574
Advanced Drainage Systems, Inc.		1,800		200,988
Allegion plc		3,000		403,140
American Woodmark Corp.*		4,800		477,408
Apogee Enterprises, Inc.(a)		5,400		189,702
Armstrong World Industries, Inc.		2,200		228,030
AZEK Co., Inc. (The)*		4,800		231,744
Builders FirstSource, Inc.* (a)		48,600		2,365,362
Carrier Global Corp.		29,000		1,263,820
Cornerstone Building Brands, Inc.* (a)		12,800		179,968
Fortune Brands Home & Security, Inc.		4,600		482,908
Gibraltar Industries, Inc.*		1,000		91,860
Griffon Corp.		7,200		195,264
Insteel Industries, Inc.		400		15,252
JELD-WEN Holding, Inc.*		19,000		554,230
Johnson Controls International plc		26,000		1,620,840
Lennox International, Inc.(a)		1,000		335,340
Masco Corp.		7,800		498,264

Investments	Shares		Value
Building Products – (continued)
Masonite International Corp.*		800	$	101,032
Owens Corning		4,600		445,326
PGT Innovations, Inc.* (a)		6,600		173,778
Quanex Building Products Corp.(a)		4,800		130,992
Resideo Technologies, Inc.*		29,800		894,298
Simpson Manufacturing Co., Inc.		1,600		180,320
Trane Technologies plc		6,200		1,077,746
Trex Co., Inc.*		4,000		431,960
UFP Industries, Inc.		2,000		168,080
				13,286,676
Capital Markets – 2.9%
Affiliated Managers Group, Inc.		10,800		1,740,636
Ameriprise Financial, Inc.		4,200		1,085,280
Apollo Global Management, Inc.(a)		5,400		298,998
Ares Management Corp.		4,000		210,080
Artisan Partners Asset Management, Inc., Class A		3,200		162,944
B. Riley Financial, Inc.(a)		4,200		299,418
Bank of New York Mellon Corp. (The)		26,000		1,296,880
BGC Partners, Inc., Class A		48,000		254,400
BlackRock, Inc.		4,800		3,932,640
Blackstone Group, Inc. (The), Class A		17,400		1,539,726
Blucora, Inc.*		16,600		238,957
Brightsphere Investment Group, Inc.		6,800		153,068
Carlyle Group, Inc. (The)		1,800		76,788
Charles Schwab Corp. (The)		40,317		2,838,317
CME Group, Inc.		9,800		1,979,502
Cohen & Steers, Inc.		800		54,416
Cowen, Inc., Class A(a)		8,800		347,512
Evercore, Inc., Class A		2,600		364,338
FactSet Research Systems, Inc.		1,000		336,220
Federated Hermes, Inc., Class B		20,000		576,000
Focus Financial Partners, Inc., Class A*		8,600		404,716
Franklin Resources, Inc.(a)		11,600		348,000

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 75

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Capital Markets – (continued)
Goldman Sachs Group, Inc. (The)		11,800	$	4,111,710
Hamilton Lane, Inc., Class A		1,000		90,450
Houlihan Lokey, Inc.		1,800		119,286
Interactive Brokers Group, Inc., Class A		3,000		214,560
Intercontinental Exchange, Inc.		14,800		1,742,108
Invesco Ltd.		93,200		2,516,400
Janus Henderson Group plc(a)		37,400		1,286,186
KKR & Co., Inc.		15,000		848,700
LPL Financial Holdings, Inc.		3,400		532,780
MarketAxess Holdings, Inc.		1,000		488,460
Moelis & Co., Class A		1,600		86,848
Moody’s Corp.		4,200		1,372,182
Morgan Stanley		51,497		4,251,077
Morningstar, Inc.(a)		600		159,006
MSCI, Inc.		2,200		1,068,694
Nasdaq, Inc.		3,200		516,928
Northern Trust Corp.(b)		7,600		864,880
Piper Sandler Cos.		3,600		417,564
PJT Partners, Inc., Class A(a)		400		29,412
Raymond James Financial, Inc.		4,000		523,120
S&P Global, Inc.		6,400		2,498,496
SEI Investments Co.		3,400		208,896
State Street Corp.		12,000		1,007,400
StepStone Group, Inc., Class A		600		19,980
Stifel Financial Corp.		23,400		1,619,046
StoneX Group, Inc.*		5,000		317,600
T. Rowe Price Group, Inc.		6,200		1,111,040
Tradeweb Markets, Inc., Class A		6,600		536,448
Victory Capital Holdings, Inc., Class A(a)		1,200		33,300
Virtu Financial, Inc., Class A		21,600		640,008
Virtus Investment Partners, Inc.		2,000		546,920
Waddell & Reed Financial, Inc., Class A(a)		16,000		399,680
				48,718,001
Chemicals – 1.7%
AdvanSix, Inc.* (a)		9,200		267,536
Air Products and Chemicals, Inc.		5,800		1,673,184

Investments	Shares		Value
Chemicals – (continued)
Albemarle Corp.		3,400	$	571,778
American Vanguard Corp.(a)		200		3,956
Amyris, Inc.* (a)		7,400		107,744
Ashland Global Holdings, Inc.		2,200		189,662
Avient Corp.(a)		3,000		152,310
Axalta Coating Systems Ltd.*		8,200		261,498
Balchem Corp.		2,200		279,818
Cabot Corp.		14,000		768,320
Celanese Corp.		4,000		626,600
CF Industries Holdings, Inc.		5,400		262,602
Chase Corp.(a)		400		47,376
Chemours Co. (The)		41,600		1,256,320
Corteva, Inc.		19,600		955,696
Dow, Inc.		21,600		1,350,000
DuPont de Nemours, Inc.		18,193		1,402,862
Eastman Chemical Co.		4,600		530,794
Ecolab, Inc.		6,600		1,479,192
Element Solutions, Inc.		55,600		1,216,528
Ferro Corp.*		6,800		113,288
FMC Corp.		3,600		425,664
FutureFuel Corp.(a)		1,800		22,860
Hawkins, Inc.		800		26,680
HB Fuller Co.		1,600		106,912
Huntsman Corp.		12,800		366,976
Ingevity Corp.*		1,600		124,928
Innospec, Inc.		800		77,928
International Flavors & Fragrances, Inc.		6,801		966,898
Koppers Holdings, Inc.*		7,200		239,328
Kraton Corp.*		3,800		135,888
Kronos Worldwide, Inc.		4,800		81,600
Linde plc		14,200		4,058,928
Livent Corp.* (a)		4,000		72,080
LyondellBasell Industries NV, Class A		9,400		975,156
Minerals Technologies, Inc.		9,000		703,260
Mosaic Co. (The)		9,000		316,620
NewMarket Corp.		200		69,318
Olin Corp.		36,600		1,574,898
PPG Industries, Inc.		6,000		1,027,440
PQ Group Holdings, Inc.(a)		10,600		148,400
Quaker Chemical Corp.		200		48,470
RPM International, Inc.		3,600		341,424

See Accompanying Notes to the Financial Statements.

76 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Chemicals – (continued)
Scotts Miracle-Gro Co. (The)		1,200	$	277,392
Sensient Technologies Corp.		1,400		115,136
Sherwin-Williams Co. (The)		6,600		1,807,542
Stepan Co.		600		78,396
Tredegar Corp.(a)		800		11,696
Trinseo SA		3,400		210,494
Tronox Holdings plc, Class A(a)		9,600		203,520
Valvoline, Inc.(a)		7,000		219,800
W R Grace & Co.		2,400		164,952
Westlake Chemical Corp.(a)		400		37,556
				28,555,204
Commercial Services & Supplies – 0.7%
ABM Industries, Inc.		15,000		771,150
ACCO Brands Corp.		29,200		250,536
ADT, Inc.(a)		24,600		226,320
Brady Corp., Class A		1,600		87,312
BrightView Holdings, Inc.*		8,800		157,784
Brink’s Co. (The)(a)		1,600		127,872
Casella Waste Systems, Inc., Class A*		1,400		93,954
Cimpress plc* (a)		5,400		514,404
Cintas Corp.		2,400		828,336
Clean Harbors, Inc.*		1,800		160,128
Copart, Inc.*		5,600		697,256
CoreCivic, Inc., REIT*		14,200		110,334
Covanta Holding Corp.		3,800		57,152
Deluxe Corp.(a)		7,400		325,748
Ennis, Inc.		8,200		169,986
Harsco Corp.*		1,000		17,930
Healthcare Services Group, Inc.(a)		6,400		191,680
Herman Miller, Inc.		15,600		647,400
HNI Corp.(a)		4,000		169,360
IAA, Inc.*		2,800		175,868
Interface, Inc.		16,800		215,712
KAR Auction Services, Inc.* (a)		34,200		512,658
Kimball International, Inc., Class B		1,400		20,412
Knoll, Inc.		7,400		176,860

Investments	Shares		Value
Commercial Services & Supplies – (continued)
Matthews International Corp., Class A		5,200	$	215,176
MSA Safety, Inc.(a)		2,200		353,672
Pitney Bowes, Inc.		21,400		159,858
Republic Services, Inc.		5,800		616,540
Rollins, Inc.(a)		5,400		201,312
SP Plus Corp.*		7,600		260,908
Steelcase, Inc., Class A		15,800		218,040
Stericycle, Inc.*		5,600		427,168
Tetra Tech, Inc.		2,200		280,786
UniFirst Corp.(a)		600		134,514
US Ecology, Inc.* (a)		1,000		42,460
Viad Corp.*		2,600		108,316
Waste Management, Inc.		10,600		1,462,482
				11,187,384
Communications Equipment – 0.8%
Arista Networks, Inc.*		1,400		441,238
Calix, Inc.*		4,400		186,076
Casa Systems, Inc.*		1,400		10,983
Ciena Corp.*		7,400		373,478
Cisco Systems, Inc.		141,600		7,208,856
CommScope Holding Co., Inc.* (a)		41,800		687,610
Comtech Telecommunications Corp.		9,600		230,208
EchoStar Corp., Class A*		7,400		180,930
Extreme Networks, Inc.*		16,800		191,184
F5 Networks, Inc.*		1,600		298,816
Harmonic, Inc.*		3,200		25,024
Infinera Corp.* (a)		23,000		212,060
Juniper Networks, Inc.		13,800		350,382
Lumentum Holdings, Inc.* (a)		2,600		221,130
Motorola Solutions, Inc.		5,000		941,500
NETGEAR, Inc.*		8,600		320,006
NetScout Systems, Inc.*		20,000		523,900
Plantronics, Inc.*		10,000		399,900
Ribbon Communications, Inc.*		31,800		214,650
Ubiquiti, Inc.		400		114,132
Viasat, Inc.* (a)		4,800		248,592
Viavi Solutions, Inc.*		7,600		124,336
				13,504,991

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 77

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Construction & Engineering – 0.5%
AECOM*		6,400	$	425,152
Aegion Corp.*		7,000		210,700
Ameresco, Inc., Class A* (a)		1,400		73,906
API Group Corp.* (c)		33,400		710,084
Arcosa, Inc.		1,600		96,464
Argan, Inc.		400		20,060
Comfort Systems USA, Inc.		7,400		609,464
Construction Partners, Inc., Class A*		1,200		38,076
Dycom Industries, Inc.*		1,600		150,096
EMCOR Group, Inc.		12,400		1,485,520
Fluor Corp.*		25,600		588,288
Granite Construction, Inc.		4,000		152,400
Great Lakes Dredge & Dock Corp.*		13,200		207,240
MasTec, Inc.* (a)		14,200		1,481,912
MYR Group, Inc.* (a)		3,200		249,280
Primoris Services Corp.		12,600		411,516
Quanta Services, Inc.		5,600		541,184
Sterling Construction Co., Inc.*		3,200		66,720
Tutor Perini Corp.*		12,200		196,420
Valmont Industries, Inc.		800		197,480
WillScot Mobile Mini Holdings Corp.* (a)		13,600		398,072
				8,310,034
Construction Materials – 0.1%
Eagle Materials, Inc.* (a)		2,000		276,280
Forterra, Inc.*		4,800		112,608
Martin Marietta Materials, Inc.		1,800		635,616
Summit Materials, Inc., Class A*		3,800		109,402
US Concrete, Inc.*		2,600		164,866
Vulcan Materials Co.		3,600		641,664
				1,940,436
Consumer Finance – 0.9%
Ally Financial, Inc.		14,600		751,170
American Express Co.		22,600		3,465,710
Capital One Financial Corp.		16,200		2,415,096
Credit Acceptance Corp.* (a)		600		236,874
Curo Group Holdings Corp.		4,200		60,144

Investments	Shares		Value
Consumer Finance – (continued)
Discover Financial Services		9,200	$	1,048,800
Encore Capital Group, Inc.* (a)		8,400		330,456
Enova International, Inc.*		8,200		280,768
FirstCash, Inc.		1,400		100,842
Green Dot Corp., Class A*		2,800		128,128
LendingClub Corp.* (a)		12,800		196,992
LendingTree, Inc.* (a)		600		123,894
Navient Corp.(a)		36,600		615,978
Nelnet, Inc., Class A		2,000		148,460
OneMain Holdings, Inc.		19,400		1,103,278
Oportun Financial Corp.*		1,000		21,710
PRA Group, Inc.* (a)		12,200		459,696
PROG Holdings, Inc.(a)		17,200		876,168
Santander Consumer USA Holdings, Inc.		6,800		230,792
SLM Corp.		93,200		1,832,312
Synchrony Financial		16,400		717,336
World Acceptance Corp.* (a)		400		52,296
				15,196,900
Containers & Packaging – 0.8%
Amcor plc(a)		55,800		655,650
AptarGroup, Inc.		1,600		241,296
Avery Dennison Corp.		2,000		428,340
Ball Corp.		9,000		842,760
Berry Global Group, Inc.* (a)		30,400		1,934,048
Crown Holdings, Inc.		5,200		570,960
Graphic Packaging Holding Co.		60,000		1,113,000
Greif, Inc., Class A		6,400		387,264
International Paper Co.		13,800		800,400
Myers Industries, Inc.		400		9,024
O-I Glass, Inc.*		35,400		583,746
Packaging Corp. of America		3,600		531,540
Ranpak Holdings Corp.*		14,000		269,220
Sealed Air Corp.		38,200		1,887,080
Silgan Holdings, Inc.		16,800		708,456
Sonoco Products Co.		22,800		1,492,488
Westrock Co.		10,200		568,650
				13,023,922

See Accompanying Notes to the Financial Statements.

78 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Distributors – 0.1%
Core-Mark Holding Co., Inc.		1,600	$	68,096
Genuine Parts Co.		4,400		549,868
LKQ Corp.*		11,200		523,152
Pool Corp.		1,000		422,520
				1,563,636
Diversified Consumer Services – 0.3%
Adtalem Global Education, Inc.*		12,000		411,720
American Public Education, Inc.*		400		12,184
Bright Horizons Family Solutions, Inc.*		1,600		231,728
Chegg, Inc.* (a)		3,800		343,254
frontdoor, Inc.*		3,000		160,590
Graham Holdings Co., Class B		1,000		635,610
Grand Canyon Education, Inc.*		2,000		216,580
H&R Block, Inc.		37,400		832,524
Houghton Mifflin Harcourt Co.* (a)		39,800		361,384
Laureate Education, Inc., Class A*		27,400		376,750
OneSpaWorld Holdings Ltd.* (a)		10,200		108,681
Perdoceo Education Corp.* (a)		6,400		74,624
Service Corp. International(a)		5,000		267,200
Strategic Education, Inc.(a)		4,400		330,264
Stride, Inc.* (a)		1,400		40,082
Terminix Global Holdings, Inc.*		5,400		274,806
WW International, Inc.* (a)		10,600		294,044
				4,972,025
Diversified Financial Services – 1.3%
Berkshire Hathaway, Inc., Class B*		64,800		17,816,760
Cannae Holdings, Inc.*		21,600		857,520
Equitable Holdings, Inc.(a)		16,200		554,526
Jefferies Financial Group, Inc.		51,200		1,664,512
Voya Financial, Inc.		5,400		366,228
				21,259,546

Investments	Shares		Value
Diversified Telecommunication Services – 1.1%
Anterix, Inc.*		400	$	18,928
AT&T, Inc.		237,200		7,450,452
ATN International, Inc.		400		18,232
Bandwidth, Inc., Class A*		400		52,880
Cincinnati Bell, Inc.*		11,400		175,902
Cogent Communications Holdings, Inc.		4,000		302,040
Consolidated Communications Holdings, Inc.* (a)		21,000		151,200
Iridium Communications, Inc.*		7,800		296,322
Liberty Latin America Ltd., Class A*		9,600		133,296
Liberty Latin America Ltd., Class C*		30,000		418,500
Lumen Technologies, Inc.(a)		26,600		341,278
ORBCOMM, Inc.*		29,000		332,340
Verizon Communications, Inc.		138,400		7,998,136
Vonage Holdings Corp.*		7,800		105,690
				17,795,196
Electric Utilities – 1.2%
ALLETE, Inc.		1,600		112,576
Alliant Energy Corp.		8,200		460,594
American Electric Power Co., Inc.		17,600		1,561,296
Avangrid, Inc.(a)		1,000		50,900
Duke Energy Corp.		25,600		2,577,664
Edison International		10,800		642,060
Entergy Corp.		6,200		677,598
Evergy, Inc.		6,200		396,614
Eversource Energy		8,400		724,248
Exelon Corp.		33,400		1,500,996
FirstEnergy Corp.		19,400		735,648
Hawaiian Electric Industries, Inc.(a)		7,400		318,644
IDACORP, Inc.		3,200		327,936
MGE Energy, Inc.(a)		1,200		89,772
NextEra Energy, Inc.		54,600		4,232,046
NRG Energy, Inc.		10,200		365,364
OGE Energy Corp.(a)		3,000		100,680
Otter Tail Corp.(a)		800		37,784
PG&E Corp.*		55,600		629,392
Pinnacle West Capital Corp.		3,600		304,740

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 79

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Electric Utilities – (continued)
PNM Resources, Inc.		5,400	$	266,544
Portland General Electric Co.		6,200		315,332
PPL Corp.		23,600		687,468
Southern Co. (The)		36,800		2,435,056
Xcel Energy, Inc.		14,400		1,026,720
				20,577,672
Electrical Equipment – 0.8%
Acuity Brands, Inc.(a)		9,200		1,706,784
AMETEK, Inc.		5,800		782,594
Array Technologies, Inc.*		400		11,264
Atkore, Inc.*		12,200		955,016
AZZ, Inc.		200		10,528
Bloom Energy Corp., Class A* (a)		4,800		124,656
Eaton Corp. plc		14,000		2,001,020
Emerson Electric Co.		21,000		1,900,290
Encore Wire Corp.		800		59,744
EnerSys		1,400		128,212
FuelCell Energy, Inc.* (a)		23,400		227,214
Generac Holdings, Inc.*		1,800		583,110
GrafTech International Ltd.		37,800		480,816
Hubbell, Inc.(a)		1,400		268,814
nVent Electric plc		43,200		1,315,440
Plug Power, Inc.*		22,800		650,028
Regal Beloit Corp.		2,600		375,518
Rockwell Automation, Inc.		3,200		845,632
Sensata Technologies Holding plc*		4,800		277,152
Sunrun, Inc.* (a)		3,400		166,600
Thermon Group Holdings, Inc.*		1,000		19,100
TPI Composites, Inc.*		600		31,890
Vicor Corp.* (a)		800		73,784
				12,995,206
Electronic Equipment, Instruments & Components – 1.2%
Amphenol Corp., Class A		17,200		1,158,248
Arlo Technologies, Inc.*		27,000		165,510
Arrow Electronics, Inc.*		18,600		2,121,702
Avnet, Inc.		20,400		895,968
Badger Meter, Inc.		1,000		93,390
Belden, Inc.		13,400		579,952

Investments	Shares		Value
Electronic Equipment, Instruments & Components – (continued)
Benchmark Electronics, Inc.		1,200	$	36,024
CDW Corp.		3,600		641,988
Cognex Corp.		4,600		396,152
Coherent, Inc.*		800		207,992
Corning, Inc.		27,800		1,229,038
CTS Corp.(a)		1,200		39,024
Dolby Laboratories, Inc., Class A		3,200		324,704
ePlus, Inc.*		4,000		401,440
Fabrinet*		1,200		102,744
FARO Technologies, Inc.*		600		45,507
Flex Ltd.* (a)		21,000		365,400
FLIR Systems, Inc.		8,000		479,760
II-VI, Inc.* (a)		3,600		241,704
Insight Enterprises, Inc.* (a)		9,200		923,404
IPG Photonics Corp.*		1,000		217,110
Itron, Inc.*		2,800		251,832
Jabil, Inc.		33,600		1,761,312
Keysight Technologies, Inc.*		5,000		721,750
Knowles Corp.*		3,000		62,700
Littelfuse, Inc.		1,000		265,240
Methode Electronics, Inc.(a)		10,600		476,258
National Instruments Corp.		8,200		339,562
nLight, Inc.*		400		11,736
Novanta, Inc.*		2,200		289,762
OSI Systems, Inc.* (a)		600		57,942
PC Connection, Inc.(a)		400		18,140
Plexus Corp.*		1,000		92,440
Rogers Corp.*		600		117,504
Sanmina Corp.*		17,600		718,784
ScanSource, Inc.*		3,600		108,828
SYNNEX Corp.		1,600		193,920
TE Connectivity Ltd.		9,200		1,237,124
Trimble, Inc.*		7,000		574,000
TTM Technologies, Inc.* (a)		24,800		372,000
Vishay Intertechnology, Inc.		7,200		176,904
Vontier Corp.*		5,600		175,504
Zebra Technologies Corp., Class A*		1,400		682,836
				19,372,839

See Accompanying Notes to the Financial Statements.

80 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares			Value
COMMON STOCKS – (continued)
Energy Equipment & Services – 0.4%
Archrock, Inc.		14,400		$	134,496
Baker Hughes Co.		24,400			489,952
Cactus, Inc., Class A(a)		2,000			59,620
ChampionX Corp.*		48,800			1,025,288
Core Laboratories NV		2,600			73,268
Frank’s International NV*		50,400			163,800
Halliburton Co.		24,800			485,088
Helix Energy Solutions Group, Inc.*		18,400			78,936
Helmerich & Payne, Inc.(a)		28,200			722,766
Liberty Oilfield Services, Inc., Class A* (a)		16,200			189,540
Nabors Industries Ltd.*		—	(d)		21
NexTier Oilfield Solutions, Inc.*		18,600			66,774
NOV, Inc.*		84,400			1,261,780
Oceaneering International, Inc.*		18,800			202,100
Patterson-UTI Energy, Inc.(a)		31,800			214,968
ProPetro Holding Corp.*		14,000			134,820
RPC, Inc.* (a)		15,200			73,872
Schlumberger NV		43,000			1,163,150
Transocean Ltd.* (a)		130,400			419,888
					6,960,127
Entertainment – 1.4%
Activision Blizzard, Inc.		20,800			1,896,752
Cinemark Holdings, Inc.* (a)		27,200			576,640
Electronic Arts, Inc.		7,800			1,108,224
IMAX Corp.*		2,400			49,488
Liberty Media Corp-Liberty Formula One, Class A*		2,200			91,124
Liberty Media Corp-Liberty Formula One, Class C*		6,000			281,640
Lions Gate Entertainment Corp., Class A*		18,400			266,248
Lions Gate Entertainment Corp., Class B*		35,800			451,080
Live Nation Entertainment, Inc.* (a)		3,800			311,144
Madison Square Garden Entertainment Corp.*		200			18,122
Madison Square Garden Sports Corp., Class A*		1,200			221,808

Investments	Shares		Value
Entertainment – (continued)
Netflix, Inc.*		12,000	$	6,161,640
Roku, Inc.*		2,800		960,316
Take-Two Interactive Software, Inc.*		3,800		666,444
Walt Disney Co. (The)*		49,600		9,226,592
Warner Music Group Corp., Class A		800		30,368
World Wrestling Entertainment, Inc., Class A(a)		1,600		88,176
Zynga, Inc., Class A* (a)		26,200		283,484
				22,689,290
Equity Real Estate Investment Trusts (REITs) – 3.2%
Acadia Realty Trust		4,400		91,916
Agree Realty Corp.		3,800		267,368
Alexander & Baldwin, Inc.		6,200		113,646
Alexander’s, Inc.		200		55,448
Alexandria Real Estate Equities, Inc.		3,400		615,740
American Assets Trust, Inc.		600		21,030
American Campus Communities, Inc.		5,400		244,134
American Finance Trust, Inc.		29,400		294,294
American Homes 4 Rent, Class A		7,000		259,280
American Tower Corp.		11,600		2,955,332
Americold Realty Trust(a)		5,200		210,028
Apartment Investment & Management Co., Class A		2,657		18,440
Apple Hospitality REIT, Inc.(a)		6,000		95,160
Armada Hoffler Properties, Inc.		2,000		27,260
AvalonBay Communities, Inc.		4,000		768,000
Boston Properties, Inc.		4,400		481,140
Brandywine Realty Trust		46,200		625,086
Brixmor Property Group, Inc.		11,600		259,144
Brookfield Property REIT, Inc., Class A(a)		13,600		244,596
Camden Property Trust		2,600		313,248
CareTrust REIT, Inc.		3,200		77,376
CatchMark Timber Trust, Inc., Class A(a)		2,200		25,586
Chatham Lodging Trust*		7,800		108,186
City Office REIT, Inc.(a)		6,600		72,138
Colony Capital, Inc.* (a)		106,000		742,000

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 81

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
Columbia Property Trust, Inc.		6,200	$	111,662
Community Healthcare Trust, Inc.		800		40,736
CoreSite Realty Corp.		2,600		315,874
Corporate Office Properties Trust		10,200		286,008
Cousins Properties, Inc.		6,200		227,354
Crown Castle International Corp.		12,000		2,268,720
CubeSmart(a)		11,600		491,144
CyrusOne, Inc.		3,000		218,490
DiamondRock Hospitality Co.*		18,600		193,812
Digital Realty Trust, Inc.		8,600		1,327,066
Diversified Healthcare Trust		47,800		211,037
Douglas Emmett, Inc.(a)		6,200		207,948
Duke Realty Corp.		10,000		465,200
Easterly Government Properties, Inc.(a)		7,200		154,296
EastGroup Properties, Inc.		2,400		380,784
Empire State Realty Trust, Inc., Class A(a)		40,400		460,156
EPR Properties*		15,600		744,276
Equinix, Inc.		2,400		1,729,824
Equity Commonwealth		24,400		702,720
Equity LifeStyle Properties, Inc.		5,000		347,000
Equity Residential		8,200		608,686
Essential Properties Realty Trust, Inc.(a)		3,000		78,570
Essex Property Trust, Inc.		1,600		464,832
Extra Space Storage, Inc.		3,600		535,284
Federal Realty Investment Trust(a)		3,400		383,656
First Industrial Realty Trust, Inc.		8,200		408,114
Four Corners Property Trust, Inc.(a)		2,400		69,288
Franklin Street Properties Corp.(a)		29,800		157,344
Gaming and Leisure Properties, Inc.		7,963		370,200
GEO Group, Inc. (The)(a)		13,200		72,732
Getty Realty Corp.		800		25,264
Global Net Lease, Inc.		8,400		161,280

Investments	Shares			Value
Equity Real Estate Investment Trusts (REITs) – (continued)
Healthcare Realty Trust, Inc.		8,800		$	283,008
Healthcare Trust of America, Inc., Class A		12,400			364,188
Healthpeak Properties, Inc.		13,600			467,024
Highwoods Properties, Inc.(a)		24,600			1,101,834
Host Hotels & Resorts, Inc.*		19,000			345,040
Hudson Pacific Properties, Inc.		6,800			191,148
Independence Realty Trust, Inc.		3,200			53,888
Industrial Logistics Properties Trust(a)		18,400			456,320
Innovative Industrial Properties, Inc.(a)		1,000			183,130
Invitation Homes, Inc.		14,800			518,888
Iron Mountain, Inc.(a)		7,800			312,936
iStar, Inc.(a)		6,400			118,464
JBG SMITH Properties		7,800			254,358
Kilroy Realty Corp.		5,800			397,532
Kimco Realty Corp.		17,400			365,400
Kite Realty Group Trust(a)		3,600			74,916
Lamar Advertising Co., Class A		4,000			396,160
Lexington Realty Trust(a)		8,000			97,920
Life Storage, Inc.		4,497			431,982
LTC Properties, Inc.(a)		1,400			59,542
Macerich Co. (The)(a)		25,800			355,782
Medical Properties Trust, Inc.		25,400			560,070
Mid-America Apartment Communities, Inc.		3,200			503,456
Monmouth Real Estate Investment Corp.		3,600			66,528
National Health Investors, Inc.		11,600			851,556
National Retail Properties, Inc.		7,200			334,224
National Storage Affiliates Trust		2,000			90,880
NexPoint Residential Trust, Inc.		—	(d)		14
Office Properties Income Trust		1,800			49,950
Omega Healthcare Investors, Inc.		6,000			228,000
Outfront Media, Inc.*		36,400			887,068
Paramount Group, Inc.		47,200			500,792
Park Hotels & Resorts, Inc.* (a)		59,800			1,334,138
Pebblebrook Hotel Trust(a)		10,200			243,576
Physicians Realty Trust		14,400			269,712
Piedmont Office Realty Trust, Inc., Class A		31,600			588,392

See Accompanying Notes to the Financial Statements.

82 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
Plymouth Industrial REIT, Inc.(a)		10,600	$	197,584
PotlatchDeltic Corp.		2,200		130,592
Preferred Apartment Communities, Inc., Class A		19,200		195,840
Prologis, Inc.		21,400		2,493,742
PS Business Parks, Inc.		600		97,422
Public Storage		4,400		1,237,104
QTS Realty Trust, Inc., Class A(a)		4,400		292,556
Rayonier, Inc.(a)		9,200		333,776
Realty Income Corp.		9,000		622,350
Regency Centers Corp.		3,000		190,980
Retail Opportunity Investments Corp.(a)		4,800		84,480
Retail Properties of America, Inc., Class A(a)		6,200		72,726
Rexford Industrial Realty, Inc.(a)		8,000		444,400
RLJ Lodging Trust		14,200		229,188
RPT Realty		10,000		127,100
Ryman Hospitality Properties, Inc.*		3,800		298,870
Sabra Health Care REIT, Inc.		7,400		134,458
Safehold, Inc.(a)		400		28,284
Saul Centers, Inc.		800		34,544
SBA Communications Corp.		3,000		899,160
Service Properties Trust		13,600		167,484
Simon Property Group, Inc.		10,200		1,241,748
SITE Centers Corp.		5,600		82,600
SL Green Realty Corp.(a)		2,587		191,464
Spirit Realty Capital, Inc.(a)		4,200		199,668
STAG Industrial, Inc.(a)		9,800		357,798
STORE Capital Corp.(a)		10,400		372,216
Summit Hotel Properties, Inc.* (a)		11,200		113,904
Sun Communities, Inc.		3,800		633,954
Sunstone Hotel Investors, Inc.*		10,000		131,600
Tanger Factory Outlet Centers, Inc.(a)		24,800		432,760
Terreno Realty Corp.(a)		4,600		296,792
UDR, Inc.		10,800		501,660
Uniti Group, Inc.		6,400		72,960

Investments	Shares		Value
Equity Real Estate Investment Trusts (REITs) – (continued)
Universal Health Realty Income Trust		400	$	26,780
Urban Edge Properties		5,200		98,020
Urstadt Biddle Properties, Inc., Class A(a)		6,200		112,654
Ventas, Inc.		9,000		499,140
VEREIT, Inc.		5,638		269,722
VICI Properties, Inc.(a)		17,400		551,580
Vornado Realty Trust		2,000		91,500
Washington REIT		7,200		167,184
Weingarten Realty Investors		4,600		148,764
Welltower, Inc.		10,800		810,324
Weyerhaeuser Co.		19,200		744,384
WP Carey, Inc.(a)		4,800		359,472
Xenia Hotels & Resorts, Inc.*		31,600		613,988
				53,978,025
Food & Staples Retailing – 1.1%
Andersons, Inc. (The)		3,000		86,160
BJ’s Wholesale Club Holdings, Inc.* (a)		34,400		1,536,648
Casey’s General Stores, Inc.		1,000		222,190
Chefs’ Warehouse, Inc. (The)* (a)		9,800		315,854
Costco Wholesale Corp.		11,800		4,390,662
Grocery Outlet Holding Corp.* (a)		1,600		64,624
HF Foods Group, Inc.* (a)		11,600		72,268
Ingles Markets, Inc., Class A(a)		2,400		147,096
Kroger Co. (The)		28,400		1,037,736
Performance Food Group Co.*		6,200		363,940
PriceSmart, Inc.(a)		600		50,424
Rite Aid Corp.* (a)		15,800		276,816
SpartanNash Co.(a)		11,000		213,070
Sprouts Farmers Market, Inc.* (a)		31,400		804,154
Sysco Corp.		14,800		1,254,004
United Natural Foods, Inc.* (a)		16,200		597,132
US Foods Holding Corp.*		13,200		547,272
Walgreens Boots Alliance, Inc.		22,000		1,168,200
Walmart, Inc.		37,000		5,176,670
Weis Markets, Inc.(a)		5,200		269,620
				18,594,540

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)
Food Products – 1.0%
Archer-Daniels-Midland Co.		20,200		$	1,275,226
B&G Foods, Inc.(a)		17,600			513,568
Beyond Meat, Inc.* (a)		1,200			158,016
Bunge Ltd.(a)		4,200			354,564
Calavo Growers, Inc.		600			46,878
Cal-Maine Foods, Inc.(a)		1,000			37,360
Campbell Soup Co.		8,200			391,550
Conagra Brands, Inc.		18,400			682,456
Darling Ingredients, Inc.*		5,400			375,030
Flowers Foods, Inc.(a)		13,000			311,480
Freshpet, Inc.*		2,600			480,532
General Mills, Inc.		21,800			1,326,748
Hain Celestial Group, Inc. (The)* (a)		2,600			106,626
Hershey Co. (The)		4,000			657,200
Hormel Foods Corp.(a)		7,600			351,120
Hostess Brands, Inc.* (a)		4,200			64,218
Ingredion, Inc.		15,000			1,401,150
J & J Snack Foods Corp.(a)		1,400			230,454
J M Smucker Co. (The)(a)		4,000			523,960
John B Sanfilippo & Son, Inc.		400			35,160
Kellogg Co.		7,000			436,940
Kraft Heinz Co. (The)		18,600			767,994
Lamb Weston Holdings, Inc.		4,400			354,200
Lancaster Colony Corp.		1,600			295,536
McCormick & Co., Inc. (Non-Voting)		6,800			614,448
Mondelez International, Inc., Class A		45,600			2,772,936
Pilgrim’s Pride Corp.*		8,000			191,680
Post Holdings, Inc.*		3,600			409,608
Sanderson Farms, Inc.		600			98,718
Seneca Foods Corp., Class A*		600			27,636
Simply Good Foods Co. (The)* (a)		2,800			96,740
Tootsie Roll Industries, Inc.		—	(d)		1
TreeHouse Foods, Inc.* (a)		15,000			714,000
Tyson Foods, Inc., Class A		8,400			650,580
Whole Earth Brands, Inc.* (a)		13,800			186,300
					16,940,613

Investments	Shares		Value
Gas Utilities – 0.3%
Atmos Energy Corp.		4,000	$	414,360
Chesapeake Utilities Corp.		600		71,112
National Fuel Gas Co.		20,000		993,200
New Jersey Resources Corp.(a)		3,200		134,240
Northwest Natural Holding Co.(a)		2,800		150,976
ONE Gas, Inc.		1,600		128,752
South Jersey Industries, Inc.(a)		26,800		663,300
Southwest Gas Holdings, Inc.		14,400		1,003,968
Spire, Inc.(a)		13,200		994,488
UGI Corp.		8,200		358,422
				4,912,818
Health Care Equipment & Supplies – 2.6%
Abbott Laboratories		49,200		5,907,936
ABIOMED, Inc.*		1,200		384,876
Accelerate Diagnostics, Inc.* (a)		15,000		109,650
Align Technology, Inc.*		2,000		1,191,060
AngioDynamics, Inc.*		800		19,440
Antares Pharma, Inc.* (a)		1,000		3,790
AtriCure, Inc.*		1,400		107,898
Avanos Medical, Inc.*		1,600		69,136
Baxter International, Inc.		13,800		1,182,522
Becton Dickinson and Co.		8,200		2,040,242
Boston Scientific Corp.*		41,200		1,796,320
Cantel Medical Corp.*		2,600		228,566
Cardiovascular Systems, Inc.* (a)		1,000		40,320
Cerus Corp.* (a)		18,600		113,460
Co-Diagnostics, Inc.* (a)		10,600		93,916
CONMED Corp.		1,000		140,950
Cooper Cos., Inc. (The)		1,400		575,246
CryoLife, Inc.* (a)		1,400		40,852
CryoPort, Inc.* (a)		1,200		67,884
Danaher Corp.		16,800		4,266,192
Dentsply Sirona, Inc.		6,200		418,562
DexCom, Inc.*		2,800		1,081,080
Edwards Lifesciences Corp.*		16,800		1,604,736
Envista Holdings Corp.* (a)		7,400		320,272
ESC Co.* ‡ (e)		4,032		—
Glaukos Corp.* (a)		2,800		263,648
Globus Medical, Inc., Class A*		4,800		344,496

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)
Health Care Equipment & Supplies – (continued)
Haemonetics Corp.*		3,000	$	201,780
Heska Corp.* (a)		200		36,530
Hill-Rom Holdings, Inc.		1,800		198,396
Hologic, Inc.*		7,000		458,850
ICU Medical, Inc.*		600		124,962
IDEXX Laboratories, Inc.*		2,200		1,207,778
Insulet Corp.* (a)		1,800		531,396
Integer Holdings Corp.*		1,000		93,880
Integra LifeSciences Holdings Corp.*		4,600		340,768
Intersect ENT, Inc.*		1,200		26,172
Intuitive Surgical, Inc.*		3,200		2,768,000
iRhythm Technologies, Inc.*		1,000		77,860
Lantheus Holdings, Inc.* (a)		9,600		227,520
LeMaitre Vascular, Inc.(a)		400		20,988
LivaNova plc*		3,400		288,558
Masimo Corp.*		1,400		325,738
Medtronic plc		37,400		4,896,408
Merit Medical Systems, Inc.*		1,800		114,480
Natus Medical, Inc.*		1,400		35,770
Neogen Corp.*		3,400		326,434
Nevro Corp.* (a)		1,000		172,810
Novocure Ltd.*		2,200		449,020
NuVasive, Inc.*		1,800		128,610
OraSure Technologies, Inc.* (a)		600		5,490
Orthofix Medical, Inc.*		800		35,480
Outset Medical, Inc.*		600		35,952
Penumbra, Inc.* (a)		1,000		305,990
Quidel Corp.* (a)		1,200		125,748
Quotient Ltd.* (a)		11,000		43,120
ResMed, Inc.		4,000		751,880
Shockwave Medical, Inc.* (a)		2,200		359,612
STAAR Surgical Co.*		2,400		328,824
STERIS plc		2,400		506,448
Stryker Corp.		9,200		2,416,196
Surmodics, Inc.*		400		21,396
Tactile Systems Technology, Inc.* (a)		400		22,920
Tandem Diabetes Care, Inc.*		2,000		183,800
Teleflex, Inc.		1,200		506,976
Varex Imaging Corp.* (a)		5,400		128,196

Investments	Shares		Value
Health Care Equipment & Supplies – (continued)
West Pharmaceutical Services, Inc.		2,000	$	657,040
Zimmer Biomet Holdings, Inc.		5,600		992,096
Zynex, Inc.* (a)		6,400		94,528
				42,987,450
Health Care Providers & Services – 2.6%
1Life Healthcare, Inc.*		5,600		243,656
Acadia Healthcare Co., Inc.*		22,400		1,364,608
AdaptHealth Corp.* (a)		3,800		110,428
Addus HomeCare Corp.*		400		42,320
Amedisys, Inc.*		1,000		269,850
AmerisourceBergen Corp.		5,600		676,480
AMN Healthcare Services, Inc.*		3,800		301,340
Anthem, Inc.		8,600		3,262,754
Brookdale Senior Living, Inc.*		60,200		393,708
Cardinal Health, Inc.		11,000		663,740
Castle Biosciences, Inc.* (a)		1,000		69,030
Centene Corp.*		20,600		1,271,844
Chemed Corp.		400		190,644
Cigna Corp.		12,400		3,087,724
Community Health Systems, Inc.* (a)		30,000		334,500
CorVel Corp.*		200		23,402
Covetrus, Inc.*		8,791		251,862
CVS Health Corp.		43,400		3,315,760
DaVita, Inc.*		3,000		349,590
Encompass Health Corp.		2,800		237,608
Ensign Group, Inc. (The)		2,600		223,210
Fulgent Genetics, Inc.* (a)		1,600		123,232
Guardant Health, Inc.*		1,800		286,164
HCA Healthcare, Inc.		9,200		1,849,752
HealthEquity, Inc.* (a)		4,800		364,656
Henry Schein, Inc.*		4,800		348,000
Humana, Inc.		4,600		2,048,104
Laboratory Corp. of America Holdings*		3,600		957,132
LHC Group, Inc.* (a)		1,000		208,270
Magellan Health, Inc.*		1,400		131,880
McKesson Corp.		5,800		1,087,848
MEDNAX, Inc.*		15,800		415,856
ModivCare, Inc.*		400		56,032

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)
Health Care Providers & Services – (continued)
Molina Healthcare, Inc.* (a)		2,200	$	561,220
National Research Corp.		400		20,520
Option Care Health, Inc.* (a)		19,200		366,336
Owens & Minor, Inc.		6,200		223,758
Patterson Cos., Inc.(a)		22,600		726,364
Premier, Inc., Class A(a)		3,400		120,190
Progyny, Inc.* (a)		3,600		204,876
Quest Diagnostics, Inc.(a)		4,600		606,648
R1 RCM, Inc.*		3,800		103,664
RadNet, Inc.* (a)		1,400		31,276
Select Medical Holdings Corp.*		23,000		867,560
Surgery Partners, Inc.*		6,200		298,840
Tenet Healthcare Corp.*		26,600		1,576,316
Tivity Health, Inc.* (a)		11,600		280,488
Triple-S Management Corp., Class B*		6,000		142,260
UnitedHealth Group, Inc.		32,200		12,841,360
Universal Health Services, Inc., Class B		2,600		385,866
US Physical Therapy, Inc.		400		44,980
				43,963,506
Health Care Technology – 0.4%
Allscripts Healthcare Solutions, Inc.* (a)		41,000		637,960
American Well Corp., Class A* (a)		8,000		123,120
Cerner Corp.		8,600		645,430
Change Healthcare, Inc.*		56,800		1,303,560
Computer Programs and Systems, Inc.(a)		4,000		120,080
Evolent Health, Inc., Class A* (a)		21,800		472,188
HealthStream, Inc.*		400		9,664
Inovalon Holdings, Inc., Class A*		7,200		217,512
Inspire Medical Systems, Inc.*		1,600		378,912
Omnicell, Inc.*		2,600		377,052
Phreesia, Inc.*		2,800		144,900
Schrodinger, Inc.* (a)		2,600		198,224
Teladoc Health, Inc.* (a)		4,000		689,400

Investments	Shares		Value
Health Care Technology – (continued)
Veeva Systems, Inc., Class A*		3,400	$	960,330
Vocera Communications, Inc.* (a)		1,000		36,170
				6,314,502
Hotels, Restaurants & Leisure – 2.1%
Aramark		7,000		272,090
BJ’s Restaurants, Inc.*		3,000		182,970
Bloomin’ Brands, Inc.* (a)		7,800		246,480
Booking Holdings, Inc.*		1,116		2,752,145
Boyd Gaming Corp.*		5,600		370,440
Brinker International, Inc.* (a)		12,000		805,560
Caesars Entertainment, Inc.*		7,800		763,152
Carnival Corp.*		26,200		732,552
Cheesecake Factory, Inc. (The)*		4,000		250,360
Chipotle Mexican Grill, Inc.*		800		1,193,624
Choice Hotels International, Inc.*		1,000		113,800
Churchill Downs, Inc.		1,600		338,400
Cracker Barrel Old Country Store, Inc.		1,600		267,952
Darden Restaurants, Inc.		3,200		469,504
Dave & Buster’s Entertainment, Inc.*		5,000		228,300
Denny’s Corp.* (a)		2,000		37,880
Dine Brands Global, Inc.* (a)		1,800		173,970
Domino’s Pizza, Inc.		1,400		591,276
DraftKings, Inc., Class A* (a)		7,400		419,284
Everi Holdings, Inc.*		9,400		166,192
Expedia Group, Inc.*		4,200		740,166
Extended Stay America, Inc.(a)		9,600		190,944
Hilton Grand Vacations, Inc.*		6,600		294,096
Hilton Worldwide Holdings, Inc.* (a)		7,800		1,003,860
Hyatt Hotels Corp., Class A* (a)		1,200		98,796
Jack in the Box, Inc.		600		72,390
Las Vegas Sands Corp.*		10,800		661,608
Marriott International, Inc., Class A*		6,800		1,009,936
Marriott Vacations Worldwide Corp.*		10,200		1,811,826

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)
Hotels, Restaurants & Leisure – (continued)
McDonald’s Corp.		20,200	$	4,768,816
MGM Resorts International		13,400		545,648
Norwegian Cruise Line Holdings Ltd.* (a)		85,800		2,664,090
Papa John’s International, Inc.(a)		800		77,376
Penn National Gaming, Inc.*		5,600		499,072
Planet Fitness, Inc., Class A*		3,000		251,970
Red Rock Resorts, Inc., Class A*		2,400		87,912
Royal Caribbean Cruises Ltd.* (a)		6,400		556,480
Ruth’s Hospitality Group, Inc.* (a)		5,800		151,438
Scientific Games Corp.* (a)		15,000		877,800
SeaWorld Entertainment, Inc.*		4,000		219,040
Shake Shack, Inc., Class A* (a)		2,600		282,750
Six Flags Entertainment Corp.*		5,800		272,484
Starbucks Corp.		33,400		3,823,966
Texas Roadhouse, Inc.*		2,800		299,656
Travel + Leisure Co.		21,800		1,406,754
Vail Resorts, Inc.*		1,200		390,192
Wendy’s Co. (The)		6,000		135,420
Wingstop, Inc.		2,400		380,184
Wyndham Hotels & Resorts, Inc.		3,600		263,196
Wynn Resorts Ltd.*		2,400		308,160
Yum! Brands, Inc.		9,400		1,123,488
				35,645,445
Household Durables – 1.1%
Beazer Homes USA, Inc.*		2,400		53,544
Cavco Industries, Inc.*		200		41,886
Century Communities, Inc.* (a)		8,200		606,308
DR Horton, Inc.		12,200		1,199,138
Ethan Allen Interiors, Inc.		4,800		137,808
Garmin Ltd.		4,000		548,960
GoPro, Inc., Class A* (a)		3,200		35,936
Green Brick Partners, Inc.*		8,400		216,804
Helen of Troy Ltd.* (a)		1,000		211,210
Hooker Furniture Corp.(a)		800		30,008
Installed Building Products, Inc.		800		107,720

Investments	Shares		Value
Household Durables – (continued)
iRobot Corp.* (a)		1,800	$	195,840
KB Home		22,800		1,099,644
La-Z-Boy, Inc.		1,600		71,136
Leggett & Platt, Inc.(a)		5,000		248,350
Lennar Corp., Class A		10,200		1,056,720
Lennar Corp., Class B		600		48,342
LGI Homes, Inc.* (a)		5,800		961,524
M/I Homes, Inc.*		8,200		571,704
MDC Holdings, Inc.		14,685		861,422
Meritage Homes Corp.*		9,600		1,021,344
Mohawk Industries, Inc.*		1,800		369,900
Newell Brands, Inc.		13,600		366,656
NVR, Inc.*		88		441,593
PulteGroup, Inc.		10,600		626,672
Skyline Champion Corp.*		2,000		88,860
Sonos, Inc.*		2,400		96,072
Taylor Morrison Home Corp., Class A*		33,400		1,042,414
Tempur Sealy International, Inc.		43,000		1,640,020
Toll Brothers, Inc.		28,600		1,793,220
TopBuild Corp.*		1,400		311,332
Tri Pointe Homes, Inc.*		34,200		814,644
Tupperware Brands Corp.*		600		14,622
Universal Electronics, Inc.* (a)		3,000		170,550
Whirlpool Corp.		2,400		567,480
				17,669,383
Household Products – 0.9%
Central Garden & Pet Co.* (a)		1,800		97,452
Central Garden & Pet Co., Class A*		11,200		551,824
Church & Dwight Co., Inc.		6,400		548,736
Clorox Co. (The)		3,400		620,500
Colgate-Palmolive Co.		23,000		1,856,100
Energizer Holdings, Inc.		2,800		138,040
Kimberly-Clark Corp.		12,000		1,599,840
Procter & Gamble Co. (The)		66,600		8,885,772
Spectrum Brands Holdings, Inc.		10,000		881,400
WD-40 Co.		800		198,992
				15,378,656
Independent Power and Renewable Electricity Producers – 0.1%
AES Corp. (The)		21,800		606,476

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)
Independent Power and Renewable Electricity Producers – (continued)
Clearway Energy, Inc., Class A		1,200	$	31,896
Clearway Energy, Inc., Class C		2,600		74,594
Ormat Technologies, Inc.(a)		3,800		275,120
Sunnova Energy International, Inc.*		200		7,064
Vistra Corp.		18,200		307,034
				1,302,184
Industrial Conglomerates – 0.8%
3M Co.		19,200		3,785,088
Carlisle Cos., Inc.		1,600		306,640
General Electric Co.		287,200		3,768,064
Honeywell International, Inc.		19,000		4,237,760
Raven Industries, Inc.(a)		3,200		129,984
Roper Technologies, Inc.		3,200		1,428,608
				13,656,144
Insurance – 2.7%
Aflac, Inc.		23,600		1,268,028
Alleghany Corp.*		400		271,588
Allstate Corp. (The)		10,800		1,369,440
American Equity Investment Life Holding Co.		24,200		749,716
American Financial Group, Inc.		3,000		368,580
American International Group, Inc.		27,400		1,327,530
American National Group, Inc.		1,400		158,690
AMERISAFE, Inc.(a)		600		37,248
Aon plc, Class A(a)		6,000		1,508,640
Arch Capital Group Ltd.*		15,400		611,534
Argo Group International Holdings Ltd.		2,400		125,232
Arthur J Gallagher & Co.		5,200		753,740
Assurant, Inc.		2,400		373,440
Assured Guaranty Ltd.		20,600		1,047,510
Athene Holding Ltd., Class A*		31,000		1,849,770
Axis Capital Holdings Ltd.(a)		3,000		167,400
Brighthouse Financial, Inc.* (a)		19,200		898,368
Brown & Brown, Inc.		6,400		340,352
Chubb Ltd.		15,600		2,676,804
Cincinnati Financial Corp.(a)		4,400		495,792
CNO Financial Group, Inc.(a)		36,000		919,080

Investments	Shares		Value
Insurance – (continued)
Employers Holdings, Inc.		1,000	$	40,480
Enstar Group Ltd.*		400		100,472
Erie Indemnity Co., Class A(a)		200		42,804
Everest Re Group Ltd.		1,200		332,340
FBL Financial Group, Inc., Class A(a)		3,600		204,084
Fidelity National Financial, Inc.		11,629		530,515
First American Financial Corp.		27,800		1,793,100
Genworth Financial, Inc., Class A* (a)		84,000		362,880
Globe Life, Inc.		3,000		307,470
Goosehead Insurance, Inc., Class A		400		43,976
Hanover Insurance Group, Inc. (The)		8,400		1,161,804
Hartford Financial Services Group, Inc. (The)		13,600		897,056
HCI Group, Inc.(a)		1,400		102,788
Heritage Insurance Holdings, Inc.		6,000		54,660
Horace Mann Educators Corp.		11,400		457,140
James River Group Holdings Ltd.		1,000		47,110
Kemper Corp.		13,800		1,077,228
Kinsale Capital Group, Inc.(a)		600		104,406
Lemonade, Inc.* (a)		1,400		126,560
Lincoln National Corp.(a)		7,400		474,562
Loews Corp.		9,400		524,050
Markel Corp.*		353		415,276
Marsh & McLennan Cos., Inc.		13,600		1,845,520
MBIA, Inc.* (a)		6,600		66,132
Mercury General Corp.(a)		7,400		460,798
MetLife, Inc.		27,400		1,743,462
National Western Life Group, Inc., Class A		200		45,860
Old Republic International Corp.		70,600		1,738,172
Palomar Holdings, Inc.*		600		42,216
Primerica, Inc.		1,600		255,632
Principal Financial Group, Inc.(a)		10,000		638,700
ProAssurance Corp.		4,000		100,000
Progressive Corp. (The)		20,400		2,055,096

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)
Insurance – (continued)
Prudential Financial, Inc.		13,800	$	1,384,968
Reinsurance Group of America, Inc.		1,800		234,954
RenaissanceRe Holdings Ltd.		1,800		303,858
RLI Corp.		1,400		156,044
Root, Inc., Class A* (a)		8,400		90,468
Safety Insurance Group, Inc.		4,200		344,526
Selective Insurance Group, Inc.		13,200		1,005,048
SiriusPoint Ltd.* (a)		7,000		74,060
Stewart Information Services Corp.		7,200		422,280
Travelers Cos., Inc. (The)		9,000		1,391,940
Trupanion, Inc.*		3,000		243,300
United Fire Group, Inc.		7,800		236,028
Universal Insurance Holdings, Inc.		2,400		33,480
Unum Group		51,400		1,452,564
W R Berkley Corp.		3,600		286,992
Watford Holdings Ltd.*		3,000		104,580
White Mountains Insurance Group Ltd.		200		233,086
Willis Towers Watson plc		3,600		931,896
				44,440,903
Interactive Media & Services – 4.0%
Alphabet, Inc., Class A*		8,200		19,298,700
Alphabet, Inc., Class C*		7,921		19,090,561
Angi, Inc., Class A*		1,800		28,818
Cars.com, Inc.*		10,800		142,668
EverQuote, Inc., Class A* (a)		600		20,322
Facebook, Inc., Class A* (a)		65,600		21,325,248
Match Group, Inc.* (a)		7,000		1,089,410
Pinterest, Inc., Class A* (a)		14,200		942,454
Snap, Inc., Class A* (a)		25,200		1,557,864
TripAdvisor, Inc.*		3,600		169,668
Twitter, Inc.*		22,600		1,247,972
Yelp, Inc.*		1,600		62,880
Zillow Group, Inc., Class A*		800		106,680
Zillow Group, Inc., Class C* (a)		3,600		468,432
ZoomInfo Technologies, Inc., Class A* (a)		5,600		290,416
				65,842,093

Investments	Shares		Value
Internet & Direct Marketing Retail – 2.9%
Amazon.com, Inc.*		11,676	$	40,485,596
Chewy, Inc., Class A* (a)		2,600		207,272
eBay, Inc.		21,800		1,216,222
Etsy, Inc.* (a)		3,200		636,128
Groupon, Inc.* (a)		3,000		151,890
GrubHub, Inc.*		3,000		204,120
Magnite, Inc.* (a)		8,600		344,430
MercadoLibre, Inc.*		1,200		1,885,176
Overstock.com, Inc.* (a)		2,800		228,200
PetMed Express, Inc.(a)		800		23,540
Quotient Technology, Inc.*		2,200		35,948
Qurate Retail, Inc., Series A(a)		98,600		1,173,340
RealReal, Inc. (The)*		6,600		163,482
Shutterstock, Inc.(a)		2,000		174,360
Stamps.com, Inc.*		1,400		287,518
Stitch Fix, Inc., Class A* (a)		1,200		51,984
Waitr Holdings, Inc.* (a)		33,000		81,180
Wayfair, Inc., Class A* (a)		2,200		650,254
				48,000,640
IT Services – 4.1%
Accenture plc, Class A		17,200		4,987,484
Akamai Technologies, Inc.*		5,600		608,720
Alliance Data Systems Corp.		10,800		1,272,780
Automatic Data Processing, Inc.		11,400		2,131,686
Black Knight, Inc.*		4,000		289,680
BM Technologies, Inc.* (e)		1,477		14,489
Broadridge Financial Solutions, Inc.		3,000		475,890
Cardtronics plc, Class A*		3,600		139,824
Cass Information Systems, Inc.(a)		200		9,178
Cognizant Technology Solutions Corp., Class A		18,800		1,511,520
Conduent, Inc.*		53,800		365,840
CSG Systems International, Inc.		1,000		45,990
DXC Technology Co.*		62,400		2,053,584
EPAM Systems, Inc.*		1,800		823,950
Euronet Worldwide, Inc.*		2,200		315,546
EVERTEC, Inc.		2,000		79,800
Evo Payments, Inc., Class A* (a)		1,600		45,616
ExlService Holdings, Inc.*		1,200		110,856

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)
IT Services – (continued)
Fastly, Inc., Class A* (a)		2,800	$	178,836
Fidelity National Information Services, Inc.		16,600		2,538,140
Fiserv, Inc.*		19,400		2,330,328
FleetCor Technologies, Inc.*		2,400		690,528
Gartner, Inc.*		3,000		587,640
Genpact Ltd.(a)		4,200		199,626
Global Payments, Inc.		8,000		1,717,040
GoDaddy, Inc., Class A*		4,800		416,736
International Business Machines Corp.		29,400		4,171,272
International Money Express, Inc.*		3,000		47,340
Jack Henry & Associates, Inc.		2,200		358,226
Limelight Networks, Inc.* (a)		4,200		13,146
LiveRamp Holdings, Inc.*		2,200		107,756
Mastercard, Inc., Class A		24,000		9,169,440
MAXIMUS, Inc.		2,800		256,592
MongoDB, Inc.* (a)		1,200		356,952
Okta, Inc.* (a)		3,000		809,100
Paychex, Inc.		8,800		857,912
PayPal Holdings, Inc.*		31,800		8,340,822
Perficient, Inc.* (a)		1,200		78,732
Perspecta, Inc.		34,600		1,012,742
Repay Holdings Corp.*		200		4,570
Sabre Corp.* (a)		81,400		1,219,372
Shift4 Payments, Inc., Class A* (a)		1,400		138,446
Square, Inc., Class A*		10,400		2,546,128
Switch, Inc., Class A		1,800		33,426
Sykes Enterprises, Inc.*		10,000		438,300
TTEC Holdings, Inc.		600		61,038
Tucows, Inc., Class A* (a)		400		31,444
Twilio, Inc., Class A*		4,600		1,691,880
Unisys Corp.*		15,400		369,600
VeriSign, Inc.*		2,800		612,556
Verra Mobility Corp.* (a)		12,000		161,280
Visa, Inc., Class A(a)		47,000		10,977,320
Western Union Co. (The)		16,600		427,616
WEX, Inc.*		2,200		451,462
				68,685,777

Investments	Shares		Value
Leisure Products – 0.3%
Acushnet Holdings Corp.		1,200	$	50,772
Brunswick Corp.		3,200		342,816
Callaway Golf Co.		4,600		133,170
Hasbro, Inc.		3,400		338,130
Johnson Outdoors, Inc., Class A		400		56,724
Malibu Boats, Inc., Class A*		5,800		483,488
Mattel, Inc.* (a)		13,800		296,148
Peloton Interactive, Inc., Class A*		6,200		609,770
Polaris, Inc.		14,400		2,016,432
Smith & Wesson Brands, Inc.		9,200		160,080
Sturm Ruger & Co., Inc.(a)		600		38,964
Vista Outdoor, Inc.*		10,400		339,144
YETI Holdings, Inc.*		3,000		256,260
				5,121,898
Life Sciences Tools & Services – 1.0%
10X Genomics, Inc., Class A*		2,200		435,160
Adaptive Biotechnologies Corp.*		1,400		58,240
Agilent Technologies, Inc.		8,400		1,122,576
Avantor, Inc.*		14,000		448,560
Bio-Rad Laboratories, Inc., Class A*		600		378,078
Bio-Techne Corp.		1,000		427,490
Bruker Corp.(a)		2,800		191,856
Charles River Laboratories International, Inc.*		1,400		465,430
Codexis, Inc.* (a)		8,600		199,348
Illumina, Inc.*		4,200		1,649,928
IQVIA Holdings, Inc.*		5,000		1,173,450
Luminex Corp.(a)		1,200		44,028
Medpace Holdings, Inc.*		1,000		169,680
Mettler-Toledo International, Inc.*		600		787,992
NanoString Technologies, Inc.* (a)		3,800		302,746
NeoGenomics, Inc.*		3,400		166,566
Pacific Biosciences of California, Inc.* (a)		11,800		352,230
PerkinElmer, Inc.		3,000		388,890
PPD, Inc.*		6,400		295,680
PRA Health Sciences, Inc.*		1,800		300,402

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)
Life Sciences Tools & Services – (continued)
Quanterix Corp.*		1,400	$	85,596
Repligen Corp.* (a)		1,600		338,736
Syneos Health, Inc.*		4,800		407,280
Thermo Fisher Scientific, Inc.		11,000		5,172,530
Waters Corp.*		1,800		539,766
				15,902,238
Machinery – 2.1%
AGCO Corp.		3,800		554,496
Alamo Group, Inc.		400		62,900
Albany International Corp., Class A		1,000		89,240
Allison Transmission Holdings, Inc.		7,200		298,584
Altra Industrial Motion Corp.		4,200		247,842
Astec Industries, Inc.		600		45,006
Barnes Group, Inc.		1,600		79,872
Blue Bird Corp.*		4,000		107,760
Caterpillar, Inc.		15,200		3,467,272
Chart Industries, Inc.*		2,400		385,512
CIRCOR International, Inc.*		2,800		96,236
Colfax Corp.* (a)		25,600		1,156,864
Columbus McKinnon Corp.(a)		800		39,608
Crane Co.		12,600		1,185,156
Cummins, Inc.		5,200		1,310,608
Deere & Co.		8,800		3,263,480
Donaldson Co., Inc.		5,200		326,976
Douglas Dynamics, Inc.		800		35,784
Dover Corp.		4,000		596,760
EnPro Industries, Inc.		400		34,260
ESCO Technologies, Inc.		1,000		108,760
Evoqua Water Technologies Corp.*		2,800		80,024
Federal Signal Corp.		2,000		82,860
Flowserve Corp.		4,800		190,272
Fortive Corp.		8,400		594,888
Franklin Electric Co., Inc.		1,200		97,524
Gates Industrial Corp. plc*		14,200		244,950
Gorman-Rupp Co. (The)		800		27,616
Graco, Inc.		4,600		353,280
Greenbrier Cos., Inc. (The)(a)		9,400		444,056
Helios Technologies, Inc.		400		28,912

Investments	Shares		Value
Machinery – (continued)
Hillenbrand, Inc.		19,600	$	962,164
Hyster-Yale Materials Handling, Inc.		400		32,340
IDEX Corp.(a)		1,800		403,560
Illinois Tool Works, Inc.		7,800		1,797,588
Ingersoll Rand, Inc.*		9,000		444,690
ITT, Inc.		3,600		339,516
John Bean Technologies Corp.		1,200		174,456
Kadant, Inc.		400		71,212
Kennametal, Inc.		4,200		168,672
Lincoln Electric Holdings, Inc.		2,600		332,930
Lindsay Corp.		400		66,312
Luxfer Holdings plc		10,400		229,944
Lydall, Inc.* (a)		4,200		154,770
Manitowoc Co., Inc. (The)*		3,600		82,368
Meritor, Inc.*		6,000		162,180
Middleby Corp. (The)* (a)		3,200		580,224
Miller Industries, Inc.(a)		1,600		68,832
Mueller Industries, Inc.		1,200		53,844
Mueller Water Products, Inc., Class A		5,600		80,416
Navistar International Corp.*		13,400		592,950
Nordson Corp.		1,400		295,974
Oshkosh Corp.		16,800		2,090,424
Otis Worldwide Corp.		10,200		794,274
PACCAR, Inc.		10,200		916,776
Parker-Hannifin Corp.		3,600		1,129,716
Pentair plc(a)		4,400		283,844
Proto Labs, Inc.* (a)		800		89,648
RBC Bearings, Inc.*		1,000		199,430
REV Group, Inc.* (a)		7,200		131,328
Rexnord Corp.		5,000		249,650
Snap-on, Inc.		1,800		427,680
SPX Corp.*		1,600		97,056
SPX FLOW, Inc.		1,600		106,544
Standex International Corp.		400		37,928
Stanley Black & Decker, Inc.		5,600		1,157,912
Tennant Co.(a)		400		31,564
Terex Corp.		5,400		253,746
Timken Co. (The)		17,000		1,425,790
Toro Co. (The)		2,800		320,880
TriMas Corp.*		1,600		50,944
Trinity Industries, Inc.		3,200		88,448

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)
Machinery – (continued)
Wabash National Corp.(a)		16,600	$	292,326
Watts Water Technologies, Inc., Class A		800		99,640
Welbilt, Inc.*		12,400		277,016
Westinghouse Air Brake Technologies Corp.		5,200		426,764
Woodward, Inc.		2,400		300,024
Xylem, Inc.		4,400		486,860
				34,498,512
Marine – 0.1%
Kirby Corp.*		13,800		879,060
Matson, Inc.(a)		1,200		78,396
				957,456
Media – 1.4%
Altice USA, Inc., Class A*		8,200		297,742
AMC Networks, Inc., Class A* (a)		5,600		281,568
Cable One, Inc.		200		358,000
Cardlytics, Inc.*		1,600		220,048
Charter Communications, Inc., Class A* (a)		4,000		2,693,800
Clear Channel Outdoor Holdings, Inc.*		75,400		189,254
Comcast Corp., Class A		155,800		8,748,170
Discovery, Inc., Class A* (a)		4,400		165,704
Discovery, Inc., Class C*		11,800		381,258
DISH Network Corp., Class A*		8,800		394,152
EW Scripps Co. (The), Class A(a)		16,200		350,244
Fox Corp., Class A		9,000		336,780
Fox Corp., Class B		3,000		109,140
Gray Television, Inc.		25,000		508,000
iHeartMedia, Inc., Class A*		20,600		394,284
Interpublic Group of Cos., Inc. (The)		12,000		381,000
John Wiley & Sons, Inc., Class A		11,800		671,892
Liberty Broadband Corp., Class A*		600		94,602
Liberty Broadband Corp., Class C*		5,000		813,600

Investments	Shares		Value
Media – (continued)
Liberty Media Corp-Liberty SiriusXM, Class A* (a)		2,200	$	99,418
Liberty Media Corp-Liberty SiriusXM, Class C*		5,000		226,150
Meredith Corp.*		9,400		292,340
MSG Networks, Inc., Class A* (a)		9,200		146,004
New York Times Co. (The), Class A		8,600		390,526
News Corp., Class A		10,600		277,667
News Corp., Class B		3,400		82,654
Nexstar Media Group, Inc., Class A		9,800		1,444,618
Omnicom Group, Inc.		6,200		510,012
Scholastic Corp.		1,000		30,330
Sinclair Broadcast Group, Inc., Class A(a)		13,600		441,592
Sirius XM Holdings, Inc.(a)		37,800		230,580
TechTarget, Inc.* (a)		200		15,340
TEGNA, Inc.		57,000		1,143,420
Tribune Publishing Co.*		5,800		101,152
ViacomCBS, Inc.(a)		18,000		738,360
ViacomCBS, Inc., Class A(a)		1,400		63,280
WideOpenWest, Inc.*		12,800		180,096
				23,802,777
Metals & Mining – 0.8%
Alcoa Corp.*		47,200		1,729,408
Allegheny Technologies, Inc.* (a)		32,400		753,624
Arconic Corp.* (a)		4,400		125,840
Carpenter Technology Corp.(a)		9,000		340,830
Century Aluminum Co.*		10,800		169,128
Cleveland-Cliffs, Inc.* (a)		25,400		453,644
Coeur Mining, Inc.*		8,000		64,640
Commercial Metals Co.(a)		31,800		929,196
Compass Minerals International, Inc.		3,600		244,512
Freeport-McMoRan, Inc.		39,200		1,478,232
Hecla Mining Co.		17,600		104,016
Kaiser Aluminum Corp.		1,400		168,658
Materion Corp.		600		42,486
McEwen Mining, Inc.* (a)		109,000		130,800
Newmont Corp.		21,800		1,360,538

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)
Metals & Mining – (continued)
Nucor Corp.		9,800	$	806,148
Reliance Steel & Aluminum Co.		2,600		416,806
Royal Gold, Inc.		1,800		201,348
Schnitzer Steel Industries, Inc., Class A		3,400		160,514
Southern Copper Corp.(a)		2,000		138,820
Steel Dynamics, Inc.		49,200		2,667,624
United States Steel Corp.(a)		15,000		345,150
Warrior Met Coal, Inc.		5,800		91,930
Worthington Industries, Inc.		9,800		639,548
				13,563,440
Mortgage Real Estate Investment Trusts (REITs) – 0.6%
AGNC Investment Corp.(a)		14,000		251,020
Annaly Capital Management, Inc.		39,000		354,120
Apollo Commercial Real Estate Finance, Inc.(a)		24,600		374,166
Arbor Realty Trust, Inc.		10,600		187,408
ARMOUR Residential REIT, Inc.		20,200		251,086
Blackstone Mortgage Trust, Inc., Class A(a)		32,200		1,046,178
Capstead Mortgage Corp.(a)		32,200		208,656
Chimera Investment Corp.		44,800		588,672
Colony Credit Real Estate, Inc.		10,000		86,900
Dynex Capital, Inc.		6,200		125,240
Ellington Financial, Inc.		14,200		254,748
Granite Point Mortgage Trust, Inc.(a)		6,200		82,088
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(a)		3,400		178,160
Invesco Mortgage Capital, Inc.(a)		52,800		205,920
KKR Real Estate Finance Trust, Inc.(a)		7,800		164,580
Ladder Capital Corp.(a)		21,400		254,446
MFA Financial, Inc.		77,200		339,680
New Residential Investment Corp.		105,800		1,134,176
New York Mortgage Trust, Inc.(a)		66,000		302,940
Orchid Island Capital, Inc.(a)		3,200		17,600

Investments	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) – (continued)
PennyMac Mortgage Investment Trust(a)		9,000	$	180,450
Ready Capital Corp.(a)		14,800		214,748
Redwood Trust, Inc.		2,000		22,220
Starwood Property Trust, Inc.		71,000		1,833,220
TPG RE Finance Trust, Inc.(a)		13,200		164,472
Two Harbors Investment Corp.		48,200		375,960
				9,198,854
Multiline Retail – 0.7%
Big Lots, Inc.(a)		9,800		675,612
Dillard’s, Inc., Class A(a)		1,600		158,256
Dollar General Corp.		6,800		1,460,300
Dollar Tree, Inc.*		7,400		850,260
Franchise Group, Inc.(a)		8,200		315,946
Kohl’s Corp.		39,200		2,299,472
Macy’s, Inc.*		70,800		1,173,864
Nordstrom, Inc.*		28,000		1,027,040
Ollie’s Bargain Outlet Holdings, Inc.* (a)		3,600		332,172
Target Corp.		17,200		3,564,872
				11,857,794
Multi-Utilities – 0.8%
Ameren Corp.		6,800		576,912
Avista Corp.		2,200		101,244
Black Hills Corp.(a)		4,200		289,716
CenterPoint Energy, Inc.		20,400		499,596
CMS Energy Corp.		7,000		450,730
Consolidated Edison, Inc.		10,600		820,546
Dominion Energy, Inc.		28,400		2,269,160
DTE Energy Co.		7,000		980,140
MDU Resources Group, Inc.		50,200		1,679,692
NiSource, Inc.		16,000		416,320
NorthWestern Corp.(a)		13,200		897,996
Public Service Enterprise Group, Inc.		18,200		1,149,512
Sempra Energy		9,400		1,293,158
Unitil Corp.		5,200		299,676
WEC Energy Group, Inc.		8,600		835,662
				12,560,060
Oil, Gas & Consumable Fuels – 3.2%
Antero Midstream Corp.(a)		76,600		661,824

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)
Oil, Gas & Consumable Fuels – (continued)
Antero Resources Corp.* (a)		72,800	$	656,656
APA Corp.		91,800		1,836,000
Arch Resources, Inc.*		1,200		53,292
Bonanza Creek Energy, Inc.*		5,400		178,686
Cabot Oil & Gas Corp.(a)		13,200		220,044
Cheniere Energy, Inc.*		8,800		682,176
Chevron Corp.		65,800		6,782,006
Cimarex Energy Co.		3,600		238,320
Clean Energy Fuels Corp.*		35,600		391,600
CNX Resources Corp.*		56,400		756,888
Comstock Resources, Inc.*		3,600		19,764
ConocoPhillips		43,600		2,229,704
Continental Resources, Inc.*		10,800		294,192
CVR Energy, Inc.(a)		5,400		114,966
Delek US Holdings, Inc.		14,000		332,220
Devon Energy Corp.		142,207		3,324,800
Diamondback Energy, Inc.		41,000		3,350,930
Dorian LPG Ltd.* (a)		8,600		114,294
EOG Resources, Inc.		14,400		1,060,416
EQT Corp.*		70,400		1,344,640
Equitrans Midstream Corp.		81,000		660,960
Exxon Mobil Corp.		141,200		8,082,288
Green Plains, Inc.* (a)		7,200		214,560
Hess Corp.		6,800		506,668
HollyFrontier Corp.		32,600		1,141,000
International Seaways, Inc.		8,000		141,440
Kinder Morgan, Inc.		61,200		1,043,460
Kosmos Energy Ltd.* (a)		107,800		308,308
Magnolia Oil & Gas Corp., Class A* (a)		15,400		173,404
Marathon Oil Corp.		197,200		2,220,472
Marathon Petroleum Corp.		21,200		1,179,780
Matador Resources Co.		5,200		136,812
Murphy Oil Corp.(a)		28,600		484,198
Occidental Petroleum Corp.		24,000		608,640
ONEOK, Inc.(a)		12,600		659,484
Ovintiv, Inc.		65,600		1,569,808
Par Pacific Holdings, Inc.* (a)		11,800		179,242
PBF Energy, Inc., Class A* (a)		23,000		326,140
PDC Energy, Inc.* (a)		26,600		971,166
Phillips 66		11,000		890,010
Pioneer Natural Resources Co.		5,600		861,448

Investments	Shares		Value
Oil, Gas & Consumable Fuels – (continued)
Range Resources Corp.*		23,200	$	227,824
Renewable Energy Group, Inc.* (a)		10,200		566,304
REX American Resources Corp.*		200		16,146
Southwestern Energy Co.*		174,400		744,688
Targa Resources Corp.		56,800		1,970,392
Tellurian, Inc.* (a)		7,600		16,834
Valero Energy Corp.		12,800		946,688
Williams Cos., Inc. (The)		44,200		1,076,712
World Fuel Services Corp.		13,000		402,090
				52,970,384
Paper & Forest Products – 0.2%
Clearwater Paper Corp.* (a)		2,600		86,996
Domtar Corp.*		12,600		496,692
Glatfelter Corp.(a)		1,600		23,552
Louisiana-Pacific Corp.		24,200		1,594,296
Mercer International, Inc.		12,400		204,476
Neenah, Inc.		600		31,902
Schweitzer-Mauduit International, Inc.		7,600		347,092
Verso Corp., Class A(a)		11,400		176,016
				2,961,022
Personal Products – 0.3%
BellRing Brands, Inc., Class A*		3,800		98,002
Coty, Inc., Class A* (a)		77,400		774,774
Edgewell Personal Care Co.(a)		14,400		550,080
elf Beauty, Inc.*		1,000		30,250
Estee Lauder Cos., Inc. (The), Class A		6,000		1,882,800
Herbalife Nutrition Ltd.* (a)		18,000		823,860
Inter Parfums, Inc.		600		44,160
Medifast, Inc.		800		181,672
Nu Skin Enterprises, Inc., Class A		13,400		708,324
USANA Health Sciences, Inc.*		400		35,996
				5,129,918
Pharmaceuticals – 2.5%
Aerie Pharmaceuticals, Inc.* (a)		1,400		23,982

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)
Pharmaceuticals – (continued)
Amneal Pharmaceuticals, Inc.* (a)		11,600	$	63,916
Amphastar Pharmaceuticals, Inc.* (a)		1,400		24,360
ANI Pharmaceuticals, Inc.* (a)		400		13,312
Arvinas, Inc.*		600		41,364
Axsome Therapeutics, Inc.*		4,400		266,024
Bristol-Myers Squibb Co.		76,000		4,743,920
Cara Therapeutics, Inc.* (a)		1,800		23,310
Catalent, Inc.*		4,200		472,374
Collegium Pharmaceutical, Inc.* (a)		10,800		240,840
Corcept Therapeutics, Inc.* (a)		3,400		77,486
Elanco Animal Health, Inc.*		15,200		481,992
Eli Lilly and Co.		21,600		3,947,832
Endo International plc*		65,000		372,450
Horizon Therapeutics plc* (a)		7,400		700,188
Innoviva, Inc.* (a)		10,400		119,080
Intra-Cellular Therapies, Inc.*		1,800		61,974
Jazz Pharmaceuticals plc*		2,200		361,680
Johnson & Johnson		71,200		11,586,376
Merck & Co., Inc.		84,000		6,258,000
Nektar Therapeutics* (a)		13,000		254,930
Odonate Therapeutics, Inc.*		1,600		5,360
Omeros Corp.* (a)		7,800		137,748
Pacira BioSciences, Inc.*		1,400		88,452
Perrigo Co. plc		1,600		66,608
Pfizer, Inc.		185,200		7,157,980
Prestige Consumer Healthcare, Inc.*		13,800		601,128
Reata Pharmaceuticals, Inc., Class A* (a)		2,200		223,080
Revance Therapeutics, Inc.*		8,000		232,960
Royalty Pharma plc, Class A(a)		3,800		167,200
Supernus Pharmaceuticals, Inc.* (a)		15,600		475,020
TherapeuticsMD, Inc.* (a)		56,600		68,486
Theravance Biopharma, Inc.*		5,200		102,648
Tilray, Inc., Class 2* (a)		3,400		62,356
Viatris, Inc.*		32,200		428,260
Zoetis, Inc.		13,800		2,387,814
Zogenix, Inc.*		6,200		117,118
				42,457,608

Investments	Shares		Value
Professional Services – 1.1%
ASGN, Inc.*		13,200	$	1,388,376
Booz Allen Hamilton Holding Corp.		3,800		315,210
CACI International, Inc., Class A*		5,800		1,478,188
CBIZ, Inc.*		2,000		67,180
Clarivate plc*		6,000		167,580
CoreLogic, Inc.		3,200		255,040
CoStar Group, Inc.*		1,200		1,025,316
CRA International, Inc.(a)		200		16,052
Equifax, Inc.		3,400		779,382
Exponent, Inc.		3,400		327,522
Forrester Research, Inc.*		400		17,380
FTI Consulting, Inc.* (a)		1,200		166,620
Heidrick & Struggles International, Inc.		3,200		135,360
Huron Consulting Group, Inc.*		800		45,008
ICF International, Inc.		600		54,636
IHS Markit Ltd.		11,000		1,183,380
Insperity, Inc.		1,200		105,048
Jacobs Engineering Group, Inc.		5,000		668,050
KBR, Inc.		36,200		1,432,072
Kelly Services, Inc., Class A*		9,200		230,460
Kforce, Inc.		600		33,624
Korn Ferry		4,400		298,716
Leidos Holdings, Inc.		3,600		364,608
ManpowerGroup, Inc.		14,200		1,716,638
ManTech International Corp., Class A		2,800		238,980
Nielsen Holdings plc		81,200		2,082,780
Resources Connection, Inc.(a)		6,800		95,948
Robert Half International, Inc.		4,800		420,528
Science Applications International Corp.		12,600		1,126,692
TransUnion		5,200		543,868
TriNet Group, Inc.*		1,400		110,194
TrueBlue, Inc.* (a)		2,800		79,240
Upwork, Inc.*		4,000		184,240
Verisk Analytics, Inc.		4,400		828,080
				17,981,996
Real Estate Management & Development – 0.3%
CBRE Group, Inc., Class A*		12,400		1,056,480

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)
Real Estate Management & Development – (continued)
Cushman & Wakefield plc* (a)		21,800	$	370,600
eXp World Holdings, Inc.* (a)		4,400		151,184
Forestar Group, Inc.*		1,400		35,476
Howard Hughes Corp. (The)*		1,400		151,116
Jones Lang LaSalle, Inc.*		11,800		2,217,338
Kennedy-Wilson Holdings, Inc.		2,800		57,540
Newmark Group, Inc., Class A		35,600		382,700
Realogy Holdings Corp.*		32,200		556,416
Redfin Corp.* (a)		5,200		368,056
St Joe Co. (The)(a)		800		36,632
				5,383,538
Road & Rail – 1.0%
AMERCO		200		119,326
ArcBest Corp.		5,400		392,904
Avis Budget Group, Inc.* (a)		11,000		985,710
CSX Corp.		20,600		2,075,450
Heartland Express, Inc.(a)		1,800		33,462
JB Hunt Transport Services, Inc.		2,400		409,704
Kansas City Southern		2,800		818,188
Knight-Swift Transportation Holdings, Inc.		5,000		235,600
Landstar System, Inc.		1,600		275,648
Lyft, Inc., Class A* (a)		5,800		322,828
Marten Transport Ltd.		3,000		50,160
Norfolk Southern Corp.		8,800		2,457,312
Old Dominion Freight Line, Inc.		2,800		721,868
Ryder System, Inc.		11,800		942,112
Saia, Inc.*		1,000		234,500
Schneider National, Inc., Class B		200		4,846
Uber Technologies, Inc.*		39,200		2,146,984
Union Pacific Corp.		18,200		4,042,038
Werner Enterprises, Inc.		2,800		129,444
				16,398,084
Semiconductors & Semiconductor Equipment – 3.9%
Advanced Energy Industries, Inc.		1,400		154,434
Advanced Micro Devices, Inc.* (a)		31,800		2,595,516
Alpha & Omega Semiconductor Ltd.*		6,000		186,600

Investments	Shares		Value
Semiconductors & Semiconductor Equipment – (continued)
Ambarella, Inc.*		1,000	$	97,490
Amkor Technology, Inc.(a)		22,200		448,884
Analog Devices, Inc.		10,000		1,531,600
Applied Materials, Inc.		31,600		4,193,636
Axcelis Technologies, Inc.*		1,200		49,836
Broadcom, Inc.		13,800		6,295,560
Brooks Automation, Inc.		2,800		283,724
CEVA, Inc.* (a)		600		33,264
Cirrus Logic, Inc.*		3,200		238,112
CMC Materials, Inc.		2,200		403,546
Cohu, Inc.*		5,200		208,052
Cree, Inc.* (a)		3,600		357,912
Diodes, Inc.*		1,400		107,534
Enphase Energy, Inc.*		3,200		445,600
Entegris, Inc.		3,800		427,804
First Solar, Inc.*		2,200		168,366
FormFactor, Inc.*		2,600		101,790
Ichor Holdings Ltd.*		800		44,616
Intel Corp.		139,400		8,019,682
KLA Corp.		4,200		1,324,470
Kulicke & Soffa Industries, Inc.		2,200		125,070
Lam Research Corp.		4,000		2,481,800
Lattice Semiconductor Corp.*		9,600		482,976
MACOM Technology Solutions Holdings, Inc.* (a)		1,600		90,576
Magnachip Semiconductor Corp.*		5,600		140,056
Marvell Technology, Inc.		22,114		999,774
Maxim Integrated Products, Inc.		6,400		601,600
MaxLinear, Inc.*		1,600		57,584
Microchip Technology, Inc.		8,200		1,232,378
Micron Technology, Inc.*		38,600		3,322,302
MKS Instruments, Inc.		3,000		537,330
Monolithic Power Systems, Inc.		1,200		433,656
NeoPhotonics Corp.*		7,200		67,392
NVIDIA Corp.		16,800		10,086,384
NXP Semiconductors NV		7,400		1,424,574
ON Semiconductor Corp.*		13,400		522,600
Onto Innovation, Inc.*		4,400		301,488
PDF Solutions, Inc.*		600		10,638
Photronics, Inc.*		16,800		213,360
Power Integrations, Inc.		3,400		281,554
Qorvo, Inc.*		3,400		639,778

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)
Semiconductors & Semiconductor Equipment – (continued)
QUALCOMM, Inc.		30,600	$	4,247,280
Rambus, Inc.*		4,000		75,920
Semtech Corp.*		3,800		257,412
Silicon Laboratories, Inc.*		2,600		366,470
Skyworks Solutions, Inc.		4,600		834,118
SMART Global Holdings, Inc.* (a)		4,800		221,520
SolarEdge Technologies, Inc.* (a)		1,600		421,664
SunPower Corp.* (a)		6,800		174,692
Synaptics, Inc.* (a)		1,800		251,766
Teradyne, Inc.		4,600		575,368
Texas Instruments, Inc.		25,800		4,657,158
Ultra Clean Holdings, Inc.*		9,600		490,272
Universal Display Corp.		1,200		268,428
Veeco Instruments, Inc.* (a)		1,800		41,418
Xilinx, Inc.		6,800		870,128
				65,524,512
Software – 6.7%
2U, Inc.* (a)		6,200		243,350
8x8, Inc.*		3,400		111,826
ACI Worldwide, Inc.*		6,600		249,348
Adobe, Inc.*		13,200		6,710,088
Alarm.com Holdings, Inc.* (a)		1,200		107,712
Altair Engineering, Inc., Class A* (a)		1,200		78,000
Alteryx, Inc., Class A*		200		16,350
Anaplan, Inc.*		6,000		357,900
ANSYS, Inc.*		2,400		877,584
Appfolio, Inc., Class A* (a)		400		57,852
Appian Corp.* (a)		2,200		266,596
Aspen Technology, Inc.* (a)		1,800		235,512
Autodesk, Inc.*		5,800		1,693,078
Avalara, Inc.*		3,200		453,472
Avaya Holdings Corp.*		21,400		615,678
Bill.com Holdings, Inc.*		2,200		340,186
Blackbaud, Inc.* (a)		1,600		113,792
Blackline, Inc.*		1,600		185,696
Bottomline Technologies DE, Inc.*		1,400		67,984
Box, Inc., Class A* (a)		5,600		119,280

Investments	Shares		Value
Software – (continued)
Cadence Design Systems, Inc.*		7,600	$	1,001,452
CDK Global, Inc.		7,400		396,566
Cerence, Inc.* (a)		1,200		115,692
Ceridian HCM Holding, Inc.* (a)		2,800		264,544
ChannelAdvisor Corp.* (a)		4,000		84,600
Citrix Systems, Inc.		3,200		396,320
Cloudera, Inc.* (a)		11,400		144,666
Cloudflare, Inc., Class A*		3,600		305,064
CommVault Systems, Inc.*		1,400		97,314
Cornerstone OnDemand, Inc.*		4,600		203,619
Coupa Software, Inc.* (a)		2,400		645,696
Crowdstrike Holdings, Inc., Class A* (a)		5,000		1,042,550
Datadog, Inc., Class A* (a)		4,200		360,234
Digimarc Corp.* (a)		1,400		47,222
Digital Turbine, Inc.*		3,600		271,548
DocuSign, Inc.*		4,600		1,025,524
Domo, Inc., Class B*		2,400		154,296
Dropbox, Inc., Class A* (a)		17,800		457,460
Duck Creek Technologies, Inc.* (a)		4,400		182,952
Dynatrace, Inc.*		6,600		343,464
Ebix, Inc.(a)		6,600		198,726
Elastic NV*		1,000		120,620
Envestnet, Inc.*		1,600		118,128
Everbridge, Inc.* (a)		1,200		159,252
Fair Isaac Corp.*		800		417,128
FireEye, Inc.* (a)		14,800		294,150
Five9, Inc.*		2,000		375,940
Fortinet, Inc.*		3,800		776,074
Guidewire Software, Inc.*		3,400		358,734
HubSpot, Inc.*		1,200		631,740
InterDigital, Inc.(a)		1,000		69,420
Intuit, Inc.		7,600		3,132,416
J2 Global, Inc.* (a)		10,800		1,306,800
Jamf Holding Corp.*		4,600		167,992
LivePerson, Inc.* (a)		2,600		142,090
Manhattan Associates, Inc.*		2,800		384,272
Microsoft Corp.		206,800		52,150,824
MicroStrategy, Inc., Class A* (a)		400		262,864
Mimecast Ltd.*		1,800		78,156

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)
Software – (continued)
Model N, Inc.*		4,800	$	190,944
nCino, Inc.* (a)		2,200		143,858
New Relic, Inc.*		1,600		102,880
NortonLifeLock, Inc.		14,200		306,862
Nuance Communications, Inc.* (a)		9,200		489,164
Nutanix, Inc., Class A*		5,400		146,016
OneSpan, Inc.*		2,000		53,620
Oracle Corp.		64,400		4,880,876
PagerDuty, Inc.* (a)		4,400		186,824
Palantir Technologies, Inc., Class A* (a)		21,400		493,056
Palo Alto Networks, Inc.*		2,400		848,136
Paycom Software, Inc.*		1,400		538,174
Paylocity Holding Corp.* (a)		1,200		231,888
Pegasystems, Inc.(a)		1,000		126,940
Progress Software Corp.		1,600		69,856
Proofpoint, Inc.*		3,400		585,174
PROS Holdings, Inc.* (a)		4,600		197,708
PTC, Inc.*		2,800		366,632
Q2 Holdings, Inc.* (a)		1,600		166,432
QAD, Inc., Class A(a)		2,400		169,656
Qualys, Inc.* (a)		1,000		101,360
Rapid7, Inc.*		1,400		113,750
RingCentral, Inc., Class A* (a)		2,000		637,900
Sailpoint Technologies Holdings, Inc.*		5,400		263,682
salesforce.com, Inc.*		24,600		5,665,872
ServiceNow, Inc.*		5,200		2,633,124
Slack Technologies, Inc., Class A*		10,600		449,440
Smartsheet, Inc., Class A*		5,000		296,500
SolarWinds Corp.*		1,800		30,348
Splunk, Inc.* (a)		4,200		530,964
Sprout Social, Inc., Class A*		2,600		172,354
SPS Commerce, Inc.*		2,400		245,856
SS&C Technologies Holdings, Inc.		6,000		445,320
Sumo Logic, Inc.* (a)		2,600		50,674
SVMK, Inc.*		13,000		233,870
Synopsys, Inc.*		4,200		1,037,652
Tenable Holdings, Inc.*		1,600		59,992

Investments	Shares		Value
Software – (continued)
Teradata Corp.* (a)		3,800	$	187,986
Trade Desk, Inc. (The), Class A*		1,200		875,172
Tyler Technologies, Inc.*		1,400		594,804
Upland Software, Inc.*		3,800		188,328
Varonis Systems, Inc.*		6,000		317,700
Verint Systems, Inc.*		2,200		106,854
Vertex, Inc., Class A* (a)		2,600		53,118
VMware, Inc., Class A* (a)		2,000		321,660
Workday, Inc., Class A*		5,200		1,284,400
Workiva, Inc.* (a)		1,400		131,600
Xperi Holding Corp.(a)		28,600		587,730
Yext, Inc.* (a)		3,400		47,430
Zendesk, Inc.* (a)		3,200		467,680
Zoom Video Communications, Inc., Class A*		5,400		1,725,678
Zscaler, Inc.*		1,800		337,752
Zuora, Inc., Class A* (a)		14,000		226,800
				112,305,439
Specialty Retail – 3.1%
Abercrombie & Fitch Co., Class A*		11,400		427,386
Academy Sports & Outdoors, Inc.*		5,000		154,050
Advance Auto Parts, Inc.		2,000		400,320
American Eagle Outfitters, Inc.(a)		39,000		1,348,230
America’s Car-Mart, Inc.* (a)		1,200		180,996
Asbury Automotive Group, Inc.* (a)		5,000		993,050
At Home Group, Inc.*		9,600		303,168
AutoNation, Inc.*		14,400		1,475,712
AutoZone, Inc.*		800		1,171,296
Bed Bath & Beyond, Inc.*		32,600		825,432
Best Buy Co., Inc.		8,400		976,668
Boot Barn Holdings, Inc.*		600		42,324
Buckle, Inc. (The)(a)		7,400		310,356
Burlington Stores, Inc.*		1,800		587,394
Caleres, Inc.(a)		3,600		83,916
Camping World Holdings, Inc., Class A(a)		7,800		339,612
CarMax, Inc.*		5,800		772,792
Carvana Co.* (a)		1,600		456,416

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)
Specialty Retail – (continued)
Children’s Place, Inc. (The)* (a)		3,200	$	250,720
Citi Trends, Inc.* (a)		1,000		104,600
Designer Brands, Inc., Class A* (a)		12,000		212,400
Dick’s Sporting Goods, Inc.(a)		16,800		1,387,344
Five Below, Inc.*		1,200		241,524
Floor & Decor Holdings, Inc., Class A*		2,200		244,024
Foot Locker, Inc.		26,400		1,557,072
GameStop Corp., Class A* (a)		12,400		2,152,516
Gap, Inc. (The)		10,400		344,240
Genesco, Inc.*		2,000		100,000
Group 1 Automotive, Inc.		4,600		755,136
GrowGeneration Corp.*		2,400		104,640
Guess?, Inc.(a)		5,600		151,424
Hibbett Sports, Inc.*		2,400		190,680
Home Depot, Inc. (The)		36,200		11,716,854
L Brands, Inc.*		9,600		632,640
Lithia Motors, Inc., Class A		6,400		2,460,032
Lowe’s Cos., Inc.		24,400		4,788,500
MarineMax, Inc.* (a)		6,400		363,520
Monro, Inc.		1,000		70,590
Murphy USA, Inc.		5,800		808,520
National Vision Holdings, Inc.* (a)		2,600		131,066
ODP Corp. (The)*		14,800		598,364
O’Reilly Automotive, Inc.*		2,000		1,105,760
Penske Automotive Group, Inc.		8,600		754,134
Rent-A-Center, Inc.		13,400		771,170
RH* (a)		800		550,416
Ross Stores, Inc.		9,200		1,204,648
Sally Beauty Holdings, Inc.* (a)		21,000		421,470
Shoe Carnival, Inc.		1,600		95,920
Signet Jewelers Ltd.* (a)		10,800		645,300
Sleep Number Corp.*		2,000		223,780
Sonic Automotive, Inc., Class A		7,000		345,380
Sportsman’s Warehouse Holdings, Inc.*		12,200		214,232
TJX Cos., Inc. (The)		32,000		2,272,000
Tractor Supply Co.		3,200		603,520
Ulta Beauty, Inc.*		1,400		461,090
Urban Outfitters, Inc.*		18,200		653,380

Investments	Shares		Value
Specialty Retail – (continued)
Vroom, Inc.* (a)		3,400	$	157,318
Williams-Sonoma, Inc.		2,600		443,950
Zumiez, Inc.*		6,200		266,414
				51,405,406
Technology Hardware, Storage & Peripherals – 3.9%
3D Systems Corp.* (a)		2,400		51,696
Apple, Inc.		431,000		56,659,259
Dell Technologies, Inc., Class C*		7,600		747,308
Diebold Nixdorf, Inc.* (a)		23,600		354,236
Hewlett Packard Enterprise Co.		48,800		781,776
HP, Inc.		46,400		1,582,704
NCR Corp.*		32,600		1,491,450
NetApp, Inc.		7,400		552,706
Pure Storage, Inc., Class A*		15,400		311,388
Seagate Technology plc		8,200		761,288
Super Micro Computer, Inc.* (a)		8,200		303,564
Western Digital Corp.*		11,400		805,182
Xerox Holdings Corp.		42,400		1,023,536
				65,426,093
Textiles, Apparel & Luxury Goods – 1.0%
Capri Holdings Ltd.*		9,400		517,752
Carter’s, Inc.*		1,600		174,064
Columbia Sportswear Co.		800		87,208
Crocs, Inc.*		2,600		260,312
Deckers Outdoor Corp.* (a)		1,000		338,200
Fossil Group, Inc.* (a)		4,200		54,180
G-III Apparel Group Ltd.*		5,200		168,948
Hanesbrands, Inc.		87,600		1,844,856
Kontoor Brands, Inc.(a)		4,000		251,320
Levi Strauss & Co., Class A		800		23,088
Lululemon Athletica, Inc.*		3,000		1,005,810
NIKE, Inc., Class B		34,000		4,509,080
Oxford Industries, Inc.		1,200		109,476
PVH Corp.*		17,600		1,991,968
Ralph Lauren Corp.*		1,800		239,922
Skechers USA, Inc., Class A*		5,200		252,148
Steven Madden Ltd.		2,600		105,742
Tapestry, Inc.*		68,000		3,253,800
Under Armour, Inc., Class A* (a)		5,600		136,136

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)
Textiles, Apparel & Luxury Goods – (continued)
Under Armour, Inc., Class C*		11,200	$	222,992
VF Corp.		9,000		788,940
Wolverine World Wide, Inc.(a)		6,400		267,008
				16,602,950
Thrifts & Mortgage Finance – 0.7%
Axos Financial, Inc.*		13,000		586,950
Capitol Federal Financial, Inc.(a)		12,200		157,685
Essent Group Ltd.		28,200		1,482,756
Federal Agricultural Mortgage Corp., Class C		2,600		267,436
Flagstar Bancorp, Inc.		12,000		558,480
HomeStreet, Inc.		800		32,672
Meridian Bancorp, Inc.		5,200		114,972
Meta Financial Group, Inc.		9,800		482,748
MGIC Investment Corp.		74,800		1,139,952
Mr Cooper Group, Inc.* (a)		19,400		668,912
New York Community Bancorp, Inc.		103,200		1,234,272
NMI Holdings, Inc., Class A*		22,800		589,152
Northfield Bancorp, Inc.(a)		1,400		22,652
Northwest Bancshares, Inc.		6,800		95,472
PennyMac Financial Services, Inc.(a)		10,800		650,268
Premier Financial Corp.		11,800		372,762
Provident Financial Services, Inc.(a)		15,000		353,550
Radian Group, Inc.		48,800		1,202,432
Rocket Cos., Inc., Class A(a)		2,800		62,860
TFS Financial Corp.		2,000		39,120
TrustCo Bank Corp.(a)		33,600		245,784
Walker & Dunlop, Inc.		7,600		842,460
Washington Federal, Inc.(a)		19,400		631,470
Waterstone Financial, Inc.		8,800		173,360
WSFS Financial Corp.		4,200		214,578
				12,222,755
Tobacco – 0.5%
Altria Group, Inc.		60,400		2,884,100
Philip Morris International, Inc.		52,000		4,940,000
Turning Point Brands, Inc.		200		9,764

Investments	Shares		Value
Tobacco – (continued)
Universal Corp.		6,000	$	337,380
Vector Group Ltd.		12,000		156,600
				8,327,844
Trading Companies & Distributors – 0.7%
Air Lease Corp.		27,000		1,261,170
Applied Industrial Technologies, Inc.		2,800		267,848
Beacon Roofing Supply, Inc.*		14,600		822,418
Boise Cascade Co.(a)		8,000		533,760
CAI International, Inc.(a)		1,800		76,590
Fastenal Co.		15,800		826,024
GATX Corp.(a)		9,000		879,390
GMS, Inc.*		12,000		524,520
H&E Equipment Services, Inc.		9,800		381,220
Herc Holdings, Inc.*		2,400		253,440
McGrath RentCorp		600		49,188
MRC Global, Inc.* (a)		6,800		64,056
MSC Industrial Direct Co., Inc., Class A(a)		11,600		1,045,856
NOW, Inc.*		15,400		151,228
Rush Enterprises, Inc., Class A(a)		3,000		148,080
SiteOne Landscape Supply, Inc.* (a)		2,600		466,388
Systemax, Inc.(a)		400		17,088
Triton International Ltd.		17,400		872,958
United Rentals, Inc.*		2,600		831,870
Univar Solutions, Inc.* (a)		36,400		849,940
Watsco, Inc.		800		234,288
WESCO International, Inc.*		11,200		1,027,264
WW Grainger, Inc.		1,200		520,248
				12,104,832
Transportation Infrastructure – 0.0%(f)
Macquarie Infrastructure Corp.		1,000		33,310
Water Utilities – 0.1%
American States Water Co.(a)		3,600		285,084
American Water Works Co., Inc.		4,800		748,752
Cadiz, Inc.* (a)		13,200		153,780

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)
Water Utilities – (continued)
California Water Service Group		1,600	$	94,000
Essential Utilities, Inc.		5,200		245,076
Middlesex Water Co.		600		49,212
SJW Group		3,400		222,870
York Water Co. (The)(a)		600		30,984
				1,829,758
Wireless Telecommunication Services – 0.2%
Boingo Wireless, Inc.*		1,600		22,336
Gogo, Inc.* (a)		19,200		200,064
Shenandoah Telecommunications Co.		5,000		236,300
Telephone and Data Systems, Inc.		27,200		625,056
T-Mobile US, Inc.*		16,400		2,166,932
United States Cellular Corp.*		2,200		75,086
				3,325,774
Total Common Stocks (Cost $896,438,476)				1,651,880,336
	Number of Warrants
WARRANTS – 0.0%(f)
Oil, Gas & Consumable Fuels – 0.0%(f)
Occidental Petroleum Corp., expiring 8/3/2027, price 22.00* (Cost $21,117)		4,266		45,988
	Number of Rights
RIGHTS – 0.0%(f)
Biotechnology – 0.0%(f)
Achillion Pharmaceuticals, Inc., CVR* ‡ (e)		44,344		25,720
Media – 0.0%(f)
Media General, Inc., CVR* ‡ (e)		22,261		2,226
Total Rights (Cost $–)				27,946

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS(g) – 6.9%
CERTIFICATES OF DEPOSIT – 0.9%
Bank of Nova Scotia, Houston
(ICE LIBOR USD 3 Month + 0.08%), 0.27%, 7/21/2021(h)	$	4,000,000	$	4,000,088
Cooperatieve Rabobank UA, London
(ICE LIBOR USD 3 Month + 0.08%), 0.27%, 7/30/2021(h)		5,000,000		5,001,000
Nordea Bank Abp, New York Branch
(ICE LIBOR USD 3 Month + 0.03%), 0.24%, 10/7/2021(h)		4,000,000		4,001,600
Royal Bank of Canada, New York
(ICE LIBOR USD 3 Month + 0.04%), 0.24%, 10/5/2021(h)		3,000,000		3,000,654
Total Certificates of Deposit (Cost $15,999,883)				16,003,342
REPURCHASE AGREEMENTS – 6.0%
BofA Securities, Inc., 0.50%, dated 4/30/2021, due 8/2/2021, repurchase price $6,000,000, collateralized by various Common Stocks; total market value $6,534,092		6,000,000		6,000,000

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 101

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

Investments	Principal Amount		Value
REPURCHASE AGREEMENTS – (continued)
Citigroup Global Markets Ltd., 0.05%, dated 4/30/2021, due 5/3/2021, repurchase price $35,000,000, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 3.00%, maturing 5/15/2023 – 2/15/2049; Foreign Government Fixed Income Securities, 0.45%, maturing 8/19/2027; total market value $35,612,094	$	35,000,000	$	35,000,000
Citigroup Global Markets, Inc., 0.01%, dated 4/30/2021, due 5/3/2021, repurchase price $23,828,929, collateralized by various U.S. Treasury Securities, ranging from 0.88% – 5.00%, maturing 1/15/2028 – 2/15/2047; total market value $24,043,888		23,828,929		23,828,929
Deutsche Bank AG, London Branch, 0.15%, dated 4/30/2021, due 5/3/2021, repurchase price $14,750,000, collateralized by various U.S. Treasury Securities, 0.13%, maturing 7/15/2030; Foreign Government Fixed Income Securities, ranging from 0.25% – 3.13%, maturing 7/23/2021 – 2/14/2031; total market value $14,977,560		14,750,000		14,750,000

Investments	Principal Amount		Value
REPURCHASE AGREEMENTS – (continued)
NBC Global Finance Ltd., 0.19%, dated 4/30/2021, due 5/3/2021, repurchase price $20,000,000, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 4.38%, maturing 1/31/2023 – 8/15/2050; Common Stockstotal market value $21,965,303	$	20,000,000	$	20,000,000
Total Repurchase Agreements (Cost $99,578,929)				99,578,929
Total Securities Lending Reinvestments (Cost $115,578,812)				115,582,271
Total Investments – 106.0% (Cost $1,012,038,405)				1,767,536,541
Liabilities in excess of other assets – (6.0%)				(99,877,061	)
NET ASSETS – 100.0%			$	1,667,659,480

* Non-income producing security.

^‡  Value determined using significant unobservable inputs.

^(a)  The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 was $152,977,337, collateralized in the form of cash with a value of $115,578,792 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $39,422,213 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.25%, and maturity dates ranging from May 11, 2021 – February 15, 2051 and $3,765,597 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from July 7, 2021 – September 20, 2117; a total value of $158,766,602.

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

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

^(d)  Amount represents less than one share.

See Accompanying Notes to the Financial Statements.

102 FLEXSHARES SEMIANNUAL REPORT

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

^(e)  Security fair valued as of April 30, 2021 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2021 amounted to $42,435, which represents approximately 0.00% of net assets of the Fund.

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

^(g)  The security was purchased with cash collateral held from securities on loan at April 30, 2021. The total value of securities purchased was $115,582,271.

^(h)  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2021.

Percentages shown are based on Net Assets.

Abbreviations

CVR – Contingent Value Rights

ICE – Intercontinental Exchange

LIBOR – London Interbank Offered Rate

USD – US Dollar

As of April 30, 2021, 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	$	764,147,679
Aggregate gross unrealized depreciation		(7,863,191	)
Net unrealized appreciation	$	756,284,488
Federal income tax cost	$	1,011,904,039

Investment in a company which was affiliated for the period ended April 30, 2021, was as follows:

Security	Value October 31, 2020		Purchases at Cost		Sales Proceeds		Shares April 30, 2021		Value April 30, 2021		Change in Unrealized Appreciation (Depreciation)		Dividend Income		Realized Gain
Northern Trust Corp.	$	577,006	$	34,308	$	9,677		7,600	$	864,880	$	259,946	$	10,321	$	3,297

Futures Contracts

FlexShares^® Morningstar US Market Factor Tilt Index Fund had the following open futures contracts as of April 30, 2021:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
Russell 2000 E-Mini Index		18		06/18/2021		USD	$	2,035,350	$	2,361
S&P 500 E-Mini Index		43		06/18/2021		USD		8,974,960		522,698
S&P Midcap 400 E-Mini Index		16		06/18/2021		USD		4,352,480		126,927
									$	651,986

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

Abbreviations:

USD – US Dollar

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 103

Schedule of Investments

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

April 30, 2021 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 97.3%
Aerospace & Defense – 0.7%
Airbus SE*		10,164	$	1,222,808
Austal Ltd.(a)		121,440		226,073
Avon Rubber plc		3,300		151,600
BAE Systems plc		70,796		496,180
CAE, Inc.*		4,836		151,346
Dassault Aviation SA(a)		55		59,985
Elbit Systems Ltd.		412		56,769
Leonardo SpA		12,428		101,644
LISI		880		28,444
Meggitt plc*		22,412		144,602
MTU Aero Engines AG		792		200,121
QinetiQ Group plc		34,496		158,568
Rolls-Royce Holdings plc*		197,692		286,360
Saab AB, Class B		2,493		74,002
Safran SA		5,808		868,226
Singapore Technologies Engineering Ltd.		17,900		51,935
Thales SA		2,024		206,566
Ultra Electronics Holdings plc		1,661		46,501
				4,531,730
Air Freight & Logistics – 0.7%
bpost SA* (a)		1,452		15,460
Cia de Distribucion Integral Logista Holdings SA		2,159		44,963
Deutsche Post AG (Registered)		23,012		1,356,144
DSV Panalpina A/S		3,205		715,692
Freightways Ltd.(a)		12,987		103,711
ID Logistics Group*		81		22,427
Kerry Logistics Network Ltd.(a)		40,500		121,758
Kintetsu World Express, Inc.		1,900		45,803
Konoike Transport Co. Ltd.		10,800		113,133
Mainfreight Ltd.		3,192		165,815
PostNL NV		188,716		987,990
Royal Mail plc*		14,455		99,268
SG Holdings Co. Ltd.		9,200		209,074
Yamato Holdings Co. Ltd.		6,000		169,342
				4,170,580

Investments	Shares		Value
Airlines – 0.5%
Air Canada*		7,592	$	152,864
Air France-KLM* (a)		83,688		467,047
Air New Zealand Ltd.* (a)		11,968		14,941
ANA Holdings, Inc.* (a)		4,500		103,129
Deutsche Lufthansa AG (Registered)*		10,660		137,796
easyJet plc*		10,440		149,751
Exchange Income Corp.(a)		15,141		474,218
Finnair OYJ* (a)		289,149		250,686
Japan Airlines Co. Ltd.*		500		10,617
JET2 plc*		64,020		1,322,049
Qantas Airways Ltd.*		35,730		136,618
Singapore Airlines Ltd.*		29,999		114,097
Wizz Air Holdings plc* (b)		728		49,400
				3,383,213
Auto Components – 1.7%
Aisin Corp.		5,700		219,542
ARB Corp. Ltd.		997		30,135
Bridgestone Corp.		15,700		628,689
CIE Automotive SA		3,217		89,690
Cie Generale des Etablissements Michelin SCA		4,576		662,959
Cie Plastic Omnium SA		720		24,234
Continental AG		2,728		369,906
Denso Corp.		8,100		523,104
Dometic Group AB(c)		5,962		94,093
Exedy Corp.		13,200		189,115
Faurecia SE(a)		3,967		214,355
FCC Co. Ltd.		17,600		282,908
Freni Brembo SpA*		3,647		45,483
Futaba Industrial Co. Ltd.		25,600		121,553
Gestamp Automocion SA* (b)		65,516		338,975
G-Tekt Corp.		15,100		192,437
GUD Holdings Ltd.		4,852		50,035
Hella GmbH & Co. KGaA*		1,496		89,792
HI-LEX Corp.(a)		13,200		201,312
Ichikoh Industries Ltd.		17,400		111,591
Johnson Electric Holdings Ltd.(a)		133,278		355,209
JTEKT Corp.		2,300		20,705
Koito Manufacturing Co. Ltd.		3,200		199,369

See Accompanying Notes to the Financial Statements.

104 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Auto Components – (continued)
KYB Corp.*		3,300	$	88,338
Linamar Corp.		17,116		1,002,167
Magna International, Inc.		7,568		714,106
Musashi Seimitsu Industry Co. Ltd.		17,600		307,382
NGK Spark Plug Co. Ltd.		2,700		45,056
NHK Spring Co. Ltd.		2,900		21,437
Nifco, Inc.		2,400		81,899
Nippon Seiki Co. Ltd.		17,700		194,481
NOK Corp.		200		2,565
Nokian Renkaat OYJ		2,552		95,174
Pacific Industrial Co. Ltd.		19,900		213,556
Pirelli & C SpA* (b)		2,876		16,192
Schaeffler AG (Preference)		69,652		628,434
Stanley Electric Co. Ltd.		3,800		108,815
Sumitomo Electric Industries Ltd.		17,600		261,814
Sumitomo Riko Co. Ltd.		8,000		51,818
Sumitomo Rubber Industries Ltd.		9,300		115,032
TI Fluid Systems plc(b)		97,988		404,295
Tokai Rika Co. Ltd.		2,400		38,776
Topre Corp.		17,600		234,924
Toyo Tire Corp.		4,600		84,252
Toyoda Gosei Co. Ltd.		2,000		48,854
Toyota Boshoku Corp.		2,700		50,292
Toyota Industries Corp.		2,100		168,108
TPR Co. Ltd.		9,900		141,927
TS Tech Co. Ltd.		4,800		66,881
Valeo SA		5,588		181,221
Yokohama Rubber Co. Ltd. (The)		8,000		148,648
				10,571,635
Automobiles – 1.9%
Aston Martin Lagonda Global Holdings plc* (b)		578		15,521
Bayerische Motoren Werke AG		7,348		737,717
Bayerische Motoren Werke AG (Preference)		2,092		171,751
Daimler AG (Registered)		19,360		1,725,777
Ferrari NV		1,848		396,317
Honda Motor Co. Ltd.		39,600		1,170,918

Investments	Shares		Value
Automobiles – (continued)
Isuzu Motors Ltd.		7,800	$	78,924
Mazda Motor Corp.		17,300		133,899
Mitsubishi Motors Corp.* (a)		9,700		26,268
Nissan Motor Co. Ltd.*		57,600		288,619
Porsche Automobil Holding SE (Preference)		2,596		273,693
Renault SA*		5,764		232,620
Stellantis NV		52,120		866,885
Subaru Corp.		13,600		252,267
Suzuki Motor Corp.(a)		8,800		333,869
Toyota Motor Corp.		59,100		4,394,179
Trigano SA		352		62,967
Volkswagen AG (Preference)		4,048		1,055,975
Yamaha Motor Co. Ltd.		6,700		167,278
				12,385,444
Banks – 10.2%
77 Bank Ltd. (The)		35,200		440,865
ABN AMRO Bank NV, CVA(b)		1,848		23,910
AIB Group plc* (a)		45,372		132,942
Aktia Bank OYJ		19,932		255,778
AMCO – Asset Management Co. SpA* (d)		239		1,126
Aozora Bank Ltd.		5,300		113,947
Australia & New Zealand Banking Group Ltd.		63,668		1,413,443
Awa Bank Ltd. (The)		17,600		355,043
Banca Monte dei Paschi di Siena SpA* (a)		136,487		186,730
Banca Popolare di Sondrio SCPA* (a)		182,160		767,495
Banco Bilbao Vizcaya Argentaria SA		155,232		872,768
Banco BPM SpA(a)		32,208		91,890
Banco Comercial Portugues SA, Class R*		3,341,448		500,793
Banco de Sabadell SA*		2,106,412		1,337,328
Banco Espirito Santo SA (Registered)* ‡ (d)		48,647		—
Banco Santander SA		402,732		1,558,660
Bank Hapoalim BM*		25,652		204,846
Bank Leumi Le-Israel BM*		33,308		234,969
Bank of East Asia Ltd. (The)		36,467		76,626
Bank of Georgia Group plc*		17,536		248,136

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 105

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Banks – (continued)
Bank of Ireland Group plc*		19,096	$	112,226
Bank of Iwate Ltd. (The)		8,800		163,272
Bank of Kyoto Ltd. (The)(a)		2,600		139,390
Bank of Montreal(a)		14,872		1,402,455
Bank of Nagoya Ltd. (The)(a)		8,800		218,581
Bank of Nova Scotia (The)		27,324		1,738,457
Bank of Okinawa Ltd. (The)		2,340		57,331
Bank of Queensland Ltd.		13,492		94,006
Bankinter SA		21,280		116,736
Banque Cantonale de Geneve		480		84,732
Banque Cantonale Vaudoise (Registered)		701		71,556
Barclays plc		355,432		863,659
BAWAG Group AG(b)		3,120		168,788
Bendigo & Adelaide Bank Ltd.		9,421		75,174
BNP Paribas SA*		25,652		1,648,677
BPER Banca		423,720		968,121
CaixaBank SA*		98,193		315,251
Canadian Imperial Bank of Commerce(a)		10,648		1,106,000
Canadian Western Bank		34,672		952,620
Chiba Bank Ltd. (The)		17,400		108,566
Close Brothers Group plc		5,588		122,861
Commerzbank AG*		27,848		184,077
Commonwealth Bank of Australia		28,996		1,994,314
Concordia Financial Group Ltd.		36,721		137,739
Credit Agricole SA(a)		24,288		376,350
Credito Emiliano SpA*		23,232		143,749
Dah Sing Banking Group Ltd.		125,040		137,487
Dah Sing Financial Holdings Ltd.		88,000		284,955
Danske Bank A/S		15,576		297,645
DBS Group Holdings Ltd.		44,409		998,401
DNB ASA		23,628		509,207
Ehime Bank Ltd. (The)		13,200		108,687
Erste Group Bank AG		6,908		246,149
FIBI Holdings Ltd.*		6,028		209,833
FinecoBank Banca Fineco SpA*		6,110		105,327
Fukuoka Financial Group, Inc.(a)		7,200		122,520

Investments	Shares		Value
Banks – (continued)
Graubuendner Kantonalbank		7	$	11,397
Gunma Bank Ltd. (The)		21,800		71,201
Hachijuni Bank Ltd. (The)		20,800		70,979
Hang Seng Bank Ltd.(a)		13,200		259,178
Hirogin Holdings, Inc.		14,000		77,233
Hokkoku Bank Ltd. (The)		7,900		175,772
Hokuhoku Financial Group, Inc.		52,400		440,562
HSBC Holdings plc		475,552		2,981,351
Hyakugo Bank Ltd. (The)		79,200		229,691
Hyakujushi Bank Ltd. (The)(a)		13,200		183,922
ING Groep NV		84,304		1,078,787
Intesa Sanpaolo SpA*		375,628		1,049,512
Israel Discount Bank Ltd., Class A*		39,662		179,518
Juroku Bank Ltd. (The)		15,000		276,657
Jyske Bank A/S (Registered)*		19,844		970,413
KBC Group NV*		7,260		564,752
Keiyo Bank Ltd. (The)		41,900		159,082
Kiyo Bank Ltd. (The)		28,600		375,996
Kyushu Financial Group, Inc.		7,600		29,550
Laurentian Bank of Canada		16,676		576,652
Liberbank SA		913,132		323,393
Lloyds Banking Group plc		1,649,472		1,037,634
Luzerner Kantonalbank AG (Registered)(a)		204		96,403
Mebuki Financial Group, Inc.		4,610		10,038
Mediobanca Banca di Credito Finanziario SpA*		14,784		167,327
Mitsubishi UFJ Financial Group, Inc.		299,200		1,582,156
Mizrahi Tefahot Bank Ltd.*		1,889		53,292
Mizuho Financial Group, Inc.		57,229		803,683
Musashino Bank Ltd. (The)		16,300		242,327
Nanto Bank Ltd. (The)		46		768
National Australia Bank Ltd.		80,916		1,666,345
National Bank of Canada		8,272		600,866
Natwest Group plc		61,468		167,317
Nishi-Nippon Financial Holdings, Inc.		52,800		338,619
Nordea Bank Abp		82,984		863,232
North Pacific Bank Ltd.(a)		118,800		306,497
Ogaki Kyoritsu Bank Ltd. (The)		1,200		21,562

See Accompanying Notes to the Financial Statements.

106 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Banks – (continued)
Oversea-Chinese Banking Corp. Ltd.		66,070	$	605,873
Raiffeisen Bank International AG		6,028		131,996
Resona Holdings, Inc.		61,600		253,039
Ringkjoebing Landbobank A/S		1,100		112,179
Royal Bank of Canada		33,440		3,188,788
San-In Godo Bank Ltd. (The)		52,800		242,009
Sbanken ASA(b)		31,592		393,940
Senshu Ikeda Holdings, Inc.		79,200		122,454
Seven Bank Ltd.		3,800		8,170
Shiga Bank Ltd. (The)		1,000		19,715
Shinsei Bank Ltd.		5,200		75,689
Shizuoka Bank Ltd. (The)		8,400		64,323
Skandinaviska Enskilda Banken AB, Class A		34,408		442,117
Skandinaviska Enskilda Banken AB, Class C		684		8,736
Societe Generale SA*		18,348		522,807
Spar Nord Bank A/S		34,364		381,040
SpareBank 1 Nord Norge		40,216		403,215
Sparebank 1 Oestlandet		14,784		206,416
SpareBank 1 SMN		46,552		629,793
SpareBank 1 SR-Bank ASA		8,041		104,333
Sparebanken Vest		37,576		384,887
St Galler Kantonalbank AG (Registered)		110		51,560
Standard Chartered plc		53,636		385,864
Sumitomo Mitsui Financial Group, Inc.		30,800		1,071,329
Sumitomo Mitsui Trust Holdings, Inc.		8,800		299,492
Suruga Bank Ltd.		81,800		292,611
Svenska Handelsbanken AB, Class A		36,608		425,057
Svenska Handelsbanken AB, Class B		908		11,114
Swedbank AB, Class A		22,044		387,763
Sydbank A/S		25,432		759,957
TBC Bank Group plc*		18,480		249,212
Toho Bank Ltd. (The)		13,600		26,502
TOMONY Holdings, Inc.(a)		79,200		213,026

Investments	Shares		Value
Banks – (continued)
Toronto-Dominion Bank (The)		42,372	$	2,910,449
Unicaja Banco SA(b)		390,632		385,834
UniCredit SpA		53,284		549,195
United Overseas Bank Ltd.		37,426		748,014
Valiant Holding AG (Registered)		6,468		717,682
Van Lanschot Kempen NV, CVA		14,784		433,356
Virgin Money UK plc*		489,808		1,357,006
Walliser Kantonalbank (Registered)		485		56,899
Westpac Banking Corp.		80,608		1,555,396
Yamagata Bank Ltd. (The)		2,200		20,208
Yamaguchi Financial Group, Inc.		13,300		78,482
				64,533,385
Beverages – 1.1%
AG Barr plc*		4,785		33,655
Anheuser-Busch InBev SA/NV		13,860		981,559
Asahi Group Holdings Ltd.		12,700		530,401
Britvic plc		7,320		89,441
Budweiser Brewing Co. APAC Ltd.(a) (b)		39,600		125,170
C&C Group plc* (a)		18,656		76,509
Carlsberg A/S, Class B		1,716		301,525
Coca-Cola Amatil Ltd.(d)		11,076		113,790
Coca-Cola Bottlers Japan Holdings, Inc.(a)		3,354		53,545
Coca-Cola European Partners plc		3,487		198,131
Coca-Cola HBC AG, DI		4,000		138,566
Davide Campari-Milano NV		13,420		158,513
Diageo plc		40,040		1,802,269
Fevertree Drinks plc		2,199		76,359
Heineken Holding NV		1,496		148,753
Heineken NV		3,212		372,896
Ito En Ltd.(a)		800		44,280
Kirin Holdings Co. Ltd.		13,238		248,337
Molson Coors Canada, Inc., Class B*		156		8,623
Pernod Ricard SA		3,608		741,403
Primo Water Corp.(a)		5,512		92,031
Remy Cointreau SA(a)		584		116,842

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 107

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Beverages – (continued)
Royal Unibrew A/S		1,210	$	147,880
Sapporo Holdings Ltd.		1,800		35,801
Suntory Beverage & Food Ltd.		3,000		101,276
Takara Holdings, Inc.		8,600		110,859
Treasury Wine Estates Ltd.		14,352		111,306
				6,959,720
Biotechnology – 0.6%
Abcam plc*		4,545		96,154
Argenx SE*		704		203,733
Aurinia Pharmaceuticals, Inc.* (a)		4,368		57,946
Bavarian Nordic A/S*		2,132		98,047
BioGaia AB, Class B		1,134		54,315
Clinuvel Pharmaceuticals Ltd.		1,368		30,729
CSL Ltd.		7,964		1,668,120
Galapagos NV*		924		72,178
Genmab A/S*		1,320		485,039
Genus plc		520		36,610
Grifols SA		3,564		96,747
Grifols SA (Preference), Class B		5,680		100,854
Hansa Biopharma AB* (a)		2,660		52,959
HEALIOS KK* (a)		1,100		16,615
Mesoblast Ltd.* (a)		16,640		25,129
MorphoSys AG*		880		83,201
PeptiDream, Inc.*		2,500		107,154
Pharma Mar SA(a)		414		47,345
PureTech Health plc*		5,168		29,695
SanBio Co. Ltd.* (a)		2,200		30,211
Swedish Orphan Biovitrum AB*		5,369		91,465
Vitrolife AB		1,652		62,089
Zealand Pharma A/S*		4,664		153,261
				3,699,596
Building Products – 1.1%
AGC, Inc.		4,400		200,467
Aica Kogyo Co. Ltd.(a)		1,500		53,246
Assa Abloy AB, Class B(a)		15,928		454,534
Bunka Shutter Co. Ltd.		28,100		245,767
Central Glass Co. Ltd.		200		4,121
Cie de Saint-Gobain		11,088		700,756

Investments	Shares		Value
Building Products – (continued)
Daikin Industries Ltd.		4,500	$	902,841
dormakaba Holding AG		132		86,837
Geberit AG (Registered)		484		318,616
Genuit Group plc		15,664		122,535
GWA Group Ltd.		17,760		41,019
Inwido AB*		22,836		400,236
James Halstead plc		4,686		32,829
Kingspan Group plc		2,641		235,454
Lindab International AB		3,680		74,856
Lixil Corp.(a)		4,400		119,193
Munters Group AB* (b)		10,384		102,050
Nibe Industrier AB, Class B		8,458		309,882
Nichias Corp.(a)		800		20,866
Nichiha Corp.		13,200		382,819
Reliance Worldwide Corp. Ltd.		23,739		90,402
ROCKWOOL International A/S, Class A		220		86,360
ROCKWOOL International A/S, Class B		174		78,217
Sanwa Holdings Corp.		9,800		126,327
Schweiter Technologies AG		56		90,995
Sekisui Jushi Corp.		3,600		69,757
Shin Nippon Air Technologies Co. Ltd.(a)		8,800		173,335
Takara Standard Co. Ltd.		19,776		278,443
Takasago Thermal Engineering Co. Ltd.		22,000		331,092
Tarkett SA*		13,722		331,197
TOTO Ltd.		3,900		202,306
Tyman plc		76,560		447,855
Uponor OYJ		4,092		119,405
				7,234,615
Capital Markets – 3.2%
3i Group plc		22,528		399,870
Amundi SA* (b)		1,440		128,450
Anima Holding SpA(b)		116,996		606,034
Ashmore Group plc		9,588		53,100
ASX Ltd.		2,104		118,610
Avanza Bank Holding AB		2,704		97,406
Azimut Holding SpA		5,680		136,170
Banca Generali SpA		1,397		53,512
Brederode SA		80		9,804
Brewin Dolphin Holdings plc		17,746		83,539

See Accompanying Notes to the Financial Statements.

108 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Capital Markets – (continued)
Brookfield Asset Management, Inc., Class A		23,584	$	1,074,121
Bure Equity AB		1,980		90,714
CI Financial Corp.		5,304		85,195
Credit Suisse Group AG (Registered)		49,544		518,554
Daiwa Securities Group, Inc.		22,000		117,160
Deutsche Bank AG (Registered)*		31,504		440,152
Deutsche Boerse AG		2,684		463,002
Draper Esprit plc*		49,588		578,779
EFG International AG* (a)		34,100		298,359
EQT AB		6,188		209,517
Euronext NV(a) (b)		1,402		141,263
Fairfax India Holdings Corp.* (a) (b)		42,724		515,679
flatexDEGIRO AG*		2,024		259,974
Flow Traders(b)		2,452		101,362
Gimv NV		9,152		575,097
GMO Financial Holdings, Inc.(a)		15,200		117,228
Haitong International Securities Group Ltd.(a)		792,000		249,831
Hargreaves Lansdown plc		5,061		120,489
Hong Kong Exchanges & Clearing Ltd.		17,658		1,068,549
IG Group Holdings plc		673		8,535
IGM Financial, Inc.(a)		2,200		78,472
Intermediate Capital Group plc		6,864		207,748
Investec plc		292,776		1,181,633
IOOF Holdings Ltd.		258,148		727,833
IP Group plc*		139,744		248,432
JAFCO Group Co. Ltd.		300		21,573
Japan Exchange Group, Inc.		7,400		173,415
Julius Baer Group Ltd.		5,720		360,742
Jupiter Fund Management plc		215,116		769,616
London Stock Exchange Group plc		5,060		518,431
Macquarie Group Ltd.		5,984		741,839
Magellan Financial Group Ltd.		2,640		98,904
Man Group plc		61,623		143,466
Monex Group, Inc.(a)		9,200		71,206

Investments	Shares		Value
Capital Markets – (continued)
Natixis SA		27,241	$	133,269
Ninety One plc		39,732		134,447
Nomura Holdings, Inc.		83,000		445,658
Okasan Securities Group, Inc.(a)		82,900		344,326
Partners Group Holding AG		308		439,011
Pendal Group Ltd.		6,964		39,646
Perpetual Ltd.(a)		3,971		106,285
Platinum Asset Management Ltd.		16		58
Quilter plc(b)		80,080		181,280
Rathbone Brothers plc		2,584		60,534
Ratos AB, Class B		80,872		476,868
Rothschild & Co.		12,584		448,399
Sanne Group plc		9,329		83,440
SBI Holdings, Inc.		4,800		135,694
Schroders plc		960		47,956
Schroders plc (Non-Voting)		96		3,502
Singapore Exchange Ltd.		7,600		59,696
St James’s Place plc		8,712		164,227
Standard Life Aberdeen plc		36,296		139,454
TMX Group Ltd.(a)		1,313		144,567
Tokai Tokyo Financial Holdings, Inc.		26,400		99,026
TP ICAP Group plc		299,437		985,677
UBS Group AG (Registered)		89,188		1,361,705
Value Partners Group Ltd.* (a)		8,000		5,686
VNV Global AB*		4,708		58,128
Vontobel Holding AG (Registered)		339		25,516
VP Bank AG (Registered)*		1,760		221,918
VZ Holding AG		285		24,561
				20,433,899
Chemicals – 3.1%
ADEKA Corp.		4,200		81,806
Air Liquide SA		7,304		1,232,013
Air Water, Inc.		6,000		99,355
Akzo Nobel NV		3,344		402,229
Arkema SA		1,716		214,835
Asahi Kasei Corp.		35,200		370,823
BASF SE		21,384		1,726,777
Borregaard ASA		6,375		140,725
C Uyemura & Co. Ltd.		2,200		151,558

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 109

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Chemicals – (continued)
Chr Hansen Holding A/S*		1,584	$	145,794
Chugoku Marine Paints Ltd.		9,500		85,522
CI Takiron Corp.		26,400		163,996
Clariant AG (Registered)		2,836		59,438
Corbion NV		1,352		79,294
Covestro AG(b)		2,948		193,126
Croda International plc		2,552		238,997
Daicel Corp.		100		773
DIC Corp.		2,899		74,076
Elkem ASA(b)		7		26
EMS-Chemie Holding AG (Registered)(a)		156		145,814
Evonik Industries AG		4,160		145,827
FUCHS PETROLUB SE		55		2,387
FUCHS PETROLUB SE (Preference)		1,182		63,091
Fuso Chemical Co. Ltd.		1,100		39,651
Givaudan SA (Registered)		132		553,443
Hexpol AB		5,784		71,173
ICL Group Ltd.		5,140		33,043
Incitec Pivot Ltd.*		54,091		110,724
Israel Corp. Ltd. (The)*		1,485		392,478
JCU Corp.		500		17,566
Johnson Matthey plc		3,360		151,193
JSP Corp.		2,300		37,476
JSR Corp.		3,100		95,435
K+S AG (Registered)		9,758		108,375
Kansai Paint Co. Ltd.		5,300		133,488
Koninklijke DSM NV		2,908		522,297
Konishi Co. Ltd.(a)		12,500		191,551
Kumiai Chemical Industry Co. Ltd.(a)		8,000		64,992
Kuraray Co. Ltd.		6,700		72,759
Kureha Corp.(a)		6,500		440,053
LANXESS AG		2,156		158,890
Lenzing AG*		485		64,106
Lintec Corp.		1,800		39,243
Methanex Corp.(a)		23,892		871,625
Mitsubishi Chemical Holdings Corp.(a)		27,100		201,691
Mitsubishi Gas Chemical Co., Inc.		6,200		143,337

Investments	Shares		Value
Chemicals – (continued)
Mitsui Chemicals, Inc.		5,600	$	176,241
Nihon Parkerizing Co. Ltd.(a)		1,900		18,356
Nippon Kayaku Co. Ltd.		8,100		74,994
Nippon Paint Holdings Co. Ltd.		16,000		228,645
Nippon Sanso Holdings Corp.		7,200		135,298
Nippon Shokubai Co. Ltd.(a)		400		21,005
Nippon Soda Co. Ltd.		12,039		349,699
Nissan Chemical Corp.(a)		3,800		195,380
Nitto Denko Corp.		3,300		273,528
NOF Corp.		2,000		105,759
Novozymes A/S, Class B		3,828		272,833
Nufarm Ltd.*		23,520		95,019
Nutrien Ltd.		9,152		504,766
OCI NV*		1,318		30,796
Okamoto Industries, Inc.(a)		5,000		185,261
Orica Ltd.		4,722		49,460
Osaka Soda Co. Ltd.(a)		9,600		216,846
Sakata INX Corp.(a)		18,000		167,312
Sanyo Chemical Industries Ltd.		3,400		161,438
Shikoku Chemicals Corp.		7,600		85,314
Shin-Etsu Chemical Co. Ltd.		6,600		1,114,039
Shin-Etsu Polymer Co. Ltd.		4,800		45,495
Showa Denko KK		1,700		51,480
Sika AG (Registered)		2,728		814,766
SOL SpA		3,009		59,694
Solvay SA		1,584		201,741
Sumitomo Bakelite Co. Ltd.		3,000		121,312
Sumitomo Chemical Co. Ltd.		38,200		194,661
Symrise AG		1,980		255,990
Synthomer plc		26,532		186,797
T Hasegawa Co. Ltd.		900		16,814
Taiyo Holdings Co. Ltd.		900		43,557
Teijin Ltd.		3,000		49,348
Tenma Corp.		1,100		23,096
Tessenderlo Group SA*		9,856		421,195
Toagosei Co. Ltd.		5,300		59,398
Tokai Carbon Co. Ltd.		11,000		178,931
Tokuyama Corp.		3,200		72,311
Tokyo Ohka Kogyo Co. Ltd.		700		46,494
Toray Industries, Inc.		39,600		246,067
Tosoh Corp.		12,200		216,308
Toyo Ink SC Holdings Co. Ltd.		14,800		272,968
Toyobo Co. Ltd.(a)		39,600		478,946

See Accompanying Notes to the Financial Statements.

110 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Chemicals – (continued)
Ube Industries Ltd.		3,900	$	78,817
Umicore SA		3,256		198,174
Victrex plc		2,830		92,001
Wacker Chemie AG		786		118,746
Yara International ASA		3,432		179,568
Zeon Corp.		8,000		127,496
				19,647,031
Commercial Services & Supplies – 1.3%
Aggreko plc		97,240		1,161,215
Babcock International Group plc*		193,644		772,424
Befesa SA(b)		2,288		160,300
Bell System24 Holdings, Inc.		5,600		84,483
Biffa plc* (b)		5,928		22,694
Bilfinger SE		12,100		452,711
Boyd Group Services, Inc.		208		38,599
Brambles Ltd.		25,652		206,075
Bravida Holding AB(b)		988		14,722
Cleanaway Waste Management Ltd.		56,747		124,928
Coor Service Management Holding AB(b)		6,692		56,665
Dai Nippon Printing Co. Ltd.		3,900		77,461
Daiseki Co. Ltd.		2,500		94,003
Downer EDI Ltd.		34,707		150,937
Duskin Co. Ltd.		3,700		87,774
Elis SA*		2,812		50,370
Elis SA—XLON*		4,520		81,346
HomeServe plc		7,771		117,707
Intrum AB		4,732		163,129
ISS A/S*		3,956		75,212
Kokuyo Co. Ltd.		5,600		86,481
Lassila & Tikanoja OYJ(a)		960		16,711
Loomis AB		2,271		74,637
Mitsubishi Pencil Co. Ltd.(a)		1,800		23,862
Nippon Kanzai Co. Ltd.		1,300		25,797
Okamura Corp.		41,400		512,458
Park24 Co. Ltd.		2,200		42,488
Pilot Corp.		500		15,919
Prestige International, Inc.		4,000		26,568
Prosegur Cash SA(a) (b)		156,640		141,422

Investments	Shares		Value
Commercial Services & Supplies – (continued)
Prosegur Cia de Seguridad SA(a)		101,332	$	315,449
Relia, Inc.		2,100		25,014
Rentokil Initial plc		32,208		223,146
Ritchie Bros Auctioneers, Inc.(a)		2,886		183,431
Sato Holdings Corp.		1,100		26,950
Secom Co. Ltd.		4,400		365,348
Securitas AB, Class B		7,047		120,384
Serco Group plc*		57,046		110,655
Smart Metering Systems plc		5,165		58,068
Societe BIC SA(a)		770		54,457
Sohgo Security Services Co. Ltd.		2,900		127,085
SPIE SA*		1,216		30,769
TOMRA Systems ASA		2,590		129,933
Toppan Printing Co. Ltd.		4,400		74,994
Transcontinental, Inc., Class A(a)		29,040		549,546
Waste Connections, Inc.		5,368		638,906
				7,993,233
Communications Equipment – 0.3%
BATM Advanced Communications Ltd.*		10,755		14,882
Evertz Technologies Ltd.		1,712		21,459
Gilat Satellite Networks Ltd.		21,780		226,238
Nokia OYJ*		97,636		463,379
Spirent Communications plc		5,928		20,880
Telefonaktiebolaget LM Ericsson, Class A		3,789		52,069
Telefonaktiebolaget LM Ericsson, Class B		40,139		550,361
VTech Holdings Ltd.		66,000		605,458
				1,954,726
Construction & Engineering – 2.0%
ACS Actividades de Construccion y Servicios SA(a)		7,849		256,341
AF Gruppen ASA		2,860		69,708
Arcadis NV(a)		4,708		198,362
Ashtrom Group Ltd.		4,545		98,186
Badger Daylighting Ltd.(a)		2,812		95,044
Balfour Beatty plc		6,760		29,202

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 111

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Construction & Engineering – (continued)
Boskalis Westminster*		218	$	6,965
Bouygues SA(a)		5,676		243,520
Chiyoda Corp.* (a)		43,600		202,633
Cie d’Entreprises CFE(a)		2,156		218,532
CIMIC Group Ltd.* (a)		5,661		84,833
COMSYS Holdings Corp.		4,300		133,361
Dai-Dan Co. Ltd.(a)		8,900		222,205
Eiffage SA*		1,760		193,055
Elco Ltd.		2,552		135,337
Elecnor SA		20,900		261,658
Electra Ltd.		103		57,236
Ferrovial SA		4,889		139,130
Fomento de Construcciones y Contratas SA		3,696		48,497
GOLD FIN HLDG* ‡ (d)		89,827		416
Hazama Ando Corp.		15,600		118,886
Hibiya Engineering Ltd.		8,800		149,344
HOCHTIEF AG*		442		41,491
Instalco AB(b)		4,092		174,118
JDC Corp.(a)		22,000		120,360
JGC Holdings Corp.(a)		5,400		61,606
John Laing Group plc(b)		31,724		134,933
Kajima Corp.		12,300		169,919
Kandenko Co. Ltd.		3,000		25,635
Kinden Corp.		2,300		39,096
Kumagai Gumi Co. Ltd.		14,000		389,369
Kyowa Exeo Corp.		3,900		103,722
Kyudenko Corp.		2,100		73,007
Maeda Corp.		8,100		69,139
Maeda Road Construction Co. Ltd.		1,200		23,055
Meisei Industrial Co. Ltd.		15,600		109,181
Mirait Holdings Corp.		6,700		108,249
Monadelphous Group Ltd.(a)		9,080		89,426
Morgan Sindall Group plc		17,556		559,065
NCC AB, Class B		246		4,652
Nichireki Co. Ltd.		8,800		115,288
Nippo Corp.		2,000		52,367
Nippon Densetsu Kogyo Co. Ltd.		1,700		27,560
Nippon Koei Co. Ltd.		4,400		118,670
Nippon Road Co. Ltd. (The)		1,900		138,017

Investments	Shares		Value
Construction & Engineering – (continued)
Nishimatsu Construction Co. Ltd.(a)		24,600	$	653,569
NRW Holdings Ltd.		182,424		274,077
Obayashi Corp.		8,900		81,179
Okumura Corp.		16,200		405,204
Peab AB, Class B*		3,999		57,840
Penta-Ocean Construction Co. Ltd.		1,500		11,692
Raito Kogyo Co. Ltd.		7,600		122,095
Raiznext Corp.(a)		13,200		138,998
Sacyr SA—BATE(a)		156,741		435,107
Sanki Engineering Co. Ltd.(a)		19,200		244,161
Shapir Engineering and Industry Ltd.		7,497		53,881
Shikun & Binui Ltd.*		10,568		71,325
Shimizu Corp.		9,000		73,693
Shinnihon Corp.		5,400		41,696
SHO-BOND Holdings Co. Ltd.		1,200		50,062
Skanska AB, Class B		5,096		138,372
SNC-Lavalin Group, Inc.(a)		6,208		138,724
Sumitomo Densetsu Co. Ltd.(a)		8,800		186,619
Sumitomo Mitsui Construction Co. Ltd.		76,440		325,887
Sweco AB, Class B		7,413		132,379
Taihei Dengyo Kaisha Ltd.		4,600		111,691
Taikisha Ltd.		15,200		408,838
Taisei Corp.		3,500		129,043
Takamatsu Construction Group Co. Ltd.		8,900		167,814
Toda Corp.		14,000		99,776
Toenec Corp.		4,400		153,168
Tokyu Construction Co. Ltd.		36,000		186,085
Totetsu Kogyo Co. Ltd.		10,600		245,059
Veidekke ASA		3,088		47,575
Vinci SA		7,920		871,416
Webuild SpA(a)		114,004		246,068
WSP Global, Inc.		1,210		125,534
YIT OYJ		62,832		389,531
Yokogawa Bridge Holdings Corp.		18,000		339,070
Yurtec Corp.		17,800		127,021
				12,994,625

See Accompanying Notes to the Financial Statements.

112 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Construction Materials – 0.8%
Adbri Ltd.(a)		8,796	$	21,878
Boral Ltd.* (a)		35,620		170,591
Breedon Group plc*		45,296		64,722
Brickworks Ltd.		3,147		49,347
Buzzi Unicem SpA		3,148		84,166
Cementir Holding NV		19,404		216,767
CRH plc		12,981		615,929
CSR Ltd.		42,536		196,156
Fletcher Building Ltd.(a)		17,649		92,061
HeidelbergCement AG		3,300		302,787
Ibstock plc(b)		9,600		29,348
Imerys SA		1,103		57,414
James Hardie Industries plc, CHDI		6,640		220,037
LafargeHolcim Ltd. (Registered)*		11,880		733,341
Marshalls plc*		18,348		184,685
Mitani Sekisan Co. Ltd.(a)		100		3,486
RHI Magnesita NV		12,848		807,607
Sumitomo Osaka Cement Co. Ltd.(a)		14,900		472,334
Taiheiyo Cement Corp.		100		2,506
Titan Cement International SA*		13,420		272,050
Vicat SA		12,760		642,069
Wienerberger AG		3,846		151,025
				5,390,306
Consumer Finance – 0.3%
Acom Co. Ltd.(a)		24,400		104,694
AEON Financial Service Co. Ltd.		4,800		54,453
Aiful Corp.		8,800		25,280
Cembra Money Bank AG		726		79,004
Credit Corp. Group Ltd.		3,350		75,121
Credit Saison Co. Ltd.		6,200		71,186
Hong Leong Finance Ltd.		110,000		208,359
Isracard Ltd.*		77,440		290,100
Jaccs Co. Ltd.		13,200		257,708
Provident Financial plc*		11,220		38,029
Resurs Holding AB(b)		62,594		324,083
Sun Hung Kai & Co. Ltd.		105,996		54,589
Zip Co. Ltd.* (a)		14,040		87,412
				1,670,018

Investments	Shares		Value
Containers & Packaging – 0.3%
BillerudKorsnas AB		2,965	$	60,627
Cascades, Inc.(a)		27,764		325,440
CCL Industries, Inc., Class B		2,960		167,874
DS Smith plc		27,632		160,989
FP Corp.		1,200		46,604
Fuji Seal International, Inc.		2,000		44,408
Huhtamaki OYJ		2,051		97,426
Mayr Melnhof Karton AG		275		57,138
Orora Ltd.		35,495		87,190
Pack Corp. (The)		1,200		29,905
Pact Group Holdings Ltd.		77,704		217,882
Rengo Co. Ltd.(a)		700		5,809
SIG Combibloc Group AG*		9,988		244,868
Smurfit Kappa Group plc		5,148		263,751
Toyo Seikan Group Holdings Ltd.		5,600		65,476
Vidrala SA		396		44,620
Winpak Ltd.		74		2,567
				1,922,574
Distributors – 0.1%
Arata Corp.		7,900		320,900
Bapcor Ltd.(a)		16,060		95,771
Doshisha Co. Ltd.		7,000		117,835
Inchcape plc*		8,938		96,712
Jardine Cycle & Carriage Ltd.		4,422		77,046
PALTAC Corp.		800		41,645
				749,909
Diversified Consumer Services – 0.1%
AcadeMedia AB(b)		28,644		298,440
Benesse Holdings, Inc.		2,000		44,152
IDP Education Ltd.(a)		2,501		43,893
InvoCare Ltd.(a)		4,432		38,685
				425,170
Diversified Financial Services – 1.3%
Ackermans & van Haaren NV		454		72,688
Aker ASA, Class A		760		56,852
AMP Ltd.(a)		89,503		77,087
Banca Mediolanum SpA		9,158		85,682
Banque Nationale de Belgique		84		186,565
BFF Bank SpA(b)		55,308		496,019
Burford Capital Ltd.*		82,104		1,089,027

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 113

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Diversified Financial Services – (continued)
Cerved Group SpA*		10,505	$	123,361
Challenger Ltd.		11,680		46,104
Creades AB, Class A		18,920		281,929
ECN Capital Corp.		100,540		673,427
Element Fleet Management Corp.(a)		13,936		170,490
Eurazeo SE		1,664		138,816
EXOR NV		2,816		231,598
First Pacific Co. Ltd.		968,000		331,522
Fuyo General Lease Co. Ltd.		700		46,558
GRENKE AG		495		20,105
Groupe Bruxelles Lambert SA(a)		880		96,379
HAL Trust		1,010		181,160
Industrivarden AB, Class A(a)		1,496		57,464
Industrivarden AB, Class C		250		9,035
Investor AB, Class A		2,092		178,132
Investor AB, Class B(a)		7,379		627,356
Japan Securities Finance Co. Ltd.(a)		22,000		162,225
KBC Ancora*		1,377		60,205
Kinnevik AB, Class B* (a)		4,796		265,444
L E Lundbergforetagen AB, Class B		1,348		77,127
M&G plc		72,688		218,691
Mitsubishi HC Capital, Inc.		33,229		190,306
Mizuho Leasing Co. Ltd.		13,338		398,413
Omni Bridgeway Ltd.(a)		113,564		328,959
Onex Corp.		157		10,502
ORIX Corp.		27,900		448,600
PEUGEOT INVEST		308		41,600
Plus500 Ltd.		4,264		83,833
Ricoh Leasing Co. Ltd.		4,400		139,481
Sofina SA		330		125,612
SRH NV* ‡ (d)		2,857		—
Tokyo Century Corp.(a)		600		37,052
Wendel SE		497		66,231
Zenkoku Hosho Co. Ltd.		1,600		71,799
				8,003,436

Investments	Shares		Value
Diversified Telecommunication Services – 1.2%
ARTERIA Networks Corp.(a)		1,900	$	26,978
BCE, Inc.		3,652		172,477
Bezeq The Israeli Telecommunication Corp. Ltd.*		52,780		57,559
BT Group plc*		226,248		516,709
Cellnex Telecom SA(a) (b)		11,395		645,262
Chorus Ltd.		13,242		64,513
Deutsche Telekom AG (Registered)		77,396		1,490,709
Elisa OYJ		1,820		103,389
Euskaltel SA(b)		8,683		115,606
Gamma Communications plc		1,701		42,816
HKBN Ltd.(a)		51,500		75,458
HKT Trust & HKT Ltd.		53,400		77,554
Iliad SA		646		117,426
Infrastrutture Wireless Italiane SpA(b)		5,179		60,474
Internet Initiative Japan, Inc.		4,600		102,559
Koninklijke KPN NV		57,464		198,256
Nippon Telegraph & Telephone Corp.		31,800		801,509
NOS SGPS SA		1,360		5,164
Orange SA		49,280		613,996
PCCW Ltd.		127,035		73,602
Proximus SADP(a)		4,056		86,569
Singapore Telecommunications Ltd.		211,200		396,873
Spark New Zealand Ltd.		3,270		10,323
Swisscom AG (Registered)(a)		352		191,158
Telecom Italia SpA		255,816		140,518
Telecom Italia SpA (Retirement Savings Plan)		178,600		104,919
Telefonica Deutschland Holding AG		14,053		40,905
Telefonica SA(a)		134,062		621,893
Telekom Austria AG		1,426		11,673
Telenor ASA		5,588		99,846
Telia Co. AB		49,764		206,218
Telstra Corp. Ltd.		52,988		138,755
TELUS Corp.		10,203		211,491
United Internet AG (Registered)		1,560		65,746
Vocus Group Ltd.*		38,775		163,836
				7,852,739

See Accompanying Notes to the Financial Statements.

114 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Electric Utilities – 1.3%
Acciona SA		857	$	149,281
AusNet Services		46,020		67,364
BKW AG		773		86,619
Chubu Electric Power Co., Inc.		17,600		212,623
Chugoku Electric Power Co., Inc. (The)		4,206		46,945
CK Infrastructure Holdings Ltd.		500		3,064
CLP Holdings Ltd.		22,500		222,050
Contact Energy Ltd.		20,140		108,956
EDP—Energias de Portugal SA		32,564		181,185
Electricite de France SA*		11,915		173,841
Elia Group SA/NV(a)		794		86,024
Emera, Inc.(a)		2,950		133,975
Endesa SA		4,476		117,786
Enel SpA		181,676		1,808,006
EVN AG		2,240		51,180
Fortis, Inc.		6,132		273,303
Fortum OYJ		9,900		260,400
Genesis Energy Ltd.		14,326		35,359
HK Electric Investments & HK Electric Investments Ltd.(b)		500		501
Hokkaido Electric Power Co., Inc.(a)		86,100		408,818
Hokuriku Electric Power Co.		9,300		56,325
Hydro One Ltd.(b)		9,680		231,889
Iberdrola SA		96,867		1,310,096
Kansai Electric Power Co., Inc. (The)		21,700		214,806
Kyushu Electric Power Co., Inc.(a)		4,400		40,174
Mercury NZ Ltd.		17,270		85,995
Okinawa Electric Power Co., Inc. (The)		18,370		243,522
Orsted A/S(b)		3,080		449,811
Power Assets Holdings Ltd.		17,000		104,515
Red Electrica Corp. SA		3,432		63,108
Romande Energie Holding SA (Registered)		21		29,702
Shikoku Electric Power Co., Inc.		8,600		62,943
Spark Infrastructure Group		1,271		2,150
SSE plc		17,380		353,252
Terna Rete Elettrica Nazionale SpA		22,982		169,591

Investments	Shares		Value
Electric Utilities – (continued)
Tohoku Electric Power Co., Inc.		5,600	$	49,337
Tokyo Electric Power Co. Holdings, Inc.*		31,200		92,197
Trustpower Ltd.		5,123		32,494
Verbund AG(a)		1,385		113,874
				8,133,061
Electrical Equipment – 1.4%
ABB Ltd. (Registered)		31,768		1,032,752
Ballard Power Systems, Inc.* (a)		1,824		39,795
Denyo Co. Ltd.(a)		8,800		160,937
Fagerhult AB		31,408		216,178
Fuji Electric Co. Ltd.		4,500		204,817
Fujikura Ltd.*		110,000		566,580
Huber + Suhner AG (Registered)		867		69,584
ITM Power plc*		10,192		73,449
Legrand SA		4,972		484,809
Mabuchi Motor Co. Ltd.(a)		2,000		80,051
Mitsubishi Electric Corp.		32,700		503,192
NEL ASA*		12,688		36,927
Nexans SA*		10,340		850,772
Nidec Corp.		8,910		1,031,573
Nissin Electric Co. Ltd.(a)		1,200		13,229
Nitto Kogyo Corp.		1,800		31,700
NKT A/S*		2,904		120,905
Nordex SE*		3,040		88,049
OSRAM Licht AG*		880		55,139
Prysmian SpA		5,460		171,220
Schneider Electric SE		8,888		1,423,231
Siemens Energy AG*		6,952		232,653
Siemens Gamesa Renewable Energy SA*		6,044		219,001
Signify NV* (b)		3,848		219,150
Somfy SA		275		48,664
TKH Group NV, CVA		2,194		105,012
Ushio, Inc.		5,900		78,213
Vestas Wind Systems A/S		18,920		790,777
				8,948,359
Electronic Equipment, Instruments & Components – 1.8%
Alps Alpine Co. Ltd.		5,348		64,780
ALSO Holding AG (Registered)*		52		15,765

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 115

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Electronic Equipment, Instruments & Components – (continued)
Amano Corp.		2,600	$	70,623
Anritsu Corp.(a)		500		9,734
Azbil Corp.		3,000		121,312
Barco NV		2,608		66,495
Canon Electronics, Inc.		2,800		44,777
Canon Marketing Japan, Inc.		3,700		89,263
Carel Industries SpA(a) (b)		4,028		90,287
Citizen Watch Co. Ltd.		106,000		355,903
Comet Holding AG (Registered)		352		90,311
CONEXIO Corp.		2,200		27,876
Daiwabo Holdings Co. Ltd.(a)		44,000		687,947
FIH Mobile Ltd.* (a)		1,208,000		171,086
Fingerprint Cards AB, Class B*		10,108		41,588
FIT Hon Teng Ltd.* (a) (b)		44,000		13,540
Halma plc		8,140		291,674
Hamamatsu Photonics KK		3,400		197,210
Hexagon AB, Class B		4,972		474,753
Hirose Electric Co. Ltd.		782		124,556
Hitachi Ltd.		22,000		1,083,043
Horiba Ltd.		800		52,038
Hosiden Corp.		17,600		166,975
Ibiden Co. Ltd.		4,400		208,517
Inficon Holding AG (Registered)		110		117,833
Iriso Electronics Co. Ltd.		1,200		56,759
Japan Aviation Electronics Industry Ltd.		2,044		36,521
Jenoptik AG		2,585		79,289
Kaga Electronics Co. Ltd.		8,900		196,312
Keyence Corp.		3,200		1,537,569
Kyocera Corp.		5,300		321,816
Lagercrantz Group AB, Class B		5,832		60,246
Landis+Gyr Group AG*		1,102		76,604
LEM Holding SA (Registered)		27		50,622
Macnica Fuji Electronics Holdings, Inc.		22,100		446,226
Murata Manufacturing Co. Ltd.		10,700		851,947
Mycronic AB		3,001		88,585
Nichicon Corp.		7,600		74,675
Nippon Ceramic Co. Ltd.		900		21,235
Nippon Signal Co. Ltd.		23,500		199,300

Investments	Shares			Value
Electronic Equipment, Instruments & Components – (continued)
Nissha Co. Ltd.		4,400		$	51,606
Nohmi Bosai Ltd.		2,500			47,207
Oki Electric Industry Co. Ltd.		39,600			418,444
Omron Corp.		4,400			333,708
Optex Group Co. Ltd.		1,000			15,260
Oxford Instruments plc		4,444			134,134
Renishaw plc		1,617			140,262
Restar Holdings Corp.(a)		13,200			233,314
Shimadzu Corp.		6,200			216,962
Siix Corp.		3,628			48,426
Spectris plc		3,026			136,331
Taiyo Yuden Co. Ltd.		2,500			114,816
TDK Corp.		2,900			393,989
Topcon Corp.		2,200			30,030
Venture Corp. Ltd.		4,500			68,156
VSTECS Holdings Ltd.		356,000			352,478
Yokogawa Electric Corp.		1,600			29,042
					11,539,757
Energy Equipment & Services – 0.4%
BW Offshore Ltd.		42,284			170,394
Drilling Co. of 1972 A/S (The)*		5,984			252,819
John Wood Group plc*		264,792			1,032,396
Modec, Inc.		10,400			198,761
Ocean Yield ASA(a)		30,348			109,072
Saipem SpA(a)		199,716			461,963
SBM Offshore NV		5,113			89,094
Subsea 7 SA		26			264
TechnipFMC plc* (a)		12,457			92,521
Tenaris SA		6,336			68,325
TGS NOPEC Geophysical Co. ASA		1,140			17,392
Vallourec SA*		—	(e)		4
Worley Ltd.		10,916			91,572
					2,584,577
Entertainment – 0.6%
Bollore SA		12,858			65,010
Capcom Co. Ltd.		5,200			168,885
CTS Eventim AG & Co. KGaA*		1,375			95,142
Daiichikosho Co. Ltd.		1,100			40,959
DeNA Co. Ltd.		4,000			81,716

See Accompanying Notes to the Financial Statements.

116 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Entertainment – (continued)
Embracer Group AB*		8,008	$	246,801
EVENT Hospitality and Entertainment Ltd.*		2,282		22,563
IGG, Inc.(a)		308,000		521,076
Kinepolis Group NV*		1,030		55,995
Koei Tecmo Holdings Co. Ltd.		2,246		100,377
Konami Holdings Corp.		2,200		131,229
Modern Times Group MTG AB, Class B*		586		9,009
Nexon Co. Ltd.		8,800		291,844
Nintendo Co. Ltd.		2,100		1,204,419
Paradox Interactive AB		952		22,315
Shochiku Co. Ltd.		300		33,649
Square Enix Holdings Co. Ltd.		1,800		100,123
Toei Animation Co. Ltd.		900		102,758
Toho Co. Ltd.		4,100		163,167
Ubisoft Entertainment SA*		1,425		107,145
Vivendi SE*		15,180		529,937
				4,094,119
Equity Real Estate Investment Trusts (REITs) – 2.5%
Activia Properties, Inc.(a)		15		69,164
Advance Residence Investment Corp.		18		57,390
Aedifica SA		1,039		127,076
AEON REIT Investment Corp.		29		39,930
ALE Property Group		9,620		33,216
Allied Properties REIT(a)		1,540		53,391
alstria office REIT-AG		6,756		121,098
Altarea SCA		1,188		239,973
ARGAN SA		1,898		189,182
Argosy Property Ltd.		67,002		71,390
Artis REIT(a)		22,836		201,778
Ascendas REIT		68,635		160,444
Ascott Residence Trust		30,164		24,033
Assura plc		57,957		59,742
Aventus Group		20,768		47,645
Befimmo SA		657		27,958
Big Yellow Group plc		7,176		118,829
Boardwalk REIT(a)		616		18,357
British Land Co. plc (The)		16,528		118,630
BWP Trust		12,444		39,699

Investments	Shares		Value
Equity Real Estate Investment Trusts (REITs) – (continued)
Capital & Counties Properties plc*		43,340	$	109,092
CapitaLand China Trust		3,414		3,541
CapitaLand Integrated Commercial Trust		37,044		59,865
Carmila SA		17,512		294,290
CDL Hospitality Trusts		36,800		34,576
Centuria Office REIT		160,732		273,146
Champion REIT		68,000		39,573
Charter Hall Group		5,096		55,110
Charter Hall Long Wale REIT		3,602		13,606
Charter Hall Retail REIT		25,935		74,525
Charter Hall Social Infrastructure REIT		31		78
Choice Properties REIT		3,957		44,839
Cofinimmo SA		507		77,817
Comforia Residential REIT, Inc.		34		108,870
Cominar REIT(a)		36,168		286,945
Covivio(a)		1,449		129,428
Cromwell European REIT(b)		115,868		66,254
Cromwell Property Group(a)		48,403		32,715
Daiwa House REIT Investment Corp.		42		112,622
Daiwa Securities Living Investments Corp.		26		26,689
Derwent London plc		1,508		69,506
Dexus		8,888		69,823
Dream Office REIT(a)		3,966		68,120
ESR-REIT		1,044,000		325,661
Far East Hospitality Trust		53,976		25,560
First Capital REIT(a)		39,688		571,350
Fortune REIT		48,000		48,390
Frasers Centrepoint Trust		33,249		60,730
Frasers Hospitality Trust		39,200		16,353
Frasers Logistics & Commercial Trust(b)		4,239		4,684
Frontier Real Estate Investment Corp.		12		52,477
Fukuoka REIT Corp.		26		42,626
Gecina SA		352		51,548
Global One Real Estate Investment Corp.		48		55,551
GLP J-REIT		74		124,027
Goodman Group		30,052		438,970

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 117

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
Goodman Property Trust(a)		19,085	$	30,537
GPT Group (The)		41,404		147,759
Granite REIT(a)		1,072		68,571
Great Portland Estates plc		14,916		143,118
Growthpoint Properties Australia Ltd.(a)		19,121		55,240
H&R REIT(a)		5,632		69,725
Hamborner REIT AG		6,058		66,465
Hammerson plc(a)		1,687,382		930,768
Hankyu Hanshin REIT, Inc.		26		36,417
Heiwa Real Estate REIT, Inc.		87		131,091
Hibernia REIT plc		34,222		46,882
Hoshino Resorts REIT, Inc.		24		140,963
Hulic Reit, Inc.(a)		23		36,739
ICADE		154		11,994
Ichigo Office REIT Investment Corp.(a)		40		34,948
Ingenia Communities Group		35,948		146,615
Inmobiliaria Colonial Socimi SA		7,185		72,957
InterRent REIT(a)		28,380		354,116
Invincible Investment Corp.		121		43,450
Irongate Group(a)		174,504		188,040
Japan Hotel REIT Investment Corp.		77		44,099
Japan Logistics Fund, Inc.		19		54,407
Japan Metropolitan Fund Invest		147		144,842
Japan Prime Realty Investment Corp.		25		101,665
Japan Real Estate Investment Corp.(a)		24		148,868
Kenedix Office Investment Corp.		9		66,365
Kenedix Residential Next Investment Corp.		34		70,237
Kenedix Retail REIT Corp.		31		79,354
Keppel DC REIT		47,500		96,043
Keppel Pacific Oak US REIT(b)		154,000		114,730
Keppel REIT		80,733		75,247
Kiwi Property Group Ltd.		3,973		3,620
Klepierre SA		5,108		135,647
Land Securities Group plc		13,636		136,085

Investments	Shares		Value
Equity Real Estate Investment Trusts (REITs) – (continued)
LaSalle Logiport REIT		44	$	71,451
Link REIT		36,774		347,767
LondonMetric Property plc		31,548		98,454
LXI REIT plc(b)		81,418		153,986
Mapletree Commercial Trust		34,368		56,574
Mapletree Industrial Trust		33,416		71,082
Mapletree Logistics Trust		73,207		109,502
Mapletree North Asia Commercial Trust(b)		49,500		40,555
Merlin Properties Socimi SA		10,940		121,081
Mirvac Group		45,364		94,261
Mori Hills REIT Investment Corp.		16		23,230
Mori Trust Hotel Reit, Inc.(a)		132		164,842
National Storage REIT		70,798		109,923
Nippon Accommodations Fund, Inc.		8		47,500
Nippon Building Fund, Inc.		17		111,669
Nippon Prologis REIT, Inc.		41		131,659
NIPPON REIT Investment Corp.		23		89,218
Nomura Real Estate Master Fund, Inc.		51		80,626
NTT UD REIT Investment Corp.(a)		67		99,423
One REIT, Inc.		14		39,321
Orix JREIT, Inc.		49		86,430
OUE Commercial REIT		82,177		25,016
Parkway Life REIT		12,500		39,180
Precinct Properties New Zealand Ltd.		22,735		26,915
Primary Health Properties plc		6,188		12,954
Property for Industry Ltd.(a)		26,317		53,815
Reit 1 Ltd.		69,740		370,487
Retail Estates NV		3,784		291,076
Safestore Holdings plc		6,952		81,960
Sasseur REIT(b)		277,200		192,732
Scentre Group		122,012		256,355
Secure Income REIT plc(a)		14,030		73,330
Segro plc		19,096		265,848
Sekisui House Reit, Inc.		55		45,789
Shaftesbury plc* (a)		14,432		125,586
Shopping Centres Australasia Property Group		54,215		104,277

See Accompanying Notes to the Financial Statements.

118 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)
Societe Fonciere Lyonnaise SA		516	$	37,518
SPH REIT		44,800		29,802
Star Asia Investment Corp.		156		79,923
Starhill Global REIT		600,800		255,150
Stockland		57,904		209,327
Summit Industrial Income REIT(a)		14,652		185,919
Sunlight REIT		55,000		30,237
Suntec REIT		3,900		4,485
Tokyu REIT, Inc.		21		35,677
Tritax Big Box REIT plc		47,975		126,404
UK Commercial Property REIT Ltd.		18,880		21,017
Unibail-Rodamco-Westfield* (a)		3,476		287,009
Unibail-Rodamco-Westfield, CHDI* (a)		5		20
UNITE Group plc (The)		9,194		148,299
United Urban Investment Corp.		84		125,572
Vicinity Centres		98,852		121,028
Vital Healthcare Property Trust(a)		45,502		95,984
Warehouses De Pauw CVA		4,239		149,617
Waypoint REIT		46,112		88,692
Workspace Group plc		8,954		101,658
WPT Industrial REIT(a)		7,436		124,330
				16,087,028
Food & Staples Retailing – 1.4%
Aeon Co. Ltd.		14,713		401,459
Ain Holdings, Inc.		800		44,426
Alimentation Couche-Tard, Inc.		608		20,639
Alimentation Couche-Tard, Inc., Class B		12,408		420,089
Arcs Co. Ltd.		2,818		60,534
Axfood AB		3,184		79,828
Belc Co. Ltd.		800		42,377
Carrefour SA(a)		10,949		212,271
Casino Guichard Perrachon SA* (a)		2,142		74,907
Cawachi Ltd.		5,400		116,097
Coles Group Ltd.		24,728		311,731
Cosmos Pharmaceutical Corp.		200		28,709

Investments	Shares		Value
Food & Staples Retailing – (continued)
Create SD Holdings Co. Ltd.		2,000	$	60,656
Daikokutenbussan Co. Ltd.		400		29,861
Dairy Farm International Holdings Ltd.		7,600		33,136
Distribuidora Internacional de Alimentacion SA*		37,128		3,647
Empire Co. Ltd., Class A		1,666		52,355
Etablissements Franz Colruyt NV		1,044		61,996
George Weston Ltd.		1,629		143,713
GrainCorp Ltd., Class A		10,837		42,692
Heiwado Co. Ltd.		18,800		382,003
ICA Gruppen AB		1,916		88,371
Inageya Co. Ltd.		2,398		34,970
Itochu-Shokuhin Co. Ltd.		400		18,041
J Sainsbury plc		16,852		55,461
Jeronimo Martins SGPS SA		988		18,066
Kato Sangyo Co. Ltd.		1,400		40,986
Kesko OYJ, Class A		2,248		64,406
Kesko OYJ, Class B		7,848		239,398
Kobe Bussan Co. Ltd.(a)		3,200		85,544
Koninklijke Ahold Delhaize NV		25,960		699,702
Kusuri no Aoki Holdings Co. Ltd.		600		42,157
Loblaw Cos. Ltd.		2,640		146,464
MARR SpA*		1,155		25,875
Matsumotokiyoshi Holdings Co. Ltd.(a)		3,600		144,422
Maxvalu Nishinihon Co. Ltd.(a)		8,800		144,513
Maxvalu Tokai Co. Ltd.		2,400		54,453
Metcash Ltd.(a)		43,474		119,214
METRO AG		8,528		93,421
Metro, Inc.		4,532		207,480
Nihon Chouzai Co. Ltd.		1,600		25,909
North West Co., Inc. (The)		95		2,734
Olam International Ltd.		35,100		45,907
Qol Holdings Co. Ltd.		10,300		129,192
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		243		17,082
Seven & i Holdings Co. Ltd.		17,900		769,517
Sheng Siong Group Ltd.		51,500		60,001
Shufersal Ltd.		3,578		29,036
Sligro Food Group NV* (a)		10,032		318,820

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 119

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Food & Staples Retailing – (continued)
Sonae SGPS SA		301,268	$	282,880
Sugi Holdings Co. Ltd.		800		61,479
Sundrug Co. Ltd.		1,600		54,526
Tesco plc		110,011		336,618
Tsuruha Holdings, Inc.		900		103,911
United Super Markets Holdings, Inc.		2,000		20,219
Valor Holdings Co. Ltd.(a)		20,400		436,163
Welcia Holdings Co. Ltd.(a)		3,600		112,310
Wm Morrison Supermarkets plc		55,924		134,611
Woolworths Group Ltd.		19,272		585,046
Yokohama Reito Co. Ltd.		22,100		176,913
Zur Rose Group AG* (a)		260		86,662
				8,735,606
Food Products – 2.5%
a2 Milk Co. Ltd. (The)* (a)		8,840		48,522
AAK AB		5,004		114,866
Agrana Beteiligungs AG		6,028		130,617
Ajinomoto Co., Inc.		7,900		158,029
Ariake Japan Co. Ltd.		800		46,329
Associated British Foods plc*		4,888		156,198
Austevoll Seafood ASA		8,913		114,145
Bakkafrost P/F		1,281		101,855
Barry Callebaut AG (Registered)		38		83,995
Bega Cheese Ltd.(a)		8,671		42,800
Bell Food Group AG (Registered)		320		99,995
Bonduelle SCA		3,784		99,986
Calbee, Inc.		3,200		76,674
Chocoladefabriken Lindt & Spruengli AG*		24		222,883
Chocoladefabriken Lindt & Spruengli AG (Registered)*		4		395,592
Chubu Shiryo Co. Ltd.(a)		13,200		164,479
Costa Group Holdings Ltd.		13,860		49,891
Danone SA		10,692		754,628
DyDo Group Holdings, Inc.		500		23,192
Ebro Foods SA		1,618		33,151
Elders Ltd.		1,508		14,176

Investments	Shares			Value
Food Products – (continued)
Emmi AG (Registered)		41		$	42,616
First Resources Ltd.		5,100			5,865
Freedom Foods Group Ltd.* (a)		4,368			1,383
Fuji Oil Holdings, Inc.		3,400			87,562
Fujicco Co. Ltd.		2,000			35,149
Fujiya Co. Ltd.		400			7,842
Glanbia plc(a)		7,586			111,776
Golden Agri-Resources Ltd.		213,400			40,101
Grieg Seafood ASA*		20,900			208,165
House Foods Group, Inc.		2,400			74,544
Inghams Group Ltd.(a)		151,800			383,433
Itoham Yonekyu Holdings, Inc.		6,500			41,805
Japfa Ltd.		201,820			138,804
J-Oil Mills, Inc.		8,800			148,539
Kagome Co. Ltd.		900			25,813
Kameda Seika Co. Ltd.		900			37,793
Kerry Group plc, Class A		2,244			291,203
Kikkoman Corp.(a)		4,000			245,551
Kotobuki Spirits Co. Ltd.(a)		1,000			59,833
Leroy Seafood Group ASA		11,649			107,177
Lotus Bakeries NV		13			70,892
Maple Leaf Foods, Inc.		301			6,941
Maruha Nichiro Corp.(a)		17,600			402,221
Mehadrin Ltd.*		—	(e)		16
MEIJI Holdings Co. Ltd.		1,600			99,099
Mitsui DM Sugar Holdings Co. Ltd.		3,400			56,239
Morinaga & Co. Ltd.		1,100			36,631
Morinaga Milk Industry Co. Ltd.		1,200			65,651
Mowi ASA		3,640			90,078
Nestle SA (Registered)		48,312			5,767,458
Neto Malinda Trading Ltd.*		2,288			53,663
Nichirei Corp.		3,500			88,441
Nippn Corp.		1,500			21,408
Nippon Suisan Kaisha Ltd.		123,200			575,959
Nisshin Oillio Group Ltd. (The)		9,900			278,057
Nisshin Seifun Group, Inc.		7,090			114,291
Nissin Foods Holdings Co. Ltd.		1,500			106,354
Norway Royal Salmon ASA		2,651			63,115
Orkla ASA		13,798			141,099
Premier Foods plc*		280,104			378,123
Premium Brands Holdings Corp.		1,100			106,915

See Accompanying Notes to the Financial Statements.

120 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Food Products – (continued)
Riken Vitamin Co. Ltd.(a)		400	$	4,981
S&B Foods, Inc.		4,400		196,441
Sakata Seed Corp.		2,800		98,751
Salmar ASA		52		3,616
Saputo, Inc.		4,455		141,450
Savencia SA		1,716		151,624
Schouw & Co. A/S		1,160		124,306
Showa Sangyo Co. Ltd.		4,400		118,871
Societe LDC SA(a)		1,734		199,972
Strauss Group Ltd.		952		27,882
Suedzucker AG		1,979		32,447
Synlait Milk Ltd.* (a)		1,760		4,142
Tate & Lyle plc		3,262		36,131
Toyo Suisan Kaisha Ltd.		2,800		114,121
Vilmorin & Cie SA		1,612		113,133
Viscofan SA		825		56,509
Vitasoy International Holdings Ltd.(a)		16,000		61,904
WH Group Ltd.(b)		154,000		134,631
Wilmar International Ltd.		74,800		293,488
Yakult Honsha Co. Ltd.		1,700		82,741
Yamazaki Baking Co. Ltd.		2,900		45,926
				15,592,675
Gas Utilities – 0.3%
AltaGas Ltd.		6,799		126,949
APA Group		16,324		126,473
Enagas SA(a)		5,500		119,971
Hong Kong & China Gas Co. Ltd.(a)		151,340		242,788
Naturgy Energy Group SA(a)		6,820		175,118
Nippon Gas Co. Ltd.		6,000		105,503
Osaka Gas Co. Ltd.		5,700		109,927
Rubis SCA		2,653		124,713
Saibu Gas Holdings Co. Ltd.(a)		3,600		83,821
Shizuoka Gas Co. Ltd.		26,400		223,653
Snam SpA		23,751		133,808
Superior Plus Corp.		14,520		177,280
Toho Gas Co. Ltd.		2,000		111,065
Tokyo Gas Co. Ltd.		6,800		137,674
				1,998,743

Investments	Shares		Value
Health Care Equipment & Supplies – 1.3%
Alcon, Inc.*		7,832	$	588,226
Ambu A/S, Class B(a)		3,172		177,967
Ansell Ltd.		52		1,697
Arjo AB, Class B		4,131		40,842
Asahi Intecc Co. Ltd.		3,200		86,130
BioMerieux		825		98,241
Carl Zeiss Meditec AG		715		126,138
Cochlear Ltd.		848		145,746
Coloplast A/S, Class B		1,496		247,854
ConvaTec Group plc(b)		5,396		16,302
CYBERDYNE, Inc.* (a)		4,500		25,772
Demant A/S*		2,796		140,396
DiaSorin SpA		293		49,821
Draegerwerk AG & Co. KGaA		1,496		132,185
Draegerwerk AG & Co. KGaA (Preference)		2,816		263,226
Eiken Chemical Co. Ltd.		1,600		31,881
Elekta AB, Class B		6,069		81,320
Fisher & Paykel Healthcare Corp. Ltd.		10,847		279,789
Getinge AB, Class B		3,120		105,713
GN Store Nord A/S		1,976		178,611
Hogy Medical Co. Ltd.		1,200		36,229
Hoya Corp.		6,900		784,973
Japan Lifeline Co. Ltd.		3,000		42,267
Koninklijke Philips NV*		14,516		819,198
Mani, Inc.(a)		3,900		91,912
Menicon Co. Ltd.		1,600		97,489
Nagaileben Co. Ltd.		1,500		35,117
Nakanishi, Inc.		5,100		104,608
Nanosonics Ltd.* (a)		16,777		78,145
Nihon Kohden Corp.		2,300		69,544
Nipro Corp.		5,200		62,606
Olympus Corp.		22,000		452,358
Paramount Bed Holdings Co. Ltd.		1,600		31,764
PolyNovo Ltd.* (a)		32,604		75,555
Revenio Group OYJ		3,036		218,370
Sartorius AG (Preference)		612		345,672
Sectra AB, Class B*		1,100		78,704
Siemens Healthineers AG(b)		3,085		176,328
Smith & Nephew plc		15,444		335,820
Sonova Holding AG (Registered)*		842		249,355

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 121

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Health Care Equipment & Supplies – (continued)
Straumann Holding AG (Registered)		187	$	267,465
Sysmex Corp.		2,400		239,879
Terumo Corp.		11,800		446,069
Ypsomed Holding AG (Registered)		81		13,020
				7,970,304
Health Care Providers & Services – 0.7%
AEVIS VICTORIA SA* (a)		15,004		222,087
Alfresa Holdings Corp.		5,500		98,472
Ambea AB* (b)		20,095		188,931
Amplifon SpA*		3,067		129,702
As One Corp.		700		87,416
BML, Inc.		3,300		114,272
CareTech Holdings plc(a)		55,704		433,442
Chartwell Retirement Residences		5,472		55,645
China Evergrande New Energy Vehicle Group Ltd.* (a)		40,000		309,263
CVS Group plc*		8,404		259,477
EBOS Group Ltd.(a)		2,014		42,990
Fagron		2,504		56,247
Fresenius Medical Care AG & Co. KGaA		2,728		217,267
Fresenius SE & Co. KGaA		9,504		467,705
Galenica AG(b)		132		8,944
Healius Ltd.		27,458		87,809
Korian SA		2,644		106,053
Mediclinic International plc*		22,600		96,000
Medipal Holdings Corp.		700		12,859
NMC Health plc* (d)		2,074		1,120
Orpea SA		950		122,423
Raffles Medical Group Ltd.		4,124		3,565
Ramsay Health Care Ltd.		2,240		116,483
Ryman Healthcare Ltd.(a)		2,860		29,119
Ship Healthcare Holdings, Inc.		1,800		47,163
Sonic Healthcare Ltd.		9,467		262,383
Summerset Group Holdings Ltd.		11,568		100,929
Suzuken Co. Ltd.(a)		3,380		121,681
Toho Holdings Co. Ltd.		4,200		70,855
Town Health International Medical Group Ltd.*		398,000		16,654

Investments	Shares		Value
Health Care Providers & Services – (continued)
UDG Healthcare plc		11,405	$	135,327
Vital KSK Holdings, Inc.		18,000		115,603
				4,137,886
Health Care Technology – 0.1%
AGFA-Gevaert NV*		15,224		75,048
CompuGroup Medical SE & Co. KGaA		624		57,164
M3, Inc.		6,800		471,374
				603,586
Hotels, Restaurants & Leisure – 2.1%
Accor SA*		4,180		168,417
Arcland Service Holdings Co. Ltd.		1,400		28,012
Aristocrat Leisure Ltd.		8,932		256,455
Atom Corp.(a)		5,800		39,797
Autogrill SpA* (a)		49,852		413,122
Basic-Fit NV* (b)		1,196		54,019
Betsson AB*		46,024		420,194
Carnival plc*		5,876		136,792
Colowide Co. Ltd.(a)		3,500		58,790
Compass Group plc*		30,272		659,083
Corporate Travel Management Ltd.*		3,366		48,127
Create Restaurants Holdings, Inc.* (a)		4,400		31,318
Crown Resorts Ltd.*		11,014		103,965
Domino’s Pizza Enterprises Ltd.(a)		1,460		120,277
Domino’s Pizza Group plc(a)		15,345		81,287
Doutor Nichires Holdings Co. Ltd.		11,500		171,282
Entain plc*		12,408		290,591
Evolution Gaming Group AB(b)		2,640		522,021
Flight Centre Travel Group Ltd.* (a)		4,910		63,528
Flutter Entertainment plc*		1,493		306,763
Flutter Entertainment plc—XDUB*		1,009		206,306
Fuji Kyuko Co. Ltd.		1,000		47,756
Galaxy Entertainment Group Ltd.*		36,000		317,040
Gamesys Group plc		2,860		76,622

See Accompanying Notes to the Financial Statements.

122 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Hotels, Restaurants & Leisure – (continued)
Genting Singapore Ltd.		144,000	$	93,626
Great Canadian Gaming Corp.*		2,860		103,106
Greggs plc*		6,556		214,220
Hiday Hidaka Corp.(a)		2,191		33,555
HIS Co. Ltd.* (a)		14,000		288,184
Hongkong & Shanghai Hotels Ltd. (The)		24,307		24,379
Ichibanya Co. Ltd.(a)		1,000		44,051
InterContinental Hotels Group plc*		2,200		156,930
J D Wetherspoon plc*		3,795		70,198
Kindred Group plc, SDR		7,392		128,070
Kisoji Co. Ltd.(a)		1,700		35,694
KOMEDA Holdings Co. Ltd.		1,200		22,352
Kyoritsu Maintenance Co. Ltd.(a)		1,600		50,794
La Francaise des Jeux SAEM(b)		3,300		169,310
Mandarin Oriental International Ltd.* (a)		8,000		15,600
McDonald’s Holdings Co. Japan Ltd.		1,100		50,217
Melco International Development Ltd.(a)		21,000		41,909
Melia Hotels International SA* (a)		44,792		367,523
MGM China Holdings Ltd.(a)		32,400		53,480
Miramar Hotel & Investment		132,000		258,329
Mitchells & Butlers plc*		126,927		554,274
MOS Food Services, Inc.(a)		2,100		57,483
NagaCorp Ltd.(a)		90,000		96,410
Ohsho Food Service Corp.		1,504		77,054
Oriental Land Co. Ltd.		3,900		552,148
Pandox AB*		5,720		100,252
Playtech plc*		127,644		822,499
Plenus Co. Ltd.		14,200		262,811
PointsBet Holdings Ltd.*		13,992		146,990
Restaurant Brands International, Inc.		4,048		277,753
Restaurant Brands New Zealand Ltd.*		1,154		10,847
Ringer Hut Co. Ltd.		1,700		34,418

Investments	Shares		Value
Hotels, Restaurants & Leisure – (continued)
Round One Corp.		5,100	$	56,363
Royal Holdings Co. Ltd.* (a)		1,600		27,797
Saizeriya Co. Ltd.		1,800		39,457
Sands China Ltd.*		40,400		191,939
Scandic Hotels Group AB* (a) (b)		51,304		232,137
Shangri-La Asia Ltd.* (a)		32,000		30,489
SJM Holdings Ltd.		76,000		98,635
SkiStar AB*		2,828		42,876
Skylark Holdings Co. Ltd.* (a)		3,700		54,905
Sodexo SA*		988		98,835
SSP Group plc*		332,567		1,473,458
Star Entertainment Grp Ltd. (The)*		11,421		35,112
Tabcorp Holdings Ltd.		42,680		163,852
Toridoll Holdings Corp.		3,200		50,501
Trainline plc* (b)		29,876		189,285
TUI AG, DI*		25,756		153,590
Webjet Ltd.*		5,413		20,906
Whitbread plc*		1,820		81,745
Wynn Macau Ltd.* (a)		12,800		24,622
Yoshinoya Holdings Co. Ltd.		4,900		90,644
Zensho Holdings Co. Ltd.		3,600		90,243
				13,083,421
Household Durables – 1.9%
Azorim-Investment Development & Construction Co. Ltd.*		34,650		143,478
Barratt Developments plc		28,996		309,930
Bellway plc		3,680		184,037
Berkeley Group Holdings plc		1,456		93,276
Bonava AB, Class B		32,392		385,375
Breville Group Ltd.(a)		4,514		90,902
Cairn Homes plc*		38,456		51,274
Casio Computer Co. Ltd.		3,600		63,598
Countryside Properties plc* (b)		13,624		97,900
Crest Nicholson Holdings plc*		118,404		670,171
De’ Longhi SpA		2,352		103,004
DFS Furniture plc*		105,952		390,211
Electra Consumer Products 1970 Ltd.		4,888		229,680
Electrolux AB, Series B		7,237		203,354

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 123

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Household Durables – (continued)
ES-Con Japan Ltd.		18,000	$	121,367
Fiskars OYJ Abp		574		11,968
Forbo Holding AG (Registered)		24		45,997
Fujitsu General Ltd.(a)		2,100		55,716
Haseko Corp.		3,500		46,910
Hunter Douglas NV*		1,352		110,673
Husqvarna AB, Class B		10,433		145,407
Iida Group Holdings Co. Ltd.		5,400		131,560
JM AB		1,842		68,336
Kaufman & Broad SA		6,468		294,318
Man Wah Holdings Ltd.(a)		54,400		114,447
Nagawa Co. Ltd.		500		37,830
Neinor Homes SA(a) (b)		16,280		215,577
Nikon Corp.		1,400		13,167
Nobia AB(a)		53,372		464,557
Open House Co. Ltd.		4,000		166,324
Panasonic Corp.		52,800		622,654
Persimmon plc		7,436		322,455
Pressance Corp.		17,600		258,916
Redrow plc		99,220		949,536
Rinnai Corp.		100		10,045
Sangetsu Corp.		2,256		31,785
SEB SA		616		112,343
Sekisui Chemical Co. Ltd.		8,500		147,907
Sekisui House Ltd.		16,600		335,478
Sharp Corp.(a)		6,200		104,766
Sony Group Corp.		20,900		2,084,168
Sumitomo Forestry Co. Ltd.		7,700		178,226
Taylor Wimpey plc		87,516		217,622
Token Corp.(a)		3,100		276,803
TomTom NV*		25		220
Vistry Group plc		85,830		1,470,595
Zojirushi Corp.		1,300		20,706
				12,204,569
Household Products – 0.4%
Earth Corp.		600		33,100
Essity AB, Class A		616		20,398
Essity AB, Class B		9,592		313,428
Henkel AG & Co. KGaA		1,694		168,645
Henkel AG & Co. KGaA (Preference)		2,288		263,200

Investments	Shares		Value
Household Products – (continued)
Lion Corp.(a)		2,400	$	45,012
Pigeon Corp.		2,400		81,350
PZ Cussons plc		28,228		103,179
Reckitt Benckiser Group plc		11,484		1,025,720
Unicharm Corp.		9,600		372,741
				2,426,773
Independent Power and Renewable Electricity Producers – 0.4%
Albioma SA		3,476		157,334
Boralex, Inc., Class A		2,081		66,649
Brookfield Renewable Corp.		2,992		123,917
Capital Power Corp.(a)		8,536		271,928
ContourGlobal plc(b)		17,776		49,224
Doral Group Renewable Energy Resources Ltd.*		2,244		9,832
Drax Group plc		168,036		950,625
EDP Renovaveis SA*		26		620
Electric Power Development Co. Ltd.(a)		7,500		119,802
Encavis AG		3,696		71,233
Enlight Renewable Energy Ltd.*		32,188		67,485
ERG SpA		2,090		62,546
Innergex Renewable Energy, Inc.		559		9,542
Meridian Energy Ltd.		28,875		110,426
Northland Power, Inc.(a)		2,116		72,827
Scatec ASA(b)		988		26,697
Solaria Energia y Medio Ambiente SA*		7,392		151,764
TransAlta Corp.		3,496		34,329
Uniper SE		2,028		74,069
				2,430,849
Industrial Conglomerates – 0.9%
Arad Investment & Industrial Development Ltd.		1,408		149,076
Bonheur ASA		8,448		227,769
CK Hutchison Holdings Ltd.		64,356		527,817
DCC plc		988		85,961
Guoco Group Ltd.		4,000		48,411
Indus Holding AG		7,285		303,431
Investment AB Latour, Class B(a)		3,256		99,731

See Accompanying Notes to the Financial Statements.

124 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Industrial Conglomerates – (continued)
Italmobiliare SpA		245	$	8,700
Jardine Matheson Holdings Ltd.		4,400		295,856
Keppel Corp. Ltd.		26,400		107,553
Lifco AB, Class B		1,696		182,723
Melrose Industries plc		81,356		183,493
Mie Kotsu Group Holdings, Inc.		700		3,016
Nisshinbo Holdings, Inc.(a)		47,400		361,230
Nolato AB, Class B*		710		70,238
Noritsu Koki Co. Ltd.		800		18,912
NWS Holdings Ltd.		53,401		59,061
Rheinmetall AG		1,144		119,399
Shun Tak Holdings Ltd.(a)		880,000		282,122
Siemens AG (Registered)		13,068		2,183,813
Smiths Group plc		2,860		64,367
TOKAI Holdings Corp.		2,795		22,860
Toshiba Corp.(a)		8,800		363,497
				5,769,036
Insurance – 4.3%
Admiral Group plc		4,708		203,963
Aegon NV		38,669		179,961
Ageas SA		5,544		336,096
AIA Group Ltd.		204,800		2,607,842
Allianz SE (Registered)		9,284		2,418,504
Alm Brand A/S		8,488		96,591
ASR Nederland NV		4,759		208,589
Assicurazioni Generali SpA		28,512		572,675
AUB Group Ltd.		2,255		35,534
Aviva plc		91,212		505,529
AXA SA(a)		48,400		1,370,659
Baloise Holding AG (Registered)*		1,056		178,769
Beazley plc*		12,948		60,737
Clal Insurance Enterprises Holdings Ltd.*		24,068		433,741
CNP Assurances		5,980		104,849
Coface SA*		35,640		435,470
Dai-ichi Life Holdings, Inc.		24,400		438,756
Direct Line Insurance Group plc		46,112		182,020
E-L Financial Corp. Ltd.		704		537,929
Fairfax Financial Holdings Ltd.(a)		660		301,287

Investments	Shares		Value
Insurance – (continued)
Gjensidige Forsikring ASA		945	$	21,549
Great Eastern Holdings Ltd.		2,400		41,419
Great-West Lifeco, Inc.(a)		6,344		183,791
Grupo Catalana Occidente SA		2,102		88,057
Hannover Rueck SE		1,232		228,098
Harel Insurance Investments & Financial Services Ltd.		8,005		84,163
Helvetia Holding AG (Registered)*		1,265		152,291
Hiscox Ltd.*		9,568		107,569
iA Financial Corp., Inc.		4,092		230,246
IDI Insurance Co. Ltd.		4,420		171,711
Insurance Australia Group Ltd.		31,768		120,242
Intact Financial Corp.		2,816		373,986
Japan Post Holdings Co. Ltd.*		38,100		319,844
Just Group plc*		493,026		744,738
Lancashire Holdings Ltd.		15,268		150,300
Legal & General Group plc		125,576		473,612
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros*		21,280		41,755
Manulife Financial Corp.		45,012		982,053
Mapfre SA		37,752		81,371
Medibank Pvt Ltd.		52,475		124,846
Menora Mivtachim Holdings Ltd.		13,157		288,019
Migdal Insurance & Financial Holdings Ltd.*		90,400		108,006
MS&AD Insurance Group Holdings, Inc.		13,200		373,761
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		3,080		892,259
nib holdings Ltd.		11,260		53,752
NN Group NV		6,282		314,364
Phoenix Group Holdings plc		13,544		133,404
Phoenix Holdings Ltd. (The)		5,085		45,310
Poste Italiane SpA(b)		12,259		160,855
Power Corp. of Canada(a)		12,945		376,712
Prudential plc		58,564		1,244,246
QBE Insurance Group Ltd.(a)		33,264		253,350
RSA Insurance Group plc		21,516		203,287
Sabre Insurance Group plc(b)		21,200		76,463

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)
Insurance – (continued)
Sagicor Financial Co. Ltd.		44,055	$	218,091
Sampo OYJ, Class A		11,792		560,853
SCOR SE(a)		5,676		183,870
Societa Cattolica Di Assicurazione SpA* (a)		52,835		313,943
Sompo Holdings, Inc.		8,500		315,722
Steadfast Group Ltd.		30,934		99,642
Storebrand ASA(a)		17,930		172,131
Sun Life Financial, Inc.		15,620		841,946
Suncorp Group Ltd.		23,188		188,251
Swiss Life Holding AG (Registered)		704		343,413
Swiss Re AG		6,248		581,471
T&D Holdings, Inc.		13,200		161,702
Tokio Marine Holdings, Inc.		17,600		842,121
Topdanmark A/S		1,650		80,662
Tryg A/S		5,124		117,407
Unipol Gruppo SpA		6,080		33,339
UnipolSai Assicurazioni SpA(a)		27,841		86,670
UNIQA Insurance Group AG		39,072		314,193
Wuestenrot & Wuerttembergische AG		7,744		168,732
Yunfeng Financial Group Ltd.* (a)		136,000		52,006
Zurich Insurance Group AG		3,300		1,355,748
				27,486,843
Interactive Media & Services – 0.2%
Adevinta ASA*		470		8,627
Auto Trader Group plc* (b)		15,928		125,747
carsales.com Ltd.(a)		11,484		176,440
Dip Corp.		1,400		38,681
Kakaku.com, Inc.		1,600		43,475
LIFULL Co. Ltd.		7,600		27,186
New Work SE		159		48,330
REA Group Ltd.(a)		1,596		195,219
Rightmove plc		17,688		150,368
Scout24 AG(b)		1,879		156,390
SEEK Ltd.*		5,653		135,235
Z Holdings Corp.		37,200		171,868
				1,277,566

Investments	Shares		Value
Internet & Direct Marketing Retail – 0.5%
ASKUL Corp.		500	$	18,297
ASOS plc*		1,370		99,015
Belluna Co. Ltd.		15,600		165,412
boohoo Group plc*		15,511		73,039
Delivery Hero SE* (b)		2,112		335,727
Dustin Group AB(b)		3,680		46,001
HelloFresh SE*		1,596		132,567
Just Eat Takeaway.com NV* (a) (b)		1,629		169,041
Moneysupermarket.com Group plc		22,168		83,853
Ocado Group plc*		10,340		300,212
Prosus NV*		7,964		865,041
Rakuten Group, Inc.		7,000		88,953
Shop Apotheke Europe NV* (a) (b)		1,276		263,740
Zalando SE* (b)		3,740		389,621
ZOZO, Inc.		2,800		94,525
				3,125,044
IT Services – 1.8%
AddNode Group AB*		5,148		175,948
Adyen NV* (b)		528		1,297,590
Afterpay Ltd.*		4,356		395,868
Alten SA*		1,130		141,607
Amadeus IT Group SA*		7,832		534,577
Atea ASA*		4,972		95,512
Atos SE		1,804		122,959
Bechtle AG		673		137,200
CANCOM SE		1,981		122,480
Capgemini SE		2,552		468,188
CGI, Inc.*		4,532		400,630
Computacenter plc		1,092		40,489
Computershare Ltd.		15,875		173,148
Digital Garage, Inc.		1,300		53,579
DTS Corp.(a)		4,000		93,866
Edenred		3,202		181,743
FDM Group Holdings plc		3,850		54,478
Formula Systems 1985 Ltd.		829		79,645
Fujitsu Ltd.		3,900		621,010
GMO internet, Inc.		1,200		35,735
Indra Sistemas SA* (a)		47,080		491,088
Infocom Corp.		1,600		41,015

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)
IT Services – (continued)
Infomart Corp.		5,300	$	49,991
Itochu Techno-Solutions Corp.		2,400		83,217
Keywords Studios plc*		6,556		245,627
Link Administration Holdings Ltd.		6,885		26,485
Matrix IT Ltd.		2,464		64,879
Megaport Ltd.* (a)		7,072		78,555
NEC Corp.		2,900		168,739
NEC Networks & System Integration Corp.		2,400		41,345
NET One Systems Co. Ltd.		3,800		124,807
Nexi SpA* (b)		8,052		154,506
NEXTDC Ltd.*		16,647		149,035
Nihon Unisys Ltd.		2,600		82,421
Nomura Research Institute Ltd.		5,745		176,862
NS Solutions Corp.		800		24,189
NSD Co. Ltd.		5,160		84,076
NTT Data Corp.		10,400		161,559
Nuvei Corp.* (b)		4,136		290,650
Obic Co. Ltd.		1,500		289,968
Otsuka Corp.		3,400		171,392
Reply SpA		880		119,812
S&T AG* (a)		228		6,197
SCSK Corp.		900		52,203
Shopify, Inc., Class A*		1,892		2,231,428
Softcat plc		364		9,661
Sopra Steria Group SACA*		884		164,732
SUNeVision Holdings Ltd.		90,000		92,818
TietoEVRY OYJ		1,598		55,402
TIS, Inc.		6,100		151,516
Transcosmos, Inc.		2,100		59,942
Worldline SA* (b)		3,094		304,036
				11,474,405
Leisure Products – 0.3%
Bandai Namco Holdings, Inc.		4,500		330,424
BRP, Inc.		1,664		152,738
Games Workshop Group plc		684		102,753
Heiwa Corp.		2,450		41,489
MIPS AB(b)		2,948		238,643
Sega Sammy Holdings, Inc.		5,300		76,078
Shimano, Inc.		1,700		389,364

Investments	Shares		Value
Leisure Products – (continued)
Technogym SpA* (b)		4,905	$	65,837
Thule Group AB(b)		2,805		127,516
Tomy Co. Ltd.		9,300		79,808
Universal Entertainment Corp.*		300		7,279
Yamaha Corp.		4,400		239,513
Yonex Co. Ltd.		10,000		54,984
				1,906,426
Life Sciences Tools & Services – 0.3%
Clinigen Group plc		5,270		62,276
EPS Holdings, Inc.		1,900		20,338
Eurofins Scientific SE(a)		2,200		218,092
Evotec SE*		3,180		132,567
Gerresheimer AG		755		81,298
Lonza Group AG (Registered)		1,188		756,527
QIAGEN NV*		4,369		210,280
Sartorius Stedim Biotech		260		119,561
Siegfried Holding AG (Registered)*		165		151,875
Tecan Group AG (Registered)		303		147,771
				1,900,585
Machinery – 3.8%
Aalberts NV		1,404		76,141
Aida Engineering Ltd.(a)		17,600		147,814
Alfa Laval AB(a)		5,280		178,836
Alstom SA*		4,401		240,738
Amada Co. Ltd.		7,200		77,925
ANDRITZ AG(a)		2,081		113,231
Atlas Copco AB, Class A		9,328		565,918
Atlas Copco AB, Class B(a)		6,952		361,340
ATS Automation Tooling Systems, Inc.*		1,400		33,743
Beijer Alma AB		2,304		51,934
Bobst Group SA (Registered)*		52		3,461
Bodycote plc		11,283		118,101
Bucher Industries AG (Registered)		275		144,488
Bystronic AG		55		67,299
Cargotec OYJ, Class B		684		39,704
CKD Corp.		2,500		52,697
CNH Industrial NV		22,220		330,878
Concentric AB		914		20,581

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)
Machinery – (continued)
Construcciones y Auxiliar de Ferrocarriles SA		720	$	34,713
Daetwyler Holding AG		352		114,239
Daifuku Co. Ltd.		2,800		277,169
Daiwa Industries Ltd.		1,600		16,292
Danieli & C Officine Meccaniche SpA		2,024		49,704
Danieli & C Officine Meccaniche SpA (Retirement Savings Plan)		18,815		301,691
DMG Mori AG		1,007		50,792
DMG Mori Co. Ltd.		2,100		33,871
Duerr AG		2,684		112,956
Epiroc AB, Class A		10,130		219,833
Epiroc AB, Class B		7,876		154,712
FANUC Corp.		3,100		713,988
Fincantieri SpA* (a)		213,096		164,689
FLSmidth & Co. A/S(a)		18,216		718,302
Fluidra SA		912		31,728
Fuji Corp.		1,000		26,632
Fujitec Co. Ltd.		2,400		54,234
Furukawa Co. Ltd.		17,600		199,501
GEA Group AG		4,200		184,593
Georg Fischer AG (Registered)		133		186,656
Glory Ltd.		100		2,145
Harmonic Drive Systems, Inc.		1,500		101,139
Hino Motors Ltd.		10,300		86,222
Hitachi Construction Machinery Co. Ltd.		4,400		135,053
Hitachi Zosen Corp.		70,400		532,001
Hoshizaki Corp.		1,200		106,491
IHI Corp.		2,500		50,226
IMI plc		1,824		40,255
Interpump Group SpA		2,231		118,976
Interroll Holding AG (Registered)		34		116,309
Japan Steel Works Ltd. (The)		2,200		53,377
Jungheinrich AG (Preference)		3,036		159,054
Kawasaki Heavy Industries Ltd.*		2,800		66,936
KION Group AG		1,848		184,510
Kitz Corp.		30,700		192,674

Investments	Shares		Value
Machinery – (continued)
Komatsu Ltd.		21,300	$	624,551
Kone OYJ, Class B		6,336		498,366
Konecranes OYJ		2,273		104,853
Krones AG		926		80,817
Kubota Corp.		17,600		413,815
Kurita Water Industries Ltd.		3,400		156,772
Kyokuto Kaihatsu Kogyo Co. Ltd.		17,700		267,998
Makita Corp.		5,800		260,802
Manitou BF SA		6,888		231,341
Max Co. Ltd.		2,800		42,856
Meidensha Corp.		16,700		354,458
Metso Outotec OYJ		17,994		202,402
MINEBEA MITSUMI, Inc.		8,811		220,950
MISUMI Group, Inc.		2,900		81,716
Mitsubishi Heavy Industries Ltd.		8,800		261,412
Mitsuboshi Belting Ltd.		8,800		134,530
Miura Co. Ltd.(a)		3,300		172,993
Morgan Advanced Materials plc		109,472		449,403
Morita Holdings Corp.		2,600		37,821
Nachi-Fujikoshi Corp.		8,700		331,906
Neles OYJ		989		14,424
NFI Group, Inc.(a)		24,860		557,137
NGK Insulators Ltd.		7,900		143,899
Nikkiso Co. Ltd.		31,200		320,549
Nitta Corp.		3,400		81,808
Noritake Co. Ltd.		4,400		145,519
Norma Group SE		12,892		720,100
NSK Ltd.(a)		17,600		161,983
NTN Corp.*		206,800		586,506
Obara Group, Inc.(a)		4,400		149,142
OC Oerlikon Corp. AG (Registered)		469		5,487
Oiles Corp.		2,920		41,567
OKUMA Corp.		1,000		53,886
Organo Corp.		4,400		294,662
OSG Corp.		1,500		24,962
Palfinger AG		5,409		244,176
Pfeiffer Vacuum Technology AG		398		77,329
Rational AG		55		45,923
Rotork plc		23,256		110,958

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)
Machinery – (continued)
Sandvik AB(a)		16,280	$	402,969
Schindler Holding AG		706		201,106
Sembcorp Marine Ltd.*		3,528,569		556,975
SFS Group AG		593		76,462
Shibaura Machine Co. Ltd.(a)		4,449		106,152
Shima Seiki Manufacturing Ltd.		1,300		26,130
Shinmaywa Industries Ltd.		21,400		191,475
SKF AB, Class A		2,427		63,863
SKF AB, Class B		3,728		96,377
SMC Corp.		1,100		638,534
Spirax-Sarco Engineering plc		1,437		235,071
Stabilus SA		582		45,540
Sumitomo Heavy Industries Ltd.		5,200		150,570
Tadano Ltd.(a)		8,900		90,380
Takeuchi Manufacturing Co. Ltd.		4,400		118,549
Takuma Co. Ltd.(a)		4,600		94,310
Techtronic Industries Co. Ltd.		22,000		401,089
Tocalo Co. Ltd.		8,200		111,404
Trelleborg AB, Class B		6,432		167,803
Tsubakimoto Chain Co.		11,000		294,863
Tsugami Corp.		3,400		54,310
Tsukishima Kikai Co. Ltd.		13,200		146,003
Union Tool Co.		500		15,827
Valmet OYJ		4,237		177,293
VAT Group AG(b)		660		188,727
Vesuvius plc		85,888		639,769
Volvo AB, Class A		5,280		133,003
Volvo AB, Class B(a)		36,872		901,987
Wacker Neuson SE*		11,924		321,245
Wartsila OYJ Abp		8,141		105,205
Weir Group plc (The)*		3,920		104,044
Yaskawa Electric Corp.		4,400		202,882
				23,986,188
Marine – 0.3%
AP Moller – Maersk A/S, Class A		52		122,474
AP Moller – Maersk A/S, Class B		104		258,752
Dfds A/S*		1,804		106,879
Golden Ocean Group Ltd.*		40,668		351,945

Investments	Shares		Value
Marine – (continued)
Kawasaki Kisen Kaisha Ltd.*		1,300	$	36,215
Kuehne + Nagel International AG (Registered)		748		223,896
Nippon Yusen KK		4,400		172,691
SITC International Holdings Co. Ltd.		49,000		187,058
Stolt-Nielsen Ltd.		12,056		181,677
Wallenius Wilhelmsen ASA*		71,008		238,283
Wilh Wilhelmsen Holding ASA, Class A		2,468		51,688
				1,931,558
Media – 1.2%
Ascential plc*		19,337		93,384
Cogeco, Inc.		3,080		241,803
CyberAgent, Inc.		8,800		180,983
Daily Mail & General Trust plc, Class A		6,037		75,060
Dentsu Group, Inc.		2,100		64,553
Euromoney Institutional Investor plc		4,083		56,192
Eutelsat Communications SA		9,280		117,466
Future plc		3,420		111,750
Hakuhodo DY Holdings, Inc.		7,400		124,637
Informa plc*		34,584		269,200
IPSOS		16,412		683,584
ITV plc*		91,152		152,707
JCDecaux SA*		968		24,681
Lagardere SCA* (a)		4,213		113,503
Mediaset Espana Comunicacion SA*		67,232		429,759
Mediaset SpA* (a)		113,520		363,230
Metropole Television SA*		22,704		505,078
Nine Entertainment Co. Holdings Ltd.		10,556		23,239
Nippon Television Holdings, Inc.		2,400		31,398
Pearson plc		15,708		180,513
ProSiebenSat.1 Media SE*		9,500		206,364
Publicis Groupe SA		5,315		344,607
Quebecor, Inc., Class B		4,781		128,444
RAI Way SpA(b)		8,120		47,750
Schibsted ASA, Class A*		2,349		118,578
Schibsted ASA, Class B*		2,493		109,524

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)
Media – (continued)
SES SA, Receipts(a)		6,561	$	49,790
Shaw Communications, Inc., Class B		6,892		199,443
Singapore Press Holdings Ltd.		613,900		849,050
SKY Perfect JSAT Holdings, Inc.		57,200		240,198
Storytel AB* (a)		4,092		102,981
Stroeer SE & Co. KGaA		620		52,954
Telenet Group Holding NV		1,273		54,585
Television Francaise 1*		37,972		375,056
TX Group AG*		1,188		91,570
Wowow, Inc.		3,630		88,338
WPP plc		31,504		425,546
Zenrin Co. Ltd.		2,400		25,316
				7,352,814
Metals & Mining – 4.9%
Acerinox SA		69,652		968,015
Agnico Eagle Mines Ltd.		2,999		187,273
Aichi Steel Corp.		6,100		186,675
Alamos Gold, Inc., Class A		3,943		31,571
Alumina Ltd.(a)		7,644		10,215
Anglo American plc		34,672		1,473,757
Antofagasta plc		7,124		184,004
Aperam SA		18,172		942,613
ArcelorMittal SA		17,556		512,497
Asahi Holdings, Inc.(a)		36,800		746,740
Aura Minerals, Inc.		17,996		201,288
Aurubis AG		1,848		159,150
B2Gold Corp.		13,052		62,809
Barrick Gold Corp.		4,064		86,519
Barrick Gold Corp. – XLON		22,380		478,861
Bekaert SA		13,288		584,497
BHP Group Ltd.(a)		48,136		1,773,613
BHP Group plc		49,984		1,511,791
BlueScope Steel Ltd.		14,740		246,163
Boliden AB(a)		5,544		216,233
Centamin plc		110,748		164,683
Centerra Gold, Inc.		10,411		95,969
Champion Iron Ltd.*		128,876		677,937
Daido Steel Co. Ltd.(a)		2,000		94,781
Dowa Holdings Co. Ltd.		2,200		91,780
Eldorado Gold Corp.*		7,220		71,249

Investments	Shares		Value
Metals & Mining – (continued)
Endeavour Mining Corp.		2,501	$	52,025
Eramet SA*		4,664		336,591
Evolution Mining Ltd.		35,786		127,987
Evraz plc		23,537		209,346
Ferrexpo plc		117,568		714,273
First Majestic Silver Corp.* (a)		7,676		116,182
First Quantum Minerals Ltd.(a)		13,936		320,929
Fortescue Metals Group Ltd.		40,568		707,897
Franco-Nevada Corp.		2,575		358,411
Glencore plc*		250,360		1,023,269
Granges AB*		35,024		470,535
Greatland Gold plc*		392,436		119,536
Hill & Smith Holdings plc		3,264		66,522
Hitachi Metals Ltd.		4,740		91,934
Hochschild Mining plc		14,099		36,270
Hudbay Minerals, Inc.(a)		19,756		147,423
IAMGOLD Corp.* (a)		214,764		670,374
IGO Ltd.		19,186		111,003
Iluka Resources Ltd.(a)		6,916		41,349
Ivanhoe Mines Ltd., Class A*		21,170		149,198
JFE Holdings, Inc.		17,600		231,543
Kinross Gold Corp.		23,033		161,954
Kirkland Lake Gold Ltd.		3,432		127,410
Kobe Steel Ltd.		15,800		113,905
Kyoei Steel Ltd.		12,700		177,652
Labrador Iron Ore Royalty Corp.(a)		27,985		955,885
Lundin Gold, Inc.*		6,342		61,451
Lundin Mining Corp.		8,112		97,922
Lynas Rare Earths Ltd.*		39,248		166,744
MAG Silver Corp.*		4,656		80,085
Mineral Resources Ltd.		1,300		47,950
Mitsubishi Materials Corp.		5,300		118,942
Mount Gibson Iron Ltd.		218,737		156,291
New Gold, Inc.*		63,184		103,749
Newcrest Mining Ltd.		10,692		219,030
Nippon Light Metal Holdings Co. Ltd.		26,400		514,450
Nippon Steel Corp.		10,915		190,430
Norsk Hydro ASA		42,080		269,249
Northern Star Resources Ltd.		25,378		206,030
Novagold Resources, Inc.*		7,962		71,452
OceanaGold Corp.* (a)		288,728		481,135

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)
Metals & Mining – (continued)
Osaka Steel Co. Ltd.(a)		1,000	$	11,445
Osisko Gold Royalties Ltd.		5,548		66,926
Outokumpu OYJ* (a)		14,960		97,428
OZ Minerals Ltd.		11,440		211,554
Pan American Silver Corp.(a)		4,082		129,674
Perseus Mining Ltd.*		23,104		21,862
Petropavlovsk plc*		1,133,396		402,982
Polymetal International plc		5,376		111,315
Pretium Resources, Inc.*		5,096		53,479
Ramelius Resources Ltd.(a)		7,332		9,628
Regis Resources Ltd.		7,828		15,722
Resolute Mining Ltd.* (a)		454,036		170,099
Rio Tinto Ltd.		9,548		893,524
Rio Tinto plc		24,552		2,065,443
Salzgitter AG*		988		31,494
Sandfire Resources Ltd.		77,088		400,153
Sandstorm Gold Ltd.*		13,772		101,874
Sanyo Special Steel Co. Ltd.*		4,800		72,633
Sims Ltd.		5,980		72,938
South32 Ltd.		117,172		260,667
SSAB AB, Class A*		13,394		73,039
SSR Mining, Inc.(a)		8,601		136,405
St Barbara Ltd.		306,324		436,564
Sumitomo Metal Mining Co. Ltd.		5,100		216,448
Teck Resources Ltd., Class B		12,320		260,481
thyssenkrupp AG*		3,839		51,390
Toho Titanium Co. Ltd.		200		1,835
Tokyo Steel Manufacturing Co. Ltd.(a)		35,200		341,035
Torex Gold Resources, Inc.* (a)		40,392		488,565
Turquoise Hill Resources Ltd.* (a)		39,732		698,265
UACJ Corp.* (a)		9,600		221,765
voestalpine AG		1,880		81,700
Westgold Resources Ltd.* (a)		158,576		264,583
Wheaton Precious Metals Corp.		6,328		262,286
Yamana Gold, Inc.		24,430		111,804
Yodogawa Steel Works Ltd.		2,900		63,993
				31,095,994

Investments	Shares		Value
Multiline Retail – 0.5%
B&M European Value Retail SA		23,980	$	187,854
Canadian Tire Corp. Ltd., Class A(a)		1,248		198,755
Dollarama, Inc.(a)		4,444		206,919
Europris ASA(b)		5,876		40,137
Fuji Co. Ltd.(a)		13,200		249,134
H2O Retailing Corp.		36,415		284,177
Harvey Norman Holdings Ltd.(a)		5,610		22,837
Isetan Mitsukoshi Holdings Ltd.		300		2,091
Izumi Co. Ltd.(a)		1,300		51,677
J Front Retailing Co. Ltd.		300		2,854
Lifestyle International Holdings Ltd.* (a)		132,000		107,240
Marks & Spencer Group plc*		57,720		126,268
Marui Group Co. Ltd.		5,500		102,951
Next plc*		2,420		261,415
Pan Pacific International Holdings Corp.		11,900		256,388
Ryohin Keikaku Co. Ltd.		6,000		126,252
Seria Co. Ltd.		1,000		36,275
Takashimaya Co. Ltd.		9,100		100,237
Warehouse Group Ltd. (The)(a)		11,552		28,264
Wesfarmers Ltd.		21,560		901,149
				3,292,874
Multi-Utilities – 0.6%
A2A SpA		75,020		146,933
ACEA SpA		1,552		35,292
AGL Energy Ltd.		12,320		84,983
Algonquin Power & Utilities Corp.(a)		8,846		142,591
Atco Ltd., Class I		1,064		36,490
Centrica plc* (a)		173,334		135,978
E.ON SE		29,984		361,886
Engie SA		40,656		605,409
Hera SpA		30,628		123,330
Iren SpA		34,534		103,099
Keppel Infrastructure Trust		170,047		70,299
National Grid plc		59,195		746,313
REN – Redes Energeticas Nacionais SGPS SA		13,606		39,883

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)
Multi-Utilities – (continued)
RWE AG		9,680	$	367,529
Sembcorp Industries Ltd.		17,200		27,408
Suez SA		9,640		230,468
Telecom Plus plc		4,843		87,170
Veolia Environnement SA		8,976		286,233
				3,631,294
Oil, Gas & Consumable Fuels – 3.8%
Aker BP ASA		4,404		126,583
Ampol Ltd.		6,084		120,262
ARC Resources Ltd.(a)		265,441		1,667,907
Beach Energy Ltd.(a)		90,532		89,163
BP plc		451,792		1,895,352
BRIGHTOIL* ‡ (d)		50,147		—
BW LPG Ltd.(b)		36,652		271,972
Cairn Energy plc		23,656		55,614
Cameco Corp.		9,372		157,393
Canadian Natural Resources Ltd.		18,172		551,128
Cenovus Energy, Inc.		32,051		249,332
China Aviation Oil Singapore Corp. Ltd.		96,000		81,539
Cosmo Energy Holdings Co. Ltd.		27,000		580,239
Crescent Point Energy Corp.(a)		227,040		895,093
Diversified Gas & Oil plc(b)		286,352		483,692
DNO ASA* (a)		22,960		27,088
Enbridge, Inc.		34,760		1,339,596
ENEOS Holdings, Inc.		74,850		322,669
Energean plc*		3,432		39,582
Eni SpA		58,740		702,162
Equinor ASA		22,924		467,685
Equital Ltd.*		8,140		213,103
Euronav NV		6,241		53,822
Galp Energia SGPS SA		7,324		84,728
Gaztransport Et Technigaz SA		660		56,450
Gibson Energy, Inc.(a)		7,625		139,149
Hafnia Ltd.		46,860		100,847
Idemitsu Kosan Co. Ltd.		4,282		102,520
Imperial Oil Ltd.		7,476		215,736
Inpex Corp.		24,000		163,798
Inter Pipeline Ltd.		11,856		172,703

Investments	Shares		Value
Oil, Gas & Consumable Fuels – (continued)
Itochu Enex Co. Ltd.		17,700	$	168,571
Iwatani Corp.		2,197		137,683
Japan Petroleum Exploration Co. Ltd.		14,900		276,721
Keyera Corp.(a)		1,840		42,044
Koninklijke Vopak NV		1,558		71,457
Lundin Energy AB		4,170		133,744
Mitsuuroko Group Holdings Co. Ltd.(a)		1,200		15,666
Naphtha Israel Petroleum Corp. Ltd.*		20,959		99,000
Neste OYJ		7,656		464,501
New Hope Corp. Ltd.		29,304		26,371
Oil Refineries Ltd.*		656,568		182,192
OMV AG		5,148		254,146
Origin Energy Ltd.		32,516		104,487
Parex Resources, Inc.*		52,272		983,659
Parkland Corp.		2,207		70,828
Paz Oil Co. Ltd.		3,916		432,609
Pembina Pipeline Corp.		12,848		396,239
PrairieSky Royalty Ltd.(a)		9,460		101,352
Repsol SA		40,403		483,356
Royal Dutch Shell plc, Class A		95,568		1,806,150
Royal Dutch Shell plc, Class B		83,160		1,495,658
San-Ai Oil Co. Ltd.(a)		26,100		292,030
Santos Ltd.		38,368		206,869
Suncor Energy, Inc.		24,948		533,151
TC Energy Corp.		16,060		793,862
TOTAL SE		57,992		2,570,782
Tourmaline Oil Corp.(a)		3,328		71,743
United Energy Group Ltd.* (a)		198,000		39,259
Washington H Soul Pattinson & Co. Ltd.		3,009		70,357
Whitehaven Coal Ltd.* (a)		362,824		358,737
Woodside Petroleum Ltd.		14,125		249,422
Z Energy Ltd.*		38,324		73,693
				24,433,246
Paper & Forest Products – 0.5%
Canfor Corp.* (a)		23,364		583,055
Daiken Corp.		6,500		122,382
Daio Paper Corp.		3,745		61,329
Hokuetsu Corp.		66,100		341,672
Holmen AB, Class B(a)		1,540		72,668

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)
Paper & Forest Products – (continued)
Metsa Board OYJ		6,595	$	84,075
Mondi plc		11,176		304,059
Navigator Co. SA (The)		79,552		268,716
Nippon Paper Industries Co. Ltd.(a)		3,700		45,427
Oji Holdings Corp.		26,000		163,890
Stella-Jones, Inc.		4,576		191,194
Stora Enso OYJ, Class R		10,208		195,754
Svenska Cellulosa AB SCA, Class A		3,160		57,028
Svenska Cellulosa AB SCA, Class B		6,688		117,455
UPM-Kymmene OYJ		10,208		399,987
West Fraser Timber Co. Ltd.(a)		2,747		211,909
				3,220,600
Personal Products – 1.0%
Beiersdorf AG		1,320		149,209
Blackmores Ltd.(a)		46		2,546
Fancl Corp.		400		13,064
Interparfums SA*		654		45,269
Jamieson Wellness, Inc.(a) (b)		6,072		190,422
Kao Corp.		7,800		500,019
Kobayashi Pharmaceutical Co. Ltd.		1,400		124,880
Kose Corp.(a)		700		105,411
L’Occitane International SA		15,500		44,603
L’Oreal SA(a)		3,749		1,541,882
Mandom Corp.		2,600		48,667
Milbon Co. Ltd.		1,000		53,245
Noevir Holdings Co. Ltd.		1,900		83,697
Ontex Group NV* (a)		23,804		310,910
Pola Orbis Holdings, Inc.		2,000		51,837
Rohto Pharmaceutical Co. Ltd.		2,000		51,288
Shiseido Co. Ltd.		6,700		485,958
Unilever plc		20,736		1,214,865
Unilever plc		23,440		1,370,785
				6,388,557
Pharmaceuticals – 4.1%
ALK-Abello A/S*		208		90,302
Almirall SA		4,342		68,263

Investments	Shares		Value
Pharmaceuticals – (continued)
Aphria, Inc.* (a)		15,976	$	245,185
Astellas Pharma, Inc.		30,600		459,259
AstraZeneca plc		22,440		2,396,997
Bausch Health Cos., Inc.*		7,348		236,352
Bayer AG (Registered)		22,836		1,479,511
Canopy Growth Corp.* (a)		6,156		165,885
Chugai Pharmaceutical Co. Ltd.		9,200		345,174
COSMO Pharmaceuticals NV* (a)		413		39,849
Cronos Group, Inc.*		15,356		125,200
Daiichi Sankyo Co. Ltd.		30,300		772,573
Dechra Pharmaceuticals plc		3,080		172,026
Eisai Co. Ltd.		5,500		358,716
Faes Farma SA		16,374		68,318
Financiere de Tubize SA(a)		751		73,771
GlaxoSmithKline plc		116,864		2,167,527
GW Pharmaceuticals plc* (d)		1		18
H Lundbeck A/S		1,852		57,200
Haw Par Corp. Ltd.		3,200		31,750
Hikma Pharmaceuticals plc		2,900		97,971
Hisamitsu Pharmaceutical Co., Inc.		1,900		110,553
Hutchison China MediTech Ltd.*		7,150		41,875
Ipsen SA		770		74,562
JCR Pharmaceuticals Co. Ltd.		2,400		65,322
Kaken Pharmaceutical Co. Ltd.		1,500		61,754
Kissei Pharmaceutical Co. Ltd.		1,400		28,409
Kyowa Kirin Co. Ltd.		4,400		133,644
Merck KGaA		2,508		441,246
Mochida Pharmaceutical Co. Ltd.		900		31,330
Nichi-iko Pharmaceutical Co. Ltd.(a)		26,400		221,721
Nippon Shinyaku Co. Ltd.		2,000		134,669
Novartis AG (Registered)		41,712		3,565,449
Novo Nordisk A/S, Class B		28,908		2,120,024
Ono Pharmaceutical Co. Ltd.		9,400		236,580
Orion OYJ, Class A		1,474		65,298
Orion OYJ, Class B		1,404		62,248
Otsuka Holdings Co. Ltd.		10,100		388,181
Recordati Industria Chimica e Farmaceutica SpA		2,359		130,175
Roche Holding AG		11,792		3,847,705

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 133

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Pharmaceuticals – (continued)
Roche Holding AG – BR		496	$	172,503
Sanofi(a)		19,360		2,033,877
Santen Pharmaceutical Co. Ltd.		8,900		113,993
Seikagaku Corp.		1,800		16,534
Shionogi & Co. Ltd.(a)		4,100		215,568
Sosei Group Corp.*		1,200		18,817
Sumitomo Dainippon Pharma Co. Ltd.		3,600		62,412
Taisho Pharmaceutical Holdings Co. Ltd.		600		35,351
Takeda Pharmaceutical Co. Ltd.		35,217		1,171,161
Teva Pharmaceutical Industries Ltd.*		25,916		270,478
Torii Pharmaceutical Co. Ltd.		800		18,868
Towa Pharmaceutical Co. Ltd.		10,000		206,944
Tsumura & Co.		900		29,971
UCB SA		2,200		204,083
Vifor Pharma AG(a)		837		120,725
Virbac SA*		212		68,905
ZERIA Pharmaceutical Co. Ltd.(a)		1,800		32,178
				26,004,960
Professional Services – 1.3%
Adecco Group AG (Registered)		3,960		268,501
AF Poyry AB, Class B		4,429		145,089
ALS Ltd.		13,503		109,936
Applus Services SA*		59,004		624,700
Benefit One, Inc.		2,000		50,190
Bureau Veritas SA*		4,296		128,616
DKSH Holding AG		660		53,152
en-japan, Inc.		1,700		51,558
Experian plc		15,972		617,424
Funai Soken Holdings, Inc.		2,700		47,872
Hays plc*		34,264		77,517
Intertek Group plc		2,376		201,921
Intertrust NV* (b)		35,860		664,791
IPH Ltd.(a)		21,158		115,712
JAC Recruitment Co. Ltd.		1,300		20,219
Meitec Corp.		1,500		83,299
Morneau Shepell, Inc.		2,428		60,986

Investments	Shares		Value
Professional Services – (continued)
Nihon M&A Center, Inc.		4,800	$	125,769
Nomura Co. Ltd.		6,000		43,639
Outsourcing, Inc.		4,800		73,819
Pagegroup plc*		20,728		160,858
Persol Holdings Co. Ltd.		5,700		104,765
Randstad NV		2,596		187,754
Recruit Holdings Co. Ltd.		28,100		1,269,712
RELX plc		32,560		847,296
RWS Holdings plc		22,176		210,935
SGS SA (Registered)		88		260,512
SmartGroup Corp. Ltd.(a)		54,824		298,136
SMS Co. Ltd.		3,200		87,359
Stantec, Inc.		1,027		48,044
Synergie SE		3,124		142,905
TechnoPro Holdings, Inc.		1,900		139,582
Teleperformance		924		357,163
Thomson Reuters Corp.		2,072		191,991
Wolters Kluwer NV(a)		5,324		482,344
				8,354,066
Real Estate Management & Development – 2.7%
ADLER Group SA(a) (b)		33,264		984,262
Aedas Homes SA* (b)		9,152		236,869
Aeon Mall Co. Ltd.		1,990		31,569
AFI Properties Ltd.*		3,784		157,037
Airport City Ltd.*		1,928		32,100
Allreal Holding AG (Registered)		366		74,159
Alrov Properties and Lodgings Ltd.*		2,548		132,846
Altus Group Ltd.		1,792		90,474
Amot Investments Ltd.		11,168		73,171
Aroundtown SA		23,027		177,518
Atrium Ljungberg AB, Class B		2,912		60,921
Azrieli Group Ltd.		1,016		71,579
Bayside Land Corp. Ltd.		9,800		90,013
Big Shopping Centers Ltd.*		16		1,936
Blue Square Real Estate Ltd.		2,385		175,822
Bukit Sembawang Estates Ltd.		70,400		249,236
CA Immobilien Anlagen AG(a)		1,760		77,226
CapitaLand Ltd.		60,131		168,135
Castellum AB		6,732		164,085
Catena AB		1,676		81,305

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)
Real Estate Management & Development – (continued)
Cibus Nordic Real Estate AB		17,380	$	367,096
City Developments Ltd.		600		3,558
CK Asset Holdings Ltd.		66,000		414,261
CLS Holdings plc		14,403		49,655
Colliers International Group, Inc.		1,142		123,502
Corem Property Group AB, Class B(a)		61,048		137,319
Daibiru Corp.		3,300		38,493
Daito Trust Construction Co. Ltd.		1,900		201,985
Daiwa House Industry Co. Ltd.		16,200		479,457
Deutsche EuroShop AG*		19,844		458,654
Deutsche Wohnen SE		5,720		309,858
Dios Fastigheter AB		40,744		388,130
Fabege AB		8,276		123,566
Far East Consortium International Ltd.		504,358		178,578
Fastighets AB Balder, Class B*		2,816		162,418
FastPartner AB, Class A		6,642		73,052
FirstService Corp.		676		109,714
Gazit-Globe Ltd.		23,040		150,600
Goldcrest Co. Ltd.(a)		1,000		14,519
Grand City Properties SA		2,508		67,508
Great Eagle Holdings Ltd.		140,776		496,632
GuocoLand Ltd.		36,400		45,418
Henderson Land Development Co. Ltd.		33,239		147,860
Hiag Immobilien Holding AG		355		41,259
Ho Bee Land Ltd.		78,800		161,699
Hufvudstaden AB, Class A		2,610		41,639
Hulic Co. Ltd.		4,900		55,767
Hysan Development Co. Ltd.		19,000		71,554
Ichigo, Inc.		14,300		44,612
Immobel SA(a)		1,100		86,866
IMMOFINANZ AG(a)		2,253		46,948
Intershop Holding AG		76		50,914
Israel Canada T.R Ltd.		26,616		101,266
Isras Investment Co. Ltd.		312		68,309
IWG plc*		18,668		94,780
Jeudan A/S		560		22,118
K Wah International Holdings Ltd.		613,089		305,485

Investments	Shares		Value
Real Estate Management & Development – (continued)
Kerry Properties Ltd.		38,500	$	129,873
Klovern AB, Class B		28,607		55,484
Kowloon Development Co. Ltd.(a)		180,000		211,360
Kungsleden AB		208		2,422
LEG Immobilien SE		1,144		159,336
Lendlease Corp. Ltd.		14,937		146,649
Mega Or Holdings Ltd.		3,373		112,005
Melisron Ltd.*		944		57,222
Mitsubishi Estate Co. Ltd.		20,400		335,101
Mitsui Fudosan Co. Ltd.		21,900		474,846
Mivne Real Estate KD Ltd.		14,248		39,229
Mobimo Holding AG (Registered)		232		73,768
New World Development Co. Ltd.		33,590		177,749
Nexity SA(a)		18,436		1,000,472
Nomura Real Estate Holdings, Inc.		5,800		142,738
NP3 Fastigheter AB		1,584		29,073
OUE Ltd.		41,600		45,965
Oxley Holdings Ltd.		467,080		89,526
PATRIZIA AG		3,248		88,951
Property & Building Corp. Ltd.*		480		57,348
PSP Swiss Property AG (Registered)		531		65,556
Real Matters, Inc.*		423		5,539
Relo Group, Inc.		2,270		46,727
S IMMO AG		2,564		66,669
Sagax AB, Class B		3,740		99,076
Samhallsbyggnadsbolaget i Norden AB		36,868		140,744
SAMTY Co. Ltd.		13,500		247,015
Savills plc		10,452		172,932
Sella Capital Real Estate Ltd., REIT		65,936		168,329
Selvaag Bolig ASA		21,356		157,056
Singapore Land Group Ltd.		5,656		11,946
Sino Land Co. Ltd.		31,136		46,262
Sirius Real Estate Ltd.		94,543		132,994
St Modwen Properties plc		1,373		8,250
Starts Corp., Inc.		13,200		322,679
Sumitomo Realty & Development Co. Ltd.		11,800		392,848

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)
Real Estate Management & Development – (continued)
Summit Real Estate Holdings Ltd.*		14,606	$	238,634
Sun Hung Kai Properties Ltd.		31,500		475,733
Swire Pacific Ltd., Class A		3,500		28,322
Swire Properties Ltd.		24,800		74,079
Swiss Prime Site AG (Registered)		1,314		127,863
TAG Immobilien AG		4,270		132,155
Tokyo Tatemono Co. Ltd.		9,600		141,666
Tokyu Fudosan Holdings Corp.		20,000		111,065
Tosei Corp.		10,400		102,854
Tricon Residential, Inc.		13,948		147,847
UOL Group Ltd.		15,599		90,283
Vonovia SE		9,122		600,005
Wallenstam AB, Class B		7,068		109,333
Wharf Real Estate Investment Co. Ltd.(a)		25,000		143,881
Wihlborgs Fastigheter AB		5,830		119,279
Wing Tai Holdings Ltd.		59,200		85,436
YH Dimri Construction & Development Ltd.		1,596		95,218
				17,202,704
Road & Rail – 1.4%
Aurizon Holdings Ltd.		31,840		92,231
Canadian National Railway Co.		11,528		1,240,042
Canadian Pacific Railway Ltd.(a)		2,376		885,949
Central Japan Railway Co.		2,700		394,854
ComfortDelGro Corp. Ltd.		18,400		23,788
East Japan Railway Co.		9,000		615,809
Firstgroup plc*		532,136		547,419
Fukuyama Transporting Co. Ltd.		1,000		38,287
Hamakyorex Co. Ltd.		6,800		191,300
Hankyu Hanshin Holdings, Inc.		4,600		144,769
Hitachi Transport System Ltd.		2,700		83,862
Keikyu Corp.(a)		1,300		16,627
Keio Corp.(a)		2,800		181,876
Keisei Electric Railway Co. Ltd.(a)		4,500		140,387
Kintetsu Group Holdings Co. Ltd.*		3,900		139,687

Investments	Shares		Value
Road & Rail – (continued)
Kyushu Railway Co.		2,100	$	47,109
Maruzen Showa Unyu Co. Ltd.		7,900		229,834
MTR Corp. Ltd.		25,764		143,634
Mullen Group Ltd.		36,168		396,019
Nagoya Railroad Co. Ltd.*		4,400		100,877
Nankai Electric Railway Co. Ltd.(a)		3,000		66,200
National Express Group plc*		226,688		940,327
Nikkon Holdings Co. Ltd.		2,600		54,400
Nippon Express Co. Ltd.		1,600		122,227
Nishi-Nippon Railroad Co. Ltd.		1,000		25,809
Nobina AB* (b)		29,304		259,918
Odakyu Electric Railway Co. Ltd.(a)		4,600		124,358
Sankyu, Inc.		2,333		99,463
SBS Transit Ltd.		30,400		72,207
Seibu Holdings, Inc.		2,600		27,973
Seino Holdings Co. Ltd.		7,500		103,060
Senko Group Holdings Co. Ltd.(a)		3,600		33,100
Sixt SE*		550		76,405
Sixt SE (Preference)		298		24,645
Stef SA		1,320		148,096
TFI International, Inc.		3,696		323,573
Tobu Railway Co. Ltd.		4,000		102,832
Tokyu Corp.		8,900		114,400
Tonami Holdings Co. Ltd.		4,400		213,348
Trancom Co. Ltd.		600		46,549
Transport International Holdings Ltd.		105,600		220,531
West Japan Railway Co.		4,400		242,814
				9,096,595
Semiconductors & Semiconductor Equipment – 1.6%
Advantest Corp.		3,100		294,387
AIXTRON SE*		7,964		170,314
ams AG* (a)		8,459		146,819
ASM International NV		1,012		308,094
ASM Pacific Technology Ltd.		5,000		75,835
ASML Holding NV		7,128		4,643,868
BE Semiconductor Industries NV		2,618		212,162
Dialog Semiconductor plc*		720		56,459
Disco Corp.		700		226,705

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)
Semiconductors & Semiconductor Equipment – (continued)
Infineon Technologies AG		22,616	$	913,812
Japan Material Co. Ltd.		3,900		45,349
Lasertec Corp.		1,000		176,936
Melexis NV		495		53,987
Mimasu Semiconductor Industry Co. Ltd.		200		5,136
Nordic Semiconductor ASA*		8,272		205,102
Renesas Electronics Corp.*		15,600		181,968
Rohm Co. Ltd.		2,000		198,161
SCREEN Holdings Co. Ltd.		1,800		172,252
Shinko Electric Industries Co. Ltd.		1,400		45,213
Siltronic AG		396		66,834
SOITEC*		816		165,125
STMicroelectronics NV		11,836		443,973
SUMCO Corp.		7,600		196,910
Tokyo Electron Ltd.		2,500		1,105,165
Tower Semiconductor Ltd.*		3,423		100,157
Ulvac, Inc.		1,700		77,764
				10,288,487
Software – 1.2%
Altium Ltd.		1,716		39,302
Avast plc(b)		17,028		112,623
AVEVA Group plc		3,926		189,164
BlackBerry Ltd.* (a)		8,682		76,714
Blue Prism Group plc* (a)		4,832		81,620
Bravura Solutions Ltd.(a)		5,168		11,258
Constellation Software, Inc.		356		522,028
Dassault Systemes SE		2,264		525,867
Descartes Systems Group, Inc. (The)*		832		53,178
Enghouse Systems Ltd.		1,300		61,523
Fuji Soft, Inc.		1,600		80,216
GB Group plc		1,064		13,236
Hilan Ltd.		1,569		82,239
IRESS Ltd.		19,140		149,030
Kinaxis, Inc.*		520		67,014
Lightspeed POS, Inc.* (a)		2,184		152,376
Micro Focus International plc		140,536		1,007,920
Miroku Jyoho Service Co. Ltd.		1,000		16,724
Nemetschek SE		884		65,978

Investments	Shares		Value
Software – (continued)
Nice Ltd.*		1,189	$	287,705
Open Text Corp.		3,696		173,894
Oracle Corp. Japan		800		75,019
Sage Group plc (The)		16,500		145,752
SAP SE		18,392		2,585,100
SimCorp A/S		1,100		145,583
Sinch AB* (b)		780		123,378
Software AG		1,320		57,268
Systena Corp.		5,200		106,992
TeamViewer AG* (b)		2,080		99,054
Technology One Ltd.		7,884		57,733
Temenos AG (Registered)		765		112,479
Trend Micro, Inc.		2,500		118,933
Vitec Software Group AB, Class B		4,356		206,319
WiseTech Global Ltd.		4,953		120,249
				7,723,468
Specialty Retail – 1.8%
ABC-Mart, Inc.		700		37,464
Alpen Co. Ltd.		200		4,261
Arcland Sakamoto Co. Ltd.		16,700		228,106
Aritzia, Inc.*		2,860		71,302
AT-Group Co. Ltd.		10,400		158,704
Autobacs Seven Co. Ltd.		2,100		28,088
Bic Camera, Inc.		4,100		42,311
Bilia AB, Class A(a)		36,564		639,543
CECONOMY AG*		64,548		378,413
Clas Ohlson AB, Class B*		13,508		144,813
DCM Holdings Co. Ltd.		2,400		23,933
Delek Automotive Systems Ltd.		17,264		214,353
Dixons Carphone plc*		410,916		792,525
Dufry AG (Registered)*		1,188		78,206
Dunelm Group plc		2,604		53,143
Eagers Automotive Ltd.		4,180		50,564
EDION Corp.		30,800		327,147
Fast Retailing Co. Ltd.		1,100		902,804
Fenix Outdoor International AG		369		54,810
Fielmann AG*		607		46,254
Fnac Darty SA*		8,932		630,625
Fox Wizel Ltd.		855		99,410
GrandVision NV* (b)		1,506		48,768

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)
Specialty Retail – (continued)
H & M Hennes & Mauritz AB, Class B*		11,440	$	282,491
Hikari Tsushin, Inc.		600		120,653
Hornbach Baumarkt AG		3,608		144,415
Hornbach Holding AG & Co. KGaA		3,784		354,165
IDOM, Inc.		20,800		120,456
Industria de Diseno Textil SA(a)		17,072		608,729
JB Hi-Fi Ltd.(a)		2,881		102,993
JD Sports Fashion plc*		8,827		112,241
JINS Holdings, Inc.(a)		900		63,153
Joshin Denki Co. Ltd.(a)		8,800		221,882
Joyful Honda Co. Ltd.		2,000		24,610
Kathmandu Holdings Ltd.*		266,816		277,589
Kingfisher plc*		45,013		222,679
Kohnan Shoji Co. Ltd.		13,200		356,975
Kojima Co. Ltd.		13,200		107,237
K’s Holdings Corp.		6,100		83,320
Leon’s Furniture Ltd.		12,116		216,969
Luk Fook Holdings International Ltd.		148,672		372,118
Mekonomen AB*		16,060		275,778
Nafco Co. Ltd.		4,400		88,962
Nick Scali Ltd.(a)		30,272		262,598
Nishimatsuya Chain Co. Ltd.		1,300		20,385
Nitori Holdings Co. Ltd.		1,600		287,050
PAL GROUP Holdings Co. Ltd.		8,800		123,822
Pets at Home Group plc		11,308		69,546
Premier Investments Ltd.		6,508		132,163
Super Retail Group Ltd.(a)		5,324		49,062
T-Gaia Corp.		9,800		167,839
United Arrows Ltd.		8,800		153,933
USS Co. Ltd.		1,000		18,124
Vivo Energy plc(b)		154,220		213,525
Watches of Switzerland Group plc* (c)		10,868		110,297
WH Smith plc*		3,950		98,961
Wickes Group plc*		8,632		29,873
World Co. Ltd.		9,000		115,027
Yamada Holdings Co. Ltd.		7,800		38,820
Yellow Hat Ltd.		17,800		299,150
				11,403,137

Investments	Shares		Value
Technology Hardware, Storage & Peripherals – 0.4%
Brother Industries Ltd.		7,400	$	156,456
Canon, Inc.(a)		16,800		400,077
Eizo Corp.		1,400		52,001
Elecom Co. Ltd.		1,600		33,667
FUJIFILM Holdings Corp.		6,700		434,407
Konica Minolta, Inc.		18,900		106,859
Logitech International SA (Registered)		3,109		349,062
MCJ Co. Ltd.(a)		30,800		280,090
Ricoh Co. Ltd.		16,600		176,471
Riso Kagaku Corp.(a)		1,700		20,530
Seiko Epson Corp.(a)		8,300		141,086
Toshiba TEC Corp.*		1,100		43,877
Wacom Co. Ltd.		13,200		84,655
				2,279,238
Textiles, Apparel & Luxury Goods – 2.0%
adidas AG*		3,036		938,719
Asics Corp.		5,200		82,540
Brunello Cucinelli SpA* (a)		1,368		69,758
Burberry Group plc*		7,700		219,724
Canada Goose Holdings, Inc.* (a)		1,100		46,443
Chow Sang Sang Holdings International Ltd.		196,000		334,117
Cie Financiere Richemont SA (Registered)		8,888		912,529
Coats Group plc		98,856		79,933
Crystal International Group Ltd.(b)		397,500		209,834
Delta Galil Industries Ltd.*		4,626		127,012
Descente Ltd.*		2,400		41,542
EssilorLuxottica SA – IM		2,578		429,138
EssilorLuxottica SA – MO		1,910		318,217
Gildan Activewear, Inc.*		2,703		93,733
Goldwin, Inc.(a)		1,900		113,508
Gunze Ltd.		700		24,784
Hermes International		529		664,830
HUGO BOSS AG		1,980		91,480
Japan Wool Textile Co. Ltd. (The)		24,400		217,648
Kering SA		1,232		988,474
Kurabo Industries Ltd.		6,800		112,789

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)
Textiles, Apparel & Luxury Goods – (continued)
LVMH Moet Hennessy Louis Vuitton SE		4,488	$	3,383,142
Moncler SpA*		3,061		188,000
Pacific Textiles Holdings Ltd.		308,000		197,089
Pandora A/S		1,848		209,998
Puma SE*		1,760		185,851
Samsonite International SA* (a) (b)		593,400		1,101,711
Seiko Holdings Corp.		13,500		237,876
Seiren Co. Ltd.(a)		25,600		443,120
Stella International Holdings Ltd.		110,500		136,580
Swatch Group AG (The)		364		111,589
Swatch Group AG (The) (Registered)		8		480
Tod’s SpA*		245		11,544
Wacoal Holdings Corp.		1,500		33,800
Yondoshi Holdings, Inc.		1,400		23,734
Yue Yuen Industrial Holdings Ltd.		22,000		55,235
				12,436,501
Thrifts & Mortgage Finance – 0.6%
Aareal Bank AG		24,552		691,603
Deutsche Pfandbriefbank AG* (b)		59,004		680,742
Equitable Group, Inc.		4,532		491,476
Home Capital Group, Inc.*		22,616		597,296
OSB Group plc		145,376		964,536
Paragon Banking Group plc		101,332		659,968
				4,085,621
Tobacco – 0.6%
British American Tobacco plc		52,756		1,959,022
Imperial Brands plc		24,376		508,778
Japan Tobacco, Inc.		26,400		493,679
Scandinavian Tobacco Group A/S(a) (b)		20,153		367,329
Swedish Match AB		3,300		271,001
				3,599,809

Investments	Shares		Value
Trading Companies & Distributors – 1.6%
AddTech AB, Class B		2,196	$	38,436
Advan Co. Ltd.		1,200		10,221
Ashtead Group plc		6,424		413,676
Beijer Ref AB		2,340		36,391
Brenntag SE		2,205		198,229
Bunzl plc		5,984		192,795
Electrocomponents plc		2,548		37,607
Ferguson plc		3,564		450,622
Finning International, Inc.(a)		4,111		106,902
Grafton Group plc		11,760		194,248
Hanwa Co. Ltd.(a)		17,600		522,501
Howden Joinery Group plc*		15,972		178,858
IMCD NV		1,360		198,016
Inaba Denki Sangyo Co. Ltd.		19,200		448,975
Inabata & Co. Ltd.(a)		13,000		195,883
Indutrade AB		6,594		172,497
ITOCHU Corp.(a)		31,900		994,604
Japan Pulp & Paper Co. Ltd.		5,900		195,668
Kanamoto Co. Ltd.(a)		14,323		350,786
Kanematsu Corp.		30,800		405,764
Marubeni Corp.		47,000		390,688
Mitsubishi Corp.		30,800		850,977
Mitsui & Co. Ltd.(a)		36,000		758,666
MonotaRO Co. Ltd.		5,600		142,940
Nagase & Co. Ltd.		4,900		73,788
Nippon Steel Trading Corp.		5,000		176,570
Nishio Rent All Co. Ltd.		9,900		273,075
Reece Ltd.		5,999		93,930
Rexel SA*		4,641		91,457
Richelieu Hardware Ltd.		1,340		46,773
Russel Metals, Inc.(a)		21,692		496,895
Seven Group Holdings Ltd.(a)		104		1,730
Sojitz Corp.		43,300		129,141
Sumitomo Corp.		24,200		329,442
Toromont Industries Ltd.		2,360		188,002
Toyota Tsusho Corp.		5,300		224,015
Travis Perkins plc*		7,704		163,937
Yamazen Corp.(a)		33,000		294,662
Yuasa Trading Co. Ltd.		8,800		239,111
				10,308,478

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)
Transportation Infrastructure – 0.4%
Aena SME SA* (b)		1,100	$	191,609
Aeroports de Paris* (a)		555		71,287
ASTM SpA*		1,668		51,805
Atlantia SpA*		10,824		211,411
Atlas Arteria Ltd.(a)		25,621		119,537
Auckland International Airport Ltd.* (a)		22,876		124,579
Enav SpA(b)		12,657		58,843
Flughafen Zurich AG (Registered)* (a)		320		57,611
Fraport AG Frankfurt Airport Services Worldwide*		890		59,162
Getlink SE		8,876		141,362
Hamburger Hafen und Logistik AG		1,220		30,078
James Fisher & Sons plc		1,322		19,036
Kamigumi Co. Ltd.		800		15,553
Port of Tauranga Ltd.		5,225		27,742
Qube Holdings Ltd.		55,759		129,644
SATS Ltd.*		19,000		57,982
Signature Aviation plc*		24,573		137,553
Sumitomo Warehouse Co. Ltd. (The)		26,400		341,276
Sydney Airport*		7,964		38,079
Transurban Group		45,276		495,574
Westshore Terminals Investment Corp.(a)		16,456		268,336
				2,648,059
Water Utilities – 0.1%
Pennon Group plc		4,356		62,362
Severn Trent plc		5,280		181,079
United Utilities Group plc		11,220		150,406
				393,847
Wireless Telecommunication Services – 1.0%
1&1 Drillisch AG		987		29,704
Airtel Africa plc(b)		34,804		36,623
Cellcom Israel Ltd.*		33,968		131,647
Freenet AG		2,198		53,581
KDDI Corp.		37,000		1,119,089

Investments	Shares		Value
Wireless Telecommunication Services – (continued)
Millicom International Cellular SA, SDR*		1,924	$	76,225
Orange Belgium SA		11,176		295,308
Rogers Communications, Inc., Class B		6,820		335,622
Softbank Corp.(a)		35,300		455,197
SoftBank Group Corp.		27,882		2,521,509
StarHub Ltd.		17,700		17,961
Tele2 AB, Class B		11,244		145,408
VEON Ltd.* (a)		19,670		33,387
Vodafone Group plc		600,468		1,137,325
				6,388,586
Total Common Stocks (Cost $484,188,004)				617,565,483
CLOSED END FUNDS – 0.0%(f)
Independent Power and Renewable Electricity Producers – 0.0%(f)
Renewables Infrastructure Group Ltd. (The) (Cost $86,913)		57,872		100,799
	Number of Rights
RIGHTS – 0.0%(f)
Capital Markets – 0.0%(f)
Credit Suisse Group AG, expiring 5/6/2021, price 1,000 CHF*‡ (d)		49,544		—
Euronext NV, expiring 5/10/2021, price 59.65 EUR*		1,402		16,455
				16,455
Metals & Mining – 0.0%
Regis Resources Ltd., expiring 4/15/2021, price 2.70 AUD* ‡ (d)		2,541		—
Total Rights (Cost $—)				16,455

See Accompanying Notes to the Financial Statements.

140 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Number of Warrants		Value
WARRANTS – 0.0%(f)
Textiles, Apparel & Luxury Goods – 0.0%(f)
Cie Financiere Richemont SA, expiring 11/22/2023, price 67.00 CHF* (Cost $—)		16,100	$	6,885
	Principal Amount
SECURITIES LENDING REINVESTMENTS(g) – 2.9%
REPURCHASE AGREEMENTS – 2.9%
Citigroup Global Markets Ltd., 0.05%, dated 4/30/2021, due 5/3/2021, repurchase price $3,300,000, collateralized by various U.S. Treasury Securities, ranging from 0.00% –3.00%, maturing 5/15/2023 – 2/15/2049; Foreign Government Fixed Income Securities, 0.45%, maturing 8/19/2027; total market value $3,357,712	$	3,300,000		3,300,000
Citigroup Global Markets, Inc., 0.01%, dated 4/30/2021, due 5/3/2021, repurchase price $9,570,885, collateralized by various U.S. Treasury Securities, ranging from 0.88% –5.00%, maturing 1/15/2028 – 2/15/2047; total market value $9,657,223		9,570,885		9,570,885

Investments	Principal Amount		Value
REPURCHASE AGREEMENTS – (continued)
Deutsche Bank AG, London Branch, 0.15%, dated 4/30/2021, due 5/3/2021, repurchase price $4,700,000, collateralized by various U.S. Treasury Securities, 0.13%, maturing 7/15/2030; Foreign Government Fixed Income Securities, ranging from 0.25% – 3.13%, maturing 7/23/2021 –2/14/2031; total market value $4,772,511	$	4,700,000	$	4,700,000
NBC Global Finance Ltd., 0.19%, dated 4/30/2021, due 5/3/2021, repurchase price $800,000, collateralized by various U.S. Treasury Securities, ranging from 0.13% –4.38%, maturing 1/31/2023 – 8/15/2050; Common Stocks; total market value $878,612		800,000		800,000
				18,370,885
Total Securities Lending Reinvestments (Cost $18,370,885)				18,370,885
Total Investments –100.2% (Cost $502,645,802)				636,060,507
Liabilities in excess of other assets – (0.2%)				(1,091,570	)
NET ASSETS – 100.0%			$	634,968,937

* Non-income producing security.

^‡  Value determined using significant unobservable inputs.

^(a)  The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 was $60,720,569, collateralized in the form of cash with a value of $18,370,885 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $20,925,197 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.00%, and maturity dates ranging from May 13, 2021 – February 15, 2051 and $26,162,769 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 141

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

0.00% – 8.50%, and maturity dates ranging from July 7, 2021 – September 20, 2117; a total value of $65,458,851.

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

^(c)  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.

^(d) Security fair valued as of April 30, 2021 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2021 amounted to $116,470, which represents approximately 0.02% of net assets of the Fund.

^(e)  Amount represents less than one share.

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

^(g)  The security was purchased with cash collateral held from securities on loan at April 30, 2021. The total value of securities purchased was $18,370,885.

Percentages shown are based on Net Assets.

Abbreviations

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

CVA – Dutch Certification

DI – Depositary Interest

OYJ – Public Limited Company

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

SCA – Limited partnership with share capital

SDR – Swedish Depositary Receipt

As of April 30, 2021, 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	$	166,745,506
Aggregate gross unrealized depreciation		(34,703,298	)
Net unrealized appreciation	$	132,042,208
Federal income tax cost	$	504,405,741

Futures Contracts

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund had the following open futures contracts as of April 30, 2021:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)*
Long Contracts
EURO STOXX 50 Index		127		06/18/2021		EUR	$	6,023,574	$	195,135
FTSE 100 Index		35		06/18/2021		GBP		3,361,861		95,410
Nikkei 225 Index		25		06/10/2021		JPY		3,307,260		(9,766	)
S&P/TSX 60 Index		14		06/17/2021		CAD		2,584,230		56,949
SPI 200 Index		12		06/17/2021		AUD		1,622,608		59,597
									$	397,325

* 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, 2021:
Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
CAD	604,150	Toronto-Dominion Bank (The)	USD	480,226		06/16/2021	$	10,917
EUR	1,317,687	Morgan Stanley	USD	1,578,356		06/16/2021		9,316
GBP	680,000	Morgan Stanley	USD	932,624		06/16/2021		8,980

See Accompanying Notes to the Financial Statements.

142 FLEXSHARES SEMIANNUAL REPORT

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

Forward Foreign Currency Contracts (cont.)
Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
ILS	796,970	Morgan Stanley	USD	240,382		06/16/2021	$	5,459
NOK	1,450,557	BNP Paribas SA	USD	171,311		06/16/2021		3,294
SEK	554,576	Morgan Stanley	USD	65,186		06/16/2021		426
USD	1,248,777	Toronto-Dominion Bank (The)	GBP	900,000		06/16/2021		2,537
USD	219,985	Toronto-Dominion Bank (The)	HKD	1,707,402		06/16/2021		127
USD	551,596	Toronto-Dominion Bank (The)	JPY	60,000,000		06/16/2021		2,479
Total unrealized appreciation							$	43,535
AUD	568,763	JPMorgan Chase Bank	USD	441,703		06/16/2021	$	(2,272	)
GBP	983,203	Citibank NA	USD	1,372,316		06/16/2021		(10,863	)
JPY	249,660,889	Morgan Stanley	USD	2,300,230		06/16/2021		(15,343	)
USD	498,799	Morgan Stanley	CHF	460,788		06/16/2021		(7,021	)
USD	427,492	Bank of New York	DKK	2,668,253		06/16/2021		(4,752	)
USD	1,176,742	Morgan Stanley	JPY	129,710,000		06/16/2021		(10,360	)
USD	509,732	BNP Paribas SA	NZD	711,055		06/16/2021		(362	)
USD	220,083	Goldman Sachs & Co.	SGD	296,100		06/16/2021		(2,445	)
Total unrealized depreciation							$	(53,418	)
Net unrealized depreciation							$	(9,883	)

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.

FLEXSHARES SEMIANNUAL REPORT 143

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

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, 2021:

Australia	5.5	%
Austria	0.4
Belgium	1.2
Canada	9.7
Denmark	1.9
Finland	0.9
France	7.3
Germany	6.5
Hong Kong	2.8
Ireland	0.4
Israel	1.4
Italy	2.6
Japan	24.1
Netherlands	3.0
New Zealand	0.3
Norway	1.2
Portugal	0.2
Singapore	1.4
Spain	2.7
Sweden	3.8
Switzerland	5.2
United Kingdom	14.8
Other1	2.7
	100.0	%

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

See Accompanying Notes to the Financial Statements.

144 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund

April 30, 2021 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.0%
Aerospace & Defense – 0.2%
AECC Aviation Power Co. Ltd., Class A		4,700	$	27,518
Aselsan Elektronik Sanayi ve Ticaret A/S		24,132		43,654
AVIC Xi’an Aircraft Industry Group Co. Ltd., Class A		4,700		17,467
AviChina Industry & Technology Co. Ltd., Class H(a)		94,000		60,514
Bharat Electronics Ltd.		17,280		30,735
China Aerospace Times Electronics Co. Ltd., Class A		14,100		14,881
Hanwha Aerospace Co. Ltd.		899		31,196
Hindustan Aeronautics Ltd.(b)		2,256		29,155
Korea Aerospace Industries Ltd.		1,608		47,126
LIG Nex1 Co. Ltd.		5,890		209,686
United Aircraft Corp. PJSC* ^		25,155,036		177,079
				689,011
Air Freight & Logistics – 0.3%
Agility Public Warehousing Co. KSC		50,933		160,254
Hanjin Transportation Co. Ltd.		4,823		170,833
Hyundai Glovis Co. Ltd.		742		128,075
Kerry TJ Logistics Co. Ltd.		4,000		6,444
SF Holding Co. Ltd., Class A		5,300		52,701
Sinotrans Ltd., Class A		23,500		17,721
Sinotrans Ltd., Class H		83,000		37,937
STO Express Co. Ltd., Class A		4,700		6,246
YTO Express Group Co. Ltd., Class A		4,700		8,555
ZTO Express Cayman, Inc., ADR		10,335		332,373
				921,139
Airlines – 0.8%
Aeroflot PJSC*		530,859		453,671
Air Arabia PJSC*		8		3
AirAsia Group Bhd.*		927,500		196,984
Asiana Airlines, Inc.*		18,786		252,484
Azul SA (Preference)*		143,800		1,020,469
China Airlines Ltd.*		137,000		103,977

Investments	Shares		Value
Airlines – (continued)
China Eastern Airlines Corp. Ltd., Class A		14,300	$	11,535
China Southern Airlines Co. Ltd., Class A*		14,100		13,835
Eva Airways Corp.		127,798		86,471
Hanjin Kal Corp.*		273		13,621
InterGlobe Aviation Ltd.* (b)		3,087		68,489
Jeju Air Co. Ltd.*		6,519		141,240
Korean Air Lines Co. Ltd.*		6,844		165,509
Pegasus Hava Tasimaciligi A/S*		17,867		158,480
Turk Hava Yollari AO*		16,292		24,029
				2,710,797
Auto Components – 1.2%
Balkrishna Industries Ltd.		938		22,413
Bharat Forge Ltd.*		6,239		51,413
Bosch Ltd.		208		37,934
Cheng Shin Rubber Industry Co. Ltd.		53,000		102,649
Endurance Technologies Ltd.* (b)		1,456		25,405
Exide Industries Ltd.		5,676		13,636
Fuyao Glass Industry Group Co. Ltd., Class A		4,800		38,072
Fuyao Glass Industry Group Co. Ltd., Class H(b)		8,400		48,831
Hankook & Co. Co Ltd.		907		15,166
Hankook Tire & Technology Co. Ltd.		2,692		116,407
Hanon Systems		5,467		79,620
Hota Industrial Manufacturing Co. Ltd.*		134		496
Huayu Automotive Systems Co. Ltd., Class A		9,400		37,940
Hyundai Mobis Co. Ltd.		2,385		578,910
Hyundai Wia Corp.		8,745		547,177
Kumho Tire Co., Inc.*		3,552		12,901
Mando Corp.*		1,537		80,280
Minth Group Ltd.		12,000		48,746
Motherson Sumi Systems Ltd.*		27,268		79,037
MRF Ltd.		38		41,411

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 145

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Auto Components – (continued)
Nan Kang Rubber Tire Co. Ltd.		14,000	$	21,752
Nexen Tire Corp.		18,247		144,027
Nexteer Automotive Group Ltd.		424,000		475,487
Ningbo Joyson Electronic Corp., Class A		4,700		13,167
S&T Motiv Co. Ltd.		4,240		233,279
Sri Trang Agro-Industry PCL, NVDR		28,200		42,792
Sundram Fasteners Ltd.		3,224		30,406
Tianneng Power International Ltd.(a)		366,000		671,979
Tong Yang Industry Co. Ltd.		212,000		288,784
Tube Investments of India Ltd.		1,200		20,003
Weifu High-Technology Group Co. Ltd., Class A		4,700		17,706
				3,937,826
Automobiles – 2.4%
Astra International Tbk. PT		720,800		274,448
BAIC Motor Corp. Ltd., Class H(a) (b)		798,000		288,712
Bajaj Auto Ltd.*		1,243		64,334
Brilliance China Automotive Holdings Ltd.(c)		96,000		87,072
BYD Co. Ltd., Class A		2,400		58,807
BYD Co. Ltd., Class H		12,500		257,987
China Motor Corp.*		111,400		285,948
Chongqing Changan Automobile Co. Ltd., Class A		9,400		23,778
Chongqing Changan Automobile Co. Ltd., Class B		31,800		25,712
Dongfeng Motor Group Co. Ltd., Class H		1,278,000		1,110,682
DRB-Hicom Bhd.		9,600		4,476
Eicher Motors Ltd.*		2,670		87,290
Ford Otomotiv Sanayi A/S		3,254		68,988
Geely Automobile Holdings Ltd.		212,000		550,004
Great Wall Motor Co. Ltd., Class A		4,700		24,279
Great Wall Motor Co. Ltd., Class H(a)		53,000		131,155
Guangzhou Automobile Group Co. Ltd., Class H		106,000		90,484

Investments	Shares		Value
Automobiles – (continued)
Hero MotoCorp Ltd.		2,173	$	82,703
Hyundai Motor Co.		5,141		979,810
Hyundai Motor Co. (2nd Preference)		1,484		141,416
Hyundai Motor Co. (3rd Preference)		54		4,854
Hyundai Motor Co. (Preference)		848		81,190
Kia Corp.		9,752		675,061
Mahindra & Mahindra Ltd.		16,748		170,154
Maruti Suzuki India Ltd.		2,385		207,860
NIO, Inc., ADR* (a)		21,889		872,058
Niu Technologies, ADR* (a)		564		21,071
Oriental Holdings Bhd.		147,100		187,448
SAIC Motor Corp. Ltd., Class A		26,500		82,143
Sanyang Motor Co. Ltd.		318,000		368,285
Tata Motors Ltd.*		67,522		267,864
Tata Motors Ltd., Class A*		27,570		47,605
Tofas Turk Otomobil Fabrikasi A/S		6,639		23,891
TVS Motor Co. Ltd.		3,564		30,356
UMW Holdings Bhd.		129,200		104,082
XPeng, Inc., ADR* (a)		3,021		90,358
Yadea Group Holdings Ltd.(b)		16,000		35,021
Yulon Motor Co. Ltd.*		26,986		43,861
				7,951,247
Banks – 14.2%
Absa Group Ltd.*		26,011		219,545
Abu Dhabi Commercial Bank PJSC		105,298		179,742
Abu Dhabi Islamic Bank PJSC		19,571		25,735
AFFIN Bank Bhd.		205,627		87,845
Agricultural Bank of China Ltd., Class A		488,700		241,650
Agricultural Bank of China Ltd., Class H		1,060,000		412,162
Akbank TAS		86,903		51,144
Akbank TAS, ADR		20,016		25,020
Al Khalij Commercial Bank PQSC		890,848		530,937
Al Rajhi Bank		19,632		517,747
Alinma Bank		20,140		106,551
Alliance Bank Malaysia Bhd.*		558,300		354,355

See Accompanying Notes to the Financial Statements.

146 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Banks – (continued)
Alpha Services and Holdings SA* (a)		646,565	$	1,027,402
AMMB Holdings Bhd.		79,500		57,834
AU Small Finance Bank Ltd.* (b)		2,288		31,021
Axis Bank Ltd.*		39,220		378,526
Banco Bradesco SA*		52,476		199,932
Banco Bradesco SA (Preference)*		175,120		769,847
Banco de Bogota SA		4,558		95,644
Banco de Chile		1,485,272		158,257
Banco de Credito e Inversiones SA		1,590		73,476
Banco del Bajio SA* (b)		368,000		585,896
Banco do Brasil SA*		53,000		289,557
Banco do Estado do Rio Grande do Sul SA (Preference), Class B		96,400		217,667
Banco Inter SA*		2,400		102,499
Banco Santander Chile		2,045,959		111,720
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand*		11,800		13,371
Bancolombia SA		10,998		82,081
Bancolombia SA (Preference)		17,464		130,711
Bandhan Bank Ltd.* (b)		13,866		61,728
Bangkok Bank PCL, NVDR		21,200		82,723
Bank Al Habib Ltd.		503,500		217,117
Bank AlBilad*		8,427		84,155
Bank Al-Jazira*		14,175		72,272
Bank Central Asia Tbk. PT		195,000		432,321
Bank Handlowy w Warszawie SA*		15,529		166,395
Bank Mandiri Persero Tbk. PT		689,000		294,536
Bank Millennium SA*		308,369		336,931
Bank Negara Indonesia Persero Tbk. PT		302,100		119,209
Bank of Ayudhya PCL, NVDR*		63,600		76,596
Bank of Baroda*		41,116		37,051
Bank of Beijing Co. Ltd., Class A		74,200		54,577
Bank of Changsha Co. Ltd., Class A		9,400		13,087
Bank of Chengdu Co. Ltd., Class A		18,800		34,657

Investments	Shares		Value
Banks – (continued)
Bank of China Ltd., Class A		270,300	$	135,745
Bank of China Ltd., Class H		2,756,000		1,096,460
Bank of Chongqing Co. Ltd., Class H		265,000		178,103
Bank of Communications Co. Ltd., Class A		127,200		94,543
Bank of Communications Co. Ltd., Class H		796,000		509,360
Bank of Hangzhou Co. Ltd., Class A		18,800		48,049
Bank of India*		179,723		160,986
Bank of Jiangsu Co. Ltd., Class A		53,880		58,863
Bank of Nanjing Co. Ltd., Class A		42,400		60,080
Bank of Ningbo Co. Ltd., Class A		21,200		138,341
Bank of Shanghai Co. Ltd., Class A		47,700		60,293
Bank of the Philippine Islands		59,360		102,077
Bank of Zhengzhou Co. Ltd., Class A		51,700		29,399
Bank Pan Indonesia Tbk. PT*		1,833,800		114,255
Bank Polska Kasa Opieki SA*		5,724		120,914
Bank Rakyat Indonesia Persero Tbk. PT		1,867,800		523,682
Bank Tabungan Negara Persero Tbk. PT*		2,263,100		249,106
Banque Saudi Fransi		18,868		196,222
BDO Unibank, Inc.		56,180		120,294
BIMB Holdings Bhd.		15,880		15,041
BNK Financial Group, Inc.		13,038		89,901
BOC Hong Kong Holdings Ltd.		132,500		467,435
Boubyan Bank KSCP*		10,735		23,337
Burgan Bank SAK*		27,216		20,324
Canara Bank*		168,063		314,810
Capitec Bank Holdings Ltd.*		1,506		154,301
Chang Hwa Commercial Bank Ltd.		120,517		77,230
China Bohai Bank Co. Ltd., Class H* (b)		132,500		59,880
China CITIC Bank Corp. Ltd., Class H		477,000		249,959

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 147

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Banks – (continued)
China Construction Bank Corp., Class A		28,200	$	29,326
China Construction Bank Corp., Class H		3,551,000		2,811,777
China Everbright Bank Co. Ltd., Class A		127,200		74,297
China Everbright Bank Co. Ltd., Class H		159,000		66,533
China Merchants Bank Co. Ltd., Class A		63,600		517,920
China Merchants Bank Co. Ltd., Class H		135,000		1,088,955
China Minsheng Banking Corp. Ltd., Class A		121,900		88,531
China Minsheng Banking Corp. Ltd., Class H(a)		212,000		108,909
China Zheshang Bank Co. Ltd., Class A		47,000		28,687
Chong Hing Bank Ltd.		106,000		140,026
Chongqing Rural Commercial Bank Co. Ltd., Class A		18,800		12,056
Chongqing Rural Commercial Bank Co. Ltd., Class H		94,000		39,939
CIMB Group Holdings Bhd.		265,448		268,273
City Union Bank Ltd.*		9,675		21,780
Commercial Bank PSQC (The)		75,925		112,605
Commercial International Bank Egypt SAE*		55,840		207,742
Credicorp Ltd.*		2,385		284,769
Credit Agricole Egypt SAE*		63,761		91,977
Credit Bank of Moscow PJSC*		4,509,090		407,508
CTBC Financial Holding Co. Ltd.		742,000		605,649
DGB Financial Group, Inc.		85,417		680,357
Doha Bank QPSC		41,736		30,147
Dubai Islamic Bank PJSC		79,500		96,314
E.Sun Financial Holding Co. Ltd.		212,645		205,162
Emirates NBD Bank PJSC		48,366		163,935
EnTie Commercial Bank Co. Ltd.		53,000		28,840
Eurobank Ergasias Services and Holdings SA*		106,636		100,872
Far Eastern International Bank		163,000		65,065
Federal Bank Ltd.*		751,419		812,564
First Abu Dhabi Bank PJSC		154,389		598,532

Investments	Shares		Value
Banks – (continued)
First Financial Holding Co. Ltd.		379,473	$	311,099
Grupo Aval Acciones y Valores SA (Preference)		162,021		47,857
Grupo Elektra SAB de CV		1,325		99,949
Grupo Financiero Banorte SAB de CV, Class O		90,100		514,710
Grupo Financiero Inbursa SAB de CV, Class O*		68,900		64,274
Habib Bank Ltd.		32,200		26,199
Hana Financial Group, Inc.		10,812		443,716
Hong Leong Bank Bhd.		26,500		115,279
Hong Leong Financial Group Bhd.		5,000		20,237
Hua Nan Financial Holdings Co. Ltd.		163,166		110,985
Huaxia Bank Co. Ltd., Class A		47,000		45,319
Huishang Bank Corp. Ltd., Class H(a)		469,000		154,585
ICICI Bank Ltd.		85,648		694,342
IDFC First Bank Ltd.*		42,452		31,349
Industrial & Commercial Bank of China Ltd., Class A		307,400		243,678
Industrial & Commercial Bank of China Ltd., Class H		2,703,000		1,760,969
Industrial Bank Co. Ltd., Class A		58,300		195,850
Industrial Bank of Korea		10,547		91,878
ING Bank Slaski SA*		707		32,355
Intercorp Financial Services, Inc.(b)		1,040		26,884
Itau CorpBanca Chile SA*		1,015,777		3,442
Itau Unibanco Holding SA (Preference)		174,900		887,516
Itausa SA		27,109		55,215
Itausa SA (Preference)		164,300		304,660
JB Financial Group Co. Ltd.		80,576		528,795
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		6,700		7,185
Kasikornbank PCL, NVDR		44,800		189,919
KB Financial Group, Inc.		13,833		680,240
Kiatnakin Phatra Bank PCL, NVDR		20,800		38,911
King’s Town Bank Co. Ltd.		53,000		82,062
Komercni banka A/S* (a)		2,544		77,244

See Accompanying Notes to the Financial Statements.

148 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Banks – (continued)
Kotak Mahindra Bank Ltd.*		17,596	$	415,429
Krung Thai Bank PCL, NVDR		153,700		55,779
Kuwait Finance House KSCP		96,195		230,830
Kuwait International Bank KSCP*		402,217		289,682
Malayan Banking Bhd.		233,200		468,518
Malaysia Building Society Bhd.		1,358,317		208,900
Masraf Al Rayan QSC		60,981		74,832
mBank SA*		532		32,995
MCB Bank Ltd.		16,300		17,232
Meezan Bank Ltd.		185,500		130,859
Mega Financial Holding Co. Ltd.		178,000		208,059
Metropolitan Bank & Trust Co.		38,560		35,237
Moneta Money Bank A/S* (b)		224,889		837,192
National Bank of Greece SA* (a)		280,813		873,840
National Bank of Kuwait SAKP		127,768		348,998
National Bank of Pakistan*		318,000		68,097
Nedbank Group Ltd.*		15,423		157,191
O-Bank Co. Ltd.		106,000		28,689
OTP Bank Nyrt.*		7,950		357,936
Philippine National Bank*		298,400		193,046
Ping An Bank Co. Ltd., Class A		53,000		190,739
Postal Savings Bank of China Co. Ltd., Class H(a) (b)		318,000		207,173
Powszechna Kasa Oszczednosci Bank Polski SA*		33,477		311,617
Public Bank Bhd.		530,000		536,935
Qatar International Islamic Bank QSC		9,789		24,869
Qatar Islamic Bank SAQ		20,065		95,889
Qatar National Bank QPSC		72,610		356,968
Qingdao Rural Commercial Bank Corp., Class A		18,800		12,463
RBL Bank Ltd.* (b)		226,576		568,180
RHB Bank Bhd.		71,800		91,319
Riyad Bank		51,686		367,305
Santander Bank Polska SA*		1,131		66,982
Saudi British Bank (The)*		14,469		118,643
Saudi Investment Bank (The)		5,844		29,204

Investments	Shares		Value
Banks – (continued)
Saudi National Bank*		72,603	$	1,099,664
Sberbank of Russia PJSC		387,960		1,538,482
Sberbank of Russia PJSC (Preference)		38,268		144,455
Security Bank Corp.		154,660		370,991
Shanghai Commercial & Savings Bank Ltd. (The)		159,000		247,326
Shanghai Pudong Development Bank Co. Ltd., Class A		100,700		156,383
Shengjing Bank Co. Ltd., Class H* (b)		238,500		216,487
Shinhan Financial Group Co. Ltd.		18,497		665,150
Siam Commercial Bank PCL (The), NVDR		58,600		197,607
SinoPac Financial Holdings Co. Ltd.		477,000		227,118
Standard Bank Group Ltd.(a)		49,572		403,239
State Bank of India*		68,847		328,562
Taichung Commercial Bank Co. Ltd.		83,794		35,848
Taishin Financial Holding Co. Ltd.		452,422		228,373
Taiwan Business Bank		190,035		69,393
Taiwan Cooperative Financial Holding Co. Ltd.		203,020		155,537
Thanachart Capital PCL, NVDR		282,000		321,509
Tisco Financial Group PCL, NVDR		9,900		29,410
TMB Bank PCL, NVDR		1,807,700		67,925
Turkiye Garanti Bankasi A/S		86,337		75,071
Turkiye Halk Bankasi A/S*		28,578		14,785
Turkiye Is Bankasi A/S, Class C		67,999		39,937
Turkiye Vakiflar Bankasi TAO, Class D*		51,728		21,335
Union Bank of India*		342,221		158,007
Union Bank of Taiwan		116,946		50,240
United Bank Ltd.		209,742		172,509
VTB Bank PJSC		232,781,531		159,433
Woori Financial Group, Inc.		20,988		201,889
Yapi ve Kredi Bankasi A/S		80,342		20,347
Yes Bank Ltd.*		38,361		7,535
				47,742,143

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 149

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Beverages – 0.7%
Ambev SA		74,200	$	204,331
Anadolu Efes Biracilik ve Malt Sanayii A/S		9,872		27,764
Arca Continental SAB de CV		15,900		85,480
Becle SAB de CV		10,700		25,622
Carabao Group PCL, NVDR		13,400		48,414
China Resources Beer Holdings Co. Ltd.		21,107		170,528
Cia Cervecerias Unidas SA		1,212		11,098
Coca-Cola Femsa SAB de CV		15,900		74,738
Coca-Cola Icecek A/S		2,875		27,339
Distell Group Holdings Ltd.*		3,420		29,750
Embotelladora Andina SA (Preference), Class B		9,513		22,577
Emperador, Inc.		55,200		11,350
Fomento Economico Mexicano SAB de CV		31,800		247,297
Fraser & Neave Holdings Bhd.		3,700		27,097
Heineken Malaysia Bhd.		3,800		23,933
Hite Jinro Co. Ltd.		348		10,903
Jiangsu King’s Luck Brewery JSC Ltd., Class A		5,300		43,758
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		2,100		62,466
Kweichow Moutai Co. Ltd., Class A		1,700		527,162
Lotte Chilsung Beverage Co. Ltd.		150		18,879
Luzhou Laojiao Co. Ltd., Class A		2,400		94,784
Nongfu Spring Co. Ltd., Class H* (a) (b)		24,800		131,394
Osotspa PCL, NVDR		20,400		23,422
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		1,000		63,393
Tsingtao Brewery Co. Ltd., Class H		8,000		72,616
United Breweries Ltd.		1,379		22,562
United Spirits Ltd.*		6,036		42,337
Varun Beverages Ltd.		1,161		14,899
Vina Concha y Toro SA		1,616		2,808
Wuliangye Yibin Co. Ltd., Class A		5,300		233,408
Yantai Changyu Pioneer Wine Co. Ltd., Class B		15,000		30,012
				2,432,121

Investments	Shares		Value
Biotechnology – 0.5%
3SBio, Inc.* (b)		18,480	$	17,512
ABLBio, Inc.*		437		8,427
Akeso, Inc.* (b)		11,000		75,417
Alteogen, Inc.*		780		56,588
Amicogen, Inc.*		514		15,803
BeiGene Ltd.*		8,600		231,419
Biocon Ltd.*		6,644		34,053
Celltrion, Inc.*		1,642		392,657
CStone Pharmaceuticals* (b)		25,000		35,793
Da An Gene Co. Ltd. of Sun Yat-Sen University, Class A		5,000		25,906
GeneOne Life Science, Inc.*		752		11,763
Genexine, Inc.*		282		25,859
Green Cross Cell Corp.		258		9,730
Green Cross Corp.		163		49,603
Green Cross Holdings Corp.		631		20,762
G-treeBNT Co. Ltd.*		525		6,254
Helixmith Co. Ltd.*		553		15,486
Hualan Biological Engineering, Inc., Class A*		5,300		34,462
Hugel, Inc.*		126		20,899
I-Mab, ADR*		350		21,389
Innovent Biologics, Inc.* (b)		13,500		146,700
Jinyu Bio-Technology Co. Ltd., Class A		4,700		15,847
MedPacto, Inc.*		235		16,690
Medy-Tox, Inc.		115		18,123
Pharmicell Co. Ltd.*		799		11,888
Seegene, Inc.		664		55,873
Shanghai RAAS Blood Products Co. Ltd., Class A		9,400		11,606
SillaJen, Inc.* ‡ (c)		2,522		20,576
TaiMed Biologics, Inc.*		1,000		2,581
Zai Lab Ltd., ADR*		1,440		239,342
				1,649,008
Building Products – 0.2%
Astral Poly Technik Ltd.		886		18,888
China Lesso Group Holdings Ltd.		33,000		83,192
Kajaria Ceramics Ltd.		2,608		32,144
Kyung Dong Navien Co. Ltd.		208		10,322
LG Hausys Ltd.		2,862		234,137
Xinyi Glass Holdings Ltd.		40,000		141,885
				520,568

See Accompanying Notes to the Financial Statements.

150 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Capital Markets – 2.1%
B3 SA – Brasil Bolsa Balcao		31,800	$	301,866
Banco BTG Pactual SA*		5,300		105,262
Bangkok Commercial Asset Management PCL, NVDR*		25,000		16,540
Bolsa Mexicana de Valores SAB de CV		6,900		15,370
Bursa Malaysia Bhd.		8,000		16,463
Caitong Securities Co. Ltd., Class A		9,400		14,511
Capital Securities Corp.		1,166,000		805,635
Changjiang Securities Co. Ltd., Class A		14,100		15,774
China Bills Finance Corp.		53,000		31,402
China Cinda Asset Management Co. Ltd., Class H		318,000		62,643
China Everbright Ltd.		424,000		507,696
China Galaxy Securities Co. Ltd., Class A		5,200		8,019
China Galaxy Securities Co. Ltd., Class H		61,000		36,364
China Huarong Asset Management Co. Ltd., Class H(b) (c)		208,000		27,316
China International Capital Corp. Ltd., Class H* (a) (b)		19,200		48,254
China Merchants Securities Co. Ltd., Class A		12,220		35,349
China Merchants Securities Co. Ltd., Class H(a) (b)		16,600		23,254
China Renaissance Holdings Ltd.* (b)		5,000		16,158
CITIC Securities Co. Ltd., Class A		15,900		58,598
CITIC Securities Co. Ltd., Class H(a)		29,000		69,972
Coronation Fund Managers Ltd.		7,009		26,683
CSC Financial Co. Ltd., Class H(a) (b)		401,000		468,281
Daishin Securities Co. Ltd.		16,377		285,624
Daishin Securities Co. Ltd. (2nd Preference)		4,418		63,151
Daishin Securities Co. Ltd. (Preference)		10,123		148,339

Investments	Shares		Value
Capital Markets – (continued)
Daou Technology, Inc.		12,006	$	287,104
Dubai Financial Market PJSC*		67,052		19,350
Egyptian Financial Group-Hermes Holding Co.*		291,118		261,188
Everbright Securities Co. Ltd., Class A		9,400		21,773
Founder Securities Co. Ltd., Class A*		14,100		20,067
GF Securities Co. Ltd., Class A		14,100		32,355
GF Securities Co. Ltd., Class H		46,400		67,268
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A		6,400		12,748
Guosen Securities Co. Ltd., Class A*		14,100		22,877
Guotai Junan International Holdings Ltd.(a)		1,307,000		237,274
Guotai Junan Securities Co. Ltd., Class A		14,100		36,081
Haitong Securities Co. Ltd., Class A		18,800		32,159
Haitong Securities Co. Ltd., Class H		106,000		94,852
HDFC Asset Management Co. Ltd.(b)		782		29,311
Huatai Securities Co. Ltd., Class A		9,400		23,124
Huatai Securities Co. Ltd., Class H(b)		28,200		40,302
IBF Financial Holdings Co. Ltd.		48,206		30,546
ICICI Securities Ltd.(b)		1,880		11,522
Investec Ltd.		162,843		620,616
Is Yatirim Menkul Degerler A/S		61,374		113,688
Jih Sun Financial Holdings Co. Ltd.		50,000		23,091
JSE Ltd.		2,795		22,663
KIWOOM Securities Co. Ltd.		618		73,614
Korea Investment Holdings Co. Ltd.		1,575		158,583
Macquarie Korea Infrastructure Fund		6,081		65,875
Meritz Securities Co. Ltd.		6,708		29,127
Mirae Asset Securities Co. Ltd.		13,992		125,788
Mirae Asset Securities Co. Ltd. (2nd Preference)		6,840		30,069

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 151

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Capital Markets – (continued)
Moscow Exchange MICEX-RTS PJSC		28,831	$	67,957
Nanjing Securities Co. Ltd., Class A		9,400		14,249
NH Investment & Securities Co. Ltd.		5,459		63,063
Nippon Life India Asset Management Ltd.(b)		5,244		24,191
Orient Securities Co. Ltd., Class A		9,400		12,797
President Securities Corp.		484,520		518,639
PSG Konsult Ltd.		3,256		2,408
Reinet Investments SCA		4,187		80,796
Samsung Securities Co. Ltd.		2,968		113,800
SDIC Capital Co. Ltd., Class A		9,400		18,810
Shenwan Hongyuan Group Co. Ltd., Class A		18,800		13,131
Shenwan Hongyuan Group Co. Ltd., Class H(b)		75,200		20,526
Sinolink Securities Co. Ltd., Class A		9,400		17,561
Tata Liquid Fund* ‡ (c)		5,000		—
Warsaw Stock Exchange		1,040		12,796
Yuanta Securities Korea Co. Ltd.		42,752		166,996
Zheshang Securities Co. Ltd., Class A		4,700		8,265
				6,907,524
Chemicals – 3.8%
Aarti Industries Ltd.		893		19,348
Advanced Petrochemical Co.		1,686		36,507
Alpek SAB de CV		194,000		216,939
Asian Paints Ltd.		7,526		257,706
Atul Ltd.*		259		28,283
Barito Pacific Tbk. PT*		474,700		32,863
Batu Kawan Bhd.		6,300		28,452
Bayer CropScience Ltd.		141		10,178
Berger Paints India Ltd.		5,557		52,815
Boubyan Petrochemicals Co. KSCP		7,344		22,546
Braskem SA (Preference), Class A*		5,300		51,288
Castrol India Ltd.		9,090		15,432

Investments	Shares		Value
Chemicals – (continued)
Chandra Asri Petrochemical Tbk. PT		28,800	$	20,087
China Lumena New Materials Corp.* ‡ (c)		22,200		—
China Man-Made Fiber Corp.		742,425		342,866
China Petrochemical Development Corp.		76,000		43,261
China Risun Group Ltd.(b)		494,000		325,651
Chunbo Co. Ltd.		141		22,994
Coromandel International Ltd.		1,898		19,010
D&L Industries, Inc.		110,800		16,614
Deepak Nitrite Ltd.*		1,219		30,702
Dongjin Semichem Co. Ltd.		206		5,713
Ecopro Co. Ltd.(c)		292		19,636
Egypt Kuwait Holding Co. SAE*		34,010		34,010
Engro Corp. Ltd.		11,270		21,739
Engro Fertilizers Ltd.		258,792		112,961
Fauji Fertilizer Co. Ltd.		303,520		208,340
Foosung Co. Ltd.*		1,768		16,371
Formosa Chemicals & Fibre Corp.		72,000		234,303
Formosa Plastics Corp.		78,000		295,994
Grupa Azoty SA*		35		344
Hansol Chemical Co. Ltd.		224		49,840
Hanwha Solutions Corp.*		4,441		183,852
HDC Holdings Co. Ltd.		17,796		194,383
Hengli Petrochemical Co. Ltd., Class A		15,900		72,848
Hengyi Petrochemical Co. Ltd., Class A		14,100		28,695
Huafon Chemical Co. Ltd., Class A		14,100		27,910
Huchems Fine Chemical Corp.		9,138		178,677
Indorama Ventures PCL, NVDR		79,500		122,553
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		23,500		21,025
International CSRC Investment Holdings Co.		371,000		403,102
Jiangsu Eastern Shenghong Co. Ltd., Class A(c)		10,000		23,194
Kansai Nerolac Paints Ltd.		2,196		16,476
KCC Corp.		170		47,836

See Accompanying Notes to the Financial Statements.

152 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Chemicals – (continued)
Kolon Industries, Inc.		9,260	$	503,645
Korea Petrochemical Ind Co. Ltd.		135		38,230
Kumho Petrochemical Co. Ltd.		689		161,046
LG Chem Ltd.		795		666,103
LG Chem Ltd. (Preference)		170		68,086
Linde India Ltd.		11,183		276,991
Lomon Billions Group Co. Ltd., Class A		4,700		24,584
Lotte Chemical Corp.		530		144,846
LOTTE Fine Chemical Co. Ltd.		397		24,269
Mesaieed Petrochemical Holding Co.		76,751		40,684
Miwon Commercial Co. Ltd.		1,219		237,258
Nan Ya Plastics Corp.		106,000		334,701
National Industrialization Co.*		5,584		28,589
National Petrochemical Co.		1,669		21,607
Navin Fluorine International Ltd.		517		23,928
Ningxia Baofeng Energy Group Co. Ltd., Class A		10,600		26,551
Nizhnekamskneftekhim PJSC		145,750		182,488
Nizhnekamskneftekhim PJSC (Preference)		118,720		123,027
OCI Co. Ltd.*		333		37,421
Orbia Advance Corp. SAB de CV		32,333		90,551
Oriental Union Chemical Corp.		356,000		298,865
Petkim Petrokimya Holding A/S*		57,016		46,138
Petronas Chemicals Group Bhd.		53,000		106,093
PhosAgro PJSC		1,235		71,837
PI Advanced Materials Co. Ltd.		520		22,486
PI Industries Ltd.		1,268		42,995
Pidilite Industries Ltd.*		2,650		64,962
PTT Global Chemical PCL, NVDR		53,000		115,319
Qurain Petrochemical Industries Co.		15,408		21,989
Rongsheng Petrochemical Co. Ltd., Class A		9,400		41,150
SABIC Agri-Nutrients Co.		3,975		111,297
Sahara International Petrochemical Co.		5,715		41,452

Investments	Shares		Value
Chemicals – (continued)
Sasa Polyester Sanayi A/S*		7,379	$	31,858
Sasol Ltd.*		21,454		360,832
Saudi Basic Industries Corp.		15,211		502,964
Saudi Industrial Investment Group		10,759		101,849
Saudi Kayan Petrochemical Co.*		17,278		83,854
Scientex Bhd.		26,100		26,696
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		4,700		28,331
Shinkong Synthetic Fibers Corp.		742,000		641,510
SK Chemicals Co. Ltd.		144		34,500
SK Materials Co. Ltd.		65		19,663
SKC Co. Ltd.		279		33,861
Sociedad Quimica y Minera de Chile SA (Preference), Class B		2,663		139,631
Solar Industries India Ltd.		1,040		17,158
Soulbrain Co. Ltd.		141		45,101
SRF Ltd.		401		34,815
Sumitomo Chemical India Ltd.		2,585		10,442
Supreme Industries Ltd.		1,204		33,314
Taekwang Industrial Co. Ltd.		159		149,087
Tata Chemicals Ltd.		86,231		922,525
TOA Paint Thailand PCL, NVDR		12,000		13,296
Tongkun Group Co. Ltd., Class A		9,400		33,248
TSRC Corp.		7,000		9,047
UPC Technology Corp.		424,000		460,688
UPL Ltd.		19,663		161,105
USI Corp.		408,000		603,974
Vinythai PCL, NVDR		111,300		138,511
Wanhua Chemical Group Co. Ltd., Class A		5,300		84,142
Yanbu National Petrochemical Co.		5,883		114,676
Zhejiang Longsheng Group Co. Ltd., Class A		9,400		19,740
Zhejiang Satellite Petrochemical Co. Ltd., Class A		1,700		10,734
				12,819,684

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 153

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Commercial Services & Supplies – 0.2%
A-Living Smart City Services Co. Ltd.(b)		13,250	$	61,074
China Everbright Environment Group Ltd.		159,000		100,106
Country Garden Services Holdings Co. Ltd.		26,887		282,134
Dynagreen Environmental Protection Group Co. Ltd., Class H(b)		50,000		24,205
Ever Sunshine Lifestyle Services Group Ltd.(a) (b)		10,000		24,746
Frontken Corp. Bhd.		28,800		22,076
Greentown Service Group Co. Ltd.(b)		30,000		47,819
Indian Railway Catering & Tourism Corp. Ltd.		1,166		28,199
S-1 Corp.		347		25,424
Taiwan Secom Co. Ltd.*		3,165		10,832
				626,615
Communications Equipment – 0.1%
Accton Technology Corp.		10,000		113,844
Ace Technologies Corp.*		705		11,377
Advanced Ceramic X Corp.		2,000		38,234
BYD Electronic International Co. Ltd.(a)		10,000		53,239
Comba Telecom Systems Holdings Ltd.(a)		94,000		24,326
KMW Co. Ltd.*		563		29,052
Seojin System Co. Ltd.*		188		7,369
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		900		4,292
Wistron NeWeb Corp.		20,093		53,518
ZTE Corp., Class A		4,700		21,025
ZTE Corp., Class H(a)		20,000		50,059
				406,335
Construction & Engineering – 0.8%
BES Engineering Corp.		105,000		40,597
China Communications Services Corp. Ltd., Class H		1,212,000		525,881

Investments	Shares		Value
Construction & Engineering – (continued)
China Conch Venture Holdings Ltd.		26,500	$	125,389
China Railway Group Ltd., Class A		47,000		39,145
China Railway Group Ltd., Class H		159,000		82,296
CTCI Corp.*		22,000		31,110
Daewoo Engineering & Construction Co. Ltd.*		3,901		25,917
DL Construction Co. Ltd.		4,134		131,934
DL Holdings Co. Ltd.		397		33,763
Gamuda Bhd.*		48,221		41,554
GEK Terna Holding Real Estate Construction SA*		1,216		14,697
GS Engineering & Construction Corp.		2,650		105,180
HDC Hyundai Development Co-Engineering & Construction, Class E		1,236		31,112
Hyundai Engineering & Construction Co. Ltd.		2,994		135,657
IJM Corp. Bhd.		78,400		37,321
IS Dongseo Co. Ltd.		7,486		449,557
KEPCO Engineering & Construction Co., Inc.		602		20,782
Larsen & Toubro Ltd.		12,032		217,737
Larsen & Toubro Ltd., GDR(b)		296		5,310
Malaysian Resources Corp. Bhd.		83,200		9,140
Metallurgical Corp. of China Ltd., Class A		65,800		31,316
Metallurgical Corp. of China Ltd., Class H		118,000		27,803
Power Construction Corp. of China Ltd., Class A		37,600		22,195
Samsung Engineering Co. Ltd.*		6,078		94,802
Shanghai Construction Group Co. Ltd., Class A		23,500		10,531
Shanghai Tunnel Engineering Co. Ltd., Class A		14,100		11,482
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		9,400		13,436
Tekfen Holding A/S		101,442		196,840

See Accompanying Notes to the Financial Statements.

154 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Construction & Engineering – (continued)
United Integrated Services Co. Ltd.		6,000	$	52,304
Voltas Ltd.		2,990		38,636
Waskita Karya Persero Tbk. PT		9,600		738
Wijaya Karya Persero Tbk. PT		1,648,600		164,346
				2,768,508
Construction Materials – 1.1%
ACC Ltd.		1,404		35,686
Ambuja Cements Ltd.		11,177		46,633
Anhui Conch Cement Co. Ltd., Class A		10,600		80,309
Anhui Conch Cement Co. Ltd., Class H		42,000		251,183
Asia Cement China Holdings Corp.(c)		193,000		198,048
Asia Cement Corp.		86,000		153,786
BBMG Corp., Class A		42,300		18,171
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		3,000		26,776
Cementos Argos SA		5,520		7,570
Cementos Argos SA (Preference)		10,296		10,568
Cemex SAB de CV*		579,400		462,096
Chia Hsin Cement Corp.		318,000		295,994
China Jushi Co. Ltd., Class A		4,500		12,530
China National Building Material Co. Ltd., Class H		142,050		205,937
China Resources Cement Holdings Ltd.		68,000		74,156
China Shanshui Cement Group Ltd.*		621,000		166,307
Dalmia Bharat Ltd.*		1,648		33,514
Gansu Shangfeng Cement Co. Ltd., Class A		4,700		14,039
Grasim Industries Ltd.		6,466		122,363
Grupo Argos SA		7,993		22,626
Grupo Argos SA (Preference)		5,396		12,556
Grupo Cementos de Chihuahua SAB de CV		2,300		16,410
Guangdong Tapai Group Co. Ltd., Class A		9,400		16,254

Investments	Shares		Value
Construction Materials – (continued)
Huaxin Cement Co. Ltd., Class A		3,700	$	12,555
Huaxin Cement Co. Ltd., Class B		10,400		22,152
Indocement Tunggal Prakarsa Tbk. PT		32,900		29,267
Lucky Cement Ltd.*		5,787		31,608
POSCO Chemical Co. Ltd.		520		69,654
Ramco Cements Ltd. (The)		2,289		30,454
Saudi Cement Co.		2,022		34,885
Semen Indonesia Persero Tbk. PT		57,600		41,570
Shree Cement Ltd.*		212		79,882
Siam Cement PCL (The), NVDR		10,600		157,277
Southern Province Cement Co.		1,634		36,731
SSANGYONG C&E Co. Ltd.		290		2,023
Taiwan Cement Corp.		175,452		327,249
Tangshan Jidong Cement Co. Ltd., Class A		4,700		10,182
Tipco Asphalt PCL, NVDR		312,700		202,860
TPI Polene PCL, NVDR		2,229,200		156,071
UltraTech Cement Ltd.		2,281		193,355
Yanbu Cement Co.		2,888		33,038
				3,754,325
Consumer Finance – 0.9%
360 DigiTech, Inc., ADR* (a)		34,397		880,907
AEON Credit Service M Bhd.		47,700		144,390
Bajaj Finance Ltd.*		4,558		335,479
Cholamandalam Investment and Finance Co. Ltd.		4,975		38,401
Krungthai Card PCL, NVDR		21,200		51,915
LexinFintech Holdings Ltd., ADR* (a)		56,763		515,976
Mahindra & Mahindra Financial Services Ltd.*		303,373		662,877
Manappuram Finance Ltd.		6,929		13,943
Muangthai Capital PCL, NVDR		20,600		42,341
Muthoot Finance Ltd.		2,892		45,188
Samsung Card Co. Ltd.		1,140		36,177
SBI Cards & Payment Services Ltd.		2,239		29,750
Shriram Transport Finance Co. Ltd.		7,314		132,812
Srisawad Corp. PCL, NVDR		15,203		40,647

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 155

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Consumer Finance – (continued)
Sundaram Finance Ltd.		1,445	$	48,401
Transaction Capital Ltd.*		17,028		38,604
Woori Financial Capital Co. Ltd.		7,292		78,010
Yixin Group Ltd.* (a) (b)		47,000		16,157
Yulon Finance Corp.		1,210		5,913
				3,157,888
Containers & Packaging – 0.2%
Cheng Loong Corp.		14,000		22,354
Klabin SA*		15,900		81,650
Polyplex Thailand PCL, NVDR		233,200		211,575
SCG Packaging PCL, NVDR		42,400		75,915
Taiwan Hon Chuan Enterprise Co. Ltd.		134,000		377,059
Ton Yi Industrial Corp.		53,000		29,220
				797,773
Distributors – 0.1%
Inter Cars SA*		4,646		382,563
Wuchan Zhongda Group Co. Ltd., Class A		13,800		9,852
Xinhua Winshare Publishing and Media Co. Ltd., Class H(a)		50,000		35,471
Zhejiang Orient Financial Holdings Group Co. Ltd., Class A		14,100		12,158
				440,044
Diversified Consumer Services – 0.4%
Cairo Investment & Real Estate Development Co. SAE		14,617		11,416
China Education Group Holdings Ltd.(a) (b)		26,000		62,800
Cogna Educacao*		31,200		22,256
GSX Techedu, Inc., ADR* (a)		2,271		72,558
Hope Education Group Co. Ltd.(a) (b)		96,000		32,384
Lung Yen Life Service Corp.		108,000		201,439
New Oriental Education & Technology Group, Inc., ADR*		26,257		400,682
Offcn Education Technology Co. Ltd., Class A		4,700		18,520

Investments	Shares		Value
Diversified Consumer Services – (continued)
TAL Education Group, ADR*		6,678	$	380,312
YDUQS Participacoes SA		5,200		28,045
				1,230,412
Diversified Financial Services – 0.9%
Avic Capital Co. Ltd., Class A		23,500		14,089
Bajaj Holdings & Investment Ltd.*		750		34,640
Chailease Holding Co. Ltd.		21,460		155,190
Corp. Financiera Colombiana SA*		46,447		397,549
CSSC Hong Kong Shipping Co. Ltd.(b)		468,000		79,538
Far East Horizon Ltd.(a)		106,000		121,465
FirstRand Ltd.		189,157		665,488
Grupo de Inversiones Suramericana SA		11,024		56,461
Grupo de Inversiones Suramericana SA (Preference)		4,992		22,605
Haci Omer Sabanci Holding A/S		54,484		53,157
Haitong UniTrust International Leasing Co. Ltd., Class H(b)		530,000		86,663
L&T Finance Holdings Ltd.*		395,844		465,196
Meritz Financial Group, Inc.		947		15,239
Metro Pacific Investments Corp.		381,000		32,047
NICE Holdings Co. Ltd.		728		12,631
Piramal Enterprises Ltd.		2,238		50,765
Power Finance Corp. Ltd.		38,732		56,682
REC Ltd.		37,683		65,169
Remgro Ltd.		22,525		170,760
Turkiye Sinai Kalkinma Bankasi A/S		671,510		102,038
Yuanta Financial Holding Co. Ltd.		438,920		408,546
				3,065,918
Diversified Telecommunication Services – 1.0%
Asia Pacific Telecom Co. Ltd.*		68,164		24,525
China Tower Corp. Ltd., Class H(b)		848,000		122,284
Chunghwa Telecom Co. Ltd.		62,000		253,034
CITIC Telecom International Holdings Ltd.		774,000		280,028

See Accompanying Notes to the Financial Statements.

156 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Diversified Telecommunication Services – (continued)
Emirates Telecommunications Group Co. PJSC		34,768	$	200,478
Hellenic Telecommunications Organization SA(a)		8,003		135,936
Indus Towers Ltd.		18,232		62,150
Jasmine International PCL, NVDR		1,973,200		183,774
LG Uplus Corp.		8,073		95,800
Magyar Telekom Telecommunications plc(a)		215,903		299,487
O2 Czech Republic A/S*		2,797		34,426
Oi SA*		61,100		19,146
Ooredoo QPSC		36,676		71,619
Orange Polska SA*		14,014		25,206
Rostelecom PJSC*		51,492		71,186
Rostelecom PJSC (Preference)*		15,392		18,544
Sarana Menara Nusantara Tbk. PT		315,700		24,915
Saudi Telecom Co.		10,695		362,194
Tata Communications Ltd.		1,646		24,448
Telefonica Brasil SA		16,089		128,113
Telekom Malaysia Bhd.		46,400		64,677
Telesites SAB de CV* (a)		22,200		21,051
Telkom Indonesia Persero Tbk. PT		1,680,100		372,192
Telkom SA SOC Ltd.		154,878		418,595
TIME dotCom Bhd.		3,000		10,165
Tower Bersama Infrastructure Tbk. PT		121,300		23,429
True Corp. PCL, NVDR		542,100		56,756
Turk Telekomunikasyon A/S		19,746		15,169
				3,419,327
Electric Utilities – 1.9%
Adani Transmission Ltd.*		5,461		77,404
Alupar Investimento SA		3,500		17,335
Celsia SA ESP		256,997		296,085
Centrais Eletricas Brasileiras SA		12,500		84,766
Centrais Eletricas Brasileiras SA (Preference), Class B		10,600		72,252
CESC Ltd.		32,811		269,296
CEZ A/S		6,307		175,946

Investments	Shares		Value
Electric Utilities – (continued)
Cia de Transmissao de Energia Eletrica Paulista (Preference)		5,200	$	25,879
Cia Energetica de Minas Gerais		6,455		20,096
Cia Energetica de Minas Gerais (Preference)		34,794		88,761
Cia Paranaense de Energia (Preference)		53,000		61,155
CPFL Energia SA		4,700		25,426
EDP – Energias do Brasil SA		9,400		32,556
Enea SA*		114,480		254,548
Enel Americas SA		966,565		136,916
Enel Chile SA		730,608		49,613
Energisa SA		4,800		38,982
Enerjisa Enerji A/S(b)		7,676		9,535
Engie Energia Chile SA		266,311		279,654
Equatorial Energia SA		15,900		73,532
Federal Grid Co. Unified Energy System PJSC		12,705,298		36,029
Holding Co. ADMIE IPTO SA		57,409		185,558
Inter RAO UES PJSC		1,538,292		100,533
Interconexion Electrica SA ESP		13,992		79,965
Korea Electric Power Corp.		9,222		196,072
Light SA		153,700		496,350
Manila Electric Co.		11,910		67,478
Mosenergo PJSC		4,293,000		127,516
Neoenergia SA		4,700		13,861
PGE Polska Grupa Energetyczna SA*		24,534		65,397
Power Grid Corp. of India Ltd.		98,142		291,554
Public Power Corp. SA*		4,670		52,929
ROSSETI PJSC		1,466,436		27,846
RusHydro PJSC		5,066,324		55,349
Saudi Electricity Co.		16,801		116,484
SJVN Ltd.		245,443		83,501
Tata Power Co. Ltd. (The)		861,250		1,149,341
Tauron Polska Energia SA*		552,313		492,396
Tenaga Nasional Bhd.		97,300		236,575
Torrent Power Ltd.		86,019		460,216
Transmissora Alianca de Energia Eletrica SA		5,800		44,687
				6,469,374

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 157

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Electrical Equipment – 0.8%
ABB India Ltd.		427	$	7,962
AcBel Polytech, Inc.		202,000		212,970
Amara Raja Batteries Ltd.		1,222		13,375
Bharat Heavy Electricals Ltd.*		697,533		454,836
Chicony Power Technology Co. Ltd.		69,000		183,783
CS Wind Corp.		342		23,674
Dongfang Electric Corp. Ltd., Class A		9,400		16,544
Doosan Fuel Cell Co. Ltd.*		690		27,976
Doosan Heavy Industries & Construction Co. Ltd.*		8,114		101,758
Ecopro BM Co. Ltd.		198		32,218
ElSewedy Electric Co.*		255,397		130,960
Fangda Carbon New Material Co. Ltd., Class A*		14,100		19,370
Gotion High-tech Co. Ltd., Class A*		4,800		25,767
Havells India Ltd.		4,452		59,517
Hyosung Heavy Industries Corp.*		2,597		163,662
Hyundai Electric & Energy System Co. Ltd.*		11,819		234,287
Kung Long Batteries Industrial Co. Ltd.		1,000		5,388
LS Corp.		1,272		83,821
LS Electric Co. Ltd.		456		23,326
Ming Yang Smart Energy Group Ltd., Class A		10,000		27,413
NARI Technology Co. Ltd., Class A		10,000		49,417
Shanghai Electric Group Co. Ltd., Class A		24,000		18,951
Shanghai Electric Group Co. Ltd., Class H		94,000		32,677
Shanghai Liangxin Electrical Co. Ltd., Class A		6,500		25,572
Ta Ya Electric Wire & Cable		50,000		61,755
Taihan Electric Wire Co. Ltd.*		7,800		8,029
TBEA Co. Ltd., Class A		14,400		27,436
Teco Electric and Machinery Co. Ltd.		22,000		27,487

Investments	Shares		Value
Electrical Equipment – (continued)
V-Guard Industries Ltd.*		1,032	$	3,108
Voltronic Power Technology Corp.*		1,458		66,550
Walsin Lihwa Corp.		106,000		115,741
WEG SA		21,200		136,807
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		14,100		26,559
Xinjiang Goldwind Science & Technology Co. Ltd., Class H(a)		28,200		46,475
Zhejiang Chint Electrics Co. Ltd., Class A		4,700		24,177
Zhuzhou CRRC Times Electric Co. Ltd., Class H		6,700		26,742
				2,546,090
Electronic Equipment, Instruments & Components – 3.3%
AAC Technologies Holdings, Inc.(a)		14,000		77,960
AU Optronics Corp.		318,000		377,392
Aurora Corp.*		8,900		29,377
Avary Holding Shenzhen Co. Ltd., Class A		4,700		22,638
BH Co. Ltd.		11,448		185,251
BOE Technology Group Co. Ltd., Class A		64,100		72,603
Career Technology MFG. Co. Ltd.*		22,556		28,182
Chang Wah Electromaterials, Inc.		138,000		196,628
Cheng Uei Precision Industry Co. Ltd.		174,000		288,723
Chilisin Electronics Corp.		109,490		435,091
Chroma ATE, Inc.		8,000		55,562
Compeq Manufacturing Co. Ltd.		40,000		62,077
Concraft Holding Co. Ltd.		8,038		18,992
Coretronic Corp.*		212,000		465,242
Daeduck Electronics Co. Ltd.		17,702		243,485
Delta Electronics Thailand PCL, NVDR		7,600		86,404
Delta Electronics, Inc.		31,000		335,714
Dynapack International Technology Corp.		64,000		270,361
E Ink Holdings, Inc.		11,000		26,148

See Accompanying Notes to the Financial Statements.

158 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Electronic Equipment, Instruments & Components – (continued)
Elite Material Co. Ltd.		5,000	$	31,862
FLEXium Interconnect, Inc.*		10,000		42,602
Foxconn Technology Co. Ltd.		32,000		79,046
General Interface Solution Holding Ltd.		5,000		22,106
Genius Electronic Optical Co. Ltd.		2,237		44,046
GoerTek, Inc., Class A		4,700		27,380
Hana Microelectronics PCL, NVDR		17,100		30,479
Hannstar Board Corp.		159,000		282,902
HannStar Display Corp.		39,000		40,699
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		15,900		33,267
Holy Stone Enterprise Co. Ltd.		67,000		322,611
Hon Hai Precision Industry Co. Ltd.		448,000		1,860,452
Honeywell Automation India Ltd.		32		18,626
Huagong Tech Co. Ltd., Class A		4,700		14,656
Iljin Materials Co. Ltd.		477		29,632
Inari Amertron Bhd.		69,000		58,112
Innolux Corp.*		371,000		399,782
JNTC Co. Ltd.*		8,904		80,447
KCE Electronics PCL, NVDR		18,900		35,357
Kingboard Holdings Ltd.		27,000		159,910
Kingboard Laminates Holdings Ltd.		10,000		25,004
L&F Co. Ltd.		288		23,509
Largan Precision Co. Ltd.		2,000		222,676
LG Display Co. Ltd.		2,954		64,532
LG Innotek Co. Ltd.		542		97,939
Lingyi iTech Guangdong Co., Class A		9,400		11,969
Lotes Co. Ltd.		2,256		43,855
Luxshare Precision Industry Co. Ltd., Class A		10,600		60,539
Mcnex Co. Ltd.		6,761		291,142
Merry Electronics Co. Ltd.		4,161		18,844
MH Development Ltd.* ‡ (c)		22,000		1,643
Nan Ya Printed Circuit Board Corp.		2,000		22,805

Investments	Shares		Value
Electronic Equipment, Instruments & Components – (continued)
OFILM Group Co. Ltd., Class A		4,700	$	6,159
Partron Co. Ltd.		22,439		214,838
Samsung Electro-Mechanics Co. Ltd.		1,007		162,047
Samsung SDI Co. Ltd.		954		560,899
Shengyi Technology Co. Ltd., Class A		4,700		16,944
Shenzhen Fastprint Circuit Tech Co. Ltd., Class A		9,400		13,276
Shenzhen Kinwong Electronic Co. Ltd., Class A		5,000		21,656
Simplo Technology Co. Ltd.		5,200		69,810
Sinbon Electronics Co. Ltd.		3,000		27,924
Solus Advanced Materials Co. Ltd.		329		14,907
Sunny Optical Technology Group Co. Ltd.		11,800		287,751
Supreme Electronics Co. Ltd.		226,000		339,813
Synnex Technology International Corp.		59,000		117,649
Telcon RF Pharmaceutical, Inc.*		2,328		10,349
Tianma Microelectronics Co. Ltd., Class A		9,400		20,190
Tong Hsing Electronic Industries Ltd.		3,022		20,880
Tripod Technology Corp.		14,000		69,667
Unimicron Technology Corp.		24,000		98,808
Unisplendour Corp. Ltd., Class A		6,580		18,576
Unitech Printed Circuit Board Corp.		318,000		245,903
Universal Scientific Industrial Shanghai Co. Ltd., Class A		4,700		11,765
VS Industry Bhd.		22,800		15,473
Wah Lee Industrial Corp.		82,000		241,893
Walsin Technology Corp.		9,378		81,415
Wintek Corp.* ‡ (c)		64,000		—
WPG Holdings Ltd.		53,440		98,527
WT Microelectronics Co. Ltd.		212,000		416,668
Wuhan Guide Infrared Co. Ltd., Class A		4,700		25,325
WUS Printed Circuit Kunshan Co. Ltd., Class A		4,700		10,516

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 159

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Electronic Equipment, Instruments & Components – (continued)
Yageo Corp.		6,575	$	127,814
Zhejiang Crystal-Optech Co. Ltd., Class A		4,700		8,650
Zhejiang Dahua Technology Co. Ltd., Class A		2,900		10,513
Zhen Ding Technology Holding Ltd.		23,150		87,849
				11,250,715
Energy Equipment & Services – 0.0%(d)
China Oilfield Services Ltd., Class A		9,400		19,260
China Oilfield Services Ltd., Class H		18,000		16,594
Dialog Group Bhd.		51,700		38,367
Serba Dinamik Holdings Bhd.		54,180		21,956
				96,177
Entertainment – 0.8%
Alibaba Pictures Group Ltd.* (a)		160,000		23,278
Bilibili, Inc., ADR* (a)		3,763		417,166
CD Projekt SA*		1,356		62,313
CJ CGV Co. Ltd.*		10,212		239,613
CMGE Technology Group Ltd.*		424,000		195,982
Com2uSCorp		133		17,636
DouYu International Holdings Ltd., ADR*		1,081		9,848
HUYA, Inc., ADR* (a)		611		10,766
HYBE Co. Ltd.*		235		51,337
International Games System Co. Ltd.		1,000		27,673
iQIYI, Inc., ADR* (a)		4,876		71,726
JYP Entertainment Corp.		423		12,511
Kakao Games Corp.*		611		29,771
NCSoft Corp.		301		224,597
NetDragon Websoft Holdings Ltd.		116,500		326,992
NetEase, Inc.		32,800		739,883
Netmarble Corp.(b)		410		47,732
NHN Corp.*		315		20,672
Pearl Abyss Corp.*		540		27,380

Investments	Shares		Value
Entertainment – (continued)
Perfect World Co. Ltd., Class A		4,100	$	13,501
PlayWay SA		96		11,959
SM Entertainment Co. Ltd.*		198		5,376
SMI Holdings Group Ltd.* ‡ (c)		72,000		—
Tencent Music Entertainment Group, ADR*		7,452		129,814
Webzen, Inc.*		474		14,787
Wemade Co. Ltd.		299		14,005
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		4,700		16,021
XPEC Entertainment, Inc.* ‡ ( c)		14,800		—
Zhejiang Century Huatong Group Co. Ltd., Class A*		11,280		11,556
				2,773,895
Equity Real Estate Investment Trusts (REITs) – 1.1%
Concentradora Fibra Danhos SA de CV(a)		428,600		508,172
CPN Retail Growth Leasehold REIT		44,100		27,759
Embassy Office Parks REIT		9,600		40,515
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S		1,014,420		222,654
Equites Property Fund Ltd.		11,527		16,090
Fibra Uno Administracion SA de CV(a)		127,200		157,688
Fortress REIT Ltd., Class A		599,367		611,451
Growthpoint Properties Ltd.(a)		110,175		110,270
IGB REIT		6,200		2,649
KLCCP Stapled Group		6,900		11,690
Pavilion REIT		15,000		5,090
PLA Administradora Industrial S de RL de CV		399,100		609,891
Prologis Property Mexico SA de CV		10,400		22,388
Redefine Properties Ltd.*		2,827,683		842,019
Resilient REIT Ltd.		146,928		506,184
Sunway REIT		39,400		14,427
				3,708,937

See Accompanying Notes to the Financial Statements.

160 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Food & Staples Retailing – 0.7%
Abdullah Al Othaim Markets Co.		944	$	33,832
Al Meera Consumer Goods Co. QSC		1,990		10,521
Atacadao SA		7,700		30,827
Avenue Supermarts Ltd.* (b)		2,279		87,776
Berli Jucker PCL		500		570
Berli Jucker PCL, NVDR		27,700		31,581
BGF retail Co. Ltd.		239		32,874
Bid Corp. Ltd.*		5,936		116,989
BIM Birlesik Magazalar A/S		7,345		57,577
Cencosud SA		47,859		98,872
Cia Brasileira de Distribuicao		1,130		8,483
Clicks Group Ltd.		4,505		75,210
Cosco Capital, Inc.		1,614,400		168,313
CP ALL PCL, NVDR*		84,800		170,213
Dino Polska SA* (b)		903		58,674
Dis-Chem Pharmacies Ltd.* (b)		17,784		28,795
Dongsuh Cos., Inc.		859		24,287
E-MART, Inc.		848		128,075
Eurocash SA*		592		2,289
Focus Dynamics Group Bhd.*		94,000		2,639
Grupo Comercial Chedraui SA de CV		112,300		175,009
GS Retail Co. Ltd.		575		18,506
Hyundai Greenfood Co. Ltd.		26,217		229,327
InRetail Peru Corp.(b)		848		30,019
Magnit PJSC		1,366		93,048
Migros Ticaret A/S*		152		665
Organizacion Soriana SAB de CV, Class B*		130,700		115,770
Philippine Seven Corp.		5,321		11,824
President Chain Store Corp.		8,000		77,614
Puregold Price Club, Inc.		26,060		20,188
Raia Drogasil SA*		20,300		98,408
Shoprite Holdings Ltd.		9,646		96,138
Sok Marketler Ticaret A/S*		7,298		10,650
SPAR Group Ltd. (The)		3,102		39,227
Sun Art Retail Group Ltd.(a)		24,000		22,125
Wal-Mart de Mexico SAB de CV		84,800		278,723

Investments	Shares		Value
Food & Staples Retailing – (continued)
Yonghui Superstores Co. Ltd., Class A		26,500	$	22,808
				2,508,446
Food Products – 2.5%
Alicorp SAA		237,387		432,159
Almarai Co. JSC		5,777		82,879
Astra Agro Lestari Tbk. PT		20,800		13,428
Avanti Feeds Ltd.		507		3,332
AVI Ltd.		6,909		33,780
Beijing Dabeinong Technology Group Co. Ltd., Class A		19,200		24,180
Binggrae Co. Ltd.		321		17,892
Bombay Burmah Trading Co.		8,986		140,845
BRF SA*		16,500		63,229
Britannia Industries Ltd.		2,105		98,014
Century Pacific Food, Inc.		17,700		7,352
Charoen Pokphand Foods PCL, NVDR		116,600		108,596
Charoen Pokphand Indonesia Tbk. PT		129,500		63,204
Cherkizovo Group PJSC		2,500		74,674
China Feihe Ltd.(b)		53,000		151,149
China Huiyuan Juice Group Ltd.* ‡ (c)		24,000		—
China Mengniu Dairy Co. Ltd.*		42,000		224,956
Chongqing Fuling Zhacai Group Co. Ltd., Class A		5,000		30,866
CJ CheilJedang Corp.		337		119,822
CJ CheilJedang Corp. (Preference)		104		17,344
COFCO Joycome Foods Ltd.(a) (b)		954,000		485,177
CP Pokphand Co. Ltd.		2,772,000		349,763
Daesang Corp.		10,918		253,724
Dali Foods Group Co. Ltd.(b)		45,500		27,065
Dongwon F&B Co. Ltd.		562		102,816
Dongwon Industries Co. Ltd.		682		165,541
Edita Food Industries SAE		17,343		8,162
Foshan Haitian Flavouring & Food Co. Ltd., Class A		3,500		91,671
Fujian Sunner Development Co. Ltd., Class A		10,600		43,307
Genting Plantations Bhd.		10,400		22,164

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 161

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Food Products – (continued)
Gruma SAB de CV, Class B		5,035	$	54,978
Grupo Bimbo SAB de CV, Series A		31,800		63,901
Grupo Lala SAB de CV		16,800		12,433
Grupo Nutresa SA		3,592		20,644
Harim Holdings Co. Ltd.		17,469		148,094
Heilongjiang Agriculture Co. Ltd., Class A		10,600		24,815
Henan Shuanghui Investment & Development Co. Ltd., Class A		4,700		26,610
HUISHAN DAIRY* ‡ (c)		158,000		—
Indofood CBP Sukses Makmur Tbk. PT		51,800		31,198
Indofood Sukses Makmur Tbk. PT		100,800		45,533
Industrias Bachoco SAB de CV, Series B		3,000		11,113
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		8,200		51,888
International Holdings Co. PJSC*		5,636		139,168
IOI Corp. Bhd.		63,600		63,501
Japfa Comfeed Indonesia Tbk. PT		2,766,600		404,121
JBS SA		31,900		177,103
Jiangxi Zhengbang Technology Co. Ltd., Class A		4,700		10,698
Kernel Holding SA		25,884		348,394
Kuala Lumpur Kepong Bhd.		10,831		58,169
Lien Hwa Industrial Holdings Corp.		14,000		24,684
Lotte Confectionery Co. Ltd.		954		116,640
M Dias Branco SA*		5,300		26,005
Maeil Dairies Co. Ltd.		2,173		146,123
Marfrig Global Foods SA		185,500		662,982
Mayora Indah Tbk. PT		83,900		14,288
Muyuan Foods Co. Ltd., Class A		5,300		92,634
Namchow Holdings Co. Ltd.		72,000		149,501
Naturecell Co. Ltd.*		782		6,854
Nestle India Ltd.		583		128,365
Nestle Malaysia Bhd.		900		29,814

Investments	Shares		Value
Food Products – (continued)
New Hope Liuhe Co. Ltd., Class A		20,000	$	51,364
NongShim Co. Ltd.		56		14,348
Orion Corp.		530		55,747
Orion Holdings Corp.		12,362		195,596
Ottogi Corp.		15		7,484
PPB Group Bhd.		14,080		63,588
QL Resources Bhd.		25,395		37,506
Samyang Corp.		1,908		100,687
Samyang Foods Co. Ltd.		86		7,159
Samyang Holdings Corp.		3,392		426,916
San Miguel Food and Beverage, Inc.		15,960		22,092
Sanquan Food Co. Ltd., Class A		5,000		15,375
Sao Martinho SA*		5,300		30,450
Sarawak Oil Palms Bhd.		79,500		72,971
Savola Group (The)		5,989		63,801
Sime Darby Plantation Bhd.		58,500		64,835
Standard Foods Corp.		14,652		29,846
Taiwan TEA Corp.*		8,000		6,788
Tata Consumer Products Ltd.		11,255		101,728
Tech-Bank Food Co. Ltd., Class A		5,000		10,948
Thai Union Group PCL, NVDR		98,100		47,573
Thai Vegetable Oil PCL, NVDR		15,570		17,751
Tiger Brands Ltd.		1,924		25,861
Tingyi Cayman Islands Holding Corp.(a)		28,000		50,399
Tongwei Co. Ltd., Class A		5,500		29,941
Ulker Biskuvi Sanayi A/S*		84,005		222,879
Uni-President China Holdings Ltd.		3,000		3,654
Uni-President Enterprises Corp.		80,000		215,086
Universal Robina Corp.		16,800		47,766
Want Want China Holdings Ltd.		106,000		76,837
Yihai International Holding Ltd.* (a)		7,000		68,226
Zhou Hei Ya International Holdings Co. Ltd.* (a) (b)		14,000		17,160
				8,549,704
Gas Utilities – 0.5%
Adani Total Gas Ltd.*		5,195		80,707
Beijing Enterprises Holdings Ltd.		16,000		52,325

See Accompanying Notes to the Financial Statements.

162 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Gas Utilities – (continued)
China Gas Holdings Ltd.		31,800	$	114,846
China Resources Gas Group Ltd.		12,000		65,123
ENN Energy Holdings Ltd.		12,600		214,790
GAIL India Ltd.		64,872		120,158
Grupo Energia Bogota SA ESP		54,757		38,202
Gujarat Gas Ltd.		2,679		19,203
Gujarat State Petronet Ltd.		2,352		8,562
Indraprastha Gas Ltd.		4,564		31,359
Infraestructura Energetica Nova SAB de CV*		9,400		40,429
Korea Gas Corp.*		999		31,344
Kunlun Energy Co. Ltd.		126,000		135,298
Mahanagar Gas Ltd.(b)		1,456		22,120
Perusahaan Gas Negara Tbk. PT		435,600		36,941
Petronas Gas Bhd.		15,900		61,094
Promigas SA ESP		139,208		276,109
Towngas China Co. Ltd.*		477,000		235,219
				1,583,829
Health Care Equipment & Supplies – 0.2%
Blue Sail Medical Co. Ltd., Class A		4,700		17,140
DIO Corp.*		520		19,096
Hartalega Holdings Bhd.		31,800		79,803
Kangji Medical Holdings Ltd.* (a)		25,000		41,716
Kossan Rubber Industries		22,800		24,712
Lifetech Scientific Corp.* (a)		82,000		44,237
Microport Scientific Corp.(a)		11,098		80,161
Osstem Implant Co. Ltd.		318		25,386
Shandong Weigao Group Medical Polymer Co. Ltd., Class H(a)		36,000		80,743
Sri Trang Gloves Thailand PCL, NVDR		18,800		26,717
St Shine Optical Co. Ltd.		2,000		23,019
Supermax Corp. Bhd.		64,124		94,392
Top Glove Corp. Bhd.		78,800		108,686
Venus MedTech Hangzhou, Inc., Class H* (b)		4,000		35,510
				701,318

Investments	Shares		Value
Health Care Providers & Services – 0.5%
Apollo Hospitals Enterprise Ltd.		1,736	$	74,938
Bangkok Chain Hospital PCL, NVDR		4,800		2,790
Bangkok Dusit Medical Services PCL, NVDR		84,800		59,098
Bumrungrad Hospital PCL, NVDR		6,600		28,403
Celltrion Healthcare Co. Ltd.*		1,446		145,854
Chabiotech Co. Ltd.*		427		7,255
China National Accord Medicines Corp. Ltd., Class B		9,964		29,019
Chularat Hospital PCL, NVDR		183,100		18,347
Cleopatra Hospital*		33,041		9,663
Dr Lal PathLabs Ltd.(b)		430		17,025
Dr Sulaiman Al Habib Medical Services Group Co.		1,128		45,480
Fleury SA		3,600		16,954
Fortis Healthcare Ltd.*		9,651		27,452
Genertec Universal Medical Group Co. Ltd.(b)		518,500		431,925
Hapvida Participacoes e Investimentos SA* (b)		26,100		69,469
Huadong Medicine Co. Ltd., Class A		5,300		43,111
IHH Healthcare Bhd.		63,600		83,529
Jinxin Fertility Group Ltd.(b)		12,000		30,901
KPJ Healthcare Bhd.		14,124		3,517
Life Healthcare Group Holdings Ltd.*		30,687		40,274
Medipost Co. Ltd.*		446		13,632
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*		9,400		17,866
Metro Healthcare Indonesia TBK PT*		1,107,700		24,079
Mitra Keluarga Karyasehat Tbk. PT(b)		100,200		18,174
Mouwasat Medical Services Co.*		688		32,546
Netcare Ltd.*		31,067		32,250
Notre Dame Intermedica Participacoes SA		7,200		107,856
Odontoprev SA		4,900		11,534
Qualicorp Consultoria e Corretora de Seguros SA		4,100		20,442

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 163

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Health Care Providers & Services – (continued)
Selcuk Ecza Deposu Ticaret ve Sanayi A/S		58,470	$	70,866
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		4,700		16,254
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		23,500		53,494
Sinopharm Group Co. Ltd., Class H		42,400		131,564
				1,735,561
Health Care Technology – 0.1%
Alibaba Health Information Technology Ltd.* (a)		68,000		207,497
Ping An Healthcare and Technology Co. Ltd.* (a) (b)		10,600		124,195
				331,692
Hotels, Restaurants & Leisure – 0.6%
AmRest Holdings SE*		36,206		301,952
Ananti, Inc.*		1,058		7,581
Berjaya Sports Toto Bhd.		394,213		196,317
Bloomberry Resorts Corp.*		22,900		3,091
Central Plaza Hotel PCL*		1,600		1,631
Central Plaza Hotel PCL, NVDR*		8,600		8,769
DoubleUGames Co. Ltd.		312		17,867
Genting Bhd.		95,400		115,978
Genting Malaysia Bhd.		61,100		42,957
Grand Korea Leisure Co. Ltd.*		1,040		15,333
Haidilao International Holding Ltd.(a) (b)		13,164		85,338
Hana Tour Service, Inc.*		403		23,875
Huazhu Group Ltd., ADR* (a)		2,871		169,274
Indian Hotels Co. Ltd. (The)		9,131		13,745
Jiumaojiu International Holdings Ltd.* (b)		6,000		25,107
Jollibee Foods Corp.		10,380		37,941
Jubilant Foodworks Ltd.*		987		38,531
Kangwon Land, Inc.*		1,536		34,936
Magnum Bhd.		19,594		10,093
Minor International PCL, NVDR*		90,100		86,809

Investments	Shares		Value
Hotels, Restaurants & Leisure – (continued)
MK Restaurants Group PCL, NVDR		10,400	$	17,034
OPAP SA		4,228		64,893
Paradise Co. Ltd.*		421		6,813
Shanghai Jinjiang International Hotels Co. Ltd., Class B		15,900		33,915
Shenzhen Overseas Chinese Town Co. Ltd., Class A		22,200		31,937
Travellers International Hotel Group, Inc.* ‡ (c)		209,900		11,814
Yum China Holdings, Inc.(a)		7,632		480,205
				1,883,736
Household Durables – 0.8%
Arcelik A/S		12,380		51,330
Coway Co. Ltd.		1,962		118,000
Crompton Greaves Consumer Electricals Ltd.		8,173		42,469
Cyrela Brazil Realty SA Empreendimentos e Participacoes		4,900		21,252
Dixon Technologies India Ltd.* (b)		705		39,992
Dom Development SA		3,992		158,877
Haier Smart Home Co. Ltd., Class A		21,200		108,531
Haier Smart Home Co. Ltd., Class H*		31,800		137,569
Hang Zhou Great Star Industrial Co. Ltd., Class A*		5,000		29,669
Hanssem Co. Ltd.		303		30,508
Hisense Home Appliances Group Co. Ltd., Class A		10,000		26,254
Kinpo Electronics		50,000		32,130
LG Electronics, Inc.		4,136		585,625
LG Electronics, Inc. (Preference)		584		38,904
Lock&Lock Co. Ltd.*		728		10,046
MRV Engenharia e Participacoes SA		133,500		426,934
NavInfo Co. Ltd., Class A		4,700		10,335
Nien Made Enterprise Co. Ltd.		2,000		32,363
PIK Group PJSC		6,174		75,139
Tatung Co. Ltd.*		46,000		44,464
TCL Electronics Holdings Ltd.		424,000		313,352

See Accompanying Notes to the Financial Statements.

164 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Household Durables – (continued)
TCL Technology Group Corp., Class A		28,200	$	39,218
Vestel Elektronik Sanayi ve Ticaret A/S*		37,269		129,444
Whirlpool of India Ltd.		674		20,213
				2,522,618
Household Products – 0.2%
C&S Paper Co. Ltd., Class A		5,000		23,828
Hindustan Unilever Ltd.		15,534		493,613
Kimberly-Clark de Mexico SAB de CV, Class A(a)		27,000		46,841
Unilever Indonesia Tbk. PT		75,200		31,236
Vinda International Holdings Ltd.		3,000		10,680
				606,198
Independent Power and Renewable Electricity Producers – 2.0%
Aboitiz Power Corp.		34,200		16,336
Adani Green Energy Ltd.*		6,243		85,879
Adani Power Ltd.*		382,728		489,567
AES Brasil Energia SA		76,400		193,350
AES Gener SA		88,486		14,469
B Grimm Power PCL, NVDR		15,300		21,006
Banpu Power PCL, NVDR		11,700		6,801
Canvest Environmental Protection Group Co. Ltd.(b)		318,000		164,592
CGN Power Co. Ltd., Class H(b)		465,000		107,167
China Longyuan Power Group Corp. Ltd., Class H		1,618,000		2,383,195
China National Nuclear Power Co. Ltd., Class A		42,300		34,120
China Power International Development Ltd.		2,226,000		510,153
China Resources Power Holdings Co. Ltd.		54,000		70,917
China Yangtze Power Co. Ltd., Class A		31,800		98,130
Cia Energetica de Sao Paulo (Preference), Class B		90,100		420,170
Colbun SA		238,159		40,682

Investments	Shares		Value
Independent Power and Renewable Electricity Producers – (continued)
Datang International Power Generation Co. Ltd., Class H		212,000	$	31,390
Electricity Generating PCL, NVDR		4,700		26,642
Energy Absolute PCL, NVDR		37,100		72,681
Eneva SA*		21,200		57,325
Engie Brasil Energia SA		4,700		35,233
First Gen Corp.		29,500		19,054
Global Power Synergy PCL, NVDR		9,968		23,289
Guangxi Guiguan Electric Power Co. Ltd., Class A		15,000		12,006
Gulf Energy Development PCL, NVDR		82,180		91,055
Huadian Power International Corp. Ltd., Class A		51,700		27,162
Huaneng Lancang River Hydropower, Inc., Class A		23,500		21,279
Huaneng Power International, Inc., Class A		18,800		12,259
Huaneng Power International, Inc., Class H		112,000		40,377
Hub Power Co. Ltd. (The)		371,000		181,233
Hubei Energy Group Co. Ltd., Class A		23,500		16,849
JSW Energy Ltd.		207,058		306,370
NHPC Ltd.		79,420		26,001
NTPC Ltd.		185,625		256,739
OGK-2 PJSC		15,681,280		165,008
Ratch Group PCL, NVDR		9,300		15,083
SDIC Power Holdings Co. Ltd., Class A		23,500		35,950
Shanghai Electric Power Co. Ltd., Class A		14,100		15,339
Shenergy Co. Ltd., Class A		14,100		12,354
Shenzhen Energy Group Co. Ltd., Class A		23,500		30,757
Sichuan Chuantou Energy Co. Ltd., Class A		9,400		16,355
SPCG PCL, NVDR		245,500		150,592
Super Energy Corp. PCL, NVDR*		7,128,500		217,489
Taiwan Cogeneration Corp.		3,000		4,291

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 165

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Independent Power and Renewable Electricity Producers – (continued)
Terna Energy SA		933	$	14,039
TPI Polene Power PCL, NVDR		156,000		21,844
Unipro PJSC		5,143,000		196,743
				6,809,322
Industrial Conglomerates – 1.6%
3M India Ltd.*		69		23,789
Aamal Co.		21,949		5,697
Aboitiz Equity Ventures, Inc.		81,230		59,889
AG Anadolu Grubu Holding A/S		66,780		173,151
Alfa SAB de CV, Class A		111,300		78,174
Alliance Global Group, Inc.		1,832,500		398,849
AntarChile SA		6,235		68,965
Ayala Corp.		5,300		81,564
Bidvest Group Ltd. (The)		11,713		135,227
CJ Corp.		564		48,422
DMCI Holdings, Inc.		1,913,300		211,000
Doosan Co. Ltd.		6,172		350,672
Dubai Investments PJSC		1,052,192		441,141
Enka Insaat ve Sanayi A/S		48,962		46,352
Far Eastern New Century Corp.		129,000		153,555
Fosun International Ltd.		106,000		152,582
Godrej Industries Ltd.*		3,377		23,249
Grupo Carso SAB de CV, Series A1*		11,100		31,774
GT Capital Holdings, Inc.		2,280		24,860
Hanwha Corp.		1,692		46,850
Hanwha Corp. (3rd Preference)		1,425		19,152
HAP Seng Consolidated Bhd.		11,900		23,327
Hong Leong Industries Bhd.		33,000		76,128
Hyosung Corp.		201		17,961
Industries Qatar QSC		36,093		133,626
JG Summit Holdings, Inc.		63,711		69,798
KOC Holding A/S		48,442		106,967
LG Corp.(c)		4,505		512,323
Lotte Corp.		1,392		45,801
LT Group, Inc.		131,600		36,679
Mytilineos SA		4,802		89,542
National Industries Group Holding SAK		637,113		458,857

Investments	Shares		Value
Industrial Conglomerates – (continued)
PSG Group Ltd.		3,290	$	16,979
Quinenco SA		12,939		26,631
Samsung C&T Corp.		1,564		191,220
San Miguel Corp.		13,510		32,267
Shanghai Industrial Holdings Ltd.		201,000		311,068
Siemens Ltd.		1,416		35,967
Sigdo Koppers SA		141,150		171,479
Sime Darby Bhd.		54,600		30,123
SK Holdings Co. Ltd.		1,315		326,282
SM Investments Corp.		8,190		163,460
Turkiye Sise ve Cam Fabrikalari A/S		49,404		44,745
				5,496,144
Insurance – 3.2%
Allianz Malaysia Bhd.		26,500		85,392
Bajaj Finserv Ltd.*		680		101,364
Bangkok Insurance PCL, NVDR		10,600		91,915
Bangkok Life Assurance PCL, NVDR*		215,200		172,782
BB Seguridade Participacoes SA		15,900		65,443
Bupa Arabia for Cooperative Insurance Co.*		262		8,076
Cathay Financial Holding Co. Ltd.		318,000		595,403
China Development Financial Holding Corp.		530,000		247,610
China Life Insurance Co. Ltd.		79,440		75,365
China Life Insurance Co. Ltd., Class H		131,000		266,829
China Pacific Insurance Group Co. Ltd., Class A		20,400		103,679
China Pacific Insurance Group Co. Ltd., Class H		106,000		383,502
China Taiping Insurance Holdings Co. Ltd.		53,000		98,537
Co. for Cooperative Insurance (The)*		974		20,155
DB Insurance Co. Ltd.		1,942		85,459
Discovery Ltd.*		6,980		63,509
Fubon Financial Holding Co. Ltd.		265,000		609,065

See Accompanying Notes to the Financial Statements.

166 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Insurance – (continued)
General Insurance Corp. of India* (b)		8,949	$	24,737
Hanwha Life Insurance Co. Ltd.		12,318		38,703
HDFC Life Insurance Co. Ltd.* (b)		14,049		126,147
Hyundai Marine & Fire Insurance Co. Ltd.		2,862		62,651
ICICI Lombard General Insurance Co. Ltd.(b)		3,903		74,506
ICICI Prudential Life Insurance Co. Ltd.(b)		5,812		40,954
IRB Brasil Resseguros S/A		31,951		35,866
Korean Reinsurance Co.		38,294		315,688
Liberty Holdings Ltd.*		66,484		264,195
Max Financial Services Ltd.*		2,721		32,910
Mercuries & Associates Holding Ltd.		252,500		212,428
Mercuries Life Insurance Co. Ltd.*		583,000		214,975
Meritz Fire & Marine Insurance Co. Ltd.		2,444		43,833
Mirae Asset Life Insurance Co. Ltd.		29,498		106,737
Momentum Metropolitan Holdings		471,329		628,330
New China Life Insurance Co. Ltd., Class A		4,700		35,304
New China Life Insurance Co. Ltd., Class H		30,100		116,070
Old Mutual Ltd.		165,852		144,617
People’s Insurance Co. Group of China Ltd. (The), Class H		241,000		82,538
PICC Property & Casualty Co. Ltd., Class H		264,000		259,348
Ping An Insurance Group Co. of China Ltd., Class A		31,900		357,375
Ping An Insurance Group Co. of China Ltd., Class H		198,500		2,171,096
Porto Seguro SA		4,800		43,680
Powszechny Zaklad Ubezpieczen SA*		23,479		202,441
Qatar Insurance Co. SAQ*		8,178		5,656

Investments	Shares		Value
Insurance – (continued)
Qualitas Controladora SAB de CV(a)		87,400	$	476,802
Rand Merchant Investment Holdings Ltd.		31,940		64,904
Samsung Fire & Marine Insurance Co. Ltd.		1,234		219,654
Samsung Life Insurance Co. Ltd.		3,249		238,633
Sanlam Ltd.(a)		69,814		269,583
Santam Ltd.*		723		12,781
SBI Life Insurance Co. Ltd.(b)		5,434		68,130
Shin Kong Financial Holding Co. Ltd.		490,007		177,176
Shinkong Insurance Co. Ltd.		124,000		184,670
Sul America SA*		5,077		30,610
Syarikat Takaful Malaysia Keluarga BHD		169,600		184,654
Turkiye Sigorta A/S		113,738		77,362
ZhongAn Online P&C Insurance Co. Ltd., Class H* (a) (b)		8,100		47,973
				10,767,802
Interactive Media & Services – 3.3%
Autohome, Inc., ADR		954		88,464
Baidu, Inc., ADR*		4,529		952,585
Info Edge India Ltd.*		1,422		94,350
JOYY, Inc., ADR		1,166		110,840
Kakao Corp.		5,358		546,710
Momo, Inc., ADR(a)		6,478		94,967
NAVER Corp.		2,438		787,936
Sogou, Inc., ADR*		2,750		23,238
Tencent Holdings Ltd.		101,600		8,149,610
Tongdao Liepin Group* (b)		10,000		33,540
Weibo Corp., ADR* (a)		752		37,901
				10,920,141
Internet & Direct Marketing Retail – 4.4%
Alibaba Group Holding Ltd.*		248,000		7,184,380
Allegro.eu SA* (b)		3,339		51,234
B2W Cia Digital*		5,300		65,766
Baozun, Inc., Class A* (a)		2,500		29,259
CJ ENM Co. Ltd.		140		18,124
GS Home Shopping, Inc.		1,626		217,365
HengTen Networks Group Ltd.* (a)		30,799		36,482

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 167

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Internet & Direct Marketing Retail – (continued)
Hyundai Home Shopping Network Corp.		2,969	$	210,327
JD.com, Inc., Class A*		29,750		1,144,518
Maoyan Entertainment* (a) (b)		11,400		22,721
Meituan, Class B* (b)		70,100		2,689,610
Naspers Ltd., Class N		7,314		1,668,953
PChome Online, Inc.		2,763		8,339
Pinduoduo, Inc., ADR*		5,936		795,009
Tongcheng-Elong Holdings Ltd.* (a) (b)		18,800		47,152
Trip.com Group Ltd., ADR*		8,239		321,980
Vipshop Holdings Ltd., ADR*		6,254		192,436
				14,703,655
IT Services – 1.2%
21Vianet Group, Inc., ADR*		1,563		43,623
China TransInfo Technology Co. Ltd., Class A		4,700		10,872
Chinasoft International Ltd.*		22,000		24,757
Chindata Group Holdings Ltd., ADR*		1,855		24,467
Cielo SA		617,600		392,741
Coforge Ltd.		245		9,490
DHC Software Co. Ltd., Class A		9,400		9,921
Fawry for Banking & Payment Technology Services SAE*		18,921		24,261
GDS Holdings Ltd., ADR*		2,279		189,089
HCL Technologies Ltd.		18,338		222,552
Infosys Ltd.		61,692		1,127,984
Kginicis Co. Ltd.		8,298		149,198
Kingsoft Cloud Holdings Ltd., ADR* (a)		564		24,771
Larsen & Toubro Infotech Ltd.(b)		721		37,867
Locaweb Servicos de Internet SA* (b)		4,800		25,454
Mindtree Ltd.		610		17,343
Mphasis Ltd.		1,034		24,635
My EG Services Bhd.		42,717		20,335
Posco ICT Co. Ltd.		2,080		13,463
Samsung SDS Co. Ltd.		742		122,071
Systex Corp.		106,000		347,983
Tata Consultancy Services Ltd.		17,172		703,745

Investments	Shares		Value
IT Services – (continued)
Tech Mahindra Ltd.		10,600	$	137,436
TravelSky Technology Ltd., Class H(a)		8,000		17,572
Wipro Ltd.		27,601		183,609
Yeahka Ltd.* (a)		2,400		19,807
				3,925,046
Leisure Products – 0.1%
Giant Manufacturing Co. Ltd.		5,000		63,724
HLB, Inc.*		1,346		40,053
Merida Industry Co. Ltd.		5,350		63,779
				167,556
Life Sciences Tools & Services – 0.4%
Cellivery Therapeutics, Inc.*		188		19,403
Divi’s Laboratories Ltd.*		2,528		138,643
Eubiologics Co. Ltd.*		954		26,029
Genscript Biotech Corp.* (a)		12,000		27,810
Hangzhou Tigermed Consulting Co. Ltd., Class H* (b)		1,000		19,648
LegoChem Biosciences, Inc.*		270		12,428
Pharmaron Beijing Co. Ltd., Class H(a) (b)		1,400		29,039
Samsung Biologics Co. Ltd.* (b)		301		217,561
ST Pharm Co. Ltd.*		344		35,286
Viva Biotech Holdings(a) (b)		23,500		20,272
WuXi AppTec Co. Ltd., Class A		2,300		56,420
WuXi AppTec Co. Ltd., Class H(a) (b)		4,099		96,949
Wuxi Biologics Cayman, Inc.* (b)		53,000		747,214
				1,446,702
Machinery – 0.7%
AIA Engineering Ltd.*		972		24,443
Airtac International Group		1,784		75,363
Ashok Leyland Ltd.*		32,990		50,194
China International Marine Containers Group Co. Ltd., Class H		5,880		11,083
China Shipbuilding Industry Co. Ltd., Class A*		18,800		11,882
CIMC Enric Holdings Ltd.(a)		298,000		259,369

See Accompanying Notes to the Financial Statements.

168 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Machinery – (continued)
CNHTC Jinan Truck Co. Ltd., Class A		900	$	4,699
CNPC Capital Co. Ltd., Class A		29,200		26,757
Cummins India Ltd.		2,280		25,782
Daewoo Shipbuilding & Marine Engineering Co. Ltd.*		705		23,260
Doosan Bobcat, Inc.*		1,908		78,303
Doosan Infracore Co. Ltd.*		4,413		42,847
Escorts Ltd.		930		14,044
Estun Automation Co. Ltd., Class A*		5,000		24,886
Haitian International Holdings Ltd.		16,000		65,200
Hangzhou Oxygen Plant Group Co. Ltd.		5,000		26,524
Hiwin Technologies Corp.		5,216		79,361
Hyundai Elevator Co. Ltd.		208		8,471
Hyundai Heavy Industries Holdings Co. Ltd.		2,120		134,174
Hyundai Mipo Dockyard Co. Ltd.*		602		46,435
Hyundai Rotem Co. Ltd.*		1,766		31,991
Infore Environment Technology Group Co. Ltd., Class A		9,400		11,446
Korea Shipbuilding & Offshore Engineering Co. Ltd.*		530		73,138
Lonking Holdings Ltd.		1,007,000		427,857
Pentamaster Corp. Bhd.		21,200		30,172
Riyue Heavy Industry Co. Ltd., Class A		5,000		22,205
Samsung Heavy Industries Co. Ltd.*		5,565		37,522
Sany Heavy Equipment International Holdings Co. Ltd.(a)		12,000		14,570
Sany Heavy Industry Co. Ltd., Class A		10,600		50,580
SFA Engineering Corp.		1,089		41,020
Shanghai Mechanical and Electrical Industry Co. Ltd., Class B		21,200		29,086
Sinotruk Hong Kong Ltd.		30,500		75,083
SKF India Ltd.		624		18,841

Investments	Shares		Value
Machinery – (continued)
Weichai Power Co. Ltd., Class A		17,300	$	48,413
Weichai Power Co. Ltd., Class H		72,000		167,048
XCMG Construction Machinery Co. Ltd., Class A		18,800		21,439
Yangzijiang Shipbuilding Holdings Ltd.		100,700		108,239
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		9,400		31,113
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A		9,400		17,024
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H(a)		10,000		12,154
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		17,700		32,301
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H(a)		60,200		83,400
				2,417,719
Marine – 1.1%
Cia Sud Americana de Vapores SA*		636,473		38,320
COSCO SHIPPING Holdings Co. Ltd., Class H*		43,500		77,850
Evergreen Marine Corp. Taiwan Ltd.*		98,558		278,741
HMM Co. Ltd.*		10,017		353,006
MISC Bhd.		58,300		96,493
Pan Ocean Co. Ltd.		5,613		37,038
Qatar Navigation QSC		284,177		585,603
Transcoal Pacific Tbk. PT		32,900		16,456
U-Ming Marine Transport Corp.		2,000		5,026
Wan Hai Lines Ltd.		53,000		179,684
Wisdom Marine Lines Co. Ltd.*		27,898		70,711
Yang Ming Marine Transport Corp.*		642,000		1,834,089
				3,573,017

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 169

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Media – 0.3%
Astro Malaysia Holdings Bhd.		1,379,400	$	333,367
Cheil Worldwide, Inc.		1,074		21,193
China Literature Ltd.* (a) (b)		6,200		64,660
Cyfrowy Polsat SA		9,434		73,499
Focus Media Information Technology Co. Ltd., Class A		23,500		39,146
Grupo Televisa SAB, Series CPO* (a)		53,000		132,037
Innocean Worldwide, Inc.		71		3,823
Leo Group Co. Ltd., Class A		18,800		7,146
Media Nusantara Citra Tbk. PT*		3,148,700		213,619
MultiChoice Group		7,367		63,369
NanJi E-Commerce Co. Ltd., Class A		4,700		5,868
Oriental Pearl Group Co. Ltd., Class A		19,200		26,108
Plan B Media PCL, NVDR		72,800		14,496
Saudi Research & Marketing Group*		1,030		24,829
Sun TV Network Ltd.		1,889		13,857
Surya Citra Media Tbk. PT*		85,400		9,312
Zee Entertainment Enterprises Ltd.		12,540		31,421
				1,077,750
Metals & Mining – 5.8%
African Rainbow Minerals Ltd.		4,134		77,254
Alrosa PJSC		101,760		147,321
Aluminum Corp. of China Ltd., Class H* (a)		60,000		31,287
Aneka Tambang Tbk.		269,910		46,527
Angang Steel Co. Ltd., Class H(a)		38,000		26,273
Anglo American Platinum Ltd.(a)		2,014		275,542
AngloGold Ashanti Ltd.		14,575		301,597
Baoshan Iron & Steel Co. Ltd., Class A		63,600		84,813
Beijing Shougang Co. Ltd., Class A*		28,200		21,962
Bradespar SA (Preference)		5,300		69,371
CAP SA		38,372		680,710

Investments	Shares		Value
Metals & Mining – (continued)
Century Iron & Steel Industrial Co. Ltd.		6,000	$	24,917
Chifeng Jilong Gold Mining Co. Ltd., Class A*		10,000		23,426
China Hongqiao Group Ltd.(a)		79,500		125,900
China Metal Recycling Holdings Ltd.* ‡ (c)		51,000		—
China Molybdenum Co. Ltd., Class A		22,500		20,200
China Molybdenum Co. Ltd., Class H(a)		57,000		38,676
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		9,400		29,559
China Steel Corp.		212,000		298,271
China Zhongwang Holdings Ltd.* (a)		699,600		162,135
Chung Hung Steel Corp.*		477,000		727,462
Cia Siderurgica Nacional SA		26,500		240,272
Citic Pacific Special Steel Group Co. Ltd., Class A		4,700		18,796
Dongkuk Steel Mill Co. Ltd.		31,641		681,262
DRDGOLD Ltd.(a)		20,448		20,353
Eregli Demir ve Celik Fabrikalari TAS		43,672		100,279
Feng Hsin Steel Co. Ltd.		16,000		50,578
Ganfeng Lithium Co. Ltd., Class H(a) (b)		3,400		45,789
Gerdau SA (Preference)		18,600		113,892
Gold Fields Ltd.		31,352		296,501
Grupa Kety SA		151		24,509
Grupo Mexico SAB de CV, Series B		116,600		529,236
Harmony Gold Mining Co. Ltd.		8,695		39,599
Hesteel Co. Ltd., Class A		37,600		14,816
Hindalco Industries Ltd.		56,445		277,681
Hunan Valin Steel Co. Ltd., Class A		23,500		28,542
Hyundai Steel Co.		1,128		56,281
Impala Platinum Holdings Ltd.		29,922		560,036
Industrias Penoles SAB de CV*		4,365		56,442
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A*		70,500		16,014

See Accompanying Notes to the Financial Statements.

170 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Metals & Mining – (continued)
Inner Mongolia Eerduosi Resources Co. Ltd., Class B		137,800	$	183,136
Jastrzebska Spolka Weglowa SA*		27,030		216,152
Jiangsu Shagang Co. Ltd., Class A		9,400		14,293
Jiangxi Copper Co. Ltd., Class A		9,400		38,579
Jiangxi Copper Co. Ltd., Class H		53,000		129,654
Jinchuan Group International Resources Co. Ltd.		144,000		25,029
Jindal Steel & Power Ltd.*		13,959		83,201
JSW Steel Ltd.		37,047		359,029
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class D*		394,024		340,233
KGHM Polska Miedz SA*		4,717		242,258
Korea Zinc Co. Ltd.		424		170,004
Koza Altin Isletmeleri A/S*		2,182		29,735
Koza Anadolu Metal Madencilik Isletmeleri A/S*		92,803		154,112
Kumba Iron Ore Ltd.		2,385		108,228
Maanshan Iron & Steel Co. Ltd., Class A		51,700		33,793
Magnitogorsk Iron & Steel Works PJSC		90,224		78,331
Merdeka Copper Gold Tbk. PT*		326,300		59,184
Metalurgica Gerdau SA (Preference)		11,600		31,773
MMC Norilsk Nickel PJSC		2,173		742,701
Nickel Asia Corp.		233,200		26,928
NMDC Ltd.		35,033		73,663
Northam Platinum Ltd.*		12,473		214,932
Novolipetsk Steel PJSC		50,432		178,442
Polyus PJSC		1,113		205,629
Poongsan Corp.		9,036		305,438
POSCO		2,862		936,547
Press Metal Aluminium Holdings Bhd.		63,600		80,734
Qatar Aluminum Manufacturing Co.		42,858		18,386

Investments	Shares		Value
Metals & Mining – (continued)
Raspadskaya OJSC		42,598	$	134,711
Royal Bafokeng Platinum Ltd.(a)		80,878		613,240
Sansteel Minguang Co. Ltd. Fujian, Class A		14,100		17,844
Saudi Arabian Mining Co.*		7,226		110,410
Severstal PAO		6,784		160,319
Shandong Gold Mining Co. Ltd., Class A		5,100		15,257
Shandong Gold Mining Co. Ltd., Class H(a) (b)		13,650		25,062
Shanxi Taigang Stainless Steel Co. Ltd., Class A		23,500		23,131
Shougang Fushan Resources Group Ltd.		1,702,000		444,847
Sibanye Stillwater Ltd.		97,523		455,231
Steel Authority of India Ltd.		734,435		1,184,852
TA Chen Stainless Pipe		53,793		92,438
Tata Steel Ltd.		28,242		394,238
Tung Ho Steel Enterprise Corp.		15,000		31,790
United Co. RUSAL International PJSC*		72,380		48,773
Usinas Siderurgicas de Minas Gerais SA		400		1,710
Usinas Siderurgicas de Minas Gerais SA (Preference), Class A		12,400		51,312
Vale Indonesia Tbk. PT*		6,000		1,915
Vale SA		123,896		2,489,681
Vedanta Ltd.		62,858		218,303
Volcan Cia Minera SAA, Class B*		1,233,830		244,149
VSMPO-AVISMA Corp. PJSC*		848		272,214
Xiamen Tungsten Co. Ltd., Class A		9,400		28,048
Yieh Phui Enterprise Co. Ltd.*		689,000		535,256
Young Poong Corp.		336		205,101
Yunnan Copper Co. Ltd., Class A		9,400		20,219
Zhaojin Mining Industry Co. Ltd., Class H		21,000		19,062
Zijin Mining Group Co. Ltd., Class A		34,700		59,143
Zijin Mining Group Co. Ltd., Class H		106,000		149,306
				19,511,767

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 171

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Multiline Retail – 0.3%
Central Retail Corp. PCL, NVDR		72,775	$	81,803
El Puerto de Liverpool SAB de CV, Class C1		2,700		11,468
Falabella SA		27,985		125,777
Golden Eagle Retail Group Ltd.		217,000		195,295
Hyundai Department Store Co. Ltd.		760		63,405
Lojas Americanas SA*		5,349		19,571
Lojas Americanas SA (Preference)*		16,274		62,573
Lojas Renner SA		15,900		118,402
Lotte Shopping Co. Ltd.		211		23,521
Magazine Luiza SA*		46,800		172,785
MINISO Group Holding Ltd., ADR*		954		25,663
Mitra Adiperkasa Tbk. PT*		154,600		8,562
Shinsegae, Inc.		318		87,051
Woolworths Holdings Ltd.*		21,836		73,993
				1,069,869
Multi-Utilities – 0.0%(d)
Qatar Electricity & Water Co. QSC		9,684		45,747
SPIC Dongfang New Energy Corp., Class A		25,000		16,225
YTL Corp. Bhd.*		78,870		13,766
YTL Power International Bhd.*		128,031		22,660
				98,398
Oil, Gas & Consumable Fuels – 4.0%
Adaro Energy Tbk. PT		428,300		36,915
AKR Corporindo Tbk. PT		796,200		180,240
Bangchak Corp. PCL, NVDR		170,800		141,248
Banpu PCL, NVDR		30,000		11,851
Bashneft PJSC		1,305		27,143
Bashneft PJSC (Preference)		1,163		18,272
Bharat Petroleum Corp. Ltd.		30,726		174,967
Bukit Asam Tbk. PT		210,300		34,504
China Coal Energy Co. Ltd., Class A		23,500		25,419
China Coal Energy Co. Ltd., Class H(a)		83,000		44,990

Investments	Shares		Value
Oil, Gas & Consumable Fuels – (continued)
China Merchants Energy Shipping Co. Ltd., Class A		14,100	$	10,698
China Petroleum & Chemical Corp., Class A		113,300		74,932
China Petroleum & Chemical Corp., Class H		908,000		452,431
China Shenhua Energy Co. Ltd., Class A		30,300		89,943
China Shenhua Energy Co. Ltd., Class H		125,000		260,723
China Suntien Green Energy Corp. Ltd., Class H		50,000		19,248
Coal India Ltd.		80,801		145,136
Cosan SA		2,941		48,821
Dana Gas PJSC		16,893		3,803
Ecopetrol SA		208,767		123,329
Empresas COPEC SA		7,950		85,197
Esso Thailand PCL, NVDR*		562,600		154,484
Exxaro Resources Ltd.(a)		9,281		97,560
Formosa Petrochemical Corp.		29,000		107,454
Gazprom PJSC		433,540		1,328,750
Grupa Lotos SA		3,713		46,860
GS Holdings Corp.		1,538		59,523
Hellenic Petroleum SA		3,199		22,259
Hindustan Petroleum Corp. Ltd.		25,493		80,758
Indian Oil Corp. Ltd.		77,698		95,297
Inner Mongolia Yitai Coal Co. Ltd., Class B		530,000		350,330
LUKOIL PJSC		12,879		994,364
Mari Petroleum Co. Ltd.		1,984		19,726
Medco Energi Internasional Tbk. PT*		3,405,040		157,935
MOL Hungarian Oil & Gas plc*		19,663		136,048
Motor Oil Hellas Corinth Refineries SA		2,820		43,622
Novatek PJSC		34,927		631,769
Oil & Gas Development Co. Ltd.		38,500		22,959
Oil & Natural Gas Corp. Ltd.		121,688		177,671
Oil India Ltd.		180,717		297,891
Pakistan Oilfields Ltd.		70,437		162,393
Pakistan Petroleum Ltd.		29,830		15,779
Pakistan State Oil Co. Ltd.		149,778		207,161

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)
Oil, Gas & Consumable Fuels – (continued)
PetroChina Co. Ltd., Class H		384,000	$	139,918
Petroleo Brasileiro SA		63,600		270,800
Petroleo Brasileiro SA (Preference)		75,000		326,529
Petronas Dagangan Bhd.		6,600		32,481
Petronet LNG Ltd.		10,434		33,800
Polski Koncern Naftowy ORLEN SA		12,190		214,649
Polskie Gornictwo Naftowe i Gazownictwo SA		55,173		95,812
PTT Exploration & Production PCL		469		1,792
PTT Exploration & Production PCL, NVDR		50,531		193,117
PTT PCL, NVDR		307,400		394,894
Qatar Fuel QSC		9,120		45,587
Qatar Gas Transport Co. Ltd.		13,819		11,993
Reliance Industries Ltd.		54,325		1,462,772
Rosneft Oil Co. PJSC		77,910		545,387
Rosneft Oil Co. PJSC, GDR(b)		1,920		13,275
RussNeft PJSC*		50,324		112,209
Saudi Arabian Oil Co.(b)		33,257		313,938
Semirara Mining & Power Corp.		560,200		143,104
Shaanxi Coal Industry Co. Ltd., Class A		33,300		57,888
Sinopec Kantons Holdings Ltd.(a)		530,000		204,034
SK Discovery Co. Ltd.		901		46,899
SK Gas Ltd.		1,627		146,998
SK Innovation Co. Ltd.*		852		207,188
S-Oil Corp.*		796		62,329
Star Petroleum Refining PCL, NVDR*		20,000		6,038
Surgutneftegas PJSC		307,400		139,459
Surgutneftegas PJSC (Preference)		270,300		154,257
Tatneft PJSC		27,980		189,027
Tatneft PJSC, ADR		4,806		193,490
Tatneft PJSC (Preference)		7,005		43,620
Thai Oil PCL, NVDR		37,100		70,596
Transneft PJSC (Preference)		67		126,546

Investments	Shares		Value
Oil, Gas & Consumable Fuels – (continued)
Turkiye Petrol Rafinerileri A/S*		4,134	$	43,748
Ultrapar Participacoes SA		15,900		61,868
United Tractors Tbk. PT		63,600		93,232
Yanzhou Coal Mining Co. Ltd., Class A		15,000		30,109
Yanzhou Coal Mining Co. Ltd., Class H		52,000		62,064
				13,511,850
Paper & Forest Products – 0.7%
Duratex SA		8,874		38,766
Empresas CMPC SA		25,917		71,668
Indah Kiat Pulp & Paper Tbk. PT		37,900		23,876
Lee & Man Paper Manufacturing Ltd.		47,000		40,968
Nine Dragons Paper Holdings Ltd.		53,000		72,879
Pabrik Kertas Tjiwi Kimia Tbk. PT		642,100		443,402
Sappi Ltd.*		286,094		963,343
Shandong Chenming Paper Holdings Ltd., Class B		254,400		188,011
Shandong Chenming Paper Holdings Ltd., Class H(a)		159,000		138,183
Shandong Sun Paper Industry JSC Ltd., Class A		9,400		23,269
Suzano SA*		10,600		134,169
YFY, Inc.		47,000		63,939
				2,202,473
Personal Products – 0.3%
Amorepacific Corp.		585		142,260
AMOREPACIFIC Group		611		40,373
Colgate-Palmolive India Ltd.		1,366		27,328
Cosmax, Inc.*		96		10,486
Dabur India Ltd.		11,713		85,081
Gillette India Ltd.		103		7,638
Godrej Consumer Products Ltd.		4,418		41,259
Hengan International Group Co. Ltd.(a)		13,000		84,275
Kolmar Korea Co. Ltd.		142		7,136
LG Household & Health Care Ltd.		159		219,986
LG Household & Health Care Ltd. (Preference)		43		27,678

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)
Personal Products – (continued)
Marico Ltd.		9,540	$	52,992
Natura & Co. Holding SA*		16,458		147,857
				894,349
Pharmaceuticals – 1.5%
Ajanta Pharma Ltd.		384		9,539
Alkem Laboratories Ltd.		516		19,220
Apeloa Pharmaceutical Co. Ltd., Class A		4,700		22,587
Aspen Pharmacare Holdings Ltd.*		13,886		154,581
AstraZeneca Pharma India Ltd.		235		12,398
Aurobindo Pharma Ltd.		3,474		46,002
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.(a)		20,000		28,995
Binex Co. Ltd.*		564		14,679
Bukwang Pharmaceutical Co. Ltd.		625		12,165
Cadila Healthcare Ltd.*		4,844		37,351
CanSino Biologics, Inc., Class H* (a) (b)		800		40,068
Celltrion Pharm, Inc.*		431		51,533
Center Laboratories, Inc.		8,264		19,792
Changchun High & New Technology Industry Group, Inc., Class A		600		46,135
China Grand Pharmaceutical and Healthcare Holdings Ltd.(a)		24,000		20,147
China Medical System Holdings Ltd.		44,000		101,972
China Resources Pharmaceutical Group Ltd.(b)		81,500		55,090
China Traditional Chinese Medicine Holdings Co. Ltd.		1,286,000		735,155
Chong Kun Dang Pharmaceutical Corp.		98		12,246
Chongkundang Holdings Corp.		1,484		144,084
Cipla Ltd.*		8,726		107,242
CSPC Pharmaceutical Group Ltd.		154,080		190,843
Daewoong Co. Ltd.		339		11,063

Investments	Shares		Value
Pharmaceuticals – (continued)
Daewoong Pharmaceutical Co. Ltd.		49	$	5,881
Dong-A Socio Holdings Co. Ltd.		104		11,547
Dong-A ST Co. Ltd.		94		7,082
Dr Reddy’s Laboratories Ltd.		2,120		147,771
Enzychem Lifesciences Corp.*		212		23,671
Genomma Lab Internacional SAB de CV, Class B*		12,000		12,039
GlaxoSmithKline Pharmaceuticals Ltd.		1,140		22,453
Glenmark Pharmaceuticals Ltd.		990		7,709
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		12,000		32,368
Hanall Biopharma Co. Ltd.*		919		19,002
Hanmi Pharm Co. Ltd.		98		29,778
Hanmi Science Co. Ltd.		646		40,188
Hansoh Pharmaceutical Group Co. Ltd.* (b)		16,000		69,114
Hua Han Health Industry Holdings Ltd.* ‡ (c)		3,780,000		—
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A*		4,700		14,002
Hypera SA*		8,900		56,859
Ilyang Pharmaceutical Co. Ltd.		231		7,943
Ipca Laboratories Ltd.		752		21,374
Jiangsu Hengrui Medicine Co. Ltd., Class A		7,000		90,968
Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A		4,700		11,519
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		4,700		10,676
Jubilant Pharmova Ltd.*		643		6,932
JW Pharmaceutical Corp.		236		6,185
Kalbe Farma Tbk. PT		491,100		48,957
Komipharm International Co. Ltd.*		1,425		13,259
Laurus Labs Ltd.(b)		5,029		30,739
Livzon Pharmaceutical Group, Inc., Class H		3,930		18,368
Lupin Ltd.		4,452		64,280
Luye Pharma Group Ltd.(b)		901,000		547,548
Mega Lifesciences PCL, NVDR		5,500		6,138
Mezzion Pharma Co. Ltd.*		212		28,779

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)
Pharmaceuticals – (continued)
Oneness Biotech Co. Ltd.*		3,000	$	25,346
Oscotec, Inc.*		291		9,640
Pfizer Ltd.		341		24,277
Pharmally International Holding Co. Ltd.* ‡ (c)		2,564		3,897
Richter Gedeon Nyrt.		2,597		74,392
Sam Chun Dang Pharm Co. Ltd.*		307		14,296
Sanofi India Ltd.		163		16,617
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		4,700		16,588
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		4,700		43,750
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H(a)		8,000		50,831
Shin Poong Pharmaceutical Co. Ltd.		432		27,108
Sihuan Pharmaceutical Holdings Group Ltd.(a)		1,848,000		737,596
Sino Biopharmaceutical Ltd.		187,999		202,598
SK Biopharmaceuticals Co. Ltd.*		288		28,221
Sun Pharmaceutical Industries Ltd.		17,702		156,402
Tianjin ZhongXin Pharmaceutical Group Corp. Ltd., Class S		15,000		14,175
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		4,700		9,623
Torrent Pharmaceuticals Ltd.		717		24,289
Yifan Pharmaceutical Co. Ltd., Class A		4,700		12,993
Yuhan Corp.		1,053		60,869
Yungjin Pharmaceutical Co. Ltd.*		1,602		9,332
Yunnan Baiyao Group Co. Ltd., Class A		1,100		18,281
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		700		36,702

Investments	Shares		Value
Pharmaceuticals – (continued)
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		4,700	$	15,774
Zhejiang NHU Co. Ltd., Class A		4,700		28,404
				4,968,017
Professional Services – 0.0%(d)
51job, Inc., ADR*		710		43,700
Benefit Systems SA*		33		7,734
L&T Technology Services Ltd.(b)		103		3,795
				55,229
Real Estate Management & Development – 4.4%
Agile Group Holdings Ltd.		46,000		72,137
Aldar Properties PJSC		60,325		57,646
Arabian Centres Co. Ltd.		1,662		11,000
Ayala Land, Inc.		90,100		60,254
Barwa Real Estate Co.		84,270		74,919
Beijing North Star Co. Ltd., Class H		318,000		58,549
BR Malls Participacoes SA*		15,600		27,374
Bumi Serpong Damai Tbk. PT*		168,600		13,714
C&D International Investment Group Ltd.(a)		131,000		261,432
Cathay Real Estate Development Co. Ltd.		33,100		25,418
Cencosud Shopping SA		11,704		19,009
Central China Real Estate Ltd.(a)		371,000		204,921
Central Pattana PCL, NVDR		42,400		71,149
China Aoyuan Group Ltd.		53,000		55,137
China Dili Group*		100,000		27,810
China Evergrande Group(a)		66,000		111,829
China Fortune Land Development Co. Ltd., Class A		6,110		5,259
China Jinmao Holdings Group Ltd.		212,000		80,522
China Logistics Property Holdings Co. Ltd.* (b)		59,000		33,576
China Merchants Property Operation & Service Co. Ltd., Class A		4,700		15,324
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		18,800		33,757

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)
Real Estate Management & Development – (continued)
China Overseas Grand Oceans Group Ltd.		925,000	$	590,716
China Overseas Land & Investment Ltd.		136,500		345,518
China Overseas Property Holdings Ltd.(a)		50,000		50,728
China Resources Land Ltd.		106,000		497,460
China SCE Group Holdings Ltd.(a)		824,000		386,175
China Vanke Co. Ltd., Class A		31,800		138,423
China Vanke Co. Ltd., Class H		72,000		252,149
Chong Hong Construction Co. Ltd.		2,000		5,943
CIFI Holdings Group Co. Ltd.		129,144		115,562
Ciputra Development Tbk. PT		179,449		14,162
Corp. Inmobiliaria Vesta SAB de CV		2,000		3,914
Country Garden Holdings Co. Ltd.(a)		265,832		316,595
DAMAC Properties Dubai Co. PJSC*		26,553		8,675
Dar Al Arkan Real Estate Development Co.*		8,271		22,849
Dexin China Holdings Co. Ltd.* (a) (b)		424,000		165,957
DLF Ltd.		14,668		48,971
E-House China Enterprise Holdings Ltd.(a) (b)		381,600		412,217
Emaar Development PJSC*		39,052		29,237
Emaar Economic City*		7,389		21,122
Emaar Malls PJSC*		46,896		23,492
Emaar Properties PJSC		147,075		149,351
Fantasia Holdings Group Co. Ltd.*		715,500		92,122
Ganglong China Property Group Ltd.* (a) (b)		212,000		120,919
Gemdale Corp., Class A		14,100		25,622
Gemdale Properties & Investment Corp. Ltd.		186,000		26,103
Globe Trade Centre SA*		103		190
Godrej Properties Ltd.*		1,507		27,839
Greenland Holdings Corp. Ltd., Class A		28,200		24,707

Investments	Shares		Value
Real Estate Management & Development – (continued)
Greenland Hong Kong Holdings Ltd.		424,000	$	147,942
Greentown China Holdings Ltd.(a)		26,500		31,936
Guangzhou R&F Properties Co. Ltd., Class H(a)		826,800		1,058,137
Hanson International Tbk. PT* ‡ (c)		2,409,275		4,170
Highwealth Construction Corp.		32,500		52,648
Hopson Development Holdings Ltd.(a)		22,000		86,534
IOI Properties Group Bhd.		52,800		17,658
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		14,100		15,426
Jiayuan International Group Ltd.		659,243		303,867
Jinke Properties Group Co. Ltd., Class A		14,100		14,380
Joy City Property Ltd.		1,758,000		108,646
Kaisa Group Holdings Ltd.(a)		119,714		52,097
KE Holdings, Inc., ADR* (a)		2,544		132,415
Kindom Development Co. Ltd.		174,000		271,593
Korea Real Estate Investment & Trust Co. Ltd.		73,955		153,914
KWG Group Holdings Ltd.		53,000		85,162
LAMDA Development SA*		1,368		12,252
Logan Group Co. Ltd.		29,000		46,150
Longfor Group Holdings Ltd.(b)		58,000		361,807
LSR Group PJSC		24,973		267,771
Mah Sing Group Bhd.		805,600		202,560
MBK PCL, NVDR*		337,600		149,623
Megaworld Corp.		444,200		29,060
Midea Real Estate Holding Ltd.(a) (b)		9,400		21,446
Multiplan Empreendimentos Imobiliarios SA*		500		2,122
NEPI Rockcastle plc		15,641		105,333
Oberoi Realty Ltd.*		4,021		29,707
Pakuwon Jati Tbk. PT*		534,400		19,608
Parque Arauco SA		15,651		24,173
Phoenix Mills Ltd. (The)*		1,316		12,737
Poly Developments and Holdings Group Co. Ltd., Class A		37,100		80,260
Poly Property Group Co. Ltd.(a)		1,007,000		287,831

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)
Real Estate Management & Development – (continued)
Powerlong Real Estate Holdings Ltd.		41,000	$	43,181
Prestige Estates Projects Ltd.*		652		2,393
Prince Housing & Development Corp.		50,000		22,554
Pruksa Holding PCL, NVDR		315,100		129,531
Quality Houses PCL, NVDR		2,293,800		175,327
Radiance Holdings Group Co. Ltd.* (b)		318,000		192,433
Red Star Macalline Group Corp. Ltd., Class H(b)		53,000		30,025
Redco Properties Group Ltd.(a) (b)		52,000		18,813
Redsun Properties Group Ltd.(a)		460,000		153,988
RiseSun Real Estate Development Co. Ltd., Class A		9,400		8,948
Road King Infrastructure Ltd.		130,000		173,069
Robinsons Land Corp.		56,106		19,086
Ronshine China Holdings Ltd.* (a) (b)		333,000		232,809
Ruentex Development Co. Ltd.		53,000		100,752
Salhia Real Estate Co. KSCP		207,442		352,507
Seazen Group Ltd.*		80,000		85,492
Seazen Holdings Co. Ltd., Class A		4,700		32,711
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B		132,500		121,900
Shanghai Lingang Holdings Corp. Ltd., Class A		4,700		14,946
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		17,540		15,839
Shanghai Shimao Co. Ltd., Class A		18,800		12,172
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		4,700		13,196
Shenzhen Investment Ltd.		99,930		36,669
Shimao Group Holdings Ltd.		53,000		153,537

Investments	Shares		Value
Real Estate Management & Development – (continued)
Shimao Services Holdings Ltd.* (b)		11,000	$	28,609
Shui On Land Ltd.		1,802,000		296,975
Sime Darby Property Bhd.		1,116,300		181,217
Sinic Holdings Group Co. Ltd., Class H(a) (b)		318,000		163,773
Sino-Ocean Group Holding Ltd.		1,563,500		348,256
SK D&D Co. Ltd.		27		892
Skyfame Realty Holdings Ltd.		1,590,000		200,622
SM Prime Holdings, Inc.		164,300		117,552
SOHO China Ltd.*		48,500		14,675
SP Setia Bhd. Group*		552,694		138,970
Sunac China Holdings Ltd.		88,000		342,739
Sunway Bhd.		50,749		20,070
Supalai PCL, NVDR		29,000		19,093
Talaat Moustafa Group		489,799		176,715
Times China Holdings Ltd.(a)		29,000		41,371
United Development Co. QSC		895,117		390,646
UOA Development Bhd.		18,800		8,444
Vista Land & Lifescapes, Inc.		1,509,200		110,330
WHA Corp. PCL, NVDR		113,390		12,309
Wharf Holdings Ltd. (The)		53,000		161,043
Yango Group Co. Ltd., Class A		14,100		12,484
Yuexiu Property Co. Ltd.		318,000		73,698
Yuzhou Group Holdings Co. Ltd.		954,000		265,312
Zhenro Properties Group Ltd.(a) (b)		87,000		58,696
Zhongliang Holdings Group Co. Ltd.(b)		38,000		25,441
Zhongtian Financial Group Co. Ltd., Class A*		28,200		12,070
Zhuguang Holdings Group Co. Ltd.* (a)		134,000		38,474
				14,828,773
Road & Rail – 0.1%
BTS Group Holdings PCL, NVDR		103,040		29,617
Cia de Locacao das Americas*		4,500		21,873
CJ Logistics Corp.*		150		23,127
Container Corp. of India Ltd.		4,571		36,403
Daqin Railway Co. Ltd., Class A		53,000		56,345

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)
Road & Rail – (continued)
Dazhong Transportation Group Co. Ltd., Class B		323,500	$	91,874
Localiza Rent a Car SA*		9,850		116,742
Rumo SA*		21,200		78,153
				454,134
Semiconductors & Semiconductor Equipment – 5.4%
ADATA Technology Co. Ltd.		108,000		467,834
Alchip Technologies Ltd.		1,000		17,793
Ardentec Corp.		212,000		358,229
ASE Technology Holding Co. Ltd.		126,000		532,274
Chipbond Technology Corp.		15,000		41,564
ChipMOS Technologies, Inc.		265,000		452,529
Daqo New Energy Corp., ADR* (a)		934		75,178
DB HiTek Co. Ltd.		1,773		88,144
Elan Microelectronics Corp.		4,000		30,716
eMemory Technology, Inc.*		1,000		36,874
ENNOSTAR, Inc.*		7,000		20,248
Eo Technics Co. Ltd.		134		14,155
Everlight Electronics Co. Ltd.		212,000		351,778
Flat Glass Group Co. Ltd., Class A		5,000		21,973
Flat Glass Group Co. Ltd., Class H(a)		7,000		21,630
GCL System Integration Technology Co. Ltd., Class A*		53,000		25,470
GemVax & Kael Co. Ltd.*		920		16,872
Gigadevice Semiconductor Beijing, Inc., Class A		1,600		47,774
Globalwafers Co. Ltd.		3,000		92,793
Globetronics Technology Bhd.		42,400		23,185
Hangzhou Silan Microelectronics Co. Ltd., Class A		5,000		27,822
Hua Hong Semiconductor Ltd.* (b)		6,000		37,506
JA Solar Technology Co. Ltd., Class A*		5,000		20,127
King Yuan Electronics Co. Ltd.*		35,000		62,023
Koh Young Technology, Inc.		1,007		25,167

Investments	Shares		Value
Semiconductors & Semiconductor Equipment – (continued)
LEENO Industrial, Inc.		180	$	26,377
LONGi Green Energy Technology Co. Ltd., Class A		5,300		81,406
Macronix International Co. Ltd.		37,000		60,733
MediaTek, Inc.*		26,000		1,102,996
Mi Technovation Bhd.		26,500		24,841
MiCo Ltd.*		1,855		24,431
MLS Co. Ltd., Class A		1,100		2,225
Nanya Technology Corp.		21,000		68,865
Novatek Microelectronics Corp.		10,000		223,392
Parade Technologies Ltd.		1,400		69,416
Phison Electronics Corp.		3,000		64,870
Pixart Imaging, Inc.		1,000		7,035
Powertech Technology, Inc.		21,000		83,826
Radiant Opto-Electronics Corp.		14,330		65,922
Realtek Semiconductor Corp.*		7,070		134,652
RFHIC Corp.		742		27,116
S&S Tech Corp.		423		12,169
Sanan Optoelectronics Co. Ltd., Class A		9,400		36,458
Seoul Semiconductor Co. Ltd.		1,370		23,155
SFA Semicon Co. Ltd.*		3,233		23,048
Shenzhen Goodix Technology Co. Ltd., Class A		1,800		31,653
Silergy Corp.		1,000		104,715
Silicon Works Co. Ltd.		5,658		486,272
SIMMTECH Co. Ltd.		9,646		197,715
Sino-American Silicon Products, Inc.		17,000		118,981
Sitronix Technology Corp.		54,000		607,991
SK Hynix, Inc.		19,504		2,244,358
Taiwan Semiconductor Manufacturing Co. Ltd.		320,000		6,873,590
Taiwan Surface Mounting Technology Corp.		124,000		514,947
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		4,700		20,067
Tianshui Huatian Technology Co. Ltd., Class A		21,200		41,932
Tokai Carbon Korea Co. Ltd.		86		15,146
TongFu Microelectronics Co. Ltd., Class A		4,700		15,520

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)
Semiconductors & Semiconductor Equipment – (continued)
Topco Scientific Co. Ltd.		78,000	$	381,162
United Microelectronics Corp.		424,000		860,659
United Renewable Energy Co. Ltd.*		94,003		47,956
Vanguard International Semiconductor Corp.		13,000		55,615
ViTrox Corp. Bhd.		4,800		18,818
Will Semiconductor Co. Ltd. Shanghai, Class A		600		28,047
Win Semiconductors Corp.		6,961		91,333
Winbond Electronics Corp.		57,000		72,849
WONIK IPS Co. Ltd.		824		37,631
Wuxi Taiji Industry Co. Ltd., Class A		21,200		25,454
XinTec, Inc.*		3,000		16,754
Xinyi Solar Holdings Ltd.(a)		66,457		111,234
				18,092,990
Software – 0.3%
360 Security Technology, Inc., Class A		9,400		18,316
Agora, Inc., ADR* (a)		376		18,277
Ahnlab, Inc.		190		11,256
AsiaInfo Technologies Ltd.(b)		21,200		34,119
Asseco Poland SA		2,144		39,863
China Youzan Ltd.*		300,000		96,950
Douzone Bizon Co. Ltd.		214		16,218
Iflytek Co. Ltd., Class A		4,700		37,018
Kingdee International Software Group Co. Ltd.*		37,000		122,431
Kingsoft Corp. Ltd.		16,000		113,302
Linx SA		1,900		13,256
LiveChat Software SA		795		26,227
Ming Yuan Cloud Group Holdings Ltd.* (a)		11,000		51,128
Oracle Financial Services Software Ltd.		632		29,680
Shanghai Baosight Software Co. Ltd., Class A		4,000		39,187
Shanghai Baosight Software Co. Ltd., Class B		11,100		41,836
TOTVS SA		10,700		61,337

Investments	Shares		Value
Software – (continued)
Weimob, Inc.* (a) (b)		25,000	$	55,235
Yonyou Network Technology Co. Ltd., Class A		4,700		24,112
				849,748
Specialty Retail – 1.0%
Abu Dhabi National Oil Co. for Distribution PJSC		52,364		64,579
Ace Hardware Indonesia Tbk. PT		206,000		21,106
China Meidong Auto Holdings Ltd.		8,000		40,016
China Tourism Group Duty Free Corp. Ltd., Class A		2,500		120,525
China Yongda Automobiles Services Holdings Ltd.		59,500		107,863
Detsky Mir PJSC(b)		390,080		783,005
Foschini Group Ltd. (The)*		11,040		87,620
GOME Retail Holdings Ltd.* (a)		279,447		46,054
Home Product Center PCL, NVDR		63,300		28,664
Hotai Motor Co. Ltd.		6,000		129,739
Hotel Shilla Co. Ltd.		396		30,794
Italtile Ltd.		10,931		12,854
Jarir Marketing Co.		839		44,522
JUMBO SA		2,397		44,870
LOTTE Himart Co. Ltd.		4,440		154,672
M.Video PJSC		23,055		209,127
Mr Price Group Ltd.		5,618		70,425
Pet Center Comercio e Participacoes SA*		6,307		28,098
Petrobras Distribuidora SA		9,400		39,002
Pou Sheng International Holdings Ltd.*		1,169,000		284,467
PTG Energy PCL, NVDR		26,300		16,977
Shanghai Yuyuan Tourist Mart Group Co. Ltd.		18,800		34,250
Shinsegae International, Inc.		81		14,928
Siam Global House PCL, NVDR		16,622		11,958
Suning.com Co. Ltd., Class A		23,500		24,184
Topsports International Holdings Ltd.(b)		13,000		17,575
Truworths International Ltd.		230,603		765,047
Via Varejo S/A*		23,200		50,589

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)
Specialty Retail – (continued)
Zhongsheng Group Holdings Ltd.		9,000	$	68,194
				3,351,704
Technology Hardware, Storage & Peripherals – 5.9%
Acer, Inc.		47,858		58,767
Advantech Co. Ltd.		7,941		101,206
Asustek Computer, Inc.		24,000		323,059
Catcher Technology Co. Ltd.		24,000		169,692
Chicony Electronics Co. Ltd.		15,992		48,377
Compal Electronics, Inc.		159,000		142,305
Getac Technology Corp.		172,000		354,061
Gigabyte Technology Co. Ltd.*		20,000		88,068
HTC Corp.*		18,000		26,807
Innodisk Corp.		4,733		30,415
Inventec Corp.		140,000		136,076
Legend Holdings Corp., Class H(b)		301,300		494,224
Lenovo Group Ltd.(a)		212,000		291,516
Lite-On Technology Corp.		81,000		185,297
Micro-Star International Co. Ltd.		31,000		204,758
Mitac Holdings Corp.		46,600		51,049
Ninestar Corp., Class A		4,700		18,432
Pegatron Corp.		79,000		208,155
Primax Electronics Ltd.		212,000		462,206
Qisda Corp.		60,000		78,187
Quanta Computer, Inc.		106,000		373,408
Samsung Electronics Co. Ltd.		186,613		13,672,818
Samsung Electronics Co. Ltd. (Preference)		29,786		1,962,794
Shenzhen Kaifa Technology Co. Ltd., Class A		4,700		12,543
Wistron Corp.		106,000		124,090
Wiwynn Corp.		2,000		65,442
				19,683,752
Textiles, Apparel & Luxury Goods – 1.1%
Aditya Birla Fashion and Retail Ltd.*		6,536		15,442
ANTA Sports Products Ltd.		15,000		269,414
Bata India Ltd.		122		2,256
Bosideng International Holdings Ltd.(a)		96,000		48,823

Investments	Shares		Value
Textiles, Apparel & Luxury Goods – (continued)
CCC SA*		20,120	$	545,075
Eclat Textile Co. Ltd.		2,698		51,771
F&F Co. Ltd.(c)		206		33,335
Feng TAY Enterprise Co. Ltd.		10,600		78,742
FF Group* ‡ (c)		3,536		–
Fila Holdings Corp.		1,167		47,840
Fuguiniao Group Ltd.* ‡ (c)		334,800		–
Grendene SA		8,264		12,445
Guararapes Confeccoes SA*		2,400		7,423
Handsome Co. Ltd.		6,840		267,180
Hansae Co. Ltd.		10,503		230,389
Hwaseung Enterprise Co. Ltd.		331		5,490
Hyosung TNC Corp.		1,272		826,769
Lao Feng Xiang Co. Ltd., Class B		2,500		7,538
Li Ning Co. Ltd.		32,500		265,294
LPP SA*		24		62,074
Makalot Industrial Co. Ltd.		4,334		38,014
Nan Liu Enterprise Co. Ltd.		4,000		24,344
Page Industries Ltd.		130		52,055
Pou Chen Corp.		106,000		135,095
Rajesh Exports Ltd.		3,055		21,508
Ruentex Industries Ltd.		15,800		48,192
Shenzhou International Group Holdings Ltd.		13,100		288,081
Tainan Spinning Co. Ltd.		48,555		49,106
Titan Co. Ltd.		6,466		130,210
Youngone Corp.		890		35,125
Youngone Holdings Co. Ltd.		2,610		111,805
				3,710,835
Thrifts & Mortgage Finance – 0.6%
Aavas Financiers Ltd.*		611		18,763
Housing Development Finance Corp. Ltd.		29,839		974,901
LIC Housing Finance Ltd.		158,682		869,112
				1,862,776
Tobacco – 0.2%
British American Tobacco Malaysia Bhd.		5,900		20,653
Eastern Co. SAE		29,100		21,667
Gudang Garam Tbk. PT*		14,900		37,237
ITC Ltd.		48,018		131,337
KT&G Corp.		4,868		360,609

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)
Tobacco – (continued)
Smoore International Holdings Ltd.* (b)		28,000	$	198,459
				769,962
Trading Companies & Distributors – 0.4%
Adani Enterprises Ltd.*		4,998		78,183
ALAFCO Aviation Lease & Finance Co. KSCP*		172,780		123,291
Barloworld Ltd.*		101,518		669,322
BOC Aviation Ltd.(a) (b)		9,400		84,840
Bohai Leasing Co. Ltd., Class A*		32,900		10,523
COSCO SHIPPING Development Co. Ltd., Class A		37,600		16,559
IndiaMart InterMesh Ltd.* (b)		192		20,603
LG International Corp.		14,840		410,907
Posco International Corp.		2,165		40,873
SK Networks Co. Ltd.		2,415		11,507
Xiamen C & D, Inc., Class A		9,400		11,780
Zall Smart Commerce Group Ltd.*		20,000		1,468
				1,479,856
Transportation Infrastructure – 1.1%
Adani Ports & Special Economic Zone Ltd.*		12,564		123,829
Airports of Thailand PCL		54,000		107,523
Airports of Thailand PCL, NVDR		25,500		50,775
Anhui Expressway Co. Ltd., Class H		144,000		101,045
Bangkok Expressway & Metro PCL, NVDR*		136,300		35,019
CCR SA		14,100		31,292
China Merchants Port Holdings Co. Ltd.		55,407		88,887
COSCO SHIPPING Ports Ltd.		856,749		720,314
EcoRodovias Infraestrutura e Logistica SA*		4,700		10,422
Evergreen International Storage & Transport Corp.		50,000		43,765
GMR Infrastructure Ltd.*		48,418		15,001

Investments	Shares		Value
Transportation Infrastructure – (continued)
Grupo Aeroportuario del Centro Norte SAB de CV*		4,105	$	25,630
Grupo Aeroportuario del Pacifico SAB de CV, Class B*		5,300		54,706
Grupo Aeroportuario del Sureste SAB de CV, Class B*		3,670		62,325
Guangzhou Baiyun International Airport Co. Ltd., Class A		4,700		8,831
International Container Terminal Services, Inc.		20,810		56,142
Jasa Marga Persero Tbk. PT		39,723		11,412
Jiangsu Expressway Co. Ltd., Class H		20,000		23,587
Lingkaran Trans Kota Holdings Bhd.		127,200		116,754
Malaysia Airports Holdings Bhd.		27,900		40,797
MMC Corp. Bhd.		461,100		124,944
Ningbo Zhoushan Port Co. Ltd., Class A		23,500		14,380
Novorossiysk Commercial Sea Port PJSC		1,470,796		144,873
Promotora y Operadora de Infraestructura SAB de CV		2,160		16,760
Qingdao Port International Co. Ltd., Class H(b)		47,000		28,926
Shanghai International Airport Co. Ltd., Class A		5,300		40,244
Shanghai International Port Group Co. Ltd., Class A		61,100		43,714
Shenzhen Airport Co. Ltd., Class A		9,400		12,390
Shenzhen Expressway Co. Ltd., Class A		9,400		14,453
Shenzhen Expressway Co. Ltd., Class H		22,000		22,830
Shenzhen International Holdings Ltd.		30,745		51,223
Shenzhen Investment Holdings Bay Area Development Co. Ltd.		265,000		105,429
Sichuan Expressway Co. Ltd., Class H(a)		318,000		75,336

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)
Transportation Infrastructure – (continued)
Taiwan High Speed Rail Corp.		54,000	$	60,799
TAV Havalimanlari Holding A/S*		90,259		234,247
Westports Holdings Bhd.		17,500		18,370
Yuexiu Transport Infrastructure Ltd.		530,000		326,181
Zhejiang Expressway Co. Ltd., Class H		742,000		645,811
				3,708,966
Water Utilities – 0.5%
Aguas Andinas SA, Class A		36,828		10,416
Beijing Enterprises Water Group Ltd.*		234,000		89,480
China Water Affairs Group Ltd.(a)		424,000		343,923
Chongqing Water Group Co. Ltd., Class A		18,800		15,455
Cia de Saneamento Basico do Estado de Sao Paulo*		4,700		37,061
Cia de Saneamento de Minas Gerais-COPASA		95,400		295,595
Cia de Saneamento do Parana*		127,200		494,709
Grandblue Environment Co. Ltd., Class A		4,700		17,256
Guangdong Investment Ltd.		36,000		55,436
Inversiones Aguas Metropolitanas SA		256,562		196,495
Luenmei Quantum Co. Ltd., Class A		9,400		13,203
				1,569,029
Wireless Telecommunication Services – 1.0%
Advanced Info Service PCL, NVDR		19,800		108,737
America Movil SAB de CV, Series L(a)		853,300		598,488
Axiata Group Bhd.		83,304		78,700
Bharti Airtel Ltd.		44,247		320,626
DiGi.Com Bhd.		68,900		70,474
Empresa Nacional de Telecomunicaciones SA		1,467		8,198

Investments	Shares		Value
Wireless Telecommunication Services – (continued)
Etihad Etisalat Co.*		5,160	$	42,586
Far EasTone Telecommunications Co. Ltd.*		30,000		69,917
Globe Telecom, Inc.		580		22,080
Indosat Tbk. PT*		588,300		267,779
Intouch Holdings PCL, NVDR		24,000		49,137
Maxis Bhd.		32,900		36,945
Mobile Telecommunications Co. KSCP		91,001		182,123
Mobile Telecommunications Co. Saudi Arabia*		15,090		60,922
Mobile TeleSystems PJSC		30,216		128,891
MTN Group Ltd.*		61,109		385,925
PLDT, Inc.		3,320		87,982
Sistema PJSFC		122,643		55,329
SK Telecom Co. Ltd.		1,511		412,270
Taiwan Mobile Co. Ltd.		30,000		107,400
TIM SA*		14,100		31,681
Total Access Communication PCL, NVDR		15,200		15,987
Turkcell Iletisim Hizmetleri A/S		41,075		73,511
Vodacom Group Ltd.		25,705		222,774
Vodafone Idea Ltd.*		97,468		10,987
				3,449,449
Total Common Stocks (Cost $243,433,707)				332,645,283
	Principal Amount
CORPORATE BONDS – 0.0%(d)
Food Products – 0.0%(d)
Britannia Industries Ltd. 8.00%, 8/28/2022		INR 2,231		31
Independent Power and Renewable Electricity Producers – 0.0%(d)
NTPC Ltd. Series 54, 8.49%, 3/25/2025		INR 49,126		11,838
Total Corporate Bonds (Cost $31)				11,869

See Accompanying Notes to the Financial Statements.

182 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Number of Rights		Value
RIGHTS – 0.0%(d)
Electronic Equipment, Instruments & Components –0.0%(d)
Supreme Electronics Co. Ltd., expiring 5/7/2021, price 32.00 TWD* (c)		17,331	$	6,205
Entertainment – 0.0%(d)
HYBE Co. Ltd., expiring 6/2/2021, price 200,000.00 KRW* (c)		14		541
Technology Hardware, Storage & Peripherals – 0.0%
Legend Holdings Corp., expiring 6/30/2021* ‡ (c)		4,192		—
Total Rights (Cost $—)				6,746
	Number of Warrants
WARRANTS – 0.0%(d)
Commercial Services & Supplies – 0.0%
Frontken Corp. Bhd., expiring 12/31/2025* ‡ (c)		9,600		—
Real Estate Management & Development – 0.0%(d)
MBK PCL, expiring 12/31/2024, price 3.00 THB* (c)		12,244		4,247
Total Warrants (Cost $—)				4,247

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS(e) – 0.7%
REPURCHASE AGREEMENTS – 0.7%
Citigroup Global Markets Ltd., 0.05%, dated 4/30/2021, due 5/3/2021, repurchase price $500,000, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 3.00%, maturing 5/15/2023 – 2/15/2049; Foreign Government Fixed Income Securities, 0.45%, maturing 8/19/2027; total market value $508,744	$	500,000	$	500,000
Citigroup Global Markets, Inc., 0.01%, dated 4/30/2021, due 5/3/2021, repurchase price $1,062,892, collateralized by various U.S. Treasury Securities, ranging from 0.88% – 5.00%, maturing 1/15/2028 –2/15/2047; total market value $1,072,480		1,062,892		1,062,892
Deutsche Bank AG, London Branch, 0.15%, dated 4/30/2021, due 5/3/2021, repurchase price $700,000, collateralized by various U.S. Treasury Securities, 0.13%, maturing 7/15/2030; Foreign Government Fixed Income Securities, ranging from 0.25% –3.13%, maturing 7/23/2021 –2/14/2031; total market value $710,799		700,000		700,000

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 183

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

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS(e) – (continued)
REPURCHASE AGREEMENTS – (continued)
NBC Global Finance Ltd., 0.19%, dated 4/30/2021, due 5/3/2021, repurchase price $200,000, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 4.38%, maturing 1/31/2023 –8/15/2050; Common Stocks; total market value $219,653	$	200,000	$	200,000
				2,462,892
Total Securities Lending Reinvestments (Cost $2,462,892)				2,462,892
Total Investments – 99.7% (Cost $245,896,630)				335,131,037
Other assets less liabilities – 0.3%				879,786
NET ASSETS – 100.0%			$	336,010,823

* Non-income producing security.

^ Security subject to restrictions on resale.

^‡  Value determined using significant unobservable inputs.

^(a) The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 was $13,947,664, collateralized in the form of cash with a value of $2,462,892 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $5,240,416 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.25%, and maturity dates ranging from May 11, 2021 – February 15, 2051 and $7,280,797 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 8.50%, and maturity dates ranging from July 7, 2021 – September 20, 2117; a total value of $14,984,105.

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

^(c)  Security fair valued as of April 30, 2021 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2021 amounted to $954,017, which represents approximately 0.28% 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, 2021. The total value of securities purchased was $2,462,892.

Percentages shown are based on Net Assets.

Abbreviations

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

NVDR – Non-Voting Depositary Receipt

OJSC – Open Joint Stock Company

PJSC – Public Joint Stock Company

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

SCA – Limited partnership with share capital

As of April 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments (including derivative instruments, if applicable) for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	101,216,101
Aggregate gross unrealized depreciation		(14,681,104	)
Net unrealized appreciation	$	86,534,997
Federal income tax cost	$	248,603,375

Futures Contracts

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund had the following open futures contracts as of April 30, 2021:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
MSCI Emerging Markets E-Mini Index		52		06/18/2021		USD	$	3,475,160	$	22,001

* 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.

184 FLEXSHARES SEMIANNUAL REPORT

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

Forward Foreign Currency Contracts

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund had the following outstanding contracts as of April 30, 2021:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
HKD	2,280,000	BNP Paribas SA	USD	293,245		06/16/2021	$	346
TWD*	10,800,000	Goldman Sachs & Co.	USD	381,558		06/16/2021		5,106
USD	353,818	Toronto-Dominion Bank (The)	HKD	2,746,137		06/16/2021		204
USD	240,540	Citibank NA	INR*	17,798,500		06/16/2021		1,928
USD	81,955	Goldman Sachs & Co.	RUB*	6,123,045		06/16/2021		880
Total unrealized appreciation							$	8,464
USD	57,712	Citibank NA	BRL*	339,553		06/16/2021	$	(4,647	)
USD	757,184	Citibank NA	KRW*	860,956,590		06/16/2021		(16,828	)
USD	416,943	Citibank NA	TWD*	11,676,120		06/16/2021		(1,088	)
USD	11,077	BNP Paribas SA	ZAR	170,000		06/17/2021		(567	)
Total unrealized depreciation							$	(23,130	)
Net unrealized depreciation							$	(14,666	)

* Non-deliverable forward. See Note 2 in the Notes to Financial Statements.

Abbreviations:

BRL – Brazilian Real

HKD – Hong Kong Dollar

INR – Indian Rupee

KRW – Korean Won

RUB – Russian Ruble

TWD – Taiwan Dollar

USD – US Dollar

ZAR – South African Rand

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 185

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

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, 2021:

Brazil	4.5	%
Chile	0.8
China	28.9
Colombia	0.5
Czech Republic	0.3
Egypt	0.3
Greece	0.8
Hungary	0.3
India	8.5
Indonesia	1.5
Kuwait	0.7
Malaysia	2.1
Mexico	2.0
Pakistan	0.5
Peru	0.3
Philippines	0.9
Poland	1.5
Qatar	0.8
Russia	3.7
Saudi Arabia	1.5
South Africa	4.7
South Korea	16.2
Taiwan	14.1
Thailand	2.0
Turkey	1.0
United Arab Emirates	0.6
Other1	1.0
	100.0	%

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

See Accompanying Notes to the Financial Statements.

186 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® US Quality Large Cap Index Fund

April 30, 2021 (Unaudited)

Investments	Shares			Value
COMMON STOCKS – 99.2%
Aerospace & Defense – 0.3%
Lockheed Martin Corp.		664		$	252,692
Air Freight & Logistics – 1.3%
Expeditors International of Washington, Inc.		4,814			528,866
United Parcel Service, Inc., Class B		3,569			727,576
					1,256,442
Automobiles – 1.2%
Tesla, Inc.*		1,591			1,128,719
Banks – 5.1%
Bank of America Corp.		14,940			605,518
Citigroup, Inc.		22,327			1,590,576
Citizens Financial Group, Inc.		11,786			545,456
M&T Bank Corp.		2,158			340,295
Wells Fargo & Co.		39,674			1,787,314
					4,869,159
Beverages – 0.6%
Monster Beverage Corp.*		5,644			547,750
Biotechnology – 2.6%
AbbVie, Inc.		–	(a)		45
Alexion Pharmaceuticals, Inc.*		830			140,004
Amgen, Inc.		5,312			1,272,968
Gilead Sciences, Inc.		5,312			337,153
Moderna, Inc.*		996			178,105
Novavax, Inc.* (b)		83			19,665
Regeneron Pharmaceuticals, Inc.*		205			98,666
Seagen, Inc.*		1,494			214,777
Vertex Pharmaceuticals, Inc.*		1,079			235,438
					2,496,821
Building Products – 1.3%
Lennox International, Inc.		880			295,099
Masco Corp.		7,138			455,975
Trane Technologies plc		2,490			432,837
					1,183,911
Capital Markets – 1.8%
Ameriprise Financial, Inc.		249			64,341

Investments	Shares		Value
Capital Markets – (continued)
Bank of New York Mellon Corp. (The)		9,628	$	480,245
Morgan Stanley		14,442		1,192,187
				1,736,773
Chemicals – 1.5%
Dow, Inc.		9,296		581,000
Sherwin-Williams Co. (The)		3,012		824,897
				1,405,897
Commercial Services & Supplies – 0.2%
Cintas Corp.		415		143,233
Communications Equipment – 1.6%
Cisco Systems, Inc.		29,133		1,483,161
Consumer Finance – 2.1%
American Express Co.		1,992		305,473
Capital One Financial Corp.		3,403		507,319
Discover Financial Services		5,312		605,568
Synchrony Financial		13,197		577,237
				1,995,597
Distributors – 0.6%
Pool Corp.		1,328		561,107
Diversified Financial Services – 1.6%
Berkshire Hathaway, Inc., Class B*		5,644		1,551,818
Diversified Telecommunication Services – 1.0%
AT&T, Inc.		14,940		469,265
Liberty Global plc, Class C*		913		24,706
Verizon Communications, Inc.		7,885		455,674
				949,645
Electric Utilities – 2.1%
Duke Energy Corp.		1,577		158,788
Exelon Corp.		12,865		578,153
Pinnacle West Capital Corp.		3,984		337,246
Southern Co. (The)		13,197		873,245
				1,947,432
Electrical Equipment – 1.1%
Eaton Corp. plc		2,407		344,032

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 187

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Electrical Equipment – (continued)
Emerson Electric Co.		996	$	90,128
Generac Holdings, Inc.*		996		322,654
Rockwell Automation, Inc.		1,079		285,137
				1,041,951
Energy Equipment & Services – 1.1%
Baker Hughes Co.		20,999		421,660
Halliburton Co.		6,059		118,514
Schlumberger NV		20,252		547,817
				1,087,991
Entertainment – 2.1%
Activision Blizzard, Inc.		9,545		870,408
Electronic Arts, Inc.		3,735		530,669
Netflix, Inc.*		198		101,667
Take-Two Interactive Software, Inc.*		2,573		451,253
				1,953,997
Equity Real Estate Investment Trusts (REITs) – 1.3%
Essex Property Trust, Inc.		115		33,410
Mid-America Apartment Communities, Inc.		249		39,175
Public Storage		2,075		583,407
Weyerhaeuser Co.		14,442		559,916
				1,215,908
Food & Staples Retailing – 0.3%
Walmart, Inc.		1,826		255,476
Food Products – 0.6%
Campbell Soup Co.		2,988		142,677
General Mills, Inc.		2,324		141,439
Kraft Heinz Co. (The)(b)		6,889		284,447
				568,563
Health Care Equipment & Supplies – 1.3%
Hologic, Inc.*		3,486		228,507
IDEXX Laboratories, Inc.*		1,078		591,811
Quidel Corp.* (b)		1,660		173,952
ResMed, Inc.		1,494		280,827
				1,275,097

Investments	Shares		Value
Health Care Providers & Services – 3.0%
AmerisourceBergen Corp.		581	$	70,185
Anthem, Inc.		415		157,447
Cardinal Health, Inc.		6,225		375,616
Cigna Corp.		332		82,671
DaVita, Inc.*		2,158		251,472
HCA Healthcare, Inc.		2,407		483,951
Humana, Inc.		332		147,820
McKesson Corp.		2,739		513,727
UnitedHealth Group, Inc.		1,909		761,309
				2,844,198
Health Care Technology – 0.5%
Cerner Corp.		6,059		454,728
Veeva Systems, Inc., Class A*		83		23,443
				478,171
Hotels, Restaurants & Leisure – 0.3%
Yum! Brands, Inc.		2,075		248,004
Household Durables – 1.0%
Lennar Corp., Class A		3,984		412,742
PulteGroup, Inc.		8,798		520,138
				932,880
Household Products – 2.4%
Colgate-Palmolive Co.		9,213		743,489
Procter & Gamble Co. (The)		11,122		1,483,897
				2,227,386
Independent Power and Renewable Electricity Producers – 0.6%
AES Corp. (The)		10,043		279,396
Vistra Corp.		18,094		305,246
				584,642
Industrial Conglomerates – 0.6%
Honeywell International, Inc.		2,656		592,394
Insurance – 2.4%
Aflac, Inc.		3,901		209,601
Allstate Corp. (The)		4,814		610,415
American International Group, Inc.		10,126		490,605
MetLife, Inc.		9,960		633,755
Prudential Financial, Inc.		2,988		299,875
				2,244,251

See Accompanying Notes to the Financial Statements.

188 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Interactive Media & Services – 7.7%
Alphabet, Inc., Class A*		1,097	$	2,581,789
Alphabet, Inc., Class C*		1,041		2,508,935
Facebook, Inc., Class A*		6,909		2,245,978
				7,336,702
Internet & Direct Marketing Retail – 3.9%
Amazon.com, Inc.*		799		2,770,469
eBay, Inc.		8,881		495,471
Etsy, Inc.*		2,241		445,488
				3,711,428
IT Services – 3.8%
Accenture plc, Class A		332		96,270
Cognizant Technology Solutions Corp., Class A		3,652		293,621
FleetCor Technologies, Inc.*		415		119,404
Jack Henry & Associates, Inc.		1,992		324,357
Mastercard, Inc., Class A		1,131		432,110
Paychex, Inc.		1,328		129,467
PayPal Holdings, Inc.*		498		130,620
Square, Inc., Class A*		332		81,280
VeriSign, Inc.*		913		199,737
Visa, Inc., Class A(b)		7,802		1,822,235
				3,629,101
Leisure Products – 0.1%
Peloton Interactive, Inc., Class A*		1,411		138,772
Life Sciences Tools & Services – 1.1%
Mettler-Toledo International, Inc.*		403		529,268
Waters Corp.*		1,743		522,673
				1,051,941
Machinery – 1.4%
Dover Corp.		332		49,531
Illinois Tool Works, Inc.		3,818		879,896
Parker-Hannifin Corp.		1,245		390,694
				1,320,121
Media – 2.4%
Charter Communications, Inc., Class A* (b)		1,743		1,173,824
Comcast Corp., Class A		5,561		312,250

Investments	Shares			Value
Media – (continued)
Discovery, Inc., Class A* (b)		6,806		$	256,314
Discovery, Inc., Class C*		2,075			67,043
Omnicom Group, Inc.		5,146			423,310
					2,232,741
Metals & Mining – 0.6%
Newmont Corp.		9,545			595,704
Multiline Retail – 1.1%
Target Corp.		5,229			1,083,763
Multi-Utilities – 1.1%
Public Service Enterprise Group, Inc.		8,964			566,166
WEC Energy Group, Inc.		4,814			467,777
					1,033,943
Oil, Gas & Consumable Fuels – 0.9%
Kinder Morgan, Inc.(b)		21,995			375,015
Occidental Petroleum Corp.		14,691			372,564
Williams Cos., Inc. (The)		6,059			147,597
					895,176
Pharmaceuticals – 4.1%
Eli Lilly and Co.		7,553			1,380,462
Johnson & Johnson		12,865			2,093,521
Merck & Co., Inc.		4,316			321,542
Pfizer, Inc.		1,494			57,743
Viatris, Inc.*		–	(a)		1
					3,853,269
Real Estate Management & Development – 0.6%
CBRE Group, Inc., Class A*		7,055			601,086
Road & Rail – 0.4%
Old Dominion Freight Line, Inc.		1,494			385,168
Semiconductors & Semiconductor Equipment – 5.0%
Advanced Micro Devices, Inc.* (b)		332			27,098
Broadcom, Inc.		1,204			549,265
Intel Corp.		15,936			916,798
KLA Corp.		767			241,874
Lam Research Corp.		1,487			922,609
Maxim Integrated Products, Inc.		1,909			179,446
Microchip Technology, Inc.		166			24,948
NVIDIA Corp.		165			99,063

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 189

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Semiconductors & Semiconductor Equipment – (continued)
QUALCOMM, Inc.		2,158	$	299,530
Texas Instruments, Inc.		8,383		1,513,215
				4,773,846
Software – 11.2%
Adobe, Inc.*		3,071		1,561,112
Autodesk, Inc.*		913		266,514
Check Point Software Technologies Ltd.*		3,652		426,590
Citrix Systems, Inc.		3,320		411,182
Fair Isaac Corp.*		465		242,456
Fortinet, Inc.*		3,071		627,190
Intuit, Inc.		3,233		1,332,513
Microsoft Corp.		14,857		3,746,638
Oracle Corp.		22,493		1,704,745
SS&C Technologies Holdings, Inc.		249		18,481
Zoom Video Communications, Inc., Class A*		951		303,911
				10,641,332
Specialty Retail – 1.9%
Best Buy Co., Inc.		2,905		337,764
Home Depot, Inc. (The)		2,573		832,803
Lowe’s Cos., Inc.		3,071		602,684
				1,773,251
Technology Hardware, Storage & Peripherals – 7.1%
Apple, Inc.		50,879		6,688,553
NetApp, Inc.		830		61,993
				6,750,546
Tobacco – 0.8%
Altria Group, Inc.		1,660		79,265
Philip Morris International, Inc.		6,723		638,685
				717,950
Trading Companies & Distributors – 0.5%
United Rentals, Inc.*		756		241,882
WW Grainger, Inc.		535		231,944
				473,826
Total Common Stocks (Cost $69,814,232)				94,060,732

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS(c) – 0.3%
REPURCHASE AGREEMENTS – 0.3%
Citigroup Global Markets Ltd., 0.05%, dated 4/30/2021, due 5/3/2021, repurchase price $70,000, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 3.00%, maturing 5/15/2023 –2/15/2049; Foreign Government Fixed Income Securities, 0.45%, maturing 8/19/2027; total market value $71,224	$	70,000	$	70,000
Citigroup Global Markets, Inc., 0.01%, dated 4/30/2021, due 5/3/2021, repurchase price $193,694, collateralized by various U.S. Treasury Securities, ranging from 0.88% – 5.00%, maturing 1/15/2028 –2/15/2047; total market value $195,441		193,694		193,694
				263,694
Total Securities Lending Reinvestments (Cost $263,694)				263,694
Total Investments – 99.5% (Cost $70,077,926)				94,324,426
Other assets less liabilities – 0.5%				506,884
NET ASSETS – 100.0%			$	94,831,310

* Non-income producing security.

^(a) Amount represents less than one share.

^(b)  The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 was $3,999,717, collateralized in the form of cash with a value of $263,694 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $3,687,398 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.25%, and maturity dates ranging from May 27, 2021 – February 15, 2051 and $175,864 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% –5.75%, and maturity dates ranging from July 7, 2021 –September 20, 2117; a total value of $4,126,956.

^(c)  The security was purchased with cash collateral held from securities on loan at April 30, 2021. The total value of securities purchased was $263,694.

See Accompanying Notes to the Financial Statements.

190 FLEXSHARES SEMIANNUAL REPORT

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

Percentages shown are based on Net Assets.

As of April 30, 2021, 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	$	25,001,682
Aggregate gross unrealized depreciation		(724,042	)
Net unrealized appreciation	$	24,277,640
Federal income tax cost	$	70,089,033

Futures Contracts

FlexShares^® US Quality Large Cap Index Fund had the following open futures contracts as of April 30, 2021:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
S&P 500 E-Mini Index		3		06/18/2021		USD		$626,160		$42,247

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

Abbreviations:

USD – US Dollar

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 191

Schedule of Investments

FlexShares^® STOXX^® US ESG Select Index Fund

April 30, 2021 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 98.9%
Aerospace & Defense – 0.1%
Teledyne Technologies, Inc.*		210	$	94,027
Air Freight & Logistics – 0.2%
CH Robinson Worldwide, Inc.		840		81,547
FedEx Corp.		1,260		365,791
				447,338
Airlines – 0.1%
Southwest Airlines Co.*		2,520		158,206
United Airlines Holdings, Inc.*		1,260		68,544
				226,750
Auto Components – 0.1%
Aptiv plc*		1,050		151,084
BorgWarner, Inc.(a)		420		20,404
				171,488
Automobiles – 3.1%
Ford Motor Co.*		12,250		141,365
General Motors Co.*		12,390		708,956
Tesla, Inc.*		6,580		4,668,115
				5,518,436
Banks – 6.4%
Bank of America Corp.		78,330		3,174,715
Citigroup, Inc.		21,070		1,501,027
Fifth Third Bancorp		6,230		252,564
Huntington Bancshares, Inc.(a)		4,620		70,778
JPMorgan Chase & Co.		31,080		4,780,415
KeyCorp		9,450		205,632
PNC Financial Services Group, Inc. (The)		3,710		693,584
Regions Financial Corp.		3,360		73,248
US Bancorp		10,850		643,948
				11,395,911
Beverages – 2.0%
Coca-Cola Co. (The)		26,950		1,454,761
Coca-Cola European Partners plc		1,750		99,435
PepsiCo, Inc.		13,790		1,987,966
				3,542,162

Investments	Shares		Value
Biotechnology – 2.4%
AbbVie, Inc.		15,050	$	1,678,075
Amgen, Inc.		3,920		939,389
Biogen, Inc.*		1,050		280,696
Gilead Sciences, Inc.		10,080		639,778
Regeneron Pharmaceuticals, Inc.*		700		336,910
Vertex Pharmaceuticals, Inc.*		1,820		397,124
				4,271,972
Building Products – 0.4%
Allegion plc		560		75,253
Fortune Brands Home & Security, Inc.		490		51,440
Johnson Controls International plc		2,940		183,280
Lennox International, Inc.		210		70,421
Trane Technologies plc		1,820		316,371
				696,765
Capital Markets – 3.0%
Bank of New York Mellon Corp. (The)		3,430		171,089
BlackRock, Inc.		1,470		1,204,371
CME Group, Inc.		1,680		339,343
Goldman Sachs Group, Inc. (The)		3,500		1,219,575
Morgan Stanley		14,420		1,190,371
Raymond James Financial, Inc.		560		73,237
S&P Global, Inc.(a)		1,960		765,164
State Street Corp.		3,360		282,072
T. Rowe Price Group, Inc.		630		112,896
				5,358,118
Chemicals – 1.3%
Air Products and Chemicals, Inc.		1,050		302,904
Celanese Corp.		1,190		186,413
DuPont de Nemours, Inc.		910		70,170
Eastman Chemical Co.		700		80,773
Ecolab, Inc.		2,310		517,717
International Flavors & Fragrances, Inc.		1,960		278,653
LyondellBasell Industries NV, Class A		1,120		116,189
PPG Industries, Inc.		1,400		239,736
Sherwin-Williams Co. (The)		1,680		460,102
				2,252,657

See Accompanying Notes to the Financial Statements.

192 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Commercial Services & Supplies – 0.2%
Cintas Corp.		840	$	289,918
Communications Equipment – 1.1%
Cisco Systems, Inc.		35,070		1,785,414
Motorola Solutions, Inc.		1,400		263,620
				2,049,034
Consumer Finance – 0.5%
Capital One Financial Corp.		4,060		605,265
Synchrony Financial		4,620		202,079
				807,344
Containers & Packaging – 0.3%
Amcor plc		5,110		60,043
Ball Corp.		2,380		222,863
International Paper Co.		1,890		109,620
Packaging Corp. of America		770		113,690
Westrock Co.		1,820		101,465
				607,681
Distributors – 0.0%(b)
Genuine Parts Co.		210		26,244
Diversified Telecommunication Services – 2.4%
AT&T, Inc.		59,150		1,857,901
Lumen Technologies, Inc.		8,750		112,263
Verizon Communications, Inc.		41,650		2,406,953
				4,377,117
Electric Utilities – 1.1%
Alliant Energy Corp.		1,470		82,570
Duke Energy Corp.		4,690		472,236
Entergy Corp.		1,400		153,006
Eversource Energy		3,080		265,558
FirstEnergy Corp.		3,570		135,374
NextEra Energy, Inc.		9,520		737,895
PPL Corp.		4,690		136,620
				1,983,259
Electrical Equipment – 0.7%
Eaton Corp. plc		3,220		460,235
Emerson Electric Co.		5,740		519,412
Rockwell Automation, Inc.		700		184,982

Investments	Shares		Value
Electrical Equipment – (continued)
Sunrun, Inc.* (a)		1,890	$	92,610
				1,257,239
Electronic Equipment, Instruments & Components – 0.3%
Amphenol Corp., Class A		6,440		433,670
Trimble, Inc.*		2,240		183,680
				617,350
Energy Equipment & Services – 0.3%
Halliburton Co.		7,350		143,766
Schlumberger NV		14,980		405,209
				548,975
Entertainment – 1.8%
Roku, Inc.*		560		192,063
Spotify Technology SA*		700		176,484
Take-Two Interactive Software, Inc.*		280		49,107
Walt Disney Co. (The)*		15,470		2,877,729
				3,295,383
Equity Real Estate Investment Trusts (REITs) – 2.1%
American Tower Corp.		1,610		410,180
AvalonBay Communities, Inc.		1,120		215,040
Boston Properties, Inc.		490		53,581
Digital Realty Trust, Inc.(a)		2,030		313,249
Equity LifeStyle Properties, Inc.		2,030		140,882
Essex Property Trust, Inc.		630		183,028
Healthpeak Properties, Inc.		6,370		218,746
Host Hotels & Resorts, Inc.*		6,510		118,222
Prologis, Inc.		6,510		758,610
Public Storage		1,610		452,668
Ventas, Inc.		1,470		81,526
Welltower, Inc.		3,920		294,118
Weyerhaeuser Co.		7,350		284,959
WP Carey, Inc.(a)		1,960		146,784
				3,671,593
Food & Staples Retailing – 0.6%
Kroger Co. (The)(a)		4,410		161,141
Walgreens Boots Alliance, Inc.		3,010		159,831
Walmart, Inc.		4,970		695,353
				1,016,325

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 193

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Food Products – 0.6%
Archer-Daniels-Midland Co.		2,450	$	154,669
General Mills, Inc.		4,690		285,433
Hershey Co. (The)		1,400		230,020
Hormel Foods Corp.		980		45,276
J M Smucker Co. (The)		700		91,693
Kellogg Co.		2,380		148,560
McCormick & Co., Inc. (Non-Voting)		840		75,902
				1,031,553
Health Care Equipment & Supplies – 4.0%
Abbott Laboratories		14,700		1,765,176
ABIOMED, Inc.*		350		112,256
Align Technology, Inc.*		420		250,123
Baxter International, Inc.		3,080		263,925
Becton Dickinson and Co.		1,890		470,251
Boston Scientific Corp.*		11,760		512,736
Danaher Corp.		4,620		1,173,203
Edwards Lifesciences Corp.*		4,620		441,302
Hologic, Inc.*		1,750		114,712
Medtronic plc		9,310		1,218,865
ResMed, Inc.		840		157,895
STERIS plc		280		59,086
Stryker Corp.		1,260		330,914
Zimmer Biomet Holdings, Inc.		1,890		334,832
				7,205,276
Health Care Providers & Services – 2.6%
AmerisourceBergen Corp.		770		93,016
Anthem, Inc.		2,520		956,063
Cigna Corp.		1,330		331,183
Humana, Inc.		630		280,501
Laboratory Corp. of America Holdings*		490		130,276
McKesson Corp.		840		157,551
Quest Diagnostics, Inc.		910		120,011
UnitedHealth Group, Inc.		6,370		2,540,356
				4,608,957
Health Care Technology – 0.3%
Cerner Corp.		1,610		120,830
Veeva Systems, Inc., Class A*		1,260		355,887
				476,717

Investments	Shares		Value
Hotels, Restaurants & Leisure – 1.6%
Carnival Corp.*		1,470	$	41,101
Darden Restaurants, Inc.		490		71,893
Domino’s Pizza, Inc.		140		59,128
Hilton Worldwide Holdings, Inc.*		2,380		306,306
Marriott International, Inc., Class A*		3,010		447,045
McDonald’s Corp.		3,920		925,434
MGM Resorts International		3,220		131,118
Royal Caribbean Cruises Ltd.*		350		30,432
Starbucks Corp.		6,230		713,273
Yum! Brands, Inc.		1,820		217,526
				2,943,256
Household Products – 2.0%
Clorox Co. (The)		560		102,200
Kimberly-Clark Corp.		1,540		205,313
Procter & Gamble Co. (The)		24,710		3,296,808
				3,604,321
Independent Power and Renewable Electricity Producers – 0.1%
AES Corp. (The)		3,500		97,370
Industrial Conglomerates – 1.5%
3M Co.		5,880		1,159,183
General Electric Co.		89,670		1,176,471
Roper Technologies, Inc.		630		281,257
				2,616,911
Insurance – 1.4%
Aflac, Inc.		6,160		330,977
Allstate Corp. (The)		2,520		319,536
Aon plc, Class A(a)		1,400		352,016
Arthur J Gallagher & Co.		630		91,319
Chubb Ltd.		2,450		420,396
Hartford Financial Services Group, Inc. (The)		3,640		240,094
Principal Financial Group, Inc.		2,940		187,778
Progressive Corp. (The)		2,660		267,968
Travelers Cos., Inc. (The)		1,890		292,307
				2,502,391
Interactive Media & Services – 7.4%
Alphabet, Inc., Class C*		3,150		7,591,878
Facebook, Inc., Class A*		16,310		5,302,055

See Accompanying Notes to the Financial Statements.

194 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Interactive Media & Services – (continued)
Snap, Inc., Class A* (a)		4,200	$	259,644
				13,153,577
Internet & Direct Marketing Retail – 5.6%
Amazon.com, Inc.*		2,696		9,348,164
eBay, Inc.		4,690		261,655
Etsy, Inc.*		1,260		250,476
Farfetch Ltd., Class A*		1,330		65,157
				9,925,452
IT Services – 4.0%
Accenture plc, Class A		6,790		1,968,896
Akamai Technologies, Inc.*		630		68,481
Amdocs Ltd.		1,120		85,949
Automatic Data Processing, Inc.		3,010		562,840
Broadridge Financial Solutions, Inc.		420		66,625
Cognizant Technology Solutions Corp., Class A		2,730		219,492
EPAM Systems, Inc.*		350		160,212
Fidelity National Information Services, Inc.		3,010		460,229
International Business Machines Corp.		8,820		1,251,382
Mastercard, Inc., Class A		6,020		2,300,001
Wix.com Ltd.*		280		89,006
				7,233,113
Leisure Products – 0.1%
Hasbro, Inc.		980		97,461
Life Sciences Tools & Services – 1.1%
Agilent Technologies, Inc.		2,800		374,192
Avantor, Inc.*		4,130		132,325
Bio-Rad Laboratories, Inc., Class A*		140		88,218
Charles River Laboratories International, Inc.*		280		93,086
Illumina, Inc.*		980		384,984
Mettler-Toledo International, Inc.*		210		275,797
Thermo Fisher Scientific, Inc.		1,330		625,406
				1,974,008
Machinery – 1.8%
Caterpillar, Inc.		5,600		1,277,416

Investments	Shares		Value
Machinery – (continued)
Cummins, Inc.		1,050	$	264,642
Deere & Co.		1,120		415,352
Dover Corp.		910		135,763
IDEX Corp.		210		47,082
Illinois Tool Works, Inc.		980		225,851
Nordson Corp.		70		14,799
PACCAR, Inc.		3,570		320,871
Parker-Hannifin Corp.		770		241,634
Snap-on, Inc.		70		16,632
Stanley Black & Decker, Inc.		700		144,739
Xylem, Inc.		630		69,709
				3,174,490
Media – 1.3%
Comcast Corp., Class A		38,010		2,134,262
Omnicom Group, Inc.		2,590		213,053
				2,347,315
Metals & Mining – 0.4%
Freeport-McMoRan, Inc.		7,140		269,249
Newmont Corp.		6,300		393,183
Nucor Corp.		560		46,066
				708,498
Mortgage Real Estate Investment Trusts (REITs) – 0.0%(b)
Annaly Capital Management, Inc.		5,950		54,026
Multiline Retail – 0.5%
Dollar General Corp.		700		150,325
Target Corp.		3,430		710,902
				861,227
Multi-Utilities – 0.5%
Dominion Energy, Inc.		3,710		296,429
Sempra Energy		2,240		308,157
WEC Energy Group, Inc.		2,380		231,264
				835,850
Oil, Gas & Consumable Fuels – 3.2%
Chevron Corp.		19,250		1,984,097
ConocoPhillips		11,970		612,146
Devon Energy Corp.		560		13,093
Exxon Mobil Corp.		42,350		2,424,114
Hess Corp.		1,330		99,098

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 195

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Oil, Gas & Consumable Fuels – (continued)
Occidental Petroleum Corp.		4,760	$	120,713
Phillips 66		2,870		232,212
Valero Energy Corp.		2,380		176,025
				5,661,498
Personal Products – 0.3%
Estee Lauder Cos., Inc. (The), Class A		1,960		615,048
Pharmaceuticals – 2.7%
Bristol-Myers Squibb Co.		19,180		1,197,216
Catalent, Inc.*		1,120		125,966
Eli Lilly and Co.		7,000		1,279,390
Merck & Co., Inc.		21,210		1,580,145
Pfizer, Inc.		18,270		706,135
				4,888,852
Professional Services – 0.1%
Booz Allen Hamilton Holding Corp.		910		75,484
Leidos Holdings, Inc.		420		42,538
				118,022
Real Estate Management & Development – 0.2%
CBRE Group, Inc., Class A*		3,360		286,272
Semiconductors & Semiconductor Equipment – 6.2%
Advanced Micro Devices, Inc.* (a)		7,770		634,187
Analog Devices, Inc.(a)		2,030		310,915
Applied Materials, Inc.		4,550		603,831
Broadcom, Inc.		1,400		638,680
Cree, Inc.*		770		76,553
Intel Corp.		41,650		2,396,125
Lam Research Corp.		1,260		781,767
Maxim Integrated Products, Inc.		1,120		105,280
Micron Technology, Inc.*		9,170		789,262
NVIDIA Corp.		3,080		1,849,170
ON Semiconductor Corp.*		2,800		109,200
QUALCOMM, Inc.		5,530		767,564
Skyworks Solutions, Inc.(a)		700		126,931
Teradyne, Inc.		840		105,067
Texas Instruments, Inc.		9,380		1,693,184
				10,987,716

Investments	Shares		Value
Software – 9.0%
Adobe, Inc.*		4,060	$	2,063,860
Autodesk, Inc.*		2,170		633,445
Citrix Systems, Inc.		420		52,017
Crowdstrike Holdings, Inc., Class A* (a)		1,120		233,531
Fortinet, Inc.*		560		114,369
Intuit, Inc.		1,820		750,131
Microsoft Corp.		35,140		8,861,605
NortonLifeLock, Inc.		2,730		58,995
Oracle Corp.		19,040		1,443,042
PTC, Inc.*		700		91,658
salesforce.com, Inc.*		6,090		1,402,649
Splunk, Inc.*		910		115,042
Synopsys, Inc.*		910		224,825
VMware, Inc., Class A* (a)		350		56,290
				16,101,459
Specialty Retail – 3.3%
Advance Auto Parts, Inc.		70		14,011
AutoZone, Inc.*		140		204,977
Best Buy Co., Inc.		2,380		276,723
Burlington Stores, Inc.*		770		251,274
Home Depot, Inc. (The)		10,990		3,557,133
Lowe’s Cos., Inc.		5,040		989,100
TJX Cos., Inc. (The)		9,660		685,860
				5,979,078
Technology Hardware, Storage & Peripherals – 5.7%
Apple, Inc.		68,600		9,018,157
Dell Technologies, Inc., Class C*		1,330		130,779
Hewlett Packard Enterprise Co.		11,480		183,910
HP, Inc.		14,140		482,315
NetApp, Inc.		1,750		130,708
Western Digital Corp.*		3,010		212,596
				10,158,465
Textiles, Apparel & Luxury Goods – 0.5%
Lululemon Athletica, Inc.*		980		328,565
NIKE, Inc., Class B		4,200		557,004
VF Corp.		840		73,634
				959,203
Tobacco – 0.2%
Altria Group, Inc.		6,930		330,907

See Accompanying Notes to the Financial Statements.

196 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Trading Companies & Distributors – 0.0%(b)
WW Grainger, Inc.		210	$	91,043
Water Utilities – 0.1%
American Water Works Co., Inc.		1,610		251,144
Wireless Telecommunication Services – 0.1%
T-Mobile US, Inc.*		1,750		231,228
Total Common Stocks (Cost $142,973,220)				176,634,790
	Principal Amout
SECURITIES LENDING REINVESTMENTS(c) – 0.0%(b)
REPURCHASE AGREEMENTS – 0.0%(b)
Citigroup Global Markets Ltd., 0.05%, dated 4/30/2021, due 5/3/2021, repurchase price $25,000, collateralized by various U.S. Treasury Securities, ranging from 0.00% –3.00%, maturing 5/15/2023 –2/15/2049; Foreign Government Fixed Income Securities, 0.45%, maturing 8/19/2027; total market value $25,437	$	25,000		25,000
Citigroup Global Markets, Inc., 0.01%, dated 4/30/2021, due 5/3/2021, repurchase price $32,104, collateralized by various U.S. Treasury Securities, ranging from 0.88% –5.00%, maturing 1/15/2028 –2/15/2047; total market value $32,394		32,104		32,104
				57,104
Total Securities Lending Reinvestments (Cost $57,104)				57,104
Total Investments – 98.9% (Cost $143,030,324)				176,691,894
Other assets less liabilities – 1.1%				1,922,041
NET ASSETS – 100.0%			$	178,613,935

* Non-income producing security.

^(a)  The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 was $3,033,560, collateralized in the form of cash with a value of $57,104 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $3,080,727 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.25%, and maturity dates ranging from May 11, 2021 – February 15, 2051; a total value of $3,137,831.

^(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, 2021. The total value of securities purchased was $57,104.

Percentages shown are based on Net Assets.

As of April 30, 2021, 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	$	34,119,581
Aggregate gross unrealized depreciation		(348,823	)
Net unrealized appreciation	$	33,770,758
Federal income tax cost	$	143,032,058

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 197

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

Futures Contracts

FlexShares^® STOXX^® US ESG Select Index Fund had the following open futures contracts as of April 30, 2021:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
S&P 500 E-Mini Index		9		06/18/2021		USD	$	1,878,480	$	110,922

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

Abbreviations:

USD – US Dollar

See Accompanying Notes to the Financial Statements.

198 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® STOXX^® Global ESG Select Index Fund

April 30, 2021 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 98.2%
Aerospace & Defense – 0.0%(a)
Meggitt plc*		9,375	$	60,488
Air Freight & Logistics – 0.3%
CH Robinson Worldwide, Inc.		600		58,248
Deutsche Post AG (Registered)		3,302		194,594
DSV Panalpina A/S		1,400		312,627
				565,469
Airlines – 0.1%
ANA Holdings, Inc.* (b)		2,500		57,294
Deutsche Lufthansa AG (Registered)*		147		1,900
International Consolidated Airlines Group SA*		25,500		71,601
Qantas Airways Ltd.*		4,092		15,646
Ryanair Holdings plc*		962		19,571
Singapore Airlines Ltd.*		7,800		29,666
				195,678
Auto Components – 0.5%
Bridgestone Corp.		5,200		208,228
Cie Generale des Etablissements Michelin SCA		962		139,372
Continental AG		825		111,867
Denso Corp.		2,500		161,452
Faurecia SE(b)		144		7,756
Magna International, Inc.		1,300		122,666
Nokian Renkaat OYJ		63		2,349
Valeo SA		1,872		60,710
				814,400
Automobiles – 3.6%
Bayerische Motoren Werke AG		1,820		182,722
Daimler AG (Registered)		3,796		338,381
Ferrari NV		450		96,506
General Motors Co.*		8,325		476,356
Honda Motor Co. Ltd.		10,400		307,514
Nissan Motor Co. Ltd.*		8,300		41,589
Renault SA*		1,026		41,407
Stellantis NV		8,844		147,065
Subaru Corp.		5,000		92,745

Investments	Shares		Value
Automobiles – (continued)
Suzuki Motor Corp.(b)		2,500	$	94,849
Tesla, Inc.*		4,350		3,086,064
Toyota Motor Corp.		15,000		1,115,274
Volkswagen AG (Preference)		728		189,908
				6,210,380
Banks – 8.9%
ABN AMRO Bank NV, CVA(c)		462		5,978
Australia & New Zealand Banking Group Ltd.		9,516		211,257
Banco Bilbao Vizcaya Argentaria SA		39,390		221,464
Banco de Sabadell SA*		98,514		62,545
Banco Santander SA		111,100		429,981
Bank of America Corp.		62,850		2,547,311
Bank of Ireland Group plc* (b)		15,250		89,624
Bank of Montreal		1,898		178,985
Bank of Nova Scotia (The)		3,025		192,462
Bankinter SA		231		1,267
Barclays plc		87,542		212,717
BAWAG Group AG(c)		1,196		64,702
BNP Paribas SA*		5,252		337,551
CaixaBank SA*		16,562		53,173
Canadian Imperial Bank of Commerce		1,300		135,030
Citigroup, Inc.		16,744		1,192,843
Commerzbank AG*		5,538		36,607
Commonwealth Bank of Australia		13,416		922,738
DBS Group Holdings Ltd.		5,231		117,603
DNB ASA		7,332		158,012
Erste Group Bank AG		338		12,044
Fifth Third Bancorp		3,225		130,742
Hang Seng Bank Ltd.(b)		2,600		51,050
HSBC Holdings plc		137,200		860,140
ING Groep NV		15,288		195,631
Intesa Sanpaolo SpA*		101,140		282,587
JPMorgan Chase & Co.		16,750		2,576,317
KBC Group NV*		675		52,508
KeyCorp		4,394		95,613
Lloyds Banking Group plc		452,325		284,544
Mitsubishi UFJ Financial Group, Inc.		53,200		281,319

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 199

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Banks – (continued)
National Australia Bank Ltd.		14,404	$	296,629
Natwest Group plc		18,694		50,886
Nordea Bank Abp		6,526		67,886
PNC Financial Services Group, Inc. (The)		1,846		345,110
Royal Bank of Canada		4,966		473,550
Skandinaviska Enskilda Banken AB, Class A		8,375		107,612
Societe Generale SA*		6,250		178,087
Standard Chartered plc		20,700		148,918
Svenska Handelsbanken AB, Class A		7,358		85,434
Toronto-Dominion Bank (The)		6,136		421,470
UniCredit SpA		9,178		94,597
United Overseas Bank Ltd.		2,600		51,965
US Bancorp		6,550		388,743
Westpac Banking Corp.		25,275		487,701
				15,192,933
Beverages – 2.0%
Anheuser-Busch InBev SA/NV		3,200		226,623
Asahi Group Holdings Ltd.		2,600		108,586
Carlsberg A/S, Class B		312		54,823
Coca-Cola Amatil Ltd.(d)		3,094		31,787
Coca-Cola Co. (The)		17,250		931,155
Coca-Cola European Partners plc		988		56,138
Coca-Cola HBC AG, DI		189		6,547
Diageo plc		6,000		270,070
Heineken Holding NV		364		36,194
Heineken NV(b)		1,326		153,941
Kirin Holdings Co. Ltd.		5,300		99,425
PepsiCo, Inc.		8,075		1,164,092
Pernod Ricard SA		1,222		251,107
Remy Cointreau SA(b)		52		10,404
Suntory Beverage & Food Ltd.		100		3,376
Thai Beverage PCL		4,200		2,257
Treasury Wine Estates Ltd.		11,050		85,697
				3,492,222
Biotechnology – 1.8%
AbbVie, Inc.		6,969		777,029
Amgen, Inc.		2,625		629,055

Investments	Shares		Value
Biotechnology – (continued)
Biogen, Inc.*		500	$	133,665
CSL Ltd.		2,575		539,353
Gilead Sciences, Inc.		7,750		491,893
Grifols SA		50		1,357
Regeneron Pharmaceuticals, Inc.*		500		240,650
Vertex Pharmaceuticals, Inc.*		925		201,835
				3,014,837
Building Products – 0.6%
AGC, Inc.		2,600		118,458
Assa Abloy AB, Class B		5,200		148,391
Cie de Saint-Gobain		3,588		226,760
Daikin Industries Ltd.		1,200		240,758
Geberit AG (Registered)		182		119,810
Lixil Corp.(b)		2,600		70,432
Trane Technologies plc		950		165,138
				1,089,747
Capital Markets – 2.7%
BlackRock, Inc.		950		778,335
Brookfield Asset Management, Inc., Class A		5,798		264,072
Credit Suisse Group AG (Registered)(b)		12,075		126,383
Goldman Sachs Group, Inc. (The)		2,750		958,237
Hong Kong Exchanges & Clearing Ltd.		2,627		158,969
Intermediate Capital Group plc		2,425		73,396
Julius Baer Group Ltd.		728		45,913
London Stock Exchange Group plc		1,425		146,001
Macquarie Group Ltd.		2,418		299,761
Morgan Stanley		9,425		778,034
Natixis SA		84		411
S&P Global, Inc.		1,066		416,156
Standard Life Aberdeen plc		15,314		58,838
State Street Corp.		1,794		150,606
UBS Group AG (Registered)		23,050		351,923
				4,607,035
Chemicals – 1.6%
Air Liquide SA		1,541		259,930

See Accompanying Notes to the Financial Statements.

200 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Chemicals – (continued)
Akzo Nobel NV		1,196	$	143,859
Arkema SA		650		81,377
Asahi Kasei Corp.		7,500		79,011
BASF SE		2,275		183,708
Celanese Corp.		520		81,458
Chr Hansen Holding A/S*		1,100		101,246
Clariant AG (Registered)		300		6,287
Croda International plc		553		51,789
Ecolab, Inc.		1,075		240,929
Evonik Industries AG		1,898		66,534
Givaudan SA (Registered)		26		109,012
Hexpol AB(b)		1,820		22,396
International Flavors & Fragrances, Inc.		936		133,071
Johnson Matthey plc		126		5,670
Koninklijke DSM NV		1,000		179,607
Mitsubishi Chemical Holdings Corp.(b)		13,100		97,496
Mitsui Chemicals, Inc.		2,700		84,973
Nippon Paint Holdings Co. Ltd.		3,500		50,016
Novozymes A/S, Class B		962		68,565
Orica Ltd.		200		2,095
PPG Industries, Inc.		728		124,663
Sherwin-Williams Co. (The)		600		164,322
Sika AG (Registered)		675		201,601
Solvay SA		78		9,934
Symrise AG		286		36,976
Yara International ASA		1,900		99,411
				2,685,936
Commercial Services & Supplies – 0.3%
Brambles Ltd.		6,500		52,218
Cintas Corp.		390		134,605
Downer EDI Ltd.		1,237		5,379
Elis SA*		168		3,009
ISS A/S*		63		1,198
Rentokil Initial plc		12,064		83,583
Secom Co. Ltd.		1,700		141,157
SPIE SA*		858		21,711
				442,860

Investments	Shares		Value
Communications Equipment – 0.2%
Nokia OYJ*		19,734	$	93,657
Telefonaktiebolaget LM Ericsson, Class B		14,586		199,994
				293,651
Construction & Engineering – 0.3%
Bouygues SA(b)		1,612		69,160
Eiffage SA*		884		96,966
Ferrovial SA		1,469		41,805
Obayashi Corp.		2,600		23,715
Skanska AB, Class B		2,400		65,168
Vinci SA		1,979		217,744
				514,558
Construction Materials – 0.3%
Boral Ltd.* (b)		17,498		83,801
CRH plc		3,614		170,671
HeidelbergCement AG		825		75,697
LafargeHolcim Ltd. (Registered)*		2,216		136,792
Wienerberger AG		494		19,398
				486,359
Consumer Finance – 0.3%
Capital One Financial Corp.		2,678		399,237
Synchrony Financial		1,976		86,430
				485,667
Containers & Packaging – 0.2%
Ball Corp.		1,550		145,142
DS Smith plc		567		3,303
Orora Ltd.		1,625		3,992
Packaging Corp. of America		546		80,617
Smurfit Kappa Group plc		910		46,623
				279,677
Diversified Financial Services – 0.1%
EXOR NV		650		53,458
Groupe Bruxelles Lambert SA(b)		676		74,037
Kinnevik AB, Class B* (b)		1,196		66,195
L E Lundbergforetagen AB, Class B		858		49,091
Wendel SE		42		5,597
				248,378

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 201

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Diversified Telecommunication Services – 0.7%
BT Group plc*		30,862	$	70,483
Cellnex Telecom SA(b) (c)		3,020		171,013
Deutsche Telekom AG (Registered)		17,056		328,512
Elisa OYJ		702		39,879
Koninklijke KPN NV		23,946		82,616
Orange SA		4,925		61,362
Proximus SADP(b)		84		1,793
Singapore Telecommunications Ltd.		10,800		20,295
Spark New Zealand Ltd.		13,085		41,309
Swisscom AG (Registered)(b)		156		84,718
Telecom Italia SpA		6,132		3,368
Telenor ASA		4,186		74,795
Telia Co. AB		3,562		14,761
Telstra Corp. Ltd.		78,550		205,691
TELUS Corp.		3,268		67,740
				1,268,335
Electric Utilities – 1.2%
Chubu Electric Power Co., Inc.		7,500		90,607
CK Infrastructure Holdings Ltd.		4,500		27,579
CLP Holdings Ltd.		5,000		49,344
Duke Energy Corp.		2,366		238,233
EDP – Energias de Portugal SA		7,350		40,895
Electricite de France SA*		5,876		85,731
Endesa SA		676		17,789
Enel SpA		22,906		227,956
Entergy Corp.		806		88,088
Eversource Energy		1,825		157,351
FirstEnergy Corp.		2,704		102,536
Fortum OYJ		2,340		61,549
Iberdrola SA		29,100		393,569
Orsted A/S(c)		900		131,438
Red Electrica Corp. SA		125		2,298
SSE plc		5,525		112,297
Terna Rete Elettrica Nazionale SpA		8,918		65,808
Verbund AG		1,025		84,275
				1,977,343

Investments	Shares		Value
Electrical Equipment – 1.1%
ABB Ltd. (Registered)		9,256	$	300,905
Eaton Corp. plc		1,924		274,997
Emerson Electric Co.		2,850		257,896
Legrand SA		1,175		114,572
Nidec Corp.		4,300		497,841
Prysmian SpA		1,400		43,903
Schneider Electric SE(b)		1,768		283,109
Signify NV* (c)		286		16,288
Vestas Wind Systems A/S		3,625		151,510
				1,941,021
Electronic Equipment, Instruments & Components – 1.1%
Alps Alpine Co. Ltd.		2,600		31,493
Amphenol Corp., Class A		4,900		329,966
Azbil Corp.		1,300		52,568
Halma plc		1,425		51,061
Hexagon AB, Class B		1,378		131,579
Hitachi Ltd.		6,400		315,067
Ibiden Co. Ltd.		2,000		94,781
Kyocera Corp.		2,600		157,872
Murata Manufacturing Co. Ltd.		3,900		310,523
Omron Corp.		1,300		98,596
Shimadzu Corp.		2,500		87,484
Taiyo Yuden Co. Ltd.		100		4,593
TDK Corp.		1,300		176,616
Trimble, Inc.*		1,066		87,412
				1,929,611
Energy Equipment & Services – 0.2%
Halliburton Co.		4,525		88,509
Schlumberger NV		7,600		205,580
Worley Ltd.		252		2,114
				296,203
Entertainment – 1.4%
Nintendo Co. Ltd.		500		286,766
Ubisoft Entertainment SA*		350		26,316
Vivendi SE*		4,056		141,596
Walt Disney Co. (The)*		10,125		1,883,453
				2,338,131
Equity Real Estate Investment Trusts (REITs) – 1.1%
alstria office REIT-AG		2,990		53,595

See Accompanying Notes to the Financial Statements.

202 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
AvalonBay Communities, Inc.		494	$	94,848
British Land Co. plc (The)		12,350		88,642
Cofinimmo SA		106		16,269
Covivio		50		4,466
Derwent London plc		1,456		67,109
Dexus		10,062		79,045
Essex Property Trust, Inc.		364		105,749
Gecina SA		150		21,966
Goodman Group		4,700		68,653
GPT Group (The)		630		2,248
Healthpeak Properties, Inc.		5,225		179,427
Host Hotels & Resorts, Inc.*		702		12,748
Klepierre SA		42		1,115
Land Securities Group plc		630		6,287
Mirvac Group		15,210		31,605
Orix JREIT, Inc.		26		45,861
Public Storage		1,075		302,247
Scentre Group		34,450		72,382
Segro plc		2,314		32,215
Stockland		17,342		62,693
Suntec REIT		2,900		3,335
Welltower, Inc.		2,860		214,586
Weyerhaeuser Co.		3,042		117,938
WP Carey, Inc.		1,650		123,569
				1,808,598
Food & Staples Retailing – 0.4%
Carrefour SA(b)		625		12,117
Coles Group Ltd.		5,675		71,541
Etablissements Franz Colruyt NV		105		6,235
J Sainsbury plc		1,722		5,667
Jeronimo Martins SGPS SA		1,118		20,444
Kesko OYJ, Class B		1,144		34,897
Koninklijke Ahold Delhaize NV		4,675		126,006
Kroger Co. (The)		2,650		96,831
Lawson, Inc.		800		35,863
Woolworths Group Ltd.		10,634		322,819
				732,420
Food Products – 1.4%
AAK AB		624		14,324
Ajinomoto Co., Inc.		5,000		100,018

Investments	Shares		Value
Food Products – (continued)
Associated British Foods plc*		2,900	$	92,671
Danone SA		2,700		190,563
General Mills, Inc.		2,262		137,665
Hershey Co. (The)		702		115,338
Kellogg Co.		702		43,819
Kerry Group plc, Class A(b)		425		55,152
Mowi ASA		2,314		57,264
Nestle SA (Registered)		13,125		1,566,855
Orkla ASA		6,136		62,747
Vitasoy International Holdings Ltd.(b)		2,000		7,738
				2,444,154
Gas Utilities – 0.1%
Enagas SA		50		1,091
Italgas SpA		441		2,878
Rubis SCA		84		3,949
Snam SpA		11,867		66,856
Tokyo Gas Co. Ltd.		5,200		105,280
				180,054
Health Care Equipment & Supplies – 3.5%
Abbott Laboratories		10,325		1,239,826
ABIOMED, Inc.*		156		50,034
Alcon, Inc.*		2,625		197,152
Align Technology, Inc.*		156		92,903
Ansell Ltd.		1,742		56,865
Baxter International, Inc.		1,638		140,360
Becton Dickinson and Co.		900		223,929
Boston Scientific Corp.*		7,250		316,100
Cochlear Ltd.		338		58,092
Coloplast A/S, Class B		442		73,230
Danaher Corp.		3,025		768,169
Edwards Lifesciences Corp.*		2,158		206,132
Fisher & Paykel Healthcare Corp. Ltd.		2,886		74,442
Getinge AB, Class B		806		27,309
Hologic, Inc.*		1,500		98,325
Hoya Corp.		3,600		409,551
Koninklijke Philips NV*		4,982		281,155
Medtronic plc		6,050		792,066
Olympus Corp.(b)		5,000		102,809
ResMed, Inc.		494		92,857

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 203

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Health Care Equipment & Supplies – (continued)
Sartorius AG (Preference)		225	$	127,085
Smith & Nephew plc		1,975		42,945
Sonova Holding AG (Registered)*		392		116,089
STERIS plc		234		49,379
Straumann Holding AG (Registered)		78		111,563
Sysmex Corp.		900		89,955
Zimmer Biomet Holdings, Inc.		832		147,397
				5,985,719
Health Care Providers & Services – 1.7%
Anthem, Inc.		1,700		644,963
Fresenius SE & Co. KGaA		1,200		59,054
Humana, Inc.		364		162,067
Laboratory Corp. of America Holdings*		442		117,515
McKesson Corp.		525		98,469
Orpea SA		75		9,665
Ramsay Health Care Ltd.		2,300		119,603
Sonic Healthcare Ltd.		3,406		94,399
UnitedHealth Group, Inc.		4,050		1,615,140
				2,920,875
Health Care Technology – 0.0%(a)
Cerner Corp.		625		46,906
Hotels, Restaurants & Leisure – 0.8%
Accor SA*		168		6,769
Aristocrat Leisure Ltd.		4,316		123,921
Carnival plc*		168		3,911
Domino’s Pizza Enterprises Ltd.		390		32,129
Galaxy Entertainment Group Ltd.* (b)		6,000		52,840
Genting Singapore Ltd.		18,200		11,833
Hilton Worldwide Holdings, Inc.*		1,430		184,041
InterContinental Hotels Group plc*		786		56,067
Marriott International, Inc., Class A*		1,924		285,753
MGM Resorts International		1,092		44,466
Oriental Land Co. Ltd.		1,400		198,207

Investments	Shares		Value
Hotels, Restaurants & Leisure – (continued)
Restaurant Brands International, Inc.		520	$	35,680
Sands China Ltd.*		10,400		49,410
Sodexo SA*		925		92,533
Star Entertainment Grp Ltd. (The)*		18,616		57,232
Whitbread plc*		2,050		92,075
				1,326,867
Household Durables – 0.9%
Barratt Developments plc		1,170		12,506
Berkeley Group Holdings plc		754		48,303
Husqvarna AB, Class B		2,938		40,948
Panasonic Corp.		12,500		147,409
Persimmon plc		1,716		74,413
SEB SA		171		31,186
Sony Group Corp.		10,900		1,086,958
Taylor Wimpey plc		41,800		103,942
				1,545,665
Household Products – 2.1%
Clorox Co. (The)		225		41,062
Essity AB, Class B		3,146		102,799
Kimberly-Clark Corp.		1,300		173,316
Procter & Gamble Co. (The)		21,025		2,805,156
Reckitt Benckiser Group plc		4,375		390,763
Unicharm Corp.		2,700		104,833
				3,617,929
Industrial Conglomerates – 1.5%
3M Co.		4,680		922,615
CK Hutchison Holdings Ltd.		13,000		106,620
General Electric Co.		71,214		934,328
Rheinmetall AG		25		2,609
Roper Technologies, Inc.		425		189,737
Siemens AG (Registered)		2,375		396,890
Smiths Group plc		2,054		46,227
				2,599,026
Insurance – 2.2%
Admiral Group plc		754		32,665
Aflac, Inc.		3,075		165,220
AIA Group Ltd.		20,800		264,859
Allstate Corp. (The)		1,300		164,840

See Accompanying Notes to the Financial Statements.

204 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Insurance – (continued)
Aon plc, Class A		546		137,286
ASR Nederland NV		1,274		55,840
Assicurazioni Generali SpA		5,824		116,977
Aviva plc		29,300		162,391
AXA SA(b)		9,178		259,915
CNP Assurances		126		2,209
Dai-ichi Life Holdings, Inc.		7,500		134,863
Direct Line Insurance Group plc		693		2,736
Hartford Financial Services Group, Inc. (The)		1,508		99,468
Insurance Australia Group Ltd.		21,875		82,797
Japan Post Holdings Co. Ltd.*		15,900		133,478
Japan Post Insurance Co. Ltd.		2,600		50,095
Legal & General Group plc		49,600		187,067
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros*		231		453
Medibank Pvt Ltd.		11,466		27,279
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		520		150,641
Phoenix Group Holdings plc		3,042		29,963
Poste Italiane SpA(c)		3,276		42,986
Power Corp. of Canada		2,704		78,689
Principal Financial Group, Inc.		975		62,273
Prudential plc		15,080		320,389
QBE Insurance Group Ltd.		11,804		89,904
Sampo OYJ, Class A		2,288		108,822
Sompo Holdings, Inc.		2,600		96,574
Storebrand ASA(b)		693		6,653
Suncorp Group Ltd.		15,575		126,445
Swiss Life Holding AG (Registered)		156		76,097
Swiss Re AG		962		89,529
Zurich Insurance Group AG		962		395,221
				3,754,624
Interactive Media & Services – 3.9%
Alphabet, Inc., Class C*		2,600		6,266,312
Rightmove plc		4,758		40,448
Snap, Inc., Class A*		3,796		234,669
Z Holdings Corp.		20,900		96,560
				6,637,989

Investments	Shares		Value
Internet & Direct Marketing Retail – 5.6%
Amazon.com, Inc.*		2,575	$	8,928,607
Delivery Hero SE* (c)		775		123,195
eBay, Inc.		2,200		122,738
Etsy, Inc.*		700		139,153
Farfetch Ltd., Class A*		1,092		53,497
Rakuten Group, Inc.		5,000		63,538
Zalando SE* (c)		1,150		119,803
				9,550,531
IT Services – 3.2%
Accenture plc, Class A		5,525		1,602,084
Akamai Technologies, Inc.*		450		48,915
Alten SA*		78		9,775
Amadeus IT Group SA*		1,475		100,677
Amdocs Ltd.		494		37,910
Atos SE		917		62,502
Automatic Data Processing, Inc.		1,014		189,608
Capgemini SE		676		124,018
Cognizant Technology Solutions Corp., Class A		2,100		168,840
Computershare Ltd.		1,043		11,376
Edenred		1,432		81,279
EPAM Systems, Inc.*		208		95,212
Fujitsu Ltd.		2,500		398,083
International Business Machines Corp.		7,525		1,067,647
Itochu Techno-Solutions Corp.		1,200		41,608
Mastercard, Inc., Class A		2,575		983,804
NEC Corp.		800		46,549
Nomura Research Institute Ltd.		2,600		80,042
NTT Data Corp.		7,500		116,509
Sopra Steria Group SACA*		52		9,690
Worldline SA* (c)		1,360		133,642
				5,409,770
Leisure Products – 0.1%
Bandai Namco Holdings, Inc.		1,400		102,799
Hasbro, Inc.		442		43,957
Yamaha Corp.		900		48,991
				195,747
Life Sciences Tools & Services – 0.6%
Agilent Technologies, Inc.		936		125,087

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 205

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Life Sciences Tools & Services – (continued)
Avantor, Inc.*		3,925	$	125,757
Bio-Rad Laboratories, Inc., Class A*		175		110,273
Eurofins Scientific SE(b)		520		51,549
Illumina, Inc.*		700		274,988
Lonza Group AG (Registered)		200		127,361
Mettler-Toledo International, Inc.*		100		131,332
Sartorius Stedim Biotech		182		83,693
				1,030,040
Machinery – 1.7%
Alfa Laval AB(b)		1,794		60,764
Alstom SA*		825		45,128
Atlas Copco AB, Class A		3,068		186,132
Caterpillar, Inc.		3,600		821,196
CNH Industrial NV		8,725		129,924
Cummins, Inc.		416		104,849
Dover Corp.		546		81,458
Ebara Corp.		100		4,272
Epiroc AB, Class A		3,900		84,635
GEA Group AG		676		29,711
Georg Fischer AG (Registered)		26		36,489
IMI plc		1,404		30,986
KION Group AG		338		33,747
Komatsu Ltd.		2,700		79,168
Kone OYJ, Class B		1,950		153,380
Kubota Corp.		5,200		122,263
Kurita Water Industries Ltd.		1,500		69,164
Metso Outotec OYJ		8,268		93,001
MINEBEA MITSUMI, Inc.(b)		2,500		62,691
Nabtesco Corp.		100		4,497
PACCAR, Inc.		1,794		161,245
Parker-Hannifin Corp.		225		70,607
Rotork plc		5,512		26,299
Schindler Holding AG		260		74,062
Trelleborg AB, Class B		2,886		75,292
Valmet OYJ		416		17,407
Volvo AB, Class B(b)		6,656		162,823
Wartsila OYJ Abp		3,744		48,383
				2,869,573

Investments	Shares		Value
Marine – 0.1%
AP Moller – Maersk A/S, Class B		26	$	64,688
Kuehne + Nagel International AG (Registered)		234		70,042
				134,730
Media – 0.3%
Informa plc*		13,832		107,667
Omnicom Group, Inc.		1,898		156,129
Pearson plc		8,250		94,807
Publicis Groupe SA		1,575		102,118
SES SA, Receipts		231		1,753
WPP plc		988		13,346
				475,820
Metals & Mining – 1.0%
Alumina Ltd.		2,425		3,241
Anglo American plc		3,718		158,036
Antofagasta plc		3,625		93,629
ArcelorMittal SA(b)		2,470		72,105
BlueScope Steel Ltd.		3,302		55,145
Boliden AB(b)		1,248		48,676
Evraz plc		1,300		11,563
Fortescue Metals Group Ltd.		9,150		159,664
Glencore plc*		37,284		152,387
Newmont Corp.		3,484		217,408
Norsk Hydro ASA		294		1,881
Northern Star Resources Ltd.		2,340		18,997
OZ Minerals Ltd.		3,770		69,716
Polymetal International plc		100		2,071
Rio Tinto Ltd.		1,325		123,996
Rio Tinto plc		3,225		271,304
South32 Ltd.		52,700		117,239
Sumitomo Metal Mining Co. Ltd.		2,500		106,102
				1,683,160
Multiline Retail – 0.4%
Marks & Spencer Group plc*		1,680		3,675
Marui Group Co. Ltd.		2,700		50,540
Next plc*		676		73,023
Target Corp.		1,625		336,798
Wesfarmers Ltd.		3,950		165,099
				629,135

See Accompanying Notes to the Financial Statements.

206 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Multi-Utilities – 0.6%
A2A SpA		14,300	$	28,008
AGL Energy Ltd.		210		1,448
E.ON SE		4,212		50,836
Engie SA		9,672		144,026
National Grid plc		21,398		269,780
RWE AG		1,525		57,901
Sempra Energy		1,275		175,402
Veolia Environnement SA		3,120		99,492
WEC Energy Group, Inc.		1,875		182,194
				1,009,087
Oil, Gas & Consumable Fuels – 3.4%
Ampol Ltd.		50		988
BP plc		138,050		579,146
Canadian Natural Resources Ltd.		3,900		118,281
Chevron Corp.		13,025		1,342,487
ConocoPhillips		5,675		290,220
ENEOS Holdings, Inc.		27,500		118,549
Eni SpA		8,242		98,523
Equinor ASA		3,718		75,853
Exxon Mobil Corp.		22,672		1,297,745
Galp Energia SGPS SA		42		486
Koninklijke Vopak NV		494		22,657
Lundin Energy AB		1,775		56,929
Neste OYJ		1,725		104,658
Occidental Petroleum Corp.		950		24,092
OMV AG		147		7,257
Origin Energy Ltd.		24,425		78,487
Repsol SA		4,118		49,265
Royal Dutch Shell plc, Class A(b)		27,825		530,572
Santos Ltd.		17,925		96,646
Suncor Energy, Inc.		6,375		136,237
TC Energy Corp.		2,775		137,171
TOTAL SE		10,275		455,490
Woodside Petroleum Ltd.		6,075		107,274
				5,729,013
Paper & Forest Products – 0.2%
Mondi plc		2,054		55,882
Stora Enso OYJ, Class R		4,275		81,980
Svenska Cellulosa AB SCA, Class B		3,926		68,948

Investments	Shares		Value
Paper & Forest Products – (continued)
UPM-Kymmene OYJ		1,586	$	62,145
				268,955
Personal Products – 1.3%
Beiersdorf AG		300		33,911
Estee Lauder Cos., Inc. (The), Class A		1,066		334,511
Kao Corp.		900		57,694
L’Oreal SA(b)		1,352		556,048
Pola Orbis Holdings, Inc.		2,600		67,388
Rohto Pharmaceutical Co. Ltd.		1,000		25,644
Shiseido Co. Ltd.		4,100		297,377
Unilever plc (Chicago Board Options Exchanges)		5,649		330,357
Unilever plc (Sigma X Multilateral Trading Facility)		9,901		580,072
				2,283,002
Pharmaceuticals – 4.8%
Astellas Pharma, Inc.		10,500		157,589
AstraZeneca plc		7,700		822,499
Bayer AG (Registered)		4,425		286,689
Bristol-Myers Squibb Co.		8,736		545,301
Catalent, Inc.*		850		95,600
Chugai Pharmaceutical Co. Ltd.		2,500		93,797
Eli Lilly and Co.		4,900		895,573
GlaxoSmithKline plc		18,250		338,491
Hikma Pharmaceuticals plc		338		11,419
Ipsen SA		25		2,421
Merck & Co., Inc.		14,775		1,100,738
Merck KGaA		550		96,764
Novartis AG (Registered)		14,450		1,235,154
Novo Nordisk A/S, Class B		6,682		490,037
Otsuka Holdings Co. Ltd.		5,300		203,699
Roche Holding AG		3,150		1,027,838
Sanofi(b)		5,975		627,707
Shionogi & Co. Ltd.		1,300		68,351
UCB SA		25		2,319
				8,101,986
Professional Services – 0.8%
Adecco Group AG (Registered)		702		47,598
Booz Allen Hamilton Holding Corp.		702		58,231

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 207

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Professional Services – (continued)
Bureau Veritas SA*		1,846	$	55,266
Intertek Group plc		700		59,489
Recruit Holdings Co. Ltd.		10,000		451,855
RELX plc		11,310		294,316
SGS SA (Registered)		26		76,969
Teleperformance		425		164,280
Wolters Kluwer NV(b)		1,430		129,555
				1,337,559
Real Estate Management & Development – 0.5%
Aroundtown SA		6,188		47,704
CapitaLand Ltd.		2,100		5,872
Castellum AB(b)		1,456		35,488
CBRE Group, Inc., Class A*		1,525		129,930
CK Asset Holdings Ltd.		13,000		81,597
Daiwa House Industry Co. Ltd.		2,600		76,950
Entra ASA(b) (c)		3,172		71,777
Lendlease Corp. Ltd.		7,020		68,921
Mitsubishi Estate Co. Ltd.		10,000		164,265
Mitsui Fudosan Co. Ltd.		5,000		108,412
New World Development Co. Ltd.		5,000		26,459
Sun Hung Kai Properties Ltd.		3,000		45,308
Vonovia SE		775		50,976
				913,659
Road & Rail – 0.3%
Aurizon Holdings Ltd.		2,275		6,590
Canadian National Railway Co.		3,172		341,205
MTR Corp. Ltd.		8,549		47,661
Nippon Express Co. Ltd.		1,100		84,031
				479,487
Semiconductors & Semiconductor Equipment – 5.3%
Advanced Micro Devices, Inc.*		4,700		383,614
Advantest Corp.		1,100		104,460
ams AG*		650		11,282
Analog Devices, Inc.		1,200		183,792
Applied Materials, Inc.		2,200		291,962
ASM International NV		400		121,776
ASML Holding NV		1,900		1,237,844
Cree, Inc.*		400		39,768

Investments	Shares		Value
Semiconductors & Semiconductor Equipment – (continued)
Infineon Technologies AG		7,275	$	293,950
Intel Corp.		29,125		1,675,561
Lam Research Corp.		775		480,849
Maxim Integrated Products, Inc.		598		56,212
Micron Technology, Inc.*		5,175		445,412
NVIDIA Corp.		1,825		1,095,694
ON Semiconductor Corp.*		1,586		61,854
QUALCOMM, Inc.		3,350		464,980
Renesas Electronics Corp.*		13,100		152,806
Rohm Co. Ltd.		400		39,632
STMicroelectronics NV		2,675		100,292
SUMCO Corp.		2,600		67,364
Teradyne, Inc.		900		112,572
Texas Instruments, Inc.		6,175		1,114,649
Tokyo Electron Ltd.		1,200		530,479
				9,066,804
Software – 8.3%
Adobe, Inc.*		2,775		1,410,643
Autodesk, Inc.*		1,375		401,376
Crowdstrike Holdings, Inc., Class A*		425		88,617
Dassault Systemes SE		678		157,481
Fortinet, Inc.*		260		53,100
Intuit, Inc.		1,200		494,592
Microsoft Corp.		33,900		8,548,902
NortonLifeLock, Inc.		3,120		67,423
Oracle Corp.		12,714		963,594
Sage Group plc (The)		5,356		47,312
salesforce.com, Inc.*		3,925		904,006
SAP SE		4,725		664,126
SimCorp A/S		442		58,498
Splunk, Inc.*		350		44,247
Synopsys, Inc.*		825		203,825
Xero Ltd.*		50		5,467
				14,113,209
Specialty Retail – 2.3%
Best Buy Co., Inc.		1,404		163,243
Burlington Stores, Inc.*		442		144,238
H & M Hennes & Mauritz AB, Class B*		3,432		84,747
Home Depot, Inc. (The)		7,650		2,476,076

See Accompanying Notes to the Financial Statements.

208 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Specialty Retail – (continued)
Industria de Diseno Textil SA(b)		3,450	$	123,015
Kingfisher plc*		9,672		47,847
Lowe’s Cos., Inc.		2,300		451,375
TJX Cos., Inc. (The)		6,214		441,194
				3,931,735
Technology Hardware, Storage & Peripherals – 5.6%
Apple, Inc.		65,750		8,643,495
Canon, Inc.(b)		5,000		119,070
Dell Technologies, Inc., Class C*		650		63,915
Hewlett Packard Enterprise Co.		4,342		69,559
HP, Inc.		10,575		360,713
Logitech International SA (Registered)		260		29,191
NetApp, Inc.		624		46,607
Seiko Epson Corp.(b)		5,000		84,992
Western Digital Corp.*		2,964		209,347
				9,626,889
Textiles, Apparel & Luxury Goods – 1.5%
adidas AG*		962		297,447
Asics Corp.		2,600		41,270
Burberry Group plc*		910		25,967
EssilorLuxottica SA – IM		282		46,942
EssilorLuxottica SA – MO		1,252		208,591
Hermes International		130		163,380
Kering SA		390		312,910
Lululemon Athletica, Inc.*		520		174,340
LVMH Moet Hennessy Louis Vuitton SE		1,430		1,077,962
Moncler SpA*		1,456		89,424
Pandora A/S		546		62,045
Shenzhou International Group Holdings Ltd.		2,600		57,176
Swatch Group AG (The)		260		79,706
				2,637,160
Tobacco – 0.1%
Imperial Brands plc		3,675		76,705
Japan Tobacco, Inc.		2,700		50,490
				127,195

Investments	Shares		Value
Trading Companies & Distributors – 0.5%
Brenntag SE		572	$	51,423
Bunzl plc		1,326		42,722
Electrocomponents plc		21		310
Ferguson plc		390		49,310
ITOCHU Corp.(b)		5,300		165,248
Marubeni Corp.		10,000		83,125
Mitsui & Co. Ltd.(b)		10,400		219,170
Rexel SA*		189		3,724
Sojitz Corp.		23,700		70,685
Sumitomo Corp.		10,000		136,133
Toyota Tsusho Corp.		2,600		109,894
				931,744
Transportation Infrastructure – 0.3%
Aena SME SA* (c)		286		49,818
Aeroports de Paris* (b)		42		5,395
Auckland International Airport Ltd.* (b)		6,906		37,609
Flughafen Zurich AG (Registered)* (b)		130		23,405
Getlink SE		2,626		41,822
Transurban Group(b)		25,100		274,735
				432,784
Water Utilities – 0.1%
American Water Works Co., Inc.		775		120,892
Pennon Group plc		1,650		23,622
Severn Trent plc		1,768		60,634
				205,148
Wireless Telecommunication Services – 0.2%
Vodafone Group plc		156,925		297,226
Total Common Stocks (Cost $121,457,437)				167,502,893
	Number of Warrants
WARRANTS – 0.0%(a)
Textiles, Apparel & Luxury Goods – 0.0%(a)
Cie Financiere Richemont SA, expiring 11/22/2023, price 67.00 CHF*
(Cost $—)		4,830		2,065

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 209

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

Investments	Number of Rights		Value
RIGHTS – 0.0%
Capital Markets – 0.0%
Credit Suisse Group AG, expiring 5/6/2021, price 1,000.00 CHF* ‡ (d) (Cost $—)		12,075	$	—
	Principal Amount
SECURITIES LENDING REINVESTMENTS(e) – 1.8%
REPURCHASE AGREEMENTS – 1.8%
Citigroup Global Markets Ltd., 0.05%, dated 4/30/2021, due 5/3/2021, repurchase price $900,000, collateralized by various U.S. Treasury Securities, ranging from 0.00% –3.00%, maturing 5/15/2023 –2/15/2049; Foreign Government Fixed Income Securities, 0.45%, maturing 8/19/2027; total market value $915,740	$	900,000		900,000
Citigroup Global Markets, Inc., 0.01%, dated 4/30/2021, due 5/3/2021, repurchase price $2,105,671, collateralized by various U.S. Treasury Securities, ranging from 0.88% –5.00%, maturing 1/15/2028 –2/15/2047; total market value $2,124,666		2,105,671		2,105,671
				3,005,671
Total Securities Lending Reinvestments (Cost $3,005,671)				3,005,671
Total Investments – 100.0% (Cost $124,463,108)				170,510,629
Liabilities in excess of other assets – 0.0%				(70,373	)
NET ASSETS – 100.0%			$	170,440,256

* Non-income producing security.

^‡  Value determined using significant unobservable inputs.

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

^(b)  The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 was $4,528,506, collateralized in the form of cash with a value of $3,005,671 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $614,666 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.25%, and maturity dates ranging from May 13, 2021 – February 15, 2051 and $1,334,552 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 8.50%, and maturity dates ranging from July 7, 2021 – September 20, 2117; a total value of $4,954,889.

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

^(d)  Security fair valued as of April 30, 2021 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2021 amounted to $31,787, which represents approximately 0.02% of net assets of the Fund.

^(e)  The security was purchased with cash collateral held from securities on loan at April 30, 2021. The total value of securities purchased was $3,005,671.

Percentages shown are based on Net Assets.

Abbreviations

CVA – Dutch Certification

DI – Depositary Interest

OYJ – Public Limited Company

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

SCA – Limited partnership with share capital

As of April 30, 2021, 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	$	47,044,806
Aggregate gross unrealized depreciation		(910,729	)
Net unrealized appreciation	$	46,134,077
Federal income tax cost	$	124,498,644

See Accompanying Notes to the Financial Statements.

210 FLEXSHARES SEMIANNUAL REPORT

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, 2021:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
EURO STOXX 50 Index		1		06/18/2021		EUR	$	47,430	$	(391	)
MSCI EAFE E-Mini Index		9		06/18/2021		USD		1,015,785		15,278
S&P 500 E-Mini Index		8		06/18/2021		USD		1,669,760		107,120
									$	122,007

* 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^® STOXX^® Global ESG Select Index Fund had the following outstanding contracts as of April 30, 2021:

Contracts to Receive		Counterparty		In Exchange For			Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	46,596		JPMorgan Chase Bank		AUD	60,000		06/16/2021	$	240
USD	69,788		Citibank NA		GBP	50,000		06/16/2021		552
Total unrealized appreciation									$	792
USD	119,782		Morgan Stanley		EUR	100,000		06/16/2021	$	(707	)
Total unrealized depreciation									$	(707	)
Net unrealized appreciation									$	85

Abbreviations:

AUD – Australian Dollar

EUR – Euro

GBP – British Pound

USD – US Dollar

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 211

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

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, 2021:

Australia	3.6	%
Austria	0.1
Belgium	0.2
Canada	1.6
Denmark	0.9
Finland	0.5
France	4.8
Germany	2.8
Hong Kong	0.6
Ireland	0.2
Italy	1.0
Japan	8.2
Luxembourg	0.1
Netherlands	1.6
New Zealand	0.1
Norway	0.4
Portugal	0.0	†
Singapore	0.1
Spain	1.0
Sweden	1.2
Switzerland	4.0
United Kingdom	6.0
United States	59.2
Other1	1.8
	100.0	%

† Amount represents less than 0.05%.

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

See Accompanying Notes to the Financial Statements.

212 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund

April 30, 2021 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.1%
Building Products – 0.2%
UFP Industries, Inc.		114,576	$	9,628,967
Chemicals – 15.0%
CF Industries Holdings, Inc.		1,126,664		54,789,670
Corteva, Inc.		4,108,368		200,324,024
FMC Corp.		712,008		84,187,826
ICL Group Ltd.		3,808,288		24,481,726
Mosaic Co. (The)		1,762,288		61,997,292
Nutrien Ltd.(a)		3,109,920		171,523,388
PI Industries Ltd.		436,480		14,800,162
SABIC Agri-Nutrients Co.		1,153,450		32,295,739
Scotts Miracle-Gro Co. (The)		229,152		52,970,776
UPL Ltd.		2,828,936		23,178,389
Yara International ASA(a)		930,248		48,672,252
				769,221,244
Equity Real Estate Investment Trusts (REITs) – 1.3%
Rayonier, Inc.(a)		280,984		10,194,100
Weyerhaeuser Co.		1,505,856		58,382,037
				68,576,137
Food Products – 15.3%
a2 Milk Co. Ltd. (The)* (a)		4,318,424		23,703,290
Archer-Daniels-Midland Co.		3,093,552		195,295,938
Bakkafrost P/F		253,704		20,172,464
Bunge Ltd.(a)		763,840		64,483,373
Cal-Maine Foods, Inc.(a)		190,960		7,134,266
Charoen Pokphand Foods PCL, NVDR		19,641,600		18,293,260
Charoen Pokphand Indonesia Tbk. PT		37,646,400		18,373,632
International Holdings Co. PJSC*		1,793,954		44,297,572
IOI Corp. Bhd.		18,550,400		18,521,418
Kuala Lumpur Kepong Bhd.		3,404,300		18,283,029
Mowi ASA		2,485,208		61,500,537
Muyuan Foods Co. Ltd., Class A		1,854,900		32,420,264
PPB Group Bhd.		4,092,000		18,480,129
QL Resources Bhd.		6,547,200		9,669,602
Salmar ASA		297,352		20,679,568

Investments	Shares		Value
Food Products – (continued)
Sime Darby Plantation Bhd.		14,458,400	$	16,024,103
Tongwei Co. Ltd., Class A		2,728,060		14,851,202
Tyson Foods, Inc., Class A		1,544,048		119,586,518
Wilmar International Ltd.		16,368,000		64,222,008
				785,992,173
Metals & Mining – 31.2%
Agnico Eagle Mines Ltd.		469,216		29,300,254
Anglo American plc		2,651,616		112,708,756
AngloGold Ashanti Ltd.(a)		747,472		15,467,247
B2Gold Corp.		2,035,088		9,793,303
Barrick Gold Corp.		3,311,792		70,505,473
BHP Group Ltd.(a)		6,083,440		224,149,610
Boliden AB(a)		567,424		22,131,264
Evolution Mining Ltd.		3,633,696		12,995,708
First Quantum Minerals Ltd.(a)		1,129,392		26,008,515
Fortescue Metals Group Ltd.		3,947,416		68,881,010
Franco-Nevada Corp.		362,824		50,501,019
Freeport-McMoRan, Inc.		2,850,760		107,502,160
Glencore plc*		22,503,272		91,975,185
Gold Fields Ltd.		1,579,512		14,937,725
Grupo Mexico SAB de CV, Series B		6,001,600		27,240,651
Impala Platinum Holdings Ltd.		1,317,624		24,661,344
Kinross Gold Corp.		2,359,720		16,592,081
Kirkland Lake Gold Ltd.(a)		523,776		19,444,684
MMC Norilsk Nickel PJSC		28,416		9,712,187
MMC Norilsk Nickel PJSC, ADR		934,044		31,692,113
Newcrest Mining Ltd.		1,677,720		34,368,722
Newmont Corp.		1,497,672		93,469,709
Northern Star Resources Ltd.		2,474,296		20,087,447
Pan American Silver Corp.(a)		447,392		14,212,388
Rio Tinto plc		2,370,632		199,430,031
Royal Gold, Inc.		125,488		14,037,088
South32 Ltd.		9,689,856		21,556,596
Sumitomo Metal Mining Co. Ltd.		625,900		26,563,744
Teck Resources Ltd., Class B(a)		911,152		19,264,399
Vale SA		6,880,495		138,263,041

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 213

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Metals & Mining – (continued)
Wheaton Precious Metals Corp.		859,320	$	35,617,564
				1,603,071,018
Multi-Utilities – 1.3%
Suez SA(a)		1,042,096		24,913,877
Veolia Environnement SA		1,358,544		43,322,151
				68,236,028
Oil, Gas & Consumable Fuels – 26.3%
BP plc		22,964,304		96,339,539
Cabot Oil & Gas Corp.(a)		471,944		7,867,307
Canadian Natural Resources Ltd.		1,252,152		37,975,769
Chevron Corp.		2,116,928		218,191,769
China Petroleum & Chemical Corp., Class H		31,212,000		15,552,050
ConocoPhillips		1,451,296		74,219,277
Eni SpA		2,943,512		35,185,960
EOG Resources, Inc.(a)		613,800		45,200,232
Equinor ASA		1,224,872		24,989,264
Exxon Mobil Corp.		4,048,352		231,727,669
Gazprom PJSC		13,803,680		42,306,678
Hess Corp.		308,264		22,968,751
LUKOIL PJSC		230,548		17,800,190
LUKOIL PJSC, ADR		170,468		13,071,486
Novatek PJSC		1,020,272		18,454,962
Occidental Petroleum Corp.		930,248		23,591,089
PetroChina Co. Ltd., Class H		24,342,000		8,869,472
Petroleo Brasileiro SA (Preference)		5,728,800		24,941,571
Pioneer Natural Resources Co.(a)		231,880		35,670,100
PTT PCL, NVDR		10,366,400		13,316,933
Repsol SA		1,819,576		21,768,251
Rosneft Oil Co. PJSC		2,537,040		17,759,829
Royal Dutch Shell plc, Class A		4,664,880		88,162,070
Saudi Arabian Oil Co.(b)		2,344,896		22,135,228
Suncor Energy, Inc.		1,658,624		35,445,639
Tatneft PJSC		1,636,800		11,057,891
TOTAL SE		2,927,144		129,760,104

Investments	Shares		Value
Oil, Gas & Consumable Fuels – (continued)
Woodside Petroleum Ltd.		1,167,584	$	20,617,440
				1,354,946,520
Paper & Forest Products – 3.6%
Canfor Corp.* (a)		130,944		3,267,746
Dongwha Enterprise Co. Ltd.*		13,640		886,566
Duratex SA		545,600		2,383,433
Holmen AB, Class B(a)		196,416		9,268,248
Mondi plc		979,352		26,644,650
Oji Holdings Corp.		2,071,500		13,057,623
Stella-Jones, Inc.		130,944		5,471,079
Stora Enso OYJ, Class R		1,298,528		24,901,267
Suzano SA*		1,504,393		19,041,826
Svenska Cellulosa AB SCA, Class B		1,211,232		21,271,673
UPM-Kymmene OYJ		1,107,568		43,398,601
West Fraser Timber Co. Ltd.		180,048		13,889,250
				183,481,962
Trading Companies & Distributors – 0.8%
Mitsui & Co. Ltd.		1,990,200		41,941,592
Water Utilities – 4.1%
American States Water Co.(a)		95,480		7,561,061
American Water Works Co., Inc.		485,584		75,746,248
Beijing Enterprises Water Group Ltd.* (a)		13,724,000		5,247,981
California Water Service Group(a)		133,672		7,853,230
China Water Affairs Group Ltd.(a)		1,490,000		1,208,598
Cia de Saneamento Basico do Estado de Sao Paulo*		937,933		7,395,931
Cia de Saneamento do Parana*		545,600		2,121,959
Essential Utilities, Inc.		570,152		26,871,264
Guangdong Investment Ltd.		7,245,576		11,157,302
Pennon Group plc		1,003,904		14,372,138
Severn Trent plc		616,528		21,144,015
SJW Group(a)		70,928		4,649,330

See Accompanying Notes to the Financial Statements.

214 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Water Utilities – (continued)
United Utilities Group plc		1,707,728	$	22,892,458
				208,221,515
Total Common Stocks (Cost $4,111,739,406)				5,093,317,156
	Principal Amount
SECURITIES LENDING REINVESTMENTS(c) – 0.7%
CERTIFICATES OF DEPOSIT – 0.2%
Bank of Nova Scotia, Houston (ICE LIBOR USD 3 Month + 0.08%), 0.27%, 7/21/2021(d)	$	2,000,000		2,000,044
Cooperatieve Rabobank UA, London (ICE LIBOR USD 3 Month + 0.08%), 0.27%, 7/30/2021(d)		3,000,000		3,000,600
Nordea Bank Abp, New York Branch (ICE LIBOR USD 3 Month + 0.03%), 0.24%, 10/7/2021(d)		5,000,000		5,002,000
Royal Bank of Canada, New York (ICE LIBOR USD 3 Month + 0.04%), 0.24%, 10/5/2021(d)		2,000,000		2,000,436
Total Certificates Of Deposit (Cost $11,999,854)				12,003,080
REPURCHASE AGREEMENTS – 0.5%
BofA Securities, Inc., 0.50%, dated 4/30/2021, due 8/2/2021, repurchase price $8,000,000, collateralized by various Common Stocks; total market value $8,712,122		8,000,000		8,000,000

Investments	Principal Amount		Value
REPURCHASE AGREEMENTS – (continued)
Citigroup Global Markets Ltd., 0.05%, dated 4/30/2021, due 5/3/2021, repurchase price $400,000, collateralized by various U.S. Treasury Securities, ranging from 0.00% –3.00%, maturing 5/15/2023 – 2/15/2049; Foreign Government Fixed Income Securities, 0.45%, maturing 8/19/2027; total market value $406,995	$	400,000	$	400,000
Citigroup Global Markets, Inc., 0.01%, dated 4/30/2021, due 5/3/2021, repurchase price $763,701, collateralized by various U.S. Treasury Securities, ranging from 0.88% – 5.00%, maturing 1/15/2028 – 2/15/2047; total market value $770,590		763,701		763,701
Deutsche Bank AG, London Branch, 0.15%, dated 4/30/2021, due 5/3/2021, repurchase price $500,000, collateralized by various U.S. Treasury Securities, 0.13%, maturing 7/15/2030; Foreign Government Fixed Income Securities, ranging from 0.25% – 3.13%, maturing 7/23/2021 – 2/14/2031; total market value $507,714		500,000		500,000

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 215

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

Investments	Principal Amount		Value
REPURCHASE AGREEMENTS – (continued)
NBC Global Finance Ltd., 0.19%, dated 4/30/2021, due 5/3/2021, repurchase price $15,000,000, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 4.38%, maturing 1/31/2023 – 8/15/2050; Common Stocks; total market value $16,473,977	$	15,000,000	$	15,000,000
Total Repurchase Agreements (Cost $24,663,701)				24,663,701
Total Securities Lending Reinvestments (Cost $36,663,555)				36,666,781
Total Investments – 99.8% (Cost $4,148,402,961)				5,129,983,937
Other assets less liabilities—0.2%				12,498,759
NET ASSETS – 100.0%			$	5,142,482,696

* Non-income producing security.

^(a)  The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 was $126,528,187, collateralized in the form of cash with a value of $36,663,531 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $71,126,696 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.88%, and maturity dates ranging from May 13, 2021 – February 15, 2051 and $27,966,718 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from July 7, 2021 – September 20, 2117; a total value of $135,756,945.

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

^(c)  The security was purchased with cash collateral held from securities on loan at April 30, 2021. The total value of securities purchased was $36,666,781.

^(d)  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2021.

Percentages shown are based on Net Assets.

Abbreviations

ADR – American Depositary Receipt

ICE – Intercontinental Exchange

LIBOR – London Interbank Offered Rate

NVDR – Non-Voting Depositary Receipt

OYJ – Public Limited Company

PJSC – Public Joint Stock Company

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

SCA – Limited partnership with share capital

USD – US Dollar

As of April 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments (including derivative instruments, if applicable) for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,088,213,055
Aggregate gross unrealized depreciation		(128,932,976	)
Net unrealized appreciation	$	959,280,079
Federal income tax cost	$	4,171,864,560

See Accompanying Notes to the Financial Statements.

216 FLEXSHARES SEMIANNUAL REPORT

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, 2021:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)*
Long Contracts
EURO STOXX 50 Index		3		06/18/2021		EUR	$	142,289	$	5,610
FTSE 100 Index		158		06/18/2021		GBP		15,176,399		392,445
FTSE/JSE Top 40 Index		30		06/17/2021		ZAR		1,269,502		(19,512	)
Hang Seng Index		2		05/28/2021		HKD		367,330		(4,140	)
MSCI Emerging Markets E-Mini Index		35		06/18/2021		USD		2,339,050		14,189
S&P Midcap 400 E-Mini Index		26		06/18/2021		USD		7,072,780		259,418
S&P/TSX 60 Index		85		06/17/2021		CAD		15,689,969		360,942
SPI 200 Index		52		06/17/2021		AUD		7,031,304		213,823
TOPIX Index		5		06/10/2021		JPY		869,814		(8,664	)
									$	1,214,111

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

Forward Foreign Currency Contracts

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund had the following outstanding contracts as of April 30, 2021:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
AUD	464,184	BNP Paribas SA	USD	358,300		06/16/2021	$	332
AUD	800,000	Citibank NA	USD	614,153		06/16/2021		3,933
AUD	450,000	Morgan Stanley	USD	342,081		06/16/2021		5,592
BRL*	13,310,000	Morgan Stanley	USD	2,393,756		06/16/2021		50,603
CAD	2,260,000	JPMorgan Chase Bank	USD	1,803,909		06/16/2021		33,359
CAD	380,000	Morgan Stanley	USD	300,933		06/16/2021		7,988
CAD	5,264,539	Toronto-Dominion Bank (The)	USD	4,184,674		06/16/2021		95,133
EUR	1,108,602	Morgan Stanley	USD	1,327,910		06/16/2021		7,838
GBP	1,285,000	JPMorgan Chase Bank	USD	1,772,770		06/16/2021		6,582
GBP	320,000	Morgan Stanley	USD	438,882		06/16/2021		4,226
MYR*	2,484,831	Goldman Sachs & Co.	USD	600,562		06/16/2021		4,881
NOK	16,831,048	BNP Paribas SA	USD	1,987,745		06/16/2021		38,216
NZD	276,346	BNP Paribas SA	USD	198,104		06/16/2021		141
SEK	4,000,000	Toronto-Dominion Bank (The)	USD	467,281		06/16/2021		5,964
SGD	900,000	Citibank NA	USD	670,048		06/16/2021		6,329
SGD	149,915	Goldman Sachs & Co.	USD	111,428		06/16/2021		1,238
USD	3,819,820	JPMorgan Chase Bank	AUD	4,918,630		06/16/2021		19,649
USD	1,648,731	Citibank NA	GBP	1,181,242		06/16/2021		13,052
USD	1,000,319	JPMorgan Chase Bank	GBP	720,000		06/16/2021		3,327
USD	5,550,120	Toronto-Dominion Bank (The)	GBP	4,000,000		06/16/2021		11,277
USD	640,023	Toronto-Dominion Bank (The)	HKD	4,967,495		06/16/2021		369
USD	1,900,249	Toronto-Dominion Bank (The)	JPY	206,700,000		06/16/2021		8,538
USD	16,274	Goldman Sachs & Co.	RUB*	1,215,850		06/16/2021		175
USD	219,856	Morgan Stanley	SEK	1,857,739		06/16/2021		65

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 217

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

Forward Foreign Currency Contracts (cont.)

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	1,696,615	JPMorgan Chase Bank	SGD	2,250,000		06/16/2021	$	5,673
Total unrealized appreciation							$	334,480
AUD	6,000,000	Morgan Stanley	USD	4,646,330		06/16/2021	$	(10,684	)
GBP	198,713	Bank of New York	USD	276,391		06/16/2021		(1,231	)
INR*	6,925,711	Citibank NA	USD	93,598		06/16/2021		(750	)
JPY	22,715,753	BNP Paribas SA	USD	210,312		06/16/2021		(2,418	)
JPY	168,022,649	Morgan Stanley	USD	1,548,063		06/16/2021		(10,326	)
USD	1,606,289	Citibank NA	BRL*	9,450,760		06/16/2021		(129,328	)
USD	5,351,492	Toronto-Dominion Bank (The)	CAD	6,700,000		06/16/2021		(95,273	)
USD	1,040,852	Morgan Stanley	CHF	961,534		06/16/2021		(14,650	)
USD	358,178	Citibank NA	EUR	300,000		06/16/2021		(3,290	)
USD	2,826,743	Toronto-Dominion Bank (The)	EUR	2,400,000		06/16/2021		(65,003	)
USD	1,129,476	Morgan Stanley	JPY	124,500,000		06/16/2021		(9,943	)
USD	307,860	Citibank NA	KRW*	350,052,156		06/16/2021		(6,842	)
USD	31,462	BNP Paribas SA	MXN	670,000		06/16/2021		(1,584	)
USD	1,006,342	Toronto-Dominion Bank (The)	NOK	8,600,000		06/16/2021		(28,844	)
USD	120,427	Morgan Stanley	SEK	1,024,544		06/16/2021		(788	)
USD	135,536	BNP Paribas SA	ZAR	2,080,000		06/17/2021		(6,935	)
Total unrealized depreciation							$	(387,889	)
Net unrealized depreciation							$	(53,409	)

* Non-deliverable forward. See Note 2 in the Notes to Financial Statements.

Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

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

RUB – Russian Ruble

SEK – Swedish Krona

SGD – Singapore Dollar

USD – US Dollar

ZAR – South African Rand

See Accompanying Notes to the Financial Statements.

218 FLEXSHARES SEMIANNUAL REPORT

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, 2021:

Australia	7.8	%
Brazil	3.8
Canada	10.9
China	1.7
Finland	1.3
France	3.9
India	0.7
Indonesia	0.4
Israel	0.5
Italy	0.7
Japan	1.6
Malaysia	1.6
Mexico	0.5
New Zealand	0.5
Norway	3.4
Russia	3.1
Saudi Arabia	1.1
Singapore	1.2
South Africa	1.1
South Korea	0.0	†
Spain	0.4
Sweden	1.0
Thailand	0.6
United Arab Emirates	0.9
United Kingdom	13.1
United States	37.3
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).

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 219

Schedule of Investments

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund

April 30, 2021 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.1%
Air Freight & Logistics – 3.6%
bpost SA* (a)		133,770	$	1,424,331
Deutsche Post AG (Registered)		1,344,070		79,208,773
Oesterreichische Post AG(a)		43,680		1,937,646
Pos Malaysia Bhd.*		546,000		116,627
PostNL NV		644,280		3,373,016
Royal Mail plc*		1,175,720		8,074,102
Singapore Post Ltd.		1,820,000		1,053,367
				95,187,862
Commercial Services & Supplies – 3.9%
Befesa SA(b)		48,230		3,379,050
Biffa plc* (b)		416,780		1,595,551
Bingo Industries Ltd.(a) (b)		612,430		1,613,174
Casella Waste Systems, Inc., Class A*		20,930		1,404,612
China Everbright Environment Group Ltd.		4,550,000		2,864,675
Clean Harbors, Inc.*		20,930		1,861,933
Cleanaway Co. Ltd.		100,000		631,869
Cleanaway Waste Management Ltd.		2,812,810		6,192,352
CoreCivic, Inc., REIT* (a)		49,140		381,818
Covanta Holding Corp.		49,140		739,065
Daiseki Co. Ltd.		37,700		1,417,565
Insun ENT Co. Ltd.*		46,410		571,598
Koentec Co. Ltd.		29,120		237,180
Lassila & Tikanoja OYJ(a)		50,050		871,218
Republic Services, Inc.		87,360		9,286,368
Shanghai Youngsun Investment Co. Ltd., Class B* ^ ‡ (c)		57,800		—
Stericycle, Inc.*		37,310		2,846,007
US Ecology, Inc.* (a)		12,740		540,940
Waste Connections, Inc.(a)		360,360		42,890,515
Waste Management, Inc.		172,900		23,855,013
				103,180,503
Diversified Financial Services – 0.1%
Metro Pacific Investments Corp.		17,290,000		1,454,299

Investments	Shares		Value
Diversified Telecommunication Services – 12.6%
AT&T, Inc.		2,905,630	$	91,265,838
BCE, Inc.		456,820		21,574,737
BT Group plc*		4,428,060		10,112,871
Cellnex Telecom SA(a) (b)		247,425		14,023,656
China Tower Corp. Ltd., Class H(b)		21,840,000		3,149,385
Deutsche Telekom AG (Registered)		1,638,000		31,549,191
Hellenic Telecommunications Organization SA		119,210		2,024,856
HKT Trust & HKT Ltd.		1,820,000		2,643,234
Indus Towers Ltd.		689,780		2,351,338
Infrastrutture Wireless Italiane SpA(a) (b)		169,260		1,976,425
Liberty Global plc, Class C*		158,340		4,284,680
Lumen Technologies, Inc.(a)		410,422		5,265,714
Nippon Telegraph & Telephone Corp.		1,183,000		29,817,163
Spark New Zealand Ltd.		936,390		2,956,183
Swisscom AG (Registered)(a)		12,740		6,918,614
Telecom Italia SpA		5,152,420		2,830,193
Telesites SAB de CV* (a)		1,729,000		1,639,484
Verizon Communications, Inc.		1,686,230		97,447,232
				331,830,794
Electric Utilities – 13.7%
American Electric Power Co., Inc.		202,930		18,001,920
Duke Energy Corp.		300,300		30,237,207
Enel SpA		7,401,940		73,662,735
Eversource Energy		140,140		12,082,871
Exelon Corp.		396,760		17,830,394
Iberdrola SA		5,583,760		75,518,640
NextEra Energy, Inc.		796,250		61,717,338
Orsted A/S(b)		180,180		26,313,954
Southern Co. (The)		431,340		28,541,768
Xcel Energy, Inc.		222,040		15,831,452
				359,738,279
Equity Real Estate Investment Trusts (REITs) – 5.6%
American Tower Corp.		181,090		46,136,299

See Accompanying Notes to the Financial Statements.

220 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
CoreSite Realty Corp.(a)		17,290	$	2,100,562
Crown Castle International Corp.		175,630		33,204,608
CyrusOne, Inc.		49,140		3,578,866
Digital Realty Trust, Inc.		114,660		17,693,185
Equinix, Inc.		36,400		26,235,664
GEO Group, Inc. (The)(a)		49,140		270,761
Keppel DC REIT		637,022		1,288,026
QTS Realty Trust, Inc., Class A(a)		26,390		1,754,671
SBA Communications Corp.		45,500		13,637,260
				145,899,902
Gas Utilities – 1.1%
APA Group		961,870		7,452,255
Beijing Enterprises Holdings Ltd.		455,000		1,487,991
Enagas SA		224,770		4,902,876
Infraestructura Energetica Nova SAB de CV*		455,000		1,956,943
Petronas Gas Bhd.		455,000		1,748,291
Snam SpA		2,020,845		11,385,004
				28,933,360
Health Care Providers & Services – 3.1%
Acadia Healthcare Co., Inc.*		36,400		2,217,488
Apollo Hospitals Enterprise Ltd.		159,250		6,874,371
Bangkok Dusit Medical Services PCL, NVDR		16,016,000		11,161,693
Bumrungrad Hospital PCL, NVDR		728,000		3,132,943
Encompass Health Corp.		40,040		3,397,794
Fortis Healthcare Ltd.*		708,890		2,016,445
HCA Healthcare, Inc.		110,110		22,138,717
IHH Healthcare Bhd.		3,185,000		4,183,014
Life Healthcare Group Holdings Ltd.*		1,684,410		2,210,661
Mitra Keluarga Karyasehat Tbk. PT(b)		7,462,000		1,353,440
Netcare Ltd.*		1,629,810		1,691,879
Ramsay Health Care Ltd.		254,800		13,249,940

Investments	Shares		Value
Health Care Providers & Services – (continued)
Tenet Healthcare Corp.*		42,770	$	2,534,550
Universal Health Services, Inc., Class B		31,850		4,726,859
				80,889,794
IT Services – 0.2%
Fastly, Inc., Class A* (a)		39,130		2,499,233
NEXTDC Ltd.*		229,320		2,053,032
				4,552,265
Media – 6.5%
Altice USA, Inc., Class A*		101,010		3,667,673
Cable One, Inc.		2,145		3,839,550
Charter Communications, Inc., Class A*		56,420		37,996,049
Comcast Corp., Class A		1,862,770		104,594,536
DISH Network Corp., Class A*		105,560		4,728,032
Liberty Broadband Corp., Class C*		60,970		9,921,038
Shaw Communications, Inc., Class B		244,790		7,083,827
				171,830,705
Multi-Utilities – 9.4%
Consolidated Edison, Inc.		140,140		10,848,238
Dominion Energy, Inc.		333,970		26,684,203
DTE Energy Co.		78,260		10,957,965
E.ON SE		2,012,920		24,294,533
Engie SA		1,778,258		26,480,051
Keppel Infrastructure Trust		5,278,000		2,181,975
National Grid plc		3,379,740		42,610,790
Public Service Enterprise Group, Inc.		206,570		13,046,961
RWE AG		643,370		24,427,377
Sempra Energy		117,390		16,149,342
Suez SA(a)		551,460		13,184,013
Veolia Environnement SA		741,650		23,650,226
WEC Energy Group, Inc.		130,130		12,644,732
				247,160,406
Oil, Gas & Consumable Fuels – 7.4%
Antero Midstream Corp.(a)		138,320		1,195,085
Enbridge, Inc.		1,929,200		74,348,376

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 221

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Oil, Gas & Consumable Fuels – (continued)
Equitrans Midstream Corp.		166,530	$	1,358,885
Inter Pipeline Ltd.(a)		408,590		5,951,823
Keyera Corp.(a)		210,210		4,803,287
Kinder Morgan, Inc.		819,910		13,979,465
Koninklijke Vopak NV(a)		59,150		2,712,902
ONEOK, Inc.		179,270		9,382,992
Pembina Pipeline Corp.(a)		524,160		16,165,364
Petronet LNG Ltd.		714,350		2,314,061
Targa Resources Corp.		93,730		3,251,494
TC Energy Corp.		889,070		43,947,607
Transneft PJSC (Preference)		1,820		3,437,518
Williams Cos., Inc. (The)		495,040		12,059,174
				194,908,033
Road & Rail – 17.0%
Aurizon Holdings Ltd.		2,534,350		7,341,220
Canadian National Railway Co.		970,970		104,445,180
Canadian Pacific Railway Ltd.(a)		182,910		68,202,444
Central Japan Railway Co.		283,600		41,474,278
CSX Corp.		310,310		31,263,732
East Japan Railway Co.(a)		521,800		35,703,236
Kansas City Southern		37,310		10,902,355
Keikyu Corp.(a)		364,000		4,655,524
Keisei Electric Railway Co. Ltd.(a)		225,800		7,044,307
MTR Corp. Ltd.		2,275,000		12,683,070
Norfolk Southern Corp.		102,830		28,714,249
Odakyu Electric Railway Co. Ltd.(a)		455,000		12,300,672
Tobu Railway Co. Ltd.		273,000		7,018,252
Union Pacific Corp.		273,910		60,832,672
West Japan Railway Co.		273,000		15,065,514
				447,646,705
Transportation Infrastructure – 7.2%
Adani Ports & Special Economic Zone Ltd.*		1,041,950		10,269,339
Aena SME SA* (b)		100,100		17,436,405
Aeroports de Paris* (a)		36,400		4,675,415
Airports of Thailand PCL, NVDR		5,824,000		11,596,564

Investments	Shares		Value
Transportation Infrastructure – (continued)
ASTM SpA*		82,810	$	2,571,916
Atlantia SpA*		693,420		13,543,640
Atlas Arteria Ltd.(a)		1,309,490		6,109,554
Auckland International Airport Ltd.* (a)		1,648,920		8,979,730
Bangkok Expressway & Metro PCL, NVDR*		11,830,000		3,039,422
CCR SA		1,638,000		3,635,136
China Merchants Port Holdings Co. Ltd.		1,820,000		2,919,742
COSCO SHIPPING Ports Ltd.		1,820,000		1,530,170
Getlink SE		596,960		9,507,349
Grupo Aeroportuario del Pacifico SAB de CV, Class B*		568,750		5,870,604
Grupo Aeroportuario del Sureste SAB de CV, Class B* (a)		273,000		4,636,176
International Container Terminal Services, Inc.		2,411,500		6,505,791
Japan Airport Terminal Co. Ltd.		109,100		4,900,791
Promotora y Operadora de Infraestructura SAB de CV		313,950		2,436,032
Qube Holdings Ltd.		2,380,560		5,534,979
Shenzhen International Holdings Ltd.		1,820,000		3,032,220
Sydney Airport*		3,684,590		17,617,740
Transurban Group(a)		3,741,010		40,947,661
Westports Holdings Bhd.		1,274,000		1,337,321
Westshore Terminals Investment Corp.(a)		56,420		920,001
				189,553,698
Water Utilities – 2.5%
Aguas Andinas SA, Class A		3,639,090		1,029,237
American States Water Co.(a)		14,560		1,153,006
American Water Works Co., Inc.		72,800		11,356,072
Beijing Enterprises Water Group Ltd.* (a)		5,460,000		2,087,873
California Water Service Group		20,930		1,229,637

See Accompanying Notes to the Financial Statements.

222 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Water Utilities – (continued)
Cia de Saneamento Basico do Estado de Sao Paulo*		455,000	$	3,587,835
Cia de Saneamento de Minas Gerais-COPASA		273,000		845,884
Cia de Saneamento do Parana (Preference)*		1,365,000		1,071,822
Essential Utilities, Inc.(a)		90,090		4,245,942
Guangdong Investment Ltd.		3,640,000		5,605,155
Middlesex Water Co.(a)		7,280		597,106
Pennon Group plc		576,940		8,259,616
Severn Trent plc		330,330		11,328,768
SJW Group(a)		11,830		775,456
TTW PCL, NVDR		2,093,000		779,729
United Utilities Group plc		930,020		12,467,116
WHA Utilities and Power PCL, NVDR		1,456,000		223,514
				66,643,768
Wireless Telecommunication Services – 5.2%
KDDI Corp.		845,200		25,563,617
SoftBank Group Corp.		665,900		60,220,681
T-Mobile US, Inc.*		197,470		26,091,711
Vodafone Group plc		13,552,630		25,669,554
				137,545,563
Total Common Stocks (Cost $2,134,286,524)				2,606,955,936
	Principal Amount
SECURITIES LENDING REINVESTMENTS(d) – 0.6%
REPURCHASE AGREEMENTS – 0.6%
BofA Securities, Inc., 0.50%, dated 4/30/2021, due 8/2/2021, repurchase price $2,000,000, collateralized by various Common Stocks; total market value $2,178,031	$	2,000,000		2,000,000

Investments	Principal Amount		Value
REPURCHASE AGREEMENTS – (continued)
Citigroup Global Markets, Inc., 0.01%, dated 4/30/2021, due 5/3/2021, repurchase price $2,057,745, collateralized by various U.S. Treasury Securities, ranging from 0.88% – 5.00%, maturing 1/15/2028 –2/15/2047; total market value $2,076,308	$	2,057,745	$	2,057,745
NBC Global Finance Ltd., 0.19%, dated 4/30/2021, due 5/3/2021, repurchase price $11,000,000, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 4.38%, maturing 1/31/2023 – 8/15/2050; Common Stocks; total market value $12,080,917		11,000,000		11,000,000
				15,057,745
Total Securities Lending Reinvestments (Cost $15,057,745)				15,057,745
Total Investments – 99.7% (Cost $2,149,344,269)				2,622,013,681
Other assets less liabilities – 0.3%				8,249,555
NET ASSETS – 100.0%			$	2,630,263,236

* Non-income producing security.

^ Security subject to restrictions on resale.

^‡  Value determined using significant unobservable inputs.

^(a)  The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 was $148,101,015, collateralized in the form of cash with a value of $15,057,745 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $111,634,045 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.00%, and maturity dates ranging from May 13, 2021 – February 15, 2051 and $28,288,041 of collateral in the form of Foreign

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 223

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

Government Fixed Income Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from July 7, 2021 – September 20, 2117; a total value of $154,979,831.

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

^(c)  Security fair valued as of April 30, 2021 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2021 amounted to $0, which represents approximately 0.00% of net assets of the Fund.

^(d)  The security was purchased with cash collateral held from securities on loan at April 30, 2021. The total value of securities purchased was $15,057,745.

Percentages shown are based on Net Assets.

Abbreviations

NVDR – Non-Voting Depositary Receipt

OYJ – Public Limited Company

PJSC – Public Joint Stock Company

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

As of April 30, 2021, 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	$	509,686,367
Aggregate gross unrealized depreciation		(44,375,003	)
Net unrealized appreciation	$	465,311,364
Federal income tax cost	$	2,157,474,012

Futures Contracts

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund had the following open futures contracts as of April 30, 2021:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)*
Long Contracts
EURO STOXX 50 Index		86		06/18/2021		EUR	$	4,078,956	$	115,968
FTSE 100 Index		21		06/18/2021		GBP		2,017,116		48,149
S&P 500 E-Mini Index		36		06/18/2021		USD		7,513,920		411,064
S&P/TSX 60 Index		37		06/17/2021		CAD		6,829,751		126,737
SPI 200 Index		10		06/17/2021		AUD		1,352,174		42,297
TOPIX Index		12		06/10/2021		JPY		2,087,553		(18,752	)
									$	725,463

* 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.

224 FLEXSHARES SEMIANNUAL REPORT

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, 2021:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
CAD	2,955,816	Toronto-Dominion Bank (The)	USD	2,356,427		06/16/2021	$	46,504
EUR	1,510,130	Morgan Stanley	USD	1,800,061		06/16/2021		19,485
EUR	1,050,000	Toronto-Dominion Bank (The)	USD	1,252,876		06/16/2021		12,263
GBP	90,000	BNP Paribas SA	USD	123,602		06/16/2021		1,022
JPY	11,900,000	JPMorgan Chase Bank	USD	108,869		06/16/2021		40
USD	774,774	Toronto-Dominion Bank (The)	AUD	1,000,000		06/16/2021		2,166
USD	618,766	Toronto-Dominion Bank (The)	EUR	510,000		06/16/2021		4,828
USD	601,926	Citibank NA	GBP	431,253		06/16/2021		4,765
Total unrealized appreciation							$	91,073
AUD	297,161	JPMorgan Chase Bank	USD	230,776		06/16/2021	$	(1,187	)
GBP	430,000	Toronto-Dominion Bank (The)	USD	596,638		06/16/2021		(1,212	)
HKD	2,099,601	Toronto-Dominion Bank (The)	USD	270,517		06/16/2021		(156	)
JPY	84,456,439	Morgan Stanley	USD	778,133		06/16/2021		(5,190	)
JPY	110,200,000	Toronto-Dominion Bank (The)	USD	1,011,971		06/16/2021		(3,425	)
USD	892,277	JPMorgan Chase Bank	CAD	1,120,000		06/16/2021		(18,227	)
USD	263,045	Morgan Stanley	CHF	243,000		06/16/2021		(3,702	)
USD	1,333,598	Morgan Stanley	JPY	147,000,000		06/16/2021		(11,742	)
Total unrealized depreciation							$	(44,841	)
Net unrealized appreciation							$	46,232

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.

FLEXSHARES SEMIANNUAL REPORT 225

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, 2021:

Australia	4.1	%
Austria	0.1
Belgium	0.1
Brazil	0.3
Canada	14.8
Chile	0.0	†
China	0.9
Denmark	1.0
Finland	0.0	†
France	2.9
Germany	6.2
Greece	0.1
Hong Kong	0.6
India	0.9
Indonesia	0.1
Italy	4.0
Japan	9.3
Malaysia	0.3
Mexico	0.6
Netherlands	0.2
New Zealand	0.5
Philippines	0.3
Russia	0.1
Singapore	0.2
South Africa	0.2
South Korea	0.0	†
Spain	4.3
Switzerland	0.3
Taiwan	0.0	†
Thailand	1.1
United Kingdom	4.6
United States	41.0
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).

See Accompanying Notes to the Financial Statements.

226 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Global Quality Real Estate Index Fund

April 30, 2021 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 98.3%
Equity Real Estate Investment Trusts (REITs) – 75.6%
AEON REIT Investment Corp.		678	$	933,525
Alexandria Real Estate Equities, Inc.		58,760		10,641,436
alstria office REIT-AG		72,207		1,294,280
American Homes 4 Rent, Class A		125,769		4,658,484
American Tower Corp.		37,403		9,529,162
Argosy Property Ltd.		127,361		135,702
AvalonBay Communities, Inc.		63,054		12,106,368
Befimmo SA		17,854		759,765
Brandywine Realty Trust		81,699		1,105,387
Brookfield Property REIT, Inc., Class A		41,245		741,791
BWP Trust		292,896		934,402
Camden Property Trust		34,465		4,152,343
Canadian Apartment Properties REIT(a)		37,855		1,681,350
CapitaLand China Trust		757,100		785,326
CareTrust REIT, Inc.		43,957		1,062,880
CDL Hospitality Trusts		847,500		796,283
Centerspace		11,074		779,499
Charter Hall Group		210,406		2,275,394
Cominar REIT(a)		110,175		874,092
Corporate Office Properties Trust		50,624		1,419,497
Cousins Properties, Inc.(a)		67,122		2,461,364
Covivio(a)		7,232		645,976
Crombie REIT(a)		63,167		840,549
Cromwell European REIT(b)		1,367,999		782,229
Crown Castle International Corp.		24,069		4,550,485
CT REIT(a)		61,924		833,070
Derwent London plc		47,912		2,208,344
Dream Industrial REIT(a)		77,518		858,861
Dream Office REIT(a)		47,573		817,117
EastGroup Properties, Inc.		17,854		2,832,716
Equinix, Inc.		3,842		2,769,160
Equity Commonwealth		54,692		1,575,130
Equity Residential		168,031		12,472,941
Essex Property Trust, Inc.		20,679		6,007,663
First Capital REIT(a)		64,297		925,622
First Industrial Realty Trust, Inc.		58,082		2,890,741
Fortune REIT(a)		226,000		227,838

Investments	Shares		Value
Equity Real Estate Investment Trusts (REITs) – (continued)
Frasers Logistics & Commercial Trust(b)		1,084,800	$	1,198,629
Frontier Real Estate Investment Corp.		226		988,317
Fukuoka REIT Corp.		452		741,031
Gaming and Leisure Properties, Inc.		98,649		4,586,192
Gecina SA		20,679		3,028,280
GEO Group, Inc. (The)(a)		73,789		406,577
Getty Realty Corp.		16,724		528,144
Goodman Group		608,279		8,885,149
Goodman Property Trust(a)		578,560		925,710
Granite REIT(a)		15,368		983,017
Growthpoint Properties Australia Ltd.(a)		279,675		807,971
Heiwa Real Estate REIT, Inc.		565		851,338
Hibernia REIT plc		539,575		739,177
Highwoods Properties, Inc.		46,895		2,100,427
Hoshino Resorts REIT, Inc.(a)		155		910,388
Industrial Logistics Properties Trust		39,550		980,840
InterRent REIT(a)		73,676		919,303
Invincible Investment Corp.		2,712		973,844
Japan Logistics Fund, Inc.		380		1,088,148
Japan Metropolitan Fund Invest		2,373		2,338,156
Kenedix Retail REIT Corp.		339		867,776
Killam Apartment REIT(a)		54,240		835,072
Kimco Realty Corp.		195,377		4,102,917
Kite Realty Group Trust		49,268		1,025,267
Lexington Realty Trust		125,091		1,531,114
Life Storage, Inc.		32,770		3,147,886
LTC Properties, Inc.(a)		21,809		927,537
Macerich Co. (The)(a)		68,591		945,870
Mapletree Commercial Trust		971,800		1,599,701
Medical Properties Trust, Inc.		160,234		3,533,160
Mid-America Apartment Communities, Inc.		51,641		8,124,679
Monmouth Real Estate Investment Corp.		51,415		950,149
Mori Trust Sogo Reit, Inc.		565		814,121
National Health Investors, Inc.		20,227		1,484,864
NexPoint Residential Trust, Inc.		17,402		872,884

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 227

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
NorthWest Healthcare Properties REIT(a)		78,083	$	828,942
NSI NV		19,662		800,016
NTT UD REIT Investment Corp.(a)		678		1,006,099
Office Properties Income Trust		30,623		849,788
Paramount Group, Inc.		99,779		1,058,655
Park Hotels & Resorts, Inc.*		81,925		1,827,747
Parkway Life REIT		259,900		814,629
Physicians Realty Trust		85,767		1,606,416
Piedmont Office Realty Trust, Inc., Class A		57,517		1,070,967
PotlatchDeltic Corp.		30,171		1,790,951
Prologis, Inc.		198,767		23,162,318
PS Business Parks, Inc.		9,266		1,504,520
Public Storage		65,314		18,363,684
Rayonier, Inc.(a)		61,585		2,234,304
Retail Opportunity Investments Corp.		60,229		1,060,030
Retail Properties of America, Inc., Class A(a)		96,615		1,133,294
RPT Realty		75,484		959,402
Sabra Health Care REIT, Inc.		93,451		1,698,005
Safestore Holdings plc		95,033		1,120,386
Scentre Group		1,857,833		3,903,426
Service Properties Trust		78,309		964,375
SITE Centers Corp.		77,292		1,140,057
SL Green Realty Corp.(a)		31,753		2,350,040
STAG Industrial, Inc.(a)		67,348		2,458,875
Summit Industrial Income REIT(a)		72,546		920,536
Tanger Factory Outlet Centers, Inc.(a)		61,020		1,064,799
VEREIT, Inc.		98,649		4,719,368
VICI Properties, Inc.(a)		242,272		7,680,022
Washington REIT		39,437		915,727
Waypoint REIT		432,903		832,646
Weingarten Realty Investors		54,918		1,776,048
Weyerhaeuser Co.		337,418		13,081,696
WP Carey, Inc.(a)		79,326		5,940,724
				275,748,899
Household Durables – 0.8%
Iida Group Holdings Co. Ltd.		67,800		1,651,813

Investments	Shares		Value
Household Durables – (continued)
Open House Co. Ltd.		27,400	$	1,139,317
				2,791,130
Real Estate Management & Development – 21.9%
ADLER Group SA(a) (b)		35,821		1,059,922
Aeon Mall Co. Ltd.		45,200		717,047
Aroundtown SA		173,116		1,334,575
Ascendas India Trust		700,600		747,784
Atrium Ljungberg AB, Class B		38,081		796,680
CA Immobilien Anlagen AG(a)		29,041		1,274,276
CapitaLand Ltd.		1,096,100		3,064,862
Castellum AB(a)		106,446		2,594,509
CK Asset Holdings Ltd.		1,146,000		7,193,071
CLS Holdings plc		241,933		834,071
Daibiru Corp.		56,500		659,050
Deutsche Wohnen SE		142,493		7,718,988
DREAM Unlimited Corp., Class A		43,957		819,325
Entra ASA(b)		78,196		1,769,438
Fabege AB		119,328		1,781,647
Fastighets AB Balder, Class B*		25,877		1,492,501
Goldcrest Co. Ltd.(a)		45,200		656,259
Hang Lung Group Ltd.		452,000		1,190,109
Hang Lung Properties Ltd.		791,000		2,159,074
Heiwa Real Estate Co. Ltd.		22,600		768,117
Henderson Land Development Co. Ltd.		678,000		3,016,010
Howard Hughes Corp. (The)* (a)		18,645		2,012,541
Hufvudstaden AB, Class A		56,613		903,183
Hulic Co. Ltd.		135,600		1,543,263
Kojamo OYJ		55,709		1,209,137
Kungsleden AB		91,191		1,061,734
Melisron Ltd.*		15,368		931,552
Nomura Real Estate Holdings, Inc.		56,500		1,390,467
Platzer Fastigheter Holding AB, Class B		62,489		818,825
PSP Swiss Property AG (Registered)		13,108		1,618,289
Realogy Holdings Corp.*		53,675		927,504
S IMMO AG		35,482		922,606
Sirius Real Estate Ltd.		656,078		922,907
St Joe Co. (The)(a)		17,176		786,489

See Accompanying Notes to the Financial Statements.

228 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Real Estate Management & Development – (continued)
Sumitomo Realty & Development Co. Ltd.		140,600	$	4,680,878
Sun Hung Kai Properties Ltd.		591,000		8,925,665
Swire Properties Ltd.		497,200		1,485,163
TAG Immobilien AG		66,105		2,045,930
Tokyo Tatemono Co. Ltd.		79,100		1,167,269
Tricon Residential, Inc.		95,146		1,008,538
UOL Group Ltd.		203,400		1,177,225
VGP NV		4,407		770,307
Wihlborgs Fastigheter AB		62,489		1,278,491
Yanlord Land Group Ltd.		802,300		802,059
				80,037,337
Total Common Stocks (Cost $309,965,609)				358,577,366
	Principal Amount
SECURITIES LENDING REINVESTMENTS(c) – 3.0%
REPURCHASE AGREEMENTS – 3.0%
Citigroup Global Markets Ltd., 0.05%, dated 4/30/2021, due 5/3/2021, repurchase price $1,700,000, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 3.00%, maturing 5/15/2023 – 2/15/2049; Foreign Government Fixed Income Securities, 0.45%, maturing 8/19/2027; total market value $1,729,730	$	1,700,000		1,700,000
Citigroup Global Markets, Inc., 0.01%, dated 4/30/2021, due 5/3/2021, repurchase price $6,141,163, collateralized by various U.S. Treasury Securities, ranging from 0.88% – 5.00%, maturing 1/15/2028 –2/15/2047; total market value $6,196,562		6,141,163		6,141,163

Investments	Principal Amount		Value
REPURCHASE AGREEMENTS – (continued)
Deutsche Bank AG, London Branch, 0.15%, dated 4/30/2021, due 5/3/2021, repurchase price $2,400,000, collateralized by various U.S. Treasury Securities, 0.13%, maturing 7/15/2030; Foreign Government Fixed Income Securities, ranging from 0.25% – 3.13%, maturing 7/23/2021 – 2/14/2031; total market value $2,437,027	$	2,400,000	$	2,400,000
NBC Global Finance Ltd., 0.19%, dated 4/30/2021, due 5/3/2021, repurchase price $700,000, collateralized by various U.S. Treasury Securities, ranging from 0.13% –4.38%, maturing 1/31/2023 – 8/15/2050; Common Stocks; total market value $768,786		700,000		700,000
				10,941,163
Total Securities Lending Reinvestments (Cost $10,941,163)				10,941,163
Total Investments – 101.3% (Cost $320,906,772)				369,518,529
Liabilities in excess of other assets – (1.3%)				(4,574,093	)
NET ASSETS – 100.0%			$	364,944,436

* Non-income producing security.

^(a)  The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 was $34,686,748, collateralized in the form of cash with a value of $10,941,163 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $20,438,686 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.00%, and maturity dates ranging from May 11, 2021 – February 15, 2051 and $5,406,664 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from July 7, 2021 – September 20, 2117; a total value of $36,786,513.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 229

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

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

^(c)  The security was purchased with cash collateral held from securities on loan at April 30, 2021. The total value of securities purchased was $10,941,163.

Percentages shown are based on Net Assets.

Abbreviations

OYJ – Public Limited Company

As of April 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments (including derivative instruments, if applicable) for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	51,093,712
Aggregate gross unrealized depreciation		(2,999,521	)
Net unrealized appreciation	$	48,094,191
Federal income tax cost	$	321,552,287

Futures Contracts

FlexShares^® Global Quality Real Estate Index Fund had the following open futures contracts as of April 30, 2021:    

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation (Depreciation)*
Long Contracts
EURO STOXX 50 Index		19		06/18/2021		EUR	$	901,165	$	15,549
Hang Seng Index		2		05/28/2021		HKD		367,330		(2,793	)
S&P 500 E-Mini Index		2		06/18/2021		USD		417,440		17,052
S&P Midcap 400 E-Mini Index		13		06/18/2021		USD		3,536,390		76,866
SPI 200 Index		9		06/17/2021		AUD		1,216,956		29,389
									$	136,063

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

Forward Foreign Currency Contracts

FlexShares^® Global Quality Real Estate Index Fund had the following outstanding contracts as of April 30, 2021:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
AUD	100,000	Morgan Stanley	USD	76,107		06/16/2021	$	1,154
EUR	91,023	Morgan Stanley	USD	109,030		06/16/2021		644
SEK	968,851	Morgan Stanley	USD	113,881		06/16/2021		745
SGD	100,000	JPMorgan Chase Bank	USD	74,167		06/16/2021		986
USD	5,515	JPMorgan Chase Bank	AUD	7,101		06/16/2021		28
USD	9,561	Citibank NA	GBP	6,850		06/16/2021		76
USD	74,693	Toronto-Dominion Bank (The)	HKD	580,000		06/16/2021		8
Total unrealized appreciation							$	3,641
HKD	317,674	Toronto-Dominion Bank (The)	USD	40,930		06/16/2021	$	(24	)
JPY	7,200,000	Citibank NA	USD	66,624		06/16/2021		(730	)
JPY	197,193	Morgan Stanley	USD	1,817		06/16/2021		(12	)
USD	439,591	Toronto-Dominion Bank (The)	CAD	553,029		06/16/2021		(9,994	)
USD	43,414	JPMorgan Chase Bank	CHF	40,000		06/16/2021		(495	)
USD	7,982	Morgan Stanley	CHF	7,373		06/16/2021		(112	)
USD	34,960	Goldman Sachs & Co.	SGD	47,035		06/16/2021		(388	)
Total unrealized depreciation							$	(11,755	)
Net unrealized depreciation							$	(8,114	)

See Accompanying Notes to the Financial Statements.

230 FLEXSHARES SEMIANNUAL REPORT

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

Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – Euro

GBP – British Pound

HKD – Hong Kong Dollar

JPY – Japanese Yen

SEK – Swedish Krona

SGD – Singapore Dollar

USD – US Dollar

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, 2021:

Australia	4.8	%
Austria	0.6
Belgium	0.4
Canada	3.6
Finland	0.3
France	1.0
Germany	3.7
Hong Kong	6.6
Ireland	0.2
Israel	0.3
Japan	7.1
Netherlands	0.2
New Zealand	0.3
Norway	0.5
Singapore	3.2
Sweden	3.0
Switzerland	0.5
United Kingdom	1.4
United States	60.6
Other1	1.7
	100.0	%

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

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 231

Schedule of Investments

FlexShares^® Real Assets Allocation Index Fund

April 30, 2021 (Unaudited)

Investments	Shares		Value
EXCHANGE TRADED FUNDS – 99.9%
FlexShares® Global Quality Real Estate Index Fund(a)		14,598	$	944,172
FlexShares® Global Upstream Natural Resources Index Fund(a)		72,801		2,742,414
FlexShares® STOXX® Global Broad Infrastructure Index Fund(a)		63,765		3,690,718
Total Exchange Traded Funds (Cost $6,527,022)				7,377,304
Total Investments – 99.9% (Cost $6,527,022)				7,377,304
Other assets less liabilities—0.1%				10,125
NET ASSETS – 100.0%			$	7,387,429

^(a)   Investment in affiliated Fund. Northern Trust Investments, Inc. is the Investment Adviser to both the Fund and the affiliated Funds.

Percentages shown are based on Net Assets.

As of April 30, 2021, 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	$	838,450
Aggregate gross unrealized depreciation		—
Net unrealized appreciation	$	838,450
Federal income tax cost	$	6,538,854

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, 2021, was as follows:

Security	Value October 31, 2020		Purchases at Cost		Sales Proceeds		Shares April 30, 2021		Value April 30, 2021		Change in Unrealized Appreciation (Depreciation)		Dividend Income		Realized Gain
FlexShares® Global Quality Real Estate Index Fund	$	917,016	$	338,762	$	566,762		14,598	$	944,172	$	248,589	$	6,890	$	6,567
FlexShares® Global Upstream Natural Resources Index Fund		1,335,592		882,137		17,162		72,801		2,742,414		542,476		21,340		(629	)
FlexShares® STOXX® Global Broad Infrastructure Index Fund		2,249,624		1,017,502		25,790		63,765		3,690,718		449,146		23,997		236
	$	4,502,232	$	2,238,401	$	609,714		151,164	$	7,377,304	$	1,240,211	$	52,227	$	6,174

See Accompanying Notes to the Financial Statements.

232 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Quality Dividend Index Fund

April 30, 2021 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.5%
Aerospace & Defense – 0.6%
Lockheed Martin Corp.		22,878	$	8,706,452
Auto Components – 0.5%
Gentex Corp.		208,692		7,341,785
Banks – 5.5%
Bank of America Corp.		76,446		3,098,357
First Citizens BancShares, Inc., Class A(a)		1,116		968,085
JPMorgan Chase & Co.		359,352		55,271,931
M&T Bank Corp.		45,756		7,215,264
PNC Financial Services Group, Inc. (The)		78,120		14,604,534
Western Alliance Bancorp(a)		30,132		3,165,969
				84,324,140
Beverages – 0.0%(b)
Coca-Cola Co. (The)		7,254		391,571
Biotechnology – 2.6%
Amgen, Inc.		107,136		25,674,071
Gilead Sciences, Inc.		230,454		14,626,915
				40,300,986
Building Products – 1.6%
A O Smith Corp.		126,108		8,543,817
Fortune Brands Home & Security, Inc.		59,148		6,209,357
Trane Technologies plc		53,568		9,311,725
				24,064,899
Capital Markets – 3.6%
Ameriprise Financial, Inc.(a)		36,828		9,516,355
Lazard Ltd., Class A		149,544		6,727,985
Moody’s Corp.		31,806		10,391,338
Morgan Stanley		131,130		10,824,781
Stifel Financial Corp.(a)		125,550		8,686,805
T. Rowe Price Group, Inc.		52,452		9,399,398
				55,546,662
Chemicals – 2.2%
Dow, Inc.		148,986		9,311,625

Investments	Shares		Value
Chemicals – (continued)
Eastman Chemical Co.		69,750	$	8,048,453
FMC Corp.		54,126		6,399,858
Sherwin-Williams Co. (The)		36,828		10,086,084
				33,846,020
Commercial Services & Supplies – 0.6%
Cintas Corp.		5,580		1,925,881
Rollins, Inc.(a)		202,554		7,551,213
				9,477,094
Communications Equipment – 2.6%
Cisco Systems, Inc.		773,946		39,401,591
Consumer Finance – 0.6%
Synchrony Financial		204,786		8,957,340
Distributors – 0.6%
Pool Corp.		22,878		9,666,413
Diversified Consumer Services – 0.1%
H&R Block, Inc.		99,324		2,210,952
Diversified Telecommunication Services – 2.1%
AT&T, Inc.		498,294		15,651,414
Verizon Communications, Inc.		283,464		16,381,385
				32,032,799
Electric Utilities – 1.6%
Evergy, Inc.(a)		102,672		6,567,928
IDACORP, Inc.(a)		41,850		4,288,788
NRG Energy, Inc.		185,256		6,635,870
OGE Energy Corp.(a)		201,438		6,760,259
				24,252,845
Electrical Equipment – 0.5%
Rockwell Automation, Inc.		31,806		8,405,054
Energy Equipment & Services – 0.9%
Baker Hughes Co.		332,568		6,677,965
Halliburton Co.		379,998		7,432,761
				14,110,726

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 233

FlexShares^® Quality Dividend Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Entertainment – 2.0%
Activision Blizzard, Inc.		141,174	$	12,873,657
Electronic Arts, Inc.		59,706		8,483,029
World Wrestling Entertainment, Inc., Class A(a)		155,682		8,579,635
				29,936,321
Equity Real Estate Investment Trusts (REITs) – 2.5%
Extra Space Storage, Inc.		61,380		9,126,592
Gaming and Leisure Properties, Inc.		167,958		7,808,367
Highwoods Properties, Inc.		94,860		4,248,779
National Health Investors, Inc.		102,114		7,496,189
Public Storage		36,828		10,354,561
				39,034,488
Food & Staples Retailing – 1.8%
Walmart, Inc.		200,880		28,105,121
Food Products – 0.4%
Campbell Soup Co.(a)		119,970		5,728,568
Health Care Equipment & Supplies – 0.6%
Abbott Laboratories		8,928		1,072,074
ResMed, Inc.		42,408		7,971,432
				9,043,506
Health Care Providers & Services – 2.1%
Cardinal Health, Inc.		149,544		9,023,485
Chemed Corp.		13,392		6,382,761
McKesson Corp.		44,640		8,372,678
UnitedHealth Group, Inc.		19,530		7,788,564
				31,567,488
Health Care Technology – 0.5%
Cerner Corp.		98,766		7,412,388
Hotels, Restaurants & Leisure – 0.5%
Wingstop, Inc.		44,082		6,983,030
Household Durables – 0.6%
PulteGroup, Inc.		149,544		8,841,041

Investments	Shares		Value
Household Products – 2.8%
Clorox Co. (The)		5,580	$	1,018,350
Colgate-Palmolive Co.		32,922		2,656,806
Procter & Gamble Co. (The)		296,298		39,532,079
				43,207,235
Independent Power and Renewable Electricity Producers – 0.7%
AES Corp. (The)		155,682		4,331,073
Vistra Corp.		342,612		5,779,865
				10,110,938
Industrial Conglomerates – 1.4%
3M Co.		105,462		20,790,779
Insurance – 3.5%
Aflac, Inc.		179,118		9,624,010
Allstate Corp. (The)		80,910		10,259,388
Aon plc, Class A(a)		17,856		4,489,713
MetLife, Inc.		155,682		9,906,046
Progressive Corp. (The)		107,694		10,849,093
Unum Group		287,928		8,136,845
				53,265,095
Internet & Direct Marketing Retail – 0.5%
eBay, Inc.		139,500		7,782,705
IT Services – 3.3%
International Business Machines Corp.(a)		163,494		23,196,529
Mastercard, Inc., Class A		11,718		4,476,979
Paychex, Inc.		92,070		8,975,904
Visa, Inc., Class A(a)		27,342		6,385,998
Western Union Co. (The)		282,348		7,273,284
				50,308,694
Leisure Products – 1.1%
Brunswick Corp.(a)		80,910		8,667,888
Polaris, Inc.(a)		61,938		8,673,178
				17,341,066
Life Sciences Tools & Services – 0.0%(b)
Thermo Fisher Scientific, Inc.		1,116		524,777

See Accompanying Notes to the Financial Statements.

234 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Quality Dividend Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Machinery – 1.4%
Illinois Tool Works, Inc.		58,032	$	13,374,055
Pentair plc(a)		136,710		8,819,162
				22,193,217
Media – 3.3%
Comcast Corp., Class A		245,520		13,785,948
Fox Corp., Class A		34,596		1,294,582
Interpublic Group of Cos., Inc. (The)		71,424		2,267,712
New York Times Co. (The), Class A		151,218		6,866,809
Nexstar Media Group, Inc., Class A(a)		58,032		8,554,497
Omnicom Group, Inc.		116,622		9,593,326
Sirius XM Holdings, Inc.(a)		1,234,854		7,532,610
				49,895,484
Metals & Mining – 0.6%
Newmont Corp.		152,334		9,507,165
Multiline Retail – 0.5%
Target Corp.		36,828		7,632,971
Multi-Utilities – 1.6%
MDU Resources Group, Inc.		263,376		8,812,561
Public Service Enterprise Group, Inc.		131,688		8,317,414
WEC Energy Group, Inc.(a)		78,120		7,590,920
				24,720,895
Oil, Gas & Consumable Fuels – 1.7%
Antero Midstream Corp.(a)		791,244		6,836,348
Cabot Oil & Gas Corp.(a)		15,624		260,452
Cimarex Energy Co.		71,982		4,765,209
Plains GP Holdings LP, Class A* (a)		615,474		5,773,146
Williams Cos., Inc. (The)		357,678		8,713,036
				26,348,191
Paper & Forest Products – 0.7%
Louisiana-Pacific Corp.		167,400		11,028,312

Investments	Shares		Value
Personal Products – 0.5%
Nu Skin Enterprises, Inc., Class A(a)		150,102	$	7,934,392
Pharmaceuticals – 5.7%
Eli Lilly and Co.		106,578		19,479,261
Johnson & Johnson		310,806		50,577,460
Merck & Co., Inc.		241,056		17,958,672
				88,015,393
Professional Services – 0.5%
CoreLogic, Inc.		83,700		6,670,890
Exponent, Inc.		13,950		1,343,804
				8,014,694
Road & Rail – 2.1%
Old Dominion Freight Line, Inc.		35,712		9,206,911
Union Pacific Corp.		105,462		23,422,055
				32,628,966
Semiconductors & Semiconductor Equipment – 4.3%
Analog Devices, Inc.(a)		67,518		10,341,057
Broadcom, Inc.		558		254,560
Intel Corp.		85,932		4,943,668
KLA Corp.		28,458		8,974,230
Microchip Technology, Inc.		53,568		8,050,735
Skyworks Solutions, Inc.		17,298		3,136,646
Texas Instruments, Inc.		168,516		30,418,823
				66,119,719
Software – 6.5%
Citrix Systems, Inc.		56,916		7,049,047
Microsoft Corp.		241,056		60,789,502
Oracle Corp.		393,948		29,857,319
SS&C Technologies Holdings, Inc.		17,298		1,283,857
				98,979,725
Specialty Retail – 5.5%
Best Buy Co., Inc.		68,076		7,915,197
Dick’s Sporting Goods, Inc.(a)		92,628		7,649,220
Home Depot, Inc. (The)		94,860		30,703,336

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 235

FlexShares^® Quality Dividend Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Specialty Retail – 5.5%
Lowe’s Cos., Inc.		127,782	$	25,077,218
Tractor Supply Co.		16,182		3,051,925
Williams-Sonoma, Inc.(a)		60,264		10,290,078
				84,686,974
Technology Hardware, Storage & Peripherals – 8.7%
Apple, Inc.		895,590		117,734,261
NetApp, Inc.		85,374		6,376,584
Seagate Technology plc		92,628		8,599,584
				132,710,429
Thrifts & Mortgage Finance – 0.4%
PennyMac Financial Services, Inc.(a)		111,600		6,719,436
Tobacco – 2.8%
Altria Group, Inc.		340,938		16,279,789
Philip Morris International, Inc.		285,696		27,141,120
				43,420,909
Trading Companies & Distributors – 2.2%
Fastenal Co.		174,096		9,101,739
MSC Industrial Direct Co., Inc., Class A		81,468		7,345,155
Watsco, Inc.		30,690		8,987,873
WW Grainger, Inc.		17,856		7,741,290
				33,176,057
Total Common Stocks (Cost $1,150,456,323)				1,526,753,498
	Principal Amount
SECURITIES LENDING REINVESTMENTS(c) – 4.4%
CERTIFICATES OF DEPOSIT – 0.7%
Bank of Nova Scotia, Houston (ICE LIBOR USD 3 Month + 0.08%), 0.27%, 7/21/2021(d)	$	3,000,000		3,000,066
Cooperatieve Rabobank UA, London (ICE LIBOR USD 3 Month + 0.08%), 0.27%, 7/30/2021(d)		3,000,000		3,000,600

Investments	Principal Amount		Value
CERTIFICATES OF DEPOSIT – (continued)
Nordea Bank Abp, New York Branch (ICE LIBOR USD 3 Month + 0.03%), 0.24%, 10/7/2021(d)	$	3,000,000	$	3,001,200
Royal Bank of Canada, New York (ICE LIBOR USD 3 Month + 0.04%), 0.24%, 10/5/2021(d)		1,000,000		1,000,218
Total Certificates Of Deposit (Cost $9,999,912)				10,002,084
REPURCHASE AGREEMENTS – 3.7%
BofA Securities, Inc., 0.50%, dated 4/30/2021, due 8/2/2021, repurchase price $8,000,000, collateralized by various Common Stocks; total market value $8,712,122		8,000,000		8,000,000
Citigroup Global Markets, Inc., 0.01%, dated 4/30/2021, due 5/3/2021, repurchase price $9,636,664, collateralized by various U.S. Treasury Securities, ranging from 0.88% – 5.00%, maturing 1/15/2028 – 2/15/2047; total market value $9,723,595		9,636,664		9,636,663
Deutsche Bank AG, London Branch, 0.15%, dated 4/30/2021, due 5/3/2021, repurchase price $4,400,000, collateralized by various U.S. Treasury Securities, 0.13%, maturing 7/15/2030; Foreign Government Fixed Income Securities, ranging from 0.25% – 3.13%, maturing 7/23/2021 – 2/14/2031; total market value $4,467,882		4,400,000		4,400,000

See Accompanying Notes to the Financial Statements.

236 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Quality Dividend Index Fund (cont.)

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS(c) – (continued)
REPURCHASE AGREEMENTS – (continued)
NBC Global Finance Ltd., 0.19%, dated 4/30/2021, due 5/3/2021, repurchase price $35,000,000, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 4.38%, maturing 1/31/2023 – 8/15/2050; Common Stocks; total market value $38,439,281	$	35,000,000	$	35,000,000
Total Repurchase Agreements (Cost $57,036,663)				57,036,663
Total Securities Lending Reinvestments (Cost $67,036,575)				67,038,747
Total Investments – 103.9% (Cost $1,217,492,898)				1,593,792,245
Liabilities in excess of other assets – (3.9%)				(60,305,946	)
NET ASSETS – 100.0%			$	1,533,486,299

* Non-income producing security.

^(a)  The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 was

$85,123,744, collateralized in the form of cash with a value of $67,036,561 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $21,019,722 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.25%, and maturity dates ranging from May 27, 2021 – February 15, 2051 and $4,584 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from October 7, 2022 – July 4, 2037; a total value of $88,060,867.

^(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, 2021. The total value of securities purchased was $67,038,747.

^(d)  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2021.

Percentages shown are based on Net Assets.

Abbreviations

ICE Intercontinental Exchange

LIBOR London Interbank Offered Rate

USD US Dollar

As of April 30, 2021, 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	$	381,729,876
Aggregate gross unrealized depreciation		(5,488,169	)
Net unrealized appreciation	$	376,241,707
Federal income tax cost	$	1,217,877,021

Futures Contracts

FlexShares^® Quality Dividend Index Fund had the following open futures contracts as of April 30, 2021:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
S&P 500 E-Mini Index		31		06/18/2021		USD	$	6,470,320	$	326,483

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

Abbreviations:

USD – US Dollar

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 237

Schedule of Investments

FlexShares^® Quality Dividend Defensive Index Fund

April 30, 2021 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.7%
Banks – 3.7%
Bank of America Corp.		24,206	$	981,069
JPMorgan Chase & Co.		99,008		15,228,421
Popular, Inc.		18,746		1,386,454
				17,595,944
Beverages – 0.0%(a)
Coca-Cola Co. (The)		2,366		127,717
Biotechnology – 2.6%
Amgen, Inc.		33,670		8,068,679
Gilead Sciences, Inc.		72,436		4,597,513
				12,666,192
Building Products – 2.3%
A O Smith Corp.		39,676		2,688,049
Advanced Drainage Systems, Inc.		23,478		2,621,553
Lennox International, Inc.(b)		8,008		2,685,403
Trane Technologies plc		16,926		2,942,247
				10,937,252
Capital Markets – 1.2%
MarketAxess Holdings, Inc.		1,274		622,298
T. Rowe Price Group, Inc.		16,380		2,935,296
Virtu Financial, Inc., Class A		78,260		2,318,844
				5,876,438
Chemicals – 2.5%
CF Industries Holdings, Inc.		49,322		2,398,529
Chemours Co. (The)(b)		87,360		2,638,272
FMC Corp.		22,204		2,625,401
RPM International, Inc.		19,474		1,846,914
Scotts Miracle-Gro Co. (The)		9,646		2,229,769
				11,738,885
Commercial Services & Supplies – 1.0%
Cintas Corp.		6,916		2,386,988
Rollins, Inc.(b)		63,700		2,374,736
				4,761,724
Communications Equipment – 3.1%
Cisco Systems, Inc.		243,880		12,415,931

Investments	Shares		Value
Communications Equipment – (continued)
Motorola Solutions, Inc.		14,196	$	2,673,107
				15,089,038
Containers & Packaging – 0.7%
International Paper Co.		12,740		738,920
Packaging Corp. of America		18,018		2,660,358
				3,399,278
Distributors – 0.6%
Pool Corp.		7,280		3,075,945
Diversified Consumer Services – 0.5%
H&R Block, Inc.		116,662		2,596,896
Diversified Telecommunication Services – 2.4%
AT&T, Inc.		159,978		5,024,909
Cogent Communications Holdings, Inc.		8,008		604,684
Lumen Technologies, Inc.(b)		48,958		628,131
Verizon Communications, Inc.		89,362		5,164,230
				11,421,954
Electric Utilitie – 2.5%
Exelon Corp.		60,606		2,723,634
IDACORP, Inc.		23,114		2,368,723
NRG Energy, Inc.		58,422		2,092,676
OGE Energy Corp.		63,882		2,143,880
PPL Corp.		25,480		742,232
Southern Co. (The)		26,572		1,758,269
				11,829,414
Entertainment – 2.0%
Activision Blizzard, Inc.		44,408		4,049,566
Electronic Arts, Inc.		18,564		2,637,573
World Wrestling Entertainment, Inc., Class A(b)		48,958		2,698,075
				9,385,214
Equity Real Estate Investment Trusts (REITs) – 6.2%
Alexandria Real Estate Equities, Inc.		14,560		2,636,816
American Tower Corp.		25,662		6,537,908
CoreSite Realty Corp.		3,822		464,335
CubeSmart		65,338		2,766,411

See Accompanying Notes to the Financial Statements.

238 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
Extra Space Storage, Inc.		20,748	$	3,085,020
Gaming and Leisure Properties, Inc.		53,690		2,496,048
Iron Mountain, Inc.(b)		16,926		679,071
Mid-America Apartment Communities, Inc.		17,472		2,748,870
National Health Investors, Inc.		32,214		2,364,830
Public Storage		11,648		3,274,951
STAG Industrial, Inc.(b)		71,162		2,598,124
				29,652,384
Food & Staples Retailing – 1.9%
Walmart, Inc.		63,882		8,937,731
Food Products – 0.7%
General Mills, Inc.		38,948		2,370,375
Hershey Co. (The)		4,732		777,468
				3,147,843
Health Care Equipment & Supplies – 0.6%
Abbott Laboratories		2,730		327,818
ResMed, Inc.		13,286		2,497,370
				2,825,188
Health Care Providers & Services – 4.2%
Cardinal Health, Inc.		25,480		1,537,463
Chemed Corp.		4,732		2,255,319
UnitedHealth Group, Inc.		41,314		16,476,023
				20,268,805
Hotels, Restaurants & Leisure – 1.2%
Domino’s Pizza, Inc.		1,638		691,793
Wingstop, Inc.(b)		14,014		2,219,957
Yum! Brands, Inc.		23,842		2,849,596
				5,761,346
Household Durables – 0.6%
Newell Brands, Inc.		99,372		2,679,069
Household Products – 2.4%
Church & Dwight Co., Inc.		8,372		717,815
Clorox Co. (The)		13,832		2,524,340
Procter & Gamble Co. (The)		48,958		6,531,976
WD-40 Co.		7,098		1,765,557
				11,539,688

Investments	Shares		Value
Independent Power and Renewable Electricity Producers – 1.1%
AES Corp. (The)		85,722	$	2,384,786
Atlantica Sustainable Infrastructure plc(b)		57,876		2,231,120
NextEra Energy Partners LP(b)		6,370		474,883
				5,090,789
Industrial Conglomerates – 1.4%
3M Co.		33,306		6,565,945
Insurance – 2.6%
Aflac, Inc.		52,416		2,816,312
Aon plc, Class A(b)		13,286		3,340,632
Brown & Brown, Inc.		11,830		629,119
Kinsale Capital Group, Inc.(b)		11,830		2,058,538
Progressive Corp. (The)		33,670		3,391,916
				12,236,517
Internet & Direct Marketing Retail – 0.5%
eBay, Inc.		44,044		2,457,215
IT Services – 3.8%
International Business Machines Corp.		51,506		7,307,671
Jack Henry & Associates, Inc.		14,196		2,311,535
Mastercard, Inc., Class A		3,640		1,390,698
Paychex, Inc.		29,120		2,838,909
Visa, Inc., Class A(b)		8,554		1,997,872
Western Union Co. (The)		99,008		2,550,446
				18,397,131
Life Sciences Tools & Services – 0.0%(a)
Thermo Fisher Scientific, Inc.		364		171,164
Machinery – 1.4%
Illinois Tool Works, Inc.		18,200		4,194,372
Lincoln Electric Holdings, Inc.(b)		20,020		2,563,561
				6,757,933
Media – 3.0%
Comcast Corp., Class A		95,368		5,354,913
Interpublic Group of Cos., Inc. (The)(b)		22,750		722,312
New York Times Co. (The), Class A		47,502		2,157,066

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 239

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Media – (continued)
Nexstar Media Group, Inc., Class A(b)		4,550	$	670,716
Omnicom Group, Inc.		36,582		3,009,235
Sirius XM Holdings, Inc.(b)		388,752		2,371,387
				14,285,629
Metals & Mining – 0.6%
Newmont Corp.		48,412		3,021,393
Multiline Retail – 1.1%
Target Corp.		26,572		5,507,313
Multi-Utilities – 2.0%
Dominion Energy, Inc.		48,412		3,868,119
Public Service Enterprise Group, Inc.		41,860		2,643,877
WEC Energy Group, Inc.(b)		31,304		3,041,810
				9,553,806
Oil, Gas & Consumable Fuels – 0.9%
Antero Midstream Corp.		249,158		2,152,725
Cabot Oil & Gas Corp.(b)		127,582		2,126,792
				4,279,517
Personal Products – 0.5%
Nu Skin Enterprises, Inc., Class A		47,138		2,491,715
Pharmaceuticals – 5.7%
Eli Lilly and Co.		49,686		9,081,110
Johnson & Johnson		98,644		16,052,338
Merck & Co., Inc.		26,026		1,938,937
Pfizer, Inc.		7,644		295,441
				27,367,826
Professional Services – 1.4%
Booz Allen Hamilton Holding Corp.		29,120		2,415,504
CoreLogic, Inc.		26,390		2,103,283
Exponent, Inc.		24,752		2,384,360
				6,903,147
Semiconductors & Semiconductor Equipment – 5.4%
Analog Devices, Inc.(b)		21,294		3,261,389
Broadcom, Inc.		7,644		3,487,193

Investments	Shares		Value
Semiconductors & Semiconductor Equipment – (continued)
Intel Corp.		32,396	$	1,863,742
KLA Corp.		8,918		2,812,291
QUALCOMM, Inc.		16,016		2,223,021
Skyworks Solutions, Inc.		13,468		2,442,152
Texas Instruments, Inc.		52,962		9,560,171
				25,649,959
Software – 6.5%
Citrix Systems, Inc.		17,836		2,208,989
Microsoft Corp.		77,350		19,506,123
Oracle Corp.		123,942		9,393,564
				31,108,676
Specialty Retail – 5.5%
Best Buy Co., Inc.		20,566		2,391,209
Home Depot, Inc. (The)		53,326		17,260,026
Lowe’s Cos., Inc.		15,652		3,071,705
Tractor Supply Co.(b)		1,638		308,927
Williams-Sonoma, Inc.		18,928		3,231,956
				26,263,823
Technology Hardware, Storage & Peripherals – 8.4%
Apple, Inc.		281,918		37,060,940
Seagate Technology plc		34,398		3,193,511
				40,254,451
Thrifts & Mortgage Finance – 0.4%
PennyMac Financial Services, Inc.(b)		35,126		2,114,936
Tobacco – 2.9%
Altria Group, Inc.		107,380		5,127,395
Philip Morris International, Inc.		89,908		8,541,260
				13,668,655
Trading Companies & Distributors – 1.7%
Fastenal Co.		54,964		2,873,518
MSC Industrial Direct Co., Inc., Class A(b)		27,482		2,477,777
Watsco, Inc.		9,646		2,824,928
				8,176,223
Total Common Stocks (Cost $371,357,325)				477,637,708

See Accompanying Notes to the Financial Statements.

240 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS(c) – 3.3%
REPURCHASE AGREEMENTS – 3.3%
BofA Securities, Inc., 0.50%, dated 4/30/2021, due 8/2/2021, repurchase price $1,000,000, collateralized by various Common Stocks; total market value $1,089,015	$	1,000,000	$	1,000,000
Citigroup Global Markets Ltd., 0.05%, dated 4/30/2021, due 5/3/2021, repurchase price $2,500,000, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 3.00%, maturing 5/15/2023 – 2/15/2049; Foreign Government Fixed Income Securities, 0.45%, maturing 8/19/2027; total market value $2,543,721		2,500,000		2,500,000
Citigroup Global Markets, Inc., 0.01%, dated 4/30/2021, due 5/3/2021, repurchase price $8,220,569, collateralized by various U.S. Treasury Securities, ranging from 0.88% – 5.00%, maturing 1/15/2028 – 2/15/2047; total market value $8,294,726		8,220,569		8,220,569
Deutsche Bank AG, London Branch, 0.15%, dated 4/30/2021, due 5/3/2021, repurchase price $3,600,000, collateralized by various U.S. Treasury Securities, 0.13%, maturing 7/15/2030; Foreign Government Fixed Income Securities, ranging from 0.25% – 3.13%, maturing 7/23/2021 – 2/14/2031; total market value $3,655,540		3,600,000		3,600,000

Investments	Principal Amount		Value
REPURCHASE AGREEMENT – (continued)
NBC Global Finance Ltd., 0.19%, dated 4/30/2021, due 5/3/2021, repurchase price $500,000, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 4.38%, maturing 1/31/2023 – 8/15/2050; Common Stocks; total market value $549,133	$	500,000	$	500,000
				15,820,569
Total Securities Lending Reinvestments (Cost $15,820,569)				15,820,569
Total Investments – 103.0% (Cost $387,177,894)				493,458,277
Liabilities in excess of other assets – (3.0%)				(14,196,148	)
NET ASSETS – 100.0%			$	479,262,129

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

(b) The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 was $26,149,841, collateralized in the form of cash with a value of $15,820,569 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $11,101,333 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.25%, and maturity dates ranging from May 11, 2021 – February 15, 2051 and $44,345 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.75%, and maturity dates ranging from July 7, 2021 – September 20, 2117; a total value of $26,966,247.

(c) The security was purchased with cash collateral held from securities on loan at April 30, 2021. The total value of securities purchased was $15,820,569.

Percentages shown are based on Net Assets.

As of April 30, 2021, 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	$	109,001,986
Aggregate gross unrealized depreciation		(2,733,717	)
Net unrealized appreciation	$	106,268,269
Federal income tax cost	$	387,253,648

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 241

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, 2021:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
S&P 500 E-Mini Index		7		06/18/2021		USD	$	1,461,040	$	63,640

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

Abbreviations:

USD – US Dollar

See Accompanying Notes to the Financial Statements.

242 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Quality Dividend Dynamic Index Fund

April 30, 2021 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 98.1%
Air Freight & Logistics – 0.1%
United Parcel Service, Inc., Class B		147	$	29,967
Auto Components – 0.5%
Gentex Corp.		2,681		94,318
Automobiles – 0.1%
Thor Industries, Inc.		182		25,769
Banks – 7.0%
Bank of America Corp.		3,430		139,018
Citigroup, Inc.		4,928		351,071
JPMorgan Chase & Co.		4,697		722,445
PNC Financial Services Group, Inc. (The)		483		90,297
Western Alliance Bancorp		1,225		128,711
				1,431,542
Beverages – 0.0%(a)
Coca-Cola Co. (The)		126		6,802
Biotechnology – 1.7%
Amgen, Inc.		1,407		337,173
Building Products – 2.7%
A O Smith Corp.		1,561		105,758
Advanced Drainage Systems, Inc.		987		110,209
Fortune Brands Home & Security, Inc.		1,134		119,047
Masco Corp.		1,456		93,009
Trane Technologies plc		686		119,247
				547,270
Capital Markets – 3.8%
Ameriprise Financial, Inc.		490		126,616
Artisan Partners Asset Management, Inc., Class A		364		18,535
BlackRock, Inc.		7		5,735
Lazard Ltd., Class A		2,163		97,313
LPL Financial Holdings, Inc.		749		117,368
Morgan Stanley		3,374		278,524
T. Rowe Price Group, Inc.		693		124,186
				768,277

Investments	Shares		Value
Chemicals – 3.9%
Celanese Corp.		693	$	108,558
Chemours Co. (The)		3,584		108,237
Dow, Inc.		1,939		121,187
Eastman Chemical Co.		924		106,620
FMC Corp.		770		91,045
Scotts Miracle-Gro Co. (The)		406		93,851
Sherwin-Williams Co. (The)		588		161,036
				790,534
Commercial Services & Supplies – 0.5%
Cintas Corp.		308		106,303
Communications Equipment – 2.5%
Cisco Systems, Inc.		10,066		512,460
Consumer Finance – 1.7%
Discover Financial Services		1,134		129,276
OneMain Holdings, Inc.		1,806		102,707
Synchrony Financial		2,674		116,961
				348,944
Containers & Packaging – 0.2%
International Paper Co.		546		31,668
Distributors – 0.6%
Pool Corp.		294		124,221
Diversified Telecommunication Services – 2.0%
AT&T, Inc.		6,209		195,025
Lumen Technologies, Inc.		2,016		25,865
Verizon Communications, Inc.		3,346		193,365
				414,255
Electric Utilities – 0.4%
PPL Corp.		2,667		77,690
Electrical Equipment – 1.2%
Emerson Electric Co.		1,435		129,853
Rockwell Automation, Inc.		406		107,290
				237,143
Electronic Equipment, Instruments & Components – 0.4%
Amphenol Corp., Class A		476		32,054

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 243

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Electronic Equipment, Instruments & Component – (continued)
Cognex Corp.		476	$	40,993
				73,047
Energy Equipment & Services – 0.9%
Baker Hughes Co.		4,410		88,553
Halliburton Co.		4,865		95,159
				183,712
Entertainment – 1.9%
Activision Blizzard, Inc.		1,855		169,157
Electronic Arts, Inc.		791		112,385
World Wrestling Entertainment, Inc., Class A		1,995		109,945
				391,487
Equity Real Estate Investment Trusts (REITs) – 2.6%
Gaming and Leisure Properties, Inc.		2,184		101,534
National Health Investors, Inc.		1,302		95,580
SL Green Realty Corp.(b)		1,512		111,903
STAG Industrial, Inc.		2,898		105,806
Weyerhaeuser Co.		3,080		119,412
				534,235
Food & Staples Retailing – 0.1%
Walmart, Inc.		154		21,546
Health Care Equipment & Supplies – 0.6%
Abbott Laboratories		742		89,099
West Pharmaceutical Services, Inc.		70		22,997
				112,096
Health Care Providers & Services – 0.9%
Cardinal Health, Inc.		1,463		88,278
UnitedHealth Group, Inc.		238		94,914
				183,192
Hotels, Restaurants & Leisure – 0.0%(a)
Wingstop, Inc.		21		3,327
Household Durables – 0.3%
Lennar Corp., Class A		343		35,535
Whirlpool Corp.		126		29,793
				65,328

Investments	Shares		Value
Household Products – 0.4%
Procter & Gamble Co. (The)		665	$	88,724
Independent Power and Renewable Electricity Producers – 0.5%
AES Corp. (The)		3,612		100,486
Industrial Conglomerates – 1.3%
3M Co.		1,372		270,476
Insurance – 1.3%
Kinsale Capital Group, Inc.(b)		112		19,489
MetLife, Inc.		2,065		131,396
Unum Group		3,682		104,053
				254,938
Internet & Direct Marketing Retail – 0.5%
eBay, Inc.		1,848		103,100
IT Services – 2.6%
International Business Machines Corp.		2,121		300,928
Mastercard, Inc., Class A		154		58,837
Paychex, Inc.		917		89,398
Visa, Inc., Class A(b)		364		85,016
				534,179
Leisure Products – 1.1%
Brunswick Corp.		1,064		113,986
Polaris, Inc.		798		111,744
				225,730
Life Sciences Tools & Services – 2.2%
Thermo Fisher Scientific, Inc.		938		441,076
Machinery – 1.7%
Cummins, Inc.		154		38,814
Illinois Tool Works, Inc.		763		175,841
Lincoln Electric Holdings, Inc.		77		9,860
Parker-Hannifin Corp.		399		125,210
				349,725
Media – 3.2%
Comcast Corp., Class A		3,836		215,391
Interpublic Group of Cos., Inc. (The)		987		31,337
New York Times Co. (The), Class A		2,009		91,229
Nexstar Media Group, Inc., Class A		763		112,474

See Accompanying Notes to the Financial Statements.

244 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Media – (continued)
Omnicom Group, Inc.		1,498	$	123,225
Sirius XM Holdings, Inc.(b)		13,356		81,472
				655,128
Metals & Mining – 0.4%
Newmont Corp.		1,183		73,831
Multiline Retail – 1.2%
Target Corp.		1,197		248,090
Oil, Gas & Consumable Fuels – 3.9%
Antero Midstream Corp.		10,542		91,083
APA Corp.		1,281		25,620
Chevron Corp.		1,792		184,701
Cimarex Energy Co.		1,757		116,313
Devon Energy Corp.		1,302		30,441
Equitrans Midstream Corp.		13,104		106,929
Plains GP Holdings LP, Class A* (b)		10,857		101,839
Targa Resources Corp.		861		29,868
Williams Cos., Inc. (The)		4,599		112,032
				798,826
Paper & Forest Products – 0.7%
Louisiana-Pacific Corp.		2,149		141,576
Personal Products – 0.5%
Nu Skin Enterprises, Inc., Class A		1,953		103,236
Pharmaceuticals – 4.7%
Johnson & Johnson		4,095		666,379
Merck & Co., Inc.		2,429		180,961
Pfizer, Inc.		3,017		116,607
				963,947
Professional Services – 0.9%
CoreLogic, Inc.		728		58,022
Robert Half International, Inc.		1,323		115,908
				173,930
Road & Rail – 1.8%
Union Pacific Corp.		1,624		360,674
Semiconductors & Semiconductor Equipment – 7.6%
Analog Devices, Inc.		875		134,015

Investments	Shares		Value
Semiconductors & Semiconductor Equipment – (continued)
Applied Materials, Inc.		931	$	123,553
Broadcom, Inc.		245		111,769
Intel Corp.		511		29,398
KLA Corp.		371		116,995
Lam Research Corp.		70		43,431
Microchip Technology, Inc.		707		106,255
QUALCOMM, Inc.		2,688		373,094
Skyworks Solutions, Inc.		560		101,545
Texas Instruments, Inc.		2,198		396,761
				1,536,816
Software – 6.3%
Microsoft Corp.		3,815		962,067
Oracle Corp.		2,933		222,292
SS&C Technologies Holdings, Inc.		1,330		98,712
				1,283,071
Specialty Retail – 5.4%
Best Buy Co., Inc.		861		100,108
Camping World Holdings, Inc., Class A(b)		2,534		110,330
Dick’s Sporting Goods, Inc.(b)		994		82,085
Home Depot, Inc. (The)		987		319,462
Lowe’s Cos., Inc.		1,806		354,428
Williams-Sonoma, Inc.(b)		798		136,259
				1,102,672
Technology Hardware, Storage & Peripherals – 8.6%
Apple, Inc.		11,697		1,537,688
HP, Inc.		728		24,832
NetApp, Inc.		574		42,872
Seagate Technology plc		1,442		133,875
				1,739,267
Thrifts & Mortgage Finance – 0.3%
PennyMac Financial Services, Inc.		959		57,741
Tobacco – 2.8%
Altria Group, Inc.		4,410		210,578
Philip Morris International, Inc.		3,717		353,115
				563,693
Trading Companies & Distributors – 1.6%
Fastenal Co.		2,240		117,107

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 245

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Trading Companies & Distributor – (continued)
MSC Industrial Direct Co., Inc., Class A		1,120	$	100,979
Watsco, Inc.		336		98,401
				316,487
Total Common Stocks (Cost $15,164,904)				19,939,725
	Principal Amount
SECURITIES LENDING REINVESTMENTS(c) – 1.7%
REPURCHASE AGREEMENTS – 1.7%
Citigroup Global Markets Ltd., 0.05%, dated 4/30/2021, due 5/3/2021, repurchase price $50,000, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 3.00%, maturing 5/15/2023 – 2/15/2049; Foreign Government Fixed Income Securities, 0.45%, maturing 8/19/2027; total market value $50,874	$	50,000		50,000
Citigroup Global Markets, Inc., 0.01%, dated 4/30/2021, due 5/3/2021, repurchase price $208,785, collateralized by various U.S. Treasury Securities, ranging from 0.88% – 5.00%, maturing 1/15/2028 – 2/15/2047; total market value $210,668		208,785		208,785
Deutsche Bank AG, London Branch, 0.15%, dated 4/30/2021, due 5/3/2021, repurchase price $50,000, collateralized by various U.S. Treasury Securities, 0.13%, maturing 7/15/2030; Foreign Government Fixed Income Securities, ranging from 0.25% – 3.13%, maturing 7/23/2021 – 2/14/2031; total market value $50,771		50,000		50,000

	Principal Amount
REPURCHASE AGREEMENTS – (continued)
NBC Global Finance Ltd., 0.19%, dated 4/30/2021, due 5/3/2021, repurchase price $30,000, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 4.38%, maturing 1/31/2023 – 8/15/2050; Common Stocks; total market value $32,948	$	30,000	$	30,000
				338,785
Total Securities Lending Reinvestments (Cost $338,785)				338,785
Total Investments – 99.8% (Cost $15,503,689)				20,278,510
Other assets less liabilities – 0.2%				49,234
NET ASSETS – 100.0%			$	20,327,744

* Non-income producing security.

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

^(b)  The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 was $568,864, collateralized in the form of cash with a value of $338,785 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $256,303 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.25%, and maturity dates ranging from May 27, 2021 – February 15, 2051; a total value of $595,088.

^(c)  The security was purchased with cash collateral held from securities on loan at April 30, 2021. The total value of securities purchased was $338,785.

Percentages shown are based on Net Assets.

As of April 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments (including derivative instruments, if applicable) for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	4,869,570
Aggregate gross unrealized depreciation		(81,892	)
Net unrealized appreciation	$	4,787,678
Federal income tax cost	$	15,502,903

See Accompanying Notes to the Financial Statements.

246 FLEXSHARES SEMIANNUAL REPORT

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

Futures Contracts

FlexShares^® Quality Dividend Dynamic Index Fund had the following open futures contract as of April 30, 2021:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
S&P 500 E-Mini Index		1		06/18/2021		USD	$	208,720	$	12,071

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

Abbreviations:

USD – US Dollar

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 247

Schedule of Investments

FlexShares^® International Quality Dividend Index Fund

April 30, 2021 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 96.5%
Auto Components – 0.7%
Bridgestone Corp.		109,000	$	4,364,787
Automobiles – 1.4%
Bajaj Auto Ltd.*		59,850		3,097,640
Ford Otomotiv Sanayi A/S		194,625		4,126,275
Tofas Turk Otomobil Fabrikasi A/S		245,475		883,379
				8,107,294
Banks – 7.2%
Absa Group Ltd.*		482,850		4,075,477
Banco Santander Brasil SA		292,807		2,079,508
Banco Santander Brasil SA (Preference)		337,500		1,249,159
Bank of China Ltd., Class H		4,500,000		1,790,301
China Minsheng Banking Corp. Ltd., Class H(a)		7,087,500		3,641,003
DBS Group Holdings Ltd.		235,056		5,284,520
Hana Financial Group, Inc.		3,600		147,741
Hang Seng Bank Ltd.(a)		220,000		4,319,640
Nedbank Group Ltd.*		458,550		4,673,528
Nordea Bank Abp		105,300		1,095,372
Royal Bank of Canada(a)		152,100		14,504,025
				42,860,274
Beverages – 0.7%
Thai Beverage PCL		7,425,000		3,990,435
Building Products – 0.4%
Geberit AG (Registered)		3,600		2,369,870
Capital Markets – 1.9%
CSC Financial Co. Ltd., Class H(a) (b)		225,000		262,751
Moscow Exchange MICEX-RTS PJSC		92,250		217,440
Natixis SA		361,800		1,770,014
Partners Group Holding AG		3,825		5,452,004
Standard Life Aberdeen plc		998,100		3,834,826
				11,537,035
Chemicals – 0.9%
Kumho Petrochemical Co. Ltd.		10,800		2,524,385

Investments	Shares		Value
Chemicals – (continued)
Nissan Chemical Corp.		8,500	$	437,034
Nitto Denko Corp.		14,500		1,201,867
Sinopec Shanghai Petrochemical Co. Ltd., Class H		4,500,000		1,118,214
				5,281,500
Commercial Services & Supplies – 0.1%
Country Garden Services Holdings Co. Ltd.		49,000		514,172
Construction & Engineering – 1.2%
HOCHTIEF AG*		10,800		1,013,821
Obayashi Corp.		225,000		2,052,285
Taisei Corp.		112,500		4,147,797
				7,213,903
Construction Materials – 1.1%
Ambuja Cements Ltd.		1,111,725		4,638,410
China Resources Cement Holdings Ltd.		1,522,000		1,659,790
				6,298,200
Diversified Financial Services – 2.3%
Banca Mediolanum SpA		466,425		4,363,841
M&G plc		1,601,325		4,817,790
Power Finance Corp. Ltd.		766,125		1,121,171
REC Ltd.		1,978,425		3,421,462
				13,724,264
Diversified Telecommunication Services – 2.4%
Elisa OYJ		5,400		306,759
Hellenic Telecommunications Organization SA		264,600		4,494,395
Koninklijke KPN NV		1,336,050		4,609,494
Proximus SADP(a)		115,425		2,463,559
Spark New Zealand Ltd.		63,922		201,802
Swisscom AG (Registered)(a)		3,375		1,832,835
Telefonica SA		6,581		30,528
				13,939,372
Electric Utilities – 2.6%
Fortum OYJ		114,750		3,018,273
SSE plc		240,975		4,897,864

See Accompanying Notes to the Financial Statements.

248 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Electric Utilities – (continued)
Transmissora Alianca de Energia Eletrica SA		720,000	$	5,547,394
Verbund AG(a)		22,950		1,886,938
				15,350,469
Electrical Equipment – 0.7%
Mitsubishi Electric Corp.		253,800		3,905,508
Entertainment – 2.0%
NetEase, Inc., ADR		43,875		4,916,633
Nintendo Co. Ltd.		11,600		6,652,980
				11,569,613
Equity Real Estate Investment Trusts (REITs) – 0.6%
Gecina SA		25,650		3,756,244
Food Products – 1.8%
Dali Foods Group Co. Ltd.(b)		225,000		133,838
Nestle SA (Registered)		77,400		9,239,967
Want Want China Holdings Ltd.		1,800,000		1,304,776
				10,678,581
Gas Utilities – 1.6%
Enagas SA(a)		165,825		3,617,117
Naturgy Energy Group SA(a)		172,125		4,419,663
Snam SpA		305,869		1,723,200
				9,759,980
Health Care Equipment & Supplies – 1.2%
Coloplast A/S, Class B		1,800		298,220
Hartalega Holdings Bhd.		900,000		2,258,568
Hoya Corp.		4,900		557,445
Top Glove Corp. Bhd.		2,925,000		4,034,335
				7,148,568
Hotels, Restaurants & Leisure – 1.7%
Evolution Gaming Group AB(b)		37,800		7,474,393
Genting Singapore Ltd.		2,700,000		1,755,487
Kangwon Land, Inc.*		43,425		987,686
				10,217,566
Household Durables – 2.8%
Casio Computer Co. Ltd.		202,500		3,577,398

Investments	Shares		Value
Household Durables – (continued)
Man Wah Holdings Ltd.(a)		1,530,000	$	3,218,834
Nien Made Enterprise Co. Ltd.		316,000		5,113,378
Sekisui House Ltd.		225,000		4,547,139
Sony Group Corp.		1,800		179,498
				16,636,247
Household Products – 0.6%
Unilever Indonesia Tbk. PT		8,617,500		3,579,439
Industrial Conglomerates – 0.2%
Industries Qatar QSC		360,000		1,332,821
Insurance – 6.7%
Ageas SA		56,250		3,410,064
AIA Group Ltd.		45,000		573,012
Allianz SE (Registered)		44,100		11,488,152
Aviva plc		606,825		3,363,239
BB Seguridade Participacoes SA		585,000		2,407,825
Great-West Lifeco, Inc.(a)		177,750		5,149,577
Legal & General Group plc		249,750		941,936
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		10,575		3,063,519
PICC Property & Casualty Co. Ltd., Class H		4,618,000		4,536,632
Zurich Insurance Group AG		11,475		4,714,306
				39,648,262
Interactive Media & Services – 1.4%
Kakaku.com, Inc.		17,600		478,221
Tencent Holdings Ltd.		95,800		7,684,377
				8,162,598
Internet & Direct Marketing Retail – 1.6%
CJ ENM Co. Ltd.		23,400		3,029,262
momo.com, Inc.		48,000		1,769,950
ZOZO, Inc.		135,000		4,557,431
				9,356,643
IT Services – 2.0%
Amadeus IT Group SA*		32,400		2,211,477
Capgemini SE		14,175		2,600,533
Edenred		25,200		1,430,331
Infosys Ltd.		33,750		617,089

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 249

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

Investments	Shares		Value
COMMON STOCKS – (continued)
IT Service – (continued)
Nomura Research Institute Ltd.		64,100	$	1,973,345
Otsuka Corp.		22,500		1,134,212
SCSK Corp.		30,500		1,769,086
				11,736,073
Leisure Products – 0.1%
Yamaha Corp.		16,100		876,401
Machinery – 3.0%
Atlas Copco AB, Class A		37,800		2,293,280
Atlas Copco AB, Class B(a)		9,675		502,872
Epiroc AB, Class A(a)		99,900		2,167,951
Epiroc AB, Class B		9,675		190,050
Kone OYJ, Class B		53,550		4,212,044
MINEBEA MITSUMI, Inc.		49,200		1,233,770
Mitsubishi Heavy Industries Ltd.		103,700		3,080,499
Rational AG		900		751,460
Schindler Holding AG		1,125		320,459
Schindler Holding AG (Registered)		450		125,322
Sinotruk Hong Kong Ltd.		1,237,500		3,046,409
				17,924,116
Media – 0.7%
Telenet Group Holding NV		103,275		4,428,366
Metals & Mining – 6.7%
BHP Group Ltd.(a)		81,900		3,017,676
BHP Group plc		39,375		1,190,916
Evraz plc		590,850		5,255,226
Fortescue Metals Group Ltd.		273,150		4,766,371
Grupo Mexico SAB de CV, Series B		1,012,500		4,595,634
Kumba Iron Ore Ltd.		102,375		4,645,634
MMC Norilsk Nickel PJSC		7,425		2,537,760
Rio Tinto plc		120,150		10,107,650
Severstal PAO		66,150		1,563,255
Vedanta Ltd.		439,425		1,526,101
Wheaton Precious Metals Corp.		9,675		401,015
				39,607,238
Multiline Retail – 0.5%
Wesfarmers Ltd.		64,125		2,680,250

Investments	Shares		Value
Multi-Utilities – 0.9%
A2A SpA		742,950	$	1,455,129
AGL Energy Ltd.		531,000		3,662,827
				5,117,956
Oil, Gas & Consumable Fuels – 6.4%
Adaro Energy Tbk. PT		49,432,500		4,260,537
BP plc		1,050,300		4,406,204
Canadian Natural Resources Ltd.		183,150		5,554,647
China Shenhua Energy Co. Ltd., Class H		2,145,500		4,475,057
Equinor ASA		77,400		1,579,079
Exxaro Resources Ltd.(a)		153,225		1,610,671
Formosa Petrochemical Corp.		316,000		1,170,873
LUKOIL PJSC		62,550		4,829,371
Lundin Energy AB		131,400		4,214,373
Royal Dutch Shell plc, Class A		45,000		850,460
Royal Dutch Shell plc, Class B		20,700		372,296
TOTAL SE		25,650		1,137,063
Yanzhou Coal Mining Co. Ltd., Class H		2,894,000		3,454,088
				37,914,719
Paper & Forest Products – 0.8%
UPM-Kymmene OYJ		120,375		4,716,737
Personal Products – 2.1%
Hengan International Group Co. Ltd.(a)		112,500		729,302
L’Oreal SA(a)		27,000		11,104,513
Unilever plc		5,625		329,553
				12,163,368
Pharmaceuticals – 6.8%
AstraZeneca plc		22,050		2,355,338
China Medical System Holdings Ltd.		225,000		521,447
Chugai Pharmaceutical Co. Ltd.		99,300		3,725,624
GlaxoSmithKline plc		260,325		4,828,360
Livzon Pharmaceutical Group, Inc., Class H		292,500		1,367,060
Novartis AG (Registered)		94,275		8,058,417
Novo Nordisk A/S, Class B		66,375		4,867,740
Orion OYJ, Class B		80,325		3,561,285
Roche Holding AG		30,150		9,837,882

See Accompanying Notes to the Financial Statements.

250 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Pharmaceuticals – (continued)
Roche Holding AG – BR		675	$	234,757
Sanofi(a)		2,925		307,288
Shionogi & Co. Ltd.(a)		5,700		299,692
				39,964,890
Professional Services – 1.2%
Nihon M&A Center, Inc.		95,000		2,489,182
RELX plc		61,200		1,592,584
SGS SA (Registered)		949		2,809,385
				6,891,151
Real Estate Management & Development – 3.3%
CK Asset Holdings Ltd.		22,000		138,087
Country Garden Holdings Co. Ltd.(a)		1,373,000		1,635,187
Daito Trust Construction Co. Ltd.		35,200		3,742,043
Guangzhou R&F Properties Co. Ltd., Class H(a)		900,000		1,151,818
Hopson Development Holdings Ltd.(a)		450,000		1,770,023
KWG Group Holdings Ltd.		2,700,000		4,338,438
Land & Houses PCL, NVDR		11,205,000		3,112,750
Logan Group Co. Ltd.(a)		2,475,000		3,938,662
				19,827,008
Road & Rail – 0.7%
Aurizon Holdings Ltd.		1,385,550		4,013,505
Semiconductors & Semiconductor Equipment – 5.3%
ASM International NV		7,650		2,328,974
ASML Holding NV		4,050		2,638,561
Novatek Microelectronics Corp.		266,000		5,942,219
Taiwan Semiconductor Manufacturing Co. Ltd.		601,222		12,914,230
Tokyo Electron Ltd.		15,500		6,852,020
United Microelectronics Corp.		482,000		978,391
				31,654,395
Software – 0.0%(c)
SAP SE		1,575		221,375
Specialty Retail – 2.2%
Industria de Diseno Textil SA(a)		160,875		5,736,249

Investments	Shares		Value
Specialty Retail – (continued)
Nitori Holdings Co. Ltd.		3,800	$	681,744
Petrobras Distribuidora SA		675,000		2,800,654
Topsports International Holdings Ltd.(b)		526,000		711,099
USS Co. Ltd.		167,100		3,028,453
				12,958,199
Technology Hardware, Storage & Peripherals – 3.1%
Brother Industries Ltd.		112,500		2,378,551
Chicony Electronics Co. Ltd.		1,125,000		3,403,233
Inventec Corp.		450,000		437,386
Lite-On Technology Corp.		726,000		1,660,810
Pegatron Corp.		1,575,000		4,149,930
Quanta Computer, Inc.		423,000		1,490,108
Samsung Electronics Co. Ltd.		64,125		4,698,330
				18,218,348
Textiles, Apparel & Luxury Goods – 1.3%
Eclat Textile Co. Ltd.		62,000		1,189,704
Hermes International		1,800		2,262,181
Li Ning Co. Ltd.		359,500		2,934,562
LVMH Moet Hennessy Louis Vuitton SE		1,800		1,356,875
				7,743,322
Tobacco – 1.6%
Imperial Brands plc		223,200		4,658,651
Japan Tobacco, Inc.		216,600		4,050,413
Swedish Match AB		6,525		535,844
				9,244,908
Trading Companies & Distributors – 1.1%
Marubeni Corp.		203,700		1,693,260
MonotaRO Co. Ltd.		139,600		3,563,277
Toyota Tsusho Corp.		32,000		1,352,546
				6,609,083
Transportation Infrastructure – 0.1%
CCR SA		292,500		649,131
Wireless Telecommunication Services – 0.8%
SoftBank Group Corp.		4,000		361,740

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 251

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Wireless Telecommunication Services – (continued)
Total Access Communication PCL, NVDR		3,957,500	$	4,162,445
				4,524,185
Total Common Stocks (Cost $475,235,368)				570,988,369
	Principal Amount
SECURITIES LENDING REINVESTMENTS(d) – 3.9%
REPURCHASE AGREEMENTS – 3.9%
Citigroup Global Markets Ltd., 0.05%, dated 4/30/2021, due 5/3/2021, repurchase price $4,700,000, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 3.00%, maturing 5/15/2023 – 2/15/2049; Foreign Government Fixed Income Securities, 0.45%, maturing 8/19/2027; total market value $4,782,196	$	4,700,000		4,700,000
Citigroup Global Markets, Inc., 0.01%, dated 4/30/2021, due 5/3/2021, repurchase price $11,336,738, collateralized by various U.S. Treasury Securities, ranging from 0.88% – 5.00%, maturing 1/15/2028 – 2/15/2047; total market value $11,439,006		11,336,738		11,336,738
Deutsche Bank AG, London Branch, 0.15%, dated 4/30/2021, due 5/3/2021, repurchase price $6,700,000, collateralized by various U.S. Treasury Securities, 0.13%, maturing 7/15/2030; Foreign Government Fixed Income Securities, ranging from 0.25% – 3.13%, maturing 7/23/2021 – 2/14/2031; total market value $6,803,366		6,700,000		6,700,000

	Principal Amount		Value
REPURCHASE AGREEMENT – (continued)
NBC Global Finance Ltd., 0.19%, dated 4/30/2021, due 5/3/2021, repurchase price $300,000, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 4.38%, maturing 1/31/2023 – 8/15/2050; Common Stocks; total market value $329,480	$	300,000	$	300,000
				23,036,738
Total Securities Lending Reinvestments (Cost $23,036,738)				23,036,738
Total Investments – 100.4% (Cost $498,272,106)				594,025,107
Liabilities in excess of other assets – (0.4%)				(2,656,899	)
NET ASSETS – 100.0%			$	591,368,208

* Non-income producing security.

^(a)  The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 was $45,022,886, collateralized in the form of cash with a value of $23,036,738 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $11,649,768 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from May 13, 2021 – February 15, 2051 and $13,457,738 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.00%, and maturity dates ranging from July 7, 2021 – September 20, 2117; a total value of $48,144,244.

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

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

^(d)  The security was purchased with cash collateral held from securities on loan at April 30, 2021. The total value of securities purchased was $23,036,738.

See Accompanying Notes to the Financial Statements.

252 FLEXSHARES SEMIANNUAL REPORT

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

Percentages shown are based on Net Assets.

Abbreviations

ADR – American Depositary Receipt

NVDR – Non-Voting Depositary Receipt

OYJ – Public Limited Company

PJSC – Public Joint Stock Company

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

As of April 30, 2021, 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	$	114,328,328
Aggregate gross unrealized depreciation		(19,913,815	)
Net unrealized appreciation	$	94,414,513
Federal income tax cost	$	499,929,619

Futures Contracts

FlexShares^® International Quality Dividend Index Fund had the following open futures contracts as of April 30, 2021:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)*
Long Contracts
EURO STOXX 50 Index		111		06/18/2021		EUR	$	5,264,699	$	178,525
FTSE 100 Index		31		06/18/2021		GBP		2,977,648		74,805
MSCI Emerging Markets E-Mini Index		83		06/18/2021		USD		5,546,890		17,476
S&P/TSX 60 Index		10		06/17/2021		CAD		1,845,879		39,899
SPI 200 Index		14		06/17/2021		AUD		1,893,043		57,876
TOPIX Index		17		06/10/2021		JPY		2,957,367		(8,034	)
									$	360,547

* 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.

Forward Foreign Currency Contracts

FlexShares^® International Quality Dividend Index Fund had the following outstanding contracts as of April 30, 2021:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
CAD	304,850	Toronto-Dominion Bank (The)	USD	242,319		06/16/2021	$	5,509
DKK	760,000	Bank of New York	USD	121,763		06/16/2021		1,354
EUR	1,041,186	Morgan Stanley	USD	1,247,158		06/16/2021		7,361
HKD	1,415,892	UBS AG	USD	182,073		06/16/2021		248
SEK	1,969,475	Morgan Stanley	USD	231,497		06/16/2021		1,514
SGD	219,235	Goldman Sachs & Co.	USD	163,142		06/16/2021		1,620
USD	268,676	JPMorgan Chase Bank	AUD	345,963		06/16/2021		1,382
USD	245,522	Morgan Stanley	GBP	176,070		06/16/2021		1,717
USD	243,599	Toronto-Dominion Bank (The)	GBP	175,563		06/16/2021		495
USD	216,908	Goldman Sachs & Co.	HKD	1,684,244		06/16/2021		32
USD	235,322	Goldman Sachs & Co.	RUB*	17,581,399		06/16/2021		2,527
USD	173,791	Goldman Sachs & Co.	TRY	1,305,542		06/16/2021		19,859
Total unrealized appreciation							$	43,618

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 253

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

Forward Foreign Currency Contracts (cont.)

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
EUR	105,330	Toronto-Dominion Bank (The)	USD	127,375		06/16/2021	$	(465	)
GBP	34,589	Citibank NA	USD	48,278		06/16/2021		(382	)
HKD	5,443,084	Toronto-Dominion Bank (The)	USD	701,299		06/16/2021		(404	)
INR*	9,479,319	Citibank NA	USD	128,109		06/16/2021		(1,027	)
JPY	45,255,138	Citibank NA	USD	414,704		06/16/2021		(531	)
JPY	175,276,320	Morgan Stanley	USD	1,616,669		06/16/2021		(12,545	)
JPY	26,764,933	Toronto-Dominion Bank (The)	USD	246,864		06/16/2021		(1,912	)
TRY	68,354	BNP Paribas SA	USD	8,669		06/16/2021		(610	)
USD	483,266	Citibank NA	BRL*	2,843,346		06/16/2021		(38,909	)
USD	366,392	Morgan Stanley	CHF	338,991		06/16/2021		(5,727	)
USD	214,546	Morgan Stanley	CZK	4,724,570		06/16/2021		(5,313	)
USD	289,213	Citibank NA	KRW*	328,849,715		06/16/2021		(6,428	)
USD	56,599	BNP Paribas SA	NOK	479,248		06/16/2021		(1,088	)
USD	124,773	BNP Paribas SA	NZD	174,054		06/16/2021		(89	)
USD	306,617	Morgan Stanley	PLN	1,176,488		06/16/2021		(3,950	)
USD	16,951	Goldman Sachs & Co.	SGD	22,806		06/16/2021		(188	)
USD	325,792	Citibank NA	TWD*	9,123,516		06/16/2021		(850	)
USD	92,283	BNP Paribas SA	ZAR	1,416,223		06/17/2021		(4,722	)
Total unrealized depreciation							$	(85,140	)
Net unrealized depreciation							$	(41,522	)

* Non-deliverable forward. See Note 2 in the Notes to Financial Statements.

Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CZK – Czech Koruna

DKK – Danish Krone

EUR – Euro

GBP – British Pound

HKD – Hong Kong Dollar

INR – Indian Rupee

JPY – Japanese Yen

KRW – Korean Won

NOK – Norwegian Krone

NZD – New Zealand Dollar

PLN – Polish Zloty

RUB – Russian Ruble

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.

254 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, 2021:

Australia	3.1	%
Austria	0.3
Belgium	1.7
Brazil	2.5
Canada	4.3
China	9.7
Denmark	0.9
Finland	2.7
France	4.4
Germany	2.8
Greece	0.8
Hong Kong	1.4
India	2.4
Indonesia	1.3
Italy	1.3
Japan	13.7
Malaysia	1.1
Mexico	0.8
Netherlands	1.6
New Zealand	0.0	†
Norway	0.3
Qatar	0.2
Russia	1.5
Singapore	1.9
South Africa	2.5
South Korea	1.9
Spain	2.7
Sweden	3.1
Switzerland	7.6
Taiwan	6.8
Thailand	1.2
Turkey	0.9
United Kingdom	9.1
Other1	3.5
	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 255

Schedule of Investments

FlexShares^® International Quality Dividend Defensive Index Fund

April 30, 2021 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 97.6%
Aerospace & Defense – 0.0%(a)
Bharat Electronics Ltd.		20,160	$	35,858
Air Freight & Logistics – 0.3%
Deutsche Post AG (Registered)		990		58,343
SG Holdings Co. Ltd.		6,000		136,352
				194,695
Auto Components – 0.7%
Bridgestone Corp.		12,000		480,527
Automobiles – 2.3%
Bajaj Auto Ltd.*		10,050		520,155
Ford Otomotiv Sanayi A/S		23,370		495,471
Hero MotoCorp Ltd.		11,430		435,018
Subaru Corp.		7,200		133,553
Tofas Turk Otomobil Fabrikasi A/S		33,660		121,131
				1,705,328
Banks – 7.4%
Absa Group Ltd.*		64,380		543,397
Banco de Chile		1,434,120		152,806
Banco Santander Brasil SA (Preference)		3,000		11,104
Bank of China Ltd., Class H		660,000		262,577
Bank of Communications Co. Ltd., Class H		120,000		76,788
China Minsheng Banking Corp. Ltd., Class H(b)		840,000		431,526
Commonwealth Bank of Australia		12,060		829,474
Hang Seng Bank Ltd.(b)		30,000		589,042
Malayan Banking Bhd.		30,791		61,862
National Bank of Canada		3,780		274,574
Royal Bank of Canada(b)		19,170		1,828,022
Sberbank of Russia PJSC		75,000		297,418
				5,358,590
Beverages – 0.3%
Coca-Cola Amatil Ltd.(c)		15,660		160,885
Diageo plc		870		39,160
				200,045

Investments	Shares		Value
Biotechnology – 0.5%
CSL Ltd.(b)		60	$	12,568
Seegene, Inc.		4,140		348,365
				360,933
Capital Markets – 1.9%
Macquarie Korea Infrastructure Fund		54,780		593,427
Singapore Exchange Ltd.		39,000		306,336
Standard Life Aberdeen plc		127,770		490,909
				1,390,672
Chemicals – 0.1%
Sinopec Shanghai Petrochemical Co. Ltd., Class H		300,000		74,548
Construction & Engineering – 1.5%
Bouygues SA(b)		9,750		418,308
HOCHTIEF AG*		1,530		143,625
Taisei Corp.		14,000		516,170
				1,078,103
Construction Materials – 0.8%
Ambuja Cements Ltd.		135,240		564,257
Diversified Financial Services – 0.9%
Banca Mediolanum SpA		15,960		149,321
Power Finance Corp. Ltd.		83,730		122,533
REC Ltd.		240,090		415,208
				687,062
Diversified Telecommunication Services – 3.6%
BCE, Inc.		2,760		130,350
Deutsche Telekom AG (Registered)		6,150		118,454
Hellenic Telecommunications Organization SA(b)		31,050		527,403
HKT Trust & HKT Ltd.		99,000		143,780
Koninklijke KPN NV		168,060		579,822
Nippon Telegraph & Telephone Corp.		8,000		201,638
Proximus SADP(b)		23,580		503,277
Spark New Zealand Ltd.		9,440		29,802
Telefonica SA		46,740		216,819

See Accompanying Notes to the Financial Statements.

256 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Diversified Telecommunication Services – (continued)
Telenor ASA		8,670	$	154,915
				2,606,260
Electric Utilities – 2.9%
Endesa SA		6,120		161,048
Enel SpA		57,990		577,106
Red Electrica Corp. SA		7,470		137,359
SSE plc		28,200		573,170
Transmissora Alianca de Energia Eletrica SA		48,000		369,826
Verbund AG(b)		3,690		303,390
				2,121,899
Electrical Equipment – 0.1%
Mitsubishi Electric Corp.		6,000		92,329
Electronic Equipment, Instruments & Components – 0.2%
Yageo Corp.		9,000		174,954
Entertainment – 0.7%
NetEase, Inc., ADR		4,560		510,994
Equity Real Estate Investment Trusts (REITs) – 0.2%
Covivio(b)		780		69,671
Gecina SA		270		39,540
				109,211
Food & Staples Retailing – 1.5%
BIM Birlesik Magazalar A/S		15,750		123,462
Etablissements Franz Colruyt NV		7,050		418,653
ICA Gruppen AB(b)		9,510		438,625
Welcia Holdings Co. Ltd.(b)		3,900		121,669
				1,102,409
Food Products – 3.2%
Nestle SA (Registered)		16,680		1,991,249
Orkla ASA		15,870		162,287
Uni-President Enterprises Corp.		60,000		161,315
				2,314,851
Gas Utilities – 1.5%
Enagas SA		17,340		378,235
Naturgy Energy Group SA(b)		21,060		540,759

Investments	Shares		Value
Gas Utilities – (continued)
Snam SpA		32,988	$	185,847
				1,104,841
Health Care Equipment & Supplies – 1.8%
Coloplast A/S, Class B		2,550		422,478
Fisher & Paykel Healthcare Corp. Ltd.		6,330		163,277
Hartalega Holdings Bhd.		84,000		210,800
Top Glove Corp. Bhd.		366,000		504,809
				1,301,364
Hotels, Restaurants & Leisure – 0.2%
McDonald’s Holdings Co. Japan Ltd.		3,200		146,087
Household Durables – 2.0%
Casio Computer Co. Ltd.		25,800		455,787
Nien Made Enterprise Co. Ltd.		28,000		453,084
Sekisui House Ltd.		27,000		545,657
Sony Group Corp.		300		29,916
				1,484,444
Household Products – 0.3%
Pigeon Corp.(b)		6,000		203,376
Industrial Conglomerates – 2.3%
Alfa SAB de CV, Class A		30,000		21,071
CITIC Ltd.		30,000		31,596
Jardine Matheson Holdings Ltd.		9,800		658,952
Siemens AG (Registered)		5,670		947,522
				1,659,141
Insurance – 7.0%
Ageas SA		5,100		309,179
AIA Group Ltd.		6,000		76,402
Allianz SE (Registered)		1,830		476,719
Aviva plc		47,700		264,370
BB Seguridade Participacoes SA		87,000		358,087
Direct Line Insurance Group plc		113,370		447,511
Great-West Lifeco, Inc.(b)		12,450		360,688
Legal & General Group plc		58,950		222,331
Medibank Pvt Ltd.		246,930		587,483
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		2,040		590,977

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 257

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Insurance – (continued)
PICC Property & Casualty Co. Ltd., Class H		642,000	$	630,688
Sampo OYJ, Class A		4,560		216,883
Zurich Insurance Group AG		1,380		566,949
				5,108,267
Interactive Media & Services – 1.3%
Tencent Holdings Ltd.		12,000		962,552
Internet & Direct Marketing Retail – 1.5%
CJ ENM Co. Ltd.		3,030		392,251
Naspers Ltd., Class N		630		143,757
ZOZO, Inc.		16,200		546,892
				1,082,900
IT Services – 2.0%
Edenred		706		40,072
Itochu Techno-Solutions Corp.		12,000		416,083
Otsuka Corp.		8,200		413,357
Tata Consultancy Services Ltd.		14,910		611,044
				1,480,556
Leisure Products – 0.7%
Shimano, Inc.		2,300		526,787
Life Sciences Tools & Services – 0.1%
Sartorius Stedim Biotech		180		82,773
Machinery – 2.5%
Atlas Copco AB, Class B(b)		1,200		62,372
Knorr-Bremse AG		3,960		486,239
Kone OYJ, Class B		6,540		514,412
Mitsubishi Heavy Industries Ltd.		11,300		335,676
Rational AG		120		100,195
Sinotruk Hong Kong Ltd.		135,000		332,335
				1,831,229
Media – 1.1%
Publicis Groupe SA		3,300		213,961
Telenet Group Holding NV		13,170		564,721
				778,682

Investments	Shares		Value
Metals & Mining – 6.6%
Evraz plc		75,600	$	672,413
Fortescue Metals Group Ltd.		34,860		608,295
Grupo Mexico SAB de CV, Series B		129,000		585,518
Kumba Iron Ore Ltd.		13,110		594,913
Magnitogorsk Iron & Steel Works PJSC		225,684		195,935
Novolipetsk Steel PJSC		63,008		222,939
Polymetal International plc		7,170		148,462
Rio Tinto Ltd.		3,120		291,977
Rio Tinto plc		15,180		1,277,021
Severstal PAO		9,212		217,698
Severstal PAO, GDR(d)		238		5,602
				4,820,773
Multiline Retail – 1.3%
Canadian Tire Corp. Ltd., Class A(b)		900		143,333
Dollarama, Inc.(b)		4,080		189,971
Wesfarmers Ltd.		15,060		629,467
				962,771
Multi-Utilities – 0.6%
AGL Energy Ltd.(b)		67,770		467,476
Oil, Gas & Consumable Fuels – 6.4%
Adaro Energy Tbk. PT		3,075,000		265,031
BP plc		128,280		538,158
China Petroleum & Chemical Corp., Class H		300,000		149,481
China Shenhua Energy Co. Ltd., Class H		270,000		563,163
Enbridge, Inc.		12,390		477,491
Equinor ASA		10,380		211,768
Exxaro Resources Ltd.		2,340		24,598
LUKOIL PJSC		1,050		81,069
Neste OYJ		8,850		536,943
Novatek PJSC		14,970		270,781
Royal Dutch Shell plc, Class A		23,580		445,641
Royal Dutch Shell plc, Class B		1,800		32,374
TOTAL SE		7,680		340,454
Yanzhou Coal Mining Co. Ltd., Class H(b)		612,000		730,443
				4,667,395

See Accompanying Notes to the Financial Statements.

258 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Personal Products – 1.5%
L’Oreal SA(b)		2,490	$	1,024,083
Unilever plc		1,110		65,032
				1,089,115
Pharmaceuticals – 6.1%
AstraZeneca plc		510		54,477
Chugai Pharmaceutical Co. Ltd.		11,700		438,971
GlaxoSmithKline plc		31,740		588,696
Novartis AG (Registered)		6,810		582,104
Novo Nordisk A/S, Class B		1,230		90,204
Orion OYJ, Class B		9,330		413,654
Roche Holding AG		6,960		2,271,033
Sanofi(b)		300		31,517
				4,470,656
Professional Services – 0.3%
RELX plc		1,590		41,376
Thomson Reuters Corp.		2,010		186,246
				227,622
Real Estate Management & Development – 2.4%
Agile Group Holdings Ltd.		94,000		147,411
Daito Trust Construction Co. Ltd.		5,000		531,540
Deutsche Wohnen SE		570		30,878
Guangzhou R&F Properties Co. Ltd., Class H(b)		96,000		122,861
KWG Group Holdings Ltd.		315,000		506,151
Land & Houses PCL, NVDR		1,470,000		408,366
				1,747,207
Road & Rail – 0.7%
Aurizon Holdings Ltd.		164,190		475,607
Semiconductors & Semiconductor Equipment – 3.0%
ASML Holding NV		480		312,718
Novatek Microelectronics Corp.		35,000		781,871
Taiwan Semiconductor Manufacturing Co. Ltd.		50,000		1,073,999
				2,168,588
Software – 0.6%
Kingdee International Software Group Co. Ltd.*(b)		120,000		397,072

Investments	Shares		Value
Software – (continued)
SAP SE		150	$	21,084
				418,156
Specialty Retail – 1.1%
Industria de Diseno Textil SA(b)		17,280		616,145
USS Co. Ltd.		11,100		201,172
				817,317
Technology Hardware, Storage & Peripherals – 5.2%
Asustek Computer, Inc.		18,000		242,294
Chicony Electronics Co. Ltd.		98,000		296,459
Compal Electronics, Inc.		180,000		161,100
FUJIFILM Holdings Corp.		9,700		628,918
Inventec Corp.		198,000		192,450
Lite-On Technology Corp.		280,000		640,533
Logitech International SA (Registered)		4,890		549,023
Pegatron Corp.		180,000		474,278
Samsung Electronics Co. Ltd.		8,250		604,463
				3,789,518
Textiles, Apparel & Luxury Goods – 1.9%
Bosideng International Holdings Ltd.(b)		350,000		178,000
Hermes International		570		716,357
LVMH Moet Hennessy Louis Vuitton SE		210		158,302
Page Industries Ltd.		750		300,320
				1,352,979
Tobacco – 3.3%
British American Tobacco plc		15,750		584,855
Imperial Brands plc		27,510		574,191
ITC Ltd.		188,370		515,222
Japan Tobacco, Inc.		32,100		600,269
Swedish Match AB		1,410		115,791
				2,390,328
Trading Companies & Distributors – 1.0%
ITOCHU Corp.(b)		10,000		311,788
Mitsubishi Corp.		9,000		248,662
Sumitomo Corp.		13,500		183,779
				744,229

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 259

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Transportation Infrastructure – 0.7%
Westports Holdings Bhd.		471,000	$	494,410
Wireless Telecommunication Services – 1.5%
KDDI Corp.		12,000		362,948
Mobile TeleSystems PJSC		123,000		524,676
Softbank Corp.(b)		14,400		185,690
SoftBank Group Corp.		500		45,217
				1,118,531
Total Common Stocks (Cost $59,461,566)				71,139,202
	Principal Amount
SECURITIES LENDING REINVESTMENTS(e) – 3.3%
REPURCHASE AGREEMENTS – 3.3%
Citigroup Global Markets Ltd., 0.05%, dated 4/30/2021, due 5/3/2021, repurchase price $500,000, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 3.00%, maturing 5/15/2023 – 2/15/2049; Foreign Government Fixed Income Securities, 0.45%, maturing 8/19/2027; total market value $508,744	$	500,000		500,000
Citigroup Global Markets, Inc., 0.01%, dated 4/30/2021, due 5/3/2021, repurchase price $1,258,130, collateralized by various U.S. Treasury Securities, ranging from 0.88% – 5.00%, maturing 1/15/2028 – 2/15/2047; total market value $1,269,479		1,258,130		1,258,130

	Principal Amount
REPURCHASE AGREEMENTS – (continued)
Deutsche Bank AG, London Branch, 0.15%, dated 4/30/2021, due 5/3/2021, repurchase price $600,000, collateralized by various U.S. Treasury Securities, 0.13%, maturing 7/15/2030; Foreign Government Fixed Income Securities, ranging from 0.25% – 3.13%, maturing 7/23/2021 – 2/14/2031; total market value $609,257	$	600,000	$	600,000
NBC Global Finance Ltd., 0.19%, dated 4/30/2021, due 5/3/2021, repurchase price $70,000, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 4.38%, maturing 1/31/2023 – 8/15/2050; Common Stocks; total market value $76,879		70,000		70,000
				2,428,130
Total Securities Lending Reinvestments (Cost $2,428,130)				2,428,130
Total Investments – 100.9% (Cost $61,889,696)				73,567,332
Liabilities in excess of other assets – (0.9%)				(661,988	)
NET ASSETS – 100.0%			$	72,905,344

* Non-income producing security.

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

^(b)  The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 was $7,107,596, collateralized in the form of cash with a value of $2,428,130 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $2,505,444 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.63%, and maturity dates ranging from May 13, 2021 – February 15, 2051 and $2,739,403 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.00%, and maturity dates ranging from July 7, 2021 – September 20, 2117; a total value of $7,672,977.

See Accompanying Notes to the Financial Statements.

260 FLEXSHARES SEMIANNUAL REPORT

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

^(c)  Security fair valued as of April 30, 2021 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2021 amounted to $160,885, which represents approximately 0.22% of net assets of the Fund.

^(d)  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.

^(e)  The security was purchased with cash collateral held from securities on loan at April 30, 2021. The total value of securities purchased was $2,428,130.

Percentages shown are based on Net Assets.

Abbreviations

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

NVDR – Non-Voting Depositary Receipt

OYJ – Public Limited Company

PJSC – Public Joint Stock Company

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

As of April 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments (including derivative instruments, if applicable) for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	13,731,867
Aggregate gross unrealized depreciation		(2,303,160	)
Net unrealized appreciation	$	11,428,707
Federal income tax cost	$	62,161,822

Futures Contracts

FlexShares^® International Quality Dividend Defensive Index Fund had the following open futures contracts as of April 30, 2021:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
MSCI EAFE E-Mini Index		14		06/18/2021		USD	$	1,580,110	$	31,758
MSCI Emerging Markets E-Mini Index		6		06/18/2021		USD		400,980		4,262
									$	36,020

* 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, 2021:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
EUR	80,000	Morgan Stanley	USD	96,299		06/16/2021	$	93
NOK	59,477	BNP Paribas SA	USD	7,024		06/16/2021		135
USD	217,047	Citibank NA	AUD	280,000		06/16/2021		716
USD	81,826	JPMorgan Chase Bank	AUD	105,364		06/16/2021		421
USD	73,707	Morgan Stanley	JPY	8,000,000		06/16/2021		492
Total unrealized appreciation							$	1,857
USD	16,996	Citibank NA	BRL*	100,000		06/16/2021	$	(1,368	)
USD	228,628	Morgan Stanley	CHF	210,000		06/16/2021		(1,895	)
USD	239,565	Morgan Stanley	EUR	200,000		06/16/2021		(1,414	)
USD	195,484	BNP Paribas SA	ZAR	3,000,000		06/17/2021		(10,003	)
Total unrealized depreciation							$	(14,680	)
Net unrealized depreciation							$	(12,823	)

* Non-deliverable forward. See Note 2 in the Notes to Financial Statements.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 261

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

Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CHF – Swiss Franc

EUR – Euro

JPY – Japanese Yen

NOK – Norwegian Krone

USD – US Dollar

ZAR – South African Rand

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, 2021:

Australia	5.6	%
Austria	0.4
Belgium	2.5
Brazil	1.0
Canada	4.9
Chile	0.2
China	8.4
Denmark	0.7
Finland	2.3
France	4.3
Germany	4.1
Greece	0.7
Hong Kong	1.1
India	4.8
Indonesia	0.4
Italy	1.3
Japan	12.4
Malaysia	1.7
Mexico	0.8
Netherlands	1.2
New Zealand	0.3
Norway	0.7
Russia	2.5
Singapore	1.3
South Africa	1.8
South Korea	2.7
Spain	2.8
Sweden	0.8
Switzerland	8.2
Taiwan	6.4
Thailand	0.6
Turkey	1.0
United Kingdom	9.7
Other1	2.4
	100.0	%

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

See Accompanying Notes to the Financial Statements.

262 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® International Quality Dividend Dynamic Index Fund

April 30, 2021 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 98.8%
Aerospace & Defense – 0.7%
MTU Aero Engines AG		1,548	$	391,145
Auto Components – 1.7%
Denso Corp.		2,200		142,078
Fuyao Glass Industry Group Co. Ltd., Class H(a)		50,400		292,984
Koito Manufacturing Co. Ltd.		1,800		112,145
Magna International, Inc.		2,034		191,925
Motherson Sumi Systems Ltd.*		11,790		34,173
Nexteer Automotive Group Ltd.		72,000		80,743
Valeo SA		2,304		74,720
				928,768
Automobiles – 1.3%
Ford Otomotiv Sanayi A/S		18,144		384,674
Geely Automobile Holdings Ltd.		36,000		93,397
Porsche Automobil Holding SE (Preference)		1,638		172,692
Tofas Turk Otomobil Fabrikasi A/S		21,366		76,889
				727,652
Banks – 8.1%
Absa Group Ltd.*		46,296		390,760
Agricultural Bank of China Ltd., Class H		270,000		104,985
Bancolombia SA		12,780		95,380
Bank Mandiri Persero Tbk. PT		268,200		114,651
Bank Rakyat Indonesia Persero Tbk. PT		430,200		120,617
China Construction Bank Corp., Class H		486,000		384,828
China Merchants Bank Co. Ltd., Class H		18,000		145,194
Credit Agricole SA		10,332		160,098
DBS Group Holdings Ltd.		23,490		528,101
DNB ASA		7,164		154,391
Hang Seng Bank Ltd.(b)		18,000		353,425
Krung Thai Bank PCL, NVDR		273,600		99,291
National Bank of Canada		2,538		184,357
Nedbank Group Ltd.*		14,742		150,250
Nordea Bank Abp		18,180		189,115

Investments	Shares		Value
Banks – (continued)
Royal Bank of Canada		14,256	$	1,359,430
				4,534,873
Beverages – 0.5%
Anheuser-Busch InBev SA/NV		3,852		272,797
Capital Markets – 2.5%
Macquarie Group Ltd.		1,728		214,221
Magellan Financial Group Ltd.		3,096		115,988
Meritz Securities Co. Ltd.		117,180		508,814
Natixis SA		6,228		30,469
St James’s Place plc		7,470		140,814
Standard Life Aberdeen plc		93,024		357,410
				1,367,716
Chemicals – 2.8%
BASF SE		4,590		370,646
Covestro AG(a)		2,016		132,070
Nippon Sanso Holdings Corp.		5,400		101,474
Nissan Chemical Corp.(b)		5,700		293,070
Shin-Etsu Chemical Co. Ltd.		1,800		303,829
Sinopec Shanghai Petrochemical Co. Ltd., Class H		396,000		98,403
Wacker Chemie AG		1,710		258,341
				1,557,833
Construction & Engineering – 0.9%
ACS Actividades de Construccion y Servicios SA(b)		11,880		387,990
HOCHTIEF AG*		1,206		113,210
				501,200
Construction Materials – 0.5%
China Resources Cement Holdings Ltd.		216,000		235,555
CRH plc		792		37,402
				272,957
Distributors – 0.2%
Jardine Cycle & Carriage Ltd.		5,400		94,086
Diversified Consumer Services – 0.2%
YDUQS Participacoes SA		18,000		97,079

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 263

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Diversified Financial Services – 3.0%
Banca Mediolanum SpA		44,550	$	416,807
EXOR NV		5,220		429,312
M&G plc		152,802		459,724
REC Ltd.		193,500		334,636
				1,640,479
Diversified Telecommunication Services – 0.6%
Telefonica SA(b)		33,534		155,559
Telenor ASA(b)		6,516		116,427
Turk Telekomunikasyon A/S		49,122		37,736
				309,722
Electric Utilities – 3.2%
Centrais Eletricas Brasileiras SA (Preference), Class B		16,200		110,424
Endesa SA		4,716		124,102
Enel SpA		13,446		133,812
Fortum OYJ(b)		16,200		426,109
SSE plc		22,428		455,853
Transmissora Alianca de Energia Eletrica SA		66,600		513,134
				1,763,434
Electrical Equipment – 1.8%
Fuji Electric Co. Ltd.		2,700		122,890
Mitsubishi Electric Corp.		28,800		443,178
Schneider Electric SE		2,862		458,291
				1,024,359
Electronic Equipment, Instruments & Components – 1.2%
Omron Corp.		4,500		341,293
Walsin Technology Corp.		12,000		104,178
Yageo Corp.		5,000		97,197
Yokogawa Electric Corp.		6,400		116,166
				658,834
Entertainment – 0.5%
Nintendo Co. Ltd.		500		286,766
Equity Real Estate Investment Trusts (REITs) – 0.7%
Covivio(b)		1,476		131,839
Growthpoint Properties Ltd.(b)		120,312		120,416
RioCan REIT(b)		7,002		119,641
				371,896

Investments	Shares		Value
Food Products – 1.0%
Nestle SA (Registered)		2,214	$	264,306
Want Want China Holdings Ltd.(b)		432,000		313,146
				577,452
Gas Utilities – 1.4%
AltaGas Ltd.		7,362		137,461
Enagas SA		12,960		282,695
Naturgy Energy Group SA(b)		14,562		373,909
				794,065
Health Care Equipment & Supplies – 0.8%
Hoya Corp.		2,700		307,163
Straumann Holding AG (Registered)		108		154,472
				461,635
Health Care Providers & Services – 0.2%
Notre Dame Intermedica Participacoes SA		7,200		107,856
Hotels, Restaurants & Leisure – 2.1%
Aristocrat Leisure Ltd.		5,238		150,393
Genting Singapore Ltd.		181,800		118,203
Kangwon Land, Inc.*		18,126		412,269
OPAP SA		31,608		485,134
				1,165,999
Household Durables – 1.3%
Electrolux AB, Series B		4,158		116,837
Panasonic Corp.		12,600		148,588
Persimmon plc		10,890		472,235
				737,660
Industrial Conglomerates – 1.6%
LG Corp.(c)		4,230		481,049
Siemens AG (Registered)		2,592		433,153
				914,202
Insurance – 7.6%
Allianz SE (Registered)		4,158		1,083,169
Aviva plc		73,638		408,128
AXA SA(b)		9,702		274,755
BB Seguridade Participacoes SA		18,000		74,087
Legal & General Group plc		118,152		445,612
Manulife Financial Corp.		22,914		499,928

See Accompanying Notes to the Financial Statements.

264 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Insurance – (continued)
Old Mutual Ltd.		15,858	$	13,828
PICC Property & Casualty Co. Ltd., Class H		72,000		70,731
Ping An Insurance Group Co. of China Ltd., Class H		18,000		196,875
Poste Italiane SpA(a)		6,462		84,791
Prudential plc		13,122		278,789
Swiss Re AG		4,842		450,621
Zurich Insurance Group AG		918		377,144
				4,258,458
Interactive Media & Services – 1.0%
Tencent Holdings Ltd.		7,200		577,531
Internet & Direct Marketing Retail – 1.3%
CJ ENM Co. Ltd.		2,592		335,549
ZOZO, Inc.		11,600		391,602
				727,151
IT Services – 1.1%
Amadeus IT Group SA*		4,212		287,492
Capgemini SE		1,872		343,436
				630,928
Machinery – 2.1%
Atlas Copco AB, Class B(b)		756		39,294
FANUC Corp.		1,900		437,606
Komatsu Ltd.		5,400		158,337
MINEBEA MITSUMI, Inc.		16,200		406,241
SKF AB, Class B		4,608		119,127
Weichai Power Co. Ltd., Class H		7,000		16,241
				1,176,846
Media – 0.6%
Publicis Groupe SA		2,340		151,718
WPP plc		11,664		157,553
				309,271
Metals & Mining – 7.9%
Anglo American Platinum Ltd.		1,350		184,698
Anglo American plc		6,246		265,490
BHP Group Ltd.(b)		5,022		185,040
BHP Group plc		6,984		211,235

Investments	Shares		Value
Metals & Mining – (continued)
Evraz plc		54,540	$	485,098
Fortescue Metals Group Ltd.		25,398		443,186
Gerdau SA (Preference)		25,200		154,305
Impala Platinum Holdings Ltd.		8,478		158,679
Kumba Iron Ore Ltd.		9,486		430,461
Magnitogorsk Iron & Steel Works PJSC		157,320		136,583
MMC Norilsk Nickel PJSC		936		319,912
Rio Tinto plc		8,622		725,328
Severstal PAO		6,570		155,262
Vedanta Ltd.		158,274		549,677
				4,404,954
Multiline Retail – 0.1%
Central Retail Corp. PCL, NVDR		70,200		78,908
Multi-Utilities – 0.3%
AGL Energy Ltd.(b)		27,432		189,225
Oil, Gas & Consumable Fuels – 7.9%
Adaro Energy Tbk. PT		4,681,800		403,520
Aker BP ASA		1,530		43,976
BP plc		102,528		430,124
Canadian Natural Resources Ltd.		17,028		516,432
China Petroleum & Chemical Corp., Class H		180,000		89,689
China Shenhua Energy Co. Ltd., Class H		153,000		319,126
Equinor ASA		7,308		149,094
Exxaro Resources Ltd.(b)		7,938		83,443
Indian Oil Corp. Ltd.		85,806		105,241
Keyera Corp.(b)		5,562		127,091
OMV AG		2,664		131,516
Pembina Pipeline Corp.		4,986		153,771
Suncor Energy, Inc.		8,298		177,332
TOTAL SE		25,380		1,125,094
Woodside Petroleum Ltd.		22,014		388,728
Yanzhou Coal Mining Co. Ltd., Class H		108,000		128,902
				4,373,079
Paper & Forest Products – 0.4%
UPM-Kymmene OYJ		6,048		236,983

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 265

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Personal Products – 1.9%
L’Oreal SA(b)		2,520	$	1,036,421
Pharmaceuticals – 4.3%
Astellas Pharma, Inc.		10,800		162,091
Eisai Co. Ltd.		3,900		254,363
GlaxoSmithKline plc		25,506		473,071
Novartis AG (Registered)		6,354		543,126
Orion OYJ, Class B		6,246		276,922
Roche Holding AG		1,242		405,262
Roche Holding AG – BR		468		162,765
Takeda Pharmaceutical Co. Ltd.		3,600		119,720
				2,397,320
Professional Services – 0.5%
Nihon M&A Center, Inc.		10,800		282,981
Real Estate Management & Development – 4.7%
Agile Group Holdings Ltd.		72,000		112,911
China Resources Land Ltd.		74,000		347,284
CK Asset Holdings Ltd.		54,000		338,940
Country Garden Holdings Co. Ltd.(b)		239,109		284,769
Daiwa House Industry Co. Ltd.		1,800		53,273
Guangzhou R&F Properties Co. Ltd., Class H(b)		324,000		414,655
KWG Group Holdings Ltd.		216,000		347,075
Land & Houses PCL, NVDR		1,530,000		425,034
Logan Group Co. Ltd.		54,000		85,934
NEPI Rockcastle plc		18,144		122,190
Yuzhou Group Holdings Co. Ltd.		324,000		90,106
				2,622,171
Road & Rail – 0.5%
Aurizon Holdings Ltd.		96,480		279,472
Semiconductors & Semiconductor Equipment – 8.7%
Advantest Corp.		800		75,971
ASML Holding NV		3,960		2,579,926
Globalwafers Co. Ltd.		5,000		154,656
Nanya Technology Corp.		36,000		118,054
Novatek Microelectronics Corp.		24,000		536,140
Taiwan Semiconductor Manufacturing Co. Ltd.		33,000		708,839

Investments	Shares		Value
Semiconductors & Semiconductor Equipment – (continued)
Tokyo Electron Ltd.		1,500	$	663,099
				4,836,685
Software – 0.2%
Nemetschek SE		1,458		108,819
SAP SE		126		17,710
				126,529
Specialty Retail – 1.5%
Fast Retailing Co. Ltd.		200		164,146
Hotai Motor Co. Ltd.		5,000		108,116
Industria de Diseno Textil SA(b)		2,466		87,929
Petrobras Distribuidora SA		86,400		358,484
USS Co. Ltd.		7,200		130,490
				849,165
Technology Hardware, Storage & Peripherals – 1.9%
Lite-On Technology Corp.		72,000		164,708
Pegatron Corp.		108,000		284,567
Samsung Electronics Co. Ltd.		4,698		344,214
Samsung Electronics Co. Ltd. (Preference)		4,032		265,695
				1,059,184
Textiles, Apparel & Luxury Goods – 0.7%
Eclat Textile Co. Ltd.		20,000		383,776
Tobacco – 1.6%
British American Tobacco plc		3,618		134,350
Imperial Brands plc		19,404		405,002
Japan Tobacco, Inc.		19,800		370,259
				909,611
Trading Companies & Distributors – 0.4%
Rexel SA*		6,192		122,021
Toyota Tsusho Corp.		2,800		118,348
				240,369
Transportation Infrastructure – 0.4%
CCR SA		37,800		83,888
China Merchants Port Holdings Co. Ltd.		72,000		115,506
				199,394

See Accompanying Notes to the Financial Statements.

266 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Wireless Telecommunication Services – 2.4%
Mobile TeleSystems PJSC		6,300	$	26,874
MTN Group Ltd.*		24,714		156,077
SoftBank Group Corp.		7,700		696,350
Total Access Communication PCL, NVDR		379,800		399,468
Vodafone Group plc		30,114		57,038
				1,335,807
Total Common Stocks (Cost $47,454,347)				55,082,684
	Principal Amount
SECURITIES LENDING REINVESTMENTS(d) – 3.9%
REPURCHASE AGREEMENTS – 3.9%
Citigroup Global Markets Ltd., 0.05%, dated 4/30/2021, due 5/3/2021, repurchase price $400,000, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 3.00%, maturing 5/15/2023 - 2/15/2049; Foreign Government Fixed Income Securities, 0.45%, maturing 8/19/2027; total market value $406,995	$	400,000		400,000
Citigroup Global Markets, Inc., 0.01%, dated 4/30/2021, due 5/3/2021, repurchase price $1,161,098, collateralized by various U.S. Treasury Securities, ranging from 0.88% - 5.00%, maturing 1/15/2028 - 2/15/2047; total market value $1,171,572		1,161,098		1,161,098

Investments	Principal Amount		Value
REPURCHASE AGREEMENTS – (continued)
Deutsche Bank AG, London Branch, 0.15%, dated 4/30/2021, due 5/3/2021, repurchase price $600,000, collateralized by various U.S. Treasury Securities, 0.13%, maturing 7/15/2030; Foreign Government Fixed Income Securities, ranging from 0.25% - 3.13%, maturing 7/23/2021 - 2/14/2031; total market value $609,257	$	600,000	$	600,000
				2,161,098
Total Securities Lending Reinvestments (Cost $2,161,098)				2,161,098
Total Investments – 102.7% (Cost $49,615,445)				57,243,782
Liabilities in excess of other assets – (2.7%)				(1,523,292	)
NET ASSETS – 100.0%			$	55,720,490

* 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, 2021. The total value of securities on loan at April 30, 2021 was $3,861,859, collateralized in the form of cash with a value of $2,161,098 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $630,026 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 13, 2021 – February 15, 2051 and $1,372,913 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.00%, and maturity dates ranging from July 7, 2021 – September 20, 2117; a total value of $4,164,037.

^(c)  Security fair valued as of April 30, 2021 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2021 amounted to $481,049, which represents approximately 0.86% of net assets of the Fund.

^(d)  The security was purchased with cash collateral held from securities on loan at April 30, 2021. The total value of securities purchased was $2,161,098.

Percentages shown are based on Net Assets.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 267

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

Abbreviations

NVDR – Non-Voting Depositary Receipt

OYJ – Public Limited Company

PJSC – Public Joint Stock Company

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

As of April 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments (including derivative instruments, if applicable) for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	8,343,595
Aggregate gross unrealized depreciation		(800,959	)
Net unrealized appreciation	$	7,542,636
Federal income tax cost	$	49,709,665

Futures Contracts

FlexShares^® International Quality Dividend Dynamic Index Fund had the following open futures contracts as of April 30, 2021:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
MSCI EAFE E-Mini Index		4		06/18/2021		USD	$	451,460	$	9,995
MSCI Emerging Markets E-Mini Index		3		06/18/2021		USD		200,490		136
									$	10,131

* 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, 2021:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
AUD	30,000	Citibank NA	USD	23,030		06/16/2021	$	149
CAD	15,000	Toronto-Dominion Bank (The)	USD	11,923		06/16/2021		271
EUR	7,000	BNP Paribas SA	USD	8,347		06/16/2021		87
EUR	34,000	Morgan Stanley	USD	40,450		06/16/2021		516
GBP	6,000	Morgan Stanley	USD	8,229		06/16/2021		79
HKD	160,000	Morgan Stanley	USD	20,585		06/16/2021		18
JPY	2,300,000	Morgan Stanley	USD	20,994		06/16/2021		56
USD	39,607	JPMorgan Chase Bank	AUD	51,000		06/16/2021		202
USD	19,541	Citibank NA	GBP	14,000		06/16/2021		155
USD	27,787	Morgan Stanley	GBP	20,000		06/16/2021		92
USD	34,688	Toronto-Dominion Bank (The)	GBP	25,000		06/16/2021		71
USD	10,301	UBS AG	HKD	80,000		06/16/2021		–
USD	28,423	Morgan Stanley	JPY	3,085,000		06/16/2021		190
Total unrealized appreciation							$	1,886
HKD	106,000	Toronto-Dominion Bank (The)	USD	13,657		06/16/2021	$	(8	)
JPY	2,400,000	JPMorgan Chase Bank	USD	22,035		06/16/2021		(70	)
JPY	1,400,000	Morgan Stanley	USD	12,903		06/16/2021		(91	)
USD	108,417	Morgan Stanley	CHF	100,000		06/16/2021		(1,354	)
USD	8,652	Bank of New York	DKK	54,000		06/16/2021		(96	)

See Accompanying Notes to the Financial Statements.

268 FLEXSHARES SEMIANNUAL REPORT

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	45,517	Morgan Stanley	EUR	38,000		06/16/2021	$	(269	)
USD	64,015	Toronto-Dominion Bank (The)	EUR	54,000		06/16/2021		(1,049	)
USD	28,263	Morgan Stanley	HKD	220,000		06/16/2021		(66	)
USD	32,660	Morgan Stanley	JPY	3,600,000		06/16/2021		(288	)
USD	30,144	Toronto-Dominion Bank (The)	JPY	3,300,000		06/16/2021		(58	)
USD	13,379	Goldman Sachs & Co.	SGD	18,000		06/16/2021		(149	)
Total unrealized depreciation							$	(3,498	)
Net unrealized depreciation							$	(1,612	)

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

SGD – Singapore Dollar

USD – US Dollar

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 269

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, 2021:

Australia	3.5	%
Austria	0.2
Belgium	0.5
Brazil	2.7
Canada	6.2
China	8.9
Colombia	0.2
Finland	1.7
France	7.0
Germany	5.5
Greece	0.9
Hong Kong	1.2
India	1.8
Indonesia	1.2
Italy	1.9
Japan	12.9
Netherlands	4.6
Norway	0.8
Russia	1.2
Singapore	1.3
South Africa	3.3
South Korea	4.2
Spain	3.1
Sweden	0.8
Switzerland	4.2
Taiwan	4.8
Thailand	1.8
Turkey	0.9
United Kingdom	11.5
Other1	1.2
	100.0	%

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

See Accompanying Notes to the Financial Statements.

270 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

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

April 30, 2021 (Unaudited)

Investments	Principal Amount		Value
U.S. TREASURY OBLIGATIONS – 99.9%
U.S. Treasury Inflation Linked Bonds
2.38%, 1/15/2025(a)	$	137,921,801	$	162,335,053
2.00%, 1/15/2026		28,510,817		33,943,767
2.38%, 1/15/2027		23,139,471		28,608,207
U.S. Treasury Inflation Linked Notes
0.13%, 7/15/2022(a)		50,169,278		52,092,253
0.13%, 1/15/2023		50,219,861		52,621,237
0.63%, 4/15/2023		53,784,243		57,209,537
0.38%, 7/15/2023		49,888,406		53,441,856
0.63%, 1/15/2024		49,721,674		54,024,851
0.50%, 4/15/2024		118,514,595		128,918,264
0.13%, 7/15/2024		160,353,295		174,296,553
0.13%, 10/15/2024		127,437,204		138,735,874
0.25%, 1/15/2025		160,743,190		175,740,240
0.13%, 4/15/2025		38,954,172		42,462,761
0.38%, 7/15/2025		48,919,742		54,265,205
0.13%, 10/15/2025		37,376,685		41,050,516
0.63%, 1/15/2026		50,512,731		56,682,390
0.13%, 4/15/2026		23,548,327		25,815,140
0.13%, 7/15/2026(a)		43,492,095		48,039,171
0.38%, 1/15/2027		45,047,750		50,258,621
Total U.S. Treasury Obligations (Cost $1,352,671,804)				1,430,541,496
Total Investments – 99.9% (Cost $1,352,671,804)				1,430,541,496
Other assets less liabilities – 0.1%				1,721,571
NET ASSETS – 100.0%			$	1,432,263,067

^(a)   The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 was $54,504,147, collateralized by $55,176,762 in U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from May 4, 2021 – February 15, 2051 and $519,468 in Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from May 5, 2021 – April 25, 2060; a total value of $55,696,230.

Percentages shown are based on Net Assets.

As of April 30, 2021, 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	$	77,837,220
Aggregate gross unrealized depreciation		—
Net unrealized appreciation	$	77,837,220
Federal income tax cost	$	1,352,704,276

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 271

Schedule of Investments

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

April 30, 2021 (Unaudited)

Investments	Principal Amount		Value
U.S. TREASURY OBLIGATIONS – 99.9%
U.S. Treasury Inflation Linked Bonds
2.38%, 1/15/2025(a)	$	21,020,496	$	24,741,290
2.00%, 1/15/2026		14,271,973		16,991,605
2.38%, 1/15/2027		16,328,834		20,187,957
1.75%, 1/15/2028		10,570,973		12,848,835
3.63%, 4/15/2028		20,752,926		28,184,793
2.50%, 1/15/2029		9,358,004		12,108,801
3.88%, 4/15/2029		17,183,033		24,320,428
3.38%, 4/15/2032		4,063,013		5,986,441
U.S. Treasury Inflation Linked Notes
0.13%, 7/15/2024		24,257,084		26,366,319
0.13%, 10/15/2024		19,434,604		21,157,690
0.25%, 1/15/2025		24,504,300		26,790,507
0.13%, 4/15/2025		19,519,853		21,277,999
0.38%, 7/15/2025(a)		24,475,398		27,149,827
0.13%, 10/15/2025		18,722,300		20,562,553
0.63%, 1/15/2026		25,309,497		28,400,816
0.13%, 4/15/2026		11,739,062		12,869,089
0.13%, 7/15/2026(a)		30,704,627		33,914,779
0.38%, 1/15/2027(a)		31,846,896		35,530,767
0.38%, 7/15/2027(a)		30,144,307		33,855,185
0.50%, 1/15/2028		22,301,246		25,129,715
0.75%, 7/15/2028		20,716,054		23,894,339
0.88%, 1/15/2029(a)		20,304,494		23,576,779
0.25%, 7/15/2029(a)		22,042,167		24,558,915
0.13%, 1/15/2030		22,579,900		24,753,877
0.13%, 7/15/2030		23,695,647		26,066,971
0.13%, 1/15/2031(a)		16,729,541		18,270,543
Total U.S. Treasury Obligations (Cost $556,968,020)				599,496,820

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS(b) – 0.6%
REPURCHASE AGREEMENTS – 0.6%
Citigroup Global Markets Ltd., 0.05%, dated 4/30/2021, due 5/3/2021, repurchase price $700,000, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 3.00%, maturing 5/15/2023 – 2/15/2049; Foreign Government Fixed Income Securities, 0.45%, maturing 8/19/2027; total market value $712,242	$	700,000	$	700,000
Citigroup Global Markets, Inc., 0.01%, dated 4/30/2021, due 5/3/2021, repurchase price $1,848,356, collateralized by various U.S. Treasury Securities, ranging from 0.88% – 5.00%, maturing 1/15/2028 – 2/15/2047; total market value $1,865,030		1,848,356		1,848,356
Deutsche Bank AG, London Branch, 0.15%, dated 4/30/2021, due 5/3/2021, repurchase price $1,000,000, collateralized by various U.S. Treasury Securities, 0.13%, maturing 7/15/2030; Foreign Government Fixed Income Securities, ranging from 0.25% – 3.13%, maturing 7/23/2021 – 2/14/2031; total market value $1,015,428		1,000,000		1,000,000

See Accompanying Notes to the Financial Statements.

272 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund (cont.)

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS(b) – (continued)
REPURCHASE AGREEMENTS – (continued)
NBC Global Finance Ltd., 0.19%, dated 4/30/2021, due 5/3/2021, repurchase price $100,000, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 4.38%, maturing 1/31/2023 – 8/15/2050; Common Stocks; total market value $109,827	$	100,000	$	100,000
				3,648,356
Total Securities Lending Reinvestments (Cost $3,648,356)				3,648,356
Total Investments – 100.5% (Cost $560,616,376)				603,145,176
Liabilities in excess of other assets – (0.5%)				(2,759,284	)
NET ASSETS – 100.0%			$	600,385,892

^(a)   The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 was $115,918,300, collateralized in the form of cash with a value of $3,648,356 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $117,097,238 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 8.00%, and maturity dates ranging from May 5, 2021 – July 22, 2068; a total value of $120,745,594.

^(b)  The security was purchased with cash collateral held from securities on loan at April 30, 2021. The total value of securities purchased was $3,648,356.

Percentages shown are based on Net Assets.

As of April 30, 2021, 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	$	42,071,092
Aggregate gross unrealized depreciation		—
Net unrealized appreciation	$	42,071,092
Federal income tax cost	$	561,074,084

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 273

Schedule of Investments

FlexShares^® Disciplined Duration MBS Index Fund

April 30, 2021 (Unaudited)

Investments	Principal Amount		Value
MORTGAGE-BACKED SECURITIES – 100.1%
FHLMC
2.00%, 8/1/2031	$	211,571	$	219,136
2.00%, 10/1/2031		45,234		46,854
3.00%, 4/1/2033		174,659		185,309
3.00%, 6/1/2033		141,886		150,539
5.00%, 5/1/2034		69,440		80,407
5.00%, 7/1/2034		371,340		429,814
3.00%, 5/1/2035		25,964		27,456
5.00%, 7/1/2035		351,956		407,299
5.00%, 8/1/2035		150,694		174,370
5.00%, 10/1/2035		20,730		24,005
3.00%, 11/1/2035		30,984		32,768
5.00%, 11/1/2035		223,542		258,858
5.00%, 12/1/2035		136,560		158,003
6.00%, 1/1/2037		87,544		104,338
6.00%, 4/1/2037		44,725		53,291
6.00%, 5/1/2037		79,301		94,483
5.00%, 2/1/2038		68,058		78,694
5.00%, 7/1/2038		201,708		233,479
5.00%, 10/1/2038		62,678		72,493
5.00%, 11/1/2038		246,233		285,124
5.00%, 12/1/2038		408,598		473,141
5.00%, 2/1/2039		173,927		200,931
5.00%, 5/1/2039		82,818		95,920
5.00%, 6/1/2039		37,603		43,530
5.00%, 7/1/2039		60,152		69,668
5.00%, 9/1/2039		85,375		98,339
6.00%, 11/1/2039		48,415		57,596
5.00%, 12/1/2039		293,194		339,584
5.00%, 1/1/2040		22,856		26,448
5.00%, 3/1/2040		63,570		73,158
5.00%, 4/1/2040		26,286		30,436
6.00%, 4/1/2040		58,280		68,872
5.00%, 5/1/2040		24,516		28,395
6.00%, 5/1/2040		135,069		159,716
5.00%, 7/1/2040		137,368		158,742
6.00%, 7/1/2040		213,832		254,205
5.00%, 9/1/2040		112,711		130,532
4.00%, 1/1/2041		19,218		21,329
5.00%, 5/1/2041		196,410		227,603
5.00%, 7/1/2041		286,333		331,085
3.50%, 11/1/2041		98,452		107,243
3.00%, 3/1/2042		17,652		18,689
3.00%, 4/1/2042		117,596		125,129

Investments	Principal Amount		Value
MORTGAGE-BACKED SECURITIES – (continued)
3.00%, 6/1/2042	$	102,312	$	108,901
3.00%, 8/1/2042		57,314		61,005
3.00%, 11/1/2042		364,264		389,685
3.00%, 12/1/2042		111,635		119,164
3.00%, 1/1/2043		60,633		64,603
3.00%, 2/1/2043		33,953		36,324
3.00%, 3/1/2043		148,408		159,281
3.00%, 4/1/2043		40,167		42,798
3.00%, 6/1/2043		22,595		24,245
3.00%, 10/1/2043		75,577		80,385
4.00%, 8/1/2044		20,396		22,408
5.00%, 8/1/2044		51,720		59,796
4.00%, 1/1/2045		64,362		70,713
4.00%, 2/1/2045		118,550		131,664
4.00%, 8/1/2045		159,223		174,461
4.00%, 9/1/2045		28,230		30,897
4.00%, 10/1/2045		236,414		259,098
4.00%, 11/1/2045		53,886		58,949
4.00%, 12/1/2045		23,164		25,387
4.00%, 1/1/2046		70,255		77,140
2.50%, 9/1/2046		34,580		35,978
3.00%, 11/1/2046		39,462		41,508
3.00%, 12/1/2046		208,501		220,537
3.00%, 1/1/2047		1,319,446		1,402,598
FHLMC UMBS
2.00%, 8/1/2031		51,623		53,453
2.00%, 11/1/2031		83,029		85,996
2.00%, 2/1/2032		87,367		90,493
5.00%, 8/1/2035		490,881		568,163
1.50%, 4/1/2036		1,000,000		1,014,323
6.00%, 4/1/2036		599,949		713,281
5.50%, 12/1/2036		129,814		151,365
5.00%, 3/1/2038		76,540		88,554
5.00%, 7/1/2039		94,525		109,436
5.00%, 10/1/2039		38,343		44,390
5.00%, 1/1/2040		35,600		41,341
5.00%, 3/1/2040		61,657		71,386
5.50%, 3/1/2040		313,896		366,561
5.00%, 5/1/2040		96,356		110,968
2.00%, 7/1/2040		142,839		145,881
6.00%, 7/1/2040		974,263		1,159,987
1.50%, 10/1/2040		703,368		700,486
3.50%, 12/1/2040		66,234		71,825
2.00%, 1/1/2041		222,970		227,719
1.50%, 3/1/2041		880,910		877,296

See Accompanying Notes to the Financial Statements.

274 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Disciplined Duration MBS Index Fund (cont.)

Investments	Principal Amount		Value
MORTGAGE-BACKED SECURITIES – (continued)
2.00%, 3/1/2041	$	776,937	$	793,481
4.50%, 3/1/2041		127,880		143,925
1.50%, 4/1/2041		249,034		247,074
2.00%, 4/1/2041		199,263		203,506
4.50%, 4/1/2041		25,091		28,345
1.50%, 5/1/2041		750,000		742,074
4.00%, 1/1/2042		85,931		95,417
5.00%, 2/1/2042		81,965		94,681
3.00%, 3/1/2042		161,549		172,359
3.50%, 11/1/2042		116,202		127,286
3.00%, 12/1/2042		719,334		769,255
3.50%, 1/1/2043		55,136		60,660
3.50%, 2/1/2043		45,802		50,032
2.50%, 6/1/2043		581,379		608,802
4.00%, 12/1/2043		19,189		21,157
4.50%, 3/1/2044		93,151		104,777
4.00%, 6/1/2044		7,454		8,186
4.50%, 7/1/2044		38,237		42,674
4.00%, 8/1/2044		22,039		24,205
4.50%, 12/1/2044		21,623		23,938
5.00%, 12/1/2044		215,390		248,973
4.00%, 2/1/2045		23,710		26,322
4.50%, 9/1/2045		20,133		22,253
4.00%, 10/1/2045		74,768		81,761
4.00%, 12/1/2045		31,946		35,388
4.50%, 12/1/2045		1,026,239		1,140,115
4.00%, 1/1/2046		56,008		61,814
4.50%, 4/1/2046		50,868		57,548
2.50%, 12/1/2046		184,164		191,812
2.50%, 11/1/2050		194,504		203,679
3.00%, 3/1/2051		998,292		1,056,908
3.00%, 4/1/2051		665,944		702,235
FNMA UMBS
3.50%, 10/1/2030		81,942		87,582
3.50%, 11/1/2030		16,560		17,700
2.00%, 9/1/2031		42,515		44,023
2.00%, 11/1/2031		96,440		99,864
2.00%, 2/1/2032		81,774		84,696
6.00%, 12/1/2032		15,948		18,884
5.50%, 2/1/2033		25,365		29,389
5.50%, 4/1/2033		112,062		129,935
6.00%, 4/1/2033		9,360		11,148
3.00%, 5/1/2033		162,627		171,981
3.00%, 6/1/2033		160,015		169,644
3.00%, 7/1/2033		20,431		21,666

Investments	Principal Amount		Value
MORTGAGE-BACKED SECURITIES – (continued)
5.50%, 7/1/2033	$	37,402	$	43,369
5.50%, 8/1/2033		54,551		63,253
3.00%, 10/1/2033		35,084		37,205
5.50%, 1/1/2034		74,547		86,672
5.50%, 2/1/2034		1,571,077		1,820,932
5.50%, 3/1/2034		20,786		23,515
6.00%, 3/1/2034		322,497		378,775
5.50%, 4/1/2034		200,749		233,007
5.50%, 7/1/2034		50,213		58,089
6.00%, 8/1/2034		55,268		65,774
6.50%, 9/1/2034		148,758		175,551
5.50%, 11/1/2034		80,015		93,068
5.50%, 12/1/2034		46,812		54,481
6.00%, 12/1/2034		250,064		297,162
5.50%, 1/1/2035		90,408		105,106
5.50%, 2/1/2035		171,016		198,561
6.00%, 4/1/2035		926,630		1,073,759
5.50%, 5/1/2035		38,647		45,161
5.00%, 8/1/2035		33,777		39,032
5.50%, 10/1/2035		42,495		49,282
1.50%, 11/1/2035		1,054,752		1,070,661
5.50%, 11/1/2035		35,283		41,257
6.00%, 11/1/2035		47,504		56,101
5.00%, 12/1/2035		73,864		85,396
2.00%, 1/1/2036		696,583		723,884
5.50%, 1/1/2036		197,097		229,453
5.00%, 2/1/2036		283,145		327,520
4.50%, 6/1/2036		719,769		807,706
6.00%, 6/1/2036		68,152		81,191
5.00%, 7/1/2036		35,828		41,407
5.50%, 7/1/2036		161,239		187,736
6.50%, 8/1/2036		25,491		30,309
6.00%, 9/1/2036		990,553		1,177,824
6.00%, 11/1/2036		68,232		81,288
5.50%, 12/1/2036		125,436		146,462
5.50%, 1/1/2037		22,597		26,372
5.50%, 2/1/2037		6,634		7,536
5.50%, 3/1/2037		321,949		374,648
5.50%, 4/1/2037		262,887		306,376
5.50%, 5/1/2037		31,840		36,898
6.00%, 6/1/2037		133,936		159,572
5.50%, 8/1/2037		1,370,971		1,596,111
6.00%, 8/1/2037		222,732		264,631
5.50%, 9/1/2037		70,940		82,778
6.00%, 9/1/2037		30,442		36,257
6.50%, 10/1/2037		51,477		59,952
5.50%, 2/1/2038		45,124		52,533

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 275

FlexShares^® Disciplined Duration MBS Index Fund (cont.)

Investments	Principal Amount		Value
MORTGAGE-BACKED SECURITIES – (continued)
5.00%, 3/1/2038	$	76,042	$	87,938
5.50%, 3/1/2038		17,363		20,302
5.00%, 5/1/2038		61,999		71,690
6.00%, 5/1/2038		22,229		26,462
5.50%, 6/1/2038		48,621		56,826
5.50%, 9/1/2038		20,189		23,565
6.00%, 9/1/2038		39,853		47,319
5.50%, 10/1/2038		36,467		42,455
5.50%, 11/1/2038		178,308		208,349
5.50%, 12/1/2038		73,699		86,114
5.50%, 3/1/2039		70,558		82,395
5.50%, 4/1/2039		19,800		22,977
5.50%, 5/1/2039		51,925		60,708
5.00%, 6/1/2039		66,494		76,857
5.50%, 8/1/2039		61,795		71,685
5.00%, 10/1/2039		79,254		91,735
5.50%, 11/1/2039		140,908		163,913
5.50%, 1/1/2040		17,410		20,249
5.00%, 2/1/2040		59,528		69,463
5.00%, 3/1/2040		202,768		234,692
5.50%, 4/1/2040		95,498		111,336
2.50%, 6/1/2040		373,042		389,299
5.00%, 6/1/2040		25,365		29,366
6.00%, 6/1/2040		160,543		190,112
2.50%, 8/1/2040		416,349		433,851
2.00%, 11/1/2040		955,704		976,055
2.50%, 11/1/2040		167,996		175,577
2.00%, 12/1/2040		509,449		520,298
2.50%, 12/1/2040		174,231		181,784
2.00%, 1/1/2041		221,114		225,823
3.50%, 1/1/2041		57,578		62,800
1.50%, 2/1/2041		986,539		982,492
2.50%, 2/1/2041		393,204		409,147
3.50%, 2/1/2041		38,013		41,368
4.50%, 2/1/2041		186,090		210,224
1.50%, 4/1/2041		516,631		513,078
2.00%, 5/1/2041		1,000,000		1,015,106
4.50%, 5/1/2041		59,969		67,592
5.00%, 5/1/2041		49,622		57,360
6.00%, 5/1/2041		36,824		43,736
4.50%, 6/1/2041		908,807		1,014,183
6.00%, 6/1/2041		1,531,854		1,821,383
5.00%, 7/1/2041		713,735		818,506
6.00%, 7/1/2041		2,945,374		3,511,540
4.50%, 8/1/2041		195,406		219,806

Investments	Principal Amount		Value
MORTGAGE-BACKED SECURITIES – (continued)
5.00%, 8/1/2041	$	95,289	$	110,148
4.00%, 9/1/2041		290,350		322,187
4.50%, 9/1/2041		123,613		138,873
5.50%, 9/1/2041		106,634		124,418
3.50%, 10/1/2041		175,954		193,046
4.00%, 10/1/2041		81,866		90,623
5.00%, 10/1/2041		107,778		124,588
4.00%, 11/1/2041		123,296		136,581
4.00%, 12/1/2041		28,513		31,486
4.00%, 1/1/2042		250,777		277,853
4.50%, 1/1/2042		27,552		30,933
6.00%, 1/1/2042		104,733		125,137
5.50%, 2/1/2042		91,162		106,339
3.00%, 3/1/2042		231,576		246,443
4.00%, 3/1/2042		126,854		141,982
3.00%, 4/1/2042		77,836		83,237
4.50%, 4/1/2042		150,756		169,258
3.50%, 5/1/2042		42,167		45,934
4.50%, 5/1/2042		109,646		123,744
3.50%, 6/1/2042		68,563		74,974
3.50%, 7/1/2042		165,289		181,048
4.00%, 7/1/2042		166,453		185,502
3.50%, 8/1/2042		58,153		63,707
3.00%, 9/1/2042		109,895		116,896
3.50%, 9/1/2042		21,643		23,705
4.00%, 9/1/2042		101,660		112,885
3.00%, 10/1/2042		213,412		228,285
3.50%, 10/1/2042		44,748		48,874
2.50%, 12/1/2042		355,880		372,398
3.00%, 12/1/2042		194,983		208,513
2.50%, 1/1/2043		10,701		11,154
3.00%, 1/1/2043		216,206		230,253
3.50%, 1/1/2043		59,626		65,321
4.00%, 1/1/2043		110,121		122,055
4.50%, 1/1/2043		296,601		330,873
2.50%, 2/1/2043		1,023,536		1,071,361
3.00%, 2/1/2043		261,790		279,747
3.50%, 2/1/2043		107,086		116,947
3.50%, 3/1/2043		125,268		137,426
2.50%, 5/1/2043		17,794		18,507
2.50%, 6/1/2043		9,412		9,838
4.00%, 8/1/2043		72,385		79,867
4.00%, 9/1/2043		147,240		162,654
4.50%, 9/1/2043		41,102		46,402
4.00%, 10/1/2043		186,073		205,417
4.00%, 11/1/2043		411,879		457,153
4.50%, 11/1/2043		130,479		145,414

See Accompanying Notes to the Financial Statements.

276 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Disciplined Duration MBS Index Fund (cont.)

Investments	Principal Amount		Value
MORTGAGE-BACKED SECURITIES – (continued)
4.50%, 12/1/2043	$	109,758	$	122,651
4.00%, 1/1/2044		144,668		159,615
4.50%, 2/1/2044		33,021		36,825
4.50%, 3/1/2044		159,577		182,599
5.00%, 3/1/2044		29,675		33,876
4.50%, 4/1/2044		323,354		360,570
5.50%, 5/1/2044		1,234,594		1,435,623
5.00%, 6/1/2044		55,023		62,685
4.00%, 10/1/2044		53,369		59,198
4.50%, 10/1/2044		15,773		17,542
4.50%, 12/1/2044		58,860		66,033
4.00%, 2/1/2045		42,656		47,287
4.50%, 2/1/2045		207,736		233,133
4.00%, 4/1/2045		35,777		39,653
4.00%, 8/1/2045		20,924		22,944
4.00%, 11/1/2045		89,276		98,042
4.50%, 11/1/2045		122,172		136,286
4.00%, 12/1/2045		482,475		532,409
4.00%, 2/1/2046		19,154		21,033
4.50%, 3/1/2046		229,776		256,517
4.00%, 4/1/2046		18,040		19,885
2.50%, 6/1/2046		103,677		108,569
4.50%, 6/1/2046		144,514		160,642
4.50%, 7/1/2046		34,136		37,628
4.50%, 8/1/2046		28,932		32,321
2.50%, 9/1/2046		196,622		204,679
2.50%, 10/1/2046		93,663		97,504
4.50%, 10/1/2046		53,229		59,019
2.50%, 12/1/2046		31,685		32,993
4.50%, 1/1/2047		51,932		57,225
4.00%, 2/1/2047		52,213		57,303
4.50%, 2/1/2047		57,414		64,538
2.50%, 3/1/2047		190,544		198,451
4.50%, 3/1/2047		263,452		297,814
4.50%, 5/1/2047		125,567		138,150
4.50%, 7/1/2047		119,921		132,496
5.00%, 7/1/2047		385,651		445,701
4.00%, 7/1/2048		212,590		234,111
5.50%, 1/1/2049		63,719		71,472
6.00%, 2/1/2049		135,756		163,327
5.50%, 6/1/2049		382,474		438,166
3.00%, 9/1/2050		981,189		1,034,689
2.50%, 11/1/2050		194,598		204,139

Investments	Principal Amount		Value
MORTGAGE-BACKED SECURITIES – (continued)
FNMA/FHLMC UMBS, 15 Year, Single Family
TBA 1.50%, 5/25/2036	$	3,000,000	$	3,035,859
TBA 2.00%, 5/25/2036		3,950,000		4,079,301
FNMA/FHLMC UMBS, 30 Year, Single Family
TBA 1.50%, 5/25/2051		4,275,000		4,187,329
TBA 2.00%, 5/25/2051		4,200,000		4,239,211
TBA 2.50%, 5/25/2051		6,800,000		7,052,344
TBA 3.00%, 5/25/2051		2,800,000		2,932,389
GNMA
6.00%, 3/15/2033		68,572		81,835
5.50%, 8/20/2033		43,896		51,362
5.50%, 11/20/2033		40,486		47,442
6.00%, 12/15/2033		127,994		152,765
5.50%, 3/20/2034		48,161		56,481
5.50%, 7/20/2034		30,767		36,118
5.50%, 9/20/2034		13,289		15,622
6.00%, 2/15/2035		28,092		33,395
5.50%, 3/20/2036		100,248		117,992
5.50%, 9/20/2038		59,182		69,588
5.50%, 2/20/2039		99,341		116,824
5.50%, 12/20/2040		28,931		33,275
5.50%, 1/20/2041		25,412		29,877
5.50%, 5/20/2041		170,295		200,266
5.50%, 11/20/2041		317,818		373,665
5.50%, 12/20/2041		74,215		85,838
5.50%, 2/20/2042		20,611		24,234
2.50%, 3/20/2043		60,887		63,967
2.50%, 5/20/2043		89,356		93,871
5.50%, 3/20/2044		93,760		110,290
2.50%, 11/20/2044		59,859		62,724
5.00%, 6/20/2045		255,525		294,010
5.50%, 3/20/2046		873,505		1,027,913
5.00%, 5/20/2046		604,682		694,114
5.50%, 2/20/2047		363,012		420,635
5.50%, 7/20/2049		28,248		31,279
3.00%, 4/20/2051		500,000		528,871
TBA 2.00%, 5/15/2051		2,000,000		2,039,687
TBA 2.50%, 5/15/2051		4,000,000		4,155,937
Total Mortgage-Backed Securities (Cost $105,677,836)				106,867,362
Total Investments – 100.1% (Cost $105,677,836)				106,867,362
Liabilities in excess of other assets – (0.1%)				(67,919	)
NET ASSETS – 100.0%			$	106,799,443

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 277

FlexShares^® Disciplined Duration MBS Index Fund (cont.)

Percentages shown are based on Net Assets.

Abbreviations

FHLMC – Federal Home Loan Mortgage Corp.

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

TBA – To Be Announced; Security is subject to delayed delivery.

UMBS – Uniform Mortgage-Backed Securities

As of April 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments (including derivative instruments, if applicable) for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,301,330
Aggregate gross unrealized depreciation		(112,165	)
Net unrealized appreciation	$	1,189,165
Federal income tax cost	$	105,678,197

See Accompanying Notes to the Financial Statements.

278 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares® Credit-Scored US Corporate Bond Index Fund

April 30, 2021 (Unaudited)

Investments	Principal Amount		Value
CORPORATE BONDS – 97.9%
Aerospace & Defense – 2.1%
Boeing Co. (The)
5.15%, 5/1/2030	$	150,000	$	174,516
General Dynamics Corp.
3.50%, 5/15/2025		375,000		413,060
3.75%, 5/15/2028		600,000		672,175
Huntington Ingalls Industries, Inc.
3.84%, 5/1/2025		100,000		109,115
3.48%, 12/1/2027		200,000		217,760
L3Harris Technologies, Inc.
3.85%, 12/15/2026		250,000		279,246
4.40%, 6/15/2028		700,000		802,051
Lockheed Martin Corp.
3.55%, 1/15/2026		605,000		671,477
Northrop Grumman Corp.
2.93%, 1/15/2025		1,000,000		1,070,640
3.25%, 1/15/2028		500,000		541,277
Precision Castparts Corp.
3.25%, 6/15/2025		200,000		217,125
Teledyne Technologies, Inc.
0.95%, 4/1/2024		400,000		400,134
2.25%, 4/1/2028		500,000		502,181
				6,070,757
Air Freight & Logistics – 0.2%
United Parcel Service, Inc.
3.05%, 11/15/2027		395,000		434,323
3.40%, 3/15/2029		200,000		220,508
				654,831
Auto Components – 0.3%
BorgWarner, Inc.
3.38%, 3/15/2025		350,000		380,063
2.65%, 7/1/2027		200,000		209,942
Lear Corp.
3.80%, 9/15/2027		200,000		219,973
				809,978
Banks – 23.3%
Australia & New Zealand Banking Group Ltd.
2.63%, 11/9/2022		250,000		259,028

Investments	Principal Amount		Value
Banks – (continued)
Banco Santander SA
5.18%, 11/19/2025	$	600,000	$	687,560
3.31%, 6/27/2029		200,000		214,074
3.49%, 5/28/2030		400,000		424,164
Bancolombia SA
3.00%, 1/29/2025		250,000		256,565
Bank of America Corp.
3.00%, 12/20/2023(a)		1,000,000		1,039,725
3.86%, 7/23/2024(a)		300,000		320,755
4.20%, 8/26/2024		200,000		220,701
4.00%, 1/22/2025		495,000		544,976
0.98%, 9/25/2025(a)		750,000		749,559
2.01%, 2/13/2026(a)		245,000		252,872
4.45%, 3/3/2026		500,000		566,522
Series L, 4.18%, 11/25/2027		615,000		688,076
3.82%, 1/20/2028(a)		500,000		554,304
3.71%, 4/24/2028(a)		5,000		5,513
3.42%, 12/20/2028(a)		250,000		270,785
4.27%, 7/23/2029(a)		550,000		624,732
3.97%, 2/7/2030(a)		300,000		334,743
3.19%, 7/23/2030(a)		250,000		264,929
2.50%, 2/13/2031(a)		600,000		601,874
2.59%, 4/29/2031(a)		400,000		402,729
1.90%, 7/23/2031(a)		750,000		711,609
Bank of Montreal
4.34%, 10/5/2028(a)		300,000		324,377
Bank of Nova Scotia (The)
3.40%, 2/11/2024		250,000		269,445
4.50%, 12/16/2025		350,000		398,414
Barclays plc
4.38%, 9/11/2024		490,000		536,525
3.65%, 3/16/2025		200,000		216,430
5.20%, 5/12/2026		300,000		341,159
4.84%, 5/9/2028		300,000		337,588
5.09%, 6/20/2030(a)		250,000		287,235
2.67%, 3/10/2032(a)		250,000		246,814
BBVA USA
2.88%, 6/29/2022		300,000		308,091
3.88%, 4/10/2025		250,000		273,545
Canadian Imperial Bank of Commerce
2.25%, 1/28/2025		300,000		313,561

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 279

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Banks – (continued)
Citigroup, Inc.
4.05%, 7/30/2022	$	600,000	$	626,523
2.88%, 7/24/2023(a)		250,000		257,430
3.35%, 4/24/2025(a)		600,000		643,836
3.30%, 4/27/2025		200,000		217,661
4.40%, 6/10/2025		825,000		921,479
5.50%, 9/13/2025		650,000		761,552
4.60%, 3/9/2026		380,000		434,239
3.40%, 5/1/2026		300,000		328,548
3.20%, 10/21/2026		350,000		378,855
4.45%, 9/29/2027		200,000		227,177
3.89%, 1/10/2028(a)		250,000		278,300
3.67%, 7/24/2028(a)		255,000		281,052
2.98%, 11/5/2030(a)		500,000		521,140
2.67%, 1/29/2031(a)		500,000		507,151
4.41%, 3/31/2031(a)		1,136,000		1,300,638
2.57%, 6/3/2031(a)		500,000		501,904
Citizens Bank NA
3.70%, 3/29/2023		300,000		317,501
Citizens Financial Group, Inc.
3.25%, 4/30/2030		200,000		213,703
Comerica, Inc.
3.70%, 7/31/2023		250,000		267,477
Cooperatieve Rabobank UA
3.75%, 7/21/2026		250,000		273,903
Credit Suisse Group Funding Guernsey Ltd.
3.80%, 9/15/2022		250,000		260,619
Discover Bank
3.35%, 2/6/2023		300,000		314,050
4.20%, 8/8/2023		400,000		432,863
4.65%, 9/13/2028		250,000		289,380
Fifth Third Bancorp
4.30%, 1/16/2024		250,000		272,757
3.65%, 1/25/2024		500,000		538,940
Fifth Third Bank NA
3.85%, 3/15/2026		400,000		442,245
First Horizon Corp.
3.55%, 5/26/2023		250,000		264,088
HSBC Holdings plc
3.80%, 3/11/2025(a)		750,000		808,739
4.25%, 8/18/2025		1,040,000		1,153,245
3.90%, 5/25/2026		200,000		221,654

Investments	Principal Amount		Value
Banks – (continued)
4.29%, 9/12/2026(a)	$	250,000	$	277,538
4.04%, 3/13/2028(a)		500,000		552,295
4.58%, 6/19/2029(a)		670,000		761,303
3.97%, 5/22/2030(a)		300,000		328,566
Huntington Bancshares, Inc.
4.00%, 5/15/2025		200,000		222,655
ING Groep NV
3.55%, 4/9/2024		200,000		216,291
4.55%, 10/2/2028		350,000		405,940
JPMorgan Chase & Co.
3.38%, 5/1/2023		520,000		549,881
3.56%, 4/23/2024(a)		300,000		318,030
3.63%, 5/13/2024		400,000		436,521
3.88%, 9/10/2024		1,127,000		1,233,085
0.65%, 9/16/2024(a)		285,000		285,525
4.02%, 12/5/2024(a)		240,000		259,943
3.90%, 7/15/2025		395,000		437,646
2.30%, 10/15/2025(a)		200,000		208,680
2.00%, 3/13/2026(a)		115,000		118,653
2.95%, 10/1/2026		685,000		738,518
4.13%, 12/15/2026		149,000		168,742
3.96%, 1/29/2027(a)		750,000		833,314
3.63%, 12/1/2027		250,000		274,120
3.78%, 2/1/2028(a)		925,000		1,027,003
4.01%, 4/23/2029(a)		130,000		146,248
4.20%, 7/23/2029(a)		450,000		513,221
4.45%, 12/5/2029(a)		500,000		576,571
2.74%, 10/15/2030(a)		200,000		205,256
4.49%, 3/24/2031(a)		200,000		232,191
2.96%, 5/13/2031(a)		500,000		514,007
1.95%, 2/4/2032(a)		500,000		476,257
KeyBank NA
2.40%, 6/9/2022		250,000		255,783
KeyCorp
4.10%, 4/30/2028		200,000		228,471
Lloyds Banking Group plc
4.05%, 8/16/2023		300,000		323,427
2.91%, 11/7/2023(a)		300,000		310,774
3.57%, 11/7/2028(a)		200,000		217,382
Mitsubishi UFJ Financial Group, Inc.
2.67%, 7/25/2022		850,000		873,638
3.76%, 7/26/2023		50,000		53,537
3.41%, 3/7/2024		50,000		53,696
2.19%, 2/25/2025		700,000		727,141

See Accompanying Notes to the Financial Statements.

280 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Banks – (continued)
3.68%, 2/22/2027	$	350,000	$	391,835
3.29%, 7/25/2027		750,000		823,606
3.74%, 3/7/2029		200,000		221,023
2.05%, 7/17/2030		300,000		293,366
Mizuho Financial Group, Inc.
3.55%, 3/5/2023		450,000		476,475
3.17%, 9/11/2027		500,000		543,776
4.02%, 3/5/2028		590,000		662,594
3.15%, 7/16/2030(a)		200,000		211,957
National Australia Bank Ltd.
3.63%, 6/20/2023		250,000		267,030
PNC Bank NA
3.50%, 6/8/2023		250,000		265,867
3.25%, 1/22/2028		250,000		273,057
PNC Financial Services Group, Inc. (The)
3.90%, 4/29/2024		550,000		600,862
3.15%, 5/19/2027		80,000		87,424
Royal Bank of Canada
1.95%, 1/17/2023		350,000		360,096
4.65%, 1/27/2026		250,000		286,643
Santander Holdings USA, Inc.
4.50%, 7/17/2025		440,000		489,140
4.40%, 7/13/2027		500,000		556,808
Santander UK Group Holdings plc
3.82%, 11/3/2028(a)		200,000		219,620
Sumitomo Mitsui Financial Group, Inc.
3.10%, 1/17/2023		950,000		994,031
2.70%, 7/16/2024		1,000,000		1,055,924
2.35%, 1/15/2025		250,000		261,080
3.78%, 3/9/2026		250,000		277,209
2.63%, 7/14/2026		600,000		633,779
3.45%, 1/11/2027		250,000		274,111
3.36%, 7/12/2027		450,000		491,419
3.04%, 7/16/2029		300,000		315,752
2.75%, 1/15/2030		200,000		205,736
2.13%, 7/8/2030		250,000		246,065
Toronto-Dominion Bank (The)
3.25%, 3/11/2024		450,000		484,324
Truist Bank
2.80%, 5/17/2022		250,000		256,283
3.30%, 5/15/2026		200,000		218,383

Investments	Principal Amount		Value
Banks – (continued)
Truist Financial Corp.
3.05%, 6/20/2022	$	200,000	$	205,885
2.85%, 10/26/2024		150,000		160,946
4.00%, 5/1/2025		210,000		233,623
US Bancorp
3.38%, 2/5/2024		200,000		215,802
3.95%, 11/17/2025		200,000		225,535
3.00%, 7/30/2029		200,000		212,295
Wells Fargo & Co.
4.48%, 1/16/2024		325,000		358,573
3.00%, 2/19/2025		1,500,000		1,610,849
3.55%, 9/29/2025		1,190,000		1,308,624
2.41%, 10/30/2025(a)		500,000		523,107
4.10%, 6/3/2026		500,000		562,041
4.30%, 7/22/2027		1,000,000		1,134,588
3.58%, 5/22/2028(a)		750,000		822,725
2.39%, 6/2/2028(a)		1,500,000		1,544,480
2.88%, 10/30/2030(a)		450,000		466,691
2.57%, 2/11/2031(a)		200,000		202,171
4.48%, 4/4/2031(a)		200,000		231,487
Westpac Banking Corp.
2.75%, 1/11/2023		1,100,000		1,146,000
3.40%, 1/25/2028		400,000		444,008
4.32%, 11/23/2031(a)		250,000		278,627
2.67%, 11/15/2035(a)		300,000		287,937
				68,390,746
Beverages – 0.6%
Anheuser-Busch InBev Worldwide, Inc.
4.75%, 1/23/2029		250,000		293,478
Coca-Cola Co. (The)
3.45%, 3/25/2030		200,000		221,443
Diageo Capital plc
2.38%, 10/24/2029		200,000		203,359
Keurig Dr Pepper, Inc.
4.60%, 5/25/2028		200,000		232,722
PepsiCo, Inc.
7.00%, 3/1/2029		500,000		681,297
				1,632,299
Biotechnology – 1.5%
AbbVie, Inc.
3.60%, 5/14/2025		952,000		1,040,974
3.20%, 5/14/2026		100,000		108,393

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 281

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Biotechnology – (continued)
4.25%, 11/14/2028	$	190,000	$	217,385
3.20%, 11/21/2029		210,000		224,552
Amgen, Inc.
2.20%, 2/21/2027		300,000		311,078
2.45%, 2/21/2030		300,000		304,096
Gilead Sciences, Inc.
3.65%, 3/1/2026		1,080,000		1,192,225
2.95%, 3/1/2027		1,000,000		1,073,480
				4,472,183
Building Products – 0.3%
Fortune Brands Home & Security, Inc.
4.00%, 6/15/2025		200,000		221,192
Johnson Controls International plc
3.62%, 7/2/2024(b)		200,000		216,360
Lennox International, Inc.
1.35%, 8/1/2025		450,000		449,699
				887,251
Capital Markets – 5.9%
Ameriprise Financial, Inc.
3.70%, 10/15/2024		250,000		274,847
2.88%, 9/15/2026		200,000		215,487
Ares Capital Corp.
4.20%, 6/10/2024		175,000		188,851
3.88%, 1/15/2026		1,200,000		1,280,895
Bank of New York Mellon Corp. (The)
Series 0012, 3.65%, 2/4/2024		300,000		326,576
2.45%, 8/17/2026		300,000		317,574
3.00%, 10/30/2028		143,000		152,929
BGC Partners, Inc.
3.75%, 10/1/2024		200,000		211,404
BlackRock, Inc.
3.20%, 3/15/2027		200,000		219,875
3.25%, 4/30/2029		400,000		441,184
Blackstone Secured Lending Fund
3.65%, 7/14/2023(c)		150,000		157,030
Cboe Global Markets, Inc.
3.65%, 1/12/2027		200,000		221,586

Investments	Principal Amount		Value
Capital Markets – (continued)
Charles Schwab Corp. (The)
4.20%, 3/24/2025	$	400,000	$	448,412
3.20%, 1/25/2028		100,000		109,252
4.00%, 2/1/2029		400,000		456,357
CME Group, Inc.
3.00%, 3/15/2025		375,000		403,588
Credit Suisse Group AG
3.75%, 3/26/2025		650,000		704,863
4.55%, 4/17/2026		250,000		281,593
Deutsche Bank AG
3.70%, 5/30/2024		795,000		853,439
3.96%, 11/26/2025(a)		300,000		325,151
4.10%, 1/13/2026		100,000		109,510
3.55%, 9/18/2031(a)		500,000		523,696
E*TRADE Financial Corp.
2.95%, 8/24/2022		200,000		206,216
Goldman Sachs BDC, Inc.
3.75%, 2/10/2025		200,000		213,681
Goldman Sachs Group, Inc. (The)
3.63%, 1/22/2023		600,000		633,586
4.00%, 3/3/2024		500,000		546,476
3.85%, 7/8/2024		500,000		544,552
3.50%, 1/23/2025		465,000		504,800
1.43%, 3/9/2027(a)		300,000		298,832
Jefferies Group LLC
4.85%, 1/15/2027		300,000		347,129
4.15%, 1/23/2030		200,000		221,615
Lazard Group LLC
3.75%, 2/13/2025		250,000		272,719
Legg Mason, Inc.
4.75%, 3/15/2026		200,000		231,281
Moody’s Corp.
2.63%, 1/15/2023		200,000		207,328
3.75%, 3/24/2025		300,000		329,344
Morgan Stanley
2.75%, 5/19/2022		200,000		205,179
3.75%, 2/25/2023		1,300,000		1,378,386
3.88%, 1/27/2026		200,000		223,051
0.98%, 12/10/2026(a)		500,000		490,804
2.70%, 1/22/2031(a)		350,000		357,803
Nasdaq, Inc.
3.85%, 6/30/2026		215,000		240,193
S&P Global, Inc.
2.95%, 1/22/2027		200,000		215,677
1.25%, 8/15/2030		300,000		277,122

See Accompanying Notes to the Financial Statements.

282 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Capital Markets – (continued)
State Street Corp.
3.10%, 5/15/2023	$	200,000	$	211,327
3.55%, 8/18/2025		300,000		332,996
TD Ameritrade Holding Corp.
3.75%, 4/1/2024		300,000		326,823
2.75%, 10/1/2029		200,000		209,770
				17,250,789
Chemicals – 1.0%
Air Products and Chemicals, Inc.
3.35%, 7/31/2024		521,000		564,157
Celanese US Holdings LLC
3.50%, 5/8/2024		200,000		215,015
DuPont de Nemours, Inc.
2.17%, 5/1/2023		100,000		100,389
Ecolab, Inc.
2.70%, 11/1/2026		200,000		214,291
4.80%, 3/24/2030		150,000		179,879
FMC Corp.
3.20%, 10/1/2026		200,000		215,567
PPG Industries, Inc.
2.40%, 8/15/2024		200,000		210,161
RPM International, Inc.
3.75%, 3/15/2027		100,000		110,098
Sherwin-Williams Co. (The)
2.75%, 6/1/2022		156,000		159,409
3.45%, 8/1/2025		500,000		544,620
3.45%, 6/1/2027		400,000		439,602
2.95%, 8/15/2029		100,000		105,438
				3,058,626
Commercial Services & Supplies – 0.8%
Cintas Corp. No. 2
3.25%, 6/1/2022		250,000		255,664
3.70%, 4/1/2027		50,000		55,900
RELX Capital, Inc.
3.00%, 5/22/2030		200,000		209,289
Republic Services, Inc.
2.50%, 8/15/2024		567,000		598,792
3.38%, 11/15/2027		100,000		109,744
3.95%, 5/15/2028		300,000		337,150
Waste Management, Inc.
3.13%, 3/1/2025		250,000		269,687

Investments	Principal Amount		Value
Commercial Services & Supplies – (continued)
3.15%, 11/15/2027	$	350,000	$	380,922
				2,217,148
Communications Equipment – 0.5%
Cisco Systems, Inc.
2.20%, 9/20/2023		417,000		436,246
3.63%, 3/4/2024		300,000		326,811
2.95%, 2/28/2026		100,000		109,257
Motorola Solutions, Inc.
4.60%, 2/23/2028		100,000		114,964
4.60%, 5/23/2029		300,000		344,824
				1,332,102
Construction Materials – 0.2%
Martin Marietta Materials, Inc.
3.50%, 12/15/2027		250,000		277,080
Vulcan Materials Co.
4.50%, 4/1/2025		200,000		224,384
				501,464
Consumer Finance – 3.0%
AerCap Ireland Capital DAC
4.50%, 9/15/2023		500,000		538,477
3.15%, 2/15/2024		150,000		157,689
3.88%, 1/23/2028		350,000		370,704
Ally Financial, Inc.
3.05%, 6/5/2023		400,000		417,995
3.88%, 5/21/2024		600,000		651,063
American Express Co.
2.50%, 8/1/2022		200,000		205,129
3.00%, 10/30/2024		690,000		745,203
Capital One Financial Corp.
3.50%, 6/15/2023		320,000		340,388
3.90%, 1/29/2024		50,000		54,305
3.30%, 10/30/2024		200,000		216,464
3.20%, 2/5/2025		850,000		915,870
4.20%, 10/29/2025		110,000		122,612
Caterpillar Financial Services Corp.
3.30%, 6/9/2024		200,000		216,924
General Motors Financial Co., Inc.
5.25%, 3/1/2026		500,000		576,219
4.35%, 1/17/2027		400,000		447,494

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 283

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Consumer Finance – (continued)
Synchrony Financial
4.25%, 8/15/2024	$	426,000	$	465,413
4.50%, 7/23/2025		600,000		669,705
3.70%, 8/4/2026		355,000		385,824
5.15%, 3/19/2029		200,000		232,394
Toyota Motor Credit Corp.
3.20%, 1/11/2027		500,000		547,592
3.05%, 1/11/2028		500,000		540,568
				8,818,032
Containers & Packaging – 0.3%
Amcor Finance USA, Inc.
4.50%, 5/15/2028		300,000		344,957
Avery Dennison Corp.
3.35%, 4/15/2023		50,000		52,078
4.88%, 12/6/2028		200,000		235,022
Packaging Corp. of America
4.50%, 11/1/2023		200,000		217,331
				849,388
Diversified Financial Services – 0.7%
Berkshire Hathaway, Inc.
3.13%, 3/15/2026		330,000		361,487
Equitable Holdings, Inc.
4.35%, 4/20/2028		300,000		338,418
National Rural Utilities Cooperative Finance Corp.
0.35%, 2/8/2024		300,000		299,484
3.40%, 2/7/2028		250,000		270,763
2.40%, 3/15/2030		200,000		202,296
Synchrony Bank
3.00%, 6/15/2022		250,000		256,727
Voya Financial, Inc.
4.70%, 1/23/2048(a)		100,000		104,176
5.65%, 5/15/2053(a)		200,000		214,849
				2,048,200
Diversified Telecommunication Services – 1.7%
AT&T, Inc.
4.35%, 3/1/2029		250,000		283,820
4.30%, 2/15/2030		295,000		332,882
British Telecommunications plc
5.13%, 12/4/2028		200,000		237,171

Investments	Principal Amount		Value
Diversified Telecommunication Services – (continued)
Deutsche Telekom International Finance BV
8.75%, 6/15/2030(b)	$	200,000	$	297,780
TELUS Corp.
3.70%, 9/15/2027		200,000		223,804
Verizon Communications, Inc.
5.15%, 9/15/2023		850,000		941,549
2.63%, 8/15/2026		80,000		85,020
4.13%, 3/16/2027		700,000		797,881
4.33%, 9/21/2028		755,000		870,578
4.02%, 12/3/2029		225,000		254,192
1.68%, 10/30/2030(c)		313,000		293,503
2.55%, 3/21/2031		500,000		502,035
				5,120,215
Electric Utilities – 3.8%
AEP Texas, Inc.
3.95%, 6/1/2028		750,000		837,574
American Electric Power Co., Inc.
Series J, 4.30%, 12/1/2028		45,000		51,286
Appalachian Power Co.
Series X, 3.30%, 6/1/2027		96,000		104,128
Avangrid, Inc.
3.15%, 12/1/2024		100,000		107,507
3.20%, 4/15/2025		250,000		269,502
Duke Energy Corp.
3.15%, 8/15/2027		200,000		215,782
2.45%, 6/1/2030		600,000		598,075
Edison International
4.95%, 4/15/2025		700,000		784,708
5.75%, 6/15/2027		300,000		351,468
Emera US Finance LP
3.55%, 6/15/2026		150,000		164,015
Enel Chile SA
4.88%, 6/12/2028		250,000		288,224
Eversource Energy
Series L, 2.90%, 10/1/2024		300,000		319,435
Series M, 3.30%, 1/15/2028		100,000		108,122
Exelon Corp.
4.05%, 4/15/2030		250,000		280,773
Fortis, Inc.
3.06%, 10/4/2026		200,000		214,471
Georgia Power Co.
3.25%, 4/1/2026		500,000		540,179

See Accompanying Notes to the Financial Statements.

284 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Electric Utilities – (continued)
Interstate Power and Light Co.
4.10%, 9/26/2028	$	250,000	$	283,002
ITC Holdings Corp.
2.70%, 11/15/2022		200,000		206,113
3.35%, 11/15/2027		200,000		217,914
MidAmerican Energy Co.
3.70%, 9/15/2023		472,000		503,710
3.65%, 4/15/2029		100,000		112,038
NextEra Energy Capital Holdings, Inc.
2.25%, 6/1/2030		175,000		173,189
(ICE LIBOR USD 3 Month + 2.41%), 4.80%, 12/1/2077(d)		100,000		111,790
5.65%, 5/1/2079(a)		100,000		116,338
NSTAR Electric Co.
3.20%, 5/15/2027		300,000		326,962
Pacific Gas and Electric Co.
3.75%, 7/1/2028		200,000		211,022
Public Service Electric and Gas Co.
3.00%, 5/15/2027		200,000		216,917
Sierra Pacific Power Co.
2.60%, 5/1/2026		209,000		222,014
Southern Co. (The)
2.95%, 7/1/2023		300,000		314,028
3.25%, 7/1/2026		384,000		414,753
Series A, 3.70%, 4/30/2030		250,000		273,037
Southwestern Electric Power Co.
Series M, 4.10%, 9/15/2028		200,000		224,281
Virginia Electric and Power Co.
Series A, 3.50%, 3/15/2027		300,000		331,175
Series A, 3.80%, 4/1/2028		500,000		558,957
Xcel Energy, Inc.
4.00%, 6/15/2028		900,000		1,009,377
				11,061,866
Electrical Equipment – 0.3%
Emerson Electric Co.
0.88%, 10/15/2026		200,000		196,470
Hubbell, Inc.
3.35%, 3/1/2026		200,000		216,106
3.50%, 2/15/2028		250,000		272,026

Investments	Principal Amount		Value
Electrical Equipment – (continued)
Rockwell Automation, Inc.
2.88%, 3/1/2025	$	250,000	$	265,640
				950,242
Electronic Equipment, Instruments & Components – 0.8%
Allegion US Holding Co., Inc.
3.20%, 10/1/2024		200,000		213,340
Amphenol Corp.
2.05%, 3/1/2025		300,000		311,358
Arrow Electronics, Inc.
4.00%, 4/1/2025		400,000		434,186
Avnet, Inc.
4.63%, 4/15/2026		175,000		197,137
Keysight Technologies, Inc.
4.60%, 4/6/2027		200,000		230,559
Trimble, Inc.
4.90%, 6/15/2028		250,000		290,134
Tyco Electronics Group SA
3.70%, 2/15/2026		200,000		218,839
3.13%, 8/15/2027		200,000		215,911
Vontier Corp.
2.40%, 4/1/2028(c)		250,000		246,572
				2,358,036
Energy Equipment & Services – 0.1%
Helmerich & Payne, Inc.
4.65%, 3/15/2025		200,000		220,716
Entertainment – 0.2%
Activision Blizzard, Inc.
3.40%, 9/15/2026		300,000		330,664
3.40%, 6/15/2027		200,000		220,851
Electronic Arts, Inc.
4.80%, 3/1/2026		100,000		115,774
				667,289
Equity Real Estate Investment Trusts (REITs) – 6.5%
Alexandria Real Estate Equities, Inc.
3.95%, 1/15/2028		300,000		336,655
2.75%, 12/15/2029		100,000		103,012
4.70%, 7/1/2030		100,000		117,498
4.90%, 12/15/2030		100,000		120,367
American Campus Communities Operating Partnership LP
3.63%, 11/15/2027		200,000		218,610

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 285

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
American Homes 4 Rent LP
4.25%, 2/15/2028	$	200,000	$	222,357
American Tower Corp.
5.00%, 2/15/2024		490,000		544,749
3.38%, 10/15/2026		1,200,000		1,305,367
3.55%, 7/15/2027		400,000		437,133
3.80%, 8/15/2029		338,000		372,344
AvalonBay Communities, Inc.
3.45%, 6/1/2025		200,000		218,492
3.50%, 11/15/2025		150,000		164,380
Boston Properties LP
2.90%, 3/15/2030		255,000		259,873
Brandywine Operating Partnership LP
4.10%, 10/1/2024		250,000		270,908
3.95%, 11/15/2027		100,000		108,344
Brixmor Operating Partnership LP
4.13%, 5/15/2029		300,000		330,090
Camden Property Trust
2.80%, 5/15/2030		200,000		206,913
Columbia Property Trust Operating Partnership LP
4.15%, 4/1/2025		200,000		212,110
Crown Castle International Corp.
3.10%, 11/15/2029		500,000		524,275
CubeSmart LP
4.00%, 11/15/2025		250,000		275,659
3.00%, 2/15/2030		200,000		205,859
CyrusOne LP
2.90%, 11/15/2024		200,000		212,021
2.15%, 11/1/2030		100,000		93,835
Duke Realty LP
3.25%, 6/30/2026		250,000		271,654
2.88%, 11/15/2029		100,000		103,630
Equinix, Inc.
5.38%, 5/15/2027		375,000		402,975
3.20%, 11/18/2029		10,000		10,556
2.15%, 7/15/2030		250,000		240,567
ERP Operating LP
2.85%, 11/1/2026		200,000		213,792
3.25%, 8/1/2027		45,000		48,781
Essex Portfolio LP
3.88%, 5/1/2024		200,000		216,777
3.00%, 1/15/2030		200,000		207,369

Investments	Principal Amount		Value
Equity Real Estate Investment Trusts (REITs) – (continued)
GLP Capital LP
5.38%, 11/1/2023	$	555,000	$	611,452
5.25%, 6/1/2025		200,000		226,208
5.38%, 4/15/2026		300,000		339,961
5.75%, 6/1/2028		500,000		583,559
Healthpeak Properties, Inc.
4.00%, 6/1/2025		250,000		277,475
Highwoods Realty LP
4.13%, 3/15/2028		200,000		218,543
4.20%, 4/15/2029		100,000		110,135
Host Hotels & Resorts LP
Series E, 4.00%, 6/15/2025		250,000		268,932
Hudson Pacific Properties LP
3.25%, 1/15/2030		100,000		102,533
Kilroy Realty LP
4.38%, 10/1/2025		400,000		443,888
4.25%, 8/15/2029		100,000		111,332
Kite Realty Group LP
4.00%, 10/1/2026		100,000		107,680
Life Storage LP
2.20%, 10/15/2030		200,000		193,178
LifeStorage LP
3.50%, 7/1/2026		200,000		217,688
Mid-America Apartments LP
3.95%, 3/15/2029		50,000		55,617
2.75%, 3/15/2030		250,000		255,622
National Retail Properties, Inc.
3.90%, 6/15/2024		500,000		542,353
3.50%, 10/15/2027		150,000		162,090
Omega Healthcare Investors, Inc.
4.38%, 8/1/2023		52,000		55,854
4.95%, 4/1/2024		10,000		10,910
5.25%, 1/15/2026		300,000		343,428
4.50%, 4/1/2027		500,000		552,586
3.63%, 10/1/2029		150,000		156,408
Physicians Realty LP
4.30%, 3/15/2027		200,000		224,191
Piedmont Operating Partnership LP
3.15%, 8/15/2030		100,000		98,600
Public Storage
3.09%, 9/15/2027		200,000		216,704
Realty Income Corp.
4.13%, 10/15/2026		300,000		339,726

See Accompanying Notes to the Financial Statements.

286 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
Regency Centers LP
3.60%, 2/1/2027	$	150,000	$	164,496
Sabra Health Care LP
5.13%, 8/15/2026		200,000		223,766
3.90%, 10/15/2029		200,000		208,338
Simon Property Group LP
3.38%, 10/1/2024		600,000		646,550
SITE Centers Corp.
3.63%, 2/1/2025		129,000		135,484
Spirit Realty LP
4.45%, 9/15/2026		200,000		223,326
3.40%, 1/15/2030		200,000		209,824
STORE Capital Corp.
4.50%, 3/15/2028		250,000		278,842
Ventas Realty LP
3.50%, 2/1/2025		50,000		54,333
4.75%, 11/15/2030		500,000		588,532
VEREIT Operating Partnership LP
4.63%, 11/1/2025		200,000		226,552
Weyerhaeuser Co.
4.00%, 4/15/2030		250,000		280,618
WP Carey, Inc.
4.60%, 4/1/2024		195,000		214,077
4.00%, 2/1/2025		150,000		163,570
				19,021,913
Food & Staples Retailing – 0.8%
Costco Wholesale Corp.
2.75%, 5/18/2024		300,000		320,242
3.00%, 5/18/2027		375,000		410,597
1.38%, 6/20/2027		300,000		301,285
Walmart, Inc.
3.05%, 7/8/2026		300,000		328,983
3.70%, 6/26/2028		900,000		1,018,941
3.25%, 7/8/2029		42,000		46,579
				2,426,627
Food Products – 2.0%
Bunge Ltd. Finance Corp.
3.75%, 9/25/2027		200,000		220,646
Campbell Soup Co.
3.95%, 3/15/2025		200,000		220,128
4.15%, 3/15/2028		250,000		281,146

Investments	Principal Amount		Value
Food Products – (continued)
Flowers Foods, Inc.
3.50%, 10/1/2026	$	250,000	$	272,072
General Mills, Inc.
4.00%, 4/17/2025		250,000		277,025
4.20%, 4/17/2028		200,000		227,945
2.88%, 4/15/2030		300,000		311,623
J M Smucker Co. (The)
3.38%, 12/15/2027		300,000		328,060
Kellogg Co.
3.40%, 11/15/2027		500,000		547,668
McCormick & Co., Inc.
3.15%, 8/15/2024		200,000		214,307
3.40%, 8/15/2027		200,000		219,602
Mondelez International, Inc.
1.50%, 5/4/2025		400,000		408,537
2.75%, 4/13/2030		200,000		206,697
Unilever Capital Corp.
2.60%, 5/5/2024		1,200,000		1,271,613
2.90%, 5/5/2027		200,000		217,084
3.50%, 3/22/2028		600,000		667,578
				5,891,731
Gas Utilities – 0.5%
Atmos Energy Corp.
0.63%, 3/9/2023		500,000		500,489
Eastern Energy Gas Holdings LLC
Series A, 2.50%, 11/15/2024		410,000		431,889
3.60%, 12/15/2024		80,000		86,984
National Fuel Gas Co.
5.20%, 7/15/2025		200,000		225,468
5.50%, 1/15/2026		275,000		318,885
				1,563,715
Health Care Equipment & Supplies – 0.8%
Abbott Laboratories
3.40%, 11/30/2023		500,000		536,173
Baxter International, Inc.
2.60%, 8/15/2026		200,000		213,164
Becton Dickinson and Co.
3.73%, 12/15/2024		400,000		438,042
3.70%, 6/6/2027		200,000		222,323
DH Europe Finance II Sarl
2.20%, 11/15/2024		250,000		261,459

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 287

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Health Care Equipment & Supplies – (continued)
Edwards Lifesciences Corp.
4.30%, 6/15/2028	$	200,000	$	227,836
Stryker Corp.
3.50%, 3/15/2026		200,000		220,255
1.95%, 6/15/2030		100,000		96,875
Zimmer Biomet Holdings, Inc.
3.55%, 3/20/2030		63,000		68,141
				2,284,268
Health Care Providers & Services – 2.3%
AmerisourceBergen Corp.
3.40%, 5/15/2024		250,000		268,000
3.45%, 12/15/2027		200,000		219,203
Cigna Corp.
4.38%, 10/15/2028		350,000		400,140
CVS Health Corp.
4.30%, 3/25/2028		409,000		465,302
HCA, Inc.
5.25%, 6/15/2026		250,000		290,214
4.50%, 2/15/2027		67,000		75,553
4.13%, 6/15/2029		250,000		278,010
Humana, Inc.
3.85%, 10/1/2024		500,000		546,031
3.95%, 3/15/2027		300,000		336,014
Laboratory Corp. of America Holdings
3.60%, 2/1/2025		300,000		325,610
McKesson Corp.
3.80%, 3/15/2024		250,000		271,422
Quest Diagnostics, Inc.
2.95%, 6/30/2030		200,000		208,088
UnitedHealth Group, Inc.
2.38%, 8/15/2024		500,000		529,063
3.45%, 1/15/2027		1,000,000		1,113,380
2.95%, 10/15/2027		250,000		272,300
3.85%, 6/15/2028		750,000		848,731
3.88%, 12/15/2028		55,000		62,573
2.00%, 5/15/2030		290,000		286,929
				6,796,563
Hotels, Restaurants & Leisure – 0.8%
Booking Holdings, Inc.
3.60%, 6/1/2026		640,000		710,114

Investments	Principal Amount		Value
Hotels, Restaurants & Leisure – (continued)
Hyatt Hotels Corp.
4.85%, 3/15/2026	$	200,000	$	224,377
Marriott International, Inc.
3.60%, 4/15/2024		150,000		159,842
Series EE, 5.75%, 5/1/2025		110,000		126,639
Series R, 3.13%, 6/15/2026		400,000		425,364
McDonald’s Corp.
3.80%, 4/1/2028		150,000		167,521
2.63%, 9/1/2029		100,000		103,789
3.60%, 7/1/2030		500,000		551,132
				2,468,778
Household Durables – 0.8%
DR Horton, Inc.
4.38%, 9/15/2022		200,000		208,363
2.50%, 10/15/2024		200,000		210,865
Lennar Corp.
4.75%, 11/29/2027		1,000,000		1,158,330
PulteGroup, Inc.
5.50%, 3/1/2026		500,000		587,840
Whirlpool Corp.
4.75%, 2/26/2029		200,000		234,928
				2,400,326
Household Products – 0.8%
Church & Dwight Co., Inc.
2.88%, 10/1/2022		500,000		517,227
Clorox Co. (The)
3.10%, 10/1/2027		200,000		217,347
3.90%, 5/15/2028		250,000		281,439
Colgate-Palmolive Co.
3.25%, 3/15/2024		250,000		270,606
Kimberly-Clark Corp.
2.75%, 2/15/2026		200,000		215,508
Procter & Gamble Co. (The)
3.10%, 8/15/2023		150,000		159,864
2.80%, 3/25/2027		185,000		201,480
3.00%, 3/25/2030		400,000		434,488
				2,297,959
Industrial Conglomerates – 1.0%
3M Co.
2.00%, 6/26/2022		200,000		204,045
2.25%, 3/15/2023		570,000		589,953

See Accompanying Notes to the Financial Statements.

288 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Industrial Conglomerates – (continued)
2.88%, 10/15/2027	$	200,000	$	215,974
3.38%, 3/1/2029		200,000		220,495
Carlisle Cos., Inc.
3.75%, 12/1/2027		200,000		222,382
Honeywell International, Inc.
1.35%, 6/1/2025		250,000		255,384
2.50%, 11/1/2026		300,000		320,608
2.70%, 8/15/2029		100,000		105,617
Roper Technologies, Inc.
3.80%, 12/15/2026		200,000		223,883
4.20%, 9/15/2028		200,000		228,494
Trane Technologies Global Holding Co. Ltd.
3.75%, 8/21/2028		200,000		220,938
Trane Technologies Luxembourg Finance SA
3.50%, 3/21/2026		250,000		274,239
				3,082,012
Insurance – 3.4%
Aflac, Inc.
3.25%, 3/17/2025		200,000		217,408
2.88%, 10/15/2026		100,000		107,657
Allied World Assurance Co. Holdings Ltd.
4.35%, 10/29/2025		200,000		216,514
Allstate Corp. (The)
Series B, 5.75%, 8/15/2053(a)		400,000		429,900
American Equity Investment Life Holding Co.
5.00%, 6/15/2027		150,000		168,394
American Financial Group, Inc.
3.50%, 8/15/2026		200,000		217,627
American International Group, Inc.
4.88%, 6/1/2022		400,000		418,865
3.90%, 4/1/2026		100,000		111,015
Series A-9, 5.75%, 4/1/2048(a)		200,000		226,750
Aon Corp.
2.20%, 11/15/2022		500,000		513,589
2.80%, 5/15/2030		250,000		258,052

Investments	Principal Amount		Value
Insurance – (continued)
Aon plc
3.88%, 12/15/2025	$	400,000	$	444,545
Assurant, Inc.
3.70%, 2/22/2030		100,000		108,460
Athene Holding Ltd.
4.13%, 1/12/2028		300,000		329,949
Brighthouse Financial, Inc.
3.70%, 6/22/2027		200,000		216,419
Brown & Brown, Inc.
4.20%, 9/15/2024		200,000		219,874
Chubb INA Holdings, Inc.
3.15%, 3/15/2025		270,000		293,965
Fairfax Financial Holdings Ltd.
4.85%, 4/17/2028		250,000		281,702
Fidelity National Financial, Inc.
5.50%, 9/1/2022		68,000		72,358
First American Financial Corp.
4.60%, 11/15/2024		200,000		223,229
Globe Life, Inc.
4.55%, 9/15/2028		150,000		174,055
Hanover Insurance Group, Inc. (The)
2.50%, 9/1/2030		250,000		247,812
Kemper Corp.
2.40%, 9/30/2030		200,000		193,768
Manulife Financial Corp.
4.15%, 3/4/2026		200,000		226,073
Markel Corp.
3.35%, 9/17/2029		300,000		322,610
Marsh & McLennan Cos., Inc.
3.50%, 6/3/2024		16,000		17,244
3.50%, 3/10/2025		75,000		81,848
3.75%, 3/14/2026		75,000		83,370
4.38%, 3/15/2029		200,000		231,096
2.25%, 11/15/2030		500,000		497,175
MetLife, Inc.
3.05%, 12/15/2022(b)		250,000		260,889
Old Republic International Corp.
4.88%, 10/1/2024		200,000		223,680
Progressive Corp. (The)
2.45%, 1/15/2027		200,000		210,855
3.20%, 3/26/2030		100,000		109,045
Prudential Financial, Inc.
5.63%, 6/15/2043(a)		150,000		162,717
5.20%, 3/15/2044(a)		10,000		10,686

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 289

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Insurance – (continued)
5.38%, 5/15/2045(a)	$	500,000	$	551,165
5.70%, 9/15/2048(a)		500,000		579,034
3.70%, 10/1/2050(a)		100,000		103,375
RenaissanceRe Finance, Inc.
3.45%, 7/1/2027		100,000		108,823
Trinity Acquisition plc
4.40%, 3/15/2026		200,000		226,227
Willis North America, Inc.
3.60%, 5/15/2024		150,000		161,724
				9,859,543
Interactive Media & Services – 0.3%
Alphabet, Inc.
2.00%, 8/15/2026		147,000		154,241
0.80%, 8/15/2027		85,000		82,389
Baidu, Inc.
4.38%, 3/29/2028		500,000		557,258
Weibo Corp.
3.50%, 7/5/2024		200,000		210,069
				1,003,957
Internet & Direct Marketing Retail – 0.8%
Alibaba Group Holding Ltd.
3.60%, 11/28/2024		1,200,000		1,302,456
3.40%, 12/6/2027		300,000		326,528
Amazon.com, Inc.
3.15%, 8/22/2027		300,000		330,361
eBay, Inc.
3.45%, 8/1/2024		120,000		129,466
3.60%, 6/5/2027		200,000		221,126
				2,309,937
IT Services – 1.9%
Automatic Data Processing, Inc.
1.25%, 9/1/2030		200,000		185,917
Broadridge Financial Solutions, Inc.
3.40%, 6/27/2026		200,000		218,264
Fiserv, Inc.
3.50%, 7/1/2029		300,000		325,091
Mastercard, Inc.
2.00%, 3/3/2025		950,000		993,434
2.95%, 11/21/2026		300,000		325,644
2.95%, 6/1/2029		150,000		161,956

Investments	Principal Amount		Value
IT Services – (continued)
PayPal Holdings, Inc.
1.65%, 6/1/2025	$	250,000	$	257,085
2.65%, 10/1/2026		100,000		106,627
2.85%, 10/1/2029		200,000		211,378
2.30%, 6/1/2030		250,000		252,255
Visa, Inc.
2.80%, 12/14/2022		1,100,000		1,142,000
3.15%, 12/14/2025		650,000		711,169
1.90%, 4/15/2027		275,000		284,252
Western Union Co. (The)
2.85%, 1/10/2025		350,000		369,716
				5,544,788
Life Sciences Tools & Services – 0.5%
Agilent Technologies, Inc.
3.88%, 7/15/2023		200,000		212,265
Thermo Fisher Scientific, Inc.
2.95%, 9/19/2026		590,000		637,016
3.20%, 8/15/2027		500,000		545,339
				1,394,620
Machinery – 0.8%
Cummins, Inc.
3.65%, 10/1/2023		100,000		107,199
1.50%, 9/1/2030		150,000		141,937
Dover Corp.
3.15%, 11/15/2025		200,000		215,652
Flowserve Corp.
4.00%, 11/15/2023		84,000		89,372
Fortive Corp.
3.15%, 6/15/2026		100,000		108,538
Illinois Tool Works, Inc.
2.65%, 11/15/2026		200,000		215,423
nVent Finance Sarl
4.55%, 4/15/2028		300,000		319,845
Otis Worldwide Corp.
2.06%, 4/5/2025		300,000		312,052
2.29%, 4/5/2027		200,000		206,792
2.57%, 2/15/2030		200,000		203,566
Parker-Hannifin Corp.
3.25%, 6/14/2029		45,000		48,494
Stanley Black & Decker, Inc.
4.00%, 3/15/2060(a)		300,000		319,590

See Accompanying Notes to the Financial Statements.

290 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Machinery – (continued)
Westinghouse Air Brake Technologies Corp.
4.95%, 9/15/2028(b)	$	150,000	$	172,655
				2,461,115
Media – 0.7%
Charter Communications Operating LLC
4.91%, 7/23/2025		500,000		568,787
4.20%, 3/15/2028		500,000		554,536
Comcast Corp.
4.15%, 10/15/2028		350,000		402,784
4.25%, 10/15/2030		250,000		290,181
Fox Corp.
4.71%, 1/25/2029		100,000		116,182
				1,932,470
Metals & Mining – 0.9%
BHP Billiton Finance USA Ltd.
3.85%, 9/30/2023		300,000		324,725
Kinross Gold Corp.
5.95%, 3/15/2024		150,000		167,887
Rio Tinto Finance USA Ltd.
3.75%, 6/15/2025		650,000		720,567
7.13%, 7/15/2028		200,000		270,619
Steel Dynamics, Inc.
2.80%, 12/15/2024		300,000		317,716
Vale Overseas Ltd.
6.25%, 8/10/2026		379,000		453,515
3.75%, 7/8/2030		250,000		263,313
				2,518,342
Multiline Retail – 0.4%
Dollar General Corp.
3.88%, 4/15/2027		400,000		448,433
Dollar Tree, Inc.
4.00%, 5/15/2025		130,000		143,915
4.20%, 5/15/2028		500,000		567,857
				1,160,205
Multi-Utilities – 2.5%
Ameren Corp.
2.50%, 9/15/2024		700,000		737,407

Investments	Principal Amount		Value
Multi-Utilities – (continued)
Berkshire Hathaway Energy Co.
3.75%, 11/15/2023	$	100,000	$	107,569
4.05%, 4/15/2025		1,100,000		1,225,775
3.25%, 4/15/2028		100,000		108,433
Black Hills Corp.
3.15%, 1/15/2027		200,000		214,216
CMS Energy Corp.
3.45%, 8/15/2027		200,000		220,827
Consolidated Edison Co. of New York, Inc. Series B, 3.13%, 11/15/2027		300,000		324,628
Dominion Energy, Inc.
3.07%, 8/15/2024(b)		700,000		746,719
Series A, 3.30%, 3/15/2025		250,000		270,387
4.25%, 6/1/2028		200,000		227,158
5.75%, 10/1/2054(a)		200,000		220,060
DTE Energy Co.
Series D, 3.70%, 8/1/2023		500,000		532,655
Series C, 2.53%, 10/1/2024(b)		252,000		265,533
2.85%, 10/1/2026		200,000		213,703
Public Service Enterprise Group, Inc.
2.65%, 11/15/2022		200,000		206,318
2.88%, 6/15/2024		400,000		423,770
Sempra Energy
3.55%, 6/15/2024		200,000		215,649
3.25%, 6/15/2027		200,000		216,452
3.40%, 2/1/2028		97,000		105,208
Southern Co. Gas Capital Corp.
2.45%, 10/1/2023		300,000		312,553
WEC Energy Group, Inc.
0.55%, 9/15/2023		500,000		500,739
				7,395,759
Oil, Gas & Consumable Fuels – 4.7%
Boardwalk Pipelines LP
5.95%, 6/1/2026		200,000		236,205
Canadian Natural Resources Ltd.
3.85%, 6/1/2027		400,000		437,588
Cheniere Corpus Christi Holdings LLC
5.88%, 3/31/2025		200,000		229,020
5.13%, 6/30/2027		500,000		576,730

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 291

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Oil, Gas & Consumable Fuels – (continued)
Columbia Pipeline Group, Inc.
4.50%, 6/1/2025	$	150,000	$	169,040
Enable Midstream Partners LP
4.95%, 5/15/2028		250,000		279,499
Enbridge, Inc.
4.00%, 10/1/2023		200,000		214,244
3.70%, 7/15/2027		200,000		219,198
3.13%, 11/15/2029		200,000		209,901
Series 16-A, 6.00%, 1/15/2077(a)		350,000		377,194
5.50%, 7/15/2077(a)		250,000		261,052
Energy Transfer LP
5.88%, 1/15/2024		700,000		779,116
4.05%, 3/15/2025		20,000		21,664
4.75%, 1/15/2026		300,000		335,459
5.50%, 6/1/2027		200,000		232,218
3.75%, 5/15/2030		200,000		208,225
Enterprise Products Operating LLC
3.75%, 2/15/2025		700,000		765,892
4.15%, 10/16/2028		350,000		395,953
Series E, 5.25%, 8/16/2077(a)		200,000		202,546
5.38%, 2/15/2078(a)		350,000		354,734
HollyFrontier Corp.
5.88%, 4/1/2026		200,000		229,720
Kinder Morgan, Inc.
4.30%, 3/1/2028		200,000		225,273
Magellan Midstream Partners LP
5.00%, 3/1/2026		250,000		288,583
ONEOK Partners LP
4.90%, 3/15/2025		400,000		447,789
Phillips 66 Partners LP
3.55%, 10/1/2026		200,000		216,655
Plains All American Pipeline LP
4.65%, 10/15/2025		500,000		554,645
Sabine Pass Liquefaction LLC
5.63%, 3/1/2025		700,000		803,363
5.88%, 6/30/2026		125,000		148,028
4.20%, 3/15/2028		120,000		132,930
4.50%, 5/15/2030		250,000		281,690
Spectra Energy Partners LP
4.75%, 3/15/2024		1,140,000		1,259,151

Investments	Principal Amount		Value
Oil, Gas & Consumable Fuels – (continued)
TC PipeLines LP
4.38%, 3/13/2025	$	100,000	$	110,565
TransCanada PipeLines Ltd.
4.25%, 5/15/2028		200,000		226,053
Transcanada Trust
Series 16-A, 5.87%, 8/15/2076(a)		300,000		333,375
5.30%, 3/15/2077(a)		600,000		638,685
5.50%, 9/15/2079(a)		500,000		543,240
Valero Energy Corp.
2.85%, 4/15/2025		500,000		527,942
Valero Energy Partners LP
4.50%, 3/15/2028		200,000		223,220
				13,696,385
Paper & Forest Products – 0.0%(e)
Suzano Austria GmbH
3.75%, 1/15/2031		150,000		153,766
Pharmaceuticals – 1.7%
Bristol-Myers Squibb Co.
3.40%, 7/26/2029		250,000		275,799
Eli Lilly and Co.
3.38%, 3/15/2029		200,000		220,306
Johnson & Johnson
2.45%, 3/1/2026		500,000		534,834
2.95%, 3/3/2027		650,000		710,650
Novartis Capital Corp.
2.40%, 9/21/2022		200,000		206,168
3.40%, 5/6/2024		403,000		437,235
1.75%, 2/14/2025		350,000		361,612
3.00%, 11/20/2025		700,000		759,199
2.20%, 8/14/2030		200,000		203,222
Royalty Pharma plc
2.20%, 9/2/2030(c)		400,000		382,298
Zoetis, Inc.
3.25%, 2/1/2023		650,000		677,353
3.00%, 9/12/2027		145,000		156,367
				4,925,043
Professional Services – 0.4%
Equifax, Inc.
2.60%, 12/1/2024		200,000		211,874

See Accompanying Notes to the Financial Statements.

292 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Professional Services – (continued)
IHS Markit Ltd.
4.75%, 8/1/2028	$	500,000	$	579,652
Verisk Analytics, Inc.
4.00%, 6/15/2025		250,000		276,792
				1,068,318
Real Estate Management & Development – 0.1%
CBRE Services, Inc.
4.88%, 3/1/2026		200,000		232,037
Road & Rail – 1.1%
Burlington Northern Santa Fe LLC
3.25%, 6/15/2027		224,000		245,067
Canadian National Railway Co.
2.95%, 11/21/2024		250,000		268,147
Canadian Pacific Railway Co.
2.90%, 2/1/2025		250,000		265,963
3.70%, 2/1/2026		20,000		22,011
CSX Corp.
3.25%, 6/1/2027		100,000		109,219
4.25%, 3/15/2029		200,000		229,487
JB Hunt Transport Services, Inc.
3.88%, 3/1/2026		300,000		333,639
Norfolk Southern Corp.
3.15%, 6/1/2027		200,000		217,762
Union Pacific Corp.
3.15%, 3/1/2024		500,000		536,826
3.00%, 4/15/2027		300,000		324,796
2.89%, 4/6/2036(c)		550,000		554,280
				3,107,197
Semiconductors & Semiconductor Equipment – 2.9%
Analog Devices, Inc.
3.50%, 12/5/2026		405,000		445,783
Broadcom Corp.
3.88%, 1/15/2027		2,800,000		3,068,257
Broadcom, Inc.
4.11%, 9/15/2028		500,000		552,627
4.75%, 4/15/2029		110,000		125,200
5.00%, 4/15/2030		300,000		345,729
4.15%, 11/15/2030		350,000		382,754
Intel Corp.
3.90%, 3/25/2030		300,000		341,965

Investments	Principal Amount		Value
Semiconductors & Semiconductor Equipment – (continued)
KLA Corp.
4.65%, 11/1/2024	$	200,000	$	223,952
Maxim Integrated Products, Inc.
3.45%, 6/15/2027		200,000		219,272
Micron Technology, Inc.
2.50%, 4/24/2023		250,000		259,219
4.19%, 2/15/2027		500,000		562,346
4.66%, 2/15/2030		200,000		230,636
NVIDIA Corp.
3.20%, 9/16/2026		300,000		330,682
NXP BV
5.55%, 12/1/2028(c)		500,000		606,662
QUALCOMM, Inc.
3.25%, 5/20/2027		200,000		220,766
Texas Instruments, Inc.
1.38%, 3/12/2025		200,000		204,988
2.90%, 11/3/2027		250,000		270,922
				8,391,760
Software – 2.5%
Adobe, Inc.
3.25%, 2/1/2025		250,000		271,031
2.30%, 2/1/2030		250,000		254,185
Autodesk, Inc.
3.50%, 6/15/2027		200,000		220,436
CA, Inc.
4.70%, 3/15/2027		200,000		224,949
Citrix Systems, Inc.
4.50%, 12/1/2027		200,000		229,578
Intuit, Inc.
1.35%, 7/15/2027		300,000		296,722
Microsoft Corp.
3.63%, 12/15/2023		375,000		405,127
2.70%, 2/12/2025		640,000		687,039
3.13%, 11/3/2025		500,000		547,089
2.40%, 8/8/2026		100,000		106,514
3.30%, 2/6/2027		615,000		682,478
Oracle Corp.
2.50%, 4/1/2025		500,000		528,099
2.65%, 7/15/2026		400,000		421,817
3.25%, 11/15/2027		800,000		867,705
2.30%, 3/25/2028		1,000,000		1,015,671
2.88%, 3/25/2031		500,000		508,013
				7,266,453

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 293

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Specialty Retail – 1.9%
Advance Auto Parts, Inc.
1.75%, 10/1/2027	$	60,000	$	59,455
AutoZone, Inc.
3.25%, 4/15/2025		540,000		579,070
3.13%, 4/21/2026		125,000		135,884
3.75%, 6/1/2027		250,000		277,681
Home Depot, Inc. (The)
2.63%, 6/1/2022		595,000		609,489
3.35%, 9/15/2025		203,000		223,255
3.00%, 4/1/2026		330,000		359,541
2.50%, 4/15/2027		200,000		212,357
2.80%, 9/14/2027		450,000		485,580
3.90%, 12/6/2028		60,000		68,901
Lowe’s Cos., Inc.
4.00%, 4/15/2025		300,000		333,011
3.38%, 9/15/2025		600,000		657,063
3.10%, 5/3/2027		500,000		543,217
O’Reilly Automotive, Inc.
3.55%, 3/15/2026		300,000		332,780
3.60%, 9/1/2027		200,000		220,437
TJX Cos., Inc. (The)
3.50%, 4/15/2025		500,000		547,535
				5,645,256
Technology Hardware, Storage & Peripherals – 3.2%
Apple, Inc.
2.40%, 5/3/2023		2,300,000		2,397,636
3.45%, 5/6/2024		865,000		943,154
3.20%, 5/13/2025		300,000		328,486
3.25%, 2/23/2026		518,000		569,581
2.05%, 9/11/2026		250,000		261,262
3.35%, 2/9/2027		830,000		918,739
3.20%, 5/11/2027		625,000		687,899
2.90%, 9/12/2027		500,000		543,166
3.00%, 11/13/2027		1,500,000		1,641,810
Dell International LLC
5.30%, 10/1/2029(c)		250,000		296,149
HP, Inc.
4.05%, 9/15/2022		200,000		209,295
3.00%, 6/17/2027		400,000		428,225
NetApp, Inc.
1.88%, 6/22/2025		200,000		205,405
				9,430,807

Investments	Principal Amount		Value
Textiles, Apparel & Luxury Goods – 0.2%
Tapestry, Inc.
4.13%, 7/15/2027	$	500,000	$	547,955
Tobacco – 2.3%
Altria Group, Inc.
4.40%, 2/14/2026		500,000		564,945
2.63%, 9/16/2026		160,000		167,378
4.80%, 2/14/2029		300,000		341,420
3.40%, 5/6/2030		300,000		312,713
BAT Capital Corp.
3.22%, 8/15/2024		500,000		532,911
3.22%, 9/6/2026		400,000		423,304
3.56%, 8/15/2027		1,000,000		1,065,440
4.91%, 4/2/2030		265,000		299,019
2.73%, 3/25/2031		750,000		718,629
Philip Morris International, Inc.
2.88%, 5/1/2024		500,000		532,618
1.50%, 5/1/2025		473,000		482,297
2.75%, 2/25/2026		500,000		535,097
0.88%, 5/1/2026		500,000		492,398
Reynolds American, Inc.
4.45%, 6/12/2025		200,000		222,681
				6,690,850
Trading Companies & Distributors – 0.5%
Air Lease Corp.
3.00%, 9/15/2023		405,000		424,524
3.75%, 6/1/2026		150,000		162,451
Aircastle Ltd.
4.40%, 9/25/2023		750,000		804,679
4.25%, 6/15/2026		200,000		216,525
				1,608,179
Water Utilities – 0.1%
American Water Capital Corp.
2.95%, 9/1/2027		200,000		215,189
3.75%, 9/1/2028		200,000		223,504
				438,693

See Accompanying Notes to the Financial Statements.

294 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Wireless Telecommunication Services – 0.2%
T-Mobile USA, Inc.
3.75%, 4/15/2027(c)	$	364,000	$	401,408
3.88%, 4/15/2030(c)		150,000		163,583
				564,991
Total Corporate Bonds (Cost $283,089,798)				286,954,476
Total Investments – 97.9% (Cost $283,089,798)				286,954,476
Other assets less liabilities – 2.1%				6,060,439
NET ASSETS – 100.0%			$	293,014,915

^(a)   Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end.

^(b)  Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of April 30, 2021.

^(c)  Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees.

^(d)  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2021.

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

Percentages shown are based on Net Assets.

Abbreviations

ICE – Intercontinental Exchange

LIBOR – London Interbank Offered Rate

SOFR – Secured Overnight Financing Rate

USD – US Dollar

As of April 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments (including derivative instruments, if applicable) for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	5,872,933
Aggregate gross unrealized depreciation		(2,084,406	)
Net unrealized appreciation	$	3,788,527
Federal income tax cost	$	283,165,949

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 295

Schedule of Investments

FlexShares® Credit-Scored US Long Corporate Bond Index Fund

April 30, 2021 (Unaudited)

Investments	Principal Amount		Value
CORPORATE BONDS – 97.2%
Aerospace & Defense – 1.2%
Boeing Co. (The)
5.81%, 5/1/2050	$	150,000	$	192,666
L3Harris Technologies, Inc.
5.05%, 4/27/2045		20,000		25,334
Lockheed Martin Corp.
4.09%, 9/15/2052		225,000		268,030
Northrop Grumman Corp.
4.75%, 6/1/2043		60,000		74,353
Precision Castparts Corp.
3.90%, 1/15/2043		100,000		108,780
				669,163
Air Freight & Logistics – 0.5%
FedEx Corp.
5.25%, 5/15/2050		100,000		129,795
United Parcel Service, Inc.
5.30%, 4/1/2050		100,000		138,592
				268,387
Auto Components – 0.4%
Aptiv plc
5.40%, 3/15/2049		50,000		63,727
BorgWarner, Inc.
4.38%, 3/15/2045		50,000		54,104
Lear Corp.
5.25%, 5/15/2049		75,000		88,584
				206,415
Automobiles – 0.3%
General Motors Co.
6.25%, 10/2/2043		100,000		131,607
5.95%, 4/1/2049		50,000		64,754
				196,361
Banks – 9.6%
Bank of America Corp.
4.24%, 4/24/2038(a)		230,000		266,048
7.75%, 5/14/2038		200,000		308,864
5.00%, 1/21/2044		90,000		114,489
4.33%, 3/15/2050(a)		100,000		115,780
4.08%, 3/20/2051(a)		250,000		280,087

Investments	Principal Amount		Value
Banks – (continued)
Barclays plc
3.81%, 3/10/2042(a)	$	200,000	$	200,240
Citigroup, Inc.
3.88%, 1/24/2039(a)		200,000		220,088
5.32%, 3/26/2041(a)		100,000		130,094
5.88%, 1/30/2042		135,000		187,414
4.75%, 5/18/2046		335,000		406,893
4.65%, 7/23/2048		195,000		242,755
Cooperatieve Rabobank UA
5.25%, 5/24/2041		100,000		132,455
Fifth Third Bancorp
8.25%, 3/1/2038		125,000		206,636
HSBC Holdings plc
6.50%, 5/2/2036		200,000		267,934
5.25%, 3/14/2044		200,000		248,011
JPMorgan Chase & Co.
6.40%, 5/15/2038		35,000		49,899
3.11%, 4/22/2041(a)		100,000		99,798
2.53%, 11/19/2041(a)		215,000		196,463
4.95%, 6/1/2045		50,000		63,009
3.11%, 4/22/2051(a)		125,000		121,538
Lloyds Banking Group plc
4.34%, 1/9/2048		200,000		222,142
Regions Financial Corp.
7.38%, 12/10/2037		100,000		148,561
Wachovia Corp.
5.50%, 8/1/2035		450,000		568,110
Wells Fargo & Co.
5.95%, 12/15/2036		100,000		133,300
3.07%, 4/30/2041(a)		200,000		197,563
5.38%, 11/2/2043		265,000		337,157
5.01%, 4/4/2051(a)		100,000		129,521
				5,594,849
Beverages – 1.7%
Anheuser-Busch Cos. LLC
4.90%, 2/1/2046		50,000		59,764
Anheuser-Busch InBev Worldwide, Inc.
4.60%, 4/15/2048		25,000		28,679
5.55%, 1/23/2049		50,000		64,674
4.50%, 6/1/2050		200,000		230,228
5.80%, 1/23/2059		100,000		136,749

See Accompanying Notes to the Financial Statements.

296 FLEXSHARES SEMIANNUAL REPORT

FlexShares® Credit-Scored US Long Corporate Bond Index Fund  (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Beverages – (continued)
Brown-Forman Corp.
4.50%, 7/15/2045	$	50,000	$	62,347
Coca-Cola Femsa SAB de CV
5.25%, 11/26/2043		150,000		191,854
Constellation Brands, Inc.
5.25%, 11/15/2048		75,000		96,316
Keurig Dr Pepper, Inc.
5.09%, 5/25/2048		100,000		126,970
				997,581
Biotechnology – 4.0%
AbbVie, Inc.
4.40%, 11/6/2042		295,000		342,136
4.45%, 5/14/2046		300,000		348,135
Amgen, Inc.
5.15%, 11/15/2041		28,000		35,842
4.40%, 5/1/2045		300,000		349,217
4.56%, 6/15/2048		250,000		299,053
4.66%, 6/15/2051		125,000		151,823
2.77%, 9/1/2053(b)		137,000		119,887
Biogen, Inc.
3.25%, 2/15/2051(b)		49,000		46,232
Gilead Sciences, Inc.
4.80%, 4/1/2044		150,000		181,363
4.75%, 3/1/2046		300,000		361,224
Regeneron Pharmaceuticals, Inc.
2.80%, 9/15/2050		100,000		87,038
				2,321,950
Building Products – 0.7%
Johnson Controls International plc
4.63%, 7/2/2044(c)		100,000		119,961
4.50%, 2/15/2047		100,000		119,323
Masco Corp.
4.50%, 5/15/2047		50,000		58,494
Owens Corning
4.40%, 1/30/2048		100,000		113,331
				411,109
Capital Markets – 1.9%
Goldman Sachs Group, Inc. (The)
4.02%, 10/31/2038(a)		130,000		147,084
4.75%, 10/21/2045		85,000		106,465

Investments	Principal Amount		Value
Capital Markets – (continued)
Jefferies Group LLC
6.50%, 1/20/2043	$	100,000	$	135,590
Legg Mason, Inc.
5.63%, 1/15/2044		75,000		101,762
Moody’s Corp.
5.25%, 7/15/2044		100,000		130,759
4.88%, 12/17/2048		50,000		63,244
Morgan Stanley
6.38%, 7/24/2042		75,000		111,670
4.30%, 1/27/2045		60,000		70,864
Nasdaq, Inc.
3.25%, 4/28/2050		100,000		96,190
Raymond James Financial, Inc.
4.95%, 7/15/2046		45,000		56,887
S&P Global, Inc.
2.30%, 8/15/2060		100,000		82,333
				1,102,848
Chemicals – 1.4%
Ecolab, Inc.
5.50%, 12/8/2041		100,000		134,140
International Flavors & Fragrances, Inc.
5.00%, 9/26/2048		100,000		125,415
LyondellBasell Industries NV
4.63%, 2/26/2055		100,000		114,933
RPM International, Inc.
4.25%, 1/15/2048		50,000		52,062
Sherwin-Williams Co. (The)
4.50%, 6/1/2047		145,000		172,853
3.80%, 8/15/2049		100,000		108,430
3.30%, 5/15/2050		100,000		100,183
				808,016
Commercial Services & Supplies – 0.1%
Waste Management, Inc.
4.15%, 7/15/2049		50,000		59,644
Communications Equipment – 0.4%
Cisco Systems, Inc.
5.90%, 2/15/2039		85,000		121,591
5.50%, 1/15/2040		100,000		138,058
				259,649

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 297

FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Construction & Engineering – 0.2%
Valmont Industries, Inc.
5.00%, 10/1/2044	$	100,000	$	114,849
Construction Materials – 0.3%
Martin Marietta Materials, Inc.
4.25%, 12/15/2047		50,000		56,667
Vulcan Materials Co.
4.50%, 6/15/2047		100,000		116,831
				173,498
Consumer Finance – 0.3%
Ally Financial, Inc.
8.00%, 11/1/2031		117,000		164,557
Containers & Packaging – 0.0%(d)
Sonoco Products Co.
5.75%, 11/1/2040		20,000		25,210
Diversified Financial Services – 0.1%
Voya Financial, Inc.
4.80%, 6/15/2046		50,000		61,161
Diversified Telecommunication Services – 4.4%
AT&T, Inc.
4.50%, 3/9/2048		100,000		109,733
3.65%, 6/1/2051		200,000		192,612
3.80%, 12/1/2057(b)		582,000		554,542
Bell Canada
4.30%, 7/29/2049		25,000		28,834
Bell Canada, Inc.
4.46%, 4/1/2048		150,000		176,668
Telefonica Emisiones SA
5.52%, 3/1/2049		150,000		186,253
TELUS Corp.
4.30%, 6/15/2049		50,000		57,194
Verizon Communications, Inc.
4.27%, 1/15/2036		339,000		390,745
4.52%, 9/15/2048		100,000		118,304
4.00%, 3/22/2050		400,000		436,798
2.88%, 11/20/2050		100,000		91,032
3.55%, 3/22/2051		200,000		203,165
				2,545,880

Investments	Principal Amount		Value
Electric Utilities – 6.3%
AEP Texas, Inc.
Series H, 3.45%, 1/15/2050	$	100,000	$	100,021
American Electric Power Co., Inc.
3.25%, 3/1/2050		150,000		143,463
Cleco Corporate Holdings LLC
4.97%, 5/1/2046(c)		100,000		114,319
Duke Energy Corp.
3.75%, 9/1/2046		250,000		258,427
Emera US Finance LP
4.75%, 6/15/2046		150,000		171,810
Exelon Corp.
4.70%, 4/15/2050		200,000		242,962
Georgia Power Co.
4.30%, 3/15/2042		200,000		230,310
Series B, 3.70%, 1/30/2050		100,000		105,314
Interstate Power and Light Co.
6.25%, 7/15/2039		150,000		209,104
MidAmerican Energy Co.
4.25%, 7/15/2049		200,000		240,845
Oklahoma Gas and Electric Co.
4.15%, 4/1/2047		125,000		140,723
Pacific Gas and Electric Co.
4.95%, 7/1/2050		100,000		102,534
PPL Capital Funding, Inc.
5.00%, 3/15/2044		100,000		123,764
Southern California Edison Co.
4.50%, 9/1/2040		125,000		142,395
4.65%, 10/1/2043		150,000		173,365
4.00%, 4/1/2047		175,000		182,416
Series 20A, 2.95%, 2/1/2051		200,000		179,840
Southern Co. (The)
4.40%, 7/1/2046		150,000		170,581
Southwestern Electric Power Co.
Series L, 3.85%, 2/1/2048		100,000		105,850
Southwestern Public Service Co.
4.50%, 8/15/2041		50,000		60,058
Virginia Electric and Power Co.
8.88%, 11/15/2038		200,000		350,432
Wisconsin Public Service Corp.
4.75%, 11/1/2044		100,000		123,279
				3,671,812

See Accompanying Notes to the Financial Statements.

298 FLEXSHARES SEMIANNUAL REPORT

FlexShares® Credit-Scored US Long Corporate Bond Index Fund  (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Electrical Equipment – 0.1%
Emerson Electric Co.
5.25%, 11/15/2039	$	50,000	$	65,655
Electronic Equipment, Instruments & Components – 0.6%
Corning, Inc.
4.75%, 3/15/2042		45,000		53,467
4.38%, 11/15/2057		125,000		138,307
5.45%, 11/15/2079		100,000		128,317
				320,091
Energy Equipment & Services – 0.2%
Halliburton Co.
4.75%, 8/1/2043		100,000		107,713
Entertainment – 0.3%
Activision Blizzard, Inc.
2.50%, 9/15/2050		130,000		111,904
Electronic Arts, Inc.
2.95%, 2/15/2051		50,000		47,174
				159,078
Equity Real Estate Investment Trusts (REITs) – 1.5%
Alexandria Real Estate Equities, Inc.
2.00%, 5/18/2032		100,000		95,019
American Tower Corp.
3.10%, 6/15/2050		150,000		139,970
Crown Castle International Corp.
4.15%, 7/1/2050		100,000		108,462
3.25%, 1/15/2051		200,000		188,991
Federal Realty Investment Trust
4.50%, 12/1/2044		75,000		86,379
Kimco Realty Corp.
3.70%, 10/1/2049		100,000		104,064
Ventas Realty LP
5.70%, 9/30/2043		50,000		62,666
Welltower, Inc.
4.95%, 9/1/2048		50,000		60,707
				846,258
Food & Staples Retailing – 0.4%
Walgreens Boots Alliance, Inc.
4.10%, 4/15/2050		100,000		105,379

Investments	Principal Amount		Value
Food & Staples Retailing – (continued)
Walmart, Inc.
4.75%, 10/2/2043	$	100,000	$	124,286
				229,665
Food Products – 0.3%
Campbell Soup Co.
3.13%, 4/24/2050		100,000		93,639
J M Smucker Co. (The)
3.55%, 3/15/2050		50,000		51,489
Mondelez International, Inc.
2.63%, 9/4/2050		50,000		43,786
				188,914
Gas Utilities – 0.7%
Atmos Energy Corp.
5.50%, 6/15/2041		100,000		131,278
4.13%, 10/15/2044		15,000		17,015
4.30%, 10/1/2048		100,000		117,416
Eastern Energy Gas Holdings LLC
4.60%, 12/15/2044		100,000		115,365
				381,074
Health Care Equipment & Supplies – 1.4%
Abbott Laboratories
4.90%, 11/30/2046		100,000		131,269
Baxter International, Inc.
3.50%, 8/15/2046		100,000		107,340
Becton Dickinson and Co.
4.67%, 6/6/2047		200,000		239,055
3.79%, 5/20/2050		150,000		159,945
DH Europe Finance II Sarl
3.40%, 11/15/2049		50,000		51,873
Zimmer Biomet Holdings, Inc.
4.45%, 8/15/2045		100,000		113,943
				803,425
Health Care Providers & Services – 2.1%
AmerisourceBergen Corp.
4.30%, 12/15/2047		75,000		85,500
Cardinal Health, Inc.
4.37%, 6/15/2047		150,000		165,317
CVS Health Corp.
5.05%, 3/25/2048		150,000		184,525

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 299

FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Health Care Providers & Services – (continued)
HCA, Inc.
5.50%, 6/15/2047	$	100,000	$	125,523
Humana, Inc.
8.15%, 6/15/2038		25,000		39,126
4.63%, 12/1/2042		50,000		59,239
4.95%, 10/1/2044		115,000		140,486
McKesson Corp.
4.88%, 3/15/2044		100,000		121,422
UnitedHealth Group, Inc.
3.70%, 8/15/2049		75,000		82,192
3.88%, 8/15/2059		100,000		111,639
3.13%, 5/15/2060		125,000		122,449
				1,237,418
Hotels, Restaurants & Leisure – 1.3%
McDonald’s Corp.
4.88%, 7/15/2040		50,000		62,036
4.88%, 12/9/2045		125,000		154,674
4.45%, 3/1/2047		200,000		235,171
4.20%, 4/1/2050		100,000		115,369
Starbucks Corp.
3.50%, 11/15/2050		200,000		204,214
				771,464
Household Products – 0.3%
Church & Dwight Co., Inc.
3.95%, 8/1/2047		50,000		56,069
Kimberly-Clark Corp.
5.30%, 3/1/2041		100,000		131,883
				187,952
Independent Power and Renewable Electricity Producers – 0.3%
Exelon Generation Co. LLC
5.60%, 6/15/2042		100,000		112,776
Southern Power Co.
5.15%, 9/15/2041		50,000		58,189
				170,965
Industrial Conglomerates – 0.7%
3M Co.
5.70%, 3/15/2037		100,000		132,673

Investments	Principal Amount		Value
Industrial Conglomerates – (continued)
General Electric Co.
4.35%, 5/1/2050	$	50,000	$	55,727
Honeywell International, Inc.
5.70%, 3/15/2036		100,000		135,015
Trane Technologies Global Holding Co. Ltd.
5.75%, 6/15/2043		20,000		27,852
Trane Technologies Luxembourg Finance SA
4.50%, 3/21/2049		50,000		60,108
				411,375
Insurance – 5.4%
Aflac, Inc.
6.45%, 8/15/2040		50,000		68,835
4.75%, 1/15/2049		150,000		188,298
Alleghany Corp.
4.90%, 9/15/2044		75,000		90,737
Allstate Corp. (The)
4.20%, 12/15/2046		150,000		177,276
6.50%, 5/15/2057(a)		15,000		19,478
American International Group, Inc.
3.88%, 1/15/2035		110,000		120,388
4.70%, 7/10/2035		50,000		58,884
Aon Corp.
6.25%, 9/30/2040		50,000		69,388
Aon plc
4.60%, 6/14/2044		55,000		66,914
4.75%, 5/15/2045		100,000		124,420
Arch Capital Group Ltd.
7.35%, 5/1/2034		300,000		434,806
Berkshire Hathaway Finance Corp.
5.75%, 1/15/2040		115,000		161,640
4.25%, 1/15/2049		150,000		178,509
2.85%, 10/15/2050		50,000		47,406
Brighthouse Financial, Inc.
4.70%, 6/22/2047		50,000		52,079
Everest Reinsurance Holdings, Inc.
3.50%, 10/15/2050		100,000		100,831
Manulife Financial Corp.
5.38%, 3/4/2046		30,000		40,395
Markel Corp.
4.15%, 9/17/2050		125,000		142,348

See Accompanying Notes to the Financial Statements.

300 FLEXSHARES SEMIANNUAL REPORT

FlexShares® Credit-Scored US Long Corporate Bond Index Fund  (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Insurance – (continued)
Marsh & McLennan Cos., Inc.
4.35%, 1/30/2047	$	20,000	$	24,015
4.20%, 3/1/2048		50,000		58,830
4.90%, 3/15/2049		165,000		214,794
MetLife, Inc.
6.40%, 12/15/2036		60,000		76,128
4.88%, 11/13/2043		150,000		192,550
Progressive Corp. (The)
4.13%, 4/15/2047		100,000		118,567
Selective Insurance Group, Inc.
5.38%, 3/1/2049		25,000		29,567
Unum Group
4.50%, 12/15/2049		100,000		102,405
W R Berkley Corp.
4.75%, 8/1/2044		100,000		119,942
Willis North America, Inc.
3.88%, 9/15/2049		50,000		54,337
				3,133,767
Interactive Media & Services – 0.1%
Alphabet, Inc.
2.25%, 8/15/2060		75,000		62,400
Internet & Direct Marketing Retail – 2.2%
Alibaba Group Holding Ltd.
4.00%, 12/6/2037		270,000		292,030
2.70%, 2/9/2041		200,000		186,330
4.20%, 12/6/2047		225,000		250,031
4.40%, 12/6/2057		50,000		57,797
Amazon.com, Inc.
4.25%, 8/22/2057		165,000		200,625
2.70%, 6/3/2060		200,000		180,096
eBay, Inc.
4.00%, 7/15/2042		85,000		91,346
				1,258,255
IT Services – 0.9%
International Business Machines Corp.
4.25%, 5/15/2049		100,000		117,371
Mastercard, Inc.
3.65%, 6/1/2049		200,000		222,822

Investments	Principal Amount		Value
IT Services – (continued)
Visa, Inc.
4.30%, 12/14/2045	$	170,000	$	209,311
				549,504
Leisure Products – 0.1%
Hasbro, Inc.
6.35%, 3/15/2040		50,000		65,960
Machinery – 0.6%
Cummins, Inc.
2.60%, 9/1/2050		100,000		91,437
Dover Corp.
5.38%, 3/1/2041		100,000		123,549
Fortive Corp.
4.30%, 6/15/2046		25,000		28,720
Illinois Tool Works, Inc.
3.90%, 9/1/2042		25,000		28,950
Otis Worldwide Corp.
3.11%, 2/15/2040		50,000		50,200
				322,856
Media – 4.4%
Charter Communications Operating LLC
5.38%, 4/1/2038		475,000		565,990
3.50%, 6/1/2041		250,000		240,597
6.48%, 10/23/2045		250,000		331,014
3.70%, 4/1/2051		250,000		235,414
Comcast Corp.
4.70%, 10/15/2048		100,000		125,287
Discovery Communications LLC
5.20%, 9/20/2047		100,000		117,631
4.65%, 5/15/2050		75,000		83,116
Fox Corp.
5.58%, 1/25/2049		50,000		64,261
Interpublic Group of Cos., Inc. (The)
5.40%, 10/1/2048		50,000		63,474
Time Warner Cable LLC
7.30%, 7/1/2038		200,000		284,177
6.75%, 6/15/2039		250,000		341,019
5.88%, 11/15/2040		100,000		125,360
				2,577,340

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 301

FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Metals & Mining – 3.7%
Barrick Gold Corp.
5.25%, 4/1/2042	$	50,000	$	63,018
Barrick North America Finance LLC
5.75%, 5/1/2043		100,000		134,034
Barrick PD Australia Finance Pty. Ltd.
5.95%, 10/15/2039		250,000		338,007
BHP Billiton Finance USA Ltd.
5.00%, 9/30/2043		95,000		125,583
Newmont Corp.
4.88%, 3/15/2042		150,000		184,814
Rio Tinto Finance USA Ltd.
5.20%, 11/2/2040		115,000		151,488
Southern Copper Corp.
5.88%, 4/23/2045		400,000		528,579
Vale Overseas Ltd.
6.88%, 11/21/2036		250,000		340,034
6.88%, 11/10/2039		200,000		276,000
				2,141,557
Multiline Retail – 0.1%
Dollar General Corp.
4.13%, 4/3/2050		50,000		56,200
Multi-Utilities – 3.4%
Berkshire Hathaway Energy Co.
6.13%, 4/1/2036		200,000		274,242
4.45%, 1/15/2049		100,000		120,474
4.25%, 10/15/2050		150,000		177,299
2.85%, 5/15/2051		200,000		184,935
Consolidated Edison Co. of New York, Inc.
4.63%, 12/1/2054		200,000		240,356
4.50%, 5/15/2058		130,000		154,438
Dominion Energy, Inc.
Series A, 4.60%, 3/15/2049		200,000		240,984
NiSource, Inc.
5.65%, 2/1/2045		150,000		197,885
Sempra Energy
6.00%, 10/15/2039		100,000		135,508
4.00%, 2/1/2048		100,000		107,909
Southern Co. Gas Capital Corp.
5.88%, 3/15/2041		50,000		67,837
3.95%, 10/1/2046		84,000		90,474
				1,992,341

Investments	Principal Amount		Value
Oil, Gas & Consumable Fuels – 9.9%
Columbia Pipeline Group, Inc.
5.80%, 6/1/2045	$	50,000	$	63,614
Enable Midstream Partners LP
5.00%, 5/15/2044(c)		100,000		99,788
Enbridge Energy Partners LP
5.50%, 9/15/2040		250,000		306,478
Enbridge, Inc.
5.50%, 12/1/2046		125,000		157,916
Energy Transfer LP
5.80%, 6/15/2038		200,000		231,050
6.50%, 2/1/2042		200,000		242,981
6.25%, 4/15/2049		200,000		239,010
Enterprise Products Operating LLC
5.95%, 2/1/2041		180,000		238,134
4.45%, 2/15/2043		300,000		337,001
4.85%, 3/15/2044		230,000		269,033
4.25%, 2/15/2048		85,000		91,918
3.95%, 1/31/2060		250,000		251,105
Exxon Mobil Corp.
4.33%, 3/19/2050		50,000		58,395
Kinder Morgan Energy Partners LP
6.95%, 1/15/2038		100,000		136,399
6.38%, 3/1/2041		200,000		260,544
5.50%, 3/1/2044		250,000		302,619
Kinder Morgan, Inc.
5.55%, 6/1/2045		125,000		152,397
5.20%, 3/1/2048		100,000		118,731
3.60%, 2/15/2051		100,000		95,744
Magellan Midstream Partners LP
5.15%, 10/15/2043		15,000		17,832
4.20%, 10/3/2047		145,000		153,643
4.85%, 2/1/2049		250,000		287,440
ONEOK Partners LP
6.13%, 2/1/2041		200,000		242,801
ONEOK, Inc.
5.20%, 7/15/2048		100,000		114,452
7.15%, 1/15/2051		200,000		278,339
Phillips 66 Partners LP
4.90%, 10/1/2046		75,000		84,269
Plains All American Pipeline LP
5.15%, 6/1/2042		185,000		190,043
Spectra Energy Partners LP
5.95%, 9/25/2043		100,000		129,750

See Accompanying Notes to the Financial Statements.

302 FLEXSHARES SEMIANNUAL REPORT

FlexShares® Credit-Scored US Long Corporate Bond Index Fund  (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Oil, Gas & Consumable Fuels – (continued)
TransCanada PipeLines Ltd.
6.20%, 10/15/2037	$	150,000	$	198,543
7.63%, 1/15/2039		150,000		225,323
5.10%, 3/15/2049		100,000		124,872
Williams Cos., Inc. (The)
5.40%, 3/4/2044		50,000		59,264
				5,759,428
Personal Products – 0.2%
Estee Lauder Cos., Inc. (The)
3.70%, 8/15/2042		100,000		109,216
Pharmaceuticals – 1.7%
Eli Lilly and Co.
4.15%, 3/15/2059		145,000		173,499
Johnson & Johnson
5.85%, 7/15/2038		150,000		213,315
3.70%, 3/1/2046		155,000		176,555
Novartis Capital Corp.
4.40%, 5/6/2044		120,000		148,352
Royalty Pharma plc
3.30%, 9/2/2040(b)		100,000		96,821
3.55%, 9/2/2050(b)		100,000		94,733
Zoetis, Inc.
3.00%, 5/15/2050		100,000		96,900
				1,000,175
Professional Services – 0.1%
Verisk Analytics, Inc.
3.63%, 5/15/2050		50,000		50,985
Road & Rail – 2.4%
Burlington Northern Santa Fe LLC
4.90%, 4/1/2044		300,000		381,231
4.15%, 12/15/2048		100,000		116,447
Canadian National Railway Co.
6.38%, 11/15/2037		50,000		70,635
Canadian Pacific Railway Co.
6.13%, 9/15/2115		100,000		150,175
CSX Corp.
4.50%, 8/1/2054		50,000		60,357
Kansas City Southern
4.30%, 5/15/2043		100,000		112,456

Investments	Principal Amount		Value
Road & Rail – (continued)
Norfolk Southern Corp.
5.10%, 8/1/2118	$	50,000	$	60,598
Union Pacific Corp.
3.84%, 3/20/2060		75,000		80,056
4.10%, 9/15/2067		325,000		358,607
				1,390,562
Semiconductors & Semiconductor Equipment – 1.7%
Broadcom, Inc.
3.50%, 2/15/2041(b)		350,000		337,262
Intel Corp.
4.75%, 3/25/2050		150,000		190,196
KLA Corp.
3.30%, 3/1/2050		100,000		99,738
NVIDIA Corp.
3.50%, 4/1/2050		200,000		215,573
Texas Instruments, Inc.
4.15%, 5/15/2048		100,000		120,902
				963,671
Software – 2.8%
Microsoft Corp.
2.53%, 6/1/2050		150,000		139,767
2.92%, 3/17/2052		100,000		99,836
2.68%, 6/1/2060		56,000		51,765
3.04%, 3/17/2062		269,000		268,664
Oracle Corp.
6.13%, 7/8/2039		105,000		141,310
4.13%, 5/15/2045		225,000		239,449
3.60%, 4/1/2050		350,000		345,329
4.38%, 5/15/2055		215,000		237,106
3.85%, 4/1/2060		125,000		125,442
				1,648,668
Specialty Retail – 2.9%
Home Depot, Inc. (The)
5.88%, 12/16/2036		400,000		555,125
5.95%, 4/1/2041		100,000		142,318
4.88%, 2/15/2044		75,000		96,892
2.38%, 3/15/2051		400,000		349,314
Lowe’s Cos., Inc.
4.05%, 5/3/2047		100,000		110,794
4.55%, 4/5/2049		250,000		299,153
5.13%, 4/15/2050		100,000		132,404
				1,686,000

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 303

FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Technology Hardware, Storage & Peripherals – 3.6%
Apple, Inc.
4.38%, 5/13/2045	$	200,000	$	245,649
4.65%, 2/23/2046		190,000		242,794
2.95%, 9/11/2049		100,000		98,638
2.65%, 5/11/2050		100,000		92,893
2.65%, 2/8/2051		150,000		139,174
2.55%, 8/20/2060		100,000		88,019
2.80%, 2/8/2061		100,000		91,762
Dell International LLC
8.10%, 7/15/2036(b)		300,000		444,110
8.35%, 7/15/2046(b)		100,000		156,569
Hewlett Packard Enterprise Co.
6.35%, 10/15/2045(c)		200,000		264,846
HP, Inc.
6.00%, 9/15/2041		185,000		242,507
				2,106,961
Tobacco – 5.7%
Altria Group, Inc.
5.80%, 2/14/2039		300,000		363,124
4.25%, 8/9/2042		140,000		142,033
4.50%, 5/2/2043		100,000		104,523
5.38%, 1/31/2044		125,000		144,345
5.95%, 2/14/2049		350,000		430,595
BAT Capital Corp.
4.39%, 8/15/2037		300,000		308,849
3.73%, 9/25/2040		250,000		233,575
4.54%, 8/15/2047		200,000		198,541
4.76%, 9/6/2049		200,000		202,678
Philip Morris International, Inc.
4.13%, 3/4/2043		330,000		364,279
4.25%, 11/10/2044		450,000		506,376
Reynolds American, Inc.
6.15%, 9/15/2043		100,000		120,296
5.85%, 8/15/2045		150,000		172,962
				3,292,176
Trading Companies & Distributors – 0.4%
WW Grainger, Inc.
4.60%, 6/15/2045		200,000		248,654
Water Utilities – 0.5%
American Water Capital Corp.
4.30%, 12/1/2042		50,000		58,915

Investments	Principal Amount		Value
Water Utilities – (continued)
3.75%, 9/1/2047	$	150,000	$	164,333
4.20%, 9/1/2048		70,000		81,898
				305,146
Wireless Telecommunication Services – 0.4%
Rogers Communications, Inc.
4.35%, 5/1/2049		50,000		55,578
T-Mobile USA, Inc.
4.50%, 4/15/2050(b)		100,000		112,924
Vodafone Group plc
5.25%, 5/30/2048		50,000		63,185
				231,687
Total Corporate Bonds (Cost $56,643,496)				56,487,495
Total Investments – 97.2% (Cost $56,643,496)				56,487,495
Other assets less liabilities – 2.8%				1,634,975
NET ASSETS – 100.0%			$	58,122,470

^(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)  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.

^(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, 2021.

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

Percentages shown are based on Net Assets.

As of April 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments (including derivative instruments, if applicable) for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,292,699
Aggregate gross unrealized depreciation		(1,451,337	)
Net unrealized depreciation	$	(158,638	)
Federal income tax cost	$	56,646,133

See Accompanying Notes to the Financial Statements.

304 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares® High Yield Value-Scored Bond Index Fund

April 30, 2021 (Unaudited)

Investments	Principal Amount		Value
CORPORATE BONDS – 97.3%
Aerospace & Defense – 2.4%
BWX Technologies, Inc.
4.13%, 6/30/2028(a)	$	200,000	$	204,067
F-Brasile SpA
Series NR, 7.38%, 8/15/2026(a)		320,000		326,400
Howmet Aerospace, Inc.
5.95%, 2/1/2037		50,000		60,135
Kratos Defense & Security Solutions, Inc.
6.50%, 11/30/2025(a)		100,000		105,365
Signature Aviation US Holdings, Inc.
5.38%, 5/1/2026(a)		200,000		206,127
Spirit AeroSystems, Inc.
3.95%, 6/15/2023		190,000		188,694
TransDigm UK Holdings plc
6.88%, 5/15/2026		105,000		110,709
TransDigm, Inc.
6.25%, 3/15/2026(a)		1,135,000		1,203,100
7.50%, 3/15/2027		195,000		209,151
5.50%, 11/15/2027		1,685,000		1,755,761
4.63%, 1/15/2029(a)		115,000		113,520
4.88%, 5/1/2029(a)		175,000		172,594
Triumph Group, Inc.
5.25%, 6/1/2022		115,000		114,425
6.25%, 9/15/2024(a)		315,000		318,741
				5,088,789
Air Freight & Logistics – 0.2%
Cargo Aircraft Management, Inc.
4.75%, 2/1/2028(a)		100,000		102,524
Western Global Airlines LLC
10.38%, 8/15/2025(a)		265,000		301,249
				403,773
Auto Components – 2.0%
Allison Transmission, Inc.
4.75%, 10/1/2027(a)		100,000		104,911
5.88%, 6/1/2029(a)		295,000		318,231
American Axle & Manufacturing, Inc.
6.88%, 7/1/2028		160,000		171,000

Investments	Principal Amount		Value
Auto Components – (continued)
Clarios Global LP
6.25%, 5/15/2026(a)	$	240,000	$	254,865
8.50%, 5/15/2027(a)		885,000		956,906
Dealer Tire LLC
8.00%, 2/1/2028(a)		300,000		317,862
Goodyear Tire & Rubber Co. (The)
4.88%, 3/15/2027		275,000		287,760
Icahn Enterprises LP
5.25%, 5/15/2027		680,000		694,450
4.38%, 2/1/2029(a)		485,000		471,037
IHO Verwaltungs GmbH
6.38%, 5/15/2029(a)(b)		200,000		220,152
Patrick Industries, Inc.
7.50%, 10/15/2027(a)		75,000		81,681
Real Hero Merger Sub 2, Inc.
6.25%, 2/1/2029(a)		380,000		393,687
				4,272,542
Automobiles – 2.0%
Ford Motor Co.
9.00%, 4/22/2025		1,025,000		1,253,226
4.35%, 12/8/2026		45,000		47,950
6.63%, 10/1/2028		225,000		264,544
6.38%, 2/1/2029		150,000		169,875
9.63%, 4/22/2030		500,000		701,877
7.45%, 7/16/2031		160,000		206,117
8.90%, 1/15/2032		95,000		126,105
4.75%, 1/15/2043		225,000		227,672
5.29%, 12/8/2046		100,000		105,530
Jaguar Land Rover Automotive plc
7.75%, 10/15/2025(a)		140,000		152,085
5.88%, 1/15/2028(a)		410,000		416,417
PM General Purchaser LLC
9.50%, 10/1/2028(a)		395,000		435,981
Winnebago Industries, Inc.
6.25%, 7/15/2028(a)		100,000		108,588
				4,215,967
Banks – 1.0%
Goldman Sachs Capital I
6.35%, 2/15/2034		20,000		27,503

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 305

FlexShares® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Banks – (continued)
UniCredit SpA
5.86%, 6/19/2032(a)(c)	$	200,000	$	221,962
7.30%, 4/2/2034(a)(c)		790,000		938,539
5.46%, 6/30/2035(a)(c)		940,000		1,011,419
				2,199,423
Beverages – 0.2%
Triton Water Holdings, Inc.
6.25%, 4/1/2029(a)		525,000		532,253
Biotechnology – 0.1%
Horizon Therapeutics USA, Inc.
5.50%, 8/1/2027(a)		220,000		235,675
Building Products – 0.9%
Associated Materials LLC
9.00%, 9/1/2025(a)		100,000		106,750
Cornerstone Building Brands, Inc.
6.13%, 1/15/2029(a)		190,000		203,530
CP Atlas Buyer, Inc.
7.00%, 12/1/2028(a)		335,000		347,916
Griffon Corp.
5.75%, 3/1/2028		405,000		433,075
PGT Innovations, Inc.
6.75%, 8/1/2026(a)		130,000		137,718
SRM Escrow Issuer LLC
6.00%, 11/1/2028(a)		525,000		557,114
Standard Industries, Inc.
3.38%, 1/15/2031(a)		220,000		205,936
				1,992,039
Capital Markets – 1.0%
Advisor Group Holdings, Inc.
10.75%, 8/1/2027(a)		230,000		255,975
AG Issuer LLC
6.25%, 3/1/2028(a)		250,000		259,687
Aretec Escrow Issuer, Inc.
7.50%, 4/1/2029(a)		265,000		271,877
FS Energy & Power Fund
7.50%, 8/15/2023(a)		185,000		188,257
Hightower Holding LLC
6.75%, 4/15/2029(a)		200,000		204,960

Investments	Principal Amount		Value
Capital Markets – (continued)
MSCI, Inc.
5.38%, 5/15/2027(a)	$	130,000	$	139,301
Nomura Holdings, Inc.
2.65%, 1/16/2025		640,000		669,248
StoneX Group, Inc.
8.63%, 6/15/2025(a)		140,000		150,063
				2,139,368
Chemicals – 2.9%
Ashland LLC
6.88%, 5/15/2043		45,000		56,781
Axalta Coating Systems LLC
3.38%, 2/15/2029(a)		150,000		145,952
Chemours Co. (The)
5.75%, 11/15/2028(a)		545,000		579,695
Cornerstone Chemical Co.
6.75%, 8/15/2024(a)		285,000		274,553
FXI Holdings, Inc.
7.88%, 11/1/2024(a)		185,000		191,475
12.25%, 11/15/2026(a)		267,000		309,412
Gates Global LLC
6.25%, 1/15/2026(a)		210,000		220,212
GCP Applied Technologies, Inc.
5.50%, 4/15/2026(a)		230,000		237,144
Hexion, Inc.
7.88%, 7/15/2027(a)		165,000		177,822
Illuminate Buyer LLC
9.00%, 7/1/2028(a)		305,000		341,981
Ingevity Corp.
4.50%, 2/1/2026(a)		150,000		153,721
Innophos Holdings, Inc.
9.38%, 2/15/2028(a)		55,000		59,984
Minerals Technologies, Inc.
5.00%, 7/1/2028(a)		120,000		126,120
NOVA Chemicals Corp.
4.88%, 6/1/2024(a)		195,000		206,018
5.00%, 5/1/2025(a)		135,000		143,691
Rain CII Carbon LLC
7.25%, 4/1/2025(a)		210,000		217,221
Rayonier AM Products, Inc.
7.63%, 1/15/2026(a)		335,000		356,733
SCIH Salt Holdings, Inc.
4.88%, 5/1/2028(a)		560,000		558,018
6.63%, 5/1/2029(a)		465,000		458,011

See Accompanying Notes to the Financial Statements.

306 FLEXSHARES SEMIANNUAL REPORT

FlexShares® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Chemicals – (continued)
TPC Group, Inc.
10.50%, 8/1/2024(a)	$	610,000	$	571,113
Trinseo Materials Operating SCA
5.38%, 9/1/2025(a)		180,000		184,067
5.13%, 4/1/2029(a)		305,000		310,214
W.R. Grace & Co.-Conn.
4.88%, 6/15/2027(a)		305,000		318,344
				6,198,282
Commercial Services & Supplies – 4.0%
Allied Universal Holdco LLC
9.75%, 7/15/2027(a)		345,000		379,402
Aptim Corp.
7.75%, 6/15/2025(a)		300,000		260,593
APX Group, Inc.
7.88%, 12/1/2022		165,000		166,444
7.63%, 9/1/2023		150,000		154,219
6.75%, 2/15/2027(a)		390,000		419,866
Aramark Services, Inc.
6.38%, 5/1/2025(a)		375,000		399,375
5.00%, 2/1/2028(a)		175,000		183,207
Celestial-Saturn Merger Sub, Inc.
4.50%, 5/1/2028(a)		495,000		494,891
Cimpress plc
7.00%, 6/15/2026(a)		225,000		237,328
CoreCivic, Inc.
4.63%, 5/1/2023		275,000		278,510
8.25%, 4/15/2026		295,000		296,844
4.75%, 10/15/2027		150,000		135,811
Covanta Holding Corp.
6.00%, 1/1/2027		100,000		104,856
Garda World Security Corp.
8.75%, 5/15/2025(a)		45,000		47,109
4.63%, 2/15/2027(a)		380,000		380,475
9.50%, 11/1/2027(a)		250,000		276,304
GFL Environmental, Inc.
4.25%, 6/1/2025(a)		150,000		154,781
3.75%, 8/1/2025(a)		440,000		448,541
5.13%, 12/15/2026(a)		135,000		141,581
IAA, Inc.
5.50%, 6/15/2027(a)		100,000		105,250
Intrado Corp.
8.50%, 10/15/2025(a)		560,000		570,150

Investments	Principal Amount		Value
Commercial Services & Supplies – (continued)
KAR Auction Services, Inc.
5.13%, 6/1/2025(a)	$	370,000	$	375,620
Legends Hospitality Holding Co. LLC
5.00%, 2/1/2026(a)		160,000		165,400
Matthews International Corp.
5.25%, 12/1/2025(a)		180,000		187,406
Nielsen Finance LLC
5.63%, 10/1/2028(a)		195,000		208,163
5.88%, 10/1/2030(a)		125,000		137,031
Pitney Bowes, Inc.
6.88%, 3/15/2027(a)		275,000		281,531
7.25%, 3/15/2029(a)		240,000		246,300
Prime Security Services Borrower LLC
3.38%, 8/31/2027(a)		125,000		120,938
6.25%, 1/15/2028(a)		820,000		858,064
Stericycle, Inc.
5.38%, 7/15/2024(a)		200,000		207,669
3.88%, 1/15/2029(a)		45,000		44,996
Waste Pro USA, Inc.
5.50%, 2/15/2026(a)		150,000		153,436
				8,622,091
Communications Equipment – 0.4%
Avaya, Inc.
6.13%, 9/15/2028(a)		245,000		260,896
CommScope, Inc.
7.13%, 7/1/2028(a)		475,000		514,648
				775,544
Construction & Engineering – 0.8%
AECOM
5.13%, 3/15/2027		200,000		222,750
Brand Industrial Services, Inc.
8.50%, 7/15/2025(a)		620,000		634,180
New Enterprise Stone & Lime Co., Inc.
9.75%, 7/15/2028(a)		115,000		128,800
Pike Corp.
5.50%, 9/1/2028(a)		325,000		335,759
PowerTeam Services LLC
9.03%, 12/4/2025(a)		245,000		272,275

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 307

FlexShares® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Construction & Engineering – (continued)
Weekley Homes LLC
4.88%, 9/15/2028(a)	$	120,000	$	124,229
				1,717,993
Consumer Finance – 1.4%
Credit Acceptance Corp.
5.13%, 12/31/2024(a)		165,000		170,552
6.63%, 3/15/2026		270,000		285,913
Enova International, Inc.
8.50%, 9/1/2024(a)		130,000		134,049
Finance of America Funding LLC
7.88%, 11/15/2025(a)		235,000		243,813
FirstCash, Inc.
4.63%, 9/1/2028(a)		290,000		298,368
Ford Motor Credit Co. LLC
4.69%, 6/9/2025		200,000		215,250
5.13%, 6/16/2025		440,000		481,206
4.13%, 8/4/2025		570,000		602,604
5.11%, 5/3/2029		200,000		218,812
PRA Group, Inc.
7.38%, 9/1/2025(a)		100,000		107,312
TMX Finance LLC
11.13%, 4/1/2023(a)		130,000		132,911
				2,890,790
Containers & Packaging – 1.8%
Berry Global, Inc.
5.63%, 7/15/2027(a)		200,000		213,250
Cascades, Inc.
5.38%, 1/15/2028(a)		250,000		260,882
Graham Packaging Co., Inc.
7.13%, 8/15/2028(a)		340,000		365,288
Greif, Inc.
6.50%, 3/1/2027(a)		100,000		105,964
Intelligent Packaging Ltd. Finco, Inc.
6.00%, 9/15/2028(a)		370,000		382,795
Intertape Polymer Group, Inc.
7.00%, 10/15/2026(a)		50,000		52,615
Mauser Packaging Solutions Holding Co.
5.50%, 4/15/2024(a)		400,000		402,242
7.25%, 4/15/2025(a)		920,000		895,850

Investments	Principal Amount		Value
Containers & Packaging – (continued)
Pactiv LLC
7.95%, 12/15/2025	$	160,000	$	178,400
8.38%, 4/15/2027		110,000		125,957
Reynolds Group Issuer, Inc.
4.00%, 10/15/2027(a)		90,000		89,103
Silgan Holdings, Inc.
4.13%, 2/1/2028		185,000		191,663
Trident TPI Holdings, Inc.
6.63%, 11/1/2025(a)		100,000		102,165
Trivium Packaging Finance BV
5.50%, 8/15/2026(a)(d)		280,000		293,429
8.50%, 8/15/2027(a)(d)		200,000		214,737
				3,874,340
Distributors – 0.7%
Resideo Funding, Inc.
6.13%, 11/1/2026(a)		98,000		103,651
Wolverine Escrow LLC
8.50%, 11/15/2024(a)		405,000		398,925
9.00%, 11/15/2026(a)		625,000		619,312
13.13%, 11/15/2027(a)		330,000		282,975
				1,404,863
Diversified Consumer Services – 0.4%
Adtalem Global Education, Inc.
5.50%, 3/1/2028(a)		545,000		547,044
Carriage Services, Inc.
6.63%, 6/1/2026(a)		100,000		105,556
Graham Holdings Co.
5.75%, 6/1/2026(a)		140,000		146,798
Midas Intermediate Holdco II LLC
7.88%, 10/1/2022(a)		30,000		29,552
Service Corp. International
7.50%, 4/1/2027		64,000		77,508
				906,458
Diversified Financial Services – 0.5%
ACE Cash Express, Inc.
12.00%, 12/15/2022(a)		45,000		38,362
CNG Holdings, Inc.
12.50%, 6/15/2024(a)		111,000		106,144
CPI CG, Inc.
8.63%, 3/15/2026(a)		210,000		219,809

See Accompanying Notes to the Financial Statements.

308 FLEXSHARES SEMIANNUAL REPORT

FlexShares® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Diversified Financial Services – (continued)
Jefferies Finance LLC
6.25%, 6/3/2026(a)	$	200,000	$	210,500
Shift4 Payments LLC
4.63%, 11/1/2026(a)		125,000		130,684
Stena International SA
6.13%, 2/1/2025(a)		390,000		397,313
				1,102,812
Diversified Telecommunication Services – 4.5%
Altice France SA
5.50%, 1/15/2028(a)		615,000		634,366
CCO Holdings LLC
5.13%, 5/1/2027(a)		865,000		906,554
5.88%, 5/1/2027(a)		210,000		217,022
5.00%, 2/1/2028(a)		760,000		795,150
5.38%, 6/1/2029(a)		270,000		293,493
4.75%, 3/1/2030(a)		680,000		710,600
4.50%, 8/15/2030(a)		425,000		432,922
4.25%, 2/1/2031(a)		460,000		460,000
4.50%, 5/1/2032(a)		340,000		343,825
Lumen Technologies, Inc.
4.50%, 1/15/2029(a)		90,000		88,767
Sprint Capital Corp.
6.88%, 11/15/2028		180,000		227,030
8.75%, 3/15/2032		240,000		356,154
Telecom Italia Capital SA
6.00%, 9/30/2034		100,000		112,715
7.20%, 7/18/2036		150,000		186,890
7.72%, 6/4/2038		150,000		196,875
Telesat Canada
5.63%, 12/6/2026(a)		330,000		332,548
4.88%, 6/1/2027(a)		265,000		259,700
6.50%, 10/15/2027(a)		355,000		349,231
Virgin Media Finance plc
5.00%, 7/15/2030(a)		755,000		753,739
Virgin Media Secured Finance plc
5.50%, 5/15/2029(a)		550,000		588,775
Windstream Escrow LLC
7.75%, 8/15/2028(a)		905,000		944,630
Zayo Group Holdings, Inc.
4.00%, 3/1/2027(a)		365,000		362,942
				9,553,928

Investments	Principal Amount		Value
Electric Utilities – 0.8%
FirstEnergy Corp.
Series C, 7.38%, 11/15/2031	$	55,000	$	74,505
Series C, 5.35%, 7/15/2047(d)		125,000		145,210
NRG Energy, Inc.
7.25%, 5/15/2026		265,000		274,937
6.63%, 1/15/2027		310,000		323,470
5.75%, 1/15/2028		140,000		148,925
Terraform Global Operating LLC
6.13%, 3/1/2026(a)		75,000		77,142
Vistra Operations Co. LLC
5.50%, 9/1/2026(a)		250,000		258,437
5.63%, 2/15/2027(a)		320,000		333,584
				1,636,210
Electrical Equipment – 0.0%(e)
EnerSys
5.00%, 4/30/2023(a)		100,000		104,938
Energy Equipment & Services – 1.8%
Archrock Partners LP
6.25%, 4/1/2028(a)		585,000		612,376
Bristow Group, Inc.
6.88%, 3/1/2028(a)		255,000		258,830
CGG SA
8.75%, 4/1/2027(a)		330,000		331,742
CSI Compressco LP
7.50%, 4/1/2025(a)		148,000		150,683
Exterran Energy Solutions LP
8.13%, 5/1/2025		210,000		189,765
Oceaneering International, Inc.
4.65%, 11/15/2024		130,000		127,076
6.00%, 2/1/2028		190,000		186,024
Precision Drilling Corp.
7.75%, 12/15/2023		100,000		100,812
5.25%, 11/15/2024		165,000		158,916
7.13%, 1/15/2026(a)		200,000		198,375
Tervita Corp.
11.00%, 12/1/2025(a)		320,000		363,258
Transocean Guardian Ltd.
5.88%, 1/15/2024(a)		221,125		206,061
Transocean Phoenix 2 Ltd.
7.75%, 10/15/2024(a)		123,750		123,131

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 309

FlexShares® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Energy Equipment & Services – (continued)
Transocean Pontus Ltd.
6.13%, 8/1/2025(a)	$	163,125	$	159,353
Transocean Poseidon Ltd.
6.88%, 2/1/2027(a)		225,000		214,172
Transocean Proteus Ltd.
6.25%, 12/1/2024(a)		123,000		119,752
Transocean Sentry Ltd.
5.38%, 5/15/2023(a)		86,459		82,136
USA Compression Partners LP
6.88%, 4/1/2026		255,000		267,735
				3,850,197
Entertainment – 1.2%
Allen Media LLC
10.50%, 2/15/2028(a)		150,000		160,852
Banijay Entertainment SASU
5.38%, 3/1/2025(a)		150,000		155,344
Lions Gate Capital Holdings LLC
5.50%, 4/15/2029(a)		660,000		662,475
Live Nation Entertainment, Inc.
4.88%, 11/1/2024(a)		235,000		239,758
5.63%, 3/15/2026(a)		300,000		312,450
6.50%, 5/15/2027(a)		300,000		331,875
Netflix, Inc.
5.88%, 11/15/2028		160,000		195,084
Playtika Holding Corp.
4.25%, 3/15/2029(a)		410,000		407,950
WMG Acquisition Corp.
3.00%, 2/15/2031(a)		95,000		89,400
				2,555,188
Equity Real Estate Investment Trusts (REITs) – 3.2%
Brookfield Property REIT, Inc.
5.75%, 5/15/2026(a)		600,000		627,750
GEO Group, Inc. (The)
5.13%, 4/1/2023		195,000		179,016
5.88%, 10/15/2024		517,000		416,185
Iron Mountain, Inc.
4.88%, 9/15/2027(a)		140,000		145,937
5.25%, 3/15/2028(a)		205,000		215,303
5.00%, 7/15/2028(a)		205,000		212,702
4.88%, 9/15/2029(a)		205,000		209,205
5.25%, 7/15/2030(a)		885,000		919,249
5.63%, 7/15/2032(a)		435,000		459,802

Investments	Principal Amount		Value
Equity Real Estate Investment Trusts (REITs) – (continued)
iStar, Inc.
4.75%, 10/1/2024	$	205,000	$	214,125
4.25%, 8/1/2025		210,000		213,244
5.50%, 2/15/2026		265,000		274,952
MGM Growth Properties Operating Partnership LP
5.63%, 5/1/2024		285,000		307,649
Service Properties Trust
4.65%, 3/15/2024		225,000		227,109
Uniti Group LP
7.13%, 12/15/2024(a)		290,000		299,758
7.88%, 2/15/2025(a)		550,000		593,313
4.75%, 4/15/2028(a)		375,000		374,160
6.50%, 2/15/2029(a)		800,000		796,560
XHR LP
6.38%, 8/15/2025(a)		190,000		201,611
				6,887,630
Food & Staples Retailing – 0.7%
Albertsons Cos., Inc.
4.63%, 1/15/2027(a)		535,000		557,068
5.88%, 2/15/2028(a)		280,000		298,571
3.50%, 3/15/2029(a)		155,000		149,000
4.88%, 2/15/2030(a)		130,000		135,512
C&S Group Enterprises LLC
5.00%, 12/15/2028(a)		255,000		254,031
SEG Holding LLC
5.63%, 10/15/2028(a)		125,000		131,719
				1,525,901
Food Products – 2.8%
B&G Foods, Inc.
5.25%, 9/15/2027		185,000		191,684
Chobani LLC
4.63%, 11/15/2028(a)		160,000		165,200
Del Monte Foods, Inc.
11.88%, 5/15/2025(a)		310,000		353,695
Kraft Heinz Foods Co.
6.75%, 3/15/2032(d)		110,000		145,407
6.88%, 1/26/2039		340,000		467,037
7.13%, 8/1/2039(a)		105,000		149,168
6.50%, 2/9/2040		70,000		92,599
5.00%, 6/4/2042		275,000		317,776
5.20%, 7/15/2045		245,000		290,146

See Accompanying Notes to the Financial Statements.

310 FLEXSHARES SEMIANNUAL REPORT

FlexShares® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Food Products – (continued)
4.38%, 6/1/2046	$	205,000	$	219,081
4.88%, 10/1/2049		60,000		68,902
Pilgrim’s Pride Corp.
5.88%, 9/30/2027(a)		225,000		239,062
Post Holdings, Inc.
5.75%, 3/1/2027(a)		525,000		550,594
5.63%, 1/15/2028(a)		355,000		374,525
5.50%, 12/15/2029(a)		300,000		323,340
4.63%, 4/15/2030(a)		820,000		829,553
4.50%, 9/15/2031(a)		200,000		198,810
Sigma Holdco BV
7.88%, 5/15/2026(a)		310,000		310,387
Simmons Foods, Inc.
4.63%, 3/1/2029(a)		580,000		585,197
				5,872,163
Gas Utilities – 0.3%
Suburban Propane Partners LP
5.88%, 3/1/2027		150,000		156,656
Superior Plus LP
4.50%, 3/15/2029(a)		410,000		418,772
				575,428
Health Care Equipment & Supplies – 0.3%
Hill-Rom Holdings, Inc.
4.38%, 9/15/2027(a)		225,000		233,568
Hologic, Inc.
4.63%, 2/1/2028(a)		85,000		89,941
Ortho-Clinical Diagnostics, Inc.
7.25%, 2/1/2028(a)		249,000		273,620
				597,129
Health Care Providers & Services – 3.8%
AHP Health Partners, Inc.
9.75%, 7/15/2026(a)		110,000		119,329
Air Methods Corp.
8.00%, 5/15/2025(a)		75,000		70,500
Centene Corp.
5.38%, 6/1/2026(a)		475,000		496,375
4.63%, 12/15/2029		275,000		298,700
3.00%, 10/15/2030		120,000		119,204
2.50%, 3/1/2031		110,000		104,872

Investments	Principal Amount		Value
Health Care Providers & Services – (continued)
Community Health Systems, Inc.
6.88%, 4/15/2029(a)	$	1,260,000	$	1,318,533
DaVita, Inc.
4.63%, 6/1/2030(a)		290,000		293,988
3.75%, 2/15/2031(a)		170,000		161,713
Encompass Health Corp.
4.50%, 2/1/2028		300,000		311,621
4.75%, 2/1/2030		80,000		84,100
Global Medical Response, Inc.
6.50%, 10/1/2025(a)		235,000		240,875
Hadrian Merger Sub, Inc.
8.50%, 5/1/2026(a)		55,000		57,258
HCA, Inc.
3.50%, 9/1/2030		325,000		334,254
Legacy LifePoint Health LLC
4.38%, 2/15/2027(a)		230,000		230,294
LifePoint Health, Inc.
5.38%, 1/15/2029(a)		315,000		315,457
MEDNAX, Inc.
6.25%, 1/15/2027(a)		405,000		429,806
ModivCare, Inc.
5.88%, 11/15/2025(a)		315,000		335,434
Molina Healthcare, Inc.
4.38%, 6/15/2028(a)		155,000		159,456
Prime Healthcare Services, Inc.
7.25%, 11/1/2025(a)		430,000		463,202
Radiology Partners, Inc.
9.25%, 2/1/2028(a)		350,000		385,191
RP Escrow Issuer LLC
5.25%, 12/15/2025(a)		265,000		276,639
Select Medical Corp.
6.25%, 8/15/2026(a)		300,000		319,130
Surgery Center Holdings, Inc.
10.00%, 4/15/2027(a)		200,000		219,686
Tenet Healthcare Corp.
6.25%, 2/1/2027(a)		335,000		351,783
US Acute Care Solutions LLC
6.38%, 3/1/2026(a)		255,000		266,539
US Renal Care, Inc.
10.63%, 7/15/2027(a)		335,000		354,891
				8,118,830

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 311

FlexShares® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Health Care Technology – 0.3%
IQVIA, Inc.
5.00%, 10/15/2026(a)	$	280,000	$	289,833
5.00%, 5/15/2027(a)		270,000		282,825
				572,658
Hotels, Restaurants & Leisure – 7.2%
1011778 BC ULC
4.25%, 5/15/2024(a)		205,000		207,936
4.38%, 1/15/2028(a)		290,000		294,335
4.00%, 10/15/2030(a)		350,000		341,707
Affinity Gaming
6.88%, 12/15/2027(a)		350,000		371,980
Arrow Bidco LLC
9.50%, 3/15/2024(a)		190,000		190,218
Bally’s Corp.
6.75%, 6/1/2027(a)		135,000		143,786
Boyd Gaming Corp.
6.00%, 8/15/2026		165,000		171,393
4.75%, 12/1/2027		150,000		153,982
Carlson Travel, Inc.
10.50%, 3/31/2025(a)(d)		155,000		161,781
6.75%, 12/15/2025(a)		270,000		255,150
CEC Entertainment LLC
6.75%, 5/1/2026(a)		430,000		427,442
Cedar Fair LP
5.50%, 5/1/2025(a)		350,000		367,400
5.38%, 4/15/2027		200,000		206,225
Churchill Downs, Inc.
5.50%, 4/1/2027(a)		100,000		104,038
Cirsa Finance International Sarl
7.88%, 12/20/2023(a)		200,000		204,250
Full House Resorts, Inc.
8.25%, 2/15/2028(a)		200,000		215,646
Hilton Domestic Operating Co., Inc.
5.75%, 5/1/2028(a)		135,000		145,439
4.88%, 1/15/2030		200,000		213,507
4.00%, 5/1/2031(a)		150,000		151,705
3.63%, 2/15/2032(a)		150,000		147,710
Hilton Worldwide Finance LLC
4.88%, 4/1/2027		150,000		156,003

Investments	Principal Amount		Value
Hotels, Restaurants & Leisure – (continued)
International Game Technology plc
6.50%, 2/15/2025(a)	$	300,000	$	332,625
6.25%, 1/15/2027(a)		287,000		322,786
5.25%, 1/15/2029(a)		300,000		318,488
Life Time, Inc.
5.75%, 1/15/2026(a)		595,000		615,182
8.00%, 4/15/2026(a)		300,000		315,801
Marriott Ownership Resorts, Inc.
6.50%, 9/15/2026		290,000		303,804
Merlin Entertainments Ltd.
5.75%, 6/15/2026(a)		230,000		243,469
Mohegan Gaming & Entertainment
8.00%, 2/1/2026(a)		740,000		751,988
Motion Bondco DAC
6.63%, 11/15/2027(a)		400,000		409,000
Peninsula Pacific Entertainment LLC
8.50%, 11/15/2027(a)		560,000		594,300
Powdr Corp.
6.00%, 8/1/2025(a)		100,000		105,625
Royal Caribbean Cruises Ltd.
9.13%, 6/15/2023(a)		320,000		353,667
11.50%, 6/1/2025(a)		625,000		724,806
Scientific Games International, Inc.
8.63%, 7/1/2025(a)		135,000		147,820
SeaWorld Parks & Entertainment, Inc.
9.50%, 8/1/2025(a)		110,000		119,578
Silversea Cruise Finance Ltd.
7.25%, 2/1/2025(a)		245,000		253,857
Six Flags Entertainment Corp.
4.88%, 7/31/2024(a)		295,000		297,639
5.50%, 4/15/2027(a)		165,000		170,824
Sizzling Platter LLC
8.50%, 11/28/2025(a)		235,000		238,690
Speedway Motorsports LLC
4.88%, 11/1/2027(a)		215,000		214,731
Travel & Leisure Co.
6.00%, 4/1/2027(d)		70,000		78,494
Vail Resorts, Inc.
6.25%, 5/15/2025(a)		225,000		239,062

See Accompanying Notes to the Financial Statements.

312 FLEXSHARES SEMIANNUAL REPORT

FlexShares® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Hotels, Restaurants & Leisure – (continued)
Viking Cruises Ltd.
6.25%, 5/15/2025(a)	$	235,000	$	234,682
5.88%, 9/15/2027(a)		635,000		623,103
7.00%, 2/15/2029(a)		220,000		228,525
Viking Ocean Cruises Ship VII Ltd.
5.63%, 2/15/2029(a)		220,000		224,257
VOC Escrow Ltd.
5.00%, 2/15/2028(a)		400,000		408,500
Wynn Las Vegas LLC
4.25%, 5/30/2023(a)		100,000		102,812
5.50%, 3/1/2025(a)		680,000		726,991
5.25%, 5/15/2027(a)		580,000		613,739
Wynn Resorts Finance LLC
7.75%, 4/15/2025(a)		155,000		167,724
Yum! Brands, Inc.
4.75%, 1/15/2030(a)		170,000		182,116
3.63%, 3/15/2031		100,000		98,844
				15,395,162
Household Durables – 1.5%
Ashton Woods USA LLC
6.63%, 1/15/2028(a)		150,000		161,250
Beazer Homes USA, Inc.
7.25%, 10/15/2029		90,000		100,187
Brookfield Residential Properties, Inc.
6.38%, 5/15/2025(a)		110,000		112,876
6.25%, 9/15/2027(a)		425,000		451,709
4.88%, 2/15/2030(a)		325,000		325,000
CD&R Smokey Buyer, Inc.
6.75%, 7/15/2025(a)		145,000		154,969
Empire Communities Corp.
7.00%, 12/15/2025(a)		255,000		273,539
Installed Building Products, Inc.
5.75%, 2/1/2028(a)		75,000		79,017
LGI Homes, Inc.
6.88%, 7/15/2026(a)		100,000		104,250
Mattamy Group Corp.
4.63%, 3/1/2030(a)		375,000		379,537
New Home Co., Inc. (The)
7.25%, 10/15/2025(a)		160,000		168,539

Investments	Principal Amount		Value
Household Durables – (continued)
Newell Brands, Inc.
6.00%, 4/1/2046(d)	$	90,000	$	114,919
Shea Homes LP
4.75%, 4/1/2029(a)		245,000		248,375
Tempur Sealy International, Inc.
5.50%, 6/15/2026		205,000		211,570
WASH Multifamily Acquisition, Inc.
5.75%, 4/15/2026(a)		335,000		348,400
				3,234,137
Household Products – 0.3%
Central Garden & Pet Co.
4.13%, 10/15/2030		45,000		46,472
Kronos Acquisition Holdings, Inc.
5.00%, 12/31/2026(a)		300,000		302,907
7.00%, 12/31/2027(a)		330,000		320,493
				669,872
Independent Power and Renewable Electricity Producers – 0.3%
Calpine Corp.
5.00%, 2/1/2031(a)		110,000		108,494
Talen Energy Supply LLC
6.63%, 1/15/2028(a)		50,000		50,397
7.63%, 6/1/2028(a)		350,000		363,449
TransAlta Corp.
6.50%, 3/15/2040		35,000		40,162
				562,502
Insurance – 1.9%
Acrisure LLC
4.25%, 2/15/2029(a)		440,000		430,646
Alliant Holdings Intermediate LLC
4.25%, 10/15/2027(a)		200,000		201,754
6.75%, 10/15/2027(a)		515,000		539,205
Assurant, Inc.
7.00%, 3/27/2048(c)		240,000		271,800
AssuredPartners, Inc.
5.63%, 1/15/2029(a)		345,000		350,168
BroadStreet Partners, Inc.
5.88%, 4/15/2029(a)		265,000		269,359
Enstar Finance LLC
5.75%, 9/1/2040(c)		225,000		237,656

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 313

FlexShares® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Insurance – (continued)
GTCR AP Finance, Inc.
8.00%, 5/15/2027(a)	$	95,000	$	101,412
Liberty Mutual Group, Inc.
7.80%, 3/15/2037(a)		275,000		356,674
NFP Corp.
6.88%, 8/15/2028(a)		1,140,000		1,197,844
				3,956,518
Interactive Media & Services – 0.4%
Cars.com, Inc.
6.38%, 11/1/2028(a)		260,000		271,991
Rackspace Technology Global, Inc.
5.38%, 12/1/2028(a)		385,000		393,559
TripAdvisor, Inc.
7.00%, 7/15/2025(a)		125,000		135,156
				800,706
Internet & Direct Marketing Retail – 1.0%
ANGI Group LLC
3.88%, 8/15/2028(a)		320,000		318,723
Getty Images, Inc.
9.75%, 3/1/2027(a)		150,000		160,659
Go Daddy Operating Co. LLC
5.25%, 12/1/2027(a)		200,000		209,500
Match Group Holdings II LLC
4.63%, 6/1/2028(a)		340,000		351,489
5.63%, 2/15/2029(a)		235,000		254,387
4.13%, 8/1/2030(a)		200,000		201,000
Photo Holdings Merger Sub, Inc.
8.50%, 10/1/2026(a)		485,000		531,708
QVC, Inc.
5.45%, 8/15/2034		100,000		103,054
				2,130,520
IT Services – 1.6%
Arches Buyer, Inc.
4.25%, 6/1/2028(a)		440,000		439,536
6.13%, 12/1/2028(a)		315,000		323,291
Austin BidCo, Inc.
7.13%, 12/15/2028(a)		150,000		152,531
Black Knight InfoServ LLC
3.63%, 9/1/2028(a)		645,000		636,215

Investments	Principal Amount		Value
IT Services – (continued)
Booz Allen Hamilton, Inc.
3.88%, 9/1/2028(a)	$	280,000	$	279,951
Cablevision Lightpath LLC
5.63%, 9/15/2028(a)		275,000		282,230
Endure Digital, Inc.
6.00%, 2/15/2029(a)		435,000		417,541
Gartner, Inc.
3.75%, 10/1/2030(a)		90,000		90,605
Northwest Fiber LLC
6.00%, 2/15/2028(a)		195,000		195,266
10.75%, 6/1/2028(a)		80,000		90,800
Presidio Holdings, Inc.
8.25%, 2/1/2028(a)		135,000		147,572
Unisys Corp.
6.88%, 11/1/2027(a)		295,000		324,131
				3,379,669
Leisure Products – 0.4%
Universal Entertainment Corp.
8.50%, 12/11/2024(a)		510,000		552,075
Vista Outdoor, Inc.
4.50%, 3/15/2029(a)		340,000		340,224
				892,299
Machinery – 1.6%
Amsted Industries, Inc.
4.63%, 5/15/2030(a)		200,000		204,375
ATS Automation Tooling Systems, Inc.
4.13%, 12/15/2028(a)		150,000		151,406
Cleaver-Brooks, Inc.
7.88%, 3/1/2023(a)		100,000		99,636
GrafTech Finance, Inc.
4.63%, 12/15/2028(a)		185,000		190,609
Granite US Holdings Corp.
11.00%, 10/1/2027(a)		75,000		84,375
HTA Group Ltd.
7.00%, 12/18/2025(a)		390,000		417,550
Husky III Holding Ltd.
13.00%, 2/15/2025(a)(b)		110,000		120,244
JPW Industries Holding Corp.
9.00%, 10/1/2024(a)		140,000		142,450
Manitowoc Co., Inc. (The)
9.00%, 4/1/2026(a)		185,000		200,609

See Accompanying Notes to the Financial Statements.

314 FLEXSHARES SEMIANNUAL REPORT

FlexShares® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Machinery – (continued)
Navistar International Corp.
9.50%, 5/1/2025(a)	$	215,000	$	233,544
Park-Ohio Industries, Inc.
6.63%, 4/15/2027		210,000		215,364
Titan International, Inc.
7.00%, 4/30/2028(a)		265,000		273,312
Vertical Holdco GmbH
7.63%, 7/15/2028(a)		350,000		382,156
Vertical US Newco, Inc.
5.25%, 7/15/2027(a)		585,000		613,156
Wabash National Corp.
5.50%, 10/1/2025(a)		100,000		102,364
				3,431,150
Marine – 0.1%
Stena AB
7.00%, 2/1/2024(a)		310,000		315,005
Media – 9.7%
Advantage Sales & Marketing, Inc.
6.50%, 11/15/2028(a)		515,000		545,872
Belo Corp.
7.25%, 9/15/2027		175,000		204,498
Block Communications, Inc.
4.88%, 3/1/2028(a)		115,000		117,282
CSC Holdings LLC
7.50%, 4/1/2028(a)		265,000		292,486
6.50%, 2/1/2029(a)		675,000		747,053
5.75%, 1/15/2030(a)		1,450,000		1,543,343
4.63%, 12/1/2030(a)		285,000		278,944
3.38%, 2/15/2031(a)		270,000		253,530
Cumulus Media New Holdings, Inc.
6.75%, 7/1/2026(a)		285,000		294,133
Diamond Sports Group LLC
5.38%, 8/15/2026(a)		2,063,000		1,508,569
6.63%, 8/15/2027(a)		1,185,000		644,735
DISH DBS Corp.
5.00%, 3/15/2023		140,000		146,702
5.88%, 11/15/2024		1,385,000		1,500,420
7.75%, 7/1/2026		1,035,000		1,194,131
7.38%, 7/1/2028		680,000		733,506

Investments	Principal Amount		Value
Media – (continued)
GCI LLC
4.75%, 10/15/2028(a)	$	390,000	$	402,431
iHeartCommunications, Inc.
8.38%, 5/1/2027		560,000		601,580
5.25%, 8/15/2027(a)		170,000		176,338
Liberty Interactive LLC
8.50%, 7/15/2029		40,000		45,942
8.25%, 2/1/2030		300,000		346,749
McGraw Hill LLC
8.00%, 11/30/2024(a)		320,000		324,400
Meredith Corp.
6.88%, 2/1/2026		620,000		638,600
Midcontinent Communications
5.38%, 8/15/2027(a)		65,000		68,117
Nexstar Broadcasting, Inc.
5.63%, 7/15/2027(a)		500,000		528,913
Outfront Media Capital LLC
6.25%, 6/15/2025(a)		90,000		95,681
Radiate Holdco LLC
4.50%, 9/15/2026(a)		350,000		356,907
6.50%, 9/15/2028(a)		610,000		636,340
Sinclair Television Group, Inc.
5.13%, 2/15/2027(a)		270,000		267,639
5.50%, 3/1/2030(a)		325,000		323,758
Sirius XM Radio, Inc.
3.88%, 8/1/2022(a)		265,000		266,643
4.63%, 7/15/2024(a)		395,000		405,862
5.38%, 7/15/2026(a)		275,000		284,336
5.50%, 7/1/2029(a)		200,000		216,738
4.13%, 7/1/2030(a)		155,000		155,194
Spanish Broadcasting System, Inc.
9.75%, 3/1/2026(a)		195,000		188,305
TEGNA, Inc.
4.63%, 3/15/2028		95,000		97,141
5.00%, 9/15/2029		150,000		155,974
Terrier Media Buyer, Inc.
8.88%, 12/15/2027(a)		690,000		750,375
Townsquare Media, Inc.
6.88%, 2/1/2026(a)		145,000		151,344
Univision Communications, Inc.
5.13%, 2/15/2025(a)		405,000		412,373
6.63%, 6/1/2027(a)		405,000		439,425

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 315

FlexShares® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Media – (continued)
UPC Holding BV
5.50%, 1/15/2028(a)	$	340,000	$	353,812
Urban One, Inc.
7.38%, 2/1/2028(a)		315,000		326,474
Videotron Ltd.
5.13%, 4/15/2027(a)		300,000		317,683
Virgin Media Vendor Financing Notes IV DAC
5.00%, 7/15/2028(a)		250,000		253,673
Ziggo Bond Co. BV
5.13%, 2/28/2030(a)		300,000		307,635
Ziggo BV
4.88%, 1/15/2030(a)		840,000		864,352
				20,765,938
Metals & Mining – 1.8%
Alcoa Nederland Holding BV
6.13%, 5/15/2028(a)		200,000		217,375
Allegheny Technologies, Inc.
7.88%, 8/15/2023(d)		250,000		272,839
Arconic Corp.
6.13%, 2/15/2028(a)		100,000		106,375
Century Aluminum Co.
7.50%, 4/1/2028(a)		170,000		179,389
Coeur Mining, Inc.
5.13%, 2/15/2029(a)		255,000		247,595
Compass Minerals International, Inc.
4.88%, 7/15/2024(a)		135,000		139,542
6.75%, 12/1/2027(a)		340,000		366,925
FMG Resources August 2006 Pty. Ltd.
4.38%, 4/1/2031(a)		165,000		171,618
IAMGOLD Corp.
5.75%, 10/15/2028(a)		290,000		301,971
Infrabuild Australia Pty. Ltd.
12.00%, 10/1/2024(a)		200,000		203,000
Joseph T Ryerson & Son, Inc.
8.50%, 8/1/2028(a)		291,000		322,086
JW Aluminum Continuous Cast Co.
10.25%, 6/1/2026(a)		150,000		158,784

Investments	Principal Amount		Value
Metals & Mining – (continued)
Kaiser Aluminum Corp.
6.50%, 5/1/2025(a)	$	150,000	$	159,375
4.63%, 3/1/2028(a)		175,000		180,046
New Gold, Inc.
7.50%, 7/15/2027(a)		260,000		282,451
TMS International Corp.
6.25%, 4/15/2029(a)		215,000		223,869
Warrior Met Coal, Inc.
8.00%, 11/1/2024(a)		230,000		235,354
				3,768,594
Mortgage Real Estate Investment Trusts (REITs) – 0.3%
New Residential Investment Corp.
6.25%, 10/15/2025(a)		335,000		340,863
Starwood Property Trust, Inc.
4.75%, 3/15/2025		200,000		208,750
				549,613
Multiline Retail – 0.3%
NMG Holding Co., Inc.
7.13%, 4/1/2026(a)		725,000		742,502
Oil, Gas & Consumable Fuels – 11.0%
Aethon United BR LP
8.25%, 2/15/2026(a)		475,000		505,578
Alliance Resource Operating Partners LP
7.50%, 5/1/2025(a)		265,000		251,087
Antero Midstream Partners LP
5.38%, 9/15/2024		225,000		229,078
7.88%, 5/15/2026(a)		270,000		294,637
5.75%, 3/1/2027(a)		250,000		253,125
5.75%, 1/15/2028(a)		295,000		300,983
Ascent Resources Utica Holdings LLC
7.00%, 11/1/2026(a)		310,000		314,720
8.25%, 12/31/2028(a)		150,000		161,308
Blue Racer Midstream LLC
6.63%, 7/15/2026(a)		85,000		88,024
California Resources Corp.
7.13%, 2/1/2026(a)		385,000		394,935
Callon Petroleum Co.
6.25%, 4/15/2023		410,000		390,711
6.13%, 10/1/2024		185,000		171,747
8.25%, 7/15/2025		70,000		64,575

See Accompanying Notes to the Financial Statements.

316 FLEXSHARES SEMIANNUAL REPORT

FlexShares® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Oil, Gas & Consumable Fuels – (continued)
Calumet Specialty Products Partners LP
7.75%, 4/15/2023	$	150,000	$	150,172
11.00%, 4/15/2025(a)		325,000		354,913
Cheniere Energy, Inc.
4.63%, 10/15/2028(a)		100,000		104,390
Chesapeake Energy Corp.
5.50%, 2/1/2026(a)		195,000		205,969
Citgo Holding, Inc.
9.25%, 8/1/2024(a)		270,000		278,438
CITGO Petroleum Corp.
7.00%, 6/15/2025(a)		280,000		289,100
CNX Midstream Partners LP
6.50%, 3/15/2026(a)		160,000		165,800
CNX Resources Corp.
7.25%, 3/14/2027(a)		240,000		259,553
Colgate Energy Partners III LLC
7.75%, 2/15/2026(a)		190,000		190,185
Comstock Resources, Inc.
9.75%, 8/15/2026		270,000		293,903
6.75%, 3/1/2029(a)		130,000		132,958
Continental Resources, Inc.
5.75%, 1/15/2031(a)		125,000		145,161
Crestwood Midstream Partners LP
5.75%, 4/1/2025		100,000		102,875
5.63%, 5/1/2027(a)		150,000		152,957
CVR Energy, Inc.
5.25%, 2/15/2025(a)		165,000		166,031
5.75%, 2/15/2028(a)		155,000		157,325
DCP Midstream Operating LP
6.45%, 11/3/2036(a)		125,000		141,627
Energy Ventures Gom LLC
11.75%, 4/15/2026(a)		200,000		205,542
EnLink Midstream LLC
5.38%, 6/1/2029		50,000		50,062
EnLink Midstream Partners LP
4.85%, 7/15/2026		200,000		202,250
5.45%, 6/1/2047		100,000		84,390
Enviva Partners LP
6.50%, 1/15/2026(a)		220,000		231,000
EQM Midstream Partners LP
6.50%, 7/1/2027(a)		100,000		110,548

Investments	Principal Amount		Value
Oil, Gas & Consumable Fuels – (continued)
5.50%, 7/15/2028	$	70,000	$	74,442
4.75%, 1/15/2031(a)		250,000		247,799
Genesis Energy LP
6.50%, 10/1/2025		100,000		100,625
6.25%, 5/15/2026		450,000		442,406
8.00%, 1/15/2027		490,000		505,433
7.75%, 2/1/2028		565,000		571,390
Global Partners LP
7.00%, 8/1/2027		85,000		91,029
Great Western Petroleum LLC
12.00%, 9/1/2025(a)		160,000		139,200
Harvest Midstream I LP
7.50%, 9/1/2028(a)		215,000		232,282
Hilcorp Energy I LP
6.25%, 11/1/2028(a)		235,000		244,364
Indigo Natural Resources LLC
5.38%, 2/1/2029(a)		440,000		437,250
Ithaca Energy North Sea plc
9.38%, 7/15/2024(a)		200,000		200,810
Magnolia Oil & Gas Operating LLC
6.00%, 8/1/2026(a)		150,000		154,732
Martin Midstream Partners LP
11.50%, 2/28/2025(a)		115,000		119,025
Matador Resources Co.
5.88%, 9/15/2026		280,000		279,650
MEG Energy Corp.
7.13%, 2/1/2027(a)		305,000		326,054
Moss Creek Resources Holdings, Inc.
10.50%, 5/15/2027(a)		300,000		282,750
Murphy Oil Corp.
6.88%, 8/15/2024		213,000		218,059
5.75%, 8/15/2025		180,000		184,328
Natural Resource Partners LP
9.13%, 6/30/2025(a)		190,000		181,905
Neptune Energy Bondco plc
6.63%, 5/15/2025(a)		200,000		203,300
New Fortress Energy, Inc.
6.75%, 9/15/2025(a)		490,000		507,613
6.50%, 9/30/2026(a)		990,000		1,011,557
NGL Energy Partners LP
7.50%, 11/1/2023		340,000		332,137
6.13%, 3/1/2025		225,000		200,573
7.50%, 4/15/2026		270,000		241,394

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 317

FlexShares® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Oil, Gas & Consumable Fuels – (continued)
Northern Oil and Gas, Inc.
8.13%, 3/1/2028(a)	$	375,000	$	385,892
Oasis Midstream Partners LP
8.00%, 4/1/2029(a)		295,000		302,289
Occidental Petroleum Corp.
3.45%, 7/15/2024		35,000		35,088
8.50%, 7/15/2027		215,000		261,897
7.15%, 5/15/2028		75,000		81,000
8.88%, 7/15/2030		125,000		160,781
6.63%, 9/1/2030		165,000		188,317
7.50%, 5/1/2031		230,000		274,267
7.88%, 9/15/2031		195,000		237,540
6.45%, 9/15/2036		325,000		369,288
Zero Coupon, 10/10/2036		600,000		306,000
4.30%, 8/15/2039		70,000		61,930
6.20%, 3/15/2040		75,000		79,875
4.50%, 7/15/2044		100,000		89,588
6.60%, 3/15/2046		110,000		121,439
Par Petroleum LLC
7.75%, 12/15/2025(a)		175,000		177,406
Parkland Corp.
5.88%, 7/15/2027(a)		120,000		127,926
PBF Logistics LP
6.88%, 5/15/2023		335,000		335,000
PIC AU Holdings LLC
10.00%, 12/31/2024(a)		305,000		280,600
Range Resources Corp.
4.88%, 5/15/2025		280,000		278,600
9.25%, 2/1/2026		130,000		142,913
8.25%, 1/15/2029(a)		405,000		439,885
Rockies Express Pipeline LLC
6.88%, 4/15/2040(a)		90,000		96,862
Rockpoint Gas Storage Canada Ltd.
7.00%, 3/31/2023(a)		100,000		101,437
Southwestern Energy Co.
6.45%, 1/23/2025(d)		480,000		519,000
7.75%, 10/1/2027		175,000		188,338
8.38%, 9/15/2028		130,000		142,998
Summit Midstream Holdings LLC
5.75%, 4/15/2025		140,000		118,110
Sunoco LP
5.50%, 2/15/2026		215,000		222,494

Investments	Principal Amount		Value
Oil, Gas & Consumable Fuels – (continued)
6.00%, 4/15/2027	$	155,000	$	163,184
4.50%, 5/15/2029(a)		65,000		65,731
Tallgrass Energy Partners LP
6.00%, 3/1/2027(a)		115,000		116,978
5.50%, 1/15/2028(a)		350,000		346,642
6.00%, 12/31/2030(a)		100,000		100,375
Teine Energy Ltd.
6.88%, 4/15/2029(a)		265,000		268,970
Topaz Solar Farms LLC
5.75%, 9/30/2039(a)		95,185		110,635
Vine Energy Holdings LLC
6.75%, 4/15/2029(a)		630,000		631,575
W&T Offshore, Inc.
9.75%, 11/1/2023(a)		355,000		313,953
Western Midstream Operating LP
6.50%, 2/1/2050(d)		100,000		113,276
				23,483,843
Paper & Forest Products – 0.3%
Mercer International, Inc.
5.13%, 2/1/2029(a)		235,000		243,225
Resolute Forest Products, Inc.
4.88%, 3/1/2026(a)		200,000		204,250
Schweitzer-Mauduit International, Inc.
6.88%, 10/1/2026(a)		85,000		90,190
				537,665
Personal Products – 0.3%
Avon Products, Inc.
6.50%, 3/15/2023(d)		110,000		118,181
Coty, Inc.
5.00%, 4/15/2026(a)		355,000		359,668
Prestige Brands, Inc.
5.13%, 1/15/2028(a)		145,000		152,160
				630,009
Pharmaceuticals – 1.2%
Bausch Health Americas, Inc.
8.50%, 1/31/2027(a)		500,000		557,500
Bausch Health Cos., Inc.
7.00%, 1/15/2028(a)		270,000		294,313
Catalent Pharma Solutions, Inc.
5.00%, 7/15/2027(a)		120,000		125,753

See Accompanying Notes to the Financial Statements.

318 FLEXSHARES SEMIANNUAL REPORT

FlexShares® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Pharmaceuticals – (continued)
Cheplapharm Arzneimittel GmbH
5.50%, 1/15/2028(a)	$	335,000	$	348,819
Herbalife Nutrition Ltd.
7.88%, 9/1/2025(a)		245,000		266,992
HLF Financing Sarl LLC
7.25%, 8/15/2026(a)		265,000		277,256
Organon Finance 1 LLC
4.13%, 4/30/2028(a)		235,000		241,049
5.13%, 4/30/2031(a)		225,000		233,741
P&L Development LLC
7.75%, 11/15/2025(a)		165,000		175,803
				2,521,226
Professional Services – 0.3%
AMN Healthcare, Inc.
4.63%, 10/1/2027(a)		110,000		113,781
ASGN, Inc.
4.63%, 5/15/2028(a)		295,000		307,169
KBR, Inc.
4.75%, 9/30/2028(a)		85,000		85,956
Korn Ferry
4.63%, 12/15/2027(a)		160,000		167,176
				674,082
Real Estate Management & Development – 0.9%
Cushman & Wakefield US Borrower LLC
6.75%, 5/15/2028(a)		265,000		284,378
Forestar Group, Inc.
5.00%, 3/1/2028(a)		150,000		155,977
Howard Hughes Corp. (The)
5.38%, 8/1/2028(a)		170,000		180,073
Hunt Cos., Inc.
5.25%, 4/15/2029(a)		420,000		402,213
Kennedy-Wilson, Inc.
5.00%, 3/1/2031		75,000		77,757
Realogy Group LLC
7.63%, 6/15/2025(a)		135,000		147,692
5.75%, 1/15/2029(a)		620,000		644,254
				1,892,344

Investments	Principal Amount		Value
Road & Rail – 0.9%
AerCap Global Aviation Trust
6.50%, 6/15/2045(a)(c)	$	200,000	$	213,250
Avis Budget Car Rental LLC
5.75%, 7/15/2027(a)		70,000		73,981
Uber Technologies, Inc.
7.50%, 5/15/2025(a)		290,000		314,179
7.50%, 9/15/2027(a)		730,000		806,675
6.25%, 1/15/2028(a)		325,000		353,519
Watco Cos. LLC
6.50%, 6/15/2027(a)		140,000		149,363
				1,910,967
Semiconductors & Semiconductor Equipment – 0.0%(e)
Entegris, Inc.
4.63%, 2/10/2026(a)		100,000		103,469
Software – 2.1%
Blackboard, Inc.
10.38%, 11/15/2024(a)		45,000		47,559
Camelot Finance SA
4.50%, 11/1/2026(a)		225,000		233,156
Castle US Holding Corp.
9.50%, 2/15/2028(a)		190,000		195,957
CDK Global, Inc.
4.88%, 6/1/2027		120,000		127,049
5.25%, 5/15/2029(a)		40,000		42,950
Granite Merger Sub 2, Inc.
11.00%, 7/15/2027(a)		75,000		86,564
J2 Global, Inc.
4.63%, 10/15/2030(a)		500,000		512,480
LogMeIn, Inc.
5.50%, 9/1/2027(a)		390,000		407,016
NortonLifeLock, Inc.
5.00%, 4/15/2025(a)		135,000		137,012
Open Text Corp.
5.88%, 6/1/2026(a)		300,000		309,750
Open Text Holdings, Inc.
4.13%, 2/15/2030(a)		210,000		212,623
PTC, Inc.
3.63%, 2/15/2025(a)		220,000		226,121
4.00%, 2/15/2028(a)		135,000		138,911
Rocket Software, Inc.
6.50%, 2/15/2029(a)		365,000		369,928

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 319

FlexShares® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Software – (continued)
SS&C Technologies, Inc.
5.50%, 9/30/2027(a)	$	770,000	$	818,991
Veritas US, Inc.
7.50%, 9/1/2025(a)		675,000		699,469
				4,565,536
Specialty Retail – 3.6%
99 Escrow Issuer, Inc.
7.50%, 1/15/2026(a)		225,000		215,761
AAG FH LP
9.75%, 7/15/2024(a)		100,000		97,753
Abercrombie & Fitch Management Co.
8.75%, 7/15/2025(a)		150,000		166,594
Academy Ltd.
6.00%, 11/15/2027(a)		240,000		255,751
BCPE Ulysses Intermediate, Inc.
7.75%, 4/1/2027(a)(b)		270,000		278,633
eG Global Finance plc
6.75%, 2/7/2025(a)		285,000		293,834
Ken Garff Automotive LLC
4.88%, 9/15/2028(a)		265,000		267,816
L Brands, Inc.
5.25%, 2/1/2028		175,000		192,063
7.50%, 6/15/2029		157,000		182,346
6.63%, 10/1/2030(a)		225,000		259,589
LBM Acquisition LLC
6.25%, 1/15/2029(a)		355,000		364,915
LSF9 Atlantis Holdings LLC
7.75%, 2/15/2026(a)		415,000		434,748
Murphy Oil USA, Inc.
5.63%, 5/1/2027		50,000		52,865
4.75%, 9/15/2029		180,000		189,225
Park River Holdings, Inc.
5.63%, 2/1/2029(a)		255,000		248,640
PetSmart, Inc.
4.75%, 2/15/2028(a)		250,000		257,529
7.75%, 2/15/2029(a)		725,000		787,053
Rent-A-Center, Inc.
6.38%, 2/15/2029(a)		300,000		325,725
Sonic Automotive, Inc.
6.13%, 3/15/2027		25,000		26,109

Investments	Principal Amount		Value
Specialty Retail – (continued)
Staples, Inc.
7.50%, 4/15/2026(a)	$	1,320,000	$	1,367,850
10.75%, 4/15/2027(a)		655,000		678,557
TPro Acquisition Corp.
11.00%, 10/15/2024(a)		190,000		209,950
White Cap Buyer LLC
6.88%, 10/15/2028(a)		425,000		451,567
				7,604,873
Technology Hardware, Storage & Peripherals – 0.5%
NCR Corp.
5.13%, 4/15/2029(a)		120,000		123,600
6.13%, 9/1/2029(a)		140,000		152,487
Seagate HDD Cayman
5.75%, 12/1/2034		50,000		57,307
Xerox Corp.
6.75%, 12/15/2039		25,000		27,795
Xerox Holdings Corp.
5.00%, 8/15/2025(a)		195,000		204,994
5.50%, 8/15/2028(a)		545,000		570,206
				1,136,389
Textiles, Apparel & Luxury Goods – 0.5%
Crocs, Inc.
4.25%, 3/15/2029(a)		240,000		244,267
Eagle Intermediate Global Holding BV
7.50%, 5/1/2025(a)		550,000		501,875
G-III Apparel Group Ltd.
7.88%, 8/15/2025(a)		95,000		102,778
William Carter Co. (The)
5.63%, 3/15/2027(a)		100,000		105,250
Wolverine World Wide, Inc.
5.00%, 9/1/2026(a)		200,000		204,625
				1,158,795
Thrifts & Mortgage Finance – 1.7%
Freedom Mortgage Corp.
7.63%, 5/1/2026(a)		395,000		412,378
Home Point Capital, Inc.
5.00%, 2/1/2026(a)		355,000		350,012
Ladder Capital Finance Holdings LLLP
REIT, 5.25%, 10/1/2025(a)		235,000		237,791
REIT, 4.25%, 2/1/2027(a)		235,000		231,010

See Accompanying Notes to the Financial Statements.

320 FLEXSHARES SEMIANNUAL REPORT

FlexShares® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Thrifts & Mortgage Finance – (continued)
Nationstar Mortgage Holdings, Inc.
5.50%, 8/15/2028(a)	$	680,000	$	687,650
NMI Holdings, Inc.
7.38%, 6/1/2025(a)		100,000		115,145
PennyMac Financial Services, Inc.
5.38%, 10/15/2025(a)		260,000		274,300
Provident Funding Associates LP
6.38%, 6/15/2025(a)		180,000		180,656
Quicken Loans LLC
3.63%, 3/1/2029(a)		200,000		195,375
3.88%, 3/1/2031(a)		150,000		146,087
United Wholesale Mortgage LLC
5.50%, 11/15/2025(a)		310,000		322,612
5.50%, 4/15/2029(a)		465,000		457,574
				3,610,590
Tobacco – 0.5%
Turning Point Brands, Inc.
5.63%, 2/15/2026(a)		155,000		160,507
Vector Group Ltd.
10.50%, 11/1/2026(a)		375,000		398,203
5.75%, 2/1/2029(a)		565,000		569,356
				1,128,066
Trading Companies & Distributors – 1.0%
Brightstar Escrow Corp.
9.75%, 10/15/2025(a)		280,000		306,035
Fortress Transportation & Infrastructure Investors LLC
6.50%, 10/1/2025(a)		345,000		359,231
Fortress Transportation and Infrastructure Investors LLC
9.75%, 8/1/2027(a)		375,000		433,594
5.50%, 5/1/2028(a)		330,000		342,375
Foundation Building Materials, Inc.
6.00%, 3/1/2029(a)		255,000		253,326
H&E Equipment Services, Inc.
3.88%, 12/15/2028(a)		120,000		117,300
Imola Merger Corp.
4.75%, 5/15/2029(a)		230,000		239,133
				2,050,994

Investments	Principal Amount		Value
Transportation Infrastructure – 0.1%
North Queensland Export Terminal Pty. Ltd.
4.45%, 12/15/2022(a)	$	315,000	$	296,763
Water Utilities – 0.1%
Solaris Midstream Holdings LLC
7.63%, 4/1/2026(a)		265,000		277,863
Wireless Telecommunication Services – 1.5%
C&W Senior Financing DAC
6.88%, 9/15/2027(a)		270,000		286,876
Connect Finco SARL
6.75%, 10/1/2026(a)		790,000		826,301
Hughes Satellite Systems Corp.
6.63%, 8/1/2026		295,000		326,963
Sprint Corp.
7.63%, 3/1/2026		165,000		202,538
T-Mobile USA, Inc.
4.50%, 2/1/2026		265,000		272,115
4.75%, 2/1/2028		40,000		42,800
Vmed O2 UK Financing I plc
4.25%, 1/31/2031(a)		1,055,000		1,022,031
Vodafone Group plc
7.00%, 4/4/2079(c)		240,000		292,957
				3,272,581
Total Corporate Bonds (Cost $202,135,975)				207,873,444
	Shares
COMMON STOCKS – 0.0%(e)
Oil, Gas & Consumable Fuels – 0.0%(e)
Whiting Petroleum Corp.* (Cost $30)		1		30
Total Investments – 97.3% (Cost $202,136,005)				207,873,474
Other assets less liabilities – 2.7%				5,712,510
NET ASSETS – 100.0%			$	213,585,984

* Non-income producing security.

^(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.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 321

FlexShares® High Yield Value-Scored Bond Index Fund (cont.)

^(b)  Payment in-kind security.

^(c)  Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end.

^(d)  Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of April 30, 2021.

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

Percentages shown are based on Net Assets.

Abbreviations

SCA – Limited partnership with share capital

As of April 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments (including derivative instruments, if applicable) for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	6,557,813
Aggregate gross unrealized depreciation		(1,049,171	)
Net unrealized appreciation	$	5,508,642
Federal income tax cost	$	202,364,832

See Accompanying Notes to the Financial Statements.

322 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares® Ready Access Variable Income Fund

April 30, 2021 (Unaudited)

Investments	Principal Amount		Value
CORPORATE BONDS – 90.3%
Aerospace & Defense – 0.6%
Boeing Co. (The)
2.30%, 8/1/2021	$	1,070,000	$	1,074,842
8.75%, 8/15/2021		827,000		845,749
1.17%, 2/4/2023		600,000		602,446
				2,523,037
Agricultural & Farm Machinery – 0.3%
CNH Industrial Capital LLC
3.88%, 10/15/2021		500,000		507,362
1.95%, 7/2/2023		730,000		750,622
				1,257,984
Agricultural Products – 0.8%
Cargill, Inc.
1.38%, 7/23/2023(a)		2,100,000		2,145,003
0.40%, 2/2/2024(a)		1,200,000		1,195,309
				3,340,312
Air Freight & Logistics – 0.2%
FedEx Corp.
2.63%, 8/1/2022		1,000,000		1,027,841
Airlines – 0.2%
Southwest Airlines Co.
4.75%, 5/4/2023		670,000		724,358
Apparel, Accessories & Luxury Goods – 0.4%
VF Corp.
2.05%, 4/23/2022		1,500,000		1,524,616
Asset Management & Custody Banks – 0.4%
Ameriprise Financial, Inc.
3.00%, 3/22/2022		900,000		921,996
Ares Capital Corp.
3.50%, 2/10/2023		700,000		730,095
				1,652,091
Automobile Manufacturers – 3.3%
BMW US Capital LLC
3.80%, 4/6/2023(a)		1,500,000		1,595,234
(SOFR + 0.53%), 0.54%, 4/1/2024(a) (b)		900,000		905,325

Investments	Principal Amount		Value
Automobile Manufacturers – (continued)
Daimler Finance North America LLC
(ICE LIBOR USD 3 Month + 0.90%), 1.09%, 2/15/2022(a) (b)	$	1,000,000	$	1,006,170
0.75%, 3/1/2024(a)		2,600,000		2,593,554
Hyundai Capital America
1.25%, 9/18/2023(a)		910,000		918,117
0.80%, 1/8/2024(a)		1,900,000		1,890,173
Nissan Motor Acceptance Corp.
(ICE LIBOR USD 3 Month + 0.63%), 0.82%, 9/21/2021(a) (b)		762,000		762,763
(ICE LIBOR USD 3 Month + 0.89%), 1.08%, 1/13/2022(a) (b)		1,500,000		1,504,931
Volkswagen Group of America Finance LLC
0.75%, 11/23/2022(a)		1,000,000		1,003,495
3.13%, 5/12/2023(a)		1,410,000		1,480,618
				13,660,380
Automotive Retail – 0.5%
AutoZone, Inc.
3.70%, 4/15/2022		2,000,000		2,048,548
Biotechnology – 0.6%
Gilead Sciences, Inc.
0.75%, 9/29/2023		2,300,000		2,303,909
Broadcasting – 0.2%
Fox Corp.
3.67%, 1/25/2022		800,000		819,413
Cable & Satellite – 0.3%
Comcast Corp.
(ICE LIBOR USD 3 Month + 0.63%), 0.81%, 4/15/2024(b)		1,100,000		1,112,708
Consumer Finance – 4.1%
American Honda Finance Corp.
(ICE LIBOR USD 3 Month + 0.37%), 0.57%, 5/10/2023(b)		2,500,000		2,509,126

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 323

FlexShares® Ready Access Variable Income Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Consumer Finance – (continued)
0.88%, 7/7/2023	$	2,670,000	$	2,696,914
(ICE LIBOR USD 3 Month + 0.42%), 0.60%, 9/8/2023(b)		600,000		602,947
Capital One Financial Corp.
(ICE LIBOR USD 3 Month + 0.95%), 1.14%, 3/9/2022(b)		235,000		236,507
(ICE LIBOR USD 3 Month + 0.72%), 0.91%, 1/30/2023(b)		1,500,000		1,510,948
Caterpillar Financial Services Corp.
(ICE LIBOR USD 3 Month + 0.22%), 0.41%, 1/6/2022(b)		2,710,000		2,713,047
General Motors Financial Co., Inc.
(ICE LIBOR USD 3 Month + 1.10%), 1.29%, 11/6/2021(b)		1,500,000		1,506,171
4.15%, 6/19/2023		765,000		817,550
1.70%, 8/18/2023		380,000		387,948
(SOFR + 0.76%), 0.77%, 3/8/2024(b)		800,000		803,272
PACCAR Financial Corp.
2.00%, 9/26/2022		200,000		204,833
2.65%, 4/6/2023		1,000,000		1,046,326
Toyota Motor Credit Corp.
1.15%, 5/26/2022		2,000,000		2,020,066
				17,055,655
Data Processing & Outsourced Services – 1.3%
Fidelity National Information Services, Inc.
0.60%, 3/1/2024		910,000		908,347
PayPal Holdings, Inc.
2.20%, 9/26/2022		900,000		922,375
1.35%, 6/1/2023		3,640,000		3,708,545
				5,539,267

Investments	Principal Amount		Value
Diversified Banks – 23.2%
Australia & New Zealand Banking Group Ltd.
2.30%, 6/1/2021	$	1,010,000	$	1,011,691
2.05%, 11/21/2022		1,900,000		1,953,707
Bank of America Corp.
3.30%, 1/11/2023		300,000		315,211
(ICE LIBOR USD 3 Month + 0.79%), 0.98%, 3/5/2024(b)		2,352,000		2,373,140
(SOFR + 0.73%), 0.74%, 10/24/2024(b)		4,200,000		4,221,924
Bank of Montreal
2.90%, 3/26/2022		1,500,000		1,536,582
Bank of Nova Scotia (The)
1.63%, 5/1/2023		2,000,000		2,049,251
(SOFR + 0.55%), 0.57%, 3/2/2026(b)		5,000,000		5,011,273
Banque Federative du Credit Mutuel SA
2.13%, 11/21/2022(a)		1,400,000		1,437,041
(ICE LIBOR USD 3 Month + 0.96%), 1.15%, 7/20/2023(a) (b)		1,000,000		1,016,563
Barclays Bank plc
1.70%, 5/12/2022		1,090,000		1,104,953
BNP Paribas SA
2.95%, 5/23/2022(a)		1,300,000		1,335,649
Canadian Imperial Bank of Commerce
(SOFR + 0.80%), 0.81%, 3/17/2023(b)		2,400,000		2,421,467
Citibank NA
(ICE LIBOR USD 3 Month + 0.57%), 0.74%, 7/23/2021(b)		900,000		900,641
Citigroup, Inc.
(SOFR + 0.67%), Zero Coupon, 5/1/2025(b)		950,000		951,413
Cooperatieve Rabobank UA
(ICE LIBOR USD 3 Month + 0.48%), 0.67%, 1/10/2023(b)		1,000,000		1,006,051
(SOFR + 0.30%), 0.31%, 1/12/2024(b)		2,000,000		2,002,164

See Accompanying Notes to the Financial Statements.

324 FLEXSHARES SEMIANNUAL REPORT

FlexShares® Ready Access Variable Income Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Diversified Banks – (continued)
DBS Group Holdings Ltd.
2.85%, 4/16/2022(a)	$	1,200,000	$	1,228,170
DNB Bank ASA
2.15%, 12/2/2022(a)		1,590,000		1,634,792
HSBC Holdings plc
3.26%, 3/13/2023(c)		1,100,000		1,126,311
ING Groep NV
3.15%, 3/29/2022		291,000		298,425
(SOFR + 1.01%), 1.02%, 4/1/2027(b)		4,000,000		4,013,640
JPMorgan Chase & Co.
4.63%, 5/10/2021		1,600,000		1,601,179
3.21%, 4/1/2023(c)		1,000,000		1,026,231
2.78%, 4/25/2023(c)		100,000		102,388
1.51%, 6/1/2024(c)		3,650,000		3,720,822
Lloyds Banking Group plc
2.86%, 3/17/2023(c)		2,600,000		2,653,495
1.33%, 6/15/2023(c)		400,000		403,805
4.05%, 8/16/2023		650,000		700,759
Mitsubishi UFJ Financial Group, Inc.
(ICE LIBOR USD 3 Month + 0.65%), 0.83%, 7/26/2021(b)		695,000		695,959
3.22%, 3/7/2022		700,000		717,272
2.62%, 7/18/2022		2,970,000		3,051,988
3.46%, 3/2/2023		500,000		526,908
Mizuho Financial Group, Inc.
(ICE LIBOR USD 3 Month + 0.88%), 1.06%, 9/11/2022(b)		600,000		605,806
(ICE LIBOR USD 3 Month + 0.84%), 1.02%, 7/16/2023(b)		700,000		704,703
(ICE LIBOR USD 3 Month + 0.85%), 1.03%, 9/13/2023(b)		2,250,000		2,267,514
(ICE LIBOR USD 3 Month + 0.61%), 0.79%, 9/8/2024(b)		3,100,000		3,111,829
National Securities Clearing Corp.
0.40%, 12/7/2023(a)		1,500,000		1,499,954

Investments	Principal Amount		Value
Diversified Banks – (continued)
Nordea Bank Abp
1.00%, 6/9/2023(a)	$	640,000	$	647,957
Royal Bank of Canada
(SOFR + 0.53%), 0.53%, 1/20/2026(b)		3,000,000		3,004,254
(SOFR + 0.57%), 0.58%, 4/27/2026(b)		2,000,000		2,000,300
Santander UK Group Holdings plc
2.88%, 8/5/2021		5,500,000		5,536,613
Santander UK plc
(ICE LIBOR USD 3 Month + 0.62%), 0.81%, 6/1/2021(b)		672,000		672,333
Skandinaviska Enskilda Banken AB
2.20%, 12/12/2022(a)		600,000		618,146
(ICE LIBOR USD 3 Month + 0.32%), 0.51%, 9/1/2023(a) (b)		3,000,000		3,006,173
Sumitomo Mitsui Financial Group, Inc.
2.06%, 7/14/2021		1,941,000		1,948,213
0.51%, 1/12/2024		300,000		299,476
Sumitomo Mitsui Trust Bank Ltd.
0.80%, 9/12/2023(a)		1,300,000		1,306,377
Swedbank AB
1.30%, 6/2/2023(a)		400,000		406,572
0.60%, 9/25/2023(a)		2,470,000		2,469,309
Toronto-Dominion Bank (The)
(ICE LIBOR USD 3 Month + 0.30%), 0.49%, 7/30/2021(b)		800,000		800,498
(SOFR + 0.24%), 0.25%, 1/6/2023(b)		3,000,000		3,002,678
0.45%, 9/11/2023		2,000,000		2,001,632
Wells Fargo Bank NA
(ICE LIBOR USD 3 Month + 0.62%), 0.81%, 5/27/2022(b)		1,000,000		1,000,402
(ICE LIBOR USD 3 Month + 0.66%), 0.85%, 9/9/2022(b)		1,000,000		1,002,427

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 325

FlexShares® Ready Access Variable Income Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Diversified Banks – (continued)
Westpac Banking Corp.
(ICE LIBOR USD 3 Month + 0.85%), 1.04%, 1/11/2022(b)	$	1,500,000	$	1,508,482
(ICE LIBOR USD 3 Month + 0.57%), 0.76%, 1/11/2023(b)		1,035,000		1,042,923
(ICE LIBOR USD 3 Month + 0.39%), 0.58%, 1/13/2023(b)		1,100,000		1,106,114
				95,721,550
Diversified Capital Markets – 3.5%
Credit Suisse AG
3.00%, 10/29/2021		250,000		253,280
(SOFR + 0.45%), 0.46%, 2/4/2022(b)		3,000,000		2,999,025
2.80%, 4/8/2022		2,300,000		2,353,015
Deutsche Bank AG
4.25%, 10/14/2021		3,160,000		3,213,753
(ICE LIBOR USD 3 Month + 1.19%), 1.38%, 11/16/2022(b)		1,250,000		1,258,891
Macquarie Bank Ltd.
2.10%, 10/17/2022(a)		700,000		718,070
UBS AG
(SOFR + 0.36%), 0.37%, 2/9/2024(a) (b)		3,000,000		3,001,653
UBS Group AG
3.49%, 5/23/2023(a)		620,000		639,554
				14,437,241
Diversified Chemicals – 0.8%
LYB International Finance III LLC
(ICE LIBOR USD 3 Month + 1.00%), 1.20%, 10/1/2023(b)		3,240,000		3,247,644
Electric Utilities – 3.8%
American Electric Power Co., Inc.
Series A, (ICE LIBOR USD 3 Month + 0.48%), 0.69%, 11/1/2023(b)		1,500,000		1,501,920

Investments	Principal Amount		Value
Electric Utilities – (continued)
Duke Energy Corp.
1.80%, 9/1/2021	$	315,000	$	316,210
3.55%, 9/15/2021		150,000		150,567
2.40%, 8/15/2022		250,000		255,906
Duke Energy Florida LLC
Series A, (ICE LIBOR USD 3 Month + 0.25%), 0.44%, 11/26/2021(b)		600,000		600,490
Duke Energy Progress LLC
Series A, (ICE LIBOR USD 3 Month + 0.18%), 0.37%, 2/18/2022(b)		2,600,000		2,599,796
Entergy Louisiana LLC
0.62%, 11/17/2023		1,500,000		1,501,778
NextEra Energy Capital Holdings, Inc.
2.40%, 9/1/2021		2,487,000		2,504,698
2.90%, 4/1/2022		1,352,000		1,384,361
(ICE LIBOR USD 3 Month + 0.27%), 0.45%, 2/22/2023(b)		2,221,000		2,221,338
PPL Electric Utilities Corp.
(ICE LIBOR USD 3 Month + 0.25%), 0.44%, 9/28/2023(b)		850,000		850,410
Southern Co. (The)
Series 21-A, 0.60%, 2/26/2024		1,940,000		1,936,964
				15,824,438
Financial Exchanges & Data – 1.0%
Intercontinental Exchange, Inc.
0.70%, 6/15/2023		1,600,000		1,607,681
(ICE LIBOR USD 3 Month + 0.65%), 0.83%, 6/15/2023(b)		1,300,000		1,300,458
Nasdaq, Inc.
0.45%, 12/21/2022		1,200,000		1,200,514
				4,108,653
Food Retail – 0.3%
7-Eleven, Inc.
(ICE LIBOR USD 3 Month + 0.45%), 0.65%, 8/10/2022(a) (b)		1,300,000		1,301,068

See Accompanying Notes to the Financial Statements.

326 FLEXSHARES SEMIANNUAL REPORT

FlexShares® Ready Access Variable Income Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Gas Utilities – 1.9%
CenterPoint Energy Resources Corp.
0.70%, 3/2/2023	$	1,420,000	$	1,420,959
3.55%, 4/1/2023		750,000		792,495
Eastern Energy Gas Holdings LLC
Series A, (ICE LIBOR USD 3 Month + 0.60%), 0.78%, 6/15/2021(b)		1,300,000		1,300,810
ONE Gas, Inc.
(ICE LIBOR USD 3 Month + 0.61%), 0.79%, 3/11/2023(b)		4,100,000		4,101,242
Southern Natural Gas Co. LLC
0.63%, 4/28/2023(a)		180,000		180,035
				7,795,541
Health Care Equipment – 1.8%
Becton Dickinson and Co.
(ICE LIBOR USD 3 Month + 1.03%), 1.21%, 6/6/2022(b)		2,000,000		2,017,823
DH Europe Finance II Sarl
2.05%, 11/15/2022		3,300,000		3,382,507
Stryker Corp.
0.60%, 12/1/2023		1,910,000		1,911,764
				7,312,094
Health Care Services – 0.3%
CVS Health Corp.
2.13%, 6/1/2021		620,000		620,325
2.75%, 12/1/2022		610,000		629,323
3.70%, 3/9/2023		14,000		14,820
				1,264,468
Home Improvement Retail – 0.1%
Lowe’s Cos., Inc.
3.12%, 4/15/2022		305,000		311,176
Homebuilding – 0.4%
DR Horton, Inc.
4.38%, 9/15/2022		500,000		520,908
Lennar Corp.
4.88%, 12/15/2023		940,000		1,029,272
				1,550,180

Investments	Principal Amount		Value
Household Appliances – 0.6%
Whirlpool Corp.
4.85%, 6/15/2021	$	2,448,000	$	2,460,470
Household Products – 0.2%
Clorox Co. (The)
3.80%, 11/15/2021		1,000,000		1,018,665
Industrial Conglomerates – 1.1%
General Electric Co.
(ICE LIBOR USD 3 Month + 0.30%), 0.48%, 5/13/2024(b)		3,000,000		2,962,034
Honeywell International, Inc.
(ICE LIBOR USD 3 Month + 0.23%), 0.41%, 8/19/2022(b)		1,200,000		1,200,848
Roper Technologies, Inc.
0.45%, 8/15/2022		290,000		290,419
				4,453,301
Industrial Machinery – 0.9%
Otis Worldwide Corp.
(ICE LIBOR USD 3 Month + 0.45%), 0.64%, 4/5/2023(b)		3,705,000		3,703,963
Insurance Brokers – 0.4%
Aon Corp.
2.20%, 11/15/2022		1,752,000		1,799,617
Integrated Oil & Gas – 2.3%
BP Capital Markets America, Inc.
2.94%, 4/6/2023		300,000		314,552
Chevron Corp.
1.14%, 5/11/2023		1,280,000		1,302,099
Chevron USA, Inc.
(ICE LIBOR USD 3 Month + 0.20%), 0.40%, 8/11/2023(b)		3,770,000		3,780,061
Exxon Mobil Corp.
1.57%, 4/15/2023		1,751,000		1,795,297
Saudi Arabian Oil Co.
1.25%, 11/24/2023(a)		200,000		202,614
Total Capital International SA
2.22%, 7/12/2021		2,200,000		2,204,705
				9,599,328

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 327

FlexShares® Ready Access Variable Income Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Integrated Telecommunication Services – 4.2%
AT&T, Inc.
(ICE LIBOR USD 3 Month + 0.95%), 1.13%, 7/15/2021(b)	$	2,891,000	$	2,896,198
(SOFR + 0.64%), 0.65%, 3/25/2024(b)		1,160,000		1,161,943
(ICE LIBOR USD 3 Month + 1.18%), 1.36%, 6/12/2024(b)		3,800,000		3,883,106
Bell Canada
Series US-3, 0.75%, 3/17/2024		3,000,000		2,997,480
Verizon Communications, Inc.
(ICE LIBOR USD 3 Month + 1.00%), 1.19%, 3/16/2022(b)		2,000,000		2,016,622
(SOFR + 0.50%), 0.51%, 3/22/2024(b)		400,000		401,865
(ICE LIBOR USD 3 Month + 1.10%), 1.30%, 5/15/2025(b)		1,000,000		1,024,815
(SOFR + 0.79%), 0.80%, 3/20/2026(b)		3,000,000		3,051,398
				17,433,427
Investment Banking & Brokerage – 3.2%
Charles Schwab Corp. (The)
(ICE LIBOR USD 3 Month + 0.32%), 0.50%, 5/21/2021(b)		965,000		965,050
3.25%, 5/21/2021		590,000		590,299
(SOFR + 0.50%), 0.51%, 3/18/2024(b)		1,640,000		1,651,092
Goldman Sachs Group, Inc. (The)
(SOFR + 0.41%), 0.42%, 1/27/2023(b)		1,000,000		999,903
(SOFR + 0.54%), 0.55%, 11/17/2023(b)		3,100,000		3,102,222
Morgan Stanley
2.75%, 5/19/2022		845,000		866,879
(ICE LIBOR USD 3 Month + 0.93%), 1.11%, 7/22/2022(b)		244,000		244,389
(SOFR + 0.70%), 0.71%, 1/20/2023(b)		1,200,000		1,203,273

Investments	Principal Amount		Value
Investment Banking & Brokerage – (continued)
0.56%, 11/10/2023(c)	$	3,560,000	$	3,564,661
				13,187,768
Life & Health Insurance – 1.3%
Athene Global Funding
1.20%, 10/13/2023(a)		2,400,000		2,424,046
(ICE LIBOR USD 3 Month + 0.73%), 0.93%, 1/8/2024(a) (b)		1,000,000		1,003,115
Jackson National Life Global Funding
(ICE LIBOR USD 3 Month + 0.48%), 0.66%, 6/11/2021(a)(b)		500,000		500,227
MetLife, Inc.
3.05%, 12/15/2022(d)		500,000		521,779
Protective Life Global Funding
0.63%, 10/13/2023(a)		900,000		902,383
				5,351,550
Managed Health Care – 1.1%
Cigna Corp.
(ICE LIBOR USD 3 Month + 0.89%), 1.07%, 7/15/2023(b)		2,000,000		2,025,177
UnitedHealth Group, Inc.
2.88%, 12/15/2021		1,020,000		1,036,724
2.88%, 3/15/2022		670,000		680,990
2.38%, 10/15/2022		800,000		824,616
				4,567,507
Multi-line Insurance – 0.1%
American International Group, Inc.
4.88%, 6/1/2022		320,000		335,092
Multi-Utilities – 2.5%
Consolidated Edison, Inc.
Series A, 0.65%, 12/1/2023		4,100,000		4,101,003
Consumers Energy Co.
0.35%, 6/1/2023		960,000		959,152
Dominion Energy, Inc.
Series D, (ICE LIBOR USD 3 Month + 0.53%), 0.71%, 9/15/2023(b)		2,000,000		2,001,962

See Accompanying Notes to the Financial Statements.

328 FLEXSHARES SEMIANNUAL REPORT

FlexShares® Ready Access Variable Income Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Multi-Utilities – (continued)
DTE Energy Co.
Series B, 3.30%, 6/15/2022	$	175,000	$	179,485
Series H, 0.55%, 11/1/2022		3,000,000		3,004,838
				10,246,440
Oil & Gas Exploration & Production – 1.5%
Canadian Natural Resources Ltd.
3.45%, 11/15/2021		4,123,000		4,158,734
Pioneer Natural Resources Co.
0.75%, 1/15/2024		2,000,000		2,000,974
				6,159,708
Oil & Gas Refining & Marketing – 2.6%
Phillips 66
4.30%, 4/1/2022		630,000		652,412
3.70%, 4/6/2023		600,000		635,752
(ICE LIBOR USD 3 Month + 0.62%), 0.81%, 2/15/2024(b)		3,800,000		3,807,265
Valero Energy Corp.
1.20%, 3/15/2024		5,840,000		5,873,343
				10,968,772
Oil & Gas Storage & Transportation – 0.2%
Enbridge, Inc.
(SOFR + 0.40%), 0.41%, 2/17/2023(b)		690,000		691,061
Other Diversified Financial Services – 0.4%
Siemens Financieringsmaatschappij NV
(SOFR + 0.43%), 0.44%, 3/11/2024(a) (b)		1,750,000		1,761,377
Packaged Foods & Meats – 2.2%
Hershey Co. (The)
3.10%, 5/15/2021		670,000		670,608
J M Smucker Co. (The)
3.00%, 3/15/2022		2,169,000		2,218,708
McCormick & Co., Inc.
0.90%, 2/15/2026		670,000		656,297
Mondelez International Holdings Netherlands BV
2.13%, 9/19/2022(a)		360,000		368,624

Investments	Principal Amount		Value
Packaged Foods & Meats – (continued)
Mondelez International, Inc.
0.63%, 7/1/2022	$	2,510,000	$	2,518,964
Tyson Foods, Inc.
2.25%, 8/23/2021		2,710,000		2,721,994
				9,155,195
Paper Products – 0.6%
Georgia-Pacific LLC
0.63%, 5/15/2024(a)		2,300,000		2,294,716
Pharmaceuticals – 2.1%
AstraZeneca plc
(ICE LIBOR USD 3 Month + 0.67%), 0.86%, 8/17/2023(b)		580,000		585,556
Bristol-Myers Squibb Co.
0.54%, 11/13/2023		2,700,000		2,703,111
Shire Acquisitions Investments Ireland DAC
2.88%, 9/23/2023		1,120,000		1,176,139
Utah Acquisition Sub, Inc.
3.15%, 6/15/2021		1,000,000		1,002,137
Viatris, Inc.
1.13%, 6/22/2022(a)		3,379,000		3,401,571
				8,868,514
Railroads – 1.1%
Union Pacific Corp.
3.20%, 6/8/2021		4,412,000		4,424,244
Regional Banks – 3.9%
Capital One Bank USA NA
2.01%, 1/27/2023(c)		3,150,000		3,186,028
3.38%, 2/15/2023		350,000		367,135
Citizens Bank NA
(ICE LIBOR USD 3 Month + 0.72%), 0.92%, 2/14/2022(b)		2,000,000		2,008,521
3.25%, 2/14/2022		1,088,000		1,110,630
Fifth Third Bancorp
2.60%, 6/15/2022		854,000		874,521
Fifth Third Bank NA
2.25%, 6/14/2021		460,000		460,264
KeyBank NA
(SOFR + 0.34%), 0.35%, 1/3/2024(b)		2,940,000		2,941,743

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 329

FlexShares® Ready Access Variable Income Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Regional Banks – (continued)
Truist Bank
(ICE LIBOR USD 3 Month + 0.59%), 0.78%, 5/17/2022(b)	$	3,000,000	$	3,015,325
Truist Financial Corp.
3.05%, 6/20/2022		2,268,000		2,334,733
				16,298,900
Research & Consulting Services – 0.1%
Equifax, Inc.
(ICE LIBOR USD 3 Month + 0.87%), 1.06%, 8/15/2021(b)		400,000		400,812
Residential REITs – 0.2%
American Campus Communities Operating Partnership LP
REIT, 3.75%, 4/15/2023		985,000		1,037,887
Restaurants – 1.1%
McDonald’s Corp.
(ICE LIBOR USD 3 Month + 0.43%), 0.61%, 10/28/2021(b)		4,325,000		4,332,979
Starbucks Corp.
1.30%, 5/7/2022		290,000		293,299
				4,626,278
Soft Drinks – 1.1%
Keurig Dr Pepper, Inc.
3.55%, 5/25/2021		827,000		828,611
0.75%, 3/15/2024		3,700,000		3,701,543
				4,530,154
Specialized Finance – 0.3%
Element Fleet Management Corp.
1.60%, 4/6/2024(a)		500,000		505,877
NTT Finance Corp.
0.58%, 3/1/2024(a)		600,000		599,333
				1,105,210
Specialized REITs – 0.6%
American Tower Corp.
REIT, 2.25%, 1/15/2022		640,000		648,813

Investments	Principal Amount		Value
Specialized REITs – (continued)
Crown Castle International Corp.
REIT, 3.15%, 7/15/2023	$	1,800,000	$	1,898,612
				2,547,425
Specialty Chemicals – 0.1%
DuPont de Nemours, Inc.
2.17%, 5/1/2023		576,000		578,239
Technology Hardware, Storage & Peripherals – 0.6%
Dell International LLC
5.45%, 6/15/2023(a)		1,000,000		1,091,315
Hewlett Packard Enterprise Co.
3.50%, 10/5/2021		800,000		808,042
2.25%, 4/1/2023		400,000		412,174
				2,311,531
Trading Companies & Distributors – 1.3%
Air Lease Corp.
(ICE LIBOR USD 3 Month + 0.67%), 0.85%, 6/3/2021(b)		1,775,000		1,775,210
3.50%, 1/15/2022		960,000		980,197
3.75%, 2/1/2022		1,000,000		1,018,503
0.70%, 2/15/2024		1,000,000		992,421
GATX Corp.
4.75%, 6/15/2022		539,000		563,788
				5,330,119
Trucking – 1.5%
Penske Truck Leasing Co. LP
3.65%, 7/29/2021(a)		2,935,000		2,949,835
Ryder System, Inc.
3.45%, 11/15/2021		1,835,000		1,860,487
2.88%, 6/1/2022		1,200,000		1,229,870
				6,040,192
Wireless Telecommunication Services – 0.6%
Rogers Communications, Inc.
(ICE LIBOR USD 3 Month + 0.60%), 0.79%, 3/22/2022(b)		2,500,000		2,508,640
Total Corporate Bonds (Cost $371,409,302)				373,260,274

See Accompanying Notes to the Financial Statements.

330 FLEXSHARES SEMIANNUAL REPORT

FlexShares® Ready Access Variable Income Fund (cont.)

Investments	Principal Amount		Value
ASSET-BACKED SECURITIES – 6.7%
AmeriCredit Automobile Receivables Trust
Series 2020-3, Class A2, 0.42%, 3/18/2024	$	1,717,638	$	1,719,360
Series 2021-1, Class A2, 0.28%, 6/18/2024		2,000,000		2,000,104
BA Credit Card Trust
Series 2019-A1, Class A1, 1.74%, 1/15/2025		880,000		897,731
Barclays Dryrock Issuance Trust
Series 2019-1, Class A, 1.96%, 5/15/2025		700,000		714,908
BMW Vehicle Owner Trust
Series 2020-A, Class A2, 0.39%, 2/27/2023		768,990		769,492
Capital One Multi-Asset Execution Trust
Series 2019-A2, Class A2, 1.72%, 8/15/2024		900,000		917,731
CarMax Auto Owner Trust
Series 2020-3, Class A2A, 0.49%, 6/15/2023		248,995		249,256
Enterprise Fleet Financing LLC
Series 2019-2, Class A2, 2.29%, 2/20/2025(a)		710,503		722,168
Ford Credit Auto Owner Trust
Series 2020-A, Class A2, 1.03%, 10/15/2022		71,031		71,150
Series 2020-B, Class A2, 0.50%, 2/15/2023		1,273,755		1,274,814
Series 2020-C, Class A2, 0.25%, 10/15/2023		795,779		796,019
Ford Credit Floorplan Master Owner Trust A
Series 2019-1, Class A, 2.84%, 3/15/2024		500,000		511,348
GM Financial Automobile Leasing Trust
Series 2020-1, Class A3, 1.67%, 12/20/2022		550,000		554,759
GM Financial Consumer Automobile Receivables Trust
Series 2020-2, Class A2A, 1.50%, 3/16/2023		76,673		76,894

Investments	Principal Amount		Value
ASSET-BACKED SECURITIES – (continued)
Honda Auto Receivables Owner Trust
Series 2020-2, Class A2, 0.74%, 11/15/2022	$	385,461	$	386,094
Hyundai Auto Receivables Trust
Series 2020-B, Class A2, 0.38%, 3/15/2023		752,923		753,413
John Deere Owner Trust
Series 2020-B, Class A2, 0.41%, 3/15/2023		324,872		325,066
Mercedes-Benz Auto Lease Trust
Series 2020-B, Class A2, 0.31%, 2/15/2023		620,282		620,567
Mercedes-Benz Auto Receivables Trust
Series 2020-1, Class A2, 0.46%, 3/15/2023		596,919		597,490
Santander Drive Auto Receivables Trust
Series 2020-2, Class A2A, 0.62%, 5/15/2023		401,500		401,695
Series 2020-4, Class A2, 0.42%, 9/15/2023		1,603,587		1,604,738
Series 2021-1, Class A2, 0.29%, 11/15/2023		3,000,000		3,000,095
Synchrony Card Funding LLC
Series 2019-A1, Class A, 2.95%, 3/15/2025		2,000,000		2,046,996
Toyota Auto Receivables Owner Trust
Series 2020-C, Class A2, 0.36%, 2/15/2023		1,467,280		1,468,202
Verizon Owner Trust
Series 2020-A, Class A1A, 1.85%, 7/22/2024		1,500,000		1,529,411
Volkswagen Auto Loan Enhanced Trust
Series 2020-1, Class A2A, 0.93%, 12/20/2022		425,279		426,046
World Financial Network Credit Card Master Trust
Series 2019-B, Class A, 2.49%, 4/15/2026		1,000,000		1,024,828
Series 2019-C, Class A, 2.21%, 7/15/2026		1,000,000		1,026,400

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 331

FlexShares® Ready Access Variable Income Fund (cont.)

Investments	Principal Amount		Value
ASSET-BACKED SECURITIES – (continued)
World Omni Automobile Lease Securitization Trust
Series 2020-B, Class A2, 0.32%, 9/15/2023	$	1,256,933	$	1,257,485
Total Asset-Backed Securities (Cost $27,527,022)				27,744,260
MUNICIPAL BONDS – 1.8%
University of Missouri, System Facilities Revenue Bonds
Series 2020-A, 1.47%, 11/1/2023		1,000,000		1,028,008
City of New York
Series 2021-D, 0.43%, 8/1/2022		830,000		829,987
Series 2021-D, 0.59%, 8/1/2023		1,800,000		1,801,019
California Earthquake Authority
Series 2020-B, 1.33%, 7/1/2022		500,000		505,905
Miami-Dade County, Capital Asset Acquisition Special Obligation Bonds
Series 2020-B, 0.38%, 4/1/2023		1,110,000		1,110,502
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project
Series 2020-B, 1.36%, 12/1/2021		1,000,000		1,005,422
Port Authority of New York & New Jersey
Series AAA, 1.09%, 7/1/2023		1,000,000		1,015,785
Total Municipal Bonds (Cost $7,237,351)				7,296,628
FOREIGN GOVERNMENT SECURITIES – 0.2%
Japan Bank for International Cooperation
1.75%, 1/23/2023 (Cost $798,507)		800,000		819,745

Investments	Principal Amount		Value
SHORT-TERM INVESTMENTS – 0.6%
COMMERCIAL PAPER – 0.6%
Waste Management, Inc.
0.40%, 8/9/2021(e) (f) (Cost $2,687,011)	$	2,690,000	$	2,688,158
Total Investments – 99.6% (Cost $409,659,193)				411,809,065
Other assets less liabilities – 0.4%				1,575,626
NET ASSETS – 100.0%			$	413,384,691

^(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)  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2021.

^(c)  Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end.

^(d)  Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of April 30, 2021.

^(e)  Security exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities may be sold 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.

^(f)  The rate shown was the current yield as of April 30, 2021.

Percentages shown are based on Net Assets.

Abbreviations

ICE - Intercontinental Exchange

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

USD - US Dollar

As of April 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments (including derivative instruments, if applicable) for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	2,217,201
Aggregate gross unrealized depreciation		(67,329	)
Net unrealized appreciation	$	2,149,872
Federal income tax cost	$	409,659,193

See Accompanying Notes to the Financial Statements.

332 FLEXSHARES SEMIANNUAL REPORT

FlexShares® Ready Access Variable Income Fund (cont.)

FlexShares® Ready Access Variable Income Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2021:

Australia	1.8	%
Canada	7.9
Finland	0.2
France	1.4
Germany	3.6
Japan	4.0
Netherlands	1.8
Norway	0.4
Saudi Arabia	0.0	†
Singapore	0.3
Sweden	1.6
Switzerland	2.2
United Kingdom	3.1
United States	71.3
Other1	0.4
	100.0	%

^†  Amount represents less than 0.05%.

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

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 333

Schedule of Investments

FlexShares^® Core Select Bond Fund

April 30, 2021 (Unaudited)

Investments	Shares		Value
EXCHANGE TRADED FUNDS – 99.8%
FlexShares® Credit-Scored US Corporate Bond Index Fund(a)		629,612	$	33,897,743
FlexShares® Credit-Scored US Long Corporate Bond Index Fund(a)		96,968		5,645,477
FlexShares® Disciplined Duration MBS Index Fund(a)		594,945		14,132,919
FlexShares® Ready Access Variable Income Fund(a)		12,599		959,981
iShares 10+ Year Investment Grade Corporate Bond ETF		108,664		7,342,426
iShares 20+ Year Treasury Bond ETF		60,142		8,338,087
iShares 3-7 Year Treasury Bond ETF		24,686		3,219,795
iShares 5-10 Year Investment Grade Corporate Bond ETF		160,787		9,603,808
iShares 7-10 Year Treasury Bond ETF		41,114		4,686,585
iShares MBS ETF		129,806		14,130,681
iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF		195,810		10,732,346
Total Exchange Traded Funds (Cost $112,525,577)				112,689,848
Total Investments – 99.8% (Cost $112,525,577)				112,689,848
Other assets less liabilities – 0.2%				261,650
NET ASSETS – 100.0%			$	112,951,498

^(a)   Investment in affiliated Fund. Northern Trust Investments, Inc. is the Investment Adviser to both the Fund and the affiliated Funds.

Percentages shown are based on Net Assets.

As of April 30, 2021, 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	$	279,643
Aggregate gross unrealized depreciation		(540,982	)
Net unrealized appreciation	$	(261,339	)
Federal income tax cost	$	112,951,187

See Accompanying Notes to the Financial Statements.

334 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Core Select Bond Fund (cont.)

For the period ended April 30, 2021, 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, 2021, was as follows:

Security	Value October 31, 2020		Purchases at Cost		Sales Proceeds		Shares April 30, 2021		Value April 30, 2021		Change in Unrealized Appreciation (Depreciation)			Dividend Income		Realized Loss
FlexShares® Credit-Scored US Corporate Bond Index Fund	$	44,169,956	$	12,739,771	$	22,247,212		629,612	$	33,897,743	$	(715,549	)	$	414,593	$	(49,223	)
FlexShares® Credit-Scored US Long Corporate Bond Index Fund		13,498,994		2,958,648		9,912,537		96,968		5,645,477		(220,309	)		189,655		(679,319	)
FlexShares® Disciplined Duration MBS Index Fund		19,196,179		2,539,290		7,379,689		594,945		14,132,919		(199,101	)		247,559		(23,760	)
FlexShares® Ready Access Variable Income Fund		1,805,563		2,350,622		3,192,770		12,599		959,981		14			3,881		(3,448	)
	$	78,670,692	$	20,588,331	$	42,732,208		1,334,124	$	54,636,120	$	(1,134,945	)	$	855,688	$	(755,750	)

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 335

Notes to the Financial Statements April 30, 2021 (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 twenty-seven operational exchange-traded funds as of April 30, 2021 (each a “Fund” and collectively, the “Funds”).

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 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^® 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, and the FlexShares^® Ready Access Variable Income 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^® US Quality Large Cap Index Fund, FlexShares^® STOXX^® US ESG Select Index Fund (formerly known as the FlexShares^® STOXX^® US ESG Impact Index Fund), FlexShares^® STOXX^® Global ESG Select Index Fund (formerly known as the FlexShares^® STOXX^® Global ESG Impact 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 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 and the FlexShares High Yield Value-Scored Bond Index Fund seek to track Underlying Indexes developed by Northern Trust Investments, Inc. (“NTI” or “Investment Adviser”), an indirect subsidiary of Northern Trust Corporation. The FlexShares Morningstar US Market Factor Tilt Index Fund, FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund and FlexShares Morningstar Global Upstream Natural Resources Index Fund seek to track Underlying Indexes sponsored by Morningstar, Inc. The FlexShares STOXX^® US ESG Select Index Fund, FlexShares STOXX^® Global ESG Select Index Fund, and FlexShares STOXX^® Global Broad Infrastructure Index Fund seek to track Underlying Indexes sponsored by STOXX. The FlexShares iBoxx 3-Year Target Duration TIPS Index Fund and FlexShares iBoxx 5-Year Target Duration TIPS Index Fund seek to track Underlying Indexes sponsored by Markit Indexes Limited. The FlexShares Disciplined Duration MBS Index Fund seeks to track an Underlying Index sponsored by ICE Data Indexes, LLC.

The FlexShares Real Assets Allocation Index Fund is a fund of funds that seeks 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

336 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

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 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

FLEXSHARES SEMIANNUAL REPORT 337

Notes to the Financial Statements (cont.)

could result in a difference between the prices used to calculate a 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 the index provider may adversely affect the Fund’s ability to track its Underlying Index. The index provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index.

Exchange-traded financial futures and options thereon are valued at the settlement price as established by the exchange on which they are traded. Over-the-counter options are valued at broker-provided bid prices, as are swaps. The foregoing prices may be obtained from one or more independent pricing services or, as needed or applicable, independent broker-dealers. If there was no sale on that day, and for other non-exchange traded 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

338 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

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, 2021 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*	$	144,210,727	$	—	$	—	$	144,210,727
Short-Term Investments		—		74,999		—		74,999
Total Investments	$	144,210,727	$	74,999	$	—	$	144,285,726
Other Financial Instruments
Assets
Futures Contracts	$	43,328	$	—	$	—	$	43,328
Total Other Financial Instruments	$	43,328	$	—	$	—	$	43,328

FLEXSHARES SEMIANNUAL REPORT 339

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*	$	85,810,100	$	—		$	—	$	85,810,100
Rights		10,141		—			—		10,141
Securities Lending Reinvestments
Repurchase Agreements		—		2,693,457			—		2,693,457
Total Investments	$	85,820,241	$	2,693,457		$	—	$	88,513,698
Other Financial Instruments
Assets
Futures Contracts	$	16,282	$	—		$	—	$	16,282
Forward Foreign Currency Contracts		—		7,426			—		7,426
Liabilities
Forward Foreign Currency Contracts		—		(8,122	)		—		(8,122	)
Total Other Financial Instruments	$	16,282	$	(696	)	$	—	$	15,586
	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
Health Care Providers & Services	$	623,695	$	12,126		$	—	$	635,821
Multiline Retail		—		376			—		376
Specialty Retail		204,857		1,268			—		206,125
Other*		15,521,935		—			—		15,521,935
Corporate Bonds*		—		1			—		1
Total Investments	$	16,350,487	$	13,771		$	—	$	16,364,258
Other Financial Instruments
Assets
Futures Contracts	$	1,536	$	—		$	—	$	1,536
Forward Foreign Currency Contracts		—		374			—		374
Liabilities
Forward Foreign Currency Contracts		—		(16	)		—		(16	)
Total Other Financial Instruments	$	1,536	$	358		$	—	$	1,894

340 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
FlexShares Morningstar US Market Factor Tilt Index Fund
Investments
Common Stocks
IT Services	$	68,671,288		$	14,489		$	—	$	68,685,777
Other*		1,583,194,559			—			—		1,583,194,559
Rights		—			—			27,946		27,946
Warrants		45,988			—			—		45,988
Securities Lending Reinvestments
Certificates of Deposit		—			16,003,342			—		16,003,342
Repurchase Agreements		—			99,578,929			—		99,578,929
Total Investments	$	1,651,911,835		$	115,596,760		$	27,946	$	1,767,536,541
Other Financial Instruments
Assets
Futures Contracts	$	651,986		$	—		$	—	$	651,986
Total Other Financial Instruments	$	651,986		$	—		$	—	$	651,986
	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	$	100,799		$	—		$	—	$	100,799
Common Stocks
Banks		64,532,259			1,126			—		64,533,385
Beverages		6,845,930			113,790			—		6,959,720
Construction & Engineering		12,994,209			—			416		12,994,625
Health Care Providers & Services		4,136,766			1,120			—		4,137,886
Pharmaceuticals		26,004,942			18			—		26,004,960
Other*		502,934,907			—			—		502,934,907
Rights		16,455			—			—		16,455
Warrants		6,885			—			—		6,885
Securities Lending Reinvestments
Repurchase Agreements		—			18,370,885			—		18,370,885
Total Investments	$	617,573,152		$	18,486,939		$	416	$	636,060,507
Other Financial Instruments
Assets
Futures Contracts	$	407,091		$	—		$	—	$	407,091
Forward Foreign Currency Contracts		—			43,535			—		43,535
Liabilities
Futures Contracts		(9,766	)		—			—		(9,766	)
Forward Foreign Currency Contracts		—			(53,418	)		—		(53,418	)
Total Other Financial Instruments	$	397,325		$	(9,883	)	$	—	$	387,442

FLEXSHARES SEMIANNUAL REPORT 341

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	$	7,864,175	$	87,072		$	—	$	7,951,247
Biotechnology		1,628,432		—			20,576		1,649,008
Capital Markets		6,880,208		27,316			—		6,907,524
Chemicals		12,776,854		42,830			—		12,819,684
Construction Materials		3,556,277		198,048			—		3,754,325
Electronic Equipment, Instruments & Components		11,249,072		—			1,643		11,250,715
Equity Real Estate Investment Trusts (REITs)		3,681,178		27,759			—		3,708,937
Food & Staples Retailing		2,507,876		570			—		2,508,446
Hotels, Restaurants & Leisure		1,870,291		1,631			11,814		1,883,736
Industrial Conglomerates		4,983,821		512,323			—		5,496,144
Oil, Gas & Consumable Fuels		13,510,058		1,792			—		13,511,850
Pharmaceuticals		4,964,120		—			3,897		4,968,017
Real Estate Management & Development		14,824,603		—			4,170		14,828,773
Textiles, Apparel & Luxury Goods		3,677,500		33,335			—		3,710,835
Transportation Infrastructure		3,601,443		107,523			—		3,708,966
Other*		233,987,076		—			—		233,987,076
Corporate Bonds*		—		11,869			—		11,869
Rights		—		6,746			—		6,746
Warrants		—		4,247			—		4,247
Securities Lending Reinvestments
Repurchase Agreements		—		2,462,892			—		2,462,892
Total Investments	$	331,562,984	$	3,525,953		$	42,100	$	335,131,037
Other Financial Instruments
Assets
Futures Contracts	$	22,001	$	—		$	—	$	22,001
Forward Foreign Currency Contracts		—		8,464			—		8,464
Liabilities
Forward Foreign Currency Contracts		—		(23,130	)		—		(23,130	)
Total Other Financial Instruments	$	22,001	$	(14,666	)	$	—	$	7,335

342 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 US Quality Large Cap Index Fund
Investments
Common Stocks*	$	94,060,732	$	—	$	—	$	94,060,732
Securities Lending Reinvestments
Repurchase Agreements		—		263,694		—		263,694
Total Investments	$	94,060,732	$	263,694	$	—	$	94,324,426
Other Financial Instruments
Assets
Futures Contracts	$	42,247	$	—	$	—	$	42,247
Total Other Financial Instruments	$	42,247	$	—	$	—	$	42,247
	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*	$	176,634,790	$	—	$	—	$	176,634,790
Securities Lending Reinvestments
Repurchase Agreements		—		57,104		—		57,104
Total Investments	$	176,634,790	$	57,104	$	—	$	176,691,894
Other Financial Instruments
Assets
Futures Contracts	$	110,922	$	—	$	—	$	110,922
Total Other Financial Instruments	$	110,922	$	—	$	—	$	110,922

FLEXSHARES SEMIANNUAL REPORT 343

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
Beverages	$	3,460,435		$	31,787		$	—	$	3,492,222
Other*		164,010,671			—			—		164,010,671
Rights		—			—			—		—
Warrants		2,065			—			—		2,065
Securities Lending Reinvestments
Repurchase Agreements		—			3,005,671			—		3,005,671
Total Investments	$	167,473,171		$	3,037,458		$	—	$	170,510,629
Other Financial Instruments
Assets
Futures Contracts	$	122,398		$	—		$	—	$	122,398
Forward Foreign Currency Contracts		—			792			—		792
Liabilities
Futures Contracts		(391	)		—			—		(391	)
Forward Foreign Currency Contracts		—			(707	)		—		(707	)
Total Other Financial Instruments	$	122,007		$	85		$	—	$	122,092
	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*	$	5,093,317,156		$	—		$	—	$	5,093,317,156
Securities Lending Reinvestments
Certificates of Deposit		—			12,003,080			—		12,003,080
Repurchase Agreements		—			24,663,701			—		24,663,701
Total Investments	$	5,093,317,156		$	36,666,781		$	—	$	5,129,983,937
Other Financial Instruments
Assets
Futures Contracts	$	1,246,427		$	—		$	—	$	1,246,427
Forward Foreign Currency Contracts		—			334,480			—		334,480
Liabilities
Futures Contracts		(32,316	)		—			—		(32,316	)
Forward Foreign Currency Contracts		—			(387,889	)		—		(387,889	)
Total Other Financial Instruments	$	1,214,111		$	(53,409	)	$	—	$	1,160,702

344 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 Broad Infrastructure Index Fund
Investments
Common Stocks*	$	2,606,955,936		$	—		$	—	$	2,606,955,936
Securities Lending Reinvestments
Repurchase Agreements		—			15,057,745			—		15,057,745
Total Investments	$	2,606,955,936		$	15,057,745		$	—	$	2,622,013,681
Other Financial Instruments
Assets
Futures Contracts	$	744,215		$	—		$	—	$	744,215
Forward Foreign Currency Contracts		—			91,073			—		91,073
Liabilities
Futures Contracts		(18,752	)		—			—		(18,752	)
Forward Foreign Currency Contracts		—			(44,841	)		—		(44,841	)
Total Other Financial Instruments	$	725,463		$	46,232		$	—	$	771,695
	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*	$	358,577,366		$	—		$	—	$	358,577,366
Securities Lending Reinvestments
Repurchase Agreements		—			10,941,163			—		10,941,163
Total Investments	$	358,577,366		$	10,941,163		$	—	$	369,518,529
Other Financial Instruments
Assets
Futures Contracts	$	138,856		$	—		$	—	$	138,856
Forward Foreign Currency Contracts		—			3,641			—		3,641
Liabilities
Futures Contracts		(2,793	)		—			—		(2,793	)
Forward Foreign Currency Contracts		—			(11,755	)		—		(11,755	)
Total Other Financial Instruments	$	136,063		$	(8,114	)	$	—	$	127,949

FLEXSHARES SEMIANNUAL REPORT 345

Notes to the Financial Statements (cont.)

	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
FlexShares Real Assets Allocation Index Fund
Investments
Exchange Traded Funds	$	7,377,304	$	—	$	—	$	7,377,304
Total Investments	$	7,377,304	$	—	$	—	$	7,377,304
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
FlexShares Quality Dividend Index Fund
Investments
Common Stocks*	$	1,526,753,498	$	—	$	—	$	1,526,753,498
Securities Lending Reinvestments
Certificates of Deposit		—		10,002,084		—		10,002,084
Repurchase Agreements		—		57,036,663		—		57,036,663
Total Investments	$	1,526,753,498	$	67,038,747	$	—	$	1,593,792,245
Other Financial Instruments
Assets
Futures Contracts	$	326,483	$	—	$	—	$	326,483
Total Other Financial Instruments	$	326,483	$	—	$	—	$	326,483
	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*	$	477,637,708	$	—	$	—	$	477,637,708
Securities Lending Reinvestments
Repurchase Agreements		—		15,820,569		—		15,820,569
Total Investments	$	477,637,708	$	15,820,569	$	—	$	493,458,277
Other Financial Instruments
Assets
Futures Contracts	$	63,640	$	—	$	—	$	63,640
Total Other Financial Instruments	$	63,640	$	—	$	—	$	63,640

346 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 Dynamic Index Fund
Investments
Common Stocks*	$	19,939,725		$	—		$	—	$	19,939,725
Securities Lending Reinvestments
Repurchase Agreements		—			338,785			—		338,785
Total Investments	$	19,939,725		$	338,785		$	—	$	20,278,510
Other Financial Instruments
Assets
Futures Contracts		12,071			—			—		12,071
Total Other Financial Instruments	$	12,071		$	—		$	—	$	12,071
	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*	$	570,988,369		$	—		$	—	$	570,988,369
Securities Lending Reinvestments
Repurchase Agreements		—			23,036,738			—		23,036,738
Total Investments	$	570,988,369		$	23,036,738		$	—	$	594,025,107
Other Financial Instruments
Assets
Futures Contracts	$	368,581		$	—		$	—	$	368,581
Forward Foreign Currency Contracts		—			43,618			—		43,618
Liabilities
Futures Contracts		(8,034	)		—			—		(8,034	)
Forward Foreign Currency Contracts		—			(85,140	)		—		(85,140	)
Total Other Financial Instruments	$	360,547		$	(41,522	)	$	—	$	319,025

FLEXSHARES SEMIANNUAL REPORT 347

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 Defensive Index Fund
Investments
Common Stocks
Beverages	$	39,160	$	160,885		$	—	$	200,045
Other*		70,939,157		—			—		70,939,157
Securities Lending Reinvestments
Repurchase Agreements		—		2,428,130			—		2,428,130
Total Investments	$	70,978,317	$	2,589,015		$	—	$	73,567,332
Other Financial Instruments
Assets
Futures Contracts	$	36,020	$	—		$	—	$	36,020
Forward Foreign Currency Contracts		—		1,857			—		1,857
Liabilities
Forward Foreign Currency Contracts		—		(14,680	)		—		(14,680	)
Total Other Financial Instruments	$	36,020	$	(12,823	)	$	—	$	23,197
	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
Industrial Conglomerates	$	433,153	$	481,049		$	—	$	914,202
Other*		54,168,482		—			—		54,168,482
Securities Lending Reinvestments
Repurchase Agreements		—		2,161,098			—		2,161,098
Total Investments	$	54,601,635	$	2,642,147		$	—	$	57,243,782
Other Financial Instruments
Assets
Futures Contracts	$	10,131	$	—		$	—	$	10,131
Forward Foreign Currency Contracts		—		1,886			—		1,886
Liabilities
Forward Foreign Currency Contracts		—		(3,498	)		—		(3,498	)
Total Other Financial Instruments	$	10,131	$	(1,612	)	$	—	$	8,519

348 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
FlexShares iBoxx 3-Year Target Duration TIPS Index Fund
Investments
U.S. Treasury Obligations	$	—	$	1,430,541,496	$	—	$	1,430,541,496
Total Investments	$	—	$	1,430,541,496	$	—	$	1,430,541,496
	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	$	—	$	599,496,820	$	—	$	599,496,820
Securities Lending Reinvestments
Repurchase Agreements		—		3,648,356		—		3,648,356
Total Investments	$	—	$	603,145,176	$	—	$	603,145,176
	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	$	—	$	106,867,362	$	—	$	106,867,362
Total Investments	$	—	$	106,867,362	$	—	$	106,867,362
	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*	$	—	$	286,954,476	$	—	$	286,954,476
Total Investments	$	—	$	286,954,476	$	—	$	286,954,476

FLEXSHARES SEMIANNUAL REPORT 349

Notes to the Financial Statements (cont.)

	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
FlexShares Credit-Scored US Long Corporate Bond Index Fund
Investments
Corporate Bonds*	$	—	$	56,487,495	$	—	$	56,487,495
Total Investments	$	—	$	56,487,495	$	—	$	56,487,495
	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*	$	30	$	—	$	—	$	30
Corporate Bonds*		—		207,873,444		—		207,873,444
Total Investments	$	30	$	207,873,444	$	—	$	207,873,474
	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	$	—	$	27,744,260	$	—	$	27,744,260
Corporate Bonds*		—		373,260,274		—		373,260,274
Municipal Bonds		—		7,296,628		—		7,296,628
Foreign Government Securities		—		819,745		—		819,745
Short-Term Investments		—		2,688,158		—		2,688,158
Total Investments	$	—	$	411,809,065	$	—	$	411,809,065
	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	$	112,689,848	$	—	$	—	$	112,689,848
Total Investments	$	112,689,848	$	—	$	—	$	112,689,848

* See Schedules of Investments for segregation by industry type.

350 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

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, and the FlexShares International Quality Dividend Dynamic Index Fund invest in publicly-traded equity securities of issuers in countries other than the United States of America (“U.S.”). Such investments include direct investments in non-U.S. dollar denominated securities traded outside the U.S. The Funds’ investments in foreign securities also may be in the form of ADRs and Global Depositary Receipts (“GDRs”) (collectively, “Depositary Receipts”) based on securities in their Underlying Indexes. ADRs are receipts that are traded in the United States evidencing ownership of the underlying foreign securities and are denominated in U.S. dollars. GDRs are receipts issued by a non-U.S. financial institution evidencing ownership of underlying foreign or U.S. securities and usually are denominated in foreign currencies. GDRs may not be denominated in the same currency as the securities they represent. Generally, GDRs are designed for use in foreign securities markets.

In addition to investment risks associated with the underlying issuer, ADRs and GDRs expose a Fund to risk associated with non-uniform terms that apply to ADR and GDR programs, credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency and liquidity risk. ADRs and GDRs are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted.

To the extent a Fund invests in ADRs, such ADRs will be listed on a national securities exchange. To the extent a Fund

invests in GDRs, such GDRs will be listed on a foreign exchange. A Fund will not invest in any unlisted Depositary Receipt, any Depositary Receipt that NTI deems to be illiquid or any Depositary Receipt for which market quotations are not readily available. Generally, all Depositary Receipts must be sponsored.

The FlexShares Credit-Scored US Corporate Bond Index Fund, FlexShares Credit-Scored US Long Corporate Bond Index Fund and the FlexShares High Yield Value-Scored Bond 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 and FlexShares Morningstar Emerging Markets Factor Tilt 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

FLEXSHARES SEMIANNUAL REPORT 351

Notes to the Financial Statements (cont.)

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”). The FlexShares Ready Access Variable Income Fund and the FlexShares Core Select Bond Fund (directly or through its Underlying Funds) may invest in inflation-indexed securities.

TIPS issued by the U.S. Treasury 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 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.

352 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

Mortgage Dollar Rolls

The FlexShares Disciplined Duration MBS Index 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.

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, 2021, none of the Funds presented in these financial statements had repurchase agreements outstanding except as discussed below.

As of April 30, 2021, 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 US Quality Large Cap Index Fund, FlexShares STOXX^® US ESG Select Index Fund, FlexShares STOXX^® Global ESG Select Index Fund, FlexShares Morningstar Global Upstream Natural Resources Index Fund, FlexShares STOXX^® Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares Quality Dividend Index Fund, FlexShares Quality Dividend Defensive Index Fund, FlexShares Quality Dividend Dynamic Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic Index Fund, and the FlexShares iBoxx 5-Year Target Duration TIPS Index 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.”

FLEXSHARES SEMIANNUAL REPORT 353

Notes to the Financial Statements (cont.)

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 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

354 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

(Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, liabilities under the outstanding securities lending transactions as of April 30, 2021, which were comprised of cash, were as follows:

Fund
FlexShares Developed Markets ex-US Quality Low Volatility Index Fund	$	2,693,459
FlexShares Morningstar US Market Factor Tilt Index Fund		115,578,792
FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		18,370,885
FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		2,462,892
FlexShares US Quality Large Cap Index Fund		263,694
FlexShares STOXX® US ESG Select Index Fund		57,104
FlexShares STOXX® Global ESG Select Index Fund		3,005,671
FlexShares Morningstar Global Upstream Natural Resources Index Fund		36,663,531
FlexShares STOXX® Global Broad Infrastructure Index Fund		15,057,745
FlexShares Global Quality Real Estate Index Fund		10,941,163
FlexShares Quality Dividend Index Fund		67,036,561
FlexShares Quality Dividend Defensive Index Fund		15,820,569
FlexShares Quality Dividend Dynamic Index Fund		338,785
FlexShares International Quality Dividend Index Fund		23,036,738
FlexShares International Quality Dividend Defensive Index Fund		2,428,130
FlexShares International Quality Dividend Dynamic Index Fund		2,161,098
FlexShares iBoxx 5-Year Target Duration TIPS Index Fund		3,648,356

At April 30, 2021, the Securities Lending Agency Agreement does not permit the Funds to enforce a netting arrangement.

The cash collateral received from securities loaned as disclosed in the Statements of Assets and Liabilities is

collateralized by securities on loan as disclosed within the Schedules of Investments and such borrowings have maturities that are overnight and continuous.

Securities lending agreements may be subject to regulation as qualified financial contracts (“QFCs”). Regulations adopted by federal banking regulators under the Dodd-Frank Act, which took effect in 2019, require that certain QFCs with counterparties that are part of U.S. or foreign global systemically important banking organizations be amended to include contractual restrictions on close-out and cross-default rights. If a covered counterparty of a Fund or certain of the covered counterparty’s affiliates were to become subject to certain insolvency proceedings, the Fund may be temporarily unable to exercise certain default rights, and the QFC may be transferred to another entity. These requirements may impact a Fund’s credit and counterparty risks.

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.

FLEXSHARES SEMIANNUAL REPORT 355

Notes to the Financial Statements (cont.)

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, 2021, the FlexShares Core Select Bond Fund did not hold swaps.

As of April 30, 2021, 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 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, and the FlexShares International Quality Dividend Dynamic Index Fund had open futures contracts.

The use of futures contracts involves, to varying degrees, elements of market and counterparty risk, which may exceed the amounts recognized in the Statements of Assets and Liabilities. Futures contracts present the following risks: imperfect correlation between the change in market value of a Fund’s securities and the price of futures contracts; the possible inability to close a futures contract when desired; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities prices, interest rates, currency exchange rates and other economic factors. Futures markets are highly volatile and the use of futures may increase the volatility of a Fund’s NAV. As a result of the low margin deposits normally required in futures

trading, a relatively small price movement in a futures contract may result in substantial losses to a Fund. Futures contracts may be illiquid, and exchanges may limit fluctuations in futures contract prices during a single day. Foreign exchanges or boards of trade generally do not offer the same protection as U.S. exchanges.

Foreign Currency Translations

Values of investments denominated in foreign currencies are converted into U.S. dollars using the prevailing market rates on the date of valuation as quoted by one or more banks or dealers that make a two-way market in such currencies (or a data service provider based on quotations received from such banks or dealers). Any use of a rate different from the rates used by an Index Fund’s index provider may affect a Fund’s ability to track its Underlying Index. The cost of purchases and proceeds from sales of investments, interest and dividend income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such transactions. “Net realized gain (loss) on foreign currency transactions” on the Statements of Operations include the effect of changes in exchange rates between trade date and settlement date on investment security transactions, foreign currency transactions and interest and dividends received, and the portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in “Net realized gain (loss) on investment in securities” on the Statements of Operations. Unrealized gains and losses on assets and liabilities, other than investments in securities, which result from changes in foreign currency exchange rates have been included in “Net change in unrealized appreciation (depreciation) on translation of other assets and liabilities denominated in foreign currencies” on the Statements of Operations.

Forward Foreign Currency Exchange Contracts

The FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares Emerging Markets Quality Low Volatility Index Fund, FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares STOXX^® Global ESG Select Index Fund, FlexShares Morningstar Global Upstream Natural Resources Index Fund,

356 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

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 Index Funds, however, do not expect to engage in currency transactions for speculative purposes (e.g., for potential income or capital gain). 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 Fund, however, does not expect to engage in currency transactions for speculative purposes. 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 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, 2021, 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 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.

FLEXSHARES SEMIANNUAL REPORT 357

Notes to the Financial Statements (cont.)

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 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 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	$	4,776	$	—		$	—	$	4,776
	Foreign Currency Contracts — BNP Paribas SA		403		(403	)		—		—
	Foreign Currency Contracts — Citibank NA		257		(257	)		—		—
	Foreign Currency Contracts — Morgan Stanley		1,990		(1,990	)		—		—
	Total	$	7,426	$	(2,650	)	$	—	$	4,776
FlexShares Emerging Markets Quality Low Volatility Index Fund	Foreign Currency Contracts — BNP Paribas SA	$	143	$	—		$	—		143
	Foreign Currency Contracts — Citibank NA		94		—			—		94
	Foreign Currency Contracts — Morgan Stanley		137		—			—		137
	Total	$	374	$	—		$	—	$	374
FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund	Foreign Currency Contracts — BNP Paribas SA	$	3,294	$	(362	)	$	—	$	2,932
	Foreign Currency Contracts — Morgan Stanley		24,181		(24,181	)		—		—
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		16,060		—			—		16,060
	Total	$	43,535	$	(24,543	)	$	—	$	18,992
FlexShares Morningstar Emerging Markets Factor Tilt Index Fund	Foreign Currency Contracts — BNP Paribas SA	$	346	$	(346	)	$	—	$	—
	Foreign Currency Contracts — Citibank NA		1,928		(1,928	)		—		—
	Foreign Currency Contracts — Goldman Sachs & Co.		5,986		—			—		5,986
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		204		—			—		204
	Total	$	8,464	$	(2,274	)	$	—	$	6,190
FlexShares STOXX® Global ESG Select Index Fund	Foreign Currency Contracts — Citibank NA	$	552	$	—		$	—	$	552
	Foreign Currency Contracts — JPMorgan Chase Bank		240		—			—		240
	Total	$	792	$	—		$	—	$	792

358 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 — BNP Paribas SA	$	38,689	$	(10,937	)	$	—	$	27,752
	Foreign Currency Contracts — Citibank NA		23,314		(23,314	)		—		—
	Foreign Currency Contracts — Goldman Sachs & Co.		6,294		—			—		6,294
	Foreign Currency Contracts — JPMorgan Chase Bank		68,590		—			—		68,590
	Foreign Currency Contracts — Morgan Stanley		76,312		(46,391	)		—		29,921
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		121,281		(121,281	)		—		—
	Total	$	334,480	$	(201,923	)	$	—	$	132,557
FlexShares STOXX® Global Broad Infrastructure Index Fund	Foreign Currency Contracts — BNP Paribas SA	$	1,022	$	—		$	—	$	1,022
	Foreign Currency Contracts — Citibank NA		4,765		—			—		4,765
	Foreign Currency Contracts — JPMorgan Chase Bank		40		(40	)		—		—
	Foreign Currency Contracts — Morgan Stanley		19,485		(19,485	)		—		—
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		65,761		(4,792	)		—		60,969
	Total	$	91,073	$	(24,317	)	$	—	$	66,756
FlexShares Global Quality Real Estate Index Fund	Foreign Currency Contracts — Citibank NA	$	76	$	(76	)	$	—	$	—
	Foreign Currency Contracts — JPMorgan Chase Bank		1,014		(495	)		—		519
	Foreign Currency Contracts — Morgan Stanley		2,543		(124	)		—		2,419
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		8		(8	)		—		—
	Total	$	3,641	$	(703	)	$	—	$	2,938
FlexShares International Quality Dividend Index Fund	Foreign Currency Contracts — Bank Of New York	$	1,354	$	—		$	—	$	1,354
	Foreign Currency Contracts — Goldman Sachs & Co.		24,038		(188	)		—		23,850
	Foreign Currency Contracts — JPMorgan Chase Bank		1,382		—			—		1,382
	Foreign Currency Contracts — Morgan Stanley		10,592		(10,592	)		—		—
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		6,004		(2,781	)		—		3,223
	Foreign Currency Contracts — UBS AG		248		—			—		248
	Total	$	43,618	$	(13,561	)	$	—	$	30,057
FlexShares International Quality Dividend Defensive Index Fund	Foreign Currency Contracts — BNP Paribas SA	$	135	$	(135	)	$	—		—
	Foreign Currency Contracts — Citibank NA		716		(716	)		—		—
	Foreign Currency Contracts — JPMorgan Chase Bank		421		—			—		421
	Foreign Currency Contracts — Morgan Stanley		585		(585	)		—		—
	Total	$	1,857	$	(1,436	)	$	—	$	421

FLEXSHARES SEMIANNUAL REPORT 359

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 — BNP Paribas SA	$	87		$	—		$	—	$	87
	Foreign Currency Contracts — Citibank NA		304			—			—		304
	Foreign Currency Contracts — JPMorgan Chase Bank		202			(70	)		—		132
	Foreign Currency Contracts — Morgan Stanley		951			(951	)		—		—
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		342			(342	)		—		—
	Total	$	1,886		$	(1,363	)	$	—	$	523
					Gross Amounts Not Offset in the Statement of Assets and Liabilities
		Gross Amounts of Liabilities presented in Statements of Assets and Liabilities			Financial Instruments			Cash Collateral Pledged		Net Amount
FlexShares Developed Markets ex-US Quality Low Volatility Index Fund	Foreign Currency Contracts — BNP Paribas SA	$	(939	)	$	403		$	—	$	(536	)
	Foreign Currency Contracts — Citibank NA		(3,013	)		257			—		(2,756	)
	Foreign Currency Contracts — Morgan Stanley		(3,466	)		1,990			—		(1,476	)
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		(704	)		—			—		(704	)
	Total	$	(8,122	)	$	2,650		$	—	$	(5,472	)
FlexShares Emerging Markets Quality Low Volatility Index Fund	Foreign Currency Contracts — Toronto-Dominion Bank (The)	$	(16	)	$	—		$	—	$	(16	)
	Total	$	(16	)	$	—		$	—	$	(16	)
FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund	Foreign Currency Contracts — Bank Of New York	$	(4,752	)	$	—		$	—	$	(4,752	)
	Foreign Currency Contracts — BNP Paribas SA		(362	)		362			—		—
	Foreign Currency Contracts — Citibank NA		(10,863	)		—			—		(10,863	)
	Foreign Currency Contracts — Goldman Sachs & Co.		(2,445	)		—			—		(2,445	)
	Foreign Currency Contracts — JPMorgan Chase Bank		(2,272	)		—			—		(2,272	)
	Foreign Currency Contracts — Morgan Stanley		(32,724	)		24,181			—		(8,543	)
	Total	$	(53,418	)	$	24,543		$	—	$	(28,875	)
FlexShares Morningstar Emerging Markets Factor Tilt Index Fund	Foreign Currency Contracts — BNP Paribas SA	$	(567	)	$	346		$	—	$	(221	)
	Foreign Currency Contracts — Citibank NA		(22,563	)		1,928			—		(20,635	)
	Total	$	(23,130	)	$	2,274		$	—	$	(20,856	)
FlexShares STOXX® Global ESG Select Index Fund	Foreign Currency Contracts — Morgan Stanley	$	(707	)	$	—		$	—	$	(707	)
	Total	$	(707	)		—		$	—	$	(707	)

360 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

					Gross Amounts Not Offset in the Statement of Assets and Liabilities
		Gross Amounts of Liabilities presented in Statements of Assets and Liabilities			Financial Instruments		Cash Collateral Pledged		Net Amount
FlexShares Morningstar Global Upstream Natural Resources Index Fund	Foreign Currency Contracts — Bank of New York	$	(1,231	)	$	—	$	—	$	(1,231	)
	Foreign Currency Contracts — BNP Paribas SA		(10,937	)		10,937		—		—
	Foreign Currency Contracts — Citibank NA		(140,210	)		23,314		—		(116,896	)
	Foreign Currency Contracts — Morgan Stanley		(46,391	)		46,391		—		—
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		(189,120	)		121,281		—		(67,839	)
	Total	$	(387,889	)	$	201,923	$	—	$	(185,966	)
FlexShares STOXX® Global Broad Infrastructure Index Fund	Foreign Currency Contracts — JPMorgan Chase Bank	$	(19,414	)	$	40	$	—	$	(19,374	)
	Foreign Currency Contracts — Morgan Stanley		(20,634	)		19,484		—		(1,150	)
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		(4,793	)		4,793		—		—
	Total	$	(44,841	)	$	24,317	$	—	$	(20,524	)
FlexShares Global Quality Real Estate Index Fund	Foreign Currency Contracts — Citibank NA	$	(730	)	$	76	$	—	$	(654	)
	Foreign Currency Contracts — Goldman Sachs & Co.		(388	)		—		—		(388	)
	Foreign Currency Contracts — JPMorgan Chase Bank		(495	)		495		—		—
	Foreign Currency Contracts — Morgan Stanley		(124	)		124		—		—
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		(10,018	)		8		—		(10,010	)
	Total	$	(11,755	)	$	703	$	—	$	(11,052	)
FlexShares International Quality Dividend Index Fund	Foreign Currency Contracts — BNP Paribas SA	$	(6,509	)	$	—	$	—	$	(6,509	)
	Foreign Currency Contracts — Citibank NA		(48,127	)		—		—		(48,127	)
	Foreign Currency Contracts — Goldman Sachs & Co.		(188	)		188		—		—
	Foreign Currency Contracts — Morgan Stanley		(27,535	)		10,592		—		(16,943	)
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		(2,781	)		2,781		—		—
	Total	$	(85,140	)	$	13,561	$	—	$	(71,579	)
FlexShares International Quality Dividend Defensive Index Fund	Foreign Currency Contracts — BNP Paribas SA	$	(10,003	)	$	135	$	—	$	(9,868	)
	Foreign Currency Contracts — Citibank NA		(1,368	)		716		—		(652	)
	Foreign Currency Contracts — Morgan Stanley		(3,309	)		584		—		(2,725	)
	Total	$	(14,680	)	$	1,435	$	—	$	(13,245	)
FlexShares International Quality Dividend Dynamic Index Fund	Foreign Currency Contracts — Bank Of New York	$	(96	)	$	—	$	—	$	(96	)
	Foreign Currency Contracts — Goldman Sachs & Co.		(149	)		—		—		(149	)
	Foreign Currency Contracts — JPMorgan Chase Bank		(70	)		70		—		—
	Foreign Currency Contracts — Morgan Stanley		(2,068	)		951		—		(1,117	)
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		(1,115	)		342		—		(773	)
	Total	$	(3,498	)	$	1,363	$	—	$	(2,135	)

FLEXSHARES SEMIANNUAL REPORT 361

Notes to the Financial Statements (cont.)

The following tables indicate the location of derivative-related items on the Statements of Assets and Liabilities as well as the effect of derivative instruments on the Statements of Operations during the reporting period.

Fair Value of Derivative Instruments as of April 30, 2021

Derivatives by risk type	Statements of Assets and Liabilities Location	Fund	Value
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares US Quality Low Volatility Index Fund	$	43,328
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		16,282
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		7,426
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		(8,122	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares Emerging Markets Quality Low Volatility Index Fund		1,536
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares Emerging Markets Quality Low Volatility Index Fund		374
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares Emerging Markets Quality Low Volatility Index Fund		(16	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares Morningstar US Market Factor Tilt Index Fund		651,986
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		407,091
Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		(9,766	)
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		43,535
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		(53,418	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		22,001
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		8,464
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		(23,130	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares US Quality Large Cap Index Fund		42,247
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares STOXX® US ESG Select Index Fund		110,922
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares STOXX® Global ESG Select Index Fund		122,398

362 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 STOXX® Global ESG Select Index Fund	$	(391	)
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares STOXX® Global ESG Select Index Fund		792
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares STOXX® Global ESG Select Index Fund		(707	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares Morningstar Global Upstream Natural Resources Index Fund		1,246,427
Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares Morningstar Global Upstream Natural Resources Index Fund		(32,316	)
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares Morningstar Global Upstream Natural Resources Index Fund		334,480
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares Morningstar Global Upstream Natural Resources Index Fund		(387,889	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares STOXX® Global Broad Infrastructure Index Fund		744,215
Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares STOXX® Global Broad Infrastructure Index Fund		(18,752	)
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares STOXX® Global Broad Infrastructure Index Fund		91,073
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares STOXX® Global Broad Infrastructure Index Fund		(44,841	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares Global Quality Real Estate Index Fund		138,856
Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares Global Quality Real Estate Index Fund		(2,793	)
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares Global Quality Real Estate Index Fund		3,641
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares Global Quality Real Estate Index Fund		(11,755	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares Quality Dividend Index Fund		326,483
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares Quality Dividend Defensive Index Fund		63,640
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares Quality Dividend Dynamic Index Fund		12,071
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares International Quality Dividend Index Fund		368,581
Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares International Quality Dividend Index Fund		(8,034	)

FLEXSHARES SEMIANNUAL REPORT 363

Notes to the Financial Statements (cont.)

Derivatives by risk type	Statements of Assets and Liabilities Location	Fund	Value
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares International Quality Dividend Index Fund	$	43,618
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares International Quality Dividend Index Fund		(85,140	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares International Quality Dividend Defensive Index Fund		36,020
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares International Quality Dividend Defensive Index Fund		1,857
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares International Quality Dividend Defensive Index Fund		(14,680	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares International Quality Dividend Dynamic Index Fund		10,131
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares International Quality Dividend Dynamic Index Fund		1,886
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares International Quality Dividend Dynamic Index Fund		(3,498	)

* 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, 2021

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	$	70,495		$	49,377
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		109,798			45,689
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		(8,564	)		(2,417	)

364 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 Emerging Markets Quality Low Volatility Index Fund	$	36,910	$	(180	)
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		98		358
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		3,004,394		824,992
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		2,384,258		975,733
Foreign Currency Contracts	Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency contracts	FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		28,430		50,318
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		730,771		(32,868	)
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		32,497		(26,882	)
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		95,629		55,229

FLEXSHARES SEMIANNUAL REPORT 365

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 STOXX® US ESG Select Index Fund	$	182,593		$	126,130
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		250,436			162,946
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		(9,953	)		(3,046	)
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		6,325,267			2,041,353
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		429,933			(129,055	)
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		3,745,579			1,464,636
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		(81,179	)		72,607
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		1,221,303			157,364

366 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 Global Quality Real Estate Index Fund	$	(23,840	)	$	(7,496	)
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		1,236,691			448,353
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		264,512			97,822
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		9,621			12,071
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		2,455,293			948,899
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		159,607			(76,327	)
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		244,680			85,914
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		(22,594	)		(13,904	)

FLEXSHARES SEMIANNUAL REPORT 367

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 Dynamic Index Fund	$	64,200	$	23,616
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		635		(1,804	)

At April 30, 2021, 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		—	$	—		8	$	288,201		—	$	—		—	$	—		—	$	—
FlexShares Developed Markets Ex-US Quality Low Volatility Index Fund		99		75,950		22		149,599		—		—		—		—		—		—
FlexShares Emerging Markets Quality Low Volatility Index Fund		6		119,768		19		100,099		—		—		—		—		—		—
FlexShares Morningstar US Market Factor Tilt Index Fund		—		—		74		688,218		—		—		—		—		—		—
FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		62		634,463		67		666,190		—		—		—		—		—		—
FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		36		216,357		36		470,781		—		—		—		—		—		—
FlexShares US Quality Large Cap Index Fund		—		—		11		189,303		—		—		—		—		—		—
FlexShares STOXX US ESG Select Index Fund		—		—		20		258,037		—		—		—		—		—		—
FlexShares STOXX Global ESG Select Index Fund		12		78,129		38		166,298		—		—		—		—		—		—
FlexShares Morningstar Global Upstream Natural Resources Index Fund		158		851,439		245		843,960		—		—		—		—		—		—
FlexShares STOXX Global Broad Infrastructure Index Fund		66		463,970		159		574,592		—		—		—		—		—		—
FlexShares Global Quality Real Estate Index Fund		54		94,585		73		332,264		—		—		—		—		—		—

368 FLEXSHARES SEMIANNUAL REPORT

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 Quality Dividend Index Fund		—	$	—		46	$	1,087,569		—	$	—		—	$	—		—	$	—
FlexShares Quality Dividend Defensive Index Fund		—		—		38		277,447		—		—		—		—		—		—
FlexShares Quality Dividend Dynamic Index Fund		—		—		4		188,122		—		—		—		—		—		—
FlexShares International Quality Dividend Index Fund		141		382,435		123		441,300		—		—		—		—		—		—
FlexShares International Quality Dividend Defensive Index Fund		31		108,193		42		133,246		—		—		—		—		—		—
FlexShares International Quality Dividend Dynamic Index Fund		92		27,830		22		86,787		—		—		—		—		—		—

Taxes and Distributions

Each Fund has qualified and intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net capital gains to shareholders. Accordingly, no provision for federal and state income taxes is required in the financial statements.

As of October 31, 2020, 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, FlexShares iBoxx 5-Year Target Duration TIPs Index Fund and the FlexShares High Yield Value-Scored Bond 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

FLEXSHARES SEMIANNUAL REPORT 369

Notes to the Financial Statements (cont.)

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: 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.

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	%

Fund	Unitary Management Fee
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 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	%
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	%

370 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

Fund	Unitary Management Fee
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 Ready Access Variable Income Fund		0.25	%
FlexShares Core Select Bond Fund		0.35	%

Effective March 1, 2021, the Investment Adviser has contractually agreed until March 1, 2022, 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 (+) .0049%. In the case of the FlexShares Real Assets Allocation Index Fund, the Investment Adviser has contractually agreed until March 1, 2022 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. In the case of the FlexShares Core Select Bond Fund, the Investment Adviser has contractually agreed until March 1, 2022 to waive Management Fees or reimburse certain expenses in an amount equal to the sum of (a) any AFFE incurred by the Fund that are attributable to the Fund’s investment in Underlying Funds managed by NTI or an investment adviser controlling, controlled by, or under common control with NTI (“Affiliated Funds”); and (b) 0.05% or such lesser amount in AFFE incurred by the Fund that are attributable to the Fund’s investment in Underlying Funds that are not Affiliated Funds. AFFE are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies. Because AFFE are not direct expenses of the Fund, they are not reflected on the Fund’s financial statements. After these dates, the Investment Adviser and a Fund may mutually agree to extend the contractual arrangements. The Board may terminate the contractual arrangements 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. Amounts waived or reimbursed by the Investment Adviser 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. During the six months ended April 30, 2021, the Investment Adviser did not voluntarily waive or reimburse additional management fees.

5. Administration Fees

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 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

FLEXSHARES SEMIANNUAL REPORT 371

Notes to the Financial Statements (cont.)

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.

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 period.

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, 2021		As of October 31, 2020
FlexShares US Quality Low Volatility Index Fund	$	4,200	$	3,150
FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		9,000		6,750
FlexShares Emerging Markets Quality Low Volatility Index Fund		8,000		—
FlexShares Morningstar US Market Factor Tilt Index Fund		12,000		21,000
FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		60,000		80,000
FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		75,000		—
FlexShares US Quality Large Cap Index Fund		6,500		3,000
FlexShares STOXX® US ESG Select Index Fund		7,700		1,400
FlexShares STOXX® Global ESG Select Index Fund		43,000		7,500
FlexShares Morningstar Global Upstream Natural Resources Index Fund		105,001		21,000
FlexShares STOXX® Global Broad Infrastructure Index Fund		66,000		26,000
FlexShares Global Quality Real Estate Index Fund		20,000		12,000

372 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

Fund	As of April 30, 2021		As of October 31, 2020
FlexShares Quality Dividend Index Fund	$	11,600	$	10,550
FlexShares Quality Dividend Defensive Index Fund		8,450		4,950
FlexShares Quality Dividend Dynamic Index Fund		1,100		1,100
FlexShares International Quality Dividend Index Fund		32,501		15,000
FlexShares International Quality Dividend Defensive Index Fund		5,000		5,000
FlexShares International Quality Dividend Dynamic Index Fund		32,000		5,000
FlexShares Disciplined Duration MBS Index Fund		4,400		4,800
FlexShares Credit-Scored US Corporate Bond Index Fund		4,000		4,000
FlexShares Credit-Scored US Long Corporate Bond Index Fund		2,500		500
FlexShares High Yield Value-Scored Bond Index Fund		5,500		3,000
FlexShares Ready Access Variable Income Fund		2,275		3,675

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, 2021, 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 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, 2021, were as follows:

Fund	Purchases		Sales
FlexShares US Quality Low Volatility Index Fund	$	27,800,020	$	28,146,401
FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		21,447,200		20,073,896
FlexShares Emerging Markets Quality Low Volatility Index Fund		7,737,478		3,688,873
FlexShares Morningstar US Market Factor Tilt Index Fund		170,100,952		170,682,238
FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		67,003,074		75,484,792
FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		78,703,750		45,891,757
FlexShares US Quality Large Cap Index Fund		16,199,008		16,017,373
FlexShares STOXX® US ESG Select Index Fund		26,017,452		25,758,393
FlexShares STOXX® Global ESG Select Index Fund		31,930,445		31,005,477
FlexShares Morningstar Global Upstream Natural Resources Index Fund		732,929,288		611,756,758
FlexShares STOXX® Global Broad Infrastructure Index Fund		227,338,689		205,463,751
FlexShares Global Quality Real Estate Index Fund		73,131,666		70,474,750
FlexShares Real Assets Allocation Index Fund		598,541		609,715
FlexShares Quality Dividend Index Fund		386,397,618		385,216,703
FlexShares Quality Dividend Defensive Index Fund		127,900,451		128,201,436
FlexShares Quality Dividend Dynamic Index Fund		4,203,576		4,401,071
FlexShares International Quality Dividend Index Fund		176,217,366		176,069,177

FLEXSHARES SEMIANNUAL REPORT 373

Notes to the Financial Statements (cont.)

Fund	Purchases		Sales
FlexShares International Quality Dividend Defensive Index Fund	$	20,918,077	$	21,607,491
FlexShares International Quality Dividend Dynamic Index Fund		18,028,349		10,825,597
FlexShares iBoxx 3-Year Target Duration TIPS Index Fund†		405,813,310		411,983,122
FlexShares iBoxx 5-Year Target Duration TIPS Index Fund††		142,527,185		145,171,942
FlexShares Disciplined Duration MBS Index Fund†††		190,951,290		179,677,670
FlexShares Credit-Scored US Corporate Bond Index Fund		152,327,078		61,980,978
FlexShares Credit-Scored US Long Corporate Bond Index Fund		32,094,376		19,753,411
FlexShares High Yield Value-Scored Bond Index Fund		166,394,550		156,785,018
FlexShares Ready Access Variable Income Fund††††		168,349,226		167,751,855
FlexShares Core Select Bond Fund		50,763,170		50,604,085

^†   Include $405,813,310 in purchases and $411,983,122 in sales in U.S. Government Securities.

^††  Include $142,527,185 in purchases and $145,171,942 in sales in U.S. Government Securities.

^†††  Include $4,697,055 in purchases and $4,700,750 in sales in U.S. Government Securities.

^††††  Include $— in purchases and $18,015,784 in sales in U.S. Government Securities.

11. In-Kind Transactions

During the period ended April 30, 2021, certain Funds received securities in exchange for subscriptions of shares (subscriptions-in-kind). For the period ended April 30, 2021, 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	$	24,757,576
FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		9,406,063

Fund	Fair Value
FlexShares Emerging Markets Quality Low Volatility Index Fund	$	1,280,087
FlexShares Morningstar US Market Factor Tilt Index Fund		69,435,498
FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		5,928,160
FlexShares US Quality Large Cap Index Fund		6,786,429
FlexShares STOXX® US ESG Select Index Fund		87,591,720
FlexShares STOXX® Global ESG Select Index Fund		30,448,519
FlexShares Morningstar Global Upstream Natural Resources Index Fund		942,556,255
FlexShares STOXX® Global Broad Infrastructure Index Fund		358,879,522
FlexShares Global Quality Real Estate Index Fund		48,827,434
FlexShares Real Assets Allocation Index Fund		1,639,862
FlexShares Quality Dividend Index Fund		143,811,892
FlexShares Quality Dividend Defensive Index Fund		53,685,627
FlexShares Quality Dividend Dynamic Index Fund		2,708,842
FlexShares International Quality Dividend Index Fund		15,185,911
FlexShares International Quality Dividend Dynamic Index Fund		16,559,580
FlexShares iBoxx 3-Year Target Duration TIPS Index Fund		124,927,460
FlexShares iBoxx 5-Year Target Duration TIPS Index Fund		23,529,405
FlexShares Core Select Bond Fund		15,934,965

During the period ended April 30, 2021, 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

374 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

April 30, 2021, 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	$	13,589,852	$	3,645,305
FlexShares Morningstar US Market Factor Tilt Index Fund		19,501,938		10,062,359
FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		19,214,492		3,586,561
FlexShares US Quality Large Cap Index Fund		5,372,103		1,841,892
FlexShares STOXX® US ESG Select Index Fund		32,142,344		13,765,161
FlexShares STOXX® Global ESG Select Index Fund		6,729,191		1,734,784
FlexShares Morningstar Global Upstream Natural Resources Index Fund		74,783,155		18,819,343
FlexShares Global Quality Real Estate Index Fund		20,957,509		2,563,098
FlexShares Quality Dividend Index Fund		205,580,130		71,082,713
FlexShares Quality Dividend Defensive Index Fund		80,778,689		23,752,355
FlexShares International Quality Dividend Index Fund		13,657,341		2,149,355
FlexShares International Quality Dividend Defensive Index Fund		1,528,532		266,094
FlexShares iBoxx 3-Year Target Duration TIPS Index Fund		165,673,460		10,347,059
FlexShares iBoxx 5-Year Target Duration TIPS Index Fund		33,172,559		3,130,725
FlexShares Core Select Bond Fund		9,318,234		788,873

12. Guarantees and Indemnifications

In the normal course of business each Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that provide general indemnifications. Additionally, under the Funds’ organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. The Funds’ maximum exposure under these arrangements is unknown, as it involves possible future claims that may or may not be made against the Funds.

13. New Accounting Pronouncements

In March 2020, the FASB issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848) “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned 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.

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. The FCA and ICE Benchmark Administrator have since announced that most LIBOR settings will no longer be published after December 31, 2021 and a majority of U.S. dollar LIBOR settings will cease publication after June 30, 2023. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s

FLEXSHARES SEMIANNUAL REPORT 375

Notes to the Financial Statements (cont.)

Alternative Reference Rate Committee comprised of major derivative market participants and their regulators), has begun publishing 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 impact of the change in 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 (the “Trust”), and Wilmington Savings Fund Society, FSB, as successor indenture trustee for various notes issued by Nine West Holdings, Inc. (together with the Trustee, “Plaintiffs”), filed separate complaints in the United States District Court for the Northern District of Illinois (case nos. 20-cv-01129 and 20-cv-01136, respectively) against a group of defendants that includes the FlexShares Morningstar US Market Factor Tilt Index Fund in its capacity as a former public shareholder of The Jones Group Inc. (“Jones Group”). The claims in these actions stem from a series of merger transactions (“Transactions”)

entered into by Jones Group in 2014 that allegedly rendered Jones Group insolvent. The FlexShares Morningstar US Market Factor Tilt Index Fund allegedly received $224,910 as a result of the Transactions. The Plaintiffs seek to clawback these proceeds for the benefit of the Trust and the noteholders on the basis that they allegedly were fraudulent conveyances.

During the quarter ended June 30, 2020, the Judicial Panel on Multidistrict Litigation ordered the transfer of these actions and several substantially similar actions filed in other districts to the Southern District of New York for consolidated pre-trial proceedings. 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 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.

Since it is presently not possible to determine the outcome of these matters, no provision has been made in the financial statements for their ultimate resolution. In management of the Fund’s opinion, the final resolution of the above legal matters will not have a material adverse effect on the Fund’s financial statements. The Fund intends to vigorously defend these actions.

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

376 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

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 and may adversely affect the value, volatility and liquidity of securities held by a Fund. In addition, during periods of market disruption or other abnormal market conditions, the Funds’ exposure to the risks described in their respective prospectuses and statements of additional information will likely increase. In the event of a pandemic or an outbreak, there can be no assurance that the Funds and their 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, and could otherwise disrupt the ability of the Fund’s service providers to perform essential services. Certain economic and market conditions arising out of a pandemic or outbreak could result in a Fund’s inability to achieve its investment objectives, cause the postponement of reconstitution or rebalance dates for benchmark or underlying indices, 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. 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, other than the items noted below.

Effective June 1, 2021, the name of the FlexShares^® STOXX^® US ESG Impact Index Fund was changed to FlexShares^® STOXX^® US ESG Select Index Fund and the name of the FlexShares^® STOXX^® Global ESG Impact Index Fund was changed to FlexShares^® STOXX^® Global ESG Select Index Fund.

FLEXSHARES SEMIANNUAL REPORT 377

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, 2021.

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, 2021.

The second line under each Fund in the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as brokerage commissions on purchases or sales of Fund shares. Therefore, the second line for each Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value		Ending Account Value04/30/21		Expenses Paid During the Period *		Annualized Expense Ratio During Period
FlexShares® US Quality Low Volatility Index Fund
Actual	$	1,000.00	$	1,210.00	$	1.21		0.22	%
Hypothetical	$	1,000.00	$	1,023.70	$	1.10		0.22	%
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund
Actual	$	1,000.00	$	1,166.60	$	1.72		0.32	%
Hypothetical	$	1,000.00	$	1,023.21	$	1.61		0.32	%
FlexShares® Emerging Markets Quality Low Volatility Index Fund
Actual	$	1,000.00	$	1,149.80	$	2.13		0.40	%
Hypothetical	$	1,000.00	$	1,022.81	$	2.01		0.40	%

378 FLEXSHARES SEMIANNUAL REPORT

Fund Expenses (cont.)

	Beginning Account Value		Ending Account Value04/30/21		Expenses Paid During the Period *		Annualized Expense Ratio During Period
FlexShares® Morningstar US Market Factor Tilt Index Fund
Actual	$	1,000.00	$	1,386.90	$	1.48		0.25	%
Hypothetical	$	1,000.00	$	1,023.55	$	1.25		0.25	%
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund
Actual	$	1,000.00	$	1,339.20	$	2.26		0.39	%
Hypothetical	$	1,000.00	$	1,022.86	$	1.96		0.39	%
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund
Actual	$	1,000.00	$	1,326.20	$	3.40		0.59	%
Hypothetical	$	1,000.00	$	1,021.87	$	2.96		0.59	%
FlexShares® US Quality Large Cap Index Fund
Actual	$	1,000.00	$	1,295.90	$	1.82		0.32	%
Hypothetical	$	1,000.00	$	1,023.21	$	1.61		0.32	%
FlexShares® STOXX® US ESG Select Index Fund
Actual	$	1,000.00	$	1,297.70	$	1.82		0.32	%
Hypothetical	$	1,000.00	$	1,023.21	$	1.61		0.32	%
FlexShares® STOXX® Global ESG Select Index Fund
Actual	$	1,000.00	$	1,293.90	$	2.39		0.42	%
Hypothetical	$	1,000.00	$	1,022.71	$	2.11		0.42	%
FlexShares® Morningstar Global Upstream Natural Resources Index Fund
Actual	$	1,000.00	$	1,428.90	$	2.77		0.46	%
Hypothetical	$	1,000.00	$	1,022.51	$	2.31		0.46	%
FlexShares® STOXX® Global Broad Infrastructure Index Fund
Actual	$	1,000.00	$	1,213.30	$	2.58		0.47	%
Hypothetical	$	1,000.00	$	1,022.46	$	2.36		0.47	%
FlexShares® Global Quality Real Estate Index Fund
Actual	$	1,000.00	$	1,277.90	$	2.54		0.45	%
Hypothetical	$	1,000.00	$	1,022.56	$	2.26		0.45	%
FlexShares® Real Assets Allocation Index Fund(a)
Actual	$	1,000.00	$	1,288.60	$	0.62		0.11	%
Hypothetical	$	1,000.00	$	1,024.25	$	0.55		0.11	%
FlexShares® Quality Dividend Index Fund
Actual	$	1,000.00	$	1,279.90	$	2.09		0.37	%
Hypothetical	$	1,000.00	$	1,022.96	$	1.86		0.37	%

FLEXSHARES SEMIANNUAL REPORT 379

Fund Expenses (cont.)

	Beginning Account Value		Ending Account Value04/30/21		Expenses Paid During the Period *		Annualized Expense Ratio During Period
FlexShares® Quality Dividend Defensive Index Fund
Actual	$	1,000.00	$	1,250.20	$	2.06		0.37	%
Hypothetical	$	1,000.00	$	1,022.96	$	1.86		0.37	%
FlexShares® Quality Dividend Dynamic Index Fund
Actual	$	1,000.00	$	1,336.20	$	2.14		0.37	%
Hypothetical	$	1,000.00	$	1,022.96	$	1.86		0.37	%
FlexShares® International Quality Dividend Index Fund
Actual	$	1,000.00	$	1,316.80	$	2.70		0.47	%
Hypothetical	$	1,000.00	$	1,022.46	$	2.36		0.47	%
FlexShares® International Quality Dividend Defensive Index Fund
Actual	$	1,000.00	$	1,283.20	$	2.66		0.47	%
Hypothetical	$	1,000.00	$	1,022.46	$	2.36		0.47	%
FlexShares® International Quality Dividend Dynamic Index Fund
Actual	$	1,000.00	$	1,393.30	$	2.79		0.47	%
Hypothetical	$	1,000.00	$	1,022.46	$	2.36		0.47	%
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund
Actual	$	1,000.00	$	1,040.30	$	0.91		0.18	%
Hypothetical	$	1,000.00	$	1,023.90	$	0.90		0.18	%
FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund
Actual	$	1,000.00	$	1,031.40	$	0.91		0.18	%
Hypothetical	$	1,000.00	$	1,023.90	$	0.90		0.18	%
FlexShares® Disciplined Duration MBS Index Fund
Actual	$	1,000.00	$	1,000.00	$	0.99		0.20	%
Hypothetical	$	1,000.00	$	1,023.80	$	1.00		0.20	%
FlexShares® Credit-Scored US Corporate Bond Index Fund
Actual	$	1,000.00	$	1,003.10	$	1.09		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	$	989.00	$	1.08		0.22	%
Hypothetical	$	1,000.00	$	1,023.70	$	1.10		0.22	%
FlexShares® High Yield Value-Scored Bond Index Fund
Actual	$	1,000.00	$	1,108.40	$	1.93		0.37	%
Hypothetical	$	1,000.00	$	1,022.96	$	1.86		0.37	%

380 FLEXSHARES SEMIANNUAL REPORT

Fund Expenses (cont.)

	Beginning Account Value		Ending Account Value04/30/21		Expenses Paid During the Period *		Annualized Expense Ratio During Period
FlexShares® Ready Access Variable Income Fund
Actual	$	1,000.00	$	1,002.80	$	1.24		0.25	%
Hypothetical	$	1,000.00	$	1,023.55	$	1.25		0.25	%
FlexShares® Core Select Bond Fund(a)
Actual	$	1,000.00	$	991.10	$	0.89		0.18	%
Hypothetical	$	1,000.00	$	1,023.90	$	0.90		0.18	%

* Expenses are equal to the average account value over the period multiplied by the Fund’s annualized expense ratio, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one half year period).

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the Underlying Fund(s) in which the Fund invests.

FLEXSHARES SEMIANNUAL REPORT 381

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 seeks to assess, manage and review 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 Committee (the “Committee”).

At a meeting of the Board held during the six-month period ended April 30, 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. The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation.

The Report summarized the operation of the Program and the information and factors considered by the Committee in reviewing the adequacy and effectiveness of the Program’s implementation with respect to each Fund. Such information and factors included, among other things: (i) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (ii) the 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 assets (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value); (iv) that none of the Funds required the establishment of a highly liquid investment minimum (as defined in the Rule) and the methodology for that determination; and (v) confirmation that none of the Funds had breached the 15% maximum threshold on illiquid investments (i.e., any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven days or less without the sale or disposition significantly changing the market value of the investment) and the procedures for monitoring compliance with the limit. The Report also summarized the changes made to the Program over the course of the year.

The Committee concluded, and reported to the Board, that the Program was being effectively implemented and that the Program was 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.

382 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:

Cyber Security and Operational Risk

Cyber security and operational risk is the risk that the Fund and its service providers may experience disruptions that arise from breaches in cyber security, human error, processing and communications errors, counterparty or third-party errors, technology or systems failures, any of which may have an adverse impact on the Fund. Failures or breaches of the electronic systems of the Fund, the Investment Adviser, distributor, and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions and negatively impact the Fund’s business operations, potentially resulting in financial losses to the Fund and its shareholders.

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’s shares are listed on a securities exchange, which presents risks including the potential lack of an active market for Fund shares, losses from trading in secondary markets, and disruption in the creation/redemption process of the Funds. Any of these factors may lead to the Funds’ shares trading at a premium or discount to NAV.

Valuation Risk

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.

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 to proceed with creation and/or redemption orders with respect to the Funds and no other Authorized Participant is able 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 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

FLEXSHARES SEMIANNUAL REPORT 383

Supplemental Information (cont.)

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. 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:

Tracking Error Risk

Tracking error risk is the risk that an Index Fund’s performance may vary substantially from the performance of the Underlying Index it tracks as a result of imperfect correlation between a Fund’s securities and those of the Underlying Index. Imperfect correlation may result from share purchases and redemptions, expenses, accepting custom baskets, changes in the Underlying Indexes, asset valuations, foreign currency valuations, market impact, corporate actions (such as mergers and spinoffs), legal restrictions (such as tax-related diversification requirements that apply to the Funds but not to the Underlying Index) and timing variances, among other factors.

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.

The following risks apply to each Fund, as disclosed:

Concentration Risk

Each of the Funds, except the FlexShares iBoxx 3-Year Target Duration TIPS Index Fund and FlexShares iBoxx 5-Year Target Duration TIPS Index Fund, is subject to Concentration Risk. To the extent that the investments of these Funds are concentrated in the securities of issuers in a particular region, country, market, industry, sector or asset class, the Funds may be subject to increased price volatility and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that region, country, market, industry, sector or asset class.

Interest Rate/Maturity Risk

The 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, 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. The magnitude of this decline will often be greater for longer-term fixed

384 FLEXSHARES SEMIANNUAL REPORT

Supplemental Information (cont.)

income securities than shorter-term 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.

MLP Risk

The FlexShares STOXX^® Global Broad Infrastructure Index Fund and FlexShares Real Assets Allocation Index Fund (including through its investment in its Underlying Fund(s)) may invest in Master Limited Partnerships (“MLPs”). The FlexShares STOXX^® Global Broad Infrastructure Index Fund may not invest more than 25% of its net assets in MLPs. MLP Risk is the risk that accompanies an investment in MLP units. Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. 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. The benefit derived from the Fund’s investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes. If any of the MLPs owned by the Fund were treated as corporations for U.S. federal income tax purposes, the after-tax return to the Fund with respect to its investment in such MLPs would be materially reduced, which could cause a decline in the value of the Fund’s shares. The Fund must include its allocable share of the MLP’s taxable income in its taxable income, whether or not it receives a distribution of cash from the MLP. In such case, the Fund may have to liquidate securities to make required distributions to the Fund’s shareholders.

Non-diversification Risk

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, 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, 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 non-diversified series of the Trust, pursuant to the 1940 Act. The performance of these Funds may depend on the performance of a small number of issuers because the Funds may invest a large percentage of its assets in securities issued by or representing a small number of issuers.

Large Cap Risk

The FlexShares US Quality Large Cap 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 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 returns on investments in stocks of large U.S. companies could trail the returns on investments in stocks of smaller and mid-sized companies. In addition, larger companies may grow more slowly or be slower to respond to business developments than smaller companies.

Mid Cap Stock Risk

The FlexShares STOXX^® US ESG Select Index Fund, FlexShares STOXX^® Global ESG Select Index Fund, FlexShares US Quality Low Volatility Index Fund, FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, and FlexShares Emerging

FLEXSHARES SEMIANNUAL REPORT 385

Supplemental Information (cont.)

Markets Quality Low Volatility Index Fund may invest in stocks of mid-sized companies which may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market.

Mid and Small Cap Stock Risk

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 STOXX^® Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares Real Assets Allocation Index Fund (including through its investment in its Underlying Fund(s)), FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, and FlexShares International Quality Dividend Dynamic Index Fund may invest in stocks of smaller companies which may be more volatile than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group, and their securities 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.

Value Investing Risk

The FlexSharesMorningstar 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’s (including through its investment in its Underlying Fund(s)) investment in companies whose securities are believed to be undervalued, relative to their underlying profitability, may not appreciate in value as anticipated.

ESG Investment Risk

The FlexShares STOXX^® US ESG Select Index Fund and FlexShares STOXX^® Global ESG Select Index Fund are subject to the risk that because the methodology of the Underlying Index selects and assigns weights to securities of issuers for nonfinancial reasons, the Fund may underperform the broader equity market or other funds that do not utilize ESG criteria when selecting investments.

High Portfolio Turnover Risk

The FlexShares STOXX^® US ESG Select Index Fund, FlexShares Ready Access Variable Income Fund, FlexShares Core Select Bond Fund, FlexShares iBoxx 3-Year Target Duration TIPS Index Fund, FlexShares Disciplined Duration MBS Index Fund, FlexShares Credit-Scored US Long Corporate Bond Index Fund, and FlexShares High Yield Value-Scored Bond Index Fund are subject to the risk that active and frequent trading of the 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

The FlexShares Morningstar Global Upstream Natural Resources Index Fund (which is also an Underlying Fund of FlexShares Real Assets Allocation Index Fund) is 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 significantly be 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

386 FLEXSHARES SEMIANNUAL REPORT

Supplemental Information (cont.)

value of the Fund’s equity securities. Such declines may occur quickly and without warning and may negatively impact the value of the Fund and your investment.

Hedging Risk

The FlexShares Core Select Bond Fund is subject to the risk that the Fund’s short positions in U.S. Treasury futures and 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

The FlexShares Credit-Scored US Corporate Bond 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

The FlexShares STOXX^® Global Broad Infrastructure Index Fund and FlexShares Global Quality Real Estate Index Fund (which is also an Underlying Fund of FlexShares Real Assets Allocation Index Fund) are subject to the risk that rising interest rates may adversely affect the Fund. 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 the Fund may decline when investors anticipate or experience rising interest rates.

Cash Transactions Risk

The FlexShares Disciplined Duration MBS Index Fund and FlexShares Ready Access Variable Income Fund may effect a creation or redemption order of its shares entirely for cash, rather than for in-kind securities. Paying redemption proceeds entirely in cash rather than through in-kind delivery of portfolio securities may require the 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, the Fund may pay out higher or lower annual capital gains distributions than ETFs that meet 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, the Fund’s performance could be negatively impacted.

China Investment Risk

The FlexShares Emerging Markets Quality Low Volatility Index Fund, and FlexShares Morningstar Emerging Markets Factor Tilt Index Fund expects to have significant investment in securities of Chinese issuers. Investment exposure to China subjects a Fund to risks specific to China. China may be subject to considerable degrees of economic, political and social instability. China is a developing market and demonstrates significantly higher volatility from time to time in comparison to developed

FLEXSHARES SEMIANNUAL REPORT 387

Supplemental Information (cont.)

markets. Over the past 25 years, the Chinese government has undertaken reform of economic and market practices and expansion of the sphere for private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation. The Chinese economy is export-driven and highly reliant on trade. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners, such as the United States, Japan and South Korea, may have an adverse impact on the Chinese economy.

Currency Risk

The 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, 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, FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, and FlexShares Emerging Markets Quality Low Volatility Index Fund may invest in securities denominated in foreign currencies. While each Fund’s investments may be denominated in foreign currencies, the portfolio securities and other assets held by each Fund are valued in U.S. dollars. Price fluctuations may occur in the dollar value of foreign securities because of changing currency exchange rates. Currency exchange rates may fluctuate significantly over short periods of time causing a Fund’s NAV to fluctuate as well. Currency exchange rates can be affected unpredictably by the intervention or the failure to intervene by U.S. or foreign governments or central banks, or by currency controls or political developments in the U.S. or abroad. To the extent that a Fund’s total assets, adjusted to reflect the Fund’s net position after giving effect to currency transactions, are denominated in the currencies of foreign countries, that Fund will be more susceptible to the risk of adverse economic and political developments within those countries.

Foreign Securities Risk

The 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, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic Index Fund, FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares Emerging Markets Quality Low Volatility Index Fund, and FlexShares Ready Access Variable Income Fund will invest in foreign securities. Foreign securities include direct investments in non-U.S. dollar-denominated securities traded primarily outside of the United States and dollar-denominated securities of foreign issuers. Foreign securities also include indirect investments such as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). ADRs are U.S. dollar-denominated receipts representing shares of foreign-based corporations. ADRs are receipts that are traded in the U.S., and entitle the holder to all dividend and capital gain distributions that are paid out on the underlying foreign shares. GDRs are receipts that often trade on foreign exchanges. They represent ownership in an underlying foreign or U.S. security and generally are denominated in a foreign currency.

388 FLEXSHARES SEMIANNUAL REPORT

Supplemental Information (cont.)

Emerging Markets Risk

The FlexShares Morningstar Emerging Markets Factor Tilt 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 Emerging Markets Quality Low Volatility Index Fund, FlexShares Morningstar Global Upstream Natural Resources Index Fund, FlexShares STOXX^®Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, and FlexShares Ready Access Variable Income Fund invest in emerging market countries. The risks of foreign investment are increased when the issuer is located in a country with an emerging economy or securities market. Political and economic structures in many of these countries may be undergoing significant evolution and rapid development, and these countries may lack the social, political and economic stability characteristics of developed countries. The securities laws of emerging market countries may be relatively new and unsettled and, consequently, there is a risk of rapid and unpredictable change in laws regarding foreign investment, securities regulation, title to securities and shareholder rights. Global factors and foreign actions may inhibit the flow of foreign capital on which a country is dependent to sustain its growth. In general, securities markets of emerging countries are less liquid, are especially subject to greater price volatility, have smaller market capitalizations, and have problems with securities registration and custody. These securities markets also have less government regulation and are not subject to as extensive and frequent accounting, financial and other reporting requirements as the securities markets of more developed countries. In addition, because the securities settlement procedures are less developed in these countries, a Fund may be required to deliver securities before receiving payment and also may be unable to complete transactions during market disruptions. As a result of these and other risks, investments in these countries generally present a greater risk of loss to a Fund.

Japan Investment Risk

The FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund, and FlexShares Developed Markets ex-US Quality Low Volatility Index Fund expects to have significant 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 a Fund. The growth of Japan’s economy has historically lagged that of its Asian neighbors and other major developed economies. The Japanese economy is heavily dependent on international trade and has been adversely affected by trade tariffs, other protectionist measures, competition from emerging economies and the economic conditions of its trading partners. Japan’s relations with its neighbors, particularly China, North Korea, South Korea and Russia, have at times been strained due to territorial disputes, historical animosities and defense concerns. Most recently, the Japanese government has shown concern over the increased nuclear and military activity by North Korea. Strained relations may cause uncertainty in the Japanese markets and adversely affect the overall Japanese economy in times of crisis. China has become an important trading partner with Japan, yet the countries’ political relationship has become strained. Should political tension increase, it could adversely affect the economy, especially the export sector, and destabilize the region as a whole.

U.S. Issuer Risk

The FlexShares Morningstar US Market Factor Tilt Index Fund, FlexShares US Quality Large Cap Index Fund, FlexShares STOXX US ESG Select Index Fund, FlexShares STOXX Global ESG Select Index Fund, FlexShares Morningstar Global Upstream Natural Resources Index Fund, FlexShares STOXX Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares Real Assets Allocation Index Fund, FlexShares Quality Dividend Index Fund, FlexShares Quality Dividend Defensive Index Fund, FlexShares 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 SEMIANNUAL REPORT 389

Supplemental Information (cont.)

FlexShares High Yield Value-Scored Bond Index Fund, FlexShares US Quality Low Volatility Index Fund, FlexShares Ready Access Variable Income Fund, and FlexShares Core Select Bond Fund has significant exposure to U.S. issuers. Decreasing imports or exports, changes in trade regulations and/or an economic recession in the United States may have a material adverse effect on the U.S. economy. The financial crisis that began in 2007 caused a significant decline in the value and liquidity of issuers in the United States. Policy and legislative changes in the United States are changing many aspects of financial and other regulation and may have a significant effect on the U.S. markets generally, as well as the value of certain securities. In addition, a continued rise in the U.S. public debt level or U.S. austerity measures may adversely affect U.S. economic growth and the securities to which the Funds have exposure.

The following risks apply to the 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:

Dividend Risk

The Fund is 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

The Fund is 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.

The following risk applies to the FlexShares Global Quality Real Estate Index Fund (which is also an Underlying Fund of the FlexShares Real Assets Allocation Index Fund):

Real Estate Securities Risk

The Fund is 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 the Fund more susceptible to risks associated with the ownership 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 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.

The following risk applies to the FlexShares Global Quality Real Estate Index Fund (which is also an Underlying Fund of FlexShares Real Assets Allocation Index Fund) and FlexShares STOXX^® Global Broad Infrastructure Index Fund:

390 FLEXSHARES SEMIANNUAL REPORT

Supplemental Information (cont.)

Real Estate Investment Trust (REIT) Risk

The Fund is subject to the risk that the Fund’s investments will be affected by factors affecting REITs 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.

The following risk apply to the FlexShares Real Assets Allocation Index Fund:

Fund of Funds Risk (or Underlying Funds Risk)

The 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.

The following risks apply to the 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, and FlexShares Core Select Bond Fund:

Credit (or Default) Risk

The Fund is 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

The Fund is subject to the risk that an issuer will exercise its right to pay principal on an obligation held by the Fund (such as a mortgage-backed security) later than expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease and the Fund will suffer from the inability to invest in higher yielding securities.

Liquidity Risk

The Fund is subject to the risk that certain portfolio securities 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.

FLEXSHARES SEMIANNUAL REPORT 391

Supplemental Information (cont.)

Prepayment (or Call) Risk

The Fund is subject to the risk that prepayment of the underlying mortgages or other collateral of some fixed-income securities may result in a decreased rate of return and a decline in value of those securities.

U.S. Government Securities Risk

The 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.

Mortgage-Related and Other Asset-Backed Risks

The FlexShares Ready Access Variable Income Fund and FlexShares Core Select Bond Fund is subject to the risks of investing in mortgage-related and other asset-backed securities, including Interest Rate/Maturity Risk, Debt Extension Risk and Prepayment (or Call) Risk.

The following risk applies to the FlexShares Disciplined Duration MBS Index Fund:

Mortgage Backed Pass-Through Securities Risk

The Fund is subject to the risk of investing in mortgage-backed securities issued by a U.S. Agency. These securities may not be backed by the full faith and credit of the U.S. government. Mortgage-backed securities are subject to Credit (or Default) Risk, Interest Rate/ Maturity Risk, Debt Extension Risk and Prepayment (or Call) Risk. Because of these risks, mortgage-backed securities react differently to changes in interest rates than other bonds. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.

The following risks apply to the FlexShares High Yield Value-Scored Bond Index Fund:

Distressed Securities Risk

Distressed securities risk is the substantial risk of investing in distressed securities that is 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. The 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.

High Yield Securities Risk

High yield securities risk is the risk that the 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

392 FLEXSHARES SEMIANNUAL REPORT

Supplemental Information (cont.)

interest payments. The 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 Fund is expected to exhibit greater sensitivity to market fluctuations.

Substantial Volatility Risk

Substantial volatility risk is the risk that the value of the securities in the Fund’s portfolio may fluctuate, sometimes rapidly and unpredictably at a greater level than the overall market. There is a risk that the Fund could have substantial volatility.

Value Score Risk

Value score risk is 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.

The following risk applies to 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 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 Ready Access Variable Income Fund, FlexShares Core Select Bond Fund, 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:

Financial Sector Risk

The Fund is subject to the risk that the 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 competitions and the availability and cost of capital funds, among other factors. The impact of changes in capital requirements and recent or future regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted. In recent years, cyberattacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses to companies in this sector, which may negatively impact the Fund.

The following risk applies to the FlexShares US Quality Low Volatility Index Fund, FlexShares Morningstar US Market 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 Quality Dividend Index Fund, FlexShares Quality Dividend Defensive Index Fund, and FlexShares Quality Dividend Dynamic Index Fund:

Information Technology Sector Risk

The Fund is subject to the risk that the Fund will be impacted by events affecting the U.S. information technology sector if it invests a relatively large percentage of its assets in that sector, adversely affecting the Fund’s price.

The following risk applies to 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

FLEXSHARES SEMIANNUAL REPORT 393

Supplemental Information (cont.)

Factor Tilt Index Fund, FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares US Quality Large Cap Index Fund, FlexShares STOXX US ESG Select Index Fund, FlexShares STOXX Global ESG Select Index Fund, FlexShares Morningstar Global Upstream Natural Resources Index Fund, FlexShares STOXX Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares 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, and FlexShares International Quality Dividend Dynamic Index Fund:

Equity Securities Risk

Each Fund invests in equity securities, primarily in the form of common stocks. Each of these Funds may also invest in preferred stocks and REITs. Preferred stocks are securities that represent an ownership interest providing the holder with claims on the issuer’s earnings and assets before common stock owners but after bond owners. REITs are pooled investment vehicles that invest primarily in real estate or real estate related loans.

Equity securities are subject to changes in value that may be attributable to market perception of a particular issuer, general stock market fluctuations that affect all issuers, or as a result of such factors as a company’s business performance, investor perceptions, stock market trends and general economic conditions. The equity securities owned by a Fund may be more volatile and underperform other asset classes and the general securities markets.

The following risks apply to the 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:

Large Shareholder Risk

Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund’s shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity may invest in the Fund and hold its investment for a limited period of time solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on Fund’s listing exchange and may, therefore, have a material upward or downward effect on the market price of the shares.

To the extent a significant percentage of the shares of a Fund are owned or controlled by a small number of account shareholders (or a single account shareholder), including funds or accounts over which the Investment Adviser or an affiliate of the Investment Adviser has investment discretion, the Fund is subject to the risk that those shareholders may purchase or redeem Fund shares in significant amounts rapidly or unexpectedly, including as a result of an asset allocation decision made by the Investment Adviser or an affiliate of the Investment Adviser and may adversely affect a Fund’s performance if the Investment Adviser is forced to sell portfolio securities or invest cash when the Investment Adviser would not otherwise choose to do so. Redemptions of a large number of shares may affect the liquidity of a Fund’s portfolio, increase the Fund’s transaction costs, and accelerate the realization of taxable income and/or gains.

394 FLEXSHARES SEMIANNUAL REPORT

Supplemental Information (cont.)

Low Volatility Risk

Although the Underlying Index is designed to have overall volatility that is lower than that of the 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. Events or financial circumstances affecting individual securities or sectors may increase the volatility of a Fund. The price of a security may fluctuate due to factors affecting markets generally or particular industries. The market prices of the securities or other assets in a Fund’s portfolio may fluctuate, sometimes rapidly and unpredictably. The Fund will continue to seek to track the Underlying Index even if the Underlying Index does not have lower overall volatility than the 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. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s gross expense ratio. Large purchases of a Fund’s shares may also adversely affect the Fund’s performance to the extent that a Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would to the extent that the Fund accepts cash for an order for the purchase of creation units of the Fund’s shares.

Passive Investment Risk

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 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, 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 U.S. Corporate Bond Index Fund, FlexShares Credit-Scored US Long Corporate Bond Index Fund, and FlexShares High Yield Value-Scored Bond Index Fund are not actively managed. Each Fund may be affected by a general decline in the market segments relating to its Underlying Index. Each Fund invests in securities included in, or representative of, its Underlying Index regardless of their investment merit. NTI does not attempt to take defensive positions in any market conditions, including declining markets.

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 395

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.

396 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Trust

50 S. LaSalle Street

Chicago, IL 60603

800.595.9111

www.flexshares.com

FlexShares^® is a registered trademark of NTI. Morningstar^® is a registered trademark of Morningstar, Inc. (“Morningstar”). Morningstar^® US Market Factor Tilt Index^SM, Morningstar^® Developed Markets ex-US Factor Tilt Index^SM, Morningstar^® Emerging Markets Factor Tilt Index^SM, and Morningstar^® Global Upstream Natural Resources Index^SM are service marks of Morningstar, Inc. STOXX and its licensors (the “Licensors”) have no relationship to FlexShares^® Trust other than the licensing of the STOXX^® USA ESG Select KPIs Index, STOXX^® Global ESG Select KPIs Index and STOXX^® Global Broad Infrastructure Index and the related trademarks for use in connection with the FlexShares^® STOXX^® US ESG Select Index Fund, FlexShares^® STOXX^® Global ESG Select Index Fund and FlexShares^®STOXX^® Global Broad Infrastructure Index Fund, respectively. The iBoxx 3-Year Target Duration TIPS Index and iBoxx 5-Year Target Duration TIPS Index are each the property of Markit North America, Inc. (“Markit”) and have been licensed for use in connection the FlexShares iBoxx 3-Year Target Duration TIPS Index Fund and the FlexShares iBoxx 5-Year Target Duration TIPS Index Fund, respectively. Northern Trust Quality Low Volatility Index^SM, Northern Trust Developed Markets ex-US Quality Low Volatility Index^SM, Northern Trust Emerging Markets Quality Low Volatility Index^SM, Northern Trust Quality Large Cap Index^SM, Northern Trust Quality Dividend Index^SM, Northern Trust Quality Dividend Dynamic Index^SM, Northern Trust Quality Dividend Defensive Index^SM, Northern Trust International Quality Dividend Index^SM, Northern Trust Quality Dividend Dynamic Index^SM, Northern Trust International Quality Dividend Defensive Index^SM, Northern Trust Global Quality Real Estate Index^SM, Northern Trust Credit-Scored US Corporate Bond Index^SM, Northern Trust Credit-Scored US Long Corporate Bond Index^SM, Northern Trust Real Assets Allocation Index^SM, Northern Trust High Yield US Corporate Bond Index^SM, and Northern Trust High Yield Value-Scored US Corporate Bond Index^SM are service marks of NTI and have been licensed for use by FlexShares Trust. The ICE^® BofAML^® Constrained Duration US Mortgage Backed Securities Index^SM are trademarks of ICE Data Indices, LLC or its affiliates (“ICE”) and have been licensed for use by NTI.

FS00238-0621

Item 2. Code of Ethics.

Not applicable for this reporting period.

Item 3. Audit Committee Financial Expert.

Not applicable for this reporting period.

Item 4. Principal Accountant Fees and Services.

Not applicable for this reporting period.

Item 5. Audit Committee of Listed Registrants.

Not applicable for this reporting period.

Item 6. Investments.

(a) Schedule I – Investments in Securities of Unaffiliated Issuers.

The complete schedule of investments is included in the report to shareholders in Item 1 of this Form N-CSR.

(b) Securities Divested of in accordance with Section 13(c) of the Investment Company Act of 1940.

Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

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

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 13. Exhibits.

(a)(1) Not applicable for this reporting period.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not Applicable.

(a)(4) Not Applicable.

(b) Certifications required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

SIGNATURES

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

FlexShares^® Trust

By:     

/s/Peter K. Ewing

Peter K. Ewing

President and Principal Executive Officer

July 2, 2021

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

By:     

/s/Peter K. Ewing

Peter K. Ewing

President and Principal Executive Officer

July 2, 2021

By:     

/s/Randal Rein

Randal Rein

Treasurer and Principal Financial Officer

July 2, 2021