Schedule of Investments

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

July 31, 2019 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 98.1%
Aerospace & Defense - 0.8%
Airbus SE		17,520		2,498,037
BAE Systems plc		79,840		536,312
Bombardier, Inc., Class B*		48,735		84,246
CAE, Inc.(a)		7,384		200,127
Cobham plc*		7,653		15,490
Dassault Aviation SA		55		75,934
Elbit Systems Ltd.		412		66,544
Leonardo SpA		19,120		235,022
LISI		3,196		93,231
Meggitt plc		37,200		271,748
MTU Aero Engines AG		1,440		363,146
QinetiQ Group plc		30,657		108,560
Rolls-Royce Holdings plc*		47,440		500,718
Saab AB, Class B		2,493		79,235
Safran SA		10,240		1,480,448
Senior plc(a)		47,440		116,640
Singapore Technologies Engineering Ltd.		17,900		55,457
Thales SA		3,680		418,131
Ultra Electronics Holdings plc		1,661		39,924
				7,238,950
Air Freight & Logistics - 0.4%
Bollore SA		12,858		55,718
bpost SA(a)		15,440		144,919
Cia de Distribucion Integral Logista Holdings SA		2,159		45,384
Deutsche Post AG (Registered)		32,320		1,061,920
Freightways Ltd.		12,987		73,629
ID Logistics Group*		81		15,259
Kerry Logistics Network Ltd.		40,500		69,639
Kintetsu World Express, Inc.		40,000		541,561
Konoike Transport Co. Ltd.		30,100		468,515
Mainfreight Ltd.		3,192		88,609
Panalpina Welttransport Holding AG (Registered)*		680		154,408
PostNL NV(a)		355,221		614,414
Royal Mail plc		20,480		52,586
SG Holdings Co. Ltd.		2,400		63,816
Yamato Holdings Co. Ltd.		12,500		246,777
				3,697,154
Airlines - 0.7%
Air Canada*		11,680		403,906
Air France-KLM*		19,520		204,817
Air New Zealand Ltd.		30,617		54,863
ANA Holdings, Inc.		4,500		151,775
Chorus Aviation, Inc.(a)		115,360		686,986
Dart Group plc(a)		76,800		714,217
Deutsche Lufthansa AG (Registered)		16,400		262,484
easyJet plc		6,640		78,377
Exchange Income Corp.(a)		29,280		829,914

Investments	Shares		Value ($)
Finnair OYJ		59,360		421,002
International Consolidated Airlines Group SA, DI		42,080		218,672
Japan Airlines Co. Ltd.		8,500		268,289
Norwegian Air Shuttle ASA*(a)		21,600		98,010
Qantas Airways Ltd.		41,760		164,351
SAS AB*		172,193		238,550
Singapore Airlines Ltd.		12,000		84,790
WestJet Airlines Ltd.		94,800		2,220,651
Wizz Air Holdings plc*(b)		2,172		93,987
				7,195,641
Auto Components - 2.2%
Aisan Industry Co. Ltd.		12,808		86,232
Aisin Seiki Co. Ltd.		9,300		303,647
ARB Corp. Ltd.		997		12,747
Bridgestone Corp.		34,500		1,302,786
CIE Automotive SA		3,217		82,167
Cie Generale des Etablissements Michelin SCA		8,320		930,517
Cie Plastic Omnium SA		720		19,135
CIR-Compagnie Industriali Riunite SpA(a)		197,600		220,448
Continental AG		6,160		858,964
Daikyonishikawa Corp.		49,804		413,753
Denso Corp.		20,400		871,427
Dometic Group AB(c)		16,230		149,423
Eagle Industry Co. Ltd.(a)		12,600		126,725
Exedy Corp.		24,000		493,594
Faurecia SE		6,400		306,408
FCC Co. Ltd.		32,000		629,537
Freni Brembo SpA(a)		3,647		37,642
Futaba Industrial Co. Ltd.		35,200		246,716
Gestamp Automocion SA(b)		24,236		127,690
G-Tekt Corp.		25,900		380,479
GUD Holdings Ltd.(a)		4,852		31,804
Hella GmbH & Co. KGaA		4,606		221,031
Ichikoh Industries Ltd.		17,400		112,822
Keihin Corp.		12,300		171,855
Koito Manufacturing Co. Ltd.(a)		3,200		161,805
KYB Corp.*		19,300		551,936
Leoni AG*		23,904		324,566
Linamar Corp.		880		29,955
Magna International, Inc.		13,760		697,457
Martinrea International, Inc.		69,120		569,004
Musashi Seimitsu Industry Co. Ltd.		37,000		486,972
NGK Spark Plug Co. Ltd.		7,400		142,173
NHK Spring Co. Ltd.		17,000		133,871
Nifco, Inc.		2,400		59,638
Nippon Seiki Co. Ltd.		47,800		841,755
Nissin Kogyo Co. Ltd.		21,600		299,207
NOK Corp.(a)		16,200		240,072
Nokian Renkaat OYJ		6,662		192,632
Pacific Industrial Co. Ltd.		50,300		715,295
Piolax, Inc.		24,000		433,470
Press Kogyo Co. Ltd.		96,000		438,554
Riken Corp.		8,100		317,435

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Schaeffler AG (Preference)		152,400		1,149,088
Showa Corp.		49,000		664,766
Stanley Electric Co. Ltd.		3,800		94,777
Sumitomo Electric Industries Ltd.		31,700		395,319
Sumitomo Riko Co. Ltd.		8,000		62,630
Sumitomo Rubber Industries Ltd.		9,300		102,187
Tachi-S Co. Ltd.		19,700		254,018
TI Fluid Systems plc(b)		129,120		310,510
Tokai Rika Co. Ltd.		10,700		176,502
Topre Corp.		48,000		725,471
Toyo Tire Corp.		4,600		60,627
Toyoda Gosei Co. Ltd.		7,800		144,398
Toyota Boshoku Corp.		2,700		38,072
Toyota Industries Corp.		9,400		490,886
TPR Co. Ltd.		33,100		578,316
TS Tech Co. Ltd.		9,100		252,696
Unipres Corp.		25,400		416,647
Valeo SA		9,477		299,668
Yokohama Rubber Co. Ltd. (The)		8,000		148,174
				21,138,098
Automobiles - 2.5%
Aston Martin Lagonda Global Holdings plc*(b)		8,000		48,782
Bayerische Motoren Werke AG		14,985		1,115,012
Bayerische Motoren Werke AG (Preference)		5,132		307,697
Daimler AG (Registered)		53,360		2,786,080
Ferrari NV		3,360		544,880
Fiat Chrysler Automobiles NV		51,200		686,125
Honda Motor Co. Ltd.		98,400		2,456,488
Isuzu Motors Ltd.		35,400		395,000
Mazda Motor Corp.		19,700		195,775
Mitsubishi Motors Corp.		17,300		76,800
Nissan Motor Co. Ltd.		136,400		892,960
Peugeot SA		23,707		563,805
Porsche Automobil Holding SE (Preference)		9,360		621,951
Renault SA		9,200		517,695
Subaru Corp.		30,100		705,406
Suzuki Motor Corp.		24,000		943,643
Toyota Motor Corp.		137,300		8,882,295
Trigano SA		7,280		738,011
Volkswagen AG		2,809		483,831
Volkswagen AG (Preference)		7,600		1,277,230
Yamaha Motor Co. Ltd.		18,300		323,273
				24,562,739
Banks - 10.9%
77 Bank Ltd. (The)		64,000		916,601
ABN AMRO Bank NV, CVA(a)(b)		25,200		503,916
AIB Group plc		47,760		164,846
Aktia Bank OYJ		36,240		344,989
Aozora Bank Ltd.		12,400		285,289
Australia & New Zealand Banking Group Ltd.		144,288		2,775,663
Awa Bank Ltd. (The)		40,000		912,549
Banca Monte dei Paschi di Siena SpA*(a)		257,049		375,492
Banca Popolare di Sondrio SCPA		386,907		810,301

Investments	Shares		Value ($)
Banco Bilbao Vizcaya Argentaria SA		367,520		1,882,101
Banco BPM SpA*(a)		141,460		265,863
Banco Comercial Portugues SA, Class R(a)		812,240		209,085
Banco de Sabadell SA		366,400		322,933
Banco Espirito Santo SA (Registered)*‡(d)		48,647		—
Banco Santander SA		864,320		3,717,496
Bank Hapoalim BM*		74,720		570,298
Bank Leumi Le-Israel BM		56,080		411,671
Bank of Cyprus Holdings plc*		148,635		261,475
Bank of East Asia Ltd. (The)		21,145		61,318
Bank of Georgia Group plc		2,000		34,432
Bank of Ireland Group plc		32,080		142,871
Bank of Kyoto Ltd. (The)		2,600		101,414
Bank of Montreal(a)		20,320		1,528,855
Bank of Nova Scotia (The)		61,760		3,313,871
Bank of Okinawa Ltd. (The)		4,240		131,017
Bank of Queensland Ltd.(a)		40,398		259,788
Bank of the Ryukyus Ltd.		23,861		248,554
Bankia SA(a)		33,120		66,100
Bankinter SA		21,280		139,031
Banque Cantonale de Geneve		480		96,485
Banque Cantonale Vaudoise (Registered)		186		139,030
Barclays plc		778,368		1,468,494
BAWAG Group AG(a)(b)		4,800		192,075
Bendigo & Adelaide Bank Ltd.		3,078		24,376
Berner Kantonalbank AG (Registered)		640		146,101
BNP Paribas SA		61,360		2,881,663
BPER Banca(a)		350,480		1,314,666
Caisse Regionale de Credit Agricole Mutuel de Paris et d’Ile-de-France		7,600		892,724
CaixaBank SA		211,520		526,357
Canadian Imperial Bank of Commerce		22,320		1,764,829
Canadian Western Bank		69,760		1,637,818
Chiba Bank Ltd. (The)		17,400		86,539
comdirect bank AG		7,483		77,984
Commerzbank AG		19,040		130,650
Commonwealth Bank of Australia		50,373		2,857,422
Concordia Financial Group Ltd.		43,121		152,904
Credit Agricole SA		71,520		858,415
Credito Emiliano SpA(a)		99,658		503,200
CYBG plc(a)		24,880		52,414
Dah Sing Banking Group Ltd.		24,640		42,998
Dah Sing Financial Holdings Ltd.		96,000		432,300
Danske Bank A/S		31,760		474,744
DBS Group Holdings Ltd.		61,529		1,187,374
DNB ASA		42,960		776,546
Erste Group Bank AG*		11,360		410,308
FIBI Holdings Ltd.		9,011		272,631
FinecoBank Banca Fineco SpA		6,110		61,171
Fukuoka Financial Group, Inc.		8,000		147,511
Graubuendner Kantonalbank		81		117,818
Gunma Bank Ltd. (The)		38,900		134,712

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Hachijuni Bank Ltd. (The)		56,000		211,983
Hang Seng Bank Ltd.		24,000		573,027
Heartland Group Holdings Ltd.		414,570		448,731
Hiroshima Bank Ltd. (The)		32,000		153,553
Hokkoku Bank Ltd. (The)		19,500		544,186
Hokuhoku Financial Group, Inc.(a)		16,000		161,068
HSBC Holdings plc		1,046,880		8,417,923
Hyakugo Bank Ltd. (The)		224,000		660,189
Hyakujushi Bank Ltd. (The)		24,000		479,889
ING Groep NV		209,680		2,351,386
Intesa Sanpaolo SpA		774,560		1,690,639
Israel Discount Bank Ltd., Class A		72,098		314,626
Juroku Bank Ltd. (The)		25,800		528,951
Jyske Bank A/S (Registered)*		800		25,682
KBC Group NV		11,600		752,712
Keiyo Bank Ltd. (The)		114,300		699,012
Kiyo Bank Ltd. (The)(a)		50,200		656,542
Laurentian Bank of Canada(a)		39,040		1,350,041
Liberbank SA		1,433,840		541,192
Liechtensteinische Landesbank AG		1,920		117,333
Lloyds Banking Group plc		3,874,000		2,529,719
Luzerner Kantonalbank AG (Registered)		259		115,111
Mebuki Financial Group, Inc.		88,610		219,536
Mediobanca Banca di Credito Finanziario SpA		26,880		270,970
Mitsubishi UFJ Financial Group, Inc.		658,900		3,181,169
Miyazaki Bank Ltd. (The)		9,900		239,989
Mizrahi Tefahot Bank Ltd.*		12,033		290,769
Mizuho Financial Group, Inc.		1,245,800		1,771,600
Musashino Bank Ltd. (The)		27,100		526,899
Nanto Bank Ltd. (The)		21,346		460,834
National Australia Bank Ltd.		74,341		1,460,839
National Bank of Canada		20,640		1,004,061
Nordea Bank Abp		150,876		975,103
North Pacific Bank Ltd.		280,000		626,664
Ogaki Kyoritsu Bank Ltd. (The)		43,000		930,693
Oita Bank Ltd. (The)		9,600		273,212
Oversea-Chinese Banking Corp. Ltd.		130,895		1,103,744
Raiffeisen Bank International AG		11,585		273,711
Resona Holdings, Inc.		111,700		457,191
Ringkjoebing Landbobank A/S		1,100		75,448
Royal Bank of Canada		41,682		3,308,151
Royal Bank of Scotland Group plc		200,160		531,836
San-In Godo Bank Ltd. (The)		136,000		825,457
Sbanken ASA(b)		12,000		92,914
Senshu Ikeda Holdings, Inc.		248,000		456,827
Seven Bank Ltd.		48,600		132,047
Shiga Bank Ltd. (The)		1,000		22,187
Shinsei Bank Ltd.(a)		24,000		364,725
Shizuoka Bank Ltd. (The)		24,000		166,226
Skandinaviska Enskilda Banken AB, Class A		50,400		478,406
Skandinaviska Enskilda Banken AB, Class C(a)		29,920		286,002
Societe Generale SA		35,200		870,251
Spar Nord Bank A/S		62,480		553,378

Investments	Shares		Value ($)
SpareBank 1 Nord Norge		89,920		666,541
Sparebank 1 Oestlandet		16,416		154,770
SpareBank 1 SMN		240		2,662
SpareBank 1 SR-Bank ASA		8,041		87,484
St Galler Kantonalbank AG (Registered)		110		47,278
Standard Chartered plc		145,680		1,207,261
Sumitomo Mitsui Financial Group, Inc.		69,300		2,429,888
Sumitomo Mitsui Trust Holdings, Inc.		22,400		770,358
Suruga Bank Ltd.(a)		218,600		833,529
Svenska Handelsbanken AB, Class A		32,660		296,874
Svenska Handelsbanken AB, Class B		16,255		155,380
Swedbank AB, Class A		47,920		660,370
Sydbank A/S(a)		53,360		934,068
TBC Bank Group plc		30,413		525,817
Toho Bank Ltd. (The)		222,732		537,470
TOMONY Holdings, Inc.		170,900		557,206
Toronto-Dominion Bank (The)		53,440		3,139,699
Unicaja Banco SA(a)(b)		757,680		603,175
UniCredit SpA		119,840		1,421,829
Unione di Banche Italiane SpA(a)		84,314		218,260
United Overseas Bank Ltd.		50,226		968,884
Valiant Holding AG (Registered)		1,680		173,770
Van Lanschot Kempen NV, CVA		35,920		742,276
Walliser Kantonalbank (Registered)		960		114,424
Westpac Banking Corp.		96,154		1,898,754
Yamagata Bank Ltd. (The)		2,200		32,278
Yamaguchi Financial Group, Inc.		19,000		133,171
				105,487,888
Beverages - 1.3%
AG Barr plc(a)		4,785		40,193
Anheuser-Busch InBev SA/NV		28,676		2,907,670
Asahi Group Holdings Ltd.		16,800		732,655
Britvic plc		16,720		187,736
C&C Group plc		20,320		92,307
Carlsberg A/S, Class B		3,120		428,737
Coca-Cola Amatil Ltd.		36,160		264,685
Coca-Cola Bottlers Japan Holdings, Inc.(a)		3,354		83,190
Coca-Cola European Partners plc		8,000		442,240
Coca-Cola HBC AG, DI*		4,000		138,902
Cott Corp.(a)		2,631		33,840
Davide Campari-Milano SpA		13,794		129,316
Diageo plc		68,240		2,877,267
Fevertree Drinks plc		3,795		108,549
Goldin Financial Holdings Ltd.*		60,000		20,465
Heineken Holding NV		2,720		277,709
Heineken NV		5,840		631,499
Ito En Ltd.		800		35,183
Kirin Holdings Co. Ltd.		28,738		627,300
Molson Coors Canada, Inc., Class B		8,516		485,285
Pernod Ricard SA		6,640		1,175,853
Remy Cointreau SA*(a)		580		86,469

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Royal Unibrew A/S		1,210		90,822
Sapporo Holdings Ltd.(a)		1,800		40,882
Suntory Beverage & Food Ltd.		3,000		119,779
Takara Holdings, Inc.		8,600		89,347
Treasury Wine Estates Ltd.		22,080		269,370
				12,417,250
Biotechnology - 0.4%
Abcam plc		10,049		160,943
Argenx SE*		394		55,756
BioGaia AB, Class B		1,134		47,520
CSL Ltd.		13,760		2,177,734
Galapagos NV*(a)		1,680		295,354
Genmab A/S*		1,361		254,072
Genus plc(a)		6,007		194,179
Grifols SA		10,080		328,836
Grifols SA (Preference), Class B		5,680		129,644
HEALIOS KK*(a)		1,100		14,792
MorphoSys AG*		1,667		202,865
PeptiDream, Inc.*		2,500		140,686
SanBio Co. Ltd.*(a)		2,200		68,893
Swedish Orphan Biovitrum AB*		6,345		123,816
Vitrolife AB		4,445		86,183
				4,281,273
Building Products - 0.9%
AGC, Inc.		8,000		246,834
Aica Kogyo Co. Ltd.		1,500		43,656
Assa Abloy AB, Class B		28,960		672,895
Belimo Holding AG (Registered)		21		124,303
Bunka Shutter Co. Ltd.		49,700		410,142
Central Glass Co. Ltd.		32,200		737,864
Cie de Saint-Gobain		25,440		984,432
Daikin Industries Ltd.		8,600		1,076,040
dormakaba Holding AG*		212		156,323
Geberit AG (Registered)		800		371,313
GWA Group Ltd.(a)		17,760		43,823
James Halstead plc		4,686		29,263
Kingspan Group plc		4,776		235,570
Lindab International AB		3,680		42,350
LIXIL Group Corp.		4,400		76,592
Munters Group AB*(a)(b)		28,640		128,435
Nibe Industrier AB, Class B		9,994		142,412
Nichias Corp.		6,500		117,338
Nichiha Corp.		27,700		728,377
Nippon Sheet Glass Co. Ltd.(a)		82,700		523,278
Okabe Co. Ltd.		36,900		285,820
Reliance Worldwide Corp. Ltd.(a)		52,795		133,911
Rockwool International A/S, Class A		220		48,713
Rockwool International A/S, Class B		402		98,962
Sanwa Holdings Corp.		9,800		110,388
Schweiter Technologies AG		56		55,547
Sekisui Jushi Corp.		11,200		214,871
Takara Standard Co. Ltd.		8,976		141,367
Takasago Thermal Engineering Co. Ltd.		9,100		141,644
Tarkett SA		722		12,163
TOTO Ltd.		3,900		157,509
Uponor OYJ		48,325		512,224
				8,804,359

Investments	Shares		Value ($)
Capital Markets - 2.7%
3i Group plc		59,600		811,871
Amundi SA(b)		1,440		100,046
Anima Holding SpA(b)		288,911		1,073,103
Ashmore Group plc		23,895		156,970
ASX Ltd.		2,924		179,065
AURELIUS Equity Opportunities SE & Co. KGaA		26,240		1,068,123
Avanza Bank Holding AB		6,589		59,343
Azimut Holding SpA		5,680		107,194
Banca Generali SpA		1,397		41,001
Bolsas y Mercados Espanoles SHMSF SA		965		22,971
Brederode SA		80		5,683
Brewin Dolphin Holdings plc		40,522		157,981
Brookfield Asset Management, Inc., Class A		28,320		1,394,703
Bure Equity AB		10,080		189,555
Burford Capital Ltd.		9,671		178,098
CI Financial Corp.		20,359		317,211
Close Brothers Group plc		15,997		260,710
Credit Suisse Group AG (Registered)*		127,280		1,546,645
Daiwa Securities Group, Inc.		92,400		401,258
Deutsche Bank AG (Registered)		82,240		644,625
Deutsche Boerse AG		6,002		844,016
EFG International AG*		6,000		39,091
Euronext NV(b)		1,650		128,138
Fairfax India Holdings Corp.*(b)		4,683		59,708
Fiera Capital Corp.		34,080		290,932
Flow Traders(b)		3,572		95,052
Gimv NV		14,080		832,431
Haitong International Securities Group Ltd.(a)		2,000,000		592,752
Hargreaves Lansdown plc		5,061		130,136
Hong Kong Exchanges & Clearing Ltd.		36,658		1,243,803
IG Group Holdings plc		673		4,712
IGM Financial, Inc.		8,558		237,615
Intermediate Capital Group plc		18,080		307,719
Investec plc		18,480		106,396
IOOF Holdings Ltd.(a)		253,440		1,018,405
Jafco Co. Ltd.		300		11,232
Japan Exchange Group, Inc.		19,000		280,516
Julius Baer Group Ltd.*		4,160		179,174
Jupiter Fund Management plc		4,560		20,871
London Stock Exchange Group plc		9,200		746,415
Macquarie Group Ltd.		10,480		930,294
Magellan Financial Group Ltd.		2,640		112,598
Man Group plc		79,920		167,533
Mason Group Holdings Ltd.		2,078,905		31,604
Monex Group, Inc.(a)		168,000		502,878
Natixis SA		19,440		78,829
Nomura Holdings, Inc.		139,800		442,416
Okasan Securities Group, Inc.		29,600		106,595
Partners Group Holding AG		560		449,244

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Pendal Group Ltd.		6,964		37,391
Perpetual Ltd.(a)		6,880		187,358
Platinum Asset Management Ltd.		31,440		104,449
Quilter plc(b)		162,480		287,879
Rathbone Brothers plc		1,140		30,779
Ratos AB, Class B		199,920		512,661
Rothschild & Co.		6,720		211,742
Sanne Group plc(a)		13,604		91,616
SBI Holdings, Inc.		11,200		257,267
Schroders plc		960		34,947
Schroders plc (Non-Voting)(a)		4,377		132,646
Sparx Group Co. Ltd.		56,700		119,066
St James’s Place plc		12,720		153,258
Standard Life Aberdeen plc		93,060		340,475
TMX Group Ltd.		1,545		115,326
Tokai Tokyo Financial Holdings, Inc.		240,000		733,871
TP ICAP plc		487,977		1,874,368
UBS Group AG (Registered)*		207,680		2,327,484
Value Partners Group Ltd.(a)		8,000		4,814
Vontobel Holding AG (Registered)		339		17,960
Vostok New Ventures Ltd., SDR*(a)		6,421		42,837
VZ Holding AG		57		15,805
Yunfeng Financial Group Ltd.*(a)		136,000		71,754
				26,413,014
Chemicals - 3.1%
ADEKA Corp.		4,200		61,893
Air Liquide SA		12,052		1,677,337
Air Water, Inc.		6,000		98,752
Akzo Nobel NV		6,045		575,121
Arkema SA		4,800		436,631
Asahi Kasei Corp.		64,000		656,063
BASF SE		49,120		3,310,398
Borregaard ASA		6,375		67,326
Chemtrade Logistics Income Fund(a)		14,560		111,987
Chr Hansen Holding A/S		2,880		253,532
Chugoku Marine Paints Ltd.		25,800		194,614
CI Takiron Corp.		63,100		407,397
Clariant AG (Registered)*		12,428		228,851
Corbion NV		3,198		105,110
Covestro AG(b)		7,040		322,234
Croda International plc		4,609		264,567
Daicel Corp.		15,700		133,900
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		16,000		444,301
DIC Corp.		2,899		78,900
DuluxGroup Ltd.		12,466		80,337
Elementis plc		9,933		18,365
Elkem ASA(b)		28,160		77,724
EMS-Chemie Holding AG (Registered)		434		273,113
Evonik Industries AG		4,000		115,615
FUCHS PETROLUB SE		3,256		116,189
FUCHS PETROLUB SE (Preference)		2,151		83,679
Fujimori Kogyo Co. Ltd.		11,700		315,951

Investments	Shares		Value ($)
Fuso Chemical Co. Ltd.		1,100		23,231
Givaudan SA (Registered)		240		641,455
Hexpol AB		5,784		44,466
Incitec Pivot Ltd.		54,091		129,742
Ishihara Sangyo Kaisha Ltd.		38,900		419,185
Israel Chemicals Ltd.		29,862		162,593
Israel Corp. Ltd. (The)*		243		59,900
JCU Corp.		8,100		153,533
Johnson Matthey plc		3,360		132,270
JSP Corp.		18,300		320,071
JSR Corp.		8,300		138,289
K+S AG (Registered)		714		11,710
Kaneka Corp.		4,400		164,734
Kansai Paint Co. Ltd.		6,100		121,129
Kanto Denka Kogyo Co. Ltd.		34,400		237,307
Koninklijke DSM NV		5,118		642,777
Konishi Co. Ltd.(a)		19,700		282,686
Kumiai Chemical Industry Co. Ltd.(a)		8,000		66,093
Kuraray Co. Ltd.		25,500		304,379
LANXESS AG		4,683		282,289
Lenzing AG(a)		485		49,761
Lintec Corp.		1,800		38,147
Methanex Corp.		4,720		186,730
Mitsubishi Chemical Holdings Corp.		88,700		634,441
Mitsubishi Gas Chemical Co., Inc.		17,000		228,285
Mitsui Chemicals, Inc.		16,400		378,828
Nihon Parkerizing Co. Ltd.		7,600		85,327
Nippon Kayaku Co. Ltd.		15,100		178,572
Nippon Paint Holdings Co. Ltd.(a)		5,200		227,732
Nippon Shokubai Co. Ltd.		400		26,194
Nippon Soda Co. Ltd.		27,239		690,414
Nissan Chemical Corp.		3,800		167,469
Nitto Denko Corp.		3,300		163,822
NOF Corp.		2,000		72,024
Novozymes A/S, Class B		6,960		325,135
Nufarm Ltd.(a)		256,240		861,873
Nutrien Ltd.		18,640		1,027,141
OCI NV*		1,318		34,794
Okamoto Industries, Inc.		600		28,018
Orica Ltd.		4,722		71,016
Osaka Soda Co. Ltd.(a)		16,800		411,741
Sakata INX Corp.		32,400		326,760
Sanyo Chemical Industries Ltd.		11,400		544,932
Scapa Group plc(a)		24,480		59,170
Shikoku Chemicals Corp.		42,000		444,467
Shin-Etsu Chemical Co. Ltd.		12,800		1,315,073
Shin-Etsu Polymer Co. Ltd.		23,200		164,531
Showa Denko KK		9,700		263,372
Sika AG (Registered)(a)		2,640		384,000
Sirius Minerals plc*(a)		245,130		45,082
SOL SpA		3,009		36,182
Solvay SA		2,720		281,222
Sumitomo Bakelite Co. Ltd.		3,000		102,924
Sumitomo Chemical Co. Ltd.		67,000		308,542
Sumitomo Seika Chemicals Co. Ltd.		8,000		251,992
Symrise AG		3,600		335,249

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Synthomer plc(a)		37,452		138,858
T Hasegawa Co. Ltd.(a)		900		16,031
Taiyo Holdings Co. Ltd.		900		27,810
Taiyo Nippon Sanso Corp.(a)		7,200		148,609
Tayca Corp.(a)		8,100		171,586
Teijin Ltd.		8,200		142,816
Tenma Corp.		8,100		139,209
Tessenderlo Group SA*		779		24,589
Toagosei Co. Ltd.		6,900		71,812
Tokai Carbon Co. Ltd.(a)		11,000		109,316
Tokuyama Corp.		10,600		246,707
Tokyo Ohka Kogyo Co. Ltd.(a)		700		23,919
Toray Industries, Inc.		59,300		411,209
Tosoh Corp.		13,800		194,846
Toyo Ink SC Holdings Co. Ltd.		1,600		35,235
Toyobo Co. Ltd.		72,000		903,854
Ube Industries Ltd.		9,400		197,307
Umicore SA(a)		5,600		177,325
Victrex plc		3,740		93,421
Wacker Chemie AG		1,924		144,597
Yara International ASA		6,240		296,001
Zeon Corp.		8,000		93,871
				29,407,616
Commercial Services & Supplies - 0.8%
Babcock International Group plc		12,240		71,399
Bell System24 Holdings, Inc.		5,600		80,512
Biffa plc(a)(b)		52,800		141,909
Bilfinger SE		4,914		145,973
Boyd Group Income Fund		300		38,822
Brambles Ltd.		64,218		580,721
Bravida Holding AB(b)		12,702		106,588
CITIC Envirotech Ltd.		406,500		96,535
Cleanaway Waste Management Ltd.		120,181		200,460
Coor Service Management Holding AB(b)		16,960		144,440
Dai Nippon Printing Co. Ltd.		3,900		82,400
Daiseki Co. Ltd.(a)		2,500		59,774
Downer EDI Ltd.		45,280		225,331
Duskin Co. Ltd.		5,700		152,035
Edenred		5,681		287,418
Elis SA		7,560		141,242
Elis SA - XLON		4,520		84,547
G4S plc		125,920		295,337
HomeServe plc		11,489		160,513
Intrum AB		8,000		211,484
ISS A/S		1,600		45,173
IWG plc		39,525		183,374
Kokuyo Co. Ltd.		5,600		75,973
Lassila & Tikanoja OYJ		960		14,665
Loomis AB, Class B		2,271		78,832
Mitsubishi Pencil Co. Ltd.		1,800		28,067
Nippon Kanzai Co. Ltd.		1,300		21,983
Okamura Corp.		17,000		167,221
Park24 Co. Ltd.		2,200		48,204
PayPoint plc		3,648		42,345
Pilot Corp.		500		18,973
Prestige International, Inc.		2,000		30,910

Investments	Shares		Value ($)
Relia, Inc.		2,100		25,028
Rentokil Initial plc		58,560		311,911
Ritchie Bros Auctioneers, Inc.		4,230		153,493
Sato Holdings Corp.		1,100		26,807
Secom Co. Ltd.		5,400		425,286
Securitas AB, Class B		7,047		110,188
Serco Group plc*		57,046		102,959
SmartGroup Corp. Ltd.(a)		918		5,948
Societe BIC SA		1,944		136,144
Sohgo Security Services Co. Ltd.		2,900		141,561
Tomra Systems ASA		2,590		77,207
Toppan Printing Co. Ltd.		15,000		245,637
Transcontinental, Inc., Class A		56,080		648,284
Waste Connections, Inc.		9,200		838,695
				7,312,308
Communications Equipment - 0.2%
Nokia OYJ		183,520		997,034
Telefonaktiebolaget LM Ericsson, Class A		14,984		136,827
Telefonaktiebolaget LM Ericsson, Class B		72,971		647,319
				1,781,180
Construction & Engineering - 2.3%
ACS Actividades de Construccion y Servicios SA		18,045		735,342
Aecon Group, Inc.		294		4,549
AF Gruppen ASA		2,860		55,035
Arcadis NV(a)		59,715		1,226,679
Badger Daylighting Ltd.		2,812		102,060
Balfour Beatty plc		598,320		1,509,183
Boskalis Westminster		218		4,973
Bouygues SA		7,680		276,879
Chiyoda Corp.*(a)		4,000		10,831
Cie d’Entreprises CFE		282		24,993
CIMIC Group Ltd.		5,661		143,159
COMSYS Holdings Corp.		4,300		109,267
Dai-Dan Co. Ltd.		24,100		492,099
Daiho Corp.(a)		16,000		399,650
Eiffage SA		2,640		262,663
Elecnor SA		38,000		480,209
Electra Ltd.		160		45,700
Ferrovial SA		18,676		489,695
Fomento de Construcciones y Contratas SA		3,542		45,352
Galliford Try plc(a)		81,245		588,924
Gold-Finance Holdings Ltd.*(b)(d)		89,827		826
Hazama Ando Corp.		32,000		222,224
HOCHTIEF AG		442		50,590
JGC Corp.		5,400		70,873
John Laing Group plc(b)		403,600		1,906,577
Kajima Corp.		19,500		252,876
Kandenko Co. Ltd.		3,000		26,360
Kier Group plc(a)		131,555		99,307
Kinden Corp.		7,500		114,391
Koninklijke BAM Groep NV(a)		202,240		683,628
Koninklijke Volkerwessels NV		18,005		361,243
Kumagai Gumi Co. Ltd.		6,500		174,810
Kyowa Exeo Corp.		3,900		94,362

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Kyudenko Corp.		2,100		65,471
Maeda Corp.		8,100		61,174
Maeda Road Construction Co. Ltd.		3,000		64,048
Maire Tecnimont SpA(a)		76,160		185,365
Mirait Holdings Corp.(a)		13,700		204,033
Monadelphous Group Ltd.		9,080		118,471
Morgan Sindall Group plc(a)		36,240		498,765
NCC AB, Class B		246		3,959
Nippo Corp.		2,000		38,388
Nippon Densetsu Kogyo Co. Ltd.		1,700		32,818
Nishimatsu Construction Co. Ltd.		2,600		49,498
Obayashi Corp.		32,100		306,292
Okumura Corp.(a)		3,000		85,931
Peab AB		3,999		34,203
Penta-Ocean Construction Co. Ltd.(a)		17,100		83,472
Porr Ag(a)		6,880		151,672
Raito Kogyo Co. Ltd.		40,100		532,943
Sacyr SA(a)		267,487		693,921
Salini Impregilo SpA*(a)		141,440		274,014
Sanki Engineering Co. Ltd.		33,600		381,569
Shapir Engineering and Industry Ltd.		18,954		72,631
Shikun & Binui Ltd.		18,400		63,720
Shimizu Corp.		30,600		248,295
Shinnihon Corp.		16,200		128,168
SHO-BOND Holdings Co. Ltd.(a)		1,200		41,391
Skanska AB, Class B		19,231		362,342
SNC-Lavalin Group, Inc.		6,480		103,037
Sumitomo Densetsu Co. Ltd.		16,000		286,033
Sumitomo Mitsui Construction Co. Ltd.		137,640		736,531
Sweco AB, Class B		3,381		95,159
Taihei Dengyo Kaisha Ltd.(a)		16,200		335,563
Taikisha Ltd.		4,500		135,114
Taisei Corp.		11,500		399,309
Takamatsu Construction Group Co. Ltd.		13,400		283,612
Toda Corp.(a)		25,000		138,153
Toenec Corp.		8,000		235,782
Tokyu Construction Co. Ltd.		64,800		445,826
Toshiba Plant Systems & Services Corp.		3,800		64,013
Totetsu Kogyo Co. Ltd.		1,800		49,652
Veidekke ASA		14,056		127,879
Vinci SA		14,160		1,469,998
WSP Global, Inc.		1,210		68,593
YIT OYJ		148,800		831,683
Yokogawa Bridge Holdings Corp.		32,400		508,194
Yurtec Corp.		32,200		215,606
				22,377,600
Construction Materials - 0.6%
Adelaide Brighton Ltd.		8,796		21,462
Boral Ltd.		55,600		197,743
Brickworks Ltd.(a)		9,360		108,061
Buzzi Unicem SpA		5,653		115,811
Buzzi Unicem SpA (Retirement Savings Plan)(a)		1,925		27,391

Investments	Shares		Value ($)
Cementir Holding SpA		57,072		404,775
CRH plc		23,280		779,617
CSR Ltd.		435,600		1,209,956
Fletcher Building Ltd.(a)		17,649		57,776
HeidelbergCement AG		9,040		660,474
Ibstock plc(b)		9,600		27,130
Imerys SA		33		1,390
James Hardie Industries plc, CHDI		7,840		107,480
Krosaki Harima Corp.		2,700		149,703
LafargeHolcim Ltd. (Registered)*(a)		17,238		852,323
Mitani Sekisan Co. Ltd.		8,100		222,764
Rhi Magnesita NV		2,800		153,527
Sumitomo Osaka Cement Co. Ltd.(a)		1,700		65,291
Taiheiyo Cement Corp.		8,100		229,404
Wienerberger AG		3,846		88,640
				5,480,718
Consumer Finance - 0.4%
Acom Co. Ltd.		56,000		199,088
AEON Financial Service Co. Ltd.		4,800		77,985
Aiful Corp.*		264,000		542,224
Allied Properties HK Ltd.		1,678,000		372,989
Amigo Holdings plc(b)		24,080		48,650
B2Holding ASA(a)		327,576		370,569
Cembra Money Bank AG		3,120		302,703
Credit Corp. Group Ltd.(a)		6,029		104,510
Credit Saison Co. Ltd.		16,200		198,593
Hitachi Capital Corp.		9,700		200,566
Hong Leong Finance Ltd.		200,000		404,808
Jaccs Co. Ltd.(a)		22,400		447,897
Provident Financial plc		19,760		105,467
Resurs Holding AB(b)		1,774		10,356
Sun Hung Kai & Co. Ltd.		105,996		48,747
				3,435,152
Containers & Packaging - 0.3%
BillerudKorsnas AB(a)		12,245		142,960
CCL Industries, Inc., Class B		2,960		148,772
DS Smith plc		47,600		207,899
FP Corp.(a)		600		37,246
Fuji Seal International, Inc.		2,000		59,130
Huhtamaki OYJ		2,051		78,464
Intertape Polymer Group, Inc.(a)		55,840		773,081
Mayr Melnhof Karton AG		275		34,905
Orora Ltd.		44,370		103,367
Pack Corp. (The)		1,200		36,473
Pact Group Holdings Ltd.(a)		166,952		323,351
Rengo Co. Ltd.		16,800		128,582
Smurfit Kappa Group plc		8,640		274,356
Toyo Seikan Group Holdings Ltd.		5,600		98,461
Vidrala SA		1,239		113,119
Winpak Ltd.		4,494		155,578
				2,715,744
Distributors - 0.1%
Arata Corp.(a)		11,500		374,419
Bapcor Ltd.(a)		25,156		108,714
Doshisha Co. Ltd.		1,800		28,183
Inchcape plc		4,530		34,640

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Jardine Cycle & Carriage Ltd.		10,322		255,005
PALTAC Corp.		800		39,493
				840,454
Diversified Consumer Services - 0.1%
AcadeMedia AB*(b)		49,840		261,847
Benesse Holdings, Inc.		2,000		47,138
G8 Education Ltd.(a)		28,720		57,406
IDP Education Ltd.		6,853		90,784
InvoCare Ltd.(a)		4,344		46,798
				503,973
Diversified Financial Services - 1.1%
Ackermans & van Haaren NV		784		115,049
Aker ASA, Class A		760		40,586
AMP Ltd.(a)		117,623		145,118
Banca Farmafactoring SpA(b)		56,640		309,009
Banca IFIS SpA(a)		14,960		213,702
Banca Mediolanum SpA		28,463		204,880
Banque Nationale de Belgique		120		311,307
Cerved Group SpA		10,505		83,570
Challenger Ltd.(a)		11,680		57,078
doValue SpA(b)		3,680		46,546
ECN Capital Corp.		202,593		729,745
Element Fleet Management Corp.(a)		36,560		279,528
Eurazeo SE		4,285		289,356
EXOR NV		5,120		358,910
FFP		1,130		115,623
Financial Products Group Co. Ltd.(a)		56,000		498,236
First Pacific Co. Ltd.		2,080,000		874,206
Fuyo General Lease Co. Ltd.		700		41,907
GRENKE AG		495		42,988
Groupe Bruxelles Lambert SA		1,760		167,505
HAL Trust(a)		1,776		278,022
IBJ Leasing Co. Ltd.		29,638		748,764
Industrivarden AB, Class A		8,378		188,116
Industrivarden AB, Class C		250		5,483
Investor AB, Class A		2,092		100,270
Investor AB, Class B		17,600		845,036
Japan Investment Adviser Co. Ltd.(a)		16,000		274,096
Japan Securities Finance Co. Ltd.		80,000		408,934
KBC Ancora		1,377		59,425
Kinnevik AB, Class A		7,520		199,893
Kinnevik AB, Class B		3,760		96,732
L E Lundbergforetagen AB, Class B		1,348		50,389
Mitsubishi UFJ Lease & Finance Co. Ltd.		21,500		115,050
Onex Corp.		1,520		92,289
ORIX Corp.		65,500		942,006
Pargesa Holding SA		1,265		95,450
Plus500 Ltd.(a)		80,960		594,194
Ricoh Leasing Co. Ltd.		8,000		247,202
Sofina SA		330		64,372
SRH NV*‡(d)		2,857		—
Tokyo Century Corp.		600		25,006
Wendel SA		1,377		191,644
Zenkoku Hosho Co. Ltd.		1,600		62,851
				10,610,073

Investments	Shares		Value ($)
Diversified Telecommunication Services - 1.4%
ARTERIA Networks Corp.*		24,000		277,412
BCE, Inc.		5,850		265,692
Bezeq The Israeli Telecommunication Corp. Ltd.		3,283		2,253
BT Group plc		424,640		1,004,440
Cellnex Telecom SA*(b)		5,760		217,343
Chorus Ltd.		38,130		139,041
Deutsche Telekom AG (Registered)		94,400		1,563,962
Elisa OYJ		5,239		247,790
Euskaltel SA(b)		23,652		208,040
Gamma Communications plc		1,701		22,807
HKBN Ltd.		51,500		93,291
HKT Trust & HKT Ltd.		168,400		269,340
Iliad SA		1,200		125,324
Infrastrutture Wireless Italiane SpA(b)		5,179		52,935
Inmarsat plc		3,680		25,801
Internet Initiative Japan, Inc.		2,300		43,426
Koninklijke KPN NV		159,866		459,405
Nippon Telegraph & Telephone Corp.		32,500		1,473,313
Orange SA		110,320		1,648,997
PCCW Ltd.		206,035		117,653
Proximus SADP		10,922		313,864
Singapore Telecommunications Ltd.		192,000		467,181
Spark New Zealand Ltd.		74,170		194,830
SpeedCast International Ltd.		65,120		84,606
Sunrise Communications Group AG*(b)		2,795		208,072
Swisscom AG (Registered)		485		236,376
TalkTalk Telecom Group plc		121,905		157,178
Telecom Italia SpA*(a)		367,419		208,878
Telecom Italia SpA (Retirement Savings Plan)		358,572		191,632
Telefonica Deutschland Holding AG		14,053		35,690
Telefonica SA		222,503		1,714,573
Telekom Austria AG*		1,426		10,638
Telenor ASA		22,800		467,561
Telia Co. AB		90,480		406,979
Telstra Corp. Ltd.		81,520		223,065
TELUS Corp.		8,400		303,466
United Internet AG (Registered)		5,842		176,076
Vocus Group Ltd.*		70,640		157,264
				13,816,194
Electric Utilities - 1.4%
Acciona SA		1,497		160,509
Alpiq Holding AG (Registered)*		1,915		136,565
AusNet Services		147,818		180,843
BKW AG		1,400		91,071
Chubu Electric Power Co., Inc.		31,400		445,080
Chugoku Electric Power Co., Inc. (The)		4,206		52,645
CK Infrastructure Holdings Ltd.		24,000		186,563

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
CLP Holdings Ltd.		62,500		680,658
Contact Energy Ltd.		20,140		103,548
EDP - Energias de Portugal SA		135,920		502,578
Electricite de France SA(a)		14,544		181,608
Elia System Operator SA/NV(a)		1,224		93,761
Emera, Inc.(a)		5,346		223,098
Endesa SA		2,320		57,732
Enel SpA		380,352		2,625,177
EVN AG		2,240		35,864
Fortis, Inc.(a)		10,353		410,131
Fortum OYJ		11,120		257,525
Genesis Energy Ltd.		13,435		30,414
HK Electric Investments & HK Electric Investments Ltd.(b)		174,000		176,492
Hokkaido Electric Power Co., Inc.		10,100		57,488
Hokuriku Electric Power Co.		15,000		108,036
Hydro One Ltd.(b)		14,720		261,298
Iberdrola SA, Placement Shares*(d)		4,021		38,368
Iberdrola SA		172,905		1,649,831
Infratil Ltd.		42,865		131,553
Kansai Electric Power Co., Inc. (The)		44,100		546,706
Kyushu Electric Power Co., Inc.		32,000		319,189
Mercury NZ Ltd.		17,270		52,033
Okinawa Electric Power Co., Inc. (The)		11,215		175,288
Orsted A/S(b)		5,600		514,522
Power Assets Holdings Ltd.		56,000		401,691
Red Electrica Corp. SA		10,125		192,771
Romande Energie Holding SA (Registered)		76		95,960
Shikoku Electric Power Co., Inc.(a)		8,600		81,346
Spark Infrastructure Group(a)		1,230		2,009
SSE plc		62,009		835,576
Terna Rete Elettrica Nazionale SpA		56,960		349,060
Tohoku Electric Power Co., Inc.		22,500		226,088
Tokyo Electric Power Co. Holdings, Inc.*		58,415		282,458
Trustpower Ltd.		25,928		129,884
Verbund AG		3,625		204,225
				13,287,242
Electrical Equipment - 1.1%
ABB Ltd. (Registered)		51,401		976,359
Fagerhult AB(a)		4,207		26,313
Fuji Electric Co. Ltd.		4,800		148,763
Fujikura Ltd.		4,700		17,402
Futaba Corp.		3,400		45,594
Huber + Suhner AG (Registered)		867		69,535
Johnson Electric Holdings Ltd.		280,000		507,211
Legrand SA		9,520		676,888
Mabuchi Motor Co. Ltd.		2,000		69,629
Melrose Industries plc		156,960		359,299
Mitsubishi Electric Corp.		73,900		975,010
Nexans SA		29,760		1,014,256
Nidec Corp.		7,755		1,051,023
Nippon Carbon Co. Ltd.(a)		8,100		314,824
Nissin Electric Co. Ltd.(a)		48,000		555,266
Nitto Kogyo Corp.(a)		8,200		157,845

Investments	Shares		Value ($)
Nordex SE*		3,040		36,081
OSRAM Licht AG		4,182		160,175
Prysmian SpA		9,428		195,981
Sanyo Denki Co. Ltd.		11,200		491,531
Schneider Electric SE		17,760		1,543,953
Siemens Gamesa Renewable Energy SA		8,096		114,254
Signify NV(b)		9,920		271,153
Somfy SA		275		25,015
TKH Group NV, CVA		2,194		131,423
Ushio, Inc.		5,900		75,859
Vestas Wind Systems A/S		7,440		615,466
				10,626,108
Electronic Equipment, Instruments & Components - 1.9%
Alps Alpine Co. Ltd.		11,748		216,403
ALSO Holding AG (Registered)*		1,120		172,865
Amano Corp.		2,600		78,904
Anritsu Corp.(a)		6,200		115,463
AT&S Austria Technologie & Systemtechnik AG(a)		26,000		424,384
Azbil Corp.		3,000		72,254
Barco NV		440		92,492
Canon Electronics, Inc.		13,200		217,376
Canon Marketing Japan, Inc.(a)		3,700		71,427
Carel Industries SpA(a)(b)		12,720		158,619
Celestica, Inc.*		90,800		649,288
Citizen Watch Co. Ltd.(a)		32,000		160,626
CMK Corp.		56,000		323,905
Comet Holding AG (Registered)*(a)		1,120		104,024
CONEXIO Corp.		18,200		247,416
Daiwabo Holdings Co. Ltd.		16,000		782,501
Datalogic SpA(a)		535		9,501
Electrocomponents plc		24,158		180,025
Evertz Technologies Ltd.		1,712		24,901
FIH Mobile Ltd.*(a)		2,277,000		322,880
Halma plc		17,040		415,206
Hamamatsu Photonics KK		3,400		127,295
Hexagon AB, Class B		6,960		340,993
Hirose Electric Co. Ltd.		782		82,611
Hitachi High-Technologies Corp.		1,700		86,898
Hitachi Ltd.		46,700		1,674,017
Horiba Ltd.(a)		800		43,472
Hosiden Corp.		48,000		539,351
Inficon Holding AG (Registered)		110		69,167
Ingenico Group SA		447		42,801
Iriso Electronics Co. Ltd.		1,200		55,261
Japan Aviation Electronics Industry Ltd.		2,044		28,728
Japan Display, Inc.*(a)		72,000		49,735
Jenoptik AG		2,585		73,393
Kaga Electronics Co. Ltd.		10,300		157,287
Keyence Corp.		2,700		1,569,892
Koa Corp.		8,100		98,849
Kyocera Corp.		11,600		714,750
Lagercrantz Group AB, Class B		1,944		24,479
Landis+Gyr Group AG*		2,640		215,200
LEM Holding SA (Registered)		27		37,473

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Macnica Fuji Electronics Holdings, Inc.(a)		31,800		444,600
Meiko Electronics Co. Ltd.(a)		16,200		277,075
Murata Manufacturing Co. Ltd.		19,200		856,418
Mycronic AB		3,001		46,549
Nichicon Corp.		69,900		580,059
Nippon Ceramic Co. Ltd.		900		23,682
Nippon Signal Co. Ltd.		41,500		464,020
Nissha Co. Ltd.		33,700		396,051
Nohmi Bosai Ltd.		10,100		207,535
Oki Electric Industry Co. Ltd.		72,000		970,168
Omron Corp.		8,300		400,571
Optex Group Co. Ltd.		1,000		12,765
Renishaw plc		1,617		76,307
Restar Holdings Corp.		24,000		364,283
Ryosan Co. Ltd.(a)		17,600		432,969
Shimadzu Corp.		7,000		170,076
Siix Corp.(a)		2,028		25,869
Smart Metering Systems plc		19,920		122,443
Spectris plc		3,026		94,334
Taiyo Yuden Co. Ltd.(a)		2,500		50,403
Tamura Corp.		8,000		45,683
TDK Corp.		4,300		335,446
Topcon Corp.(a)		2,200		26,017
V Technology Co. Ltd.(a)		6,400		305,927
Venture Corp. Ltd.		18,100		205,527
VSTECS Holdings Ltd.(a)		644,000		354,583
Yaskawa Electric Corp.		8,000		268,939
Yokogawa Electric Corp.		8,000		144,637
				18,575,048
Energy Equipment & Services - 0.6%
Aker Solutions ASA*		7,535		24,452
Borr Drilling Ltd.*		9,328		90,345
BW Offshore Ltd.*		82,000		467,779
CGG SA*		52,560		116,982
Enerflex Ltd.		75,425		954,049
Hunting plc(a)		21,556		134,611
John Wood Group plc		6,800		44,212
Northern Drilling Ltd.*		16,960		78,018
Ocean Yield ASA(a)		34,104		203,870
Odfjell Drilling Ltd.*(a)		40,528		121,921
Pason Systems, Inc.		2,356		31,828
Petrofac Ltd.		238,880		1,227,608
PGS ASA*		62,000		89,516
Precision Drilling Corp.*		241,840		418,061
Saipem SpA*		41,391		207,013
SBM Offshore NV		9,020		180,270
Secure Energy Services, Inc.		18,144		96,997
Subsea 7 SA(a)		17,002		184,881
TechnipFMC plc		16,640		458,266
Tecnicas Reunidas SA*		8,640		210,288
Tenaris SA		6,336		80,316
TGS NOPEC Geophysical Co. ASA		1,140		27,921
WorleyParsons Ltd.		15,811		175,998
				5,625,202
Entertainment - 0.6%
Akatsuki, Inc.(a)		8,000		540,087

Investments	Shares		Value ($)
Avex, Inc.		32,000		412,913
Capcom Co. Ltd.		2,600		54,886
Cineplex, Inc.(a)		6,480		116,952
Cineworld Group plc		74,861		233,834
CTS Eventim AG & Co. KGaA		1,375		69,259
Daiichikosho Co. Ltd.		1,100		45,743
DeNA Co. Ltd.		4,000		76,813
Entertainment One Ltd.		17,120		92,445
EVENT Hospitality and Entertainment Ltd.(a)		2,282		19,582
IGG, Inc.(a)		795,000		760,683
Kinepolis Group NV		1,030		61,354
Koei Tecmo Holdings Co. Ltd.		1,728		33,454
Konami Holdings Corp.		2,200		94,018
Modern Times Group MTG AB, Class B*		59,546		556,780
Nexon Co. Ltd.*		9,800		156,331
Nintendo Co. Ltd.		3,500		1,292,655
Paradox Interactive AB(a)		952		15,273
Shochiku Co. Ltd.(a)		300		33,101
Square Enix Holdings Co. Ltd.		1,800		62,086
Toei Animation Co. Ltd.		900		37,882
Toho Co. Ltd.		4,100		160,488
Ubisoft Entertainment SA*		2,066		171,969
Vivendi SA		28,080		787,234
				5,885,822
Equity Real Estate Investment Trusts (REITs) - 2.5%
Abacus Property Group		55,680		159,266
Activia Properties, Inc.		15		69,008
Advance Residence Investment Corp.(a)		41		127,447
Aedifica SA		1,526		161,240
AEON REIT Investment Corp.		29		37,741
ALE Property Group(a)		9,405		33,708
Allied Properties REIT		6,211		231,432
alstria office REIT-AG		6,756		109,823
Altarea SCA		129		26,485
Argosy Property Ltd.		64,665		60,604
Artis REIT		76,560		680,974
Ascendas REIT		120,000		268,313
Ascott Residence Trust		55,364		52,995
Assura plc		23,120		18,288
Aventus Group(a)		294,666		501,653
Befimmo SA		657		37,380
Big Yellow Group plc		17,823		215,833
British Land Co. plc (The)		16,528		102,808
BWP Trust		52,734		136,664
Canadian Apartment Properties REIT		5,101		189,217
CapitaLand Mall Trust		10,900		20,867
CapitaLand Retail China Trust		95,662		111,141
CDL Hospitality Trusts		36,800		44,099
Champion REIT		132,000		98,141
Charter Hall Education Trust(a)		52,383		136,477
Charter Hall Group		16,271		126,951
Charter Hall Long Wale REIT		2,960		10,589
Charter Hall Retail REIT		45,600		142,063
Choice Properties REIT(a)		15,440		161,437

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Cofinimmo SA		491		65,274
Comforia Residential REIT, Inc.		34		101,930
Cominar REIT(a)		64,080		608,520
Covivio		1,994		205,028
Cromwell Property Group(a)		213,520		173,659
Daiwa House REIT Investment Corp.		42		103,090
Derwent London plc		7,442		266,081
Dexus		40,960		370,400
Dream Global REIT		24,960		267,819
Dream Industrial REIT(a)		35,040		323,676
Dream Office REIT		7,025		131,550
ESR-REIT		72,000		27,620
Eurocommercial Properties NV, CVA		33,760		856,263
Far East Hospitality Trust		53,976		26,819
Fortune REIT		48,000		62,913
Frasers Centrepoint Trust		25,775		49,156
Frasers Commercial Trust		24,119		28,374
Frasers Hospitality Trust		39,200		20,050
Frasers Logistics & Industrial Trust(b)		125,180		109,763
Frontier Real Estate Investment Corp.		12		51,835
Fukuoka REIT Corp.		26		43,128
GDI Property Group		9,440		9,304
Gecina SA		1,840		283,944
Global One Real Estate Investment Corp.		48		61,185
GLP J-Reit		74		82,741
Goodman Group		54,640		557,754
Goodman Property Trust		19,085		25,822
GPT Group (The)		75,280		322,217
Granite REIT		2,800		130,794
Growthpoint Properties Australia Ltd.		19,121		57,856
Hamborner REIT AG		6,058		60,563
Hammerson plc		2,839		7,450
Hankyu Hanshin REIT, Inc.		26		37,117
Heiwa Real Estate REIT, Inc.		800		980,705
Hibernia REIT plc		137,840		231,741
Hoshino Resorts REIT, Inc.		24		124,449
Hulic Reit, Inc.		23		41,138
ICADE		2,407		210,376
Ichigo Office REIT Investment		184		175,400
Immobiliare Grande Distribuzione SIIQ SpA(a)		23,342		151,256
Industrial & Infrastructure Fund Investment Corp.		94		123,284
Inmobiliaria Colonial Socimi SA		12,081		135,855
InterRent REIT		1,944		21,806
Intu Properties plc(a)		755,040		442,377
Invincible Investment Corp.		121		69,652
Japan Hotel REIT Investment Corp.		77		64,394
Japan Logistics Fund, Inc.		19		45,726
Japan Prime Realty Investment Corp.		25		110,868
Japan Real Estate Investment Corp.		18		112,899

Investments	Shares		Value ($)
Japan Rental Housing Investments, Inc.		26		21,887
Japan Retail Fund Investment Corp.		52		104,790
Kenedix Office Investment Corp.		9		64,822
Kenedix Residential Next Investment Corp.(a)		34		60,312
Kenedix Retail REIT Corp.		31		74,320
Keppel DC REIT		139,440		174,230
Keppel REIT		80,733		73,150
Killam Apartment REIT		9,680		144,557
Kiwi Property Group Ltd.		3,973		4,248
Klepierre SA		3,280		101,670
Land Securities Group plc		11,280		109,970
LaSalle Logiport REIT		129		161,941
Link REIT		59,801		698,247
LondonMetric Property plc		95,992		238,601
Mapletree Commercial Trust		32,090		48,538
Mapletree Industrial Trust		33,416		54,938
Mapletree Logistics Trust		73,207		82,378
Mapletree North Asia Commercial Trust(b)		49,500		51,361
MCUBS MidCity Investment Corp.		100		99,839
Mercialys SA		48,800		555,293
Merlin Properties Socimi SA		2,960		40,701
Mirai Corp.		1,296		674,409
Mirvac Group		143,760		319,059
Mori Hills REIT Investment Corp.(a)		58		85,631
National Storage REIT(a)		70,798		80,028
Nippon Accommodations Fund, Inc.		8		47,230
Nippon Building Fund, Inc.		40		281,464
Nippon Prologis REIT, Inc.		41		98,823
NIPPON REIT Investment Corp.		33		132,821
Nomura Real Estate Master Fund, Inc.		159		253,199
Northview Apartment REIT		22,080		457,355
One REIT, Inc.		14		39,908
Orix JREIT, Inc.		134		260,780
OUE Hospitality Trust		60,500		32,935
Parkway Life REIT		12,500		27,949
Precinct Properties New Zealand Ltd.		22,735		26,784
Premier Investment Corp.		90		121,603
Primary Health Properties plc		110,859		178,636
Property for Industry Ltd.		51,499		77,496
Regal REIT		681,000		196,612
Reit 1 Ltd.		132,880		696,529
Retail Estates NV		694		62,666
Safestore Holdings plc		12,195		93,326
Scentre Group		128,960		354,654
Secure Income REIT plc		14,030		71,980
Segro plc		46,993		439,725
Sekisui House Reit, Inc.		55		42,754
Shaftesbury plc		4,480		43,144
Shopping Centres Australasia Property Group		100,734		169,411
Societe Fonciere Lyonnaise SA		972		73,158
SPH REIT		44,800		35,027

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Star Asia Investment Corp.(a)		78		84,268
Starhill Global REIT		72,900		42,348
Stockland		76,425		240,729
Summit Industrial Income REIT(a)		35,040		348,225
Sunlight REIT		55,000		40,400
Suntec REIT		148,800		207,671
Terreis		968		36,968
Tokyu REIT, Inc.(a)		40		72,687
Tritax Big Box REIT plc(a)		120,060		224,921
Unibail-Rodamco-Westfield(a)		4,640		625,107
Unibail-Rodamco-Westfield, CHDI		5		35
UNITE Group plc (The)		9,133		115,408
United Urban Investment Corp.		84		142,431
Vicinity Centres		23,616		42,484
Vital Healthcare Property Trust(a)		43,976		75,898
Warehouses De Pauw CVA, CVA		851		143,073
Wereldhave NV		37,040		794,289
Workspace Group plc		8,954		92,589
				24,414,685
Food & Staples Retailing - 1.4%
Aeon Co. Ltd.(a)		33,413		582,246
Ain Holdings, Inc.		800		44,062
Alimentation Couche-Tard, Inc., Class B		11,280		694,934
Arcs Co. Ltd.(a)		42,818		897,177
Axfood AB		3,184		67,509
Axial Retailing, Inc.		16,000		557,034
Belc Co. Ltd.(a)		800		37,283
Carrefour SA(a)		10,046		194,679
Casino Guichard Perrachon SA(a)		3,920		145,775
Cawachi Ltd.		8,000		149,648
cocokara fine, Inc.		16,000		848,814
Coles Group Ltd.*		26,320		257,603
Colruyt SA		1,990		104,513
Cosmos Pharmaceutical Corp.		100		18,577
Create SD Holdings Co. Ltd.		2,000		45,204
Daikokutenbussan Co. Ltd.		400		12,065
Dairy Farm International Holdings Ltd.		7,600		57,000
Empire Co. Ltd., Class A		1,666		44,316
FamilyMart UNY Holdings Co. Ltd.(a)		10,948		234,942
George Weston Ltd.		1,920		152,617
Heiwado Co. Ltd.		1,200		22,116
ICA Gruppen AB		4,604		205,984
Inageya Co. Ltd.		2,398		32,732
Itochu-Shokuhin Co. Ltd.		400		16,468
J Sainsbury plc		105,840		254,850
Kato Sangyo Co. Ltd.		1,400		41,649
Kesko OYJ, Class A		562		31,912
Kesko OYJ, Class B		2,318		141,534
Kobe Bussan Co. Ltd.		800		45,093
Koninklijke Ahold Delhaize NV		64,720		1,473,972
Kusuri no Aoki Holdings Co. Ltd.		600		40,064
Life Corp.(a)		24,000		498,015
Loblaw Cos. Ltd.		4,800		250,317
MARR SpA		1,155		25,077

Investments	Shares		Value ($)
Matsumotokiyoshi Holdings Co. Ltd.		3,600		121,354
Metcash Ltd.(a)		120,880		234,953
METRO AG		13,120		204,509
Metro, Inc.		10,703		420,736
Ministop Co. Ltd.		1,000		13,732
Nihon Chouzai Co. Ltd.		3,400		103,652
North West Co., Inc. (The)		95		2,186
Olam International Ltd.		35,100		49,756
Qol Holdings Co. Ltd.		1,500		22,712
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		243		12,904
Retail Partners Co. Ltd.		23,400		263,149
Seven & i Holdings Co. Ltd.(a)		24,300		834,358
Sheng Siong Group Ltd.		51,500		43,652
Shufersal Ltd.		3,578		26,542
Sligro Food Group NV(a)		1,155		37,293
Sonae SGPS SA		76,391		71,870
Sugi Holdings Co. Ltd.		800		38,757
Sundrug Co. Ltd.		1,600		44,578
Tesco plc		253,360		692,736
Tsuruha Holdings, Inc.		900		92,259
United Super Markets Holdings, Inc.(a)		2,000		17,849
Valor Holdings Co. Ltd.		10,400		216,286
Welcia Holdings Co. Ltd.(a)		1,800		84,218
Wm Morrison Supermarkets plc		101,680		242,343
Woolworths Group Ltd.		35,040		860,270
Yaoko Co. Ltd.(a)		1,800		83,058
Yokohama Reito Co. Ltd.		40,100		378,563
				13,440,056
Food Products - 2.6%
a2 Milk Co. Ltd.*(a)		17,120		203,612
AAK AB		5,004		103,229
Agrana Beteiligungs AG		3,909		75,556
Ajinomoto Co., Inc.		22,100		398,339
Ariake Japan Co. Ltd.		800		49,956
Aryzta AG*(a)		830,430		695,548
Associated British Foods plc		6,314		187,095
Austevoll Seafood ASA		8,913		91,643
Bakkafrost P/F		2,188		127,059
Bakkavor Group plc(b)		72,800		94,132
Barry Callebaut AG (Registered)		38		74,810
Bega Cheese Ltd.(a)		7,095		21,664
Bell Food Group AG (Registered)*		320		85,980
Bellamy’s Australia Ltd.*(a)		1,296		9,022
Bonduelle SCA(a)		14,685		436,552
Bourbon Corp.		14,500		225,964
Calbee, Inc.		3,200		91,071
Chocoladefabriken Lindt & Spruengli AG		43		318,374
Chocoladefabriken Lindt & Spruengli AG (Registered)		6		498,788
Costa Group Holdings Ltd.(a)		13,860		37,925
Cranswick plc		2,274		74,121
Danone SA		17,614		1,537,536
DyDo Group Holdings, Inc.(a)		500		19,756
Ebro Foods SA(a)		4,297		87,170

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Elders Ltd.(a)		83,390		423,602
Emmi AG (Registered)		41		34,436
First Resources Ltd.		24,300		27,699
ForFarmers NV(a)		16,757		133,026
Freedom Foods Group Ltd.		4,368		14,361
Fuji Oil Holdings, Inc.		3,400		105,218
Fujicco Co. Ltd.		2,000		36,307
Fujiya Co. Ltd.		400		7,129
Glanbia plc		5,838		76,700
GrainCorp Ltd., Class A		10,837		64,087
Greencore Group plc		27,840		72,882
Grieg Seafood ASA		8,400		120,706
House Foods Group, Inc.		2,400		88,860
Inghams Group Ltd.		43,760		122,456
Itoham Yonekyu Holdings, Inc.(a)		6,500		42,924
Japfa Ltd.		182,200		67,898
Kagome Co. Ltd.		900		21,013
Kameda Seika Co. Ltd.		900		42,192
Kerry Group plc, Class A		4,960		582,068
Kikkoman Corp.		4,000		183,283
Kotobuki Spirits Co. Ltd.		1,000		59,498
LDC SA		3,138		379,083
Leroy Seafood Group ASA		18,318		116,803
Lotus Bakeries NV		13		34,159
Maple Leaf Foods, Inc.		1,946		45,866
Maruha Nichiro Corp.		4,400		129,477
MEIJI Holdings Co. Ltd.		3,800		264,941
Mitsui Sugar Co. Ltd.		14,300		306,612
Morinaga & Co. Ltd.		1,100		51,973
Morinaga Milk Industry Co. Ltd.		1,200		46,917
Mowi ASA		19,105		463,575
Nestle SA (Registered)		88,800		9,480,970
Nichirei Corp.		3,500		81,621
Nippon Flour Mills Co. Ltd.		7,000		111,213
Nippon Suisan Kaisha Ltd.		16,000		101,534
Nisshin Oillio Group Ltd. (The)		1,100		32,268
Nisshin Seifun Group, Inc.		7,090		134,846
Nissin Foods Holdings Co. Ltd.		1,500		93,806
Norway Royal Salmon ASA		5,246		115,943
Origin Enterprises plc		106,560		586,694
Orkla ASA		25,066		215,430
Premium Brands Holdings Corp.		1,100		80,459
Prima Meat Packers Ltd.		29,900		564,816
Riken Vitamin Co. Ltd.		16,900		533,889
S Foods, Inc.		4,500		139,259
Sakata Seed Corp.		2,800		91,421
Salmar ASA		3,732		174,014
Saputo, Inc.		4,455		135,229
Savencia SA		3,120		230,661
Scandi Standard AB		42,160		271,159
Schouw & Co. A/S		1,160		87,000
Showa Sangyo Co. Ltd.(a)		6,800		192,273
Strauss Group Ltd.		952		28,966
Suedzucker AG		8,802		137,398
Synlait Milk Ltd.*		1,760		11,674
Tassal Group Ltd.(a)		37,680		133,750
Tate & Lyle plc		1,134		10,489
Toyo Suisan Kaisha Ltd.		2,800		113,341
Vilmorin & Cie SA		6,688		369,715

Investments	Shares		Value ($)
Viscofan SA		825		40,710
Vitasoy International Holdings Ltd.(a)		16,000		75,729
Wessanen		9,410		118,496
WH Group Ltd.(b)		280,000		275,783
Wilmar International Ltd.		136,000		396,507
Yakult Honsha Co. Ltd.		4,300		244,356
Yamazaki Baking Co. Ltd.		2,900		44,391
				25,166,463
Gas Utilities - 0.4%
AltaGas Ltd.(a)		11,723		180,422
APA Group		29,680		225,845
Enagas SA		7,259		159,017
Hong Kong & China Gas Co. Ltd.		307,848		681,931
Italgas SpA		28,609		182,137
Naturgy Energy Group SA		14,080		358,996
Nippon Gas Co. Ltd.		2,000		56,551
Osaka Gas Co. Ltd.		11,700		215,950
Rubis SCA		4,197		237,853
Saibu Gas Co. Ltd.		27,600		577,547
Shizuoka Gas Co. Ltd.		48,000		374,009
Snam SpA		40,631		200,814
Superior Plus Corp.		18,859		189,286
Toho Gas Co. Ltd.		2,000		76,537
Tokyo Gas Co. Ltd.		7,700		193,005
				3,909,900
Health Care Equipment & Supplies - 0.9%
Alcon, Inc.*		14,240		834,263
Ambu A/S, Class B(a)		8,766		129,111
Ansell Ltd.		6,098		117,265
Arjo AB, Class B		4,131		16,803
Asahi Intecc Co. Ltd.		11,200		296,053
BioMerieux		825		70,315
Carl Zeiss Meditec AG		715		79,170
Cochlear Ltd.		1,232		187,112
Coloplast A/S, Class B		3,920		460,699
CYBERDYNE, Inc.*(a)		24,300		138,314
Demant A/S*		2,796		83,109
DiaSorin SpA		869		101,592
Draegerwerk AG & Co. KGaA (Preference)		1,280		69,832
Eiken Chemical Co. Ltd.		1,600		27,041
Elekta AB, Class B		6,069		86,988
Fisher & Paykel Healthcare Corp. Ltd.		12,815		139,555
GN Store Nord A/S		3,824		183,085
Hogy Medical Co. Ltd.		1,200		33,544
Hoya Corp.		10,800		836,049
Koninklijke Philips NV		29,517		1,396,237
Mani, Inc.(a)		1,300		94,230
Menicon Co. Ltd.		1,600		59,314
Nagaileben Co. Ltd.		1,500		31,513
Nakanishi, Inc.		5,100		93,756
Nanosonics Ltd.*(a)		26,752		101,598
Nihon Kohden Corp.		2,300		63,508
Nikkiso Co. Ltd.(a)		8,000		103,523
Nipro Corp.(a)		5,200		58,094
Olympus Corp.		36,400		399,956

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Paramount Bed Holdings Co. Ltd.		800		30,762
Sartorius AG (Preference)		1,400		288,994
Sectra AB, Class B*		1,654		56,035
Siemens Healthineers AG(b)		3,645		153,466
Smith & Nephew plc		28,080		639,172
Sonova Holding AG (Registered)		1,520		352,364
Straumann Holding AG (Registered)		219		179,845
Sysmex Corp.		4,200		307,297
Terumo Corp.		19,000		556,832
Ypsomed Holding AG (Registered)*		81		10,358
				8,866,754
Health Care Providers & Services - 0.6%
Alfresa Holdings Corp.		12,300		299,188
Ambea AB(a)(b)		43,680		309,621
Amplifon SpA		3,837		95,183
As One Corp.		700		58,218
Australian Pharmaceutical Industries Ltd.(a)		251,360		250,346
BML, Inc.		3,300		91,181
Chartwell Retirement Residences		14,947		175,064
EBOS Group Ltd.		1,980		32,592
Evergrande Health Industry Group Ltd.*		125,000		141,321
Fagron		8,568		143,189
Fresenius Medical Care AG & Co. KGaA		4,960		347,363
Fresenius SE & Co. KGaA		10,320		523,268
Galenica AG(b)		3,128		162,087
Healius Ltd.		52,880		106,791
Japan Lifeline Co. Ltd.(a)		3,000		53,438
Korian SA(a)		4,552		181,036
Mediclinic International plc		34,000		142,920
Medipal Holdings Corp.		7,100		151,972
Metlifecare Ltd.(a)		60,480		174,836
NichiiGakkan Co. Ltd.		9,200		146,590
NMC Health plc		1,466		44,409
Orpea		1,118		141,034
Raffles Medical Group Ltd.		4,124		3,104
Ramsay Health Care Ltd.		2,640		132,432
RHOEN-KLINIKUM AG		579		15,472
Ryman Healthcare Ltd.		13,156		112,010
Ship Healthcare Holdings, Inc.		3,300		149,537
Sienna Senior Living, Inc.		2,835		42,747
Sonic Healthcare Ltd.		17,207		332,552
Summerset Group Holdings Ltd.		11,425		42,604
Suzuken Co. Ltd.		3,380		187,717
Toho Holdings Co. Ltd.(a)		4,200		93,961
Town Health International Medical Group Ltd.(d)		398,000		35,082
UDG Healthcare plc		11,405		111,719
Vital KSK Holdings, Inc.(a)		32,400		316,017
				5,346,601
Health Care Technology - 0.0%(e)
CompuGroup Medical SE		624		48,599
M3, Inc.(a)		10,000		204,098
				252,697

Investments	Shares		Value ($)
Hotels, Restaurants & Leisure - 2.1%
Accor SA		7,600		341,012
Aeon Fantasy Co. Ltd.		500		14,506
Arcland Service Holdings Co. Ltd.		1,400		24,680
Aristocrat Leisure Ltd.		16,240		343,078
Atom Corp.		5,800		53,366
Autogrill SpA		6,257		66,461
Basic-Fit NV*(a)(b)		3,008		95,617
Betsson AB*		103,840		555,291
Carnival plc		7,760		351,849
Cie des Alpes		7,200		199,610
Colowide Co. Ltd.(a)		3,500		68,662
Compass Group plc		44,400		1,132,435
Corporate Travel Management Ltd.(a)		3,366		53,569
Create Restaurants Holdings, Inc.(a)		2,200		33,028
Crown Resorts Ltd.		11,014		90,034
Dalata Hotel Group plc		16,255		84,157
Domino’s Pizza Enterprises Ltd.(a)		1,460		38,813
Domino’s Pizza Group plc		15,345		46,484
Doutor Nichires Holdings Co. Ltd.		2,700		49,934
EI Group plc*		422,080		1,452,253
Evolution Gaming Group AB(b)		6,325		139,117
Flight Centre Travel Group Ltd.(a)		3,119		99,083
Flutter Entertainment plc - SGMX		2,652		212,370
Flutter Entertainment plc - XDUB		405		32,277
Fuji Kyuko Co. Ltd.		1,000		38,637
Galaxy Entertainment Group Ltd.		67,000		462,193
Genting Hong Kong Ltd.		1,944,000		240,892
Genting Singapore Ltd.		144,000		96,803
GL Ltd.		310,200		179,064
Great Canadian Gaming Corp.*		2,860		95,439
Greene King plc		251,040		1,922,392
Greggs plc		8,343		228,420
GVC Holdings plc		19,520		141,400
Hiday Hidaka Corp.(a)		2,191		42,660
HIS Co. Ltd.(a)		800		19,680
Hongkong & Shanghai Hotels Ltd. (The)(a)		24,000		31,395
Ichibanya Co. Ltd.(a)		1,000		47,341
InterContinental Hotels Group plc		6,080		425,760
J D Wetherspoon plc(a)		3,795		71,142
Kindred Group plc, SDR		4,675		28,996
Kisoji Co. Ltd.		1,700		40,866
KOMEDA Holdings Co. Ltd.		1,200		22,326
Kyoritsu Maintenance Co. Ltd.		1,600		69,482
Macau Legend Development Ltd.*		456,000		65,244
Mandarin Oriental International Ltd.		8,000		12,720
Marston’s plc(a)		640,080		837,824
McDonald’s Holdings Co. Japan Ltd.		1,100		49,592
Melco International Development Ltd.(a)		21,000		51,830
Merlin Entertainments plc(b)		6,309		34,879
MGM China Holdings Ltd.		32,400		53,642
Millennium & Copthorne Hotels plc		22,400		186,508

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Miramar Hotel & Investment		240,000		505,883
Mitchells & Butlers plc*		211,280		786,453
MOS Food Services, Inc.(a)		2,100		47,058
NagaCorp Ltd.(a)		160,000		242,415
NetEnt AB*		4,549		13,633
Ohsho Food Service Corp.		1,504		93,087
Oriental Land Co. Ltd.		8,000		1,063,965
Pandox AB		5,720		105,299
Parques Reunidos Servicios Centrales SAU(b)		600		9,206
Playtech plc		253,760		1,378,959
Plenus Co. Ltd.		1,000		16,486
Rank Group plc		106,502		197,696
Restaurant Brands International, Inc.		7,360		544,791
Restaurant Brands New Zealand Ltd.*		1,154		7,502
Restaurant Group plc (The)(a)		436,080		813,752
Ringer Hut Co. Ltd.(a)		1,700		40,067
Round One Corp.		10,800		165,121
Royal Holdings Co. Ltd.		1,600		39,936
Saizeriya Co. Ltd.		9,400		221,462
Sands China Ltd.		69,200		336,811
Scandic Hotels Group AB(b)		63,520		537,988
Shangri-La Asia Ltd.		32,000		39,122
SJM Holdings Ltd.		76,000		83,496
SkiStar AB		2,828		33,135
Skylark Holdings Co. Ltd.		3,700		64,952
Sodexo SA		3,287		379,333
SSP Group plc		24,856		214,871
St Marc Holdings Co. Ltd.		1,400		29,876
Star Entertainment Grp Ltd. (The)		38,963		111,181
Stars Group, Inc. (The)*(a)		6,337		99,122
Tabcorp Holdings Ltd.		39,123		121,075
Tokyo Dome Corp.		7,000		64,794
Toridoll Holdings Corp.(a)		1,600		36,428
Tosho Co. Ltd.(a)		800		20,012
TUI AG, DI		29,360		293,926
Whitbread plc		4,960		274,694
William Hill plc		1,450		2,708
Wynn Macau Ltd.		50,400		114,992
Yoshinoya Holdings Co. Ltd.(a)		4,900		95,540
Zensho Holdings Co. Ltd.(a)		3,600		77,819
				20,399,459
Household Durables - 1.8%
Barratt Developments plc		69,920		552,379
Bellway plc		5,360		194,923
Berkeley Group Holdings plc		5,040		239,320
Bonava AB, Class B		4,720		56,976
Bovis Homes Group plc		105,280		1,357,423
Breville Group Ltd.		4,514		59,830
Cairn Homes plc*		123,064		145,515
Casio Computer Co. Ltd.(a)		10,000		114,759
Countryside Properties plc(b)		409,520		1,474,224
Crest Nicholson Holdings plc(a)		240,000		1,078,496
De’ Longhi SpA(a)		4,522		91,533
Electrolux AB, Series B		7,237		169,135
ES-Con Japan Ltd.(a)		32,400		205,605

Investments	Shares		Value ($)
Fiskars OYJ Abp		574		8,474
Forbo Holding AG (Registered)		81		127,145
Fujitsu General Ltd.		2,100		33,906
Haseko Corp.		18,700		204,266
Husqvarna AB, Class B		10,433		93,355
Iida Group Holdings Co. Ltd.		15,400		254,456
JM AB(a)		1,842		48,022
Kaufman & Broad SA		13,120		540,489
Man Wah Holdings Ltd.(a)		1,216,000		590,299
McCarthy & Stone plc(b)		511,600		870,109
Nagawa Co. Ltd.		500		23,256
Neinor Homes SA*(a)(b)		50,080		621,156
Nikon Corp.(a)		16,400		223,248
Nobia AB(a)		97,040		634,245
Panasonic Corp.		120,000		1,022,003
Persimmon plc		12,320		303,062
Pressance Corp.(a)		21,000		294,184
Redrow plc		22,574		155,064
Rinnai Corp.		100		6,788
Sangetsu Corp.		2,256		41,120
SEB SA		560		90,408
Sekisui Chemical Co. Ltd.		20,100		300,088
Sekisui House Ltd.(a)		27,400		463,207
Sharp Corp.(a)		16,200		205,755
Sony Corp.		40,000		2,273,083
Starts Corp., Inc.		32,000		762,164
Sumitomo Forestry Co. Ltd.(a)		7,800		98,420
Tamron Co. Ltd.		6,800		153,380
Taylor Wimpey plc		115,622		229,066
Token Corp.(a)		8,210		473,356
TomTom NV*		10,869		129,559
Zojirushi Corp.(a)		14,600		176,962
				17,190,213
Household Products - 0.4%
Earth Corp.(a)		600		25,835
Essity AB, Class A		7,533		228,115
Essity AB, Class B		13,295		399,135
Henkel AG & Co. KGaA		3,062		289,955
Henkel AG & Co. KGaA (Preference)		4,000		415,254
Lion Corp.		7,900		156,217
Pigeon Corp.(a)		2,400		88,860
PZ Cussons plc		54,000		145,134
Reckitt Benckiser Group plc		20,880		1,629,098
Unicharm Corp.		16,800		479,359
				3,856,962
Independent Power and Renewable Electricity Producers - 0.2%
Boralex, Inc., Class A		2,081		31,631
ContourGlobal plc(b)		21,886		46,897
Drax Group plc		340,400		1,260,412
EDP Renovaveis SA		6,490		67,057
Electric Power Development Co. Ltd.		8,300		187,061
Encavis AG		3,696		29,876
ERG SpA		2,090		40,629
Innergex Renewable Energy, Inc.		559		6,398
Meridian Energy Ltd.		28,875		89,665
Northland Power, Inc.(a)		2,116		40,478

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Renewables Infrastructure Group Ltd. (The)		55,677		86,581
Scatec Solar ASA(b)		988		10,288
Uniper SE		10,640		331,112
				2,228,085
Industrial Conglomerates - 0.8%
CK Hutchison Holdings Ltd.		140,356		1,320,561
DCC plc		2,080		177,312
Guoco Group Ltd.		4,000		63,108
Indus Holding AG		1,013		40,547
Investment AB Latour, Class B		15,323		211,481
Italmobiliare SpA		245		5,510
Jardine Matheson Holdings Ltd.		8,000		487,120
Jardine Strategic Holdings Ltd.		8,900		307,050
Keppel Corp. Ltd.		30,500		142,633
Lifco AB, Class B		2,000		103,324
Mie Kotsu Group Holdings, Inc.		56,700		296,621
Nisshinbo Holdings, Inc.(a)		19,200		151,018
Nolato AB, Class B		710		40,928
NWS Holdings Ltd.		53,401		99,599
Realord Group Holdings Ltd.*		32,000		18,150
Rheinmetall AG		2,348		270,315
Sembcorp Industries Ltd.		17,200		29,409
Shun Tak Holdings Ltd.(a)		1,600,000		594,796
Siemens AG (Registered)		24,400		2,689,257
Smiths Group plc		13,840		278,260
TOKAI Holdings Corp.		21,395		184,047
Toshiba Corp.		16,000		513,562
				8,024,608
Insurance - 4.9%
Admiral Group plc		13,847		367,414
Aegon NV		55,751		277,902
Ageas		10,080		546,227
AIA Group Ltd.		370,400		3,828,020
Allianz SE (Registered)		21,600		5,060,002
Alm Brand A/S		16,240		146,499
ASR Nederland NV		8,647		327,626
Assicurazioni Generali SpA		58,080		1,088,980
AUB Group Ltd.(a)		2,255		18,496
Aviva plc		225,280		1,120,203
AXA SA		93,520		2,384,466
Baloise Holding AG (Registered)		3,120		566,958
Beazley plc		38,640		272,758
CBL Corp. Ltd.*(d)		102,937		215,365
Clal Insurance Enterprises Holdings Ltd.*		4,320		70,417
CNP Assurances		12,160		253,178
Coface SA		86,640		1,080,408
Dai-ichi Life Holdings, Inc.		58,400		864,368
Direct Insurance Financial Investments Ltd.		3,564		40,829
Direct Line Insurance Group plc		108,273		427,421
Fairfax Financial Holdings Ltd.		560		260,756
Gjensidige Forsikring ASA		945		18,556
Great Eastern Holdings Ltd.		6,800		126,306
Great-West Lifeco, Inc.		8,799		194,186
Grupo Catalana Occidente SA		2,102		75,711
Hannover Rueck SE		640		100,972

Investments	Shares		Value ($)
Harel Insurance Investments & Financial Services Ltd.		19,063		150,241
Hastings Group Holdings plc(b)		304,522		720,016
Helvetia Holding AG (Registered)		1,265		161,894
Hiscox Ltd.		14,720		306,406
iA Financial Corp., Inc.		8,990		362,571
IDI Insurance Co. Ltd.		6,800		245,989
Insurance Australia Group Ltd.		57,760		343,570
Intact Financial Corp.		5,280		494,647
Japan Post Holdings Co. Ltd.		66,900		658,063
Japan Post Insurance Co. Ltd.		7,600		127,256
Just Group plc*(a)		757,926		437,665
Lancashire Holdings Ltd.		24,506		208,094
Legal & General Group plc		270,226		866,239
Manulife Financial Corp.		93,680		1,705,024
Mapfre SA		83,280		231,161
Medibank Pvt Ltd.		62,011		154,295
Menora Mivtachim Holdings Ltd.		23,911		384,556
Migdal Insurance & Financial Holding Ltd.		90,400		111,161
MS&AD Insurance Group Holdings, Inc.		22,400		738,792
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		7,920		1,920,588
nib holdings Ltd.		19,924		109,724
NN Group NV(a)		18,646		706,478
Phoenix Group Holdings plc		16,000		136,276
Phoenix Holdings Ltd. (The)		21,712		136,596
Poste Italiane SpA(b)		18,839		202,622
Power Corp. of Canada		12,747		271,607
Power Financial Corp.		6,237		137,217
Prudential plc		77,440		1,610,067
QBE Insurance Group Ltd.		24,160		207,987
RSA Insurance Group plc		37,120		254,802
Sabre Insurance Group plc(b)		21,200		68,660
Saga plc		866,080		472,122
Sampo OYJ, Class A		11,443		479,940
SCOR SE		10,320		427,439
Societa Cattolica di Assicurazioni SC		128,080		1,093,062
Sompo Holdings, Inc.		19,800		826,466
Sony Financial Holdings, Inc.		8,500		207,539
Steadfast Group Ltd.		52,828		138,364
Storebrand ASA		17,930		122,455
Sun Life Financial, Inc.		28,400		1,186,046
Suncorp Group Ltd.		24,173		225,093
Swiss Life Holding AG (Registered)		1,920		933,818
Swiss Re AG		14,640		1,427,918
T&D Holdings, Inc.		24,000		271,002
Talanx AG		3,690		156,450
Tokio Marine Holdings, Inc.		32,000		1,708,533
Topdanmark A/S		1,650		85,272
Tryg A/S		2,365		72,713
Unipol Gruppo SpA(a)		6,080		31,390
UnipolSai Assicurazioni SpA(a)		27,841		73,001
UNIQA Insurance Group AG		4,884		44,047

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Wuestenrot & Wuerttembergische AG		14,080		281,867
Zurich Insurance Group AG		7,441		2,604,350
				46,773,175
Interactive Media & Services - 0.1%
Auto Trader Group plc(b)		28,947		192,036
carsales.com Ltd.		634		6,454
Dip Corp.(a)		1,400		29,038
Funding Circle Holdings plc*(b)		10,653		14,740
Kakaku.com, Inc.		1,600		33,540
LINE Corp.*		900		28,805
REA Group Ltd.(a)		2,748		185,978
Rightmove plc		32,130		207,881
Scout24 AG(b)		2,584		144,571
XING SE		165		63,564
Yahoo Japan Corp.		40,000		118,259
				1,024,866
Internet & Direct Marketing Retail - 0.2%
ASKUL Corp.(a)		500		12,553
ASOS plc*(a)		3,749		119,627
Belluna Co. Ltd.		56,000		365,167
boohoo Group plc*		21,836		64,035
Delivery Hero SE*(b)		4,128		200,299
Dustin Group AB(b)		3,680		32,070
Just Eat plc*		13,319		124,173
Moneysupermarket.com Group plc		22,168		100,133
Ocado Group plc*		20,800		317,211
Rakuten, Inc.		24,300		249,770
Rocket Internet SE*(b)		1,646		46,769
Takeaway.com NV*(a)(b)		1,022		92,397
Takkt AG		30,800		423,858
Webjet Ltd.		2,707		25,319
Zalando SE*(b)		1,921		89,147
zooplus AG*		207		27,104
ZOZO, Inc.		4,000		76,003
				2,365,635
IT Services - 1.1%
Adyen NV*(b)		560		428,347
Afterpay Touch Group Ltd.*		2,660		49,025
Alten SA		1,130		141,038
Altran Technologies SA		16,181		257,808
Amadeus IT Group SA		13,520		1,074,194
Atea ASA*		10,346		133,119
Atos SE		5,672		461,389
Bechtle AG		1,192		133,912
Cancom SE		2,336		132,386
Capgemini SE		4,640		595,402
CGI, Inc.*		8,640		668,356
Computacenter plc		9,339		174,386
Computershare Ltd.		17,644		192,632
Digital Garage, Inc.		1,300		45,199
DTS Corp.		4,000		88,050
Econocom Group SA/NV(a)		130,080		435,362
Evry A/S(b)		4,800		17,490
FDM Group Holdings plc(a)		3,850		38,656
Formula Systems 1985 Ltd.		829		47,342
Fujitsu Ltd.		8,000		629,464
Global Dominion Access SA*(b)		2,113		10,210

Investments	Shares		Value ($)
GMO internet, Inc.		1,200		19,695
Indra Sistemas SA*		5,627		48,680
Infocom Corp.		1,600		39,994
Itochu Techno-Solutions Corp.		2,400		62,136
Link Administration Holdings Ltd.		6,763		23,727
Matrix IT Ltd.		2,464		38,994
Mitsubishi Research Institute, Inc.		16,000		589,454
NEC Networks & System Integration Corp.		4,300		112,119
NET One Systems Co. Ltd.		8,100		216,497
NEXTDC Ltd.*(a)		16,647		78,941
Nihon Unisys Ltd.		2,600		86,327
Nomura Research Institute Ltd.		12,645		225,822
NS Solutions Corp.		800		27,189
NSD Co. Ltd.		2,580		80,079
NTT Data Corp.		16,000		211,467
Obic Co. Ltd.		1,500		161,225
Otsuka Corp.		3,400		135,436
Reply SpA		880		59,424
SCSK Corp.		900		43,104
Shopify, Inc., Class A*		2,960		945,401
Softcat plc		12,119		141,565
Sopra Steria Group		1,463		189,930
SUNeVision Holdings Ltd.		134,000		99,286
Tieto OYJ		1,598		41,064
TIS, Inc.		2,300		120,534
Transcosmos, Inc.		2,100		45,201
Wirecard AG		3,440		580,643
Worldline SA*(b)		3,334		240,543
				10,418,244
Leisure Products - 0.2%
Bandai Namco Holdings, Inc.(a)		9,200		499,931
Beneteau SA		8,838		93,138
BRP, Inc.		3,584		126,886
Heiwa Corp.		8,850		182,991
Mizuno Corp.		16,000		369,883
Sega Sammy Holdings, Inc.		5,300		68,535
Shimano, Inc.		2,800		397,918
Spin Master Corp.*(b)		2,048		58,485
Technogym SpA(b)		4,905		53,247
Thule Group AB(b)		2,805		61,929
Tomy Co. Ltd.		10,900		140,347
Universal Entertainment Corp.(a)		300		9,505
Yamaha Corp.		4,600		218,614
Yonex Co. Ltd.		10,000		60,880
				2,342,289
Life Sciences Tools & Services - 0.2%
Clinigen Group plc(a)		5,270		65,045
EPS Holdings, Inc.		1,900		29,521
Eurofins Scientific SE(a)		601		258,293
Evotec SE*		8,740		250,479
Gerresheimer AG		755		59,600
Lonza Group AG (Registered)*		2,160		744,655
QIAGEN NV*		6,889		259,853
Sartorius Stedim Biotech		770		124,054
Siegfried Holding AG (Registered)*		165		61,833
Tecan Group AG (Registered)		779		199,078
				2,052,411

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Machinery - 3.3%
Aalberts NV		5,580		226,518
Ag Growth International, Inc.		912		37,490
Aida Engineering Ltd.		32,400		259,021
Alfa Laval AB		6,238		117,761
Alstom SA		3,962		172,217
Amada Holdings Co. Ltd.		18,600		206,943
ANDRITZ AG(a)		3,620		130,427
Atlas Copco AB, Class A		15,040		465,632
Atlas Copco AB, Class B		12,640		348,902
ATS Automation Tooling Systems, Inc.*		1,400		22,549
Bando Chemical Industries Ltd.		40,500		352,125
Beijer Alma AB		2,304		28,580
Bodycote plc		16,467		148,501
Bucher Industries AG (Registered)		275		82,667
Cargotec OYJ, Class B		684		20,501
CKD Corp.(a)		8,000		89,155
CNH Industrial NV		19,600		200,201
Concentric AB		914		11,338
Construcciones y Auxiliar de Ferrocarriles SA		720		32,827
Conzzeta AG (Registered)		55		43,444
Daetwyler Holding AG(a)		1,134		175,942
Daifuku Co. Ltd.		4,800		265,697
Daiwa Industries Ltd.		1,600		15,945
Danieli & C Officine Meccaniche SpA		3,209		56,380
Danieli & C Officine Meccaniche SpA (Retirement Savings Plan)		3,477		39,487
Deutz AG		6,640		46,502
DMG Mori AG		1,007		47,370
DMG Mori Co. Ltd.		2,100		30,811
Duerr AG		1,232		37,214
Epiroc AB, Class A		39,280		434,436
FANUC Corp.		5,300		953,341
Fincantieri SpA(a)		79,280		82,621
FLSmidth & Co. A/S(a)		2,798		115,522
Fluidra SA*		912		11,434
Fuji Corp.		13,000		174,690
Fujitec Co. Ltd.		59,000		740,659
Furukawa Co. Ltd.		32,000		421,755
GEA Group AG		4,960		125,084
Georg Fischer AG (Registered)		281		244,101
Gima TT SpA(a)(b)		12,720		114,716
Glory Ltd.		8,100		215,677
Harmonic Drive Systems, Inc.		1,500		57,472
Hino Motors Ltd.		16,000		129,238
Hitachi Construction Machinery Co. Ltd.(a)		8,000		190,246
Hitachi Zosen Corp.		101,000		364,651
Hoshizaki Corp.		1,200		85,324
IHI Corp.		2,500		60,005
IMA Industria Macchine Automatiche SpA		495		39,130
Interpump Group SpA		3,884		110,187

Investments	Shares		Value ($)
Interroll Holding AG (Registered)(a)		34		69,374
Japan Steel Works Ltd. (The)(a)		8,600		151,049
JTEKT Corp.		2,300		27,496
Jungheinrich AG (Preference)		2,364		53,010
Kawasaki Heavy Industries Ltd.		2,800		61,377
KION Group AG		3,840		207,830
Kitz Corp.		84,300		577,658
Koenig & Bauer AG		11,989		486,955
Komatsu Ltd.		27,700		623,904
Komax Holding AG (Registered)(a)		645		121,833
Komori Corp.		4,400		44,821
Kone OYJ, Class B		11,520		661,841
Konecranes OYJ		2,273		67,318
Krones AG		1,610		93,035
Kubota Corp.		32,000		498,826
Kurita Water Industries Ltd.		3,400		86,679
Kyokuto Kaihatsu Kogyo Co. Ltd.		32,100		398,534
Makino Milling Machine Co. Ltd.		24,100		1,017,716
Makita Corp.		6,600		218,531
Manitou BF SA		4,640		110,298
Max Co. Ltd.		9,800		155,609
Meidensha Corp.		27,500		428,298
Metso OYJ		507		19,706
MINEBEA MITSUMI, Inc.		16,011		277,381
MISUMI Group, Inc.		8,500		193,682
Mitsubishi Heavy Industries Ltd.		16,000		664,315
Mitsuboshi Belting Ltd.		24,000		443,417
Mitsui E&S Holdings Co. Ltd.		72,000		637,274
Miura Co. Ltd.		3,300		92,093
Morgan Advanced Materials plc		249,192		767,080
Morita Holdings Corp.		9,000		148,957
Nachi-Fujikoshi Corp.(a)		20,300		863,790
NFI Group, Inc.		44,480		985,697
NGK Insulators Ltd.		8,700		130,770
Nitta Corp.		3,400		94,414
Noritake Co. Ltd.		8,000		314,253
Norma Group SE		234		8,452
NSK Ltd.		41,100		350,907
OC Oerlikon Corp. AG (Registered)		13,878		149,714
Oiles Corp.(a)		8,620		123,217
OKUMA Corp.(a)		1,000		52,590
OSG Corp.(a)		1,500		30,076
Outotec OYJ*		35,725		225,770
Palfinger AG		2,657		69,224
Pfeiffer Vacuum Technology AG		1,102		154,475
Rational AG		55		37,722
Rotork plc		23,256		87,848
Ryobi Ltd.		25,700		479,560
Sandvik AB		29,600		460,208
Schindler Holding AG		1,522		353,903
Schindler Holding AG (Registered)		602		136,332
SFS Group AG		1,600		123,717
Shima Seiki Manufacturing Ltd.		1,300		38,374
Shinmaywa Industries Ltd.		11,400		143,635
Sintokogio Ltd.		40,000		339,673
SKF AB, Class A		2,427		40,276
SKF AB, Class B		3,120		51,679

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
SMC Corp.		1,800		660,815
Sodick Co. Ltd.		22,800		206,423
Spirax-Sarco Engineering plc		2,749		302,773
Stabilus SA		3,069		142,012
Star Micronics Co. Ltd.		30,200		399,978
Sumitomo Heavy Industries Ltd.		5,200		169,302
Tadano Ltd.(a)		14,600		132,990
Takeuchi Manufacturing Co. Ltd.(a)		32,000		499,857
Takuma Co. Ltd.		16,200		193,967
Techtronic Industries Co. Ltd.		91,000		684,136
THK Co. Ltd.		10,600		270,821
Tocalo Co. Ltd.		56,700		428,220
Toshiba Machine Co. Ltd.		14,049		312,358
Trelleborg AB, Class B		2,480		34,525
Tsubaki Nakashima Co. Ltd.(a)		5,600		97,584
Tsubakimoto Chain Co.		2,200		72,641
Tsugami Corp.(a)		16,200		132,047
Union Tool Co.		500		15,013
Valmet OYJ		5,005		98,133
Vesuvius plc		172,720		1,060,607
Volvo AB, Class A		22,640		341,730
Volvo AB, Class B		66,638		1,002,020
Wacker Neuson SE		5,236		106,743
Wartsila OYJ Abp		11,105		140,768
Washtec AG		2,080		111,162
Weir Group plc (The)		2,400		43,992
YAMABIKO Corp.		48,200		411,970
Yangzijiang Shipbuilding Holdings Ltd.		174,600		182,440
				31,889,636
Marine - 0.3%
AP Moller - Maersk A/S, Class A		240		258,549
AP Moller - Maersk A/S, Class B		160		181,026
Dfds A/S		1,509		56,025
Golden Ocean Group Ltd.		66,880		410,844
Irish Continental Group plc		11,810		54,964
Kawasaki Kisen Kaisha Ltd.*(a)		8,100		104,295
Kuehne + Nagel International AG (Registered)		1,360		201,596
NS United Kaiun Kaisha Ltd.		8,100		181,285
Orient Overseas International Ltd.		7,000		36,664
Pacific Basin Shipping Ltd.(a)		3,569,000		738,612
SITC International Holdings Co. Ltd.		182,000		200,881
Stolt-Nielsen Ltd.		9,680		112,646
Wallenius Wilhelmsen ASA		19,252		59,144
Wilh Wilhelmsen Holding ASA, Class A		4,368		71,620
Wilh Wilhelmsen Holding ASA, Class B		15,256		252,751
				2,920,902
Media - 0.9%
Altice Europe NV*		11,083		41,585
Ascential plc(b)		19,337		94,283
Atresmedia Corp. de Medios de Comunicacion SA(a)		51,600		202,574
Axel Springer SE		2,916		202,755

Investments	Shares		Value ($)
Cogeco, Inc.		5,035		360,423
Corus Entertainment, Inc., Class B		100,800		389,183
CyberAgent, Inc.		2,200		89,560
Daily Mail & General Trust plc, Class A(a)		6,037		58,545
Dentsu, Inc.		10,100		336,744
Euromoney Institutional Investor plc		4,083		68,992
Eutelsat Communications SA		9,280		178,956
Hakuhodo DY Holdings, Inc.		7,400		117,091
Informa plc(a)		50,880		544,502
IPSOS		29,840		822,290
ITV plc		133,200		180,956
JCDecaux SA		6,560		190,778
Lagardere SCA		9,671		220,738
Mediaset SpA*		7,888		23,282
Metropole Television SA		1,295		22,637
Nine Entertainment Co. Holdings Ltd.(a)		90,800		126,419
Nippon Television Holdings, Inc.		8,100		112,128
NOS SGPS SA		1,360		8,518
oOh!media Ltd.(a)		6,533		20,128
Pearson plc		30,720		327,703
Promotora de Informaciones SA, Class A*		32,897		48,934
ProSiebenSat.1 Media SE		15,200		198,515
Publicis Groupe SA(a)		4,406		219,331
Quebecor, Inc., Class B		8,092		184,252
RAI Way SpA(b)		8,120		48,368
Sanoma OYJ		10,880		108,418
Schibsted ASA, Class A		2,349		64,032
Schibsted ASA, Class B		3,483		90,740
SES SA, FDR		15,280		254,511
Seven West Media Ltd.*		549,120		164,639
Shaw Communications, Inc., Class B		6,046		119,111
Singapore Press Holdings Ltd.		115,300		186,192
SKY Perfect JSAT Holdings, Inc.		15,200		60,338
Southern Cross Media Group Ltd.		45,760		42,264
Stroeer SE & Co. KGaA		620		49,323
Tamedia AG (Registered)		1,760		194,489
Telenet Group Holding NV		4,720		233,859
Television Francaise 1		89,200		898,803
Vector, Inc.*(a)		1,500		13,055
Wowow, Inc.		3,630		87,929
WPP plc		57,280		680,605
Zenrin Co. Ltd.		2,400		44,519
				8,732,997
Metals & Mining - 4.6%
Acacia Mining plc*(a)		137,870		380,509
Acerinox SA		231		1,952
Agnico Eagle Mines Ltd.		4,308		226,202
Aichi Steel Corp.		9,700		304,647
Alacer Gold Corp.*		242,240		968,480
Alamos Gold, Inc., Class A		24,480		161,441
Alumina Ltd.		94,737		152,796
AMG Advanced Metallurgical Group NV(a)		27,120		788,100

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Anglo American plc(a)		74,320		1,855,513
Antofagasta plc		19,323		222,215
APERAM SA(a)		1,904		47,825
ArcelorMittal		26,960		435,791
Asahi Holdings, Inc.(a)		32,800		684,548
Aurubis AG		30,320		1,335,478
Ausdrill Ltd.(a)		528,100		718,886
B2Gold Corp.*		52,817		169,333
Barrick Gold Corp.		55,274		902,888
Bekaert SA(a)		37,822		1,077,200
BHP Group Ltd.		90,240		2,535,187
BHP Group plc		57,200		1,389,705
BlueScope Steel Ltd.		26,800		241,797
Boliden AB*		10,080		231,217
Centamin plc		48,989		77,920
Centerra Gold, Inc.*		187,200		1,502,561
Daido Steel Co. Ltd.(a)		2,000		76,629
Detour Gold Corp.*		21,360		327,927
Dowa Holdings Co. Ltd.(a)		2,200		70,108
Endeavour Mining Corp.*		2,501		46,967
Eramet(a)		8,480		412,127
Evolution Mining Ltd.		42,290		146,325
Evraz plc		12,821		102,198
Ferrexpo plc		247,600		781,279
First Quantum Minerals Ltd.		34,240		317,068
Fortescue Metals Group Ltd.		44,800		257,217
Franco-Nevada Corp.		4,603		402,059
Fresnillo plc(a)		13,040		95,961
Glencore plc*		669,280		2,183,557
Granges AB		63,680		640,574
Highland Gold Mining Ltd.		191,040		510,411
Hill & Smith Holdings plc		4,063		56,167
Hitachi Metals Ltd.(a)		4,740		50,380
Hochschild Mining plc		14,099		35,908
Hudbay Minerals, Inc.		14,880		72,635
IAMGOLD Corp.*		47,672		174,257
Independence Group NL		36,717		136,153
Ivanhoe Mines Ltd., Class A*		21,170		66,743
JFE Holdings, Inc.		37,500		499,942
KAZ Minerals plc		17,892		126,627
Kinross Gold Corp.*		27,217		110,680
Kirkland Lake Gold Ltd.		4,640		192,858
Kobe Steel Ltd.		8,200		53,169
Kyoei Steel Ltd.(a)		14,300		243,788
Labrador Iron Ore Royalty Corp.		2,640		63,248
Largo Resources Ltd.*(a)		206,560		292,580
Lundin Gold, Inc.*(a)		17,172		102,262
Lundin Mining Corp.		47,189		229,629
Lynas Corp. Ltd.*(a)		50,800		91,386
MAG Silver Corp.*		11,120		124,821
Mineral Resources Ltd.(a)		22,320		247,222
Mitsubishi Materials Corp.		8,100		224,181
Newcrest Mining Ltd.		27,360		670,963
Nippon Light Metal Holdings Co. Ltd.		66,500		122,496
Nippon Steel Corp.		42,115		665,811
Norsk Hydro ASA		51,200		177,286
Northern Star Resources Ltd.(a)		33,407		299,565
Novagold Resources, Inc.*(a)		5,530		34,364

Investments	Shares		Value ($)
OceanaGold Corp.(a)		64,440		175,681
OM Holdings Ltd.(a)		245,835		133,859
Osaka Steel Co. Ltd.		1,000		15,390
Outokumpu OYJ		272,057		790,591
OZ Minerals Ltd.		13,621		96,605
Pan American Silver Corp.		11,396		174,435
Pilbara Minerals Ltd.*(a)		182,560		59,140
Polymetal International plc		20,121		245,288
Pretium Resources, Inc.*		157,600		1,717,440
Regis Resources Ltd.		73,200		281,024
Resolute Mining Ltd.		34,640		42,140
Rio Tinto Ltd.		12,640		861,629
Rio Tinto plc		57,520		3,308,818
Salzgitter AG		31,920		705,464
Sandfire Resources NL		140,160		651,120
Sandstorm Gold Ltd.*		16,268		100,595
Sanyo Special Steel Co. Ltd.		22,300		308,287
Saracen Mineral Holdings Ltd.*(a)		90,080		260,147
SEMAFO, Inc.*		278,400		1,121,529
Sims Metal Management Ltd.(a)		131,120		985,985
South32 Ltd.		274,880		594,908
SSAB AB, Class A		13,394		38,382
SSR Mining, Inc.*		9,309		144,546
St Barbara Ltd.		43,360		110,578
Stelco Holdings, Inc.(a)		18,720		216,688
Sumitomo Metal Mining Co. Ltd.		8,700		249,602
Teck Resources Ltd., Class B		25,040		514,854
thyssenkrupp AG		21,680		282,179
Toho Titanium Co. Ltd.		200		1,580
Topy Industries Ltd.(a)		9,700		208,518
Torex Gold Resources, Inc.*		70,320		910,361
Turquoise Hill Resources Ltd.*(a)		84,560		48,296
UACJ Corp.(a)		25,200		414,294
voestalpine AG		2,640		70,663
Wheaton Precious Metals Corp.		11,369		298,694
Yamana Gold, Inc.		43,348		128,742
Yodogawa Steel Works Ltd.		26,900		514,092
				44,729,863
Multiline Retail - 0.4%
B&M European Value Retail SA		50,459		228,603
Canadian Tire Corp. Ltd., Class A(a)		1,920		210,708
Dollarama, Inc.		8,080		300,888
Fuji Co. Ltd.		32,100		546,062
H2O Retailing Corp.(a)		11,315		128,808
Harvey Norman Holdings Ltd.(a)		5,610		16,975
Hudson’s Bay Co.		9,920		74,184
Isetan Mitsukoshi Holdings Ltd.		14,400		115,120
Izumi Co. Ltd.(a)		1,300		49,090
J Front Retailing Co. Ltd.(a)		10,700		126,636
Marks & Spencer Group plc(a)		56,221		143,118
Marui Group Co. Ltd.		5,500		119,650
Next plc		4,400		326,703
Pan Pacific International Holdings Corp.		3,400		217,951
Parco Co. Ltd.(a)		17,600		194,196
Ryohin Keikaku Co. Ltd.		600		107,373
Seria Co. Ltd.		1,000		23,569

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Takashimaya Co. Ltd.		9,100		105,018
Wesfarmers Ltd.		28,560		771,454
				3,806,106
Multi-Utilities - 0.8%
A2A SpA		173,628		305,442
ACEA SpA		1,552		29,307
AGL Energy Ltd.		27,760		401,231
Algonquin Power & Utilities Corp.(a)		26,230		328,387
Centrica plc		301,920		281,257
E.ON SE		52,900		533,270
Engie SA		88,480		1,371,310
Hera SpA		68,753		257,972
Innogy SE		6,400		270,423
Iren SpA		50,950		133,991
Keppel Infrastructure Trust		170,047		63,369
National Grid plc		113,440		1,172,746
REN - Redes Energeticas Nacionais SGPS SA		326,240		888,111
RWE AG		31,702		863,365
Suez		11,724		173,351
Telecom Plus plc		7,522		122,681
Veolia Environnement SA		27,200		692,000
				7,888,213
Oil, Gas & Consumable Fuels - 5.8%
Aker BP ASA(a)		4,404		126,368
ARC Resources Ltd.(a)		24,960		128,302
Baytex Energy Corp.*(a)		38,400		58,778
Beach Energy Ltd.		201,040		295,147
Birchcliff Energy Ltd.(a)		183,670		367,858
BP plc		1,052,914		7,035,385
Brightoil Petroleum Holdings Ltd.*(d)		50,147		9,609
BW LPG Ltd.*(b)		69,040		319,008
Cairn Energy plc*		50,800		98,528
Caltex Australia Ltd.		8,880		165,010
Cameco Corp.		13,932		128,588
Canadian Natural Resources Ltd.		66,240		1,686,329
Cenovus Energy, Inc.(a)		40,480		378,243
China Aviation Oil Singapore Corp. Ltd.		96,000		89,087
Cosmo Energy Holdings Co. Ltd.		7,000		145,512
Delek Group Ltd.		543		83,541
Diversified Gas & Oil plc(a)(b)		583,920		761,455
DNO ASA		22,960		38,954
Enbridge, Inc.		62,560		2,100,023
Encana Corp.(a)		75,040		344,585
Enerplus Corp.		16,456		109,652
Eni SpA		134,320		2,124,235
Equinor ASA		57,200		1,034,926
Equital Ltd.*		14,504		476,982
Etablissements Maurel et Prom(a)		68,880		223,938
Euronav NV		19,296		163,495
FLEX LNG Ltd.*(a)		21,520		271,991
Frontera Energy Corp.(a)		54,160		551,849
Galp Energia SGPS SA		7,324		114,857
Gaztransport Et Technigaz SA		1,680		153,663
Genel Energy plc(a)		184,400		432,611

Investments	Shares		Value ($)
Gibson Energy, Inc.		7,625		132,798
Husky Energy, Inc.		11,656		90,894
Idemitsu Kosan Co. Ltd.		17,782		494,604
Imperial Oil Ltd.		5,120		140,911
Inpex Corp.		42,000		371,859
Inter Pipeline Ltd.(a)		22,424		379,269
Itochu Enex Co. Ltd.		48,100		391,622
Iwatani Corp.(a)		2,197		72,947
Japan Petroleum Exploration Co. Ltd.		8,000		175,878
JXTG Holdings, Inc.		197,250		935,064
Keyera Corp.(a)		1,840		47,053
Koninklijke Vopak NV		2,356		116,993
Lundin Petroleum AB		4,170		132,840
MEG Energy Corp.*		20,320		85,882
Mitsuuroko Group Holdings Co. Ltd.		40,000		311,674
Naphtha Israel Petroleum Corp. Ltd.		27,742		183,974
Neste OYJ		15,840		528,911
New Hope Corp. Ltd.(a)		264,880		458,247
New Zealand Refining Co. Ltd. (The)		67,959		96,882
NuVista Energy Ltd.*(a)		189,600		392,729
Oil Refineries Ltd.*		182,503		98,796
OMV AG		9,360		472,195
Origin Energy Ltd.		68,240		373,453
Paramount Resources Ltd., Class A*(a)		57,920		350,215
Parex Resources, Inc.*		6,710		115,278
Parkland Fuel Corp.		2,333		76,627
Pembina Pipeline Corp.		13,360		487,233
Peyto Exploration & Development Corp.(a)		136,800		416,708
PrairieSky Royalty Ltd.		486		6,543
Premier Oil plc*(a)		585,520		602,516
Repsol SA		68,814		1,102,143
Royal Dutch Shell plc, Class A		217,760		6,916,544
Royal Dutch Shell plc, Class B		191,369		6,098,224
San-Ai Oil Co. Ltd.		60,100		581,765
Santos Ltd.		83,040		413,811
Saras SpA		412,880		684,954
Seven Generations Energy Ltd., Class A*		28,480		158,975
Suncor Energy, Inc.		45,360		1,308,139
TC Energy Corp.		29,921		1,472,410
TORC Oil & Gas Ltd.(a)		28,276		88,500
TOTAL SA		125,920		6,594,275
Tourmaline Oil Corp.		80		1,060
Tullow Oil plc		31,712		75,233
United Energy Group Ltd.*		560,000		101,585
Vermilion Energy, Inc.(a)		347		6,250
Washington H Soul Pattinson & Co. Ltd.(a)		8,285		129,684
Whitecap Resources, Inc.(a)		346,320		1,118,225
Whitehaven Coal Ltd.		24,365		62,136
Woodside Petroleum Ltd.		25,654		613,566
				56,086,583

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Paper & Forest Products - 0.5%
Ahlstrom-Munksjo OYJ		4,545		75,198
Altri SGPS SA		86,720		574,497
Canfor Corp.*		54,560		395,546
Canfor Pulp Products, Inc.		27,680		194,560
Daiken Corp.		12,500		249,482
Daio Paper Corp.(a)		3,745		45,047
Ence Energia y Celulosa SA(a)		129,120		472,978
Hadera Paper Ltd.		2,400		137,951
Hokuetsu Corp.		117,100		585,635
Holmen AB, Class B(a)		4,070		86,973
Interfor Corp.*		5,920		53,964
Metsa Board OYJ		6,595		33,175
Mondi plc		14,480		319,761
Navigator Co. SA (The)		6,520		22,127
Nippon Paper Industries Co. Ltd.(a)		8,100		143,610
Norbord, Inc.		3,136		73,053
Oji Holdings Corp.		44,000		229,371
Semapa-Sociedade de Investimento e Gestao		19,840		264,636
Stella-Jones, Inc.		1,045		32,763
Stora Enso OYJ, Class R		24,880		289,064
Svenska Cellulosa AB SCA, Class A		3,160		30,535
Svenska Cellulosa AB SCA, Class B		14,939		125,048
UPM-Kymmene OYJ		27,280		742,633
West Fraser Timber Co. Ltd.		2,213		86,943
				5,264,550
Personal Products - 1.1%
Beiersdorf AG		2,720		317,987
Blackmores Ltd.(a)		798		49,326
Fancl Corp.		5,000		126,733
Interparfums SA		595		28,387
Kao Corp.		14,500		1,065,581
Kobayashi Pharmaceutical Co. Ltd.		1,400		100,575
Kose Corp.		700		119,981
L’Occitane International SA		81,000		168,666
L’Oreal SA		7,689		2,071,746
Mandom Corp.		2,600		61,423
Milbon Co. Ltd.		1,000		49,182
Noevir Holdings Co. Ltd.		1,900		99,747
Ontex Group NV(a)		5,840		97,079
Pola Orbis Holdings, Inc.		2,000		50,527
Shiseido Co. Ltd.		13,500		1,000,424
Unilever NV		49,340		2,874,757
Unilever plc		36,160		2,194,103
YA-MAN Ltd.(a)		800		6,521
				10,482,745
Pharmaceuticals - 4.1%
ALK-Abello A/S*(a)		532		121,128
Almirall SA		4,710		86,213
Aphria, Inc.*(a)		4,500		24,536
Astellas Pharma, Inc.		62,000		887,101
AstraZeneca plc		38,960		3,368,420
Aurora Cannabis, Inc.*(a)		34,960		219,374
Bausch Health Cos., Inc.*		11,200		270,458
Bayer AG (Registered)		48,800		3,192,118

Investments	Shares		Value ($)
BTG plc*		27,344		280,072
CannTrust Holdings, Inc.*(a)		10,800		25,414
Canopy Growth Corp.*(a)		6,480		213,524
Chugai Pharmaceutical Co. Ltd.		8,500		610,638
COSMO Pharmaceuticals NV*(a)		1,040		91,394
Cronos Group, Inc.*(a)		10,880		150,546
Daiichi Sankyo Co. Ltd.		18,700		1,144,821
Dechra Pharmaceuticals plc		5,318		191,832
Eisai Co. Ltd.		9,100		495,000
Faes Farma SA		27,831		138,667
Financiere de Tubize SA(a)		1,549		106,066
GlaxoSmithKline plc		142,112		2,962,678
GW Pharmaceuticals plc*(d)		1		9
H Lundbeck A/S		1,852		72,184
Haw Par Corp. Ltd.		3,200		32,595
HEXO Corp.*(a)		15,680		66,629
Hikma Pharmaceuticals plc		7,104		160,096
Hisamitsu Pharmaceutical Co., Inc.(a)		1,900		77,085
Hutchison China MediTech Ltd.*		7,150		29,766
Ipsen SA		770		88,904
JCR Pharmaceuticals Co. Ltd.		600		42,662
Kaken Pharmaceutical Co. Ltd.		1,500		73,359
Kissei Pharmaceutical Co. Ltd.		1,400		34,866
Knight Therapeutics, Inc.*		11,684		66,644
Kyowa Kirin Co. Ltd.		5,000		83,030
Mayne Pharma Group Ltd.*(a)		148,797		54,356
Merck KGaA		2,800		288,184
Mitsubishi Tanabe Pharma Corp.		4,700		53,547
Mochida Pharmaceutical Co. Ltd.		3,200		135,132
Nichi-iko Pharmaceutical Co. Ltd.		48,000		553,056
Nippon Shinyaku Co. Ltd.		2,000		145,337
Novartis AG (Registered)		75,621		6,986,158
Novo Nordisk A/S, Class B		50,460		2,437,736
Ono Pharmaceutical Co. Ltd.		16,600		303,180
Orion OYJ, Class A		1,474		51,204
Orion OYJ, Class B		6,647		229,498
Otsuka Holdings Co. Ltd.		17,300		640,056
Recipharm AB, Class B		3,741		46,991
Recordati SpA		2,359		106,452
Roche Holding AG - BR		892		240,570
Roche Holding AG - Genusschein		20,000		5,386,869
Rohto Pharmaceutical Co. Ltd.		2,000		58,209
Sanofi		33,076		2,778,952
Santen Pharmaceutical Co. Ltd.		16,100		261,129
Seikagaku Corp.		1,800		19,894
Shionogi & Co. Ltd.		9,300		518,813
Sosei Group Corp.*(a)		8,000		187,741
Sumitomo Dainippon Pharma Co. Ltd.		10,400		192,243
Taisho Pharmaceutical Holdings Co. Ltd.		2,500		191,803
Takeda Pharmaceutical Co. Ltd.		45,717		1,530,567
Teva Pharmaceutical Industries Ltd.*		30,955		247,682
Torii Pharmaceutical Co. Ltd.		8,000		192,825
Towa Pharmaceutical Co. Ltd.		1,200		30,327
Tsumura & Co.		900		24,951
UCB SA		4,000		314,513

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Vifor Pharma AG		1,511		225,429
Virbac SA*		532		99,393
ZERIA Pharmaceutical Co. Ltd.(a)		1,800		32,875
				39,973,501
Professional Services - 1.0%
Adecco Group AG (Registered)		10,560		580,907
AF POYRY AB, Class B		4,429		104,987
ALS Ltd.(a)		13,503		67,196
Applus Services SA		16,915		240,311
Benefit One, Inc.		2,000		34,502
Bureau Veritas SA		3,536		88,936
Capita plc*		4,240		6,051
DKSH Holding AG		660		33,533
en-japan, Inc.		1,700		70,615
Experian plc		29,440		901,195
Funai Soken Holdings, Inc.		2,700		62,244
Groupe Crit		720		48,820
Hays plc		34,264		64,652
Intertek Group plc		4,320		301,932
Intertrust NV(b)		9,280		178,336
IPH Ltd.(a)		31,760		182,567
JAC Recruitment Co. Ltd.		1,300		30,364
McMillan Shakespeare Ltd.		17,577		167,913
Meitec Corp.		2,400		124,891
Morneau Shepell, Inc.(a)		2,428		56,172
Nihon M&A Center, Inc.		2,400		65,253
Nomura Co. Ltd.		6,000		81,953
Outsourcing, Inc.		11,100		134,335
Pagegroup plc		20,728		113,907
Persol Holdings Co. Ltd.		5,700		139,488
Randstad NV		4,320		219,042
Recruit Holdings Co. Ltd.		48,000		1,643,693
RELX plc		60,800		1,454,314
RWS Holdings plc		3,113		24,776
SEEK Ltd.		5,653		81,472
SGS SA (Registered)		204		506,909
SMS Co. Ltd.		3,200		71,766
Stantec, Inc.		1,027		24,589
Synergie SA		2,720		87,371
TechnoPro Holdings, Inc.		1,900		108,846
Teleperformance		1,680		354,649
Thomson Reuters Corp.		7,120		480,613
Wolters Kluwer NV		9,440		689,068
				9,628,168
Real Estate Management & Development - 3.0%
ADLER Real Estate AG		36,960		511,922
ADO Group Ltd.*		8,847		136,946
ADO Properties SA(b)		2,400		104,054
Aedas Homes SAU*(b)		486		11,039
Aeon Mall Co. Ltd.(a)		7,690		118,776
AFI Properties Ltd.*		4,400		135,892
Airport City Ltd.*		1,928		35,689
Allreal Holding AG (Registered)*		1,456		255,315
Alrov Properties and Lodgings Ltd.		3,440		130,147
Altus Group Ltd.		1,792		45,730
Amot Investments Ltd.		14,530		103,213
Aroundtown SA		13,148		105,869
Ashtrom Properties Ltd.		7,227		39,577

Investments	Shares		Value ($)
Atrium Ljungberg AB, Class B		7,605		141,586
Aveo Group(a)		19,840		28,033
Azrieli Group Ltd.		2,518		178,000
Bayside Land Corp.		144		77,911
Big Shopping Centers Ltd.*		3,240		254,982
Blue Square Real Estate Ltd.		1,280		57,798
Bukit Sembawang Estates Ltd.		128,000		514,413
CA Immobilien Anlagen AG		1,760		62,315
CapitaLand Ltd.		131,600		348,100
Castellum AB		17,520		358,869
Catena AB		4,800		151,358
City Developments Ltd.		21,400		151,835
CK Asset Holdings Ltd.		160,000		1,213,097
CLS Holdings plc		14,403		40,121
Colliers International Group, Inc.		1,940		141,650
Corem Property Group AB, Class B		89,200		185,966
Corestate Capital Holding SA(a)		8,880		326,765
Daejan Holdings plc		8,560		582,760
Daibiru Corp.		3,300		30,819
Daito Trust Construction Co. Ltd.		1,900		246,304
Daiwa House Industry Co. Ltd.		35,000		1,002,855
Deutsche Wohnen SE		10,400		384,666
Dios Fastigheter AB		74,080		640,941
Emperor International Holdings Ltd.		574,000		144,455
Fabege AB		12,308		191,872
Far East Consortium International Ltd.		892,969		425,500
Fastighets AB Balder, Class B*		8,540		295,731
FastPartner AB		6,642		59,405
First Capital Realty, Inc., REIT		16,482		274,250
FirstService Corp.		1,780		187,739
Gazit-Globe Ltd.		3,498		31,650
Goldcrest Co. Ltd.		9,100		165,363
Grainger plc		33,054		92,036
Grand City Properties SA		2,508		57,077
Great Eagle Holdings Ltd.		8,776		35,652
Heba Fastighets AB, Class B		45,426		402,497
Heiwa Real Estate Co. Ltd.		11,700		247,847
Hembla AB*		6,592		124,238
Hemfosa Fastigheter AB		10,627		96,598
Henderson Land Development Co. Ltd.		60,239		313,588
Hiag Immobilien Holding AG		355		45,899
HKR International Ltd.		658,560		335,678
Ho Bee Land Ltd.		56,000		96,569
Hufvudstaden AB, Class A		2,610		46,388
Hulic Co. Ltd.(a)		4,900		42,332
Hysan Development Co. Ltd.		19,000		90,899
Ichigo, Inc.		14,300		52,287
IMMOFINANZ AG*(a)		4,089		110,084
Industrial Buildings Corp. Ltd.*		28,014		60,620
Intershop Holding AG		131		66,294
Isras Investment Co. Ltd.		312		52,525
Jerusalem Economy Ltd.*		166,342		680,228
Jeudan A/S		112		17,034
K Wah International Holdings Ltd.		1,081,089		566,239
Kenedix, Inc.		13,500		69,008
Kerry Properties Ltd.		39,000		147,473

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Klovern AB, Class B(a)		369,920		615,046
Kowloon Development Co. Ltd.		324,000		408,109
Kungsleden AB		18,080		158,784
Lai Sun Development Co. Ltd.		153,609		217,426
Langham Hospitality Investments and Langham Hospitality Investments Ltd.		143,500		51,879
LEG Immobilien AG		2,640		307,753
Lendlease Group		27,040		271,173
Melisron Ltd.		3,992		211,649
Mitsubishi Estate Co. Ltd.		34,800		644,878
Mitsui Fudosan Co. Ltd.		28,300		644,195
Mobimo Holding AG (Registered)*		232		62,218
New World Development Co. Ltd.		190,362		269,934
Nexity SA		1,546		74,808
Nomura Real Estate Holdings, Inc.		5,800		118,431
Norstar Holdings, Inc.		14,080		228,057
Norwegian Property ASA		16,948		22,868
Open House Co. Ltd.(a)		2,000		88,326
Oxley Holdings Ltd.		449,988		108,506
PATRIZIA AG		3,248		63,430
Platzer Fastigheter Holding AB, Class B(a)		33,895		302,446
Property & Building Corp. Ltd.		480		48,454
PSP Swiss Property AG (Registered)		1,501		180,726
Relo Group, Inc.		2,270		60,652
S IMMO AG		8,160		181,525
Sagax AB, Class B		11,486		113,505
SAMTY Co. Ltd.(a)		24,300		389,427
Savills plc		110,320		1,285,299
SEA Holdings Ltd.		33,170		39,111
Sino Land Co. Ltd.		189,823		309,424
Sirius Real Estate Ltd.(a)		90,571		73,859
St Modwen Properties plc		2,689		13,697
Sumitomo Realty & Development Co. Ltd.		11,000		402,920
Summit Real Estate Holdings Ltd.		41,440		412,990
Sun Frontier Fudousan Co. Ltd.		16,200		166,364
Sun Hung Kai Properties Ltd.		40,000		648,450
Swire Pacific Ltd., Class A		3,500		40,107
Swire Properties Ltd.		47,600		172,999
Swiss Prime Site AG (Registered)*		2,560		226,392
TAG Immobilien AG*		7,460		177,415
TLG Immobilien AG		2,046		60,481
Tokyo Tatemono Co. Ltd.		16,000		188,183
Tokyu Fudosan Holdings Corp.		20,000		116,601
Tricon Capital Group, Inc.(a)		119,680		910,485
United Engineers Ltd.		77,800		148,375
United Industrial Corp. Ltd.		5,656		12,316
Unizo Holdings Co. Ltd.(a)		22,200		725,858
UOL Group Ltd.		26,999		145,002
Vonovia SE		16,045		790,683
Wallenstam AB, Class B		20,754		218,722
Wang On Properties Ltd.		3,200,000		400,618
Wharf Holdings Ltd. (The)		57,000		139,371
Wharf Real Estate Investment Co. Ltd.		21,000		133,331
Wheelock & Co. Ltd.		24,000		152,071

Investments	Shares		Value ($)
Wihlborgs Fastigheter AB		8,338		122,726
Wing Tai Holdings Ltd.		59,200		91,273
Wing Tai Properties Ltd.		320,000		217,070
				28,866,766
Road & Rail - 1.7%
Aurizon Holdings Ltd.		31,840		126,407
Canadian National Railway Co.		22,880		2,176,575
Canadian Pacific Railway Ltd.		4,640		1,113,437
Central Japan Railway Co.		6,600		1,332,461
ComfortDelGro Corp. Ltd.		134,700		266,733
DSV A/S		5,840		561,652
East Japan Railway Co.		10,600		976,772
Europcar Mobility Group(a)(b)		78,906		498,132
Firstgroup plc*		1,116,880		1,569,963
Fukuyama Transporting Co. Ltd.		1,000		38,038
Go-Ahead Group plc (The)		36,800		961,575
Hamakyorex Co. Ltd.		10,400		373,567
Hankyu Hanshin Holdings, Inc.		5,400		190,735
Hitachi Transport System Ltd.		2,700		84,799
Keikyu Corp.(a)		6,000		101,460
Keio Corp.		2,800		174,331
Keisei Electric Railway Co. Ltd.		5,100		188,593
Kintetsu Group Holdings Co. Ltd.		8,600		410,297
Kyushu Railway Co.		2,100		60,152
Maruzen Showa Unyu Co. Ltd.		11,500		344,232
MTR Corp. Ltd.(a)		43,764		288,204
Nankai Electric Railway Co. Ltd.		3,000		72,309
National Express Group plc		37,840		194,414
Nikkon Holdings Co. Ltd.		2,600		61,231
Nippon Express Co. Ltd.		3,700		209,919
Nishi-Nippon Railroad Co. Ltd.(a)		1,000		21,248
Odakyu Electric Railway Co. Ltd.		16,200		363,763
Sankyu, Inc.		2,333		125,702
Seibu Holdings, Inc.		8,100		128,242
Seino Holdings Co. Ltd.		7,500		94,290
Senko Group Holdings Co. Ltd.		131,600		1,036,316
Sixt SE		550		56,736
Sixt SE (Preference)		1,518		101,747
Stagecoach Group plc(a)		396,080		630,474
Stef SA		2,400		214,307
TFI International, Inc.		6,708		213,273
Tobu Railway Co. Ltd.		4,000		114,575
Tokyu Corp.		21,800		383,897
Tonami Holdings Co. Ltd.		5,000		262,031
Trancom Co. Ltd.		600		34,815
West Japan Railway Co.		7,000		576,247
				16,733,651
Semiconductors & Semiconductor Equipment - 0.9%
Advantest Corp.		3,100		121,916
ams AG*(a)		5,280		279,893
ASM International NV		3,477		286,553
ASM Pacific Technology Ltd.		5,000		58,924
ASML Holding NV		12,720		2,872,144
BE Semiconductor Industries NV(a)		4,080		122,607
Dialog Semiconductor plc*		720		33,052
Disco Corp.		1,700		316,749
Infineon Technologies AG		30,080		570,018

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
IQE plc*(a)		80,000		64,994
Japan Material Co. Ltd.		3,900		51,473
Lasertec Corp.		500		24,269
Melexis NV(a)		495		34,225
Mimasu Semiconductor Industry Co. Ltd.		16,200		272,300
Nordic Semiconductor ASA*(a)		148,080		745,935
Renesas Electronics Corp.*(a)		40,000		239,097
Rohm Co. Ltd.		3,800		268,441
Sanken Electric Co. Ltd.(a)		17,800		376,903
SCREEN Holdings Co. Ltd.(a)		1,800		99,139
Shindengen Electric Manufacturing Co. Ltd.		8,000		262,307
Shinko Electric Industries Co. Ltd.		5,800		47,383
Siltronic AG		2,114		166,408
SOITEC*		816		85,993
STMicroelectronics NV		21,520		400,498
SUMCO Corp.(a)		20,300		271,103
Tokyo Electron Ltd.		4,300		740,396
Tower Semiconductor Ltd.*		3,423		68,227
Ulvac, Inc.		1,700		72,024
X-Fab Silicon Foundries SE*(b)		11,600		56,247
				9,009,218
Software - 1.0%
Altium Ltd.		5,461		138,477
AVEVA Group plc		2,580		126,110
BlackBerry Ltd.*		5,490		40,261
Blue Prism Group plc*		4,832		84,192
Constellation Software, Inc.		644		615,820
Dassault Systemes SE		4,100		629,962
Descartes Systems Group, Inc. (The)*		4,000		146,061
Enghouse Systems Ltd.		3,344		88,009
Fuji Soft, Inc.		1,600		72,650
Hilan Ltd.		1,569		54,964
Infomart Corp.		5,500		75,174
IRESS Ltd.(a)		8,665		83,613
Justsystems Corp.		5,600		190,836
Kinaxis, Inc.*		1,436		90,787
Micro Focus International plc		14,979		318,914
Miroku Jyoho Service Co. Ltd.(a)		1,000		31,637
Nemetschek SE		2,310		131,041
Nice Ltd.*		2,136		329,174
Open Text Corp.(a)		11,280		483,533
Oracle Corp. Japan		800		66,903
RIB Software SE		8,720		190,585
Sage Group plc (The)		30,000		264,481
SAP SE		31,360		3,900,841
SimCorp A/S		2,552		232,306
Software AG		1,320		37,668
Sophos Group plc(b)		11,880		63,277
Systena Corp.		5,200		87,405
Technology One Ltd.		33,615		177,476
Temenos AG (Registered)*		1,377		244,939
Trend Micro, Inc.		2,500		109,717
WiseTech Global Ltd.(a)		4,953		109,039
				9,215,852

Investments	Shares		Value ($)
Specialty Retail - 2.2%
ABC-Mart, Inc.(a)		700		44,485
Accent Group Ltd.		18,000		18,796
Alpen Co. Ltd.(a)		10,600		152,203
AOKI Holdings, Inc.		40,000		394,566
Aoyama Trading Co. Ltd.		32,000		599,770
Arcland Sakamoto Co. Ltd.		27,500		334,584
Autobacs Seven Co. Ltd.(a)		2,100		34,312
Automotive Holdings Group Ltd.		206,560		444,199
BCA Marketplace plc		67,200		199,125
Bic Camera, Inc.(a)		4,100		40,707
Bilia AB, Class A		66,480		593,203
Carasso Motors Ltd.		31,120		126,904
Card Factory plc		318,800		648,769
CECONOMY AG*		142,560		916,486
Chiyoda Co. Ltd.		2,800		41,623
Clas Ohlson AB, Class B		11,920		107,916
DCM Holdings Co. Ltd.(a)		26,000		247,129
Delek Automotive Systems Ltd.		38,245		163,068
Dixons Carphone plc(a)		868,000		1,270,604
Dunelm Group plc		324		3,668
EDION Corp.(a)		80,000		764,080
Fast Retailing Co. Ltd.		1,900		1,147,087
Fenix Outdoor International AG		369		39,619
Fielmann AG		607		42,645
Fnac Darty SA*		13,914		982,958
Geo Holdings Corp.		28,400		376,661
Giordano International Ltd.		1,070,000		369,065
GrandVision NV(b)		10,800		326,591
Hennes & Mauritz AB, Class B		28,640		503,528
Hikari Tsushin, Inc.		600		133,235
Hornbach Holding AG & Co. KGaA		6,480		351,723
Industria de Diseno Textil SA		35,360		1,064,166
JB Hi-Fi Ltd.(a)		9,194		190,679
JD Sports Fashion plc		8,827		70,232
JINS Holdings, Inc.		900		47,663
Joshin Denki Co. Ltd.		30,100		578,852
Joyful Honda Co. Ltd.		8,400		95,470
Kingfisher plc		68,983		187,853
Kohnan Shoji Co. Ltd.		24,000		526,088
Komeri Co. Ltd.		24,000		496,910
K’s Holdings Corp.		6,100		55,958
Leon’s Furniture Ltd.		16,160		189,517
LIXIL VIVA Corp.		16,000		195,404
Luk Fook Holdings International Ltd.(a)		256,672		777,108
Maisons du Monde SA(b)		38,795		785,273
Nishimatsuya Chain Co. Ltd.		1,300		10,537
Nitori Holdings Co. Ltd.		2,300		312,033
Nojima Corp.		32,000		518,425
PAL GROUP Holdings Co. Ltd.		1,800		56,449
Pets at Home Group plc(a)		392,960		1,000,813
Premier Investments Ltd.(a)		6,508		70,694
Sa Sa International Holdings Ltd.(a)		204,700		57,792
Shimachu Co. Ltd.		1,300		28,939
Shimamura Co. Ltd.		1,700		120,875
Super Retail Group Ltd.(a)		100,080		620,821

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
T-Gaia Corp.		7,600		154,275
United Arrows Ltd.		4,400		126,641
USS Co. Ltd.		6,200		123,743
Vivo Energy plc(b)		40,320		59,244
VT Holdings Co. Ltd.		61,800		244,183
WH Smith plc		3,339		86,593
World Co. Ltd.		16,200		323,776
Xebio Holdings Co. Ltd.		24,000		267,465
Yamada Denki Co. Ltd.		27,000		119,613
Yellow Hat Ltd.		32,200		414,307
				21,397,700
Technology Hardware, Storage & Peripherals - 0.5%
Brother Industries Ltd.		8,200		146,894
Canon, Inc.		51,600		1,411,723
Eizo Corp.		1,400		51,771
Elecom Co. Ltd.		5,700		207,631
FUJIFILM Holdings Corp.		16,000		763,491
Konica Minolta, Inc.		18,900		158,406
Logitech International SA (Registered)		3,669		152,764
MCJ Co. Ltd.		56,000		414,165
NEC Corp.		11,700		482,763
Neopost SA		28,480		577,115
Ricoh Co. Ltd.		27,400		252,865
Riso Kagaku Corp.		1,700		27,040
S&T AG		228		5,397
Seiko Epson Corp.		8,300		123,076
Toshiba TEC Corp.		3,800		113,396
				4,888,497
Textiles, Apparel & Luxury Goods - 1.7%
adidas AG		5,520		1,779,565
Asics Corp.(a)		12,200		131,916
Brunello Cucinelli SpA(a)		1,556		49,617
Burberry Group plc		14,000		387,244
Chow Sang Sang Holdings International Ltd.		310,000		424,533
Cie Financiere Richemont SA (Registered)		13,680		1,180,073
Coats Group plc		98,856		96,533
Crystal International Group Ltd.(b)		607,500		271,625
Delta-Galil Industries Ltd.		960		28,139
Descente Ltd.		2,400		37,445
EssilorLuxottica SA - IM		2,578		353,770
EssilorLuxottica SA - MO		5,582		762,270
Gildan Activewear, Inc.		8,960		354,674
Goldwin, Inc.		1,200		166,668
Gunze Ltd.		700		31,333
Hermes International		945		669,807
HUGO BOSS AG		511		32,521
Japan Wool Textile Co. Ltd. (The)		51,700		429,980
Kering SA		2,320		1,212,760
Kurabo Industries Ltd.		18,400		357,069
Li & Fung Ltd.(a)		5,120,000		719,478
LVMH Moet Hennessy Louis Vuitton SE		8,080		3,376,301
Moncler SpA		3,061		126,680
Onward Holdings Co. Ltd.		112,000		579,728
Pandora A/S		7,951		308,003

Investments	Shares		Value ($)
Puma SE		2,080		146,479
Regina Miracle International Holdings Ltd.(b)		20,000		14,947
Samsonite International SA(b)		36,600		72,378
Seiko Holdings Corp.(a)		24,300		475,369
Seiren Co. Ltd.		11,200		155,351
Stella International Holdings Ltd.		471,500		760,144
Swatch Group AG (The)		1,360		398,109
Swatch Group AG (The) (Registered)		1,997		109,734
Tod’s SpA(a)		245		12,275
TSI Holdings Co. Ltd.		4,800		26,083
Wacoal Holdings Corp.		1,500		36,611
Yondoshi Holdings, Inc.		1,400		33,706
Yue Yuen Industrial Holdings Ltd.		22,000		61,690
				16,170,608
Thrifts & Mortgage Finance - 0.7%
Aareal Bank AG		46,720		1,346,227
Charter Court Financial Services Group plc(b)		101,005		365,461
Deutsche Pfandbriefbank AG(b)		103,920		1,192,914
Equitable Group, Inc.		7,600		533,618
Genworth Mortgage Insurance Australia Ltd.(a)		47,182		110,244
Home Capital Group, Inc.*(a)		55,520		1,004,150
OneSavings Bank plc		139,680		621,527
Paragon Banking Group plc		241,760		1,234,416
				6,408,557
Tobacco - 0.8%
British American Tobacco plc		119,200		4,308,575
Imperial Brands plc		46,228		1,185,851
Japan Tobacco, Inc.		56,000		1,247,911
Scandinavian Tobacco Group A/S(b)		47,438		502,910
Swedish Match AB		6,240		240,607
				7,485,854
Trading Companies & Distributors - 1.9%
AddTech AB, Class B		4,329		114,169
Advan Co. Ltd.		6,400		65,311
Ashtead Group plc		19,360		538,823
BayWa AG		6,830		179,467
Beijer Ref AB		3,795		84,895
Brenntag AG		2,605		128,749
Bunzl plc		12,960		341,181
Cramo OYJ		40,560		354,050
Diploma plc		6,602		122,631
Ferguson plc		6,480		489,079
Finning International, Inc.		387		6,725
Grafton Group plc		11,760		104,685
Hanwa Co. Ltd.		4,200		115,585
Howden Joinery Group plc		33,782		229,572
IMCD NV		2,440		217,064
Inaba Denki Sangyo Co. Ltd.		800		37,062
Inabata & Co. Ltd.		36,200		474,442
Indutrade AB		2,198		62,871
ITOCHU Corp.		81,100		1,555,148
Japan Pulp & Paper Co. Ltd.		9,500		321,114
Kanamoto Co. Ltd.		33,123		858,162

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Kanematsu Corp.		78,800		911,562
Kloeckner & Co. SE		50,800		254,523
Marubeni Corp.		99,000		647,387
Mitsubishi Corp.		72,000		1,947,299
Mitsui & Co. Ltd.		96,800		1,586,067
MonotaRO Co. Ltd.(a)		2,800		61,790
Nagase & Co. Ltd.		4,900		71,982
Nichiden Corp.		24,000		422,639
Nippon Steel Trading Corp.		600		24,232
Nishio Rent All Co. Ltd.		17,100		481,147
Reece Ltd.(a)		5,999		43,540
Rexel SA		4,641		52,267
Richelieu Hardware Ltd.		1,340		26,593
Russel Metals, Inc.		58,880		938,475
Seven Group Holdings Ltd.(a)		10,640		132,812
SIG plc(a)		568,720		917,118
Sojitz Corp.(a)		65,700		206,948
Sumitomo Corp.		58,200		870,253
Toromont Industries Ltd.(a)		3,554		179,168
Toyota Tsusho Corp.		16,900		493,419
Travis Perkins plc		13,280		222,121
Yamazen Corp.		74,200		711,418
Yuasa Trading Co. Ltd.		16,000		454,617
				18,058,162
Transportation Infrastructure - 0.5%
Aena SME SA(b)		2,000		365,418
Aeroports de Paris		1,475		255,701
ASTM SpA		1,680		58,472
Atlantia SpA		18,400		476,517
Atlas Arteria Ltd.(a)		39,038		220,368
Auckland International Airport Ltd.		22,540		138,425
BBA Aviation plc		31,120		121,936
Enav SpA(b)		12,657		70,236
Flughafen Zurich AG (Registered)		320		58,699
Fraport AG Frankfurt Airport Services Worldwide		890		75,033
Getlink SE(a)		16,112		234,105
Hamburger Hafen und Logistik AG		1,220		31,052
Hutchison Port Holdings Trust		461,700		101,574
James Fisher & Sons plc(a)		1,322		35,126
Kamigumi Co. Ltd.		6,500		150,265
Port of Tauranga Ltd.		5,225		21,277
Qube Holdings Ltd.(a)		109,704		238,939
SATS Ltd.		19,000		66,918
Societa Iniziative Autostradali e Servizi SpA		4,167		79,707
Sumitomo Warehouse Co. Ltd. (The)		61,000		792,733
Sydney Airport		50,400		290,411
Transurban Group		66,915		717,184
Westshore Terminals Investment Corp.(a)		5,020		79,592
				4,679,688
Water Utilities - 0.1%
Pennon Group plc		2,760		24,238
Severn Trent plc		10,960		270,412
United Utilities Group plc		20,400		196,983
				491,633

Investments	Shares		Value ($)
Wireless Telecommunication Services - 1.1%
1&1 Drillisch AG		2,659		80,822
Cellcom Israel Ltd.*		21,851		62,987
Freenet AG		2,198		43,439
Hutchison Telecommunications Hong Kong Holdings Ltd.(a)		548,000		119,010
KDDI Corp.		89,800		2,360,067
Millicom International Cellular SA, SDR		415		21,491
NTT DOCOMO, Inc.		24,000		578,034
Okinawa Cellular Telephone Co.		10,800		362,570
Rogers Communications, Inc., Class B(a)		12,400		646,936
SmarTone Telecommunications Holdings Ltd.		4,740		4,372
Softbank Corp.(a)		48,000		649,431
SoftBank Group Corp.		51,282		2,658,209
StarHub Ltd.		137,700		151,932
Tele2 AB, Class B		13,980		201,762
VEON Ltd.		48,560		149,765
Vodafone Group plc		1,389,440		2,553,311
				10,644,138
TOTAL COMMON STOCKS (Cost $881,857,585)				947,043,491
Investments	Shares		Value ($)
CLOSED END FUNDS - 0.0%(e)
Capital Markets - 0.0%(e)
HBM Healthcare Investments AG Class A*		240		47,321
Equity Real Estate Investment Trusts (REITs) - 0.0%(e)
UK Commercial Property REIT Ltd.		18,880		19,211
TOTAL CLOSED END FUNDS (Cost $44,671)				66,532
Investments	Number of Rights		Value ($)
RIGHTS - 0.0%(e)
Metals & Mining - 0.0%(e)
Pan American Silver Corp., CVR*‡(a)(d) (Cost $–)		41,840		21,757

See Accompanying Notes to the Schedules of Investments.

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

Investments	Number of Warrants		Value ($)
WARRANTS - 0.0%
Pharmaceuticals - 0.0%
Australis Capital, Inc., expiring 8/23/2019, price 0.25 CAD*‡(d)
(Cost $–)		597		—
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(f) - 1.2%
REPURCHASE AGREEMENTS - 1.2%
Citigroup Global Markets, Inc., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $4,213,828, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 6.13%, maturing 8/15/2019 - 5/15/2028; total market value $4,263,606		4,213,532		4,213,532
NatWest Markets Securities, Inc., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $3,000,211, collateralized by various U.S. Treasury Securities, ranging from 1.25% - 3.00%, maturing 8/31/2019 - 10/31/2025; total market value $3,040,036		3,000,000		3,000,000
Societe Generale, 2.48%, dated 7/31/2019, due 8/1/2019, repurchase price $4,000,276, collateralized by various U.S. Treasury Securities, ranging from 1.38% - 2.75%, maturing 4/30/2021 - 9/15/2021; Common Stocks; total market value $4,395,330		4,000,000		4,000,000
				11,213,532
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $11,213,532)				11,213,532
Total Investments - 99.3% (Cost $893,115,788)				958,345,312
Other Assets Less Liabilities - 0.7%				6,580,331
Net Assets - 100.0%				964,925,643

* Non-income producing security.

‡ Value determined using significant unobservable inputs.

(a) The security or a portion of this security is on loan at July 31, 2019. The total value of securities on loan at July 31, 2019 was $66,407,558, collateralized in the form of cash with a value of $11,213,532 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $21,113,108 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from August 8, 2019 – February 15, 2049 and $38,919,253 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 8.00%, and maturity dates ranging from September 2, 2019 – September 20, 2117; a total value of $71,245,893.

(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 July 31, 2019 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at July 31, 2019 amounted to $321,016, which represents approximately 0.03% of net assets of the Fund.

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

(f) The security was purchased with cash collateral held from securities on loan at July 31, 2019. The total value of securities purchased was $11,213,532.

Percentages shown are based on Net Assets.

Abbreviations

CAD	Canadian Dollar
CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
CVA	Dutch Certification
CVR	Contingent Value Rights
DI	Depositary Interest
FDR	Fiduciary Depositary Receipt
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

See Accompanying Notes to the Schedules of Investments.

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

Futures Contracts     

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund had the following open futures contracts as of July 31, 2019:

	Number of Contracts		Expiration Date	Trading Currency	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Long Contracts
EURO STOXX 50 Index		158	09/20/2019	EUR	$	6,090,253	$	129,085
FTSE 100 Index		37	09/20/2019	GBP		3,413,932		101,791
Hang Seng Index		2	08/29/2019	HKD		354,591		(7,496	)
S&P/TSX 60 Index		15	09/19/2019	CAD		2,235,464		14,787
SGX Nikkei 225 Index		45	09/12/2019	JPY		4,459,590		128,746
SPI 200 Index		9	09/19/2019	AUD		1,047,109		40,109
							$	407,022

Forward Foreign Currency Contracts

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund had the following outstanding contracts as of July 31, 2019:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
CAD	141,233	Toronto-Dominion Bank (The)	USD	106,569		09/18/2019	$	1,082
JPY	28,149,885	Toronto-Dominion Bank (The)	USD	260,000		09/18/2019		196
USD	130,528	JPMorgan Chase Bank	AUD	187,387		09/18/2019		1,161
USD	116,679	Goldman Sachs & Co.	DKK	763,595		09/18/2019		2,350
USD	554,000	Citibank NA	SEK	5,199,260		09/18/2019		10,090
USD	2,811	Citibank NA	SGD	3,828		09/18/2019		11
Total unrealized appreciation							$	14,890
EUR	900,292	Citibank NA	USD	1,023,727		09/18/2019	$	(17,467	)
GBP	884,084	Toronto-Dominion Bank (The)	USD	1,123,741		09/18/2019		(38,700	)
JPY	55,749,785	Citibank NA	USD	517,677		09/18/2019		(2,369	)
SEK	2,390,159	Citibank NA	USD	254,989		09/18/2019		(4,947	)
USD	113,605	Morgan Stanley	CHF	112,030		09/18/2019		(74	)
USD	264,440	Citibank NA	HKD	2,071,174		09/18/2019		(249	)
Total unrealized depreciation							$	(63,806	)
Net unrealized depreciation							$	(48,916	)

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

SEK — Swedish Krona

SGD — Singapore Dollar

USD — US Dollar

See Accompanying Notes to the Schedules of Investments.

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 July 31, 2019:

Australia	5.1	%
Austria	0.3
Belgium	1.1
Canada	9.2
Denmark	1.1
Finland	0.9
France	7.4
Germany	6.4
Hong Kong	3.3
Ireland	0.4
Israel	1.0
Italy	2.6
Japan	27.5
Netherlands	2.9
New Zealand	0.3
Norway	1.1
Portugal	0.3
Singapore	1.2
Spain	2.3
Sweden	2.7
Switzerland	5.2
United Kingdom	15.8
Other1	1.9
	100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund

July 31, 2019 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 98.5%
Aerospace & Defense - 0.1%
Aselsan Elektronik Sanayi ve Ticaret A/S		17,019		57,987
AviChina Industry & Technology Co. Ltd., Class H		114,000		61,603
Bharat Electronics Ltd.		17,280		25,800
Embraer SA		30,900		158,582
Hanwha Aerospace Co. Ltd.*		1,767		48,092
Korea Aerospace Industries Ltd.		3,138		98,004
LIG Nex1 Co. Ltd.		430		10,704
United Aircraft Corp. PJSC*^		25,155,036		294,670
				755,442
Air Freight & Logistics - 0.6%
BEST, Inc., ADR*(a)		4,700		23,500
GD Express Carrier Bhd.		51,838		3,580
Gulf Warehousing Co.		376,980		528,078
Hyundai Glovis Co. Ltd.		2,060		268,143
Imperial Logistics Ltd.		234,016		753,870
Kerry TJ Logistics Co. Ltd.		14,000		16,321
Sinotrans Ltd., Class H		2,781,000		966,328
ZTO Express Cayman, Inc., ADR		18,643		366,335
				2,926,155
Airlines - 0.7%
Aegean Airlines SA		35,123		319,496
Aeroflot PJSC		19,139		32,269
Air Arabia PJSC*		2,893,991		882,422
Air China Ltd., Class H		206,000		202,634
AirAsia Group Bhd.		173,400		82,361
Asiana Airlines, Inc.*		2,987		14,593
Azul SA (Preference)*		10,300		141,746
Bangkok Airways PCL, NVDR		52,000		18,091
Cebu Air, Inc.		268,830		493,680
China Airlines Ltd.		87,000		26,747
China Eastern Airlines Corp. Ltd., Class H*		132,000		73,353
China Southern Airlines Co. Ltd., Class H		206,000		133,423
Eva Airways Corp.		138,661		65,104
Gol Linhas Aereas Inteligentes SA (Preference)*		3,500		38,111
Grupo Aeromexico SAB de CV*(a)		216,400		171,914
Hanjin Kal Corp.		1,957		42,842
InterGlobe Aviation Ltd.(b)		4,860		110,024
Jejuair Co. Ltd.		755		17,262
Korean Air Lines Co. Ltd.		4,326		93,424
Latam Airlines Group SA		12,154		116,338
SpiceJet Ltd.*		7,072		14,558
Thai Airways International PCL, NVDR*		865,200		289,760
Turk Hava Yollari AO*		65,714		147,219
Tway Air Co. Ltd.*		25,750		116,442
				3,643,813

Investments	Shares		Value ($)
Auto Components - 1.0%
Apollo Tyres Ltd.		14,352		32,862
Balkrishna Industries Ltd.		4,462		45,561
Bharat Forge Ltd.		9,991		61,433
Bosch Ltd.*		309		64,863
Cayman Engley Industrial Co. Ltd.*		49,796		165,744
Ceat Ltd.		936		11,127
Cheng Shin Rubber Industry Co. Ltd.		103,000		133,820
China First Capital Group Ltd.*		158,000		48,442
Cub Elecparts, Inc.		2,949		26,934
Endurance Technologies Ltd.(b)		1,456		19,525
Exide Industries Ltd.		5,676		15,121
Fuyao Glass Industry Group Co. Ltd., Class H(b)		14,400		43,966
Halla Holdings Corp.		9,785		354,811
Hankook Tire & Technology Co. Ltd.		6,798		177,549
Hanon Systems		8,240		81,488
Hota Industrial Manufacturing Co. Ltd.		9,826		34,601
Hyundai Mobis Co. Ltd.		6,180		1,258,879
Hyundai Wia Corp.		618		22,670
Kenda Rubber Industrial Co. Ltd.		29,307		27,332
Korea Autoglass Corp.		11,433		177,327
Kumho Tire Co., Inc.*		3,552		12,024
Mahindra CIE Automotive Ltd.*		6,379		16,595
Mando Corp.		2,987		85,462
Minda Industries Ltd.		5,154		21,726
Minth Group Ltd.		28,000		79,766
Motherson Sumi Systems Ltd.		39,552		61,382
MRF Ltd.		36		28,026
Nan Kang Rubber Tire Co. Ltd.		20,000		24,055
Nemak SAB de CV(b)		62,400		28,928
Nexen Tire Corp.		1,545		11,231
Nexteer Automotive Group Ltd.		44,000		46,148
S&T Motiv Co. Ltd.		11,742		496,239
Sebang Global Battery Co. Ltd.		8,446		289,124
SL Corp.		1,545		28,860
Sri Trang Agro-Industry PCL, NVDR		20,800		8,048
Sundram Fasteners Ltd.		3,224		20,567
Tianneng Power International Ltd.(a)		916,000		736,039
WABCO India Ltd.*		172		15,191
Xinyi Glass Holdings Ltd.		232,000		235,619
				5,049,085
Automobiles - 1.6%
Astra International Tbk. PT		896,100		447,507
BAIC Motor Corp. Ltd., Class H(b)		2,008,500		1,282,911
Bajaj Auto Ltd.		3,193		116,816
Brilliance China Automotive Holdings Ltd.(a)		268,000		295,119
BYD Co. Ltd., Class H(a)		25,500		160,599
China Motor Corp.*		61,000		50,121

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Dongfeng Motor Group Co. Ltd., Class H		244,000		219,129
DRB-Hicom Bhd.		7,300		4,688
Eicher Motors Ltd.		618		146,879
Ford Otomotiv Sanayi A/S		6,454		70,902
Geely Automobile Holdings Ltd.		515,000		798,694
Great Wall Motor Co. Ltd., Class H(a)		309,000		211,976
Guangzhou Automobile Group Co. Ltd., Class H		256,400		263,675
Hero MotoCorp Ltd.		4,223		144,651
Hyundai Motor Co.		13,184		1,409,666
Hyundai Motor Co. (2nd Preference)		3,399		236,732
Hyundai Motor Co. (3rd Preference)		312		18,829
Hyundai Motor Co. (Preference)		1,957		121,744
Indus Motor Co. Ltd.		14,420		102,339
Kia Motors Corp.		25,029		925,551
Mahindra & Mahindra Ltd.		26,265		210,013
Maruti Suzuki India Ltd.		5,253		417,712
Oriental Holdings Bhd.		339,900		540,348
Sanyang Motor Co. Ltd.		51,000		34,360
Ssangyong Motor Co.*		771		2,170
Tata Motors Ltd.*		42,642		84,063
Tata Motors Ltd., Class A*		25,527		24,178
Tofas Turk Otomobil Fabrikasi A/S		6,639		23,492
TVS Motor Co. Ltd.		3,564		19,070
UMW Holdings Bhd.		20,800		25,505
Yadea Group Holdings Ltd.(b)		40,000		8,176
Yulon Motor Co. Ltd.		97,000		74,866
				8,492,481
Banks - 15.0%
Absa Group Ltd.(a)		66,950		754,252
Abu Dhabi Commercial Bank PJSC		242,914		595,191
AFFIN Bank Bhd.		38,816		19,001
Agricultural Bank of China Ltd., Class H		2,575,000		1,049,355
Akbank T.A.S.*		240,698		326,744
Akbank T.A.S., ADR*		20,016		52,842
Al Khalij Commercial Bank PQSC		2,184,630		702,058
Al Rajhi Bank		53,766		986,282
Alinma Bank		34,299		229,998
Alior Bank SA*		2,987		36,410
Alliance Bank Malaysia Bhd.		28,200		25,149
Alpha Bank AE*		54,590		107,156
AMMB Holdings Bhd.		154,500		158,375
AU Small Finance Bank Ltd.(b)		2,288		22,562
Axis Bank Ltd.		77,559		760,086
Banco Bradesco SA*		44,592		368,696
Banco Bradesco SA (Preference)*		175,100		1,605,525
Banco Davivienda SA (Preference)		3,395		42,421
Banco de Bogota SA		8,858		192,360
Banco de Chile		1,978,463		285,055
Banco de Credito e Inversiones SA		2,146		135,773
Banco del Bajio SA(b)		25,800		48,998
Banco do Brasil SA*		113,300		1,482,120

Investments	Shares		Value ($)
Banco do Estado do Rio Grande do Sul SA (Preference), Class B		20,600		128,716
Banco Santander Chile		2,609,814		189,797
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		82,400		118,854
Bancolombia SA		11,742		140,155
Bancolombia SA (Preference)		19,364		242,660
Bank Al Habib Ltd.		1,184,500		543,786
Bank AlBilad		16,377		126,630
Bank Alfalah Ltd.		878,000		222,306
Bank Al-Jazira		18,849		76,089
Bank Central Asia Tbk. PT		484,100		1,068,909
Bank Danamon Indonesia Tbk. PT		143,000		51,775
Bank Handlowy w Warszawie SA		2,012		27,546
Bank Mandiri Persero Tbk. PT		813,700		462,956
Bank Millennium SA*		25,240		49,605
Bank Negara Indonesia Persero Tbk. PT		690,100		417,250
Bank of Baroda*		55,723		86,438
Bank of China Ltd., Class H		6,901,000		2,821,089
Bank of Chongqing Co. Ltd., Class H		618,000		362,373
Bank of Communications Co. Ltd., Class H		1,957,000		1,432,518
Bank of Gansu Co. Ltd., Class H(b)		1,751,000		422,769
Bank of Jinzhou Co. Ltd., Class H*(b)(c)		258,000		230,713
Bank of the Philippine Islands		75,190		132,982
Bank of Tianjin Co. Ltd., Class H(b)		824,000		400,005
Bank Pan Indonesia Tbk. PT*		325,900		33,480
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT		249,600		28,313
Bank Pembangunan Daerah Jawa Timur Tbk. PT		9,723,200		443,950
Bank Polska Kasa Opieki SA		6,901		184,929
Bank Rakyat Indonesia Persero Tbk. PT		2,327,800		743,993
Bank Tabungan Negara Persero Tbk. PT		473,800		83,152
Banque Saudi Fransi		18,231		196,623
BDO Unibank, Inc.		74,160		214,228
BIMB Holdings Bhd.		14,780		14,972
BNK Financial Group, Inc.		25,338		149,916
BOC Hong Kong Holdings Ltd.		323,000		1,242,006
Canara Bank*		11,983		41,183
Capitec Bank Holdings Ltd.(a)		2,678		222,950
Chang Hwa Commercial Bank Ltd.		290,534		203,684
China Banking Corp.		1,342,704		708,457
China CITIC Bank Corp. Ltd., Class H		1,081,000		602,098
China Construction Bank Corp., Class H		9,888,000		7,667,466
China Development Financial Holding Corp.		1,236,000		368,866
China Everbright Bank Co. Ltd., Class H		309,000		139,739

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
China Merchants Bank Co. Ltd., Class H		342,500		1,717,335
China Minsheng Banking Corp. Ltd., Class H		618,000		427,900
China Zheshang Bank Co. Ltd., Class H*		136,000		68,974
Chongqing Rural Commercial Bank Co. Ltd., Class H		3,193,000		1,680,548
CIMB Group Holdings Bhd.		221,849		273,111
City Union Bank Ltd.		9,675		27,245
Commercial Bank PQSC (The)		180,662		238,187
Commercial International Bank Egypt SAE		57,989		253,199
Credicorp Ltd.		2,884		628,683
Credit Agricole Egypt SAE		11,960		31,398
Credit Bank of Moscow PJSC		435,690		40,954
CTBC Financial Holding Co. Ltd.		1,751,000		1,143,101
DCB Bank Ltd.		1,720		4,889
DGB Financial Group, Inc.		17,098		108,822
Doha Bank QPSC		166,062		124,521
Dubai Islamic Bank PJSC		154,500		223,770
E.Sun Financial Holding Co. Ltd.		505,721		422,850
Eurobank Ergasias SA*		207,236		203,279
Far Eastern International Bank		119,838		48,173
Federal Bank Ltd.		62,052		83,355
First Abu Dhabi Bank PJSC		114,536		495,169
First Financial Holding Co. Ltd.		412,000		310,038
Grupo Aval Acciones y Valores SA (Preference)		425,081		163,319
Grupo Elektra SAB de CV(a)		2,575		175,607
Grupo Financiero Banorte SAB de CV, Class O		126,200		641,430
Grupo Financiero Inbursa SAB de CV, Class O		92,700		114,860
Grupo Security SA		33,325		12,510
Habib Bank Ltd.		67,900		51,172
Habib Metropolitan Bank Ltd.		669,500		148,204
Hana Financial Group, Inc.		28,016		822,886
Harbin Bank Co. Ltd., Class H*(b)		3,811,000		778,957
Hong Leong Bank Bhd.		20,600		89,659
Hong Leong Financial Group Bhd.		12,600		54,901
Housing & Development Bank		68,289		190,319
Hua Nan Financial Holdings Co. Ltd.		309,000		218,120
Huishang Bank Corp. Ltd., Class H		1,030,000		400,005
ICICI Bank Ltd.		138,020		851,978
IDFC First Bank Ltd.*		76,061		46,387
Indian Bank*		9,984		27,085
Industrial & Commercial Bank of China Ltd., Class H		7,107,000		4,811,904
Industrial Bank of Korea		25,029		278,194
ING Bank Slaski SA		1,751		87,158
Intercorp Financial Services, Inc.(b)		1,040		43,680
Itau CorpBanca		7,069,861		55,066
Itau Unibanco Holding SA (Preference)		206,000		1,906,373
Itausa - Investimentos Itau SA		42,309		142,469
Itausa - Investimentos Itau SA (Preference)		195,700		648,588

Investments	Shares		Value ($)
JB Financial Group Co. Ltd.		14,076		65,556
Jiangxi Bank Co. Ltd., Class H(b)		927,000		566,060
Karur Vysya Bank Ltd. (The)		13,613		12,448
KB Financial Group, Inc.		35,637		1,307,287
Kiatnakin Bank PCL, NVDR		41,200		97,792
King’s Town Bank Co. Ltd.		103,000		105,665
Komercni banka A/S		2,266		87,949
Kotak Mahindra Bank Ltd.		35,947		794,116
Krung Thai Bank PCL, NVDR		298,700		190,360
LH Financial Group PCL, NVDR		4,851,300		228,723
Malayan Banking Bhd.		216,300		453,410
Masraf Al Rayan QSC		156,955		165,114
mBank SA*		721		65,446
MCB Bank Ltd.		51,500		56,408
Mega Financial Holding Co. Ltd.		469,000		484,150
Metropolitan Bank & Trust Co.		81,374		121,132
Moneta Money Bank A/S(b)		17,472		60,388
National Bank of Greece SA*		22,557		66,555
National Bank of Pakistan*		618,500		129,435
National Commercial Bank		46,247		676,957
Nedbank Group Ltd.(a)		35,844		609,819
OTP Bank Nyrt		9,579		402,741
Philippine National Bank*		931,535		908,882
Piraeus Bank SA*		12,875		44,439
Postal Savings Bank of China Co. Ltd., Class H(a)(b)		721,000		420,926
Powszechna Kasa Oszczednosci Bank Polski SA		37,595		399,171
Public Bank Bhd.		103,000		546,638
Punjab National Bank*		25,105		25,256
Qatar International Islamic Bank QSC		20,420		42,290
Qatar Islamic Bank SAQ		51,500		232,692
Qatar National Bank QPSC		189,829		1,017,253
RBL Bank Ltd.(b)		3,686		21,644
Regional SAB de CV(a)		9,900		47,867
RHB Bank Bhd.		103,000		137,283
Riyad Bank		48,101		333,451
Rizal Commercial Banking Corp.		43,139		26,025
Samba Financial Group		43,157		376,274
Santander Bank Polska SA		1,339		113,889
Sberbank of Russia PJSC		984,474		3,624,056
Sberbank of Russia PJSC (Preference)		91,567		292,916
Security Bank Corp.		13,750		49,312
Shanghai Commercial & Savings Bank Ltd. (The)		206,000		340,512
Shengjing Bank Co. Ltd., Class H(b)		618,000		442,900
Shinhan Financial Group Co. Ltd.		42,745		1,571,640
Siam Commercial Bank PCL (The), NVDR		144,200		644,692
SinoPac Financial Holdings Co. Ltd.		412,000		164,294
Standard Bank Group Ltd.		115,875		1,467,879
State Bank of India*		77,147		372,585
Syndicate Bank*		542,192		253,420
Taichung Commercial Bank Co. Ltd.*		217,977		88,675

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Taishin Financial Holding Co. Ltd.		927,000		435,246
Taiwan Business Bank		180,440		77,757
Taiwan Cooperative Financial Holding Co. Ltd.		412,000		278,240
Thanachart Capital PCL, NVDR		61,800		118,556
Tisco Financial Group PCL, NVDR		20,800		68,308
TMB Bank PCL, NVDR		1,133,000		69,627
Turkiye Garanti Bankasi A/S*		195,700		346,590
Turkiye Halk Bankasi A/S		58,866		63,716
Turkiye Is Bankasi A/S, Class C*		132,149		148,264
Turkiye Vakiflar Bankasi TAO, Class D		100,608		92,074
Union Bank of India*		469,680		461,589
Union Bank of Taiwan		214,296		82,699
Union Bank of the Philippines		604,230		715,399
United Bank Ltd.		54,500		49,723
VTB Bank PJSC		452,310,091		303,073
Woori Financial Group, Inc.		47,127		521,819
Yapi ve Kredi Bankasi A/S*		194,562		95,501
Yes Bank Ltd.		69,319		91,908
				79,123,128
Beverages - 0.6%
Ambev SA*		185,400		991,895
Anadolu Efes Biracilik ve Malt Sanayii A/S		10,922		42,103
Arca Continental SAB de CV		13,700		73,566
Becle SAB de CV		34,400		51,521
Carabao Group PCL, NVDR		13,100		33,330
Carlsberg Brewery Malaysia Bhd.		5,100		29,786
China Resources Beer Holdings Co. Ltd.		59,107		279,380
Cia Cervecerias Unidas SA		7,725		108,766
Coca-Cola Embonor SA (Preference), Class B		4,368		8,916
Coca-Cola Femsa SAB de CV		25,800		160,055
Coca-Cola Icecek A/S		360		2,153
Embotelladora Andina SA (Preference), Class B		9,513		33,587
Emperador, Inc.*		145,600		21,545
Fomento Economico Mexicano SAB de CV		72,100		659,762
Fraser & Neave Holdings Bhd.		3,700		30,934
Heineken Malaysia Bhd.		7,700		42,507
Hey Song Corp.		2,000		2,039
Hite Jinro Co. Ltd.		1,790		32,226
Lotte Chilsung Beverage Co. Ltd.		150		18,384
Muhak Co. Ltd.		761		6,754
Osotspa PCL, NVDR		22,400		26,766
Tibet Water Resources Ltd.*		52,000		13,020
Tsingtao Brewery Co. Ltd., Class H		18,000		106,006
United Breweries Ltd.		3,972		81,735
United Spirits Ltd.*		14,420		124,536
Varun Beverages Ltd.		774		7,189
Varun Beverages Ltd.*(c)		387		3,595
Vina Concha y Toro SA		19,880		40,128
				3,032,184
Biotechnology - 0.3%
3SBio, Inc.*(b)		33,480		57,312

Investments	Shares		Value ($)
ABLBio, Inc.*		1,133		19,584
Alteogen, Inc.*		574		14,094
Amicogen, Inc.*		514		9,058
Anterogen Co. Ltd.*		328		11,436
BeiGene Ltd.*		22,800		237,236
Biocon Ltd.		9,530		31,388
Celltrion, Inc.*		4,512		650,237
China Biologic Products Holdings, Inc.*(a)		1,378		132,192
CrystalGenomics, Inc.*		2,433		28,173
Genexine Co. Ltd.*		650		31,536
Green Cross Cell Corp.		258		8,243
Green Cross Corp.		300		27,259
Green Cross Holdings Corp.		1,787		29,605
Helixmith Co. Ltd.*		673		112,347
Hugel, Inc.*		104		32,920
iNtRON Biotechnology, Inc.*		920		9,487
Medy-Tox, Inc.		211		74,530
OBI Pharma, Inc.*		9,584		46,386
PharmaEngine, Inc.		4,172		10,921
PharmaEssentia Corp.*		9,000		37,337
Pharmicell Co. Ltd.*		3,360		23,629
Seegene, Inc.*		999		18,788
SillaJen, Inc.*		2,678		100,162
STCUBE*		750		7,607
TaiMed Biologics, Inc.*		8,000		42,964
Tanvex BioPharma, Inc.*		9,000		20,839
				1,825,270
Building Products - 0.2%
Astral Poly Technik Ltd.		1,823		32,996
China Lesso Group Holdings Ltd.		97,000		90,211
Elementia SAB de CV*(b)		10,400		3,369
IS Dongseo Co. Ltd.		1,106		31,130
Kajaria Ceramics Ltd.		2,608		17,972
KCC Corp.		309		63,597
Kyung Dong Navien Co. Ltd.		208		6,575
LG Hausys Ltd.		7,725		390,461
Taiwan Glass Industry Corp.		56,000		21,791
Trakya Cam Sanayii A/S		512,425		255,211
				913,313
Capital Markets - 2.1%
B3 SA - Brasil Bolsa Balcao		82,400		923,950
Banco BTG Pactual SA*		5,200		82,590
Bolsa Mexicana de Valores SAB de CV		24,100		40,577
Brait SE*(a)		420,137		349,775
Bursa Malaysia Bhd.		17,700		28,953
Capital Securities Corp.		103,000		31,434
China Bills Finance Corp.		71,000		33,679
China Cinda Asset Management Co. Ltd., Class H		824,000		181,055
China Ding Yi Feng Holdings Ltd.(c)		40,000		118,039
China Everbright Ltd.		72,000		95,842
China Galaxy Securities Co. Ltd., Class H		309,000		166,581
China Huarong Asset Management Co. Ltd., Class H(b)		824,000		140,002

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
China International Capital Corp. Ltd., Class H(a)(b)		41,200		78,738
China Merchants Securities Co. Ltd., Class H(b)		1,050,600		1,222,674
CITIC Securities Co. Ltd., Class H(a)		206,000		398,952
Coronation Fund Managers Ltd.		7,009		20,769
CSC Financial Co. Ltd., Class H(a)(b)		1,030,000		748,694
Daishin Securities Co. Ltd.		4,440		44,659
Daishin Securities Co. Ltd. (Preference)		1,603		12,357
Daou Technology, Inc.		2,355		40,607
Dubai Financial Market PJSC*		67,052		17,251
Edelweiss Financial Services Ltd.		22,568		47,951
Egyptian Financial Group-Hermes Holding Co.		700,812		697,429
Everbright Securities Co. Ltd., Class H(b)		370,800		288,004
GF Securities Co. Ltd., Class H*		123,600		140,054
Guotai Junan International Holdings Ltd.(a)		4,017,000		641,456
Guotai Junan Securities Co. Ltd., Class H(b)		19,600		31,899
Haitong Securities Co. Ltd., Class H		288,400		289,214
Hanwha Investment & Securities Co. Ltd.*		167,890		305,809
HDFC Asset Management Co. Ltd.(b)		862		26,933
Huatai Securities Co. Ltd., Class H(a)(b)		61,800		101,054
IBF Financial Holdings Co. Ltd.		150,929		53,876
IIFL Securities Ltd.*(c)		3,988		6,363
IIFL Wealth Management Ltd.*(c)		570		6,362
Indiabulls Ventures Ltd.		9,273		32,341
Investec Ltd.		13,081		75,632
Jih Sun Financial Holdings Co. Ltd.		96,907		33,502
JM Financial Ltd.		11,544		11,236
JSE Ltd.		4,205		38,084
KIWOOM Securities Co. Ltd.		927		57,355
Korea Investment Holdings Co. Ltd.		3,811		239,979
Kresna Graha Investama Tbk. PT*		187,300		7,683
Macquarie Korea Infrastructure Fund		15,450		152,136
Meritz Securities Co. Ltd.		30,282		129,769
Mirae Asset Daewoo Co. Ltd.		34,814		221,873
Moscow Exchange MICEX-RTS PJSC		46,659		68,531
NH Investment & Securities Co. Ltd.		7,519		83,255
NH Investment & Securities Co. Ltd. (Preference)		8,549		64,166
Orient Securities Co. Ltd., Class H(b)		1,049,600		643,606
Pioneers Holding for Financial Investments SAE*		579,375		177,624
PSG Konsult Ltd.		3,256		2,159

Investments	Shares		Value ($)
Reinet Investments SCA		10,918		194,631
Samsung Securities Co. Ltd.		5,768		178,437
Shinyoung Securities Co. Ltd.		5,768		286,669
Sociedad de Inversiones Oro Blanco SA		41,092,159		205,166
Warsaw Stock Exchange		1,040		10,510
Yuanta Financial Holding Co. Ltd.		1,030,000		579,666
Yuanta Securities Korea Co. Ltd.*		110,210		257,104
				11,164,696
Chemicals - 3.5%
Advanced Petrochemical Co.		4,738		74,028
AECI Ltd.		138,329		907,635
AK Holdings, Inc.		7,004		243,314
Akzo Nobel India Ltd.		832		21,138
Alpek SAB de CV(a)		14,100		15,346
Asian Paints Ltd.		12,360		273,327
Barito Pacific Tbk. PT		679,800		188,173
BASF India Ltd.		836		12,430
Batu Kawan Bhd.		23,000		91,186
Berger Paints India Ltd.		10,816		52,016
Braskem SA (Preference), Class A*		10,300		93,183
Castrol India Ltd.		9,090		16,030
Chambal Fertilizers and Chemicals Ltd.		5,408		11,782
Chandra Asri Petrochemical Tbk. PT		51,500		23,055
China General Plastics Corp.		464,412		319,610
China Lumena New Materials Corp.*‡(c)		888,000		—
China Man-Made Fiber Corp.		1,545,000		466,548
China Petrochemical Development Corp.		221,235		73,993
China Risun Group Ltd., Class H(b)		1,236,000		445,269
China Steel Chemical Corp.		8,000		32,674
Ciech SA*		34,196		352,243
Coromandel International Ltd.		1,898		10,295
D&L Industries, Inc.		110,800		22,383
DCM Shriram Ltd.		48,101		278,879
Dongjin Semichem Co. Ltd.		206		2,377
Dongyue Group Ltd.		1,442,000		784,747
Eastern Polymer Group PCL, NVDR		52,200		11,881
Ecopro Co. Ltd.*		624		11,524
Egypt Kuwait Holding Co. SAE		36,677		44,929
Engro Corp. Ltd.		34,170		54,897
Engro Fertilizers Ltd.		687,500		277,240
Eternal Materials Co. Ltd.		46,010		38,766
Everlight Chemical Industrial Corp.		54,000		29,869
Fauji Fertilizer Co. Ltd.		61,000		36,409
Finolex Industries Ltd.		145		1,110
Foosung Co. Ltd.*		1,768		13,270
Formosa Chemicals & Fibre Corp.		172,000		525,478
Formosa Plastics Corp.		206,000		665,788
Fufeng Group Ltd.*(a)		1,545,000		761,852
GFL Ltd.		1,704		22,467
Grand Pacific Petrochemical*		1,070,000		703,687
Grupa Azoty SA*		3,090		35,931

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		48,925		150,079
Hansol Chemical Co. Ltd.		528		36,238
Hanwha Chemical Corp.		9,991		157,917
Himadri Speciality Chemical Ltd.		7,638		8,978
Huabao International Holdings Ltd.		1,030,000		434,216
Huchems Fine Chemical Corp.		2,040		39,141
Indorama Ventures PCL, NVDR		185,400		247,160
International CSRC Investment Holdings Co.		83,031		101,734
Kansai Nerolac Paints Ltd.		7,592		47,146
Kolon Industries, Inc.		1,854		62,604
Korea Petrochemical Ind Co. Ltd.		420		42,777
Kumho Petrochemical Co. Ltd.		1,648		113,804
LG Chem Ltd.		1,957		558,269
LG Chem Ltd. (Preference)		412		62,509
Lotte Chemical Corp.		1,545		304,273
Lotte Chemical Titan Holding Bhd.(b)		41,200		28,255
LOTTE Fine Chemical Co. Ltd.		1,649		67,948
Mexichem SAB de CV		51,500		95,256
Misr Fertilizers Production Co. SAE		1,204		4,431
Miwon Specialty Chemical Co. Ltd.		3,193		199,714
Namhae Chemical Corp.		1,040		7,973
Nan Ya Plastics Corp.		244,000		559,476
National Industrialization Co.*		14,935		61,563
OCI Co. Ltd.		721		45,889
Oriental Union Chemical Corp.		34,000		25,914
Petkim Petrokimya Holding A/S*		90,370		63,694
Petronas Chemicals Group Bhd.		103,000		186,955
PhosAgro PJSC		1,080		40,474
PI Industries Ltd.		1,268		20,271
Pidilite Industries Ltd.		5,150		92,885
PTT Global Chemical PCL, NVDR		154,500		303,926
Sahara International Petrochemical Co.		16,171		86,319
Sasa Polyester Sanayi A/S		158,208		175,226
Sasol Ltd.		25,029		548,744
Saudi Arabian Fertilizer Co.		7,725		181,047
Saudi Basic Industries Corp.		32,133		920,154
Saudi Industrial Investment Group		20,909		131,791
Saudi Kayan Petrochemical Co.*		33,578		101,167
Scientex Bhd.		8,700		17,752
Shinkong Synthetic Fibers Corp.		1,854,000		790,002
Sidi Kerir Petrochemicals Co.		151,190		75,823
Sinofert Holdings Ltd.*		172,000		19,336
Sinopec Shanghai Petrochemical Co. Ltd., Class H		274,000		95,908
SK Chemicals Co. Ltd.		213		8,012
SK Discovery Co. Ltd.		15,038		307,598
SK Materials Co. Ltd.		312		46,941
SKC Co. Ltd.		1,946		69,576
SKCKOLONPI, Inc.		520		12,724
Sociedad Quimica y Minera de Chile SA (Preference), Class B		3,502		103,161
Soda Sanayii A/S		30,857		33,899
Solar Industries India Ltd.		1,040		16,900
Songwon Industrial Co. Ltd.		21,321		340,603

Investments	Shares		Value ($)
Soulbrain Co. Ltd.		416		22,855
SRF Ltd.		774		30,402
Supreme Industries Ltd.		1,204		18,376
Taekwang Industrial Co. Ltd.		52		54,545
Taiwan Fertilizer Co. Ltd.		37,000		57,114
Taiwan Styrene Monomer*		618,000		486,919
Tata Chemicals Ltd.		1,541		12,921
TOA Paint Thailand PCL, NVDR		12,000		15,607
TSRC Corp.*		34,000		29,577
Unid Co. Ltd.		7,828		314,285
Unipar Carbocloro SA (Preference)		66,616		596,828
UPL Ltd.		23,638		204,558
Yanbu National Petrochemical Co.		9,579		150,688
				18,295,586
Commercial Services & Supplies - 0.1%
China Everbright International Ltd.		333,444		296,048
Cleanaway Co. Ltd.		3,000		15,340
Country Garden Services Holdings Co. Ltd.		45,887		111,729
ECOVE Environment Corp.		1,000		6,577
Greentown Service Group Co. Ltd.(b)		68,000		57,768
KEPCO Plant Service & Engineering Co. Ltd.		1,144		30,846
S-1 Corp.		927		81,879
Sunny Friend Environmental Technology Co. Ltd.		3,000		25,615
Taiwan Secom Co. Ltd.		11,165		31,166
Taiwan Shin Kong Security Co. Ltd.		8,240		9,897
				666,865
Communications Equipment - 0.1%
Accton Technology Corp.		21,000		90,495
Advanced Ceramic X Corp.		1,000		7,718
BYD Electronic International Co. Ltd.		70,500		111,858
KMW Co. Ltd.*		618		28,782
Sterlite Technologies Ltd.		5,616		12,165
Wistron NeWeb Corp.		10,093		25,415
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class H(b)		6,000		11,037
ZTE Corp., Class H*		23,400		70,847
				358,317
Construction & Engineering - 1.6%
Acter Group Corp. Ltd.		60,000		317,409
Arabtec Holding PJSC		57,790		27,848
BES Engineering Corp.		55,000		13,619
Budimex SA		460		15,416
CH Karnchang PCL, NVDR		737		647
China Communications Construction Co. Ltd., Class H		412,000		349,478
China Communications Services Corp. Ltd., Class H		94,000		66,046
China Energy Engineering Corp. Ltd., Class H		7,828,000		820,010
China Railway Construction Corp. Ltd., Class H		175,500		204,244
China Railway Group Ltd., Class H		358,000		252,451

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
China State Construction International Holdings Ltd.		206,000		213,161
Continental Holdings Corp.		586,000		327,906
CTCI Corp.		23,000		33,654
Daelim Industrial Co. Ltd.		2,575		229,619
Daewoo Engineering & Construction Co. Ltd.*		22,042		76,386
Dilip Buildcon Ltd.(b)		1,768		10,551
Ellaktor SA*		151,101		365,913
Engineers India Ltd.		7,880		11,467
Gamuda Bhd.		83,200		74,802
GEK Terna Holding Real Estate Construction SA*		94,552		675,860
GMR Infrastructure Ltd.*		102,144		22,200
GS Engineering & Construction Corp.		6,489		185,933
HDC Holdings Co. Ltd.		5,090		53,778
HDC Hyundai Development Co-Engineering & Construction, Class E		1,236		38,916
Hyundai Engineering & Construction Co. Ltd.		6,798		247,362
IJM Corp. Bhd.		147,900		83,511
IRB Infrastructure Developers Ltd.		199,511		271,632
Kalpataru Power Transmission Ltd.		542		3,779
KEC International Ltd.		516		2,317
KEPCO Engineering & Construction Co., Inc.		602		9,592
Kumho Industrial Co. Ltd.		25,956		287,401
Larsen & Toubro Ltd.		14,227		286,929
Larsen & Toubro Ltd., GDR(b)		296		5,914
Malaysian Resources Corp. Bhd.		83,200		18,348
Metallurgical Corp. of China Ltd., Class H		3,605,000		884,222
NCC Ltd.*		15,600		16,590
PP Persero Tbk. PT		3,543,200		543,474
Samsung Engineering Co. Ltd.*		7,461		103,739
Sinopec Engineering Group Co. Ltd., Class H		1,545,000		1,217,779
Sino-Thai Engineering & Construction PCL, NVDR		41,571		34,468
Taeyoung Engineering & Construction Co. Ltd.		2,884		32,299
Tekfen Holding A/S		18,899		80,262
Totalindo Eka Persada Tbk. PT*		262,900		11,535
Voltas Ltd.		5,928		50,244
Waskita Karya Persero Tbk. PT		385,600		56,394
Wijaya Karya Persero Tbk. PT		164,800		27,512
				8,662,617
Construction Materials - 1.9%
ACC Ltd.		1,926		43,692
Ambuja Cements Ltd.		27,192		79,815
Anhui Conch Cement Co. Ltd., Class H		103,000		601,981
Asia Cement China Holdings Corp.(a)		566,500		790,273
Asia Cement Co. Ltd.		2,369		162,792
Asia Cement Corp.		206,000		276,915

Investments	Shares		Value ($)
BBMG Corp., Class H(a)		2,987,000		877,643
Cahya Mata Sarawak Bhd.		32,900		22,643
Cementos Argos SA		26,160		61,100
Cementos Argos SA (Preference)		10,296		20,170
Cementos Pacasmayo SAA		4,992		9,086
CEMEX Latam Holdings SA*		7,998		10,202
Cemex SAB de CV(a)		690,100		247,578
Century Textiles & Industries Ltd.		1,872		24,260
Chia Hsin Cement Corp.		618,000		330,906
China National Building Material Co. Ltd., Class H		350,050		311,239
China Resources Cement Holdings Ltd.		206,000		190,792
China Shanshui Cement Group Ltd.*		1,442,000		574,744
Dalmia Bharat Ltd.		1,648		22,079
Eagle Cement Corp.		62,400		17,780
Grasim Industries Ltd.		15,629		179,125
Grupo Argos SA		29,870		152,593
Grupo Argos SA (Preference)		17,319		72,380
Grupo Cementos de Chihuahua SAB de CV(a)		10,300		55,819
Huaxin Cement Co. Ltd., Class B		418,420		815,919
Indocement Tunggal Prakarsa Tbk. PT		72,100		115,606
Lucky Cement Ltd.		10,400		24,628
POSCO Chemical Co. Ltd.		1,144		47,091
PPC Ltd.*		2,035,616		699,423
Prism Johnson Ltd.		10,157		13,578
Qatar National Cement Co. QSC		210,630		356,377
Qatari Investors Group QSC		621,810		375,742
Ramco Cements Ltd. (The)		3,536		37,856
Saudi Cement Co.		3,605		68,245
Semen Indonesia Persero Tbk. PT		123,600		113,530
Shree Cement Ltd.		412		120,777
Siam Cement PCL (The), NVDR		10,300		145,349
Siam City Cement PCL, NVDR		4,700		36,371
Ssangyong Cement Industrial Co. Ltd.		6,660		31,749
Taiwan Cement Corp.*		412,000		592,253
Titan Cement International SA*		1,371		29,949
TPI Polene PCL, NVDR		377,200		23,303
UltraTech Cement Ltd.		4,120		260,365
Waskita Beton Precast Tbk. PT		11,319,700		293,955
West China Cement Ltd.		2,884,000		490,006
				9,827,679
Consumer Finance - 0.9%
51 Credit Card, Inc.*		875,500		423,887
AEON Credit Service M Bhd.		4,400		17,636
Aju Capital Co. Ltd.		18,540		160,625
Bajaj Finance Ltd.		7,519		355,487
Cholamandalam Investment and Finance Co. Ltd.		9,985		37,691
Gentera SAB de CV(a)		1,256,600		1,047,263
KRUK SA		858		41,326
Krungthai Card PCL, NVDR		36,800		57,135
LexinFintech Holdings Ltd., ADR*		64,662		685,417

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Mahindra & Mahindra Financial Services Ltd.		13,330		59,068
Manappuram Finance Ltd.		18,492		30,526
Muangthai Capital PCL, NVDR		39,400		77,506
Muthoot Finance Ltd.		3,784		33,445
PPDAI Group, Inc., ADR		82,400		319,712
Safmar Financial Investment		66,229		497,024
Samsung Card Co. Ltd.		2,884		88,487
Shriram City Union Finance Ltd.		1,537		30,489
Shriram Transport Finance Co. Ltd.		6,180		87,082
Srisawad Corp. PCL, NVDR		27,303		48,605
Sundaram Finance Ltd.		1,310		28,900
Transaction Capital Ltd.		17,028		27,632
Unifin Financiera SAB de CV SOFOM ENR(a)		133,900		289,353
Yixin Group Ltd.*(b)		122,000		27,742
Yulon Finance Corp.		12,100		45,722
				4,517,760
Containers & Packaging - 0.4%
Cheng Loong Corp.		1,339,000		809,545
Greatview Aseptic Packaging Co. Ltd.		12,000		6,607
Klabin SA		30,900		131,727
Lock&Lock Co. Ltd.		728		9,538
Taiwan Hon Chuan Enterprise Co. Ltd.		309,000		545,548
Ton Yi Industrial Corp.		927,000		371,152
Vitro SAB de CV, Series A		154,500		349,781
				2,223,898
Distributors - 0.1%
Dah Chong Hong Holdings Ltd.		927,000		296,056
Inter Cars SA		402		20,626
				316,682
Diversified Consumer Services - 0.4%
China Education Group Holdings Ltd.(b)		31,000		48,710
China Maple Leaf Educational Systems Ltd.		56,000		20,317
China Yuhua Education Corp. Ltd.(b)		66,000		33,051
Curro Holdings Ltd.		7,904		12,402
Daekyo Co. Ltd.		1,248		6,456
Fu Shou Yuan International Group Ltd.		42,000		36,163
Kroton Educacional SA		72,100		240,678
Lung Yen Life Service Corp.		14,000		28,094
MegaStudyEdu Co. Ltd.		10,094		266,193
New Oriental Education & Technology Group, Inc., ADR*		5,047		526,453
TAL Education Group, ADR*		15,759		507,440
Virscend Education Co. Ltd.(b)		67,000		23,024
Wisdom Education International Holdings Co. Ltd.(b)		40,000		18,140
YDUQS Part		12,900		117,597
				1,884,718
Diversified Financial Services - 0.7%
Aditya Birla Capital Ltd.*		14,160		16,891
Amanat Holdings PJSC		49,192		13,392

Investments	Shares		Value ($)
Bajaj Holdings & Investment Ltd.		1,005		49,684
Chailease Holding Co. Ltd.		53,827		227,629
China Shandong Hi-Speed Financial Group Ltd.*		11,742,000		472,506
Corp. Financiera Colombiana SA*		9,167		75,229
Far East Horizon Ltd.		103,000		96,186
FirstRand Ltd.		151,410		659,640
Grupo de Inversiones Suramericana SA		21,424		224,488
Grupo de Inversiones Suramericana SA (Preference)		9,888		95,501
GT Capital Holdings, Inc.		7,786		141,835
Haci Omer Sabanci Holding A/S		128,132		227,386
Hankook Technology Group Co. Ltd.		2,460		32,229
IDFC Ltd.*		1,005,486		523,318
Inversiones La Construccion SA		3,744		58,894
L&T Finance Holdings Ltd.		25,376		36,541
Meritz Financial Group, Inc.		4,139		48,803
Metro Pacific Investments Corp.		1,133,000		106,871
NICE Holdings Co. Ltd.		728		13,353
Power Finance Corp. Ltd.*		55,044		87,826
PSG Group Ltd.		7,210		116,383
REC Ltd.		57,268		116,767
Remgro Ltd.		22,763		287,634
RMB Holdings Ltd.		32,445		173,444
				3,902,430
Diversified Telecommunication Services - 1.2%
Asia Pacific Telecom Co. Ltd.*		104,000		23,746
Bharti Infratel Ltd.		35,432		126,589
China Telecom Corp. Ltd., Class H		1,296,000		582,777
China Tower Corp. Ltd., Class H(b)		1,948,000		507,661
China Unicom Hong Kong Ltd.		250,000		244,638
Chunghwa Telecom Co. Ltd.		160,000		555,708
CITIC Telecom International Holdings Ltd.		1,854,000		767,378
Emirates Telecommunications Group Co. PJSC		75,911		356,290
Hellenic Telecommunications Organization SA		10,609		146,942
Inscobee, Inc.*		5,160		10,707
Jasmine International PCL, NVDR		76,400		15,650
LG Uplus Corp.		19,982		219,564
Link Net Tbk. PT		31,200		10,061
Magyar Telekom Telecommunications plc		523,755		765,358
O2 Czech Republic A/S		3,092		29,499
Oi SA*		512,300		212,403
Ooredoo QPSC		97,850		192,166
Orange Polska SA*		33,592		58,994
Rostelecom PJSC		100,013		130,024
Rostelecom PJSC (Preference)		15,392		15,410
Sarana Menara Nusantara Tbk. PT		963,500		50,866
Tata Communications Ltd.		5,003		34,127
Telecom Egypt Co.		37,657		31,816
Telefonica Brasil SA (Preference)*		17,400		241,859
Telekom Malaysia Bhd.		60,000		59,469

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Telekomunikasi Indonesia Persero Tbk. PT		2,132,100		654,065
Telesites SAB de CV*(a)		60,200		36,217
Telkom SA SOC Ltd.		11,742		71,378
TIME dotCom Bhd.		18,200		39,695
Tower Bersama Infrastructure Tbk. PT		81,300		24,360
True Corp. PCL, NVDR		545,900		114,487
Turk Telekomunikasyon A/S*		55,009		53,310
				6,383,214
Electric Utilities - 1.9%
Adani Transmission Ltd.*		14,456		43,577
Alupar Investimento SA		3,500		24,660
Celsia SA ESP		11,648		15,743
Centrais Eletricas Brasileiras SA		30,900		323,487
Centrais Eletricas Brasileiras SA (Preference), Class B		20,600		216,808
CESC Ltd.		81,988		886,927
CEZ A/S		7,004		158,246
Cia de Transmissao de Energia Eletrica Paulista (Preference)		7,600		48,881
Cia Energetica de Minas Gerais		6,200		28,046
Cia Energetica de Minas Gerais (Preference)		41,200		154,831
Cia Paranaense de Energia		4,400		56,412
Cia Paranaense de Energia (Preference)		8,600		112,340
EDP - Energias do Brasil SA		30,900		158,417
Enea SA*		17,968		38,510
Enel Americas SA		3,346,990		554,613
Enel Chile SA		599,151		54,539
Energa SA*		249,198		474,540
Energisa SA		12,400		162,802
Enerjisa Enerji A/S(b)		310,442		338,253
Engie Energia Chile SA		15,830		28,002
Equatorial Energia SA		6,800		170,786
Federal Grid Co. Unified Energy System PJSC		27,804,080		80,658
First Philippine Holdings Corp.		283,250		481,755
Holding Co. ADMIE IPTO SA		139,153		350,923
Inter RAO UES PJSC		2,977,318		209,894
Interconexion Electrica SA ESP		16,789		90,765
Korea District Heating Corp.*		3,811		174,589
Korea Electric Power Corp.*		23,999		565,947
Light SA		278,100		1,430,191
Manila Electric Co.		13,390		96,042
Mosenergo PJSC		10,406,708		376,136
PGE Polska Grupa Energetyczna SA*		76,426		176,430
Power Grid Corp. of India Ltd.		134,930		413,509
ROSSETI PJSC		2,682,436		50,407
RusHydro PJSC		15,143,369		135,037
Tata Power Co. Ltd. (The)		50,856		44,768
Tauron Polska Energia SA*		1,398,019		574,207
Tenaga Nasional Bhd.		113,300		379,451
Torrent Power Ltd.		5,978		26,533

Investments	Shares		Value ($)
Transmissora Alianca de Energia Eletrica SA		14,600		107,950
				9,815,612
Electrical Equipment - 0.4%
ABB India Ltd.		2,058		40,783
AcBel Polytech, Inc.		515,000		375,955
Amara Raja Batteries Ltd.		2,733		26,851
Bharat Heavy Electricals Ltd.		37,473		32,088
Bizlink Holding, Inc.		5,103		39,222
China High Speed Transmission Equipment Group Co. Ltd.(a)		20,000		12,902
Doosan Heavy Industries & Construction Co. Ltd.*		10,271		52,870
Ecopro BM Co. Ltd.*		515		25,117
ElSewedy Electric Co.		83,338		60,856
Feelux Co. Ltd.*		1,427		6,067
Finolex Cables Ltd.		2,600		14,167
Fullshare Holdings Ltd.*(a)		305,000		10,910
Graphite India Ltd.		60,358		270,047
Gunkul Engineering PCL, NVDR		144,480		14,563
Havells India Ltd.		8,652		81,168
HEG Ltd.		19,364		277,348
Honbridge Holdings Ltd.*		208,000		18,069
Kung Long Batteries Industrial Co. Ltd.		5,000		26,772
LS Corp.		2,472		92,353
LS Industrial Systems Co. Ltd.		927		36,199
Shanghai Electric Group Co. Ltd., Class H(a)		54,000		18,833
Shihlin Electric & Engineering Corp.		16,000		22,897
Taihan Electric Wire Co. Ltd.*		7,800		4,048
Teco Electric and Machinery Co. Ltd.		103,000		82,478
V-Guard Industries Ltd.		1,032		3,493
Voltronic Power Technology Corp.*		3,323		71,813
Walsin Lihwa Corp.		206,000		99,702
WEG SA		30,900		195,619
Yuyang DNU Co. Ltd.*		2,979		17,072
Zhuzhou CRRC Times Electric Co. Ltd., Class H		25,600		123,129
				2,153,391
Electronic Equipment, Instruments & Components - 3.3%
AAC Technologies Holdings, Inc.		30,000		163,837
Asia Optical Co., Inc.		13,000		34,867
AU Optronics Corp.		824,000		219,147
Aurora Corp.		4,900		15,159
BH Co. Ltd.*		32,033		498,189
Camsing International Holding Ltd.(c)		22,000		3,260
Career Technology MFG. Co. Ltd.		11,330		11,878
Chang Wah Electromaterials, Inc.		41,000		208,985
Chilisin Electronics Corp.		257,490		699,712
China Railway Signal & Communication Corp. Ltd., Class H(b)		43,008		28,845
China Youzan Ltd.*		232,000		14,374

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Chin-Poon Industrial Co. Ltd.		435,000		471,435
Chroma ATE, Inc.		19,000		89,820
Chunghwa Precision Test Tech Co. Ltd.		1,000		14,021
Compeq Manufacturing Co. Ltd.		120,000		104,195
Concraft Holding Co. Ltd.		3,512		16,941
Coretronic Corp.		515,000		666,616
Daea TI Co. Ltd.		1,964		8,026
Daeduck Electronics Co.		618		5,354
Delta Electronics, Inc.		86,000		419,000
Dreamtech Co. Ltd.*		33,269		216,525
FLEXium Interconnect, Inc.		27,138		83,520
Flytech Technology Co. Ltd.		235		575
Foxconn Technology Co. Ltd.		103,000		212,986
General Interface Solution Holding Ltd.		24,000		89,531
Genius Electronic Optical Co. Ltd.		3,000		41,244
G-treeBNT Co. Ltd.*		525		10,672
Hana Microelectronics PCL, NVDR		22,400		20,393
Hannstar Board Corp.		375,343		453,857
HannStar Display Corp.		103,000		21,994
Hollysys Automation Technologies Ltd.		1,700		29,393
Holy Stone Enterprise Co. Ltd.		180,000		548,182
Hon Hai Precision Industry Co. Ltd.		1,133,000		2,863,881
Iljin Materials Co. Ltd.*		936		29,747
Inari Amertron Bhd.		78,000		31,189
Innolux Corp.		824,000		191,588
KCE Electronics PCL, NVDR		27,600		15,436
Kingboard Holdings Ltd.		68,500		170,465
Kingboard Laminates Holdings Ltd.		64,000		53,307
L&F Co. Ltd.		574		13,851
Largan Precision Co. Ltd.		4,300		587,706
LG Display Co. Ltd.*		20,497		251,210
LG Innotek Co. Ltd.		746		71,252
Lotes Co. Ltd.		3,256		24,083
Merry Electronics Co. Ltd.		10,161		49,342
Nichidenbo Corp.		206,000		329,250
Pan-International Industrial Corp.		557,000		453,188
Partron Co. Ltd.		1,768		21,519
Prosperity Dielectrics Co. Ltd.		103,000		208,017
Samsung Electro-Mechanics Co. Ltd.		2,472		192,227
Samsung SDI Co. Ltd.		2,472		520,267
SFA Engineering Corp.		2,266		72,111
Simplo Technology Co. Ltd.		6,200		48,550
Sinbon Electronics Co. Ltd.*		3,253		13,914
Sunny Optical Technology Group Co. Ltd.		30,900		364,742
Supreme Electronics Co. Ltd.		526,000		477,021
Synnex Technology International Corp.		121,000		149,229
TA-I Technology Co. Ltd.*		206,000		266,315
Taiwan PCB Techvest Co. Ltd.*		309,000		403,944
Taiwan Union Technology Corp.		7,000		28,927
Telcon RF Pharmaceutical, Inc.*		2,328		9,061
Test Research, Inc.		206,000		313,351

Investments	Shares		Value ($)
Thinking Electronic Industrial Co. Ltd.		103,000		262,340
Tong Hsing Electronic Industries Ltd.		6,000		24,891
Tongda Group Holdings Ltd.(a)		5,780,000		428,263
Tripod Technology Corp.		39,000		130,437
Unimicron Technology Corp.		75,000		91,653
Unitech Printed Circuit Board Corp.		772,000		593,359
VS Industry Bhd.		1,606,800		467,263
Wah Lee Industrial Corp.		227,000		397,855
Walsin Technology Corp.		24,378		138,763
Wintek Corp.*‡(c)		64,000		—
WiSoL Co. Ltd.		24,823		360,879
WPG Holdings Ltd.		129,440		171,502
WT Microelectronics Co. Ltd.		56,182		73,174
Yageo Corp.*		25,575		218,776
Zhen Ding Technology Holding Ltd.		43,150		158,193
				17,164,571
Energy Equipment & Services - 0.3%
China Oilfield Services Ltd., Class H		76,000		86,409
Dialog Group Bhd.		175,100		146,394
Gulf International Services QSC*		1,177,900		550,005
Sapura Energy Bhd.		195,700		14,227
Serba Dinamik Holdings Bhd.		25,800		25,071
TMK PJSC		484,615		446,050
Yinson Holdings Bhd.		34,400		57,938
				1,326,094
Entertainment - 0.5%
Alibaba Pictures Group Ltd.*(a)		520,000		105,622
CD Projekt SA		2,987		178,479
CJ CGV Co. Ltd.		670		19,283
Com2uSCorp		520		38,810
Gamania Digital Entertainment Co. Ltd.		6,000		13,082
iDreamSky Technology Holdings Ltd.*(b)		741,600		485,059
IMAX China Holding, Inc.(b)		1,900		4,374
International Games System Co. Ltd.		3,000		29,860
iQIYI, Inc., ADR*(a)		5,518		102,580
Jcontentree Corp.*(c)		2,396		9,356
JYP Entertainment Corp.		1,093		18,800
Major Cineplex Group PCL, NVDR		25,300		24,062
Nan Hai Corp. Ltd.		20,600,000		368,426
NCSoft Corp.		721		293,434
NetDragon Websoft Holdings Ltd.		12,000		30,169
NetEase, Inc., ADR		3,090		713,234
Netmarble Corp.*(b)		1,751		134,385
NHN Corp.*		624		32,911
Pearl Abyss Corp.*		312		45,253
PVR Ltd.		1,040		22,941
SM Entertainment Co. Ltd.*		831		24,865
SMI Holdings Group Ltd.*(c)		72,000		21,523
Soft-World International Corp.		5,000		11,625

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Studio Dragon Corp.*		480		24,951
Webzen, Inc.*		474		6,130
Wemade Co. Ltd.		723		16,316
XPEC Entertainment, Inc.*‡(c)		14,800		—
				2,775,530
Equity Real Estate Investment Trusts (REITs) - 1.1%
Attacq Ltd.		22,672		20,635
Concentradora Fibra Danhos SA de CV(a)		41,600		57,001
CPN Retail Growth Leasehold REIT		76,300		81,249
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S		2,574,794		564,795
Equites Property Fund Ltd.		11,527		16,648
Fibra Uno Administracion SA de CV		144,200		187,104
Fortress REIT Ltd., Class A		105,678		159,183
Fortress REIT Ltd., Class B(a)		37,279		30,510
Growthpoint Properties Ltd.		241,329		406,252
Hyprop Investments Ltd.		12,360		60,737
IGB REIT		68,800		32,012
Investec Property Fund Ltd.		670,530		708,672
KLCCP Stapled Group		18,100		34,388
Korea Asset In Trust Co. Ltd.		72,962		232,497
Macquarie Mexico Real Estate Management SA de CV(b)		19,100		21,804
Pavilion REIT		46,200		20,936
PLA Administradora Industrial S de RL de CV(a)		25,800		36,643
Prologis Property Mexico SA de CV		10,400		21,082
Redefine Properties Ltd.		239,488		148,690
Resilient REIT Ltd.(a)		438,471		1,903,147
SA Corporate Real Estate Ltd.(a)		3,364,392		830,787
Sunway REIT		39,400		18,237
Vukile Property Fund Ltd.		32,833		43,735
YTL Hospitality REIT		43,000		13,547
Yuexiu REIT		56,000		38,703
				5,688,994
Food & Staples Retailing - 1.0%
Abdullah Al Othaim Markets Co.		1,957		44,613
Al Meera Consumer Goods Co. QSC		1,990		8,051
Almacenes Exito SA		21,321		112,676
Atacadao SA*		15,300		95,193
Avenue Supermarts Ltd.*(b)		4,429		95,470
Berli Jucker PCL		500		841
Berli Jucker PCL, NVDR		61,300		103,147
BGF retail Co. Ltd.		412		71,215
Bid Corp. Ltd.		14,420		305,253
BIM Birlesik Magazalar A/S		18,952		159,678
Cencosud SA		67,259		133,366
Cia Brasileira de Distribuicao (Preference)*		6,300		156,638
Clicks Group Ltd.		11,536		166,239
Cosco Capital, Inc.		3,811,000		513,750
CP ALL PCL, NVDR		185,400		522,954
Dino Polska SA*(b)		1,806		68,547

Investments	Shares		Value ($)
Dis-Chem Pharmacies Ltd.(b)		17,784		28,482
Dongsuh Cos., Inc.		2,427		36,617
E-MART, Inc.		1,648		169,940
Eurocash SA		4,433		21,536
Grupo Comercial Chedraui SA de CV		10,400		15,823
GS Retail Co. Ltd.		1,264		39,851
Hyundai Greenfood Co. Ltd.		2,808		29,430
InRetail Peru Corp.(b)		1,980		75,438
Magnit PJSC		2,884		172,101
Massmart Holdings Ltd.		5,387		19,478
Migros Ticaret A/S*		119,171		364,043
Philippine Seven Corp.		12,771		37,620
Pick n Pay Stores Ltd.		18,231		85,613
President Chain Store Corp.		23,000		221,897
Puregold Price Club, Inc.		26,060		23,301
Raia Drogasil SA*		10,300		227,237
Shoprite Holdings Ltd.		18,746		204,339
SMU SA		125,632		32,347
Sok Marketler Ticaret A/S*		7,298		13,279
SPAR Group Ltd. (The)		9,682		125,826
Sumber Alfaria Trijaya Tbk. PT		774,400		53,037
Sun Art Retail Group Ltd.		113,000		114,907
Taiwan FamilyMart Co. Ltd.		3,000		21,852
Taiwan TEA Corp.		8,000		4,181
Wal-Mart de Mexico SAB de CV(a)		216,300		644,265
				5,340,071
Food Products - 1.8%
Alicorp SAA		23,074		74,197
Almarai Co. JSC		11,227		151,467
Astra Agro Lestari Tbk. PT		20,800		14,802
Astral Foods Ltd.		50,573		586,770
Avanti Feeds Ltd.		2,250		10,111
AVI Ltd.		15,141		92,649
Binggrae Co. Ltd.		321		17,663
BRF SA*		31,500		279,704
Britannia Industries Ltd.*		2,369		89,718
Camil Alimentos SA*		164,800		323,678
Century Pacific Food, Inc.		17,700		5,245
Charoen Pokphand Foods PCL, NVDR		133,900		120,817
Charoen Pokphand Indonesia Tbk. PT		317,400		121,711
China Agri-Industries Holdings Ltd.		206,000		62,896
China Foods Ltd.		46,789		20,083
China Huishan Dairy Holdings Co. Ltd.*‡(c)		158,000		—
China Huiyuan Juice Group Ltd.*(c)		24,000		6,193
China Mengniu Dairy Co. Ltd.*		119,000		483,425
China Modern Dairy Holdings Ltd.*		3,069,000		486,153
CJ CheilJedang Corp.		206		49,624
CJ CheilJedang Corp. (Preference)		104		10,505
CP Pokphand Co. Ltd.		720,000		60,706
Daesang Corp.		1,133		22,840

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Dali Foods Group Co. Ltd.(b)		103,000		64,343
Dongwon F&B Co. Ltd.		79		17,795
Dongwon Industries Co. Ltd.		94		18,234
Dutch Lady Milk Industries Bhd.		700		10,857
Easy Bio, Inc.		55,002		245,001
FGV Holdings Bhd.*		106,100		29,054
Genting Plantations Bhd.		10,400		24,447
GlaxoSmithKline Consumer Healthcare Ltd.		442		47,630
Gruma SAB de CV, Class B		9,785		90,534
Grupo Bimbo SAB de CV, Series A(a)		61,800		118,832
Grupo Lala SAB de CV(a)		16,800		18,347
Grupo Nutresa SA		8,652		66,010
Harim Holdings Co. Ltd.		4,823		41,785
Health & Happiness H&H International Holdings Ltd.(a)		10,000		58,700
Hortifrut SA		5,552		14,280
Indofood CBP Sukses Makmur Tbk. PT		118,200		90,229
Indofood Sukses Makmur Tbk. PT		216,300		109,176
Industrias Bachoco SAB de CV, Series B		7,300		33,342
IOI Corp. Bhd.		82,400		83,668
Japfa Comfeed Indonesia Tbk. PT		350,200		39,974
JBS SA		92,700		613,467
Juhayna Food Industries		35,793		21,601
Kernel Holding SA		5,628		70,912
KRBL Ltd.		2,726		8,776
Kuala Lumpur Kepong Bhd.		16,500		94,446
Lien Hwa Industrial Corp.		22,826		28,702
Lotte Food Co. Ltd.		16		6,606
M Dias Branco SA*		6,500		67,598
Mayora Indah Tbk. PT		83,900		14,904
Minerva SA*		216,300		495,537
Namchow Holdings Co. Ltd.		6,000		10,265
Namyang Dairy Products Co. Ltd.		35		15,857
Naturecell Co. Ltd.*		679		5,016
Nestle India Ltd.		824		139,870
Nestle Malaysia Bhd.		2,300		82,826
NongShim Co. Ltd.		208		41,315
Oceana Group Ltd.		2,143		10,283
Orion Corp.		1,030		70,344
Orion Holdings Corp.		1,890		25,001
Ottogi Corp.		94		51,247
Perusahaan Perkebunan London Sumatra Indonesia Tbk. PT		122,600		9,271
Pioneer Foods Group Ltd.(a)		6,240		45,425
PPB Group Bhd.		25,280		114,561
QL Resources Bhd.		28,330		47,165
RCL Foods Ltd.		6,412		4,700
Samyang Corp.		3,708		168,303
Samyang Foods Co. Ltd.		86		4,616
Samyang Holdings Corp.		7,277		428,710
Sao Martinho SA		7,300		39,210
Savola Group (The)*		11,639		99,305
Sawit Sumbermas Sarana Tbk. PT		135,700		9,778
Sime Darby Plantation Bhd.		109,300		122,107
SLC Agricola SA		113,300		543,223

Investments	Shares		Value ($)
SPC Samlip Co. Ltd.		191		15,224
Standard Foods Corp.		17,652		34,117
Tata Global Beverages Ltd.		12,584		46,029
Thai Union Group PCL, NVDR		114,400		70,303
Thai Vegetable Oil PCL, NVDR		15,570		14,555
Tiger Brands Ltd.		7,828		123,094
Tingyi Cayman Islands Holding Corp.		76,000		113,982
Tongaat Hulett Ltd.*(a)(c)		150,870		140,612
Ulker Biskuvi Sanayi A/S*		9,138		30,478
Uni-President China Holdings Ltd.		69,000		82,064
Uni-President Enterprises Corp.		216,000		561,264
United Plantations Bhd.		3,700		23,187
Universal Robina Corp.		36,050		113,065
Want Want China Holdings Ltd.		206,000		161,318
Yashili International Holdings Ltd.		34,000		4,474
Yihai International Holding Ltd.*		18,000		96,233
Zhou Hei Ya International Holdings Co. Ltd.(b)		43,000		23,401
				9,477,542
Gas Utilities - 0.6%
Adani Gas Ltd.		9,888		22,001
Aygaz A/S		115,154		211,601
Beijing Enterprises Holdings Ltd.		51,500		252,964
China Gas Holdings Ltd.		103,000		429,611
China Resources Gas Group Ltd.		34,000		173,303
China Tian Lun Gas Holdings Ltd.(a)		412,000		462,637
ENN Energy Holdings Ltd.		34,700		360,170
GAIL India Ltd.		45,320		84,895
Great Taipei Gas Co. Ltd.		21,000		19,652
Grupo Energia Bogota SA ESP		98,072		62,552
Gujarat State Petronet Ltd.		8,528		26,278
Indraprastha Gas Ltd.		7,224		31,832
Infraestructura Energetica Nova SAB de CV		25,800		100,592
Korea Gas Corp.		2,575		93,045
Kunlun Energy Co. Ltd.		312,000		273,821
Mahanagar Gas Ltd.(b)		1,456		17,107
Perusahaan Gas Negara Tbk. PT		446,300		65,272
Petronas Gas Bhd.		23,300		90,795
Samchully Co. Ltd.		2,678		202,361
SUI Northern Gas Pipeline		538,900		211,305
Towngas China Co. Ltd.*		58,339		44,567
Zhongyu Gas Holdings Ltd.		52,000		54,073
				3,290,434
Health Care Equipment & Supplies - 0.1%
Dentium Co. Ltd.		344		19,888
DIO Corp.*		520		17,911
Ginko International Co. Ltd.		3,000		19,537
Hartalega Holdings Bhd.		61,800		74,133
Kossan Rubber Industries		34,400		33,929
Lifetech Scientific Corp.*		82,000		15,503
Microport Scientific Corp.		11,035		9,346
Osstem Implant Co. Ltd.*		612		35,641
Pihsiang Machinery Manufacturing Co. Ltd.*(c)		5,000		2,782

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		100,000		96,067
St Shine Optical Co. Ltd.*		2,000		33,574
Top Glove Corp. Bhd.		73,700		81,085
Value Added Technology Co. Ltd.		510		10,798
				450,194
Health Care Providers & Services - 0.5%
Apollo Hospitals Enterprise Ltd.		3,701		72,723
Bangkok Chain Hospital PCL, NVDR		72,800		36,453
Bangkok Dusit Medical Services PCL, NVDR		164,800		133,962
Bumrungrad Hospital PCL, NVDR		10,300		57,101
Celltrion Healthcare Co. Ltd.*		2,354		91,924
Chabiotech Co. Ltd.*		1,560		18,394
China Resources Medical Holdings Co. Ltd.		30,000		21,883
Chularat Hospital PCL, NVDR		183,100		14,169
Dr Lal PathLabs Ltd.(b)		430		6,800
Fleury SA		7,200		44,644
Fortis Healthcare Ltd.*		9,651		16,837
Genertec Universal Medical Group Co. Ltd.(b)		1,133,000		861,195
Global Cord Blood Corp.*		2,900		16,762
Hapvida Participacoes e Investimentos SA(b)		5,300		58,879
HLB Life Science CO Ltd.*		1,132		6,430
IHH Healthcare Bhd.		123,600		171,929
Instituto Hermes Pardini SA		1,800		9,391
KPJ Healthcare Bhd.		145,424		32,951
Life Healthcare Group Holdings Ltd.(a)		67,199		107,670
Medipost Co. Ltd.*		446		10,895
Mitra Keluarga Karyasehat Tbk. PT(b)		312,000		45,185
Mouwasat Medical Services Co.		2,060		48,060
Netcare Ltd.		68,041		80,360
Notre Dame Intermedica Participacoes SA		12,700		147,502
Odontoprev SA		12,000		55,812
Qualicorp Consultoria e Corretora de Seguros SA		10,300		60,826
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		82,400		159,160
Sinopharm Group Co. Ltd., Class H		52,000		193,973
Vibhavadi Medical Center PCL, NVDR		382,700		27,625
				2,609,495
Health Care Technology - 0.0%(d)
Alibaba Health Information Technology Ltd.*(a)		160,000		145,327
Ping An Healthcare and Technology Co. Ltd.*(a)(b)		20,600		89,343
				234,670
Hotels, Restaurants & Leisure - 0.5%
Alsea SAB de CV*(a)		21,900		45,075
AmRest Holdings SE*		4,110		43,190
Ananti, Inc.*		1,058		10,329

Investments	Shares		Value ($)
Berjaya Sports Toto Bhd.		11,300		7,202
BK Brasil Operacao e Assessoria a Restaurantes SA*		2,800		15,293
Bloomberry Resorts Corp.		239,200		53,962
Central Plaza Hotel PCL		1,600		1,769
Central Plaza Hotel PCL, NVDR		31,200		34,492
China Travel International Investment Hong Kong Ltd.		120,200		22,265
Coffee Day Enterprises Ltd.*(b)		1,720		3,069
CVC Brasil Operadora e Agencia de Viagens SA		5,900		79,767
DoubleUGames Co. Ltd.		312		14,742
Famous Brands Ltd.		4,669		30,141
Formosa International Hotels Corp.		2,311		12,523
Genting Bhd.		216,300		360,107
Genting Malaysia Bhd.		133,900		125,577
Gourmet Master Co. Ltd.		4,868		29,040
Grand Korea Leisure Co. Ltd.		1,040		16,306
Haichang Ocean Park Holdings Ltd.*(b)		49,000		7,637
Haidilao International Holding Ltd.(b)		33,164		129,218
Hana Tour Service, Inc.		403		14,749
Huazhu Group Ltd., ADR(a)		4,532		148,468
Imperial Pacific International Holdings Ltd.*		2,660,000		66,943
Indian Hotels Co. Ltd. (The)		22,940		47,791
Jollibee Foods Corp.		22,660		115,332
Jubilant Foodworks Ltd.		2,807		49,021
Kangwon Land, Inc.		4,944		128,500
Magnum Bhd.		19,400		12,600
Minor International PCL, NVDR		82,400		107,839
MK Restaurants Group PCL, NVDR		10,400		26,545
Modetour Network, Inc.		520		6,879
OPAP SA		7,313		82,889
Paradise Co. Ltd.		2,112		29,187
Saudi Airlines Catering Co.		1,957		47,222
Thomas Cook India Ltd.		2,244		6,097
Travellers International Hotel Group, Inc.		209,900		22,604
Tsogo Sun Gaming Ltd.		18,411		18,250
Xiabuxiabu Catering Management China Holdings Co. Ltd.*(b)		11,500		16,160
Yum China Holdings, Inc.		16,171		735,780
				2,724,560
Household Durables - 1.0%
Arcelik A/S*		20,497		64,309
Crompton Greaves Consumer Electricals Ltd.		22,454		75,064
Cyrela Brazil Realty SA Empreendimentos e Participacoes		11,400		73,928
Dom Development SA		10,403		210,803
Ez Tec Empreendimentos e Participacoes SA		3,515		30,688
Haier Electronics Group Co. Ltd.		114,000		270,003
Hanssem Co. Ltd.		650		33,404
Hyundai Livart Furniture Co. Ltd.		16,274		213,896

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Kasen International Holdings Ltd.		32,000		26,817
LG Electronics, Inc.		10,094		557,128
LG Electronics, Inc. (Preference)		1,345		31,491
MRV Engenharia e Participacoes SA		381,100		2,054,087
Nien Made Enterprise Co. Ltd.		8,000		61,874
PIK Group PJSC		3,702		23,055
Skyworth Group Ltd.(a)		2,472,000		678,956
Symphony Ltd.		1,272		22,859
Tatung Co. Ltd.*		104,000		67,560
TCL Electronics Holdings Ltd.		824,000		374,742
TTK Prestige Ltd.*		242		18,774
Whirlpool of India Ltd.		1,664		37,604
Woongjin Coway Co. Ltd.		2,369		167,999
				5,095,041
Household Products - 0.2%
Hindustan Unilever Ltd.		31,312		785,998
Jyothy Labs Ltd.		3,300		7,364
Kimberly-Clark de Mexico SAB de CV, Class A*		55,000		115,405
Unilever Indonesia Tbk. PT		51,500		160,191
Vinda International Holdings Ltd.		20,000		39,449
				1,108,407
Independent Power and Renewable Electricity Producers - 1.8%
Aboitiz Power Corp.		93,600		65,113
Adani Power Ltd.*		43,621		38,684
AES Gener SA		216,720		54,563
AES Tiete Energia SA		2		2
AES Tiete Energia SA - UNIT*		195,700		665,232
AES Tiete Energia SA (Preference)		30		20
B Grimm Power PCL, NVDR		41,600		48,018
Banpu Power PCL, NVDR		41,600		29,893
BCPG PCL, NVDR		41,600		26,647
Beijing Enterprises Clean Energy Group Ltd.*		41,200,000		557,902
CGN Power Co. Ltd., Class H(b)		927,000		268,819
China Everbright Greentech Ltd.(b)		721,000		457,769
China Longyuan Power Group Corp. Ltd., Class H		309,000		189,871
China Power International Development Ltd.		309,000		77,764
China Resources Power Holdings Co. Ltd.		206,000		297,372
Cia Energetica de Sao Paulo (Preference), Class B		9,700		74,736
Colbun SA		375,641		70,841
Datang International Power Generation Co. Ltd., Class H		3,502,000		791,852
Electricity Generating PCL, NVDR		12,000		128,369
Energy Absolute PCL, NVDR		72,100		122,491
Engie Brasil Energia SA		12,850		164,851
First Gen Corp.		82,400		43,072
GCL New Energy Holdings Ltd.*(a)		9,476,000		363,163
Global Power Synergy PCL, NVDR		17,200		37,331
Gulf Energy Development PCL, NVDR		34,200		140,670

Investments	Shares		Value ($)
Huadian Power International Corp. Ltd., Class H		2,170,000		912,033
Huaneng Power International, Inc., Class H		412,000		241,056
Huaneng Renewables Corp. Ltd., Class H		6,180,000		1,689,495
Hub Power Co. Ltd. (The)		1,085,274		478,445
JSW Energy Ltd.*		22,880		22,636
Malakoff Corp. Bhd.		188,100		41,025
NHPC Ltd.		251,011		80,830
NTPC Ltd.		206,309		379,565
OGK-2 PJSC		40,067,515		321,412
Ratch Group PCL, NVDR		9,300		20,411
SPCG PCL, NVDR		566,500		349,976
Taiwan Cogeneration Corp.		18,000		15,340
Terna Energy SA*		3,821		30,844
TPI Polene Power PCL, NVDR		156,000		30,434
Unipro PJSC		1,105,000		46,341
				9,374,888
Industrial Conglomerates - 1.9%
3M India Ltd.*		131		40,200
Aamal Co.		2,177,850		473,764
Aboitiz Equity Ventures, Inc.		94,760		98,694
AG Anadolu Grubu Holding A/S		164,491		367,326
Alfa SAB de CV, Class A		288,400		252,206
Alliance Global Group, Inc.		329,600		100,912
AntarChile SA		12,085		133,589
Ayala Corp.		10,300		193,805
BGF Co. Ltd.		46,247		242,747
Bidvest Group Ltd. (The)		14,626		191,130
Boustead Holdings Bhd.		31,200		8,619
CITIC Ltd.		595,000		790,506
CJ Corp.		1,236		97,367
CJ Corp. (Preference)*(c)		174		3,971
DMCI Holdings, Inc.		149,300		29,750
Dogan Sirketler Grubu Holding A/S		1,392,766		325,544
Doosan Corp.		1,030		91,412
Doosan Corp. (Preference)		416		26,723
Dubai Investments PJSC		2,339,997		872,765
Enka Insaat ve Sanayi A/S		139,153		152,620
Far Eastern New Century Corp.		206,000		196,093
Fosun International Ltd.		218,500		288,620
Godrej Industries Ltd.		3,377		22,697
Grupo Carso SAB de CV, Series A1		18,700		60,891
Hanwha Corp.		4,738		95,513
Hanwha Corp. (Preference)		1,425		16,140
HAP Seng Consolidated Bhd.		31,800		76,292
Hong Leong Industries Bhd.		8,600		23,050
Hosken Consolidated Investments Ltd.		71,791		497,390
Hyosung Corp.		721		49,789
Industries Qatar QSC		181,280		559,163
JG Summit Holdings, Inc.		117,420		150,561
KAP Industrial Holdings Ltd.		63,408		23,084
KOC Holding A/S		94,142		316,867
Kolon Corp.		8,755		121,361
LG Corp.		12,051		720,147

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Lotte Corp.		4,429		127,281
LT Group, Inc.		131,600		36,464
MMC Corp. Bhd.		669,500		178,468
Mytilineos SA		11,330		139,015
Quinenco SA		12,939		35,070
Reunert Ltd.		4,870		22,402
Samsung C&T Corp.		4,017		311,351
San Miguel Corp.		17,400		60,864
Shanghai Industrial Holdings Ltd.		37,000		76,194
Siemens Ltd.		2,163		35,998
Sigdo Koppers SA		16,555		29,048
Sime Darby Bhd.		142,200		75,468
SK Holdings Co. Ltd.		3,193		596,444
SM Investments Corp.		20,600		404,612
Turkiye Sise ve Cam Fabrikalari A/S		74,160		65,736
				9,905,723
Insurance - 3.2%
Bajaj Finserv Ltd.		1,751		180,684
BB Seguridade Participacoes SA		30,900		266,493
Bupa Arabia for Cooperative Insurance Co.		1,339		35,773
Cathay Financial Holding Co. Ltd.		781,000		1,024,740
China Life Insurance Co. Ltd.		294,935		244,234
China Life Insurance Co. Ltd., Class H		323,000		831,443
China Pacific Insurance Group Co. Ltd., Class H		226,600		975,539
China Reinsurance Group Corp., Class H		7,725,000		1,361,859
China Taiping Insurance Holdings Co. Ltd.		133,600		373,771
Cholamandalam Financial Holdings Ltd.		3,206		21,226
Co. for Cooperative Insurance (The)*		2,678		53,052
DB Insurance Co. Ltd.		4,532		214,897
Discovery Ltd.		19,055		177,862
Fanhua, Inc., ADR		1,700		57,579
Fubon Financial Holding Co. Ltd.		674,000		936,367
General Insurance Corp. of India(b)		8,949		24,830
Hanwha General Insurance Co. Ltd.		75,808		223,624
Hanwha Life Insurance Co. Ltd.		22,248		49,363
HDFC Life Insurance Co. Ltd.(b)		16,274		116,758
Hyundai Marine & Fire Insurance Co. Ltd.		5,562		131,399
ICICI Lombard General Insurance Co. Ltd.(b)		3,640		63,891
ICICI Prudential Life Insurance Co. Ltd.(b)		10,609		61,964
IRB Brasil Resseguros S/A		4,100		103,519
Korean Reinsurance Co.		12,154		82,184
Liberty Holdings Ltd.		13,390		102,633
Lotte Non-Life Insurance Co. Ltd.*		88,477		153,307
LPI Capital Bhd.		9,127		34,593
Max Financial Services Ltd.*		5,068		30,739
Mercuries Life Insurance Co. Ltd.*		123,268		43,011

Investments	Shares		Value ($)
Meritz Fire & Marine Insurance Co. Ltd.		5,356		90,089
Mirae Asset Life Insurance Co. Ltd.		1,957		6,592
Momentum Metropolitan Holdings		71,688		85,679
New China Life Insurance Co. Ltd., Class H		37,300		187,265
Old Mutual Ltd.		429,716		582,707
Orange Life Insurance Ltd.(b)		2,987		71,702
Panin Financial Tbk. PT*		19,590,600		489,171
People’s Insurance Co. Group of China Ltd. (The), Class H		668,000		282,461
PICC Property & Casualty Co. Ltd., Class H		644,000		770,868
Ping An Insurance Group Co. of China Ltd., Class H		216,500		2,583,209
Porto Seguro SA		4,000		55,387
Powszechny Zaklad Ubezpieczen SA		24,823		269,624
Qatar Insurance Co. SAQ		141,570		135,708
Qualitas Controladora SAB de CV		247,200		777,455
Rand Merchant Investment Holdings Ltd.		43,157		94,086
Samsung Fire & Marine Insurance Co. Ltd.		2,987		664,002
Samsung Fire & Marine Insurance Co. Ltd. (Preference)		194		29,680
Samsung Life Insurance Co. Ltd.		8,240		530,018
Sanlam Ltd.		77,765		409,571
Santam Ltd.		2,471		51,478
SBI Life Insurance Co. Ltd.(b)		3,296		38,216
Shin Kong Financial Holding Co. Ltd.*		1,024,291		297,779
Shinkong Insurance Co. Ltd.		279,000		341,398
Sul America SA		12,600		140,714
Tongyang Life Insurance Co. Ltd.		46,453		152,147
ZhongAn Online P&C Insurance Co. Ltd., Class H*(a)(b)		8,100		18,315
				17,132,655
Interactive Media & Services - 2.8%
58.com, Inc., ADR*		3,914		220,671
AfreecaTV Co. Ltd.		468		23,022
Autohome, Inc., ADR*(a)		2,472		210,120
Baidu, Inc., ADR*		11,845		1,323,086
Bitauto Holdings Ltd., ADR*(a)		1,200		13,692
Info Edge India Ltd.		2,280		74,411
Kakao Corp.		2,782		298,634
Momo, Inc., ADR(a)		6,180		209,935
NAVER Corp.		6,489		756,895
SINA Corp.*		2,781		108,793
Tencent Holdings Ltd.		236,900		11,143,037
Weibo Corp., ADR*(a)		2,781		108,932
YY, Inc., ADR*		2,163		138,843
				14,630,071
Internet & Direct Marketing Retail - 3.4%
Alibaba Group Holding Ltd., ADR*		55,517		9,610,548
B2W Cia Digital*		6,247		62,991
Baozun, Inc., ADR*(a)		1,300		64,493
CJ ENM Co. Ltd.		412		57,703

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Ctrip.com International Ltd., ADR*		16,892		658,450
GS Home Shopping, Inc.		133		18,807
HengTen Networks Group Ltd.*(a)		1,032,000		19,644
Hyundai Home Shopping Network Corp.		293		23,106
JD.com, Inc., ADR*		36,153		1,081,336
Maoyan Entertainment*(b)		20,600		33,106
Meituan Dianping, Class B*(b)		168,100		1,373,292
momo.com, Inc.		1,000		8,426
Naspers Ltd., Class N		18,746		4,638,877
NS Shopping Co. Ltd.		21,836		191,026
PChome Online, Inc.*		2,763		13,506
Pinduoduo, Inc., ADR*(a)		3,928		87,477
Tongcheng-Elong Holdings Ltd.*(b)		41,200		76,211
Vipshop Holdings Ltd., ADR*		20,600		156,560
				18,175,559
IT Services - 1.0%
21Vianet Group, Inc., ADR*		2,400		17,664
AGTech Holdings Ltd.*(a)		84,000		4,883
Cafe24 Corp.*		360		19,353
Chinasoft International Ltd.*(a)		102,000		51,470
Cielo SA		103,000		198,193
Digital China Holdings Ltd.		58,000		32,379
GDS Holdings Ltd., ADR*(a)		2,400		98,832
HCL Technologies Ltd.		24,308		365,601
Hexaware Technologies Ltd.		3,640		19,093
Huifu Payment Ltd.*(a)(b)		412,000		190,002
Infosys Ltd.		161,607		1,864,642
Kginicis Co. Ltd.		22,248		233,180
Larsen & Toubro Infotech Ltd.(b)		721		15,865
Mindtree Ltd.		4,608		47,986
Mphasis Ltd.		3,418		46,655
My EG Services Bhd.		130,600		49,056
NIIT Technologies Ltd.		928		16,237
Persistent Systems Ltd.		900		6,811
Posco ICT Co. Ltd.		2,080		8,896
Samsung SDS Co. Ltd.		1,751		308,582
SONDA SA		24,083		31,950
Systex Corp.		9,000		21,302
Tata Consultancy Services Ltd.		38,110		1,222,058
Tech Mahindra Ltd.		20,600		190,547
TravelSky Technology Ltd., Class H		38,000		74,952
Wipro Ltd.		62,072		239,408
				5,375,597
Leisure Products - 0.0%(d)
Giant Manufacturing Co. Ltd.		13,000		99,709
HLB, Inc.*		1,545		35,455
KMC Kuei Meng International, Inc.		3,315		11,087
Merida Industry Co. Ltd.		9,350		58,634
				204,885
Life Sciences Tools & Services - 0.1%
Divi’s Laboratories Ltd.		3,919		93,082
Genscript Biotech Corp.*		46,000		114,003
LegoChem Biosciences, Inc.*		478		17,797
Samsung Biologics Co. Ltd.*(b)		721		170,637
ST Pharm Co. Ltd.		344		4,114

Investments	Shares		Value ($)
Syngene International Ltd.(b)		1,720		7,546
Wuxi Biologics Cayman, Inc.*(b)		19,500		210,123
				617,302
Machinery - 1.1%
AIA Engineering Ltd.*		1,599		39,636
Airtac International Group		6,784		70,577
Ashok Leyland Ltd.		62,521		63,489
China Conch Venture Holdings Ltd.		79,000		272,991
China International Marine Containers Group Co. Ltd., Class H		44,880		42,656
CIMC Enric Holdings Ltd.		36,000		26,260
CRRC Corp. Ltd., Class H		174,000		137,592
Cummins India Ltd.		2,280		23,501
Daewoo Shipbuilding & Marine Engineering Co. Ltd.*		1,692		41,975
Doosan Bobcat, Inc.*		2,781		84,387
Doosan Infracore Co. Ltd.*		14,729		77,187
Escorts Ltd.		1,997		13,644
Famur SA		311,457		371,394
Haitian International Holdings Ltd.		30,000		61,166
Hiwin Technologies Corp.*		9,629		86,705
Hyundai Construction Equipment Co. Ltd.		624		16,456
Hyundai Elevator Co. Ltd.*		633		42,910
Hyundai Heavy Industries Holdings Co. Ltd.		824		227,051
Hyundai Mipo Dockyard Co. Ltd.		1,320		47,808
Hyundai Rotem Co. Ltd.*		1,951		27,374
Iochpe Maxion SA*		164,800		956,143
King Slide Works Co. Ltd.		3,000		31,741
Korea Shipbuilding & Offshore Engineering Co. Ltd.*		1,957		179,473
Lakshmi Machine Works Ltd.		148		8,702
Lonking Holdings Ltd.		2,163,000		569,218
Marcopolo SA (Preference)*		32,659		33,070
Randon SA Implementos e Participacoes (Preference)		11,300		29,762
Rechi Precision Co. Ltd.		412,000		328,588
Samsung Heavy Industries Co. Ltd.*		23,038		137,671
Sany Heavy Equipment International Holdings Co. Ltd.		46,000		18,217
Shanghai Zhenhua Heavy Industries Co. Ltd., Class B		37,440		13,516
Shin Zu Shing Co. Ltd.		4,000		16,208
Sinotruk Hong Kong Ltd.		66,000		97,973
SKF India Ltd.		624		16,732
Sunonwealth Electric Machine Industry Co. Ltd.		8,000		9,069
Thermax Ltd.		2,214		35,392
Weichai Power Co. Ltd., Class H(a)		175,000		272,742
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		1,689,200		1,186,857
				5,715,833
Marine - 0.5%
Cia Sud Americana de Vapores SA*		797,784		27,200

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		34,000		19,545
COSCO SHIPPING Holdings Co. Ltd., Class H*		3,296,000		1,237,911
Evergreen Marine Corp. Taiwan Ltd.		115,420		53,450
Hyundai Merchant Marine Co. Ltd.*		10,455		29,206
Korea Line Corp.*		18,128		389,190
MISC Bhd.		61,800		108,579
Pan Ocean Co. Ltd.*		13,007		52,936
Qatar Navigation QSC		46,000		83,768
U-Ming Marine Transport Corp.		25,000		28,139
Wan Hai Lines Ltd.		61,000		40,705
Wisdom Marine Lines Co. Ltd.*		436,000		457,095
Yang Ming Marine Transport Corp.*		53,000		14,880
				2,542,604
Media - 0.4%
Astro Malaysia Holdings Bhd.		133,000		46,735
Cheil Worldwide, Inc.		3,435		78,391
China Literature Ltd.*(a)(b)		16,800		67,712
CJ Hello Co. Ltd.		625		3,164
Cyfrowy Polsat SA		12,360		96,459
Dish TV India Ltd.		17,517		6,978
Grupo Televisa SAB, Series CPO(a)		103,000		197,131
Innocean Worldwide, Inc.		520		29,360
KT Skylife Co. Ltd.		26,986		228,096
Media Nusantara Citra Tbk. PT		8,240,000		808,304
Megacable Holdings SAB de CV(a)		9,700		41,713
Plan B Media PCL, NVDR		72,800		20,239
Saudi Research & Marketing Group*		1,030		24,799
Sun TV Network Ltd.		4,576		31,437
Surya Citra Media Tbk. PT		342,700		37,896
TV18 Broadcast Ltd.*		16,016		5,029
VGI PCL, NVDR		114,400		35,895
Woongjin Thinkbig Co. Ltd.*		60,461		122,138
Zee Entertainment Enterprises Ltd.		22,660		119,123
				2,000,599
Metals & Mining - 5.2%
African Rainbow Minerals Ltd.		8,034		100,866
Alrosa PJSC		237,106		304,665
Aluminum Corp. of China Ltd., Class H*		114,000		37,719
Aneka Tambang Tbk.		1,158,010		77,245
Angang Steel Co. Ltd., Class H(a)		1,854,000		710,535
Anglo American Platinum Ltd.		2,538		152,945
AngloGold Ashanti Ltd.		38,625		691,687
Assore Ltd.		4,429		109,714
Bradespar SA		3,600		27,354
Bradespar SA (Preference)		10,300		86,559
CAP SA		93,009		957,933
Century Iron & Steel Industrial Co. Ltd.		8,000		19,707
China Hongqiao Group Ltd.		206,000		151,318
China Metal Products		309,000		322,957

Investments	Shares		Value ($)
China Metal Recycling Holdings Ltd.*‡(c)		51,000		—
China Metal Resources Utilization Ltd.*(b)		56,000		26,112
China Oriental Group Co. Ltd.		110,000		49,324
China Steel Corp.		555,000		428,358
China Zhongwang Holdings Ltd.		164,800		84,422
Chung Hung Steel Corp.		1,133,000		384,401
Cia Siderurgica Nacional SA		61,800		271,502
Dongkuk Steel Mill Co. Ltd.*		75,190		423,901
Eregli Demir ve Celik Fabrikalari TAS		150,895		201,582
Ezz Steel Co. SAE*		227,321		111,122
Feng Hsin Steel Co. Ltd.		26,000		47,743
Gerdau SA (Preference)		92,700		338,762
Gloria Material Technology Corp.		18,000		11,201
Gold Fields Ltd.		76,632		411,119
Grupa Kety SA*		331		29,151
Grupo Mexico SAB de CV, Series B		329,600		814,179
Harmony Gold Mining Co. Ltd.*		601,108		1,566,199
Hindalco Industries Ltd.		38,419		106,429
Hsin Kuang Steel Co. Ltd.		309,000		305,567
Hyundai Steel Co.		7,931		260,099
Impala Platinum Holdings Ltd.*		31,518		171,380
Industrias CH SAB de CV, Series B*(a)		6,600		21,926
Industrias Penoles SAB de CV		10,300		96,254
Jastrzebska Spolka Weglowa SA*		4,841		49,199
Jiangxi Copper Co. Ltd., Class H		103,000		128,291
Jinchuan Group International Resources Co. Ltd.		5,253,000		429,479
Jindal Steel & Power Ltd.*		31,312		61,500
JSW Steel Ltd.		44,599		153,958
KGHM Polska Miedz SA*		12,669		310,698
KISWIRE Ltd.		720		14,484
Korea Zinc Co. Ltd.		515		192,619
Koza Altin Isletmeleri A/S*		2,182		22,323
Kumba Iron Ore Ltd.(a)		2,246		75,496
Maanshan Iron & Steel Co. Ltd., Class H(a)		2,266,000		868,432
Magnitogorsk Iron & Steel Works PJSC		173,246		117,122
Mechel PJSC*		250,393		265,878
Mechel PJSC (Preference)		109,283		175,053
Metalurgica Gerdau SA		92,700		162,606
Metalurgica Gerdau SA (Preference)		710,700		1,256,088
MMC Norilsk Nickel PJSC		2,575		594,591
National Aluminium Co. Ltd.		557,230		369,002
NMDC Ltd.		68,083		107,591
Northam Platinum Ltd.*		10,806		48,054
Novolipetsk Steel PJSC		90,125		214,416
Polyus PJSC		2,333		237,613
Poongsan Corp.		23,484		470,434
POSCO		7,210		1,374,233
Press Metal Aluminium Holdings Bhd.		113,300		124,928

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Qatar Aluminum Manufacturing Co.		3,531,870		841,072
Raspadskaya OJSC*		169,847		362,415
Saudi Arabian Mining Co.*		17,922		224,589
Seah Besteel Corp.		16,171		221,427
Severstal PJSC		16,789		272,319
Shandong Gold Mining Co. Ltd., Class H(b)		21,000		41,421
Shougang Fushan Resources Group Ltd.		4,326,000		900,801
Sibanye Gold Ltd.*(a)		183,752		236,209
Stalprodukt SA		2,266		123,918
Steel Authority of India Ltd.*		79,638		49,495
TA Chen Stainless Pipe		80,962		120,419
Tata Steel Ltd.		24,514		153,976
Tung Ho Steel Enterprise Corp.		991,000		686,789
Usinas Siderurgicas de Minas Gerais SA Usiminas*		20,600		54,804
Usinas Siderurgicas de Minas Gerais SA Usiminas (Preference), Class A*		23,300		54,185
Vale Indonesia Tbk. PT*		134,900		29,161
Vale SA		288,400		3,817,893
Vedanta Ltd.		154,912		347,052
Volcan Cia Minera SAA, Class B		176,027		25,632
YC INOX Co. Ltd.		412,000		348,462
Yieh Phui Enterprise Co. Ltd.		1,751,000		510,172
Young Poong Corp.		65		37,195
Zhaojin Mining Industry Co. Ltd., Class H		36,000		42,080
Zijin Mining Group Co. Ltd., Class H		206,000		83,159
				27,320,670
Multiline Retail - 0.5%
Aeon Co. M Bhd.		28,000		11,739
El Puerto de Liverpool SAB de CV, Class C1(a)		10,300		50,506
Future Retail Ltd.*		7,735		46,370
Golden Eagle Retail Group Ltd.		27,000		31,250
Hyundai Department Store Co. Ltd.		1,751		109,669
Lojas Americanas SA*		5,250		19,520
Lojas Americanas SA (Preference)*		30,900		149,055
Lojas Renner SA*		34,170		431,007
Lotte Shopping Co. Ltd.		515		59,200
Magazine Luiza SA		3,100		217,279
Matahari Department Store Tbk. PT		3,110,600		827,748
Mitra Adiperkasa Tbk. PT		258,000		17,394
Poya International Co. Ltd.		3,000		41,485
Ripley Corp. SA		50,856		37,688
Robinson PCL, NVDR		24,900		51,411
SACI Falabella		26,472		164,269
Shinsegae, Inc.		309		66,209
Woolworths Holdings Ltd.		42,436		164,669
				2,496,468
Multi-Utilities - 0.1%
Qatar Electricity & Water Co. QSC		43,260		185,480
YTL Corp. Bhd.		186,726		46,608

Investments	Shares		Value ($)
YTL Power International Bhd.		250,900		47,426
				279,514
Oil, Gas & Consumable Fuels - 5.9%
Adaro Energy Tbk. PT		1,462,600		132,518
Bangchak Corp. PCL, NVDR		41,600		40,917
Banpu PCL, NVDR		175,100		81,415
Bashneft PJSC		720		21,244
Bashneft PJSC (Preference)		1,163		29,521
Bharat Petroleum Corp. Ltd.		72,615		364,738
Bukit Asam Tbk. PT		206,000		40,268
Bumi Resources Tbk. PT*		64,426,500		496,402
China Coal Energy Co. Ltd., Class H		206,000		80,264
China Petroleum & Chemical Corp., Class H		2,266,000		1,464,756
China Shenhua Energy Co. Ltd., Class H		320,000		637,719
CNOOC Ltd.		1,442,000		2,383,715
Coal India Ltd.		59,019		175,422
Cosan SA		6,700		90,601
Dana Gas PJSC		331,248		93,788
E1 Corp.		5,562		252,455
Ecopetrol SA		220,317		196,730
Empresas COPEC SA		15,450		142,377
Enauta Participacoes SA		4,600		16,199
Esso Thailand PCL, NVDR		135,200		43,960
Exxaro Resources Ltd.		23,484		277,276
Formosa Petrochemical Corp.		73,000		248,846
Gazprom PJSC		510,746		1,907,623
Gazprom PJSC, ADR		3,466		25,454
Great Eastern Shipping Co. Ltd. (The)		878		3,003
Grupa Lotos SA		8,137		184,756
GS Holdings Corp.		4,532		192,680
Hellenic Petroleum SA		6,163		64,913
Hindustan Petroleum Corp. Ltd.		59,328		229,472
IDG Energy Investment Ltd.*		162,000		18,833
Indian Oil Corp. Ltd.		194,464		393,819
Indika Energy Tbk. PT		2,214,500		234,610
Indo Tambangraya Megah Tbk. PT		41,600		49,934
Inner Mongolia Yitai Coal Co. Ltd., Class B		92,700		93,998
Inner Mongolia Yitai Coal Co. Ltd., Class H		20,800		15,412
IRPC PCL, NVDR		937,300		146,286
LUKOIL PJSC		15,965		1,315,535
Mangalore Refinery & Petrochemicals Ltd.		15,060		13,104
Mari Petroleum Co. Ltd.		1,804		10,563
Medco Energi Internasional Tbk. PT*		405,400		24,584
MOL Hungarian Oil & Gas plc		44,393		455,235
Motor Oil Hellas Corinth Refineries SA		6,180		154,130
Novatek PJSC		36,153		752,158
Oil & Gas Development Co. Ltd.		72,100		57,219
Oil & Natural Gas Corp. Ltd.		262,135		529,148
Oil India Ltd.		30,444		70,594

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Pakistan Oilfields Ltd.		6,240		15,891
Pakistan Petroleum Ltd.		56,525		47,306
Pakistan State Oil Co. Ltd.		298,700		281,070
PetroChina Co. Ltd., Class H		1,854,000		985,276
Petroleo Brasileiro SA*		267,800		2,049,105
Petroleo Brasileiro SA (Preference)		401,700		2,784,334
Petron Corp.		2,956,100		321,824
Petronas Dagangan Bhd.		15,200		86,562
Petronet LNG Ltd.		31,827		109,406
Pilipinas Shell Petroleum Corp.		581,160		439,118
Polski Koncern Naftowy ORLEN SA		27,192		687,774
Polskie Gornictwo Naftowe i Gazownictwo SA		150,071		219,497
PTT Exploration & Production PCL		469		2,066
PTT Exploration & Production PCL, NVDR		61,331		270,211
PTT PCL, NVDR		762,200		1,170,995
Qatar Fuel QSC		19,570		113,687
Qatar Gas Transport Co. Ltd.		249,630		161,815
Reliance Industries Ltd.*		132,252		2,242,333
Rosneft Oil Co. PJSC		45,460		302,422
Rosneft Oil Co. PJSC, GDR(b)		1,920		12,722
RussNeft PJSC*		2,048		19,328
Semirara Mining & Power Corp.		102,400		46,282
Siamgas & Petrochemicals PCL, NVDR		957,900		303,675
Sinopec Kantons Holdings Ltd.		1,318,000		533,740
SK Gas Ltd.		5,302		347,312
SK Innovation Co. Ltd.		5,768		833,681
S-Oil Corp.		3,605		286,730
S-Oil Corp. (Preference)		208		10,742
Star Petroleum Refining PCL, NVDR		51,900		16,622
Surgutneftegas PJSC		249,569		106,473
Surgutneftegas PJSC, ADR, OTC		12,422		62,234
Surgutneftegas PJSC (Preference)		238,651		117,167
Tatneft PJSC		37,187		435,732
Tatneft PJSC, ADR		4,806		335,363
Tatneft PJSC (Preference)		7,007		74,470
Thai Oil PCL, NVDR		72,100		161,759
Transneft PJSC (Preference)		63		156,637
Tupras Turkiye Petrol Rafinerileri A/S		11,536		290,383
Ultrapar Participacoes SA		41,200		217,793
United Tractors Tbk. PT		123,600		219,785
Yanzhou Coal Mining Co. Ltd., Class H		206,000		183,160
				31,316,676
Paper & Forest Products - 0.6%
Duratex SA		16,474		55,036
Empresas CMPC SA		50,367		118,624
Hansol Paper Co. Ltd.		22,454		268,552
Indah Kiat Pulp & Paper Corp. Tbk. PT		247,200		131,827
Lee & Man Paper Manufacturing Ltd.		133,000		81,724

Investments	Shares		Value ($)
Longchen Paper & Packaging Co. Ltd.		807,350		388,155
Nine Dragons Paper Holdings Ltd.		153,000		124,896
Pabrik Kertas Tjiwi Kimia Tbk. PT		113,300		96,997
Pfleiderer Group SA*		36,771		268,433
Sappi Ltd.		52,324		192,628
Shandong Chenming Paper Holdings Ltd., Class B		597,400		281,609
Shandong Chenming Paper Holdings Ltd., Class H(a)		412,000		181,055
Suzano SA		51,500		419,791
YFY, Inc.		1,648,000		614,777
				3,224,104
Personal Products - 0.3%
Amorepacific Corp.		1,339		158,448
Amorepacific Corp. (Preference)		545		35,885
AMOREPACIFIC Group		1,339		65,077
AMOREPACIFIC Group (Preference)		312		6,540
Chlitina Holding Ltd.		2,000		15,822
Colgate-Palmolive India Ltd.		2,518		43,553
Cosmax, Inc.		322		27,897
Dabur India Ltd.		22,763		141,125
Emami Ltd.		4,766		22,177
Gillette India Ltd.		103		10,715
Godrej Consumer Products Ltd.		16,274		141,660
Grape King Bio Ltd.		5,000		31,114
Hengan International Group Co. Ltd.		29,500		223,288
It’s Hanbul Co. Ltd.		501		8,152
Kolmar BNH Co. Ltd.		688		16,283
Kolmar Korea Co. Ltd.		643		30,109
LG Household & Health Care Ltd.		412		437,735
LG Household & Health Care Ltd. (Preference)		97		65,918
Marico Ltd.		18,540		98,865
Natura Cosmeticos SA		6,800		110,550
Procter & Gamble Hygiene & Health Care Ltd.		344		54,524
TCI Co. Ltd.		3,644		48,750
				1,794,187
Pharmaceuticals - 0.9%
Adcock Ingram Holdings Ltd.		5,074		20,548
Ajanta Pharma Ltd.		1,415		18,141
Alembic Pharmaceuticals Ltd.		2,150		16,375
Alkem Laboratories Ltd.		1,560		39,506
Aspen Pharmacare Holdings Ltd.		33,990		216,596
Aurobindo Pharma Ltd.		9,579		79,552
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		10,000		16,531
Bukwang Pharmaceutical Co. Ltd.		3,090		40,221
Cadila Healthcare Ltd.		13,960		46,232
Caregen Co. Ltd.(c)		258		16,682
Celltrion Pharm, Inc.*		697		21,150
Center Laboratories, Inc.		3,541		9,099
China Grand Pharmaceutical and Healthcare Holdings Ltd.		32,000		17,210

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
China Medical System Holdings Ltd.		72,000		69,352
China Resources Pharmaceutical Group Ltd.(b)		82,500		90,321
China Traditional Chinese Medicine Holdings Co. Ltd.		114,000		52,428
Chong Kun Dang Pharmaceutical Corp.		269		19,872
Cipla Ltd.		7,210		54,621
CSPC Pharmaceutical Group Ltd.		206,000		362,110
Daewoong Co. Ltd.		1,791		23,540
Daewoong Pharmaceutical Co. Ltd.		266		35,636
Dong-A Socio Holdings Co. Ltd.		104		7,692
Dong-A ST Co. Ltd.		299		23,251
DongKook Pharmaceutical Co. Ltd.		450		25,370
Dr Reddy’s Laboratories Ltd.		3,399		127,223
Genomma Lab Internacional SAB de CV, Class B*(a)		12,000		11,050
Glenmark Pharmaceuticals Ltd.		7,730		47,879
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		6,000		24,911
Hanall Biopharma Co. Ltd.*		1,501		33,621
Hanmi Pharm Co. Ltd.		206		50,494
Hanmi Science Co. Ltd.		1,271		50,438
Hua Han Health Industry Holdings Ltd.*(c)		3,780,000		255,931
Hypera SA*		17,900		143,577
Il Dong Pharmaceutical Co. Ltd.		479		6,984
Ilyang Pharmaceutical Co. Ltd.*		756		15,017
Ipca Laboratories Ltd.		1,664		23,122
Jubilant Life Sciences Ltd.		1,723		11,005
JW Holdings Corp.		46,041		232,326
JW Pharmaceutical Corp.		224		5,358
Kalbe Farma Tbk. PT		350,200		36,726
Kolon Life Science, Inc.*		291		5,190
Komipharm International Co. Ltd.*		1,575		25,627
Livzon Pharmaceutical Group, Inc., Class H		7,030		17,207
Lotus Pharmaceutical Co. Ltd.*		5,000		15,887
Lupin Ltd.		8,652		96,199
Luye Pharma Group Ltd.(a)(b)		75,000		58,541
Mega Lifesciences PCL, NVDR		23,000		26,362
Mezzion Pharma Co. Ltd.*		198		17,740
Natco Pharma Ltd.		2,480		18,570
Oscotec, Inc.*		808		12,840
Pfizer Ltd.		341		15,042
Pharmally International Holding Co. Ltd.		2,000		14,954
Piramal Enterprises Ltd.		4,017		105,636
Richter Gedeon Nyrt		5,047		89,450
Sam Chun Dang Pharm Co. Ltd.		823		23,373
Samjin Pharmaceutical Co. Ltd.		344		7,894
Sanofi India Ltd.		163		14,528
ScinoPharm Taiwan Ltd.		22,000		17,051
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H(a)		20,000		59,914
Sihuan Pharmaceutical Holdings Group Ltd.		206,000		42,632

Investments	Shares		Value ($)
Sino Biopharmaceutical Ltd.		309,000		382,110
SSY Group Ltd.		80,165		71,994
Sun Pharma Advanced Research Co. Ltd.*		4,836		11,263
Sun Pharmaceutical Industries Ltd.		45,423		281,810
Tong Ren Tang Technologies Co. Ltd., Class H		17,000		20,414
Torrent Pharmaceuticals Ltd.		2,009		48,800
TTY Biopharm Co. Ltd.		12,686		33,046
United Laboratories International Holdings Ltd. (The)		824,000		454,743
Wockhardt Ltd.*		175		794
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H(b)		800		4,062
Yuhan Corp.		452		82,713
Yungjin Pharmaceutical Co. Ltd.*		5,316		20,197
YungShin Global Holding Corp.		11,000		14,574
				4,508,855
Professional Services - 0.0%(d)
51job, Inc., ADR*		1,000		77,550
Benefit Systems SA*		98		16,854
L&T Technology Services Ltd.(b)		103		2,158
Quess Corp. Ltd.*(b)		1,560		9,951
Sporton International, Inc.		2,386		15,960
				122,473
Real Estate Management & Development - 5.8%
8990 Holdings, Inc.		126,000		39,122
Agile Group Holdings Ltd.		148,000		192,471
Aldar Properties PJSC		336,913		211,881
Aliansce Shopping Centers SA		3,500		26,223
Amata Corp. PCL		44,900		35,184
AP Thailand PCL, NVDR		1,225,700		304,881
Ayala Land, Inc.		247,200		241,917
Bangkok Land PCL, NVDR		100		6
Barwa Real Estate Co.		163,770		160,588
BR Malls Participacoes SA		41,200		164,358
BR Properties SA*		4,577		12,213
Bumi Serpong Damai Tbk. PT*		499,200		50,572
C C Land Holdings Ltd.		56,000		12,877
C&D International Investment Group Ltd.		379,000		429,939
Cathay Real Estate Development Co. Ltd.		33,100		23,259
Central China Real Estate Ltd.		824,000		387,373
China Aoyuan Group Ltd.		127,000		171,975
China Dili Group*		112,600		33,372
China Evergrande Group(a)		273,000		728,893
China Jinmao Holdings Group Ltd.		412,000		268,424
China Logistics Property Holdings Co. Ltd.*(b)		59,000		23,214
China Merchants Land Ltd.		1,648,000		235,793
China Oceanwide Holdings Ltd.*		202,000		9,935
China Overseas Grand Oceans Group Ltd.		1,751,000		926,064
China Overseas Land & Investment Ltd.		338,000		1,161,512

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
China Overseas Property Holdings Ltd.		70,000		35,770
China Resources Land Ltd.		251,777		1,085,537
China SCE Group Holdings Ltd.		103,000		56,448
China South City Holdings Ltd.(a)		5,562,000		767,378
China Vanke Co. Ltd., Class H		144,200		546,191
China Vast Industrial Urban Development Co. Ltd.(b)		515,000		205,266
Chong Hong Construction Co. Ltd.		24,000		69,078
CIFI Holdings Group Co. Ltd.		348,047		224,535
Ciputra Development Tbk. PT		597,049		52,604
Corp. Inmobiliaria Vesta SAB de CV(a)		659,200		980,001
Cosmopolitan International Holdings Ltd.*		1,442,000		268,951
Country Garden Holdings Co. Ltd.(a)		664,000		905,929
DaFa Properties Group Ltd.		309,000		238,819
DAMAC Properties Dubai Co. PJSC*		104,520		29,024
Dar Al Arkan Real Estate Development Co.*		23,999		73,330
Dexin China Holdings Co. Ltd.*(b)		927,000		397,900
DLF Ltd.		19,408		50,266
Dongwon Development Co. Ltd.		51,294		209,408
DoubleDragon Properties Corp.*		907,920		431,769
E-House China Enterprise Holdings Ltd.(b)		61,800		71,685
Emaar Development PJSC		77,353		101,083
Emaar Economic City*		17,922		49,601
Emaar Malls PJSC		96,296		55,578
Emaar Properties PJSC		324,656		488,776
Fantasia Holdings Group Co. Ltd.*		1,854,000		305,530
Farglory Land Development Co. Ltd.		21,000		25,764
Filinvest Development Corp.		92,700		25,430
Filinvest Land, Inc.		12,154,000		453,797
Future Land Development Holdings Ltd.*(a)		172,000		146,118
Gemdale Properties & Investment Corp. Ltd.(a)		206,000		24,737
Globe Trade Centre SA		103		256
Godrej Properties Ltd.*		3,326		46,079
Greenland Hong Kong Holdings Ltd.		1,030,000		378,952
Greentown China Holdings Ltd.		49,000		37,120
Guangzhou R&F Properties Co. Ltd., Class H		101,600		185,603
Guorui Properties Ltd.(a)(b)		927,000		165,792
Hanson International Tbk. PT*		2,409,275		17,704
Highwealth Construction Corp.		81,000		127,118
Hopson Development Holdings Ltd.		56,000		58,233
Huaku Development Co. Ltd.		309,000		811,863
Huang Hsiang Construction Corp.		103,000		104,671
Hung Sheng Construction Ltd.		721,000		467,211
Iguatemi Empresa de Shopping Centers SA		4,800		61,349
IOI Properties Group Bhd.		145,600		44,458

Investments	Shares		Value ($)
Jaya Real Property Tbk. PT		4,841,000		191,678
Jiayuan International Group Ltd.		1,236,000		536,849
Joy City Property Ltd.		480,000		58,253
Kaisa Group Holdings Ltd.(a)		206,000		86,317
Kindom Construction Corp.		456,000		370,279
Korea Real Estate Investment & Trust Co. Ltd.		221,141		409,347
KWG Group Holdings Ltd.*		103,000		96,843
LAMDA Development SA*		47,689		499,111
Land & Houses PCL, NVDR		155,700		57,207
Lerthai Group Ltd.*		280,000		255,752
Logan Property Holdings Co. Ltd.(a)		110,000		168,066
Longfor Group Holdings Ltd.(b)		137,000		511,044
LSR Group PJSC		51,191		628,553
LVGEM China Real Estate Investment Co. Ltd.		1,236,000		438,953
Mah Sing Group Bhd.		1,606,800		360,182
MAS Real Estate, Inc.		13,905		19,817
MBK PCL, NVDR		29,800		22,867
Medinet Nasr Housing*		24,052		6,909
Megaworld Corp.		585,000		70,355
Midea Real Estate Holding Ltd.(b)		23,000		62,731
Mingfa Group International Co. Ltd.*(c)		36,000		8,692
Multiplan Empreendimentos Imobiliarios SA*		10,800		81,489
NEPI Rockcastle plc		21,536		197,024
Oberoi Realty Ltd.*		4,021		32,128
Origin Property PCL, NVDR		1,308,100		346,643
Origin Property PCL, Class F		78,900		20,908
Pakuwon Jati Tbk. PT		534,400		28,022
Palm Hills Developments SAE*		1,698,161		203,943
Parque Arauco SA		34,299		93,845
Poly Property Group Co. Ltd.		2,472,000		918,959
Powerlong Real Estate Holdings Ltd.		103,000		63,027
Prestige Estates Projects Ltd.		6,656		24,680
Prince Housing & Development Corp.		93,000		33,198
Pruksa Holding PCL, NVDR		62,400		44,637
Quality Houses PCL, NVDR		5,335,400		527,381
Radium Life Tech Co. Ltd.		927,000		412,888
Redco Properties Group Ltd.(b)		52,000		20,726
Redsun Properties Group Ltd.		1,236,000		399,479
Road King Infrastructure Ltd.		309,000		638,692
Robinsons Land Corp.		103,906		55,845
Ronshine China Holdings Ltd.*(b)		54,500		71,433
Ruentex Development Co. Ltd.*		65,400		87,178
Sansiri PCL, NVDR		7,560,200		366,272
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		37,440		44,104
Shenzhen Investment Ltd.		294,793		106,199
Shimao Property Holdings Ltd.		103,000		287,504
Shining Building Business Co. Ltd.*		13,650		4,236
Shui On Land Ltd.		321,000		68,892
Sime Darby Property Bhd.		73,800		17,437

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Singha Estate PCL, NVDR		77,400		8,959
Sino-Ocean Group Holding Ltd.		312,267		126,855
Sinyi Realty, Inc.		22,738		22,851
SK D&D Co. Ltd.		258		5,528
Skyfame Realty Holdings Ltd.		2,678,000		403,689
SM Prime Holdings, Inc.		494,400		354,618
SOHO China Ltd.		104,000		33,480
SP Setia Bhd. Group		53,194		25,266
Summarecon Agung Tbk. PT		433,400		40,968
Sunac China Holdings Ltd.		214,000		978,704
Sunway Bhd.		101,237		40,725
Supalai PCL, NVDR		48,600		34,765
Talaat Moustafa Group		51,370		30,878
Tian An China Investment Co. Ltd.		618,000		304,741
Times China Holdings Ltd.(a)		50,000		88,530
UEM Sunrise Bhd.*		71,900		13,939
United Development Co. QSC		2,234,160		852,979
UOA Development Bhd.		18,800		9,476
Vista Land & Lifescapes, Inc.		267,800		40,206
WHA Corp. PCL, NVDR		394,090		59,969
Yuexiu Property Co. Ltd.		618,000		140,528
Yuzhou Properties Co. Ltd.		188,395		89,289
Zall Smart Commerce Group Ltd.*		211,000		27,494
Zhenro Properties Group Ltd.(b)		126,000		73,560
Zhuguang Holdings Group Co. Ltd.*		150,000		19,354
				30,618,683
Road & Rail - 0.2%
BTS Group Holdings PCL, NVDR		220,640		88,959
CAR, Inc.*		25,000		17,885
Cia de Locacao das Americas*		1,500		19,933
CJ Logistics Corp.*		416		48,172
Container Corp. of India Ltd.		11,330		84,302
Cosan Logistica SA*		4,018		19,948
GMexico Transportes SAB de CV(a)(b)		21,300		24,664
Localiza Rent a Car SA*		26,900		314,569
PKP Cargo SA		39,655		348,208
Rumo SA*		51,500		300,026
				1,266,666
Semiconductors & Semiconductor Equipment - 3.6%
A-DATA Technology Co. Ltd.		273,000		464,431
Ardentec Corp.		552,720		535,025
ASE Technology Holding Co. Ltd.		309,000		694,605
ASMedia Technology, Inc.		1,104		18,994
ASPEED Technology, Inc.		1,000		22,222
Chang Wah Technology Co. Ltd.		21,000		187,069
Chipbond Technology Corp.		26,000		52,760
ChipMOS Technologies, Inc.		641,000		590,589
Darwin Precisions Corp.		11,000		6,403
DB HiTek Co. Ltd.		49,852		562,526
Elan Microelectronics Corp.*		8,400		21,638
Elite Advanced Laser Corp.		3,960		7,170
Elite Semiconductor Memory Technology, Inc.		12,000		12,716
eMemory Technology, Inc.		3,000		36,517
Eo Technics Co. Ltd.		390		23,536
Epistar Corp.*		58,000		46,258

Investments	Shares		Value ($)
Everlight Electronics Co. Ltd.		22,000		21,260
Faraday Technology Corp.		6,000		12,137
Formosa Advanced Technologies Co. Ltd.		206,000		220,273
GCL-Poly Energy Holdings Ltd.*(a)		15,450,000		888,169
GemVax & Kael Co. Ltd.*		2,692		27,646
Global Unichip Corp.		5,000		41,244
Globalwafers Co. Ltd.		20,000		216,430
Greatek Electronics, Inc.		26,000		37,208
Hanmi Semiconductor Co. Ltd.		1,248		6,920
Holtek Semiconductor, Inc.		1,000		2,251
Hua Hong Semiconductor Ltd.(a)(b)		20,000		41,799
Innox Advanced Materials Co. Ltd.*		535		24,012
Jusung Engineering Co. Ltd.		774		4,095
Koh Young Technology, Inc.		416		29,220
LandMark Optoelectronics Corp.		2,000		15,919
LEENO Industrial, Inc.		416		19,480
Lextar Electronics Corp.		12,000		5,904
Machvision, Inc.		1,000		11,995
Macronix International		103,000		104,505
MediaTek, Inc.		69,000		697,866
Nanya Technology Corp.		49,000		116,609
Novatek Microelectronics Corp.		24,000		128,121
On-Bright Electronics, Inc.		2,000		10,773
Parade Technologies Ltd.		3,400		56,529
Phison Electronics Corp.		6,000		59,237
Pixart Imaging, Inc.		5,000		17,527
Powertech Technology, Inc.*		81,000		222,978
Radiant Opto-Electronics Corp.		19,330		76,461
Realtek Semiconductor Corp.		19,070		128,480
SDI Corp.		7,000		14,340
Semiconductor Manufacturing International Corp.*		154,500		183,358
Seoul Semiconductor Co. Ltd.		1,370		18,701
Sigurd Microelectronics Corp.		454,000		424,865
Silergy Corp.		3,000		61,263
Silicon Works Co. Ltd.		416		13,414
Sino-American Silicon Products, Inc.		46,000		127,221
Sitronix Technology Corp.		5,000		21,949
SK Hynix, Inc.		53,148		3,454,553
Taiwan Semiconductor Co. Ltd.		9,000		14,428
Taiwan Semiconductor Manufacturing Co. Ltd.		801,000		6,684,552
Tokai Carbon Korea Co. Ltd.		86		4,092
Topco Scientific Co. Ltd.		175,000		466,547
Toptec Co. Ltd.		309		2,549
United Microelectronics Corp.		515,000		228,554
United Renewable Energy Co. Ltd.*		42,000		12,183
Vanguard International Semiconductor Corp.		35,000		71,248
Visual Photonics Epitaxy Co. Ltd.		6,000		19,392
Wafer Works Corp.		16,798		19,555
Win Semiconductors Corp.		17,961		154,799
Winbond Electronics Corp.		103,000		63,763

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
WONIK IPS Co. Ltd.		824		17,307
XinTec, Inc.*		6,000		9,455
Xinyi Solar Holdings Ltd.		205,999		113,685
				18,729,280
Software - 0.1%
Ahnlab, Inc.		190		8,736
Asseco Poland SA		7,004		99,804
Douzone Bizon Co. Ltd.		669		36,190
Kingdee International Software Group Co. Ltd.(a)		76,000		73,496
Kingsoft Corp. Ltd.*(a)		40,000		87,278
Linx SA		3,300		28,416
Oracle Financial Services Software Ltd.		883		43,577
Tata Elxsi Ltd.		516		4,777
TOTVS SA		3,500		45,115
				427,389
Specialty Retail - 1.4%
Ace Hardware Indonesia Tbk. PT		206,000		26,968
Beauty Community PCL, NVDR		114,400		13,912
Bermaz Auto Bhd.		20,800		12,853
China Yongda Automobiles Services Holdings Ltd.		1,545,000		1,444,755
China ZhengTong Auto Services Holdings Ltd.(a)		1,442,000		545,270
Detsky Mir PJSC(b)		313,429		443,156
Foschini Group Ltd. (The)		11,330		132,774
GOME Retail Holdings Ltd.*(a)		623,447		66,901
Grand Baoxin Auto Group Ltd.*		875,500		192,371
Home Product Center PCL, NVDR		133,900		74,885
Hotai Motor Co. Ltd.		17,000		246,290
Hotel Shilla Co. Ltd.		1,474		98,051
Italtile Ltd.		10,931		10,118
Jarir Marketing Co.		2,781		123,681
JUMBO SA		5,253		103,229
LOTTE Himart Co. Ltd.		936		29,035
M.Video PJSC*		93,112		629,775
Motus Holdings Ltd.		236,179		1,228,072
Mr Price Group Ltd.		10,918		136,081
Padini Holdings Bhd.		17,200		14,672
Petrobras Distribuidora SA		30,900		218,450
Pou Sheng International Holdings Ltd.(a)		97,000		27,014
PTG Energy PCL, NVDR		26,300		19,241
Seobu T&D*		508		3,633
Shinsegae International, Inc.		81		11,639
Siam Global House PCL, NVDR		61,282		33,077
Super Group Ltd.*		470,429		980,769
Truworths International Ltd.		22,454		99,044
Via Varejo SA*		17,100		35,085
Zhongsheng Group Holdings Ltd.		51,500		144,739
				7,145,540
Technology Hardware, Storage & Peripherals - 5.1%
Acer, Inc.		154,858		94,372
Advantech Co. Ltd.		16,220		137,186
Asustek Computer, Inc.		63,000		449,776
Catcher Technology Co. Ltd.		71,000		527,440
Chicony Electronics Co. Ltd.		23,992		61,262

Investments	Shares		Value ($)
Clevo Co.		721,000		738,494
CMC Magnetics Corp.*		44,000		9,707
Compal Electronics, Inc.		412,000		253,065
Coolpad Group Ltd.*		326,000		14,159
Darfon Electronics Corp.		252,000		338,345
Getac Technology Corp.		16,000		23,412
Gigabyte Technology Co. Ltd.		44,000		66,222
HTC Corp.*		29,000		36,232
Innodisk Corp.		103,000		419,015
Inventec Corp.		137,000		102,655
Legend Holdings Corp., Class H(b)		51,500		121,712
Lenovo Group Ltd.		618,000		502,112
Lite-On Technology Corp.		206,000		293,476
Meitu, Inc.*(b)		82,500		24,345
Micro-Star International Co. Ltd.*		28,000		79,060
Pegatron Corp.		206,000		337,200
Qisda Corp.		130,000		80,896
Quanta Computer, Inc.		103,000		190,462
Ritek Corp.*		32,590		9,160
Samsung Electronics Co. Ltd.		498,005		19,089,280
Samsung Electronics Co. Ltd. (Preference)		75,190		2,351,475
Sindoh Co. Ltd.		16		585
Transcend Information, Inc.		7,000		15,308
Wistron Corp.		103,000		77,178
Xiaomi Corp., Class B*(a)(b)		576,800		666,851
				27,110,442
Textiles, Apparel & Luxury Goods - 1.2%
Aditya Birla Fashion and Retail Ltd.*		6,536		17,888
Alpargatas SA (Preference)*		7,375		40,672
ANTA Sports Products Ltd.		37,000		277,929
Arezzo Industria e Comercio SA		1,600		21,428
Bata India Ltd.		2,024		38,475
Bosideng International Holdings Ltd.		126,000		43,782
CCC SA		1,067		41,580
China Dongxiang Group Co. Ltd.		4,532,000		561,586
China Lilang Ltd.		22,000		19,589
Cia Hering		4,800		40,823
Eclat Textile Co. Ltd.		9,698		128,182
F&F Co. Ltd.		206		12,101
Feng TAY Enterprise Co. Ltd.		18,834		126,285
FF Group*(c)		3,536		18,898
Fila Korea Ltd.		2,389		136,301
Formosa Taffeta Co. Ltd.		33,000		37,462
Fuguiniao Co. Ltd., Class H*(c)		334,800		165,948
Grendene SA		18,822		38,018
Guararapes Confeccoes SA		2,400		12,432
Handsome Co. Ltd.		1,177		36,958
Hansae Co. Ltd.		1,034		16,474
HS Industries Co. Ltd.		48,925		351,502
Hwaseung Enterprise Co. Ltd.		331		3,637
JNBY Design Ltd.(b)		10,000		18,421
Lao Feng Xiang Co. Ltd., Class B*		257,500		901,507
LF Corp.		25,647		531,106
Li Ning Co. Ltd.		77,000		191,420
LPP SA		103		209,920

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Makalot Industrial Co. Ltd.		8,032		47,140
Nan Liu Enterprise Co. Ltd.		2,000		9,648
Nishat Mills Ltd.		245,000		113,719
Page Industries Ltd.		206		54,425
Pou Chen Corp.		227,000		280,689
Quang Viet Enterprise Co. Ltd.		4,000		21,032
Rajesh Exports Ltd.		6,498		65,098
Raymond Ltd.		60		574
Roo Hsing Co. Ltd.*		515,000		202,055
Ruentex Industries Ltd.*		37,800		80,838
Shenzhou International Group Holdings Ltd.		31,800		441,582
Shinkong Textile Co. Ltd.		97,000		129,612
Tainan Spinning Co. Ltd.		48,555		19,128
Taiwan Paiho Ltd.		11,000		32,545
Texhong Textile Group Ltd.		328,500		332,365
Titan Co. Ltd.		13,184		202,470
Welspun India Ltd.		11,024		8,013
Xtep International Holdings Ltd.		39,000		28,249
Youngone Corp.		890		25,314
Youngone Holdings Co. Ltd.		7,107		316,574
				6,451,394
Thrifts & Mortgage Finance - 0.5%
GRUH Finance Ltd.		6,573		23,617
Housing Development Finance Corp. Ltd.		72,718		2,243,121
IIFL Finance Ltd.		3,988		6,844
Indiabulls Housing Finance Ltd.		29,870		232,585
LIC Housing Finance Ltd.		13,081		98,585
Malaysia Building Society Bhd.		100,217		21,129
PNB Housing Finance Ltd.(b)		860		8,870
Sangsangin Co. Ltd.*		907		14,490
				2,649,241
Tobacco - 0.2%
British American Tobacco Malaysia Bhd.		5,900		32,285
Eastern Co. SAE		79,001		74,901
Gudang Garam Tbk. PT		21,800		117,422
ITC Ltd.		127,205		499,684
KT&G Corp.		5,562		452,726
				1,177,018
Trading Companies & Distributors - 0.5%
Adani Enterprises Ltd.		15,288		28,627
AKR Corporindo Tbk. PT		71,700		20,461
Barloworld Ltd.		8,533		72,460
BOC Aviation Ltd.(b)		20,600		178,423
Brighton-Best International Taiwan, Inc.		16,000		17,983
China Aircraft Leasing Group Holdings Ltd.(b)		360,500		390,071
CITIC Resources Holdings Ltd.		3,090,000		221,055
Ferreycorp SAA		1,232,704		807,742
LG International Corp.		38,316		597,524
Posco International Corp.		3,955		62,680
Shougang Concord International Enterprises Co. Ltd.		10,506,000		409,347
SK Networks Co. Ltd.		12,371		52,178
				2,858,551

Investments	Shares		Value ($)
Transportation Infrastructure - 1.5%
Adani Ports & Special Economic Zone Ltd.		32,960		180,912
Airports of Thailand PCL		54,000		125,979
Airports of Thailand PCL, NVDR		131,400		307,618
Bangkok Aviation Fuel Services PCL, NVDR		18,800		22,159
Bangkok Expressway & Metro PCL, NVDR		298,700		101,978
Beijing Capital International Airport Co. Ltd., Class H		74,000		58,611
CCR SA		51,500		204,626
China Merchants Port Holdings Co. Ltd.		36,123		60,083
COSCO SHIPPING Ports Ltd.		70,854		62,093
DP World plc		7,004		107,862
EcoRodovias Infraestrutura e Logistica SA		226,600		709,442
Grupo Aeroportuario del Centro Norte SAB de CV		16,000		99,470
Grupo Aeroportuario del Pacifico SAB de CV, Class B		14,600		147,913
Grupo Aeroportuario del Sureste SAB de CV, Class B		8,240		126,298
International Container Terminal Services, Inc.		40,310		106,939
Jasa Marga Persero Tbk. PT		88,423		37,850
Jiangsu Expressway Co. Ltd., Class H		62,000		83,798
Lingkaran Trans Kota Holdings Bhd.		17,200		19,174
Malaysia Airports Holdings Bhd.		41,200		83,768
Novorossiysk Commercial Sea Port PJSC		289,596		35,111
Promotora y Operadora de Infraestructura SAB de CV		10,300		93,666
Promotora y Operadora de Infraestructura SAB de CV, Class L		2,300		14,175
Qingdao Port International Co. Ltd., Class H(b)		1,442,000		1,031,592
Shenzhen Expressway Co. Ltd., Class H		898,000		1,069,170
Shenzhen International Holdings Ltd.(a)		55,833		103,707
Taiwan High Speed Rail Corp.		103,000		137,795
TAV Havalimanlari Holding A/S		6,386		28,820
Tianjin Port Development Holdings Ltd.		2,060,000		213,161
Westports Holdings Bhd.		61,600		59,712
Yuexiu Transport Infrastructure Ltd.		824,000		655,798
Zhejiang Expressway Co. Ltd., Class H		1,854,000		1,804,760
				7,894,040
Water Utilities - 0.5%
Aguas Andinas SA, Class A		141,831		79,726
Beijing Enterprises Water Group Ltd.*		510,000		270,379

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
China Everbright Water Ltd.		865,200		218,110
China Water Affairs Group Ltd.		1,096,000		980,084
Cia de Saneamento Basico do Estado de Sao Paulo*		30,900		438,543
Guangdong Investment Ltd.		120,000		252,941
Inversiones Aguas Metropolitanas SA		11,208		16,436
Manila Water Co., Inc.		1,060,900		489,927
TTW PCL, NVDR		68,000		29,849
				2,775,995
Wireless Telecommunication Services - 1.9%
Advanced Info Service PCL, NVDR		45,100		312,349
America Movil SAB de CV, Series L(a)		1,019,700		724,127
Axiata Group Bhd.		135,586		165,273
Bharti Airtel Ltd.		69,010		338,704
China Mobile Ltd.		515,000		4,391,503
DiGi.Com Bhd.		82,400		99,843
Empresa Nacional de Telecomunicaciones SA*		5,699		52,437
Etihad Etisalat Co.*		17,098		111,417
Far EasTone Telecommunications Co. Ltd.		65,000		149,459
Global Telecom Holding SAE*		170,720		51,000
Globe Telecom, Inc.		1,560		65,849
Indosat Tbk. PT*		1,493,500		363,333
Maxis Bhd.		72,100		99,243
Mobile Telecommunications Co.*		14,214		53,588
Mobile TeleSystems PJSC		88,683		370,517
MTN Group Ltd.		70,555		561,155
PLAY Communications SA(b)		10,800		88,774
PLDT, Inc.		3,420		77,288
Sistema PJSFC		18,643		3,553
SK Telecom Co. Ltd.		3,708		778,834
Taiwan Mobile Co. Ltd.		67,000		235,934
TIM Participacoes SA*		30,900		100,356
Turkcell Iletisim Hizmetleri A/S		100,425		235,816
Vodacom Group Ltd.		28,531		236,843
Vodafone Idea Ltd.*		497,721		49,566
Vodafone Qatar QSC		101,920		39,472
XL Axiata Tbk. PT*		149,675		34,490
				9,790,723
TOTAL COMMON STOCKS (Cost $477,120,294)				518,853,564
Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS - 0.0%(d)
Independent Power and Renewable Electricity Producers - 0.0%(d)
NTPC Ltd. Series 54, 8.49%, 3/25/2025 (Cost $–)	INR	49,126		9,703

Investments	Number of Rights		Value ($)
RIGHTS - 0.0%(d)
Biotechnology - 0.0%(d)
Helixmith Co. Ltd., expiring 8/6/2019, price 136,000.00 KRW*(c)		45		2,685
Food Products - 0.0%(d)
Hortifrut SA, expiring 8/7/2019, price 1,820.00 CLP*		644		5
Naturecell Co. Ltd., expiring 9/3/2019, price 6,200.00 KRW*(c)		103		221
				226
Technology Hardware, Storage & Peripherals - 0.0%
Legend Holdings Corp., expiring 12/31/2019*‡(c)		4,192		—
TOTAL RIGHTS (Cost $–)				2,911
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(e) - 0.3%
REPURCHASE AGREEMENTS - 0.3%
Citigroup Global Markets, Inc., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $934,951, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 6.13%, maturing 8/15/2019 - 5/15/2028; total market value $945,996		934,886		934,886
Societe Generale, 2.48%, dated 7/31/2019, due 8/1/2019, repurchase price $700,048, collateralized by various U.S. Treasury Securities, ranging from 1.38% - 2.75%, maturing 4/30/2021 - 9/15/2021; Common Stocks; total market value $769,183		700,000		700,000
				1,634,886
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $1,634,886)				1,634,886
Total Investments - 98.8% (Cost $478,755,180)				520,501,064
Other Assets Less Liabilities - 1.2%				6,407,534
Net Assets - 100.0%				526,908,598

* Non-income producing security.

^ Security subject to restrictions on resale.

‡ Value determined using significant unobservable inputs.

See Accompanying Notes to the Schedules of Investments.

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

(a) The security or a portion of this security is on loan at July 31, 2019. The total value of securities on loan at July 31, 2019 was $13,669,560, collateralized in the form of cash with a value of $1,634,886 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $3,745,557 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.75%, and maturity dates ranging from August 8, 2019 – February 15, 2049 and $9,221,524 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from September 2, 2019 – September 20, 2117; a total value of $14,601,967.

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

(c) Security fair valued as of July 31, 2019 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at July 31, 2019 amounted to $1,021,826, which represents approximately 0.19% 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 July 31, 2019. The total value of securities purchased was $1,634,886.

Percentages shown are based on Net Assets.

Abbreviations

ADR	American Depositary Receipt
CLP	Chilean Peso
GDR	Global Depositary Receipt
INR	Indian Rupee
KRW	Korean Won
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

See Accompanying Notes to the Schedules of Investments.

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

Futures Contracts

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund had the following open futures contracts as of July 31, 2019:

	Number of Contracts	Expiration Date	Trading Currency	Notional Amount		Value and Unrealized Depreciation
Long Contracts
MSCI Emerging Markets E-Mini Index	159	09/20/2019	USD	$	8,153,520	$	(22,647	)

Forward Foreign Currency Contracts

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund had the following outstanding contracts as of July 31, 2019:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
KRW*	826,987,000	Toronto-Dominion Bank (The)	USD	700,000		09/18/2019	$	37
USD	200,000	BNP Paribas SA	KRW*	235,966,900		09/18/2019		256
USD	868,489	Toronto-Dominion Bank (The)	KRW*	1,022,697,890		09/18/2019		2,785
Total unrealized appreciation							$	3,078
USD	170,511	Goldman Sachs & Co.	BRL*	666,099		09/18/2019	$	(5,903	)
USD	1,673,340	Citibank NA	HKD	13,094,369		09/18/2019		(76	)
USD	197,081	Toronto-Dominion Bank (The)	INR*	13,841,415		09/18/2019		(3,144	)
USD	244,929	Goldman Sachs & Co.	RUB*	16,042,431		09/18/2019		(6,329	)
USD	1,000,000	BNP Paribas SA	TWD*	31,012,869		09/18/2019		(5	)
USD	106,700	Morgan Stanley	TWD*	3,342,878		09/18/2019		(1,091	)
Total unrealized depreciation							$	(16,548	)
Net unrealized depreciation							$	(13,470	)

* Non-deliverable forward.

Abbreviations:

BRL — Brazilian Real

HKD — Hong Kong Dollar

INR — Indian Rupee

KRW — Korean Won

RUB — Russian Ruble

TWD — Taiwan Dollar

USD — US Dollar

See Accompanying Notes to the Schedules of Investments.

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 July 31, 2019:

Brazil	7.1	%
Chile	0.8
China	31.6
Colombia	0.4
Czech Republic	0.1
Egypt	0.4
Greece	0.6
Hungary	0.3
India	6.0
Indonesia	2.2
Malaysia	1.5
Mexico	2.0
Pakistan	0.6
Peru	0.3
Philippines	1.8
Poland	1.3
Qatar	1.5
Russia	3.3
Saudi Arabia	1.1
South Africa	5.6
South Korea	14.1
Taiwan	11.8
Thailand	2.0
Turkey	1.2
United Arab Emirates	0.9
Other1	1.5
	100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® Currency Hedged Morningstar DM ex-US Factor Tilt Index Fund

July 31, 2019 (Unaudited)

Investments	Shares		Value ($)
EXCHANGE TRADED FUNDS - 98.9%
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund(a) (Cost $8,718,696)		134,664		8,032,331
Total Investments - 98.9% (Cost $8,718,696)				8,032,331
Other Assets Less Liabilities - 1.1%				92,038
Net Assets - 100.0%				8,124,369

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

Percentages shown are based on Net Assets.

The FlexShares^® Currency Hedged Morningstar DM ex-US Factor Tilt Index Fund currently seeks its investment objective by investing a substantial portion of its assets in an affiliated FlexShares^® Fund. The Schedule of Investments of the affiliated FlexShares^® Fund is located elsewhere in this Report.

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Currency Hedged Morningstar DM ex-US Factor Tilt Index Fund (cont.)

Investment in a company which was affiliated for the period ended July 31, 2019, was as follows:

Security	Value October 31, 2018		Purchases at Cost		Sales Proceeds		Shares July 31, 2019		Value July 31, 2019		Change in Unrealized Appreciation (Depreciation)		Dividend Income		Realized Loss
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund	$	7,846,364	$	1,092,028	$	916,980		134,664	$	8,032,331	$	57,326	$	211,212	$	(46,407	)

Forward Foreign Currency Contracts

FlexShares^® Currency Hedged Morningstar DM ex-US Factor Tilt Index Fund had the following outstanding contracts as of July 31, 2019:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	423,212	Toronto-Dominion Bank (The)	AUD	600,000		08/20/2019	$	9,381
USD	767,383	Toronto-Dominion Bank (The)	CAD	1,003,000		08/20/2019		3,289
USD	435,800	Toronto-Dominion Bank (The)	CHF	427,000		08/20/2019		3,762
USD	92,809	Toronto-Dominion Bank (The)	DKK	616,000		08/20/2019		813
USD	2,084,123	Toronto-Dominion Bank (The)	EUR	1,853,000		08/20/2019		17,926
USD	1,342,178	Toronto-Dominion Bank (The)	GBP	1,072,000		08/20/2019		28,388
USD	281,038	Toronto-Dominion Bank (The)	HKD	2,193,000		08/20/2019		814
USD	2,263,154	Toronto-Dominion Bank (The)	JPY	243,335,000		08/20/2019		18,952
USD	93,156	Toronto-Dominion Bank (The)	NOK	798,000		08/20/2019		2,241
USD	27,101	Toronto-Dominion Bank (The)	NZD	40,000		08/20/2019		691
USD	225,263	Toronto-Dominion Bank (The)	SEK	2,107,000		08/20/2019		5,318
USD	90,471	Toronto-Dominion Bank (The)	SGD	123,000		08/20/2019		572
Total unrealized appreciation							$	92,147
USD	79,516	Toronto-Dominion Bank (The)	ILS	281,000		08/20/2019	$	(932	)
Total unrealized depreciation							$	(932	)
Net unrealized appreciation							$	91,215

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 Schedules of Investments.

Schedule of Investments

FlexShares^® Currency Hedged Morningstar EM Factor Tilt Index Fund

July 31, 2019 (Unaudited)

Investments	Shares		Value ($)
EXCHANGE TRADED FUNDS - 98.6%
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund(a) (Cost $5,811,345)		107,032		5,379,428
Total Investments - 98.6% (Cost $5,811,345)				5,379,428
Other Assets Less Liabilities - 1.4%				75,764
Net Assets - 100.0%				5,455,192

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

Percentages shown are based on Net Assets.

The FlexShares^® Currency Hedged Morningstar EM Factor Tilt Index Fund currently seeks its investment objective by investing a substantial portion of its assets in an affiliated FlexShares^® Fund. The Schedule of Investments of the affiliated FlexShares^® Fund is located elsewhere in this Report.

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Currency Hedged Morningstar EM Factor Tilt Index Fund (cont.)

Investment in a company which was affiliated for the period ended July 31, 2019, was as follows:

Security	Value October 31, 2018		Purchases at Cost		Sales Proceeds		Shares July 31, 2019		Value July 31, 2019		Change in Unrealized Appreciation (Depreciation)		Dividend Income		Realized Loss
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund	$	4,467,575	$	783,170	$	172,812		107,032	$	5,379,428	$	330,485	$	77,782	$	(28,990	)

Futures Contracts

FlexShares^® Currency Hedged Morningstar EM Factor Tilt Index Fund had the following open futures contract as of July 31, 2019:

	Number of Contracts	Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Appreciation
Long Contracts
MSCI Emerging Markets E-Mini Index	1		09/20/2019	USD	$	51,280	$	474

Forward Foreign Currency Contracts

FlexShares^® Currency Hedged Morningstar EM Factor Tilt Index Fund had the following outstanding contracts as of July 31, 2019:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	400,096	Goldman Sachs & Co.	BRL*	1,500,000		08/21/2019	$	1,935
USD	45,425	JPMorgan Chase Bank	CLP*	31,170,000		08/21/2019		954
USD	33,744	Toronto-Dominion Bank (The)	EUR	30,000		08/21/2019		290
USD	1,582,694	Toronto-Dominion Bank (The)	HKD	12,350,000		08/21/2019		4,575
USD	120,564	Toronto-Dominion Bank (The)	IDR*	1,687,270,000		08/21/2019		455
USD	813,569	BNP Paribas SA	KRW*	954,580,000		08/21/2019		6,243
USD	87,689	Goldman Sachs & Co.	MYR*	360,000		08/21/2019		478
USD	73,968	Toronto-Dominion Bank (The)	PLN	280,000		08/21/2019		1,191
USD	185,902	Goldman Sachs & Co.	RUB*	11,760,000		08/21/2019		1,010
USD	664,470	JPMorgan Chase Bank	TWD*	20,570,000		08/21/2019		2,223
USD	328,051	Toronto-Dominion Bank (The)	ZAR	4,580,000		08/21/2019		5,758
Total unrealized appreciation							$	25,112
USD	112,527	Toronto-Dominion Bank (The)	MXN	2,150,000		08/21/2019	$	(356	)
USD	114,950	BNP Paribas SA	THB	3,540,000		08/21/2019		(206	)
USD	61,085	Toronto-Dominion Bank (The)	TRY	350,000		08/21/2019		(1,328	)
USD	353,520	BNP Paribas SA	INR*	24,410,000		08/22/2019		(613	)
USD	103,857	JPMorgan Chase Bank	PHP*	5,310,000		08/22/2019		(421	)
Total unrealized depreciation							$	(2,924	)
Net unrealized appreciation							$	22,188

* Non-deliverable forward.

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Currency Hedged Morningstar EM Factor Tilt Index Fund (cont.)

Abbreviations:

BRL — Brazilian Real

CLP — Chilean Peso

EUR — Euro

HKD — Hong Kong Dollar

IDR — Indonesian Rupiah

INR — Indian Rupee

KRW — Korean Won

MXN — Mexican Peso

MYR — Malaysian Ringgit

PHP — Philippine Peso

PLN — Polish Zloty

RUB — Russian Ruble

THB — Thai Baht

TRY — Turkish Lira

TWD — Taiwan Dollar

USD — US Dollar

ZAR — South African Rand

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® US Quality Large Cap Index Fund

July 31, 2019 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 99.8%
Aerospace & Defense - 2.2%
Boeing Co. (The)		2,464		840,668
Textron, Inc.		4,648		229,146
				1,069,814
Air Freight & Logistics - 1.0%
CH Robinson Worldwide, Inc.(a)		2,744		229,755
Expeditors International of Washington, Inc.(a)		3,248		247,985
				477,740
Airlines - 0.4%
Southwest Airlines Co.		4,200		216,426
Banks - 3.6%
Bank of America Corp.		9,240		283,483
Citigroup, Inc.		13,216		940,451
JPMorgan Chase & Co.		1,848		214,368
M&T Bank Corp.		1,624		266,742
				1,705,044
Beverages - 0.7%
Molson Coors Brewing Co., Class B(a)		3,864		208,617
Monster Beverage Corp.*		2,128		137,192
				345,809
Biotechnology - 2.7%
AbbVie, Inc.		1,344		89,537
Amgen, Inc.		4,312		804,533
Biogen, Inc.*		1,792		426,174
				1,320,244
Capital Markets - 2.7%
E*TRADE Financial Corp.		952		46,448
Goldman Sachs Group, Inc. (The)		3,192		702,655
Morgan Stanley		11,872		529,016
				1,278,119
Chemicals - 1.2%
Celanese Corp.(a)		1,064		119,349
CF Industries Holdings, Inc.		5,544		274,761
LyondellBasell Industries NV, Class A		2,016		168,719
				562,829
Communications Equipment - 2.2%
Cisco Systems, Inc.		18,704		1,036,202
Construction & Engineering - 0.5%
Jacobs Engineering Group, Inc.		3,136		258,751
Consumer Finance - 2.8%
Ally Financial, Inc.		8,568		281,973
American Express Co.		672		83,577
Capital One Financial Corp.		4,256		393,339
Discover Financial Services		3,472		311,577

Investments	Shares		Value ($)
Synchrony Financial		7,840		281,299
				1,351,765
Diversified Financial Services - 1.4%
AXA Equitable Holdings, Inc.		11,200		251,776
Berkshire Hathaway, Inc., Class B*		728		149,553
Voya Financial, Inc.		4,648		261,078
				662,407
Diversified Telecommunication Services - 2.4%
CenturyLink, Inc.(a)		18,424		222,746
Verizon Communications, Inc.		16,968		937,821
				1,160,567
Electric Utilities - 2.4%
Exelon Corp.		8,624		388,598
Pinnacle West Capital Corp.(a)		2,576		234,983
Southern Co. (The)		9,072		509,846
				1,133,427
Electrical Equipment - 0.7%
Eaton Corp. plc		3,864		317,582
Electronic Equipment, Instruments & Components - 0.6%
CDW Corp.		2,464		291,146
Energy Equipment & Services - 0.2%
Baker Hughes a GE Co.		2,912		73,936
Entertainment - 1.3%
Activision Blizzard, Inc.		6,608		322,074
Electronic Arts, Inc.*		280		25,900
Liberty Media Corp.-Liberty Formula One, Class C*		504		19,847
Take-Two Interactive Software, Inc.*		168		20,583
Viacom, Inc., Class B		8,176		248,142
				636,546
Equity Real Estate Investment Trusts (REITs) - 4.0%
American Tower Corp.		1,904		402,924
AvalonBay Communities, Inc.		1,400		292,306
Duke Realty Corp.		784		26,131
Equity Residential		1,344		106,028
Essex Property Trust, Inc.		896		270,789
HCP, Inc.		8,008		255,695
Host Hotels & Resorts, Inc.		13,048		226,905
Public Storage		1,456		353,459
				1,934,237
Food & Staples Retailing - 3.3%
Kroger Co. (The)		9,240		195,518
Sysco Corp.		2,800		191,996
Walgreens Boots Alliance, Inc.		7,504		408,893
Walmart, Inc.		7,168		791,204
				1,587,611
Food Products - 0.6%
Archer-Daniels-Midland Co.		6,496		266,856

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Gas Utilities - 0.5%
UGI Corp.		4,648		237,466
Health Care Equipment & Supplies - 1.4%
Medtronic plc		5,488		559,446
Varian Medical Systems, Inc.*		840		98,591
				658,037
Health Care Providers & Services - 3.3%
Anthem, Inc.		672		197,978
Cardinal Health, Inc.		4,704		215,114
Henry Schein, Inc.*		3,416		227,301
Humana, Inc.		1,232		365,596
McKesson Corp.		2,072		287,904
UnitedHealth Group, Inc.		1,176		292,836
				1,586,729
Hotels, Restaurants & Leisure - 1.3%
Hilton Worldwide Holdings, Inc.		3,024		291,967
Yum! Brands, Inc.		2,968		333,960
				625,927
Independent Power and Renewable Electricity Producers - 0.9%
AES Corp.		14,784		248,223
NRG Energy, Inc.		6,104		208,391
				456,614
Industrial Conglomerates - 0.6%
Honeywell International, Inc.		1,680		289,733
Insurance - 2.5%
Aflac, Inc.		7,000		368,480
Allstate Corp. (The)		3,192		342,821
Loews Corp.		392		20,988
Progressive Corp. (The)		5,320		430,813
Torchmark Corp.		168		15,342
				1,178,444
Interactive Media & Services - 2.7%
Alphabet, Inc., Class A*		112		136,439
Alphabet, Inc., Class C*		224		272,536
Facebook, Inc., Class A*		2,016		391,568
IAC/InterActiveCorp*		1,120		267,736
Match Group, Inc.(a)		3,304		248,758
				1,317,037
Internet & Direct Marketing Retail - 3.3%
Amazon.com, Inc.*		448		836,317
Booking Holdings, Inc.*		224		422,601
eBay, Inc.		7,784		320,623
				1,579,541
IT Services - 6.5%
Cognizant Technology Solutions Corp., Class A		5,152		335,601
DXC Technology Co.		4,032		224,865
Fidelity National Information Services, Inc.(a)		5,600		746,200
International Business Machines Corp.		5,824		863,350
Mastercard, Inc., Class A		2,408		655,626
VeriSign, Inc.*		1,400		295,526
				3,121,168

Investments	Shares		Value ($)
Life Sciences Tools & Services - 0.5%
Waters Corp.*(a)		1,120		235,827
Machinery - 1.1%
Cummins, Inc.		1,736		284,704
Dover Corp.(a)		2,688		260,333
				545,037
Media - 1.8%
CBS Corp. (Non-Voting), Class B		5,376		276,918
DISH Network Corp., Class A*(a)		784		26,546
Interpublic Group of Cos., Inc. (The)		10,360		237,451
Liberty Broadband Corp., Class C*		224		22,290
Liberty Global plc, Class C*(a)		1,176		30,623
Omnicom Group, Inc.(a)		3,304		265,047
				858,875
Metals & Mining - 0.9%
Nucor Corp.		4,424		240,577
Steel Dynamics, Inc.		6,552		206,454
				447,031
Multiline Retail - 1.2%
Kohl’s Corp.(a)		3,752		202,083
Macy’s, Inc.(a)		9,744		221,481
Nordstrom, Inc.(a)		4,592		152,041
				575,605
Multi-Utilities - 0.6%
DTE Energy Co.		2,128		270,490
Oil, Gas & Consumable Fuels - 5.7%
Chevron Corp.		8,120		999,653
ConocoPhillips		10,304		608,760
Exxon Mobil Corp.		2,296		170,731
HollyFrontier Corp.		4,256		211,821
Phillips 66		3,920		402,035
Valero Energy Corp.		3,808		324,632
				2,717,632
Personal Products - 0.4%
Herbalife Nutrition Ltd.*		4,368		179,175
Pharmaceuticals - 5.1%
Allergan plc		3,024		485,352
Eli Lilly & Co.		5,824		634,525
Johnson & Johnson		8,792		1,144,894
Mylan NV*		8,064		168,538
				2,433,309
Professional Services - 0.5%
Robert Half International, Inc.(a)		3,808		230,041
Thomson Reuters Corp.		392		26,331
				256,372
Road & Rail - 0.6%
Norfolk Southern Corp.		1,456		278,271
Semiconductors & Semiconductor Equipment - 4.8%
Broadcom, Inc.		2,856		828,211
Intel Corp.		9,912		501,052
Lam Research Corp.(a)		1,512		315,418
NXP Semiconductors NV		1,232		127,376

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Texas Instruments, Inc.		4,256		532,043
				2,304,100
Software - 6.1%
Citrix Systems, Inc.		2,408		226,930
Intuit, Inc.		2,184		605,645
Microsoft Corp.		8,624		1,175,193
Oracle Corp.		15,848		892,242
VMware, Inc., Class A		112		19,543
				2,919,553
Specialty Retail - 3.7%
Advance Auto Parts, Inc.		280		42,179
AutoZone, Inc.*		280		314,451
Best Buy Co., Inc.		3,696		282,855
Home Depot, Inc. (The)		5,040		1,076,998
Lowe’s Cos., Inc.		392		39,749
				1,756,232
Technology Hardware, Storage & Peripherals - 5.3%
Apple, Inc.		9,632		2,052,001
Hewlett Packard Enterprise Co.		10,864		156,116
HP, Inc.		14,504		305,164
NetApp, Inc.		448		26,204
				2,539,485
Textiles, Apparel & Luxury Goods - 1.0%
Ralph Lauren Corp.(a)		2,016		210,128
VF Corp.		3,024		264,267
				474,395
Tobacco - 0.1%
Altria Group, Inc.		1,176		55,354
Trading Companies & Distributors - 0.5%
WW Grainger, Inc.		840		244,465
TOTAL COMMON STOCKS (Cost $45,921,026)				47,828,962
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(b) - 1.9%
REPURCHASE AGREEMENTS - 1.9%
Citigroup Global Markets, Inc., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $406,493, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 6.13%, maturing 8/15/2019 - 5/15/2028; total market value $411,295		406,464		406,464

Investments	Principal Amount ($)		Value ($)
NatWest Markets Securities, Inc., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $500,035, collateralized by various U.S. Treasury Securities, ranging from 1.25% - 3.00%, maturing 8/31/2019 - 10/31/2025; total market value $506,673		500,000		500,000
				906,464
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $906,464)				906,464
Total Investments - 101.7% (Cost $46,827,490)				48,735,426
Liabilities in excess of other assets - (1.7%)				(794,171	)
Net Assets - 100.0%				47,941,255

* Non-income producing security.

(a) The security or a portion of this security is on loan at July 31, 2019. The total value of securities on loan at July 31, 2019 was $3,443,914, collateralized in the form of cash with a value of $906,464 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $2,417,632 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.75%, and maturity dates ranging from August 8, 2019 – May 15, 2049 and $264,567 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from September 2, 2019 – September 20, 2117; a total value of $3,588,663.

(b) The security was purchased with cash collateral held from securities on loan at July 31, 2019. The total value of securities purchased was $906,464.

Percentages shown are based on Net Assets.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® STOXX^® US ESG Impact Index Fund

July 31, 2019 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 98.6%
Air Freight & Logistics - 0.9%
FedEx Corp.(a)		1,044		178,033
United Parcel Service, Inc., Class B		2,349		280,635
				458,668
Airlines - 0.1%
Alaska Air Group, Inc.		319		20,212
Southwest Airlines Co.		957		49,314
				69,526
Auto Components - 0.0%(b)
Lear Corp.		116		14,706
Automobiles - 0.7%
General Motors Co.		5,365		216,424
Tesla, Inc.*(a)		580		140,134
				356,558
Banks - 7.7%
Bank of America Corp.		35,293		1,082,789
BB&T Corp.		1,653		85,179
Citigroup, Inc.		9,483		674,810
Fifth Third Bancorp		2,697		80,074
JPMorgan Chase & Co.		13,253		1,537,348
KeyCorp		2,030		37,291
PNC Financial Services Group, Inc. (The)		1,102		157,476
US Bancorp(a)		4,959		283,407
Zions Bancorp NA		522		23,527
				3,961,901
Beverages - 2.6%
Brown-Forman Corp., Class B(a)		783		42,916
Coca-Cola Co. (The)		10,498		552,510
Coca-Cola European Partners plc		667		36,872
PepsiCo, Inc.		5,655		722,765
				1,355,063
Biotechnology - 1.6%
AbbVie, Inc.(a)		3,712		247,293
Amgen, Inc.		1,392		259,719
Biogen, Inc.*		145		34,484
Celgene Corp.*		1,943		178,484
Vertex Pharmaceuticals, Inc.*		493		82,144
				802,124
Building Products - 0.3%
Allegion plc		203		21,018
Johnson Controls International plc		2,552		108,307
Lennox International, Inc.(a)		58		14,876
				144,201
Capital Markets - 2.6%
Bank of New York Mellon Corp. (The)		1,189		55,788
BlackRock, Inc.		493		230,566
Goldman Sachs Group, Inc. (The)(a)		1,537		338,340

Investments	Shares		Value ($)
Intercontinental Exchange, Inc.		1,479		129,945
MarketAxess Holdings, Inc.		29		9,774
Morgan Stanley		5,423		241,649
MSCI, Inc.		232		52,719
Nasdaq, Inc.		406		39,126
S&P Global, Inc.		783		191,796
SEI Investments Co.		522		31,106
State Street Corp.		319		18,531
				1,339,340
Chemicals - 1.5%
Air Products & Chemicals, Inc.		638		145,636
Celanese Corp.(a)		464		52,047
Corteva, Inc.		1,218		35,931
Dow, Inc.		1,102		53,381
Eastman Chemical Co.		464		34,962
Ecolab, Inc.		1,102		222,307
International Flavors & Fragrances, Inc.(a)		232		33,406
LyondellBasell Industries NV, Class A		464		38,832
PPG Industries, Inc.		551		64,682
Sherwin-Williams Co. (The)		174		89,269
				770,453
Commercial Services & Supplies - 0.5%
Cintas Corp.		261		67,975
Republic Services, Inc.		754		66,842
Waste Management, Inc.		1,131		132,327
				267,144
Communications Equipment - 1.6%
Arista Networks, Inc.*		29		7,930
Cisco Systems, Inc.		14,674		812,940
				820,870
Construction Materials - 0.1%
Martin Marietta Materials, Inc.(a)		174		43,108
Consumer Finance - 0.4%
Ally Financial, Inc.		1,305		42,948
Capital One Financial Corp.		1,218		112,568
Synchrony Financial		1,363		48,904
				204,420
Containers & Packaging - 0.2%
Ball Corp.		841		60,115
International Paper Co.		232		10,187
Packaging Corp. of America		377		38,066
Westrock Co.		29		1,045
				109,413
Diversified Financial Services - 0.8%
Berkshire Hathaway, Inc., Class B*		1,798		369,363
Voya Financial, Inc.(a)		667		37,466
				406,829
Diversified Telecommunication Services - 3.8%
AT&T, Inc.		29,899		1,018,061
CenturyLink, Inc.(a)		493		5,960

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Verizon Communications, Inc.		16,936		936,053
				1,960,074
Electric Utilities - 1.6%
Alliant Energy Corp.		957		47,410
American Electric Power Co., Inc.		1,566		137,510
Duke Energy Corp.		1,276		110,655
Edison International		493		36,748
Entergy Corp.		493		52,071
Evergy, Inc.		319		19,296
Eversource Energy		1,189		90,198
Exelon Corp.		2,233		100,619
FirstEnergy Corp.		1,450		63,757
Pinnacle West Capital Corp.		261		23,808
PPL Corp.		2,465		73,038
Xcel Energy, Inc.		1,363		81,248
				836,358
Electrical Equipment - 0.6%
AMETEK, Inc.		667		59,770
Eaton Corp. plc		1,189		97,724
Emerson Electric Co.		1,769		114,773
Rockwell Automation, Inc.		261		41,963
				314,230
Electronic Equipment, Instruments & Components - 0.3%
CDW Corp.		406		47,973
TE Connectivity Ltd.		899		83,068
				131,041
Energy Equipment & Services - 0.3%
Baker Hughes a GE Co.		1,711		43,442
National Oilwell Varco, Inc.		116		2,763
Schlumberger Ltd.		2,407		96,208
				142,413
Entertainment - 2.9%
Netflix, Inc.*		899		290,368
Spotify Technology SA*		464		71,892
Take-Two Interactive Software, Inc.*		232		28,425
Viacom, Inc., Class B		1,537		46,648
Walt Disney Co. (The)		7,308		1,045,117
				1,482,450
Equity Real Estate Investment Trusts (REITs) - 1.7%
Alexandria Real Estate Equities, Inc.(a)		174		25,467
American Tower Corp.		522		110,466
Camden Property Trust(a)		116		12,030
Equity LifeStyle Properties, Inc.		319		39,636
Equity Residential		406		32,029
Essex Property Trust, Inc.		87		26,293
Federal Realty Investment Trust		145		19,141
HCP, Inc.		1,972		62,966
Host Hotels & Resorts, Inc.		3,567		62,030
Iron Mountain, Inc.(a)		725		21,322
Public Storage		522		126,721
Sun Communities, Inc.		87		11,555
Ventas, Inc.		1,218		81,959
Vornado Realty Trust		754		48,497
Welltower, Inc.		1,334		110,882
Weyerhaeuser Co.		2,494		63,373

Investments	Shares		Value ($)
WP Carey, Inc.(a)		203		17,568
				871,935
Food & Staples Retailing - 0.5%
Kroger Co. (The)		1,160		24,545
Sysco Corp.		2,030		139,197
Walgreens Boots Alliance, Inc.		1,624		88,492
				252,234
Food Products - 0.7%
Conagra Brands, Inc.		1,073		30,978
General Mills, Inc.		2,204		117,054
Hershey Co. (The)(a)		551		83,609
Hormel Foods Corp.		29		1,189
JM Smucker Co. (The)(a)		348		38,694
Kellogg Co.(a)		870		50,651
McCormick & Co., Inc. (Non-Voting)		261		41,379
				363,554
Health Care Equipment & Supplies - 3.0%
Abbott Laboratories		7,163		623,897
Becton Dickinson and Co.		812		205,274
Boston Scientific Corp.*		2,929		124,365
DexCom, Inc.*		116		18,197
Hologic, Inc.*		1,305		66,881
IDEXX Laboratories, Inc.*		203		57,256
Medtronic plc		3,654		372,489
STERIS plc		174		25,902
Varian Medical Systems, Inc.*(a)		435		51,056
Zimmer Biomet Holdings, Inc.		174		23,513
				1,568,830
Health Care Providers & Services - 1.7%
Anthem, Inc.		899		264,854
UnitedHealth Group, Inc.		2,494		621,031
				885,885
Hotels, Restaurants & Leisure - 2.9%
Carnival Corp.		725		34,242
Darden Restaurants, Inc.		377		45,828
Domino’s Pizza, Inc.		145		35,457
Hilton Worldwide Holdings, Inc.		986		95,198
Marriott International, Inc., Class A		754		104,851
McDonald’s Corp.		2,639		556,090
MGM Resorts International		1,392		41,788
Starbucks Corp.		4,843		458,584
Wynn Resorts Ltd.(a)		290		37,720
Yum! Brands, Inc.		928		104,419
				1,514,177
Household Durables - 0.2%
Garmin Ltd.		435		34,187
Lennar Corp., Class A(a)		899		42,765
Newell Brands, Inc.		841		11,934
PulteGroup, Inc.		435		13,707
				102,593
Household Products - 2.5%
Clorox Co. (The)		435		70,731
Colgate-Palmolive Co.		1,769		126,908
Kimberly-Clark Corp.		667		90,479
Procter & Gamble Co. (The)		8,381		989,293
				1,277,411

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Independent Power and Renewable Electricity Producers - 0.1%
AES Corp.		2,842		47,717
NRG Energy, Inc.		725		24,752
				72,469
Industrial Conglomerates - 1.6%
3M Co.		2,378		415,484
General Electric Co.		35,612		372,146
Roper Technologies, Inc.(a)		145		52,729
				840,359
Insurance - 2.0%
Aflac, Inc.		2,204		116,019
Allstate Corp. (The)		1,044		112,126
American International Group, Inc.		1,943		108,789
Aon plc		609		115,253
Hartford Financial Services Group, Inc. (The)		1,160		66,851
Lincoln National Corp.		580		37,897
Loews Corp.		667		35,711
Principal Financial Group, Inc.		1,160		67,326
Progressive Corp. (The)		1,827		147,950
Reinsurance Group of America, Inc.		377		58,782
Torchmark Corp.		261		23,834
Travelers Cos., Inc. (The)(a)		493		72,284
Willis Towers Watson plc		319		62,275
				1,025,097
Interactive Media & Services - 7.0%
Alphabet, Inc., Class C*		1,345		1,636,435
Facebook, Inc., Class A*		9,802		1,903,842
Twitter, Inc.*		1,624		68,711
				3,608,988
Internet & Direct Marketing Retail - 5.0%
Amazon.com, Inc.*		1,334		2,490,285
eBay, Inc.		2,407		99,144
Expedia Group, Inc.		116		15,398
				2,604,827
IT Services - 5.0%
Accenture plc, Class A		2,697		519,388
Akamai Technologies, Inc.*		638		56,227
Amdocs Ltd.		609		38,970
DXC Technology Co.		87		4,852
EPAM Systems, Inc.*		87		16,860
Gartner, Inc.*		232		32,324
International Business Machines Corp.		3,654		541,669
Leidos Holdings, Inc.		319		26,190
Mastercard, Inc., Class A		2,958		805,375
PayPal Holdings, Inc.*		4,002		441,821
VeriSign, Inc.*		232		48,973
Western Union Co. (The)		1,827		38,367
				2,571,016
Leisure Products - 0.1%
Hasbro, Inc.(a)		406		49,191
Life Sciences Tools & Services - 0.3%
Agilent Technologies, Inc.		1,189		82,529
Mettler-Toledo International, Inc.*(a)		87		65,837

Investments	Shares		Value ($)
Waters Corp.*(a)		116		24,425
				172,791
Machinery - 1.7%
Caterpillar, Inc.		1,943		255,835
Cummins, Inc.		464		76,096
Deere & Co.		928		153,723
Dover Corp.(a)		290		28,086
IDEX Corp.		203		34,149
Ingersoll-Rand plc		783		96,826
PACCAR, Inc.		1,363		95,601
Parker-Hannifin Corp.		116		20,309
Stanley Black & Decker, Inc.		377		55,641
Xylem, Inc.		464		37,255
				853,521
Media - 1.1%
CBS Corp. (Non-Voting), Class B		1,218		62,739
Comcast Corp., Class A		9,802		423,152
Fox Corp., Class A		609		22,728
Interpublic Group of Cos., Inc. (The)		1,305		29,911
Liberty Broadband Corp., Class C*		174		17,315
Liberty Global plc, Class C*(a)		1,102		28,696
				584,541
Metals & Mining - 0.2%
Newmont Goldcorp Corp.		3,306		120,735
Multiline Retail - 0.6%
Dollar General Corp.(a)		899		120,484
Kohl’s Corp.		174		9,372
Target Corp.		2,088		180,403
				310,259
Multi-Utilities - 1.0%
Ameren Corp.		841		63,655
CMS Energy Corp.		986		57,405
Consolidated Edison, Inc.		580		49,277
DTE Energy Co.		522		66,351
NiSource, Inc.(a)		1,624		48,217
Public Service Enterprise Group, Inc.		928		53,035
Sempra Energy		957		129,607
WEC Energy Group, Inc.(a)		725		61,958
				529,505
Oil, Gas & Consumable Fuels - 5.9%
Chevron Corp.		7,859		967,521
ConocoPhillips		4,785		282,698
Devon Energy Corp.(a)		2,030		54,810
Exxon Mobil Corp.		17,400		1,293,864
Hess Corp.		1,160		75,214
Marathon Oil Corp.		667		9,385
ONEOK, Inc.(a)		754		52,840
Phillips 66		1,682		172,506
Valero Energy Corp.		812		69,223
Williams Cos., Inc. (The)		2,726		67,169
				3,045,230

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Personal Products - 0.3%
Estee Lauder Cos., Inc. (The), Class A		870		160,245
Pharmaceuticals - 1.7%
Allergan plc		232		37,236
Eli Lilly & Co.		2,088		227,487
Merck & Co., Inc.		7,308		606,491
				871,214
Professional Services - 0.2%
Robert Half International, Inc.		435		26,278
Verisk Analytics, Inc.		348		52,799
				79,077
Real Estate Management & Development - 0.1%
CBRE Group, Inc., Class A*		1,189		63,029
Road & Rail - 0.4%
Kansas City Southern		203		25,119
Lyft, Inc., Class A*(a)		290		17,652
Norfolk Southern Corp.		754		144,105
				186,876
Semiconductors & Semiconductor Equipment - 3.7%
Advanced Micro Devices, Inc.*(a)		2,117		64,463
Intel Corp.		18,154		917,685
Lam Research Corp.(a)		203		42,348
Maxim Integrated Products, Inc.		522		30,897
Microchip Technology, Inc.(a)		580		54,763
ON Semiconductor Corp.*(a)		1,827		39,299
QUALCOMM, Inc.		2,813		205,799
Skyworks Solutions, Inc.		319		27,204
Teradyne, Inc.		493		27,475
Texas Instruments, Inc.		3,654		456,786
Xilinx, Inc.		580		66,242
				1,932,961
Software - 7.7%
Adobe, Inc.*		1,305		390,012
ANSYS, Inc.*		174		35,343
Autodesk, Inc.*		928		144,926
Intuit, Inc.		1,044		289,512
Microsoft Corp.		18,879		2,572,641
Oracle Corp.(a)		6,844		385,317
Paycom Software, Inc.*		29		6,982
Splunk, Inc.*(a)		551		74,556
Symantec Corp.		1,595		34,388
Tableau Software, Inc., Class A*		87		14,749
Tyler Technologies, Inc.*		58		13,534
Zendesk, Inc.*(a)		145		12,116
				3,974,076
Specialty Retail - 1.4%
Advance Auto Parts, Inc.		116		17,474
AutoZone, Inc.*		58		65,136
Best Buy Co., Inc.		667		51,046
Burlington Stores, Inc.*(a)		290		52,418
Lowe’s Cos., Inc.		1,885		191,139
Tiffany & Co.		319		29,960
TJX Cos., Inc. (The)		4,031		219,931

Investments	Shares		Value ($)
Ulta Beauty, Inc.*		203		70,898
				698,002
Technology Hardware, Storage & Peripherals - 5.8%
Apple, Inc.		12,847		2,736,925
Hewlett Packard Enterprise Co.		3,886		55,842
HP, Inc.		6,206		130,574
NetApp, Inc.		957		55,975
Seagate Technology plc		609		28,203
				3,007,519
Textiles, Apparel & Luxury Goods - 0.2%
PVH Corp.		290		25,787
Tapestry, Inc.(a)		174		5,382
VF Corp.		1,073		93,769
				124,938
Tobacco - 0.8%
Altria Group, Inc.		4,002		188,374
Philip Morris International, Inc.		2,842		237,620
				425,994
Trading Companies & Distributors - 0.3%
Fastenal Co.(a)		2,146		66,097
HD Supply Holdings, Inc.*		957		38,768
United Rentals, Inc.*(a)		319		40,369
				145,234
Water Utilities - 0.1%
American Water Works Co., Inc.		667		76,558
TOTAL COMMON STOCKS (Cost $43,630,677)				50,961,761
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(c) - 0.0%(b)
REPURCHASE AGREEMENTS - 0.0%(b)
Citigroup Global Markets, Inc., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $14,327, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 6.13%, maturing 8/15/2019 - 5/15/2028; total market value $14,497		14,326		14,326

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
NatWest Markets Securities, Inc., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $10,001, collateralized by various U.S. Treasury Securities, ranging from 1.25% - 3.00%, maturing 8/31/2019 - 10/31/2025; total market value $10,133		10,000		10,000
				24,326
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $24,326)				24,326
Total Investments - 98.6% (Cost $43,655,003)				50,986,087
Other Assets Less Liabilities - 1.4%				740,481
Net Assets - 100.0%				51,726,568

* Non-income producing security.

(a) The security or a portion of this security is on loan at July 31, 2019. The total value of securities on loan at July 31, 2019 was $2,662,639, collateralized in the form of cash with a value of $24,326 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $2,682,066 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.75%, and maturity dates ranging from August 8, 2019 – May 15, 2049 and $119,194 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from September 2, 2019 – September 20, 2117; a total value of $2,825,586.

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

(c) The security was purchased with cash collateral held from securities on loan at July 31, 2019. The total value of securities purchased was $24,326.

Percentages shown are based on Net Assets.

Futures Contracts

FlexShares^® STOXX^® US ESG Impact Index Fund had the following open futures contracts as of July 31, 2019:

	Number of Contracts	Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Appreciation
Long Contracts
S&P 500 E-Mini Index	5		09/20/2019	USD	$	745,575	$	9,897

Abbreviations:

USD — US Dollar

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® STOXX^® Global ESG Impact Index Fund

July 31, 2019 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 98.7%
Aerospace & Defense - 0.0%(a)
Cobham plc*		2,635		5,333
Saab AB, Class B		323		10,266
				15,599
Air Freight & Logistics - 0.4%
Bollore SA		4,380		18,980
Deutsche Post AG (Registered)		1,275		41,892
FedEx Corp.		884		150,749
SG Holdings Co. Ltd.		1,100		29,249
United Parcel Service, Inc., Class B		1,122		134,045
				374,915
Airlines - 0.1%
Air France-KLM*		850		8,919
Alaska Air Group, Inc.		612		38,776
Deutsche Lufthansa AG (Registered)		119		1,905
easyJet plc		68		803
International Consolidated Airlines Group SA, DI		374		1,943
Qantas Airways Ltd.		2,142		8,430
Singapore Airlines Ltd.		1,700		12,012
				72,788
Auto Components - 0.4%
Bridgestone Corp.		3,100		117,062
Cie Generale des Etablissements Michelin SCA		612		68,447
Continental AG		374		52,151
Hella GmbH & Co. KGaA		238		11,421
Nokian Renkaat OYJ		51		1,475
Pirelli & C SpA(b)(c)		2,040		12,138
Valeo SA		1,224		38,703
				301,397
Automobiles - 1.8%
Bayerische Motoren Werke AG		527		39,213
Daimler AG (Registered)		1,887		98,526
Ferrari NV		340		55,137
Fiat Chrysler Automobiles NV		1,751		23,465
Ford Motor Co.		7,786		74,201
General Motors Co.		4,658		187,904
Honda Motor Co. Ltd.		8,100		202,211
Nissan Motor Co. Ltd.		3,400		22,258
Peugeot SA		1,904		45,281
Renault SA		731		41,134
Tesla, Inc.*		510		123,221
Toyota Motor Corp.		9,700		627,518
				1,540,069
Banks - 9.9%
ABN AMRO Bank NV, CVA(c)		2,040		40,793
Australia & New Zealand Banking Group Ltd.		7,293		140,295
Banco Bilbao Vizcaya Argentaria SA		20,247		103,686

Investments	Shares		Value ($)
Banco Santander SA		40,681		174,972
Bank of America Corp.		43,962		1,348,754
Bank of Ireland Group plc		170		757
Bank of Montreal(b)		1,292		97,209
Bank of Nova Scotia (The)		4,522		242,638
Bank Polska Kasa Opieki SA		357		9,567
Bankia SA		5,185		10,348
Bankinter SA		187		1,222
Barclays plc		43,384		81,850
BNP Paribas SA		2,346		110,176
Citigroup, Inc.		11,118		791,157
Commerzbank AG		4,046		27,763
Commonwealth Bank of Australia		7,463		423,341
DBS Group Holdings Ltd.		5,100		98,419
DNB ASA		2,329		42,099
Erste Group Bank AG*		1,037		37,455
Fifth Third Bancorp		1,343		39,874
Hang Seng Bank Ltd.		2,000		47,752
HSBC Holdings plc		58,140		467,501
Intesa Sanpaolo SpA		43,554		95,066
JPMorgan Chase & Co.		14,076		1,632,816
KBC Group NV		986		63,980
KeyCorp		4,284		78,697
Lloyds Banking Group plc		209,066		136,520
Mediobanca Banca di Credito Finanziario SpA		1,870		18,851
Mitsubishi UFJ Financial Group, Inc.		34,000		164,152
Mizuho Financial Group, Inc.		187,000		265,925
National Australia Bank Ltd.		7,276		142,977
Nordea Bank Abp		3,825		24,721
Royal Bank of Canada		3,417		271,195
Royal Bank of Scotland Group plc		1,326		3,523
Skandinaviska Enskilda Banken AB, Class A		4,318		40,987
Societe Generale SA		1,207		29,841
Standard Chartered plc		10,285		85,233
Sumitomo Mitsui Trust Holdings, Inc.		1,700		58,465
Svenska Handelsbanken AB, Class A		4,811		43,731
Swedbank AB, Class A		680		9,371
Toronto-Dominion Bank (The)		4,131		242,704
UniCredit SpA		7,837		92,981
Unione di Banche Italiane SpA(b)		5,304		13,730
US Bancorp		4,216		240,944
Westpac Banking Corp.		13,090		258,488
Zions Bancorp NA		1,037		46,738
				8,399,264
Beverages - 2.5%
Anheuser-Busch InBev SA/NV		1,547		156,862
Brown-Forman Corp., Class B		986		54,043
Carlsberg A/S, Class B		204		28,033
Coca-Cola Amatil Ltd.		2,023		14,808
Coca-Cola Bottlers Japan Holdings, Inc.(b)		1,200		29,764

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Coca-Cola Co. (The)		10,489		552,036
Coca-Cola European Partners plc		646		35,711
Coca-Cola HBC AG, DI*		646		22,433
Diageo plc		5,627		237,256
Heineken Holding NV		238		24,299
Heineken NV		765		82,722
PepsiCo, Inc.		5,185		662,695
Pernod Ricard SA		561		99,345
Remy Cointreau SA*(b)		34		5,069
Royal Unibrew A/S		68		5,104
Suntory Beverage & Food Ltd.		400		15,970
Thai Beverage PCL		30,600		18,670
Treasury Wine Estates Ltd.		2,839		34,635
				2,079,455
Biotechnology - 1.6%
AbbVie, Inc.		5,117		340,894
Amgen, Inc.		2,091		390,139
Biogen, Inc.*		459		109,159
Celgene Corp.*		1,785		163,970
CSL Ltd.		1,309		207,170
Vertex Pharmaceuticals, Inc.*		629		104,804
				1,316,136
Building Products - 0.5%
Assa Abloy AB, Class B		3,400		79,000
Cie de Saint-Gobain		289		11,183
Daikin Industries Ltd.		1,700		212,706
Geberit AG (Registered)		136		63,123
LIXIL Group Corp.		3,400		59,185
Rockwool International A/S, Class B		34		8,370
				433,567
Capital Markets - 2.1%
3i Group plc		2,431		33,115
BlackRock, Inc.		595		278,270
Credit Suisse Group AG (Registered)*		12,835		155,965
Deutsche Bank AG (Registered)		136		1,066
Deutsche Boerse AG		493		69,327
Goldman Sachs Group, Inc. (The)		1,581		348,026
Hong Kong Exchanges & Clearing Ltd.		2,527		85,741
Investec plc		4,080		23,490
Julius Baer Group Ltd.*		918		39,539
Jupiter Fund Management plc		1,938		8,870
London Stock Exchange Group plc		1,275		103,443
Macquarie Group Ltd.		1,411		125,252
Morgan Stanley		5,593		249,224
Natixis SA		68		276
S&P Global, Inc.		561		137,417
Schroders plc		85		3,094
St James’s Place plc		1,258		15,157
UBS Group AG (Registered)*		10,795		120,980
				1,798,252
Chemicals - 2.0%
Air Liquide SA		918		127,763
Air Products & Chemicals, Inc.		544		124,179
Akzo Nobel NV		975		92,761
Arkema SA		17		1,546

Investments	Shares		Value ($)
BASF SE		1,989		134,047
Celanese Corp.		340		38,138
Chr Hansen Holding A/S		238		20,952
Clariant AG (Registered)*		731		13,461
Corteva, Inc.		1,802		53,159
Croda International plc		364		20,894
Dow, Inc.		1,411		68,349
DuPont de Nemours, Inc.		1,948		140,568
Ecolab, Inc.		816		164,612
FUCHS PETROLUB SE (Preference)		289		11,243
Givaudan SA (Registered)		17		45,436
Hexpol AB		1,190		9,148
Johnson Matthey plc		765		30,115
Koninklijke DSM NV		914		114,791
Linde plc		527		101,950
Mitsubishi Chemical Holdings Corp.		6,800		48,638
Mitsui Chemicals, Inc.		1,800		41,579
Novozymes A/S, Class B		629		29,384
Nutrien Ltd.		1,479		81,499
Orica Ltd.		952		14,317
Sika AG (Registered)		255		37,091
Sumitomo Chemical Co. Ltd.		8,500		39,143
Symrise AG		187		17,414
Yara International ASA		612		29,031
				1,651,208
Commercial Services & Supplies - 0.4%
Brambles Ltd.		7,582		68,564
Cintas Corp.		204		53,130
Downer EDI Ltd.		850		4,230
Edenred		918		46,444
Elis SA(b)		952		17,786
ISS A/S(b)		51		1,440
Rentokil Initial plc		7,888		42,014
Republic Services, Inc.		476		42,197
Securitas AB, Class B		1,683		26,316
SPIE SA		561		10,487
Tomra Systems ASA		306		9,122
				321,730
Communications Equipment - 1.2%
Arista Networks, Inc.*		102		27,892
Cisco Systems, Inc.		15,555		861,747
Nokia OYJ		11,764		63,912
Telefonaktiebolaget LM Ericsson, Class B		8,925		79,173
				1,032,724
Construction & Engineering - 0.4%
Balfour Beatty plc		697		1,758
Bouygues SA		1,054		37,999
Eiffage SA		221		21,988
Ferrovial SA		929		24,359
HOCHTIEF AG		17		1,946
Kajima Corp.		3,400		44,091
Skanska AB, Class B		1,870		35,234
Taisei Corp.		1,400		48,611
Vinci SA		1,020		105,890
				321,876

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Construction Materials - 0.1%
Boral Ltd.		1,377		4,897
CRH plc		1,139		38,045
LafargeHolcim Ltd. (Registered)*(b)		1,451		71,744
Wienerberger AG		323		7,444
				122,130
Containers & Packaging - 0.1%
Amcor plc, CHDI		2,703		28,933
DS Smith plc		4,879		21,310
Huhtamaki OYJ		289		11,056
Orora Ltd.		4,318		10,059
Smurfit Kappa Group plc		595		18,894
				90,252
Diversified Financial Services - 0.2%
Eurazeo SE		91		6,145
EXOR NV		425		29,792
Kinnevik AB, Class B		782		20,118
L E Lundbergforetagen AB, Class B		561		20,971
Voya Financial, Inc.		952		53,474
Wendel SA		34		4,732
				135,232
Diversified Telecommunication Services - 3.1%
AT&T, Inc.		25,823		879,273
BCE, Inc.		1,411		64,084
BT Group plc		15,436		36,512
CenturyLink, Inc.		2,737		33,090
Deutsche Telekom AG (Registered)		9,367		155,187
Elisa OYJ		459		21,710
Inmarsat plc		1,156		8,105
Koninklijke KPN NV		15,657		44,993
Orange SA		6,647		99,355
PCCW Ltd.		17,000		9,708
Proximus SADP		663		19,053
Singapore Telecommunications Ltd.		27,200		66,184
Spark New Zealand Ltd.		8,024		21,078
Swisscom AG (Registered)(b)		102		49,712
Telecom Italia SpA*		34,765		19,764
Telenor ASA		2,176		44,623
Telia Co. AB		9,129		41,062
Telstra Corp. Ltd.		52,853		144,623
TELUS Corp.		1,020		36,849
Verizon Communications, Inc.		14,620		808,047
				2,603,012
Electric Utilities - 0.8%
Alliant Energy Corp.		1,003		49,689
CK Infrastructure Holdings Ltd.		1,500		11,660
CLP Holdings Ltd.		5,000		54,453
Contact Energy Ltd.		2,618		13,460
EDP - Energias de Portugal SA		5,253		19,423
Electricite de France SA		2,101		26,235
Endesa SA		442		10,999
Enel SpA		12,733		87,883
Eversource Energy		1,003		76,087
Fortis, Inc.		1,113		44,091
Fortum OYJ		1,530		35,433

Investments	Shares		Value ($)
Iberdrola SA		17,412		166,143
Iberdrola SA, Placement Shares*(d)		381		3,635
Orsted A/S(c)		493		45,296
Red Electrica Corp. SA		663		12,623
Spark Infrastructure Group		5,474		8,942
Terna Rete Elettrica Nazionale SpA		5,831		35,733
				701,785
Electrical Equipment - 0.6%
ABB Ltd. (Registered)		7,837		148,863
Legrand SA		646		45,932
Mitsubishi Electric Corp.		8,500		112,146
Prysmian SpA		1,071		22,263
Rockwell Automation, Inc.		408		65,598
Schneider Electric SE		1,071		93,107
Siemens Gamesa Renewable Energy SA		527		7,437
Signify NV(c)		187		5,112
Vestas Wind Systems A/S		561		46,408
				546,866
Electronic Equipment, Instruments & Components - 0.9%
AAC Technologies Holdings, Inc.(b)		2,000		10,922
Electrocomponents plc		3,587		26,730
Halma plc		1,088		26,511
Hexagon AB, Class B		901		44,143
Hitachi Ltd.		6,900		247,339
Ingenico Group SA		102		9,767
Murata Manufacturing Co. Ltd.		3,400		151,657
Omron Corp.		1,700		82,045
Shimadzu Corp.		1,700		41,304
Spectris plc		850		26,498
TE Connectivity Ltd.		629		58,120
				725,036
Energy Equipment & Services - 0.2%
John Wood Group plc		68		442
Saipem SpA*		3,213		16,070
Schlumberger Ltd.		2,686		107,359
Tenaris SA(b)		714		9,051
TGS NOPEC Geophysical Co. ASA		374		9,160
WorleyParsons Ltd.		1,571		17,487
				159,569
Entertainment - 1.9%
Netflix, Inc.*		765		247,087
Spotify Technology SA*		442		68,484
Take-Two Interactive Software, Inc.*		340		41,657
Ubisoft Entertainment SA*		374		31,131
Viacom, Inc., Class B		1,700		51,595
Vivendi SA		2,652		74,350
Walt Disney Co. (The)		7,905		1,130,494
				1,644,798
Equity Real Estate Investment Trusts (REITs) - 1.1%
Alexandria Real Estate Equities, Inc.		357		52,251
British Land Co. plc (The)		3,570		22,206
Cofinimmo SA		68		9,040
Covivio		124		12,750

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Derwent London plc(b)		476		17,019
Dexus		1,938		17,525
Equity LifeStyle Properties, Inc.		493		61,255
Gecina SA		323		49,844
GPT Group (The)		3,570		15,280
Great Portland Estates plc		3,893		31,547
Hammerson plc		221		580
HCP, Inc.		442		14,113
Host Hotels & Resorts, Inc.		3,043		52,918
ICADE		153		13,373
Klepierre SA		816		25,294
Land Securities Group plc		3,638		35,467
Link REIT		4,500		52,543
Mapletree Commercial Trust		3,400		5,143
Merlin Properties Socimi SA		2,465		33,895
Mirvac Group		9,945		22,072
Public Storage		408		99,046
Stockland		11,339		35,716
Suntec REIT		6,800		9,490
Unibail-Rodamco-Westfield		476		64,127
Ventas, Inc.		612		41,181
Vicinity Centres		13,991		25,169
Vornado Realty Trust		884		56,859
Welltower, Inc.		748		62,174
				937,877
Food & Staples Retailing - 1.4%
Carrefour SA(b)		2,048		39,688
Casino Guichard Perrachon SA(b)		170		6,322
Colruyt SA		85		4,464
J Sainsbury plc		6,069		14,613
Jeronimo Martins SGPS SA		731		11,887
Kesko OYJ, Class B		187		11,418
Koninklijke Ahold Delhaize NV		4,675		106,471
Loblaw Cos. Ltd.		799		41,667
Metro, Inc.		289		11,361
Sysco Corp.		2,499		171,357
Tesco plc		30,243		82,690
Walgreens Boots Alliance, Inc.		2,006		109,307
Walmart, Inc.		4,097		452,227
Woolworths Group Ltd.		4,284		105,177
				1,168,649
Food Products - 1.9%
AAK AB		408		8,417
Ajinomoto Co., Inc.		1,700		30,641
Conagra Brands, Inc.		1,309		37,791
Danone SA		2,091		182,525
General Mills, Inc.		2,312		122,790
Hershey Co. (The)		544		82,547
JM Smucker Co. (The)		323		35,914
Kellogg Co.		816		47,508
Kerry Group plc, Class A		323		37,905
Mowi ASA		1,513		36,712
Nestle SA (Registered)		8,738		932,936
Nichirei Corp.		1,700		39,644
Salmar ASA		119		5,549
Tate & Lyle plc		1,258		11,636
Vitasoy International Holdings Ltd.		2,000		9,466
				1,621,981

Investments	Shares		Value ($)
Gas Utilities - 0.1%
APA Group		663		5,045
Enagas SA		578		12,662
Italgas SpA		357		2,273
Rubis SCA		316		17,908
Snam SpA		7,735		38,229
				76,117
Health Care Equipment & Supplies - 2.7%
Abbott Laboratories		7,174		624,855
Alcon, Inc.*		867		50,794
Ansell Ltd.		1,139		21,903
Becton Dickinson and Co.		816		206,285
Boston Scientific Corp.*		3,553		150,860
Cochlear Ltd.		221		33,565
Coloplast A/S, Class B		289		33,965
DexCom, Inc.*		170		26,668
Edwards Lifesciences Corp.*		544		115,790
Fisher & Paykel Healthcare Corp. Ltd.		1,156		12,589
Getinge AB, Class B		527		7,809
Hologic, Inc.*		595		30,494
IDEXX Laboratories, Inc.*		238		67,128
Koninklijke Philips NV		2,450		115,892
Medtronic plc		4,454		454,041
Sartorius AG (Preference)		187		38,601
Sonova Holding AG (Registered)		255		59,113
Straumann Holding AG (Registered)		51		41,882
Sysmex Corp.		1,000		73,166
Varian Medical Systems, Inc.*		221		25,939
Zimmer Biomet Holdings, Inc.		578		78,105
				2,269,444
Health Care Providers & Services - 1.5%
Anthem, Inc.		867		255,427
Fresenius Medical Care AG & Co. KGaA		323		22,620
Fresenius SE & Co. KGaA		1,428		72,406
NMC Health plc		238		7,210
Orpea		119		15,011
Ramsay Health Care Ltd.		255		12,792
Ryman Healthcare Ltd.		340		2,895
Sonic Healthcare Ltd.		2,227		43,040
UnitedHealth Group, Inc.		3,213		800,069
				1,231,470
Hotels, Restaurants & Leisure - 2.7%
Accor SA		1,020		45,767
Aristocrat Leisure Ltd.		816		17,239
Carnival Corp.		1,683		79,488
Carnival plc		136		6,167
Compass Group plc		4,760		121,405
Darden Restaurants, Inc.		187		22,732
Domino’s Pizza Enterprises Ltd.(b)		255		6,779
Domino’s Pizza, Inc.		119		29,099
Flight Centre Travel Group Ltd.(b)		204		6,481
Genting Singapore Ltd.		11,900		8,000
GVC Holdings plc		1,207		8,743
Hilton Worldwide Holdings, Inc.		884		85,350
InterContinental Hotels Group plc		516		36,134

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Marriott International, Inc., Class A		714		99,289
McDonald’s Corp.		2,788		587,487
Merlin Entertainments plc(c)		4,539		25,093
MGM Resorts International		1,292		38,786
Oriental Land Co. Ltd.		900		119,696
Sands China Ltd.		6,800		33,097
Shangri-La Asia Ltd.		2,000		2,445
Sodexo SA		323		37,276
SSP Group plc		1,229		10,624
Starbucks Corp.		6,358		602,039
Tabcorp Holdings Ltd.		4,794		14,836
TUI AG, DI		2,193		21,954
Whitbread plc		833		46,133
Wynn Resorts Ltd.		238		30,957
Yum! Brands, Inc.		918		103,293
				2,246,389
Household Durables - 0.9%
Barratt Developments plc		3,298		26,055
Berkeley Group Holdings plc		493		23,410
Garmin Ltd.		425		33,401
Husqvarna AB, Class B		1,921		17,189
Lennar Corp., Class A		425		20,217
Panasonic Corp.		10,200		86,870
Persimmon plc		68		1,673
SEB SA		102		16,467
Sony Corp.		9,000		511,444
Taylor Wimpey plc		1,275		2,526
				739,252
Household Products - 1.3%
Clorox Co. (The)		272		44,227
Essity AB, Class B		2,057		61,754
Henkel AG & Co. KGaA (Preference)		459		47,651
Procter & Gamble Co. (The)		6,698		790,632
Reckitt Benckiser Group plc		2,142		167,123
				1,111,387
Industrial Conglomerates - 1.4%
3M Co.		2,482		433,655
CK Hutchison Holdings Ltd.		8,500		79,974
General Electric Co.		37,179		388,520
Rheinmetall AG		136		15,657
Roper Technologies, Inc.		170		61,820
Siemens AG (Registered)		1,887		207,977
Smiths Group plc		238		4,785
				1,192,388
Insurance - 2.3%
Admiral Group plc		493		13,081
Aegon NV(b)		3,232		16,111
Aflac, Inc.		2,618		137,812
AIA Group Ltd.		27,200		281,107
ASR Nederland NV		119		4,509
Assicurazioni Generali SpA		4,505		84,467
Aviva plc		16,558		82,335
AXA SA		6,562		167,310
CNP Assurances		782		16,282
Direct Line Insurance Group plc		4,879		19,261
Fairfax Financial Holdings Ltd.		85		39,579

Investments	Shares		Value ($)
Hartford Financial Services Group, Inc. (The)		1,445		83,275
Hiscox Ltd.		357		7,431
Insurance Australia Group Ltd.		8,262		49,144
Legal & General Group plc		22,729		72,860
Manulife Financial Corp.		3,281		59,716
Mapfre SA		2,210		6,134
Medibank Pvt Ltd.		7,497		18,654
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		374		90,694
Phoenix Group Holdings plc		1,989		16,941
Poste Italiane SpA(c)		2,142		23,038
Power Corp. of Canada		374		7,969
Principal Financial Group, Inc.		663		38,481
Prudential plc		8,245		171,423
Sampo OYJ, Class A		850		35,651
Storebrand ASA		3,927		26,820
Suncorp Group Ltd.		646		6,015
Swiss Life Holding AG (Registered)		136		66,145
Swiss Re AG		1,054		102,802
Tryg A/S		289		8,886
Unum Group		323		10,320
Zurich Insurance Group AG		425		148,750
				1,913,003
Interactive Media & Services - 4.5%
Alphabet, Inc., Class C*		1,411		1,716,735
carsales.com Ltd.		748		7,615
Facebook, Inc., Class A*		10,217		1,984,448
Scout24 AG(c)		85		4,756
Yahoo Japan Corp.		22,100		65,338
				3,778,892
Internet & Direct Marketing Retail - 4.8%
Amazon.com, Inc.*		2,108		3,935,172
eBay, Inc.		2,312		95,231
Wayfair, Inc., Class A*		136		17,838
Zalando SE*(c)		34		1,578
				4,049,819
IT Services - 3.1%
Accenture plc, Class A		2,584		497,627
Akamai Technologies, Inc.*		408		35,957
Alten SA		51		6,365
Altran Technologies SA		476		7,584
Amadeus IT Group SA		1,139		90,496
Amdocs Ltd.		323		20,669
Atos SE		58		4,718
Capgemini SE		442		56,717
Computershare Ltd.		612		6,682
DXC Technology Co.		51		2,844
Fujitsu Ltd.		1,700		133,761
International Business Machines Corp.		4,539		672,861
Link Administration Holdings Ltd.		442		1,551
Mastercard, Inc., Class A		2,431		661,888
Nomura Research Institute Ltd.		2,800		50,004
PayPal Holdings, Inc.*		2,924		322,810
Sopra Steria Group		34		4,414

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Wirecard AG		255		43,042
				2,619,990
Leisure Products - 0.2%
Bandai Namco Holdings, Inc.(b)		800		43,472
Hasbro, Inc.		527		63,852
Yamaha Corp.		900		42,772
				150,096
Life Sciences Tools & Services - 0.6%
Agilent Technologies, Inc.		935		64,898
Eurofins Scientific SE(b)		34		14,612
Evotec SE*		306		8,770
Lonza Group AG (Registered)*		119		41,025
Mettler-Toledo International, Inc.*		51		38,594
Thermo Fisher Scientific, Inc.		1,139		316,278
Waters Corp.*		68		14,318
Wuxi Biologics Cayman, Inc.*(b)(c)		500		5,388
				503,883
Machinery - 1.1%
Alfa Laval AB		1,173		22,144
Alstom SA		510		22,168
Atlas Copco AB, Class A		2,006		62,105
CNH Industrial NV		3,196		32,645
Deere & Co.		680		112,642
Dover Corp.		357		34,575
GEA Group AG		442		11,147
IHI Corp.		1,700		40,803
IMI plc		918		11,752
Ingersoll-Rand plc		663		81,987
Kawasaki Heavy Industries Ltd.		1,700		37,265
KION Group AG		221		11,961
Komatsu Ltd.		3,400		76,580
Kone OYJ, Class B		1,275		73,251
Konecranes OYJ		255		7,552
Metso OYJ		272		10,572
PACCAR, Inc.		748		52,465
Parker-Hannifin Corp.		374		65,480
Rotork plc		3,604		13,614
Sandvik AB		3,961		61,584
Schindler Holding AG		170		39,529
SKF AB, Class B		1,292		21,401
Trelleborg AB, Class B		85		1,183
Valmet OYJ		272		5,333
Volvo AB, Class B		1,207		18,149
Wartsila OYJ Abp		1,207		15,300
				943,187
Marine - 0.0%(a)
AP Moller - Maersk A/S, Class B		17		19,234
Kuehne + Nagel International AG (Registered)		153		22,680
				41,914
Media - 1.2%
CBS Corp. (Non-Voting), Class B		1,207		62,172
Comcast Corp., Class A		16,167		697,929
Dentsu, Inc.		1,000		33,341
Eutelsat Communications SA		578		11,146
ITV plc		476		647
JCDecaux SA		85		2,472

Investments	Shares		Value ($)
Lagardere SCA		663		15,133
Liberty Global plc, Class C*		1,445		37,628
Pearson plc		3,927		41,891
Publicis Groupe SA(b)		531		26,433
SES SA, FDR		1,360		22,653
Singapore Press Holdings Ltd.		15,300		24,707
Telenet Group Holding NV		221		10,950
				987,102
Metals & Mining - 1.5%
Agnico Eagle Mines Ltd.		409		21,475
Alumina Ltd.		8,126		13,106
Anglo American plc		1,955		48,810
ArcelorMittal(b)		85		1,374
BHP Group Ltd.		11,594		325,720
BHP Group plc		7,735		187,926
BlueScope Steel Ltd.		2,159		19,479
Boliden AB*		816		18,718
Evraz plc		850		6,775
Glencore plc*		31,025		101,220
Newmont Goldcorp Corp.		1,895		69,248
Norsk Hydro ASA		238		824
Northern Star Resources Ltd.		1,530		13,720
OZ Minerals Ltd.		2,465		17,483
Rio Tinto Ltd.		1,394		95,024
Rio Tinto plc		4,012		230,789
South32 Ltd.		22,831		49,412
Sumitomo Metal Mining Co. Ltd.		1,700		48,773
Teck Resources Ltd., Class B		459		9,438
				1,279,314
Multiline Retail - 0.7%
Dollar General Corp.		1,003		134,422
Kohl’s Corp.		510		27,468
Marks & Spencer Group plc(b)		9,503		24,191
Marui Group Co. Ltd.		1,700		36,983
Next plc		442		32,819
Target Corp.		2,142		185,069
Wesfarmers Ltd.		5,406		146,025
				586,977
Multi-Utilities - 0.2%
A2A SpA		9,350		16,448
AGL Energy Ltd.		2,312		33,417
Engie SA		4,097		63,497
Hera SpA		3,927		14,735
Suez		1,139		16,841
Veolia Environnement SA		2,040		51,900
				196,838
Oil, Gas & Consumable Fuels - 3.1%
Aker BP ASA		68		1,951
BP plc		35,615		237,973
Caltex Australia Ltd.		663		12,320
Canadian Natural Resources Ltd.		1,207		30,728
Chevron Corp.		3,179		391,367
ConocoPhillips		3,927		232,007
Eni SpA		8,602		136,038
Equinor ASA		4,080		73,820
Galp Energia SGPS SA		799		12,530
Hess Corp.		663		42,989
JXTG Holdings, Inc.		15,300		72,530

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Koninklijke Vopak NV		323		16,039
Lundin Petroleum AB		323		10,290
Neste OYJ		1,326		44,276
Oil Search Ltd.		6,885		33,740
OMV AG		476		24,013
Phillips 66		901		92,407
Polski Koncern Naftowy ORLEN SA		731		18,489
Royal Dutch Shell plc, Class A		15,606		494,774
Santos Ltd.		1,751		8,726
Suncor Energy, Inc.		3,009		86,777
TC Energy Corp.		1,339		65,892
TOTAL SA		7,747		405,701
Woodside Petroleum Ltd.		3,672		87,823
				2,633,200
Paper & Forest Products - 0.1%
Mondi plc		2,091		46,175
Stora Enso OYJ, Class R		714		8,296
Svenska Cellulosa AB SCA, Class B		2,567		21,487
UPM-Kymmene OYJ		1,037		28,230
				104,188
Personal Products - 1.4%
Beiersdorf AG		289		33,786
Estee Lauder Cos., Inc. (The), Class A		782		144,037
L’Oreal SA		765		206,124
Shiseido Co. Ltd.		3,400		251,958
Unilever NV		5,015		292,195
Unilever plc		4,097		248,596
				1,176,696
Pharmaceuticals - 4.8%
Allergan plc		391		62,755
Astellas Pharma, Inc.		13,600		194,590
AstraZeneca plc		4,488		388,025
Bayer AG (Registered)		1,360		88,961
Eisai Co. Ltd.		900		48,956
Eli Lilly & Co.		2,901		316,064
GlaxoSmithKline plc		14,739		307,271
Hikma Pharmaceuticals plc		221		4,980
Ipsen SA		85		9,814
Merck & Co., Inc.		8,653		718,112
Merck KGaA		425		43,742
Mylan NV*		1,292		27,003
Novo Nordisk A/S, Class B		5,049		243,919
Orion OYJ, Class B		459		15,848
Recordati SpA		119		5,370
Roche Holding AG		3,060		824,191
Sanofi		3,468		291,372
Shionogi & Co. Ltd.		2,200		122,730
Takeda Pharmaceutical Co. Ltd.		8,567		286,816
Vifor Pharma AG		187		27,899
				4,028,418
Professional Services - 0.5%
Adecco Group AG (Registered)		1,139		62,657
Bureau Veritas SA		1,207		30,358
Capita plc*		4,981		7,108
DKSH Holding AG		102		5,183

Investments	Shares		Value ($)
RELX plc		6,120		146,388
Robert Half International, Inc.		612		36,971
SEEK Ltd.		629		9,065
Teleperformance		221		46,653
Wolters Kluwer NV		1,122		81,900
				426,283
Real Estate Management & Development - 0.5%
Aroundtown SA		1,479		11,909
CapitaLand Ltd.		8,500		22,484
Castellum AB		952		19,500
CK Asset Holdings Ltd.		8,500		64,446
Fabege AB		1,054		16,431
Hysan Development Co. Ltd.		1,000		4,784
LEG Immobilien AG		68		7,927
Mitsubishi Estate Co. Ltd.		6,800		126,010
Mitsui Fudosan Co. Ltd.		5,100		116,092
New World Development Co. Ltd.		17,000		24,106
Swire Pacific Ltd., Class A		1,000		11,459
Swire Properties Ltd.		3,400		12,357
				437,505
Road & Rail - 0.5%
Aurizon Holdings Ltd.		6,494		25,782
Canadian National Railway Co.		2,057		195,683
Canadian Pacific Railway Ltd.		306		73,429
ComfortDelGro Corp. Ltd.		5,100		10,099
DSV A/S		561		53,953
Kansas City Southern		323		39,968
Lyft, Inc., Class A*		425		25,870
MTR Corp. Ltd.(b)		2,549		16,786
				441,570
Semiconductors & Semiconductor Equipment - 3.0%
ams AG*		221		11,715
ASML Holding NV		1,156		261,022
Infineon Technologies AG		918		17,396
Intel Corp.		22,797		1,152,388
Lam Research Corp.		323		67,381
Microchip Technology, Inc.		731		69,021
QUALCOMM, Inc.		3,740		273,619
Renesas Electronics Corp.*		8,500		50,808
Skyworks Solutions, Inc.		612		52,191
STMicroelectronics NV		1,105		20,559
Teradyne, Inc.		867		48,318
Texas Instruments, Inc.		3,995		499,415
				2,523,833
Software - 6.9%
Adobe, Inc.*		1,343		401,369
Altium Ltd.		255		6,466
Autodesk, Inc.*		986		153,984
Constellation Software, Inc.		34		32,512
Dassault Systemes SE		444		68,220
Intuit, Inc.		884		245,142
Micro Focus International plc		41		873
Microsoft Corp.		30,991		4,223,144
Oracle Corp.		4,590		258,417
SAP SE		2,244		279,129
SimCorp A/S		357		32,497
Splunk, Inc.*		425		57,507
Symantec Corp.		2,040		43,982

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Tableau Software, Inc., Class A*		153		25,938
Temenos AG (Registered)*		102		18,144
				5,847,324
Specialty Retail - 1.2%
AutoZone, Inc.*		51		57,275
Best Buy Co., Inc.		918		70,255
Burlington Stores, Inc.*		289		52,237
Fast Retailing Co. Ltd.		400		241,492
Hennes & Mauritz AB, Class B		2,244		39,452
Industria de Diseno Textil SA		1,802		54,232
JB Hi-Fi Ltd.(b)		782		16,218
Kingfisher plc		578		1,574
Lowe’s Cos., Inc.		1,683		170,656
TJX Cos., Inc. (The)		4,879		266,198
Ulta Beauty, Inc.*		170		59,373
				1,028,962
Technology Hardware, Storage & Peripherals - 5.9%
Apple, Inc.		21,114		4,498,127
Hewlett Packard Enterprise Co.		6,018		86,479
HP, Inc.		6,630		139,495
Logitech International SA (Registered)		170		7,078
NEC Corp.		1,700		70,145
NetApp, Inc.		1,020		59,660
Ricoh Co. Ltd.		5,100		47,066
Seagate Technology plc		901		41,725
				4,949,775
Textiles, Apparel & Luxury Goods - 1.4%
adidas AG		527		169,897
Burberry Group plc		1,615		44,672
Cie Financiere Richemont SA (Registered)		1,989		171,576
EssilorLuxottica SA - IM		282		38,698
EssilorLuxottica SA - MO		268		36,598
Hermes International		51		36,148
HUGO BOSS AG		238		15,147
Kering SA		255		133,299
LVMH Moet Hennessy Louis Vuitton SE		799		333,869
Pandora A/S		17		659
Shenzhou International Group Holdings Ltd.		1,000		13,886
Swatch Group AG (The)		204		59,716
Tapestry, Inc.		1,326		41,013
VF Corp.		969		84,681
				1,179,859
Tobacco - 0.8%
British American Tobacco plc		3,060		110,606
Imperial Brands plc		1,989		51,022
Japan Tobacco, Inc.		6,800		151,532
Philip Morris International, Inc.		4,386		366,714
				679,874
Trading Companies & Distributors - 0.7%
Brenntag AG		374		18,485
Bunzl plc		1,564		41,173
Fastenal Co.		1,020		31,416
Ferguson plc		697		52,606
HD Supply Holdings, Inc.*		1,122		45,452

Investments	Shares		Value ($)
ITOCHU Corp.(b)		6,800		130,395
Marubeni Corp.		8,500		55,584
Mitsui & Co. Ltd.		8,500		139,272
Rexel SA		153		1,723
Sojitz Corp.(b)		8,500		26,774
Sumitomo Corp.		1,700		25,420
Toyota Tsusho Corp.		1,700		49,634
				617,934
Transportation Infrastructure - 0.3%
Aeroports de Paris		187		32,417
Atlas Arteria Ltd.		918		5,182
Auckland International Airport Ltd.		4,454		27,353
Flughafen Zurich AG (Registered)		85		15,592
Fraport AG Frankfurt Airport Services Worldwide		153		12,899
Getlink SE(b)		1,717		24,948
Transurban Group		8,925		95,657
				214,048
Water Utilities - 0.1%
American Water Works Co., Inc.		459		52,684
Severn Trent plc		1,156		28,522
United Utilities Group plc		1,394		13,460
				94,666
Wireless Telecommunication Services - 1.1%
KDDI Corp.		9,000		236,532
NTT DOCOMO, Inc.		5,100		122,832
Rogers Communications, Inc., Class B		646		33,703
Softbank Corp.(b)		5,100		69,002
SoftBank Group Corp.		6,800		352,479
Tele2 AB, Class B		1,343		19,383
Vodafone Group plc		71,944		132,208
				966,139
TOTAL COMMON STOCKS (Cost $75,037,880)				83,383,903
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(e) - 0.1%
REPURCHASE AGREEMENTS - 0.1%
Citigroup Global Markets, Inc., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $112,636, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 6.13%, maturing 8/15/2019 - 5/15/2028; total market value $113,967		112,628		112,627

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
NatWest Markets Securities, Inc., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $10,001, collateralized by various U.S. Treasury Securities, ranging from 1.25% - 3.00%, maturing 8/31/2019 - 10/31/2025; total market value $10,133		10,000		10,000
				122,627
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $122,627)				122,627
Total Investments - 98.8% (Cost $75,160,507)				83,506,530
Other Assets Less Liabilities - 1.2%				993,958
Net Assets - 100.0%				84,500,488

* 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 July 31, 2019. The total value of securities on loan at July 31, 2019 was $576,795, collateralized in the form of cash with a value of $122,628 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $99,321 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 5.25%, and maturity dates ranging from August 15, 2019 – February 15, 2049 and $391,970 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 8.00%, and maturity dates ranging from September 2, 2019 – September 20, 2117; a total value of $613,919.

(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 July 31, 2019 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at July 31, 2019 amounted to $3,635, which represents approximately 0.00% of net assets of the Fund.

(e) The security was purchased with cash collateral held from securities on loan at July 31, 2019. The total value of securities purchased was $122,627.

Percentages shown are based on Net Assets.

Abbreviations

CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
CVA	Dutch Certification
DI	Depositary Interest
FDR	Fiduciary Depositary Receipt
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

See Accompanying Notes to the Schedules of Investments.

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

Futures Contracts

FlexShares^® STOXX^® Global ESG Impact Index Fund had the following open futures contracts as of July 31, 2019:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Long Contracts
MSCI EAFE E-Mini Index		4		09/20/2019		USD	$	377,060	$	(2,900	)
S&P 500 E-Mini Index		5		09/20/2019		USD		745,575		11,802
									$	8,902

Abbreviations:

USD — US Dollar

FlexShares^® STOXX^® Global ESG Impact Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of July 31, 2019:

Australia	3.7	%
Austria	0.1
Belgium	0.3
Canada	2.1
Denmark	0.7
Finland	0.5
France	4.7
Germany	2.4
Hong Kong	1.0
Ireland	0.1
Italy	1.1
Japan	8.4
Luxembourg	0.0	†
Netherlands	1.5
New Zealand	0.1
Norway	0.3
Poland	0.0	†
Portugal	0.1
Singapore	0.3
Spain	0.9
Sweden	1.1
Switzerland	4.1
United Kingdom	6.7
United States	58.5
Other1	1.3
	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 Schedules of Investments.

Schedule of Investments

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund

July 31, 2019 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 99.3%
Building Products - 0.1%
Universal Forest Products, Inc.		209,962		8,488,764
Chemicals - 13.3%
CF Industries Holdings, Inc.		1,810,492		89,727,984
FMC Corp.		1,029,158		88,939,834
Israel Chemicals Ltd.		5,390,172		29,348,530
K+S AG (Registered)		1,683,138		27,604,106
Mosaic Co. (The)		3,173,524		79,941,070
Nutrien Ltd.		4,756,844		262,121,793
PhosAgro PJSC		229,207		8,589,729
Sasol Ltd.		733,146		16,073,736
Saudi Arabian Fertilizer Co.		643,654		15,085,037
Scotts Miracle-Gro Co. (The)(a)		282,244		31,662,132
UPL Ltd.		4,092,264		35,413,537
Yara International ASA		1,325,170		62,860,831
				747,368,319
Diversified Financial Services - 0.0%(b)
Metro Pacific Investments Corp.		34,420,000		3,246,691
Equity Real Estate Investment Trusts (REITs) - 1.4%
Rayonier, Inc.		416,482		12,094,637
Weyerhaeuser Co.		2,578,058		65,508,454
				77,603,091
Food Products - 15.7%
a2 Milk Co. Ltd.*(a)		6,563,894		78,065,697
Archer-Daniels-Midland Co.		4,763,728		195,693,946
Bunge Ltd.		998,180		58,323,657
Charoen Pokphand Foods PCL, NVDR		25,815,000		23,292,676
Charoen Pokphand Indonesia Tbk. PT		56,448,800		21,646,023
CJ CheilJedang Corp.		79,166		19,070,501
Costa Group Holdings Ltd.(a)		3,638,194		9,955,272
Golden Agri-Resources Ltd.		54,383,600		11,722,745
GrainCorp Ltd., Class A(a)		1,958,498		11,582,096
IOI Corp. Bhd.		20,307,800		20,620,303
Kuala Lumpur Kepong Bhd.		3,442,000		19,701,936
Maruha Nichiro Corp.		344,200		10,128,658
Mowi ASA		3,094,358		75,083,285
PPB Group Bhd.		4,130,400		18,717,674
Salmar ASA		447,460		20,863,991
Sime Darby Plantation Bhd.		24,438,200		27,301,612
Tyson Foods, Inc., Class A		2,109,946		167,740,707
Wilmar International Ltd.		29,945,400		87,305,649
				876,816,428
Metals & Mining - 29.6%
Agnico Eagle Mines Ltd.(a)		687,383		36,092,646
Alcoa Corp.*(a)		757,240		17,030,328
Anglo American plc(a)		4,478,042		111,801,190
AngloGold Ashanti Ltd.		1,091,114		19,539,399
Antofagasta plc(a)		1,201,258		13,814,508

Investments	Shares		Value ($)
Barrick Gold Corp.		5,183,677		84,674,159
BHP Group Ltd.		9,100,648		255,672,046
Boliden AB*		1,070,462		24,554,517
First Quantum Minerals Ltd.(a)		2,829,324		26,200,038
Fortescue Metals Group Ltd.(a)		4,753,402		27,291,430
Franco-Nevada Corp.		566,418		49,475,037
Freeport-McMoRan, Inc.		5,445,244		60,224,399
Glencore plc*		45,279,510		147,726,525
Grupo Mexico SAB de CV, Series B		12,391,200		30,608,772
Kinross Gold Corp.*		3,620,984		14,724,940
Kirkland Lake Gold Ltd.		492,206		20,458,138
Korea Zinc Co. Ltd.		37,862		14,161,047
MMC Norilsk Nickel PJSC		58,433		13,492,723
MMC Norilsk Nickel PJSC, ADR		1,370,726		31,691,185
Newcrest Mining Ltd.		2,189,112		53,684,718
Newmont Goldcorp Corp.(a)		2,309,582		84,345,935
Norsk Hydro ASA		5,214,630		18,056,317
Rio Tinto plc		3,497,072		201,167,874
Royal Gold, Inc.(a)		203,078		23,242,277
South32 Ltd.		17,065,436		36,933,783
Sumitomo Metal Mining Co. Ltd.		1,032,600		29,625,135
Teck Resources Ltd., Class B		1,714,116		35,244,360
Vale SA		9,582,900		126,860,216
Vedanta Ltd.		5,063,182		11,343,118
Wheaton Precious Metals Corp.		1,366,474		35,900,966
				1,655,637,726
Multi-Utilities - 1.2%
Suez		1,328,612		19,644,793
Veolia Environnement SA		1,813,934		46,148,640
				65,793,433
Oil, Gas & Consumable Fuels - 28.7%
Anadarko Petroleum Corp.		502,532		37,016,507
BP plc		20,937,686		139,901,920
Cameco Corp.		1,373,358		12,675,703
Canadian Natural Resources Ltd.		1,301,076		33,122,622
Chevron Corp.		1,848,354		227,550,861
China Petroleum & Chemical Corp., Class H		27,536,000		17,799,430
CNOOC Ltd.		17,210,000		28,449,188
Concho Resources, Inc.(a)		230,614		22,526,375
ConocoPhillips		1,194,374		70,563,616
Devon Energy Corp.(a)		543,836		14,683,572
Diamondback Energy, Inc.		165,216		17,088,291
Eni SpA		2,712,296		42,894,239
EOG Resources, Inc.		640,212		54,962,200
Equinor ASA		1,221,910		22,108,149
Exxon Mobil Corp.		3,686,382		274,119,365
Gazprom PJSC		3,062,422		11,438,063
Gazprom PJSC, ADR		2,540,554		18,657,829
Gazprom PJSC, ADR, OTC		155,011		1,133,130
Hess Corp.(a)		282,244		18,300,701
LUKOIL PJSC		55,426		4,567,167
LUKOIL PJSC, ADR		326,636		26,888,676
Marathon Oil Corp.		1,053,252		14,819,256

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Novatek PJSC		746,914		15,539,438
Occidental Petroleum Corp.(a)		884,594		45,432,748
Petroleo Brasileiro SA (Preference)		4,130,400		28,629,361
Pioneer Natural Resources Co.		192,752		26,607,486
Repsol SA(a)		1,311,022		20,997,668
Royal Dutch Shell plc, Class A		4,333,478		137,640,933
Suncor Energy, Inc.		1,628,066		46,951,879
Tatneft PJSC		1,542,016		18,068,287
TOTAL SA		2,574,616		134,829,471
Woodside Petroleum Ltd.		912,130		21,815,389
				1,607,779,520
Paper & Forest Products - 3.4%
Canfor Corp.*		285,686		2,071,150
Duratex SA		688,400		2,299,790
Empresas CMPC SA		4,612,280		10,862,796
Interfor Corp.*		254,708		2,321,787
Mondi plc		1,208,142		26,679,345
Oji Holdings Corp.		3,442,000		17,943,099
Stella-Jones, Inc.		189,310		5,935,265
Stora Enso OYJ, Class R		2,182,228		25,353,843
Suzano SA		2,409,400		19,639,690
Svenska Cellulosa AB SCA, Class B(a)		2,223,532		18,612,199
UPM-Kymmene OYJ		1,869,006		50,879,259
West Fraser Timber Co. Ltd.(a)		192,752		7,572,688
				190,170,911
Trading Companies & Distributors - 2.2%
Marubeni Corp.		14,456,400		94,534,138
Mitsui & Co. Ltd.		1,721,000		28,198,563
				122,732,701
Water Utilities - 3.7%
Aguas Andinas SA, Class A		7,871,854		4,424,939
American States Water Co.(a)		120,470		9,332,811
American Water Works Co., Inc.(a)		543,836		62,421,496
Aqua America, Inc.(a)		643,654		27,001,285
California Water Service Group(a)		158,332		8,453,346
Cia de Saneamento Basico do Estado de Sao Paulo*		1,032,600		14,654,983
Cia de Saneamento de Minas Gerais-COPASA*		218,200		3,908,648
Guangdong Investment Ltd.		8,679,576		18,295,201
Pennon Group plc		1,321,728		11,607,092
Severn Trent plc(a)		760,682		18,768,053
SJW Group		72,282		4,690,379
United Utilities Group plc(a)		2,240,742		21,636,632
				205,194,865
TOTAL COMMON STOCKS (Cost $4,942,359,038)				5,560,832,449
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(c) - 3.6%
CERTIFICATES OF DEPOSIT - 1.1%
Bank of Montreal, Chicago (ICE LIBOR USD 1 Month + 0.33%), 2.69%, 8/6/2019(d) 5,000,000				5,000,000

Investments	Principal Amount ($)		Value ($)
Bank of Nova Scotia, Houston (ICE LIBOR USD 3 Month + 0.22%), 2.40%, 12/30/2019(d)		3,000,000		3,002,571
Barclays Bank plc, New York 2.95%, 8/2/2019		4,000,000		4,000,000
Canadian Imperial Bank of Commerce, New York (ICE LIBOR USD 1 Month + 0.25%), 2.58%, 10/15/2019(d)		5,000,000		5,001,365
Cooperatieve Rabobank UA, London (ICE LIBOR USD 1 Month + 0.19%), 2.45%, 4/24/2020(d)		5,000,000		5,000,500
Credit Agricole CIB, New York (ICE LIBOR USD 1 Month + 0.21%), 2.48%, 12/20/2019(d)		5,000,000		5,002,225
Mitsubishi UFJ Trust & Banking Corp. 2.42%, 9/13/2019		4,500,000		4,487,072
MUFG Bank Ltd., New York Branch (ICE LIBOR USD 3 Month + 0.10%), 2.38%, 10/24/2019(d)		2,500,000		2,499,333
Royal Bank of Canada, New York (ICE LIBOR USD 1 Month + 0.21%), 2.52%, 9/17/2019(d)		4,000,000		4,000,000
Societe Generale, New York (ICE LIBOR USD 3 Month + 0.20%), 2.54%, 8/5/2019(d)		4,000,000		4,000,096
(ICE LIBOR USD 3 Month + 0.20%), 2.58%, 8/21/2019(d)		3,000,000		3,000,235
Standard Chartered, New York 2.69%, 8/14/2019		6,000,000		6,000,000
Toronto-Dominion Bank, New York (ICE LIBOR USD 1 Month + 0.21%), 2.52%, 9/17/2019(d)		4,000,000		4,000,000
Wells Fargo Bank (San Francisco) NA (ICE LIBOR USD 3 Month + 0.21%), 2.48%, 10/25/2019(d)		3,500,000		3,501,501
Westpac Banking Corp., New York (US Federal Funds Effective Rate (continuous series) + 0.30%), 2.69%, 2/14/2020(d)		4,000,000		3,999,987
TOTAL CERTIFICATES OF DEPOSIT (Cost $62,489,242)				62,494,885
COMMERCIAL PAPER - 0.4%
Agricultural Bank of China Ltd., New York Branch 2.59%, 9/10/2019(e)		4,000,000		3,988,578
Bank of China, Hong Kong Branch 2.64%, 8/26/2019		5,000,000		4,990,902

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Bank of Nova Scotia, Houston (ICE LIBOR USD 1 Month + 0.17%), 2.50%, 5/15/2020(d)(e)		5,000,000		5,001,835
Toyota Motor Credit Corp. 2.65%, 8/29/2019		5,000,000		4,989,811
UBS AG, London (ICE LIBOR USD 1 Month + 0.24%), 2.50%, 1/27/2020(d)(e)		5,000,000		5,000,000
TOTAL COMMERCIAL PAPER (Cost $23,969,291)				23,971,126
FUNDING AGREEMENTS - 0.1%
United of Omaha Life Insurance (ICE LIBOR USD 3 Month + 0.12%), 2.55%, 8/30/2019(d) (Cost $3,000,000)		3,000,000		3,000,000
REPURCHASE AGREEMENTS - 2.0%
BofA Securities, Inc., 2.82%, dated 7/31/2019, due 10/31/2019, repurchase price $8,057,653, collateralized by various Common Stocks; total market value $8,725,189		8,000,000		8,000,000
Citadel Clearing LLC, 2.98%, dated 7/31/2019, due 10/31/2019, repurchase price $5,038,078, collateralized by various Common Stocks; total market value $5,470,395		5,000,000		5,000,000
Citigroup Global Markets, Inc., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $5,104,114, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 6.13%, maturing 8/15/2019 - 5/15/2028; total market value $5,164,409		5,103,756		5,103,756
NatWest Markets Securities, Inc., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $15,001,054, collateralized by various U.S. Treasury Securities, ranging from 1.25% - 3.00%, maturing 8/31/2019 - 10/31/2025; total market value $15,200,182		15,000,000		15,000,000
Nomura Securities Co., Ltd., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $25,001,757, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 2.63%, maturing 8/15/2019 - 5/15/2049; total market value $25,713,679		25,000,000		25,000,000

Investments	Principal Amount ($)		Value ($)
Societe Generale, 2.48%, dated 7/31/2019, due 8/1/2019, repurchase price $52,003,582, collateralized by various U.S. Treasury Securities, ranging from 1.38% - 2.75%, maturing 4/30/2021 - 9/15/2021; Common Stocks; total market value $57,139,288		52,000,000		52,000,000
TOTAL REPURCHASE AGREEMENTS (Cost $110,103,756)				110,103,756
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $199,562,289)				199,569,767
Total Investments - 102.9% (Cost $5,141,921,327)				5,760,402,216
Liabilities in excess of other assets - (2.9%)				(163,426,498	)
Net Assets - 100.0%				5,596,975,718

* Non-income producing security.

(a) The security or a portion of this security is on loan at July 31, 2019. The total value of securities on loan at July 31, 2019 was $380,276,108, collateralized in the form of cash with a value of $199,456,911 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $36,040,758 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from August 15, 2019 – May 15, 2049 and $163,873,799 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from September 2, 2019 – September 20, 2117; a total value of $399,371,468.

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

(c) The security was purchased with cash collateral held from securities on loan at July 31, 2019. The total value of securities purchased was $199,569,767.

(d) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of July 31, 2019.

(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.

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

See Accompanying Notes to the Schedules of Investments.

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

Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
SCA	Limited partnership with share capital
USD	US Dollar

Futures Contracts     

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund had the following open futures contracts as of July 31, 2019:    

	Number of Contracts		Expiration Date	Trading Currency	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Long Contracts
EURO STOXX 50 Index		4	09/20/2019	EUR	$	154,184	$	21
FTSE 100 Index		113	09/20/2019	GBP		10,426,332		298,432
FTSE/JSE Top 40 Index		19	09/19/2019	ZAR		679,248		(26,993	)
Hang Seng Index		2	08/29/2019	HKD		354,591		(7,495	)
MSCI Emerging Markets E-Mini Index		32	09/20/2019	USD		1,640,960		20,918
S&P Midcap 400 E-Mini Index		30	09/20/2019	USD		5,904,300		191,345
S&P/TSX 60 Index		80	09/19/2019	CAD		11,922,476		110,432
SPI 200 Index		41	09/19/2019	AUD		4,770,161		170,041
TOPIX Index		5	09/12/2019	JPY		721,161		16,308
							$	773,009

Forward Foreign Currency Contracts

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund had the following outstanding contracts as of July 31, 2019:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
BRL*	2,115,550	Citibank NA	USD	550,000		09/18/2019	$	10,293
BRL*	2,305,903	Goldman Sachs & Co.	USD	590,273		09/18/2019		20,433
CAD	464,325	Citibank NA	USD	350,000		09/18/2019		3,917
CAD	7,888,291	Toronto-Dominion Bank (The)	USD	5,952,187		09/18/2019		60,406
INR*	25,345,033	Toronto-Dominion Bank (The)	USD	360,875		09/18/2019		5,756
MYR*	2,345,525	Morgan Stanley	USD	563,476		09/18/2019		4,399
NZD	929,945	Goldman Sachs & Co.	USD	613,577		09/18/2019		805
RUB*	92,625,329	Goldman Sachs & Co.	USD	1,417,537		09/18/2019		33,167
USD	1,600,000	Toronto-Dominion Bank (The)	AUD	2,307,334		09/18/2019		7,073
USD	6,500,000	Toronto-Dominion Bank (The)	GBP	5,100,908		09/18/2019		239,626
USD	1,500,000	Morgan Stanley	HKD	11,716,872		09/18/2019		2,623
USD	1,356,544	Citibank NA	JPY	146,089,180		09/18/2019		6,208
USD	399,424	Toronto-Dominion Bank (The)	KRW*	470,345,728		09/18/2019		1,281
USD	400,000	Goldman Sachs & Co.	MYR*	1,648,062		09/18/2019		988
USD	600,000	Citibank NA	RUB*	38,011,560		09/18/2019		4,660
USD	500,000	Goldman Sachs & Co.	RUB*	31,755,691		09/18/2019		2,640
USD	530,253	Citibank NA	SEK	4,970,375		09/18/2019		10,287
USD	784,883	Citibank NA	SGD	1,069,063		09/18/2019		3,190
Total unrealized appreciation							$	417,752
AUD	354,597	Bank of Montreal	USD	250,000		09/18/2019	$	(5,195	)
AUD	3,627,366	JPMorgan Chase Bank	USD	2,526,718		09/18/2019		(22,473	)
AUD	711,716	Morgan Stanley	USD	500,000		09/18/2019		(8,649	)
CAD	914,819	Bank of Montreal	USD	700,000		09/18/2019		(2,709	)
CAD	521,820	Goldman Sachs & Co.	USD	400,000		09/18/2019		(2,260	)
EUR	443,583	Bank of Montreal	USD	500,000		09/18/2019		(4,206	)
EUR	973,903	Citibank NA	USD	1,107,431		09/18/2019		(18,896	)

See Accompanying Notes to the Schedules of Investments.

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

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
GBP	392,204	Goldman Sachs & Co.	USD	500,000		09/18/2019	$	(18,646	)
GBP	279,624	JPMorgan Chase Bank	USD	350,000		09/18/2019		(6,816	)
GBP	5,972,202	Toronto-Dominion Bank (The)	USD	7,633,274		09/18/2019		(303,555	)
JPY	53,573,140	Citibank NA	USD	500,000		09/18/2019		(4,811	)
KRW*	250,000,000	Goldman Sachs & Co.	USD	211,988		09/18/2019		(366	)
NOK	4,178,373	Citibank NA	USD	486,071		09/18/2019		(9,675	)
NOK	3,411,071	Toronto-Dominion Bank (The)	USD	400,000		09/18/2019		(11,088	)
RUB*	98,733,901	Goldman Sachs & Co.	USD	1,547,927		09/18/2019		(1,550	)
SGD	948,454	Morgan Stanley	USD	700,000		09/18/2019		(6,496	)
USD	1,500,000	Morgan Stanley	BRL*	5,769,900		09/18/2019		(28,129	)
USD	5,100,000	Toronto-Dominion Bank (The)	CAD	6,729,873		09/18/2019		(29,627	)
USD	975,047	Morgan Stanley	CHF	961,534		09/18/2019		(631	)
USD	778,455	Citibank NA	HKD	6,096,832		09/18/2019		(699	)
USD	250,000	BNP Paribas SA	INR*	17,540,263		09/18/2019		(3,731	)
USD	300,000	Goldman Sachs & Co.	INR*	20,800,500		09/18/2019		(892	)
USD	305,267	BNP Paribas SA	MXN	5,934,115		09/18/2019		(4,833	)
USD	400,000	Toronto-Dominion Bank (The)	NZD	608,016		09/18/2019		(1,695	)
USD	1,900,000	Goldman Sachs & Co.	RUB*	121,591,979		09/18/2019		(4,382	)
Total unrealized depreciation							$	(502,010	)
Net unrealized depreciation							$	(84,258	)

* Non-deliverable forward.

Abbreviations:

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

INR — Indian Rupee

JPY — Japanese Yen

KRW — Korean Won

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

RUB — Russian Ruble

SEK — Swedish Krona

SGD — Singapore Dollar

USD — US Dollar

ZAR — South African Rand

See Accompanying Notes to the Schedules of Investments.

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 July 31, 2019:

Australia	7.4	%
Brazil	3.5
Canada	12.1
Chile	0.3
China	1.1
Finland	1.4
France	3.6
Germany	0.5
India	0.8
Indonesia	0.4
Israel	0.5
Italy	0.8
Japan	3.2
Malaysia	1.5
Mexico	0.5
New Zealand	1.4
Norway	3.5
Philippines	0.1
Russia	2.7
Saudi Arabia	0.3
Singapore	1.8
South Africa	0.6
South Korea	0.6
Spain	0.4
Sweden	0.8
Thailand	0.4
United Kingdom	14.8
United States	34.3
Other1	0.7
	100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund

July 31, 2019 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 98.8%
Air Freight & Logistics - 2.3%
bpost SA(a)		73,225		687,287
CTT-Correios de Portugal SA(a)		92,415		198,175
Deutsche Post AG (Registered)		752,450		24,722,824
Oesterreichische Post AG(a)		23,735		798,082
PostNL NV(a)		346,935		600,082
Royal Mail plc		761,540		1,955,385
Singapore Post Ltd.		1,060,500		747,786
				29,709,621
Commercial Services & Supplies - 3.5%
Advanced Disposal Services, Inc.*(a)		21,715		702,915
Bingo Industries Ltd.(a)(b)		356,530		592,229
China Everbright International Ltd.		2,525,000		2,241,821
Clean Harbors, Inc.*		12,120		943,057
Cleanaway Waste Management Ltd.		1,578,630		2,633,131
Covanta Holding Corp.(a)		29,290		504,374
Daiseki Co. Ltd.(a)		33,700		805,758
Insun ENT Co. Ltd.*		23,230		140,389
Koentec Co. Ltd.		19,190		191,397
Republic Services, Inc.		50,500		4,476,825
Shanghai Youngsun Investment Co. Ltd., Class B*^(c)		57,800		168,892
Stericycle, Inc.*(a)		22,220		1,021,231
Waste Connections, Inc.(a)		202,000		18,414,820
Waste Management, Inc.		100,495		11,757,915
				44,594,754
Diversified Financial Services - 0.1%
Metro Pacific Investments Corp.		10,037,000		946,747
Diversified Telecommunication Services - 15.0%
AT&T, Inc.		1,708,920		58,188,726
BCE, Inc.(a)		233,310		10,596,359
BT Group plc		2,272,500		5,375,354
Cellnex Telecom SA*(b)		52,520		1,981,744
CenturyLink, Inc.(a)		228,765		2,765,769
China Telecom Corp. Ltd., Class H		4,040,000		1,816,681
China Tower Corp. Ltd., Class H(b)		11,110,000		2,895,336
Chunghwa Telecom Co. Ltd.		1,249,000		4,337,991
Deutsche Telekom AG (Registered)		841,835		13,947,010
Infrastrutture Wireless Italiane SpA(b)		65,145		665,848
Nippon Telegraph & Telephone Corp.		320,700		14,538,203
Swisscom AG (Registered)(a)		6,565		3,199,609
Telefonica SA		1,208,970		9,316,131
Telstra Corp. Ltd.		3,084,035		8,438,914
Verizon Communications, Inc.		969,095		53,561,881
				191,625,556
Electric Utilities - 12.3%
American Electric Power Co., Inc.		115,645		10,154,787
CLP Holdings Ltd.		907,000		9,877,713

Investments	Shares		Value ($)
Duke Energy Corp.		170,185		14,758,443
Enel SpA		4,074,340		28,120,959
Eversource Energy		73,730		5,593,158
Exelon Corp.		227,250		10,239,885
Iberdrola SA		3,055,105		29,151,317
Iberdrola SA, Placement Shares*(c)		71,856		685,638
NextEra Energy, Inc.		112,110		23,225,829
PPL Corp.		168,670		4,997,692
Southern Co. (The)		242,400		13,622,880
Xcel Energy, Inc.		121,705		7,254,835
				157,683,136
Equity Real Estate Investment Trusts (REITs) - 4.7%
American Tower Corp.		103,525		21,907,960
CoreCivic, Inc.		26,260		445,632
Crown Castle International Corp.		97,465		12,988,186
CyrusOne, Inc.(a)		24,745		1,420,363
Digital Realty Trust, Inc.(a)		48,480		5,544,173
Equinix, Inc.		19,695		9,888,859
GEO Group, Inc. (The)(a)		27,270		485,679
Keppel DC REIT		303,000		378,598
QTS Realty Trust, Inc., Class A(a)		13,635		631,028
SBA Communications Corp.*		27,270		6,692,331
				60,382,809
Gas Utilities - 1.1%
APA Group		522,675		3,977,201
Beijing Enterprises Holdings Ltd.		252,500		1,240,259
Enagas SA		119,180		2,610,774
Petronas Gas Bhd.		202,000		787,147
Snam SpA		1,121,100		5,540,905
				14,156,286
Health Care Providers & Services - 2.8%
Acadia Healthcare Co., Inc.*(a)		20,200		645,188
Bangkok Chain Hospital PCL, NVDR		1,060,500		531,026
Bangkok Dusit Medical Services PCL, NVDR		8,383,000		6,814,339
Bumrungrad Hospital PCL, NVDR		353,500		1,959,738
Encompass Health Corp.		23,230		1,483,003
Hapvida Participacoes e Investimentos SA(b)		101,000		1,122,043
HCA Healthcare, Inc.		64,640		8,630,087
IHH Healthcare Bhd.		2,272,500		3,161,069
Life Healthcare Group Holdings Ltd.(a)		955,460		1,530,893
Netcare Ltd.		915,565		1,081,334
Ramsay Health Care Ltd.		104,535		5,243,853
Tenet Healthcare Corp.*(a)		24,745		583,240
Universal Health Services, Inc., Class B		19,695		2,971,188
				35,757,001
IT Services - 0.0%(d)
NEXTDC Ltd.*(a)		84,335		399,920
Media - 5.7%
Charter Communications, Inc., Class A*(a)		32,825		12,650,099

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Comcast Corp., Class A		1,061,005		45,803,586
DISH Network Corp., Class A*(a)		53,025		1,795,427
Liberty Broadband Corp., Class C*		35,855		3,567,931
Liberty Global plc, Class C*		122,210		3,182,348
SES SA, FDR		100,495		1,673,891
Shaw Communications, Inc., Class B		120,561		2,375,138
Sirius XM Holdings, Inc.(a)		292,395		1,830,393
				72,878,813
Multi-Utilities - 8.4%
Consolidated Edison, Inc.		76,255		6,478,625
Dominion Energy, Inc.		186,850		13,881,087
DTE Energy Co.		42,420		5,392,006
E.ON SE		1,155,440		11,647,671
Engie SA		974,145		15,097,814
National Grid plc		1,733,424		17,920,191
Public Service Enterprise Group, Inc.		118,675		6,782,276
Sempra Energy		64,135		8,685,803
Suez		294,415		4,353,206
Veolia Environnement SA		433,290		11,023,413
WEC Energy Group, Inc.(a)		74,740		6,387,280
				107,649,372
Oil, Gas & Consumable Fuels - 8.4%
Enbridge, Inc.		1,059,995		35,582,058
Equitrans Midstream Corp.(a)		47,975		795,905
Inter Pipeline Ltd.(a)		207,555		3,510,487
Keyera Corp.(a)		110,090		2,815,232
Kinder Morgan, Inc.		467,630		9,642,531
Koninklijke Vopak NV		34,340		1,705,243
ONEOK, Inc.		96,455		6,759,566
Pembina Pipeline Corp.		266,640		9,724,243
Plains GP Holdings LP, Class A*(a)		34,340		829,654
Polskie Gornictwo Naftowe i Gazownictwo SA		860,520		1,258,616
Tallgrass Energy LP(a)		38,380		735,745
Targa Resources Corp.(a)		57,065		2,220,399
TC Energy Corp.		483,285		23,782,414
Transneft PJSC (Preference)		750		1,864,728
Williams Cos., Inc. (The)		282,295		6,955,749
				108,182,570
Road & Rail - 18.9%
Aurizon Holdings Ltd.		1,517,525		6,024,695
Canadian National Railway Co.		554,995		52,796,691
Canadian Pacific Railway Ltd.(a)		107,565		25,811,832
Central Japan Railway Co.		156,900		31,676,242
CSX Corp.		190,385		13,403,104
East Japan Railway Co.		284,900		26,253,046
Hankyu Hanshin Holdings, Inc.		202,000		7,134,884
Kansas City Southern		23,735		2,936,969
Keisei Electric Railway Co. Ltd.		125,700		4,648,266
Kyushu Railway Co.		118,200		3,385,697
MTR Corp. Ltd.(a)		1,282,013		8,442,593
Norfolk Southern Corp.		63,125		12,064,450
Tobu Railway Co. Ltd.		160,100		4,585,872
Union Pacific Corp.		167,155		30,079,542
West Japan Railway Co.		151,500		12,471,628
				241,715,511

Investments	Shares		Value ($)
Transportation Infrastructure - 8.3%
Adani Ports & Special Economic Zone Ltd.		700,940		3,847,349
Aena SME SA(b)		56,055		10,241,750
Aeroports de Paris		21,715		3,764,434
Airports of Thailand PCL, NVDR		3,282,500		7,684,604
Atlantia SpA		357,035		9,246,380
Atlas Arteria Ltd.(a)		522,170		2,947,627
Auckland International Airport Ltd.		724,675		4,450,446
Bangkok Expressway & Metro PCL, NVDR		6,413,500		2,189,619
CCR SA		959,500		3,812,397
China Merchants Port Holdings Co. Ltd.		1,010,000		1,679,914
COSCO SHIPPING Ports Ltd.		1,244,330		1,090,472
Flughafen Zurich AG (Registered)		14,140		2,593,762
Getlink SE(a)		335,825		4,879,494
Grupo Aeroportuario del Pacifico SAB de CV, Class B		303,000		3,069,706
Grupo Aeroportuario del Sureste SAB de CV, Class B		156,550		2,399,516
International Container Terminal Services, Inc.		1,321,990		3,507,122
Jiangsu Expressway Co. Ltd., Class H		1,010,000		1,365,091
Promotora y Operadora de Infraestructura SAB de CV		166,650		1,515,475
Qube Holdings Ltd.(a)		1,131,200		2,463,787
Shenzhen International Holdings Ltd.(a)		758,000		1,407,954
Sydney Airport		1,732,150		9,980,873
Transurban Group		2,051,310		21,985,606
Westshore Terminals Investment Corp.(a)		34,845		552,468
				106,675,846
Water Utilities - 2.7%
Aguas Andinas SA, Class A		2,073,530		1,165,576
American States Water Co.(a)		8,080		625,958
American Water Works Co., Inc.		42,925		4,926,931
Aqua America, Inc.(a)		48,985		2,054,921
Beijing Enterprises Water Group Ltd.*		4,040,000		2,141,826
California Water Service Group(a)		11,110		593,163
Cia de Saneamento Basico do Estado de Sao Paulo*		252,500		3,583,559
Cia de Saneamento de Minas Gerais-COPASA*		50,500		904,614
Cia de Saneamento do Parana (Preference)		252,500		1,068,357
Guangdong Investment Ltd.		2,152,000		4,536,082
Pennon Group plc		320,170		2,811,654
Severn Trent plc		183,820		4,535,330
United Utilities Group plc		520,655		5,027,451
				33,975,422
Wireless Telecommunication Services - 4.6%
China Mobile Ltd.		1,420,000		12,108,612
KDDI Corp.		454,500		11,944,884
SoftBank Group Corp.		417,600		21,646,353

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Vodafone Group plc		6,938,700		12,750,933
				58,450,782
TOTAL COMMON STOCKS (Cost $1,131,709,717)				1,264,784,146
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(e) - 1.7%
REPURCHASE AGREEMENTS - 1.7%
BofA Securities, Inc., 2.82%, dated 7/31/2019, due 10/31/2019, repurchase price $2,014,413, collateralized by various Common Stocks; total market value $2,181,297		2,000,000		2,000,000
Citigroup Global Markets, Inc., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $10,316,846, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 6.13%, maturing 8/15/2019 - 5/15/2028; total market value $10,438,719		10,316,121		10,316,121
NatWest Markets Securities, Inc., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $5,000,351, collateralized by various U.S. Treasury Securities, ranging from 1.25% - 3.00%, maturing 8/31/2019 - 10/31/2025; total market value $5,066,727		5,000,000		5,000,000
Nomura Securities Co., Ltd., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $5,000,351, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 2.63%, maturing 8/15/2019 - 5/15/2049; total market value $5,142,736		5,000,000		5,000,000
				22,316,121
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $22,316,121)				22,316,121
Total Investments - 100.5% (Cost $1,154,025,838)				1,287,100,267
Liabilities in excess of other assets - (0.5%)				(6,509,514	)
Net Assets - 100.0%				1,280,590,753

* Non-income producing security.

^ Security subject to restrictions on resale.

(a) The security or a portion of this security is on loan at July 31, 2019. The total value of securities on loan at July 31, 2019 was $59,089,479, collateralized in the form of cash with a value of $22,316,121 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $17,953,070 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.75%, and maturity dates ranging from August 8, 2019 – May 15, 2049 and $22,612,104 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 8.00%, and maturity dates ranging from September 2, 2019 – September 20, 2117; a total value of $62,881,295.

(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 July 31, 2019 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at July 31, 2019 amounted to $854,530, which represents approximately 0.07% 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 July 31, 2019. The total value of securities purchased was $22,316,121.

Percentages shown are based on Net Assets.

Abbreviations

FDR	Fiduciary Depositary Receipt
NVDR	Non-Voting Depositary Receipt
PJSC	Public Joint Stock Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.

See Accompanying Notes to the Schedules of Investments.

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

Futures Contracts

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund had the following open futures contracts as of July 31, 2019:

	Number of Contracts	Expiration Date	Trading Currency	Notional Amount		Value and Unrealized Appreciation
Long Contracts
EURO STOXX 50 Index	57	09/20/2019	EUR	$	2,197,117	$	28,483
FTSE 100 Index	12	09/20/2019	GBP		1,107,221		25,386
S&P 500 E-Mini Index	38	09/20/2019	USD		5,666,370		111,852
S&P/TSX 60 Index	19	09/19/2019	CAD		2,831,588		13,379
SPI 200 Index	8	09/19/2019	AUD		930,763		31,656
TOPIX Index	17	09/12/2019	JPY		2,451,946		35,559
						$	246,315

Forward Foreign Currency Contracts

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund had the following outstanding contracts as of July 31, 2019:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
CAD	928,325	Toronto-Dominion Bank (The)	USD	700,477		09/18/2019	$	7,109
USD	1,590,179	JPMorgan Chase Bank	AUD	2,282,867		09/18/2019		14,143
USD	79,366	Citibank NA	EUR	69,796		09/18/2019		1,354
USD	637,789	Toronto-Dominion Bank (The)	GBP	499,709		09/18/2019		24,493
Total unrealized appreciation							$	47,099
AUD	417,992	Citibank NA	USD	290,000		09/18/2019	$	(1,428	)
AUD	313,547	JPMorgan Chase Bank	USD	220,000		09/18/2019		(3,535	)
AUD	618,654	Toronto-Dominion Bank (The)	USD	429,000		09/18/2019		(1,896	)
EUR	174,811	Citibank NA	USD	200,000		09/18/2019		(4,613	)
EUR	361,527	Toronto-Dominion Bank (The)	USD	412,000		09/18/2019		(7,920	)
GBP	94,959	Morgan Stanley	USD	120,000		09/18/2019		(3,456	)
HKD	1,015,054	UBS AG	USD	130,000		09/18/2019		(280	)
JPY	35,447,379	Citibank NA	USD	330,281		09/18/2019		(2,633	)
JPY	24,753,126	JPMorgan Chase Bank	USD	230,000		09/18/2019		(1,201	)
USD	270,469	Citibank NA	HKD	2,118,393		09/18/2019		(255	)
Total unrealized depreciation							$	(27,217	)
Net unrealized appreciation							$	19,882

Abbreviations:

AUD	— Australian Dollar
CAD	— Canadian Dollar
EUR	— Euro
GBP	— British Pound
HKD	— Hong Kong Dollar
JPY	— Japanese Yen
USD	— US Dollar

See Accompanying Notes to the Schedules of Investments.

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 July 31, 2019:

Australia	5.1	%
Austria	0.1
Belgium	0.1
Brazil	0.8
Canada	14.5
Chile	0.1
China	2.6
France	3.1
Germany	3.9
Hong Kong	1.4
India	0.3
Italy	3.4
Japan	10.9
Luxembourg	0.1
Malaysia	0.3
Mexico	0.5
Netherlands	0.2
New Zealand	0.3
Philippines	0.4
Poland	0.1
Portugal	0.0	†
Russia	0.1
Singapore	0.1
South Africa	0.2
South Korea	0.0	†
Spain	4.2
Switzerland	0.5
Taiwan	0.3
Thailand	1.5
United Kingdom	3.9
United States	39.8
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 Schedules of Investments.

Schedule of Investments

FlexShares^® Global Quality Real Estate Index Fund

July 31, 2019 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 99.2%
Equity Real Estate Investment Trusts (REITs) - 80.6%
AEON REIT Investment Corp.(a)		749		974,752
Agree Realty Corp.		18,083		1,208,849
alstria office REIT-AG		76,398		1,241,898
American Homes 4 Rent, Class A		132,038		3,196,640
Apartment Investment & Management Co., Class A		78,110		3,869,569
Argosy Property Ltd.		141,989		133,072
AvalonBay Communities, Inc.		69,229		14,454,323
Big Yellow Group plc		80,464		974,404
British Land Co. plc (The)(a)		321,963		2,002,676
Brixmor Property Group, Inc.(a)		153,331		2,910,222
BWP Trust		330,523		856,577
Camden Property Trust		49,220		5,104,606
Canadian Apartment Properties REIT(a)		38,734		1,436,799
Charter Hall Group		171,842		1,340,765
Chesapeake Lodging Trust		31,993		878,848
Cousins Properties, Inc.		73,561		2,587,876
Derwent London plc(a)		53,286		1,905,184
Dexus		515,633		4,662,848
DiamondRock Hospitality Co.(a)		103,362		1,040,855
Dream Global REIT		88,703		951,777
Dream Office REIT		37,129		695,276
Duke Realty Corp.		180,830		6,027,064
EastGroup Properties, Inc.		18,618		2,243,097
EPR Properties		37,985		2,827,224
Equity Commonwealth		61,311		2,058,823
Equity LifeStyle Properties, Inc.		43,228		5,371,079
Equity Residential		183,933		14,510,474
Essex Property Trust, Inc.		32,742		9,895,287
Four Corners Property Trust, Inc.		35,738		962,782
Frasers Centrepoint Trust		486,015		926,893
Frontier Real Estate Investment Corp.		214		924,393
Fukuoka REIT Corp.		535		887,437
Gecina SA		1,926		297,215
Getty Realty Corp.		26,536		795,549
Goodman Group		103,576		1,057,282
Goodman Property Trust		612,682		828,959
Granite REIT		18,939		884,681
Green REIT plc		467,162		932,088
Growthpoint Properties Australia Ltd.		280,126		847,607
H&R REIT(a)		72,011		1,243,734
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		34,668		951,637
Hansteen Holdings plc(a)		408,526		438,192
HCP, Inc.		239,787		7,656,399
Healthcare Trust of America, Inc., Class A		102,613		2,763,368
Hospitality Properties Trust		15,836		391,308

Investments	Shares		Value ($)
Host Hotels & Resorts, Inc.		370,862		6,449,290
Ichigo Office REIT Investment(a)		856		815,989
Inmobiliaria Colonial Socimi SA		152,047		1,709,820
Investors Real Estate Trust		12,947		825,371
Japan Excellent, Inc.		642		957,900
Japan Rental Housing Investments, Inc.		1,070		900,741
JBG SMITH Properties		57,031		2,231,623
Kenedix Office Investment Corp.		214		1,541,312
Kenedix Residential Next Investment Corp.(a)		535		949,031
Killam Apartment REIT		66,233		989,094
Kimco Realty Corp.(a)		213,893		4,108,885
Lexington Realty Trust(a)		107,535		1,061,370
Liberty Property Trust		75,221		3,934,058
Life Storage, Inc.		23,540		2,294,915
Link REIT		1,070,000		12,493,517
LondonMetric Property plc(a)		442,338		1,099,490
LTC Properties, Inc.(a)		20,758		956,736
Mack-Cali Realty Corp.(a)		44,940		1,068,673
Mapletree North Asia Commercial Trust(b)		1,166,300		1,210,147
Medical Properties Trust, Inc.		186,287		3,260,023
Merlin Properties Socimi SA		174,303		2,396,752
MGM Growth Properties LLC, Class A		36,808		1,099,087
Mirvac Group		444,585		986,705
Mori Trust Sogo Reit, Inc.		535		892,365
National Health Investors, Inc.		20,972		1,664,757
National Retail Properties, Inc.		78,966		4,125,184
Nippon Accommodations Fund, Inc.		214		1,263,403
Nippon Building Fund, Inc.		572		4,024,941
NIPPON REIT Investment Corp.		214		861,322
Park Hotels & Resorts, Inc.		101,115		2,670,447
Parkway Life REIT		363,800		813,436
Piedmont Office Realty Trust, Inc., Class A		64,735		1,347,135
Precinct Properties New Zealand Ltd.		811,381		955,888
Premier Investment Corp.		749		1,012,004
Prologis, Inc.		238,396		19,217,102
PS Business Parks, Inc.		10,593		1,853,775
Public Storage		1,926		467,556
Rayonier, Inc.		64,521		1,873,690
Regency Centers Corp.		75,863		5,060,062
Retail Properties of America, Inc., Class A		105,930		1,288,109
RioCan REIT		73,295		1,452,337
RPT Realty(a)		62,809		769,410
Sabra Health Care REIT, Inc.(a)		84,102		1,735,865
Safestore Holdings plc		114,276		874,533
Scentre Group		2,630,916		7,235,302
Segro plc		513,921		4,808,886
Simon Property Group, Inc.		47,936		7,775,219
SL Green Realty Corp.(a)		40,767		3,305,388

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
SmartCentres REIT		38,199		942,212
Societe Fonciere Lyonnaise SA		1,712		128,855
Spirit Realty Capital, Inc.(a)		42,051		1,855,290
STORE Capital Corp.		94,160		3,221,214
Sunstone Hotel Investors, Inc.		109,140		1,441,739
Terreno Realty Corp.		28,355		1,385,425
Tritax Big Box REIT plc(a)		695,821		1,303,557
UNITE Group plc (The)		133,001		1,680,644
Urstadt Biddle Properties, Inc., Class A(a)		34,133		736,931
VICI Properties, Inc.(a)		201,481		4,299,605
Weingarten Realty Investors		61,953		1,729,108
WP Carey, Inc.(a)		79,608		6,889,276
				274,452,889
Household Durables - 0.3%
Iida Group Holdings Co. Ltd.(a)		64,200		1,060,786
Real Estate Management & Development - 18.3%
ADO Properties SA(b)		15,622		677,304
Aeon Mall Co. Ltd.(a)		53,500		826,337
Aroundtown SA		387,875		3,123,212
Castellum AB		135,997		2,785,676
City Developments Ltd.		203,300		1,442,434
CK Asset Holdings Ltd.		802,500		6,084,438
CLS Holdings plc		233,153		649,477
Daejan Holdings plc		1,070		72,845
Daibiru Corp.		74,900		699,504
Entra ASA(b)		63,879		935,381
Fabege AB		136,425		2,126,763
First Capital Realty, Inc., REIT		88,382		1,470,622
Heiwa Real Estate Co. Ltd.		42,800		906,654
Helical plc		21,400		93,283
Henderson Land Development Co. Ltd.		718,053		3,737,996
HKR International Ltd.(a)		171,200		87,263
Hongkong Land Holdings Ltd.		577,800		3,536,136
Hufvudstaden AB, Class A		57,887		1,028,831
Kenedix, Inc.(a)		160,500		820,424
Kennedy-Wilson Holdings, Inc.(a)		67,303		1,448,361
Kungsleden AB		110,210		967,898
Leopalace21 Corp.*(a)		139,100		292,100
Nomura Real Estate Holdings, Inc.		64,200		1,310,904
Olav Thon Eiendomsselskap ASA		41,302		681,912
PSP Swiss Property AG (Registered)		21,079		2,537,997
Realogy Holdings Corp.(a)		109,461		570,292
S IMMO AG		2,675		59,507
St Joe Co. (The)*(a)		46,973		903,760
St Modwen Properties plc		159,537		812,635
Sumitomo Realty & Development Co. Ltd.		181,900		6,662,826
Swire Pacific Ltd., Class A		237,000		2,715,786
Swire Pacific Ltd., Class B		267,500		478,417
Swire Properties Ltd.		599,200		2,177,754
TAG Immobilien AG*		62,274		1,481,014
Tejon Ranch Co.*		12,198		226,029
Tricon Capital Group, Inc.		20,009		152,222
Vonovia SE		70,834		3,490,635

Investments	Shares		Value ($)
Wharf Real Estate Investment Co. Ltd.		362,000		2,298,369
Wihlborgs Fastigheter AB		75,328		1,108,740
Wing Tai Holdings Ltd.		85,600		131,976
Yanlord Land Group Ltd.		513,600		487,874
				62,101,588
TOTAL COMMON STOCKS (Cost $297,524,644)				337,615,263
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(c) - 3.8%
REPURCHASE AGREEMENTS - 3.8%
Citigroup Global Markets, Inc., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $2,879,743, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 6.13%, maturing 8/15/2019 - 5/15/2028; total market value $2,913,762		2,879,541		2,879,541
NatWest Markets Securities, Inc., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $5,000,351, collateralized by various U.S. Treasury Securities, ranging from 1.25% - 3.00%, maturing 8/31/2019 - 10/31/2025; total market value $5,066,727		5,000,000		5,000,000
Nomura Securities Co., Ltd., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $5,000,351, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 2.63%, maturing 8/15/2019 - 5/15/2049; total market value $5,142,736		5,000,000		5,000,000
				12,879,541
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $12,879,541)				12,879,541
Total Investments - 103.0% (Cost $310,404,185)				350,494,804
Liabilities in excess of other assets - (3.0%)				(10,051,983	)
Net Assets - 100.0%				340,442,821

* Non-income producing security.

See Accompanying Notes to the Schedules of Investments.

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

(a) The security or a portion of this security is on loan at July 31, 2019. The total value of securities on loan at July 31, 2019 was $25,465,976, collateralized in the form of cash with a value of $12,879,541 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $11,117,986 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.75%, and maturity dates ranging from August 8, 2019 – February 15, 2049 and $2,667,992 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from September 2, 2019 – September 20, 2117; a total value of $26,665,519.

(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 July 31, 2019. The total value of securities purchased was $12,879,541.

Percentages shown are based on Net Assets.

See Accompanying Notes to the Schedules of Investments.

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

Futures Contracts

FlexShares^® Global Quality Real Estate Index Fund had the following open futures contracts as of July 31, 2019:

	Number of Contracts	Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Long Contracts
EURO STOXX 50 Index	4		09/20/2019	EUR	$	154,184	$	1,994
Hang Seng Index	2		08/29/2019	HKD		354,591		(7,496	)
S&P 500 E-Mini Index	4		09/20/2019	USD		596,460		14,990
S&P Midcap 400 E-Mini Index	5		09/20/2019	USD		984,050		22,267
SPI 200 Index	4		09/19/2019	AUD		465,381		14,617
TOPIX Mini Index	15		09/12/2019	JPY		216,348		2,566
							$	48,938

Forward Foreign Currency Contracts

FlexShares^® Global Quality Real Estate Index Fund had the following outstanding contracts as of July 31, 2019:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
CAD	72,402	Toronto-Dominion Bank (The)	USD	54,631		09/18/2019	$	554
HKD	786,064	Citibank NA	USD	100,362		09/18/2019		95
USD	110,000	Citibank NA	AUD	156,691		09/18/2019		1,824
USD	80,000	Citibank NA	EUR	69,924		09/18/2019		1,845
USD	252,000	Morgan Stanley	HKD	1,968,435		09/18/2019		441
USD	130,000	Toronto-Dominion Bank (The)	JPY	13,913,328		09/18/2019		1,396
USD	2,275	Citibank NA	SGD	3,099		09/18/2019		9
Total unrealized appreciation							$	6,164
AUD	13,371	JPMorgan Chase Bank	USD	9,314		09/18/2019	$	(83	)
EUR	18,716	Citibank NA	USD	21,282		09/18/2019		(363	)
GBP	45,281	Toronto-Dominion Bank (The)	USD	57,876		09/18/2019		(2,301	)
HKD	780,963	Citibank NA	USD	100,000		09/18/2019		(196	)
JPY	5,186,419	Citibank NA	USD	48,160		09/18/2019		(220	)
USD	60,871	Morgan Stanley	CHF	60,028		09/18/2019		(39	)
Total unrealized depreciation							$	(3,202	)
Net unrealized appreciation							$	2,962

Abbreviations:

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

JPY — Japanese Yen

SGD — Singapore Dollar

USD — US Dollar

See Accompanying Notes to the Schedules of Investments.

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

FlexShares^® Global Quality Real Estate Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of July 31, 2019:

Australia	5.0	%
Austria	0.0	†
Canada	3.0
France	0.1
Germany	2.9
Hong Kong	8.8
Ireland	0.3
Japan	8.4
New Zealand	0.6
Norway	0.5
Singapore	2.5
Spain	1.2
Sweden	2.4
Switzerland	0.8
United Kingdom	4.9
United States	57.8
Other1	0.8
	100.0	%

^†  Amount represents less than 0.05%.

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® Real Assets Allocation Index Fund

July 31, 2019 (Unaudited)

Investments	Shares		Value ($)
EXCHANGE TRADED FUNDS - 100.0%
FlexShares® Global Quality Real Estate Index Fund(a)		64,540		4,110,598
FlexShares® Global Upstream Natural Resources Index Fund(a)		30,352		982,798
FlexShares® STOXX® Global Broad Infrastructure Index Fund(a)		101,724		5,151,303
TOTAL EXCHANGE TRADED FUNDS (Cost $9,902,127)				10,244,699
Total Investments - 100.0% (Cost $9,902,127)				10,244,699
Other Assets Less Liabilities - 0.0%(b)				960
Net Assets - 100.0%				10,245,659

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

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

Percentages shown are based on Net Assets.

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Real Assets Allocation Index Fund (cont.)

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 July 31, 2019, was as follows:

Security	Value October 31, 2018		Purchases at Cost		Sales Proceeds		Shares July 31, 2019		Value July 31, 2019		Change in Unrealized Appreciation (Depreciation)			Dividend Income		Realized Gain
FlexShares® Global Quality Real Estate Index Fund	$	5,511,512	$	457,482	$	2,324,425		64,540	$	4,110,598	$	354,447		$	107,714	$	111,582
FlexShares® Global Upstream Natural Resources Index Fund		1,361,164		143,357		549,671		30,352		982,798		(29,380	)		26,889		57,328
FlexShares® STOXX® Global Broad Infrastructure Index Fund		7,009,193		493,556		3,059,211		101,724		5,151,303		564,879			109,403		142,886
	$	13,881,869	$	1,094,395	$	5,933,307		196,616	$	10,244,699	$	889,946		$	244,006	$	311,796

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® Quality Dividend Index Fund

July 31, 2019 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 99.3%
Aerospace & Defense - 2.2%
Boeing Co. (The)		35,232		12,020,454
Lockheed Martin Corp.		68,996		24,988,281
				37,008,735
Banks - 3.6%
Bank of America Corp.		315,620		9,683,221
Citigroup, Inc.		51,380		3,656,201
Comerica, Inc.		129,184		9,456,269
Fifth Third Bancorp		113,036		3,356,039
JPMorgan Chase & Co.		187,904		21,796,864
M&T Bank Corp.(a)		52,114		8,559,724
Wells Fargo & Co.		76,336		3,695,426
				60,203,744
Beverages - 3.4%
Coca-Cola Co. (The)		136,524		7,185,258
PepsiCo, Inc.		386,084		49,345,396
				56,530,654
Biotechnology - 3.7%
AbbVie, Inc.(a)		445,538		29,681,742
Amgen, Inc.		174,692		32,594,033
				62,275,775
Capital Markets - 3.1%
Ameriprise Financial, Inc.		65,326		9,505,586
Eaton Vance Corp.(a)		119,642		5,324,069
Evercore, Inc., Class A		48,444		4,184,109
Franklin Resources, Inc.(a)		159,278		5,197,241
Invesco Ltd.(a)		182,032		3,493,194
Lazard Ltd., Class A(a)		225,338		8,722,834
T. Rowe Price Group, Inc.		135,056		15,314,000
				51,741,033
Chemicals - 0.9%
Chemours Co. (The)		41,838		797,851
Huntsman Corp.(a)		263,506		5,415,048
LyondellBasell Industries NV, Class A		97,622		8,169,985
				14,382,884
Communications Equipment - 3.3%
Cisco Systems, Inc.		986,496		54,651,878
Consumer Finance - 1.7%
Navient Corp.(a)		336,906		4,767,220
Santander Consumer USA Holdings, Inc.		305,344		8,216,807
Synchrony Financial		448,474		16,091,247
				29,075,274
Diversified Consumer Services - 0.5%
H&R Block, Inc.(a)		309,014		8,556,598
Diversified Telecommunication Services - 2.8%
AT&T, Inc.		637,112		21,693,664
CenturyLink, Inc.(a)		314,886		3,806,972

Investments	Shares		Value ($)
Verizon Communications, Inc.(a)		388,286		21,460,567
				46,961,203
Electric Utilities - 2.9%
Edison International(a)		96,888		7,222,031
Exelon Corp.		240,018		10,815,211
OGE Energy Corp.(a)		118,908		5,107,099
Pinnacle West Capital Corp.(a)		54,316		4,954,706
Portland General Electric Co.		149,002		8,172,760
PPL Corp.		285,526		8,460,135
Southern Co. (The)		75,602		4,248,832
				48,980,774
Electrical Equipment - 0.5%
Rockwell Automation, Inc.		56,518		9,086,964
Electronic Equipment, Instruments & Components - 0.8%
CDW Corp.		109,366		12,922,687
Entertainment - 1.3%
Activision Blizzard, Inc.		226,806		11,054,524
Viacom, Inc., Class B		353,788		10,737,466
				21,791,990
Equity Real Estate Investment Trusts (REITs) - 6.1%
Brandywine Realty Trust		522,608		7,708,468
Brixmor Property Group, Inc.(a)		355,990		6,756,690
HCP, Inc.		279,654		8,929,352
Host Hotels & Resorts, Inc.(a)		551,234		9,585,959
Kimco Realty Corp.(a)		590,870		11,350,613
Lamar Advertising Co., Class A(a)		119,642		9,681,431
Medical Properties Trust, Inc.		247,358		4,328,765
Outfront Media, Inc.		270,112		7,341,644
Park Hotels & Resorts, Inc.		157,076		4,148,377
Public Storage		40,370		9,800,221
Simon Property Group, Inc.(a)		46,976		7,619,507
Spirit Realty Capital, Inc.(a)		214,328		9,456,152
Weingarten Realty Investors(a)		153,406		4,281,562
				100,988,741
Food & Staples Retailing - 0.5%
Walgreens Boots Alliance, Inc.		124,780		6,799,262
Walmart, Inc.		16,148		1,782,416
				8,581,678
Food Products - 0.4%
Bunge Ltd.		110,834		6,476,031
Gas Utilities - 0.2%
National Fuel Gas Co.(a)		87,346		4,169,898
Health Care Equipment & Supplies - 0.5%
Medtronic plc		41,104		4,190,142
ResMed, Inc.		28,626		3,684,166
				7,874,308
Health Care Providers & Services - 1.8%
AmerisourceBergen Corp.		85,144		7,420,300
McKesson Corp.		91,016		12,646,673

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Quality Dividend Index Fund (cont.)

Investments	Shares		Value ($)
UnitedHealth Group, Inc.		36,700		9,138,667
				29,205,640
Hotels, Restaurants & Leisure - 0.7%
Las Vegas Sands Corp.		59,454		3,593,400
Wyndham Destinations, Inc.		163,682		7,702,875
				11,296,275
Household Products - 1.9%
Clorox Co. (The)(a)		32,296		5,251,330
Kimberly-Clark Corp.		105,696		14,337,662
Procter & Gamble Co. (The)		95,420		11,263,377
				30,852,369
Industrial Conglomerates - 0.7%
3M Co.		62,390		10,900,781
Insurance - 2.6%
Aflac, Inc.		270,846		14,257,333
Allstate Corp. (The)		96,154		10,326,939
Principal Financial Group, Inc.		119,642		6,944,022
Prudential Financial, Inc.		5,138		520,531
Travelers Cos., Inc. (The)(a)		73,400		10,761,908
				42,810,733
IT Services - 4.6%
Accenture plc, Class A(a)		121,844		23,464,718
Broadridge Financial Solutions, Inc.		83,676		10,636,893
International Business Machines Corp.		204,786		30,357,477
Mastercard, Inc., Class A		13,212		3,597,231
Visa, Inc., Class A(a)		45,508		8,100,424
				76,156,743
Machinery - 2.3%
Caterpillar, Inc.(a)		109,366		14,400,221
Cummins, Inc.		67,528		11,074,592
Illinois Tool Works, Inc.(a)		80,740		12,452,530
				37,927,343
Media - 2.6%
CBS Corp. (Non-Voting), Class B		89,548		4,612,618
Comcast Corp., Class A		438,932		18,948,694
Omnicom Group, Inc.(a)		145,332		11,658,533
Tribune Media Co., Class A		171,756		7,981,501
				43,201,346
Metals & Mining - 0.7%
Steel Dynamics, Inc.		365,532		11,517,913
Multiline Retail - 1.2%
Kohl’s Corp.(a)		184,968		9,962,377
Macy’s, Inc.(a)		422,784		9,609,880
Nordstrom, Inc.(a)		22,754		753,385
				20,325,642
Multi-Utilities - 1.5%
Black Hills Corp.		124,780		9,876,337
NorthWestern Corp.		224,604		15,704,312
				25,580,649
Oil, Gas & Consumable Fuels - 7.8%
Chevron Corp.		235,614		29,006,440
CVR Energy, Inc.		190,840		10,127,879
Equitrans Midstream Corp.(a)		51,380		852,394

Investments	Shares		Value ($)
Exxon Mobil Corp.(a)		590,870		43,937,093
HollyFrontier Corp.		193,042		9,607,700
PBF Energy, Inc., Class A(a)		264,240		7,380,223
Phillips 66		138,726		14,227,739
Plains GP Holdings LP, Class A*(a)		130,652		3,156,552
Valero Energy Corp.(a)		135,056		11,513,524
				129,809,544
Paper & Forest Products - 0.6%
Domtar Corp.		250,294		10,624,980
Pharmaceuticals - 6.9%
Allergan plc		22,754		3,652,017
Bristol-Myers Squibb Co.(a)		165,884		7,366,908
Johnson & Johnson		385,350		50,180,277
Merck & Co., Inc.		344,246		28,568,976
Pfizer, Inc.		671,610		26,085,332
				115,853,510
Professional Services - 0.5%
ManpowerGroup, Inc.		99,824		9,118,922
Semiconductors & Semiconductor Equipment - 6.3%
Broadcom, Inc.		123,312		35,759,247
Intel Corp.		120,376		6,085,007
KLA Corp.(a)		79,272		10,806,359
Lam Research Corp.		50,646		10,565,262
Maxim Integrated Products, Inc.		123,312		7,298,837
Texas Instruments, Inc.		272,314		34,041,973
				104,556,685
Software - 4.4%
Intuit, Inc.		52,848		14,655,279
Microsoft Corp.		417,646		56,912,620
Oracle Corp.		22,020		1,239,726
				72,807,625
Specialty Retail - 5.4%
Best Buy Co., Inc.		187,170		14,324,120
Foot Locker, Inc.(a)		154,140		6,328,989
Gap, Inc. (The)(a)		231,944		4,522,908
Home Depot, Inc. (The)		217,264		46,427,144
Signet Jewelers Ltd.(a)		413,242		7,496,210
Williams-Sonoma, Inc.(a)		165,884		11,061,145
				90,160,516
Technology Hardware, Storage & Peripherals - 4.2%
Apple, Inc.		233,412		49,726,092
HP, Inc.		510,864		10,748,579
Seagate Technology plc(a)		204,786		9,483,640
				69,958,311
Textiles, Apparel & Luxury Goods - 0.5%
VF Corp.		104,962		9,172,629
Tobacco - 2.4%
Altria Group, Inc.		229,742		10,813,956
Philip Morris International, Inc.		346,448		28,966,517
				39,780,473
Trading Companies & Distributors - 1.2%
MSC Industrial Direct Co., Inc., Class A		111,568		7,926,907

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Quality Dividend Index Fund (cont.)

Investments	Shares		Value ($)
WW Grainger, Inc.		40,370		11,748,881
				19,675,788
Transportation Infrastructure - 0.1%
Macquarie Infrastructure Corp.		39,636		1,642,516
TOTAL COMMON STOCKS (Cost $1,382,192,827)				1,655,197,782
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(b) - 12.6%
CERTIFICATES OF DEPOSIT - 3.9%
Bank of Montreal, Chicago (ICE LIBOR USD 1 Month + 0.33%), 2.69%, 8/6/2019(c)		5,000,000		5,000,000
Bank of Nova Scotia, Houston (ICE LIBOR USD 3 Month + 0.22%), 2.40%, 12/30/2019(c)		3,000,000		3,002,571
Barclays Bank plc, New York 2.95%, 8/2/2019		4,000,000		4,000,000
Canadian Imperial Bank of Commerce, New York (ICE LIBOR USD 1 Month + 0.25%), 2.58%, 10/15/2019(c)		5,000,000		5,001,365
Cooperatieve Rabobank UA, London (ICE LIBOR USD 1 Month + 0.19%), 2.45%, 4/24/2020(c)		5,000,000		5,000,500
Credit Agricole CIB, New York (ICE LIBOR USD 1 Month + 0.21%), 2.48%, 12/20/2019(c)		5,000,000		5,002,225
Mitsubishi UFJ Trust & Banking Corp. 2.52%, 8/30/2019		2,000,000		1,995,966
2.42%, 9/13/2019		5,000,234		4,985,869
MUFG Bank Ltd., New York Branch (ICE LIBOR USD 3 Month + 0.10%), 2.38%, 10/24/2019(c)		2,500,000		2,499,332
Royal Bank of Canada, New York (ICE LIBOR USD 1 Month + 0.21%), 2.52%, 9/17/2019(c)		3,000,000		3,000,000
Societe Generale, New York (ICE LIBOR USD 3 Month + 0.20%), 2.54%, 8/5/2019(c)		4,000,000		4,000,096
(ICE LIBOR USD 3 Month + 0.20%), 2.58%, 8/21/2019(c)		3,000,000		3,000,235
Standard Chartered, New York 2.69%, 8/14/2019		4,000,000		4,000,000

Investments	Principal Amount ($)		Value ($)
Svenska Handelsbanken, New York (ICE LIBOR USD 1 Month + 0.16%), 2.60%, 7/8/2020(c)		2,010,000		2,008,927
Toronto-Dominion Bank, New York (ICE LIBOR USD 1 Month + 0.21%), 2.52%, 9/17/2019(c)		3,000,000		3,000,000
Union Bank of Switzerland, Stamford (ICE LIBOR USD 1 Month + 0.12%), 2.50%, 8/14/2019(c)		2,200,000		2,199,955
Wells Fargo Bank (San Francisco) NA (ICE LIBOR USD 3 Month + 0.21%), 2.48%, 10/25/2019(c)		3,000,000		3,001,287
Westpac Banking Corp., New York (US Federal Funds Effective Rate (continuous series) + 0.30%), 2.69%, 2/14/2020(c)		4,000,000		3,999,987
TOTAL CERTIFICATES OF DEPOSIT (Cost $64,692,478)				64,698,315
COMMERCIAL PAPER - 1.1%
Agricultural Bank of China Ltd., New York Branch 2.59%, 9/10/2019(d)		4,000,000		3,988,578
Bank of China, Hong Kong Branch 2.64%, 8/26/2019		2,000,000		1,996,361
Bank of Nova Scotia, Houston (ICE LIBOR USD 1 Month + 0.17%), 2.50%, 5/15/2020(c)(d)		2,500,000		2,500,918
Toyota Motor Credit Corp. 2.65%, 8/29/2019		5,000,000		4,989,811
UBS AG, London (ICE LIBOR USD 1 Month + 0.24%), 2.50%, 1/27/2020(c)(d)		6,000,000		6,000,000
TOTAL COMMERCIAL PAPER (Cost $19,474,750)				19,475,668
REPURCHASE AGREEMENTS - 7.6%
BofA Securities, Inc., 2.82%, dated 7/31/2019, due 10/31/2019, repurchase price $8,057,653, collateralized by various Common Stocks; total market value $8,725,189		8,000,000		8,000,000
Citadel Clearing LLC, 2.98%, dated 7/31/2019, due 10/31/2019, repurchase price $5,038,078, collateralized by various Common Stocks; total market value $5,470,395		5,000,000		5,000,000

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Quality Dividend Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Citigroup Global Markets, Inc., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $16,313,403, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 6.13%, maturing 8/15/2019 - 5/15/2028; total market value $16,506,114		16,312,257		16,312,257
NatWest Markets Securities, Inc., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $52,843,713, collateralized by various U.S. Treasury Securities, ranging from 1.25% - 3.00%, maturing 8/31/2019 - 10/31/2025; total market value $53,545,174		52,840,000		52,840,000
Nomura Securities Co., Ltd., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $35,002,460, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 2.63%, maturing 8/15/2019 - 5/15/2049; total market value $35,999,150		35,000,000		35,000,000
Societe Generale, 2.48%, dated 7/31/2019, due 8/1/2019, repurchase price $9,500,654, collateralized by various U.S. Treasury Securities, ranging from 1.38% - 2.75%, maturing 4/30/2021 - 9/15/2021; Common Stocks; total market value $10,438,908		9,500,000		9,500,000
TOTAL REPURCHASE AGREEMENTS (Cost $126,652,257)				126,652,257
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $210,819,485)				210,826,240
Total Investments - 111.9% (Cost $1,593,012,312)				1,866,024,022
Liabilities in excess of other assets - (11.9%)				(198,776,000	)
Net Assets - 100.0%				1,667,248,022

* Non-income producing security.

(a) The security or a portion of this security is on loan at July 31, 2019. The total value of securities on loan at July 31, 2019 was $223,882,273, collateralized in the form of cash with a value of $210,722,954 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $17,577,197 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.75%, and maturity dates ranging from August 8, 2019 – May 15, 2049 and $2,689,037 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from September 2, 2019 – September 20, 2117; a total value of $230,989,188.

(b) The security was purchased with cash collateral held from securities on loan at July 31, 2019. The total value of securities purchased was $210,826,240.

(c) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of July 31, 2019.

(d) 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.

Percentages shown are based on Net Assets.

Abbreviations

ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
USD	US Dollar

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Quality Dividend Index Fund (cont.)

Futures Contracts

FlexShares^® Quality Dividend Index Fund had the following open futures contracts as of July 31, 2019:

	Number of Contracts	Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Appreciation
Long Contracts
S&P 500 E-Mini Index	81		09/20/2019	USD	$	12,078,315	$	288,972

Abbreviations:

USD — US Dollar

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® Quality Dividend Defensive Index Fund

July 31, 2019 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 99.0%
Aerospace & Defense - 2.2%
Boeing Co. (The)		6,265		2,137,493
Lockheed Martin Corp.		18,795		6,806,985
				8,944,478
Air Freight & Logistics - 1.0%
CH Robinson Worldwide, Inc.(a)		22,912		1,918,422
Expeditors International of Washington, Inc.		27,566		2,104,664
				4,023,086
Banks - 4.7%
Bank of America Corp.		67,662		2,075,870
Citigroup, Inc.		6,086		433,080
Fifth Third Bancorp		10,382		308,241
Investors Bancorp, Inc.		9,308		105,739
JPMorgan Chase & Co.		30,967		3,592,172
PacWest Bancorp		13,962		539,352
Wells Fargo & Co.		246,841		11,949,573
				19,004,027
Beverages - 1.0%
Coca-Cola Co. (The)		18,616		979,760
PepsiCo, Inc.		22,912		2,928,383
				3,908,143
Biotechnology - 1.5%
AbbVie, Inc.		92,185		6,141,365
Capital Markets - 2.1%
Intercontinental Exchange, Inc.		7,697		676,258
Invesco Ltd.		35,621		683,567
Lazard Ltd., Class A		23,986		928,498
MarketAxess Holdings, Inc.		5,728		1,930,565
MSCI, Inc.		11,635		2,643,937
T. Rowe Price Group, Inc.		12,530		1,420,777
Virtu Financial, Inc., Class A		10,561		228,963
				8,512,565
Chemicals - 0.5%
Dow, Inc.		22,912		1,109,857
LyondellBasell Industries NV, Class A		9,308		778,987
				1,888,844
Commercial Services & Supplies - 0.2%
Rollins, Inc.(a)		12,351		414,129
Waste Management, Inc.		3,938		460,746
				874,875
Communications Equipment - 4.0%
Cisco Systems, Inc.		246,304		13,645,242
Motorola Solutions, Inc.		16,289		2,703,322
				16,348,564
Consumer Finance - 1.3%
Santander Consumer USA Holdings, Inc.		78,223		2,104,981

Investments	Shares		Value ($)
Synchrony Financial		86,636		3,108,500
				5,213,481
Diversified Consumer Services - 0.5%
H&R Block, Inc.(a)		71,958		1,992,517
Diversified Telecommunication Services - 2.8%
AT&T, Inc.		153,045		5,211,183
CenturyLink, Inc.(a)		93,080		1,125,337
Verizon Communications, Inc.		96,123		5,312,718
				11,649,238
Electric Utilities - 4.0%
American Electric Power Co., Inc.		10,024		880,208
Edison International		16,110		1,200,839
Exelon Corp.		65,156		2,935,929
FirstEnergy Corp.		8,592		377,790
OGE Energy Corp.(a)		42,781		1,837,444
Pinnacle West Capital Corp.		6,981		636,807
Portland General Electric Co.		41,528		2,277,811
PPL Corp.		74,106		2,195,761
Southern Co. (The)		68,020		3,822,724
				16,165,313
Electrical Equipment - 0.5%
Eaton Corp. plc		24,702		2,030,257
Electronic Equipment, Instruments & Components - 0.7%
CDW Corp.		24,881		2,939,939
Entertainment - 0.9%
Activision Blizzard, Inc.		44,392		2,163,666
Viacom, Inc., Class B		56,564		1,716,717
				3,880,383
Equity Real Estate Investment Trusts (REITs) - 5.5%
Brixmor Property Group, Inc.(a)		121,541		2,306,848
CubeSmart		20,764		704,938
EPR Properties(a)		17,184		1,279,005
HCP, Inc.		52,268		1,668,917
Healthcare Trust of America, Inc., Class A		2,685		72,307
Kimco Realty Corp.(a)		173,630		3,335,432
Macerich Co. (The)(a)		179		5,916
Medical Properties Trust, Inc.(a)		101,314		1,772,995
Omega Healthcare Investors, Inc.		4,296		155,945
Public Storage		9,666		2,346,518
Retail Properties of America, Inc., Class A		8,055		97,949
Senior Housing Properties Trust		92,364		757,385
Simon Property Group, Inc.(a)		13,246		2,148,501
Spirit Realty Capital, Inc.(a)		49,583		2,187,602
Ventas, Inc.		3,580		240,898
VEREIT, Inc.		54,953		501,172
Weingarten Realty Investors		44,392		1,238,981
WP Carey, Inc.		20,048		1,734,954
				22,556,263
Food & Staples Retailing - 1.9%
Sysco Corp.		29,893		2,049,763

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Walmart, Inc.		50,478		5,571,762
				7,621,525
Food Products - 0.2%
Kellogg Co.		11,993		698,232
Health Care Equipment & Supplies - 0.4%
Medtronic plc		2,327		237,214
ResMed, Inc.		10,561		1,359,201
				1,596,415
Health Care Providers & Services - 2.0%
AmerisourceBergen Corp.		15,036		1,310,387
Anthem, Inc.		2,064		608,075
Cardinal Health, Inc.		35,442		1,620,763
UnitedHealth Group, Inc.		19,332		4,813,861
				8,353,086
Hotels, Restaurants & Leisure - 4.0%
Cracker Barrel Old Country Store, Inc.(a)		3,222		559,694
Darden Restaurants, Inc.(a)		5,728		696,296
Las Vegas Sands Corp.		17,363		1,049,420
McDonald’s Corp.		6,192		1,304,778
Starbucks Corp.		87,531		8,288,310
Vail Resorts, Inc.		3,222		794,287
Wyndham Destinations, Inc.		50,836		2,392,342
Yum! Brands, Inc.		12,709		1,430,017
				16,515,144
Household Products - 3.9%
Clorox Co. (The)(a)		9,308		1,513,481
Colgate-Palmolive Co.		54,953		3,942,328
Kimberly-Clark Corp.		25,597		3,472,233
Procter & Gamble Co. (The)		57,996		6,845,848
				15,773,890
Industrial Conglomerates - 0.8%
3M Co.		17,900		3,127,488
Insurance - 4.0%
Aflac, Inc.		50,299		2,647,739
Allstate Corp. (The)		16,647		1,787,888
Fidelity National Financial, Inc.		45,287		1,941,907
First American Financial Corp.		32,399		1,873,310
Marsh & McLennan Cos., Inc.		28,282		2,794,262
Principal Financial Group, Inc.		1,074		62,335
Progressive Corp. (The)		39,738		3,217,983
Reinsurance Group of America, Inc.		11,814		1,842,039
				16,167,463
IT Services - 4.6%
Broadridge Financial Solutions, Inc.		17,363		2,207,184
International Business Machines Corp.		67,125		9,950,610
Mastercard, Inc., Class A		4,296		1,169,672
Paychex, Inc.(a)		17,721		1,471,729
Visa, Inc., Class A(a)		11,098		1,975,444
Western Union Co. (The)(a)		91,469		1,920,849
				18,695,488

Investments	Shares		Value ($)
Machinery - 1.0%
Cummins, Inc.		10,382		1,702,648
Illinois Tool Works, Inc.		5,907		911,037
Toro Co. (The)(a)		22,554		1,642,382
				4,256,067
Media - 3.2%
Cable One, Inc.		179		217,807
CBS Corp. (Non-Voting), Class B		43,318		2,231,310
Comcast Corp., Class A		112,949		4,876,008
Fox Corp., Class A		11,993		447,579
Interpublic Group of Cos., Inc. (The)(a)		40,096		919,000
Omnicom Group, Inc.(a)		29,893		2,398,017
Tribune Media Co., Class A		41,170		1,913,170
				13,002,891
Metals & Mining - 0.6%
Royal Gold, Inc.(a)		23,091		2,642,765
Multiline Retail - 1.1%
Kohl’s Corp.(a)		39,917		2,149,930
Macy’s, Inc.(a)		35,084		797,459
Nordstrom, Inc.(a)		8,950		296,335
Target Corp.		13,246		1,144,454
				4,388,178
Multi-Utilities - 1.8%
Black Hills Corp.		20,585		1,629,303
Consolidated Edison, Inc.		5,907		501,859
DTE Energy Co.		15,931		2,024,989
NorthWestern Corp.(a)		45,287		3,166,467
				7,322,618
Oil, Gas & Consumable Fuels - 7.3%
Chevron Corp.		44,571		5,487,136
CVR Energy, Inc.		41,170		2,184,892
Equitrans Midstream Corp.(a)		15,573		258,356
Exxon Mobil Corp.		160,026		11,899,533
HollyFrontier Corp.		37,232		1,853,036
Occidental Petroleum Corp.		23,091		1,185,954
Phillips 66		19,690		2,019,406
Plains GP Holdings LP, Class A*(a)		85,204		2,058,529
Valero Energy Corp.(a)		33,115		2,823,054
				29,769,896
Pharmaceuticals - 6.6%
Eli Lilly & Co.		12,709		1,384,645
Johnson & Johnson		107,400		13,985,628
Merck & Co., Inc.		68,020		5,644,980
Pfizer, Inc.		148,212		5,756,554
				26,771,807
Professional Services - 0.2%
Nielsen Holdings plc		23,270		538,933
Thomson Reuters Corp.		7,339		492,961
				1,031,894
Semiconductors & Semiconductor Equipment - 5.5%
Broadcom, Inc.		26,492		7,682,415
Intel Corp.		15,394		778,167
KLA Corp.		15,036		2,049,708
Lam Research Corp.		10,561		2,203,130

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Skyworks Solutions, Inc.		18,079		1,541,777
Texas Instruments, Inc.		64,798		8,100,398
				22,355,595
Software - 4.0%
CDK Global, Inc.(a)		7,160		371,389
Microsoft Corp.		97,376		13,269,427
Oracle Corp.		51,552		2,902,378
				16,543,194
Specialty Retail - 5.0%
Aaron’s, Inc.		27,387		1,726,750
Best Buy Co., Inc.		1,432		109,591
Dick’s Sporting Goods, Inc.(a)		53,879		2,002,682
Foot Locker, Inc.		46,361		1,903,583
Gap, Inc. (The)(a)		70,884		1,382,238
Home Depot, Inc. (The)		44,750		9,562,627
L Brands, Inc.		42,065		1,091,587
Signet Jewelers Ltd.(a)		18,079		327,953
Williams-Sonoma, Inc.		32,757		2,184,237
				20,291,248
Technology Hardware, Storage & Peripherals - 3.3%
Apple, Inc.		53,163		11,325,845
Seagate Technology plc		50,299		2,329,347
				13,655,192
Textiles, Apparel & Luxury Goods - 0.7%
Hanesbrands, Inc.		51,373		826,592
Ralph Lauren Corp.		15,752		1,641,831
Tapestry, Inc.		19,153		592,402
				3,060,825
Tobacco - 2.7%
Altria Group, Inc.		64,798		3,050,042
Philip Morris International, Inc.		94,154		7,872,216
				10,922,258
Trading Companies & Distributors - 0.8%
MSC Industrial Direct Co., Inc., Class A		8,592		610,462
WW Grainger, Inc.		8,771		2,552,624
				3,163,086
Transportation Infrastructure - 0.0%(b)
Macquarie Infrastructure Corp.		4,475		185,444
TOTAL COMMON STOCKS (Cost $337,549,460)				403,985,027
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(c) - 6.3%
REPURCHASE AGREEMENTS - 6.3%
BofA Securities, Inc., 2.82%, dated 7/31/2019, due 10/31/2019, repurchase price $1,007,207, collateralized by various Common Stocks; total market value $1,090,649		1,000,000		1,000,000

Investments	Principal Amount ($)		Value ($)
Citigroup Global Markets, Inc., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $3,524,934, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 6.13%, maturing 8/15/2019 - 5/15/2028; total market value $3,566,574		3,524,686		3,524,686
NatWest Markets Securities, Inc., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $5,000,351, collateralized by various U.S. Treasury Securities, ranging from 1.25% - 3.00%, maturing 8/31/2019 - 10/31/2025; total market value $5,066,727		5,000,000		5,000,000
Nomura Securities Co., Ltd., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $5,000,351, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 2.63%, maturing 8/15/2019 - 5/15/2049; total market value $5,142,736		5,000,000		5,000,000
Societe Generale, 2.48%, dated 7/31/2019, due 8/1/2019, repurchase price $11,000,758, collateralized by various U.S. Treasury Securities, ranging from 1.38% - 2.75%, maturing 4/30/2021 - 9/15/2021; Common Stocks; total market value $12,087,157		11,000,000		11,000,000
				25,524,686
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $25,524,686)				25,524,686
Total Investments - 105.3% (Cost $363,074,146)				429,509,713
Liabilities in excess of other assets - (5.3%)				(21,482,471	)
Net Assets - 100.0%				408,027,242

See Accompanying Notes to the Schedules of Investments.

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

*   Non-income producing security.

(a)   The security or a portion of this security is on loan at July 31, 2019. The total value of securities on loan at July 31, 2019 was $35,621,454, collateralized in the form of cash with a value of $25,524,686 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $12,097,061 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.75%, and maturity dates ranging from August 8, 2019 – May 15, 2049 and $4,678 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from September 2, 2019 – September 20, 2117; a total value of $37,626,425.

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

(c)   The security was purchased with cash collateral held from securities on loan at July 31, 2019. The total value of securities purchased was $25,524,686.

Percentages shown are based on Net Assets.

Futures Contracts     

FlexShares^® Quality Dividend Defensive Index Fund had the following open futures contracts as of July 31, 2019:    

	Number of Contracts	Expiration Date	Trading Currency	Notional Amount		Value and Unrealized Appreciation
Long Contracts
S&P 500 E-Mini Index	27	09/20/2019	USD	$	4,026,105	$	94,547

Abbreviations:

USD — US Dollar

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® Quality Dividend Dynamic Index Fund

July 31, 2019 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 98.9%
Aerospace & Defense - 1.7%
Boeing Co. (The)		2,040		696,007
L3Harris Technologies, Inc.		1,008		209,261
				905,268
Automobiles - 0.2%
General Motors Co.		2,592		104,561
Banks - 8.7%
Bank of America Corp.		10,872		333,553
Citigroup, Inc.		13,632		970,053
Huntington Bancshares, Inc.(a)		7,032		100,206
JPMorgan Chase & Co.		17,784		2,062,944
PacWest Bancorp(a)		888		34,304
Popular, Inc.		4,320		248,659
Regions Financial Corp.		21,120		336,442
SunTrust Banks, Inc.		1,392		92,707
Wells Fargo & Co.		9,552		462,412
				4,641,280
Beverages - 0.4%
Coca-Cola Co. (The)		2,448		128,838
PepsiCo, Inc.		696		88,956
				217,794
Biotechnology - 3.8%
AbbVie, Inc.		14,640		975,317
Amgen, Inc.		5,808		1,083,656
				2,058,973
Building Products - 0.5%
Armstrong World Industries, Inc.		2,832		276,715
Capital Markets - 4.1%
Ameriprise Financial, Inc.		2,160		314,301
BlackRock, Inc.		528		246,935
Eaton Vance Corp.(a)		6,384		284,088
Evercore, Inc., Class A		2,832		244,600
Invesco Ltd.(a)		4,440		85,204
Lazard Ltd., Class A		7,920		306,583
LPL Financial Holdings, Inc.		3,552		297,906
Moelis & Co., Class A(a)		840		30,610
T. Rowe Price Group, Inc.		2,976		337,449
TD Ameritrade Holding Corp.		984		50,282
				2,197,958
Chemicals - 1.2%
Chemours Co. (The)(a)		12,216		232,959
Dow, Inc.		1,656		80,217
Huntsman Corp.		11,952		245,614
LyondellBasell Industries NV, Class A		960		80,342
				639,132
Communications Equipment - 3.3%
Cisco Systems, Inc.		31,728		1,757,731

Investments	Shares		Value ($)
Consumer Finance - 1.4%
Discover Financial Services		3,888		348,909
Navient Corp.(a)		6,168		87,277
Santander Consumer USA Holdings, Inc.		12,168		327,441
				763,627
Containers & Packaging - 0.6%
International Paper Co.		6,792		298,237
Packaging Corp. of America		456		46,042
				344,279
Diversified Telecommunication Services - 2.7%
AT&T, Inc.(a)		20,520		698,706
CenturyLink, Inc.(a)		7,704		93,142
Verizon Communications, Inc.		12,312		680,484
				1,472,332
Electrical Equipment - 2.5%
Eaton Corp. plc		3,696		303,774
Emerson Electric Co.		2,832		183,740
Hubbell, Inc.(a)		2,208		286,775
nVent Electric plc		11,112		275,467
Rockwell Automation, Inc.		1,896		304,839
				1,354,595
Electronic Equipment, Instruments & Components - 0.6%
CDW Corp.		2,952		348,808
Energy Equipment & Services - 0.1%
Helmerich & Payne, Inc.		624		31,000
Entertainment - 0.6%
Viacom, Inc., Class B		9,816		297,916
World Wrestling Entertainment, Inc., Class A(a)		384		27,947
				325,863
Equity Real Estate Investment Trusts (REITs) - 6.1%
Brandywine Realty Trust(a)		1,776		26,196
Brixmor Property Group, Inc.(a)		16,080		305,198
EPR Properties(a)		1,104		82,171
Gaming and Leisure Properties, Inc.		2,304		86,884
Host Hotels & Resorts, Inc.		13,224		229,965
Kimco Realty Corp.(a)		14,400		276,624
Lamar Advertising Co., Class A		3,576		289,370
Medical Properties Trust, Inc.(a)		4,872		85,260
Omega Healthcare Investors, Inc.(a)		1,056		38,333
Outfront Media, Inc.		11,328		307,895
Park Hotels & Resorts, Inc.(a)		8,928		235,788
RLJ Lodging Trust(a)		1,704		29,445
Ryman Hospitality Properties, Inc.(a)		3,360		252,000
Senior Housing Properties Trust		3,648		29,914
Spirit Realty Capital, Inc.(a)		5,856		258,367
VEREIT, Inc.		4,848		44,214
VICI Properties, Inc.(a)		10,776		229,960
Weingarten Realty Investors		8,232		229,755

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
WP Carey, Inc.(a)		2,784		240,927
				3,278,266
Food & Staples Retailing - 0.9%
Walgreens Boots Alliance, Inc.		7,704		419,791
Walmart, Inc.		480		52,982
				472,773
Health Care Equipment & Supplies - 1.0%
Abbott Laboratories		6,240		543,504
Health Care Providers & Services - 1.2%
AmerisourceBergen Corp.		384		33,466
Cardinal Health, Inc.		4,656		212,919
Humana, Inc.		504		149,562
UnitedHealth Group, Inc.		912		227,097
				623,044
Hotels, Restaurants & Leisure - 0.9%
Las Vegas Sands Corp.		2,016		121,847
Restaurant Brands International, Inc.		1,536		113,203
Wyndham Destinations, Inc.(a)		5,112		240,571
				475,621
Household Durables - 0.2%
Whirlpool Corp.(a)		576		83,796
Household Products - 0.5%
Procter & Gamble Co. (The)		2,472		291,795
Independent Power and Renewable Electricity Producers - 0.6%
AES Corp.		18,000		302,220
Industrial Conglomerates - 0.7%
3M Co.		2,112		369,009
Insurance - 1.9%
Lincoln National Corp.		4,560		297,950
MetLife, Inc.		3,864		190,959
Primerica, Inc.(a)		1,920		235,565
Principal Financial Group, Inc.		1,896		110,044
Prudential Financial, Inc.		1,632		165,338
				999,856
IT Services - 3.8%
Broadridge Financial Solutions, Inc.		1,920		244,070
International Business Machines Corp.		8,256		1,223,870
Mastercard, Inc., Class A		600		163,362
Paychex, Inc.(a)		1,536		127,565
Visa, Inc., Class A(a)		1,584		281,952
				2,040,819
Machinery - 4.8%
Caterpillar, Inc.(a)		5,592		736,298
Cummins, Inc.		2,016		330,624
Dover Corp.(a)		2,688		260,333
Illinois Tool Works, Inc.		2,808		433,078
Ingersoll-Rand plc		840		103,874
Kennametal, Inc.(a)		888		30,707
Oshkosh Corp.(a)		3,168		264,750

Investments	Shares		Value ($)
Parker-Hannifin Corp.		288		50,423
Snap-on, Inc.(a)		1,752		267,373
Timken Co. (The)		1,680		76,793
				2,554,253
Media - 3.0%
CBS Corp. (Non-Voting), Class B		5,976		307,824
Comcast Corp., Class A		13,872		598,854
Interpublic Group of Cos., Inc. (The)(a)		1,848		42,356
New York Times Co. (The), Class A		1,584		56,517
Nexstar Media Group, Inc., Class A(a)		2,664		271,115
Omnicom Group, Inc.(a)		3,552		284,942
Tribune Media Co., Class A(a)		1,536		71,378
				1,632,986
Metals & Mining - 0.9%
Cleveland-Cliffs, Inc.(a)		6,624		70,612
Freeport-McMoRan, Inc.		5,016		55,477
Nucor Corp.		5,712		310,619
United States Steel Corp.(a)		2,016		30,300
				467,008
Multiline Retail - 0.7%
Kohl’s Corp.(a)		3,840		206,822
Macy’s, Inc.(a)		8,616		195,842
				402,664
Oil, Gas & Consumable Fuels - 7.1%
Chevron Corp.		12,456		1,533,458
CVR Energy, Inc.		6,048		320,967
EnLink Midstream LLC		2,496		23,961
Equitrans Midstream Corp.(a)		3,888		64,502
Exxon Mobil Corp.		14,280		1,061,861
Hess Corp.(a)		816		52,909
Murphy Oil Corp.(a)		3,168		76,159
PBF Energy, Inc., Class A(a)		2,688		75,076
Plains GP Holdings LP, Class A*(a)		11,592		280,063
SM Energy Co.(a)		1,704		16,989
Valero Energy Corp.		3,864		329,406
				3,835,351
Paper & Forest Products - 0.5%
Domtar Corp.		6,144		260,813
Pharmaceuticals - 3.8%
Allergan plc		1,128		181,044
Johnson & Johnson		3,744		487,544
Merck & Co., Inc.		8,664		719,025
Pfizer, Inc.		16,992		659,969
				2,047,582
Professional Services - 0.6%
Insperity, Inc.(a)		312		33,181
ManpowerGroup, Inc.		2,928		267,473
				300,654
Road & Rail - 0.4%
Norfolk Southern Corp.		1,128		215,583

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Semiconductors & Semiconductor Equipment - 6.7%
Applied Materials, Inc.		9,288		458,549
Broadcom, Inc.		1,776		515,022
Cypress Semiconductor Corp.		5,616		128,999
Intel Corp.		3,216		162,569
KLA Corp.		1,032		140,682
Lam Research Corp.(a)		1,776		370,491
Maxim Integrated Products, Inc.		4,920		291,215
QUALCOMM, Inc.		2,712		198,410
Texas Instruments, Inc.		9,168		1,146,092
Versum Materials, Inc.		1,464		76,099
Xilinx, Inc.		720		82,231
				3,570,359
Software - 4.9%
Intuit, Inc.		2,208		612,301
Microsoft Corp.		14,616		1,991,722
Oracle Corp.		576		32,429
				2,636,452
Specialty Retail - 5.5%
Best Buy Co., Inc.		4,176		319,590
Home Depot, Inc. (The)		8,832		1,887,310
Lowe’s Cos., Inc.		7,128		722,779
				2,929,679
Technology Hardware, Storage & Peripherals - 6.4%
Apple, Inc.		12,768		2,720,095
Hewlett Packard Enterprise Co.		4,320		62,079
HP, Inc.		16,584		348,927
Seagate Technology plc		6,552		303,423
				3,434,524
Thrifts & Mortgage Finance - 0.5%
Radian Group, Inc.		11,256		256,637
Tobacco - 2.8%
Altria Group, Inc.		6,768		318,570
Philip Morris International, Inc.		14,112		1,179,904
				1,498,474
Transportation Infrastructure - 0.1%
Macquarie Infrastructure Corp.		1,128		46,744
TOTAL COMMON STOCKS (Cost $46,095,915)				53,010,382
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(b) - 8.0%
REPURCHASE AGREEMENTS - 8.0%
Citigroup Global Markets, Inc., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $2,002,736, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 6.13%, maturing 8/15/2019 - 5/15/2028; total market value $2,026,395		2,002,596		2,002,596

Investments	Principal Amount ($)		Value ($)
NatWest Markets Securities, Inc., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $500,035, collateralized by various U.S. Treasury Securities, ranging from 1.25% - 3.00%, maturing 8/31/2019 - 10/31/2025; total market value $506,673		500,000		500,000
Societe Generale, 2.48%, dated 7/31/2019, due 8/1/2019, repurchase price $1,800,124, collateralized by various U.S. Treasury Securities, ranging from 1.38% - 2.75%, maturing 4/30/2021 - 9/15/2021; Common Stocks; total market value $1,977,898		1,800,000		1,800,000
				4,302,596
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $4,302,596)				4,302,596
Total Investments - 106.9% (Cost $50,398,511)				57,312,978
Liabilities in excess of other assets - (6.9%)				(3,716,729	)
Net Assets - 100.0%				53,596,249

* Non-income producing security.

(a) The security or a portion of this security is on loan at July 31, 2019. The total value of securities on loan at July 31, 2019 was $6,993,228, collateralized in the form of cash with a value of $4,302,596 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $2,745,691 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.75%, and maturity dates ranging from August 8, 2019 – May 15, 2049 and $224,862 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from September 2, 2019 – September 20, 2117; a total value of $7,273,149.

(b) The security was purchased with cash collateral held from securities on loan at July 31, 2019. The total value of securities purchased was $4,302,596.

Percentages shown are based on Net Assets.

See Accompanying Notes to the Schedules of Investments.

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

Futures Contracts

FlexShares^® Quality Dividend Dynamic Index Fund had the following open futures contracts as of July 31, 2019:

	Number of Contracts		Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Appreciation
Long Contracts
S&P 500 E-Mini Index		3		09/20/2019	USD	$	447,345	$	13,880

Abbreviations:

USD — US Dollar

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® International Quality Dividend Index Fund

July 31, 2019 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 98.2%
Air Freight & Logistics - 0.6%
Royal Mail plc		1,971,850		5,063,063
Airlines - 0.9%
Aeroflot PJSC		4,091,327		6,898,057
Auto Components - 1.5%
Bridgestone Corp.		174,500		6,589,454
Xinyi Glass Holdings Ltd.(a)		5,584,000		5,671,100
				12,260,554
Automobiles - 2.5%
Ford Otomotiv Sanayi A/S		584,575		6,421,995
Subaru Corp.		244,300		5,725,272
Tofas Turk Otomobil Fabrikasi A/S		2,114,591		7,482,384
				19,629,651
Banks - 10.6%
ABN AMRO Bank NV, CVA(b)		86,203		1,723,772
Agricultural Bank of China Ltd., Class H		4,537,000		1,848,903
Australia & New Zealand Banking Group Ltd.		545,138		10,486,802
Bank of China Ltd., Class H		7,678,000		3,138,722
Bank Polska Kasa Opieki SA		62,471		1,674,062
China Construction Bank Corp., Class H		4,188,000		3,247,507
China Minsheng Banking Corp. Ltd., Class H		2,443,000		1,691,521
Commonwealth Bank of Australia		30,014		1,702,552
Danske Bank A/S		197,534		2,952,709
ING Groep NV		373,430		4,187,706
National Australia Bank Ltd.		262,797		5,164,097
National Bank of Canada(a)		72,941		3,548,316
Nordea Bank Abp		326,664		2,111,211
Royal Bank of Canada		214,286		17,007,110
Skandinaviska Enskilda Banken AB, Class A		687,181		6,522,852
Societe Generale SA		84,458		2,088,059
Swedbank AB, Class A		420,894		5,800,200
Toronto-Dominion Bank (The)		3,141		184,540
VTB Bank PJSC		3,758,931,722		2,518,696
Westpac Banking Corp.		330,154		6,519,555
				84,118,892
Beverages - 0.0%(c)
Diageo plc		4,537		191,298
Capital Markets - 3.6%
CI Financial Corp.		367,148		5,720,480
IG Group Holdings plc		957,307		6,702,494
IGM Financial, Inc.		214,635		5,959,404
Macquarie Group Ltd.		78,874		7,001,527

Investments	Shares		Value ($)
Moscow Exchange MICEX-RTS PJSC		146,231		214,779
Natixis SA		261,401		1,059,982
SBI Holdings, Inc.		69,800		1,603,326
				28,261,992
Chemicals - 1.4%
Mitsubishi Chemical Holdings Corp.		279,200		1,997,022
Mitsubishi Gas Chemical Co., Inc.		104,700		1,405,965
Showa Denko KK(a)		209,400		5,685,574
Sinopec Shanghai Petrochemical Co. Ltd., Class H		6,282,000		2,198,889
				11,287,450
Commercial Services & Supplies - 0.7%
Edenred		107,143		5,420,675
Diversified Financial Services - 0.7%
AMP Ltd.(a)		1,061,309		1,309,398
Banca Mediolanum SpA		235,575		1,695,700
Mitsubishi UFJ Lease & Finance Co. Ltd.		139,600		747,019
REC Ltd.		762,216		1,554,129
				5,306,246
Diversified Telecommunication Services - 3.4%
BT Group plc		835,855		1,977,125
O2 Czech Republic A/S		528,386		5,041,075
Proximus SADP		158,446		4,553,240
Spark New Zealand Ltd.		2,190,673		5,754,459
Telefonica Deutschland Holding AG		511,983		1,300,265
Telenor ASA		308,167		6,319,593
Telia Co. AB		459,982		2,069,000
				27,014,757
Electric Utilities - 2.5%
Endesa SA		238,716		5,940,326
Federal Grid Co. Unified Energy System PJSC		2,135,831,838		6,195,941
Red Electrica Corp. SA		79,223		1,508,338
SSE plc		475,338		6,405,213
				20,049,818
Electrical Equipment - 0.6%
Mitsubishi Electric Corp.		104,700		1,381,375
Signify NV(b)		135,063		3,691,808
				5,073,183
Electronic Equipment, Instruments & Components - 0.9%
AU Optronics Corp.		4,537,000		1,206,637
Innolux Corp.		4,537,000		1,054,896
Yageo Corp.*		582,000		4,978,598
				7,240,131
Entertainment - 1.0%
Nintendo Co. Ltd.		21,000		7,755,929
Equity Real Estate Investment Trusts (REITs) - 1.2%
Covivio(a)		15,014		1,543,777

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Hui Xian REIT		3,141,000		1,560,122
Hyprop Investments Ltd.		248,837		1,222,788
ICADE		19,544		1,708,183
Klepierre SA		53,048		1,644,332
Redefine Properties Ltd.		2,531,646		1,571,813
				9,251,015
Food & Staples Retailing - 1.0%
Casino Guichard Perrachon SA(a)		46,417		1,726,135
President Chain Store Corp.		617,000		5,952,630
				7,678,765
Food Products - 2.6%
Nestle SA (Registered)		78,525		8,383,932
Salmar ASA		126,338		5,890,839
Uni-President Enterprises Corp.		2,305,000		5,989,420
				20,264,191
Gas Utilities - 0.2%
Naturgy Energy Group SA		65,263		1,664,002
Hotels, Restaurants & Leisure - 0.9%
Sands China Ltd.		1,256,400		6,115,157
Tsogo Sun Gaming Ltd.(a)		980,386		971,827
				7,086,984
Household Durables - 1.4%
Persimmon plc		233,132		5,734,861
Taylor Wimpey plc		2,732,670		5,413,856
				11,148,717
Insurance - 8.6%
Admiral Group plc		76,780		2,037,267
Aegon NV(a)		418,692		2,087,051
Allianz SE (Registered)		50,605		11,854,695
BB Seguridade Participacoes SA		732,900		6,320,790
Direct Line Insurance Group plc		1,113,310		4,394,932
Legal & General Group plc		657,516		2,107,740
MS&AD Insurance Group Holdings, Inc.		174,500		5,755,326
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		29,665		7,193,719
Orange Life Insurance Ltd.(b)		71,196		1,709,041
Poste Italiane SpA(b)		587,716		6,321,147
Powszechny Zaklad Ubezpieczen SA		354,584		3,851,440
Sampo OYJ, Class A		66,659		2,795,797
Tokio Marine Holdings, Inc.		117,800		6,289,538
Zurich Insurance Group AG		15,007		5,252,450
				67,970,933
Interactive Media & Services - 0.8%
Tencent Holdings Ltd.		139,600		6,566,349
IT Services - 0.2%
Nomura Research Institute Ltd.		82,800		1,478,694
Machinery - 2.5%
Atlas Copco AB, Class A		25,128		777,953
Atlas Copco AB, Class B		15,356		423,872
FANUC Corp.		41,600		7,482,827
Komatsu Ltd.		104,700		2,358,221

Investments	Shares		Value ($)
Kone OYJ, Class B		50,605		2,907,330
OC Oerlikon Corp. AG (Registered)		148,325		1,600,112
Sinotruk Hong Kong Ltd.(a)		3,141,000		4,662,607
				20,212,922
Marine - 0.2%
Kuehne + Nagel International AG (Registered)		13,611		2,017,590
Media - 2.0%
Eutelsat Communications SA		333,295		6,427,290
ITV plc(a)		1,130,760		1,536,168
ProSiebenSat.1 Media SE		95,975		1,253,451
RTL Group SA(a)		32,457		1,610,293
Smiles Fidelidade SA		453,700		4,754,529
				15,581,731
Metals & Mining - 6.2%
BHP Group Ltd.		49,558		1,392,274
BHP Group plc		143,439		3,484,927
Eregli Demir ve Celik Fabrikalari TAS		3,632,392		4,852,551
Evraz plc		791,183		6,306,654
Kumba Iron Ore Ltd.		78,874		2,651,235
Magnitogorsk Iron & Steel Works PJSC		8,406,014		5,682,864
Novolipetsk Steel PJSC		2,374,247		5,648,557
Rio Tinto plc		129,479		7,448,235
Severstal PJSC		383,202		6,215,572
Vedanta Ltd.		2,447,537		5,483,252
				49,166,121
Multiline Retail - 0.4%
Wesfarmers Ltd.		109,586		2,960,105
Multi-Utilities - 1.2%
AGL Energy Ltd.		394,370		5,700,055
Centrica plc		1,468,592		1,368,084
Engie SA		171,359		2,655,812
				9,723,951
Oil, Gas & Consumable Fuels - 8.7%
Aker BP ASA(a)		190,554		5,467,740
BP plc		1,845,163		12,329,053
Bukit Asam Tbk. PT		29,665,000		5,798,823
China Petroleum & Chemical Corp., Class H		2,792,000		1,804,765
Eni SpA		240,112		3,797,307
Equinor ASA		226,501		4,098,107
Formosa Petrochemical Corp.		947,000		3,228,184
Inter Pipeline Ltd.(a)		110,633		1,871,194
Lundin Petroleum AB		57,934		1,845,549
Pilipinas Shell Petroleum Corp.		6,561,200		4,957,566
Royal Dutch Shell plc, Class A		64,565		2,050,729
Royal Dutch Shell plc, Class B		34,551		1,101,013
TC Energy Corp.		87,948		4,327,914
TOTAL SA		125,291		6,561,336
Tupras Turkiye Petrol Rafinerileri A/S		290,717		7,317,909
Vermilion Energy, Inc.(a)		73,290		1,319,962
Woodside Petroleum Ltd.		25,477		609,333

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Yanzhou Coal Mining Co. Ltd., Class H		698,000		620,611
				69,107,095
Paper & Forest Products - 0.6%
UPM-Kymmene OYJ		177,990		4,845,356
Personal Products - 2.4%
L’Oreal SA		2,094		564,213
Pola Orbis Holdings, Inc.		56,300		1,422,343
Unilever NV		287,227		16,735,058
				18,721,614
Pharmaceuticals - 6.4%
AstraZeneca plc		2,443		211,218
GlaxoSmithKline plc		945,092		19,702,791
Livzon Pharmaceutical Group, Inc., Class H		590,620		1,445,634
Novartis AG (Registered)		78,525		7,254,441
Orion OYJ, Class B		179,386		6,193,577
Roche Holding AG		39,088		10,528,096
Roche Holding AG - BR		1,047		282,373
Sanofi		58,632		4,926,094
				50,544,224
Professional Services - 0.2%
Adecco Group AG (Registered)		32,806		1,804,661
Real Estate Management & Development - 3.1%
Agile Group Holdings Ltd.		1,396,000		1,815,465
China Evergrande Group(a)		1,745,000		4,659,040
Daito Trust Construction Co. Ltd.		5,800		751,877
Land & Houses PCL, NVDR		17,170,800		6,308,894
Logan Property Holdings Co. Ltd.		4,188,000		6,398,712
SOHO China Ltd.		4,711,500		1,516,752
Wharf Holdings Ltd. (The)		571,000		1,396,152
Yuzhou Properties Co. Ltd.		3,490,000		1,654,071
				24,500,963
Road & Rail - 0.9%
Aurizon Holdings Ltd.		1,706,610		6,775,378
Semiconductors & Semiconductor Equipment - 2.8%
Disco Corp.(a)		34,900		6,502,666
Novatek Microelectronics Corp.		1,047,000		5,589,298
Taiwan Semiconductor Manufacturing Co. Ltd.		512,222		4,274,625
Tokyo Electron Ltd.		17,600		3,030,458
Vanguard International Semiconductor Corp.		1,396,000		2,841,788
				22,238,835
Software - 0.8%
Oracle Corp. Japan		10,300		861,377
SAP SE		6,980		868,235
Trend Micro, Inc.		104,700		4,594,939
				6,324,551
Specialty Retail - 0.9%
Hennes & Mauritz AB, Class B		387,390		6,810,818
Technology Hardware, Storage & Peripherals - 2.4%
Brother Industries Ltd.		139,600		2,500,778

Investments	Shares		Value ($)
Canon, Inc.		244,300		6,683,796
Chicony Electronics Co. Ltd.		698,000		1,782,290
Compal Electronics, Inc.		2,792,000		1,714,949
Inventec Corp.		2,094,000		1,569,044
Lite-On Technology Corp.		1,047,000		1,491,602
Samsung Electronics Co. Ltd.		77,827		2,983,226
				18,725,685
Textiles, Apparel & Luxury Goods - 1.8%
HUGO BOSS AG		77,129		4,908,639
Kering SA		9,074		4,743,355
LVMH Moet Hennessy Louis Vuitton SE		349		145,833
Ruentex Industries Ltd.*		2,094,000		4,478,172
				14,275,999
Tobacco - 1.8%
British American Tobacco plc		35,249		1,274,102
Imperial Brands plc		243,602		6,248,934
Japan Tobacco, Inc.		279,200		6,221,730
KT&G Corp.		2,094		170,444
				13,915,210
Trading Companies & Distributors - 1.6%
ITOCHU Corp.		139,600		2,676,926
Marubeni Corp.		837,600		5,477,283
Mitsui & Co. Ltd.		174,500		2,859,180
Sumitomo Corp.		139,600		2,087,410
				13,100,799
Transportation Infrastructure - 1.6%
Aena SME SA(b)		33,504		6,121,480
Sydney Airport		714,403		4,116,483
TAV Havalimanlari Holding A/S		586,320		2,646,043
				12,884,006
Wireless Telecommunication Services - 1.9%
Intouch Holdings PCL, NVDR		1,326,200		2,748,992
NTT DOCOMO, Inc.		314,100		7,565,015
Vodafone Group plc		2,524,317		4,638,822
				14,952,829
TOTAL COMMON STOCKS (Cost $782,695,252)				777,871,789
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(d) - 1.3%
REPURCHASE AGREEMENTS - 1.3%
Citigroup Global Markets, Inc., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $7,008,540, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 6.13%, maturing 8/15/2019 - 5/15/2028; total market value $7,091,332		7,008,048		7,008,048

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
NatWest Markets Securities, Inc., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $3,000,211, collateralized by various U.S. Treasury Securities, ranging from 1.25% - 3.00%, maturing 8/31/2019 - 10/31/2025; total market value $3,040,036		3,000,000		3,000,000
				10,008,048
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $10,008,048)				10,008,048
Total Investments - 99.5% (Cost $792,703,300)				787,879,837
Other Assets Less Liabilities - 0.5%				4,207,571
Net Assets - 100.0%				792,087,408

* Non-income producing security.

(a) The security or a portion of this security is on loan at July 31, 2019. The total value of securities on loan at July 31, 2019 was $26,876,753, collateralized in the form of cash with a value of $10,008,048 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $2,359,732 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from August 22, 2019 – February 15, 2049 and $16,007,576 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from September 2, 2019 – September 20, 2117; a total value of $28,375,356.

(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 July 31, 2019. The total value of securities purchased was $10,008,048.

Percentages shown are based on Net Assets.

Abbreviations

CVA	Dutch Certification
NVDR	Non-Voting Depositary Receipt
OYJ	Public Limited Company
PJSC	Public Joint Stock Company

See Accompanying Notes to the Schedules of Investments.

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

Futures Contracts

FlexShares^® International Quality Dividend Index Fund had the following open futures contracts as of July 31, 2019:

	Number of Contracts	Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Long Contracts
EURO STOXX 50 Index	96		09/20/2019	EUR	$	3,700,407	$	69,907
FTSE 100 Index	27		09/20/2019	GBP		2,491,247		68,769
Hang Seng Index	2		08/29/2019	HKD		354,591		(7,495	)
MSCI Emerging Markets E-Mini Index	60		09/20/2019	USD		3,076,800		12,700
S&P/TSX 60 Index	6		09/19/2019	CAD		894,186		6,158
SPI 200 Index	10		09/19/2019	AUD		1,163,454		38,100
TOPIX Index	16		09/12/2019	JPY		2,307,714		45,634
							$	233,773

Forward Foreign Currency Contracts

FlexShares^® International Quality Dividend Index Fund had the following outstanding contracts as of July 31, 2019:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
CAD	274,850	Toronto-Dominion Bank (The)	USD	207,391		09/18/2019	$	2,105
HKD	5,880,120	Citibank NA	USD	750,752		09/18/2019		707
RUB*	31,056,204	Goldman Sachs & Co.	USD	475,284		09/18/2019		11,120
TWD*	21,595,322	Morgan Stanley	USD	689,290		09/18/2019		7,048
USD	323,667	JPMorgan Chase Bank	AUD	464,658		09/18/2019		2,879
USD	21,582	Citibank NA	CZK	487,680		09/18/2019		415
USD	316,000	UBS AG	CZK	7,139,328		09/18/2019		6,139
USD	800,000	Toronto-Dominion Bank (The)	EUR	701,995		09/18/2019		15,377
USD	666,342	Toronto-Dominion Bank (The)	GBP	521,340		09/18/2019		26,499
USD	600,000	Morgan Stanley	HKD	4,686,749		09/18/2019		1,050
USD	283,994	Citibank NA	JPY	30,583,923		09/18/2019		1,300
USD	253,133	Toronto-Dominion Bank (The)	KRW*	298,079,395		09/18/2019		811
USD	1,321,000	BNP Paribas SA	TWD*	40,867,785		09/18/2019		3,225
ZAR	7,952,926	Morgan Stanley	USD	550,000		09/18/2019		7,805
Total unrealized appreciation							$	86,480
EUR	643,204	Citibank NA	USD	731,392		09/18/2019	$	(12,479	)
JPY	15,491,349	JPMorgan Chase Bank	USD	144,000		09/18/2019		(810	)
JPY	53,512,800	Toronto-Dominion Bank (The)	USD	500,000		09/18/2019		(5,369	)
NOK	902,040	Citibank NA	USD	104,716		09/18/2019		(1,871	)
RUB*	21,105,704	BNP Paribas SA	USD	332,000		09/18/2019		(1,441	)
SEK	32,751	Citibank NA	USD	3,494		09/18/2019		(68	)
SGD	17,194	Citibank NA	USD	12,624		09/18/2019		(51	)
USD	712,491	Goldman Sachs & Co.	BRL*	2,783,346		09/18/2019		(24,664	)
USD	103,351	Morgan Stanley	CHF	101,919		09/18/2019		(67	)
USD	180,000	Citibank NA	HKD	1,408,494		09/18/2019		(1	)
USD	104,520	Toronto-Dominion Bank (The)	INR*	7,340,681		09/18/2019		(1,667	)
USD	1,000,000	Goldman Sachs & Co.	RUB*	63,995,778		09/18/2019		(2,306	)
USD	561,337	Citibank NA	ZAR	8,352,598		09/18/2019		(24,501	)
Total unrealized depreciation							$	(75,295	)
Net unrealized appreciation							$	11,185

* Non-deliverable forward.

See Accompanying Notes to the Schedules of Investments.

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

Abbreviations:

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

CZK — Czech Koruna

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

INR — Indian Rupee

JPY — Japanese Yen

KRW — Korean Won

NOK — Norwegian Krone

RUB — Russian Ruble

SEK — Swedish Krona

SGD — Singapore Dollar

TWD — Taiwan Dollar

USD — US Dollar

ZAR — South African Rand

See Accompanying Notes to the Schedules of Investments.

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 July 31, 2019:

Australia	6.8	%
Belgium	0.8
Brazil	1.4
Canada	5.0
China	5.7
Czech Republic	0.6
Denmark	0.4
Finland	2.1
France	5.2
Germany	3.5
Hong Kong	1.7
India	0.9
Indonesia	0.7
Italy	1.5
Japan	13.8
Netherlands	3.6
New Zealand	0.7
Norway	2.8
Philippines	0.6
Poland	0.7
Russia	4.2
South Africa	0.8
South Korea	0.6
Spain	1.9
Sweden	3.3
Switzerland	4.7
Taiwan	5.8
Thailand	1.2
Turkey	3.6
United Kingdom	13.6
Other1	1.8
	100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® International Quality Dividend Defensive Index Fund

July 31, 2019 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 98.3%
Air Freight & Logistics - 0.6%
Royal Mail plc		209,313		537,447
Airlines - 1.5%
Aeroflot PJSC		415,194		700,025
Japan Airlines Co. Ltd.		17,100		539,735
				1,239,760
Auto Components - 1.2%
Bridgestone Corp.		18,400		694,819
Nokian Renkaat OYJ		10,101		292,071
				986,890
Automobiles - 1.7%
Ford Otomotiv Sanayi A/S		14,079		154,669
Subaru Corp.		28,500		667,909
Tofas Turk Otomobil Fabrikasi A/S		173,901		615,341
				1,437,919
Banks - 11.4%
ABN AMRO Bank NV, CVA(a)(b)		9,828		196,527
Aozora Bank Ltd.		7,100		163,351
Australia & New Zealand Banking Group Ltd.		59,319		1,141,118
Bank of China Ltd., Class H		1,053,000		430,460
Bank of Communications Co. Ltd., Class H		156,000		114,192
Bank Polska Kasa Opieki SA		5,928		158,855
China Minsheng Banking Corp. Ltd., Class H		253,500		175,522
Commonwealth Bank of Australia		18,213		1,033,138
Danske Bank A/S		39,741		594,043
DNB ASA		13,065		236,163
Grupo Financiero Banorte SAB de CV, Class O		117,000		594,669
National Australia Bank Ltd.		28,119		552,553
National Bank of Canada(a)		9,828		478,097
Nordea Bank Abp		33,657		217,523
Royal Bank of Canada		20,436		1,621,932
Sberbank of Russia PJSC		41,067		151,176
Skandinaviska Enskilda Banken AB, Class A		69,732		661,909
Societe Generale SA		8,697		215,016
Swedbank AB, Class A		44,772		616,988
Toronto-Dominion Bank (The)		702		41,244
Westpac Banking Corp.		12,870		254,144
				9,648,620
Beverages - 0.8%
Coca-Cola Amatil Ltd.		86,268		631,467
Diageo plc		195		8,222
				639,689
Capital Markets - 1.6%
CI Financial Corp.		12,051		187,765
IG Group Holdings plc		101,634		711,581

Investments	Shares		Value ($)
IGM Financial, Inc.		2,145		59,556
Natixis SA		27,495		111,492
Singapore Exchange Ltd.		42,900		248,269
				1,318,663
Chemicals - 0.3%
Israel Chemicals Ltd.		4,719		25,694
Sinopec Shanghai Petrochemical Co. Ltd., Class H		702,000		245,721
				271,415
Commercial Services & Supplies - 0.2%
Edenred		741		37,489
Societe BIC SA		2,028		142,027
				179,516
Construction & Engineering - 0.0%(c)
HOCHTIEF AG		156		17,855
Diversified Financial Services - 0.4%
AMP Ltd.(a)		122,499		151,134
Banca Mediolanum SpA		21,528		154,961
				306,095
Diversified Telecommunication Services - 4.3%
BCE, Inc.		4,446		201,926
BT Group plc		65,013		153,781
Deutsche Telekom AG (Registered)		33,696		558,255
Nippon Telegraph & Telephone Corp.		6,900		312,796
O2 Czech Republic A/S		57,993		553,283
Proximus SADP		6,240		179,318
Spark New Zealand Ltd.		232,635		611,086
Telefonica Deutschland Holding AG		51,558		130,940
Telenor ASA		33,345		683,807
Telia Co. AB		49,101		220,856
				3,606,048
Electric Utilities - 4.5%
Emera, Inc.(a)		4,758		198,560
Endesa SA		25,857		643,438
Enel SpA		168,168		1,160,690
Federal Grid Co. Unified Energy System PJSC		234,373,737		679,906
Fortis, Inc.(a)		5,444		215,662
Fortum OYJ		9,165		212,250
SSE plc		50,193		676,354
				3,786,860
Electrical Equipment - 0.9%
Signify NV(b)		1,989		54,367
Vestas Wind Systems A/S		8,580		709,771
				764,138
Electronic Equipment, Instruments & Components - 0.9%
AU Optronics Corp.		468,000		124,467
Kingboard Laminates Holdings Ltd.		19,500		16,242
Yageo Corp.*		78,000		667,235
				807,944

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Equity Real Estate Investment Trusts (REITs) - 2.1%
Growthpoint Properties Ltd.		114,504		192,755
H&R REIT		10,569		182,542
Hui Xian REIT		351,032		174,356
Hyprop Investments Ltd.		33,735		165,774
Japan Retail Fund Investment Corp.		19		38,289
Klepierre SA		5,421		168,035
Link REIT		41,500		484,562
Redefine Properties Ltd.		225,459		139,980
RioCan REIT		9,438		187,014
Scentre Group		8,619		23,703
				1,757,010
Food & Staples Retailing - 0.9%
Casino Guichard Perrachon SA(a)		4,758		176,939
President Chain Store Corp.		65,000		627,100
				804,039
Food Products - 4.1%
Nestle SA (Registered)		18,447		1,969,543
Orkla ASA		23,439		201,447
Salmar ASA		13,416		625,556
Uni-President Enterprises Corp.		273,000		709,376
				3,505,922
Hotels, Restaurants & Leisure - 1.0%
Crown Resorts Ltd.		21,840		178,531
Sands China Ltd.		140,000		681,409
Tsogo Sun Gaming Ltd.		9,834		9,748
				869,688
Household Durables - 1.8%
Persimmon plc		24,648		606,321
Taylor Wimpey plc		307,281		608,773
Woongjin Coway Co. Ltd.		3,861		273,804
				1,488,898
Insurance - 8.5%
Admiral Group plc		8,424		223,521
Aegon NV		45,521		226,908
Ageas		8,268		448,036
Allianz SE (Registered)		507		118,770
Assicurazioni Generali SpA		14,937		280,064
BB Seguridade Participacoes SA		15,600		134,540
Direct Line Insurance Group plc		154,752		610,903
Japan Post Holdings Co. Ltd.		19,800		194,763
Legal & General Group plc		74,490		238,786
MS&AD Insurance Group Holdings, Inc.		21,800		719,003
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		3,198		775,510
Orange Life Insurance Ltd.(b)		1,794		43,065
Poste Italiane SpA(b)		63,687		684,982
Power Financial Corp.		8,073		177,610
Powszechny Zaklad Ubezpieczen SA		60,294		654,905
Sampo OYJ, Class A		15,678		657,563
Tokio Marine Holdings, Inc.		7,800		416,455
Zurich Insurance Group AG		1,599		559,650
				7,165,034

Investments	Shares		Value ($)
Interactive Media & Services - 0.8%
Tencent Holdings Ltd.		14,000		658,516
IT Services - 0.8%
Larsen & Toubro Infotech Ltd.(b)		4,290		94,400
Otsuka Corp.		15,600		621,414
				715,814
Machinery - 2.2%
FANUC Corp.		4,100		737,490
Kone OYJ, Class B		12,285		705,791
OC Oerlikon Corp. AG (Registered)		14,859		160,297
Sinotruk Hong Kong Ltd.(a)		175,500		260,518
				1,864,096
Media - 1.8%
Eutelsat Communications SA		35,334		681,384
Lagardere SCA		2,886		65,872
ProSiebenSat.1 Media SE		11,115		145,164
RTL Group SA(a)		3,237		160,598
Smiles Fidelidade SA		48,900		512,445
				1,565,463
Metals & Mining - 6.2%
Alrosa PJSC		92,313		118,616
Alumina Ltd.		373,815		602,906
Eregli Demir ve Celik Fabrikalari TAS		497,211		664,229
Evraz plc		86,736		691,387
Kumba Iron Ore Ltd.(a)		17,199		578,120
Maanshan Iron & Steel Co. Ltd., Class H(a)		234,000		89,679
Magnitogorsk Iron & Steel Works PJSC		922,545		623,684
Novolipetsk Steel PJSC		257,556		612,750
Rio Tinto plc		10,179		585,544
Severstal PJSC		15,422		250,146
Severstal PJSC, GDR(b)		26,464		425,806
				5,242,867
Multiline Retail - 0.4%
Wesfarmers Ltd.		11,973		323,411
Multi-Utilities - 0.9%
AGL Energy Ltd.		21,762		314,539
Centrica plc		168,597		157,058
Engie SA		19,344		299,804
				771,401
Oil, Gas & Consumable Fuels - 8.8%
BP plc		200,265		1,338,135
Bukit Asam Tbk. PT		2,187,900		427,684
China Petroleum & Chemical Corp., Class H		312,000		201,679
China Shenhua Energy Co. Ltd., Class H		182,500		363,699
Coal India Ltd.		170,274		506,106
Eni SpA		26,832		424,341
Equinor ASA		14,313		258,967
Hindustan Petroleum Corp. Ltd.		35,334		136,667

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Inter Pipeline Ltd.(a)		12,714		215,039
Neste OYJ		18,954		632,890
Pilipinas Shell Petroleum Corp.		702,090		530,491
Royal Dutch Shell plc, Class A		7,527		239,074
Royal Dutch Shell plc, Class B		2,613		83,267
TOTAL SA		21,610		1,131,689
Tupras Turkiye Petrol Rafinerileri A/S		30,849		776,529
Vermilion Energy, Inc.(a)		7,332		132,050
				7,398,307
Personal Products - 0.6%
L’Oreal SA		1,638		441,348
Unilever NV		936		54,535
				495,883
Pharmaceuticals - 6.4%
Astellas Pharma, Inc.		49,500		708,250
GlaxoSmithKline plc		102,297		2,132,635
H Lundbeck A/S(a)		5,109		199,130
Novartis AG (Registered)		8,151		753,021
Orion OYJ, Class B		12,870		444,356
Roche Holding AG		3,900		1,050,439
Sanofi		1,794		150,727
				5,438,558
Professional Services - 1.0%
Recruit Holdings Co. Ltd.		23,800		814,998
Real Estate Management & Development - 2.6%
Agile Group Holdings Ltd.		156,000		202,875
Daito Trust Construction Co. Ltd.		4,900		635,206
Land & Houses PCL, NVDR		1,872,000		687,810
Shui On Land Ltd.		721,500		154,846
SOHO China Ltd.		546,000		175,771
Wharf Holdings Ltd. (The)		58,000		141,816
Yuzhou Properties Co. Ltd.		351,000		166,355
				2,164,679
Road & Rail - 0.9%
Aurizon Holdings Ltd.		184,821		733,754
Semiconductors & Semiconductor Equipment - 1.4%
Nanya Technology Corp.		78,000		185,622
Novatek Microelectronics Corp.		117,000		624,592
Taiwan Semiconductor Manufacturing Co. Ltd.		47,000		392,227
				1,202,441
Software - 0.5%
SAP SE		663		82,470
Trend Micro, Inc.		7,800		342,316
				424,786
Specialty Retail - 1.5%
Hennes & Mauritz AB, Class B		42,471		746,695
Petrobras Distribuidora SA		78,000		551,427
				1,298,122
Technology Hardware, Storage & Peripherals - 2.2%
Asustek Computer, Inc.		23,000		164,204
Canon, Inc.		25,600		700,390
Catcher Technology Co. Ltd.		21,000		156,003

Investments	Shares		Value ($)
Compal Electronics, Inc.		273,000		167,687
Inventec Corp.		234,000		175,337
Lite-On Technology Corp.		117,000		166,683
Samsung Electronics Co. Ltd.		8,658		331,874
				1,862,178
Textiles, Apparel & Luxury Goods - 2.1%
HUGO BOSS AG		8,931		568,386
LVMH Moet Hennessy Louis Vuitton SE		39		16,296
Pandora A/S		17,277		669,271
Ruentex Industries Ltd.*		234,000		500,426
Yue Yuen Industrial Holdings Ltd.		11,000		30,845
				1,785,224
Thrifts & Mortgage Finance - 0.5%
Indiabulls Housing Finance Ltd.		54,912		427,577
Tobacco - 2.8%
British American Tobacco Malaysia Bhd.		39,000		213,406
British American Tobacco plc		21,957		793,653
Imperial Brands plc		25,740		660,288
Japan Tobacco, Inc.		31,200		695,265
				2,362,612
Trading Companies & Distributors - 1.6%
ITOCHU Corp.		15,100		289,553
Marubeni Corp.		3,900		25,503
Mitsui & Co. Ltd.		46,800		766,817
Sumitomo Corp.		15,600		233,264
				1,315,137
Transportation Infrastructure - 1.5%
Sydney Airport		124,917		719,788
TAV Havalimanlari Holding A/S		122,967		554,946
				1,274,734
Wireless Telecommunication Services - 2.1%
China Mobile Ltd.		11,500		98,063
KDDI Corp.		15,600		409,990
NTT DOCOMO, Inc.		32,400		780,345
Vodafone Group plc		279,435		513,505
				1,801,903
TOTAL COMMON STOCKS (Cost $83,786,895)				83,081,911

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(d) - 0.4%
REPURCHASE AGREEMENTS - 0.4%
Citigroup Global Markets, Inc., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $318,807, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 6.13%, maturing 8/15/2019 - 5/15/2028; total market value $322,573 (Cost $318,784)		318,784		318,784
Total Investments - 98.7% (Cost $84,105,679)				83,400,695
Other Assets Less Liabilities - 1.3%				1,058,215
Net Assets - 100.0%				84,458,910

* Non-income producing security.

(a) The security or a portion of this security is on loan at July 31, 2019. The total value of securities on loan at July 31, 2019 was $1,926,411, collateralized in the form of cash with a value of $318,784 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $448,156 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 5.38%, and maturity dates ranging from August 15, 2019 – February 15, 2049 and $1,270,593 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from September 2, 2019 – September 20, 2117; a total value of $2,037,533.

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

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

(d) The security was purchased with cash collateral held from securities on loan at July 31, 2019. The total value of securities purchased was $318,784.

Percentages shown are based on Net Assets.

Abbreviations

CVA	Dutch Certification
GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt
OYJ	Public Limited Company
PJSC	Public Joint Stock Company
SCA	Limited partnership with share capital

See Accompanying Notes to the Schedules of Investments.

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

Futures Contracts     

FlexShares^® International Quality Dividend Defensive Index Fund had the following open futures contracts as of July 31, 2019:    

	Number of Contracts	Expiration Date	Trading Currency	Notional Amount		Value and Unrealized Appreciation
Long Contracts
MSCI EAFE E-Mini Index	12	09/20/2019	USD	$	1,131,180	$	168
MSCI Emerging Markets E-Mini Index	4	09/20/2019	USD		205,120		3,092
						$	3,260

Forward Foreign Currency Contracts

FlexShares^® International Quality Dividend Defensive Index Fund had the following outstanding contracts as of July 31, 2019:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	73,394	JPMorgan Chase Bank	AUD	105,364		09/18/2019	$	652
Total unrealized appreciation							$	652
NOK	59,477	Citibank NA	USD	6,905		09/18/2019	$	(123	)
USD	25,598	Goldman Sachs & Co.	BRL*	100,000		09/18/2019		(886	)
Total unrealized depreciation							$	(1,009	)
Net unrealized depreciation							$	(357	)

* Non-deliverable forward.

Abbreviations:

AUD — Australian Dollar

BRL — Brazilian Real

NOK — Norwegian Krone

USD — US Dollar

See Accompanying Notes to the Schedules of Investments.

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

FlexShares^® International Quality Dividend Defensive Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of July 31, 2019:

Australia	7.9	%
Belgium	0.9
Brazil	1.4
Canada	4.6
China	4.2
Czech Republic	0.7
Denmark	2.6
Finland	3.5
France	4.3
Germany	2.8
Hong Kong	1.6
India	1.4
Indonesia	0.5
Israel	0.0	†
Italy	3.2
Japan	13.6
Malaysia	0.2
Mexico	0.7
Netherlands	0.6
New Zealand	0.7
Norway	2.4
Philippines	0.6
Poland	1.0
Russia	4.2
Singapore	0.3
South Africa	1.3
South Korea	0.8
Spain	0.8
Sweden	2.9
Switzerland	5.3
Taiwan	5.5
Thailand	0.8
Turkey	3.3
United Kingdom	13.7
Other1	1.7
	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 Schedules of Investments.

Schedule of Investments

FlexShares^® International Quality Dividend Dynamic Index Fund

July 31, 2019 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 98.4%
Air Freight & Logistics - 0.6%
Royal Mail plc		108,684		279,065
Airlines - 0.8%
Aeroflot PJSC		205,722		346,851
Auto Components - 1.3%
Faurecia SE		2,106		100,827
Magna International, Inc.		2,376		120,433
Xinyi Glass Holdings Ltd.		324,000		329,054
				550,314
Automobiles - 2.9%
Fiat Chrysler Automobiles NV		26,064		349,281
Honda Motor Co. Ltd.		4,300		107,346
Subaru Corp.		14,400		337,470
Tofas Turk Otomobil Fabrikasi A/S		114,120		403,808
Yamaha Motor Co. Ltd.		3,600		63,595
				1,261,500
Banks - 11.1%
Agricultural Bank of China Ltd., Class H		234,000		95,359
Australia & New Zealand Banking Group Ltd.		15,444		297,096
Bank of China Ltd., Class H		414,000		169,241
Bank Polska Kasa Opieki SA		2,988		80,071
China Construction Bank Corp., Class H		684,000		530,395
China Merchants Bank Co. Ltd., Class H		72,000		361,016
Danske Bank A/S		16,002		239,195
Industrial & Commercial Bank of China Ltd., Class H		54,000		36,561
ING Groep NV		15,354		172,182
KBC Group NV		5,220		338,720
National Australia Bank Ltd.		14,382		282,614
Nordea Bank Abp		18,252		117,962
Royal Bank of Canada		12,420		985,731
Skandinaviska Enskilda Banken AB, Class A		37,044		351,629
Standard Bank Group Ltd.		25,236		319,684
Swedbank AB, Class A		23,130		318,747
Toronto-Dominion Bank (The)		180		10,575
VTB Bank PJSC		237,691,710		159,267
				4,866,045
Beverages - 0.1%
Ambev SA*		10,800		57,780
Capital Markets - 2.2%
CI Financial Corp.		3,330		51,884
Hong Kong Exchanges & Clearing Ltd.		11,526		391,076
Macquarie Group Ltd.		4,338		385,078

Investments	Shares		Value ($)
Natixis SA		13,536		54,889
SBI Holdings, Inc.		4,000		91,881
				974,808
Chemicals - 2.2%
Covestro AG(a)		6,804		311,432
Mitsubishi Gas Chemical Co., Inc.		5,400		72,514
Nutrien Ltd.		2,628		144,813
Showa Denko KK		11,400		309,530
Sinopec Shanghai Petrochemical Co. Ltd., Class H		360,000		126,011
				964,300
Construction & Engineering - 0.3%
ACS Actividades de Construccion y Servicios SA		2,714		110,597
Construction Materials - 0.5%
China Resources Cement Holdings Ltd.		252,000		233,396
Diversified Financial Services - 2.0%
EXOR NV		5,202		364,658
Mitsubishi UFJ Lease & Finance Co. Ltd.		63,000		337,122
Wendel SA		1,152		160,330
				862,110
Diversified Telecommunication Services - 2.6%
O2 Czech Republic A/S		13,122		125,191
Telefonica Deutschland Holding AG		29,070		73,828
Telefonica SA		49,428		380,884
Telenor ASA		16,560		339,597
Telia Co. AB		24,030		108,087
Telstra Corp. Ltd.		33,570		91,858
				1,119,445
Electric Utilities - 2.1%
Endesa SA		13,140		326,982
Enel SpA		37,998		262,261
Federal Grid Co. Unified Energy System PJSC		119,190,528		345,766
				935,009
Electrical Equipment - 1.4%
ABB Ltd. (Registered)		9,396		178,476
Mitsubishi Electric Corp.		9,000		118,743
Signify NV(a)		11,970		327,188
				624,407
Electronic Equipment, Instruments & Components - 1.8%
Hitachi Ltd.		4,200		150,554
Omron Corp.		2,200		106,175
Walsin Technology Corp.		12,000		68,306
Yageo Corp.*		40,000		342,172
Yaskawa Electric Corp.		3,600		121,022
				788,229

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Energy Equipment & Services - 0.1%
John Wood Group plc		5,490		35,695
Food & Staples Retailing - 0.7%
Casino Guichard Perrachon SA(b)		2,592		96,390
President Chain Store Corp.		21,000		202,602
				298,992
Food Products - 2.1%
Danone SA		558		48,708
Nestle SA (Registered)		5,148		549,640
Salmar ASA		6,948		323,969
				922,317
Health Care Equipment & Supplies - 0.7%
Hoya Corp.		4,200		325,130
Hotels, Restaurants & Leisure - 1.6%
Sands China Ltd.		72,000		350,439
Wynn Macau Ltd.		151,200		344,975
				695,414
Household Durables - 0.7%
Persimmon plc		12,546		308,622
Insurance - 7.7%
Aegon NV		23,045		114,872
Allianz SE (Registered)		3,690		864,417
Aviva plc		68,076		338,507
BB Seguridade Participacoes SA		16,200		139,715
Dai-ichi Life Holdings, Inc.		23,400		346,339
Direct Line Insurance Group plc		71,532		282,382
Legal & General Group plc		35,352		113,325
Ping An Insurance Group Co. of China Ltd., Class H		18,000		214,770
Poste Italiane SpA(a)		13,446		144,618
Powszechny Zaklad Ubezpieczen SA		13,644		148,199
Tokio Marine Holdings, Inc.		7,200		384,420
Zurich Insurance Group AG		828		289,800
				3,381,364
Interactive Media & Services - 0.5%
Tencent Holdings Ltd.		4,600		216,370
Internet & Direct Marketing Retail - 0.7%
Naspers Ltd., Class N		1,224		302,891
IT Services - 0.8%
Nomura Research Institute Ltd.		19,500		348,243
Machinery - 4.8%
Atlas Copco AB, Class A		12,834		397,335
Atlas Copco AB, Class B		522		14,409
FANUC Corp.		2,200		395,726
Hitachi Construction Machinery Co. Ltd.		10,800		256,833
NSK Ltd.		37,800		322,732
OC Oerlikon Corp. AG (Registered)		3,420		36,895
Sinotruk Hong Kong Ltd.(b)		171,000		253,838

Investments	Shares		Value ($)
SMC Corp.		1,000		367,120
Weichai Power Co. Ltd., Class H(b)		18,000		28,053
				2,072,941
Media - 1.9%
Eutelsat Communications SA		18,342		353,709
ITV plc		220,392		299,408
ProSiebenSat.1 Media SE		5,130		66,999
RTL Group SA		1,818		90,197
				810,313
Metals & Mining - 6.3%
Alumina Ltd.		149,760		241,540
BHP Group plc		6,426		156,123
Cia Siderurgica Nacional SA		81,000		355,852
Eregli Demir ve Celik Fabrikalari TAS		257,580		344,104
Evraz plc		44,100		351,529
Kumba Iron Ore Ltd.		8,262		277,715
Novolipetsk Steel PJSC		107,550		255,872
Rio Tinto plc		7,308		420,390
Severstal PJSC		21,384		346,850
				2,749,975
Multiline Retail - 0.4%
Wesfarmers Ltd.		6,084		164,339
Multi-Utilities - 0.5%
Centrica plc		83,916		78,173
Engie SA		9,234		143,113
				221,286
Oil, Gas & Consumable Fuels - 7.6%
Aker BP ASA(b)		10,548		302,663
BP plc		100,674		672,686
Bukit Asam Tbk. PT		1,627,200		318,080
China Petroleum & Chemical Corp., Class H		180,000		116,353
China Shenhua Energy Co. Ltd., Class H		63,000		125,551
Eni SpA		13,014		205,813
Equinor ASA		7,362		133,201
Inter Pipeline Ltd.(b)		5,904		99,857
OMV AG		6,444		325,088
Suncor Energy, Inc.		7,812		225,291
TC Energy Corp.		4,860		239,160
Tupras Turkiye Petrol Rafinerileri A/S		16,038		403,708
Vermilion Energy, Inc.(b)		4,122		74,238
Yanzhou Coal Mining Co. Ltd., Class H		108,000		96,026
				3,337,715
Paper & Forest Products - 0.3%
UPM-Kymmene OYJ		5,238		142,592
Personal Products - 2.5%
Kose Corp.		2,000		342,804
L’Oreal SA		2,646		712,946
Pola Orbis Holdings, Inc.		1,800		45,475
				1,101,225

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Pharmaceuticals - 7.2%
AstraZeneca plc		6,660		575,813
GlaxoSmithKline plc		51,624		1,076,230
Livzon Pharmaceutical Group, Inc., Class H		35,100		85,913
Novartis AG (Registered)		3,762		347,548
Orion OYJ, Class B		9,864		340,570
Roche Holding AG		1,062		286,043
Roche Holding AG - BR		468		126,218
Sanofi		3,366		282,802
				3,121,137
Professional Services - 1.0%
Recruit Holdings Co. Ltd.		12,600		431,470
Real Estate Management & Development - 4.3%
Agile Group Holdings Ltd.		72,000		93,634
China Evergrande Group(b)		122,000		325,732
Country Garden Holdings Co. Ltd.(b)		234,000		319,258
Daiwa House Industry Co. Ltd.		1,800		51,575
Future Land Development Holdings Ltd.*(b)		72,000		61,166
Logan Property Holdings Co. Ltd.		216,000		330,020
Ruentex Development Co. Ltd.*		144,000		191,951
Shimao Property Holdings Ltd.		117,000		326,582
Wharf Holdings Ltd. (The)		30,000		73,353
Yuzhou Properties Co. Ltd.		180,549		85,570
				1,858,841
Semiconductors & Semiconductor Equipment - 4.9%
Disco Corp.(b)		2,100		391,278
Formosa Sumco Technology Corp.		72,000		259,330
Globalwafers Co. Ltd.		36,000		389,574
Nanya Technology Corp.		54,000		128,507
Novatek Microelectronics Corp.		54,000		288,273
SUMCO Corp.(b)		7,200		96,155
Taiwan Semiconductor Manufacturing Co. Ltd.		12,000		100,143
Tokyo Electron Ltd.		900		154,967
Vanguard International Semiconductor Corp.		162,000		329,778
				2,138,005
Software - 0.7%
Trend Micro, Inc.		7,200		315,984
Specialty Retail - 0.9%
Hennes & Mauritz AB, Class B		21,078		370,579
Technology Hardware, Storage & Peripherals - 1.7%
Brother Industries Ltd.		18,000		322,450
Catcher Technology Co. Ltd.		10,000		74,287
Lite-On Technology Corp.		54,000		76,931
Logitech International SA (Registered)		144		5,996
Samsung Electronics Co. Ltd.		3,852		147,653
Samsung Electronics Co. Ltd. (Preference)		3,852		120,466
				747,783

Investments	Shares		Value ($)
Textiles, Apparel & Luxury Goods - 1.0%
HUGO BOSS AG		4,716		300,135
Ruentex Industries Ltd.*		54,000		115,483
				415,618
Tobacco - 2.3%
British American Tobacco plc		900		32,531
Imperial Brands plc		13,104		336,147
Japan Tobacco, Inc.		16,200		361,003
Swedish Match AB		7,020		270,682
				1,000,363
Trading Companies & Distributors - 2.0%
Ashtead Group plc		13,050		363,204
ITOCHU Corp.		7,200		138,065
Marubeni Corp.		10,800		70,624
Toyota Tsusho Corp.		10,800		315,321
				887,214
Wireless Telecommunication Services - 0.6%
Vodafone Group plc		136,872		251,523
TOTAL COMMON STOCKS (Cost $42,281,657)				42,947,797
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(c) - 1.3%
REPURCHASE AGREEMENTS - 1.3%
Citigroup Global Markets, Inc., 2.53%, dated 7/31/2019, due 8/1/2019, repurchase price $557,804, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 6.13%, maturing 8/15/2019 - 5/15/2028; total market value $564,393 (Cost $557,765)		557,765		557,765
Total Investments - 99.7% (Cost $42,839,422)				43,505,562
Other Assets Less Liabilities - 0.3%				151,832
Net Assets - 100.0%				43,657,394

* 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.

See Accompanying Notes to the Schedules of Investments.

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

(b) The security or a portion of this security is on loan at July 31, 2019. The total value of securities on loan at July 31, 2019 was $1,337,094, collateralized in the form of cash with a value of $557,765 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $317,347 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from August 15, 2019 – February 15, 2049 and $537,791 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from September 2, 2019 – September 20, 2117; a total value of $1,412,903.

(c) The security was purchased with cash collateral held from securities on loan at July 31, 2019. The total value of securities purchased was $557,765.

Percentages shown are based on Net Assets.

Abbreviations

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.

Futures Contracts

FlexShares^® International Quality Dividend Dynamic Index Fund had the following open futures contracts as of July 31, 2019:

	Number of Contracts	Expiration Date	Trading Currency	Notional Amount		Value and Unrealized Depreciation
Long Contracts
MSCI EAFE E-Mini Index	5	09/20/2019	USD	$	471,325	$	(961	)
MSCI Emerging Markets E-Mini Index	4	09/20/2019	USD		205,120		(1,279	)
						$	(2,240	)

Abbreviations:

USD — US Dollar

See Accompanying Notes to the Schedules of Investments.

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 July 31, 2019:

Australia	3.4	%
Austria	0.7
Belgium	1.0
Brazil	1.3
Canada	4.5
China	9.7
Czech Republic	0.3
Denmark	0.5
Finland	1.1
France	4.5
Germany	3.7
Hong Kong	3.4
Indonesia	0.7
Italy	3.0
Japan	17.4
Netherlands	1.4
Norway	2.5
Poland	0.5
Russia	3.3
South Africa	2.1
South Korea	0.6
Spain	1.9
Sweden	4.5
Switzerland	4.2
Taiwan	5.9
Turkey	2.6
United Kingdom	13.7
Other1	1.6
	100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

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

July 31, 2019 (Unaudited)

Investments	Principal Amount ($)		Value ($)
U.S. TREASURY OBLIGATIONS - 99.7%
U.S. Treasury Inflation Linked Bonds
2.38%, 1/15/2025		40,941,411		45,589,081
2.00%, 1/15/2026		27,773,277		30,867,258
2.38%, 1/15/2027		22,705,633		26,216,448
U.S. Treasury Inflation Linked Notes
1.13%, 1/15/2021		45,981,191		46,161,030
0.13%, 4/15/2021		51,696,877		51,084,359
0.63%, 7/15/2021		43,416,113		43,570,406
0.13%, 1/15/2022		49,654,561		49,207,882
0.13%, 4/15/2022		49,866,236		49,357,957
0.13%, 7/15/2022		49,266,549		49,011,900
0.13%, 1/15/2023		123,457,387		122,541,015
0.63%, 4/15/2023		131,746,335		132,984,387
0.38%, 7/15/2023		124,058,103		124,822,097
0.63%, 1/15/2024		123,913,395		125,848,430
0.50%, 4/15/2024(a)		98,153,641		99,190,848
0.13%, 7/15/2024		47,061,657		46,942,948
0.25%, 1/15/2025		47,254,720		47,240,383
0.38%, 7/15/2025		47,245,625		47,743,181
0.63%, 1/15/2026		48,855,767		50,020,891
0.13%, 7/15/2026		42,756,568		42,527,031
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,221,921,514)				1,230,927,532
Total Investments - 99.7% (Cost $1,221,921,514)				1,230,927,532
Other Assets Less Liabilities - 0.3%				3,193,686
Net Assets - 100.0%				1,234,121,218

(a) The security or a portion of this security is on loan at July 31, 2019. The total value of securities on loan at July 31, 2019 was $19,012,811, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.50% – 4.25%, and maturity dates ranging from October 15, 2019 – May 15, 2047; a total value of $19,427,982.

Percentages shown are based on Net Assets.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

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

July 31, 2019 (Unaudited)

Investments	Principal Amount ($)		Value ($)
U.S. TREASURY OBLIGATIONS - 99.8%
U.S. Treasury Inflation Linked Bonds
2.38%, 1/15/2025(a)		23,646,433		26,330,777
2.00%, 1/15/2026		22,546,353		25,058,047
2.38%, 1/15/2027(a)		18,299,115		21,128,580
1.75%, 1/15/2028		11,857,474		13,290,582
3.63%, 4/15/2028		16,371,942		21,017,874
2.50%, 1/15/2029		10,484,624		12,624,431
3.88%, 4/15/2029		18,880,536		25,283,347
3.38%, 4/15/2032		4,638,506		6,363,197
U.S. Treasury Inflation Linked Notes
0.63%, 4/15/2023		29,764,970		30,044,679
0.38%, 7/15/2023		27,803,717		27,974,942
0.63%, 1/15/2024		27,758,137		28,191,609
0.50%, 4/15/2024(a)		20,820,777		21,040,794
0.13%, 7/15/2024		27,205,919		27,137,295
0.25%, 1/15/2025		27,265,125		27,256,852
0.38%, 7/15/2025		27,250,197		27,537,176
0.63%, 1/15/2026		39,920,971		40,873,015
0.13%, 7/15/2026(a)		34,353,759		34,169,332
0.38%, 1/15/2027		35,663,782		35,969,008
0.38%, 7/15/2027		23,816,975		24,087,852
0.50%, 1/15/2028		24,859,938		25,312,662
0.75%, 7/15/2028		23,077,376		24,095,628
0.88%, 1/15/2029(a)		21,572,459		22,755,379
0.25%, 7/15/2029		9,225,782		9,224,207
TOTAL U.S. TREASURY OBLIGATIONS (Cost $546,838,496)				556,767,265
Total Investments - 99.8% (Cost $546,838,496)				556,767,265
Other Assets Less Liabilities - 0.2%				1,249,660
Net Assets - 100.0%				558,016,925

(a) The security or a portion of this security is on loan at July 31, 2019. The total value of securities on loan at July 31, 2019 was $76,293,178, collateralized by $55,551,255 in U.S. Government Treasury Securities, interest rates ranging from 0.50% – 4.25%, and maturity dates ranging from October 15, 2019 – May 15, 2047 and $34,371,816 in Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from August 7, 2019 – June 22, 2066; a total value of $89,923,071.

Percentages shown are based on Net Assets.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® Disciplined Duration MBS Index Fund

July 31, 2019 (Unaudited)

Investments	Principal Amount ($)		Value ($)
MORTGAGE-BACKED SECURITIES - 99.4%
FHLMC
4.00%, 7/1/2024		186,253		193,580
4.00%, 9/1/2024		129,917		135,028
4.00%, 4/1/2025		34,426		35,781
4.00%, 6/1/2025		78,044		81,260
3.50%, 10/1/2025		119,125		123,095
4.00%, 10/1/2025		60,307		62,796
3.50%, 11/1/2025		133,676		138,131
3.50%, 2/1/2026		76,580		79,132
4.00%, 3/1/2026		137,618		143,338
4.00%, 4/1/2026		100,174		104,565
3.50%, 6/1/2026		117,677		122,115
3.00%, 9/1/2026		240,892		246,164
3.50%, 10/1/2026		98,217		101,490
3.00%, 12/1/2026		125,838		128,478
2.50%, 4/1/2027		193,926		195,574
4.00%, 5/1/2027		71,790		74,749
3.50%, 8/1/2027		79,305		82,109
2.50%, 11/1/2027		199,916		201,588
2.50%, 2/1/2028		45,543		45,931
2.50%, 4/1/2028		25,585		25,780
2.50%, 11/1/2028		18,107		18,261
3.00%, 11/1/2028		107,188		109,538
3.00%, 1/1/2029		175,631		179,482
2.00%, 10/1/2031		71,658		70,775
2.00%, 11/1/2031		81,555		80,550
5.50%, 10/1/2032		101,631		111,750
3.00%, 4/1/2033		95,996		97,846
6.00%, 4/1/2034		60,450		68,815
5.00%, 5/1/2034		109,995		120,843
3.00%, 5/1/2035		50,111		50,944
5.50%, 5/1/2035		130,803		146,464
6.00%, 5/1/2035		119,569		136,064
5.50%, 6/1/2035		53,942		59,922
5.00%, 7/1/2035		62,426		68,444
5.50%, 10/1/2035		33,116		37,090
3.00%, 11/1/2035		61,891		63,082
6.00%, 12/1/2035		117,977		134,432
5.50%, 12/1/2036		157,309		175,964
5.50%, 2/1/2037		44,004		49,300
6.00%, 4/1/2037		60,202		68,605
5.50%, 7/1/2037		105,210		117,785
5.50%, 9/1/2037		49,534		55,519
5.50%, 1/1/2038		24,698		27,683
5.00%, 7/1/2038		68,157		74,387
5.50%, 7/1/2038		5,394		5,987
5.50%, 8/1/2038		16,869		18,668
5.00%, 10/1/2038		49,511		54,033
5.50%, 12/1/2038		18,118		20,044
5.00%, 2/1/2039		266,038		290,158
5.00%, 5/1/2039		112,999		124,231

Investments	Principal Amount ($)		Value ($)
5.00%, 8/1/2039		9,135		9,980
5.00%, 9/1/2039		11,063		12,075
4.50%, 10/1/2039		21,806		23,542
5.50%, 1/1/2040		88,553		98,023
4.00%, 2/1/2040		13,988		14,846
4.50%, 4/1/2040		78,853		85,194
6.00%, 4/1/2040		86,934		98,903
6.00%, 5/1/2040		195,146		222,042
5.50%, 6/1/2040		60,490		66,981
6.00%, 7/1/2040		311,172		354,430
3.50%, 12/1/2040		149,786		156,234
4.00%, 1/1/2041		27,726		29,422
4.50%, 3/1/2041		150,016		162,062
4.00%, 4/1/2041		39,724		42,326
5.50%, 4/1/2041		24,407		26,967
5.50%, 6/1/2041		289,689		323,241
4.50%, 8/1/2041		40,352		43,583
3.50%, 11/1/2041		207,648		216,596
4.00%, 1/1/2042		119,341		127,968
5.00%, 2/1/2042		81,731		89,266
3.00%, 3/1/2042		276,410		281,925
3.00%, 3/1/2043		34,702		35,393
3.00%, 4/1/2043		377,771		384,819
3.00%, 6/1/2043		174,372		177,838
4.50%, 3/1/2044		98,302		106,209
4.00%, 6/1/2044		15,732		16,605
4.50%, 7/1/2044		62,084		66,999
4.00%, 8/1/2044		45,971		48,511
5.00%, 8/1/2044		80,423		87,657
4.50%, 9/1/2044		71,730		76,898
4.50%, 12/1/2044		37,075		39,737
3.00%, 7/1/2045		33,658		34,215
4.50%, 9/1/2045		59,089		63,173
4.00%, 10/1/2045		168,410		177,415
4.50%, 12/1/2045		60,604		64,963
4.00%, 4/1/2046		83,536		87,933
3.50%, 5/1/2046		53,013		54,781
4.00%, 5/1/2046		35,782		37,659
4.50%, 5/1/2046		90,718		96,491
2.50%, 12/1/2046		298,120		294,814
4.50%, 3/1/2047		111,829		119,438
3.00%, 9/1/2047		87,075		88,487
GNMA
3.00%, 2/20/2027		255,692		261,153
2.50%, 4/20/2027		114,969		116,700
2.50%, 11/20/2027		125,685		127,577
2.50%, 1/20/2028		63,735		64,697
3.00%, 3/20/2028		125,596		128,293
3.00%, 7/20/2028		203,470		207,841
2.50%, 8/20/2028		196,513		199,487
2.50%, 12/20/2028		26,744		27,148
2.50%, 3/20/2031		81,023		81,854
2.50%, 10/20/2031		96,912		97,908
6.00%, 3/15/2033		98,563		112,717
5.50%, 6/15/2033		80,494		91,041

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Disciplined Duration MBS Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
5.50%, 8/20/2033		42,948		47,649
6.00%, 10/20/2033		113,202		130,212
5.50%, 11/20/2033		59,942		66,505
6.00%, 12/15/2033		184,207		210,722
5.50%, 3/20/2034		70,588		78,337
5.50%, 7/20/2034		46,357		51,439
6.00%, 2/15/2035		39,849		45,586
5.50%, 3/15/2035		162,443		183,607
5.50%, 3/20/2036		145,686		162,139
5.50%, 9/20/2038		93,628		103,881
6.00%, 12/20/2038		199,919		228,286
5.50%, 2/15/2039		82,528		91,494
5.50%, 2/20/2039		113,977		126,470
4.50%, 5/15/2039		118,579		128,167
5.50%, 5/15/2039		51,841		56,990
5.00%, 9/15/2039		94,260		104,318
5.50%, 9/15/2039		23,938		26,565
4.00%, 9/20/2039		38,089		40,439
4.50%, 12/15/2039		196,598		212,519
5.50%, 12/15/2039		66,230		73,469
5.00%, 1/20/2040		185,633		204,350
5.50%, 3/15/2040		43,412		49,063
4.50%, 4/15/2040		84,103		90,934
5.00%, 4/15/2040		107,139		118,610
4.50%, 6/15/2040		40,734		44,017
4.50%, 7/15/2040		108,394		117,100
4.00%, 8/15/2040		20,765		21,883
4.00%, 10/15/2040		13,289		14,119
3.50%, 11/15/2040		41,368		43,053
5.50%, 1/20/2041		39,089		43,417
4.00%, 3/15/2041		5,409		5,745
4.50%, 6/15/2041		180,037		194,424
4.00%, 8/15/2041		101,861		108,185
3.50%, 9/15/2041		110,595		115,100
3.50%, 11/20/2041		90,305		94,736
3.50%, 1/15/2042		26,372		27,445
5.50%, 2/20/2042		32,252		35,896
4.50%, 3/15/2042		139,056		150,049
3.50%, 4/20/2042		143,397		150,432
3.00%, 5/15/2042		84,603		86,483
3.50%, 6/15/2042		72,965		75,925
3.50%, 8/20/2042		47,450		49,742
3.00%, 9/15/2042		39,846		40,810
3.00%, 12/20/2042		113,984		117,259
3.50%, 12/20/2042		18,499		19,315
3.00%, 2/20/2043		79,475		81,418
2.50%, 3/20/2043		93,528		94,480
3.00%, 3/20/2043		101,367		103,845
3.00%, 4/15/2043		82,812		84,816
3.00%, 5/15/2043		98,289		100,734
2.50%, 5/20/2043		135,153		136,529
3.50%, 6/15/2043		69,208		72,257
3.00%, 9/20/2043		128,518		132,427
3.50%, 10/20/2043		72,670		75,882
5.00%, 12/20/2043		48,452		53,151
5.00%, 1/20/2044		6,705		7,332
5.50%, 3/20/2044		151,024		168,142
4.00%, 7/15/2044		43,909		46,647

Investments	Principal Amount ($)		Value ($)
3.50%, 8/20/2044		103,034		107,330
4.00%, 9/15/2044		19,273		20,192
3.50%, 10/15/2044		77,768		81,104
3.50%, 10/20/2044		17,298		18,019
2.50%, 11/20/2044		100,587		101,603
4.00%, 12/15/2044		43,889		46,623
3.00%, 12/20/2044		54,451		56,055
3.50%, 12/20/2044		53,228		55,447
3.50%, 1/15/2045		103,785		108,187
3.00%, 1/20/2045		107,514		110,435
3.50%, 2/20/2045		70,973		73,925
3.00%, 3/20/2045		83,913		86,192
3.50%, 5/15/2045		81,886		84,858
3.00%, 7/15/2045		214,309		219,074
3.00%, 12/20/2045		130,146		133,688
3.50%, 12/20/2045		142,290		148,116
4.00%, 3/15/2046		77,725		82,552
4.00%, 3/20/2046		207,875		219,115
3.50%, 4/20/2046		126,679		131,567
4.00%, 5/20/2046		93,250		98,187
4.00%, 7/15/2046		112,437		119,384
3.00%, 9/20/2046		72,101		74,102
3.00%, 12/20/2046		37,430		38,445
4.50%, 11/15/2047		338,678		365,816
5.00%, 2/20/2048		63,741		67,271
5.00%, 4/20/2048		149,081		156,829
5.50%, 11/20/2048		183,508		194,746
UMBS
4.50%, 1/1/2020		1,294		1,327
4.50%, 4/1/2020		3,356		3,441
4.50%, 11/1/2020		9,542		9,784
4.00%, 5/1/2024		97,514		101,322
4.00%, 4/1/2025		222,106		231,214
4.00%, 9/1/2025		89,160		92,811
3.00%, 11/1/2025		167,373		170,909
3.50%, 11/1/2025		179,577		185,470
3.00%, 12/1/2025		135,239		138,100
3.50%, 12/1/2025		126,483		130,633
3.50%, 2/1/2026		222,842		230,154
4.00%, 4/1/2026		76,720		79,860
4.00%, 5/1/2026		158,185		165,070
3.00%, 8/1/2026		244,874		250,065
2.50%, 11/1/2026		53,662		53,986
3.00%, 12/1/2026		39,044		39,876
4.00%, 5/1/2027		91,460		95,196
2.50%, 6/1/2027		19,697		19,853
3.50%, 6/1/2027		32,034		33,085
2.50%, 10/1/2027		203,881		205,497
2.50%, 12/1/2027		107,239		108,091
3.50%, 1/1/2028		255,062		265,167
3.00%, 3/1/2028		38,885		39,715
3.00%, 6/1/2028		187,930		192,067
3.00%, 7/1/2028		37,116		37,949
2.50%, 8/1/2028		27,553		27,772
2.50%, 9/1/2028		86,264		86,949
3.00%, 11/1/2028		34,601		35,378
4.00%, 7/1/2029		152,642		159,121
3.50%, 10/1/2030		120,340		125,052

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Disciplined Duration MBS Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
3.50%, 11/1/2030		28,180		29,282
2.00%, 9/1/2031		69,957		69,053
2.00%, 11/1/2031		148,101		146,186
3.00%, 4/1/2032		147,645		150,806
6.00%, 12/1/2032		23,566		26,834
3.00%, 5/1/2033		255,092		259,842
3.00%, 7/1/2033		31,550		32,138
3.00%, 10/1/2033		50,648		51,592
6.00%, 8/1/2034		91,217		103,727
6.50%, 9/1/2034		109,367		126,780
5.00%, 12/1/2034		41,273		45,233
5.00%, 1/1/2035		52,788		57,975
5.00%, 6/1/2035		87,369		95,957
6.00%, 11/1/2035		38,726		44,082
5.00%, 12/1/2035		112,164		123,214
5.00%, 2/1/2036		109,027		119,769
5.50%, 12/1/2036		111,857		124,970
6.50%, 12/1/2036		106,366		119,679
5.50%, 1/1/2037		33,647		37,656
5.50%, 2/1/2037		10,486		11,531
6.00%, 8/1/2037		15,429		17,560
6.00%, 9/1/2037		45,256		51,500
5.00%, 3/1/2038		117,786		128,151
5.00%, 5/1/2038		92,930		102,079
5.50%, 6/1/2038		72,432		81,060
5.50%, 9/1/2038		35,061		39,208
6.00%, 9/1/2038		58,972		67,070
5.50%, 11/1/2038		124,280		137,515
5.00%, 1/1/2039		11,710		12,750
5.50%, 3/1/2039		112,034		124,417
4.50%, 4/1/2039		109,259		117,698
5.50%, 8/1/2039		95,147		105,238
5.50%, 1/1/2040		33,137		36,670
4.50%, 4/1/2040		20,309		21,918
5.50%, 4/1/2040		40,993		45,413
6.00%, 6/1/2040		229,293		260,504
4.00%, 9/1/2040		43,530		46,156
4.00%, 11/1/2040		36,964		39,204
3.50%, 1/1/2041		39,071		40,727
3.50%, 2/1/2041		71,584		74,616
4.00%, 2/1/2041		50,643		53,701
4.50%, 4/1/2041		35,527		38,254
5.50%, 4/1/2041		13,007		14,447
4.50%, 6/1/2041		32,156		34,721
6.00%, 7/1/2041		242,500		275,716
4.50%, 8/1/2041		43,805		47,352
5.00%, 8/1/2041		90,271		98,491
5.50%, 8/1/2041		72,299		79,978
5.50%, 9/1/2041		159,406		177,975
4.00%, 12/1/2041		48,963		51,937
4.00%, 1/1/2042		80,949		85,860
4.50%, 1/1/2042		46,240		49,926
6.00%, 1/1/2042		142,294		164,031
3.00%, 4/1/2042		142,422		145,168
3.50%, 5/1/2042		76,736		79,992
3.50%, 8/1/2042		143,978		150,091
3.50%, 1/1/2043		96,208		100,283

Investments	Principal Amount ($)		Value ($)
3.00%, 2/1/2043		54,652		55,708
3.00%, 3/1/2043		255,289		260,222
3.50%, 3/1/2043		178,952		187,263
3.00%, 5/1/2043		12,668		12,924
3.50%, 5/1/2043		231,148		240,961
3.00%, 6/1/2043		53,117		53,985
3.50%, 7/1/2043		47,452		49,466
4.00%, 8/1/2043		26,957		28,566
4.00%, 9/1/2043		157,450		167,325
4.50%, 9/1/2043		26,242		28,150
4.00%, 11/1/2043		43,004		45,339
5.00%, 1/1/2044		247,269		269,123
5.00%, 3/1/2044		47,079		52,038
5.00%, 5/1/2044		33,217		36,231
5.50%, 5/1/2044		221,078		247,205
5.00%, 6/1/2044		32,833		35,798
4.50%, 10/1/2044		31,362		33,589
3.00%, 12/1/2044		67,748		68,899
3.00%, 2/1/2045		55,196		56,105
4.00%, 2/1/2045		84,489		89,039
4.50%, 2/1/2045		155,005		166,822
3.00%, 4/1/2045		51,093		51,922
4.00%, 4/1/2045		52,473		55,788
4.00%, 11/1/2045		128,659		136,790
4.00%, 3/1/2046		58,516		61,583
4.50%, 3/1/2046		154,354		164,528
3.50%, 5/1/2046		54,366		56,093
4.00%, 5/1/2046		58,929		61,974
4.50%, 7/1/2046		73,507		77,841
2.50%, 9/1/2046		373,239		368,863
4.00%, 2/1/2047		138,509		145,329
4.50%, 2/1/2047		98,936		106,683
5.50%, 1/1/2049		192,207		206,603
6.00%, 2/1/2049		197,274		224,683
UMBS, 30 Year, Single Family
TBA 2.50%, 8/25/2049		550,000		543,426
TBA 3.00%, 8/25/2049		150,000		151,292
TBA 3.50%, 8/25/2049		250,000		256,094
TOTAL MORTGAGE-BACKED SECURITIES (Cost $32,249,061)				32,605,662
Total Investments - 99.4% (Cost $32,249,061)				32,605,662
Other Assets Less Liabilities - 0.6%				198,148
Net Assets - 100.0%				32,803,810

Percentages shown are based on Net Assets.

Abbreviations
FHLMC	Federal Home Loan Mortgage Corp.
GNMA	Government National Mortgage Association
TBA	To Be Announced; Security is subject to delayed delivery.
UMBS	Uniform Mortgage-Backed Securities

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® Credit-Scored US Corporate Bond Index Fund

July 31, 2019 (Unaudited)

Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS - 98.7%
Aerospace & Defense - 1.5%
General Dynamics Corp.
3.75%, 5/15/2028		100,000		109,336
Lockheed Martin Corp.
3.35%, 9/15/2021		55,000		56,286
3.55%, 1/15/2026		70,000		74,698
Northrop Grumman Corp.
2.93%, 1/15/2025		400,000		407,774
Rockwell Collins, Inc.
3.50%, 3/15/2027		200,000		210,296
United Technologies Corp.
3.10%, 6/1/2022		500,000		510,868
				1,369,258
Air Freight & Logistics - 0.2%
FedEx Corp.
3.20%, 2/1/2025		130,000		133,550
United Parcel Service, Inc.
2.45%, 10/1/2022		80,000		80,472
				214,022
Automobiles - 0.1%
General Motors Co.
4.88%, 10/2/2023		100,000		106,537
Banks - 29.6%
Banco Santander SA
3.13%, 2/23/2023		400,000		404,849
Bank of America Corp.
3.30%, 1/11/2023		400,000		410,782
3.12%, 1/20/2023(a)		250,000		253,794
3.00%, 12/20/2023(a)		500,000		507,214
4.20%, 8/26/2024		470,000		499,253
4.00%, 1/22/2025		255,000		267,844
3.88%, 8/1/2025		600,000		639,784
3.50%, 4/19/2026		200,000		209,093
3.82%, 1/20/2028(a)		500,000		530,227
3.71%, 4/24/2028(a)		5,000		5,259
3.42%, 12/20/2028(a)		200,000		206,237
3.97%, 3/5/2029(a)		250,000		267,166
4.27%, 7/23/2029(a)		550,000		601,407
Bank of Montreal
4.34%, 10/5/2028(a)		300,000		315,653
Bank of Nova Scotia (The)
4.50%, 12/16/2025		100,000		107,682
Barclays plc
3.20%, 8/10/2021		200,000		201,330
3.65%, 3/16/2025		200,000		201,199
4.38%, 1/12/2026		200,000		207,025
4.84%, 5/9/2028		100,000		101,812
BB&T Corp.
2.85%, 10/26/2024		150,000		152,251

Investments	Principal Amount ($)		Value ($)
Citibank NA
3.40%, 7/23/2021		250,000		254,916
Citigroup, Inc.
2.90%, 12/8/2021		500,000		505,823
4.50%, 1/14/2022		150,000		157,300
4.05%, 7/30/2022		100,000		104,018
3.50%, 5/15/2023		250,000		257,565
3.35%, 4/24/2025(a)		500,000		513,768
3.30%, 4/27/2025		200,000		206,891
4.40%, 6/10/2025		325,000		346,325
3.40%, 5/1/2026		200,000		207,216
3.20%, 10/21/2026		250,000		255,715
4.45%, 9/29/2027		200,000		215,818
3.89%, 1/10/2028(a)		200,000		211,571
3.67%, 7/24/2028(a)		155,000		161,855
4.13%, 7/25/2028		200,000		211,667
4.07%, 4/23/2029(a)		150,000		160,930
3.98%, 3/20/2030(a)		100,000		106,942
Citizens Financial Group, Inc.
4.30%, 12/3/2025		60,000		63,379
Credit Suisse Group Funding Guernsey Ltd.
3.80%, 9/15/2022		250,000		258,365
3.75%, 3/26/2025		400,000		416,755
Discover Bank
3.20%, 8/9/2021		250,000		253,278
Fifth Third Bancorp
3.50%, 3/15/2022		295,000		302,510
Fifth Third Bank
3.85%, 3/15/2026		200,000		211,793
HSBC Holdings plc
4.00%, 3/30/2022		510,000		529,566
4.25%, 8/18/2025		300,000		314,402
3.90%, 5/25/2026		200,000		209,851
4.29%, 9/12/2026(a)		250,000		265,222
4.04%, 3/13/2028(a)		200,000		209,154
Huntington Bancshares, Inc.
4.00%, 5/15/2025		200,000		212,895
ING Groep NV
4.55%, 10/2/2028		350,000		390,767
JPMorgan Chase & Co.
3.38%, 5/1/2023		520,000		533,579
3.56%, 4/23/2024(a)		100,000		103,674
3.13%, 1/23/2025		681,000		698,535
3.90%, 7/15/2025		250,000		266,463
3.30%, 4/1/2026		470,000		488,087
3.20%, 6/15/2026		700,000		722,449
2.95%, 10/1/2026		450,000		456,678
4.13%, 12/15/2026		125,000		134,757
3.78%, 2/1/2028(a)		300,000		319,067
4.20%, 7/23/2029(a)		350,000		382,590
4.45%, 12/5/2029(a)		350,000		391,378
Lloyds Banking Group plc
3.10%, 7/6/2021		200,000		202,291
4.38%, 3/22/2028		200,000		211,880

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
3.57%, 11/7/2028(a)		200,000		199,115
Mitsubishi UFJ Financial Group, Inc.
2.67%, 7/25/2022		450,000		451,936
3.85%, 3/1/2026		200,000		212,712
3.68%, 2/22/2027		350,000		370,093
3.29%, 7/25/2027		550,000		567,960
3.74%, 3/7/2029		200,000		213,520
Mizuho Financial Group, Inc.
2.95%, 2/28/2022		400,000		403,800
4.02%, 3/5/2028		300,000		326,587
National Australia Bank Ltd.
1.88%, 7/12/2021		250,000		248,134
2.80%, 1/10/2022		250,000		253,474
PNC Bank NA
3.50%, 6/8/2023		250,000		260,593
PNC Financial Services Group, Inc. (The)
3.30%, 3/8/2022		380,000		389,454
3.90%, 4/29/2024		50,000		52,815
3.15%, 5/19/2027		80,000		82,867
Royal Bank of Canada
2.75%, 2/1/2022		100,000		101,235
Santander Holdings USA, Inc.
4.50%, 7/17/2025		200,000		212,305
Santander UK Group Holdings plc
3.82%, 11/3/2028(a)		200,000		203,060
Sumitomo Mitsui Financial Group, Inc.
2.06%, 7/14/2021		482,000		479,057
2.78%, 7/12/2022		400,000		403,372
3.78%, 3/9/2026		250,000		265,533
3.36%, 7/12/2027		350,000		364,001
SunTrust Bank
3.30%, 5/15/2026		200,000		205,416
US Bancorp
Series X, 3.15%, 4/27/2027		150,000		156,140
Wells Fargo & Co.
3.50%, 3/8/2022		400,000		411,011
2.63%, 7/22/2022		300,000		301,821
3.07%, 1/24/2023		250,000		253,780
4.48%, 1/16/2024		225,000		240,704
3.55%, 9/29/2025		450,000		469,707
3.58%, 5/22/2028(a)		250,000		261,458
Westpac Banking Corp.
2.75%, 1/11/2023		200,000		202,542
3.40%, 1/25/2028		400,000		427,021
4.32%, 11/23/2031(a)		100,000		103,783
				27,612,552
Beverages - 1.4%
Anheuser-Busch InBev Finance, Inc.
3.30%, 2/1/2023		180,000		185,469
Constellation Brands, Inc.
4.25%, 5/1/2023		150,000		158,706
4.40%, 11/15/2025		300,000		329,039
Diageo Capital plc
2.63%, 4/29/2023		100,000		100,957
PepsiCo, Inc.
3.10%, 7/17/2022		200,000		205,155

Investments	Principal Amount ($)		Value ($)
2.38%, 10/6/2026		300,000		299,360
				1,278,686
Biotechnology - 3.6%
AbbVie, Inc.
2.90%, 11/6/2022		250,000		252,388
3.20%, 11/6/2022		240,000		244,169
3.20%, 5/14/2026		100,000		100,725
4.25%, 11/14/2028		400,000		426,940
Amgen, Inc.
3.88%, 11/15/2021		250,000		257,313
2.70%, 5/1/2022		470,000		473,374
3.63%, 5/22/2024		100,000		105,005
Celgene Corp.
2.25%, 8/15/2021		150,000		149,154
3.25%, 2/20/2023		200,000		204,905
3.63%, 5/15/2024		300,000		312,762
3.90%, 2/20/2028		200,000		214,951
Gilead Sciences, Inc.
3.70%, 4/1/2024		350,000		368,143
3.50%, 2/1/2025		225,000		236,022
				3,345,851
Capital Markets - 11.8%
Bank of New York Mellon Corp. (The)
Series 0012, 3.65%, 2/4/2024		300,000		316,434
3.40%, 1/29/2028		400,000		421,528
BlackRock, Inc.
3.20%, 3/15/2027		200,000		209,296
Brookfield Finance, Inc.
4.85%, 3/29/2029		200,000		219,995
Charles Schwab Corp. (The)
3.20%, 1/25/2028		100,000		103,422
Deutsche Bank AG
3.70%, 5/30/2024		295,000		292,756
Goldman Sachs Group, Inc. (The)
5.75%, 1/24/2022		1,135,000		1,222,733
3.00%, 4/26/2022		400,000		403,299
3.63%, 1/22/2023		500,000		517,758
4.00%, 3/3/2024		210,000		221,926
3.50%, 1/23/2025		255,000		263,734
3.27%, 9/29/2025(a)		500,000		510,759
3.69%, 6/5/2028(a)		250,000		260,095
3.81%, 4/23/2029(a)		500,000		523,650
4.22%, 5/1/2029(a)		600,000		646,762
Morgan Stanley
2.63%, 11/17/2021		400,000		402,354
2.75%, 5/19/2022		1,850,000		1,864,116
3.75%, 2/25/2023		350,000		364,486
4.00%, 7/23/2025		200,000		213,343
3.88%, 1/27/2026		200,000		211,888
4.35%, 9/8/2026		400,000		429,263
3.77%, 1/24/2029(a)		1,000,000		1,049,107
State Street Corp.
3.10%, 5/15/2023		200,000		204,904
3.55%, 8/18/2025		100,000		105,666
				10,979,274

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Chemicals - 0.9%
Dow Chemical Co. (The)
4.13%, 11/15/2021		150,000		154,938
LYB International Finance BV
4.00%, 7/15/2023		243,000		256,431
LYB International Finance II BV
3.50%, 3/2/2027		187,000		189,599
Sherwin-Williams Co. (The)
2.75%, 6/1/2022		250,000		251,936
				852,904
Commercial Services & Supplies - 0.6%
Republic Services, Inc.
3.55%, 6/1/2022		200,000		205,494
3.95%, 5/15/2028		100,000		108,779
Waste Management, Inc.
3.13%, 3/1/2025		205,000		212,569
				526,842
Communications Equipment - 0.7%
Cisco Systems, Inc.
1.85%, 9/20/2021		200,000		198,793
2.95%, 2/28/2026		100,000		104,202
Motorola Solutions, Inc.
3.75%, 5/15/2022		57,000		58,383
3.50%, 3/1/2023		300,000		305,806
				667,184
Consumer Finance - 4.5%
AerCap Ireland Capital DAC
5.00%, 10/1/2021		150,000		156,998
3.95%, 2/1/2022		200,000		205,135
3.88%, 1/23/2028		200,000		202,631
American Express Co.
2.50%, 8/1/2022		200,000		200,701
3.00%, 10/30/2024		450,000		458,864
3.63%, 12/5/2024		390,000		408,307
American Honda Finance Corp.
1.70%, 9/9/2021		155,000		152,998
Capital One Financial Corp.
3.50%, 6/15/2023		200,000		206,646
3.20%, 2/5/2025		750,000		765,086
4.20%, 10/29/2025		300,000		315,546
Discover Financial Services
4.10%, 2/9/2027		150,000		158,185
General Motors Financial Co., Inc.
3.20%, 7/6/2021		350,000		352,925
4.35%, 1/17/2027		400,000		410,014
Synchrony Financial
4.25%, 8/15/2024		150,000		157,224
				4,151,260
Diversified Financial Services - 0.8%
Berkshire Hathaway, Inc.
3.13%, 3/15/2026		130,000		134,684
Shell International Finance BV
3.25%, 5/11/2025		200,000		209,202
2.88%, 5/10/2026		175,000		180,006
Synchrony Bank
3.00%, 6/15/2022		250,000		251,620
				775,512

Investments	Principal Amount ($)		Value ($)
Diversified Telecommunication Services - 1.8%
AT&T, Inc.
3.00%, 2/15/2022		200,000		202,919
3.20%, 3/1/2022		100,000		101,997
Verizon Communications, Inc.
5.15%, 9/15/2023		550,000		610,401
2.63%, 8/15/2026		80,000		79,992
4.13%, 3/16/2027		400,000		435,148
4.33%, 9/21/2028		220,000		244,293
				1,674,750
Electric Utilities - 2.0%
Duke Energy Progress LLC
3.45%, 3/15/2029		300,000		319,042
Eversource Energy
Series K, 2.75%, 3/15/2022		150,000		151,456
Exelon Corp.
3.50%, 6/1/2022(b)		400,000		409,671
NextEra Energy Capital Holdings, Inc.
3.50%, 4/1/2029		300,000		314,216
Southern Co. (The)
3.25%, 7/1/2026		175,000		178,722
Southwestern Electric Power Co.
Series M, 4.10%, 9/15/2028		200,000		218,786
Virginia Electric & Power Co.
Series A, 3.15%, 1/15/2026		50,000		51,834
Series A, 3.50%, 3/15/2027		100,000		105,704
Xcel Energy, Inc.
4.00%, 6/15/2028		100,000		108,349
				1,857,780
Energy Equipment & Services - 0.3%
Halliburton Co.
3.50%, 8/1/2023		200,000		207,039
3.80%, 11/15/2025		75,000		78,717
				285,756
Entertainment - 0.2%
TWDC Enterprises 18 Corp.
2.95%, 6/15/2027		200,000		209,494
Equity Real Estate Investment Trusts (REITs) - 4.4%
Alexandria Real Estate Equities, Inc.
3.45%, 4/30/2025		200,000		206,153
American Tower Corp.
3.45%, 9/15/2021		145,000		147,687
3.50%, 1/31/2023		250,000		257,951
3.60%, 1/15/2028		50,000		51,521
3.80%, 8/15/2029		300,000		311,067
Boston Properties LP
3.85%, 2/1/2023		250,000		260,813
3.65%, 2/1/2026		255,000		267,230
4.50%, 12/1/2028		100,000		112,194
Crown Castle International Corp.
4.88%, 4/15/2022		250,000		264,868
5.25%, 1/15/2023		200,000		217,150

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Digital Realty Trust LP
3.95%, 7/1/2022		74,000		76,921
4.45%, 7/15/2028		100,000		108,809
ERP Operating LP
4.63%, 12/15/2021		200,000		209,432
HCP, Inc.
4.25%, 11/15/2023		165,000		175,228
Omega Healthcare Investors, Inc.
4.38%, 8/1/2023		250,000		259,870
Realty Income Corp.
3.65%, 1/15/2028		250,000		263,803
Simon Property Group LP
3.75%, 2/1/2024		270,000		284,803
3.38%, 10/1/2024		200,000		208,828
Ventas Realty LP
3.50%, 2/1/2025		50,000		51,873
4.00%, 3/1/2028		150,000		158,948
Welltower, Inc.
3.75%, 3/15/2023		30,000		31,167
4.25%, 4/1/2026		150,000		160,886
				4,087,202
Food & Staples Retailing - 1.2%
Costco Wholesale Corp.
3.00%, 5/18/2027		75,000		77,774
Kroger Co. (The)
3.85%, 8/1/2023		200,000		209,283
Sysco Corp.
3.75%, 10/1/2025		200,000		211,409
Walgreens Boots Alliance, Inc.
3.30%, 11/18/2021		305,000		310,655
Walmart, Inc.
3.40%, 6/26/2023		300,000		313,838
				1,122,959
Food Products - 1.0%
General Mills, Inc.
4.00%, 4/17/2025		250,000		265,501
Kraft Heinz Foods Co.
3.50%, 6/6/2022		100,000		102,346
Tyson Foods, Inc.
4.50%, 6/15/2022		124,000		130,807
3.55%, 6/2/2027		100,000		104,030
Unilever Capital Corp.
2.90%, 5/5/2027		200,000		205,731
3.50%, 3/22/2028		100,000		107,452
				915,867
Health Care Equipment & Supplies - 0.5%
Abbott Laboratories
2.90%, 11/30/2021		200,000		202,610
Becton Dickinson and Co.
3.73%, 12/15/2024		100,000		104,920
Medtronic, Inc.
3.50%, 3/15/2025		156,000		165,330
				472,860
Health Care Providers & Services - 2.0%
Anthem, Inc.
3.30%, 1/15/2023		100,000		102,646
3.50%, 8/15/2024		100,000		103,560

Investments	Principal Amount ($)		Value ($)
3.35%, 12/1/2024		150,000		154,330
Cardinal Health, Inc.
2.62%, 6/15/2022		300,000		298,785
CVS Health Corp.
3.50%, 7/20/2022		200,000		205,123
Express Scripts Holding Co.
3.40%, 3/1/2027		255,000		260,106
Laboratory Corp. of America Holdings
3.20%, 2/1/2022		100,000		101,674
UnitedHealth Group, Inc.
2.38%, 10/15/2022		250,000		250,913
3.75%, 7/15/2025		75,000		80,095
3.85%, 6/15/2028		250,000		271,447
3.88%, 12/15/2028		55,000		59,924
				1,888,603
Hotels, Restaurants & Leisure - 1.4%
Marriott International, Inc.
2.30%, 1/15/2022		80,000		79,639
McDonald’s Corp.
2.63%, 1/15/2022		150,000		151,355
3.38%, 5/26/2025		125,000		130,552
3.80%, 4/1/2028		150,000		162,239
Sands China Ltd.
5.13%, 8/8/2025		400,000		440,720
Starbucks Corp.
3.10%, 3/1/2023		100,000		102,729
3.50%, 3/1/2028		200,000		211,051
				1,278,285
Household Products - 0.2%
Procter & Gamble Co. (The)
3.10%, 8/15/2023		150,000		155,971
Industrial Conglomerates - 0.5%
3M Co.
2.25%, 9/19/2026		100,000		98,068
3.38%, 3/1/2029		100,000		105,870
Honeywell International, Inc.
1.85%, 11/1/2021		80,000		79,395
Roper Technologies, Inc.
3.80%, 12/15/2026		200,000		210,348
				493,681
Insurance - 1.1%
American International Group, Inc.
3.90%, 4/1/2026		100,000		105,583
4.25%, 3/15/2029		150,000		161,906
Chubb INA Holdings, Inc.
3.15%, 3/15/2025		270,000		280,529
Marsh & McLennan Cos., Inc.
3.50%, 3/10/2025		75,000		78,344
4.38%, 3/15/2029		200,000		222,732
Prudential Financial, Inc.
5.20%, 3/15/2044(a)		10,000		10,451
5.70%, 9/15/2048(a)		150,000		163,077
				1,022,622

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Interactive Media & Services - 0.1%
Alphabet, Inc.
3.38%, 2/25/2024		100,000		105,461
Internet & Direct Marketing Retail - 1.0%
Alibaba Group Holding Ltd.
3.13%, 11/28/2021		200,000		202,732
3.60%, 11/28/2024		300,000		312,216
Amazon.com, Inc.
3.15%, 8/22/2027		300,000		314,700
eBay, Inc.
3.45%, 8/1/2024		120,000		124,348
				953,996
IT Services - 2.2%
Fidelity National Information Services, Inc.
3.50%, 4/15/2023		250,000		258,731
3.00%, 8/15/2026		100,000		101,508
Fiserv, Inc.
3.80%, 10/1/2023		250,000		262,159
International Business Machines Corp.
3.00%, 5/15/2024		600,000		614,325
3.45%, 2/19/2026		350,000		368,103
3.50%, 5/15/2029		250,000		262,249
Visa, Inc.
3.15%, 12/14/2025		200,000		208,876
				2,075,951
Life Sciences Tools & Services - 0.3%
Thermo Fisher Scientific, Inc.
3.00%, 4/15/2023		300,000		306,277
Media - 2.0%
CBS Corp.
3.70%, 8/15/2024		300,000		311,488
2.90%, 1/15/2027		100,000		97,571
Comcast Corp.
3.60%, 3/1/2024		315,000		331,895
3.95%, 10/15/2025		647,000		696,902
3.55%, 5/1/2028		300,000		317,810
Omnicom Group, Inc.
3.60%, 4/15/2026		100,000		103,393
				1,859,059
Metals & Mining - 0.3%
Vale Overseas Ltd.
6.25%, 8/10/2026		250,000		282,750
Multiline Retail - 0.3%
Dollar Tree, Inc.
3.70%, 5/15/2023		300,000		309,542
Multi-Utilities - 0.4%
Berkshire Hathaway Energy Co.
3.25%, 4/15/2028		100,000		103,912
DTE Energy Co.
3.80%, 3/15/2027		100,000		105,231

Investments	Principal Amount ($)		Value ($)
Public Service Enterprise Group, Inc.
2.65%, 11/15/2022		200,000		201,340
				410,483
Oil, Gas & Consumable Fuels - 8.2%
BP Capital Markets America, Inc.
3.25%, 5/6/2022		339,000		347,622
3.22%, 4/14/2024		300,000		310,001
3.12%, 5/4/2026		300,000		308,732
3.02%, 1/16/2027		150,000		153,186
BP Capital Markets plc
3.28%, 9/19/2027		350,000		362,811
Canadian Natural Resources Ltd.
3.85%, 6/1/2027		300,000		310,608
Chevron Corp.
2.95%, 5/16/2026		100,000		103,225
ConocoPhillips Co.
4.95%, 3/15/2026		300,000		342,004
Continental Resources, Inc.
4.50%, 4/15/2023		400,000		417,818
Energy Transfer Operating LP
4.50%, 4/15/2024		300,000		318,926
Enterprise Products Operating LLC
3.35%, 3/15/2023		430,000		442,690
3.75%, 2/15/2025		200,000		211,221
4.15%, 10/16/2028		100,000		108,470
Exxon Mobil Corp.
2.73%, 3/1/2023		160,000		163,111
Kinder Morgan Energy Partners LP
4.25%, 9/1/2024		400,000		424,990
Kinder Morgan, Inc.
4.30%, 6/1/2025		100,000		107,158
MPLX LP
3.38%, 3/15/2023		100,000		102,439
Occidental Petroleum Corp.
2.70%, 2/15/2023		80,000		80,246
3.40%, 4/15/2026		200,000		203,536
ONEOK Partners LP
4.90%, 3/15/2025		150,000		162,951
Plains All American Pipeline LP
3.65%, 6/1/2022		250,000		255,524
4.65%, 10/15/2025		50,000		53,340
Sabine Pass Liquefaction LLC
5.63%, 3/1/2025		500,000		555,317
Spectra Energy Partners LP
4.75%, 3/15/2024		400,000		433,791
Total Capital International SA
3.75%, 4/10/2024		180,000		191,463
3.46%, 2/19/2029		200,000		213,619
TransCanada PipeLines Ltd.
2.50%, 8/1/2022		800,000		798,313
Valero Energy Corp.
3.65%, 3/15/2025		200,000		207,491
				7,690,603
Pharmaceuticals - 2.4%
GlaxoSmithKline Capital, Inc.
3.38%, 5/15/2023		200,000		207,219
3.88%, 5/15/2028		200,000		219,203

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Johnson & Johnson
2.45%, 3/1/2026		100,000		100,564
Merck & Co., Inc.
2.75%, 2/10/2025		365,000		373,129
Novartis Capital Corp.
3.40%, 5/6/2024		200,000		210,249
Pfizer, Inc.
3.00%, 12/15/2026		250,000		258,792
3.45%, 3/15/2029		300,000		317,934
Shire Acquisitions Investments Ireland DAC
3.20%, 9/23/2026		300,000		305,149
Zoetis, Inc.
3.25%, 2/1/2023		150,000		153,476
3.00%, 9/12/2027		100,000		101,541
				2,247,256
Road & Rail - 0.8%
CSX Corp.
3.25%, 6/1/2027		100,000		103,284
4.25%, 3/15/2029		200,000		222,880
Union Pacific Corp.
4.16%, 7/15/2022		100,000		104,839
3.95%, 9/10/2028		250,000		273,252
				704,255
Semiconductors & Semiconductor Equipment - 0.8%
Analog Devices, Inc.
3.50%, 12/5/2026		200,000		206,372
Intel Corp.
2.70%, 12/15/2022		200,000		203,257
2.60%, 5/19/2026		150,000		152,062
QUALCOMM, Inc.
3.00%, 5/20/2022		200,000		203,455
				765,146
Software - 2.0%
Microsoft Corp.
2.38%, 2/12/2022		400,000		403,068
2.88%, 2/6/2024		200,000		206,251
2.70%, 2/12/2025		140,000		143,320
3.13%, 11/3/2025		150,000		156,814
2.40%, 8/8/2026		100,000		100,405
Oracle Corp.
2.95%, 5/15/2025		400,000		410,701
2.65%, 7/15/2026		200,000		200,948
3.25%, 11/15/2027		200,000		209,414
				1,830,921
Specialty Retail - 1.0%
Home Depot, Inc. (The)
2.63%, 6/1/2022		200,000		202,868
3.00%, 4/1/2026		130,000		134,467
Lowe’s Cos., Inc.
3.38%, 9/15/2025		100,000		103,766
3.10%, 5/3/2027		300,000		305,740
O’Reilly Automotive, Inc.
3.55%, 3/15/2026		200,000		207,478
				954,319

Investments	Principal Amount ($)		Value ($)
Technology Hardware, Storage & Peripherals - 2.0%
Apple, Inc.
3.00%, 2/9/2024		225,000		232,313
3.45%, 5/6/2024		450,000		474,366
3.20%, 5/11/2027		450,000		469,215
2.90%, 9/12/2027		500,000		511,954
Hewlett Packard Enterprise Co.
4.40%, 10/15/2022(b)		200,000		210,359
				1,898,207
Tobacco - 2.2%
Altria Group, Inc.
3.49%, 2/14/2022		200,000		204,344
2.85%, 8/9/2022		160,000		161,284
4.00%, 1/31/2024		100,000		105,172
2.63%, 9/16/2026		160,000		155,258
4.80%, 2/14/2029		100,000		107,996
BAT Capital Corp.
3.56%, 8/15/2027		400,000		398,996
Philip Morris International, Inc.
2.75%, 2/25/2026		400,000		404,471
Reynolds American, Inc.
4.00%, 6/12/2022		450,000		466,510
				2,004,031
Trading Companies & Distributors - 0.4%
Air Lease Corp.
3.00%, 9/15/2023		405,000		407,363
TOTAL CORPORATE BONDS (Cost $88,716,100)				92,151,332
Total Investments - 98.7% (Cost $88,716,100)				92,151,332
Other Assets Less Liabilities - 1.3%				1,195,847
Net Assets - 100.0%				93,347,179

(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 July 31, 2019.

Percentages shown are based on Net Assets.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

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

July 31, 2019 (Unaudited)

Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS - 97.9%
Aerospace & Defense - 2.7%
L3Harris Technologies, Inc. 5.05%, 4/27/2045		25,000		29,751
Lockheed Martin Corp. 4.70%, 5/15/2046		100,000		121,208
Northrop Grumman Corp. 4.75%, 6/1/2043		100,000		117,552
Raytheon Co. 4.88%, 10/15/2040		20,000		24,226
United Technologies Corp. 4.50%, 6/1/2042		205,000		235,478
				528,215
Air Freight & Logistics - 1.4%
FedEx Corp. 3.90%, 2/1/2035		100,000		102,260
4.75%, 11/15/2045		120,000		127,354
United Parcel Service, Inc. 3.75%, 11/15/2047		50,000		52,329
				281,943
Automobiles - 0.2%
Daimler Finance North America LLC 8.50%, 1/18/2031		25,000		37,225
Banks - 7.5%
Bank of America Corp. 4.24%, 4/24/2038(a)		150,000		167,060
5.00%, 1/21/2044		45,000		55,479
Citigroup, Inc. 8.13%, 7/15/2039		27,000		43,564
5.88%, 1/30/2042		40,000		53,358
4.65%, 7/30/2045		105,000		122,727
4.75%, 5/18/2046		40,000		45,482
4.28%, 4/24/2048(a)		70,000		78,888
4.65%, 7/23/2048		50,000		58,912
Fifth Third Bancorp 8.25%, 3/1/2038		30,000		45,275
HSBC Holdings plc 6.10%, 1/14/2042		125,000		175,120
JPMorgan Chase & Co. 4.26%, 2/22/2048(a)		250,000		279,286
3.90%, 1/23/2049(a)		120,000		128,016
Wells Fargo & Co. 5.38%, 11/2/2043		175,000		214,985
				1,468,152
Beverages - 1.9%
Anheuser-Busch Cos. LLC 4.70%, 2/1/2036		150,000		167,408
Diageo Capital plc 5.88%, 9/30/2036		50,000		66,228

Investments	Principal Amount ($)		Value ($)
PepsiCo, Inc.
3.45%, 10/6/2046		135,000		138,546
				372,182
Biotechnology - 5.5%
AbbVie, Inc. 4.40%, 11/6/2042		170,000		168,696
4.70%, 5/14/2045		150,000		152,610
Amgen, Inc. 6.38%, 6/1/2037		20,000		25,567
5.15%, 11/15/2041		65,000		75,239
4.40%, 5/1/2045		150,000		160,545
Celgene Corp. 5.00%, 8/15/2045		200,000		238,669
Gilead Sciences, Inc. 4.75%, 3/1/2046		125,000		142,467
4.15%, 3/1/2047		110,000		115,794
				1,079,587
Capital Markets - 5.7%
Goldman Sachs Group, Inc. (The) 6.75%, 10/1/2037		195,000		258,883
4.02%, 10/31/2038(a)		150,000		156,119
5.15%, 5/22/2045		200,000		232,116
4.75%, 10/21/2045		40,000		47,004
Morgan Stanley
6.38%, 7/24/2042		90,000		127,601
4.38%, 1/22/2047		200,000		225,897
Raymond James Financial, Inc.
4.95%, 7/15/2046		50,000		57,198
				1,104,818
Chemicals - 1.1%
Eastman Chemical Co.
4.80%, 9/1/2042		50,000		52,434
LYB International Finance BV
4.88%, 3/15/2044		100,000		105,762
Praxair, Inc.
3.55%, 11/7/2042		10,000		10,318
Sherwin-Williams Co. (The)
4.50%, 6/1/2047		50,000		53,672
				222,186
Communications Equipment - 0.7%
Cisco Systems, Inc.
5.90%, 2/15/2039		100,000		139,435
Containers & Packaging - 0.2%
Sonoco Products Co.
5.75%, 11/1/2040		25,000		30,045
Diversified Financial Services - 0.7%
Shell International Finance BV
4.38%, 5/11/2045		125,000		145,395
Diversified Telecommunication Services - 9.0%
AT&T, Inc. 4.50%, 5/15/2035		50,000		53,341

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
5.35%, 9/1/2040		100,000		113,058
4.30%, 12/15/2042		200,000		200,913
Bell Canada, Inc.
4.46%, 4/1/2048		50,000		55,308
British Telecommunications plc
9.63%, 12/15/2030(b)		95,000		143,121
Deutsche Telekom International Finance BV
8.75%, 6/15/2030(b)		130,000		190,475
Orange SA
9.00%, 3/1/2031(b)		90,000		138,584
Verizon Communications, Inc.
4.27%, 1/15/2036		175,000		190,296
5.25%, 3/16/2037		130,000		156,748
4.75%, 11/1/2041		230,000		264,511
4.67%, 3/15/2055		225,000		255,187
				1,761,542
Electric Utilities - 2.9%
Alabama Power Co.
Series B, 3.70%, 12/1/2047		75,000		77,926
Appalachian Power Co.
7.00%, 4/1/2038		35,000		49,790
Duke Energy Florida LLC
6.40%, 6/15/2038		50,000		71,750
Exelon Corp.
4.45%, 4/15/2046		50,000		54,988
FirstEnergy Corp.
Series C, 7.38%, 11/15/2031		60,000		82,945
Florida Power & Light Co.
4.13%, 2/1/2042		85,000		95,250
Public Service Electric & Gas Co.
3.80%, 3/1/2046		20,000		21,410
Virginia Electric & Power Co.
Series D, 4.65%, 8/15/2043		100,000		117,860
				571,919
Electrical Equipment - 0.1%
Eaton Corp.
4.15%, 11/2/2042		15,000		16,222
Electronic Equipment, Instruments & Components - 0.3%
Corning, Inc.
4.75%, 3/15/2042		50,000		56,274
Energy Equipment & Services - 0.9%
Halliburton Co.
4.85%, 11/15/2035		160,000		176,199
Entertainment - 1.3%
NBCUniversal Media LLC
5.95%, 4/1/2041		115,000		152,852
Walt Disney Co. (The)
6.20%, 12/15/2034(c)		75,000		102,570
				255,422
Equity Real Estate Investment Trusts (REITs) - 0.9%
ERP Operating LP
4.50%, 7/1/2044		25,000		29,141

Investments	Principal Amount ($)		Value ($)
Federal Realty Investment Trust
4.50%, 12/1/2044		30,000		34,011
Simon Property Group LP
4.75%, 3/15/2042		35,000		41,285
Welltower, Inc.
4.95%, 9/1/2048		15,000		17,287
Weyerhaeuser Co.
7.38%, 3/15/2032		40,000		55,527
				177,251
Food & Staples Retailing - 1.7%
Kroger Co. (The)
4.45%, 2/1/2047		50,000		49,539
Sysco Corp.
4.85%, 10/1/2045		40,000		46,228
Walgreen Co.
4.40%, 9/15/2042		105,000		101,608
Walmart, Inc.
4.05%, 6/29/2048		125,000		143,649
				341,024
Food Products - 1.3%
Kellogg Co.
Series B, 7.45%, 4/1/2031		50,000		67,302
Mead Johnson Nutrition Co.
4.60%, 6/1/2044		35,000		41,413
Tyson Foods, Inc.
4.88%, 8/15/2034		100,000		114,767
Unilever Capital Corp.
5.90%, 11/15/2032		25,000		33,430
				256,912
Gas Utilities - 0.3%
Atmos Energy Corp.
4.13%, 10/15/2044		20,000		22,236
Southern California Gas Co.
Series VV, 4.30%, 1/15/2049		25,000		28,059
				50,295
Health Care Equipment & Supplies - 1.3%
Abbott Laboratories
4.90%, 11/30/2046		100,000		124,550
Koninklijke Philips NV
5.00%, 3/15/2042		40,000		47,209
Medtronic, Inc.
4.38%, 3/15/2035		33,000		38,550
Stryker Corp.
4.63%, 3/15/2046		30,000		35,068
				245,377
Health Care Providers & Services - 1.0%
Humana, Inc.
4.95%, 10/1/2044		15,000		17,069
UnitedHealth Group, Inc.
4.45%, 12/15/2048		150,000		170,697
				187,766
Hotels, Restaurants & Leisure - 1.8%
McDonald’s Corp.
6.30%, 3/1/2038		85,000		112,456
4.88%, 12/9/2045		150,000		173,550

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Starbucks Corp.
3.75%, 12/1/2047		75,000		74,103
				360,109
Industrial Conglomerates - 0.2%
Ingersoll-Rand Global Holding Co. Ltd.
5.75%, 6/15/2043		25,000		31,303
Insurance - 4.2%
Aflac, Inc.
4.75%, 1/15/2049		50,000		59,219
Allstate Corp. (The)
6.50%, 5/15/2057(a)		15,000		17,433
American International Group, Inc.
3.88%, 1/15/2035		130,000		132,330
Aon plc
4.60%, 6/14/2044		65,000		72,134
Berkshire Hathaway Finance Corp.
5.75%, 1/15/2040		75,000		100,408
Chubb Corp. (The)
6.00%, 5/11/2037		35,000		47,487
Manulife Financial Corp.
5.38%, 3/4/2046		35,000		43,524
Marsh & McLennan Cos., Inc.
4.35%, 1/30/2047		25,000		27,750
4.90%, 3/15/2049		75,000		90,900
MetLife, Inc.
6.40%, 12/15/2036		70,000		81,279
Principal Financial Group, Inc.
6.05%, 10/15/2036		30,000		38,493
Prudential Financial, Inc.
3.94%, 12/7/2049		50,000		53,118
Travelers Cos., Inc. (The)
4.10%, 3/4/2049		50,000		56,395
				820,470
Internet & Direct Marketing Retail - 1.7%
Alibaba Group Holding Ltd.
4.00%, 12/6/2037		200,000		209,793
Amazon.com, Inc.
4.25%, 8/22/2057		75,000		87,781
eBay, Inc.
4.00%, 7/15/2042		40,000		38,307
				335,881
IT Services - 2.2%
Fidelity National Information Services, Inc.
4.75%, 5/15/2048		50,000		56,775
International Business Machines Corp.
5.88%, 11/29/2032		125,000		164,220
4.25%, 5/15/2049		100,000		108,537
Visa, Inc.
4.30%, 12/14/2045		80,000		95,189
				424,721
Life Sciences Tools & Services - 0.3%
Thermo Fisher Scientific, Inc.
4.10%, 8/15/2047		50,000		53,710

Investments	Principal Amount ($)		Value ($)
Machinery - 0.3%
Fortive Corp.
4.30%, 6/15/2046		30,000		30,632
Illinois Tool Works, Inc.
3.90%, 9/1/2042		30,000		33,277
				63,909
Media - 4.4%
CBS Corp.
4.60%, 1/15/2045		100,000		105,382
Comcast Corp.
4.60%, 10/15/2038		250,000		290,166
3.40%, 7/15/2046		165,000		159,523
4.70%, 10/15/2048		125,000		146,968
4.00%, 11/1/2049		150,000		158,868
				860,907
Metals & Mining - 1.5%
BHP Billiton Finance USA Ltd.
5.00%, 9/30/2043		50,000		62,808
Newmont Goldcorp Corp.
5.88%, 4/1/2035		50,000		61,117
Nucor Corp.
4.40%, 5/1/2048		75,000		82,332
Rio Tinto Finance USA Ltd.
5.20%, 11/2/2040		75,000		94,077
				300,334
Multi-Utilities - 2.0%
Berkshire Hathaway Energy Co.
5.15%, 11/15/2043		130,000		161,582
Consolidated Edison Co. of New York, Inc.
4.50%, 5/15/2058		150,000		171,718
Southern Co. Gas Capital Corp.
3.95%, 10/1/2046		50,000		49,827
				383,127
Oil, Gas & Consumable Fuels - 9.0%
Anadarko Petroleum Corp.
4.50%, 7/15/2044		125,000		125,192
Canadian Natural Resources Ltd.
6.25%, 3/15/2038		50,000		62,523
ConocoPhillips
5.90%, 10/15/2032		200,000		259,970
Devon Energy Corp.
5.60%, 7/15/2041		70,000		83,369
Enterprise Products Operating LLC
5.95%, 2/1/2041		125,000		157,172
4.85%, 3/15/2044		150,000		165,730
4.25%, 2/15/2048		100,000		103,100
Exxon Mobil Corp.
4.11%, 3/1/2046		40,000		45,902
Magellan Midstream Partners LP
5.15%, 10/15/2043		20,000		23,132
4.20%, 10/3/2047		80,000		82,091
Occidental Petroleum Corp.
4.63%, 6/15/2045		100,000		105,240
ONEOK Partners LP
6.13%, 2/1/2041		60,000		71,546
Phillips 66
5.88%, 5/1/2042		105,000		132,163

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Phillips 66 Partners LP
4.90%, 10/1/2046		30,000		32,509
Plains All American Pipeline LP
5.15%, 6/1/2042		100,000		101,282
Suncor Energy, Inc.
4.00%, 11/15/2047		135,000		140,760
TransCanada PipeLines Ltd.
4.63%, 3/1/2034		50,000		55,834
				1,747,515
Pharmaceuticals - 4.2%
AstraZeneca plc
4.38%, 11/16/2045		135,000		152,224
Eli Lilly & Co.
3.70%, 3/1/2045		30,000		31,372
4.15%, 3/15/2059		50,000		55,016
GlaxoSmithKline Capital, Inc.
5.38%, 4/15/2034		35,000		44,653
6.38%, 5/15/2038		50,000		69,643
Johnson & Johnson
3.70%, 3/1/2046		120,000		130,340
Merck & Co., Inc.
3.70%, 2/10/2045		55,000		58,650
Novartis Capital Corp.
4.40%, 5/6/2044		25,000		29,563
Wyeth LLC
6.50%, 2/1/2034		140,000		195,079
Zoetis, Inc.
4.70%, 2/1/2043		40,000		45,044
				811,584
Road & Rail - 3.9%
Burlington Northern Santa Fe LLC
5.15%, 9/1/2043		100,000		123,687
Canadian National Railway Co.
3.20%, 8/2/2046		50,000		48,970
CSX Corp.
6.15%, 5/1/2037		85,000		108,855
4.10%, 3/15/2044		115,000		121,706
Norfolk Southern Corp.
4.84%, 10/1/2041		115,000		133,708
Union Pacific Corp.
4.50%, 9/10/2048		50,000		56,628
4.30%, 3/1/2049		150,000		165,156
				758,710
Semiconductors & Semiconductor Equipment - 1.3%
Applied Materials, Inc.
4.35%, 4/1/2047		80,000		91,742
Intel Corp.
3.73%, 12/8/2047		100,000		106,053
QUALCOMM, Inc.
4.80%, 5/20/2045		45,000		51,339
				249,134
Software - 4.5%
Microsoft Corp.
3.50%, 2/12/2035		185,000		198,531
3.95%, 8/8/2056		205,000		227,453
Oracle Corp.
6.13%, 7/8/2039		125,000		171,661

Investments	Principal Amount ($)		Value ($)
4.38%, 5/15/2055		250,000		280,971
				878,616
Specialty Retail - 1.0%
Home Depot, Inc. (The)
5.88%, 12/16/2036		145,000		195,912
Technology Hardware, Storage & Peripherals - 1.6%
Apple, Inc.
4.65%, 2/23/2046		220,000		263,589
HP, Inc.
6.00%, 9/15/2041		40,000		44,537
				308,126
Textiles, Apparel & Luxury Goods - 0.3%
NIKE, Inc.
3.63%, 5/1/2043		50,000		52,197
Tobacco - 2.4%
Altria Group, Inc.
4.25%, 8/9/2042		105,000		102,417
5.38%, 1/31/2044		145,000		159,325
Philip Morris International, Inc.
4.13%, 3/4/2043		95,000		98,740
Reynolds American, Inc.
5.70%, 8/15/2035		90,000		101,204
				461,686
Water Utilities - 0.4%
American Water Capital Corp.
4.20%, 9/1/2048		80,000		88,184
Wireless Telecommunication Services - 2.1%
America Movil SAB de CV
6.13%, 3/30/2040		150,000		197,577
Rogers Communications, Inc.
5.00%, 3/15/2044		85,000		98,893
Telefonica Europe BV
8.25%, 9/15/2030		50,000		71,691
Vodafone Group plc
7.88%, 2/15/2030		30,000		40,738
				408,899
TOTAL CORPORATE BONDS (Cost $17,597,687)				19,100,420
Investments	Principal Amount ($)		Value ($)
ASSET-BACKED SECURITIES - 0.1%
Latam Airlines Pass-Through Trust A
Series 2015-1, Class A, 4.20%, 11/15/2027 (Cost $19,710)		20,293		20,605
Total Investments - 98.0% (Cost $17,617,397)				19,121,025
Other Assets Less Liabilities - 2.0%				389,155
Net Assets - 100.0%				19,510,180

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (cont.)

(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 July 31, 2019.

(c) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees.

Percentages shown are based on Net Assets.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® High Yield Value-Scored Bond Index Fund

July 31, 2019 (Unaudited)

Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS - 97.6%
Aerospace & Defense - 2.1%
Arconic, Inc. 6.75%, 1/15/2028		50,000		55,295
Bombardier, Inc. 7.88%, 4/15/2027(a)		50,000		50,750
TransDigm UK Holdings plc 6.88%, 5/15/2026		105,000		107,363
TransDigm, Inc. 6.00%, 7/15/2022		100,000		101,280
6.38%, 6/15/2026		490,000		500,878
Triumph Group, Inc. 4.88%, 4/1/2021		50,000		49,750
				865,316
Air Freight & Logistics - 0.1%
XPO Logistics, Inc. 6.13%, 9/1/2023(a)		50,000		51,625
Airlines - 0.1%
American Airlines Group, Inc. 5.00%, 6/1/2022(a)		50,000		51,505
Auto Components - 2.0%
Allison Transmission, Inc. 5.00%, 10/1/2024(a)		50,000		50,985
4.75%, 10/1/2027(a)		100,000		100,625
Dana Financing Luxembourg Sarl 6.50%, 6/1/2026(a)		80,000		83,800
Goodyear Tire & Rubber Co. (The) 5.00%, 5/31/2026		50,000		50,070
Icahn Enterprises LP 6.38%, 12/15/2025		110,000		115,225
JB Poindexter & Co., Inc. 7.13%, 4/15/2026(a)		30,000		30,750
Panther BF Aggregator 2 LP 8.50%, 5/15/2027(a)		400,000		407,500
				838,955
Banks - 0.9%
Societe Generale SA 7.38%, 9/13/2021(a)(b)(c)		110,000		114,813
8.00%, 9/29/2025(a)(b)(c)		145,000		161,255
UBS Group Funding Switzerland AG 7.00%, 1/31/2024(a)(b)(c)		100,000		105,625
				381,693
Beverages - 0.2%
Cott Holdings, Inc. 5.50%, 4/1/2025(a)		100,000		102,875
Building Products - 1.1%
Cornerstone Building Brands, Inc. 8.00%, 4/15/2026(a)		110,000		107,662

Investments	Principal Amount ($)		Value ($)
Griffon Corp. 5.25%, 3/1/2022		110,000		110,000
PGT Escrow Issuer, Inc. 6.75%, 8/1/2026(a)		30,000		32,513
Standard Industries, Inc. 5.38%, 11/15/2024(a)		75,000		77,156
4.75%, 1/15/2028(a)		130,000		128,982
				456,313
Capital Markets - 0.9%
Credit Suisse Group AG 7.50%, 7/17/2023(a)(b)(c)		170,000		180,747
Deutsche Bank AG 4.30%, 5/24/2028(c)		100,000		92,834
Donnelley Financial Solutions, Inc. 8.25%, 10/15/2024		30,000		31,275
LPL Holdings, Inc. 5.75%, 9/15/2025(a)		30,000		31,200
VistaJet Malta Finance plc 10.50%, 6/1/2024(a)		50,000		49,625
				385,681
Chemicals - 1.8%
CF Industries, Inc. 5.15%, 3/15/2034		30,000		29,775
Chemours Co. (The) 6.63%, 5/15/2023		100,000		100,813
Cornerstone Chemical Co. 6.75%, 8/15/2024(a)		50,000		46,375
FXI Holdings, Inc. 7.88%, 11/1/2024(a)		110,000		99,275
PolyOne Corp. 5.25%, 3/15/2023		50,000		53,375
Rain CII Carbon LLC 7.25%, 4/1/2025(a)		50,000		47,625
SPCM SA 4.88%, 9/15/2025(a)		110,000		111,617
Starfruit Finco BV 8.00%, 10/1/2026(a)		100,000		99,500
TPC Group, Inc. 8.75%, 12/15/2020(a)		110,000		110,220
WR Grace & Co. 5.13%, 10/1/2021(a)		50,000		52,063
				750,638
Commercial Services & Supplies - 3.7%
ADT Security Corp. (The) 3.50%, 7/15/2022		150,000		149,625
APX Group, Inc. 7.88%, 12/1/2022		140,000		133,350
Covanta Holding Corp. 5.88%, 7/1/2025		110,000		114,813
Garda World Security Corp. 8.75%, 5/15/2025(a)		110,000		113,025
GFL Environmental, Inc. 5.38%, 3/1/2023(a)		110,000		112,062
8.50%, 5/1/2027(a)		50,000		54,875

See Accompanying Notes to the Schedules of Investments.

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Harland Clarke Holdings Corp. 9.25%, 3/1/2021(a)		230,000		221,375
KAR Auction Services, Inc. 5.13%, 6/1/2025(a)		80,000		82,800
Nielsen Finance LLC 5.00%, 4/15/2022(a)		140,000		140,483
Pitney Bowes, Inc. 3.88%, 10/1/2021(d)		140,000		136,878
Prime Security Services Borrower LLC 9.25%, 5/15/2023(a)		100,000		105,250
West Corp. 8.50%, 10/15/2025(a)		210,000		177,975
				1,542,511
Communications Equipment - 1.7%
CommScope Technologies LLC 6.00%, 6/15/2025(a)		450,000		411,750
CommScope, Inc. 5.50%, 6/15/2024(a)		210,000		194,775
Riverbed Technology, Inc. 8.88%, 3/1/2023(a)		80,000		48,200
Telefonaktiebolaget LM Ericsson 4.13%, 5/15/2022		50,000		51,637
				706,362
Construction & Engineering - 0.5%
Brand Industrial Services, Inc. 8.50%, 7/15/2025(a)		140,000		123,200
New Enterprise Stone & Lime Co., Inc. 10.13%, 4/1/2022(a)		42,000		43,208
Tutor Perini Corp. 6.88%, 5/1/2025(a)		50,000		49,187
				215,595
Consumer Finance - 2.2%
Ally Financial, Inc. 8.00%, 11/1/2031		15,000		20,123
Credit Acceptance Corp. 6.63%, 3/15/2026(a)		100,000		108,130
Navient Corp. 5.50%, 1/25/2023		165,000		171,344
6.75%, 6/15/2026		100,000		104,375
Springleaf Finance Corp. 8.25%, 10/1/2023		250,000		291,250
TMX Finance LLC 11.13%, 4/1/2023(a)		130,000		119,112
Voyager Aviation Holdings LLC 8.50%, 8/15/2021(a)		80,000		82,800
				897,134
Containers & Packaging - 2.7%
Berry Global, Inc. 5.13%, 7/15/2023		30,000		30,750
Crown Cork & Seal Co., Inc. 7.38%, 12/15/2026		120,000		141,600
Flex Acquisition Co., Inc. 6.88%, 1/15/2025(a)		80,000		71,400
7.88%, 7/15/2026(a)		100,000		90,750
Intertape Polymer Group, Inc. 7.00%, 10/15/2026(a)		50,000		51,875

Investments	Principal Amount ($)		Value ($)
Mauser Packaging Solutions Holding Co. 7.25%, 4/15/2025(a)		350,000		332,938
Owens-Brockway Glass Container, Inc. 5.00%, 1/15/2022(a)		50,000		51,687
Pactiv LLC 8.38%, 4/15/2027		45,000		49,275
Plastipak Holdings, Inc. 6.25%, 10/15/2025(a)		135,000		121,878
Reynolds Group Issuer, Inc. 7.00%, 7/15/2024(a)		100,000		103,687
Sealed Air Corp. 5.25%, 4/1/2023(a)		50,000		53,500
				1,099,340
Distributors - 0.2%
Core & Main LP 6.13%, 8/15/2025(a)		80,000		82,800
Diversified Consumer Services - 0.6%
Laureate Education, Inc. 8.25%, 5/1/2025(a)		110,000		120,175
Midas Intermediate Holdco II LLC 7.88%, 10/1/2022(a)		30,000		28,800
ServiceMaster Co. LLC (The) 5.13%, 11/15/2024(a)		100,000		103,721
				252,696
Diversified Financial Services - 1.7%
ACE Cash Express, Inc. 12.00%, 12/15/2022(a)		20,000		19,800
Jefferies Finance LLC 7.25%, 8/15/2024(a)		110,000		109,175
Refinitiv US Holdings, Inc. 8.25%, 11/15/2026(a)		400,000		443,600
Verscend Escrow Corp. 9.75%, 8/15/2026(a)		80,000		85,582
Voya Financial, Inc. 5.65%, 5/15/2053(c)		50,000		52,819
				710,976
Diversified Telecommunication Services - 6.4%
CCO Holdings LLC 5.75%, 2/15/2026(a)		155,000		163,674
5.13%, 5/1/2027(a)		310,000		320,462
5.00%, 2/1/2028(a)		360,000		370,368
5.38%, 6/1/2029(a)		50,000		51,938
CenturyLink, Inc. Series T, 5.80%, 3/15/2022		165,000		172,425
Series Y, 7.50%, 4/1/2024		250,000		274,298
Koninklijke KPN NV 7.00%, 3/28/2073(a)(c)		100,000		106,848
Level 3 Financing, Inc. 5.38%, 1/15/2024		150,000		152,418
Sprint Capital Corp. 6.88%, 11/15/2028		470,000		518,175
8.75%, 3/15/2032		250,000		310,937
Telecom Italia Capital SA 6.38%, 11/15/2033		105,000		110,796

See Accompanying Notes to the Schedules of Investments.

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Virgin Media Finance plc 5.75%, 1/15/2025(a)		100,000		104,345
				2,656,684
Electrical Equipment - 0.4%
Vertiv Group Corp. 9.25%, 10/15/2024(a)		150,000		142,125
Electronic Equipment, Instruments & Components - 0.1%
CDW LLC 5.00%, 9/1/2025		50,000		52,156
Energy Equipment & Services - 2.7%
CSI Compressco LP 7.50%, 4/1/2025(a)		100,000		100,000
Diamond Offshore Drilling, Inc. 7.88%, 8/15/2025		110,000		105,050
KCA Deutag UK Finance plc 9.63%, 4/1/2023(a)		210,000		143,850
KLX Energy Services Holdings, Inc. 11.50%, 11/1/2025(a)		50,000		49,125
Nabors Industries, Inc. 5.50%, 1/15/2023		50,000		47,000
5.75%, 2/1/2025		50,000		44,000
Nine Energy Service, Inc. 8.75%, 11/1/2023(a)		50,000		49,125
Noble Holding International Ltd. 7.88%, 2/1/2026(a)		110,000		94,187
Precision Drilling Corp. 7.75%, 12/15/2023		100,000		101,000
Rowan Cos., Inc. 4.88%, 6/1/2022		50,000		45,938
Transocean, Inc. 9.00%, 7/15/2023(a)		140,000		147,834
7.50%, 1/15/2026(a)		150,000		142,875
USA Compression Partners LP 6.88%, 4/1/2026		30,000		31,353
				1,101,337
Entertainment - 1.3%
Lions Gate Capital Holdings LLC 6.38%, 2/1/2024(a)		50,000		52,875
Live Nation Entertainment, Inc. 5.63%, 3/15/2026(a)		100,000		106,125
Netflix, Inc. 5.88%, 11/15/2028		340,000		374,000
				533,000
Equity Real Estate Investment Trusts (REITs) - 2.8%
Equinix, Inc. 5.38%, 1/1/2022		100,000		102,452
5.75%, 1/1/2025		130,000		134,879
GEO Group, Inc. (The) 5.88%, 10/15/2024		117,000		98,280
Iron Mountain, Inc. 5.75%, 8/15/2024		110,000		111,067
iStar, Inc. 6.00%, 4/1/2022		105,000		107,887
MPT Operating Partnership LP 5.00%, 10/15/2027		50,000		51,875

Investments	Principal Amount ($)		Value ($)
SBA Communications Corp. 4.00%, 10/1/2022		160,000		163,000
Uniti Group LP 6.00%, 4/15/2023(a)		50,000		47,812
8.25%, 10/15/2023		295,000		267,713
Washington Prime Group LP 5.95%, 8/15/2024(d)		50,000		47,000
				1,131,965
Food & Staples Retailing - 0.2%
Beverages & More, Inc. 11.50%, 6/15/2022(a)		30,000		23,250
Fresh Market, Inc. (The) 9.75%, 5/1/2023(a)		80,000		49,600
				72,850
Food Products - 1.4%
Chobani LLC 7.50%, 4/15/2025(a)		80,000		75,000
Dole Food Co., Inc. 7.25%, 6/15/2025(a)		30,000		29,632
NBM US Holdings, Inc. 7.00%, 5/14/2026(a)		50,000		51,762
Pilgrim’s Pride Corp. 5.88%, 9/30/2027(a)		30,000		31,613
Post Holdings, Inc. 5.50%, 3/1/2025(a)		180,000		187,875
Sigma Holdco BV 7.88%, 5/15/2026(a)		110,000		102,575
Simmons Foods, Inc. 5.75%, 11/1/2024(a)		110,000		101,200
				579,657
Gas Utilities - 0.6%
AmeriGas Partners LP 5.50%, 5/20/2025		110,000		116,050
Suburban Propane Partners LP 5.50%, 6/1/2024		110,000		112,750
Superior Plus LP 7.00%, 7/15/2026(a)		30,000		31,800
				260,600
Health Care Equipment & Supplies - 0.5%
Hologic, Inc. 4.63%, 2/1/2028(a)		100,000		103,000
Immucor, Inc. 11.13%, 2/15/2022(a)		30,000		30,712
Ortho-Clinical Diagnostics, Inc. 6.63%, 5/15/2022(a)		75,000		73,500
				207,212
Health Care Providers & Services - 5.7%
AHP Health Partners, Inc. 9.75%, 7/15/2026(a)		30,000		32,475
ASP AMC Merger Sub, Inc. 8.00%, 5/15/2025(a)		75,000		51,375
Centene Corp. 5.38%, 6/1/2026(a)		150,000		158,813
DaVita, Inc. 5.00%, 5/1/2025		150,000		147,566
Encompass Health Corp. 5.13%, 3/15/2023		100,000		101,900

See Accompanying Notes to the Schedules of Investments.

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Envision Healthcare Corp. 8.75%, 10/15/2026(a)		150,000		104,625
HCA, Inc. 5.88%, 5/1/2023		100,000		109,750
7.69%, 6/15/2025		150,000		177,000
MEDNAX, Inc. 6.25%, 1/15/2027(a)		50,000		49,676
MPH Acquisition Holdings LLC 7.13%, 6/1/2024(a)		140,000		136,494
NVA Holdings, Inc. 6.88%, 4/1/2026(a)		50,000		53,750
One Call Corp. 10.00%, 10/1/2024(a)		110,000		102,850
RegionalCare Hospital Partners Holdings, Inc. 9.75%, 12/1/2026(a)		175,000		186,156
Surgery Center Holdings, Inc. 10.00%, 4/15/2027(a)		150,000		148,500
Team Health Holdings, Inc. 6.38%, 2/1/2025(a)		140,000		114,800
Tenet Healthcare Corp. 8.13%, 4/1/2022		350,000		375,375
WellCare Health Plans, Inc. 5.25%, 4/1/2025		200,000		208,292
West Street Merger Sub, Inc. 6.38%, 9/1/2025(a)		110,000		101,475
				2,360,872
Hotels, Restaurants & Leisure - 3.9%
1011778 BC ULC 5.00%, 10/15/2025(a)		210,000		214,725
24 Hour Fitness Worldwide, Inc. 8.00%, 6/1/2022(a)		30,000		30,037
Boyd Gaming Corp. 6.38%, 4/1/2026		150,000		158,813
Carlson Travel, Inc. 6.75%, 12/15/2023(a)		100,000		101,500
Cirsa Finance International SARL 7.88%, 12/20/2023(a)		110,000		116,629
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023(a)		30,000		31,875
Enterprise Development Authority (The) 12.00%, 7/15/2024(a)		30,000		33,525
ESH Hospitality, Inc. REIT, 5.25%, 5/1/2025(a)		110,000		113,438
Golden Nugget, Inc. 6.75%, 10/15/2024(a)		140,000		144,463
Hilton Domestic Operating Co., Inc. 4.25%, 9/1/2024		50,000		50,760
Hilton Worldwide Finance LLC 4.63%, 4/1/2025		50,000		51,375
IRB Holding Corp. 6.75%, 2/15/2026(a)		30,000		29,925
KFC Holding Co. 5.00%, 6/1/2024(a)		150,000		155,250
MGM Resorts International 6.00%, 3/15/2023		100,000		108,750

Investments	Principal Amount ($)		Value ($)
Mohegan Gaming & Entertainment 7.88%, 10/15/2024(a)		35,000		34,212
Six Flags Entertainment Corp. 4.88%, 7/31/2024(a)		50,000		51,250
Viking Cruises Ltd. 6.25%, 5/15/2025(a)		110,000		113,850
Wynn Las Vegas LLC 5.50%, 3/1/2025(a)		80,000		84,100
				1,624,477
Household Durables - 1.6%
American Greetings Corp. 8.75%, 4/15/2025(a)		110,000		102,575
Ashton Woods USA LLC 6.75%, 8/1/2025(a)		50,000		48,875
Brookfield Residential Properties, Inc. 6.38%, 5/15/2025(a)		110,000		111,925
Mattamy Group Corp. 6.50%, 10/1/2025(a)		110,000		115,775
PulteGroup, Inc. 5.50%, 3/1/2026		100,000		108,125
Shea Homes LP 5.88%, 4/1/2023(a)		50,000		51,690
TRI Pointe Group, Inc. 5.88%, 6/15/2024		110,000		114,950
				653,915
Household Products - 0.4%
Energizer Holdings, Inc. 7.75%, 1/15/2027(a)		50,000		54,411
Kronos Acquisition Holdings, Inc. 9.00%, 8/15/2023(a)		110,000		95,150
				149,561
Independent Power and Renewable Electricity Producers - 1.2%
Calpine Corp. 5.75%, 1/15/2025		100,000		99,845
Clearway Energy Operating LLC 5.38%, 8/15/2024		50,000		51,500
NRG Energy, Inc. 7.25%, 5/15/2026		160,000		173,339
Talen Energy Supply LLC 10.50%, 1/15/2026(a)		140,000		131,950
Vistra Energy Corp. 5.88%, 6/1/2023		50,000		51,313
				507,947
Insurance - 2.2%
Acrisure LLC 7.00%, 11/15/2025(a)		250,000		230,625
AmWINS Group, Inc. 7.75%, 7/1/2026(a)		75,000		78,656
Ardonagh Midco 3 plc 8.63%, 7/15/2023(a)		160,000		149,600
AssuredPartners, Inc. 7.00%, 8/15/2025(a)		50,000		50,000
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025(a)		30,000		31,500
HUB International Ltd. 7.00%, 5/1/2026(a)		180,000		183,487

See Accompanying Notes to the Schedules of Investments.

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
NFP Corp. 6.88%, 7/15/2025(a)		80,000		80,700
USI, Inc. 6.88%, 5/1/2025(a)		30,000		29,925
York Risk Services Holding Corp. 8.50%, 10/1/2022(a)		50,000		50,437
				884,930
Interactive Media & Services - 0.6%
Rackspace Hosting, Inc. 8.63%, 11/15/2024(a)		250,000		230,000
Internet & Direct Marketing Retail - 0.3%
QVC, Inc. 4.38%, 3/15/2023		100,000		102,699
IT Services - 2.1%
Banff Merger Sub, Inc. 9.75%, 9/1/2026(a)		290,000		259,550
EIG Investors Corp. 10.88%, 2/1/2024		100,000		105,125
Tempo Acquisition LLC 6.75%, 6/1/2025(a)		140,000		145,075
VeriSign, Inc. 4.63%, 5/1/2023		100,000		101,402
Zayo Group LLC 6.38%, 5/15/2025		250,000		257,225
				868,377
Life Sciences Tools & Services - 0.5%
Avantor, Inc. 6.00%, 10/1/2024(a)		75,000		80,438
9.00%, 10/1/2025(a)		110,000		122,170
				202,608
Machinery - 1.7%
Apex Tool Group LLC 9.00%, 2/15/2023(a)		30,000		26,850
Cleaver-Brooks, Inc. 7.88%, 3/1/2023(a)		100,000		92,750
Cloud Crane LLC 10.13%, 8/1/2024(a)		110,000		117,975
Colfax Corp. 6.00%, 2/15/2024(a)		50,000		53,141
Grinding Media, Inc. 7.38%, 12/15/2023(a)		100,000		96,250
Manitowoc Co., Inc. (The) 9.00%, 4/1/2026(a)		50,000		50,500
Navistar International Corp. 6.63%, 11/1/2025(a)		100,000		103,125
Titan Acquisition Ltd. 7.75%, 4/15/2026(a)		130,000		118,300
Werner FinCo LP 8.75%, 7/15/2025(a)		50,000		40,250
				699,141
Marine - 0.3%
Stena AB 7.00%, 2/1/2024(a)		110,000		108,350

Investments	Principal Amount ($)		Value ($)
Media - 7.7%
AMC Networks, Inc. 5.00%, 4/1/2024		50,000		51,422
Clear Channel Worldwide Holdings, Inc. 9.25%, 2/15/2024(a)		100,000		108,750
CSC Holdings LLC 6.75%, 11/15/2021		350,000		375,375
DISH DBS Corp. 6.75%, 6/1/2021		260,000		271,297
5.88%, 7/15/2022		100,000		101,452
5.00%, 3/15/2023		125,000		121,094
7.75%, 7/1/2026		250,000		245,625
Entercom Media Corp. 7.25%, 11/1/2024(a)		35,000		36,838
GCI LLC 6.63%, 6/15/2024(a)		100,000		106,750
Getty Images, Inc. 9.75%, 3/1/2027(a)		50,000		52,375
Gray Television, Inc. 5.88%, 7/15/2026(a)		100,000		104,000
iHeartCommunications, Inc. 8.38%, 5/1/2027		100,000		105,750
Lamar Media Corp. 5.38%, 1/15/2024		100,000		103,250
McGraw-Hill Global Education Holdings LLC 7.88%, 5/15/2024(a)		35,000		31,675
MDC Partners, Inc. 6.50%, 5/1/2024(a)		110,000		99,825
Meredith Corp. 6.88%, 2/1/2026		110,000		117,150
Nexstar Broadcasting, Inc. 5.63%, 8/1/2024(a)		55,000		57,269
Quebecor Media, Inc. 5.75%, 1/15/2023		100,000		107,000
Radiate Holdco LLC 6.63%, 2/15/2025(a)		110,000		109,175
Sinclair Television Group, Inc. 5.38%, 4/1/2021		50,000		50,150
Sirius XM Radio, Inc. 5.38%, 4/15/2025(a)		175,000		182,437
Tribune Media Co. 5.88%, 7/15/2022		100,000		102,150
Univision Communications, Inc. 5.13%, 5/15/2023(a)		135,000		134,703
5.13%, 2/15/2025(a)		90,000		88,087
UPC Holding BV 5.50%, 1/15/2028(a)		110,000		112,475
Videotron Ltd. 5.00%, 7/15/2022		100,000		104,845
Ziggo BV 5.50%, 1/15/2027(a)		80,000		82,300
				3,163,219
Metals & Mining - 3.2%
Alcoa Nederland Holding BV 6.75%, 9/30/2024(a)		100,000		105,250
Allegheny Technologies, Inc. 7.88%, 8/15/2023(d)		50,000		54,062

See Accompanying Notes to the Schedules of Investments.

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Baffinland Iron Mines Corp. 8.75%, 7/15/2026(a)		150,000		156,000
Commercial Metals Co. 5.75%, 4/15/2026		30,000		30,975
FMG Resources August 2006 Pty. Ltd. 4.75%, 5/15/2022(a)		130,000		133,155
Freeport-McMoRan, Inc. 5.45%, 3/15/2043		115,000		107,260
Hudbay Minerals, Inc. 7.63%, 1/15/2025(a)		50,000		52,063
JW Aluminum Continuous Cast Co. 10.25%, 6/1/2026(a)		50,000		52,750
Northwest Acquisitions ULC 7.13%, 11/1/2022(a)		55,000		37,538
Novelis Corp. 6.25%, 8/15/2024(a)		110,000		115,502
SunCoke Energy Partners LP 7.50%, 6/15/2025(a)		110,000		109,445
United States Steel Corp. 6.88%, 8/15/2025		275,000		268,813
Warrior Met Coal, Inc. 8.00%, 11/1/2024(a)		110,000		115,016
				1,337,829
Mortgage Real Estate Investment Trusts (REITs) - 0.1%
Starwood Property Trust, Inc. 5.00%, 12/15/2021		28,000		28,980
Oil, Gas & Consumable Fuels - 10.1%
Alliance Resource Operating Partners LP 7.50%, 5/1/2025(a)		50,000		51,563
Antero Midstream Partners LP 5.38%, 9/15/2024		200,000		193,500
Antero Resources Corp. 5.63%, 6/1/2023		150,000		142,500
Ascent Resources Utica Holdings LLC 10.00%, 4/1/2022(a)		50,000		49,625
Berry Petroleum Co. LLC 7.00%, 2/15/2026(a)		30,000		28,800
Bruin E&P Partners LLC 8.88%, 8/1/2023(a)		100,000		75,250
Calumet Specialty Products Partners LP 7.63%, 1/15/2022		30,000		28,950
Cheniere Energy Partners LP 5.25%, 10/1/2025		50,000		52,001
Chesapeake Energy Corp. 7.00%, 10/1/2024		100,000		82,125
8.00%, 1/15/2025		140,000		120,400
8.00%, 6/15/2027		250,000		201,250
CNX Resources Corp. 5.88%, 4/15/2022		50,000		47,892
Comstock Resources, Inc. 9.75%, 8/15/2026		150,000		112,875
CONSOL Energy, Inc. 11.00%, 11/15/2025(a)		50,000		53,125
Covey Park Energy LLC 7.50%, 5/15/2025(a)		80,000		56,400

Investments	Principal Amount ($)		Value ($)
DCP Midstream LP Series A, 7.38%, 12/15/2022(b)(c)		50,000		49,299
Denbury Resources, Inc. 9.00%, 5/15/2021(a)		150,000		142,125
Energy Transfer Operating LP Series A, 6.25%, 2/15/2023(b)(c)		110,000		102,958
EnLink Midstream Partners LP 5.05%, 4/1/2045		50,000		42,250
Extraction Oil & Gas, Inc. 7.38%, 5/15/2024(a)		100,000		81,750
Foresight Energy LLC 11.50%, 4/1/2023(a)		30,000		11,100
Genesis Energy LP 6.75%, 8/1/2022		170,000		173,592
6.25%, 5/15/2026		100,000		99,125
Gulfport Energy Corp. 6.38%, 1/15/2026		360,000		273,600
Indigo Natural Resources LLC 6.88%, 2/15/2026(a)		110,000		93,225
Jonah Energy LLC 7.25%, 10/15/2025(a)		110,000		44,550
Laredo Petroleum, Inc. 6.25%, 3/15/2023		93,000		83,933
MEG Energy Corp. 7.00%, 3/31/2024(a)		170,000		163,163
Montage Resources Corp. 8.88%, 7/15/2023		110,000		85,525
Moss Creek Resources Holdings, Inc. 10.50%, 5/15/2027(a)		100,000		88,750
Natural Resource Partners LP 9.13%, 6/30/2025(a)		50,000		50,344
NGL Energy Partners LP 7.50%, 11/1/2023		30,000		31,125
Oasis Petroleum, Inc. 6.88%, 3/15/2022		50,000		50,017
Par Petroleum LLC 7.75%, 12/15/2025(a)		100,000		100,250
Parsley Energy LLC 5.38%, 1/15/2025(a)		50,000		50,878
PBF Holding Co. LLC 7.25%, 6/15/2025		50,000		52,563
Peabody Energy Corp. 6.38%, 3/31/2025(a)		25,000		25,812
Plains All American Pipeline LP Series B, 6.13%, 11/15/2022(b)(c)		100,000		96,598
QEP Resources, Inc. 5.25%, 5/1/2023		100,000		91,500
Range Resources Corp. 5.00%, 3/15/2023		150,000		132,562
Sable Permian Resources Land LLC 7.38%, 11/1/2021(a)		160,000		16,000
SemGroup Corp. 5.63%, 11/15/2023		110,000		106,425

See Accompanying Notes to the Schedules of Investments.

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
SM Energy Co. 5.63%, 6/1/2025		100,000		87,250
Southwestern Energy Co. 6.20%, 1/23/2025(d)		110,000		95,425
Summit Midstream Holdings LLC 5.75%, 4/15/2025		50,000		43,250
Sunoco LP 4.88%, 1/15/2023		100,000		101,970
Vine Oil & Gas LP 9.75%, 4/15/2023(a)		150,000		91,500
W&T Offshore, Inc. 9.75%, 11/1/2023(a)		50,000		48,125
Whiting Petroleum Corp. 6.63%, 1/15/2026		50,000		47,375
				4,150,170
Personal Products - 0.6%
Avon Products, Inc. 7.00%, 3/15/2023(d)		110,000		111,265
Prestige Brands, Inc. 5.38%, 12/15/2021(a)		50,000		50,438
Revlon Consumer Products Corp. 5.75%, 2/15/2021(d)		110,000		102,850
				264,553
Pharmaceuticals - 2.1%
Bausch Health Americas, Inc. 8.50%, 1/31/2027(a)		250,000		275,962
Bausch Health Cos., Inc. 6.13%, 4/15/2025(a)		400,000		412,500
HLF Financing Sarl LLC 7.25%, 8/15/2026(a)		100,000		99,375
Par Pharmaceutical, Inc. 7.50%, 4/1/2027(a)		100,000		91,000
				878,837
Professional Services - 0.6%
Dun & Bradstreet Corp. (The) 10.25%, 2/15/2027(a)		225,000		242,719
Real Estate Management & Development - 1.9%
Five Point Operating Co. LP 7.88%, 11/15/2025(a)		110,000		110,277
Forestar Group, Inc. 8.00%, 4/15/2024(a)		50,000		53,500
Howard Hughes Corp. (The) 5.38%, 3/15/2025(a)		110,000		113,300
Hunt Cos., Inc. 6.25%, 2/15/2026(a)		30,000		28,425
Kennedy-Wilson, Inc. 5.88%, 4/1/2024		140,000		143,643
Realogy Group LLC 4.88%, 6/1/2023(a)		260,000		219,700
WeWork Cos., Inc. 7.88%, 5/1/2025(a)		100,000		97,702
				766,547
Road & Rail - 1.3%
Algeco Global Finance plc 8.00%, 2/15/2023(a)		110,000		113,300

Investments	Principal Amount ($)		Value ($)
Kenan Advantage Group, Inc. (The) 7.88%, 7/31/2023(a)		100,000		90,750
Uber Technologies, Inc. 8.00%, 11/1/2026(a)		300,000		318,000
				522,050
Semiconductors & Semiconductor Equipment - 0.3%
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026(a)		110,000		117,012
Software - 1.9%
CDK Global, Inc. 5.88%, 6/15/2026		50,000		53,375
Change Healthcare Holdings LLC 5.75%, 3/1/2025(a)		130,000		130,773
j2 Cloud Services LLC 6.00%, 7/15/2025(a)		80,000		84,740
Open Text Corp. 5.88%, 6/1/2026(a)		100,000		106,971
Solera LLC 10.50%, 3/1/2024(a)		100,000		107,595
SS&C Technologies, Inc. 5.50%, 9/30/2027(a)		50,000		52,094
Symantec Corp. 5.00%, 4/15/2025(a)		50,000		51,037
Veritas US, Inc. 10.50%, 2/1/2024(a)		240,000		212,400
				798,985
Specialty Retail - 3.1%
eG Global Finance plc 6.75%, 2/7/2025(a)		100,000		100,750
Guitar Center, Inc. 9.50%, 10/15/2021(a)		110,000		105,187
J. Crew Brand LLC 13.00%, 9/15/2021(a)		30,000		30,750
KGA Escrow LLC 7.50%, 8/15/2023(a)		55,000		57,544
L Brands, Inc. 5.63%, 2/15/2022		11,000		11,577
5.25%, 2/1/2028		100,000		92,875
Penske Automotive Group, Inc. 5.50%, 5/15/2026		110,000		114,263
PetSmart, Inc. 5.88%, 6/1/2025(a)		34,000		33,782
8.88%, 6/1/2025(a)		400,000		386,000
SRS Distribution, Inc. 8.25%, 7/1/2026(a)		50,000		49,750
Staples, Inc. 10.75%, 4/15/2027(a)		300,000		311,250
				1,293,728
Technology Hardware, Storage & Peripherals - 0.7%
Dell International LLC 7.13%, 6/15/2024(a)		100,000		105,751
NCR Corp. 5.00%, 7/15/2022		110,000		110,929
Western Digital Corp. 4.75%, 2/15/2026		30,000		29,738

See Accompanying Notes to the Schedules of Investments.

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Xerox Corp. 3.80%, 5/15/2024		50,000		50,184
				296,602
Textiles, Apparel & Luxury Goods - 0.2%
Eagle Intermediate Global Holding BV 7.50%, 5/1/2025(a)		100,000		94,500
Thrifts & Mortgage Finance - 0.4%
Provident Funding Associates LP 6.38%, 6/15/2025(a)		30,000		29,100
Quicken Loans, Inc. 5.75%, 5/1/2025(a)		110,000		114,138
				143,238
Tobacco - 0.5%
Vector Group Ltd. 6.13%, 2/1/2025(a)		210,000		200,040
Trading Companies & Distributors - 0.3%
Ahern Rentals, Inc. 7.38%, 5/15/2023(a)		80,000		69,600
HD Supply, Inc. 5.38%, 10/15/2026(a)		50,000		52,923
				122,523
Wireless Telecommunication Services - 3.2%
C&W Senior Financing DAC 7.50%, 10/15/2026(a)		100,000		107,000
Hughes Satellite Systems Corp. 6.63%, 8/1/2026		100,000		108,096
Intelsat Connect Finance SA 9.50%, 2/15/2023(a)		270,000		243,594
Sprint Corp. 7.88%, 9/15/2023		150,000		167,625
T-Mobile USA, Inc. 6.50%, 1/15/2026		470,000		501,584
Wind Tre SpA 5.00%, 1/20/2026(a)		185,000		184,075
				1,311,974
TOTAL CORPORATE BONDS (Cost $40,852,314)				40,255,984
Total Investments - 97.6% (Cost $40,852,314)				40,255,984
Other Assets Less Liabilities - 2.4%				1,005,192
Net Assets - 100.0%				41,261,176

(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) Perpetual security. The rate reflected was the rate in effect on July 31, 2019. The maturity date reflects the next call date.

(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 July 31, 2019.

Percentages shown are based on Net Assets.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® Ready Access Variable Income Fund

July 31, 2019 (Unaudited)

Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS - 87.4%
Aerospace & Defense - 2.1%
Boeing Co. (The) 2.30%, 8/1/2021		580,000		579,661
8.75%, 8/15/2021		827,000		928,074
Lockheed Martin Corp. 4.25%, 11/15/2019		534,000		536,706
Northrop Grumman Corp. 2.08%, 10/15/2020		1,000,000		996,996
3.50%, 3/15/2021		204,000		207,921
Precision Castparts Corp. 2.25%, 6/15/2020		1,000,000		999,656
Spirit AeroSystems, Inc. (ICE LIBOR USD 3 Month + 0.80%), 3.21%, 6/15/2021(a)		711,000		708,646
United Technologies Corp. (ICE LIBOR USD 3 Month + 0.35%), 2.93%, 11/1/2019(a)		466,000		466,334
				5,423,994
Air Freight & Logistics - 0.5%
FedEx Corp. 2.30%, 2/1/2020		1,393,000		1,392,718
Airlines - 0.5%
Southwest Airlines Co. 2.75%, 11/6/2019		225,000		225,085
2.65%, 11/5/2020		1,060,000		1,064,164
				1,289,249
Application Software - 0.2%
Autodesk, Inc. 3.13%, 6/15/2020		400,000		401,486
Asset Management & Custody Banks - 1.4%
Ameriprise Financial, Inc. 3.00%, 3/22/2022		900,000		913,628
Bank of New York Mellon (The) (ICE LIBOR USD 3 Month + 0.28%), 2.78%, 6/4/2021(a)		2,700,000		2,702,579
				3,616,207
Automobile Manufacturers - 3.7%
Daimler Finance North America LLC (ICE LIBOR USD 3 Month + 0.39%), 2.96%, 5/4/2020(a)(b)		1,500,000		1,501,662
(ICE LIBOR USD 3 Month + 0.53%), 3.10%, 5/5/2020(a)(b)		92,000		92,170

Investments	Principal Amount ($)		Value ($)
(ICE LIBOR USD 3 Month + 0.45%), 2.97%, 2/22/2021(a)(b)		1,650,000		1,650,760
Nissan Motor Acceptance Corp. (ICE LIBOR USD 3 Month + 0.63%), 3.02%, 9/21/2021(a)(b)		762,000		762,927
Toyota Motor Corp. 2.16%, 7/2/2022		1,400,000		1,396,718
Volkswagen Group of America Finance LLC 2.45%, 11/20/2019(b)		640,000		639,687
(ICE LIBOR USD 3 Month + 0.77%), 3.31%, 11/13/2020(a)(b)		3,500,000		3,518,333
				9,562,257
Automotive Retail - 1.2%
AutoZone, Inc. 4.00%, 11/15/2020		850,000		864,116
3.70%, 4/15/2022		2,000,000		2,066,584
				2,930,700
Biotechnology - 1.9%
AbbVie, Inc. 2.50%, 5/14/2020		770,000		770,035
Gilead Sciences, Inc. 1.85%, 9/20/2019		342,000		341,784
(ICE LIBOR USD 3 Month + 0.25%), 2.64%, 9/20/2019(a)		82,000		82,023
2.35%, 2/1/2020		3,730,000		3,729,609
				4,923,451
Broadcasting - 0.1%
Fox Corp. 3.67%, 1/25/2022(b)		300,000		309,311
Cable & Satellite - 0.6%
Comcast Corp. 5.15%, 3/1/2020		1,550,000		1,574,434
Consumer Finance - 8.5%
American Express Co. (ICE LIBOR USD 3 Month + 0.53%), 3.05%, 5/17/2021(a)		62,000		62,186
American Express Credit Corp. (ICE LIBOR USD 3 Month + 0.49%), 3.01%, 8/15/2019(a)		414,000		414,103
(ICE LIBOR USD 3 Month + 0.43%), 2.95%, 3/3/2020(a)		913,000		914,695
2.38%, 5/26/2020		10,000		10,000
(ICE LIBOR USD 3 Month + 0.73%), 3.25%, 5/26/2020(a)		975,000		979,504

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Ready Access Variable Income Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Series F, (ICE LIBOR USD 3 Month + 1.05%), 3.48%, 9/14/2020(a)		750,000		757,071
American Honda Finance Corp. 2.00%, 11/13/2019		1,150,000		1,148,717
(ICE LIBOR USD 3 Month + 0.26%), 2.67%, 6/16/2020(a)		302,000		302,579
(ICE LIBOR USD 3 Month + 0.27%), 2.55%, 7/20/2020(a)		209,000		209,351
(ICE LIBOR USD 3 Month + 0.35%), 2.71%, 6/11/2021(a)		1,200,000		1,202,401
Capital One Financial Corp. (ICE LIBOR USD 3 Month + 0.95%), 3.40%, 3/9/2022(a)		235,000		236,623
Caterpillar Financial Services Corp. Series I, (ICE LIBOR USD 3 Month + 0.39%), 2.92%, 5/17/2021(a)		1,000,000		1,003,313
(ICE LIBOR USD 3 Month + 0.28%), 2.75%, 9/7/2021(a)		2,091,000		2,092,581
Ford Motor Credit Co. LLC 1.90%, 8/12/2019		250,000		249,959
General Motors Financial Co., Inc. 3.15%, 1/15/2020		1,417,000		1,419,250
2.45%, 11/6/2020		751,000		748,411
John Deere Capital Corp. (ICE LIBOR USD 3 Month + 0.18%), 2.48%, 1/7/2020(a)		532,000		532,337
(ICE LIBOR USD 3 Month + 0.30%), 2.75%, 3/13/2020(a)		228,000		228,408
(ICE LIBOR USD 3 Month + 0.29%), 2.63%, 6/22/2020(a)		596,000		597,468
(ICE LIBOR USD 3 Month + 0.17%), 2.48%, 10/9/2020(a)		690,000		690,723
(ICE LIBOR USD 3 Month + 0.26%), 2.71%, 9/10/2021(a)		1,554,000		1,553,926
PACCAR Financial Corp. (ICE LIBOR USD 3 Month + 0.26%), 2.81%, 5/10/2021(a)		1,664,000		1,667,432
Synchrony Financial 2.85%, 7/25/2022		500,000		500,446
Toyota Motor Credit Corp. (ICE LIBOR USD 3 Month + 0.26%), 2.56%, 4/17/2020(a)		776,000		777,407

Investments	Principal Amount ($)		Value ($)
(ICE LIBOR USD 3 Month + 0.17%), 2.57%, 9/18/2020(a)		500,000		500,487
(ICE LIBOR USD 3 Month + 0.15%), 2.46%, 10/9/2020(a)		3,000,000		3,001,310
				21,800,688
Data Processing & Outsourced Services - 0.4%
Fiserv, Inc. 2.70%, 6/1/2020		1,050,000		1,051,690
Diversified Banks - 22.6%
Bank of America Corp. (ICE LIBOR USD 3 Month + 0.38%), 2.64%, 1/23/2022(a)		1,742,000		1,741,011
Bank of Montreal 1.75%, 9/11/2019		1,785,000		1,783,748
2.90%, 3/26/2022		1,500,000		1,520,260
Bank of Nova Scotia (The) (ICE LIBOR USD 3 Month + 0.29%), 2.59%, 1/8/2021(a)		670,000		671,088
(ICE LIBOR USD 3 Month + 0.42%), 2.70%, 1/25/2021(a)		1,000,000		1,003,712
Barclays Bank plc (ICE LIBOR USD 3 Month + 0.65%), 3.22%, 8/7/2020(a)		144,000		144,257
BNP Paribas SA 5.00%, 1/15/2021		1,000,000		1,039,113
Canadian Imperial Bank of Commerce 2.61%, 7/22/2023(c)		1,780,000		1,780,235
Citibank NA (SOFR + 0.60%), 2.99%, 3/13/2021(a)		1,000,000		1,003,063
(ICE LIBOR USD 3 Month + 0.57%), 2.83%, 7/23/2021(a)		900,000		903,962
3.16%, 2/19/2022(c)		2,000,000		2,021,902
Citigroup, Inc. 2.65%, 10/26/2020		560,000		561,567
Commonwealth Bank of Australia 2.30%, 9/6/2019		300,000		299,983
Cooperatieve Rabobank UA (ICE LIBOR USD 3 Month + 0.43%), 2.70%, 4/26/2021(a)		520,000		521,820
Credit Agricole SA (ICE LIBOR USD 3 Month + 1.02%), 3.30%, 4/24/2023(a)(b)		100,000		100,592
DBS Group Holdings Ltd. (ICE LIBOR USD 3 Month + 0.49%), 2.94%, 6/8/2020(a)(b)		100,000		100,142

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Ready Access Variable Income Fund (cont.)

Investments	Principal Amount ($)		Value ($)
2.85%, 4/16/2022(b)		1,200,000		1,213,848
HSBC Holdings plc (ICE LIBOR USD 3 Month + 0.60%), 3.12%, 5/18/2021(a)		1,605,000		1,607,229
(ICE LIBOR USD 3 Month + 0.65%), 3.09%, 9/11/2021(a)		2,000,000		2,005,145
HSBC USA, Inc. 2.38%, 11/13/2019		897,000		896,707
JPMorgan Chase & Co. (ICE LIBOR USD 3 Month + 0.68%), 3.20%, 6/1/2021(a)		504,000		505,708
JPMorgan Chase Bank NA (SOFR + 0.55%), 2.94%, 10/19/2020(a)		2,000,000		2,001,674
(ICE LIBOR USD 3 Month + 0.29%), 2.87%, 2/1/2021(a)		1,105,000		1,105,406
(ICE LIBOR USD 3 Month + 0.37%), 2.89%, 2/19/2021(a)		500,000		500,388
Lloyds Bank plc (ICE LIBOR USD 3 Month + 0.49%), 3.06%, 5/7/2021(a)		1,038,000		1,038,108
Mitsubishi UFJ Financial Group, Inc. (ICE LIBOR USD 3 Month + 0.65%), 2.92%, 7/26/2021(a)		695,000		697,526
3.22%, 3/7/2022		1,200,000		1,221,803
2.62%, 7/18/2022		1,600,000		1,601,942
National Australia Bank Ltd. 2.25%, 1/10/2020		1,000,000		999,809
1.88%, 7/12/2021		1,000,000		992,535
(ICE LIBOR USD 3 Month + 0.71%), 3.28%, 11/4/2021(a)(b)		2,000,000		2,016,470
Nordea Bank AB (ICE LIBOR USD 3 Month + 0.94%), 3.46%, 8/30/2023(a)(b)		600,000		592,944
Nordea Bank Abp 2.13%, 5/29/2020(b)		1,000,000		997,709
Royal Bank of Canada (ICE LIBOR USD 3 Month + 0.38%), 2.90%, 3/2/2020(a)		2,854,000		2,860,419
Santander UK plc 2.35%, 9/10/2019		596,000		595,926
(ICE LIBOR USD 3 Month + 0.62%), 3.14%, 6/1/2021(a)		672,000		673,252
Skandinaviska Enskilda Banken AB (ICE LIBOR USD 3 Month + 0.43%), 2.96%, 5/17/2021(a)(b)		1,110,000		1,114,007

Investments	Principal Amount ($)		Value ($)
Sumitomo Mitsui Banking Corp. 2.45%, 1/16/2020		1,300,000		1,300,457
Svenska Handelsbanken AB (ICE LIBOR USD 3 Month + 0.47%), 2.99%, 5/24/2021(a)		2,250,000		2,261,209
3.35%, 5/24/2021		1,705,000		1,736,836
Toronto-Dominion Bank (The) (ICE LIBOR USD 3 Month + 0.26%), 2.67%, 9/17/2020(a)		251,000		251,513
(ICE LIBOR USD 3 Month + 0.43%), 2.88%, 6/11/2021(a)		1,000,000		1,004,757
2.70%, 7/30/2021(c)		2,300,000		2,301,054
US Bank NA 2.35%, 1/23/2020		1,375,000		1,375,149
2.00%, 1/24/2020		740,000		738,647
(ICE LIBOR USD 3 Month + 0.31%), 2.88%, 2/4/2021(a)		1,500,000		1,502,941
Wells Fargo & Co. Series N, 2.15%, 1/30/2020		12,000		11,988
Wells Fargo Bank NA 2.40%, 1/15/2020		650,000		650,030
(SOFR + 0.48%), 2.87%, 3/25/2020(a)		500,000		500,996
(ICE LIBOR USD 3 Month + 0.38%), 2.90%, 5/21/2021(a)		900,000		901,032
(ICE LIBOR USD 3 Month + 0.50%), 2.76%, 7/23/2021(a)		2,400,000		2,404,336
Westpac Banking Corp. (ICE LIBOR USD 3 Month + 0.43%), 2.90%, 3/6/2020(a)		273,000		273,722
(ICE LIBOR USD 3 Month + 0.28%), 2.80%, 5/15/2020(a)		194,000		194,393
				57,844,070
Diversified Capital Markets - 0.5%
Macquarie Bank Ltd. 2.40%, 1/21/2020(b)		500,000		499,949
Macquarie Group Ltd. 6.00%, 1/14/2020(b)		800,000		812,667
				1,312,616
Diversified Chemicals - 0.0%(d)
Eastman Chemical Co. 2.70%, 1/15/2020		107,000		107,059
Drug Retail - 0.6%
Walgreens Boots Alliance, Inc. 2.70%, 11/18/2019		1,541,000		1,541,169

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Ready Access Variable Income Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Electric Utilities - 1.3%
Duke Energy Corp. 5.05%, 9/15/2019		1,232,000		1,235,438
Florida Power & Light Co. (ICE LIBOR USD 3 Month + 0.40%), 2.97%, 5/6/2022(a)		1,000,000		1,000,414
NextEra Energy Capital Holdings, Inc. 2.90%, 4/1/2022		1,000,000		1,016,906
				3,252,758
Environmental & Facilities Services - 1.5%
Republic Services, Inc. 5.50%, 9/15/2019		1,874,000		1,880,616
Waste Management, Inc. 4.75%, 6/30/2020		2,000,000		2,041,329
				3,921,945
Financial Exchanges & Data - 0.0%(d)
Moody’s Corp. 5.50%, 9/1/2020		100,000		103,217
General Merchandise Stores - 0.1%
Dollar Tree, Inc. (ICE LIBOR USD 3 Month + 0.70%), 3.00%, 4/17/2020(a)		120,000		120,013
Health Care Distributors - 0.3%
McKesson Corp. 3.65%, 11/30/2020		762,000		773,752
Health Care Services - 1.0%
CVS Health Corp. (ICE LIBOR USD 3 Month + 0.63%), 3.08%, 3/9/2020(a)		671,000		672,845
3.13%, 3/9/2020		500,000		502,174
3.35%, 3/9/2021		1,245,000		1,261,622
				2,436,641
Home Improvement Retail - 0.4%
Home Depot, Inc. (The) (ICE LIBOR USD 3 Month + 0.15%), 2.63%, 6/5/2020(a)		512,000		512,932
Lowe’s Cos., Inc. (ICE LIBOR USD 3 Month + 0.42%), 2.87%, 9/10/2019(a)		593,000		593,382
				1,106,314
Homebuilding - 0.2%
DR Horton, Inc. 2.55%, 12/1/2020		428,000		427,832
Hotels, Resorts & Cruise Lines - 1.1%
Marriott International, Inc. Series Y, (ICE LIBOR USD 3 Month + 0.60%), 3.12%, 12/1/2020(a)		816,000		818,876

Investments	Principal Amount ($)		Value ($)
Series N, 3.13%, 10/15/2021		2,000,000		2,020,813
				2,839,689
Household Products - 0.8%
Church & Dwight Co., Inc. 2.45%, 12/15/2019		410,000		409,838
Procter & Gamble Co. (The) 1.90%, 11/1/2019		1,718,000		1,714,949
				2,124,787
Hypermarkets & Super Centers - 0.7%
Walmart, Inc. 3.63%, 7/8/2020		1,648,000		1,671,083
Industrial Conglomerates - 1.5%
General Electric Co. 5.50%, 1/8/2020		1,000,000		1,012,202
2.20%, 1/9/2020		500,000		499,669
5.55%, 5/4/2020		1,000,000		1,021,138
Honeywell International, Inc. 1.40%, 10/30/2019		789,000		787,167
(ICE LIBOR USD 3 Month + 0.28%), 2.55%, 10/30/2019(a)		388,000		388,281
				3,708,457
Integrated Oil & Gas - 1.3%
BP Capital Markets plc (ICE LIBOR USD 3 Month + 0.25%), 2.77%, 11/24/2020(a)		2,100,000		2,102,688
Total Capital International SA 2.22%, 7/12/2021		1,200,000		1,200,650
				3,303,338
Integrated Telecommunication Services - 2.9%
AT&T, Inc. (ICE LIBOR USD 3 Month + 0.65%), 2.95%, 1/15/2020(a)		1,078,000		1,080,326
2.45%, 6/30/2020		985,000		985,144
(ICE LIBOR USD 3 Month + 0.95%), 3.25%, 7/15/2021(a)		2,286,000		2,308,036
Orange SA 1.63%, 11/3/2019		1,271,000		1,268,690
Verizon Communications, Inc. (ICE LIBOR USD 3 Month + 0.55%), 3.07%, 5/22/2020(a)		1,414,000		1,418,672
(ICE LIBOR USD 3 Month + 1.00%), 3.41%, 3/16/2022(a)		320,000		325,075
				7,385,943
Internet & Direct Marketing Retail - 0.9%
eBay, Inc. 2.20%, 8/1/2019		1,244,000		1,244,000
2.88%, 8/1/2021		1,050,000		1,057,455
				2,301,455

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Ready Access Variable Income Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Investment Banking & Brokerage - 2.0%
Charles Schwab Corp. (The) (ICE LIBOR USD 3 Month + 0.32%), 2.84%, 5/21/2021(a)		515,000		515,769
3.25%, 5/21/2021		590,000		600,836
Goldman Sachs Bank USA 3.20%, 6/5/2020		108,000		108,776
Goldman Sachs Group, Inc. (The) 2.55%, 10/23/2019		690,000		690,218
5.38%, 3/15/2020		275,000		279,925
(ICE LIBOR USD 3 Month + 1.16%), 3.42%, 4/23/2020(a)		1,000,000		1,005,824
Morgan Stanley 5.63%, 9/23/2019		1,280,000		1,285,610
5.50%, 1/26/2020		430,000		436,174
(ICE LIBOR USD 3 Month + 0.55%), 3.10%, 2/10/2021(a)		104,000		104,115
				5,027,247
Life & Health Insurance - 1.9%
Jackson National Life Global Funding (ICE LIBOR USD 3 Month + 0.30%), 2.60%, 10/15/2020(a)(b)		1,145,000		1,145,790
(ICE LIBOR USD 3 Month + 0.48%), 2.93%, 6/11/2021(a)(b)		500,000		501,728
Prudential Financial, Inc. 4.50%, 11/15/2020		3,000,000		3,088,435
				4,735,953
Life Sciences Tools & Services - 0.0%(d)
Thermo Fisher Scientific, Inc. 3.60%, 8/15/2021		100,000		102,072
Managed Health Care - 0.5%
Cigna Corp. 3.20%, 9/17/2020(b)		1,380,000		1,390,063
Multi-line Insurance - 1.2%
Metropolitan Life Global Funding I (SOFR + 0.57%), 2.96%, 9/7/2020(a)(b)		1,170,000		1,174,007
New York Life Global Funding (ICE LIBOR USD 3 Month + 0.28%), 2.54%, 1/28/2021(a)(b)		2,000,000		2,003,054
				3,177,061
Multi-Sector Holdings - 0.1%
Berkshire Hathaway, Inc. 2.10%, 8/14/2019		174,000		173,971
Oil & Gas Equipment & Services - 0.0%(d)
Schlumberger Finance Canada Ltd. 2.20%, 11/20/2020(b)		25,000		24,938

Investments	Principal Amount ($)		Value ($)
Oil & Gas Storage & Transportation - 0.1%
Enterprise Products Operating LLC 5.25%, 1/31/2020		341,000		345,713
Other Diversified Financial Services - 1.0%
Kreditanstalt fuer Wiederaufbau 2.38%, 3/24/2021		2,535,211		2,552,083
Siemens Financieringsmaatschappij NV (ICE LIBOR USD 3 Month + 0.34%), 2.75%, 3/16/2020(a)(b)		45,000		45,091
				2,597,174
Packaged Foods & Meats - 4.0%
Danone SA 1.69%, 10/30/2019(b)		1,985,000		1,980,883
JM Smucker Co. (The) 2.20%, 12/6/2019		2,337,000		2,333,894
Mondelez International Holdings Netherlands BV 1.63%, 10/28/2019(b)		1,724,000		1,720,380
Tyson Foods, Inc. 2.65%, 8/15/2019		716,000		716,051
(ICE LIBOR USD 3 Month + 0.55%), 3.07%, 6/2/2020(a)		1,717,000		1,719,378
2.25%, 8/23/2021		1,710,000		1,703,208
				10,173,794
Pharmaceuticals - 1.9%
Bristol-Myers Squibb Co. (ICE LIBOR USD 3 Month + 0.38%), 2.90%, 5/16/2022(a)(b)		1,500,000		1,504,055
GlaxoSmithKline Capital plc (ICE LIBOR USD 3 Month + 0.35%), 2.88%, 5/14/2021(a)		1,120,000		1,123,190
Roche Holdings, Inc. (ICE LIBOR USD 3 Month + 0.34%), 2.67%, 9/30/2019(a)(b)		250,000		250,150
Shire Acquisitions Investments Ireland DAC 1.90%, 9/23/2019		1,862,000		1,860,574
				4,737,969
Property & Casualty Insurance - 0.4%
Allstate Corp. (The) (ICE LIBOR USD 3 Month + 0.43%), 2.76%, 3/29/2021(a)		990,000		992,118
Railroads - 0.5%
Burlington Northern Santa Fe LLC 4.70%, 10/1/2019		194,000		194,657
Canadian National Railway Co. 2.40%, 2/3/2020		1,000,000		999,987
				1,194,644

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Ready Access Variable Income Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Regional Banks - 10.1%
ABN AMRO Bank NV (ICE LIBOR USD 3 Month + 0.57%), 3.09%, 8/27/2021(a)(b)		1,100,000		1,105,318
Bank of America NA (ICE LIBOR USD 3 Month + 0.32%), 2.59%, 7/26/2021(a)		4,000,000		4,002,431
Branch Banking & Trust Co. 2.10%, 1/15/2020		1,000,000		998,803
Capital One NA 1.85%, 9/13/2019		250,000		249,803
2.35%, 1/31/2020		600,000		599,533
Citizens Bank NA 2.45%, 12/4/2019		2,921,000		2,920,672
(ICE LIBOR USD 3 Month + 0.72%), 3.25%, 2/14/2022(a)		2,000,000		2,007,530
Discover Bank 3.10%, 6/4/2020		2,250,000		2,259,110
Fifth Third Bank (ICE LIBOR USD 3 Month + 0.59%), 2.90%, 9/27/2019(a)		200,000		200,096
(ICE LIBOR USD 3 Month + 0.25%), 2.52%, 10/30/2020(a)		1,500,000		1,501,064
2.25%, 6/14/2021		460,000		459,092
KeyBank NA 1.60%, 8/22/2019		1,825,000		1,824,107
PNC Bank NA 2.40%, 10/18/2019		850,000		849,938
(ICE LIBOR USD 3 Month + 0.36%), 2.88%, 5/19/2020(a)		900,000		902,043
(ICE LIBOR USD 3 Month + 0.35%), 2.79%, 3/12/2021(a)		3,000,000		3,004,331
SunTrust Bank (ICE LIBOR USD 3 Month + 0.59%), 3.12%, 5/17/2022(a)		3,000,000		3,007,959
				25,891,830
Semiconductors - 1.2%
Intel Corp. 2.45%, 7/29/2020		3,000,000		3,005,816
Specialty Chemicals - 0.9%
DuPont de Nemours, Inc. (ICE LIBOR USD 3 Month + 0.71%), 3.23%, 11/15/2020(a)		2,072,000		2,084,555
International Flavors & Fragrances, Inc. 3.40%, 9/25/2020		170,000		171,610
				2,256,165

Investments	Principal Amount ($)		Value ($)
Systems Software - 0.0%(d)
Oracle Corp. 2.25%, 10/8/2019		100,000		99,993
Technology Hardware, Storage & Peripherals - 0.8%
Dell International LLC 4.42%, 6/15/2021(b)		900,000		925,667
Hewlett Packard Enterprise Co. 3.60%, 10/15/2020(e)		1,000,000		1,011,937
				1,937,604
Trading Companies & Distributors - 1.1%
Aviation Capital Group LLC (ICE LIBOR USD 3 Month + 0.67%), 2.94%, 7/30/2021(a)(b)		1,150,000		1,150,280
GATX Corp. 2.60%, 3/30/2020		250,000		250,006
(ICE LIBOR USD 3 Month + 0.72%), 3.29%, 11/5/2021(a)		1,400,000		1,393,466
				2,793,752
Trucking - 0.9%
Penske Truck Leasing Co. LP 3.05%, 1/9/2020(b)		445,000		445,600
3.65%, 7/29/2021(b)		600,000		612,487
Ryder System, Inc. 2.45%, 9/3/2019		92,000		91,983
2.88%, 6/1/2022		1,200,000		1,211,011
				2,361,081
TOTAL CORPORATE BONDS (Cost $222,826,269)				223,577,281
Investments	Principal Amount ($)		Value ($)
ASSET-BACKED SECURITIES - 9.1%
Americredit Automobile Receivables Trust Series 2018-1, Class A2A, 2.71%, 7/19/2021		208,645		208,753
CarMax Auto Owner Trust Series 2018-3, Class A2A, 2.88%, 10/15/2021		1,344,080		1,346,880
Series 2019-1, Class A2A, 3.02%, 7/15/2022		500,000		502,105
CNH Equipment Trust Series 2018-A, Class A2, 2.78%, 8/16/2021		426,639		427,487
Dell Equipment Finance Trust Series 2019-1, Class A2, 2.78%, 8/23/2021(b)		920,000		924,186
Drive Auto Receivables Trust Series 2019-1, Class A2A, 3.08%, 9/15/2021		434,297		434,899
Series 2019-2, Class A2A, 2.93%, 3/15/2022		1,126,311		1,128,446

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Ready Access Variable Income Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Series 2019-3, Class A2A, 2.63%, 9/15/2022		2,000,000		2,001,645
Enterprise Fleet Financing LLC Series 2019-2, Class A2, 2.29%, 2/20/2025(b)		1,200,000		1,200,280
Ford Credit Floorplan Master Owner Trust A Series 2019-1, Class A, 2.84%, 3/15/2024		500,000		507,699
GM Financial Automobile Leasing Trust Series 2018-3, Class A2A, 2.89%, 9/21/2020		299,842		300,185
GM Financial Consumer Automobile Receivables Trust Series 2018-3, Class A2A, 2.74%, 7/16/2021		1,015,113		1,016,188
Series 2019-1, Class A2, 2.99%, 3/16/2022		1,693,267		1,698,066
Honda Auto Receivables Owner Trust Series 2018-2, Class A2, 2.66%, 12/18/2020		1,444,491		1,445,416
Hyundai Auto Receivables Trust Series 2017-A, Class A3, 1.76%, 8/16/2021		790,742		789,693
Nissan Auto Lease Trust Series 2019-B, Class A2A, 2.27%, 1/15/2021		2,000,000		1,998,862
Nissan Auto Receivables Owner Trust Series 2019-A, Class A2A, 2.82%, 1/18/2022		2,500,000		2,509,766
Santander Drive Auto Receivables Trust Series 2018-4, Class A2, 2.73%, 3/15/2021		127,104		127,108
Series 2019-1, Class A2A, 2.91%, 1/18/2022		974,987		976,476
Synchrony Card Funding LLC Series 2019-A1, Class A, 2.95%, 3/15/2025		2,000,000		2,035,381
Volkswagen Auto Loan Enhanced Trust Series 2018-1, Class A2A, 2.81%, 7/20/2021		639,838		641,240
World Financial Network Credit Card Master Trust Series 2019-B, Class A, 2.49%, 4/15/2026		1,000,000		1,005,775
TOTAL ASSET-BACKED SECURITIES (Cost $23,137,538)				23,226,536
Investments	Principal Amount ($)		Value ($)
FOREIGN GOVERNMENT SECURITIES - 1.2%
Svensk Exportkredit AB (ICE LIBOR USD 3 Month + 0.05%), 2.48%, 12/14/2020(a) (Cost $3,000,000)		3,000,000		3,000,472

Investments	Principal Amount ($)		Value ($)
U.S. TREASURY OBLIGATIONS - 0.2%
U.S. Treasury Notes 1.50%, 11/30/2019 (Cost $597,696)		600,000		598,594
Investments	Principal Amount ($)		Value ($)
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.1%
Holmes Master Issuer plc Series 2018-1A, Class A2, 2.66%, 10/15/2054(b)(f) (Cost $308,572)		308,571		308,723
Investments	Principal Amount ($)		Value ($)
SHORT-TERM INVESTMENTS - 1.6%
U.S. GOVERNMENT AGENCY SECURITIES - 1.6%
FHLB Discount Notes 2.15%, 8/1/2019(g) (Cost $4,000,000)		4,000,000		4,000,000
Total Investments - 99.6% (Cost $253,870,075)				254,711,606
Other Assets Less Liabilities - 0.4%				1,060,470
Net Assets - 100.0%				255,772,076

(a) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of July 31, 2019.

(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) Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end.

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

(e) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of July 31, 2019.

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Ready Access Variable Income Fund (cont.)

(f) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of July 31, 2019.

(g) The rate shown was the current yield as of July 31, 2019.

Percentages shown are based on Net Assets.

Abbreviations
FHLB	Federal Home Loan Bank
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
USD	US Dollar

FlexShares^® Ready Access Variable Income Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of July 31, 2019:

Australia	2.4	%
Canada	5.6
Finland	0.6
France	2.2
Germany	3.9
Japan	2.4
Netherlands	0.6
Singapore	0.5
Sweden	3.2
Switzerland	0.1
United Kingdom	3.8
United States	74.3
Other1	0.4
	100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® Core Select Bond Fund

July 31, 2019 (Unaudited)

Investments	Shares		Value ($)
EXCHANGE TRADED FUNDS - 98.9%
FlexShares® Credit-Scored US Corporate Bond Index Fund(a)		107,616		5,579,890
iShares 20+ Year Treasury Bond ETF		12,747		1,693,949
iShares 3-7 Year Treasury Bond ETF		24,415		3,060,420
iShares 7-10 Year Treasury Bond ETF		6,148		675,481
iShares Long-Term Corporate Bond ETF		33,693		2,157,699
iShares MBS ETF		64,623		6,961,836
iShares Short-Term Corporate Bond ETF		20,032		1,069,108
TOTAL EXCHANGE TRADED FUNDS (Cost $20,454,960)				21,198,383
Investments	Principal Amount ($)		Value ($)
SHORT-TERM INVESTMENTS - 0.8%
U.S. TREASURY OBLIGATIONS - 0.8%
U.S. Treasury Bills 2.40%, 10/24/2019(b)(c) (Cost $164,086)		165,000		164,221
Total Investments - 99.7% (Cost $20,619,046)				21,362,604
Other Assets Less Liabilities - 0.3%				70,191
Net Assets - 100.0%				21,432,795

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

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

(c) The rate shown was the current yield as of July 31, 2019.

Percentages shown are based on Net Assets.

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Core Select Bond Fund (cont.)

For the period ended July 31, 2019, 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 July 31, 2019, was as follows:    

Security	Value October 31, 2018		Purchases at Cost		Sales Proceeds		Shares July 31, 2019		Value July 31, 2019		Change in Unrealized Appreciation (Depreciation)			Dividend Income		Realized Gain/ (Loss)
FlexShares® Credit-Scored US Corporate Bond Index Fund	$	10,633,465	$	4,998,943	$	10,567,904		107,616	$	5,579,890	$	372,154		$	213,613	$	143,232
FlexShares® Credit-Scored US Long Corporate Bond Index Fund		5,822,971		916,435		6,927,638		—		—		381,384			86,653		(193,152	)
FlexShares® Disciplined Duration MBS Index Fund		13,730,880		2,710,934		16,661,669		—		—		324,334			247,304		(104,479	)
FlexShares® Ready Access Variable Income Fund		1,012,975		953,305		1,966,795		—		—		(1,414	)		17,923		1,929
	$	31,200,291	$	9,579,617	$	36,124,006		107,616	$	5,579,890	$	1,076,458		$	565,493	$	(152,470	)

Futures Contracts     

FlexShares^® Core Select Bond Fund had the following open futures contracts as of July 31, 2019:    

	Number of Contracts	Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Depreciation
Long Contracts
U.S. Treasury 2 Year Note	7		09/30/2019	USD	$	1,500,844	$	(6,643	)

Abbreviations:
USD	—	US Dollar

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Trust

Notes to the Schedules of Investments

July 31, 2019 (Unaudited)

Investment Valuation

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 July 31, 2019 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*	$	3,808,189		$	—	$	—	$	3,808,189
Short-Term Investments		—			9,909		—		9,909
Total Investments	$	3,808,189		$	9,909	$	—	$	3,818,098
Other Financial Instruments
Liabilities
Futures Contracts	$	(1,765	)	$	—	$	—	$	(1,765	)
Total Other Financial Instruments	$	(1,765	)	$	—	$	—	$	(1,765	)
	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*	$	4,830,443		$	—	$	—	$	4,830,443
Total Investments	$	4,830,443		$	—	$	—	$	4,830,443
Other Financial Instruments
Liabilities
Futures Contracts	$	(1,912	)	$	—	$	—	$	(1,912	)
Total Other Financial Instruments	$	(1,912	)	$	—	$	—	$	(1,912	)

	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
FlexShares® Emerging Markets Quality Low Volatility Index Fund
Investments
Common Stocks*	$	4,805,914		$	—		$	—	$	4,805,914
Total Investments	$	4,805,914		$	—		$	—	$	4,805,914
Other Financial Instruments
Liabilities
Futures Contracts	$	(3,114	)	$	—		$	—	$	(3,114	)
Total Other Financial Instruments	$	(3,114	)	$	—		$	—	$	(3,114	)
	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
FlexShares® Morningstar US Market Factor Tilt Index Fund
Investments
Common Stocks*	$	1,415,383,253		$	—		$	—	$	1,415,383,253
Rights		—			—			6,522		6,522
Securities Lending Reinvestments
Certificates of Deposit		—			28,501,727			—		28,501,727
Commercial Paper		—			9,492,403			—		9,492,403
Repurchase Agreements		—			64,748,903			—		64,748,903
Total Investments	$	1,415,383,253		$	102,743,033		$	6,522	$	1,518,132,808
Other Financial Instruments
Assets
Futures Contracts	$	343,430		$	—		$	—	$	343,430
Total Other Financial Instruments	$	343,430		$	—		$	—	$	343,430
	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	$	66,532		$	—		$	—	$	66,532
Common Stocks
Construction & Engineering		22,376,774			826			—		22,377,600
Electric Utilities		13,248,874			38,368			—		13,287,242
Health Care Providers & Services		5,311,519			35,082			—		5,346,601
Insurance		46,557,810			215,365			—		46,773,175
Oil, Gas & Consumable Fuels		56,076,974			9,609			—		56,086,583
Pharmaceuticals		39,973,492			9			—		39,973,501
Other*		763,198,789			—			—		763,198,789
Rights		—			—			21,757		21,757
Warrants		—			—			—		—
Securities Lending Reinvestments
Repurchase Agreements		—			11,213,532			—		11,213,532
Total Investments	$	946,810,764		$	11,512,791		$	21,757	$	958,345,312
Other Financial Instruments
Assets
Futures Contracts	$	414,518		$	—		$	—	$	414,518
Forward Foreign Currency Contracts		—			14,890			—		14,890
Liabilities
Futures Contracts		(7,496	)		—			—		(7,496	)
Forward Foreign Currency Contracts		—			(63,806	)		—		(63,806	)
Total Other Financial Instruments	$	407,022		$	(48,916	)	$	—	$	358,106

	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
Banks	$	78,892,415		$	230,713		$	—	$	79,123,128
Beverages		3,028,589			3,595			—		3,032,184
Capital Markets		11,033,932			130,764			—		11,164,696
Electronic Equipment, Instruments & Components		17,161,311			3,260			—		17,164,571
Entertainment		2,744,651			30,879			—		2,775,530
Equity Real Estate Investment Trusts (REITs)		5,607,745			81,249			—		5,688,994
Food & Staples Retailing		5,339,230			841			—		5,340,071
Food Products		9,330,737			146,805			—		9,477,542
Health Care Equipment & Supplies		447,412			2,782			—		450,194
Hotels, Restaurants & Leisure		2,722,791			1,769			—		2,724,560
Industrial Conglomerates		9,901,752			3,971			—		9,905,723
Oil, Gas & Consumable Fuels		31,314,610			2,066			—		31,316,676
Pharmaceuticals		4,236,242			272,613			—		4,508,855
Real Estate Management & Development		30,553,899			64,784			—		30,618,683
Textiles, Apparel & Luxury Goods		6,266,548			184,846			—		6,451,394
Other*		299,110,763			—			—		299,110,763
Corporate Bonds*		—			9,703			—		9,703
Rights		5			2,906			—		2,911
Securities Lending Reinvestments
Repurchase Agreements		—			1,634,886			—		1,634,886
Total Investments	$	517,692,632		$	2,808,432		$	—	$	520,501,064
Other Financial Instruments
Assets
Forward Foreign Currency Contracts	$	—		$	3,078		$	—	$	3,078
Liabilities
Futures Contracts		(22,647	)		—			—		(22,647	)
Forward Foreign Currency Contracts		—			(16,548	)		—		(16,548	)
Total Other Financial Instruments	$	(22,647	)	$	(13,470	)	$	—	$	(36,117	)
	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
FlexShares® Currency Hedged Morningstar DM ex-US Factor Tilt Index Fund
Investments
Exchange Traded Funds	$	8,032,331		$	—		$	—	$	8,032,331
Total Investments	$	8,032,331		$	—		$	—	$	8,032,331
Other Financial Instruments
Assets
Forward Foreign Currency Contracts	$	—		$	92,147		$	—	$	92,147
Liabilities
Forward Foreign Currency Contracts		—			(932	)		—		(932	)
Total Other Financial Instruments	$	—		$	91,215		$	—	$	91,215

	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
FlexShares® Currency Hedged Morningstar EM Factor Tilt Index Fund
Investments
Exchange Traded Funds	$	5,379,428		$	—		$	—	$	5,379,428
Total Investments	$	5,379,428		$	—		$	—	$	5,379,428
Other Financial Instruments
Assets
Futures Contracts	$	474		$	—		$	—	$	474
Forward Foreign Currency Contracts		—			25,112			—		25,112
Liabilities
Forward Foreign Currency Contracts		—			(2,924	)		—		(2,924	)
Total Other Financial Instruments	$	474		$	22,188		$	—	$	22,662
	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*	$	47,828,962		$	—		$	—	$	47,828,962
Securities Lending Reinvestments
Repurchase Agreements		—			906,464			—		906,464
Total Investments	$	47,828,962		$	906,464		$	—	$	48,735,426
	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
FlexShares® STOXX® US ESG Impact Index Fund
Investments
Common Stocks*	$	50,961,761		$	—		$	—	$	50,961,761
Securities Lending Reinvestments
Repurchase Agreements		—			24,326			—		24,326
Total Investments	$	50,961,761		$	24,326		$	—	$	50,986,087
Other Financial Instruments
Assets
Futures Contracts	$	9,897		$	—		$	—	$	9,897
Total Other Financial Instruments	$	9,897		$	—		$	—	$	9,897
	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
FlexShares® STOXX® Global ESG Impact Index Fund
Investments
Common Stocks
Electric Utilities	$	698,150		$	3,635		$	—	$	701,785
Other*		82,682,118			—			—		82,682,118
Securities Lending Reinvestments
Repurchase Agreements		—			122,627			—		122,627
Total Investments	$	83,380,268		$	126,262		$	—	$	83,506,530
Other Financial Instruments
Assets
Futures Contracts	$	11,802		$	—		$	—	$	11,802
Liabilities
Futures Contracts		(2,900	)		—			—		(2,900	)
Total Other Financial Instruments	$	8,902		$	—		$	—	$	8,902

	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*	$	5,560,832,449		$	—		$	—	$	5,560,832,449
Securities Lending Reinvestments
Certificates of Deposit		—			62,494,885			—		62,494,885
Commercial Paper		—			23,971,126			—		23,971,126
Funding Agreements		—			3,000,000			—		3,000,000
Repurchase Agreements		—			110,103,756			—		110,103,756
Total Investments	$	5,560,832,449		$	199,569,767		$	—	$	5,760,402,216
Other Financial Instruments
Assets
Futures Contracts	$	807,497		$	—		$	—	$	807,497
Forward Foreign Currency Contracts		—			417,752			—		417,752
Liabilities
Futures Contracts		(34,488	)		—			—		(34,488	)
Forward Foreign Currency Contracts		—			(502,010	)		—		(502,010	)
Total Other Financial Instruments	$	773,009		$	(84,258	)	$	—	$	688,751
	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
Commercial Services & Supplies	$	44,425,862		$	168,892		$	—	$	44,594,754
Electric Utilities		156,997,498			685,638			—		157,683,136
Other*		1,062,506,256			—			—		1,062,506,256
Securities Lending Reinvestments
Repurchase Agreements		—			22,316,121			—		22,316,121
Total Investments	$	1,263,929,616		$	23,170,651		$	—	$	1,287,100,267
Other Financial Instruments
Assets
Futures Contracts	$	246,315		$	—		$	—	$	246,315
Forward Foreign Currency Contracts		—			47,099			—		47,099
Liabilities
Forward Foreign Currency Contracts		—			(27,217	)		—		(27,217	)
Total Other Financial Instruments	$	246,315		$	19,882		$	—	$	266,197
	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*	$	337,615,263		$	—		$	—	$	337,615,263
Securities Lending Reinvestments
Repurchase Agreements		—			12,879,541			—		12,879,541
Total Investments	$	337,615,263		$	12,879,541		$	—	$	350,494,804
Other Financial Instruments
Assets
Futures Contracts	$	56,434		$	—		$	—	$	56,434
Forward Foreign Currency Contracts		—			6,164			—		6,164
Liabilities
Futures Contracts		(7,496	)		—			—		(7,496	)
Forward Foreign Currency Contracts		—			(3,202	)		—		(3,202	)
Total Other Financial Instruments	$	48,938		$	2,962		$	—	$	51,900

	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	$	10,244,699	$	—	$	—	$	10,244,699
Total Investments	$	10,244,699	$	—	$	—	$	10,244,699
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
FlexShares® Quality Dividend Index Fund
Investments
Common Stocks*	$	1,655,197,782	$	—	$	—	$	1,655,197,782
Securities Lending Reinvestments
Certificates of Deposit		—		64,698,315		—		64,698,315
Commercial Paper		—		19,475,668		—		19,475,668
Repurchase Agreements		—		126,652,257		—		126,652,257
Total Investments	$	1,655,197,782	$	210,826,240	$	—	$	1,866,024,022
Other Financial Instruments
Assets
Futures Contracts	$	288,972	$	—	$	—	$	288,972
Total Other Financial Instruments	$	288,972	$	—	$	—	$	288,972
	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*	$	403,985,027	$	—	$	—	$	403,985,027
Securities Lending Reinvestments
Repurchase Agreements		—		25,524,686		—		25,524,686
Total Investments	$	403,985,027	$	25,524,686	$	—	$	429,509,713
Other Financial Instruments
Assets
Futures Contracts	$	94,547	$	—	$	—	$	94,547
Total Other Financial Instruments	$	94,547	$	—	$	—	$	94,547
	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*	$	53,010,382	$	—	$	—	$	53,010,382
Securities Lending Reinvestments
Repurchase Agreements		—		4,302,596		—		4,302,596
Total Investments	$	53,010,382	$	4,302,596	$	—	$	57,312,978
Other Financial Instruments
Assets
Futures Contracts	$	13,880	$	—	$	—	$	13,880
Total Other Financial Instruments	$	13,880	$	—	$	—	$	13,880

	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*	$	777,871,789		$	—		$	—	$	777,871,789
Securities Lending Reinvestments
Repurchase Agreements		—			10,008,048			—		10,008,048
Total Investments	$	777,871,789		$	10,008,048		$	—	$	787,879,837
Other Financial Instruments
Assets
Futures Contracts	$	241,268		$	—		$	—	$	241,268
Forward Foreign Currency Contracts		—			86,480			—		86,480
Liabilities
Futures Contracts		(7,495	)		—			—		(7,495	)
Forward Foreign Currency Contracts		—			(75,295	)		—		(75,295	)
Total Other Financial Instruments	$	233,773		$	11,185		$	—	$	244,958
	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*	$	83,081,911		$	—		$	—	$	83,081,911
Securities Lending Reinvestments
Repurchase Agreements		—			318,784			—		318,784
Total Investments	$	83,081,911		$	318,784		$	—	$	83,400,695
Other Financial Instruments
Assets
Futures Contracts	$	3,260		$	—		$	—	$	3,260
Forward Foreign Currency Contracts		—			652			—		652
Liabilities
Forward Foreign Currency Contracts		—			(1,009	)		—		(1,009	)
Total Other Financial Instruments	$	3,260		$	(357	)	$	—	$	2,903
	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*	$	42,947,797		$	—		$	—	$	42,947,797
Securities Lending Reinvestments
Repurchase Agreements		—			557,765			—		557,765
Total Investments	$	42,947,797		$	557,765		$	—	$	43,505,562
Other Financial Instruments
Liabilities
Futures Contracts	$	(2,240	)	$	—		$	—	$	(2,240	)
Total Other Financial Instruments	$	(2,240	)	$	—		$	—	$	(2,240	)

	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	$	—	$	1,230,927,532	$	—	$	1,230,927,532
Total Investments	$	—	$	1,230,927,532	$	—	$	1,230,927,532
	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	$	—	$	556,767,265	$	—	$	556,767,265
Total Investments	$	—	$	556,767,265	$	—	$	556,767,265
	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	$	—	$	32,605,662	$	—	$	32,605,662
Total Investments	$	—	$	32,605,662	$	—	$	32,605,662
	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*	$	—	$	92,151,332	$	—	$	92,151,332
Total Investments	$	—	$	92,151,332	$	—	$	92,151,332
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
FlexShares® Credit-Scored US Long Corporate Bond Index Fund
Investments
Asset-Backed Securities	$	—	$	20,605	$	—	$	20,605
Corporate Bonds*		—		19,100,420		—		19,100,420
Total Investments	$	—	$	19,121,025	$	—	$	19,121,025

	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
FlexShares® High Yield Value-Scored Bond Index Fund
Investments
Corporate Bonds*	$	—		$	40,255,984	$	—	$	40,255,984
Total Investments	$	—		$	40,255,984	$	—	$	40,255,984
	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	$	—		$	23,226,536	$	—	$	23,226,536
Collateralized Mortgage Obligations		—			308,723		—		308,723
Corporate Bonds*		—			223,577,281		—		223,577,281
Foreign Government Securities		—			3,000,472		—		3,000,472
U.S. Treasury Obligations		—			598,594		—		598,594
Short-Term Investments		—			4,000,000		—		4,000,000
Total Investments	$	—		$	254,711,606	$	—	$	254,711,606
	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	$	21,198,383		$	—	$	—	$	21,198,383
Short-Term Investments		—			164,221		—		164,221
Total Investments	$	21,198,383		$	164,221	$	—	$	21,362,604
Other Financial Instruments
Liabilities
Futures Contracts	$	(6,643	)	$	—	$	—	$	(6,643	)
Total Other Financial Instruments	$	(6,643	)	$	—	$	—	$	(6,643	)

* See Schedules of Investments for segregation by industry type.