FlexShares Trust NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22555

FlexShares Trust

(Exact name of registrant as specified in charter)

50 South LaSalle Street

Chicago, Illinois 60603

(Address of principal executive offices) (Zip code)

Michael D. Mabry, Esq.

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, Pennsylvania 19103-6996

(Name and Address of Agent for Service)

with a copy to:

Himanshu Surti

Jose Del Real, Esq.

Northern Trust Investments, Inc.

50 South LaSalle Street

Chicago, Illinois 60603

(Name and Address of Agent for Service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2024

Item 1. Reports to Stockholders.

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

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FlexShares^® Trust

Semiannual Report

April 30, 2024

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Table of Contents



Statements of Assets and Liabilities			2

Statements of Operations			10

Statements of Changes in Net Assets			18

Financial Highlights			33

Schedules of Investments			63

FlexShares^® US Quality Low Volatility Index Fund			63

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund			67

FlexShares^® Emerging Markets Quality Low Volatility Index Fund			73

FlexShares^® Morningstar US Market Factor Tilt Index Fund			79

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund			114

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund			155

FlexShares^® US Quality Large Cap Index Fund			208

FlexShares^® STOXX^® US ESG Select Index Fund			213

FlexShares^® STOXX^® Global ESG Select Index Fund			219

FlexShares^® ESG & Climate US Large Cap Core Index Fund			234

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund			238

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund			245

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund			252

FlexShares^® Global Quality Real Estate Index Fund			259

FlexShares^® Real Assets Allocation Index Fund			264

FlexShares^® Quality Dividend Index Fund			265

FlexShares^® Quality Dividend Defensive Index Fund			271

FlexShares^® International Quality Dividend Index Fund			276

FlexShares^® International Quality Dividend Defensive Index Fund			284

FlexShares^® International Quality Dividend Dynamic Index Fund			291

FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund			297

FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund			298

FlexShares^® Disciplined Duration MBS Index Fund			299

FlexShares^® Credit-Scored US Corporate Bond Index Fund			304

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund			332

FlexShares^® High Yield Value-Scored Bond Index Fund			348

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund			371

FlexShares^® Ultra-Short Income Fund			386

FlexShares^® Core Select Bond Fund			398

Notes to the Financial Statements			400

Fund Expenses			441

Liquidity Risk Management Program			445

For More Information			446

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FlexShares^® Trust

Statements of Assets and Liabilities April 30, 2024 (Unaudited)


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

ASSETS
Securities, at cost	$	133,356,338	$	43,535,670	$	11,290,670		$	841,081,554
Affiliate securities, at cost		—		—		—			480,744
Securities Lending Reinvestments, at cost		1,162,321		590,125		—			167,840,719

Securities, at value†		153,387,049		45,733,516		11,991,311			1,525,411,554
Affiliate securities, at value		—		—		—			537,182
Securities Lending Reinvestments, at value		1,162,321		590,125		—			167,846,905
Cash		487,871		223,861		24,278			9,808,452
Cash segregated at broker*		2,168		83,577		8,322			897,507
Foreign cash††		—		506,000		16,830			—
Due from Authorized Participant		—		—		—			—
Unrealized appreciation on forward foreign currency contracts		—		23,517		277			—
Receivables:
Dividends and interest		136,279		420,836		21,131			885,912
Securities lending income		916		604		—			41,398
Capital shares issued		—		—		—			—
Investment adviser		2,228		1,668		189			15,586
Securities sold		—		—		—			—
Variation margin on futures contracts		—		—		—			—

Total Assets		155,178,832		47,583,704		12,062,338			1,705,444,496


LIABILITIES
Cash overdraft		—		—		—			—
Unrealized depreciation on forward foreign currency contracts		—		1,969		7			—
Due to brokers		—		—		—			—
Payables:
Cash collateral received from securities loaned		1,162,321		590,125		—			167,840,880
Deferred compensation (Note 8)		11,859		5,542		1,014			197,883
Investment advisory fees (Note 4)		21,833		12,289		3,925			320,567
Trustee fees (Note 8)		2,937		1,083		214			21,391
Securities purchased		—		—		—			—
Deferred non-US capital gains taxes		—		—		34,834			—
Due to Authorized Participant		—		—		—			—
Variation margin on futures contracts		11,758		32,651		701			310,404
Capital shares redeemed		—		—		—			1,708
Other		1,050		4,500		4,000			7,500

Total Liabilities		1,211,758		648,159		44,695			168,700,333

Net Assets	$	153,967,074	$	46,935,545	$	12,017,643		$	1,536,744,163


NET ASSETS CONSIST OF:
Paid-in capital	$	126,016,034	$	46,227,040	$	12,670,363		$	846,716,177
Distributable earnings (loss)		27,951,040		708,505		(652,720	)		690,027,986

Net Assets	$	153,967,074	$	46,935,545	$	12,017,643		$	1,536,744,163


Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		2,625,001		1,800,001		500,001			8,150,001
Net Asset Value	$	58.65	$	26.08	$	24.04		$	188.56

† Securities on loan, at value	$	10,182,966	$	1,165,528	$	—		$	218,274,137
†† Cost of foreign cash	$	—	$	510,380	$	15,585		$	—

*	Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30/24.

See Accompanying Notes to the Financial Statements.


2		FLEXSHARES SEMIANNUAL REPORT

Statements of Assets and Liabilities (cont.)


	FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund			FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund			FlexShares^® US Quality Large Cap Index Fund		FlexShares^® STOXX^® US ESG Select Index Fund
ASSETS
Securities, at cost	$	409,715,008		$	224,753,356		$	158,491,906	$	160,048,272
Affiliate securities, at cost		—			—			—		53,804
Securities Lending Reinvestments, at cost		11,519,442			1,688,860			674,343		—

Securities, at value†		507,399,051			261,661,171			192,155,555		190,415,720
Affiliate securities, at value		—			—			—		58,003
Securities Lending Reinvestments, at value		11,519,442			1,688,860			674,343		—
Cash		1,171,352			—			1,204,809		2,385,514
Cash segregated at broker*		824,290			40,893			118,445		229,898
Foreign cash††		5,368,700			531,184			—		—
Due from Authorized Participant		—			—			—		—
Unrealized appreciation on forward foreign currency contracts		—			29,791			—		—
Receivables:
Dividends and interest		4,387,103			589,235			116,630		111,746
Securities lending income		36,695			9,723			431		382
Capital shares issued		—			—			2,875,376		—
Investment adviser		25,859			4,120			1,747		1,977
Securities sold		—			1			—		—
Variation margin on futures contracts		15,002			—			—		—

Total Assets		530,747,494			264,554,978			197,147,336		193,203,240


LIABILITIES
Cash overdraft		—			594,773			—		—
Unrealized depreciation on forward foreign currency contracts		36,460			4,460			—		—
Due to brokers		—			—			—		—
Payables:
Cash collateral received from securities loaned		11,519,442			1,688,860			674,343		—
Deferred compensation (Note 8)		104,089			51,478			10,761		12,888
Investment advisory fees (Note 4)		166,029			122,803			39,512		51,574
Trustee fees (Note 8)		7,542			3,477			2,200		2,659
Securities purchased		—			—			2,846,386		—
Deferred non-US capital gains taxes		—			2,070,602			—		—
Due to Authorized Participant		—			—			—		—
Variation margin on futures contracts		—			2,083			33,082		65,995
Capital shares redeemed		—			—			—		—
Other		—			25,000			4,000		1,050

Total Liabilities		11,833,562			4,563,536			3,610,284		134,166

Net Assets	$	518,913,932		$	259,991,442		$	193,537,052	$	193,069,074


NET ASSETS CONSIST OF:
Paid-in capital	$	546,772,248		$	306,351,769		$	162,489,149	$	159,522,142
Distributable earnings (loss)		(27,858,316	)		(46,360,327	)		31,047,903		33,546,932

Net Assets	$	518,913,932		$	259,991,442		$	193,537,052	$	193,069,074


Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		7,400,001			5,000,001			3,425,001		1,600,001
Net Asset Value	$	70.12		$	52.00		$	56.51	$	120.67

† Securities on loan, at value	$	53,613,492		$	8,695,202		$	14,147,261	$	11,345,218
†† Cost of foreign cash	$	5,418,274		$	454,431		$	—	$	—

*	Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30/24.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			3

Statements of Assets and Liabilities (cont.)


	FlexShares^® STOXX^® Global ESG Select Index Fund		FlexShares^® ESG & Climate US Large Cap Core Index Fund		FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund		FlexShares^® Morningstar Global Upstream Natural Resources Index Fund
ASSETS
Securities, at cost	$	126,799,414	$	37,539,226	$	42,953,363	$	5,940,965,593
Affiliate securities, at cost		—		—		—		—
Securities Lending Reinvestments, at cost		490,153		—		850,843		231,842,174

Securities, at value†		169,685,177		43,271,404		47,702,547		6,540,979,311
Affiliate securities, at value		—		—		—		—
Securities Lending Reinvestments, at value		490,153		—		850,843		231,849,752
Cash		1,440,708		491,350		435,233		11,383,036
Cash segregated at broker*		182,080		5,112		79,319		3,048,652
Foreign cash††		192,606		—		247,039		8,996,798
Due from Authorized Participant		—		—		—		—
Unrealized appreciation on forward foreign currency contracts		11,469		—		15,618		273,401
Receivables:
Dividends and interest		486,898		26,975		304,926		6,605,342
Securities lending income		2,221		113		332		61,577
Capital shares issued		—		—		—		—
Investment adviser		11,463		436		479		95,277
Securities sold		—		—		—		22,304
Variation margin on futures contracts		—		—		—		—

Total Assets		172,502,775		43,795,390		49,636,336		6,803,315,450

LIABILITIES
Cash overdraft		—		—		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		2,146		375,580
Due to brokers		—		—		—		—
Payables:
Cash collateral received from securities loaned		490,153		—		850,843		231,842,335
Deferred compensation (Note 8)		13,708		1,222		1,292		762,819
Investment advisory fees (Note 4)		60,300		1,283		4,793		2,495,401
Trustee fees (Note 8)		2,399		520		548		109,974
Securities purchased		—		—		—		—
Deferred non-US capital gains taxes		—		—		—		—
Due to Authorized Participant		—		—		—		22,304
Variation margin on futures contracts		53,647		13,115		28,859		139,480
Capital shares redeemed		—		—		—		—
Other		6,000		500		—		34,500

Total Liabilities		626,207		16,640		888,481		235,782,393

Net Assets	$	171,876,568	$	43,778,750	$	48,747,855	$	6,567,533,057

NET ASSETS CONSIST OF:
Paid-in capital	$	127,030,972	$	37,264,143	$	45,947,193	$	6,895,895,073
Distributable earnings (loss)		44,845,596		6,514,607		2,800,662		(328,362,016	)

Net Assets	$	171,876,568	$	43,778,750	$	48,747,855	$	6,567,533,057

Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		1,100,001		775,000		1,000,000		157,800,001
Net Asset Value	$	156.25	$	56.49	$	48.75	$	41.62

† Securities on loan, at value	$	9,204,618	$	1,617,736	$	1,752,858	$	454,667,711
†† Cost of foreign cash	$	193,617	$	—	$	248,576	$	7,162,572

*	Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30/24.

See Accompanying Notes to the Financial Statements.


4		FLEXSHARES SEMIANNUAL REPORT

Statements of Assets and Liabilities (cont.)


	FlexShares^® STOXX^® Global Broad Infrastructure Index Fund			FlexShares^® Global Quality Real Estate Index Fund			FlexShares^® Real Assets Allocation Index Fund			FlexShares^® Quality Dividend Index Fund

ASSETS
Securities, at cost	$	2,113,731,102		$	298,595,505		$	—		$	1,338,164,432
Affiliate securities, at cost		—			—			9,229,789			—
Securities Lending Reinvestments, at cost		33,094,387			7,355,984			—			96,668,389

Securities, at value†		2,166,440,190			298,318,626			—			1,649,741,316
Affiliate securities, at value		—			—			8,281,474			—
Securities Lending Reinvestments, at value		33,094,387			7,355,984			—			96,671,035
Cash		1,516,005			3,900,095			6,056			4,960,105
Cash segregated at broker*		1,726,468			629,900			—			585,304
Foreign cash††		5,300,182			1,403,847			—			—
Due from Authorized Participant		—			—			—			—
Unrealized appreciation on forward foreign currency contracts		42,749			2,125			—			—
Receivables:
Dividends and interest		7,119,041			1,453,362			—			1,609,965
Securities lending income		48,239			6,406			—			16,019
Capital shares issued		—			—			—			—
Investment adviser		181,519			4,114			420			17,467
Securities sold		631,328			—			639,011			—
Variation margin on futures contracts		—			—			—			—

Total Assets		2,216,100,108			313,074,459			8,926,961			1,753,601,211


LIABILITIES
Cash overdraft		—			—			—			—
Unrealized depreciation on forward foreign currency contracts		—			5,270			—			—
Due to brokers		—			—			—			—
Payables:
Cash collateral received from securities loaned		33,094,387			7,355,984			—			96,668,470
Deferred compensation (Note 8)		228,920			38,686			1,408			226,836
Investment advisory fees (Note 4)		854,341			111,813			—			513,655
Trustee fees (Note 8)		34,317			4,528			319			23,711
Securities purchased		—			—			641,242			—
Deferred non-US capital gains taxes		1,093,951			—			—			—
Due to Authorized Participant		631,328			—			—			—
Variation margin on futures contracts		97,412			59,851			—			187,042
Capital shares redeemed		—			—			—			—
Other		14,000			4,000			—			5,650

Total Liabilities		36,048,656			7,580,132			642,969			97,625,364

Net Assets	$	2,180,051,452		$	305,494,327		$	8,283,992		$	1,655,975,847


NET ASSETS CONSIST OF:
Paid-in capital	$	2,351,196,918		$	377,853,827		$	11,324,435		$	1,431,805,867
Distributable earnings (loss)		(171,145,466	)		(72,359,500	)		(3,040,443	)		224,169,980

Net Assets	$	2,180,051,452		$	305,494,327		$	8,283,992		$	1,655,975,847


Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		41,700,001			5,700,001			275,001			26,467,921
Net Asset Value	$	52.28		$	53.60		$	30.12		$	62.57

† Securities on loan, at value	$	158,923,673		$	36,000,523		$	—		$	148,088,786
†† Cost of foreign cash	$	5,304,147		$	1,432,707		$	—		$	—

*	Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30/24.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			5

Statements of Assets and Liabilities (cont.)


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

ASSETS
Securities, at cost	$	282,858,595	$	486,388,161		$	21,724,428		$	64,434,461
Affiliate securities, at cost		—		—			—			—
Securities Lending Reinvestments, at cost		18,491,349		20,997,114			1,049,261			2,313,825

Securities, at value†		345,873,435		547,494,660			22,777,608			70,023,439
Affiliate securities, at value		—		—			—			—
Securities Lending Reinvestments, at value		18,491,349		20,997,114			1,049,261			2,313,825
Cash		2,083,907		3,733,421			177,707			777,623
Cash segregated at broker*		217,479		709,914			101,248			137,860
Foreign cash††		—		4,762,792			429,143			316,091
Due from Authorized Participant		—		—			—			—
Unrealized appreciation on forward foreign currency contracts		—		225,474			10,002			16,332
Receivables:
Dividends and interest		352,104		3,823,727			257,415			563,132
Securities lending income		2,613		7,351			412			2,493
Capital shares issued		—		—			—			—
Investment adviser		3,575		29,787			1,194			11,319
Securities sold		—		—			—			2,773,835
Variation margin on futures contracts		—		—			—			—

Total Assets		367,024,462		581,784,240			24,803,990			76,935,949


LIABILITIES
Cash overdraft		—		—			—			—
Unrealized depreciation on forward foreign currency contracts		—		19,973			—			1,078
Due to brokers		—		—			—			—
Payables:
Cash collateral received from securities loaned		18,491,349		20,997,114			1,049,261			2,313,825
Deferred compensation (Note 8)		51,529		87,003			10,325			7,985
Investment advisory fees (Note 4)		107,355		213,708			9,019			29,104
Trustee fees (Note 8)		5,105		7,802			467			1,278
Securities purchased		—		—			—			—
Deferred non-US capital gains taxes		—		1,325,807			69,002			226,079
Due to Authorized Participant		—		—			—			—
Variation margin on futures contracts		59,851		280,538			18,979			34,616
Capital shares redeemed		—		—			—			2,858,444
Other		750		8,500			—			3,500

Total Liabilities		18,715,939		22,940,445			1,157,053			5,475,909

Net Assets	$	348,308,523	$	558,843,795		$	23,646,937		$	71,460,040


NET ASSETS CONSIST OF:
Paid-in capital	$	314,584,421	$	692,473,776		$	50,859,180		$	89,033,125
Distributable earnings (loss)		33,724,102		(133,629,981	)		(27,212,243	)		(17,573,085	)

Net Assets	$	348,308,523	$	558,843,795		$	23,646,937		$	71,460,040


Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		5,675,001		23,200,001			1,100,001			2,500,001
Net Asset Value	$	61.38	$	24.09		$	21.50		$	28.58

† Securities on loan, at value	$	29,555,841	$	49,827,893		$	3,022,656		$	7,616,163
†† Cost of foreign cash	$	—	$	4,803,632		$	430,198		$	315,848

*	Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30/24.

See Accompanying Notes to the Financial Statements.


6		FLEXSHARES SEMIANNUAL REPORT

Statements of Assets and Liabilities (cont.)


	FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund			FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund			FlexShares^® Disciplined Duration MBS Index Fund			FlexShares^® Credit-Scored US Corporate Bond Index Fund

ASSETS
Securities, at cost	$	1,822,461,279		$	819,377,529		$	84,584,103		$	371,183,873
Affiliate securities, at cost		—			—			—			—
Securities Lending Reinvestments, at cost		—			—			—			5,608,828

Securities, at value†		1,776,699,607			779,829,556			78,362,350			365,292,924
Affiliate securities, at value		—			—			—			—
Securities Lending Reinvestments, at value		—			—			—			5,608,828
Cash		6,376,231			2,433,463			1,573,383			1,585,415
Cash segregated at broker*		—			—			—			—
Foreign cash††		—			—			—			—
Due from Authorized Participant		—			—			—			231,988
Unrealized appreciation on forward foreign currency contracts		—			—			—			—
Receivables:
Dividends and interest		2,586,872			1,321,133			255,298			4,003,743
Securities lending income		—			18			—			1,351
Capital shares issued		—			1,159,372			—			—
Investment adviser		18,972			8,425			739			3,044
Securities sold		134,241,876			64,032,901			—			35,534,586
Variation margin on futures contracts		—			—			—			—

Total Assets		1,919,923,558			848,784,868			80,191,770			412,261,879


LIABILITIES
Cash overdraft		—			—			—			—
Unrealized depreciation on forward foreign currency contracts		—			—			—			—
Due to brokers		—			—			—			—
Payables:
Cash collateral received from securities loaned		—			—			—			5,608,828
Deferred compensation (Note 8)		314,839			115,027			9,583			23,418
Investment advisory fees (Note 4)		264,181			115,465			13,006			43,900
Trustee fees (Note 8)		30,317			12,460			1,253			3,988
Securities purchased		139,576,309			67,125,241			1,308,985			34,092,144
Deferred non-US capital gains taxes		—			—			—			—
Due to Authorized Participant		—			—			—			—
Variation margin on futures contracts		—			—			—			—
Capital shares redeemed		—			254			—			—
Other		—			—			800			3,750

Total Liabilities		140,185,646			67,368,447			1,333,627			39,776,028

Net Assets	$	1,779,737,912		$	781,416,421		$	78,858,143		$	372,485,851


NET ASSETS CONSIST OF:
Paid-in capital	$	1,996,275,235		$	875,617,579		$	99,395,302		$	405,666,787
Distributable earnings (loss)		(216,537,323	)		(94,201,158	)		(20,537,159	)		(33,180,936	)

Net Assets	$	1,779,737,912		$	781,416,421		$	78,858,143		$	372,485,851


Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		75,704,000			33,700,001			3,950,001			7,950,001
Net Asset Value	$	23.51		$	23.19		$	19.96		$	46.85

† Securities on loan, at value	$	—		$	472,974		$	—		$	7,434,931
†† Cost of foreign cash	$	—		$	—		$	—		$	—

*	Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30/24.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			7

Statements of Assets and Liabilities (cont.)


	FlexShares^® Credit-Scored US Long Corporate Bond Index Fund			FlexShares^® High Yield Value- Scored Bond Index Fund			FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund			FlexShares^® Ultra-Short Income Fund

ASSETS
Securities, at cost	$	32,761,580		$	1,338,274,000		$	41,027,784		$	1,133,581,672
Affiliate securities, at cost		—			—			—			—
Securities Lending Reinvestments, at cost		—			23,282,459			—			—

Securities, at value†		30,449,187			1,339,030,266			38,589,517			1,134,650,604
Affiliate securities, at value		—			—			—			—
Securities Lending Reinvestments, at value		—			23,282,459			—			—
Cash		248,343			25,457,004			1,046,834			6,426,224
Cash segregated at broker*		—			—			—			—
Foreign cash††		—			—			—			—
Due from Authorized Participant		—			4,827,832			—			—
Due from Custodian		—			1,303,151			—			—
Unrealized appreciation on forward foreign currency contracts		—			—			—			—
Receivables:
Dividends and interest		441,554			24,675,581			455,673			8,839,274
Securities lending income		—			10,425			—			—
Capital shares issued		—			—			—			—
Investment adviser		334			14,529			312			11,229
Securities sold		2,698,531			103,126,549			1,607,093			—
Variation margin on futures contracts		—			—			—			—

Total Assets		33,837,949			1,521,727,796			41,699,429			1,149,927,331


LIABILITIES
Cash overdraft		—			—			—			—
Unrealized depreciation on forward foreign currency contracts		—			—			—			—
Due to brokers		—			—			—			—
Payables:
Cash collateral received from securities loaned		—			23,282,459			—			—
Deferred compensation (Note 8)		4,345			51,632			956			65,544
Investment advisory fees (Note 4)		3,884			425,335			3,949			234,042
Trustee fees (Note 8)		504			17,852			329			15,746
Securities purchased		2,682,023			101,684,057			1,832,178			5,895,460
Deferred non-US capital gains taxes		—			—			—			—
Due to Authorized Participant		—			—			—			—
Variation margin on futures contracts		—			—			—			—
Capital shares redeemed		—			40,380,013			—			—
Other		—			20,750			2,250			1,925

Total Liabilities		2,690,756			165,862,098			1,839,662			6,212,717

Net Assets	$	31,147,193		$	1,355,865,698		$	39,859,767		$	1,143,714,614


NET ASSETS CONSIST OF:
Paid-in capital	$	47,053,815		$	1,515,093,544		$	50,428,048		$	1,138,377,501
Distributable earnings (loss)		(15,906,622	)		(159,227,846	)		(10,568,281	)		5,337,113

Net Assets	$	31,147,193		$	1,355,865,698		$	39,859,767		$	1,143,714,614


Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		750,001			33,600,001			1,000,000			15,160,001
Net Asset Value	$	41.53		$	40.35		$	39.86		$	75.44

† Securities on loan, at value	$	—		$	43,003,744		$	—		$	—
†† Cost of foreign cash	$	—		$	—		$	—		$	—

*	Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30/24.

See Accompanying Notes to the Financial Statements.


8		FLEXSHARES SEMIANNUAL REPORT

Statements of Assets and Liabilities (cont.)


	FlexShares^® Core Select Bond Fund

ASSETS
Securities, at cost	$	129,038,455
Affiliate securities, at cost		47,574,383
Securities Lending Reinvestments, at cost		388,650

Securities, at value†		121,142,094
Affiliate securities, at value		47,111,362
Securities Lending Reinvestments, at value		388,650
Cash		194,570
Cash segregated at broker*		86,468
Foreign cash††		—
Due from Authorized Participant		—
Unrealized appreciation on forward foreign currency contracts		—
Receivables:
Dividends and interest		—
Securities lending income		2,833
Capital shares issued		1,074,837
Investment adviser		1,954
Securities sold		—
Variation margin on futures contracts		—

Total Assets		170,002,768


LIABILITIES
Cash overdraft		—
Unrealized depreciation on forward foreign currency contracts		—
Due to brokers		—
Payables:
Cash collateral received from securities loaned		388,650
Deferred compensation (Note 8)		11,777
Investment advisory fees (Note 4)		41,465
Trustee fees (Note 8)		2,706
Securities purchased		1,073,460
Deferred non-US capital gains taxes		—
Due to Authorized Participant		—
Variation margin on futures contracts		100,805
Capital shares redeemed		—
Other		—

Total Liabilities		1,618,863

Net Assets	$	168,383,905


NET ASSETS CONSIST OF:
Paid-in capital	$	197,998,953
Distributable earnings (loss)		(29,615,048	)

Net Assets	$	168,383,905


Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		7,850,001
Net Asset Value	$	21.45

† Securities on loan, at value	$	423,360
†† Cost of foreign cash	$	—

*	Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30/24.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			9

FlexShares^® Trust

Statements of Operations

For the year ended April 30, 2024 (Unaudited)


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

INVESTMENT INCOME
Dividend income	$	1,977,387		$	970,384		$	228,932		$	13,373,333
Income from non-cash dividends		—			61,112			—			—
Dividend income received from affiliate		—			—			—			10,116
Interest income		991			—			—			—
Securities lending income (net of fees) (Note 2)		9,932			4,297			—			284,152
Foreign withholding tax on dividends		(4,317	)		(108,322	)		(19,201	)		(7,770	)
Foreign withholding tax on interest		—			—			—			—

Total Investment Income		1,983,993			927,471			209,731			13,659,831


EXPENSES
Deferred compensation (Note 7)		966			322			75			7,289
Investment advisory fees		177,254			97,269			32,343			1,893,775
Trustee fees (Note 7)		9,459			3,083			688			69,601
Tax services expense (Note 4)		—			1,211			—			—
Other expenses (Note 4)		879			295			66			6,648

Total Gross Expenses Before Fees Reimbursed		188,558			102,180			33,172			1,977,313


Less:
Investment advisory fees reimbursed (Note 4)		(6,504	)		(3,361	)		(413	)		(44,390	)

Total Net Expenses		182,054			98,819			32,759			1,932,923

Net Investment Income (Loss)		1,801,939			828,652			176,972			11,726,908


NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			(206	)
Transactions in investment securities		(351,181	)		(297,268	)		11,769	⁽¹⁾		3,531,011
In-kind redemptions on investments in affiliated securities		—			—			—			6,042
In-kind redemptions on investments in securities		18,793,464			3,560,426			25,247			44,039,540
Expiration or closing of futures contracts		130,166			119,243			4,747			1,746,018
Settlement of forward foreign currency contracts		—			(11,556	)		(244	)		—
Foreign currency transactions		—			7,304			(28,642	)		—

Net Realized Gain (Loss)		18,572,449			3,378,149			12,877			49,322,405


NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		8,579,297			3,204,773			1,629,806	⁽²⁾		214,919,048	⁽³⁾
Securities lending		—			—			—			(4,869	)
Futures contracts		(13,733	)		48,232			11,917			420,097
Forward foreign currency contracts		—			12,493			270			—
Translation of other assets and liabilities denominated in foreign currencies		—			(2,999	)		136			—

Net Change in Unrealized Appreciation (Depreciation)		8,565,564			3,262,499			1,642,129			215,334,276

Net Realized and Unrealized Gain (Loss)		27,138,013			6,640,648			1,655,006			264,656,681

Net Increase (Decrease) in Net Assets Resulting from Operations	$	28,939,952		$	7,469,300		$	1,831,978		$	276,383,589

⁽¹⁾

Net of non-US capital gains tax of $63,453.

⁽²⁾

Net of deferred non-US capital gains tax of $34,834.

⁽³⁾

Includes $108,995 change in unrealized appreciation on investments in affiliates.

See Accompanying Notes to the Financial Statements.


10		FLEXSHARES SEMIANNUAL REPORT

Statements of Operations (cont.)


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

INVESTMENT INCOME
Dividend income	$	9,078,345		$	3,541,154		$	1,395,481		$	1,475,949
Income from non-cash dividends		—			—			—			—
Dividend income received from affiliate		—			—			—			1,467
Interest income		—			253			—			—
Securities lending income (net of fees) (Note 2)		194,682			45,877			2,944			4,013
Foreign withholding tax on dividends		(886,748	)		(376,342	)		—			(409	)
Foreign withholding tax on interest		—			(3	)		—			—

Total Investment Income		8,386,279			3,210,939			1,398,425			1,481,020


EXPENSES
Deferred compensation (Note 7)		2,481			1,187			826			917
Investment advisory fees		986,640			720,891			220,664			305,628
Trustee fees (Note 7)		23,677			11,329			8,034			8,783
Tax services expense (Note 4)		32,207			2,199			—			—
Other expenses (Note 4)		2,264			1,077			742			977

Total Gross Expenses Before Fees Reimbursed		1,047,269			736,683			230,266			316,305


Less:
Investment advisory fees reimbursed (Note 4)		(47,382	)		(17,053	)		(5,033	)		(5,713	)

Total Net Expenses		999,887			719,630			225,233			310,592

Net Investment Income (Loss)		7,386,392			2,491,309			1,173,192			1,170,428


NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			(1,212	)
Transactions in investment securities		(5,330,485	)		706,961	⁽¹⁾		(1,304,485	)		(1,660,459	)
In-kind redemptions on investments in affiliated securities		—			—			—			529
In-kind redemptions on investments in securities		5,965,677			243,899			5,710,507			11,667,753
Expiration or closing of futures contracts		790,446			9,423			212,537			284,870
Settlement of forward foreign currency contracts		(28,667	)		3,038			—			—
Foreign currency transactions		57,735			(259,504	)		—			—

Net Realized Gain (Loss)		1,454,706			703,817			4,618,559			10,291,481


NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		74,830,878			29,313,501	⁽²⁾		26,824,493			18,899,897	⁽³⁾
Securities lending		—			—			—			—
Futures contracts		343,663			53,255			32,433			50,102
Forward foreign currency contracts		(6,569	)		19,493			—			—
Translation of other assets and liabilities denominated in foreign currencies		(56,052	)		21,531			—			—

Net Change in Unrealized Appreciation (Depreciation)		75,111,920			29,407,780			26,856,926			18,949,999

Net Realized and Unrealized Gain (Loss)		76,566,626			30,111,597			31,475,485			29,241,480

Net Increase (Decrease) in Net Assets Resulting from Operations	$	83,953,018		$	32,602,906		$	32,648,677		$	30,411,908

⁽¹⁾

Net of non-US capital gains tax of $330,177.

⁽²⁾

Net of deferred non-US capital gains tax of $2,061,862.

⁽³⁾

Includes $21,416 change in unrealized appreciation on investments in affiliates.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			11

Statements of Operations (cont.)


	FlexShares^® STOXX^® Global ESG Select Index Fund			FlexShares^® ESG & Climate US Large Cap Core Index Fund			FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund			FlexShares^® Morningstar Global Upstream Natural Resources Index Fund

INVESTMENT INCOME
Dividend income	$	1,904,874		$	313,008		$	768,346		$	121,420,074
Income from non-cash dividends		—			—			—			—
Dividend income received from affiliate		—			—			—			—
Interest income		—			860			—			—
Securities lending income (net of fees) (Note 2)		9,239			649			1,392			402,097
Foreign withholding tax on dividends		(112,297	)		—			(75,328	)		(6,375,649	)
Foreign withholding tax on interest		—			—			—			—

Total Investment Income		1,801,816			314,517			694,410			115,446,522


EXPENSES
Deferred compensation (Note 7)		830			203			221			33,804
Investment advisory fees		363,063			19,188			27,910			15,288,301
Trustee fees (Note 7)		7,943			2,004			2,141			328,553
Tax services expense (Note 4)		15,127			—			—			45,275
Other expenses (Note 4)		746			181			201			31,018

Total Gross Expenses Before Fees Reimbursed		387,709			21,576			30,473			15,726,951


Less:
Investment advisory fees reimbursed (Note 4)		(20,063	)		(1,323	)		(1,399	)		(267,755	)

Total Net Expenses		367,646			20,253			29,074			15,459,196

Net Investment Income (Loss)		1,434,170			294,264			665,336			99,987,326


NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			—
Transactions in investment securities		2,067,484			(246,803	)		(219,006	)		(77,823,467	)
In-kind redemptions on investments in affiliated securities		—			—			—			—
In-kind redemptions on investments in securities		7,034,461			1,492,180			—			246,230,878
Expiration or closing of futures contracts		221,790			71,735			81,668			3,075,437
Settlement of forward foreign currency contracts		12,793			—			(4,402	)		(304,805	)
Foreign currency transactions		(4,431	)		—			289			(1,206,291	)

Net Realized Gain (Loss)		9,332,097			1,317,112			(141,451	)		169,971,752


NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		18,461,830			5,650,568			6,557,600			342,406,249
Securities lending		—			—			—			(3,819	)
Futures contracts		41,607			4,581			(7,383	)		1,708,850
Forward foreign currency contracts		3,713			—			10,274			(80,179	)
Translation of other assets and liabilities denominated in foreign currencies		(1,815	)		—			(1,392	)		1,470,686

Net Change in Unrealized Appreciation (Depreciation)		18,505,335			5,655,149			6,559,099			345,501,787

Net Realized and Unrealized Gain (Loss)		27,837,432			6,972,261			6,417,648			515,473,539

Net Increase (Decrease) in Net Assets Resulting from Operations	$	29,271,602		$	7,266,525		$	7,082,984		$	615,460,865

See Accompanying Notes to the Financial Statements.


12		FLEXSHARES SEMIANNUAL REPORT

Statements of Operations (cont.)


	FlexShares^® STOXX^® Global Broad Infrastructure Index Fund			FlexShares^® Global Quality Real Estate Index Fund			FlexShares^® Real Assets Allocation Index Fund			FlexShares^® Quality Dividend Index Fund

INVESTMENT INCOME
Dividend income	$	35,500,730		$	6,436,458		$	—		$	20,998,060
Income from non-cash dividends		—			—			—			—
Dividend income received from affiliate		—			—			189,487			—
Interest income		—			—			—			—
Securities lending income (net of fees) (Note 2)		687,464			29,525			—			182,386
Foreign withholding tax on dividends		(2,162,966	)		(186,502	)		—			(19,672	)
Foreign withholding tax on interest		—			—			—			—

Total Investment Income		34,025,228			6,279,481			189,487			21,160,774


EXPENSES
Deferred compensation (Note 7)		10,702			1,443			81			8,020
Investment advisory fees		5,160,632			667,146			36,174			3,075,268
Trustee fees (Note 7)		100,295			13,393			760			76,651
Tax services expense (Note 4)		15,582			1,212			—			—
Other expenses (Note 4)		9,749			1,341			77			7,260

Total Gross Expenses Before Fees Reimbursed		5,296,960			684,535			37,092			3,167,199


Less:
Investment advisory fees reimbursed (Note 4)		(79,745	)		(9,646	)		(34,854	)		(48,677	)

Total Net Expenses		5,217,215			674,889			2,238			3,118,522

Net Investment Income (Loss)		28,808,013			5,604,592			187,249			18,042,252


NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			(226,581	)		—
Transactions in investment securities		(10,504,284	)⁽¹⁾		(10,182,982	)		—			(12,769,079	)
In-kind redemptions on investments in affiliated securities		—			—			(1,098,670	)		—
In-kind redemptions on investments in securities		13,240,636			1,098,802			—			68,528,122
Expiration or closing of futures contracts		1,612,483			583,672			—			831,204
Settlement of forward foreign currency contracts		84,347			(7,198	)		—			—
Foreign currency transactions		(26,642	)		(8,646	)		—			—

Net Realized Gain (Loss)		4,406,540			(8,516,352	)		(1,325,251	)		56,590,247


NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		177,646,882	⁽²⁾		41,933,565			2,858,103	⁽³⁾		165,795,930
Securities lending		—			—			—			(3,312	)
Futures contracts		974,246			28,088			—			(83,159	)
Forward foreign currency contracts		(21,277	)		(347	)		—			—
Translation of other assets and liabilities denominated in foreign currencies		15,708			(21,780	)		—			—

Net Change in Unrealized Appreciation (Depreciation)		178,615,559			41,939,526			2,858,103			165,709,459

Net Realized and Unrealized Gain (Loss)		183,022,099			33,423,174			1,532,852			222,299,706

Net Increase (Decrease) in Net Assets Resulting from Operations	$	211,830,112		$	39,027,766		$	1,720,101		$	240,341,958

⁽¹⁾

Net of non-US capital gains tax of $650,644.

⁽²⁾

Net of deferred non-US capital gains tax of $1,093,951.

⁽³⁾

Includes $2,858,103 change in unrealized appreciation on investments in affiliates.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			13

Statements of Operations (cont.)


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

INVESTMENT INCOME
Dividend income	$	4,566,386		$	12,064,233		$	530,181		$	1,484,726
Income from non-cash dividends		—			—			—			—
Dividend income received from affiliate		—			—			—			—
Interest income		—			—			—			—
Securities lending income (net of fees) (Note 2)		39,235			88,282			2,493			10,307
Foreign withholding tax on dividends		(4,122	)		(1,512,637	)		(61,552	)		(189,508	)
Foreign withholding tax on interest		—			—			—			—

Total Investment Income		4,601,499			10,639,878			471,122			1,305,525


EXPENSES
Deferred compensation (Note 7)		1,669			2,641			127			358
Investment advisory fees		640,001			1,275,100			57,287			173,806
Trustee fees (Note 7)		15,860			25,403			1,177			3,203
Tax services expense (Note 4)		—			37,011			1,212			16,346
Other expenses (Note 4)		1,509			2,414			115			323

Total Gross Expenses Before Fees Reimbursed		659,039			1,342,569			59,918			194,036


Less:
Investment advisory fees reimbursed (Note 4)		(10,040	)		(53,112	)		(1,990	)		(18,266	)

Total Net Expenses		648,999			1,289,457			57,928			175,770

Net Investment Income (Loss)		3,952,500			9,350,421			413,194			1,129,755


NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			—
Transactions in investment securities		(1,627,198	)		858,311	⁽¹⁾		637,550	⁽²⁾		888,549	⁽³⁾
In-kind redemptions on investments in affiliated securities		—			—			—			—
In-kind redemptions on investments in securities		9,382,494			2,992,571			454,688			583,929
Expiration or closing of futures contracts		294,206			817,864			75,890			103,001
Settlement of forward foreign currency contracts		—			(44,135	)		1,139			5,143

Foreign currency transactions		—			(39,471	)		(100,283	)		(16,411	)

Net Realized Gain (Loss)		8,049,502			4,585,140			1,068,984			1,564,211


NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		38,988,836			79,855,034	⁽⁴⁾		2,227,301	⁽⁵⁾		10,853,631	⁽⁶⁾
Securities lending		—			—			—			—
Futures contracts		18,066			226,684			55,481			29,567
Forward foreign currency contracts		—			128,511			10,002			11,297
Translation of other assets and liabilities denominated in foreign currencies		—			(17,040	)		(2,009	)		2,033

Net Change in Unrealized Appreciation (Depreciation)		39,006,902			80,193,189			2,290,775			10,896,528

Net Realized and Unrealized Gain (Loss)		47,056,404			84,778,329			3,359,759			12,460,739

Net Increase (Decrease) in Net Assets Resulting from Operations	$	51,008,904		$	94,128,750		$	3,772,953		$	13,590,494

⁽¹⁾

Net of non-US capital gains tax of $359,330.

⁽²⁾

Net of non-US capital gains tax of $23,878.

⁽³⁾

Net of non-US capital gains tax of $107,017.

⁽⁴⁾

Net of deferred non-US capital gains tax of $1,325,807.

⁽⁵⁾

Net of deferred non-US capital gains tax of $69,002.

⁽⁶⁾

Net of deferred non-US capital gains tax of $226,079.

See Accompanying Notes to the Financial Statements.


14		FLEXSHARES SEMIANNUAL REPORT

Statements of Operations (cont.)


	FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund			FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund			FlexShares^® Disciplined Duration MBS Index Fund			FlexShares^® Credit-Scored US Corporate Bond Index Fund

INVESTMENT INCOME
Dividend income	$	—		$	—		$	—		$	—
Income from non-cash dividends		—			—			—			—
Dividend income received from affiliate		—			—			—			—
Interest income		31,476,721			14,197,124			1,381,821			8,101,270
Securities lending income (net of fees) (Note 2)		8,083			4,148			—			3,163
Foreign withholding tax on dividends		—			—			—			—
Foreign withholding tax on interest		—			—			—			—

Total Investment Income		31,484,804			14,201,272			1,381,821			8,104,433


EXPENSES
Deferred compensation (Note 7)		9,183			4,017			372			1,473
Investment advisory fees		1,651,987			722,770			76,130			272,664
Trustee fees (Note 7)		88,909			39,558			3,437			14,298
Tax services expense (Note 4)		—			—			—			—
Other expenses (Note 4)		8,396			3,587			332			1,321

Total Gross Expenses Before Fees Reimbursed		1,758,448			769,932			80,271			289,756


Less:
Investment advisory fees reimbursed (Note 4)		(61,321	)		(27,388	)		(2,267	)		(9,218	)

Total Net Expenses		1,697,127			742,544			78,004			280,538

Net Investment Income (Loss)		29,787,677			13,458,728			1,303,817			7,823,895


NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			—
Transactions in investment securities		(22,156,267	)		(9,864,632	)		24,178			(1,389,109	)
In-kind redemptions on investments in affiliated securities		—			—			—			—
In-kind redemptions on investments in securities		656,842			2,258,551			—			(3,912	)
Expiration or closing of futures contracts		—			—			—			—
Settlement of forward foreign currency contracts		—			—			—			—
Foreign currency transactions		—			—			—			—

Net Realized Gain (Loss)		(21,499,425	)		(7,606,081	)		24,178			(1,393,021	)


NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		46,601,055			22,081,643			1,464,683			8,956,391
Securities lending		—			—			—			—
Futures contracts		—			—			—			—
Forward foreign currency contracts		—			—			—			—
Translation of other assets and liabilities denominated in foreign currencies		—			—			—			—

Net Change in Unrealized Appreciation (Depreciation)		46,601,055			22,081,643			1,464,683			8,956,391

Net Realized and Unrealized Gain (Loss)		25,101,630			14,475,562			1,488,861			7,563,370

Net Increase (Decrease) in Net Assets Resulting from Operations	$	54,889,307		$	27,934,290		$	2,792,678		$	15,387,265

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			15

Statements of Operations (cont.)


	FlexShares^® Credit-Scored US Long Corporate Bond Index Fund			FlexShares^® High Yield Value- Scored Bond Index Fund			FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund			FlexShares^® Ultra-Short Income Fund

INVESTMENT INCOME
Dividend income	$	—		$	—		$	—		$	—
Income from non-cash dividends		—			—			—			—
Dividend income received from affiliate		—			—			—			—
Interest income		895,820			64,096,874			795,199			30,994,799
Securities lending income (net of fees) (Note 2)		—			29,291			—			—
Foreign withholding tax on dividends		—			—			—			—
Foreign withholding tax on interest		—			(15,819	)		—			—

Total Investment Income		895,820			64,110,346			795,199			30,994,799


EXPENSES
Deferred compensation (Note 7)		157			6,700			148			5,427
Investment advisory fees		27,661			2,559,617			20,321			1,388,799
Trustee fees (Note 7)		1,462			65,853			1,370			53,558
Tax services expense (Note 4)		—			—			—			—
Other expenses (Note 4)		144			6,021			141			4,869

Total Gross Expenses Before Fees Reimbursed		29,424			2,638,191			21,980			1,452,653


Less:
Investment advisory fees reimbursed (Note 4)		(2,014	)		(112,666	)		(825	)		(36,599	)

Total Net Expenses		27,410			2,525,525			21,155			1,416,054

Net Investment Income (Loss)		868,410			61,584,821			774,044			29,578,745


NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			—
Transactions in investment securities		(1,457,293	)		(17,760,308	)		(138,166	)		19,281
In-kind redemptions on investments in affiliated securities		—			—			—			—
In-kind redemptions on investments in securities		—			7,903,270			—			—
Expiration or closing of futures contracts		—			—			—			—
Settlement of forward foreign currency contracts		—			—			—			—
Foreign currency transactions		—			—			—			—

Net Realized Gain (Loss)		(1,457,293	)		(9,857,038	)		(138,166	)		19,281


NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		4,028,654			63,376,739			964,341			4,457,418
Securities lending		—			—			—			—
Futures contracts		—			—			—			—
Forward foreign currency contracts		—			—			—			—
Translation of other assets and liabilities denominated in foreign currencies		—			—			—			—

Net Change in Unrealized Appreciation (Depreciation)		4,028,654			63,376,739			964,341			4,457,418

Net Realized and Unrealized Gain (Loss)		2,571,361			53,519,701			826,175			4,476,699

Net Increase (Decrease) in Net Assets Resulting from Operations	$	3,439,771		$	115,104,522		$	1,600,219		$	34,055,444

See Accompanying Notes to the Financial Statements.


16		FLEXSHARES SEMIANNUAL REPORT

Statements of Operations (cont.)


	FlexShares^® Core Select Bond Fund

INVESTMENT INCOME
Dividend income	$	2,400,141
Income from non-cash dividends		—
Dividend income received from affiliate		1,012,847
Interest income		1,752
Securities lending income (net of fees) (Note 2)		13,100
Foreign withholding tax on dividends		—
Foreign withholding tax on interest		—

Total Investment Income		3,427,840


EXPENSES
Deferred compensation (Note 7)		891
Investment advisory fees		311,071
Trustee fees (Note 7)		8,774
Tax services expense (Note 4)		—
Other expenses (Note 4)		831

Total Gross Expenses Before Fees Reimbursed		321,567


Less:
Investment advisory fees reimbursed (Note 4)		(98,010	)

Total Net Expenses		223,557

Net Investment Income (Loss)		3,204,283


NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—
Transactions in investment securities		(2,959,083	)
In-kind redemptions on investments in affiliated securities		113,259
In-kind redemptions on investments in securities		(42,615	)
Expiration or closing of futures contracts		(17,113	)
Settlement of forward foreign currency contracts		—
Foreign currency transactions		—

Net Realized Gain (Loss)		(2,905,552	)


NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		9,085,993	⁽¹⁾
Securities lending		—
Futures contracts		(63,750	)
Forward foreign currency contracts		—
Translation of other assets and liabilities denominated in foreign currencies		—

Net Change in Unrealized Appreciation (Depreciation)		9,022,243

Net Realized and Unrealized Gain (Loss)		6,116,691

Net Increase (Decrease) in Net Assets Resulting from Operations	$	9,320,974

⁽¹⁾

Includes $939,453 change in unrealized appreciation on investments in affiliates.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			17

FlexShares^® Trust

Statements of Changes in Net Assets


	FlexShares^® US Quality Low Volatility Index Fund						FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023

OPERATIONS
Net investment income (loss)	$	1,801,939		$	3,088,122		$	828,652		$	2,160,654
Net realized gain (loss)		18,572,449			4,072,337			3,378,149			(216,654	)
Net change in unrealized appreciation (depreciation)		8,565,564			320,366			3,262,499			4,872,894


Net Increase (Decrease) in Net Assets
Resulting from Operations		28,939,952			7,480,825			7,469,300			6,816,894


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(1,752,940	)		(3,156,833	)		(725,798	)		(2,014,225	)

Total distributions		(1,752,940	)		(3,156,833	)		(725,798	)		(2,014,225	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		13,137,033			69,071,863			2,669,495			7,306,967
Cost of shares redeemed		(71,361,591	)		(50,959,758	)		(28,740,803	)		(7,698,033	)

Net Increase (Decrease) from Capital Transactions		(58,224,558	)		18,112,105			(26,071,308	)		(391,066	)

Total Increase (Decrease) in Net Assets		(31,037,546	)		22,436,097			(19,327,806	)		4,411,603


NET ASSETS
Beginning of Period	$	185,004,620		$	162,568,523		$	66,263,351		$	61,851,748

End of Period	$	153,967,074		$	185,004,620		$	46,935,545		$	66,263,351


SHARE TRANSACTIONS
Beginning of period		3,600,001			3,250,001			2,800,001			2,800,001
Shares issued		—			—			—			—
Shares issued in-kind		225,000			1,325,000			100,000			300,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(1,200,000	)		(975,000	)		(1,100,000	)		(300,000	)

Shares Outstanding, End of Period		2,625,001			3,600,001			1,800,001			2,800,001

⁽¹⁾

Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See Accompanying Notes to the Financial Statements.


18		FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)


	FlexShares^® Emerging Markets Quality Low Volatility Index Fund						FlexShares^® Morningstar US Market Factor Tilt Index Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023

OPERATIONS
Net investment income (loss)	$	176,972		$	499,771		$	11,726,908		$	22,522,210
Net realized gain (loss)		12,877			(442,054	)		49,322,405			44,319,694
Net change in unrealized appreciation (depreciation)		1,642,129			358,726			215,334,276			15,502,460


Net Increase (Decrease) in Net Assets
Resulting from Operations		1,831,978			416,443			276,383,589			82,344,364


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(51,382	)		(436,593	)		(11,766,812	)		(21,821,054	)

Total distributions		(51,382	)		(436,593	)		(11,766,812	)		(21,821,054	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		6,915,654			9,401,694			9,872,315			—
Cost of shares redeemed		(9,658,453	)		(4,615,590	)		(73,755,990	)		(121,919,751	)

Net Increase (Decrease) from Capital Transactions		(2,742,799	)		4,786,104			(63,883,675	)		(121,919,751	)

Total Increase (Decrease) in Net Assets		(962,203	)		4,765,954			200,733,102			(61,396,441	)


NET ASSETS
Beginning of Period	$	12,979,846		$	8,213,892		$	1,336,011,061		$	1,397,407,502

End of Period	$	12,017,643		$	12,979,846		$	1,536,744,163		$	1,336,011,061


SHARE TRANSACTIONS
Beginning of period		600,001			400,001			8,500,001			9,250,001
Shares issued		—			—			—			—
Shares issued in-kind		300,000			400,000			50,000			—
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(400,000	)		(200,000	)		(400,000	)		(750,000	)

Shares Outstanding, End of Period		500,001			600,001			8,150,001			8,500,001

⁽¹⁾

Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			19

Statements of Changes in Net Assets (cont.)


	FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund						FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023

OPERATIONS
Net investment income (loss)	$	7,386,392		$	15,735,070		$	2,491,309		$	6,994,578
Net realized gain (loss)		1,454,706			(4,262,457	)		703,817			(7,042,753	)
Net change in unrealized appreciation (depreciation)		75,111,920			49,438,918			29,407,780			27,575,627


Net Increase (Decrease) in Net Assets
Resulting from Operations		83,953,018			60,911,531			32,602,906			27,527,452


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(7,615,075	)		(13,198,440	)		(5,766,088	)		(7,099,686	)

Total distributions		(7,615,075	)		(13,198,440	)		(5,766,088	)		(7,099,686	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		—			—			24,499,757			10,189,317
Cost of shares redeemed		(26,662,836	)		(25,228,446	)		(10,068,658	)		(18,782,471	)

Net Increase (Decrease) from Capital Transactions		(26,662,836	)		(25,228,446	)		14,431,099			(8,593,154	)

Total Increase (Decrease) in Net Assets		49,675,107			22,484,645			41,267,917			11,834,612


NET ASSETS
Beginning of Period	$	469,238,825		$	446,754,180		$	218,723,525		$	206,888,913

End of Period	$	518,913,932		$	469,238,825		$	259,991,442		$	218,723,525


SHARE TRANSACTIONS
Beginning of period		7,800,001			8,200,001			4,700,001			4,900,001
Shares issued		—			—			—			—
Shares issued in-kind		—			—			500,000			200,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(400,000	)		(400,000	)		(200,000	)		(400,000	)

Shares Outstanding, End of Period		7,400,001			7,800,001			5,000,001			4,700,001

⁽¹⁾

Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See Accompanying Notes to the Financial Statements.


20		FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)


	FlexShares^® US Quality Large Cap Index Fund						FlexShares^® STOXX^® US ESG Select Index Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023

OPERATIONS
Net investment income (loss)	$	1,173,192		$	1,935,023		$	1,170,428		$	2,249,332
Net realized gain (loss)		4,618,559			513,105			10,291,481			6,648,644
Net change in unrealized appreciation (depreciation)		26,856,926			8,232,977			18,949,999			10,450,925


Net Increase (Decrease) in Net Assets
Resulting from Operations		32,648,677			10,681,105			30,411,908			19,348,901


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(1,046,880	)		(1,897,433	)		(1,172,916	)		(2,147,796	)

Total distributions		(1,046,880	)		(1,897,433	)		(1,172,916	)		(2,147,796	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		31,813,775			26,273,873			29,330,289			7,197,512
Cost of shares redeemed		(16,684,412	)		(15,601,493	)		(32,424,955	)		(29,453,795	)

Net Increase (Decrease) from Capital Transactions		15,129,363			10,672,380			(3,094,666	)		(22,256,283	)

Total Increase (Decrease) in Net Assets		46,731,160			19,456,052			26,144,326			(5,055,178	)


NET ASSETS
Beginning of Period	$	146,805,892		$	127,349,840		$	166,924,748		$	171,979,926

End of Period	$	193,537,052		$	146,805,892		$	193,069,074		$	166,924,748


SHARE TRANSACTIONS
Beginning of period		3,150,001			2,950,001			1,625,001			1,850,001
Shares issued		—			—			—			—
Shares issued in-kind		575,000			550,000			250,000			75,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(300,000	)		(350,000	)		(275,000	)		(300,000	)

Shares Outstanding, End of Period		3,425,001			3,150,001			1,600,001			1,625,001

⁽¹⁾

Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			21

Statements of Changes in Net Assets (cont.)


	FlexShares^® STOXX^® Global ESG Select Index Fund						FlexShares^® ESG & Climate US Large Cap Core Index Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023

OPERATIONS
Net investment income (loss)	$	1,434,170		$	2,854,395		$	294,264		$	505,882
Net realized gain (loss)		9,332,097			2,574,807			1,317,112			(18,044	)
Net change in unrealized appreciation (depreciation)		18,505,335			14,806,661			5,655,149			2,076,926


Net Increase (Decrease) in Net Assets
Resulting from Operations		29,271,602			20,235,863			7,266,525			2,564,764


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(1,201,826	)		(2,604,964	)		(308,123	)		(460,917	)

Total distributions		(1,201,826	)		(2,604,964	)		(308,123	)		(460,917	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		8,071,747			—			5,444,374			13,970,255
Cost of shares redeemed		(16,080,575	)		(12,740,756	)		(5,519,912	)		(1,281,601	)

Net Increase (Decrease) from Capital Transactions		(8,008,828	)		(12,740,756	)		(75,538	)		12,688,654

Total Increase (Decrease) in Net Assets		20,060,948			4,890,143			6,882,864			14,792,501


NET ASSETS
Beginning of Period	$	151,815,620		$	146,925,477		$	36,895,886		$	22,103,385

End of Period	$	171,876,568		$	151,815,620		$	43,778,750		$	36,895,886


SHARE TRANSACTIONS
Beginning of period		1,150,001			1,250,001			775,000			500,000
Shares issued		—			—			—			—
Shares issued in-kind		50,000			—			100,000			300,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(100,000	)		(100,000	)		(100,000	)		(25,000	)

Shares Outstanding, End of Period		1,100,001			1,150,001			775,000			775,000

⁽¹⁾

Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See Accompanying Notes to the Financial Statements.


22		FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)


	FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund						FlexShares^® Morningstar Global Upstream Natural Resources Index Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023

OPERATIONS
Net investment income (loss)	$	665,336		$	1,063,953		$	99,987,326		$	255,181,349
Net realized gain (loss)		(141,451	)		(1,266,636	)		169,971,752			37,294,167
Net change in unrealized appreciation (depreciation)		6,559,099			1,660,641			345,501,787			(605,021,499	)


Net Increase (Decrease) in Net Assets
Resulting from Operations		7,082,984			1,457,958			615,460,865			(312,545,983	)


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(371,589	)		(958,970	)		(105,315,680	)		(217,789,649	)

Total distributions		(371,589	)		(958,970	)		(105,315,680	)		(217,789,649	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		4,552,254			19,816,298			12,305,826			660,926,417
Cost of shares redeemed		—			—			(880,204,002	)		(40,156,731	)

Net Increase (Decrease) from Capital Transactions		4,552,254			19,816,298			(867,898,176	)		620,769,686

Total Increase (Decrease) in Net Assets		11,263,649			20,315,286			(357,752,991	)		90,434,054


NET ASSETS
Beginning of Period	$	37,484,206		$	17,168,920		$	6,925,286,048		$	6,834,851,994

End of Period	$	48,747,855		$	37,484,206		$	6,567,533,057		$	6,925,286,048


SHARE TRANSACTIONS
Beginning of period		900,000			450,000			179,600,001			165,300,001
Shares issued		—			—			—			—
Shares issued in-kind		100,000			450,000			300,000			15,250,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		—			—			(22,100,000	)		(950,000	)

Shares Outstanding, End of Period		1,000,000			900,000			157,800,001			179,600,001

⁽¹⁾

Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			23

Statements of Changes in Net Assets (cont.)


	FlexShares^® STOXX^® Global Broad Infrastructure Index Fund						FlexShares^® Global Quality Real Estate Index Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023

OPERATIONS
Net investment income (loss)	$	28,808,013		$	63,568,762		$	5,604,592		$	9,038,507
Net realized gain (loss)		4,406,540			58,766,189			(8,516,352	)		(26,203,121	)
Net change in unrealized appreciation (depreciation)		178,615,559			(59,933,152	)		41,939,526			(2,716,083	)


Net Increase (Decrease) in Net Assets
Resulting from Operations		211,830,112			62,401,799			39,027,766			(19,880,697	)


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(21,219,572	)		(54,907,766	)		(3,136,674	)		(8,872,134	)

Total distributions		(21,219,572	)		(54,907,766	)		(3,136,674	)		(8,872,134	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		34,489,770			12,129,246			33,137,436			13,506,842
Cost of shares redeemed		(70,230,321	)		(494,960,229	)		(8,207,532	)		(68,461,361	)

Net Increase (Decrease) from Capital Transactions		(35,740,551	)		(482,830,983	)		24,929,904			(54,954,519	)

Total Increase (Decrease) in Net Assets		154,869,989			(475,336,950	)		60,820,996			(83,707,350	)


NET ASSETS
Beginning of Period	$	2,025,181,463		$	2,500,518,413		$	244,673,331		$	328,380,681

End of Period	$	2,180,051,452		$	2,025,181,463		$	305,494,327		$	244,673,331


SHARE TRANSACTIONS
Beginning of period		42,400,001			51,750,001			5,200,001			6,300,001
Shares issued		—			—			—			—
Shares issued in-kind		650,000			250,000			650,000			250,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(1,350,000	)		(9,600,000	)		(150,000	)		(1,350,000	)

Shares Outstanding, End of Period		41,700,001			42,400,001			5,700,001			5,200,001

⁽¹⁾

Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See Accompanying Notes to the Financial Statements.


24		FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)


	FlexShares^® Real Assets Allocation Index Fund						FlexShares^® Quality Dividend Index Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023

OPERATIONS
Net investment income (loss)	$	187,249		$	511,692		$	18,042,252		$	38,188,210
Net realized gain (loss)		(1,325,251	)		(1,767,639	)		56,590,247			60,238,640
Net change in unrealized appreciation (depreciation)		2,858,103			1,536,542			165,709,459			3,587,912


Net Increase (Decrease) in Net Assets
Resulting from Operations		1,720,101			280,595			240,341,958			102,014,762


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(187,592	)		(512,404	)		(17,423,644	)		(36,041,105	)

Total distributions		(187,592	)		(512,404	)		(17,423,644	)		(36,041,105	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		743,391			744,410			163,750,484			481,283,890
Cost of shares redeemed		(10,564,459	)		(12,804,666	)		(208,965,767	)		(608,656,345	)
From merger		—			—			—			16,941,795

Net Increase (Decrease) from Capital Transactions		(9,821,068	)		(12,060,256	)		(45,215,283	)		(110,430,660	)

Total Increase (Decrease) in Net Assets		(8,288,559	)		(12,292,065	)		177,703,031			(44,457,003	)


NET ASSETS
Beginning of Period	$	16,572,551		$	28,864,616		$	1,478,272,816		$	1,522,729,819

End of Period	$	8,283,992		$	16,572,551		$	1,655,975,847		$	1,478,272,816


SHARE TRANSACTIONS
Beginning of period		600,001			1,000,001			27,167,921			29,125,001
Shares issued		—			—			—			—
Shares issued in-kind		25,000			25,000			2,700,000			8,675,000
Shares redeemed		—			—			(50,000	)		—
Shares redeemed in-kind		(350,000	)		(425,000	)		(3,350,000	)		(10,925,060	)
From Merger		—			—			—			292,980

Shares Outstanding, End of Period		275,001			600,001			26,467,921			27,167,921

⁽¹⁾

Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			25

Statements of Changes in Net Assets (cont.)


	FlexShares^® Quality Dividend Defensive Index Fund						FlexShares^® International Quality Dividend Index Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023

OPERATIONS
Net investment income (loss)	$	3,952,500		$	8,123,427		$	9,350,421		$	27,194,270
Net realized gain (loss)		8,049,502			15,577,513			4,585,140			(10,397,660	)
Net change in unrealized appreciation (depreciation)		39,006,902			2,003,013			80,193,189			58,209,253


Net Increase (Decrease) in Net Assets
Resulting from Operations		51,008,904			25,703,953			94,128,750			75,005,863


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(3,738,249	)		(7,830,976	)		(13,610,435	)		(25,465,739	)

Total distributions		(3,738,249	)		(7,830,976	)		(13,610,435	)		(25,465,739	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		18,098,265			57,240,190			—			44,718,076
Cost of shares redeemed		(30,291,495	)		(107,325,647	)		(20,550,434	)		(27,479,378	)

Net Increase (Decrease) from Capital Transactions		(12,193,230	)		(50,085,457	)		(20,550,434	)		17,238,698

Total Increase (Decrease) in Net Assets		35,077,425			(32,212,480	)		59,967,881			66,778,822


NET ASSETS
Beginning of Period	$	313,231,098		$	345,443,578		$	498,875,914		$	432,097,092

End of Period	$	348,308,523		$	313,231,098		$	558,843,795		$	498,875,914


SHARE TRANSACTIONS
Beginning of period		5,875,001			6,825,001			24,100,001			23,400,001
Shares issued		—			—			—			—
Shares issued in-kind		300,000			1,075,000			—			2,000,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(500,000	)		(2,025,000	)		(900,000	)		(1,300,000	)

Shares Outstanding, End of Period		5,675,001			5,875,001			23,200,001			24,100,001

⁽¹⁾

Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See Accompanying Notes to the Financial Statements.


26		FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)


	FlexShares^® International Quality Dividend Defensive Index Fund						FlexShares^® International Quality Dividend Dynamic Index Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023

OPERATIONS
Net investment income (loss)	$	413,194		$	1,520,040		$	1,129,755		$	4,358,575
Net realized gain (loss)		1,068,984			19,327			1,564,211			414,028
Net change in unrealized appreciation (depreciation)		2,290,775			3,783,570			10,896,528			9,170,674


Net Increase (Decrease) in Net Assets
Resulting from Operations		3,772,953			5,322,937			13,590,494			13,943,277


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(484,018	)		(1,463,869	)		(2,191,639	)		(4,043,930	)

Total distributions		(484,018	)		(1,463,869	)		(2,191,639	)		(4,043,930	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		—			—			—			41,723,239
Cost of shares redeemed		(6,145,370	)		(17,901,037	)		(5,652,523	)		(47,697,235	)

Net Increase (Decrease) from Capital Transactions		(6,145,370	)		(17,901,037	)		(5,652,523	)		(5,973,996	)

Total Increase (Decrease) in Net Assets		(2,856,435	)		(14,041,969	)		5,746,332			3,925,351


NET ASSETS
Beginning of Period	$	26,503,372		$	40,545,341		$	65,713,708		$	61,788,357

End of Period	$	23,646,937		$	26,503,372		$	71,460,040		$	65,713,708


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

Shares Outstanding, End of Period		1,100,001			1,400,001			2,500,001			2,700,001

⁽¹⁾

Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			27

Statements of Changes in Net Assets (cont.)


	FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund						FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023

OPERATIONS
Net investment income (loss)	$	29,787,677		$	80,855,817		$	13,458,728		$	30,438,750
Net realized gain (loss)		(21,499,425	)		(69,973,937	)		(7,606,081	)		(33,637,850	)
Net change in unrealized appreciation (depreciation)		46,601,055			26,655,120			22,081,643			1,002,375


Net Increase (Decrease) in Net Assets
Resulting from Operations		54,889,307			37,537,000			27,934,290			(2,196,725	)


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(27,058,219	)		(70,475,144	)		(12,167,854	)		(25,865,870	)

Total distributions		(27,058,219	)		(70,475,144	)		(12,167,854	)		(25,865,870	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		52,923,934			357,413,947			75,906,245			377,819,623
Cost of shares redeemed		(228,940,347	)		(554,491,181	)		(121,806,662	)		(182,093,124	)

Net Increase (Decrease) from Capital Transactions		(176,016,413	)		(197,077,234	)		(45,900,417	)		195,726,499

Total Increase (Decrease) in Net Assets		(148,185,325	)		(230,015,378	)		(30,133,981	)		167,663,904


NET ASSETS
Beginning of Period	$	1,927,923,237		$	2,157,938,615		$	811,550,402		$	643,886,498

End of Period	$	1,779,737,912		$	1,927,923,237		$	781,416,421		$	811,550,402


SHARE TRANSACTIONS
Beginning of period		83,204,000			91,504,000			35,650,001			27,250,001
Shares issued		—			—			—			—
Shares issued in-kind		2,250,000			15,150,000			3,250,000			16,100,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(9,750,000	)		(23,450,000	)		(5,200,000	)		(7,700,000	)

Shares Outstanding, End of Period		75,704,000			83,204,000			33,700,001			35,650,001

⁽¹⁾

Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See Accompanying Notes to the Financial Statements.


28		FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)


	FlexShares^® Disciplined Duration MBS Index Fund						FlexShares^® Credit-Scored US Corporate Bond Index Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023

OPERATIONS
Net investment income (loss)	$	1,303,817		$	2,208,555		$	7,823,895		$	9,306,976
Net realized gain (loss)		24,178			(3,912,271	)		(1,393,021	)		(16,010,333	)
Net change in unrealized appreciation (depreciation)		1,464,683			3,495,416			8,956,391			15,511,584


Net Increase (Decrease) in Net Assets
Resulting from Operations		2,792,678			1,791,700			15,387,265			8,808,227


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(1,421,540	)		(2,711,658	)		(7,489,516	)		(8,908,201	)

Total distributions		(1,421,540	)		(2,711,658	)		(7,489,516	)		(8,908,201	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		5,079,973			19,682,625			101,943,318			55,818,255
Cost of shares redeemed		(2,017,007	)		(41,527,581	)		(11,904,955	)		(23,307,499	)

Net Increase (Decrease) from Capital Transactions		3,062,966			(21,844,956	)		90,038,363			32,510,756

Total Increase (Decrease) in Net Assets		4,434,104			(22,764,914	)		97,936,112			32,410,782


NET ASSETS
Beginning of Period	$	74,424,039		$	97,188,953		$	274,549,739		$	242,138,957

End of Period	$	78,858,143		$	74,424,039		$	372,485,851		$	274,549,739


SHARE TRANSACTIONS
Beginning of period		3,800,001			4,850,001			6,050,001			5,350,001
Shares issued		250,000			1,000,000			1,250,000			1,150,000
Shares issued in-kind		—			—			900,000			50,000
Shares redeemed		(100,000	)		(2,050,000	)		—			(500,000	)
Shares redeemed in-kind		—			—			(250,000	)		—

Shares Outstanding, End of Period		3,950,001			3,800,001			7,950,001			6,050,001

⁽¹⁾

Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			29

Statements of Changes in Net Assets (cont.)


	FlexShares^® Credit-Scored US Long Corporate Bond Index Fund						FlexShares^® High Yield Value- Scored Bond Index Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023

OPERATIONS
Net investment income (loss)	$	868,410		$	1,688,422		$	61,584,821		$	96,537,666
Net realized gain (loss)		(1,457,293	)		(7,142,718	)		(9,857,038	)		(73,703,129	)
Net change in unrealized appreciation (depreciation)		4,028,654			6,730,934			63,376,739			27,158,390


Net Increase (Decrease) in Net Assets
Resulting from Operations		3,439,771			1,276,638			115,104,522			49,992,927


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(868,042	)		(1,709,535	)		(61,803,897	)		(93,229,360	)

Total distributions		(868,042	)		(1,709,535	)		(61,803,897	)		(93,229,360	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		—			—			655,692,547			811,946,065
Cost of shares redeemed		—			(6,489,373	)		(575,433,995	)		(434,348,479	)

Net Increase (Decrease) from Capital Transactions		—			(6,489,373	)		80,258,552			377,597,586

Total Increase (Decrease) in Net Assets		2,571,729			(6,922,270	)		133,559,177			334,361,153


NET ASSETS
Beginning of Period	$	28,575,464		$	35,497,734		$	1,222,306,521		$	887,945,368

End of Period	$	31,147,193		$	28,575,464		$	1,355,865,698		$	1,222,306,521


SHARE TRANSACTIONS
Beginning of period		750,001			900,001			31,550,001			22,150,001
Shares issued		—			—			12,250,000			19,750,000
Shares issued in-kind		—			—			4,000,000			500,000
Shares redeemed		—			(150,000	)		(7,850,000	)		(10,850,000	)
Shares redeemed in-kind		—			—			(6,350,000	)		—

Shares Outstanding, End of Period		750,001			750,001			33,600,001			31,550,001

⁽¹⁾

Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See Accompanying Notes to the Financial Statements.


30		FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)


	FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund						FlexShares^® Ultra-Short Income Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023

OPERATIONS
Net investment income (loss)	$	774,044		$	1,330,927		$	29,578,745		$	41,455,881
Net realized gain (loss)		(138,166	)		(2,757,523	)		19,281			14,152
Net change in unrealized appreciation (depreciation)		964,341			1,697,139			4,457,418			7,484,444


Net Increase (Decrease) in Net Assets
Resulting from Operations		1,600,219			270,543			34,055,444			48,954,477


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(715,810	)		(1,318,208	)		(29,113,223	)		(38,566,601	)

Total distributions		(715,810	)		(1,318,208	)		(29,113,223	)		(38,566,601	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		14,303,211			14,243,947			129,287,977			250,651,014
Cost of shares redeemed		—			(11,679,660	)		(66,904,662	)		(41,006,742	)

Net Increase (Decrease) from Capital Transactions		14,303,211			2,564,287			62,383,315			209,644,272

Total Increase (Decrease) in Net Assets		15,187,620			1,516,622			67,325,536			220,032,148


NET ASSETS
Beginning of Period	$	24,672,147		$	23,155,525		$	1,076,389,078		$	856,356,930

End of Period	$	39,859,767		$	24,672,147		$	1,143,714,614		$	1,076,389,078


SHARE TRANSACTIONS
Beginning of period		650,000			600,000			14,330,001			11,525,001
Shares issued		350,000			350,000			1,720,000			3,355,000
Shares issued in-kind		—			—			—			—
Shares redeemed		—			(300,000	)		(890,000	)		(550,000	)
Shares redeemed in-kind		—			—			—			—

Shares Outstanding, End of Period		1,000,000			650,000			15,160,001			14,330,001

⁽¹⁾

Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			31

Statements of Changes in Net Assets (cont.)


	FlexShares^® Core Select Bond Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023

OPERATIONS
Net investment income (loss)	$	3,204,283		$	5,495,196
Net realized gain (loss)		(2,905,552	)		(3,189,773	)
Net change in unrealized appreciation (depreciation)		9,022,243			(3,921,207	)


Net Increase (Decrease) in Net Assets
Resulting from Operations		9,320,974			(1,615,784	)


DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(3,243,893	)		(5,547,838	)

Total distributions		(3,243,893	)		(5,547,838	)


CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		2,166,227			51,364,787
Cost of shares redeemed		(22,290,266	)		(21,132,381	)

Net Increase (Decrease) from Capital Transactions		(20,124,039	)		30,232,406

Total Increase (Decrease) in Net Assets		(14,046,958	)		23,068,784


NET ASSETS
Beginning of Period	$	182,430,863		$	159,362,079

End of Period	$	168,383,905		$	182,430,863


SHARE TRANSACTIONS
Beginning of period		8,775,001			7,425,001
Shares issued		—			—
Shares issued in-kind		100,000			2,325,000
Shares redeemed		—			—
Shares redeemed in-kind		(1,025,000	)		(975,000	)

Shares Outstanding, End of Period		7,850,001			8,775,001

⁽¹⁾

Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See Accompanying Notes to the Financial Statements.


32		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Trust

Financial Highlights


	FlexShares^® US Quality Low Volatility Index Fund
	Six Months ended April 30, 2024 (Unaudited)															For the period 07/15/19* through 10/31/19

				Year ended October 31,
				2023			2022			2021			2020

Net asset value, beginning of period	$	51.39		$	50.02		$	54.60		$	40.93		$	40.44		$	40.00


PER SHARE

Investment Operations
Net Investment Income^(a)		0.54			0.88			0.82			0.57			0.64			0.17
Net Realized and Unrealized Gain (Loss)		7.22			1.40			(4.70	)		13.69			0.38			0.35

Total from Operations		7.76			2.28			(3.88	)		14.26			1.02			0.52

Distributions
Net Investment Income		(0.50	)		(0.91	)		(0.70	)		(0.59	)		(0.53	)		(0.08	)

Total from Distributions		(0.50	)		(0.91	)		(0.70	)		(0.59	)		(0.53	)		(0.08	)

Net Asset Value, end of period	$	58.65		$	51.39		$	50.02		$	54.60		$	40.93		$	40.44

Total Return^(b)
Net Asset Value^(d)		15.13	%		4.56	%		(7.12	)%		35.05	%		2.63	%		1.30	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.20	%		0.23	%		0.23	%		0.23	%		0.23	%		0.23	%
Expenses net of reimbursements		0.19	%		0.22	%		0.22	%		0.22	%		0.22	%		0.22	%
Net Investment Income Before Reimbursements		1.90	%		1.70	%		1.58	%		1.17	%		1.55	%		1.45	%
Net Investment Income Net of Reimbursements		1.90	%		1.70	%		1.58	%		1.17	%		1.56	%		1.45	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		25	%		51	%		48	%		43	%		47	%		9	%
Net assets, end of period (thousands)	$	153,967		$	185,005		$	162,569		$	161,074		$	110,524		$	6,067

*	Commencement of investment operations.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			33

Financial Highlights (cont.)


	FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund
	Six Months ended April 30, 2024 (Unaudited)															For the period 07/15/19* through 10/31/19

				Year ended October 31,
				2023			2022			2021			2020

Net asset value, beginning of period	$	23.67		$	22.09		$	27.92		$	23.48		$	25.60		$	25.00


PER SHARE

Investment Operations
Net Investment Income^(a)		0.35			0.73			0.66			0.73			0.64			0.16
Net Realized and Unrealized Gain (Loss)		2.33			1.55			(5.71	)		4.43			(2.22	)		0.53

Total from Operations		2.68			2.28			(5.05	)		5.16			(1.58	)		0.69

Distributions
Net Investment Income		(0.27	)		(0.70	)		(0.78	)		(0.72	)		(0.54	)		(0.09	)

Total from Distributions		(0.27	)		(0.70	)		(0.78	)		(0.72	)		(0.54	)		(0.09	)

Net Asset Value, end of period	$	26.08		$	23.67		$	22.09		$	27.92		$	23.48		$	25.60

Total Return^(b)
Net Asset Value^(d)		11.32	%		10.16	%		(18.36	)%		22.05	%		(6.24	)%		2.76	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.34	%		0.33	%		0.33	%		0.33	%		0.33	%		0.32	%
Expenses net of reimbursements		0.32	%		0.32	%		0.32	%		0.32	%		0.32	%		0.32	%
Net Investment Income Before Reimbursements		2.71	%		2.94	%		2.60	%		2.68	%		2.63	%		2.21	%
Net Investment Income Net of Reimbursements		2.72	%		2.94	%		2.60	%		2.68	%		2.64	%		2.21	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		24	%		52	%		56	%		56	%		62	%		14	%
Net assets, end of period (thousands)	$	46,936		$	66,263		$	61,852		$	75,371		$	65,747		$	5,120

*	Commencement of investment operations.

See Accompanying Notes to the Financial Statements.


34		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® Emerging Markets Quality Low Volatility Index Fund
	Six Months ended April 30, 2024 (Unaudited)															For the period 07/15/19* through 10/31/19

				Year ended October 31,
				2023			2022			2021			2020

Net asset value, beginning of period	$	21.63		$	20.53		$	26.41		$	23.95		$	24.94		$	25.00


PER SHARE

Investment Operations
Net Investment Income^(a)		0.25			0.76			0.67			0.69			0.56			0.23
Net Realized and Unrealized Gain (Loss)		2.25			1.02			(5.82	)		2.22			(0.91	)		(0.18	)

Total from Operations		2.50			1.78			(5.15	)		2.91			(0.35	)		0.05

Distributions
Net Investment Income		(0.09	)		(0.68	)		(0.69	)		(0.45	)		(0.64	)		(0.11	)
Tax Return of Capital		—			—			(0.04	)		—			—			—

Total from Distributions		(0.09	)		(0.68	)		(0.73	)		(0.45	)		(0.64	)		(0.11	)

Net Asset Value, end of period	$	24.04		$	21.63		$	20.53		$	26.41		$	23.95		$	24.94

Total Return^(b)
Net Asset Value^(d)		11.56	%		8.52	%		(19.77	)%		12.09	%		(1.41	)%		0.19	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.41	%		0.41	%		0.41	%		0.41	%		0.41	%		0.40	%
Expenses net of reimbursements		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net Investment Income Before Reimbursements		2.18	%		3.35	%		2.75	%		2.57	%		2.38	%		3.18	%
Net Investment Income Net of Reimbursements		2.19	%		3.35	%		2.75	%		2.58	%		2.39	%		3.18	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		69	%		75	%		53	%		54	%		81	%		12	%
Net assets, end of period (thousands)	$	12,018		$	12,980		$	8,214		$	15,844		$	9,578		$	4,989

*	Commencement of investment operations.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			35

Financial Highlights (cont.)


	FlexShares^® Morningstar US Market Factor Tilt Index Fund
	Six Months ended April 30, 2024 (Unaudited)

				Year ended October 31,
				2023			2022			2021			2020			2019

Net asset value, beginning of period	$	157.18		$	151.07		$	178.97		$	121.11		$	119.52		$	110.13


PER SHARE

Investment Operations
Net Investment Income^(a)		1.41			2.53			2.39			2.08			2.10			1.95
Net Realized and Unrealized Gain (Loss)		31.39			6.03			(27.93	)		57.80			1.60			9.33

Total from Operations		32.80			8.56			(25.54	)		59.88			3.70			11.28

Distributions
Net Investment Income		(1.42	)		(2.45	)		(2.36	)		(2.02	)		(2.11	)		(1.89	)

Total from Distributions		(1.42	)		(2.45	)		(2.36	)		(2.02	)		(2.11	)		(1.89	)

Net Asset Value, end of period	$	188.56		$	157.18		$	151.07		$	178.97		$	121.11		$	119.52

Total Return^(b)
Net Asset Value^(d)		20.89	%		5.67	%		(14.33	)%		49.68	%		3.28	%		10.41	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.26	%		0.26	%		0.26	%		0.26	%		0.26	%		0.26	%
Expenses net of reimbursements		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net Investment Income Before Reimbursements		1.54	%		1.58	%		1.47	%		1.28	%		1.78	%		1.72	%
Net Investment Income Net of Reimbursements		1.55	%		1.58	%		1.47	%		1.29	%		1.79	%		1.72	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		6	%		15	%		14	%		24	%		26	%		28	%
Net assets, end of period (thousands)	$	1,536,744		$	1,336,011		$	1,397,408		$	1,727,019		$	1,174,786		$	1,446,137

See Accompanying Notes to the Financial Statements.


36		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund
	Six Months ended April 30, 2024 (Unaudited)

				Year ended October 31,
				2023			2022			2021			2020			2019

Net asset value, beginning of period	$	60.16		$	54.48		$	73.71		$	54.24		$	62.67		$	59.76


PER SHARE

Investment Operations
Net Investment Income^(a)		0.98			1.93			1.94			1.71			1.31			1.85
Net Realized and Unrealized Gain (Loss)		9.99			5.37			(18.44	)		19.27			(7.88	)		2.89

Total from Operations		10.97			7.30			(16.50	)		20.98			(6.57	)		4.74

Distributions
Net Investment Income		(1.01	)		(1.62	)		(2.61	)		(1.51	)		(1.86	)		(1.83	)
Tax Return of Capital		—			—			(0.12	)		—			—			—

Total from Distributions		(1.01	)		(1.62	)		(2.73	)		(1.51	)		(1.86	)		(1.83	)

Net Asset Value, end of period	$	70.12		$	60.16		$	54.48		$	73.71		$	54.24		$	62.67

Total Return^(b)
Net Asset Value^(d)		18.30	%		13.21	%		(22.83	)%		38.79	%		(10.57	)%		8.13	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.41	%		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Expenses net of reimbursements		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Net Investment Income Before Reimbursements		2.90	%		3.04	%		3.02	%		2.42	%		2.28	%		3.09	%
Net Investment Income Net of Reimbursements		2.92	%		3.04	%		3.02	%		2.42	%		2.28	%		3.09	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		10	%		22	%		27	%		29	%		21	%		25	%
Net assets, end of period (thousands)	$	518,914		$	469,239		$	446,754		$	648,638		$	499,016		$	965,142

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			37

Financial Highlights (cont.)


	FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund
	Six Months ended April 30, 2024 (Unaudited)

				Year ended October 31,
				2023			2022			2021			2020			2019

Net asset value, beginning of period	$	46.54		$	42.22		$	60.79		$	48.05		$	50.42		$	47.92


PER SHARE

Investment Operations
Net Investment Income^(a)		0.50			1.45			1.86			1.51			1.02			1.49
Net Realized and Unrealized Gain (Loss)		6.16			4.36			(18.06	)		12.40			(1.97	)		2.46

Total from Operations		6.66			5.81			(16.20	)		13.91			(0.95	)		3.95

Distributions
Net Investment Income		(1.20	)		(1.49	)		(2.37	)		(1.17	)		(1.42	)		(1.45	)

Total from Distributions		(1.20	)		(1.49	)		(2.37	)		(1.17	)		(1.42	)		(1.45	)

Net Asset Value, end of period	$	52.00		$	46.54		$	42.22		$	60.79		$	48.05		$	50.42

Total Return^(b)
Net Asset Value^(d)		14.43	%^(f)		13.63	%^(f)		(27.32	)%		28.95	%		(1.86	)%		8.29	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.59	%		0.61	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses net of reimbursements		0.57	%		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net Investment Income Before Reimbursements		1.98	%		2.95	%		3.49	%		2.46	%		2.13	%		2.92	%
Net Investment Income Net of Reimbursements		1.99	%		2.97	%		3.49	%		2.47	%		2.14	%		2.93	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		17	%		39	%		34	%		40	%		41	%		45	%
Net assets, end of period (thousands)	$	259,991		$	218,724		$	206,889		$	334,372		$	225,847		$	413,414

See Accompanying Notes to the Financial Statements.


38		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® US Quality Large Cap Index Fund
	Six Months ended April 30, 2024 (Unaudited)

				Year ended October 31,
				2023			2022			2021			2020			2019

Net asset value, beginning of period	$	46.61		$	43.17		$	50.25		$	35.48		$	34.69		$	33.44


PER SHARE

Investment Operations
Net Investment Income^(a)		0.36			0.67			0.61			0.50			0.62			0.68
Net Realized and Unrealized Gain (Loss)		9.87			3.43			(7.11	)		14.76			0.76			1.29

Total from Operations		10.23			4.10			(6.50	)		15.26			1.38			1.97

Distributions
Net Investment Income		(0.33	)		(0.66	)		(0.58	)		(0.49	)		(0.59	)		(0.72	)

Total from Distributions		(0.33	)		(0.66	)		(0.58	)		(0.49	)		(0.59	)		(0.72	)

Net Asset Value, end of period	$	56.51		$	46.61		$	43.17		$	50.25		$	35.48		$	34.69

Total Return^(b)
Net Asset Value^(d)		21.97	%		9.54	%		(12.98	)%		43.21	%		4.13	%		6.04	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.26	%		0.26	%		0.30	%		0.33	%		0.33	%		0.33	%
Expenses net of reimbursements		0.25	%		0.25	%		0.30	%		0.32	%		0.32	%		0.32	%
Net Investment Income Before Reimbursements		1.32	%		1.44	%		1.31	%		1.11	%		1.77	%		2.04	%
Net Investment Income Net of Reimbursements		1.33	%		1.44	%		1.31	%		1.11	%		1.77	%		2.05	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		6	%		20	%		22	%		30	%		48	%		69	%
Net assets, end of period (thousands)	$	193,537		$	146,806		$	127,350		$	144,475		$	71,842		$	51,171

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			39

Financial Highlights (cont.)


	FlexShares^® STOXX^® US ESG Select Index Fund
	Six Months ended April 30, 2024 (Unaudited)

				Year ended October 31,
				2023			2022			2021			2020			2019

Net asset value, beginning of period	$	102.72		$	92.96		$	112.73		$	79.16		$	72.29		$	64.33


PER SHARE

Investment Operations
Net Investment Income^(a)		0.72			1.32			1.22			1.26			1.27			1.21
Net Realized and Unrealized Gain (Loss)		17.91			9.71			(19.75	)		33.50			6.81			7.83

Total from Operations		18.63			11.03			(18.53	)		34.76			8.08			9.04

Distributions
Net Investment Income		(0.68	)		(1.27	)		(1.24	)		(1.19	)		(1.21	)		(1.08	)

Total from Distributions		(0.68	)		(1.27	)		(1.24	)		(1.19	)		(1.21	)		(1.08	)

Net Asset Value, end of period	$	120.67		$	102.72		$	92.96		$	112.73		$	79.16		$	72.29

Total Return^(b)
Net Asset Value^(d)		18.15	%		11.91	%		(16.51	)%		44.15	%		11.40	%		14.21	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.33	%		0.33	%		0.33	%		0.33	%		0.33	%		0.33	%
Expenses net of reimbursements		0.32	%		0.32	%		0.32	%		0.32	%		0.32	%		0.32	%
Net Investment Income Before Reimbursements		1.22	%		1.30	%		1.20	%		1.25	%		1.67	%		1.78	%
Net Investment Income Net of Reimbursements		1.22	%		1.30	%		1.20	%		1.26	%		1.68	%		1.79	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		15	%		28	%		46	%		40	%		66	%		75	%
Net assets, end of period (thousands)	$	193,069		$	166,925		$	171,980		$	191,643		$	89,052		$	56,024

See Accompanying Notes to the Financial Statements.


40		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® STOXX^® Global ESG Select Index Fund
	Six Months ended April 30, 2024 (Unaudited)

				Year ended October 31,
				2023			2022			2021			2020			2019

Net asset value, beginning of period	$	132.01		$	117.54		$	148.57		$	106.02		$	101.77		$	91.61


PER SHARE

Investment Operations
Net Investment Income^(a)		1.26			2.42			2.24			2.03			1.72			2.05
Net Realized and Unrealized Gain (Loss)		24.01			14.27			(30.82	)		42.38			4.26			10.12

Total from Operations		25.27			16.69			(28.58	)		44.41			5.98			12.17

Distributions
Net Investment Income		(1.03	)		(2.22	)		(2.45	)		(1.86	)		(1.73	)		(2.01	)

Total from Distributions		(1.03	)		(2.22	)		(2.45	)		(1.86	)		(1.73	)		(2.01	)

Net Asset Value, end of period	$	156.25		$	132.01		$	117.54		$	148.57		$	106.02		$	101.77

Total Return^(b)
Net Asset Value^(d)		19.18	%		14.17	%		(19.35	)%		42.10	%		6.03	%		13.49	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.45	%		0.43	%		0.43	%		0.43	%		0.43	%		0.43	%
Expenses net of reimbursements		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%
Net Investment Income Before Reimbursements		1.63	%		1.82	%		1.69	%		1.50	%		1.66	%		2.15	%
Net Investment Income Net of Reimbursements		1.66	%		1.83	%		1.69	%		1.51	%		1.66	%		2.16	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		24	%		35	%		54	%		48	%		58	%		66	%
Net assets, end of period (thousands)	$	171,877		$	151,816		$	146,925		$	185,717		$	111,323		$	91,590

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			41

Financial Highlights (cont.)


	FlexShares^® ESG & Climate US Large Cap Core Index Fund
	Six Months ended April 30, 2024 (Unaudited)									For the period 09/20/21* through 10/31/21

				Year ended October 31,
				2023			2022

Net asset value, beginning of period	$	47.61		$	44.21		$	53.39		$	50.00


PER SHARE

Investment Operations
Net Investment Income^(a)		0.38			0.77			0.70			0.06
Net Realized and Unrealized Gain (Loss)		8.90			3.35			(9.25	)		3.33

Total from Operations		9.28			4.12			(8.55	)		3.39

Distributions
Net Investment Income		(0.40	)		(0.72	)		(0.62	)		—
From Net Realized Gains		—			—			(0.01	)		—

Total from Distributions		(0.40	)		(0.72	)		(0.63	)		—

Net Asset Value, end of period	$	56.49		$	47.61		$	44.21		$	53.39

Total Return^(b)
Net Asset Value^(d)		19.51	%		9.33	%		(16.09	)%		6.78	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.10	%		0.10	%		0.10	%		0.09	%
Expenses net of reimbursements		0.09	%		0.09	%		0.09	%		0.09	%
Net Investment Income Before Reimbursements		1.37	%		1.61	%		1.53	%		0.96	%
Net Investment Income Net of Reimbursements		1.38	%		1.61	%		1.53	%		0.96	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		12	%		16	%		18	%		—	%^(g)
Net assets, end of period (thousands)	$	43,779		$	36,896		$	22,103		$	2,669

*	Commencement of investment operations.

See Accompanying Notes to the Financial Statements.


42		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund
	Six Months ended April 30, 2024 (Unaudited)									For the period 09/20/21* through 10/31/21

				Year ended October 31,
				2023			2022

Net asset value, beginning of period	$	41.65		$	38.15		$	51.19		$	50.00


PER SHARE

Investment Operations
Net Investment Income^(a)		0.68			1.38			1.44			0.16
Net Realized and Unrealized Gain (Loss)		6.79			3.31			(13.28	)		1.03

Total from Operations		7.47			4.69			(11.84	)		1.19

Distributions
Net Investment Income		(0.37	)		(1.19	)		(1.20	)		—

Total from Distributions		(0.37	)		(1.19	)		(1.20	)		—

Net Asset Value, end of period	$	48.75		$	41.65		$	38.15		$	51.19

Total Return^(b)
Net Asset Value^(d)		17.96	%		12.08	%		(23.36	)%		2.38	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.13	%		0.13	%		0.13	%		0.12	%
Expenses net of reimbursements		0.12	%		0.12	%		0.12	%		0.12	%
Net Investment Income Before Reimbursements		2.85	%		3.09	%		3.35	%		2.72	%
Net Investment Income Net of Reimbursements		2.86	%		3.09	%		3.35	%		2.72	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		14	%		32	%		33	%		—	%^(g)
Net assets, end of period (thousands)	$	48,748		$	37,484		$	17,169		$	5,119

*	Commencement of investment operations.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			43

Financial Highlights (cont.)


	FlexShares^® Morningstar Global Upstream Natural Resources Index Fund
	Six Months ended April 30, 2024 (Unaudited)

				Year ended October 31,
				2023			2022			2021			2020			2019

Net asset value, beginning of period	$	38.56		$	41.35		$	38.66		$	26.71		$	31.40		$	31.51


PER SHARE

Investment Operations
Net Investment Income^(a)		0.60			1.46			1.88			1.44			0.89			1.08
Net Realized and Unrealized Gain (Loss)		3.08			(3.01	)		2.76			11.72			(4.65	)		(0.09	)

Total from Operations		3.68			(1.55	)		4.64			13.16			(3.76	)		0.99

Distributions
Net Investment Income		(0.62	)		(1.24	)		(1.95	)		(1.21	)		(0.93	)		(1.10	)

Total from Distributions		(0.62	)		(1.24	)		(1.95	)		(1.21	)		(0.93	)		(1.10	)

Net Asset Value, end of period	$	41.62		$	38.56		$	41.35		$	38.66		$	26.71		$	31.40

Total Return^(b)
Net Asset Value^(d)		9.60	%^(h)		(3.92	)%		12.20	%		49.70	%		(11.87	)%		3.16	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%
Expenses net of reimbursements		0.46	%		0.46	%		0.46	%		0.46	%		0.46	%		0.46	%
Net Investment Income Before Reimbursements		3.00	%		3.48	%		4.48	%		3.95	%		3.03	%		3.40	%
Net Investment Income Net of Reimbursements		3.01	%		3.48	%		4.48	%		3.95	%		3.04	%		3.41	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		9	%		27	%		32	%		28	%		29	%		24	%
Net assets, end of period (thousands)	$	6,567,533		$	6,925,286		$	6,834,852		$	6,052,710		$	2,924,726		$	5,510,201

See Accompanying Notes to the Financial Statements.


44		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® STOXX^® Global Broad Infrastructure Index Fund
	Six Months ended April 30, 2024 (Unaudited)

				Year ended October 31,
				2023			2022			2021			2020			2019

Net asset value, beginning of period	$	47.76		$	48.32		$	57.73		$	48.10		$	52.56		$	45.09


PER SHARE

Investment Operations
Net Investment Income^(a)		0.69			1.40			1.35			1.38			1.25			1.35
Net Realized and Unrealized Gain (Loss)		4.34			(0.73	)		(9.27	)		9.57			(4.53	)		7.34

Total from Operations		5.03			0.67			(7.92	)		10.95			(3.28	)		8.69

Distributions
Net Investment Income		(0.51	)		(1.23	)		(1.49	)		(1.32	)		(1.18	)		(1.22	)

Total from Distributions		(0.51	)		(1.23	)		(1.49	)		(1.32	)		(1.18	)		(1.22	)

Net Asset Value, end of period	$	52.28		$	47.76		$	48.32		$	57.73		$	48.10		$	52.56

Total Return^(b)
Net Asset Value^(d)		10.51	%		1.24	%		(13.92	)%		22.85	%		(6.23	)%		19.52	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Expenses net of reimbursements		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%
Net Investment Income Before Reimbursements		2.62	%		2.74	%		2.51	%		2.45	%		2.51	%		2.73	%
Net Investment Income Net of Reimbursements		2.62	%		2.74	%		2.51	%		2.45	%		2.52	%		2.74	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		6	%		12	%		16	%		13	%		13	%		12	%
Net assets, end of period (thousands)	$	2,180,051		$	2,025,181		$	2,500,518		$	2,643,906		$	1,856,596		$	1,477,030

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			45

Financial Highlights (cont.)


	FlexShares^® Global Quality Real Estate Index Fund
	Six Months ended April 30, 2024 (Unaudited)

				Year ended October 31,
				2023			2022			2021			2020			2019

Net asset value, beginning of period	$	47.05		$	52.12		$	70.35		$	50.88		$	66.60		$	57.96


PER SHARE

Investment Operations
Net Investment Income^(a)		1.01			1.50			1.67			1.38			1.43			1.76
Net Realized and Unrealized Gain (Loss)		6.10			(5.09	)		(17.88	)		19.13			(14.62	)		8.68

Total from Operations		7.11			(3.59	)		(16.21	)		20.51			(13.19	)		10.44

Distributions
Net Investment Income		(0.56	)		(1.48	)		(1.99	)		(1.04	)		(2.50	)		(1.80	)
Tax Return of Capital		—			—			(0.03	)		—			(0.03	)		—

Total from Distributions		(0.56	)		(1.48	)		(2.02	)		(1.04	)		(2.53	)		(1.80	)

Net Asset Value, end of period	$	53.60		$	47.05		$	52.12		$	70.35		$	50.88		$	66.60

Total Return^(b)
Net Asset Value^(d)		15.07	%		(7.16	)%		(23.51	)%		40.58	%		(20.29	)%		18.37	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.46	%		0.46	%		0.46	%		0.46	%		0.46	%		0.46	%
Expenses net of reimbursements		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Net Investment Income Before Reimbursements		3.77	%		2.83	%		2.63	%		2.16	%		2.53	%		2.80	%
Net Investment Income Net of Reimbursements		3.78	%		2.83	%		2.63	%		2.17	%		2.54	%		2.81	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		25	%		49	%		54	%		52	%		56	%		53	%
Net assets, end of period (thousands)	$	305,494		$	244,673		$	328,381		$	418,597		$	264,574		$	376,264

See Accompanying Notes to the Financial Statements.


46		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® Real Assets Allocation Index Fund
	Six Months ended April 30, 2024 (Unaudited)

				Year ended October 31,
				2023			2022			2021			2020			2019

Net asset value, beginning of period	$	27.62		$	28.86		$	33.67		$	25.72		$	30.30		$	26.45


PER SHARE

Investment Operations
Net Investment Income^(a)		0.38			0.73			0.93			0.83			0.86			0.76
Net Realized and Unrealized Gain (Loss)		2.48			(1.21	)		(4.72	)		7.78			(4.58	)		3.85

Total from Operations		2.86			(0.48	)		(3.79	)		8.61			(3.72	)		4.61

Distributions
Net Investment Income		(0.36	)		(0.76	)		(1.02	)		(0.66	)		(0.86	)		(0.76	)

Total from Distributions		(0.36	)		(0.76	)		(1.02	)		(0.66	)		(0.86	)		(0.76	)

Net Asset Value, end of period	$	30.12		$	27.62		$	28.86		$	33.67		$	25.72		$	30.30

Total Return^(b)
Net Asset Value^(d)		10.38	%⁽ⁱ⁾		(1.78	)%		(11.49	)%		33.66	%		(12.45	)%		17.69	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses^(j)		0.50	%		0.57	%		0.58	%		0.58	%		0.58	%		0.58	%
Expenses net of reimbursements^(j)		0.03	%		0.10	%		0.11	%		0.12	%		0.11	%		0.11	%
Net Investment Income Before Reimbursements		2.06	%		1.96	%		2.40	%		2.07	%		2.65	%		2.22	%
Net Investment Income Net of Reimbursements		2.53	%		2.42	%		2.86	%		2.53	%		3.11	%		2.69	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		6	%		11	%		7	%		40	%		14	%		4	%
Net assets, end of period (thousands)	$	8,284		$	16,573		$	28,865		$	30,300		$	4,502		$	11,361

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			47

Financial Highlights (cont.)


	FlexShares^® Quality Dividend Index Fund
	Six Months ended April 30, 2024 (Unaudited)

				Year ended October 31,
				2023			2022			2021			2020			2019

Net asset value, beginning of period	$	54.41		$	52.28		$	58.35		$	43.40		$	46.33		$	44.53


PER SHARE

Investment Operations
Net Investment Income^(a)		0.67			1.36			1.25			1.16			1.24			1.24
Net Realized and Unrealized Gain (Loss)		8.14			2.05			(6.05	)		14.89			(2.67	)		2.29

Total from Operations		8.81			3.41			(4.80	)		16.05			(1.43	)		3.53

Distributions
Net Investment Income		(0.65	)		(1.28	)		(1.27	)		(1.10	)		(1.25	)		(1.19	)
From Net Realized Gains		—			—			—			—			(0.25	)		(0.54	)

Total from Distributions		(0.65	)		(1.28	)		(1.27	)		(1.10	)		(1.50	)		(1.73	)

Net Asset Value, end of period	$	62.57		$	54.41		$	52.28		$	58.35		$	43.40		$	46.33

Total Return^(b)
Net Asset Value^(d)		16.19	%		6.52	%		(8.29	)%		37.27	%		(2.98	)%		8.45	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%
Expenses net of reimbursements		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%
Net Investment Income Before Reimbursements		2.16	%		2.45	%		2.24	%		2.16	%		2.79	%		2.80	%
Net Investment Income Net of Reimbursements		2.17	%		2.45	%		2.24	%		2.16	%		2.79	%		2.81	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		17	%		51	%		40	%		51	%		75	%		95	%
Net assets, end of period (thousands)	$	1,655,976		$	1,478,273		$	1,522,730		$	1,642,545		$	1,265,177		$	1,707,344

See Accompanying Notes to the Financial Statements.


48		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® Quality Dividend Defensive Index Fund
	Six Months ended April 30, 2024 (Unaudited)

				Year ended October 31,
				2023			2022			2021			2020			2019

Net asset value, beginning of period	$	53.32		$	50.61		$	56.01		$	42.61		$	46.25		$	44.46


PER SHARE

Investment Operations
Net Investment Income^(a)		0.68			1.29			1.16			1.09			1.21			1.22
Net Realized and Unrealized Gain (Loss)		8.02			2.66			(5.35	)		13.39			(3.28	)		3.35

Total from Operations		8.70			3.95			(4.19	)		14.48			(2.07	)		4.57

Distributions
Net Investment Income		(0.64	)		(1.24	)		(1.21	)		(1.08	)		(1.21	)		(1.14	)
From Net Realized Gains		—			—			—			—			(0.36	)		(1.64	)

Total from Distributions		(0.64	)		(1.24	)		(1.21	)		(1.08	)		(1.57	)		(2.78	)

Net Asset Value, end of period	$	61.38		$	53.32		$	50.61		$	56.01		$	42.61		$	46.25

Total Return^(b)
Net Asset Value^(d)		16.36	%		7.82	%		(7.53	)%		34.28	%		(4.45	)%		11.40	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%
Expenses net of reimbursements		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%
Net Investment Income Before Reimbursements		2.28	%		2.39	%		2.16	%		2.10	%		2.77	%		2.76	%
Net Investment Income Net of Reimbursements		2.28	%		2.40	%		2.16	%		2.11	%		2.77	%		2.76	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		22	%		51	%		47	%		57	%		76	%		91	%
Net assets, end of period (thousands)	$	348,309		$	313,231		$	345,444		$	448,058		$	411,173		$	450,963

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			49

Financial Highlights (cont.)


	FlexShares^® International Quality Dividend Index Fund
	Six Months ended April 30, 2024 (Unaudited)

				Year ended October 31,
				2023			2022			2021			2020			2019

Net asset value, beginning of period	$	20.70		$	18.47		$	25.77		$	20.15		$	23.06		$	22.37


PER SHARE

Investment Operations
Net Investment Income^(a)		0.40			1.12			1.15			0.97			0.79			1.13
Net Realized and Unrealized Gain (Loss)		3.56			2.14			(7.23	)		5.55			(2.86	)		0.70

Total from Operations		3.96			3.26			(6.08	)		6.52			(2.07	)		1.83

Distributions
Net Investment Income		(0.57	)		(1.03	)		(1.22	)		(0.90	)		(0.84	)		(1.14	)

Total from Distributions		(0.57	)		(1.03	)		(1.22	)		(0.90	)		(0.84	)		(1.14	)

Net Asset Value, end of period	$	24.09		$	20.70		$	18.47		$	25.77		$	20.15		$	23.06

Total Return^(b)
Net Asset Value^(d)		19.31	%		17.45	%		(24.11	)%		32.42	%		(8.94	)%		8.41	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.49	%		0.49	%		0.48	%		0.48	%		0.48	%		0.48	%
Expenses net of reimbursements		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%
Net Investment Income Before Reimbursements		3.42	%		5.13	%		5.11	%		3.80	%		3.68	%		4.98	%
Net Investment Income Net of Reimbursements		3.44	%		5.14	%		5.11	%		3.81	%		3.68	%		4.98	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		18	%		49	%		69	%		68	%		74	%		71	%
Net assets, end of period (thousands)	$	558,844		$	498,876		$	432,097		$	616,007		$	453,477		$	774,685

See Accompanying Notes to the Financial Statements.


50		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® International Quality Dividend Defensive Index Fund
	Six Months ended April 30, 2024 (Unaudited)

				Year ended October 31,
				2023			2022			2021			2020			2019

Net asset value, beginning of period	$	18.93		$	17.63		$	23.82		$	19.16		$	21.87		$	21.39


PER SHARE

Investment Operations
Net Investment Income^(a)		0.35			0.93			0.99			0.93			0.74			1.09
Net Realized and Unrealized Gain (Loss)		2.59			1.32			(6.14	)		4.62			(2.70	)		0.51

Total from Operations		2.94			2.25			(5.15	)		5.55			(1.96	)		1.60

Distributions
Net Investment Income		(0.37	)		(0.95	)		(1.04	)		(0.89	)		(0.75	)		(1.12	)

Total from Distributions		(0.37	)		(0.95	)		(1.04	)		(0.89	)		(0.75	)		(1.12	)

Net Asset Value, end of period	$	21.50		$	18.93		$	17.63		$	23.82		$	19.16		$	21.87

Total Return^(b)
Net Asset Value^(d)		15.63	%		12.54	%		(22.06	)%		29.03	%		(8.92	)%		7.66	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.49	%		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Expenses net of reimbursements		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%
Net Investment Income Before Reimbursements		3.37	%		4.67	%		4.62	%		3.91	%		3.65	%		5.02	%
Net Investment Income Net of Reimbursements		3.39	%		4.67	%		4.62	%		3.92	%		3.66	%		5.03	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		32	%		67	%		65	%		65	%		75	%		63	%
Net assets, end of period (thousands)	$	23,647		$	26,503		$	40,545		$	71,459		$	59,404		$	78,719

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			51

Financial Highlights (cont.)


	FlexShares^® International Quality Dividend Dynamic Index Fund
	Six Months ended April 30, 2024 (Unaudited)

				Year ended October 31,
				2023			2022			2021			2020			2019

Net asset value, beginning of period	$	24.34		$	21.31		$	30.39		$	22.38		$	24.94		$	23.51


PER SHARE

Investment Operations
Net Investment Income^(a)		0.42			1.28			1.45			1.28			0.70			1.05
Net Realized and Unrealized Gain (Loss)		4.63			2.91			(9.01	)		7.63			(2.45	)		1.52

Total from Operations		5.05			4.19			(7.56	)		8.91			(1.75	)		2.57

Distributions
Net Investment Income		(0.81	)		(1.16	)		(1.52	)		(0.90	)		(0.81	)		(1.14	)

Total from Distributions		(0.81	)		(1.16	)		(1.52	)		(0.90	)		(0.81	)		(1.14	)

Net Asset Value, end of period	$	28.58		$	24.34		$	21.31		$	30.39		$	22.38		$	24.94

Total Return^(b)
Net Asset Value^(d)		20.92	%		19.39	%		(25.48	)%		39.87	%		(6.99	)%		11.30	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.52	%		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Expenses net of reimbursements		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%
Net Investment Income Before Reimbursements		3.00	%		4.96	%		5.49	%		4.24	%		2.90	%		4.36	%
Net Investment Income Net of Reimbursements		3.05	%		4.96	%		5.49	%		4.25	%		2.91	%		4.37	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		30	%		78	%		74	%		72	%		85	%		88	%
Net assets, end of period (thousands)	$	71,460		$	65,714		$	61,788		$	75,975		$	22,376		$	47,391

See Accompanying Notes to the Financial Statements.


52		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund
	Six Months ended April 30, 2024 (Unaudited)

				Year ended October 31,
				2023			2022			2021			2020			2019

Net asset value, beginning of period	$	23.17		$	23.58		$	26.38		$	25.73		$	24.58		$	23.81


PER SHARE

Investment Operations
Net Investment Income^(a)		0.38			0.96			1.72			1.09			0.33			0.46
Net Realized and Unrealized Gain (Loss)		0.30			(0.52	)		(2.83	)		0.68			1.09			0.79

Total from Operations		0.68			0.44			(1.11	)		1.77			1.42			1.25

Distributions
Net Investment Income		(0.34	)		(0.85	)		(1.66	)		(1.12	)		(0.27	)		(0.48	)
Tax Return of Capital		—			—			(0.03	)		—			—			—

Total from Distributions		(0.34	)		(0.85	)		(1.69	)		(1.12	)		(0.27	)		(0.48	)

Net Asset Value, end of period	$	23.51		$	23.17		$	23.58		$	26.38		$	25.73		$	24.58

Total Return^(b)
Net Asset Value^(d)		2.94	%		1.84	%		(4.44	)%		6.95	%		5.81	%		5.30	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.19	%		0.19	%		0.19	%		0.19	%		0.19	%		0.19	%
Expenses net of reimbursements		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%
Net Investment Income Before Reimbursements		3.24	%		4.08	%		6.82	%		4.14	%		1.33	%		1.89	%
Net Investment Income Net of Reimbursements		3.25	%		4.08	%		6.83	%		4.15	%		1.33	%		1.89	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		40	%		63	%		116	%		53	%		71	%		52	%
Net assets, end of period (thousands)	$	1,779,738		$	1,927,923		$	2,157,939		$	1,437,584		$	1,429,491		$	1,178,722

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			53

Financial Highlights (cont.)


	FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund
	Six Months ended April 30, 2024 (Unaudited)

				Year ended October 31,
				2023			2022			2021			2020			2019

Net asset value, beginning of period	$	22.76		$	23.63		$	28.02		$	27.34		$	25.50		$	23.95


PER SHARE

Investment Operations
Net Investment Income^(a)		0.39			1.01			1.83			1.16			0.36			0.44
Net Realized and Unrealized Gain (Loss)		0.39			(1.01	)		(4.35	)		0.70			1.76			1.59

Total from Operations		0.78			0.00			(2.52	)		1.86			2.12			2.03

Distributions
Net Investment Income		(0.35	)		(0.87	)		(1.84	)		(1.18	)		(0.28	)		(0.48	)
Tax Return of Capital		—			—			(0.03	)		—			—			—

Total from Distributions		(0.35	)		(0.87	)		(1.87	)		(1.18	)		(0.28	)		(0.48	)

Net Asset Value, end of period	$	23.19		$	22.76		$	23.63		$	28.02		$	27.34		$	25.50

Total Return^(b)
Net Asset Value^(d)		3.43	%		(0.11	)%		(9.46	)%		6.88	%		8.39	%		8.53	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.19	%		0.19	%		0.19	%		0.19	%		0.19	%		0.19	%
Expenses net of reimbursements		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%
Net Investment Income Before Reimbursements		3.34	%		4.26	%		6.98	%		4.17	%		1.35	%		1.77	%
Net Investment Income Net of Reimbursements		3.35	%		4.27	%		6.98	%		4.17	%		1.35	%		1.78	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		22	%		52	%		80	%		46	%		66	%		41	%
Net assets, end of period (thousands)	$	781,416		$	811,550		$	643,886		$	714,479		$	596,095		$	557,185

See Accompanying Notes to the Financial Statements.


54		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® Disciplined Duration MBS Index Fund
	Six Months ended April 30, 2024 (Unaudited)

				Year ended October 31,
				2023			2022			2021			2020			2019

Net asset value, beginning of period	$	19.59		$	20.04		$	23.42		$	24.10		$	23.55		$	22.74


PER SHARE

Investment Operations
Net Investment Income^(a)		0.35			0.55			0.26			0.09			0.37			0.61
Net Realized and Unrealized Gain (Loss)		0.40			(0.34	)		(3.07	)		(0.16	)		0.85			1.03

Total from Operations		0.75			0.21			(2.81	)		(0.07	)		1.22			1.64

Distributions
Net Investment Income		(0.38	)		(0.66	)		(0.57	)		(0.61	)		(0.67	)		(0.83	)

Total from Distributions		(0.38	)		(0.66	)		(0.57	)		(0.61	)		(0.67	)		(0.83	)

Net Asset Value, end of period	$	19.96		$	19.59		$	20.04		$	23.42		$	24.10		$	23.55

Total Return^(b)
Net Asset Value^(d)		3.80	%		0.98	%		(12.16	)%		(0.28	)%		5.19	%		7.36	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.21	%		0.21	%		0.21	%		0.21	%		0.21	%		0.21	%
Expenses net of reimbursements		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net Investment Income Before Reimbursements		3.42	%		2.70	%		1.19	%		0.35	%		1.54	%		2.64	%
Net Investment Income Net of Reimbursements		3.42	%		2.70	%		1.19	%		0.36	%		1.54	%		2.65	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		11	%		46	%		222	%		476	%		175	%		61	%
Net assets, end of period (thousands)	$	78,858		$	74,424		$	97,189		$	111,243		$	100,020		$	35,330

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			55

Financial Highlights (cont.)


	FlexShares^® Credit-Scored US Corporate Bond Index Fund
	Six Months ended April 30, 2024 (Unaudited)

				Year ended October 31,
				2023			2022			2021			2020			2019

Net asset value, beginning of period	$	45.38		$	45.26		$	53.52		$	54.70		$	52.58		$	48.59


PER SHARE

Investment Operations
Net Investment Income^(a)		1.15			1.74			1.04			0.91			1.32			1.63
Net Realized and Unrealized Gain (Loss)		1.46			0.05			(7.83	)		(0.51	)		2.39			3.94

Total from Operations		2.61			1.79			(6.79	)		0.40			3.71			5.57

Distributions
Net Investment Income		(1.14	)		(1.67	)		(1.06	)		(0.96	)		(1.37	)		(1.58	)
From Net Realized Gains		—			—			(0.41	)		(0.62	)		(0.22	)		—

Total from Distributions		(1.14	)		(1.67	)		(1.47	)		(1.58	)		(1.59	)		(1.58	)

Net Asset Value, end of period	$	46.85		$	45.38		$	45.26		$	53.52		$	54.70		$	52.58

Total Return^(b)
Net Asset Value^(d)		5.79	%		3.92	%		(12.91	)%		0.70	%		7.20	%		11.66	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.18	%		0.23	%		0.23	%		0.23	%		0.23	%		0.23	%
Expenses net of reimbursements		0.18	%		0.22	%		0.22	%		0.22	%		0.22	%		0.22	%
Net Investment Income Before Reimbursements		4.90	%		3.74	%		2.11	%		1.68	%		2.46	%		3.20	%
Net Investment Income Net of Reimbursements		4.91	%		3.74	%		2.11	%		1.69	%		2.46	%		3.21	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		52	%		121	%		66	%		53	%		62	%		65	%
Net assets, end of period (thousands)	$	372,486		$	274,550		$	242,139		$	315,740		$	202,397		$	97,275

See Accompanying Notes to the Financial Statements.


56		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® Credit-Scored US Long Corporate Bond Index Fund
	Six Months ended April 30, 2024 (Unaudited)

				Year ended October 31,
				2023			2022			2021			2020			2019

Net asset value, beginning of period	$	38.10		$	39.44		$	60.85		$	61.81		$	57.84		$	48.04


PER SHARE

Investment Operations
Net Investment Income^(a)		1.16			2.14			1.93			1.90			1.99			2.11
Net Realized and Unrealized Gain (Loss)		3.43			(1.33	)		(20.48	)		1.22			3.90			9.89

Total from Operations		4.59			0.81			(18.55	)		3.12			5.89			12.00

Distributions
Net Investment Income		(1.16	)		(2.15	)		(1.92	)		(1.88	)		(1.92	)		(2.20	)
From Net Realized Gains		—			—			(0.94	)		(2.20	)		—			—

Total from Distributions		(1.16	)		(2.15	)		(2.86	)		(4.08	)		(1.92	)		(2.20	)

Net Asset Value, end of period	$	41.53		$	38.10		$	39.44		$	60.85		$	61.81		$	57.84

Total Return^(b)
Net Asset Value^(d)		11.96	%^(k)		1.59	%^(k)		(31.58	)%		5.14	%		10.34	%		25.57	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.18	%		0.23	%		0.23	%		0.23	%		0.23	%		0.23	%
Expenses net of reimbursements		0.17	%		0.22	%		0.22	%		0.22	%		0.22	%		0.22	%
Net Investment Income Before Reimbursements		5.42	%		5.01	%		3.86	%		3.13	%		3.27	%		4.06	%
Net Investment Income Net of Reimbursements		5.43	%		5.02	%		3.86	%		3.14	%		3.28	%		4.07	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		68	%		103	%		58	%		88	%		74	%		44	%
Net assets, end of period (thousands)	$	31,147		$	28,575		$	35,498		$	60,855		$	46,360		$	17,352

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			57

Financial Highlights (cont.)


	FlexShares^® High Yield Value-Scored Bond Index Fund
	Six Months ended April 30, 2024 (Unaudited)

				Year ended October 31,
				2023			2022			2021			2020			2019

Net asset value, beginning of period	$	38.74		$	40.09		$	49.58		$	46.25		$	47.85		$	48.84


PER SHARE

Investment Operations
Net Investment Income^(a)		1.79			3.57			2.98			2.67			3.12			2.67
Net Realized and Unrealized Gain (Loss)		1.64			(1.40	)		(9.24	)		3.42			(1.77	)		0.78

Total from Operations		3.43			2.17			(6.26	)		6.09			1.35			3.45

Distributions
Net Investment Income		(1.82	)		(3.52	)		(2.86	)		(2.76	)		(2.95	)		(3.57	)
From Net Realized Gains		—			—			(0.37	)		—			—			—
Tax Return of Capital		—			—			—			—			—			(0.87	)

Total from Distributions		(1.82	)		(3.52	)		(3.23	)		(2.76	)		(2.95	)		(4.44	)

Net Asset Value, end of period	$	40.35		$	38.74		$	40.09		$	49.58		$	46.25		$	47.85

Total Return^(b)
Net Asset Value^(d)		8.98	%^(l)		5.45	%^(l)		(13.06	)%		13.38	%		3.07	%		7.48	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%
Expenses net of reimbursements		0.36	%		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%
Net Investment Income Before Reimbursements		8.88	%		8.90	%		6.81	%		5.40	%		6.78	%		5.56	%
Net Investment Income Net of Reimbursements		8.90	%		8.91	%		6.81	%		5.40	%		6.78	%		5.57	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		73	%		167	%		146	%		128	%		95	%		44	%
Net assets, end of period (thousands)	$	1,355,866		$	1,222,307		$	887,945		$	575,184		$	189,623		$	100,480

See Accompanying Notes to the Financial Statements.


58		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund
	Six Months ended April 30, 2024 (Unaudited)									For the period 09/20/21* through 10/31/21

				Year ended October 31,
				2023			2022

Net asset value, beginning of period	$	37.96		$	38.59		$	49.35		$	50.00


PER SHARE

Investment Operations
Net Investment Income^(a)		0.92			1.61			1.07			0.10
Net Realized and Unrealized Gain (Loss)		1.85			(0.62	)		(10.68	)		(0.75	)

Total from Operations		2.77			0.99			(9.61	)		(0.65	)

Distributions
Net Investment Income		(0.87	)		(1.62	)		(1.15	)		—

Total from Distributions		(0.87	)		(1.62	)		(1.15	)		—

Net Asset Value, end of period	$	39.86		$	37.96		$	38.59		$	49.35

Total Return^(b)
Net Asset Value^(d)		7.29	%		2.41	%		(19.73	)%		(1.32	)%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.13	%		0.13	%		0.13	%		0.12	%
Expenses net of reimbursements		0.12	%		0.12	%		0.12	%		0.12	%
Net Investment Income Before Reimbursements		4.57	%		4.00	%		2.41	%		1.81	%
Net Investment Income Net of Reimbursements		4.57	%		4.00	%		2.41	%		1.81	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		20	%		87	%		66	%		8	%
Net assets, end of period (thousands)	$	39,860		$	24,672		$	23,156		$	49,347

*	Commencement of investment operations.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			59

Financial Highlights (cont.)


	FlexShares^® Ultra-Short Income Fund
	Six Months ended April 30, 2024 (Unaudited)

				Year ended October 31,
				2023			2022			2021			2020			2019

Net asset value, beginning of period	$	75.11		$	74.30		$	76.01		$	76.29		$	75.89		$	75.48


PER SHARE

Investment Operations
Net Investment Income^(a)		1.99			3.24			1.07			0.48			1.07			1.98
Net Realized and Unrealized Gain (Loss)		0.31			0.59			(1.80	)		(0.22	)		0.57			0.41

Total from Operations		2.30			3.83			(0.73	)		0.26			1.64			2.39

Distributions
Net Investment Income		(1.97	)		(3.02	)		(0.78	)		(0.52	)		(1.23	)		(1.98	)
From Net Realized Gains		—			—			(0.20	)		(0.02	)		(0.01	)		—

Total from Distributions		(1.97	)		(3.02	)		(0.98	)		(0.54	)		(1.24	)		(1.98	)

Net Asset Value, end of period	$	75.44		$	75.11		$	74.30		$	76.01		$	76.29		$	75.89

Total Return^(b)
Net Asset Value^(d)		3.09	%		5.27	%		(0.94	)%		0.34	%		2.18	%		3.21	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses		0.26	%		0.26	%		0.26	%		0.26	%		0.26	%		0.26	%
Expenses net of reimbursements		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net Investment Income Before Reimbursements		5.32	%		4.33	%		1.43	%		0.62	%		1.41	%		2.61	%
Net Investment Income Net of Reimbursements		5.32	%		4.33	%		1.43	%		0.63	%		1.41	%		2.62	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		21	%		37	%		50	%		84	%		79	%		73	%
Net assets, end of period (thousands)	$	1,143,715		$	1,076,389		$	856,357		$	374,339		$	469,201		$	275,097

See Accompanying Notes to the Financial Statements.


60		FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)


	FlexShares^® Core Select Bond Fund
	Six Months ended April 30, 2024 (Unaudited)

				Year ended October 31,
				2023			2022			2021			2020			2019

Net asset value, beginning of period	$	20.79		$	21.46		$	26.22		$	26.78		$	25.66		$	23.74


PER SHARE

Investment Operations
Net Investment Income^(a)		0.39			0.65			0.53			0.46			0.51			0.73
Net Realized and Unrealized Gain (Loss)		0.67			(0.66	)		(4.75	)		(0.39	)		1.19			1.93

Total from Operations		1.06			(0.01	)		(4.22	)		0.07			1.70			2.66

Distributions
Net Investment Income		(0.40	)		(0.66	)		(0.54	)		(0.52	)		(0.58	)		(0.74	)
From Net Realized Gains		—			—			—			(0.11	)		—			—

Total from Distributions		(0.40	)		(0.66	)		(0.54	)		(0.63	)		(0.58	)		(0.74	)

Net Asset Value, end of period	$	21.45		$	20.79		$	21.46		$	26.22		$	26.78		$	25.66

Total Return^(b)
Net Asset Value^(d)		5.05	%		(0.15	)%		(16.27	)%		0.26	%		6.69	%		11.38	%

RATIOS/SUPPLEMENT DATA

Ratios to Average Net Assets^(c)
Expenses^(j)		0.36	%		0.36	%		0.36	%		0.36	%		0.36	%		0.36	%
Expenses net of reimbursements^(j)		0.25	%		0.25	%		0.22	%		0.20	%		0.20	%		0.19	%
Net Investment Income Before Reimbursements		3.49	%		2.87	%		2.10	%		1.56	%		1.76	%		2.80	%
Net Investment Income Net of Reimbursements		3.61	%		2.98	%		2.24	%		1.72	%		1.93	%		2.97	%

Supplemental Data
Portfolio Turnover Rate^(b)(e)		26	%		26	%		121	%		50	%		91	%		135	%
Net assets, end of period (thousands)	$	168,384		$	182,431		$	159,362		$	126,517		$	109,123		$	26,299

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			61

Financial Highlights (cont.)

(a)

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

(b)

Not annualized for periods less than one year.

(c)

Annualized for periods less than one year.

(d)

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

(e)

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

(f)

Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Fund in the amount of approximately $7,847 and $16,693 for the six months ended April 30, 2024 and fiscal year ended October 31, 2023, respectively. Total return excluding the voluntary reimbursement would have been 14.42% and 13.62%, respectively. (see Note 4).

(g)

Less than 0.5%.

(h)

The Fund received reimbursements from Northern Trust Investments, Inc. of $41,401. The reimbursements represent less than $0.01 per share. Without these reimbursements, the total return would have been 9.60%.

(i)

The Fund received reimbursements from Northern Trust Investments, Inc. of $148,579. The reimbursements represent less than $0.01 per share. Without these reimbursements, the total return would have been 8.38%.

(j)

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

(k)

Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Fund in the amount of approximately $1,056 and $2,167 for the six months ended April 30, 2024 and fiscal year ended October 31, 2023, respectively. Total return excluding the voluntary reimbursement would have been 11.96% and 1.59%, respectively. (see Note 4).

(l)

Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Fund in the amount of approximately $68,563 and $84,821 for the six months ended April 30, 2024 and fiscal year ended October 31, 2023, respectively. Total return excluding the voluntary reimbursement would have been 8.94% and 5.44%, respectively. (see Note 4).

See Accompanying Notes to the Financial Statements.


62		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® US Quality Low Volatility Index Fund

April 30, 2024 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 99.6%

Aerospace & Defense – 2.6%

General Dynamics Corp.		1,365	$	391,878

Huntington Ingalls Industries, Inc.		2,835		785,096

Lockheed Martin Corp.		3,675		1,708,618

Northrop Grumman Corp.		2,205		1,069,491
				3,955,083

Air Freight & Logistics – 1.3%

CH Robinson Worldwide, Inc.		12,285		872,235

Expeditors International of Washington, Inc.		9,450		1,051,879
				1,924,114

Automobile Components – 0.2%

Mobileye Global, Inc., Class A*(a)		11,865		326,881

Banks – 0.1%

JPMorgan Chase & Co.		840		161,062

Beverages – 1.8%

PepsiCo, Inc.		16,170		2,844,465

Biotechnology – 5.7%

AbbVie, Inc.		12,600		2,049,264

Alkermes plc*		4,830		118,528

Amgen, Inc.		4,410		1,208,075

Gilead Sciences, Inc.		20,055		1,307,586

Neurocrine Biosciences, Inc.*		6,090		837,619

Regeneron Pharmaceuticals, Inc.*		1,785		1,589,828

Vertex Pharmaceuticals, Inc.*		4,200		1,649,802
				8,760,702

Broadline Retail – 2.7%

Amazon.com, Inc.*		20,580		3,601,500

Dillard’s, Inc., Class A		1,260		551,867
				4,153,367

Capital Markets – 0.9%

CME Group, Inc.		6,615		1,386,769

Chemicals – 0.8%

Linde plc		672		296,325


Investments	Shares		Value

Chemicals – (continued)

NewMarket Corp.(a)		1,890	$	995,879
				1,292,204

Commercial Services & Supplies – 2.4%

Republic Services, Inc.		4,935		946,040

Tetra Tech, Inc.		4,410		858,715

Waste Connections, Inc.		5,460		885,011

Waste Management, Inc.		5,145		1,070,263
				3,760,029

Consumer Staples Distribution & Retail – 2.3%

Costco Wholesale Corp.		1,155		834,950

Grocery Outlet Holding Corp.*		29,190		758,064

Kroger Co. (The)		18,480		1,023,422

Sprouts Farmers Market, Inc.*		15,015		991,441
				3,607,877

Containers & Packaging – 2.2%

AptarGroup, Inc.		5,880		848,955

Avery Dennison Corp.		5,775		1,254,792

Packaging Corp. of America		7,140		1,235,077
				3,338,824

Diversified Consumer Services – 1.2%

Grand Canyon Education, Inc.*		7,875		1,023,908

Service Corp. International		11,130		798,132
				1,822,040

Diversified Telecommunication Services – 2.1%

AT&T, Inc.		115,080		1,943,701

Verizon Communications, Inc.		33,705		1,331,011
				3,274,712

Electric Utilities – 2.6%

American Electric Power Co., Inc.		9,660		831,050

Duke Energy Corp.		14,910		1,465,057

IDACORP, Inc.(a)		3,990		378,172

Pinnacle West Capital Corp.(a)		9,345		688,259

Xcel Energy, Inc.		13,335		716,489
				4,079,027

Electronic Equipment, Instruments & Components – 0.3%

Badger Meter, Inc.		2,100		384,132

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			63

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Entertainment – 1.1%

Electronic Arts, Inc.		2,310	$	292,954

Madison Square Garden Sports Corp.* (a)		3,990		741,821

Take-Two Interactive Software, Inc.*		5,145		734,757
				1,769,532

Financial Services – 2.8%

Berkshire Hathaway, Inc., Class B*		2,100		833,133

Visa, Inc., Class A(a)		12,915		3,469,098
				4,302,231

Food Products – 3.0%

Campbell Soup Co.		15,225		695,935

Flowers Foods, Inc.		12,390		309,007

General Mills, Inc.		19,950		1,405,677

Hershey Co. (The)		4,515		875,549

Hormel Foods Corp.		16,170		575,005

J M Smucker Co. (The)		6,510		747,673
				4,608,846

Gas Utilities – 0.8%

Atmos Energy Corp.		4,725		557,078

Spire, Inc.		9,870		609,867
				1,166,945

Ground Transportation – 1.1%

Landstar System, Inc.(a)		5,985		1,043,844

Old Dominion Freight Line, Inc.		3,780		686,864
				1,730,708

Health Care Equipment & Supplies – 1.1%

Abbott Laboratories		16,065		1,702,408

Health Care Providers & Services – 0.9%

Chemed Corp.		1,995		1,133,160

UnitedHealth Group, Inc.		448		216,698
				1,349,858

Hotels, Restaurants & Leisure – 2.6%

McDonald’s Corp.		11,760		3,210,950


Investments	Shares		Value

Hotels, Restaurants & Leisure – (continued)

Restaurant Brands International, Inc.(a)		11,130	$	844,211
				4,055,161

Household Durables – 0.2%

Helen of Troy Ltd.* (a)		3,675		340,709

Household Products – 2.7%

Clorox Co. (The)		630		93,158

Procter & Gamble Co. (The)		18,795		3,067,344

WD-40 Co.(a)		4,410		997,233
				4,157,735

Insurance – 6.3%

Allstate Corp. (The)		7,980		1,357,079

American Financial Group, Inc.		9,555		1,220,651

Assurant, Inc.		6,825		1,190,280

Chubb Ltd.		4,410		1,096,502

Cincinnati Financial Corp.		9,345		1,081,123

Loews Corp.		945		71,017

Markel Group, Inc.*		525		765,660

Ryan Specialty Holdings, Inc., Class A		15,855		782,286

Travelers Cos., Inc. (The)		4,305		913,349

W R Berkley Corp.		9,975		767,776

Willis Towers Watson plc		1,680		421,915
				9,667,638

Interactive Media & Services – 2.6%

Alphabet, Inc., Class A*		8,295		1,350,260

Alphabet, Inc., Class C*		6,090		1,002,658

Meta Platforms, Inc., Class A		3,990		1,716,378
				4,069,296

IT Services – 2.0%

Amdocs Ltd.		13,020		1,093,550

International Business Machines Corp.		11,760		1,954,512
				3,048,062

Life Sciences Tools & Services – 0.5%

QIAGEN NV*		18,585		786,703

Metals & Mining – 1.3%

Newmont Corp.		27,090		1,100,937

See Accompanying Notes to the Financial Statements.


64		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Metals & Mining – (continued)

Royal Gold, Inc.		7,245	$	870,342
				1,971,279

Multi-Utilities – 2.9%

Ameren Corp.		9,660		713,584

CMS Energy Corp.		14,280		865,511

Consolidated Edison, Inc.		14,175		1,338,120

Northwestern Energy Group, Inc.		15,855		799,726

WEC Energy Group, Inc.		9,660		798,303
				4,515,244

Oil, Gas & Consumable Fuels – 2.1%

Chesapeake Energy Corp.(a)		10,185		915,428

Coterra Energy, Inc.		49,245		1,347,343

DT Midstream, Inc.(a)		14,910		927,402
				3,190,173

Pharmaceuticals – 7.8%

Eli Lilly & Co.		7,035		5,495,038

Johnson & Johnson		8,505		1,229,738

Merck & Co., Inc.		40,740		5,264,423
				11,989,199

Professional Services – 2.1%

Automatic Data Processing, Inc.		5,355		1,295,321

FTI Consulting, Inc.*		4,095		875,634

Verisk Analytics, Inc.		4,620		1,006,975
				3,177,930

Retail REITs – 0.5%

Phillips Edison & Co., Inc., REIT		22,155		724,468

Semiconductors & Semiconductor Equipment – 5.4%

Broadcom, Inc.		1,260		1,638,340

Cirrus Logic, Inc.*		3,990		353,394

NVIDIA Corp.		5,775		4,989,716

Texas Instruments, Inc.		7,665		1,352,259
				8,333,709

Software – 12.2%

Cadence Design Systems, Inc.*		1,260		347,294

Check Point Software Technologies Ltd.*		7,350		1,098,237


Investments	Shares		Value

Software – (continued)

Dolby Laboratories, Inc., Class A		4,725	$	366,944

Microsoft Corp.		34,125		13,285,886

Qualys, Inc.*		6,930		1,135,896

Roper Technologies, Inc.		2,415		1,235,176

Tyler Technologies, Inc.*		2,730		1,260,031
				18,729,464

Specialized REITs – 1.3%

Equinix, Inc., REIT		1,155		821,332

Public Storage, REIT		4,515		1,171,417
				1,992,749

Specialty Retail – 1.2%

AutoZone, Inc.*		315		931,266

Tractor Supply Co.(a)		3,570		974,896
				1,906,162

Technology Hardware, Storage & Peripherals – 4.7%

Apple, Inc.		42,210		7,189,629

Tobacco – 0.2%

Philip Morris International, Inc.		2,730		259,186

Wireless Telecommunication Services – 1.0%

T-Mobile US, Inc.		9,450		1,551,406
Total Common Stocks (Cost $133,327,003)				153,357,718
	Principal Amount

SECURITIES LENDING REINVESTMENTS – 0.8%(b)

REPURCHASE AGREEMENTS – 0.8%

CF Secured LLC, 5.31%, dated 4/30/2024, due 5/1/2024, repurchase price $1,162,493, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 6.75%, maturing 5/15/2024 – 2/15/2054; total market value $1,176,716 (Cost $1,162,321)	$	1,162,321		1,162,321

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			65

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


Investments	Principal Amount		Value

SHORT-TERM INVESTMENTS – 0.0%(c)(d)(e)

U.S. TREASURY OBLIGATIONS – 0.0%

U.S. Treasury Bills 5.28%, 10/3/2024 (Cost $29,335)	$	30,000	$	29,331
Total Investments – 100.4% (Cost $134,518,659)				154,549,370

Liabilities in excess of other assets – (0.4%)				(582,296	)
NET ASSETS – 100.0%			$	153,967,074

*	Non-income producing security.

^(a)

The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 was $10,182,966, collateralized in the form of cash with a value of $1,162,321 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $8,149,501 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from May 9, 2024 – February 15, 2054 and $1,274,971 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 23, 2024 – June 22, 2071; a total value of $10,586,793.

^(b)

The security was purchased with cash collateral held from securities on loan at April 30, 2024. The total value of securities purchased was $1,162,321.

^(c)

Represents less than 0.05% of net assets.

^(d)

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

^(e)

The rate shown was the current yield as of April 30, 2024.

Percentages shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust

As of April 30, 2024, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments (including derivative instruments, if applicable) for federal income tax purposes was as follows:



Aggregate gross unrealized appreciation	$	23,351,677
Aggregate gross unrealized depreciation		(3,445,713	)
Net unrealized appreciation	$	19,905,964
Federal income tax cost	$	134,631,638

Futures Contracts

FlexShares^® US Quality Low Volatility Index Fund had the following open futures contracts as of April 30, 2024:


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)*
Long Contracts
S&P 500 E-Mini Index		2		06/21/2024		USD	$	506,700	$	(12,197	)
S&P 500 Micro E-Mini Index		4		06/21/2024		USD		101,340		429
									$	(11,768	)

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

Abbreviations:

USD – US Dollar


Security Type	% of Net Assets
Common Stocks		99.6	%
Securities Lending Reinvestments		0.8
Short-Term Investments		0.0	^†
Others⁽¹⁾		(0.4	)
		100.0	%

^†	Amount represents less than 0.05%.

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


66		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

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

April 30, 2024 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 97.4%

Aerospace & Defense – 2.1%

BAE Systems plc		31,518	$	526,072

Dassault Aviation SA		54		11,617

Thales SA		2,538		428,638
				966,327

Air Freight & Logistics – 0.6%

Yamato Holdings Co. Ltd.		19,800		262,591

Automobile Components – 0.2%

Bridgestone Corp.		1,800		79,828

Automobiles – 1.0%

Ferrari NV		1,098		454,587

Banks – 10.9%

AIB Group plc		4,752		24,693

Bank Hapoalim BM		42,012		381,124

Bank Leumi Le-Israel BM(a)		45,954		360,742

Banque Cantonale Vaudoise (Registered)		126		13,216

BOC Hong Kong Holdings Ltd.		144,000		444,638

CaixaBank SA		31,248		165,456

DBS Group Holdings Ltd.		19,800		506,706

Hang Seng Bank Ltd.		18,000		239,119

HSBC Holdings plc		5,940		51,737

Japan Post Bank Co. Ltd.		37,800		385,170

Mizrahi Tefahot Bank Ltd.		9,792		358,629

Mizuho Financial Group, Inc.		25,200		488,739

Oversea-Chinese Banking Corp. Ltd.		44,200		461,852

Resona Holdings, Inc.		34,200		217,547

Royal Bank of Canada(a)		180		17,450

Sumitomo Mitsui Financial Group, Inc.		13,100		747,549

Toronto-Dominion Bank (The)		4,662		277,138
				5,141,505

Beverages – 0.4%

Budweiser Brewing Co. APAC Ltd.(b)		52,200		73,416

Suntory Beverage & Food Ltd.		3,600		117,266
				190,682


Investments	Shares		Value

Broadline Retail – 2.1%

Dollarama, Inc.		2,862	$	239,234

Pan Pacific International Holdings Corp.		16,200		383,574

Wesfarmers Ltd.		8,316		360,666
				983,474

Capital Markets – 1.7%

Deutsche Boerse AG		2,178		421,867

Singapore Exchange Ltd.		52,200		358,271
				780,138

Chemicals – 1.8%

Air Liquide SA		4,248		835,215

ICL Group Ltd.		2,664		12,576
				847,791

Commercial Services & Supplies – 1.7%

Brambles Ltd.		19,242		182,674

Dai Nippon Printing Co. Ltd.		5,500		160,982

Secom Co. Ltd.		5,400		376,780

TOPPAN Holdings, Inc.		3,600		85,742
				806,178

Construction & Engineering – 0.4%

ACS Actividades de Construccion y Servicios SA		1,260		50,630

Obayashi Corp.		5,400		60,463

Taisei Corp.(a)		1,800		66,022
				177,115

Consumer Staples Distribution & Retail – 3.0%

Carrefour SA		612		10,333

Jeronimo Martins SGPS SA		8,676		179,506

Koninklijke Ahold Delhaize NV		14,274		434,065

Loblaw Cos. Ltd.		3,726		409,416

Metro, Inc., Class A		7,092		363,518
				1,396,838

Containers & Packaging – 0.4%

CCL Industries, Inc., Class B		4,014		205,397

Diversified Consumer Services – 0.4%

Pearson plc		14,418		175,769

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			67

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Diversified Telecommunication Services – 4.5%

Deutsche Telekom AG (Registered)		13,572	$	311,860

Elisa OYJ		6,930		313,587

HKT Trust & HKT Ltd.		18,000		19,931

Koninklijke KPN NV		104,364		380,303

Nippon Telegraph & Telephone Corp.		307,800		334,078

Orange SA		19,404		216,295

Singapore Telecommunications Ltd.		111,600		194,763

Swisscom AG (Registered)		648		355,741
				2,126,558

Electric Utilities – 4.7%

CK Infrastructure Holdings Ltd.		27,000		152,931

CLP Holdings Ltd.		45,000		354,997

Fortis, Inc.		5,238		206,112

Hydro One Ltd.(b)		6,048		169,750

Iberdrola SA		38,628		475,397

Kansai Electric Power Co., Inc. (The)		14,400		215,819

Power Assets Holdings Ltd.		36,000		207,359

Redeia Corp. SA(a)		21,222		355,124

Terna – Rete Elettrica Nazionale		6,894		55,462
				2,192,951

Entertainment – 0.8%

Capcom Co. Ltd.		8,400		139,934

Nintendo Co. Ltd.		1,800		88,304

Toho Co. Ltd.		4,300		144,440
				372,678

Food Products – 5.1%

MEIJI Holdings Co. Ltd.		7,200		161,281

Nestle SA (Registered)		15,372		1,545,329

Nissin Foods Holdings Co. Ltd.		11,700		312,639

WH Group Ltd.(b)		279,000		204,046

Yakult Honsha Co. Ltd.		9,000		176,494
				2,399,789

Gas Utilities – 1.2%

Osaka Gas Co. Ltd.		9,000		200,171

Snam SpA		35,730		164,355

Tokyo Gas Co. Ltd.		8,400		188,909
				553,435


Investments	Shares		Value

Ground Transportation – 3.4%

Canadian National Railway Co.		5,670	$	689,595

Canadian Pacific Kansas City Ltd.		972		76,410

Central Japan Railway Co.		9,000		206,863

East Japan Railway Co.		10,800		198,547

Hankyu Hanshin Holdings, Inc.		5,400		141,859

Keisei Electric Railway Co. Ltd.		1,100		41,193

Kintetsu Group Holdings Co. Ltd.		5,400		139,148

West Japan Railway Co.		6,000		114,155
				1,607,770

Hotels, Restaurants & Leisure – 1.0%

Compass Group plc		2,682		74,956

Genting Singapore Ltd.		225,000		150,962

La Francaise des Jeux SAEM(b)		234		8,872

McDonald’s Holdings Co. Japan Ltd.		3,600		158,765

Sodexo SA		1,062		92,831
				486,386

Household Durables – 0.8%

Sekisui Chemical Co. Ltd.		12,600		184,278

Sekisui House Ltd.		9,000		207,378
				391,656

Household Products – 0.0%(c)

Reckitt Benckiser Group plc		306		17,119

Independent Power and Renewable Electricity Producers – 0.0%(c)

Meridian Energy Ltd.		3,690		13,101

Industrial Conglomerates – 1.1%

CK Hutchison Holdings Ltd.		36,000		176,060

Jardine Matheson Holdings Ltd.		3,600		138,132

Keppel Ltd.		36,000		181,617

Siemens AG (Registered)		72		13,542
				509,351

Insurance – 6.5%

Fairfax Financial Holdings Ltd.		396		431,413

Hannover Rueck SE		846		210,226

Insurance Australia Group Ltd.		25,974		108,618

Japan Post Insurance Co. Ltd.		9,000		168,802

Medibank Pvt Ltd.		144,360		333,715

See Accompanying Notes to the Financial Statements.


68		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Insurance – (continued)

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		1,404	$	618,806

Sampo OYJ, Class A		8,820		357,615

Sompo Holdings, Inc.		16,200		321,190

Talanx AG		1,134		85,726

Zurich Insurance Group AG		864		418,458
				3,054,569

IT Services – 2.2%

CGI, Inc.*		2,124		215,654

Obic Co. Ltd.		2,500		323,452

Otsuka Corp.		7,200		144,032

SCSK Corp.		19,800		361,802
				1,044,940

Machinery – 0.8%

Kone OYJ, Class B		7,290		357,003

Marine Transportation – 1.0%

Kuehne + Nagel International AG (Registered)(a)		756		200,880

Mitsui OSK Lines Ltd.		9,000		285,388
				486,268

Metals & Mining – 0.6%

BHP Group Ltd.(a)		1,440		40,236

Franco-Nevada Corp.		2,095		252,708
				292,944

Oil, Gas & Consumable Fuels – 4.6%

ENEOS Holdings, Inc.		25,200		117,044

Galp Energia SGPS SA		23,580		509,301

Imperial Oil Ltd.		2,718		187,254

Pembina Pipeline Corp.		6,192		218,321

Shell plc		19,386		694,970

TotalEnergies SE		2,970		217,820

Tourmaline Oil Corp.		4,608		225,662
				2,170,372

Passenger Airlines – 0.7%

Singapore Airlines Ltd.		66,600		319,387


Investments	Shares		Value

Personal Care Products – 3.0%

Beiersdorf AG		1,368	$	205,587

Unilever plc		22,986		1,191,572
				1,397,159

Pharmaceuticals – 11.1%

AstraZeneca plc		1,242		187,584

GSK plc		29,232		612,366

Novartis AG (Registered)		11,160		1,083,572

Novo Nordisk A/S, Class B		6,030		780,273

Roche Holding AG		90		23,630

Roche Holding AG – BR		5,670		1,363,792

Sanofi SA		11,736		1,168,035
				5,219,252

Professional Services – 2.7%

Computershare Ltd.		3,312		58,562

RELX plc		3,834		158,569

SGS SA (Registered)(a)		4,068		359,540

Thomson Reuters Corp.		1,692		256,081

Wolters Kluwer NV		2,880		433,431
				1,266,183

Real Estate Management & Development – 2.8%

CK Asset Holdings Ltd.		81,000		348,495

Daito Trust Construction Co. Ltd.		1,800		193,480

Daiwa House Industry Co. Ltd.		12,600		355,505

Sino Land Co. Ltd.		11,764		12,650

Sun Hung Kai Properties Ltd.		43,000		399,970
				1,310,100

Retail REITs – 0.3%

Link REIT, REIT		28,800		124,646

Semiconductors & Semiconductor Equipment – 1.3%

ASML Holding NV		684		609,009

Software – 2.1%

Constellation Software, Inc.		90		232,183

Nice Ltd.*		936		209,998

Oracle Corp. Japan		4,400		332,590

SAP SE		1,224		222,097
				996,868

Specialty Retail – 1.1%

Industria de Diseno Textil SA(a)		11,340		519,569

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			69

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Technology Hardware, Storage & Peripherals – 0.6%

Canon, Inc.		10,800	$	293,737

Textiles, Apparel & Luxury Goods – 0.6%

LVMH Moet Hennessy Louis Vuitton SE		324		268,281

Tobacco – 0.6%

Japan Tobacco, Inc.		10,100		272,453

Trading Companies & Distributors – 1.9%

Bunzl plc		4,878		187,759

Ferguson plc		2,250		472,275

ITOCHU Corp.		5,400		244,873
				904,907

Transportation Infrastructure – 1.5%

Aena SME SA(b)		1,764		323,665

Auckland International Airport Ltd.		4,157		19,310

Flughafen Zurich AG (Registered)		810		162,680

Getlink SE		10,710		183,227
				688,882

Wireless Telecommunication Services – 2.1%

KDDI Corp.		15,900		444,572

Rogers Communications, Inc., Class B		2,862		107,430

SoftBank Corp.		30,600		371,598

Vodafone Group plc		87,786		74,373
				997,973
Total Common Stocks (Cost $43,535,670)				45,733,516
	Number of Warrants

WARRANTS – 0.0%

Software – 0.0%

Constellation Software, Inc., expiring 3/31/2040* ^‡ (Cost $–)		28		—


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS – 1.3%(d)

REPURCHASE AGREEMENTS – 1.3%

CF Secured LLC, 5.31%, dated 4/30/2024, due 5/1/2024, repurchase price $590,212, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 6.75%, maturing 5/15/2024 – 2/15/2054; total market value $597,433 (Cost $590,125)	$	590,125	$	590,125
Total Investments – 98.7% (Cost $44,125,795)				46,323,641

Other assets less liabilities – 1.3%				611,904
NET ASSETS – 100.0%			$	46,935,545

*	Non-income producing security.

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

^(a)

The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 was $1,165,528, collateralized in the form of cash with a value of $590,125 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $52,280 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.13% – 5.50%, and maturity dates ranging from June 30, 2024 – November 15, 2052 and $601,841 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 23, 2024 – June 22, 2071; a total value of $1,244,246.

^(b)

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

^(c)

Represents less than 0.05% of net assets.

^(d)

The security was purchased with cash collateral held from securities on loan at April 30, 2024. The total value of securities purchased was $590,125.

Percentages shown are based on Net Assets.

Abbreviations

OYJ – Public Limited Company

REIT – Real Estate Investment Trust

See Accompanying Notes to the Financial Statements.


70		FLEXSHARES SEMIANNUAL REPORT

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



Aggregate gross unrealized appreciation	$	4,592,301
Aggregate gross unrealized depreciation		(2,845,785	)
Net unrealized appreciation	$	1,746,516
Federal income tax cost	$	44,567,629

Futures Contracts

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund had the following open futures contracts as of April 30, 2024:


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
MSCI EAFE E-Mini Index		10		06/21/2024		USD	$	1,133,750	$	(31,044	)

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

Forward Foreign Currency Contracts

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund had the following outstanding contracts as of April 30, 2024:


Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	78,531	Citibank NA	AUD	119,288		06/20/2024	$	955
USD	192,118	Morgan Stanley	CHF	167,993		06/20/2024		7,913
USD	44,484	Morgan Stanley	DKK	303,190		06/20/2024		904
USD	305,474	Morgan Stanley	EUR	279,420		06/20/2024		6,084
USD	25,423	Citibank NA	GBP	19,939		06/20/2024		450
USD	26,591	Citibank NA	JPY	3,903,131		06/20/2024		1,599
USD	12,461	Citibank NA	NOK	131,563		06/20/2024		566
USD	25,140	Morgan Stanley	NZD	41,229		06/20/2024		743
USD	74,397	Citibank NA	SEK	767,599		06/20/2024		4,303
Total unrealized appreciation							$	23,517
CAD	91,112	Bank of New York Mellon (The)	USD	67,522		06/20/2024	$	(1,148	)
HKD	282,833	Bank of New York Mellon (The)	USD	36,251		06/20/2024		(35	)
ILS	73,522	Morgan Stanley	USD	20,246		06/20/2024		(504	)
SGD	16,357	BNP Paribas SA	USD	12,304		06/20/2024		(282	)
Total unrealized depreciation							$	(1,969	)
Net unrealized appreciation							$	21,548

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			71

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

Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

DKK – Danish Krone

EUR – Euro

GBP – British Pound

HKD – Hong Kong Dollar

ILS – Israeli Shekel

JPY – Japanese Yen

NOK – Norwegian Krone

NZD – New Zealand Dollar

SEK – Swedish Krona

SGD – Singapore Dollar

USD – US Dollar

FlexShares^® Developed Markets ex-US Quality Low Volatility Index invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2024:


Australia	2.3	%
Canada	10.2
Denmark	1.7
Finland	2.2
France	7.3
Germany	4.4
Hong Kong	5.9
Ireland	0.0	^†
Israel	2.8
Italy	0.5
Japan	23.5
Netherlands	4.9
New Zealand	0.1
Portugal	1.5
Singapore	4.9
Spain	4.0
Switzerland	11.8
United Kingdom	9.4
Other¹	2.6
	100.0	%

^†	Amount represents less than 0.05%.

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


Security Type	% of Net Assets
Common Stocks		97.4	%
Warrants		–
Securities Lending Reinvestments		1.3
Others⁽¹⁾		1.3
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


72		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Emerging Markets Quality Low Volatility Index Fund

April 30, 2024 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 99.8%

Automobile Components – 1.3%

Balkrishna Industries Ltd.		145	$	4,223

Bosch Ltd.		110		38,702

Cheng Shin Rubber Industry Co. Ltd.		40,000		57,920

Hyundai Mobis Co. Ltd.		20		3,307

MRF Ltd.		37		58,988
				163,140

Automobiles – 2.6%

Bajaj Auto Ltd.		1,025		109,380

Hero MotoCorp Ltd.		1,715		93,381

Kia Corp.		30		2,561

Maruti Suzuki India Ltd.		680		104,462
				309,784

Banks – 18.1%

Agricultural Bank of China Ltd., Class H		200,000		89,756

Banco BBVA Peru SA		9,540		3,691

Bank Central Asia Tbk. PT		229,000		138,020

Bank of China Ltd., Class H		340,000		153,455

Bank of Communications Co. Ltd., Class H		110,000		79,604

Boubyan Bank KSCP		33,284		63,650

Chang Hwa Commercial Bank Ltd.		160,000		89,675

China Construction Bank Corp., Class H		370,000		241,267

Commercial International Bank – Egypt (CIB)		10,640		15,988

Credicorp Ltd.		645		106,818

Dubai Islamic Bank PJSC		55,470		83,970

Emirates NBD Bank PJSC		14,725		68,155

First Financial Holding Co. Ltd.		115,000		96,593

Grupo Elektra SAB de CV		950		61,646

Grupo Financiero Banorte SAB de CV, Class O		1,175		11,692

HDFC Bank Ltd.		2,905		52,925

Hong Leong Bank Bhd.		16,000		64,704

Hong Leong Financial Group Bhd.		12,500		43,793

ICICI Bank Ltd.		5,845		80,589

Industrial & Commercial Bank of China Ltd., Class H		240,000		129,801


Investments	Shares		Value

Banks – (continued)

Itau Unibanco Holding SA (Preference)		3,000	$	18,151

Kuwait Finance House KSCP		40,684		95,105

Malayan Banking Bhd.		40,000		81,550

National Bank of Kuwait SAKP		34,545		97,018

Qatar International Islamic Bank QSC		21,590		59,653

Qatar National Bank QPSC		21,040		80,150

RHB Bank Bhd.		41,500		47,826

Saudi National Bank (The)		1,900		19,048

Sberbank of Russia PJSC^‡		12,360		–
				2,174,293

Beverages – 1.1%

Emperador, Inc.		166,500		54,877

Nongfu Spring Co. Ltd., Class H(a)		13,000		76,791

United Breweries Ltd.		170		4,152
				135,820

Broadline Retail – 3.2%

Alibaba Group Holding Ltd., ADR		3,920		293,412

PDD Holdings, Inc., ADR*		770		96,389

Robinson PCL* ^‡		600		–
				389,801

Capital Markets – 0.8%

Macquarie Korea Infrastructure Fund		10,175		92,761

Chemicals – 2.9%

Asian Paints Ltd.		2,810		96,856

Berger Paints India Ltd.		3,565		21,729

Fertiglobe plc		92,230		70,059

PhosAgro PJSC^‡		1,158		–

Pidilite Industries Ltd.		2,100		76,740

SABIC Agri-Nutrients Co.		2,680		82,745
				348,129

Construction & Engineering – 0.1%

Larsen & Toubro Ltd.		300		12,923

Construction Materials – 0.8%

Asia Cement Corp.		27,000		36,235

LafargeHolcim Maroc SA		315		62,340
				98,575

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			73

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Consumer Finance – 0.6%

Bajaj Finance Ltd.		85	$	7,053

Samsung Card Co. Ltd.		2,205		62,380

Sundaram Finance Ltd.		95		5,404
				74,837

Consumer Staples Distribution & Retail – 1.2%

Grupo Comercial Chedraui SA de CV		2,500		18,571

Nahdi Medical Co.		150		5,527

President Chain Store Corp.		11,600		97,611

Wal-Mart de Mexico SAB de CV		5,000		18,758
				140,467

Diversified Telecommunication Services – 4.2%

Chunghwa Telecom Co. Ltd.		33,000		125,668

Emirates Integrated Telecommunications Co. PJSC		57,180		91,073

Itissalat Al-Maghrib		9,440		90,094

LG Uplus Corp.		8,100		57,728

Saudi Telecom Co.		8,650		86,832

Telefonica Brasil SA		6,300		57,541
				508,936

Electric Utilities – 2.8%

CPFL Energia SA		12,500		76,933

CTEEP-Cia de Transmissao de Energia Eletrica Paulista (Preference)		11,000		52,993

Manila Electric Co.		8,850		56,530

Power Grid Corp. of India Ltd.		40,850		147,784
				334,240

Electronic Equipment, Instruments & Components – 0.6%

WPG Holdings Ltd.		25,000		67,794

Entertainment – 0.7%

NetEase, Inc., ADR		890		83,188

Food Products – 4.3%

Almarai Co. JSC		3,555		53,838

Britannia Industries Ltd.*		1,180		67,544

Marico Ltd.		785		4,874

Nestle India Ltd.		3,560		106,984


Investments	Shares		Value

Food Products – (continued)

Nestle Malaysia Bhd.		3,000	$	79,958

Tingyi Cayman Islands Holding Corp.		70,000		77,597

Uni-President Enterprises Corp.		15,000		35,240

Want Want China Holdings Ltd.		155,000		88,586
				514,621

Gas Utilities – 0.8%

Petronas Gas Bhd.		25,000		94,290

Ground Transportation – 0.3%

GMexico Transportes SAB de CV(a)		19,500		41,842

Health Care Providers & Services – 2.3%

Bumrungrad Hospital PCL, NVDR		12,500		82,636

Dr Sulaiman Al Habib Medical Services Group Co.		780		64,594

IHH Healthcare Bhd.		43,000		57,033

Sinopharm Group Co. Ltd., Class H		28,000		71,028
				275,291

Hotels, Restaurants & Leisure – 0.5%

Americana Restaurants International plc*		46,630		42,277

Jubilant Foodworks Ltd.		2,345		13,018
				55,295

Household Products – 0.0%(b)

Unilever Indonesia Tbk. PT		20,000		3,223

Independent Power and Renewable Electricity Producers – 1.5%

ACWA Power Co.		396		42,211

Engie Brasil Energia SA		9,500		74,965

NTPC Ltd.		15,265		66,449

Unipro PJSC* ^‡		726,000		–
				183,625

Industrial Conglomerates – 1.3%

Far Eastern New Century Corp.		60,000		59,886

Samsung C&T Corp.		635		68,963

Sime Darby Bhd.		39,500		23,174
				152,023

See Accompanying Notes to the Financial Statements.


74		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Insurance – 3.4%

BB Seguridade Participacoes SA		14,500	$	90,081

Bupa Arabia for Cooperative Insurance Co.		1,120		72,027

Caixa Seguridade Participacoes SA		12,000		36,256

DB Insurance Co. Ltd.		205		14,432

PICC Property & Casualty Co. Ltd., Class H		58,000		72,452

Ping An Insurance Group Co. of China Ltd., Class H		3,500		16,088

Samsung Fire & Marine Insurance Co. Ltd.		325		72,896

Samsung Life Insurance Co. Ltd.		525		33,238
				407,470

Interactive Media & Services – 3.9%

Tencent Holdings Ltd.		10,500		466,118

IT Services – 5.0%

Arabian Internet & Communications Services Co.		285		26,444

HCL Technologies Ltd.		8,085		132,424

Infosys Ltd.		3,975		67,677

Samsung SDS Co. Ltd.		565		65,448

Tata Consultancy Services Ltd.		6,670		305,428
				597,421

Life Sciences Tools & Services – 0.6%

Divi’s Laboratories Ltd.		1,285		61,641

Samsung Biologics Co. Ltd.* (a)		20		11,301
				72,942

Marine Transportation – 0.6%

MISC Bhd.		41,000		68,383

Metals & Mining – 0.4%

Industrias CH SAB de CV, Class B, Series B*		231		2,508

Polyus PJSC* ^‡		546		–

Vale SA		3,500		42,738
				45,246

Multi-Utilities – 0.7%

Dubai Electricity & Water Authority PJSC		136,405		87,275


Investments	Shares		Value

Office REITs – 0.5%

Embassy Office Parks REIT, REIT		14,645	$	63,132

Oil, Gas & Consumable Fuels – 4.1%

China Shenhua Energy Co. Ltd., Class H		29,500		123,338

PetroChina Co. Ltd., Class H		26,000		24,533

Petroleo Brasileiro SA		2,500		21,348

Petroleo Brasileiro SA (Preference)		4,000		32,429

Petronas Dagangan Bhd.		11,500		52,289

Petronet LNG Ltd.		1,025		3,815

Qatar Fuel QSC		20,255		80,442

Qatar Gas Transport Co. Ltd.		58,520		64,274

Reliance Industries Ltd.		2,755		96,878

Surgutneftegas PJSC (Preference)^‡		156,600		–
				499,346

Personal Care Products – 2.0%

Colgate-Palmolive India Ltd.		270		9,141

Dabur India Ltd.		1,645		10,011

Hengan International Group Co. Ltd.		24,000		81,010

Hindustan Unilever Ltd.		5,280		141,147

Procter & Gamble Hygiene & Health Care Ltd.		10		1,938
				243,247

Pharmaceuticals – 4.2%

Alkem Laboratories Ltd.		405		23,460

Cipla Ltd.		6,080		102,018

Dr Reddy’s Laboratories Ltd.		1,365		101,501

Kalbe Farma Tbk. PT		438,000		39,194

Lupin Ltd.		1,630		32,154

Sun Pharmaceutical Industries Ltd.		4,910		88,395

Torrent Pharmaceuticals Ltd.		3,035		96,123

Zydus Lifesciences Ltd.		1,775		20,285
				503,130

Semiconductors & Semiconductor Equipment – 8.6%

MediaTek, Inc.		1,500		45,697

Novatek Microelectronics Corp.		400		7,592

Taiwan Semiconductor Manufacturing Co. Ltd.		40,200		975,309
				1,028,598

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			75

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


Investments	Shares		Value

Specialty Retail – 1.5%

Abu Dhabi National Oil Co. for Distribution PJSC		61,770	$	58,694

Jarir Marketing Co.		22,925		82,761

MR DIY Group M Bhd.(a)		124,500		40,696
				182,151

Technology Hardware, Storage & Peripherals – 4.0%

Catcher Technology Co. Ltd.		7,400		49,542

Pegatron Corp.		18,000		54,008

Samsung Electronics Co. Ltd.		6,660		373,454
				477,004

Tobacco – 0.6%

ITC Ltd.		665		3,472

KT&G Corp.		1,050		67,919
				71,391

Transportation Infrastructure – 2.8%

Airports of Thailand PCL, NVDR		33,500		58,982

Jiangsu Expressway Co. Ltd., Class H		96,000		94,512

Salik Co. PJSC		98,945		93,210

Taiwan High Speed Rail Corp.		100,000		91,825
				338,529

Water Utilities – 0.5%

Emirates Central Cooling Systems Corp.		134,865		58,383

Wireless Telecommunication Services – 4.4%

Advanced Info Service PCL, NVDR		12,500		66,615

Bharti Airtel Ltd.		3,190		50,555

Etihad Etisalat Co.		4,825		66,896

Far EasTone Telecommunications Co. Ltd.		38,000		94,294

Intouch Holdings PCL, NVDR		40,000		72,315

SK Telecom Co. Ltd.		1,730		64,213

Taiwan Mobile Co. Ltd.		31,800		101,566

TIM SA		3,000		10,193
				526,647
Total Common Stocks (Cost $11,290,670)				11,991,311

Total Investments – 99.8% (Cost $11,290,670)				11,991,311

Other assets less liabilities – 0.2%				26,332
NET ASSETS – 100.0%			$	12,017,643

*	Non-income producing security.

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

^(a)

^(b)

Represents less than 0.05% of net assets.

Percentages shown are based on Net Assets.

Abbreviations

ADR – American Depositary Receipt

NVDR – Non-Voting Depositary Receipt

PJSC – Public Joint Stock Company

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

REIT – Real Estate Investment Trust



Aggregate gross unrealized appreciation	$	1,706,568
Aggregate gross unrealized depreciation		(1,086,421	)
Net unrealized appreciation	$	620,147
Federal income tax cost	$	11,370,814

See Accompanying Notes to the Financial Statements.


76		FLEXSHARES SEMIANNUAL REPORT

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

Futures Contracts

FlexShares^® Emerging Markets Quality Low Volatility Index Fund had the following open futures contracts as of April 30, 2024:


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
MSCI Emerging Markets E-Mini Index		2		06/21/2024		USD	$	104,200	$	(620	)

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

Forward Foreign Currency Contracts

FlexShares^® Emerging Markets Quality Low Volatility Index Fund had the following outstanding contracts as of April 30, 2024:


Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	48,135	JPMorgan Chase Bank NA	INR^*	4,000,000		06/20/2024	$	277
Total unrealized appreciation							$	277
INR^*	700,000	Toronto-Dominion Bank (The)	USD	8,383		06/20/2024	$	(7	)
Total unrealized depreciation							$	(7	)
Net unrealized appreciation							$	270

*	Non-deliverable forward.

Abbreviations:

INR – Indian Rupee

USD – US Dollar

FlexShares^® Emerging Markets Quality Low Volatility Index invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2024:


Brazil	4.3	%
China	19.6
Egypt	0.1
India	21.5
Indonesia	1.5
Kuwait	2.1
Malaysia	5.4
Mexico	1.3
Morocco	1.3
Peru	0.9
Philippines	0.9
Qatar	2.4
Saudi Arabia	5.4
South Korea	8.3
Taiwan	17.4
Thailand	2.3
United Arab Emirates	5.1
Other¹	0.2
	100.0	%

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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			77

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


Security Type	% of Net Assets
Common Stocks		99.8	%
Others⁽¹⁾		0.2
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


78		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Morningstar US Market Factor Tilt Index Fund

April 30, 2024 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 99.3%

Aerospace & Defense – 1.7%

AAR Corp.*		2,460	$	170,084

AeroVironment, Inc.* (a)		1,148		183,439

Axon Enterprise, Inc.*		1,476		462,962

Boeing Co. (The)*		17,441		2,927,297

BWX Technologies, Inc.		3,772		361,244

Curtiss-Wright Corp.		1,956		495,690

Ducommun, Inc.*		492		26,612

General Dynamics Corp.		6,683		1,918,622

General Electric Co.		25,428		4,114,759

HEICO Corp.(a)		1,304		270,450

HEICO Corp., Class A		1,640		271,994

Hexcel Corp.		2,934		188,392

Howmet Aerospace, Inc.(a)		10,432		696,336

Huntington Ingalls Industries, Inc.		1,148		317,916

Kratos Defense & Security Solutions, Inc.*		3,772		67,217

L3Harris Technologies, Inc.		4,564		976,924

Lockheed Martin Corp.		6,194		2,879,776

Mercury Systems, Inc.* (a)		3,912		110,318

Moog, Inc., Class A		1,793		285,213

Northrop Grumman Corp.(a)		3,423		1,660,258

Rocket Lab USA, Inc.* (a)		21,679		81,513

RTX Corp.(a)		40,098		4,070,749

Spirit AeroSystems Holdings, Inc., Class A* (a)		3,260		104,320

Textron, Inc.		5,868		496,374

TransDigm Group, Inc.		1,304		1,627,431

Triumph Group, Inc.* (a)		6,232		83,260

V2X, Inc.*		815		39,593

Virgin Galactic Holdings, Inc.* (a)		39,772		34,606

Woodward, Inc.		2,952		479,287
				25,402,636

Air Freight & Logistics – 0.4%

Air Transport Services Group, Inc.*		4,890		62,690

CH Robinson Worldwide, Inc.(a)		3,097		219,887


Investments	Shares		Value

Air Freight & Logistics – (continued)

Expeditors International of Washington, Inc.		4,075	$	453,588

FedEx Corp.		7,009		1,834,816

Forward Air Corp.(a)		1,467		32,304

GXO Logistics, Inc.* (a)		6,520		323,783

Hub Group, Inc., Class A		14,996		603,139

United Parcel Service, Inc., Class B		21,842		3,221,258
				6,751,465

Automobile Components – 0.5%

Adient plc* (a)		21,027		628,076

American Axle & Manufacturing Holdings, Inc.*		5,053		37,089

Aptiv plc*		6,194		439,774

Autoliv, Inc.		3,423		410,041

BorgWarner, Inc.(a)		7,661		251,051

Dana, Inc.(a)		12,062		149,931

Dorman Products, Inc.*		1,630		142,543

Fox Factory Holding Corp.* (a)		652		25,376

Garrett Motion, Inc.* (a)		22,331		213,484

Gentex Corp.(a)		10,595		363,409

Gentherm, Inc.* (a)		2,771		140,129

Goodyear Tire & Rubber Co. (The)*		50,530		604,339

LCI Industries(a)		326		33,897

Lear Corp.		11,573		1,456,694

Luminar Technologies, Inc., Class A* (a)		39,283		57,746

Mobileye Global, Inc., Class A* (a)		3,912		107,776

Modine Manufacturing Co.* (a)		3,260		301,974

Patrick Industries, Inc.(a)		5,216		545,020

Phinia, Inc.(a)		10,269		400,491

QuantumScape Corp., Class A* (a)		59,169		320,696

Standard Motor Products, Inc.(a)		2,608		83,717

Stoneridge, Inc.*		7,987		119,645

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			79

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Automobile Components – (continued)

Visteon Corp.*		1,630	$	180,327

XPEL, Inc.* (a) (b)		1,148		60,327
				7,073,552

Automobiles – 1.1%

Ford Motor Co.		109,862		1,334,823

General Motors Co.		36,186		1,611,363

Harley-Davidson, Inc.		26,732		919,313

Lucid Group, Inc.* (a)		1,956		4,988

Rivian Automotive, Inc., Class A* (a)		23,961		213,253

Tesla, Inc.*		66,667		12,218,728

Thor Industries, Inc.(a)		10,595		1,053,355

Winnebago Industries, Inc.(a)		5,216		321,201
				17,677,024

Banks – 6.0%

1st Source Corp.		2,119		105,102

Amalgamated Financial Corp.		5,868		144,001

Amerant Bancorp, Inc., Class A(a)		8,150		176,529

Ameris Bancorp(a)		14,181		673,314

Associated Banc-Corp.		35,371		745,267

Atlantic Union Bankshares Corp.(a)		15,485		491,958

Axos Financial, Inc.* (a)		10,824		547,803

Banc of California, Inc.(a)		29,014		397,202

BancFirst Corp.(a)		1,472		131,258

Bancorp, Inc. (The)* (a)		4,564		136,646

Bank of America Corp.		199,512		7,383,939

Bank of Hawaii Corp.(a)		489		27,721

Bank OZK(a)		23,635		1,055,303

BankUnited, Inc.		17,767		474,912

Banner Corp.(a)		8,802		384,031

Berkshire Hills Bancorp, Inc.(a)		7,009		149,432

BOK Financial Corp.(a)		4,075		361,575

Brookline Bancorp, Inc.		11,480		95,284

Byline Bancorp, Inc.		7,172		155,417

Cadence Bank		35,045		969,695

Cambridge Bancorp		1,304		80,026


Investments	Shares		Value

Banks – (continued)

Camden National Corp.		815	$	25,444

Cathay General Bancorp(a)		14,507		499,621

Central Pacific Financial Corp.(a)		2,445		48,753

Citigroup, Inc.		54,279		3,328,931

Citizens Financial Group, Inc.		15,811		539,313

City Holding Co.		328		33,135

Coastal Financial Corp.*		3,260		126,097

Columbia Banking System, Inc.		12,388		233,018

Comerica, Inc.		29,014		1,455,632

Commerce Bancshares, Inc.(a)		4,075		222,821

Community Bank System, Inc.(a)		978		42,269

Community Trust Bancorp, Inc.(a)		1,804		75,786

ConnectOne Bancorp, Inc.(a)		11,410		204,353

CrossFirst Bankshares, Inc.* (a)		5,542		66,947

Cullen/Frost Bankers, Inc.(a)		1,793		187,082

Customers Bancorp, Inc.* (a)		4,238		193,549

CVB Financial Corp.(a)		25,428		415,494

Dime Community Bancshares, Inc.(a)		11,410		207,662

Eagle Bancorp, Inc.		9,291		171,791

East West Bancorp, Inc.(a)		28,199		2,100,543

Eastern Bankshares, Inc.(a)		34,556		434,023

Enterprise Financial Services Corp.		5,705		216,847

Farmers National Banc Corp.		7,498		88,701

FB Financial Corp.		978		35,844

Fifth Third Bancorp		20,538		748,815

First Bancorp/NC(a)		3,116		94,758

First Bancorp/PR		38,957		672,008

First Bancshares, Inc. (The)		8,313		199,013

First Busey Corp.		14,344		320,445

First Citizens BancShares, Inc., Class A		328		553,257

First Commonwealth Financial Corp.(a)		22,304		294,190

First Financial Bancorp		16,564		366,230

See Accompanying Notes to the Financial Statements.


80		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Banks – (continued)

First Financial Bankshares, Inc.(a)		8,150	$	240,914

First Hawaiian, Inc.(a)		27,384		577,529

First Horizon Corp.		117,523		1,753,443

First Interstate BancSystem, Inc., Class A		21,353		570,125

First Merchants Corp.(a)		14,833		495,719

First Mid Bancshares, Inc.(a)		7,009		216,999

FNB Corp.(a)		68,623		915,431

Fulton Financial Corp.(a)		33,904		561,111

Glacier Bancorp, Inc.(a)		5,705		206,407

Great Southern Bancorp, Inc.(a)		326		16,756

Hancock Whitney Corp.		16,137		732,458

Hanmi Financial Corp.		10,432		159,610

HarborOne Bancorp, Inc.		1,804		18,275

Heartland Financial USA, Inc.(a)		6,031		253,965

Heritage Commerce Corp.		22,331		177,308

Heritage Financial Corp.		4,890		86,749

Hilltop Holdings, Inc.(a)		4,564		133,543

Home BancShares, Inc.		36,675		868,464

Hope Bancorp, Inc.		17,115		171,492

Horizon Bancorp, Inc.(a)		5,216		59,880

Huntington Bancshares, Inc.		41,565		559,881

Independent Bank Corp.		10,106		507,725

Independent Bank Group, Inc.		8,150		303,506

International Bancshares Corp.		11,808		657,115

JPMorgan Chase & Co.		84,597		16,220,629

KeyCorp		29,014		420,413

Lakeland Bancorp, Inc.		7,172		87,427

Lakeland Financial Corp.(a)		656		38,553

Live Oak Bancshares, Inc.(a)		652		21,073

M&T Bank Corp.		5,379		776,674

Mercantile Bank Corp.		2,119		76,454

Metrocity Bankshares, Inc.(a)		815		18,729

Midland States Bancorp, Inc.		4,264		93,382

National Bank Holdings Corp., Class A		7,661		250,745

NBT Bancorp, Inc.(a)		326		11,413


Investments	Shares		Value

Banks – (continued)

New York Community Bancorp, Inc.(a)		145,722	$	386,163

Nicolet Bankshares, Inc.(a)		1,443		110,433

Northwest Bancshares, Inc.(a)		24,939		264,353

OceanFirst Financial Corp.		12,877		190,065

OFG Bancorp		11,899		429,673

Old National Bancorp		52,975		876,206

Old Second Bancorp, Inc.(a)		4,075		55,827

Origin Bancorp, Inc.(a)		3,423		101,663

Pacific Premier Bancorp, Inc.		14,833		318,909

Park National Corp.		328		43,201

Pathward Financial, Inc.		2,624		132,171

Peoples Bancorp, Inc.(a)		5,248		152,402

Pinnacle Financial Partners, Inc.(a)		16,952		1,300,218

PNC Financial Services Group, Inc. (The)		11,247		1,723,715

Popular, Inc.		14,996		1,274,510

Preferred Bank(a)		3,749		283,762

Premier Financial Corp.		11,084		214,808

Prosperity Bancshares, Inc.(a)		17,930		1,111,122

Provident Financial Services, Inc.(a)		17,930		263,212

QCR Holdings, Inc.		1,804		99,148

Regions Financial Corp.(a)		28,362		546,536

Republic Bancorp, Inc., Class A(a)		326		16,535

S&T Bancorp, Inc.(a)		7,009		211,321

Sandy Spring Bancorp, Inc.		12,714		260,001

Seacoast Banking Corp. of Florida(a)		6,683		154,177

ServisFirst Bancshares, Inc.(a)		3,749		221,041

Simmons First National Corp., Class A		20,864		356,566

Southern Missouri Bancorp, Inc.		3,749		150,335

Southside Bancshares, Inc.(a)		4,075		108,639

SouthState Corp.(a)		14,670		1,110,519

Stellar Bancorp, Inc.(a)		8,802		195,404

Stock Yards Bancorp, Inc.(a)		492		21,919

Synovus Financial Corp.		31,622		1,131,751

Texas Capital Bancshares, Inc.*		2,934		168,412

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			81

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Banks – (continued)

Tompkins Financial Corp.		164	$	7,213

Towne Bank		11,899		307,827

TriCo Bancshares		4,401		153,023

Triumph Financial, Inc.* (a)		2,119		149,093

Truist Financial Corp.		37,001		1,389,388

TrustCo Bank Corp. NY		815		21,695

Trustmark Corp.(a)		15,322		453,531

UMB Financial Corp.		8,313		662,214

United Bankshares, Inc.(a)		25,265		820,102

United Community Banks, Inc.		23,472		592,199

Univest Financial Corp.		4,401		91,849

US Bancorp		45,477		1,847,731

Valley National Bancorp(a)		83,102		582,545

Veritex Holdings, Inc.		11,410		222,267

WaFd, Inc.(a)		14,996		406,242

Webster Financial Corp.		36,023		1,578,888

Wells Fargo & Co.		107,091		6,352,638

WesBanco, Inc.		9,128		246,456

Westamerica Bancorp		5,542		257,980

Western Alliance Bancorp		22,983		1,306,124

Wintrust Financial Corp.(a)		11,972		1,156,974

WSFS Financial Corp.(a)		10,595		452,724

Zions Bancorp NA		32,763		1,336,075
				91,528,179

Beverages – 1.0%

Boston Beer Co., Inc. (The), Class A*		326		90,762

Brown-Forman Corp., Class A(a)		1,312		64,380

Brown-Forman Corp., Class B(a)		8,965		428,975

Celsius Holdings, Inc.* (a)		4,401		313,659

Coca-Cola Co. (The)		92,095		5,688,708

Coca-Cola Consolidated, Inc.(a)		326		269,276

Constellation Brands, Inc., Class A(a)		3,912		991,536

Keurig Dr Pepper, Inc.		25,265		851,430

MGP Ingredients, Inc.(a)		163		12,786

Molson Coors Beverage Co., Class B(a)		6,068		347,454


Investments	Shares		Value

Beverages – (continued)

Monster Beverage Corp.*		18,040	$	964,238

National Beverage Corp.*		984		43,788

PepsiCo, Inc.		32,274		5,677,319

Vita Coco Co., Inc. (The)* (a)		3,912		94,827
				15,839,138

Biotechnology – 2.2%

AbbVie, Inc.		51,508		8,377,261

ACADIA Pharmaceuticals, Inc.* (a)		6,520		108,949

Agios Pharmaceuticals, Inc.*		4,506		146,445

Akero Therapeutics, Inc.* (a)		9,780		194,524

Alkermes plc*		5,216		128,001

Allogene Therapeutics, Inc.* (a)		23,798		65,682

Alnylam Pharmaceuticals, Inc.*		2,771		398,885

Amgen, Inc.		15,811		4,331,265

Amicus Therapeutics, Inc.*		6,396		63,896

AnaptysBio, Inc.* (a)		2,445		59,511

Anavex Life Sciences Corp.* (a)		9,943		36,292

Apellis Pharmaceuticals, Inc.* (a)		3,260		144,059

Arcturus Therapeutics Holdings, Inc.* (a)		3,423		87,526

Arcus Biosciences, Inc.* (a)		6,194		94,335

Arrowhead Pharmaceuticals, Inc.* (a)		2,119		47,932

Aurinia Pharmaceuticals, Inc.* (a)		12,877		65,544

Beam Therapeutics, Inc.* (a)		5,379		114,142

Biogen, Inc.* (a)		3,586		770,345

Biohaven Ltd.* (a)		13,692		531,250

BioMarin Pharmaceutical, Inc.*		4,564		368,589

Blueprint Medicines Corp.* (a)		3,097		282,880

Bridgebio Pharma, Inc.* (a)		5,053		129,458

Catalyst Pharmaceuticals, Inc.*		8,782		132,169

Celldex Therapeutics, Inc.*		489		18,298

Cerevel Therapeutics Holdings, Inc.*		2,788		119,075

See Accompanying Notes to the Financial Statements.


82		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Biotechnology – (continued)

Crinetics Pharmaceuticals, Inc.*		489	$	21,428

CRISPR Therapeutics AG* (a)		15,322		811,913

Cytokinetics, Inc.* (a)		4,075		249,879

Deciphera Pharmaceuticals, Inc.*		2,788		70,453

Denali Therapeutics, Inc.*		652		10,067

Dynavax Technologies Corp.* (a)		12,714		144,558

Editas Medicine, Inc.* (a)		9,128		47,557

Exact Sciences Corp.*		5,216		309,570

Exelixis, Inc.* (a)		17,115		401,518

Geron Corp.* (a)		23,146		90,964

Gilead Sciences, Inc.		35,534		2,316,817

Halozyme Therapeutics, Inc.* (a)		6,846		260,833

Ideaya Biosciences, Inc.* (a)		652		26,504

Immunovant, Inc.*		2,119		58,145

Incyte Corp.* (a)		5,868		305,429

Inhibrx, Inc.*		1,956		66,582

Insmed, Inc.*		8,639		213,556

Intellia Therapeutics, Inc.* (a)		815		17,441

Ionis Pharmaceuticals, Inc.* (a)		6,194		255,564

Iovance Biotherapeutics, Inc.* (a)		13,366		157,451

Ironwood Pharmaceuticals, Inc., Class A*		14,181		109,903

Keros Therapeutics, Inc.* (a)		2,445		137,874

Krystal Biotech, Inc.* (a)		1,467		224,627

Kura Oncology, Inc.* (a)		16,789		329,400

Kymera Therapeutics, Inc.* (a)		2,934		98,641

Madrigal Pharmaceuticals, Inc.* (a)		163		33,255

Moderna, Inc.*		8,639		952,968

Morphic Holding, Inc.* (a)		2,771		75,565

Myriad Genetics, Inc.*		2,788		54,561

Natera, Inc.*		4,756		441,737

Neurocrine Biosciences, Inc.*		1,968		270,679

Novavax, Inc.* (a)		5,053		21,880


Investments	Shares		Value

Biotechnology – (continued)

PTC Therapeutics, Inc.* (a)		1,630	$	52,405

RAPT Therapeutics, Inc.* (a)		6,194		47,694

Recursion Pharmaceuticals, Inc., Class A* (a)		11,736		91,776

Regeneron Pharmaceuticals, Inc.*		2,608		2,322,841

REVOLUTION Medicines, Inc.* (a)		8,150		303,832

Rocket Pharmaceuticals, Inc.*		6,194		133,295

Roivant Sciences Ltd.* (a)		7,824		85,282

Sage Therapeutics, Inc.* (a)		5,053		70,439

Sana Biotechnology, Inc.* (a)		12,225		110,025

Sarepta Therapeutics, Inc.*		4,075		516,140

SpringWorks Therapeutics, Inc.* (a)		3,912		182,651

Summit Therapeutics, Inc.* (a)		22,820		89,683

Syndax Pharmaceuticals, Inc.* (a)		13,203		278,979

TG Therapeutics, Inc.* (a)		1,630		22,266

Travere Therapeutics, Inc.* (a)		1,640		9,069

Twist Bioscience Corp.* (a)		2,771		86,538

Ultragenyx Pharmaceutical, Inc.*		3,097		131,746

United Therapeutics Corp.*		1,467		343,762

Vaxcyte, Inc.*		5,542		335,568

Veracyte, Inc.* (a)		978		19,139

Vertex Pharmaceuticals, Inc.*		6,194		2,433,065

Viking Therapeutics, Inc.* (a)		4,238		337,260

Vir Biotechnology, Inc.*		12,388		104,803

Xencor, Inc.* (a)		6,194		129,702

Zentalis Pharmaceuticals, Inc.* (a)		4,727		52,281

Zymeworks, Inc.* (a)		14,507		124,470
				33,818,343

Broadline Retail – 2.9%

Amazon.com, Inc.*		223,310		39,079,250

Coupang, Inc., Class A*		30,318		682,155

Dillard’s, Inc., Class A(a)		652		285,570

eBay, Inc.		16,137		831,701

Etsy, Inc.* (a)		2,445		167,898

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			83

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Broadline Retail – (continued)

Kohl’s Corp.(a)		21,027	$	503,386

Macy’s, Inc.		54,768		1,009,374

MercadoLibre, Inc.*		1,141		1,664,377

Nordstrom, Inc.(a)		20,864		396,625

Ollie’s Bargain Outlet Holdings, Inc.* (a)		2,952		215,909

Savers Value Village, Inc.* (a)		5,868		96,939
				44,933,184

Building Products – 0.9%

A O Smith Corp.(a)		3,116		258,129

AAON, Inc.(a)		3,444		324,046

Advanced Drainage Systems, Inc.(a)		2,608		409,456

Allegion plc(a)		1,793		217,957

American Woodmark Corp.*		3,912		360,217

Apogee Enterprises, Inc.(a)		2,934		181,263

Armstrong World Industries, Inc.		1,141		131,078

AZEK Co., Inc. (The), Class A* (a)		4,401		200,862

AZZ, Inc.		2,445		175,135

Builders FirstSource, Inc.*		4,075		744,992

Carlisle Cos., Inc.		1,312		509,384

Carrier Global Corp.		21,320		1,310,967

CSW Industrials, Inc.		326		77,464

Fortune Brands Innovations, Inc.(a)		4,564		333,628

Gibraltar Industries, Inc.*		820		58,597

Griffon Corp.(a)		3,260		213,595

Hayward Holdings, Inc.* (a)		11,247		152,734

Insteel Industries, Inc.		2,445		78,485

JELD-WEN Holding, Inc.*		12,551		257,296

Johnson Controls International plc		18,582		1,209,131

Lennox International, Inc.		978		453,225

Masco Corp.		6,560		449,032

Masonite International Corp.*		3,749		496,930

Masterbrand, Inc.* (a)		23,635		393,995

Owens Corning		3,097		520,946


Investments	Shares		Value

Building Products – (continued)

Quanex Building Products Corp.(a)		4,727	$	157,031

Resideo Technologies, Inc.*		26,080		509,342

Simpson Manufacturing Co., Inc.		1,476		256,662

Trane Technologies plc		5,248		1,665,400

Trex Co., Inc.* (a)		5,705		505,178

UFP Industries, Inc.		12,136		1,367,727

Zurn Elkay Water Solutions Corp.(a)		4,264		133,378
				14,113,262

Capital Markets – 2.9%

Affiliated Managers Group, Inc.		7,498		1,170,438

Ameriprise Financial, Inc.		2,608		1,073,948

Ares Management Corp., Class A		3,280		436,535

Artisan Partners Asset Management, Inc., Class A(a)		1,956		80,059

B. Riley Financial, Inc.(a)		2,445		84,108

Bank of New York Mellon Corp. (The)		20,864		1,178,607

BGC Group, Inc., Class A(a)		27,873		218,246

BlackRock, Inc.		4,075		3,075,158

Blackstone, Inc.		16,463		1,919,750

Blue Owl Capital, Inc., Class A		17,712		334,580

Brightsphere Investment Group, Inc.		4,920		109,421

Carlyle Group, Inc. (The)(a)		4,890		219,072

Charles Schwab Corp. (The)		42,543		3,146,055

CME Group, Inc.		8,313		1,742,737

Cohen & Steers, Inc.(a)		1,467		100,900

Coinbase Global, Inc., Class A* (a)		4,401		897,496

Donnelley Financial Solutions, Inc.* (a)		1,141		71,632

Evercore, Inc., Class A		1,793		325,429

FactSet Research Systems, Inc.(a)		820		341,850

Federated Hermes, Inc., Class B		5,379		176,700

See Accompanying Notes to the Financial Statements.


84		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Capital Markets – (continued)

Franklin Resources, Inc.(a)		8,965	$	204,761

Goldman Sachs Group, Inc. (The)		9,617		4,103,670

Hamilton Lane, Inc., Class A		2,445		273,155

Houlihan Lokey, Inc., Class A(a)		1,640		209,084

Interactive Brokers Group, Inc., Class A(a)		3,260		375,291

Intercontinental Exchange, Inc.		13,522		1,741,093

Invesco Ltd.		69,764		988,556

Janus Henderson Group plc		28,199		880,373

Jefferies Financial Group, Inc.		8,802		379,014

KKR & Co., Inc.		18,582		1,729,427

LPL Financial Holdings, Inc.		2,119		570,286

MarketAxess Holdings, Inc.		652		130,459

Moelis & Co., Class A(a)		3,116		152,933

Moody’s Corp.		3,912		1,448,731

Morgan Stanley		38,142		3,464,819

Morningstar, Inc.		492		139,064

MSCI, Inc.		1,804		840,285

Nasdaq, Inc.		8,150		487,777

Northern Trust Corp.(c)		6,520		537,182

Open Lending Corp.* (a)		9,454		48,215

Piper Sandler Cos.		978		191,483

PJT Partners, Inc., Class A(a)		328		30,993

Raymond James Financial, Inc.		5,216		636,352

Robinhood Markets, Inc., Class A* (a)		23,146		381,678

S&P Global, Inc.		7,661		3,185,674

SEI Investments Co.		3,586		236,497

State Street Corp.		9,291		673,505

Stifel Financial Corp.(a)		20,701		1,654,424

StoneX Group, Inc.*		6,115		443,949

T. Rowe Price Group, Inc.		7,172		785,836

TPG, Inc., Class A		2,132		91,889

Tradeweb Markets, Inc., Class A		3,586		364,732

Victory Capital Holdings, Inc., Class A		5,868		298,446

Virtu Financial, Inc., Class A		20,864		452,749


Investments	Shares		Value

Capital Markets – (continued)

Virtus Investment Partners, Inc.		1,141	$	250,244

WisdomTree, Inc.(a)		164		1,460
				45,086,807

Chemicals – 1.6%

AdvanSix, Inc.		7,335		185,282

Air Products and Chemicals, Inc.		5,053		1,194,226

Albemarle Corp.(a)		2,771		333,379

Arcadium Lithium plc* (a)		214,019		941,684

Ashland, Inc.		1,804		171,975

Avient Corp.(a)		5,868		248,921

Axalta Coating Systems Ltd.*		8,364		262,964

Balchem Corp.		1,804		255,050

Cabot Corp.(a)		10,432		951,711

Celanese Corp.(a)		3,097		475,730

CF Industries Holdings, Inc.(a)		6,357		502,012

Chemours Co. (The)		32,763		876,410

Corteva, Inc.		15,485		838,203

Dow, Inc.		19,071		1,085,140

DuPont de Nemours, Inc.		10,921		791,772

Eastman Chemical Co.		3,423		323,268

Ecolab, Inc.		5,542		1,253,323

Ecovyst, Inc.*		1,148		10,826

Element Solutions, Inc.		12,628		292,086

FMC Corp.(a)		6,194		365,508

Ginkgo Bioworks Holdings, Inc., Class A* (a)		5,868		5,229

Hawkins, Inc.(a)		492		37,279

HB Fuller Co.		1,476		110,272

Huntsman Corp.		10,106		241,129

Ingevity Corp.*		3,586		183,388

Innospec, Inc.		656		78,720

International Flavors & Fragrances, Inc.		4,890		413,938

Koppers Holdings, Inc.(a)		3,423		175,531

Kronos Worldwide, Inc.(a)		6,031		69,055

Linde plc		11,736		5,175,107

LSB Industries, Inc.*		815		7,579

LyondellBasell Industries NV, Class A		7,380		737,779

Mativ Holdings, Inc.(a)		12,225		223,228

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			85

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Chemicals – (continued)

Minerals Technologies, Inc.		2,282	$	166,335

Mosaic Co. (The)		10,758		337,694

NewMarket Corp.		489		257,664

Olin Corp.(a)		24,124		1,261,203

Perimeter Solutions SA* (a)		35,534		248,738

PPG Industries, Inc.		5,053		651,837

PureCycle Technologies, Inc.* (a)		19,071		89,062

Quaker Chemical Corp.(a)		652		121,618

RPM International, Inc.(a)		2,624		280,532

Scotts Miracle-Gro Co. (The)(a)		9,454		647,977

Sensient Technologies Corp.		978		71,609

Sherwin-Williams Co. (The)		5,379		1,611,602

Stepan Co.		326		27,055

Tronox Holdings plc(a)		4,564		77,542

Westlake Corp.		489		72,059
				24,740,231

Commercial Services & Supplies – 0.8%

ABM Industries, Inc.		11,736		512,863

ACCO Brands Corp.		21,516		103,707

ACV Auctions, Inc., Class A* (a)		1,141		19,910

Brady Corp., Class A		984		58,056

Brink’s Co. (The)		9,512		831,920

Casella Waste Systems, Inc., Class A* (a)		1,968		177,907

Cimpress plc* (a)		1,630		138,990

Cintas Corp.		1,968		1,295,613

Clean Harbors, Inc.*		1,630		308,803

Copart, Inc.*		20,864		1,133,124

CoreCivic, Inc.* (a)		10,269		153,008

Deluxe Corp.(a)		9,943		196,374

Driven Brands Holdings, Inc.*		8,313		119,125

Ennis, Inc.(a)		4,401		87,580

Enviri Corp.* (a)		17,441		135,691

GEO Group, Inc. (The)* (a)		21,842		324,572

HNI Corp.		3,280		137,596

Interface, Inc., Class A		17,767		271,657

Liquidity Services, Inc.*		492		8,492


Investments	Shares		Value

Commercial Services & Supplies – (continued)

Matthews International Corp., Class A(a)		3,260	$	87,955

MillerKnoll, Inc.(a)		17,767		451,815

MSA Safety, Inc.(a)		2,119		382,268

OPENLANE, Inc.* (a)		2,934		50,406

Republic Services, Inc.		4,920		943,164

Rollins, Inc.		6,068		270,390

SP Plus Corp.*		2,445		124,842

Steelcase, Inc., Class A(a)		25,591		307,860

Stericycle, Inc.* (a)		5,216		233,312

Tetra Tech, Inc.(a)		1,956		380,872

UniFirst Corp.		815		130,506

Veralto Corp.		6,520		610,794

Vestis Corp.		22,168		408,335

Viad Corp.*		2,132		73,511

Waste Management, Inc.		8,856		1,842,225
				12,313,243

Communications Equipment – 0.7%

ADTRAN Holdings, Inc.		1,630		7,140

Arista Networks, Inc.*		5,868		1,505,494

Calix, Inc.*		4,401		122,040

Ciena Corp.* (a)		5,379		248,671

Cisco Systems, Inc.		117,686		5,528,888

Digi International, Inc.* (a)		3,280		100,565

Extreme Networks, Inc.*		8,965		100,408

F5, Inc.*		1,141		188,619

Harmonic, Inc.*		4,238		45,516

Infinera Corp.* (a)		2,282		10,999

Juniper Networks, Inc.		9,943		346,215

Lumentum Holdings, Inc.* (a)		4,890		213,986

Motorola Solutions, Inc.		4,100		1,390,515

Viasat, Inc.* (a)		12,062		191,907

Viavi Solutions, Inc.*		4,401		34,768
				10,035,731

Construction & Engineering – 0.4%

AECOM		4,155		383,756

API Group Corp.*		7,009		270,337

Arcosa, Inc.		1,312		99,738

Argan, Inc.		1,640		98,826

Comfort Systems USA, Inc.(a)		1,793		554,772

Construction Partners, Inc., Class A* (a)		820		42,345

See Accompanying Notes to the Financial Statements.


86		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Construction & Engineering – (continued)

Dycom Industries, Inc.* (a)		1,312	$	183,706

EMCOR Group, Inc.		1,467		523,968

Fluor Corp.*		5,576		224,880

Granite Construction, Inc.(a)		3,280		182,040

IES Holdings, Inc.*		1,304		176,197

MasTec, Inc.* (a)		2,445		216,847

MDU Resources Group, Inc.(a)		38,794		958,212

MYR Group, Inc.* (a)		1,141		189,691

Primoris Services Corp.		10,004		466,186

Quanta Services, Inc.		3,749		969,342

Sterling Infrastructure, Inc.* (a)		2,282		231,851

Valmont Industries, Inc.(a)		652		133,530

WillScot Mobile Mini Holdings Corp.* (a)		6,031		222,906
				6,129,130

Construction Materials – 0.1%

Eagle Materials, Inc.		1,640		411,165

Martin Marietta Materials, Inc.		1,476		866,515

Summit Materials, Inc., Class A* (a)		4,847		188,548

Vulcan Materials Co.		2,952		760,524
				2,226,752

Consumer Finance – 0.9%

Ally Financial, Inc.		54,116		2,075,349

American Express Co.		16,789		3,929,130

Bread Financial Holdings, Inc.		7,498		276,751

Capital One Financial Corp.(a)		11,410		1,636,536

Credit Acceptance Corp.* (a)		279		143,328

Discover Financial Services		7,498		950,221

Encore Capital Group, Inc.* (a)		6,031		247,814

Enova International, Inc.*		7,052		426,858

EZCORP, Inc., Class A* (a)		3,260		35,795

FirstCash Holdings, Inc.		1,312		148,230

LendingClub Corp.*		16,137		121,350

Navient Corp.(a)		22,304		335,006


Investments	Shares		Value

Consumer Finance – (continued)

Nelnet, Inc., Class A		1,467	$	138,162

NerdWallet, Inc., Class A*		10,106		127,032

OneMain Holdings, Inc.		22,494		1,172,162

PRA Group, Inc.*		8,313		197,766

PROG Holdings, Inc.		6,846		227,561

SLM Corp.		51,019		1,081,093

SoFi Technologies, Inc.* (a)		41,565		281,811

Synchrony Financial		9,617		422,956

Upstart Holdings, Inc.* (a)		3,912		86,572

World Acceptance Corp.* (a)		328		45,123
				14,106,606

Consumer Staples Distribution & Retail – 1.4%

Albertsons Cos., Inc., Class A		8,313		169,585

Andersons, Inc. (The)(a)		2,771		152,239

BJ’s Wholesale Club Holdings, Inc.* (a)		4,017		299,990

Casey’s General Stores, Inc.		1,141		364,641

Chefs’ Warehouse, Inc. (The)* (a)		3,423		113,233

Costco Wholesale Corp.		10,595		7,659,125

Dollar General Corp.		5,868		816,767

Dollar Tree, Inc.*		4,727		558,968

Grocery Outlet Holding Corp.* (a)		652		16,932

Ingles Markets, Inc., Class A(a)		1,304		93,562

Kroger Co. (The)		20,212		1,119,341

Performance Food Group Co.*		3,586		243,418

PriceSmart, Inc.		328		26,434

SpartanNash Co.(a)		7,824		149,360

Sprouts Farmers Market, Inc.* (a)		5,868		387,464

Sysco Corp.		11,410		847,991

Target Corp.		13,366		2,151,659

United Natural Foods, Inc.* (a)		11,736		104,802

US Foods Holding Corp.*		6,846		344,011

Walgreens Boots Alliance, Inc.		17,115		303,449

Walmart, Inc.		102,364		6,075,303

Weis Markets, Inc.(a)		1,613		101,829
				22,100,103

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			87

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Containers & Packaging – 0.5%

Amcor plc		33,089	$	295,816

AptarGroup, Inc.		2,282		329,475

Avery Dennison Corp.		1,640		356,339

Ball Corp.		8,150		566,996

Berry Global Group, Inc.(a)		24,287		1,375,616

Crown Holdings, Inc.		4,075		334,435

Graphic Packaging Holding Co.(a)		60,636		1,567,441

Greif, Inc., Class A		5,412		331,647

Greif, Inc., Class B		163		10,184

International Paper Co.(a)		7,661		267,675

Myers Industries, Inc.		2,608		57,115

O-I Glass, Inc.*		27,547		412,103

Packaging Corp. of America		2,445		422,936

Pactiv Evergreen, Inc.		12,714		193,761

Sealed Air Corp.		8,476		266,825

Silgan Holdings, Inc.		5,216		243,379

Sonoco Products Co.		18,908		1,059,793

TriMas Corp.(a)		1,312		34,099

Westrock Co.		5,216		250,159
				8,375,794

Distributors – 0.1%

Genuine Parts Co.		3,749		589,380

LKQ Corp.		8,856		381,959

Pool Corp.(a)		1,141		413,647
				1,384,986

Diversified Consumer Services – 0.2%

Adtalem Global Education, Inc.* (a)		3,260		161,761

Bright Horizons Family Solutions, Inc.* (a)		3,097		321,190

Chegg, Inc.*		20,212		104,496

Coursera, Inc.*		7,498		76,629

Frontdoor, Inc.*		2,282		70,035

Graham Holdings Co., Class B		326		228,647

Grand Canyon Education, Inc.* (a)		1,141		148,353

H&R Block, Inc.(a)		8,150		384,924

Laureate Education, Inc.		8,802		127,629


Investments	Shares		Value

Diversified Consumer Services – (continued)

OneSpaWorld Holdings Ltd.*		8,364	$	106,390

Perdoceo Education Corp.(a)		7,172		131,248

Service Corp. International		4,264		305,771

Strategic Education, Inc.		1,640		188,338

Stride, Inc.* (a)		3,260		217,605
				2,573,016

Diversified REITs – 0.1%

Alexander & Baldwin, Inc., REIT		2,788		45,918

American Assets Trust, Inc., REIT		6,194		132,242

Armada Hoffler Properties, Inc., REIT		1,304		13,718

Broadstone Net Lease, Inc., REIT		2,771		40,346

Empire State Realty Trust, Inc., Class A, REIT(a)		14,833		134,980

Essential Properties Realty Trust, Inc., REIT(a)		7,009		184,617

Gladstone Commercial Corp., REIT(a)		8,639		115,504

Global Net Lease, Inc., REIT(a)		30,644		212,976

WP Carey, Inc., REIT		3,749		205,595
				1,085,896

Diversified Telecommunication Services – 0.7%

Anterix, Inc.* (a)		3,097		97,618

AT&T, Inc.		214,019		3,614,781

Cogent Communications Holdings, Inc.(a)		7,824		502,144

Frontier Communications Parent, Inc.* (a)		45,314		1,048,566

Globalstar, Inc.* (a)		43,032		55,511

Iridium Communications, Inc.(a)		6,031		185,695

Liberty Latin America Ltd., Class A*		20,375		153,831

Liberty Latin America Ltd., Class C* (a)		14,670		110,612

Lumen Technologies, Inc.* (a)		260,148		309,576

Shenandoah Telecommunications Co.		978		12,538

See Accompanying Notes to the Financial Statements.


88		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Diversified Telecommunication Services – (continued)

Verizon Communications, Inc.		124,206	$	4,904,895
				10,995,767

Electric Utilities – 1.3%

ALLETE, Inc.(a)		2,119		125,487

Alliant Energy Corp.		6,194		308,461

American Electric Power Co., Inc.(a)		14,344		1,234,014

Avangrid, Inc.(a)		4,401		160,769

Constellation Energy Corp.		7,172		1,333,562

Duke Energy Corp.		21,679		2,130,179

Edison International		10,269		729,715

Entergy Corp.		5,379		573,778

Evergy, Inc.		4,727		247,931

Eversource Energy		11,736		711,436

Exelon Corp.		25,428		955,584

FirstEnergy Corp.(a)		15,322		587,446

Hawaiian Electric Industries, Inc.		27,221		268,127

IDACORP, Inc.(a)		2,445		231,737

MGE Energy, Inc.(a)		984		77,067

NextEra Energy, Inc.		61,614		4,126,290

NRG Energy, Inc.		7,987		580,415

OGE Energy Corp.		6,846		237,214

Otter Tail Corp.(a)		2,934		250,446

PG&E Corp.		57,213		978,914

Pinnacle West Capital Corp.(a)		3,749		276,114

PNM Resources, Inc.		1,467		54,367

Portland General Electric Co.(a)		2,282		98,651

PPL Corp.		14,833		407,314

Southern Co. (The)(a)		30,970		2,276,295

Xcel Energy, Inc.		12,062		648,091
				19,609,404

Electrical Equipment – 0.9%

Acuity Brands, Inc.		1,793		445,202

AMETEK, Inc.		5,053		882,557

Atkore, Inc.(a)		8,150		1,428,695

Bloom Energy Corp., Class A* (a)		1,956		21,770


Investments	Shares		Value

Electrical Equipment – (continued)

Eaton Corp. plc		9,348	$	2,975,094

Emerson Electric Co.		14,181		1,528,428

Encore Wire Corp.		3,423		956,249

EnerSys		984		89,003

Fluence Energy, Inc., Class A* (a)		18,256		325,687

Generac Holdings, Inc.*		2,934		398,907

GrafTech International Ltd.(a)		32,111		55,231

Hubbell, Inc., Class B		1,148		425,357

NEXTracker, Inc., Class A* (a)		5,691		243,518

nVent Electric plc		8,313		599,118

Plug Power, Inc.* (a)		6,357		14,685

Regal Rexnord Corp.(a)		1,968		317,576

Rockwell Automation, Inc.		2,624		710,999

Sensata Technologies Holding plc		34,067		1,305,107

SunPower Corp.* (a)		2,445		5,037

Sunrun, Inc.* (a)		39,935		410,931

Vertiv Holdings Co., Class A		8,965		833,745

Vicor Corp.*		489		15,834
				13,988,730

Electronic Equipment, Instruments & Components – 1.1%

Advanced Energy Industries, Inc.		984		94,307

Amphenol Corp., Class A		13,366		1,614,212

Arrow Electronics, Inc.*		10,595		1,352,664

Avnet, Inc.		19,024		929,703

Badger Meter, Inc.(a)		1,793		327,976

Bel Fuse, Inc., Class B(a)		652		38,285

Belden, Inc.		2,608		211,952

Benchmark Electronics, Inc.(a)		7,872		237,813

CDW Corp.		2,952		713,971

Cognex Corp.(a)		9,780		406,261

Coherent Corp.* (a)		7,173		391,837

Corning, Inc.(a)		20,864		696,440

Crane NXT Co.(a)		10,269		624,458

CTS Corp.(a)		820		37,515

ePlus, Inc.* (a)		6,194		476,195

Fabrinet*		1,968		340,602

Flex Ltd.*		15,811		452,985

Insight Enterprises, Inc.* (a)		6,194		1,130,839

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			89

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Electronic Equipment, Instruments & Components – (continued)

IPG Photonics Corp.*		1,956	$	164,265

Itron, Inc.*		1,804		166,184

Jabil, Inc.		4,238		497,372

Keysight Technologies, Inc.*		4,075		602,855

Kimball Electronics, Inc.* (a)		3,260		68,232

Knowles Corp.*		2,460		38,942

Littelfuse, Inc.		978		225,566

Methode Electronics, Inc.(a)		3,260		39,739

Mirion Technologies, Inc., Class A* (a)		15,811		171,866

Novanta, Inc.*		1,804		282,326

OSI Systems, Inc.* (a)		489		64,274

PC Connection, Inc.		164		10,163

Plexus Corp.*		652		65,858

Rogers Corp.*		163		19,412

Sanmina Corp.* (a)		12,714		771,358

ScanSource, Inc.*		3,772		156,991

SmartRent, Inc., Class A* (a)		32,111		74,497

TD SYNNEX Corp.		656		77,303

TE Connectivity Ltd.		7,824		1,106,939

Teledyne Technologies, Inc.*		1,148		437,939

Trimble, Inc.*		5,216		313,325

TTM Technologies, Inc.* (a)		19,844		296,271

Vishay Intertechnology, Inc.(a)		24,272		561,654

Vontier Corp.(a)		8,965		364,248

Zebra Technologies Corp., Class A*		978		307,640
				16,963,234

Energy Equipment & Services – 0.6%

Archrock, Inc.(a)		11,247		215,830

Baker Hughes Co.		21,648		706,158

Cactus, Inc., Class A(a)		4,100		203,524

ChampionX Corp.		10,758		361,146

Diamond Offshore Drilling, Inc.*		15,322		187,541

Dril-Quip, Inc.*		2,282		41,487

Halliburton Co.		25,102		940,572

Helix Energy Solutions Group, Inc.* (a)		13,366		143,551


Investments	Shares		Value

Energy Equipment & Services – (continued)

Helmerich & Payne, Inc.(a)		22,657	$	891,100

Liberty Energy, Inc., Class A(a)		37,327		821,194

Nabors Industries Ltd.* (a)		815		58,723

NOV, Inc.		20,864		385,775

Oceaneering International, Inc.* (a)		7,987		182,982

Oil States International, Inc.*		492		1,963

Patterson-UTI Energy, Inc.(a)		71,557		774,247

ProFrac Holding Corp., Class A* (a)		16,463		119,686

ProPetro Holding Corp.*		26,243		228,839

RPC, Inc.(a)		11,736		78,514

Schlumberger NV		40,424		1,919,332

Select Water Solutions, Inc., Class A		11,899		109,947

Tidewater, Inc.* (a)		1,304		119,772

Transocean Ltd.* (a)		134,149		700,258

US Silica Holdings, Inc.*		9,291		143,360

Valaris Ltd.*		1,467		95,443

Weatherford International plc* (a)		3,912		483,601
				9,914,545

Entertainment – 0.9%

AMC Entertainment Holdings, Inc., Class A* (a)		55,420		162,381

Atlanta Braves Holdings, Inc., Class C* (a)		196		7,336

Cinemark Holdings, Inc.* (a)		9,454		162,041

Electronic Arts, Inc.		5,868		744,180

Endeavor Group Holdings, Inc., Class A		9,780		258,290

IMAX Corp.* (a)		1,804		28,882

Liberty Media Corp-Liberty Formula One, Class A*		1,640		102,123

Liberty Media Corp-Liberty Formula One, Class C*		5,084		355,727

Lions Gate Entertainment Corp., Class B*		9,780		92,225

Live Nation Entertainment, Inc.* (a)		4,238		376,801

Madison Square Garden Sports Corp.* (a)		326		60,610

See Accompanying Notes to the Financial Statements.


90		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Entertainment – (continued)

Netflix, Inc.*		10,432	$	5,744,276

Playtika Holding Corp.(a)		163		1,182

ROBLOX Corp., Class A*		10,921		388,351

Roku, Inc.* (a)		5,216		300,754

Sphere Entertainment Co.*		4,564		177,357

Take-Two Interactive Software, Inc.* (a)		4,075		581,951

TKO Group Holdings, Inc., Class A		1,467		138,881

Walt Disney Co. (The)		42,869		4,762,746

Warner Music Group Corp., Class A(a)		2,934		96,822
				14,542,916

Financial Services – 4.1%

Affirm Holdings, Inc., Class A*		10,758		342,965

A-Mark Precious Metals, Inc.(a)		3,423		137,160

Apollo Global Management, Inc.		12,551		1,360,277

AvidXchange Holdings, Inc.* (a)		10,758		125,438

Berkshire Hathaway, Inc., Class B*		52,975		21,016,772

Block, Inc., Class A*		14,181		1,035,213

Cannae Holdings, Inc.*		2,771		53,896

Compass Diversified Holdings		3,586		78,784

Corebridge Financial, Inc.(a)		978		25,976

Corpay, Inc.*		1,459		440,822

Enact Holdings, Inc.		3,423		101,766

Equitable Holdings, Inc.		11,736		433,176

Essent Group Ltd.		20,701		1,096,532

Euronet Worldwide, Inc.*		8,639		887,053

EVERTEC, Inc.(a)		4,890		183,522

Federal Agricultural Mortgage Corp., Class C		815		151,696

Fidelity National Information Services, Inc.		16,137		1,096,025

Fiserv, Inc.*		16,626		2,538,291

Flywire Corp.*		5,053		103,587

Global Payments, Inc.		6,357		780,449


Investments	Shares		Value

Financial Services – (continued)

International Money Express, Inc.*		2,296	$	46,448

Jack Henry & Associates, Inc.(a)		1,804		293,493

Jackson Financial, Inc., Class A(a)		13,529		924,301

Marqeta, Inc., Class A*		23,798		132,079

Mastercard, Inc., Class A		19,723		8,899,018

Merchants Bancorp		2,952		119,054

MGIC Investment Corp.(a)		56,072		1,137,140

Mr Cooper Group, Inc.*		14,181		1,094,773

NCR Atleos Corp.*		10,758		214,407

NMI Holdings, Inc., Class A*		18,040		556,714

PayPal Holdings, Inc.*		30,807		2,092,411

PennyMac Financial Services, Inc.(a)		2,119		181,471

Radian Group, Inc.		34,719		1,037,057

Remitly Global, Inc.*		8,476		151,127

Repay Holdings Corp., Class A*		24,450		248,657

Rocket Cos., Inc., Class A* (a)		6,846		84,069

Shift4 Payments, Inc., Class A* (a)		1,956		113,174

Toast, Inc., Class A* (a)		13,040		308,135

Visa, Inc., Class A(a)		37,979		10,201,539

Voya Financial, Inc.		21,027		1,433,200

Walker & Dunlop, Inc.(a)		6,357		582,492

Western Union Co. (The)(a)		69,275		931,056

WEX, Inc.*		1,467		309,918
				63,081,133

Food Products – 1.0%

Archer-Daniels-Midland Co.		16,300		956,158

B&G Foods, Inc.(a)		17,441		193,595

Bunge Global SA		3,749		381,498

Calavo Growers, Inc.		1,630		43,928

Cal-Maine Foods, Inc.(a)		489		27,056

Campbell Soup Co.(a)		3,749		171,367

Conagra Brands, Inc.(a)		13,692		421,440

Darling Ingredients, Inc.*		35,045		1,484,857

Flowers Foods, Inc.(a)		4,727		117,891

Fresh Del Monte Produce, Inc.		2,608		66,686

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			91

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Food Products – (continued)

Freshpet, Inc.*		2,119	$	224,762

General Mills, Inc.		14,670		1,033,648

Hain Celestial Group, Inc. (The)*		12,714		78,064

Hershey Co. (The)		3,097		600,570

Hormel Foods Corp.		4,564		162,296

Ingredion, Inc.(a)		13,284		1,522,214

J & J Snack Foods Corp.(a)		1,148		157,609

J M Smucker Co. (The)		3,749		430,573

John B Sanfilippo & Son, Inc.(a)		1,141		113,758

Kellanova		9,454		547,008

Kraft Heinz Co. (The)		20,864		805,559

Lamb Weston Holdings, Inc.(a)		3,444		287,023

Lancaster Colony Corp.(a)		1,141		217,714

McCormick & Co., Inc. (Non-Voting)(a)		4,890		371,933

Mission Produce, Inc.* (a)		9,780		111,003

Mondelez International, Inc., Class A		38,957		2,802,567

Pilgrim’s Pride Corp.*		4,401		158,524

Post Holdings, Inc.*		2,952		313,355

Seaboard Corp.		55		182,056

Simply Good Foods Co. (The)* (a)		2,296		83,689

Tootsie Roll Industries, Inc.		2,428		72,136

Tyson Foods, Inc., Class A		6,357		385,552

Utz Brands, Inc.(a)		7,052		127,148

Westrock Coffee Co.* (a)		8,476		85,947

WK Kellogg Co.(a)		18,093		422,291
				15,161,475

Gas Utilities – 0.2%

Atmos Energy Corp.		2,952		348,041

Chesapeake Utilities Corp.		1,630		172,568

National Fuel Gas Co.		16,789		891,496

New Jersey Resources Corp.		5,542		242,130

Northwest Natural Holding Co.(a)		4,075		155,461

ONE Gas, Inc.(a)		2,934		189,302

Southwest Gas Holdings, Inc.		1,141		85,142


Investments	Shares		Value

Gas Utilities – (continued)

Spire, Inc.(a)		11,247	$	694,952

UGI Corp.		40,913		1,045,736
				3,824,828

Ground Transportation – 1.0%

ArcBest Corp.(a)		1,630		180,783

Avis Budget Group, Inc.(a)		3,586		342,284

CSX Corp.		55,583		1,846,467

Heartland Express, Inc.		163		1,620

Hertz Global Holdings, Inc.* (a)		17,278		78,615

JB Hunt Transport Services, Inc.		1,968		319,938

Knight-Swift Transportation Holdings, Inc., Class A		4,264		197,125

Landstar System, Inc.(a)		1,640		286,032

Lyft, Inc., Class A* (a)		18,419		288,073

Marten Transport Ltd.		2,460		41,623

Norfolk Southern Corp.		6,846		1,576,771

Old Dominion Freight Line, Inc.		4,592		834,412

RXO, Inc.*		1,630		30,823

Ryder System, Inc.		9,512		1,159,037

Saia, Inc.* (a)		815		323,417

Schneider National, Inc., Class B(a)		3,912		80,900

Uber Technologies, Inc.*		48,411		3,208,197

U-Haul Holding Co.* (a)		164		10,370

U-Haul Holding Co.		2,282		139,932

Union Pacific Corp.		14,344		3,401,823

Werner Enterprises, Inc.		652		22,299

XPO, Inc.*		3,586		385,352
				14,755,893

Health Care Equipment & Supplies – 2.0%

Abbott Laboratories		42,054		4,456,462

Align Technology, Inc.*		1,467		414,251

Alphatec Holdings, Inc.* (a)		164		2,070

AtriCure, Inc.* (a)		4,238		102,221

Atrion Corp.(a)		326		137,993

Avanos Medical, Inc.*		6,357		114,935

Axonics, Inc.*		1,956		130,211

Baxter International, Inc.		12,877		519,844

Becton Dickinson & Co.		6,846		1,606,072

See Accompanying Notes to the Financial Statements.


92		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Health Care Equipment & Supplies – (continued)

Boston Scientific Corp.*		34,882	$	2,506,969

CONMED Corp.		1,956		132,969

Cooper Cos., Inc. (The)		4,592		408,963

Dentsply Sirona, Inc.		6,194		185,882

Dexcom, Inc.*		9,184		1,169,950

Edwards Lifesciences Corp.*		14,018		1,186,904

Embecta Corp.(a)		16,137		163,468

Enovis Corp.* (a)		3,586		198,073

Envista Holdings Corp.*		3,423		67,365

GE HealthCare Technologies, Inc.		7,987		608,929

Glaukos Corp.* (a)		2,296		220,416

Globus Medical, Inc., Class A* (a)		3,423		170,431

Haemonetics Corp.*		2,119		194,842

Hologic, Inc.*		6,683		506,371

ICU Medical, Inc.*		326		31,922

IDEXX Laboratories, Inc.*		1,956		963,839

Inari Medical, Inc.*		652		24,346

Inspire Medical Systems, Inc.* (a)		1,141		275,734

Insulet Corp.*		1,304		224,210

Integer Holdings Corp.* (a)		820		91,537

Integra LifeSciences Holdings Corp.* (a)		5,216		152,151

Intuitive Surgical, Inc.*		8,150		3,020,553

iRhythm Technologies, Inc.* (a)		1,467		160,754

Lantheus Holdings, Inc.*		3,999		266,093

LeMaitre Vascular, Inc.(a)		164		10,627

LivaNova plc*		815		45,436

Masimo Corp.* (a)		1,956		262,906

Medtronic plc		40,098		3,217,463

Merit Medical Systems, Inc.*		1,630		120,783

Neogen Corp.* (a)		12,551		154,754

Nevro Corp.* (a)		5,705		60,359

Omnicell, Inc.*		815		21,850

Paragon 28, Inc.* (a)		9,454		87,166

Penumbra, Inc.* (a)		1,630		320,246

PROCEPT BioRobotics Corp.* (a)		2,282		120,900

QuidelOrtho Corp.* (a)		815		33,048


Investments	Shares		Value

Health Care Equipment & Supplies – (continued)

ResMed, Inc.(a)		3,097	$	662,727

Shockwave Medical, Inc.* (a)		1,956		645,852

STAAR Surgical Co.*		4,401		202,270

STERIS plc		2,624		536,765

Stryker Corp.		7,987		2,687,625

Tandem Diabetes Care, Inc.*		4,401		161,473

Teleflex, Inc.		1,467		306,236

TransMedics Group, Inc.* (a)		1,312		123,499

Zimmer Biomet Holdings, Inc.		5,412		650,955
				30,849,670

Health Care Providers & Services – 2.6%

Acadia Healthcare Co., Inc.*		2,934		216,940

Accolade, Inc.* (a)		17,115		130,587

Addus HomeCare Corp.*		978		94,035

Agiliti, Inc.* (a)		14,833		150,555

Amedisys, Inc.*		1,630		150,041

AMN Healthcare Services, Inc.* (a)		6,520		391,070

Astrana Health, Inc.* (a)		2,608		96,887

Brookdale Senior Living, Inc.* (a)		47,701		323,890

Cardinal Health, Inc.		7,987		822,980

Castle Biosciences, Inc.*		2,445		51,565

Cencora, Inc.(a)		4,756		1,136,922

Centene Corp.*		16,626		1,214,696

Chemed Corp.(a)		328		186,304

Cigna Group (The)		8,476		3,026,271

CorVel Corp.* (a)		163		38,933

Cross Country Healthcare, Inc.* (a)		7,052		124,115

CVS Health Corp.		36,838		2,494,301

DaVita, Inc.*		10,758		1,495,470

Elevance Health, Inc.		6,683		3,532,500

Encompass Health Corp.		3,423		285,410

Ensign Group, Inc. (The)(a)		1,793		212,219

Fulgent Genetics, Inc.*		4,238		86,243

Guardant Health, Inc.*		1,467		26,406

HCA Healthcare, Inc.		5,542		1,717,022

HealthEquity, Inc.* (a)		3,608		284,707

Henry Schein, Inc.* (a)		3,912		271,023

Humana, Inc.		3,586		1,083,295

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			93

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Health Care Providers & Services – (continued)

Laboratory Corp. of America Holdings		2,788	$	561,420

McKesson Corp.		4,075		2,189,131

ModivCare, Inc.* (a)		4,075		95,640

Molina Healthcare, Inc.*		1,467		501,861

National Research Corp.		2,132		73,021

NeoGenomics, Inc.* (a)		2,119		29,496

OPKO Health, Inc.* (a)		114,589		139,799

Option Care Health, Inc.*		8,856		264,706

Owens & Minor, Inc.* (a)		11,410		282,283

Patterson Cos., Inc.(a)		17,115		435,919

Pediatrix Medical Group, Inc.*		26,080		231,330

Premier, Inc., Class A		29,177		609,216

Privia Health Group, Inc.* (a)		489		8,998

Progyny, Inc.*		2,282		73,161

Quest Diagnostics, Inc.		3,260		450,467

R1 RCM, Inc.* (a)		1,956		24,039

RadNet, Inc.*		984		47,724

Select Medical Holdings Corp.		19,397		550,293

Surgery Partners, Inc.* (a)		3,116		77,744

Tenet Healthcare Corp.*		21,842		2,452,638

UnitedHealth Group, Inc.		21,842		10,564,975

Universal Health Services, Inc., Class B		1,793		305,581

US Physical Therapy, Inc.(a)		164		16,648
				39,630,477

Health Care REITs – 0.2%

CareTrust REIT, Inc., REIT		6,888		170,271

Community Healthcare Trust, Inc., REIT		326		8,649

Healthpeak Properties, Inc., REIT		19,234		357,945

Medical Properties Trust, Inc., REIT(a)		107,091		492,619

National Health Investors, Inc., REIT		652		41,115

Omega Healthcare Investors, Inc., REIT(a)		8,150		247,842


Investments	Shares		Value

Health Care REITs – (continued)

Sabra Health Care REIT, Inc., REIT(a)		10,758	$	149,751

Universal Health Realty Income Trust, REIT(a)		2,771		99,839

Ventas, Inc., REIT		7,172		317,576

Welltower, Inc., REIT		12,225		1,164,798
				3,050,405

Health Care Technology – 0.1%

Definitive Healthcare Corp., Class A* (a)		10,921		75,792

Doximity, Inc., Class A* (a)		7,661		186,086

Evolent Health, Inc., Class A*		5,542		153,735

HealthStream, Inc.		164		4,226

Phreesia, Inc.*		4,401		91,277

Teladoc Health, Inc.* (a)		37,327		475,919

Veeva Systems, Inc., Class A*		3,097		614,940
				1,601,975

Hotel & Resort REITs – 0.2%

Apple Hospitality REIT, Inc., REIT(a)		6,031		89,018

Chatham Lodging Trust, REIT		6,724		61,659

DiamondRock Hospitality Co., REIT(a)		16,885		150,276

Host Hotels & Resorts, Inc., REIT(a)		15,580		293,995

Park Hotels & Resorts, Inc., REIT		38,957		628,376

Pebblebrook Hotel Trust, REIT(a)		19,397		281,838

RLJ Lodging Trust, REIT		13,203		145,233

Ryman Hospitality Properties, Inc., REIT		3,116		328,676

Service Properties Trust, REIT(a)		36,186		221,820

Summit Hotel Properties, Inc., REIT(a)		33,089		198,865

Sunstone Hotel Investors, Inc., REIT		8,200		83,640

Xenia Hotels & Resorts, Inc., REIT(a)		9,209		127,729
				2,611,125

See Accompanying Notes to the Financial Statements.


94		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Hotels, Restaurants & Leisure – 2.0%

Airbnb, Inc., Class A*		9,291	$	1,473,274

Aramark(a)		7,824		246,534

BJ’s Restaurants, Inc.* (a)		1,968		64,137

Bloomin’ Brands, Inc.(a)		16,564		427,186

Booking Holdings, Inc.		815		2,813,405

Boyd Gaming Corp.		3,772		201,840

Brinker International, Inc.* (a)		7,335		393,156

Caesars Entertainment, Inc.*		6,683		239,385

Carnival Corp.* (a)		22,820		338,192

Cheesecake Factory, Inc. (The)(a)		2,934		101,282

Chipotle Mexican Grill, Inc.*		599		1,892,600

Choice Hotels International, Inc.(a)		815		96,382

Churchill Downs, Inc.(a)		1,640		211,560

Darden Restaurants, Inc.(a)		2,624		402,548

Dave & Buster’s Entertainment, Inc.*		2,934		156,676

Denny’s Corp.* (a)		1,476		11,838

Dine Brands Global, Inc.(a)		1,141		50,318

Domino’s Pizza, Inc.		652		345,084

DoorDash, Inc., Class A*		5,868		758,498

DraftKings, Inc., Class A*		13,040		541,942

Dutch Bros, Inc., Class A* (a)		2,608		73,441

Everi Holdings, Inc.*		7,380		60,295

Expedia Group, Inc.*		3,749		504,728

Hilton Grand Vacations, Inc.*		17,220		717,041

Hilton Worldwide Holdings, Inc.		6,068		1,197,095

Hyatt Hotels Corp., Class A		2,282		339,539

Jack in the Box, Inc.(a)		2,934		167,443

Las Vegas Sands Corp.		6,357		281,997

Life Time Group Holdings, Inc.* (a)		7,172		97,970

Light & Wonder, Inc.* (a)		4,890		436,481

Marriott International, Inc., Class A(a)		6,357		1,501,078

Marriott Vacations Worldwide Corp.(a)		6,520		626,637

McDonald’s Corp.		17,384		4,746,527

MGM Resorts International*		8,639		340,722


Investments	Shares		Value

Hotels, Restaurants & Leisure – (continued)

Norwegian Cruise Line Holdings Ltd.* (a)		14,507	$	274,473

Papa John’s International, Inc.(a)		489		30,166

Penn Entertainment, Inc.* (a)		27,710		458,323

Planet Fitness, Inc., Class A* (a)		3,423		204,832

Red Rock Resorts, Inc., Class A(a)		1,968		104,540

Royal Caribbean Cruises Ltd.* (a)		6,683		933,147

Sabre Corp.* (a)		76,936		220,806

Shake Shack, Inc., Class A* (a)		815		86,268

Six Flags Entertainment Corp.* (a)		6,031		142,211

Starbucks Corp.		26,243		2,322,243

Sweetgreen, Inc., Class A* (a)		7,824		175,805

Texas Roadhouse, Inc., Class A		3,423		550,350

Travel + Leisure Co.		12,877		560,665

United Parks & Resorts, Inc.* (a)		3,097		157,390

Vail Resorts, Inc.(a)		984		186,340

Wendy’s Co. (The)(a)		10,758		215,052

Wingstop, Inc.		1,467		564,487

Wyndham Hotels & Resorts, Inc.		2,934		215,678

Wynn Resorts Ltd.(a)		2,934		268,901

Yum! Brands, Inc.		7,172		1,013,045
				30,541,553

Household Durables – 1.3%

Cavco Industries, Inc.*		1,467		534,296

Century Communities, Inc.		6,888		546,356

DR Horton, Inc.		9,348		1,331,997

Ethan Allen Interiors, Inc.(a)		4,100		115,784

Garmin Ltd.		3,749		541,618

Green Brick Partners, Inc.* (a)		7,335		397,044

Helen of Troy Ltd.* (a)		4,727		438,240

Installed Building Products, Inc.		656		154,639

iRobot Corp.* (a)		489		4,186

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			95

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Household Durables – (continued)

KB Home		15,811	$	1,023,920

La-Z-Boy, Inc.(a)		7,009		230,176

Leggett & Platt, Inc.		7,172		129,598

Lennar Corp., Class A		7,824		1,186,275

Lennar Corp., Class B		492		69,072

LGI Homes, Inc.* (a)		4,564		410,441

M/I Homes, Inc.*		6,520		757,754

Meritage Homes Corp.		7,872		1,304,705

Mohawk Industries, Inc.* (a)		10,595		1,221,815

Newell Brands, Inc.		65,037		516,394

NVR, Inc.*		91		676,935

PulteGroup, Inc.		7,009		780,943

Skyline Champion Corp.* (a)		3,423		256,691

Sonos, Inc.*		6,357		107,433

Taylor Morrison Home Corp., Class A*		22,494		1,259,889

Tempur Sealy International, Inc.		8,965		448,788

Toll Brothers, Inc.		21,842		2,601,601

TopBuild Corp.* (a)		1,141		461,728

Tri Pointe Homes, Inc.*		22,657		834,910

Vizio Holding Corp., Class A* (a)		10,106		107,124

Whirlpool Corp.(a)		11,573		1,097,815

Worthington Enterprises, Inc.(a)		7,172		409,951
				19,958,118

Household Products – 0.9%

Central Garden & Pet Co.* (a)		1,476		60,442

Central Garden & Pet Co., Class A*		4,727		167,478

Church & Dwight Co., Inc.(a)		6,357		685,857

Clorox Co. (The)		2,445		361,542

Colgate-Palmolive Co.		19,234		1,767,989

Energizer Holdings, Inc.(a)		11,247		323,014

Kimberly-Clark Corp.		7,335		1,001,448

Procter & Gamble Co. (The)		55,909		9,124,349

Reynolds Consumer Products, Inc.(a)		326		9,333

Spectrum Brands Holdings, Inc.(a)		2,608		213,517


Investments	Shares		Value

Household Products – (continued)

WD-40 Co.(a)		326	$	73,718
				13,788,687

Independent Power and Renewable Electricity Producers – 0.1%

AES Corp. (The)		15,974		285,935

Altus Power, Inc., Class A* (a)		11,247		41,277

Clearway Energy, Inc., Class A(a)		5,216		113,239

Clearway Energy, Inc., Class C(a)		7,172		167,681

Ormat Technologies, Inc.(a)		1,141		72,830

Vistra Corp.		11,247		852,972
				1,533,934

Industrial Conglomerates – 0.3%

3M Co.		17,115		1,651,769

Honeywell International, Inc.		15,322		2,953,009
				4,604,778

Industrial REITs – 0.3%

Americold Realty Trust, Inc., REIT		12,225		268,583

EastGroup Properties, Inc., REIT		1,630		253,237

First Industrial Realty Trust, Inc., REIT		6,520		296,139

Innovative Industrial Properties, Inc., REIT		1,793		185,396

LXP Industrial Trust, REIT		18,908		157,882

Plymouth Industrial REIT, Inc., REIT(a)		5,216		108,910

Prologis, Inc., REIT		21,842		2,228,976

Rexford Industrial Realty, Inc., REIT(a)		4,428		189,563

STAG Industrial, Inc., REIT(a)		9,780		336,334

Terreno Realty Corp., REIT		3,772		205,008
				4,230,028

Insurance – 2.7%

Aflac, Inc.		16,789		1,404,400

Allstate Corp. (The)		7,172		1,219,670

Ambac Financial Group, Inc.*		6,357		91,859

See Accompanying Notes to the Financial Statements.


96		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Insurance – (continued)

American Equity Investment Life Holding Co.		14,181	$	795,696

American Financial Group, Inc.		2,282		291,526

American International Group, Inc.		21,190		1,595,819

AMERISAFE, Inc.		328		14,957

Aon plc, Class A		4,920		1,387,489

Arch Capital Group Ltd.*		11,899		1,113,032

Arthur J Gallagher & Co.		4,727		1,109,380

Assurant, Inc.		11,084		1,933,050

Assured Guaranty Ltd.		3,586		275,046

Axis Capital Holdings Ltd.		14,760		905,231

Brighthouse Financial, Inc.* (a)		14,344		692,098

Brown & Brown, Inc.		5,412		441,294

Chubb Ltd.		11,573		2,877,511

Cincinnati Financial Corp.		3,423		396,007

CNO Financial Group, Inc.		26,247		691,084

Employers Holdings, Inc.		656		27,939

Enstar Group Ltd.*		2,608		757,285

Erie Indemnity Co., Class A(a)		326		124,747

Everest Group Ltd.		984		360,547

F&G Annuities & Life, Inc.(a)		1,467		55,482

Fidelity National Financial, Inc.		9,128		451,836

First American Financial Corp.(a)		20,828		1,115,756

Globe Life, Inc.		2,296		174,886

Goosehead Insurance, Inc., Class A* (a)		2,119		120,592

Hanover Insurance Group, Inc. (The)		1,956		253,928

Hartford Financial Services Group, Inc. (The)		9,128		884,412

Horace Mann Educators Corp.(a)		489		18,025

James River Group Holdings Ltd.(a)		15,811		140,560

Kemper Corp.		11,573		674,822

Kinsale Capital Group, Inc.(a)		815		296,049


Investments	Shares		Value

Insurance – (continued)

Lemonade, Inc.* (a)		14,670	$	252,764

Lincoln National Corp.		33,089		902,337

Loews Corp.		6,357		477,729

Markel Group, Inc.*		408		595,027

Marsh & McLennan Cos., Inc.		12,062		2,405,525

Mercury General Corp.		7,498		391,845

MetLife, Inc.		19,234		1,367,153

National Western Life Group, Inc., Class A		328		160,333

Old Republic International Corp.		51,671		1,542,896

Oscar Health, Inc., Class A*		26,243		455,841

Primerica, Inc.(a)		1,304		276,265

Principal Financial Group, Inc.(a)		7,498		593,392

Progressive Corp. (The)		14,181		2,953,193

Prudential Financial, Inc.		10,824		1,195,836

Reinsurance Group of America, Inc.		1,467		274,314

RenaissanceRe Holdings Ltd.		1,793		393,115

RLI Corp.(a)		1,304		184,320

Ryan Specialty Holdings, Inc., Class A		2,771		136,721

Safety Insurance Group, Inc.(a)		163		12,970

Selective Insurance Group, Inc.(a)		3,423		347,948

SiriusPoint Ltd.* (a)		13,284		156,486

Stewart Information Services Corp.(a)		2,608		161,722

Travelers Cos., Inc. (The)		7,009		1,487,029

Trupanion, Inc.* (a)		489		11,002

United Fire Group, Inc.		4,727		104,419

Unum Group		5,542		280,979

W R Berkley Corp.		4,428		340,823

White Mountains Insurance Group Ltd.(a)		163		289,837

Willis Towers Watson plc		2,624		658,991
				41,102,827

Interactive Media & Services – 4.5%

Alphabet, Inc., Class A*		141,321		23,004,232

Alphabet, Inc., Class C*		125,510		20,663,966

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			97

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Interactive Media & Services – (continued)

Cargurus, Inc., Class A*		3,749	$	84,203

Cars.com, Inc.*		6,357		106,226

Getty Images Holdings, Inc.*		6,683		24,594

IAC, Inc.*		15,974		759,724

Match Group, Inc.* (a)		3,423		105,497

Meta Platforms, Inc., Class A		52,812		22,718,138

Pinterest, Inc., Class A*		13,366		447,093

QuinStreet, Inc.* (a)		1,476		26,701

Snap, Inc., Class A* (a)		23,146		348,347

Taboola.com Ltd.* (a)		37,816		158,827

TripAdvisor, Inc.* (a)		2,282		60,085

Vimeo, Inc.*		24,124		86,605

Yelp, Inc., Class A*		4,401		177,096

Ziff Davis, Inc.*		8,965		449,236

ZoomInfo Technologies, Inc., Class A*		16,626		263,688
				69,484,258

IT Services – 1.1%

Accenture plc, Class A		14,996		4,512,446

Akamai Technologies, Inc.*		3,280		331,050

BigCommerce Holdings, Inc., Series 1* (a)		8,639		48,897

Cloudflare, Inc., Class A*		6,194		541,356

Cognizant Technology Solutions Corp., Class A		12,877		845,761

DigitalOcean Holdings, Inc.* (a)		1,793		58,918

DXC Technology Co.* (a)		36,349		708,442

EPAM Systems, Inc.*		1,467		345,127

Fastly, Inc., Class A* (a)		4,564		57,735

Gartner, Inc.*		1,956		807,026

GoDaddy, Inc., Class A*		3,772		461,617

International Business Machines Corp.		26,406		4,388,677

Kyndryl Holdings, Inc.*		46,292		910,101

MongoDB, Inc.* (a)		1,304		476,195

Okta, Inc.*		2,934		272,803

Perficient, Inc.*		815		38,517

Snowflake, Inc., Class A*		6,846		1,062,499

Squarespace, Inc., Class A*		1,640		57,170

Thoughtworks Holding, Inc.* (a)		23,798		55,211


Investments	Shares		Value

IT Services – (continued)

Twilio, Inc., Class A*		4,238	$	253,772

VeriSign, Inc.*		2,119		359,128
				16,592,448

Leisure Products – 0.2%

Acushnet Holdings Corp.(a)		984		60,004

Brunswick Corp.(a)		15,252		1,229,921

Hasbro, Inc.(a)		4,238		259,790

Malibu Boats, Inc., Class A*		2,282		77,634

Mattel, Inc.*		15,322		280,699

Peloton Interactive, Inc., Class A* (a)		75,958		236,229

Polaris, Inc.(a)		9,780		832,865

Sturm Ruger & Co., Inc.		163		7,536

Topgolf Callaway Brands Corp.* (a)		2,608		41,780

Vista Outdoor, Inc.* (a)		8,965		314,582

YETI Holdings, Inc.* (a)		1,956		69,868
				3,410,908

Life Sciences Tools & Services – 1.1%

10X Genomics, Inc., Class A* (a)		4,564		133,634

Adaptive Biotechnologies Corp.* (a)		20,049		52,528

Agilent Technologies, Inc.		6,520		893,501

Avantor, Inc.*		14,181		343,606

Azenta, Inc.* (a)		3,423		179,571

BioLife Solutions, Inc.* (a)		5,379		94,348

Bio-Rad Laboratories, Inc., Class A*		489		131,908

Bio-Techne Corp.(a)		4,401		278,187

Bruker Corp.		2,296		179,111

Charles River Laboratories International, Inc.*		1,467		335,943

CryoPort, Inc.* (a)		326		5,278

Danaher Corp.		16,463		4,060,105

Fortrea Holdings, Inc.* (a)		2,445		89,462

Illumina, Inc.*		3,097		381,086

IQVIA Holdings, Inc.* (a)		4,727		1,095,577

Medpace Holdings, Inc.*		984		382,136

Mettler-Toledo International, Inc.*		492		605,012

OmniAb, Inc.* ^‡ ^(a)		562		–

See Accompanying Notes to the Financial Statements.


98		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Life Sciences Tools & Services – (continued)

Pacific Biosciences of California, Inc.* (a)		1,141	$	1,883

Repligen Corp.* (a)		2,282		374,704

Revvity, Inc.		2,119		217,134

Sotera Health Co.* (a)		9,780		109,536

Thermo Fisher Scientific, Inc.		9,128		5,191,276

Waters Corp.* (a)		1,630		503,735

West Pharmaceutical Services, Inc.		1,956		699,231
				16,338,492

Machinery – 2.2%

3D Systems Corp.* (a)		42,054		140,881

AGCO Corp.(a)		2,296		262,180

Alamo Group, Inc.		328		63,757

Albany International Corp., Class A		1,968		156,948

Allison Transmission Holdings, Inc.		17,441		1,282,786

Astec Industries, Inc.		326		13,627

Barnes Group, Inc.(a)		652		22,637

Caterpillar, Inc.		14,670		4,908,142

Chart Industries, Inc.* (a)		1,630		234,818

CNH Industrial NV*		31,948		364,207

Columbus McKinnon Corp.		492		20,305

Crane Co.		1,467		205,395

Cummins, Inc.		4,100		1,158,209

Deere & Co.		7,498		2,934,792

Donaldson Co., Inc.		6,357		458,975

Douglas Dynamics, Inc.(a)		328		7,426

Dover Corp.(a)		3,280		588,104

Energy Recovery, Inc.*		163		2,429

Enerpac Tool Group Corp., Class A		4,592		163,613

Enpro, Inc.(a)		1,148		172,349

Esab Corp.		3,260		345,169

Federal Signal Corp.		1,640		133,332

Flowserve Corp.		6,560		309,370

Fortive Corp.		7,335		552,105

Franklin Electric Co., Inc.		1,141		109,844

Gates Industrial Corp. plc*		24,124		425,065

Gorman-Rupp Co. (The)		489		16,220


Investments	Shares		Value

Machinery – (continued)

Graco, Inc.		4,946	$	396,669

Greenbrier Cos., Inc. (The)(a)		6,520		322,023

Hillenbrand, Inc.(a)		13,366		637,825

Hyster-Yale Materials Handling, Inc.		2,119		124,110

IDEX Corp.		1,956		431,220

Illinois Tool Works, Inc.		6,846		1,671,177

Ingersoll Rand, Inc.		8,639		806,191

ITT, Inc.		4,264		551,506

John Bean Technologies Corp.(a)		652		58,087

Kadant, Inc.		328		89,803

Kennametal, Inc.(a)		2,934		69,037

Lincoln Electric Holdings, Inc.(a)		1,793		393,617

Lindsay Corp.		328		38,097

Middleby Corp. (The)* (a)		1,640		227,911

Miller Industries, Inc.		489		23,819

Mueller Industries, Inc.(a)		24,776		1,382,996

Mueller Water Products, Inc., Class A		4,756		75,335

Nordson Corp.		1,148		296,402

Omega Flex, Inc.(a)		1,141		75,603

Oshkosh Corp.		13,284		1,491,395

Otis Worldwide Corp.		10,004		912,365

PACCAR, Inc.		14,670		1,556,634

Parker-Hannifin Corp.		3,423		1,865,227

Pentair plc(a)		4,401		348,075

RBC Bearings, Inc.* (a)		978		239,170

REV Group, Inc.		6,232		136,232

Snap-on, Inc.		1,476		395,509

SPX Technologies, Inc.*		1,312		159,815

Standex International Corp.(a)		164		28,352

Stanley Black & Decker, Inc.		2,771		253,269

Tennant Co.		1,630		189,862

Terex Corp.(a)		12,956		726,184

Timken Co. (The)(a)		12,714		1,134,343

Titan International, Inc.* (a)		9,454		104,183

Toro Co. (The)(a)		2,952		258,566

Trinity Industries, Inc.(a)		2,624		68,276

Wabash National Corp.(a)		7,824		180,813

Watts Water Technologies, Inc., Class A		820		162,737

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			99

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Machinery – (continued)

Westinghouse Air Brake Technologies Corp.		4,428	$	713,262

Xylem, Inc.(a)		6,357		830,860
				34,479,242

Marine Transportation – 0.1%

Genco Shipping & Trading Ltd.		6,357		135,658

Kirby Corp.*		3,423		373,552

Matson, Inc.(a)		6,520		702,726
				1,211,936

Media – 0.8%

Altice USA, Inc., Class A*		32,111		61,974

Boston Omaha Corp., Class A* (a)		5,542		85,568

Charter Communications, Inc., Class A* (a)		3,097		792,646

Clear Channel Outdoor Holdings, Inc.* (a)		67,156		93,347

Comcast Corp., Class A		118,664		4,522,285

EchoStar Corp., Class A* (a)		5,216		83,404

Fox Corp., Class A(a)		5,216		161,748

Fox Corp., Class B		1,793		51,423

Gray Television, Inc.		6,683		38,427

Integral Ad Science Holding Corp.*		6,520		62,527

Interpublic Group of Cos., Inc. (The)(a)		9,454		287,780

Liberty Broadband Corp., Class A*		978		49,027

Liberty Broadband Corp., Class C*		1,467		72,954

Liberty Media Corp-Liberty SiriusXM*		35,860		862,792

Liberty Media Corp-Liberty SiriusXM, Class A*		18,908		454,927

New York Times Co. (The), Class A		8,476		364,722

News Corp., Class A		8,528		202,966

News Corp., Class B(a)		2,788		68,418

Nexstar Media Group, Inc., Class A(a)		7,172		1,147,950


Investments	Shares		Value

Media – (continued)

Omnicom Group, Inc.(a)		6,232	$	578,579

Paramount Global, Class B(a)		28,036		319,330

PubMatic, Inc., Class A* (a)		5,542		124,363

Scholastic Corp.(a)		656		23,367

Sinclair, Inc.(a)		12,714		156,382

Sirius XM Holdings, Inc.(a)		23,472		69,008

Stagwell, Inc., Class A*		5,216		31,035

TEGNA, Inc.(a)		44,988		613,636

Thryv Holdings, Inc.* (a)		815		18,753

Trade Desk, Inc. (The), Class A*		9,780		810,273
				12,209,611

Metals & Mining – 0.9%

Alcoa Corp.(a)		6,031		211,929

Alpha Metallurgical Resources, Inc.(a)		2,445		799,808

Arch Resources, Inc.		3,772		598,918

ATI, Inc.* (a)		7,335		437,900

Carpenter Technology Corp.(a)		3,260		279,382

Century Aluminum Co.* (a)		8,856		153,652

Cleveland-Cliffs, Inc.*		16,728		282,703

Coeur Mining, Inc.* (a)		32,437		146,615

Commercial Metals Co.		25,428		1,366,501

Freeport-McMoRan, Inc.		42,217		2,108,317

Haynes International, Inc.		1,141		68,631

Hecla Mining Co.(a)		13,120		62,058

Ivanhoe Electric, Inc.* (a)		9,943		100,424

Kaiser Aluminum Corp.		1,793		162,249

Materion Corp.(a)		492		56,550

Metallus, Inc.* (a)		8,200		168,592

MP Materials Corp.* (a)		652		10,432

Newmont Corp.		26,569		1,079,764

Nucor Corp.		7,661		1,291,108

Piedmont Lithium, Inc.* (a)		489		5,990

Radius Recycling, Inc.		3,097		53,950

Reliance, Inc.		1,956		556,912

Royal Gold, Inc.(a)		2,608		313,299

Ryerson Holding Corp.		3,423		97,727

Southern Copper Corp.(a)		1,640		191,339

Steel Dynamics, Inc.		5,216		678,706

See Accompanying Notes to the Financial Statements.


100		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Metals & Mining – (continued)

SunCoke Energy, Inc.		8,965	$	92,429

United States Steel Corp.(a)		44,662		1,630,163

Warrior Met Coal, Inc.		9,128		623,899
				13,629,947

Mortgage Real Estate Investment Trusts (REITs) – 0.5%

AGNC Investment Corp.(a)		146,374		1,339,322

Annaly Capital Management, Inc.		10,432		195,496

Apollo Commercial Real Estate Finance, Inc.(a)		19,560		188,363

Arbor Realty Trust, Inc.(a)		31,296		401,528

Ares Commercial Real Estate Corp.(a)		17,604		119,531

ARMOUR Residential REIT, Inc.		5,053		91,813

Blackstone Mortgage Trust, Inc., Class A(a)		29,992		529,059

BrightSpire Capital, Inc., Class A(a)		25,917		163,018

Chimera Investment Corp.		28,688		118,194

Claros Mortgage Trust, Inc.(a)		11,736		102,103

Dynex Capital, Inc.(a)		6,031		70,382

Ellington Financial, Inc.(a)		10,269		117,477

Franklin BSP Realty Trust, Inc.(a)		10,432		130,296

Hannon Armstrong Sustainable Infrastructure Capital, Inc.(a)		23,961		599,265

Invesco Mortgage Capital, Inc.		1		5

KKR Real Estate Finance Trust, Inc.(a)		15,811		148,781

Ladder Capital Corp.(a)		29,992		321,814

MFA Financial, Inc.(a)		13,040		138,094

New York Mortgage Trust, Inc.(a)		19,397		132,869

PennyMac Mortgage Investment Trust(a)		18,908		261,876

Ready Capital Corp.(a)		27,384		233,312

Redwood Trust, Inc.(a)		12,388		68,506

Rithm Capital Corp.		105,787		1,176,351


Investments	Shares		Value

Mortgage Real Estate Investment Trusts (REITs) – (continued)

Starwood Property Trust, Inc.(a)		60,962	$	1,156,449

TPG RE Finance Trust, Inc.(a)		11,410		83,635

Two Harbors Investment Corp.(a)		10,595		133,815
				8,021,354

Multi-Utilities – 0.6%

Ameren Corp.		5,053		373,265

Avista Corp.		18,745		674,445

Black Hills Corp.(a)		15,811		868,024

CenterPoint Energy, Inc.(a)		16,626		484,482

CMS Energy Corp.		8,476		513,730

Consolidated Edison, Inc.		8,965		846,296

Dominion Energy, Inc.		22,657		1,155,054

DTE Energy Co.		6,846		755,251

NiSource, Inc.		11,669		325,098

Northwestern Energy Group, Inc.		652		32,887

Public Service Enterprise Group, Inc.		12,551		867,023

Sempra		19,560		1,401,083

Unitil Corp.		1,956		99,638

WEC Energy Group, Inc.(a)		8,639		713,927
				9,110,203

Office REITs – 0.3%

Alexandria Real Estate Equities, Inc., REIT		4,727		547,718

Boston Properties, Inc., REIT		3,097		191,673

Brandywine Realty Trust, REIT		52,812		239,767

COPT Defense Properties, REIT		2,771		66,421

Cousins Properties, Inc., REIT		9,943		228,092

Douglas Emmett, Inc., REIT(a)		38,142		522,927

Easterly Government Properties, Inc., Class A, REIT(a)		7,661		89,557

Highwoods Properties, Inc., REIT(a)		8,313		217,801

Hudson Pacific Properties, Inc., REIT(a)		31,785		184,353

JBG SMITH Properties, REIT(a)		9,128		137,011

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			101

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Office REITs – (continued)

Kilroy Realty Corp., REIT(a)		7,009	$	236,904

Paramount Group, Inc., REIT		51,671		239,753

Piedmont Office Realty Trust, Inc., Class A, REIT(a)		38,305		263,921

SL Green Realty Corp., REIT(a)		15,159		755,373

Vornado Realty Trust, REIT(a)		10,432		271,545
				4,192,816

Oil, Gas & Consumable Fuels – 4.5%

Antero Midstream Corp.(a)		20,049		277,478

Antero Resources Corp.*		6,846		232,832

APA Corp.		10,758		338,232

Berry Corp.(a)		10,432		88,568

California Resources Corp.(a)		13,692		723,759

Cheniere Energy, Inc.		7,380		1,164,712

Chesapeake Energy Corp.(a)		3,462		311,165

Chevron Corp.(a)		53,790		8,674,713

Chord Energy Corp.(a)		8,313		1,471,235

Civitas Resources, Inc.		14,181		1,020,471

Clean Energy Fuels Corp.* (a)		32,274		74,876

CNX Resources Corp.* (a)		10,595		249,194

Comstock Resources, Inc.(a)		9,617		96,747

ConocoPhillips		35,371		4,443,305

CONSOL Energy, Inc.(a)		5,705		472,146

Coterra Energy, Inc.		23,781		650,647

Crescent Energy Co., Class A(a)		14,996		159,557

CVR Energy, Inc.(a)		7,661		232,741

Delek US Holdings, Inc.		11,410		311,835

Devon Energy Corp.		19,723		1,009,423

Diamondback Energy, Inc.		5,576		1,121,501

Dorian LPG Ltd.(a)		7,380		304,942

DT Midstream, Inc.		5,705		354,851

EOG Resources, Inc.		16,463		2,175,256

EQT Corp.(a)		10,660		427,359

Equitrans Midstream Corp.		26,569		359,479

Exxon Mobil Corp.		117,360		13,880,167

Green Plains, Inc.*		4,428		91,527


Investments	Shares		Value

Oil, Gas & Consumable Fuels – (continued)

Gulfport Energy Corp.*		1,956	$	310,437

Hess Corp.		7,009		1,103,847

HF Sinclair Corp.		5,379		291,811

HighPeak Energy, Inc.(a)		5,705		81,068

International Seaways, Inc.(a)		5,868		324,442

Kinder Morgan, Inc.(a)		53,464		977,322

Kosmos Energy Ltd.*		85,726		486,066

Magnolia Oil & Gas Corp., Class A(a)		31,296		784,591

Marathon Oil Corp.		20,701		555,822

Marathon Petroleum Corp.		11,247		2,043,805

Matador Resources Co.(a)		22,494		1,401,376

Murphy Oil Corp.(a)		30,318		1,353,396

New Fortress Energy, Inc.(a)		15,974		418,519

NextDecade Corp.* (a)		2,952		18,952

Northern Oil & Gas, Inc.(a)		17,115		698,121

Occidental Petroleum Corp.(a)		18,256		1,207,452

ONEOK, Inc.		16,952		1,341,242

Ovintiv, Inc.		8,652		444,021

Par Pacific Holdings, Inc.*		10,269		316,285

PBF Energy, Inc., Class A(a)		22,678		1,208,057

Peabody Energy Corp.(a)		22,796		500,144

Permian Resources Corp.(a)		98,778		1,654,531

Phillips 66		13,203		1,890,802

Pioneer Natural Resources Co.		6,520		1,755,966

Range Resources Corp.(a)		8,150		292,666

SilverBow Resources, Inc.*		978		30,044

SM Energy Co.(a)		22,005		1,067,022

Southwestern Energy Co.*		229,667		1,720,206

Targa Resources Corp.(a)		6,031		687,896

Texas Pacific Land Corp.(a)		492		283,540

Uranium Energy Corp.* (a)		3,116		21,033

VAALCO Energy, Inc.(a)		12,062		77,197

Valero Energy Corp.		10,269		1,641,705

Vital Energy, Inc.* (a)		4,564		241,983

Vitesse Energy, Inc.(a)		1,304		28,936

W&T Offshore, Inc.(a)		21,353		48,044

Williams Cos., Inc. (The)		30,318		1,162,998

World Kinect Corp.		10,758		252,813
				69,442,876

See Accompanying Notes to the Financial Statements.


102		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Paper & Forest Products – 0.1%

Clearwater Paper Corp.*		1,630	$	73,415

Louisiana-Pacific Corp.		3,912		286,319

Mercer International, Inc.(a)		7,172		72,653

Sylvamo Corp.(a)		5,868		366,750
				799,137

Passenger Airlines – 0.3%

Alaska Air Group, Inc.* (a)		24,776		1,065,863

Allegiant Travel Co.(a)		3,260		177,866

American Airlines Group, Inc.* (a)		127,303		1,719,863

Delta Air Lines, Inc.		17,115		856,948

JetBlue Airways Corp.* (a)		60,310		342,561

Joby Aviation, Inc.* (a)		4,727		23,871

SkyWest, Inc.* (a)		3,097		226,174

Southwest Airlines Co.(a)		14,181		367,855

Spirit Airlines, Inc.(a)		1,956		6,905

Sun Country Airlines Holdings, Inc.*		9,128		121,494

United Airlines Holdings, Inc.* (a)		7,661		394,235
				5,303,635

Personal Care Products – 0.1%

Beauty Health Co. (The)* (a)		23,309		75,288

BellRing Brands, Inc.*		4,592		253,341

Coty, Inc., Class A* (a)		14,181		162,231

Edgewell Personal Care Co.(a)		4,087		153,753

elf Beauty, Inc.* (a)		1,793		291,416

Estee Lauder Cos., Inc. (The), Class A		5,053		741,325

Herbalife Ltd.* (a)		13,855		119,846

Inter Parfums, Inc.		492		57,259

Medifast, Inc.(a)		978		26,924

Nu Skin Enterprises, Inc., Class A		14,996		176,353

Olaplex Holdings, Inc.* (a)		61,288		85,190

USANA Health Sciences, Inc.*		1,467		60,910
				2,203,836


Investments	Shares		Value

Pharmaceuticals – 3.2%

Amphastar Pharmaceuticals, Inc.* (a)		984	$	40,590

Amylyx Pharmaceuticals, Inc.* (a)		7,987		14,456

ANI Pharmaceuticals, Inc.* (a)		164		10,824

Arvinas, Inc.*		4,075		129,463

Axsome Therapeutics, Inc.* (a)		1,640		120,966

Bristol-Myers Squibb Co.		58,191		2,556,913

Cassava Sciences, Inc.* (a)		1,956		43,325

Catalent, Inc.*		8,313		464,281

Collegium Pharmaceutical, Inc.*		8,476		313,019

Corcept Therapeutics, Inc.* (a)		3,991		93,070

Elanco Animal Health, Inc.*		102,527		1,349,255

Eli Lilly & Co.		20,049		15,660,274

Evolus, Inc.*		1,804		21,233

Innoviva, Inc.* (a)		8,639		130,535

Intra-Cellular Therapies, Inc.*		2,771		198,986

Jazz Pharmaceuticals plc* (a)		1,630		180,523

Johnson & Johnson		71,231		10,299,290

Ligand Pharmaceuticals, Inc.* (a)		326		22,784

Merck & Co., Inc.		60,799		7,856,447

Organon & Co.(a)		49,063		913,062

Pacira BioSciences, Inc.*		5,053		132,641

Perrigo Co. plc		29,503		963,568

Pfizer, Inc.		162,674		4,167,708

Pliant Therapeutics, Inc.*		5,053		59,726

Prestige Consumer Healthcare, Inc.*		3,260		233,938

Royalty Pharma plc, Class A		8,639		239,300

Scilex Holding Co.*		14,036		11,976

Supernus Pharmaceuticals, Inc.*		4,238		127,564

Tilray Brands, Inc.*		105,461		260,489

Ventyx Biosciences, Inc.* (a)		1,956		7,315

Viatris, Inc.		26,243		303,632

Zoetis, Inc.		11,410		1,816,928
				48,744,081

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			103

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Professional Services – 1.1%

Alight, Inc., Class A*		68,623	$	618,980

ASGN, Inc.*		9,780		943,281

Automatic Data Processing, Inc.		9,943		2,405,112

Barrett Business Services, Inc.		820		99,630

Booz Allen Hamilton Holding Corp.		2,952		435,922

Broadridge Financial Solutions, Inc.		2,445		472,888

CACI International, Inc., Class A*		1,141		458,944

CBIZ, Inc.*		1,640		116,735

Clarivate plc* (a)		60,636		409,899

Concentrix Corp.(a)		9,780		534,673

Conduent, Inc.*		34,882		109,878

CSG Systems International, Inc.		2,624		123,958

Dayforce, Inc.* (a)		4,238		260,086

Dun & Bradstreet Holdings, Inc.		44,825		407,908

Equifax, Inc.		3,097		681,928

ExlService Holdings, Inc.*		4,727		137,083

Exponent, Inc.(a)		1,141		104,869

First Advantage Corp.(a)		656		10,693

Forrester Research, Inc.* (a)		4,238		77,089

FTI Consulting, Inc.*		1,141		243,980

Genpact Ltd.		9,454		290,616

Heidrick & Struggles International, Inc.		5,379		158,573

Huron Consulting Group, Inc.*		492		45,874

ICF International, Inc.		492		70,991

Insperity, Inc.		1,141		117,443

Jacobs Solutions, Inc.		3,423		491,303

KBR, Inc.		4,564		296,386

Kelly Services, Inc., Class A		5,053		115,916

Kforce, Inc.(a)		328		20,257

Korn Ferry		9,454		574,047

Legalzoom.com, Inc.*		10,758		128,558

Leidos Holdings, Inc.		3,444		482,918

ManpowerGroup, Inc.		8,965		676,409

Maximus, Inc.		3,423		274,799


Investments	Shares		Value

Professional Services – (continued)

NV5 Global, Inc.*		163	$	15,198

Parsons Corp.*		2,934		230,348

Paychex, Inc.		7,380		876,818

Paycom Software, Inc.(a)		1,467		275,767

Paycor HCM, Inc.* (a)		4,238		73,614

Paylocity Holding Corp.* (a)		815		126,455

Planet Labs PBC* (a)		46,292		78,234

Resources Connection, Inc.(a)		5,248		57,990

Robert Half, Inc.		3,280		226,779

Science Applications International Corp.		2,771		356,628

SS&C Technologies Holdings, Inc.		4,564		282,466

Sterling Check Corp.* (a)		6,357		96,181

TransUnion		3,423		249,879

TriNet Group, Inc.		1,793		179,963

TTEC Holdings, Inc.		8,313		60,519

Upwork, Inc.*		11,410		133,497

Verisk Analytics, Inc.		3,608		786,400

Verra Mobility Corp., Class A*		9,840		232,027
				16,736,389

Real Estate Management & Development – 0.3%

Anywhere Real Estate, Inc.*		14,507		70,504

CBRE Group, Inc., Class A*		8,313		722,317

Compass, Inc., Class A* (a)		40,098		126,309

CoStar Group, Inc.*		9,617		880,244

Cushman & Wakefield plc* (a)		22,820		220,213

DigitalBridge Group, Inc.(a)		8,476		139,345

eXp World Holdings, Inc.(a)		978		9,741

Forestar Group, Inc.*		6,194		191,952

Howard Hughes Holdings, Inc.* (a)		1,956		127,453

Jones Lang LaSalle, Inc.*		9,943		1,796,700

Newmark Group, Inc., Class A		37,001		354,100

Opendoor Technologies, Inc.* (a)		107,254		213,435

Redfin Corp.* (a)		7,009		39,321

St Joe Co. (The)(a)		492		28,142

Zillow Group, Inc., Class A*		492		20,664

See Accompanying Notes to the Financial Statements.


104		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Real Estate Management & Development – (continued)

Zillow Group, Inc., Class C* (a)		5,379	$	228,984
				5,169,424

Residential REITs – 0.3%

American Homes 4 Rent, Class A, REIT		5,379		192,568

Apartment Income REIT Corp., Class A, REIT		3,260		125,119

AvalonBay Communities, Inc., REIT		3,097		587,098

Camden Property Trust, REIT		1,793		178,726

Centerspace, REIT(a)		1,956		131,541

Elme Communities, REIT		10,269		155,678

Equity LifeStyle Properties, Inc., REIT		3,912		235,855

Equity Residential, REIT(a)		9,943		640,329

Essex Property Trust, Inc., REIT(a)		1,304		321,110

Independence Realty Trust, Inc., REIT(a)		5,053		79,686

Invitation Homes, Inc., REIT		11,736		401,371

Mid-America Apartment Communities, Inc., REIT		2,445		317,850

Sun Communities, Inc., REIT(a)		2,934		326,613

UDR, Inc., REIT		5,379		204,833

UMH Properties, Inc., REIT(a)		7,987		127,153
				4,025,530

Retail REITs – 0.4%

Acadia Realty Trust, REIT(a)		9,291		160,549

Agree Realty Corp., REIT(a)		3,097		177,210

Alexander’s, Inc., REIT(a)		326		68,969

Brixmor Property Group, Inc., REIT		10,004		221,088

Federal Realty Investment Trust, REIT		3,423		356,574

Getty Realty Corp., REIT		164		4,444

Kimco Realty Corp., REIT		19,723		367,440

Kite Realty Group Trust, REIT(a)		13,529		294,932

Macerich Co. (The), REIT(a)		49,552		681,836


Investments	Shares		Value

Retail REITs – (continued)

NETSTREIT Corp., REIT(a)		8,150	$	137,328

NNN REIT, Inc., REIT(a)		9,780		396,383

Phillips Edison & Co., Inc., REIT(a)		3,097		101,272

Realty Income Corp., REIT		19,997		1,070,639

Regency Centers Corp., REIT		3,912		231,669

Retail Opportunity Investments Corp., REIT(a)		11,410		140,001

Simon Property Group, Inc., REIT		7,172		1,007,881

SITE Centers Corp., REIT		4,756		64,158

Tanger, Inc., REIT(a)		7,335		207,947

Urban Edge Properties, REIT(a)		4,428		74,080

Whitestone REIT, REIT(a)		2,934		33,741
				5,798,141

Semiconductors & Semiconductor Equipment – 7.3%

Advanced Micro Devices, Inc.*		38,189		6,048,374

Allegro MicroSystems, Inc.* (a)		326		9,679

Alpha & Omega Semiconductor Ltd.* (a)		3,749		81,991

Ambarella, Inc.*		489		22,479

Amkor Technology, Inc.		21,516		696,043

Analog Devices, Inc.		14,181		2,844,850

Applied Materials, Inc.		20,212		4,015,114

Axcelis Technologies, Inc.* (a)		984		101,864

Broadcom, Inc.		11,084		14,412,193

Cirrus Logic, Inc.* (a)		1,630		144,369

Cohu, Inc.*		1,148		34,807

Credo Technology Group Holding Ltd.* (a)		5,542		99,035

Diodes, Inc.* (a)		8,639		630,733

Enphase Energy, Inc.*		4,075		443,197

Entegris, Inc.		3,749		498,317

First Solar, Inc.* (a)		2,119		373,580

FormFactor, Inc.* (a)		2,132		95,066

Ichor Holdings Ltd.* (a)		3,586		139,065

Impinj, Inc.* (a)		1,312		209,107

indie Semiconductor, Inc., Class A* (a)		8,802		49,467

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			105

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Semiconductors & Semiconductor Equipment – (continued)

Intel Corp.		98,941	$	3,014,732

KLA Corp.		3,423		2,359,440

Kulicke & Soffa Industries, Inc.(a)		1,141		52,805

Lam Research Corp.		3,260		2,915,777

Lattice Semiconductor Corp.* (a)		4,075		279,545

MACOM Technology Solutions Holdings, Inc.* (a)		1,467		149,561

Marvell Technology, Inc.		18,582		1,224,740

MaxLinear, Inc., Class A*		7,335		152,495

Microchip Technology, Inc.(a)		12,225		1,124,455

Micron Technology, Inc.		26,895		3,038,059

MKS Instruments, Inc.(a)		3,260		387,875

Monolithic Power Systems, Inc.(a)		1,141		763,705

Navitas Semiconductor Corp., Class A* (a)		13,040		56,463

NVIDIA Corp.		56,887		49,151,506

NXP Semiconductors NV		6,520		1,670,359

ON Semiconductor Corp.*		11,084		777,653

Onto Innovation, Inc.* (a)		2,608		483,758

PDF Solutions, Inc.* (a)		328		9,866

Photronics, Inc.* (a)		14,268		391,086

Power Integrations, Inc.(a)		2,445		163,130

Qorvo, Inc.*		2,608		304,719

QUALCOMM, Inc.		32,111		5,325,609

Rambus, Inc.* (a)		3,586		196,584

Semtech Corp.* (a)		15,485		582,546

Silicon Laboratories, Inc.* (a)		1,793		217,832

SiTime Corp.*		163		14,527

Skyworks Solutions, Inc.(a)		5,216		555,973

SMART Global Holdings, Inc.* (a)		5,705		104,230

SolarEdge Technologies, Inc.* (a)		3,423		200,759

Synaptics, Inc.* (a)		2,608		234,616

Teradyne, Inc.(a)		3,423		398,163

Texas Instruments, Inc.		21,516		3,795,853

Ultra Clean Holdings, Inc.* (a)		4,075		170,457


Investments	Shares		Value

Semiconductors & Semiconductor Equipment – (continued)

Universal Display Corp.		2,460	$	388,631

Veeco Instruments, Inc.* (a)		1,312		46,366

Wolfspeed, Inc.* (a)		3,260		88,118
				111,741,323

Software – 8.1%

ACI Worldwide, Inc.*		2,608		88,933

Adeia, Inc.(a)		19,886		195,678

Adobe, Inc.*		10,758		4,979,125

Agilysys, Inc.*		328		27,240

Alarm.com Holdings, Inc.*		1,141		75,876

Alkami Technology, Inc.* (a)		5,053		121,626

Altair Engineering, Inc., Class A* (a)		3,260		262,267

Amplitude, Inc., Class A* (a)		9,454		92,555

ANSYS, Inc.*		2,282		741,376

Appfolio, Inc., Class A*		1,304		295,721

Appian Corp., Class A*		3,097		115,952

AppLovin Corp., Class A*		4,727		333,584

Aspen Technology, Inc.* (a)		820		161,433

Atlassian Corp., Class A*		3,749		645,953

Aurora Innovation, Inc., Class A* (a)		51,834		143,839

Autodesk, Inc.*		4,890		1,040,836

Bentley Systems, Inc., Class B(a)		6,357		333,933

BILL Holdings, Inc.*		1,141		71,153

Blackbaud, Inc.* (a)		2,624		204,462

BlackLine, Inc.*		3,097		179,781

Box, Inc., Class A* (a)		4,756		123,751

Braze, Inc., Class A*		3,423		143,424

C3.ai, Inc., Class A* (a)		4,238		95,482

Cadence Design Systems, Inc.*		6,396		1,762,929

CCC Intelligent Solutions Holdings, Inc.*		11,899		133,507

Cerence, Inc.*		489		4,455

Cleanspark, Inc.* (a)		2,119		34,709

Clear Secure, Inc., Class A(a)		7,172		125,295

CommVault Systems, Inc.*		2,624		268,881

Confluent, Inc., Class A* (a)		7,009		197,093

Consensus Cloud Solutions, Inc.*		5,868		68,304

See Accompanying Notes to the Financial Statements.


106		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Software – (continued)

Crowdstrike Holdings, Inc., Class A*		5,379	$	1,573,573

Datadog, Inc., Class A*		7,172		900,086

Digital Turbine, Inc.* (a)		27,547		52,615

DocuSign, Inc.*		5,705		322,903

Dolby Laboratories, Inc., Class A		2,608		202,537

DoubleVerify Holdings, Inc.* (a)		5,542		162,381

Dropbox, Inc., Class A* (a)		9,943		230,280

Dynatrace, Inc.*		6,194		280,650

E2open Parent Holdings, Inc.* (a)		16,300		79,055

Elastic NV* (a)		4,238		433,208

Enfusion, Inc., Class A* (a)		656		6,107

Envestnet, Inc.* (a)		652		40,470

EverCommerce, Inc.* (a)		8,150		73,350

Fair Isaac Corp.*		656		743,464

Five9, Inc.* (a)		3,912		225,214

Fortinet, Inc.*		15,580		984,344

Freshworks, Inc., Class A*		9,291		165,844

Gen Digital, Inc.(a)		15,485		311,868

Gitlab, Inc., Class A*		3,749		196,710

Guidewire Software, Inc.* (a)		4,238		467,875

HashiCorp, Inc., Class A* (a)		4,401		142,856

HubSpot, Inc.*		1,304		788,750

Informatica, Inc., Class A* (a)		4,238		131,251

Intapp, Inc.* (a)		656		20,284

InterDigital, Inc.(a)		652		64,372

Intuit, Inc.		6,520		4,079,042

JFrog Ltd.* (a)		5,542		221,015

LiveRamp Holdings, Inc.*		1,141		36,638

Manhattan Associates, Inc.*		1,793		369,466

Marathon Digital Holdings, Inc.* (a)		8,313		133,507

MeridianLink, Inc.*		4,727		78,846

Microsoft Corp.		177,181		68,981,879

MicroStrategy, Inc., Class A* (a)		623		663,514

Mitek Systems, Inc.* (a)		820		10,357

Model N, Inc.*		4,890		144,988

NCR Voyix Corp.*		23,309		285,535


Investments	Shares		Value

Software – (continued)

Nutanix, Inc., Class A*		7,172	$	435,340

Oracle Corp.		37,327		4,245,946

Palantir Technologies, Inc., Class A*		40,424		888,115

Palo Alto Networks, Inc.*		7,335		2,133,678

Pegasystems, Inc.(a)		652		38,742

PowerSchool Holdings, Inc., Class A* (a)		1,968		34,086

Procore Technologies, Inc.* (a)		2,934		200,744

Progress Software Corp.		652		32,483

PTC, Inc.* (a)		2,445		433,841

Q2 Holdings, Inc.* (a)		4,075		209,414

Qualys, Inc.*		1,312		215,050

Rapid7, Inc.* (a)		2,771		124,141

RingCentral, Inc., Class A* (a)		13,203		391,073

Riot Platforms, Inc.* (a)		7,498		75,805

Roper Technologies, Inc.		2,445		1,250,520

Salesforce, Inc.		22,657		6,093,374

Samsara, Inc., Class A* (a)		7,661		267,599

SentinelOne, Inc., Class A* (a)		12,877		272,091

ServiceNow, Inc.*		4,727		3,277,371

Smartsheet, Inc., Class A*		5,868		221,986

SolarWinds Corp.		8,802		96,998

Sprinklr, Inc., Class A* (a)		8,965		104,801

Sprout Social, Inc., Class A* (a)		3,586		180,914

SPS Commerce, Inc.*		1,141		198,386

Synopsys, Inc.*		3,586		1,902,696

Tenable Holdings, Inc.* (a)		3,423		153,932

Teradata Corp.*		2,771		102,804

Tyler Technologies, Inc.*		1,141		526,629

UiPath, Inc., Class A* (a)		15,648		296,843

Unity Software, Inc.* (a)		3,749		90,988

Varonis Systems, Inc.* (a)		4,401		192,544

Verint Systems, Inc.*		15,485		468,886

Workday, Inc., Class A*		5,216		1,276,512

Workiva, Inc., Class A*		2,445		192,666

Zoom Video Communications, Inc., Class A*		4,238		258,942

Zscaler, Inc.*		1,793		310,081
				123,870,008

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			107

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Specialized REITs – 0.8%

American Tower Corp., REIT		10,758	$	1,845,642

Crown Castle, Inc., REIT		11,084		1,039,458

CubeSmart, REIT		6,396		258,654

Digital Realty Trust, Inc., REIT(a)		6,520		904,846

EPR Properties, REIT(a)		4,920		199,703

Equinix, Inc., REIT		2,132		1,516,087

Extra Space Storage, Inc., REIT(a)		5,379		722,292

Four Corners Property Trust, Inc., REIT(a)		5,216		122,315

Gaming and Leisure Properties, Inc., REIT		6,396		273,301

Iron Mountain, Inc., REIT		6,560		508,531

Lamar Advertising Co., Class A, REIT		3,097		358,787

National Storage Affiliates Trust, REIT(a)		4,890		171,346

Outfront Media, Inc., REIT(a)		33,904		537,717

PotlatchDeltic Corp., REIT(a)		2,934		117,389

Public Storage, REIT(a)		3,608		936,096

Rayonier, Inc., REIT		7,009		207,887

Safehold, Inc., REIT(a)		6,031		110,005

SBA Communications Corp., REIT		2,771		515,739

Uniti Group, Inc., REIT(a)		38,631		222,128

VICI Properties, Inc., Class A, REIT		32,763		935,384

Weyerhaeuser Co., REIT		14,670		442,594
				11,945,901

Specialty Retail – 2.7%

Abercrombie & Fitch Co., Class A* (a)		2,771		336,732

Academy Sports & Outdoors, Inc.(a)		16,463		959,793

Advance Auto Parts, Inc.(a)		12,714		927,868

American Eagle Outfitters, Inc.(a)		41,076		996,504

Arko Corp.		2,460		10,578

Asbury Automotive Group, Inc.* (a)		4,264		896,463

AutoNation, Inc.* (a)		6,194		998,163


Investments	Shares		Value

Specialty Retail – (continued)

AutoZone, Inc.*		489	$	1,445,680

Bath & Body Works, Inc.		43,684		1,984,127

Best Buy Co., Inc.(a)		6,357		468,129

Beyond, Inc.*		11,410		229,683

Boot Barn Holdings, Inc.* (a)		2,282		242,965

Buckle, Inc. (The)(a)		6,232		233,014

Burlington Stores, Inc.*		1,304		234,642

Caleres, Inc.(a)		8,476		312,171

Camping World Holdings, Inc., Class A(a)		5,216		105,728

CarMax, Inc.* (a)		3,912		265,899

Carvana Co.* (a)		21,842		1,811,139

Chewy, Inc., Class A* (a)		489		7,330

Designer Brands, Inc., Class A(a)		2,934		27,257

Dick’s Sporting Goods, Inc.		11,573		2,325,479

Five Below, Inc.*		984		143,999

Floor & Decor Holdings, Inc., Class A* (a)		3,097		341,692

Foot Locker, Inc.(a)		2,119		44,181

GameStop Corp., Class A* (a)		6,846		75,922

Gap, Inc. (The)(a)		40,913		839,535

Group 1 Automotive, Inc.(a)		3,097		910,580

Guess?, Inc.(a)		5,542		148,415

Haverty Furniture Cos., Inc.(a)		326		10,041

Hibbett, Inc.		1,304		112,457

Home Depot, Inc. (The)		23,798		7,953,768

Leslie’s, Inc.* (a)		12,225		48,044

Lithia Motors, Inc., Class A		5,705		1,451,238

Lowe’s Cos., Inc.		17,278		3,939,211

MarineMax, Inc.* (a)		4,890		120,636

Monro, Inc.		3,586		97,719

Murphy USA, Inc.(a)		815		337,263

ODP Corp. (The)*		8,965		456,408

O’Reilly Automotive, Inc.*		1,467		1,486,452

Penske Automotive Group, Inc.(a)		1,141		174,470

Petco Health & Wellness Co., Inc., Class A* (a)		5,542		8,313

RH* (a)		978		241,615

Ross Stores, Inc.		7,708		998,571

See Accompanying Notes to the Financial Statements.


108		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Specialty Retail – (continued)

Sally Beauty Holdings, Inc.* (a)		15,974	$	173,318

Shoe Carnival, Inc.(a)		5,868		196,226

Signet Jewelers Ltd.(a)		8,364		819,923

Sonic Automotive, Inc., Class A(a)		4,238		245,126

TJX Cos., Inc. (The)		26,895		2,530,551

Tractor Supply Co.(a)		2,624		716,562

Ulta Beauty, Inc.*		1,148		464,756

Upbound Group, Inc.		10,106		313,387

Urban Outfitters, Inc.*		9,943		387,379

Valvoline, Inc.*		7,708		327,744

Victoria’s Secret & Co.* (a)		10,758		189,556

Warby Parker, Inc., Class A* (a)		9,454		110,990

Wayfair, Inc., Class A* (a)		5,053		253,408

Williams-Sonoma, Inc.(a)		2,132		611,415
				42,100,215

Technology Hardware, Storage & Peripherals – 4.2%

Apple, Inc.		348,005		59,275,692

Dell Technologies, Inc., Class C		5,542		690,755

Diebold Nixdorf, Inc.*		3,749		118,693

Hewlett Packard Enterprise Co.		39,173		665,941

HP, Inc.		27,873		782,953

IonQ, Inc.* (a)		11,573		98,949

NetApp, Inc.		5,705		583,108

Pure Storage, Inc., Class A*		8,476		427,190

Seagate Technology Holdings plc		5,868		504,120

Super Micro Computer, Inc.* (a)		1,304		1,119,875

Western Digital Corp.*		9,291		658,081

Xerox Holdings Corp.(a)		20,375		270,784
				65,196,141

Textiles, Apparel & Luxury Goods – 0.9%

Capri Holdings Ltd.*		23,309		827,003

Carter’s, Inc.(a)		8,476		579,843

Columbia Sportswear Co.(a)		1,630		129,797

Crocs, Inc.*		12,464		1,550,148


Investments	Shares		Value

Textiles, Apparel & Luxury Goods – (continued)

Deckers Outdoor Corp.*		615	$	503,359

G-III Apparel Group Ltd.* (a)		11,247		316,603

Hanesbrands, Inc.* (a)		29,992		136,764

Kontoor Brands, Inc.(a)		10,269		637,294

Lululemon Athletica, Inc.*		2,624		946,214

Movado Group, Inc.		652		16,607

NIKE, Inc., Class B		28,199		2,601,640

Oxford Industries, Inc.(a)		2,445		263,522

PVH Corp.(a)		13,120		1,427,456

Ralph Lauren Corp.		2,119		346,753

Skechers USA, Inc., Class A*		5,740		379,127

Steven Madden Ltd.(a)		3,423		138,323

Tapestry, Inc.		45,803		1,828,456

Under Armour, Inc., Class A*		49,226		331,291

Under Armour, Inc., Class C* (a)		21,842		142,410

VF Corp.(a)		73,024		909,879
				14,012,489

Tobacco – 0.5%

Altria Group, Inc.(a)		49,878		2,185,155

Philip Morris International, Inc.		45,151		4,286,636

Universal Corp.(a)		6,194		318,558

Vector Group Ltd.		23,472		242,935
				7,033,284

Trading Companies & Distributors – 1.0%

Air Lease Corp., Class A		19,723		990,883

Applied Industrial Technologies, Inc.		2,119		388,307

Beacon Roofing Supply, Inc.*		11,573		1,140,288

BlueLinx Holdings, Inc.*		1,804		197,845

Boise Cascade Co.(a)		7,872		1,041,229

Core & Main, Inc., Class A* (a)		35,860		2,025,014

Custom Truck One Source, Inc.* (a)		16,137		80,524

DNOW, Inc.*		10,761		151,838

DXP Enterprises, Inc.*		489		23,844

Fastenal Co.		12,464		846,804

Ferguson plc		4,401		923,770

FTAI Aviation Ltd.(a)		2,771		194,552

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			109

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Trading Companies & Distributors – (continued)

GATX Corp.(a)		2,119	$	259,281

GMS, Inc.*		9,128		844,523

H&E Equipment Services, Inc.		6,520		314,851

Herc Holdings, Inc.		5,379		769,358

McGrath RentCorp(a)		1,793		191,241

MRC Global, Inc.*		16,626		186,710

MSC Industrial Direct Co., Inc., Class A(a)		2,771		252,826

Rush Enterprises, Inc., Class A(a)		11,247		493,968

Rush Enterprises, Inc., Class B		738		30,192

SiteOne Landscape Supply, Inc.* (a)		2,132		334,489

Titan Machinery, Inc.*		815		18,142

United Rentals, Inc.		1,793		1,197,706

Watsco, Inc.(a)		656		293,704

WESCO International, Inc.		9,348		1,427,907

WW Grainger, Inc.		984		906,608
				15,526,404

Water Utilities – 0.1%

American States Water Co.		2,296		162,649

American Water Works Co., Inc.		3,912		478,516

California Water Service Group(a)		4,238		208,171

Essential Utilities, Inc.		3,423		125,213

Middlesex Water Co.		492		24,954

SJW Group		978		53,252

York Water Co. (The)(a)		1,956		69,457
				1,122,212

Wireless Telecommunication Services – 0.2%

Gogo, Inc.* (a)		7,708		69,834

Telephone and Data Systems, Inc.		20,864		326,522

T-Mobile US, Inc.		13,855		2,274,575
				2,670,931
Total Common Stocks (Cost $841,540,049)				1,525,759,752


Investments	Number of Warrants		Value

WARRANTS – 0.0%(d)

Oil, Gas & Consumable Fuels – 0.0%(d)

Occidental Petroleum Corp., expiring 8/3/2027, price 22.00 USD* (Cost $21,117)		4,266	$	188,984
	Number of Rights

RIGHTS – 0.0%

Health Care Equipment & Supplies – 0.0%

ABIOMED, Inc., CVR* ^‡		1,110		–

Paper & Forest Products – 0.0%

Resolute Forest Products, Inc., CVR*‡		6,734		–
Total Rights (Cost $1,132)				–
	Principal Amount

SECURITIES LENDING REINVESTMENTS – 10.9%(e)

CERTIFICATES OF DEPOSIT – 2.5%

BNP Paribas, New York (SOFR + 0.35%), 5.46%, 6/17/2024(f)	$	2,000,000		2,000,542

Credit Agricole CIB, New York (SOFR + 0.17%), 5.49%, 9/11/2024(f)		5,000,000		4,998,950

DZ Bank AG, New York (SOFR + 0.35%), 5.67%, 5/3/2024(f)		4,000,000		4,000,000

MUFG Bank Ltd., London Branch
5.50%, 5/21/2024		4,000,000		4,000,000
5.51%, 9/23/2024		2,000,000		2,000,000

National Westminster Bank PLC
5.88%, 5/2/2024		4,000,000		4,000,000

Royal Bank of Canada, New York (SOFR + 0.53%), 5.85%, 5/23/2024(f)		3,000,000		3,000,000

See Accompanying Notes to the Financial Statements.


110		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS(e) – (continued)

CERTIFICATES OF DEPOSIT – (continued)

Sumitomo Mitsui Trust Bank Ltd., New York (SOFR + 0.23%), 5.55%, 7/16/2024(f)	$	2,000,000	$	2,000,636

Svenska Handelsbanken, New York (SOFR + 0.20%), 5.52%, 10/30/2024(f)		2,000,000		2,000,000

The Sumitomo Bank Ltd., New York (SOFR + 0.23%), 5.55%, 7/11/2024(f)		3,000,000		3,000,981
(SOFR + 0.17%), 5.49%, 8/7/2024(f)		5,000,000		5,001,635

Toronto-Dominion Bank, New York

(US Federal Funds Effective Rate (continuous series) + 0.61%), 5.94%, 7/26/2024(f)		4,000,000		4,003,984
Total Certificates of Deposit (Cost $40,000,542)				40,006,728



COMMERCIAL PAPER – 0.3%

Bank of Montreal, Montreal (SOFR + 0.35%), 5.67%, 5/9/2024(f) (Cost $4,000,000)		4,000,000		4,000,000



REPURCHASE AGREEMENTS – 8.1%

BofA Securities, Inc., 5.77%, dated 4/30/2024, due 7/31/2024, repurchase price $6,088,473, collateralized by various Common Stocks, U.S. Treasury Securities, ranging from 1.63% – 2.25%, maturing 11/15/2027 – 11/15/2050; total market value $6,403,616		6,000,000		6,000,000


Investments	Principal Amount		Value

REPURCHASE AGREEMENTS – (continued)

CF Secured LLC, 5.31%, dated 4/30/2024, due 5/1/2024, repurchase price $16,842,661, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 6.75%, maturing 5/15/2024 – 2/15/2054; total market value $17,048,735	$	16,840,177	$	16,840,177

Citigroup Global Markets, Inc., 5.30%, dated 4/30/2024, due 5/1/2024, repurchase price $15,002,208, collateralized by various U.S. Treasury Securities, 4.88%, 4/30/2026; total market value $15,282,679		15,000,000		15,000,000

NBC Global Finance Ltd., 5.47%, dated 4/30/2024, due 5/1/2024, repurchase price $18,002,735, collateralized by various Common Stocks; total market value $19,726,170		18,000,000		18,000,000

Societe Generale, 5.44%, dated 4/30/2024, due 5/1/2024, repurchase price $18,002,720, collateralized by various Common Stocks; total market value $19,777,138		18,000,000		18,000,000

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			111

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


Investments	Principal Amount		Value

REPURCHASE AGREEMENTS – (continued)

TD Prime Services LLC, 5.42%, dated 4/30/2024, due 5/1/2024, repurchase price $50,007,528, collateralized by various Common Stocks; total market value $54,201,263	$	50,000,000	$	50,000,000
Total Repurchase Agreements (Cost $123,840,177)				123,840,177
Total Securities Lending Reinvestments (Cost $167,840,719)				167,846,905
Total Investments – 110.2% (Cost $1,009,403,017)				1,693,795,641

Liabilities in excess of other assets – (10.2%)				(157,051,478	)
NET ASSETS – 100.0%			$	1,536,744,163

*	Non-income producing security.

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

^(a)

The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 was $218,274,137, collateralized in the form of cash with a value of $167,840,880 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $55,545,721 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from May 7, 2024 – February 15, 2054 and $5,390,514 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 23, 2024 – June 22, 2071; a total value of $228,777,115.

^(b)

^(c)

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

^(d)

Represents less than 0.05% of net assets.

^(e)

The security was purchased with cash collateral held from securities on loan at April 30, 2024. The total value of securities purchased was $167,846,905.

^(f)

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2024.

Percentages shown are based on Net Assets.

Abbreviations

CVR – Contingent Value Rights

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate



Aggregate gross unrealized appreciation	$	716,222,842
Aggregate gross unrealized depreciation		(31,882,205	)
Net unrealized appreciation	$	684,340,637
Federal income tax cost	$	1,009,144,495

See Accompanying Notes to the Financial Statements.


112		FLEXSHARES SEMIANNUAL REPORT

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

Investment in a company which was affiliated for the period ended April 30, 2024, was as follows:


Security	Value October 31, 2023		Purchases at Cost		Sales Proceeds		Shares April 30, 2024		Value April 30, 2024		Change in Unrealized Appreciation (Depreciation)		Dividend Income		Realized Gain
Northern Trust Corp.	$	459,393	$	3,538	$	40,580		6,520	$	537,182	$	108,995	$	10,116	$	5,836

Futures Contracts

FlexShares^® Morningstar US Market Factor Tilt Index Fund had the following open futures contracts as of April 30, 2024:


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
Russell 2000 E-Mini Index		19		06/21/2024		USD	$	1,886,320	$	(86,124	)
S&P 500 E-Mini Index		25		06/21/2024		USD		6,333,750		(154,927	)
S&P Midcap 400 E-Mini Index		7		06/21/2024		USD		2,014,040		(69,458	)
									$	(310,509	)

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

Abbreviations:

USD – US Dollar


Security Type	% of Net Assets
Common Stocks		99.3	%
Warrants		0.0	^†
Rights		–
Securities Lending Reinvestments		10.9
Others⁽¹⁾		(10.2	)
		100.0	%

^†	Amount represents less than 0.05%.

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			113

Schedule of Investments

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

April 30, 2024 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 97.8%

Aerospace & Defense – 1.2%

Airbus SE		8,621	$	1,425,841

Babcock International Group plc		27,787		176,577

BAE Systems plc		44,437		741,705

Bombardier, Inc., Class B*		1,886		86,101

CAE, Inc.*		4,476		86,532

Chemring Group plc		15,334		72,002

Dassault Aviation SA		369		79,384

Elbit Systems Ltd.		412		84,333

Hensoldt AG		800		31,530

INVISIO AB		2,552		56,616

Kongsberg Gruppen ASA		1,540		109,303

Leonardo SpA(a)		8,269		191,244

LISI SA		880		23,147

Melrose Industries plc		21,025		166,331

Montana Aerospace AG* (b)		8,621		166,940

MTU Aero Engines AG		777		188,261

QinetiQ Group plc		29,082		125,122

Rheinmetall AG		703		388,770

Rolls-Royce Holdings plc*		123,913		640,956

Saab AB, Class B(a)		1,596		127,757

Safran SA		4,884		1,066,377

Senior plc		16,810		34,646

Singapore Technologies Engineering Ltd.		17,900		52,896

Thales SA		1,443		243,706
				6,366,077

Air Freight & Logistics – 0.6%

bpost SA(a)		31,524		124,548

Cargojet, Inc.(a)		608		54,434

Cia de Distribucion Integral Logista Holdings SA		2,419		66,111

Deutsche Post AG		19,092		801,458

DSV A/S		2,590		370,491

Freightways Group Ltd.(a)		7,410		36,833

Hamakyorex Co. Ltd.		3,700		91,580

ID Logistics Group SACA* (a)		81		29,967

InPost SA*		3,608		58,369

International Distributions Services plc*		14,455		48,978


Investments	Shares		Value

Air Freight & Logistics – (continued)

Kerry Logistics Network Ltd.		129,500	$	121,698

Konoike Transport Co. Ltd.		11,100		161,176

Mainfreight Ltd.		1,312		52,794

Mitsui-Soko Holdings Co. Ltd.		7,400		218,664

Nippon Express Holdings, Inc.(a)		1,600		82,011

Oesterreichische Post AG		1,710		54,670

PostNL NV(a)		114,552		154,943

Sankyu, Inc.		1,333		46,343

SBS Holdings, Inc.(a)		3,800		65,706

Senko Group Holdings Co. Ltd.(a)		44,400		326,444

SG Holdings Co. Ltd.		3,800		44,540

Singapore Post Ltd.		114,000		37,617

Trancom Co. Ltd.		900		32,885

Yamato Holdings Co. Ltd.		3,800		50,396
				3,132,656

Automobile Components – 1.3%

Aisan Industry Co. Ltd.		11,400		106,636

Aisin Corp.		3,900		148,525

ARB Corp. Ltd.(a)		4,718		118,317

Brembo NV		1,435		18,369

Bridgestone Corp.		11,100		492,275

CIE Automotive SA		2,091		55,671

Cie Generale des Etablissements Michelin SCA		13,542		523,879

Cie Plastic Omnium SE		21,090		258,880

Continental AG		2,109		137,197

Denso Corp.		37,000		632,831

Dometic Group AB(c)		5,962		43,184

Dowlais Group plc		464,313		474,995

Eagle Industry Co. Ltd.		8,200		95,566

Exedy Corp.		11,100		204,204

FCC Co. Ltd.		14,800		211,234

Forvia SE*		3,876		62,166

Gestamp Automocion SA(a) (b)		47,804		144,143

G-Tekt Corp.		8,000		109,707

GUD Holdings Ltd.(a)		6,543		43,804

Hella GmbH & Co. KGaA		328		28,829

Johnson Electric Holdings Ltd.(a)		92,500		126,784

JTEKT Corp.		3,800		29,557

See Accompanying Notes to the Financial Statements.


114		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Automobile Components – (continued)

Koito Manufacturing Co. Ltd.		5,000	$	67,550

KYB Corp.		7,400		253,462

Linamar Corp.		1,066		50,303

Magna International, Inc.(a)		5,846		279,992

Musashi Seimitsu Industry Co. Ltd.		11,100		118,149

NHK Spring Co. Ltd.		2,900		29,532

Nifco, Inc.		2,400		58,290

Niterra Co. Ltd.		2,700		88,739

NOK Corp.		4,100		59,612

Nokian Renkaat OYJ(a)		8,364		73,334

Pacific Industrial Co. Ltd.		22,200		229,385

Pirelli & C SpA(b)		3,854		24,593

PWR Holdings Ltd.		3,772		28,755

Schaeffler AG (Preference)		42,513		249,104

Seiren Co. Ltd.(a)		4,100		68,679

Shoei Co. Ltd.(a)		3,800		48,996

Sumitomo Electric Industries Ltd.		14,800		229,573

Sumitomo Riko Co. Ltd.		7,600		63,653

Sumitomo Rubber Industries Ltd.(a)		3,800		46,207

Tokai Rika Co. Ltd.		3,800		51,918

Topre Corp.		18,500		299,898

Toyo Tire Corp.		4,500		85,387

Toyoda Gosei Co. Ltd.(a)		2,000		38,814

Toyota Boshoku Corp.		2,700		40,029

Valeo SE		1,672		21,346

Yokohama Rubber Co. Ltd. (The)		4,100		107,786
				6,779,839

Automobiles – 2.6%

Aston Martin Lagonda Global Holdings plc* (b)		16,400		30,433

Bayerische Motoren Werke AG		6,290		689,036

Bayerische Motoren Werke AG (Preference)		1,138		117,422

Dr Ing hc F Porsche AG (Preference)(b)		2,553		228,484

Ferrari NV		1,776		735,288

Honda Motor Co. Ltd.		99,900		1,150,312

Isuzu Motors Ltd.		11,100		141,038

Mazda Motor Corp.(a)		11,800		135,273


Investments	Shares		Value

Automobiles – (continued)

Mercedes-Benz Group AG		16,724	$	1,268,559

Mitsubishi Motors Corp.(a)		13,500		42,756

Nissan Motor Co. Ltd.(a)		48,100		177,802

Nissan Shatai Co. Ltd.		3,800		24,703

Piaggio & C SpA		54,094		158,713

PIERER Mobility AG		440		17,415

Porsche Automobil Holding SE (Preference)		2,257		115,669

Renault SA		3,848		192,310

Stellantis NV		41,477		926,013

Subaru Corp.		11,500		258,113

Suzuki Motor Corp.		29,600		346,288

Toyota Motor Corp.		247,900		5,731,009

Trigano SA		2,627		403,080

Volkswagen AG (Preference)		4,477		551,227

Yamaha Motor Co. Ltd.(a)		22,200		208,224
				13,649,167

Banks – 11.1%

ABN AMRO Bank NV, CVA(a)(b)		8,172		131,855

AIB Group plc		24,383		126,864

Aichi Financial Group, Inc.		14,800		279,984

Aktia Bank OYJ(a)		18,722		191,377

Alior Bank SA*		2,640		67,724

AMCO – Asset Management Co. SpA* ‡ (a)		239		–

ANZ Group Holdings Ltd.		44,585		815,268

Awa Bank Ltd. (The)		11,100		189,885

Banca Monte dei Paschi di Siena SpA*		7,182		34,941

Banca Popolare di Sondrio SpA		151,256		1,271,202

Banco Bilbao Vizcaya Argentaria SA		116,994		1,272,850

Banco BPM SpA		29,068		192,205

Banco Comercial Portugues SA, Class R* (a)		189,546		66,598

Banco de Sabadell SA		113,701		218,348

Banco Santander SA(a)		327,191		1,599,859

Bank Hapoalim BM		24,457		221,869

Bank Leumi Le-Israel BM		30,266		237,590

Bank Millennium SA*		25,740		59,002

Bank of Cyprus Holdings plc		137,455		552,487

Bank of East Asia Ltd. (The)		24,600		31,138

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			115

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Banks – (continued)

Bank of Georgia Group plc		12,432	$	837,490

Bank of Ireland Group plc(a)		19,943		214,200

Bank of Montreal		15,281		1,367,766

Bank of Nova Scotia (The)		26,488		1,217,733

Bank of Queensland Ltd.(a)		21,622		86,348

Bank Polska Kasa Opieki SA		3,805		158,922

Bankinter SA(a)		13,940		110,598

Banque Cantonale de Geneve		629		204,374

Banque Cantonale Vaudoise (Registered)(a)		410		43,005

Barclays plc		282,088		715,970

BAWAG Group AG(b)		2,050		123,188

Bendigo & Adelaide Bank Ltd.		7,372		46,817

Berner Kantonalbank AG (Registered)		328		89,765

BNP Paribas SA		21,756		1,572,785

BPER Banca SpA		27,426		143,430

CaixaBank SA		81,548		431,791

Canadian Imperial Bank of Commerce		20,023		936,549

Canadian Western Bank(a)		32,153		618,088

Chiba Bank Ltd. (The)		16,200		137,432

Chugin Financial Group, Inc.		7,600		64,136

Close Brothers Group plc		53,687		306,139

Commerzbank AG		20,387		304,311

Commonwealth Bank of Australia(a)		24,531		1,824,531

Concordia Financial Group Ltd.		22,200		120,152

Credit Agricole SA		24,531		381,643

Credito Emiliano SpA		25,345		268,833

Dah Sing Banking Group Ltd.		60,800		49,907

Dah Sing Financial Holdings Ltd.		74,000		208,152

Daishi Hokuetsu Financial Group, Inc.		14,800		425,571

Danske Bank A/S		13,135		380,378

DBS Group Holdings Ltd.		40,761		1,043,123

DNB Bank ASA		18,352		321,661

EQB, Inc.(a)		9,213		557,333

Erste Group Bank AG		6,660		312,407

FIBI Holdings Ltd.		533		22,377

FinecoBank Banca Fineco SpA		8,288		127,967

First International Bank of Israel Ltd. (The)		1,144		45,699


Investments	Shares		Value

Banks – (continued)

Fukuoka Financial Group, Inc.		2,800	$	74,677

Graubuendner Kantonalbank		7		13,586

Gunma Bank Ltd. (The)		16,400		100,069

Hachijuni Bank Ltd. (The)		15,500		103,816

Hang Seng Bank Ltd.		7,600		100,962

Heartland Group Holdings Ltd.(a)		250,542		157,154

Hirogin Holdings, Inc.		9,200		66,443

Hokkoku Financial Holdings, Inc.		1,300		41,966

Hokuhoku Financial Group, Inc.(a)		3,800		46,810

HSBC Holdings plc		396,714		3,455,361

Hyakugo Bank Ltd. (The)(a)		81,400		336,225

Hyakujushi Bank Ltd. (The)		11,100		204,133

ING Bank Slaski SA		532		41,810

ING Groep NV		67,488		1,072,465

Intesa Sanpaolo SpA		323,602		1,220,036

Israel Discount Bank Ltd., Class A		26,954		139,231

Iyogin Holdings, Inc.		8,200		62,842

Japan Post Bank Co. Ltd.		22,200		226,211

Judo Capital Holdings Ltd.* (a)		82,840		72,082

Juroku Financial Group, Inc.		11,100		334,696

Jyske Bank A/S (Registered)		1,292		105,300

KBC Ancora		803		38,938

KBC Group NV		5,661		423,106

Keiyo Bank Ltd. (The)		40,700		200,959

Kyoto Financial Group, Inc.		6,400		114,363

Kyushu Financial Group, Inc.		12,000		80,755

Laurentian Bank of Canada		14,282		267,479

Liechtensteinische Landesbank AG		1,025		78,567

Lloyds Banking Group plc		1,190,031		773,361

Luzerner Kantonalbank AG (Registered)		304		22,506

Mebuki Financial Group, Inc.		28,010		99,445

Mediobanca Banca di Credito Finanziario SpA		12,432		177,460

Mitsubishi UFJ Financial Group, Inc.		181,300		1,819,740

Mizrahi Tefahot Bank Ltd.		2,622		96,030

Mizuho Financial Group, Inc.		51,800		1,004,630

Musashino Bank Ltd. (The)(a)		11,100		218,311

Nanto Bank Ltd. (The)		3,800		73,409

See Accompanying Notes to the Financial Statements.


116		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Banks – (continued)

National Australia Bank Ltd.		46,213	$	1,014,284

National Bank of Canada		7,067		568,611

NatWest Group plc		84,360		320,591

Nishi-Nippon Financial Holdings, Inc.		3,800		48,223

Nordea Bank Abp		68,117		798,098

Norion Bank AB*		1,353		5,054

North Pacific Bank Ltd.		22,800		65,923

Oberbank AG		902		67,513

Oma Saastopankki OYJ(a)		4,810		88,358

Oversea-Chinese Banking Corp. Ltd.		70,300		734,574

Powszechna Kasa Oszczednosci Bank Polski SA		15,088		226,341

Raiffeisen Bank International AG		3,344		62,143

Resona Holdings, Inc.		37,000		235,357

Ringkjoebing Landbobank A/S		492		83,089

Royal Bank of Canada		20,979		2,033,841

San-In Godo Bank Ltd. (The)		51,800		405,539

Santander Bank Polska SA		814		112,817

Senshu Ikeda Holdings, Inc.		96,200		245,750

Seven Bank Ltd.		15,200		27,219

Shiga Bank Ltd. (The)		1,000		25,927

Shizuoka Financial Group, Inc.(a)		12,800		119,773

Skandinaviska Enskilda Banken AB, Class A		33,929		449,155

Skandinaviska Enskilda Banken AB, Class C		684		9,148

Societe Generale SA		14,763		400,790

Spar Nord Bank A/S		24,013		426,876

SpareBank 1 Nord Norge		30,599		277,360

Sparebank 1 Oestlandet		1,329		16,081

SpareBank 1 SMN		3,103		40,999

SpareBank 1 Sorost-Norge		24,198		149,679

SpareBank 1 SR-Bank ASA		4,796		58,379

Sparebanken Vest		30,488		351,788

St Galler Kantonalbank AG (Registered)		41		21,167

Standard Chartered plc		45,362		391,807

Sumitomo Mitsui Financial Group, Inc.		27,200		1,552,162


Investments	Shares		Value

Banks – (continued)

Sumitomo Mitsui Trust Holdings, Inc.		14,800	$	312,054

Suruga Bank Ltd.(a)		15,200		92,920

Svenska Handelsbanken AB, Class A		30,599		268,134

Svenska Handelsbanken AB, Class B(a)		908		9,828

Swedbank AB, Class A		20,128		389,507

Sydbank A/S		18,648		953,340

TBC Bank Group plc		16,280		705,321

Tokyo Kiraboshi Financial Group, Inc.(a)		7,400		221,250

TOMONY Holdings, Inc.(a)		51,800		137,264

Toronto-Dominion Bank (The)		38,184		2,269,889

Unicaja Banco SA(b)		418,507		549,069

UniCredit SpA		33,633		1,243,569

United Overseas Bank Ltd.		25,900		577,349

Valiant Holding AG (Registered)		5,217		610,921

Virgin Money UK plc		30,176		80,784

Walliser Kantonalbank (Registered)(a)		485		60,549

Westpac Banking Corp.		52,503		885,050

Yamaguchi Financial Group, Inc.		4,100		41,569

Zuger Kantonalbank AG		10		93,551
				57,782,885

Beverages – 0.9%

Anheuser-Busch InBev SA/NV		12,654		759,861

Asahi Group Holdings Ltd.		6,500		223,255

Britvic plc		3,520		38,985

Budweiser Brewing Co. APAC Ltd.(b)		45,600		64,133

C&C Group plc		27,840		57,449

Carlsberg A/S, Class B		1,258		170,106

Coca-Cola Europacific Partners plc		2,934		211,307

Coca-Cola HBC AG		3,612		117,140

Davide Campari-Milano NV(a)		6,802		68,512

Diageo plc		33,633		1,168,862

Fevertree Drinks plc		5,658		80,269

Heineken Holding NV(a)		2,220		179,336

Heineken NV		4,366		426,220

Ito En Ltd.(a)		800		19,471

Kirin Holdings Co. Ltd.(a)		11,100		162,270

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			117

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Beverages – 0.9%

Olvi OYJ, Class A		912	$	29,206

Pernod Ricard SA		2,886		438,191

Primo Water Corp.		7,955		150,316

Remy Cointreau SA		398		38,045

Royal Unibrew A/S*		836		63,281

Sapporo Holdings Ltd.		1,900		68,833

Suntory Beverage & Food Ltd.		1,800		58,633

Treasury Wine Estates Ltd.(a)		13,528		106,203
				4,699,884

Biotechnology – 0.6%

Argenx SE*		851		319,204

Bavarian Nordic A/S* (a)		3,730		82,082

BioGaia AB, Class B		5,670		60,905

BoneSupport Holding AB* (b)		2,665		54,874

CK Life Sciences Int’l Holdings, Inc.		380,000		18,220

CSL Ltd.		7,215		1,296,637

Galapagos NV* (a)		1,976		56,159

Genmab A/S*		925		259,451

Genus plc		2,128		48,069

GNI Group Ltd.*		3,800		60,152

Grifols SA*		2,888		26,699

Grifols SA (Preference), Class B*		6,498		41,723

MorphoSys AG*		1,862		131,800

Nykode Therapeutics ASA*		11,562		13,959

PeptiDream, Inc.* (a)		2,500		32,123

Swedish Orphan Biovitrum AB*		3,561		92,595

Takara Bio, Inc.		400		2,598

Telix Pharmaceuticals Ltd.* (a)		4,018		39,267

Vitrolife AB(a)		880		13,333

Zealand Pharma A/S, Class A*		2,391		216,979
				2,866,829

Broadline Retail – 0.6%

Allegro.eu SA* (b)		6,278		52,776

ASKUL Corp.		1,000		15,213

B&M European Value Retail SA		15,278		99,286

Canadian Tire Corp. Ltd., Class A(a)		1,052		101,835

Dollarama, Inc.		3,737		312,375

Europris ASA* (b)		8,968		56,849


Investments	Shares		Value

Broadline Retail – (continued)

Harvey Norman Holdings Ltd.(a)		5,586	$	16,649

Isetan Mitsukoshi Holdings Ltd.(a)		5,000		70,616

Izumi Co. Ltd.		1,300		30,268

J Front Retailing Co. Ltd.		4,100		35,863

Next plc		1,998		225,362

Pan Pacific International Holdings Corp.		7,400		175,213

Pepco Group NV* (b)		4,066		19,384

Prosus NV		21,497		724,278

Puuilo OYJ		2,622		28,653

Rakuten Group, Inc.*		22,800		110,621

Ryohin Keikaku Co. Ltd.		6,000		97,436

Seria Co. Ltd.		1,000		17,113

Takashimaya Co. Ltd.		4,300		61,071

THG plc, Class B* (a)		50,904		40,475

Tokmanni Group Corp.(a)		4,750		72,324

Wesfarmers Ltd.		16,650		722,112
				3,085,772

Building Products – 1.0%

AGC, Inc.		4,600		170,507

Assa Abloy AB, Class B(a)		14,504		389,825

Belimo Holding AG (Registered)		123		57,212

Bunka Shutter Co. Ltd.		20,200		218,476

Carel Industries SpA(b)		2,318		47,141

Central Glass Co. Ltd.		7,400		131,668

Cie de Saint-Gobain SA		9,842		785,689

Daikin Industries Ltd.		4,000		552,728

dormakaba Holding AG		126		67,386

Fletcher Building Ltd.(a)		16,948		38,210

Forbo Holding AG (Registered)		41		47,565

Geberit AG (Registered)		444		238,956

Genuit Group plc		15,480		84,608

Inwido AB		19,684		245,156

James Halstead plc(a)		18,023		45,135

Kingspan Group plc		2,221		199,127

Lindab International AB		4,346		88,378

Lixil Corp.(a)		3,800		40,979

Munters Group AB(b)		4,428		89,965

Nibe Industrier AB, Class B(a)		26,492		124,544

Nichias Corp.		19,300		532,278

Nichiha Corp.		7,400		173,050

See Accompanying Notes to the Financial Statements.


118		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Building Products – (continued)

Nitto Boseki Co. Ltd.		1,900	$	69,183

Noritz Corp.		3,800		43,079

Reliance Worldwide Corp. Ltd.		13,860		46,620

ROCKWOOL A/S, Class A		88		28,827

ROCKWOOL A/S, Class B		174		57,274

Sanwa Holdings Corp.		5,400		88,893

Schweiter Technologies AG		56		25,217

Sekisui Jushi Corp.		3,800		62,301

Systemair AB		4,018		27,456

Takara Standard Co. Ltd.		3,800		46,460

Takasago Thermal Engineering Co. Ltd.(a)		4,100		137,826

TOTO Ltd.(a)		3,000		81,861

Volution Group plc		3,838		20,929
				5,104,509

Capital Markets – 3.0%

3i Group plc		18,944		682,208

abrdn plc(a)		31,578		57,927

AJ Bell plc		21,520		87,171

Allfunds Group plc		4,048		25,710

Alpha Group International plc(b)		760		20,365

Amundi SA(b)		1,312		92,238

Anima Holding SpA(b)		62,382		293,622

Antin Infrastructure Partners SA		4,332		55,584

Ashmore Group plc		22,554		54,618

ASX Ltd.		1,938		80,049

Avanza Bank Holding AB(a)		2,704		58,781

Azimut Holding SpA		2,501		66,240

Banca Generali SpA(a)		1,397		55,000

Brederode SA		285		34,313

Bridgepoint Group plc(b)		31,524		90,945

Brookfield Asset Management Ltd., Class A		7,400		283,267

Brookfield Corp., Class A		30,045		1,207,597

Bure Equity AB		968		30,727

CI Financial Corp.		48,803		577,601

Cie Financiere Tradition SA		266		42,054

Daiwa Securities Group, Inc.		25,900		191,248

Deutsche Bank AG (Registered)		34,706		557,012

Deutsche Boerse AG		2,664		516,003

EFG International AG		1,680		19,563


Investments	Shares		Value

Capital Markets – (continued)

EQT AB(a)		9,879	$	272,089

Euronext NV(b)		1,358		122,915

Fairfax India Holdings Corp.* (b)		4,510		66,838

flatexDEGIRO AG*		2,128		27,953

Gimv NV		1,254		58,796

GMO Financial Holdings, Inc.(a)		8,200		39,342

Hargreaves Lansdown plc		5,061		51,572

Hong Kong Exchanges & Clearing Ltd.		16,558		532,654

HUB24 Ltd.		4,413		115,684

iFAST Corp. Ltd.		16,400		88,629

IG Group Holdings plc		2,698		25,270

IGM Financial, Inc.		2,200		55,102

Insignia Financial Ltd.		169,340		270,504

IntegraFin Holdings plc(b)		15,498		58,217

Intermediate Capital Group plc		6,105		160,532

Investec plc		16,199		103,750

JAFCO Group Co. Ltd.		5,000		56,747

Japan Exchange Group, Inc.		7,400		174,320

JTC plc(b)		4,522		48,412

Julius Baer Group Ltd.		4,218		228,158

Leonteq AG(a)		2,812		74,044

London Stock Exchange Group plc		6,327		700,811

Macquarie Group Ltd.(a)		5,661		689,134

Magellan Financial Group Ltd.		56,573		328,050

Man Group plc		32,340		104,314

Monex Group, Inc.		12,300		64,093

Ninety One plc		15,252		32,218

Nomura Holdings, Inc.		62,900		359,737

Nordnet AB publ(a)		2,420		43,920

Okasan Securities Group, Inc.(a)		18,500		88,994

Onex Corp.		684		48,627

Partners Group Holding AG		296		383,898

Perpetual Ltd.(a)		38,887		601,738

Pinnacle Investment Management Group Ltd.(a)		10,281		75,639

Quilter plc(b)		469,604		645,640

Rathbones Group plc		1,330		27,279

Ratos AB, Class B		67,451		237,211

SBI Holdings, Inc.		4,800		117,495

Schroders plc		18,389		81,235

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			119

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Capital Markets – (continued)

Singapore Exchange Ltd.		12,300	$	84,420

St James’s Place plc		13,394		73,056

Swissquote Group Holding SA (Registered)		205		55,880

Tamburi Investment Partners SpA		2,546		24,827

Tel Aviv Stock Exchange Ltd.		4,141		27,503

TMX Group Ltd.		4,070		107,982

Tokai Tokyo Financial Holdings, Inc.		22,800		83,889

TP ICAP Group plc		265,105		688,799

UBS Group AG (Registered)		49,136		1,300,257

UOB-Kay Hian Holdings Ltd.		5,767		5,963

Van Lanschot Kempen NV, CVA		11,507		410,334

Vontobel Holding AG (Registered)		339		19,146

VZ Holding AG		285		33,001

XTB SA(b)		13,398		210,524

Yangzijiang Financial Holding Ltd.		836,200		193,146
				15,760,131

Chemicals – 2.7%

ADEKA Corp.		2,300		48,071

Aica Kogyo Co. Ltd.		1,500		34,830

Air Liquide SA		7,696		1,513,139

Air Water, Inc.		4,100		61,813

Akzo Nobel NV		1,887		125,378

Arkema SA		1,443		149,741

Asahi Kasei Corp.		33,300		232,877

ASAHI YUKIZAI Corp.		3,900		123,048

BASF SE		19,055		1,001,511

Borregaard ASA		1,692		29,091

C Uyemura & Co. Ltd.		600		39,615

Clariant AG (Registered)		2,166		32,544

Corbion NV		1,330		29,210

Covestro AG* (b)		2,035		102,225

Croda International plc		2,146		123,876

Daicel Corp.		8,900		83,194

Denka Co. Ltd.		1,400		20,804

DIC Corp.		2,899		54,447

DSM-Firmenich AG		3,478		393,083

Elementis plc*		23,522		41,529


Investments	Shares		Value

Chemicals – (continued)

Elkem ASA(b)		110,260	$	194,351

EMS-Chemie Holding AG (Registered)(a)		126		101,251

Evonik Industries AG		5,439		113,667

FUCHS SE		711		26,114

FUCHS SE (Preference)		1,182		55,382

Fuso Chemical Co. Ltd.		1,100		28,450

Givaudan SA (Registered)		124		533,505

Hexpol AB		5,784		66,398

ICL Group Ltd.		10,602		50,049

Incitec Pivot Ltd.		3,306		6,011

Israel Corp. Ltd.		104		24,955

JCU Corp.		1,400		33,629

Johnson Matthey plc		1,862		40,941

K+S AG (Registered)		4,961		74,396

Kaneka Corp.		1,300		33,796

Kansai Paint Co. Ltd.		3,800		49,865

Kemira OYJ		2,992		65,328

Keppel Infrastructure Trust		41,800		14,559

KH Neochem Co. Ltd.		14,800		227,974

Kumiai Chemical Industry Co. Ltd.(a)		29,600		151,231

Kuraray Co. Ltd.(a)		8,000		88,762

Kureha Corp.(a)		18,500		330,817

LANXESS AG		28,971		821,826

Lenzing AG*		6,660		216,129

Lintec Corp.		3,800		76,065

Methanex Corp.		1,290		61,897

Mitsubishi Chemical Group Corp.		29,600		173,332

Mitsubishi Gas Chemical Co., Inc.(a)		6,200		110,100

Mitsui Chemicals, Inc.		5,100		145,969

Nihon Parkerizing Co. Ltd.		4,100		31,682

Nippon Paint Holdings Co. Ltd.(a)		14,800		95,507

Nippon Sanso Holdings Corp.		2,800		83,716

Nippon Soda Co. Ltd.		9,139		336,255

Nissan Chemical Corp.		2,900		99,551

Nitto Denko Corp.		1,800		149,500

NOF Corp.		3,600		48,567

Novonesis (Novozymes) B		5,033		280,391

Nufarm Ltd.(a)		20,418		68,679

See Accompanying Notes to the Financial Statements.


120		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Chemicals – (continued)

Nutrien Ltd.		10,175	$	537,616

OCI NV		1,933		52,292

Orica Ltd.		4,446		52,255

Resonac Holdings Corp.		3,800		82,730

Sanyo Chemical Industries Ltd.		3,700		97,223

Shikoku Kasei Holdings Corp.		3,200		36,135

Shin-Etsu Chemical Co. Ltd.		29,600		1,165,265

Shin-Etsu Polymer Co. Ltd.		800		7,859

Sika AG (Registered)		2,294		658,573

SOL SpA		3,009		116,308

Solvay SA(a)		1,558		50,660

Sumitomo Chemical Co. Ltd.		7,600		16,290

Symrise AG, Class A		1,961		211,148

T Hasegawa Co. Ltd.		900		17,644

Taiyo Holdings Co. Ltd.		1,800		36,946

Teijin Ltd.		4,100		40,123

Tessenderlo Group SA		2,052		52,878

Toagosei Co. Ltd.		11,100		112,047

Tokai Carbon Co. Ltd.(a)		6,600		43,996

Tokuyama Corp.		25,900		536,549

Tokyo Ohka Kogyo Co. Ltd.		2,100		56,395

Toray Industries, Inc.		29,600		135,844

Tosoh Corp.		7,600		105,260

Toyobo Co. Ltd.		25,900		184,500

Umicore SA(a)		1,710		38,141

Victrex plc		4,066		64,455

Wacker Chemie AG		256		27,537

Yara International ASA		3,478		99,715

Zeon Corp.		3,600		36,008
				14,023,015

Commercial Services & Supplies – 1.0%

Aker Carbon Capture ASA*		3,230		2,046

Befesa SA(b)		2,242		64,726

Bilfinger SE*		8,880		414,929

Boyd Group Services, Inc.		372		69,705

Brambles Ltd.		21,571		204,784

Bravida Holding AB(b)		12,844		87,941

Cleanaway Waste Management Ltd.(a)		35,024		61,406

Dai Nippon Printing Co. Ltd.		3,700		108,297

Daiseki Co. Ltd.		1,499		28,625


Investments	Shares		Value

Commercial Services & Supplies – (continued)

DO & CO AG		369	$	56,737

Downer EDI Ltd.		41,255		126,444

Duskin Co. Ltd.		4,100		85,431

Element Fleet Management Corp.		6,956		111,237

Elis SA		4,652		105,798

GFL Environmental, Inc.		2,416		77,254

Intrum AB(a)		25,345		60,407

ISS A/S(a)		2,508		47,173

Japan Elevator Service Holdings Co. Ltd.		4,200		65,683

Kokuyo Co. Ltd.		4,100		70,333

Loomis AB, Class B		984		25,461

Mitie Group plc		92,315		135,243

Mitsubishi Pencil Co. Ltd.		1,800		27,452

Nippon Kanzai Holdings Co. Ltd.		1,300		21,446

Okamura Corp.		3,800		57,761

Prestige International, Inc.		4,000		17,183

Prosegur Cash SA(b)		90,528		50,431

Raksul, Inc.* (a)		3,800		21,829

RB Global, Inc.(a)		2,553		183,041

Rentokil Initial plc		38,702		197,284

Sato Holdings Corp.		11,100		154,546

Sdiptech AB, Class B*		912		23,581

Secom Co. Ltd.		2,700		188,390

Securitas AB, Class B(a)		10,979		111,481

Serco Group plc		379,879		871,419

Societe BIC SA		7,770		548,333

Sohgo Security Services Co. Ltd.		9,500		52,980

SPIE SA		2,992		109,349

TOPPAN Holdings, Inc.		4,000		95,269

Veridis Environment Ltd.* (a)		2,870		12,841

Waste Connections, Inc.		3,811		619,147
				5,373,423

Communications Equipment – 0.2%

Nokia OYJ		115,958		422,985

Spirent Communications plc		25,338		61,773

Telefonaktiebolaget LM Ericsson, Class A(a)		9,196		47,505

Telefonaktiebolaget LM Ericsson, Class B		36,778		188,382

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			121

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Communications Equipment – (continued)

VTech Holdings Ltd.(a)		51,800	$	300,354
				1,020,999

Construction & Engineering – 2.1%

Ackermans & van Haaren NV		454		78,399

ACS Actividades de Construccion y Servicios SA		4,678		187,973

AF Gruppen ASA		5,586		72,334

Ashtrom Group Ltd.* (a)		14,948		207,458

Balfour Beatty plc		185,962		847,117

Bouygues SA		4,033		149,248

Burkhalter Holding AG		615		67,592

Chiyoda Corp.* (a)		55,500		154,123

Chudenko Corp.		4,100		83,113

Deme Group NV		456		72,844

Eiffage SA		1,480		158,724

Elco Ltd.(a)		1,520		46,792

Elecnor SA(a)		14,023		302,881

Electra Ltd.		76		29,118

Ferrovial SE		6,520		235,637

Fugro NV		6,512		159,173

Gold Finance Holdings Ltd.* ‡		89,827		—

Hazama Ando Corp.		51,800		387,764

HOCHTIEF AG		442		46,646

INFRONEER Holdings, Inc.		4,100		36,411

Instalco AB(a) (b)		4,332		15,440

Johns Lyng Group Ltd.(a)		11,210		40,909

Kajima Corp.		11,200		215,865

Kinden Corp.		2,300		44,037

Kumagai Gumi Co. Ltd.		11,900		314,203

Kvutzat Acro Ltd.(a)		9,472		104,986

Kyudenko Corp.		2,100		87,435

Maire Tecnimont SpA(a)		51,060		425,302

MIRAIT ONE Corp.		33,300		407,984

Monadelphous Group Ltd.(a)		7,216		63,210

Morgan Sindall Group plc		14,134		400,857

Mota-Engil SGPS SA		25,456		110,835

NCC AB, Class B		27,787		342,024

Nippon Densetsu Kogyo Co. Ltd.		1,700		23,421

Nippon Road Co. Ltd. (The)		6,800		81,929

Nishimatsu Construction Co. Ltd.		11,100		322,211

NRW Holdings Ltd.		153,402		278,912


Investments	Shares		Value

Construction & Engineering – (continued)

Obayashi Corp.		11,400	$	127,645

Okumura Corp.(a)		11,100		348,098

OX2 AB, Class B* (a)		8,588		31,392

Peab AB, Class B(a)		59,866		371,166

Penta-Ocean Construction Co. Ltd.		9,700		48,831

Raito Kogyo Co. Ltd.		3,200		41,748

Raiznext Corp.		11,100		143,189

Sacyr SA		29,003		101,345

Sanki Engineering Co. Ltd.		3,800		53,535

Shapir Engineering and Industry Ltd.* (a)		2,525		13,855

Shikun & Binui Ltd.* (a)		11,210		24,168

Shimizu Corp.		7,600		47,209

Shinnihon Corp.		12,300		124,043

SHO-BOND Holdings Co. Ltd.		1,200		46,508

Skanska AB, Class B		5,809		101,537

SNC-Lavalin Group, Inc.		2,068		79,568

Stantec, Inc.		1,668		133,078

Sumitomo Densetsu Co. Ltd.		6,400		144,378

Sweco AB, Class B		4,708		50,958

Taihei Dengyo Kaisha Ltd.		5,000		141,709

Taikisha Ltd.		1,000		29,581

Taisei Corp.		3,700		135,713

Takamatsu Construction Group Co. Ltd.(a)		7,400		125,179

Thyssenkrupp Nucera AG & Co. KGaA*		1,748		22,485

Toa Corp.		15,200		105,767

Toda Corp.		5,200		34,085

Toenec Corp.		3,800		130,880

Toyo Construction Co. Ltd.(a)		3,800		30,885

Veidekke ASA		3,088		32,402

Ventia Services Group Pty. Ltd.		28,618		67,457

Vinci SA		7,289		859,262

Webuild SpA(a)		28,249		71,345

Worley Ltd.		7,728		75,724

WSP Global, Inc.		1,591		241,907

Yokogawa Bridge Holdings Corp.		13,600		247,948

Yurtec Corp.		7,600		70,849
				11,058,336

See Accompanying Notes to the Financial Statements.


122		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Construction Materials – 0.8%

Adbri Ltd.* (a)		27,246	$	55,730

Boral Ltd.		3,476		12,933

Breedon Group plc		23,569		106,833

Brickworks Ltd.(a)		1,435		24,991

Buzzi SpA		3,148		113,973

Cementir Holding NV		16,317		173,423

CSR Ltd.		24,233		139,890

Heidelberg Materials AG		2,775		280,813

Holcim AG		10,656		896,724

Imerys SA		11,951		386,936

James Hardie Industries plc, CHDI*		5,587		196,670

Krosaki Harima Corp.		7,200		156,019

RHI Magnesita NV(a)		8,806		399,157

Sumitomo Osaka Cement Co. Ltd.		11,100		276,645

Titan Cement International SA		13,209		418,062

Vicat SACA		5,772		213,850

Wienerberger AG		2,596		93,155
				3,945,804

Consumer Finance – 0.4%

Acom Co. Ltd.		20,500		53,150

AEON Financial Service Co. Ltd.		4,100		34,222

Aiful Corp.		107,300		312,971

Cembra Money Bank AG		1,554		119,284

Credit Saison Co. Ltd.		2,100		39,054

goeasy Ltd.		4,588		587,889

Hong Leong Finance Ltd.		51,800		95,339

Isracard Ltd.		15,211		55,995

Jaccs Co. Ltd.		11,100		400,648

KRUK SA		494		56,624

Latitude Group Holdings Ltd.* (a)		43,434		32,435

Marui Group Co. Ltd.		3,200		49,190
				1,836,801

Consumer Staples Distribution & Retail – 1.4%

Aeon Co. Ltd.		12,613		264,659

Ain Holdings, Inc.(a)		800		30,350

Alimentation Couche-Tard, Inc.		10,693		593,861

Arcs Co. Ltd.		3,800		74,616


Investments	Shares		Value

Consumer Staples Distribution & Retail – (continued)

Axfood AB		1,496	$	38,900

Belc Co. Ltd.		800		38,382

Carrefour SA(a)		11,322		191,155

Coles Group Ltd.		21,053		221,740

Colruyt Group NV		342		15,878

Cosmos Pharmaceutical Corp.		200		18,492

Create SD Holdings Co. Ltd.		500		10,851

Dino Polska SA* (b)		962		92,698

Empire Co. Ltd., Class A		2,242		52,335

Endeavour Group Ltd.(a)		26,030		90,598

Fuji Co. Ltd.(a)		4,200		51,297

George Weston Ltd.		1,036		136,618

GrainCorp Ltd., Class A		9,652		53,713

H2O Retailing Corp.		3,800		43,104

Heiwado Co. Ltd.		3,800		58,631

HelloFresh SE*		2,894		19,606

Inageya Co. Ltd.(a)		1,298		10,500

J Sainsbury plc		34,797		114,766

Jeronimo Martins SGPS SA		4,655		96,312

Kato Sangyo Co. Ltd.		700		20,395

Kesko OYJ, Class A		2,248		39,516

Kesko OYJ, Class B		4,715		80,815

Kobe Bussan Co. Ltd.(a)		1,900		41,353

Koninklijke Ahold Delhaize NV		19,795		601,955

Kusuri no Aoki Holdings Co. Ltd.		1,800		33,766

Life Corp.		7,400		185,511

Loblaw Cos. Ltd.		2,220		243,936

M Yochananof & Sons Ltd.(a)		2,318		120,544

Marks & Spencer Group plc		44,036		141,047

MARR SpA		4,018		51,899

MatsukiyoCocokara & Co.		7,000		99,952

Maxvalu Tokai Co. Ltd.		500		9,850

Metcash Ltd.(a)		18,608		47,607

METRO AG		10,754		57,724

Metro, Inc., Class A		3,256		166,894

Mitsubishi Shokuhin Co. Ltd.		7,400		262,867

Nishimoto Co. Ltd.		2,300		85,356

North West Co., Inc. (The)		2,419		68,704

Ocado Group plc* (a)		12,619		55,793

Olam Group Ltd.		28,700		24,833

Redcare Pharmacy NV* (a)(b)		729		98,994

Seven & i Holdings Co. Ltd.		34,200		443,351

Sheng Siong Group Ltd.		17,900		20,345

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			123

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Consumer Staples Distribution & Retail – (continued)

Shufersal Ltd.		94,054	$	622,919

Sonae SGPS SA		29,906		30,058

Sugi Holdings Co. Ltd.		2,400		35,398

Sundrug Co. Ltd.(a)		1,600		46,669

Tesco plc		136,345		505,856

Tsuruha Holdings, Inc.(a)		900		57,003

United Super Markets Holdings, Inc.(a)		2,000		11,426

Valor Holdings Co. Ltd.		14,800		227,974

Welcia Holdings Co. Ltd.		2,300		33,938

Woolworths Group Ltd.		16,391		339,528

Yokorei Co. Ltd.		3,800		25,162
				7,258,000

Containers & Packaging – 0.4%

Billerud Aktiebolag(a)		5,485		46,150

CCL Industries, Inc., Class B		2,491		127,465

DS Smith plc		25,682		112,681

FP Corp.		1,200		19,369

Fuji Seal International, Inc.		2,000		25,762

Huhtamaki OYJ(a)		2,051		78,861

Mayr Melnhof Karton AG		3,108		372,866

Metsa Board OYJ, Class B		3,813		27,500

Orora Ltd.(a)		26,585		37,806

Rengo Co. Ltd.		5,200		39,157

SIG Group AG(a)		4,477		89,818

Smurfit Kappa Group plc(a)		5,217		227,315

Toyo Seikan Group Holdings Ltd.		5,600		86,937

Verallia SA(b)		1,364		52,796

Vidrala SA(a)		7,844		829,494

Winpak Ltd.		1,716		53,546
				2,227,523

Distributors – 0.1%

Arata Corp.		11,000		244,654

Bapcor Ltd.(a)		10,184		38,223

D’ieteren Group		343		74,524

Inchcape plc		10,222		102,396

Inter Cars SA		205		27,004

PALTAC Corp.		800		24,224

Tadiran Group Ltd.(a)		418		29,241


Investments	Shares		Value

Distributors – (continued)

Yamae Group Holdings Co. Ltd.(a)		7,400	$	122,357
				662,623

Diversified Consumer Services – 0.0%(d)

Auction Technology Group plc*		7,030		43,925

IDP Education Ltd.(a)		5,016		53,092

Pearson plc		12,136		147,949
				244,966

Diversified REITs – 0.6%

Argosy Property Ltd., REIT(a)		68,432		45,557

British Land Co. plc (The), REIT		20,794		101,024

Centuria Capital Group, REIT(a)		254,494		287,545

Charter Hall Group, REIT		8,140		63,376

Charter Hall Long Wale REIT, REIT(a)		41,551		91,466

Covivio SA, REIT		1,596		79,968

Daiwa House REIT Investment Corp., REIT		42		70,754

GPT Group (The), REIT(a)		31,122		85,282

Growthpoint Properties Australia Ltd., REIT		109,668		170,199

H&R REIT, REIT(a)		43,586		285,529

Heiwa Real Estate REIT, Inc., REIT		76		68,435

Hulic Reit, Inc., REIT		24		23,014

ICADE, REIT		836		22,347

KDX Realty Investment Corp., REIT(a)		103		102,041

Land Securities Group plc, REIT		11,211		91,316

LondonMetric Property plc, REIT(a)		98,678		242,918

Merlin Properties Socimi SA, REIT		4,522		51,301

Mirvac Group, REIT		66,711		89,237

Mori Trust Reit, Inc., REIT		38		17,676

NIPPON REIT Investment Corp., REIT		18		40,778

Nomura Real Estate Master Fund, Inc., REIT		38		36,415

NTT UD REIT Investment Corp., REIT(a)		24		18,454

Reit 1 Ltd., REIT		68,006		274,396

Sekisui House Reit, Inc., REIT(a)		55		28,310

See Accompanying Notes to the Financial Statements.


124		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Diversified REITs – (continued)

Sella Capital Real Estate Ltd., REIT		58,571	$	118,776

Star Asia Investment Corp., REIT		152		59,403

Stockland, REIT		35,261		101,891

Stride Property Group, REIT		66,108		48,899

Suntec REIT, REIT		43,500		34,449

Takara Leben Real Estate Investment Corp., REIT		76		49,406

Tokyu REIT, Inc., REIT		76		78,480

UK Commercial Property REIT Ltd., REIT(a)		52,934		44,607

United Urban Investment Corp., REIT		40		38,509
				2,961,758

Diversified Telecommunication Services – 1.1%

BCE, Inc.(a)		5,624		185,154

Bezeq The Israeli Telecommunication Corp. Ltd.		38,130		47,483

BT Group plc(a)		133,237		171,170

Cellnex Telecom SA(b)		8,806		292,361

Chorus Ltd.(a)		8,733		37,208

Cogeco Communications, Inc.		2,204		87,544

Deutsche Telekom AG (Registered)		71,225		1,636,621

Elisa OYJ		2,146		97,108

Gamma Communications plc		4,867		79,712

Helios Towers plc*		60,268		74,559

HKT Trust & HKT Ltd.		53,400		59,127

Infrastrutture Wireless Italiane SpA(b)		5,179		55,820

Koninklijke KPN NV		48,322		176,086

Nippon Telegraph & Telephone Corp.		573,500		622,462

NOS SGPS SA(a)		9,348		32,385

Orange Polska SA		26,182		50,859

Orange SA		36,186		403,363

PCCW Ltd.		77,035		38,610

Proximus SADP		3,640		26,914

Quebecor, Inc., Class B		4,144		85,936

RAI Way SpA(b)		8,120		46,190

Singapore Telecommunications Ltd.		122,100		213,087


Investments	Shares		Value

Diversified Telecommunication Services – (continued)

Spark New Zealand Ltd.		17,404	$	49,125

Swisscom AG (Registered)		296		162,499

Telecom Italia SpA*		69,160		17,105

Telecom Italia SpA* (a)		292,790		69,782

Telefonica SA		97,273		437,463

Telekom Austria AG, Class A		4,091		35,213

Telenor ASA		7,093		81,920

Telia Co. AB		35,720		82,206

Telstra Group Ltd.		57,683		137,465

TELUS Corp.		8,092		130,228

United Internet AG (Registered)		1,720		41,637
				5,764,402

Electric Utilities – 1.3%

Acciona SA		666		77,408

BKW AG		440		65,390

Chubu Electric Power Co., Inc.		14,800		190,449

Chugoku Electric Power Co., Inc. (The)		4,206		29,013

CK Infrastructure Holdings Ltd.		11,000		62,305

CLP Holdings Ltd.		23,500		185,387

Contact Energy Ltd.		11,528		59,144

EDP—Energias de Portugal SA*		31,746		119,688

Elia Group SA/NV		640		61,828

Emera, Inc.		5,328		180,063

Endesa SA		4,392		80,304

Enea SA*		76,664		160,478

Enel SpA		158,323		1,046,362

EVN AG		748		23,074

Fortis, Inc.		8,029		315,935

Fortum OYJ(a)		6,512		86,201

Genesis Energy Ltd.(a)		17,284		23,780

HK Electric Investments & HK Electric Investments Ltd.(b)		44,500		26,685

Hokkaido Electric Power Co., Inc.(a)		70,300		501,233

Hokuriku Electric Power Co.		59,200		348,620

Hydro One Ltd.(b)		4,181		117,349

Iberdrola SA		84,798		1,043,615

Kansai Electric Power Co., Inc. (The)		14,800		221,814

Kyushu Electric Power Co., Inc.		3,800		35,413

Manawa Energy Ltd.		5,123		13,218

Mercury NZ Ltd.		11,193		42,258

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			125

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Electric Utilities – (continued)

Origin Energy Ltd.		23,791	$	150,625

Orsted A/S* (a) (b)		2,590		143,213

PGE Polska Grupa Energetyczna SA*		25,070		37,720

Power Assets Holdings Ltd.		22,000		126,720

Redeia Corp. SA(a)		3,420		57,229

Romande Energie Holding SA (Registered)(a)		3,367		212,927

Shikoku Electric Power Co., Inc.		7,600		63,291

SSE plc		15,947		332,767

Tauron Polska Energia SA*		48,260		34,767

Terna – Rete Elettrica Nazionale		19,328		155,494

Tohoku Electric Power Co., Inc.		10,900		84,400

Tokyo Electric Power Co. Holdings, Inc.*		21,900		137,372

Verbund AG		1,258		96,310
				6,749,849

Electrical Equipment – 1.5%

ABB Ltd. (Registered)		23,421		1,146,343

Accelleron Industries AG		4,070		159,135

Ballard Power Systems, Inc.* (a)		2,508		6,608

Daihen Corp.		7,400		454,256

DiscoverIE Group plc		4,796		42,337

Energiekontor AG		410		28,276

Fagerhult Group AB*		6,336		41,044

Fuji Electric Co. Ltd.		1,500		94,100

Fujikura Ltd.		8,200		142,151

Furukawa Electric Co. Ltd.		25,900		557,451

Huber + Suhner AG (Registered)		867		69,481

Legrand SA		3,848		398,528

Mabuchi Motor Co. Ltd.		3,200		49,739

Mitsubishi Electric Corp.		29,600		521,595

NEL ASA*		97,622		46,245

Nexans SA		760		81,588

Nidec Corp.		7,510		351,865

NKT A/S*		3,053		255,608

Nordex SE*		7,130		101,091

Prysmian SpA(a)		3,552		194,380

Sanyo Denki Co. Ltd.		3,700		175,166

Schneider Electric SE		7,807		1,795,576

SGL Carbon SE*		5,054		36,369


Investments	Shares		Value

Electrical Equipment – (continued)

Siemens Energy AG*		10,767	$	222,194

Signify NV(b)		2,730		75,195

TKH Group NV, CVA*		2,141		92,853

Ushio, Inc.		3,800		50,239

Varta AG*		1,008		10,094

Vestas Wind Systems A/S*		14,097		380,751
				7,580,258

Electronic Equipment, Instruments & Components – 1.8%

ALSO Holding AG (Registered)(a)		266		65,837

Amano Corp.		800		19,338

Anritsu Corp.(a)		8,200		62,921

AT&S Austria Technologie & Systemtechnik AG		7,881		175,782

Audinate Group Ltd.*		3,496		42,542

Azbil Corp.(a)		2,100		59,077

Barco NV(a)		2,090		29,230

Canon Electronics, Inc.		3,800		54,381

Canon Marketing Japan, Inc.		1,500		41,455

Celestica, Inc.*		38,628		1,676,031

Citizen Watch Co. Ltd.		8,200		54,609

Codan Ltd.		7,304		51,934

Comet Holding AG (Registered)		333		106,383

Dexerials Corp.		3,700		140,015

Dicker Data Ltd.		3,344		23,234

Elematec Corp.		3,800		46,605

FIT Hon Teng Ltd.* (b)		380,000		109,804

Hakuto Co. Ltd.(a)		3,700		128,377

Halma plc		5,883		162,576

Hamamatsu Photonics KK		2,700		99,703

Hexagon AB, Class B(a)		31,265		332,564

Hirose Electric Co. Ltd.		582		62,041

Horiba Ltd.		800		78,798

Hosiden Corp.		18,500		232,066

Ibiden Co. Ltd.		2,800		108,431

Inficon Holding AG (Registered)		80		112,174

Iriso Electronics Co. Ltd.		1,200		23,563

Japan Display, Inc.* (a)		80,000		10,676

Jenoptik AG		2,585		69,764

Kaga Electronics Co. Ltd.		7,500		297,874

Keyence Corp.		2,900		1,295,523

Kitron ASA		9,471		24,597

See Accompanying Notes to the Financial Statements.


126		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Electronic Equipment, Instruments & Components – (continued)

Kyocera Corp.		21,100	$	259,116

Lagercrantz Group AB, Class B		2,640		39,422

Landis+Gyr Group AG		1,073		79,789

LEM Holding SA (Registered)		27		46,101

Macnica Holdings, Inc.		1,600		71,558

Maxell Ltd.		3,800		37,719

Meiko Electronics Co. Ltd.(a)		7,400		243,587

Murata Manufacturing Co. Ltd.		25,800		476,029

Mycronic AB		924		32,647

NCAB Group AB(a)		4,028		26,625

Nichicon Corp.(a)		18,500		157,062

Nohmi Bosai Ltd.		2,500		38,255

Oki Electric Industry Co. Ltd.		22,200		159,554

Omron Corp.		2,800		97,150

Oxford Instruments plc		3,036		85,914

PAX Global Technology Ltd.		222,000		186,202

Renishaw plc		880		45,728

Restar Corp.		7,400		140,932

Riken Keiki Co. Ltd.(a)		2,400		59,480

Sensirion Holding AG* (a) (b)		266		17,605

Sesa SpA		294		30,791

Shimadzu Corp.		4,500		123,277

Siix Corp.		11,100		115,327

Softwareone Holding AG		5,615		95,874

Spectris plc		2,057		85,770

Taiyo Yuden Co. Ltd.(a)		2,500		59,289

TDK Corp.		6,300		283,603

Tokyo Electron Device Ltd.(a)		5,400		196,969

Topcon Corp.		4,100		48,304

Vaisala OYJ, Class A		836		31,286

Venture Corp. Ltd.		7,600		80,918

VSTECS Holdings Ltd.		226,000		144,479

VusionGroup* (a)		246		40,586

Yokogawa Electric Corp.		4,900		109,325
				9,544,178

Energy Equipment & Services – 0.5%

Aker Solutions ASA		7,560		28,740

Borr Drilling Ltd.(a)		4,018		21,425

DOF Group ASA*		53,243		394,726

John Wood Group plc*		33,661		62,549


Investments	Shares		Value

Energy Equipment & Services – (continued)

Lapidoth Capital Ltd.(a)		7,141	$	115,520

Odfjell Drilling Ltd.		13,034		60,261

PGS ASA*		324,083		251,970

SBM Offshore NV		46,953		700,353

Secure Energy Services, Inc.		78,070		662,588

Subsea 7 SA*		3,608		58,710

Technip Energies NV		3,977		94,573

Tenaris SA		8,843		148,213

TGS ASA		1,927		22,134

Vallourec SACA* (a)		5,740		99,828
				2,721,590

Entertainment – 0.5%

Believe SA*		2,128		34,131

Bollore SE		12,858		83,865

Capcom Co. Ltd.		6,800		113,279

CD Projekt SA		1,193		34,938

CTS Eventim AG & Co. KGaA		704		62,629

Daiichikosho Co. Ltd.		2,200		25,766

DeNA Co. Ltd.*		1,100		11,156

Embracer Group AB, Class B* (a)		13,161		33,694

EVT Ltd.(a)		6,232		48,682

Gree, Inc.		7,600		22,554

GungHo Online Entertainment, Inc.		14,800		218,805

Kinepolis Group NV(a)		1,030		44,108

Koei Tecmo Holdings Co. Ltd.		2,492		23,358

Konami Group Corp.		1,000		60,712

MIXI, Inc.		3,800		58,196

Modern Times Group MTG AB, Class B*		3,952		34,188

Nexon Co. Ltd.		7,400		116,221

Nintendo Co. Ltd.		16,400		804,550

Paradox Interactive AB		952		14,606

Square Enix Holdings Co. Ltd.		1,800		65,405

Stillfront Group AB*		144,707		139,751

Toei Animation Co. Ltd.		1,000		16,668

Toho Co. Ltd.		1,200		40,309

Ubisoft Entertainment SA*		1,425		33,780

Universal Music Group NV(a)		14,097		417,528
				2,558,879

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			127

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Financial Services – 1.6%

Adyen NV* (b)		444	$	536,559

AMP Ltd.		65,142		46,530

Banca Mediolanum SpA		4,444		48,373

BFF Bank SpA(b)		58,941		759,423

Deutsche Pfandbriefbank AG(b)		48,100		228,970

Edenred SE		3,663		174,135

eGuarantee, Inc.		3,800		41,800

Eurazeo SE*		1,144		103,729

EXOR NV		2,368		260,035

Financial Partners Group Co. Ltd.		3,800		53,463

First National Financial Corp.		123		3,433

Fuyo General Lease Co. Ltd.		1,000		86,296

GRENKE AG		494		11,568

Groupe Bruxelles Lambert NV		1,813		135,408

HAL Trust		570		75,575

Helia Group Ltd.(a)		98,679		256,309

Hypoport SE*		252		66,986

Industrivarden AB, Class A		3,256		105,963

Industrivarden AB, Class C(a)		2,173		70,659

Investor AB, Class A(a)		9,287		229,131

Investor AB, Class B		25,123		623,388

Japan Securities Finance Co. Ltd.		4,700		47,877

Kinnevik AB, Class B*		7,562		80,264

L E Lundbergforetagen AB, Class B(a)		1,348		67,302

Liberty Financial Group Ltd.(a) (b)		26,714		68,259

M&G plc		30,210		76,071

Mitsubishi HC Capital, Inc.		14,800		96,259

Network International Holdings plc* (b)		14,574		71,754

Nexi SpA* (a) (b)		6,992		40,955

Nuvei Corp.(a) (b)		21,645		695,583

ORIX Corp.		23,700		488,112

OSB Group plc		132,608		681,781

Paragon Banking Group plc		70,485		631,485

PEUGEOT INVEST		308		34,843

Plus500 Ltd.		27,491		744,222

Ricoh Leasing Co. Ltd.		5,000		170,622

Sofina SA(a)		316		74,605

Tokyo Century Corp.		2,400		23,960

WAG Payment Solutions plc*		28,842		23,330


Investments	Shares		Value

Financial Services – (continued)

Washington H Soul Pattinson & Co. Ltd.(a)		2,856	$	60,588

Wendel SE		798		81,956

Wise plc, Class A*		9,083		88,313

Worldline SA* (b)		5,698		59,732

Zenkoku Hosho Co. Ltd.		600		21,157
				8,346,763

Food Products – 2.1%

a2 Milk Co. Ltd. (The)* (a)		12,579		49,798

AAK AB		2,860		74,158

Agrana Beteiligungs AG		1,482		21,313

Ajinomoto Co., Inc.		7,400		276,269

Ariake Japan Co. Ltd.(a)		800		26,181

Aryzta AG*		60,879		115,830

Associated British Foods plc		4,551		151,353

Austevoll Seafood ASA		3,432		27,629

Bakkafrost P/F		820		50,277

Barry Callebaut AG (Registered)		74		119,736

Bell Food Group AG (Registered)		123		35,741

Bumitama Agri Ltd.		60,800		31,208

Calbee, Inc.		600		13,154

Chocoladefabriken Lindt & Spruengli AG(a)		24		277,643

Chocoladefabriken Lindt & Spruengli AG (Registered)		2		232,023

Cranswick plc		2,714		146,468

Danone SA		9,287		582,501

DyDo Group Holdings, Inc.(a)		1,000		17,367

Ebro Foods SA		3,420		58,583

Elders Ltd.(a)		55,065		303,572

Emmi AG (Registered)		41		40,010

First Pacific Co. Ltd.		740,000		347,236

First Resources Ltd.		5,100		5,273

Fuji Oil Holdings, Inc.		1,200		17,699

Glanbia plc		3,500		66,764

Golden Agri-Resources Ltd.		213,400		43,032

Grieg Seafood ASA		18,796		122,205

Hilton Food Group plc		7,220		82,811

House Foods Group, Inc.		2,400		47,385

Inghams Group Ltd.		17,712		42,325

Itoham Yonekyu Holdings, Inc.		1,240		32,425

See Accompanying Notes to the Financial Statements.


128		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Food Products – (continued)

JDE Peet’s NV		1,804	$	40,160

Kagome Co. Ltd.		900		23,060

Kameda Seika Co. Ltd.		900		23,792

Kerry Group plc, Class A		1,924		166,225

Kikkoman Corp.		17,000		203,905

Kotobuki Spirits Co. Ltd.		2,500		25,903

KWS Saat SE & Co. KGaA		1,064		58,591

Leroy Seafood Group ASA		5,456		24,240

Lotus Bakeries NV		6		60,498

Maple Leaf Foods, Inc.		3,772		66,910

Maruha Nichiro Corp.(a)		14,800		289,012

MEIJI Holdings Co. Ltd.		3,400		76,161

Mitsui DM Sugar Holdings Co. Ltd.		3,800		74,013

Morinaga & Co. Ltd.		2,200		35,622

Morinaga Milk Industry Co. Ltd.		2,400		47,080

Mowi ASA		5,412		95,762

Nestle SA (Registered)		39,331		3,953,899

Nichirei Corp.(a)		1,600		40,222

Nippn Corp.(a)		4,000		61,894

Nisshin Seifun Group, Inc.		2,690		35,145

Nissin Foods Holdings Co. Ltd.		4,500		120,246

Nissui Corp.		11,400		68,698

Orkla ASA		8,856		60,617

Premier Foods plc		46,494		94,196

Premium Brands Holdings Corp., Class A		660		43,332

Prima Meat Packers Ltd.		3,800		55,733

Riken Vitamin Co. Ltd.		1,800		31,124

S Foods, Inc.		7,200		139,319

Sakata Seed Corp.		1,400		32,339

Salmar ASA		788		49,916

Saputo, Inc.		1,893		36,472

Savencia SA		608		34,325

Schouw & Co. A/S		4,107		330,899

Societe LDC SADIR		1,258		201,767

Strauss Group Ltd.		952		17,548

Suedzucker AG		1,979		28,355

Tate & Lyle plc		9,158		75,569

Toyo Suisan Kaisha Ltd.		1,800		112,565

Viscofan SA		943		60,196

WH Group Ltd.(b)		133,000		97,269


Investments	Shares		Value

Food Products – (continued)

Wilmar International Ltd.		51,800	$	122,687

Yakult Honsha Co. Ltd.		4,800		94,130

Yamazaki Baking Co. Ltd.		2,900		70,268
				10,837,633

Gas Utilities – 0.5%

AltaGas Ltd.(a)		5,476		120,294

APA Group		23,384		126,334

Brookfield Infrastructure Corp., Class A		3,034		92,620

Enagas SA(a)		1,938		28,514

Hong Kong & China Gas Co. Ltd.		148,000		112,970

Italgas SpA		13,832		76,907

Naturgy Energy Group SA(a)		3,034		76,950

Nippon Gas Co. Ltd.		1,900		31,006

Osaka Gas Co. Ltd.		8,700		193,499

Rubis SCA		34,077		1,184,197

Saibu Gas Holdings Co. Ltd.		11,100		138,605

Shizuoka Gas Co. Ltd.		7,600		46,653

Snam SpA		32,042		147,390

Superior Plus Corp.(a)		10,208		69,324

Tokyo Gas Co. Ltd.		7,400		166,419
				2,611,682

Ground Transportation – 1.1%

ALD SA(b)		6,498		43,112

Aurizon Holdings Ltd.		29,146		72,486

Canadian National Railway Co.		7,918		963,001

Canadian Pacific Kansas City Ltd.		13,875		1,090,730

Central Japan Railway Co.		18,500		425,218

ComfortDelGro Corp. Ltd.		73,800		80,632

East Japan Railway Co.		15,300		281,275

Firstgroup plc		31,646		64,273

Fukuyama Transporting Co. Ltd.		11,100		269,450

Hankyu Hanshin Holdings, Inc.		3,900		102,454

Jungfraubahn Holding AG (Registered)		287		63,837

Keio Corp.		1,800		44,187

Keisei Electric Railway Co. Ltd.		2,900		108,599

Kelsian Group Ltd.(a)		6,900		24,912

Kintetsu Group Holdings Co. Ltd.(a)		2,200		56,690

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			129

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Ground Transportation – (continued)

Kyushu Railway Co.		2,100	$	45,225

Maruzen Showa Unyu Co. Ltd.		7,400		221,720

MTR Corp. Ltd.(a)		25,264		83,501

Mullen Group Ltd.(a)		27,713		257,795

Nagoya Railroad Co. Ltd.		4,400		57,529

Nankai Electric Railway Co. Ltd.		3,000		52,378

Nikkon Holdings Co. Ltd.		3,800		74,858

Nishi-Nippon Railroad Co. Ltd.		1,100		17,178

Odakyu Electric Railway Co. Ltd.		4,600		51,886

Redde Northgate plc		77,293		372,128

Sakai Moving Service Co. Ltd.(a)		7,400		130,963

Seibu Holdings, Inc.		3,800		59,379

Seino Holdings Co. Ltd.		3,100		41,664

Sixt SE		308		29,640

Sixt SE (Preference)		298		20,711

Stef SA		1,258		171,099

TFI International, Inc.		1,147		149,677

Tobu Railway Co. Ltd.		3,700		73,711

Tokyu Corp.		8,300		98,552

Tourism Holdings Ltd.(a)		57,548		98,757

West Japan Railway Co.		7,400		140,791
				5,939,998

Health Care Equipment & Supplies – 1.2%

Alcon, Inc.		6,327		490,487

Ambu A/S, Class B* (a)		10,064		162,387

Ansell Ltd.		38		631

Arjo AB, Class B		11,562		49,215

Asahi Intecc Co. Ltd.(a)		3,200		47,360

BioMerieux		825		88,213

Carl Zeiss Meditec AG		715		75,763

Cochlear Ltd.		894		188,727

Coloplast A/S, Class B(a)		2,146		260,399

ConvaTec Group plc(b)		26,387		82,601

Demant A/S*		1,980		95,489

DiaSorin SpA		293		29,744

Draegerwerk AG & Co. KGaA (Preference)		646		34,330

Eckert & Ziegler SE		820		32,634

Elekta AB, Class B		2,128		15,355

EssilorLuxottica SA		1,959		420,608

EssilorLuxottica SA		2,629		564,460


Investments	Shares		Value

Health Care Equipment & Supplies – (continued)

Fisher & Paykel Healthcare Corp. Ltd.		9,210	$	155,162

Fukuda Denshi Co. Ltd.		3,700		154,005

Getinge AB, Class B		2,980		63,803

Hogy Medical Co. Ltd.		1,200		28,405

Hoya Corp.		5,400		633,800

Japan Lifeline Co. Ltd.		3,000		22,209

Koninklijke Philips NV* (a)		9,509		256,729

Medacta Group SA(b)		336		40,812

Medartis Holding AG* (a) (b)		304		26,583

Medmix AG(b)		456		7,508

Menicon Co. Ltd.		5,700		55,383

Nagaileben Co. Ltd.		1,500		22,448

Nanosonics Ltd.* (a)		16,777		31,811

Nihon Kohden Corp.		2,300		62,848

Nipro Corp.		4,100		33,245

Olympus Corp.		14,800		206,955

Paramount Bed Holdings Co. Ltd.		1,600		27,401

PHC Holdings Corp.(a)		7,600		55,057

Revenio Group OYJ		1,710		47,905

Siemens Healthineers AG(b)		3,848		214,364

Smith & Nephew plc		14,837		181,880

Sonova Holding AG (Registered)		709		197,436

Straumann Holding AG (Registered)		1,650		221,283

Surgical Science Sweden AB*		1,584		22,672

Sysmex Corp.		8,100		130,406

Terumo Corp.(a)		22,200		379,981

Vimian Group AB* (a)		12,578		34,723

Xvivo Perfusion AB*		1,892		65,331

Ypsomed Holding AG (Registered)		123		44,123
				6,062,671

Health Care Providers & Services – 0.3%

Alfresa Holdings Corp.		1,500		22,267

Amplifon SpA		2,112		70,977

Arvida Group Ltd.(a)		190,899		122,002

As One Corp.		1,600		26,562

Chartwell Retirement Residences		190		1,727

CVS Group plc		4,250		52,099

EBOS Group Ltd.(a)		2,099		43,547

Fagron		3,775		73,624

See Accompanying Notes to the Financial Statements.


130		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Health Care Providers & Services – (continued)

Fresenius Medical Care AG		4,218	$	178,600

Fresenius SE & Co. KGaA		8,732		261,147

Galenica AG(b)		792		60,664

H.U. Group Holdings, Inc.		4,100		62,595

Healius Ltd.* (a)		34,839		27,260

Medicover AB, Class B		3,403		54,257

NMC Health plc* ‡		2,074		—

Raffles Medical Group Ltd.		60,824		44,601

Ramsay Health Care Ltd.(a)		1,254		42,546

Ryman Healthcare Ltd.* (a)		11,375		27,396

Ship Healthcare Holdings, Inc.		1,900		28,398

Sonic Healthcare Ltd.		6,734		117,058

Spire Healthcare Group plc(b)		14,036		43,323

Summerset Group Holdings Ltd.		6,847		44,974

Suzuken Co. Ltd.		1,880		55,696

Terveystalo OYJ(b)		4,480		41,723

Tokai Corp.		4,100		54,818
				1,557,861

Health Care REITs – 0.2%

Aedifica SA, REIT		832		53,510

Assura plc, REIT		74,959		38,689

Cofinimmo SA, REIT		12,802		852,796

Parkway Life REIT, REIT		19,000		50,017

Primary Health Properties plc, REIT		50,008		57,452

Vital Healthcare Property Trust, REIT		30,574		39,531
				1,091,995

Health Care Technology – 0.1%

CompuGroup Medical SE & Co. KGaA		1,599		48,078

M3, Inc.		6,500		69,868

Medley, Inc.*		1,000		23,258

Nexus AG		608		33,610

Pro Medicus Ltd.		1,100		79,578

Sectra AB, Class B* (a)		2,948		58,875
				313,267

Hotel & Resort REITs – 0.0%(d)

CapitaLand Ascott Trust, REIT		32,566		21,731


Investments	Shares		Value

Hotel & Resort REITs – (continued)

CDL Hospitality Trusts, REIT		38,294	$	27,378

Far East Hospitality Trust, REIT		53,976		24,341

Frasers Hospitality Trust, REIT		39,200		13,222

Hoshino Resorts REIT, Inc., REIT(a)		12		42,169

Invincible Investment Corp., REIT		38		17,097

Japan Hotel REIT Investment Corp., REIT		77		40,613
				186,551

Hotels, Restaurants & Leisure – 1.7%

Accor SA		3,108		137,283

Amadeus IT Group SA		6,105		390,100

AmRest Holdings SE*		6,191		40,317

Aristocrat Leisure Ltd.		9,583		248,411

Atom Corp.* (a)		5,800		33,282

Basic-Fit NV* (a) (b)		2,632		58,143

Betsson AB, Class B*		7,708		86,028

Cafe de Coral Holdings Ltd.		4,000		4,158

Carnival plc*		7,881		107,070

Collins Foods Ltd.		5,396		35,179

Colowide Co. Ltd.(a)		3,500		47,819

Compass Group plc		24,494		684,558

Corporate Travel Management Ltd.(a)		7,144		71,301

Create Restaurants Holdings, Inc.		4,400		30,421

Dalata Hotel Group plc		8,159		36,815

Deliveroo plc, Class A* (b)		58,525		98,051

Delivery Hero SE* (b)		3,145		88,778

Domino’s Pizza Enterprises Ltd.(a)		1,425		36,495

Domino’s Pizza Group plc		21,053		85,886

Entain plc		8,621		84,912

Evolution AB(b)		2,368		265,798

Flight Centre Travel Group Ltd.(a)		4,576		63,024

Fuji Kyuko Co. Ltd.(a)		1,000		21,447

Galaxy Entertainment Group Ltd.		36,000		163,172

Genting Singapore Ltd.		104,400		70,047

Greggs plc		1,558		53,141

Heiwa Corp.		2,450		30,780

HIS Co. Ltd.* (a)		3,800		42,524

Ichibanya Co. Ltd.		5,000		34,633

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			131

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Hotels, Restaurants & Leisure – (continued)

InterContinental Hotels Group plc		2,627	$	258,284

J D Wetherspoon plc*		4,294		38,954

Just Eat Takeaway.com NV* (a) (b)		3,403		50,379

Kappa Create Co. Ltd.*		4,100		41,973

Kindred Group plc, SDR		5,043		56,881

KOMEDA Holdings Co. Ltd.		1,200		19,765

Kyoritsu Maintenance Co. Ltd.(a)		2,200		47,141

La Francaise des Jeux SAEM(b)		532		20,171

Lottery Corp. Ltd. (The)		30,457		96,513

Lottomatica Group Spa*		3,990		46,417

Mandarin Oriental International Ltd.		8,000		13,480

McDonald’s Holdings Co. Japan Ltd.		1,100		48,511

Melia Hotels International SA*		9,988		78,015

Miramar Hotel & Investment		38,000		48,440

Mitchells & Butlers plc*		88,874		268,750

Monogatari Corp. (The)		1,500		40,797

MOS Food Services, Inc.		2,100		46,573

MTY Food Group, Inc.		418		15,030

Ohsho Food Service Corp.		704		35,029

Oriental Land Co. Ltd.		16,400		454,592

Playtech plc*		94,498		627,126

Resorttrust, Inc.		4,100		68,223

Restaurant Brands International, Inc.(a)		4,033		306,588

Round One Corp.		11,400		50,493

Royal Holdings Co. Ltd.		1,600		25,093

Sands China Ltd.* (a)		30,400		72,607

Scandic Hotels Group AB* (a) (b)		40,663		215,431

SJM Holdings Ltd.*		114,000		42,124

SkiStar AB		2,828		39,679

SKYCITY Entertainment Group Ltd.(a)		282,865		297,946

Skylark Holdings Co. Ltd.		3,700		52,891

Societe des Bains de Mer et du Cercle des Etrangers a Monaco		1,850		217,592

Sodexo SA		1,258		109,963


Investments	Shares		Value

Hotels, Restaurants & Leisure – (continued)

SSP Group plc		39,109	$	96,423

Star Entertainment Grp Ltd. (The)* (a)		146,381		38,496

Tabcorp Holdings Ltd.(a)		42,560		20,313

Toridoll Holdings Corp.(a)		1,100		26,527

Trainline plc* (b)		29,967		111,969

TUI AG*		154,956		1,099,497

Webjet Ltd.* (a)		20,377		108,898

Whitbread plc		2,322		92,080

Wynn Macau Ltd.* (a)		12,800		11,963

Zensho Holdings Co. Ltd.		1,800		70,174
				8,677,364

Household Durables – 1.3%

Azorim-Investment Development & Construction Co. Ltd.*		5,535		25,418

Barratt Developments plc		20,461		116,495

Bellway plc		2,640		83,634

Berkeley Group Holdings plc		1,312		77,443

Breville Group Ltd.(a)		2,420		40,621

Cairn Homes plc		187,886		319,015

Casio Computer Co. Ltd.		3,600		30,152

Chervon Holdings Ltd.(a)		48,100		117,587

Danya Cebus Ltd.(a)		2,870		66,036

De’ Longhi SpA		1,012		33,393

Dom Development SA		152		6,626

Electrolux AB, Class B*		3,198		28,356

Fiskars OYJ Abp(a)		2,204		41,288

Fujitsu General Ltd.(a)		2,100		27,210

GN Store Nord A/S* (a)		7,733		211,303

Haseko Corp.		3,500		42,358

JM AB(a)		21,645		373,506

JVCKenwood Corp.		51,800		264,653

Ki-Star Real Estate Co. Ltd.(a)		3,300		80,107

Man Wah Holdings Ltd.(a)		52,000		38,096

Nagawa Co. Ltd.(a)		500		23,449

Nikon Corp.		5,800		60,482

Open House Group Co. Ltd.		1,800		55,110

Panasonic Holdings Corp.		48,100		422,420

Persimmon plc		5,054		82,522

Pressance Corp.(a)		7,800		90,706

Redrow plc		95,127		765,898

See Accompanying Notes to the Financial Statements.


132		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Household Durables – (continued)

Rinnai Corp.		1,800	$	39,176

Sangetsu Corp.(a)		2,256		48,098

SEB SA		616		73,243

Sekisui Chemical Co. Ltd.		7,400		108,227

Sekisui House Ltd.		14,800		341,021

Sony Group Corp.		18,500		1,538,287

Sumitomo Forestry Co. Ltd.(a)		3,300		102,440

Tamron Co. Ltd.(a)		6,800		318,038

Taylor Wimpey plc		68,006		112,318

Token Corp.(a)		2,600		178,769

Vistry Group plc*		7,920		118,806
				6,502,307

Household Products – 0.3%

Earth Corp.		600		16,776

Essity AB, Class B		9,065		226,792

Henkel AG & Co. KGaA		2,072		148,770

Henkel AG & Co. KGaA (Preference)		1,850		147,290

Lion Corp.(a)		8,200		73,707

Pigeon Corp.(a)		2,400		21,924

Reckitt Benckiser Group plc		10,730		600,301

Unicharm Corp.		7,400		220,874
				1,456,434

Independent Power and Renewable Electricity Producers – 0.5%

Boralex, Inc., Class A		5,883		118,315

Brookfield Renewable Corp., Class A		3,293		76,653

Capital Power Corp.(a)		3,515		91,927

Drax Group plc		132,682		860,594

EDP Renovaveis SA		1,102		15,165

Electric Power Development Co. Ltd.		3,100		52,824

Encavis AG*		7,326		132,383

Enlight Renewable Energy Ltd.* (a)		1,428		23,089

ERG SpA		704		19,045

Greenvolt-Energias Renovaveis SA*		6,900		61,236

Innergex Renewable Energy, Inc.		722		4,220


Investments	Shares		Value

Independent Power and Renewable Electricity Producers – (continued)

Meridian Energy Ltd.		20,828	$	73,950

Neoen SA(b)		380		11,686

Northland Power, Inc.(a)		5,661		86,573

OY Nofar Energy Ltd.*		6,401		160,177

Polenergia SA*		1,596		26,269

RENOVA, Inc.*		1,000		9,456

RWE AG		14,097		491,839

Scatec ASA* (b)		8,405		61,894

Solaria Energia y Medio Ambiente SA*		4,811		49,255

TransAlta Corp.(a)		15,799		104,993

Voltalia SA (Registered)* (a)		2,112		17,660
				2,549,203

Industrial Conglomerates – 1.0%

Aker ASA, Class A		264		14,756

Bonheur ASA		6,993		159,762

Brookfield Business Corp., Class A		7,622		156,118

CK Hutchison Holdings Ltd.		55,856		273,167

DCC plc		1,924		132,141

Hikari Tsushin, Inc.		400		65,402

Hitachi Ltd.		13,900		1,291,380

Infratil Ltd.		8,272		53,453

Investment AB Latour, Class B(a)		2,024		49,697

Italmobiliare SpA		1,024		37,774

Jardine Cycle & Carriage Ltd.		3,800		73,840

Jardine Matheson Holdings Ltd.		3,700		141,969

Keppel Ltd.		20,000		100,898

Lifco AB, Class B		4,456		109,615

Nisshinbo Holdings, Inc.		11,400		86,787

Nolato AB, Class B		11,029		54,764

Noritsu Koki Co. Ltd.		7,400		145,776

NWS Holdings Ltd.		38,000		32,164

Siemens AG (Registered)		10,656		2,004,192

Smiths Group plc		4,847		98,078

Storskogen Group AB, Class B(a)		504,347		276,346

TOKAI Holdings Corp.(a)		4,100		25,272
				5,383,351

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			133

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Industrial REITs – 0.3%

AIMS APAC REIT, REIT		55,165	$	50,968

ARGAN SA, REIT		556		43,874

CapitaLand Ascendas REIT, REIT		54,435		103,781

Centuria Industrial REIT, REIT(a)		33,364		69,111

Dream Industrial REIT, REIT		7,125		64,360

ESR-LOGOS REIT, REIT		372,400		79,190

Frasers Logistics & Commercial Trust, REIT(b)		49,400		36,043

GLP J-REIT, REIT		38		31,030

Goodman Group, REIT		24,568		505,558

Goodman Property Trust, REIT		19,085		25,749

Granite REIT, REIT		484		23,974

Japan Logistics Fund, Inc., REIT		19		33,964

LaSalle Logiport REIT, REIT		44		44,261

Mapletree Industrial Trust, REIT		35,086		58,402

Mapletree Logistics Trust, REIT		62,253		61,625

Montea NV, REIT		672		57,914

Nippon Prologis REIT, Inc., REIT(a)		41		71,023

Property for Industry Ltd., REIT(a)		26,697		35,071

Segro plc, REIT		19,462		206,652

Tritax Big Box REIT plc, REIT		33,836		64,230

Warehouses De Pauw CVA, REIT		3,077		82,055
				1,748,835

Insurance – 4.2%

Admiral Group plc		3,959		135,284

Aegon Ltd.		32,116		201,095

Ageas SA/NV		3,330		153,604

AIA Group Ltd.		170,200		1,257,807

Allianz SE (Registered)		7,955		2,267,669

Alm Brand A/S		56,190		97,874

ASR Nederland NV		3,046		152,978

Assicurazioni Generali SpA		18,870		462,048

AUB Group Ltd.		2,926		53,751

Aviva plc		54,723		319,104

AXA SA		35,927		1,246,181

Baloise Holding AG (Registered)		888		134,388

Beazley plc		13,893		115,336

Clal Insurance Enterprises Holdings Ltd.*		2,546		42,749

Coface SA		34,521		533,372


Investments	Shares		Value

Insurance – (continued)

Conduit Holdings Ltd.		52,910	$	331,919

Dai-ichi Life Holdings, Inc.		18,500		428,980

Definity Financial Corp.		1,025		34,238

Direct Line Insurance Group plc		28,600		66,538

Fairfax Financial Holdings Ltd.		481		524,015

Gjensidige Forsikring ASA		4,360		70,356

Great-West Lifeco, Inc.		5,336		158,117

Grupo Catalana Occidente SA		704		27,325

Hannover Rueck SE		925		229,857

Harel Insurance Investments & Financial Services Ltd.		3,957		36,395

Helvetia Holding AG (Registered)(a)		796		104,409

Hiscox Ltd.		7,807		120,239

iA Financial Corp., Inc.		2,146		130,367

Insurance Australia Group Ltd.		38,221		159,833

Intact Financial Corp.		2,516		414,380

Japan Post Holdings Co. Ltd.		40,700		390,797

Japan Post Insurance Co. Ltd.		4,400		82,525

Just Group plc		356,791		462,839

Lancashire Holdings Ltd.		79,328		605,916

Legal & General Group plc		115,514		341,352

Lifenet Insurance Co.* (a)		3,800		33,807

Mandatum OYJ*		10,146		47,213

Manulife Financial Corp.		37,333		872,557

Mapfre SA		22,440		54,274

Medibank Pvt Ltd.		44,131		102,017

Menora Mivtachim Holdings Ltd.(a)		492		11,879

Migdal Insurance & Financial Holdings Ltd.(a)		104,266		132,719

MS&AD Insurance Group Holdings, Inc.		35,700		645,760

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		2,109		929,531

nib holdings Ltd.		11,260		54,472

NN Group NV		5,519		255,817

Phoenix Group Holdings plc		10,868		66,654

Phoenix Holdings Ltd. (The)		5,085		48,923

Poste Italiane SpA(b)		10,313		131,444

Power Corp. of Canada		10,887		290,669

Powszechny Zaklad Ubezpieczen SA		11,227		142,283

See Accompanying Notes to the Financial Statements.


134		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Insurance – (continued)

Protector Forsikring ASA		2,660	$	54,285

Prudential plc		40,552		355,948

QBE Insurance Group Ltd.		30,747		353,989

Sampo OYJ, Class A		6,734		273,036

SCOR SE		2,204		72,207

Sompo Holdings, Inc.		22,200		440,149

Steadfast Group Ltd.(a)		17,908		65,934

Storebrand ASA		11,937		115,229

Sun Life Financial, Inc.		11,877		607,660

Suncorp Group Ltd.		17,427		188,076

Swiss Life Holding AG (Registered)(a)		481		325,684

Swiss Re AG		5,920		644,316

T&D Holdings, Inc.		7,400		121,182

Talanx AG		968		73,177

Tokio Marine Holdings, Inc.		29,600		938,796

Topdanmark A/S		880		36,788

Trisura Group Ltd.*		874		26,751

Tryg A/S		4,752		94,354

Unipol Gruppo SpA		6,080		54,739

Wuestenrot & Wuerttembergische AG		8,288		116,978

Zurich Insurance Group AG		2,146		1,039,365
				21,712,299

Interactive Media & Services – 0.2%

Adevinta ASA*		3,952		40,469

Auto Trader Group plc(b)		13,394		117,131

Baltic Classifieds Group plc		16,280		47,395

Better Collective A/S* (a)		2,464		66,337

CAR Group Ltd.(a)		6,178		135,715

Domain Holdings Australia Ltd.(a)		12,956		25,071

Hemnet Group AB		925		24,356

Infocom Corp.		1,600		27,452

Kakaku.com, Inc.(a)		1,600		18,540

LY Corp.		36,800		89,588

Moneysupermarket.com Group plc		28,412		76,631

REA Group Ltd.(a)		978		114,083

Rightmove plc		12,896		83,161

Scout24 SE(b)		1,232		91,027


Investments	Shares		Value

Interactive Media & Services – (continued)

SEEK Ltd.(a)		5,397	$	85,055
				1,042,011

IT Services – 1.1%

Addnode Group AB, Class B(a)		5,472		57,134

Alten SA		616		72,914

Arad Investment & Industrial Development Ltd.* (a)		1,295		31,989

Atea ASA		2,420		31,118

Atos SE* (a)		36,630		79,273

Bechtle AG		1,364		66,068

BIPROGY, Inc.		1,100		32,141

Bouvet ASA		5,054		27,839

CANCOM SE		1,981		62,063

Capgemini SE		2,331		493,250

CGI, Inc.*		2,923		296,779

Computacenter plc		1,092		35,305

Data#3 Ltd.(a)		12,760		63,386

Digital Garage, Inc.		1,300		23,073

DTS Corp.		2,100		57,716

Exclusive Networks SA*		1,634		34,943

Formula Systems 1985 Ltd.(a)		3,737		273,333

Fujitsu Ltd.		26,000		402,396

GMO internet group, Inc.		1,200		19,891

Indra Sistemas SA(a)		9,250		178,327

Kainos Group plc		4,469		54,895

Keywords Studios plc		1,482		21,340

Kontron AG		3,168		63,954

Matrix IT Ltd.		10,841		219,582

Megaport Ltd.* (a)		6,954		60,960

NEC Corp.		3,700		270,391

NEC Networks & System Integration Corp.		2,400		39,973

NET One Systems Co. Ltd.		7,400		124,309

Netcompany Group A/S* (a) (b)		2,698		98,864

NEXTDC Ltd.* (a)		13,721		148,703

Nomura Research Institute Ltd.		6,045		147,317

NS Solutions Corp.		800		26,181

NTT Data Group Corp.		9,200		144,637

Obic Co. Ltd.		800		103,505

One Software Technologies Ltd.		3,880		53,993

Otsuka Corp.		5,000		100,022

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			135

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


Investments	Shares		Value

COMMON STOCKS – (continued)

IT Services – (continued)

OVH Groupe SAS* (a)		3,078	$	21,968

Reply SpA(a)		484		63,655

SCSK Corp.		2,700		49,337

Secunet Security Networks AG		123		19,833

SHIFT, Inc.* (a)		300		27,986

Shopify, Inc., Class A*		17,020		1,197,353

Softcat plc		2,394		47,033

Sopra Steria Group		396		87,225

SUNeVision Holdings Ltd.(a)		90,000		28,653

TietoEVRY OYJ(a)		3,686		69,918

TIS, Inc.		4,600		98,685

Wavestone		532		30,433
				5,759,643

Leisure Products – 0.4%

Bandai Namco Holdings, Inc.		7,400		139,286

Beneteau SACA(a)		9,657		126,181

BRP, Inc.(a)		10,730		723,378

Games Workshop Group plc		684		84,876

MIPS AB(b)		1,517		51,995

Mizuno Corp.		7,400		360,678

Sanlorenzo SpA(a)		984		43,296

Sega Sammy Holdings, Inc.		2,600		34,283

Shimano, Inc.		1,100		180,450

Spin Master Corp.(b)		684		14,976

Technogym SpA(a) (b)		4,905		46,494

Thule Group AB(b)		2,024		57,903

Tomy Co. Ltd.		4,600		73,926

Universal Entertainment Corp.(a)		300		3,157

Yamaha Corp.		2,800		59,375

Yonex Co. Ltd.		5,600		44,874
				2,045,128

Life Sciences Tools & Services – 0.3%

AddLife AB, Class B(a)		6,847		64,004

Bachem Holding AG(a)		328		28,664

Biotage AB		3,690		56,480

Chemometec A/S		902		38,665

Eurofins Scientific SE(a)		1,850		113,939

Evotec SE*		3,042		31,681

Gerresheimer AG		574		61,989

Lonza Group AG (Registered)		1,110		617,722


Investments	Shares		Value

Life Sciences Tools & Services – (continued)

Oxford Nanopore Technologies plc*		35,096	$	43,220

QIAGEN NV*		3,696		154,442

Sartorius AG (Preference)		370		111,684

Sartorius Stedim Biotech		380		82,482

Siegfried Holding AG (Registered)		38		36,544

SKAN Group AG		451		40,224

Tecan Group AG (Registered)		220		78,439

Wuxi Biologics Cayman, Inc.* (b)		53,500		93,987
				1,654,166

Machinery – 3.9%

Aalberts NV		2,405		115,514

Alfa Laval AB(a)		4,440		191,582

Alstom SA(a)		6,184		98,357

Amada Co. Ltd.		7,200		79,039

ANDRITZ AG		1,517		83,373

Atlas Copco AB, Class A		36,186		644,371

Atlas Copco AB, Class B		23,347		356,292

ATS Corp.*		1,476		48,657

AutoStore Holdings Ltd.* (a) (b)		15,006		21,681

Beijer Alma AB*		2,304		44,082

Bodycote plc		3,534		30,799

Bucher Industries AG (Registered)		82		31,740

Burckhardt Compression Holding AG		132		84,339

Bystronic AG		76		33,933

Cargotec OYJ, Class B*		684		54,121

CKD Corp.		4,100		77,876

Concentric AB		3,192		55,488

Construcciones y Auxiliar de Ferrocarriles SA		5,661		194,605

Daetwyler Holding AG(a)		407		84,759

Daifuku Co. Ltd.		6,900		143,029

Daimler Truck Holding AG		10,582		478,729

Danieli & C Officine Meccaniche SpA(a)		3,885		134,591

Danieli & C Officine Meccaniche SpA (Retirement Savings Plan)		12,543		323,890

DMG Mori Co. Ltd.(a)		2,100		56,555

Duerr AG		17,612		453,842

See Accompanying Notes to the Financial Statements.


136		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Machinery – (continued)

Ebara Corp.		1,100	$	91,640

Electrolux Professional AB, Class B		13,038		85,289

Epiroc AB, Class A		8,584		161,734

Epiroc AB, Class B		4,256		71,580

FANUC Corp.		14,300		420,463

FLSmidth & Co. A/S		2,590		130,477

Fluidra SA		912		19,406

Fuji Corp.		1,000		16,891

Fujitec Co. Ltd.		2,400		59,373

GEA Group AG*		2,738		110,956

Georg Fischer AG (Registered)		1,478		103,943

Glory Ltd.		18,500		335,049

Harmonic Drive Systems, Inc.(a)		1,500		38,128

Hino Motors Ltd.*		7,600		22,250

Hitachi Construction Machinery Co. Ltd.		2,800		80,745

Hitachi Zosen Corp.		55,500		432,390

Hoshizaki Corp.		2,400		83,134

Husqvarna AB, Class B(a)		7,480		61,798

IHI Corp.		2,500		60,163

IMI plc		1,824		40,014

Indutrade AB		4,766		112,117

Interpump Group SpA		1,584		69,577

Interroll Holding AG (Registered)(a)		37		119,817

Iveco Group NV(a)		64,824		818,241

Japan Steel Works Ltd. (The)		25,900		633,654

Jungheinrich AG (Preference)		16,539		616,829

Kardex Holding AG (Registered)		264		70,235

Kawasaki Heavy Industries Ltd.(a)		2,800		87,132

KION Group AG		1,419		65,819

Kitz Corp.		25,900		221,203

Komatsu Ltd.		18,500		559,003

Komax Holding AG (Registered)		76		13,159

Kone OYJ, Class B		5,180		253,673

Konecranes OYJ		1,394		73,811

Krones AG		246		32,511

KSB SE & Co. KGaA (Preference)		259		170,039

Kubota Corp.(a)		18,500		299,252


Investments	Shares		Value

Machinery – (continued)

Kurita Water Industries Ltd.		2,500	$	100,006

Kyokuto Kaihatsu Kogyo Co. Ltd.		11,100		181,632

Makita Corp.		4,200		122,852

Manitou BF SA(a)		3,857		95,060

Max Co. Ltd.		2,800		62,809

METAWATER Co. Ltd.		4,100		51,170

Metso OYJ(a)		11,433		130,499

MINEBEA MITSUMI, Inc.		7,311		138,517

MISUMI Group, Inc.		4,100		67,298

Mitsubishi Heavy Industries Ltd.		50,000		450,386

Mitsubishi Logisnext Co. Ltd.		7,600		75,679

Mitsuboshi Belting Ltd.(a)		1,300		40,025

Miura Co. Ltd.		2,100		33,322

Morgan Advanced Materials plc		101,491		399,037

Nachi-Fujikoshi Corp.(a)		7,400		160,588

NFI Group, Inc.*		4,826		39,694

NGK Insulators Ltd.		7,600		103,932

Nitta Corp.		7,400		191,625

Noritake Co. Ltd.		7,400		195,622

NSK Ltd.		15,200		83,850

NTN Corp.		181,300		361,759

OC Oerlikon Corp. AG (Registered)(a)		71,040		309,210

OSG Corp.		3,800		49,285

Palfinger AG		5,698		128,554

Pfeiffer Vacuum Technology AG		220		36,367

Rational AG		55		47,282

Rotork plc		13,640		55,235

Ryobi Ltd.		11,100		193,553

Sandvik AB(a)		14,245		289,030

Schindler Holding AG		594		148,961

Schindler Holding AG (Registered)		400		97,912

Seatrium Ltd.*		649,543		46,677

SFS Group AG		220		26,242

Shibaura Machine Co. Ltd.(a)		7,400		166,702

Shibuya Corp.		7,400		166,231

Shinmaywa Industries Ltd.		14,800		113,235

Skellerup Holdings Ltd.		9,956		26,512

SKF AB, Class A		1,408		29,440

SKF AB, Class B		5,609		117,537

SMC Corp.		900		477,667

Spirax-Sarco Engineering plc		1,221		135,229

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			137

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Machinery – (continued)

Stabilus SE		1,140	$	70,943

Stadler Rail AG(a)		380		11,311

Star Micronics Co. Ltd.(a)		11,100		132,256

Sulzer AG (Registered)		280		34,071

Sumitomo Heavy Industries Ltd.		3,300		92,500

Tadano Ltd.		8,900		71,883

Takuma Co. Ltd.		7,600		95,528

Techtronic Industries Co. Ltd.		18,500		258,771

THK Co. Ltd.(a)		1,700		37,400

Tocalo Co. Ltd.(a)		3,800		43,997

TOMRA Systems ASA		3,872		48,146

Toyota Industries Corp.		2,300		219,674

Trelleborg AB, Class B		3,182		113,992

Troax Group AB		1,806		36,693

Tsubakimoto Chain Co.		9,600		331,865

Valmet OYJ(a)		3,228		80,973

VAT Group AG(b)		407		205,331

Vesuvius plc		70,929		426,750

Volvo AB, Class A		3,212		85,685

Volvo AB, Class B		31,450		812,045

Wacker Neuson SE		9,509		170,611

Wartsila OYJ Abp		5,720		106,176

Weir Group plc (The)		3,920		100,623

Yaskawa Electric Corp.		3,700		154,710
				20,050,896

Marine Transportation – 0.7%

AP Moller – Maersk A/S, Class A		65		92,812

AP Moller – Maersk A/S, Class B(a)		38		55,513

Clarkson plc		1,408		68,494

D/S Norden A/S		7,437		314,950

Dfds A/S		11,433		351,086

Golden Ocean Group Ltd.		4,796		67,929

Gram Car Carriers ASA		4,879		113,448

Hoegh Autoliners ASA		1,824		19,304

Iino Kaiun Kaisha Ltd.		33,300		267,686

Kawasaki Kisen Kaisha Ltd.(a)		11,100		155,956

Kuehne + Nagel International AG (Registered)(a)		740		196,629

Mitsui OSK Lines Ltd.(a)		8,500		269,533

MPC Container Ships ASA		125,060		202,313


Investments	Shares		Value

Marine Transportation – (continued)

Nippon Yusen KK(a)		11,100	$	315,017

NS United Kaiun Kaisha Ltd.(a)		3,800		115,064

Odfjell SE, Class A		6,118		96,901

Pacific Basin Shipping Ltd.(a)		1,813,000		630,512

SITC International Holdings Co. Ltd.		24,000		52,289

Stolt-Nielsen Ltd.		1,435		61,551

Wallenius Wilhelmsen ASA		2,952		30,015

Wilh Wilhelmsen Holding ASA, Class A		4,921		172,415

Wilh Wilhelmsen Holding ASA, Class B		2,091		69,485
				3,718,902

Media – 0.9%

4imprint Group plc		1,517		119,289

Ascential plc* (a)		17,480		68,464

Atresmedia Corp. de Medios de Comunicacion SA		30,377		153,309

CyberAgent, Inc.(a)		6,300		39,622

Cyfrowy Polsat SA*		11,020		27,385

Dentsu Group, Inc.(a)		3,700		100,374

Eutelsat Communications SACA* (a)		96,755		391,682

Future plc		31,709		263,240

Hakuhodo DY Holdings, Inc.(a)		4,700		43,994

Informa plc		17,760		176,972

IPSOS SA		13,209		888,382

ITV plc		48,868		43,017

JCDecaux SE*		968		20,307

Metropole Television SA(a)		17,057		241,839

MFE-MediaForEurope NV, Class A		56,410		166,353

MFE-MediaForEurope NV, Class B(a)		21,558		86,948

Nine Entertainment Co. Holdings Ltd.(a)		34,440		34,105

ProSiebenSat.1 Media SE		57,239		446,780

Publicis Groupe SA		3,441		382,094

RTL Group SA		1,056		32,688

Sanoma OYJ		3,895		28,403

Schibsted ASA, Class A		1,862		53,435

SES SA, Class A, ADR		9,044		44,116

SKY Perfect JSAT Holdings, Inc.		15,200		89,829

See Accompanying Notes to the Financial Statements.


138		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Media – (continued)

Stroeer SE & Co. KGaA		1,628	$	104,705

Television Francaise 1 SA		28,268		259,335

TV Asahi Holdings Corp.		8,400		110,655

TX Group AG		205		31,963

Vivendi SE		9,805		100,290

WPP plc		26,381		266,972

YouGov plc		4,715		51,364
				4,867,911

Metals & Mining – 4.7%

Acerinox SA		59,681		645,797

Agnico Eagle Mines Ltd.(a)		8,087		513,174

Alamos Gold, Inc., Class A		4,021		59,268

Alleima AB		14,134		88,853

Allied Gold Corp.* (a)		11,058		29,781

Alumina Ltd.* (a)		155,762		164,359

AMG Critical Materials NV(a)		9,102		215,279

Anglo American plc		26,048		859,106

Antofagasta plc		5,230		144,727

Aperam SA(a)		14,541		426,636

ArcelorMittal SA		12,062		304,247

ARE Holdings, Inc.		25,900		336,084

Aurubis AG		738		59,341

AVZ Minerals Ltd.* ‡ (a)		111,012		10,092

B2Gold Corp.		13,694		34,687

Barrick Gold Corp.		27,195		456,623

Bekaert SA		11,211		564,125

Bellevue Gold Ltd.*		49,941		57,886

BHP Group Ltd.		74,666		2,086,282

BlueScope Steel Ltd.		9,213		136,939

Boliden AB		5,291		177,445

Capricorn Metals Ltd.* (a)		19,272		62,697

Capstone Copper Corp.*		20,535		142,445

Centamin plc		381,507		578,977

Centerra Gold, Inc.		8,892		54,238

Champion Iron Ltd.		6,468		30,072

De Grey Mining Ltd.* (a)		86,240		73,640

Deterra Royalties Ltd.		29,023		93,288

Dowa Holdings Co. Ltd.		1,100		41,361

Dundee Precious Metals, Inc.		62,826		476,505

Eldorado Gold Corp.*		9,582		136,841

Emerald Resources NL* (a)		21,402		49,197


Investments	Shares		Value

Metals & Mining – (continued)

Endeavour Mining plc		532	$	11,344

Equinox Gold Corp.* (a)		14,247		77,257

Eramet SA(a)		2,812		274,665

ERO Copper Corp.* (a)		4,268		87,202

Evolution Mining Ltd.		35,786		94,345

Falcon Metals Ltd.*		1		—	(e)

Filo Corp.*		4,428		79,513

First Majestic Silver Corp.(a)		14,596		97,530

First Quantum Minerals Ltd.		12,506		159,118

Foran Mining Corp.* (a)		11,210		34,433

Fortescue Ltd.		32,301		546,390

Fortuna Silver Mines, Inc.* (a)		16,720		76,064

Franco-Nevada Corp.		3,014		363,562

Fresnillo plc		3,872		27,054

Genesis Minerals Ltd.* (a)		52,288		59,758

Glencore plc		197,839		1,158,606

Gold Road Resources Ltd.(a)		59,580		63,449

Granges AB		5,662		67,526

Grupa Kety SA		308		64,206

Hill & Smith plc		3,280		77,623

Hudbay Minerals, Inc.		98,827		833,719

IAMGOLD Corp.*		25,911		92,226

IGO Ltd.		16,378		84,123

Ivanhoe Mines Ltd., Class A* (a)		9,981		135,565

Jastrzebska Spolka Weglowa SA*		1,710		12,974

JFE Holdings, Inc.		11,100		166,537

K92 Mining, Inc.*		5,700		30,370

KGHM Polska Miedz SA		3,160		109,842

Kinross Gold Corp.		20,745		134,087

Kobe Steel Ltd.		10,600		130,239

Kyoei Steel Ltd.		7,400		105,946

Labrador Iron Ore Royalty Corp.		22,274		487,520

Liontown Resources Ltd.* (a)		27,470		22,208

Lithium Americas Corp.* (a)		42,143		216,566

Lundin Gold, Inc.		4,218		57,444

Lundin Mining Corp.		12,392		141,793

Lynas Rare Earths Ltd.* (a)		13,899		59,206

MAG Silver Corp.* (a)		4,656		57,376

Maruichi Steel Tube Ltd.		2,000		51,727

Mineral Resources Ltd.(a)		2,664		124,879

Mitsubishi Materials Corp.		3,800		74,689

Nickel Industries Ltd.		41,914		25,856

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			139

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Metals & Mining – (continued)

Nippon Light Metal Holdings Co. Ltd.		18,500	$	220,545

Nippon Steel Corp.		18,515		416,621

Nittetsu Mining Co. Ltd.		3,700		117,208

Norsk Hydro ASA		27,010		168,048

Northern Star Resources Ltd.		15,844		153,707

Novagold Resources, Inc.*		18,278		53,217

OceanaGold Corp.		248,419		538,842

Orla Mining Ltd.* (a)		10,780		41,979

OSAKA Titanium Technologies Co. Ltd.(a)		1,300		20,454

Osisko Gold Royalties Ltd.(a)		10,286		158,350

Osisko Mining, Inc.*		17,794		39,374

Outokumpu OYJ(a)		7,392		30,074

Pan American Silver Corp.		4,560		84,273

Perenti Ltd.		299,626		185,807

Perseus Mining Ltd.(a)		475,709		713,563

Pilbara Minerals Ltd.(a)		34,446		90,812

Regis Resources Ltd.* (a)		40,098		57,804

Rio Tinto Ltd.		7,363		623,894

Rio Tinto plc		22,311		1,528,697

Salzgitter AG		8,251		213,502

Sandfire Resources Ltd.* (a)		11,931		73,988

Sandstorm Gold Ltd.		13,772		75,383

Sanyo Special Steel Co. Ltd.		7,800		106,270

Silver Lake Resources Ltd.*		62,130		58,902

SilverCrest Metals, Inc.* (a)		9,416		77,242

Sims Ltd.(a)		9,196		72,015

South32 Ltd.		92,278		215,115

SSAB AB, Class A(a)		6,150		34,998

SSAB AB, Class B(a)		12,333		70,003

SSR Mining, Inc.		3,864		20,757

Stelco Holdings, Inc.		10,360		300,955

Sumitomo Metal Mining Co. Ltd.		5,500		185,728

Teck Resources Ltd., Class B		8,954		441,166

thyssenkrupp AG		8,316		41,863

Toho Titanium Co. Ltd.(a)		1,700		14,757

Tokyo Steel Manufacturing Co. Ltd.		4,100		43,693

UACJ Corp.		14,000		430,591

voestalpine AG		1,880		50,496

Wesdome Gold Mines Ltd.* (a)		3,534		26,495


Investments	Shares		Value

Metals & Mining – (continued)

Wheaton Precious Metals Corp.(a)		6,882	$	359,266

Yamato Kogyo Co. Ltd.		1,300		70,079

Yodogawa Steel Works Ltd.		10,300		325,301

Zimplats Holdings Ltd.(a)		4,902		53,731
				24,290,094

Multi-Utilities – 0.7%

A2A SpA		29,479		58,486

ACEA SpA(a)		14,615		254,409

AGL Energy Ltd.		12,344		75,828

Algonquin Power & Utilities Corp.(a)		16,539		101,243

Canadian Utilities Ltd., Class A		3,914		87,690

Centrica plc		120,065		192,359

E.ON SE		46,139		611,743

Engie SA*		38,332		666,850

Hera SpA(a)		19,272		69,857

Iren SpA		218,004		439,162

National Grid plc		54,501		715,191

REN – Redes Energeticas Nacionais SGPS SA		17,917		43,392

Sembcorp Industries Ltd.		16,300		64,184

Telecom Plus plc		4,728		102,774

Vector Ltd.		9,652		21,304

Veolia Environnement SA		12,025		375,317
				3,879,789

Office REITs – 0.2%

Abacus Group, REIT(a)		35,454		26,706

Allied Properties REIT, REIT(a)		21,312		262,628

Champion REIT, REIT		108,000		24,165

Derwent London plc, REIT		1,368		35,218

Dexus, REIT		25,937		119,916

Gecina SA, REIT		440		45,165

Global One Real Estate Investment Corp., REIT(a)		48		32,760

Great Portland Estates plc, REIT		12,800		62,828

Ichigo Office REIT Investment Corp., REIT(a)		41		21,078

Inmobiliaria Colonial Socimi SA, REIT		6,346		37,286

Japan Excellent, Inc., REIT		76		62,301

See Accompanying Notes to the Financial Statements.


140		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Office REITs – (continued)

Japan Prime Realty Investment Corp., REIT(a)		13	$	28,253

Japan Real Estate Investment Corp., REIT		24		81,746

Keppel REIT, REIT		3,800		2,452

Mirai Corp., REIT(a)		88		25,276

Mori Hills REIT Investment Corp., REIT		38		33,179

Nippon Building Fund, Inc., REIT(a)		24		91,965

Precinct Properties Group, REIT		67,298		46,594

Workspace Group plc, REIT		4,978		31,010
				1,070,526

Oil, Gas & Consumable Fuels – 6.5%

Advantage Energy Ltd.*		51,689		404,076

Africa Oil Corp.		133,744		238,507

Aker BP ASA		4,625		113,598

Ampol Ltd.		4,958		118,509

ARC Resources Ltd.		13,579		246,406

Athabasca Oil Corp.* (a)		194,139		678,289

Avance Gas Holding Ltd.(b)		5,472		79,850

Baytex Energy Corp.		20,558		76,315

Beach Energy Ltd.(a)		39,336		41,124

Birchcliff Energy Ltd.(a)		84,286		347,242

Bluenord ASA*		646		33,192

Boss Energy Ltd.* (a)		21,197		67,996

BP plc		354,275		2,308,523

BRIGHTOIL* ‡		50,147		—

BW LPG Ltd.(b)		2,774		40,354

Cameco Corp.		6,105		279,110

Canadian Natural Resources Ltd.		21,978		1,668,847

Cardinal Energy Ltd.(a)		45,584		234,249

Cenovus Energy, Inc.(a)		25,123		517,144

Cool Co. Ltd.(a)		7,714		84,286

Cosmo Energy Holdings Co. Ltd.(a)		1,600		76,957

Crescent Point Energy Corp.		15,016		132,689

Denison Mines Corp.* (a)		51,797		103,304

Diversified Energy Co. plc(b)		17,834		251,445

DNO ASA		275,761		259,223

Enbridge, Inc.		32,005		1,140,332


Investments	Shares		Value

Oil, Gas & Consumable Fuels – (continued)

ENEOS Holdings, Inc.		51,800	$	240,591

Energean plc(a)		43,882		606,613

Energy Fuels, Inc.* (a)		10,296		53,434

Enerplus Corp.		5,535		108,496

Eni SpA		41,440		670,672

Equinor ASA		19,906		537,368

Equital Ltd.* (a)		5,883		163,450

Etablissements Maurel et Prom SA		19,382		123,931

FLEX LNG Ltd.(a)		1,176		30,923

Freehold Royalties Ltd.		5,060		52,189

Galp Energia SGPS SA		10,582		228,559

Gaztransport Et Technigaz SA(a)		410		57,429

Gibson Energy, Inc.		10,286		169,056

Hafnia Ltd.		7,872		59,853

Harbour Energy plc		195,730		708,046

Headwater Exploration, Inc.		67,895		369,658

Idemitsu Kosan Co. Ltd.		28,710		196,034

Imperial Oil Ltd.		3,922		270,202

Inpex Corp.		20,500		311,672

International Petroleum Corp.* (a)		27,491		340,573

Ithaca Energy plc		41,458		61,567

Itochu Enex Co. Ltd.		18,600		180,368

Iwatani Corp.		1,397		79,604

Japan Petroleum Exploration Co. Ltd.(a)		1,700		72,271

Karoon Energy Ltd.*		258,926		327,020

Keyera Corp.(a)		3,108		79,903

Koninklijke Vopak NV		114		4,549

MEG Energy Corp.*		4,928		112,309

Mitsuuroko Group Holdings Co. Ltd.		11,100		95,436

Naphtha Israel Petroleum Corp. Ltd.*		10,742		55,862

Neste OYJ		6,586		150,278

New Hope Corp. Ltd.		17,010		50,257

NexGen Energy Ltd.* (a)		10,944		83,483

NuVista Energy Ltd.* (a)		59,496		538,727

Oil Refineries Ltd.		772,338		225,342

Okeanis Eco Tankers Corp.(a) (b)		4,440		138,322

OMV AG		3,441		164,391

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			141

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Oil, Gas & Consumable Fuels – (continued)

ORLEN SA		12,358	$	202,918

Paladin Energy Ltd.*		14,707		133,413

Paramount Resources Ltd., Class A		2,772		62,952

Parex Resources, Inc.(a)		34,225		597,882

Parkland Corp.		2,923		90,231

Paz Oil Co. Ltd.		3,368		337,454

Pembina Pipeline Corp.		8,806		310,487

Peyto Exploration & Development Corp.(a)		64,195		719,119

PrairieSky Royalty Ltd.(a)		3,977		75,930

Repsol SA		23,828		375,165

San-Ai Obbli Co. Ltd.(a)		18,500		243,822

Santos Ltd.		53,835		269,175

Saras SpA		143,523		271,628

Serica Energy plc		71,447		166,400

Shell plc		136,234		4,883,860

Strike Energy Ltd.* (a)		129,355		18,479

Suncor Energy, Inc.		24,420		933,714

Tamarack Valley Energy Ltd.(a)		174,529		473,846

TC Energy Corp.(a)		15,762		565,842

Topaz Energy Corp.		3,731		61,891

TORM plc, Class A(a)		13,246		458,412

TotalEnergies SE		45,436		3,332,270

Tourmaline Oil Corp.		6,586		322,529

United Energy Group Ltd.(a)		358,000		25,633

Var Energi ASA		7,339		24,110

Verbio SE		1,107		23,223

Vermilion Energy, Inc.(a)		56,351		650,527

Viva Energy Group Ltd.(b)		17,630		39,267

Whitecap Resources, Inc.(a)		11,932		90,672

Whitehaven Coal Ltd.		16,702		83,727

Woodside Energy Group Ltd.		39,554		725,069
				33,829,652

Paper & Forest Products – 0.3%

Canfor Corp.*		19,203		202,814

Daio Paper Corp.		3,745		26,963

Hokuetsu Corp.(a)		11,100		94,590

Holmen AB, Class B(a)		1,540		60,557

Mondi plc		6,828		129,870

Navigator Co. SA (The)		5,269		23,392


Investments	Shares		Value

Paper & Forest Products – (continued)

Nippon Paper Industries Co. Ltd.(a)		37,000	$	259,105

Oji Holdings Corp.		11,400		44,820

Semapa-Sociedade de Investimento e Gestao		4,873		82,846

Stella-Jones, Inc.		1,558		90,700

Stora Enso OYJ, Class A(a)		2,501		33,561

Stora Enso OYJ, Class R		5,168		69,350

Svenska Cellulosa AB SCA, Class A(a)		2,068		30,259

Svenska Cellulosa AB SCA, Class B		6,314		93,221

UPM-Kymmene OYJ		7,548		265,687

West Fraser Timber Co. Ltd.(a)		1,238		95,014
				1,602,749

Passenger Airlines – 0.3%

Air Canada*		5,192		76,793

Air France-KLM* (a)		3,677		37,893

Air New Zealand Ltd.		11,968		3,895

ANA Holdings, Inc.		2,400		45,753

Cathay Pacific Airways Ltd.(a)		38,000		41,055

Deutsche Lufthansa AG (Registered)*		11,161		80,124

easyJet plc		6,806		45,900

Exchange Income Corp.(a)		2,255		76,127

Finnair OYJ* (a)		35,592		111,887

Japan Airlines Co. Ltd.		2,800		49,812

JET2 plc		4,018		72,247

Norwegian Air Shuttle ASA*		150,738		198,799

Qantas Airways Ltd.*		22,968		87,994

Singapore Airlines Ltd.		25,999		124,681

Wizz Air Holdings plc* (a) (b)		17,390		484,709
				1,537,669

Personal Care Products – 1.0%

Beiersdorf AG		1,480		222,419

euglena Co. Ltd.* (a)		4,400		14,540

Fancl Corp.		400		4,683

Haleon plc		82,954		352,642

Intercos SpA		2,166		30,432

Interparfums SA		159		8,084

Kao Corp.		7,100		294,395

See Accompanying Notes to the Financial Statements.


142		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Personal Care Products – (continued)

Kobayashi Pharmaceutical Co. Ltd.		900	$	32,005

Kose Corp.(a)		700		36,262

L’Occitane International SA		4,500		18,584

L’Oreal SA		3,515		1,652,387

Milbon Co. Ltd.		1,000		19,744

Noevir Holdings Co. Ltd.		1,000		33,171

Pola Orbis Holdings, Inc.(a)		2,000		18,390

PZ Cussons plc		17,220		21,993

Rohto Pharmaceutical Co. Ltd.		3,900		76,407

Shiseido Co. Ltd.		6,000		160,709

Unilever plc		37,111		1,924,257
				4,921,104

Pharmaceuticals – 4.9%

ALK-Abello A/S, Class B*		7,705		144,151

Almirall SA		4,564		41,822

Astellas Pharma, Inc.		29,600		284,780

AstraZeneca plc		22,940		3,464,728

Bausch Health Cos., Inc.*		106,375		933,012

Bayer AG (Registered)		17,575		513,963

Camurus AB*		1,435		65,135

Chugai Pharmaceutical Co. Ltd.		8,500		272,774

Daiichi Sankyo Co. Ltd.		27,000		920,332

Eisai Co. Ltd.		4,100		169,404

Faes Farma SA		17,897		65,159

Financiere de Tubize SA(a)		510		53,005

GSK plc		60,421		1,265,727

H Lundbeck A/S, Class A		5,650		23,854

Haw Par Corp. Ltd.		8,200		59,046

Hikma Pharmaceuticals plc		2,800		67,456

Hutchmed China Ltd.* (a)		12,540		46,713

Indivior plc*		6,882		124,261

Ipsen SA		732		89,305

JCR Pharmaceuticals Co. Ltd.(a)		2,400		12,430

Kaken Pharmaceutical Co. Ltd.		1,500		32,647

Kissei Pharmaceutical Co. Ltd.		1,400		32,250

Kyorin Pharmaceutical Co. Ltd.		3,800		44,408

Kyowa Kirin Co. Ltd.		4,300		72,384

Laboratorios Farmaceuticos Rovi SA		874		78,780

Merck KGaA		1,887		300,533


Investments	Shares		Value

Pharmaceuticals – (continued)

Mochida Pharmaceutical Co. Ltd.		900	$	18,244

Nippon Shinyaku Co. Ltd.		1,400		38,824

Novartis AG (Registered)		30,081		2,920,692

Novo Nordisk A/S, Class B		49,543		6,410,791

Ono Pharmaceutical Co. Ltd.		7,400		107,028

Orion OYJ, Class A		352		13,587

Orion OYJ, Class B		1,855		70,988

Otsuka Holdings Co. Ltd.		7,500		321,323

Recordati Industria Chimica e Farmaceutica SpA		1,628		87,124

Roche Holding AG		518		136,002

Roche Holding AG – BR		10,175		2,447,370

Sandoz Group AG*		8,251		280,236

Sanofi SA		16,761		1,668,152

Santen Pharmaceutical Co. Ltd.		4,500		43,595

Shionogi & Co. Ltd.		4,000		187,437

Sumitomo Pharma Co. Ltd.* (a)		70,300		178,246

Takeda Pharmaceutical Co. Ltd.		22,200		585,877

Teva Pharmaceutical Industries Ltd.* (a)		22,644		319,841

Torii Pharmaceutical Co. Ltd.		800		20,055

Tsumura & Co.		900		21,733

UCB SA		1,554		206,954

Virbac SACA		132		48,976

ZERIA Pharmaceutical Co. Ltd.		1,800		23,941
				25,335,075

Professional Services – 1.5%

Adecco Group AG (Registered)		2,368		83,241

AFRY AB		6,460		103,234

ALS Ltd.		8,712		74,165

Applus Services SA		42,291		573,385

Arcadis NV		1,189		73,928

BayCurrent Consulting, Inc.		1,400		29,999

Bell System24 Holdings, Inc.		3,800		37,405

Benefit One, Inc.* (a)		3,800		52,280

Benefit Systems SA		76		51,840

Bureau Veritas SA		4,551		133,430

Computershare Ltd.		8,029		141,967

Danel Adir Yeoshua Ltd.		533		48,410

dip Corp.		1,400		23,798

en Japan, Inc.		2,000		33,438

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			143

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Professional Services – (continued)

Experian plc		13,431	$	545,564

Funai Soken Holdings, Inc.		2,700		41,007

Hays plc		557,220		642,254

Hilan Ltd.		646		36,467

Infomart Corp.		17,600		41,605

Insource Co. Ltd.		3,800		18,666

Intertek Group plc		2,590		160,337

IPH Ltd.(a)		14,593		59,604

JAC Recruitment Co. Ltd.(a)		5,200		25,213

McMillan Shakespeare Ltd.		3,198		38,459

MEITEC Group Holdings, Inc.		2,400		45,014

Nihon M&A Center Holdings, Inc.(a)		4,800		26,473

Open Up Group, Inc.(a)		4,400		56,200

Pagegroup plc		20,276		113,284

Persol Holdings Co. Ltd.		42,000		58,503

Randstad NV		2,183		110,173

Recruit Holdings Co. Ltd.		22,200		973,688

RELX plc		27,380		1,132,396

RWS Holdings plc		90,465		195,514

SGS SA (Registered)(a)		2,736		241,814

SmartGroup Corp. Ltd.		7,766		48,361

SMS Co. Ltd.		2,000		27,948

TechnoPro Holdings, Inc.		1,100		18,873

Teleperformance SE*		1,258		114,981

Thomson Reuters Corp.		2,109		319,194

Tinexta Spa		1,056		20,031

TKC Corp.		3,800		87,777

Transcosmos, Inc.		7,400		160,588

UT Group Co. Ltd.		11,100		234,887

Wolters Kluwer NV		3,515		528,997
				7,584,392

Real Estate Management & Development – 2.5%

Aeon Mall Co. Ltd.		1,990		22,807

AFI Properties Ltd.* (a)		1,710		69,729

Africa Israel Residences Ltd.		2,065		124,372

Airport City Ltd.*		1,928		29,877

Allreal Holding AG (Registered)		366		59,301

Alony Hetz Properties & Investments Ltd.		55,093		358,976

Altus Group Ltd.(a)		1,672		61,484


Investments	Shares		Value

Real Estate Management & Development – (continued)

Amot Investments Ltd.		5,448	$	23,004

Aroundtown SA* (a)		281,200		587,064

Atrium Ljungberg AB, Class B		792		14,100

Aura Investments Ltd.(a)		20,178		78,497

Azrieli Group Ltd.		532		34,507

Big Shopping Centers Ltd.* (a)		287		29,727

Blue Square Real Estate Ltd.		1,739		130,689

Bukit Sembawang Estates Ltd.		19,000		46,673

CA Immobilien Anlagen AG		572		18,654

Capitaland India Trust		55,054		40,370

CapitaLand Investment Ltd.*		41,031		80,031

Castellum AB*		9,805		119,080

Catena AB		924		40,998

Cibus Nordic Real Estate AB publ		17,316		228,205

City Developments Ltd.		9,400		42,390

CK Asset Holdings Ltd.		37,000		159,189

Colliers International Group, Inc.(a)		748		78,053

Corem Property Group AB, Class B(a)		170,977		128,904

CTP NV(b)		1,444		24,642

Daito Trust Construction Co. Ltd.		1,300		139,736

Daiwa House Industry Co. Ltd.		14,100		397,827

Deutsche EuroShop AG		3,420		69,114

Deutsche Wohnen SE		1,012		19,196

Dios Fastigheter AB		7,480		57,859

Electra Real Estate Ltd.(a)		1,476		14,402

Entra ASA* (b)		2,068		19,160

ESR Group Ltd.(a) (b)		32,800		36,234

Fabege AB		5,412		42,060

Fastighets AB Balder, Class B* (a)		12,348		79,786

FastPartner AB, Class A		3,124		21,261

FirstService Corp.		659		96,990

Frasers Property Ltd.		41,800		24,521

G City Ltd.*		28,290		82,540

Grainger plc		27,170		87,264

Grand City Properties SA*		26,011		290,638

Great Eagle Holdings Ltd.(a)		75,451		115,571

GuocoLand Ltd.		118,400		130,229

Hang Lung Group Ltd.		296,000		352,723

Heiwa Real Estate Co. Ltd.		1,300		36,101

See Accompanying Notes to the Financial Statements.


144		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Real Estate Management & Development – (continued)

Henderson Land Development Co. Ltd.		33,239	$	101,147

Hiag Immobilien Holding AG(a)		342		27,669

Ho Bee Land Ltd.		49,400		69,912

Hufvudstaden AB, Class A		304		3,565

Hulic Co. Ltd.(a)		11,100		102,842

Hysan Development Co. Ltd.(a)		222,000		347,425

Ichigo, Inc.		17,800		48,186

IMMOFINANZ AG*		2,132		53,002

Intershop Holding AG		380		51,128

Israel Canada T.R Ltd.(a)		53,132		196,872

Isras Investment Co. Ltd.(a)		519		99,491

IWG plc*		28,576		66,518

Jeudan A/S(a)		3,071		91,135

K Wah International Holdings Ltd.(a)		666,000		155,830

Katitas Co. Ltd.		3,800		46,219

Keihanshin Building Co. Ltd.		4,100		41,218

Kerry Properties Ltd.		38,000		74,142

Kojamo OYJ*		1,596		17,748

Kowloon Development Co. Ltd.(a)		114,000		79,146

LEG Immobilien SE*		1,120		95,709

Lendlease Corp. Ltd.(a)		14,582		61,263

Leopalace21 Corp.		59,200		197,126

Lifestyle Communities Ltd.(a)		6,920		54,057

Mainstreet Equity Corp.		266		32,934

Mega Or Holdings Ltd., REIT(a)		1,216		31,693

Melisron Ltd.		460		31,698

Mitsubishi Estate Co. Ltd.		18,500		341,868

Mitsui Fudosan Co. Ltd.		44,400		455,102

Mivne Real Estate KD Ltd.		14,248		34,451

Mobimo Holding AG (Registered)		228		63,889

Morguard Corp.		1,776		143,065

Nomura Real Estate Holdings, Inc.		1,400		39,438

NP3 Fastigheter AB		1,462		30,903

Nyfosa AB		46,435		409,314

Pandox AB, Class B(a)		5,412		85,007

PEXA Group Ltd.* (a)		7,380		58,752

Platzer Fastigheter Holding AB, Class B(a)		3,080		25,283


Investments	Shares		Value

Real Estate Management & Development – (continued)

Prashkovsky Investments and Construction Ltd.(a)		3,040	$	71,902

PSP Swiss Property AG (Registered)		717		89,044

Relo Group, Inc.		2,270		19,885

Sagax AB, Class B		2,420		61,338

SAMTY Co. Ltd.(a)		14,800		253,368

Savills plc		10,582		143,368

Sino Land Co. Ltd.(a)		77,768		83,623

Sirius Real Estate Ltd., REIT(a)		58,680		71,566

Starts Corp., Inc.		11,100		251,816

StorageVault Canada, Inc.		12,833		44,182

Sumitomo Realty & Development Co. Ltd.		7,400		258,258

Summit Real Estate Holdings Ltd.		13,616		165,291

Sun Frontier Fudousan Co. Ltd.		11,100		138,604

Sun Hung Kai Properties Ltd.		37,000		344,161

Swire Pacific Ltd., Class A		10,500		89,277

Swire Properties Ltd.		38,000		79,195

Swiss Prime Site AG (Registered)		1,137		105,499

TAG Immobilien AG*		56,647		811,030

Tokyo Tatemono Co. Ltd.		5,200		86,972

Tokyu Fudosan Holdings Corp.		11,200		82,595

Tosei Corp.(a)		11,100		174,225

Tricon Residential, Inc.		11,285		126,662

UOL Group Ltd.		6,799		29,215

VGP NV		738		80,804

Villar International Ltd.		1,599		68,031

Vonovia SE		17,057		495,714

Wallenstam AB, Class B(a)		8,888		39,938

Wharf Holdings Ltd. (The) (a)		17,000		54,992

Wharf Real Estate Investment Co. Ltd.		25,000		78,153

Wihlborgs Fastigheter AB(a)		7,304		61,888

Yanlord Land Group Ltd.*		57,000		18,808

YH Dimri Construction & Development Ltd.(a)		452		35,531
				13,124,217

Residential REITs – 0.1%

Advance Residence Investment Corp., REIT		18		39,062

Altarea SCA, REIT(a)		1,850		160,425

Boardwalk REIT, REIT		1,000		51,585

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			145

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Residential REITs – (continued)

Canadian Apartment Properties REIT, REIT(a)		1,012	$	31,564

Comforia Residential REIT, Inc., REIT(a)		19		41,353

Daiwa Securities Living Investments Corp., REIT		26		17,695

Ingenia Communities Group, REIT		8,284		25,067

InterRent REIT, REIT		4,600		40,112

Killam Apartment REIT, REIT(a)		2,624		32,832

Nippon Accommodations Fund, Inc., REIT		8		33,451

UNITE Group plc (The), REIT		8,144		94,633

Xior Student Housing NV, REIT(b)		1,581		47,334
				615,113

Retail REITs – 0.6%

BWP Trust, REIT		14,098		32,682

CapitaLand China Trust, REIT		117,800		57,442

CapitaLand Integrated Commercial Trust, REIT		41,800		60,075

Carmila SA, REIT(a)		19,684		331,703

Charter Hall Retail REIT, REIT		6,346		13,763

Choice Properties REIT, REIT(a)		3,957		37,500

Crombie REIT, REIT(a)		3,256		30,454

CT REIT, REIT(a)		7,638		74,665

Eurocommercial Properties NV, REIT(a)		14,858		339,980

First Capital REIT, REIT		2,774		29,843

Fortune REIT, REIT		41,000		20,235

Frasers Centrepoint Trust, REIT		12,749		20,286

Hammerson plc, REIT(a)		65,626		22,384

HMC Capital Ltd., REIT		9,954		41,432

HomeCo Daily Needs REIT, REIT(a) (b)		107,008		85,467

Japan Metropolitan Fund Invest, REIT		103		62,442

Kiwi Property Group Ltd., REIT		171,266		82,091

Klepierre SA, REIT		3,663		98,935

Lendlease Global Commercial REIT, REIT		45,600		18,223

Link REIT, REIT		44,423		192,262


Investments	Shares		Value

Retail REITs – (continued)

Mapletree Pan Asia Commercial Trust, REIT		57,062	$	52,721

Primaris REIT, REIT		2,706		25,999

Region RE Ltd., REIT		78,810		112,586

Retail Estates NV, REIT		3,774		264,719

RioCan REIT, REIT		6,840		86,829

Scentre Group, REIT		50,542		104,366

Shaftesbury Capital plc, REIT		44,346		74,796

SmartCentres REIT, REIT(a)		6,401		103,806

Starhill Global REIT, REIT		80,696		28,107

Unibail-Rodamco-Westfield, REIT*		2,442		204,920

Unibail-Rodamco-Westfield, REIT, CHDI*		5		21

Vicinity Ltd., REIT		65,692		82,115

Waypoint REIT Ltd., REIT		33,326		50,855
				2,843,704

Semiconductors & Semiconductor Equipment – 2.3%

Advantest Corp.		11,500		365,100

AIXTRON SE		2,276		53,199

ams-OSRAM AG*		316,788		385,644

ASM International NV		666		423,854

ASML Holding NV		5,772		5,139,184

ASMPT Ltd.(a)		5,000		62,906

BE Semiconductor Industries NV		1,330		178,474

Camtek Ltd.		1,025		85,269

Disco Corp.		1,200		349,252

Elmos Semiconductor SE		410		34,195

Ferrotec Holdings Corp.(a)		14,800		284,027

Furuya Metal Co. Ltd.		1,000		70,346

Infineon Technologies AG		18,981		664,067

Japan Material Co. Ltd.		2,500		35,808

Lasertec Corp.(a)		1,300		285,832

Melexis NV(a)		495		41,707

Meyer Burger Technology AG*		97,774		1,226

Micronics Japan Co. Ltd.(a)		1,900		80,653

Nordic Semiconductor ASA*		3,828		42,690

Nova Ltd.*		352		61,046

Renesas Electronics Corp.		20,900		349,097

Rohm Co. Ltd.		6,200		90,401

Rorze Corp.(a)		400		71,045

Sanken Electric Co. Ltd.		1,600		70,715

See Accompanying Notes to the Financial Statements.


146		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Semiconductors & Semiconductor Equipment – (continued)

SCREEN Holdings Co. Ltd.		2,200	$	231,932

Shibaura Mechatronics Corp.(a)		3,700		144,130

Shinko Electric Industries Co. Ltd.(a)		1,400		49,731

Siltronic AG		999		78,084

SMA Solar Technology AG*		760		40,160

Socionext, Inc.		3,000		89,429

SOITEC*		369		36,536

STMicroelectronics NV		9,176		369,352

SUMCO Corp.(a)		5,700		86,352

Tokyo Electron Ltd.		6,600		1,472,958

Towa Corp.(a)		1,100		65,008

Tower Semiconductor Ltd.*		2,139		70,031

Ulvac, Inc.(a)		1,000		60,680

X-Fab Silicon Foundries SE* (b)		4,480		31,280
				12,051,400

Software – 1.3%

Altium Ltd.		1,716		73,554

Appier Group, Inc.* (a)		4,100		34,548

Atoss Software AG		176		47,423

BlackBerry Ltd.* (a)		27,121		76,002

Bytes Technology Group plc		10,526		64,345

Constellation Software, Inc.		296		763,625

Crayon Group Holding ASA* (b)		4,100		30,563

Darktrace plc*		5,244		39,555

Dassault Systemes SE		10,249		405,802

Descartes Systems Group, Inc. (The)*		1,339		124,461

Docebo, Inc.*		988		44,256

Enghouse Systems Ltd.		1,292		28,034

Fortnox AB		7,995		47,624

Freee KK*		3,800		67,493

Fuji Soft, Inc.(a)		1,400		55,069

GB Group plc		8,897		32,062

Hansen Technologies Ltd.(a)		5,576		17,018

IRESS Ltd.*		10,123		56,400

Justsystems Corp.		3,800		66,865

Kinaxis, Inc.*		520		55,484

Lectra		798		27,304

Lightspeed Commerce, Inc.*		5,472		71,813


Investments	Shares		Value

Software – (continued)

Nemetschek SE		884	$	78,973

Nice Ltd.*		889		199,453

Open Text Corp.		5,291		187,208

Oracle Corp. Japan		800		60,471

QT Group OYJ* (a)		308		23,926

Sage Group plc (The)		15,873		231,747

SAP SE		15,577		2,826,474

Sinch AB* (a) (b)		35,742		83,103

SiteMinder Ltd.*		17,179		63,696

Systena Corp.		11,400		19,053

TeamViewer SE* (b)		3,239		42,980

Technology One Ltd.		5,166		54,511

Temenos AG (Registered)		779		48,839

Text SA		950		21,130

Trend Micro, Inc.		2,500		124,075

Truecaller AB, Class B* (a)		16,113		52,350

Vitec Software Group AB, Class B		1,025		49,541

WiseTech Global Ltd.		2,923		176,120
				6,572,950

Specialized REITs – 0.1%

Arena REIT, REIT		15,657		37,618

Big Yellow Group plc, REIT		10,064		136,098

Charter Hall Social Infrastructure REIT, REIT(a)		17,329		28,807

Keppel DC REIT, REIT		21,100		26,457

National Storage REIT, REIT(a)		21,427		30,053

Safestore Holdings plc, REIT		12,284		118,975

Shurgard Self Storage Ltd., REIT		532		21,900
				399,908

Specialty Retail – 1.3%

ABC-Mart, Inc.		2,100		42,116

Accent Group Ltd.(a)		42,845		52,582

Alpen Co. Ltd.(a)		7,400		97,811

AOKI Holdings, Inc.		7,600		53,753

ARCLANDS Corp.		18,518		228,526

Aritzia, Inc.*		5,217		135,338

Autobacs Seven Co. Ltd.		2,100		21,272

Avolta AG* (a)		1,330		50,726

Bic Camera, Inc.		4,200		40,862

Bilia AB, Class A(a)		25,086		318,835

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			147

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Specialty Retail – (continued)

CECONOMY AG*		49,691	$	114,872

DCM Holdings Co. Ltd.		33,300		309,162

Delek Automotive Systems Ltd.(a)		17,871		101,171

Dunelm Group plc		6,498		82,585

Eagers Automotive Ltd.(a)		4,180		34,308

EDION Corp.		7,600		78,721

Fast Retailing Co. Ltd.		2,700		712,897

Fenix Outdoor International AG* (a)		369		23,332

Fielmann Group AG		152		7,127

Fox Wizel Ltd.(a)		533		42,369

Frasers Group plc*		4,620		47,234

Geo Holdings Corp.(a)		3,800		47,933

H & M Hennes & Mauritz AB, Class B(a)		8,510		137,040

Hong Kong Resources Holdings Co. Ltd.*		4,579		556

Hornbach Holding AG & Co. KGaA		2,368		186,354

Hour Glass Ltd. (The)		26,600		31,208

IDOM, Inc.(a)		19,100		169,438

Industria de Diseno Textil SA(a)		15,540		712,002

JB Hi-Fi Ltd.(a)		1,722		68,265

JD Sports Fashion plc		52,515		76,015

JINS Holdings, Inc.		900		19,016

Joyful Honda Co. Ltd.		2,000		28,545

Kingfisher plc		37,852		117,590

Kohnan Shoji Co. Ltd.(a)		8,900		252,242

Komeri Co. Ltd.		11,100		269,097

K’s Holdings Corp.		3,800		36,584

Leon’s Furniture Ltd.		6,660		109,897

Lovisa Holdings Ltd.		3,686		75,970

Luk Fook Holdings International Ltd.(a)		111,672		268,429

Nextage Co. Ltd.(a)		3,800		67,324

Nishimatsuya Chain Co. Ltd.		3,800		53,077

Nitori Holdings Co. Ltd.		1,600		216,007

Nojima Corp.		22,200		265,923

Pet Valu Holdings Ltd.		1,716		38,595

Pets at Home Group plc		23,584		86,289

Premier Investments Ltd.		1,517		29,749

Sanrio Co. Ltd.		5,400		91,604


Investments	Shares		Value

Specialty Retail – (continued)

Shimamura Co. Ltd.		1,000	$	49,573

Super Retail Group Ltd.		5,324		50,716

USS Co. Ltd.		3,600		27,589

Watches of Switzerland Group plc* (c)		13,282		56,346

WH Smith plc		8,214		112,828

Yamada Holdings Co. Ltd.		7,600		21,767

Yellow Hat Ltd.		11,300		147,277

Zalando SE* (b)		3,444		90,810

ZOZO, Inc.(a)		2,800		60,585
				6,667,839

Technology Hardware, Storage & Peripherals – 0.3%

Brother Industries Ltd.		4,000		71,223

Canon, Inc.(a)		14,800		402,529

Eizo Corp.		1,500		48,422

Elecom Co. Ltd.		1,600		15,210

FUJIFILM Holdings Corp.		18,000		386,274

Konica Minolta, Inc.		14,200		47,374

Logitech International SA (Registered)		2,368		186,052

MCJ Co. Ltd.		22,200		194,822

Ricoh Co. Ltd.		11,800		102,467

Riso Kagaku Corp.		1,700		31,847

Seiko Epson Corp.		7,400		122,452

Toshiba TEC Corp.		1,100		22,229

Wacom Co. Ltd.		7,600		29,364
				1,660,265

Textiles, Apparel & Luxury Goods – 1.9%

adidas AG		2,220		537,414

Asics Corp.		3,400		146,055

Brunello Cucinelli SpA		660		67,818

Burberry Group plc		4,066		58,575

CCC SA*		2,584		60,380

Chow Sang Sang Holdings International Ltd.		111,000		119,782

Cie Financiere Richemont SA (Registered)		7,844		1,093,875

Coats Group plc		93,931		95,857

Crystal International Group Ltd.(b)		209,500		108,216

Delta Galil Ltd.(a)		3,404		152,122

Descente Ltd.		1,200		27,223

See Accompanying Notes to the Financial Statements.


148		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Textiles, Apparel & Luxury Goods – (continued)

Dr. Martens plc		33,087	$	31,487

Gildan Activewear, Inc.		2,703		93,887

Goldwin, Inc.		1,000		61,005

Hermes International SCA		518		1,246,765

HUGO BOSS AG		1,232		66,577

Japan Wool Textile Co. Ltd. (The)		7,600		65,923

Kering SA		1,110		391,666

LPP SA		24		93,300

LVMH Moet Hennessy Louis Vuitton SE		3,811		3,155,612

Moncler SpA(a)		2,775		190,255

New Wave Group AB, Class B(a)		29,193		271,027

Pandora A/S		1,110		170,192

Puma SE		1,558		72,533

Salvatore Ferragamo SpA(a)		5,358		53,452

Samsonite International SA* (a) (b)		24,600		87,439

Seiko Group Corp.		7,400		196,327

Stella International Holdings Ltd.		166,500		304,423

Swatch Group AG (The)(a)		407		85,935

Swatch Group AG (The) (Registered)		792		32,987

Tod’s SpA* (a)		778		35,787

Wacoal Holdings Corp.		4,100		89,887

Yue Yuen Industrial Holdings Ltd.		277,500		494,598
				9,758,381

Tobacco – 0.5%

British American Tobacco plc		47,286		1,392,008

Imperial Brands plc		16,354		374,434

Japan Tobacco, Inc.		14,800		399,237

Scandinavian Tobacco Group A/S(b)		16,539		267,456
				2,433,135

Trading Companies & Distributors – 2.5%

AddTech AB, Class B		2,432		51,583

Ashtead Group plc		6,253		457,411

Azelis Group NV		1,148		27,791

BayWa AG		3,441		82,784


Investments	Shares		Value

Trading Companies & Distributors – (continued)

Beijer Ref AB, Class B(a)		3,876	$	55,955

Bossard Holding AG (Registered), Class A		38		8,701

Brenntag SE		2,114		169,213

Bufab AB		968		29,862

Bunzl plc		5,032		193,687

Chori Co. Ltd.		4,100		91,841

Diploma plc		1,979		89,902

DKSH Holding AG		660		43,105

Finning International, Inc.		2,562		80,542

Grafton Group plc		11,063		131,128

Hanwa Co. Ltd.		13,900		538,811

Howden Joinery Group plc		10,647		116,785

IMCD NV*		888		135,066

Inaba Denki Sangyo Co. Ltd.		4,100		96,009

Inabata & Co. Ltd.(a)		14,800		302,837

ITOCHU Corp.(a)		29,600		1,342,265

Kanamoto Co. Ltd.(a)		11,100		187,557

Kanematsu Corp.		25,900		422,820

Marubeni Corp.		33,300		597,587

Mitani Corp.		14,800		156,780

Mitsubishi Corp.		84,200		1,936,924

Mitsui & Co. Ltd.		31,200		1,514,548

MonotaRO Co. Ltd.(a)		5,600		68,005

Nagase & Co. Ltd.		2,200		38,159

Nishio Holdings Co. Ltd.		7,700		197,191

OEM International AB, Class B		9,061		89,818

Reece Ltd.(a)		3,403		61,541

Rexel SA		4,189		109,424

Richelieu Hardware Ltd.		3,332		94,223

RS GROUP plc		7,942		73,292

Russel Metals, Inc.		20,387		575,320

Seven Group Holdings Ltd.		3,036		75,013

Sojitz Corp.		3,899		100,569

Sumitomo Corp.		24,400		644,247

Theme International Holdings Ltd.(a)		1,480,000		113,538

Toromont Industries Ltd.		1,198		109,872

Toyota Tsusho Corp.		4,600		294,653

Travis Perkins plc		76,072		717,259

Trusco Nakayama Corp.		1,800		29,877

Yamazen Corp.(a)		22,200		195,669

Yellow Cake plc* (b)		7,602		61,301

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			149

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Trading Companies & Distributors – (continued)

Yuasa Trading Co. Ltd.		7,400	$	271,331
				12,781,796

Transportation Infrastructure – 0.3%

Aena SME SA(b)		925		169,722

Aeroports de Paris SA		114		14,566

Atlas Arteria Ltd.		4,712		15,880

Auckland International Airport Ltd.		21,555		100,128

Dalrymple Bay Infrastructure Ltd.		15,200		27,538

Enav SpA(b)		12,657		52,294

Flughafen Zurich AG (Registered)		320		64,269

Fraport AG Frankfurt Airport Services Worldwide*		890		44,803

Getlink SE		6,216		106,343

Hamburger Hafen und Logistik AG*		9,009		160,869

Hutchison Port Holdings Trust		1,709,400		218,803

Japan Airport Terminal Co. Ltd.		1,200		42,558

Kamigumi Co. Ltd.		3,100		67,116

Mitsubishi Logistics Corp.		1,700		56,597

Port of Tauranga Ltd.		5,225		15,150

Qube Holdings Ltd.		36,652		79,254

SATS Ltd.*		8,200		15,152

Sumitomo Warehouse Co. Ltd. (The)		4,100		68,105

Svitzer A/S*		206		6,936

Transurban Group		46,250		376,607

Westshore Terminals Investment Corp.(a)		1,647		31,745
				1,734,435

Water Utilities – 0.1%

Pennon Group plc		14,800		123,329

Severn Trent plc		3,478		107,437

United Utilities Group plc		9,435		123,398
				354,164

Wireless Telecommunication Services – 0.7%

1&1 AG		12,654		223,250

Airtel Africa plc(b)		34,804		48,330

Cellcom Israel Ltd.* (a)		38,221		160,669


Investments	Shares		Value

Wireless Telecommunication Services – (continued)

Freenet AG		2,356	$	65,599

KDDI Corp.		22,200		620,722

Millicom International Cellular SA, SDR*		1,482		30,650

Orange Belgium SA*		3,496		52,707

Partner Communications Co. Ltd.* (a)		10,619		49,760

Rogers Communications, Inc., Class B		5,513		206,941

SoftBank Corp.		40,700		494,250

SoftBank Group Corp.		14,800		744,397

StarHub Ltd.		61,500		52,763

Tele2 AB, Class B		8,052		75,635

VEON Ltd., ADR* (a)		7,400		181,300

Vodafone Group plc		449,809		381,080
				3,388,053
Total Common Stocks (Cost $409,615,434)				507,313,434



CLOSED END FUNDS – 0.0%(d)

Independent Power and Renewable Electricity Producers – 0.0%(d)

Renewables Infrastructure Group Ltd. (The) (Cost $99,574)		68,376		85,617
	Number of Warrants

WARRANTS – 0.0%

Construction & Engineering – 0.0%

Webuild SpA, expiring 8/2/2030* ‡ (a)		10,785		—

Software – 0.0%

Constellation Software, Inc., expiring 3/31/2040* ‡		280		—
Total Warrants (Cost $–)				—

See Accompanying Notes to the Financial Statements.


150		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS – 2.2%(f)

REPURCHASE AGREEMENTS – 2.2%

CF Secured LLC, 5.31%, dated 4/30/2024, due 5/1/2024, repurchase price $3,394,943, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 6.75%, maturing 5/15/2024 – 2/15/2054; total market value $3,436,481	$	3,394,442	$	3,394,442

Citigroup Global Markets, Inc., 5.30%, dated 4/30/2024, due 5/1/2024, repurchase price $5,000,736, collateralized by various U.S. Treasury Securities, 4.88%, 4/30/2026; total market value $5,094,226		5,000,000		5,000,000

MetLife, Inc., 5.31%, dated 4/30/2024, due 5/1/2024, repurchase price $1,000,148, collateralized by various U.S. Treasury Securities, 0.00%, maturing 8/15/2041 – 11/15/2050; total market value $1,005,366		1,000,000		1,000,000

NBC Global Finance Ltd., 5.47%, dated 4/30/2024, due 5/1/2024, repurchase price $1,000,152, collateralized by various Common Stocks; total market value $1,095,898		1,000,000		1,000,000

Societe Generale, 5.44%, dated 4/30/2024, due 5/1/2024, repurchase price $1,000,151, collateralized by various Common Stocks; total market value $1,098,730		1,000,000		1,000,000


Investments	Principal Amount		Value

REPURCHASE AGREEMENTS – (continued)

TD Prime Services LLC, 5.42%, dated 4/30/2024, due 5/1/2024, repurchase price $125,019, collateralized by various Common Stocks; total market value $135,503	$	125,000	$	125,000
				11,519,442
Total Securities Lending Reinvestments (Cost $11,519,442)				11,519,442
Total Investments – 100.0% (Cost $421,234,450)				518,918,493

Liabilities in excess of other assets – 0.0%				(4,561	)
NET ASSETS – 100.0%			$	518,913,932

*	Non-income producing security.

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

^(a)

The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 was $53,613,492, collateralized in the form of cash with a value of $11,519,442 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $30,643,830 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 7, 2024 – November 15, 2053 and $16,871,204 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 23, 2024 – June 30, 2120; a total value of $59,034,476.

^(b)

^(c)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. At April 30, 2024, the value of these securities amounted to approximately $99,530 or 0.02% of net assets.

^(d)

Represents less than 0.05% of net assets.

^(e)

Amount less than one dollar.

^(f)

The security was purchased with cash collateral held from securities on loan at April 30, 2024. The total value of securities purchased was $11,519,442.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			151

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

Percentages shown are based on Net Assets.

Abbreviations

ADR – American Depositary Receipt

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

CVA – Dutch Certification

OYJ – Public Limited Company

REIT – Real Estate Investment Trust

SCA – Limited partnership with share capital

SDR – Swedish Depositary Receipt



Aggregate gross unrealized appreciation	$	126,709,074
Aggregate gross unrealized depreciation		(33,595,562	)
Net unrealized appreciation	$	93,113,512
Federal income tax cost	$	425,782,419

Futures Contracts

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund had the following open futures contracts as of April 30, 2024:


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)*
Long Contracts
EURO STOXX 50 Index		56		06/21/2024		EUR	$	2,932,226	$	(9,907	)
FTSE 100 Index		27		06/21/2024		GBP		2,758,230		124,570
Nikkei 225 Index		20		06/13/2024		JPY		2,445,270		(66,615	)
S&P/TSX 60 Index		10		06/20/2024		CAD		1,900,499		(22,565	)
SPI 200 Index		9		06/20/2024		AUD		1,122,807		(11,585	)
									$	13,898

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

Forward Foreign Currency Contracts

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund had the following outstanding contracts as of April 30, 2024:


Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
CAD	203,792	Bank of New York Mellon (The)	USD	151,028		06/20/2024	$	(2,568	)
GBP	323,203	Citibank NA	USD	412,105		06/20/2024		(7,299	)
JPY	64,928,298	Citibank NA	USD	442,346		06/20/2024		(26,593	)
Net unrealized depreciation							$	(36,460	)

Abbreviations:

AUD — Australian Dollar

CAD — Canadian Dollar

EUR — Euro

GBP — British Pound

JPY — Japanese Yen

USD — US Dollar

See Accompanying Notes to the Financial Statements.


152		FLEXSHARES SEMIANNUAL REPORT

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

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2024:


Australia	5.9	%
Austria	0.5
Belgium	1.0
Bermuda	0.1
Canada	10.5
Chile	0.1
Colombia	0.0	^†
Cyprus	0.1
Denmark	2.7
Egypt	0.1
Faeroe Islands	0.0	^†
Finland	0.7
France	7.7
Georgia	0.3
Germany	6.6
Greece	0.0	^†
Guernsey	0.0	^†
Hong Kong	2.0
India	0.0	^†
Indonesia	0.1
Ireland	0.3
Israel	1.6
Italy	2.9
Japan	23.8
Jersey	0.0	^†
Jordan	0.0	^†
Kyrgyzstan	0.0	^†
Liechtenstein	0.0	^†
Luxembourg	0.2
Macao	0.1
Malta	0.0	^†
Monaco	0.0	^†
Netherlands	2.9
New Zealand	0.4
Norway	1.2
Poland	0.4
Portugal	0.2
Singapore	1.2
South Africa	0.2
Spain	2.4
Sweden	3.2
Switzerland	5.5
Taiwan	0.0	^†
United Arab Emirates	0.0	^†
United Kingdom	11.7
United States	1.2
Zambia	0.0	^†
Other¹	2.2
	100.0	%

^†	Amount represents less than 0.05%.

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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			153

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


Security Type	% of Net Assets
Common Stocks		97.8	%
Closed End Funds		0.0	^†
Warrants		—
Securities Lending Reinvestments		2.2
Others⁽¹⁾		—
		100.0	%

^†	Amount represents less than 0.05%.

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


154		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund

April 30, 2024 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 100.7%

Aerospace & Defense – 0.3%

AECC Aviation Power Co. Ltd., Class A		4,700	$	22,950

Aselsan Elektronik Sanayi ve Ticaret A/S		36,750		68,956

AviChina Industry & Technology Co. Ltd., Class H(a)		52,000		22,472

Bharat Dynamics Ltd.(b)		705		16,709

Bharat Electronics Ltd.		63,195		177,043

Colt CZ Group SE		144		3,969

Data Patterns India Ltd.		588		20,930

EHang Holdings Ltd., ADR* (a)		1,440		25,661

Embraer SA*		9,400		60,483

Hanwha Aerospace Co. Ltd.		950		145,377

Hanwha Systems Co. Ltd.		689		9,811

Hindustan Aeronautics Ltd.(b)		3,100		146,363

Korea Aerospace Industries Ltd.		1,200		44,975

Kuang-Chi Technologies Co. Ltd., Class A*		10,200		27,622

LIG Nex1 Co. Ltd.		250		29,086

Mazagon Dock Shipbuilders Ltd.		528		14,865

United Aircraft Corp. PAO* ^‡		25,155,036		—
				837,272

Air Freight & Logistics – 0.3%

Abu Dhabi Aviation Co.		57,350		100,244

Agility Public Warehousing Co. KSC		28,266		29,000

Agility Public Warehousing Co. KSC*		58,792		20,809

Allcargo Logistics Ltd.*		125,800		110,517

Aramex PJSC*		32,940		23,228

Blue Dart Express Ltd.		96		7,262

CJ Logistics Corp.		245		21,733

Delhivery Ltd.*		7,008		37,713

Hyundai Glovis Co. Ltd.		500		65,842

J&T Global Express Ltd.* (a)		100,000		76,715

JD Logistics, Inc.* (a) (b)		50,000		54,659

Kerry TJ Logistics Co. Ltd.		8,000		10,392

SCGJWD Logistics PCL, NVDR*		29,300		11,622

SF Holding Co. Ltd., Class A		5,200		26,030


Investments	Shares		Value

Air Freight & Logistics – (continued)

Sinotrans Ltd., Class A		4,700	$	3,810

Sinotrans Ltd., Class H		47,000		22,655

TVS Supply Chain Solutions Ltd.*		6,816		14,570

YTO Express Group Co. Ltd., Class A		4,700		10,307

Yunda Holding Co. Ltd., Class A		5,800		6,287

ZTO Express Cayman, Inc.		7,500		159,950
				813,345

Automobile Components – 1.6%

Actron Technology Corp.		2,688		15,396

Apollo Tyres Ltd.		4,465		27,297

Asahi India Glass Ltd.		4,900		35,333

Astra Otoparts Tbk. PT		420,000		53,727

Balkrishna Industries Ltd.		1,815		52,858

Bharat Forge Ltd.		4,031		61,415

Bosch Ltd.		147		51,720

Ceat Ltd.		799		24,601

Cheng Shin Rubber Industry Co. Ltd.		50,000		72,400

CIE Automotive India Ltd.		1,715		10,089

Cub Elecparts, Inc.		3,269		11,244

Depo Auto Parts Ind Co. Ltd.		56,048		339,951

DN Automotive Corp.		1,550		93,980

Endurance Technologies Ltd.(b)		350		8,299

Exide Industries Ltd.		8,526		48,273

Fuyao Glass Industry Group Co. Ltd., Class A		4,800		33,030

Fuyao Glass Industry Group Co. Ltd., Class H(b)		8,400		50,532

Hankook & Co. Co Ltd.		907		10,631

Hankook Tire & Technology Co. Ltd.		2,100		89,798

Hanon Systems		2,756		11,127

HL Mando Co. Ltd.		1,045		29,790

Hota Industrial Manufacturing Co. Ltd.		12,134		20,309

Hu Lane Associate, Inc.		2,544		12,149

Huayu Automotive Systems Co. Ltd., Class A		9,400		21,392

Hyundai Mobis Co. Ltd.		1,800		297,591

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			155

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Automobile Components – (continued)

Hyundai Wia Corp.		583	$	24,508

Iljin Hysolus Co. Ltd.*		383		6,485

JBM Auto Ltd.		784		17,895

JK Tyre & Industries Ltd.		44,900		227,093

Kordsa Teknik Tekstil A/S*		5,328		16,473

Kumho Tire Co., Inc.*		5,635		28,703

Mahle Metal Leve SA		20,000		118,230

Minda Corp. Ltd.		3,724		18,212

Minth Group Ltd.		12,000		20,621

Motherson Sumi Wiring India Ltd.		30,126		24,932

MRF Ltd.		50		79,713

Myoung Shin Industrial Co. Ltd.		12,350		131,891

Nan Kang Rubber Tire Co. Ltd.*		14,000		25,281

Nexen Tire Corp.		13,315		89,788

Nexteer Automotive Group Ltd.		400,000		212,755

Samvardhana Motherson International Ltd.		39,962		62,839

Sebang Global Battery Co. Ltd.		2,250		166,540

SL Corp.		550		13,391

SNT Motiv Co. Ltd.		3,500		117,502

Sona Blw Precision Forgings Ltd.(b)		5,145		38,562

Sri Trang Agro-Industry PCL, NVDR		325,000		153,467

Sundram Fasteners Ltd.		1,504		20,134

Sungwoo Hitech Co. Ltd.		18,950		129,980

Tianneng Power International Ltd.(a)		300,000		231,294

Tong Yang Industry Co. Ltd.		9,072		33,154

Tube Investments of India Ltd.		1,750		78,498

Tung Thih Electronic Co. Ltd.		2,872		10,011

TVS Holdings Ltd.		2,800		291,590

TYC Brother Industrial Co. Ltd.		89,577		138,099

UNO Minda Ltd.		4,931		43,615

Weifu High-Technology Group Co. Ltd., Class A		4,700		12,046

ZF Commercial Vehicle Control Systems India Ltd.		96		15,749
				4,081,983


Investments	Shares		Value

Automobiles – 2.1%

Bajaj Auto Ltd.		1,300	$	138,726

Brilliance China Automotive Holdings Ltd.		102,000		85,291

BYD Co. Ltd., Class A		700		21,121

BYD Co. Ltd., Class H(a)		17,500		482,407

China Motor Corp.		7,000		30,849

Chongqing Changan Automobile Co. Ltd., Class A		17,108		34,776

Chongqing Changan Automobile Co. Ltd., Class B		4,890		2,420

Dongfeng Motor Group Co. Ltd., Class H		1,000,000		364,394

DRB-Hicom Bhd.		370,000		108,539

Eicher Motors Ltd.		2,520		138,854

Ford Otomotiv Sanayi A/S		1,844		63,448

Geely Automobile Holdings Ltd.		150,000		182,772

Great Wall Motor Co. Ltd., Class A		4,700		17,005

Great Wall Motor Co. Ltd., Class H(a)		32,500		49,615

Guangzhou Automobile Group Co. Ltd., Class A		13,500		16,368

Guangzhou Automobile Group Co. Ltd., Class H		104,000		43,216

Hero MotoCorp Ltd.		2,150		117,066

Hyundai Motor Co.		4,100		744,592

Hyundai Motor Co. (2nd Preference)		950		109,290

Hyundai Motor Co. (3rd Preference)		104		11,633

Hyundai Motor Co. (Preference)		663		75,985

Kia Corp.		7,000		597,641

Li Auto, Inc., Class A*		16,500		219,404

Mahindra & Mahindra Ltd.		16,100		416,093

Maruti Suzuki India Ltd.		2,250		345,646

NIO, Inc., Class A* (a)		23,500		107,416

Oriental Holdings Bhd.		8,500		12,147

SAIC Motor Corp. Ltd., Class A		25,000		51,302

Sanyang Motor Co. Ltd.		10,824		28,056

Seres Group Co. Ltd., Class A*		1,000		12,587

Tata Motors Ltd.		28,150		340,049

Tata Motors Ltd., Class A		8,572		70,092

Tofas Turk Otomobil Fabrikasi A/S		3,233		27,485

See Accompanying Notes to the Financial Statements.


156		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Automobiles – (continued)

TVS Motor Co. Ltd.		3,564	$	87,993

XPeng, Inc., Class A* (a)		20,000		80,678

Yadea Group Holdings Ltd.(b)		8,000		15,445

Yulon Motor Co. Ltd.		18,120		38,230

Zhejiang Leapmotor Technology Co. Ltd.* (a) (b)		15,200		52,764
				5,341,395

Banks – 14.1%

Absa Group Ltd.		24,350		188,045

Abu Dhabi Commercial Bank PJSC		81,150		184,487

Abu Dhabi Islamic Bank PJSC		42,500		129,135

AFFIN Bank Bhd.		6,973		3,726

Agricultural Bank of China Ltd., Class A		380,000		230,891

Agricultural Bank of China Ltd., Class H		777,000		348,702

Ajman Bank PJSC*		39,120		20,024

Akbank TAS, ADR(a)		39,763		147,600

Al Ahli Bank of Kuwait KSCP		13,327		10,385

Al Rajhi Bank		31,950		680,639

Alinma Bank		20,168		179,332

Alliance Bank Malaysia Bhd.		27,600		22,092

Alpha Services and Holdings SA*		64,300		109,489

AMMB Holdings Bhd.		55,000		48,402

AU Small Finance Bank Ltd.(b)		5,304		40,278

Axis Bank Ltd.		36,700		512,829

BAC Holding International Corp.		98,352		6,318

Banco BBVA Peru SA		115,500		44,689

Banco Bradesco SA		46,500		110,887

Banco Bradesco SA (Preference)		145,000		391,658

Banco de Bogota SA		3,242		23,574

Banco de Chile		1,218,300		135,707

Banco de Credito e Inversiones SA		2,213		64,811

Banco del Bajio SA(b)		20,000		74,138

Banco do Brasil SA		50,000		264,514

Banco do Estado do Rio Grande do Sul SA (Preference), Class B		85,000		206,633


Investments	Shares		Value

Banks – (continued)

Banco Itau Chile SA		768	$	8,113

Banco Santander Chile		1,408,250		64,072

Bancolombia SA		5,800		50,370

Bancolombia SA (Preference)		14,027		115,691

Bandhan Bank Ltd.(b)		11,877		26,804

Bangkok Bank PCL, NVDR		20,000		73,934

Bank Aladin Syariah Tbk. PT*		279,300		17,263

Bank AlBilad		10,667		101,534

Bank Al-Jazira*		7,582		32,749

Bank BTPN Syariah Tbk. PT		1,010,000		75,471

Bank Central Asia Tbk. PT		890,000		536,408

Bank Ina Perdana PT*		161,200		42,035

Bank Islam Malaysia Bhd.		44,100		23,656

Bank Jago Tbk. PT*		144,000		19,041

Bank Mandiri Persero Tbk. PT		1,027,880		436,185

Bank Negara Indonesia Persero Tbk. PT		440,000		142,066

Bank OCBC Nisp Tbk. PT		1,460,000		116,728

Bank of Baroda		32,344		109,123

Bank of Beijing Co. Ltd., Class A		71,400		55,018

Bank of Changsha Co. Ltd., Class A		9,400		10,592

Bank of Chengdu Co. Ltd., Class A		10,600		21,664

Bank of China Ltd., Class H		2,250,000		1,015,509

Bank of Chongqing Co. Ltd., Class A		14,700		15,204

Bank of Communications Co. Ltd., Class A		104,100		98,903

Bank of Communications Co. Ltd., Class H		189,000		136,774

Bank of Hangzhou Co. Ltd., Class A		18,800		33,490

Bank of India		21,338		39,665

Bank of Jiangsu Co. Ltd., Class A		41,780		46,618

Bank of Nanjing Co. Ltd., Class A		31,200		40,155

Bank of Ningbo Co. Ltd., Class A		16,650		52,722

Bank of Qingdao Co. Ltd., Class H(b)		23,500		6,791

Bank of Shanghai Co. Ltd., Class A		45,000		45,364

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			157

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Banks – (continued)

Bank of the Philippine Islands		32,454	$	71,629

Bank of Xi’an Co. Ltd., Class A		4,900		2,422

Bank of Zhengzhou Co. Ltd., Class A*		19,239		5,128

Bank Pan Indonesia Tbk. PT*		71,500		4,903

Bank Rakyat Indonesia Persero Tbk. PT		1,035,000		314,447

Bank Tabungan Negara Persero Tbk. PT		2,440,024		198,083

Banque Saudi Fransi		17,150		167,586

BDO Unibank, Inc.		35,000		89,789

BNK Financial Group, Inc.		8,550		51,903

BOC Hong Kong Holdings Ltd.		100,000		308,776

Boubyan Bank KSCP		22,843		43,684

Burgan Bank SAK		33,079		19,439

Canara Bank		9,937		74,072

Capitec Bank Holdings Ltd.		1,650		203,920

Chang Hwa Commercial Bank Ltd.		119,791		67,139

China Banking Corp.		44,100		29,849

China Bohai Bank Co. Ltd., Class H* (b)		1,125,000		148,155

China CITIC Bank Corp. Ltd., Class H		250,000		147,036

China Construction Bank Corp., Class A		28,200		27,727

China Construction Bank Corp., Class H		2,750,000		1,793,203

China Everbright Bank Co. Ltd., Class A		120,000		52,199

China Everbright Bank Co. Ltd., Class H		53,000		16,128

China Merchants Bank Co. Ltd., Class A		45,000		213,209

China Merchants Bank Co. Ltd., Class H		100,000		439,191

China Minsheng Banking Corp. Ltd., Class A		85,000		46,365

China Minsheng Banking Corp. Ltd., Class H(a)		150,000		55,043

China Zheshang Bank Co. Ltd., Class A		61,100		25,312

China Zheshang Bank Co. Ltd., Class H		107,900		31,179


Investments	Shares		Value

Banks – (continued)

Chongqing Rural Commercial Bank Co. Ltd., Class A		18,800	$	12,046

Chongqing Rural Commercial Bank Co. Ltd., Class H		47,000		20,191

CIMB Group Holdings Bhd.		235,140		325,673

City Union Bank Ltd.		19,584		37,719

CNPC Capital Co. Ltd., Class A		28,800		23,345

Commercial Bank of Dubai PSC		30,350		54,124

Commercial Bank PSQC (The)		93,150		106,249

Commercial International Bank – Egypt (CIB)		66,315		99,646

Commercial International Bank – Egypt (CIB) (Registered), GDR(b)		400		593

Credicorp Ltd.		1,900		314,659

Credit Agricole Egypt SAE		204,432		76,304

Credit Bank of Moscow PJSC* ^‡		229,590		—

CTBC Financial Holding Co. Ltd.		550,000		575,978

DGB Financial Group, Inc.		5,243		32,169

Doha Bank QPSC		977,500		400,826

Dubai Islamic Bank PJSC		86,150		130,413

Dukhan Bank		42,700		45,163

E.Sun Financial Holding Co. Ltd.		250,000		210,368

Emirates NBD Bank PJSC		68,850		318,672

Equitas Small Finance Bank Ltd.(b)		23,177		26,959

Eurobank Ergasias Services and Holdings SA*		68,150		146,468

Faisal Islamic Bank of Egypt		64,800		62,532

Far Eastern International Bank		107,625		50,735

Federal Bank Ltd.		31,046		60,502

First Abu Dhabi Bank PJSC		70,850		240,738

First Financial Holding Co. Ltd.		164,208		137,924

Grupo Aval Acciones y Valores SA (Preference)		116,179		13,821

Grupo Bolivar SA		18,900		326,333

Grupo Elektra SAB de CV		1,000		64,890

Grupo Financiero Banorte SAB de CV, Class O		80,912		805,155

Grupo Financiero Inbursa SAB de CV, Class O* (a)		29,446		82,038

Grupo Security SA		742,050		212,417

Gulf Bank KSCP		21,130		17,700

See Accompanying Notes to the Financial Statements.


158		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Banks – (continued)

Haci Omer Sabanci Holding A/S*		32,096	$	91,500

Hana Financial Group, Inc.		8,500		361,009

HDFC Bank Ltd.		91,250		1,662,456

Hong Leong Bank Bhd.		20,000		80,880

Hong Leong Financial Group Bhd.		4,900		17,167

Hua Nan Financial Holdings Co. Ltd.		164,065		119,162

Huaxia Bank Co. Ltd., Class A		47,000		43,550

ICICI Bank Ltd.		85,400		1,177,476

IDFC First Bank Ltd.*		47,750		47,014

Indian Bank		7,733		50,813

IndusInd Bank Ltd.		9,717		176,519

Industrial & Commercial Bank of China Ltd., Class A		260,000		194,960

Industrial & Commercial Bank of China Ltd., Class H		2,050,000		1,108,717

Industrial Bank Co. Ltd., Class A		55,000		127,978

Industrial Bank of Korea		7,600		76,709

Intercorp Financial Services, Inc.(b)		1,040		22,183

Itau Unibanco Holding SA (Preference)		135,000		816,809

Itausa SA		31,693		58,701

Itausa SA (Preference)		154,365		284,719

Jammu & Kashmir Bank Ltd. (The)		181,750		297,339

JB Financial Group Co. Ltd.		3,370		32,454

Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		6,700		7,356

KakaoBank Corp.		5,350		97,160

Karnataka Bank Ltd. (The)		73,200		202,879

Karur Vysya Bank Ltd. (The)		255,700		625,028

Kasikornbank PCL, NVDR		34,600		121,838

KB Financial Group, Inc.		10,800		590,753

Kiatnakin Phatra Bank PCL, NVDR		9,800		13,751

King’s Town Bank Co. Ltd.		50,000		86,143

Komercni Banka A/S*		2,200		81,244

Kotak Mahindra Bank Ltd.		17,700		344,502

Krung Thai Bank PCL, NVDR		114,600		51,950

Kuwait Finance House KSCP		192,058		448,967


Investments	Shares		Value

Banks – (continued)

Kuwait International Bank KSCP		39,646	$	20,724

Kuwait Projects Co. Holding KSCP*		56,513		23,302

Malayan Banking Bhd.		205,000		417,947

Malaysia Building Society Bhd.*		14,100		2,334

Masraf Al Rayan QSC		89,200		61,541

Mega Financial Holding Co. Ltd.		203,796		250,348

Metropolitan Bank & Trust Co.		45,000		54,528

Moneta Money Bank A/S(b)		10,000		40,391

National Bank of Greece SA*		15,800		127,720

National Bank of Kuwait SAKP		135,294		379,965

Nedbank Group Ltd.(a)		13,050		158,486

O-Bank Co. Ltd.		47,000		14,405

Optima bank SA*		25,650		291,815

OTP Bank Nyrt.		6,250		311,166

Ping An Bank Co. Ltd., Class A		48,000		71,521

Piraeus Financial Holdings SA*		16,306		65,818

Postal Savings Bank of China Co. Ltd., Class A		70,000		46,399

Postal Savings Bank of China Co. Ltd., Class H(a) (b)		300,000		156,881

Public Bank Bhd.		420,000		362,577

Punjab National Bank		62,965		106,443

Qatar International Islamic Bank QSC		15,200		41,997

Qatar Islamic Bank SAQ		50,100		251,807

Qatar National Bank QPSC		123,200		469,317

Qingdao Rural Commercial Bank Corp., Class A*		18,800		7,373

RBL Bank Ltd.(b)		192,300		599,927

Regional SAB de CV		5,100		46,311

RHB Bank Bhd.		105,000		121,006

Riyad Bank		41,050		303,174

Saudi Awwal Bank		15,850		172,420

Saudi Investment Bank (The)		14,350		64,584

Saudi National Bank (The)		81,600		818,045

Sberbank of Russia PJSC^‡		369,050		—

Sberbank of Russia PJSC (Preference)^‡		39,708		—

SCB X PCL, NVDR		24,600		70,694

Security Bank Corp.		130,000		160,563

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			159

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Banks – (continued)

Shanghai Commercial & Savings Bank Ltd. (The)		100,000	$	142,651

Shanghai Pudong Development Bank Co. Ltd., Class A		75,000		79,749

Shanghai Rural Commercial Bank Co. Ltd., Class A		38,400		35,847

Sharjah Islamic Bank		549,750		335,277

Shinhan Financial Group Co. Ltd.		13,600		459,041

SinoPac Financial Holdings Co. Ltd.		350,000		235,935

Standard Bank Group Ltd.		37,986		357,139

State Bank of India		49,900		494,148

Taichung Commercial Bank Co. Ltd.		54,149		29,434

Taishin Financial Holding Co. Ltd.		335,568		184,984

Taiwan Business Bank		207,656		108,094

Taiwan Cooperative Financial Holding Co. Ltd.		157,350		126,607

Tamilnad Mercantile Bank Ltd.		53,750		313,083

Thanachart Capital PCL, NVDR		19,300		25,518

Tisco Financial Group PCL, NVDR		9,300		24,404

TMBThanachart Bank PCL, NVDR		1,315,100		64,229

Turkiye Garanti Bankasi A/S		13,849		35,268

Turkiye Is Bankasi A/S, Class C		194,950		82,553

Ujjivan Small Finance Bank Ltd.(b)		17,904		11,512

Union Bank of India Ltd.		45,500		84,089

Union Bank of Taiwan		52,500		24,830

Union Bank of the Philippines		27,432		18,282

VTB Bank PJSC* ^‡		136,511,531		—

Warba Bank KSCP*		13,740		8,431

Woori Financial Group, Inc.		17,800		183,268

Yapi ve Kredi Bankasi A/S		81,063		80,821

Yes Bank Ltd.*		325,550		102,032
				36,727,004

Beverages – 1.0%

Ambev SA		70,000		164,091


Investments	Shares		Value

Beverages – (continued)

Anadolu Efes Biracilik ve Malt Sanayii A/S, Class B		5,350	$	30,157

Anhui Gujing Distillery Co. Ltd., Class B		600		9,856

Arca Continental SAB de CV		10,000		98,084

Becle SAB de CV(a)		4,700		9,599

Beijing Shunxin Agriculture Co. Ltd., Class A*		6,800		17,569

Beijing Yanjing Brewery Co. Ltd., Class A		15,600		21,306

Carabao Group PCL, NVDR		4,600		8,502

Carlsberg Brewery Malaysia Bhd.		4,900		19,179

China Foods Ltd.(a)		300,000		115,072

China Resources Beer Holdings Co. Ltd.		23,107		106,359

Chongqing Brewery Co. Ltd., Class A		600		5,831

Cia Cervecerias Unidas SA		2,156		13,282

Coca-Cola Femsa SAB de CV		10,000		99,745

Coca-Cola Icecek A/S		1,836		41,113

Embotelladora Andina SA (Preference), Class B		12,864		36,529

Emperador, Inc.		67,600		22,280

Fomento Economico Mexicano SAB de CV		25,000		294,055

Ginebra San Miguel, Inc.		29,500		83,748

Guangzhou Zhujiang Brewery Co. Ltd., Class A		17,800		20,721

Hebei Hengshui Laobaigan Liquor Co. Ltd., Class A		2,300		6,876

Heineken Malaysia Bhd.		5,100		24,856

Hite Jinro Co. Ltd.		432		6,580

Jiangsu Yanghe Distillery Co. Ltd., Class A		700		9,190

JiuGui Liquor Co. Ltd., Class A		500		3,528

Kweichow Moutai Co. Ltd., Class A		1,600		376,718

Lotte Chilsung Beverage Co. Ltd.		47		4,315

Luzhou Laojiao Co. Ltd., Class A		1,200		30,839

Nongfu Spring Co. Ltd., Class H(a) (b)		30,600		180,755

Osotspa PCL, NVDR		31,700		18,390

Radico Khaitan Ltd.		1,344		28,304

See Accompanying Notes to the Financial Statements.


160		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Beverages – (continued)

Shanghai Bairun Investment Holding Group Co. Ltd., Class A		5,200	$	14,649

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		1,060		38,397

Tsingtao Brewery Co. Ltd., Class H(a)		8,000		58,047

United Breweries Ltd.		1,379		33,682

United Spirits Ltd.		5,700		80,407

Varun Beverages Ltd.		7,600		134,759

Vina Concha y Toro SA		229,250		306,913

Wuliangye Yibin Co. Ltd., Class A		5,000		103,867

Yantai Changyu Pioneer Wine Co. Ltd., Class A		5,800		19,319

ZJLD Group, Inc.* (b)		9,800		13,332
				2,710,801

Biotechnology – 0.5%

3SBio, Inc.(b)		52,000		41,753

ABLBio, Inc.*		1,585		29,817

Adimmune Corp.*		11,376		9,538

Akeso, Inc.* (a) (b)		7,000		43,094

Alteogen, Inc.*		650		83,196

Ascentage Pharma Group International* (b)		11,700		26,747

BeiGene Ltd.*		14,100		170,544

Biocon Ltd.		6,644		23,773

Bioneer Corp.*		392		8,622

Bloomage Biotechnology Corp. Ltd., Class A		611		5,189

CanSino Biologics, Inc., Class A*		318		2,243

CanSino Biologics, Inc., Class H* (a) (b)		800		1,833

Celltrion, Inc.		2,373		324,504

Daan Gene Co. Ltd., Class A		4,700		4,537

Ever Supreme Bio Technology Co. Ltd.		2,480		15,956

Everest Medicines Ltd.* (a) (b)		3,500		10,941

Green Cross Corp.		163		13,480

Green Cross Holdings Corp.		12,600		146,321

Hugel, Inc.*		204		31,218


Investments	Shares		Value

Biotechnology – (continued)

Innovent Biologics, Inc.* (b)		25,000	$	122,264

L&C Bio Co. Ltd.		605		8,886

Medigen Vaccine Biologics Corp.*		11,148		17,666

Medytox, Inc.		48		4,689

Naturecell Co. Ltd.*		1,833		11,976

PharmaEngine, Inc.		6,816		19,614

PharmaEssentia Corp.*		4,000		36,054

PharmaResearch Co. Ltd.		96		8,863

Remegen Co. Ltd., Class A*		245		1,879

Seegene, Inc.		637		10,209

Shanghai Junshi Biosciences Co. Ltd., Class A*		1,113		4,633

Shanghai Junshi Biosciences Co. Ltd., Class H* (b)		10,000		15,036

Shanghai RAAS Blood Products Co. Ltd., Class A		9,400		9,320

SillaJen, Inc.*		4,263		14,451

SK Bioscience Co. Ltd.*		468		19,843

TaiMed Biologics, Inc.*		14,262		37,449

Voronoi, Inc.*		384		8,821

Zai Lab Ltd.*		9,800		16,289
				1,361,248

Broadline Retail – 3.1%

Alibaba Group Holding Ltd.		480,000		4,562,983

Bukalapak.com PT Tbk.*		1,494,300		11,947

Central Retail Corp. PCL, NVDR		54,475		50,712

Easyhome New Retail Group Co. Ltd., Class A		14,400		6,085

El Puerto de Liverpool SAB de CV, Class C1		5,200		41,714

Falabella SA*		21,962		59,034

Far Eastern Department Stores Ltd.		21,120		22,020

Global Digital Niaga Tbk. PT*		387,100		11,237

GoTo Gojek Tokopedia Tbk. PT, Class A*		14,670,000		56,839

Hyundai Department Store Co. Ltd.		224		8,525

Hyundai Home Shopping Network Corp.		2,079		82,282

JD.com, Inc., Class A		70,000		1,027,464

Lotte Shopping Co. Ltd.		245		12,355

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			161

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Broadline Retail – (continued)

Magazine Luiza SA*		58,156	$	15,260

MINISO Group Holding Ltd., ADR(a)		2,650		59,545

Mitra Adiperkasa Tbk. PT		171,500		16,612

momo.com, Inc.		1,716		23,293

Naspers Ltd., Class N		3,000		574,555

PDD Holdings, Inc., ADR*		10,300		1,289,354

Poya International Co. Ltd.		1,008		15,478

Shinsegae, Inc.		306		36,819

Shoppers Stop Ltd.*		1,421		12,212

Vipshop Holdings Ltd., ADR		7,450		112,048

Woolworths Holdings Ltd.		13,300		42,472

Zhejiang China Commodities City Group Co. Ltd., Class A		5,500		6,646
				8,157,491

Building Products – 0.2%

Astral Ltd.		2,355		59,784

Beijing New Building Materials plc, Class A		5,200		23,517

Blue Star Ltd.		2,592		46,479

Cera Sanitaryware Ltd.		312		26,890

Kajaria Ceramics Ltd.		1,150		16,601

KCC Glass Corp.		4,550		132,013

Kyung Dong Navien Co. Ltd.		240		10,384

Prince Pipes & Fittings Ltd.*		1,960		15,014

Qua Granite Hayal*		384,200		49,365

Taiwan Glass Industry Corp.*		60,504		31,867

Xinyi Glass Holdings Ltd.		47,975		51,648

Xxentria Technology Materials Corp.		63,488		142,527

Zhuzhou Kibing Group Co. Ltd., Class A		5,300		5,723
				611,812

Capital Markets – 1.9%

360 ONE WAM Ltd.		4,560		42,850

Anand Rathi Wealth Ltd.		768		36,802

Angel One Ltd.		867		28,956

B3 SA – Brasil Bolsa Balcao		95,000		197,768

Banco BTG Pactual SA		10,400		67,018

Bangkok Commercial Asset Management PCL, NVDR		620,000		166,460


Investments	Shares		Value

Capital Markets – (continued)

Bengal & Assam Co. Ltd.		1,900	$	189,895

Beyond Securities PCL, NVDR*		37,500		3,177

Bolsa Mexicana de Valores SAB de CV		19,200		36,262

Boursa Kuwait Securities Co. KPSC		1,296		8,416

Bursa Malaysia Bhd.		400		625

Caitong Securities Co. Ltd., Class A		12,220		12,943

Capital Securities Corp.		49,000		37,470

Changjiang Securities Co. Ltd., Class A		14,100		11,040

China Bills Finance Corp.		21,312		9,981

China Cinda Asset Management Co. Ltd., Class H		3,950,000		358,577

China CITIC Financial Asset Management Co. Ltd., Class H* (a) (b)		423,000		19,200

China Everbright Ltd.(a)		300,000		160,717

China Galaxy Securities Co. Ltd., Class A		5,200		8,940

China Galaxy Securities Co. Ltd., Class H		38,000		20,746

China International Capital Corp. Ltd., Class A		5,000		23,020

China International Capital Corp. Ltd., Class H(a) (b)		19,600		23,857

China Merchants Securities Co. Ltd., Class A		21,220		42,900

China Merchants Securities Co. Ltd., Class H(b)		16,600		13,860

CITIC Securities Co. Ltd., Class A		30,000		78,754

CITIC Securities Co. Ltd., Class H		50,000		80,295

Coronation Fund Managers Ltd.		101,150		163,843

CRISIL Ltd.		624		32,580

CSC Financial Co. Ltd., Class A		10,900		33,611

CSC Financial Co. Ltd., Class H(a) (b)		345,000		264,665

Daishin Securities Co. Ltd.		11,500		130,635

Daishin Securities Co. Ltd. (Preference)		8,350		90,079

See Accompanying Notes to the Financial Statements.


162		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Capital Markets – (continued)

Daou Technology, Inc.		9,600	$	137,183

Dubai Financial Market PJSC		33,628		12,635

EFG Holding S.A.E.*		453,780		140,354

Egypt Kuwait Holding Co. SAE		27,716		22,450

Everbright Securities Co. Ltd., Class A		4,700		10,748

GF Securities Co. Ltd., Class A		14,100		25,721

GF Securities Co. Ltd., Class H(a)		28,800		28,869

Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A		11,664		9,326

Guosen Securities Co. Ltd., Class A		24,000		29,795

Guotai Junan Securities Co. Ltd., Class A		20,800		39,523

Guotai Junan Securities Co. Ltd., Class H(a) (b)		21,200		22,633

Haitong Securities Co. Ltd., Class A		18,800		21,782

Haitong Securities Co. Ltd., Class H(a)		83,200		39,998

Hanwha Investment & Securities Co. Ltd.*		51,300		125,643

HDFC Asset Management Co. Ltd.(b)		1,600		74,685

Huatai Securities Co. Ltd., Class A		14,400		27,382

Huatai Securities Co. Ltd., Class H(b)		50,000		59,454

IBF Financial Holdings Co. Ltd.*		56,381		25,193

ICICI Securities Ltd.(b)		1,880		17,040

IDFC Ltd.*		37,500		54,697

Indian Energy Exchange Ltd.(b)		16,732		31,344

Industrial Securities Co. Ltd., Class A		34,450		26,593

Investec Ltd.		4,353		27,723

Is Yatirim Menkul Degerler A/S		14,639		16,901

JM Financial Ltd.		200,000		213,097

KIWOOM Securities Co. Ltd.		392		37,552

Korea Investment Holdings Co. Ltd.		1,100		53,643


Investments	Shares		Value

Capital Markets – (continued)

Minmetals Capital Co. Ltd., Class A		14,400	$	9,108

Mirae Asset Securities Co. Ltd.		7,474		41,045

Mirae Asset Securities Co. Ltd. (Preference)		5,733		15,120

Moscow Exchange MICEX-RTS PJSC^‡		29,911		—

Motilal Oswal Financial Services Ltd.		768		21,878

Multi Commodity Exchange of India Ltd.		912		44,913

NH Investment & Securities Co. Ltd.		1,924		17,387

Ninety One Ltd.		100,200		206,298

Nippon Life India Asset Management Ltd.(b)		2,736		19,303

Norte Grande SA		1,265,334		12,308

Orient Securities Co. Ltd., Class A		12,032		13,874

Orient Securities Co. Ltd., Class H(b)		20,400		8,503

Oyak Yatirim Menkul Degerler A/S*		38,550		54,104

Pacific Strategic Financial Tbk. PT*		448,500		31,307

Pihsiang Machinery Manufacturing Co. Ltd.* ^‡		5,000		—

President Securities Corp.		59,623		50,629

PSG Financial Services Ltd.		36,144		28,995

Reinet Investments SCA		3,700		86,888

Samsung Securities Co. Ltd.		2,050		56,512

Saratoga Investama Sedaya Tbk. PT		27,500		2,385

Saudi Tadawul Group Holding Co.		811		57,258

SDIC Capital Co. Ltd., Class A		19,200		16,969

Shenwan Hongyuan Group Co. Ltd., Class A		47,900		31,089

Shenwan Hongyuan Group Co. Ltd., Class H(b)		78,400		14,936

Shinyoung Securities Co. Ltd.*		1,650		80,823

Sociedad de Inversiones Oro Blanco SA		14,687,121		104,965

SPIC Industry-Finance Holdings Co. Ltd., Class A		10,000		5,620

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			163

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Capital Markets – (continued)

Tata Investment Corp. Ltd.		240	$	19,071

UTI Asset Management Co. Ltd.		3,250		37,022

Western Securities Co. Ltd., Class A		10,000		10,219

Yuanta Securities Korea Co. Ltd.		1,392		2,800

Zheshang Securities Co. Ltd., Class A		4,700		7,334
				4,836,569

Chemicals – 4.0%

Aarti Industries Ltd.		2,880		25,603

Abou Kir Fertilizers & Chemical Industries		9,849		12,803

Advanced Nano Products Co. Ltd.		147		12,487

Advanced Petrochemical Co.		2,025		23,054

AECI Ltd.		45,900		228,846

Akzo Nobel India Ltd.		539		15,826

Alkyl Amines Chemicals		220		5,393

Allied Supreme Corp.		2,352		30,771

Alpek SAB de CV, Class A* (a)		160,864		120,281

Anupam Rasayan India Ltd.		980		9,779

Archean Chemical Industries Ltd.		2,352		18,386

Asia Polymer Corp.		150,000		89,368

Asian Paints Ltd.		11,950		411,895

Atul Ltd.		408		29,270

Avia Avian Tbk. PT		277,300		8,698

Balaji Amines Ltd.		1,150		30,217

Barito Pacific Tbk. PT		515,998		32,369

Batu Kawan Bhd.		5,200		21,770

Bayer CropScience Ltd.		141		9,306

Berger Paints India Ltd.		6,526		39,776

Boubyan Petrochemicals Co. KSCP		7,344		16,405

Braskem SA (Preference), Class A*		4,900		20,118

Carborundum Universal Ltd.		2,499		42,599

Castrol India Ltd.		18,650		47,141

Chambal Fertilisers and Chemicals Ltd.		99,800		507,634

Chemplast Sanmar Ltd.*		2,585		15,475


Investments	Shares		Value

Chemicals – (continued)

Chengxin Lithium Group Co. Ltd., Class A		4,900	$	12,146

China General Plastics Corp.		166,176		93,392

China Hainan Rubber Industry Group Co. Ltd., Class A*		9,600		6,138

China Lumena New Materials Corp.* ^‡		22,200		—

China Petrochemical Development Corp.*		51,168		17,678

China Risun Group Ltd.(a) (b)		49,000		19,735

Chunbo Co. Ltd.*		47		2,642

Clean Science & Technology Ltd.		1,708		27,036

CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A		7,975		5,077

Coromandel International Ltd.		1,898		27,476

Cosmochemical Co. Ltd.*		583		13,562

D&L Industries, Inc.		4,900		530

Deepak Fertilisers & Petrochemicals Corp. Ltd.		28,050		203,425

Deepak Nitrite Ltd.		1,105		32,189

DL Holdings Co. Ltd.		397		15,339

Dongjin Semichem Co. Ltd.		725		22,766

Dongyue Group Ltd.		48,000		42,531

Eastern Polymer Group PCL, NVDR		63,600		11,756

EID Parry India Ltd.		3,871		28,695

Enchem Co. Ltd.*		350		72,426

Eternal Materials Co. Ltd.		50,000		48,676

Fertiglobe plc		27,552		20,929

Fine Organic Industries Ltd.		343		18,047

Finolex Industries Ltd.		9,600		30,657

Foosung Co. Ltd.*		2,009		11,294

Formosa Chemicals & Fibre Corp.		69,000		117,606

Formosa Plastics Corp.		83,861		176,417

Fufeng Group Ltd.(a)		600,000		439,574

Ganfeng Lithium Group Co. Ltd., Class A		5,180		25,222

Ganfeng Lithium Group Co. Ltd., Class H(a) (b)		9,680		28,714

Grand Pacific Petrochemical		55,115		22,850

Guangzhou Tinci Materials Technology Co. Ltd., Class A		5,000		14,500

See Accompanying Notes to the Financial Statements.


164		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Chemicals – (continued)

Gubre Fabrikalari TAS*		833	$	3,965

Gujarat Fluorochemicals Ltd.		715		31,053

Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		39,050		333,536

Han Kuk Carbon Co. Ltd.		1,470		12,114

Hangzhou Oxygen Plant Group Co. Ltd., Class A		5,200		19,618

Hansol Chemical Co. Ltd.		141		19,771

Hanwha Solutions Corp.		2,850		52,789

Hektas Ticaret TAS*		42,672		20,060

Hengli Petrochemical Co. Ltd., Class A*		14,100		30,180

Hengyi Petrochemical Co. Ltd., Class A*		14,100		14,584

Himadri Speciality Chemical Ltd.		8,256		37,106

Huabao International Holdings Ltd.(a)		17,000		5,934

Huafon Chemical Co. Ltd., Class A		14,400		16,187

Hyosung Advanced Materials Corp.		100		26,590

Hyosung TNC Corp.		98		26,094

Indorama Ventures PCL, NVDR		43,200		27,860

Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		23,500		13,662

Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		14,100		13,980

International CSRC Investment Holdings Co.		48,000		26,460

Jiangsu Eastern Shenghong Co. Ltd., Class A		11,000		15,069

Jinan Acetate Chemical Co. Ltd.		714		17,959

Jubilant Ingrevia Ltd.		2,701		17,902

Kansai Nerolac Paints Ltd.		3,294		11,044

KCC Corp.		153		27,897

Kimteks Poliuretan Sanayi ve Ticaret A/S		34,000		66,999

Kolon Industries, Inc.		674		19,555

Korea Petrochemical Ind Co. Ltd.		144		14,211

KuibyshevAzot PJSC^‡		9,900		—

Kum Yang Co. Ltd.*		586		39,898


Investments	Shares		Value

Chemicals – (continued)

Kumho Petrochemical Co. Ltd.		450	$	44,997

Lake Materials Co. Ltd.*		1,715		28,540

Laxmi Organic Industries Ltd.(b)		2,107		6,466

LB Group Co. Ltd., Class A		4,700		13,630

Levima Advanced Materials Corp., Class A		4,800		11,335

LG Chem Ltd.		1,350		393,152

LG Chem Ltd. (Preference)		200		38,782

Linde India Ltd.		282		27,903

Lotte Chemical Corp.		595		46,279

Lotte Chemical Titan Holding Bhd.* (b)		250,000		57,622

LOTTE Fine Chemical Co. Ltd.		397		12,969

Luxi Chemical Group Co. Ltd., Class A		6,500		10,385

Mesaieed Petrochemical Holding Co.		118,050		62,219

Miwon Commercial Co. Ltd.		750		105,600

Miwon Specialty Chemical Co. Ltd.		500		50,141

MNTech Co. Ltd.*		833		10,204

Nan Pao Resins Chemical Co. Ltd.		50,000		545,114

Nan Ya Plastics Corp.		100,000		174,129

Nantex Industry Co. Ltd.		9,120		9,341

National Industrialization Co.*		13,800		51,512

Navin Fluorine International Ltd.		645		26,432

Ningxia Baofeng Energy Group Co. Ltd., Class A		10,600		24,284

Nizhnekamskneftekhim PJSC^‡		28,600		—

Nizhnekamskneftekhim PJSC (Preference)^‡		26,400		—

OCI Holdings Co. Ltd.		414		28,427

Omnia Holdings Ltd.		67,550		191,866

Orbia Advance Corp. SAB de CV		23,344		38,554

Organichesky Sintez PJSC^‡		11,550		—

Oriental Union Chemical Corp.		38,000		20,248

PCBL Ltd.		7,440		24,134

Petkim Petrokimya Holding A/S*		38,400		24,575

Petronas Chemicals Group Bhd.		80,000		113,651

PhosAgro PJSC^‡		1,540		—

PI Advanced Materials Co. Ltd.*		520		7,901

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			165

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Chemicals – (continued)

PI Industries Ltd.		1,264	$	55,357

Pidilite Industries Ltd.		4,150		151,653

PTT Global Chemical PCL, NVDR		49,600		49,185

Qinghai Salt Lake Industry Co. Ltd., Class A*		20,000		45,819

Rashtriya Chemicals & Fertilizers Ltd.		59,400		107,251

Rongsheng Petrochemical Co. Ltd., Class A		24,000		37,152

SABIC Agri-Nutrients Co.		3,986		123,068

Sahara International Petrochemical Co.		10,294		94,141

Sasa Polyester Sanayi A/S*		15,664		19,972

Sasol Ltd.		16,150		114,259

Satellite Chemical Co. Ltd., Class A*		4,662		12,412

Saudi Aramco Base Oil Co.		784		31,689

Saudi Basic Industries Corp.		14,400		324,428

Saudi Industrial Investment Group		6,346		39,288

Saudi Kayan Petrochemical Co.*		11,808		29,500

Scientex Bhd.		34,300		30,185

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		6,110		25,135

Shanghai Chlor-Alkali Chemical Co. Ltd., Class B		175,000		90,300

Shanghai Putailai New Energy Technology Co. Ltd., Class A		4,060		10,378

Shinkong Synthetic Fibers Corp.		641,424		336,845

Sichuan Hebang Biotechnology Co. Ltd., Class A		37,600		10,904

Sichuan Yahua Industrial Group Co. Ltd., Class A		3,600		5,225

Sinofert Holdings Ltd.(a)		714,000		79,423

Sinoma Science & Technology Co. Ltd., Class A		4,700		10,073

Sinon Corp.		150,000		187,028

Sinopec Shanghai Petrochemical Co. Ltd., Class H*		98,000		13,908

SK Chemicals Co. Ltd.		4,350		190,417


Investments	Shares		Value

Chemicals – (continued)

SKC Co. Ltd.*		294	$	23,484

Solar Applied Materials Technology Corp.		24,096		32,930

Solar Industries India Ltd.		405		43,531

Soulbrain Co. Ltd.		47		10,270

Soulbrain Holdings Co. Ltd.		1,950		81,127

SRF Ltd.		2,150		67,540

Sumitomo Chemical India Ltd.		2,585		12,427

Supreme Industries Ltd.		1,228		74,503

Taiwan Fertilizer Co. Ltd.		16,360		32,859

Tata Chemicals Ltd.		2,679		34,425

Tianqi Lithium Corp., Class A		5,500		30,008

Tianqi Lithium Corp., Class H(a)		50,000		194,344

TKG Huchems Co. Ltd.		8,250		118,249

Tongkun Group Co. Ltd., Class A*		9,400		17,874

TSRC Corp.		52,000		38,487

Unipar Carbocloro SA (Preference), Class B		22,330		227,432

UPC Technology Corp.		420,594		177,605

UPL Ltd.		15,300		92,998

USI Corp.		300,000		146,029

Vinati Organics Ltd.		539		10,572

Wanhua Chemical Group Co. Ltd., Class A		5,000		61,520

Xinfengming Group Co. Ltd., Class A*		10,400		20,523

Xinjiang Zhongtai Chemical Co. Ltd., Class A		10,600		7,012

Yanbu National Petrochemical Co.		3,456		35,706

Yunnan Yuntianhua Co. Ltd., Class A		4,700		13,143

Zangge Mining Co. Ltd., Class A		4,700		18,718

Zhejiang Longsheng Group Co. Ltd., Class A		9,600		12,130

Zhejiang Yongtai Technology Co. Ltd., Class A		2,800		3,878
				10,461,083

Commercial Services & Supplies – 0.2%

Beijing GeoEnviron Engineering & Technology, Inc., Class A		30,000		27,260

See Accompanying Notes to the Financial Statements.


166		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Commercial Services & Supplies – (continued)

Catrion Catering Holding Co.		624	$	21,030

China Everbright Environment Group Ltd.		98,000		39,971

Cleanaway Co. Ltd.		1,000		5,942

Dynagreen Environmental Protection Group Co. Ltd., Class H(a) (b)		168,000		61,218

Ecopro HN Co. Ltd.		561		27,926

Frontken Corp. Bhd.		14,400		11,888

GPS Participacoes e Empreendimentos SA(c)		4,800		17,364

Indian Railway Catering & Tourism Corp. Ltd.		5,150		64,116

ION Exchange India Ltd.		3,312		22,543

KEPCO Plant Service & Engineering Co. Ltd.		100		2,550

L&K Engineering Co. Ltd.		2,508		20,950

PNB Holdings Corp.* ^‡		46,815		30,681

S-1 Corp.		347		15,014

Sungeel Hitech Co. Ltd.*		98		5,680

Sunny Friend Environmental Technology Co. Ltd.		622		1,948

Taiwan Secom Co. Ltd.		3,165		12,490

Taiwan Shin Kong Security Co. Ltd.		5,520		7,018

Tuhu Car, Inc., Class A* (b)		15,700		45,969
				441,558

Communications Equipment – 0.3%

Accton Technology Corp.		9,000		127,557

Advanced Ceramic X Corp.		2,000		13,544

Arcadyan Technology Corp.		2,832		15,046

BYD Electronic International Co. Ltd.		25,000		85,025

Gemtek Technology Corp.		11,000		11,233

Glarun Technology Co. Ltd., Class A		10,400		20,537

Hengtong Optic-electric Co. Ltd., Class A		4,700		9,190

Intelbras SA Industria de Telecomunicacao Eletronica Brasileira		4,900		21,177

Intellian Technologies, Inc.		254		11,725


Investments	Shares		Value

Communications Equipment – (continued)

Lanner Electronics, Inc.		50,000	$	146,490

LuxNet Corp.		3,840		14,328

Seojin System Co. Ltd.*		11,200		200,159

Sercomm Corp.		6,960		26,505

Tejas Networks Ltd.* (b)		2,202		30,201

Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		5,000		15,259

Wistron NeWeb Corp.		5,357		24,760

ZTE Corp., Class A		7,700		30,485

ZTE Corp., Class H* (a)		9,800		21,351
				824,572

Construction & Engineering – 1.6%

Acter Group Corp. Ltd.		50,000		320,926

BES Engineering Corp.		50,496		27,449

Central New Energy Holding Group Ltd.*		15,000		10,606

CH Karnchang PCL, NVDR		4,900		3,001

China Conch Venture Holdings Ltd.		50,000		36,695

China Energy Engineering Corp. Ltd., Class A		80,000		24,304

China Energy Engineering Corp. Ltd., Class H		198,000		20,000

China Railway Group Ltd., Class A		44,300		40,192

China Railway Group Ltd., Class H		121,000		60,027

China Railway Hi-tech Industry Co. Ltd., Class A		19,200		20,760

Continental Holdings Corp.		200,000		233,401

CTCI Corp.		6,851		10,878

Daewoo Engineering & Construction Co. Ltd.*		3,901		10,824

DL E&C Co. Ltd.		799		21,621

Engineers India Ltd.		9,696		28,425

Enka Insaat ve Sanayi A/S		32,592		38,656

Estithmar Holding QPSC*		30,456		17,139

G R Infraprojects Ltd.*		1,392		22,850

Gamuda Bhd.		35,297		39,272

GEK Terna SA		1,470		26,375

GS Engineering & Construction Corp.*		2,450		29,214

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			167

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Construction & Engineering – (continued)

Guangdong Construction Engineering Group Co. Ltd., Class A		4,900	$	2,788

HDC Hyundai Development Co-Engineering & Construction, Class E		16,300		207,568

Hyundai Engineering & Construction Co. Ltd.		2,326		59,660

IJM Corp. Bhd.		37,600		19,066

IRB Infrastructure Developers Ltd.		48,040		39,152

IRCON International Ltd.(b)		9,792		29,404

IS Dongseo Co. Ltd.		5,550		108,422

Jeio Co. Ltd.*		931		17,009

Kalpataru Projects International Ltd.		3,479		51,105

KEC International Ltd.		2,064		18,523

KEPCO Engineering & Construction Co., Inc.		141		6,703

KNR Constructions Ltd.		6,325		20,142

Kontrolmatik Enerji ve Muhendislik A/S		736		5,365

Larsen & Toubro Ltd.		10,516		453,012

Larsen & Toubro Ltd., GDR(b)		296		12,817

Metallurgical Corp. of China Ltd., Class A		42,300		19,101

Metallurgical Corp. of China Ltd., Class H		106,000		20,736

National Marine Dredging Co.		3,341		24,251

NBCC India Ltd.		25,008		41,887

NCC Ltd.		227,450		660,245

PNC Infratech Ltd.(b)		2,700		14,515

Power Construction Corp. of China Ltd., Class A		66,700		46,791

Praj Industries Ltd.		6,565		43,099

PSG Corp. PCL, NVDR*		1,112,800		18,617

Rail Vikas Nigam Ltd.(b)		9,261		31,789

Ruentex Engineering & Construction Co.		50,000		268,718

Run Long Construction Co. Ltd.		6,768		23,695

Samsung E&A Co. Ltd.*		4,150		79,421

Shaanxi Construction Engineering Group Corp. Ltd., Class A		4,900		2,700


Investments	Shares		Value

Construction & Engineering – (continued)

Shanghai Construction Group Co. Ltd., Class A		23,500	$	7,788

Shanghai Tunnel Engineering Co. Ltd., Class A		14,100		13,085

Sichuan Road and Bridge Group Co. Ltd., Class A		20,440		20,464

Sinoma International Engineering Co., Class A		15,600		27,337

Tekfen Holding A/S		78,400		125,313

United Integrated Services Co. Ltd.		5,504		66,767

Voltas Ltd.		4,133		73,052

Waskita Karya Persero Tbk. PT*^‡		173,900		1,084

Yankey Engineering Co. Ltd.		32,553		381,894
				4,105,700

Construction Materials – 1.5%

ACC Ltd.		1,376		41,754

Ambuja Cements Ltd.		11,600		86,184

Anhui Conch Cement Co. Ltd., Class A		9,800		31,099

Anhui Conch Cement Co. Ltd., Class H		26,000		60,702

Arabian Cement Co.		2,310		18,877

Asia Cement Corp.		58,762		78,862

BBMG Corp., Class A		42,300		10,923

Berkah Beton Sadaya Tbk. PT*		425,000		1,307

Birla Corp. Ltd.		750		12,963

Bursa Cimento Fabrikasi A/S		283,800		74,245

Cementos Argos SA		194,650		406,107

Cementos Argos SA (Preference)		95,900		175,194

Cemex SAB de CV*		402,688		320,714

Chia Hsin Cement Corp.		47,978		27,111

China Jushi Co. Ltd., Class A		9,600		15,816

China National Building Material Co. Ltd., Class H		104,000		40,556

China Resources Building Materials Technology Holdings Ltd.		68,000		11,563

Cimsa Cimento Sanayi ve Ticaret A/S		13,776		13,590

City Cement Co.		4,208		23,314

See Accompanying Notes to the Financial Statements.


168		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Construction Materials – (continued)

CSG Holding Co. Ltd., Class B		4,700	$	1,436

Dalmia Bharat Ltd.		2,150		47,366

Eastern Province Cement Co.		1,199		10,677

GCC SAB de CV		5,000		57,218

Goldsun Building Materials Co. Ltd.		46,340		68,382

Grasim Industries Ltd.		6,100		176,315

Grupo Argos SA		130,600		540,927

Grupo Argos SA (Preference)		91,150		271,672

Hanil Cement Co. Ltd.		11,500		109,167

Huaxin Cement Co. Ltd., Class A		3,700		7,102

Huaxin Cement Co. Ltd., Class H		10,400		9,281

Indocement Tunggal Prakarsa Tbk. PT		28,800		13,727

JK Cement Ltd.		530		25,405

JK Lakshmi Cement Ltd.		2,744		26,180

Nuh Cimento Sanayi A/S		2,068		19,466

Nuvoco Vistas Corp. Ltd.*		3,650		14,812

Oyak Cimento Fabrikalari A/S*		4,416		8,266

Qassim Cement Co. (The)		1,998		31,430

Ramco Cements Ltd. (The)		2,289		21,799

Rhi Magnesita India Ltd.		1,850		14,418

Riyadh Cement Co.		1,967		14,475

Saudi Cement Co.		441		5,397

Semen Indonesia Persero Tbk. PT		29,417		8,449

Shree Cement Ltd.		250		73,244

Siam Cement PCL (The), NVDR		10,000		67,188

Siam City Cement PCL, NVDR		4,800		18,003

Southern Province Cement Co.		1,634		17,405

Star Cement Ltd.*		7,008		19,923

Taiwan Cement Corp.		100,000		98,428

Tangshan Jidong Cement Co. Ltd., Class A		4,700		3,349

Tianshan Material Co. Ltd., Class A		26,000		23,122

Tipco Asphalt PCL, NVDR		265,000		114,409

TPI Polene PCL, NVDR		1,990,100		73,568

UltraTech Cement Ltd.		1,950		233,054

Universal Cement Corp.		200,000		215,896


Investments	Shares		Value

Construction Materials – (continued)

Yamama Cement Co.		3,763	$	34,915

Yanbu Cement Co.		2,888		22,484
				3,969,236

Consumer Finance – 1.4%

AEON Credit Service M Bhd.		90,000		134,081

Bajaj Finance Ltd.		4,050		336,069

BFI Finance Indonesia Tbk. PT		3,155,000		203,736

Capri Global Capital Ltd.		7,792		20,639

Cholamandalam Financial Holdings Ltd.		1,776		22,920

Cholamandalam Investment and Finance Co. Ltd.		6,150		87,957

CreditAccess Grameen Ltd.*		1,166		21,080

FinVolution Group, ADR		71,700		342,009

Five-Star Business Finance Ltd.*		1,680		15,268

Gentera SAB de CV(a)		681,296		1,098,407

Hotai Finance Co. Ltd.		2,928		10,746

JMT Network Services PCL, NVDR		14,200		7,931

Krungthai Card PCL, NVDR		9,800		11,371

Mahindra & Mahindra Financial Services Ltd.		9,024		28,245

Manappuram Finance Ltd.		238,500		572,123

Muangthai Capital PCL, NVDR		9,300		11,418

Muthoot Finance Ltd.*		2,410		49,700

Ngern Tid Lor PCL, NVDR		27,639		15,587

Poonawalla Fincorp Ltd.		5,720		33,637

Qifu Technology, Inc., Class A, ADR		3,950		72,245

Ratchthani Leasing PCL, NVDR		935,000		60,550

Samsung Card Co. Ltd.		539		15,248

SBFC Finance Ltd.*		11,952		12,513

SBI Cards & Payment Services Ltd.		5,252		45,844

Shriram Finance Ltd.		7,850		240,074

Spandana Sphoorty Financial Ltd.*		1,008		10,551

Srisawad Capital 1969 PCL, NVDR		535,600		40,177

Srisawad Corp. PCL, NVDR		14,000		15,488

Sundaram Finance Ltd.		1,535		87,313

Yulon Finance Corp.		4,672		21,235
				3,644,162

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			169

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Consumer Staples Distribution & Retail – 1.1%

Abdullah Al Othaim Markets Co.		7,595	$	25,232

Al-Dawaa Medical Services Co.		1,104		28,199

Alibaba Health Information Technology Ltd.* (a)		100,000		37,846

Almacenes Exito SA		70,408		41,427

Almacenes Exito SA, BDR		55,000		125,639

Almunajem Foods Co.		7,950		255,207

Atacadao SA		20,000		43,102

Avenue Supermarts Ltd.* (b)		3,150		173,809

Berli Jucker PCL		500		331

Berli Jucker PCL, NVDR		13,800		9,123

BGF retail Co. Ltd.		141		13,375

Bid Corp. Ltd.		5,785		132,551

BIM Birlesik Magazalar A/S		13,531		161,738

Cencosud SA		35,400		60,910

Clicks Group Ltd.		4,250		65,780

Corporativo Fragua SAB de CV		1,242		55,982

CP ALL PCL, NVDR		85,000		131,881

CP Axtra PCL, NVDR		14,400		12,628

Curexo, Inc.*		1,008		8,949

Dada Nexus Ltd., ADR*		2,805		5,694

DaShenLin Pharmaceutical Group Co. Ltd., Class A		4,320		12,993

Dis-Chem Pharmacies Ltd.(b)		17,952		31,090

Dongsuh Cos., Inc.		859		11,852

East Buy Holding Ltd.* (a) (b)		3,000		6,413

E-MART, Inc.		392		18,067

Great Tree Pharmacy Co. Ltd.		1,543		13,316

Grupo Mateus SA*		9,800		14,029

GS Retail Co. Ltd.		1,332		19,208

JD Health International, Inc.* (b)		17,500		60,748

La Comer SAB de CV(a)		18,800		40,483

Magnit PJSC^‡		2,296		—

Migros Ticaret A/S		2,688		36,696

Nahdi Medical Co.		611		22,514

Philippine Seven Corp.*		10,780		16,235

Pick n Pay Stores Ltd.		6,784		7,261

Ping An Healthcare and Technology Co. Ltd.* (a) (b)		9,600		13,674

President Chain Store Corp.		9,840		82,801

Puregold Price Club, Inc.		26,060		10,691


Investments	Shares		Value

Consumer Staples Distribution & Retail – (continued)

Raia Drogasil SA		24,964	$	123,204

Robinsons Retail Holdings, Inc.		199,320		124,039

Sendas Distribuidora SA*		35,000		88,596

Shenzhen Pagoda Industrial Group Corp. Ltd.		24,500		10,024

Shoprite Holdings Ltd.		7,700		102,915

SMU SA		1,132,900		210,915

Sok Marketler Ticaret A/S		6,048		10,891

SPAR Group Ltd. (The)* (a)		6,708		34,459

Sumber Alfaria Trijaya Tbk. PT		351,600		63,357

Sun Art Retail Group Ltd.		70,500		14,693

Wal-Mart de Mexico SAB de CV		85,000		318,878
				2,909,445

Containers & Packaging – 0.1%

CPMC Holdings Ltd.		100,000		85,665

Klabin SA		19,752		87,802

Pantai Indah Kapuk Dua Tbk. PT*		24,000		7,277

SCG Packaging PCL, NVDR		18,700		16,399

Taiwan Hon Chuan Enterprise Co. Ltd.		4,752		23,204

Ton Yi Industrial Corp.		52,000		23,874

Youlchon Chemical Co. Ltd.		470		11,409
				255,630

Distributors – 0.1%

Autohellas Tourist and Trading SA		8,614		118,631

Sinomach Automobile Co. Ltd., Class A		4,800		4,726

Wuchan Zhongda Group Co. Ltd., Class A		13,800		8,995
				132,352

Diversified Consumer Services – 0.2%

Advtech Ltd.		24,310		37,016

China Education Group Holdings Ltd.(a) (b)		49,772		28,446

Cogna Educacao SA*		52,400		21,938

Fenbi Ltd.* (a)		24,500		13,595

Humansoft Holding Co. KSC		3,413		32,124

Lung Yen Life Service Corp.*		8,448		11,429

See Accompanying Notes to the Financial Statements.


170		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Diversified Consumer Services – (continued)

MegaStudyEdu Co. Ltd.		3,000	$	131,973

National Co. for Learning & Education		735		29,591

New Oriental Education & Technology Group, Inc.*		25,000		199,937

Offcn Education Technology Co. Ltd., Class A*		4,700		1,726

Taaleem Holdings PJSC		16,512		16,859

TAL Education Group, ADR*		8,000		96,320
				620,954

Diversified REITs – 0.4%

Axis REIT, REIT		70,973		28,553

Concentradora Fibra Danhos SA de CV, REIT		427,544		517,665

Fibra Uno Administracion SA de CV, REIT		75,000		108,240

Growthpoint Properties Ltd., REIT(a)		94,300		54,771

Is Gayrimenkul Yatirim Ortakligi A/S, REIT*		172,700		83,372

KLCCP Stapled Group, REIT		9,600		15,167

Peker Gayrimenkul Yatirim Ortakligi A/S, REIT*		18,144		4,506

Redefine Properties Ltd., REIT		249,977		52,555

Servet Gayrimenkul Yatirim Ortakligi A/S, REIT*		5,800		53,160

SK REITs Co. Ltd., REIT		6,195		18,579
				936,568

Diversified Telecommunication Services – 1.0%

AL Yah Satellite Communications Co. PJSC		43,340		28,320

Chief Telecom, Inc.		1,104		12,307

China Tower Corp. Ltd., Class H(a) (b)		1,300,000		152,918

Chunghwa Telecom Co. Ltd.		61,131		232,794

CITIC Telecom International Holdings Ltd.(a)		721,000		245,213

Converge Information and Communications Technology Solutions, Inc.*		985,000		160,278

Dayamitra Telekomunikasi PT		202,100		7,085


Investments	Shares		Value

Diversified Telecommunication Services – (continued)

Emirates Telecommunications Group Co. PJSC		56,100	$	259,659

Hellenic Telecommunications Organization SA		5,750		87,796

HFCL Ltd.		34,742		41,847

Indus Towers Ltd.*		18,900		80,369

LG Uplus Corp.		7,617		54,285

Magyar Telekom Telecommunications plc		133,600		338,422

Ooredoo QPSC		32,600		89,446

Operadora De Sites Mexicanos SAB de CV, Series A-1		9,400		10,637

PT Tower Bersama Infrastructure Tbk.		42,300		5,138

Railtel Corp. of India Ltd.		3,796		18,180

Rostelecom PJSC^‡		33,770		—

Rostelecom PJSC (Preference)^‡		15,392		—

Sarana Menara Nusantara Tbk. PT		315,700		15,630

Saudi Telecom Co.		29,056		291,675

Sitios Latinoamerica SAB de CV* (a)		63,700		19,964

Tata Communications Ltd.		1,646		34,126

Tata Teleservices Maharashtra Ltd.*		8,112		7,997

Telefonica Brasil SA		10,000		91,335

Telekom Malaysia Bhd.		40,000		51,881

Telkom Indonesia Persero Tbk. PT		755,000		147,192

Telkom SA SOC Ltd.*		114,700		145,783

TIME dotCom Bhd.		9,000		9,731

Turk Telekomunikasyon A/S*		19,746		24,627
				2,664,635

Electric Utilities – 1.4%

Adani Energy Solutions Ltd.*		6,350		81,068

Alupar Investimento SA		5,033		27,034

Can2 Termik A/S*		201,000		113,486

Centrais Eletricas Brasileiras SA		30,000		219,135

Centrais Eletricas Brasileiras SA (Preference), Class B		5,000		40,092

CESC Ltd.		315,150		556,561

CEZ A/S(a)		2,900		107,156

Cia Energetica de Minas Gerais		6,110		13,486

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			171

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Electric Utilities – (continued)

Cia Energetica de Minas Gerais (Preference)		62,013	$	116,892

Companhia Paranaense de Energia		25,000		39,552

Companhia Paranaense de Energia (Preference)		25,000		43,844

CPFL Energia SA		4,700		28,927

CTEEP-Cia de Transmissao de Energia Eletrica Paulista (Preference)		10,000		48,176

Enel Americas SA		539,968		50,828

Enel Chile SA		845,971		50,434

Enel Distribucion Peru SAA		13,824		13,021

Energisa SA		5,000		43,507

Enerjisa Enerji A/S* (b)		7,676		16,134

Engie Energia Chile SA*		180,950		149,136

Equatorial Energia SA		20,000		118,037

Federal Grid Co. – Rosseti PJSC (Registered)* ^‡		22,532,366		—

Inter RAO UES PJSC^‡		1,596,292		—

Interconexion Electrica SA ESP		13,200		61,388

Korea Electric Power Corp.*		6,750		103,294

Manila Electric Co.		5,840		37,303

Mosenergo PJSC^‡		4,455,000		—

Neoenergia SA		15,000		55,507

ODAS Elektrik Uretim ve Sanayi Ticaret A/S*		456,900		134,912

Power Grid Corp. of India Ltd.		127,000		459,452

Public Power Corp. SA*		3,521		42,317

Reliance Infrastructure Ltd.*		107,250		228,675

RusHydro PJSC^‡		2,361,000		—

Saudi Electricity Co.		24,100		119,645

SJVN Ltd.		13,152		21,185

Tata Power Co. Ltd. (The)		26,650		143,493

Tenaga Nasional Bhd.		125,000		313,253

Torrent Power Ltd.		1,927		34,669

Transmissora Alianca de Energia Eletrica SA		5,000		33,976
				3,665,575

Electrical Equipment – 1.5%

ABB India Ltd.		1,065		83,488


Investments	Shares		Value

Electrical Equipment – (continued)

AcBel Polytech, Inc.		9,312	$	11,368

Allis Electric Co. Ltd.		5,658		25,369

Amara Raja Energy & Mobility Ltd.		4,721		62,223

Bharat Heavy Electricals Ltd.		26,500		89,470

Bizlink Holding, Inc.		3,936		27,862

CG Power & Industrial Solutions Ltd.		10,700		71,039

Chicony Power Technology Co. Ltd.*		5,232		27,878

Chung-Hsin Electric & Machinery Manufacturing Corp.		7,728		43,669

CS Wind Corp.		581		22,070

CyberPower Systems, Inc.		30,680		246,857

Dongfang Electric Corp. Ltd., Class A		5,000		11,641

Doosan Enerbility Co. Ltd.*		7,291		88,625

Doosan Fuel Cell Co. Ltd.*		690		9,950

Ecopro BM Co. Ltd.*		750		129,423

Ecopro Co. Ltd.*		1,820		139,848

Elecon Engineering Co. Ltd.		1,776		24,145

ElSewedy Electric Co.		21,462		13,927

Fangda Carbon New Material Co. Ltd., Class A*		5,300		3,711

Farasis Energy Gan Zhou Co. Ltd., Class A*		784		1,341

Finolex Cables Ltd.		3,513		44,346

Fortune Electric Co. Ltd.		2,928		76,163

Goldwind Science & Technology Co. Ltd., Class A		9,600		10,115

Goldwind Science & Technology Co. Ltd., Class H(a)		15,000		6,041

GoodWe Technologies Co. Ltd., Class A		343		4,412

Gotion High-tech Co. Ltd., Class A*		4,600		11,917

Graphite India Ltd.		3,381		27,407

Gulf Cables & Electrical Industries Group Co. KSCP		4,140		16,869

Havells India Ltd.		3,500		69,802

HBL Power Systems Ltd.		4,272		26,215

HD Hyundai Electric Co. Ltd.		425		75,953

See Accompanying Notes to the Financial Statements.


172		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Electrical Equipment – (continued)

Hitachi Energy India Ltd.		371	$	42,592

Hongfa Technology Co. Ltd., Class A		4,800		18,957

Hunan Changyuan Lico Co. Ltd., Class A		784		595

Hyosung Heavy Industries Corp.		96		21,741

Inox Wind Ltd.*		3,408		25,635

Jiangsu Zhongtian Technology Co. Ltd., Class A		4,500		8,433

Jiangxi Special Electric Motor Co. Ltd., Class A*		4,900		6,577

KEI Industries Ltd.		1,202		57,561

Korea Electric Terminal Co. Ltd.		2,650		123,479

L&F Co. Ltd.*		436		51,704

LG Energy Solution Ltd.*		700		197,019

LS Corp.		700		69,944

LS Electric Co. Ltd.		490		62,611

Ming Yang Smart Energy Group Ltd., Class A		4,500		6,096

NARI Technology Co. Ltd., Class A		15,300		49,736

Ningbo Ronbay New Energy Technology Co. Ltd., Class A		658		2,778

Olectra Greentech Ltd.		1,392		28,807

Phihong Technology Co. Ltd.*		11,472		18,849

Polycab India Ltd.		1,200		81,498

POSCO Future M Co. Ltd.		550		112,817

Pylon Technologies Co. Ltd., Class A		343		3,752

Riyadh Cables Group Co.		720		18,160

RR Kabel Ltd.		768		15,225

Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A/S		159,700		166,820

Schneider Electric Infrastructure Ltd.*		4,472		43,275

Shanghai Electric Group Co. Ltd., Class A*		24,000		14,284

Shihlin Electric & Engineering Corp.		5,136		46,057

Shinsung Delta Tech Co. Ltd.		554		32,949

SK IE Technology Co. Ltd.* (b)		349		14,924

Sociedad Quimica y Minera de Chile SA (Preference), Class B		4,150		190,333


Investments	Shares		Value

Electrical Equipment – (continued)

SPG Co. Ltd.		686	$	13,997

Suzlon Energy Ltd.*		199,400		99,418

Ta Ya Electric Wire & Cable		50,000		87,372

Taihan Electric Wire Co. Ltd.*		3,089		30,754

Tatung Co. Ltd.*		50,000		100,424

TBEA Co. Ltd., Class A		15,350		29,994

Teco Electric and Machinery Co. Ltd.		22,000		37,565

Triveni Turbine Ltd.		8,174		52,662

V-Guard Industries Ltd.		6,399		26,306

Voltronic Power Technology Corp.		1,000		47,601

Walsin Lihwa Corp.		100,000		113,322

WEG SA		25,000		190,764

XTC New Energy Materials Xiamen Co. Ltd., Class A		539		2,683

Zhejiang Chint Electrics Co. Ltd., Class A		4,700		13,403

Zhejiang HangKe Technology, Inc. Co., Class A		490		1,428
				3,884,045

Electronic Equipment, Instruments & Components – 3.8%

AAC Technologies Holdings, Inc.(a)		25,000		79,911

Ability Opto-Electronics Technology Co. Ltd.		3,072		19,482

Asia Optical Co., Inc.		7,296		14,385

AUO Corp.		211,872		119,073

Aurora Corp.		4,316		9,689

Avary Holding Shenzhen Co. Ltd., Class A		9,600		32,002

BH Co. Ltd.		10,500		132,570

BOE Technology Group Co. Ltd., Class A		95,000		57,198

Chang Wah Electromaterials, Inc.		150,000		205,915

Channel Well Technology Co. Ltd.		8,742		20,297

Cheng Uei Precision Industry Co. Ltd.		113,161		161,947

China Railway Signal & Communication Corp. Ltd., Class A		31,500		23,490

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			173

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Electronic Equipment, Instruments & Components – (continued)

China Railway Signal & Communication Corp. Ltd., Class H(b)		52,000	$	20,278

Chin-Poon Industrial Co. Ltd.		12,720		16,133

Chroma ATE, Inc.		4,556		37,288

Chunghwa Precision Test Tech Co. Ltd.		720		10,470

Compeq Manufacturing Co. Ltd.*		44,389		105,240

Coretronic Corp.		9,168		29,000

Co-Tech Development Corp.		10,464		20,985

Daeduck Electronics Co. Ltd.		14,600		247,189

Daejoo Electronic Materials Co. Ltd.*		432		29,350

Delta Electronics Thailand PCL, NVDR		80,000		151,106

Delta Electronics, Inc.		37,578		369,871

Dreamtech Co. Ltd.		17,550		119,997

Dynamic Holding Co. Ltd.		9,216		19,359

E Ink Holdings, Inc.		15,000		96,739

Elite Material Co. Ltd.		4,752		60,126

EM-Tech Co. Ltd.		5,150		126,132

Everdisplay Optronics Shanghai Co. Ltd., Class A*		63,754		19,633

FLEXium Interconnect, Inc.		15,294		42,930

Forth Corp. PCL, NVDR		14,600		6,461

Foxconn Industrial Internet Co. Ltd., Class A		25,000		84,582

Foxconn Technology Co. Ltd.		50,000		94,589

General Interface Solution Holding Ltd.		110,128		207,323

Genius Electronic Optical Co. Ltd.		1,000		13,543

Genus Power Infrastructures Ltd.		5,088		18,175

Global Brands Manufacture Ltd.		8,016		17,996

GoerTek, Inc., Class A		3,800		8,291

Gold Circuit Electronics Ltd.*		5,240		31,702

Hana Microelectronics PCL, NVDR		26,000		27,186

Hannstar Board Corp.		8,448		14,555

HannStar Display Corp.*		69,288		22,024

Hengdian Group DMEGC Magnetics Co. Ltd., Class A		10,400		20,695


Investments	Shares		Value

Electronic Equipment, Instruments & Components – (continued)

Hollysys Automation Technologies Ltd.* (a)		2,100	$	48,909

Holy Stone Enterprise Co. Ltd.		63,442		188,989

Hon Hai Precision Industry Co. Ltd.		350,000		1,676,801

Honeywell Automation India Ltd.		52		28,132

Innolux Corp.		266,684		116,708

ITEQ Corp.		6,096		20,500

Jaymart Group Holdings PCL, NVDR*		24,000		9,066

Kaynes Technology India Ltd.*		768		24,526

KCE Electronics PCL, NVDR		26,000		27,536

Kingboard Holdings Ltd.		25,000		55,235

Kingboard Laminates Holdings Ltd.		27,500		23,734

Largan Precision Co. Ltd.		1,488		99,849

LG Display Co. Ltd.*		8,551		65,211

LG Innotek Co. Ltd.		450		72,281

Lingyi iTech Guangdong Co., Class A		15,900		11,439

Lotes Co. Ltd.		1,332		58,905

Lotte Energy Materials Corp.		235		7,736

Luxshare Precision Industry Co. Ltd., Class A		10,600		42,743

Mcnex Co. Ltd.		657		12,193

MH Development Ltd.*^‡		22,000		–

Nan Ya Printed Circuit Board Corp.		5,664		32,528

Nationgate Holdings Bhd.		285,000		103,908

Nex Point Parts PCL, NVDR*		47,500		11,664

Nichidenbo Corp.		77,409		144,301

OFILM Group Co. Ltd., Class A*		4,700		5,712

Pan-International Industrial Corp.		165,888		174,742

Park Systems Corp.		200		21,547

Primax Electronics Ltd.		14,600		43,492

Promate Electronic Co. Ltd.		89,705		237,472

Quest Holdings SA		10,650		66,048

Raytron Technology Co. Ltd., Class A		343		1,568

Redington Ltd.		250,900		657,349

See Accompanying Notes to the Financial Statements.


174		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Electronic Equipment, Instruments & Components – (continued)

Samsung Electro-Mechanics Co. Ltd.		1,550	$	174,839

Samsung SDI Co. Ltd.		850		266,913

Scientech Corp.		1,000		10,380

Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		376		16,814

Shengyi Technology Co. Ltd., Class A		9,600		25,785

Shenzhen Kaifa Technology Co. Ltd., Class A		4,700		8,996

Simplo Technology Co. Ltd.		4,656		62,629

Sinbon Electronics Co. Ltd.		3,000		25,889

SOLUM Co. Ltd.*		588		11,189

Solus Advanced Materials Co. Ltd.		754		9,705

Sunny Optical Technology Group Co. Ltd.		12,400		60,881

SUPCON Technology Co. Ltd., Class A		1,771		11,658

Supreme Electronics Co. Ltd.		14,160		38,355

Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		10,400		22,103

Synnex Technology International Corp.		50,000		122,535

Syrma SGS Technology Ltd.		2,160		12,628

Taiwan Surface Mounting Technology Corp.		6,816		25,014

Taiwan Union Technology Corp.		4,128		23,516

TCL Technology Group Corp., Class A*		41,360		27,301

Test Research, Inc.		87,187		283,822

Thinking Electronic Industrial Co. Ltd.		2,688		13,002

Tianma Microelectronics Co. Ltd., Class A*		15,600		17,514

Tong Hsing Electronic Industries Ltd.		2,783		12,606

TPK Holding Co. Ltd.		152,000		178,785

Tripod Technology Corp.		14,000		84,915

TXC Corp.		4,608		15,920


Investments	Shares		Value

Electronic Equipment, Instruments & Components – (continued)

Unimicron Technology Corp.		42,124	$	235,445

Unisplendour Corp. Ltd., Class A*		4,900		14,176

Unitech Printed Circuit Board Corp.		2,878		2,316

Universal Scientific Industrial Shanghai Co. Ltd., Class A		4,700		9,599

VS Industry Bhd.		137,700		26,256

Wah Lee Industrial Corp.		92,739		358,857

Walsin Technology Corp.		5,952		20,381

Weikeng Industrial Co. Ltd.		150,000		157,546

Wintek Corp.* ^‡		64,000		–

WPG Holdings Ltd.		50,440		136,781

WT Microelectronics Co. Ltd.		15,385		70,872

WUS Printed Circuit Kunshan Co. Ltd., Class A*		9,970		46,122

Yageo Corp.		10,512		201,769

Zen Technologies Ltd.		1,440		19,165

Zhejiang Dahua Technology Co. Ltd., Class A		5,200		12,918

Zhen Ding Technology Holding Ltd.		17,150		61,096
				9,992,724

Energy Equipment & Services – 0.3%

ADNOC Drilling Co. PJSC		40,585		42,652

Arabian Drilling Co.		384		15,665

Bumi Armada Bhd.*		1,415,000		174,929

China Oilfield Services Ltd., Class A		5,000		12,366

China Oilfield Services Ltd., Class H		12,000		12,919

China Petroleum Engineering Corp., Class A		27,800		12,976

COFCO Capital Holdings Co. Ltd., Class A		4,900		5,623

Dialog Group Bhd.		110,000		55,547

Gulf International Services QSC		383,100		291,876

Velesto Energy Bhd.		340,800		19,281

Yinson Holdings Bhd.		57,600		29,569
				673,403

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			175

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Entertainment – 0.7%

37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		4,700	$	10,839

Bilibili, Inc., Class Z* (a)		4,000		52,575

CJ CGV Co. Ltd.*		34,600		143,948

CJ ENM Co. Ltd.*		392		21,556

Com2uSCorp		133		3,849

Devsisters Co. Ltd.*		235		8,161

Gamania Digital Entertainment Co. Ltd.		50,000		117,929

HYBE Co. Ltd.		295		43,115

International Games System Co. Ltd.		2,320		71,249

iQIYI, Inc., ADR* (a)		7,595		36,836

JYP Entertainment Corp.		480		23,165

Kakao Games Corp.*		956		15,079

Kingsoft Corp. Ltd.		20,000		65,847

Krafton, Inc.*		500		86,643

MD Pictures Tbk. PT*		28,800		8,732

MNC Digital Entertainment Tbk. PT*		37,600		6,706

NCSoft Corp.		296		37,715

Neowiz		470		7,413

NetDragon Websoft Holdings Ltd.		100,000		140,899

NetEase, Inc.		30,000		576,510

Netmarble Corp.* (b)		410		16,583

Nexon Games Co. Ltd.*		1,034		10,085

NHN Corp.		6,400		109,746

Pearl Abyss Corp.*		517		11,989

Perfect World Co. Ltd., Class A		4,100		5,662

PVR Inox Ltd.*		1,152		18,793

Saregama India Ltd.		4,900		25,294

SM Entertainment Co. Ltd.		144		8,262

SMI Holdings Group Ltd.* ^‡		72,000		—

Star CM Holdings Ltd.*		8,000		4,408

Studio Dragon Corp.*		188		5,801

Tencent Music Entertainment Group, ADR* (a)		8,401		105,433

Tencent Music Entertainment Group, Class A*		4,700		29,806

Wemade Co. Ltd.*		388		13,279


Investments	Shares		Value

Entertainment – (continued)

XPEC Entertainment, Inc.* ^‡		14,800	$	—

YG Entertainment, Inc.		605		18,560

Zhejiang Century Huatong Group Co. Ltd., Class A*		11,280		7,290

Zx, Inc.* (b)		10,400		29,653
				1,899,410

Financial Services – 1.5%

Aavas Financiers Ltd.*		2,058		40,059

Aditya Birla Capital Ltd.*		13,950		38,689

Al Waha Capital PJSC		412,500		168,464

Aptus Value Housing Finance India Ltd.		6,960		27,282

AVIC Industry-Finance Holdings Co. Ltd., Class A		23,500		9,671

Bajaj Finserv Ltd.		6,620		128,137

Bajaj Holdings & Investment Ltd.		585		56,905

Can Fin Homes Ltd.		4,975		45,474

Chailease Holding Co. Ltd.		28,488		150,918

Cielo SA		32,900		35,356

Corp. Financiera Colombiana SA		48,150		183,100

CSSC Hong Kong Shipping Co. Ltd.(b)		600,000		106,633

E-Finance for Digital & Financial Investments		7,889		3,708

Far East Horizon Ltd.(a)		52,000		38,695

Fawry for Banking & Payment Technology Services SAE*		44,933		5,183

FirstRand Ltd.		157,350		544,336

Genertec Universal Medical Group Co. Ltd.(b)		325,000		196,134

Grupo de Inversiones Suramericana SA		2,695		27,560

Grupo de Inversiones Suramericana SA (Preference)		3,587		21,308

Home First Finance Co. India Ltd.(b)		1,225		13,398

Housing & Urban Development Corp. Ltd.		153,700		413,557

IIFL Finance Ltd.		3,626		17,644

Indian Railway Finance Corp. Ltd.(b)		28,464		53,645

See Accompanying Notes to the Financial Statements.


176		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Financial Services – (continued)

Jio Financial Services Ltd.*		55,350	$	250,095

Kakaopay Corp.*		398		10,165

L&T Finance Ltd.		11,562		23,093

LIC Housing Finance Ltd.		10,300		83,185

Meritz Financial Group, Inc.		2,700		155,112

National Investments Co. KSCP		20,286		16,729

One 97 Communications Ltd.*		4,128		18,424

Piramal Enterprises Ltd.		3,456		38,302

PNB Housing Finance Ltd.* (b)		1,056		10,072

Power Finance Corp. Ltd.		37,350		197,659

REC Ltd.		31,272		190,080

Remgro Ltd.		13,200		86,135

Shandong Hi-Speed Holdings Group Ltd.* (a)		53,500		48,704

Turkiye Sinai Kalkinma Bankasi A/S*		519,500		157,247

Yuanta Financial Holding Co. Ltd.		353,120		332,385
				3,943,243

Food Products – 2.3%

Adani Wilmar Ltd.*		2,491		10,676

Agthia Group PJSC		114,800		178,471

Alicorp SAA*		231,050		372,383

Almarai Co. JSC		3,913		59,259

Anjoy Foods Group Co. Ltd., Class A		500		6,372

Astra Agro Lestari Tbk. PT		205,000		81,950

AVI Ltd.		5,424		25,024

Balrampur Chini Mills Ltd.		3,850		18,252

Beijing Dabeinong Technology Group Co. Ltd., Class A		5,300		3,433

Betagro PCL		24,400		15,736

Bombay Burmah Trading Co.		9,150		170,962

BRF SA*		20,400		66,437

Britannia Industries Ltd.*		1,988		113,795

CCL Products India Ltd.		2,597		18,412

Century Pacific Food, Inc.		17,700		11,643

Charoen Pokphand Enterprise		4,272		13,907

Charoen Pokphand Foods PCL, NVDR		43,200		23,080

Charoen Pokphand Indonesia Tbk. PT		117,500		35,770


Investments	Shares		Value

Food Products – (continued)

Cherkizovo Group PJSC^‡		2,594	$	—

China Feihe Ltd.(b)		100,000		54,979

China Huiyuan Juice Group Ltd.* ^‡		24,000		—

China Mengniu Dairy Co. Ltd.		50,000		104,971

China Modern Dairy Holdings Ltd.		1,064,000		88,426

Chongqing Fuling Zhacai Group Co. Ltd., Class A		3,120		6,122

CJ CheilJedang Corp.		300		73,150

CJ CheilJedang Corp. (Preference)		205		21,863

COFCO Joycome Foods Ltd.* (a) (b)		1,200,000		273,104

Daesang Corp.		8,029		127,514

Dongwon Industries Co. Ltd.		2,300		62,904

First Milling Co.		1,404		30,920

Foshan Haitian Flavouring & Food Co. Ltd., Class A		9,980		54,107

Garudafood Putra Putri Jaya Tbk. PT		463,100		11,791

Great Wall Enterprise Co. Ltd.		9,401		16,514

Gruma SAB de CV, Class B		3,096		61,137

Grupo Bimbo SAB de CV, Class A, Series A(a)		23,898		100,678

Grupo Nutresa SA		1,692		15,968

Guan Chong Bhd.		29,400		16,879

Harim Holdings Co. Ltd.		16,700		79,627

Heilongjiang Agriculture Co. Ltd., Class A		10,200		18,424

Henan Shuanghui Investment & Development Co. Ltd., Class A		7,400		27,530

Huishan Dairy* ^‡		158,000		—

Indofood CBP Sukses Makmur Tbk. PT		51,800		34,645

Indofood Sukses Makmur Tbk. PT		130,000		49,969

Inner Mongolia Yili Industrial Group Co. Ltd., Class A		10,400		41,089

IOI Corp. Bhd.		39,200		33,430

JBS SA		20,100		90,900

Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A*		4,800		19,554

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			177

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Food Products – (continued)

Kuala Lumpur Kepong Bhd.		20,453	$	99,169

Leong Hup International Bhd.(b)		645,000		78,387

Lian HWA Food Corp.		6,240		18,780

Lien Hwa Industrial Holdings Corp.		17,301		35,280

Lotte Wellfood Co. Ltd.		1,200		116,345

M Dias Branco SA		4,800		31,431

Marfrig Global Foods SA*		145,000		264,369

Marico Ltd.		9,000		55,875

Mayora Indah Tbk. PT		83,900		12,384

Meihua Holdings Group Co. Ltd., Class A		15,600		23,955

Minerva SA		115,000		135,787

Monde Nissin Corp.(b)		107,400		19,856

Mrs Bectors Food Specialities Ltd.(b)		1,104		16,888

Muyuan Foods Co. Ltd., Class A		15,020		90,475

Nestle India Ltd.		6,000		180,310

Nestle Malaysia Bhd.		400		10,661

New Hope Liuhe Co. Ltd., Class A*		9,000		11,086

NongShim Co. Ltd.		100		28,797

Orion Corp.		550		36,969

Orion Holdings Corp.		8,550		91,247

Ottogi Corp.		50		15,086

Patanjali Foods Ltd.		1,030		18,649

PPB Group Bhd.		14,080		46,437

QL Resources Bhd.		25,395		34,162

Samyang Foods Co. Ltd.		141		30,147

Samyang Holdings Corp.		2,500		126,257

San Miguel Food and Beverage, Inc.		19,470		15,470

Sao Martinho SA		3,500		19,306

Sarawak Oil Palms Bhd.		120,000		76,689

Saudia Dairy & Foodstuff Co.		294		28,611

Savola Group (The)		5,419		72,964

Shree Renuka Sugars Ltd.*		30,100		16,144

Sime Darby Plantation Bhd.		65,003		60,883

SLC Agricola SA		85,000		313,066

Tata Consumer Products Ltd.		11,600		154,092

Thai Union Group PCL, NVDR		58,800		23,641

Thai Vegetable Oil PCL, NVDR		195,000		104,182


Investments	Shares		Value

Food Products – (continued)

Thaifoods Group PCL, NVDR		655,000	$	67,161

Tiger Brands Ltd.		4,150		45,293

Tingyi Cayman Islands Holding Corp.		16,000		17,736

Toly Bread Co. Ltd., Class A		5,640		4,774

Tres Tentos Agroindustrial SA		55,000		107,387

Triveni Engineering & Industries Ltd.		4,263		18,513

Ulker Biskuvi Sanayi A/S*		6,672		23,554

Uni-President Enterprises Corp.		88,709		208,410

United Plantations Bhd.		9,800		51,746

Universal Robina Corp.		13,530		24,171

Want Want China Holdings Ltd.		48,000		27,433

Yayla Agro Gida Sanayi ve Nakliyat A/S		152,600		65,043

Yuan Longping High-tech Agriculture Co. Ltd., Class A*		5,100		8,494

Zad Holding Co.*		3,286		12,599

Zydus Wellnes Ltd.		882		17,610
				5,955,518

Gas Utilities – 0.6%

Adani Total Gas Ltd.		4,541		50,566

Aygaz A/S		2,928		17,717

Beijing Enterprises Holdings Ltd.		25,000		80,231

China Gas Holdings Ltd.		70,000		65,872

China Resources Gas Group Ltd.		24,600		77,846

ENN Energy Holdings Ltd.(a)		20,500		177,316

ENN Natural Gas Co. Ltd., Class A		10,000		24,940

GAIL India Ltd.		80,150		200,864

Grupo Energia Bogota SA ESP		78,000		48,801

Gujarat Gas Ltd.		2,679		17,550

Gujarat State Petronet Ltd.		4,080		14,474

Indraprastha Gas Ltd.		4,564		25,665

Korea Gas Corp.*		999		19,950

Kunlun Energy Co. Ltd.		100,000		97,555

Mahanagar Gas Ltd.(b)		1,456		25,190

National Gas & Industrialization Co.		1,155		26,207

Perusahaan Gas Negara Tbk. PT		311,200		28,134

Petronas Gas Bhd.		15,000		56,574

See Accompanying Notes to the Financial Statements.


178		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Gas Utilities – (continued)

Promigas SA ESP		191,200	$	323,746

Towngas Smart Energy Co. Ltd.		450,000		174,334
				1,553,532

Ground Transportation – 0.3%

ANE Cayman, Inc.*		24,000		16,079

BTS Group Holdings PCL, NVDR		234,040		40,101

Container Corp. of India Ltd.		4,666		57,489

Daqin Railway Co. Ltd., Class A		42,400		40,518

Full Truck Alliance Co. Ltd., ADR(a)		10,750		92,558

GMexico Transportes SAB de CV(a) (b)		9,400		20,170

Grupo Traxion SAB de CV, Class A* (b)		9,800		16,571

Localiza Rent a Car SA		15,148		143,294

Lotte Rental Co. Ltd.		6,200		122,017

Lumi Rental Co.*		576		13,545

Rumo SA*		20,000		77,791

SIMPAR SA		125,000		139,395

Theeb Rent A Car Co.		441		8,031

United International Transportation Co.		996		22,147

Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		5,500		7,545
				817,251

Health Care Equipment & Supplies – 0.2%

Beijing Chunlizhengda Medical Instruments Co. Ltd., Class H		13,000		19,281

Beijing Wandong Medical Technology Co. Ltd., Class A		5,800		12,014

Classys, Inc.		144		3,954

Dentium Co. Ltd.		147		13,816

Eoflow Co. Ltd.*		799		2,454

Hartalega Holdings Bhd.*		30,800		18,070

HLB, Inc.*		1,925		154,862

iRay Technology Co. Ltd., Class A*		432		11,854

Jeisys Medical, Inc.*		1,942		13,531

Kangji Medical Holdings Ltd.		25,000		23,174


Investments	Shares		Value

Health Care Equipment & Supplies – (continued)

Kossan Rubber Industries Bhd.		91,500	$	42,179

Lifetech Scientific Corp.*		200,000		43,983

Microport Scientific Corp.*		11,498		9,247

Qingdao Haier Biomedical Co. Ltd., Class A		539		2,773

SD Biosensor, Inc.*		990		7,550

Shandong Weigao Group Medical Polymer Co. Ltd., Class H		36,000		24,580

Shanghai MicroPort Endovascular MedTech Group Co. Ltd., Class A		98		2,523

Shinva Medical Instrument Co. Ltd., Class A		5,200		15,999

Sri Trang Gloves Thailand PCL, NVDR		68,600		17,122

Supermax Corp. Bhd.		48,000		8,549

TaiDoc Technology Corp.		22,000		104,386

Top Glove Corp. Bhd.*		120,000		22,127

Visco Vision, Inc.		3,264		25,411

Won Tech Co. Ltd.		1,728		12,928
				612,367

Health Care Providers & Services – 1.0%

Al Hammadi Holding		1,862		27,553

Apollo Hospitals Enterprise Ltd.		1,640		116,895

Aster DM Healthcare Ltd.(b)		6,324		26,388

Bangkok Chain Hospital PCL, NVDR		20,800		11,281

Bangkok Dusit Medical Services PCL, NVDR		73,400		57,437

Bumrungrad Hospital PCL, NVDR		4,900		32,393

Chabiotech Co. Ltd.*		1,200		14,856

China Meheco Co. Ltd., Class A		4,700		7,217

Chularat Hospital PCL, NVDR		101,400		7,935

CM Hospitalar SA*		45,000		43,758

Dallah Healthcare Co.		585		25,424

Diagnosticos da America SA*		9,800		8,887

Dr Lal PathLabs Ltd.(b)		822		23,373

Dr Sulaiman Al Habib Medical Services Group Co.		1,439		119,168

Fleury SA		140,000		391,117

Fortis Healthcare Ltd.		7,920		41,628

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			179

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Health Care Providers & Services – (continued)

Global Health Ltd.*		2,401	$	41,588

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		5,200		23,036

Gushengtang Holdings Ltd.(a)		4,800		28,630

Hapvida Participacoes e Investimentos SA* (b)		80,000		56,954

HLB Life Science Co. Ltd.*		3,047		37,941

Huadong Medicine Co. Ltd., Class A		5,100		23,199

Hygeia Healthcare Holdings Co. Ltd.(a) (b)		10,400		43,149

IHH Healthcare Bhd.		45,000		59,686

Jinxin Fertility Group Ltd.* (b)		73,500		24,997

Jointown Pharmaceutical Group Co. Ltd., Class A		20,800		23,582

KPJ Healthcare Bhd.		49,024		20,750

Krishna Institute of Medical Sciences Ltd.* (b)		864		21,056

Life Healthcare Group Holdings Ltd.		17,346		9,909

Max Healthcare Institute Ltd.		11,750		118,336

Medikaloka Hermina Tbk. PT(b)		367,500		28,817

Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*		9,400		5,737

Metro Healthcare Indonesia Tbk. PT*		286,700		3,033

Metropolis Healthcare Ltd.(b)		1,104		24,052

Middle East Healthcare Co.*		1,555		37,646

Mitra Keluarga Karyasehat Tbk. PT(b)		100,200		17,871

MLP Saglik Hizmetleri A/S, Class B* (b)		3,216		23,244

Mouwasat Medical Services Co.		1,404		50,311

Narayana Hrudayalaya Ltd.(b)		1,200		18,511

National Medical Care Co.		969		47,590

Netcare Ltd.		559,950		340,982

New Horizon Health Ltd.* ^‡ (a) (b)		4,000		7,744

Odontoprev SA		9,490		21,880

Oncoclinicas do Brasil Servicos Medicos SA*		14,400		20,448


Investments	Shares		Value

Health Care Providers & Services – (continued)

Rainbow Children’s Medicare Ltd.		2,496	$	41,139

Ramkhamhaeng Hospital PCL, NVDR		9,300		7,842

Rede D’Or Sao Luiz SA(b)		20,000		100,326

Selcuk Ecza Deposu Ticaret ve Sanayi A/S		10,650		17,335

Shanghai Pharmaceuticals Holding Co. Ltd., Class A		4,700		11,631

Shanghai Pharmaceuticals Holding Co. Ltd., Class H		24,000		34,184

Sikarin PCL, NVDR		44,000		12,110

Siloam International Hospitals Tbk. PT		24,000		3,542

Sinopharm Group Co. Ltd., Class H		40,000		101,468

Thonburi Healthcare Group PCL, NVDR		9,300		10,038

Topchoice Medical Corp., Class A*		500		4,197

Universal Vision Biotechnology Co. Ltd.		2,226		17,501
				2,497,302

Health Care Technology – 0.0%(d)

Lunit, Inc.*		288		11,773

Hotels, Restaurants & Leisure – 1.7%

Abu Dhabi National Hotels		240,502		41,645

Alamar Foods		539		13,494

Alsea SAB de CV*		9,840		41,443

Ambassador Hotel (The)		138,849		294,652

Americana Restaurants International plc*		40,848		37,035

Ananti, Inc.*		30,900		142,640

Asset World Corp. PCL, NVDR		171,900		20,409

Atour Lifestyle Holdings Ltd., ADR(a)		1,976		35,232

Bloomberry Resorts Corp.*		93,100		16,761

Central Plaza Hotel PCL*		1,600		1,943

Central Plaza Hotel PCL, NVDR*		5,700		6,921

Chalet Hotels Ltd.*		2,891		29,968

China Travel International Investment Hong Kong Ltd.		122,000		19,654

See Accompanying Notes to the Financial Statements.


180		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Hotels, Restaurants & Leisure – (continued)

Devyani International Ltd.*		8,064	$	16,078

DoubleUGames Co. Ltd.		4,500		142,446

DPC Dash Ltd.*		4,800		34,184

Easy Trip Planners Ltd.		16,003		8,928

EIH Ltd.		8,250		47,298

Erawan Group PCL (The), NVDR		137,100		17,831

Genting Bhd.		50,000		47,355

Genting Malaysia Bhd.		105,000		58,083

Grand Korea Leisure Co. Ltd.		1,323		13,631

H World Group Ltd.(a)		25,000		96,852

Haichang Ocean Park Holdings Ltd.* (b)		54,000		5,524

Haidilao International Holding Ltd.(a) (b)		21,164		48,383

Hana Tour Service, Inc.		780		35,103

Helens International Holdings Co. Ltd.(a)		56,500		23,984

Indian Hotels Co. Ltd., Class A		14,178		98,005

Jahez International Co.*		3,648		29,179

Jiumaojiu International Holdings Ltd.(b)		14,000		8,879

Jollibee Foods Corp.		7,840		31,947

Jubilant Foodworks Ltd.		8,112		45,034

Kangwon Land, Inc.		2,240		24,878

Leejam Sports Co. JSC		850		47,411

Lemon Tree Hotels Ltd.* (b)		19,505		35,720

Lotte Tour Development Co. Ltd.*		1,961		14,160

Meituan, Class B* (b)		89,970		1,259,617

Minor International PCL, NVDR		49,500		44,077

MK Restaurants Group PCL, NVDR		4,800		4,825

Nayuki Holdings Ltd.* (a) (b)		25,000		8,854

OPAP SA		2,650		44,231

Paradise Co. Ltd.		421		4,587

Sapphire Foods India Ltd.*		800		13,642

Seera Group Holding*		6,734		49,106

Smartfit Escola de Ginastica e Danca SA		4,800		22,402

Sports Toto Bhd.		331,270		97,871

Sun International Ltd.		65,100		127,292


Investments	Shares		Value

Hotels, Restaurants & Leisure – (continued)

Tongcheng Travel Holdings Ltd.* (a) (b)		19,200	$	50,939

Travellers International Hotel Group, Inc.*^‡		209,900		—

TravelSky Technology Ltd., Class H		1,000		1,309

Trip.com Group Ltd.*		10,000		492,763

Tsogo Sun Ltd.		230,150		137,951

Westlife Foodworld Ltd.		3,000		30,490

Wowprime Corp.		3,259		23,520

Yum China Holdings, Inc.(a)		6,850		250,094

Zomato Ltd.*		94,650		219,109
				4,515,369

Household Durables – 1.0%

Amber Enterprises India Ltd.*		935		43,106

Arcelik A/S		5,782		30,895

Bajaj Electricals Ltd.		2,173		24,670

Coway Co. Ltd.		1,500		60,452

Crompton Greaves Consumer Electricals Ltd.		7,896		30,132

Cury Construtora e Incorporadora SA		50,000		189,076

Cyrela Brazil Realty SA Empreendimentos e Participacoes		115,000		450,406

Dixon Technologies India Ltd.(b)		689		68,885

Eureka Forbes Ltd.*		1,960		11,069

Gree Electric Appliances, Inc. of Zhuhai, Class A		15,000		87,247

Haier Smart Home Co. Ltd., Class A		10,400		43,458

Haier Smart Home Co. Ltd., Class H		40,000		149,593

Hanssem Co. Ltd.		303		12,409

Hisense Home Appliances Group Co. Ltd., Class H(a)		4,000		16,903

LG Electronics, Inc.		3,050		205,011

LG Electronics, Inc. (Preference)		584		18,169

Merry Electronics Co. Ltd.		93,719		348,259

MRV Engenharia e Participacoes SA*		150,000		193,899

Nien Made Enterprise Co. Ltd.		3,000		35,102

PIK-Spetsializirovannyy Zastroyshchik PAO* ^‡		4,646		—

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			181

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Household Durables – (continued)

Shenzhen MTC Co. Ltd., Class A		9,600	$	7,199

Skyworth Group Ltd.(a)		500,000		206,490

Taiwan Sakura Corp.		5,000		13,804

TCL Electronics Holdings Ltd.		350,000		231,358

TTK Prestige Ltd.		1,825		15,366

Vestel Beyaz Esya Sanayi ve Ticaret A/S		18,669		12,801

Vestel Elektronik Sanayi ve Ticaret A/S*		70,100		180,790

Whirlpool of India Ltd.		674		12,172
				2,698,721

Household Products – 0.1%

Blue Moon Group Holdings Ltd.(b)		48,000		13,563

Jyothy Labs Ltd.		6,860		35,712

Kimberly-Clark de Mexico SAB de CV, Class A		25,000		52,323

Unilever Indonesia Tbk. PT		75,200		12,117
				113,715

Independent Power and Renewable Electricity Producers – 1.7%

Aboitiz Power Corp.		34,200		21,934

ACEN Corp.		100,197		7,198

ACWA Power Co.		2,104		224,391

Adani Green Energy Ltd.*		7,050		151,894

Adani Power Ltd.*		27,200		199,657

AES Brasil Energia SA		9,600		17,540

Aksa Enerji Uretim A/S, Class B		3,760		4,466

Auren Energia SA		5,000		11,181

B Grimm Power PCL, NVDR		19,500		13,549

Banpu Power PCL, NVDR		19,300		7,447

BCPG PCL, NVDR		78,300		14,261

Canvest Environmental Protection Group Co. Ltd.(b)		200,000		103,309

CECEP Solar Energy Co. Ltd., Class A		9,600		6,841

CGN New Energy Holdings Co. Ltd.		500,000		149,593

CGN Power Co. Ltd., Class A		44,000		24,973

CGN Power Co. Ltd., Class H(b)		350,000		117,693


Investments	Shares		Value

Independent Power and Renewable Electricity Producers – (continued)

China Longyuan Power Group Corp. Ltd., Class A		18,300	$	46,120

China Longyuan Power Group Corp. Ltd., Class H		100,000		70,450

China National Nuclear Power Co. Ltd., Class A		42,300		53,974

China Power International Development Ltd.(a)		150,000		60,604

China Resources Power Holdings Co. Ltd.(a)		60,000		149,593

China Three Gorges Renewables Group Co. Ltd., Class A		47,000		30,440

China Yangtze Power Co. Ltd., Class A		35,000		124,650

CK Power PCL, NVDR		112,600		11,849

Colbun SA		330,818		42,659

Datang International Power Generation Co. Ltd., Class A		62,400		26,023

Datang International Power Generation Co. Ltd., Class H(a)		128,000		25,367

Electricity Generating PCL, NVDR		4,900		14,875

Energy Absolute PCL, NVDR		15,600		12,944

Eneva SA*		20,000		47,771

Engie Brasil Energia SA		5,700		44,979

First Gen Corp.		185,000		61,487

Fujian Funeng Co. Ltd., Class A		12,740		17,575

Galata Wind Enerji A/S		75,500		66,087

GD Power Development Co. Ltd., Class A		42,500		30,108

Global Power Synergy PCL, NVDR		13,700		18,114

Guangdong Electric Power Development Co. Ltd., Class A*		4,900		3,600

Guangdong Electric Power Development Co. Ltd., Class B*		14,400		3,774

Gulf Energy Development PCL, NVDR		85,000		92,317

Huadian Power International Corp. Ltd., Class A		26,500		24,738

See Accompanying Notes to the Financial Statements.


182		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Independent Power and Renewable Electricity Producers – (continued)

Huadian Power International Corp. Ltd., Class H(a)		38,000	$	20,795

Huaneng Power International, Inc., Class A*		24,000		31,021

Huaneng Power International, Inc., Class H*		102,000		65,077

Hubei Energy Group Co. Ltd., Class A		36,400		28,953

Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		9,800		5,914

Jaiprakash Power Ventures Ltd.*		178,320		42,637

Jilin Electric Power Co. Ltd., Class A		28,800		18,851

JSW Energy Ltd.		8,700		65,644

Malakoff Corp. Bhd.		1,080,000		151,619

Margun Enerji Uretim Sanayi ve Ticaret A/S*		12,974		9,866

Mega First Corp. Bhd.		265,000		259,309

NHPC Ltd.		110,850		127,807

NLC India Ltd.		8,784		25,514

NTPC Ltd.		136,119		592,529

OGK-2 PJSC^‡		11,431,280		—

Ratch Group PCL, NVDR		24,500		19,006

Reliance Power Ltd.*		1,166,300		381,609

Serena Energia SA*		75,000		118,944

Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC		257,300		138,675

Shanghai Electric Power Co. Ltd., Class A		10,000		12,691

Shenergy Co. Ltd., Class A		4,900		5,758

Shenzhen Energy Group Co. Ltd., Class A		10,600		10,583

Shinfox Energy Co. Ltd.		4,032		16,654

Sichuan Chuantou Energy Co. Ltd., Class A		9,400		21,743

Terna Energy SA		1,276		24,886

TPI Polene Power PCL, NVDR		1,083,600		97,074

Unipro PJSC* ^‡		5,337,000		—

Wintime Energy Group Co. Ltd., Class A*		76,800		14,317


Investments	Shares		Value

Independent Power and Renewable Electricity Producers – (continued)

Xinyi Energy Holdings Ltd.		95,265	$	13,398

Zhejiang Zheneng Electric Power Co. Ltd., Class A*		28,800		24,777

Zorlu Enerji Elektrik Uretim A/S*		49,256		10,056
				4,511,732

Industrial Conglomerates – 2.2%

3M India Ltd.		100		36,517

Aamal Co.*		690,700		148,536

Aboitiz Equity Ventures, Inc.		68,500		49,802

AG Anadolu Grubu Holding A/S		3,478		34,886

Alarko Holding A/S		2,646		9,529

Alfa SAB de CV, Class A		95,000		70,253

Alliance Global Group, Inc.		56,400		9,841

Alpha Dhabi Holding PJSC*		41,950		161,271

AntarChile SA		3,206		25,149

Apar Industries Ltd.		240		22,667

Arabi Group Holding KSC*		8,064		13,091

Astra Industrial Group		1,400		64,800

Astra International Tbk. PT		585,000		185,286

Ayala Corp.		7,000		74,521

Bidvest Group Ltd. (The)(a)		5,354		69,993

China Baoan Group Co. Ltd., Class A		10,400		15,108

CITIC Ltd.		200,000		191,019

CJ Corp.		343		31,692

DMCI Holdings, Inc.		121,000		23,208

Doosan Co. Ltd.		352		38,788

Dubai Investments PJSC		52,704		31,282

Far Eastern New Century Corp.		100,000		99,810

Fosun International Ltd.		48,000		28,538

Godrej Industries Ltd.*		1,296		14,921

Grupo Carso SAB de CV, Series A1(a)		10,000		79,074

GS Holdings Corp.		2,000		64,973

GT Capital Holdings, Inc.		2,400		26,568

Hanwha Corp.		1,692		33,482

HAP Seng Consolidated Bhd.		11,900		11,046

Hong Leong Industries Bhd.		30,000		67,135

Hosken Consolidated Investments Ltd.*		25,650		234,989

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			183

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Industrial Conglomerates – (continued)

Hyosung Corp.		201	$	8,769

Industries Qatar QSC		48,000		161,494

International Holding Co. PJSC*		11,950		1,299,797

JG Summit Holdings, Inc.		80,011		46,745

KOC Holding A/S		20,900		145,954

LG Corp.		3,250		186,709

Lotte Corp.		672		13,468

LT Group, Inc.		98,000		17,236

LX Holdings Corp.		752		3,792

Multiply Group PJSC*		102,884		64,427

Mytilineos SA		2,856		116,654

National Industries Group Holding SAK		35,856		25,029

Q Holding PJSC*		32,256		25,907

Quinenco SA		8,136		28,464

Reunert Ltd.		78,750		277,194

Samsung C&T Corp.		2,606		283,019

San Miguel Corp.		13,510		24,556

Shanghai Industrial Holdings Ltd.		160,000		224,620

Siemens Ltd.		1,550		108,522

Sigdo Koppers SA		94,200		116,388

Sime Darby Bhd.		83,000		48,696

SK Square Co. Ltd.*		1,400		77,491

SK, Inc.		1,100		132,118

SM Investments Corp.		8,500		139,782

Sunway Bhd.		44,700		32,969

Turkiye Sise ve Cam Fabrikalari A/S		36,850		57,364
				5,634,939

Industrial REITs – 0.7%

Equites Property Fund Ltd., REIT		348,250		229,262

ESR Kendall Square REIT Co. Ltd., REIT		3,896		12,967

FIBRA Macquarie Mexico, REIT(a) (b)		325,811		589,341

Frasers Property Thailand Industrial Freehold & Leasehold REIT, REIT		630,000		164,895


Investments	Shares		Value

Industrial REITs – (continued)

Prologis Property Mexico SA de CV, REIT(a)		9,616	$	38,129

TF Administradora Industrial S de RL de CV, REIT(a)		331,920		820,522
				1,855,116

Insurance – 2.5%

Al Rajhi Co. for Co-operative Insurance*		1,696		59,871

Allianz Malaysia Bhd.		25,000		110,215

Anadolu Anonim Turk Sigorta Sirketi*		6,624		18,413

Bangkok Insurance PCL, NVDR		10,000		78,791

BB Seguridade Participacoes SA		10,000		62,125

Bupa Arabia for Cooperative Insurance Co.		1,200		77,172

Caixa Seguridade Participacoes SA		15,000		45,320

Capital Financial Indonesia Tbk. PT*		156,800		4,966

Cathay Financial Holding Co. Ltd.		300,000		465,266

China Development Financial Holding Corp.*		456,878		191,523

China Life Insurance Co. Ltd., Class H		106,000		141,221

China Pacific Insurance Group Co. Ltd., Class A		19,500		69,475

China Pacific Insurance Group Co. Ltd., Class H		70,000		154,657

China Taiping Insurance Holdings Co. Ltd.		31,800		29,274

Co. for Cooperative Insurance (The)		1,216		48,308

DB Insurance Co. Ltd.		1,200		84,480

Dhipaya Group Holdings PCL, NVDR		125,000		102,874

Discovery Ltd.		14,200		90,648

Fubon Financial Holding Co. Ltd.		250,000		530,526

General Insurance Corp. of India(b)		7,546		31,283

Hanwha Life Insurance Co. Ltd.		12,318		26,292

See Accompanying Notes to the Financial Statements.


184		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Insurance – (continued)

HDFC Life Insurance Co. Ltd.(b)		17,000	$	118,918

Hyundai Marine & Fire Insurance Co. Ltd.		1,262		28,580

ICICI Lombard General Insurance Co. Ltd.(b)		3,684		75,531

ICICI Prudential Life Insurance Co. Ltd.(b)		5,670		38,932

Korean Reinsurance Co.		51,500		305,177

LPI Capital Bhd.		4,900		12,321

Max Financial Services Ltd.*		2,721		32,967

Mercuries & Associates Holding Ltd.*		262,480		114,062

Mercuries Life Insurance Co. Ltd.*		1,328,057		233,701

Mirae Asset Life Insurance Co. Ltd.*		20,400		73,801

Momentum Metropolitan Holdings		41,582		45,499

New China Life Insurance Co. Ltd., Class A		4,700		20,445

New China Life Insurance Co. Ltd., Class H		25,000		48,330

Old Mutual Ltd.		130,900		76,584

OUTsurance Group Ltd.		10,487		22,588

PB Fintech Ltd.*		5,300		80,348

People’s Insurance Co. Group of China Ltd. (The), Class H		229,000		75,541

PICC Property & Casualty Co. Ltd., Class H		200,000		249,834

Ping An Insurance Group Co. of China Ltd., Class A		25,100		143,359

Ping An Insurance Group Co. of China Ltd., Class H		177,500		815,875

Porto Seguro SA		5,000		28,902

Qatar Insurance Co. SAQ		81,900		51,038

Qualitas Controladora SAB de CV		5,000		65,739

Samsung Fire & Marine Insurance Co. Ltd.		900		201,867

Samsung Life Insurance Co. Ltd.		2,600		164,605

Sanlam Ltd.		49,750		179,712

Santam Ltd.		723		11,537

SBI Life Insurance Co. Ltd.(b)		6,600		113,634


Investments	Shares		Value

Insurance – (continued)

Shin Kong Financial Holding Co. Ltd.*		457,066	$	121,138

Shinkong Insurance Co. Ltd.		100,000		296,358

Star Health & Allied Insurance Co. Ltd.*		1,470		10,071

Syarikat Takaful Malaysia Keluarga Bhd.		250,000		193,819

Thai Life Insurance PCL, NVDR		63,600		15,788

Tongyang Life Insurance Co. Ltd.		13,669		52,615

ZhongAn Online P&C Insurance Co. Ltd., Class H* (b)		11,000		18,649
				6,560,565

Interactive Media & Services – 2.3%

Autohome, Inc., Class A		5,000		31,932

Baidu, Inc., Class A*		37,500		502,001

Dear U Co. Ltd.*		423		8,126

Info Edge India Ltd.		1,344		97,515

JOYY, Inc., ADR		1,092		35,621

Kakao Corp.		5,100		179,336

Kuaishou Technology* (b)		40,000		286,145

Meitu, Inc.* (b)		48,000		20,007

NAVER Corp.		2,350		313,537

SOOP Co. Ltd.		275		22,444

Tencent Holdings Ltd.		100,400		4,456,973

Weibo Corp., Class A		1,960		17,342
				5,970,979

IT Services – 1.4%

Al Moammar Information Systems Co.		505		21,220

Arabian Internet & Communications Services Co.		384		35,629

Chinasoft International Ltd.		18,000		10,932

Coforge Ltd.		1,050		64,222

Cyient Ltd.		1,392		30,138

Elm Co.		400		97,542

GDS Holdings Ltd., Class A*		14,700		15,149

Happiest Minds Technologies Ltd.		2,940		28,700

HCL Technologies Ltd.		17,350		284,175

Hyundai Autoever Corp.		94		10,474

Infosys Ltd.		66,250		1,127,944

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			185

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


Investments	Shares		Value

COMMON STOCKS – (continued)

IT Services – (continued)

Jasmine Technology Solution PCL, NVDR*		4,100	$	5,587

Kingsoft Cloud Holdings Ltd.* (a)		96,000		20,498

LTIMindtree Ltd.(b)		1,495		84,329

Mphasis Ltd.		1,296		35,956

Perfect Presentation For Commercial Services Co.*		31,550		277,596

Persistent Systems Ltd.		1,874		75,660

Posco DX Co. Ltd.		816		24,059

Samsung SDS Co. Ltd.		1,200		139,006

Sonata Software Ltd.		5,490		45,477

Systex Corp.		8,208		31,509

Tata Consultancy Services Ltd.		16,300		746,397

Tech Mahindra Ltd.		10,700		162,033

Wipro Ltd.		21,850		121,092
				3,495,324

Leisure Products – 0.2%

Ferretti SpA		70,000		209,878

Fusheng Precision Co. Ltd.		1,000		8,599

Giant Manufacturing Co. Ltd.		5,181		34,766

GOLFZON Co. Ltd.		1,750		99,016

Johnson Health Tech Co. Ltd.		2,000		5,122

Merida Industry Co. Ltd.		2,745		19,811

Topkey Corp.		34,563		209,106
				586,298

Life Sciences Tools & Services – 0.2%

Divi’s Laboratories Ltd.		2,050		98,338

EirGenix, Inc.*		6,144		15,397

Genscript Biotech Corp.* (a)		8,000		11,906

LigaChem Biosciences, Inc.*		816		40,207

Peptron, Inc.*		672		14,100

Samsung Biologics Co. Ltd.* (b)		300		169,525

ST Pharm Co. Ltd.		141		9,528

Syngene International Ltd.(b)		4,200		34,690

WuXi AppTec Co. Ltd., Class A		4,760		28,705

WuXi AppTec Co. Ltd., Class H(b)		5,218		23,651
				446,047


Investments	Shares		Value

Machinery – 1.3%

Action Construction Equipment Ltd.		1,488	$	27,086

AIA Engineering Ltd.		600		27,306

Airtac International Group		1,913		68,149

Ashok Leyland Ltd.		24,550		56,685

China CSSC Holdings Ltd., Class A		10,300		51,916

China International Marine Containers Group Co. Ltd., Class A		9,600		12,024

China International Marine Containers Group Co. Ltd., Class H(a)		9,400		7,980

Cochin Shipyard Ltd.(b)		4,212		65,823

Craftsman Automation Ltd.		343		18,197

Creative & Innovative System*		2,703		22,413

CSBC Corp. Taiwan*		29,992		16,764

Cummins India Ltd.		2,424		95,159

Doosan Bobcat, Inc.		1,300		49,099

Doosan Robotics, Inc.*		336		17,504

Elgi Equipments Ltd.		3,360		26,214

Escorts Kubota Ltd.		564		22,703

GMM Pfaudler Ltd.		490		8,402

Grindwell Norton Ltd.		771		19,652

Haitian International Holdings Ltd.		11,000		36,145

Hana Technology Co. Ltd.*		245		10,618

Hanwha Ocean Co. Ltd.*		937		21,728

HD Hyundai Construction Equipment Co. Ltd.		5,050		200,962

HD Hyundai Heavy Industries Co. Ltd.*		282		28,096

HD Hyundai Infracore Co. Ltd.		3,822		23,008

HD Hyundai Mipo*		400		21,735

HD Korea Shipbuilding & Offshore Engineering Co. Ltd.*		1,350		128,446

Hiwin Technologies Corp.		5,535		39,351

Hyundai Elevator Co. Ltd.		676		19,809

Hyundai Rotem Co. Ltd.		1,175		31,711

Jupiter Wagons Ltd.		4,848		23,733

Kangwon Energy Co. Ltd.*		637		8,126

Kaori Heat Treatment Co. Ltd.		2,214		29,441

See Accompanying Notes to the Financial Statements.


186		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Machinery – (continued)

Kenmec Mechanical Engineering Co. Ltd.		7,824	$	22,034

Kinik Co.		6,000		46,987

Kirloskar Brothers Ltd.		2,340		36,817

Kirloskar Oil Engines Ltd.		3,216		39,406

KSB Ltd.*		539		29,148

Lakshmi Machine Works Ltd.		300		60,669

LK Technology Holdings Ltd.		22,000		9,001

Marcopolo SA		94,351		96,661

Marcopolo SA (Preference)		300,000		381,432

Morimatsu International Holdings Co. Ltd.* (b)		203,000		129,775

MTAR Technologies Ltd.* (b)		816		18,445

Ningbo Deye Technology Co. Ltd., Class A		900		11,618

Otokar Otomotiv ve Savunma Sanayi A/S		1,440		23,284

Pentamaster Corp. Bhd.		30,600		27,378

People & Technology, Inc.*		441		12,843

Rainbow Robotics*		144		18,431

Sam Engineering & Equipment M Bhd.		4,700		4,826

Samsung Heavy Industries Co. Ltd.*		11,450		78,288

Sany Heavy Equipment International Holdings Co. Ltd.		12,000		8,454

Sany Heavy Industry Co. Ltd., Class A		14,100		31,757

Schaeffler India Ltd.		846		37,413

SFA Engineering Corp.		7,150		133,729

Shanghai Zhenhua Heavy Industries Co. Ltd., Class B*		4,800		1,051

Shin Zu Shing Co. Ltd.		5,760		30,779

Shuangliang Eco-Energy Systems Co. Ltd., Class A		15,600		13,680

Sinotruk Hong Kong Ltd.		25,000		62,522

SK oceanplant Co. Ltd.*		1,219		11,563

SKF India Ltd.		385		21,348

Sunonwealth Electric Machine Industry Co. Ltd.		5,022		17,351

Thermax Ltd.		576		32,236


Investments	Shares		Value

Machinery – (continued)

Tian Di Science & Technology Co. Ltd., Class A		4,900	$	5,007

Timken India Ltd.		329		13,172

Titagarh Rail System Ltd.		2,400		30,429

Turk Traktor ve Ziraat Makineleri A/S		1,352		38,397

UWC Bhd.*		20,400		13,165

Vesuvius India Ltd.		336		18,288

Waffer Technology Corp.		5,280		15,404

Weichai Power Co. Ltd., Class A		25,000		60,036

Weichai Power Co. Ltd., Class H		50,000		102,925

XCMG Construction Machinery Co. Ltd., Class A		28,800		27,959

Yangzijiang Shipbuilding Holdings Ltd.		75,000		96,792

Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		4,800		14,523

Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A		10,400		25,061

Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H(a)		10,000		16,494

Zhuzhou CRRC Times Electric Co. Ltd., Class H		11,800		42,546

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		17,700		20,801

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		29,200		22,289
				3,248,199

Marine Transportation – 0.4%

Cia Sud Americana de Vapores SA		402,367		31,521

COSCO SHIPPING Holdings Co. Ltd., Class H		75,000		97,428

Evergreen Marine Corp. Taiwan Ltd.		32,930		191,642

Far-Eastern Shipping Co. plc*^‡		302,500		—

Gulf Navigation Holding PJSC*		14,976		29,928

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			187

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Marine Transportation – (continued)

HMM Co. Ltd.		6,650	$	76,263

Korea Line Corp.*		61,350		79,367

MISC Bhd.		35,000		58,376

Orient Overseas International Ltd.(a)		3,500		51,149

Pan Ocean Co. Ltd.		6,321		18,797

Qatar Navigation QSC		31,300		90,694

Regional Container Lines PCL, NVDR		105,000		58,365

Shanghai Zhonggu Logistics Co. Ltd., Class A		7,252		8,663

Transcoal Pacific Tbk. PT		14,100		7,371

U-Ming Marine Transport Corp.		14,000		23,303

Wan Hai Lines Ltd.		50,000		77,851

Wisdom Marine Lines Co. Ltd.		11,898		24,883

Yang Ming Marine Transport Corp.		53,000		84,964
				1,010,565

Media – 0.6%

Affle India Ltd.*		3,050		40,941

Arabian Contracting Services Co.		240		14,014

Astro Malaysia Holdings Bhd.		680,000		43,457

Cheil Worldwide, Inc.		1,392		19,055

China Literature Ltd.* (a) (b)		10,400		37,565

China South Publishing & Media Group Co. Ltd., Class A		9,600		16,054

Chinese Universe Publishing and Media Group Co. Ltd., Class A		4,800		9,737

Elang Mahkota Teknologi Tbk. PT		201,600		4,786

Focus Media Information Technology Co. Ltd., Class A		38,100		34,199

Grupo Televisa SAB, Series CPO(a)		1,200,816		713,928

Innocean Worldwide, Inc.		8,550		140,737

Megacable Holdings SAB de CV(a)		32,160		94,129

MultiChoice Group*		7,200		46,039


Investments	Shares		Value

Media – (continued)

Network18 Media & Investments Ltd.*		9,120	$	9,717

Saudi Research & Media Group*		605		38,843

VGI PCL, NVDR		2,560,000		118,122

Zee Entertainment Enterprises Ltd.*		18,512		32,604
				1,413,927

Metals & Mining – 4.9%

Adaro Minerals Indonesia Tbk. PT*		120,400		9,959

African Rainbow Minerals Ltd.		3,744		39,007

Al Masane Al Kobra Mining Co.		1,403		22,257

Alrosa PJSC^‡		85,800		—

Aluminum Corp. of China Ltd., Class A		4,800		4,918

Aluminum Corp. of China Ltd., Class H		100,000		66,870

Amman Mineral Internasional PT*		200,000		119,311

Aneka Tambang Tbk.		201,400		20,313

Angang Steel Co. Ltd., Class H		38,000		6,316

Anglo American Platinum Ltd.(a)		1,500		52,698

APL Apollo Tubes Ltd.		3,429		63,999

Baoshan Iron & Steel Co. Ltd., Class A		60,000		57,585

Beijing Shougang Co. Ltd., Class A*		10,600		4,669

Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret A/S*		720		13,376

Bradespar SA		15,000		55,623

Bradespar SA (Preference)		110,000		422,971

Bumi Resources Minerals Tbk. PT*		1,235,000		11,621

CAP SA*		28,450		204,262

Century Iron & Steel Industrial Co. Ltd.		2,544		17,462

China Gold International Resources Corp. Ltd.*		4,900		28,725

China Hongqiao Group Ltd.(a)		75,000		104,524

China Metal Recycling Holdings Ltd.* ^‡		51,000		—

See Accompanying Notes to the Financial Statements.


188		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Metals & Mining – (continued)

China Nonferrous Mining Corp. Ltd.(a)		63,000	$	57,593

China Northern Rare Earth Group High-Tech Co. Ltd., Class A		9,300		24,786

China Steel Corp.		206,000		157,211

China Zhongwang Holdings Ltd.* ^‡		699,600		—

Chung Hung Steel Corp.		23,000		16,423

Cia de Ferro Ligas da Bahia FERBASA (Preference)		62,800		96,325

Cia Siderurgica Nacional SA		20,000		53,713

Citic Pacific Special Steel Group Co. Ltd., Class A*		10,600		22,791

CMOC Group Ltd., Class A		43,200		53,571

CMOC Group Ltd., Class H(a)		150,000		142,306

CSN Mineracao SA		9,600		9,150

Dongkuk Steel Mill Co. Ltd.		20,832		178,159

DRDGOLD Ltd.		10,054		8,108

Eregli Demir ve Celik Fabrikalari TAS		41,200		54,795

EVERGREEN Steel Corp.		6,672		30,428

Ezz Steel Co. SAE*		75,744		90,465

Feng Hsin Steel Co. Ltd.		15,408		33,313

GEM Co. Ltd., Class A		28,800		27,680

Gerdau SA (Preference)		37,764		133,042

Gloria Material Technology Corp.		8,139		13,547

GMK Norilskiy Nickel PAO^‡		209,000		—

Godawari Power and Ispat Ltd.		28,350		302,388

Gold Fields Ltd.		15,000		247,430

Grupo Mexico SAB de CV, Series B		90,000		559,116

Harmony Gold Mining Co. Ltd.		15,033		131,617

Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A		9,700		29,081

Hesteel Co. Ltd., Class A		37,600		11,371

Hindalco Industries Ltd.		42,200		325,922

Hindustan Copper Ltd.		15,851		73,331

Hsin Kuang Steel Co. Ltd.		106,384		192,107

Huaibei Mining Holdings Co. Ltd., Class A		9,400		24,975


Investments	Shares		Value

Metals & Mining – (continued)

Hunan Valin Steel Co. Ltd., Class A		23,500	$	16,940

Hyundai Steel Co.		2,152		50,371

Impala Platinum Holdings Ltd.		25,724		115,730

Industrias CH SAB de CV, Class B, Series B*		481		5,223

Industrias Penoles SAB de CV* (a)		2,585		37,718

Inner Mongolia BaoTou Steel Union Co. Ltd., Class A*		70,500		15,577

Inner Mongolia ERDOS Resources Co. Ltd., Class A		6,272		10,671

Inner Mongolia ERDOS Resources Co. Ltd., Class B		10,388		10,533

Jai Balaji Industries Ltd.*		2,016		24,818

Jiangxi Copper Co. Ltd., Class A		9,400		33,919

Jiangxi Copper Co. Ltd., Class H		50,000		102,925

Jindal Saw Ltd.		4,128		27,459

Jindal Stainless Ltd.		9,300		78,798

Jindal Steel & Power Ltd.		13,250		147,632

JSW Steel Ltd.		20,800		219,926

Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class A		4,508		2,860

Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class D		25,039		20,123

KG DONGBUSTEEL		16,800		86,547

Kirloskar Ferrous Industries Ltd.		28,500		210,036

Korea Zinc Co. Ltd.		350		117,376

Koza Altin Isletmeleri A/S		27,440		19,713

Koza Anadolu Metal Madencilik Isletmeleri A/S*		79,500		127,440

Kumba Iron Ore Ltd.		1,560		38,389

Lloyds Metals & Energy Ltd.*		2,064		18,360

Maanshan Iron & Steel Co. Ltd., Class A		21,200		6,938

Maanshan Iron & Steel Co. Ltd., Class H		22,000		3,235

Magnitogorsk Iron & Steel Works PJSC* ^‡		45,174		—

Maharashtra Seamless Ltd.		1,680		18,211

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			189

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Metals & Mining – (continued)

Merdeka Battery Materials Tbk. PT*		456,000	$	15,424

Merdeka Copper Gold Tbk. PT*		225,762		36,516

Metalurgica Gerdau SA (Preference)		23,400		47,765

Minsur SA		387,350		470,286

MMG Ltd.*		36,000		16,478

Nanjing Iron & Steel Co. Ltd., Class A		31,200		23,438

National Aluminium Co. Ltd.		25,680		57,016

Nickel Asia Corp.		2,389,200		166,260

NMDC Ltd.		33,050		100,771

NMDC Steel Ltd.*		495,750		383,237

Northam Platinum Holdings Ltd.(a)		10,750		71,415

Novolipetsk Steel PJSC* ^‡		51,150		—

Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		14,100		6,056

PMB Technology Bhd.*		4,700		2,649

Polyus PJSC*^‡		1,155		—

Poongsan Corp.		7,150		336,264

POSCO Holdings, Inc.		1,950		571,413

Posco M-Tech Co. Ltd.		931		13,876

Press Metal Aluminium Holdings Bhd.		60,000		67,512

Qatar Aluminum Manufacturing Co.		111,124		43,125

Ramkrishna Forgings Ltd.		3,648		32,831

Raspadskaya OJSC* ^‡		4,240		—

Ratnamani Metals & Tubes Ltd.		576		21,813

Sam-A Aluminum Co. Ltd.		96		5,425

Sarda Energy & Minerals Ltd.		65,000		187,125

Saudi Arabian Mining Co.*		20,455		275,962

SeAH Besteel Holdings Corp.		5,850		93,966

SeAH Steel Holdings Corp.		750		125,895

Severstal PAO* ^‡		5,995		—

Shandong Gold Mining Co. Ltd., Class A		5,200		20,731

Shandong Gold Mining Co. Ltd., Class H(b)		12,250		26,689


Investments	Shares		Value

Metals & Mining – (continued)

Shandong Nanshan Aluminum Co. Ltd., Class A		18,800	$	9,294

Shanxi Meijin Energy Co. Ltd., Class A*		9,400		7,892

Shanxi Taigang Stainless Steel Co. Ltd., Class A		15,900		8,475

Shougang Fushan Resources Group Ltd.(a)		96,000		36,700

Sibanye Stillwater Ltd.(a)		80,950		93,561

Steel Authority of India Ltd.		47,114		92,719

TA Chen Stainless Pipe		59,800		67,583

Tata Steel Ltd.		245,050		484,601

TCC Steel		240		9,203

Tiangong International Co. Ltd.		600,000		130,415

Tianshan Aluminum Group Co. Ltd., Class A*		10,600		11,066

Tongling Nonferrous Metals Group Co. Ltd., Class A		29,400		16,402

Trimegah Bangun Persada Tbk. PT		225,600		13,458

Tung Ho Steel Enterprise Corp.		17,050		38,381

United Co. RUSAL International PJSC* ^‡		75,100		—

Usha Martin Ltd.		6,762		30,558

Usinas Siderurgicas de Minas Gerais SA Usiminas (Preference), Class A		205,000		312,853

Vale Indonesia Tbk. PT		28,200		7,371

Vale SA		105,000		1,282,139

Vedanta Ltd.		29,800		142,096

VSMPO-AVISMA Corp. PJSC^‡		53		—

Welspun Corp. Ltd.		5,280		35,713

Western Mining Co. Ltd., Class A		4,800		13,323

Western Superconducting Technologies Co. Ltd., Class A		1,052		5,760

Xiamen Tungsten Co. Ltd., Class A		3,900		10,324

YC INOX Co. Ltd.		150,000		117,008

Yieh Phui Enterprise Co. Ltd.		59,059		27,932

Young Poong Corp.		150		44,443

Yunnan Aluminium Co. Ltd., Class A		6,300		12,519

See Accompanying Notes to the Financial Statements.


190		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Metals & Mining – (continued)

Yunnan Copper Co. Ltd., Class A		4,800	$	9,320

Yunnan Tin Co. Ltd., Class A		9,600		21,861

Zhaojin Mining Industry Co. Ltd., Class H(a)		24,500		40,096

Zhejiang Huayou Cobalt Co. Ltd., Class A		4,840		19,042

Zhongjin Gold Corp. Ltd., Class A		15,600		28,264

Zijin Mining Group Co. Ltd., Class A		35,000		85,114

Zijin Mining Group Co. Ltd., Class H(a)		100,000		221,194
				12,701,296

Multi-Utilities – 0.1%

Dubai Electricity & Water Authority PJSC		140,950		90,183

Power & Water Utility Co. for Jubail & Yanbu		1,225		21,230

Qatar Electricity & Water Co. QSC		13,350		55,915

YTL Corp. Bhd.		140,000		90,938

YTL Power International Bhd.		81,631		78,680
				336,946

Office REITs – 0.1%

AREIT, Inc., REIT		30,000		18,020

Embassy Office Parks REIT, REIT		8,680		37,418

JR Global Reit, REIT		10,886		31,742

RL Commercial REIT, Inc., REIT		164,500		14,580

Shinhan Alpha REIT Co. Ltd., REIT		3,773		17,280
				119,040

Oil, Gas & Consumable Fuels – 5.3%

3R Petroleum Oleo E Gas SA*		105,032		672,167

Adaro Energy Indonesia Tbk. PT		390,100		65,017

ADNOC Logistics & Services		21,792		23,733

Aegis Logistics Ltd.		4,841		39,872

AKR Corporindo Tbk. PT		140,000		14,422

Aldrees Petroleum and Transport Services Co.		576		25,862


Investments	Shares		Value

Oil, Gas & Consumable Fuels – (continued)

Bangchak Corp. PCL, NVDR		14,000	$	15,866

Bangchak Sriracha PCL, NVDR		300,000		71,641

Banpu PCL, NVDR		93,200		13,957

Bashneft PJSC^‡		1,305		—

Bashneft PJSC (Preference)^‡		1,163		—

Bayan Resources Tbk. PT		135,000		157,334

Bharat Petroleum Corp. Ltd.		28,989		211,017

Bukit Asam Tbk. PT		106,000		19,753

Bumi Resources Tbk. PT*		5,042,100		30,699

CGN Mining Co. Ltd.*		25,000		6,553

Chennai Petroleum Corp. Ltd.		21,000		257,440

China Coal Energy Co. Ltd., Class A		16,100		26,146

China Coal Energy Co. Ltd., Class H		51,000		51,514

China Merchants Energy Shipping Co. Ltd., Class A		14,100		16,609

China Petroleum & Chemical Corp., Class A		130,000		113,996

China Petroleum & Chemical Corp., Class H		700,000		422,442

China Shenhua Energy Co. Ltd., Class A		15,000		82,504

China Shenhua Energy Co. Ltd., Class H		100,000		418,094

China Suntien Green Energy Corp. Ltd., Class H		50,000		20,521

Coal India Ltd.		64,100		349,016

Cosan SA		35,000		97,914

COSCO SHIPPING Energy Transportation Co. Ltd., Class A		8,600		18,918

COSCO SHIPPING Energy Transportation Co. Ltd., Class H(a)		4,000		4,710

Dana Gas PJSC		2,409,750		452,702

Ecopetrol SA		149,450		87,551

Empresas Copec SA		14,750		105,692

Exxaro Resources Ltd.		6,250		60,062

Formosa Petrochemical Corp.		20,736		45,978

Gazprom PJSC* ^‡		412,500		—

Great Eastern Shipping Co. Ltd. (The)		44,300		578,756

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			191

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Oil, Gas & Consumable Fuels – (continued)

Guanghui Energy Co. Ltd., Class A		15,100	$	15,410

Guangzhou Development Group, Inc., Class A		26,000		22,871

Gujarat Mineral Development Corp. Ltd.		3,024		15,226

Harum Energy Tbk. PT*		1,160,000		100,590

HD Hyundai Co. Ltd.		1,150		56,081

Helleniq Energy Holdings SA		1,316		11,862

Hibiscus Petroleum Bhd.		291,880		166,352

Hindustan Petroleum Corp. Ltd.		18,600		110,437

Indian Oil Corp. Ltd.		109,950		222,506

Indo Tambangraya Megah Tbk. PT		9,400		14,583

Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		10,200		29,678

Inner Mongolia Yitai Coal Co. Ltd., Class B		32,100		62,531

IRPC PCL, NVDR		401,800		21,358

Jinneng Holding Shanxi Coal Industry Co. Ltd., Class A		4,900		10,752

Jizhong Energy Resources Co. Ltd., Class A		4,800		4,965

LUKOIL PJSC^‡		12,265		—

Mangalore Refinery & Petrochemicals Ltd.		5,520		16,549

Medco Energi Internasional Tbk. PT		178,600		14,828

MOL Hungarian Oil & Gas plc		9,850		81,104

Motor Oil Hellas Corinth Refineries SA		1,678		48,730

Nanjing Tanker Corp., Class A*		9,800		5,048

Novatek PJSC^‡		20,020		—

Oil & Natural Gas Corp. Ltd.		114,800		389,173

Oil India Ltd.		12,890		95,806

Petrindo Jaya Kreasi Tbk. PT*		24,000		10,996

PetroChina Co. Ltd., Class H		600,000		566,154

Petroleo Brasileiro SA		105,000		896,626

Petroleo Brasileiro SA (Preference)		130,000		1,053,925

Petronas Dagangan Bhd.		4,900		22,280

Petronet LNG Ltd.		20,850		77,604

Petroreconcavo SA		60,000		252,243


Investments	Shares		Value

Oil, Gas & Consumable Fuels – (continued)

Pingdingshan Tianan Coal Mining Co. Ltd., Class A		9,800	$	17,864

PRIO SA		20,100		186,143

PTT Exploration & Production PCL		469		1,981

PTT Exploration & Production PCL, NVDR		44,531		188,049

PTT PCL, NVDR		235,000		214,011

Qatar Fuel QSC		12,650		50,239

Qatar Gas Transport Co. Ltd.		55,314		60,753

Rabigh Refining & Petrochemical Co.*		10,752		21,615

Reliance Industries Ltd.		66,750		2,347,235

Rosneft Oil Co. PJSC^‡		72,122		—

Rosneft Oil Co. PJSC, GDR* ^‡ (b) (e)		1,920		—

Saudi Arabian Oil Co.(b)		71,400		573,012

Semirara Mining & Power Corp., Class A		42,200		24,070

Shaanxi Coal Industry Co. Ltd., Class A		25,000		84,685

Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		7,050		9,200

Shandong Xinchao Energy Corp. Ltd., Class A*		4,900		1,462

Shanxi Coking Coal Energy Group Co. Ltd., Class A		9,400		13,630

Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		10,000		29,193

Sinopec Kantons Holdings Ltd.		24,000		12,305

SK Discovery Co. Ltd.		3,950		130,038

SK Gas Ltd.		48		5,734

SK Innovation Co. Ltd.*		1,700		136,654

S-Oil Corp.		1,389		73,063

Star Petroleum Refining PCL, NVDR*		33,500		7,231

Surgutneftegas PJSC^‡		319,000		—

Surgutneftegas PJSC (Preference)^‡		225,500		—

Tatneft PJSC^‡		26,900		—

Tatneft PJSC (Preference)^‡		3,870		—

Thai Oil PCL, NVDR		35,002		51,474

Thungela Resources Ltd.		4,116		28,948

See Accompanying Notes to the Financial Statements.


192		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Oil, Gas & Consumable Fuels – (continued)

Transneft PJSC (Preference)^‡		5,500	$	—

Turkiye Petrol Rafinerileri A/S		23,600		142,723

Ultrapar Participacoes SA		10,000		49,874

United Tractors Tbk. PT		40,000		61,070

Vista Energy SAB de CV, ADR*		2,200		94,930

Yancoal Australia Ltd.(a)(b)		9,400		34,073

Yankuang Energy Group Co. Ltd., Class A		7,950		25,360

Yankuang Energy Group Co. Ltd., Class H(a)		69,000		150,330
				13,801,675

Paper & Forest Products – 0.6%

Century Plyboards India Ltd.		3,256		24,872

Century Textiles & Industries Ltd.		2,118		50,697

Chung Hwa Pulp Corp.		16,800		11,944

Dexco SA		14,700		20,505

Dongwha Enterprise Co. Ltd.*		441		17,964

Empresas CMPC SA		25,861		51,284

Indah Kiat Pulp & Paper Tbk. PT		87,500		50,450

JK Paper Ltd.		38,250		175,649

Lee & Man Paper Manufacturing Ltd.(a)		1,100,000		333,325

Longchen Paper & Packaging Co. Ltd.		350,000		167,680

Nine Dragons Paper Holdings Ltd.*		55,000		24,472

Pabrik Kertas Tjiwi Kimia Tbk. PT		535,000		257,465

Sappi Ltd.		16,314		43,964

Shandong Sun Paper Industry JSC Ltd., Class A		9,400		20,185

Shihlin Paper Corp.*		9,648		19,437

Suzano SA		20,000		225,579

YFY, Inc.		22,472		21,429
				1,516,901

Passenger Airlines – 0.5%

Aegean Airlines SA* (a)		1,056		14,227

Aeroflot PJSC* ^‡		74,029		—

Air Arabia PJSC		66,300		48,377

Asiana Airlines, Inc.*		1,104		8,771

Azul SA (Preference)*		11,500		21,633

Bangkok Airways PCL, NVDR		39,100		18,463


Investments	Shares		Value

Passenger Airlines – (continued)

China Airlines Ltd.		61,000	$	39,247

China Eastern Airlines Corp. Ltd., Class A*		14,300		7,583

China Eastern Airlines Corp. Ltd., Class H* (a)		46,000		11,939

China Southern Airlines Co. Ltd., Class A*		14,100		11,040

China Southern Airlines Co. Ltd., Class H* (a)		24,000		8,715

Eva Airways Corp.		100,000		109,176

Hainan Airlines Holding Co. Ltd., Class A*		67,200		12,713

Hanjin Kal Corp.		816		35,306

InterGlobe Aviation Ltd.* (b)		3,850		183,755

Jazeera Airways Co. KSCP		4,053		15,330

Jeju Air Co. Ltd.*		16,050		129,831

Jin Air Co. Ltd.*		10,150		102,374

Korean Air Lines Co. Ltd.		5,200		78,822

Latam Airlines Group SA*		7,263,077		98,680

Pegasus Hava Tasimaciligi A/S*		1,081		34,524

Turk Hava Yollari AO*		20,035		201,733
				1,192,239

Personal Care Products – 0.5%

Amorepacific Corp.		661		81,065

AMOREPACIFIC Group		611		14,876

Colgate-Palmolive India Ltd.		1,938		65,614

Cosmax, Inc.		144		14,597

Dabur India Ltd.		11,050		67,245

EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A/S*		5,880		9,444

Emami Ltd.		3,696		21,568

Giant Biogene Holding Co. Ltd.* (b)		10,000		61,308

Gillette India Ltd.		192		15,344

Godrej Consumer Products Ltd.		6,300		92,081

Grape King Bio Ltd.		4,752		22,839

Hengan International Group Co. Ltd.		25,000		84,386

Hindustan Unilever Ltd.		14,600		390,293

Hyundai Bioscience Co. Ltd.*		576		8,439

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			193

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Personal Care Products – (continued)

Industri Jamu Dan Farmasi Sido Muncul Tbk. PT		456,000	$	20,472

Kolmar BNH Co. Ltd.		931		10,710

Kolmar Korea Co. Ltd.		240		8,717

LG H&H Co. Ltd.		144		43,760

LG H&H Co. Ltd. (Preference)		43		5,827

Microbio Co. Ltd.		1,580		2,028

Natura & Co. Holding SA		14,958		47,877

Procter & Gamble Hygiene & Health Care Ltd.		256		49,614

Sarantis SA		1,666		21,198

TCI Co. Ltd.		1,000		4,438
				1,163,740

Pharmaceuticals – 1.3%

Ajanta Pharma Ltd.		576		15,294

Alembic Pharmaceuticals Ltd.		3,400		40,733

Alkem Laboratories Ltd.		1,000		57,925

Aspen Pharmacare Holdings Ltd.		5,300		63,105

Asymchem Laboratories Tianjin Co. Ltd., Class A		700		7,989

Aurobindo Pharma Ltd.		5,250		72,581

Beijing Tong Ren Tang Chinese Medicine Co. Ltd.(a)		5,000		6,118

Bora Pharmaceuticals Co. Ltd.		1,008		23,682

Boryung		2,597		20,951

Caplin Point Laboratories Ltd.		912		14,827

Caregen Co. Ltd.		144		2,292

Celltrion Pharm, Inc.*		142		9,874

Center Laboratories, Inc.		11,446		15,273

Changchun High-Tech Industry Group Co. Ltd., Class A		600		9,368

China Medical System Holdings Ltd.		50,000		44,814

China Resources Pharmaceutical Group Ltd.(b)		51,000		33,125

China Traditional Chinese Medicine Holdings Co. Ltd.		100,000		54,595

Chong Kun Dang Pharmaceutical Corp.		302		22,790

Cipla Ltd.		9,150		153,530


Investments	Shares		Value

Pharmaceuticals – (continued)

Concord Biotech Ltd.*		1,056	$	21,099

CSPC Pharmaceutical Group Ltd.		114,080		94,517

Daewoong Co. Ltd.		10,050		136,850

Daewoong Pharmaceutical Co. Ltd.		49		3,967

Dong-A Socio Holdings Co. Ltd.		1,300		103,936

DongKook Pharmaceutical Co. Ltd.		720		8,585

Dr Reddy’s Laboratories Ltd.		2,184		162,402

Eris Lifesciences Ltd.* (b)		3,068		32,945

Gland Pharma Ltd.* (b)		971		19,914

GlaxoSmithKline Pharmaceuticals Ltd.		376		9,404

Glenmark Pharmaceuticals Ltd.		2,400		30,410

Grand Pharmaceutical Group Ltd.(a)		52,000		28,855

Granules India Ltd.		5,750		29,172

Hanall Biopharma Co. Ltd.*		576		15,045

Hanmi Pharm Co. Ltd.		150		34,350

Hanmi Science Co. Ltd.		671		16,507

Hansoh Pharmaceutical Group Co. Ltd.(a) (b)		8,000		17,798

HK inno N Corp.		192		5,383

Hua Han Health Industry Holdings Ltd.*		3,780,000		—

Hypera SA*		10,000		56,954

Ipca Laboratories Ltd.		3,800		61,006

Jamjoom Pharmaceuticals Factory Co.		480		16,612

JB Chemicals & Pharmaceuticals Ltd.		1,152		26,306

Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		10,200		65,019

Joincare Pharmaceutical Group Industry Co. Ltd., Class A		4,700		7,886

Kalbe Farma Tbk. PT		358,400		32,071

Laurus Labs Ltd.(b)		8,100		43,686

Livzon Pharmaceutical Group, Inc., Class H		3,930		13,517

Lotus Pharmaceutical Co. Ltd.		2,000		19,839

Lupin Ltd.		3,368		66,439

Luye Pharma Group Ltd.* (b)		24,000		8,500

See Accompanying Notes to the Financial Statements.


194		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Pharmaceuticals – (continued)

Mankind Pharma Ltd.*		2,068	$	58,603

Natco Pharma Ltd.		3,552		43,344

Oneness Biotech Co. Ltd.		4,197		20,429

Oscotec, Inc.*		1,034		22,930

Pfizer Ltd.		341		17,399

Pharmally International Holding Co. Ltd.* ^‡		2,564		—

Piramal Pharma Ltd.*		28,602		49,243

Richter Gedeon Nyrt.		4,089		104,473

Sam Chun Dang Pharm Co. Ltd.*		240		18,164

Sanofi India Ltd.		144		14,369

Saudi Pharmaceutical Industries & Medical Appliances Corp.*		1,470		14,619

SciClone Pharmaceuticals Holdings Ltd.(b)		100,000		229,377

Shandong Sinobioway Biomedicine Co. Ltd., Class A*		4,800		9,147

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		6,900		22,554

Shanghai Shyndec Pharmaceutical Co. Ltd., Class A		14,400		21,635

Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		5,200		22,921

Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		4,700		12,221

Shin Poong Pharmaceutical Co. Ltd.*		1,824		18,780

Sichuan Kelun Pharmaceutical Co. Ltd., Class A		4,800		22,504

Sihuan Pharmaceutical Holdings Group Ltd.		125,000		9,110

Sino Biopharmaceutical Ltd.		178,999		61,793

SK Biopharmaceuticals Co. Ltd.*		330		20,916

Sun Pharmaceutical Industries Ltd.		20,200		363,660

Suven Pharmaceuticals Ltd.*		5,962		47,193


Investments	Shares		Value

Pharmaceuticals – (continued)

Synmosa Biopharma Corp.		16,272	$	19,264

Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class S		9,600		19,200

Torrent Pharmaceuticals Ltd.		1,380		43,707

TTY Biopharm Co. Ltd.		2,575		6,097

United Laboratories International Holdings Ltd. (The)(a)		24,000		28,323

Yuhan Corp.		1,151		60,294

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		600		19,657

Zhejiang NHU Co. Ltd., Class A		4,800		12,727

Zydus Lifesciences Ltd.		4,658		53,234
				3,345,727

Professional Services – 0.1%

BLS International Services Ltd.		3,626		15,232

Computer Age Management Services Ltd.		1,007		38,654

CTOS Digital Bhd.		84,900		25,083

eClerx Services Ltd.		679		20,049

Firstsource Solutions Ltd.		6,900		17,487

L&T Technology Services Ltd.(b)		510		28,363

My EG Services Bhd.		88,989		17,434

NICE Information Service Co. Ltd.		14,150		108,421

RITES Ltd.		6,162		50,519

Sporton International, Inc.		3,150		24,136
				345,378

Real Estate Management & Development – 3.7%

Aldar Properties PJSC		68,719		102,155

Allos SA		10,000		40,285

Amata Corp. PCL, NVDR		29,300		17,947

Anant Raj Ltd.		3,840		16,702

Arriyadh Development Co.		2,145		13,371

Ayala Land, Inc.		86,700		43,149

Barwa Real Estate Co.		70,750		54,602

Bumi Serpong Damai Tbk. PT*		2,695,000		154,142

C&D International Investment Group Ltd.(a)		12,845		25,653

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			195

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Real Estate Management & Development – (continued)

Cathay Real Estate Development Co. Ltd.		402,592	$	473,536

Cencosud Shopping SA		11,750		18,287

Cenomi Centers		4,032		26,983

Central Pattana PCL, NVDR		30,700		52,603

China Dili Group* ^‡		50,001		—

China Jinmao Holdings Group Ltd.		99,553		8,528

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		19,600		22,925

China Overseas Grand Oceans Group Ltd.(a)		750,000		162,060

China Overseas Land & Investment Ltd.		100,000		186,416

China Resources Land Ltd.		77,000		280,091

China Resources Mixc Lifestyle Services Ltd.(b)		9,800		34,896

China Vanke Co. Ltd., Class A		24,000		24,558

China Vanke Co. Ltd., Class H(a)		60,000		35,519

Chong Hong Construction Co. Ltd.		100,000		393,096

Ciputra Development Tbk. PT		3,720,049		275,686

Commercial Real Estate Co. KSC		621,189		270,258

Corp. Inmobiliaria Vesta SAB de CV		15,000		53,359

Cosmopolitan International Holdings Ltd.*		28,200		2,740

Country Garden Holdings Co. Ltd.* ^‡		282,000		12,493

Country Garden Services Holdings Co. Ltd.(a)		52,000		35,105

Dar Al Arkan Real Estate Development Co.*		7,655		27,145

Delpha Construction Co. Ltd.		8,965		14,124

DLF Ltd.		13,350		142,698

Eco World Development Group Bhd.		480,000		146,841

Emaar Development PJSC*		26,438		60,176

Emaar Economic City*		9,847		20,373

Emaar Properties PJSC*		178,750		399,558


Investments	Shares		Value

Real Estate Management & Development – (continued)

Fortress Real Estate Investments Ltd., Class B		60,300	$	47,156

Gemdale Corp., Class A		14,100		7,750

Godrej Properties Ltd.*		2,100		66,637

Greenland Holdings Corp. Ltd., Class A*		33,600		8,537

Greentown China Holdings Ltd.		25,000		22,087

Greentown Service Group Co. Ltd.(b)		600,000		275,405

Hainan Airport Infrastructure Co. Ltd., Class A*		9,800		4,737

Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		4,300		3,984

Hanson International Tbk. PT* ^‡		2,409,275		—

Highwealth Construction Corp.		50,000		68,024

Hopson Development Holdings Ltd.*		24,816		11,867

Huaku Development Co. Ltd.		5,184		26,428

Huang Hsiang Construction Corp.		50,000		89,061

Iguatemi SA		10,000		40,362

IOI Properties Group Bhd.		52,800		23,897

KE Holdings, Inc., ADR(a)		11,500		173,880

Kindom Development Co. Ltd.		150,400		260,043

LAMDA Development SA*		1,368		10,078

Land & Houses PCL, NVDR		150,800		30,315

Longfor Group Holdings Ltd.(a) (b)		52,488		79,190

LSR Group PJSC, Class A^‡		21,295		—

Mabanee Co. KPSC		16,577		42,411

Macrotech Developers Ltd.(b)		4,235		62,868

Mah Sing Group Bhd.		675,000		176,794

MAS P.L.C.* (a)		162,200		142,776

Matrix Concepts Holdings Bhd.		360,000		138,041

MBK PCL, NVDR		62,444		28,644

Megaworld Corp.		3,900,000		123,545

Metropolitan Kentjana Tbk. PT		9,600		16,384

Midea Real Estate Holding Ltd.(a) (b)		120,000		67,202

Multiplan Empreendimentos Imobiliarios SA*		5,000		22,081

Oberoi Realty Ltd.		1,551		27,574

Onewo, Inc., Class H		15,600		41,587

See Accompanying Notes to the Financial Statements.


196		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Real Estate Management & Development – (continued)

Origin Property PCL, NVDR		300,000	$	57,474

OSK Holdings Bhd.		415,000		126,957

Pakuwon Jati Tbk. PT		155,100		3,835

Parque Arauco SA		289,650		437,762

Phoenix Mills Ltd. (The)		1,666		62,930

Plaza SA		7,728		11,284

Poly Developments and Holdings Group Co. Ltd., Class A		31,200		38,389

Prestige Estates Projects Ltd.		2,208		36,526

Prince Housing & Development Corp.		50,000		19,501

Pruksa Holding PCL, NVDR		305,000		95,467

Quality Houses PCL, NVDR		1,850,000		108,824

Radiance Holdings Group Co. Ltd.* (a) (b)		49,000		13,345

Red Star Macalline Group Corp. Ltd., Class A		14,700		6,415

Redco Properties Group Ltd.* ^‡ (b)		294,000		11,642

Retal Urban Development Co., Class A		66,400		162,344

Robinsons Land Corp.		715,000		193,081

Ruentex Development Co. Ltd.		50,000		59,041

Salhia Real Estate Co. KSCP		17,090		24,248

Sansiri PCL, NVDR		2,660,000		122,018

Saudi Real Estate Co.*		3,478		20,939

Seazen Group Ltd.*		1,100,000		191,275

Seazen Holdings Co. Ltd., Class A*		4,700		6,393

Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B		4,800		4,454

Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		4,900		1,789

Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		4,700		12,033

Shenzhen Investment Ltd.(a)		1,000,000		127,858

Shenzhen Overseas Chinese Town Co. Ltd., Class A*		22,200		8,093


Investments	Shares		Value

Real Estate Management & Development – (continued)

Shoucheng Holdings Ltd.		98,000	$	17,667

Sichuan Languang Justbon Services Group Co. Ltd., Class H* ^‡		26,500		—

SignatureGlobal India Ltd.*		765		11,553

Sime Darby Property Bhd.		86,400		17,742

Sinic Holdings Group Co. Ltd.*^‡		318,000		—

SK D&D Co. Ltd.		2,881		25,389

SM Prime Holdings, Inc.		195,000		94,346

SP Setia Bhd. Group		960,000		293,683

Sunac China Holdings Ltd.* (a)		2,450,000		435,419

Supalai PCL, NVDR		23,800		12,716

Talaat Moustafa Group		409,728		436,872

United Development Co. QSC		745,050		225,091

UOA Development Bhd.		26,500		10,494

Valor Estate Ltd.*		8,592		24,292

WHA Corp. PCL, NVDR		117,490		15,851

Youngor Fashion Co. Ltd., Class A		14,400		15,530

Yuexiu Property Co. Ltd.		57,079		34,301

Yungshin Construction & Development Co. Ltd.		31,710		199,636

Zhuhai Huafa Properties Co. Ltd., Class A*		4,900		4,243
				9,626,147

Residential REITs – 0.0%(d)

Emlak Konut Gayrimenkul Yatirim Ortakligi A/S, REIT*		63,896		19,222

Retail REITs – 0.4%

CPN Retail Growth Leasehold REIT, REIT		44,100		12,376

Hyprop Investments Ltd., REIT(a)		169,301		260,482

IGB REIT, REIT		53,900		20,668

LOTTE Reit Co. Ltd., REIT		1,828		4,199

Pavilion REIT, REIT		15,000		4,117

Resilient REIT Ltd., REIT(a)		127,955		300,533

Sunway REIT, REIT		53,900		17,957

Vukile Property Fund Ltd., REIT(a)		418,750		336,811
				957,143

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			197

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Semiconductors & Semiconductor Equipment – 7.0%

3peak, Inc., Class A		245	$	3,140

ADATA Technology Co. Ltd.		8,352		25,650

Advanced Wireless Semiconductor Co.*		5,104		21,631

Alchip Technologies Ltd.		1,184		113,448

Amlogic Shanghai Co. Ltd., Class A		1,536		12,338

Andes Technology Corp.		1,507		17,911

Anji Microelectronics Technology Shanghai Co. Ltd., Class A		127		2,898

AP Memory Technology Corp.		2,224		25,954

Ardentec Corp.		12,672		28,526

ASE Technology Holding Co. Ltd.		100,000		454,518

ASMedia Technology, Inc.		464		27,787

ASPEED Technology, Inc.		664		62,909

Cambricon Technologies Corp. Ltd., Class A*		288		6,816

China Resources Microelectronics Ltd., Class A		1,350		6,803

Chipbond Technology Corp.		21,776		50,892

ChipMOS Technologies, Inc.		15,504		21,855

D&O Green Technologies Bhd.		15,300		10,643

Daqo New Energy Corp., ADR* (a)		1,536		29,491

DB HiTek Co. Ltd.		988		29,595

Duk San Neolux Co. Ltd.*		423		11,753

Elan Microelectronics Corp.		3,378		17,065

Elite Semiconductor Microelectronics Technology, Inc.		12,360		33,783

eMemory Technology, Inc.		1,000		68,331

Ennostar, Inc.*		7,000		9,212

Eo Technics Co. Ltd.		144		25,057

Episil Technologies, Inc.		6,292		13,545

Eugene Technology Co. Ltd.		988		38,316

Everlight Electronics Co. Ltd.		192,343		372,730

Faraday Technology Corp.		4,154		37,506

Fitipower Integrated Technology, Inc.		1,488		11,242

Flat Glass Group Co. Ltd., Class A		5,200		19,123


Investments	Shares		Value

Semiconductors & Semiconductor Equipment – (continued)

Flat Glass Group Co. Ltd., Class H(a)		1,000	$	2,432

FocalTech Systems Co. Ltd.		9,176		23,784

Formosa Advanced Technologies Co. Ltd.		65,312		73,612

Formosa Sumco Technology Corp.		1,000		5,420

Foxsemicon Integrated Technology, Inc.		42,226		391,630

GCL System Integration Technology Co. Ltd., Class A*		9,800		3,302

GCL Technology Holdings Ltd.		550,000		82,276

GemVax & Kael Co. Ltd.*		920		7,875

Global Mixed Mode Technology, Inc.		2,448		21,689

Global Unichip Corp.		1,432		60,249

Globalwafers Co. Ltd.		5,616		90,030

Greatek Electronics, Inc.		7,632		14,297

Gudeng Precision Industrial Co. Ltd.		1,812		23,539

HAESUNG DS Co. Ltd.		4,400		159,815

Hana Materials, Inc.		318		12,471

Hangzhou First Applied Material Co. Ltd., Class A		3,724		13,998

Hangzhou Silan Microelectronics Co. Ltd., Class A		5,200		13,773

Hanmi Semiconductor Co. Ltd.		969		94,649

Holtek Semiconductor, Inc.		5,712		10,525

HPSP Co. Ltd.		768		21,977

Hua Hong Semiconductor Ltd.* (a) (b)		6,000		11,967

Inari Amertron Bhd.		39,200		25,380

Innox Advanced Materials Co. Ltd.		5,750		134,587

ISC Co. Ltd.		144		7,720

JA Solar Technology Co. Ltd., Class A*		9,992		19,621

JCET Group Co. Ltd., Class A		4,800		17,082

Jentech Precision Industrial Co. Ltd.		1,287		38,616

Jinko Solar Co. Ltd., Class A		16,128		16,860

Jusung Engineering Co. Ltd.		1,152		29,090

See Accompanying Notes to the Financial Statements.


198		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Semiconductors & Semiconductor Equipment – (continued)

King Yuan Electronics Co. Ltd.		18,480	$	54,370

Kinsus Interconnect Technology Corp.		4,000		11,707

Koh Young Technology, Inc.		1,692		20,016

LEENO Industrial, Inc.		94		17,071

LONGi Green Energy Technology Co. Ltd., Class A		15,248		38,323

LX Semicon Co. Ltd.		235		12,548

M31 Technology Corp.		384		14,151

Macronix International Co. Ltd.		50,000		42,381

Marketech International Corp.		41,900		203,954

Materials Analysis Technology, Inc.		1,000		9,029

MediaTek, Inc.		27,061		824,412

Montage Technology Co. Ltd., Class A		1,692		11,895

MPI Corp.		2,428		33,032

Nanya Technology Corp.		11,842		24,039

NAURA Technology Group Co. Ltd., Class A		200		8,810

NEXTIN, Inc.		265		12,655

Novatek Microelectronics Corp.		9,312		176,734

Nuvoton Technology Corp.		4,000		15,908

Orient Semiconductor Electronics Ltd.		14,256		28,064

Pan Jit International, Inc.		8,000		13,930

Parade Technologies Ltd.		1,400		32,203

Phison Electronics Corp.		2,776		59,933

Pixart Imaging, Inc.		7,248		35,281

Powerchip Semiconductor Manufacturing Corp.*		52,000		36,490

Powertech Technology, Inc.		20,000		107,180

Radiant Opto-Electronics Corp.		14,330		87,577

Raydium Semiconductor Corp.		1,824		23,919

Realtek Semiconductor Corp.		8,134		129,397

S&S Tech Corp.		423		12,946

Sanan Optoelectronics Co. Ltd., Class A		4,800		8,305

SDI Corp.		1,781		5,770

Seoul Semiconductor Co. Ltd.		1,911		13,606

SFA Semicon Co. Ltd.*		3,381		13,797

Shanghai Aiko Solar Energy Co. Ltd., Class A		4,800		7,921


Investments	Shares		Value

Semiconductors & Semiconductor Equipment – (continued)

Shanghai Fudan Microelectronics Group Co. Ltd., Class A		1,050	$	4,691

Shanghai Fudan Microelectronics Group Co. Ltd., Class H(a)		4,000		5,554

Sigurd Microelectronics Corp.		200,000		455,746

Silergy Corp.		5,000		67,026

Silicon Integrated Systems Corp.		9,168		17,400

SIMMTECH Co. Ltd.		9,100		202,134

Sino-American Silicon Products, Inc.		16,352		98,176

Sitronix Technology Corp.		2,160		18,574

SK Hynix, Inc.		9,000		1,134,361

Sunplus Technology Co. Ltd.		5,116		4,878

Taiwan Mask Corp.		7,000		14,511

Taiwan Semiconductor Co. Ltd.		9,000		20,177

Taiwan Semiconductor Manufacturing Co. Ltd.		398,088		9,658,176

Taiwan-Asia Semiconductor Corp.		13,000		15,490

TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		10,375		14,943

Tokai Carbon Korea Co. Ltd.		86		7,629

TongFu Microelectronics Co. Ltd., Class A		5,200		15,065

Tongwei Co. Ltd., Class A		9,600		28,768

Topco Scientific Co. Ltd.		2,704		20,719

TSEC Corp.		26,708		22,843

Unisem M Bhd.		14,700		11,243

United Microelectronics Corp.		350,000		544,960

United Renewable Energy Co. Ltd.		50,256		18,675

UPI Semiconductor Corp.		2,688		22,619

Vanguard International Semiconductor Corp.		13,440		35,497

Verisilicon Microelectronics Shanghai Co. Ltd., Class A*		528		2,405

Via Technologies, Inc.		5,424		21,322

VisEra Technologies Co. Ltd.		1,392		11,649

Visual Photonics Epitaxy Co. Ltd.		7,672		36,402

ViTrox Corp. Bhd.		4,700		7,337

Wafer Works Corp.		26,154		31,727

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			199

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Semiconductors & Semiconductor Equipment – (continued)

Will Semiconductor Co. Ltd. Shanghai, Class A		900	$	12,627

Win Semiconductors Corp.		6,961		31,211

Winbond Electronics Corp.		59,371		47,406

WONIK IPS Co. Ltd.*		329		8,915

Wonik QnC Corp.		6,750		156,284

Xinjiang Daqo New Energy Co. Ltd., Class A*		5,488		18,522

XinTec, Inc.		3,000		10,779

Xinyi Solar Holdings Ltd.		124,000		86,565
				18,129,094

Software – 0.3%

360 Security Technology, Inc., Class A*		9,800		11,544

Ahnlab, Inc.		190		8,729

AsiaInfo Technologies Ltd.(b)		120,000		108,321

Beijing Fourth Paradigm Technology Co. Ltd.*		4,800		31,115

Beijing Kingsoft Office Software, Inc., Class A		611		26,156

Beijing Shiji Information Technology Co. Ltd., Class A*		6,370		6,333

Birlasoft Ltd.		5,614		43,742

CE Info Systems Ltd.		480		11,563

Douzone Bizon Co. Ltd.		873		37,836

EMRO, Inc.*		294		14,359

Hundsun Technologies, Inc., Class A		4,550		12,950

Iflytek Co. Ltd., Class A		4,800		29,901

Intellect Design Arena Ltd.		3,072		39,755

Kingdee International Software Group Co. Ltd.* (a)		50,000		53,444

KPIT Technologies Ltd.		2,593		46,436

Ming Yuan Cloud Group Holdings Ltd.* (a)		60,000		18,949

NavInfo Co. Ltd., Class A*		4,700		4,842

Newgen Software Technologies Ltd.		1,920		21,379

Oracle Financial Services Software Ltd.		282		25,682

Qi An Xin Technology Group, Inc., Class A*		539		2,300


Investments	Shares		Value

Software – (continued)

Rategain Travel Technologies Ltd.*		1,968	$	16,442

Route Mobile Ltd.		954		17,425

Shanghai Baosight Software Co. Ltd., Class B		8,291		17,751

Tanla Platforms Ltd.		2,652		29,107

Tata Elxsi Ltd.		650		54,937

TOTVS SA		10,000		53,134

Weimob, Inc.* (a) (b)		87,000		15,462

Yonyou Network Technology Co. Ltd., Class A		4,700		7,555
				767,149

Specialty Retail – 1.0%

Abu Dhabi National Oil Co. for Distribution PJSC		49,400		46,940

Aditya Birla Fashion and Retail Ltd.*		6,536		20,602

Ali Alghanim Sons Automotive Co. KSCC		54,450		194,818

Aurora Design PCL, NVDR		29,300		10,673

Bermaz Auto Bhd.		56,000		27,105

China Tourism Group Duty Free Corp. Ltd., Class A		4,600		47,579

Chow Tai Fook Jewellery Group Ltd.		43,400		59,708

Com7 PCL, NVDR		9,300		4,592

Cuckoo Homesys Co. Ltd.		3,400		56,827

Detsky Mir PJSC* ^‡ (b)		258,500		–

Dogan Sirketler Grubu Holding A/S		39,249		17,687

Dogus Otomotiv Servis ve Ticaret A/S		893		7,826

EEKA Fashion Holdings Ltd.		125,000		207,769

Foschini Group Ltd. (The)		11,250		59,476

FSN E-Commerce Ventures Ltd.*		18,240		38,639

Go Fashion India Ltd.*		1,029		13,593

HLA Group Corp. Ltd., Class A		4,900		6,164

Home Product Center PCL, NVDR		78,600		22,057

Hotai Motor Co. Ltd.		7,248		138,006

Hotel Shilla Co. Ltd.		470		20,268

Italtile Ltd.		184,100		92,658

Jarir Marketing Co.		15,950		57,581

See Accompanying Notes to the Financial Statements.


200		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Specialty Retail – (continued)

JUMBO SA		1,800	$	56,161

Lojas Renner SA		30,000		88,731

M.Video PJSC* ^‡		31,680		–

Map Aktif Adiperkasa PT		3,780,000		183,653

Metro Brands Ltd.		1,785		22,966

Motus Holdings Ltd.		58,500		259,832

MR DIY Group M Bhd.(b)		57,600		18,828

Mr Price Group Ltd.		6,950		64,535

National Petroleum Co. Ltd.		2,000		4,140

Padini Holdings Bhd.		9,600		7,201

Pan German Universal Motors Ltd.		10,320		104,905

Pepkor Holdings Ltd.(b)		50,750		48,121

Pop Mart International Group Ltd.(b)		9,800		42,477

PTT Oil & Retail Business PCL, NVDR		29,400		14,835

Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		9,400		7,698

Shinsegae International, Inc.		5,850		75,934

Siam Global House PCL, NVDR		42,189		18,442

Super Group Ltd.		137,950		204,776

Topsports International Holdings Ltd.(b)		52,000		36,301

Truworths International Ltd.		9,740		39,036

United Electronics Co.		1,619		42,864

Vibra Energia SA		30,000		135,788

Wilcon Depot, Inc.		34,300		9,916

Zhongsheng Group Holdings Ltd.		26,000		47,803
				2,685,511

Technology Hardware, Storage & Peripherals – 3.6%

Acer, Inc.		50,000		69,329

Advantech Co. Ltd.		8,734		101,926

AIC, Inc.		912		8,837

Asia Vital Components Co. Ltd.		5,136		103,155

ASROCK, Inc.		2,736		19,074

Asustek Computer, Inc.		20,000		264,112

AURAS Technology Co. Ltd.		3,016		74,099

Catcher Technology Co. Ltd.		9,696		64,914

Chenbro Micom Co. Ltd.		3,360		29,718


Investments	Shares		Value

Technology Hardware, Storage & Peripherals – (continued)

Chicony Electronics Co. Ltd.		17,727	$	110,243

China Greatwall Technology Group Co. Ltd., Class A		5,500		7,428

Clevo Co.		13,536		17,563

Compal Electronics, Inc.		103,869		114,198

CosmoAM&T Co. Ltd.*		312		34,268

Darfon Electronics Corp.		100,000		194,398

Elitegroup Computer Systems Co. Ltd.*		144,288		136,037

Ennoconn Corp.		2,304		23,208

Getac Holdings Corp.		13,624		43,932

Gigabyte Technology Co. Ltd.		8,976		82,422

HTC Corp.*		11,432		14,974

Ibase Technology, Inc.		4,512		11,459

IEI Integration Corp.		52,000		126,000

Innodisk Corp.		1,296		11,741

Inventec Corp.		51,008		83,181

King Slide Works Co. Ltd.		1,104		41,703

Kinpo Electronics		590,224		265,548

Legend Holdings Corp., Class H(b)		255,000		180,950

Lenovo Group Ltd.		200,000		228,354

Lite-On Technology Corp.		57,644		177,028

Micro-Star International Co. Ltd.		21,000		102,865

Mitac Holdings Corp.		14,304		19,944

Ninestar Corp., Class A		5,200		18,182

Pegatron Corp.		58,304		174,937

Qisda Corp.		50,000		63,571

Quanta Computer, Inc.		50,000		399,238

Quanta Storage, Inc.		89,939		248,864

Samsung Electronics Co. Ltd.		83,000		4,654,149

Samsung Electronics Co. Ltd. (Preference)		13,255		625,299

Shenzhen Transsion Holdings Co. Ltd., Class A		1,316		26,169

Wistron Corp.		82,640		288,055

Wiwynn Corp.		1,632		118,283
				9,379,355

Textiles, Apparel & Luxury Goods – 1.5%

361 Degrees International Ltd.		300,000		182,581

Aksa Akrilik Kimya Sanayii A/S		8,487		30,512

Alok Industries Ltd.*		23,980		7,846

Alpargatas SA (Preference)*		5,500		10,038

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			201

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Textiles, Apparel & Luxury Goods – (continued)

ANTA Sports Products Ltd.		20,000	$	229,377

Arezzo Industria e Comercio SA		4,457		44,647

Bata India Ltd.		848		13,915

Bosideng International Holdings Ltd.(a)		100,000		57,920

Eclat Textile Co. Ltd.		3,546		56,083

F&F Co. Ltd.		245		11,682

Feng TAY Enterprise Co. Ltd.		11,872		59,065

FF Group* ^‡		3,536		—

Fila Holdings Corp.		1,167		34,619

Fuguiniao Group Ltd.* ^‡		334,800		—

Fulgent Sun International Holding Co. Ltd.		55,381		204,945

Golden Solar New Energy Technology Holdings Ltd.* (a)		90,000		55,234

Grendene SA		8,264		9,822

Grupo de Moda Soma SA		250,000		292,778

Hansae Co. Ltd.		5,750		90,071

Kalyan Jewellers India Ltd.		4,224		20,964

KPR Mill Ltd.		1,754		17,803

Lao Feng Xiang Co. Ltd., Class B		7,400		29,511

Li Ning Co. Ltd.		50,000		133,292

Makalot Industrial Co. Ltd.		4,334		52,175

Mavi Giyim Sanayi ve Ticaret A/S, Class B(b)		126,400		361,126

Page Industries Ltd.		104		43,357

Pou Chen Corp.		100,000		111,019

Quang Viet Enterprise Co. Ltd.		24,912		82,627

Rajesh Exports Ltd.*		50,700		192,838

Raymond Ltd.		1,316		33,175

Relaxo Footwears Ltd.		987		9,869

Ruentex Industries Ltd.		14,537		26,876

Safari Industries India Ltd.		864		21,886

Shenzhou International Group Holdings Ltd.		15,000		149,977

Shinkong Textile Co. Ltd.		100,000		153,860

Swan Energy Ltd.		2,940		21,861

Tainan Spinning Co. Ltd.		49,000		29,645

Taiwan Paiho Ltd.		114,448		223,539

Titan Co. Ltd.		6,800		292,522

Trident Ltd.		22,165		10,453

Vardhman Textiles Ltd.		53,000		283,020


Investments	Shares		Value

Textiles, Apparel & Luxury Goods – (continued)

Vedant Fashions Ltd.		864	$	9,875

VIP Industries Ltd.		3,025		19,926

Vivara Participacoes SA		5,300		22,660

Vulcabras SA		30,000		91,625

Welspun Living Ltd.		7,370		13,241

Xtep International Holdings Ltd.		27,500		17,545

Youngone Corp.		480		13,336

Youngone Holdings Co. Ltd.		2,150		132,537
				4,013,275

Tobacco – 0.3%

British American Tobacco Malaysia Bhd.		55,000		96,344

Eastern Co. SAE		27,721		12,745

Godfrey Phillips India Ltd.		877		35,158

Gudang Garam Tbk. PT		14,900		16,701

ITC Ltd.		47,550		248,275

KT&G Corp.		2,800		181,116

RLX Technology, Inc., ADR(a)		15,484		30,039

Smoore International Holdings Ltd.(a) (b)		50,000		43,919
				664,297

Trading Companies & Distributors – 0.4%

Adani Enterprises Ltd.		6,700		245,295

ALAFCO Aviation Lease & Finance Co. KSCP*		3,260		2,244

Armac Locacao Logistica E Servicos SA		5,000		10,081

Barloworld Ltd.(a)		62,200		284,984

BOC Aviation Ltd.(b)		5,100		40,754

Chin Hin Group Bhd.*		9,400		11,621

COSCO SHIPPING Development Co. Ltd., Class A		37,600		12,773

HextarTechnologies Solutions Bhd.*		88,400		21,857

Horizon Construction Development Ltd.* (a)		49,925		12,639

IndiaMart InterMesh Ltd.(b)		480		15,210

LX International Corp.		11,400		230,953

Posco International Corp.		1,150		38,524

Realord Group Holdings Ltd.* (a)		14,000		9,666

See Accompanying Notes to the Financial Statements.


202		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Trading Companies & Distributors – (continued)

Shanxi Coal International Energy Group Co. Ltd., Class A		4,900	$	9,683

SK Networks Co. Ltd.		47,400		173,193

Xiamen C & D, Inc., Class A		9,400		12,916
				1,132,393

Transportation Infrastructure – 0.9%

Abu Dhabi Ports Co. PJSC*		13,395		21,189

Adani Ports & Special Economic Zone Ltd.		14,750		234,218

Airports of Thailand PCL		54,000		95,076

Airports of Thailand PCL, NVDR		16,000		28,170

Bangkok Expressway & Metro PCL, NVDR		148,000		33,146

CCR SA		20,382		48,486

China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A		9,600		14,689

China Merchants Port Holdings Co. Ltd.		22,521		29,831

COSCO SHIPPING Ports Ltd.(a)		3,348		2,063

EcoRodovias Infraestrutura e Logistica SA		95,000		132,884

GMR Airports Infrastructure Ltd.*		50,434		51,470

Grupo Aeroportuario del Centro Norte SAB de CV, Class B		5,200		57,883

Grupo Aeroportuario del Pacifico SAB de CV, Class B		5,851		107,147

Grupo Aeroportuario del Sureste SAB de CV, Class B		2,798		96,633

Guangdong Provincial Expressway Development Co. Ltd., Class B		9,800		8,508

International Container Terminal Services, Inc.		16,500		94,541

Jasa Marga Persero Tbk. PT		39,723		13,192

Jiangsu Expressway Co. Ltd., Class H		32,000		31,504

Malaysia Airports Holdings Bhd.		20,808		43,600


Investments	Shares		Value

Transportation Infrastructure – (continued)

Ningbo Zhoushan Port Co. Ltd., Class A		23,500	$	11,715

Novorossiysk Commercial Sea Port PJSC^‡		189,696		–

Piraeus Port Authority SA		2,750		72,923

Promotora y Operadora de Infraestructura SAB de CV		4,394		44,380

Qingdao Port International Co. Ltd., Class A		20,800		23,266

Qingdao Port International Co. Ltd., Class H(b)		49,000		32,077

Salik Co. PJSC		24,346		22,935

Santos Brasil Participacoes SA		28,700		75,195

Saudi Ground Services Co.*		4,615		67,184

Shanghai International Airport Co. Ltd., Class A*		5,200		27,029

Shanghai International Port Group Co. Ltd., Class A		43,200		33,467

Shenzhen International Holdings Ltd.		24,500		19,641

Sociedad Matriz SAAM SA		1,654,251		180,305

Taiwan High Speed Rail Corp.		51,000		46,831

TangShan Port Group Co. Ltd., Class A		4,900		2,991

TAV Havalimanlari Holding A/S*		8,476		57,569

Westports Holdings Bhd.		17,500		14,337

Wilson Sons SA		9,600		31,116

Zhejiang Expressway Co. Ltd., Class H(a)		700,599		459,530
				2,366,721

Water Utilities – 0.5%

Aguas Andinas SA, Class A		76,368		21,886

AlKhorayef Water & Power Technologies Co.*		294		18,264

Athens Water Supply & Sewage Co. SA		1,372		8,391

Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A		24,000		9,611

Beijing Enterprises Water Group Ltd.(a)		132,000		33,417

China Water Affairs Group Ltd.		314,000		195,517

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			203

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Water Utilities – (continued)

Cia de Saneamento Basico do Estado de Sao Paulo SABESP		5,000	$	77,965

Cia de Saneamento de Minas Gerais Copasa MG		80,000		302,213

Cia De Sanena Do Parana*		105,000		521,242

Emirates Central Cooling Systems Corp.		34,496		14,933

Guangdong Investment Ltd.		100,000		52,422

National Central Cooling Co. PJSC		5,029		4,163
				1,260,024

Wireless Telecommunication Services – 0.8%

Advanced Info Service PCL, NVDR		15,000		79,938

Axiata Group Bhd.		49,004		29,058

Bharti Airtel Ltd.		37,550		595,093

Celcomdigi Bhd.		65,000		56,522

Empresa Nacional de Telecomunicaciones SA		58,800		202,949

Etihad Etisalat Co.		6,000		83,187

Far EasTone Telecommunications Co. Ltd.		50,000		124,071

Indosat Tbk. PT		31,800		21,513

Intouch Holdings PCL, NVDR		6,100		11,028

Kuwait Telecommunications Co.		3,699		6,593

Maxis Bhd.		32,900		25,300

Mobile Telecommunications Co. KSCP		64,200		101,720

Mobile Telecommunications Co. Saudi Arabia		8,508		27,403

Mobile TeleSystems PJSC^‡		31,356		—

MTN Group Ltd.		50,800		244,295

PLDT, Inc.		3,000		69,588

Sistema AFK PAO^‡		122,643		—

SK Telecom Co. Ltd.		2,850		105,785

Smartfren Telecom Tbk. PT*		4,635,400		14,254

Taiwan Mobile Co. Ltd.		17,937		57,289

TIM SA		15,000		50,964

Turkcell Iletisim Hizmetleri A/S		29,150		72,748

Vodacom Group Ltd.		15,100		72,511

Vodafone Idea Ltd.*		219,456		34,719


Investments	Shares		Value

Wireless Telecommunication Services – (continued)

Vodafone Qatar QSC		44,198	$	21,486

XL Axiata Tbk. PT		102,900		15,631
				2,123,645
Total Common Stocks (Cost $224,753,356)				261,659,372
	Principal Amount

CORPORATE BONDS – 0.0%(d)

Independent Power and Renewable Electricity Producers – 0.0%(d)

NTPC Ltd.

Series 54, 8.49%, 3/25/2025 (Cost $—)		INR 19,650		1,218
	Number of Rights

RIGHTS – 0.0%(d)

Financial Services – 0.0%(d)

IIFL Finance Ltd., expiring 5/14/2024, price 300.00 INR*		402		461

Retail REITs – 0.0%

CPN Retail Growth Leasehold REIT, expiring 4/23/2024, price 1.00 THB* ^‡		17,000		—

Wireless Telecommunication Services – 0.0%(d)

Smartfren Telecom Tbk. PT, expiring 5/6/2024, price 50.00 IDR*		1,953,117		120
Total Rights (Cost $—)				581
	Number of Warrants

WARRANTS – 0.0%

Food Products – 0.0%

Thaifoods Group PCL, expiring 12/31/2049, price 1.00 THB* ^‡ (Cost $—)		65,500		—

See Accompanying Notes to the Financial Statements.


204		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS – 0.6%(f)

REPURCHASE AGREEMENTS – 0.6%

CF Secured LLC, 5.31%, dated 4/30/2024, due 5/1/2024, repurchase price $1,439,073, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 6.75%, maturing 5/15/2024 – 2/15/2054; total market value $1,456,680	$	1,438,860	$	1,438,860

TD Prime Services LLC, 5.42%, dated 4/30/2024, due 5/1/2024, repurchase price $250,038, collateralized by various Common Stocks; total market value $271,006		250,000		250,000
				1,688,860
Total Securities Lending Reinvestments (Cost $1,688,860)				1,688,860
Total Investments – 101.3% (Cost $226,442,216)				263,350,031

Liabilities in excess of other assets – (1.3%)				(3,358,589	)
Net Assets – 100.0%			$	259,991,442

*	Non-income producing security.

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

^(a)

The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 was $8,695,202, collateralized in the form of cash with a value of $1,688,860 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $5,125,146 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from May 7, 2024 – November 15, 2053 and $2,531,353 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 23, 2024 – June 30, 2120; a total value of $9,345,359.

^(b)

^(c)

^(d)

Represents less than 0.05% of net assets.

^(e)

Security fair valued as of April 30, 2024 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2024 amounted to $0, which represents approximately 0.00% of net assets of the Fund.

^(f)

The security was purchased with cash collateral held from securities on loan at April 30, 2024. The total value of securities purchased was $1,688,860.

Percentages shown are based on Net Assets.

Abbreviations

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

NVDR – Non-Voting Depositary Receipt

OJSC – Open Joint Stock Company

PJSC – Public Joint Stock Company

REIT – Real Estate Investment Trust

SCA – Limited partnership with share capital



Aggregate gross unrealized appreciation	$	66,866,781
Aggregate gross unrealized depreciation		(35,187,110	)
Net unrealized appreciation	$	31,679,671
Federal income tax cost	$	231,697,154

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			205

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

Futures Contracts

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund had the following open futures contracts as of April 30, 2024:

Number of
Contracts

Expiration
Date

Trading
Currency

Notional
Amount

Value and
Unrealized
Appreciation*

Long Contracts

MSCI Emerging Markets E-Mini Index

06/21/2024

USD

573,100

1,463

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

Forward Foreign Currency Contracts

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund had the following outstanding contracts as of April 30, 2024:


Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
HKD	3,700,000	Morgan Stanley	USD	473,500		06/20/2024	$	287
USD	199,823	Goldman Sachs & Co.	BRL*	1,000,000		06/20/2024		7,794
USD	351,979	Bank of New York Mellon (The)	HKD	2,746,137		06/20/2024		335
USD	16,228	JPMorgan Chase Bank NA	INR*	1,348,500		06/20/2024		93
USD	163,037	Citibank NA	KRW*	220,000,000		06/20/2024		3,443
USD	218,857	Toronto-Dominion Bank (The)	KRW*	286,816,590		06/20/2024		10,794
USD	184,188	BNP Paribas SA	TWD*	5,900,000		06/20/2024		1,954
USD	110,462	Citibank NA	TWD*	3,456,120		06/20/2024		3,713
USD	24,886	Morgan Stanley	ZAR	470,000		06/20/2024		34
ZAR	1,600,000	Morgan Stanley	USD	83,259		06/20/2024		1,344
Total unrealized appreciation							$	29,791
BRL*	780,000	Citibank NA	USD	151,293		06/20/2024	$	(1,511	)
INR*	5,380,000	JPMorgan Chase Bank NA	USD	64,491		06/20/2024		(120	)
KRW*	446,910,000	Goldman Sachs & Co.	USD	326,337		06/20/2024		(2,138	)
USD	203,164	JPMorgan Chase Bank NA	TWD*	6,600,000		06/20/2024		(691	)
Total unrealized depreciation							$	(4,460	)
Net unrealized appreciation							$	25,331

* Non-deliverable forward.

Abbreviations:

BRL – Brazilian Real

HKD – Hong Kong Dollar

INR – Indian Rupee

KRW – Korean Won

TWD – Taiwan Dollar

USD – US Dollar

ZAR – South African Rand

See Accompanying Notes to the Financial Statements.


206		FLEXSHARES SEMIANNUAL REPORT

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

FlexShares^® Morningstar Emerging Markets Factor Tilt Index invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2024:


Australia	0.0	^†%
Brazil	6.3
Chile	1.3
China	20.7
Colombia	1.1
Czech Republic	0.1
Egypt	0.4
Germany	0.0	^†
Greece	0.6
Hungary	0.3
India	17.9
Indonesia	1.9
Italy	0.1
Kuwait	0.7
Luxembourg	0.0	^†
Malaysia	2.6
Mexico	3.1
Peru	0.5
Philippines	0.9
Qatar	1.1
Romania	0.1
Saudi Arabia	2.9
Singapore	0.0	^†
South Africa	3.5
South Korea	11.9
Taiwan	17.1
Thailand	1.8
Turkey	1.5
United Arab Emirates	2.0
United Kingdom	0.0	^†
United States	0.3
Other¹	(0.7	)
	100.0	%

^†	Amount represents less than 0.05%.

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


Security Type	% of Net Assets
Common Stocks		100.7	%
Corporate Bonds		0.0	^†
Rights		0.0	^†
Warrants		—
Securities Lending Reinvestments		0.6
Others⁽¹⁾		(1.3	)
		100.0	%

^†	Amount represents less than 0.05%.

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			207

Schedule of Investments

FlexShares^® US Quality Large Cap Index Fund

April 30, 2024 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 99.3%

Aerospace & Defense – 1.8%

General Electric Co.		13,837	$	2,239,103

Lockheed Martin Corp.		2,466		1,146,518

Textron, Inc.		548		46,355
				3,431,976

Air Freight & Logistics – 0.9%

Expeditors International of Washington, Inc.		7,398		823,471

United Parcel Service, Inc., Class B		6,302		929,419
				1,752,890

Automobile Components – 0.1%

Mobileye Global, Inc., Class A* (a)		4,521		124,554

Automobiles – 0.6%

Tesla, Inc.*		6,302		1,155,031

Banks – 4.5%

Bank of America Corp.		30,688		1,135,763

Citigroup, Inc.		40,963		2,512,261

Fifth Third Bancorp		13,152		479,522

JPMorgan Chase & Co.		19,454		3,730,110

Wells Fargo & Co.		13,974		828,937
				8,686,593

Beverages – 0.3%

Molson Coors Beverage Co., Class B		10,138		580,502

Biotechnology – 1.9%

AbbVie, Inc.		2,466		401,070

Amgen, Inc.		8,768		2,401,906

Gilead Sciences, Inc.		3,973		259,039

Regeneron Pharmaceuticals, Inc.*		207		184,367

Vertex Pharmaceuticals, Inc.*		1,096		430,520
				3,676,902

Broadline Retail – 3.1%

Amazon.com, Inc.*		25,482		4,459,350

eBay, Inc.		17,399		896,744

MercadoLibre, Inc.*		468		682,672
				6,038,766


Investments	Shares		Value

Building Products – 0.6%

A O Smith Corp.		2,603	$	215,632

Builders FirstSource, Inc.*		2,603		475,880

Masco Corp.		7,124		487,638
				1,179,150

Capital Markets – 2.0%

Bank of New York Mellon Corp. (The)		20,413		1,153,130

Goldman Sachs Group, Inc. (The)		959		409,215

Morgan Stanley		11,371		1,032,942

Robinhood Markets, Inc., Class A* (a)		30,688		506,045

State Street Corp.		10,549		764,697
				3,866,029

Chemicals – 0.4%

CF Industries Holdings, Inc.(a)		3,973		313,748

LyondellBasell Industries NV, Class A		3,014		301,310

Mosaic Co. (The)		2,055		64,506
				679,564

Communications Equipment – 1.2%

Cisco Systems, Inc.		49,457		2,323,490

Consumer Finance – 1.2%

Capital One Financial Corp.		8,494		1,218,294

Discover Financial Services		2,329		295,154

Synchrony Financial		19,317		849,562
				2,363,010

Consumer Staples Distribution & Retail – 0.5%

Kroger Co. (The)		18,221		1,009,079

Diversified Telecommunication Services – 0.7%

AT&T, Inc.		77,679		1,311,998

Electric Utilities – 2.3%

Constellation Energy Corp.		3,014		560,423

Entergy Corp.		4,521		482,255

Evergy, Inc.		822		43,114

Exelon Corp.		21,920		823,754

PPL Corp.		35,620		978,125

Southern Co. (The)		21,509		1,580,911
				4,468,582

See Accompanying Notes to the Financial Statements.


208		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Electrical Equipment – 0.6%

Emerson Electric Co.		1,507	$	162,425

GE Vernova, Inc.*		3,458		531,529

Hubbell, Inc., Class B		1,233		456,851
				1,150,805

Electronic Equipment, Instruments & Components – 0.3%

Jabil, Inc.		4,932		578,819

Entertainment – 0.8%

Atlanta Braves Holdings, Inc., Class C*		1		25

Electronic Arts, Inc.		3,973		503,856

Netflix, Inc.*		1,918		1,056,128
				1,560,009

Financial Services – 3.2%

Berkshire Hathaway, Inc., Class B*		11,371		4,511,217

Corebridge Financial, Inc.(a)		6,850		181,936

Fidelity National Information Services, Inc.		6,302		428,032

Fiserv, Inc.* (a)		5,480		836,632

PayPal Holdings, Inc.*		1,918		130,270

Toast, Inc., Class A*		2,329		55,034
				6,143,121

Food Products – 0.7%

Archer-Daniels-Midland Co.		685		40,182

Campbell Soup Co.		7,946		363,212

General Mills, Inc.		12,193		859,119

Kraft Heinz Co. (The)		2,055		79,343
				1,341,856

Health Care Equipment & Supplies – 0.9%

Abbott Laboratories		2,603		275,840

Align Technology, Inc.*		685		193,430

GE HealthCare Technologies, Inc.		2,055		156,673

Hologic, Inc.*		6,028		456,742

IDEXX Laboratories, Inc.*		1,179		580,964

Solventum Corp.*		888		57,729

Stryker Corp.		274		92,201
				1,813,579


Investments	Shares		Value

Health Care Providers & Services – 4.4%

Cardinal Health, Inc.		7,946	$	818,756

Cencora, Inc.		3,151		753,247

Centene Corp.* (a)		11,508		840,774

Cigna Group (The)		3,151		1,125,033

CVS Health Corp.		7,809		528,747

Elevance Health, Inc.		685		362,077

HCA Healthcare, Inc.		1,233		382,008

Laboratory Corp. of America Holdings		3,151		634,517

McKesson Corp.		2,877		1,545,553

UnitedHealth Group, Inc.		3,204		1,549,775
				8,540,487

Health Care REITs – 0.1%

Healthpeak Properties, Inc., REIT		6,713		124,929

Hotel & Resort REITs – 0.5%

Host Hotels & Resorts, Inc., REIT		51,238		966,861

Hotels, Restaurants & Leisure – 2.0%

Airbnb, Inc., Class A*		3,699		586,550

Booking Holdings, Inc.		302		1,042,513

Carnival Corp.* (a)		24,249		359,370

DoorDash, Inc., Class A*		3,288		425,007

DraftKings, Inc., Class A*		7,809		324,542

Expedia Group, Inc.* (a)		685		92,222

Royal Caribbean Cruises Ltd.* (a)		3,973		554,750

Yum! Brands, Inc.(a)		3,562		503,133
				3,888,087

Household Durables – 1.3%

Lennar Corp., Class A		6,713		1,017,825

NVR, Inc.*		137		1,019,123

PulteGroup, Inc.		4,110		457,936
				2,494,884

Household Products – 1.9%

Colgate-Palmolive Co.		8,083		742,989

Kimberly-Clark Corp.		1,507		205,751

Procter & Gamble Co. (The)		16,988		2,772,442
				3,721,182

Industrial Conglomerates – 0.2%

3M Co.		3,562		343,769

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			209

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Insurance – 2.0%

Aflac, Inc.		12,741	$	1,065,785

American International Group, Inc.		16,166		1,217,461

MetLife, Inc.		14,659		1,041,962

Prudential Financial, Inc.		5,069		560,023
				3,885,231

Interactive Media & Services – 8.5%

Alphabet, Inc., Class A*		39,182		6,378,046

Alphabet, Inc., Class C*		38,223		6,293,034

Meta Platforms, Inc., Class A		8,905		3,830,664
				16,501,744

IT Services – 1.6%

Accenture plc, Class A		4,795		1,442,864

Cognizant Technology Solutions Corp., Class A		10,138		665,864

Gartner, Inc.*		2,192		904,397
				3,013,125

Life Sciences Tools & Services – 0.5%

Danaher Corp.		548		135,148

Mettler-Toledo International, Inc.*		604		742,739
				877,887

Machinery – 2.1%

Caterpillar, Inc.		5,617		1,879,280

Illinois Tool Works, Inc.		6,439		1,571,824

PACCAR, Inc.		6,165		654,168
				4,105,272

Media – 1.3%

Comcast Corp., Class A		46,306		1,764,722

Omnicom Group, Inc.(a)		8,905		826,740
				2,591,462

Metals & Mining – 1.1%

Nucor Corp.		6,028		1,015,899

Reliance, Inc.		274		78,013

Steel Dynamics, Inc.		7,672		998,281
				2,092,193

Multi-Utilities – 1.7%

Consolidated Edison, Inc.		12,330		1,163,952


Investments	Shares		Value

Multi-Utilities – (continued)

DTE Energy Co.		8,768	$	967,286

Public Service Enterprise Group, Inc.(a)		15,207		1,050,499
				3,181,737

Oil, Gas & Consumable Fuels – 2.7%

EQT Corp.(a)		8,768		351,509

Exxon Mobil Corp.(a)		8,220		972,179

Marathon Petroleum Corp.(a)		8,494		1,543,530

Occidental Petroleum Corp.(a)		13,426		887,996

Phillips 66		3,288		470,874

Valero Energy Corp.(a)		6,165		985,599
				5,211,687

Pharmaceuticals – 4.2%

Bristol-Myers Squibb Co.		19,591		860,828

Eli Lilly & Co.		4,658		3,638,364

Johnson & Johnson		21,783		3,149,604

Merck & Co., Inc.		3,973		513,391
				8,162,187

Professional Services – 0.2%

Automatic Data Processing, Inc.		411		99,417

Leidos Holdings, Inc.		548		76,841

Paychex, Inc.		2,329		276,708
				452,966

Real Estate Management & Development – 0.5%

CBRE Group, Inc., Class A*		11,371		988,026

Residential REITs – 1.2%

AvalonBay Communities, Inc., REIT		5,754		1,090,786

Equity Residential, REIT		3,425		220,570

Essex Property Trust, Inc., REIT(a)		4,247		1,045,824

Mid-America Apartment Communities, Inc., REIT		274		35,620
				2,392,800

Retail REITs – 0.6%

Regency Centers Corp., REIT		548		32,452

Simon Property Group, Inc., REIT		7,809		1,097,399
				1,129,851

Semiconductors & Semiconductor Equipment – 10.6%

Analog Devices, Inc.		5,343		1,071,859

See Accompanying Notes to the Financial Statements.


210		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Semiconductors & Semiconductor Equipment – (continued)

Applied Materials, Inc.		8,905	$	1,768,978

Broadcom, Inc.		2,641		3,434,013

KLA Corp.		2,381		1,641,200

Lam Research Corp.		2,329		2,083,081

Microchip Technology, Inc.(a)		12,467		1,146,715

NVIDIA Corp.		9,910		8,562,438

QUALCOMM, Inc.		4,384		727,086
				20,435,370

Software – 9.7%

Adobe, Inc.*		3,699		1,712,008

ANSYS, Inc.*		548		178,034

Autodesk, Inc.*		137		29,160

Bentley Systems, Inc., Class B(a)		685		35,983

Cadence Design Systems, Inc.*		411		113,284

Check Point Software Technologies Ltd.*		6,028		900,704

Fair Isaac Corp.*		822		931,597

Fortinet, Inc.*		11,782		744,387

Intuit, Inc.		3,562		2,228,458

Manhattan Associates, Inc.*		959		197,612

Microsoft Corp.		25,619		9,974,245

Oracle Corp.		13,837		1,573,959

Roper Technologies, Inc.		137		70,070

Salesforce, Inc.		137		36,845

Zoom Video Communications, Inc., Class A*		1,507		92,078
				18,818,424

Specialized REITs – 0.9%

Public Storage, REIT		3,288		853,072

Weyerhaeuser Co., REIT		31,921		963,056
				1,816,128

Specialty Retail – 2.2%

AutoZone, Inc.*		411		1,215,080

Best Buy Co., Inc.(a)		4,932		363,193

Home Depot, Inc. (The)		3,699		1,236,280

Lowe’s Cos., Inc.(a)		4,795		1,093,212

O’Reilly Automotive, Inc.*		411		416,450
				4,324,215


Investments	Shares		Value

Technology Hardware, Storage & Peripherals – 7.5%

Apple, Inc.		78,775	$	13,417,746

Dell Technologies, Inc., Class C(a)		5,617		700,103

NetApp, Inc.		1,370		140,027

Super Micro Computer, Inc.* (a)		345		296,286
				14,554,162

Tobacco – 0.6%

Altria Group, Inc.		5,891		258,085

Philip Morris International, Inc.		9,590		910,474
				1,168,559

Trading Companies & Distributors – 0.6%

WW Grainger, Inc.		1,233		1,136,025
Total Common Stocks (Cost $158,491,906)				192,155,555
	Principal Amount

SECURITIES LENDING REINVESTMENTS – 0.3%(b)

REPURCHASE AGREEMENTS – 0.3%

CF Secured LLC, 5.31%, dated 4/30/2024, due 5/1/2024, repurchase price $674,442, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 6.75%, maturing 5/15/2024 – 2/15/2054; total market value $682,694 (Cost $674,343)	$	674,343		674,343
Total Investments – 99.6% (Cost $159,166,249)				192,829,898

Other assets less liabilities – 0.4%				707,154
Net Assets – 100.0%			$	193,537,052

*	Non-income producing security.

^(a)

The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 was $14,147,261, collateralized in the form of cash with a value of $674,343 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $14,227,916 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 15, 2024 – November 15, 2053; a total value of $14,902,259.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			211

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

^(b)

The security was purchased with cash collateral held from securities on loan at April 30, 2024. The total value of securities purchased was $674,343.

Percentages shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust



Aggregate gross unrealized appreciation	$	37,504,962
Aggregate gross unrealized depreciation		(3,915,240	)
Net unrealized appreciation	$	33,589,722
Federal income tax cost	$	159,207,038

Futures Contracts

FlexShares^® US Quality Large Cap Index Fund had the following open futures contracts as of April 30, 2024:


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
S&P 500 E-Mini Index		1		06/21/2024		USD	$	253,350	$	(6,221	)
S&P 500 Micro E-Mini Index		42		06/21/2024		USD		1,064,070		(26,917	)
									$	(33,138	)

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

Abbreviations:

USD – US Dollar


Security Type	% of Net Assets
Common Stocks		99.3	%
Securities Lending Reinvestments		0.3
Others⁽¹⁾		0.4
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


212		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® STOXX^® US ESG Select Index Fund

April 30, 2024 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 98.7%

Air Freight & Logistics – 0.3%

Expeditors International of Washington, Inc.		704	$	78,362

FedEx Corp.		1,600		418,848
				497,210

Automobile Components – 0.1%

Aptiv plc*		1,536		109,056

Automobiles – 3.1%

Ford Motor Co.		14,080		171,072

General Motors Co.		12,224		544,334

Tesla, Inc.*		28,992		5,313,654
				6,029,060

Banks – 5.4%

Bank of America Corp.		48,192		1,783,586

Citigroup, Inc.		19,968		1,224,637

Fifth Third Bancorp		3,712		135,340

Huntington Bancshares, Inc.		8,000		107,760

JPMorgan Chase & Co.		30,208		5,792,082

KeyCorp		6,848		99,228

M&T Bank Corp.(a)		576		83,169

NU Holdings Ltd., Class A*		11,584		125,802

Regions Financial Corp.(a)		6,656		128,261

Truist Financial Corp.		9,408		353,270

US Bancorp		16,384		665,682
				10,498,817

Beverages – 2.4%

Coca-Cola Co. (The)		41,088		2,538,006

Coca-Cola Europacific Partners plc		2,178		156,859

Constellation Brands, Inc., Class A		960		243,322

Keurig Dr Pepper, Inc.		10,432		351,558

PepsiCo, Inc.		7,168		1,260,923
				4,550,668

Biotechnology – 1.0%

Amgen, Inc.		1,856		508,433

Gilead Sciences, Inc.		6,592		429,798

Moderna, Inc.* (a)		1,984		218,855

Vertex Pharmaceuticals, Inc.*		1,792		703,916
				1,861,002


Investments	Shares		Value

Broadline Retail – 5.1%

Amazon.com, Inc.*		55,680	$	9,744,000

eBay, Inc.		3,584		184,719
				9,928,719

Building Products – 0.4%

Lennox International, Inc.(a)		320		148,294

Owens Corning		448		75,358

Trane Technologies plc		1,984		629,603
				853,255

Capital Markets – 3.4%

Bank of New York Mellon Corp. (The)		6,720		379,613

BlackRock, Inc.		1,472		1,110,830

Blackstone, Inc.		2,496		291,059

FactSet Research Systems, Inc.		384		160,086

Goldman Sachs Group, Inc. (The)		3,392		1,447,400

Intercontinental Exchange, Inc.		6,016		774,620

Moody’s Corp.		576		213,310

Morgan Stanley		4,416		401,150

MSCI, Inc.		384		178,863

Nasdaq, Inc.		3,200		191,520

Northern Trust Corp.(b)		704		58,003

S&P Global, Inc.		2,752		1,144,364

State Street Corp.		2,176		157,738
				6,508,556

Chemicals – 0.6%

Corteva, Inc.		3,584		194,002

Dow, Inc.		2,368		134,739

DuPont de Nemours, Inc.		2,880		208,800

Ecolab, Inc.		1,472		332,893

Sherwin-Williams Co. (The)		832		249,275
				1,119,709

Commercial Services & Supplies – 0.3%

Cintas Corp.		896		589,873

Communications Equipment – 0.5%

Cisco Systems, Inc.		21,312		1,001,238

Construction & Engineering – 0.0%(c)

AECOM		640		59,110

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			213

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Consumer Finance – 0.1%

Capital One Financial Corp.		1,344	$	192,770

Consumer Staples Distribution & Retail – 2.8%

Costco Wholesale Corp.		1,536		1,110,374

Dollar General Corp.		1,216		169,255

Dollar Tree, Inc.* (a)		1,536		181,632

Kroger Co. (The)		7,104		393,420

Sysco Corp.		1,792		133,182

Target Corp.		4,032		649,071

Walgreens Boots Alliance, Inc.(a)		7,722		136,911

Walmart, Inc.		45,888		2,723,453
				5,497,298

Containers & Packaging – 0.2%

Amcor plc		14,528		129,881

Ball Corp.		2,688		187,004
				316,885

Distributors – 0.0%(c)

LKQ Corp.		1,024		44,165

Diversified Telecommunication Services – 0.4%

Verizon Communications, Inc.		21,888		864,357

Electric Utilities – 0.1%

Alliant Energy Corp.		512		25,498

American Electric Power Co., Inc.		1,664		143,154
				168,652

Electrical Equipment – 0.1%

Rockwell Automation, Inc.(a)		384		104,049

Electronic Equipment, Instruments & Components – 0.3%

Corning, Inc.		2,816		93,998

Flex Ltd.*		1,280		36,672

Jabil, Inc.		896		105,155

Keysight Technologies, Inc.*		576		85,213

TE Connectivity Ltd.		1,600		226,368

Zebra Technologies Corp., Class A* (a)		192		60,396
				607,802

Energy Equipment & Services – 0.5%

Baker Hughes Co.		5,248		171,190


Investments	Shares		Value

Energy Equipment & Services – (continued)

Schlumberger NV		15,040	$	714,099
				885,289

Entertainment – 0.9%

Walt Disney Co. (The)		16,000		1,777,600

Financial Services – 6.1%

Apollo Global Management, Inc.		4,800		520,224

Berkshire Hathaway, Inc., Class B*		13,696		5,433,614

Block, Inc., Class A*		1,984		144,832

Fidelity National Information Services, Inc.		2,176		147,794

Mastercard, Inc., Class A		2,880		1,299,456

PayPal Holdings, Inc.*		7,552		512,932

Visa, Inc., Class A(a)		13,760		3,696,073
				11,754,925

Food Products – 1.2%

Conagra Brands, Inc.		3,200		98,496

General Mills, Inc.		4,864		342,717

Hershey Co. (The)		1,280		248,218

Hormel Foods Corp.		2,176		77,378

J M Smucker Co. (The)		512		58,803

Kellanova		2,880		166,637

Kraft Heinz Co. (The)		6,336		244,633

McCormick & Co., Inc. (Non-Voting)		1,728		131,432

Mondelez International, Inc., Class A		11,776		847,165

Tyson Foods, Inc., Class A		1,024		62,106
				2,277,585

Ground Transportation – 1.5%

CSX Corp.		7,040		233,869

Uber Technologies, Inc.*		14,400		954,288

Union Pacific Corp.		6,336		1,502,646

XPO, Inc.*		1,024		110,039
				2,800,842

Health Care Equipment & Supplies – 2.7%

Abbott Laboratories		12,096		1,281,813

Baxter International, Inc.		3,456		139,519

Becton Dickinson & Co.		1,472		345,331

Boston Scientific Corp.*		7,744		556,561

See Accompanying Notes to the Financial Statements.


214		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Health Care Equipment & Supplies – (continued)

Edwards Lifesciences Corp.*		4,288	$	363,065

GE HealthCare Technologies, Inc.		4,800		365,952

Hologic, Inc.*		1,600		121,232

IDEXX Laboratories, Inc.*		320		157,683

Medtronic plc		9,344		749,763

Stryker Corp.		3,136		1,055,264

Zimmer Biomet Holdings, Inc.		1,088		130,865
				5,267,048

Health Care Providers & Services – 3.1%

Cardinal Health, Inc.		1,728		178,053

Cencora, Inc.		896		214,189

Cigna Group (The)		2,048		731,218

CVS Health Corp.		11,008		745,352

Elevance Health, Inc.		2,048		1,082,532

Humana, Inc.		448		135,336

McKesson Corp.		896		481,340

UnitedHealth Group, Inc.		4,864		2,352,717
				5,920,737

Health Care REITs – 0.3%

Ventas, Inc., REIT		2,688		119,024

Welltower, Inc., REIT		4,928		469,540
				588,564

Hotel & Resort REITs – 0.0%(c)

Host Hotels & Resorts, Inc., REIT		3,776		71,253

Hotels, Restaurants & Leisure – 2.0%

Booking Holdings, Inc.		247		852,652

Carnival Corp.* (a)		3,264		48,373

Chipotle Mexican Grill, Inc.*		192		606,643

Domino’s Pizza, Inc.		256		135,493

Expedia Group, Inc.* (a)		960		129,245

Hilton Worldwide Holdings, Inc.		2,176		429,281

Las Vegas Sands Corp.		2,240		99,366

Marriott International, Inc., Class A		2,240		528,931

McDonald’s Corp.		2,560		698,982

MGM Resorts International*		1,792		70,677

Yum! Brands, Inc.(a)		2,432		343,520
				3,943,163


Investments	Shares		Value

Household Products – 2.2%

Church & Dwight Co., Inc.		896	$	96,669

Clorox Co. (The)		1,280		189,274

Colgate-Palmolive Co.		7,232		664,765

Procter & Gamble Co. (The)		20,544		3,352,781
				4,303,489

Independent Power and Renewable Electricity Producers – 0.0%(c)

AES Corp. (The)		3,776		67,590

Insurance – 2.0%

Aflac, Inc.		4,608		385,459

Allstate Corp. (The)		1,408		239,445

American International Group, Inc.		3,584		269,911

Aon plc, Class A		704		198,535

Arthur J Gallagher & Co.		1,152		270,363

Chubb Ltd.		2,816		700,170

Everest Group Ltd.		320		117,251

Hartford Financial Services Group, Inc. (The)		2,112		204,632

Marsh & McLennan Cos., Inc.		3,456		689,230

Principal Financial Group, Inc.		2,112		167,144

Travelers Cos., Inc. (The)		1,920		407,347

Willis Towers Watson plc		896		225,021
				3,874,508

Interactive Media & Services – 6.0%

Alphabet, Inc., Class C*		19,840		3,266,458

Meta Platforms, Inc., Class A		19,200		8,259,264

Snap, Inc., Class A*		7,168		107,878
				11,633,600

IT Services – 2.4%

Accenture plc, Class A		6,976		2,099,148

Akamai Technologies, Inc.*		832		83,974

Amdocs Ltd.		1,280		107,507

Cognizant Technology Solutions Corp., Class A		4,416		290,043

Gartner, Inc.*		704		290,464

International Business Machines Corp.		9,600		1,595,520

Okta, Inc.*		832		77,359
				4,544,015

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			215

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Life Sciences Tools & Services – 1.1%

Agilent Technologies, Inc.		1,024	$	140,329

Avantor, Inc.*		2,560		62,029

Danaher Corp.		2,432		599,780

Illumina, Inc.*		832		102,377

IQVIA Holdings, Inc.*		1,600		370,832

Revvity, Inc.		448		45,906

Thermo Fisher Scientific, Inc.		1,280		727,962

West Pharmaceutical Services, Inc.		256		91,515
				2,140,730

Machinery – 1.8%

Caterpillar, Inc.		2,624		877,912

Cummins, Inc.		960		271,190

Deere & Co.		960		375,754

Dover Corp.		704		126,227

Fortive Corp.		3,072		231,229

IDEX Corp.		384		84,657

Illinois Tool Works, Inc.		1,024		249,969

Lincoln Electric Holdings, Inc.		320		70,250

Nordson Corp.(a)		384		99,145

Otis Worldwide Corp.		3,584		326,861

Pentair plc		1,792		141,729

Stanley Black & Decker, Inc.		1,280		116,992

Toro Co. (The)		768		67,269

Westinghouse Air Brake Technologies Corp.		1,216		195,873

Xylem, Inc.		1,280		167,296
				3,402,353

Media – 0.2%

Interpublic Group of Cos., Inc. (The)(a)		3,200		97,408

Omnicom Group, Inc.(a)		2,112		196,078
				293,486

Metals & Mining – 0.5%

Freeport-McMoRan, Inc.		7,552		377,147

Newmont Corp.		10,176		413,552

Nucor Corp.		832		140,217
				930,916

Multi-Utilities – 0.1%

Public Service Enterprise Group, Inc.(a)		1,664		114,949


Investments	Shares		Value

Office REITs – 0.1%

Alexandria Real Estate Equities, Inc., REIT		1,408	$	163,145

Oil, Gas & Consumable Fuels – 4.5%

Chevron Corp.(a)		18,112		2,920,922

ConocoPhillips		4,032		506,500

Diamondback Energy, Inc.(a)		960		193,085

Exxon Mobil Corp.		41,600		4,920,032

Marathon Oil Corp.		3,840		103,104
				8,643,643

Passenger Airlines – 0.1%

Delta Air Lines, Inc.(a)		2,368		118,566

Personal Care Products – 0.2%

Estee Lauder Cos., Inc. (The), Class A		2,048		300,462

Pharmaceuticals – 6.2%

Bristol-Myers Squibb Co.		17,856		784,593

Eli Lilly & Co.		4,480		3,499,328

Johnson & Johnson		23,168		3,349,861

Merck & Co., Inc.		22,144		2,861,448

Pfizer, Inc.		29,696		760,811

Royalty Pharma plc, Class A		4,480		124,096

Zoetis, Inc.		4,032		642,056
				12,022,193

Professional Services – 0.7%

Automatic Data Processing, Inc.		3,584		866,934

Broadridge Financial Solutions, Inc.		832		160,917

Verisk Analytics, Inc.		1,472		320,837
				1,348,688

Real Estate Management & Development – 0.1%

CBRE Group, Inc., Class A*		3,200		278,048

Residential REITs – 0.2%

Camden Property Trust, REIT		320		31,897

Equity Residential, REIT		1,152		74,189

Essex Property Trust, Inc., REIT(a)		448		110,320

Sun Communities, Inc., REIT		896		99,743
				316,149

Semiconductors & Semiconductor Equipment – 6.6%

Advanced Micro Devices, Inc.*		11,264		1,783,992

See Accompanying Notes to the Financial Statements.


216		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Semiconductors & Semiconductor Equipment – (continued)

Applied Materials, Inc.		5,824	$	1,156,937

Broadcom, Inc.		2,432		3,162,257

Entegris, Inc.(a)		448		59,548

First Solar, Inc.* (a)		512		90,266

Intel Corp.		36,800		1,121,296

KLA Corp.		448		308,802

Lam Research Corp.		1,088		973,118

Micron Technology, Inc.		11,584		1,308,529

NXP Semiconductors NV		2,688		688,639

QUALCOMM, Inc.		5,824		965,910

Skyworks Solutions, Inc.(a)		512		54,574

Texas Instruments, Inc.		6,336		1,117,797
				12,791,665

Software – 8.2%

Adobe, Inc.*		3,136		1,451,435

Autodesk, Inc.*		2,240		476,784

Crowdstrike Holdings, Inc., Class A*		1,600		468,064

Gen Digital, Inc.(a)		5,376		108,273

HubSpot, Inc.*		448		270,982

Intuit, Inc.		1,472		920,913

Microsoft Corp.		24,064		9,368,837

Oracle Corp.		8,384		953,680

Palo Alto Networks, Inc.* (a)		1,664		484,041

Salesforce, Inc.		3,392		912,244

Synopsys, Inc.*		960		509,366
				15,924,619

Specialized REITs – 0.8%

American Tower Corp., REIT		4,032		691,730

Crown Castle, Inc., REIT		1,536		144,046

Iron Mountain, Inc., REIT		2,560		198,451

VICI Properties, Inc., Class A, REIT		11,008		314,278

Weyerhaeuser Co., REIT		7,680		231,706
				1,580,211

Specialty Retail – 2.7%

AutoZone, Inc.*		64		189,210

Best Buy Co., Inc.(a)		2,112		155,528

Burlington Stores, Inc.*		384		69,097

Home Depot, Inc. (The)		5,184		1,732,597


Investments	Shares		Value

Specialty Retail – (continued)

Lowe’s Cos., Inc.(a)		5,056	$	1,152,717

Ross Stores, Inc.		2,944		381,395

TJX Cos., Inc. (The)		11,968		1,126,069

Tractor Supply Co.(a)		960		262,157

Williams-Sonoma, Inc.		640		183,539
				5,252,309

Technology Hardware, Storage & Peripherals – 5.8%

Apple, Inc.		58,240		9,920,019

Hewlett Packard Enterprise Co.		11,072		188,224

HP, Inc.		10,496		294,833

NetApp, Inc.		1,408		143,912

Super Micro Computer, Inc.* (a)		512		439,705

Western Digital Corp.* (a)		3,328		235,722
				11,222,415

Textiles, Apparel & Luxury Goods – 0.7%

Deckers Outdoor Corp.*		192		157,146

Lululemon Athletica, Inc.*		1,280		461,568

NIKE, Inc., Class B		8,512		785,317
				1,404,031

Trading Companies & Distributors – 0.5%

Ferguson plc		2,112		443,309

United Rentals, Inc.		256		171,005

WW Grainger, Inc.		320		294,832
				909,146

Water Utilities – 0.1%

American Water Works Co., Inc.		1,664		203,540
Total Common Stocks (Cost $160,102,076)				190,473,723

Total Investments – 98.7% (Cost $160,102,076)				190,473,723

Other assets less liabilities – 1.3%				2,595,351
Net Assets – 100.0%			$	193,069,074

*	Non-income producing security.

^(a)

The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 was $11,345,218, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from May 9, 2024 – February 15, 2054; a total value of $11,857,190.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			217

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

^(b)

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

^(c)

Represents less than 0.05% of net assets.

Percentages shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust



Aggregate gross unrealized appreciation	$	36,819,711
Aggregate gross unrealized depreciation		(6,511,336	)
Net unrealized appreciation	$	30,308,375
Federal income tax cost	$	160,099,332

Investment in a company which was affiliated for the period ended April 30, 2024, was as follows:

Security

Value

October 31, 2023

Purchases
at Cost

Sales
Proceeds

April 30, 2024

Value

April 30, 2024

Change in
Unrealized
Appreciation
(Depreciation)

Dividend
Income

Realized

Loss

Northern Trust Corp.

77,115

12,799

52,644

704

58,003

21,416

1,467

(683

)

Futures Contracts

FlexShares^® STOXX^® US ESG Select Index Fund had the following open futures contracts as of April 30, 2024:


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
S&P 500 E-Mini Index		10		06/21/2024		USD	$	2,533,500	$	(66,016	)

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

Abbreviations:

USD – US Dollar


Security Type	% of Net Assets
Common Stocks		98.7	%
Others⁽¹⁾		1.3
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


218		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® STOXX^® Global ESG Select Index Fund

April 30, 2024 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 98.7%

Air Freight & Logistics – 0.3%

Deutsche Post AG		3,520	$	147,765

DSV A/S		1,056		151,057

FedEx Corp.		660		172,775

International Distributions Services plc*		1,035		3,507
				475,104

Automobile Components – 0.4%

Aisin Corp.		700		26,658

Aptiv plc*		690		48,990

Bridgestone Corp.		4,600		204,006

Cie Generale des Etablissements Michelin SCA		4,752		183,833

Continental AG		552		35,909

Denso Corp.		11,600		198,401

Forvia SE*		92		1,476

Niterra Co. Ltd.		600		19,720

Valeo SE		414		5,286
				724,279

Automobiles – 1.9%

Bayerische Motoren Werke AG		1,716		187,979

Ferrari NV		484		200,383

General Motors Co.		7,568		337,003

Honda Motor Co. Ltd.		26,400		303,986

Mazda Motor Corp.		2,300		26,367

Mercedes-Benz Group AG		5,412		410,514

Mitsubishi Motors Corp.		6,900		21,853

Nissan Motor Co. Ltd.		13,800		51,012

Renault SA		1,058		52,875

Stellantis NV		9,988		222,991

Subaru Corp.		2,300		51,623

Suzuki Motor Corp.		6,800		79,553

Toyota Motor Corp.		47,100		1,088,869

Volkswagen AG (Preference)		1,232		151,689

Yamaha Motor Co. Ltd.(a)		8,800		82,539
				3,269,236

Banks – 8.7%

ABN AMRO Bank NV, CVA(a) (b)		2,254		36,368


Investments	Shares		Value

Banks – (continued)

AIB Group plc		8,786	$	45,713

ANZ Group Holdings Ltd.		25,124		459,410

Banco Bilbao Vizcaya Argentaria SA		32,692		355,677

Banco BPM SpA		9,711		64,212

Banco Santander SA(a)		89,540		437,822

Bank of Ireland Group plc		4,554		48,913

Bank of Montreal		2,508		224,485

Bank Polska Kasa Opieki SA		920		38,425

Bankinter SA(a)		3,726		29,561

Banque Cantonale Vaudoise (Registered)		138		14,475

Barclays plc		80,872		205,262

BAWAG Group AG(b)		506		30,406

BNP Paribas SA		6,776		489,851

CaixaBank SA		24,068		127,438

Canadian Imperial Bank of Commerce		4,180		195,514

Citigroup, Inc.		14,564		893,210

Commerzbank AG		2,265		33,809

Commonwealth Bank of Australia(a)		13,816		1,027,586

Danske Bank A/S		3,628		105,064

DBS Group Holdings Ltd.		7,480		191,422

Erste Group Bank AG		966		45,313

FinecoBank Banca Fineco SpA		3,648		56,325

Hang Seng Bank Ltd.(a)		4,800		63,765

HSBC Holdings plc		94,204		820,513

Intesa Sanpaolo SpA		108,108		407,586

JPMorgan Chase & Co.		22,616		4,336,392

KBC Group NV		1,012		75,637

Lloyds Banking Group plc		398,288		258,834

Mediobanca Banca di Credito Finanziario SpA		2,254		32,175

Mitsubishi UFJ Financial Group, Inc.		70,400		706,617

National Bank of Canada		924		74,345

NatWest Group plc		40,612		154,337

Nordea Bank Abp		24,244		285,281

NU Holdings Ltd., Class A*		11,308		122,805

Oversea-Chinese Banking Corp. Ltd.		16,100		168,231

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			219

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Banks – (continued)

Royal Bank of Canada		4,708	$	456,424

Santander Bank Polska SA		46		6,375

Skandinaviska Enskilda Banken AB, Class A		11,924		157,851

Societe Generale SA		4,708		127,814

Standard Chartered plc		12,764		110,247

Svenska Handelsbanken AB, Class A		11,572		101,404

Swedbank AB, Class A		6,688		129,423

Toronto-Dominion Bank (The)		5,588		332,185

UniCredit SpA		5,808		214,749

US Bancorp		6,908		280,672

Virgin Money UK plc		6,946		18,595

Westpac Banking Corp.		23,452		395,333
				14,993,851

Beverages – 1.7%

Anheuser-Busch InBev SA/NV		4,136		248,363

Britvic plc		2,231		24,709

Carlsberg A/S, Class B		528		71,396

Coca-Cola Co. (The)		24,244		1,497,552

Coca-Cola Europacific Partners plc		1,424		102,556

Coca-Cola HBC AG		1,150		37,295

Davide Campari-Milano NV(a)		3,036		30,580

Diageo plc		10,780		374,642

Heineken Holding NV(a)		460		37,160

Heineken NV		1,378		134,524

Keurig Dr Pepper, Inc.		2,596		87,485

Kirin Holdings Co. Ltd.(a)		2,900		42,395

Pernod Ricard SA		1,320		200,420

Treasury Wine Estates Ltd.(a)		7,744		60,795
				2,949,872

Biotechnology – 0.7%

CSL Ltd.		2,024		363,741

Gilead Sciences, Inc.		3,652		238,110

Moderna, Inc.* (a)		1,232		135,902

Swedish Orphan Biovitrum AB*		1,995		51,875

Vertex Pharmaceuticals, Inc.*		1,232		483,942
				1,273,570


Investments	Shares		Value

Broadline Retail – 5.6%

Allegro.eu SA* (b)		1,012	$	8,507

Amazon.com, Inc.*		49,764		8,708,700

Dollarama, Inc.		720		60,185

eBay, Inc.		1,804		92,978

Isetan Mitsukoshi Holdings Ltd.		3,100		43,782

J Front Retailing Co. Ltd.		2,300		20,119

Next plc		690		77,828

Prosus NV		4,312		145,280

Rakuten Group, Inc.*		5,700		27,655

Ryohin Keikaku Co. Ltd.		2,300		37,350

Wesfarmers Ltd.		9,064		393,107
				9,615,491

Building Products – 0.5%

AGC, Inc.		900		33,360

Assa Abloy AB, Class B		5,940		159,650

Belimo Holding AG (Registered)		46		21,396

Cie de Saint-Gobain SA		3,256		259,927

Fletcher Building Ltd.(a)		2,898		6,534

Geberit AG (Registered)		176		94,721

Lennox International, Inc.		132		61,171

Lixil Corp.		2,200		23,725

Nibe Industrier AB, Class B		2,898		13,624

Reliance Worldwide Corp. Ltd.		2,576		8,665

ROCKWOOL A/S, Class B		49		16,129

Trane Technologies plc		748		237,370
				936,272

Capital Markets – 2.2%

3i Group plc		5,412		194,896

abrdn plc		1,012		1,856

Allfunds Group plc		2,438		15,485

ASX Ltd.		1,980		81,784

BlackRock, Inc.		880		664,083

Daiwa Securities Group, Inc.		9,200		67,934

Euronext NV(b)		414		37,472

FactSet Research Systems, Inc.(a)		132		55,030

Goldman Sachs Group, Inc. (The)		1,540		657,133

Hong Kong Exchanges & Clearing Ltd.		5,800		186,580

IG Group Holdings plc		1,288		12,064

Intercontinental Exchange, Inc.		4,356		560,879

Julius Baer Group Ltd.		690		37,323

See Accompanying Notes to the Financial Statements.


220		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares			Value

COMMON STOCKS – (continued)

Capital Markets – (continued)

London Stock Exchange Group plc		2,640		$	292,420

Macquarie Group Ltd.		3,080			374,940

Man Group plc		2,576			8,309

Nasdaq, Inc.		1,194			71,461

S&P Global, Inc.		968			402,523

Schroders plc		3,772			16,663
					3,738,835

Chemicals – 0.6%

Air Liquide SA		1,628			320,087

Akzo Nobel NV		1,144			76,011

Arkema SA		179			18,575

BASF SE		5,148			270,574

Covestro AG* (b)		736			36,972

Croda International plc		506			29,208

FUCHS SE (Preference)		528			24,739

Hexpol AB		2,691			30,892

Incitec Pivot Ltd.		3,726			6,774

Kansai Paint Co. Ltd.		800	��		10,498

LANXESS AG		92			2,610

Mitsubishi Chemical Group Corp.		4,600			26,937

Nippon Sanso Holdings Corp.		1,400			41,858

Novonesis (Novozymes) B		1,760			98,050

OCI NV		598			16,177

Orica Ltd.		2,346			27,573

Wacker Chemie AG		92			9,896

Yara International ASA		920			26,377
					1,073,808

Commercial Services & Supplies – 0.4%

Brambles Ltd.		10,648			101,087

Cintas Corp.		572			376,570

Downer EDI Ltd.		6,762			20,725

Elis SA		1,080			24,389

ISS A/S(a)		598			11,248

Rentokil Initial plc		9,284			47,325

Securitas AB, Class B		2,731			27,731

SPIE SA		759			27,739

TOPPAN Holdings, Inc.		2,300			54,780
					691,594


Investments	Shares		Value

Construction & Engineering – 0.4%

Balfour Beatty plc		2,990	$	13,620

Bouygues SA		736		27,237

Eiffage SA		551		59,092

Ferrovial SE		2,608		94,255

HOCHTIEF AG		46		4,855

Obayashi Corp.		4,600		51,506

Shimizu Corp.		2,300		14,287

Skanska AB, Class B(a)		2,116		36,986

Sweco AB, Class B		1,334		14,439

Vinci SA		3,080		363,085

Worley Ltd.		2,024		19,832

WSP Global, Inc.		230		34,971
				734,165

Construction Materials – 0.2%

Buzzi SpA		368		13,324

Heidelberg Materials AG		184		18,620

Holcim AG		2,772		233,269

Wienerberger AG		437		15,681
				280,894

Consumer Finance – 0.0%(c)

Cembra Money Bank AG		46		3,531

Marui Group Co. Ltd.		2,300		35,355
				38,886

Consumer Staples Distribution & Retail – 1.7%

Aeon Co. Ltd.		3,000		62,949

Axfood AB		598		15,549

Carrefour SA		3,444		58,147

Dollar Tree, Inc.*		572		67,639

Endeavour Group Ltd.		874		3,042

HelloFresh SE*		690		4,674

J Sainsbury plc		9,108		30,040

Jeronimo Martins SGPS SA		1,334		27,600

Kesko OYJ, Class B		1,472		25,230

Koninklijke Ahold Delhaize NV		5,456		165,914

Kroger Co. (The)		2,860		158,387

Loblaw Cos. Ltd.		506		55,600

Marks & Spencer Group plc		10,166		32,562

Target Corp.		2,068		332,907

Tesco plc		9,338		34,645

Walgreens Boots Alliance, Inc.(a)		2,668		47,304

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			221

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Consumer Staples Distribution & Retail – (continued)

Walmart, Inc.		27,632	$	1,639,959

Woolworths Group Ltd.		11,000		227,857
				2,990,005

Containers & Packaging – 0.1%

Amcor plc		9,460		84,572

Ball Corp.		1,194		83,067

Huhtamaki OYJ(a)		230		8,844

Orora Ltd.		5,198		7,392

Smurfit Kappa Group plc(a)		1,424		62,046
				245,921

Distributors – 0.0%(c)

D’ieteren Group		92		19,989

Inchcape plc		1,656		16,588
				36,577

Diversified Consumer Services – 0.0%(c)

Pearson plc		3,864		47,106

Diversified REITs – 0.1%

British Land Co. plc (The), REIT		6,348		30,841

Covivio SA, REIT		322		16,134

Mirvac Group, REIT		31,602		42,273

Stockland, REIT		25,432		73,488
				162,736

Diversified Telecommunication Services – 0.9%

BT Group plc(a)		12,374		15,897

Cellnex Telecom SA(b)		2,434		80,809

Chorus Ltd.(a)		2,070		8,820

Deutsche Telekom AG (Registered)		18,744		430,703

Elisa OYJ		552		24,978

Infrastrutture Wireless Italiane SpA(b)		1,403		15,122

Koninklijke KPN NV		26,092		95,079

Nippon Telegraph & Telephone Corp.		316,800		343,847

Singapore Telecommunications Ltd.		44,000		76,788

Spark New Zealand Ltd.		18,262		51,547

Swisscom AG (Registered)		138		75,760

Telenor ASA		2,967		34,267


Investments	Shares		Value

Diversified Telecommunication Services – (continued)

Telia Co. AB		13,846	$	31,865

Telstra Group Ltd.		71,192		169,659
				1,455,141

Electric Utilities – 0.7%

Alliant Energy Corp.		460		22,908

American Electric Power Co., Inc.		1,452		124,916

Contact Energy Ltd.		782		4,012

EDP – Energias de Portugal SA*		13,776		51,938

Elia Group SA/NV		92		8,888

Endesa SA		782		14,298

Enel SpA		17,776		117,482

Fortum OYJ(a)		2,438		32,273

Iberdrola SA		33,176		408,299

Kansai Electric Power Co., Inc. (The)		3,100		46,461

Origin Energy Ltd.		16,412		103,907

Orsted A/S* (a) (b)		690		38,153

Redeia Corp. SA(a)		3,696		61,848

SSE plc		7,172		149,659

Terna – Rete Elettrica Nazionale		3,312		26,645

Verbund AG		276		21,130
				1,232,817

Electrical Equipment – 1.0%

ABB Ltd. (Registered)		6,996		342,420

Fujikura Ltd.		2,300		39,872

Legrand SA		1,716		177,722

Nexans SA		253		27,160

Nidec Corp.		6,700		313,914

Prysmian SpA(a)		1,608		87,996

Schneider Electric SE		2,376		546,470

Siemens Energy AG*		1,794		37,022

Vestas Wind Systems A/S*		4,960		133,967
				1,706,543

Electronic Equipment, Instruments & Components – 0.6%

Corning, Inc.		1,892		63,155

Halma plc		690		19,068

Hexagon AB, Class B		8,586		91,329

Ibiden Co. Ltd.		1,000		38,725

Jabil, Inc.		616		72,294

Kyocera Corp.		4,400		54,034

Murata Manufacturing Co. Ltd.		15,500		285,986

See Accompanying Notes to the Financial Statements.


222		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Electronic Equipment, Instruments & Components – (continued)

Omron Corp.		1,200	$	41,636

Shimadzu Corp.		900		24,655

TDK Corp.		1,500		67,524

TE Connectivity Ltd.		1,364		192,979

Yokogawa Electric Corp.		1,000		22,311
				973,696

Energy Equipment & Services – 0.2%

Schlumberger NV		8,844		419,913

Technip Energies NV		138		3,282
				423,195

Entertainment – 0.6%

Bollore SE		4,117		26,853

Square Enix Holdings Co. Ltd.		900		32,702

Walt Disney Co. (The)		8,756		972,792
				1,032,347

Financial Services – 3.0%

AMP Ltd.		46		33

Apollo Global Management, Inc.(a)		2,992		324,273

Berkshire Hathaway, Inc., Class B*		8,184		3,246,838

Edenred SE		1,804		85,760

EXOR NV		506		55,565

Industrivarden AB, Class C		460		14,958

Kinnevik AB, Class B*		690		7,324

M&G plc		14,398		36,255

Nexi SpA* (b)		4,232		24,788

ORIX Corp.		4,200		86,501

Visa, Inc., Class A(a)		4,972		1,335,529

Wendel SE		82		8,421
				5,226,245

Food Products – 0.7%

AAK AB		1,610		41,747

Ajinomoto Co., Inc.		4,400		164,268

Associated British Foods plc		1,012		33,656

Bakkafrost P/F		46		2,820

Danone SA		2,156		135,229

General Mills, Inc.		2,024		142,611


Investments	Shares		Value

Food Products – (continued)

Hershey Co. (The)		396	$	76,792

JDE Peet’s NV		92		2,048

Kellanova		736		42,585

Kerry Group plc, Class A		836		72,227

MEIJI Holdings Co. Ltd.		2,300		51,520

Mondelez International, Inc., Class A		4,004		288,048

Mowi ASA		2,976		52,658

Nissin Foods Holdings Co. Ltd.		900		24,049

Orkla ASA		3,726		25,504

Salmar ASA		368		23,311

Viscofan SA		46		2,936

Yakult Honsha Co. Ltd.		1,100		21,572
				1,203,581

Gas Utilities – 0.1%

APA Group		12,936		69,888

Enagas SA(a)		322		4,737

Naturgy Energy Group SA(a)		46		1,167

Rubis SCA		276		9,591

Snam SpA		11,280		51,887

Tokyo Gas Co. Ltd.		3,700		83,210
				220,480

Ground Transportation – 1.2%

Canadian National Railway Co.		2,420		294,325

Canadian Pacific Kansas City Ltd.		3,124		245,581

ComfortDelGro Corp. Ltd.		13,800		15,078

Hankyu Hanshin Holdings, Inc.		1,300		34,151

MTR Corp. Ltd.		10,000		33,051

Tokyu Corp.		2,300		27,309

Uber Technologies, Inc.*		9,856		653,157

Union Pacific Corp.		2,816		667,843

XPO, Inc.*		230		24,716
				1,995,211

Health Care Equipment & Supplies – 2.4%

Abbott Laboratories		8,228		871,921

Alcon, Inc.		3,124		242,181

Ansell Ltd.		322		5,351

Baxter International, Inc.		1,884		76,057

BioMerieux		230		24,593

Carl Zeiss Meditec AG		46		4,874

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			223

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Health Care Equipment & Supplies – (continued)

Cochlear Ltd.		528	$	111,463

ConvaTec Group plc(b)		9,660		30,239

Demant A/S*		408		19,677

Edwards Lifesciences Corp.*		2,992		253,333

Elekta AB, Class B		920		6,639

EssilorLuxottica SA		924		198,388

Fisher & Paykel Healthcare Corp. Ltd.		3,634		61,222

GE HealthCare Technologies, Inc.		4,092		311,974

Getinge AB, Class B		1,058		22,652

Hologic, Inc.*		1,100		83,347

Hoya Corp.		2,800		328,637

Medtronic plc		6,424		515,462

Olympus Corp.		4,000		55,934

Siemens Healthineers AG(b)		1,452		80,888

Smith & Nephew plc		1,150		14,097

Sonova Holding AG (Registered)		264		73,516

Straumann Holding AG (Registered)		792		106,216

Stryker Corp.		1,716		577,434

Terumo Corp.		5,800		99,274
				4,175,369

Health Care Providers & Services – 1.9%

Cardinal Health, Inc.		1,056		108,810

Cigna Group (The)		1,408		502,712

CVS Health Corp.		3,740		253,235

EBOS Group Ltd.(a)		1,680		34,855

Elevance Health, Inc.		1,496		790,756

Fresenius Medical Care AG		1,058		44,798

Fresenius SE & Co. KGaA		2,160		64,599

Galenica AG(b)		184		14,094

Ramsay Health Care Ltd.(a)		2,024		68,671

UnitedHealth Group, Inc.		2,860		1,383,382
				3,265,912

Health Care REITs – 0.2%

Ventas, Inc., REIT		920		40,738

Welltower, Inc., REIT		2,816		268,308
				309,046

Hotel & Resort REITs – 0.0%(c)

Host Hotels & Resorts, Inc., REIT		1,426		26,909


Investments	Shares		Value

Hotels, Restaurants & Leisure – 1.7%

Accor SA		1,355	$	59,851

Amadeus IT Group SA		3,168		202,430

Aristocrat Leisure Ltd.		5,764		149,415

Booking Holdings, Inc.		111		383,175

Chipotle Mexican Grill, Inc., Class A*		88		278,045

Compass Group plc		9,196		257,010

Domino’s Pizza Enterprises Ltd.		100		2,561

Domino’s Pizza, Inc.		138		73,039

Entain plc		1,380		13,592

Expedia Group, Inc.* (a)		276		37,158

Greggs plc		851		29,026

Hilton Worldwide Holdings, Inc.		1,232		243,049

InterContinental Hotels Group plc		1,056		103,825

Just Eat Takeaway.com NV* (a) (b)		1,564		23,195

La Francaise des Jeux SAEM(b)		276		10,465

Las Vegas Sands Corp.		1,572		69,734

Lottery Corp. Ltd. (The)		20,548		65,113

Marriott International, Inc., Class A		1,144		270,133

MGM Resorts International*		1,562		61,605

Oriental Land Co. Ltd.		7,400		205,121

Sodexo SA		551		48,164

SSP Group plc		1,150		2,835

TUI AG*		2,300		16,300

Whitbread plc		736		29,186

Yum! Brands, Inc.(a)		1,452		205,095
				2,839,122

Household Durables – 1.0%

Berkeley Group Holdings plc		460		27,152

Electrolux AB, Class B*		46		408

GN Store Nord A/S* (a)		506		13,826

Nikon Corp.		2,300		23,984

Panasonic Holdings Corp.		15,300		134,367

Persimmon plc		644		10,515

SEB SA		184		21,878

Sekisui House Ltd.		7,200		165,902

Sony Group Corp.		14,700		1,222,314

Sumitomo Forestry Co. Ltd.(a)		800		24,834

Taylor Wimpey plc		22,448		37,075

Vistry Group plc*		920		13,801
				1,696,056

See Accompanying Notes to the Financial Statements.


224		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Household Products – 1.1%

Clorox Co. (The)		572	$	84,582

Colgate-Palmolive Co.		2,728		250,758

Essity AB, Class B		2,434		60,895

Henkel AG & Co. KGaA (Preference)		1,276		101,590

Procter & Gamble Co. (The)		7,436		1,213,555

Reckitt Benckiser Group plc		3,784		211,700
				1,923,080

Independent Power and Renewable Electricity Producers – 0.1%

AES Corp. (The)		2,162		38,700

Drax Group plc		2,438		15,813

EDP Renovaveis SA		598		8,229

Meridian Energy Ltd.		8,142		28,908
				91,650

Industrial Conglomerates – 0.5%

Hitachi Ltd.		5,500		510,978

Investment AB Latour, Class B		322		7,906

Keppel Ltd.		4,600		23,207

Lifco AB, Class B		552		13,579

Siemens AG (Registered)		1,672		314,471
				870,141

Industrial REITs – 0.2%

CapitaLand Ascendas REIT, REIT		13,800		26,310

Goodman Group, REIT		9,284		191,045

Segro plc, REIT		8,008		85,031

Tritax Big Box REIT plc, REIT		11,025		20,928

Warehouses De Pauw CVA, REIT		506		13,494
				336,808

Insurance – 1.9%

Admiral Group plc		828		28,294

Aegon Ltd.		5,221		32,691

Aflac, Inc.		1,716		143,543

Ageas SA/NV		1,012		46,681

Allianz SE (Registered)		880		250,855

ASR Nederland NV		506		25,413

Assicurazioni Generali SpA		6,556		160,529

Aviva plc		12,260		71,491

AXA SA		12,012		416,654


Investments	Shares		Value

Insurance – (continued)

Beazley plc		3,772	$	31,314

Direct Line Insurance Group plc		3,680		8,561

Hannover Rueck SE		322		80,015

Hiscox Ltd.		1,518		23,379

Insurance Australia Group Ltd.		13,920		58,211

Legal & General Group plc		22,880		67,612

Medibank Pvt Ltd.		14,122		32,646

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		748		329,677

nib holdings Ltd.		3,082		14,910

NN Group NV		1,701		78,845

Phoenix Group Holdings plc		4,554		27,930

Poste Italiane SpA(b)		2,622		33,419

Power Corp. of Canada		2,064		55,106

Principal Financial Group, Inc.		748		59,197

QBE Insurance Group Ltd.		5,602		64,496

Sampo OYJ, Class A		2,296		93,093

Steadfast Group Ltd.		5,658		20,832

Storebrand ASA		2,760		26,642

Sun Life Financial, Inc.		2,508		128,316

Swiss Life Holding AG (Registered)		132		89,377

Swiss Re AG		1,144		124,510

Topdanmark A/S		24		1,003

Travelers Cos., Inc. (The)		660		140,026

Tryg A/S		2,618		51,982

Unipol Gruppo SpA		1,840		16,566

Willis Towers Watson plc		308		77,351

Zurich Insurance Group AG		616		298,345
				3,209,512

Interactive Media & Services – 3.6%

Auto Trader Group plc(b)		5,970		52,208

CAR Group Ltd.		2,789		61,267

LY Corp.		13,800		33,596

Meta Platforms, Inc., Class A		13,728		5,905,374

REA Group Ltd.(a)		276		32,195

Rightmove plc		3,266		21,061

Snap, Inc., Class A* (a)		6,520		98,126
				6,203,827

IT Services – 2.5%

Accenture plc, Class A		6,248		1,880,086

Akamai Technologies, Inc.*		616		62,173

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			225

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


Investments	Shares		Value

COMMON STOCKS – (continued)

IT Services – (continued)

Alten SA		92	$	10,890

Amdocs Ltd.		598		50,226

Capgemini SE		1,012		214,144

CGI, Inc.*		1,320		134,022

Cognizant Technology Solutions Corp., Class A		2,156		141,606

Computacenter plc		575		18,590

Fujitsu Ltd.		18,000		278,582

Gartner, Inc.*		396		163,386

International Business Machines Corp.		5,808		965,290

NEC Corp.		1,900		138,849

Nomura Research Institute Ltd.		2,300		56,051

NTT Data Group Corp.		2,000		31,443

Okta, Inc., Class A*		572		53,184

Reply SpA		92		12,100

Softcat plc		644		12,652

Sopra Steria Group		92		20,264

TIS, Inc.		1,200		25,744
				4,269,282

Leisure Products – 0.1%

Bandai Namco Holdings, Inc.		2,900		54,585

Thule Group AB(a) (b)		690		19,740

Yamaha Corp.		900		19,085
				93,410

Life Sciences Tools & Services – 0.3%

Eurofins Scientific SE		552		33,997

Gerresheimer AG		92		9,935

Illumina, Inc.*		414		50,943

IQVIA Holdings, Inc.*		880		203,958

Lonza Group AG (Registered)		264		146,918

QIAGEN NV*		713		29,794

Sartorius AG (Preference)		92		27,770

Sartorius Stedim Biotech		141		30,605

Siegfried Holding AG (Registered)		23		22,118

Tecan Group AG (Registered)		46		16,401

Wuxi Biologics Cayman, Inc.* (b)		11,500		20,203
				592,642


Investments	Shares		Value

Machinery – 1.3%

Aalberts NV		230	$	11,047

Alfa Laval AB(a)		621		26,796

Alstom SA(a)		460		7,316

ANDRITZ AG		299		16,433

Atlas Copco AB, Class A		9,328		166,105

Bucher Industries AG (Registered)		46		17,805

Cummins, Inc.		484		136,725

Daimler Truck Holding AG		1,562		70,665

Ebara Corp.		900		74,979

Epiroc AB, Class A		2,688		50,645

FANUC Corp.		6,100		179,358

Fortive Corp.		1,276		96,044

Georg Fischer AG (Registered)		506		35,585

Husqvarna AB, Class B		1,242		10,261

IMI plc		667		14,632

Indutrade AB		690		16,232

Interpump Group SpA		322		14,144

KION Group AG		322		14,936

Knorr-Bremse AG		92		6,842

Komatsu Ltd.		3,300		99,714

Kone OYJ, Class B		2,508		122,821

Konecranes OYJ		720		38,123

Kurita Water Industries Ltd.		1,100		44,003

Metso OYJ(a)		3,864		44,105

MINEBEA MITSUMI, Inc.		2,300		43,577

Otis Worldwide Corp.		1,452		132,422

Pentair plc		598		47,296

Rotork plc		7,199		29,152

Sandvik AB(a)		4,638		94,105

Schindler Holding AG		184		46,143

Seatrium Ltd.*		138,000		9,917

SFS Group AG		23		2,743

SKF AB, Class B		782		16,387

Spirax-Sarco Engineering plc		432		47,845

Stanley Black & Decker, Inc.		506		46,248

Techtronic Industries Co. Ltd.		4,500		62,944

TOMRA Systems ASA		2,576		32,031

Trelleborg AB, Class B		966		34,606

Valmet OYJ(a)		552		13,847

Volvo AB, Class B		9,196		237,443

Wartsila OYJ Abp		3,427		63,613

Weir Group plc (The)		1,035		26,567
				2,302,202

See Accompanying Notes to the Financial Statements.


226		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Marine Transportation – 0.0%(c)

AP Moller – Maersk A/S, Class B		23	$	33,600

Mitsui OSK Lines Ltd.		1,400		44,393
				77,993

Media – 0.4%

Dentsu Group, Inc.(a)		2,300		62,395

Informa plc		7,944		79,159

Interpublic Group of Cos., Inc. (The)(a)		1,728		52,600

ITV plc		19,343		17,027

Omnicom Group, Inc.(a)		1,716		159,314

Publicis Groupe SA		1,378		153,015

SES SA, Class A, ADR		3,036		14,809

Vivendi SE		4,554		46,580

WPP plc		1,426		14,431
				599,330

Metals & Mining – 1.0%

Anglo American plc(a)		5,500		181,399

Antofagasta plc		1,679		46,462

Aurubis AG		184		14,795

BlueScope Steel Ltd.		1,861		27,661

Boliden AB		1,518		50,909

Fortescue Ltd.		15,048		254,546

IGO Ltd.		1,311		6,734

Iluka Resources Ltd.(a)		2,162		10,782

Mineral Resources Ltd.		1,296		60,752

Newmont Corp.(a)		3,124		126,959

Norsk Hydro ASA		4,278		26,617

Northern Star Resources Ltd.		7,277		70,596

Pilbara Minerals Ltd.(a)		20,930		55,179

Rio Tinto Ltd.		2,244		190,142

Rio Tinto plc		4,400		301,478

South32 Ltd.		23,230		54,153

SSAB AB, Class B(a)		3,358		19,060

Sumitomo Metal Mining Co. Ltd.		1,100		37,146

Teck Resources Ltd., Class B		1,980		97,555

thyssenkrupp AG		1,426		7,179

voestalpine AG		782		21,004
				1,661,108


Investments	Shares		Value

Multi-Utilities – 0.4%

A2A SpA		10,971	$	21,767

AGL Energy Ltd.		3,956		24,301

Centrica plc		14,122		22,625

Engie SA*		12,276		213,562

Hera SpA		8,119		29,429

National Grid plc		19,228		252,320

Public Service Enterprise Group, Inc.		2,596		179,332
				743,336

Office REITs – 0.1%

Alexandria Real Estate Equities, Inc., REIT		616		71,376

Dexus, REIT(a)		12,452		57,570

Gecina SA, REIT		184		18,887
				147,833

Oil, Gas & Consumable Fuels – 5.7%

Aker BP ASA		322		7,909

Ampol Ltd.		1,564		37,384

BP plc		71,104		463,327

Chevron Corp.(a)		16,060		2,589,996

Eni SpA		14,740		238,555

Equinor ASA		5,984		161,540

Exxon Mobil Corp.		31,152		3,684,347

Galp Energia SGPS SA		1,150		24,839

Gaztransport Et Technigaz SA		184		25,773

Marathon Oil Corp.		1,196		32,113

Neste OYJ		782		17,843

OMV AG		276		13,186

ORLEN SA		2,070		33,989

Pembina Pipeline Corp.		2,250		79,332

Shell plc		37,884		1,366,519

Suncor Energy, Inc.		4,180		159,825

TC Energy Corp.		3,564		127,944

TotalEnergies SE		7,436		545,355

Woodside Energy Group Ltd.		6,204		113,726
				9,723,502

Paper & Forest Products – 0.0%(c)

Holmen AB, Class B		460		18,088

Mondi plc		920		17,499

Stora Enso OYJ, Class R(a)		1,610		21,605
				57,192

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			227

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Passenger Airlines – 0.1%

ANA Holdings, Inc.		2,300	$	43,847

International Consolidated Airlines Group SA*		16,330		35,804

Qantas Airways Ltd.*		11,914		45,644

Ryanair Holdings plc, ADR		598		81,448

Singapore Airlines Ltd.		6,900		33,090
				239,833

Personal Care Products – 1.1%

Beiersdorf AG		396		59,512

Estee Lauder Cos., Inc. (The), Class A		1,012		148,471

Haleon plc		37,312		158,615

Kao Corp.		2,800		116,099

L’Oreal SA		1,452		682,579

Shiseido Co. Ltd.		3,400		91,069

Unilever plc		12,452		645,610
				1,901,955

Pharmaceuticals – 7.0%

Astellas Pharma, Inc.		13,800		132,769

AstraZeneca plc		8,976		1,355,684

Bristol-Myers Squibb Co.		9,240		406,006

Chugai Pharmaceutical Co. Ltd.		2,300		73,809

Daiichi Sankyo Co. Ltd.		8,100		276,100

Eisai Co. Ltd.		1,300		53,713

Eli Lilly & Co.		2,640		2,062,104

GSK plc		20,196		423,075

Hikma Pharmaceuticals plc		828		19,948

Ipsen SA		115		14,030

Kyowa Kirin Co. Ltd.		1,900		31,984

Merck & Co., Inc.		15,928		2,058,216

Merck KGaA		792		126,138

Novartis AG (Registered)		8,712		845,885

Novo Nordisk A/S, Class B		10,648		1,377,836

Ono Pharmaceutical Co. Ltd.		2,300		33,265

Orion OYJ, Class B		782		29,926

Pfizer, Inc.		17,028		436,257

Roche Holding AG		3,080		740,825

Sanofi SA		7,084		705,041

Santen Pharmaceutical Co. Ltd.		2,300		22,282

Shionogi & Co. Ltd.		3,400		159,321


Investments	Shares		Value

Pharmaceuticals – (continued)

Takeda Pharmaceutical Co. Ltd.		6,800	$	179,458

UCB SA		414		55,134

Zoetis, Inc., Class A		2,200		350,328
				11,969,134

Professional Services – 0.9%

Adecco Group AG (Registered)		1,056		37,121

ALS Ltd.		2,392		20,363

Arcadis NV		506		31,461

Automatic Data Processing, Inc.		1,276		308,652

Bureau Veritas SA		1,380		40,460

Computershare Ltd.		3,766		66,590

Experian plc		1,516		61,579

Intertek Group plc		552		34,172

Randstad NV(a)		552		27,859

RELX plc		10,648		440,385

SGS SA (Registered)(a)		1,009		89,178

Teleperformance SE*		322		29,431

Verisk Analytics, Inc., Class A		660		143,854

Wolters Kluwer NV		1,232		185,412
				1,516,517

Real Estate Management & Development – 0.6%

Castellum AB*		2,309		28,042

CBRE Group, Inc., Class A*		2,508		217,920

CK Asset Holdings Ltd.		11,500		49,478

Daito Trust Construction Co. Ltd.		300		32,247

Daiwa House Industry Co. Ltd.		3,800		107,216

Fabege AB		2,300		17,874

Kojamo OYJ*		1,012		11,254

Mitsubishi Estate Co. Ltd.		8,800		162,618

Mitsui Fudosan Co. Ltd.		11,700		119,926

Sagax AB, Class B		552		13,991

Swiss Prime Site AG (Registered)		460		42,682

Tokyu Fudosan Holdings Corp.		4,600		33,923

Vonovia SE		5,060		147,055

Wharf Real Estate Investment Co. Ltd.		12,000		37,513

Wihlborgs Fastigheter AB(a)		2,346		19,878
				1,041,617

Residential REITs – 0.1%

Camden Property Trust, REIT		184		18,341

Equity Residential, REIT		874		56,286

See Accompanying Notes to the Financial Statements.


228		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Residential REITs – (continued)

Essex Property Trust, Inc., REIT(a)		322	$	79,292

Sun Communities, Inc., REIT		484		53,879
				207,798

Retail REITs – 0.2%

CapitaLand Integrated Commercial Trust, REIT		27,600		39,667

Klepierre SA, REIT		1,351		36,490

Link REIT, REIT		17,600		76,172

Region RE Ltd., REIT		12,512		17,874

Unibail-Rodamco-Westfield, REIT*		322		27,021

Vicinity Ltd., REIT		44,132		55,165
				252,389

Semiconductors & Semiconductor Equipment – 7.3%

Advanced Micro Devices, Inc.*		7,656		1,212,557

Advantest Corp.		2,400		76,195

AIXTRON SE		253		5,914

Applied Materials, Inc.		3,960		786,654

ASM International NV		308		196,017

ASML Holding NV		1,716		1,527,865

ASMPT Ltd.		2,000		25,162

BE Semiconductor Industries NV		336		45,088

Broadcom, Inc.		2,200		2,860,594

Infineon Technologies AG		6,072		212,434

Intel Corp.		26,004		792,342

KLA Corp.		396		272,959

Lam Research Corp.		836		747,727

Micron Technology, Inc.		8,800		994,048

NXP Semiconductors NV		1,584		405,805

QUALCOMM, Inc.		3,564		591,089

Renesas Electronics Corp.		13,200		220,482

Rohm Co. Ltd.		2,400		34,994

SOITEC*		46		4,555

STMicroelectronics NV		2,802		112,786

SUMCO Corp.(a)		2,300		34,844

Texas Instruments, Inc.		4,356		768,485

Tokyo Electron Ltd.		2,700		602,574
				12,531,170

Software – 8.7%

Adobe, Inc.*		2,112		977,497

Autodesk, Inc.*		1,364		290,327


Investments	Shares		Value

Software – (continued)

Crowdstrike Holdings, Inc., Class A*		1,452	$	424,768

Dassault Systemes SE		2,904		114,982

Gen Digital, Inc.(a)		2,948		59,373

HubSpot, Inc.*		308		186,300

Intuit, Inc.		1,320		825,818

Microsoft Corp.		21,472		8,359,694

Oracle Corp.		7,656		870,870

Palo Alto Networks, Inc.* (a)		1,496		435,171

Sage Group plc (The)		4,884		71,307

Salesforce, Inc.		3,036		816,502

SAP SE		5,764		1,045,888

Synopsys, Inc.*		748		396,881

Temenos AG (Registered)		230		14,420

Xero Ltd.*		880		69,760
				14,959,558

Specialized REITs – 0.6%

American Tower Corp., REIT		2,156		369,883

Big Yellow Group plc, REIT		874		11,819

Crown Castle, Inc., REIT		1,232		115,537

Iron Mountain, Inc., REIT		1,884		146,048

Keppel DC REIT, REIT		2,300		2,884

Safestore Holdings plc, REIT		230		2,227

VICI Properties, Inc., Class A, REIT		5,896		168,331

Weyerhaeuser Co., REIT		5,016		151,333
				968,062

Specialty Retail – 1.9%

Best Buy Co., Inc.(a)		968		71,284

H & M Hennes & Mauritz AB, Class B		5,104		82,192

Home Depot, Inc. (The)		3,124		1,044,103

Industria de Diseno Textil SA(a)		3,344		153,213

JB Hi-Fi Ltd.		874		34,648

Kingfisher plc		11,270		35,011

Lowe’s Cos., Inc.		2,728		621,957

Nitori Holdings Co. Ltd.		600		81,003

Ross Stores, Inc.		1,672		216,608

TJX Cos., Inc. (The)		6,952		654,114

Tractor Supply Co.(a)		528		144,186

Williams-Sonoma, Inc.(a)		572		164,038

Zalando SE* (b)		414		10,916
				3,313,273

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			229

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Technology Hardware, Storage & Peripherals – 5.9%

Apple, Inc.		51,964	$	8,851,028

Brother Industries Ltd.		900		16,025

FUJIFILM Holdings Corp.		6,600		141,634

Hewlett Packard Enterprise Co.		8,756		148,852

HP, Inc.		7,172		201,461

Konica Minolta, Inc.		4,600		15,347

Logitech International SA (Registered)		414		32,528

NetApp, Inc.		1,056		107,934

Ricoh Co. Ltd.		2,300		19,972

Seiko Epson Corp.		2,300		38,059

Super Micro Computer, Inc.* (a)		396		340,085

Western Digital Corp.* (a)		2,244		158,943
				10,071,868

Textiles, Apparel & Luxury Goods – 1.7%

adidas AG		368		89,085

Asics Corp.		1,300		55,845

Brunello Cucinelli SpA		336		34,526

Burberry Group plc		1,104		15,904

Christian Dior SE		23		17,965

Cie Financiere Richemont SA (Registered)		1,232		171,807

Deckers Outdoor Corp.*		132		108,038

Hermes International SCA		105		252,722

HUGO BOSS AG		391		21,130

Kering SA		440		155,255

Lululemon Athletica, Inc.*		748		269,729

LVMH Moet Hennessy Louis Vuitton SE		1,540		1,275,162

Moncler SpA		1,364		93,516

NIKE, Inc., Class B		3,652		336,933

Pandora A/S		440		67,463

Puma SE		230		10,708

Swatch Group AG (The)		69		14,569
				2,990,357

Trading Companies & Distributors – 1.2%

AddTech AB, Class B		1,127		23,904

Ashtead Group plc		2,860		209,211

Beijer Ref AB, Class B		1,656		23,906

Bunzl plc		736		28,329

Diploma plc		805		36,569


Investments	Shares		Value

Trading Companies & Distributors – (continued)

DKSH Holding AG		138	$	9,013

Ferguson plc		1,980		415,602

Grafton Group plc		1,150		13,631

IMCD NV*		184		27,987

ITOCHU Corp.(a)		8,800		399,052

Mitsui & Co. Ltd.		8,800		427,180

Rexel SA		1,219		31,842

RS GROUP plc		2,070		19,103

Sojitz Corp.		1,599		41,244

Sumitomo Corp.		6,900		182,185

Toyota Tsusho Corp.		1,300		83,271
				1,972,029

Transportation Infrastructure – 0.2%

Aena SME SA(b)		288		52,843

Aeroports de Paris SA		92		11,755

Auckland International Airport Ltd.		5,607		26,046

Flughafen Zurich AG (Registered)(a)		46		9,239

Getlink SE		2,047		35,020

Qube Holdings Ltd.		10,166		21,982

SATS Ltd.*		4,600		8,500

Svitzer A/S*		46		1,549

Transurban Group		23,496		191,325
				358,259

Water Utilities – 0.2%

American Water Works Co., Inc.		1,056		129,170

Pennon Group plc		3,128		26,066

Severn Trent plc		1,776		54,861

United Utilities Group plc		4,576		59,848
				269,945

Wireless Telecommunication Services – 0.1%

Millicom International Cellular SA, SDR*		414		8,562

Tele2 AB, Class B		1,978		18,580

Vodafone Group plc		155,276		131,551
				158,693
Total Common Stocks (Cost $126,799,414)				169,685,177

See Accompanying Notes to the Financial Statements.


230		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS – 0.3%(d)

REPURCHASE AGREEMENTS – 0.3%

CF Secured LLC, 5.31%, dated 4/30/2024, due 5/1/2024, repurchase price $490,225, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 6.75%, maturing 5/15/2024 – 2/15/2054; total market value $496,223 (Cost $490,153)	$	490,153	$	490,153
Total Investments – 99.0% (Cost $127,289,567)				170,175,330

Other assets less liabilities – 1.0%				1,701,238
Net Assets – 100.0%			$	171,876,568

*	Non-income producing security.

^(a)

The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 was $9,204,618, collateralized in the form of cash with a value of $490,153 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $8,545,116 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from May 7, 2024 – February 15, 2054 and $700,885 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 23, 2024 – June 22, 2071; a total value of $9,736,154.

^(b)

^(c)

Represents less than 0.05% of net assets.

^(d)

The security was purchased with cash collateral held from securities on loan at April 30, 2024. The total value of securities purchased was $490,153.

Percentages shown are based on Net Assets.

Abbreviations

ADR – American Depositary Receipt

CVA – Dutch Certification

OYJ – Public Limited Company

REIT – Real Estate Investment Trust

SCA – Limited partnership with share capital

SDR – Swedish Depositary Receipt



Aggregate gross unrealized appreciation	$	45,828,435
Aggregate gross unrealized depreciation		(3,228,852	)
Net unrealized appreciation	$	42,599,583
Federal income tax cost	$	127,538,714

Futures Contracts

FlexShares^® STOXX^® Global ESG Select Index Fund had the following open futures contracts as of April 30, 2024:


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
EURO STOXX 50 Index		6		06/21/2024		EUR	$	314,167	$	(2,830	)
MSCI EAFE E-Mini Index		7		06/21/2024		USD		793,625		(24,803	)
S&P 500 E-Mini Index		4		06/21/2024		USD		1,013,400		(20,869	)
									$	(48,502	)

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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			231

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

Forward Foreign Currency Contracts

FlexShares^® STOXX^® Global ESG Select Index Fund had the following outstanding contracts as of April 30, 2024:

Contracts to Receive

Counterparty

In Exchange For

Maturity
Date

Unrealized
Appreciation/
(Depreciation)

USD

218,649

Morgan Stanley

EUR

200,000

06/20/2024

4,355

USD

167,196

Morgan Stanley

JPY

25,000,000

06/20/2024

7,114

Net unrealized appreciation

11,469

Abbreviations:

EUR – Euro

JPY – Japanese Yen

USD – US Dollar

FlexShares^® STOXX^® Global ESG Select Index invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2024:


Australia	3.9	%
Austria	0.1
Belgium	0.3
Brazil	0.1
Canada	1.6
Chile	0.0	^†
China	0.1
Colombia	0.0	^†
Denmark	1.3
Faeroe Islands	0.0	^†
Finland	0.5
France	5.1
Germany	2.9
Hong Kong	0.3
Ireland	0.1
Italy	1.2
Japan	7.8
Jordan	0.0	^†
Luxembourg	0.0	^†
Morocco	0.0	^†
Netherlands	2.7
New Zealand	0.2
Norway	0.2
Poland	0.0	^†
Portugal	0.1
Singapore	0.4
South Africa	0.1
Spain	1.1
Sweden	1.2
Switzerland	2.4
United Kingdom	5.2
United States	59.8
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 Financial Statements.


232		FLEXSHARES SEMIANNUAL REPORT

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


Security Type	% of Net Assets
Common Stocks		98.7	%
Securities Lending Reinvestments		0.3
Others⁽¹⁾		1.0
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			233

Schedule of Investments

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

April 30, 2024 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 98.8%

Air Freight & Logistics – 0.1%

United Parcel Service, Inc., Class B		341	$	50,291

Automobiles – 1.9%

Tesla, Inc.*		4,557		835,207

Banks – 2.9%

Bank of America Corp.		12,059		446,303

Citigroup, Inc.		8,060		494,320

Fifth Third Bancorp		3,348		122,068

JPMorgan Chase & Co.		1,178		225,870
				1,288,561

Beverages – 0.9%

Coca-Cola Europacific Partners plc		992		71,444

PepsiCo, Inc.		1,891		332,646
				404,090

Biotechnology – 2.5%

AbbVie, Inc.		682		110,921

Amgen, Inc.		1,643		450,083

Biogen, Inc.*		713		153,167

Regeneron Pharmaceuticals, Inc.*		434		386,546
				1,100,717

Broadline Retail – 4.2%

Amazon.com, Inc.*		9,579		1,676,325

eBay, Inc.		2,542		131,015

Etsy, Inc.*		558		38,318
				1,845,658

Building Products – 1.4%

Johnson Controls International plc		3,131		203,734

Owens Corning		434		73,003

Trane Technologies plc		1,116		354,152
				630,889

Capital Markets – 3.5%

BlackRock, Inc.		62		46,788

Moody’s Corp.		806		298,486

Morgan Stanley		5,084		461,831

MSCI, Inc.		403		187,713


Investments	Shares		Value

Capital Markets – (continued)

Nasdaq, Inc.		1,705	$	102,044

S&P Global, Inc.		1,085		451,175
				1,548,037

Chemicals – 1.3%

Ecolab, Inc.		1,271		287,437

Sherwin-Williams Co. (The)(a)		992		297,213
				584,650

Commercial Services & Supplies – 0.7%

Cintas Corp.		434		285,720

Communications Equipment – 0.2%

Cisco Systems, Inc.		2,108		99,034

Consumer Finance – 0.1%

American Express Co.		279		65,294

Consumer Staples Distribution & Retail – 2.3%

Kroger Co. (The)		3,348		185,412

Sysco Corp.		2,511		186,617

Target Corp.		2,263		364,298

Walgreens Boots Alliance, Inc.		3,441		61,009

Walmart, Inc.		3,379		200,544
				997,880

Containers & Packaging – 0.2%

Avery Dennison Corp.		403		87,564

Diversified Telecommunication Services – 1.1%

Verizon Communications, Inc.		12,245		483,555

Electric Utilities – 1.3%

Eversource Energy		1,674		101,478

Exelon Corp.		4,805		180,572

NextEra Energy, Inc.		1,643		110,032

PG&E Corp.		11,501		196,782
				588,864

Energy Equipment & Services – 0.7%

Baker Hughes Co.		3,131		102,133

Schlumberger NV(a)		4,309		204,592
				306,725

See Accompanying Notes to the Financial Statements.


234		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Entertainment – 0.8%

Walt Disney Co. (The)		3,100	$	344,410

Financial Services – 4.7%

Berkshire Hathaway, Inc., Class B*		713		282,868

Mastercard, Inc., Class A		1,519		685,373

PayPal Holdings, Inc.*		5,239		355,833

Visa, Inc., Class A(a)		2,759		741,095
				2,065,169

Food Products – 0.1%

Mondelez International, Inc., Class A		527		37,912

Ground Transportation – 2.4%

CSX Corp.		9,827		326,453

Norfolk Southern Corp.		1,116		257,037

Union Pacific Corp.		1,922		455,822
				1,039,312

Health Care Equipment & Supplies – 2.1%

Abbott Laboratories		186		19,710

Boston Scientific Corp.*		6,448		463,418

Medtronic plc		5,146		412,915

Solventum Corp.*		69		4,486
				900,529

Health Care Providers & Services – 2.8%

Cencora, Inc.		775		185,264

Cigna Group (The)		1,240		442,730

CVS Health Corp.		1,581		107,049

Elevance Health, Inc.		868		458,807

UnitedHealth Group, Inc.		93		44,984
				1,238,834

Hotel & Resort REITs – 0.2%

Host Hotels & Resorts, Inc., REIT		3,534		66,687

Hotels, Restaurants & Leisure – 1.4%

Airbnb, Inc., Class A*		93		14,747

Booking Holdings, Inc.		62		214,026

Caesars Entertainment, Inc.*		992		35,533

Las Vegas Sands Corp.		1,674		74,259

McDonald’s Corp.		744		203,142

MGM Resorts International*		1,426		56,241
				597,948


Investments	Shares		Value

Household Products – 2.0%

Church & Dwight Co., Inc.		744	$	80,270

Clorox Co. (The)		620		91,680

Colgate-Palmolive Co.		3,875		356,190

Procter & Gamble Co. (The)		2,046		333,907
				862,047

Industrial Conglomerates – 0.1%

3M Co.		279		26,926

Industrial REITs – 0.8%

Prologis, Inc., REIT		3,348		341,663

Insurance – 2.0%

Aflac, Inc.		2,821		235,977

Chubb Ltd.		992		246,651

Hartford Financial Services Group, Inc. (The)		1,519		147,176

MetLife, Inc.		3,193		226,958
				856,762

Interactive Media & Services – 7.3%

Alphabet, Inc., Class A*		8,060		1,312,007

Alphabet, Inc., Class C*		7,347		1,209,610

Meta Platforms, Inc., Class A		1,519		653,428
				3,175,045

IT Services – 2.0%

Accenture plc, Class A		1,147		345,144

Akamai Technologies, Inc.*		744		75,092

International Business Machines Corp.		2,666		443,089
				863,325

Life Sciences Tools & Services – 0.5%

Illumina, Inc.*		775		95,364

Mettler-Toledo International, Inc.*		93		114,362
				209,726

Machinery – 2.4%

CNH Industrial NV*		4,712		53,717

Cummins, Inc.		682		192,658

Deere & Co.		1,116		436,813

Otis Worldwide Corp.		124		11,309

Stanley Black & Decker, Inc.		713		65,168

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			235

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Machinery – (continued)

Westinghouse Air Brake Technologies Corp.		899	$	144,811

Xylem, Inc.		1,178		153,965
				1,058,441

Media – 0.4%

Comcast Corp., Class A		3,565		135,862

Interpublic Group of Cos., Inc. (The)(a)		1,891		57,562
				193,424

Metals & Mining – 0.5%

Newmont Corp.		5,580		226,771

Multi-Utilities – 0.5%

Consolidated Edison, Inc.		1,674		158,025

Sempra		682		48,852
				206,877

Office REITs – 0.1%

Boston Properties, Inc., REIT		713		44,128

Oil, Gas & Consumable Fuels – 2.9%

Cheniere Energy, Inc.		992		156,557

EQT Corp.		1,736		69,596

Marathon Petroleum Corp.(a)		1,953		354,899

ONEOK, Inc.		1,550		122,636

Pioneer Natural Resources Co.		217		58,443

Valero Energy Corp.		1,674		267,622

Williams Cos., Inc. (The)		5,983		229,508
				1,259,261

Personal Care Products – 0.4%

Estee Lauder Cos., Inc. (The), Class A		1,116		163,728

Kenvue, Inc.		806		15,169
				178,897

Pharmaceuticals – 4.5%

Bristol-Myers Squibb Co.		651		28,605

Eli Lilly & Co.		217		169,499

Johnson & Johnson		4,619		667,861

Merck & Co., Inc.		5,053		652,949

Pfizer, Inc.		17,484		447,940
				1,966,854


Investments	Shares		Value

Professional Services – 1.4%

Automatic Data Processing, Inc.		1,705	$	412,422

Broadridge Financial Solutions, Inc.		31		5,996

Paychex, Inc.		1,612		191,522
				609,940

Semiconductors & Semiconductor Equipment – 9.2%

Applied Materials, Inc.		2,604		517,284

Broadcom, Inc.		155		201,542

Enphase Energy, Inc.*		651		70,803

First Solar, Inc.*		496		87,445

Intel Corp.		11,625		354,214

NVIDIA Corp.		2,883		2,490,970

QUALCOMM, Inc.		1,829		303,339

SolarEdge Technologies, Inc.*		248		14,545
				4,040,142

Software – 10.7%

Adobe, Inc.*		992		459,127

Autodesk, Inc.*		558		118,770

Microsoft Corp.		7,719		3,005,238

Salesforce, Inc.		2,108		566,926

ServiceNow, Inc.*		434		300,905

Workday, Inc., Class A*		1,023		250,359
				4,701,325

Specialized REITs – 0.9%

Equinix, Inc., REIT		465		330,666

Weyerhaeuser Co., REIT		1,984		59,857
				390,523

Specialty Retail – 2.1%

Home Depot, Inc. (The)		620		207,217

Lowe’s Cos., Inc.		682		155,489

TJX Cos., Inc. (The)		4,433		417,101

Tractor Supply Co.		527		143,913
				923,720

Technology Hardware, Storage & Peripherals – 7.2%

Apple, Inc.		16,213		2,761,560

Dell Technologies, Inc., Class C		1,271		158,418

Hewlett Packard Enterprise Co.		6,262		106,454

HP, Inc.		4,278		120,169
				3,146,601

See Accompanying Notes to the Financial Statements.


236		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Textiles, Apparel & Luxury Goods – 0.9%

NIKE, Inc., Class B		4,278	$	394,688

Wireless Telecommunication Services – 0.2%

T-Mobile US, Inc.		465		76,339
Total Common Stocks (Cost $37,514,780)				43,246,962
	Principal Amount

SHORT-TERM INVESTMENTS – 0.0%(b) (c) (d)

U.S. TREASURY OBLIGATIONS – 0.0%

U.S. Treasury Bills 5.27%, 10/3/2024 (Cost $24,446)	$	25,000		24,442
Total Investments – 98.8% (Cost $37,539,226)				43,271,404

Other assets less liabilities – 1.2%				507,346
Net Assets – 100.0%			$	43,778,750

*	Non-income producing security.

^(a)

The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 was $1,617,736, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.13%, and maturity dates ranging from May 9, 2024 – February 15, 2054; a total value of $1,713,360.

^(b)

Represents less than 0.05% of net assets.

^(c)

The rate shown was the current yield as of April 30, 2024.

^(d)

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

Percentages shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust



Aggregate gross unrealized appreciation	$	7,266,613
Aggregate gross unrealized depreciation		(1,548,455	)
Net unrealized appreciation	$	5,718,158
Federal income tax cost	$	37,540,106

Futures Contracts

FlexShares^® ESG & Climate US Large Cap Core Index Fund had the following open futures contracts as of April 30, 2024:

Number of
Contracts

Expiration

Date

Trading

Currency

Notional
Amount

Value and
Unrealized
Depreciation*

Long Contracts

S&P 500 Micro E-Mini Index

06/21/2024

USD

$506,700

$(13,140)

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

Abbreviations:

USD – US Dollar


Security Type	% of Net Assets
Common Stocks		98.8	%
Short-Term Investments		0.0	^†
Others⁽¹⁾		1.2
		100.0	%

^†	Amount represents less than 0.05%.

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			237

Schedule of Investments

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

April 30, 2024 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 97.9%

Air Freight & Logistics – 0.8%

Deutsche Post AG		9,480	$	397,959

Automobile Components – 0.7%

Bridgestone Corp.		8,000		354,793

Automobiles – 2.1%

Honda Motor Co. Ltd.		2,600		29,938

Mercedes-Benz Group AG		4,760		361,059

Nissan Motor Co. Ltd.		30,000		110,895

Porsche Automobil Holding SE (Preference)		2,020		103,523

Toyota Motor Corp.		14,000		323,655

Yamaha Motor Co. Ltd.		12,000		112,554
				1,041,624

Banks – 12.5%

ABN AMRO Bank NV, CVA(a) (b)		6,420		103,587

Banco Santander SA(a)		46,240		226,099

Bank of Montreal		800		71,606

Bank of Nova Scotia (The)		5,837		268,344

Barclays plc		35,400		89,849

BNP Paribas SA		3,960		286,276

Commonwealth Bank of Australia		9,140		679,802

Credit Agricole SA		4,060		63,164

Danske Bank A/S		9,080		262,949

DBS Group Holdings Ltd.		2,200		56,301

HSBC Holdings plc		59,780		520,681

ING Groep NV		36,180		574,943

Mitsubishi UFJ Financial Group, Inc.		48,000		481,784

Mizuho Financial Group, Inc.		4,000		77,578

National Australia Bank Ltd.		12,160		266,888

National Bank of Canada		2,060		165,748

NatWest Group plc		22,080		83,910

Royal Bank of Canada(a)		6,280		608,824

Societe Generale SA		5,120		138,999

Standard Chartered plc		9,240		79,809

Toronto-Dominion Bank (The)		10,960		651,529

Westpac Banking Corp.		18,980		319,948
				6,078,618


Investments	Shares		Value

Beverages – 1.9%

Asahi Group Holdings Ltd.		2,500	$	85,867

Coca-Cola HBC AG		1,960		63,564

Diageo plc		15,760		547,714

Kirin Holdings Co. Ltd.		10,000		146,189

Pernod Ricard SA		640		97,174
				940,508

Biotechnology – 0.9%

CSL Ltd.		2,180		391,777

Grifols SA* (a)		4,060		37,533
				429,310

Broadline Retail – 1.1%

Canadian Tire Corp. Ltd., Class A		700		67,761

Dollarama, Inc.		2,160		180,554

Next plc		1,660		187,237

Rakuten Group, Inc.*		20,000		97,036
				532,588

Building Products – 1.2%

Cie de Saint-Gobain SA		3,240		258,650

Geberit AG (Registered)		280		150,693

Kingspan Group plc		2,020		181,106
				590,449

Capital Markets – 2.5%

Amundi SA(b)		840		59,055

Daiwa Securities Group, Inc.		14,000		103,377

Deutsche Boerse AG		240		46,487

EQT AB		4,680		128,897

London Stock Exchange Group plc		200		22,153

Macquarie Group Ltd.		1,400		170,427

Nomura Holdings, Inc.		38,000		217,329

Schroders plc		10,720		47,357

UBS Group AG (Registered)		15,740		416,518
				1,211,600

Chemicals – 3.0%

Akzo Nobel NV		2,240		148,833

Covestro AG* (b)		2,580		129,602

Croda International plc		1,860		107,367

Givaudan SA (Registered)		85		365,709

See Accompanying Notes to the Financial Statements.


238		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Chemicals – (continued)

Nippon Paint Holdings Co. Ltd.		8,000	$	51,625

Nitto Denko Corp.		2,000		166,111

Sika AG (Registered)		1,040		298,568

Symrise AG, Class A		1,800		193,812

Wacker Chemie AG		80		8,605
				1,470,232

Commercial Services & Supplies – 0.6%

Brambles Ltd.		3,120		29,620

Dai Nippon Printing Co. Ltd.		2,700		79,028

Rentokil Initial plc		7,920		40,372

Secom Co. Ltd.		1,700		118,616
				267,636

Communications Equipment – 0.1%

Nokia OYJ		16,180		59,020

Construction & Engineering – 0.4%

Taisei Corp.		2,000		73,358

WSP Global, Inc.		880		133,802
				207,160

Consumer Staples Distribution & Retail – 2.0%

Aeon Co. Ltd.		2,600		54,556

Carrefour SA		7,500		126,626

Jeronimo Martins SGPS SA		3,880		80,277

Loblaw Cos. Ltd.		880		96,695

Tesco plc		92,940		344,819

Woolworths Group Ltd.		13,880		287,514
				990,487

Containers & Packaging – 0.5%

SIG Group AG		3,680		73,829

Smurfit Kappa Group plc		3,460		151,202
				225,031

Diversified Consumer Services – 0.2%

Pearson plc		8,820		107,524

Diversified REITs – 0.2%

GPT Group (The), REIT		18,300		50,147

Land Securities Group plc, REIT		2,960		24,110
				74,257


Investments	Shares		Value

Diversified Telecommunication Services – 2.0%

BCE, Inc.		5,440	$	178,704

Deutsche Telekom AG (Registered)		15,120		347,430

Nippon Telegraph & Telephone Corp.		100,000		108,538

Swisscom AG (Registered)		340		186,654

Telefonica SA		8,060		36,248

Telia Co. AB		5,760		13,256

TELUS Corp.		6,300		101,389
				972,219

Electric Utilities – 1.8%

Acciona SA		260		30,219

EDP – Energias de Portugal SA*		44,280		166,943

Iberdrola SA		27,100		333,522

Orsted A/S* (b)		2,400		132,707

Terna – Rete Elettrica Nazionale		18,320		147,385

Verbund AG		800		61,247
				872,023

Electrical Equipment – 2.6%

Legrand SA		260		26,928

Mitsubishi Electric Corp.		6,900		121,588

Schneider Electric SE		3,180		731,386

Vestas Wind Systems A/S*		13,400		361,926
				1,241,828

Electronic Equipment, Instruments & Components – 0.5%

Murata Manufacturing Co. Ltd.		10,000		184,507

Omron Corp.		2,200		76,332
				260,839

Energy Equipment & Services – 0.1%

Tenaris SA		3,940		66,036

Financial Services – 0.3%

Edenred SE		1,860		88,422

M&G plc		29,140		73,377
				161,799

Food Products – 1.8%

Ajinomoto Co., Inc.		1,300		48,534

Mowi ASA		460		8,139

Nestle SA (Registered)		7,920		796,188
				852,861

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			239

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Gas Utilities – 0.3%

AltaGas Ltd.		1,780	$	39,102

Hong Kong & China Gas Co. Ltd.		140,000		106,863
				145,965

Ground Transportation – 1.8%

Canadian National Railway Co.		3,560		432,973

Canadian Pacific Kansas City Ltd.		2,020		158,795

East Japan Railway Co.		12,000		220,608

MTR Corp. Ltd.		22,000		72,713
				885,089

Health Care Equipment & Supplies – 1.9%

Koninklijke Philips NV* (a)		10,000		269,986

Olympus Corp.		10,000		139,834

Siemens Healthineers AG(b)		3,700		206,119

Sonova Holding AG (Registered)		680		189,361

Sysmex Corp.		6,000		96,597
				901,897

Hotels, Restaurants & Leisure – 1.4%

Amadeus IT Group SA		6,020		384,668

Genting Singapore Ltd.		82,000		55,018

Oriental Land Co. Ltd.		2,000		55,438

Sands China Ltd.*		32,000		76,428

Whitbread plc		2,520		99,932
				671,484

Household Durables – 1.1%

Sekisui House Ltd.		5,300		122,123

Sony Group Corp.		4,900		407,438
				529,561

Household Products – 0.4%

Henkel AG & Co. KGaA (Preference)		2,220		176,748

Independent Power and Renewable Electricity Producers – 0.1%

Corp. ACCIONA Energias Renovables SA		600		12,228

EDP Renovaveis SA		3,780		52,017
				64,245


Investments	Shares		Value

Industrial Conglomerates – 2.3%

Hitachi Ltd.		6,800	$	631,754

Siemens AG (Registered)		2,620		492,773
				1,124,527

Industrial REITs – 0.3%

Segro plc, REIT		15,500		164,583

Insurance – 6.3%

AIA Group Ltd.		32,000		236,485

Allianz SE (Registered)		2,360		672,746

ASR Nederland NV		920		46,205

Aviva plc		36,600		213,424

AXA SA		13,500		468,267

Japan Post Insurance Co. Ltd.		1,000		18,756

Legal & General Group plc		76,360		225,650

MS&AD Insurance Group Holdings, Inc.		15,900		287,608

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		320		141,038

NN Group NV		1,820		84,361

QBE Insurance Group Ltd.		15,020		172,925

Sompo Holdings, Inc.		1,800		35,688

Swiss Re AG		1,000		108,837

Tokio Marine Holdings, Inc.		500		15,858

Zurich Insurance Group AG		660		319,655
				3,047,503

Interactive Media & Services – 0.2%

LY Corp.		36,000		87,641

IT Services – 2.0%

Capgemini SE		1,720		363,960

CGI, Inc.*		1,740		176,666

Fujitsu Ltd.		24,000		371,442

Nomura Research Institute Ltd.		2,800		68,236
				980,304

Leisure Products – 0.3%

Shimano, Inc.		1,000		164,045

Machinery – 2.1%

Atlas Copco AB, Class A		8,640		153,854

Epiroc AB, Class A		4,820		90,815

GEA Group AG*		2,280		92,396

See Accompanying Notes to the Financial Statements.


240		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Machinery – (continued)

KION Group AG		980	$	45,456

Komatsu Ltd.		6,000		181,298

Kone OYJ, Class B		2,180		106,758

MINEBEA MITSUMI, Inc.		4,000		75,786

SKF AB, Class B		4,600		96,393

Volvo AB, Class B		1,520		39,247

Weir Group plc (The)		780		20,022

Yaskawa Electric Corp.		2,400		100,353
				1,002,378

Media – 0.9%

Dentsu Group, Inc.		2,600		70,533

Publicis Groupe SA		2,400		266,500

WPP plc		12,120		122,653
				459,686

Metals & Mining – 2.9%

Anglo American plc		5,080		167,547

Barrick Gold Corp.		1,520		25,314

BlueScope Steel Ltd.		5,980		88,884

Fortescue Ltd.		14,540		245,952

Kinross Gold Corp.		16,140		104,322

Mineral Resources Ltd.		2,300		107,816

Norsk Hydro ASA		15,420		95,939

Northern Star Resources Ltd.		14,960		145,131

Rio Tinto Ltd.		200		16,947

Sumitomo Metal Mining Co. Ltd.		3,300		111,437

Wheaton Precious Metals Corp.		6,040		315,310
				1,424,599

Multi-Utilities – 0.1%

National Grid plc		4,680		61,413

Office REITs – 0.2%

Gecina SA, REIT		680		69,801

Oil, Gas & Consumable Fuels – 5.4%

Ampol Ltd.		3,440		82,225

Enbridge, Inc.		15,920		567,226

ENEOS Holdings, Inc.		38,000		176,495

Neste OYJ		5,380		122,760

Pembina Pipeline Corp.		5,460		192,512

Repsol SA		13,300		209,405


Investments	Shares		Value

Oil, Gas & Consumable Fuels – (continued)

Shell plc		23,720	$	850,340

TotalEnergies SE		5,780		423,904

Woodside Energy Group Ltd.		1		17
				2,624,884

Paper & Forest Products – 0.3%

Mondi plc		5,400		102,709

West Fraser Timber Co. Ltd.(a)		820		62,933
				165,642

Personal Care Products – 2.4%

Haleon plc		62,540		265,860

Kao Corp.		6,000		248,785

L’Oreal SA		1,400		658,134
				1,172,779

Pharmaceuticals – 9.4%

AstraZeneca plc		4,940		746,110

Daiichi Sankyo Co. Ltd.		7,500		255,648

GSK plc		13,340		279,453

Novartis AG (Registered)		5,800		563,147

Novo Nordisk A/S, Class B		11,400		1,475,143

Ono Pharmaceutical Co. Ltd.		2,900		41,943

Roche Holding AG		940		226,096

Sanofi SA		5,360		533,458

Takeda Pharmaceutical Co. Ltd.		14,000		369,472

UCB SA		500		66,587
				4,557,057

Professional Services – 2.4%

Computershare Ltd.		3,020		53,399

Recruit Holdings Co. Ltd.		4,000		175,439

RELX plc		13,720		567,439

Wolters Kluwer NV		2,400		361,193
				1,157,470

Real Estate Management & Development – 0.5%

Daiwa House Industry Co. Ltd.		8,000		225,717

Retail REITs – 0.3%

CapitaLand Integrated Commercial Trust, REIT		62,000		89,107

Vicinity Ltd., REIT		54,420		68,025
				157,132

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			241

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Semiconductors & Semiconductor Equipment – 3.0%

Advantest Corp.		5,600	$	177,788

ASML Holding NV		1,200		1,068,437

Renesas Electronics Corp.		2,000		33,407

Tokyo Electron Ltd.		900		200,858
				1,480,490

Software – 2.3%

Open Text Corp.		3,540		125,254

SAP SE		4,840		878,226

Xero Ltd.*		1,580		125,251
				1,128,731

Specialty Retail – 1.5%

Fast Retailing Co. Ltd.		200		52,807

H & M Hennes & Mauritz AB, Class B		8,760		141,066

Industria de Diseno Textil SA(a)		11,420		523,234

JD Sports Fashion plc		11,300		16,357
				733,464

Technology Hardware, Storage & Peripherals – 0.8%

Canon, Inc.		11,200		304,617

Seiko Epson Corp.		4,000		66,190
				370,807

Textiles, Apparel & Luxury Goods – 1.9%

Burberry Group plc		4,280		61,658

Hermes International SCA		28		67,393

Kering SA		1,000		352,852

LVMH Moet Hennessy Louis Vuitton SE		520		430,574
				912,477

Trading Companies & Distributors – 1.3%

Bunzl plc		4,420		170,131

ITOCHU Corp.		9,400		426,260

Rexel SA		2,160		56,423
				652,814

Transportation Infrastructure – 0.9%

Getlink SE		4,680		80,065

Transurban Group		42,440		345,583
				425,648


Investments	Shares		Value

Water Utilities – 0.2%

Severn Trent plc		3,680	$	113,677

Wireless Telecommunication Services – 0.9%

SoftBank Corp.		28,000		340,025

Vodafone Group plc		136,760		115,863
				455,888
Total Common Stocks (Cost $42,953,363)				47,702,547
	Principal Amount

SECURITIES LENDING REINVESTMENTS – 1.7%(c)

REPURCHASE AGREEMENTS – 1.7%

CF Secured LLC, 5.31%, dated 4/30/2024, due 5/1/2024, repurchase price $850,969, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 6.75%, maturing 5/15/2024 – 2/15/2054; total market value $861,382 (Cost $850,843)	$	850,843		850,843
Total Investments – 99.6% (Cost $43,804,206)				48,553,390

Other assets less liabilities – 0.4%				194,465
NET ASSETS – 100.0%			$	48,747,855

^*	Non-income producing security.

^(a)

The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 was $1,752,858, collateralized in the form of cash with a value of $850,843 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $521,047 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 7, 2024 – August 15, 2053 and $553,480 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 23, 2024 – June 22, 2071; a total value of $1,925,370.

^(b)

See Accompanying Notes to the Financial Statements.


242		FLEXSHARES SEMIANNUAL REPORT

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

^(c)

The security was purchased with cash collateral held from securities on loan at April 30, 2024. The total value of securities purchased was $850,843.

Percentages shown are based on Net Assets.

Abbreviations

CVA – Dutch Certification

OYJ – Public Limited Company

REIT – Real Estate Investment Trust

SCA – Limited partnership with share capital



Aggregate gross unrealized appreciation	$	6,803,353
Aggregate gross unrealized depreciation		(2,117,619	)
Net unrealized appreciation	$	4,685,734
Federal income tax cost	$	43,852,251

Futures Contracts

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund had the following open futures contracts as of April 30, 2024:


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
MSCI EAFE E-Mini Index		9		06/21/2024		USD	$	1,020,375	$	(28,877	)

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

Forward Foreign Currency Contracts

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund had the following outstanding contracts as of April 30, 2024:


Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	45,471	Citibank NA	AUD	69,070		06/20/2024	$	553
USD	69,596	Morgan Stanley	CHF	60,857		06/20/2024		2,866
USD	69,537	Morgan Stanley	EUR	63,606		06/20/2024		1,385
USD	29,340	Citibank NA	GBP	23,011		06/20/2024		520
USD	20,127	Bank of New York Mellon (The)	HKD	157,028		06/20/2024		19
USD	2,365	Morgan Stanley	ILS	8,590		06/20/2024		59
USD	64,695	Citibank NA	JPY	9,496,090		06/20/2024		3,890
USD	45,551	Goldman Sachs & Co.	JPY	6,831,000		06/20/2024		1,810
USD	39,562	Morgan Stanley	NOK	419,000		06/20/2024		1,678
USD	22,012	Morgan Stanley	NZD	36,099		06/20/2024		651
USD	37,819	Citibank NA	SEK	390,201		06/20/2024		2,187
Total unrealized appreciation							$	15,618
CAD	74,291	Bank of New York Mellon (The)	USD	55,056		06/20/2024	$	(936	)
DKK	134,239	Morgan Stanley	USD	19,696		06/20/2024		(401	)
NOK	161,527	Citibank NA	USD	15,299		06/20/2024		(694	)
SGD	6,689	BNP Paribas SA	USD	5,032		06/20/2024		(115	)
Total unrealized depreciation							$	(2,146	)
Net unrealized appreciation							$	13,472

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			243

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

Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

DKK – Danish Krone

EUR – Euro

GBP – British Pound

HKD – Hong Kong Dollar

ILS – Israeli Shekel

JPY – Japanese Yen

NOK – Norwegian Krone

NZD – New Zealand Dollar

SEK – Swedish Krona

SGD – Singapore Dollar

USD – US Dollar

FlexShares^® ESG & Climate Developed Markets ex-US Core Index invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2024:


Australia	7.2	%
Austria	0.1
Belgium	0.1
Canada	9.7
Denmark	4.6
Finland	0.6
France	11.6
Germany	8.8
Hong Kong	1.0
Ireland	0.4
Italy	0.4
Japan	19.7
Netherlands	5.4
New Zealand	0.3
Norway	0.2
Portugal	0.6
Singapore	0.4
Spain	3.7
Sweden	1.4
Switzerland	7.6
United Kingdom	14.1
Other¹	2.1
	100.0	%

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


Security Type	% of Net Assets
Common Stocks		97.9	%
Securities Lending Reinvestments		1.7
Others⁽¹⁾		0.4
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


244		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund

April 30, 2024 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 99.6%

Building Products – 0.5%

Simpson Manufacturing Co., Inc.(a)		97,836	$	17,012,702

UFP Industries, Inc.		145,176		16,361,335
				33,374,037

Chemicals – 16.7%

CF Industries Holdings, Inc.(a)		1,227,684		96,950,205

Corteva, Inc.		4,860,240		263,084,791

FMC Corp.(a)		795,312		46,931,361

Hektas Ticaret TAS*		30,367,032		14,275,361

ICL Group Ltd.		7,972,056		37,634,162

K+S AG (Registered)		1,858,884		27,876,254

Mosaic Co. (The)		2,256,540		70,832,791

Nutrien Ltd.		5,298,924		279,978,814

PhosAgro PJSC‡		308,581		—

PI Industries Ltd.		915,240		40,083,039

Qinghai Salt Lake Industry Co. Ltd., Class A*		4,418,400		10,122,386

SABIC Agri-Nutrients Co.		2,603,700		80,389,394

Scotts Miracle-Gro Co. (The)(a)		284,040		19,468,102

Taiwan Fertilizer Co. Ltd.		8,274,230		16,618,593

UPL Ltd.		6,021,648		36,601,343

Yara International ASA		1,811,544		51,937,640

Zangge Mining Co. Ltd., Class A		1,262,400		5,027,635
				1,097,811,871

Food Products – 11.5%

Archer-Daniels-Midland Co.		3,632,556		213,085,735

Bakkafrost P/F		552,300		33,863,700

Bunge Global SA		1,038,324		105,659,850

Charoen Pokphand Foods PCL, NVDR		35,662,800		19,053,520

Charoen Pokphand Indonesia Tbk. PT		80,162,400		24,403,683

Kuala Lumpur Kepong Bhd.		6,312,000		30,604,438

Mowi ASA		4,920,204		87,059,862

Muyuan Foods Co. Ltd., Class A		4,418,408		26,614,784

New Hope Liuhe Co. Ltd., Class A*		3,787,200		4,665,031


Investments	Shares		Value

Food Products – (continued)

PPB Group Bhd.		7,890,000	$	26,021,708

QL Resources Bhd.		12,624,000		16,981,892

Salmar ASA		757,440		47,980,582

Tyson Foods, Inc., Class A		1,909,380		115,803,897
				751,798,682

Metals & Mining – 30.5%

Agnico Eagle Mines Ltd.(a)		1,262,400		80,107,749

Anglo American plc(a)		3,402,168		112,209,050

Barrick Gold Corp.(a)		4,629,852		77,105,225

BHP Group Ltd.(a)		10,585,224		295,767,359

Boliden AB(a)		766,908		25,719,880

First Quantum Minerals Ltd.(a)		1,524,348		19,394,842

Fortescue Ltd.		4,532,016		76,661,623

Franco-Nevada Corp.(a)		523,896		63,194,705

Freeport-McMoRan, Inc.		3,168,624		158,241,083

Glencore plc		25,210,128		147,638,213

GMK Norilskiy Nickel PAO‡		5,847,273		—

Gold Fields Ltd.		2,199,732		36,285,275

Grupo Mexico SAB de CV, Series B		8,836,800		54,897,748

Hindalco Industries Ltd.		4,222,728		32,613,234

Kinross Gold Corp.		3,181,248		20,562,275

Mineral Resources Ltd.(a)		508,116		23,818,739

Newmont Corp.(a)		2,313,348		94,014,463

Norsk Hydro ASA		3,758,796		23,386,088

Northern Star Resources Ltd.		3,007,668		29,178,256

Pilbara Minerals Ltd.(a)		8,322,372		21,940,777

Rio Tinto plc		3,029,760		207,592,030

Royal Gold, Inc.(a)		135,708		16,302,602

Saudi Arabian Mining Co.*		3,455,820		46,623,071

South32 Ltd.		13,043,748		30,407,148

Southern Copper Corp.(a)		189,360		22,092,631

Sumitomo Metal Mining Co. Ltd.		736,200		24,860,463

Teck Resources Ltd., Class B		1,278,180		62,976,310

Vale SA		10,414,800		127,173,447

Wheaton Precious Metals Corp.(a)		1,215,060		63,430,581

Zijin Mining Group Co. Ltd., Class A		4,103,600		9,979,203
				2,004,174,070

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			245

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Oil, Gas & Consumable Fuels – 31.5%

APA Corp.(a)		230,388	$	7,243,399

BP plc		19,267,380		125,549,882

Cameco Corp.(a)		1,202,436		54,973,254

Canadian Natural Resources Ltd.(a)		1,221,372		92,741,949

Cenovus Energy, Inc.(a)		1,432,824		29,493,950

Chevron Corp.(a)		1,429,668		230,562,558

China Petroleum & Chemical Corp., Class H		27,472,000		16,579,021

ConocoPhillips		889,992		111,800,795

Coterra Energy, Inc.		555,456		15,197,276

Devon Energy Corp.		470,244		24,067,088

Diamondback Energy, Inc.		129,396		26,025,417

Eni SpA		2,404,872		38,920,853

EOG Resources, Inc.		429,216		56,712,310

EQT Corp.(a)		287,196		11,513,688

Equinor ASA		1,066,728		28,796,642

Exxon Mobil Corp.		2,887,740		341,533,010

Gazprom PJSC* ‡		15,937,700		—

Hess Corp.		214,608		33,798,614

Inpex Corp.		946,800		14,394,681

LUKOIL PJSC‡		483,340		—

Marathon Oil Corp.		438,684		11,778,665

Novatek PJSC‡		1,237,715		—

Occidental Petroleum Corp.(a)		498,648		32,980,579

PetroChina Co. Ltd., Class H		25,248,000		23,823,741

Petroleo Brasileiro SA (Preference)		5,365,200		43,496,306

Pioneer Natural Resources Co.		170,424		45,898,592

Repsol SA		1,388,640		21,863,729

Rosneft Oil Co. PJSC‡		2,926,433		—

Santos Ltd.		3,594,684		17,973,402

Saudi Arabian Oil Co.(b)		5,172,684		41,512,768

Shell plc		7,520,748		269,611,706

Suncor Energy, Inc.(a)		1,445,448		55,267,594

Tatneft PJSC‡		2,021,036		—

TotalEnergies SE		2,524,800		185,168,474

Tourmaline Oil Corp.(a)		369,252		18,082,960

Woodside Energy Group Ltd.		2,224,981		40,786,455
				2,068,149,358


Investments	Shares		Value

Paper & Forest Products – 3.1%

Canfor Corp.* (a)		173,580	$	1,833,276

Dexco SA		1,262,400		1,760,945

Dongwha Enterprise Co. Ltd.*		19,074		776,981

Mondi plc(a)		1,486,476		28,273,009

Stella-Jones, Inc.(a)		167,268		9,737,668

Stora Enso OYJ, Class R(a)		2,032,464		27,273,812

Suzano SA		2,382,500		26,872,132

Svenska Cellulosa AB SCA, Class B(a)		2,035,620		30,054,230

UPM-Kymmene OYJ		1,846,260		64,987,817

West Fraser Timber Co. Ltd.(a)		179,892		13,806,320
				205,376,190

Semiconductors & Semiconductor Equipment – 0.2%

Tongwei Co. Ltd., Class A		3,787,206		11,348,805

Specialized REITs – 1.0%

PotlatchDeltic Corp., REIT(a)		176,736		7,071,207

Rayonier, Inc., REIT(a)		299,820		8,892,661

Weyerhaeuser Co., REIT		1,587,468		47,893,910
				63,857,778

Water Utilities – 4.6%

AlKhorayef Water & Power Technologies Co.*		53,652		3,333,044

American States Water Co.		135,708		9,613,555

American Water Works Co., Inc.		703,788		86,087,348

Beijing Enterprises Water Group Ltd.(a)		25,248,000		6,391,735

California Water Service Group(a)		205,140		10,076,477

Chengdu Xingrong Environment Co. Ltd., Class A		1,262,400		1,242,962

Cia de Saneamento Basico do Estado de Sao Paulo SABESP		1,893,600		29,526,876

Cia de Saneamento de Minas Gerais Copasa MG		946,800		3,576,690

Cia De Sanena Do Parana*		1,262,400		6,266,820

Essential Utilities, Inc.(a)		915,240		33,479,479

See Accompanying Notes to the Financial Statements.


246		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Water Utilities – (continued)

Grandblue Environment Co. Ltd., Class A		315,600	$	802,347

Guangdong Investment Ltd.		15,735,941		8,249,036

Pennon Group plc		1,527,504		12,728,780

Severn Trent plc		1,442,292		44,553,180

United Utilities Group plc		3,758,796		49,160,191
				305,088,520
Total Common Stocks (Cost $5,940,965,593)				6,540,979,311
	Principal Amount

SECURITIES LENDING REINVESTMENTS – 3.5%(c)

CERTIFICATES OF DEPOSIT – 0.7%

BNP Paribas, New York
(SOFR + 0.35%), 5.46%, 6/17/2024(d)	$	2,000,000		2,000,543

Credit Agricole CIB, New York
(SOFR + 0.17%), 5.49%, 9/11/2024(d)		3,000,000		2,999,370

DZ Bank AG, New York
(SOFR + 0.35%), 5.67%, 5/3/2024(d)		5,000,000		5,000,000

MUFG Bank Ltd., London Branch 5.50%, 5/21/2024		4,000,000		4,000,000
5.51%, 9/23/2024		2,000,000		2,000,000

National Westminster Bank PLC 5.88%, 5/2/2024		4,000,000		4,000,000

Royal Bank of Canada, New York
(SOFR + 0.53%), 5.85%, 5/23/2024(d)		4,000,000		4,000,000

Sumitomo Mitsui Trust Bank Ltd., New York
(SOFR + 0.23%), 5.55%, 7/16/2024(d)		3,000,000		3,000,954

Svenska Handelsbanken, New York
(SOFR + 0.20%), 5.52%, 10/30/2024(d)		3,000,000		3,000,000


Investments	Principal Amount		Value

CERTIFICATES OF DEPOSIT – (continued)

The Sumitomo Bank Ltd., New York
(SOFR + 0.23%), 5.55%, 7/11/2024(d)	$	5,000,000	$	5,001,635
(SOFR + 0.17%), 5.49%, 8/7/2024(d)		5,000,000		5,001,635

Toronto-Dominion Bank, New York
(US Federal Funds Effective Rate (continuous series) + 0.61%), 5.94%, 7/26/2024(d)		4,000,000		4,003,984
Total Certificates of Deposit (Cost $44,000,543)				44,008,121



COMMERCIAL PAPER – 0.0%(e)

Bank of Montreal, Montreal
(SOFR + 0.35%), 5.67%, 5/9/2024(d) (Cost $3,000,000)		3,000,000		3,000,000



INVESTMENT COMPANIES – 0.0%(e)

RBC BlueBay U.S. Government Money Market Fund 5.30%, 5/1/2024 (Cost $1,000,000)		1,000,000		1,000,000



REPURCHASE AGREEMENTS – 2.8%

BofA Securities, Inc., 5.77%, dated 4/30/2024, due 7/31/2024, repurchase price $8,117,964, collateralized by various Common Stocks, U.S. Treasury Securities, ranging from 1.63% – 2.25%, maturing 11/15/2027 – 11/15/2050; total market value $8,538,155		8,000,000		8,000,000

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			247

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


Investments	Principal Amount		Value

REPURCHASE AGREEMENTS – (continued)

CF Secured LLC, 5.31%, dated 4/30/2024, due 5/1/2024, repurchase price $1,841,903, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 6.75%, maturing 5/15/2024 – 2/15/2054; total market value $1,864,439	$	1,841,631	$	1,841,631

Citigroup Global Markets, Inc., 5.30%, dated 4/30/2024, due 5/1/2024, repurchase price $5,000,736, collateralized by various U.S. Treasury Securities, 4.88%, 4/30/2026; total market value $5,094,226		5,000,000		5,000,000

MetLife, Inc., 5.31%, dated 4/30/2024, due 5/1/2024, repurchase price $75,011,063, collateralized by various U.S. Treasury Securities, 0.00%, maturing 8/15/2041 – 11/15/2050; total market value $75,402,445		75,000,000		75,000,000
NBC Global Finance Ltd., 5.47%, dated 4/30/2024, due 5/1/2024, repurchase price $17,002,583, collateralized by various Common Stocks; total market value $18,630,271		17,000,000		17,000,000


Investments	Principal Amount		Value

REPURCHASE AGREEMENTS – (continued)
Societe Generale, 5.44%, dated 4/30/2024, due 5/1/2024, repurchase price $17,002,569, collateralized by various Common Stocks; total market value $18,678,408	$	17,000,000	$	17,000,000

TD Prime Services LLC, 5.42%, dated 4/30/2024, due 5/1/2024, repurchase price $60,009,033, collateralized by various Common Stocks; total market value $65,041,516		60,000,000		60,000,000
Total Repurchase Agreements (Cost $183,841,631)				183,841,631
Total Securities Lending Reinvestments (Cost $231,842,174)				231,849,752
Total Investments – 103.1% (Cost $6,172,807,767)				6,772,829,063

Liabilities in excess of other assets – (3.1%)				(205,296,006	)
NET ASSETS – 100.0%			$	6,567,533,057

^*	Non-income producing security.

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

^(a)

The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 was $454,667,711, collateralized in the form of cash with a value of $231,842,335 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $193,483,967 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 7, 2024 – November 15, 2053 and $59,634,952 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 23, 2024 – June 30, 2120; a total value of $484,961,254.

^(b)

See Accompanying Notes to the Financial Statements.


248		FLEXSHARES SEMIANNUAL REPORT

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

^(c)

The security was purchased with cash collateral held from securities on loan at April 30, 2024. The total value of securities purchased was $231,849,752.

^(d)

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2024.

^(e)

Represents less than 0.05% of net assets.

Percentages shown are based on Net Assets.

Abbreviations

NVDR – Non-Voting Depositary Receipt

OYJ – Public Limited Company

PJSC – Public Joint Stock Company

REIT – Real Estate Investment Trust

SCA – Limited partnership with share capital

SOFR – Secured Overnight Financing Rate



Aggregate gross unrealized appreciation	$	1,138,126,804
Aggregate gross unrealized depreciation		(577,672,650	)
Net unrealized appreciation	$	560,454,154
Federal income tax cost	$	6,212,243,472

Futures Contracts

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund had the following open futures contracts as of April 30, 2024:


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)*
Long Contracts
FTSE 100 Index		54		06/21/2024		GBP	$	5,516,460	$	322,990
FTSE/JSE Top 40 Index		16		06/20/2024		ZAR		603,001		26,236
Hang Seng Index		13		05/30/2024		HKD		1,472,581		64,954
MSCI Emerging Markets E-Mini Index		11		06/21/2024		USD		573,100		(2,311	)
Russell 2000 E-Mini Index		60		06/21/2024		USD		5,956,800		(312,263	)
S&P/TSX 60 Index		57		06/20/2024		CAD		10,832,842		(123,825	)
SPI 200 Index		8		06/20/2024		AUD		998,051		(5,039	)
									$	(29,258	)

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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			249

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

Forward Foreign Currency Contracts

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund had the following outstanding contracts as of April 30, 2024:


Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
GBP	3,100,000	JPMorgan Chase Bank NA	USD	3,859,348		06/20/2024	$	23,342
INR*	38,000,000	Goldman Sachs & Co.	USD	453,726		06/20/2024		933
USD	2,249,242	Citibank NA	AUD	3,420,000		06/20/2024		25,143
USD	1,777,973	Goldman Sachs & Co.	BRL*	8,897,760		06/20/2024		69,351
USD	1,441,551	JPMorgan Chase Bank NA	CAD	1,950,000		06/20/2024		21,000
USD	5,897,652	JPMorgan Chase Bank NA	GBP	4,630,000		06/20/2024		98,666
USD	1,515,553	Bank of New York Mellon (The)	HKD	11,824,345		06/20/2024		1,440
USD	267,109	Toronto-Dominion Bank (The)	KRW*	350,052,156		06/20/2024		13,174
USD	2,667,632	JPMorgan Chase Bank NA	NOK	29,380,000		06/20/2024		11,215
USD	157,094	Citibank NA	SEK	1,620,827		06/20/2024		9,086
USD	37,594	Morgan Stanley	ZAR	710,000		06/20/2024		51
Total unrealized appreciation							$	273,401
AUD	4,924,480	Citibank NA	USD	3,241,928		06/20/2024	$	(39,435	)
CAD	8,778,539	Bank of New York Mellon (The)	USD	6,505,682		06/20/2024		(110,625	)
EUR	913,602	Morgan Stanley	USD	998,791		06/20/2024		(19,891	)
GBP	690,000	Barclays Bank plc	USD	865,155		06/20/2024		(943	)
GBP	3,056,860	Citibank NA	USD	3,897,691		06/20/2024		(69,032	)
INR^*	22,105,711	JPMorgan Chase Bank NA	USD	266,017		06/20/2024		(1,528	)
JPY	9,759,416	Citibank NA	USD	66,489		06/20/2024		(3,997	)
NOK	27,151,048	Citibank NA	USD	2,571,606		06/20/2024		(116,721	)
USD	1,224,572	JPMorgan Chase Bank NA	AUD	1,900,000		06/20/2024		(11,038	)
USD	1,964,629	JPMorgan Chase Bank NA	CAD	2,700,000		06/20/2024		(2,287	)
USD	482,080	Citibank NA	EUR	450,000		06/20/2024		(83	)
Total unrealized depreciation							$	(375,580	)
Net unrealized depreciation							$	(102,179	)

*	Non-deliverable forward.

Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

EUR – Euro

GBP – British Pound

HKD – Hong Kong Dollar

INR – Indian Rupee

JPY – Japanese Yen

KRW – Korean Won

NOK – Norwegian Krone

SEK – Swedish Krona

USD – US Dollar

ZAR – South African Rand

See Accompanying Notes to the Financial Statements.


250		FLEXSHARES SEMIANNUAL REPORT

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

FlexShares^® Morningstar Global Upstream Natural Resources Index invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2024:


Australia	13.6	%
Austria	0.4
Brazil	3.6
Canada	14.1
China	1.9
Faeroe Islands	0.5
Finland	1.4
France	2.8
Germany	0.4
Hong Kong	0.3
India	1.7
Indonesia	0.4
Israel	0.6
Italy	0.6
Japan	0.6
Malaysia	1.1
Mexico	0.8
Norway	3.7
Saudi Arabia	2.6
South Africa	2.3
South Korea	0.0	^†
Spain	0.3
Sweden	0.9
Taiwan	0.3
Thailand	0.3
Turkey	0.2
United Kingdom	7.6
United States	36.3
Zambia	0.3
Other¹	0.4
	100.0	%

^†	Amount represents less than 0.05%.

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


Security Type	% of Net Assets
Common Stocks		99.6	%
Securities Lending Reinvestments		3.5
Others⁽¹⁾		(3.1	)
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			251

Schedule of Investments

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund

April 30, 2024 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 99.4%

Air Freight & Logistics – 2.3%

Deutsche Post AG		1,108,386	$	46,528,665

International Distributions Services plc*		790,632		2,678,912

Oesterreichische Post AG		35,862		1,146,529

PostNL NV(a)		271,884		367,751
				50,721,857

Chemicals – 0.0%(b)

PureCycle Technologies, Inc.* (a)		58,380		272,635

Commercial Services & Supplies – 6.2%

Ambipar Participacoes e Empreendimentos SA		83,400		160,908

Befesa SA(a) (c)		40,866		1,179,791

Casella Waste Systems, Inc., Class A* (a)		22,518		2,035,627

China Everbright Environment Group Ltd.		4,170,000		1,700,800

Clean Harbors, Inc.*		19,182		3,634,030

Cleanaway Co. Ltd.		112,000		665,561

Cleanaway Waste Management Ltd.		2,687,148		4,711,229

CoreCivic, Inc.*		47,538		708,316

Daiei Kankyo Co. Ltd.		38,300		644,722

Daiseki Co. Ltd.		63,460		1,211,815

GEO Group, Inc. (The)* (a)		50,874		755,988

GFL Environmental, Inc.(a)		381,138		12,158,302

Li-Cycle Holdings Corp.* (a)		105,084		68,841

Renewi plc* (a)		82,566		582,058

Republic Services, Inc., Class A		80,064		15,348,269

Stericycle, Inc.* (a)		35,862		1,604,107

TRE Holdings Corp.		83,400		673,602

Veralto Corp.		90,072		8,437,945

Waste Connections, Inc.(a)		296,904		48,235,959

Waste Management, Inc.		143,448		29,840,053
				134,357,923

Diversified Telecommunication Services – 14.4%

AT&T, Inc.		2,799,738		47,287,575

BCE, Inc.(a)		713,904		23,503,205


Investments	Shares		Value

Diversified Telecommunication Services – (continued)

BT Group plc(a)		4,988,988	$	6,409,382

Cellnex Telecom SA(c)		374,466		12,432,351

China Tower Corp. Ltd., Class H(a) (c)		33,360,000		3,924,104

Cogent Communications Holdings, Inc.(a)		18,348		1,177,575

Deutsche Telekom AG (Registered)		2,701,326		62,071,562

Frontier Communications Parent, Inc.* (a)		95,076		2,200,059

HKT Trust & HKT Ltd.		2,796,000		3,095,862

Indus Towers Ltd.*		1,081,698		4,599,757

Infrastrutture Wireless Italiane SpA(a) (c)		269,382		2,903,410

Iridium Communications, Inc.		46,704		1,438,016

KINX, Inc.		2,502		167,814

Koninklijke KPN NV		3,074,124		11,202,120

Liberty Global Ltd., Class A*		76,728		1,219,592

Liberty Global Ltd., Class C* (a)		69,222		1,133,164

Nippon Telegraph & Telephone Corp.		42,867,600		46,527,411

Quebecor, Inc., Class B		115,092		2,386,702

Spark New Zealand Ltd.		1,378,602		3,891,307

Swisscom AG (Registered)		20,016		10,988,449

Verizon Communications, Inc.		1,646,316		65,013,019
				313,572,436

Electric Utilities – 14.1%

American Electric Power Co., Inc.(a)		205,164		17,650,259

Constellation Energy Corp.		125,100		23,261,094

Duke Energy Corp.		301,074		29,583,531

Edison International		150,120		10,667,527

Enel SpA		6,068,184		40,104,836

Exelon Corp.		390,312		14,667,925

Iberdrola SA		4,575,324		56,308,822

NextEra Energy, Inc.		803,142		53,786,420

PG&E Corp.		1,021,650		17,480,432

Southern Co. (The)		427,008		31,385,088

Xcel Energy, Inc.		216,840		11,650,813
				306,546,747

See Accompanying Notes to the Financial Statements.


252		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Energy Equipment & Services – 0.1%

Secure Energy Services, Inc.		231,018	$	1,960,672

Gas Utilities – 0.9%

AltaGas Ltd.		230,184		5,056,559

APA Group		888,210		4,798,636

Enagas SA(a)		176,808		2,601,355

Snam SpA		1,626,300		7,480,839
				19,937,389

Ground Transportation – 16.9%

Aurizon Holdings Ltd.		2,059,146		5,121,118

Canadian National Railway Co.(a)		673,872		81,957,472

Canadian Pacific Kansas City Ltd.		1,072,524		84,293,549

Central Japan Railway Co.		1,183,800		27,209,383

CSX Corp.		773,118		25,682,980

East Japan Railway Co.		1,302,800		23,950,691

Keisei Electric Railway Co. Ltd.		203,400		7,616,917

Kyushu Railway Co.		190,100		4,093,978

MTR Corp. Ltd.(a)		1,773,500		5,861,629

Norfolk Southern Corp.		88,404		20,361,209

Odakyu Electric Railway Co. Ltd.		417,000		4,703,555

Rumo SA*		1,501,200		5,839,014

Tobu Railway Co. Ltd.		250,200		4,984,444

Union Pacific Corp.		238,524		56,568,352

West Japan Railway Co.		559,200		10,639,245
				368,883,536

Health Care Providers & Services – 3.4%

Acadia Healthcare Co., Inc.*		36,696		2,713,303

Bangkok Chain Hospital PCL, NVDR		1,751,400		949,896

Bangkok Dusit Medical Services PCL, NVDR		15,012,000		11,747,113

Bumrungrad Hospital PCL, NVDR		750,600		4,962,143

Encompass Health Corp.		39,198		3,268,329

HCA Healthcare, Inc.		76,728		23,771,869

IHH Healthcare Bhd.		2,668,800		3,539,760


Investments	Shares		Value

Health Care Providers & Services – (continued)

Life Healthcare Group Holdings Ltd.		1,127,568	$	644,131

Mitra Keluarga Karyasehat Tbk. PT(c)		6,171,600		1,100,716

Ramsay Health Care Ltd.(a)		212,670		7,215,582

Rede D’Or Sao Luiz SA(c)		1,000,800		5,020,316

Select Medical Holdings Corp.(a)		44,202		1,254,011

Tenet Healthcare Corp.*		39,198		4,401,543

Universal Health Services, Inc., Class B		21,684		3,695,604
				74,284,316

Independent Power and Renewable Electricity Producers – 0.8%

RWE AG		526,254		18,360,806

IT Services – 0.3%

Fastly, Inc., Class A* (a)		47,538		601,356

NEXTDC Ltd.*		468,015		5,072,183
				5,673,539

Media – 3.3%

Charter Communications, Inc., Class A* (a)		39,198		10,032,336

Comcast Corp., Class A		1,552,074		59,149,540

Liberty Broadband Corp., Class C*		47,538		2,364,065

Sirius XM Holdings, Inc.(a)		381,972		1,122,998
				72,668,939

Multi-Utilities – 8.3%

Consolidated Edison, Inc.		135,108		12,754,195

Dominion Energy, Inc.(a)		327,762		16,709,307

E.ON SE		1,593,774		21,131,372

Engie SA*		1,455,330		25,317,936

National Grid plc		2,909,826		38,184,285

Public Service Enterprise Group, Inc.		194,322		13,423,764

Sempra(a)		246,864		17,682,868

Veolia Environnement SA		788,964		24,624,677

WEC Energy Group, Inc.		124,266		10,269,342
				180,097,746

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			253

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Oil, Gas & Consumable Fuels – 8.8%

Antero Midstream Corp.		139,278	$	1,927,607

DT Midstream, Inc.(a)		38,364		2,386,241

Enbridge, Inc.		1,659,660		59,133,353

Equitrans Midstream Corp.		159,294		2,155,248

Hess Midstream LP, Class A		26,688		910,061

Keyera Corp.(a)		173,472		4,459,752

Kinder Morgan, Inc.(a)		771,450		14,102,106

Koninklijke Vopak NV		50,874		2,030,097

New Fortress Energy, Inc.(a)		43,368		1,136,242

ONEOK, Inc.		226,848		17,948,214

Pembina Pipeline Corp.		432,846		15,261,535

Santos Ltd.		2,564,550		12,822,737

Targa Resources Corp.		86,736		9,893,108

TC Energy Corp.(a)		809,814		29,071,606

Transneft PJSC (Preference)‡		147,300		–

Williams Cos., Inc. (The)		474,546		18,203,585
				191,441,492

Specialized REITs – 4.6%

American Tower Corp., REIT(a)		182,646		31,334,748

Crown Castle, Inc., REIT		170,136		15,955,354

Digital Core REIT Management Pte. Ltd., REIT		750,600		457,866

Digital Realty Trust, Inc., REIT(a)		115,926		16,088,210

Equinix, Inc., REIT		36,696		26,094,893

Keppel DC REIT, REIT		1,084,200		1,359,473

SBA Communications Corp., Class A, REIT(a)		41,700		7,761,204

Uniti Group, Inc., REIT(a)		95,076		546,687
				99,598,435

Specialty Retail – 0.0%

GCI Liberty, Inc.* ‡		36,294		—

Transportation Infrastructure – 6.9%

Adani Ports & Special Economic Zone Ltd.		1,085,034		17,229,460

Aena SME SA(a) (c)		85,068		15,608,558

Aeroports de Paris SA		25,854		3,303,505


Investments	Shares		Value

Transportation Infrastructure – (continued)

Airports of Thailand PCL, NVDR		4,920,600	$	8,663,496

Atlas Arteria Ltd.		1,647,984		5,553,915

Auckland International Airport Ltd.		1,533,721		7,124,498

Bangkok Expressway & Metro PCL, NVDR		9,090,600		2,035,941

CCR SA		1,251,000		2,975,985

China Merchants Port Holdings Co. Ltd.		1,668,000		2,209,441

COSCO SHIPPING Ports Ltd.		1,668,000		1,027,945

Flughafen Zurich AG (Registered)		22,518		4,522,505

Gemadept Corp.		333,600		1,108,271

Getlink SE		372,798		6,377,828

Grupo Aeroportuario del Pacifico SAB de CV, Class B(a)		475,380		8,705,465

Grupo Aeroportuario del Sureste SAB de CV, Class B		195,990		6,768,807

International Container Terminal Services, Inc.		2,059,980		11,803,204

Japan Airport Terminal Co. Ltd.		106,800		3,787,696

Jiangsu Expressway Co. Ltd., Class H		1,668,000		1,642,152

Promotora y Operadora de Infraestructura SAB de CV		225,180		2,274,333

Qube Holdings Ltd.		2,130,036		4,605,852

Santos Brasil Participacoes SA		583,800		1,529,587

Transurban Group		3,536,994		28,801,208

Westports Holdings Bhd.		1,084,200		888,260

Zhejiang Expressway Co. Ltd., Class H		1,668,000		1,094,057
				149,641,969

Water Utilities – 2.3%

Aguas Andinas SA, Class A		3,568,686		1,022,717

American States Water Co.		13,344		945,289

American Water Works Co., Inc.		77,562		9,487,384

Beijing Enterprises Water Group Ltd.(a)		5,004,000		1,266,803

California Water Service Group(a)		21,684		1,065,118

See Accompanying Notes to the Financial Statements.


254		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Water Utilities – (continued)

Cia de Saneamento Basico do Estado de Sao Paulo SABESP		395,300	$	6,163,907

Cia de Saneamento de Minas Gerais Copasa MG		250,200		945,171

Cia De Sanena Do Parana (Preference)*		1,000,800		994,409

Essential Utilities, Inc.(a)		103,416		3,782,957

Guangdong Investment Ltd.		3,336,000		1,748,785

Middlesex Water Co.		5,838		296,103

Pennon Group plc		339,438		2,828,557

Ranhill Utilities Bhd.		917,400		215,294

Severn Trent plc		306,912		9,480,678

SJW Group(a)		13,344		726,581

United Utilities Group plc		783,960		10,253,183
				51,222,936

Wireless Telecommunication Services – 5.8%

KDDI Corp.		1,167,600		32,646,649

SoftBank Corp.		2,251,800		27,345,279

SoftBank Group Corp.		813,500		40,916,675

T-Mobile US, Inc.(a)		160,128		26,288,214
				127,196,817
Total Common Stocks (Cost $2,113,731,102)				2,166,440,190
	Principal Amount

SECURITIES LENDING REINVESTMENTS – 1.5%(d)

REPURCHASE AGREEMENTS – 1.5%

BofA Securities, Inc., 5.77%, dated 4/30/2024, due 7/31/2024, repurchase price $2,029,491, collateralized by various Common Stocks, U.S. Treasury Securities, ranging from 1.63% – 2.25%, maturing 11/15/2027 – 11/15/2050; total market value $2,134,539	$	2,000,000		2,000,000


Investments	Principal Amount		Value

REPURCHASE AGREEMENTS – (continued)

CF Secured LLC, 5.31%, dated 4/30/2024, due 5/1/2024, repurchase price $13,096,319, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 6.75%, maturing 5/15/2024 – 2/15/2054; total market value $13,256,556	$	13,094,387	$	13,094,387

Citigroup Global Markets, Inc., 5.30%, dated 4/30/2024, due 5/1/2024, repurchase price $10,001,472, collateralized by various U.S. Treasury Securities, 4.88%, 4/30/2026; total market value $10,188,453		10,000,000		10,000,000

NBC Global Finance Ltd., 5.47%, dated 4/30/2024, due 5/1/2024, repurchase price $3,000,456, collateralized by various Common Stocks; total market value $3,287,695		3,000,000		3,000,000

TD Prime Services LLC, 5.42%, dated 4/30/2024, due 5/1/2024, repurchase price $5,000,753, collateralized by various Common Stocks; total market value $5,420,126		5,000,000		5,000,000
				33,094,387
Total Securities Lending Reinvestments (Cost $33,094,387)				33,094,387
Total Investments – 100.9% (Cost $2,146,825,489)				2,199,534,577

Liabilities in excess of other assets – (0.9%)				(19,483,125	)
NET ASSETS – 100.0%				2,180,051,452

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			255

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

*	Non-income producing security.

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

^(a)

The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 was $158,923,673, collateralized in the form of cash with a value of $33,094,387 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $120,738,300 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.13%, and maturity dates ranging from May 9, 2024 – February 15, 2054 and $13,753,990 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 23, 2024 – June 30, 2120; a total value of $167,586,677.

^(b)

Represents less than 0.05% of net assets.

^(c)

^(d)

The security was purchased with cash collateral held from securities on loan at April 30, 2024. The total value of securities purchased was $33,094,387.

Percentages

shown are based on Net Assets.

Abbreviations

NVDR – Non-Voting Depositary Receipt

PJSC – Public Joint Stock Company

REIT – Real Estate Investment Trust



Aggregate gross unrealized appreciation	$	252,740,852
Aggregate gross unrealized depreciation		(210,808,931	)
Net unrealized appreciation	$	41,931,921
Federal income tax cost	$	2,157,699,629

Futures Contracts

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund had the following open futures contracts as of April 30, 2024:


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)*
Long Contracts
FTSE 100 Index		32		06/21/2024		GBP	$	3,269,013	$	178,071
S&P 500 E-Mini Index		13		06/21/2024		USD		3,293,550		(77,309	)
S&P/TSX 60 Index		26		06/20/2024		CAD		4,941,296		(60,372	)
SPI 200 Index		11		06/20/2024		AUD		1,372,320		(7,793	)
TOPIX Index		8		06/13/2024		JPY		1,396,499		21,627
									$	54,224

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

See Accompanying Notes to the Financial Statements.


256		FLEXSHARES SEMIANNUAL REPORT

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

Forward Foreign Currency Contracts

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund had the following outstanding contracts as of April 30, 2024:

Contracts to Receive

Counterparty

In Exchange For

Maturity Date

Unrealized
Appreciation/
(Depreciation)

USD

688,534

Citibank NA

GBP

540,000

06/20/2024

12,194

USD

508,238

Citibank NA

JPY

74,600,000

06/20/2024

30,555

Net unrealized appreciation

42,749

Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

GBP – British Pound

JPY – Japanese Yen

USD – US Dollar

FlexShares^® STOXX^® Global Broad Infrastructure Index invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2024:


Australia	3.6	%
Austria	0.1
Brazil	1.1
Canada	14.7
Chile	0.1
China	0.7
France	2.7
Germany	6.8
Hong Kong	0.4
India	1.0
Indonesia	0.1
Italy	2.3
Japan	10.9
Malaysia	0.2
Mexico	0.8
Netherlands	0.6
New Zealand	0.5
Philippines	0.5
Singapore	0.1
South Africa	0.0	^†
South Korea	0.0	^†
Spain	4.0
Switzerland	0.7
Taiwan	0.0	^†
Thailand	1.3
United Kingdom	3.3
United States	42.8
Vietnam	0.1
Other¹	0.6
	100.0	%

^†	Amount represents less than 0.05%.

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

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			257

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


Security Type	% of Net Assets
Common Stocks		99.4	%
Securities Lending Reinvestments		1.5
Others⁽¹⁾		(0.9	)
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


258		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Global Quality Real Estate Index Fund

April 30, 2024 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 97.7%

Diversified REITs – 5.3%

Broadstone Net Lease, Inc., REIT		85,500	$	1,244,880

Charter Hall Group, REIT(a)		215,688		1,679,283

Covivio SA, REIT		22,230		1,113,835

Empire State Realty Trust, Inc., Class A, REIT		79,800		726,180

Essential Properties Realty Trust, Inc., REIT(a)		71,820		1,891,739

GPT Group (The), REIT(a)		875,748		2,399,775

Merlin Properties Socimi SA, REIT		151,962		1,723,970

Mori Trust Reit, Inc., REIT		1,482		689,368

NIPPON REIT Investment Corp., REIT(a)		342		774,778

Stockland, REIT		1,101,582		3,183,140

Tokyu REIT, Inc., REIT		570		588,600
				16,015,548

Health Care REITs – 1.0%

National Health Investors, Inc., REIT		19,722		1,243,669

Welltower, Inc., REIT		19,950		1,900,836
				3,144,505

Hotel & Resort REITs – 4.6%

Apple Hospitality REIT, Inc., REIT		99,066		1,462,214

CDL Hospitality Trusts, REIT		980,400		700,928

Covivio Hotels SACA, REIT		5,700		91,116

DiamondRock Hospitality Co., REIT(a)		98,268		874,585

Far East Hospitality Trust, REIT		1,425,000		642,622

Host Hotels & Resorts, Inc., REIT		325,128		6,135,165

Park Hotels & Resorts, Inc., REIT		97,470		1,572,191

Pebblebrook Hotel Trust, REIT(a)		56,316		818,272

RLJ Lodging Trust, REIT		73,986		813,846

Sunstone Hotel Investors, Inc., REIT		89,376		911,635
				14,022,574

Household Durables – 0.3%

Iida Group Holdings Co. Ltd.		68,400		877,358


Investments	Shares		Value

Industrial REITs – 9.3%

AIMS APAC REIT, REIT		741,000	$	684,627

CapitaLand Ascendas REIT, REIT		1,630,200		3,107,989

Dream Industrial REIT, REIT(a)		82,194		742,459

EastGroup Properties, Inc., REIT		19,152		2,975,455

First Industrial Realty Trust, Inc., REIT		60,648		2,754,632

Goodman Group, REIT		27,930		574,741

Innovative Industrial Properties, Inc., REIT		12,996		1,343,786

LXP Industrial Trust, REIT		130,188		1,087,070

Mapletree Logistics Trust, REIT		1,592,769		1,576,710

Montea NV, REIT		9,576		825,274

Prologis, Inc., REIT		97,584		9,958,447

STAG Industrial, Inc., REIT(a)		83,220		2,861,936
				28,493,126

Office REITs – 4.3%

Cousins Properties, Inc., REIT		70,224		1,610,938

Equity Commonwealth, REIT*		48,336		904,850

Gecina SA, REIT		12,768		1,310,610

Global One Real Estate Investment Corp., REIT(a)		1,026		700,234

Highwoods Properties, Inc., REIT(a)		48,792		1,278,350

Hudson Pacific Properties, Inc., REIT		103,740		601,692

Keppel REIT, REIT		1,265,400		816,537

Kilroy Realty Corp., REIT		51,300		1,733,940

Piedmont Office Realty Trust, Inc., Class A, REIT(a)		109,782		756,398

SL Green Realty Corp., REIT(a)		29,641		1,477,010

Vornado Realty Trust, REIT(a)		74,898		1,949,595
				13,140,154

Real Estate Management & Development – 17.8%

Aeon Mall Co. Ltd.(a)		60,300		691,075

Airport City Ltd.*		48,450		750,806

Anywhere Real Estate, Inc.*		96,558		469,272

Aroundtown SA* (a)		454,404		948,664

Atrium Ljungberg AB, Class B(a)		39,786		708,296

Bukit Sembawang Estates Ltd.		34,200		84,011

Capitaland India Trust		889,200		652,026

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			259

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Real Estate Management & Development – (continued)

City Developments Ltd.		228,000	$	1,028,194

CTP NV(b)		53,808		918,246

Daito Trust Construction Co. Ltd.		28,200		3,031,189

DigitalBridge Group, Inc.(a)		74,784		1,229,449

DREAM Unlimited Corp., Class A(a)		3,078		40,328

Fabege AB		104,766		814,197

Fastighets AB Balder, Class B* (a)		299,934		1,938,002

Grand City Properties SA*		75,468		843,254

Heiwa Real Estate Co. Ltd.		26,900		747,009

Hulic Co. Ltd.(a)		182,400		1,689,951

Ichigo, Inc.		285,000		771,518

Intershop Holding AG		896		120,554

IWG plc*		357,732		832,710

LEG Immobilien SE*		33,972		2,903,059

Lifestyle Communities Ltd.(a)		65,094		508,493

Mitsubishi Estate Co. Ltd.		353,400		6,530,596

Mitsui Fudosan Co. Ltd.		444,600		4,557,175

Nexity SA(a)		28,500		321,192

Nomura Real Estate Holdings, Inc.		51,100		1,439,496

Pandox AB, Class B(a)		54,834		861,285

Platzer Fastigheter Holding AB, Class B(a)		85,500		701,860

PSP Swiss Property AG (Registered)		21,090		2,619,147

Sirius Real Estate Ltd., REIT(a)		773,490		943,344

St Joe Co. (The)		16,416		938,995

Sumitomo Realty & Development Co. Ltd.		132,600		4,627,708

Swire Properties Ltd.		547,200		1,140,408

TAG Immobilien AG*		77,634		1,111,506

Tokyo Tatemono Co. Ltd.		85,900		1,436,716

Tokyu Fudosan Holdings Corp.		285,000		2,101,754

Tricon Residential, Inc.		118,218		1,326,871

UOL Group Ltd.		216,600		930,725

Wihlborgs Fastigheter AB(a)		127,794		1,082,812
				54,391,893

Residential REITs – 13.8%

American Homes 4 Rent, Class A, REIT(a)		149,226		5,342,291

Apartment Income REIT Corp., Class A, REIT		67,146		2,577,063


Investments	Shares		Value

Residential REITs – (continued)

AvalonBay Communities, Inc., REIT		65,322	$	12,383,092

Boardwalk REIT, REIT		14,934		770,370

Centerspace, REIT(a)		13,110		881,648

Equity Residential, REIT		165,756		10,674,686

Essex Property Trust, Inc., REIT(a)		29,640		7,298,850

InterRent REIT, REIT(a)		69,084		602,414

Killam Apartment REIT, REIT(a)		49,932		624,763

UNITE Group plc (The), REIT(a)		32,718		380,182

Xior Student Housing NV, REIT(b)		20,976		628,000
				42,163,359

Retail REITs – 21.6%

Acadia Realty Trust, REIT(a)		52,098		900,254

Brixmor Property Group, Inc., REIT		137,598		3,040,916

CapitaLand Integrated Commercial Trust, REIT		1,162,800		1,671,192

Carmila SA, REIT		46,626		785,712

Choice Properties REIT, REIT(a)		85,956		814,606

Crombie REIT, REIT(a)		59,850		559,794

CT REIT, REIT(a)		63,498		620,721

Eurocommercial Properties NV, REIT		34,200		782,563

Federal Realty Investment Trust, REIT(a)		13,338		1,389,419

Fukuoka REIT Corp., REIT(a)		684		737,615

HMC Capital Ltd., REIT		183,540		763,955

InvenTrust Properties Corp., REIT		34,086		863,739

Japan Metropolitan Fund Invest, REIT		3,192		1,935,099

Kimco Realty Corp., REIT		310,194		5,778,914

Kite Realty Group Trust, REIT		100,206		2,184,491

Klepierre SA, REIT		99,522		2,688,015

Link REIT, REIT		1,185,600		5,131,254

NNN REIT, Inc., REIT(a)		83,562		3,386,768

PARAGON REIT, REIT		159,600		98,891

Phillips Edison & Co., Inc., REIT		54,720		1,789,344

Realty Income Corp., REIT(a)		10,716		573,735

Regency Centers Corp., REIT		71,592		4,239,678

Retail Estates NV, REIT		1,596		111,948

Simon Property Group, Inc., REIT		111,720		15,700,012

SITE Centers Corp., REIT		85,614		1,154,933

SmartCentres REIT, REIT(a)		43,206		700,680

Tanger, Inc., REIT(a)		48,336		1,370,326

See Accompanying Notes to the Financial Statements.


260		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Retail REITs – (continued)

Unibail – Rodamco-Westfield, REIT*		54,492	$	4,572,682

Urban Edge Properties, REIT(a)		54,606		913,558

Waypoint REIT Ltd., REIT		438,786		669,575
				65,930,389

Specialized REITs – 19.7%

American Tower Corp., REIT(a)		39,330		6,747,455

Crown Castle, Inc., REIT		10,146		951,492

Digital Realty Trust, Inc., REIT(a)		107,730		14,950,770

EPR Properties, REIT(a)		34,314		1,392,805

Equinix, Inc., REIT		7,410		5,269,325

Iron Mountain, Inc., REIT		134,406		10,419,153

Lamar Advertising Co., Class A, REIT(a)		39,672		4,596,001

National Storage REIT, REIT		590,244		827,874

PotlatchDeltic Corp., REIT		36,594		1,464,126

Public Storage, REIT		6,498		1,685,906

Safestore Holdings plc, REIT		101,118		979,366

Shurgard Self Storage Ltd., REIT		17,898		736,791

Weyerhaeuser Co., REIT		335,388		10,118,656
				60,139,720
Total Common Stocks (Cost $298,595,505)				298,318,626
	Principal Amount

SECURITIES LENDING REINVESTMENTS – 2.4%(c)

REPURCHASE AGREEMENTS – 2.4%

CF Secured LLC, 5.31%, dated 4/30/2024, due 5/1/2024, repurchase price $5,356,774, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 6.75%, maturing 5/15/2024 – 2/15/2054; total market value $5,422,315	$	5,355,984		5,355,984


Investments	Principal Amount		Value

REPURCHASE AGREEMENTS – (continued)

Citigroup Global Markets, Inc., 5.30%, dated 4/30/2024, due 5/1/2024, repurchase price $2,000,294, collateralized by various U.S. Treasury Securities, 4.88%, 4/30/2026; total market value $2,037,691	$	2,000,000	$	2,000,000
				7,355,984
Total Securities Lending Reinvestments (Cost $7,355,984)				7,355,984
Total Investments – 100.1% (Cost $305,951,489)				305,674,610

Liabilities in excess of other assets – (0.1%)				(180,283	)
NET ASSETS – 100.0%			$	305,494,327

*	Non-income producing security.

^(a)

The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 was $36,000,523, collateralized in the form of cash with a value of $7,355,984 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $26,124,748 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 7, 2024 – November 15, 2053 and $4,404,960 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 23, 2024 – June 30, 2120; a total value of $37,885,692.

^(b)

^(c)

The security was purchased with cash collateral held from securities on loan at April 30, 2024. The total value of securities purchased was $7,355,984.

Percentages

shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			261

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



Aggregate gross unrealized appreciation	$	20,044,319
Aggregate gross unrealized depreciation		(20,394,389	)
Net unrealized depreciation	$	(350,070	)
Federal income tax cost	$	305,810,596

Futures Contracts

FlexShares^® Global Quality Real Estate Index Fund had the following open futures contracts as of April 30, 2024:


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
EURO STOXX 50 Index		12		06/21/2024		EUR	$	628,334	$	(2,958	)
S&P Midcap 400 E-Mini Index		18		06/21/2024		USD		5,178,960		(196,816	)
SPI 200 Index		11		06/20/2024		AUD		1,372,320		(10,898	)
TOPIX Mini Index		1		06/13/2024		JPY		17,456		(267	)
									$	(210,939	)

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

Forward Foreign Currency Contracts

FlexShares^® Global Quality Real Estate Index Fund had the following outstanding contracts as of April 30, 2024:


Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	22,619	Citibank NA	AUD	34,359		06/20/2024	$	275
USD	30,800	Morgan Stanley	ILS	111,846		06/20/2024		767
USD	47,310	BNP Paribas SA	SGD	62,894		06/20/2024		1,083
Total unrealized appreciation							$	2,125
CAD	209,730	Bank of New York Mellon (The)	USD	155,429		06/20/2024	$	(2,643	)
EUR	120,645	Morgan Stanley	USD	131,894		06/20/2024		(2,627	)
Total unrealized depreciation							$	(5,270	)
Net unrealized depreciation							$	(3,145	)

Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

EUR – Euro

ILS – Israeli Shekel

JPY – Japanese Yen

SGD – Singapore Dollar

USD – US Dollar

See Accompanying Notes to the Financial Statements.


262		FLEXSHARES SEMIANNUAL REPORT

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

FlexShares^® Global Quality Real Estate Index invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2024:


Australia	3.5	%
Belgium	0.8
Canada	2.2
France	3.6
Germany	1.9
Hong Kong	2.0
Israel	0.2
Japan	11.1
Netherlands	0.6
Singapore	3.9
Spain	0.6
Sweden	2.0
Switzerland	0.9
United Kingdom	1.0
United States	63.4
Other¹	2.3
	100.0	%

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


Security Type	% of Net Assets
Common Stocks		97.7	%
Securities Lending Reinvestments		2.4
Others⁽¹⁾		(0.1	)
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			263

Schedule of Investments

FlexShares^® Real Assets Allocation Index Fund

April 30, 2024 (Unaudited)


Investments	Shares		Value

EXCHANGE TRADED FUNDS – 100.0%(a)

FlexShares^® Global Quality Real Estate Index Fund		15,609	$	834,064

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund		79,860		3,305,406

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund		79,453		4,142,004
Total Exchange Traded Funds (Cost $9,229,789)				8,281,474

Total Investments – 100.0% (Cost $9,229,789)				8,281,474

Other assets less liabilities – 0.0%(b)				2,518
NET ASSETS – 100.0%			$	8,283,992

^(a)

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

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

Percentages shown are based on Net Assets.



Aggregate gross unrealized appreciation	$	—
Aggregate gross unrealized depreciation		(948,357	)
Net unrealized depreciation	$	(948,357	)
Federal income tax cost	$	9,229,831

The underlying index of the FlexShares^® Real Assets Allocation Index Fund is comprised of securities of affiliated FlexShares^® Funds. The Schedules of Investments of the affiliated FlexShares^® Funds are located elsewhere in this Report.

Investment in a company which was affiliated for the period ended April 30, 2024, was as follows:


Security	Value October 31, 2023		Purchases at Cost		Sales Proceeds		Shares April 30, 2024		Value April 30, 2024		Change in Unrealized Appreciation (Depreciation)		Dividend Income		Realized Loss
FlexShares^® Global Quality Real Estate Index Fund	$	2,773,255	$	162,086	$	2,497,807		15,609	$	834,064	$	1,109,776	$	30,650	$	(713,246	)
FlexShares^® Morningstar Global Upstream Natural Resources Index Fund		5,421,708		939,042		3,350,205		79,860		3,305,406		489,762		78,630		(194,901	)
FlexShares^® STOXX^® Global Broad Infrastructure Index Fund		8,376,484		470,262		5,546,203		79,453		4,142,004		1,258,565		80,207		(417,104	)
	$	16,571,447	$	1,571,390	$	11,394,215		174,922	$	8,281,474	$	2,858,103	$	189,487	$	(1,325,251	)


Security Type	% of Net Assets
Exchange Traded Funds		100.0	%
Others⁽¹⁾		0.0	^†
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

^†	Amount represents less than 0.05%.

See Accompanying Notes to the Financial Statements.


264		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Quality Dividend Index Fund

April 30, 2024 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 99.6%

Aerospace & Defense – 0.6%

Lockheed Martin Corp.		22,108	$	10,278,672

Air Freight & Logistics – 0.4%

CH Robinson Worldwide, Inc.(a)		97,336		6,910,856

Banks – 1.5%

Bank of America Corp.		7,406		274,096

Cullen/Frost Bankers, Inc.(a)		57,132		5,961,153

JPMorgan Chase & Co.		56,074		10,751,629

Popular, Inc.		99,452		8,452,425
				25,439,303

Beverages – 2.7%

Coca-Cola Co. (The)		721,556		44,570,514

PepsiCo, Inc.		3,174		558,339
				45,128,853

Biotechnology – 3.0%

AbbVie, Inc.		222,180		36,135,355

Gilead Sciences, Inc.		219,006		14,279,191
				50,414,546

Broadline Retail – 0.9%

Dillard’s, Inc., Class A(a)		7,406		3,243,754

eBay, Inc.		209,484		10,796,805
				14,040,559

Building Products – 1.0%

Advanced Drainage Systems, Inc.(a)		53,958		8,471,406

Fortune Brands Innovations, Inc.(a)		108,974		7,965,999
				16,437,405

Capital Markets – 2.1%

Bank of New York Mellon Corp. (The)		178,802		10,100,525

Moelis & Co., Class A(a)		151,294		7,425,509

State Street Corp.(a)		120,612		8,743,164

TPG, Inc., Class A(a)		195,730		8,435,963
				34,705,161


Investments	Shares		Value

Chemicals – 1.7%

CF Industries Holdings, Inc.		19,044	$	1,503,905

LyondellBasell Industries NV, Class A		82,524		8,249,924

Mosaic Co. (The)		74,060		2,324,743

Olin Corp.(a)		117,438		6,139,659

Scotts Miracle-Gro Co. (The) (a)		134,366		9,209,446
				27,427,677

Commercial Services & Supplies – 0.3%

Cintas Corp.		8,554		5,631,440

Communications Equipment – 2.0%

Cisco Systems, Inc.		716,266		33,650,177

Construction Materials – 0.1%

Eagle Materials, Inc.		5,290		1,326,256

Consumer Finance – 0.9%

Ally Financial, Inc.		194,672		7,465,671

OneMain Holdings, Inc.		139,656		7,277,474
				14,743,145

Consumer Staples Distribution & Retail – 0.2%

Costco Wholesale Corp.		3,975		2,873,527

Walmart, Inc.		6,348		376,754
				3,250,281

Containers & Packaging – 0.6%

Packaging Corp. of America		52,900		9,150,642

Distributors – 0.5%

Pool Corp.(a)		23,276		8,438,248

Diversified Telecommunication Services – 0.4%

Iridium Communications, Inc.(a)		209,484		6,450,012

Electric Utilities – 0.9%

Evergy, Inc.		125,902		6,603,560

OGE Energy Corp.		225,354		7,808,516
				14,412,076

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			265

FlexShares^® Quality Dividend Index Fund (cont.)


Investments	Shares		Value

COMMON STOCKS – (continued)

Entertainment – 1.0%

Electronic Arts, Inc.		66,654	$	8,453,060

Warner Music Group Corp., Class A(a)		235,934		7,785,822
				16,238,882

Financial Services – 2.4%

Fidelity National Information Services, Inc.		153,410		10,419,607

Mastercard, Inc., Class A		11,638		5,251,066

Radian Group, Inc.(a)		300,472		8,975,099

Visa, Inc., Class A(a)		26,450		7,104,734

Western Union Co. (The)		650,670		8,745,005
				40,495,511

Gas Utilities – 0.5%

UGI Corp.		348,082		8,896,976

Ground Transportation – 1.4%

Union Pacific Corp.		100,510		23,836,952

Health Care Equipment & Supplies – 0.1%

Solventum Corp.*		26,450		1,719,515

Health Care Providers & Services – 0.5%

UnitedHealth Group, Inc.		16,519		7,990,240

Hotel & Resort REITs – 0.9%

Apple Hospitality REIT, Inc., REIT(a)		428,490		6,324,513

Host Hotels & Resorts, Inc., REIT		442,244		8,345,144
				14,669,657

Hotels, Restaurants & Leisure – 0.9%

Domino’s Pizza, Inc.		2,546		1,347,521

Marriott International, Inc., Class A(a)		3,174		749,477

Starbucks Corp.		141,772		12,545,404
				14,642,402

Household Durables – 1.2%

PulteGroup, Inc.		87,814		9,784,236

Toll Brothers, Inc.		84,640		10,081,470
				19,865,706


Investments	Shares		Value

Household Products – 3.9%

Colgate-Palmolive Co.		30,682	$	2,820,290

Procter & Gamble Co. (The)		337,502		55,080,326

WD-40 Co.(a)		31,740		7,177,366
				65,077,982

Industrial Conglomerates – 0.9%

3M Co.		104,742		10,108,650

Honeywell International, Inc.		26,450		5,097,709
				15,206,359

Insurance – 5.0%

Aflac, Inc.		114,930		9,613,894

Allstate Corp. (The)		61,364		10,435,562

American Financial Group, Inc.(a)		49,726		6,352,496

First American Financial Corp.		138,598		7,424,695

Lincoln National Corp.		215,832		5,885,739

MetLife, Inc.		125,902		8,949,114

Old Republic International Corp.		279,312		8,340,256

Principal Financial Group, Inc.		86,756		6,865,870

Prudential Financial, Inc.		88,872		9,818,579

Willis Towers Watson plc		33,856		8,502,596
				82,188,801

Interactive Media & Services – 2.4%

Meta Platforms, Inc., Class A		94,162		40,505,668

IT Services – 1.9%

Accenture plc, Class A		103,684		31,199,552

Machinery – 1.5%

Caterpillar, Inc.		10,580		3,539,751

Illinois Tool Works, Inc.		52,900		12,913,419

Snap-on, Inc.		29,624		7,938,047
				24,391,217

Media – 2.2%

Comcast Corp., Class A		308,936		11,773,551

New York Times Co. (The), Class A		176,686		7,602,798

Nexstar Media Group, Inc., Class A(a)		47,610		7,620,457

Omnicom Group, Inc.		26,450		2,455,618

TEGNA, Inc.(a)		491,970		6,710,471
				36,162,895

See Accompanying Notes to the Financial Statements.


266		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Quality Dividend Index Fund (cont.)


Investments	Shares		Value

COMMON STOCKS – (continued)

Metals & Mining – 1.2%

Nucor Corp.		53,958	$	9,093,542

Reliance, Inc.		27,508		7,832,078

Steel Dynamics, Inc.		24,334		3,166,340
				20,091,960

Mortgage Real Estate Investment Trusts (REITs) – 1.5%

Blackstone Mortgage Trust, Inc., Class A(a)		420,026		7,409,259

Rithm Capital Corp.(a)		803,022		8,929,605

Starwood Property Trust, Inc.(a)		432,722		8,208,736
				24,547,600

Multi-Utilities – 1.1%

Dominion Energy, Inc.		175,628		8,953,516

Public Service Enterprise Group, Inc.		137,540		9,501,263
				18,454,779

Oil, Gas & Consumable Fuels – 2.7%

Chevron Corp.		8,464		1,364,989

ConocoPhillips		7,406		930,342

Exxon Mobil Corp.		93,104		11,011,410

Marathon Petroleum Corp.		69,828		12,689,144

Peabody Energy Corp.(a)		326,922		7,172,669

Pioneer Natural Resources Co.		10,580		2,849,406

Range Resources Corp.(a)		235,934		8,472,390

Valero Energy Corp.		5,290		845,712
				45,336,062

Pharmaceuticals – 5.8%

Bristol-Myers Squibb Co.		367,126		16,131,516

Eli Lilly & Co.		17,183		13,421,641

Johnson & Johnson		349,140		50,482,153

Merck & Co., Inc.		22,218		2,871,010

Zoetis, Inc.		81,466		12,972,646
				95,878,966

Professional Services – 2.0%

Automatic Data Processing, Inc.		73,002		17,658,454

Paychex, Inc.(a)		76,176		9,050,471

Robert Half, Inc.		98,394		6,802,961
				33,511,886


Investments	Shares		Value

Residential REITs – 3.3%

Apartment Income REIT Corp., Class A, REIT		245,456	$	9,420,601

AvalonBay Communities, Inc., REIT		47,610		9,025,428

Camden Property Trust, REIT		89,930		8,964,222

Equity Residential, REIT		151,294		9,743,334

Mid-America Apartment Communities, Inc., REIT		66,654		8,665,020

UDR, Inc., REIT		208,426		7,936,862
				53,755,467

Retail REITs – 0.1%

Brixmor Property Group, Inc., REIT		106,858		2,361,562

Semiconductors & Semiconductor Equipment – 11.5%

Broadcom, Inc.		51,615		67,113,436

KLA Corp.		24,334		16,773,183

Lam Research Corp.		23,482		21,002,536

Microchip Technology, Inc.		105,800		9,731,484

NVIDIA Corp.		75,118		64,903,454

QUALCOMM, Inc.		7,406		1,228,285

Skyworks Solutions, Inc.(a)		84,640		9,021,778
				189,774,156

Software – 7.4%

Bentley Systems, Inc., Class B(a)		52,900		2,778,837

Intuit, Inc.		49,457		30,941,288

Microsoft Corp.		229,747		89,447,400
				123,167,525

Specialized REITs – 1.4%

CubeSmart, REIT		144,946		5,861,616

Public Storage, REIT		34,914		9,058,437

Weyerhaeuser Co., REIT		258,152		7,788,446
				22,708,499

Specialty Retail – 4.1%

Best Buy Co., Inc.(a)		119,554		8,803,957

Home Depot, Inc. (The)		82,524		27,581,171

Lowe’s Cos., Inc.		88,872		20,261,927

Williams-Sonoma, Inc.(a)		40,204		11,529,703
				68,176,758

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			267

FlexShares^® Quality Dividend Index Fund (cont.)


Investments	Shares		Value

COMMON STOCKS – (continued)

Technology Hardware, Storage & Peripherals – 7.9%

Apple, Inc.		764,934	$	130,291,208

Textiles, Apparel & Luxury Goods – 1.7%

NIKE, Inc., Class B		215,832		19,912,660

Tapestry, Inc.		192,556		7,686,836
				27,599,496

Tobacco – 0.8%

Altria Group, Inc.(a)		312,110		13,673,539

Trading Companies & Distributors – 0.6%

Fastenal Co.		139,656		9,488,229
Total Common Stocks (Cost $1,338,164,432)				1,649,741,316
	Principal Amount

SECURITIES LENDING REINVESTMENTS – 5.9%(b)

CERTIFICATES OF DEPOSIT – 0.9%

BNP Paribas, New York (SOFR + 0.35%), 5.46%, 6/17/2024(c)	$	1,000,000		1,000,271

DZ Bank AG, New York (SOFR + 0.35%), 5.67%, 5/3/2024(c)		2,000,000		2,000,000

MUFG Bank Ltd., London Branch 5.50%, 5/21/2024		2,000,000		2,000,000
5.51%, 9/23/2024		1,000,000		1,000,000

National Westminster Bank PLC 5.88%, 5/2/2024		2,000,000		2,000,000

Royal Bank of Canada, New York (SOFR + 0.53%), 5.85%, 5/23/2024(c)		2,000,000		2,000,000

The Sumitomo Bank Ltd., New York (SOFR + 0.23%), 5.55%, 7/11/2024(c)		2,000,000		2,000,654


Investments	Principal Amount		Value

CERTIFICATES OF DEPOSIT – (continued)

Toronto-Dominion Bank, New York (US Federal Funds Effective Rate (continuous series) + 0.61%), 5.94%, 7/26/2024(c)	$	2,000,000	$	2,001,992
Total Certificates of Deposit (Cost $14,000,271)				14,002,917



COMMERCIAL PAPER – 0.2%

Bank of Montreal, Montreal (SOFR + 0.35%), 5.67%, 5/9/2024(c) (Cost $3,000,000)		3,000,000		3,000,000



INVESTMENT COMPANIES – 0.1%

RBC BlueBay U.S. Government Money Market Fund 5.30%, 5/1/2024 (Cost $2,000,000)		2,000,000		2,000,000



REPURCHASE AGREEMENTS – 4.7%
BofA Securities, Inc., 5.77%, dated 4/30/2024, due 7/31/2024, repurchase price $8,117,964, collateralized by various Common Stocks, U.S. Treasury Securities, ranging from 1.63% – 2.25%, maturing 11/15/2027 – 11/15/2050; total market value $8,538,155		8,000,000		8,000,000
CF Secured LLC, 5.31%, dated 4/30/2024, due 5/1/2024, repurchase price $29,672,494, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 6.75%, maturing 5/15/2024 – 2/15/2054; total market value $30,035,544		29,668,118		29,668,118

See Accompanying Notes to the Financial Statements.


268		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Quality Dividend Index Fund (cont.)


Investments	Principal Amount		Value

REPURCHASE AGREEMENTS – (continued)
Citigroup Global Markets, Inc., 5.30%, dated 4/30/2024, due 5/1/2024, repurchase price $20,002,944, collateralized by various U.S. Treasury Securities, 4.88%, 4/30/2026; total market value $20,376,905	$	20,000,000	$	20,000,000

TD Prime Services LLC, 5.42%, dated 4/30/2024, due 5/1/2024, repurchase price $20,003,011, collateralized by various Common Stocks; total market value $21,680,505		20,000,000		20,000,000
Total Repurchase Agreements (Cost $77,668,118)				77,668,118
Total Securities Lending Reinvestments (Cost $96,668,389)				96,671,035
Total Investments – 105.5% (Cost $1,434,832,821)				1,746,412,351

Liabilities in excess of other assets – (5.5%)				(90,436,504	)
NET ASSETS – 100.0%				1,655,975,847

*	Non-income producing security.

^(a)

The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 was $148,088,786, collateralized in the form of cash with a value of $96,668,470 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $51,286,691 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from May 9, 2024 – February 15, 2054 and $6,107,473 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 23, 2024 – June 22, 2071; a total value of $154,062,634.

^(b)

The security was purchased with cash collateral held from securities on loan at April 30, 2024. The total value of securities purchased was $96,671,035.

^(c)

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2024.

Percentages shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate



Aggregate gross unrealized appreciation	$	361,922,037
Aggregate gross unrealized depreciation		(50,488,239	)
Net unrealized appreciation	$	311,433,798
Federal income tax cost	$	1,434,840,287

Futures Contracts

FlexShares^® Quality Dividend Index Fund had the following open futures contracts as of April 30, 2024:


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
S&P 500 E-Mini Index		19		06/21/2024		USD	$	4,813,650	$	(99,795	)
S&P Midcap 400 E-Mini Index		4		06/21/2024		USD		1,150,880		(38,471	)
									$	(138,266	)

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

Abbreviations:

USD – US Dollar

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			269

FlexShares^® Quality Dividend Index Fund (cont.)


Security Type	% of Net Assets
Common Stocks		99.6	%
Securities Lending Reinvestments		5.9
Others⁽¹⁾		(5.5	)
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


270		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares® Quality Dividend Defensive Index Fund

April 30, 2024 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 99.3%

Aerospace & Defense – 1.1%

Lockheed Martin Corp.		8,172	$	3,799,408

Air Freight & Logistics – 1.0%

CH Robinson Worldwide, Inc.(a)		24,289		1,724,519

Expeditors International of Washington, Inc.		14,301		1,591,844
				3,316,363

Banks – 2.6%

Bank of America Corp.		1,589		58,809

Cullen/Frost Bankers, Inc.(a)		16,344		1,705,333

Glacier Bancorp, Inc.(a)		46,308		1,675,424

JPMorgan Chase & Co.		11,577		2,219,774

Popular, Inc.		20,657		1,755,638

UMB Financial Corp.		21,111		1,681,702
				9,096,680

Beverages – 2.6%

Coca-Cola Co. (The)		137,562		8,497,205

PepsiCo, Inc.		2,497		439,247
				8,936,452

Biotechnology – 3.7%

AbbVie, Inc.		61,744		10,042,044

Gilead Sciences, Inc.		45,173		2,945,280
				12,987,324

Broadline Retail – 0.6%

Dillard’s, Inc., Class A(a)		2,270		994,237

eBay, Inc.		23,154		1,193,357
				2,187,594

Building Products – 0.4%

Masco Corp.(a)		18,160		1,243,052

Capital Markets – 1.8%

Bank of New York Mellon Corp. (The)		37,228		2,103,010

CME Group, Inc.		12,939		2,712,532

Moelis & Co., Class A(a)		31,553		1,548,621
				6,364,163


Investments	Shares		Value

Chemicals – 0.9%

LyondellBasell Industries NV, Class A		15,436	$	1,543,137

NewMarket Corp.		2,951		1,554,941
				3,098,078

Commercial Services & Supplies – 0.5%

Rollins, Inc.		37,909		1,689,225

Communications Equipment – 2.0%

Cisco Systems, Inc.		147,777		6,942,563

Consumer Staples Distribution & Retail – 0.2%

Costco Wholesale Corp.		825		596,392

Walmart, Inc.		1,816		107,780
				704,172

Containers & Packaging – 0.6%

Packaging Corp. of America		11,123		1,924,057

Diversified Consumer Services – 0.5%

H&R Block, Inc.		37,001		1,747,557

Diversified Telecommunication Services – 1.3%

AT&T, Inc.		109,868		1,855,671

Iridium Communications, Inc.		30,872		950,549

Verizon Communications, Inc.		46,762		1,846,631
				4,652,851

Electric Utilities – 2.6%

Duke Energy Corp.		28,148		2,765,823

Evergy, Inc.		26,105		1,369,207

Exelon Corp.		41,995		1,578,172

OGE Energy Corp.		46,535		1,612,438

PPL Corp.		65,603		1,801,458
				9,127,098

Entertainment – 0.5%

Electronic Arts, Inc.		13,847		1,756,077

Financial Services – 2.9%

Corebridge Financial, Inc.(a)		69,689		1,850,940

Fidelity National Information Services, Inc.		31,780		2,158,498

Mastercard, Inc., Class A		2,497		1,126,646

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			271

FlexShares® Quality Dividend Defensive Index Fund (cont.)


Investments	Shares		Value

COMMON STOCKS – (continued)

Financial Services – (continued)

Radian Group, Inc.(a)		62,425	$	1,864,635

Visa, Inc., Class A(a)		5,448		1,463,387

Western Union Co. (The)(a)		133,476		1,793,917
				10,258,023

Food Products – 1.1%

General Mills, Inc.		28,829		2,031,292

Kellanova		33,369		1,930,730
				3,962,022

Health Care Equipment & Supplies – 0.8%

ResMed, Inc.(a)		10,442		2,234,483

Solventum Corp.*		5,675		368,932
				2,603,415

Health Care Providers & Services – 3.9%

Cardinal Health, Inc.		17,479		1,801,036

Cencora, Inc.		8,626		2,062,045

Chemed Corp.		2,848		1,617,664

Cigna Group (The)		10,669		3,809,260

McKesson Corp.		4,994		2,682,827

UnitedHealth Group, Inc.		3,405		1,646,998
				13,619,830

Hotels, Restaurants & Leisure – 2.7%

Domino’s Pizza, Inc.		4,313		2,282,742

McDonald’s Corp.		12,258		3,346,924

Starbucks Corp.		41,541		3,675,963
				9,305,629

Household Products – 4.2%

Clorox Co. (The)		2,497		369,231

Kimberly-Clark Corp.		10,215		1,394,654

Procter & Gamble Co. (The)		69,008		11,262,106

WD-40 Co.(a)		6,583		1,488,614
				14,514,605

Independent Power and Renewable Electricity Producers – 1.2%

Clearway Energy, Inc., Class C		48,578		1,135,754

Vistra Corp.		41,087		3,116,038
				4,251,792


Investments	Shares		Value

Industrial Conglomerates – 0.8%

3M Co.		22,700	$	2,190,777

Honeywell International, Inc.		3,178		612,496
				2,803,273

Insurance – 3.8%

Aflac, Inc.(a)		25,651		2,145,706

Allstate Corp. (The)		12,712		2,161,803

American Financial Group, Inc.		14,528		1,855,952

Loews Corp.		24,516		1,842,377

MetLife, Inc.		25,878		1,839,408

Old Republic International Corp.		58,566		1,748,781

Willis Towers Watson plc		7,037		1,767,272
				13,361,299

Interactive Media & Services – 2.4%

Meta Platforms, Inc., Class A		19,459		8,370,678

IT Services – 1.6%

Accenture plc, Class A		227		68,307

Amdocs Ltd.		19,749		1,658,718

International Business Machines Corp.		23,835		3,961,377
				5,688,402

Machinery – 1.9%

Illinois Tool Works, Inc.		11,123		2,715,235

Mueller Industries, Inc.		35,185		1,964,027

Otis Worldwide Corp.		20,884		1,904,621
				6,583,883

Media – 1.3%

Comcast Corp., Class A		64,468		2,456,875

Omnicom Group, Inc.		5,675		526,867

TEGNA, Inc.(a)		117,132		1,597,681
				4,581,423

Metals & Mining – 0.5%

Reliance, Inc.		5,675		1,615,786

Mortgage Real Estate Investment Trusts (REITs) – 0.7%

Blackstone Mortgage Trust, Inc., Class A(a)		67,419		1,189,271

Starwood Property Trust, Inc.(a)		66,738		1,266,020
				2,455,291

See Accompanying Notes to the Financial Statements.


272		FLEXSHARES SEMIANNUAL REPORT

FlexShares® Quality Dividend Defensive Index Fund (cont.)


Investments	Shares		Value

COMMON STOCKS – (continued)

Multi-Utilities – 1.9%

Consolidated Edison, Inc.		22,246	$	2,100,023

Dominion Energy, Inc.		44,492		2,268,202

Public Service Enterprise Group, Inc.		32,688		2,258,087
				6,626,312

Oil, Gas & Consumable Fuels – 1.2%

Chevron Corp.		1,816		292,866

Chord Energy Corp.		2,270		401,745

Coterra Energy, Inc.		18,841		515,490

CVR Energy, Inc.(a)		7,264		220,680

Exxon Mobil Corp.		21,792		2,577,340
				4,008,121

Pharmaceuticals – 6.0%

Bristol-Myers Squibb Co.		75,364		3,311,494

Eli Lilly & Co.		7,491		5,851,220

Johnson & Johnson		73,548		10,634,305

Merck & Co., Inc.		5,902		762,657

Zoetis, Inc.		2,497		397,622
				20,957,298

Professional Services – 2.6%

Automatic Data Processing, Inc.		14,982		3,623,996

Paychex, Inc.(a)		15,890		1,887,891

Science Applications International Corp.		13,166		1,694,464

Verisk Analytics, Inc.		7,945		1,731,692
				8,938,043

Residential REITs – 3.5%

American Homes 4 Rent, Class A, REIT		52,664		1,885,371

AvalonBay Communities, Inc., REIT		3,405		645,486

Camden Property Trust, REIT		18,387		1,832,816

Equity Residential, REIT(a)		31,099		2,002,776

Essex Property Trust, Inc., REIT		7,718		1,900,557

Mid-America Apartment Communities, Inc., REIT		14,074		1,829,620

UDR, Inc., REIT		50,848		1,936,292
				12,032,918


Investments	Shares		Value

Semiconductors & Semiconductor Equipment – 8.8%

Broadcom, Inc.		10,669	$	13,872,581

KLA Corp.		4,994		3,442,314

NVIDIA Corp.		15,536		13,423,415
				30,738,310

Software – 7.3%

Bentley Systems, Inc., Class B(a)		31,553		1,657,479

Intuit, Inc.		7,491		4,686,519

Microsoft Corp.		49,259		19,178,007
				25,522,005

Specialized REITs – 1.5%

CubeSmart, REIT		34,050		1,376,982

Digital Realty Trust, Inc., REIT(a)		13,847		1,921,686

Public Storage, REIT		7,264		1,884,645
				5,183,313

Specialty Retail – 4.5%

Best Buy Co., Inc.(a)		18,387		1,354,019

Home Depot, Inc. (The)		30,872		10,318,040

Lowe’s Cos., Inc.		7,037		1,604,365

Williams-Sonoma, Inc.(a)		8,399		2,408,665
				15,685,089

Technology Hardware, Storage & Peripherals – 7.5%

Apple, Inc.		137,335		23,392,271

Dell Technologies, Inc., Class C		22,927		2,857,621
				26,249,892

Tobacco – 0.8%

Altria Group, Inc.(a)		63,787		2,794,509

Trading Companies & Distributors – 1.0%

Fastenal Co.		29,056		1,974,065

MSC Industrial Direct Co., Inc., Class A(a)		17,706		1,615,495
				3,589,560
Total Common Stocks (Cost $282,858,595)				345,873,435

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			273

FlexShares® Quality Dividend Defensive Index Fund (cont.)


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS – 5.3%(b)

REPURCHASE AGREEMENTS – 5.3%

BofA Securities, Inc., 5.77%, dated 4/30/2024, due 7/31/2024, repurchase price $1,014,746, collateralized by various Common Stocks, U.S. Treasury Securities, ranging from 1.63% – 2.25%, maturing 11/15/2027 – 11/15/2050; total market value $1,067,269	$	1,000,000	$	1,000,000

CF Secured LLC, 5.31%, dated 4/30/2024, due 5/1/2024, repurchase price $7,492,454, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 6.75%, maturing 5/15/2024 – 2/15/2054; total market value $7,584,126		7,491,349		7,491,349

Citigroup Global Markets, Inc., 5.30%, dated 4/30/2024, due 5/1/2024, repurchase price $5,000,736, collateralized by various U.S. Treasury Securities, 4.88%, 4/30/2026; total market value $5,094,226		5,000,000		5,000,000

TD Prime Services LLC, 5.42%, dated 4/30/2024, due 5/1/2024, repurchase price $5,000,753, collateralized by various Common Stocks; total market value $5,420,126		5,000,000		5,000,000
				18,491,349
Total Securities Lending Reinvestments (Cost $18,491,349)				18,491,349
Total Investments – 104.6% (Cost $301,349,944)				364,364,784

Liabilities in excess of other assets – (4.6%)				(16,056,261	)
NET ASSETS – 100.0%			$	348,308,523

*	Non-income producing security.

^(a)

The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 was $29,555,841, collateralized in the form of cash with a value of $18,491,349 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $12,157,829 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.13%, and maturity dates ranging from May 9, 2024 – February 15, 2054; a total value of $30,649,178.

^(b)

The security was purchased with cash collateral held from securities on loan at April 30, 2024. The total value of securities purchased was $18,491,349.

Percentages shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust



Aggregate gross unrealized appreciation	$	72,619,982
Aggregate gross unrealized depreciation		(9,713,165	)
Net unrealized appreciation	$	62,906,817
Federal income tax cost	$	301,405,450

See Accompanying Notes to the Financial Statements.


274		FLEXSHARES SEMIANNUAL REPORT

FlexShares® Quality Dividend Defensive Index Fund (cont.)

Futures Contracts

FlexShares® Quality Dividend Defensive Index Fund had the following open futures contracts as of April 30, 2024:


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
S&P 500 E-Mini Index		9		06/21/2024		USD	$	2,280,150	$	(52,517	)

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

Abbreviations:

USD – US Dollar


Security Type	% of Net Assets
Common Stocks		99.3	%
Securities Lending Reinvestments		5.3
Others⁽¹⁾		(4.6	)
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			275

Schedule of Investments

FlexShares® International Quality Dividend Index Fund

April 30, 2024 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 97.9%

Air Freight & Logistics – 0.1%

SG Holdings Co. Ltd.		38,800	$	454,781

Automobile Components – 0.3%

Fuyao Glass Industry Group Co. Ltd., Class H(a)		236,400		1,422,112

Automobiles – 3.0%

Dr Ing hc F Porsche AG (Preference)(a)		40,600		3,633,547

Isuzu Motors Ltd.		301,600		3,832,168

Kia Corp.		13,688		1,168,645

Mercedes-Benz Group AG		83,752		6,352,806

Subaru Corp.		30,800		691,295

Yadea Group Holdings Ltd.(a) (b)		464,000		895,822
				16,574,283

Banks – 12.9%

Akbank TAS		247,312		454,116

Banco del Bajio SA(a)		1,044,000		3,870,003

Bank Leumi Le-Israel BM		163,792		1,285,779

Barclays plc		2,536,456		6,437,799

BOC Hong Kong Holdings Ltd.		1,698,000		5,243,019

China Construction Bank Corp., Class H		10,440,000		6,807,651

China Merchants Bank Co. Ltd., Class H		636,000		2,793,254

Commonwealth Bank of Australia(b)		1,160		86,277

FinecoBank Banca Fineco SpA		302,760		4,674,605

First Abu Dhabi Bank PJSC		535,224		1,818,616

HSBC Holdings plc		98,832		860,822

Japan Post Bank Co. Ltd.		23,200		236,401

KBC Group NV		64,496		4,820,468

Mitsubishi UFJ Financial Group, Inc.		255,200		2,561,487

National Bank of Canada		4,408		354,668

Royal Bank of Canada(b)		144,536		14,012,265

Santander Bank Polska SA		12,296		1,704,173

Sberbank of Russia PJSC‡		1,227,390		—

Skandinaviska Enskilda Banken AB, Class A		314,128		4,158,456


Investments	Shares		Value

Banks – (continued)

Sumitomo Mitsui Financial Group, Inc.		56,300	$	3,212,748

Swedbank AB, Class A		211,352		4,089,976

Yapi ve Kredi Bankasi A/S		2,759,176		2,750,952
				72,233,535

Beverages – 0.1%

Nongfu Spring Co. Ltd., Class H(a) (b)		74,800		441,845

Broadline Retail – 0.2%

B&M European Value Retail SA		40,832		265,353

Next plc		7,888		889,717
				1,155,070

Building Products – 0.5%

Geberit AG (Registered)		4,640		2,497,197

Capital Markets – 4.6%

3i Group plc		138,736		4,996,138

Brookfield Asset Management Ltd., Class A(b)		77,024		2,948,424

China Galaxy Securities Co. Ltd., Class H		6,380,000		3,483,174

Hong Kong Exchanges & Clearing Ltd.		2,700		86,856

Japan Exchange Group, Inc.		103,300		2,433,407

Julius Baer Group Ltd.		58,464		3,162,404

Macquarie Korea Infrastructure Fund		435,928		3,974,165

Moscow Exchange MICEX-RTS PJSC^‡		775,590		—

Partners Group Holding AG		3,380		4,383,699
				25,468,267

Chemicals – 2.4%

Fertiglobe plc		5,510,928		4,186,199

Nissan Chemical Corp.		10,400		357,009

Nitto Denko Corp.		17,300		1,436,857

Sahara International Petrochemical Co.		152,192		1,391,827

Shin-Etsu Chemical Co. Ltd.		116,000		4,566,581

Yara International ASA		51,272		1,469,987
				13,408,460

See Accompanying Notes to the Financial Statements.


276		FLEXSHARES SEMIANNUAL REPORT

FlexShares® International Quality Dividend Index Fund (cont.)


Investments	Shares		Value

COMMON STOCKS – (continued)

Consumer Staples Distribution & Retail – 0.8%

Coles Group Ltd.		410,176	$	4,320,161

Kesko OYJ, Class B		3,480		59,648
				4,379,809

Diversified Telecommunication Services – 1.9%

Elisa OYJ		7,192		325,443

Emirates Integrated Telecommunications Co. PJSC		2,548,984		4,059,886

Koninklijke KPN NV		672,336		2,449,995

Spark New Zealand Ltd.		46,168		130,316

Telstra Group Ltd.		1,479,464		3,525,732
				10,491,372

Electric Utilities – 2.2%

Fortum OYJ(b)		277,240		3,669,913

Origin Energy Ltd.		529,192		3,350,400

Power Grid Corp. of India Ltd.		235,480		851,904

Redeia Corp. SA(b)		259,608		4,344,219
				12,216,436

Electrical Equipment – 0.0%(c)

Voltronic Power Technology Corp.		4,839		230,344

Electronic Equipment, Instruments & Components – 0.1%

Largan Precision Co. Ltd.		4,000		268,411

Shimadzu Corp.		13,200		361,613
				630,024

Entertainment – 1.0%

Capcom Co. Ltd.		20,800		346,501

Nintendo Co. Ltd.		109,900		5,391,466
				5,737,967

Financial Services – 3.7%

Banca Mediolanum SpA		389,760		4,242,524

FirstRand Ltd.		1,206,168		4,172,615

ORIX Corp.		179,400		3,694,820

Power Finance Corp. Ltd.		803,416		4,251,729

REC Ltd.		722,912		4,394,071
				20,755,759


Investments	Shares		Value

Food Products – 2.0%

China Feihe Ltd.(a)		3,248,000	$	1,785,710

Nestle SA (Registered)		84,680		8,512,780

Want Want China Holdings Ltd.		1,856,000		1,060,748
				11,359,238

Gas Utilities – 0.8%

Kunlun Energy Co. Ltd.		664,000		647,768

Snam SpA		881,368		4,054,216
				4,701,984

Ground Transportation – 0.0%(c)

Canadian National Railway Co.		2,088		253,946

Health Care Equipment & Supplies – 0.3%

Hoya Corp.		13,000		1,525,816

Health Care Providers & Services – 0.0%(c)

Sonic Healthcare Ltd.		7,192		125,019

Hotels, Restaurants & Leisure – 1.1%

InterContinental Hotels Group plc		24,128		2,372,237

OPAP SA		237,800		3,969,118
				6,341,355

Household Durables – 0.7%

Nien Made Enterprise Co. Ltd.		311,710		3,647,242

Household Products – 0.3%

Unilever Indonesia Tbk. PT		9,256,800		1,491,563

Independent Power and Renewable Electricity Producers – 0.0%(c)

Huadian Power International Corp. Ltd., Class H(b)		242,000		132,430

Unipro PJSC* ‡		125,500,000		—
				132,430

Industrial Conglomerates – 0.5%

Hitachi Ltd.		28,000		2,601,341

Siemens AG (Registered)		1,624		305,444
				2,906,785

Insurance – 2.2%

Admiral Group plc		55,912		1,910,579

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			277

FlexShares® International Quality Dividend Index Fund (cont.)


Investments	Shares		Value

COMMON STOCKS – (continued)

Insurance – (continued)

BB Seguridade Participacoes SA		626,400	$	3,891,509

Caixa Seguridade Participacoes SA		904,800		2,733,724

Manulife Financial Corp.		147,784		3,454,048

Sampo OYJ, Class A		12,528		507,960
				12,497,820

Interactive Media & Services – 1.0%

Rightmove plc		251,256		1,620,243

Tencent Holdings Ltd.		90,200		4,004,173
				5,624,416

IT Services – 1.8%

HCL Technologies Ltd.		184,208		3,017,138

Infosys Ltd.		58,232		991,433

Nomura Research Institute Ltd.		69,600		1,696,159

Obic Co. Ltd.		5,200		672,780

SCSK Corp.		198,300		3,623,497
				10,001,007

Leisure Products – 0.0%(c)

Shimano, Inc.		600		98,427

Machinery – 1.3%

Kone OYJ, Class B		88,856		4,351,425

VAT Group AG(a)		6,032		3,043,130
				7,394,555

Marine Transportation – 3.8%

Cia Sud Americana de Vapores SA		39,101,048		3,063,140

COSCO SHIPPING Holdings Co. Ltd., Class H		3,944,000		5,123,388

Evergreen Marine Corp. Taiwan Ltd.		874,883		5,091,528

Orient Overseas International Ltd.(b)		225,500		3,295,485

Yang Ming Marine Transport Corp.		2,784,000		4,463,018
				21,036,559


Investments	Shares		Value

Metals & Mining – 6.2%

BHP Group Ltd.		528,496	$	14,766,987

Glencore plc		531,048		3,109,979

GMK Norilskiy Nickel PAO‡		1,631,500		—

Grupo Mexico SAB de CV, Series B		162,400		1,008,894

Kumba Iron Ore Ltd.(b)		122,728		3,020,171

Pilbara Minerals Ltd.(b)		527,800		1,391,471

Rio Tinto plc		80,968		5,547,737

Severstal PAO* ‡		58,985		—

Vedanta Ltd.		1,244,912		5,936,128
				34,781,367

Oil, Gas & Consumable Fuels – 7.8%

Adaro Energy Indonesia Tbk. PT		25,148,800		4,191,467

Canadian Natural Resources Ltd.(b)		114,144		8,667,251

China Shenhua Energy Co. Ltd., Class H		1,121,500		4,688,929

Coal India Ltd.		272,136		1,481,747

Equinor ASA		104,864		2,830,835

Exxaro Resources Ltd.		429,896		4,131,287

Petroleo Brasileiro SA (Preference)		580,000		4,702,128

Shell plc		57,072		2,045,977

TotalEnergies SE		13,224		969,846

United Tractors Tbk. PT		556,800		850,096

Var Energi ASA		1,354,416		4,449,430

Yankuang Energy Group Co. Ltd., Class H(b)		2,102,000		4,579,614
				43,588,607

Passenger Airlines – 0.6%

Singapore Airlines Ltd.		672,800		3,226,480

Personal Care Products – 2.3%

Hengan International Group Co. Ltd.		116,000		391,551

L’Oreal SA		25,288		11,887,782

Unilever plc		7,192		372,826
				12,652,159

Pharmaceuticals – 7.2%

Astellas Pharma, Inc.		23,200		223,206

AstraZeneca plc		12,064		1,822,078

See Accompanying Notes to the Financial Statements.


278		FLEXSHARES SEMIANNUAL REPORT

FlexShares® International Quality Dividend Index Fund (cont.)


Investments	Shares		Value

COMMON STOCKS – (continued)

Pharmaceuticals – (continued)

China Medical System Holdings Ltd.		859,000	$	769,906

Novartis AG (Registered)		102,776		9,978,960

Novo Nordisk A/S, Class B		146,624		18,972,929

Orion OYJ, Class B		2,784		106,539

Roche Holding AG		696		182,737

Roche Holding AG – BR		32,944		7,923,945

Sanofi SA		1,392		138,540
				40,118,840

Professional Services – 2.7%

Bureau Veritas SA		141,288		4,142,400

Randstad NV(b)		73,080		3,688,245

Recruit Holdings Co. Ltd.		43,900		1,925,446

RELX plc		64,032		2,648,268

SGS SA (Registered)(b)		30,687		2,712,194
				15,116,553

Real Estate Management & Development – 1.9%

China Vanke Co. Ltd., Class H(b)		5,336,000		3,158,809

CK Asset Holdings Ltd.		928,000		3,992,635

Daito Trust Construction Co. Ltd.		33,200		3,568,634
				10,720,078

Retail REITs – 0.7%

Link REIT, REIT		881,600		3,815,547

Semiconductors & Semiconductor Equipment – 6.0%

ASML Holding NV		5,935		5,284,313

BE Semiconductor Industries NV		12,064		1,618,879

MediaTek, Inc.		165,004		5,026,840

Novatek Microelectronics Corp.		260,986		4,953,300

Realtek Semiconductor Corp.		81,271		1,292,868

Taiwan Semiconductor Manufacturing Co. Ltd.		419,004		10,165,628

Tokyo Electron Ltd.		20,000		4,463,508

Vanguard International Semiconductor Corp.		293,000		773,847
				33,579,183

Software – 0.9%

Nemetschek SE		40,136		3,585,583


Investments	Shares		Value

Software – (continued)

Oracle Financial Services Software Ltd.		7,192	$	654,985

Temenos AG (Registered)		16,704		1,047,244
				5,287,812

Specialty Retail – 1.5%

Fast Retailing Co. Ltd.		600		158,422

H & M Hennes & Mauritz AB, Class B(b)		111,592		1,797,018

Industria de Diseno Textil SA(b)		119,712		5,484,888

Topsports International Holdings Ltd.(a)		928,000		647,839
				8,088,167

Technology Hardware, Storage & Peripherals – 1.3%

Catcher Technology Co. Ltd.		214,000		1,432,713

Lite-On Technology Corp.		548,421		1,684,236

Micro-Star International Co. Ltd.		232,000		1,136,417

Samsung Electronics Co. Ltd.		54,984		3,083,178

Wiwynn Corp.		2,000		144,954
				7,481,498

Textiles, Apparel & Luxury Goods – 3.6%

ANTA Sports Products Ltd.(b)		139,200		1,596,461

Bosideng International Holdings Ltd.(b)		5,798,000		3,358,173

Burberry Group plc		197,896		2,850,887

Cie Financiere Richemont SA (Registered)		2,088		291,179

Eclat Textile Co. Ltd.		6,000		94,896

Feng TAY Enterprise Co. Ltd.		21,284		105,891

Hermes International SCA		3,088		7,432,451

LVMH Moet Hennessy Louis Vuitton SE		3,016		2,497,330

Pandora A/S		4,872		747,002

Shenzhou International Group Holdings Ltd.		116,000		1,159,822
				20,134,092

Tobacco – 1.6%

Imperial Brands plc		190,936		4,371,587

Japan Tobacco, Inc.		172,800		4,661,367
				9,032,954

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			279

FlexShares® International Quality Dividend Index Fund (cont.)


Investments	Shares		Value

COMMON STOCKS – (continued)

Trading Companies & Distributors – 3.0%

Howden Joinery Group plc		347,304	$	3,809,520

ITOCHU Corp.(b)		116,000		5,260,229

Marubeni Corp.		185,600		3,330,692

Mitsubishi Corp.		129,000		2,967,496

Mitsui & Co. Ltd.		29,600		1,436,879
				16,804,816

Wireless Telecommunication Services – 1.0%

Intouch Holdings PCL, NVDR		255,200		461,371

KDDI Corp.		20,500		573,190

Tele2 AB, Class B		510,632		4,796,523
				5,831,084
Total Common Stocks (Cost $486,388,161)				547,494,660
	Principal Amount

SECURITIES LENDING REINVESTMENTS – 3.8%(d)

REPURCHASE AGREEMENTS – 3.8%

CF Secured LLC, 5.31%, dated 4/30/2024, due 5/1/2024, repurchase price $5,997,998, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 6.75%, maturing 5/15/2024 – 2/15/2054; total market value $6,071,385	$	5,997,114		5,997,114

Citigroup Global Markets, Inc., 5.30%, dated 4/30/2024, due 5/1/2024, repurchase price $10,001,472, collateralized by various U.S. Treasury Securities, 4.88%, 4/30/2026; total market value $10,188,453		10,000,000		10,000,000


Investments	Principal Amount		Value

REPURCHASE AGREEMENTS – (continued)

TD Prime Services LLC, 5.42%, dated 4/30/2024, due 5/1/2024, repurchase price $5,000,753, collateralized by various Common Stocks; total market value $5,420,126	$	5,000,000	$	5,000,000
				20,997,114
Total Securities Lending Reinvestments (Cost $20,997,114)				20,997,114
Total Investments – 101.7% (Cost $507,385,275)				568,491,774

Liabilities in excess of other assets – (1.7%)				(9,647,979	)
NET ASSETS – 100.0%			$	558,843,795

*	Non-income producing security.

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

^(a)

^(b)

The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 was $49,827,893, collateralized in the form of cash with a value of $20,997,114 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $17,005,067 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 5.52%, and maturity dates ranging from May 15, 2024 – November 15, 2053 and $15,562,950 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 23, 2024 – June 30, 2120; a total value of $53,565,131.

^(c)

Represents less than 0.05% of net assets.

^(d)

The security was purchased with cash collateral held from securities on loan at April 30, 2024. The total value of securities purchased was $20,997,114.

Percentages shown are based on Net Assets.

See Accompanying Notes to the Financial Statements.


280		FLEXSHARES SEMIANNUAL REPORT

FlexShares® International Quality Dividend Index Fund (cont.)

Abbreviations

NVDR – Non-Voting Depositary Receipt

OYJ – Public Limited Company

PJSC – Public Joint Stock Company

REIT – Real Estate Investment Trust

SCA – Limited partnership with share capital



Aggregate gross unrealized appreciation	$	100,767,678
Aggregate gross unrealized depreciation		(48,136,496	)
Net unrealized appreciation	$	52,631,182
Federal income tax cost	$	515,787,606

Futures Contracts

FlexShares® International Quality Dividend Index Fund had the following open futures contracts as of April 30, 2024:


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
MSCI EAFE E-Mini Index		71		06/21/2024		USD	$	8,049,625	$	(250,131	)
MSCI Emerging Markets E-Mini Index		81		06/21/2024		USD		4,220,100		(28,356	)
									$	(278,487	)

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

Forward Foreign Currency Contracts

FlexShares® International Quality Dividend Index Fund had the following outstanding contracts as of April 30, 2024:


Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	530,160	Goldman Sachs & Co.	BRL*	2,653,155		06/20/2024	$	20,679
USD	518,469	Morgan Stanley	CHF	453,364		06/20/2024		21,355
USD	372,784	Morgan Stanley	DKK	2,540,779		06/20/2024		7,579
USD	1,754,791	Morgan Stanley	EUR	1,607,812		06/20/2024		32,064
USD	702,502	Citibank NA	GBP	550,955		06/20/2024		12,442
USD	244,631	Bank of New York Mellon (The)	HKD	1,908,608		06/20/2024		232
USD	332,574	Morgan Stanley	INR*	27,750,000		06/20/2024		554
USD	596,068	Citibank NA	JPY	87,491,715		06/20/2024		35,835
USD	1,260,524	Morgan Stanley	JPY	187,298,000		06/20/2024		61,205
USD	192,778	JPMorgan Chase Bank NA	KRW*	259,920,000		06/20/2024		4,225
USD	362,190	Toronto-Dominion Bank (The)	KRW*	474,657,039		06/20/2024		17,863
USD	141,397	Citibank NA	MXN	2,396,034		06/20/2024		1,882
USD	239,478	Barclays Bank plc	SEK	2,520,000		06/20/2024		9,361
USD	145,040	Morgan Stanley	ZAR	2,739,232		06/20/2024		198
Total unrealized appreciation							$	225,474

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			281

FlexShares® International Quality Dividend Index Fund (cont.)


Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
AUD	114,004	Citibank NA	USD	75,052		06/20/2024	$	(913	)
CAD	434,313	Bank of New York Mellon (The)	USD	321,865		06/20/2024		(5,473	)
SEK	2,423,745	Citibank NA	USD	234,914		06/20/2024		(13,587	)
Total unrealized depreciation							$	(19,973	)
Net unrealized appreciation							$	205,501

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

Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

DKK – Danish Krone

EUR – Euro

GBP – British Pound

HKD – Hong Kong Dollar

INR – Indian Rupee

JPY – Japanese Yen

KRW – Korean Won

MXN – Mexican Peso

SEK – Swedish Krona

USD – US Dollar

ZAR – South African Rand

See Accompanying Notes to the Financial Statements.


282		FLEXSHARES SEMIANNUAL REPORT

FlexShares® International Quality Dividend Index Fund (cont.)

FlexShares® International Quality Dividend Index invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2024:


Australia	4.9	%
Belgium	0.9
Brazil	2.0
Canada	5.3
Chile	0.5
China	9.3
Denmark	3.5
Finland	1.6
France	4.8
Germany	2.5
Greece	0.7
Hong Kong	2.4
India	3.9
Indonesia	1.2
Israel	0.2
Italy	2.3
Japan	12.2
Mexico	0.9
Netherlands	2.3
New Zealand	0.0	^†
Norway	1.6
Poland	0.3
Saudi Arabia	0.2
Singapore	0.6
South Africa	2.0
South Korea	1.5
Spain	1.8
Sweden	2.7
Switzerland	7.8
Taiwan	7.3
Thailand	0.1
Turkey	0.6
United Arab Emirates	1.8
United Kingdom	8.2
Other¹	2.1
	100.0	%

^†	Amount represents less than 0.05%.

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


Security Type	% of Net Assets
Common Stocks		97.9	%
Securities Lending Reinvestments		3.8
Others⁽¹⁾		(1.7	)
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			283

Schedule of Investments

FlexShares® International Quality Dividend Defensive Index Fund

April 30, 2024 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 96.4%

Aerospace & Defense – 0.9%

BAE Systems plc		792	$	13,219

Thales SA		1,166		196,924
				210,143

Air Freight & Logistics – 0.2%

Deutsche Post AG		957		40,174

Automobile Components – 0.3%

Bridgestone Corp.		1,601		71,003

Automobiles – 1.3%

Bayerische Motoren Werke AG		165		18,075

Bayerische Motoren Werke AG (Preference)		44		4,540

Hyundai Motor Co.		55		9,988

Hyundai Motor Co. (2nd Preference)		407		46,822

Hyundai Motor Co. (Preference)		407		46,646

Subaru Corp.		8,100		181,802
				307,873

Banks – 10.5%

Abu Dhabi Commercial Bank PJSC		48,191		109,558

Arab National Bank		6,248		51,475

Banco de Chile		446,490		49,735

Bank Hapoalim BM		20,185		183,114

Bank Leumi Le-Israel BM		14,058		110,356

Barclays plc		91,751		232,874

BOC Hong Kong Holdings Ltd.		14,609		45,109

CaixaBank SA		4,433		23,472

Commonwealth Bank of Australia(a)		3,828		284,713

Credit Agricole SA		4,257		66,229

Hang Seng Bank Ltd.(a)		1,100		14,613

HSBC Holdings plc		3,905		34,012

Indian Bank		2,299		15,106

KBC Group NV		1,760		131,543

Mizrahi Tefahot Bank Ltd.		2,189		80,172

Royal Bank of Canada(a)		4,037		391,373

Sberbank of Russia PJSC‡		79,800		—

Sumitomo Mitsui Financial Group, Inc.		5,102		291,145


Investments	Shares		Value

Banks – (continued)

Swedbank AB, Class A		8,899	$	172,209

Toronto-Dominion Bank (The)		220		13,078

Union Bank of India Ltd.		97,526		180,240
				2,480,126

Broadline Retail – 1.2%

B&M European Value Retail SA		8,063		52,399

Dollarama, Inc.		858		71,720

Prosus NV		3,322		111,925

Woolworths Holdings Ltd.		12,166		38,851
				274,895

Capital Markets – 1.8%

Deutsche Boerse AG		638		123,577

Macquarie Korea Infrastructure Fund		16,773		152,912

Moscow Exchange MICEX-RTS PJSC‡		227,100		—

NH Investment & Securities Co. Ltd.		5,401		48,809

Singapore Exchange Ltd.		15,400		105,697
				430,995

Chemicals – 1.9%

Evonik Industries AG		1,694		35,402

Fertiglobe plc		160,853		122,187

Nissan Chemical Corp.		3,647		125,194

Nutrien Ltd.		528		27,898

Sasol Ltd.		3,663		25,915

Wacker Chemie AG		55		5,916

Yara International ASA		3,498		100,289
				442,801

Commercial Services & Supplies – 0.9%

Brambles Ltd.		2,739		26,002

RB Global, Inc.(a)		649		46,531

Secom Co. Ltd.		1,856		129,501
				202,034

Communications Equipment – 0.6%

Accton Technology Corp.		9,963		141,205

Construction & Engineering – 0.3%

WSP Global, Inc.		396		60,211

See Accompanying Notes to the Financial Statements.


284		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Consumer Staples Distribution & Retail – 0.4%

Kesko OYJ, Class B		187	$	3,205

Loblaw Cos. Ltd.		605		66,478

Metro, Inc., Class A		385		19,734
				89,417

Containers & Packaging – 0.0%(b)

Smurfit Kappa Group plc(a)		242		10,575

Diversified Telecommunication Services – 2.1%

Elisa OYJ		2,750		124,439

Hellenic Telecommunications Organization SA		4,675		71,382

Koninklijke KPN NV		46,475		169,355

Nippon Telegraph & Telephone Corp.		65,300		70,875

Spark New Zealand Ltd.		2,354		6,645

Telenor ASA		4,455		51,453
				494,149

Electric Utilities – 2.0%

EDP – Energias de Portugal SA*		10,307		38,859

Enel SpA		18,612		123,007

Fortum OYJ(a)		4,103		54,313

Hydro One Ltd.(c)		1,705		47,855

Iberdrola SA		3,222		39,653

Redeia Corp. SA(a)		10,747		179,838
				483,525

Electrical Equipment – 0.6%

Sociedad Quimica y Minera de Chile SA (Preference), Class B		3,267		149,836

Electronic Equipment, Instruments & Components – 0.9%

Largan Precision Co. Ltd.		332		22,278

Shimadzu Corp.		6,653		182,258
				204,536

Entertainment – 0.6%

Capcom Co. Ltd.		1,200		19,991

Nexon Co. Ltd.		8,054		126,492
				146,483


Investments	Shares		Value

Financial Services – 1.7%

M&G plc		16,863	$	42,462

Power Finance Corp. Ltd.		33,582		177,718

REC Ltd.		30,217		183,668
				403,848

Food Products – 4.2%

Nestle SA (Registered)		6,270		630,316

Nissin Foods Holdings Co. Ltd.		5,852		156,373

WH Group Ltd.(a) (c)		82,500		60,336

Yakult Honsha Co. Ltd.		7,218		141,548
				988,573

Gas Utilities – 0.6%

China Gas Holdings Ltd.		57,200		53,827

Naturgy Energy Group SA(a)		1,859		47,149

Snam SpA(a)		9,625		44,274
				145,250

Ground Transportation – 0.5%

Canadian National Railway Co.		902		109,703

Health Care Equipment & Supplies – 0.7%

Cochlear Ltd.		836		176,483

Hotels, Restaurants & Leisure – 0.9%

OPAP SA		9,713		162,120

Sodexo SA		495		43,268
				205,388

Household Durables – 0.5%

Sekisui Chemical Co. Ltd.		3,300		48,263

Sekisui House Ltd.		2,600		59,909
				108,172

Independent Power and Renewable Electricity Producers – 2.1%

China Resources Power Holdings Co. Ltd.		24,390		60,810

Datang International Power Generation Co. Ltd., Class H(a)		1,122,000		222,357

Huadian Power International Corp. Ltd., Class H(a)		374,000		204,664
				487,831

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			285

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Industrial Conglomerates – 0.5%

Alfa SAB de CV, Class A		34,100	$	25,217

Jardine Matheson Holdings Ltd.		818		31,387

Quinenco SA		14,201		49,682

Siemens AG (Registered)		66		12,413
				118,699

Insurance – 5.0%

Admiral Group plc		5,148		175,913

Allianz SE (Registered)		704		200,684

BB Seguridade Participacoes SA		25,300		157,176

Caixa Seguridade Participacoes SA		61,600		186,116

Medibank Pvt Ltd.		19,668		45,466

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		308		135,749

Sampo OYJ, Class A		1,529		61,995

Samsung Fire & Marine Insurance Co. Ltd.		198		44,411

Zurich Insurance Group AG		341		165,155
				1,172,665

Interactive Media & Services – 2.3%

Tencent Holdings Ltd.		12,378		549,486

IT Services – 1.4%

Capgemini SE		33		6,983

Elm Co.		187		45,601

HCL Technologies Ltd.		9,295		152,242

Obic Co. Ltd.		820		106,092

SCSK Corp.		700		12,791
				323,709

Leisure Products – 0.8%

Shimano, Inc.		1,100		180,450

Machinery �� 1.1%

Kone OYJ, Class B		3,663		179,383

Techtronic Industries Co. Ltd.		5,500		76,932
				256,315

Marine Transportation – 3.6%

Cia Sud Americana de Vapores SA		2,445,049		191,543

COSCO SHIPPING Holdings Co. Ltd., Class H		165,000		214,341


Investments	Shares		Value

Marine Transportation – (continued)

Evergreen Marine Corp. Taiwan Ltd.		35,611	$	207,244

HMM Co. Ltd.		5,467		62,696

Yang Ming Marine Transport Corp.		113,684		182,246
				858,070

Metals & Mining – 6.1%

BHP Group Ltd.(a)		22,594		631,311

Kumba Iron Ore Ltd.		2,871		70,651

Magnitogorsk Iron & Steel Works PJSC* ‡		172,884		—

Novolipetsk Steel PJSC* ‡		47,108		—

Pilbara Minerals Ltd.(a)		57,794		152,366

Rio Tinto plc		5,060		346,699

Severstal PAO* ‡		6,900		—

Vedanta Ltd.		51,755		246,784
				1,447,811

Multi-Utilities – 0.1%

Engie SA*		1,650		28,705

Oil, Gas & Consumable Fuels – 7.6%

Adaro Energy Indonesia Tbk. PT		600,600		100,100

Aker BP ASA		2,123		52,145

ARC Resources Ltd.		1,969		35,730

BP plc		24,695		160,917

Cenovus Energy, Inc.(a)		1,056		21,737

Equinor ASA		5,764		155,601

Exxaro Resources Ltd.		2,068		19,873

LUKOIL PJSC^‡		240		—

Pembina Pipeline Corp.		1,683		59,340

Petroleo Brasileiro SA (Preference)		18,310		148,441

Shell plc		2,981		106,866

Suncor Energy, Inc.		5,368		205,249

Surgutneftegas PJSC (Preference)‡		276,000		—

TotalEnergies SE		2,970		217,819

United Tractors Tbk. PT		113,400		173,134

Var Energi ASA		31,691		104,109

Woodside Energy Group Ltd.		3,179		58,275

Yankuang Energy Group Co. Ltd., Class H(a)		86,409		188,259
				1,807,595

See Accompanying Notes to the Financial Statements.


286		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Personal Care Products – 1.7%

L'Oreal SA		814	$	382,658

Unilever plc		418		21,669
				404,327

Pharmaceuticals – 7.1%

Astellas Pharma, Inc.		11,392		109,602

AstraZeneca plc		682		103,005

China Medical System Holdings Ltd.		93,248		83,577

GSK plc		9,471		198,403

Novartis AG (Registered)		2,849		276,622

Novo Nordisk A/S, Class B		2,046		264,749

Orion OYJ, Class B		143		5,472

Roche Holding AG		22		5,776

Roche Holding AG – BR		2,497		600,598

Sanofi SA		418		41,602
				1,689,406

Professional Services – 2.0%

Bureau Veritas SA		6,512		190,924

Computershare Ltd.		7,414		131,093

Randstad NV		451		22,761

RELX plc		297		12,283

SGS SA (Registered)(a)		1,042		92,095

Teleperformance SE*		209		19,103
				468,259

Real Estate Management & Development – 2.0%

China Vanke Co. Ltd., Class H(a)		223,300		132,189

CK Asset Holdings Ltd.		29,500		126,921

Daito Trust Construction Co. Ltd.		1,451		155,966

Longfor Group Holdings Ltd.(c)		44,000		66,384
				481,460

Semiconductors & Semiconductor Equipment – 5.1%

ASML Holding NV		462		411,349

eMemory Technology, Inc.		363		24,804

Novatek Microelectronics Corp.		6,194		117,557

Renesas Electronics Corp.		11,107		185,523

Silergy Corp.		3,905		52,347

Taiwan Semiconductor Manufacturing Co. Ltd.		17,322		420,256
				1,211,836


Investments	Shares		Value

Software – 0.2%

Open Text Corp.		1,298	$	45,926

Specialty Retail – 2.7%

Abu Dhabi National Oil Co. for Distribution PJSC		39,402		37,440

Industria de Diseno Textil SA(a)		4,939		226,292

Jarir Marketing Co.		36,971		133,468

Topsports International Holdings Ltd.(c)		242,000		168,941

Zhongsheng Group Holdings Ltd.		13,971		25,687

ZOZO, Inc.		2,428		52,536
				644,364

Technology Hardware, Storage & Peripherals – 1.8%

Catcher Technology Co. Ltd.		20,899		139,917

Lite-On Technology Corp.		47,270		145,169

Samsung Electronics Co. Ltd.		2,453		137,550
				422,636

Textiles, Apparel & Luxury Goods – 1.8%

Bosideng International Holdings Ltd.(a)		352,000		203,876

Burberry Group plc		8,360		120,434

LVMH Moet Hennessy Louis Vuitton SE		135		111,784
				436,094

Tobacco – 1.6%

Imperial Brands plc		7,755		177,555

Japan Tobacco, Inc.		7,448		200,914
				378,469

Trading Companies & Distributors – 1.9%

ITOCHU Corp.(a)		3,603		163,385

Mitsubishi Corp.		8,705		200,248

Sumitomo Corp.		2,970		78,419
				442,052

Transportation Infrastructure – 0.2%

China Merchants Port Holdings Co. Ltd.		39,529		52,360

Wireless Telecommunication Services – 2.1%

Intouch Holdings PCL, NVDR		47,300		85,513

KDDI Corp.		4,328		121,013

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			287

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Wireless Telecommunication Services – (continued)

SoftBank Corp.		5,600	$	68,005

Tele2 AB, Class B		17,072		160,363

Vodafone Group plc		67,034		56,791
				491,685
Total Common Stocks (Cost $21,724,428)				22,777,608
	Principal Amount

SECURITIES LENDING REINVESTMENTS – 4.4%(d)

REPURCHASE AGREEMENTS – 4.4%

CF Secured LLC, 5.31%, dated 4/30/2024, due 5/1/2024, repurchase price $1,049,416, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 6.75%, maturing 5/15/2024 – 2/15/2054; total market value $1,062,256 (Cost $1,049,261)	$	1,049,261		1,049,261
Total Investments – 100.8% (Cost $22,773,689)				23,826,869

Liabilities in excess of other assets – (0.8%)				(179,932	)
NET ASSETS – 100.0%			$	23,646,937

*	Non-income producing security.

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

^(a)

The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 was $3,022,656, collateralized in the form of cash with a value of $1,049,261 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $1,256,877 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 7, 2024 – November 15, 2053 and $948,948 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 23, 2024 – June 30, 2120; a total value of $3,255,086.

^(b)

Represents less than 0.05% of net assets.

^(c)

^(d)

The security was purchased with cash collateral held from securities on loan at April 30, 2024. The total value of securities purchased was $1,049,261.

Percentages shown are based on Net Assets.

Abbreviations

NVDR – Non-Voting Depositary Receipt

OYJ – Public Limited Company

PJSC – Public Joint Stock Company



Aggregate gross unrealized appreciation	$	3,317,291
Aggregate gross unrealized depreciation		(2,655,696	)
Net unrealized appreciation	$	661,595
Federal income tax cost	$	23,156,271

See Accompanying Notes to the Financial Statements.


288		FLEXSHARES SEMIANNUAL REPORT

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

Futures Contracts

FlexShares® International Quality Dividend Defensive Index Fund had the following open futures contracts as of April 30, 2024:


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
MSCI EAFE E-Mini Index		4		06/21/2024		USD	$	453,500	$	(14,803	)
MSCI Emerging Markets E-Mini Index		9		06/21/2024		USD		468,900		(4,202	)
									$	(19,005	)

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

Forward Foreign Currency Contracts

FlexShares® International Quality Dividend Defensive Index Fund had the following outstanding contracts as of April 30, 2024:


Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	57,180	Morgan Stanley	CHF	50,000		06/20/2024	$	2,355
USD	17,606	Morgan Stanley	DKK	120,000		06/20/2024		358
USD	174,919	Morgan Stanley	EUR	160,000		06/20/2024		3,483
USD	12,751	Citibank NA	GBP	10,000		06/20/2024		226
USD	59,544	Citibank NA	JPY	8,740,000		06/20/2024		3,580
Net unrealized appreciation							$	10,002

Abbreviations:

CHF – Swiss Franc

DKK – Danish Krone

EUR – Euro

GBP – British Pound

JPY – Japanese Yen

USD – US Dollar

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			289

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

FlexShares® International Quality Dividend Defensive Index invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2024:


Australia	6.4	%
Belgium	0.6
Brazil	2.1
Canada	5.2
Chile	1.9
China	9.4
Denmark	1.1
Finland	1.8
France	5.5
Germany	2.4
Greece	1.0
Hong Kong	1.4
India	4.0
Indonesia	1.2
Israel	1.6
Italy	0.7
Japan	13.7
Mexico	0.1
Netherlands	2.5
New Zealand	0.0	^†
Norway	2.0
Portugal	0.2
Saudi Arabia	1.0
Singapore	0.6
South Africa	1.1
South Korea	2.3
Spain	2.2
Sweden	1.4
Switzerland	7.5
Taiwan	6.1
Thailand	0.4
United Arab Emirates	1.1
United Kingdom	7.9
Other¹	3.6
	100.0	%

^†	Amount represents less than 0.05%.

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


Security Type	% of Net Assets
Common Stocks		96.4	%
Securities Lending Reinvestments		4.4
Others⁽¹⁾		(0.8	)
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


290		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares® International Quality Dividend Dynamic Index Fund

April 30, 2024 (Unaudited)


Investments	Shares		Value

COMMON STOCKS – 98.0%

Air Freight & Logistics – 0.8%

Deutsche Post AG		4,550	$	191,003

DSV A/S		2,850		407,683
				598,686

Automobiles – 2.9%

Dr Ing hc F Porsche AG (Preference)(a)		4,525		404,970

Isuzu Motors Ltd.		25,000		317,653

Kia Corp.		1,225		104,587

Mercedes-Benz Group AG		10,525		798,349

Yadea Group Holdings Ltd.(a)		240,000		463,356
				2,088,915

Banks – 14.0%

ANZ Group Holdings Ltd.		37,600		687,542

Banco del Bajio SA(a) (b)		15,000		55,603

Bank Leumi Le-Israel BM		14,550		114,219

Bank Polska Kasa Opieki SA		10,825		452,123

Barclays plc		325,925		827,233

BOC Hong Kong Holdings Ltd.		25,000		77,194

CaixaBank SA		127,025		672,588

Canara Bank		74,475		555,151

China Construction Bank Corp., Class H		1,350,000		880,300

China Merchants Bank Co. Ltd., Class H		95,500		419,427

FinecoBank Banca Fineco SpA		38,975		601,773

Grupo Financiero Banorte SAB de CV, Class O		17,500		174,142

KBC Group NV		8,275		618,478

Mitsubishi UFJ Financial Group, Inc.		5,000		50,186

National Bank of Canada(b)		6,650		535,059

Powszechna Kasa Oszczednosci Bank Polski SA		41,350		620,306

Royal Bank of Canada(b)		10,425		1,010,668

Santander Bank Polska SA		4,275		592,497

Sberbank of Russia PJSC (Preference)‡		31,920		—

Skandinaviska Enskilda Banken AB, Class A		40,400		534,819


Investments	Shares		Value

Banks – (continued)

Swedbank AB, Class A		27,075	$	523,942
				10,003,250

Broadline Retail – 0.2%

B&M European Value Retail SA		20,375		132,410

Building Products – 0.7%

Geberit AG (Registered)		975		524,734

Capital Markets – 4.4%

3i Group plc		19,700		709,433

Brookfield Asset Management Ltd., Class A		13,575		519,642

Hong Kong Exchanges & Clearing Ltd.		11,800		379,594

Julius Baer Group Ltd.		7,225		390,811

Partners Group Holding AG		439		569,362

UBS Group AG (Registered)		22,050		583,496
				3,152,338

Chemicals – 2.4%

Fertiglobe plc		701,150		532,606

Nissan Chemical Corp.		3,300		113,282

Shin-Etsu Chemical Co. Ltd.		22,300		877,885

Sika AG (Registered)		375		107,657

Yara International ASA		2,925		83,861
				1,715,291

Consumer Staples Distribution & Retail – 0.7%

Coles Group Ltd.		43,100		453,949

Jeronimo Martins SGPS SA		3,525		72,932

Kesko OYJ, Class B		425		7,285
				534,166

Electric Utilities – 1.0%

Fortum OYJ(b)		35,225		466,285

Redeia Corp. SA(b)		15,350		256,863
				723,148

Electrical Equipment – 0.9%

Sociedad Quimica y Minera de Chile SA (Preference), Class B		7,175		329,070

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			291

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Electrical Equipment – (continued)

Voltronic Power Technology Corp.		7,000	$	333,210
				662,280

Electronic Equipment, Instruments & Components – 0.8%

Nan Ya Printed Circuit Board Corp.		65,000		373,288

Unimicron Technology Corp.		29,000		162,091
				535,379

Entertainment – 0.6%

Universal Music Group NV(b)		14,475		428,724

Financial Services – 3.1%

Banca Mediolanum SpA		50,150		545,881

FirstRand Ltd.		168,025		581,265

Power Finance Corp. Ltd.		103,350		546,934

REC Ltd.		92,975		565,129
				2,239,209

Food Products – 0.6%

Nestle SA (Registered)		3,925		394,576

Gas Utilities – 0.9%

Kunlun Energy Co. Ltd.		150,000		146,333

Snam SpA		112,825		518,985
				665,318

Ground Transportation – 0.1%

TFI International, Inc.		425		55,460

Health Care Equipment & Supplies – 2.3%

Hoya Corp.		5,200		610,326

Sonova Holding AG (Registered)		1,725		480,363

Straumann Holding AG (Registered)		3,350		449,272

Sysmex Corp.		7,500		120,747
				1,660,708

Hotels, Restaurants & Leisure – 1.0%

Evolution AB(a)		725		81,378

Haidilao International Holding Ltd.(a) (b)		50,000		114,305

OPAP SA		30,050		501,564
				697,247


Investments	Shares		Value

Household Durables – 0.8%

Nien Made Enterprise Co. Ltd.		47,000	$	549,936

Household Products – 0.2%

Reckitt Benckiser Group plc		2,925		163,642

Industrial Conglomerates – 1.8%

Hitachi Ltd.		12,500		1,161,313

Quinenco SA		42,050		147,111
				1,308,424

Insurance – 2.1%

BB Seguridade Participacoes SA		27,500		170,844

Caixa Seguridade Participacoes SA		190,000		574,058

Legal & General Group plc		49,750		147,015

Manulife Financial Corp.		26,075		609,432
				1,501,349

Interactive Media & Services – 2.2%

REA Group Ltd.(b)		4,475		522,005

Rightmove plc		76,700		494,606

Tencent Holdings Ltd.		12,000		532,706
				1,549,317

IT Services – 0.2%

Infosys Ltd.		6,800		115,774

Leisure Products – 0.6%

Shimano, Inc.		2,800		459,327

Machinery – 1.3%

Kone OYJ, Class B		7,475		366,063

VAT Group AG(a)		1,125		567,560
				933,623

Marine Transportation – 3.8%

Cia Sud Americana de Vapores SA		6,183,725		484,427

COSCO SHIPPING Holdings Co. Ltd., Class H		487,500		633,279

Evergreen Marine Corp. Taiwan Ltd.		111,000		645,983

Orient Overseas International Ltd.(b)		25,000		365,353

Yang Ming Marine Transport Corp.		350,000		561,084
				2,690,126

See Accompanying Notes to the Financial Statements.


292		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Media – 0.4%

Publicis Groupe SA		2,300	$	255,396

Metals & Mining – 6.3%

BHP Group Ltd.(b)		62,000		1,732,375

Fortescue Ltd.		13,300		224,977

Glencore plc		135,125		791,333

GMK Norilskiy Nickel PAO‡		212,800		—

Kumba Iron Ore Ltd.		15,575		383,280

Rio Tinto plc		8,500		582,400

Severstal PAO* ‡		7,952		—

Vedanta Ltd.		159,300		759,592
				4,473,957

Oil, Gas & Consumable Fuels – 7.7%

Adaro Energy Indonesia Tbk. PT		3,222,500		537,083

Canadian Natural Resources Ltd.		14,150		1,074,446

China Shenhua Energy Co. Ltd., Class H		33,000		137,971

Coal India Ltd.		94,900		516,719

Equinor ASA		12,750		344,190

Exxaro Resources Ltd.		55,275		531,191

Petroleo Brasileiro SA (Preference)		75,000		608,034

Shell plc		1,875		67,217

United Tractors Tbk. PT		347,500		530,547

Var Energi ASA		174,350		572,762

Woodside Energy Group Ltd.		1		17

Yankuang Energy Group Co. Ltd., Class H(b)		270,000		588,247
				5,508,424

Passenger Airlines – 0.3%

Ryanair Holdings plc, ADR		1,400		190,680

Personal Care Products – 2.2%

L'Oreal SA		3,375		1,586,573

Pharmaceuticals – 4.4%

Astellas Pharma, Inc.		13,700		131,807

AstraZeneca plc		300		45,310

China Medical System Holdings Ltd.		350,000		313,699

CSPC Pharmaceutical Group Ltd.(b)		600,000		497,110


Investments	Shares		Value

Pharmaceuticals – (continued)

Hansoh Pharmaceutical Group Co. Ltd.(a) (b)		258,000	$	573,979

Ipsen SA		1,300		158,602

Novartis AG (Registered)		1,175		114,086

Novo Nordisk A/S, Class B		6,400		828,151

Orion OYJ, Class B		400		15,307

Roche Holding AG		1,975		475,042
				3,153,093

Professional Services – 2.6%

Bureau Veritas SA		19,850		581,979

Randstad NV		8,250		416,366

Recruit Holdings Co. Ltd.		20,000		877,196
				1,875,541

Real Estate Management & Development – 1.5%

China Vanke Co. Ltd., Class H(b)		690,000		408,467

CK Asset Holdings Ltd.		120,000		516,289

Daiwa House Industry Co. Ltd.		2,800		79,001

Longfor Group Holdings Ltd.(a) (b)		62,500		94,295
				1,098,052

Retail REITs – 0.7%

Link REIT, REIT		112,500		486,898

Semiconductors & Semiconductor Equipment – 8.2%

ASML Holding NV		1,700		1,513,620

BE Semiconductor Industries NV		3,250		436,120

eMemory Technology, Inc.		3,000		204,993

Globalwafers Co. Ltd.		7,000		112,217

MediaTek, Inc.		11,000		335,115

Novatek Microelectronics Corp.		34,000		645,292

Taiwan Semiconductor Manufacturing Co. Ltd.		46,000		1,116,025

Tokyo Electron Ltd.		6,700		1,495,275
				5,858,657

Software – 1.2%

Nemetschek SE		5,075		453,379

Temenos AG (Registered)		5,975		374,598
				827,977

Specialty Retail – 2.1%

Fast Retailing Co. Ltd.		2,500		660,090

Industria de Diseno Textil SA(b)		15,275		699,860

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			293

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Specialty Retail – (continued)

ZOZO, Inc.		7,500	$	162,282
				1,522,232

Technology Hardware, Storage & Peripherals – 0.3%

Samsung Electronics Co. Ltd.		3,900		218,689

Textiles, Apparel & Luxury Goods – 4.6%

Burberry Group plc		32,400		466,754

Cie Financiere Richemont SA (Registered)		6,900		962,231

Hermes International SCA		275		661,892

LVMH Moet Hennessy Louis Vuitton SE		200		165,605

Pandora A/S		3,475		532,807

Shenzhou International Group Holdings Ltd.		47,500		474,927
				3,264,216

Tobacco – 1.6%

Imperial Brands plc		24,350		557,507

Japan Tobacco, Inc.		22,500		606,949
				1,164,456

Trading Companies & Distributors – 2.6%

Howden Joinery Group plc		52,575		576,686

ITOCHU Corp.(b)		12,300		557,766

Marubeni Corp.		32,500		583,230

Mitsui & Co. Ltd.		2,500		121,358
				1,839,040

Wireless Telecommunication Services – 0.9%

Tele2 AB, Class B		65,600		616,201
Total Common Stocks (Cost $64,434,461)				70,023,439


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS – 3.2%(c)

REPURCHASE AGREEMENTS – 3.2%

CF Secured LLC, 5.31%, dated 4/30/2024, due 5/1/2024, repurchase price $2,314,166, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 6.75%, maturing 5/15/2024 – 2/15/2054; total market value $2,342,481 (Cost $2,313,825)	$	2,313,825	$	2,313,825
Total Investments – 101.2% (Cost $66,748,286)				72,337,264

Liabilities in excess of other assets – (1.2%)				(877,224	)
NET ASSETS – 100.0%			$	71,460,040

*	Non-income producing security.

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

^(a)

^(b)

The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 was $7,616,163, collateralized in the form of cash with a value of $2,313,825 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $2,985,832 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.13% – 5.52%, and maturity dates ranging from May 15, 2024 – November 15, 2053 and $2,997,421 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 23, 2024 – June 30, 2120; a total value of $8,297,078.

^(c)

The security was purchased with cash collateral held from securities on loan at April 30, 2024. The total value of securities purchased was $2,313,825.

Percentages shown are based on Net Assets.

See Accompanying Notes to the Financial Statements.


294		FLEXSHARES SEMIANNUAL REPORT

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

Abbreviations

ADR – American Depositary Receipt

OYJ – Public Limited Company

PJSC – Public Joint Stock Company

REIT – Real Estate Investment Trust

SCA – Limited partnership with share capital



Aggregate gross unrealized appreciation	$	9,826,991
Aggregate gross unrealized depreciation		(5,458,262	)
Net unrealized appreciation	$	4,368,729
Federal income tax cost	$	67,950,611

Futures Contracts

FlexShares® International Quality Dividend Dynamic Index Fund had the following open futures contracts as of April 30, 2024:


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)*
Long Contracts
MSCI EAFE E-Mini Index		10		06/21/2024		USD	$	1,133,750	$	(33,733	)
MSCI Emerging Markets E-Mini Index		10		06/21/2024		USD		521,000		555
									$	(33,178	)

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

Forward Foreign Currency Contracts

FlexShares® International Quality Dividend Dynamic Index Fund had the following outstanding contracts as of April 30, 2024:


Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	30,877	Morgan Stanley	CHF	27,000		06/20/2024	$	1,272
USD	54,287	Morgan Stanley	DKK	370,000		06/20/2024		1,104
USD	226,613	Morgan Stanley	EUR	207,284		06/20/2024		4,513
USD	109,551	Citibank NA	GBP	85,918		06/20/2024		1,940
USD	100,313	Citibank NA	JPY	14,724,060		06/20/2024		6,031
USD	52,058	Morgan Stanley	JPY	7,900,000		06/20/2024		1,472
Total unrealized appreciation							$	16,332
CAD	85,542	Bank of New York Mellon (The)	USD	63,394		06/20/2024	$	(1,078	)
Total unrealized depreciation							$	(1,078	)
Net unrealized appreciation							$	15,254

Abbreviations:

CAD – Canadian Dollar

CHF – Swiss Franc

DKK – Danish Krone

EUR – Euro

GBP – British Pound

JPY – Japanese Yen

USD – US Dollar

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			295

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

FlexShares® International Quality Dividend Dynamic Index invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2024:


Australia	5.1	%
Belgium	0.9
Brazil	1.9
Canada	5.3
Chile	1.3
China	9.3
Denmark	2.5
Finland	1.2
France	4.8
Germany	2.6
Greece	0.7
Hong Kong	2.0
India	4.3
Indonesia	1.5
Ireland	0.3
Israel	0.2
Italy	2.3
Japan	12.6
Mexico	0.3
Netherlands	3.9
Norway	1.4
Poland	2.3
Portugal	0.1
South Africa	2.1
South Korea	0.4
Spain	2.3
Sweden	2.5
Switzerland	8.4
Taiwan	7.0
United Arab Emirates	0.7
United Kingdom	7.8
Other¹	2.0
	100.0	%

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


Security Type	% of Net Assets
Common Stocks		98.0	%
Securities Lending Reinvestments		3.2
Others⁽¹⁾		(1.2	)
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


296		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund

April 30, 2024 (Unaudited)


Investments	Principal Amount		Value

U.S. TREASURY OBLIGATIONS – 99.8%

U.S. Treasury Inflation Linked Bonds
2.00%, 1/15/2026	$	41,488,269	$	41,068,210
2.38%, 1/15/2027		33,649,377		33,572,202
1.75%, 1/15/2028		92,702,091		90,678,752
3.63%, 4/15/2028		43,638,230		45,673,301
2.50%, 1/15/2029		27,133,049		27,399,871
3.88%, 4/15/2029		50,371,387		54,085,670

U.S. Treasury Inflation Linked Notes
0.38%, 7/15/2025		71,195,692		69,542,178
0.13%, 10/15/2025		54,443,116		52,716,629
0.63%, 1/15/2026		73,525,008		71,091,793
0.13%, 4/15/2026		62,643,777		59,705,692
0.13%, 7/15/2026		63,296,244		60,316,444
0.13%, 10/15/2026		57,773,922		54,728,824
0.38%, 1/15/2027		65,598,330		62,044,371
0.13%, 4/15/2027		173,223,656		161,733,050
0.38%, 7/15/2027		187,463,768		176,523,486
1.63%, 10/15/2027		167,724,397		164,128,907
0.50%, 1/15/2028		64,809,991		60,535,532
1.25%, 4/15/2028		55,264,694		52,914,945
0.75%, 7/15/2028		60,157,385		56,604,021
2.38%, 10/15/2028		57,119,934		57,444,805
0.88%, 1/15/2029		58,962,504		55,287,418
2.13%, 4/15/2029		31,307,664		31,071,894
0.25%, 7/15/2029		64,080,696		58,064,969
0.13%, 1/15/2030		65,721,246		58,289,499
0.13%, 7/15/2030		68,902,164		60,735,420
0.13%, 1/15/2031		69,911,291		60,741,724
Total U.S. Treasury Obligations (Cost $1,822,461,279)				1,776,699,607

Total Investments – 99.8% (Cost $1,822,461,279)				1,776,699,607

Other assets less liabilities – 0.2%				3,038,305
NET ASSETS – 100.0%			$	1,779,737,912

Percentages shown are based on Net Assets.



Aggregate gross unrealized appreciation	$	—
Aggregate gross unrealized depreciation		(56,692,434	)
Net unrealized depreciation	$	(56,692,434	)
Federal income tax cost	$	1,833,392,041


Security Type	% of Net Assets
U.S. Treasury Obligations		99.8	%
Others⁽¹⁾		0.2
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			297

Schedule of Investments

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

April 30, 2024 (Unaudited)


Investments	Principal Amount		Value

U.S. TREASURY OBLIGATIONS – 99.8%

U.S. Treasury Inflation Linked Bonds
1.75%, 1/15/2028	$	17,348,868	$	16,970,208
3.63%, 4/15/2028		24,570,488		25,716,334
2.50%, 1/15/2029		15,324,131		15,474,826
3.88%, 4/15/2029		28,511,821		30,614,224
3.38%, 4/15/2032		6,701,311		7,223,959
2.13%, 2/15/2040		16,320,398		15,779,649

U.S. Treasury Inflation Linked Notes
0.38%, 7/15/2027		35,091,021		33,043,129
1.63%, 10/15/2027		31,650,837		30,972,341
0.50%, 1/15/2028		36,593,773		34,180,278
1.25%, 4/15/2028		31,206,338		29,879,505
0.75%, 7/15/2028		33,968,029		31,961,613
2.38%, 10/15/2028		32,251,922		32,435,355
0.88%, 1/15/2029		34,040,842		31,919,103
2.13%, 4/15/2029		31,102,993		30,868,764
0.25%, 7/15/2029		64,919,010		58,824,585
0.13%, 1/15/2030		66,575,207		59,046,894
0.13%, 7/15/2030		69,802,672		61,529,194
0.13%, 1/15/2031		38,707,812		33,630,894
0.13%, 7/15/2031		40,636,710		35,058,312
0.13%, 1/15/2032		42,868,631		36,446,301
0.63%, 7/15/2032		38,915,130		34,290,132
1.13%, 1/15/2033(a)		38,884,143		35,360,939
1.38%, 7/15/2033		36,112,102		33,524,715
1.75%, 1/15/2034		26,280,606		25,078,302
Total U.S. Treasury Obligations (Cost $819,377,529)				779,829,556

Total Investments – 99.8% (Cost $819,377,529)				779,829,556

Other assets less liabilities – 0.2%				1,586,865
NET ASSETS – 100.0%			$	781,416,421

^(a)

The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 was $472,974, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% — 6.75%, and maturity dates ranging from July 15, 2024 — February 15, 2054; a total value of $482,594.

Percentages shown are based on Net Assets.



Aggregate gross unrealized appreciation	$	—
Aggregate gross unrealized depreciation		(52,208,007	)
Net unrealized depreciation	$	(52,208,007	)
Federal income tax cost	$	832,037,563


Security Type	% of Net Assets
U.S. Treasury Obligations		99.8	%
Others⁽¹⁾		0.2
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


298		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares® Disciplined Duration MBS Index Fund

April 30, 2024 (Unaudited)


Investments	Principal Amount		Value

MORTGAGE-BACKED SECURITIES – 99.4%

FHLMC
2.50%, 1/1/2028	$	97,053	$	92,755
2.50%, 4/1/2028		1,565,946		1,498,545
2.50%, 7/1/2028		157,914		150,135
2.50%, 1/1/2029		21,489		20,466
2.50%, 1/1/2030		244,142		233,287
3.00%, 1/1/2032		966,450		904,926
2.50%, 2/1/2032		1,187,310		1,094,948
3.50%, 11/1/2032		303,304		286,192
5.00%, 5/1/2034		39,722		38,841
5.00%, 7/1/2035		87,969		86,019
5.00%, 8/1/2035		73,430		71,802
5.00%, 10/1/2035		13,396		13,098
5.00%, 12/1/2035		72,111		70,511
6.00%, 1/1/2037		48,881		49,591
6.00%, 4/1/2037		26,237		26,617
6.00%, 5/1/2037		44,296		44,937
5.00%, 2/1/2038		37,846		37,006
5.00%, 7/1/2038		38,418		37,423
5.00%, 10/1/2038		35,427		34,495
5.00%, 2/1/2039		88,302		86,318
5.00%, 5/1/2039		50,675		49,266
5.00%, 6/1/2039		16,495		16,081
5.00%, 7/1/2039		39,755		38,625
5.00%, 9/1/2039		4,084		3,978
6.00%, 11/1/2039		27,878		28,281
5.00%, 1/1/2040		12,271		11,922
5.00%, 3/1/2040		33,833		32,871
5.00%, 4/1/2040		14,365		13,957
6.00%, 4/1/2040		31,864		32,246
5.00%, 5/1/2040		13,104		12,731
6.00%, 5/1/2040		75,952		76,864
5.00%, 7/1/2040		73,863		71,753
6.00%, 7/1/2040		118,198		119,864
4.00%, 1/1/2041		10,283		9,458
5.00%, 5/1/2041		102,786		99,839
3.50%, 11/1/2041		53,056		47,639
3.00%, 3/1/2042		8,988		7,770
3.00%, 4/1/2042		67,987		58,708
3.00%, 6/1/2042		56,215		48,455
3.50%, 7/1/2042		546,446		490,634
3.00%, 8/1/2042		32,143		27,739
3.00%, 12/1/2042		68,758		59,263
3.00%, 1/1/2043		35,992		30,950


Investments	Principal Amount		Value

MORTGAGE-BACKED SECURITIES – (continued)
3.00%, 2/1/2043	$	19,068	$	16,515
3.00%, 4/1/2043		23,480		20,190
3.00%, 6/1/2043		14,299		12,295
3.50%, 8/1/2043		611,600		549,105
3.00%, 10/1/2043		45,743		39,333
4.00%, 8/1/2044		10,295		9,432
5.00%, 8/1/2044		28,616		27,934
4.00%, 1/1/2045		31,115		28,543
4.00%, 2/1/2045		68,676		63,597
4.50%, 2/1/2045		342,287		321,014
4.00%, 8/1/2045		77,523		71,103
4.00%, 9/1/2045		12,946		11,874
4.00%, 10/1/2045		130,472		119,556
4.00%, 11/1/2045		26,859		24,634
4.00%, 12/1/2045		10,823		9,926
4.00%, 1/1/2046		34,589		31,729
2.50%, 9/1/2046		20,807		17,045
3.00%, 11/1/2046		21,759		18,578

FHLMC UMBS
3.00%, 8/1/2026		28,810		28,045
3.00%, 1/1/2027		48,854		47,354
3.00%, 2/1/2027		28,822		27,890
3.00%, 4/1/2027		173,425		167,765
2.50%, 6/1/2027		17,545		16,822
2.50%, 3/1/2028		634,036		604,404
3.00%, 8/1/2029		92,061		87,563
2.50%, 8/1/2030		759,738		706,535
2.50%, 11/1/2030		29,142		27,615
3.00%, 5/1/2031		49,573		47,728
2.00%, 8/1/2031		24,682		22,505
4.00%, 8/1/2031		60,477		58,190
4.00%, 9/1/2031		54,527		52,269
2.00%, 11/1/2031		39,601		36,055
2.50%, 12/1/2031		532,357		491,430
2.00%, 1/1/2032		79,685		72,366
4.00%, 1/1/2032		73,847		70,701
2.00%, 2/1/2032		84,821		76,578
3.50%, 2/1/2032		135,449		127,982
4.00%, 2/1/2032		114,618		109,797
3.50%, 3/1/2032		113,504		107,044
3.50%, 7/1/2032		87,882		82,689
2.00%, 12/1/2032		656,054		595,608
3.00%, 4/1/2033		1,137,670		1,082,503
3.50%, 5/1/2033		27,510		25,807

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			299

FlexShares® Disciplined Duration MBS Index Fund (cont.)


Investments	Principal Amount		Value

MORTGAGE-BACKED SECURITIES – (continued)
3.00%, 10/1/2033	$	1,234,135	$	1,162,886
2.00%, 10/1/2035		1,010,976		878,148
1.50%, 2/1/2036		1,088,086		918,066
2.00%, 3/1/2036		379,322		330,606
1.50%, 4/1/2036		286,465		242,261
4.00%, 5/1/2036		20,658		19,864
5.00%, 3/1/2038		43,799		42,767
5.00%, 7/1/2039		62,473		60,611
3.00%, 9/1/2039		96,059		84,636
3.00%, 10/1/2039		27,141		23,894
5.00%, 10/1/2039		22,204		21,552
3.00%, 11/1/2039		107,338		93,879
5.00%, 1/1/2040		22,728		22,132
5.00%, 3/1/2040		34,567		33,538
5.00%, 5/1/2040		48,719		47,269
2.00%, 7/1/2040		100,226		81,971
1.50%, 10/1/2040		515,981		408,806
3.50%, 12/1/2040		38,451		34,477
2.00%, 1/1/2041		158,275		129,333
2.00%, 2/1/2041		924,005		755,059
1.50%, 3/1/2041		672,317		530,528
2.00%, 3/1/2041		573,637		469,141
4.50%, 3/1/2041		65,450		62,203
4.50%, 4/1/2041		14,888		14,150
1.50%, 5/1/2041		554,614		436,959
2.50%, 6/1/2041		441,816		372,681
2.00%, 10/1/2041		487,882		395,167
4.00%, 1/1/2042		50,087		46,323
5.00%, 2/1/2042		39,910		38,702
3.50%, 11/1/2042		68,494		61,411
3.50%, 1/1/2043		33,662		30,182
3.50%, 2/1/2043		23,704		21,253
2.50%, 6/1/2043		356,456		292,926
4.00%, 12/1/2043		10,272		9,425
4.50%, 3/1/2044		47,707		45,264
4.00%, 6/1/2044		3,697		3,378
4.50%, 7/1/2044		17,279		16,351
4.00%, 8/1/2044		11,124		10,178
4.50%, 12/1/2044		11,889		11,240
4.00%, 2/1/2045		13,735		12,702
4.50%, 9/1/2045		8,578		8,110
4.00%, 10/1/2045		35,439		32,459
4.00%, 12/1/2045		18,216		16,704
4.50%, 12/1/2045		539,066		509,663
3.00%, 1/1/2046		37,889		32,329
4.00%, 1/1/2046		31,265		28,645


Investments	Principal Amount		Value

MORTGAGE-BACKED SECURITIES – (continued)
4.00%, 2/1/2046	$	217,362	$	199,637
4.50%, 4/1/2046		28,501		27,017
4.00%, 11/1/2046		161,852		146,529
4.50%, 3/1/2047		399,847		377,601
4.50%, 8/1/2048		387,129		363,593
2.00%, 5/1/2052		1,370,341		1,036,193
6.00%, 6/1/2053		807,516		801,058
6.00%, 10/1/2053		427,143		423,308
7.00%, 12/1/2053		648,816		662,374
6.50%, 4/1/2054		989,199		996,825

FNMA UMBS
3.50%, 12/1/2025		271,422		266,580
4.00%, 5/1/2026		161,737		159,303
3.00%, 11/1/2026		438,732		425,826
3.00%, 12/1/2026		128,792		124,891
3.50%, 12/1/2026		161,926		158,751
3.00%, 1/1/2027		41,660		40,381
3.00%, 2/1/2027		50,820		49,219
3.00%, 6/1/2027		173,149		167,154
3.00%, 8/1/2027		199,186		192,152
3.00%, 10/1/2027		57,563		55,403
3.00%, 11/1/2027		67,146		64,678
2.50%, 12/1/2027		137,214		130,978
2.50%, 1/1/2028		771,704		733,438
2.50%, 4/1/2028		44,819		42,701
2.50%, 9/1/2028		35,663		34,094
3.50%, 12/1/2028		69,146		66,687
3.00%, 2/1/2029		90,674		86,601
2.50%, 3/1/2029		171,043		162,931
2.50%, 6/1/2029		62,164		59,379
3.50%, 12/1/2029		565,701		542,504
3.50%, 4/1/2030		569,155		545,827
2.50%, 7/1/2030		159,392		151,694
3.00%, 7/1/2030		619,586		592,035
2.50%, 8/1/2030		761,227		708,462
3.00%, 9/1/2030		888,265		849,967
3.50%, 10/1/2030		42,087		40,041
3.50%, 11/1/2030		7,235		6,884
3.00%, 12/1/2030		1,199,165		1,129,848
3.50%, 2/1/2031		616,693		593,942
2.50%, 3/1/2031		335,632		318,050
4.00%, 8/1/2031		145,248		139,338
2.00%, 9/1/2031		20,578		18,748
2.00%, 11/1/2031		48,726		44,357
4.00%, 12/1/2031		51,141		48,978
4.00%, 3/1/2032		37,038		35,467

See Accompanying Notes to the Financial Statements.


300		FLEXSHARES SEMIANNUAL REPORT

FlexShares® Disciplined Duration MBS Index Fund (cont.)


Investments	Principal Amount		Value

MORTGAGE-BACKED SECURITIES – (continued)
3.50%, 7/1/2032	$	197,109	$	185,720
3.50%, 10/1/2032		174,409		170,327
6.00%, 12/1/2032		8,323		8,441
6.00%, 4/1/2033		6,022		6,100
4.00%, 10/1/2033		29,238		28,109
4.00%, 3/1/2034		308,856		303,140
6.00%, 8/1/2034		27,738		28,101
6.50%, 9/1/2034		77,780		79,384
6.00%, 12/1/2034		131,152		132,872
3.00%, 2/1/2035		610,068		577,818
3.00%, 7/1/2035		874,823		821,852
5.00%, 8/1/2035		18,100		17,673
1.50%, 10/1/2035		144,973		122,869
6.00%, 11/1/2035		25,848		26,187
5.00%, 12/1/2035		40,055		39,111
6.00%, 6/1/2036		36,496		36,976
2.00%, 7/1/2036		857,898		744,101
2.50%, 7/1/2036		672,066		596,499
5.00%, 7/1/2036		17,603		17,188
6.50%, 8/1/2036		13,034		13,336
2.50%, 11/1/2036		317,152		278,954
6.00%, 11/1/2036		35,335		35,799
1.50%, 2/1/2037		813,109		683,990
2.50%, 4/1/2037		747,371		655,772
1.50%, 8/1/2037		280,375		236,006
6.00%, 8/1/2037		121,013		122,601
6.00%, 9/1/2037		17,959		18,195
6.50%, 10/1/2037		28,029		28,688
5.00%, 3/1/2038		45,402		44,182
5.00%, 5/1/2038		34,455		33,643
6.00%, 5/1/2038		12,238		12,394
6.00%, 9/1/2038		22,476		22,735
5.00%, 6/1/2039		39,813		38,825
3.50%, 8/1/2039		432,710		402,137
5.00%, 10/1/2039		36,765		35,670
3.00%, 1/1/2040		34,321		29,963
5.00%, 2/1/2040		34,503		33,818
5.00%, 6/1/2040		12,662		12,284
6.00%, 6/1/2040		94,739		95,753
3.50%, 1/1/2041		31,773		28,491
1.50%, 2/1/2041		744,870		588,323
3.50%, 2/1/2041		20,783		18,637
1.50%, 4/1/2041		402,519		317,423
2.00%, 5/1/2041		461,230		377,307
4.50%, 5/1/2041		35,392		33,636
5.00%, 5/1/2041		28,436		27,573


Investments	Principal Amount		Value

MORTGAGE-BACKED SECURITIES – (continued)
6.00%, 5/1/2041	$	20,912	$	21,174
4.50%, 6/1/2041		11,063		10,514
2.50%, 7/1/2041		556,327		465,355
5.00%, 7/1/2041		366,494		355,367
6.00%, 7/1/2041		23,698		24,009
4.50%, 8/1/2041		101,900		96,847
5.00%, 8/1/2041		54,616		53,007
4.00%, 9/1/2041		165,843		152,974
4.50%, 9/1/2041		65,362		62,119
3.50%, 10/1/2041		115,695		103,736
4.00%, 10/1/2041		44,391		41,053
5.00%, 10/1/2041		56,659		54,930
4.00%, 11/1/2041		63,604		58,418
4.00%, 12/1/2041		15,921		14,622
4.00%, 1/1/2042		143,956		130,656
4.50%, 1/1/2042		16,053		15,257
6.00%, 1/1/2042		58,375		59,145
3.00%, 3/1/2042		24,488		21,104
4.00%, 3/1/2042		72,932		67,353
3.00%, 4/1/2042		44,945		38,737
4.50%, 4/1/2042		80,125		76,154
3.50%, 5/1/2042		21,492		19,270
4.50%, 5/1/2042		57,838		54,970
3.50%, 6/1/2042		39,075		35,036
3.50%, 7/1/2042		122,720		110,033
4.00%, 7/1/2042		97,884		90,639
3.50%, 8/1/2042		36,638		32,850
3.00%, 9/1/2042		63,367		54,478
3.50%, 9/1/2042		11,885		10,656
4.00%, 9/1/2042		61,523		56,898
3.00%, 10/1/2042		127,452		109,800
3.50%, 10/1/2042		22,460		20,138
2.50%, 12/1/2042		214,029		175,884
3.00%, 12/1/2042		123,732		106,247
2.50%, 1/1/2043		7,465		6,135
3.00%, 1/1/2043		122,082		104,828
3.50%, 1/1/2043		34,580		31,005
4.00%, 1/1/2043		65,375		60,045
4.50%, 1/1/2043		162,222		154,183
2.50%, 2/1/2043		283,701		232,833
3.00%, 2/1/2043		166,076		142,618
3.50%, 2/1/2043		64,003		57,386
3.50%, 3/1/2043		75,878		68,034
2.50%, 5/1/2043		11,363		9,248
2.50%, 6/1/2043		6,042		4,978
4.00%, 8/1/2043		35,235		32,345

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			301

FlexShares® Disciplined Duration MBS Index Fund (cont.)


Investments	Principal Amount		Value

MORTGAGE-BACKED SECURITIES – (continued)
4.00%, 9/1/2043	$	82,959	$	76,177
4.50%, 9/1/2043		24,296		23,026
4.00%, 10/1/2043		102,661		94,224
4.00%, 11/1/2043		219,523		202,826
4.50%, 11/1/2043		79,841		75,579
4.50%, 12/1/2043		59,251		56,103
4.00%, 1/1/2044		84,165		77,239
4.50%, 2/1/2044		16,111		15,233
4.50%, 3/1/2044		98,478		94,701
5.00%, 3/1/2044		16,083		15,564
4.00%, 4/1/2044		799,729		730,987
4.50%, 4/1/2044		174,064		164,755
5.00%, 6/1/2044		28,248		27,361
4.00%, 10/1/2044		32,129		29,650
4.50%, 10/1/2044		7,268		6,871
4.50%, 12/1/2044		30,733		29,058
4.00%, 2/1/2045		24,501		22,446
4.50%, 2/1/2045		102,674		97,076
4.00%, 4/1/2045		21,536		19,734
4.00%, 8/1/2045		9,898		9,066
4.00%, 11/1/2045		61,238		56,113
4.50%, 11/1/2045		70,541		66,846
4.00%, 12/1/2045		136,409		126,152
4.00%, 2/1/2046		6,767		6,247
4.50%, 3/1/2046		110,128		104,415
4.00%, 4/1/2046		10,220		9,371
2.50%, 6/1/2046		66,930		55,014
4.50%, 6/1/2046		75,185		71,085
4.50%, 7/1/2046		15,310		14,462
4.50%, 8/1/2046		12,460		11,780
2.50%, 10/1/2046		55,814		45,730
4.50%, 10/1/2046		26,184		24,713
2.50%, 12/1/2046		18,718		15,255
4.50%, 1/1/2047		23,991		22,657
4.00%, 2/1/2047		26,603		24,452
4.50%, 2/1/2047		29,552		28,026
4.50%, 5/1/2047		468,392		438,697
4.50%, 7/1/2047		64,310		60,799
5.00%, 7/1/2047		25,703		24,967
5.50%, 2/1/2049		1,607,364		1,608,240
6.00%, 2/1/2049		73,020		75,009
4.50%, 7/1/2049		439,161		410,296
4.50%, 11/1/2049		438,327		414,253
4.00%, 1/1/2050		894,203		807,993
4.50%, 5/1/2050		713,596		664,976
5.00%, 6/1/2050		1,008,995		971,474


Investments	Principal Amount		Value

MORTGAGE-BACKED SECURITIES – (continued)
3.50%, 7/1/2050	$	449,792	$	396,530
4.00%, 7/1/2050		1,240,444		1,118,074
4.50%, 10/1/2050		1,146,022		1,075,196
5.00%, 10/1/2050		932,362		897,654
1.50%, 2/1/2051		688,914		495,641
1.50%, 10/1/2051		1,316,483		944,697
6.50%, 11/1/2053		933,485		940,682
7.50%, 11/1/2053		905,604		937,060
7.00%, 12/1/2053		906,486		926,139
7.50%, 3/1/2054		756,211		782,454

GNMA
5.50%, 8/20/2033		22,987		23,276
5.50%, 11/20/2033		21,786		22,060
5.50%, 3/20/2034		26,761		27,097
5.50%, 7/20/2034		16,822		17,033
5.50%, 9/20/2034		7,485		7,376
5.50%, 3/20/2036		57,084		57,802
5.50%, 9/20/2038		34,337		34,769
5.50%, 2/20/2039		56,712		57,427
4.50%, 5/15/2039		1,390,810		1,330,190
5.00%, 11/15/2039		469,127		457,615
4.00%, 6/15/2040		278,823		259,323
4.00%, 8/15/2040		277,411		257,958
4.00%, 11/15/2040		210,063		194,852
5.50%, 12/20/2040		16,230		16,419
5.50%, 1/20/2041		16,945		17,158
4.00%, 9/15/2041		794,711		731,469
5.50%, 12/20/2041		42,175		41,961
5.50%, 2/20/2042		11,429		11,573
3.00%, 4/15/2042		958,758		837,381
3.50%, 6/15/2042		423,605		382,595
2.50%, 3/20/2043		36,591		30,598
2.50%, 5/20/2043		53,375		44,631
5.50%, 3/20/2044		47,730		48,330
4.50%, 10/20/2044		108,389		103,789
2.50%, 11/20/2044		32,849		27,469
5.00%, 6/20/2045		129,548		127,403
4.00%, 8/15/2045		1,041,289		961,166
4.50%, 12/20/2045		226,016		215,587
4.50%, 4/20/2046		262,849		251,693
5.00%, 5/20/2046		320,988		315,674
3.50%, 6/15/2046		1,682,372		1,520,644
3.50%, 10/20/2047		964,570		859,768
4.00%, 2/20/2048		856,409		787,053
5.00%, 5/20/2048		118,250		114,978
5.50%, 1/20/2049		275,997		273,978

See Accompanying Notes to the Financial Statements.


302		FLEXSHARES SEMIANNUAL REPORT

FlexShares® Disciplined Duration MBS Index Fund (cont.)


Investments	Principal Amount		Value

MORTGAGE-BACKED SECURITIES – (continued)
5.50%, 7/20/2049	$	7,650	$	7,644
4.00%, 12/20/2051		384,265		350,971
5.50%, 12/20/2052		539,643		529,561
6.00%, 1/20/2053		483,543		486,175
6.50%, 6/20/2053		1,457,712		1,478,164
7.00%, 8/20/2053		1,447,422		1,475,537
Total Mortgage-Backed Securities (Cost $84,584,103)				78,362,350

Total Investments – 99.4% (Cost $84,584,103)				78,362,350

Other assets less liabilities – 0.6%				495,793
NET ASSETS – 100.0%			$	78,858,143

Percentages shown are based on Net Assets.

Abbreviations

FHLMC – Federal Home Loan Mortgage Corp.

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

UMBS – Uniform Mortgage-Backed Securities



Aggregate gross unrealized appreciation	$	265,416
Aggregate gross unrealized depreciation		(6,644,496	)
Net unrealized depreciation	$	(6,379,080	)
Federal income tax cost	$	84,741,430


Security Type	% of Net Assets
Mortgage-Backed Securities		99.4	%
Others⁽¹⁾		0.6
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			303

Schedule of Investments

FlexShares® Credit-Scored US Corporate Bond Index Fund

April 30, 2024 (Unaudited)


Investments	Principal Amount		Value

CORPORATE BONDS – 98.1%

Aerospace & Defense – 1.6%

Boeing Co. (The)
2.75%, 2/1/2026	$	150,000	$	141,324
2.20%, 2/4/2026		500,000		466,388
5.15%, 5/1/2030		350,000		331,027

GE Capital International Funding Co. Unlimited Co.
3.37%, 11/15/2025		200,000		193,437

General Dynamics Corp.
1.15%, 6/1/2026		250,000		229,452
3.50%, 4/1/2027		50,000		47,727

HEICO Corp.
5.25%, 8/1/2028(a)		250,000		247,341
5.35%, 8/1/2033		100,000		98,207

Hexcel Corp.
4.20%, 2/15/2027(b)		50,000		47,861

Howmet Aerospace, Inc.
6.88%, 5/1/2025		300,000		302,265
6.75%, 1/15/2028		100,000		103,243
3.00%, 1/15/2029		550,000		487,787

Huntington Ingalls Industries, Inc.
3.84%, 5/1/2025		200,000		195,806
2.04%, 8/16/2028		350,000		301,758
4.20%, 5/1/2030		300,000		275,550

Leidos, Inc.
3.63%, 5/15/2025		200,000		195,309
4.38%, 5/15/2030		252,000		233,136
2.30%, 2/15/2031		300,000		241,960
5.75%, 3/15/2033		130,000		129,167

Lockheed Martin Corp.
3.55%, 1/15/2026		152,000		147,682
4.45%, 5/15/2028		60,000		58,398
4.50%, 2/15/2029		200,000		194,506
3.90%, 6/15/2032		140,000		127,764

Precision Castparts Corp.
3.25%, 6/15/2025		200,000		195,128

Textron, Inc.
3.65%, 3/15/2027		325,000		308,203
3.90%, 9/17/2029		200,000		184,161
3.00%, 6/1/2030		400,000		344,771
6.10%, 11/15/2033		100,000		101,520
				5,930,878


Investments	Principal Amount		Value

Air Freight & Logistics – 0.0%(c)

CH Robinson Worldwide, Inc.
4.20%, 4/15/2028	$	112,000	$	106,959

Automobile Components – 0.0%(c)

Lear Corp.
4.25%, 5/15/2029		150,000		140,744

Banks – 23.0%

Banco Bilbao Vizcaya Argentaria SA
5.86%, 9/14/2026(d)		400,000		398,846
7.88%, 11/15/2034(d)		400,000		428,494
6.03%, 3/13/2035(d)		200,000		195,724

Banco Santander SA
5.15%, 8/18/2025		400,000		395,211
5.18%, 11/19/2025		481,000		474,339
1.85%, 3/25/2026(a)		110,000		102,074
1.72%, 9/14/2027(d)		2,000		1,810
2.75%, 12/3/2030		200,000		162,740
6.92%, 8/8/2033		400,000		406,551
6.35%, 3/14/2034		200,000		195,073

Bank of America Corp.
1.32%, 6/19/2026(d)		350,000		332,604
4.83%, 7/22/2026(d)		700,000		691,039
1.20%, 10/24/2026(d)		250,000		233,543
5.08%, 1/20/2027(d)		250,000		247,349
Series N, 1.66%, 3/11/2027(d)		200,000		185,570
3.56%, 4/23/2027(d)		431,000		413,543
1.73%, 7/22/2027(d)		1,524,000		1,398,175
5.93%, 9/15/2027(d)		250,000		251,163
3.82%, 1/20/2028(d)		650,000		620,417
2.55%, 2/4/2028(d)		350,000		322,370
3.71%, 4/24/2028(d)		550,000		520,805
4.38%, 4/27/2028(d)		650,000		628,253
3.59%, 7/21/2028(d)		500,000		469,987
4.95%, 7/22/2028(d)		200,000		196,197
3.42%, 12/20/2028(d)		100,000		92,689
3.97%, 3/5/2029(d)		250,000		235,354
5.20%, 4/25/2029(d)		230,000		226,440
4.27%, 7/23/2029(d)		350,000		331,984
5.82%, 9/15/2029(d)		100,000		100,588
3.97%, 2/7/2030(d)		300,000		278,846
3.19%, 7/23/2030(d)		200,000		177,727

See Accompanying Notes to the Financial Statements.


304		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Banks – (continued)
2.69%, 4/22/2032(d)	$	9,000	$	7,415
5.29%, 4/25/2034(d)		181,000		174,345
5.47%, 1/23/2035(d)		150,000		145,870
2.48%, 9/21/2036(a) (d)		800,000		625,326
3.85%, 3/8/2037(d)		900,000		775,112

Bank of America NA
5.65%, 8/18/2025		100,000		100,156

Bank of Montreal
1.85%, 5/1/2025		250,000		240,990
3.80%, 12/15/2032(d)		495,000		458,242
3.09%, 1/10/2037(d)		600,000		476,904
7.70%, 5/26/2084(d)		250,000		249,560

Bank of Nova Scotia (The)
4.50%, 12/16/2025		500,000		488,910
2.95%, 3/11/2027		100,000		93,485
4.85%, 2/1/2030		200,000		193,675
4.59%, 5/4/2037(d)		500,000		441,378
Series 2, 3.63%, 10/27/2081(d)		200,000		159,153
8.63%, 10/27/2082(d)		450,000		463,293
8.00%, 1/27/2084(d)		200,000		201,062

Bank OZK
2.75%, 10/1/2031(d)		201,000		165,121

BankUnited, Inc.
4.88%, 11/17/2025		200,000		194,844
5.13%, 6/11/2030		80,000		72,088

Barclays plc
5.20%, 5/12/2026		372,000		365,022
5.09%, 6/20/2030(d)		400,000		377,205
7.44%, 11/2/2033(d)		200,000		216,340
7.12%, 6/27/2034(d)		650,000		670,227
3.56%, 9/23/2035(d)		400,000		339,352

Canadian Imperial Bank of Commerce
6.09%, 10/3/2033		125,000		127,172

Citigroup, Inc.
4.40%, 6/10/2025		250,000		246,187
4.60%, 3/9/2026		734,000		718,619
5.61%, 9/29/2026(d)		250,000		249,450
3.20%, 10/21/2026		403,000		380,500
4.30%, 11/20/2026		50,000		48,460
1.46%, 6/9/2027(d)		150,000		137,341
4.45%, 9/29/2027		700,000		673,661
3.89%, 1/10/2028(d)		850,000		812,530


Investments	Principal Amount		Value

Banks – (continued)
3.07%, 2/24/2028(d)	$	800,000	$	746,648
4.66%, 5/24/2028(d)		200,000		195,074
3.67%, 7/24/2028(d)		600,000		565,365
4.13%, 7/25/2028		954,000		898,467
4.08%, 4/23/2029(d)		52,000		49,132
5.17%, 2/13/2030(d)		250,000		244,491
3.98%, 3/20/2030(d)		957,000		886,690
2.98%, 11/5/2030(d)		200,000		174,385
4.41%, 3/31/2031(d)		100,000		93,345
2.57%, 6/3/2031(d)		100,000		83,656
2.56%, 5/1/2032(d)		200,000		162,829
6.63%, 6/15/2032		150,000		156,735
3.06%, 1/25/2033(d)		150,000		124,056
3.79%, 3/17/2033(d)		300,000		260,659
4.91%, 5/24/2033(d)		200,000		187,701
6.27%, 11/17/2033(d)		253,000		259,606
6.17%, 5/25/2034(d)		1,200,000		1,190,928
5.83%, 2/13/2035(d)		750,000		721,843

Citizens Bank NA
3.75%, 2/18/2026		275,000		264,117
4.58%, 8/9/2028(d)		500,000		473,647

Citizens Financial Group, Inc.
2.64%, 9/30/2032		250,000		186,132
5.64%, 5/21/2037(d)		150,000		136,593

Comerica Bank
4.00%, 7/27/2025		250,000		242,021
5.33%, 8/25/2033(d)		250,000		218,819

Comerica, Inc.
4.00%, 2/1/2029		233,000		210,242
5.98%, 1/30/2030(d)		200,000		194,218

Cooperatieve Rabobank UA
5.50%, 7/18/2025		300,000		299,860
5.50%, 10/5/2026		250,000		250,306
5.04%, 3/5/2027		250,000		247,643
4.80%, 1/9/2029		250,000		243,805

Discover Bank
4.25%, 3/13/2026		250,000		242,084
3.45%, 7/27/2026		502,000		474,359
4.65%, 9/13/2028		327,000		309,936
2.70%, 2/6/2030		53,000		44,454

Fifth Third Bancorp
1.71%, 11/1/2027(a) (d)		150,000		135,573
6.36%, 10/27/2028(d)		705,000		710,694
6.34%, 7/27/2029(d)		200,000		202,279
4.77%, 7/28/2030(d)		306,000		288,623

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			305

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Banks – (continued)

Fifth Third Bank NA
3.85%, 3/15/2026	$	243,000	$	233,414

First Horizon Bank
5.75%, 5/1/2030		250,000		230,737

HSBC Holdings plc
4.25%, 8/18/2025		500,000		488,698
2.10%, 6/4/2026(d)		600,000		575,081
4.29%, 9/12/2026(d)		150,000		146,703
4.38%, 11/23/2026		740,000		716,157
1.59%, 5/24/2027(d)		650,000		595,547
5.89%, 8/14/2027(d)		450,000		450,385
2.25%, 11/22/2027(d)		700,000		640,315
4.04%, 3/13/2028(d)		414,000		394,420
4.76%, 6/9/2028(d)		280,000		271,774
5.21%, 8/11/2028(d)		250,000		246,034
2.01%, 9/22/2028(d)		200,000		176,684
7.39%, 11/3/2028(d)		283,000		296,679
6.16%, 3/9/2029(d)		250,000		252,826
4.58%, 6/19/2029(d)		620,000		591,190
2.21%, 8/17/2029(d)		650,000		560,836
4.95%, 3/31/2030		250,000		241,383
3.97%, 5/22/2030(d)		1,128,000		1,033,763
2.36%, 8/18/2031(d)		150,000		122,010
7.63%, 5/17/2032		200,000		218,796
2.80%, 5/24/2032(d)		202,000		164,786
2.87%, 11/22/2032(d)		200,000		162,214
4.76%, 3/29/2033(d)		602,000		545,040
5.40%, 8/11/2033(d)		202,000		195,266
8.11%, 11/3/2033(d)		400,000		445,931
6.25%, 3/9/2034(d)		300,000		306,409
6.55%, 6/20/2034(d)		800,000		809,629
7.40%, 11/13/2034(d)		250,000		265,854

Huntington Bancshares, Inc.
4.44%, 8/4/2028(d)		251,000		240,457
6.21%, 8/21/2029(d)		480,000		482,034
5.71%, 2/2/2035(d)		350,000		335,546
2.49%, 8/15/2036(d)		300,000		220,693

Huntington National Bank (The)
4.55%, 5/17/2028(d)		250,000		240,761
5.65%, 1/10/2030		344,000		337,867

ING Groep NV
1.73%, 4/1/2027(d)		112,000		103,656
6.08%, 9/11/2027(d)		600,000		602,809


Investments	Principal Amount		Value

Banks – (continued)
4.02%, 3/28/2028(d)	$	400,000	$	381,476
6.11%, 9/11/2034(d)		200,000		201,147

JPMorgan Chase & Co.
3.90%, 7/15/2025		100,000		98,082
1.05%, 11/19/2026(d)		290,000		269,874
3.96%, 1/29/2027(d)		150,000		145,618
1.04%, 2/4/2027(d)		100,000		92,174
1.58%, 4/22/2027(d)		1,382,000		1,275,298
1.47%, 9/22/2027(d)		550,000		498,808
6.07%, 10/22/2027(d)		250,000		252,940
5.04%, 1/23/2028(d)		250,000		246,453
3.78%, 2/1/2028(d)		400,000		381,625
5.57%, 4/22/2028(d)		150,000		149,882
4.32%, 4/26/2028(d)		250,000		241,679
3.54%, 5/1/2028(d)		150,000		141,543
2.18%, 6/1/2028(d)		271,000		244,989
4.85%, 7/25/2028(d)		250,000		244,880
3.51%, 1/23/2029(d)		220,000		204,995
4.01%, 4/23/2029(d)		502,000		473,944
2.07%, 6/1/2029(d)		150,000		131,079
4.20%, 7/23/2029(d)		253,000		239,895
5.30%, 7/24/2029(d)		150,000		148,399
6.09%, 10/23/2029(d)		200,000		204,082
4.45%, 12/5/2029(d)		353,000		337,807
5.01%, 1/23/2030(d)		320,000		312,235
5.58%, 4/22/2030(d)		150,000		149,867
3.70%, 5/6/2030(d)		440,000		403,648
4.57%, 6/14/2030(d)		400,000		382,318
8.75%, 9/1/2030		60,000		69,547
2.74%, 10/15/2030(d)		225,000		195,103
2.52%, 4/22/2031(d)		200,000		168,797
2.96%, 5/13/2031(d)		750,000		641,843
1.95%, 2/4/2032(d)		100,000		79,345
2.58%, 4/22/2032(d)		160,000		131,657
2.55%, 11/8/2032(d)		135,000		109,527
2.96%, 1/25/2033(d)		200,000		166,178
4.59%, 4/26/2033(d)		163,000		151,691
4.91%, 7/25/2033(d)		350,000		332,761
5.72%, 9/14/2033(d)		650,000		647,547
5.35%, 6/1/2034(d)		300,000		291,739
6.25%, 10/23/2034(d)		300,000		310,673
5.34%, 1/23/2035(d)		300,000		290,797
5.77%, 4/22/2035(d)		200,000		200,134

KeyBank NA
4.15%, 8/8/2025		653,000		633,872
4.70%, 1/26/2026		250,000		243,310

See Accompanying Notes to the Financial Statements.


306		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Banks – (continued)
3.40%, 5/20/2026	$	255,000	$	239,471
5.85%, 11/15/2027		505,000		495,858

KeyCorp
2.25%, 4/6/2027		303,000		270,964
4.10%, 4/30/2028		352,000		326,761
6.40%, 3/6/2035(d)		100,000		98,370

Lloyds Banking Group plc
4.72%, 8/11/2026(d)		250,000		246,068
1.63%, 5/11/2027(d)		75,000		68,833
5.99%, 8/7/2027(d)		200,000		200,293
3.75%, 3/18/2028(a) (d)		300,000		284,175

M&T Bank Corp.
4.55%, 8/16/2028(a) (d)		471,000		443,963
7.41%, 10/30/2029(d)		250,000		259,228
6.08%, 3/13/2032(d)		150,000		146,553
5.05%, 1/27/2034(d)		375,000		337,542

Manufacturers & Traders Trust Co.
5.40%, 11/21/2025		250,000		246,547
4.65%, 1/27/2026		505,000		491,712
3.40%, 8/17/2027		303,000		277,393
4.70%, 1/27/2028		502,000		475,257

Mitsubishi UFJ Financial Group, Inc.
3.85%, 3/1/2026		252,000		244,645
2.34%, 1/19/2028(d)		200,000		183,444
3.74%, 3/7/2029		200,000		186,311
3.20%, 7/18/2029(a)		200,000		179,159
2.31%, 7/20/2032(d)		200,000		160,826
5.44%, 2/22/2034(a) (d)		200,000		197,576

Mizuho Financial Group, Inc.
4.02%, 3/5/2028		83,000		78,873
5.74%, 5/27/2031(d)		200,000		199,320
2.56%, 9/13/2031		250,000		198,840

Morgan Stanley Bank NA
4.95%, 1/14/2028(d)		50,000		49,251

National Australia Bank Ltd.
4.97%, 1/12/2026		250,000		248,160

National Bank of Canada
5.60%, 12/18/2028		250,000		249,524

NatWest Group plc
7.47%, 11/10/2026(d)		50,000		51,150
1.64%, 6/14/2027(d)		200,000		183,325


Investments	Principal Amount		Value

Banks – (continued)
3.07%, 5/22/2028(d)	$	225,000	$	207,953
4.89%, 5/18/2029(d)		50,000		48,202
5.81%, 9/13/2029(d)		50,000		49,892
5.08%, 1/27/2030(d)		143,000		138,165
4.45%, 5/8/2030(d)		435,000		407,766
6.48%, 6/1/2034(d)		250,000		251,049
5.78%, 3/1/2035(d)		250,000		244,853
3.03%, 11/28/2035(d)		300,000		246,314

PNC Bank NA
4.05%, 7/26/2028		200,000		187,363

PNC Financial Services Group, Inc. (The)
1.15%, 8/13/2026		250,000		227,556
2.55%, 1/22/2030(a)		200,000		170,804
4.63%, 6/6/2033(d)		50,000		45,738

Regions Financial Corp.
2.25%, 5/18/2025		342,000		329,433
1.80%, 8/12/2028		160,000		135,929

Royal Bank of Canada
3.63%, 5/4/2027		250,000		237,823

Santander Holdings USA, Inc.
3.45%, 6/2/2025		40,000		38,830
4.50%, 7/17/2025		72,000		70,671
3.24%, 10/5/2026		400,000		374,904
2.49%, 1/6/2028(d)		250,000		226,534
6.57%, 6/12/2029(d)		100,000		101,437

Santander UK Group Holdings plc
1.67%, 6/14/2027(d)		300,000		273,502
2.47%, 1/11/2028(d)		200,000		182,161

Sumitomo Mitsui Financial Group, Inc.
1.40%, 9/17/2026		172,000		156,187
5.52%, 1/13/2028		500,000		500,902
5.81%, 9/14/2033		200,000		202,311

Synovus Bank
5.63%, 2/15/2028		250,000		238,762

Toronto-Dominion Bank (The)
0.75%, 1/6/2026		250,000		231,335
3.63%, 9/15/2031(d)		855,000		811,504
8.13%, 10/31/2082(d)		705,000		724,954

Truist Bank
3.63%, 9/16/2025		202,000		195,986
3.30%, 5/15/2026		230,000		219,309
3.80%, 10/30/2026		360,000		343,899

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			307

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Banks – (continued)

Truist Financial Corp.
4.12%, 6/6/2028(d)	$	150,000	$	143,260
3.88%, 3/19/2029		200,000		183,188
7.16%, 10/30/2029(d)		375,000		392,653
5.44%, 1/24/2030(d)		325,000		318,362
4.92%, 7/28/2033(d)		250,000		225,098
5.12%, 1/26/2034(d)		50,000		46,589
5.87%, 6/8/2034(d)		225,000		220,772
5.71%, 1/24/2035(d)		350,000		339,670

US Bancorp
1.45%, 5/12/2025		100,000		95,930
4.55%, 7/22/2028(d)		550,000		532,080
4.97%, 7/22/2033(d)		101,000		92,888
2.49%, 11/3/2036(a) (d)		100,000		76,228

Wachovia Corp.
7.57%, 8/1/2026(b)		115,000		119,134

Webster Financial Corp.
4.10%, 3/25/2029		115,000		103,741

Wells Fargo & Co.
3.00%, 4/22/2026		250,000		238,483
2.19%, 4/30/2026(d)		400,000		385,655
4.54%, 8/15/2026(d)		50,000		49,201
3.20%, 6/17/2027(d)		300,000		284,996
3.53%, 3/24/2028(d)		250,000		235,915
3.58%, 5/22/2028(d)		150,000		141,202
2.39%, 6/2/2028(d)		175,000		159,101
4.81%, 7/25/2028(d)		150,000		146,159
5.57%, 7/25/2029(d)		250,000		249,202
6.30%, 10/23/2029(d)		100,000		102,446
Series B, 7.95%, 11/15/2029		125,000		137,208
2.88%, 10/30/2030(d)		200,000		173,608
4.48%, 4/4/2031(d)		250,000		234,912
5.39%, 4/24/2034(d)		200,000		192,737
5.56%, 7/25/2034(d)		320,000		311,917

Wells Fargo Bank NA
5.45%, 8/7/2026		250,000		249,870
5.25%, 12/11/2026		100,000		99,518

Westpac Banking Corp.
2.85%, 5/13/2026		100,000		95,290
1.15%, 6/3/2026		250,000		229,480
5.46%, 11/18/2027		200,000		201,216
2.15%, 6/3/2031		200,000		163,597


Investments	Principal Amount		Value

Banks – (continued)
4.32%, 11/23/2031(d)	$	454,000	$	435,328
5.41%, 8/10/2033(d)		500,000		480,857
6.82%, 11/17/2033		250,000		264,177
4.11%, 7/24/2034(d)		554,000		504,396
2.67%, 11/15/2035(d)		650,000		525,103
3.02%, 11/18/2036(d)		500,000		401,908

Wintrust Financial Corp.
4.85%, 6/6/2029		100,000		89,917

Zions Bancorp NA
3.25%, 10/29/2029		252,000		206,413
				85,663,982

Beverages – 1.5%

Brown-Forman Corp.
4.75%, 4/15/2033(a)		130,000		124,473

Coca-Cola Co. (The)
3.45%, 3/25/2030		303,000		278,334
1.65%, 6/1/2030		550,000		451,784
2.00%, 3/5/2031		450,000		369,900
1.38%, 3/15/2031		350,000		275,624

Constellation Brands, Inc.
4.40%, 11/15/2025		200,000		196,211
4.75%, 12/1/2025		150,000		147,734
5.00%, 2/2/2026		150,000		148,339
3.70%, 12/6/2026		200,000		191,105
3.50%, 5/9/2027		250,000		236,099
4.35%, 5/9/2027(a)		250,000		242,059
3.60%, 2/15/2028		450,000		420,957
4.65%, 11/15/2028		200,000		193,248
4.80%, 1/15/2029		200,000		194,483
3.15%, 8/1/2029		200,000		178,438
2.88%, 5/1/2030		200,000		172,573
2.25%, 8/1/2031		225,000		180,173
4.75%, 5/9/2032(a)		250,000		236,216
4.90%, 5/1/2033		150,000		141,491

Pepsico Singapore Financing I Pte. Ltd.
4.70%, 2/16/2034		150,000		142,839

PepsiCo, Inc.
2.63%, 3/19/2027		250,000		233,298
7.00%, 3/1/2029		350,000		379,323
2.75%, 3/19/2030		453,000		398,258
3.90%, 7/18/2032		150,000		137,369
				5,670,328

See Accompanying Notes to the Financial Statements.


308		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Biotechnology – 0.7%

AbbVie, Inc.
2.95%, 11/21/2026	$	601,000	$	567,480
4.80%, 3/15/2029		150,000		147,266
3.20%, 11/21/2029		667,000		601,666
4.95%, 3/15/2031		50,000		49,044

Biogen, Inc.
4.05%, 9/15/2025		352,000		343,908
2.25%, 5/1/2030		250,000		206,431

Gilead Sciences, Inc.
3.65%, 3/1/2026		400,000		387,736

Regeneron Pharmaceuticals, Inc.
1.75%, 9/15/2030		365,000		291,402
				2,594,933

Building Products – 0.7%

Allegion plc
3.50%, 10/1/2029		152,000		137,315

Carlisle Cos., Inc.
3.75%, 12/1/2027		300,000		283,063
2.75%, 3/1/2030		200,000		172,334
2.20%, 3/1/2032		250,000		197,273

Lennox International, Inc.
1.35%, 8/1/2025		251,000		237,185
5.50%, 9/15/2028		150,000		149,438

Masco Corp.
3.50%, 11/15/2027		50,000		46,402
1.50%, 2/15/2028		201,000		173,146
2.00%, 10/1/2030		250,000		200,169
2.00%, 2/15/2031		150,000		119,592

Owens Corning
3.40%, 8/15/2026		150,000		142,790
3.95%, 8/15/2029		143,000		132,959

Trane Technologies Financing Ltd.
3.50%, 3/21/2026		202,000		194,165
3.80%, 3/21/2029		352,000		329,176
5.25%, 3/3/2033		130,000		127,880

Trane Technologies Global Holding Co. Ltd.
3.75%, 8/21/2028		100,000		93,898
				2,736,785


Investments	Principal Amount		Value

Capital Markets – 6.4%

Affiliated Managers Group, Inc.
3.50%, 8/1/2025	$	170,000	$	165,235
3.30%, 6/15/2030		100,000		87,160

Ameriprise Financial, Inc.
5.15%, 5/15/2033		100,000		97,955

Apollo Debt Solutions BDC
6.90%, 4/13/2029(e)		100,000		99,097

Ares Capital Corp.
3.25%, 7/15/2025		400,000		385,730
3.88%, 1/15/2026		150,000		144,429
2.15%, 7/15/2026		50,000		45,913

Bain Capital Specialty Finance, Inc.
2.55%, 10/13/2026		227,000		207,043

BlackRock, Inc.
3.25%, 4/30/2029(a)		200,000		182,987
4.75%, 5/25/2033		100,000		96,241

Blackstone Private Credit Fund
7.05%, 9/29/2025		500,000		504,663
2.63%, 12/15/2026		452,000		410,348
3.25%, 3/15/2027		400,000		367,084
7.30%, 11/27/2028(e)		150,000		154,051
4.00%, 1/15/2029		275,000		249,659
6.25%, 1/25/2031(e)		125,000		123,007

Blackstone Secured Lending Fund
3.63%, 1/15/2026		410,000		390,994
2.75%, 9/16/2026		252,000		231,435
2.13%, 2/15/2027		252,000		225,679
2.85%, 9/30/2028		300,000		260,868

Blue Owl Capital Corp.
4.25%, 1/15/2026		250,000		241,575
3.40%, 7/15/2026		340,000		318,813
2.63%, 1/15/2027		250,000		227,226
5.95%, 3/15/2029		400,000		392,705

Blue Owl Capital Corp. II
8.45%, 11/15/2026(e)		200,000		204,047

Blue Owl Credit Income Corp.
3.13%, 9/23/2026		300,000		274,323
4.70%, 2/8/2027		200,000		189,006
7.75%, 9/16/2027		300,000		306,370
7.95%, 6/13/2028(e)		250,000		256,082
7.75%, 1/15/2029(e)		150,000		152,536
6.65%, 3/15/2031(e)		150,000		144,383

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			309

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Capital Markets – (continued)

Blue Owl Technology Finance Corp.
2.50%, 1/15/2027	$	105,000	$	93,326

Blue Owl Technology Finance Corp. II
6.75%, 4/4/2029(e)		150,000		144,538

Brookfield Finance, Inc.
4.85%, 3/29/2029		100,000		97,110
6.35%, 1/5/2034		100,000		102,765

Cboe Global Markets, Inc.
3.65%, 1/12/2027		151,000		144,935
1.63%, 12/15/2030		151,000		119,676

Charles Schwab Corp. (The)
6.20%, 11/17/2029(d)		25,000		25,586
6.14%, 8/24/2034(d)		150,000		152,097

CI Financial Corp.
3.20%, 12/17/2030		50,000		39,805

Credit Suisse AG
1.25%, 8/7/2026		154,000		139,719

Deutsche Bank AG
6.12%, 7/14/2026(d)		100,000		99,928
2.13%, 11/24/2026(a) (d)		300,000		282,263
7.15%, 7/13/2027(d)		350,000		357,309
2.31%, 11/16/2027(d)		600,000		545,821
2.55%, 1/7/2028(d)		500,000		456,581
5.71%, 2/8/2028(d)		150,000		148,597
6.72%, 1/18/2029(d)		50,000		50,994
5.88%, 7/8/2031(d)		200,000		191,258
3.73%, 1/14/2032(d)		550,000		452,828
4.88%, 12/1/2032(d)		503,000		463,504
3.74%, 1/7/2033(d)		550,000		442,045
7.08%, 2/10/2034(d)		500,000		498,597

FactSet Research Systems, Inc.
2.90%, 3/1/2027		200,000		185,733
3.45%, 3/1/2032		250,000		212,070

Goldman Sachs Group, Inc. (The)
3.50%, 11/16/2026		100,000		95,049
3.85%, 1/26/2027		100,000		95,925
1.95%, 10/21/2027(d)		750,000		684,807
2.64%, 2/24/2028(d)		100,000		92,241
3.62%, 3/15/2028(d)		150,000		141,931
3.69%, 6/5/2028(d)		100,000		94,612


Investments	Principal Amount		Value

Capital Markets – (continued)
3.81%, 4/23/2029(d)	$	100,000	$	93,490
4.22%, 5/1/2029(d)		500,000		474,438
6.48%, 10/24/2029(d)		100,000		103,184
2.38%, 7/21/2032(d)		301,000		240,882
2.65%, 10/21/2032(a) (d)		100,000		80,974
6.56%, 10/24/2034(d)		250,000		263,134

HPS Corporate Lending Fund
6.75%, 1/30/2029(e)		200,000		197,271

LPL Holdings, Inc.
6.75%, 11/17/2028		200,000		205,551

Moody’s Corp.
3.25%, 1/15/2028		140,000		131,122
4.25%, 2/1/2029		252,000		241,224
2.00%, 8/19/2031		200,000		158,936
4.25%, 8/8/2032(a)		175,000		161,278

Morgan Stanley
5.00%, 11/24/2025		250,000		247,396
3.88%, 1/27/2026		250,000		242,860
0.99%, 12/10/2026(d)		250,000		231,501
1.59%, 5/4/2027(d)		135,000		124,428
1.51%, 7/20/2027(d)		250,000		228,300
2.48%, 1/21/2028(d)		80,000		73,788
4.21%, 4/20/2028(d)		100,000		96,325
+ 0.00%), 3.59%, 7/22/2028(f)		150,000		141,146
6.30%, 10/18/2028(d)		100,000		102,117
3.77%, 1/24/2029(d)		125,000		117,300
5.12%, 2/1/2029(d)		100,000		98,416
5.16%, 4/20/2029(d)		100,000		98,366
5.45%, 7/20/2029(d)		100,000		99,388
6.41%, 11/1/2029(d)		100,000		103,111
5.17%, 1/16/2030(d)		150,000		147,074
4.43%, 1/23/2030(d)		113,000		107,489
2.70%, 1/22/2031(d)		125,000		107,076
3.62%, 4/1/2031(d)		125,000		112,351
1.79%, 2/13/2032(d)		100,000		78,030
7.25%, 4/1/2032		25,000		27,892
1.93%, 4/28/2032(d)		100,000		78,333
2.24%, 7/21/2032(d)		150,000		119,281
2.51%, 10/20/2032(d)		100,000		80,469
2.94%, 1/21/2033(d)		100,000		82,544
4.89%, 7/20/2033(d)		75,000		70,663
6.34%, 10/18/2033(a) (d)		303,000		314,258
5.25%, 4/21/2034(d)		125,000		119,944
5.42%, 7/21/2034(d)		100,000		97,034

See Accompanying Notes to the Financial Statements.


310		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Capital Markets – (continued)
6.63%, 11/1/2034(d)	$	75,000	$	79,138
5.47%, 1/18/2035(d)		100,000		97,288

Nasdaq, Inc.
5.35%, 6/28/2028		100,000		99,481
5.55%, 2/15/2034		300,000		293,418

Nomura Holdings, Inc.
5.84%, 1/18/2028		200,000		200,660
6.07%, 7/12/2028		200,000		202,350
2.68%, 7/16/2030		200,000		166,762

S&P Global, Inc.
2.95%, 1/22/2027		500,000		470,322
2.45%, 3/1/2027		550,000		509,067
2.70%, 3/1/2029		402,000		358,402
4.25%, 5/1/2029		300,000		286,849
2.50%, 12/1/2029		250,000		216,802
1.25%, 8/15/2030		200,000		158,051
2.90%, 3/1/2032		475,000		401,774
5.25%, 9/15/2033(e)		225,000		222,976

Sixth Street Lending Partners
6.50%, 3/11/2029(e)		150,000		147,193

State Street Corp.
5.16%, 5/18/2034(d)		150,000		144,959

Stifel Financial Corp.
4.00%, 5/15/2030		101,000		90,396
				23,832,546

Chemicals – 0.8%

Celanese US Holdings LLC
6.33%, 7/15/2029		150,000		152,161

Dow Chemical Co. (The)
7.38%, 11/1/2029		202,000		219,437

FMC Corp.
3.20%, 10/1/2026		51,000		48,035

Huntsman International LLC
4.50%, 5/1/2029		150,000		139,959

Linde, Inc.
3.20%, 1/30/2026		200,000		192,805

LYB International Finance II BV
3.50%, 3/2/2027		110,000		104,147

LYB International Finance III LLC
1.25%, 10/1/2025		200,000		187,434


Investments	Principal Amount		Value

Chemicals – (continued)

NewMarket Corp.
2.70%, 3/18/2031	$	100,000	$	82,219

RPM International, Inc.
4.55%, 3/1/2029		250,000		237,721
2.95%, 1/15/2032		100,000		82,178

Sherwin-Williams Co. (The)
3.45%, 8/1/2025		350,000		340,125
4.25%, 8/8/2025		250,000		245,735
3.95%, 1/15/2026		150,000		146,064
3.45%, 6/1/2027		250,000		236,044
2.95%, 8/15/2029		351,000		311,071
2.30%, 5/15/2030		250,000		209,214
				2,934,349

Commercial Services & Supplies – 1.3%

Cintas Corp. No. 2
3.70%, 4/1/2027		300,000		288,444
4.00%, 5/1/2032		265,000		242,092

RELX Capital, Inc.
4.00%, 3/18/2029		352,000		332,409
3.00%, 5/22/2030		352,000		309,777
4.75%, 5/20/2032		200,000		192,244

Republic Services, Inc.
0.88%, 11/15/2025		250,000		232,732
2.90%, 7/1/2026		250,000		238,186
3.38%, 11/15/2027		200,000		188,078
3.95%, 5/15/2028		151,000		143,565
4.88%, 4/1/2029		225,000		220,603
2.30%, 3/1/2030		200,000		169,294
1.75%, 2/15/2032		300,000		231,076
2.38%, 3/15/2033		175,000		137,511
5.00%, 12/15/2033		200,000		192,603

Veralto Corp.
5.50%, 9/18/2026(e)		350,000		347,905
5.35%, 9/18/2028(e)		225,000		223,237
5.45%, 9/18/2033(e)		150,000		147,130

Waste Connections, Inc.
5.00%, 3/1/2034		150,000		143,378

Waste Management, Inc.
4.88%, 2/15/2029		150,000		148,192
4.63%, 2/15/2030		151,000		146,218
4.15%, 4/15/2032		100,000		92,878
4.63%, 2/15/2033		100,000		95,190
4.88%, 2/15/2034		275,000		264,406
				4,727,148

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			311

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Communications Equipment – 1.2%

Cisco Systems, Inc.
2.95%, 2/28/2026	$	150,000	$	143,983
2.50%, 9/20/2026		200,000		188,366
4.85%, 2/26/2029		475,000		469,072
4.95%, 2/26/2031		400,000		393,422
5.05%, 2/26/2034		850,000		831,422

Juniper Networks, Inc.
1.20%, 12/10/2025		100,000		92,957
3.75%, 8/15/2029		151,000		137,823
2.00%, 12/10/2030(a)		200,000		157,463

Motorola Solutions, Inc.
7.50%, 5/15/2025		100,000		101,227
4.60%, 2/23/2028		201,000		194,942
5.00%, 4/15/2029		250,000		244,477
4.60%, 5/23/2029		303,000		291,138
2.30%, 11/15/2030		252,000		207,267
2.75%, 5/24/2031		400,000		332,322
5.60%, 6/1/2032		250,000		248,649
5.40%, 4/15/2034		250,000		243,123

Nokia OYJ
4.38%, 6/12/2027		175,000		167,498
				4,445,151

Construction Materials – 0.2%

Eagle Materials, Inc.
2.50%, 7/1/2031		250,000		204,837

Martin Marietta Materials, Inc.
Series CB, 2.50%, 3/15/2030(a)		250,000		213,191

Vulcan Materials Co.
3.50%, 6/1/2030		175,000		157,201
				575,229

Consumer Finance – 1.3%

AerCap Ireland Capital DAC
6.50%, 7/15/2025		250,000		251,791
3.30%, 1/30/2032		150,000		125,227
5.30%, 1/19/2034(a)		150,000		142,823

American Express Co.
4.99%, 5/1/2026(d)		450,000		446,385
6.34%, 10/30/2026(d)		375,000		377,993
2.55%, 3/4/2027		270,000		249,784
3.30%, 5/3/2027		450,000		423,432


Investments	Principal Amount		Value

Consumer Finance – (continued)
5.39%, 7/28/2027(d)	$	325,000	$	323,261
6.49%, 10/30/2031(a) (d)		250,000		261,677
4.99%, 5/26/2033(d)		126,000		119,191
4.42%, 8/3/2033(d)		100,000		92,821
5.04%, 5/1/2034(d)		200,000		191,814
5.63%, 7/28/2034(d)		100,000		97,857

Capital One Financial Corp.
4.99%, 7/24/2026(d)		250,000		247,091

Synchrony Financial
4.88%, 6/13/2025		281,000		276,320
4.50%, 7/23/2025		423,000		413,347
3.70%, 8/4/2026		170,000		160,565
3.95%, 12/1/2027		405,000		374,833
5.15%, 3/19/2029		202,000		191,506
2.88%, 10/28/2031		300,000		236,471
				5,004,189

Consumer Staples Distribution & Retail – 0.8%

Costco Wholesale Corp.
1.38%, 6/20/2027		250,000		223,653
1.60%, 4/20/2030		900,000		739,167
1.75%, 4/20/2032		320,000		250,772

Kroger Co. (The)
Series B, 7.70%, 6/1/2029		100,000		109,516
7.50%, 4/1/2031		150,000		167,146

Sysco Corp.
3.75%, 10/1/2025		250,000		243,208
3.25%, 7/15/2027		600,000		561,164
2.40%, 2/15/2030(a)		250,000		211,459
5.95%, 4/1/2030		200,000		204,401
2.45%, 12/14/2031		100,000		80,940
6.00%, 1/17/2034		125,000		128,584

Walmart, Inc.
4.10%, 4/15/2033		100,000		93,470
				3,013,480

Containers & Packaging – 0.4%

Amcor Finance USA, Inc.
3.63%, 4/28/2026		250,000		239,682
4.50%, 5/15/2028		112,000		107,418

Amcor Flexibles North America, Inc.
2.63%, 6/19/2030		50,000		41,749
2.69%, 5/25/2031		50,000		41,124

See Accompanying Notes to the Financial Statements.


312		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Containers & Packaging – (continued)

AptarGroup, Inc.
3.60%, 3/15/2032	$	150,000	$	128,530

Avery Dennison Corp.
4.88%, 12/6/2028		156,000		151,813
2.65%, 4/30/2030		350,000		298,953
5.75%, 3/15/2033		100,000		100,827

Packaging Corp. of America
3.00%, 12/15/2029		278,000		244,858

Smurfit Kappa Treasury ULC
5.20%, 1/15/2030(e)		200,000		195,059
				1,550,013

Distributors – 0.2%

Genuine Parts Co.
6.50%, 11/1/2028		150,000		155,771
2.75%, 2/1/2032		200,000		162,684
6.88%, 11/1/2033		100,000		107,334

LKQ Corp.
5.75%, 6/15/2028		200,000		199,802
				625,591

Diversified REITs – 1.3%

Broadstone Net Lease LLC
REIT, 2.60%, 9/15/2031		150,000		116,503

Digital Realty Trust LP
REIT, 5.55%, 1/15/2028		150,000		149,376

GLP Capital LP
REIT, 5.25%, 6/1/2025		350,000		346,751
REIT, 5.38%, 4/15/2026		403,000		397,857
REIT, 5.75%, 6/1/2028		300,000		296,333
REIT, 5.30%, 1/15/2029		400,000		388,315
REIT, 4.00%, 1/15/2030		265,000		237,318
REIT, 4.00%, 1/15/2031		250,000		218,914
REIT, 3.25%, 1/15/2032		305,000		249,477
REIT, 6.75%, 12/1/2033		150,000		153,683

Rayonier LP
REIT, 2.75%, 5/17/2031		100,000		80,719

Store Capital LLC
REIT, 4.50%, 3/15/2028		225,000		209,459
REIT, 4.63%, 3/15/2029		241,000		223,831

VICI Properties LP
REIT, 4.38%, 5/15/2025(a)		200,000		196,538


Investments	Principal Amount		Value

Diversified REITs – (continued)
REIT, 4.75%, 2/15/2028	$	505,000	$	485,032
REIT, 4.95%, 2/15/2030		403,000		382,149
REIT, 5.13%, 5/15/2032		600,000		557,465
REIT, 5.75%, 4/1/2034		150,000		144,344

WP Carey, Inc.
REIT, 3.85%, 7/15/2029		50,000		46,110
REIT, 2.40%, 2/1/2031(a)		100,000		81,199
				4,961,373

Diversified Telecommunication Services – 0.3%

Deutsche Telekom International Finance BV
8.75%, 6/15/2030(b)		500,000		576,527

Koninklijke KPN NV
8.38%, 10/1/2030		201,000		229,195

Orange SA
9.00%, 3/1/2031(b)		100,000		118,184

Sprint Capital Corp.
6.88%, 11/15/2028		200,000		209,437
				1,133,343

Electric Utilities – 1.5%

American Electric Power Co., Inc.
3.88%, 2/15/2062(a) (d)		101,000		90,189

Avangrid, Inc.
3.80%, 6/1/2029		150,000		136,827

Duke Energy Corp.
3.25%, 1/15/2082(d)		101,000		88,231

Enel Chile SA
4.88%, 6/12/2028		175,000		166,307

Georgia Power Co.
4.95%, 5/17/2033		200,000		190,401

Interstate Power and Light Co.
3.40%, 8/15/2025		100,000		96,995
2.30%, 6/1/2030(a)		100,000		83,261

Kentucky Utilities Co.
Series KENT, 5.45%, 4/15/2033		50,000		49,622

Louisville Gas and Electric Co.
Series LOU, 5.45%, 4/15/2033		50,000		49,490

MidAmerican Energy Co.
3.10%, 5/1/2027		125,000		117,402

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			313

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Electric Utilities – (continued)
3.65%, 4/15/2029	$	353,000	$	327,739
6.75%, 12/30/2031		150,000		164,848
5.35%, 1/15/2034		250,000		248,996

Nevada Power Co.
Series CC, 3.70%, 5/1/2029		252,000		234,728
Series DD, 2.40%, 5/1/2030		200,000		168,291

NextEra Energy Capital Holdings, Inc.
4.80%, 12/1/2077(d)		61,000		56,027
5.65%, 5/1/2079(d)		97,000		92,139
3.80%, 3/15/2082(d)		110,000		99,510

Oklahoma Gas and Electric Co.
3.25%, 4/1/2030		50,000		44,216

Oncor Electric Delivery Co. LLC
4.55%, 9/15/2032		50,000		46,896
5.65%, 11/15/2033		250,000		251,129

PacifiCorp
5.10%, 2/15/2029		150,000		148,163
3.50%, 6/15/2029		150,000		136,679
2.70%, 9/15/2030		150,000		126,645
5.30%, 2/15/2031		250,000		244,270
5.45%, 2/15/2034(a)		400,000		384,094

PPL Capital Funding, Inc.
4.13%, 4/15/2030		113,000		104,760

Public Service Electric and Gas Co.
5.20%, 8/1/2033		150,000		146,982

Sierra Pacific Power Co.
2.60%, 5/1/2026		200,000		189,094

Southern Co. (The)
5.11%, 8/1/2027(b)		200,000		197,095
Series B, 4.00%, 1/15/2051(d)		342,000		326,239
Series 21-A, 3.75%, 9/15/2051(d)		200,000		183,303

System Energy Resources, Inc.
6.00%, 4/15/2028		150,000		150,873

Wisconsin Power and Light Co.
4.95%, 4/1/2033		100,000		94,553


Investments	Principal Amount		Value

Electric Utilities – (continued)

Xcel Energy, Inc.
3.30%, 6/1/2025	$	250,000	$	243,343
3.40%, 6/1/2030		50,000		43,990
2.35%, 11/15/2031		50,000		39,330
5.50%, 3/15/2034		150,000		144,653
				5,707,310

Electrical Equipment – 0.2%

Acuity Brands Lighting, Inc.
2.15%, 12/15/2030		150,000		120,858

Emerson Electric Co.
6.00%, 8/15/2032		100,000		103,222

Hubbell, Inc.
3.35%, 3/1/2026		351,000		337,443
3.50%, 2/15/2028		200,000		186,844
				748,367

Electronic Equipment, Instruments & Components – 2.0%

Allegion US Holding Co., Inc.
3.55%, 10/1/2027		150,000		140,962
5.41%, 7/1/2032		100,000		97,147

Amphenol Corp.
4.75%, 3/30/2026		400,000		394,679
5.05%, 4/5/2027		150,000		148,998
4.35%, 6/1/2029		243,000		232,579
2.80%, 2/15/2030		361,000		315,570
2.20%, 9/15/2031		250,000		201,876

Arrow Electronics, Inc.
3.88%, 1/12/2028		115,000		108,148

Avnet, Inc.
4.63%, 4/15/2026		176,000		171,843

CDW LLC
4.13%, 5/1/2025		250,000		245,514
2.67%, 12/1/2026		404,000		374,163
4.25%, 4/1/2028		202,000		190,304
3.28%, 12/1/2028		202,000		180,305
3.25%, 2/15/2029		350,000		311,573
3.57%, 12/1/2031		400,000		340,468

Flex Ltd.
4.75%, 6/15/2025		200,000		197,399
3.75%, 2/1/2026		230,000		221,713
6.00%, 1/15/2028		130,000		130,436
4.88%, 6/15/2029		100,000		95,910
4.88%, 5/12/2030		212,000		201,306

See Accompanying Notes to the Financial Statements.


314		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Electronic Equipment, Instruments & Components – (continued)

Jabil, Inc.
1.70%, 4/15/2026	$	150,000	$	138,787
4.25%, 5/15/2027		250,000		239,658
3.95%, 1/12/2028(a)		130,000		121,924
3.60%, 1/15/2030		200,000		177,005

Keysight Technologies, Inc.
4.60%, 4/6/2027		350,000		341,761
3.00%, 10/30/2029		100,000		87,602

TD SYNNEX Corp.
1.75%, 8/9/2026		150,000		136,661
2.38%, 8/9/2028		102,000		88,734
2.65%, 8/9/2031		200,000		159,216

Teledyne Technologies, Inc.
1.60%, 4/1/2026		150,000		139,040
2.25%, 4/1/2028		257,000		227,580
2.75%, 4/1/2031		500,000		416,212

Tyco Electronics Group SA
4.50%, 2/13/2026		200,000		196,895
3.70%, 2/15/2026		131,000		127,016
3.13%, 8/15/2027		100,000		93,469
2.50%, 2/4/2032		100,000		82,571

Vontier Corp.
2.40%, 4/1/2028		352,000		307,426
2.95%, 4/1/2031		225,000		184,189
				7,566,639

Energy Equipment & Services – 0.1%

Helmerich & Payne, Inc.
2.90%, 9/29/2031		200,000		162,502

Schlumberger Investment SA
4.85%, 5/15/2033		50,000		48,375
				210,877

Entertainment – 0.5%

Electronic Arts, Inc.
4.80%, 3/1/2026		200,000		197,671
1.85%, 2/15/2031		250,000		199,542

Netflix, Inc.
4.38%, 11/15/2026		300,000		292,833
4.88%, 4/15/2028		450,000		441,786
5.88%, 11/15/2028		415,000		423,591
6.38%, 5/15/2029		250,000		260,340


Investments	Principal Amount		Value

Entertainment – (continued)

Tencent Music Entertainment Group
2.00%, 9/3/2030	$	200,000	$	160,929
				1,976,692

Financial Services – 3.8%

Apollo Global Management, Inc.
6.38%, 11/15/2033		200,000		208,833

Block Financial LLC
2.50%, 7/15/2028		200,000		175,794
3.88%, 8/15/2030		150,000		133,359

Corebridge Financial, Inc.
3.65%, 4/5/2027		400,000		378,786
3.85%, 4/5/2029		200,000		183,594
3.90%, 4/5/2032		225,000		196,288
6.05%, 9/15/2033(e)		125,000		124,987
5.75%, 1/15/2034(a)		275,000		270,145
6.88%, 12/15/2052(d)		400,000		395,981

Equitable Holdings, Inc.
4.35%, 4/20/2028		575,000		547,720

Fidelity National Information Services, Inc.
1.15%, 3/1/2026		250,000		230,633

Fiserv, Inc.
3.85%, 6/1/2025		400,000		391,900
3.20%, 7/1/2026		900,000		857,223
5.15%, 3/15/2027		250,000		247,563
2.25%, 6/1/2027		350,000		318,020
5.45%, 3/2/2028		350,000		348,973
5.38%, 8/21/2028		250,000		248,378
4.20%, 10/1/2028		596,000		564,625
3.50%, 7/1/2029		1,211,000		1,103,086
2.65%, 6/1/2030		550,000		468,084
5.35%, 3/15/2031		150,000		147,860
5.60%, 3/2/2033		350,000		346,765
5.63%, 8/21/2033		500,000		496,267
5.45%, 3/15/2034		150,000		146,611

Global Payments, Inc.
5.30%, 8/15/2029		100,000		97,711
5.40%, 8/15/2032		100,000		96,517

Mastercard, Inc.
2.95%, 11/21/2026		50,000		47,393
3.30%, 3/26/2027		403,000		383,112
2.95%, 6/1/2029		401,000		362,217

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			315

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Financial Services – (continued)
3.35%, 3/26/2030	$	653,000	$	594,089
1.90%, 3/15/2031(a)		250,000		204,072
2.00%, 11/18/2031		275,000		221,446
4.85%, 3/9/2033		250,000		244,640

MGIC Investment Corp.
5.25%, 8/15/2028		250,000		239,969

National Rural Utilities Cooperative Finance Corp.
8.00%, 3/1/2032		100,000		113,791
5.25%, 4/20/2046(d)		200,000		193,628

Radian Group, Inc.
4.88%, 3/15/2027(a)		193,000		185,784

Synchrony Bank
5.40%, 8/22/2025		312,000		308,047
5.63%, 8/23/2027		404,000		395,559

Visa, Inc.
3.15%, 12/14/2025		432,000		418,506
1.90%, 4/15/2027		267,000		244,226
2.75%, 9/15/2027		210,000		194,619
2.05%, 4/15/2030		400,000		337,031
1.10%, 2/15/2031		250,000		193,658

Voya Financial, Inc.
4.70%, 1/23/2048(d)		150,000		125,807

Western Union Co. (The)
1.35%, 3/15/2026		250,000		229,941
2.75%, 3/15/2031		150,000		122,185
				14,085,423

Food Products – 1.5%

Bunge Ltd. Finance Corp.
1.63%, 8/17/2025		250,000		237,419

Flowers Foods, Inc.
3.50%, 10/1/2026		150,000		142,565

General Mills, Inc.
3.20%, 2/10/2027		300,000		282,811
4.20%, 4/17/2028		292,000		279,546
5.50%, 10/17/2028		100,000		100,219
2.88%, 4/15/2030		152,000		132,325
4.95%, 3/29/2033		250,000		239,467

Hershey Co. (The)
0.90%, 6/1/2025		266,000		253,384

Ingredion, Inc.
2.90%, 6/1/2030		200,000		172,715


Investments	Principal Amount		Value

Food Products – (continued)

Kellanova
4.30%, 5/15/2028(a)	$	50,000	$	48,052
Series B, 7.45%, 4/1/2031(a)		100,000		110,076

Mead Johnson Nutrition Co.
4.13%, 11/15/2025		250,000		244,138

Mondelez International, Inc.
1.50%, 5/4/2025		300,000		287,762
2.63%, 3/17/2027		452,000		419,619
2.75%, 4/13/2030		173,000		149,853
1.50%, 2/4/2031		100,000		77,947
3.00%, 3/17/2032		500,000		421,272
1.88%, 10/15/2032		150,000		115,908

Unilever Capital Corp.
2.90%, 5/5/2027		251,000		235,394
3.50%, 3/22/2028		652,000		615,551
4.88%, 9/8/2028		100,000		99,186
2.13%, 9/6/2029		225,000		194,187
1.75%, 8/12/2031		250,000		198,435
5.90%, 11/15/2032		250,000		260,998
5.00%, 12/8/2033		400,000		391,941
				5,710,770

Gas Utilities – 0.4%

Atmos Energy Corp.
2.63%, 9/15/2029		200,000		175,769
5.90%, 11/15/2033		100,000		102,622

National Fuel Gas Co.
5.20%, 7/15/2025		401,000		397,595
5.50%, 1/15/2026		483,000		479,388
4.75%, 9/1/2028		51,000		48,942
2.95%, 3/1/2031		150,000		123,315
				1,327,631

Ground Transportation – 0.3%

Burlington Northern Santa Fe LLC
3.65%, 9/1/2025		250,000		244,144
7.95%, 8/15/2030		100,000		113,829

Canadian National Railway Co.
3.85%, 8/5/2032		50,000		45,089

CSX Corp.
3.35%, 11/1/2025		200,000		193,621
3.25%, 6/1/2027		30,000		28,277

See Accompanying Notes to the Financial Statements.


316		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Ground Transportation – (continued)

JB Hunt Transport Services, Inc.
3.88%, 3/1/2026	$	300,000	$	291,402

Norfolk Southern Corp.
7.25%, 2/15/2031		100,000		109,051

Triton Container International Ltd.
3.25%, 3/15/2032		50,000		39,625
				1,065,038

Health Care Equipment & Supplies – 1.2%

Boston Scientific Corp.
1.90%, 6/1/2025		250,000		240,363
3.75%, 3/1/2026		250,000		242,051
4.00%, 3/1/2028		100,000		95,719
2.65%, 6/1/2030		500,000		429,881

DH Europe Finance II Sarl
2.60%, 11/15/2029		152,000		132,928

Edwards Lifesciences Corp.
4.30%, 6/15/2028		250,000		239,933

Smith & Nephew plc
2.03%, 10/14/2030		200,000		160,972

Solventum Corp.
5.45%, 2/25/2027(e)		250,000		247,893
5.40%, 3/1/2029(e)		300,000		294,325
5.60%, 3/23/2034(e)		200,000		192,893

Stryker Corp.
1.15%, 6/15/2025		402,000		382,174
3.38%, 11/1/2025		350,000		338,792
3.50%, 3/15/2026		480,000		462,831
3.65%, 3/7/2028		200,000		188,445
4.85%, 12/8/2028		200,000		195,941
1.95%, 6/15/2030		300,000		247,292

Zimmer Biomet Holdings, Inc.
3.05%, 1/15/2026		200,000		191,628
5.35%, 12/1/2028		150,000		149,341
3.55%, 3/20/2030		200,000		177,713
				4,611,115

Health Care Providers & Services – 1.8%

Cardinal Health, Inc.
3.75%, 9/15/2025		200,000		194,702
3.41%, 6/15/2027		454,000		426,811
5.13%, 2/15/2029		200,000		196,861


Investments	Principal Amount		Value

Health Care Providers & Services – (continued)
5.45%, 2/15/2034	$	125,000	$	122,525

Cencora, Inc.
3.45%, 12/15/2027		311,000		291,554
2.80%, 5/15/2030		300,000		259,624
2.70%, 3/15/2031		280,000		234,524
5.13%, 2/15/2034(a)		125,000		120,771

Centene Corp.
4.25%, 12/15/2027		480,000		452,645
4.63%, 12/15/2029		252,000		234,667
3.38%, 2/15/2030		300,000		261,356
2.50%, 3/1/2031		100,000		80,369

Elevance Health, Inc.
5.35%, 10/15/2025		100,000		99,652
1.50%, 3/15/2026		250,000		232,143
4.10%, 3/1/2028		200,000		191,513
2.88%, 9/15/2029(a)		250,000		220,409

HCA, Inc.
5.63%, 9/1/2028		200,000		199,110
4.13%, 6/15/2029		150,000		139,377
3.63%, 3/15/2032		100,000		86,014

Laboratory Corp. of America Holdings
1.55%, 6/1/2026		152,000		139,883
2.95%, 12/1/2029		100,000		87,785

McKesson Corp.
0.90%, 12/3/2025		200,000		185,908
1.30%, 8/15/2026		252,000		229,631
4.90%, 7/15/2028		150,000		147,682
5.10%, 7/15/2033		300,000		292,238

Quest Diagnostics, Inc.
4.20%, 6/30/2029		100,000		95,149
2.95%, 6/30/2030		252,000		218,174

UnitedHealth Group, Inc.
4.00%, 5/15/2029		80,000		75,780
2.88%, 8/15/2029		100,000		89,234
5.30%, 2/15/2030		210,000		210,066
2.00%, 5/15/2030		250,000		207,618
4.20%, 5/15/2032		150,000		138,325
5.35%, 2/15/2033(a)		206,000		205,372
4.50%, 4/15/2033		300,000		281,201
				6,648,673

Health Care REITs – 0.5%

National Health Investors, Inc.
REIT, 3.00%, 2/1/2031		200,000		160,113

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			317

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Health Care REITs – (continued)

Omega Healthcare Investors, Inc.
REIT, 5.25%, 1/15/2026	$	200,000	$	197,151
REIT, 4.50%, 4/1/2027		241,000		231,082
REIT, 4.75%, 1/15/2028		201,000		190,819
REIT, 3.63%, 10/1/2029		251,000		219,304
REIT, 3.38%, 2/1/2031		250,000		208,759
REIT, 3.25%, 4/15/2033		250,000		195,744

Sabra Health Care LP
REIT, 5.13%, 8/15/2026		302,000		295,462
REIT, 3.90%, 10/15/2029		151,000		133,378
REIT, 3.20%, 12/1/2031		100,000		80,347

Welltower OP LLC
REIT, 4.13%, 3/15/2029		25,000		23,420
				1,935,579

Hotel & Resort REITs – 0.3%

Host Hotels & Resorts LP
Series E, REIT, 4.00%, 6/15/2025		500,000		488,973
Series H, REIT, 3.38%, 12/15/2029		253,000		220,836
Series I, REIT, 3.50%, 9/15/2030		200,000		173,433
Series J, REIT, 2.90%, 12/15/2031		250,000		203,390
				1,086,632

Hotels, Restaurants & Leisure – 2.6%

Choice Hotels International, Inc.
3.70%, 12/1/2029		100,000		88,176
3.70%, 1/15/2031		225,000		192,355

Darden Restaurants, Inc.
3.85%, 5/1/2027		300,000		285,487
6.30%, 10/10/2033		150,000		152,107

Las Vegas Sands Corp.
3.90%, 8/8/2029		250,000		223,076

Marriott International, Inc.
Series EE, 5.75%, 5/1/2025		282,000		282,080
5.45%, 9/15/2026		450,000		449,365
5.00%, 10/15/2027		343,000		338,180


Investments	Principal Amount		Value

Hotels, Restaurants & Leisure – (continued)
Series X, 4.00%, 4/15/2028	$	102,000	$	96,642
5.55%, 10/15/2028		200,000		200,496
4.90%, 4/15/2029		250,000		243,330
Series FF, 4.63%, 6/15/2030		302,000		286,987
Series HH, 2.85%, 4/15/2031		300,000		251,635
Series GG, 3.50%, 10/15/2032		225,000		191,325
Series II, 2.75%, 10/15/2033		125,000		98,471

McDonald’s Corp.
3.38%, 5/26/2025		300,000		293,234
3.30%, 7/1/2025		400,000		390,071
1.45%, 9/1/2025		200,000		189,585
3.70%, 1/30/2026		600,000		583,469
3.50%, 3/1/2027(a)		310,000		295,833
3.50%, 7/1/2027		334,000		316,525
3.80%, 4/1/2028		456,000		432,820
4.80%, 8/14/2028(a)		300,000		295,103
2.63%, 9/1/2029		340,000		299,070
2.13%, 3/1/2030		201,000		169,041
3.60%, 7/1/2030		400,000		363,866
4.60%, 9/9/2032		230,000		219,092
4.95%, 8/14/2033		300,000		290,060

Sands China Ltd.
5.12%, 8/8/2025(b)		400,000		395,589
4.05%, 1/8/2026(b)		200,000		192,509
5.40%, 8/8/2028(a) (b)		500,000		484,124
2.85%, 3/8/2029(b)		200,000		171,854

Starbucks Corp.
3.80%, 8/15/2025		450,000		440,454
2.00%, 3/12/2027		150,000		136,892
5.00%, 2/15/2034		150,000		143,457
				9,482,360

Household Durables – 0.5%

DR Horton, Inc.
2.60%, 10/15/2025		280,000		267,614
1.30%, 10/15/2026		300,000		270,852

Lennar Corp.
4.75%, 5/30/2025		50,000		49,431
5.25%, 6/1/2026		200,000		198,528

See Accompanying Notes to the Financial Statements.


318		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Household Durables – (continued)

Meritage Homes Corp.
5.13%, 6/6/2027	$	50,000	$	48,659

NVR, Inc.
3.00%, 5/15/2030		327,000		283,494

PulteGroup, Inc.
5.50%, 3/1/2026		216,000		215,174
5.00%, 1/15/2027		101,000		99,469
7.88%, 6/15/2032		100,000		112,918
6.38%, 5/15/2033		150,000		154,772

Toll Brothers Finance Corp.
4.88%, 3/15/2027		303,000		295,999
				1,996,910

Household Products – 0.5%

Church & Dwight Co., Inc.
3.15%, 8/1/2027		100,000		93,832
2.30%, 12/15/2031		150,000		121,358
5.60%, 11/15/2032		200,000		202,971

Kimberly-Clark Corp.
1.05%, 9/15/2027		50,000		43,704
3.20%, 4/25/2029		200,000		182,806
3.10%, 3/26/2030		152,000		135,844
2.00%, 11/2/2031		100,000		80,874

Procter & Gamble Co. (The)
2.45%, 11/3/2026		162,000		152,265
2.80%, 3/25/2027(a)		316,000		297,668
3.00%, 3/25/2030		264,000		237,974
1.95%, 4/23/2031		25,000		20,682
4.55%, 1/29/2034		175,000		167,535
5.50%, 2/1/2034		75,000		76,992
				1,814,505

Independent Power and Renewable Electricity Producers – 0.0%(c)

Constellation Energy Generation LLC
6.13%, 1/15/2034		75,000		76,745

Industrial Conglomerates – 0.3%

Honeywell International, Inc.
1.35%, 6/1/2025		200,000		191,690
2.50%, 11/1/2026		200,000		187,626
4.25%, 1/15/2029		150,000		144,607


Investments	Principal Amount		Value

Industrial Conglomerates – (continued)
1.75%, 9/1/2031	$	250,000	$	198,052
5.00%, 2/15/2033		85,000		83,415

Pentair Finance Sarl
4.50%, 7/1/2029		100,000		95,252
5.90%, 7/15/2032		200,000		200,124
				1,100,766

Industrial REITs – 0.0%(c)

Prologis LP
REIT, 4.75%, 6/15/2033(a)		100,000		94,390

Insurance – 5.0%

Aflac, Inc.
1.13%, 3/15/2026(a)		50,000		46,147
3.60%, 4/1/2030		2,000		1,819

Alleghany Corp.
3.63%, 5/15/2030		175,000		159,961

Allied World Assurance Co. Holdings Ltd.
4.35%, 10/29/2025		50,000		48,722

American Equity Investment Life Holding Co.
5.00%, 6/15/2027		150,000		144,016

American Financial Group, Inc.
5.25%, 4/2/2030		100,000		96,977

American International Group, Inc.
Series A-9, 5.75%, 4/1/2048(d)		302,000		291,486

Aon Corp.
8.21%, 1/1/2027		430,000		455,457
2.85%, 5/28/2027		363,000		336,764
4.50%, 12/15/2028		120,000		115,202
3.75%, 5/2/2029		175,000		161,874
2.80%, 5/15/2030		437,000		376,302
2.05%, 8/23/2031		200,000		158,582
2.60%, 12/2/2031		185,000		151,024
5.00%, 9/12/2032		175,000		167,951
5.35%, 2/28/2033		350,000		340,440

Aon Global Ltd.
3.88%, 12/15/2025		285,000		277,408

Aon North America, Inc.
5.15%, 3/1/2029		100,000		98,662
5.30%, 3/1/2031		150,000		147,547
5.45%, 3/1/2034		500,000		489,030

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			319

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Insurance – (continued)

Arch Capital Finance LLC
4.01%, 12/15/2026	$	200,000	$	192,040

Arthur J Gallagher & Co.
2.40%, 11/9/2031		250,000		199,476
5.50%, 3/2/2033		150,000		146,931

Assurant, Inc.
4.90%, 3/27/2028		250,000		241,617
3.70%, 2/22/2030		201,000		176,419
2.65%, 1/15/2032		125,000		99,985
6.75%, 2/15/2034		75,000		78,576

Athene Holding Ltd.
4.13%, 1/12/2028		500,000		475,526
6.15%, 4/3/2030		200,000		203,681
3.50%, 1/15/2031		100,000		86,692
6.65%, 2/1/2033		150,000		154,993
5.88%, 1/15/2034		300,000		292,272

AXA SA
8.60%, 12/15/2030		250,000		287,744

AXIS Specialty Finance LLC
4.90%, 1/15/2040(d)		202,000		181,040

Berkshire Hathaway Finance Corp.
1.85%, 3/12/2030(a)		250,000		208,978
2.88%, 3/15/2032		250,000		213,655

Brown & Brown, Inc.
4.50%, 3/15/2029		250,000		238,571
2.38%, 3/15/2031		252,000		203,152
4.20%, 3/17/2032		200,000		177,975

Chubb INA Holdings LLC
3.35%, 5/3/2026		450,000		432,537
1.38%, 9/15/2030		250,000		198,479

CNA Financial Corp.
4.50%, 3/1/2026		200,000		195,700
3.90%, 5/1/2029(a)		150,000		139,182
2.05%, 8/15/2030		200,000		162,853
5.50%, 6/15/2033		175,000		171,390
5.13%, 2/15/2034		225,000		212,287

Enstar Finance LLC
5.75%, 9/1/2040(d)		100,000		97,258
5.50%, 1/15/2042(d)		200,000		188,653

Enstar Group Ltd.
4.95%, 6/1/2029		202,000		191,564
3.10%, 9/1/2031		150,000		119,718


Investments	Principal Amount		Value

Insurance – (continued)

F&G Annuities & Life, Inc.
7.40%, 1/13/2028	$	35,000	$	35,970

Fairfax Financial Holdings Ltd.
4.63%, 4/29/2030		125,000		116,771
3.38%, 3/3/2031		250,000		213,655
5.63%, 8/16/2032		25,000		24,266

Fidelity National Financial, Inc.
4.50%, 8/15/2028		100,000		94,844
3.40%, 6/15/2030		150,000		129,981
2.45%, 3/15/2031		75,000		59,828

First American Financial Corp.
4.00%, 5/15/2030		100,000		88,526
2.40%, 8/15/2031		100,000		77,292

Globe Life, Inc.
4.55%, 9/15/2028		50,000		46,344
2.15%, 8/15/2030		150,000		116,568

Hanover Insurance Group, Inc. (The)
2.50%, 9/1/2030		100,000		82,137

Hartford Financial Services Group, Inc. (The)
2.80%, 8/19/2029		152,000		133,406

Horace Mann Educators Corp.
4.50%, 12/1/2025		100,000		97,485
7.25%, 9/15/2028		100,000		104,977

Manulife Financial Corp.
4.15%, 3/4/2026		2,000		1,955
2.48%, 5/19/2027		102,000		93,996
4.06%, 2/24/2032(d)		301,000		284,865

Markel Group, Inc.
3.35%, 9/17/2029		200,000		178,247

Marsh & McLennan Cos., Inc.
4.38%, 3/15/2029		105,000		101,460
2.25%, 11/15/2030		216,000		179,523
2.38%, 12/15/2031		150,000		121,785
5.75%, 11/1/2032		200,000		204,730
5.88%, 8/1/2033		100,000		103,245
5.40%, 9/15/2033		150,000		149,511
5.15%, 3/15/2034		175,000		170,755

Old Republic International Corp.
3.88%, 8/26/2026		251,000		240,580
5.75%, 3/28/2034		150,000		146,053

Primerica, Inc.
2.80%, 11/19/2031		250,000		203,898

See Accompanying Notes to the Financial Statements.


320		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Insurance – (continued)

Principal Financial Group, Inc.
3.40%, 5/15/2025	$	150,000	$	146,646
3.10%, 11/15/2026		250,000		235,769
3.70%, 5/15/2029		200,000		183,761
2.13%, 6/15/2030		150,000		122,756
5.38%, 3/15/2033		100,000		98,058

Progressive Corp. (The)
3.20%, 3/26/2030		1,000		892

Prudential Financial, Inc.
5.38%, 5/15/2045(d)		427,000		422,433
4.50%, 9/15/2047(d)		250,000		232,081
5.70%, 9/15/2048(a) (d)		250,000		242,769
3.70%, 10/1/2050(d)		250,000		213,771
5.13%, 3/1/2052(d)		250,000		230,633
6.00%, 9/1/2052(d)		220,000		212,737
6.75%, 3/1/2053(d)		100,000		102,004
6.50%, 3/15/2054(d)		325,000		320,207

Reinsurance Group of America, Inc.
3.90%, 5/15/2029		202,000		187,796

RenaissanceRe Finance, Inc.
3.45%, 7/1/2027		250,000		233,415

RenaissanceRe Holdings Ltd.
3.60%, 4/15/2029		200,000		181,181
5.75%, 6/5/2033		150,000		146,215

Trinity Acquisition plc
4.40%, 3/15/2026		401,000		390,978

Unum Group
3.88%, 11/5/2025		100,000		96,611

Willis North America, Inc.
4.65%, 6/15/2027		281,000		273,101
4.50%, 9/15/2028(a)		260,000		248,267
2.95%, 9/15/2029		354,000		309,990
5.35%, 5/15/2033		240,000		230,765
				18,699,804

Interactive Media & Services – 0.2%

Meta Platforms, Inc.
3.85%, 8/15/2032		150,000		136,189
4.95%, 5/15/2033		250,000		244,910

Weibo Corp.
3.38%, 7/8/2030		200,000		171,323
				552,422


Investments	Principal Amount		Value

IT Services – 0.7%

Amdocs Ltd.
2.54%, 6/15/2030	$	250,000	$	209,017

Booz Allen Hamilton, Inc.
5.95%, 8/4/2033(a)		200,000		201,294

CGI, Inc.
1.45%, 9/14/2026		251,000		227,481
2.30%, 9/14/2031		100,000		77,636

IBM International Capital Pte. Ltd.
4.60%, 2/5/2029		150,000		145,152
4.90%, 2/5/2034		175,000		165,570

International Business Machines Corp.
3.30%, 5/15/2026		250,000		240,219
1.70%, 5/15/2027		150,000		134,886
4.15%, 7/27/2027		192,000		185,366
3.50%, 5/15/2029		705,000		648,853
1.95%, 5/15/2030		100,000		82,399

VeriSign, Inc.
4.75%, 7/15/2027		150,000		145,591
2.70%, 6/15/2031		300,000		245,996
				2,709,460

Life Sciences Tools & Services – 0.2%

Agilent Technologies, Inc.
3.05%, 9/22/2026		100,000		94,517
2.75%, 9/15/2029		332,000		291,811
2.10%, 6/4/2030		200,000		165,268
2.30%, 3/12/2031		301,000		247,049
				798,645

Machinery – 1.4%

AGCO Corp.
5.80%, 3/21/2034		200,000		195,689

Dover Corp.
3.15%, 11/15/2025		301,000		290,294

Flowserve Corp.
3.50%, 10/1/2030		150,000		130,263
2.80%, 1/15/2032		125,000		100,354

Fortive Corp.
3.15%, 6/15/2026		351,000		334,764

IDEX Corp.
3.00%, 5/1/2030		250,000		215,243
2.63%, 6/15/2031		200,000		164,580

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			321

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Machinery – (continued)

Ingersoll Rand, Inc.
5.40%, 8/14/2028	$	250,000	$	249,348
5.70%, 8/14/2033		325,000		322,808

Nordson Corp.
5.60%, 9/15/2028		250,000		250,044
5.80%, 9/15/2033		150,000		151,554

nVent Finance Sarl
4.55%, 4/15/2028		100,000		96,379
2.75%, 11/15/2031		200,000		161,314
5.65%, 5/15/2033		100,000		98,701

Otis Worldwide Corp.
2.29%, 4/5/2027		200,000		184,395
5.25%, 8/16/2028		250,000		249,193
2.57%, 2/15/2030		653,000		559,768

Westinghouse Air Brake Technologies Corp.
3.45%, 11/15/2026		320,000		303,470
4.70%, 9/15/2028(b)		614,000		590,977
5.61%, 3/11/2034		200,000		196,611

Xylem, Inc.
3.25%, 11/1/2026		200,000		189,444
1.95%, 1/30/2028		150,000		132,881
2.25%, 1/30/2031		150,000		123,057
				5,291,131

Media – 0.1%

Fox Corp.
6.50%, 10/13/2033		250,000		256,695

Interpublic Group of Cos., Inc. (The)
4.75%, 3/30/2030		27,000		25,785

Omnicom Group, Inc.
3.60%, 4/15/2026		150,000		144,892
4.20%, 6/1/2030		100,000		93,185
				520,557

Metals & Mining – 1.2%

AngloGold Ashanti Holdings plc
3.38%, 11/1/2028		52,000		46,389

ArcelorMittal SA
6.80%, 11/29/2032(a)		100,000		104,138


Investments	Principal Amount		Value

Metals & Mining – (continued)

BHP Billiton Finance USA Ltd.
4.88%, 2/27/2026	$	450,000	$	445,327
4.75%, 2/28/2028		190,000		186,440
5.10%, 9/8/2028		200,000		198,426
5.25%, 9/8/2030		125,000		123,989
4.90%, 2/28/2033		100,000		95,977
5.25%, 9/8/2033		300,000		294,028

Freeport-McMoRan, Inc.
4.63%, 8/1/2030		250,000		235,425

Nucor Corp.
3.95%, 5/23/2025		250,000		245,586

Reliance, Inc.
1.30%, 8/15/2025		252,000		238,025
2.15%, 8/15/2030		150,000		122,616

Rio Tinto Alcan, Inc.
7.25%, 3/15/2031		150,000		163,969
6.13%, 12/15/2033		100,000		104,481

Rio Tinto Finance USA Ltd.
7.13%, 7/15/2028		132,000		141,008

Steel Dynamics, Inc.
2.40%, 6/15/2025		250,000		240,555
1.65%, 10/15/2027		100,000		88,068
3.45%, 4/15/2030		100,000		89,487

Vale Canada Ltd.
7.20%, 9/15/2032		100,000		105,458

Vale Overseas Ltd.
6.25%, 8/10/2026		150,000		151,922
3.75%, 7/8/2030		270,000		237,743
6.13%, 6/12/2033		550,000		540,283
8.25%, 1/17/2034		150,000		171,291
				4,370,631

Multi-Utilities – 0.7%

Ameren Corp.
3.65%, 2/15/2026(a)		100,000		96,371

Berkshire Hathaway Energy Co.
3.25%, 4/15/2028		250,000		231,591
8.48%, 9/15/2028		150,000		166,427
3.70%, 7/15/2030		383,000		349,270
1.65%, 5/15/2031		300,000		233,061

CMS Energy Corp.
4.75%, 6/1/2050(d)		85,000		76,778
3.75%, 12/1/2050(d)		100,000		81,022

See Accompanying Notes to the Financial Statements.


322		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Multi-Utilities – (continued)

Public Service Enterprise Group, Inc.
0.80%, 8/15/2025	$	152,000	$	142,645
5.85%, 11/15/2027		200,000		202,099
5.88%, 10/15/2028		125,000		126,208
2.45%, 11/15/2031		150,000		120,714
6.13%, 10/15/2033		100,000		101,800
5.45%, 4/1/2034		150,000		145,878

Puget Energy, Inc.
4.10%, 6/15/2030		50,000		45,200

Sempra
3.25%, 6/15/2027		130,000		121,137
5.50%, 8/1/2033		125,000		121,418
4.13%, 4/1/2052(a) (d)		200,000		180,854
				2,542,473

Office REITs – 0.2%

Alexandria Real Estate Equities, Inc.
REIT, 3.38%, 8/15/2031		200,000		173,021

COPT Defense Properties LP
REIT, 2.25%, 3/15/2026		50,000		46,864
REIT, 2.00%, 1/15/2029		175,000		145,748
REIT, 2.75%, 4/15/2031		100,000		80,335

Highwoods Realty LP
REIT, 4.13%, 3/15/2028		100,000		92,538
REIT, 4.20%, 4/15/2029		50,000		44,871

Kilroy Realty LP
REIT, 3.05%, 2/15/2030		25,000		20,775
				604,152

Oil, Gas & Consumable Fuels – 12.8%

Apache Corp.
4.38%, 10/15/2028		100,000		93,594
4.25%, 1/15/2030		150,000		137,982

Boardwalk Pipelines LP
5.95%, 6/1/2026		150,000		150,366
4.80%, 5/3/2029		302,000		291,266
3.40%, 2/15/2031		200,000		171,964
3.60%, 9/1/2032		200,000		168,846

Burlington Resources LLC
7.20%, 8/15/2031		250,000		276,950
7.40%, 12/1/2031		200,000		224,129


Investments	Principal Amount		Value

Oil, Gas & Consumable Fuels – (continued)

Canadian Natural Resources Ltd.
2.05%, 7/15/2025	$	250,000	$	238,910
3.85%, 6/1/2027		750,000		713,621
2.95%, 7/15/2030		200,000		171,754
7.20%, 1/15/2032		100,000		107,901
6.45%, 6/30/2033		150,000		156,029

Cenovus Energy, Inc.
2.65%, 1/15/2032		150,000		121,426

Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/2029		150,000		136,259

Cheniere Energy Partners LP
4.50%, 10/1/2029		275,000		257,302
4.00%, 3/1/2031		300,000		267,677
3.25%, 1/31/2032(a)		200,000		167,093
5.95%, 6/30/2033		100,000		99,728

Cheniere Energy, Inc.
4.63%, 10/15/2028		317,000		303,023

Chevron Corp.
1.55%, 5/11/2025		303,000		291,429
2.24%, 5/11/2030		250,000		212,820

Chevron USA, Inc.
0.69%, 8/12/2025		52,000		49,041

Conoco Funding Co.
7.25%, 10/15/2031		100,000		111,062

ConocoPhillips
5.90%, 10/15/2032		100,000		104,597

ConocoPhillips Co.
6.95%, 4/15/2029		301,000		323,005
5.05%, 9/15/2033		350,000		340,916

Continental Resources, Inc.
4.38%, 1/15/2028		403,000		384,219

Coterra Energy, Inc.
3.90%, 5/15/2027		402,000		382,366
4.38%, 3/15/2029		150,000		141,335
5.60%, 3/15/2034		100,000		97,784

Devon Energy Corp.
5.85%, 12/15/2025		215,000		215,193
4.50%, 1/15/2030		101,000		95,276
7.88%, 9/30/2031		250,000		279,258
7.95%, 4/15/2032		150,000		168,608

Diamondback Energy, Inc.
5.20%, 4/18/2027		200,000		198,548
3.50%, 12/1/2029		303,000		275,192

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			323

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Oil, Gas & Consumable Fuels – (continued)
3.13%, 3/24/2031	$	150,000	$	129,926
6.25%, 3/15/2033		400,000		413,041
5.40%, 4/18/2034		200,000		194,352

Eastern Gas Transmission & Storage, Inc.
3.00%, 11/15/2029		202,000		176,555

Enbridge, Inc.
5.70%, 3/8/2033		200,000		197,705
2.50%, 8/1/2033		200,000		154,545
5.63%, 4/5/2034		200,000		195,677
Series 16-A, 6.00%, 1/15/2077(d)		300,000		283,793
5.50%, 7/15/2077(d)		400,000		368,489
6.25%, 3/1/2078(d)		352,000		328,464
Series 20-A, 5.75%, 7/15/2080(d)		185,000		169,491
7.38%, 1/15/2083(d)		100,000		98,053
7.63%, 1/15/2083(d)		250,000		248,901
8.25%, 1/15/2084(d)		350,000		358,226
8.50%, 1/15/2084(d)		250,000		263,762

Energy Transfer LP
2.90%, 5/15/2025		400,000		388,878
5.95%, 12/1/2025		250,000		250,496
4.75%, 1/15/2026		500,000		492,171
3.90%, 7/15/2026		100,000		96,421
6.05%, 12/1/2026(a)		200,000		202,352
4.40%, 3/15/2027		200,000		193,739
4.20%, 4/15/2027		150,000		144,123
5.50%, 6/1/2027		200,000		199,007
4.00%, 10/1/2027		100,000		95,071
5.55%, 2/15/2028		220,000		219,772
4.95%, 5/15/2028		200,000		194,722
4.95%, 6/15/2028		500,000		486,904
6.10%, 12/1/2028		100,000		101,912
5.25%, 4/15/2029		300,000		295,306
4.15%, 9/15/2029		250,000		232,587
3.75%, 5/15/2030		275,000		248,082
6.40%, 12/1/2030		200,000		205,979
5.75%, 2/15/2033		350,000		347,202
6.55%, 12/1/2033		575,000		599,113

EnLink Midstream Partners LP
4.15%, 6/1/2025		150,000		146,395
4.85%, 7/15/2026		150,000		145,887


Investments	Principal Amount		Value

Oil, Gas & Consumable Fuels – (continued)

Enterprise Products Operating LLC
5.05%, 1/10/2026	$	200,000	$	198,898
3.70%, 2/15/2026		170,000		165,296
4.15%, 10/16/2028		231,000		220,684
3.13%, 7/31/2029		182,000		164,251
2.80%, 1/31/2030		232,000		203,136
5.35%, 1/31/2033		502,000		497,436
Series D, 6.88%, 3/1/2033		200,000		217,859
4.85%, 1/31/2034(a)		250,000		238,336
Series E, 5.25%, 8/16/2077(d)		402,000		377,073
5.38%, 2/15/2078(d)		350,000		324,137

EOG Resources, Inc.
4.38%, 4/15/2030		202,000		193,343

EQT Corp.
7.00%, 2/1/2030(b)		50,000		52,188

Exxon Mobil Corp.
3.48%, 3/19/2030		300,000		275,823
2.61%, 10/15/2030		101,000		87,436

Hess Corp.
4.30%, 4/1/2027		550,000		532,237
7.88%, 10/1/2029		200,000		221,918
7.30%, 8/15/2031		250,000		274,722

HF Sinclair Corp.
5.88%, 4/1/2026		150,000		150,359
5.00%, 2/1/2028(e)		200,000		191,887
4.50%, 10/1/2030		100,000		91,704

Kinder Morgan Energy Partners LP
7.40%, 3/15/2031		100,000		108,439
7.30%, 8/15/2033		175,000		191,225

Kinder Morgan, Inc.
4.30%, 3/1/2028		210,000		201,696
7.80%, 8/1/2031		252,000		279,779
7.75%, 1/15/2032		400,000		442,871
4.80%, 2/1/2033(a)		250,000		231,777
5.20%, 6/1/2033		300,000		285,852
5.40%, 2/1/2034		275,000		265,085

Marathon Oil Corp.
4.40%, 7/15/2027		401,000		385,967
6.80%, 3/15/2032		100,000		105,121
5.70%, 4/1/2034		250,000		241,692

Marathon Petroleum Corp.
4.70%, 5/1/2025		452,000		447,418
3.80%, 4/1/2028		202,000		190,320

See Accompanying Notes to the Financial Statements.


324		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Oil, Gas & Consumable Fuels – (continued)

MPLX LP
4.88%, 6/1/2025	$	214,000	$	211,981
1.75%, 3/1/2026		502,000		467,790
4.13%, 3/1/2027		400,000		385,623
4.25%, 12/1/2027		200,000		191,597
4.00%, 3/15/2028		405,000		383,875
4.80%, 2/15/2029		500,000		483,697
2.65%, 8/15/2030		550,000		463,416
4.95%, 9/1/2032		300,000		282,955
5.00%, 3/1/2033		525,000		493,740

Occidental Petroleum Corp.
5.88%, 9/1/2025		200,000		200,006
5.50%, 12/1/2025		170,000		169,135
5.55%, 3/15/2026		300,000		298,559
3.40%, 4/15/2026		150,000		143,224
8.50%, 7/15/2027		220,000		235,116
6.38%, 9/1/2028		205,000		209,551
3.50%, 8/15/2029		100,000		89,519
8.88%, 7/15/2030		362,000		413,886
6.63%, 9/1/2030		703,000		728,413
6.13%, 1/1/2031		500,000		506,275
7.50%, 5/1/2031		425,000		462,767
7.88%, 9/15/2031		150,000		166,513

ONEOK, Inc.
2.20%, 9/15/2025		350,000		333,394
5.85%, 1/15/2026		150,000		150,571
5.00%, 3/1/2026		302,000		298,685
4.00%, 7/13/2027		190,000		181,127
4.55%, 7/15/2028		110,000		105,782
5.65%, 11/1/2028		150,000		150,476
4.35%, 3/15/2029		200,000		189,676
3.40%, 9/1/2029		200,000		180,214
3.10%, 3/15/2030		229,000		199,701
5.80%, 11/1/2030		150,000		150,584
6.35%, 1/15/2031		210,000		216,551
6.10%, 11/15/2032		225,000		228,569
6.05%, 9/1/2033(a)		700,000		707,771

Ovintiv, Inc.
5.65%, 5/15/2025		200,000		199,332
5.38%, 1/1/2026		150,000		148,762
5.65%, 5/15/2028		150,000		149,866
6.25%, 7/15/2033		150,000		151,193

Phillips 66
1.30%, 2/15/2026		400,000		371,498


Investments	Principal Amount		Value

Oil, Gas & Consumable Fuels – (continued)
3.90%, 3/15/2028	$	250,000	$	236,599
2.15%, 12/15/2030		250,000		203,360

Phillips 66 Co.
3.55%, 10/1/2026		105,000		100,461
3.75%, 3/1/2028		200,000		188,065
3.15%, 12/15/2029		100,000		88,797
5.25%, 6/15/2031		200,000		195,821
5.30%, 6/30/2033		240,000		232,892

Pioneer Natural Resources Co.
1.13%, 1/15/2026		450,000		417,812
5.10%, 3/29/2026		450,000		446,697
1.90%, 8/15/2030		300,000		246,140
2.15%, 1/15/2031		225,000		185,255

Plains All American Pipeline LP
4.65%, 10/15/2025		350,000		344,001
4.50%, 12/15/2026		400,000		389,100
3.55%, 12/15/2029		352,000		316,633
3.80%, 9/15/2030		300,000		268,853

Sabine Pass Liquefaction LLC
4.20%, 3/15/2028		250,000		238,246
4.50%, 5/15/2030		400,000		375,545

Suncor Energy, Inc.
7.88%, 6/15/2026		150,000		156,241
7.15%, 2/1/2032		250,000		272,369

Targa Resources Corp.
5.20%, 7/1/2027		385,000		380,705
6.15%, 3/1/2029		280,000		284,803
4.20%, 2/1/2033		250,000		220,672
6.13%, 3/15/2033		100,000		101,244
6.50%, 3/30/2034		225,000		234,452

Targa Resources Partners LP
5.00%, 1/15/2028		125,000		120,888
5.50%, 3/1/2030		325,000		317,054
4.88%, 2/1/2031		450,000		421,142
4.00%, 1/15/2032		350,000		307,528

Tennessee Gas Pipeline Co. LLC
7.00%, 10/15/2028		100,000		104,815

Texas Eastern Transmission LP
7.00%, 7/15/2032		100,000		107,611

Tosco Corp.
8.13%, 2/15/2030		152,000		172,276

Transcanada Trust
Series 16-A, 5.88%, 8/15/2076(d)		150,000		143,798

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			325

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Oil, Gas & Consumable Fuels – (continued)
5.30%, 3/15/2077(d)	$	400,000	$	370,555
5.50%, 9/15/2079(d)		200,000		180,382
5.60%, 3/7/2082(d)		25,000		21,866

Valero Energy Corp.
2.15%, 9/15/2027		500,000		450,102
4.35%, 6/1/2028		200,000		192,071
2.80%, 12/1/2031		200,000		165,896
7.50%, 4/15/2032		200,000		223,606

Valero Energy Partners LP
4.50%, 3/15/2028		200,000		193,014

Western Midstream Operating LP
4.65%, 7/1/2026		252,000		246,145
4.50%, 3/1/2028		250,000		238,755
6.35%, 1/15/2029		300,000		306,297
4.05%, 2/1/2030(b)		400,000		367,681
6.15%, 4/1/2033		150,000		149,734

Williams Cos., Inc. (The)
4.90%, 3/15/2029		150,000		145,793
Series A, 7.50%, 1/15/2031		200,000		218,549
7.75%, 6/15/2031		100,000		108,547
8.75%, 3/15/2032(b)		100,000		116,780
5.65%, 3/15/2033		25,000		24,800
5.15%, 3/15/2034		200,000		191,005
				47,682,376

Paper & Forest Products – 0.1%

Suzano Austria GmbH
6.00%, 1/15/2029		252,000		249,366

Personal Care Products – 0.1%

Conopco, Inc.
6.63%, 4/15/2028		190,000		200,157

Haleon US Capital LLC
3.38%, 3/24/2027		100,000		94,447
				294,604

Pharmaceuticals – 1.0%

Eli Lilly & Co.
3.38%, 3/15/2029		233,000		216,676
4.70%, 2/27/2033		300,000		288,330

Merck & Co., Inc.
3.40%, 3/7/2029		200,000		185,500


Investments	Principal Amount		Value

Pharmaceuticals – (continued)
1.45%, 6/24/2030	$	100,000	$	80,578
2.15%, 12/10/2031		320,000		259,488
4.50%, 5/17/2033		275,000		259,923
6.50%, 12/1/2033(b)		150,000		163,959

Royalty Pharma plc
1.20%, 9/2/2025		317,000		298,527

Zoetis, Inc.
4.50%, 11/13/2025		400,000		393,806
5.40%, 11/14/2025		250,000		249,361
3.00%, 9/12/2027		476,000		440,994
3.90%, 8/20/2028		252,000		237,981
2.00%, 5/15/2030		200,000		164,772
5.60%, 11/16/2032		300,000		301,589
				3,541,484

Professional Services – 0.7%

Automatic Data Processing, Inc.
1.25%, 9/1/2030		51,000		40,483

Broadridge Financial Solutions, Inc.
3.40%, 6/27/2026(a)		200,000		191,259
2.90%, 12/1/2029		252,000		219,349
2.60%, 5/1/2031		400,000		327,309

Equifax, Inc.
2.60%, 12/15/2025		100,000		95,106
3.25%, 6/1/2026		100,000		95,060
5.10%, 12/15/2027		200,000		197,056
5.10%, 6/1/2028		25,000		24,548
3.10%, 5/15/2030		52,000		45,297
2.35%, 9/15/2031		100,000		80,224

Jacobs Engineering Group, Inc.
6.35%, 8/18/2028		150,000		152,645
5.90%, 3/1/2033		200,000		196,653

Verisk Analytics, Inc.
4.00%, 6/15/2025		400,000		391,830
4.13%, 3/15/2029(a)		252,000		237,389
5.75%, 4/1/2033		200,000		201,486
				2,495,694

Real Estate Management & Development – 0.1%

CBRE Services, Inc.
4.88%, 3/1/2026		200,000		196,651
5.50%, 4/1/2029		150,000		148,155
2.50%, 4/1/2031		151,000		122,525
				467,331

See Accompanying Notes to the Financial Statements.


326		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Residential REITs – 0.8%

American Homes 4 Rent LP
REIT, 4.25%, 2/15/2028	$	350,000	$	331,520
REIT, 4.90%, 2/15/2029		162,000		156,241

AvalonBay Communities, Inc.
REIT, 3.45%, 6/1/2025		151,000		147,639
REIT, 2.30%, 3/1/2030		200,000		169,170

Essential Properties LP
REIT, 2.95%, 7/15/2031		200,000		158,586

Essex Portfolio LP
REIT, 3.63%, 5/1/2027		150,000		141,341
REIT, 1.70%, 3/1/2028		250,000		215,541
REIT, 4.00%, 3/1/2029		151,000		140,375
REIT, 3.00%, 1/15/2030		202,000		174,981
REIT, 1.65%, 1/15/2031		100,000		77,301
REIT, 2.65%, 3/15/2032		150,000		120,470

Invitation Homes Operating Partnership LP
REIT, 2.30%, 11/15/2028		250,000		216,326
REIT, 5.45%, 8/15/2030		150,000		146,800
REIT, 2.00%, 8/15/2031		100,000		77,287
REIT, 5.50%, 8/15/2033		200,000		193,331

Mid-America Apartments LP
REIT, 3.95%, 3/15/2029		28,000		26,342
REIT, 2.75%, 3/15/2030		151,000		130,735

Tanger Properties LP
REIT, 3.13%, 9/1/2026		200,000		186,391
REIT, 3.88%, 7/15/2027		100,000		92,907
REIT, 2.75%, 9/1/2031		200,000		159,603
				3,062,887

Retail REITs – 0.7%

Agree LP
REIT, 2.00%, 6/15/2028		202,000		174,761
REIT, 2.90%, 10/1/2030		150,000		126,305
REIT, 4.80%, 10/1/2032		150,000		137,795
REIT, 2.60%, 6/15/2033		100,000		76,226

Brixmor Operating Partnership LP
REIT, 4.13%, 6/15/2026		352,000		339,626
REIT, 4.13%, 5/15/2029		252,000		232,571
REIT, 4.05%, 7/1/2030		151,000		136,712

NNN REIT, Inc.
REIT, 4.00%, 11/15/2025		50,000		48,715


Investments	Principal Amount		Value

Retail REITs – (continued)
REIT, 3.60%, 12/15/2026	$	200,000	$	189,930
REIT, 3.50%, 10/15/2027		151,000		141,128
REIT, 4.30%, 10/15/2028		91,000		86,425
REIT, 2.50%, 4/15/2030		100,000		83,912
REIT, 5.60%, 10/15/2033(a)		275,000		269,799

Phillips Edison Grocery Center Operating Partnership I LP
REIT, 2.63%, 11/15/2031		100,000		79,145

Realty Income Corp.
REIT, 4.90%, 7/15/2033		50,000		46,966

Regency Centers LP
REIT, 4.13%, 3/15/2028		300,000		284,872
REIT, 2.95%, 9/15/2029		150,000		131,886
REIT, 3.70%, 6/15/2030(a)		77,000		69,264
				2,656,038

Semiconductors & Semiconductor Equipment – 2.0%

Analog Devices, Inc.
3.50%, 12/5/2026		300,000		287,767

Broadcom, Inc.
3.15%, 11/15/2025		100,000		96,344
1.95%, 2/15/2028(e)		125,000		109,826
4.11%, 9/15/2028		5,000		4,744
4.00%, 4/15/2029(e)		150,000		140,262
4.75%, 4/15/2029		255,000		246,871
2.45%, 2/15/2031(e)		250,000		205,466
4.15%, 4/15/2032(e)		175,000		157,567
4.30%, 11/15/2032		200,000		182,187
2.60%, 2/15/2033(e)		400,000		315,297
3.42%, 4/15/2033(e)		415,000		348,514

Lam Research Corp.
3.75%, 3/15/2026		300,000		291,366
4.00%, 3/15/2029		300,000		285,043
1.90%, 6/15/2030		150,000		123,749

Microchip Technology, Inc.
4.25%, 9/1/2025(a)		400,000		392,350
5.05%, 3/15/2029		250,000		245,712

NXP BV
2.70%, 5/1/2025		200,000		194,312
3.88%, 6/18/2026		100,000		96,606
3.15%, 5/1/2027(a)		100,000		93,481
5.55%, 12/1/2028		100,000		99,808
4.30%, 6/18/2029		450,000		424,795

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			327

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Semiconductors & Semiconductor Equipment – (continued)
3.40%, 5/1/2030(a)	$	252,000	$	223,804
2.50%, 5/11/2031		200,000		163,269
5.00%, 1/15/2033		200,000		189,684

Qorvo, Inc.
4.38%, 10/15/2029		152,000		140,264

Skyworks Solutions, Inc.
1.80%, 6/1/2026		201,000		185,298
3.00%, 6/1/2031		175,000		144,902

Texas Instruments, Inc.
4.90%, 3/14/2033		200,000		195,632
4.85%, 2/8/2034		250,000		242,329

TSMC Arizona Corp.
1.75%, 10/25/2026		500,000		457,624
3.88%, 4/22/2027		452,000		434,286
4.13%, 4/22/2029		200,000		191,115
2.50%, 10/25/2031		500,000		415,793
				7,326,067

Software – 2.1%

Adobe, Inc.
2.15%, 2/1/2027		262,000		242,390
2.30%, 2/1/2030		473,000		406,673

Autodesk, Inc.
4.38%, 6/15/2025		100,000		98,772
3.50%, 6/15/2027		210,000		198,944
2.85%, 1/15/2030		130,000		113,277
2.40%, 12/15/2031		350,000		282,604

Fortinet, Inc.
1.00%, 3/15/2026		200,000		183,464
2.20%, 3/15/2031		150,000		121,575

Intuit, Inc.
0.95%, 7/15/2025		185,000		175,169
1.35%, 7/15/2027		200,000		177,387
5.13%, 9/15/2028		350,000		349,029
1.65%, 7/15/2030		100,000		81,092
5.20%, 9/15/2033		350,000		345,448

Oracle Corp.
2.95%, 5/15/2025		150,000		145,878
1.65%, 3/25/2026		100,000		92,903
2.65%, 7/15/2026		250,000		234,838

Roper Technologies, Inc.
1.00%, 9/15/2025		300,000		281,536
3.85%, 12/15/2025		100,000		97,407


Investments	Principal Amount		Value

Software – (continued)
3.80%, 12/15/2026	$	300,000	$	288,210
1.40%, 9/15/2027		500,000		438,259
4.20%, 9/15/2028(a)		301,000		287,397
2.95%, 9/15/2029		200,000		176,188
2.00%, 6/30/2030		250,000		204,433
1.75%, 2/15/2031		477,000		374,485

ServiceNow, Inc.
1.40%, 9/1/2030		500,000		395,184

VMware LLC
4.50%, 5/15/2025		100,000		98,793
1.40%, 8/15/2026		300,000		272,814
4.65%, 5/15/2027(a)		190,000		184,710
3.90%, 8/21/2027		225,000		212,963
1.80%, 8/15/2028		150,000		128,574
4.70%, 5/15/2030		192,000		182,123
2.20%, 8/15/2031		225,000		177,876

Workday, Inc.
3.50%, 4/1/2027		300,000		284,788
3.70%, 4/1/2029		250,000		230,831
3.80%, 4/1/2032		200,000		176,976
				7,742,990

Specialized REITs – 1.0%

Crown Castle, Inc.
REIT, 1.05%, 7/15/2026		400,000		362,019

CubeSmart LP
REIT, 4.00%, 11/15/2025		351,000		340,907
REIT, 2.25%, 12/15/2028(a)		300,000		258,920
REIT, 4.38%, 2/15/2029		150,000		141,234
REIT, 3.00%, 2/15/2030		150,000		129,514
REIT, 2.00%, 2/15/2031		100,000		78,392
REIT, 2.50%, 2/15/2032		200,000		159,051

EPR Properties
REIT, 4.50%, 6/1/2027		403,000		379,809
REIT, 4.95%, 4/15/2028		153,000		143,789
REIT, 3.75%, 8/15/2029		200,000		173,641
REIT, 3.60%, 11/15/2031		150,000		121,768

Equinix, Inc.
REIT, 1.45%, 5/15/2026		200,000		183,511
REIT, 3.20%, 11/18/2029		2,000		1,763

Public Storage Operating Co.
REIT, 0.88%, 2/15/2026		50,000		46,115
REIT, 1.85%, 5/1/2028		50,000		43,787
REIT, 1.95%, 11/9/2028		81,000		70,086

See Accompanying Notes to the Financial Statements.


328		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Specialized REITs – (continued)

Weyerhaeuser Co.
REIT, 4.75%, 5/15/2026	$	305,000	$	300,261
REIT, 4.00%, 11/15/2029		276,000		255,186
REIT, 4.00%, 4/15/2030		79,000		72,820
REIT, 7.38%, 3/15/2032		350,000		387,767
REIT, 3.38%, 3/9/2033		150,000		126,638
				3,776,978

Specialty Retail – 2.3%

AutoZone, Inc.
3.13%, 4/21/2026		125,000		119,504
3.75%, 6/1/2027(a)		100,000		95,390
4.50%, 2/1/2028		100,000		96,754
6.25%, 11/1/2028		200,000		206,108
3.75%, 4/18/2029		150,000		138,962
4.00%, 4/15/2030		150,000		138,768
1.65%, 1/15/2031		150,000		117,865
4.75%, 8/1/2032		100,000		94,354
4.75%, 2/1/2033		150,000		140,739
5.20%, 8/1/2033		100,000		97,051
6.55%, 11/1/2033		250,000		265,376

Best Buy Co., Inc.
4.45%, 10/1/2028		51,000		49,047

Home Depot, Inc. (The)
3.00%, 4/1/2026		150,000		143,986
2.13%, 9/15/2026		250,000		233,152
4.95%, 9/30/2026		150,000		149,211
2.50%, 4/15/2027		200,000		185,624
2.88%, 4/15/2027		250,000		234,726
2.80%, 9/14/2027		100,000		92,826
1.50%, 9/15/2028		400,000		344,056
3.90%, 12/6/2028(a)		100,000		95,182
4.90%, 4/15/2029		200,000		197,922
2.95%, 6/15/2029		526,000		474,224
2.70%, 4/15/2030		750,000		653,498
1.38%, 3/15/2031		400,000		311,656
1.88%, 9/15/2031		350,000		278,227
3.25%, 4/15/2032		528,000		459,091
4.50%, 9/15/2032		150,000		143,645

O’Reilly Automotive, Inc.
3.55%, 3/15/2026		300,000		289,412
3.60%, 9/1/2027(a)		501,000		473,049
4.35%, 6/1/2028		200,000		193,029
3.90%, 6/1/2029		250,000		233,425


Investments	Principal Amount		Value

Specialty Retail – (continued)
4.20%, 4/1/2030	$	50,000	$	46,733
1.75%, 3/15/2031		200,000		157,982
4.70%, 6/15/2032		450,000		424,947

Ross Stores, Inc.
0.88%, 4/15/2026		200,000		183,067
1.88%, 4/15/2031		150,000		119,535

TJX Cos., Inc. (The)
2.25%, 9/15/2026		90,000		84,109
1.15%, 5/15/2028		150,000		128,348
3.88%, 4/15/2030		281,000		261,102
1.60%, 5/15/2031		150,000		118,632

Tractor Supply Co.
1.75%, 11/1/2030		200,000		159,304
5.25%, 5/15/2033		300,000		293,229
				8,722,847

Technology Hardware, Storage & Peripherals – 2.2%

Apple, Inc.
1.13%, 5/11/2025		804,000		769,794
3.20%, 5/13/2025		277,000		271,031
0.70%, 2/8/2026		150,000		138,669
3.25%, 2/23/2026		523,000		505,357
2.45%, 8/4/2026		352,000		331,934
2.05%, 9/11/2026		682,000		635,143
3.35%, 2/9/2027		212,000		202,533
3.20%, 5/11/2027(a)		200,000		189,638
2.90%, 9/12/2027(a)		182,000		169,977
1.20%, 2/8/2028		414,000		360,365
1.40%, 8/5/2028		404,000		348,736
3.25%, 8/8/2029		332,000		304,903
2.20%, 9/11/2029		392,000		340,624
1.65%, 5/11/2030		550,000		453,659
1.25%, 8/20/2030(a)		275,000		219,558
1.65%, 2/8/2031		402,000		325,119
1.70%, 8/5/2031		300,000		239,397
3.35%, 8/8/2032		525,000		466,286

HP, Inc.
2.20%, 6/17/2025		250,000		240,281
1.45%, 6/17/2026		250,000		229,205
3.00%, 6/17/2027		200,000		186,046
4.75%, 1/15/2028		250,000		244,018
4.00%, 4/15/2029		202,000		188,733
5.50%, 1/15/2033		150,000		147,726

NetApp, Inc.
1.88%, 6/22/2025		401,000		383,623
2.70%, 6/22/2030(a)		250,000		212,009

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			329

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Technology Hardware, Storage & Peripherals – (continued)

Teledyne FLIR LLC
2.50%, 8/1/2030	$	250,000	$	208,206
				8,312,570

Textiles, Apparel & Luxury Goods – 0.3%

NIKE, Inc.
2.75%, 3/27/2027		250,000		234,364

Tapestry, Inc.
7.00%, 11/27/2026		200,000		203,825
4.13%, 7/15/2027		108,000		101,785
7.35%, 11/27/2028(a)		225,000		232,146
7.70%, 11/27/2030		200,000		207,553
7.85%, 11/27/2033		100,000		104,459
				1,084,132

Tobacco – 2.2%

Altria Group, Inc.
2.35%, 5/6/2025		312,000		301,728
4.40%, 2/14/2026		401,000		393,025
2.63%, 9/16/2026		171,000		160,104
6.20%, 11/1/2028(a)		250,000		256,191
4.80%, 2/14/2029		904,000		877,322
3.40%, 5/6/2030		303,000		268,830
2.45%, 2/4/2032		600,000		473,681
6.88%, 11/1/2033		250,000		264,069

BAT Capital Corp.
2.26%, 3/25/2028		250,000		219,752

Philip Morris International, Inc.
5.00%, 11/17/2025		100,000		99,220
4.88%, 2/13/2026		325,000		322,003
2.75%, 2/25/2026		195,000		185,931
0.88%, 5/1/2026		211,000		192,942
4.75%, 2/12/2027		50,000		49,259
5.13%, 11/17/2027		273,000		270,458
4.88%, 2/15/2028		300,000		294,876
3.13%, 3/2/2028		100,000		92,233
5.25%, 9/7/2028		150,000		149,285
4.88%, 2/13/2029		250,000		244,047
3.38%, 8/15/2029		200,000		182,298
5.63%, 11/17/2029		450,000		453,802
5.13%, 2/15/2030		420,000		412,865
2.10%, 5/1/2030		250,000		206,909
5.50%, 9/7/2030		150,000		149,686


Investments	Principal Amount		Value

Tobacco – (continued)
1.75%, 11/1/2030	$	200,000	$	159,410
5.13%, 2/13/2031		200,000		194,341
5.75%, 11/17/2032		350,000		352,374
5.38%, 2/15/2033		600,000		588,064
5.63%, 9/7/2033		200,000		198,869
				8,013,574

Trading Companies & Distributors – 0.2%

Air Lease Corp.
5.30%, 2/1/2028		300,000		295,463
3.13%, 12/1/2030		100,000		85,599

Aircastle Ltd.
4.25%, 6/15/2026		252,000		243,678
				624,740

Wireless Telecommunication Services – 0.1%

Sprint LLC
7.63%, 3/1/2026		250,000		256,528
Total Corporate Bonds (Cost $371,183,873)				365,292,924



SECURITIES LENDING REINVESTMENTS – 1.5%(g)

REPURCHASE AGREEMENTS – 1.5%

CF Secured LLC, 5.31%, dated 4/30/2024, due 5/1/2024, repurchase price $5,609,655, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 6.75%, maturing 5/15/2024 – 2/15/2054; total market value $5,678,290 (Cost $5,608,828)		5,608,828		5,608,828
Total Investments – 99.6% (Cost $376,792,701)				370,901,752

Other assets less liabilities – 0.4%				1,584,099
NET ASSETS – 100.0%			$	372,485,851

^(a)

The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 was $7,434,931, collateralized in the form of cash with a value of $5,608,828 that was reinvested in the securities shown in the

See Accompanying Notes to the Financial Statements.


330		FLEXSHARES SEMIANNUAL REPORT

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

Securities Lending Reinvestment section of the Schedule of Investments and $1,992,601 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 5.00%, and maturity dates ranging from June 11, 2024 – August 15, 2052; a total value of $7,601,429.

^(b)

Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of April 30, 2024.

^(c)

Represents less than 0.05% of net assets.

^(d)

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.

^(e)

^(f)

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2024.

^(g)

The security was purchased with cash collateral held from securities on loan at April 30, 2024. The total value of securities purchased was $5,608,828.

Percentages shown are based on Net Assets.

Abbreviations

OYJ – Public Limited Company

REIT – Real Estate Investment Trust



Aggregate gross unrealized appreciation	$	1,044,190
Aggregate gross unrealized depreciation		(7,426,451	)
Net unrealized depreciation	$	(6,382,261	)
Federal income tax cost	$	377,284,013


Security Type	% of Net Assets
Corporate Bonds		98.1	%
Securities Lending Reinvestments		1.5
Others⁽¹⁾		0.4
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			331

Schedule of Investments

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

April 30, 2024 (Unaudited)


Investments	Principal Amount		Value

CORPORATE BONDS – 97.8%

Aerospace & Defense – 2.2%

Boeing Co. (The)
5.71%, 5/1/2040	$	10,000	$	9,079
5.81%, 5/1/2050		75,000		66,370
5.93%, 5/1/2060		50,000		43,704

Howmet Aerospace, Inc.
5.95%, 2/1/2037		25,000		24,991

Lockheed Martin Corp.
Series B, 6.15%, 9/1/2036		25,000		26,525
5.72%, 6/1/2040(a)		25,000		25,267
2.80%, 6/15/2050		35,000		21,856
4.09%, 9/15/2052		85,000		67,001
4.15%, 6/15/2053		60,000		47,508
5.70%, 11/15/2054		75,000		75,808
5.20%, 2/15/2055		50,000		46,887
4.30%, 6/15/2062		45,000		35,590
5.90%, 11/15/2063		65,000		67,330
5.20%, 2/15/2064		55,000		51,062

Precision Castparts Corp.
4.20%, 6/15/2035		25,000		22,601
3.90%, 1/15/2043		50,000		40,109
				671,688

Air Freight & Logistics – 0.1%

FedEx Corp.
4.75%, 11/15/2045		25,000		20,993

Automobile Components – 0.1%

Aptiv plc
4.15%, 5/1/2052		25,000		18,014

Lear Corp.
5.25%, 5/15/2049		25,000		21,831
				39,845

Banks – 6.8%

Bank of America Corp.
2.68%, 6/19/2041(b)		20,000		13,528
3.31%, 4/22/2042(b)		15,000		11,038
3.95%, 1/23/2049(b)		10,000		7,696
4.08%, 3/20/2051(b)		50,000		38,704

Citigroup, Inc.
6.88%, 3/5/2038		20,000		21,371
3.88%, 1/24/2039(b)		75,000		61,234
5.32%, 3/26/2041(b)		95,000		89,832
5.88%, 1/30/2042		20,000		20,196
6.68%, 9/13/2043		75,000		80,144


Investments	Principal Amount		Value

Banks – (continued)
5.30%, 5/6/2044	$	50,000	$	46,219
4.75%, 5/18/2046		145,000		121,778
6.88%, 2/15/2098		25,000		27,287

Cooperatieve Rabobank UA
5.25%, 5/24/2041		20,000		19,241

Fifth Third Bancorp
8.25%, 3/1/2038		20,000		22,909

HSBC Holdings plc
6.50%, 9/15/2037		50,000		50,481
6.80%, 6/1/2038		200,000		209,952

HSBC USA, Inc.
7.20%, 7/15/2097		20,000		22,728

JPMorgan Chase & Co.
6.40%, 5/15/2038		10,000		10,800
3.11%, 4/22/2041(b)		25,000		18,177
5.60%, 7/15/2041		25,000		24,879
5.63%, 8/16/2043		25,000		24,994
4.95%, 6/1/2045		125,000		113,619
3.96%, 11/15/2048(b)		45,000		34,600
3.33%, 4/22/2052(b)		50,000		34,028

Lloyds Banking Group plc
4.34%, 1/9/2048		200,000		150,866

Mitsubishi UFJ Financial Group, Inc.
3.75%, 7/18/2039		10,000		8,145

Regions Financial Corp.
7.38%, 12/10/2037		50,000		54,092

Sumitomo Mitsui Financial Group, Inc.
6.18%, 7/13/2043		25,000		26,351

Wells Fargo & Co.
3.07%, 4/30/2041(b)		5,000		3,561
5.38%, 11/2/2043		40,000		36,747
5.61%, 1/15/2044		120,000		113,357
4.65%, 11/4/2044		45,000		37,441
4.90%, 11/17/2045		150,000		128,241
4.40%, 6/14/2046		145,000		114,751
4.75%, 12/7/2046		125,000		104,384
5.01%, 4/4/2051(b)		40,000		35,527
4.61%, 4/25/2053(b)		10,000		8,334

Westpac Banking Corp.
4.42%, 7/24/2039		75,000		64,053
2.96%, 11/16/2040		75,000		50,879
3.13%, 11/18/2041		75,000		51,095
				2,113,259

See Accompanying Notes to the Financial Statements.


332		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Beverages – 1.1%

Brown-Forman Corp.
4.00%, 4/15/2038	$	5,000	$	4,269

Coca-Cola Co. (The)
2.50%, 6/1/2040		65,000		44,642
2.88%, 5/5/2041		50,000		35,838
3.00%, 3/5/2051		50,000		33,139
2.50%, 3/15/2051		55,000		32,494

Constellation Brands, Inc.
4.50%, 5/9/2047		35,000		28,426
4.10%, 2/15/2048		30,000		23,079
5.25%, 11/15/2048		30,000		27,118
3.75%, 5/1/2050		50,000		35,833

PepsiCo, Inc.
5.50%, 1/15/2040		10,000		10,060
3.50%, 3/19/2040		5,000		3,950
3.60%, 8/13/2042		30,000		23,288
4.60%, 7/17/2045		25,000		21,692
3.88%, 3/19/2060		20,000		15,110
				338,938

Biotechnology – 1.1%

AbbVie, Inc.
4.50%, 5/14/2035		5,000		4,615
4.05%, 11/21/2039		20,000		16,945
4.25%, 11/21/2049		50,000		40,856
5.40%, 3/15/2054		35,000		33,886
5.50%, 3/15/2064		105,000		101,236

Amgen, Inc.
5.65%, 3/2/2053		30,000		28,790
5.75%, 3/2/2063		10,000		9,552

Gilead Sciences, Inc.
4.80%, 4/1/2044		20,000		17,574
4.50%, 2/1/2045		20,000		16,789
4.75%, 3/1/2046		30,000		26,001
4.15%, 3/1/2047		20,000		15,774

Regeneron Pharmaceuticals, Inc.
2.80%, 9/15/2050		50,000		29,292
				341,310

Broadline Retail – 0.4%

Alibaba Group Holding Ltd.
3.15%, 2/9/2051		200,000		125,201


Investments	Principal Amount		Value

Building Products – 0.6%

Masco Corp.
4.50%, 5/15/2047	$	25,000	$	20,258
3.13%, 2/15/2051		25,000		15,781

Owens Corning
7.00%, 12/1/2036(a)		25,000		27,209
4.30%, 7/15/2047		40,000		31,271
4.40%, 1/30/2048		15,000		11,809

Trane Technologies Financing Ltd.
4.65%, 11/1/2044		25,000		21,647
4.50%, 3/21/2049		20,000		16,626

Trane Technologies Global Holding Co. Ltd.
5.75%, 6/15/2043		30,000		29,849
4.30%, 2/21/2048		20,000		16,145
				190,595

Capital Markets – 2.0%

Brookfield Finance, Inc.
5.97%, 3/4/2054		25,000		24,468

Goldman Sachs Group, Inc. (The)
6.75%, 10/1/2037		50,000		52,773
4.02%, 10/31/2038(b)		20,000		16,483
6.25%, 2/1/2041		20,000		20,887
3.21%, 4/22/2042(b)		10,000		7,159
2.91%, 7/21/2042(b)		15,000		10,225
3.44%, 2/24/2043(b)		10,000		7,356
5.15%, 5/22/2045		25,000		22,896
4.75%, 10/21/2045		15,000		13,099

Moody’s Corp.
2.75%, 8/19/2041		55,000		36,935
5.25%, 7/15/2044		50,000		46,647
4.88%, 12/17/2048		35,000		30,937
3.25%, 5/20/2050		10,000		6,680
3.75%, 2/25/2052		25,000		18,258
2.55%, 8/18/2060		10,000		5,118
3.10%, 11/29/2061		45,000		26,897

Morgan Stanley
3.22%, 4/22/2042(b)		25,000		18,142
6.38%, 7/24/2042		15,000		16,178
4.30%, 1/27/2045		30,000		24,925
5.60%, 3/24/2051(b)		25,000		24,735

Nasdaq, Inc.
5.95%, 8/15/2053		10,000		9,868
6.10%, 6/28/2063		60,000		60,077

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			333

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Capital Markets – (continued)

S&P Global, Inc.
6.55%, 11/15/2037	$	20,000	$	21,732
4.50%, 5/15/2048		20,000		16,152
3.25%, 12/1/2049		15,000		10,267
3.70%, 3/1/2052		75,000		55,116
3.90%, 3/1/2062		30,000		21,793
				625,803

Chemicals – 2.0%

CF Industries, Inc.
4.95%, 6/1/2043		55,000		47,102
5.38%, 3/15/2044		55,000		49,239

Dow Chemical Co. (The)
9.40%, 5/15/2039		10,000		12,995
6.90%, 5/15/2053		35,000		38,390

Ecolab, Inc.
5.50%, 12/8/2041		25,000		24,700

FMC Corp.
4.50%, 10/1/2049		25,000		18,301

Linde, Inc.
3.55%, 11/7/2042		25,000		19,221

LYB International Finance BV
5.25%, 7/15/2043		25,000		22,258
4.88%, 3/15/2044		35,000		29,712

LYB International Finance III LLC
3.38%, 10/1/2040		25,000		17,932
4.20%, 10/15/2049		35,000		26,111
4.20%, 5/1/2050		35,000		26,025
3.63%, 4/1/2051		35,000		23,535
3.80%, 10/1/2060		20,000		13,189

LyondellBasell Industries NV
4.63%, 2/26/2055		35,000		27,407

PPG Industries, Inc.
5.50%, 11/15/2040		25,000		23,118

RPM International, Inc.
5.25%, 6/1/2045		20,000		17,997
4.25%, 1/15/2048		20,000		15,573

Sherwin-Williams Co. (The)
4.00%, 12/15/2042		25,000		19,614
4.55%, 8/1/2045		25,000		20,648
4.50%, 6/1/2047		90,000		74,167
3.80%, 8/15/2049		40,000		29,470
3.30%, 5/15/2050		30,000		19,913
				616,617


Investments	Principal Amount		Value

Commercial Services & Supplies – 0.2%

Republic Services, Inc.
5.70%, 5/15/2041	$	25,000	$	24,681

Waste Management, Inc.
3.90%, 3/1/2035		25,000		21,652
2.95%, 6/1/2041		15,000		10,683
				57,016

Communications Equipment – 1.9%

Cisco Systems, Inc.
5.90%, 2/15/2039		145,000		150,783
5.50%, 1/15/2040		145,000		144,411
5.30%, 2/26/2054		145,000		139,523
5.35%, 2/26/2064		65,000		61,863

Juniper Networks, Inc.
5.95%, 3/15/2041		30,000		29,208

Motorola Solutions, Inc.
5.50%, 9/1/2044		30,000		28,368

Nokia OYJ
6.63%, 5/15/2039		25,000		23,714
				577,870

Construction & Engineering – 0.2%

Quanta Services, Inc.
3.05%, 10/1/2041		20,000		13,547

Valmont Industries, Inc.
5.00%, 10/1/2044		25,000		21,022
5.25%, 10/1/2054		25,000		21,122
				55,691

Construction Materials – 0.4%

Lafarge SA
7.13%, 7/15/2036		25,000		26,716

Martin Marietta Materials, Inc.
4.25%, 12/15/2047		40,000		31,826

Vulcan Materials Co.
4.50%, 6/15/2047		50,000		40,961
4.70%, 3/1/2048		30,000		25,369
				124,872

Consumer Staples Distribution & Retail – 1.0%

Kroger Co. (The)
6.90%, 4/15/2038		25,000		27,244
5.40%, 7/15/2040		5,000		4,721
5.15%, 8/1/2043		5,000		4,481

See Accompanying Notes to the Financial Statements.


334		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Consumer Staples Distribution & Retail – (continued)

Sysco Corp.
5.38%, 9/21/2035	$	20,000	$	19,616
6.60%, 4/1/2040		15,000		15,941
4.85%, 10/1/2045		15,000		12,892
4.50%, 4/1/2046		15,000		12,315
4.45%, 3/15/2048		15,000		12,137
6.60%, 4/1/2050		45,000		48,850
3.15%, 12/14/2051		45,000		28,641

Walmart, Inc.
4.50%, 9/9/2052		75,000		65,253
4.50%, 4/15/2053		75,000		65,266
				317,357

Containers & Packaging – 0.1%

Packaging Corp. of America
4.05%, 12/15/2049		30,000		22,750

Diversified REITs – 0.2%

VICI Properties LP
REIT, 5.63%, 5/15/2052		50,000		43,658
REIT, 6.13%, 4/1/2054		25,000		23,351
				67,009

Diversified Telecommunication Services – 0.3%

AT&T, Inc.
3.55%, 9/15/2055		60,000		39,132
3.80%, 12/1/2057		40,000		26,987
3.65%, 9/15/2059		50,000		32,437
				98,556

Electric Utilities – 2.6%

Arizona Public Service Co.
4.70%, 1/15/2044		5,000		4,000

Cleco Corporate Holdings LLC
4.97%, 5/1/2046(a)		10,000		7,846

Duke Energy Indiana LLC
Series YYY, 3.25%, 10/1/2049		25,000		16,508

Emera US Finance LP
4.75%, 6/15/2046		30,000		23,390

Entergy Arkansas LLC
3.35%, 6/15/2052		30,000		19,594

Entergy Louisiana LLC
2.90%, 3/15/2051		20,000		11,949


Investments	Principal Amount		Value

Electric Utilities – (continued)

Georgia Power Co.
5.40%, 6/1/2040	$	20,000	$	18,645
Series 10-C, 4.75%, 9/1/2040		25,000		21,927
4.30%, 3/15/2042		10,000		8,263

International Transmission Co.
4.63%, 8/15/2043		20,000		16,284

Interstate Power and Light Co.
3.10%, 11/30/2051		25,000		15,448

Kentucky Utilities Co.
5.13%, 11/1/2040		25,000		23,039

Louisville Gas and Electric Co.
5.13%, 11/15/2040		20,000		18,162

MidAmerican Energy Co.
2.70%, 8/1/2052		25,000		14,581

Mississippi Power Co.
Series 12-A, 4.25%, 3/15/2042		25,000		20,104

Nevada Power Co.
Series R, 6.75%, 7/1/2037		25,000		26,851
5.38%, 9/15/2040		25,000		23,102
5.45%, 5/15/2041		25,000		23,229
Series EE, 3.13%, 8/1/2050		25,000		15,594
Series GG, 5.90%, 5/1/2053		25,000		24,510

Oklahoma Gas and Electric Co.
5.85%, 6/1/2040		10,000		9,775
5.25%, 5/15/2041		25,000		22,984

Pacific Gas and Electric Co.
4.95%, 7/1/2050		15,000		12,200
6.75%, 1/15/2053		15,000		15,464

PacifiCorp
6.10%, 8/1/2036		25,000		25,084
5.75%, 4/1/2037		25,000		24,324
6.25%, 10/15/2037		25,000		25,307
6.00%, 1/15/2039		25,000		24,875
4.13%, 1/15/2049		25,000		18,503
4.15%, 2/15/2050		25,000		18,653
3.30%, 3/15/2051		25,000		15,605
2.90%, 6/15/2052		50,000		28,247
5.35%, 12/1/2053		25,000		21,823
5.50%, 5/15/2054		25,000		22,332
5.80%, 1/15/2055		25,000		23,068

PPL Electric Utilities Corp.
5.20%, 7/15/2041		20,000		18,480

Public Service Co. of Colorado
4.75%, 8/15/2041		25,000		21,421
Series 34, 3.20%, 3/1/2050		20,000		12,834
2.70%, 1/15/2051		30,000		17,099

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			335

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Electric Utilities – (continued)

Public Service Electric and Gas Co.
5.38%, 11/1/2039	$	25,000	$	23,704
Series K, 4.05%, 5/1/2045		5,000		3,879
4.15%, 11/1/2045		20,000		15,672

Southwestern Public Service Co.
4.50%, 8/15/2041		25,000		20,371

Tucson Electric Power Co.
5.50%, 4/15/2053		10,000		9,411

Xcel Energy, Inc.
4.80%, 9/15/2041		25,000		21,067
				825,208

Electrical Equipment – 0.0%(c)

Emerson Electric Co.
6.13%, 4/15/2039		5,000		5,168

Rockwell Automation, Inc.
6.25%, 12/1/2037		5,000		5,191
				10,359

Electronic Equipment, Instruments & Components – 0.5%

Corning, Inc.
4.75%, 3/15/2042		35,000		30,211
5.35%, 11/15/2048		15,000		13,766
5.85%, 11/15/2068		25,000		23,701
5.45%, 11/15/2079		50,000		44,118

Tyco Electronics Group SA
7.13%, 10/1/2037		40,000		44,822
				156,618

Energy Equipment & Services – 0.1%

Halliburton Co.
5.00%, 11/15/2045		20,000		17,901

NOV, Inc.
3.95%, 12/1/2042		25,000		18,361
				36,262

Entertainment – 0.1%

Electronic Arts, Inc.
2.95%, 2/15/2051		50,000		31,262

Financial Services – 2.5%

Corebridge Financial, Inc.
4.35%, 4/5/2042		50,000		40,087


Investments	Principal Amount		Value

Financial Services – (continued)

Fiserv, Inc.
4.40%, 7/1/2049	$	145,000	$	115,848

Mastercard, Inc.
3.80%, 11/21/2046		45,000		34,958
3.95%, 2/26/2048		30,000		23,975
3.65%, 6/1/2049		70,000		52,432
3.85%, 3/26/2050		100,000		77,447
2.95%, 3/15/2051		50,000		32,621

Shell International Finance BV
6.38%, 12/15/2038		20,000		21,614

Visa, Inc.
2.70%, 4/15/2040		80,000		56,691
4.30%, 12/14/2045		250,000		211,884
3.65%, 9/15/2047		55,000		41,751

Voya Financial, Inc.
5.70%, 7/15/2043		30,000		28,165

Western Union Co. (The)
6.20%, 11/17/2036		35,000		34,822
6.20%, 6/21/2040		20,000		19,371
				791,666

Food Products – 0.6%

General Mills, Inc.
4.55%, 4/17/2038		20,000		17,328
5.40%, 6/15/2040		25,000		23,856
4.15%, 2/15/2043		25,000		20,230

Ingredion, Inc.
6.63%, 4/15/2037		25,000		26,317
3.90%, 6/1/2050		35,000		24,402

Kraft Heinz Foods Co.
6.88%, 1/26/2039		10,000		10,893
5.00%, 6/4/2042		25,000		22,329
5.20%, 7/15/2045		50,000		45,064
				190,419

Gas Utilities - 0.3%

Atmos Energy Corp.
2.85%, 2/15/2052		50,000		30,328
5.75%, 10/15/2052		25,000		24,939
6.20%, 11/15/2053		25,000		26,537
				81,804

See Accompanying Notes to the Financial Statements.


336		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Ground Transportation – 3.2%

Burlington Northern Santa Fe LLC
6.15%, 5/1/2037	$	25,000	$	26,486
5.75%, 5/1/2040		40,000		40,413
5.40%, 6/1/2041		50,000		48,523
4.40%, 3/15/2042		75,000		64,247
4.45%, 3/15/2043		100,000		85,361
5.15%, 9/1/2043		50,000		46,969
4.55%, 9/1/2044		25,000		21,518
4.15%, 12/15/2048		5,000		4,002
3.05%, 2/15/2051		75,000		48,432
3.30%, 9/15/2051		65,000		44,027
2.88%, 6/15/2052		90,000		55,404
4.45%, 1/15/2053		70,000		58,341
5.20%, 4/15/2054		80,000		74,865

Canadian National Railway Co.
6.20%, 6/1/2036		50,000		52,928
4.40%, 8/5/2052		45,000		37,718

Canadian Pacific Railway Co.
5.75%, 1/15/2042		10,000		9,613
6.13%, 9/15/2115		35,000		34,615

CSX Corp.
5.50%, 4/15/2041		25,000		24,389
4.25%, 11/1/2066		25,000		18,913
4.65%, 3/1/2068		25,000		20,396

Norfolk Southern Corp.
5.10%, 8/1/2118		5,000		4,111

Union Pacific Corp.
3.88%, 2/1/2055		25,000		18,539
3.95%, 8/15/2059		25,000		18,223
3.84%, 3/20/2060		50,000		35,728
3.55%, 5/20/2061		25,000		16,748
5.15%, 1/20/2063		25,000		22,666
4.10%, 9/15/2067		25,000		18,440
3.75%, 2/5/2070		30,000		20,551
3.80%, 4/6/2071		25,000		17,253
3.85%, 2/14/2072		25,000		17,505
				1,006,924

Health Care Equipment & Supplies – 1.3%

Abbott Laboratories
6.15%, 11/30/2037		40,000		42,611
6.00%, 4/1/2039		40,000		42,276
5.30%, 5/27/2040		5,000		4,934
4.90%, 11/30/2046		40,000		36,696


Investments	Principal Amount		Value

Health Care Equipment & Supplies – (continued)

Boston Scientific Corp.
6.50%, 11/15/2035(a)	$	30,000	$	32,370
4.55%, 3/1/2039		30,000		26,933
7.38%, 1/15/2040		20,000		22,886
4.70%, 3/1/2049		50,000		43,318

Solventum Corp.
5.90%, 4/30/2054(d)		25,000		23,341

Stryker Corp.
4.10%, 4/1/2043		25,000		20,262
4.38%, 5/15/2044		25,000		21,078
4.63%, 3/15/2046		75,000		64,734

Zimmer Biomet Holdings, Inc.
4.25%, 8/15/2035		25,000		21,401
				402,840

Health Care Providers & Services – 2.9%

Cardinal Health, Inc.
4.60%, 3/15/2043		30,000		24,968
4.37%, 6/15/2047		110,000		87,234

Cencora, Inc.
4.25%, 3/1/2045		35,000		28,990
4.30%, 12/15/2047		35,000		28,751

Cigna Group (The)
5.60%, 2/15/2054		20,000		18,837

Elevance Health, Inc.
5.95%, 12/15/2034		10,000		10,194
6.38%, 6/15/2037		25,000		26,060
4.63%, 5/15/2042		65,000		56,228
4.65%, 1/15/2043		20,000		17,222
5.10%, 1/15/2044		40,000		36,246
4.65%, 8/15/2044		20,000		17,059
4.55%, 5/15/2052		40,000		32,939
6.10%, 10/15/2052		25,000		25,590
5.13%, 2/15/2053		40,000		36,071
4.85%, 8/15/2054		25,000		20,583

HCA, Inc.
5.25%, 6/15/2049		30,000		25,960
3.50%, 7/15/2051		25,000		16,223
4.63%, 3/15/2052		20,000		15,665
6.00%, 4/1/2054		55,000		52,417
6.10%, 4/1/2064		45,000		42,614

McKesson Corp.
4.88%, 3/15/2044		25,000		21,419

Novant Health, Inc.
4.37%, 11/1/2043		20,000		16,679

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			337

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Health Care Providers & Services – (continued)

OhioHealth Corp.
2.83%, 11/15/2041	$	10,000	$	6,975
Series 2020, 3.04%, 11/15/2050		20,000		13,453

UnitedHealth Group, Inc.
6.63%, 11/15/2037		5,000		5,454
3.88%, 8/15/2059		45,000		32,678
3.13%, 5/15/2060		50,000		30,634
4.95%, 5/15/2062		35,000		30,546
6.05%, 2/15/2063		55,000		56,907
5.20%, 4/15/2063		65,000		59,209
				893,805

Hotels, Restaurants & Leisure – 2.2%

Darden Restaurants, Inc.
4.55%, 2/15/2048		20,000		15,617

Marriott International, Inc.
4.50%, 10/1/2034		25,000		22,243

McDonald’s Corp.
4.70%, 12/9/2035		50,000		46,596
6.30%, 10/15/2037		50,000		52,665
6.30%, 3/1/2038		45,000		47,331
5.70%, 2/1/2039		25,000		24,899
3.70%, 2/15/2042		35,000		26,890
3.63%, 5/1/2043		60,000		45,280
4.60%, 5/26/2045		40,000		34,031
4.88%, 12/9/2045		65,000		57,408
4.45%, 3/1/2047		65,000		53,493
4.45%, 9/1/2048		50,000		41,449
3.63%, 9/1/2049		120,000		85,843
4.20%, 4/1/2050		50,000		39,414
5.15%, 9/9/2052		65,000		59,277

Starbucks Corp.
3.35%, 3/12/2050		40,000		26,802
				679,238

Household Durables – 0.1%

MDC Holdings, Inc.
6.00%, 1/15/2043		20,000		19,643

PulteGroup, Inc.
6.00%, 2/15/2035		25,000		25,121
				44,764


Investments	Principal Amount		Value

Household Products – 0.6%

Church & Dwight Co., Inc.
5.00%, 6/15/2052	$	50,000	$	45,007

Kimberly-Clark Corp.
6.63%, 8/1/2037		25,000		27,796
5.30%, 3/1/2041		25,000		24,071
3.70%, 6/1/2043		25,000		18,784
3.90%, 5/4/2047		25,000		19,302

Procter & Gamble Co. (The)
5.55%, 3/5/2037		50,000		51,351
				186,311

Independent Power and Renewable Electricity Producers – 0.1%

Constellation Energy Generation LLC
5.75%, 10/1/2041		5,000		4,774

Southern Power Co.
5.15%, 9/15/2041		20,000		17,910
Series F, 4.95%, 12/15/2046		25,000		21,237
				43,921

Industrial Conglomerates – 0.7%

Honeywell International, Inc.
5.70%, 3/15/2037		25,000		25,398
5.38%, 3/1/2041		20,000		19,667
5.25%, 3/1/2054		130,000		123,221
5.35%, 3/1/2064		40,000		37,932
				206,218

Insurance – 7.3%

Aflac, Inc.
6.45%, 8/15/2040		20,000		21,137
4.00%, 10/15/2046		25,000		18,981

Alleghany Corp.
4.90%, 9/15/2044		25,000		22,659
3.25%, 8/15/2051		25,000		16,488

American Financial Group, Inc.
4.50%, 6/15/2047		35,000		27,701

Aon Corp.
6.25%, 9/30/2040		20,000		20,698
2.90%, 8/23/2051		30,000		18,003
3.90%, 2/28/2052		50,000		36,081

Aon Global Ltd.
4.25%, 12/12/2042		20,000		15,840
4.45%, 5/24/2043		20,000		16,068
4.60%, 6/14/2044		55,000		45,719
4.75%, 5/15/2045		45,000		38,187

See Accompanying Notes to the Financial Statements.


338		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Insurance – (continued)

Aon North America, Inc.
5.75%, 3/1/2054	$	140,000	$	135,342

Arch Capital Finance LLC
5.03%, 12/15/2046		30,000		26,332

Arch Capital Group Ltd.
7.35%, 5/1/2034		20,000		22,012
3.64%, 6/30/2050		70,000		48,485

Arch Capital Group US, Inc.
5.14%, 11/1/2043		40,000		36,114

Arthur J Gallagher & Co.
3.50%, 5/20/2051		70,000		46,574
3.05%, 3/9/2052		10,000		5,993
5.75%, 3/2/2053		45,000		42,542
6.75%, 2/15/2054		45,000		48,456
5.75%, 7/15/2054		35,000		33,247

Athene Holding Ltd.
3.95%, 5/25/2051		50,000		35,146
3.45%, 5/15/2052		40,000		24,904
6.25%, 4/1/2054		70,000		68,039

Berkshire Hathaway Finance Corp.
5.75%, 1/15/2040		55,000		57,523
2.85%, 10/15/2050		125,000		78,616
3.85%, 3/15/2052		190,000		143,770

Brown & Brown, Inc.
4.95%, 3/17/2052		50,000		41,365

Cincinnati Financial Corp.
6.13%, 11/1/2034		25,000		25,853

Everest Reinsurance Holdings, Inc.
4.87%, 6/1/2044		25,000		21,428

Hartford Financial Services Group, Inc. (The)
5.95%, 10/15/2036		25,000		25,479
6.63%, 3/30/2040		25,000		26,610
6.10%, 10/1/2041		25,000		25,402
4.30%, 4/15/2043		25,000		20,452
4.40%, 3/15/2048		35,000		28,620

Markel Group, Inc.
5.00%, 3/30/2043		25,000		21,736
5.00%, 4/5/2046		35,000		30,271
5.00%, 5/20/2049		15,000		12,964
4.15%, 9/17/2050		10,000		7,482
3.45%, 5/7/2052		25,000		16,337


Investments	Principal Amount		Value

Insurance – (continued)

Marsh & McLennan Cos., Inc.
4.75%, 3/15/2039	$	25,000	$	22,711
4.35%, 1/30/2047		25,000		20,481
4.20%, 3/1/2048		50,000		39,647
4.90%, 3/15/2049		60,000		52,865
2.90%, 12/15/2051		35,000		21,291
6.25%, 11/1/2052		45,000		47,393
5.45%, 3/15/2053		50,000		47,363
5.70%, 9/15/2053		75,000		74,007
5.45%, 3/15/2054		35,000		33,406

MetLife, Inc.
10.75%, 8/1/2039		20,000		26,426

Old Republic International Corp.
3.85%, 6/11/2051		50,000		34,467

Principal Financial Group, Inc.
6.05%, 10/15/2036		10,000		10,226
4.63%, 9/15/2042		5,000		4,306
4.35%, 5/15/2043		5,000		4,149
4.30%, 11/15/2046		5,000		3,978
5.50%, 3/15/2053		20,000		18,610

Prudential Financial, Inc.
5.70%, 12/14/2036		5,000		5,054

Selective Insurance Group, Inc.
5.38%, 3/1/2049		25,000		22,382

Sompo International Holdings Ltd.
7.00%, 7/15/2034		20,000		21,413

Transatlantic Holdings, Inc.
8.00%, 11/30/2039		25,000		30,891

Trinity Acquisition plc
6.13%, 8/15/2043		25,000		23,615

Unum Group
5.75%, 8/15/2042		50,000		47,033
4.13%, 6/15/2051		45,000		32,106

W R Berkley Corp.
4.75%, 8/1/2044		25,000		21,197
4.00%, 5/12/2050		20,000		14,706
3.55%, 3/30/2052		70,000		46,498
3.15%, 9/30/2061		20,000		11,348

Willis North America, Inc.
5.05%, 9/15/2048		30,000		26,103
3.88%, 9/15/2049		25,000		17,734
5.90%, 3/5/2054		50,000		47,947
				2,284,009

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			339

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Interactive Media & Services – 1.8%

Meta Platforms, Inc.
4.45%, 8/15/2052	$	175,000	$	145,694
5.60%, 5/15/2053		185,000		183,471
4.65%, 8/15/2062		100,000		83,186
5.75%, 5/15/2063		135,000		134,533
				546,884

IT Services – 1.9%

International Business Machines Corp.
4.15%, 5/15/2039		90,000		75,288
5.60%, 11/30/2039		50,000		49,592
4.00%, 6/20/2042		105,000		83,812
4.25%, 5/15/2049		270,000		214,434
2.95%, 5/15/2050		10,000		6,188
3.43%, 2/9/2052		10,000		6,692
4.90%, 7/27/2052		130,000		113,941
5.10%, 2/6/2053		20,000		18,103
7.13%, 12/1/2096		25,000		29,965
				598,015

Leisure Products – 0.1%

Brunswick Corp.
5.10%, 4/1/2052		15,000		11,475

Mattel, Inc.
6.20%, 10/1/2040		25,000		23,703
				35,178

Machinery – 1.0%

Dover Corp.
6.60%, 3/15/2038		25,000		26,587
5.38%, 3/1/2041		25,000		23,741

Fortive Corp.
4.30%, 6/15/2046		50,000		39,968

Illinois Tool Works, Inc.
4.88%, 9/15/2041		45,000		41,688
3.90%, 9/1/2042		80,000		64,918

Otis Worldwide Corp.
3.11%, 2/15/2040		25,000		18,170
3.36%, 2/15/2050		50,000		34,109

Snap-on, Inc.
4.10%, 3/1/2048		25,000		20,066
3.10%, 5/1/2050		25,000		16,713


Investments	Principal Amount		Value

Machinery – (continued)

Xylem, Inc.
4.38%, 11/1/2046	$	25,000	$	20,324
				306,284

Media – 3.0%

Charter Communications Operating LLC
6.38%, 10/23/2035		25,000		23,622
5.38%, 4/1/2038		25,000		20,712
3.50%, 6/1/2041		50,000		31,990
6.48%, 10/23/2045		110,000		97,381
5.38%, 5/1/2047		60,000		45,869
5.75%, 4/1/2048		65,000		52,387
5.13%, 7/1/2049		25,000		18,317
4.80%, 3/1/2050		80,000		55,973
3.70%, 4/1/2051		50,000		29,256
3.85%, 4/1/2061		30,000		16,762
4.40%, 12/1/2061		40,000		24,762
3.95%, 6/30/2062		50,000		28,388
5.50%, 4/1/2063		25,000		18,588

Comcast Corp.
3.20%, 7/15/2036		5,000		3,932
6.45%, 3/15/2037		25,000		26,458
6.95%, 8/15/2037		15,000		16,498
6.55%, 7/1/2039		20,000		21,305
3.25%, 11/1/2039		25,000		18,525
6.40%, 3/1/2040		10,000		10,524
3.75%, 4/1/2040		25,000		19,812
2.89%, 11/1/2051		25,000		15,119
2.94%, 11/1/2056		35,000		20,425
2.99%, 11/1/2063		5,000		2,844

Fox Corp.
5.48%, 1/25/2039		100,000		91,589
5.58%, 1/25/2049		55,000		48,828

Interpublic Group of Cos., Inc. (The)
3.38%, 3/1/2041		45,000		31,967
5.40%, 10/1/2048		30,000		26,914

Time Warner Cable LLC
6.75%, 6/15/2039		60,000		54,961
5.88%, 11/15/2040		20,000		16,533
5.50%, 9/1/2041		45,000		35,821
4.50%, 9/15/2042		25,000		17,592
				943,654

See Accompanying Notes to the Financial Statements.


340		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Metals & Mining – 0.9%

ArcelorMittal SA
6.75%, 3/1/2041(a)	$	15,000	$	15,179

BHP Billiton Finance USA Ltd.
5.00%, 9/30/2043		30,000		27,355

Freeport-McMoRan, Inc.
5.45%, 3/15/2043		20,000		18,333

Nucor Corp.
6.40%, 12/1/2037		40,000		42,376
2.98%, 12/15/2055		25,000		15,032

Reliance, Inc.
6.85%, 11/15/2036		25,000		26,508

Rio Tinto Alcan, Inc.
5.75%, 6/1/2035		5,000		5,060

Rio Tinto Finance USA Ltd.
5.20%, 11/2/2040		20,000		19,056

Southern Copper Corp.
5.88%, 4/23/2045		20,000		19,393

Steel Dynamics, Inc.
3.25%, 10/15/2050		20,000		12,723

Vale Overseas Ltd.
6.88%, 11/21/2036		30,000		30,747
6.88%, 11/10/2039		25,000		25,701

Vale SA
5.63%, 9/11/2042		10,000		9,438
				266,901

Multi-Utilities – 1.1%

Berkshire Hathaway Energy Co.
6.13%, 4/1/2036		35,000		35,815
5.95%, 5/15/2037		25,000		24,949
5.15%, 11/15/2043		5,000		4,632
3.80%, 7/15/2048		25,000		17,949
4.45%, 1/15/2049		25,000		20,061
4.25%, 10/15/2050		25,000		19,125
2.85%, 5/15/2051		50,000		29,950
4.60%, 5/1/2053		20,000		16,173

Consolidated Edison Co. of New York, Inc.
4.50%, 5/15/2058		25,000		19,988
3.70%, 11/15/2059		20,000		13,503
Series C, 3.00%, 12/1/2060		25,000		14,410

Consumers Energy Co.
4.35%, 8/31/2064		25,000		19,407


Investments	Principal Amount		Value

Multi-Utilities – (continued)

NiSource, Inc.
3.95%, 3/30/2048	$	50,000	$	36,668

Southern Co. Gas Capital Corp.
5.88%, 3/15/2041		25,000		24,271
3.95%, 10/1/2046		25,000		18,295
4.40%, 5/30/2047		25,000		19,840
Series 21A, 3.15%, 9/30/2051		25,000		15,323
				350,359

Office REITs – 0.1%

Alexandria Real Estate Equities, Inc.
REIT, 3.55%, 3/15/2052		25,000		16,361

Oil, Gas & Consumable Fuels - 20.5%

Apache Corp.
5.10%, 9/1/2040		125,000		104,041
5.25%, 2/1/2042		25,000		20,779
4.75%, 4/15/2043		25,000		19,242
5.35%, 7/1/2049		25,000		20,332

BP Capital Markets America, Inc.
3.38%, 2/8/2061		75,000		48,547

Canadian Natural Resources Ltd.
6.50%, 2/15/2037		35,000		35,853
6.25%, 3/15/2038		80,000		80,637
6.75%, 2/1/2039		50,000		51,949
4.95%, 6/1/2047		50,000		42,705

Cenovus Energy, Inc.
5.25%, 6/15/2037		10,000		9,136
6.75%, 11/15/2039		25,000		26,326
5.40%, 6/15/2047		37,000		33,055
3.75%, 2/15/2052		20,000		13,851

ConocoPhillips Co.
5.95%, 3/15/2046		25,000		25,407
3.80%, 3/15/2052		75,000		55,125
5.30%, 5/15/2053		40,000		37,422
5.55%, 3/15/2054		35,000		33,816
4.03%, 3/15/2062		130,000		95,747
5.70%, 9/15/2063		45,000		44,168

Continental Resources, Inc.
4.90%, 6/1/2044		50,000		40,334

Devon Energy Corp.
5.60%, 7/15/2041		90,000		83,235
4.75%, 5/15/2042		50,000		41,588
5.00%, 6/15/2045		65,000		54,967

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			341

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Oil, Gas & Consumable Fuels – (continued)

Diamondback Energy, Inc.
4.40%, 3/24/2051	$	50,000	$	39,497
4.25%, 3/15/2052		25,000		19,196
6.25%, 3/15/2053		45,000		45,999
5.75%, 4/18/2054		110,000		105,013
5.90%, 4/18/2064		70,000		66,589

Eastern Gas Transmission & Storage, Inc.
4.80%, 11/1/2043		25,000		21,429
4.60%, 12/15/2044		25,000		20,627
3.90%, 11/15/2049		25,000		17,257

Enbridge Energy Partners LP
5.50%, 9/15/2040		40,000		37,145
7.38%, 10/15/2045		45,000		50,157

Enbridge, Inc.
3.40%, 8/1/2051		35,000		22,970
6.70%, 11/15/2053		25,000		26,731

Energy Transfer LP
7.50%, 7/1/2038		25,000		27,565
6.05%, 6/1/2041		15,000		14,427
6.50%, 2/1/2042		30,000		30,460
4.95%, 1/15/2043		25,000		20,986
5.15%, 2/1/2043		25,000		21,368
5.95%, 10/1/2043		25,000		23,582
5.30%, 4/1/2044		25,000		21,943
5.00%, 5/15/2044(a)		15,000		12,587
5.15%, 3/15/2045		25,000		21,481
5.35%, 5/15/2045		25,000		21,939
6.13%, 12/15/2045		40,000		38,434
5.30%, 4/15/2047		25,000		21,606
5.40%, 10/1/2047		60,000		52,650
6.00%, 6/15/2048		60,000		56,907
6.25%, 4/15/2049		75,000		73,153
5.00%, 5/15/2050		70,000		58,023
5.95%, 5/15/2054		85,000		80,110

EnLink Midstream Partners LP
5.60%, 4/1/2044		25,000		21,649

Enterprise Products Operating LLC
7.55%, 4/15/2038		15,000		17,355
6.13%, 10/15/2039		20,000		20,475
6.45%, 9/1/2040		45,000		47,615
5.95%, 2/1/2041		50,000		50,611
5.70%, 2/15/2042		30,000		29,438
4.85%, 8/15/2042		25,000		22,249


Investments	Principal Amount		Value

Oil, Gas & Consumable Fuels – (continued)
4.45%, 2/15/2043	$	40,000	$	33,653
4.85%, 3/15/2044		50,000		44,157
5.10%, 2/15/2045		40,000		36,276
4.90%, 5/15/2046		40,000		35,335
4.20%, 1/31/2050		20,000		15,803
3.70%, 1/31/2051		75,000		53,974
3.20%, 2/15/2052		50,000		32,449
3.30%, 2/15/2053		75,000		49,545
4.95%, 10/15/2054		30,000		26,111
3.95%, 1/31/2060		75,000		53,754

EOG Resources, Inc.
5.10%, 1/15/2036		25,000		23,725

Exxon Mobil Corp.
4.33%, 3/19/2050		50,000		41,508

Hess Corp.
5.80%, 4/1/2047		25,000		24,477

Kinder Morgan Energy Partners LP
6.50%, 2/1/2037		25,000		25,220
6.95%, 1/15/2038		50,000		53,300
6.50%, 9/1/2039		25,000		25,198
6.55%, 9/15/2040		25,000		25,303
7.50%, 11/15/2040		25,000		27,431
6.38%, 3/1/2041		25,000		24,781
5.63%, 9/1/2041		25,000		23,077
5.00%, 8/15/2042		50,000		42,764
4.70%, 11/1/2042		25,000		20,559
5.00%, 3/1/2043		50,000		42,695
5.50%, 3/1/2044		50,000		45,154
5.40%, 9/1/2044		40,000		35,810

Kinder Morgan, Inc.
5.30%, 12/1/2034		5,000		4,778
5.55%, 6/1/2045		65,000		59,622
5.05%, 2/15/2046		25,000		21,312
5.20%, 3/1/2048		25,000		21,584
3.25%, 8/1/2050		25,000		15,608
3.60%, 2/15/2051		50,000		33,339
5.45%, 8/1/2052		40,000		36,071

Marathon Oil Corp.
6.60%, 10/1/2037		30,000		30,546
5.20%, 6/1/2045		50,000		42,714

Marathon Petroleum Corp.
6.50%, 3/1/2041		50,000		51,858
4.75%, 9/15/2044		25,000		20,985
5.85%, 12/15/2045		10,000		9,602
4.50%, 4/1/2048		15,000		11,924
5.00%, 9/15/2054		25,000		20,979

See Accompanying Notes to the Financial Statements.


342		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Oil, Gas & Consumable Fuels – (continued)

MPLX LP
4.50%, 4/15/2038	$	30,000	$	25,638
5.20%, 3/1/2047		75,000		65,604
5.20%, 12/1/2047		50,000		43,661
4.70%, 4/15/2048		50,000		40,834
5.50%, 2/15/2049		55,000		49,972
4.95%, 3/14/2052		110,000		91,938
5.65%, 3/1/2053		25,000		23,062
4.90%, 4/15/2058		35,000		28,036

Occidental Petroleum Corp.
6.45%, 9/15/2036		125,000		128,999
7.95%, 6/15/2039		30,000		33,963
6.20%, 3/15/2040		30,000		29,689
4.63%, 6/15/2045		25,000		19,238
6.60%, 3/15/2046		85,000		87,519
4.40%, 4/15/2046		25,000		19,314
4.10%, 2/15/2047		25,000		17,679
4.20%, 3/15/2048		10,000		7,374
4.40%, 8/15/2049		25,000		17,991

ONEOK Partners LP
6.65%, 10/1/2036		25,000		25,864
6.85%, 10/15/2037		25,000		26,247
6.13%, 2/1/2041		40,000		39,187
6.20%, 9/15/2043		25,000		24,715

ONEOK, Inc.
5.15%, 10/15/2043		5,000		4,382
4.20%, 3/15/2045		25,000		18,389
4.25%, 9/15/2046		40,000		30,290
4.95%, 7/13/2047		40,000		33,369
4.20%, 10/3/2047		40,000		29,941
5.20%, 7/15/2048		65,000		56,401
4.85%, 2/1/2049		40,000		33,102
4.45%, 9/1/2049		50,000		38,506
3.95%, 3/1/2050		35,000		24,800
4.50%, 3/15/2050		50,000		38,406
7.15%, 1/15/2051		20,000		21,441
6.63%, 9/1/2053		130,000		135,591

Ovintiv, Inc.
6.50%, 2/1/2038		30,000		30,084
7.10%, 7/15/2053		30,000		32,399

Phillips 66
5.88%, 5/1/2042		20,000		19,972
4.88%, 11/15/2044		20,000		17,603
3.30%, 3/15/2052		75,000		48,646


Investments	Principal Amount		Value

Oil, Gas & Consumable Fuels – (continued)

Plains All American Pipeline LP
6.65%, 1/15/2037	$	50,000	$	51,618
5.15%, 6/1/2042		25,000		21,560
4.30%, 1/31/2043		25,000		19,323
4.70%, 6/15/2044		50,000		40,688
4.90%, 2/15/2045		50,000		41,515

Spectra Energy Partners LP
5.95%, 9/25/2043		30,000		28,955
4.50%, 3/15/2045		25,000		19,994

Suncor Energy, Inc.
6.80%, 5/15/2038		75,000		78,697
6.50%, 6/15/2038		80,000		82,036
6.85%, 6/1/2039		45,000		47,256
4.00%, 11/15/2047		55,000		40,165
3.75%, 3/4/2051		55,000		38,186

Targa Resources Corp.
4.95%, 4/15/2052		50,000		41,631
6.25%, 7/1/2052		40,000		39,256
6.50%, 2/15/2053		50,000		51,175

Tennessee Gas Pipeline Co. LLC
7.63%, 4/1/2037		15,000		16,723

TotalEnergies Capital International SA
3.39%, 6/29/2060		60,000		39,431

TotalEnergies Capital SA
5.49%, 4/5/2054		20,000		19,461
5.64%, 4/5/2064		90,000		87,886

Valero Energy Corp.
6.63%, 6/15/2037		50,000		52,793
4.90%, 3/15/2045		20,000		17,529
3.65%, 12/1/2051		55,000		37,360
4.00%, 6/1/2052		30,000		21,632

Western Midstream Operating LP
5.45%, 4/1/2044		45,000		39,482
5.30%, 3/1/2048		60,000		50,174
5.50%, 8/15/2048		25,000		21,178
5.25%, 2/1/2050(a)		60,000		50,889

Williams Cos., Inc. (The)
6.30%, 4/15/2040		40,000		40,488
5.80%, 11/15/2043		25,000		23,924
5.40%, 3/4/2044		25,000		22,844
5.75%, 6/24/2044		25,000		23,754
4.90%, 1/15/2045		25,000		21,267
5.10%, 9/15/2045		75,000		66,027
4.85%, 3/1/2048		55,000		46,422

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			343

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Oil, Gas & Consumable Fuels – (continued)
3.50%, 10/15/2051	$	50,000	$	33,412
5.30%, 8/15/2052		20,000		18,032
				6,393,075

Pharmaceuticals – 3.1%

AstraZeneca plc
6.45%, 9/15/2037		25,000		27,189

Bristol-Myers Squibb Co.
4.25%, 10/26/2049		10,000		7,994
6.25%, 11/15/2053		10,000		10,595
3.90%, 3/15/2062		35,000		24,847
6.40%, 11/15/2063		45,000		47,941
5.65%, 2/22/2064		130,000		124,427

Eli Lilly & Co.
5.95%, 11/15/2037		10,000		10,458
4.88%, 2/27/2053		25,000		22,875
4.15%, 3/15/2059		35,000		27,825
4.95%, 2/27/2063		75,000		67,805
5.10%, 2/9/2064		95,000		88,198

GlaxoSmithKline Capital, Inc.
6.38%, 5/15/2038		20,000		21,622

Johnson & Johnson
3.63%, 3/3/2037		25,000		21,178
5.95%, 8/15/2037		75,000		79,848
5.85%, 7/15/2038		55,000		58,126
3.70%, 3/1/2046		20,000		15,651
3.75%, 3/3/2047		5,000		3,915
2.45%, 9/1/2060		45,000		24,726

Merck & Co., Inc.
3.90%, 3/7/2039		5,000		4,203
4.15%, 5/18/2043		10,000		8,330
2.75%, 12/10/2051		55,000		33,552
2.90%, 12/10/2061		55,000		32,087
5.15%, 5/17/2063		75,000		69,367

Merck Sharp & Dohme Corp.
5.85%, 6/30/2039		20,000		20,408

Royalty Pharma plc
3.35%, 9/2/2051		30,000		18,365

Zoetis, Inc.
4.70%, 2/1/2043		75,000		65,361
3.95%, 9/12/2047		25,000		19,029
				955,922


Investments	Principal Amount		Value

Professional Services – 0.2%

Verisk Analytics, Inc.
5.50%, 6/15/2045	$	25,000	$	23,305
3.63%, 5/15/2050		50,000		34,807
				58,112

Real Estate Management & Development – 0.2%

CBRE Services, Inc.
5.95%, 8/15/2034		55,000		54,686

Retail REITs – 0.1%

Federal Realty OP LP
REIT, 3.63%, 8/1/2046		25,000		15,961

NNN REIT, Inc.
REIT, 4.80%, 10/15/2048		25,000		20,676
				36,637

Semiconductors & Semiconductor Equipment – 4.3%

Advanced Micro Devices, Inc.
4.39%, 6/1/2052		25,000		20,787

Analog Devices, Inc.
2.80%, 10/1/2041		55,000		37,889
5.30%, 12/15/2045		20,000		18,765
5.30%, 4/1/2054		40,000		38,054

Applied Materials, Inc.
5.85%, 6/15/2041		45,000		46,694
4.35%, 4/1/2047		40,000		34,113

Broadcom, Inc.
3.14%, 11/15/2035(d)		115,000		89,246
3.19%, 11/15/2036(d)		100,000		76,679
4.93%, 5/15/2037(d)		90,000		82,190
3.50%, 2/15/2041(d)		110,000		81,730

KLA Corp.
5.65%, 11/1/2034		25,000		25,374
5.00%, 3/15/2049		20,000		18,209
4.95%, 7/15/2052		50,000		45,418
5.25%, 7/15/2062		55,000		50,962

Lam Research Corp.
4.88%, 3/15/2049		30,000		26,953
3.13%, 6/15/2060		70,000		43,171

NVIDIA Corp.
3.70%, 4/1/2060		20,000		14,699

NXP BV
3.25%, 5/11/2041		70,000		49,354
3.13%, 2/15/2042		50,000		34,186
3.25%, 11/30/2051		20,000		12,746

See Accompanying Notes to the Financial Statements.


344		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Semiconductors & Semiconductor Equipment – (continued)

QUALCOMM, Inc.
4.30%, 5/20/2047	$	15,000	$	12,471
4.50%, 5/20/2052		75,000		63,085
6.00%, 5/20/2053		85,000		89,217

Texas Instruments, Inc.
3.88%, 3/15/2039		40,000		34,042
4.15%, 5/15/2048		100,000		81,171
2.70%, 9/15/2051		20,000		12,093
4.10%, 8/16/2052		10,000		8,023
5.00%, 3/14/2053		50,000		45,794
5.15%, 2/8/2054		55,000		51,553
5.05%, 5/18/2063		100,000		90,589
				1,335,257

Software – 3.3%

Intuit, Inc.
5.50%, 9/15/2053		100,000		97,779

Microsoft Corp.
2.53%, 6/1/2050		45,000		27,539
2.92%, 3/17/2052		100,000		65,911
4.00%, 2/12/2055		25,000		20,325
3.95%, 8/8/2056		25,000		19,742
2.68%, 6/1/2060		115,000		67,475
3.04%, 3/17/2062		60,000		38,291

Oracle Corp.
4.30%, 7/8/2034		20,000		17,763
3.85%, 7/15/2036		25,000		20,481
3.80%, 11/15/2037		25,000		20,024
6.50%, 4/15/2038		50,000		52,091
6.13%, 7/8/2039		30,000		30,147
3.60%, 4/1/2040		45,000		33,718
5.38%, 7/15/2040		50,000		46,158
3.65%, 3/25/2041		25,000		18,629
4.50%, 7/8/2044		35,000		28,319
4.13%, 5/15/2045		50,000		38,139
4.00%, 7/15/2046		55,000		40,747
4.00%, 11/15/2047		40,000		29,356
3.60%, 4/1/2050		50,000		33,817
3.95%, 3/25/2051		40,000		28,576
6.90%, 11/9/2052		75,000		81,427
5.55%, 2/6/2053		60,000		55,143
4.38%, 5/15/2055		14,000		10,568
3.85%, 4/1/2060		40,000		26,625


Investments	Principal Amount		Value

Software – (continued)

Salesforce, Inc.
2.70%, 7/15/2041	$	90,000	$	61,502
3.05%, 7/15/2061		45,000		27,208
				1,037,500

Specialty Retail – 3.2%

Dick’s Sporting Goods, Inc.
4.10%, 1/15/2052		55,000		37,320

Home Depot, Inc. (The)
5.88%, 12/16/2036		115,000		119,198
3.30%, 4/15/2040		90,000		68,311
5.40%, 9/15/2040		35,000		34,170
5.95%, 4/1/2041		75,000		77,680
4.20%, 4/1/2043		10,000		8,328
4.40%, 3/15/2045		25,000		21,124
4.25%, 4/1/2046		25,000		20,557
3.90%, 6/15/2047		70,000		54,059
4.50%, 12/6/2048		20,000		16,932
3.35%, 4/15/2050		25,000		17,272
2.38%, 3/15/2051		35,000		19,516
2.75%, 9/15/2051		35,000		21,186
3.63%, 4/15/2052		55,000		39,740
4.95%, 9/15/2052		70,000		63,308
3.50%, 9/15/2056		35,000		24,232

Lowe’s Cos., Inc.
5.80%, 10/15/2036		20,000		19,969
5.00%, 9/15/2043		20,000		17,466
4.25%, 4/1/2052		50,000		38,652
5.63%, 4/15/2053		50,000		47,694
4.45%, 4/1/2062		100,000		76,405
5.80%, 9/15/2062		75,000		71,904
5.85%, 4/1/2063		40,000		38,718

Tiffany & Co.
4.90%, 10/1/2044		25,000		22,310

TJX Cos., Inc. (The)
4.50%, 4/15/2050		25,000		21,571
				997,622

Technology Hardware, Storage & Peripherals – 2.2%

Apple, Inc.
2.38%, 2/8/2041		25,000		16,794
3.85%, 5/4/2043		50,000		40,972
3.45%, 2/9/2045		25,000		18,935
4.38%, 5/13/2045		25,000		21,735
4.65%, 2/23/2046		50,000		45,063

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			345

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Technology Hardware, Storage & Peripherals – (continued)
3.85%, 8/4/2046	$	25,000	$	19,884
3.75%, 11/13/2047		20,000		15,483
2.65%, 5/11/2050		25,000		15,427
2.65%, 2/8/2051		100,000		61,357
2.70%, 8/5/2051		75,000		46,216
3.95%, 8/8/2052		75,000		59,084
4.85%, 5/10/2053		25,000		23,189
2.80%, 2/8/2061		125,000		73,446
2.85%, 8/5/2061		100,000		59,505
4.10%, 8/8/2062		100,000		78,544

HP, Inc.
6.00%, 9/15/2041		80,000		79,379
				675,013

Tobacco – 4.6%

Altria Group, Inc.
5.80%, 2/14/2039		100,000		97,656
3.40%, 2/4/2041		40,000		28,011
4.25%, 8/9/2042		120,000		93,595
4.50%, 5/2/2043		40,000		32,143
5.38%, 1/31/2044		125,000		116,810
3.88%, 9/16/2046		45,000		31,875
5.95%, 2/14/2049		175,000		168,800
3.70%, 2/4/2051		50,000		32,932
4.00%, 2/4/2061		25,000		16,977

BAT Capital Corp.
4.39%, 8/15/2037		180,000		147,754
4.54%, 8/15/2047		75,000		56,123
4.76%, 9/6/2049		75,000		57,866
5.28%, 4/2/2050		50,000		41,527
3.98%, 9/25/2050		25,000		17,380
5.65%, 3/16/2052		45,000		39,164
7.08%, 8/2/2053		70,000		73,264

Philip Morris International, Inc.
6.38%, 5/16/2038		55,000		57,841
4.38%, 11/15/2041		50,000		41,230
4.50%, 3/20/2042		50,000		41,733
3.88%, 8/21/2042		50,000		38,240
4.13%, 3/4/2043		55,000		43,365
4.88%, 11/15/2043		65,000		56,478
4.25%, 11/10/2044		45,000		35,715

Reynolds American, Inc.
5.70%, 8/15/2035		25,000		24,006
5.85%, 8/15/2045		50,000		45,065
				1,435,550


Investments	Principal Amount		Value

Trading Companies & Distributors – 0.4%

WW Grainger, Inc.
4.60%, 6/15/2045	$	75,000	$	65,433
3.75%, 5/15/2046		30,000		22,924
4.20%, 5/15/2047		30,000		24,555
				112,912

Wireless Telecommunication Services – 0.0%(c)

T-Mobile USA, Inc.
4.50%, 4/15/2050		20,000		16,267
Total Corporate Bonds (Cost $32,761,580)				30,449,187

Total Investments – 97.8% (Cost $32,761,580)				30,449,187

Other assets less liabilities – 2.2%				698,006
NET ASSETS – 100.0%			$	31,147,193

^(a)

^(b)

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

^(c)

Represents less than 0.05% of net assets.

^(d)

Percentages shown are based on Net Assets.

Abbreviations

OYJ – Public Limited Company

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

See Accompanying Notes to the Financial Statements.


346		FLEXSHARES SEMIANNUAL REPORT

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



Aggregate gross unrealized appreciation	$	168,548
Aggregate gross unrealized depreciation		(2,674,951	)
Net unrealized depreciation	$	(2,506,403	)
Federal income tax cost	$	32,955,590


Security Type	% of Net Assets
Corporate Bonds		97.8	%
Others⁽¹⁾		2.2
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			347

Schedule of Investments

FlexShares^® High Yield Value-Scored Bond Index Fund

April 30, 2024 (Unaudited)


Investments	Principal Amount		Value

CORPORATE BONDS – 98.8%

Aerospace & Defense – 2.7%

AAR Escrow Issuer LLC
6.75%, 3/15/2029(a)	$	340,000	$	341,836

Bombardier, Inc.
7.13%, 6/15/2026(a)		1,300,000		1,313,834
6.00%, 2/15/2028(a)		595,000		580,237
7.50%, 2/1/2029(a)		555,000		567,726

BWX Technologies, Inc.
4.13%, 6/30/2028(a)		1,205,000		1,100,767
4.13%, 4/15/2029(a)		2,009,000		1,830,142

F-Brasile SpA
Series NR, 7.38%, 8/15/2026(a)		1,650,000		1,641,750

TransDigm, Inc.
5.50%, 11/15/2027		9,760,000		9,484,910
6.75%, 8/15/2028(a)		4,770,000		4,790,268
4.63%, 1/15/2029		3,905,000		3,576,941
6.38%, 3/1/2029(a)		2,550,000		2,530,527
4.88%, 5/1/2029		2,281,000		2,098,019
6.88%, 12/15/2030(a)		2,020,000		2,033,735
7.13%, 12/1/2031(a)		650,000		662,398
6.63%, 3/1/2032(a) (b)		1,050,000		1,048,215

Triumph Group, Inc.
9.00%, 3/15/2028(a) (b)		2,574,000		2,665,261
				36,266,566

Air Freight & Logistics – 0.2%

Rand Parent LLC
8.50%, 2/15/2030(a) (b)		2,815,000		2,783,802

Automobile Components – 2.1%

Adient Global Holdings Ltd.
8.25%, 4/15/2031(a)		285,000		295,957

Allison Transmission, Inc.
3.75%, 1/30/2031(a)		838,000		717,286

American Axle & Manufacturing, Inc.
6.50%, 4/1/2027		1,050,000		1,039,625
6.88%, 7/1/2028		330,000		327,504

Clarios Global LP
8.50%, 5/15/2027(a)		480,000		480,632


Investments	Principal Amount		Value

Automobile Components – (continued)

Cooper-Standard Automotive, Inc.
13.50%, 3/31/2027(a) (c)	$	1,517,500	$	1,597,446

Dornoch Debt Merger Sub, Inc.
6.63%, 10/15/2029(a)		1,100,000		908,467

Icahn Enterprises LP
6.38%, 12/15/2025		330,000		324,088
6.25%, 5/15/2026		2,280,000		2,217,450
5.25%, 5/15/2027		2,225,000		2,043,095
9.75%, 1/15/2029(a)		1,505,000		1,560,917
4.38%, 2/1/2029(b)		1,595,000		1,342,734

IHO Verwaltungs GmbH
4.75%, 9/15/2026(a) (b) (c)		900,000		866,677
6.37%, 5/15/2029(a) (c)		935,000		919,140

Patrick Industries, Inc.
7.50%, 10/15/2027(a) (b)		555,000		561,580
4.75%, 5/1/2029(a)		815,000		740,857

Real Hero Merger Sub 2, Inc.
6.25%, 2/1/2029(a)		880,000		753,889

Tenneco, Inc.
8.00%, 11/17/2028(a)		10,725,000		10,021,051

ZF North America Capital, Inc.
6.88%, 4/14/2028(a)		575,000		578,845
7.13%, 4/14/2030(a)		1,090,000		1,114,510
				28,411,750

Automobiles – 0.7%

Jaguar Land Rover Automotive plc
7.75%, 10/15/2025(a)		640,000		643,201
4.50%, 10/1/2027(a)		2,775,000		2,582,804
5.88%, 1/15/2028(a)		1,276,000		1,240,152
5.50%, 7/15/2029(a)		757,000		712,291

Mclaren Finance plc
7.50%, 8/1/2026(a)		2,140,000		1,858,590

Thor Industries, Inc.
4.00%, 10/15/2029(a)		1,315,000		1,136,930

Winnebago Industries, Inc.
6.25%, 7/15/2028(a)		1,050,000		1,027,660
				9,201,628

See Accompanying Notes to the Financial Statements.


348		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Banks – 0.6%

Intesa Sanpaolo SpA
5.71%, 1/15/2026(a) (b)	$	1,550,000	$	1,527,310
4.20%, 6/1/2032(a) (d)		690,000		565,555
4.95%, 6/1/2042(a) (d)		170,000		122,237

Texas Capital Bancshares, Inc.
4.00%, 5/6/2031(d)		1,925,000		1,716,897

UniCredit SpA
7.30%, 4/2/2034(a) (d)		1,060,000		1,068,948
5.46%, 6/30/2035(a) (d)		1,385,000		1,274,367

Valley National Bancorp
3.00%, 6/15/2031(d)		1,725,000		1,294,978
				7,570,292

Beverages – 0.1%

Primo Water Holdings, Inc.
4.38%, 4/30/2029(a)		530,000		483,762

Triton Water Holdings, Inc.
6.25%, 4/1/2029(a)		800,000		717,383
				1,201,145

Biotechnology – 0.1%

Grifols SA
4.75%, 10/15/2028(a)		1,600,000		1,292,223

Broadline Retail – 0.7%

99 Cents Only Stores LLC
7.50%, 1/15/2026(a) (e)		340,000		103,700

ANGI Group LLC
3.88%, 8/15/2028(a)		2,440,000		2,060,745

Go Daddy Operating Co. LLC
3.50%, 3/1/2029(a)		450,000		399,038

Kohl’s Corp.
5.55%, 7/17/2045		1,435,000		984,439

Macy’s Retail Holdings LLC
5.88%, 3/15/2030(a)		100,000		95,319
6.13%, 3/15/2032(a)		640,000		605,387
6.70%, 7/15/2034(a)		1,030,000		866,296
5.13%, 1/15/2042		550,000		462,984

Millennium Escrow Corp.
6.63%, 8/1/2026(a)		2,730,000		1,566,874

NMG Holding Co., Inc.
7.13%, 4/1/2026(a)		990,000		985,408


Investments	Principal Amount		Value

Broadline Retail – (continued)

Nordstrom, Inc.
5.00%, 1/15/2044	$	685,000	$	519,961

QVC, Inc.
4.75%, 2/15/2027		500,000		435,748
4.38%, 9/1/2028		500,000		384,486
				9,470,385

Building Products – 1.6%

ACProducts Holdings, Inc.
6.38%, 5/15/2029(a)		1,000,000		697,874

AmeriTex HoldCo Intermediate LLC
10.25%, 10/15/2028(a)		1,585,000		1,669,609

Camelot Return Merger Sub, Inc.
8.75%, 8/1/2028(a) (b)		1,580,000		1,553,304

CP Atlas Buyer, Inc.
7.00%, 12/1/2028(a)		870,000		783,871

Eco Material Technologies, Inc.
7.88%, 1/31/2027(a)		1,580,000		1,591,610

EMRLD Borrower LP
6.63%, 12/15/2030(a)		2,875,000		2,849,239

Griffon Corp.
5.75%, 3/1/2028		2,090,000		2,012,805

James Hardie International Finance DAC
5.00%, 1/15/2028(a)		1,350,000		1,297,755

JELD-WEN, Inc.
4.88%, 12/15/2027(a)		541,000		513,454

MIWD Holdco II LLC
5.50%, 2/1/2030(a)		645,000		584,148

Oscar Acquisition Co. LLC
9.50%, 4/15/2030(a)		1,000,000		962,165

Smyrna Ready Mix Concrete LLC
6.00%, 11/1/2028(a)		1,577,000		1,525,518
8.88%, 11/15/2031(a)		2,465,000		2,595,999

Standard Industries, Inc.
5.00%, 2/15/2027(a)		1,085,000		1,045,137
4.75%, 1/15/2028(a)		570,000		537,642
4.38%, 7/15/2030(a)		1,350,000		1,195,631
3.38%, 1/15/2031(a)		880,000		720,823
				22,136,584

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			349

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Capital Markets – 0.4%

AG TTMT Escrow Issuer LLC
8.63%, 9/30/2027(a)	$	300,000	$	309,015

Aretec Group, Inc.
10.00%, 8/15/2030(a)		535,000		581,121

Brightsphere Investment Group, Inc.
4.80%, 7/27/2026		225,000		216,583

Coinbase Global, Inc.
3.63%, 10/1/2031(a)		485,000		378,192

Compass Group Diversified Holdings LLC
5.25%, 4/15/2029(a)		885,000		827,289

Dresdner Funding Trust I
8.15%, 6/30/2031(a)		900,000		968,860

Jane Street Group
4.50%, 11/15/2029(a) (b)		390,000		354,730

Nomura Holdings, Inc.
2.65%, 1/16/2025		1,650,000		1,611,248
				5,247,038

Chemicals – 4.1%

Ashland, Inc.
3.38%, 9/1/2031(a)		1,025,000		850,174
6.88%, 5/15/2043		1,060,000		1,058,657

ASP Unifrax Holdings, Inc.
5.25%, 9/30/2028(a)		2,911,000		1,753,776
7.50%, 9/30/2029(a)		1,419,000		727,237

Axalta Coating Systems Dutch Holding B BV
7.25%, 2/15/2031(a)		2,310,000		2,355,907

Cerdia Finanz GmbH
10.50%, 2/15/2027(a)		1,215,000		1,259,774

Chemours Co. (The)
5.38%, 5/15/2027		350,000		331,147
5.75%, 11/15/2028(a)		1,470,000		1,350,009

Consolidated Energy Finance SA
5.63%, 10/15/2028(a) (b)		1,500,000		1,267,512
12.00%, 2/15/2031(a)		1,550,000		1,604,258

Cornerstone Chemical Co. LLC
10.25%, 9/1/2027(a)		195,000		98,302


Investments	Principal Amount		Value

Chemicals – (continued)

CVR Partners LP
6.13%, 6/15/2028(a)	$	2,455,000	$	2,290,512

Element Solutions, Inc.
3.88%, 9/1/2028(a)		795,000		715,568

FXI Holdings, Inc.
12.25%, 11/15/2026(a)		3,621,000		3,587,709

GPD Cos., Inc.
10.13%, 4/1/2026(a)		1,755,000		1,648,001

HB Fuller Co.
4.25%, 10/15/2028		625,000		576,386

Herens Holdco Sarl
4.75%, 5/15/2028(a)		1,410,000		1,217,050

Illuminate Buyer LLC
9.00%, 7/1/2028(a)		800,000		783,240

INEOS Finance plc
6.75%, 5/15/2028(a)		1,260,000		1,237,987
7.50%, 4/15/2029(a)		2,000,000		2,009,302

INEOS Quattro Finance 2 plc
9.63%, 3/15/2029(a)		1,350,000		1,426,101

Ingevity Corp.
3.88%, 11/1/2028(a)		1,015,000		903,153

Innophos Holdings, Inc.
9.38%, 2/15/2028(a)		750,000		648,686

LSB Industries, Inc.
6.25%, 10/15/2028(a)		1,070,000		1,014,321

Methanex Corp.
5.13%, 10/15/2027		400,000		384,709

Minerals Technologies, Inc.
5.00%, 7/1/2028(a)		705,000		665,795

NOVA Chemicals Corp.
5.00%, 5/1/2025(a)		727,000		713,416
5.25%, 6/1/2027(a)		5,910,000		5,559,568
8.50%, 11/15/2028(a)		1,375,000		1,445,234
4.25%, 5/15/2029(a)		3,260,000		2,728,595
9.00%, 2/15/2030(a)		3,650,000		3,760,953

Olympus Water US Holding Corp.
7.13%, 10/1/2027(a)		420,000		425,321
4.25%, 10/1/2028(a)		900,000		810,995
9.75%, 11/15/2028(a)		1,625,000		1,724,318

Polar US Borrower LLC
6.75%, 5/15/2026(a)		745,000		193,700

Rain Carbon, Inc.
12.25%, 9/1/2029(a) (b)		1,525,000		1,588,123

See Accompanying Notes to the Financial Statements.


350		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Chemicals – (continued)

SCIH Salt Holdings, Inc.
4.88%, 5/1/2028(a)	$	1,728,000	$	1,606,675

SCIL IV LLC
5.38%, 11/1/2026(a)		1,380,000		1,324,486

Vibrantz Technologies, Inc.
9.00%, 2/15/2030(a) (b)		1,505,000		1,396,969

WR Grace Holdings LLC
4.88%, 6/15/2027(a)		545,000		517,273
				55,560,899

Commercial Services & Supplies – 3.6%

ADT Security Corp. (The)
4.13%, 8/1/2029(a)		700,000		632,760
4.88%, 7/15/2032(a)		531,000		472,642

Allied Universal Holdco LLC
6.63%, 7/15/2026(a)		325,000		324,141
9.75%, 7/15/2027(a) (b)		1,325,000		1,319,983
4.63%, 6/1/2028(a)		2,425,000		2,176,836
6.00%, 6/1/2029(a) (b)		1,335,000		1,133,439

Aptim Corp.
7.75%, 6/15/2025(a)		550,000		546,276

APX Group, Inc.
6.75%, 2/15/2027(a)		1,060,000		1,052,969
5.75%, 7/15/2029(a) (b)		2,300,000		2,138,618

Aramark Services, Inc.
5.00%, 2/1/2028(a)		1,000,000		949,483

Arrow Bidco LLC
10.75%, 6/15/2025(a)		1,100,000		1,133,000

Brink’s Co. (The)
4.63%, 10/15/2027(a)		385,000		361,626

Cimpress plc
7.00%, 6/15/2026(b)		605,000		600,317

CoreCivic, Inc.
4.75%, 10/15/2027		570,000		531,377
8.25%, 4/15/2029		1,990,000		2,056,257

Covanta Holding Corp.
4.88%, 12/1/2029(a)		670,000		587,326

Deluxe Corp.
8.00%, 6/1/2029(a)		2,840,000		2,554,921

Garda World Security Corp.
4.63%, 2/15/2027(a)		1,070,000		1,017,613
9.50%, 11/1/2027(a)		470,000		467,840
7.75%, 2/15/2028(a)		600,000		606,581


Investments	Principal Amount		Value

Commercial Services & Supplies – (continued)

GFL Environmental, Inc.
4.00%, 8/1/2028(a)	$	1,830,000	$	1,658,684
4.75%, 6/15/2029(a)		835,000		770,279
4.38%, 8/15/2029(a)		235,000		212,110

Interface, Inc.
5.50%, 12/1/2028(a)		705,000		661,177

Madison IAQ LLC
4.13%, 6/30/2028(a)		1,800,000		1,669,770
5.88%, 6/30/2029(a) (b)		5,810,000		5,390,776

Neptune Bidco US, Inc.
9.29%, 4/15/2029(a)		4,675,000		4,412,619

Pitney Bowes, Inc.
6.88%, 3/15/2027(a)		1,435,000		1,293,338

Prime Security Services Borrower LLC
5.75%, 4/15/2026(a)		2,445,000		2,414,246
3.38%, 8/31/2027(a)		2,330,000		2,122,059
6.25%, 1/15/2028(a) (b)		2,885,000		2,818,404

Stericycle, Inc.
3.88%, 1/15/2029(a)		185,000		164,381

WASH Multifamily Acquisition, Inc.
5.75%, 4/15/2026(a)		1,915,000		1,856,614

West Technology Group LLC
8.50%, 4/10/2027(a)		2,330,000		1,986,325

Williams Scotsman, Inc.
4.63%, 8/15/2028(a)		270,000		249,205
				48,343,992

Communications Equipment – 0.5%

CommScope Technologies LLC
6.00%, 6/15/2025(a)		2,170,000		1,714,300

CommScope, Inc.
6.00%, 3/1/2026(a) (b)		1,030,000		920,562
4.75%, 9/1/2029(a)		1,400,000		976,500

Viasat, Inc.
5.63%, 9/15/2025(a)		1,600,000		1,537,209
5.63%, 4/15/2027(a)		500,000		457,518
6.50%, 7/15/2028(a)		250,000		191,103

Viavi Solutions, Inc.
3.75%, 10/1/2029(a) (b)		1,475,000		1,238,577
				7,035,769

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			351

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Construction & Engineering – 1.6%

AECOM
5.13%, 3/15/2027	$	5,695,000	$	5,532,720

Arcosa, Inc.
4.38%, 4/15/2029(a)		835,000		760,049

Artera Services LLC
8.50%, 2/15/2031(a)		1,000,000		1,023,254

Brand Industrial Services, Inc.
10.38%, 8/1/2030(a)		3,365,000		3,610,978

Brundage-Bone Concrete Pumping Holdings, Inc.
6.00%, 2/1/2026(a)		1,815,000		1,786,434

Global Infrastructure Solutions, Inc.
5.63%, 6/1/2029(a) (b)		923,000		829,266
7.50%, 4/15/2032(a)		926,000		883,338

Great Lakes Dredge & Dock Corp.
5.25%, 6/1/2029(a)		1,970,000		1,653,328

HTA Group Ltd.
7.00%, 12/18/2025(a)		915,000		910,608

Railworks Holdings LP
8.25%, 11/15/2028(a)		1,085,000		1,083,573

VM Consolidated, Inc.
5.50%, 4/15/2029(a)		2,019,000		1,900,036

Weekley Homes LLC
4.88%, 9/15/2028(a)		1,370,000		1,252,966
				21,226,550

Construction Materials – 0.0%(f)

Knife River Corp.
7.75%, 5/1/2031(a)		220,000		228,504

Consumer Finance – 1.8%

Bread Financial Holdings, Inc.
9.75%, 3/15/2029(a)		3,035,000		3,156,224

Cobra Acquisition Co. LLC
6.38%, 11/1/2029(a)		665,000		551,262

Credit Acceptance Corp.
6.63%, 3/15/2026		565,000		563,288
9.25%, 12/15/2028(a)		300,000		318,075

Enova International, Inc.
8.50%, 9/15/2025(a)		1,865,000		1,860,154
11.25%, 12/15/2028(a) (b)		2,225,000		2,362,375


Investments	Principal Amount		Value

Consumer Finance – (continued)

FirstCash, Inc.
4.63%, 9/1/2028(a)	$	1,170,000	$	1,082,494
5.63%, 1/1/2030(a)		3,140,000		2,958,926
6.88%, 3/1/2032(a)		2,780,000		2,744,861

GGAM Finance Ltd.
8.00%, 2/15/2027(a)		550,000		563,678
8.00%, 6/15/2028(a)		700,000		720,885

goeasy Ltd.
4.38%, 5/1/2026(a)		925,000		888,186
9.25%, 12/1/2028(a)		380,000		401,219

LFS Topco LLC
5.88%, 10/15/2026(a)		1,140,000		1,058,237

Macquarie Airfinance Holdings Ltd.
8.38%, 5/1/2028(a) (b)		1,310,000		1,375,303

OneMain Finance Corp.
7.13%, 3/15/2026		495,000		499,504
3.88%, 9/15/2028		550,000		484,119

PRA Group, Inc.
7.38%, 9/1/2025(a) (b)		115,000		114,468

SLM Corp.
3.13%, 11/2/2026		200,000		185,528

Synchrony Financial
7.25%, 2/2/2033		1,685,000		1,644,156

World Acceptance Corp.
7.00%, 11/1/2026(a)		330,000		306,760
				23,839,702

Consumer Staples Distribution & Retail – 1.7%

Albertsons Cos., Inc.
3.25%, 3/15/2026(a)		2,510,000		2,383,808
4.63%, 1/15/2027(a) (b)		1,240,000		1,184,802
5.88%, 2/15/2028(a)		700,000		685,977
6.50%, 2/15/2028(a) (b)		2,985,000		2,982,293
3.50%, 3/15/2029(a)		1,230,000		1,085,312
4.88%, 2/15/2030(a)		870,000		811,462

C&S Group Enterprises LLC
5.00%, 12/15/2028(a)		1,485,000		1,138,545

Ingles Markets, Inc.
4.00%, 6/15/2031(a)		2,020,000		1,737,034

KeHE Distributors LLC
9.00%, 2/15/2029(a)		1,735,000		1,751,859

Performance Food Group, Inc.
5.50%, 10/15/2027(a)		940,000		909,892
4.25%, 8/1/2029(a) (b)		5,640,000		5,055,575

See Accompanying Notes to the Financial Statements.


352		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Consumer Staples Distribution & Retail – (continued)

United Natural Foods, Inc.
6.75%, 10/15/2028(a)	$	500,000	$	383,717

US Foods, Inc.
6.88%, 9/15/2028(a)		2,295,000		2,314,533
4.75%, 2/15/2029(a)		930,000		866,435
4.63%, 6/1/2030(a)		140,000		127,306
7.25%, 1/15/2032(a)		290,000		296,124
				23,714,674

Containers & Packaging – 2.2%

Ardagh Metal Packaging Finance USA LLC
6.00%, 6/15/2027(a)		970,000		940,277
3.25%, 9/1/2028(a)		1,420,000		1,229,974
4.00%, 9/1/2029(a)		1,770,000		1,459,045

Cascades, Inc.
5.13%, 1/15/2026(a)		190,000		183,983

Clydesdale Acquisition Holdings, Inc.
6.63%, 4/15/2029(a)		2,780,000		2,773,018
8.75%, 4/15/2030(a)		6,424,000		6,208,480

Graham Packaging Co., Inc.
7.13%, 8/15/2028(a)		1,575,000		1,422,664

Intelligent Packaging Ltd. Finco, Inc.
6.00%, 9/15/2028(a)		1,520,000		1,448,965

Iris Holding, Inc.
10.00%, 12/15/2028(a) (b)		1,345,000		1,190,181

LABL, Inc.
10.50%, 7/15/2027(a)		1,595,000		1,566,620
5.88%, 11/1/2028(a)		1,150,000		1,022,756
9.50%, 11/1/2028(a)		1,000,000		1,000,373
8.25%, 11/1/2029(a)		1,050,000		888,632

Mauser Packaging Solutions Holding Co.
7.88%, 4/15/2027(a)		3,920,000		3,993,500
9.25%, 4/15/2027(a)		1,662,000		1,628,719

Pactiv LLC
7.95%, 12/15/2025		195,000		198,384

TriMas Corp.
4.13%, 4/15/2029(a)		1,375,000		1,234,194

Trivium Packaging Finance BV
5.50%, 8/15/2026(a) (g)		950,000		933,609
8.50%, 8/15/2027(a) (g)		1,160,000		1,148,704
				30,472,078


Investments	Principal Amount		Value

Distributors – 0.4%

American Builders & Contractors Supply Co., Inc.
4.00%, 1/15/2028(a)	$	495,000	$	455,659

BCPE Empire Holdings, Inc.
7.63%, 5/1/2027(a)		750,000		729,987

Resideo Funding, Inc.
4.00%, 9/1/2029(a)		660,000		578,741

Verde Purchaser LLC
10.50%, 11/30/2030(a)		2,335,000		2,459,631

Windsor Holdings III LLC
8.50%, 6/15/2030(a)		1,340,000		1,395,643
				5,619,661

Diversified Consumer Services – 0.5%

Adtalem Global Education, Inc.
5.50%, 3/1/2028(a)		895,000		848,000

Champions Financing, Inc.
8.75%, 2/15/2029(a)		1,100,000		1,124,116

Grand Canyon University
4.38%, 10/1/2026		500,000		491,250
5.13%, 10/1/2028		2,320,000		2,064,614

Signal Parent, Inc.
6.13%, 4/1/2029(a)		780,000		599,167

StoneMor, Inc.
8.50%, 5/15/2029(a)		1,460,000		1,163,029
				6,290,176

Diversified REITs – 0.9%

Global Net Lease, Inc.
REIT, 3.75%, 12/15/2027(a) (b)		1,755,000		1,494,604

Iron Mountain Information Management Services, Inc.
REIT, 5.00%, 7/15/2032(a)		3,610,000		3,199,466

Uniti Group LP
REIT, 10.50%, 2/15/2028(a)		2,335,000		2,422,399
REIT, 4.75%, 4/15/2028(a)		1,000,000		877,050
REIT, 6.50%, 2/15/2029(a)		2,650,000		2,130,406
REIT, 6.00%, 1/15/2030(a)		2,000,000		1,555,382
				11,679,307

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			353

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Diversified Telecommunication Services – 4.7%

Altice France SA
8.13%, 2/1/2027(a)	$	2,335,000	$	1,757,933
5.50%, 1/15/2028(a)		1,550,000		1,047,180
5.13%, 1/15/2029(a)		1,285,000		839,543
5.13%, 7/15/2029(a)		2,950,000		1,921,528
5.50%, 10/15/2029(a)		3,200,000		2,093,712

CCO Holdings LLC
5.13%, 5/1/2027(a)		2,256,000		2,114,261
5.00%, 2/1/2028(a)		1,410,000		1,284,059
5.38%, 6/1/2029(a)		1,540,000		1,356,430
6.38%, 9/1/2029(a)		1,400,000		1,283,354
4.75%, 3/1/2030(a) (b)		3,305,000		2,746,274
4.50%, 8/15/2030(a)		2,720,000		2,210,412
4.25%, 2/1/2031(a)		3,080,000		2,410,540
7.38%, 3/1/2031(a)		940,000		891,999
4.75%, 2/1/2032(a)		1,645,000		1,293,685
4.50%, 5/1/2032		2,657,000		2,040,088
4.50%, 6/1/2033(a)		4,120,000		3,098,213
4.25%, 1/15/2034(a)		1,970,000		1,427,287

Consolidated Communications, Inc.
5.00%, 10/1/2028(a)		1,350,000		1,120,659
6.50%, 10/1/2028(a)		2,525,000		2,187,991

Embarq Corp.
8.00%, 6/1/2036		4,105,000		1,679,027

Frontier Communications Holdings LLC
6.75%, 5/1/2029(a)		2,250,000		1,978,690
5.88%, 11/1/2029		445,000		371,542
6.00%, 1/15/2030(a) (b)		660,000		549,942

Iliad Holding SASU
6.50%, 10/15/2026(a)		1,200,000		1,194,125
7.00%, 10/15/2028(a)		1,325,000		1,295,424

Intelsat Jackson Holdings SA
6.50%, 3/15/2030(a)		3,100,000		2,967,144

Level 3 Financing, Inc.
10.50%, 4/15/2029(a)		750,000		748,464
11.00%, 11/15/2029(a)		1,800,000		1,836,898
10.50%, 5/15/2030(a)		1,000,000		990,922
10.75%, 12/15/2030(a)		750,000		751,457

Lumen Technologies, Inc.
4.00%, 2/15/2027(a)		1,250,000		693,951


Investments	Principal Amount		Value

Diversified Telecommunication Services – (continued)

Telesat Canada
5.63%, 12/6/2026(a)	$	1,725,000	$	837,964
4.88%, 6/1/2027(a)		1,345,000		605,660

Virgin Media Finance plc
5.00%, 7/15/2030(a)		4,850,000		3,971,884

Virgin Media Secured Finance plc
4.50%, 8/15/2030(a)		715,000		603,331

Windstream Escrow LLC
7.75%, 8/15/2028(a)		3,276,000		3,156,548

Zayo Group Holdings, Inc.
4.00%, 3/1/2027(a)		4,880,000		3,884,299
6.13%, 3/1/2028(a)		3,520,000		2,346,088
				63,588,508

Electric Utilities – 2.0%

Edison International
8.13%, 6/15/2053(d)		2,810,000		2,865,952
7.88%, 6/15/2054(d)		2,550,000		2,591,351

Emera, Inc.
Series 16-A, 6.75%, 6/15/2076(d)		6,775,000		6,697,752

Leeward Renewable Energy Operations LLC
4.25%, 7/1/2029(a)		1,495,000		1,237,232

NextEra Energy Operating Partners LP
3.88%, 10/15/2026(a)		2,825,000		2,642,803
4.50%, 9/15/2027(a)		1,230,000		1,146,071
7.25%, 1/15/2029(a)		575,000		582,411

NRG Energy, Inc.
3.38%, 2/15/2029(a)		129,000		113,127
5.25%, 6/15/2029(a)		1,410,000		1,333,573
3.63%, 2/15/2031(a)		1,085,000		918,525
3.88%, 2/15/2032(a)		900,000		758,255

Pattern Energy Operations LP
4.50%, 8/15/2028(a)		1,860,000		1,663,126

PG&E Corp.
5.00%, 7/1/2028		805,000		767,027
5.25%, 7/1/2030(b)		655,000		613,272

Vistra Operations Co. LLC
5.63%, 2/15/2027(a)		1,860,000		1,809,686
5.00%, 7/31/2027(a)		1,030,000		980,279
7.75%, 10/15/2031(a)		580,000		594,843
				27,315,285

See Accompanying Notes to the Financial Statements.


354		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Electronic Equipment, Instruments & Components – 0.1%

Crane NXT Co.
4.20%, 3/15/2048	$	1,270,000	$	870,902

Likewize Corp.
9.75%, 10/15/2025(a)		631,000		636,477
				1,507,379

Energy Equipment & Services – 2.4%

Archrock Partners LP
6.88%, 4/1/2027(a)		1,095,000		1,092,339
6.25%, 4/1/2028(a)		1,760,000		1,724,206

Borr IHC Ltd.
10.00%, 11/15/2028(a)		1,550,000		1,602,272

Bristow Group, Inc.
6.88%, 3/1/2028(a)		1,725,000		1,672,987

Helix Energy Solutions Group, Inc.
9.75%, 3/1/2029(a)		1,670,000		1,775,174

Kodiak Gas Services LLC
7.25%, 2/15/2029(a)		4,225,000		4,255,468

Nabors Industries Ltd.
7.25%, 1/15/2026(a) (b)		1,195,000		1,183,586

Noble Finance II LLC
8.00%, 4/15/2030(a)		3,340,000		3,441,526

Precision Drilling Corp.
6.88%, 1/15/2029(a) (b)		850,000		841,181

Seadrill Finance Ltd.
8.38%, 8/1/2030(a)		1,950,000		2,031,454

USA Compression Partners LP
6.88%, 9/1/2027		2,203,000		2,199,341
7.13%, 3/15/2029(a)		500,000		496,802

Valaris Ltd.
8.38%, 4/30/2030(a)		6,120,000		6,293,897

Weatherford International Ltd.
8.63%, 4/30/2030(a)		3,505,000		3,639,559
				32,249,792

Entertainment – 0.8%

Allen Media LLC
10.50%, 2/15/2028(a)		2,365,000		1,118,846

Banijay Entertainment SASU
8.13%, 5/1/2029(a)		2,400,000		2,455,649

Cinemark USA, Inc.
5.88%, 3/15/2026(a)		885,000		873,853
5.25%, 7/15/2028(a)		1,665,000		1,546,111


Investments	Principal Amount		Value

Entertainment – (continued)

Lions Gate Capital Holdings LLC
5.50%, 4/15/2029(a)	$	4,055,000	$	3,090,068

Live Nation Entertainment, Inc.
4.75%, 10/15/2027(a)		1,640,000		1,545,655

ROBLOX Corp.
3.88%, 5/1/2030(a)		800,000		691,877
				11,322,059

Financial Services – 2.4%

Armor Holdco, Inc.
8.50%, 11/15/2029(a)		500,000		465,107

Boost Newco Borrower LLC
7.50%, 1/15/2031(a)		2,350,000		2,425,416

Freedom Mortgage Corp.
7.63%, 5/1/2026(a)		250,000		248,878
6.63%, 1/15/2027(a)		785,000		755,575
12.00%, 10/1/2028(a)		1,310,000		1,402,026
12.25%, 10/1/2030(a)		1,250,000		1,356,514

Jefferies Finance LLC
5.00%, 8/15/2028(a)		3,420,000		3,077,011

Jefferson Capital Holdings LLC
6.00%, 8/15/2026(a)		1,041,000		1,023,340
9.50%, 2/15/2029(a)		1,350,000		1,373,571

Midcap Financial Issuer Trust
6.50%, 5/1/2028(a)		2,700,000		2,441,974
5.63%, 1/15/2030(a)		1,330,000		1,116,596

Mobius Merger Sub, Inc.
9.00%, 6/1/2030(a)		1,700,000		1,677,580

Nationstar Mortgage Holdings, Inc.
5.00%, 2/1/2026(a)		835,000		812,301
6.00%, 1/15/2027(a) (b)		990,000		970,088
5.50%, 8/15/2028(a) (b)		2,301,000		2,163,804
5.13%, 12/15/2030(a)		275,000		247,045
5.75%, 11/15/2031(a)		220,000		199,955
7.13%, 2/1/2032(a)		865,000		852,627

NCR Atleos Corp.
9.50%, 4/1/2029(a)		1,255,000		1,334,057

Oxford Finance LLC
6.38%, 2/1/2027(a)		715,000		670,906

PennyMac Financial Services, Inc.
4.25%, 2/15/2029(a)		75,000		66,500
5.75%, 9/15/2031(a)		235,000		213,013

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			355

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Financial Services – (continued)

Rocket Mortgage LLC
2.88%, 10/15/2026(a)	$	930,000	$	853,868
3.63%, 3/1/2029(a)		509,000		448,409
3.88%, 3/1/2031(a)		1,290,000		1,093,727
4.00%, 10/15/2033(a)		880,000		718,424

Stena International SA
7.25%, 1/15/2031(a)		1,950,000		1,951,575
7.63%, 2/15/2031(a)		500,000		505,369

United Wholesale Mortgage LLC
5.50%, 11/15/2025(a)		400,000		393,463
5.75%, 6/15/2027(a)		765,000		734,113
5.50%, 4/15/2029(a)		1,540,000		1,430,645
				33,023,477

Food Products – 0.9%

B&G Foods, Inc.
5.25%, 9/15/2027		1,000,000		923,105

Lamb Weston Holdings, Inc.
4.88%, 5/15/2028(a)		300,000		286,372
4.13%, 1/31/2030(a)		2,520,000		2,246,083
4.38%, 1/31/2032(a)		2,853,000		2,472,425

Post Holdings, Inc.
5.63%, 1/15/2028(a)		1,955,000		1,897,239
5.50%, 12/15/2029(a)		1,100,000		1,043,181
4.63%, 4/15/2030(a)		1,329,000		1,200,246
4.50%, 9/15/2031(a) (b)		965,000		848,491

Sigma Holdco BV
7.88%, 5/15/2026(a)		315,000		298,620

Simmons Foods, Inc.
4.63%, 3/1/2029(a)		1,575,000		1,358,921

TreeHouse Foods, Inc.
4.00%, 9/1/2028		265,000		234,642
				12,809,325

Gas Utilities – 0.3%

AmeriGas Partners LP
5.50%, 5/20/2025		745,000		740,611
5.88%, 8/20/2026		405,000		398,235
5.75%, 5/20/2027		500,000		485,302
9.38%, 6/1/2028(a)		1,600,000		1,662,433

Suburban Propane Partners LP
5.88%, 3/1/2027		405,000		399,014
				3,685,595


Investments	Principal Amount		Value

Ground Transportation – 0.8%

Albion Financing 1 Sarl
6.13%, 10/15/2026(a)	$	1,305,000	$	1,277,463

Albion Financing 2 Sarl
8.75%, 4/15/2027(a)		1,395,000		1,394,983

Avis Budget Car Rental LLC
8.00%, 2/15/2031(a) (b)		300,000		287,228

Carriage Purchaser, Inc.
7.88%, 10/15/2029(a)		520,000		459,975

First Student Bidco, Inc.
4.00%, 7/31/2029(a)		1,080,000		944,011

GN Bondco LLC
9.50%, 10/15/2031(a) (b)		1,475,000		1,416,474

Hertz Corp. (The)
4.63%, 12/1/2026(a)		1,430,000		1,107,654
5.00%, 12/1/2029(a) (b)		3,135,000		2,152,778

NESCO Holdings II, Inc.
5.50%, 4/15/2029(a)		1,530,000		1,424,114

Uber Technologies, Inc.
4.50%, 8/15/2029(a)		250,000		232,899
				10,697,579

Health Care Equipment & Supplies – 0.6%

Embecta Corp.
5.00%, 2/15/2030(a)		1,395,000		1,075,477
6.75%, 2/15/2030(a)		1,150,000		983,022

Hologic, Inc.
4.63%, 2/1/2028(a)		1,285,000		1,222,129
3.25%, 2/15/2029(a)		800,000		706,524

Medline Borrower LP
5.25%, 10/1/2029(a)		2,735,000		2,546,227

Neogen Food Safety Corp.
8.63%, 7/20/2030(a)		180,000		189,789

Teleflex, Inc.
4.63%, 11/15/2027		810,000		771,263
4.25%, 6/1/2028(a)		500,000		462,036

Varex Imaging Corp.
7.88%, 10/15/2027(a)		269,000		274,181
				8,230,648

Health Care Providers & Services – 3.1%

180 Medical, Inc.
3.88%, 10/15/2029(a)		200,000		177,081

Acadia Healthcare Co., Inc.
5.50%, 7/1/2028(a)		1,220,000		1,174,142
5.00%, 4/15/2029(a)		250,000		234,796

See Accompanying Notes to the Financial Statements.


356		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Health Care Providers & Services – (continued)

AdaptHealth LLC
6.13%, 8/1/2028(a)	$	875,000	$	820,569

AHP Health Partners, Inc.
5.75%, 7/15/2029(a)		1,927,000		1,765,620

Community Health Systems, Inc.
8.00%, 3/15/2026(a)		945,000		940,399
5.25%, 5/15/2030(a)		500,000		408,793
10.88%, 1/15/2032(a)		250,000		255,944

DaVita, Inc.
4.63%, 6/1/2030(a)		2,753,000		2,411,996
3.75%, 2/15/2031(a)		1,340,000		1,102,650

Encompass Health Corp.
4.50%, 2/1/2028		610,000		572,579
4.75%, 2/1/2030		650,000		596,077
4.63%, 4/1/2031(b)		1,375,000		1,234,700

Global Medical Response, Inc.
6.50%, 10/1/2025(a)		1,600,000		1,513,812

HealthEquity, Inc.
4.50%, 10/1/2029(a)		320,000		291,464

Heartland Dental LLC
8.50%, 5/1/2026(a)		600,000		597,840
10.50%, 4/30/2028(a)		1,210,000		1,273,660

Kedrion SpA
6.50%, 9/1/2029(a)		2,265,000		2,038,500

Legacy LifePoint Health LLC
4.38%, 2/15/2027(a)		745,000		697,701

LifePoint Health, Inc.
5.38%, 1/15/2029(a)		95,000		75,956
9.88%, 8/15/2030(a)		1,630,000		1,697,316
11.00%, 10/15/2030(a)		2,750,000		2,927,079

Molina Healthcare, Inc.
4.38%, 6/15/2028(a)		910,000		843,985
3.88%, 11/15/2030(a)		3,250,000		2,818,699
3.88%, 5/15/2032(a)		4,205,000		3,518,647

Option Care Health, Inc.
4.38%, 10/31/2029(a) (b)		240,000		214,940

Prime Healthcare Services, Inc.
7.25%, 11/1/2025(a)		2,025,000		2,011,432

Radiology Partners, Inc.
8.50%, 1/31/2029(a) (c)		1,650,000		1,522,125
9.78%, 2/15/2030(a) (c)		1,500,000		1,185,720


Investments	Principal Amount		Value

Health Care Providers & Services – (continued)

Star Parent, Inc.
9.00%, 10/1/2030(a)	$	860,000	$	899,604

Tenet Healthcare Corp.
5.13%, 11/1/2027		915,000		885,194
6.13%, 10/1/2028		1,450,000		1,431,807
6.88%, 11/15/2031(b)		265,000		273,150

Toledo Hospital (The)
Series B, 5.33%, 11/15/2028		1,245,000		1,166,179
6.02%, 11/15/2048		580,000		465,050

US Acute Care Solutions LLC
6.38%, 3/1/2026(a)		1,418,000		1,435,725
				41,480,931

Health Care REITs – 0.4%

CTR Partnership LP
REIT, 3.88%, 6/30/2028(a)		2,325,000		2,104,479

Diversified Healthcare Trust
REIT, Zero Coupon, 1/15/2026(a)		2,100,000		1,805,887
REIT, 4.75%, 2/15/2028		1,700,000		1,338,245
REIT, 4.38%, 3/1/2031		1,150,000		830,906
				6,079,517

Hotel & Resort REITs – 0.7%

RHP Hotel Properties LP
REIT, 4.75%, 10/15/2027		250,000		237,584
REIT, 4.50%, 2/15/2029(a)		240,000		220,758
REIT, 6.50%, 4/1/2032(a)		850,000		833,052

Service Properties Trust
REIT, 5.25%, 2/15/2026		600,000		577,135
REIT, 4.75%, 10/1/2026		745,000		691,747
REIT, 4.95%, 2/15/2027		535,000		492,369
REIT, 3.95%, 1/15/2028		2,260,000		1,928,265
REIT, 4.95%, 10/1/2029		2,400,000		1,962,539
REIT, 4.38%, 2/15/2030		2,350,000		1,788,464

XHR LP
REIT, 4.88%, 6/1/2029(a)		290,000		264,701
				8,996,614

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			357

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Hotels, Restaurants & Leisure – 6.0%

1011778 BC ULC
3.88%, 1/15/2028(a)	$	315,000	$	290,591
4.38%, 1/15/2028(a) (b)		550,000		511,479
4.00%, 10/15/2030(a)		3,180,000		2,742,349

Affinity Interactive
6.88%, 12/15/2027(a)		2,085,000		1,866,189

Boyd Gaming Corp.
4.75%, 12/1/2027		835,000		791,073
4.75%, 6/15/2031(a)		2,245,000		1,987,961

Carnival Corp.
7.63%, 3/1/2026(a)		1,260,000		1,267,815
5.75%, 3/1/2027(a)		1,075,000		1,049,159
10.50%, 6/1/2030(a)		865,000		939,397

Carnival Holdings Bermuda Ltd.
10.38%, 5/1/2028(a)		1,081,000		1,172,093

CEC Entertainment LLC
6.75%, 5/1/2026(a)		1,329,000		1,310,219

Cedar Fair LP
5.38%, 4/15/2027		750,000		727,880
6.50%, 10/1/2028		445,000		444,126
5.25%, 7/15/2029		746,000		696,427

Churchill Downs, Inc.
5.50%, 4/1/2027(a)		1,295,000		1,260,958
4.75%, 1/15/2028(a)		1,450,000		1,369,980
5.75%, 4/1/2030(a)		1,310,000		1,246,526
6.75%, 5/1/2031(a)		275,000		273,006

Everi Holdings, Inc.
5.00%, 7/15/2029(a)		700,000		686,240

Fertitta Entertainment LLC
4.63%, 1/15/2029(a)		1,080,000		977,008
6.75%, 1/15/2030(a)		1,750,000		1,522,568

Genting New York LLC
3.30%, 2/15/2026(a)		2,000,000		1,912,390

GPS Hospitality Holding Co. LLC
7.00%, 8/15/2028(a)		690,000		524,445

Hilton Domestic Operating Co., Inc.
3.75%, 5/1/2029(a)		590,000		529,237
4.88%, 1/15/2030		845,000		794,325
4.00%, 5/1/2031(a)		960,000		841,189
3.63%, 2/15/2032(a)		6,165,000		5,180,580


Investments	Principal Amount		Value

Hotels, Restaurants & Leisure – (continued)

Hilton Grand Vacations Borrower Escrow LLC
5.00%, 6/1/2029(a)	$	1,990,000	$	1,810,010
4.88%, 7/1/2031(a) (b)		1,670,000		1,454,028

IRB Holding Corp.
7.00%, 6/15/2025(a)		565,000		563,784

Jacobs Entertainment, Inc.
6.75%, 2/15/2029(a)		1,110,000		1,052,955

KFC Holding Co.
4.75%, 6/1/2027(a)		645,000		622,531

Life Time, Inc.
8.00%, 4/15/2026(a)		1,005,000		1,006,763

Light & Wonder International, Inc.
7.00%, 5/15/2028(a)		330,000		331,146
7.25%, 11/15/2029(a)		300,000		302,567

Marriott Ownership Resorts, Inc.
4.75%, 1/15/2028		776,000		716,465
4.50%, 6/15/2029(a)		1,110,000		996,630

Midwest Gaming Borrower LLC
4.88%, 5/1/2029(a)		2,610,000		2,380,830

Mohegan Tribal Gaming Authority
8.00%, 2/1/2026(a)		3,225,000		3,063,331

NCL Corp. Ltd.
5.88%, 3/15/2026(a)		1,850,000		1,812,668
5.88%, 2/15/2027(a)		745,000		727,768
8.38%, 2/1/2028(a)		440,000		458,849

Papa John’s International, Inc.
3.88%, 9/15/2029(a)		1,570,000		1,366,546

Penn Entertainment, Inc.
5.63%, 1/15/2027(a)		740,000		703,253

Resorts World Las Vegas LLC
4.63%, 4/16/2029(a)		4,850,000		4,304,500
8.45%, 7/27/2030(a)		2,300,000		2,409,432
4.63%, 4/6/2031(a)		1,655,000		1,404,052

Royal Caribbean Cruises Ltd.
4.25%, 7/1/2026(a)		1,655,000		1,589,114
5.50%, 8/31/2026(a)		1,170,000		1,147,691
5.38%, 7/15/2027(a)		810,000		788,264
3.70%, 3/15/2028		240,000		220,530
5.50%, 4/1/2028(a)		290,000		282,276

See Accompanying Notes to the Financial Statements.


358		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Hotels, Restaurants & Leisure – (continued)

Scientific Games Holdings LP
6.63%, 3/1/2030(a)	$	400,000	$	378,411

SeaWorld Parks & Entertainment, Inc.
5.25%, 8/15/2029(a)		1,495,000		1,378,491

Six Flags Entertainment Corp.
5.50%, 4/15/2027(a)		555,000		535,540
7.25%, 5/15/2031(a)		605,000		603,708

Sizzling Platter LLC
8.50%, 11/28/2025(a)		330,000		333,588

Station Casinos LLC
4.50%, 2/15/2028(a) (b)		505,000		468,397

TKC Holdings, Inc.
6.88%, 5/15/2028(a)		1,495,000		1,411,250
10.50%, 5/15/2029(a)		1,590,000		1,521,395

Travel + Leisure Co.
6.63%, 7/31/2026(a)		1,425,000		1,426,625
6.00%, 4/1/2027(g)		955,000		943,326
4.50%, 12/1/2029(a)		420,000		378,579
4.63%, 3/1/2030(a)		85,000		75,924

VOC Escrow Ltd.
5.00%, 2/15/2028(a)		400,000		381,471

Wynn Las Vegas LLC
5.25%, 5/15/2027(a)		730,000		705,452

Wynn Resorts Finance LLC
5.13%, 10/1/2029(a)		580,000		538,168
7.13%, 2/15/2031(a)		880,000		892,551

Yum! Brands, Inc.
4.75%, 1/15/2030(a)		1,250,000		1,169,780
3.63%, 3/15/2031		885,000		764,752
4.63%, 1/31/2032		920,000		828,220
5.38%, 4/1/2032		855,000		806,506
6.88%, 11/15/2037		1,365,000		1,448,910
				81,422,237

Household Durables – 1.6%

Adams Homes, Inc.
9.25%, 10/15/2028(a)		850,000		877,724

Ashton Woods USA LLC
6.63%, 1/15/2028(a)		360,000		358,838
4.63%, 4/1/2030(a)		285,000		254,680

Brookfield Residential Properties, Inc.
6.25%, 9/15/2027(a) (b)		2,390,000		2,298,381


Investments	Principal Amount		Value

Household Durables – (continued)

CD&R Smokey Buyer, Inc.
6.75%, 7/15/2025(a)	$	1,280,000	$	1,272,323

Installed Building Products, Inc.
5.75%, 2/1/2028(a)		1,035,000		1,004,227

LGI Homes, Inc.
8.75%, 12/15/2028(a)		1,980,000		2,059,626
4.00%, 7/15/2029(a)		965,000		827,560

M/I Homes, Inc.
3.95%, 2/15/2030		5,000		4,337

Mattamy Group Corp.
5.25%, 12/15/2027(a)		840,000		804,224
4.63%, 3/1/2030(a) (b)		1,330,000		1,191,019

New Home Co., Inc. (The)
9.25%, 10/1/2029(a)		1,700,000		1,704,811

Newell Brands, Inc.
5.70%, 4/1/2026(b) (g)		900,000		885,649
7.00%, 4/1/2046(g)		435,000		352,918

Shea Homes LP
4.75%, 2/15/2028		730,000		685,383
4.75%, 4/1/2029		495,000		454,103

SWF Escrow Issuer Corp.
6.50%, 10/1/2029(a)		2,135,000		1,319,317

Taylor Morrison Communities, Inc.
5.75%, 1/15/2028(a)		940,000		913,970
5.13%, 8/1/2030(a)		160,000		148,988

Tempur Sealy International, Inc.
4.00%, 4/15/2029(a) (b)		200,000		177,803
3.88%, 10/15/2031(a)		4,035,000		3,322,056

TopBuild Corp.
4.13%, 2/15/2032(a)		245,000		212,109

Tri Pointe Homes, Inc.
5.70%, 6/15/2028		755,000		730,742
				21,860,788

Household Products – 0.2%

Central Garden & Pet Co.
4.13%, 10/15/2030		265,000		231,479
4.13%, 4/30/2031(a)		150,000		129,768

Energizer Holdings, Inc.
6.50%, 12/31/2027(a)		1,220,000		1,205,173
4.75%, 6/15/2028(a)		1,245,000		1,131,227
4.38%, 3/31/2029(a) (b)		80,000		70,670

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			359

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Household Products – (continued)

Kronos Acquisition Holdings, Inc.
5.00%, 12/31/2026(a)	$	220,000	$	212,585
				2,980,902

Independent Power and Renewable Electricity Producers – 0.1%

Talen Energy Supply LLC
8.63%, 6/1/2030(a)		1,100,000		1,163,837

TransAlta Corp.
6.50%, 3/15/2040		80,000		77,495
				1,241,332

Insurance – 1.1%

Acrisure LLC
4.25%, 2/15/2029(a)		500,000		447,929

Alliant Holdings Intermediate LLC
4.25%, 10/15/2027(a)		800,000		746,245
7.00%, 1/15/2031(a)		650,000		652,036

AmWINS Group, Inc.
4.88%, 6/30/2029(a)		590,000		536,358

Ardonagh Group Finance Ltd.
8.88%, 2/15/2032(a)		1,600,000		1,558,467

Assurant, Inc.
7.00%, 3/27/2048(d)		2,400,000		2,389,328

Constellation Insurance, Inc.
6.80%, 1/24/2030(a) (g)		220,000		211,005
6.63%, 5/1/2031(a)		830,000		782,943

Global Atlantic Fin Co.
4.70%, 10/15/2051(a) (d)		4,340,000		3,835,247

HUB International Ltd.
7.25%, 6/15/2030(a)		2,315,000		2,348,959

Liberty Mutual Group, Inc.
7.80%, 3/15/2037(a)		325,000		338,987
4.13%, 12/15/2051(a) (d)		1,310,000		1,192,349
				15,039,853

Interactive Media & Services – 0.4%

Cars.com, Inc.
6.38%, 11/1/2028(a)		916,000		875,495

Ziff Davis, Inc.
4.63%, 10/15/2030(a) (b)		2,245,000		1,952,675


Investments	Principal Amount		Value

Interactive Media & Services – (continued)

ZipRecruiter, Inc.
5.00%, 1/15/2030(a)	$	3,205,000	$	2,819,422
				5,647,592

IT Services – 0.6%

Acuris Finance US, Inc.
5.00%, 5/1/2028(a)		609,000		552,478

Arches Buyer, Inc.
4.25%, 6/1/2028(a)		1,020,000		874,642
6.13%, 12/1/2028(a)		850,000		691,369

Cogent Communications Group, Inc.
3.50%, 5/1/2026(a)		1,275,000		1,198,637
7.00%, 6/15/2027(a)		975,000		962,507

ION Trading Technologies Sarl
5.75%, 5/15/2028(a) (b)		840,000		767,263

Newfold Digital Holdings Group, Inc.
11.75%, 10/15/2028(a)		1,850,000		1,987,329
6.00%, 2/15/2029(a)		500,000		374,906

Unisys Corp.
6.88%, 11/1/2027(a)		1,100,000		948,656
				8,357,787

Machinery – 1.3%

Amsted Industries, Inc.
4.63%, 5/15/2030(a)		200,000		179,836

Calderys Financing LLC
11.25%, 6/1/2028(a)		1,820,000		1,932,436

Hillenbrand, Inc.
3.75%, 3/1/2031		100,000		85,243

Husky Injection Molding Systems Ltd.
9.00%, 2/15/2029(a)		2,000,000		2,058,686

Interpipe Holdings plc
8.38%, 5/13/2026(a)		800,000		561,808

Manitowoc Co., Inc. (The)
9.00%, 4/1/2026(a)		200,000		200,575

Maxim Crane Works Holdings Capital LLC
11.50%, 9/1/2028(a)		3,135,000		3,320,266

OT Merger Corp.
7.88%, 10/15/2029(a)		1,295,000		841,750

See Accompanying Notes to the Financial Statements.


360		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Machinery – (continued)

Roller Bearing Co. of America, Inc.
4.38%, 10/15/2029(a)	$	250,000	$	225,941

Terex Corp.
5.00%, 5/15/2029(a)		675,000		631,495

Titan International, Inc.
7.00%, 4/30/2028		2,301,000		2,224,261

TK Elevator US Newco, Inc.
5.25%, 7/15/2027(a)		2,135,000		2,042,273

Trinity Industries, Inc.
7.75%, 7/15/2028(a) (b)		1,380,000		1,410,385

Wabash National Corp.
4.50%, 10/15/2028(a)		935,000		840,133

Werner FinCo. LP
14.50%, 10/15/2028(a) (c)		500,000		473,132
				17,028,220

Media – 10.0%

Advantage Sales & Marketing, Inc.
6.50%, 11/15/2028(a)		1,230,000		1,144,548

Altice Financing SA
5.00%, 1/15/2028(a)		1,555,000		1,227,216
5.75%, 8/15/2029(a)		2,995,000		2,224,610

AMC Networks, Inc.
10.25%, 1/15/2029(a)		2,000,000		1,996,360
4.25%, 2/15/2029		4,370,000		2,958,166

Belo Corp.
7.75%, 6/1/2027		450,000		458,555
7.25%, 9/15/2027		895,000		904,270

Cable One, Inc.
4.00%, 11/15/2030(a) (b)		3,615,000		2,757,900

Clear Channel Outdoor Holdings, Inc.
7.75%, 4/15/2028(a)		2,235,000		1,894,976
7.50%, 6/1/2029(a)		2,355,000		1,897,720

CMG Media Corp.
8.88%, 12/15/2027(a)		2,165,000		1,177,841

CSC Holdings LLC
5.50%, 4/15/2027(a)		3,000,000		2,459,437
5.38%, 2/1/2028(a)		1,150,000		882,293
7.50%, 4/1/2028(a)		4,385,000		2,372,462
11.25%, 5/15/2028(a)		2,250,000		1,990,201


Investments	Principal Amount		Value

Media – (continued)
11.75%, 1/31/2029(a)	$	4,650,000	$	4,131,176
6.50%, 2/1/2029(a)		2,300,000		1,715,385
5.75%, 1/15/2030(a)		12,295,000		5,391,605
4.63%, 12/1/2030(a)		13,100,000		5,685,836

Directv Financing LLC
5.88%, 8/15/2027(a)		3,080,000		2,870,797

DISH DBS Corp.
7.75%, 7/1/2026		11,250,000		7,060,249
5.25%, 12/1/2026(a)		6,550,000		5,150,812
7.38%, 7/1/2028		4,000,000		1,791,753
5.75%, 12/1/2028(a)		11,000,000		7,428,102
5.13%, 6/1/2029		1,000,000		401,682

DISH Network Corp.
11.75%, 11/15/2027(a)		2,565,000		2,585,615

Gannett Holdings LLC
6.00%, 11/1/2026(a)		330,000		304,956

GCI LLC
4.75%, 10/15/2028(a)		2,065,000		1,842,074

Gray Television, Inc.
7.00%, 5/15/2027(a) (b)		1,610,000		1,465,062
4.75%, 10/15/2030(a)		520,000		313,912
5.38%, 11/15/2031(a)		2,555,000		1,535,821

iHeartCommunications, Inc.
6.38%, 5/1/2026		830,000		701,456
4.75%, 1/15/2028(a)		500,000		357,030

Lamar Media Corp.
4.00%, 2/15/2030		310,000		276,678
3.63%, 1/15/2031		315,000		269,325

Liberty Interactive LLC
8.25%, 2/1/2030		2,000,000		1,108,141

McGraw-Hill Education, Inc.
8.00%, 8/1/2029(a)		500,000		459,247

News Corp.
3.88%, 5/15/2029(a)		775,000		697,999
5.13%, 2/15/2032(a)		2,835,000		2,597,656

Nexstar Media, Inc.
5.63%, 7/15/2027(a)		3,760,000		3,535,797
4.75%, 11/1/2028(a) (b)		780,000		692,453

Paramount Global
6.25%, 2/28/2057(d)		1,440,000		1,262,431
6.38%, 3/30/2062(d)		2,120,000		1,960,695

Radiate Holdco LLC
4.50%, 9/15/2026(a)		1,505,000		1,149,415
6.50%, 9/15/2028(a)		3,020,000		1,262,880

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			361

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Media – (continued)

Scripps Escrow II, Inc.
3.88%, 1/15/2029(a)	$	250,000	$	184,674
5.38%, 1/15/2031(a)		500,000		295,015

Scripps Escrow, Inc.
5.88%, 7/15/2027(a)		942,000		741,301

Sinclair Television Group, Inc.
5.13%, 2/15/2027(a)		500,000		450,075
5.50%, 3/1/2030(a)		1,650,000		1,143,813
4.13%, 12/1/2030(a)		1,000,000		693,120

Sirius XM Radio, Inc.
3.13%, 9/1/2026(a)		535,000		497,941
5.00%, 8/1/2027(a)		3,250,000		3,069,268
4.00%, 7/15/2028(a)		2,025,000		1,805,128
5.50%, 7/1/2029(a)		2,630,000		2,441,266
4.13%, 7/1/2030(a)		8,445,000		7,161,872
3.88%, 9/1/2031(a)		8,495,000		6,831,948

Summer BC Bidco B LLC
5.50%, 10/31/2026(a)		950,000		907,296

Sunrise HoldCo IV BV
5.50%, 1/15/2028(a) (b)		984,000		926,787

TEGNA, Inc.
4.75%, 3/15/2026(a)		490,000		473,187
4.63%, 3/15/2028		1,952,000		1,759,128
5.00%, 9/15/2029		3,750,000		3,305,787

Townsquare Media, Inc.
6.88%, 2/1/2026(a)(b)		350,000		339,661

Univision Communications, Inc.
6.63%, 6/1/2027(a)		1,000,000		965,014
8.00%, 8/15/2028(a) (b)		1,200,000		1,198,586
4.50%, 5/1/2029(a)		700,000		608,945
7.38%, 6/30/2030(a)		675,000		646,367

Urban One, Inc.
7.38%, 2/1/2028(a)		2,811,000		2,280,776

Videotron Ltd.
3.63%, 6/15/2029(a)		230,000		204,434

Virgin Media Vendor Financing Notes IV DAC
5.00%, 7/15/2028(a)		1,025,000		912,477

VZ Secured Financing BV
5.00%, 1/15/2032(a)		2,310,000		1,945,801

Ziggo Bond Co. BV
6.00%, 1/15/2027(a)		500,000		491,586
5.13%, 2/28/2030(a)		648,000		537,676


Investments	Principal Amount		Value

Media – (continued)

Ziggo BV
4.88%, 1/15/2030(a)	$	1,120,000	$	980,051
				136,151,575

Metals & Mining – 3.9%

Algoma Steel, Inc.
9.13%, 4/15/2029(a)		2,000,000		1,975,000

Arsenal AIC Parent LLC
8.00%, 10/1/2030(a)		1,285,000		1,337,898
11.50%, 10/1/2031(a) (b)		2,800,000		3,117,769

ATI, Inc.
5.88%, 12/1/2027		745,000		729,733
5.13%, 10/1/2031		95,000		86,556

Century Aluminum Co.
7.50%, 4/1/2028(a)		1,400,000		1,387,845

Cleveland-Cliffs, Inc.
6.75%, 4/15/2030(a) (b)		705,000		688,429

Eldorado Gold Corp.
6.25%, 9/1/2029(a)		2,985,000		2,811,081

FMG Resources August 2006 Pty. Ltd.
4.50%, 9/15/2027(a)		400,000		377,237
5.88%, 4/15/2030(a)		2,425,000		2,331,308
4.38%, 4/1/2031(a)		8,470,000		7,457,354
6.13%, 4/15/2032(a)		4,315,000		4,178,194

Hudbay Minerals, Inc.
4.50%, 4/1/2026(a) (b)		1,315,000		1,271,796

IAMGOLD Corp.
5.75%, 10/15/2028(a)		1,545,000		1,428,278

Infrabuild Australia Pty. Ltd.
14.50%, 11/15/2028(a)		1,210,000		1,248,695

Mineral Resources Ltd.
8.13%, 5/1/2027(a)		1,385,000		1,397,999
8.00%, 11/1/2027(a)		3,430,000		3,469,033
9.25%, 10/1/2028(a) (b)		6,420,000		6,730,317
8.50%, 5/1/2030(a)		3,478,000		3,562,074

Novelis Corp.
3.25%, 11/15/2026(a)		545,000		509,555
3.88%, 8/15/2031(a)		545,000		461,514

SunCoke Energy, Inc.
4.88%, 6/30/2029(a)		2,960,000		2,613,630

Taseko Mines Ltd.
7.00%, 2/15/2026(a)		1,900,000		1,933,250

See Accompanying Notes to the Financial Statements.


362		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Metals & Mining – (continued)

TMS International Corp.
6.25%, 4/15/2029(a)	$	1,985,000	$	1,829,304

Warrior Met Coal, Inc.
7.88%, 12/1/2028(a)		56,000		56,670
				52,990,519

Mortgage Real Estate Investment Trusts (REITs) – 1.1%

Apollo Commercial Real Estate Finance, Inc.
4.63%, 6/15/2029(a)		2,830,000		2,332,637

Blackstone Mortgage Trust, Inc.
3.75%, 1/15/2027(a)		1,760,000		1,576,745

Ladder Capital Finance Holdings LLLP
5.25%, 10/1/2025(a)		714,000		702,357
4.25%, 2/1/2027(a)		1,365,000		1,263,930
4.75%, 6/15/2029(a) (b)		2,115,000		1,887,538

Rithm Capital Corp.
6.25%, 10/15/2025(a)		975,000		965,683
8.00%, 4/1/2029(a)		3,750,000		3,666,987

Starwood Property Trust, Inc.
3.63%, 7/15/2026(a)		955,000		883,165
4.38%, 1/15/2027(a)		1,115,000		1,032,605
7.25%, 4/1/2029(a)		410,000		404,464
				14,716,111

Office REITs – 0.1%

Hudson Pacific Properties LP
REIT, 5.95%, 2/15/2028		800,000		731,172

Office Properties Income Trust
REIT, 3.45%, 10/15/2031		250,000		103,731
				834,903

Oil, Gas & Consumable Fuels – 10.3%

Aethon United BR LP
8.25%, 2/15/2026(a)		1,780,000		1,791,502

Antero Midstream Partners LP
5.75%, 3/1/2027(a)		1,424,000		1,398,094
5.75%, 1/15/2028(a)		1,465,000		1,433,807
5.38%, 6/15/2029(a)		1,555,000		1,479,680
6.63%, 2/1/2032(a)		400,000		398,795


Investments	Principal Amount		Value

Oil, Gas & Consumable Fuels – (continued)

Ascent Resources Utica Holdings LLC
7.00%, 11/1/2026(a)	$	760,000	$	758,865
8.25%, 12/31/2028(a) (b)		325,000		331,618

Athabasca Oil Corp.
9.75%, 11/1/2026(a)		174,000		182,241

Baytex Energy Corp.
8.50%, 4/30/2030(a)		1,775,000		1,850,637

Berry Petroleum Co. LLC
7.00%, 2/15/2026(a)		405,000		401,461

Buckeye Partners LP
3.95%, 12/1/2026		195,000		183,570
4.13%, 12/1/2027		450,000		418,998
4.50%, 3/1/2028(a)		550,000		512,301
5.85%, 11/15/2043		100,000		84,448
5.60%, 10/15/2044		1,065,000		821,608

Calumet Specialty Products Partners LP
8.13%, 1/15/2027(a)		1,050,000		1,004,451
9.75%, 7/15/2028(a)		1,050,000		1,006,758

Chesapeake Energy Corp.
5.88%, 2/1/2029(a)		1,035,000		1,014,870
6.75%, 4/15/2029(a)		800,000		799,380

CITGO Petroleum Corp.
7.00%, 6/15/2025(a)		1,000,000		998,975
8.38%, 1/15/2029(a)		1,020,000		1,055,586

Civitas Resources, Inc.
5.00%, 10/15/2026(a) (b)		695,000		672,249
8.38%, 7/1/2028(a)		1,260,000		1,314,412
8.75%, 7/1/2031(a)		2,425,000		2,572,299

CNX Midstream Partners LP
4.75%, 4/15/2030(a)		2,360,000		2,088,636

CNX Resources Corp.
6.00%, 1/15/2029(a)		1,070,000		1,036,710
7.38%, 1/15/2031(a)		1,010,000		1,022,402

CQP Holdco LP
5.50%, 6/15/2031(a)		2,665,000		2,448,966

Crescent Energy Finance LLC
9.25%, 2/15/2028(a)		2,140,000		2,260,825

CVR Energy, Inc.
5.75%, 2/15/2028(a)		1,500,000		1,393,824
8.50%, 1/15/2029(a)		500,000		501,234

Delek Logistics Partners LP
7.13%, 6/1/2028(a)		935,000		913,224

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			363

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Oil, Gas & Consumable Fuels – (continued)

DT Midstream, Inc.
4.13%, 6/15/2029(a)	$	955,000	$	865,582
4.38%, 6/15/2031(a)		820,000		727,960

Encino Acquisition Partners Holdings LLC
8.50%, 5/1/2028(a)		2,360,000		2,389,007

Energy Transfer LP
8.00%, 5/15/2054(b) (d)		4,550,000		4,685,581

Genesis Energy LP
6.25%, 5/15/2026		395,000		391,634
8.00%, 1/15/2027		2,305,000		2,331,010
7.75%, 2/1/2028		750,000		749,831
8.88%, 4/15/2030		320,000		331,137

Global Partners LP
6.88%, 1/15/2029		1,245,000		1,218,400
8.25%, 1/15/2032(a)		250,000		256,105

Gulfport Energy Corp.
8.00%, 5/17/2026(a)		474,000		480,107

Harbour Energy plc
5.50%, 10/15/2026(a)		1,060,000		1,039,125

Harvest Midstream I LP
7.50%, 9/1/2028(a)		2,515,000		2,521,891

Hess Midstream Operations LP
5.63%, 2/15/2026(a)		650,000		642,697

Hilcorp Energy I LP
5.75%, 2/1/2029(a)		890,000		854,962
6.00%, 4/15/2030(a)		950,000		909,614
6.00%, 2/1/2031(a)		740,000		706,435
6.25%, 4/15/2032(a)		1,265,000		1,221,403
8.38%, 11/1/2033(a)		250,000		268,177

Howard Midstream Energy Partners LLC
6.75%, 1/15/2027(a)		655,000		646,210
8.88%, 7/15/2028(a)		960,000		1,005,482

Ithaca Energy North Sea plc
9.00%, 7/15/2026(a)		2,318,000		2,333,152

ITT Holdings LLC
6.50%, 8/1/2029(a)		2,887,000		2,607,590

Magnolia Oil & Gas Operating LLC
6.00%, 8/1/2026(a)		230,000		226,935


Investments	Principal Amount		Value

Oil, Gas & Consumable Fuels – (continued)

Martin Midstream Partners LP
11.50%, 2/15/2028(a)	$	1,176,000	$	1,247,537

Moss Creek Resources Holdings, Inc.
10.50%, 5/15/2027(a)		1,850,000		1,891,925

Murphy Oil Corp.
7.05%, 5/1/2029		250,000		258,779
5.87%, 12/1/2042(g)		285,000		251,003

New Fortress Energy, Inc.
6.75%, 9/15/2025(a)		1,150,000		1,135,870
6.50%, 9/30/2026(a) (b)		8,365,000		7,999,148
8.75%, 3/15/2029(a)		4,250,000		4,144,811

NGL Energy Operating LLC
8.38%, 2/15/2032(a)		200,000		203,230

Northern Oil & Gas, Inc.
8.13%, 3/1/2028(a) (b)		1,495,000		1,512,421
8.75%, 6/15/2031(a)		400,000		420,762

Northriver Midstream Finance LP
5.63%, 2/15/2026(a)		681,000		666,631

NuStar Logistics LP
5.75%, 10/1/2025		945,000		939,668
6.00%, 6/1/2026		1,095,000		1,086,572
6.38%, 10/1/2030		240,000		237,272

Parkland Corp.
5.88%, 7/15/2027(a)		775,000		755,608
4.50%, 10/1/2029(a)		1,760,000		1,595,061
4.63%, 5/1/2030(a)		940,000		849,518

PBF Holding Co. LLC
6.00%, 2/15/2028		1,005,000		980,168
7.88%, 9/15/2030(a)		300,000		308,545

Prairie Acquiror LP
9.00%, 8/1/2029(a)		500,000		510,705

Rockcliff Energy II LLC
5.50%, 10/15/2029(a)		3,245,000		2,991,102

Rockies Express Pipeline LLC
3.60%, 5/15/2025(a)		260,000		251,933
4.95%, 7/15/2029(a)		295,000		271,203
4.80%, 5/15/2030(a)		70,000		63,021
7.50%, 7/15/2038(a)		820,000		841,109
6.88%, 4/15/2040(a)		260,000		247,149

Sitio Royalties Operating Partnership LP
7.88%, 11/1/2028(a)		3,450,000		3,547,786

See Accompanying Notes to the Financial Statements.


364		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Oil, Gas & Consumable Fuels – (continued)

SM Energy Co.
6.75%, 9/15/2026	$	935,000	$	934,751
6.63%, 1/15/2027		770,000		766,047

Strathcona Resources Ltd.
6.88%, 8/1/2026(a) (b)		1,110,000		1,099,268

Sunoco LP
5.88%, 3/15/2028		645,000		629,441
7.00%, 9/15/2028(a)		330,000		334,681
7.00%, 5/1/2029(a)		500,000		507,793
4.50%, 5/15/2029		2,095,000		1,912,666
4.50%, 4/30/2030		1,840,000		1,655,728
7.25%, 5/1/2032(a)		500,000		507,829

Tallgrass Energy Partners LP
6.00%, 3/1/2027(a)		1,276,000		1,242,915
5.50%, 1/15/2028(a)		1,675,000		1,590,281
7.38%, 2/15/2029(a)		4,105,000		4,109,503
6.00%, 12/31/2030(a)		3,430,000		3,226,479
6.00%, 9/1/2031(a)		1,650,000		1,531,898

Talos Production, Inc.
9.00%, 2/1/2029(a)		1,855,000		1,957,136
9.38%, 2/1/2031(a)		700,000		745,989

Teine Energy Ltd.
6.88%, 4/15/2029(a)		885,000		859,846

Topaz Solar Farms LLC
5.75%, 9/30/2039(a)		1,552,894		1,537,629

Venture Global Calcasieu Pass LLC
3.88%, 8/15/2029(a)		1,075,000		949,797
6.25%, 1/15/2030(a)		1,045,000		1,033,210
4.13%, 8/15/2031(a)		475,000		414,567
3.88%, 11/1/2033(a)		1,020,000		837,459

Venture Global LNG, Inc.
8.13%, 6/1/2028(a) (b)		1,905,000		1,947,802
9.50%, 2/1/2029(a)		3,040,000		3,267,580
8.38%, 6/1/2031(a)		2,525,000		2,591,186
9.88%, 2/1/2032(a)		2,040,000		2,176,898

Vermilion Energy, Inc.
6.88%, 5/1/2030(a)		880,000		856,462

Vital Energy, Inc.
7.75%, 7/31/2029(a)		1,265,000		1,273,287
				139,269,118


Investments	Principal Amount		Value

Paper & Forest Products – 0.2%

Clearwater Paper Corp.
4.75%, 8/15/2028(a)	$	295,000	$	267,039

Domtar Corp.
6.75%, 10/1/2028(a)		2,175,000		1,899,197

Louisiana-Pacific Corp.
3.63%, 3/15/2029(a)		755,000		675,824
				2,842,060

Passenger Airlines – 0.8%

Air Canada
3.88%, 8/15/2026(a)		2,485,000		2,357,339

American Airlines, Inc.
5.50%, 4/20/2026(a)		840,000		830,255
7.25%, 2/15/2028(a)		1,295,000		1,302,331
5.75%, 4/20/2029(a)		2,235,000		2,158,413

Hawaiian Brand Intellectual Property Ltd.
5.75%, 1/20/2026(a)		1,585,000		1,486,555

United Airlines, Inc.
4.38%, 4/15/2026(a)		1,720,000		1,654,441
4.63%, 4/15/2029(a)		685,000		631,316
				10,420,650

Personal Care Products – 1.0%

BellRing Brands, Inc.
7.00%, 3/15/2030(a)		4,150,000		4,199,500

Coty, Inc.
4.75%, 1/15/2029(a) (b)		300,000		279,653
6.63%, 7/15/2030(a)		1,050,000		1,050,633

Edgewell Personal Care Co.
5.50%, 6/1/2028(a)		1,590,000		1,534,287
4.13%, 4/1/2029(a)		490,000		442,892

Herbalife Nutrition Ltd.
7.88%, 9/1/2025(a)		3,056,000		2,931,286

Oriflame Investment Holding plc
5.13%, 5/4/2026(a)		1,895,000		483,225

Prestige Brands, Inc.
5.13%, 1/15/2028(a)		825,000		792,048
3.75%, 4/1/2031(a)		1,945,000		1,654,580
				13,368,104

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			365

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Pharmaceuticals – 1.2%

Bausch Health Americas, Inc.
8.50%, 1/31/2027(a)	$	250,000	$	161,870

Bausch Health Cos., Inc.
5.50%, 11/1/2025(a)		3,375,000		3,143,641
6.13%, 2/1/2027(a)		565,000		413,862
5.75%, 8/15/2027(a)		2,085,000		1,438,650
5.00%, 1/30/2028(a)		1,000,000		452,500
4.88%, 6/1/2028(a)		3,061,000		1,977,342
11.00%, 9/30/2028(a)		610,000		476,099
7.25%, 5/30/2029(a)		500,000		226,875
14.00%, 10/15/2030(a)		1,300,000		838,500

Cheplapharm Arzneimittel GmbH
5.50%, 1/15/2028(a)		840,000		788,046

HLF Financing Sarl LLC
12.25%, 4/15/2029(a)		500,000		477,577
4.88%, 6/1/2029(a)		2,310,000		1,356,892

Jazz Securities DAC
4.38%, 1/15/2029(a)		335,000		304,792

Mallinckrodt International Finance SA
14.75%, 11/14/2028(a)		2,345,000		2,554,697

Organon & Co.
5.13%, 4/30/2031(a)		2,107,000		1,821,926

P&L Development LLC
7.75%, 11/15/2025(a)		550,000		465,817
				16,899,086

Professional Services – 0.8%

AMN Healthcare, Inc.
4.63%, 10/1/2027(a) (b)		1,085,000		1,019,175
4.00%, 4/15/2029(a)		250,000		221,287

ASGN, Inc.
4.63%, 5/15/2028(a)		1,180,000		1,101,186

CoreLogic, Inc.
4.50%, 5/1/2028(a)		2,795,000		2,418,309

Dun & Bradstreet Corp. (The)
5.00%, 12/15/2029(a)		200,000		182,145

KBR, Inc.
4.75%, 9/30/2028(a)		1,520,000		1,418,190

Korn Ferry
4.63%, 12/15/2027(a)		2,275,000		2,157,311


Investments	Principal Amount		Value

Professional Services – (continued)

Science Applications International Corp.
4.88%, 4/1/2028(a)	$	1,610,000	$	1,519,807

TriNet Group, Inc.
3.50%, 3/1/2029(a)		1,501,000		1,314,235
				11,351,645

Real Estate Management & Development – 0.8%

Anywhere Real Estate Group LLC
7.00%, 4/15/2030(a)		1,000,000		877,445

Five Point Operating Co. LP
10.50%, 1/15/2028(a) (g)		1,750,000		1,785,402

Forestar Group, Inc.
3.85%, 5/15/2026(a)		1,331,000		1,263,188
5.00%, 3/1/2028(a)		1,515,000		1,434,973

Greystar Real Estate Partners LLC
7.75%, 9/1/2030(a)		650,000		669,488

Howard Hughes Corp. (The)
5.38%, 8/1/2028(a)		530,000		498,746
4.13%, 2/1/2029(a)		250,000		220,767
4.38%, 2/1/2031(a)		420,000		356,137

Hunt Cos., Inc.
5.25%, 4/15/2029(a)		1,050,000		936,682

Kennedy-Wilson, Inc.
4.75%, 3/1/2029		1,720,000		1,422,555
5.00%, 3/1/2031		2,045,000		1,589,226

Realogy Group LLC
5.75%, 1/15/2029(a)		500,000		349,009

WeWork Cos. US LLC
12.00%, 8/15/2027(a) (c) (e)		3,371,664		67,433
				11,471,051

Retail REITs – 0.4%

Brookfield Property REIT, Inc.
REIT, 5.75%, 5/15/2026(a)		2,125,000		2,056,259
REIT, 4.50%, 4/1/2027(a)		4,135,000		3,672,388
				5,728,647

Software – 2.3%

Camelot Finance SA
4.50%, 11/1/2026(a)		665,000		633,320

See Accompanying Notes to the Financial Statements.


366		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Software – (continued)

Central Parent LLC
8.00%, 6/15/2029(a) (b)	$	585,000	$	601,852

Central Parent, Inc.
7.25%, 6/15/2029(a)		570,000		576,239

Cloud Software Group, Inc.
6.50%, 3/31/2029(a)		2,805,000		2,660,412
9.00%, 9/30/2029(a)		4,350,000		4,185,810

Consensus Cloud Solutions, Inc.
6.00%, 10/15/2026(a)		705,000		668,411
6.50%, 10/15/2028(a)		1,415,000		1,238,966

Crowdstrike Holdings, Inc.
3.00%, 2/15/2029		540,000		474,416

Elastic NV
4.13%, 7/15/2029(a) (b)		345,000		307,224

Fair Isaac Corp.
4.00%, 6/15/2028(a)		5,005,000		4,609,940

Gen Digital, Inc.
7.13%, 9/30/2030(a)		430,000		434,436

GoTo Group, Inc.
5.50%, 5/1/2028(a)		2,601,000		1,957,386

Helios Software Holdings, Inc.
4.63%, 5/1/2028(a)		680,000		600,137

McAfee Corp.
7.38%, 2/15/2030(a)		2,300,000		2,130,422

MicroStrategy, Inc.
6.13%, 6/15/2028(a)		790,000		732,150

Open Text Corp.
3.88%, 12/1/2029(a)		575,000		503,243

Open Text Holdings, Inc.
4.13%, 2/15/2030(a)		815,000		715,805
4.13%, 12/1/2031(a)		200,000		171,415

PTC, Inc.
4.00%, 2/15/2028(a) (b)		2,125,000		1,968,638

Rackspace Finance LLC
3.50%, 5/15/2028(a)		1,201,500		570,592

Rocket Software, Inc.
6.50%, 2/15/2029(a)		950,000		791,360

SS&C Technologies, Inc.
5.50%, 9/30/2027(a)		2,010,000		1,953,756

Veritas US, Inc.
7.50%, 9/1/2025(a)		3,060,000		2,783,892
				31,269,822


Investments	Principal Amount		Value

Specialized REITs – 0.4%

Iron Mountain, Inc.
REIT, 5.25%, 3/15/2028(a)	$	655,000	$	626,710
REIT, 5.00%, 7/15/2028(a)		300,000		282,715
REIT, 7.00%, 2/15/2029(a)		1,110,000		1,116,318
REIT, 4.88%, 9/15/2029(a)		825,000		761,282
REIT, 5.25%, 7/15/2030(a)		1,300,000		1,206,580
REIT, 4.50%, 2/15/2031(a)		930,000		820,278
REIT, 5.63%, 7/15/2032(a)		389,000		360,051

SBA Communications Corp.
REIT, 3.88%, 2/15/2027		300,000		281,939
				5,455,873

Specialty Retail – 5.8%

Arko Corp.
5.13%, 11/15/2029(a)		1,510,000		1,216,805

Asbury Automotive Group, Inc.
5.00%, 2/15/2032(a)		400,000		355,602

At Home Group, Inc.
4.88%, 7/15/2028(a)		360,000		170,100

Bath & Body Works, Inc.
6.95%, 3/1/2033		230,000		222,239
6.88%, 11/1/2035		405,000		402,306
6.75%, 7/1/2036		635,000		619,682

BCPE Ulysses Intermediate, Inc.
7.75%, 4/1/2027(a) (c)		665,000		648,012

Carvana Co.
12.00%, 12/1/2028(a) (c)		750,000		696,596
13.00%, 6/1/2030(a) (c)		8,500,000		7,966,750
14.00%, 6/1/2031(a) (c)		9,500,000		8,961,336

eG Global Finance plc
12.00%, 11/30/2028(a)		3,350,000		3,458,198

Evergreen Acqco 1 LP
9.75%, 4/26/2028(a)		1,411,000		1,494,558

Foot Locker, Inc.
4.00%, 10/1/2029(a)		100,000		79,819

Gap, Inc. (The)
3.63%, 10/1/2029(a)		1,665,000		1,408,856
3.88%, 10/1/2031(a)		1,773,000		1,440,974

Global Auto Holdings Ltd.
8.38%, 1/15/2029(a)		1,450,000		1,381,052
8.75%, 1/15/2032(a)		1,300,000		1,227,289

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			367

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Specialty Retail – (continued)

GYP Holdings III Corp.
4.63%, 5/1/2029(a)	$	770,000	$	711,303

Ken Garff Automotive LLC
4.88%, 9/15/2028(a)		165,000		152,436

LCM Investments Holdings II LLC
4.88%, 5/1/2029(a)		858,000		783,632
8.25%, 8/1/2031(a)		680,000		706,377

LSF9 Atlantis Holdings LLC
7.75%, 2/15/2026(a)		2,455,000		2,406,634

Michaels Cos., Inc. (The)
5.25%, 5/1/2028(a) (b)		4,730,000		4,003,363
7.88%, 5/1/2029(a)		6,470,000		4,740,656

Murphy Oil USA, Inc.
5.63%, 5/1/2027		45,000		44,401
4.75%, 9/15/2029		2,030,000		1,889,907
3.75%, 2/15/2031(a)		3,030,000		2,601,143

Park River Holdings, Inc.
5.63%, 2/1/2029(a)		500,000		411,616
6.75%, 8/1/2029(a)		500,000		429,808

Penske Automotive Group, Inc.
3.75%, 6/15/2029(b)		420,000		369,157

PetSmart, Inc.
4.75%, 2/15/2028(a) (b)		1,300,000		1,199,703
7.75%, 2/15/2029(a)		3,910,000		3,716,393

Sonic Automotive, Inc.
4.63%, 11/15/2029(a)		255,000		228,228
4.88%, 11/15/2031(a)		1,700,000		1,483,343

Specialty Building Products Holdings LLC
6.38%, 9/30/2026(a)		1,395,000		1,377,299

Staples, Inc.
7.50%, 4/15/2026(a)		11,130,000		10,730,624
10.75%, 4/15/2027(a)		3,783,000		3,481,353

Upbound Group, Inc.
6.38%, 2/15/2029(a)		1,495,000		1,435,170

Valvoline, Inc.
3.63%, 6/15/2031(a)		3,285,000		2,763,549

Victoria’s Secret & Co.
4.63%, 7/15/2029(a)		2,050,000		1,610,614
				79,026,883


Investments	Principal Amount		Value

Technology Hardware, Storage & Peripherals – 0.6%

Seagate HDD Cayman
9.63%, 12/1/2032	$	750,000	$	841,316
5.75%, 12/1/2034		1,285,000		1,218,440

Western Digital Corp.
4.75%, 2/15/2026		1,225,000		1,192,056

Xerox Corp.
4.80%, 3/1/2035		1,650,000		1,113,655

Xerox Holdings Corp.
5.50%, 8/15/2028(a)		2,350,000		2,039,123
8.88%, 11/30/2029(a)		1,800,000		1,714,826
				8,119,416

Textiles, Apparel & Luxury Goods – 0.2%

Eagle Intermediate Global Holding BV
7.50%, 5/1/2025(a)		996,000		632,071

William Carter Co. (The)
5.63%, 3/15/2027(a)		250,000		243,341

Wolverine World Wide, Inc.
4.00%, 8/15/2029(a)		1,850,000		1,477,640
				2,353,052

Tobacco – 0.3%

Turning Point Brands, Inc.
5.63%, 2/15/2026(a)		270,000		264,074

Vector Group Ltd.
5.75%, 2/1/2029(a)		3,970,000		3,608,564
				3,872,638

Trading Companies & Distributors – 0.6%

Beacon Roofing Supply, Inc.
4.50%, 11/15/2026(a)		625,000		599,621
4.13%, 5/15/2029(a) (b)		745,000		665,217

BlueLinx Holdings, Inc.
6.00%, 11/15/2029(a)		740,000		704,121

Boise Cascade Co.
4.88%, 7/1/2030(a)		220,000		201,781

EquipmentShare.com, Inc.
9.00%, 5/15/2028(a)		2,165,000		2,222,545

Fortress Transportation and Infrastructure Investors LLC
9.75%, 8/1/2027(a)		200,000		206,481
5.50%, 5/1/2028(a)		875,000		839,805
7.88%, 12/1/2030(a)		310,000		322,015

See Accompanying Notes to the Financial Statements.


368		FLEXSHARES SEMIANNUAL REPORT

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


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Trading Companies & Distributors – (continued)

Imola Merger Corp.
4.75%, 5/15/2029(a)	$	1,945,000	$	1,790,948

United Rentals North America, Inc.
4.88%, 1/15/2028		475,000		455,301
				8,007,835

Transportation Infrastructure – 0.1%

Port of Newcastle Investments Financing Pty. Ltd.
5.90%, 11/24/2031(a)		1,040,000		947,845

Wireless Telecommunication Services – 0.9%

Altice France Holding SA
10.50%, 5/15/2027(a)		3,380,000		1,199,869
6.00%, 2/15/2028(a)		2,078,000		606,183

Connect Finco Sarl
6.75%, 10/1/2026(a)		2,080,000		2,014,455

Hughes Satellite Systems Corp.
5.25%, 8/1/2026		2,315,000		1,916,797
6.63%, 8/1/2026		4,510,000		2,588,398

Rogers Communications, Inc.
5.25%, 3/15/2082(a) (d)		1,630,000		1,549,381

Vmed O2 UK Financing I plc
4.25%, 1/31/2031(a)		1,215,000		992,600
4.75%, 7/15/2031(a)		460,000		383,901

Vodafone Group plc
5.13%, 6/4/2081(b) (d)		715,000		523,704
				11,775,288
Total Corporate Bonds (Cost $1,338,274,000)				1,339,030,266


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS – 1.7%(h)

REPURCHASE AGREEMENTS – 1.7%

CF Secured LLC, 5.31%, dated 4/30/2024, due 5/1/2024, repurchase price $23,285,893, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 6.75%, maturing 5/15/2024 – 2/15/2054; total market value $23,570,801 (Cost $23,282,459)	$	23,282,459	$	23,282,459
Total Investments – 100.5% (Cost $1,361,556,459)				1,362,312,725

Liabilities in excess of other assets – (0.5%)				(6,447,027	)
NET ASSETS – 100.0%			$	1,355,865,698

^(a)

^(b)

The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 was $43,003,744, collateralized in the form of cash with a value of $23,282,459 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $20,675,838 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 5.00%, and maturity dates ranging from June 11, 2024 – August 15, 2052; a total value of $43,958,297.

^(c)

Payment in-kind security.

^(d)

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.

^(e)

Issuer has defaulted on terms of debt obligation. Income is not being accrued.

^(f)

Represents less than 0.05% of net assets.

^(g)

^(h)

The security was purchased with cash collateral held from securities on loan at April 30, 2024. The total value of securities purchased was $23,282,459.

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			369

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

Percentages shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust



Aggregate gross unrealized appreciation	$	16,041,939
Aggregate gross unrealized depreciation		(29,712,425	)
Net unrealized depreciation	$	(13,670,486	)
Federal income tax cost	$	1,375,983,211


Security Type	% of Net Assets
Corporate Bonds		98.8	%
Securities Lending Reinvestments		1.7
Others⁽¹⁾		(0.5	)
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


370		FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

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

April 30, 2024 (Unaudited)


Investments	Principal Amount		Value

CORPORATE BONDS – 96.8%

Air Freight & Logistics – 0.6%

CH Robinson Worldwide, Inc.
4.20%, 4/15/2028	$	10,000	$	9,550

GXO Logistics, Inc.
2.65%, 7/15/2031		10,000		7,932

United Parcel Service, Inc.
4.45%, 4/1/2030		147,000		141,863
5.20%, 4/1/2040		20,000		19,200
3.75%, 11/15/2047		35,000		26,393
5.05%, 3/3/2053		40,000		36,899
				241,837

Automobile Components – 0.2%

Aptiv plc
4.35%, 3/15/2029		25,000		23,842
3.10%, 12/1/2051		30,000		17,688

BorgWarner, Inc.
2.65%, 7/1/2027		40,000		36,608
				78,138

Banks – 12.9%

Banco Santander SA
5.15%, 8/18/2025		200,000		197,605
4.18%, 3/24/2028(a)		200,000		190,282

Bank of America Corp.
5.08%, 1/20/2027(a)		67,000		66,290
1.73%, 7/22/2027(a)		100,000		91,744
3.42%, 12/20/2028(a)		133,000		123,276
2.09%, 6/14/2029(a)		127,000		110,491
4.27%, 7/23/2029(a)		200,000		189,705
1.92%, 10/24/2031(a)		150,000		119,271
4.57%, 4/27/2033(a)		67,000		61,761
5.29%, 4/25/2034(a)		195,000		187,831
4.08%, 4/23/2040(a)		160,000		131,710
2.68%, 6/19/2041(a)		44,000		29,762

Bank of Montreal
3.09%, 1/10/2037(a)		90,000		71,536

Bank of Nova Scotia (The)
5.65%, 2/1/2034		40,000		39,791

Barclays plc
5.83%, 5/9/2027(a)		193,000		192,326
3.81%, 3/10/2042(a)		200,000		148,626


Investments	Principal Amount		Value

Banks – (continued)

Canadian Imperial Bank of Commerce
6.09%, 10/3/2033	$	20,000	$	20,347

Citigroup, Inc.
3.20%, 10/21/2026		187,000		176,559
4.45%, 9/29/2027		417,000		401,310
3.98%, 3/20/2030(a)		67,000		62,078
2.67%, 1/29/2031(a)		107,000		90,870
4.41%, 3/31/2031(a)		100,000		93,345
2.57%, 6/3/2031(a)		73,000		61,068
3.06%, 1/25/2033(a)		77,000		63,682
8.13%, 7/15/2039		30,000		36,617
6.68%, 9/13/2043		92,000		98,310

HSBC Holdings plc
7.39%, 11/3/2028(a)		210,000		220,150
5.55%, 3/4/2030(a)		260,000		256,438
6.50%, 9/15/2037		150,000		152,192

ING Groep NV
4.02%, 3/28/2028(a)		200,000		190,738

JPMorgan Chase & Co.
3.78%, 2/1/2028(a)		100,000		95,406
6.09%, 10/23/2029(a)		130,000		132,653
4.45%, 12/5/2029(a)		100,000		95,696
4.57%, 6/14/2030(a)		100,000		95,580
2.58%, 4/22/2032(a)		14,000		11,520

Mitsubishi UFJ Financial Group, Inc.
5.13%, 7/20/2033(a)		200,000		193,545

Royal Bank of Canada
5.00%, 2/1/2033		20,000		19,281
5.00%, 5/2/2033		30,000		28,981
5.15%, 2/1/2034		40,000		38,632

Santander Holdings USA, Inc.
3.45%, 6/2/2025		120,000		116,489

Sumitomo Mitsui Financial Group, Inc.
2.17%, 1/14/2027		210,000		192,597

Toronto-Dominion Bank (The)
4.11%, 6/8/2027		17,000		16,342
4.46%, 6/8/2032		177,000		164,215

Westpac Banking Corp.
6.82%, 11/17/2033		50,000		52,835
				5,129,483

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			371

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Beverages – 1.0%

Anheuser-Busch InBev Worldwide, Inc.
5.00%, 6/15/2034	$	50,000	$	48,318
5.45%, 1/23/2039		12,000		11,797
4.35%, 6/1/2040		100,000		86,302
5.80%, 1/23/2059		12,000		12,187

PepsiCo, Inc.
4.45%, 5/15/2028		67,000		65,793
2.63%, 7/29/2029		30,000		26,748
3.50%, 3/19/2040		133,000		105,057
2.63%, 10/21/2041		30,000		20,616
4.65%, 2/15/2053		30,000		26,486
3.88%, 3/19/2060		5,000		3,778
				407,082

Biotechnology – 1.4%

Amgen, Inc.
4.05%, 8/18/2029		26,000		24,458
3.15%, 2/21/2040		20,000		14,593
2.80%, 8/15/2041		26,000		17,805
5.60%, 3/2/2043		120,000		115,717
4.66%, 6/15/2051		284,000		236,659
4.88%, 3/1/2053		26,000		22,277
2.77%, 9/1/2053		14,000		8,139
5.75%, 3/2/2063		5,000		4,776

Biogen, Inc.
2.25%, 5/1/2030		10,000		8,257
3.15%, 5/1/2050		43,000		27,014
3.25%, 2/15/2051		20,000		12,927

Regeneron Pharmaceuticals, Inc.
1.75%, 9/15/2030		54,000		43,111
2.80%, 9/15/2050		20,000		11,717
				547,450

Broadline Retail – 0.7%

Alibaba Group Holding Ltd.
2.70%, 2/9/2041		200,000		132,923

eBay, Inc.
5.90%, 11/22/2025		67,000		67,151
2.70%, 3/11/2030		50,000		43,284
6.30%, 11/22/2032		35,000		36,513
				279,871


Investments	Principal Amount		Value

Building Products – 0.6%

Carlisle Cos., Inc.
3.75%, 12/1/2027	$	10,000	$	9,436
2.75%, 3/1/2030		20,000		17,233

Fortune Brands Innovations, Inc.
5.88%, 6/1/2033		25,000		24,876
4.50%, 3/25/2052		10,000		7,753

Johnson Controls International plc
1.75%, 9/15/2030		30,000		24,179
4.90%, 12/1/2032		10,000		9,545
4.63%, 7/2/2044(b)		33,000		27,667

Owens Corning
4.30%, 7/15/2047		26,000		20,326

Trane Technologies Financing Ltd.
3.80%, 3/21/2029		90,000		84,164
5.25%, 3/3/2033		10,000		9,837

Trane Technologies Global Holding Co. Ltd.
4.30%, 2/21/2048		7,000		5,651
				240,667

Capital Markets – 8.6%

Ameriprise Financial, Inc.
5.70%, 12/15/2028		10,000		10,111

Apollo Debt Solutions BDC
6.90%, 4/13/2029(c)		10,000		9,910

Ares Capital Corp.
7.00%, 1/15/2027		70,000		71,248

Bain Capital Specialty Finance, Inc.
2.55%, 10/13/2026		7,000		6,385

Bank of New York Mellon Corp. (The)
3.40%, 1/29/2028		67,000		62,756
3.99%, 6/13/2028(a)		77,000		73,928
4.60%, 7/26/2030(a)		33,000		31,750
4.29%, 6/13/2033(a)		20,000		18,352

Barings BDC, Inc.
3.30%, 11/23/2026		7,000		6,383
7.00%, 2/15/2029		10,000		9,895

BlackRock Funding, Inc.
4.70%, 3/14/2029		80,000		78,475

BlackRock, Inc.
2.40%, 4/30/2030		20,000		17,158
4.75%, 5/25/2033		25,000		24,060

Blue Owl Credit Income Corp.
7.75%, 1/15/2029(c)		50,000		50,845

See Accompanying Notes to the Financial Statements.


372		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Capital Markets – (continued)

Blue Owl Technology Finance Corp. II
6.75%, 4/4/2029(c)	$	10,000	$	9,636

Deutsche Bank AG
7.15%, 7/13/2027(a)		150,000		153,133

Eaton Vance Corp.
3.50%, 4/6/2027		3,000		2,847

FactSet Research Systems, Inc.
3.45%, 3/1/2032		10,000		8,483

FS KKR Capital Corp.
7.88%, 1/15/2029		10,000		10,292

Goldman Sachs Group, Inc. (The)
4.48%, 8/23/2028(a)		901,000		870,481
2.38%, 7/21/2032(a)		17,000		13,605
3.10%, 2/24/2033(a)		70,000		58,236
6.75%, 10/1/2037		87,000		91,824
3.44%, 2/24/2043(a)		110,000		80,914

Hercules Capital, Inc.
3.38%, 1/20/2027		14,000		12,776

HPS Corporate Lending Fund
6.75%, 1/30/2029(c)		10,000		9,864

Moody’s Corp.
2.75%, 8/19/2041		43,000		28,876
3.75%, 2/25/2052		72,000		52,583

Morgan Stanley
3.13%, 7/27/2026		100,000		95,051
0.99%, 12/10/2026(a)		26,000		24,076
5.12%, 2/1/2029(a)		133,000		130,893
2.70%, 1/22/2031(a)		133,000		113,929
2.24%, 7/21/2032(a)		30,000		23,856
5.25%, 4/21/2034(a)		135,000		129,539
5.42%, 7/21/2034(a)		64,000		62,102
5.30%, 4/20/2037(a)		33,000		30,907
5.94%, 2/7/2039(a)		30,000		28,866
4.46%, 4/22/2039(a)		150,000		130,975
5.60%, 3/24/2051(a)		78,000		77,173

Nasdaq, Inc.
3.85%, 6/30/2026		50,000		48,264
5.35%, 6/28/2028		70,000		69,637
5.55%, 2/15/2034		40,000		39,122
3.95%, 3/7/2052		7,000		5,076

Oaktree Specialty Lending Corp.
7.10%, 2/15/2029		10,000		10,038


Investments	Principal Amount		Value

Capital Markets – (continued)

S&P Global, Inc.
2.45%, 3/1/2027	$	40,000	$	37,023
1.25%, 8/15/2030		50,000		39,513
2.90%, 3/1/2032		50,000		42,292
5.25%, 9/15/2033(c)		25,000		24,775
4.50%, 5/15/2048		24,000		19,383
3.70%, 3/1/2052		30,000		22,046

Sixth Street Lending Partners
6.50%, 3/11/2029(c)		10,000		9,813

Sixth Street Specialty Lending, Inc.
6.13%, 3/1/2029		20,000		19,609

State Street Corp.
5.82%, 11/4/2028(a)		50,000		50,684
2.40%, 1/24/2030		63,000		54,311
6.12%, 11/21/2034(a)		50,000		50,703

UBS AG
1.25%, 6/1/2026		200,000		183,050
				3,447,512

Chemicals – 1.4%

Albemarle Corp.
5.05%, 6/1/2032		20,000		18,754

Dow Chemical Co. (The)
5.55%, 11/30/2048		15,000		13,976
6.90%, 5/15/2053		54,000		59,231

DuPont de Nemours, Inc.
4.73%, 11/15/2028		20,000		19,598
5.32%, 11/15/2038		57,000		54,029

Ecolab, Inc.
4.80%, 3/24/2030		33,000		32,384
1.30%, 1/30/2031		63,000		49,396
3.95%, 12/1/2047		20,000		15,878

FMC Corp.
5.15%, 5/18/2026		100,000		98,766
3.45%, 10/1/2029		10,000		8,869
5.65%, 5/18/2033		5,000		4,793
6.38%, 5/18/2053		5,000		4,766

International Flavors & Fragrances, Inc.
5.00%, 9/26/2048		17,000		14,021

Linde, Inc.
1.10%, 8/10/2030		50,000		39,497

Nutrien Ltd.
5.88%, 12/1/2036		20,000		19,967
6.13%, 1/15/2041		25,000		24,930

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			373

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Chemicals – (continued)
5.25%, 1/15/2045	$	47,000	$	42,208

PPG Industries, Inc.
3.75%, 3/15/2028		30,000		28,380
				549,443

Commercial Services & Supplies – 0.3%

RELX Capital, Inc.
3.00%, 5/22/2030		33,000		29,042

Republic Services, Inc.
1.45%, 2/15/2031		20,000		15,566
5.00%, 12/15/2033		75,000		72,226
5.00%, 4/1/2034		20,000		19,266
				136,100

Construction & Engineering – 0.0%(d)

Quanta Services, Inc.
3.05%, 10/1/2041		10,000		6,773

Consumer Finance – 5.3%

Ally Financial, Inc.
6.99%, 6/13/2029(a)		80,000		81,724
6.85%, 1/3/2030(a)		20,000		20,208

American Express Co.
3.13%, 5/20/2026		50,000		47,684
3.30%, 5/3/2027		50,000		47,048
5.28%, 7/27/2029(a)		100,000		99,255
4.42%, 8/3/2033(a)		40,000		37,128
5.63%, 7/28/2034(a)		60,000		58,714
4.05%, 12/3/2042		14,000		11,634

Capital One Financial Corp.
4.93%, 5/10/2028(a)		83,000		81,008
3.27%, 3/1/2030(a)		30,000		26,486
5.27%, 5/10/2033(a)		57,000		53,982
6.38%, 6/8/2034(a)		40,000		40,261

Ford Motor Credit Co. LLC
6.95%, 6/10/2026		400,000		406,077
7.20%, 6/10/2030		400,000		414,445

General Motors Financial Co., Inc.
6.00%, 1/9/2028		33,000		33,319
5.85%, 4/6/2030		33,000		32,892
3.10%, 1/12/2032		67,000		55,250
6.40%, 1/9/2033		145,000		147,769
6.10%, 1/7/2034		35,000		34,771


Investments	Principal Amount		Value

Consumer Finance – (continued)

John Deere Capital Corp.
4.80%, 1/9/2026	$	20,000	$	19,867
5.15%, 9/8/2026		140,000		139,749
4.70%, 6/10/2030		50,000		48,700
4.35%, 9/15/2032		67,000		62,925
Series I, 5.15%, 9/8/2033		40,000		39,589
5.10%, 4/11/2034		20,000		19,638

Synchrony Financial
2.88%, 10/28/2031		44,000		34,682
				2,094,805

Consumer Staples Distribution & Retail – 0.5%

Kroger Co. (The)
5.40%, 1/15/2049		18,000		16,771
3.95%, 1/15/2050		54,000		40,572

Target Corp.
2.65%, 9/15/2030		127,000		110,259
3.90%, 11/15/2047		10,000		7,739
4.80%, 1/15/2053		47,000		41,965
				217,306

Containers & Packaging – 0.3%

AptarGroup, Inc.
3.60%, 3/15/2032		13,000		11,139

Avery Dennison Corp.
2.65%, 4/30/2030		10,000		8,541
5.75%, 3/15/2033		14,000		14,116

Berry Global, Inc.
1.57%, 1/15/2026		26,000		24,220
1.65%, 1/15/2027		30,000		27,053
5.50%, 4/15/2028		20,000		19,772
				104,841

Diversified Consumer Services – 0.0%(d)

Howard University
Series 22A, 5.21%, 10/1/2052		3,000		2,568

Diversified REITs – 0.4%

Digital Realty Trust LP
REIT, 5.55%, 1/15/2028		10,000		9,958
REIT, 4.45%, 7/15/2028		33,000		31,513
REIT, 3.60%, 7/1/2029		10,000		9,058

See Accompanying Notes to the Financial Statements.


374		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Diversified REITs – (continued)

Simon Property Group LP
REIT, 1.75%, 2/1/2028	$	20,000	$	17,549
REIT, 2.65%, 2/1/2032		50,000		40,793
REIT, 6.75%, 2/1/2040		17,000		18,184
REIT, 5.85%, 3/8/2053		17,000		16,443

Store Capital LLC
REIT, 2.70%, 12/1/2031		20,000		15,464
				158,962

Diversified Telecommunication Services – 3.2%

Deutsche Telekom International Finance BV
8.75%, 6/15/2030(b)		60,000		69,183

Telefonica Emisiones SA
4.90%, 3/6/2048		150,000		124,817

Verizon Communications, Inc.
4.13%, 3/16/2027		100,000		96,782
4.33%, 9/21/2028		100,000		95,821
2.55%, 3/21/2031		437,000		362,656
2.36%, 3/15/2032		67,000		53,457
5.05%, 5/9/2033		55,000		53,196
2.65%, 11/20/2040		161,000		107,574
3.40%, 3/22/2041		174,000		129,545
4.86%, 8/21/2046		50,000		44,154
3.88%, 3/1/2052		154,000		113,672
2.99%, 10/30/2056		14,000		8,252
				1,259,109

Electric Utilities – 4.6%

Avangrid, Inc.
3.80%, 6/1/2029		14,000		12,771

Connecticut Light and Power Co. (The)
4.65%, 1/1/2029		25,000		24,322
Series A, 2.05%, 7/1/2031		117,000		93,391
4.00%, 4/1/2048		22,000		16,991

Edison International
4.13%, 3/15/2028		150,000		141,119

El Paso Electric Co.
5.00%, 12/1/2044		10,000		8,308

Enel Americas SA
4.00%, 10/25/2026		7,000		6,690

Enel Chile SA
4.88%, 6/12/2028		20,000		19,006


Investments	Principal Amount		Value

Electric Utilities – (continued)

Eversource Energy
4.60%, 7/1/2027	$	167,000	$	161,962
Series R, 1.65%, 8/15/2030		17,000		13,326
3.45%, 1/15/2050		40,000		26,428

Exelon Corp.
5.30%, 3/15/2033		10,000		9,732
5.45%, 3/15/2034		10,000		9,720
4.95%, 6/15/2035		70,000		63,737
4.45%, 4/15/2046		53,000		42,903

FirstEnergy Corp.
Series C, 3.40%, 3/1/2050		60,000		38,502

Florida Power & Light Co.
4.80%, 5/15/2033		60,000		57,131
4.13%, 6/1/2048		65,000		51,470
5.30%, 4/1/2053		130,000		123,139

Pacific Gas and Electric Co.
3.15%, 1/1/2026		50,000		47,801
6.10%, 1/15/2029		130,000		131,059
4.50%, 7/1/2040		60,000		48,687
4.20%, 6/1/2041		98,000		75,323
3.95%, 12/1/2047		200,000		140,234

Public Service Electric and Gas Co.
4.65%, 3/15/2033		15,000		14,150
5.20%, 3/1/2034		20,000		19,545
3.60%, 12/1/2047		77,000		55,848
4.05%, 5/1/2048		60,000		47,500

Southern California Edison Co.
5.65%, 10/1/2028		40,000		40,254
5.95%, 11/1/2032		67,000		68,160
5.20%, 6/1/2034		100,000		95,395
Series C, 4.13%, 3/1/2048		33,000		25,140
Series E, 5.45%, 6/1/2052		75,000		68,862

Union Electric Co.
4.00%, 4/1/2048		70,000		53,118
				1,851,724

Electronic Equipment, Instruments & Components – 0.1%

Flex Ltd.
4.88%, 5/12/2030		30,000		28,487

Energy Equipment & Services – 0.4%

Baker Hughes Holdings LLC
4.08%, 12/15/2047		45,000		35,098

Halliburton Co.
2.92%, 3/1/2030		10,000		8,750

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			375

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Energy Equipment & Services – (continued)
4.85%, 11/15/2035	$	90,000	$	84,744

Schlumberger Investment SA
4.85%, 5/15/2033		30,000		29,025
				157,617

Entertainment – 0.7%

Walt Disney Co. (The)
6.40%, 12/15/2035		67,000		71,986
3.50%, 5/13/2040		5,000		3,894
7.75%, 12/1/2045		54,000		67,762
4.75%, 11/15/2046		107,000		93,650
3.80%, 5/13/2060		50,000		36,219
				273,511

Financial Services – 1.9%

Corebridge Financial, Inc.
5.75%, 1/15/2034		10,000		9,823
6.88%, 12/15/2052(a)		7,000		6,930

Equitable Holdings, Inc.
5.59%, 1/11/2033		44,000		43,250
5.00%, 4/20/2048		5,000		4,328

Mastercard, Inc.
3.30%, 3/26/2027		100,000		95,065
2.95%, 6/1/2029		94,000		84,909
2.00%, 11/18/2031		33,000		26,573
4.85%, 3/9/2033		30,000		29,357
3.95%, 2/26/2048		15,000		11,987
2.95%, 3/15/2051		30,000		19,573

PayPal Holdings, Inc.
4.40%, 6/1/2032		98,000		92,245
5.05%, 6/1/2052		30,000		27,212

Shell International Finance BV
3.88%, 11/13/2028		70,000		66,515
2.75%, 4/6/2030		90,000		79,045
6.38%, 12/15/2038		60,000		64,842
2.88%, 11/26/2041		20,000		14,013
4.00%, 5/10/2046		33,000		26,107
3.25%, 4/6/2050		28,000		19,006

Voya Financial, Inc.
4.70%, 1/23/2048(a)		30,000		25,162
				745,942


Investments	Principal Amount		Value

Food Products – 1.0%

Campbell Soup Co.
4.15%, 3/15/2028	$	50,000	$	47,632
2.38%, 4/24/2030		17,000		14,300
4.80%, 3/15/2048		20,000		16,967

Conagra Brands, Inc.
5.40%, 11/1/2048		30,000		26,900

General Mills, Inc.
2.88%, 4/15/2030		50,000		43,528
4.95%, 3/29/2033		14,000		13,410
4.55%, 4/17/2038		5,000		4,332
4.70%, 4/17/2048		30,000		25,578
3.00%, 2/1/2051		7,000		4,323

Hershey Co. (The)
4.25%, 5/4/2028		20,000		19,467
1.70%, 6/1/2030		32,000		26,177
2.65%, 6/1/2050		10,000		6,064

Hormel Foods Corp.
3.05%, 6/3/2051		20,000		12,757

Ingredion, Inc.
2.90%, 6/1/2030		33,000		28,498

Mondelez International, Inc.
3.00%, 3/17/2032		50,000		42,127
2.63%, 9/4/2050		50,000		29,510

Tyson Foods, Inc.
5.10%, 9/28/2048		35,000		29,941
				391,511

Gas Utilities – 0.5%

Southern California Gas Co.
2.95%, 4/15/2027		187,000		174,764

Washington Gas Light Co.
3.65%, 9/15/2049		20,000		14,039
				188,803

Ground Transportation – 1.6%

Canadian National Railway Co.
3.65%, 2/3/2048		14,000		10,588
4.45%, 1/20/2049		72,000		61,675
4.40%, 8/5/2052		7,000		5,867

CSX Corp.
2.40%, 2/15/2030		63,000		53,861
5.20%, 11/15/2033		10,000		9,863
4.30%, 3/1/2048		82,000		66,727
3.80%, 4/15/2050		33,000		24,518
4.65%, 3/1/2068		3,000		2,448

See Accompanying Notes to the Financial Statements.


376		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Ground Transportation – (continued)

JB Hunt Transport Services, Inc.
3.88%, 3/1/2026	$	30,000	$	29,140

Norfolk Southern Corp.
5.95%, 3/15/2064		105,000		105,200

Union Pacific Corp.
4.50%, 1/20/2033		80,000		75,592
2.89%, 4/6/2036		40,000		31,353
4.50%, 9/10/2048		40,000		33,508
5.15%, 1/20/2063		130,000		117,861
				628,201

Health Care Equipment & Supplies – 1.6%

Abbott Laboratories
1.40%, 6/30/2030		98,000		79,435
4.90%, 11/30/2046		98,000		89,907

Baxter International, Inc.
1.73%, 4/1/2031		50,000		38,774
3.13%, 12/1/2051		53,000		32,583

Becton Dickinson & Co.
2.82%, 5/20/2030		50,000		43,090
1.96%, 2/11/2031		50,000		39,978
3.79%, 5/20/2050		50,000		36,727

Boston Scientific Corp.
2.65%, 6/1/2030		50,000		42,988
4.55%, 3/1/2039		50,000		44,888

Edwards Lifesciences Corp.
4.30%, 6/15/2028		55,000		52,785

Medtronic Global Holdings SCA
4.25%, 3/30/2028		60,000		57,933
4.50%, 3/30/2033		5,000		4,710

Zimmer Biomet Holdings, Inc.
3.55%, 3/20/2030		30,000		26,657
2.60%, 11/24/2031		50,000		40,835
				631,290

Health Care Providers & Services – 5.1%

Aetna, Inc.
3.88%, 8/15/2047		41,000		29,434

Cardinal Health, Inc.
4.90%, 9/15/2045		33,000		28,193

Cencora, Inc.
2.70%, 3/15/2031		50,000		41,880
5.13%, 2/15/2034		30,000		28,985


Investments	Principal Amount		Value

Health Care Providers & Services – (continued)

Centene Corp.
2.45%, 7/15/2028	$	150,000	$	130,920
2.63%, 8/1/2031		50,000		40,007

Cigna Group (The)
4.38%, 10/15/2028		40,000		38,254
5.25%, 2/15/2034		20,000		19,274
4.80%, 8/15/2038		30,000		26,856
6.13%, 11/15/2041		33,000		33,695
3.88%, 10/15/2047		24,000		17,700
4.90%, 12/15/2048		67,000		57,543
3.40%, 3/15/2051		54,000		35,810

CVS Health Corp.
3.88%, 7/20/2025		50,000		48,906
3.63%, 4/1/2027		33,000		31,417
4.30%, 3/25/2028		100,000		95,955
5.25%, 2/21/2033		80,000		77,288
4.78%, 3/25/2038		130,000		114,463
2.70%, 8/21/2040		20,000		13,074
5.05%, 3/25/2048		174,000		148,421

Elevance Health, Inc.
2.25%, 5/15/2030		50,000		41,747
4.10%, 5/15/2032		164,000		148,651
4.75%, 2/15/2033		20,000		18,889
4.55%, 3/1/2048		32,000		26,555
3.60%, 3/15/2051		52,000		36,553
6.10%, 10/15/2052		14,000		14,331
5.13%, 2/15/2053		20,000		18,035

HCA, Inc.
3.63%, 3/15/2032		133,000		114,399
7.50%, 11/6/2033		47,000		51,228
5.60%, 4/1/2034		80,000		78,060
4.38%, 3/15/2042		15,000		11,985
4.63%, 3/15/2052		87,000		68,143

Laboratory Corp. of America Holdings
1.55%, 6/1/2026		50,000		46,014
2.70%, 6/1/2031		50,000		41,751

Novant Health, Inc.
3.32%, 11/1/2061		23,000		14,411

Quest Diagnostics, Inc.
4.20%, 6/30/2029		43,000		40,914
2.95%, 6/30/2030		50,000		43,289
6.40%, 11/30/2033		10,000		10,473

UnitedHealth Group, Inc.
4.50%, 4/15/2033		10,000		9,374

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			377

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Health Care Providers & Services – (continued)
2.75%, 5/15/2040	$	130,000	$	91,056
5.88%, 2/15/2053		64,000		65,163
				2,049,096

Health Care REITs – 0.3%

Healthcare Realty Holdings LP
REIT, 2.05%, 3/15/2031		7,000		5,270

Healthpeak OP LLC
REIT, 2.88%, 1/15/2031		50,000		41,965

Ventas Realty LP
REIT, 4.00%, 3/1/2028		33,000		30,978
REIT, 3.00%, 1/15/2030		48,000		41,310
REIT, 4.75%, 11/15/2030		10,000		9,419
				128,942

Hotel & Resort REITs – 0.2%

Host Hotels & Resorts LP
Series F, REIT, 4.50%, 2/1/2026		50,000		48,713
Series I, REIT, 3.50%, 9/15/2030		10,000		8,672
Series J, REIT, 2.90%, 12/15/2031		10,000		8,136
				65,521

Hotels, Restaurants & Leisure – 1.7%

Las Vegas Sands Corp.
3.90%, 8/8/2029		20,000		17,846

Marriott International, Inc.
5.45%, 9/15/2026		50,000		49,929
5.00%, 10/15/2027		20,000		19,719
4.90%, 4/15/2029		30,000		29,200
Series HH, 2.85%, 4/15/2031		33,000		27,680
Series II, 2.75%, 10/15/2033		3,000		2,363
5.30%, 5/15/2034		20,000		19,182

McDonald’s Corp.
3.30%, 7/1/2025		50,000		48,759
3.50%, 7/1/2027		130,000		123,198
4.70%, 12/9/2035		33,000		30,753
4.88%, 12/9/2045		33,000		29,146
4.45%, 9/1/2048		15,000		12,435
3.63%, 9/1/2049		74,000		52,936
5.15%, 9/9/2052		7,000		6,384

Sands China Ltd.
4.05%, 1/8/2026(b)		200,000		192,509
				662,039


Investments	Principal Amount		Value

Household Durables – 0.4%

Mohawk Industries, Inc.
5.85%, 9/18/2028	$	12,000	$	12,129
3.63%, 5/15/2030		7,000		6,284

NVR, Inc.
3.00%, 5/15/2030		14,000		12,137

PulteGroup, Inc.
5.00%, 1/15/2027		60,000		59,091

Whirlpool Corp.
4.75%, 2/26/2029		50,000		48,139
4.60%, 5/15/2050		20,000		15,385
				153,165

Household Products – 0.3%

Church & Dwight Co., Inc.
5.60%, 11/15/2032		20,000		20,297
3.95%, 8/1/2047		20,000		15,320
5.00%, 6/15/2052		5,000		4,501

Clorox Co. (The)
4.40%, 5/1/2029		60,000		57,623
4.60%, 5/1/2032		14,000		13,260
				111,001

Independent Power and Renewable Electricity Producers – 0.4%

Constellation Energy Generation LLC
3.25%, 6/1/2025		50,000		48,700
5.60%, 3/1/2028		40,000		40,032
5.80%, 3/1/2033		30,000		29,985
6.13%, 1/15/2034		40,000		40,930
				159,647

Industrial REITs – 0.4%

Prologis LP
REIT, 4.88%, 6/15/2028		40,000		39,367
REIT, 4.63%, 1/15/2033		47,000		44,076
REIT, 5.13%, 1/15/2034		44,000		42,448
REIT, 4.38%, 9/15/2048		7,000		5,700
REIT, 3.00%, 4/15/2050		23,000		14,582
				146,173

Insurance – 3.3%

Aflac, Inc.
3.60%, 4/1/2030		53,000		48,195

See Accompanying Notes to the Financial Statements.


378		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Insurance – (continued)

Allstate Corp. (The)
1.45%, 12/15/2030	$	10,000	$	7,734
5.25%, 3/30/2033		40,000		39,041
3.85%, 8/10/2049		26,000		19,151

American International Group, Inc.
5.13%, 3/27/2033		17,000		16,306
4.75%, 4/1/2048		50,000		43,452

Arch Capital Finance LLC
5.03%, 12/15/2046		10,000		8,777

Assurant, Inc.
2.65%, 1/15/2032		3,000		2,400

AXIS Specialty Finance LLC
4.90%, 1/15/2040(a)		17,000		15,236

Brighthouse Financial, Inc.
4.70%, 6/22/2047		20,000		15,209
3.85%, 12/22/2051		5,000		3,118

Chubb INA Holdings LLC
3.35%, 5/3/2026		170,000		163,403
1.38%, 9/15/2030		20,000		15,878
4.35%, 11/3/2045		14,000		11,731
3.05%, 12/15/2061		10,000		6,181

Everest Reinsurance Holdings, Inc.
3.13%, 10/15/2052		35,000		21,113

Fidelity National Financial, Inc.
3.20%, 9/17/2051		14,000		8,530

First American Financial Corp.
2.40%, 8/15/2031		20,000		15,458

Hanover Insurance Group, Inc. (The)
2.50%, 9/1/2030		10,000		8,214

Hartford Financial Services Group, Inc. (The)
4.40%, 3/15/2048		5,000		4,089
3.60%, 8/19/2049		33,000		23,442
2.90%, 9/15/2051		14,000		8,574

Lincoln National Corp.
3.05%, 1/15/2030		20,000		17,277
4.35%, 3/1/2048		8,000		5,898
4.38%, 6/15/2050		10,000		7,290

Manulife Financial Corp.
4.06%, 2/24/2032(a)		50,000		47,320
3.70%, 3/16/2032		27,000		24,077


Investments	Principal Amount		Value

Insurance – (continued)

MetLife, Inc.
4.55%, 3/23/2030	$	60,000	$	57,938
5.38%, 7/15/2033		15,000		14,889
10.75%, 8/1/2039		33,000		43,602
4.60%, 5/13/2046		56,000		47,816
5.00%, 7/15/2052		33,000		29,426
5.25%, 1/15/2054		14,000		13,022

Primerica, Inc.
2.80%, 11/19/2031		10,000		8,156

Principal Financial Group, Inc.
3.70%, 5/15/2029		33,000		30,321
2.13%, 6/15/2030		33,000		27,006
5.38%, 3/15/2033		10,000		9,806
5.50%, 3/15/2053		3,000		2,791

Prudential Financial, Inc.
1.50%, 3/10/2026		100,000		93,122
3.00%, 3/10/2040		23,000		16,589
4.50%, 9/15/2047(a)		50,000		46,416
3.91%, 12/7/2047		35,000		26,127
4.35%, 2/25/2050		33,000		26,362
6.00%, 9/1/2052(a)		47,000		45,448

Prudential Funding Asia plc
3.13%, 4/14/2030		15,000		13,170
3.63%, 3/24/2032		10,000		8,768

RenaissanceRe Holdings Ltd.
5.75%, 6/5/2033		22,000		21,445

Travelers Cos., Inc. (The)
4.00%, 5/30/2047		70,000		55,140
4.05%, 3/7/2048		8,000		6,327
5.45%, 5/25/2053		27,000		26,414

Unum Group
4.00%, 6/15/2029		10,000		9,226
4.13%, 6/15/2051		24,000		17,123

W R Berkley Corp.
3.15%, 9/30/2061		20,000		11,348

Willis North America, Inc.
5.90%, 3/5/2054		20,000		19,179
				1,334,071

Interactive Media & Services – 1.5%

Alphabet, Inc.
0.80%, 8/15/2027		317,000		278,781
1.10%, 8/15/2030		10,000		7,979
1.90%, 8/15/2040		7,000		4,456
2.05%, 8/15/2050		60,000		33,483

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			379

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Interactive Media & Services – (continued)

Meta Platforms, Inc.
4.60%, 5/15/2028	$	180,000	$	176,804
4.80%, 5/15/2030		20,000		19,637
4.65%, 8/15/2062		55,000		45,752
5.75%, 5/15/2063		23,000		22,921
				589,813

IT Services – 2.2%

Amdocs Ltd.
2.54%, 6/15/2030		10,000		8,361

International Business Machines Corp.
4.00%, 7/27/2025		587,000		576,393
4.50%, 2/6/2026		180,000		177,691
1.95%, 5/15/2030		100,000		82,399
2.85%, 5/15/2040		72,000		49,993
				894,837

Leisure Products – 0.2%

Brunswick Corp.
4.40%, 9/15/2032		25,000		21,977
5.10%, 4/1/2052		20,000		15,300

Hasbro, Inc.
3.90%, 11/19/2029		33,000		30,051
6.35%, 3/15/2040		10,000		9,958
				77,286

Machinery – 1.0%

CNH Industrial NV
3.85%, 11/15/2027		10,000		9,523

Cummins, Inc.
1.50%, 9/1/2030		107,000		85,572
2.60%, 9/1/2050		10,000		5,901

Flowserve Corp.
3.50%, 10/1/2030		20,000		17,368

Ingersoll Rand, Inc.
5.40%, 8/14/2028		38,000		37,901

Otis Worldwide Corp.
5.25%, 8/16/2028		20,000		19,935
2.57%, 2/15/2030		40,000		34,289

Stanley Black & Decker, Inc.
3.40%, 3/1/2026		137,000		131,725
2.75%, 11/15/2050		22,000		12,279


Investments	Principal Amount		Value

Machinery – (continued)

Westinghouse Air Brake Technologies Corp.
4.70%, 9/15/2028(b)	$	22,000	$	21,175
5.61%, 3/11/2034		10,000		9,831

Xylem, Inc.
1.95%, 1/30/2028		20,000		17,718
2.25%, 1/30/2031		17,000		13,946
				417,163

Marine Transportation – 0.0%(d)

Kirby Corp.
4.20%, 3/1/2028		20,000		19,172

Media – 2.3%

Comcast Corp.
2.65%, 2/1/2030		247,000		214,131
4.65%, 2/15/2033		67,000		63,374
4.60%, 10/15/2038		20,000		17,817
4.00%, 3/1/2048		64,000		48,971
2.89%, 11/1/2051		387,000		234,046
2.99%, 11/1/2063		170,000		96,706
5.50%, 5/15/2064		3,000		2,795

Fox Corp.
4.71%, 1/25/2029		50,000		48,346
5.48%, 1/25/2039		20,000		18,318
5.58%, 1/25/2049		45,000		39,950

Interpublic Group of Cos., Inc. (The)
3.38%, 3/1/2041		30,000		21,311

Paramount Global
4.95%, 1/15/2031		25,000		22,030
4.38%, 3/15/2043		30,000		19,874
5.25%, 4/1/2044		30,000		21,617
4.95%, 5/19/2050		40,000		27,920
				897,206

Metals & Mining – 0.6%

Newmont Corp.
3.25%, 5/13/2030(c)		30,000		26,549
2.60%, 7/15/2032		10,000		8,122
5.88%, 4/1/2035		57,000		57,643
4.20%, 5/13/2050(c)		25,000		19,573

Nucor Corp.
4.30%, 5/23/2027		20,000		19,424
2.70%, 6/1/2030		30,000		26,083
3.13%, 4/1/2032		33,000		28,159

See Accompanying Notes to the Financial Statements.


380		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Metals & Mining – (continued)
4.40%, 5/1/2048	$	8,000	$	6,676
2.98%, 12/15/2055		14,000		8,418

Teck Resources Ltd.
3.90%, 7/15/2030		65,000		58,709
				259,356

Multi-Utilities – 1.1%

Consolidated Edison Co. of New York, Inc.
Series 20A, 3.35%, 4/1/2030		10,000		8,992
2.40%, 6/15/2031		50,000		41,305
5.20%, 3/1/2033		10,000		9,847
5.50%, 3/15/2034		50,000		49,842
Series E, 4.65%, 12/1/2048		22,000		18,460
6.15%, 11/15/2052		7,000		7,276
5.90%, 11/15/2053		10,000		10,051
4.50%, 5/15/2058		67,000		53,568
3.60%, 6/15/2061		23,000		15,461

National Grid plc
5.60%, 6/12/2028		15,000		14,986
5.81%, 6/12/2033		25,000		24,761

Public Service Enterprise Group, Inc.
5.85%, 11/15/2027		63,000		63,661
1.60%, 8/15/2030		10,000		7,887

San Diego Gas & Electric Co.
Series VVV, 1.70%, 10/1/2030		20,000		15,976
2.95%, 8/15/2051		77,000		48,263

Sempra
5.50%, 8/1/2033		20,000		19,427
3.80%, 2/1/2038		26,000		20,641
4.00%, 2/1/2048		33,000		24,401
				454,805

Office REITs – 0.9%

Alexandria Real Estate Equities, Inc.
REIT, 5.25%, 5/15/2036		160,000		150,273

Boston Properties LP
REIT, 3.25%, 1/30/2031		80,000		66,513
REIT, 2.45%, 10/1/2033		33,000		23,906

Highwoods Realty LP
REIT, 3.05%, 2/15/2030		30,000		24,791

Kilroy Realty LP
REIT, 4.38%, 10/1/2025		80,000		77,961
REIT, 6.25%, 1/15/2036		7,000		6,575


Investments	Principal Amount		Value

Office REITs – (continued)

Piedmont Operating Partnership LP
REIT, 3.15%, 8/15/2030	$	10,000	$	7,723
REIT, 2.75%, 4/1/2032		7,000		4,920
				362,662

Oil, Gas & Consumable Fuels – 6.1%

BP Capital Markets America, Inc.
3.38%, 2/8/2061		10,000		6,473

Canadian Natural Resources Ltd.
2.95%, 7/15/2030		157,000		134,827

Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/2029		17,000		15,442
2.74%, 12/31/2039		10,000		7,925

Cheniere Energy, Inc.
4.63%, 10/15/2028		29,000		27,721
5.65%, 4/15/2034(c)		22,000		21,531

Columbia Pipeline Group, Inc.
5.80%, 6/1/2045		10,000		9,453

Devon Energy Corp.
5.00%, 6/15/2045		30,000		25,370

Enbridge, Inc.
6.70%, 11/15/2053		60,000		64,155
5.50%, 7/15/2077(a)		50,000		46,061
8.50%, 1/15/2084(a)		50,000		52,752

Enterprise Products Operating LLC
2.80%, 1/31/2030		20,000		17,512
5.35%, 1/31/2033		75,000		74,318
4.85%, 1/31/2034		50,000		47,667
3.95%, 1/31/2060		90,000		64,505

EQT Corp.
7.00%, 2/1/2030(b)		10,000		10,438

Hess Corp.
6.00%, 1/15/2040		17,000		17,067

Kinder Morgan, Inc.
4.30%, 6/1/2025		237,000		233,568
2.00%, 2/15/2031		14,000		11,227
5.20%, 6/1/2033		50,000		47,642
5.40%, 2/1/2034		80,000		77,116
5.55%, 6/1/2045		33,000		30,270
5.20%, 3/1/2048		27,000		23,311
3.60%, 2/15/2051		10,000		6,668

Marathon Petroleum Corp.
3.80%, 4/1/2028		30,000		28,265
4.50%, 4/1/2048		48,000		38,156

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			381

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Oil, Gas & Consumable Fuels – (continued)

MPLX LP
1.75%, 3/1/2026	$	120,000	$	111,822
2.65%, 8/15/2030		17,000		14,324
4.50%, 4/15/2038		82,000		70,077
5.20%, 12/1/2047		30,000		26,197
5.50%, 2/15/2049		30,000		27,257

Occidental Petroleum Corp.
6.45%, 9/15/2036		40,000		41,280
Zero Coupon, 10/10/2036		50,000		26,982

ONEOK, Inc.
6.10%, 11/15/2032		25,000		25,397
6.05%, 9/1/2033		100,000		101,110
5.20%, 7/15/2048		20,000		17,354
4.50%, 3/15/2050		60,000		46,086

Pioneer Natural Resources Co.
2.15%, 1/15/2031		46,000		37,874

Plains All American Pipeline LP
4.50%, 12/15/2026		100,000		97,275
3.80%, 9/15/2030		75,000		67,213

Sabine Pass Liquefaction LLC
4.50%, 5/15/2030		17,000		15,961
5.90%, 9/15/2037		30,000		30,063

TotalEnergies Capital International SA
2.83%, 1/10/2030		50,000		44,331
3.13%, 5/29/2050		74,000		49,397

TotalEnergies Capital SA
5.49%, 4/5/2054		60,000		58,381

TransCanada PipeLines Ltd.
4.75%, 5/15/2038		20,000		17,538

Transcanada Trust
5.60%, 3/7/2082(a)		100,000		87,462

Valero Energy Corp.
4.00%, 4/1/2029		30,000		28,141
2.80%, 12/1/2031		50,000		41,474
4.00%, 6/1/2052		10,000		7,211

Williams Cos., Inc. (The)
5.65%, 3/15/2033		73,000		72,416
5.15%, 3/15/2034		15,000		14,325
5.75%, 6/24/2044		33,000		31,356
5.10%, 9/15/2045		37,000		32,574
4.85%, 3/1/2048		29,000		24,477
5.30%, 8/15/2052		14,000		12,622
				2,417,417


Investments	Principal Amount		Value

Paper & Forest Products – 0.1%

Suzano Austria GmbH
3.75%, 1/15/2031	$	20,000	$	17,249
Series DM3N, 3.13%, 1/15/2032		50,000		40,199
				57,448

Personal Care Products – 0.4%

Estee Lauder Cos., Inc. (The)
3.15%, 3/15/2027		100,000		94,558
4.38%, 5/15/2028		20,000		19,432
2.60%, 4/15/2030		30,000		25,872
1.95%, 3/15/2031		33,000		26,588
4.15%, 3/15/2047		10,000		7,936
5.15%, 5/15/2053		5,000		4,625
				179,011

Pharmaceuticals – 5.0%

AstraZeneca Finance LLC
4.88%, 3/3/2033		33,000		31,911
5.00%, 2/26/2034		30,000		29,183

AstraZeneca plc
4.00%, 9/18/2042		30,000		24,585
4.38%, 11/16/2045		60,000		50,601
3.00%, 5/28/2051		14,000		9,187

Bristol-Myers Squibb Co.
3.55%, 3/15/2042		135,000		102,880
5.00%, 8/15/2045		73,000		66,157
3.90%, 3/15/2062		91,000		64,603
6.40%, 11/15/2063		3,000		3,196

GlaxoSmithKline Capital plc
3.38%, 6/1/2029		33,000		30,493

GlaxoSmithKline Capital, Inc.
6.38%, 5/15/2038		47,000		50,811

Johnson & Johnson
3.63%, 3/3/2037		210,000		177,899
2.10%, 9/1/2040		20,000		13,036
3.70%, 3/1/2046		50,000		39,129
2.25%, 9/1/2050		20,000		11,556
2.45%, 9/1/2060		7,000		3,846

Merck & Co., Inc.
4.05%, 5/17/2028		133,000		128,435
3.40%, 3/7/2029		50,000		46,375
2.35%, 6/24/2040		133,000		88,940
4.90%, 5/17/2044		55,000		50,486
2.75%, 12/10/2051		15,000		9,150

See Accompanying Notes to the Financial Statements.


382		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Pharmaceuticals – (continued)

Mylan, Inc.
5.20%, 4/15/2048	$	37,000	$	29,198

Novartis Capital Corp.
2.00%, 2/14/2027		50,000		46,140
2.20%, 8/14/2030		35,000		29,605
2.75%, 8/14/2050		75,000		47,433

Pfizer Investment Enterprises Pte. Ltd.
4.45%, 5/19/2028		124,000		120,263
5.11%, 5/19/2043		30,000		27,927
5.34%, 5/19/2063		152,000		139,439

Pfizer, Inc.
0.80%, 5/28/2025		50,000		47,647
3.45%, 3/15/2029		50,000		46,482
1.75%, 8/18/2031		33,000		26,077
4.10%, 9/15/2038		275,000		237,785
7.20%, 3/15/2039		57,000		65,687
2.55%, 5/28/2040		33,000		22,438
2.70%, 5/28/2050		33,000		20,512

Sanofi SA
3.63%, 6/19/2028		15,000		14,277

Viatris, Inc.
3.85%, 6/22/2040		30,000		21,189
4.00%, 6/22/2050		23,000		15,049
				1,989,607

Professional Services – 0.1%

Equifax, Inc.
3.10%, 5/15/2030		37,000		32,231

Verisk Analytics, Inc.
3.63%, 5/15/2050		30,000		20,884
				53,115

Real Estate Management & Development – 0.1%

CBRE Services, Inc.
2.50%, 4/1/2031		20,000		16,229
5.95%, 8/15/2034		18,000		17,897
				34,126

Residential REITs – 0.8%

AvalonBay Communities, Inc.
REIT, 2.95%, 5/11/2026		100,000		95,053
REIT, 1.90%, 12/1/2028		40,000		34,492
REIT, 5.00%, 2/15/2033		14,000		13,410
REIT, 4.35%, 4/15/2048		10,000		8,081


Investments	Principal Amount		Value

Residential REITs – (continued)

ERP Operating LP
REIT, 4.15%, 12/1/2028	$	30,000	$	28,561
REIT, 3.00%, 7/1/2029		67,000		59,796
REIT, 1.85%, 8/1/2031		8,000		6,346

Essex Portfolio LP
REIT, 1.65%, 1/15/2031		50,000		38,650

UDR, Inc.
REIT, 4.40%, 1/26/2029		37,000		35,132
				319,521

Retail REITs – 0.6%

Brixmor Operating Partnership LP
REIT, 3.90%, 3/15/2027		33,000		31,255
REIT, 2.25%, 4/1/2028		30,000		26,230
REIT, 2.50%, 8/16/2031		7,000		5,607
REIT, 5.50%, 2/15/2034		7,000		6,681

Federal Realty OP LP
REIT, 1.25%, 2/15/2026		67,000		61,954
REIT, 3.50%, 6/1/2030		10,000		8,835
REIT, 3.63%, 8/1/2046		10,000		6,384

Kimco Realty OP LLC
REIT, 6.40%, 3/1/2034		60,000		62,082

Regency Centers LP
REIT, 4.13%, 3/15/2028		15,000		14,243
REIT, 3.70%, 6/15/2030		26,000		23,388
REIT, 4.65%, 3/15/2049		10,000		8,140
				254,799

Semiconductors & Semiconductor Equipment – 2.4%

Intel Corp.
3.75%, 3/25/2027		100,000		95,864
2.00%, 8/12/2031		47,000		37,384
5.63%, 2/10/2043		54,000		52,486
3.73%, 12/8/2047		47,000		33,665
4.75%, 3/25/2050		197,000		165,329
3.05%, 8/12/2051		35,000		21,553
4.95%, 3/25/2060		48,000		40,914

QUALCOMM, Inc.
3.45%, 5/20/2025		50,000		49,085

TSMC Arizona Corp.
1.75%, 10/25/2026		200,000		183,049
3.88%, 4/22/2027		280,000		269,027
				948,356

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			383

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Software – 3.0%

Adobe, Inc.
2.30%, 2/1/2030	$	33,000	$	28,373

Autodesk, Inc.
2.85%, 1/15/2030		20,000		17,427

Microsoft Corp.
2.40%, 8/8/2026		60,000		56,533
3.30%, 2/6/2027		263,000		251,916
3.45%, 8/8/2036		33,000		28,100
4.50%, 6/15/2047(c)		15,000		13,333
2.53%, 6/1/2050		180,000		110,156
2.92%, 3/17/2052		40,000		26,364
2.68%, 6/1/2060		113,000		66,301
3.04%, 3/17/2062		55,000		35,100

Oracle Corp.
3.60%, 4/1/2040		140,000		104,901
5.55%, 2/6/2053		120,000		110,286
4.10%, 3/25/2061		115,000		79,993

Salesforce, Inc.
1.50%, 7/15/2028		50,000		43,243
2.90%, 7/15/2051		54,000		33,908

VMware LLC
1.40%, 8/15/2026		100,000		90,938
2.20%, 8/15/2031		100,000		79,056

Workday, Inc.
3.70%, 4/1/2029		30,000		27,700
				1,203,628

Specialized REITs – 0.8%

Equinix, Inc.
REIT, 3.20%, 11/18/2029		70,000		61,718
REIT, 3.90%, 4/15/2032		140,000		123,819

Public Storage Operating Co.
REIT, 5.13%, 1/15/2029		60,000		59,624
REIT, 5.10%, 8/1/2033		20,000		19,375

Weyerhaeuser Co.
REIT, 4.00%, 4/15/2030		30,000		27,653
REIT, 3.38%, 3/9/2033		30,000		25,328
				317,517

Specialty Retail – 2.1%

Dick’s Sporting Goods, Inc.
3.15%, 1/15/2032		5,000		4,125
4.10%, 1/15/2052		10,000		6,785


Investments	Principal Amount		Value

Specialty Retail – (continued)

Home Depot, Inc. (The)
3.30%, 4/15/2040	$	100,000	$	75,901
4.50%, 12/6/2048		20,000		16,933
4.95%, 9/15/2052		180,000		162,792

Lowe’s Cos., Inc.
2.50%, 4/15/2026		203,000		192,230
3.65%, 4/5/2029		50,000		46,383
2.63%, 4/1/2031		50,000		41,886
5.00%, 4/15/2033		77,000		74,365
5.15%, 7/1/2033		25,000		24,407
5.50%, 10/15/2035		33,000		32,850
2.80%, 9/15/2041		138,000		93,111
3.00%, 10/15/2050		33,000		20,272
4.45%, 4/1/2062		26,000		19,865
5.85%, 4/1/2063		14,000		13,551

Tiffany & Co.
4.90%, 10/1/2044		10,000		8,924

Tractor Supply Co.
5.25%, 5/15/2033		10,000		9,774
				844,154

Technology Hardware, Storage & Peripherals – 2.3%

Apple, Inc.
3.25%, 2/23/2026		84,000		81,166
2.38%, 2/8/2041		130,000		87,331
4.45%, 5/6/2044		114,000		102,371
4.65%, 2/23/2046		208,000		187,463
4.85%, 5/10/2053		100,000		92,758
4.10%, 8/8/2062		47,000		36,916

Dell International LLC
8.10%, 7/15/2036		110,000		128,177
3.38%, 12/15/2041		30,000		21,391

HP, Inc.
2.65%, 6/17/2031		19,000		15,656
5.50%, 1/15/2033		100,000		98,484
6.00%, 9/15/2041		53,000		52,588
				904,301

Textiles, Apparel & Luxury Goods – 0.4%

NIKE, Inc.
2.85%, 3/27/2030		20,000		17,665
3.25%, 3/27/2040		50,000		38,295

PVH Corp.
4.63%, 7/10/2025		20,000		19,648

See Accompanying Notes to the Financial Statements.


384		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Textiles, Apparel & Luxury Goods – (continued)

Ralph Lauren Corp.
2.95%, 6/15/2030	$	14,000	$	12,256

Tapestry, Inc.
7.70%, 11/27/2030		35,000		36,322

VF Corp.
2.80%, 4/23/2027		15,000		13,429
2.95%, 4/23/2030		26,000		20,695
				158,310

Water Utilities – 0.5%

American Water Capital Corp.
3.75%, 9/1/2028		10,000		9,389
2.80%, 5/1/2030		30,000		25,862
2.30%, 6/1/2031		100,000		81,216
4.20%, 9/1/2048		5,000		3,996

Essential Utilities, Inc.
2.70%, 4/15/2030		48,000		40,816
5.38%, 1/15/2034		10,000		9,630
5.30%, 5/1/2052		10,000		8,863
				179,772

Wireless Telecommunication Services – 0.4%

Vodafone Group plc
5.00%, 5/30/2038		23,000		21,504
5.25%, 5/30/2048		40,000		36,081
5.63%, 2/10/2053		96,000		89,862
				147,447
Total Corporate Bonds (Cost $41,027,784)				38,589,517

Total Investments – 96.8% (Cost $41,027,784)				38,589,517

Other assets less liabilities – 3.2%				1,270,250
NET ASSETS – 100.0%			$	39,859,767

^(a)

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

^(b)

^(c)

^(d)

Represents less than 0.05% of net assets.

Percentages shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust



Aggregate gross unrealized appreciation	$	79,477
Aggregate gross unrealized depreciation		(2,587,543	)
Net unrealized depreciation	$	(2,508,066	)
Federal income tax cost	$	41,097,583


Security Type	% of Net Assets
Corporate Bonds		96.8	%
Others⁽¹⁾		3.2
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			385

Schedule of Investments

FlexShares^® Ultra-Short Income Fund

April 30, 2024 (Unaudited)


Investments	Principal Amount		Value

CORPORATE BONDS – 92.1%

Aerospace & Defense – 2.1%

General Dynamics Corp.
2.38%, 11/15/2024	$	9,000,000	$	8,845,114

General Electric Co.
Series A, (CME Term SOFR 3 Month + 0.56%), 5.89%, 5/13/2024(a)		3,000,000		3,000,131

L3Harris Technologies, Inc.
3.95%, 5/28/2024		4,065,000		4,059,328
3.83%, 4/27/2025		2,700,000		2,652,752

Northrop Grumman Corp.
2.93%, 1/15/2025		5,673,000		5,564,201

RTX Corp.
3.15%, 12/15/2024		97,000		95,451
				24,216,977

Automobiles – 3.5%

BMW US Capital LLC
(United States SOFR Compounded Index + 0.55%), 5.88%, 4/2/2026(a)(b)		8,500,000		8,523,598

Hyundai Capital America
0.88%, 6/14/2024(b)		1,000,000		994,070
(SOFR + 1.50%), 6.84%, 1/8/2027(a) (b)		9,000,000		9,129,855

Kia Corp.
2.38%, 2/14/2025(b)		730,000		710,516

Mercedes-Benz Finance North America LLC
(SOFR + 0.93%), 6.27%, 3/30/2025(a) (b)		5,000,000		5,027,742
(SOFR + 0.57%), 5.95%, 8/1/2025(a) (b)		7,000,000		7,014,518

Nissan Motor Acceptance Co. LLC
1.13%, 9/16/2024(b)		900,000		882,170

Volkswagen Group of America Finance LLC
(SOFR + 0.95%), 6.31%, 6/7/2024(a) (b)		2,690,000		2,691,831
(SOFR + 0.83%), 6.18%, 3/20/2026(a) (b)		5,500,000		5,509,405
				40,483,705


Investments	Principal Amount		Value

Banks – 23.6%

ANZ New Zealand Int’l Ltd.
(SOFR + 0.60%), 5.97%, 2/18/2025(a) (b)	$	1,450,000	$	1,453,151

Australia & New Zealand Banking Group Ltd.
5.38%, 7/3/2025		4,290,000		4,283,158
(SOFR + 0.64%), 5.98%, 10/3/2025(a) (b)		500,000		501,804
5.09%, 12/8/2025		1,505,000		1,497,237

Banco Santander SA
(SOFR + 1.24%), 6.60%, 5/24/2024(a)		5,800,000		5,803,579
2.71%, 6/27/2024		2,600,000		2,588,266
5.15%, 8/18/2025		1,400,000		1,383,237

Bank of America NA
(SOFR + 0.78%), 6.15%, 8/18/2025(a)		3,850,000		3,867,730

Bank of Montreal
2.50%, 6/28/2024		1,500,000		1,492,419
Series H, 4.25%, 9/14/2024		4,500,000		4,473,963
(United States SOFR Compounded Index + 0.95%), 6.30%, 9/25/2025(a)		5,700,000		5,736,480
(United States SOFR Compounded Index + 0.62%), 5.98%, 9/15/2026(a)		3,300,000		3,296,129

Bank of New Zealand
(SOFR + 0.81%), 6.13%, 1/27/2027(a) (b)		4,000,000		3,992,662

Bank of Nova Scotia (The)
(SOFR + 0.46%), 5.80%, 1/10/2025(a)		4,355,000		4,359,647
(United States SOFR Compounded Index + 0.55%), 5.91%, 3/2/2026(a)		5,000,000		4,998,074
(SOFR + 0.61%), 5.97%, 9/15/2026(a)		1,780,000		1,775,645

Banque Federative du Credit Mutuel SA
(SOFR + 1.13%), 6.46%, 1/23/2027(a) (b)		2,940,000		2,969,165

See Accompanying Notes to the Financial Statements.


386		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Ultra-Short Income Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Banks – (continued)

Barclays plc
(SOFR + 1.49%), 6.85%, 3/12/2028(a)	$	10,000,000	$	10,086,600

Canadian Imperial Bank of Commerce
(United States SOFR Compounded Index + 0.94%), 6.28%, 4/7/2025(a)		7,674,000		7,716,458

Citibank NA
(United States SOFR Compounded Index + 1.06%), 6.42%, 12/4/2026(a)		3,000,000		3,036,875

Citigroup, Inc.
(SOFR + 0.69%), 6.08%, 10/30/2024(a)		3,500,000		3,504,532
(SOFR + 0.67%), 6.06%, 5/1/2025(a)		900,000		900,013
(SOFR + 1.37%), 6.74%, 5/24/2025(a)		1,300,000		1,300,858
(SOFR + 0.69%), 6.02%, 1/25/2026(a)		2,400,000		2,404,413

Commonwealth Bank of Australia
(SOFR + 0.74%), 6.10%, 3/14/2025(a) (b)		5,000,000		5,021,045
(SOFR + 0.40%), 5.74%, 7/7/2025(a) (b)		1,800,000		1,801,526
(SOFR + 0.52%), 5.88%, 6/15/2026(a) (b)		1,900,000		1,900,517

Cooperatieve Rabobank UA
(United States SOFR Compounded Index + 0.90%), 6.24%, 10/5/2026(a)		5,000,000		5,040,969

Credit Agricole SA
3.25%, 10/4/2024(b)		3,000,000		2,967,541
(SOFR + 0.87%), 6.23%, 3/11/2027(a) (b)		6,670,000		6,693,837

Danske Bank A/S
6.47%, 1/9/2026(b) (c)		6,980,000		6,989,010

Fifth Third Bank NA
5.85%, 10/27/2025(c)		8,500,000		8,486,326


Investments	Principal Amount		Value

Banks – (continued)

HSBC Holdings plc
(SOFR + 1.43%), 6.78%, 3/10/2026(a)	$	7,000,000	$	7,047,106

HSBC USA, Inc.
(SOFR + 0.96%), 6.32%, 3/4/2027(a)		2,500,000		2,513,775

ING Groep NV
(United States SOFR Compounded Index + 1.01%), 6.34%, 4/1/2027(a)		5,582,000		5,605,008

JPMorgan Chase & Co.
0.77%, 8/9/2025(c)		1,000,000		985,569
(SOFR + 0.60%), 5.96%, 12/10/2025(a)		1,000,000		1,001,055
(SOFR + 0.92%), 6.29%, 2/24/2026(a)		7,000,000		7,038,150
(SOFR + 0.77%), 6.12%, 9/22/2027(a)		2,500,000		2,500,044

KeyBank NA
(United States SOFR Compounded Index + 0.32%), 5.68%, 6/14/2024(a)		7,450,000		7,445,718

Lloyds Banking Group plc
4.72%, 8/11/2026(c)		2,300,000		2,263,822

Mitsubishi UFJ Financial Group, Inc.
4.79%, 7/18/2025(c)		2,000,000		1,994,340
(SOFR + 0.94%), 6.30%, 2/20/2026(a)		5,000,000		5,013,736
(SOFR + 1.44%), 6.76%, 4/17/2026(a)		2,500,000		2,520,071

Morgan Stanley Bank NA
5.48%, 7/16/2025		3,000,000		2,998,676

National Australia Bank Ltd.
(SOFR + 0.86%), 6.22%, 6/9/2025(a) (b)		5,200,000		5,228,144
(SOFR + 0.65%), 5.98%, 1/12/2027(a) (b)		4,000,000		4,011,026

NatWest Markets plc
(SOFR + 0.53%), 5.91%, 8/12/2024(a) (b)		600,000		600,214

Nordea Bank Abp
(SOFR + 0.96%), 6.32%, 6/6/2025(a) (b)		2,000,000		2,013,860

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			387

FlexShares^® Ultra-Short Income Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Banks – (continued)

Royal Bank of Canada
3.97%, 7/26/2024	$	5,000,000	$	4,980,853
4.95%, 4/25/2025		3,000,000		2,981,458
(United States SOFR Compounded Index + 0.53%), 5.85%, 1/20/2026(a)		2,750,000		2,754,235
(United States SOFR Compounded Index + 0.57%), 5.89%, 4/27/2026(a)		2,000,000		2,000,526

Skandinaviska Enskilda Banken AB
(SOFR + 0.96%), 6.32%, 6/9/2025(a) (b)		1,000,000		1,005,091
(SOFR + 0.89%), 6.25%, 3/5/2027(a) (b)		3,000,000		3,022,510

Societe Generale SA
2.63%, 10/16/2024(b)		1,000,000		983,783

Standard Chartered plc
6.17%, 1/9/2027(b) (c)		2,100,000		2,104,867

Sumitomo Mitsui Financial Group, Inc.
2.70%, 7/16/2024		7,000,000		6,956,384
(SOFR + 0.88%), 6.20%, 1/14/2027(a)		1,480,000		1,490,838

Svenska Handelsbanken AB
(SOFR + 0.91%), 6.27%, 6/10/2025(a) (b)		7,000,000		7,035,783

Swedbank AB
(United States SOFR Compounded Index + 1.38%), 6.74%, 6/15/2026(a) (b)		5,160,000		5,237,827

Toronto-Dominion Bank (The)
4.29%, 9/13/2024		3,000,000		2,985,870
(SOFR + 0.41%), 5.75%, 1/10/2025(a)		2,777,000		2,778,547
(SOFR + 1.02%), 6.38%, 6/6/2025(a)		3,000,000		3,020,943
(SOFR + 0.48%), 5.82%, 10/10/2025(a)		6,000,000		6,011,100
(SOFR + 0.59%), 5.95%, 9/10/2026(a)		2,000,000		1,997,731


Investments	Principal Amount		Value

Banks – (continued)

Truist Financial Corp.
(SOFR + 0.40%), 5.76%, 6/9/2025(a)	$	3,750,000	$	3,742,369

US Bancorp
2.40%, 7/30/2024		2,913,000		2,890,192

US Bank NA
2.80%, 1/27/2025		1,250,000		1,223,646

Wells Fargo & Co.
(SOFR + 1.32%), 6.64%, 4/25/2026(a)		5,600,000		5,652,406

Wells Fargo Bank NA
5.55%, 8/1/2025		1,250,000		1,250,662
(SOFR + 0.80%), 6.19%, 8/1/2025(a)		3,125,000		3,137,334
(SOFR + 0.71%), 6.04%, 1/15/2026(a)		1,475,000		1,480,197

Westpac Banking Corp.
(SOFR + 1.00%), 6.37%, 8/26/2025(a)		5,000,000		5,042,290
(SOFR + 0.72%), 6.09%, 11/17/2025(a)		2,350,000		2,358,681
(SOFR + 0.52%), 5.89%, 6/3/2026(a)		2,568,000		2,563,533
				269,792,836

Beverages – 3.3%

Constellation Brands, Inc.
3.60%, 5/9/2024		2,656,000		2,654,602

Diageo Capital plc
2.13%, 10/24/2024		7,000,000		6,886,510

Keurig Dr Pepper, Inc.
(United States SOFR Compounded Index + 0.88%), 6.24%, 3/15/2027(a)		10,000,000		10,068,800

Pepsico Singapore Financing I Pte. Ltd.
(United States SOFR Compounded Index + 0.56%), 5.94%, 2/16/2027(a)		12,200,000		12,206,337

PepsiCo, Inc.
(United States SOFR Compounded Index + 0.40%), 5.78%, 11/12/2024(a)		3,330,000		3,334,196

See Accompanying Notes to the Financial Statements.


388		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Ultra-Short Income Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Beverages – (continued)
(United States SOFR Compounded Index + 0.40%), 5.78%, 2/13/2026(a)	$	3,000,000	$	3,005,221
				38,155,666

Biotechnology – 1.5%

AbbVie, Inc.
2.60%, 11/21/2024		8,638,000		8,500,348

Amgen, Inc.
3.63%, 5/22/2024		8,000,000		7,990,361
5.25%, 3/2/2025		1,000,000		996,100
				17,486,809

Broadline Retail – 0.9%

eBay, Inc.
3.45%, 8/1/2024		8,100,000		8,052,117
1.90%, 3/11/2025		1,700,000		1,647,305
				9,699,422

Building Products – 1.9%

Carlisle Cos., Inc.
3.50%, 12/1/2024		3,608,000		3,557,334

Carrier Global Corp.
5.80%, 11/30/2025		1,290,000		1,292,382

Johnson Controls International plc
3.62%, 7/2/2024(d)		8,526,000		8,495,740

Trane Technologies Financing Ltd.
3.55%, 11/1/2024		8,000,000		7,912,734
				21,258,190

Capital Markets – 6.5%

Bank of New York Mellon Corp. (The)
2.10%, 10/24/2024		3,000,000		2,951,971
Series J, (SOFR + 0.20%), 5.52%, 10/25/2024(a)		2,800,000		2,799,902

Blackstone Private Credit Fund
2.70%, 1/15/2025		800,000		780,344


Investments	Principal Amount		Value

Capital Markets – (continued)

Charles Schwab Corp. (The)
(United States SOFR Compounded Index + 0.52%), 5.90%, 5/13/2026(a)	$	1,000,000	$	998,913
(United States SOFR Compounded Index + 1.05%), 6.41%, 3/3/2027(a)		6,500,000		6,555,066

Credit Suisse AG
3.63%, 9/9/2024		1,500,000		1,488,580
7.95%, 1/9/2025		720,000		729,691
3.70%, 2/21/2025		4,000,000		3,932,036

Deutsche Bank AG
0.90%, 5/28/2024		1,100,000		1,096,312

FS KKR Capital Corp.
1.65%, 10/12/2024		980,000		960,130

Goldman Sachs Group, Inc. (The)
3.85%, 7/8/2024		1,000,000		996,437
(SOFR + 0.51%), 5.86%, 9/10/2024(a)		2,600,000		2,601,209
5.70%, 11/1/2024		3,000,000		3,000,626
3.50%, 4/1/2025		1,500,000		1,470,101

Macquarie Group Ltd.
6.21%, 11/22/2024(b)		2,700,000		2,705,357
(SOFR + 0.71%), 6.04%, 10/14/2025(a) (b)		5,000,000		4,996,440

Moody’s Corp.
3.75%, 3/24/2025		8,212,000		8,069,238

Morgan Stanley
1.16%, 10/21/2025(c)		500,000		488,547
(SOFR + 0.95%), 6.32%, 2/18/2026(a)		3,111,000		3,125,559
(SOFR + 1.02%), 6.35%, 4/13/2028(a)		4,000,000		4,022,960

Nasdaq, Inc.
5.65%, 6/28/2025		2,500,000		2,497,019

State Street Corp.
(United States SOFR Compounded Index + 0.85%), 6.23%, 8/3/2026(a)		10,000,000		10,074,922

UBS AG
0.70%, 8/9/2024(b)		200,000		197,247

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			389

FlexShares^® Ultra-Short Income Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Capital Markets – (continued)

UBS Group AG
(SOFR + 1.58%), 6.96%, 5/12/2026(a) (b)	$	6,000,000	$	6,050,457
6.37%, 7/15/2026(b) (c)		1,900,000		1,906,933
				74,495,997

Chemicals – 1.9%

Nutrien Ltd.
5.90%, 11/7/2024		6,965,000		6,967,467
3.00%, 4/1/2025		2,000,000		1,950,080
5.95%, 11/7/2025		1,020,000		1,024,938

Sherwin-Williams Co. (The)
4.05%, 8/8/2024		7,400,000		7,365,686

Westlake Corp.
0.88%, 8/15/2024		4,700,000		4,633,733
				21,941,904

Commercial Services & Supplies – 1.5%

Element Fleet Management Corp.
6.27%, 6/26/2026(b)		2,820,000		2,834,780

Republic Services, Inc.
2.50%, 8/15/2024		8,000,000		7,923,937

Waste Management, Inc.
3.13%, 3/1/2025		6,987,000		6,852,715
				17,611,432

Consumer Finance – 8.2%

AerCap Ireland Capital DAC
2.88%, 8/14/2024		2,000,000		1,983,361
1.65%, 10/29/2024		6,750,000		6,608,828

American Express Co.
(United States SOFR Compounded Index + 0.72%), 6.11%, 5/3/2024(a)		3,000,000		3,000,044
2.50%, 7/30/2024		2,000,000		1,984,224
(United States SOFR Compounded Index + 0.93%), 6.29%, 3/4/2025(a)		1,914,000		1,928,261
(United States SOFR Compounded Index + 1.35%), 6.67%, 10/30/2026(a)		3,500,000		3,541,247


Investments	Principal Amount		Value

Consumer Finance – (continued)

American Honda Finance Corp.
0.55%, 7/12/2024	$	2,000,000	$	1,980,598
0.75%, 8/9/2024		2,000,000		1,974,128
2.15%, 9/10/2024		3,764,000		3,717,843
(United States SOFR Compounded Index + 0.79%), 6.13%, 10/3/2025(a)		2,100,000		2,109,756

Capital One Financial Corp.
3.20%, 2/5/2025		4,000,000		3,921,612
(SOFR + 1.35%), 6.73%, 5/9/2025(a)		2,000,000		2,000,246

Caterpillar Financial Services Corp.
(SOFR + 0.52%), 5.88%, 6/13/2025(a)		5,000,000		5,017,980
(SOFR + 0.46%), 5.83%, 2/27/2026(a)		10,000,000		10,024,493

Ford Motor Credit Co. LLC
4.06%, 11/1/2024		2,019,000		1,999,001
(SOFR + 2.95%), 8.31%, 3/6/2026(a)		3,300,000		3,409,211

General Motors Financial Co., Inc.
1.20%, 10/15/2024		1,500,000		1,469,173
3.50%, 11/7/2024		2,600,000		2,569,100
(United States SOFR Compounded Index + 1.30%), 6.64%, 4/7/2025(a)		1,906,000		1,922,735
(United States SOFR Compounded Index + 1.35%), 6.73%, 5/8/2027(a)		1,000,000		1,008,280

John Deere Capital Corp.
(SOFR + 0.20%), 5.52%, 10/11/2024(a)		2,500,000		2,500,550
(SOFR + 0.56%), 5.91%, 3/7/2025(a)		1,720,000		1,725,329
(SOFR + 0.44%), 5.79%, 3/6/2026(a)		10,000,000		10,027,657
(United States SOFR Compounded Index + 0.79%), 6.14%, 6/8/2026(a)		1,300,000		1,311,972

Synchrony Financial
4.88%, 6/13/2025		1,493,000		1,468,132

See Accompanying Notes to the Financial Statements.


390		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Ultra-Short Income Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Consumer Finance – (continued)

Toyota Motor Credit Corp.
Series B, (SOFR + 0.29%), 5.65%, 9/13/2024(a)	$	3,000,000	$	2,999,941
(SOFR + 0.32%), 5.65%, 1/13/2025(a)		7,000,000		7,003,256
(SOFR + 0.65%), 6.01%, 9/11/2025(a)		5,000,000		5,021,333
				94,228,291

Consumer Staples Distribution & Retail – 1.4%

Dollar General Corp.
4.25%, 9/20/2024		8,199,000		8,147,878

Dollar Tree, Inc.
4.00%, 5/15/2025		8,000,000		7,856,294
				16,004,172

Containers & Packaging – 0.7%

Avery Dennison Corp.
0.85%, 8/15/2024		8,190,000		8,069,918

Diversified Telecommunication Services – 0.7%

AT&T, Inc.
(CME Term SOFR 3 Month + 1.44%), 6.76%, 6/12/2024(a)		3,550,000		3,553,976

Verizon Communications, Inc.
3.38%, 2/15/2025		1,351,000		1,327,057
(United States SOFR Compounded Index + 0.79%), 6.14%, 3/20/2026(a)		2,790,000		2,810,116
				7,691,149

Electric Utilities – 1.6%

Eversource Energy
4.20%, 6/27/2024		6,924,000		6,906,085

Mississippi Power Co.
Series A, (SOFR + 0.30%), 5.65%, 6/28/2024(a)		950,000		950,028

NextEra Energy Capital Holdings, Inc.
4.20%, 6/20/2024		3,000,000		2,993,192
6.05%, 3/1/2025		2,950,000		2,955,841


Investments	Principal Amount		Value

Electric Utilities – (continued)
(United States SOFR Compounded Index + 0.76%), 6.08%, 1/29/2026(a)	$	4,000,000	$	4,009,777
				17,814,923

Electronic Equipment, Instruments & Components – 0.1%

Tyco Electronics Group SA
3.45%, 8/1/2024		1,347,000		1,339,044

Entertainment – 2.1%

Netflix, Inc.
5.88%, 2/15/2025		2,552,000		2,560,924
3.63%, 6/15/2025(b)		5,000,000		4,889,488

Take-Two Interactive Software, Inc.
3.55%, 4/14/2025		7,380,000		7,230,243

Walt Disney Co. (The)
3.35%, 3/24/2025		9,000,000		8,827,851
				23,508,506

Financial Services – 1.7%

Corebridge Financial, Inc.
3.50%, 4/4/2025		2,300,000		2,251,664

Fiserv, Inc.
2.75%, 7/1/2024		2,649,000		2,635,029

Global Payments, Inc.
1.50%, 11/15/2024		240,000		234,589

JPMorgan Chase Bank NA
(SOFR + 0.62%), 5.94%, 4/29/2026(a)		6,500,000		6,516,021
(SOFR + 1.00%), 6.36%, 12/8/2026(a)		2,000,000		2,025,253

NTT Finance Corp.
4.14%, 7/26/2024(b)		5,050,000		5,030,818

PayPal Holdings, Inc.
2.40%, 10/1/2024		1,080,000		1,065,568
				19,758,942

Food Products – 2.6%

Campbell Soup Co.
5.30%, 3/20/2026		960,000		955,880

General Mills, Inc.
4.00%, 4/17/2025		4,000,000		3,937,497

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			391

FlexShares^® Ultra-Short Income Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Food Products – (continued)

Hormel Foods Corp.
0.65%, 6/3/2024	$	4,620,000	$	4,600,153

J M Smucker Co. (The)
3.50%, 3/15/2025		6,400,000		6,281,513

McCormick & Co., Inc.
3.15%, 8/15/2024		5,000,000		4,960,741
0.90%, 2/15/2026		620,000		571,810

Tyson Foods, Inc.
3.95%, 8/15/2024		8,250,000		8,204,994
				29,512,588

Ground Transportation – 1.6%

Canadian Pacific Railway Co.
1.35%, 12/2/2024		7,410,000		7,226,621
2.90%, 2/1/2025		2,600,000		2,544,183

CSX Corp.
3.40%, 8/1/2024		6,628,000		6,591,771

Ryder System, Inc.
2.50%, 9/1/2024		2,165,000		2,140,259
				18,502,834

Health Care Equipment & Supplies – 2.7%

Baxter International, Inc.
1.32%, 11/29/2024		8,000,000		7,795,315
(United States SOFR Compounded Index + 0.44%), 5.81%, 11/29/2024(a)		1,435,000		1,434,585

Becton Dickinson & Co.
3.36%, 6/6/2024		6,800,000		6,783,507

GE HealthCare Technologies, Inc.
5.55%, 11/15/2024		7,000,000		6,988,946

Zimmer Biomet Holdings, Inc.
1.45%, 11/22/2024		8,350,000		8,152,893
				31,155,246

Health Care Providers & Services – 2.5%

Aetna, Inc.
3.50%, 11/15/2024		830,000		819,905

Elevance Health, Inc.
3.50%, 8/15/2024		5,100,000		5,066,649
3.35%, 12/1/2024		2,485,000		2,452,151

Humana, Inc.
3.85%, 10/1/2024		5,000,000		4,958,669


Investments	Principal Amount		Value

Health Care Providers & Services – (continued)

Laboratory Corp. of America Holdings
3.25%, 9/1/2024	$	5,000,000	$	4,955,422
3.60%, 2/1/2025		1,700,000		1,670,540

McKesson Corp.
0.90%, 12/3/2025		7,439,000		6,914,862

UnitedHealth Group, Inc.
0.55%, 5/15/2024		1,580,000		1,577,137
				28,415,335

Household Durables – 1.0%

DR Horton, Inc.
2.50%, 10/15/2024		9,200,000		9,072,006

Whirlpool Corp.
3.70%, 5/1/2025		2,500,000		2,452,507
				11,524,513

Insurance – 1.0%

Aon Global Ltd.
3.50%, 6/14/2024		9,000,000		8,977,487

New York Life Global Funding
(United States SOFR Compounded Index + 0.33%), 5.66%, 1/14/2025(a)(b)		2,000,000		2,000,868

Security Benefit Global Funding
1.25%, 5/17/2024(b)		650,000		648,708
				11,627,063

IT Services – 0.0%(e)

International Business Machines Corp.
3.00%, 5/15/2024		500,000		499,499

Life Sciences Tools & Services – 0.9%

Thermo Fisher Scientific, Inc.
1.22%, 10/18/2024		10,090,000		9,891,396

Machinery – 2.0%

AGCO Corp.
5.45%, 3/21/2027		1,150,000		1,146,042

CNH Industrial Capital LLC
3.95%, 5/23/2025		1,290,000		1,263,862

Daimler Truck Finance North America LLC
5.20%, 1/17/2025(b)		4,265,000		4,246,397

See Accompanying Notes to the Financial Statements.


392		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Ultra-Short Income Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Machinery – (continued)

Otis Worldwide Corp.
2.06%, 4/5/2025	$	7,150,000	$	6,913,474

Parker-Hannifin Corp.
3.65%, 6/15/2024		7,600,000		7,576,068

Stanley Black & Decker, Inc.
6.27%, 3/6/2026		2,020,000		2,020,066
				23,165,909

Media – 0.5%

Fox Corp.
3.05%, 4/7/2025		6,000,000		5,852,994

Metals & Mining – 0.4%

Steel Dynamics, Inc.
2.80%, 12/15/2024		4,800,000		4,711,684

Multi-Utilities – 0.5%

Black Hills Corp.
1.04%, 8/23/2024		960,000		945,378

CenterPoint Energy, Inc.
(United States SOFR Compounded Index + 0.65%), 6.03%, 5/13/2024(a)		380,000		380,043

DTE Energy Co.
4.22%, 11/1/2024(d)		4,700,000		4,658,643
				5,984,064

Oil, Gas & Consumable Fuels – 3.1%

Boardwalk Pipelines LP
4.95%, 12/15/2024		3,800,000		3,777,327

Enterprise Products Operating LLC
5.05%, 1/10/2026		720,000		716,034

Kinder Morgan Energy Partners LP
4.25%, 9/1/2024		6,870,000		6,829,685

Phillips 66 Co.
2.45%, 12/15/2024		1,109,000		1,086,184
3.61%, 2/15/2025		8,820,000		8,674,955

Sabine Pass Liquefaction LLC
5.63%, 3/1/2025		5,070,000		5,054,562

TransCanada PipeLines Ltd.
1.00%, 10/12/2024		9,010,000		8,819,446
				34,958,193


Investments	Principal Amount		Value

Paper & Forest Products – 0.2%

Georgia-Pacific LLC
0.63%, 5/15/2024(b)	$	2,200,000	$	2,195,876

Personal Care Products – 0.3%

Kenvue, Inc.
5.50%, 3/22/2025		3,305,000		3,305,249

Pharmaceuticals – 0.9%

Bristol-Myers Squibb Co.
(SOFR + 0.49%), 5.86%, 2/20/2026(a)		3,182,000		3,193,259

Roche Holdings, Inc.
(SOFR + 0.74%), 6.12%, 11/13/2026(a) (b)		6,880,000		6,924,005
				10,117,264

Retail REITs – 0.5%

Kimco Realty OP LLC
REIT, 3.30%, 2/1/2025		6,000,000		5,888,877

Semiconductors & Semiconductor Equipment – 0.7%

Analog Devices, Inc.
(United States SOFR Compounded Index + 0.25%), 5.58%, 10/1/2024(a)		610,000		609,986
2.95%, 4/1/2025		2,000,000		1,954,188

KLA Corp.
4.65%, 11/1/2024		3,579,000		3,560,657

Microchip Technology, Inc.
0.98%, 9/1/2024		1,870,000		1,840,337
				7,965,168

Software – 2.1%

Adobe, Inc.
1.90%, 2/1/2025		2,900,000		2,824,850

Autodesk, Inc.
4.38%, 6/15/2025		2,000,000		1,975,437

Intuit, Inc.
0.95%, 7/15/2025		905,000		856,910
5.25%, 9/15/2026		4,950,000		4,960,052

Oracle Corp.
2.95%, 11/15/2024		9,031,000		8,897,165

Roper Technologies, Inc.
2.35%, 9/15/2024		5,000,000		4,937,125
				24,451,539

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			393

FlexShares^® Ultra-Short Income Fund (cont.)


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Specialized REITs – 0.8%

Public Storage Operating Co.
REIT, (United States SOFR Compounded Index + 0.60%), 5.92%, 7/25/2025(a)	$	4,296,000	$	4,311,724
REIT, (United States SOFR Compounded Index + 0.70%), 6.03%, 4/16/2027(a)		4,180,000		4,194,484
				8,506,208

Specialty Retail – 1.0%

Home Depot, Inc. (The)
5.13%, 4/30/2025		1,960,000		1,957,015

Lowe’s Cos., Inc.
4.00%, 4/15/2025		4,085,000		4,024,166

Ross Stores, Inc.
4.60%, 4/15/2025		5,011,000		4,960,300
				10,941,481

Technology Hardware, Storage & Peripherals – 0.5%

Hewlett Packard Enterprise Co.
5.90%, 10/1/2024		6,200,000		6,201,788

Textiles, Apparel & Luxury Goods – 0.4%

VF Corp.
2.40%, 4/23/2025		5,000,000		4,822,996

Trading Companies & Distributors – 1.7%

Air Lease Corp.
0.80%, 8/18/2024		1,980,000		1,950,291
4.25%, 9/15/2024		5,000,000		4,968,201
2.30%, 2/1/2025		3,000,000		2,915,422

WW Grainger, Inc.
1.85%, 2/15/2025		9,490,000		9,217,748
				19,051,662

Wireless Telecommunication Services – 1.0%

Sprint LLC
7.13%, 6/15/2024		4,000,000		4,002,228

T-Mobile USA, Inc.
3.50%, 4/15/2025		7,000,000		6,853,753
				10,855,981
Total Corporate Bonds (Cost $1,052,808,872)				1,053,663,290


Investments	Principal Amount		Value

ASSET-BACKED SECURITIES – 3.9%

BMW Vehicle Lease Trust
Series 2023-1, Class A2, 5.27%, 2/25/2025	$	55,243	$	55,234
Series 2023-2, Class A2, 5.95%, 8/25/2025		805,731		806,405

Capital One Multi-Asset Execution Trust
Series 2021-A3, Class A3, 1.04%, 11/15/2026		2,900,000		2,828,885
Series 2022-A3, Class A, 4.95%, 10/15/2027		1,882,000		1,866,867

Carmax Auto Owner Trust
Series 2022-3, Class A2A, 3.81%, 9/15/2025		42,805		42,772

CarMax Auto Owner Trust
Series 2021-4, Class A3, 0.56%, 9/15/2026		1,517,630		1,472,195

Chase Issuance Trust
Series 2023-A1, Class A, 5.16%, 9/15/2028		1,900,000		1,887,424

Dell Equipment Finance Trust
Series 2023-1, Class A2, 5.65%, 9/22/2028(b)		1,076,333		1,076,325

Ford Credit Auto Lease Trust
Series 2022-A, Class A3, 3.23%, 5/15/2025		65,457		65,400

Ford Credit Auto Owner Trust
Series 2022-D, Class A2A, 5.37%, 8/15/2025		170,782		170,757
Series 2023-A, Class A2A, 5.14%, 3/15/2026		282,575		282,158
Series 2023-B, Class A2A, 5.57%, 6/15/2026		936,509		936,151

GM Financial Automobile Leasing Trust
Series 2022-2, Class A3, 3.42%, 6/20/2025		1,845,008		1,840,489
Series 2024-1, Class A3, 5.09%, 3/22/2027		1,018,000		1,010,779

GM Financial Consumer Automobile Receivables Trust
Series 2022-3, Class A2A, 3.50%, 9/16/2025		137,402		137,241
Series 2023-1, Class A2A, 5.19%, 3/16/2026		347,442		347,012

See Accompanying Notes to the Financial Statements.


394		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Ultra-Short Income Fund (cont.)


Investments	Principal Amount		Value

ASSET-BACKED SECURITIES – (continued)
Series 2021-2, Class A3, 0.51%, 4/16/2026	$	385,358	$	379,056
Series 2021-3, Class A3, 0.48%, 6/16/2026		571,355		559,002
Series 2023-3, Class A2A, 5.74%, 9/16/2026		305,713		305,648
Series 2022-1, Class A3, 1.26%, 11/16/2026		1,396,719		1,364,511
Series 2022-3, Class A3, 3.64%, 4/16/2027		323,000		317,601

Honda Auto Receivables Owner Trust
Series 2022-2, Class A2, 3.81%, 3/18/2025		39,727		39,694
Series 2023-3, Class A2, 5.71%, 3/18/2026		3,109,125		3,110,839
Series 2023-4, Class A2, 5.87%, 6/22/2026		3,000,000		3,005,740
Series 2024-1, Class A2, 5.36%, 9/15/2026		2,000,000		1,996,764

Hyundai Auto Receivables Trust
Series 2021-A, Class A3, 0.38%, 9/15/2025		317,446		315,565

John Deere Owner Trust
Series 2024-A, Class A1, 5.52%, 3/17/2025		778,103		778,073

Mercedes-Benz Auto Receivables Trust
Series 2022-1, Class A2, 5.26%, 10/15/2025		242,396		242,331
Series 2023-1, Class A2, 5.09%, 1/15/2026		190,455		190,298
Series 2021-1, Class A3, 0.46%, 6/15/2026		1,168,657		1,142,115
Series 2023-2, Class A2, 5.92%, 11/16/2026		2,000,000		2,003,008

Nissan Auto Receivables Owner Trust
Series 2022-B, Class A2, 4.50%, 8/15/2025		678,791		677,925

Santander Drive Auto Receivables Trust
Series 2023-1, Class A2, 5.36%, 5/15/2026		110,321		110,306


Investments	Principal Amount		Value

ASSET-BACKED SECURITIES – (continued)
Series 2023-3, Class A2, 6.08%, 8/17/2026	$	591,657	$	592,362
Series 2023-6, Class A2, 6.08%, 5/17/2027		1,558,501		1,561,069
Series 2024-2, Class A2, 5.80%, 9/15/2027		1,500,000		1,499,037

Toyota Auto Receivables Owner Trust
Series 2020-D, Class A4, 0.47%, 1/15/2026		589,490		581,300
Series 2022-D, Class A2A, 5.27%, 1/15/2026		445,506		445,148
Series 2023-C, Class A2A, 5.60%, 8/17/2026		1,098,784		1,098,786

Verizon Master Trust
Series 2021-1, Class A, 0.50%, 5/20/2027		3,000,000		2,991,939

Volkswagen Auto Lease Trust
Series 2023-A, Class A2A, 5.87%, 1/20/2026		1,821,310		1,822,931

World Omni Auto Receivables Trust
Series 2022-C, Class A2, 3.73%, 3/16/2026		456,278		454,992
Series 2021-B, Class A3, 0.42%, 6/15/2026		648,795		636,107
Series 2023-D, Class A2A, 5.91%, 2/16/2027		1,700,000		1,703,202
Total Asset-Backed Securities (Cost $44,521,061)				44,751,443



MUNICIPAL BONDS – 0.1%

Anaheim Public Financing Authority
Series 2021-A, 0.63%, 7/1/2024		500,000		495,837

New York City Transitional Finance Authority, Building Aid
Series 2022 Subseries S-1B, 0.64%, 7/15/2024		1,000,000		989,780
				1,485,617
Total Municipal Bonds (Cost $1,500,000)				1,485,617

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			395

FlexShares^® Ultra-Short Income Fund (cont.)


Investments	Principal Amount		Value

SHORT-TERM INVESTMENTS – 3.1%(f)

U.S. TREASURY OBLIGATIONS – 3.1%

U.S. Treasury Bills
5.30%, 5/21/2024	$	10,000,000	$	9,970,722
5.24%, 6/4/2024		10,000,000		9,950,157
5.31%, 7/18/2024		15,000,000		14,829,375
Total U.S. Treasury Obligations (Cost $34,751,739)				34,750,254
Total Investments – 99.2% (Cost $1,133,581,672)				1,134,650,604
Other assets less liabilities – 0.8%				9,064,010
NET ASSETS – 100.0%			$	1,143,714,614

^(a)

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2024.

^(b)

^(c)

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

^(d)

^(e)

Represents less than 0.05% of net assets.

^(f)

The rate shown was the current yield as of April 30, 2024.

Percentages shown are based on Net Assets.

Abbreviations

CME – Chicago Mercantile Exchange

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate



Aggregate gross unrealized appreciation	$	2,307,060
Aggregate gross unrealized depreciation		(1,238,128	)
Net unrealized appreciation	$	1,068,932
Federal income tax cost	$	1,133,581,672

FlexShares^® Ultra-Short Income invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2024:


Australia	3.7	%
Canada	8.3
Denmark	0.6
Finland	0.2
France	1.2
Germany	3.0
Ireland	0.7
Japan	2.0
Netherlands	0.9
New Zealand	0.5
South Korea	0.1
Spain	0.9
Sweden	1.4
Switzerland	1.2
United Kingdom	2.5
United States	72.0
Other¹	0.8
	100.0	%

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

See Accompanying Notes to the Financial Statements.


396		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Ultra-Short Income Fund (cont.)


Security Type	% of Net Assets
Corporate Bonds		92.1	%
Asset-Backed Securities		3.9
Municipal Bonds		0.1
Short-Term Investments		3.1
Others⁽¹⁾		0.8
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			397

Schedule of Investments

FlexShares^® Core Select Bond Fund

April 30, 2024 (Unaudited)


Investments	Shares		Value

EXCHANGE TRADED FUNDS – 99.9%

FlexShares^® Credit-Scored US Corporate Bond Index Fund(a)		261,607	$	12,274,025

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund(a)		19,869		823,968

FlexShares^® Disciplined Duration MBS Index Fund(a)		1,059,870		21,155,005

FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund(a)		148,803		3,498,358

FlexShares^® Ultra-Short Income Fund(a)		124,087		9,360,006

iShares 10+ Year Investment Grade Corporate Bond ETF(b)		964		47,043

iShares 1-3 Year Treasury Bond ETF		18,584		1,508,092

iShares 1-5 Year Investment Grade Corporate Bond ETF(b)		280,578		14,250,557

iShares 20+ Year Treasury Bond ETF		241,935		21,343,506

iShares 3-7 Year Treasury Bond ETF		178,211		20,226,948

iShares 5-10 Year Investment Grade Corporate Bond ETF(b)		121,390		6,098,634

iShares 7-10 Year Treasury Bond ETF		184,072		16,829,702

iShares MBS ETF		455,318		40,769,174
Total Exchange Traded Funds (Cost $176,544,389)				168,185,018
	Principal Amount

SECURITIES LENDING REINVESTMENTS – 0.2%(c)

REPURCHASE AGREEMENTS – 0.2%

CF Secured LLC, 5.31%, dated 4/30/2024, due 5/1/2024, repurchase price $388,707, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 6.75%, maturing 5/15/2024 – 2/15/2054; total market value $393,463 (Cost $388,650)	$	388,650		388,650


Investments	Principal Amount		Value

SHORT-TERM INVESTMENTS – 0.1%(d)(f)

U.S. TREASURY OBLIGATIONS – 0.1%

U.S. Treasury Bills 5.28%, 10/3/2024 (Cost $68,449)	$	70,000	$	68,438
Total Investments – 100.2% (Cost $177,001,488)				168,642,106

Liabilities in excess of other assets – (0.2%)				(258,201	)
NET ASSETS – 100.0%			$	168,383,905

^(a)

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

^(b)

The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 was $423,360, collateralized in the form of cash with a value of $388,650 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $45,193 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 5.52%, and maturity dates ranging from May 30, 2024 – August 15, 2053; a total value of $433,843.

^(c)

The security was purchased with cash collateral held from securities on loan at April 30, 2024. The total value of securities purchased was $388,650.

^(d)

The rate shown was the current yield as of April 30, 2024.

^(f)

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

Percentages shown are based on Net Assets.



Aggregate gross unrealized appreciation	$	149,090
Aggregate gross unrealized depreciation		(11,383,525	)
Net unrealized depreciation	$	(11,234,435	)
Federal income tax cost	$	179,775,542

See Accompanying Notes to the Financial Statements.


398		FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Core Select Bond Fund (cont.)

For the period ended April 30, 2024, the FlexShares^® Core Select Bond Fund was invested in securities of affiliated FlexShares^® Funds. The Schedules of Investments of the affiliated FlexShares^® Funds are located elsewhere in this Report.

Investment in a company which was affiliated for the period ended April 30, 2024, was as follows:


Security	Value October 31, 2023		Purchases at Cost		Sales Proceeds		Shares April 30, 2024		Value April 30, 2024		Change in Unrealized Appreciation (Depreciation)		Dividend Income		Realized Gain
FlexShares^® Credit-Scored US Corporate Bond Index Fund	$	13,290,121	$	156,759	$	1,603,869		261,607	$	12,274,025	$	426,380	$	313,686	$	4,634
FlexShares^® Credit-Scored US Long Corporate Bond Index Fund		847,983		10,614		108,876		19,869		823,968		74,957		24,200		(710	)
FlexShares^® Disciplined Duration MBS Index Fund		23,209,155		271,519		2,790,232		1,059,870		21,155,005		363,303		421,075		101,260
FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund		3,854,121		44,605		455,952		148,803		3,498,358		57,690		53,298		(2,106	)
FlexShares^® Ultra-Short Income Fund		5,969,915		4,249,576		886,789		124,087		9,360,006		17,123		200,588		10,181
	$	47,171,295	$	4,733,073	$	5,845,718		1,614,236	$	47,111,362	$	939,453	$	1,012,847	$	113,259

Futures Contracts

FlexShares^® Core Select Bond Fund had the following open futures contracts as of April 30, 2024:


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
U.S. Treasury 2 Year Note		51		06/28/2024		USD	$	10,335,469	$	(100,999	)

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

Abbreviations:

USD – US Dollar


Security Type	% of Net Assets
Exchange Traded Funds		99.9	%
Securities Lending Reinvestments		0.2
Short-Term Investments		0.1
Others⁽¹⁾		(0.2	)
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.


		FLEXSHARES SEMIANNUAL REPORT			399

Notes to the Financial Statements April 30, 2024 (Unaudited)

1. Organization

FlexShares^® Trust (the “Trust”), a Maryland statutory trust, was formed on May 13, 2010, originally named NT ETF Trust and renamed FlexShares^® Trust as of April 12, 2011. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940 (the “1940 Act”), as amended. The Trust consists of twenty-nine operational exchange-traded funds as of April 30, 2024 (each a “Fund” and collectively, the “Funds”).

FlexShares^® ESG & Climate US Large Cap Core Index Fund, FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund, and FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund are non-diversified series of the Trust, pursuant to the 1940 Act. Each of the other Funds are diversified series of the Trust, pursuant to the 1940 Act.

Each Fund, except the FlexShares^® Ultra-Short Income Fund and the FlexShares^® Core Select Bond Fund, seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of a specified benchmark index (each an “Underlying Index”). The FlexShares^® US Quality Low Volatility Index Fund, FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares^® Emerging Markets Quality Low Volatility Index Fund, FlexShares^® US Quality Large Cap Index Fund, FlexShares^® Global Quality Real Estate Index Fund, FlexShares^® Real Assets Allocation Index Fund, FlexShares^® Quality Dividend Index Fund, FlexShares^® Quality Dividend Defensive Index Fund, FlexShares^® International Quality Dividend Index Fund, FlexShares^® International Quality Dividend Defensive Index Fund, FlexShares^® International Quality Dividend Dynamic Index Fund, FlexShares^® Credit-Scored US Corporate Bond Index Fund, FlexShares^® Credit-Scored US Long Corporate Bond Index Fund, FlexShares^® High Yield Value-Scored Bond Index Fund, FlexShares^® ESG & Climate US Large Cap Core Index Fund, FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund, and the FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund seek to track Underlying Indexes developed by Northern Trust Investments, Inc. (“NTI” or “Investment Adviser”), an indirect subsidiary of Northern Trust Corporation. The FlexShares^® Morningstar

US Market Factor Tilt Index Fund, FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund and FlexShares^® Morningstar Global Upstream Natural Resources Index Fund seek to track Underlying Indexes sponsored by Morningstar, Inc. The FlexShares^® STOXX^® US ESG Select Index Fund, FlexShares^® STOXX^® Global ESG Select Index Fund, and FlexShares^® STOXX^® Global Broad Infrastructure Index Fund seek to track Underlying Indexes sponsored by STOXX. The FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund and FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund seek to track Underlying Indexes sponsored by Markit Indexes Limited. The FlexShares^® Disciplined Duration MBS Index Fund seeks to track an Underlying Index sponsored by ICE Data Indexes, LLC.

The FlexShares^® Real Assets Allocation Index Fund is a fund of funds that seeks to achieve its investment objective by investing primarily in the shares of other FlexShares^® ETFs that are eligible for inclusion in its Underlying Index, rather than in securities of individual companies. The FlexShares^® Core Select Bond Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in U.S. dollar-denominated investment-grade fixed-income securities either directly or indirectly through ETFs and other registered investment companies. The investment performance of each of the FlexShares^® Real Assets Allocation Index Fund and FlexShares^® Core Select Bond Fund is directly related to the performance of the underlying funds in which it invests (“Underlying Fund”).

The FlexShares^® Ultra-Short Income Fund and the FlexShares^® Core Select Bond Fund are actively managed and do not seek to replicate the performance of a specified index. The FlexShares^® Ultra-Short Income Fund seeks maximum current income consistent with the preservation of capital and liquidity. The FlexShares^® Core Select Bond Fund seeks total return and preservation of capital. Each Fund, except the FlexShares^® Ultra-Short Income Fund and the FlexShares^® Core Select Bond Fund, is referred to herein as an “Index Fund.” Each Fund is managed by the Investment Adviser.


400		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

2. Significant Accounting Policies

The Trust, which is an investment company, follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services-Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Investment Valuation

Each Fund’s net asset value (“NAV”) is determined daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading, based on prices at the time of closing provided that any U.S. fixed-income assets may be valued as of the announced closing time for trading in fixed-income instruments on any day that the Securities Industry and Financial Markets Association announces an early closing time. The NAV of a Fund is calculated by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

The investments of the Funds are valued at fair value pursuant to the pricing policy and procedures approved by the Trust’s Board of Trustees (“Board”). The Funds’ investments are valued using market quotations when available. The Board has designated NTI as the valuation designee pursuant to Rule 2a-5 under the 1940 Act to perform fair value determinations relating to any or all Fund investments. Accordingly, when market quotations are not readily available, are deemed unreliable, or do not reflect material events occurring between the close of local markets and the time of valuation, NTI values Fund securities at fair value as determined in good faith in accordance with the Funds’ fair value pricing procedures as approved by the Board. Such

circumstances include periods when trading in a security is suspended, the exchange or market on which a security trades closes early, the trading volume in a security is limited, corporate actions and announcements take place, or regulatory news affecting an issuer is released, such as government approvals. The Board oversees NTI in its role as valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act. Additionally, NTI, in its discretion, may make adjustments to the prices of securities held by a Fund if an event occurs after the publication of market values normally used by NTI on behalf of a Fund but before the time as of which the Fund calculates its NAV, depending on the nature and significance of the event, consistent with applicable regulatory guidance and the Trust’s fair value procedures. Other events that can trigger fair valuing of foreign securities include, for example, significant fluctuations in general market indicators, government actions, or natural disasters.

The use of fair valuation involves the risk that the values used by NTI to price a Fund’s investments may be higher or lower than the values used by other investment companies and investors to price the same investments. Fair value pricing involves subjective judgments and it is possible that a fair value determination for a portfolio security may be materially different than the value that could be realized upon the sale of such security. In addition, fair value pricing could result in a difference between the prices used to calculate an Index Fund’s NAV and the prices used by an Index Fund’s Underlying Index. This difference may adversely affect an Index Fund’s ability to track its Underlying Index. Portfolio securities of certain Funds are listed on foreign exchanges and their value may change on days when shareholders will not be able to purchase or sell Fund shares.

Security prices are generally provided by independent pricing services. Portfolio securities listed or traded on domestic securities exchanges or the NASDAQ/NMS, including dollar-denominated foreign securities or American Depositary Receipts (“ADRs”), are valued at the closing price, or last sale price, reported on the exchange or system where the security is principally traded. The closing price for securities traded on the NASDAQ/NMS is the Nasdaq Official Closing Price (“NOCP”). If there have been no sales for that day on


		FLEXSHARES SEMIANNUAL REPORT			401

Notes to the Financial Statements (cont.)

the exchange or system where the security is principally traded, then the value is determined with reference to the last sale price, or the NOCP, if applicable, on any other exchange or system. If there have been no sales of the security for that day on any exchange or system, the security is valued at fair value pursuant to the Trust’s fair value procedures.

Securities that are traded regularly in the over-the-counter market (other than the NASDAQ/NMS), including securities listed on exchanges but primarily traded over-the-counter, are valued on the basis of bid quotes or the mean between the bid and asked quotes based upon quotes furnished by one or more broker-dealers or market makers for those securities. Securities that may be traded over-the-counter include equity securities, fixed-income securities, non-exchange-listed foreign securities, and certain derivative instruments. Fixed-income securities may be valued using prices provided directly from one or more broker-dealers, market makers, or independent third-party pricing services which may use matrix pricing and valuation models, as well as recent market transactions for the same or similar assets, to derive values when such prices are believed to reflect fair market values of such securities. Such prices may be determined by taking into account securities prices, yields, maturities, call features, ratings, prepayment speeds, credit risks, cash flows, institutional size trading in similar groups of securities and developments related to specific securities. Fixed-income securities maturing within a relatively short period, less than 60 days, are valued at amortized cost when it approximates fair value.

Foreign equity securities are generally priced at the closing price or last sales price reported on the foreign exchange on which they are principally traded. If there have been no sales for that day on the primary exchange, then the value is determined with reference to the last sale price on any other exchange. If there have been no sales of the security for that day on any exchange, the security will be valued at fair value pursuant to the Trust’s fair value procedures. Spot and forward foreign currency exchange contracts generally are valued using an independent pricing service. The value of assets denominated in foreign currencies is converted into U.S. dollars using exchange rates deemed appropriate by NTI as

Investment Adviser. Any use of a different rate from the rates used by an Underlying Index’s index provider may adversely affect an Index Fund’s ability to track its Underlying Index. An Underlying Index’s index provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index.

Exchange-traded financial futures and options thereon are valued at the settlement price as established by the exchange on which they are traded. Over-the-counter options are valued at broker-provided bid prices, as are swaps. The foregoing prices may be obtained from one or more independent pricing services or, as needed or applicable, independent broker-dealers. If there was no sale on that day, and for other non-exchange traded derivatives, the contract is valued at fair value pursuant to the Trust’s fair value procedures.

Each Fund relies on various sources to calculate its NAV. The ability of the Funds’ administrator to calculate the NAV per share of the Funds is subject to operational risks associated with processing or human errors, systems or technology failures, and errors caused by third party service providers, data sources, or trading counterparties. Such failures may result in delays in the calculation of the Funds’ NAVs and/or the inability to calculate NAV over extended time periods. The Funds may be unable to recover any losses associated with such failures, and it may be necessary for alternative procedures to be followed to price portfolio securities when determining the Funds’ NAVs.

Various inputs are used in determining the value of each Fund’s investments. These inputs are summarized in three levels listed below:

•

Level 1—Quoted prices in active markets for identical assets on the measurement date.

•

Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

•

Level 3—Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).


402		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt securities may be valued at amortized cost, as long as

amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the valuations as of April 30, 2024 for each Fund based upon the three levels defined above. The value of level 3 securities compared to the total Fund net assets is not material and, therefore, the reconciliation of Level 3 securities and related valuation techniques are not disclosed. 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*	$	153,357,718		$	—		$	—	$	153,357,718
Securities Lending Reinvestments
Repurchase Agreements		—			1,162,321			—		1,162,321

Short-Term Investments		—			29,331			—		29,331

Total Investments	$	153,357,718		$	1,191,652		$	—	$	154,549,370

Other Financial Instruments
Assets
Futures Contracts	$	429		$	—		$	—	$	429
Liabilities

Futures Contracts		(12,197	)		—			—		(12,197	)

Total Other Financial Instruments	$	(11,768	)	$	—		$	—	$	(11,768	)


	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*	$	45,733,516		$	—		$	—	$	45,733,516
Warrants		—			—			—		—
Securities Lending Reinvestments

Repurchase Agreements		—			590,125			—		590,125

Total Investments	$	45,733,516		$	590,125		$	—	$	46,323,641

Other Financial Instruments
Assets
Forward Foreign Currency Contracts	$	—		$	23,517			—	$	23,517
Liabilities
Futures Contracts		(31,044	)		—			—		(31,044	)

Forward Foreign Currency Contracts		—			(1,969	)		—		(1,969	)

Total Other Financial Instruments	$	(31,044	)	$	21,548		$	—	$	(9,496	)


		FLEXSHARES SEMIANNUAL REPORT			403

Notes to the Financial Statements (cont.)


	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*	$	11,991,311		$	—		$	—	$	11,991,311

Total Investments	$	11,991,311		$	—		$	—	$	11,991,311

Other Financial Instruments
Assets
Forward Foreign Currency Contracts	$	—		$	277			—	$	277
Liabilities
Futures Contracts		(620	)		—			—		(620	)

Forward Foreign Currency Contracts		—			(7	)		—		(7	)

Total Other Financial Instruments	$	(620	)	$	270		$	—	$	(350	)


	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*	$	1,525,759,752		$	—		$	—	$	1,525,759,752
Rights		—			—			—		—
Warrants		188,984			—			—		188,984
Securities Lending Reinvestments
Certificates of Deposit		—			40,006,728			—		40,006,728
Commercial Paper		—			4,000,000			—		4,000,000

Repurchase Agreements		—			123,840,177			—		123,840,177

Total Investments	$	1,525,948,736		$	167,846,905		$	—	$	1,693,795,641

Other Financial Instruments
Liabilities

Futures Contracts	$	(310,509	)	$	—		$	—	$	(310,509	)

Total Other Financial Instruments	$	(310,509	)	$	—		$	—	$	(310,509	)


404		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund
Investments
Closed End Funds	$	85,617		$	—		$	—	$	85,617
Common Stocks
Distributors		624,400			38,223			—		662,623
Metals & Mining		24,280,002			—			10,092		24,290,094
Other*		482,360,717			—			—		482,360,717
Warrants		—			—			—		—
Securities Lending Reinvestments

Repurchase Agreements		—			11,519,442			—		11,519,442

Total Investments	$	507,350,736		$	11,557,665		$	10,092	$	518,918,493

Other Financial Instruments
Assets
Futures Contracts	$	124,570		$	—		$	—	$	124,570
Liabilities
Futures Contracts		(110,672	)		—			—		(110,672	)

Forward Foreign Currency Contracts		—			(36,460	)		—		(36,460	)

Total Other Financial Instruments	$	13,898		$	(36,460	)	$	—	$	(22,562	)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund
Investments
Common Stocks
Air Freight & Logistics	$	792,536		$	20,809		$	—	$	813,345
Commercial Services & Supplies		410,877			—			30,681		441,558
Construction & Engineering		4,104,616			—			1,084		4,105,700
Construction Materials		3,794,042			175,194			—		3,969,236
Consumer Staples Distribution & Retail		2,909,114			331			—		2,909,445
Diversified Telecommunication Services		2,404,976			259,659			—		2,664,635
Food Products		5,939,782			15,736			—		5,955,518
Health Care Providers & Services		2,489,558			—			7,744		2,497,302
Hotels, Restaurants & Leisure		4,513,426			1,943			—		4,515,369
Industrial REITs		1,690,221			164,895			—		1,855,116
Paper & Forest Products		1,498,937			17,964			—		1,516,901
Real Estate Management & Development		9,602,012			—			24,135		9,626,147
Retail REITs		944,767			12,376			—		957,143
Other*		219,831,957			—			—		219,831,957
Corporate Bonds*		—			1,218			—		1,218
Rights		581			—			—		581
Warrants		—			—			—		—
Securities Lending Reinvestments

Repurchase Agreements		—			1,688,860			—		1,688,860

Total Investments	$	260,927,402		$	2,358,985		$	63,644	$	263,350,031

Other Financial Instruments
Assets
Futures Contracts	$	1,463		$	—		$	—	$	1,463
Forward Foreign Currency Contracts		—			29,791			—		29,791
Liabilities

Forward Foreign Currency Contracts		—			(4,460	)		—		(4,460	)

Total Other Financial Instruments	$	1,463		$	25,331		$	—	$	26,794


		FLEXSHARES SEMIANNUAL REPORT			405

Notes to the Financial Statements (cont.)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total

FlexShares^® US Quality Large Cap Index Fund
Investments
Common Stocks*	$	192,155,555		$	—	$	—	$	192,155,555
Securities Lending Reinvestments

Repurchase Agreements		—			674,343		—		674,343

Total Investments	$	192,155,555		$	674,343	$	—	$	192,829,898

Other Financial Instruments
Liabilities

Futures Contracts	$	(33,138	)	$	—	$	—	$	(33,138	)

Total Other Financial Instruments	$	(33,138	)	$	—	$	—	$	(33,138	)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total

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

Common Stocks*	$	190,473,723		$	—	$	—	$	190,473,723

Total Investments	$	190,473,723		$	—	$	—	$	190,473,723

Other Financial Instruments
Liabilities

Futures Contracts	$	(66,016	)	$	—	$	—	$	(66,016	)

Total Other Financial Instruments	$	(66,016	)	$	—	$	—	$	(66,016	)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total

FlexShares^® STOXX^® Global ESG Select Index Fund
Investments
Common Stocks*	$	169,685,177		$	—	$	—	$	169,685,177
Securities Lending Reinvestments

Repurchase Agreements		—			490,153		—		490,153

Total Investments	$	169,685,177		$	490,153	$	—	$	170,175,330

Other Financial Instruments
Assets
Forward Foreign Currency Contracts	$	—		$	11,469	$	—	$	11,469
Liabilities

Futures Contracts		(48,502	)		—		—		(48,502	)

Total Other Financial Instruments	$	(48,502	)	$	11,469	$	—	$	(37,033	)


406		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares^® ESG & Climate US Large Cap Core Index Fund
Investments
Common Stocks*	$	43,246,962		$	—		$	—	$	43,246,962

Short-Term Investments		—			24,442			—		24,442

Total Investments	$	43,246,962		$	24,442		$	—	$	43,271,404

Other Financial Instruments
Liabilities

Futures Contracts	$	(13,140	)	$	—		$	—	$	(13,140	)

Total Other Financial Instruments	$	(13,140	)	$	—		$	—	$	(13,140	)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund
Investments
Common Stocks*	$	47,702,547		$	—		$	—	$	47,702,547
Securities Lending Reinvestments

Repurchase Agreements		—			850,843			—		850,843

Total Investments	$	47,702,547		$	850,843		$	—	$	48,553,390

Other Financial Instruments
Assets
Forward Foreign Currency Contracts	$	—		$	15,618		$	—	$	15,618
Liabilities
Futures Contracts		(28,877	)		—			—		(28,877	)

Forward Foreign Currency Contracts		—			(2,146	)		—		(2,146	)

Total Other Financial Instruments	$	(28,877	)	$	13,472		$	—	$	(15,405	)


		FLEXSHARES SEMIANNUAL REPORT			407

Notes to the Financial Statements (cont.)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund
Investments
Common Stocks
Paper & Forest Products	$	204,599,209		$	776,981		$	—	$	205,376,190
Other*		6,335,603,121			—			—		6,335,603,121
Securities Lending Reinvestments
Certificates of Deposit		—			44,008,121			—		44,008,121
Commercial Paper		—			3,000,000			—		3,000,000
Investment Companies		—			1,000,000			—		1,000,000

Repurchase Agreements		—			183,841,631			—		183,841,631

Total Investments	$	6,540,202,330		$	232,626,733		$	—	$	6,772,829,063

Other Financial Instruments
Assets
Futures Contracts	$	414,180		$	—		$	—	$	414,180
Forward Foreign Currency Contracts		—			273,401			—		273,401
Liabilities
Futures Contracts		(443,438	)		—			—		(443,438	)

Forward Foreign Currency Contracts		—			(375,580	)		—		(375,580	)

Total Other Financial Instruments	$	(29,258	)	$	(102,179	)	$	—	$	(131,437	)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund
Investments
Common Stocks*	$	2,166,440,190		$	—		$	—	$	2,166,440,190
Securities Lending Reinvestments

Repurchase Agreements		—			33,094,387			—		33,094,387

Total Investments	$	2,166,440,190		$	33,094,387		$	—	$	2,199,534,577

Other Financial Instruments
Assets
Futures Contracts	$	199,698		$	—		$	—	$	199,698
Forward Foreign Currency Contracts		—			42,749			—		42,749
Liabilities

Futures Contracts		(145,474	)		—			—		(145,474	)

Total Other Financial Instruments	$	54,224		$	42,749		$	—	$	96,973


408		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares^® Global Quality Real Estate Index Fund
Investments
Common Stocks*	$	298,318,626		$	—		$	—	$	298,318,626
Securities Lending Reinvestments

Repurchase Agreements		—			7,355,984			—		7,355,984

Total Investments	$	298,318,626		$	7,355,984		$	—	$	305,674,610

Other Financial Instruments
Assets
Forward Foreign Currency Contracts	$	—		$	2,125		$	—	$	2,125
Liabilities
Futures Contracts		(210,939	)		—			—		(210,939	)

Forward Foreign Currency Contracts		—			(5,270	)		—		(5,270	)

Total Other Financial Instruments	$	(210,939	)	$	(3,145	)	$	—	$	(214,084	)


	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	$	8,281,474		$	—		$	—	$	8,281,474

Total Investments	$	8,281,474		$	—		$	—	$	8,281,474


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares^® Quality Dividend Index Fund
Investments
Common Stocks*	$	1,649,741,316		$	—		$	—	$	1,649,741,316
Securities Lending Reinvestments
Certificates of Deposit		—			14,002,917			—		14,002,917
Commercial Paper		—			3,000,000			—		3,000,000
Investment Companies		—			2,000,000			—		2,000,000

Repurchase Agreements		—			77,668,118			—		77,668,118

Total Investments	$	1,649,741,316		$	96,671,035		$	—	$	1,746,412,351

Other Financial Instruments
Liabilities

Futures Contracts	$	(138,266	)	$	—		$	—	$	(138,266	)

Total Other Financial Instruments	$	(138,266	)	$	—		$	—	$	(138,266	)


		FLEXSHARES SEMIANNUAL REPORT			409

Notes to the Financial Statements (cont.)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares^® Quality Dividend Defensive Index Fund
Investments
Common Stocks*	$	345,873,435		$	—		$	—	$	345,873,435
Securities Lending Reinvestments

Repurchase Agreements		—			18,491,349			—		18,491,349

Total Investments	$	345,873,435		$	18,491,349		$	—	$	364,364,784

Other Financial Instruments
Liabilities

Futures Contracts	$	(52,517	)	$	—		$	—	$	(52,517	)

Total Other Financial Instruments	$	(52,517	)	$	—		$	—	$	(52,517	)


	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*	$	547,494,660		$	—		$	—	$	547,494,660
Securities Lending Reinvestments

Repurchase Agreements		—			20,997,114			—		20,997,114

Total Investments	$	547,494,660		$	20,997,114		$	—	$	568,491,774

Other Financial Instruments
Assets
Forward Foreign Currency Contracts	$	—		$	225,474		$	—	$	225,474
Liabilities
Futures Contracts		(278,487	)		—			—		(278,487	)

Forward Foreign Currency Contracts		—			(19,973	)		—		(19,973	)

Total Other Financial Instruments	$	(278,487	)	$	205,501		$	—	$	(72,986	)


	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*	$	22,777,608		$	—		$	—	$	22,777,608
Securities Lending Reinvestments

Repurchase Agreements		—			1,049,261			—		1,049,261

Total Investments	$	22,777,608		$	1,049,261		$	—	$	23,826,869

Other Financial Instruments
Assets
Forward Foreign Currency Contracts	$	—		$	10,002		$	—	$	10,002
Liabilities

Futures Contracts		(19,005	)		—			—		(19,005	)

Total Other Financial Instruments	$	(19,005	)	$	10,002		$	—	$	(9,003	)


410		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total

FlexShares^® International Quality Dividend Dynamic Index Fund
Investments
Common Stocks*	$	70,023,439		$	—		$	—	$	70,023,439
Securities Lending Reinvestments

Repurchase Agreements		—			2,313,825			—		2,313,825

Total Investments	$	70,023,439		$	2,313,825		$	—	$	72,337,264
Other Financial Instruments
Assets
Futures Contracts	$	555		$	—		$	—	$	555
Forward Foreign Currency Contracts		—			16,332			—		16,332
Liabilities
Futures Contracts		(33,733	)		—			—		(33,733	)

Forward Foreign Currency Contracts		—			(1,078	)		—		(1,078	)

Total Other Financial Instruments	$	(33,178	)	$	15,254		$	—	$	(17,924	)


	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	$	—		$	1,776,699,607		$	—	$	1,776,699,607

Total Investments	$	—		$	1,776,699,607		$	—	$	1,776,699,607


	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	$	—		$	779,829,556		$	—	$	779,829,556

Total Investments	$	—		$	779,829,556		$	—	$	779,829,556


		FLEXSHARES SEMIANNUAL REPORT			411

Notes to the Financial Statements (cont.)


	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total

FlexShares^® Disciplined Duration MBS Index Fund
Investments

Mortgage-Backed Securities	$	—	$	78,362,350	$	—	$	78,362,350

Total Investments	$	—	$	78,362,350	$	—	$	78,362,350


	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*	$	—	$	365,292,924	$	—	$	365,292,924
Securities Lending Reinvestments

Repurchase Agreements		—		5,608,828		—		5,608,828

Total Investments	$	—	$	370,901,752	$	—	$	370,901,752


	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total

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

Corporate Bonds*	$	—	$	30,449,187	$	—	$	30,449,187

Total Investments	$	—	$	30,449,187	$	—	$	30,449,187


	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total

FlexShares^® High Yield Value-Scored Bond Index Fund
Investments
Corporate Bonds*	$	—	$	1,339,030,266	$	—	$	1,339,030,266
Securities Lending Reinvestments

Repurchase Agreements		—		23,282,459		—		23,282,459

Total Investments	$	—	$	1,362,312,725	$	—	$	1,362,312,725


412		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total

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

Corporate Bonds*	$	—		$	38,589,517	$	—	$	38,589,517

Total Investments	$	—		$	38,589,517	$	—	$	38,589,517


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total

FlexShares^® Ultra-Short Income Fund
Investments
Asset-Backed Securities	$	—		$	44,751,443	$	—	$	44,751,443
Corporate Bonds*		—			1,053,663,290		—		1,053,663,290
Municipal Bonds		—			1,485,617		—		1,485,617

Short-Term Investments		—			34,750,254		—		34,750,254

Total Investments	$	—		$	1,134,650,604	$	—	$	1,134,650,604


	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	$	168,185,018		$	—	$	—	$	168,185,018
Securities Lending Reinvestments
Repurchase Agreements		—			388,650		—		388,650

Short-Term Investments		—			68,438		—		68,438

Total Investments	$	168,185,018		$	457,088	$	—	$	168,642,106

Other Financial Instruments
Liabilities

Futures Contracts	$	(100,999	)	$	—	$	—	$	(100,999	)

Total Other Financial Instruments	$	(100,999	)	$	—	$	—	$	(100,999	)

*	See Schedules of Investments for segregation by industry type.

Foreign Securities

Shares^® Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares^® STOXX^® Global ESG Select Index Fund, FlexShares^® Morningstar Global Upstream Natural Resources Index Fund, FlexShares^® STOXX^® Global Broad Infrastructure Index Fund, FlexShares^® Global Quality Real Estate Index Fund, FlexShares^® Real Assets Allocation Index Fund (through its


		FLEXSHARES SEMIANNUAL REPORT			413

Notes to the Financial Statements (cont.)

investment in its Underlying Funds), FlexShares^® International Quality Dividend Index Fund, FlexShares^® International Quality Dividend Defensive Index Fund, FlexShares^® International Quality Dividend Dynamic Index Fund, and the FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund invest in publicly-traded equity securities of issuers in countries other than the United States of America (“U.S.”). Such investments include direct investments in non-U.S. dollar denominated securities traded outside the U.S. The Funds’ investments in foreign securities also may be in the form of ADRs and Global Depositary Receipts (“GDRs”) (collectively, “Depositary Receipts”) based on securities in their Underlying Indexes. ADRs are receipts that are traded in the United States evidencing ownership of the underlying foreign securities and are denominated in U.S. dollars. GDRs are receipts issued by a non-U.S. financial institution evidencing ownership of underlying foreign or U.S. securities and usually are denominated in foreign currencies. GDRs may not be denominated in the same currency as the securities they represent. Generally, GDRs are designed for use in foreign securities markets.

In addition to investment risks associated with the underlying issuer, ADRs and GDRs expose a Fund to risk associated with non-uniform terms that apply to ADR and GDR programs, credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency and liquidity risk. ADRs and GDRs are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted.

To the extent a Fund invests in ADRs, such ADRs will be listed on a national securities exchange. To the extent a Fund invests in GDRs, such GDRs will be listed on a foreign exchange. A Fund will not invest in any unlisted Depositary Receipt, any Depositary Receipt that NTI deems to be illiquid or any Depositary Receipt for which market quotations are not readily available. Generally, all Depositary Receipts must be sponsored.

The FlexShares^® Credit-Scored US Corporate Bond Index Fund, FlexShares^® Credit-Scored US Long Corporate Bond Index Fund, FlexShares^® High Yield Value-Scored Bond Index Fund and the FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund may invest in U.S. dollar

denominated bonds of non-U.S. corporations to the extent such bonds are included in each Fund’s Underlying Index. The FlexShares^® Core Select Bond Fund may invest in U.S. dollar denominated bonds of non-U.S. corporations, either directly or indirectly through Underlying Funds, to achieve its investment objective.

The FlexShares^® Ultra-Short Income Fund may invest, without limitation, in fixed-income securities and instruments of foreign issuers in developed and emerging markets, including debt securities of foreign governments.

Investing in foreign securities, including Depositary Receipts, may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in U.S. securities, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments also may impose taxes and limits on investment and repatriation. Any of these events could cause the value of a Fund’s foreign investment to decline. To the extent that a Fund’s assets are significantly invested in a single country or geographic region, a Fund will be subject to the risks associated with that particular country or region.

The FlexShares^® Emerging Markets Quality Low Volatility Fund, and FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund will invest primarily in emerging market countries. In addition, the FlexShares^® Morningstar Global Upstream Natural Resources Index Fund, FlexShares^® STOXX^® Global Broad Infrastructure Index Fund, FlexShares^® Global Quality Real Estate Index Fund, FlexShares^® Real Assets Allocation Index Fund (through its investment in its Underlying Funds), FlexShares^® International Quality Dividend Index Fund, FlexShares^® International Quality Dividend Defensive Index Fund, and the FlexShares^® International Quality Dividend Dynamic Index Fund may invest its assets in emerging market countries. The FlexShares^® Ultra-Short Income Fund may invest up to 20% of its total assets in fixed-income securities and instruments of issuers in emerging markets. The markets of emerging market countries are less developed and less liquid, subject to greater price volatility and generally subject to increased economic, political, regulatory and other uncertainties than more developed foreign markets. The risks of foreign


414		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

investment are increased when the issuer is located in a country with an emerging economy or securities market.

Inflation-Indexed Securities

The FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund and the FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund invest primarily in U.S. Treasury Inflation-Protected Securities (“TIPS”).

TIPS have varying maturities and pay interest on a semiannual basis equal to a fixed percentage of the inflation-adjusted principal amount. If the periodic adjustment rate measuring inflation falls, the principal value of TIPS will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of TIPS, even during a period of deflation.

The value of TIPS is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of TIPS. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of TIPS. Any increase in the principal amount of TIPS will be considered taxable ordinary income, even though investors do not receive their principal until maturity.

While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation, investors in these securities may not be protected to the extent that the increase is not reflected in the TIPS’ inflation measure.

The periodic adjustment of TIPS is tied to the Consumer Price Index for Urban Consumers (“CPI-U”), which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing, food, trans-

portation and energy. There can be no assurance that the CPI-U will accurately measure the real rate of inflation in the prices of goods and services.

Mortgage-Backed Pass-Through Securities

The FlexShares^® Disciplined Duration MBS Index Fund invests primarily in U.S. agency mortgage-backed pass-through securities (“MBS”), a category of pass-through securities backed by pools of mortgages and issued by one of the following U.S. government agencies: the Federal National Mortgage Association (FNMA or Fannie Mae), the Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) or the Government National Mortgage Association (GNMA or Ginnie Mae) (each a “US Agency”). Under normal circumstances, the Fund will invest at least 80% of its total assets in the securities of its Underlying Index and in “to-be announced transactions” (“TBA transactions”) that represent securities in its Underlying Index. In a TBA transaction, the buyer and seller agree upon general trade parameters such as agency, coupon rate, settlement date, par amount and price. The actual pools delivered generally are determined two days prior to settlement.

Pending settlement of such TBA contracts, the FlexShares^® Disciplined Duration MBS Index Fund will invest in liquid, short-term instruments. The FlexShares^® Core Select Bond Fund may also invest either directly or through its Underlying Funds in MBS, including TBA transactions.

Mortgage Dollar Rolls

The FlexShares^® Disciplined Duration MBS Index Fund, the FlexShares^® Ultra-Short Income Fund and the FlexShares^® Core Select Bond Fund (directly or through its Underlying Funds) may enter into mortgage dollar roll transactions. A mortgage dollar roll involves the sale by the Fund of securities for delivery in the future (generally within 30 days). The Fund simultaneously contracts with the same counterparty to repurchase substantially similar (same type, coupon and maturity) but not identical securities on a specified future date. During the roll period, the Fund will not be entitled to accrue interest and receive principal payments on the securities sold. However, the Fund benefits to the extent of any difference between (a) the price received for the securities sold and (b) the lower forward price for the future


		FLEXSHARES SEMIANNUAL REPORT			415

Notes to the Financial Statements (cont.)

purchase and/or fee income plus the interest earned on the cash proceeds of the securities sold. Successful use of mortgage dollar rolls depends upon the Investment Adviser’s ability to predict correctly interest rates and mortgage prepayments. The use of this technique may diminish the investment performance of the Fund compared with what such performance would have been without the use of mortgage dollar rolls.

For financial reporting and tax purposes, a Fund treats mortgage dollar rolls as two separate transactions: one involving the purchase of a security and a separate transaction involving a sale. The Fund currently does not intend to enter into mortgage dollar rolls that are accounted for as financing and does not treat them as borrowings.

Repurchase Agreements

To the extent consistent with its investment policies, each Fund may enter into repurchase agreements under which it purchases securities (collateral) for cash from a seller and agrees to resell those securities to the same seller within a specified time at a specified price. During the term of a repurchase agreement, the market value of the underlying collateral, including accrued interest, is required to equal or exceed the market value of the repurchase agreement. The underlying collateral for tri-party repurchase agreements is held in accounts at JPMorgan Chase, the Fund’s custodian, and is not reflected in the assets of the Funds, at the Bank of New York or JPMorgan Chase which, in turn, holds securities through the book-entry system at the Federal Reserve Bank of New York. The Fund is subject to credit risk on repurchase agreements to the extent that the counterparty fails to perform under the agreement and the value of the collateral received falls below the agreed repurchase price.

The Northern Trust Company, the parent of NTI, currently is a party to various Master Repurchase Agreements with a number of different counterparties, and acts as agent on behalf of various disclosed principals, including the Funds and various other accounts managed by NTI, in entering into repurchase agreements under the Master Repurchase Agreements. NTI administers and manages these repurchase agreements in accordance with and as part of its duties under its investment advisory agreement with the Funds and

does not collect any additional fees from the Funds for such services. As of April 30, 2024, none of the Funds presented in these financial statements had repurchase agreements outstanding except as discussed below.

As of April 30, 2024, the FlexShares^® US Quality Low Volatility Index Fund, FlexShares^® Developed Markets ex-US Low Volatility Index Fund, FlexShares^® Morningstar US Market Factor Tilt Index Fund, FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares^® US Quality Large Cap Index Fund, FlexShares^® STOXX^® Global ESG Select Index Fund, FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares^® Morningstar Global Upstream Natural Resources Index Fund, FlexShares^® STOXX^® Global Broad Infrastructure Index Fund, FlexShares^® Global Quality Real Estate Index Fund, FlexShares^® Quality Dividend Index Fund, FlexShares^® Quality Dividend Defensive Index Fund, FlexShares^® International Quality Dividend Index Fund, FlexShares^® International Quality Dividend Defensive Index Fund, FlexShares^® International Quality Dividend Dynamic Index Fund, FlexShares^® Credit-Scored US Corporate Bond Index Fund, FlexShares^® High Yield Value-Scored Bond Index Fund, and the FlexShares^® Core Select Bond Fund invested cash collateral for loans of portfolio securities in repurchase agreements, as reflected in the respective Schedule of Investments under the caption “Securities Lending Reinvestments.”


416		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

Securities Lending

Each Fund may lend securities to banks, brokers and dealers or other qualified institutions. In exchange, the Fund is required to receive minimum initial collateral value as follows:


Type of Loan	Minimum Initial Collateral Requirement

U.S. dollar denominated securities secured by U.S. dollar denominated government securities or cash collateral		102	%

U.S. dollar denominated securities secured by non-U.S. dollar denominated government securities or cash collateral		105	%

Non-U.S. dollar denominated securities secured by government securities or cash collateral in the same denomination as the lent securities		102	%

Non-U.S. dollar denominated securities secured by government securities or cash collateral in the different denomination from the lent securities		105	%

U.S. dollar and Non-U.S. dollar denominated securities secured by equity securities collateral		105	%

The collateral is maintained thereafter, at a value equal to at least 100% of the value of the securities loaned. The collateral amount is valued at the beginning of each business day and is compared to the market value of the loaned securities from the prior business day to determine if additional collateral is required. If additional collateral is required, a request is sent to the borrower.

Securities lending may represent no more than one-third of the value of a Fund’s total assets (including the loan collateral). JPMorgan Chase Bank, N.A. (the “Securities Lending Agent”) serves as the securities lending agent for the securities lending program of a Fund.

Collateral for loans of portfolio securities made by a Fund may consist of cash, cash equivalents, securities issued or guaranteed by the U.S. government or foreign governments or its agencies (or any combination thereof). Any cash collateral received by the Fund in connection with these

loans may be invested in a variety of short-term investments, either directly or indirectly through money market portfolios. The market value of securities on loan and the value of investments made with cash collateral received are disclosed in the Schedules of Investments. Securities lending income includes income from the securities lending program recorded when earned from the Securities Lending Agent and any fees charged to borrowers less expenses associated with the loan. The net amount is reflected in the Statement of Operations under “Securities lending income (net of fees).” The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day.

When a Fund lends its securities, it will continue to receive payments equal to the dividends and interest paid on the securities loaned and simultaneously may earn interest on the investment of the cash collateral.

A Fund will have the right to terminate a loan at any time and recall the loaned securities within the normal and customary settlement time for securities transactions. A Fund does not have the right to vote securities on loan, but can terminate the loan and regain the right to vote if a material event affecting the securities occurred. A borrower might become insolvent or refuse to honor its obligation to return the securities. In the event of a default by a borrower with respect to any loan, the Securities Lending Agent will exercise any and all remedies provided under the applicable borrower agreement. These remedies include purchasing replacement securities for the Fund by applying the collateral held from the defaulting borrower against the purchase cost of the replacement securities. If the proceeds from the collateral are less than the purchase cost of the replacement securities, the Securities Lending Agent is responsible for such shortfall, subject to certain limitations that are set forth in detail in the Securities Lending Agency Agreement. In this event, a Fund could experience delays in recovering its securities and possibly may incur a capital loss. Each Fund will be responsible for any loss that might result from its investment of the cash collateral it receives from a borrower.


		FLEXSHARES SEMIANNUAL REPORT			417

Notes to the Financial Statements (cont.)

In accordance with guidance presented in FASB Accounting Standard Update (“ASU”) 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, liabilities under the outstanding securities lending transactions as of April 30, 2024, which were comprised of cash, were as follows:


Fund

FlexShares^® US Quality Low Volatility Index Fund	$	1,162,321

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund		590,125

FlexShares^® Morningstar US Market Factor Tilt Index Fund		167,840,880

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund		11,519,442

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund		1,688,860

FlexShares^® US Quality Large Cap Index Fund		674,343

FlexShares^® STOXX^® Global ESG Select Index Fund		490,153

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund		850,843

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund		231,842,335

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund		33,094,387

FlexShares^® Global Quality Real Estate Index Fund		7,355,984

FlexShares^® Quality Dividend Index Fund		96,668,470

FlexShares^® Quality Dividend Defensive Index Fund		18,491,349

FlexShares^® International Quality Dividend Index Fund		20,997,114

FlexShares^® International Quality Dividend Defensive Index Fund		1,049,261

FlexShares^® International Quality Dividend Dynamic Index Fund		2,313,825

FlexShares^® Credit-Scored US Corporate Bond Index Fund		5,608,828

FlexShares^® High Yield Value-Scored Bond Index Fund		23,282,459

FlexShares^® Core Select Bond Fund		388,650

As of April 30, 2024, the Securities Lending Agency Agreement does not permit the Funds to enforce a netting arrangement.

The cash collateral received from securities loaned as disclosed in the Statements of Assets and Liabilities is collateralized by securities on loan as disclosed within the Schedules of Investments and such borrowings have maturities that are overnight and continuous.

Securities lending agreements may be subject to regulation as qualified financial contracts (“QFCs”). Regulations adopted by federal banking regulators under the Dodd-Frank Act, which took effect in 2019, require that certain QFCs with counterparties that are part of U.S. or foreign global systemically important banking organizations be amended to include contractual restrictions on close-out and cross-default rights. If a covered counterparty of a Fund or certain of the covered counterparty’s affiliates were to become subject to certain insolvency proceedings, the Fund may be temporarily unable to exercise certain default rights, and the QFC may be transferred to another entity. These requirements may impact a Fund’s credit and counterparty risks. The remaining maturities of the securities lending transactions are considered overnight and continuous.

Derivative Contracts

Futures Contracts

All of the Index Funds may invest in futures contracts to help track the price and yield performance of their Underlying Indexes. At the time a Fund enters into a futures contract, it is generally required to make a margin deposit with the custodian of a specified amount of liquid assets. Subsequent payments to be made or received by the Funds equal to the change in contract value are recorded as variation margin payable or receivable and offset in unrealized gains or losses. Futures are marked to market each day with the change in value reflected in the unrealized gains or losses. A Fund recognizes a realized gain or loss when a contract is closed or expires. The Statements of Operations reflect unrealized gains or losses on open futures contracts, as “Net change in unrealized appreciation (depreciation) on futures contracts”, and any realized gains (losses) on closed futures contracts as “Net realized gain (loss) from Expiration or closing of futures contracts”.


418		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

The FlexShares^® Core Select Bond Fund may take long or short positions in futures to manage the Fund’s exposure to interest rate risk. The Fund seeks to mitigate the potential impact of interest rates on the performance of bonds by entering into short positions in U.S. Treasury futures or transactions in interest rate swaps. The Fund’s short positions in U.S. Treasury futures and interest rate swaps are not intended to mitigate credit spread risk or other factors influencing the price of bonds, which may have a greater impact than interest rates. In addition, when interest rates fall, long-only bond investments will perform better than the Fund’s investments. As of April 30, 2024, the FlexShares^® Core Select Bond Fund did not hold swaps.

As of April 30, 2024, the FlexShares^® US Quality Low Volatility Index Fund, FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares^® Emerging Markets Quality Low Volatility Index Fund, FlexShares^® Morningstar US Market Factor Tilt Index Fund, FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares^® US Quality Large Cap Index Fund, FlexShares^® STOXX^® US ESG Select Index Fund, FlexShares^® STOXX^® Global ESG Select Index Fund, FlexShares^® ESG & Climate US Large Cap Core Index Fund, FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares^® Morningstar Global Upstream Natural Resources Index Fund, FlexShares^® STOXX^® Global Broad Infrastructure Index Fund, FlexShares^® Global Quality Real Estate Index Fund, FlexShares^® Quality Dividend Index Fund, FlexShares^® Quality Dividend Defensive Index Fund, FlexShares^® International Quality Dividend Index Fund, FlexShares^® International Quality Dividend Defensive Index Fund, FlexShares^® International Quality Dividend Dynamic Index Fund, and the FlexShares^® Core Select Bond Fund had open futures contracts.

The use of futures contracts involves, to varying degrees, elements of market and counterparty risk, which may exceed the amounts recognized in the Statements of Assets and Liabilities. Futures contracts present the following risks: imperfect correlation between the change in market value of a Fund’s securities and the price of futures contracts; the possible inability to close a futures contract when desired;

losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities prices, interest rates, currency exchange rates and other economic factors. Futures markets are highly volatile and the use of futures may increase the volatility of a Fund’s NAV. As a result of the low margin deposits normally required in futures trading, a relatively small price movement in a futures contract may result in substantial losses to a Fund. Futures contracts may be illiquid, and exchanges may limit fluctuations in futures contract prices during a single day. Foreign exchanges or boards of trade generally do not offer the same protection as U.S. exchanges.

Foreign Currency Translations

Values of investments denominated in foreign currencies are converted into U.S. dollars using the prevailing market rates on the date of valuation as quoted by one or more banks or dealers that make a two-way market in such currencies (or a data service provider based on quotations received from such banks or dealers). Any use of a rate different from the rates used by an Underlying Index’s index provider may affect the corresponding Index Fund’s ability to track its Underlying Index. The cost of purchases and proceeds from sales of investments, interest and dividend income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such transactions. “Net realized gain (loss) on foreign currency transactions” on the Statements of Operations include the effect of changes in exchange rates between trade date and settlement date on investment security transactions, foreign currency transactions and interest and dividends received, and the portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in “Net realized gain (loss) on investment in securities” on the Statements of Operations. Unrealized gains and losses on assets and liabilities, other than investments in securities, which result from changes in foreign currency exchange rates have been included in “Net change in unrealized appreciation (depreciation) on translation of other assets and liabilities denominated in foreign currencies” on the Statements of Operations.


		FLEXSHARES SEMIANNUAL REPORT			419

Notes to the Financial Statements (cont.)

Forward Foreign Currency Exchange Contracts

The FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares^® Emerging Markets Quality Low Volatility Index Fund, FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares^® STOXX^® Global ESG Select Index Fund, FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares^® Morningstar Global Upstream Natural Resources Index Fund, FlexShares^® STOXX^® Global Broad Infrastructure Index Fund, FlexShares^® Global Quality Real Estate Index Fund, FlexShares^® Real Assets Allocation Index Fund, FlexShares^® International Quality Dividend Index Fund, FlexShares^® International Quality Dividend Defensive Index Fund, FlexShares^® International Quality Dividend Dynamic Index Fund, and the FlexShares^® Ultra-Short Income Fund may enter into forward foreign currency exchange contracts to facilitate local settlements or to protect against currency exposure in connection with its distributions to shareholders. The FlexShares^® Ultra-Short Income Fund also may engage in forward foreign currency transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates. The Funds, however, do not expect to engage in currency transactions for speculative purposes (e.g., for potential income or capital gain). All forward foreign currency exchange contracts held are “marked-to-market” daily at the applicable exchange rates and any resulting unrealized gains or losses are recorded. The Funds record realized gains or losses at the time the forward foreign currency exchange contract is offset by entering into a closing transaction or extinguished by delivery of the currency. The difference between the future foreign currency exchange rates at the date of entry into the contract and the rates at the reporting date are included in “Net change in unrealized appreciation (depreciation) on forward foreign currency contracts” in the Statements of Operations. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollars without the delivery of foreign currency.

There are several risks associated with these contracts. One risk is the potential inability of counterparties to meet the

terms of their contracts, and unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. The Statements of Operations reflect (i) realized gains or losses, if any, in “Net realized gain (loss) from settlement of forward foreign currency contracts” and (ii) unrealized gains or losses in “Net change in unrealized appreciation (depreciation) on forward foreign currency contracts”. Forward foreign currency exchange contracts are privately negotiated transactions and can have substantial price volatility. As a result, they offer less protection against default by the other party than is available for instruments traded on an exchange. The institutions that deal in forward foreign currency exchange contracts are not required to continue to make markets in the currencies they trade, and these markets can experience periods of illiquidity.

As of April 30, 2024, the FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares^® Emerging Markets Quality Low Volatility Index Fund, FlexShares^® Morningstar^® Developed Markets ex-US Factor Tilt Index Fund, FlexShares^® Morningstar^® Emerging Markets Factor Tilt Index Fund, FlexShares^® STOXX^® Global ESG Select Index Fund, FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares^® Morningstar^® Global Upstream Natural Resources Index Fund, FlexShares^® STOXX^® Global Broad Infrastructure Index Fund, FlexShares^® Global Quality Real Estate Index Fund, FlexShares^® International Quality Dividend Index Fund, FlexShares^® International Quality Dividend Defensive Index Fund and the FlexShares^® International Quality Dividend Dynamic Index Fund had open forward foreign currency contracts.

Offsetting of Financial Assets and Derivative Assets

The Funds’ accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement or similar agreement does not result in an offset of


420		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

reported amounts of financial assets and financial liabilities in the Statements of Assets and Liabilities across transactions between the Fund and the applicable counterparty. In the event of a default, the agreement provides the right for the non-defaulting party to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral. The Funds’ right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject.

For financial reporting purposes, the Trust can offset financial assets and financial liabilities of the FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares^® Emerging Markets Quality Low Volatility Index

Fund, FlexShares^® Morningstar^® Developed Markets ex-US Factor Tilt Index Fund, FlexShares^® Morningstar^® Emerging Markets Factor Tilt Index Fund, FlexShares^® STOXX^® Global ESG Select Index Fund, FlexShares^® ESG & Climate Developed Market ex-US Core Index Fund, FlexShares^® Morningstar^® Global Upstream Natural Resources Index Fund, FlexShares^® STOXX^® Global Broad Infrastructure Index Fund, FlexShares^® Global Quality Real Estate Index Fund, FlexShares^® International Quality Dividend Index Fund, FlexShares^® International Quality Dividend Defensive Index Fund and the FlexShares^® International Quality Dividend Dynamic Index Fund that are subject to master netting arrangements or similar agreements in the Statements of Assets and Liabilities. The following table presents the gross and net amounts of these assets and liabilities:


				Gross Amounts Not Offset in the Statement of Assets and Liabilities
		Gross Amounts of Assets presented in Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Received		Net Amount
FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund	Foreign Currency Contracts — Citibank NA	$	7,873				$	—	$	7,873
	Foreign Currency Contracts — Morgan Stanley		15,644		(504	)		—		15,140
	Total	$	23,517	$	(504	)	$	—	$	23,013
FlexShares^® Emerging Markets Quality Low Volatility Index Fund	Foreign Currency Contracts — JPMorgan Chase Bank NA	$	277	$	(7	)			$	270
	Total	$	277	$	(7	)	$	—	$	270
FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund	Foreign Currency Contracts — BNP Paribas SA	$	1,954	$	—		$	—	$	1,954
	Foreign Currency Contracts — Bank of New York Mellon (The)		335		—			—		335
	Foreign Currency Contracts — Citibank NA		7,156		(1,511	)		—		5,645
	Foreign Currency Contracts — Goldman Sachs & Co.		7,794		(2,138	)		—		5,656
	Foreign Currency Contracts — JPMorgan Chase Bank NA		93		—			—		93
	Foreign Currency Contracts — Morgan Stanley		1,665		—			—		1,665
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		10,794		—			—		10,794
	Total	$	29,791	$	(3,649	)	$	—	$	26,142
FlexShares^® STOXX^® Global ESG Select Index Fund	Foreign Currency Contracts — Morgan Stanley		11,469	$	—		$	—	$	11,469
	Total	$	11,469	$	—		$	—	$	11,469
FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund	Foreign Currency Contracts — Bank of New York Mellon (The)	$	19	$	—		$	—	$	19
	Foreign Currency Contracts — Citibank NA		7,150		(694	)		—		6,456
	Foreign Currency Contracts — Goldman Sachs & Co.		1,810		—			—		1,810
	Foreign Currency Contracts — Morgan Stanley		6,639		(401	)		—		6,238
	Total	$	15,618	$	(1,095	)	$	—	$	14,523


		FLEXSHARES SEMIANNUAL REPORT			421

Notes to the Financial Statements (cont.)


				Gross Amounts Not Offset in the Statement of Assets and Liabilities
		Gross Amounts of Assets presented in Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Received		Net Amount
FlexShares^® Morningstar Global Upstream Natural Resources Index	Foreign Currency Contracts — Bank of New York Mellon (The)	$	1,440	$	(1,440	)	$	—	$	—
	Foreign Currency Contracts — Citibank NA		34,229		(34,229	)		—		—
	Foreign Currency Contracts — Goldman Sachs & Co.		70,284					—		70,284
	Foreign Currency Contracts — JPMorgan Chase Bank NA		154,223		(14,853	)		—		139,370
	Foreign Currency Contracts — Morgan Stanley		51		(51	)		—		—
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		13,174					—		13,174
	Total	$	273,401	$	(50,573	)	$	—	$	222,828
FlexShares^® STOXX^® Global Broad Infrastructure Index Fund	Foreign Currency Contracts — Citibank NA	$	42,749	$	—		$	—	$	42,749
	Total	$	42,749	$	—		$	—	$	42,749
FlexShares^® Global Quality Real Estate Index Fund	Foreign Currency Contracts — BNP Paribas SA	$	1,083	$	—		$	—	$	1,083
	Foreign Currency Contracts — Citibank NA		275					—		275
	Foreign Currency Contracts — Morgan Stanley		767		(767	)		—		—
	Total	$	2,125	$	(767	)	$	—	$	1,358
FlexShares^® International Quality Dividend Index Fund	Foreign Currency Contracts — Bank of New York Mellon (The)	$	232	$	(232	)	$	—	$	—
	Foreign Currency Contracts — Barclays Bank plc		9,361		—			—		9,361
	Foreign Currency Contracts — Citibank NA		50,159		(14,500	)		—		35,659
	Foreign Currency Contracts — Goldman Sachs & Co.		20,679		—			—		20,679
	Foreign Currency Contracts — JPMorgan Chase Bank NA		4,225		—			—		4,225
	Foreign Currency Contracts — Morgan Stanley		122,955		—			—		122,955
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		17,863		—			—		17,863
	Total	$	225,474	$	(14,732	)	$	—	$	210,742
FlexShares^® International Quality Dividend Defensive Index Fund	Foreign Currency Contracts — Citibank NA	$	6,196	$	—		$	—	$	6,196
	Foreign Currency Contracts — Morgan Stanley		3,806		—			—		3,806
	Total	$	10,002	$	—		$	—	$	10,002
FlexShares^® International Quality Dividend Dynamic Index Fund	Foreign Currency Contracts — Citibank NA	$	7,971	$	—		$	—	$	7,971
	Foreign Currency Contracts — Morgan Stanley		8,361		—			—		8,361
	Total	$	16,332	$	—		$	—	$	16,332


422		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)


					Gross Amounts Not Offset in the Statement of Assets and Liabilities
		Gross Amounts of Liabilities presented in Statements of Assets and Liabilities			Financial Instruments		Cash Collateral Pledged		Net Amount
FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund	Foreign Currency Contracts — BNP Paribas SA	$	(282	)	$	—	$	—	$	(282	)
	Foreign Currency Contracts — Bank of New York Mellon (The)		(1,183	)		—		—		(1,183	)
	Foreign Currency Contracts — Morgan Stanley		(504	)		504		—		—
	Total	$	(1,969	)	$	504	$	—	$	(1,465	)
FlexShares^® Emerging Markets Quality Low Volatility Index Fund	Foreign Currency Contracts — JPMorgan Chase Bank NA	$	(7	)	$	7			$	—
	Total	$	(7	)	$	7	$	—	$	—
FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index	Foreign Currency Contracts — Citibank NA	$	(33,892	)	$	—	$	—	$	(33,892	)
	Foreign Currency Contracts — Bank of New York Mellon (The)		(2,568	)		—		—		(2,568	)
	Total	$	(36,460	)	$	—	$	—	$	(36,460	)
FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund	Foreign Currency Contracts — Citibank NA	$	(1,511	)	$	1,511	$	—	$	—
	Foreign Currency Contracts —Goldman Sachs & Co.		(2,138	)		2,138		—		—
	Foreign Currency Contracts — JPMorgan Chase Bank NA		(811	)		93		—		(718	)
	Total	$	(4,460	)	$	3,742	$	—	$	(718	)
FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund	Foreign Currency Contracts — BNP Paribas SA	$	(115	)	$	—	$	—	$	(115	)
	Foreign Currency Contracts — Bank of New York Mellon (The)		(936	)		—		—		(936	)
	Foreign Currency Contracts — Citibank NA		(694	)		694		—		—
	Foreign Currency Contracts — Morgan Stanley		(401	)		401		—		—
	Total	$	(2,146	)	$	1,095	$	—	$	(1,051	)
FlexShares^® Morningstar Global Upstream Natural Resources Index	Foreign Currency Contracts — Bank of New York Mellon (The)	$	(110,625	)	$	1,440	$	—	$	(109,185	)
	Foreign Currency Contracts — Barclays Bank plc		(943	)				—		(943	)
	Foreign Currency Contracts — Citibank NA		(229,268	)		34,229		—		(195,039	)
	Foreign Currency Contracts — JPMorgan Chase Bank NA		(14,853	)		14,853		—		—
	Foreign Currency Contracts — Morgan Stanley		(19,891	)		51		—		(19,840	)
	Total	$	(375,580	)	$	50,573	$	—	$	(325,007	)
FlexShares^® Global Quality Real Estate Index Fund	Foreign Currency Contracts — Bank of New York Mellon (The)	$	(2,643	)	$	—	$	—	$	(2,643	)
	Foreign Currency Contracts — Morgan Stanley		(2,627	)		767		—		(1,860	)
	Total	$	(5,270	)	$	767	$	—	$	(4,503	)
FlexShares^® International Quality Dividend Index Fund	Foreign Currency Contracts — Bank of New York Mellon (The)	$	(5,473	)	$	232	$	—	$	(5,241	)
	Foreign Currency Contracts — Citibank NA		(14,500	)		14,500		—		—
	Total	$	(19,973	)	$	14,732	$	—	$	(5,241	)
FlexShares^® International Quality Dividend Dynamic Index Fund	Foreign Currency Contracts — Bank of New York Mellon (The)	$	(1,078	)	$	—	$	—	$	(1,078	)
	Total	$	(1,078	)	$	—	$	—	$	(1,078	)


		FLEXSHARES SEMIANNUAL REPORT			423

Notes to the Financial Statements (cont.)

The following tables indicate the location of derivative-related items on the Statements of Assets and Liabilities as well as the effect of derivative instruments on the Statements of Operations during the reporting period.

Fair Value of Derivative Instruments as of April 30, 2024


Derivatives by risk type	Statements of Assets and Liabilities Location	Fund	Value

Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares^® US Quality Low Volatility Index Fund	$	429

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares^® US Quality Low Volatility Index Fund		(12,197	)

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund		(31,044	)

Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund		23,517

Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund		(1,969	)

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares^® Emerging Markets Quality Low Volatility Index Fund		(620	)

Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares^® Emerging Markets Quality Low Volatility Index Fund		277

Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares^® Emerging Markets Quality Low Volatility Index Fund		(7	)

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares^® Morningstar US Market Factor Tilt Index Fund		(310,509	)

Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund		124,570

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund		(110,672	)

Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund		(36,460	)

Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund		1,463

Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund		29,791

Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund		(4,460	)

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares^® US Quality Large Cap Index Fund		(33,138	)

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares^® STOXX^® US ESG Select Index Fund		(66,016	)

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares^® STOXX^® Global ESG Select Index Fund		(48,502	)


424		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)


Derivatives by risk type	Statements of Assets and Liabilities Location	Fund	Value

Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares^® STOXX^® Global ESG Select Index Fund	$	11,469

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares^® ESG & Climate US Large Cap Core Index Fund		(13,140	)

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund		(28,877	)

Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund		15,618

Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund		(2,146	)

Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares^® Morningstar Global Upstream Natural Resources Index Fund		414,180

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares^® Morningstar Global Upstream Natural Resources Index Fund		(443,438	)

Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares^® Morningstar Global Upstream Natural Resources Index Fund		273,401

Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares^® Morningstar Global Upstream Natural Resources Index Fund		(375,580	)

Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares^® STOXX^® Global Broad Infrastructure Index Fund		199,698

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares^® STOXX^® Global Broad Infrastructure Index Fund		(145,474	)

Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares^® STOXX^® Global Broad Infrastructure Index Fund		42,749

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares^® Global Quality Real Estate Index Fund		(210,939	)

Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares^® Global Quality Real Estate Index Fund		2,125

Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares^® Global Quality Real Estate Index Fund		(5,270	)

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares^® Quality Dividend Index Fund		(138,266	)

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares^® Quality Dividend Defensive Index Fund		(52,517	)

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares^® International Quality Dividend Index Fund		(278,487	)

Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares^® International Quality Dividend Index Fund		225,474

Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares^® International Quality Dividend Index Fund		(19,973	)


		FLEXSHARES SEMIANNUAL REPORT			425

Notes to the Financial Statements (cont.)


Derivatives by risk type	Statements of Assets and Liabilities Location	Fund	Value

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares^® International Quality Dividend Defensive Index Fund	$	(19,005	)

Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares^® International Quality Dividend Defensive Index Fund		10,002

Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares^® International Quality Dividend Dynamic Index Fund		555

Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares^® International Quality Dividend Dynamic Index Fund		(33,733	)

Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares^® International Quality Dividend Dynamic Index Fund		16,332

Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares^® International Quality Dividend Dynamic Index Fund		(1,078	)

Interest Rate Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares^® Core Select Bond Fund		(100,999	)

*	Includes cumulative appreciation/depreciation on futures contracts as reported in the Schedule of Investments. Current day’s variation margin is reported within the Statement of Assets and Liabilities for futures contracts.

The Effect of Derivative Instruments on the Statements of Operations for the Period Ended April 30, 2024


Derivatives by risk type	Location of Gain or (Loss) on Derivatives on the Statements of Operations	Fund	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation) on Derivatives

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares^® US Quality Low Volatility Index Fund	$	130,166		$	(13,733	)

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund		119,243			48,232

Foreign Currency Contracts	Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency contracts	FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund		(11,556	)		12,493


426		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)


Derivatives by risk type	Location of Gain or (Loss) on Derivatives on the Statements of Operations	Fund	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation) on Derivatives

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares^® Emerging Markets Quality Low Volatility Index Fund	$	4,747		$	11,917

Foreign Currency Contracts	Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency contracts	FlexShares^® Emerging Markets Quality Low Volatility Index Fund		(244	)		270

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares^® Morningstar US Market Factor Tilt Index Fund		1,746,018			420,097

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund		790,446			343,663

Foreign Currency Contracts	Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency contracts	FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund		(28,667	)		(6,569	)

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund		9,423			53,255

Foreign Currency Contracts	Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency contracts	FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund		3,038			19,493

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares^® US Quality Large Cap Index Fund		212,537			32,433


		FLEXSHARES SEMIANNUAL REPORT			427

Notes to the Financial Statements (cont.)


Derivatives by risk type	Location of Gain or (Loss) on Derivatives on the Statements of Operations	Fund	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation) on Derivatives

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares^® STOXX^® US ESG Select Index Fund	$	284,870		$	50,102

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares^® STOXX^® Global ESG Select Index Fund		221,790			41,607

Foreign Currency Contracts	Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency contracts	FlexShares^® STOXX^® Global ESG Select Index Fund		12,793			3,713

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares^® ESG & Climate US Large Cap Core Index Fund		71,735			4,581

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund		81,668			(7,383	)

Foreign Currency Contracts	Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency contracts	FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund		(4,402	)		10,274

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares^® Morningstar Global Upstream Natural Resources Index Fund		3,075,437			1,708,850

Foreign Currency Contracts	Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency contracts	FlexShares^® Morningstar Global Upstream Natural Resources Index Fund		(304,805	)		(80,179	)


428		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)


Derivatives by risk type	Location of Gain or (Loss) on Derivatives on the Statements of Operations	Fund	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation) on Derivatives

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares^® STOXX^® Global Broad Infrastructure Index Fund	$	1,612,483		$	974,246

Foreign Currency Contracts	Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency contracts	FlexShares^® STOXX^® Global Broad Infrastructure Index Fund		84,347			(21,277	)

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares^® Global Quality Real Estate Index Fund		583,672			28,088

Foreign Currency Contracts	Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency contracts	FlexShares^® Global Quality Real Estate Index Fund		(7,198	)		(347	)

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares^® Quality Dividend Index Fund		831,204			(83,159	)

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares^® Quality Dividend Defensive Index Fund		294,206			18,066

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares^® International Quality Dividend Index Fund		817,864			226,684

Foreign Currency Contracts	Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency contracts	FlexShares^® International Quality Dividend Index Fund		(44,135	)		128,511


		FLEXSHARES SEMIANNUAL REPORT			429

Notes to the Financial Statements (cont.)


Derivatives by risk type	Location of Gain or (Loss) on Derivatives on the Statements of Operations	Fund	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation) on Derivatives

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares^® International Quality Dividend Defensive Index Fund	$	75,890		$	55,481

Foreign Currency Contracts	Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency contracts	FlexShares^® International Quality Dividend Defensive Index Fund		1,139			10,002

Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares^® International Quality Dividend Dynamic Index Fund		103,001			29,567

Foreign Currency Contracts	Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency contracts	FlexShares^® International Quality Dividend Dynamic Index Fund		5,143			11,297

Interest Rate Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares^® Core Select Bond Fund		(17,113	)		(63,750	)

At April 30, 2024, the volume of derivative activities, which represents activities throughout the period, was as follows:


	Foreign Exchange Contracts				Equity Contracts								Interest Rate future
Fund	Number of Trades		Average Notional Amount		Number of Trades Long		Average Notional Balance Long		Number of Trades Short		Average Notional Balance Short		Number of Trades Long		Average Notional Balance Long		Number of Trades Short		Average Notional Balance Short

FlexShares^® US Quality Low Volatility Index Fund		—	$	—		24	$	186,266		—	$	—		—	$	—		—	$	—

FlexShares^® Developed Markets Ex-US Quality Low Volatility Index Fund		54		75,753		16		246,513		—		—		—		—		—		—

FlexShares^® Emerging Markets Quality Low Volatility Index Fund		6		41,429		10		55,810		—		—		—		—		—		—

FlexShares^® Morningstar US Market Factor Tilt Index Fund		—		—		64		698,310		—		—		—		—		—		—

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund		16		302,679		85		298,546		—		—		—		—		—		—


430		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)


	Foreign Exchange Contracts				Equity Contracts								Interest Rate future
Fund	Number of Trades		Average Notional Amount		Number of Trades Long		Average Notional Balance Long		Number of Trades Short		Average Notional Balance Short		Number of Trades Long		Average Notional Balance Long		Number of Trades Short		Average Notional Balance Short

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund		35	$	163,882		37	$	179,162		—	$	—		—	$	—		—	$	—

FlexShares^® US Quality Large Cap Index Fund		—		—		23		232,803		—		—		—		—		—		—

FlexShares^® STOXX^® US ESG Select Index Fund		—		—		14		509,340		—		—		—		—		—		—

FlexShares^® STOXX^® Global ESG Select Index Fund		14		156,757		31		196,263		—		—		—		—		—		—

FlexShares^®^® ESG & Climate US Large Cap Core Index Fund		—		—		13		123,433		—		—		—		—		—		—

FlexShares^®^® ESG & Climate Developed Markets ex-US Core Index Fund		57		35,049		15		145,408		—		—		—		—		—		—

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund		104		2,061,703		202		1,194,696		—		—		—		—		—		—

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund		9		511,471		128		567,322		—		—		—		—		—		—

FlexShares^® Global Quality Real Estate Index Fund		21		90,609		40		406,795		—		—		—		—		—		—

FlexShares^® Quality Dividend Index Fund		—		—		54		826,875		—		—		—		—		—		—

FlexShares^® Quality Dividend Defensive Index Fund		—		—		24		416,975		—		—		—		—		—		—

FlexShares^® Quality Dividend Dynamic Index Fund		—		—						—		—		—		—		—		—

FlexShares^® International Quality Dividend Index Fund		63		457,240		62		426,575		—		—		—		—		—		—

FlexShares^® International Quality Dividend Defensive Index Fund		27		65,567		20		117,886		—		—		—		—		—		—

FlexShares^® International Quality Dividend Dynamic Index Fund		26		84,833		30		134,023		—		—		—		—		—		—

FlexShares^® Core Select Bond Fund		—		—		—		—		—		—		2		10,415,828		—		—

Taxes and Distributions

Each Fund has qualified and intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net capital gains to shareholders. Accordingly, no provision for federal and state income taxes is required in the financial statements.

As of October 30, 2023, management of the Funds has reviewed all open tax years and major jurisdictions and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months. On an ongoing basis management will monitor the


		FLEXSHARES SEMIANNUAL REPORT			431

Notes to the Financial Statements (cont.)

tax positions taken to determine if adjustment to conclusions are necessary based on factors including but not limited to further implementation on guidance expected from FASB and on-going analysis of tax law, regulation, and interpretations thereof.

3. Investment Transactions and Related Income and Expense

Throughout the reporting period, investment transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, investment transactions are accounted for on the trade date on the last business day of the reporting period.

Interest income is recognized on an accrual basis. Bond discount is accreted and premium is amortized using the effective yield method. Dividend income is recorded on the ex-dividend date, or as soon as information is available. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds.

Each Fund except the FlexShares^® iBoxx 3-Year Target Duration TIPs Index Fund, and the FlexShares^® iBoxx 5-Year Target Duration TIPs Index Fund may hold the securities of real estate investment trusts (“REITs”). Distributions from such investments may be comprised of return of capital, capital gains and income. The actual character of amounts received during the year is not known until after the REIT’s fiscal year end. The Fund records the character of distributions received from REITs during the year based on estimates available. The characterization of distributions received by the Fund may be subsequently revised based on information received from the REITs after their tax reporting periods concluded.

All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign markets in which a Fund invests. These foreign taxes, if any, are paid by the Funds and disclosed in the Statements of Operations. Foreign taxes payable, if any, are reflected in the Funds’ Statements of Assets and Liabilities.

Expenses directly attributable to a Fund are charged to that Fund, while expenses which are attributable to more than one Fund are allocated among the respective Funds based

upon relative net assets or another reasonable basis.

4. Investment Advisory Fees

NTI serves as the Investment Adviser of the Funds pursuant to the Investment Advisory Agreement. The Investment Adviser is responsible for making investment decisions for the Funds and for placing purchase and sale orders for portfolio securities, subject to the general supervision of the Board.

As compensation for its advisory services and assumption of certain Fund expenses, NTI is entitled to a unitary management fee (“Management Fee”), computed daily and payable monthly, at the annual rates set forth in the table below (expressed as a percentage of each Fund’s respective average daily net assets).

From the Management Fee, NTI pays most of the expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services (“Covered Expenses”). Covered Expenses do not include the following fees under the Investment Advisory Agreement: its advisory fees payable under the Advisory Agreement, distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1, interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as (i) dividend expenses on short sales; (ii) non-routine items, including litigation expenses and proxy expenses; and (iii) expenses that the Fund has incurred but did not actually pay due to an expense offset agreement, if applicable.

The Management Fee rate payable by each Fund is set forth in the following table:


Fund	Unitary Management Fee

FlexShares^® US Quality Low Volatility Index Fund¹		0.17	%

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund		0.32	%

FlexShares^® Emerging Markets Quality Low Volatility Index Fund		0.40	%

FlexShares^® Morningstar US Market Factor Tilt Index Fund		0.25	%


432		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)


Fund	Unitary Management Fee

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund		0.39	%

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund²		0.57	%

FlexShares^® US Quality Large Cap Index Fund		0.25	%

FlexShares^® STOXX^® US ESG Select Index Fund		0.32	%

FlexShares^® STOXX^® Global ESG Select Index Fund		0.42	%

FlexShares^® ESG & Climate US Large Cap Core Index Fund		0.09	%

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund		0.12	%

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund		0.46	%

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund		0.47	%

FlexShares^® Global Quality Real Estate Index Fund		0.45	%

FlexShares^® Real Assets Allocation Index Fund		0.49	%

FlexShares^® Quality Dividend Index Fund		0.37	%

FlexShares^® Quality Dividend Defensive Index Fund		0.37	%

FlexShares^® International Quality Dividend Index Fund		0.47	%

FlexShares^® International Quality Dividend Defensive Index Fund		0.47	%

FlexShares^® International Quality Dividend Dynamic Index Fund		0.47	%

FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund		0.18	%

FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund		0.18	%

FlexShares^® Disciplined Duration MBS Index Fund		0.20	%

FlexShares^® Credit-Scored US Corporate Bond Index Fund³		0.15	%


Fund	Unitary Management Fee

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund⁴		0.15	%

FlexShares^® High Yield Value-Scored Bond Index Fund		0.37	%

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund		0.12	%

FlexShares^® Ultra-Short Income Fund		0.25	%

FlexShares^® Core Select Bond Fund		0.35	%

¹	Prior to January 1, 2024, the investment advisory fee for the FlexShares^® US Quality Low Volatility Index Fund was 0.22%.

²	Prior to January 1, 2024, the investment advisory fee for the FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund was 0.59%.

³	Prior to January 1, 2024, the investment advisory fee for the FlexShares^® Credit-Scored US Corporate Bond Index Fund was 0.22%.

⁴	Prior to January 1, 2024, the investment advisory fee for the FlexShares^® Credit-Scored US Long Corporate Bond Index Fund was 0.22%.

The Investment Adviser has contractually agreed until March 1, 2025 to reimburse a portion of the operating expenses of each Fund (other than Rule 12b-1 fees, tax expenses, extraordinary expenses, and acquired fund fees and expenses (“AFFE”)) so the “Total Annual Fund Operating Expenses After Expense Reimbursement” do not exceed the Fund’s Management Fee plus (+) 0.0049%. In the case of the FlexShares^® Real Assets Allocation Index Fund, the Investment Adviser has contractually agreed until March 1, 2025 to waive Management Fees or reimburse certain expenses in an amount equal to the AFFE attributable to the Fund’s investments in its Underlying Funds. After these dates, the contractual arrangements will continue automatically thereafter for periods of one year (each such one-year period, a “Renewal Year”). The contractual arrangements may be terminated, with respect to a Fund, as to any succeeding Renewal Year, by NTI or the Fund upon 60 days’ written notice prior to the end of the current Renewal Year. The Board may terminate the arrangements at any time with respect to a Fund if it determines that it is in the best interest of the Fund and its shareholders. In the case of the FlexShares^® Core Select Bond Fund, the Investment Adviser has contractually agreed until March 1, 2025 to waive Management Fees or reimburse certain expenses in an amount equal


		FLEXSHARES SEMIANNUAL REPORT			433

Notes to the Financial Statements (cont.)

to the sum of (a) any AFFE incurred by the Fund that are attributable to the Fund’s investment in Underlying Funds managed by NTI or an investment adviser controlling, controlled by, or under common control with NTI (“Affiliated Funds”); and (b) 0.05% or such lesser amount in AFFE incurred by the Fund that are attributable to the Fund’s investment in Underlying Funds that are not Affiliated Funds. AFFE are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies. Because AFFE are not direct expenses of a Fund, they are not reflected on a Fund’s financial statements. After these dates, the contractual expense reimbursement agreements continue automatically for periods of one year unless terminated, as to any succeeding renewal year, by either party upon 60 days’ written notice prior to the end of the current term. The Board may terminate the contractual expense reimbursement agreements discussed above with respect to any Fund at any time if it determines that it is in the best interest of a Fund and its shareholders. These expenses and the reimbursements are shown as “Investment advisory fees reimbursed” on the Statements of Operations.

The Investment Adviser may voluntarily waive or reimburse additional management fees or expenses. Any such additional voluntary expense reimbursement or fee waiver could be implemented, increased or decreased, or discontinued at any time. Amounts waived or reimbursed by the Investment Adviser pursuant to voluntary or contractual agreements discussed above may not be recouped by the Investment Adviser. These waivers and/or reimbursements are shown as “Investment advisory fees reimbursed” on the Statements of Operations. During the period ended April 30, 2024, the Investment Adviser voluntarily reimbursed additional management fees for FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares^® Credit-Scored US Long Corporate Bond Index Fund, and FlexShares^® High Yield Value-Scored Bond Index Fund. The amounts of the voluntary reimbursements are $7,847, $16,693, $1,056, $2,167, $68,563 and $84,821 for the six months ended April 30, 2024 and fiscal year ended October 31, 2023, respectively. The Investment Adviser discontinued voluntarily reimbursing FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund and FlexShares^®

Credit-Scored US Long Corporate Bond Index Fund on January 1, 2024, and FlexShares^® High Yield Value-Scored Bond Index Fund on February 1, 2024.

5. Related Party Transactions

During the period ended April 30, 2024, FlexShares^® Morningstar Global Upstream Natural Resources Index Fund received reimbursements of approximately $41,401 from NTI in connection with the correction of errors. The reimbursements are included in Net realized gain (loss)

from transactions in investment securities on the Statements of Operations. Also during the period ended April 30, 2024, FlexShares^® STOXX^® Global Broad Infrastructure Index Fund received reimbursements receivable of approximately $148,579 from NTI in connection with errors. The reimbursements are included in Net realized gain (loss) from transactions in investment securities on the Statements of Operations and Receivables from Investment adviser in the Statements of Assets and Liabilities.

6. Administration Fees

Per terms of agreements JPMorgan Chase Bank, N.A. (the “Administrator”) serves as administrator of the Funds. The Administrator provides certain administrative services to the Funds. For these services, the Administrator is entitled to certain fees and reasonable out-of-pocket expenses. These fees and expenses are Covered Expenses as defined above.

7. Custodian Fees

JPMorgan Chase Bank, N.A. (the “Custodian”) acts as custodian for the Funds in accordance with a Global Custody Agreement. The Custodian holds cash, securities and other assets of the Funds as required by the 1940 Act. As compensation for the services rendered under the agreement, the Custodian is entitled to fees and reasonable out-of-pocket expenses. These fees and expenses are Covered Expenses as defined above.

8. Trustees Fees

The Trust compensates each Trustee who is not an officer, director or employee of Northern Trust Corporation, or its subsidiaries, for his or her services as a Trustee of the Trust and as a member of Board committees.


434		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

The Trust has adopted a deferred compensation plan (the “DC Plan”) for its Trustees who are not officers of Northern Trust or NTI. Under the DC Plan, Independent Trustees may elect to defer all or a portion of their compensation. The amount deferred is adjusted periodically based upon the performance of the investment options selected by the Trustees. The investment options currently available under the DC Plan are the FlexShares^® Morningstar US Market Factor Tilt Index Fund, FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares^® STOXX^® US ESG Select Index Fund, FlexShares^® Morningstar Global Upstream Natural Resources Index Fund, FlexShares^® Global Quality Real Estate Index Fund, FlexShares^® Quality Dividend Index Fund, FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund, FlexShares^® High Yield Value-Scored Bond Index Fund and the FlexShares^® Ultra-Short Income Fund. Expenses related to the DC Plan are stated on the Statements of Operations.

9. Distribution and Service Plan

ACA Foreside, formerly known as Foreside Fund Services, LLC (the “Distributor”) serves as the Funds’ distributor and distributes Creation Units (as described in Note 9) for each Fund on an agency basis. The Distributor does not receive a fee from the Funds for its distribution services. However, it receives compensation from NTI for its services as distributor pursuant to a separate letter agreement between it and NTI.

The Trust has adopted a Distribution and Service Plan (“the Plan”) pursuant to Rule 12b-1 under the 1940 Act. Payments to financial intermediaries under the Plan are tied directly to their own out-of-pocket expenses. The Plan has not been implemented with respect to the Funds. The Plan may not be implemented without further Board approval. The maximum distribution fee is 0.25% of each Fund’s respective average daily net assets under the Plan. The Funds did not pay any 12b-1 fees during the fiscal year.

10. Issuance and Redemption of Fund Shares

Each Fund only issues and redeems shares to Authorized Participants in exchange for the deposit or delivery of a basket of assets (securities and/or cash), in large blocks known as Creation Units, each of which is comprised of a specified number of shares.

Retail investors may only purchase and sell fund shares in the secondary market through a broker-dealer and such transactions may be subject to customary commission and fee rates imposed by the broker-dealer.

Authorized Participants may pay transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. The transaction fees are paid directly to the Fund and used to offset Fund custody fees. Certain fees or costs associated with Creation Unit purchases may be paid by NTI in certain circumstances. In addition, the Trust may from time to time waive the standard transaction fee. The net custody fees charged to the Fund are paid for by the Investment Adviser through the Fund’s Unitary Fee. Transaction fees remaining in the Funds were as follows:


Fund	As of April 30, 2024		As of October 31, 2023

FlexShares^® US Quality Low Volatility Index Fund	$	1,050	$	2,100

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund		4,500		—

FlexShares^® Emerging Markets Quality Low Volatility Index Fund		4,000		4,000

FlexShares^® Morningstar US Market Factor Tilt Index Fund		7,500		6,000

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund		25,000		50,000

FlexShares^® US Quality Large Cap Index Fund		4,000		3,000

FlexShares^® STOXX^® US ESG Select Index Fund		1,050		700

FlexShares^® STOXX^® Global ESG Select Index Fund		6,000		—

FlexShares^® ESG & Climate US Large Cap Core Index Fund		500		—

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund		34,500		1,500

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund		14,000		12,000


		FLEXSHARES SEMIANNUAL REPORT			435

Notes to the Financial Statements (cont.)


Fund	As of April 30, 2024		As of October 31, 2023

FlexShares^® Global Quality Real Estate Index Fund	$	4,000	$	4,000

FlexShares^® Quality Dividend Index Fund		5,650		4,950

FlexShares^® Quality Dividend Defensive Index Fund		750		2,500

FlexShares^® International Quality Dividend Index Fund		8,500		12,000

FlexShares^® International Quality Dividend Dynamic Index Fund		3,500		3,500

FlexShares^® Disciplined Duration MBS Index Fund		800		2,000

FlexShares^® Credit-Scored US Corporate Bond Index Fund		3,750		3,000

FlexShares^® High Yield Value-Scored Bond Index Fund		20,750		24,500

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund		2,250		2,000

FlexShares^® Ultra-Short Income Fund		1,925		1,925

The FlexShares^® Real Assets Allocation Index Fund, FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund, FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund and the FlexShares^® Core Select Bond Fund do not charge standard creation unit transaction fees.

11. Investment Transactions

For the period ended April 30, 2024, the FlexShares^® iBoxx 3-Year Target Duration TIPS Index, FlexShares^® iBoxx 5-Year Target Duration TIPS Index and FlexShares^® Disciplined Duration MBS Index Funds invested solely in U.S. Government, including U.S. government agency, securities. The cost of securities purchased by each Fund and proceeds from sales of securities, excluding short-term securities, derivatives and in-kind transactions for the period ended April 30, 2024, were as follows:


Fund	Purchases		Sales

FlexShares^® US Quality Low Volatility Index Fund	$	46,577,953	$	47,224,522

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund		13,946,870		15,609,474

FlexShares^® Emerging Markets Quality Low Volatility Index Fund		10,536,728		12,745,196

FlexShares^® Morningstar US Market Factor Tilt Index Fund		92,228,717		89,592,792

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund		52,539,957		61,962,460

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund		52,397,352		43,189,560

FlexShares^® US Quality Large Cap Index Fund		10,206,867		10,039,941

FlexShares^® STOXX^® US ESG Select Index Fund		28,327,722		28,857,123

FlexShares^® STOXX^® Global ESG Select Index Fund		40,219,489		40,450,573

FlexShares^® ESG & Climate US Large Cap Core Index Fund		5,238,999		5,443,990

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund		6,411,879		6,175,864

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund		618,476,080		721,866,567

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund		135,699,839		123,680,398

FlexShares^® Global Quality Real Estate Index Fund		72,540,436		71,973,601

FlexShares^® Real Assets Allocation Index Fund		828,435		833,787

FlexShares^® Quality Dividend Index Fund		280,700,058		280,480,345


436		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)


Fund	Purchases		Sales

FlexShares^® Quality Dividend Defensive Index Fund		$ 77,458,138		$ 77,878,988

FlexShares^® International Quality Dividend Index Fund		98,269,529		111,761,077

FlexShares^® International Quality Dividend Defensive Index Fund		7,755,711		9,693,780

FlexShares^® International Quality Dividend Dynamic Index Fund		21,588,721		24,947,151

FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund		730,425,804		748,640,481

FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund		178,119,792		186,365,199

FlexShares^® Disciplined Duration MBS Index Fund		11,383,529		8,262,350

FlexShares^® Credit-Scored US Corporate Bond Index Fund		225,247,261		165,222,229

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund		21,326,559		21,279,715

FlexShares^® High Yield Value-Scored Bond Index Fund		1,136,382,715		974,374,098

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund		20,407,514		6,568,349

FlexShares^® Ultra-Short Income Fund		261,794,955		142,607,308

FlexShares^® Core Select Bond Fund		45,863,930		45,798,934

12. In-Kind Transactions

During the period ended April 30, 2024, certain Funds received securities in exchange for subscriptions of shares (subscriptions-in-kind). For the period ended April 30, 2024, the fair value of the securities received for subscriptions for these Funds were as follows:


Fund	Fair Value

FlexShares^® US Quality Low Volatility Index Fund	$	13,056,874

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund		2,422,168

FlexShares^® Emerging Markets Quality Low Volatility Index Fund		643,498

FlexShares^® Morningstar US Market Factor Tilt Index Fund		9,802,194

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund		3,175,615

FlexShares^® US Quality Large Cap Index Fund		31,445,636

FlexShares^® STOXX^® US ESG Select Index Fund		28,792,930

FlexShares^® STOXX^® Global ESG Select Index Fund		7,366,061

FlexShares^® ESG & Climate US Large Cap Core Index Fund		5,375,210

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund		4,287,017

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund		10,474,104

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund		32,524,801

FlexShares^® Global Quality Real Estate Index Fund		31,520,521

FlexShares^® Real Assets Allocation Index Fund		742,955

FlexShares^® Quality Dividend Index Fund		162,945,357

FlexShares^® Quality Dividend Defensive Index Fund		17,970,542

FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund		52,759,583

FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund		75,964,228

FlexShares^® Credit-Scored US Corporate Bond Index Fund		42,249,871

FlexShares^® High Yield Value-Scored Bond Index Fund		157,218,146

FlexShares^® Core Select Bond Fund		2,162,015


		FLEXSHARES SEMIANNUAL REPORT			437

Notes to the Financial Statements (cont.)

During the period ended April 30, 2024, certain Funds delivered securities in exchange for redemption of shares (redemptions-in-kind). For financial reporting purposes, these Funds recorded net realized gains and losses in connection with each transaction. For the period ended April 30, 2024, the fair value and realized gain (losses) of the securities transferred for redemptions for these Funds were as follows:


Fund	Fair Value		Net Realized Gains(Losses)

FlexShares^® US Quality Low Volatility Index Fund	$	70,850,610	$	18,793,464

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund		26,165,134		3,560,426

FlexShares^® Emerging Markets Quality Low Volatility Index Fund		1,056,673		25,247

FlexShares^® Morningstar US Market Factor Tilt Index Fund		73,020,537		44,045,582

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund		20,779,886		5,965,677

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund		1,216,652		243,899

FlexShares^® US Quality Large Cap Index Fund		16,415,434		5,710,507

FlexShares^® STOXX^® US ESG Select Index Fund		31,623,002		11,668,282

FlexShares^® STOXX^® Global ESG Select Index Fund		15,067,192		7,034,461

FlexShares^® ESG & Climate US Large Cap Core Index Fund		5,407,141		1,492,180

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund		774,254,768		246,230,878

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund		66,567,156		13,240,636


Fund	Fair Value		Net Realized Gains(Losses)

FlexShares^® Global Quality Real Estate Index Fund	$	7,928,062	$	1,098,802

FlexShares^® Real Assets Allocation Index Fund		10,560,429		(1,098,670	)

FlexShares^® Quality Dividend Index Fund		210,863,572		68,528,122

FlexShares^® Quality Dividend Defensive Index Fund		30,075,047		9,382,494

FlexShares^® International Quality Dividend Index Fund		13,788,676		2,992,571

FlexShares^® International Quality Dividend Defensive Index Fund		4,035,988		454,688

FlexShares^® International Quality Dividend Dynamic Index Fund		3,903,739		583,929

FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund		228,568,957		656,842

FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund		121,661,157		2,258,551

FlexShares^® Credit-Scored US Corporate Bond Index Fund		11,716,389		(3,912	)

FlexShares^® High Yield Value-Scored Bond Index Fund		248,935,390		7,903,270

FlexShares^® Core Select Bond Fund		22,210,231		70,644

13. Guarantees and Indemnifications

In the normal course of business each Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that provide general indemnifications. Additionally, under the Funds’ organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. The Funds’ maximum exposure under these arrangements is unknown, as it


438		FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

involves possible future claims that may or may not be made against the Funds.

14. New Accounting Pronouncements

In March 2020, the FASB issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848) “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional temporary financial reporting relief from the effect of certain types of contract modifications and hedging transactions as a result of the global markets anticipated transition away the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021.

Preceding the issuance of ASU 2020-04, which established ASC 848, the United Kingdom’s Financial Conduct Authority (FCA) announced that it would no longer need to persuade or compel banks to submit to LIBOR after December 31, 2021. In response, the FASB established a December 31, 2022, expiration date for ASC 848.

In March 2021, the FCA announced that the intended cessation date of LIBOR in the United States would be June 30, 2023. Accordingly, ASU 2022-06 defers the expiration date of ASC 848 to December 31, 2024. Management does not believe this update has a material impact on the Funds’ financial statements.

15. Legal Proceedings

On or about February 14, 2020, Marc S. Kirschner, as Trustee for NWHI Litigation Trust (“Litigation Trustee”) and Wilmington Savings Fund Society, FSB, as indenture Trustee (“Indenture Trustee”) for several series of notes issued by Nine West Holdings, Inc. (“Nine West”), filed separate complaints (docket nos. 20-cv-01129 and 20-cv-01136, respectively ) in the United States District Court for the Northern District of Illinois against a group of defendants including the FlexShares^® Morningstar US Market Factor Tilt Index Fund that had invested in The Jones Group Inc. (“Jones Group”). The claims in these actions stem from a series of merger transactions (“Transactions”) entered into by Jones Group, Nine West and others in 2014 that allegedly rendered Jones Group insolvent. The matters in these

proceedings were transferred from the United States District Court for the Northern District of Illinois to the United States District Court for the Southern District of New York to centralize the litigation, and were assigned to the Honorable Jed S. Rakoff for coordinated or consolidated pretrial proceedings. The FlexShares^® Morningstar US Market Factor Tilt Index Fund allegedly received $224,910 as a result of the Transactions. The Litigation Trustee and Indenture Trustee seek to clawback these proceeds for the benefit of the Trust and the noteholders, respectively, on the basis that they were alleged fraudulent conveyances. On June 29, 2020, the former public shareholder defendants, including FlexShares^® Morningstar US Market Factor Tilt Index Fund, filed a motion to dismiss on the basis that the payments allegedly made to them in connection with the Transactions were shielded from the fraudulent conveyance claims under Section 546(e) of the Bankruptcy Code. On August 27, 2020, all fraudulent conveyance claims against the former public shareholder defendants were dismissed. The Trustees appealed from that decision to the U.S. Court of Appeals for the Second Circuit. On November 27, 2023, the Second Circuit affirmed the District Court’s dismissal of the Trustees’ claims against the former Jones Group public shareholders, but reversed the judgment in favor of the former Jones Group directors, officers, and employees who received payment for their shares through Nine West’s payroll provider. Although certain of these former Jones Group employee shareholders petitioned the Second Circuit for rehearing of the appeal, the Trustees did not seek rehearing in connection with the dismissed claims against the former public shareholders. On January 3, 2024, the Second Circuit denied the employee shareholders’ petition for rehearing. On April 2, 2024, the employee shareholders filed a petition with the Supreme Court of the United States for a writ of certiorari. The Trustees elected not to oppose the petition or file a cross-petition. On May 13, 2024, the Supreme Court of the United States denied the employee shareholders’ petition. On May 15, 2024, the Second Circuit issued its mandate formally closing the appeal. As a result, all claims against the FlexShares^® Morningstar US Market Factor Tilt Index Fund in this action remain dismissed and this action is closed.


		FLEXSHARES SEMIANNUAL REPORT			439

Notes to the Financial Statements (cont.)

16. Foreign Instability

Unexpected political, regulatory and diplomatic events and military conflicts around the world may affect investor and consumer confidence and may adversely impact global financial markets and the broader economy. Foreign conflicts have caused, and could continue to cause, significant market disruptions and volatility within specific markets and globally.

The hostilities and sanctions resulting from those conflicts have, and could continue to have, a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters.

17. Subsequent Events

Management has evaluated subsequent events for the Funds through the date the financial statements were issued, and has concluded that there are no recognized or non-recognized subsequent events relevant for financial statement disclosure.


440		FLEXSHARES SEMIANNUAL REPORT

Fund Expenses (Unaudited)

As a shareholder, you incur two types of costs:

(1) Transaction costs for purchasing and selling shares and (2) ongoing costs, including advisory and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses

The actual expense examples are based on an investment of $1,000 invested at the beginning of a six month period and held through the period and held through the period ended April 30, 2024.

The first line under each Fund in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The hypothetical expense examples are based on an investment of $1,000 invested at the beginning of a six month period and held through the period ended April 30, 2024.

The second line under each Fund in the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as brokerage commissions on purchases or sales of Fund shares. Therefore, the second line for each Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.


	Beginning Account Value		Ending Account Value 04/30/24		Expenses Paid During the Period		Annualized Expense Ratio During Period

FlexShares^® US Quality Low Volatility Index Fund

Actual	$	1,000.00	$	1,151.30	$	1.02		0.19	%

Hypothetical	$	1,000.00	$	1,023.92	$	0.96		0.19	%

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

Actual	$	1,000.00	$	1,113.20	$	1.68		0.32	%

Hypothetical	$	1,000.00	$	1,023.27	$	1.61		0.32	%

FlexShares^® Emerging Markets Quality Low Volatility Index Fund

Actual	$	1,000.00	$	1,115.60	$	2.10		0.40	%

Hypothetical	$	1,000.00	$	1,022.87	$	2.01		0.40	%


		FLEXSHARES SEMIANNUAL REPORT			441

Fund Expenses (cont.)


	Beginning Account Value		Ending Account Value 04/30/24		Expenses Paid During the Period		Annualized Expense Ratio During Period

FlexShares^® Morningstar US Market Factor Tilt Index Fund

Actual	$	1,000.00	$	1,208.90	$	1.37		0.25	%

Hypothetical	$	1,000.00	$	1,023.62	$	1.26		0.25	%

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

Actual	$	1,000.00	$	1,183.00	$	2.12		0.39	%

Hypothetical	$	1,000.00	$	1,022.92	$	1.96		0.39	%

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund

Actual	$	1,000.00	$	1,144.30	$	3.04		0.57	%

Hypothetical	$	1,000.00	$	1,022.03	$	2.87		0.57	%

FlexShares^® US Quality Large Cap Index Fund

Actual	$	1,000.00	$	1,219.70	$	1.38		0.25	%

Hypothetical	$	1,000.00	$	1,023.62	$	1.26		0.25	%

FlexShares^® STOXX^® US ESG Select Index Fund

Actual	$	1,000.00	$	1,181.50	$	1.74		0.32	%

Hypothetical	$	1,000.00	$	1,023.27	$	1.61		0.32	%

FlexShares^® STOXX^® Global ESG Select Index Fund

Actual	$	1,000.00	$	1,191.80	$	2.29		0.42	%

Hypothetical	$	1,000.00	$	1,022.77	$	2.11		0.42	%

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

Actual	$	1,000.00	$	1,195.10	$	0.49		0.09	%

Hypothetical	$	1,000.00	$	1,024.42	$	0.45		0.09	%

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

Actual	$	1,000.00	$	1,179.60	$	0.65		0.12	%

Hypothetical	$	1,000.00	$	1,024.27	$	0.60		0.12	%

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund

Actual	$	1,000.00	$	1,096.00	$	2.40		0.46	%

Hypothetical	$	1,000.00	$	1,022.58	$	2.31		0.46	%

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund

Actual	$	1,000.00	$	1,105.10	$	2.46		0.47	%

Hypothetical	$	1,000.00	$	1,022.53	$	2.36		0.47	%

FlexShares^® Global Quality Real Estate Index Fund

Actual	$	1,000.00	$	1,150.70	$	2.41		0.45	%

Hypothetical	$	1,000.00	$	1,022.63	$	2.26		0.45	%


442		FLEXSHARES SEMIANNUAL REPORT

Fund Expenses (cont.)


	Beginning Account Value		Ending Account Value 04/30/24		Expenses Paid During the Period		Annualized Expense Ratio During Period

FlexShares^® Real Assets Allocation Index Fund

Actual	$	1,000.00	$	1,103.80	$	0.16		0.03	%

Hypothetical	$	1,000.00	$	1,024.71	$	0.15		0.03	%

FlexShares^® Quality Dividend Index Fund

Actual	$	1,000.00	$	1,161.90	$	1.99		0.37	%

Hypothetical	$	1,000.00	$	1,023.02	$	1.86		0.37	%

FlexShares^® Quality Dividend Defensive Index Fund

Actual	$	1,000.00	$	1,163.60	$	1.99		0.37	%

Hypothetical	$	1,000.00	$	1,023.02	$	1.86		0.37	%

FlexShares^® International Quality Dividend Index Fund

Actual	$	1,000.00	$	1,193.10	$	2.56		0.47	%

Hypothetical	$	1,000.00	$	1,022.53	$	2.36		0.47	%

FlexShares^® International Quality Dividend Defensive Index Fund

Actual	$	1,000.00	$	1,156.30	$	2.52		0.47	%

Hypothetical	$	1,000.00	$	1,022.53	$	2.36		0.47	%

FlexShares^® International Quality Dividend Dynamic Index Fund

Actual	$	1,000.00	$	1,209.20	$	2.58		0.47	%

Hypothetical	$	1,000.00	$	1,022.53	$	2.36		0.47	%

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

Actual	$	1,000.00	$	1,029.40	$	0.91		0.18	%

Hypothetical	$	1,000.00	$	1,023.97	$	0.91		0.18	%

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

Actual	$	1,000.00	$	1,034.30	$	0.91		0.18	%

Hypothetical	$	1,000.00	$	1,023.97	$	0.91		0.18	%

FlexShares^® Disciplined Duration MBS Index Fund

Actual	$	1,000.00	$	1,038.00	$	1.01		0.20	%

Hypothetical	$	1,000.00	$	1,023.87	$	1.01		0.20	%

FlexShares^® Credit-Scored US Corporate Bond Index Fund

Actual	$	1,000.00	$	1,057.90	$	0.92		0.18	%

Hypothetical	$	1,000.00	$	1,023.97	$	0.91		0.18	%

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

Actual	$	1,000.00	$	1,119.60	$	0.90		0.17	%

Hypothetical	$	1,000.00	$	1,024.02	$	0.86		0.17	%


		FLEXSHARES SEMIANNUAL REPORT			443

Fund Expenses (cont.)


	Beginning Account Value		Ending Account Value 04/30/24		Expenses Paid During the Period		Annualized Expense Ratio During Period

FlexShares^® High Yield Value-Scored Bond Index Fund

Actual	$	1,000.00	$	1,089.80	$	1.87		0.36	%

Hypothetical	$	1,000.00	$	1,023.07	$	1.81		0.36	%

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

Actual	$	1,000.00	$	1,072.90	$	0.62		0.12	%

Hypothetical	$	1,000.00	$	1,024.27	$	0.60		0.12	%

FlexShares^® Ultra-Short Income Fund

Actual	$	1,000.00	$	1,030.90	$	1.26		0.25	%

Hypothetical	$	1,000.00	$	1,023.62	$	1.26		0.25	%

FlexShares^® Core Select Bond Fund

Actual	$	1,000.00	$	1,050.50	$	1.27		0.25	%

Hypothetical	$	1,000.00	$	1,023.62	$	1.26		0.25	%


444		FLEXSHARES SEMIANNUAL REPORT

Liquidity Risk Management Program (Unaudited)

FlexShares Trust (the “Trust”), on behalf of each of its series (each, a “Fund” and, collectively, the “Funds”), has adopted and implemented a liquidity risk management program (the “Program”) as required by rule 22e-4 under the Investment Company Act of 1940, as amended (the “Rule”). The Program is reasonably designed to assess and manage each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund.

The Trust’s Board of Trustees (the “Board”) has appointed Northern Trust Investments, Inc. (“NTI”), the investment adviser to the Funds, as the program administrator for the Program. NTI has delegated oversight of the Program to the Northern Trust Asset Management Credit & Liquidity Risk Management Committee (the “Committee”).

At a meeting of the Board held December 14, 2023, the Board received and reviewed the annual written report of the Committee, on behalf of NTI (the “Report”), concerning the operation of the Program for the review period October 1, 2022 through September 30, 2023. The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation.

The Report summarized the operation of the Program and the information and factors considered by the Committee in reviewing the adequacy and effectiveness of the Program’s implementation with respect to each Fund. Such information and factors included, among other things: (i) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (ii) the reliability of the classification system used to classify the liquidity of each Fund’s portfolio investments; (iii) that each Fund held primarily highly liquid investments (cash and investments that the Fund reasonably expects can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value); (iv) that none of the Funds required the establishment of a highly liquid investment minimum (as defined in the Rule) and the methodology for that determination; and (v) confirmation that none of the Funds had breached the 15% maximum threshold on illiquid investments (i.e., any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven days or less without the sale or disposition significantly changing the market value of the investment) and the procedures for monitoring compliance with the limit. The Report also summarized the changes made to the Program over the course of the year.

The Committee confirmed, and reported to the Board, the adequacy and effectiveness of the Program and that each Fund’s liquidity strategy was appropriate for an exchange-traded fund. The Committee also concluded that the Program, as adopted and implemented, remains reasonably designed to assess and manage each Fund’s Liquidity Risk.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to Liquidity Risk and other risks to which an investment in the Fund may be subject.


		FLEXSHARES SEMIANNUAL REPORT			445

For More Information (Unaudited)

Premium/Discount Information

Information about the differences between the daily market prices on secondary markets for shares of the Funds and the Funds’ net asset values for various time periods, as applicable, is available by visiting the Funds’ website at flexshares.com.

Portfolio Holdings

FlexShares^® Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year an exhibit to its reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov.

Proxy Voting

FlexShares^® Trust Proxy Voting Policies and Procedures are available upon request and without charge by calling 1-855-FLEXETF (1-855-353-9383) or by visiting the Funds’ website flexshares.com or the SEC’s website at sec.gov. Each Fund’s portfolio securities voting record for the 12-month period ended June 30 is available upon request and without charge by calling 1-855-FLEXETF (1-855-353-9383) or by visiting the SEC’s website at sec.gov.


446		FLEXSHARES SEMIANNUAL REPORT

LOGO

FlexShares^® Trust

50 S. LaSalle Street

Chicago, IL 60603

855.353.9383

www.flexshares.com

FlexShares^® is a registered trademark of NTI. Morningstar^® is a registered trademark of Morningstar, Inc. (“Morningstar”). Morningstar^® US Market Factor Tilt Index^SM, Morningstar^® Developed Markets ex-US Factor Tilt Index^SM, Morningstar^® Emerging Markets Factor Tilt Index^SM, and Morningstar^® Global Upstream Natural Resources Index^SM are service marks of Morningstar, Inc. STOXX and its licensors (the “Licensors”) have no relationship to FlexShares^® Trust other than the licensing of the STOXX^® USA ESG Select KPIs Index, STOXX^® Global ESG Select KPIs Index and STOXX^® Global Broad Infrastructure Index and the related trademarks for use in connection with the FlexShares^® STOXX^® US ESG Select Index Fund, FlexShares^® STOXX^® Global ESG Select Index Fund and FlexShares^® STOXX^® Global Broad Infrastructure Index Fund, respectively. The iBoxx 3-Year Target Duration TIPS Index and iBoxx 5-Year Target Duration TIPS Index are each the property of Markit North America, Inc. (“Markit”) and have been licensed for use in connection the FlexShares iBoxx 3-Year Target Duration TIPS Index Fund and the FlexShares iBoxx 5-Year Target Duration TIPS Index Fund, respectively. Northern Trust Quality Low Volatility Index^SM, Northern Trust Developed Markets ex-US Quality Low Volatility Index^SM, Northern Trust Emerging Markets Quality Low Volatility Index^SM, Northern Trust Quality Large Cap Index^SM, Northern Trust ESG & Climate US Large Cap Core Index^SM, Northern Trust ESG & Climate Developed Markets ex-US Core Index^SM, Northern Trust Quality Dividend Index^SM, Northern Trust Quality Dividend Defensive Index^SM, Northern Trust International Quality Dividend Index^SM, Northern Trust International Quality Dividend Defensive Index^SM, Northern Trust Global Quality Real Estate Index^SM, Northern Trust Credit-Scored US Corporate Bond Index^SM, Northern Trust Credit-Scored US Long Corporate Bond Index^SM, Northern Trust Real Assets Allocation Index^SM, Northern Trust High Yield US Corporate Bond Index^SM, Northern Trust High Yield Value-Scored US Corporate Bond Index^SM, and Northern Trust ESG & Climate Investment Grade U.S. Corporate Core Index^SM are service marks of NTI and have been licensed for use by FlexShares Trust. The ICE^® BofA^® Constrained Duration US Mortgage Backed Securities Index^SM are trademarks of ICE Data Indices, LLC or its affiliates (“ICE”) and have been licensed for use by NTI.

FS00238-0624

b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule. Not applicable.

Item 2. Code of Ethics.

Not applicable for this reporting period.

Item 3. Audit Committee Financial Expert.

Not applicable for this reporting period.

Item 4. Principal Accountant Fees and Services.

Not applicable for this reporting period.

Item 5. Audit Committee of Listed Registrants.

Not applicable for this reporting period.

Item 6. Investments.

(a)	Schedule I – Investments in Securities of Unaffiliated Issuers.

The complete schedule of investments is included in the report to shareholders in Item 1 of this Form N-CSR.

(b)	Securities divested of in accordance with Section 13(c) of the 1940 Act.

Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a)

The Registrant’s principal executive officer and principal financial officer, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 13. Exhibits.

(a)(1)

Not applicable for this reporting period.

(a)(2)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3)

Not Applicable.

(a)(4)

There has been no change to the registrant’s independent public accountant during the reporting period.

(b)	Certifications required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FlexShares^® Trust

By:

/s/Peter Ewing

Peter K. Ewing

President and Principal Executive Officer

July 3, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/Peter Ewing

Peter K. Ewing

President and Principal Executive Officer

July 3, 2024

By:

/s/Randal Rein

Randal E. Rein

Treasurer and Principal Financial Officer

July 3, 2024

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