Schedule of Investments

FlexShares^® US Quality Low Volatility Index Fund

January 31, 2022 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 99.8%
Air Freight & Logistics - 1.3%
CH Robinson Worldwide, Inc.(a)		9,486		992,710
Expeditors International of Washington, Inc.		10,602		1,213,717
				2,206,427
Automobiles - 0.8%
Tesla, Inc.*		1,364		1,277,686
Banks - 0.1%
JPMorgan Chase & Co.		682		101,345
Beverages - 1.4%
PepsiCo, Inc.		12,958		2,248,472
Biotechnology - 4.1%
AbbVie, Inc.		11,098		1,519,205
Amgen, Inc.		10,602		2,408,138
Gilead Sciences, Inc.		20,150		1,383,902
Regeneron Pharmaceuticals, Inc.*		2,294		1,396,106
United Therapeutics Corp.*		806		162,707
				6,870,058
Capital Markets - 1.6%
Intercontinental Exchange, Inc.		5,766		730,322
Nasdaq, Inc.		4,526		811,104
S&P Global, Inc.		2,728		1,132,720
				2,674,146
Chemicals - 0.8%
Ecolab, Inc.		6,448		1,221,574
Linde plc		434		138,307
				1,359,881
Commercial Services & Supplies - 2.3%
Republic Services, Inc.		7,130		910,216
Tetra Tech, Inc.		7,192		1,001,054
Waste Connections, Inc.		7,192		896,842
Waste Management, Inc.		6,758		1,016,674
				3,824,786
Containers & Packaging - 0.5%
Sonoco Products Co.		14,260		807,686
Diversified Consumer Services - 0.2%
Service Corp. International		4,340		267,865
Diversified Financial Services - 0.2%
Berkshire Hathaway, Inc., Class B*		868		271,701
Diversified Telecommunication Services - 2.1%
AT&T, Inc.		17,670		450,585
Iridium Communications, Inc.*(a)		29,140		1,045,543
Verizon Communications, Inc.		38,130		2,029,660
				3,525,788

Investments	Shares		Value ($)
Electric Utilities - 3.6%
American Electric Power Co., Inc.		9,052		818,301
Duke Energy Corp.		992		104,219
IDACORP, Inc.		12,276		1,353,061
NextEra Energy, Inc.		18,104		1,414,284
PNM Resources, Inc.		17,484		783,458
Portland General Electric Co.		11,098		583,089
Xcel Energy, Inc.		11,842		824,914
				5,881,326
Equity Real Estate Investment Trusts (REITs) - 2.9%
American Tower Corp.		1,302		327,453
Crown Castle International Corp.		4,092		746,831
Equinix, Inc.		806		584,270
Essex Property Trust, Inc.		3,348		1,113,210
Extra Space Storage, Inc.		496		98,302
Public Storage		4,402		1,578,249
SBA Communications Corp.		930		302,659
				4,750,974
Food & Staples Retailing - 4.9%
Albertsons Cos., Inc., Class A		25,234		710,337
Costco Wholesale Corp.		7,378		3,726,849
Kroger Co. (The)		23,498		1,024,278
Walmart, Inc.		18,910		2,643,807
				8,105,271
Food Products - 0.9%
Hershey Co. (The)		7,316		1,441,764
Health Care Equipment & Supplies - 0.6%
Abbott Laboratories		8,308		1,058,938
Health Care Providers & Services - 0.7%
Chemed Corp.		2,604		1,221,042
Hotels, Restaurants & Leisure - 0.7%
Booking Holdings, Inc.*		496		1,218,240
Household Durables - 0.5%
Newell Brands, Inc.		37,944		880,680
Household Products - 2.6%
Clorox Co. (The)		4,712		790,956
Procter & Gamble Co. (The)		21,452		3,441,974
				4,232,930
Industrial Conglomerates - 0.8%
Roper Technologies, Inc.		2,976		1,300,988
Insurance - 5.6%
Alleghany Corp.*		1,922		1,276,208
Aon plc, Class A		3,410		942,660
Assurant, Inc.		8,184		1,248,142
Chubb Ltd.		6,076		1,198,673
Markel Corp.*		682		840,729
Progressive Corp. (The)		11,594		1,259,804
Travelers Cos., Inc. (The)		9,114		1,514,565
W R Berkley Corp.		11,036		932,542
				9,213,323

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Interactive Media & Services - 5.5%
Alphabet, Inc., Class A*		1,364		3,691,079
Alphabet, Inc., Class C*		1,550		4,206,654
Meta Platforms, Inc., Class A*		3,720		1,165,327
				9,063,060
IT Services - 7.1%
Accenture plc, Class A		9,300		3,288,294
Akamai Technologies, Inc.*		5,208		596,576
Amdocs Ltd.		2,356		178,797
Automatic Data Processing, Inc.		5,704		1,175,994
Jack Henry & Associates, Inc.		7,750		1,300,528
Mastercard, Inc., Class A		2,232		862,400
VeriSign, Inc.*		2,728		592,467
Visa, Inc., Class A(a)		16,554		3,744,018
				11,739,074
Life Sciences Tools & Services - 1.7%
Charles River Laboratories International, Inc.*		2,170		715,579
ICON plc*		3,286		873,156
QIAGEN NV*		24,180		1,196,668
				2,785,403
Media - 1.5%
Cable One, Inc.(a)		496		766,186
Charter Communications, Inc., Class A*(a)		2,356		1,397,909
New York Times Co. (The), Class A		7,316		292,860
				2,456,955
Metals & Mining - 1.9%
Agnico Eagle Mines Ltd.(a)		15,748		752,440
Newmont Corp.		24,924		1,524,601
Royal Gold, Inc.		8,184		831,085
				3,108,126
Multiline Retail - 1.8%
Dollar General Corp.(a)		4,712		982,358
Target Corp.		9,114		2,008,999
				2,991,357
Multi-Utilities - 2.2%
Ameren Corp.		10,478		929,818
CMS Energy Corp.		7,936		510,920
Consolidated Edison, Inc.		8,556		739,666
WEC Energy Group, Inc.		15,376		1,492,087
				3,672,491
Pharmaceuticals - 10.0%
Bristol-Myers Squibb Co.		10,168		659,802
Eli Lilly & Co.		15,004		3,681,832
Johnson & Johnson		46,376		7,990,121
Merck & Co., Inc.		29,884		2,434,948
Zoetis, Inc.		8,804		1,758,951
				16,525,654
Professional Services - 1.1%
FTI Consulting, Inc.*(a)		5,828		849,780
Thomson Reuters Corp.		558		59,907
Verisk Analytics, Inc.		5,084		997,125
				1,906,812

Investments	Shares		Value ($)
Road & Rail - 2.0%
JB Hunt Transport Services, Inc.		5,084		978,873
Landstar System, Inc.		7,440		1,190,400
Old Dominion Freight Line, Inc.(a)		3,906		1,179,339
				3,348,612
Semiconductors & Semiconductor Equipment - 0.5%
NVIDIA Corp.		3,348		819,791
Software - 14.1%
Adobe, Inc.*		5,580		2,981,394
Atlassian Corp. plc, Class A*		2,480		804,363
Check Point Software Technologies Ltd.*		11,532		1,395,487
Intuit, Inc.		5,022		2,788,365
Microsoft Corp.		44,020		13,689,340
Nuance Communications, Inc.*		16,430		907,758
Tyler Technologies, Inc.*		1,736		822,517
				23,389,224
Specialty Retail - 4.5%
AutoZone, Inc.*		124		246,307
Home Depot, Inc. (The)		15,934		5,847,459
O’Reilly Automotive, Inc.*		2,170		1,414,298
				7,508,064
Technology Hardware, Storage & Peripherals - 5.3%
Apple, Inc.		49,910		8,723,270
Water Utilities - 0.8%
American Water Works Co., Inc.		8,184		1,315,987
Wireless Telecommunication Services - 0.6%
T-Mobile US, Inc.*		9,548		1,032,807
TOTAL COMMON STOCKS (COST $140,171,241)				165,128,004
Investments	Principal Amount ($)		Value ($)
SHORT-TERM INVESTMENTS - 0.0%(b)
U.S. TREASURY OBLIGATIONS - 0.0%(b)
U.S. Treasury Bills 0.31%, 6/30/2022(c)(d) (Cost $34,955)		35,000		34,952
Total Investments - 99.8% (Cost $140,206,196)				165,162,956
Other assets less liabilities - 0.2%				280,282
Net Assets - 100.0%				165,443,238

* Non-income producing security.

See Accompanying Notes to the Schedules of Investments.

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

(a) The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $9,508,800, collateralized by $9,657,963 in U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from February 15, 2022 – November 15, 2051 and $1,607 in Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from April 20, 2022 – September 20, 2117; a total value of $9,659,570.

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

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

(d) The rate shown was the current yield as of January 31, 2022.

Percentages shown are based on Net Assets.

Futures Contracts

FlexShares^® US Quality Low Volatility Index Fund had the following open futures contract as of January 31, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation
Long Contracts
S&P 500 E-Mini Index		1		03/18/2022		USD	$	225,213	$	(9,907	)

Abbreviations:

USD — US Dollar

Security Type	% of Net Assets
Common Stocks		99.8	%
Short-Term Investments		0.0	†
Others(1)		0.2
		100.0	%

† Amount represents less than 0.05%.

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

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

January 31, 2022 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 98.6%
Aerospace & Defense - 0.9%
Elbit Systems Ltd.		261		43,194
Singapore Technologies Engineering Ltd.		229,100		631,988
				675,182
Air Freight & Logistics - 1.0%
Deutsche Post AG (Registered)		2,987		177,433
DSV A/S		667		134,409
SG Holdings Co. Ltd.		23,200		488,866
				800,708
Auto Components - 0.6%
Bridgestone Corp.		2,900		126,168
Pirelli & C SpA(a)		51,243		357,987
				484,155
Automobiles - 0.0%(b)
Ferrari NV		145		32,980
Banks - 12.1%
Bank Hapoalim BM		65,279		671,124
Bank Leumi Le-Israel BM		72,906		774,314
Bankinter SA		42,166		245,322
BOC Hong Kong Holdings Ltd.		217,500		836,801
Chiba Bank Ltd. (The)		23,200		148,593
Commonwealth Bank of Australia(c)		1,827		120,663
DBS Group Holdings Ltd.		29,000		754,946
FinecoBank Banca Fineco SpA		33,176		550,602
Hang Seng Bank Ltd.		37,700		744,084
HSBC Holdings plc		30,682		217,184
Oversea-Chinese Banking Corp. Ltd.		52,200		481,407
Royal Bank of Canada		15,660		1,784,560
Shizuoka Bank Ltd. (The)		43,500		339,015
Sumitomo Mitsui Financial Group, Inc.		18,700		667,504
Swedbank AB, Class A		4,582		89,116
Toronto-Dominion Bank (The)		7,598		608,234
United Overseas Bank Ltd.		17,400		385,537
				9,419,006
Beverages - 0.4%
Budweiser Brewing Co. APAC Ltd.(a)		46,400		122,285
Suntory Beverage & Food Ltd.		5,800		221,983
				344,268
Capital Markets - 2.3%
Deutsche Boerse AG		3,683		649,023
Euronext NV(a)		1,566		149,743
Japan Exchange Group, Inc.		17,400		355,097
Singapore Exchange Ltd.		89,900		618,991
				1,772,854

Investments	Shares		Value ($)
Chemicals - 5.6%
Air Liquide SA		7,540		1,279,515
Akzo Nobel NV		1,073		110,132
Chr Hansen Holding A/S		2,842		226,682
Givaudan SA (Registered)		145		594,608
ICL Group Ltd.		27,666		247,255
Kansai Paint Co. Ltd.(c)		5,800		119,448
Koninklijke DSM NV		2,987		556,006
Novozymes A/S, Class B		9,222		629,269
Symrise AG		4,872		578,647
				4,341,562
Commercial Services & Supplies - 1.3%
Brambles Ltd.		50,866		346,550
Secom Co. Ltd.		6,900		484,093
Securitas AB, Class B		11,629		139,349
				969,992
Diversified Financial Services - 0.7%
Groupe Bruxelles Lambert SA		3,190		339,361
Industrivarden AB, Class C		2,233		68,635
Investor AB, Class A		1,972		44,409
L E Lundbergforetagen AB, Class B		580		29,366
Sofina SA		87		34,369
				516,140
Diversified Telecommunication Services - 5.8%
BT Group plc		132,733		348,238
Elisa OYJ		9,715		567,178
HKT Trust & HKT Ltd.		29,000		39,497
Koninklijke KPN NV		158,833		521,157
Nippon Telegraph & Telephone Corp.		23,200		657,795
Orange SA		29,551		345,180
Proximus SADP		12,905		262,061
Singapore Telecommunications Ltd.		197,200		354,395
Spark New Zealand Ltd.		2,639		7,505
Swisscom AG (Registered)		1,247		707,444
Telecom Italia SpA		584,988		272,932
Telefonica Deutschland Holding AG		84,477		240,535
Telia Co. AB		1,972		7,734
United Internet AG (Registered)		4,292		166,616
				4,498,267
Electric Utilities - 4.3%
Chubu Electric Power Co., Inc.		66,700		666,276
Emera, Inc.(c)		5,655		267,810
Fortis, Inc.		6,119		290,506
Hydro One Ltd.(a)		11,426		295,038
Iberdrola SA		73,428		836,298
Iberdrola SA*(d)		1,181		13,451
Power Assets Holdings Ltd.		101,500		622,859
Red Electrica Corp. SA		17,922		359,822
				3,352,060
Electronic Equipment, Instruments & Components - 1.1%
Halma plc		10,585		354,466

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Hirose Electric Co. Ltd.		1,900		280,486
Keyence Corp.		400		202,144
				837,096
Equity Real Estate Investment Trusts (REITs) - 0.4%
Link REIT		36,462		312,129
Food & Staples Retailing - 4.4%
Coles Group Ltd.		5,771		65,868
Etablissements Franz Colruyt NV		5,075		205,262
J Sainsbury plc(c)		91,843		358,204
Jeronimo Martins SGPS SA		11,919		285,395
Koninklijke Ahold Delhaize NV		23,548		759,055
Lawson, Inc.		4,400		192,458
Loblaw Cos. Ltd.		4,988		384,631
Tesco plc		118,668		472,856
Tsuruha Holdings, Inc.		2,500		200,260
Welcia Holdings Co. Ltd.		17,400		467,373
				3,391,362
Food Products - 5.6%
MEIJI Holdings Co. Ltd.		3,900		242,343
Nestle SA (Registered)		29,667		3,794,368
Yakult Honsha Co. Ltd.		5,800		292,958
				4,329,669
Gas Utilities - 1.6%
Osaka Gas Co. Ltd.		20,300		343,898
Snam SpA		28,188		156,730
Toho Gas Co. Ltd.		11,700		318,329
Tokyo Gas Co. Ltd.		20,300		407,850
				1,226,807
Health Care Equipment & Supplies - 2.3%
Coloplast A/S, Class B		2,871		414,561
ConvaTec Group plc(a)		30,044		70,742
Hoya Corp.		5,800		742,712
Sysmex Corp.		5,800		545,142
				1,773,157
Hotels, Restaurants & Leisure - 0.3%
McDonald’s Holdings Co. Japan Ltd.		5,800		252,688
Household Durables - 0.9%
Rinnai Corp.		1,100		97,184
SEB SA		2,349		353,116
Sekisui House Ltd.(c)		11,600		233,006
				683,306
Household Products - 0.8%
Lion Corp.(c)		14,500		188,510
Reckitt Benckiser Group plc		5,568		449,040
				637,550
Independent Power and Renewable Electricity Producers - 0.8%
Uniper SE		13,833		620,272
Industrial Conglomerates - 1.6%
CK Hutchison Holdings Ltd.		43,500		307,943
Jardine Matheson Holdings Ltd.		11,600		682,544
Keppel Corp. Ltd.		53,200		222,298
				1,212,785

Investments	Shares		Value ($)
Insurance - 2.5%
Admiral Group plc		12,006		506,431
AIA Group Ltd.		5,800		59,989
Fairfax Financial Holdings Ltd.		1,276		615,827
Gjensidige Forsikring ASA		754		18,317
Medibank Pvt Ltd.(c)		138,185		300,837
Sampo OYJ, Class A		2,610		128,297
Tryg A/S		13,108		308,973
				1,938,671
IT Services - 2.3%
CGI, Inc.*		4,292		366,261
Fujitsu Ltd.		1,900		247,672
Itochu Techno-Solutions Corp.		5,800		156,546
Nomura Research Institute Ltd.		8,700		298,997
NTT Data Corp.		5,800		110,035
Obic Co. Ltd.		3,300		537,566
Shopify, Inc., Class A*		87		83,889
				1,800,966
Leisure Products - 0.3%
Shimano, Inc.		1,200		266,765
Machinery - 2.0%
GEA Group AG		8,091		378,673
Knorr-Bremse AG		2,494		250,669
Kone OYJ, Class B		9,251		593,393
Schindler Holding AG		1,305		322,518
				1,545,253
Marine - 0.8%
Hapag-Lloyd AG(a)		116		34,277
Kuehne + Nagel International AG (Registered)		2,059		575,649
				609,926
Media - 0.5%
Pearson plc		44,863		370,292
Metals & Mining - 0.5%
Franco-Nevada Corp.		2,958		390,903
Multiline Retail - 0.8%
Pan Pacific International Holdings Corp.		2,900		38,834
Wesfarmers Ltd.		16,414		609,564
				648,398
Oil, Gas & Consumable Fuels - 0.5%
Enbridge, Inc.		2,523		106,609
Idemitsu Kosan Co. Ltd.		11,600		294,971
				401,580
Personal Products - 1.1%
Beiersdorf AG		1,769		174,667
Kobayashi Pharmaceutical Co. Ltd.(c)		6,900		533,556
Unilever plc		2,581		131,154
				839,377
Pharmaceuticals - 12.1%
AstraZeneca plc		6,032		697,359
GlaxoSmithKline plc		71,978		1,586,633
Hikma Pharmaceuticals plc(c)		6,467		180,297

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Novartis AG (Registered)		1,218		104,826
Novo Nordisk A/S, Class B		27,260		2,694,663
Ono Pharmaceutical Co. Ltd.		5,800		139,583
Roche Holding AG		8,874		3,401,676
Roche Holding AG - BR		116		47,344
Sanofi		2,987		310,567
Santen Pharmaceutical Co. Ltd.		17,400		195,859
				9,358,807
Professional Services - 2.4%
RELX plc		27,521		838,165
SGS SA (Registered)		116		327,050
Wolters Kluwer NV		6,554		662,996
				1,828,211
Real Estate Management & Development - 3.5%
Azrieli Group Ltd.		116		10,396
CK Asset Holdings Ltd.		116,000		771,345
Daito Trust Construction Co. Ltd.		2,900		329,703
Henderson Land Development Co. Ltd.		145,000		633,180
New World Development Co. Ltd.		29,000		117,896
PSP Swiss Property AG (Registered)		2,001		240,494
Sun Hung Kai Properties Ltd.		53,500		650,092
				2,753,106
Road & Rail - 0.4%
MTR Corp. Ltd.		58,000		313,150
Semiconductors & Semiconductor Equipment - 0.9%
ASML Holding NV		1,015		676,090
Software - 2.9%
Constellation Software, Inc.		319		549,145
Dassault Systemes SE		11,600		552,003
Nice Ltd.*		1,189		301,950
Open Text Corp.		5,742		274,684
Oracle Corp. Japan		2,900		214,433
Sage Group plc (The)		8,671		83,854
SAP SE		2,117		261,996
				2,238,065
Specialty Retail - 1.5%
ABC-Mart, Inc.		5,800		262,756
Nitori Holdings Co. Ltd.		3,400		483,923
Yamada Holdings Co. Ltd.		133,400		448,043
				1,194,722
Technology Hardware, Storage & Peripherals - 1.3%
Canon, Inc.		17,400		409,008
FUJIFILM Holdings Corp.		8,700		576,099
				985,107
Textiles, Apparel & Luxury Goods - 2.4%
Hermes International		551		814,399
LVMH Moet Hennessy Louis Vuitton SE		1,305		1,057,095
				1,871,494
Tobacco - 0.5%
Japan Tobacco, Inc.		20,300		404,150

Investments	Shares		Value ($)
Trading Companies & Distributors - 1.3%
ITOCHU Corp.		23,200		738,333
MonotaRO Co. Ltd.		14,500		233,938
				972,271
Water Utilities - 0.9%
Pennon Group plc		23,432		340,468
United Utilities Group plc		25,549		365,916
				706,384
Wireless Telecommunication Services - 2.4%
KDDI Corp.		27,600		873,092
Rogers Communications, Inc., Class B		203		10,290
SoftBank Corp.		49,300		613,549
Vodafone Group plc		200,680		350,069
				1,847,000
TOTAL COMMON STOCKS (Cost $71,555,185)				76,444,683

Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(e) - 0.8%
REPURCHASE AGREEMENTS - 0.8%
CF Secured LLC, 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $612,792, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 2.75%, maturing 4/30/2023 - 8/15/2045; total market value $625,647 (Cost $612,791)		612,791		612,791
Total Investments - 99.4% (Cost $72,167,976)				77,057,474
Other assets less liabilities - 0.6%				499,327
Net Assets - 100.0%				77,556,801

* Non-income producing security.

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

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

(c) The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $1,623,237, collateralized in the form of cash with a value of $612,791 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $1,189,823 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 8.50%, and maturity dates ranging from April 25, 2022 – October 22, 2071; a total value of $1,802,614.

See Accompanying Notes to the Schedules of Investments.

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

(d) Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $13,451, which represents approximately 0.02% of net assets of the Fund.

(e) The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $612,791.

Percentages shown are based on Net Assets.

Abbreviations
OYJ	Public Limited Company

Futures Contracts

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund had the following open futures contracts as of January 31, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation
Long Contracts
MSCI EAFE E-Mini Index		8		03/18/2022		USD	$	894,120	$	(21,722	)

Forward Foreign Currency Contracts

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund had the following outstanding contracts as of January 31, 2022:

Contracts to Receive		Counterparty	In Exchange For			Maturity Date		Unrealized Appreciation/ (Depreciation)
GBP	29,362	Morgan Stanley		USD	38,821		03/16/2022	$	562
GBP	32,978	Toronto-Dominion Bank (The)		USD	43,744		03/16/2022		490
NOK	178,434	Toronto-Dominion Bank (The)		USD	19,797		03/16/2022		201
SGD	19,677	Toronto-Dominion Bank (The)		USD	14,403		03/16/2022		147
USD	26,190	Morgan Stanley		AUD	35,872		03/16/2022		911
USD	51,663	Toronto-Dominion Bank (The)		AUD	72,119		03/16/2022		842
USD	35,322	Toronto-Dominion Bank (The)		CHF	32,481		03/16/2022		396
USD	69,640	Morgan Stanley		DKK	457,663		03/16/2022		623
USD	14,599	Toronto-Dominion Bank (The)		DKK	96,101		03/16/2022		106
USD	50,419	Citibank NA		EUR	43,946		03/16/2022		1,110
USD	27,691	Morgan Stanley		EUR	24,474		03/16/2022		232
USD	90,175	Toronto-Dominion Bank (The)		EUR	79,672		03/16/2022		782
USD	14,270	BNP Paribas SA		HKD	111,238		03/16/2022		4
USD	24,216	Bank of New York		ILS	75,021		03/16/2022		588
USD	39,530	BNP Paribas SA		JPY	4,551,622		03/16/2022		13
USD	34,646	Morgan Stanley		JPY	3,937,664		03/16/2022		459
USD	17,544	Toronto-Dominion Bank (The)		NZD	25,905		03/16/2022		543
USD	162,289	Morgan Stanley		SEK	1,470,449		03/16/2022		4,690
Total unrealized appreciation								$	12,699
AUD	78,099	Toronto-Dominion Bank (The)		USD	55,873		03/16/2022	$	(838	)
DKK	159,689	Goldman Sachs & Co.		USD	24,262		03/16/2022		(181	)
EUR	96,022	Toronto-Dominion Bank (The)		USD	108,515		03/16/2022		(777	)
ILS	94,624	Citibank NA		USD	30,259		03/16/2022		(457	)
JPY	5,612,519	BNP Paribas SA		USD	48,730		03/16/2022		(2	)
JPY	6,358,285	Toronto-Dominion Bank (The)		USD	56,113		03/16/2022		(910	)
NZD	22,203	Toronto-Dominion Bank (The)		USD	14,977		03/16/2022		(405	)
SEK	319,815	Toronto-Dominion Bank (The)		USD	35,219		03/16/2022		(942	)

See Accompanying Notes to the Schedules of Investments.

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

Contracts to Receive		Counterparty	In Exchange For			Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	65,934	Morgan Stanley		CAD	83,893		03/16/2022	$	(27	)
USD	33,775	Toronto-Dominion Bank (The)		CAD	43,319		03/16/2022		(284	)
USD	35,602	Morgan Stanley		NOK	320,120		03/16/2022		(275	)
Total unrealized depreciation								$	(5,098	)
Net unrealized appreciation								$	7,601

Abbreviations:

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

DKK — Danish Krone

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

ILS — Israeli Shekel

JPY — Japanese Yen

NOK — Norwegian Krone

NZD — New Zealand Dollar

SEK — Swedish Krona

SGD — Singapore Dollar

USD — US Dollar

See Accompanying Notes to the Schedules of Investments.

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

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2022:

Australia	1.9	%
Belgium	1.1
Canada	7.8
Denmark	5.7
Finland	1.7
France	6.3
Germany	4.5
Hong Kong	7.1
Israel	2.6
Italy	1.8
Japan	22.8
Netherlands	4.2
New Zealand	0.0	†
Norway	0.0	†
Portugal	0.4
Singapore	5.3
Spain	1.9
Sweden	0.5
Switzerland	13.0
United Kingdom	10.0
Other1	1.4
	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		98.6	%
Securities Lending Reinvestments		0.8
Others(1)		0.6
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® Emerging Markets Quality Low Volatility Index Fund

January 31, 2022 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 99.8%
Air Freight & Logistics - 0.5%
Agility Public Warehousing Co. KSC		25,482		84,463
Auto Components - 0.7%
MRF Ltd.		120		116,021
Automobiles - 1.0%
Bajaj Auto Ltd.		2,640		126,111
Hero MotoCorp Ltd.		912		33,295
				159,406
Banks - 20.9%
Agricultural Bank of China Ltd., Class H		162,000		61,496
Al Rajhi Bank		7,170		283,215
Attijariwafa Bank		1,632		85,337
Banco de Credito del Peru, Class C		6,390		5,329
Bank Central Asia Tbk. PT		15,000		7,953
Bank of China Ltd., Class H		774,000		300,764
Bank of Communications Co. Ltd., Class H		138,000		92,383
Boubyan Bank KSCP*		2,520		6,706
Chang Hwa Commercial Bank Ltd.		127,200		80,718
China Construction Bank Corp., Class H		216,000		165,098
China Merchants Bank Co. Ltd., Class H		2,000		16,646
Commercial Bank PSQC (The)		20,976		41,191
Commercial International Bank Egypt SAE*		39,384		128,706
E.Sun Financial Holding Co. Ltd.		83,519		87,080
First Financial Holding Co. Ltd.		109,260		98,795
Grupo Elektra SAB de CV		360		23,630
Hua Nan Financial Holdings Co. Ltd.		135,484		106,433
ICICI Bank Ltd.		5,538		58,540
Industrial & Commercial Bank of China Ltd., Class H		384,000		231,950
Kuwait Finance House KSCP		51,420		153,802
Malayan Banking Bhd.		30,785		60,827
Masraf Al Rayan QSC		101,862		137,504
Mega Financial Holding Co. Ltd.		120,000		159,416
National Bank of Kuwait SAKP		38,760		132,570
Postal Savings Bank of China Co. Ltd., Class H(a)		126,000		104,387
Qatar Islamic Bank SAQ		24,744		133,200
Qatar National Bank QPSC		45,576		273,381
Saudi National Bank (The)		1,884		37,058
Sberbank of Russia PJSC		12,360		42,228
SinoPac Financial Holdings Co. Ltd.		114,000		67,423

Investments	Shares		Value ($)
Taiwan Cooperative Financial Holding Co. Ltd.		118,207		112,410
				3,296,176
Biotechnology - 0.0%(b)
Celltrion, Inc.		30		3,758
Capital Markets - 0.8%
Macquarie Korea Infrastructure Fund		11,304		126,590
Chemicals - 3.6%
Asian Paints Ltd.		3,906		164,999
PhosAgro PJSC		1,158		81,386
Pidilite Industries Ltd.		2,946		96,979
SABIC Agri-Nutrients Co.		2,982		134,321
Yanbu National Petrochemical Co.		4,710		85,114
				562,799
Commercial Services & Supplies - 0.6%
S-1 Corp.		1,800		101,236
Construction Materials - 0.8%
ACC Ltd.		894		27,384
LafargeHolcim Maroc SA		372		90,227
				117,611
Consumer Finance - 0.0%(b)
Bajaj Finance Ltd.		66		6,191
Diversified Financial Services - 0.7%
Far East Horizon Ltd.		120,000		102,648
Diversified Telecommunication Services - 5.9%
China Tower Corp. Ltd., Class H(a)		696,000		83,903
Chunghwa Telecom Co. Ltd.		39,000		164,755
Emirates Integrated Telecommunications Co. PJSC		50,334		89,073
Emirates Telecommunications Group Co. PJSC		13,536		121,981
Hellenic Telecommunications Organization SA		2,448		47,379
Itissalat Al-Maghrib		7,830		114,596
Saudi Telecom Co.		5,784		180,986
Telefonica Brasil SA		600		5,614
TIME dotCom Bhd.		112,800		114,808
				923,095
Electric Utilities - 0.9%
Manila Electric Co.		20,400		134,066
Electronic Equipment, Instruments & Components - 1.6%
Hon Hai Precision Industry Co. Ltd.		13,000		47,674
Synnex Technology International Corp.		42,000		102,078
WPG Holdings Ltd.		48,000		93,881
				243,633

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Entertainment - 0.3%
NetEase, Inc., ADR		420		43,411
Food & Staples Retailing - 1.8%
BIM Birlesik Magazalar A/S		13,212		69,283
InRetail Peru Corp.(a)		2,370		82,950
President Chain Store Corp.		9,000		85,748
Puregold Price Club, Inc.		66,840		48,647
				286,628
Food Products - 6.3%
Almarai Co. JSC		5,094		66,664
Dali Foods Group Co. Ltd.(a)		216,000		124,654
International Holding Co. PJSC*		2,940		121,905
Nestle Malaysia Bhd.		3,900		122,996
Orion Corp.*		768		61,924
Tingyi Cayman Islands Holding Corp.		60,000		124,193
Uni-President China Holdings Ltd.		114,000		107,457
Uni-President Enterprises Corp.		42,000		102,078
Want Want China Holdings Ltd.		162,000		158,519
				990,390
Gas Utilities - 1.9%
China Resources Gas Group Ltd.		16,000		80,025
ENN Energy Holdings Ltd.		6,400		101,447
Petronas Gas Bhd.		30,600		124,140
				305,612
Health Care Providers & Services - 4.0%
Apollo Hospitals Enterprise Ltd.		708		42,290
Bangkok Dusit Medical Services PCL, NVDR		163,800		110,200
Bangkok Dusit Medical Services PCL, Class F		17,400		11,706
Bumrungrad Hospital PCL, NVDR		25,800		109,260
Dr Sulaiman Al Habib Medical Services Group Co.		1,836		80,743
IHH Healthcare Bhd.		57,600		88,764
Mouwasat Medical Services Co.		1,902		100,577
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		46,800		91,109
				634,649
Hotels, Restaurants & Leisure - 1.0%
Jubilant Foodworks Ltd.		1,152		52,245
Yum China Holdings, Inc.		2,334		112,429
				164,674
Household Durables - 0.6%
Coway Co. Ltd.*		1,662		95,818
Independent Power and Renewable Electricity Producers - 0.1%
Unipro PJSC		726,000		22,619
Industrial Conglomerates - 0.4%
Enka Insaat ve Sanayi A/S		59,766		69,765
Insurance - 0.6%
Ping An Insurance Group Co. of China Ltd., Class H		12,000		93,722

Investments	Shares		Value ($)
Interactive Media & Services - 4.0%
Baidu, Inc., ADR*		282		45,047
Tencent Holdings Ltd.		9,600		581,105
				626,152
Internet & Direct Marketing Retail - 4.5%
Alibaba Group Holding Ltd., ADR*		4,608		579,640
JD.com cash in lieu of shares*(c)		457		17,571
JD.com, Inc., ADR*		1,314		98,392
Pinduoduo, Inc., ADR*		264		15,798
				711,401
IT Services - 3.9%
Infosys Ltd.		4,854		112,936
Mphasis Ltd.		210		8,742
Samsung SDS Co. Ltd.		222		25,874
Tata Consultancy Services Ltd.		7,254		363,198
Tech Mahindra Ltd.		5,454		108,097
				618,847
Life Sciences Tools & Services - 0.1%
Samsung Biologics Co. Ltd.*(a)		24		14,713
Marine - 0.3%
MISC Bhd.		23,400		38,911
Metals & Mining - 0.9%
Polyus PJSC		546		85,292
Vale SA		3,600		54,827
				140,119
Multiline Retail - 0.0%(b)
Robinson PCL*(c)		600		351
Multi-Utilities - 0.8%
Qatar Electricity & Water Co. QSC		26,022		127,358
Oil, Gas & Consumable Fuels - 1.5%
Petronas Dagangan Bhd.		17,400		80,650
Qatar Fuel QSC		16,242		84,756
Surgutneftegas PJSC (Preference)		156,600		75,481
				240,887
Personal Products - 0.4%
Hengan International Group Co. Ltd.		9,000		43,975
Hindustan Unilever Ltd.		594		18,099
Procter & Gamble Hygiene & Health Care Ltd.		12		2,373
				64,447
Pharmaceuticals - 4.0%
Cadila Healthcare Ltd.		19,434		105,865
Cipla Ltd.		9,636		122,028
Dr Reddy’s Laboratories Ltd.		684		39,440
Grand Pharmaceutical Group Ltd.		6,000		4,255
Lupin Ltd.		1,962		23,876
Richter Gedeon Nyrt.		2,682		70,448
Sino Biopharmaceutical Ltd.		96,000		65,990
Sun Pharmaceutical Industries Ltd.		5,910		66,091
Torrent Pharmaceuticals Ltd.		1,278		45,752
Yuhan Corp.*		1,827		85,780
				629,525

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Professional Services - 0.8%
51job, Inc., ADR*		2,430		122,472
Real Estate Management & Development - 0.4%
Wharf Holdings Ltd. (The)		18,000		61,404
Road & Rail - 0.5%
CJ Logistics Corp.*		732		70,437
Semiconductors & Semiconductor Equipment - 6.8%
Taiwan Semiconductor Manufacturing Co. Ltd.		47,000		1,074,711
Specialty Retail - 3.2%
Abu Dhabi National Oil Co. for Distribution PJSC		108,522		122,023
China Meidong Auto Holdings Ltd.		16,000		74,895
Home Product Center PCL, NVDR		246,600		104,432
Jarir Marketing Co.		2,352		126,254
Zhongsheng Group Holdings Ltd.		10,500		80,323
				507,927
Technology Hardware, Storage & Peripherals - 4.4%
Compal Electronics, Inc.		42,000		38,053
Inventec Corp.		84,000		76,105
Lite-On Technology Corp.		7,000		15,981
Samsung Electronics Co. Ltd.		9,240		561,835
				691,974
Textiles, Apparel & Luxury Goods - 1.0%
Li Ning Co. Ltd.		500		4,832
Page Industries Ltd.		228		129,628
Shenzhou International Group Holdings Ltd.		1,200		22,022
				156,482
Thrifts & Mortgage Finance - 0.1%
Housing Development Finance Corp. Ltd.		396		13,378
Tobacco - 0.6%
KT&G Corp.		1,338		86,129
Transportation Infrastructure - 0.7%
Westports Holdings Bhd.		120,000		110,094
Water Utilities - 0.6%
Guangdong Investment Ltd.		62,000		88,418
Wireless Telecommunication Services - 5.3%
Advanced Info Service PCL, NVDR		22,200		146,689
Bharti Airtel Ltd.*		246		2,404
Etihad Etisalat Co.		1,902		16,501
Far EasTone Telecommunications Co. Ltd.		38,000		88,804
Globe Telecom, Inc.		1,260		76,873
Intouch Holdings PCL, NVDR		55,200		127,244
Maxis Bhd.		78,000		78,829

Investments	Shares		Value ($)
Mobile Telecommunications Co. KSCP		44,898		88,788
PLDT, Inc.		2,520		90,666
Taiwan Mobile Co. Ltd.		25,000		89,613
Vodacom Group Ltd.		3,354		31,834
				838,245
TOTAL COMMON STOCKS (COST $14,602,052)				15,719,363
Total Investments - 99.8% (Cost $14,602,052)				15,719,363
Other assets less liabilities - 0.2%				28,274
Net Assets - 100.0%				15,747,637

* Non-income producing security.

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

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

(c) Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $17,922, which represents approximately 0.11% of net assets of the Fund.

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.

See Accompanying Notes to the Schedules of Investments.

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

Futures Contracts

FlexShares^® Emerging Markets Quality Low Volatility Index Fund had the following open futures contract as of January 31, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation
Long Contracts
MSCI Emerging Markets E-Mini Index		1		03/18/2022		USD	$	61,240	$	260

Forward Foreign Currency Contracts

FlexShares^® Emerging Markets Quality Low Volatility Index Fund had the following outstanding contracts as of January 31, 2022:

Contracts to Receive		Counterparty	In Exchange For			Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	7,954	BNP Paribas SA		HKD	62,000		03/16/2022	$	2
Total unrealized appreciation								$	2
HKD	82,000	JPMorgan Chase Bank		USD	10,526		03/16/2022	$	(10	)
Total unrealized depreciation								$	(10	)
Net unrealized depreciation								$	(8	)

Abbreviations:

HKD — Hong Kong Dollar

USD — US Dollar

See Accompanying Notes to the Schedules of Investments.

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

FlexShares^® Emerging Markets Quality Low Volatility Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2022:

Brazil	0.4	%
China	26.1
Egypt	0.8
Greece	0.3
Hungary	0.4
India	12.0
Indonesia	0.0	†
Kuwait	3.0
Malaysia	5.2
Mexico	0.1
Morocco	1.8
Peru	0.6
Philippines	2.2
Qatar	5.1
Russia	1.9
Saudi Arabia	7.1
South Africa	0.2
South Korea	7.8
Taiwan	17.1
Thailand	3.9
Turkey	0.9
United Arab Emirates	2.9
Other1	0.2
	100.0	%

† Amount represents less than 0.05%.

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

Security Type	% of Net Assets
Common Stocks		99.8	%
Others(1)		0.2
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® Morningstar US Market Factor Tilt Index Fund

January 31, 2021 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 99.4%
Aerospace & Defense - 1.3%
AAR Corp.*(a)		2,805		112,957
Aerojet Rocketdyne Holdings, Inc.(a)		2,057		79,380
AeroVironment, Inc.*(a)		1,309		74,508
Astronics Corp.*		8,041		96,733
Axon Enterprise, Inc.*		2,244		314,003
Boeing Co. (The)*		17,578		3,519,819
BWX Technologies, Inc.(a)		4,301		191,437
Byrna Technologies, Inc.*(a)		935		10,201
Curtiss-Wright Corp.		2,618		347,644
Ducommun, Inc.*(a)		561		24,544
General Dynamics Corp.		7,293		1,546,845
HEICO Corp.(a)		1,683		229,544
HEICO Corp., Class A		1,870		205,139
Hexcel Corp.*		2,431		126,825
Howmet Aerospace, Inc.		12,155		377,899
Huntington Ingalls Industries, Inc.		1,309		245,045
Kaman Corp.		3,366		134,539
Kratos Defense & Security Solutions, Inc.*		4,301		72,085
L3Harris Technologies, Inc.		6,358		1,330,666
Lockheed Martin Corp.		7,667		2,983,460
Maxar Technologies, Inc.(a)		4,862		126,461
Mercury Systems, Inc.*(a)		4,488		255,457
Moog, Inc., Class A		7,106		541,761
Northrop Grumman Corp.		4,862		1,798,454
PAE, Inc.*		13,838		138,518
Parsons Corp.*(a)		7,293		222,072
Raytheon Technologies Corp.		47,685		4,300,710
Spirit AeroSystems Holdings, Inc., Class A		4,488		196,709
Textron, Inc.		6,919		470,907
TransDigm Group, Inc.*		1,309		806,593
Triumph Group, Inc.*		8,228		149,914
Vectrus, Inc.*		3,366		154,870
Virgin Galactic Holdings, Inc.*(a)		10,285		94,622
				21,280,321
Air Freight & Logistics - 0.6%
Air Transport Services Group, Inc.*(a)		16,830		451,886
Atlas Air Worldwide Holdings, Inc.*(a)		7,106		570,825
CH Robinson Worldwide, Inc.(a)		3,927		410,961
Expeditors International of Washington, Inc.		4,301		492,378
FedEx Corp.		7,667		1,885,009
Forward Air Corp.(a)		935		99,391
GXO Logistics, Inc.*(a)		1,683		136,676
Hub Group, Inc., Class A*		9,163		693,822
United Parcel Service, Inc., Class B		23,188		4,688,845
				9,429,793

Investments	Shares		Value ($)
Airlines - 0.3%
Alaska Air Group, Inc.*		5,423		296,855
Allegiant Travel Co.*(a)		935		167,047
American Airlines Group, Inc.*(a)		25,993		428,105
Delta Air Lines, Inc.*		14,586		578,918
Frontier Group Holdings, Inc.*(a)		1,496		19,568
Hawaiian Holdings, Inc.*(a)		6,732		115,117
JetBlue Airways Corp.*		70,125		1,025,929
SkyWest, Inc.*(a)		13,277		506,517
Southwest Airlines Co.*		15,147		677,980
Spirit Airlines, Inc.*(a)		4,114		88,328
Sun Country Airlines Holdings, Inc.*(a)		2,244		59,645
United Airlines Holdings, Inc.*(a)		6,545		280,650
				4,244,659
Auto Components - 0.5%
Adient plc*		23,188		973,200
American Axle & Manufacturing Holdings, Inc.*(a)		20,009		162,873
Aptiv plc*(a)		6,545		893,916
Autoliv, Inc.(a)		3,366		333,369
BorgWarner, Inc.		9,724		426,397
Cooper-Standard Holdings, Inc.*(a)		3,927		80,857
Dana, Inc.		30,668		664,269
Dorman Products, Inc.*		935		87,544
Fox Factory Holding Corp.*		1,870		248,841
Garrett Motion, Inc.*(a)		9,911		69,377
Gentex Corp.		8,602		270,103
Gentherm, Inc.*(a)		1,122		98,052
Goodyear Tire & Rubber Co. (The)*		63,206		1,310,260
LCI Industries		5,610		690,984
Lear Corp.		2,431		406,755
Luminar Technologies, Inc.*(a)		11,781		172,474
Modine Manufacturing Co.*		9,350		85,552
Patrick Industries, Inc.		4,862		313,113
Standard Motor Products, Inc.		2,992		143,227
Tenneco, Inc., Class A*		9,911		104,066
Veoneer, Inc.*(a)		7,480		263,371
Visteon Corp.*(a)		2,244		227,788
XL Fleet Corp.*(a)		9,724		20,809
				8,047,197
Automobiles - 1.8%
Arcimoto, Inc.*(a)		1,496		9,140
Ford Motor Co.		131,648		2,672,454
General Motors Co.*		48,620		2,563,733
Harley-Davidson, Inc.		34,782		1,202,414
Tesla, Inc.*		21,505		20,144,164
Thor Industries, Inc.(a)		13,277		1,255,871
Winnebago Industries, Inc.(a)		7,480		482,610
Workhorse Group, Inc.*(a)		10,098		34,131
				28,364,517
Banks - 6.7%
1st Source Corp.(a)		5,610		279,827
Allegiance Bancshares, Inc.(a)		2,992		131,738

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Ameris Bancorp		14,025		691,573
Associated Banc-Corp.		32,912		786,597
Atlantic Union Bankshares Corp.(a)		18,513		753,849
Banc of California, Inc.(a)		3,740		72,257
BancFirst Corp.(a)		3,366		252,282
Bancorp, Inc. (The)*(a)		6,171		184,019
Bank of America Corp.		235,807		10,880,135
Bank of Hawaii Corp.(a)		2,431		209,236
Bank OZK		29,359		1,375,469
BankUnited, Inc.(a)		21,692		905,641
Banner Corp.		6,732		418,124
Berkshire Hills Bancorp, Inc.(a)		3,927		116,200
BOK Financial Corp.(a)		7,854		805,428
Brookline Bancorp, Inc.(a)		13,090		223,839
Cadence Bank(a)		46,189		1,439,711
Cathay General Bancorp		16,456		743,153
Central Pacific Financial Corp.(a)		3,927		114,276
Citigroup, Inc.		64,515		4,201,217
Citizens Financial Group, Inc.		15,334		789,241
City Holding Co.		374		29,999
Columbia Banking System, Inc.(a)		16,082		559,171
Comerica, Inc.		5,236		485,796
Commerce Bancshares, Inc.(a)		3,180		219,099
Community Bank System, Inc.(a)		3,366		240,400
Community Trust Bancorp, Inc.		2,057		90,899
ConnectOne Bancorp, Inc.		4,301		137,675
Cullen/Frost Bankers, Inc.(a)		2,057		290,058
Customers Bancorp, Inc.*		5,797		337,965
CVB Financial Corp.(a)		26,554		584,985
Dime Community Bancshares, Inc.		10,472		366,101
Eagle Bancorp, Inc.(a)		6,171		370,075
East West Bancorp, Inc.		5,610		484,367
Eastern Bankshares, Inc.(a)		6,171		131,381
Enterprise Financial Services Corp.(a)		3,740		185,280
FB Financial Corp.		1,309		58,277
Fifth Third Bancorp(a)		24,123		1,076,609
First Bancorp/NC(a)		3,553		156,012
First Bancorp/PR(a)		55,539		808,092
First Bancshares, Inc. (The)(a)		3,179		114,667
First Busey Corp.		14,399		401,444
First Citizens BancShares, Inc., Class A(a)		748		582,752
First Commonwealth Financial Corp.(a)		25,432		421,154
First Financial Bancorp		18,887		476,141
First Financial Bankshares, Inc.(a)		6,732		316,337
First Financial Corp.		3,740		167,889
First Foundation, Inc.		5,236		136,921
First Hawaiian, Inc.(a)		27,676		784,615
First Horizon Corp.		22,814		390,348
First Interstate BancSystem, Inc., Class A(a)		2,431		89,339
First Merchants Corp.(a)		13,277		563,343
First Republic Bank		4,301		746,611
Flushing Financial Corp.		5,423		128,037
FNB Corp.(a)		69,377		896,351
Fulton Financial Corp.		33,473		600,840
Glacier Bancorp, Inc.(a)		4,862		252,484

Investments	Shares		Value ($)
Great Western Bancorp, Inc.		5,236		161,688
Hancock Whitney Corp.		19,261		1,015,440
Hanmi Financial Corp.		7,854		211,115
HarborOne Bancorp, Inc.		2,057		29,209
Heartland Financial USA, Inc.(a)		9,163		476,751
Heritage Commerce Corp.		10,285		128,151
Heritage Financial Corp.		5,984		145,172
Hilltop Holdings, Inc.(a)		16,830		555,895
Home BancShares, Inc.		34,969		823,870
HomeStreet, Inc.		3,179		154,976
Hope Bancorp, Inc.		27,676		463,573
Horizon Bancorp, Inc.(a)		12,155		259,266
Huntington Bancshares, Inc.(a)		46,937		706,871
Independent Bank Corp. - MA(a)		2,431		205,055
Independent Bank Corp. - MI		8,789		215,155
Independent Bank Group, Inc.		9,911		752,443
International Bancshares Corp.		13,464		565,892
Investors Bancorp, Inc.(a)		57,035		930,811
JPMorgan Chase & Co.		96,492		14,338,711
KeyCorp		33,847		848,206
Lakeland Bancorp, Inc.		12,155		230,094
Lakeland Financial Corp.(a)		748		59,788
Live Oak Bancshares, Inc.(a)		935		55,034
M&T Bank Corp.(a)		4,488		760,177
Meta Financial Group, Inc.(a)		2,992		177,904
Metropolitan Bank Holding Corp.*(a)		1,309		130,900
Midland States Bancorp, Inc.		4,862		140,366
National Bank Holdings Corp., Class A		1,122		50,939
NBT Bancorp, Inc.(a)		8,041		311,026
Nicolet Bankshares, Inc.*(a)		3,740		348,157
OceanFirst Financial Corp.(a)		15,895		360,816
OFG Bancorp(a)		15,334		424,292
Old National Bancorp(a)		41,140		754,096
Pacific Premier Bancorp, Inc.		20,383		779,650
PacWest Bancorp		27,115		1,258,949
Park National Corp.(a)		935		126,655
Peoples Bancorp, Inc.		5,984		198,370
People’s United Financial, Inc.		18,700		362,406
Pinnacle Financial Partners, Inc.		4,675		452,119
PNC Financial Services Group, Inc. (The)		14,212		2,927,530
Popular, Inc.(a)		20,009		1,784,202
Preferred Bank(a)		2,244		175,167
Prosperity Bancshares, Inc.		20,944		1,534,148
QCR Holdings, Inc.(a)		2,057		117,331
Regions Financial Corp.(a)		34,595		793,609
Renasant Corp.		11,033		405,794
S&T Bancorp, Inc.		6,732		207,413
Sandy Spring Bancorp, Inc.		9,163		433,502
Seacoast Banking Corp. of Florida(a)		5,049		184,288
ServisFirst Bancshares, Inc.		1,496		126,965
Signature Bank		1,870		569,658
Silvergate Capital Corp., Class A*(a)		1,122		120,884
Simmons First National Corp., Class A(a)		24,684		705,962

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Southside Bancshares, Inc.		748		31,341
SouthState Corp.(a)		15,708		1,325,912
Sterling Bancorp(a)		46,937		1,233,974
Stock Yards Bancorp, Inc.(a)		561		33,424
SVB Financial Group*		1,496		873,514
Synovus Financial Corp.(a)		34,782		1,730,752
Texas Capital Bancshares, Inc.*(a)		10,659		668,319
Tompkins Financial Corp.(a)		187		14,878
Towne Bank		14,212		445,973
TriCo Bancshares		561		24,387
TriState Capital Holdings, Inc.*		4,301		135,869
Triumph Bancorp, Inc.*		561		49,076
Truist Financial Corp.		43,945		2,760,625
Trustmark Corp.(a)		15,708		511,767
UMB Financial Corp.		1,496		147,281
Umpqua Holdings Corp.		56,100		1,137,708
United Bankshares, Inc.(a)		30,294		1,070,287
United Community Banks, Inc.		25,058		886,803
Univest Financial Corp.		5,984		180,298
US Bancorp(a)		44,880		2,611,567
Valley National Bancorp(a)		91,256		1,270,283
Veritex Holdings, Inc.		4,675		187,701
Washington Trust Bancorp, Inc.(a)		5,423		309,545
Webster Financial Corp.(a)		20,196		1,147,335
Wells Fargo & Co.		127,721		6,871,390
WesBanco, Inc.		12,903		457,927
Westamerica Bancorp(a)		2,618		152,053
Western Alliance Bancorp(a)		4,114		408,068
Wintrust Financial Corp.		12,716		1,247,058
Zions Bancorp NA(a)		6,358		431,200
				107,468,082
Beverages - 1.1%
Boston Beer Co., Inc. (The), Class A*		374		157,390
Brown-Forman Corp., Class A(a)		1,496		93,709
Brown-Forman Corp., Class B		4,488		302,626
Celsius Holdings, Inc.*		561		26,776
Coca-Cola Co. (The)		103,785		6,331,923
Coca-Cola Consolidated, Inc.		935		535,755
Constellation Brands, Inc., Class A		5,049		1,200,400
Keurig Dr Pepper, Inc.		26,367		1,000,628
Molson Coors Beverage Co., Class B(a)		6,919		329,759
Monster Beverage Corp.*		9,537		827,049
National Beverage Corp.(a)		1,122		50,120
PepsiCo, Inc.		36,839		6,392,303
Vintage Wine Estates, Inc.*		1,309		11,140
Zevia PBC, Class A*(a)		7,106		56,848
				17,316,426
Biotechnology - 2.3%
4D Molecular Therapeutics, Inc.*		2,244		35,455
AbbVie, Inc.		58,157		7,961,112
ACADIA Pharmaceuticals, Inc.*(a)		9,350		210,282
Acumen Pharmaceuticals, Inc.*(a)		5,236		26,808
Agenus, Inc.*		57,035		157,417
Agios Pharmaceuticals, Inc.*(a)		187		5,776
Akebia Therapeutics, Inc.*(a)		10,846		21,584
Alaunos Therapeutics, Inc.*(a)		18,887		20,398

Investments	Shares		Value ($)
Aldeyra Therapeutics, Inc.*		187		686
Alector, Inc.*(a)		5,236		83,043
Alkermes plc*		5,984		152,592
Allakos, Inc.*(a)		748		5,056
Allogene Therapeutics, Inc.*(a)		19,074		218,397
Alnylam Pharmaceuticals, Inc.*		3,553		488,893
Altimmune, Inc.*(a)		187		1,509
Amgen, Inc.		17,952		4,077,617
Amicus Therapeutics, Inc.*(a)		7,293		68,627
Anavex Life Sciences Corp.*(a)		5,610		73,379
Anika Therapeutics, Inc.*		374		11,893
Apellis Pharmaceuticals, Inc.*(a)		3,740		150,610
Arcturus Therapeutics Holdings, Inc.*(a)		935		24,432
Arcus Biosciences, Inc.*(a)		1,683		51,836
Arena Pharmaceuticals, Inc.*		2,618		240,804
Arrowhead Pharmaceuticals, Inc.*		4,862		256,519
Atara Biotherapeutics, Inc.*(a)		187		2,872
Atossa Therapeutics, Inc.*(a)		7,854		10,760
Avid Bioservices, Inc.*(a)		1,496		28,230
Avidity Biosciences, Inc.*(a)		2,244		37,295
Avita Medical, Inc.*(a)		5,236		50,632
Beam Therapeutics, Inc.*(a)		1,309		90,596
BioCryst Pharmaceuticals, Inc.*(a)		15,708		242,689
Biogen, Inc.*		4,488		1,014,288
BioMarin Pharmaceutical, Inc.*		3,927		348,050
Bioxcel Therapeutics, Inc.*		5,797		97,969
Bluebird Bio, Inc.*		5,797		45,738
Blueprint Medicines Corp.*(a)		2,057		158,595
Bolt Biotherapeutics, Inc.*(a)		8,976		34,468
Bridgebio Pharma, Inc.*(a)		4,114		40,605
CareDx, Inc.*		2,618		109,432
Caribou Biosciences, Inc.*		1,309		14,046
Catalyst Pharmaceuticals, Inc.*		16,830		96,941
Celldex Therapeutics, Inc.*		1,496		46,391
CEL-SCI Corp.*(a)		11,407		68,898
ChemoCentryx, Inc.*(a)		2,431		65,370
Clovis Oncology, Inc.*(a)		13,464		27,467
Coherus Biosciences, Inc.*(a)		8,041		99,387
Crinetics Pharmaceuticals, Inc.*		5,236		98,908
CRISPR Therapeutics AG*(a)		3,740		238,425
Cue Biopharma, Inc.*(a)		2,992		22,111
Curis, Inc.*		187		597
Cytokinetics, Inc.*(a)		3,366		111,718
CytomX Therapeutics, Inc.*(a)		15,521		71,397
Deciphera Pharmaceuticals, Inc.*(a)		3,179		26,799
Denali Therapeutics, Inc.*(a)		22,253		761,498
Design Therapeutics, Inc.*		935		11,818
Dynavax Technologies Corp.*(a)		748		9,702
Eagle Pharmaceuticals, Inc.*(a)		1,683		77,317
Editas Medicine, Inc.*(a)		1,496		28,484
Emergent BioSolutions, Inc.*(a)		11,220		525,096
Enanta Pharmaceuticals, Inc.*		1,870		111,115
Epizyme, Inc.*(a)		26,180		32,201
Evelo Biosciences, Inc.*(a)		1,496		7,046
Exact Sciences Corp.*(a)		4,675		356,983
Exelixis, Inc.*		14,399		260,622
Fate Therapeutics, Inc.*(a)		4,114		170,772

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
FibroGen, Inc.*(a)		3,366		50,793
Fortress Biotech, Inc.*(a)		5,049		10,552
G1 Therapeutics, Inc.*(a)		4,675		47,124
Geron Corp.*(a)		16,269		18,221
Gilead Sciences, Inc.		39,644		2,722,750
Global Blood Therapeutics, Inc.*		3,740		107,899
Gossamer Bio, Inc.*(a)		1,309		12,553
Gritstone bio, Inc.*(a)		5,049		27,568
Halozyme Therapeutics, Inc.*(a)		6,545		226,522
Heron Therapeutics, Inc.*(a)		374		3,258
Homology Medicines, Inc.*(a)		17,952		66,781
Horizon Therapeutics plc*(a)		6,732		628,298
Immuneering Corp., Class A*(a)		748		7,480
ImmunoGen, Inc.*(a)		21,879		123,616
Incyte Corp.*		4,301		319,693
Inhibrx, Inc.*		561		14,900
Insmed, Inc.*(a)		6,358		144,199
Intellia Therapeutics, Inc.*(a)		2,431		229,900
Intercept Pharmaceuticals, Inc.*(a)		6,919		113,402
Invitae Corp.*(a)		5,423		60,955
Ionis Pharmaceuticals, Inc.*(a)		7,480		237,864
Iovance Biotherapeutics, Inc.*(a)		2,992		49,817
Ironwood Pharmaceuticals, Inc.*(a)		4,488		50,041
IVERIC bio, Inc.*(a)		187		2,607
Jounce Therapeutics, Inc.*(a)		2,057		15,386
KalVista Pharmaceuticals, Inc.*		6,358		80,238
Karyopharm Therapeutics, Inc.*(a)		7,293		64,908
Keros Therapeutics, Inc.*		748		34,685
Kiniksa Pharmaceuticals Ltd., Class A*(a)		6,919		77,700
Kodiak Sciences, Inc.*(a)		1,870		109,769
Krystal Biotech, Inc.*(a)		2,244		132,396
Kura Oncology, Inc.*(a)		19,261		271,387
Kymera Therapeutics, Inc.*(a)		187		7,854
Lexicon Pharmaceuticals, Inc.*(a)		3,553		11,263
Ligand Pharmaceuticals, Inc.*		748		93,223
MacroGenics, Inc.*		187		2,309
Madrigal Pharmaceuticals, Inc.*		935		53,837
MannKind Corp.*(a)		7,854		29,295
MeiraGTx Holdings plc*		5,236		78,488
Mersana Therapeutics, Inc.*(a)		10,659		50,843
Mirati Therapeutics, Inc.*(a)		1,309		156,164
Moderna, Inc.*		11,220		1,899,883
Myriad Genetics, Inc.*(a)		3,179		83,576
Natera, Inc.*		1,496		105,692
Neurocrine Biosciences, Inc.*		2,244		177,321
Novavax, Inc.*(a)		2,431		227,785
Ocugen, Inc.*(a)		11,033		39,167
OPKO Health, Inc.*		90,695		283,875
Organogenesis Holdings, Inc.*(a)		1,683		12,942
Pieris Pharmaceuticals, Inc.*(a)		4,114		14,975
Precigen, Inc.*(a)		5,610		14,474
Precision BioSciences, Inc.*		2,618		12,488
Protagonist Therapeutics, Inc.*		1,683		49,295
Prothena Corp. plc*		1,496		50,984
PTC Therapeutics, Inc.*(a)		3,553		142,902
Radius Health, Inc.*(a)		5,423		41,106
Recursion Pharmaceuticals, Inc., Class A*(a)		1,309		15,499

Investments	Shares		Value ($)
Regeneron Pharmaceuticals, Inc.*		3,553		2,162,320
REGENXBIO, Inc.*		187		4,937
Relay Therapeutics, Inc.*(a)		4,675		103,458
REVOLUTION Medicines, Inc.*(a)		4,301		92,558
Rhythm Pharmaceuticals, Inc.*(a)		4,675		34,642
Rigel Pharmaceuticals, Inc.*(a)		20,196		51,702
Rocket Pharmaceuticals, Inc.*(a)		2,805		46,675
Rubius Therapeutics, Inc.*(a)		935		6,311
Sage Therapeutics, Inc.*(a)		12,903		508,636
Sangamo Therapeutics, Inc.*		3,179		19,169
Sarepta Therapeutics, Inc.*		5,236		374,741
Scholar Rock Holding Corp.*		2,057		36,635
Seagen, Inc.*		3,927		528,221
Selecta Biosciences, Inc.*(a)		374		935
Seres Therapeutics, Inc.*(a)		2,244		18,715
Shattuck Labs, Inc.*(a)		5,236		36,181
Sorrento Therapeutics, Inc.*(a)		1,870		6,452
Spero Therapeutics, Inc.*(a)		2,805		33,295
Stoke Therapeutics, Inc.*(a)		2,805		53,155
Surface Oncology, Inc.*		12,155		45,581
Sutro Biopharma, Inc.*(a)		3,366		35,949
TG Therapeutics, Inc.*(a)		8,041		93,034
Travere Therapeutics, Inc.*(a)		1,870		51,425
Twist Bioscience Corp.*(a)		1,496		88,892
Ultragenyx Pharmaceutical, Inc.*		3,366		235,384
United Therapeutics Corp.*		1,870		377,497
Vanda Pharmaceuticals, Inc.*(a)		1,309		19,844
Vaxart, Inc.*(a)		187		926
Veracyte, Inc.*(a)		3,553		108,047
Verastem, Inc.*		12,529		19,169
Vericel Corp.*(a)		1,683		59,881
Vertex Pharmaceuticals, Inc.*		7,854		1,908,915
Viking Therapeutics, Inc.*(a)		24,123		89,496
Vir Biotechnology, Inc.*(a)		5,236		179,752
Xencor, Inc.*		2,057		70,699
Y-mAbs Therapeutics, Inc.*(a)		4,301		42,537
				37,262,321
Building Products - 0.7%
A O Smith Corp.		3,553		271,520
AAON, Inc.(a)		2,618		168,207
Advanced Drainage Systems, Inc.(a)		1,683		190,331
Allegion plc		2,805		344,258
American Woodmark Corp.*		1,683		100,862
Apogee Enterprises, Inc.(a)		3,179		141,942
Armstrong World Industries, Inc.		2,057		203,684
AZEK Co., Inc. (The)*		4,675		154,415
Builders FirstSource, Inc.*		7,293		495,851
Carlisle Cos., Inc.		1,496		334,266
Carrier Global Corp.		24,310		1,159,101
Cornerstone Building Brands, Inc.*(a)		12,155		179,286
Fortune Brands Home & Security, Inc.		4,301		405,025
Gibraltar Industries, Inc.*		935		51,238
Griffon Corp.		8,228		184,225
Insteel Industries, Inc.(a)		187		7,074
JELD-WEN Holding, Inc.*		18,887		445,733

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Johnson Controls International plc		24,123		1,753,018
Lennox International, Inc.		935		265,185
Masco Corp.		7,480		473,708
Masonite International Corp.*		6,358		630,968
Owens Corning		4,114		364,912
PGT Innovations, Inc.*(a)		5,797		110,085
Quanex Building Products Corp.(a)		4,675		101,868
Resideo Technologies, Inc.*		31,229		773,855
Simpson Manufacturing Co., Inc.		1,683		189,826
Trane Technologies plc		5,984		1,035,830
Trex Co., Inc.*		3,553		324,993
UFP Industries, Inc.		13,838		1,105,103
Zurn Water Solutions Corp.		4,862		148,486
				12,114,855
Capital Markets - 3.1%
Affiliated Managers Group, Inc.		10,098		1,476,429
Ameriprise Financial, Inc.		3,927		1,195,025
Ares Management Corp.(a)		3,740		298,153
Artisan Partners Asset Management, Inc., Class A		13,838		597,940
AssetMark Financial Holdings, Inc.*		4,114		98,695
B. Riley Financial, Inc.(a)		3,927		241,785
Bank of New York Mellon Corp. (The)		24,871		1,473,856
BGC Partners, Inc., Class A		68,629		289,614
BlackRock, Inc.		3,927		3,231,685
Blackstone, Inc., Class A		17,952		2,369,125
Blucora, Inc.*(a)		16,082		260,850
Brightsphere Investment Group, Inc.		6,171		133,170
Carlyle Group, Inc. (The)		2,992		152,742
Charles Schwab Corp. (The)		40,579		3,558,778
CME Group, Inc.		9,163		2,102,909
Cohen & Steers, Inc.(a)		748		62,480
Coinbase Global, Inc., Class A*		748		142,232
Cowen, Inc., Class A(a)		8,041		254,739
Evercore, Inc., Class A		8,789		1,097,043
FactSet Research Systems, Inc.		935		394,467
Federated Hermes, Inc., Class B		20,944		693,456
Focus Financial Partners, Inc., Class A*(a)		3,927		197,764
Franklin Resources, Inc.		11,033		352,725
Goldman Sachs Group, Inc. (The)		11,033		3,913,184
Hamilton Lane, Inc., Class A(a)		2,618		236,824
Houlihan Lokey, Inc.		1,870		198,744
Interactive Brokers Group, Inc., Class A		3,366		229,528
Intercontinental Exchange, Inc.		15,521		1,965,890
Invesco Ltd.		14,773		334,756
Janus Henderson Group plc		39,083		1,442,163
Jefferies Financial Group, Inc.		8,602		315,177
KKR & Co., Inc.		15,708		1,117,781
LPL Financial Holdings, Inc.(a)		2,618		451,134
MarketAxess Holdings, Inc.(a)		935		322,089
Moelis & Co., Class A		1,683		95,039
Moody’s Corp.(a)		4,488		1,539,384
Morgan Stanley		47,498		4,870,445

Investments	Shares		Value ($)
Morningstar, Inc.		561		161,237
MSCI, Inc.		2,057		1,102,799
Nasdaq, Inc.		2,992		536,196
Northern Trust Corp.(b)		6,171		719,785
Open Lending Corp., Class A*(a)		1,309		24,858
Oppenheimer Holdings, Inc., Class A		374		15,854
Piper Sandler Cos.		3,366		519,105
PJT Partners, Inc., Class A		374		25,926
Raymond James Financial, Inc.(a)		5,797		613,728
S&P Global, Inc.		6,545		2,717,615
Sculptor Capital Management, Inc.		561		10,996
SEI Investments Co.(a)		3,179		186,321
State Street Corp.		11,407		1,077,962
StepStone Group, Inc., Class A(a)		374		13,094
Stifel Financial Corp.(a)		23,749		1,778,800
StoneX Group, Inc.*(a)		4,862		318,996
T. Rowe Price Group, Inc.(a)		7,293		1,126,258
Tradeweb Markets, Inc., Class A(a)		3,553		301,188
Victory Capital Holdings, Inc., Class A		1,496		48,874
Virtu Financial, Inc., Class A		20,570		636,230
Virtus Investment Partners, Inc.		1,496		391,473
WisdomTree Investments, Inc.(a)		18,887		105,956
				50,141,051
Chemicals - 1.8%
AdvanSix, Inc.		8,602		362,058
Air Products & Chemicals, Inc.		5,610		1,582,693
Albemarle Corp.		3,179		701,732
Amyris, Inc.*(a)		8,041		36,667
Ashland Global Holdings, Inc.		2,057		197,554
Avient Corp.		2,992		148,912
Axalta Coating Systems Ltd.*		9,537		282,391
Balchem Corp.(a)		2,057		302,256
Cabot Corp.		13,090		719,819
Celanese Corp.		3,740		582,355
CF Industries Holdings, Inc.		8,228		566,662
Chase Corp.(a)		187		17,743
Chemours Co. (The)		39,083		1,278,405
Corteva, Inc.		17,952		863,132
Danimer Scientific, Inc.*(a)		5,797		29,043
Dow, Inc.		22,440		1,340,341
DuPont de Nemours, Inc.		16,643		1,274,854
Eastman Chemical Co.		4,301		511,518
Ecolab, Inc.		6,545		1,239,950
Ecovyst, Inc.		1,309		13,391
Element Solutions, Inc.		14,399		323,114
Ferro Corp.*		6,545		142,681
FMC Corp.		4,301		474,701
GCP Applied Technologies, Inc.*		3,366		107,375
Hawkins, Inc.(a)		561		20,936
HB Fuller Co.(a)		1,683		120,789
Huntsman Corp.(a)		47,872		1,715,254
Ingevity Corp.*		748		49,301
Innospec, Inc.(a)		748		69,534
International Flavors & Fragrances, Inc.		6,358		838,747
Koppers Holdings, Inc.*(a)		6,545		195,565

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Kraton Corp.*		3,366		156,115
Kronos Worldwide, Inc.(a)		4,675		67,086
Linde plc		13,651		4,350,301
Livent Corp.*(a)		7,854		180,720
Loop Industries, Inc.*(a)		7,480		60,289
LyondellBasell Industries NV, Class A		8,415		813,983
Minerals Technologies, Inc.		8,228		575,713
Mosaic Co. (The)		9,724		388,474
NewMarket Corp.(a)		1,870		632,191
Olin Corp.		6,171		312,685
PPG Industries, Inc.		5,797		905,491
Quaker Chemical Corp.(a)		374		78,230
Rayonier Advanced Materials, Inc.*(a)		15,147		94,366
RPM International, Inc.(a)		4,301		381,112
Scotts Miracle-Gro Co. (The)(a)		1,309		197,921
Sensient Technologies Corp.(a)		1,309		110,925
Sherwin-Williams Co. (The)		6,358		1,821,631
Stepan Co.		561		61,800
Tredegar Corp.(a)		10,098		118,651
Trinseo plc		8,041		430,515
Tronox Holdings plc, Class A(a)		23,562		534,857
Valvoline, Inc.		6,732		221,752
Westlake Chemical Corp.(a)		187		18,448
Zymergen, Inc.*(a)		2,805		14,586
				28,637,315
Commercial Services & Supplies - 0.6%
ABM Industries, Inc.(a)		15,147		631,478
ACCO Brands Corp.(a)		27,676		225,283
ACV Auctions, Inc., Class A*		5,049		66,950
ADT, Inc.(a)		33,660		255,479
Brady Corp., Class A		3,927		203,890
BrightView Holdings, Inc.*(a)		12,155		161,297
Brink’s Co. (The)(a)		2,431		169,635
Casella Waste Systems, Inc., Class A*		1,496		113,666
Cintas Corp.		2,244		878,593
Clean Harbors, Inc.*		1,683		155,762
Copart, Inc.*		5,423		700,923
CoreCivic, Inc., REIT*(a)		29,172		294,929
Deluxe Corp.(a)		10,472		315,207
Driven Brands Holdings, Inc.*		3,553		100,372
Harsco Corp.*(a)		2,992		46,974
Healthcare Services Group, Inc.(a)		5,423		98,644
HNI Corp.(a)		3,740		156,856
IAA, Inc.*(a)		2,057		94,478
Interface, Inc.(a)		8,415		111,583
KAR Auction Services, Inc.*(a)		31,229		444,076
Kimball International, Inc., Class B		9,724		95,490
Matthews International Corp., Class A		5,610		197,023
MillerKnoll, Inc.(a)		17,205		664,439
Montrose Environmental Group, Inc.*(a)		187		8,559
MSA Safety, Inc.(a)		1,309		179,857
Pitney Bowes, Inc.(a)		18,887		116,344
Republic Services, Inc.		5,610		716,173

Investments	Shares		Value ($)
Rollins, Inc.(a)		4,862		149,993
RR Donnelley & Sons Co.*		11,220		123,644
Shapeways Holdings, Inc.*(a)		9,350		29,920
SP Plus Corp.*(a)		4,301		121,202
Steelcase, Inc., Class A		8,228		101,534
Stericycle, Inc.*(a)		3,179		186,734
Tetra Tech, Inc.		1,870		260,285
UniFirst Corp.(a)		561		106,640
US Ecology, Inc.*(a)		374		10,689
Viad Corp.*(a)		2,431		91,576
Waste Management, Inc.		10,098		1,519,143
				9,905,320
Communications Equipment - 0.9%
ADTRAN, Inc.(a)		4,114		79,030
Arista Networks, Inc.*		5,423		674,133
CalAmp Corp.*		187		1,111
Calix, Inc.*		3,927		197,450
Cambium Networks Corp.*		561		13,565
Casa Systems, Inc.*(a)		4,862		21,539
Ciena Corp.*		3,927		260,399
Cisco Systems, Inc.		138,380		7,703,615
CommScope Holding Co., Inc.*		46,563		437,227
Comtech Telecommunications Corp.(a)		4,862		98,844
Digi International, Inc.*		3,740		83,552
Extreme Networks, Inc.*		12,529		158,993
F5, Inc.*(a)		1,496		310,600
Harmonic, Inc.*(a)		2,805		30,182
Infinera Corp.*(a)		7,293		61,407
Inseego Corp.*(a)		5,049		23,023
Juniper Networks, Inc.		12,903		449,282
Lumentum Holdings, Inc.*(a)		18,139		1,840,746
Motorola Solutions, Inc.		4,675		1,084,319
NETGEAR, Inc.*		7,667		212,146
NetScout Systems, Inc.*(a)		15,334		483,788
Plantronics, Inc.*(a)		8,976		239,210
Ribbon Communications, Inc.*		28,611		128,749
Viasat, Inc.*(a)		3,366		148,171
Viavi Solutions, Inc.*(a)		16,830		277,022
				15,018,103
Construction & Engineering - 0.3%
AECOM		5,797		400,747
Ameresco, Inc., Class A*		1,309		66,249
API Group Corp.*(a)		13,464		300,247
Arcosa, Inc.(a)		1,496		69,803
Argan, Inc.		1,870		69,471
Comfort Systems USA, Inc.(a)		2,618		235,044
Construction Partners, Inc., Class A*		935		24,534
Dycom Industries, Inc.*		1,496		126,098
EMCOR Group, Inc.		3,366		401,261
Fluor Corp.*(a)		4,114		86,559
Granite Construction, Inc.(a)		3,740		134,565
Great Lakes Dredge & Dock Corp.*		8,602		117,761
Infrastructure and Energy Alternatives, Inc.*		2,431		21,928
MasTec, Inc.*(a)		12,716		1,095,229
MYR Group, Inc.*		1,683		158,252

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Primoris Services Corp.(a)		11,407		293,388
Quanta Services, Inc.		4,488		461,007
Sterling Construction Co., Inc.*		6,545		166,308
Tutor Perini Corp.*		3,553		42,281
Valmont Industries, Inc.(a)		748		162,488
WillScot Mobile Mini Holdings Corp.*(a)		12,903		477,927
				4,911,147
Construction Materials - 0.1%
Eagle Materials, Inc.(a)		1,870		272,740
Forterra, Inc.*(a)		4,675		109,722
Martin Marietta Materials, Inc.		1,683		654,889
Summit Materials, Inc., Class A*(a)		5,423		192,842
Vulcan Materials Co.		3,366		640,583
				1,870,776
Consumer Finance - 0.9%
Ally Financial, Inc.		13,090		624,655
American Express Co.		17,017		3,059,997
Atlanticus Holdings Corp.*		561		36,078
Capital One Financial Corp.		14,399		2,112,765
Credit Acceptance Corp.*(a)		374		201,795
Curo Group Holdings Corp.(a)		3,927		56,274
Discover Financial Services		9,537		1,103,908
Encore Capital Group, Inc.*(a)		7,293		470,399
Enova International, Inc.*(a)		8,041		323,891
EZCORP, Inc., Class A*(a)		2,431		14,513
FirstCash Holdings, Inc.		1,496		104,271
Green Dot Corp., Class A*		2,618		83,017
LendingClub Corp.*(a)		8,041		150,849
LendingTree, Inc.*		561		68,352
Moneylion, Inc.*(a)		18,700		48,059
Navient Corp.		35,904		625,807
Nelnet, Inc., Class A(a)		4,675		413,878
OneMain Holdings, Inc.		25,058		1,294,496
PRA Group, Inc.*(a)		11,594		539,121
PROG Holdings, Inc.*(a)		15,334		610,447
Regional Management Corp.		748		37,969
SLM Corp.		74,613		1,368,402
SoFi Technologies, Inc.*(a)		16,082		200,703
Synchrony Financial		16,082		684,932
Upstart Holdings, Inc.*(a)		748		81,539
World Acceptance Corp.*		374		70,679
				14,386,796
Containers & Packaging - 0.6%
Amcor plc(a)		52,360		628,844
AptarGroup, Inc.		1,496		175,481
Avery Dennison Corp.		1,870		384,135
Ball Corp.(a)		8,415		817,096
Berry Global Group, Inc.*		5,610		378,226
Crown Holdings, Inc.		4,862		556,213
Graphic Packaging Holding Co.		63,393		1,198,762
Greif, Inc., Class A(a)		6,171		365,076
International Paper Co.		12,342		595,502
Myers Industries, Inc.		187		3,379
O-I Glass, Inc.*(a)		31,603		420,636
Packaging Corp. of America		3,179		478,853
Ranpak Holdings Corp.*(a)		4,301		115,525
Sealed Air Corp.		6,171		419,134

Investments	Shares		Value ($)
Silgan Holdings, Inc.(a)		18,139		812,264
Sonoco Products Co.		22,066		1,249,818
TriMas Corp.		1,496		52,001
Westrock Co.		9,163		422,964
				9,073,909
Distributors - 0.1%
Funko, Inc., Class A*		4,301		74,321
Genuine Parts Co.		4,675		622,850
LKQ Corp.		10,098		554,279
Pool Corp.		935		445,294
				1,696,744
Diversified Consumer Services - 0.3%
2U, Inc.*(a)		5,610		90,545
Adtalem Global Education, Inc.*(a)		11,968		352,099
American Public Education, Inc.*		2,244		47,999
Beachbody Co., Inc. (The)*(a)		17,578		31,992
Bright Horizons Family Solutions, Inc.*(a)		1,309		168,089
Chegg, Inc.*		4,301		113,847
Coursera, Inc.*		935		18,990
Duolingo, Inc.*(a)		561		56,106
frontdoor, Inc.*		4,675		169,702
Graham Holdings Co., Class B(a)		935		556,437
Grand Canyon Education, Inc.*(a)		8,976		751,112
H&R Block, Inc.(a)		43,758		1,000,308
Houghton Mifflin Harcourt Co.*		11,781		212,176
Laureate Education, Inc., Class A		13,090		165,588
OneSpaWorld Holdings Ltd.*(a)		9,537		98,422
Perdoceo Education Corp.*		13,090		144,252
PowerSchool Holdings, Inc., Class A*(a)		2,244		36,757
Service Corp. International		4,862		300,083
Stride, Inc.*(a)		11,968		419,718
Terminix Global Holdings, Inc.*(a)		4,114		177,478
Udemy, Inc.*		1,496		24,235
Vivint Smart Home, Inc.*(a)		3,927		28,274
WW International, Inc.*(a)		14,025		176,715
				5,140,924
Diversified Financial Services - 1.3%
A-Mark Precious Metals, Inc.(a)		1,496		92,602
Apollo Global Management, Inc.(a)		11,252		787,640
Berkshire Hathaway, Inc., Class B*		59,840		18,731,117
Cannae Holdings, Inc.*(a)		19,822		592,083
Compass Diversified Holdings		374		9,410
Equitable Holdings, Inc.		14,773		496,964
Jackson Financial, Inc., Class A(a)		20,196		774,920
Voya Financial, Inc.(a)		4,862		330,422
				21,815,158
Diversified Telecommunication Services - 0.9%
Anterix, Inc.*		187		9,586
AT&T, Inc.		228,140		5,817,570
Bandwidth, Inc., Class A*(a)		187		11,708
Cogent Communications Holdings, Inc.(a)		3,179		202,216
Consolidated Communications Holdings, Inc.*(a)		14,212		102,184
EchoStar Corp., Class A*		8,602		203,781
Globalstar, Inc.*(a)		22,253		23,811

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
IDT Corp., Class B*(a)		3,366		126,326
Iridium Communications, Inc.*(a)		7,480		268,382
Liberty Latin America Ltd., Class A*		8,976		98,198
Liberty Latin America Ltd., Class C*		40,766		440,681
Lumen Technologies, Inc.(a)		27,676		342,075
Ooma, Inc.*		935		16,867
Verizon Communications, Inc.		132,770		7,067,347
				14,730,732
Electric Utilities - 1.4%
ALLETE, Inc.		3,927		250,660
Alliant Energy Corp.		7,854		470,141
American Electric Power Co., Inc.		16,456		1,487,622
Avangrid, Inc.(a)		748		34,947
Duke Energy Corp.		24,871		2,612,947
Edison International		11,033		692,762
Entergy Corp.		5,984		668,832
Evergy, Inc.		6,171		400,868
Eversource Energy		9,537		853,466
Exelon Corp.		31,977		1,853,067
FirstEnergy Corp.		18,326		768,959
Hawaiian Electric Industries, Inc.(a)		6,732		286,110
IDACORP, Inc.(a)		2,992		329,778
MGE Energy, Inc.(a)		1,122		86,877
NextEra Energy, Inc.		51,799		4,046,538
NRG Energy, Inc.(a)		9,537		380,812
OGE Energy Corp.		45,628		1,730,214
Otter Tail Corp.		935		59,279
PG&E Corp.*(a)		42,262		540,531
Pinnacle West Capital Corp.		2,992		208,273
PNM Resources, Inc.(a)		2,431		108,933
Portland General Electric Co.		23,001		1,208,473
PPL Corp.		24,684		732,621
Southern Co. (The)		35,156		2,442,990
Xcel Energy, Inc.		15,334		1,068,167
				23,323,867
Electrical Equipment - 0.7%
Acuity Brands, Inc.		2,244		429,793
American Superconductor Corp.*(a)		187		1,533
AMETEK, Inc.		5,423		741,704
Array Technologies, Inc.*(a)		5,984		63,071
Atkore, Inc.*(a)		11,594		1,249,601
AZZ, Inc.		2,618		124,564
Blink Charging Co.*(a)		2,057		43,012
Bloom Energy Corp., Class A*(a)		7,480		112,798
Eaton Corp. plc		11,033		1,747,958
Emerson Electric Co.		19,822		1,822,633
Encore Wire Corp.		4,301		484,680
EnerSys(a)		1,122		84,071
Eos Energy Enterprises, Inc.*(a)		3,927		16,258
Fluence Energy, Inc.*		7,293		136,379
FTC Solar, Inc.*(a)		2,618		11,048
FuelCell Energy, Inc.*(a)		19,822		84,045
Generac Holdings, Inc.*		1,683		475,246
GrafTech International Ltd.(a)		40,766		427,228

Investments	Shares		Value ($)
Hubbell, Inc.		1,309		245,163
nVent Electric plc		10,659		368,695
Plug Power, Inc.*(a)		16,456		359,893
Regal Rexnord Corp.		2,244		355,629
Rockwell Automation, Inc.(a)		2,992		865,346
Romeo Power, Inc.*(a)		8,041		18,977
Sensata Technologies Holding plc*(a)		4,301		246,705
Shoals Technologies Group, Inc., Class A*		2,057		34,681
Sunrun, Inc.*(a)		5,236		135,770
TPI Composites, Inc.*		2,992		36,113
Vertiv Holdings Co.(a)		4,675		97,521
Vicor Corp.*		748		70,559
				10,890,674
Electronic Equipment, Instruments & Components - 1.2%
Advanced Energy Industries, Inc.(a)		2,805		241,735
Aeva Technologies, Inc.*(a)		22,253		116,383
Akoustis Technologies, Inc.*(a)		4,301		26,021
Alpine 4 Holdings, Inc.*(a)		5,423		8,677
Amphenol Corp., Class A		16,456		1,309,733
Arlo Technologies, Inc.*(a)		9,163		79,627
Arrow Electronics, Inc.*		2,992		371,008
Avnet, Inc.		21,692		875,489
Badger Meter, Inc.(a)		935		94,594
Belden, Inc.		3,553		198,790
Benchmark Electronics, Inc.		935		22,571
CDW Corp.		3,366		636,342
Cognex Corp.		4,114		273,416
Coherent, Inc.*		935		241,679
Corning, Inc.		24,310		1,021,992
CTS Corp.(a)		935		31,369
ePlus, Inc.*(a)		2,805		128,946
Fabrinet*(a)		1,309		148,127
FARO Technologies, Inc.*		374		20,312
Flex Ltd.*		18,887		305,592
II-VI, Inc.*(a)		24,310		1,541,254
Insight Enterprises, Inc.*		8,602		809,878
IPG Photonics Corp.*(a)		935		144,430
Itron, Inc.*		2,057		127,534
Jabil, Inc.		5,984		367,956
Keysight Technologies, Inc.*		4,862		820,803
Kimball Electronics, Inc.*(a)		9,911		196,139
Knowles Corp.*(a)		2,805		59,494
Lightwave Logic, Inc.*(a)		935		6,741
Littelfuse, Inc.		935		252,422
Methode Electronics, Inc.(a)		10,098		444,615
MicroVision, Inc.*(a)		8,415		28,695
National Instruments Corp.		4,675		192,704
nLight, Inc.*(a)		1,122		23,214
Novanta, Inc.*		2,057		284,072
OSI Systems, Inc.*		561		46,529
PC Connection, Inc.(a)		748		32,426
Plexus Corp.*(a)		7,667		594,346
Rogers Corp.*		561		153,125
Sanmina Corp.*		16,269		615,294
ScanSource, Inc.*(a)		4,301		134,105

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
TD SYNNEX Corp.(a)		9,163		958,175
TE Connectivity Ltd.		8,976		1,283,658
Teledyne Technologies, Inc.*		1,496		630,459
Trimble, Inc.*		6,732		485,781
TTM Technologies, Inc.*(a)		22,627		304,559
Velodyne Lidar, Inc.*(a)		374		1,462
Vishay Intertechnology, Inc.(a)		27,676		573,170
Vontier Corp.		37,774		1,061,827
Zebra Technologies Corp., Class A*		1,309		666,438
				18,993,708
Energy Equipment & Services - 0.5%
Archrock, Inc.(a)		14,025		118,371
Baker Hughes Co.		24,871		682,460
Cactus, Inc., Class A(a)		5,236		253,737
ChampionX Corp.*(a)		14,025		314,160
Core Laboratories NV		2,431		64,835
DMC Global, Inc.*(a)		748		30,174
Dril-Quip, Inc.*(a)		187		4,729
FTS International, Inc., Class A*		1,496		39,420
Halliburton Co.		19,822		609,328
Helix Energy Solutions Group, Inc.*(a)		41,514		146,544
Helmerich & Payne, Inc.(a)		8,976		257,611
Liberty Oilfield Services, Inc., Class A*(a)		8,228		99,559
Nabors Industries Ltd.*(a)		1,683		174,234
Newpark Resources, Inc.*(a)		16,082		57,091
NexTier Oilfield Solutions, Inc.*		32,164		193,627
Noble Corp.*(a)		13,277		327,809
NOV, Inc.		87,142		1,430,872
Oceaneering International, Inc.*(a)		12,342		160,816
Oil States International, Inc.*(a)		561		3,518
Patterson-UTI Energy, Inc.(a)		2,805		27,938
ProPetro Holding Corp.*(a)		14,399		151,334
RPC, Inc.*(a)		18,887		111,622
Schlumberger NV		34,034		1,329,708
Select Energy Services, Inc., Class A*(a)		29,359		195,825
Transocean Ltd.*(a)		138,754		437,075
US Silica Holdings, Inc.*(a)		5,797		55,361
Weatherford International plc*		14,399		431,970
				7,709,728
Entertainment - 1.1%
Activision Blizzard, Inc.		19,448		1,536,586
AMC Entertainment Holdings, Inc., Class A*(a)		10,098		162,174
Cinedigm Corp., Class A*(a)		16,456		13,978
Cinemark Holdings, Inc.*(a)		10,472		158,127
CuriosityStream, Inc.*(a)		5,236		23,196
Electronic Arts, Inc.		7,106		942,682
IMAX Corp.*		2,057		35,483
Liberty Media Corp-Liberty Formula One, Class A*		1,870		102,476
Liberty Media Corp-Liberty Formula One, Class C*		5,797		349,153
Lions Gate Entertainment Corp., Class A*		17,765		278,555

Investments	Shares		Value ($)
Lions Gate Entertainment Corp., Class B*		34,408		501,669
Live Nation Entertainment, Inc.*(a)		3,553		389,089
Madison Square Garden Sports Corp., Class A*(a)		374		62,110
Marcus Corp. (The)*(a)		5,610		94,529
Netflix, Inc.*		11,781		5,032,136
Playtika Holding Corp.*(a)		3,740		63,692
Redbox Entertainment, Inc.*(a)		2,992		15,379
Roku, Inc.*(a)		3,179		521,515
Sciplay Corp., Class A*(a)		187		2,338
Skillz, Inc.*(a)		16,082		77,354
Take-Two Interactive Software, Inc.*		2,805		458,169
Walt Disney Co. (The)*		47,311		6,764,054
Warner Music Group Corp., Class A(a)		6,545		278,163
World Wrestling Entertainment, Inc., Class A(a)		1,309		65,371
Zynga, Inc., Class A*		29,920		271,374
				18,199,352
Equity Real Estate Investment Trusts (REITs) - 3.2%
Acadia Realty Trust(a)		4,114		81,416
Agree Realty Corp.(a)		3,366		220,069
Alexander & Baldwin, Inc.(a)		5,984		137,333
Alexander’s, Inc.(a)		187		49,231
Alexandria Real Estate Equities, Inc.		3,366		655,831
American Assets Trust, Inc.		374		13,453
American Campus Communities, Inc.		5,423		283,406
American Finance Trust, Inc.(a)		26,367		217,791
American Homes 4 Rent, Class A		6,732		263,423
American Tower Corp.		12,342		3,104,013
Americold Realty Trust		4,488		127,684
Apartment Income REIT Corp.(a)		5,610		296,320
Apple Hospitality REIT, Inc.		5,236		84,457
Armada Hoffler Properties, Inc.		1,683		23,612
Ashford Hospitality Trust, Inc.*(a)		9,350		72,836
AvalonBay Communities, Inc.		3,740		913,420
Bluerock Residential Growth REIT, Inc.		7,106		188,664
Boston Properties, Inc.		2,992		335,343
Braemar Hotels & Resorts, Inc.*(a)		374		2,001
Brandywine Realty Trust(a)		14,773		189,981
Brixmor Property Group, Inc.		11,407		289,281
Camden Property Trust		2,431		389,179
CareTrust REIT, Inc.		2,431		51,561
CatchMark Timber Trust, Inc., Class A(a)		5,423		44,469
Centerspace		1,496		142,688
Chatham Lodging Trust*(a)		7,667		101,741
City Office REIT, Inc.(a)		6,545		116,697
Community Healthcare Trust, Inc.		1,309		59,350
Corporate Office Properties Trust(a)		8,602		217,286
Cousins Properties, Inc.(a)		5,984		230,743
Crown Castle International Corp.		11,220		2,047,762

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
CubeSmart		7,293		370,047
CyrusOne, Inc.		2,805		252,029
DiamondRock Hospitality Co.*		41,327		386,407
Digital Realty Trust, Inc.(a)		8,041		1,199,958
DigitalBridge Group, Inc.*(a)		25,993		189,749
Diversified Healthcare Trust		85,833		261,791
Douglas Emmett, Inc.		8,041		251,040
Duke Realty Corp.		9,350		540,243
EastGroup Properties, Inc.		2,244		448,598
Empire State Realty Trust, Inc., Class A(a)		10,098		90,074
EPR Properties(a)		5,610		246,672
Equinix, Inc.		2,244		1,626,676
Equity Commonwealth*		2,805		73,042
Equity LifeStyle Properties, Inc.		4,862		380,646
Equity Residential		8,041		713,478
Essential Properties Realty Trust, Inc.		2,992		79,438
Essex Property Trust, Inc.		1,496		497,420
Extra Space Storage, Inc.		3,366		667,108
Federal Realty Investment Trust		2,431		309,928
First Industrial Realty Trust, Inc.		7,854		477,366
Four Corners Property Trust, Inc.		6,732		182,235
Franklin Street Properties Corp.		18,513		102,747
Gaming and Leisure Properties, Inc.		7,293		329,498
GEO Group, Inc. (The)*(a)		32,538		218,981
Getty Realty Corp.		4,675		138,707
Global Net Lease, Inc.(a)		10,846		155,532
Healthcare Realty Trust, Inc.		8,602		266,834
Healthcare Trust of America, Inc., Class A		11,781		383,472
Healthpeak Properties, Inc.		12,903		456,379
Hersha Hospitality Trust*		187		1,687
Highwoods Properties, Inc.		7,106		306,411
Host Hotels & Resorts, Inc.*		17,952		311,288
Hudson Pacific Properties, Inc.		10,285		243,035
Independence Realty Trust, Inc.		2,992		68,786
Industrial Logistics Properties Trust		4,488		102,910
Innovative Industrial Properties, Inc.		935		185,308
Invitation Homes, Inc.		14,212		596,620
Iron Mountain, Inc.(a)		7,480		343,482
iStar, Inc.(a)		6,171		132,491
JBG SMITH Properties		6,545		179,333
Kilroy Realty Corp.		4,675		299,200
Kimco Realty Corp.		19,822		480,882
Kite Realty Group Trust		6,919		144,469
Lamar Advertising Co., Class A		2,992		331,394
Life Storage, Inc.		2,805		378,535
LTC Properties, Inc.(a)		4,114		148,392
LXP Industrial Trust(a)		8,789		130,868
Macerich Co. (The)(a)		15,521		256,717
Medical Properties Trust, Inc.(a)		15,521		353,258
Mid-America Apartment Communities, Inc.		2,992		618,387
Monmouth Real Estate Investment Corp.		3,366		70,652
National Health Investors, Inc.(a)		748		43,257
National Retail Properties, Inc.(a)		6,358		282,168

Investments	Shares		Value ($)
National Storage Affiliates Trust		2,805		172,676
NexPoint Residential Trust, Inc.		187		14,852
Office Properties Income Trust(a)		15,147		385,946
Omega Healthcare Investors, Inc.(a)		59,092		1,860,216
Outfront Media, Inc.		10,659		264,770
Paramount Group, Inc.		43,197		375,382
Park Hotels & Resorts, Inc.*(a)		53,856		980,179
Pebblebrook Hotel Trust		9,537		206,476
Physicians Realty Trust		13,838		252,682
Piedmont Office Realty Trust, Inc., Class A		10,846		192,625
Plymouth Industrial REIT, Inc.		4,488		129,030
PotlatchDeltic Corp.		14,773		794,640
Preferred Apartment Communities, Inc., Class A(a)		18,139		302,559
Prologis, Inc.(a)		20,009		3,137,811
PS Business Parks, Inc.		561		93,665
Public Storage		4,114		1,474,992
Rayonier, Inc.(a)		8,976		327,983
Realty Income Corp.		13,651		947,516
Regency Centers Corp.		2,992		214,676
Retail Opportunity Investments Corp.(a)		7,480		138,604
Rexford Industrial Realty, Inc.		5,049		369,435
RLJ Lodging Trust		2,805		38,849
RPT Realty		9,350		117,997
Ryman Hospitality Properties, Inc.*		3,553		314,085
Sabra Health Care REIT, Inc.		61,149		832,238
Safehold, Inc.(a)		187		11,575
SBA Communications Corp.		2,805		912,859
Service Properties Trust		6,358		54,361
Simon Property Group, Inc.		8,041		1,183,635
SITE Centers Corp.		5,423		80,315
SL Green Realty Corp.		2,570		186,402
Spirit Realty Capital, Inc.(a)		4,488		213,000
STAG Industrial, Inc.(a)		9,163		391,535
STORE Capital Corp.		8,976		284,629
Summit Hotel Properties, Inc.*(a)		10,472		98,646
Sun Communities, Inc.		3,553		671,375
Sunstone Hotel Investors, Inc.*		9,350		105,748
Tanger Factory Outlet Centers, Inc.(a)		9,537		162,224
Terreno Realty Corp.(a)		4,301		321,586
UDR, Inc.		8,976		510,196
Uniti Group, Inc.(a)		5,797		69,912
Universal Health Realty Income Trust		1,122		65,413
Urban Edge Properties		5,049		92,094
Urstadt Biddle Properties, Inc., Class A(a)		5,423		106,779
Ventas, Inc.		8,789		465,993
VICI Properties, Inc.(a)		17,391		497,730
Vornado Realty Trust(a)		2,057		84,358
Washington REIT		6,919		170,346
Welltower, Inc.(a)		10,472		907,189
Weyerhaeuser Co.		22,253		899,689
Whitestone REIT(a)		12,342		126,012
WP Carey, Inc.		4,862		377,291

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Xenia Hotels & Resorts, Inc.*(a)		28,985		502,600
				51,750,042
Food & Staples Retailing - 1.3%
Albertsons Cos., Inc., Class A(a)		374		10,528
Andersons, Inc. (The)		5,049		192,367
BJ’s Wholesale Club Holdings, Inc.*		32,912		2,023,101
Casey’s General Stores, Inc.		1,496		280,964
Chefs’ Warehouse, Inc. (The)*(a)		4,301		128,342
Costco Wholesale Corp.		11,781		5,950,936
Grocery Outlet Holding Corp.*(a)		3,179		80,683
Ingles Markets, Inc., Class A		2,431		187,017
Kroger Co. (The)		23,749		1,035,219
Performance Food Group Co.*		5,797		244,575
PriceSmart, Inc.		374		26,707
Rite Aid Corp.*(a)		12,529		132,933
SpartanNash Co.(a)		10,285		252,702
Sprouts Farmers Market, Inc.*		29,546		801,878
Sysco Corp.		13,464		1,052,211
United Natural Foods, Inc.*(a)		15,147		587,401
US Foods Holding Corp.*		8,415		296,713
Walgreens Boots Alliance, Inc.		21,692		1,079,394
Walmart, Inc.		45,628		6,379,251
Weis Markets, Inc.(a)		5,049		304,152
				21,047,074
Food Products - 1.1%
Archer-Daniels-Midland Co.(a)		19,074		1,430,550
B&G Foods, Inc.(a)		5,984		186,102
Beyond Meat, Inc.*(a)		3,553		231,407
Bunge Ltd.		3,927		388,223
Calavo Growers, Inc.(a)		2,805		116,155
Campbell Soup Co.		4,675		206,261
Conagra Brands, Inc.		16,456		572,010
Darling Ingredients, Inc.*		4,862		310,050
Flowers Foods, Inc.		12,342		347,180
Fresh Del Monte Produce, Inc.		6,919		192,556
Freshpet, Inc.*(a)		2,431		226,156
General Mills, Inc.		20,944		1,438,434
Hain Celestial Group, Inc. (The)*(a)		2,805		102,467
Hershey Co. (The)		3,740		737,042
Hormel Foods Corp.(a)		5,797		275,184
Hostess Brands, Inc.*(a)		3,927		80,582
Ingredion, Inc.		15,147		1,434,421
J & J Snack Foods Corp.(a)		374		56,732
J M Smucker Co. (The)		3,927		552,058
John B Sanfilippo & Son, Inc.		187		14,792
Kellogg Co.		6,919		435,897
Kraft Heinz Co. (The)		20,757		743,101
Lamb Weston Holdings, Inc.(a)		3,927		252,153
Lancaster Colony Corp.(a)		561		89,070
McCormick & Co., Inc. (Non-Voting)(a)		7,480		750,319
Mondelez International, Inc., Class A		44,880		3,008,306
Pilgrim’s Pride Corp.*		9,350		261,519
Post Holdings, Inc.*		3,366		356,190
Sanderson Farms, Inc.		4,675		860,200

Investments	Shares		Value ($)
Seaboard Corp.		62		236,839
Simply Good Foods Co. (The)*		2,618		92,232
Tattooed Chef, Inc.*(a)		10,285		130,619
Tootsie Roll Industries, Inc.		2,805		95,231
TreeHouse Foods, Inc.*(a)		11,781		456,278
Tyson Foods, Inc., Class A		8,602		781,836
Vita Coco Co., Inc. (The)*(a)		5,610		61,205
Vital Farms, Inc.*(a)		1,870		30,911
Whole Earth Brands, Inc.*(a)		187		1,773
				17,542,041
Gas Utilities - 0.4%
Atmos Energy Corp.		3,366		360,903
Chesapeake Utilities Corp.(a)		561		76,414
Macquarie Infrastructure Holdings LLC(a)		3,366		12,151
National Fuel Gas Co.		23,188		1,408,207
New Jersey Resources Corp.		20,944		842,158
ONE Gas, Inc.(a)		3,740		291,309
South Jersey Industries, Inc.(a)		28,611		715,847
Southwest Gas Holdings, Inc.		13,536		922,885
Spire, Inc.(a)		11,033		727,295
UGI Corp.		7,854		356,179
				5,713,348
Health Care Equipment & Supplies - 2.2%
Abbott Laboratories		47,124		6,006,425
ABIOMED, Inc.*		1,122		331,966
Accuray, Inc.*		4,488		16,381
Align Technology, Inc.*		1,870		925,575
Alphatec Holdings, Inc.*		187		1,934
AngioDynamics, Inc.*		561		12,134
Artivion, Inc.*(a)		2,992		53,258
Asensus Surgical, Inc.*(a)		748		663
Aspira Women’s Health, Inc.*(a)		23,001		27,831
AtriCure, Inc.*(a)		1,122		73,648
Avanos Medical, Inc.*		1,122		33,952
Axogen, Inc.*(a)		7,480		65,151
Axonics, Inc.*(a)		748		35,478
Baxter International, Inc.		12,903		1,102,432
Becton Dickinson and Co.		8,976		2,281,161
BioLife Solutions, Inc.*(a)		1,870		55,801
Bioventus, Inc., Class A*(a)		2,805		36,549
Boston Scientific Corp.*		35,717		1,532,259
Cardiovascular Systems, Inc.*		187		3,286
Cerus Corp.*(a)		17,952		96,223
ClearPoint Neuro, Inc.*(a)		2,057		18,163
CONMED Corp.(a)		935		128,637
Cooper Cos., Inc. (The)(a)		1,309		521,375
CryoPort, Inc.*(a)		1,683		70,299
CVRx, Inc.*(a)		3,927		32,594
Dentsply Sirona, Inc.		5,610		299,686
DexCom, Inc.*		2,618		1,126,997
Eargo, Inc.*(a)		9,163		44,074
Edwards Lifesciences Corp.*		16,082		1,756,154
Envista Holdings Corp.*(a)		6,732		291,092
Figs, Inc., Class A*(a)		1,683		37,834
Glaukos Corp.*(a)		2,618		139,382
Globus Medical, Inc., Class A*		4,488		299,484
Haemonetics Corp.*		2,992		144,663

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Heska Corp.*(a)		374		51,455
Hologic, Inc.*		7,106		499,125
ICU Medical, Inc.*(a)		748		159,593
IDEXX Laboratories, Inc.*		2,431		1,233,246
Inari Medical, Inc.*(a)		561		41,267
Inogen, Inc.*(a)		1,309		38,917
Insulet Corp.*(a)		1,683		417,384
Integer Holdings Corp.*(a)		935		73,313
Integra LifeSciences Holdings Corp.*(a)		4,114		266,340
Intersect ENT, Inc.*		935		25,619
Intuitive Surgical, Inc.*		9,724		2,763,366
iRhythm Technologies, Inc.*(a)		1,496		186,746
Lantheus Holdings, Inc.*(a)		6,358		161,557
LeMaitre Vascular, Inc.		187		7,912
LivaNova plc*		3,179		238,775
Masimo Corp.*		1,309		287,810
Medtronic plc		34,595		3,580,237
Merit Medical Systems, Inc.*		1,683		93,322
Natus Medical, Inc.*		1,122		25,851
Neogen Corp.*		6,171		225,056
Nevro Corp.*(a)		2,057		135,145
Novocure Ltd.*		2,618		179,726
NuVasive, Inc.*		2,992		155,614
OraSure Technologies, Inc.*(a)		187		1,655
Ortho Clinical Diagnostics Holdings plc*		7,667		133,099
Orthofix Medical, Inc.*		2,805		85,272
Outset Medical, Inc.*(a)		2,618		97,363
Penumbra, Inc.*(a)		935		211,319
PROCEPT BioRobotics Corp.*(a)		1,870		34,670
Quidel Corp.*(a)		9,537		985,744
ResMed, Inc.		3,740		854,964
Retractable Technologies, Inc.*(a)		5,984		32,673
RxSight, Inc.*(a)		1,870		19,242
SeaSpine Holdings Corp.*(a)		4,862		58,247
Senseonics Holdings, Inc.*(a)		561		1,504
Shockwave Medical, Inc.*		2,057		298,203
SI-BONE, Inc.*(a)		2,992		58,942
Sientra, Inc.*(a)		8,602		24,172
Sight Sciences, Inc.*(a)		2,057		30,094
SmileDirectClub, Inc.*(a)		36,839		94,308
STAAR Surgical Co.*		2,244		163,184
Stereotaxis, Inc.*(a)		3,740		20,607
STERIS plc(a)		2,992		671,405
Stryker Corp.		8,415		2,087,341
Surmodics, Inc.*		187		8,542
Tactile Systems Technology, Inc.*(a)		3,740		58,980
Tandem Diabetes Care, Inc.*(a)		2,244		265,039
Teleflex, Inc.		1,122		348,033
TransMedics Group, Inc.*(a)		1,496		23,742
Treace Medical Concepts, Inc.*(a)		2,618		47,491
Varex Imaging Corp.*(a)		4,862		126,898
ViewRay, Inc.*(a)		7,106		30,911
Zimmer Biomet Holdings, Inc.		5,049		621,128
Zynex, Inc.(a)		3,702		29,320
				35,974,009

Investments	Shares		Value ($)
Health Care Providers & Services - 2.9%
1Life Healthcare, Inc.*(a)		11,220		125,215
Acadia Healthcare Co., Inc.*		5,984		315,058
Accolade, Inc.*		187		3,572
AdaptHealth Corp.*		5,984		113,098
Addus HomeCare Corp.*(a)		1,496		119,426
Agiliti, Inc.*		374		7,155
Amedisys, Inc.*(a)		1,683		227,373
AmerisourceBergen Corp.		5,423		738,613
AMN Healthcare Services, Inc.*(a)		3,179		322,160
Anthem, Inc.		8,041		3,546,001
Apollo Medical Holdings, Inc.*(a)		748		38,507
Aveanna Healthcare Holdings, Inc.*(a)		5,984		32,852
Brookdale Senior Living, Inc.*(a)		54,417		287,866
Cardinal Health, Inc.		9,911		511,110
Castle Biosciences, Inc.*(a)		2,244		97,053
Centene Corp.*(a)		20,009		1,555,900
Chemed Corp.		374		175,372
Cigna Corp.		11,220		2,585,761
Community Health Systems, Inc.*		27,115		344,089
Covetrus, Inc.*		4,301		77,719
CVS Health Corp.		42,823		4,561,078
DaVita, Inc.*		2,805		303,978
Encompass Health Corp.		22,814		1,415,381
Ensign Group, Inc. (The)(a)		2,431		183,370
Fulgent Genetics, Inc.*(a)		4,301		274,705
Guardant Health, Inc.*(a)		2,618		182,082
Hanger, Inc.*		3,553		64,416
HCA Healthcare, Inc.		8,041		1,930,242
HealthEquity, Inc.*(a)		5,236		279,812
Henry Schein, Inc.*(a)		4,675		352,027
Humana, Inc.(a)		4,114		1,614,745
Innovage Holding Corp.*(a)		187		976
Joint Corp. (The)*(a)		187		10,105
Laboratory Corp. of America Holdings*		3,366		913,398
LHC Group, Inc.*(a)		1,496		185,654
McKesson Corp.		5,236		1,344,186
MEDNAX, Inc.*		4,488		109,732
ModivCare, Inc.*(a)		374		43,358
Molina Healthcare, Inc.*		2,057		597,517
National HealthCare Corp.		2,057		134,528
Oak Street Health, Inc.*(a)		4,301		74,751
Option Care Health, Inc.*(a)		10,098		235,990
Owens & Minor, Inc.(a)		17,391		731,987
Patterson Cos., Inc.		20,383		584,788
PetIQ, Inc.*(a)		2,431		49,690
Premier, Inc., Class A		26,928		1,029,188
Progyny, Inc.*(a)		3,366		136,323
Quest Diagnostics, Inc.		4,301		580,721
R1 RCM, Inc.*(a)		4,301		102,278
RadNet, Inc.*		1,122		28,891
Select Medical Holdings Corp.		23,749		551,689
Surgery Partners, Inc.*(a)		3,553		151,606
Tenet Healthcare Corp.*		25,432		1,885,020
Tivity Health, Inc.*(a)		5,610		142,718
Triple-S Management Corp., Class B*		5,797		208,634

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
UnitedHealth Group, Inc.		30,855		14,581,147
Universal Health Services, Inc., Class B(a)		2,431		316,176
US Physical Therapy, Inc.(a)		187		18,096
				47,134,883
Health Care Technology - 0.3%
Allscripts Healthcare Solutions, Inc.*		34,034		688,167
American Well Corp., Class A*(a)		17,578		83,144
Cerner Corp.		8,789		801,557
Certara, Inc.*(a)		6,358		169,949
Change Healthcare, Inc.*(a)		56,474		1,111,408
Computer Programs & Systems, Inc.*(a)		3,553		100,621
Convey Health Solutions Holdings, Inc.*(a)		3,179		24,764
Doximity, Inc., Class A*(a)		2,431		110,781
Evolent Health, Inc., Class A*(a)		7,106		168,483
Health Catalyst, Inc.*(a)		374		11,164
HealthStream, Inc.*		187		4,553
Inspire Medical Systems, Inc.*(a)		1,496		331,050
Multiplan Corp.*(a)		374		1,507
NextGen Healthcare, Inc.*		561		10,833
Omnicell, Inc.*(a)		2,431		364,990
OptimizeRx Corp.*(a)		561		25,206
Phreesia, Inc.*		561		17,498
Schrodinger, Inc.*(a)		3,366		95,426
Simulations Plus, Inc.(a)		935		39,756
Tabula Rasa HealthCare, Inc.*(a)		1,683		18,160
Teladoc Health, Inc.*(a)		4,862		372,964
Veeva Systems, Inc., Class A*		3,366		796,194
Vocera Communications, Inc.*(a)		2,057		162,524
				5,510,699
Hotels, Restaurants & Leisure - 1.9%
Airbnb, Inc., Class A*		9,537		1,468,412
Aramark(a)		6,358		218,016
BJ’s Restaurants, Inc.*(a)		2,244		67,522
Bloomin’ Brands, Inc.*(a)		18,887		383,973
Booking Holdings, Inc.*		1,122		2,755,778
Boyd Gaming Corp.*(a)		4,301		255,737
Brinker International, Inc.*		11,594		385,037
Caesars Entertainment, Inc.*(a)		6,545		498,336
Carnival Corp.*		22,814		451,945
Cheesecake Factory, Inc. (The)*(a)		11,220		400,330
Chipotle Mexican Grill, Inc.*		748		1,111,214
Choice Hotels International, Inc.(a)		1,122		160,895
Churchill Downs, Inc.(a)		1,309		275,283
Cracker Barrel Old Country Store, Inc.(a)		5,797		690,655
Darden Restaurants, Inc.(a)		2,992		418,491
Dave & Buster’s Entertainment, Inc.*(a)		4,301		153,933
Del Taco Restaurants, Inc.		7,106		88,612
Denny’s Corp.*		1,683		26,086
Dine Brands Global, Inc.		4,114		279,135
Domino’s Pizza, Inc.		1,122		510,117
DraftKings, Inc., Class A*(a)		9,350		206,541
El Pollo Loco Holdings, Inc.*		3,740		49,892

Investments	Shares		Value ($)
Esports Technologies, Inc.*(a)		1,683		20,230
Everi Holdings, Inc.*		8,415		166,364
Expedia Group, Inc.*		3,927		719,780
F45 Training Holdings, Inc.*(a)		1,309		16,376
First Watch Restaurant Group, Inc.*(a)		1,309		19,687
GAN Ltd.*(a)		7,293		50,249
Golden Entertainment, Inc.*(a)		3,366		151,403
Golden Nugget Online Gaming, Inc.*(a)		5,049		40,594
Hilton Grand Vacations, Inc.*		6,171		301,515
Hilton Worldwide Holdings, Inc.*		7,480		1,085,423
Hyatt Hotels Corp., Class A*(a)		1,496		137,048
Jack in the Box, Inc.(a)		5,797		527,817
Las Vegas Sands Corp.*		9,350		409,530
Lindblad Expeditions Holdings, Inc.*(a)		6,545		110,414
Marriott International, Inc., Class A*		7,293		1,175,048
Marriott Vacations Worldwide Corp.		2,618		425,111
McDonald’s Corp.		19,822		5,142,818
Membership Collective Group, Inc., Class A*(a)		6,358		56,395
MGM Resorts International		12,342		527,250
Norwegian Cruise Line Holdings Ltd.*(a)		13,838		288,245
Papa John’s International, Inc.(a)		935		115,426
Penn National Gaming, Inc.*(a)		5,049		230,285
Planet Fitness, Inc., Class A*		3,179		281,787
PlayAGS, Inc.*(a)		3,740		29,135
Portillo’s, Inc., Class A*(a)		1,683		44,684
Red Robin Gourmet Burgers, Inc.*(a)		5,797		85,506
Red Rock Resorts, Inc., Class A		2,244		99,903
Royal Caribbean Cruises Ltd.*(a)		4,675		363,762
Rush Street Interactive, Inc.*(a)		12,716		128,940
Ruth’s Hospitality Group, Inc.*(a)		5,610		112,368
Scientific Games Corp.*(a)		6,171		356,067
SeaWorld Entertainment, Inc.*		3,740		222,829
Shake Shack, Inc., Class A*(a)		2,244		148,261
Six Flags Entertainment Corp.*		5,610		221,539
Starbucks Corp.		31,229		3,070,435
Texas Roadhouse, Inc.		2,618		223,551
Travel + Leisure Co.(a)		18,887		1,072,782
Vail Resorts, Inc.		1,122		310,906
Wendy’s Co. (The)		6,171		142,118
Wingstop, Inc.(a)		2,057		315,235
Wyndham Hotels & Resorts, Inc.		3,553		298,274
Wynn Resorts Ltd.*		2,431		207,729
Yum! Brands, Inc.		8,415		1,053,305
				31,362,064
Household Durables - 0.8%
Beazer Homes USA, Inc.*		3,366		61,396
Cavco Industries, Inc.*		187		50,385
Century Communities, Inc.(a)		7,854		517,186
Cricut, Inc., Class A*(a)		748		14,795
DR Horton, Inc.		11,407		1,017,733

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Ethan Allen Interiors, Inc.(a)		4,675		117,857
Garmin Ltd.		3,740		465,331
GoPro, Inc., Class A*(a)		28,611		253,493
Green Brick Partners, Inc.*(a)		8,789		208,123
Helen of Troy Ltd.*(a)		935		195,724
Hovnanian Enterprises, Inc., Class A*(a)		374		36,233
Installed Building Products, Inc.(a)		748		82,871
iRobot Corp.*(a)		1,496		98,018
KB Home(a)		20,944		884,884
La-Z-Boy, Inc.(a)		8,602		315,779
Leggett & Platt, Inc.		4,675		186,299
Lennar Corp., Class A		9,537		916,601
Lennar Corp., Class B		561		45,290
LGI Homes, Inc.*		5,423		675,218
Lovesac Co. (The)*(a)		1,309		70,490
M/I Homes, Inc.*(a)		7,854		416,183
MDC Holdings, Inc.(a)		13,464		682,490
Meritage Homes Corp.*		8,976		915,821
Mohawk Industries, Inc.*		1,683		265,695
Newell Brands, Inc.(a)		12,155		282,118
NVR, Inc.*		107		570,013
PulteGroup, Inc.		9,724		512,358
Purple Innovation, Inc.*(a)		6,732		56,010
Skyline Champion Corp.*(a)		1,870		125,926
Sonos, Inc.*(a)		3,553		89,607
Taylor Morrison Home Corp., Class A*		31,603		969,896
Tempur Sealy International, Inc.		8,041		320,112
Toll Brothers, Inc.		4,862		286,712
TopBuild Corp.*(a)		1,122		261,033
Traeger, Inc.*(a)		3,366		34,300
Tri Pointe Homes, Inc.*		29,733		707,943
Tupperware Brands Corp.*(a)		12,903		198,964
Universal Electronics, Inc.*		2,805		99,549
Vuzix Corp.*(a)		187		1,221
Weber, Inc., Class A(a)		2,431		26,352
Whirlpool Corp.		2,244		471,666
				13,507,675
Household Products - 1.1%
Central Garden & Pet Co.*		1,683		78,074
Central Garden & Pet Co., Class A*		10,285		445,649
Church & Dwight Co., Inc.		7,293		748,627
Clorox Co. (The)		2,805		470,847
Colgate-Palmolive Co.		21,131		1,742,251
Energizer Holdings, Inc.		15,334		576,712
Kimberly-Clark Corp.		11,220		1,544,433
Procter & Gamble Co. (The)		64,141		10,291,424
Reynolds Consumer Products, Inc.(a)		10,285		311,327
Spectrum Brands Holdings, Inc.		9,537		852,417
WD-40 Co.(a)		374		83,125
				17,144,886
Independent Power and Renewable Electricity Producers - 0.1%
AES Corp. (The)		19,448		431,357
Clearway Energy, Inc., Class A		3,553		109,610
Clearway Energy, Inc., Class C		2,431		81,876
Ormat Technologies, Inc.(a)		1,496		101,967

Investments	Shares		Value ($)
Sunnova Energy International, Inc.*(a)		1,870		36,764
Vistra Corp.		17,578		383,376
				1,144,950
Industrial Conglomerates - 0.7%
3M Co.		18,326		3,042,482
General Electric Co.		28,050		2,650,164
Honeywell International, Inc.		17,765		3,632,587
Roper Technologies, Inc.		2,992		1,307,983
				10,633,216
Insurance - 2.6%
Aflac, Inc.		21,318		1,339,197
Alleghany Corp.*		374		248,336
Allstate Corp. (The)		9,911		1,195,960
Ambac Financial Group, Inc.*		8,602		121,890
American Equity Investment Life Holding Co.		21,879		900,102
American Financial Group, Inc.		2,805		365,435
American International Group, Inc.		26,741		1,544,293
American National Group, Inc.(a)		2,618		494,252
AMERISAFE, Inc.(a)		374		19,642
Aon plc, Class A		5,797		1,602,523
Arch Capital Group Ltd.*		14,399		666,962
Argo Group International Holdings Ltd.(a)		6,919		392,861
Arthur J Gallagher & Co.		5,049		797,439
Assurant, Inc.		2,244		342,232
Assured Guaranty Ltd.(a)		18,513		986,558
Axis Capital Holdings Ltd.		16,830		958,973
Brighthouse Financial, Inc.*(a)		18,139		987,669
Brown & Brown, Inc.(a)		6,171		409,014
BRP Group, Inc., Class A*		1,683		51,365
Chubb Ltd.		14,399		2,840,635
Cincinnati Financial Corp.		4,114		484,753
CNO Financial Group, Inc.		32,912		820,825
Employers Holdings, Inc.(a)		748		29,247
Enstar Group Ltd.*(a)		2,992		793,119
Erie Indemnity Co., Class A(a)		935		172,134
Everest Re Group Ltd.		1,122		317,975
Fidelity National Financial, Inc.		10,846		546,096
First American Financial Corp.(a)		4,675		348,334
Genworth Financial, Inc., Class A*		111,265		433,933
Globe Life, Inc.		2,618		267,821
GoHealth, Inc., Class A*		18,139		50,064
Goosehead Insurance, Inc., Class A(a)		374		36,869
Hanover Insurance Group, Inc. (The)		7,854		1,083,538
Hartford Financial Services Group, Inc. (The)		12,342		887,020
HCI Group, Inc.		1,309		88,842
Horace Mann Educators Corp.		7,667		291,423
James River Group Holdings Ltd.		9,163		259,496
Kemper Corp.(a)		1,496		89,730
Kinsale Capital Group, Inc.(a)		1,309		262,219
Lemonade, Inc.*(a)		2,244		71,651
Lincoln National Corp.		6,732		471,105
Loews Corp.		8,041		479,726

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Markel Corp.*		374		461,045
Marsh & McLennan Cos., Inc.		13,838		2,126,070
MBIA, Inc.*(a)		6,545		89,470
Mercury General Corp.(a)		6,732		367,971
MetLife, Inc.		24,684		1,655,309
National Western Life Group, Inc., Class A		374		79,987
Old Republic International Corp.		12,529		321,118
Oscar Health, Inc., Class A*(a)		10,472		70,162
Primerica, Inc.(a)		2,057		317,477
Principal Financial Group, Inc.(a)		9,163		669,449
ProAssurance Corp.(a)		1,683		40,325
Progressive Corp. (The)		18,700		2,031,942
Prudential Financial, Inc.		12,903		1,439,588
Reinsurance Group of America, Inc.		1,496		171,786
RenaissanceRe Holdings Ltd.(a)		10,472		1,645,884
RLI Corp.		1,309		137,157
Ryan Specialty Group Holdings, Inc., Class A*		748		27,983
Safety Insurance Group, Inc.		2,431		200,144
Selective Insurance Group, Inc.		13,838		1,091,818
Selectquote, Inc.*(a)		30,668		226,637
SiriusPoint Ltd.*(a)		15,147		128,295
Stewart Information Services Corp.(a)		6,919		494,224
Travelers Cos., Inc. (The)		8,415		1,398,405
Trupanion, Inc.*(a)		2,431		231,553
Universal Insurance Holdings, Inc.		11,594		199,881
Unum Group		46,189		1,172,277
W R Berkley Corp.		3,366		284,427
White Mountains Insurance Group Ltd.(a)		187		194,660
Willis Towers Watson plc		3,366		787,509
				42,613,811
Interactive Media & Services - 4.1%
Alphabet, Inc., Class A*		7,909		21,402,308
Alphabet, Inc., Class C*		7,352		19,953,107
Angi, Inc., Class A*		4,675		40,112
Bumble, Inc., Class A*		3,740		110,367
Cargurus, Inc.*(a)		5,984		190,890
Cars.com, Inc.*(a)		19,635		305,913
Eventbrite, Inc., Class A*(a)		5,236		75,032
EverQuote, Inc., Class A*(a)		1,683		27,702
fuboTV, Inc.*(a)		8,228		88,369
IAC/InterActiveCorp*(a)		1,496		204,264
Liberty TripAdvisor Holdings, Inc., Class A*(a)		10,846		24,404
Match Group, Inc.*		6,732		758,696
MediaAlpha, Inc., Class A*(a)		2,618		38,877
Meta Platforms, Inc., Class A*		62,458		19,565,593
Pinterest, Inc., Class A*		15,334		453,273
QuinStreet, Inc.*(a)		1,683		27,079
Snap, Inc., Class A*(a)		26,367		857,982
TripAdvisor, Inc.*(a)		6,171		167,543
TrueCar, Inc.*(a)		10,846		37,310
Twitter, Inc.*		20,570		771,581
Vimeo, Inc.*		8,976		131,498

Investments	Shares		Value ($)
Yelp, Inc.*(a)		1,122		38,754
Ziff Davis, Inc.*		3,179		333,986
ZoomInfo Technologies, Inc., Class A*(a)		6,732		355,854
				65,960,494
Internet & Direct Marketing Retail - 2.5%
1847 Goedeker, Inc.*(a)		34,969		79,030
1stdibs.com, Inc.*(a)		1,122		11,557
Amazon.com, Inc.*		11,467		34,303,186
CarParts.com, Inc.*(a)		1,309		12,043
Chewy, Inc., Class A*(a)		2,431		115,740
DoorDash, Inc., Class A*		3,740		424,453
eBay, Inc.		20,757		1,246,873
Etsy, Inc.*(a)		2,992		469,983
Groupon, Inc.*(a)		2,805		85,665
Lands’ End, Inc.*(a)		561		10,283
Liquidity Services, Inc.*		561		10,676
MercadoLibre, Inc.*		1,122		1,270,171
Overstock.com, Inc.*(a)		2,057		98,613
PetMed Express, Inc.(a)		1,496		38,642
Porch Group, Inc.*(a)		3,740		39,457
Poshmark, Inc., Class A*(a)		2,992		47,303
Quotient Technology, Inc.*(a)		5,423		38,558
Qurate Retail, Inc., Series A(a)		88,825		624,440
RealReal, Inc. (The)*		6,171		58,316
Revolve Group, Inc.*		561		27,668
Shutterstock, Inc.(a)		1,870		181,334
Stitch Fix, Inc., Class A*(a)		5,423		89,100
ThredUp, Inc., Class A*(a)		3,553		32,936
Wayfair, Inc., Class A*(a)		2,057		320,727
Xometry, Inc., Class A*(a)		748		38,597
				39,675,351
IT Services - 3.8%
Accenture plc, Class A		16,830		5,950,751
Affirm Holdings, Inc.*(a)		3,740		239,622
Akamai Technologies, Inc.*(a)		5,049		578,363
Alliance Data Systems Corp.		12,342		852,092
Automatic Data Processing, Inc.		11,407		2,351,781
BigCommerce Holdings, Inc., Series 1*		748		24,452
Block, Inc., Class A*(a)		12,903		1,577,908
Brightcove, Inc.*(a)		2,618		24,688
Broadridge Financial Solutions, Inc.		3,366		535,935
Cantaloupe, Inc.*(a)		2,805		23,562
Cloudflare, Inc., Class A*(a)		6,732		648,965
Cognizant Technology Solutions Corp., Class A		17,952		1,533,460
Concentrix Corp.(a)		1,683		338,266
Conduent, Inc.*		48,433		229,088
CSG Systems International, Inc.(a)		2,992		169,856
DigitalOcean Holdings, Inc.*(a)		374		21,445
DXC Technology Co.*		10,846		326,248
EPAM Systems, Inc.*		1,683		801,344
Euronet Worldwide, Inc.*		2,431		325,487
EVERTEC, Inc.(a)		1,870		81,607
Evo Payments, Inc., Class A*(a)		1,309		31,573
ExlService Holdings, Inc.*		1,122		135,223

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Fastly, Inc., Class A*(a)		5,984		171,501
Fidelity National Information Services, Inc.		19,074		2,287,354
Fiserv, Inc.*		18,513		1,956,824
FleetCor Technologies, Inc.*		2,057		490,101
Flywire Corp.*(a)		748		21,086
Gartner, Inc.*		2,431		714,447
Genpact Ltd.(a)		3,927		195,368
Global Payments, Inc.		9,163		1,373,350
GoDaddy, Inc., Class A*		4,301		325,629
GreenBox POS*(a)		3,366		12,959
Grid Dynamics Holdings, Inc.*		374		9,967
I3 Verticals, Inc., Class A*(a)		2,618		60,581
International Business Machines Corp.		28,424		3,796,594
International Money Express, Inc.*		2,618		41,914
Jack Henry & Associates, Inc.(a)		2,057		345,185
Limelight Networks, Inc.*		3,740		15,970
LiveRamp Holdings, Inc.*		3,553		158,641
Marqeta, Inc., Class A*(a)		12,903		152,255
Mastercard, Inc., Class A		22,627		8,742,620
MAXIMUS, Inc.		2,431		187,965
MongoDB, Inc.*(a)		1,683		681,800
Okta, Inc.*(a)		3,553		703,103
Paya Holdings, Inc.*(a)		187		1,225
Paychex, Inc.		8,415		990,950
Payoneer Global, Inc.*		19,074		99,566
PayPal Holdings, Inc.*		30,481		5,240,903
Perficient, Inc.*(a)		1,122		117,608
Rackspace Technology, Inc.*		15,708		196,507
Repay Holdings Corp.*(a)		6,171		110,399
Sabre Corp.*(a)		14,960		136,884
Shift4 Payments, Inc., Class A*(a)		3,179		167,597
Snowflake, Inc., Class A*		6,358		1,754,172
SolarWinds Corp.(a)		13,090		178,024
Squarespace, Inc., Class A*(a)		1,870		61,972
Switch, Inc., Class A		6,171		158,163
TaskUS, Inc., Class A*(a)		1,122		35,904
Toast, Inc., Class A*(a)		4,862		111,243
TTEC Holdings, Inc.(a)		561		44,930
Tucows, Inc., Class A*(a)		187		14,773
Twilio, Inc., Class A*(a)		4,301		886,522
Unisys Corp.*(a)		13,838		252,543
VeriSign, Inc.*		2,618		568,577
Verra Mobility Corp.*(a)		11,220		177,725
Visa, Inc., Class A(a)		43,758		9,896,747
Western Union Co. (The)		8,415		159,128
WEX, Inc.*		2,618		421,446
				61,030,438
Leisure Products - 0.3%
Acushnet Holdings Corp.(a)		1,122		52,397
AMMO, Inc.*(a)		18,887		87,636
Brunswick Corp.		2,992		271,644
Callaway Golf Co.*		5,236		124,931
Genius Brands International, Inc.*(a)		33,847		29,775
Hasbro, Inc.(a)		3,179		293,994
Johnson Outdoors, Inc., Class A		187		16,871

Investments	Shares		Value ($)
Malibu Boats, Inc., Class A*(a)		4,114		270,125
MasterCraft Boat Holdings, Inc.*(a)		5,797		147,418
Mattel, Inc.*(a)		12,716		266,019
Nautilus, Inc.*		11,968		61,037
Peloton Interactive, Inc., Class A*(a)		8,041		219,761
Polaris, Inc.(a)		13,464		1,515,912
Smith & Wesson Brands, Inc.		8,415		143,728
Solo Brands, Inc., Class A*(a)		1,683		18,782
Sturm Ruger & Co., Inc.		4,114		276,584
Vinco Ventures, Inc.*(a)		7,106		23,379
Vista Outdoor, Inc.*(a)		11,968		461,725
YETI Holdings, Inc.*(a)		2,805		183,952
				4,465,670
Life Sciences Tools & Services - 1.3%
10X Genomics, Inc., Class A*(a)		2,244		216,030
Absci Corp.*(a)		2,057		13,844
Adaptive Biotechnologies Corp.*		2,431		42,397
Agilent Technologies, Inc.		8,041		1,120,272
Akoya Biosciences, Inc.*(a)		1,122		12,746
Alpha Teknova, Inc.*(a)		1,496		23,607
Avantor, Inc.*		14,025		523,553
Berkeley Lights, Inc.*		187		1,816
Bionano Genomics, Inc.*(a)		16,269		36,117
Bio-Rad Laboratories, Inc., Class A*		561		336,448
Bio-Techne Corp.		935		351,943
Bruker Corp.		2,618		174,359
Charles River Laboratories International, Inc.*		1,309		431,656
ChromaDex Corp.*(a)		6,545		18,391
Codexis, Inc.*(a)		5,610		115,005
Cytek Biosciences, Inc.*(a)		1,309		19,059
Danaher Corp.		17,017		4,863,288
Fluidigm Corp.*(a)		8,228		26,906
Illumina, Inc.*		3,927		1,369,816
IQVIA Holdings, Inc.*		5,236		1,282,296
Maravai LifeSciences Holdings, Inc., Class A*		3,366		97,345
Medpace Holdings, Inc.*(a)		1,122		199,110
Mettler-Toledo International, Inc.*		561		826,173
NanoString Technologies, Inc.*(a)		3,366		116,867
NeoGenomics, Inc.*(a)		3,553		80,085
Pacific Biosciences of California, Inc.*(a)		10,659		119,168
PerkinElmer, Inc.(a)		3,740		643,916
Personalis, Inc.*		4,675		53,248
Quanterix Corp.*(a)		2,431		74,000
Rapid Micro Biosystems, Inc., Class A*		2,805		20,000
Repligen Corp.*(a)		1,496		296,717
Sotera Health Co.*(a)		5,236		112,626
Syneos Health, Inc.*		3,553		321,760
Thermo Fisher Scientific, Inc.		10,472		6,087,374
Waters Corp.*(a)		1,683		538,762
West Pharmaceutical Services, Inc.		1,870		735,321
				21,302,021

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Machinery - 1.9%
AGCO Corp.		2,618		306,830
Agrify Corp.*(a)		2,431		15,048
Alamo Group, Inc.		374		52,678
Albany International Corp., Class A		2,244		187,845
Allison Transmission Holdings, Inc.		24,871		944,849
Altra Industrial Motion Corp.		3,740		180,567
Astec Industries, Inc.(a)		1,683		106,517
Barnes Group, Inc.		1,496		67,574
Blue Bird Corp.*(a)		3,740		58,007
Caterpillar, Inc.		17,204		3,467,638
Chart Industries, Inc.*		2,244		273,476
CIRCOR International, Inc.*(a)		2,618		72,702
Colfax Corp.*		8,602		353,714
Columbus McKinnon Corp.(a)		561		24,280
Commercial Vehicle Group, Inc.*		6,358		49,211
Crane Co.		3,366		348,415
Cummins, Inc.		4,675		1,032,614
Deere & Co.		8,976		3,378,566
Desktop Metal, Inc., Class A*		374		1,530
Donaldson Co., Inc.		4,675		260,210
Douglas Dynamics, Inc.(a)		3,366		122,960
Dover Corp.		3,740		635,463
EnPro Industries, Inc.(a)		1,309		137,471
ESCO Technologies, Inc.		2,244		179,026
Evoqua Water Technologies Corp.*		5,610		227,205
Federal Signal Corp.		1,870		72,967
Flowserve Corp.		7,480		243,998
Fortive Corp.		8,976		633,167
Franklin Electric Co., Inc.		1,122		97,390
Gates Industrial Corp. plc*(a)		17,765		274,825
Gorman-Rupp Co. (The)		1,683		67,505
Graco, Inc.		4,301		312,081
Greenbrier Cos., Inc. (The)(a)		6,171		249,062
Helios Technologies, Inc.		748		57,319
Hillenbrand, Inc.(a)		18,513		860,484
Hyster-Yale Materials Handling, Inc.		2,057		92,339
Ideanomics, Inc.*(a)		935		1,000
IDEX Corp.		1,683		362,586
Illinois Tool Works, Inc.		7,293		1,705,979
Ingersoll Rand, Inc.		9,350		525,563
ITT, Inc.(a)		2,992		275,025
John Bean Technologies Corp.(a)		1,496		201,960
Kadant, Inc.(a)		374		78,159
Kennametal, Inc.		5,236		181,009
Lincoln Electric Holdings, Inc.		2,244		286,873
Lindsay Corp.(a)		374		47,217
Manitowoc Co., Inc. (The)*		3,366		61,430
Meritor, Inc.*(a)		20,196		465,518
Middleby Corp. (The)*(a)		1,870		346,324
Mueller Industries, Inc.(a)		15,147		782,494
Mueller Water Products, Inc., Class A		5,423		69,686
Nikola Corp.*(a)		50,677		406,936
Nordson Corp.		1,309		304,395
Oshkosh Corp.(a)		2,992		340,520
Otis Worldwide Corp.		10,285		878,648

Investments	Shares		Value ($)
PACCAR, Inc.		10,285		956,402
Parker-Hannifin Corp.		3,366		1,043,494
Pentair plc		4,114		262,062
Proto Labs, Inc.*		1,496		75,069
RBC Bearings, Inc.*(a)		1,122		202,487
REV Group, Inc.(a)		7,106		95,434
Snap-on, Inc.(a)		1,683		350,485
SPX Corp.*		1,496		78,061
SPX FLOW, Inc.(a)		1,496		128,955
Standex International Corp.(a)		187		18,578
Stanley Black & Decker, Inc.		5,236		914,467
Tennant Co.(a)		187		14,431
Terex Corp.		14,773		616,330
Timken Co. (The)		16,269		1,086,769
Toro Co. (The)		2,431		234,786
Trinity Industries, Inc.(a)		2,992		85,960
Wabash National Corp.		7,106		139,420
Watts Water Technologies, Inc., Class A		935		143,251
Welbilt, Inc.*(a)		10,098		239,828
Westinghouse Air Brake Technologies Corp.		5,049		448,856
Woodward, Inc.(a)		1,309		144,343
Xylem, Inc.		4,114		432,052
				30,478,375
Marine - 0.1%
Eagle Bulk Shipping, Inc.(a)		1,122		50,288
Genco Shipping & Trading Ltd.		5,797		90,201
Kirby Corp.*		4,488		292,528
Matson, Inc.(a)		10,098		986,171
				1,419,188
Media - 1.3%
Advantage Solutions, Inc.*(a)		30,294		220,540
Altice USA, Inc., Class A*(a)		55,913		806,266
AMC Networks, Inc., Class A*(a)		7,667		326,844
Audacy, Inc.*(a)		748		1,810
Cable One, Inc.		187		288,865
Cardlytics, Inc.*(a)		2,244		150,572
Charter Communications, Inc., Class A*(a)		3,366		1,997,182
Clear Channel Outdoor Holdings, Inc.*		102,102		312,432
Comcast Corp., Class A		146,421		7,319,586
Discovery, Inc., Class A*(a)		3,927		109,603
Discovery, Inc., Class C*(a)		5,984		163,662
DISH Network Corp., Class A*		8,041		252,487
EW Scripps Co. (The), Class A*(a)		14,773		302,847
Fox Corp., Class A		8,041		326,545
Fox Corp., Class B		2,431		90,385
Gannett Co., Inc.*(a)		748		3,635
Gray Television, Inc.(a)		24,684		514,661
iHeartMedia, Inc., Class A*(a)		9,724		195,939
Interpublic Group of Cos., Inc. (The)		11,407		405,405
John Wiley & Sons, Inc., Class A(a)		10,846		550,435
Liberty Broadband Corp., Class A*		561		82,102

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Liberty Broadband Corp., Class C*(a)		3,927		582,806
Liberty Media Corp-Liberty SiriusXM, Class A*		2,057		95,136
Liberty Media Corp-Liberty SiriusXM, Class C*		4,862		226,229
Magnite, Inc.*(a)		935		12,688
New York Times Co. (The), Class A		4,301		172,169
News Corp., Class A		9,724		216,262
News Corp., Class B(a)		3,179		70,701
Nexstar Media Group, Inc., Class A		9,911		1,639,081
Omnicom Group, Inc.		5,797		436,862
PubMatic, Inc., Class A*(a)		935		22,954
Scholastic Corp.(a)		748		30,683
Sinclair Broadcast Group, Inc., Class A(a)		12,155		334,019
Sirius XM Holdings, Inc.(a)		35,904		228,349
TechTarget, Inc.*(a)		1,122		93,059
TEGNA, Inc.		52,173		1,010,069
Thryv Holdings, Inc.*(a)		2,992		97,031
Urban One, Inc.*(a)		9,537		51,881
ViacomCBS, Inc.		17,204		575,474
ViacomCBS, Inc., Class A(a)		1,122		41,043
WideOpenWest, Inc.*		6,732		125,283
				20,483,582
Metals & Mining - 0.7%
Alcoa Corp.(a)		7,667		434,796
Allegheny Technologies, Inc.*(a)		11,407		208,634
Arconic Corp.*(a)		22,814		705,637
Carpenter Technology Corp.(a)		5,236		150,378
Century Aluminum Co.*(a)		10,098		154,903
Cleveland-Cliffs, Inc.*(a)		19,074		326,928
Coeur Mining, Inc.*(a)		23,188		108,752
Commercial Metals Co.		30,294		1,013,031
Compass Minerals International, Inc.		935		49,929
Freeport-McMoRan, Inc.(a)		45,441		1,691,314
Gatos Silver, Inc.*(a)		2,805		8,724
Hecla Mining Co.		14,960		74,202
Kaiser Aluminum Corp.(a)		1,309		125,337
Materion Corp.		561		46,479
McEwen Mining, Inc.*(a)		1,870		1,594
MP Materials Corp.*(a)		4,301		171,782
Newmont Corp.		24,310		1,487,043
Nucor Corp.(a)		9,163		929,128
Piedmont Lithium, Inc.*(a)		3,366		162,847
Reliance Steel & Aluminum Co.		2,431		371,651
Royal Gold, Inc.(a)		3,553		360,807
Ryerson Holding Corp.		935		19,167
Schnitzer Steel Industries, Inc., Class A(a)		4,488		175,660
Southern Copper Corp.		1,870		119,474
Steel Dynamics, Inc.		7,480		415,290
SunCoke Energy, Inc.		8,041		55,081
TimkenSteel Corp.*(a)		9,350		131,180
United States Steel Corp.(a)		60,962		1,263,133
Warrior Met Coal, Inc.		8,415		220,473

Investments	Shares		Value ($)
Worthington Industries, Inc.(a)		8,789		476,188
				11,459,542
Mortgage Real Estate Investment Trusts (REITs) - 0.6%
AGNC Investment Corp.(a)		11,594		172,635
Annaly Capital Management, Inc.(a)		36,839		291,028
Apollo Commercial Real Estate Finance, Inc.(a)		31,790		433,934
Arbor Realty Trust, Inc.(a)		31,229		546,820
Ares Commercial Real Estate Corp.(a)		5,423		79,664
ARMOUR Residential REIT, Inc.		12,903		121,030
Blackstone Mortgage Trust, Inc., Class A(a)		41,140		1,292,619
BrightSpire Capital, Inc.		17,578		165,057
Broadmark Realty Capital, Inc.(a)		40,392		378,877
Chimera Investment Corp.(a)		51,238		742,951
Dynex Capital, Inc.(a)		13,838		222,515
Ellington Financial, Inc.(a)		16,082		285,777
Granite Point Mortgage Trust, Inc.		5,610		67,881
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		4,114		170,649
Invesco Mortgage Capital, Inc.(a)		85,459		229,030
KKR Real Estate Finance Trust, Inc.(a)		7,106		151,642
Ladder Capital Corp.(a)		7,293		86,714
MFA Financial, Inc.		76,670		354,982
New Residential Investment Corp.		108,086		1,151,116
New York Mortgage Trust, Inc.(a)		83,215		312,056
Orchid Island Capital, Inc.(a)		20,009		80,636
PennyMac Mortgage Investment Trust(a)		23,375		416,543
Ready Capital Corp.(a)		14,212		202,379
Redwood Trust, Inc.(a)		33,660		415,028
Starwood Property Trust, Inc.(a)		12,903		319,349
TPG RE Finance Trust, Inc.		11,594		146,316
Two Harbors Investment Corp.(a)		82,467		474,185
				9,311,413
Multiline Retail - 0.5%
Big Lots, Inc.(a)		8,789		368,347
Dillard’s, Inc., Class A		935		237,228
Dollar General Corp.		6,545		1,364,502
Dollar Tree, Inc.*		6,732		883,373
Franchise Group, Inc.		7,854		393,250
Kohl’s Corp.		6,545		390,802
Macy’s, Inc.		13,464		344,678
Nordstrom, Inc.*(a)		9,163		206,167
Ollie’s Bargain Outlet Holdings, Inc.*(a)		3,366		161,366
Target Corp.		16,269		3,586,176
				7,935,889
Multi-Utilities - 0.8%
Ameren Corp.		6,545		580,803
Avista Corp.(a)		14,960		665,122
Black Hills Corp.		16,456		1,114,729
CenterPoint Energy, Inc.		19,261		546,242
CMS Energy Corp.		8,228		529,719
Consolidated Edison, Inc.		10,846		937,637

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Dominion Energy, Inc.		27,302		2,202,179
DTE Energy Co.		6,732		810,735
MDU Resources Group, Inc.		46,189		1,356,571
NiSource, Inc.		15,895		463,816
NorthWestern Corp.(a)		12,155		706,449
Public Service Enterprise Group, Inc.		17,765		1,181,905
Sempra Energy(a)		9,724		1,343,468
Unitil Corp.(a)		2,618		122,889
WEC Energy Group, Inc.		8,602		834,738
				13,397,002
Oil, Gas & Consumable Fuels - 3.7%
Alto Ingredients, Inc.*(a)		20,757		107,521
Antero Midstream Corp.(a)		79,288		788,916
Antero Resources Corp.*(a)		69,751		1,362,237
APA Corp.		15,147		503,032
Arch Resources, Inc.(a)		4,675		442,442
Berry Corp.		13,277		115,377
Brigham Minerals, Inc., Class A		6,171		133,540
California Resources Corp.		2,057		87,669
Callon Petroleum Co.*(a)		10,846		536,226
Centennial Resource Development, Inc., Class A*(a)		12,529		97,852
Centrus Energy Corp., Class A*		2,057		89,377
Cheniere Energy, Inc.		8,415		941,639
Chesapeake Energy Corp.(a)		23,562		1,606,222
Chevron Corp.		63,393		8,325,403
Civitas Resources, Inc.(a)		15,708		856,090
Clean Energy Fuels Corp.*		17,765		107,834
CNX Resources Corp.*		53,108		787,592
Comstock Resources, Inc.*(a)		11,968		93,111
ConocoPhillips		42,823		3,794,974
CONSOL Energy, Inc.*		5,610		121,961
Continental Resources, Inc.(a)		3,740		194,256
Coterra Energy, Inc.		27,116		593,839
Crescent Energy, Inc., Class A(a)		561		7,445
CVR Energy, Inc.		12,342		241,039
Delek US Holdings, Inc.*(a)		15,335		237,994
Denbury, Inc.*(a)		1,309		98,358
Devon Energy Corp.		18,700		945,659
Diamondback Energy, Inc.		6,358		802,125
Dorian LPG Ltd.(a)		8,415		100,054
DT Midstream, Inc.(a)		22,066		1,140,812
Earthstone Energy, Inc., Class A*(a)		6,358		86,850
EOG Resources, Inc.		17,952		2,001,289
EQT Corp.*(a)		19,074		405,323
Equitrans Midstream Corp.		96,866		785,583
Exxon Mobil Corp.		136,136		10,340,891
Gevo, Inc.*(a)		374		1,279
Green Plains, Inc.*(a)		5,049		154,196
Gulfport Energy Corp.*(a)		2,244		146,870
Hess Corp.		8,415		776,620
HollyFrontier Corp.(a)		10,098		355,046
International Seaways, Inc.(a)		3,740		54,567
Kinder Morgan, Inc.		58,157		1,009,606
Kosmos Energy Ltd.*(a)		97,801		423,478
Laredo Petroleum, Inc.*(a)		2,057		138,148

Investments	Shares		Value ($)
Magnolia Oil & Gas Corp., Class A(a)		11,781		254,823
Marathon Oil Corp.		30,294		589,824
Marathon Petroleum Corp.(a)		17,578		1,261,222
Matador Resources Co.(a)		24,123		1,079,987
Murphy Oil Corp.(a)		31,603		998,655
New Fortress Energy, Inc.(a)		2,618		57,491
NextDecade Corp.*		3,366		7,439
Northern Oil and Gas, Inc.		12,903		303,479
Oasis Petroleum, Inc.(a)		3,740		506,508
Occidental Petroleum Corp.		20,383		767,828
ONEOK, Inc.		13,090		794,301
Ovintiv, Inc.(a)		11,033		428,080
Par Pacific Holdings, Inc.*		8,415		118,652
PBF Energy, Inc., Class A*(a)		22,066		349,525
PDC Energy, Inc.(a)		25,058		1,485,188
Peabody Energy Corp.*(a)		25,993		280,724
Phillips 66		10,285		872,065
Pioneer Natural Resources Co.		7,106		1,555,432
Range Resources Corp.*(a)		17,017		327,577
Ranger Oil Corp.*		5,423		168,167
Renewable Energy Group, Inc.*(a)		11,594		466,774
Ring Energy, Inc.*(a)		15,334		38,642
SilverBow Resources, Inc.*(a)		935		21,776
SM Energy Co.(a)		6,732		220,877
Southwestern Energy Co.*(a)		225,335		991,474
Targa Resources Corp.		7,667		452,966
Tellurian, Inc.*(a)		15,895		39,896
Texas Pacific Land Corp.(a)		187		201,025
Uranium Energy Corp.*(a)		3,553		9,273
Valero Energy Corp.		11,968		992,985
W&T Offshore, Inc.*		34,221		146,466
Whiting Petroleum Corp.*(a)		8,976		666,468
Williams Cos., Inc. (The)		42,636		1,276,522
World Fuel Services Corp.		748		21,101
				59,693,554
Paper & Forest Products - 0.2%
Clearwater Paper Corp.*(a)		2,431		76,868
Glatfelter Corp.(a)		7,106		123,360
Louisiana-Pacific Corp.		22,253		1,478,489
Mercer International, Inc.(a)		10,472		127,235
Neenah, Inc.		1,683		77,586
Resolute Forest Products, Inc.		6,919		94,237
Schweitzer-Mauduit International, Inc.(a)		4,675		141,512
Sylvamo Corp.*(a)		6,358		189,405
Verso Corp., Class A		8,228		221,169
				2,529,861
Personal Products - 0.3%
BellRing Brands, Inc., Class A*		3,553		86,551
Coty, Inc., Class A*(a)		22,066		187,120
Edgewell Personal Care Co.(a)		13,838		633,780
elf Beauty, Inc.*(a)		748		22,111
Estee Lauder Cos., Inc. (The), Class A		6,358		1,982,361
Herbalife Nutrition Ltd.*(a)		23,375		993,671
Honest Co., Inc. (The)*(a)		2,992		19,418
Inter Parfums, Inc.(a)		561		55,522

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Medifast, Inc.		561		111,476
Nu Skin Enterprises, Inc., Class A(a)		12,155		585,750
Thorne HealthTech, Inc.*(a)		2,992		16,097
USANA Health Sciences, Inc.*		187		17,874
Veru, Inc.*(a)		187		972
				4,712,703
Pharmaceuticals - 3.1%
9 Meters Biopharma, Inc.*		29,359		22,407
Aclaris Therapeutics, Inc.*		748		8,168
Aerie Pharmaceuticals, Inc.*		5,610		41,290
Amneal Pharmaceuticals, Inc.*(a)		3,366		14,911
Amphastar Pharmaceuticals, Inc.*(a)		1,122		25,907
Ampio Pharmaceuticals, Inc.*(a)		36,091		18,681
ANI Pharmaceuticals, Inc.*(a)		187		7,559
Antares Pharma, Inc.*(a)		17,017		57,347
Arvinas, Inc.*(a)		935		66,843
Axsome Therapeutics, Inc.*(a)		1,870		51,313
BioDelivery Sciences International, Inc.*(a)		935		3,422
Bristol-Myers Squibb Co.		70,686		4,586,815
Cara Therapeutics, Inc.*(a)		1,122		12,993
Cassava Sciences, Inc.*(a)		1,122		49,649
Catalent, Inc.*		3,927		408,133
Clearside Biomedical, Inc.*		3,740		7,293
Collegium Pharmaceutical, Inc.*(a)		3,740		66,759
Corcept Therapeutics, Inc.*(a)		5,049		94,770
DICE Therapeutics, Inc.*(a)		1,309		22,292
Elanco Animal Health, Inc.*		9,537		248,343
Eli Lilly & Co.		21,131		5,185,336
Endo International plc*(a)		58,157		185,521
Evolus, Inc.*(a)		2,057		15,263
Harmony Biosciences Holdings, Inc.*(a)		748		26,823
Innoviva, Inc.*(a)		10,472		167,866
Intra-Cellular Therapies, Inc.*(a)		3,179		150,971
Jazz Pharmaceuticals plc*(a)		1,870		259,762
Johnson & Johnson		86,020		14,820,386
KemPharm, Inc.*(a)		4,114		29,662
Marinus Pharmaceuticals, Inc.*(a)		3,179		32,426
Merck & Co., Inc.		80,971		6,597,517
Nektar Therapeutics*(a)		7,854		87,336
NGM Biopharmaceuticals, Inc.*		1,496		23,652
Ocular Therapeutix, Inc.*		5,610		31,753
Omeros Corp.*(a)		187		1,122
Oramed Pharmaceuticals, Inc.*(a)		1,122		10,053
Organon & Co.(a)		6,919		220,785
Pacira BioSciences, Inc.*(a)		3,740		234,760
Perrigo Co. plc(a)		32,912		1,252,960
Pfizer, Inc.		183,821		9,685,528
Phibro Animal Health Corp., Class A		2,057		39,700
Pliant Therapeutics, Inc.*		2,244		26,322
PLx Pharma, Inc.*(a)		5,610		37,026
Prestige Consumer Healthcare, Inc.*		13,090		738,930
Provention Bio, Inc.*(a)		374		2,005

Investments	Shares		Value ($)
Reata Pharmaceuticals, Inc., Class A*(a)		2,244		63,101
Relmada Therapeutics, Inc.*(a)		187		3,439
Revance Therapeutics, Inc.*(a)		3,179		42,376
Royalty Pharma plc, Class A(a)		9,350		374,093
Supernus Pharmaceuticals, Inc.*(a)		5,610		173,068
TherapeuticsMD, Inc.*(a)		99,858		30,307
Tilray Brands, Inc.*(a)		24,497		146,002
Viatris, Inc.		38,335		573,875
Zoetis, Inc.		12,716		2,540,530
Zogenix, Inc.*		4,675		121,597
				49,746,748
Professional Services - 0.8%
ASGN, Inc.*(a)		3,366		386,652
Barrett Business Services, Inc.(a)		935		59,840
Booz Allen Hamilton Holding Corp.		3,366		258,273
CACI International, Inc., Class A*		5,610		1,388,251
CBIZ, Inc.*		1,870		72,238
Clarivate plc*(a)		8,602		141,589
CoStar Group, Inc.*		9,350		655,996
Dun & Bradstreet Holdings, Inc.*(a)		9,350		187,561
Equifax, Inc.		3,179		762,197
Exponent, Inc.(a)		3,179		301,941
First Advantage Corp.*		748		12,656
Forrester Research, Inc.*		187		10,289
FTI Consulting, Inc.*(a)		1,122		163,599
Heidrick & Struggles International, Inc.(a)		2,805		122,775
Huron Consulting Group, Inc.*		561		24,751
ICF International, Inc.		561		52,953
IHS Markit Ltd.		10,472		1,223,025
Insperity, Inc.		1,122		120,649
Jacobs Engineering Group, Inc.(a)		4,114		535,560
KBR, Inc.(a)		8,789		381,443
Kelly Services, Inc., Class A(a)		8,228		140,534
Kforce, Inc.		374		25,682
Korn Ferry		3,740		248,261
Leidos Holdings, Inc.		3,927		351,270
ManpowerGroup, Inc.		12,155		1,274,695
ManTech International Corp., Class A(a)		1,496		108,071
Nielsen Holdings plc		12,903		243,351
Resources Connection, Inc.		5,984		104,301
Robert Half International, Inc.(a)		3,740		423,592
Science Applications International Corp.		14,025		1,150,471
Sterling Check Corp.*(a)		748		14,967
TransUnion		5,049		520,653
TriNet Group, Inc.*		1,309		111,527
TrueBlue, Inc.*		2,618		69,639
Upwork, Inc.*(a)		3,553		96,642
Verisk Analytics, Inc.		4,114		806,879
				12,552,773
Real Estate Management & Development - 0.3%
CBRE Group, Inc., Class A*		9,537		966,479
Cushman & Wakefield plc*		34,221		718,299

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
eXp World Holdings, Inc.(a)		2,805		76,128
Howard Hughes Corp. (The)*(a)		1,122		108,060
Jones Lang LaSalle, Inc.*(a)		2,057		515,875
Kennedy-Wilson Holdings, Inc.		2,618		58,800
Newmark Group, Inc., Class A		35,904		549,690
Opendoor Technologies, Inc.*(a)		4,114		40,852
RE/MAX Holdings, Inc., Class A(a)		5,797		172,519
Realogy Holdings Corp.*		30,668		506,022
Redfin Corp.*(a)		5,610		165,888
RMR Group, Inc. (The), Class A(a)		374		11,972
St Joe Co. (The)(a)		561		27,214
WeWork, Inc.*(a)		12,155		90,312
Zillow Group, Inc., Class A*(a)		561		27,971
Zillow Group, Inc., Class C*(a)		3,179		160,476
				4,196,557
Road & Rail - 0.9%
AMERCO		187		113,874
ArcBest Corp.(a)		2,057		181,921
Avis Budget Group, Inc.*(a)		1,683		296,511
Covenant Logistics Group, Inc., Class A*		935		20,308
CSX Corp.		57,035		1,951,738
Daseke, Inc.*		10,472		117,077
Heartland Express, Inc.		5,797		86,723
JB Hunt Transport Services, Inc.(a)		2,244		432,060
Knight-Swift Transportation Holdings, Inc.(a)		4,862		275,092
Landstar System, Inc.		1,496		239,360
Lyft, Inc., Class A*(a)		8,228		316,942
Marten Transport Ltd.		2,805		46,815
Norfolk Southern Corp.		6,732		1,831,037
Old Dominion Freight Line, Inc.		2,618		790,453
Ryder System, Inc.		11,781		862,251
Saia, Inc.*(a)		935		265,802
Schneider National, Inc., Class B		5,236		134,042
Uber Technologies, Inc.*		42,636		1,594,586
Union Pacific Corp.		17,204		4,207,238
Werner Enterprises, Inc.		16,269		725,435
XPO Logistics, Inc.*		2,805		185,607
				14,674,872
Semiconductors & Semiconductor Equipment - 4.6%
ACM Research, Inc., Class A*(a)		374		29,789
Advanced Micro Devices, Inc.*		32,351		3,696,102
Allegro MicroSystems, Inc.*(a)		374		10,614
Alpha & Omega Semiconductor Ltd.*(a)		5,797		261,039
Ambarella, Inc.*		1,683		235,872
Amkor Technology, Inc.(a)		20,570		452,951
Analog Devices, Inc.		14,586		2,391,666
Applied Materials, Inc.		24,310		3,359,156
Axcelis Technologies, Inc.*(a)		1,122		70,248
AXT, Inc.*(a)		7,480		56,025
Azenta, Inc.(a)		2,618		220,802
Broadcom, Inc.		13,464		7,888,288
Cirrus Logic, Inc.*		2,992		267,605
CMC Materials, Inc.		1,122		202,947
Cohu, Inc.*(a)		1,309		43,171

Investments	Shares		Value ($)
Diodes, Inc.*		1,496		138,814
Enphase Energy, Inc.*		3,179		446,554
Entegris, Inc.		3,553		425,792
First Solar, Inc.*		2,057		161,228
FormFactor, Inc.*(a)		2,431		103,901
Ichor Holdings Ltd.*(a)		2,431		103,123
Impinj, Inc.*(a)		1,496		118,767
Intel Corp.		130,526		6,372,279
KLA Corp.		3,927		1,528,663
Kulicke & Soffa Industries, Inc.(a)		13,464		736,346
Lam Research Corp.		3,553		2,095,986
Lattice Semiconductor Corp.*		4,675		258,154
MACOM Technology Solutions Holdings, Inc.*(a)		1,496		91,570
Magnachip Semiconductor Corp.*		5,423		96,475
Marvell Technology, Inc.		22,627		1,615,568
MaxLinear, Inc.*		3,553		213,251
Microchip Technology, Inc.		15,521		1,202,567
Micron Technology, Inc.		35,904		2,953,822
MKS Instruments, Inc.(a)		2,057		319,514
Monolithic Power Systems, Inc.		1,122		452,088
NeoPhotonics Corp.*		7,106		109,148
NVIDIA Corp.		66,011		16,163,454
NXP Semiconductors NV		7,293		1,498,274
ON Semiconductor Corp.*		12,529		739,211
Onto Innovation, Inc.*		3,366		308,124
PDF Solutions, Inc.*		374		11,119
Photronics, Inc.*		16,269		290,890
Power Integrations, Inc.		3,179		256,577
Qorvo, Inc.*		2,992		410,742
QUALCOMM, Inc.		35,904		6,310,487
Rambus, Inc.*(a)		3,740		94,435
Semtech Corp.*		3,553		252,618
Silicon Laboratories, Inc.*(a)		2,431		401,577
SiTime Corp.*(a)		561		130,764
Skyworks Solutions, Inc.		4,114		602,783
SMART Global Holdings, Inc.*(a)		4,675		268,158
SolarEdge Technologies, Inc.*(a)		1,496		356,377
SunPower Corp.*(a)		6,545		109,825
Synaptics, Inc.*		1,683		354,019
Teradyne, Inc.(a)		4,675		548,985
Texas Instruments, Inc.		24,684		4,430,531
Ultra Clean Holdings, Inc.*(a)		11,220		565,712
Universal Display Corp.		935		143,532
Veeco Instruments, Inc.*(a)		1,496		41,125
Wolfspeed, Inc.*(a)		3,740		352,458
Xilinx, Inc.		6,545		1,266,785
				74,638,447
Software - 7.4%
8x8, Inc.*(a)		2,805		43,057
ACI Worldwide, Inc.*		5,423		186,389
Adobe, Inc.*		12,716		6,794,159
Agilysys, Inc.*(a)		374		14,234
Alarm.com Holdings, Inc.*(a)		1,309		97,612
Altair Engineering, Inc., Class A*(a)		1,309		82,362
Alteryx, Inc., Class A*(a)		3,740		213,442

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
American Software, Inc., Class A(a)		1,309		30,094
Amplitude, Inc., Class A*(a)		1,683		66,159
Anaplan, Inc.*(a)		2,057		99,312
ANSYS, Inc.*		2,244		762,982
Appfolio, Inc., Class A*(a)		187		21,554
Appian Corp.*		2,244		126,494
AppLovin Corp., Class A*(a)		374		24,093
Asana, Inc., Class A*(a)		935		49,069
Aspen Technology, Inc.*(a)		1,683		252,719
Autodesk, Inc.*(a)		5,423		1,354,611
Avalara, Inc.*(a)		2,805		307,484
Avaya Holdings Corp.*(a)		19,261		350,935
AvidXchange Holdings, Inc.*(a)		3,366		34,872
Benefitfocus, Inc.*(a)		374		4,166
Bentley Systems, Inc., Class B(a)		4,301		172,771
Bill.com Holdings, Inc.*(a)		2,244		422,343
Black Knight, Inc.*		5,049		376,655
Blackbaud, Inc.*(a)		1,496		101,937
Blackline, Inc.*(a)		1,870		171,797
Bottomline Technologies DE, Inc.*(a)		1,309		73,815
Box, Inc., Class A*(a)		5,423		141,703
BTRS Holdings, Inc., Class A*		10,098		64,627
C3.ai, Inc., Class A*(a)		1,122		29,553
Cadence Design Systems, Inc.*		7,293		1,109,557
CDK Global, Inc.(a)		3,927		168,743
Cerence, Inc.*(a)		1,122		71,236
Ceridian HCM Holding, Inc.*(a)		2,805		212,675
ChannelAdvisor Corp.*		3,740		79,064
Citrix Systems, Inc.		2,618		266,879
Cleanspark, Inc.*(a)		2,244		15,080
Clear Secure, Inc., Class A*(a)		1,496		36,936
Clearwater Analytics Holdings, Inc., Class A*(a)		1,683		28,695
CommVault Systems, Inc.*		1,309		88,305
Confluent, Inc., Class A*(a)		2,992		195,647
Consensus Cloud Solutions, Inc.*(a)		3,740		212,058
Coupa Software, Inc.*(a)		2,244		301,302
Crowdstrike Holdings, Inc., Class A*		5,049		912,051
CS Disco, Inc.*(a)		935		32,089
Datadog, Inc., Class A*(a)		7,293		1,065,580
Digimarc Corp.*(a)		748		23,712
Digital Turbine, Inc.*(a)		748		33,024
DocuSign, Inc.*		5,236		658,532
Dolby Laboratories, Inc., Class A		2,431		213,563
DoubleVerify Holdings, Inc.*(a)		748		20,690
Dropbox, Inc., Class A*		10,846		268,439
Duck Creek Technologies, Inc.*(a)		748		19,111
Dynatrace, Inc.*(a)		6,358		348,800
Ebix, Inc.(a)		3,927		119,342
Elastic NV*		1,122		104,627
Enfusion, Inc., Class A*(a)		748		10,330
Envestnet, Inc.*(a)		3,740		276,536
Everbridge, Inc.*(a)		2,431		124,273
Fair Isaac Corp.*(a)		748		370,253
Five9, Inc.*(a)		1,870		235,059

Investments	Shares		Value ($)
ForgeRock, Inc., Class A*(a)		1,309		18,640
Fortinet, Inc.*		3,553		1,056,094
Freshworks, Inc., Class A*(a)		2,805		61,009
Guidewire Software, Inc.*		2,992		301,713
HubSpot, Inc.*		1,122		548,434
Intapp, Inc.*(a)		748		15,050
InterDigital, Inc.(a)		935		64,543
Intuit, Inc.		7,293		4,049,292
Jamf Holding Corp.*(a)		374		12,364
JFrog Ltd.*(a)		4,114		109,926
Kaleyra, Inc.*(a)		2,244		19,949
Kaltura, Inc.*(a)		7,106		25,511
LivePerson, Inc.*(a)		4,675		139,642
Mandiant Corp.*(a)		11,220		169,310
Manhattan Associates, Inc.*		2,244		300,404
Marathon Digital Holdings, Inc.*(a)		7,106		167,275
McAfee Corp., Class A		561		14,390
MeridianLink, Inc.*		748		14,504
Microsoft Corp.		197,846		61,526,149
MicroStrategy, Inc., Class A*(a)		374		137,636
Mimecast Ltd.*(a)		2,992		238,492
Mitek Systems, Inc.*(a)		935		15,306
Model N, Inc.*(a)		748		20,690
Momentive Global, Inc.*		10,659		182,589
N-able, Inc.*(a)		2,992		33,391
nCino, Inc.*(a)		3,927		179,974
NCR Corp.*(a)		29,920		1,138,755
New Relic, Inc.*(a)		3,553		373,562
NortonLifeLock, Inc.		13,651		355,063
Nuance Communications, Inc.*		8,976		495,924
Nutanix, Inc., Class A*(a)		8,041		219,841
Olo, Inc., Class A*(a)		3,740		65,637
OneSpan, Inc.*(a)		1,496		24,026
Oracle Corp.		43,197		3,505,869
PagerDuty, Inc.*(a)		4,488		148,194
Palantir Technologies, Inc., Class A*(a)		37,774		517,882
Palo Alto Networks, Inc.*(a)		2,805		1,451,307
Paycom Software, Inc.*		1,309		438,908
Paycor HCM, Inc.*		1,122		29,105
Paylocity Holding Corp.*(a)		1,122		228,866
Pegasystems, Inc.(a)		935		92,771
PROS Holdings, Inc.*(a)		2,244		62,181
PTC, Inc.*		2,431		282,628
Q2 Holdings, Inc.*(a)		3,179		207,430
Qualtrics International, Inc., Class A*		2,057		60,208
Qualys, Inc.*		1,496		191,697
Rapid7, Inc.*(a)		3,553		342,260
RingCentral, Inc., Class A*		2,431		429,047
Riot Blockchain, Inc.*(a)		3,927		62,596
Sailpoint Technologies Holdings, Inc.*(a)		4,675		180,876
salesforce.com, Inc.*		25,993		6,046,751
ServiceNow, Inc.*		5,423		3,176,685
Smartsheet, Inc., Class A*		4,488		279,243
Smith Micro Software, Inc.*(a)		16,456		68,786
Splunk, Inc.*(a)		3,740		463,461
Sprinklr, Inc., Class A*(a)		1,683		18,934

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Sprout Social, Inc., Class A*(a)		2,431		167,374
SPS Commerce, Inc.*(a)		2,244		277,919
SS&C Technologies Holdings, Inc.		5,797		463,006
Stronghold Digital Mining, Inc., Class A*(a)		1,870		16,699
Sumo Logic, Inc.*(a)		5,423		64,588
Synopsys, Inc.*		3,927		1,219,333
Tenable Holdings, Inc.*		5,423		278,742
Teradata Corp.*(a)		3,553		143,328
Trade Desk, Inc. (The), Class A*		11,407		793,243
Tyler Technologies, Inc.*		1,309		620,204
UiPath, Inc., Class A*		7,293		266,413
Unity Software, Inc.*		4,114		432,587
Upland Software, Inc.*(a)		5,236		102,626
Varonis Systems, Inc.*(a)		3,740		139,352
Verint Systems, Inc.*		2,057		105,586
Veritone, Inc.*(a)		2,057		32,439
Vertex, Inc., Class A*(a)		2,992		43,414
VMware, Inc., Class A		5,610		720,773
Vonage Holdings Corp.*(a)		9,163		190,957
Workday, Inc., Class A*		5,049		1,277,447
Workiva, Inc.*(a)		1,683		199,065
Xperi Holding Corp.(a)		25,806		435,347
Zendesk, Inc.*(a)		2,805		276,321
Zoom Video Communications, Inc., Class A*		5,797		894,361
Zscaler, Inc.*(a)		1,870		480,796
Zuora, Inc., Class A*(a)		9,911		164,820
				120,280,698
Specialty Retail - 2.8%
Aaron’s Co., Inc. (The)		4,301		91,052
Abercrombie & Fitch Co., Class A*(a)		12,716		495,924
Academy Sports & Outdoors, Inc.*		19,074		741,979
Advance Auto Parts, Inc.(a)		1,870		432,924
American Eagle Outfitters, Inc.(a)		34,408		785,535
America’s Car-Mart, Inc.*(a)		1,496		142,000
Arko Corp.*(a)		2,805		23,057
Asbury Automotive Group, Inc.*(a)		5,236		842,839
AutoNation, Inc.*		2,057		224,213
AutoZone, Inc.*		748		1,485,790
Bath & Body Works, Inc.		8,041		450,859
Bed Bath & Beyond, Inc.*		19,635		318,872
Best Buy Co., Inc.(a)		7,480		742,614
Big 5 Sporting Goods Corp.(a)		4,488		88,369
Boot Barn Holdings, Inc.*		1,496		137,587
Buckle, Inc. (The)(a)		7,106		267,470
Burlington Stores, Inc.*(a)		1,683		398,753
Caleres, Inc.		7,854		188,339
Camping World Holdings, Inc., Class A(a)		9,911		329,045
CarMax, Inc.*(a)		4,862		540,509
Carvana Co.*(a)		1,870		303,052
Cato Corp. (The), Class A		1,683		27,803
Chico’s FAS, Inc.*(a)		374		1,762
Children’s Place, Inc. (The)*(a)		1,683		119,072
Citi Trends, Inc.*(a)		935		45,553
Conn’s, Inc.*(a)		3,553		86,231

Investments	Shares		Value ($)
Container Store Group, Inc. (The)*(a)		8,041		82,018
Designer Brands, Inc., Class A*(a)		4,862		64,033
Dick’s Sporting Goods, Inc.(a)		16,082		1,855,863
EVgo, Inc.*(a)		3,927		32,398
Five Below, Inc.*		1,122		184,008
Floor & Decor Holdings, Inc., Class A*(a)		2,244		243,968
Foot Locker, Inc.		23,562		1,052,750
GameStop Corp., Class A*(a)		2,057		224,069
Gap, Inc. (The)		9,163		165,575
Genesco, Inc.*(a)		2,244		144,356
Group 1 Automotive, Inc.(a)		4,301		730,353
GrowGeneration Corp.*(a)		4,488		37,879
Guess?, Inc.(a)		7,293		167,885
Haverty Furniture Cos., Inc.		2,057		60,723
Hibbett, Inc.		2,431		149,871
Home Depot, Inc. (The)		28,050		10,293,789
JOANN, Inc.(a)		1,496		15,992
Leslie’s, Inc.*(a)		2,618		54,533
Lithia Motors, Inc., Class A(a)		1,309		382,398
LL Flooring Holdings, Inc.*(a)		6,545		94,510
Lowe’s Cos., Inc.		22,814		5,414,903
MarineMax, Inc.*(a)		6,171		290,407
Monro, Inc.(a)		2,805		139,493
Murphy USA, Inc.		5,610		1,103,263
National Vision Holdings, Inc.*(a)		3,366		137,602
ODP Corp. (The)*(a)		13,277		587,242
OneWater Marine, Inc., Class A(a)		748		38,679
O’Reilly Automotive, Inc.*		1,870		1,218,772
Party City Holdco, Inc.*(a)		187		884
Penske Automotive Group, Inc.(a)		1,870		190,048
Petco Health & Wellness Co., Inc.*(a)		3,553		66,619
Rent-A-Center, Inc.(a)		13,464		567,508
RH*(a)		561		225,982
Ross Stores, Inc.		8,789		859,125
Sally Beauty Holdings, Inc.*(a)		23,562		404,560
Shift Technologies, Inc.*(a)		27,863		63,806
Shoe Carnival, Inc.		2,992		102,207
Signet Jewelers Ltd.		11,781		1,014,697
Sleep Number Corp.*(a)		5,049		361,003
Sonic Automotive, Inc., Class A(a)		6,545		333,860
Sportsman’s Warehouse Holdings, Inc.*		11,407		125,021
Tilly’s, Inc., Class A		1,309		17,253
TJX Cos., Inc. (The)		32,538		2,341,760
Tractor Supply Co.		2,992		653,183
TravelCenters of America, Inc.*(a)		2,244		102,281
Ulta Beauty, Inc.*		1,309		476,136
Urban Outfitters, Inc.*(a)		14,960		429,651
Victoria’s Secret & Co.*(a)		16,082		897,858
Vroom, Inc.*(a)		34,034		272,953
Warby Parker, Inc., Class A*(a)		1,683		62,557
Williams-Sonoma, Inc.(a)		2,431		390,273
Zumiez, Inc.*(a)		5,984		268,981
				44,506,741

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Technology Hardware, Storage & Peripherals - 4.9%
3D Systems Corp.*(a)		5,610		100,419
Apple, Inc.		410,465		71,741,073
Corsair Gaming, Inc.*(a)		8,228		160,775
Dell Technologies, Inc., Class C*		8,976		509,927
Diebold Nixdorf, Inc.*(a)		20,757		193,870
Eastman Kodak Co.*(a)		20,383		80,105
Hewlett Packard Enterprise Co.		44,693		729,837
HP, Inc.(a)		39,831		1,462,993
NetApp, Inc.		6,732		582,385
Pure Storage, Inc., Class A*(a)		14,773		391,337
Seagate Technology Holdings plc		7,480		801,482
Super Micro Computer, Inc.*		11,220		454,634
Western Digital Corp.*(a)		10,472		541,821
Xerox Holdings Corp.		37,026		781,619
				78,532,277
Textiles, Apparel & Luxury Goods - 0.7%
Capri Holdings Ltd.*(a)		4,675		280,827
Carter’s, Inc.		1,496		139,307
Columbia Sportswear Co.		935		86,833
Crocs, Inc.*		2,057		211,089
Deckers Outdoor Corp.*		935		299,415
Fossil Group, Inc.*(a)		12,716		141,020
G-III Apparel Group Ltd.*		10,285		279,443
Hanesbrands, Inc.		80,223		1,291,590
Kontoor Brands, Inc.(a)		10,285		506,948
Levi Strauss & Co., Class A		1,496		32,807
Lululemon Athletica, Inc.*(a)		2,992		998,610
Movado Group, Inc.(a)		1,870		69,321
NIKE, Inc., Class B		34,034		5,039,414
Oxford Industries, Inc.(a)		1,122		92,442
PVH Corp.		3,179		302,037
Ralph Lauren Corp.(a)		1,683		186,544
Rocky Brands, Inc.(a)		1,870		79,999
Skechers USA, Inc., Class A*		5,049		212,058
Steven Madden Ltd.		5,236		215,409
Tapestry, Inc.		10,846		411,606
Under Armour, Inc., Class A*		5,423		102,115
Under Armour, Inc., Class C*		10,098		161,467
Vera Bradley, Inc.*		8,041		65,856
VF Corp.(a)		8,041		524,354
Wolverine World Wide, Inc.(a)		5,797		153,563
				11,884,074
Thrifts & Mortgage Finance - 0.7%
Axos Financial, Inc.*		12,342		635,613
Essent Group Ltd.		24,497		1,118,043
Federal Agricultural Mortgage Corp., Class C(a)		2,431		296,096
Flagstar Bancorp, Inc.(a)		11,033		499,243
Merchants Bancorp		3,085		89,928
MGIC Investment Corp.		82,841		1,257,526
Mr Cooper Group, Inc.*		18,326		735,789
New York Community Bancorp, Inc.(a)		104,346		1,216,674
NMI Holdings, Inc., Class A*		20,570		508,902
Northfield Bancorp, Inc.		14,586		229,875
Northwest Bancshares, Inc.(a)		24,123		340,376

Investments	Shares		Value ($)
PennyMac Financial Services, Inc.(a)		8,789		551,070
Premier Financial Corp.		11,033		329,335
Provident Financial Services, Inc.		14,960		361,583
Radian Group, Inc.		43,945		983,929
Rocket Cos., Inc., Class A(a)		30,107		380,552
TFS Financial Corp.(a)		1,683		29,251
TrustCo Bank Corp.		3,553		120,447
Walker & Dunlop, Inc.		2,057		272,367
Washington Federal, Inc.		18,139		635,228
WSFS Financial Corp.		15,333		803,143
				11,394,970
Tobacco - 0.5%
22nd Century Group, Inc.*(a)		11,220		24,347
Altria Group, Inc.		57,783		2,939,999
Philip Morris International, Inc.		49,742		5,115,965
Turning Point Brands, Inc.(a)		1,496		52,704
Universal Corp.(a)		7,480		407,136
Vector Group Ltd.(a)		29,359		326,179
				8,866,330
Trading Companies & Distributors - 0.7%
Air Lease Corp.		25,432		1,012,448
Applied Industrial Technologies, Inc.(a)		2,618		256,512
Beacon Roofing Supply, Inc.*(a)		13,464		738,770
BlueLinx Holdings, Inc.*(a)		2,057		147,363
Boise Cascade Co.		8,976		630,295
Custom Truck One Source, Inc.*(a)		12,155		99,914
Fastenal Co.		15,147		858,532
GATX Corp.(a)		2,618		273,450
Global Industrial Co.(a)		374		13,075
GMS, Inc.*		11,407		583,810
H&E Equipment Services, Inc.(a)		3,553		147,911
Herc Holdings, Inc.(a)		1,683		270,037
McGrath RentCorp(a)		2,244		171,015
MRC Global, Inc.*		6,732		49,884
MSC Industrial Direct Co., Inc., Class A(a)		3,366		274,800
NOW, Inc.*		23,001		204,479
Rush Enterprises, Inc., Class A(a)		8,789		464,235
SiteOne Landscape Supply, Inc.*(a)		1,496		269,460
Titan Machinery, Inc.*		2,244		69,115
Triton International Ltd.(a)		16,643		1,005,570
United Rentals, Inc.*(a)		2,431		778,212
Univar Solutions, Inc.*		37,774		1,001,011
Veritiv Corp.*		1,496		139,248
Watsco, Inc.		748		211,355
WESCO International, Inc.*(a)		10,659		1,299,226
WW Grainger, Inc.		1,122		555,513
				11,525,240
Water Utilities - 0.1%
American States Water Co.(a)		2,618		241,458
American Water Works Co., Inc.		4,675		751,740
California Water Service Group(a)		1,496		92,887
Essential Utilities, Inc.		7,667		373,689
Middlesex Water Co.(a)		561		56,796
SJW Group(a)		2,618		180,275
				1,696,845

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Wireless Telecommunication Services - 0.1%
Gogo, Inc.*(a)		9,724		121,064
Shenandoah Telecommunications Co.		2,244		51,096
Telephone and Data Systems, Inc.(a)		22,440		444,312
T-Mobile US, Inc.*		14,773		1,597,995
United States Cellular Corp.*		2,057		62,985
				2,277,452
TOTAL COMMON STOCKS (COST $930,233,622)				1,603,681,280
Investments	Number of Warrants		Value ($)
WARRANTS - 0.0%(c)
Oil, Gas & Consumable Fuels - 0.0%(c)
Occidental Petroleum Corp., expiring 8/3/2027, price 22.00* (Cost $21,117)		4,266		78,580
Investments	Number of Rights		Value ($)
RIGHTS - 0.0%(c)
Biotechnology - 0.0%(c)
Achillion Pharmaceuticals, Inc., CVR*‡(d)		44,344		25,719
Media - 0.0%
Media General, Inc., CVR*‡(d)		22,261		—
TOTAL RIGHTS (Cost $–)				25,719
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(e) - 9.9%
CERTIFICATES OF DEPOSIT - 1.8%
Bank of Montreal, Chicago (SOFR + 0.14%), 0.19%, 7/18/2022(f)		4,000,000		4,000,000
Credit Agricole CIB, New York 0.18%, 3/21/2022		3,000,000		3,000,000
Mizuho Bank Ltd., New York 0.25%, 5/5/2022		7,000,000		6,998,628
National Australia Bank, London 0.30%, 2/24/2022		2,500,000		2,499,777
0.35%, 4/6/2022		1,000,000		999,809
Oversea-Chinese Banking Corp. Ltd., New York 0.14%, 2/24/2022		4,000,000		4,000,000

Investments	Principal Amount ($)		Value ($)
Societe Generale, New York 0.25%, 2/8/2022		4,000,000		3,999,969
The Sumitomo Bank Ltd., New York 0.15%, 3/9/2022		4,000,000		4,000,000
TOTAL CERTIFICATES OF DEPOSIT (Cost $29,499,390)				29,498,183
REPURCHASE AGREEMENTS - 8.1%
BofA Securities, Inc., 0.52%, dated 1/31/2022, due 5/3/2022, repurchase price $6,007,973, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 4.38%, maturing 4/30/2023 - 2/15/2038; Common Stocks; total market value $6,424,202		6,000,000		6,000,000
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $50,781,004, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.00%, maturing 2/15/2026 - 5/15/2040; total market value $51,514,638		50,780,934		50,780,934
Deutsche Bank AG, London Branch, 0.15%, dated 1/31/2022, due 2/1/2022, repurchase price $11,900,050, collateralized by various U.S. Treasury Securities, ranging from 2.00% - 2.25%, maturing 11/15/2041 - 8/15/2051; Foreign Government Fixed Income Securities, ranging from 0.41% - 2.63%, maturing 5/20/2022 - 11/3/2031; total market value $12,093,722		11,900,000		11,900,000
Societe Generale, New York Branch, 0.05%, dated 1/31/2022, due 2/7/2022, repurchase price $62,000,603, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 2/1/2022 - 8/15/2046; total market value $62,702,219		62,000,000		62,000,000
TOTAL REPURCHASE AGREEMENTS (Cost $130,680,934)				130,680,934
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $160,180,324)				160,179,117
Total Investments - 109.3% (Cost $1,090,435,063)				1,763,964,696
Liabilities in excess of other assets - (9.3%)				(149,967,505	)
Net Assets - 100.0%				1,613,997,191

* Non-income producing security.

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

See Accompanying Notes to the Schedules of Investments.

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

(a) The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $216,590,856, collateralized in the form of cash with a value of $160,188,115 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $50,259,921 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from February 15, 2022 – November 15, 2051 and $6,281,720 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 7.50%, and maturity dates ranging from April 20, 2022 – September 20, 2117; a total value of $216,729,756.

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

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

(d) Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $25,719, which represents approximately 0.00% of net assets of the Fund.

(e) The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $160,179,117.

(f) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of January 31, 2022.

Percentages shown are based on Net Assets.

Abbreviations
CVR	Contingent Value Rights
SOFR	Secured Overnight Financing Rate

Investment in a company which was affiliated for the period ended January 31, 2022, was as follows:

Security	Value October 31, 2021		Purchases at Cost		Sales Proceeds		Shares January 31, 2022		Value January 31, 2022		Change in Unrealized Appreciation (Depreciation)			Dividend Income		Realized Gain
Northern Trust Corp.	$	902,375	$	17,860	$	154,600		6,171	$	719,785	$	(79,645	)	$	5,081	$	33,795

Futures Contracts

FlexShares^® Morningstar US Market Factor Tilt Index Fund had the following open futures contracts as of January 31, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation
Long Contracts
Russell 2000 Emini Index		16		03/18/2022		USD	$	1,619,520	$	(140,705	)
S&P 500 E-Mini Index		25		03/18/2022		USD		5,630,313		(211,564	)
S&P Midcap 400 E-Mini Index		7		03/18/2022		USD		1,840,790		(101,854	)
									$	(454,123	)

See Accompanying Notes to the Schedules of Investments.

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

Abbreviations:
USD	— US Dollar

Security Type	% of Net Assets
Common Stocks		99.4	%
Warrants		0.0	†
Rights		0.0	†
Securities Lending Reinvestments		9.9
Others(1)		(9.3	)
		100.0	%

^†  Amount represents less than 0.05%.

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

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

January 31, 2022 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 98.6%
Aerospace & Defense - 1.0%
Airbus SE*		10,395		1,306,511
Austal Ltd.(a)		136,530		193,346
Babcock International Group plc*		196,605		796,337
BAE Systems plc		78,795		610,189
Bombardier, Inc., Class B*		34,672		46,073
CAE, Inc.*(a)		4,836		122,060
Chemring Group plc		8,536		31,093
Dassault Aviation SA		550		64,553
Elbit Systems Ltd.		412		68,184
Hensoldt AG		14,490		195,894
INVISIO AB		2,552		32,617
Kongsberg Gruppen ASA		1,540		46,359
Leonardo SpA*		12,056		86,251
LISI		880		27,572
Meggitt plc*		16,470		164,623
Montana Aerospace AG*(b)		1,496		55,434
MTU Aero Engines AG		810		169,843
QinetiQ Group plc		233,865		840,263
Rolls-Royce Holdings plc*		150,705		231,511
Saab AB, Class B		2,493		58,652
Safran SA		5,940		709,955
Senior plc*		31,416		56,143
Singapore Technologies Engineering Ltd.		17,900		49,378
Thales SA		1,755		160,221
Ultra Electronics Holdings plc		1,232		47,935
				6,170,997
Air Freight & Logistics - 0.8%
bpost SA*		34,155		249,636
Cargojet, Inc.		352		49,858
Cia de Distribucion Integral Logista Holdings SA		24,120		485,341
Deutsche Post AG (Registered)		17,055		1,013,098
DSV A/S		3,510		707,309
Freightways Ltd.		6,248		49,569
ID Logistics Group*		81		29,192
InPost SA*(a)		6,512		52,443
Kerry Logistics Network Ltd.(a)		18,500		46,217
Kintetsu World Express, Inc.		1,900		46,847
Konoike Transport Co. Ltd.		15,500		157,926
Mainfreight Ltd.(a)		1,892		103,755
Oesterreichische Post AG(a)		11,970		499,834
PostNL NV		186,660		794,088
Royal Mail plc		14,455		85,409
SG Holdings Co. Ltd.		9,200		193,861
Singapore Post Ltd.		101,200		47,526
Yamato Holdings Co. Ltd.		6,200		131,076
				4,742,985
Airlines - 0.2%
Air Canada*(a)		5,192		93,324
Air France-KLM*(a)		20,064		89,405

Investments	Shares		Value ($)
Air New Zealand Ltd.*(a)		11,968		11,318
ANA Holdings, Inc.*(a)		2,400		50,041
Deutsche Lufthansa AG (Registered)*		11,748		89,645
easyJet plc*		14,080		116,856
Exchange Income Corp.		14,040		468,074
Finnair OYJ*(a)		82,324		60,354
Japan Airlines Co. Ltd.*		2,800		52,197
JET2 plc*		2,813		49,742
Qantas Airways Ltd.*		22,968		77,350
Singapore Airlines Ltd.*		16,799		62,120
Wizz Air Holdings plc*(b)		728		39,411
				1,259,837
Auto Components - 1.4%
Aisin Corp.		4,700		169,278
ARB Corp. Ltd.		997		32,418
Brembo SpA		3,647		48,037
Bridgestone Corp.		15,000		652,593
Burelle SA		132		93,222
CIE Automotive SA		1,716		49,514
Cie Generale des Etablissements Michelin SCA		4,410		730,171
Cie Plastic Omnium SA		720		16,546
Continental AG*		2,835		269,942
Denso Corp.		8,700		641,335
Dometic Group AB(c)		5,962		65,343
ElringKlinger AG*		12,150		141,922
Exedy Corp.		13,500		196,715
Faurecia SE(d)		4,057		175,782
FCC Co. Ltd.		13,500		172,111
Gestamp Automocion SA(b)		67,005		298,948
G-Tekt Corp.		10,700		127,406
GUD Holdings Ltd.(a)		6,543		56,840
Hella GmbH & Co. KGaA		660		45,990
HI-LEX Corp.		8,800		105,470
Johnson Electric Holdings Ltd.(a)		158,778		269,600
JTEKT Corp.		6,700		57,624
Koito Manufacturing Co. Ltd.		2,500		123,888
KYB Corp.		9,000		231,590
Linamar Corp.		1,584		87,744
Magna International, Inc.		6,975		561,653
Musashi Seimitsu Industry Co. Ltd.(a)		18,000		267,598
NGK Spark Plug Co. Ltd.		2,700		45,529
NHK Spring Co. Ltd.(a)		2,900		22,526
Nifco, Inc.		2,400		69,152
Nippon Seiki Co. Ltd.		22,100		196,018
NOK Corp.		200		2,119
Nokian Renkaat OYJ		2,552		85,223
Pacific Industrial Co. Ltd.		25,400		239,396
Piolax, Inc.		13,500		203,745
Pirelli & C SpA(b)		9,548		66,703
Schaeffler AG (Preference)		60,750		445,038
Shoei Co. Ltd.		2,200		83,723
Stanley Electric Co. Ltd.		3,800		87,856
Sumitomo Electric Industries Ltd.		18,000		236,277

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Sumitomo Riko Co. Ltd.		12,400		62,955
Sumitomo Rubber Industries Ltd.		4,900		50,520
TI Fluid Systems plc(b)		7,392		23,505
Tokai Rika Co. Ltd.		20,400		263,620
Topre Corp.		18,000		186,366
Toyo Tire Corp.		4,600		64,274
Toyoda Gosei Co. Ltd.		2,000		41,623
Toyota Boshoku Corp.		2,700		47,380
TS Tech Co. Ltd.		4,800		62,487
Valeo		6,030		166,422
Vitesco Technologies Group AG*		8,865		433,282
Yokohama Rubber Co. Ltd. (The)		3,600		51,926
				8,926,945
Automobiles - 2.3%
Aston Martin Lagonda Global Holdings plc*(a)(b)		578		9,217
Bayerische Motoren Werke AG		7,515		783,040
Bayerische Motoren Werke AG (Preference)		1,012		86,332
Daimler AG		19,800		1,552,152
Ferrari NV		2,070		470,823
Honda Motor Co. Ltd.		40,500		1,178,885
Isuzu Motors Ltd.		12,200		147,596
Mazda Motor Corp.*		17,300		132,725
Mitsubishi Motors Corp.*		900		2,539
Nissan Motor Co. Ltd.*		58,900		310,487
PIERER Mobility AG		440		43,478
Porsche Automobil Holding SE (Preference)		3,330		307,593
Renault SA*		5,850		228,967
Stellantis NV		53,304		1,013,968
Subaru Corp.		13,900		252,064
Suzuki Motor Corp.		12,300		519,221
Toyota Motor Corp.		306,000		5,963,315
Trigano SA		352		66,094
Volkswagen AG (Preference)		4,410		906,263
Volvo Car AB, Class B*(a)		67,230		505,768
Yamaha Motor Co. Ltd.		6,900		162,462
				14,642,989
Banks - 10.2%
77 Bank Ltd. (The)		31,500		413,074
ABN AMRO Bank NV, CVA(b)		9,225		147,135
AIB Group plc*		18,788		49,368
Aktia Bank OYJ		5,368		69,442
AMCO - Asset Management Co. SpA*(d)		239		1,049
Aozora Bank Ltd.		2,900		64,783
Australia & New Zealand Banking Group Ltd.		67,500		1,261,691
Awa Bank Ltd. (The)		18,000		352,111
Banca Monte dei Paschi di Siena SpA*(a)		139,588		142,771
Banca Popolare di Sondrio SCPA		35,370		147,180
Banco Bilbao Vizcaya Argentaria SA		158,175		998,988
Banco BPM SpA		32,208		99,036
Banco Comercial Portugues SA, Class R*		379,192		63,974

Investments	Shares		Value ($)
Banco de Sabadell SA*		178,904		137,859
Banco Espirito Santo SA (Registered)*‡(d)		48,647		—
Banco Santander SA		416,925		1,446,285
Bank Hapoalim BM		21,555		221,604
Bank Leumi Le-Israel BM		34,065		361,795
Bank Millennium SA*		25,740		51,681
Bank of East Asia Ltd. (The)		52,800		89,924
Bank of Ireland Group plc*		19,096		127,626
Bank of Kyoto Ltd. (The)		1,600		73,873
Bank of Montreal(a)		15,210		1,720,722
Bank of Nova Scotia (The)		29,430		2,118,738
Bank of Queensland Ltd.		13,492		72,624
Bank Polska Kasa Opieki SA		4,004		132,521
Bankinter SA(a)		21,280		123,807
Banque Cantonale de Geneve		765		135,162
Banque Cantonale Vaudoise (Registered)(a)		701		57,447
Barclays plc		368,685		975,541
BAWAG Group AG(b)		2,156		128,094
Bendigo & Adelaide Bank Ltd.		9,421		56,950
Berner Kantonalbank AG (Registered)(a)		1,620		376,704
BNP Paribas SA		26,955		1,903,643
BPER Banca		40,348		83,879
CaixaBank SA		105,616		336,952
Canadian Imperial Bank of Commerce		10,890		1,366,773
Canadian Western Bank(a)		3,124		94,889
Chiba Bank Ltd. (The)		17,400		111,445
Chugoku Bank Ltd. (The)(a)		76,500		618,108
Close Brothers Group plc		1,760		30,296
Commerzbank AG*		22,815		194,042
Commonwealth Bank of Australia		28,440		1,878,306
Concordia Financial Group Ltd.		32,321		131,556
Credit Agricole SA		30,870		459,558
Credito Emiliano SpA		30,825		210,439
Dah Sing Banking Group Ltd.		163,840		155,067
Dah Sing Financial Holdings Ltd.		72,000		232,688
Daishi Hokuetsu Financial Group, Inc.(a)		18,000		413,348
Danske Bank A/S		14,355		276,619
DBS Group Holdings Ltd.		43,956		1,144,290
DNB Bank ASA		16,650		393,465
Erste Group Bank AG		8,100		374,373
FIBI Holdings Ltd.		1,100		49,847
FinecoBank Banca Fineco SpA(a)		12,105		200,899
First International Bank of Israel Ltd. (The)		1,144		47,160
Fukuoka Financial Group, Inc.		2,800		54,481
Graubuendner Kantonalbank		7		11,879
Gunma Bank Ltd. (The)(a)		179,700		586,394
Hachijuni Bank Ltd. (The)		3,200		11,720
Hang Seng Bank Ltd.		13,500		266,449
Heartland Group Holdings Ltd.(a)		50,556		78,358
Hirogin Holdings, Inc.		5,200		30,056
Hokuhoku Financial Group, Inc.		53,500		417,878
HSBC Holdings plc		489,240		3,463,108
Hyakugo Bank Ltd. (The)(a)		99,000		303,294

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Illimity Bank SpA*		3,080		44,574
ING Bank Slaski SA		748		49,331
ING Groep NV		90,810		1,329,686
Intesa Sanpaolo SpA		396,990		1,165,745
Israel Discount Bank Ltd., Class A		32,778		217,643
Iyo Bank Ltd. (The)		130,200		670,068
Jyske Bank A/S (Registered)*		1,292		75,527
KBC Ancora		352		16,825
KBC Group NV		6,075		523,967
Kiyo Bank Ltd. (The)		29,200		362,133
Kyushu Financial Group, Inc.		174,200		668,226
Laurentian Bank of Canada(a)		16,245		565,088
Liechtensteinische Landesbank AG		3,870		232,354
Lloyds Banking Group plc		1,656,810		1,134,770
Luzerner Kantonalbank AG (Registered)		132		59,404
Mebuki Financial Group, Inc.		28,010		61,988
Mediobanca Banca di Credito Finanziario SpA		15,120		171,360
Mitsubishi UFJ Financial Group, Inc.		306,000		1,835,336
Mizrahi Tefahot Bank Ltd.		3,121		119,527
Mizuho Financial Group, Inc.		58,529		787,329
Nanto Bank Ltd. (The)(a)		13,546		227,128
National Australia Bank Ltd.		57,060		1,090,670
National Bank of Canada		8,460		676,507
NatWest Group plc		78,435		255,083
Nishi-Nippon Financial Holdings, Inc.		58,500		411,239
Nordea Bank Abp		59,715		703,342
North Pacific Bank Ltd.(a)		103,500		223,662
Ogaki Kyoritsu Bank Ltd. (The)		14,700		257,449
Oversea-Chinese Banking Corp. Ltd.		94,570		872,158
Pareto Bank ASA		16,280		115,398
Powszechna Kasa Oszczednosci Bank Polski SA*		11,308		131,586
Raiffeisen Bank International AG		4,224		117,336
Resona Holdings, Inc.		61,500		262,226
Ringkjoebing Landbobank A/S		704		92,278
Royal Bank of Canada(a)		34,200		3,897,316
San-In Godo Bank Ltd. (The)		58,500		326,453
Santander Bank Polska SA		836		71,491
Sbanken ASA(b)		31,592		333,068
Shiga Bank Ltd. (The)(a)		19,000		366,396
Shinsei Bank Ltd.		2,600		47,972
Shizuoka Bank Ltd. (The)		17,200		134,047
Skandinaviska Enskilda Banken AB, Class A		29,430		376,463
Skandinaviska Enskilda Banken AB, Class C(a)		684		9,497
Societe Generale SA		17,955		657,869
Spar Nord Bank A/S		31,635		452,793
SpareBank 1 Nord Norge		41,130		516,659
Sparebank 1 Oestlandet		1,329		21,971
SpareBank 1 SMN		3,103		51,090
SpareBank 1 Sorost-Norge		16,236		117,636
SpareBank 1 SR-Bank ASA		4,796		71,273
Sparebanken More		2,835		153,578

Investments	Shares		Value ($)
Sparebanken Vest		38,430		456,882
St Galler Kantonalbank AG (Registered)		110		52,870
Standard Chartered plc		60,030		432,335
Sumitomo Mitsui Financial Group, Inc.		33,700		1,202,934
Sumitomo Mitsui Trust Holdings, Inc.		9,000		309,698
Suruga Bank Ltd.(a)		77,300		330,735
Svenska Handelsbanken AB, Class A		27,405		289,901
Svenska Handelsbanken AB, Class B(a)		908		10,944
Swedbank AB, Class A		14,130		274,816
Sydbank A/S		24,210		849,883
TBC Bank Group plc		16,020		303,055
Toronto-Dominion Bank (The)		43,335		3,469,049
Unicaja Banco SA(b)		474,975		485,059
UniCredit SpA		50,895		798,176
United Overseas Bank Ltd.		38,226		846,985
Valiant Holding AG (Registered)		5,805		581,092
Virgin Money UK plc*		41,844		106,666
Walliser Kantonalbank (Registered)		485		52,873
Westpac Banking Corp.		61,425		878,523
Yamaguchi Financial Group, Inc.		99,000		609,165
				63,624,974
Beverages - 1.1%
Anheuser-Busch InBev SA/NV		14,805		924,752
Asahi Group Holdings Ltd.		11,800		478,042
Britvic plc		3,520		42,881
Budweiser Brewing Co. APAC Ltd.(b)		39,600		104,364
C&C Group plc*(a)		23,522		69,870
Carlsberg A/S, Class B		1,755		282,395
Coca-Cola Bottlers Japan Holdings, Inc.(a)		3,354		39,034
Coca-Cola Europacific Partners plc		3,566		203,797
Coca-Cola HBC AG, DI*		4,090		133,946
Davide Campari-Milano NV		10,575		131,467
Diageo plc		40,050		2,000,483
Fevertree Drinks plc		2,199		62,930
Heineken Holding NV		1,530		133,351
Heineken NV		3,735		397,843
Ito En Ltd.(a)		800		42,768
Kirin Holdings Co. Ltd.		13,538		215,833
Olvi OYJ, Class A		1,452		78,373
Pernod Ricard SA		3,510		743,660
Primo Water Corp.		9,675		161,351
Remy Cointreau SA		396		81,902
Royal Unibrew A/S		836		95,474
Sapporo Holdings Ltd.		1,800		34,649
Suntory Beverage & Food Ltd.		1,800		68,891
Takara Holdings, Inc.		4,200		40,314
Treasury Wine Estates Ltd.		8,668		64,735
				6,633,105
Biotechnology - 0.6%
Abcam plc*		4,545		81,406
AnGes, Inc.*(a)		17,600		46,740

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Argenx SE*		945		248,204
Bavarian Nordic A/S*		4,005		116,759
BioGaia AB, Class B		1,134		61,231
Biotest AG (Preference)*		1,056		43,563
Clinuvel Pharmaceuticals Ltd.(a)		1,368		22,187
CSL Ltd.		8,055		1,477,525
Galapagos NV*		924		61,713
Genmab A/S*		1,035		347,895
Genus plc		1,232		62,844
GNI Group Ltd.*(a)		4,400		39,752
Grifols SA(a)		3,564		62,366
Grifols SA (Preference), Class B		5,680		65,965
HEALIOS KK*(a)		1,100		9,900
Idorsia Ltd.*(a)		3,564		82,147
Imugene Ltd.*		171,556		37,470
Mesoblast Ltd.*(a)		44,748		35,468
MorphoSys AG*		2,816		89,178
Oxford Biomedica plc*		5,544		62,778
Pacific Edge Ltd.*(a)		60,412		42,850
PeptiDream, Inc.*		2,500		44,348
Pharma Mar SA(a)		414		25,869
PureTech Health plc*		5,168		18,894
SanBio Co. Ltd.*(a)		2,200		20,678
Takara Bio, Inc.(a)		400		7,929
Telix Pharmaceuticals Ltd.*(a)		14,168		67,778
Valneva SE*(a)		4,620		79,135
Vitrolife AB		880		35,826
Zealand Pharma A/S*(a)		3,696		71,444
				3,469,842
Building Products - 1.1%
AGC, Inc.		5,400		245,103
Aica Kogyo Co. Ltd.		1,500		40,942
Arbonia AG		2,156		51,639
Assa Abloy AB, Class B		16,290		441,539
Belimo Holding AG (Registered)		132		72,164
Bunka Shutter Co. Ltd.		24,200		220,105
Carel Industries SpA(a)(b)		2,464		58,696
Central Glass Co. Ltd.		13,700		251,707
Cie de Saint-Gobain		12,240		818,460
Daikin Industries Ltd.		5,100		1,054,524
dormakaba Holding AG		44		24,953
Fletcher Building Ltd.(a)		17,649		74,762
Geberit AG (Registered)		585		392,828
Genuit Group plc		15,664		120,209
GWA Group Ltd.(a)		17,760		31,657
Inrom Construction Industries Ltd.		8,932		43,820
Inwido AB		4,884		84,975
James Halstead plc		9,372		36,087
Kingspan Group plc		2,701		257,728
Lindab International AB		2,244		64,670
Lixil Corp.		6,000		135,856
Munters Group AB(b)		10,384		72,867
Nibe Industrier AB, Class B		26,055		244,413
Nichias Corp.		800		18,010
Nichiha Corp.		13,500		330,631
Nitto Boseki Co. Ltd.		1,900		44,950
Noritz Corp.(a)		18,000		262,287
Reliance Worldwide Corp. Ltd.		13,860		50,485

Investments	Shares		Value ($)
ROCKWOOL International A/S, Class A		88		28,506
ROCKWOOL International A/S, Class B		174		66,168
Sanwa Holdings Corp.		5,400		57,878
Schweiter Technologies AG		56		73,500
Sekisui Jushi Corp.(a)		14,700		257,449
Steico SE		396		43,548
Takara Standard Co. Ltd.		20,176		238,312
Takasago Thermal Engineering Co. Ltd.(a)		22,500		373,161
TOTO Ltd.		3,000		127,837
Tyman plc		17,160		85,875
Uponor OYJ		2,112		46,451
Volution Group plc		7,524		50,473
				6,995,225
Capital Markets - 3.4%
3i Group plc		23,040		423,489
ABG Sundal Collier Holding ASA		152,595		147,186
Abrdn plc		27,500		88,881
AJ Bell plc		11,352		51,205
Allfunds Group plc*		4,048		56,378
Alpha FX Group plc(b)		1,804		42,719
Amundi SA(b)		880		67,722
Anima Holding SpA(b)		110,160		550,763
Ashmore Group plc		9,588		36,250
ASX Ltd.		2,880		168,801
AURELIUS Equity Opportunities SE & Co. KGaA		2,464		77,451
Australian Ethical Investment Ltd.		6,952		45,454
Avanza Bank Holding AB		2,704		84,648
Azimut Holding SpA		3,740		99,447
Banca Generali SpA		1,397		55,720
Brederode SA*		80		10,636
Brewin Dolphin Holdings plc		17,746		77,974
Brookfield Asset Management, Inc., Class A		24,930		1,372,122
Bure Equity AB		968		33,020
Canaccord Genuity Group, Inc.		39,375		469,974
CI Financial Corp.		5,304		98,381
Cie Financiere Tradition SA		572		65,737
CMC Markets plc(b)		49,455		152,608
Credit Suisse Group AG (Registered)		56,655		533,052
Daiwa Securities Group, Inc.		40,500		241,893
Deutsche Bank AG (Registered)*		46,710		641,643
Deutsche Boerse AG		3,060		539,237
EFG International AG*(a)		28,530		215,725
EQT AB		5,220		201,103
Euronext NV(b)		1,530		146,301
Fairfax India Holdings Corp.*(a)(b)		36,675		436,433
flatexDEGIRO AG*		4,400		83,358
Flow Traders(b)		12,375		479,429
Gimv NV		8,055		488,504
Haitong International Securities Group Ltd.(a)		900,000		205,449
Hargreaves Lansdown plc		5,061		91,055

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Hong Kong Exchanges & Clearing Ltd.		20,658		1,161,450
HUB24 Ltd.(a)		4,532		86,722
IG Group Holdings plc		8,448		92,374
IGM Financial, Inc.(a)		2,200		77,254
Impax Asset Management Group plc		4,224		61,772
Insignia Financial Ltd.(a)		26,488		65,504
IntegraFin Holdings plc(b)		5,764		38,079
Intermediate Capital Group plc		5,400		137,400
Investec plc		16,636		94,747
IP Group plc		84,600		109,417
JAFCO Group Co. Ltd.		900		14,223
Japan Exchange Group, Inc.		9,000		183,671
JTC plc(b)		5,016		52,492
Julius Baer Group Ltd.		5,130		330,705
Jupiter Fund Management plc		209,115		644,164
Leonteq AG		616		43,799
Liontrust Asset Management plc		2,508		54,578
London Stock Exchange Group plc		5,175		501,287
Macquarie Group Ltd.		6,120		791,741
Magellan Financial Group Ltd.(a)		2,640		34,615
Man Group plc		46,935		121,218
Molten Ventures plc*		55,620		570,116
Ninety One plc		26,268		91,419
Nomura Holdings, Inc.		75,800		332,145
Nordnet AB publ		2,420		37,373
Okasan Securities Group, Inc.(a)		84,700		279,332
Onex Corp.		880		63,180
Partners Group Holding AG		405		555,486
Pendal Group Ltd.(a)		6,964		23,600
Perpetual Ltd.		3,971		91,487
Platinum Asset Management Ltd.		37,488		65,238
Polar Capital Holdings plc		6,468		54,583
Quilter plc(b)		55,748		102,319
Rathbones Group plc		22,860		572,304
Ratos AB, Class B		8,448		43,896
Rothschild & Co.		1,452		62,422
Sanne Group plc		9,329		114,524
SBI Holdings, Inc.		4,800		122,557
Schroders plc		1,980		89,735
Schroders plc (Non-Voting)		96		2,776
Singapore Exchange Ltd.		16,400		112,919
Sprott, Inc.		1,056		37,065
St James’s Place plc		8,910		181,463
Swissquote Group Holding SA (Registered)		675		112,808
Tamburi Investment Partners SpA		10,560		106,540
Tikehau Capital SCA(a)		1,672		44,327
TMX Group Ltd.		836		85,000
Tokai Tokyo Financial Holdings, Inc.		99,000		344,535
TP ICAP Group plc		324,225		609,865
UBS Group AG (Registered)		88,605		1,627,351
UOB-Kay Hian Holdings Ltd.		130,500		156,351
Value Partners Group Ltd.(a)		368,000		180,282
Van Lanschot Kempen NV, CVA		15,120		378,822
VNV Global AB*		33,030		283,622
Vontobel Holding AG (Registered)		339		27,854

Investments	Shares		Value ($)
VZ Holding AG		285		26,539
Warsaw Stock Exchange		7,260		71,784
WealthNavi, Inc.*(a)		2,400		33,555
X-Trade Brokers Dom Maklerski SA(b)		17,952		72,659
				21,044,793
Chemicals - 3.1%
ADEKA Corp.		2,300		49,204
Air Liquide SA		8,100		1,374,546
Air Water, Inc.		6,000		90,605
Akzo Nobel NV		3,420		351,025
Arkema SA		1,755		256,641
Asahi Kasei Corp.		36,000		350,236
BASF SE		21,870		1,655,339
Borregaard ASA		1,692		39,472
C Uyemura & Co. Ltd.		4,500		220,655
Calix Ltd.*(a)		9,988		35,607
Chr Hansen Holding A/S		1,584		126,342
Ciech SA		9,548		98,419
Clariant AG (Registered)*		2,836		59,367
Corbion NV		1,352		56,047
Covestro AG(b)		4,095		242,654
Croda International plc		2,610		279,156
Daicel Corp.		8,900		65,036
Denka Co. Ltd.		1,400		48,722
DIC Corp.		2,899		73,692
Elementis plc*		41,976		80,196
Elkem ASA(b)		7		25
EMS-Chemie Holding AG (Registered)(a)		135		134,775
Essentra plc		16,940		78,069
Evonik Industries AG		4,254		137,292
FUCHS PETROLUB SE		55		1,829
FUCHS PETROLUB SE (Preference)		1,182		50,775
Fujimori Kogyo Co. Ltd.		7,300		257,852
Fuso Chemical Co. Ltd.		1,100		42,578
Givaudan SA (Registered)		135		553,601
Hexpol AB		5,784		68,194
ICL Group Ltd.		9,848		88,013
Incitec Pivot Ltd.		36,784		85,005
Israel Corp. Ltd. (The)*		104		41,953
JCU Corp.		1,400		60,022
Johnson Matthey plc		5,400		140,551
JSR Corp.		3,100		101,831
K+S AG (Registered)*		6,160		115,527
Kaneka Corp.		1,300		41,970
Kansai Paint Co. Ltd.		5,300		109,151
Kemira OYJ		2,992		43,602
KH Neochem Co. Ltd.		2,200		55,809
Koninklijke DSM NV		2,987		556,006
Konishi Co. Ltd.		12,700		179,657
Kumiai Chemical Industry Co. Ltd.(a)		8,000		54,641
Kuraray Co. Ltd.		6,700		59,601
Kureha Corp.(a)		6,600		485,728
LANXESS AG		2,156		129,835
Lenzing AG*		132		16,040

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Lintec Corp.		1,800		41,428
Methanex Corp.		1,290		58,658
Mitsubishi Chemical Holdings Corp.		36,700		285,064
Mitsubishi Gas Chemical Co., Inc.(a)		6,200		117,139
Mitsui Chemicals, Inc.		5,600		147,746
NanoXplore, Inc.*(a)		8,536		36,713
Nihon Parkerizing Co. Ltd.		42,400		380,119
Nippon Kayaku Co. Ltd.(a)		3,700		36,382
Nippon Paint Holdings Co. Ltd.		25,300		199,589
Nippon Sanso Holdings Corp.		2,800		54,967
Nippon Shokubai Co. Ltd.		400		18,676
Nippon Soda Co. Ltd.		10,739		303,833
Nissan Chemical Corp.		2,900		155,539
Nitto Denko Corp.		2,800		215,057
NOF Corp.		1,200		54,259
Novozymes A/S, Class B		3,915		267,142
Nufarm Ltd.(a)		23,520		73,741
Nutrien Ltd.		13,185		920,400
OCI NV*		1,318		35,784
Okamoto Industries, Inc.(a)		6,300		221,163
Orica Ltd.		4,722		46,111
Osaka Organic Chemical Industry Ltd.		1,400		37,969
Osaka Soda Co. Ltd.		9,600		252,862
Palram Industries 1990 Ltd.		3,652		55,945
Re:NewCell AB*		1,804		33,088
Recticel SA		2,200		41,629
Robertet SA		44		42,863
Sakata INX Corp.(a)		18,000		150,436
Sanyo Chemical Industries Ltd.(a)		6,100		275,287
Shikoku Chemicals Corp.		16,700		206,241
Shin-Etsu Chemical Co. Ltd.		6,700		1,107,121
Shin-Etsu Polymer Co. Ltd.		13,700		129,955
Showa Denko KK		4,200		86,351
Sika AG (Registered)(a)		2,475		853,577
SOL SpA		3,009		63,954
Solvay SA		1,620		193,406
Sumitomo Chemical Co. Ltd.		39,000		194,281
Symrise AG		2,340		277,922
Synthomer plc		9,988		48,858
T Hasegawa Co. Ltd.		900		19,566
Taiyo Holdings Co. Ltd.		1,800		52,489
Teijin Ltd.		3,000		37,492
Tenma Corp.		1,300		28,206
Tessenderlo Group SA*		4,545		175,776
Toagosei Co. Ltd.		5,300		51,747
Tokai Carbon Co. Ltd.		6,600		67,532
Tokuyama Corp.		22,500		354,415
Tokyo Ohka Kogyo Co. Ltd.		700		40,764
Toray Industries, Inc.		40,500		254,863
Tosoh Corp.		7,800		120,765
Toyo Gosei Co. Ltd.		300		31,451
Toyo Ink SC Holdings Co. Ltd.		1,600		26,369
Toyobo Co. Ltd.		36,000		401,163
Treatt plc		3,432		48,578
Turpaz Industries Ltd.*		9,724		79,744
Ube Industries Ltd.		3,900		69,555

Investments	Shares		Value ($)
Umicore SA(a)		3,330		124,755
Victrex plc		1,452		39,780
Wacker Chemie AG		256		36,776
Yara International ASA		3,510		178,963
Zeon Corp.		3,600		41,241
				19,246,138
Commercial Services & Supplies - 1.2%
Befesa SA(b)		2,340		164,209
Biffa plc(b)		15,576		70,843
Big Technologies plc*		11,924		41,594
Bilfinger SE		10,980		376,889
Boyd Group Services, Inc.		208		31,434
Brambles Ltd.(a)		26,235		178,739
Bravida Holding AB(b)		4,312		51,185
Caverion OYJ		8,888		61,076
Cewe Stiftung & Co. KGAA		308		37,634
Cleanaway Waste Management Ltd.		35,024		71,067
Clipper Logistics plc		5,236		47,488
Coor Service Management Holding AB(b)		6,692		56,495
Dai Nippon Printing Co. Ltd.		5,700		135,890
Daiseki Co. Ltd.		1,499		59,257
Derichebourg SA*		34,920		433,339
Downer EDI Ltd.		9,548		36,393
Duskin Co. Ltd.		3,700		88,338
Elis SA*		12		217
Elis SA - XLON*		4,520		81,983
GFL Environmental, Inc.(a)		1,760		57,790
HomeServe plc		3,784		38,736
Intrum AB		2,464		73,703
ISS A/S*		2,508		46,761
Lassila & Tikanoja OYJ		960		13,237
Loomis AB		2,271		58,100
Marlowe plc*(a)		4,092		49,191
Matsuda Sangyo Co. Ltd.		6,900		139,826
Mitie Group plc(a)		515,835		415,242
Mitsubishi Pencil Co. Ltd.		1,800		18,652
Nippon Kanzai Co. Ltd.(a)		1,300		31,760
Okamura Corp.		33,300		349,401
Park24 Co. Ltd.		2,200		32,936
Pilot Corp.		1,700		60,121
Prestige International, Inc.		4,000		25,133
Prosegur Cash SA(a)(b)		163,760		119,507
Prosegur Cia de Seguridad SA		84,735		208,973
Raksul, Inc.*(a)		1,600		51,031
Rentokil Initial plc		32,940		229,013
Restore plc		7,172		44,744
Ritchie Bros Auctioneers, Inc.		2,295		139,815
Sato Holdings Corp.		1,100		19,217
Sdiptech AB, Class B*		1,056		43,726
Secom Co. Ltd.		3,800		266,602
Securitas AB, Class B		7,047		84,444
Serco Group plc		461,925		829,214
SG Fleet Group Ltd.		60,588		101,169
Smart Metering Systems plc		5,165		51,141
Societe BIC SA		9,135		517,137
Sohgo Security Services Co. Ltd.		1,900		68,514

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
SPIE SA		2,992		68,556
TOMRA Systems ASA		1,980		98,244
TOPPAN, Inc.		9,000		169,963
Veridis Environment Ltd.*		19,845		268,347
Waste Connections, Inc.(a)		4,635		577,535
				7,391,551
Communications Equipment - 0.3%
AudioCodes Ltd.		1,936		56,598
BATM Advanced Communications Ltd.		10,755		8,749
Gilat Satellite Networks Ltd.*		7,568		57,800
Nokia OYJ*		92,205		542,339
Spirent Communications plc		44,640		147,572
Telefonaktiebolaget LM Ericsson, Class A(a)		3,789		46,682
Telefonaktiebolaget LM Ericsson, Class B		45,810		563,417
VTech Holdings Ltd.		67,500		532,812
				1,955,969
Construction & Engineering - 2.0%
Ackermans & van Haaren NV		454		87,028
ACS Actividades de Construccion y Servicios SA(a)		6,975		174,285
ACS Actividades de Construccion y Servicios SA*(d)		139		3,473
Aecon Group, Inc.		21,780		297,296
AF Gruppen ASA		704		15,065
Arcadis NV		1,848		80,296
Ashtrom Group Ltd.		1,861		51,652
Badger Infrastructure Solutions Ltd.		2,812		68,078
Balfour Beatty plc		258,480		872,523
Boskalis Westminster		218		6,134
Bouygues SA		4,275		149,471
Chudenko Corp.		13,500		247,563
Cie d’Entreprises CFE		352		47,430
CIMIC Group Ltd.(a)		1,232		14,227
COMSYS Holdings Corp.		4,300		101,580
Daiho Corp.(a)		4,500		142,547
Eiffage SA		1,800		187,171
Elco Ltd.		231		19,191
Elecnor SA		13,140		146,710
Electra Ltd.		15		10,857
EXEO Group, Inc.		3,900		78,558
Fasadgruppen Group AB		2,508		42,722
Ferrovial SA		7,515		206,985
Fomento de Construcciones y Contratas SA		3,843		46,009
Fugro NV, CVA*		7,040		55,780
GOLD FIN HLDG*‡(d)		89,827		—
Hazama Ando Corp.		74,400		564,982
HOCHTIEF AG		442		33,980
Instalco AB(b)		7,260		52,517
JGC Holdings Corp.(a)		1,000		9,729
Johns Lyng Group Ltd.		7,568		41,110
Kajima Corp.		12,700		152,102
Kandenko Co. Ltd.		39,000		288,036
Keller Group plc		26,235		299,185
Kinden Corp.		2,300		32,636

Investments	Shares		Value ($)
Kumagai Gumi Co. Ltd.		14,300		361,642
Kyudenko Corp.		2,100		53,218
Maire Tecnimont SpA(a)		12,452		58,627
Mirait Holdings Corp.		2,300		37,826
Monadelphous Group Ltd.(a)		7,216		45,400
Morgan Sindall Group plc		16,515		469,736
NCC AB, Class B		246		4,043
Nippon Densetsu Kogyo Co. Ltd.(a)		19,700		253,890
Nippon Road Co. Ltd. (The)		2,500		181,167
Nishimatsu Construction Co. Ltd.		17,600		580,430
NRW Holdings Ltd.(a)		186,570		208,345
Obayashi Corp.		18,100		145,460
Okumura Corp.		15,000		424,387
Peab AB, Class B		3,999		44,599
Penta-Ocean Construction Co. Ltd.		1,500		8,253
Raito Kogyo Co. Ltd.		21,200		343,137
Raiznext Corp.		8,800		87,828
Sacyr SA*(d)		2,747		6,805
Sacyr SA - BATE(a)		123,750		306,580
Sanki Engineering Co. Ltd.		19,600		240,864
Shapir Engineering and Industry Ltd.		2,525		24,179
Shikun & Binui Ltd.*		3,396		21,737
Shimizu Corp.		17,800		117,869
SHO-BOND Holdings Co. Ltd.		1,200		52,176
Skanska AB, Class B		7,110		172,226
SNC-Lavalin Group, Inc.		2,068		45,578
Sumitomo Densetsu Co. Ltd.		6,400		115,753
Sumitomo Mitsui Construction Co. Ltd.		69,140		259,219
Sweco AB, Class B(a)		4,708		65,722
Taikisha Ltd.		13,900		344,650
Taisei Corp.		5,000		162,508
Takamatsu Construction Group Co. Ltd.		9,100		156,925
Tess Holdings Co. Ltd.		2,000		25,255
Toda Corp.		5,200		33,305
Toenec Corp.		2,900		79,909
Tokyu Construction Co. Ltd.(a)		36,800		223,882
Totetsu Kogyo Co. Ltd.(a)		10,800		229,169
Veidekke ASA		3,088		45,925
Vinci SA		8,595		931,319
Webuild SpA(a)		153,450		318,748
WSP Global, Inc.		1,237		164,862
YIT OYJ		69,963		344,929
Yokogawa Bridge Holdings Corp.		16,000		296,741
				12,721,731
Construction Materials - 0.7%
Adbri Ltd.(a)		22,176		45,622
Boral Ltd.*		3,476		14,376
Breedon Group plc		81,796		93,829
Brickworks Ltd.		3,147		49,998
Buzzi Unicem SpA		3,148		64,950
Cementir Holding NV		19,845		173,076
CRH plc		13,276		661,341
CSR Ltd.		15,532		61,172
Forterra plc(b)		13,728		48,808

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
HeidelbergCement AG		3,375		231,769
Holcim Ltd.*		12,150		649,227
Ibstock plc(b)		27,720		73,340
Imerys SA		1,103		50,101
James Hardie Industries plc, CHDI(a)		6,790		225,130
Maeda Kosen Co. Ltd.		1,200		35,461
Marshalls plc		8,360		78,625
Mitani Sekisan Co. Ltd.		1,200		67,069
RHI Magnesita NV(a)		14,445		659,700
Sumitomo Osaka Cement Co. Ltd.(a)		15,200		463,024
Taiheiyo Cement Corp.		2,200		43,399
Titan Cement International SA*		13,725		213,862
Vicat SA		6,705		275,473
Wienerberger AG		2,596		93,065
				4,372,417
Consumer Finance - 0.3%
AEON Financial Service Co. Ltd.(a)		400		4,155
Aiful Corp.(a)		112,500		335,865
Allied Group Ltd.		176,000		64,779
Cembra Money Bank AG(a)		11,880		808,333
Credit Corp. Group Ltd.(a)		3,350		79,989
Credit Saison Co. Ltd.(a)		6,200		68,766
goeasy Ltd.(a)		528		61,186
Gruppo MutuiOnline SpA		1,056		49,837
Isracard Ltd.		11,630		63,937
Jaccs Co. Ltd.		11,700		313,760
Provident Financial plc*		11,220		47,147
Resurs Holding AB(b)		57,600		234,619
Zip Co. Ltd.*(a)		14,040		31,258
				2,163,631
Containers & Packaging - 0.5%
BillerudKorsnas AB		2,965		46,695
Cascades, Inc.		28,395		283,995
CCL Industries, Inc., Class B		3,027		158,181
DS Smith plc		28,260		142,560
FP Corp.		1,200		38,325
Fuji Seal International, Inc.		15,500		288,813
Huhtamaki OYJ		2,051		79,988
Intertape Polymer Group, Inc.(a)		24,075		485,551
Mayr Melnhof Karton AG(a)		275		53,085
Orora Ltd.(a)		19,096		46,551
Pact Group Holdings Ltd.		79,470		129,898
Rengo Co. Ltd.		9,500		70,328
SIG Combibloc Group AG*		6,750		154,857
Smurfit Kappa Group plc		4,410		230,125
Toyo Seikan Group Holdings Ltd.		5,600		67,458
Transcontinental, Inc., Class A(a)		29,700		492,743
Verallia SA(b)		1,364		42,507
Vidrala SA		415		35,124
Winpak Ltd.		1,716		50,867
				2,897,651
Distributors - 0.1%
Arata Corp.		6,800		235,765
Bapcor Ltd.(a)		6,776		33,418
D’ieteren Group		220		37,955

Investments	Shares		Value ($)
Doshisha Co. Ltd.		7,000		92,280
Inchcape plc		8,938		100,850
Inter Cars SA		484		53,200
PALTAC Corp.		800		30,445
				583,913
Diversified Consumer Services - 0.1%
AcadeMedia AB(b)		29,295		168,223
Benesse Holdings, Inc.		2,000		38,776
Cary Group AB*		4,488		40,124
G8 Education Ltd.*(a)		370,350		289,633
IDP Education Ltd.		2,501		51,611
InvoCare Ltd.(a)		4,432		34,910
LITALICO, Inc.		1,200		29,494
Park Lawn Corp.		1,496		45,546
Perfect Medical Health Management Ltd.		88,000		54,961
				753,278
Diversified Financial Services - 1.0%
Aker ASA, Class A		264		22,355
AMP Ltd.*		110,352		68,030
Banca IFIS SpA		9,315		184,303
Banca Mediolanum SpA		4,444		42,664
Banque Nationale de Belgique		90		168,486
BFF Bank SpA(b)		10,956		83,270
Burford Capital Ltd.		14,175		128,466
Cerved Group SpA*		2,271		25,967
Challenger Ltd.(a)		9,812		39,543
Creades AB, Class A(a)		22,590		292,718
ECN Capital Corp.		17,100		71,799
eGuarantee, Inc.		2,800		45,466
Element Fleet Management Corp.(a)		9,988		101,702
Eurazeo SE		1,144		89,962
EXOR NV		2,880		238,326
Fuyo General Lease Co. Ltd.		700		45,988
GRENKE AG		1,804		56,462
Groupe Bruxelles Lambert SA		1,440		153,191
HAL Trust(a)		1,305		203,929
Hypoport SE*		88		38,473
Industrivarden AB, Class A		3,388		105,842
Industrivarden AB, Class C		3,828		117,660
Investment AB Oresund		9,855		151,191
Investor AB, Class A		8,558		192,723
Investor AB, Class B		30,186		647,922
Japan Securities Finance Co. Ltd.		8,800		70,874
Kinnevik AB, Class B*(a)		4,905		144,616
L E Lundbergforetagen AB, Class B		1,348		68,251
M&G plc		74,340		215,036
Mitsubishi HC Capital, Inc.		24,429		125,299
Mizuho Leasing Co. Ltd.		13,638		377,568
ORIX Corp.		28,500		582,614
PEUGEOT INVEST		308		41,156
Plus500 Ltd.		39,690		782,776
Ricoh Leasing Co. Ltd.		5,800		186,999
Sofina SA		337		133,129
SRH NV*‡(d)		2,857		—
Svolder AB, Class B		35,100		265,861

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Tokyo Century Corp.(a)		600		29,264
Wendel SE		497		53,485
Zenkoku Hosho Co. Ltd.		600		26,557
				6,419,923
Diversified Telecommunication Services - 1.2%
ARTERIA Networks Corp.(a)		10,700		125,828
Aussie Broadband Ltd.*		13,244		39,377
BCE, Inc.(a)		4,635		241,991
Bezeq The Israeli Telecommunication Corp. Ltd.*		52,780		89,972
BT Group plc		201,420		528,445
Cellnex Telecom SA(b)		9,135		412,685
Chorus Ltd.		13,585		62,008
Deutsche Telekom AG (Registered)		79,155		1,479,352
Elisa OYJ		2,610		152,376
Gamma Communications plc		3,432		71,370
Helios Towers plc*		10,824		22,306
HKBN Ltd.		51,500		64,725
HKT Trust & HKT Ltd.		53,400		72,729
Infrastrutture Wireless Italiane SpA(b)		5,179		55,409
Internet Initiative Japan, Inc.		1,000		32,588
Koninklijke KPN NV		58,770		192,834
NetLink NBN Trust(b)		61,600		44,190
Nippon Telegraph & Telephone Corp.		28,000		793,890
NOS SGPS SA(a)		90,360		354,933
Orange SA		46,080		538,252
PCCW Ltd.		127,035		66,796
Proximus SADP		2,464		50,036
Singapore Telecommunications Ltd.		135,000		242,614
Spark New Zealand Ltd.		20,724		58,933
Swisscom AG (Registered)		405		229,763
Telecom Italia SpA		250,976		117,095
Telecom Italia SpA (Retirement Savings Plan)		96,272		42,629
Telefonica Deutschland Holding AG		24,508		69,783
Telefonica SA(a)		130,754		605,136
Telekom Austria AG*(a)		1,426		12,309
Telenor ASA		13,230		217,605
Telia Co. AB		33,132		129,950
Telstra Corp. Ltd.		70,155		193,757
TELUS Corp.		8,415		197,903
United Internet AG (Registered)		1,848		71,740
Uniti Group Ltd.*(a)		21,252		62,588
				7,743,897
Electric Utilities - 1.5%
Acciona SA		528		91,328
AusNet Services Ltd.		46,020		84,301
BKW AG		440		51,984
Chubu Electric Power Co., Inc.		18,000		179,805
Chugoku Electric Power Co., Inc. (The)(a)		4,206		32,925
CK Infrastructure Holdings Ltd.		11,000		67,714
CLP Holdings Ltd.		27,500		274,734
Contact Energy Ltd.		11,528		59,281

Investments	Shares		Value ($)
EDP - Energias de Portugal SA		43,695		222,330
Electricite de France SA(a)		12,990		123,746
Elia Group SA/NV(a)		794		106,542
Emera, Inc.(a)		4,005		189,669
Endesa SA(a)		6,570		146,158
Enea SA*		66,735		125,189
Enel SpA		185,805		1,412,397
EVN AG*		748		21,843
Fjordkraft Holding ASA(b)		44,415		188,200
Fortis, Inc.(a)		7,290		346,100
Fortum OYJ		10,125		272,971
Genesis Energy Ltd.		14,326		25,121
HK Electric Investments & HK Electric Investments Ltd.(a)(b)		44,500		44,286
Hokkaido Electric Power Co., Inc.		79,000		342,122
Hokuriku Electric Power Co.(a)		72,500		356,129
Hydro One Ltd.(b)		6,435		166,162
Iberdrola SA*(d)		1,550		17,654
Iberdrola SA		95,130		1,083,470
Infratil Ltd.		8,272		41,152
Kansai Electric Power Co., Inc. (The)		22,500		211,282
Kyushu Electric Power Co., Inc.		13,200		97,375
Mercury NZ Ltd.		17,270		62,948
Okinawa Electric Power Co., Inc. (The)(a)		18,770		228,384
Origin Energy Ltd.(a)		45,675		180,853
Orsted A/S(b)		3,150		331,739
PGE Polska Grupa Energetyczna SA*		35,024		65,445
Power Assets Holdings Ltd.		24,500		150,345
Red Electrica Corp. SA		10,080		202,377
Romande Energie Holding SA (Registered)		21		29,322
Shikoku Electric Power Co., Inc.(a)		80,700		557,494
SSE plc		18,443		391,575
Terna - Rete Elettrica Nazionale		23,504		183,118
Tohoku Electric Power Co., Inc.		10,900		76,435
Tokyo Electric Power Co. Holdings, Inc.*		22,400		59,487
Trustpower Ltd.(a)		5,123		23,686
Verbund AG		1,416		148,892
				9,074,070
Electrical Equipment - 1.4%
ABB Ltd. (Registered)(a)		31,050		1,057,511
Alfen Beheer BV*(b)		968		71,401
Ballard Power Systems, Inc.*		1,824		19,017
Daihen Corp.		9,000		317,900
DiscoverIE Group plc		4,796		54,758
Fagerhult AB		6,336		39,235
Fuji Electric Co. Ltd.		3,100		163,845
Fujikura Ltd.*		112,500		601,432
Furukawa Electric Co. Ltd.		27,000		552,536
GARO AB(b)		1,980		36,698
GS Yuasa Corp.		2,700		57,105
Hexatronic Group AB		1,540		61,457
Huber + Suhner AG (Registered)		867		78,128
Idec Corp.		2,200		46,243

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
ITM Power plc*		10,192		36,975
Legrand SA		4,680		471,116
Mabuchi Motor Co. Ltd.		700		21,870
Mitsubishi Electric Corp.		51,400		638,569
NEL ASA*(a)		12,688		16,934
Nexans SA		748		66,871
Nidec Corp.		9,110		797,743
Nissin Electric Co. Ltd.		19,200		239,948
Nitto Kogyo Corp.		10,600		141,671
NKT A/S*		2,970		124,039
Nordex SE*		1,408		22,081
PowerCell Sweden AB*		2,948		46,206
Prysmian SpA		4,320		143,974
Sanyo Denki Co. Ltd.		4,500		207,377
Schneider Electric SE		9,765		1,634,979
Siemens Energy AG*		6,840		151,513
Siemens Gamesa Renewable Energy SA*		4,136		88,533
Signify NV(b)		2,925		153,650
Somfy SA		275		50,249
TKH Group NV, CVA		2,194		125,802
Varta AG		352		37,573
Vestas Wind Systems A/S		17,145		457,085
				8,832,024
Electronic Equipment, Instruments & Components - 1.8%
Ai Holdings Corp.		3,800		58,373
Alps Alpine Co. Ltd.(a)		5,348		57,738
ALSO Holding AG (Registered)*		52		14,465
Amano Corp.		700		13,918
Anritsu Corp.		500		6,821
AT&S Austria Technologie & Systemtechnik AG		880		40,446
Azbil Corp.		2,100		81,467
Barco NV(a)		2,992		61,211
Basler AG		264		35,099
Canon Marketing Japan, Inc.		1,500		30,397
Celestica, Inc.*		40,275		501,300
Citizen Watch Co. Ltd.		22,400		94,868
Codan Ltd.		7,304		46,417
Comet Holding AG (Registered)		495		155,510
CONEXIO Corp.		6,600		79,103
Daiwabo Holdings Co. Ltd.		36,000		508,015
Dexerials Corp.		3,500		94,771
FIH Mobile Ltd.*(a)		328,000		50,057
Fingerprint Cards AB, Class B*(a)		10,108		20,115
FIT Hon Teng Ltd.*(b)		440,000		76,742
Halma plc		7,155		239,604
Hamamatsu Photonics KK		2,700		136,611
Hexagon AB, Class B		37,260		495,783
Hioki EE Corp.(a)		700		40,096
Hirose Electric Co. Ltd.		582		85,917
Horiba Ltd.		800		42,630
Hosiden Corp.		22,500		222,608
Ibiden Co. Ltd.		2,800		153,092
Inficon Holding AG (Registered)		44		52,930
Iriso Electronics Co. Ltd.		1,200		48,375
Japan Aviation Electronics Industry Ltd.		22,344		353,509

Investments	Shares		Value ($)
Jenoptik AG		2,585		93,483
Kaga Electronics Co. Ltd.		9,100		232,979
Keyence Corp.		3,300		1,667,685
Kyocera Corp.		6,100		372,432
Lagercrantz Group AB, Class B		2,640		29,613
Landis+Gyr Group AG*		1,102		71,964
LEM Holding SA (Registered)		27		66,989
Macnica Fuji Electronics Holdings, Inc.		18,100		394,595
Maruwa Co. Ltd.		600		78,004
Meiko Electronics Co. Ltd.		9,000		305,402
Murata Manufacturing Co. Ltd.		10,900		807,768
Mycronic AB		924		18,749
NCAB Group AB		5,280		40,276
Nichicon Corp.		3,200		33,159
Nippon Ceramic Co. Ltd.		900		19,074
Nippon Electric Glass Co. Ltd.		2,200		54,396
Nippon Signal Co. Ltd.(a)		24,000		185,376
Nissha Co. Ltd.(a)		18,000		226,670
Nohmi Bosai Ltd.		11,500		209,989
Novonix Ltd.*(a)		6,864		36,270
Oki Electric Industry Co. Ltd.		36,000		273,066
Omron Corp.		3,800		273,890
Oxford Instruments plc		3,036		88,186
Renishaw plc		880		53,554
Riken Keiki Co. Ltd.		1,200		56,654
Sensirion Holding AG*(b)		528		63,856
Shimadzu Corp.		5,300		188,818
Siix Corp.(a)		13,028		146,872
Softwareone Holding AG*		3,256		62,878
Spectris plc		2,112		95,378
Taiyo Yuden Co. Ltd.		2,500		118,898
TDK Corp.		8,800		313,127
Topcon Corp.		2,200		29,422
Vaisala OYJ, Class A		836		44,421
Venture Corp. Ltd.		4,500		58,573
VSTECS Holdings Ltd.		364,000		359,446
Yokogawa Electric Corp.		4,900		79,310
				11,149,210
Energy Equipment & Services - 0.4%
Aker Solutions ASA*(b)		17,908		46,396
BW Offshore Ltd.(a)		44,206		134,660
Drilling Co. of 1972 A/S (The)*		2,024		78,370
John Wood Group plc*		257,220		767,501
Modec, Inc.		6,400		63,653
Odfjell Drilling Ltd.*		32,516		75,783
Saipem SpA*(a)		220,185		333,464
SBM Offshore NV		5,113		80,473
Secure Energy Services, Inc.(a)		16,104		76,481
Subsea 7 SA		26		194
Technip Energies NV*		38,295		581,469
TechnipFMC plc*(a)		9,285		60,260
Tenaris SA		7,656		92,389
TGS ASA		7,656		81,832
Vallourec SA*		9,020		79,173
Worley Ltd.(a)		10,916		88,829
				2,640,927

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Entertainment - 0.6%
Bollore SA		12,858		68,610
Capcom Co. Ltd.		3,400		81,175
CD Projekt SA		1,193		52,470
CTS Eventim AG & Co. KGaA*		704		49,340
Daiichikosho Co. Ltd.		1,100		30,883
DeNA Co. Ltd.		1,100		16,955
Embracer Group AB*(a)		6,644		65,400
EVENT Hospitality and Entertainment Ltd.*		2,282		21,625
Frontier Developments plc*(a)		2,332		43,301
IGG, Inc.(a)		330,000		205,257
Kinepolis Group NV*		1,030		61,888
Koei Tecmo Holdings Co. Ltd.(a)		1,246		44,498
Konami Holdings Corp.		2,200		117,040
Modern Times Group MTG AB, Class B*(a)		7,040		93,373
Nexon Co. Ltd.		9,400		175,559
Nintendo Co. Ltd.		2,000		974,788
Paradox Interactive AB(a)		952		19,542
Shochiku Co. Ltd.*		800		81,996
Square Enix Holdings Co. Ltd.		1,800		87,325
Stillfront Group AB*(a)		132,120		631,293
Team17 Group plc*		5,676		54,068
Toei Animation Co. Ltd.(a)		200		14,927
Toho Co. Ltd.		3,100		119,050
Ubisoft Entertainment SA*		1,425		81,053
Universal Music Group NV		21,285		520,636
				3,712,052
Equity Real Estate Investment Trusts (REITs) - 2.3%
Activia Properties, Inc.		15		50,575
Advance Residence Investment Corp.(a)		18		52,879
Aedifica SA		704		84,206
AEON REIT Investment Corp.(a)		29		36,720
Allied Properties REIT		1,540		54,163
alstria office REIT-AG*(d)		4,356		95,025
Altarea SCA		88		15,586
ARA LOGOS Logistics Trust		70,400		42,954
Arena REIT(a)		14,212		46,961
ARGAN SA		1,035		129,946
Argosy Property Ltd.		68,432		66,965
Artis REIT		23,355		223,119
Ascendas REIT		70,135		143,159
Ascott Residence Trust		30,164		22,754
Assura plc		57,957		52,020
Aventus Group		20,768		47,408
Befimmo SA		616		22,995
Big Yellow Group plc(a)		4,224		84,667
Boardwalk REIT(a)		8,145		358,257
British Land Co. plc (The)		10,868		80,225
BWP Trust		12,444		34,807
Canadian Apartment Properties REIT(a)		1,012		44,489
Capital & Counties Properties plc		43,340		99,606
CapitaLand China Trust		73,814		64,416
CapitaLand Integrated Commercial Trust		77,546		111,259

Investments	Shares		Value ($)
Care Property Invest NV		1,540		43,590
Carmila SA(a)		19,336		318,632
CDL Hospitality Trusts		36,800		30,754
Centuria Industrial REIT		20,592		55,131
Centuria Office REIT		164,385		250,166
Champion REIT(a)		24,000		12,065
Charter Hall Group		8,140		96,119
Charter Hall Long Wale REIT		7,926		26,916
Charter Hall Retail REIT		6,292		17,776
Charter Hall Social Infrastructure REIT		16,192		43,807
Choice Properties REIT		3,957		45,146
Cofinimmo SA		507		74,397
Comforia Residential REIT, Inc.(a)		19		50,788
Cominar REIT(a)		45,255		415,970
Covivio		660		54,676
CRE Logistics REIT, Inc.		44		76,143
Crombie REIT		3,256		44,316
Cromwell European REIT(b)		23,174		60,268
Cromwell Property Group(a)		48,403		28,646
CT REIT(a)		3,432		45,740
Daiwa House REIT Investment Corp.		42		124,660
Daiwa Securities Living Investments Corp.		26		25,317
Derwent London plc		1,508		68,890
Dexus		14,476		104,540
Dexus Industria REIT		18,568		40,816
Dream Office REIT(a)		1,452		28,063
ESR-REIT		252,000		79,207
Far East Hospitality Trust		53,976		22,155
First Capital REIT		1,819		25,401
Fortune REIT		92,000		94,743
Frasers Centrepoint Trust		33,249		55,573
Frasers Hospitality Trust		39,200		12,901
Frasers Logistics & Commercial Trust(b)		43,839		44,418
Frontier Real Estate Investment Corp.		12		50,458
Fukuoka REIT Corp.		26		36,442
Gecina SA		704		94,781
Global One Real Estate Investment Corp.		48		47,073
GLP J-REIT		74		118,618
Goodman Group		28,215		460,991
Goodman Property Trust		19,085		31,085
GPT Group (The)(a)		29,568		103,952
Granite REIT(a)		484		36,717
Great Portland Estates plc(a)		15,255		155,855
Growthpoint Properties Australia Ltd.		4,004		11,058
H&R REIT(a)		5,632		57,215
Hamborner REIT AG		6,058		66,301
Hammerson plc(a)		171,380		89,122
Hankyu Hanshin REIT, Inc.(a)		26		33,531
Heiwa Real Estate REIT, Inc.		43		52,619
Hibernia REIT plc		34,222		48,644
HomeCo Daily Needs REIT(b)		41,888		40,284
Hoshino Resorts REIT, Inc.		16		89,980

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Hulic Reit, Inc.		23		32,975
ICADE		836		59,837
Ichigo Office REIT Investment Corp.		128		91,091
Industrial & Infrastructure Fund Investment Corp.(a)		44		73,508
Ingenia Communities Group		28,468		110,515
Inmobiliaria Colonial Socimi SA		7,185		63,146
InterRent REIT		6,380		79,963
Invincible Investment Corp.		121		37,857
Irish Residential Properties REIT plc		25,256		47,394
Irongate Group(a)		57,992		75,383
Itochu Advance Logistics Investment Corp.(a)		44		59,723
Japan Hotel REIT Investment Corp.		77		37,289
Japan Logistics Fund, Inc.(a)		19		52,437
Japan Metropolitan Fund Invest		147		123,366
Japan Prime Realty Investment Corp.		13		42,309
Japan Real Estate Investment Corp.		24		131,222
Kenedix Office Investment Corp.		9		54,363
Kenedix Retail REIT Corp.		31		72,318
Keppel DC REIT		21,100		33,394
Keppel Pacific Oak US REIT(b)		265,500		196,470
Keppel REIT		27,933		23,137
Killam Apartment REIT(a)		19,260		331,197
Kiwi Property Group Ltd.		3,973		2,962
Klepierre SA		3,960		104,143
Land Securities Group plc		12,804		135,744
LaSalle Logiport REIT		44		70,110
Lendlease Global Commercial REIT		337,500		204,674
Link REIT		39,223		335,764
LondonMetric Property plc		19,536		69,930
LXI REIT plc(b)		57,332		113,072
Manulife US REIT(b)		114,400		73,788
Mapletree Commercial Trust		34,368		45,751
Mapletree Industrial Trust		35,086		65,130
Mapletree Logistics Trust		45,115		56,387
Mapletree North Asia Commercial Trust(b)		49,500		39,537
Mercialys SA		20,385		223,946
Merlin Properties Socimi SA		2,992		33,641
Mirai Corp.		88		36,773
Mirvac Group		68,490		125,945
Mitsui Fudosan Logistics Park, Inc.(a)		9		44,209
Montea NV		396		54,513
Mori Hills REIT Investment Corp.		16		19,579
National Storage REIT		35,156		60,932
Nextensa		1,012		83,609
Nippon Accommodations Fund, Inc.		8		43,185
Nippon Building Fund, Inc.		24		138,303
Nippon Prologis REIT, Inc.		41		127,386
NIPPON REIT Investment Corp.		11		36,945
Nomura Real Estate Master Fund, Inc.		95		131,339

Investments	Shares		Value ($)
NorthWest Healthcare Properties REIT(a)		4,268		44,902
NTT UD REIT Investment Corp.		23		30,820
One REIT, Inc.		14		36,195
Orix JREIT, Inc.(a)		49		70,082
OUE Commercial REIT		2,977		903
Parkway Life REIT		12,500		44,281
Precinct Properties New Zealand Ltd.		22,735		24,039
Primary Health Properties plc		28,776		55,479
Prime US REIT(b)		189,000		146,475
Property for Industry Ltd.(a)		26,697		48,479
Reit 1 Ltd.		15,092		108,853
Retail Estates NV		4,455		357,075
RioCan REIT(a)		2,596		45,172
Rural Funds Group		20,724		41,613
Safestore Holdings plc		4,488		76,230
Samty Residential Investment Corp.		44		44,563
Sasseur REIT(b)		149,600		87,958
Scentre Group		73,665		151,550
Secure Income REIT plc		14,030		79,623
Segro plc		19,530		341,156
Sekisui House Reit, Inc.		55		37,327
Shaftesbury plc		8,712		72,527
Shopping Centres Australasia Property Group		32,912		65,159
SOSiLA Logistics REIT, Inc.		44		61,098
SPH REIT		44,800		31,807
Star Asia Investment Corp.(a)		699		365,803
Starhill Global REIT		146,296		67,081
Stockland		59,220		168,563
Stride Property Group		32,208		42,305
Summit Industrial Income REIT(a)		3,212		54,552
Sunlight REIT		55,000		29,907
Suntec REIT		43,500		48,900
Target Healthcare REIT plc		40,084		61,738
Tokyu REIT, Inc.(a)		21		33,771
Tritax Big Box REIT plc		33,836		107,770
UK Commercial Property REIT Ltd.		63,932		70,078
Unibail-Rodamco-Westfield*(a)		3,240		244,400
Unibail-Rodamco-Westfield, CHDI*		5		19
UNITE Group plc (The)		6,028		83,624
United Urban Investment Corp.		40		47,038
Vicinity Centres(a)		65,692		75,442
Vital Healthcare Property Trust(a)		25,078		51,222
Warehouse Reit plc(b)		20,284		45,339
Warehouses De Pauw CVA		3,060		130,762
Waypoint REIT Ltd.		43,262		82,601
Workspace Group plc		8,954		101,451
Xior Student Housing NV(b)		924		50,392
				14,579,932
Food & Staples Retailing - 1.8%
Aeon Co. Ltd.(a)		15,013		339,608
Ain Holdings, Inc.		800		40,824
Alimentation Couche-Tard, Inc.		14,490		584,134
Arcs Co. Ltd.(a)		20,818		389,169

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Axfood AB		1,496		37,936
Axial Retailing, Inc.(a)		9,000		255,023
Belc Co. Ltd.		5,300		247,464
Carrefour SA		13,770		261,180
Coles Group Ltd.		20,250		231,128
Cosmos Pharmaceutical Corp.(a)		200		24,838
Create SD Holdings Co. Ltd.		500		13,409
Daikokutenbussan Co. Ltd.		400		15,622
Dairy Farm International Holdings Ltd.		7,600		20,292
Dino Polska SA*(b)		1,012		77,618
Empire Co. Ltd., Class A		3,212		99,052
Endeavour Group Ltd.		25,344		112,136
Etablissements Franz Colruyt NV		1,044		42,225
George Weston Ltd.		1,594		173,738
GrainCorp Ltd., Class A		10,837		55,584
Heiwado Co. Ltd.(a)		14,700		245,967
HelloFresh SE*		2,565		168,324
Inageya Co. Ltd.		11,198		135,960
Itochu-Shokuhin Co. Ltd.		1,900		80,221
J Sainsbury plc(a)		32,120		125,274
Jeronimo Martins SGPS SA		5,280		126,427
Kato Sangyo Co. Ltd.(a)		12,100		343,914
Kesko OYJ, Class A		2,248		64,260
Kesko OYJ, Class B		5,175		162,027
Kobe Bussan Co. Ltd.(a)		1,900		58,703
Koninklijke Ahold Delhaize NV		25,200		812,306
Kusuri no Aoki Holdings Co. Ltd.		600		35,565
Lawson, Inc.		800		34,992
Loblaw Cos. Ltd.		2,700		208,200
MARR SpA		1,155		24,380
MatsukiyoCocokara & Co.		2,400		81,545
Maxvalu Nishinihon Co. Ltd.		4,400		72,592
Maxvalu Tokai Co. Ltd.		500		11,907
Metcash Ltd.		29,436		81,920
Metro, Inc.		4,635		247,786
Mitsubishi Shokuhin Co. Ltd.		4,400		107,456
North West Co., Inc. (The)(a)		17,595		484,907
Ocado Group plc*		10,575		213,387
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		3,623		289,361
San-A Co. Ltd.		7,700		271,647
Seven & i Holdings Co. Ltd.		18,300		888,279
Sheng Siong Group Ltd.		51,500		56,750
Shop Apotheke Europe NV*(a)(b)		748		96,261
Shufersal Ltd.		3,578		33,441
Sligro Food Group NV*(a)		2,552		64,797
Sonae SGPS SA		366,210		417,911
Sugi Holdings Co. Ltd.		800		46,518
Sundrug Co. Ltd.		1,600		40,061
Tesco plc		182,650		727,806
Tsuruha Holdings, Inc.		900		72,094
United Super Markets Holdings, Inc.		2,000		18,156
Valor Holdings Co. Ltd.		19,900		380,125
Welcia Holdings Co. Ltd.		2,300		61,779
Woolworths Group Ltd.		19,710		477,979

Investments	Shares			Value ($)
Zur Rose Group AG*(a)		260			62,972
					10,954,937
Food Products - 2.9%
a2 Milk Co. Ltd. (The)*(a)		12,579			46,098
AAK AB		2,860			53,268
Agrana Beteiligungs AG		6,028			116,497
Ajinomoto Co., Inc.		8,200			227,230
Ariake Japan Co. Ltd.(a)		800			42,213
Aryzta AG*		62,524			70,781
Associated British Foods plc		8,055			209,764
Ausnutria Dairy Corp. Ltd.*		315,000			399,125
Austevoll Seafood ASA		4,884			64,199
Bakkafrost P/F		1,281			87,784
Bakkavor Group plc(b)		38,192			62,821
Barry Callebaut AG (Registered)		38			86,608
Bega Cheese Ltd.		22,616			81,264
Bell Food Group AG (Registered)		900			270,662
Calbee, Inc.		3,200			73,234
Chocoladefabriken Lindt & Spruengli AG		24			276,333
Chocoladefabriken Lindt & Spruengli AG (Registered)		3			343,805
Cloetta AB, Class B		16,456			43,264
Costa Group Holdings Ltd.(a)		16,050			31,549
Cranswick plc		924			45,422
Danone SA		11,205			693,984
DyDo Group Holdings, Inc.(a)		500			20,525
Ebro Foods SA		1,618			29,891
Elders Ltd.		13,024			100,019
Emmi AG (Registered)		41			45,533
First Pacific Co. Ltd.		900,000			346,263
First Resources Ltd.		5,100			6,223
Fuji Oil Holdings, Inc.		1,200			24,130
Fujicco Co. Ltd.(a)		2,000			33,569
Glanbia plc		2,024			27,703
Golden Agri-Resources Ltd.		213,400			38,667
Greencore Group plc*		27,148			44,983
Grieg Seafood ASA*(a)		3,299			33,893
Hilton Food Group plc		3,916			54,535
Hokuto Corp.(a)		9,000			151,998
House Foods Group, Inc.(a)		2,400			61,320
Inghams Group Ltd.(a)		155,250			358,771
Itoham Yonekyu Holdings, Inc.		2,100			12,247
Japfa Ltd.(a)		201,820			91,794
JDE Peet’s NV		1,804			53,803
Kagome Co. Ltd.		900			23,292
Kameda Seika Co. Ltd.(a)		900			32,532
Kernel Holding SA*		17,730			225,631
Kerry Group plc, Class A(a)		2,655			333,341
Kewpie Corp.		2,100			43,030
Kikkoman Corp.		3,500			261,836
KWS Saat SE & Co. KGaA		704			54,454
Leroy Seafood Group ASA		5,456			45,234
Maple Leaf Foods, Inc.		301			7,318
Maruha Nichiro Corp.(a)		18,000			382,105
Megmilk Snow Brand Co. Ltd.		20,000			354,611
Mehadrin Ltd.*		—	(e)		20
MEIJI Holdings Co. Ltd.		2,800			173,990

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Morinaga & Co. Ltd.		1,100		34,845
Morinaga Milk Industry Co. Ltd.		1,200		57,696
Mowi ASA		6,255		152,516
Nestle SA (Registered)		47,520		6,077,742
Neto Malinda Trading Ltd.*		3,520		140,678
NH Foods Ltd.		3,200		122,473
Nichirei Corp.		1,600		36,548
Nippn Corp.(a)		28,500		415,782
Nippon Suisan Kaisha Ltd.		13,200		61,289
Nisshin Oillio Group Ltd. (The)		10,100		262,964
Nisshin Seifun Group, Inc.		2,690		37,540
Nissin Foods Holdings Co. Ltd.		1,500		105,836
Norway Royal Salmon ASA		132		2,857
Orkla ASA		14,111		134,209
Premier Foods plc		286,470		453,524
Premium Brands Holdings Corp.		660		62,264
Prima Meat Packers Ltd.		9,000		196,051
Riken Vitamin Co. Ltd.(a)		10,800		158,591
S Foods, Inc.		7,500		228,466
Sakata Seed Corp.		2,800		81,649
Salmar ASA		748		50,655
Saputo, Inc.(a)		4,455		99,798
Savencia SA		1,716		123,497
Schouw & Co. A/S		4,680		393,449
Showa Sangyo Co. Ltd.(a)		13,500		314,814
Societe LDC SA		1,773		200,741
Strauss Group Ltd.		952		31,396
Suedzucker AG		1,979		27,464
SunOpta, Inc.*		5,588		29,262
Synlait Milk Ltd.*(a)		1,760		3,641
Tassal Group Ltd.(a)		69,750		173,473
Tate & Lyle plc		11,000		104,252
Toyo Suisan Kaisha Ltd.		1,800		73,343
United Malt Grp Ltd.		25,168		73,766
Vilmorin & Cie SA		1,612		90,714
Viscofan SA		825		49,894
Vitasoy International Holdings Ltd.(a)		72,000		140,352
WH Group Ltd.(a)(b)		154,000		102,699
Wilmar International Ltd.		76,500		241,582
Yakult Honsha Co. Ltd.		2,500		126,275
Yamazaki Baking Co. Ltd.(a)		2,900		41,301
				18,115,054
Gas Utilities - 0.3%
AltaGas Ltd.(a)		6,953		142,745
APA Group(a)		16,324		109,950
Brookfield Infrastructure Corp., Class A		704		46,669
Enagas SA(a)		5,625		121,068
Hong Kong & China Gas Co. Ltd.		161,907		249,166
Italgas SpA		6,908		45,441
Keppel Infrastructure Trust		55,647		23,047
Naturgy Energy Group SA(a)		5,355		168,863
Nippon Gas Co. Ltd.(a)		6,000		83,055
Osaka Gas Co. Ltd.		10,300		174,490
Rubis SCA		2,784		89,444
Saibu Gas Holdings Co. Ltd.(a)		1,400		26,524
Shizuoka Gas Co. Ltd.		22,500		195,270

Investments	Shares		Value ($)
Snam SpA		32,310		179,649
Superior Plus Corp.(a)		10,208		103,701
Toho Gas Co. Ltd.		2,000		54,415
Tokyo Gas Co. Ltd.		11,400		229,039
				2,042,536
Health Care Equipment & Supplies - 1.3%
Advanced Medical Solutions Group plc		10,648		42,143
Alcon, Inc.		8,550		650,536
Ambu A/S, Class B(a)		3,172		66,548
Ansell Ltd.(a)		2,200		41,478
Arjo AB, Class B		4,131		41,070
Asahi Intecc Co. Ltd.		3,200		54,044
BioMerieux		825		96,228
Carl Zeiss Meditec AG		731		115,993
Cellavision AB		1,320		42,793
Cochlear Ltd.		906		122,909
Coloplast A/S, Class B		1,800		259,913
ConvaTec Group plc(b)		26,224		61,747
Demant A/S*		1,980		86,809
DiaSorin SpA		293		44,965
Draegerwerk AG & Co. KGaA		1,496		82,174
Draegerwerk AG & Co. KGaA (Preference)		2,880		165,782
Eckert & Ziegler Strahlen- und Medizintechnik AG		1,012		86,956
Eiken Chemical Co. Ltd.		1,600		23,759
El.En. SpA		2,684		42,905
Elekta AB, Class B(a)		6,069		61,626
Fisher & Paykel Healthcare Corp. Ltd.		11,093		202,168
Fukuda Denshi Co. Ltd.		4,500		323,367
Getinge AB, Class B		3,190		123,579
GN Store Nord A/S		2,064		123,642
Hogy Medical Co. Ltd.		1,200		32,076
Hoya Corp.		6,500		832,350
Japan Lifeline Co. Ltd.(a)		25,500		221,749
Jeol Ltd.		1,100		58,711
Koninklijke Philips NV		15,121		498,095
Medistim ASA		1,188		40,639
Menicon Co. Ltd.(a)		1,900		41,669
Nagaileben Co. Ltd.		1,500		27,195
Nanosonics Ltd.*(a)		16,777		60,047
Nihon Kohden Corp.		2,300		60,382
Nipro Corp.		5,200		47,837
Olympus Corp.(a)		22,500		497,255
Paramount Bed Holdings Co. Ltd.		1,600		26,411
PolyNovo Ltd.*(a)		32,604		30,092
Revenio Group OYJ		924		47,771
Riverstone Holdings Ltd.		237,600		123,883
Sartorius AG (Preference)		450		240,169
Sedana Medical AB*		4,620		36,924
Siemens Healthineers AG(b)		5,175		329,275
Smith & Nephew plc		15,795		265,634
Sonova Holding AG (Registered)		861		302,397
STRATEC SE		308		41,363
Straumann Holding AG (Registered)		191		310,897

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Surgical Science Sweden AB*		1,584		33,499
Sysmex Corp.		2,700		253,773
Terumo Corp.		13,000		469,117
Xvivo Perfusion AB*		1,892		53,208
Ypsomed Holding AG (Registered)		81		15,016
				7,960,568
Health Care Providers & Services - 0.7%
Alfresa Holdings Corp.		5,500		77,852
Ambea AB(b)		31,050		172,147
Amplifon SpA		2,112		88,854
Arvida Group Ltd.(a)		33,660		37,581
As One Corp.(a)		800		39,228
Australian Clinical Labs Ltd.*(b)		42,300		151,695
Australian Pharmaceutical Industries Ltd.(a)		148,995		159,561
BML, Inc.		10,900		328,726
CareTech Holdings plc		41,670		305,250
Chartwell Retirement Residences(a)		5,472		53,481
China Evergrande New Energy Vehicle Group Ltd.*(a)		40,000		18,467
CVS Group plc		4,455		117,867
dentalcorp Holdings Ltd.*		3,652		46,404
EBOS Group Ltd.		2,014		51,453
Fagron		2,504		42,807
Fresenius Medical Care AG & Co. KGaA		4,275		287,824
Fresenius SE & Co. KGaA		9,945		407,583
Galenica AG(b)		792		55,377
H.U. Group Holdings, Inc.		22,500		567,846
Healius Ltd.(a)		14,608		45,697
Integral Diagnostics Ltd.(a)		13,068		38,025
Korian SA		572		12,440
Mediclinic International plc*		11,132		47,524
Medicover AB, Class B		1,320		38,748
Medipal Holdings Corp.		5,100		91,134
NMC Health plc*(d)		2,074		62
Oceania Healthcare Ltd.		48,312		37,440
Orpea SA		950		41,320
Raffles Medical Group Ltd.		4,124		3,904
Ramsay Health Care Ltd.		3,240		143,333
Ryman Healthcare Ltd.(a)		8,272		53,783
Ship Healthcare Holdings, Inc.(a)		1,800		40,054
Solasto Corp.		4,400		40,095
Sonic Healthcare Ltd.		8,190		218,751
Spire Healthcare Group plc*(b)		14,036		44,725
Summerset Group Holdings Ltd.		6,644		53,234
Suzuken Co. Ltd.		1,880		55,556
Toho Holdings Co. Ltd.(a)		26,700		415,011
Uniphar plc		9,064		39,830
Well Health Technologies Corp.*(a)		16,192		58,183
				4,528,852
Health Care Technology - 0.1%
CompuGroup Medical SE & Co. KGaA		624		40,991
Craneware plc		1,936		49,351
EMIS Group plc		2,728		48,020
M3, Inc.		6,900		260,430

Investments	Shares		Value ($)
Nexus AG		880		61,754
Pro Medicus Ltd.(a)		1,100		34,953
Sectra AB, Class B*		2,948		48,164
				543,663
Hotels, Restaurants & Leisure - 1.2%
888 Holdings plc		8,316		28,451
Accor SA*		3,740		135,671
Arcland Service Holdings Co. Ltd.		1,400		26,341
Aristocrat Leisure Ltd.		11,385		323,660
Atom Corp.(a)		5,800		38,507
Autogrill SpA*(a)		7,876		58,572
Basic-Fit NV*(b)		1,196		56,551
Betsson AB, Class B*		47,070		260,713
Cafe de Coral Holdings Ltd.		38,000		64,425
Carnival plc*		4,488		79,843
Collins Foods Ltd.(a)		6,204		50,966
Colowide Co. Ltd.(a)		3,500		50,119
Compass Group plc		30,960		693,261
Corporate Travel Management Ltd.*(a)		3,366		49,304
Create Restaurants Holdings, Inc.(a)		4,400		27,914
Crown Resorts Ltd.*		2,112		17,990
Dalata Hotel Group plc*		18,392		87,418
Domino’s Pizza Enterprises Ltd.(a)		1,398		101,845
Domino’s Pizza Group plc		26,136		135,563
Doutor Nichires Holdings Co. Ltd.		2,700		37,328
Elior Group SA*(b)		7,543		44,942
Entain plc*		10,485		223,809
Evolution AB(b)		3,105		377,692
Flight Centre Travel Group Ltd.*(a)		4,576		53,325
Flutter Entertainment plc*		1,493		224,045
Flutter Entertainment plc - XDUB*(a)		1,064		160,185
Food & Life Cos. Ltd.(a)		2,000		59,015
Fuji Kyuko Co. Ltd.(a)		1,000		35,409
Galaxy Entertainment Group Ltd.*		36,000		206,603
Genting Singapore Ltd.		104,400		56,750
Greggs plc		2,464		88,199
Hongkong & Shanghai Hotels Ltd. (The)*		66,000		63,481
Ichibanya Co. Ltd.(a)		1,000		39,878
Imperial Hotel Ltd.		2,700		42,553
InterContinental Hotels Group plc*		2,655		173,153
J D Wetherspoon plc*		3,795		45,417
Jumbo Interactive Ltd.		3,476		43,764
Kindred Group plc, SDR		7,392		84,777
KOMEDA Holdings Co. Ltd.		1,200		22,089
Kura Sushi, Inc.(a)		1,400		41,675
Kyoritsu Maintenance Co. Ltd.(a)		1,600		56,515
La Francaise des Jeux SAEM(b)		1,364		56,024
Mandarin Oriental International Ltd.*		8,000		17,280
McDonald’s Holdings Co. Japan Ltd.		1,100		47,924
Melco International Development Ltd.*		21,000		24,427
Melia Hotels International SA*		9,988		74,838

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
MGM China Holdings Ltd.*(a)		32,400		21,399
Mitchells & Butlers plc*		22,924		77,013
Monogatari Corp. (The)		700		37,605
MOS Food Services, Inc.(a)		2,100		54,949
MTY Food Group, Inc.(a)		1,452		64,894
Ohsho Food Service Corp.		704		36,170
Oriental Land Co. Ltd.(a)		3,900		672,875
Playtech plc*		8,360		65,503
Plenus Co. Ltd.		1,000		17,010
Restaurant Brands International, Inc.		4,905		274,214
Restaurant Brands New Zealand Ltd.*		1,154		10,989
Restaurant Group plc (The)*		15,488		19,678
Round One Corp.		5,100		61,479
Royal Holdings Co. Ltd.*(a)		1,600		24,731
Saizeriya Co. Ltd.(a)		1,800		41,304
Sands China Ltd.*		40,400		111,135
Scandic Hotels Group AB*(b)		17,204		71,827
Shangri-La Asia Ltd.*		32,000		24,951
SJM Holdings Ltd.*(a)		76,000		48,538
SkiStar AB		2,828		43,356
Skylark Holdings Co. Ltd.(a)		3,700		48,006
Sodexo SA		1,496		137,582
SSP Group plc*		20,152		73,757
Star Entertainment Grp Ltd. (The)*		11,421		27,439
Tabcorp Holdings Ltd.		45,634		158,185
Tokyotokeiba Co. Ltd.(a)		1,200		43,532
Toridoll Holdings Corp.(a)		1,100		21,928
Trainline plc*(b)		34,012		102,216
TUI AG, DI*		28,116		95,172
Webjet Ltd.*(a)		2,112		7,247
Whitbread plc*		2,508		101,686
Wynn Macau Ltd.*		12,800		11,524
Yoshinoya Holdings Co. Ltd.(a)		4,900		100,573
Zensho Holdings Co. Ltd.(a)		1,800		42,959
				7,439,637
Household Durables - 1.4%
Azorim-Investment Development & Construction Co. Ltd.*		4,285		26,173
Barratt Developments plc		24,885		204,195
Bellway plc		2,640		100,485
Berkeley Group Holdings plc		2,069		116,510
Bonava AB, Class B		33,128		284,818
Breville Group Ltd.(a)		2,420		48,593
Cairn Homes plc		38,456		53,349
Casio Computer Co. Ltd.		3,600		44,647
Countryside Properties plc*(b)		13,624		56,006
Crest Nicholson Holdings plc		97,290		418,998
De’ Longhi SpA(a)		1,012		34,487
DFS Furniture plc		108,360		343,827
Dom Development SA		2,244		63,034
Electra Consumer Products 1970 Ltd.		4,009		249,920
Electrolux AB, Class B		7,401		151,761
Fiskars OYJ Abp		574		14,188
Focusrite plc		2,156		38,399
Forbo Holding AG (Registered)		24		45,987

Investments	Shares		Value ($)
Fujitsu General Ltd.		2,100		42,173
Glenveagh Properties plc*(a)(b)		34,100		46,636
Haseko Corp.		3,500		43,923
Iida Group Holdings Co. Ltd.		5,400		111,117
JM AB		1,842		69,227
JS Global Lifestyle Co. Ltd.(a)(b)		22,000		34,985
Kaufman & Broad SA		6,615		259,910
Ki-Star Real Estate Co. Ltd.		3,300		199,332
Man Wah Holdings Ltd.(a)		19,200		29,498
Nagawa Co. Ltd.(a)		500		41,875
Neinor Homes SA(b)		16,650		202,325
Nikon Corp.		5,800		59,699
Nobia AB		54,585		296,489
Open House Group Co. Ltd.		1,800		92,011
Panasonic Corp.		54,000		586,982
Persimmon plc		7,605		244,266
Pressance Corp.		9,000		162,933
Redrow plc		10,340		86,010
Rinnai Corp.		600		53,009
Sangetsu Corp.		2,256		31,033
SEB SA		616		92,601
Sekisui Chemical Co. Ltd.		11,300		195,648
Sekisui House Ltd.(a)		16,900		339,467
Sharp Corp.		6,200		68,282
Sony Group Corp.		21,300		2,351,365
Sumitomo Forestry Co. Ltd.		3,300		57,279
Tama Home Co. Ltd.(a)		4,400		88,821
Tamron Co. Ltd.(a)		4,400		95,007
Taylor Wimpey plc		89,505		181,087
Token Corp.(a)		2,600		209,173
TomTom NV*(a)		6,776		64,337
Victoria plc*		5,192		66,176
Vistry Group plc		7,172		98,388
Vitec Group plc (The)		2,376		40,803
Zojirushi Corp.(a)		1,300		16,179
				8,953,423
Household Products - 0.4%
Earth Corp.		600		30,358
Essity AB, Class A(a)		616		17,159
Essity AB, Class B		9,810		275,253
Henkel AG & Co. KGaA		1,810		141,929
Henkel AG & Co. KGaA (Preference)		3,150		255,867
Lion Corp.		6,800		88,405
Pigeon Corp.(a)		2,400		46,573
Reckitt Benckiser Group plc		12,330		994,372
Sano-Brunos Enterprises Ltd.		308		35,135
Unicharm Corp.		8,300		318,890
				2,203,941
Independent Power and Renewable Electricity Producers - 0.2%
Albioma SA		1,496		57,991
Boralex, Inc., Class A		2,081		54,078
Brookfield Renewable Corp.		2,068		70,717
Capital Power Corp.		2,596		80,587
ContourGlobal plc(b)		17,776		44,550
Corp. ACCIONA Energias Renovables SA*		1,276		38,749

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Doral Group Renewable Energy Resources Ltd.*		2,244		9,074
Drax Group plc		13,640		109,984
EDP Renovaveis SA		5,236		109,291
Electric Power Development Co. Ltd.(a)		3,100		40,383
Encavis AG		7,436		115,617
Enlight Renewable Energy Ltd.*		14,280		31,995
eRex Co. Ltd.(a)		2,700		35,289
ERG SpA		704		20,377
Falck Renewables SpA		5,060		49,349
Innergex Renewable Energy, Inc.		559		8,197
Meridian Energy Ltd.		28,875		82,681
Neoen SA*(a)(b)		1,144		40,294
Northland Power, Inc.(a)		3,652		105,701
Scatec ASA(b)		988		14,417
Solaria Energia y Medio Ambiente SA*		4,928		85,074
TransAlta Corp.		6,864		74,426
Uniper SE		2,028		90,935
Voltalia SA (Registered)*		2,112		38,828
				1,408,584
Industrial Conglomerates - 1.1%
Arad Investment & Industrial Development Ltd.		1,125		161,046
Bonheur ASA		1,276		44,365
CK Hutchison Holdings Ltd.		65,356		462,665
DCC plc		2,340		194,835
Hitachi Ltd.		23,300		1,200,943
Indus Holding AG		7,450		283,949
Investment AB Latour, Class B		2,024		62,211
Italmobiliare SpA		245		8,706
Jardine Cycle & Carriage Ltd.		3,600		54,021
Jardine Matheson Holdings Ltd.		6,200		364,808
Keihan Holdings Co. Ltd.		2,500		57,518
Keppel Corp. Ltd.		30,800		128,699
Lifco AB, Class B		4,576		105,697
Melrose Industries plc		74,884		149,697
Nisshinbo Holdings, Inc.		57,400		473,248
Nolato AB, Class B		3,080		31,215
Noritsu Koki Co. Ltd.		800		14,289
NWS Holdings Ltd.		44,000		43,675
Rheinmetall AG		1,144		118,111
Siemens AG (Registered)		13,365		2,095,705
Smiths Group plc		5,500		114,413
Storskogen Group AB, Class B*(a)		17,380		77,459
TOKAI Holdings Corp.(a)		47,795		364,192
Toshiba Corp.(a)		7,800		320,732
				6,932,199
Insurance - 4.2%
Admiral Group plc		4,815		203,104
Aegon NV		26,004		145,607
Ageas SA		4,770		227,736
AIA Group Ltd.		205,000		2,120,313
Allianz SE (Registered)		9,720		2,477,233
Alm Brand A/S		236,430		445,980
ASR Nederland NV		3,702		170,936
Assicurazioni Generali SpA(a)		27,540		573,608

Investments	Shares		Value ($)
AUB Group Ltd.		4,928		80,030
Aviva plc		87,570		510,134
AXA SA		49,500		1,551,209
Baloise Holding AG (Registered)		1,080		187,569
Beazley plc*		13,904		91,593
Clal Insurance Enterprises Holdings Ltd.*		2,684		62,418
CNP Assurances		3,124		76,344
Coface SA		5,065		66,374
Conduit Holdings Ltd.		4,092		23,772
Dai-ichi Life Holdings, Inc.		27,100		604,796
Direct Line Insurance Group plc		22,704		92,875
Fairfax Financial Holdings Ltd.		585		282,334
Gjensidige Forsikring ASA		2,860		69,479
Great Eastern Holdings Ltd.		2,400		37,451
Great-West Lifeco, Inc.(a)		6,488		202,578
Grupo Catalana Occidente SA		704		23,557
Hannover Rueck SE		1,260		251,418
Harel Insurance Investments & Financial Services Ltd.		3,957		45,488
Helvetia Holding AG (Registered)		880		109,451
Hiscox Ltd.		5,060		65,905
iA Financial Corp., Inc.		3,105		201,930
IDI Insurance Co. Ltd.		3,036		109,966
Insurance Australia Group Ltd.		44,730		133,622
Intact Financial Corp.		2,880		390,016
Japan Post Holdings Co. Ltd.*		25,400		215,721
Japan Post Insurance Co. Ltd.		4,400		76,563
Just Group plc*		426,780		490,995
Lancashire Holdings Ltd.		96,210		706,068
Legal & General Group plc		140,490		541,716
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		40,084		71,445
Manulife Financial Corp.		44,820		932,840
Mapfre SA		22,440		48,336
Medibank Pvt Ltd.		53,667		116,836
Menora Mivtachim Holdings Ltd.		1,761		42,820
Migdal Insurance & Financial Holdings Ltd.		26,952		47,242
MS&AD Insurance Group Holdings, Inc.		10,400		354,354
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		3,240		1,013,521
nib holdings Ltd.(a)		11,260		49,424
NN Group NV		7,695		427,682
Phoenix Group Holdings plc		16,515		146,283
Phoenix Holdings Ltd. (The)		5,085		60,087
Poste Italiane SpA(b)		12,537		166,610
Power Corp. of Canada		13,239		425,338
Powszechny Zaklad Ubezpieczen SA		9,856		87,149
Protector Forsikring ASA		4,092		54,064
Prudential plc		44,595		739,210
PSC Insurance Group Ltd.		14,212		46,260
QBE Insurance Group Ltd.(a)		34,020		266,773
Sampo OYJ, Class A		9,135		449,039
SCOR SE		3,124		105,480

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Societa Cattolica Di Assicurazione SpA*(a)		16,060		101,898
Sompo Holdings, Inc.		8,600		399,604
Steadfast Group Ltd.		17,908		58,417
Storebrand ASA		13,156		139,203
Sun Life Financial, Inc.(a)		14,535		822,751
Suncorp Group Ltd.		26,460		205,812
Swiss Life Holding AG (Registered)		720		457,806
Swiss Re AG		6,885		741,706
T&D Holdings, Inc.		13,500		197,770
Talanx AG		968		45,836
Tokio Marine Holdings, Inc.		17,100		1,013,608
Topdanmark A/S		880		50,143
Trisura Group Ltd.*		2,200		74,296
Tryg A/S		5,124		120,779
Unipol Gruppo SpA		6,080		33,778
UnipolSai Assicurazioni SpA(a)		11,528		33,367
UNIQA Insurance Group AG		45,855		420,994
Wuestenrot & Wuerttembergische AG		7,920		166,380
Yunfeng Financial Group Ltd.*(a)		312,000		68,822
Zurich Insurance Group AG		3,645		1,725,312
				26,194,964
Interactive Media & Services - 0.2%
Adevinta ASA*		6,732		69,917
Auto Trader Group plc(b)		16,290		145,907
Baltic Classifieds Group plc*		16,280		36,149
Better Collective A/S*(a)		2,464		51,106
carsales.com Ltd.		5,148		79,940
Dip Corp.		1,400		43,558
Kakaku.com, Inc.		1,600		32,659
New Work SE		159		34,757
REA Group Ltd.		1,056		107,955
Rightmove plc		13,545		118,086
Scout24 SE(b)		1,232		72,617
SEEK Ltd.(a)		5,781		118,076
Trustpilot Group plc*(b)		10,868		26,669
Wirtualna Polska Holding SA(b)		1,936		63,272
Z Holdings Corp.		47,000		235,398
				1,236,066
Internet & Direct Marketing Retail - 0.5%
Allegro.eu SA*(b)		3,080		28,287
ASKUL Corp.(a)		1,000		12,098
ASOS plc*		1,370		40,676
Auction Technology Group plc*		4,356		62,650
Belluna Co. Ltd.(a)		15,600		97,750
BHG Group AB*		7,216		68,456
boohoo Group plc*		15,511		22,194
Boozt AB*(a)(b)		2,508		46,618
Cazoo Group Ltd.*		3,471		16,451
Delivery Hero SE*(b)		2,970		226,131
Demae-Can Co. Ltd.*(a)		8,800		56,439
Dustin Group AB(b)		3,680		37,454
Just Eat Takeaway.com NV*(b)		1,936		93,883
Mercari, Inc.*(a)		1,900		70,410
Moneysupermarket.com Group plc		22,168		56,242
Moonpig Group plc*		13,596		56,949

Investments	Shares		Value ($)
Oisix ra daichi, Inc.*(a)		2,000		41,067
Prosus NV*		14,985		1,233,659
Rakuten Group, Inc.(a)		16,100		138,469
Redbubble Ltd.*(a)		20,372		25,549
Takkt AG		2,728		45,871
Temple & Webster Group Ltd.*(a)		7,304		43,638
THG plc*(a)		21,032		37,191
Zalando SE*(b)(d)		938		73,584
Zalando SE*(b)		1,942		152,345
ZOZO, Inc.		2,800		73,630
				2,857,691
IT Services - 1.7%
AddNode Group AB		2,640		101,820
Adesso SE		220		44,836
Adyen NV*(b)		540		1,082,953
Alten SA		616		98,954
Amadeus IT Group SA*		8,010		543,601
Appen Ltd.(a)		2,420		16,402
Atea ASA*		2,420		40,713
Atos SE		3,080		109,105
Bechtle AG		1,364		80,611
Bell System24 Holdings, Inc.(a)		14,700		180,266
Bouvet ASA		5,764		44,090
CANCOM SE		2,026		121,506
Capgemini SE		2,610		577,701
Capita plc*(a)		656,595		278,195
CGI, Inc.*		4,050		345,610
Change, Inc.*(a)		3,500		43,346
Computacenter plc		1,092		38,942
Computershare Ltd.		11,970		164,368
Comture Corp.(a)		2,300		55,332
Converge Technology Solutions Corp.*		11,792		92,441
Data#3 Ltd.		12,760		49,535
Digital Garage, Inc.		1,300		45,411
DTS Corp.		2,100		44,433
Econocom Group SA/NV(a)		29,084		114,926
Edenred		4,455		189,275
EML Payments Ltd.*(a)		24,816		51,928
FDM Group Holdings plc		3,850		55,269
Formula Systems 1985 Ltd.		389		43,347
Fujitsu Ltd.		3,200		417,132
Future Corp.		3,400		42,815
GFT Technologies SE		924		45,368
GMO internet, Inc.		1,200		25,234
GMO Payment Gateway, Inc.		1,000		85,485
Indra Sistemas SA*		9,988		100,657
Infocom Corp.		1,600		25,078
Infomart Corp.		5,300		30,266
Itochu Techno-Solutions Corp.		2,400		64,778
Keywords Studios plc		1,144		38,678
KNOW IT AB		1,144		41,426
Matrix IT Ltd.		924		25,637
Megaport Ltd.*(a)		3,960		37,386
Mitsubishi Research Institute, Inc.		4,500		145,476
NCC Group plc		23,672		60,343
NEC Corp.		6,500		251,031

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
NEC Networks & System Integration Corp.		2,400		34,201
NET One Systems Co. Ltd.		2,300		53,715
Nexi SpA*(b)		8,235		119,178
NEXTDC Ltd.*(a)		10,736		80,709
Nihon Unisys Ltd.		1,100		28,563
Nomura Research Institute Ltd.		6,845		235,246
NS Solutions Corp.		800		22,530
NTT Data Corp.		10,600		201,099
Nuvei Corp.*(b)		836		50,924
Obic Co. Ltd.		1,300		211,768
One Software Technologies Ltd.		3,388		58,852
Otsuka Corp.		2,500		100,347
Relia, Inc.		15,300		128,667
Reply SpA		484		80,354
S&T AG(a)		3,168		57,496
SCSK Corp.		2,700		45,154
SHIFT, Inc.*		300		48,844
Shopify, Inc., Class A*		1,935		1,866,762
Softcat plc		2,288		50,404
Solutions 30 SE*(a)		5,136		39,928
Sopra Steria Group SACA		396		68,851
SUNeVision Holdings Ltd.(a)		90,000		79,063
TechMatrix Corp.		3,300		46,396
TELUS International CDA, Inc.*		4,860		137,416
TietoEVRY OYJ		1,598		47,113
TIS, Inc.		4,800		124,681
Transcosmos, Inc.		9,000		227,060
Tyro Payments Ltd.*		8,888		14,027
Wise plc, Class A*		9,328		75,490
Worldline SA*(b)		4,770		228,244
				10,654,788
Leisure Products - 0.4%
Accell Group NV*		1,452		93,918
Bandai Namco Holdings, Inc.		4,000		277,960
Beneteau SA*		2,904		47,919
BRP, Inc.		639		53,083
Games Workshop Group plc		684		72,864
GLOBERIDE, Inc.		9,000		213,704
Harvia OYJ(b)		748		39,074
Heiwa Corp.		2,450		38,868
MIPS AB(b)		440		43,109
Mizuno Corp.		9,000		171,760
Sega Sammy Holdings, Inc.		2,600		43,234
Shimano, Inc.		1,600		355,687
Snow Peak, Inc.		1,600		32,160
Spin Master Corp.*(b)		1,936		66,522
Technogym SpA(b)		4,905		41,376
Thule Group AB(b)		2,024		96,624
Tomy Co. Ltd.(a)		36,500		353,200
Universal Entertainment Corp.*		300		6,126
Yamaha Corp.		3,400		153,144
Yonex Co. Ltd.		5,600		34,701
				2,235,033
Life Sciences Tools & Services - 0.4%
AddLife AB, Class B		1,496		42,729
Bachem Holding AG (Registered), Class B		88		51,701

Investments	Shares		Value ($)
Chemometec A/S		572		58,602
Clinigen Group plc		5,270		64,271
Ergomed plc*(a)		2,420		36,526
Eurofins Scientific SE(a)		2,250		223,900
Evotec SE*		3,111		124,222
Gerresheimer AG		755		67,200
Lonza Group AG (Registered)		1,260		857,187
Oxford Nanopore Technologies plc*		5,808		37,793
QIAGEN NV*		4,369		216,222
Sartorius Stedim Biotech		360		156,218
Tecan Group AG (Registered)		220		105,812
Wuxi Biologics Cayman, Inc.*(b)		45,000		438,311
				2,480,694
Machinery - 3.2%
Aalberts NV		1,404		84,895
Aichi Corp.		13,200		93,021
Aida Engineering Ltd.		26,500		240,104
Alfa Laval AB		5,400		180,210
Alstom SA(a)		4,739		152,201
Amada Co. Ltd.		7,200		68,798
ANDRITZ AG		2,081		109,735
Atlas Copco AB, Class A		11,295		657,315
Atlas Copco AB, Class B		7,110		358,695
ATS Automation Tooling Systems, Inc.*		1,980		80,800
Beijer Alma AB		2,304		58,130
Bobst Group SA (Registered)*		528		44,319
Bodycote plc		11,283		120,270
Burckhardt Compression Holding AG		132		61,885
Bystronic AG		55		71,597
Cargotec OYJ, Class B		684		33,676
CKD Corp.		2,500		45,324
CNH Industrial NV		18,630		278,491
Concentric AB		2,420		67,927
Construcciones y Auxiliar de Ferrocarriles SA		720		28,249
Daetwyler Holding AG		176		68,430
Daifuku Co. Ltd.		2,300		157,891
Danieli & C Officine Meccaniche SpA(a)		528		14,264
Danieli & C Officine Meccaniche SpA (Retirement Savings Plan)		4,004		71,098
Deutz AG*		7,436		50,348
DMG Mori Co. Ltd.		2,100		32,824
Duerr AG		2,684		117,342
Ebara Corp.(a)		2,600		125,459
Electrolux Professional AB, Class B*		4,532		31,390
Epiroc AB, Class A		10,360		218,652
Epiroc AB, Class B		8,055		144,374
FANUC Corp.		3,100		604,261
Fincantieri SpA*(a)		217,939		138,035
FLSmidth & Co. A/S(a)		3,696		123,287
Fluidra SA		912		28,728
Frencken Group Ltd.		30,800		37,357
Fuji Corp.		1,000		22,781

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Fujitec Co. Ltd.		2,400		56,384
Fukushima Galilei Co. Ltd.		4,500		163,832
GEA Group AG		3,330		155,850
Georg Fischer AG (Registered)		44		63,421
Giken Ltd.		1,200		40,668
Glory Ltd.		22,600		421,893
Harmonic Drive Systems, Inc.(a)		1,500		58,256
Hino Motors Ltd.		10,300		88,318
Hirata Corp.		800		39,852
Hitachi Construction Machinery Co. Ltd.		2,800		70,228
Hitachi Zosen Corp.		12,400		81,573
Hoshizaki Corp.		1,200		88,002
Husqvarna AB, Class B		7,480		103,175
IHI Corp.		2,500		49,642
IMI plc		3,784		83,716
Indutrade AB		5,130		125,913
Interpump Group SpA		1,584		96,507
Interroll Holding AG (Registered)		19		79,588
Japan Steel Works Ltd. (The)(a)		900		29,486
JOST Werke AG(b)		6,210		310,131
Jungheinrich AG (Preference)		3,105		131,014
Kardex Holding AG (Registered)		264		72,589
Kawasaki Heavy Industries Ltd.(a)		2,800		53,631
KION Group AG		1,485		135,306
Kitz Corp.		31,300		180,642
Komatsu Ltd.		17,200		418,860
Komax Holding AG (Registered)*		176		53,610
Kone OYJ, Class B		6,480		415,651
Konecranes OYJ		2,273		90,047
Krones AG		484		47,529
Kubota Corp.		20,000		424,213
Kurita Water Industries Ltd.		2,500		100,673
Kyokuto Kaihatsu Kogyo Co. Ltd.		13,600		171,616
Makino Milling Machine Co. Ltd.		9,000		306,184
Makita Corp.		4,900		181,116
Manitou BF SA		5,490		203,707
Max Co. Ltd.		2,800		44,275
Meidensha Corp.(a)		17,000		356,745
Metso Outotec OYJ		13,905		146,741
MINEBEA MITSUMI, Inc.		7,311		176,327
MISUMI Group, Inc.		3,900		125,233
Mitsubishi Heavy Industries Ltd.		9,000		242,057
Miura Co. Ltd.		2,100		61,328
Morgan Advanced Materials plc		20,416		87,652
Morita Holdings Corp.		16,100		177,034
Nabtesco Corp.		2,900		89,221
Nachi-Fujikoshi Corp.		8,800		324,964
Neles OYJ		989		13,759
NFI Group, Inc.		3,960		59,472
NGK Insulators Ltd.		7,900		132,187
Nikkiso Co. Ltd.(a)		31,900		233,107
Nitta Corp.		9,000		218,390
Nittoku Co. Ltd.		1,300		34,016
Norma Group SE		2,596		93,764
NSK Ltd.(a)		9,600		64,736
NTN Corp.*		211,500		420,338
OC Oerlikon Corp. AG (Registered)		469		4,488

Investments	Shares		Value ($)
OKUMA Corp.		1,000		43,046
Organo Corp.		3,100		224,378
OSG Corp.		1,500		26,036
Palfinger AG		787		26,731
Pfeiffer Vacuum Technology AG		220		42,863
Rational AG		55		45,612
Rotork plc		13,640		61,854
Sandvik AB		18,450		478,936
Savaria Corp.(a)		3,080		44,900
Schindler Holding AG		722		178,435
Schindler Holding AG (Registered)		220		54,442
Sembcorp Marine Ltd.*(a)		791,769		48,016
SFS Group AG		220		31,734
Shibaura Machine Co. Ltd.		2,349		66,765
Shibuya Corp.		9,000		198,082
Shima Seiki Manufacturing Ltd.		1,300		19,462
Shinmaywa Industries Ltd.		21,800		165,924
Skellerup Holdings Ltd.		10,736		41,600
SKF AB, Class A		2,427		54,863
SKF AB, Class B		5,895		128,079
SMC Corp.		1,100		605,155
Spirax-Sarco Engineering plc		1,260		224,073
Stabilus SA		1,188		78,973
Stadler Rail AG(a)		1,056		49,837
Star Micronics Co. Ltd.		13,500		169,534
Sumitomo Heavy Industries Ltd.		3,300		85,489
Tadano Ltd.		8,900		76,854
Takeuchi Manufacturing Co. Ltd.		2,600		63,903
Takuma Co. Ltd.		31,700		400,841
Techtronic Industries Co. Ltd.		30,500		500,670
THK Co. Ltd.(a)		1,700		41,650
Tocalo Co. Ltd.		3,800		45,478
Toyota Industries Corp.		3,800		293,513
Trelleborg AB, Class B		4,796		119,256
Tsubaki Nakashima Co. Ltd.		4,400		53,804
Tsubakimoto Chain Co.		11,200		309,586
Tsugami Corp.		21,400		244,226
Union Tool Co.		500		16,056
Valmet OYJ		2,904		109,479
VAT Group AG(b)		495		197,883
Vesuvius plc		9,944		60,943
Volvo AB, Class A		3,212		72,746
Volvo AB, Class B		28,305		631,503
Wacker Neuson SE		1,713		42,361
Wartsila OYJ Abp		5,720		69,636
Weir Group plc (The)		3,920		90,933
Yaskawa Electric Corp.(a)		4,500		185,702
				19,942,662
Marine - 0.5%
AP Moller - Maersk A/S, Class A		68		226,417
AP Moller - Maersk A/S, Class B		135		481,438
Clarkson plc		1,408		62,244
D/S Norden A/S		9,180		207,464
Dfds A/S*		660		32,019
Golden Ocean Group Ltd.		6,644		59,763
Kawasaki Kisen Kaisha Ltd.*(a)		2,000		122,890
Kuehne + Nagel International AG (Registered)		765		213,876

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Mitsui OSK Lines Ltd.(a)		3,300		252,029
MPC Container Ships A/S*		18,920		63,554
Nippon Yusen KK		3,800		293,513
NS United Kaiun Kaisha Ltd.		4,500		118,139
Pacific Basin Shipping Ltd.(a)		1,800,000		761,778
SITC International Holdings Co. Ltd.		24,000		90,798
Stolt-Nielsen Ltd.		9,020		162,472
Wallenius Wilhelmsen ASA*		8,536		45,992
Wilh Wilhelmsen Holding ASA, Class A		4,576		110,858
				3,305,244
Media - 1.0%
4imprint Group plc		836		31,405
Ascential plc*(b)		28,170		132,885
Atresmedia Corp. de Medios de Comunicacion SA		25,344		97,789
Cogeco Communications, Inc.		572		46,928
Cogeco, Inc.		3,150		202,949
Corus Entertainment, Inc., Class B(a)		70,830		280,134
CyberAgent, Inc.		6,300		72,445
Cyfrowy Polsat SA		8,140		62,551
Dentsu Group, Inc.		3,800		129,937
Euromoney Institutional Investor plc		4,083		49,959
Eutelsat Communications SA		3,740		45,992
Future plc		2,332		98,305
Hakuhodo DY Holdings, Inc.		4,700		70,893
Informa plc*(a)		29,655		220,816
Intage Holdings, Inc.(a)		4,100		62,269
IPSOS		15,750		713,292
ITV plc*		82,500		124,134
JCDecaux SA*		968		26,325
Kadokawa Corp.(a)		2,200		45,041
Lagardere SA*		2,552		69,059
Mediaset Espana Comunicacion SA*		51,660		240,330
Metropole Television SA		4,972		96,201
MFE-MediaForEurope NV, Class B		33,079		41,791
Next Fifteen Communications Group plc		5,104		84,228
Nine Entertainment Co. Holdings Ltd.		10,556		19,486
Nippon Television Holdings, Inc.		2,400		24,870
Nordic Entertainment Group AB, Class B*		1,188		45,539
oOh!media Ltd.*(a)		47,520		54,238
Pearson plc		16,422		135,544
ProSiebenSat.1 Media SE		2,772		42,836
Publicis Groupe SA		5,355		358,376
Quebecor, Inc., Class B		2,728		64,478
RAI Way SpA(b)		8,120		45,786
Reach plc		116,325		407,336
RTL Group SA		1,056		59,189
S4 Capital plc*		10,516		72,519
Schibsted ASA, Class A		1,144		33,553
Schibsted ASA, Class B		2,493		64,869

Investments	Shares		Value ($)
SES SA, Receipts		9,724		74,364
Seven West Media Ltd.*(a)		429,570		189,158
Shaw Communications, Inc., Class B		7,048		209,977
Singapore Press Holdings Ltd.		27,000		46,526
SKY Perfect JSAT Holdings, Inc.		52,500		196,377
Storytel AB*(a)		3,740		58,219
Stroeer SE & Co. KGaA		620		46,080
Telenet Group Holding NV		1,320		50,458
Television Francaise 1(a)		38,835		367,210
TX Group AG*		352		55,122
ValueCommerce Co. Ltd.		1,400		42,343
Vivendi SE		15,525		201,881
WPP plc		21,285		328,834
YouGov plc		7,200		112,055
				6,452,881
Metals & Mining - 5.2%
Acerinox SA		7,260		91,558
Agnico Eagle Mines Ltd.		4,050		193,329
Alamos Gold, Inc., Class A		3,971		27,071
Allkem Ltd.*		8,316		52,966
Alumina Ltd.(a)		42,504		56,449
AMG Advanced Metallurgical Group NV		1,540		52,412
Anglo American plc		32,985		1,428,530
Antofagasta plc		7,124		127,359
Aperam SA		1,540		85,903
ArcelorMittal SA		14,175		416,243
Asahi Holdings, Inc.		30,500		585,515
Aurubis AG		1,100		113,223
AVZ Minerals Ltd.*(a)		111,012		54,749
B2Gold Corp.		29,700		106,955
Barrick Gold Corp.		7,230		138,313
Barrick Gold Corp. - XLON		22,380		414,721
Bekaert SA		1,540		71,298
Bellevue Gold Ltd.*(a)		49,941		27,093
BHP Group Ltd.(a)		69,300		2,263,053
BHP Group plc(d)		51,120		1,634,041
BlueScope Steel Ltd.		11,205		144,311
Boliden AB(a)		5,670		226,883
Capricorn Metals Ltd.*(a)		19,272		42,907
Capstone Mining Corp.*		10,472		44,546
Centamin plc		421,110		502,043
Centerra Gold, Inc.(a)		87,750		707,906
Chalice Mining Ltd.*(a)		10,120		55,044
Daido Steel Co. Ltd.		800		30,584
Daiki Aluminium Industry Co. Ltd.(a)		13,500		182,773
De Grey Mining Ltd.*(a)		86,240		68,659
Deterra Royalties Ltd.		15,180		45,775
Dowa Holdings Co. Ltd.		1,100		47,208
Dundee Precious Metals, Inc.		79,785		468,622
Eldorado Gold Corp.*		67,500		590,718
Endeavour Mining plc(a)		2,501		55,691
Endeavour Silver Corp.*(a)		11,132		40,351
Equinox Gold Corp.*(a)		102,735		588,880
Eramet SA*		4,185		426,916
ERO Copper Corp.*		4,268		53,123

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Evolution Mining Ltd.		35,786		88,246
Evraz plc		15,884		106,405
Falcon Metals Ltd.*		1		—	(f)
Ferrexpo plc		10,868		35,257
First Majestic Silver Corp.		3,432		34,838
First Quantum Minerals Ltd.		10,755		264,774
Fortescue Metals Group Ltd.(a)		41,490		580,835
Fortuna Silver Mines, Inc.*(a)		108,135		367,309
Franco-Nevada Corp.		3,015		398,436
Fresnillo plc		3,872		32,458
Glencore plc*		254,250		1,306,469
Gold Road Resources Ltd.		80,872		75,781
Granges AB		40,230		495,219
Greatland Gold plc*		350,768		64,944
Grupa Kety SA		308		45,666
Hill & Smith Holdings plc		5,236		104,952
Hitachi Metals Ltd.*		4,740		85,236
Hochschild Mining plc(a)		104,355		144,908
Hudbay Minerals, Inc.(a)		13,288		95,392
IAMGOLD Corp.*		17,424		42,471
IGO Ltd.(a)		13,200		109,276
Iluka Resources Ltd.		6,916		50,383
Imdex Ltd.		22,176		45,935
ioneer Ltd.*(a)		110,528		51,396
Ivanhoe Mines Ltd., Class A*(a)		13,068		111,897
Jastrzebska Spolka Weglowa SA*		4,532		43,781
JFE Holdings, Inc.		13,500		171,057
K92 Mining, Inc.*		16,544		82,733
KGHM Polska Miedz SA		2,288		77,990
Kinross Gold Corp.		24,079		130,070
Kobe Steel Ltd.		7,000		32,988
Kyoei Steel Ltd.		8,300		111,651
Labrador Iron Ore Royalty Corp.(a)		25,965		799,284
Lake Resources NL*(a)		76,296		49,454
Lithium Americas Corp.*(a)		2,508		65,648
Lundin Gold, Inc.*		6,342		45,877
Lundin Mining Corp.		13,332		111,013
Lynas Rare Earths Ltd.*		20,205		127,407
MAG Silver Corp.*		4,656		63,188
Maruichi Steel Tube Ltd.		1,900		41,982
Mineral Resources Ltd.(a)		3,870		151,081
Mitsubishi Materials Corp.		3,800		67,046
Mitsui Mining & Smelting Co. Ltd.		1,600		44,574
New Gold, Inc.*(a)		242,640		383,477
Newcrest Mining Ltd.		15,750		239,133
Nickel Mines Ltd.(a)		46,684		47,034
Nippon Light Metal Holdings Co. Ltd.		22,500		341,723
Nippon Steel Corp.		21,815		351,293
Norsk Hydro ASA		36,585		278,941
Northern Star Resources Ltd.		18,392		107,423
Novagold Resources, Inc.*		16,808		110,749
OceanaGold Corp.*		1,000		1,541
OceanaGold Corp.*(a)		258,582		398,507
Orla Mining Ltd.*(a)		10,780		35,430
Osisko Gold Royalties Ltd.(a)		9,460		104,433
Osisko Mining, Inc.*		27,456		94,773
Outokumpu OYJ*		7,392		47,133
OZ Minerals Ltd.(a)		7,245		123,426

Investments	Shares		Value ($)
Pan American Silver Corp.(a)		4,082		88,297
Perenti Global Ltd.(a)		328,140		178,017
Perseus Mining Ltd.*(a)		505,800		518,506
Petropavlovsk plc*(a)		1,159,155		232,810
Pilbara Minerals Ltd.*		36,168		81,543
Polymetal International plc		8,190		116,584
Pretium Resources, Inc.*		8,756		118,830
Ramelius Resources Ltd.(a)		293,850		276,388
Regis Resources Ltd.(a)		269,190		322,418
Rio Tinto Ltd.		9,090		714,470
Rio Tinto plc		25,200		1,753,027
Salzgitter AG*		15,795		533,311
Sandfire Resources Ltd.(a)		157,680		743,215
Sandstorm Gold Ltd.(a)		13,772		82,623
Sanyo Special Steel Co. Ltd.		9,400		174,499
Sayona Mining Ltd.*(a)		486,552		41,136
Seabridge Gold, Inc.*(a)		5,588		89,589
Silver Lake Resources Ltd.*(a)		25,344		26,248
SilverCrest Metals, Inc.*		9,416		70,927
Sims Ltd.		5,980		59,870
Solaris Resources, Inc.*		3,872		42,623
South32 Ltd.		122,895		333,355
SSAB AB, Class A*		13,394		78,320
SSAB AB, Class B*		9,504		48,874
SSR Mining, Inc.		5,896		97,030
St Barbara Ltd.(a)		306,180		264,256
Stelco Holdings, Inc.		2,112		61,095
Sumitomo Metal Mining Co. Ltd.		6,300		286,938
Teck Resources Ltd., Class B(a)		10,890		336,170
thyssenkrupp AG*		8,316		83,975
Toho Titanium Co. Ltd.		200		1,534
Tokyo Steel Manufacturing Co. Ltd.		31,500		297,982
Torex Gold Resources, Inc.*		36,405		356,665
Turquoise Hill Resources Ltd.*(a)		37,395		654,515
UACJ Corp.*		11,900		270,480
voestalpine AG		1,880		62,002
Vulcan Energy Resources Ltd.*(a)		6,732		43,588
Wesdome Gold Mines Ltd.*		8,888		76,385
West African Resources Ltd.*(a)		70,224		54,671
Western Areas Ltd.*		19,404		47,029
Westgold Resources Ltd.(a)		164,371		210,191
Wheaton Precious Metals Corp.		7,605		306,460
Yamana Gold, Inc.		24,430		100,847
Yamato Kogyo Co. Ltd.(a)		1,300		39,544
Yodogawa Steel Works Ltd.(a)		11,900		251,374
				32,512,255
Multiline Retail - 0.5%
B&M European Value Retail SA		18,135		137,761
Canadian Tire Corp. Ltd., Class A(a)		1,276		184,136
Dollarama, Inc.		4,545		234,397
Europris ASA(b)		69,255		514,206
H2O Retailing Corp.(a)		5,615		38,595
Harvey Norman Holdings Ltd.(a)		17,952		62,102
Isetan Mitsukoshi Holdings Ltd.		9,100		70,999
Izumi Co. Ltd.(a)		1,300		35,709
J Front Retailing Co. Ltd.		9,100		81,029

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Marks & Spencer Group plc*		49,905		145,828
Marui Group Co. Ltd.(a)		3,200		61,237
Next plc		2,475		248,978
Pan Pacific International Holdings Corp.		7,500		100,434
Ryohin Keikaku Co. Ltd.		6,000		85,190
Seria Co. Ltd.		1,000		25,029
Takashimaya Co. Ltd.		4,400		41,508
Tokmanni Group Corp.		2,948		61,203
Warehouse Group Ltd. (The)(a)		30,712		60,510
Wesfarmers Ltd.		19,620		728,625
				2,917,476
Multi-Utilities - 0.7%
A2A SpA		51,964		97,834
ACEA SpA		1,552		31,142
AGL Energy Ltd.		22,792		114,013
Algonquin Power & Utilities Corp.(a)		12,483		178,146
Atco Ltd., Class I		1,064		35,824
Canadian Utilities Ltd., Class A		1,628		47,273
Centrica plc*		126,324		122,570
E.ON SE		55,980		766,849
Engie SA		40,230		611,256
Hera SpA		19,272		79,459
Iren SpA		19,624		58,604
National Grid plc		66,961		969,893
REN - Redes Energeticas Nacionais SGPS SA		148,860		423,021
RWE AG		11,070		462,997
Sembcorp Industries Ltd.		4,000		6,745
Suez SA(d)		1,530		34,011
Telecom Plus plc		4,843		97,594
Veolia Environnement SA		11,880		425,227
				4,562,458
Oil, Gas & Consumable Fuels - 5.2%
Advantage Energy Ltd.*		10,340		55,936
Aker BP ASA		1,828		62,860
Ampol Ltd.		2,420		50,690
ARC Resources Ltd.(a)		20,655		241,825
Baytex Energy Corp.*		30,404		112,838
Beach Energy Ltd.(a)		39,336		41,017
Birchcliff Energy Ltd.		102,060		503,158
BP plc		477,270		2,451,181
BRIGHTOIL*‡(d)		50,147		—
BW LPG Ltd.(b)		37,485		200,037
Cameco Corp.		7,425		144,261
Canadian Natural Resources Ltd.		28,845		1,466,518
Capricorn Energy plc*		23,656		65,190
Cenovus Energy, Inc.(a)		24,165		351,322
Crescent Point Energy Corp.		19,096		122,972
Denison Mines Corp.*		53,196		64,414
Diversified Energy Co. plc(b)		330,390		470,750
DNO ASA		22,968		33,501
Enbridge, Inc.		33,660		1,422,306
ENEOS Holdings, Inc.		81,050		320,261
Energean plc*		8,008		101,369
Energy Fuels, Inc.*(a)		10,296		63,632
Enerplus Corp.		96,435		1,116,153

Investments	Shares		Value ($)
Eni SpA		57,870		863,320
Equinor ASA		25,245		696,102
Equital Ltd.*		7,110		309,884
Euronav NV		8,360		68,244
FLEX LNG Ltd.		11,250		219,800
Freehold Royalties Ltd.		5,060		52,319
Galp Energia SGPS SA		12,584		137,935
Gaztransport Et Technigaz SA		660		60,040
Gibson Energy, Inc.		4,180		80,392
Hafnia Ltd.*		46,860		85,458
Harbour Energy plc*		13,992		67,243
Idemitsu Kosan Co. Ltd.		5,982		152,113
Imperial Oil Ltd.(a)		5,355		218,992
Inpex Corp.		24,500		245,585
Itochu Enex Co. Ltd.		18,100		157,241
Iwatani Corp.		1,397		65,228
Japan Petroleum Exploration Co. Ltd.		15,200		361,054
Karoon Energy Ltd.*		45,716		61,520
Keyera Corp.(a)		4,972		116,931
Koninklijke Vopak NV		1,558		53,216
Lundin Energy AB		4,264		171,490
MEG Energy Corp.*		4,928		58,665
Mitsuuroko Group Holdings Co. Ltd.		1,200		10,727
Naphtha Israel Petroleum Corp. Ltd.*		7,920		62,807
Neste OYJ		7,830		349,078
New Hope Corp. Ltd.(a)		183,195		292,989
NexGen Energy Ltd.*		16,236		66,767
NuVista Energy Ltd.*		67,140		474,594
Oil Refineries Ltd.*		575,505		188,530
OMV AG(a)		4,005		242,259
Paramount Resources Ltd., Class A(a)		4,048		79,540
Parex Resources, Inc.		46,260		983,543
Parkland Corp.(a)		2,207		58,654
Paz Oil Co. Ltd.*		3,805		534,835
Pembina Pipeline Corp.		8,235		261,334
Peyto Exploration & Development Corp.(a)		63,810		499,723
Polski Koncern Naftowy ORLEN SA		5,060		87,753
Polskie Gornictwo Naftowe i Gazownictwo SA		60,060		77,987
PrairieSky Royalty Ltd.(a)		12,320		158,480
Repsol SA		36,135		455,383
San-Ai Oil Co. Ltd.(a)		26,600		214,000
Santos Ltd.(a)		49,050		246,745
Senex Energy Ltd.		13,816		44,679
Shell plc		184,320		4,665,428
Suncor Energy, Inc.		34,695		990,818
Tamarack Valley Energy Ltd.		129,735		502,904
TC Energy Corp.		16,425		847,725
Topaz Energy Corp.		3,344		47,644
TotalEnergies SE		59,310		3,338,953
Tourmaline Oil Corp.		7,306		260,346
Tullow Oil plc*(a)		564,030		376,701
United Energy Group Ltd.(a)		3,622,000		534,181

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Vermilion Energy, Inc.*		63,720		991,022
Washington H Soul Pattinson & Co. Ltd.		5,850		112,561
Whitecap Resources, Inc.		16,984		119,788
Whitehaven Coal Ltd.*		40,392		76,268
Woodside Petroleum Ltd.(a)		14,400		254,348
Z Energy Ltd.		19,228		44,829
				32,318,886
Paper & Forest Products - 0.6%
Altri SGPS SA		23,175		147,172
Canfor Corp.*		1,464		33,244
Daiken Corp.		6,500		118,690
Daio Paper Corp.		3,745		60,388
Hokuetsu Corp.(a)		67,600		444,702
Holmen AB, Class B		1,540		73,980
Interfor Corp.		24,075		717,063
Metsa Board OYJ, Class B		6,595		70,233
Mondi plc		8,955		220,946
Navigator Co. SA (The)		5,269		19,740
Nippon Paper Industries Co. Ltd.(a)		39,700		400,015
Oji Holdings Corp.		26,000		136,967
Semapa-Sociedade de Investimento e Gestao		3,520		46,956
Stella-Jones, Inc.		3,652		114,430
Stora Enso OYJ, Class R		12,780		256,729
Svenska Cellulosa AB SCA, Class A		3,160		54,506
Svenska Cellulosa AB SCA, Class B		9,540		164,500
Tokushu Tokai Paper Co. Ltd.		4,500		161,293
UPM-Kymmene OYJ		9,180		330,849
West Fraser Timber Co. Ltd.(a)		2,250		208,158
				3,780,561
Personal Products - 0.9%
Beiersdorf AG		1,800		177,728
Blackmores Ltd.(a)		1,320		76,000
euglena Co. Ltd.*(a)		4,400		27,647
Fancl Corp.		400		10,092
Interparfums SA		132		9,914
Jamieson Wellness, Inc.(b)		2,330		64,964
Kao Corp.		7,900		392,995
Kobayashi Pharmaceutical Co. Ltd.		900		69,594
Kose Corp.		700		63,302
L’Occitane International SA		4,500		17,631
L’Oreal SA		4,230		1,786,959
Mandom Corp.		2,600		30,868
Milbon Co. Ltd.		1,000		46,778
Noevir Holdings Co. Ltd.		1,000		44,956
Ontex Group NV*(a)		24,345		176,844
Pola Orbis Holdings, Inc.		2,000		29,490
PZ Cussons plc		28,228		73,017
Rohto Pharmaceutical Co. Ltd.		2,000		54,849
Shiseido Co. Ltd.		6,800		340,044
Unilever plc		20,480		1,040,691
Unilever plc		23,440		1,192,416
				5,726,779
Pharmaceuticals - 4.4%
ALK-Abello A/S*		132		55,407

Investments	Shares		Value ($)
Almirall SA		4,404		56,231
Astellas Pharma, Inc.		31,200		501,068
AstraZeneca plc		25,920		2,996,611
Aurora Cannabis, Inc.*		15,092		63,012
Bausch Health Cos., Inc.*		7,515		184,655
Bayer AG (Registered)		23,805		1,436,742
Camurus AB*(a)		2,860		40,874
Canopy Growth Corp.*		6,156		49,469
Chugai Pharmaceutical Co. Ltd.		11,600		373,596
COSMO Pharmaceuticals NV*(a)		413		25,373
Cronos Group, Inc.*		13,640		50,515
Daiichi Sankyo Co. Ltd.		30,900		687,859
Dechra Pharmaceuticals plc		2,295		127,905
Eisai Co. Ltd.		4,900		245,755
Faes Farma SA*(d)		861		3,307
Faes Farma SA		16,374		62,885
Financiere de Tubize SA(a)		264		26,191
GlaxoSmithKline plc		119,070		2,624,697
H Lundbeck A/S		484		12,236
Haw Par Corp. Ltd.		3,200		27,476
Hikma Pharmaceuticals plc		2,900		80,850
Hisamitsu Pharmaceutical Co., Inc.		1,900		57,301
Hutchmed China Ltd.*		7,150		39,570
Indivior plc*		47,295		142,770
Ipsen SA		770		74,492
JCR Pharmaceuticals Co. Ltd.		2,400		41,887
Kaken Pharmaceutical Co. Ltd.		1,500		53,374
Kissei Pharmaceutical Co. Ltd.		1,400		28,079
KYORIN Holdings, Inc.(a)		4,400		69,575
Kyowa Kirin Co. Ltd.		4,400		109,021
Merck KGaA		2,295		498,846
Mithra Pharmaceuticals SA*(a)(b)		1,848		41,536
Mochida Pharmaceutical Co. Ltd.		900		27,806
Nippon Shinyaku Co. Ltd.		1,400		90,762
Novartis AG (Registered)		40,815		3,512,707
Novo Nordisk A/S, Class B		28,125		2,780,168
Ono Pharmaceutical Co. Ltd.		9,600		231,033
Orion OYJ, Class A		352		14,146
Orion OYJ, Class B		1,404		56,738
Otsuka Holdings Co. Ltd.		9,100		309,428
Recordati Industria Chimica e Farmaceutica SpA		1,628		90,410
Roche Holding AG		11,925		4,571,218
Roche Holding AG - BR		507		206,928
Sanofi		19,125		1,988,479
Santen Pharmaceutical Co. Ltd.		4,500		50,653
Sawai Group Holdings Co. Ltd.		1,800		67,720
Shionogi & Co. Ltd.		4,800		267,734
Sosei Group Corp.*(a)		5,200		68,461
Sumitomo Dainippon Pharma Co. Ltd.		3,600		38,929
Taisho Pharmaceutical Holdings Co. Ltd.		600		29,212
Takeda Pharmaceutical Co. Ltd.		38,817		1,121,137
Teva Pharmaceutical Industries Ltd.*		28,665		241,119
Torii Pharmaceutical Co. Ltd.		800		19,780
Towa Pharmaceutical Co. Ltd.(a)		10,200		247,863
Tsumura & Co.		900		25,346

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
UCB SA		2,385		235,329
Vetoquinol SA		308		44,816
Vifor Pharma AG		856		150,504
Virbac SA		132		52,604
ZERIA Pharmaceutical Co. Ltd.(a)		1,800		29,915
				27,460,110
Professional Services - 1.4%
Adecco Group AG (Registered)		4,050		190,614
AFRY AB, Class B		2,640		58,716
Akka Technologies*		836		45,452
ALS Ltd.		8,712		71,999
Amadeus Fire AG		352		64,871
Applus Services SA		52,020		456,019
BayCurrent Consulting, Inc.		300		111,694
Benefit One, Inc.(a)		1,000		30,072
BeNext-Yumeshin Group Co.		4,400		59,570
BTS Group AB, Class B		1,100		40,952
Bureau Veritas SA		4,393		124,542
Danel Adir Yeoshua Ltd.		220		52,069
DKSH Holding AG		660		52,315
Experian plc		16,335		675,227
Funai Soken Holdings, Inc.		2,700		55,418
GlobalData plc		2,508		45,089
Hays plc		34,264		66,151
Insource Co. Ltd.		1,900		29,961
Intertek Group plc		2,430		174,226
Intertrust NV*(b)		34,605		750,241
IPH Ltd.		13,904		79,936
JAC Recruitment Co. Ltd.		1,300		22,339
LifeWorks, Inc.		5,588		120,960
McMillan Shakespeare Ltd.(a)		24,030		189,789
Meitec Corp.		800		46,379
Nihon M&A Center Holdings, Inc.		4,800		74,442
Nomura Co. Ltd.		6,000		47,646
Omni Bridgeway Ltd.*(a)		116,145		265,129
Pagegroup plc		9,108		70,936
Pasona Group, Inc.		1,800		39,241
Persol Holdings Co. Ltd.		4,200		106,617
Randstad NV		1,892		122,081
Recruit Holdings Co. Ltd.		28,700		1,393,591
RELX plc		33,300		1,014,167
RWS Holdings plc		8,360		56,530
SGS SA (Registered)		90		253,746
SmartGroup Corp. Ltd.		7,766		39,067
SMS Co. Ltd.		2,000		53,808
S-Pool, Inc.		4,400		39,408
Stantec, Inc.		1,848		97,980
SThree plc		7,172		45,225
Synergie SE		440		16,647
TechnoPro Holdings, Inc.		1,100		27,694
Teleperformance		945		353,186
Thomson Reuters Corp.		2,565		275,216
Tinexta Spa		1,056		37,171
UT Group Co. Ltd.		2,000		56,325
Weathernews, Inc.		500		33,586
Wolters Kluwer NV		4,680		473,424
				8,607,464

Investments	Shares		Value ($)
Real Estate Management & Development - 2.3%
ADLER Group SA(a)(b)		32,940		386,243
Aedas Homes SA(b)		7,065		192,057
Aeon Mall Co. Ltd.		1,990		28,548
AFI Properties Ltd.		165		10,463
Airport City Ltd.*		1,928		46,535
Allreal Holding AG (Registered)		366		78,817
Alony Hetz Properties & Investments Ltd.		2,596		48,035
Altus Group Ltd.		2,700		129,523
Amot Investments Ltd.		5,448		45,775
Aroundtown SA		21,120		129,174
Ascendas India Trust		274,500		263,913
Atrium Ljungberg AB, Class B		792		17,089
Azrieli Group Ltd.		532		47,679
Big Shopping Centers Ltd.		16		2,552
Blue Square Real Estate Ltd.		283		25,533
Bukit Sembawang Estates Ltd.		63,000		232,496
CA Immobilien Anlagen AG		572		20,743
Capitaland Investment Ltd.*		45,131		115,151
Castellum AB(a)		5,175		120,863
Catena AB		924		52,169
Cibus Nordic Real Estate AB		3,432		94,054
City Developments Ltd.		9,400		49,011
CK Asset Holdings Ltd.		45,000		299,229
CLS Holdings plc		14,403		43,285
Colliers International Group, Inc.		748		109,065
Corem Property Group AB, Class B		19,888		56,889
Daito Trust Construction Co. Ltd.		1,600		181,905
Daiwa House Industry Co. Ltd.		16,500		477,566
Deutsche EuroShop AG		20,295		379,709
Deutsche Wohnen SE		1,012		40,954
DIC Asset AG		3,740		63,894
Dios Fastigheter AB		7,480		82,781
DREAM Unlimited Corp., Class A		1,584		49,856
Entra ASA(b)		2,068		45,344
ESR Cayman Ltd.*(b)		26,400		88,874
Fabege AB		5,412		80,101
Fastighets AB Balder, Class B*		2,205		144,809
FastPartner AB, Class A		3,124		36,079
FirstService Corp.		676		107,736
Gav-Yam Lands Corp. Ltd.		977		12,329
Gazit-Globe Ltd.		23,563		242,841
Grainger plc		11,088		44,599
Grand City Properties SA		2,508		54,992
Great Eagle Holdings Ltd.		128,555		359,408
GuocoLand Ltd.		102,400		112,840
Hang Lung Group Ltd.		33,000		73,215
Hang Lung Properties Ltd.		44,000		94,009
Heba Fastighets AB, Class B		2,640		42,368
Heiwa Real Estate Co. Ltd.		1,300		44,057
Henderson Land Development Co. Ltd.		33,239		145,147
Hiag Immobilien Holding AG		355		36,070
Ho Bee Land Ltd.		84,000		173,945
Hufvudstaden AB, Class A		2,610		37,064
Hulic Co. Ltd.		14,000		134,016
Hysan Development Co. Ltd.		19,000		58,236
Ichigo, Inc.(a)		5,500		13,413

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Immobel SA(a)		1,665		147,824
IMMOFINANZ AG(a)		2,253		58,140
Intershop Holding AG		76		49,956
Israel Canada T.R Ltd.		7,168		44,302
Isras Investment Co. Ltd.		136		35,013
IWG plc*		18,668		71,080
Jeudan A/S		560		21,262
K Wah International Holdings Ltd.		598,089		233,942
Katitas Co. Ltd.		1,100		33,031
Keihanshin Building Co. Ltd.		4,400		50,558
Kerry Properties Ltd.		16,500		46,553
K-fast Holding AB*(b)		5,148		38,359
Kojamo OYJ		1,980		45,102
LEG Immobilien SE		1,485		195,600
Lendlease Corp. Ltd.(a)		14,937		104,502
Lifestyle Communities Ltd.		5,148		60,825
Mega Or Holdings Ltd.		1,085		48,996
Melisron Ltd.*		460		40,098
Mitsubishi Estate Co. Ltd.		25,300		363,828
Mitsui Fudosan Co. Ltd.		22,300		473,869
Mivne Real Estate KD Ltd.		14,248		60,485
Mobimo Holding AG (Registered)*		352		114,554
Morguard Corp.		1,485		153,206
New World Development Co. Ltd.		33,590		136,556
Nexity SA		18,855		782,472
Nomura Real Estate Holdings, Inc.		1,400		32,587
NP3 Fastigheter AB		396		12,218
Nyfosa AB		2,684		41,407
OUE Ltd.		90,000		87,860
PATRIZIA AG		3,248		70,053
Platzer Fastigheter Holding AB, Class B		3,080		40,587
Prashkovsky Investments and Construction Ltd.		1,672		75,188
Property & Building Corp. Ltd.*		128		16,930
PSP Swiss Property AG (Registered)		531		63,819
Relo Group, Inc.		2,270		40,386
S IMMO AG		2,564		65,389
Sagax AB, Class B		2,420		69,742
Samhallsbyggnadsbolaget i Norden AB		23,265		139,130
SAMTY Co. Ltd.(a)		9,300		167,396
Savills plc		8,145		146,759
Sella Capital Real Estate Ltd., REIT		80,259		291,713
Selvaag Bolig ASA		11,440		66,977
Shun Tak Holdings Ltd.*(a)		900,000		237,767
Singapore Land Group Ltd.		5,656		10,876
Sino Land Co. Ltd.		97,289		125,767
Sirius Real Estate Ltd.		65,648		113,795
Starts Corp., Inc.		13,500		291,734
Sumitomo Realty & Development Co. Ltd.(a)		12,000		368,670
Summit Real Estate Holdings Ltd.*		2,418		59,389
Sun Hung Kai Properties Ltd.		36,500		443,521
Swire Pacific Ltd., Class A		3,500		21,096
Swire Properties Ltd.		24,800		65,836
Swiss Prime Site AG (Registered)		1,314		128,782

Investments	Shares		Value ($)
TAG Immobilien AG		4,270		111,673
Tokyo Tatemono Co. Ltd.		5,200		76,855
Tokyu Fudosan Holdings Corp.(a)		11,200		60,848
Tricon Residential, Inc.(a)		8,448		123,751
UOL Group Ltd.		6,799		36,656
VGP NV		176		49,620
VIB Vermoegen AG		924		52,826
Vonovia SE		12,593		711,202
Wallenstam AB, Class B		4,444		69,559
Watkin Jones plc		13,596		48,521
Wharf Real Estate Investment Co. Ltd.		25,000		118,467
Wihlborgs Fastigheter AB		3,652		74,847
Wing Tai Holdings Ltd.		24,000		31,239
YH Dimri Construction & Development Ltd.		452		46,797
Zensun Enterprises Ltd.(a)		144,000		81,441
				14,502,837
Road & Rail - 1.4%
Aurizon Holdings Ltd.		31,840		78,964
Canadian National Railway Co.		10,530		1,282,759
Canadian Pacific Railway Ltd.		15,300		1,094,026
Central Japan Railway Co.(a)		3,700		486,322
ComfortDelGro Corp. Ltd.		18,400		18,507
East Japan Railway Co.		5,900		335,080
Europcar Mobility Group*(a)(b)		248,805		141,017
Fukuyama Transporting Co. Ltd.		1,000		31,243
Hankyu Hanshin Holdings, Inc.		4,700		135,830
Hitachi Transport System Ltd.		1,300		59,119
Keikyu Corp.(a)		5,700		57,977
Keio Corp.		1,800		80,451
Keisei Electric Railway Co. Ltd.		2,900		81,167
Kelsian Group Ltd.(a)		13,288		65,815
Kintetsu Group Holdings Co. Ltd.*		3,900		112,710
Kyushu Railway Co.		2,100		43,431
Maruzen Showa Unyu Co. Ltd.		6,600		181,862
MTR Corp. Ltd.		25,764		139,103
Mullen Group Ltd.(a)		33,705		311,131
Nagoya Railroad Co. Ltd.*		4,400		69,002
Nankai Electric Railway Co. Ltd.		3,000		59,076
National Express Group plc*		213,840		717,246
Nikkon Holdings Co. Ltd.(a)		25,100		469,434
NIPPON EXPRESS HOLDINGS, Inc.		1,600		94,007
Nishi-Nippon Railroad Co. Ltd.		1,000		22,191
Nobina AB(b)		33,132		383,353
Northgate plc(a)		101,520		523,706
NTG Nordic Transport Group A/S*		792		52,265
Odakyu Electric Railway Co. Ltd.		4,600		80,682
Sakai Moving Service Co. Ltd.		2,900		110,237
Sankyu, Inc.		1,333		47,836
SBS Transit Ltd.		26,000		55,955
Seibu Holdings, Inc.*		2,600		25,159
Seino Holdings Co. Ltd.		3,100		30,536
Senko Group Holdings Co. Ltd.(a)		53,100		423,049
Sixt SE*		308		49,511
Sixt SE (Preference)		298		26,691
Stef SA		1,350		157,086

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
TFI International, Inc.		1,665		160,177
Tobu Railway Co. Ltd.(a)		4,000		93,070
Tokyu Corp.		8,900		117,328
Trancom Co. Ltd.		600		42,283
West Japan Railway Co.		4,500		187,030
				8,733,424
Semiconductors & Semiconductor Equipment - 1.8%
Advantest Corp.		3,100		257,470
AEM Holdings Ltd.		13,200		44,028
AIXTRON SE		8,145		165,902
Alphawave IP Group plc*(a)		19,492		42,235
ams-OSRAM AG*(a)		5,984		98,721
ASM International NV		720		243,750
ASM Pacific Technology Ltd.		5,000		49,631
ASML Holding NV		7,020		4,676,009
BE Semiconductor Industries NV		1,575		130,300
Disco Corp.		600		161,944
Ferrotec Holdings Corp.(a)		15,500		372,888
Furuya Metal Co. Ltd.(a)		1,600		139,414
Infineon Technologies AG		22,095		899,963
Japan Material Co. Ltd.		3,900		56,152
Lasertec Corp.		1,300		282,903
Megachips Corp.		1,000		35,886
Melexis NV		495		51,217
Meyer Burger Technology AG*(a)		160,380		60,876
Mimasu Semiconductor Industry Co. Ltd.		4,600		96,970
Nordic Semiconductor ASA*		3,828		111,628
Nova Ltd.*		352		40,431
Optorun Co. Ltd.		2,900		58,667
REC Silicon ASA*		22,352		38,707
Renesas Electronics Corp.*		24,900		280,496
Rohm Co. Ltd.		1,600		132,194
Sanken Electric Co. Ltd.		1,600		68,805
SCREEN Holdings Co. Ltd.(a)		1,100		107,780
Shinko Electric Industries Co. Ltd.		1,400		63,181
Siltronic AG		405		52,710
SMA Solar Technology AG		1,100		38,448
SOITEC*		528		94,643
STMicroelectronics NV		11,160		515,927
SUMCO Corp.		5,700		102,746
Tokyo Electron Ltd.		2,700		1,282,456
Tokyo Seimitsu Co. Ltd.		1,600		66,583
Tower Semiconductor Ltd.*		2,191		74,257
Tri Chemical Laboratories, Inc.		1,800		47,880
Ulvac, Inc.		1,000		49,989
X-Fab Silicon Foundries SE*(b)		4,400		42,172
				11,135,959
Software - 1.4%
Altium Ltd.(a)		1,716		43,162
Asseco Poland SA		3,212		64,373
Atoss Software AG		176		34,882
Avast plc(b)		6,996		57,556
AVEVA Group plc		2,332		91,296
BlackBerry Ltd.*(a)		8,682		71,406
Blue Prism Group plc*		6,908		117,056
BrainChip Holdings Ltd.*(a)		89,100		89,455
Bytes Technology Group plc		10,736		66,431

Investments	Shares		Value ($)
Constellation Software, Inc.		315		542,259
Dassault Systemes SE		11,577		550,908
Descartes Systems Group, Inc. (The)*		1,408		102,384
Digital Arts, Inc.		1,000		57,974
Docebo, Inc.*		1,100		62,136
dotdigital group plc		20,856		41,077
Dubber Corp. Ltd.*(a)		23,408		29,191
Dye & Durham Ltd.(a)		3,388		97,926
Enghouse Systems Ltd.		2,552		89,856
FD Technologies plc*		132		2,869
Freee KK*		1,200		46,240
F-Secure OYJ		8,140		39,967
Fuji Soft, Inc.		700		29,008
GB Group plc		7,524		66,321
Hansen Technologies Ltd.(a)		15,092		52,102
Hilan Ltd.		865		55,176
Hut 8 Mining Corp.*(a)		9,856		58,277
Ideagen plc		13,640		49,593
IRESS Ltd.		6,556		52,565
Kape Technologies plc*		8,536		42,374
Kinaxis, Inc.*(a)		520		67,414
Learning Technologies Group plc		20,240		45,376
Lectra		1,188		50,606
Lightspeed Commerce, Inc.*		2,184		70,854
LINK Mobility Group Holding ASA*		24,552		37,164
Magic Software Enterprises Ltd.		2,288		43,373
Micro Focus International plc		147,420		895,180
Miroku Jyoho Service Co. Ltd.		1,000		10,380
Money Forward, Inc.*(a)		1,100		48,687
Nemetschek SE		884		80,407
Netcompany Group A/S(b)		440		32,046
Nice Ltd.*		1,081		274,523
Open Text Corp.		4,770		228,186
Oracle Corp. Japan		800		59,154
QT Group OYJ*		308		35,010
Rakus Co. Ltd.		1,600		31,521
Sage Group plc (The)		16,875		163,192
SAP SE		18,270		2,261,066
SimCorp A/S		660		60,955
Sinch AB*(b)		7,462		75,259
Software AG		1,320		50,429
Systena Corp.		7,600		23,019
TeamViewer AG*(b)		3,960		59,130
Technology One Ltd.(a)		7,884		57,935
Temenos AG (Registered)		1,215		143,613
Trend Micro, Inc.		2,500		131,482
Truecaller AB, Class B*		3,168		25,150
Vitec Software Group AB, Class B		2,332		104,057
Vobile Group Ltd.*(a)(b)		46,000		31,148
Voyager Digital Ltd.*(a)		62,415		505,484
WiseTech Global Ltd.		3,555		113,462
				8,519,082
Specialty Retail - 1.8%
ABC-Mart, Inc.		700		31,712
Accent Group Ltd.(a)		26,488		37,884
Adairs Ltd.(a)		54,405		118,060

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Alpen Co. Ltd.(a)		4,600		79,445
Arcland Sakamoto Co. Ltd.(a)		12,900		174,426
Aritzia, Inc.*		1,716		79,566
Autobacs Seven Co. Ltd.(a)		29,100		350,539
Bic Camera, Inc.(a)		4,100		35,547
Bilia AB, Class A		3,652		54,267
Carasso Motors Ltd.		9,988		67,797
CECONOMY AG*		66,015		290,979
City Chic Collective Ltd.*(a)		15,004		51,904
Clas Ohlson AB, Class B(a)		13,815		166,654
Currys plc		455,715		649,929
DCM Holdings Co. Ltd.		51,900		489,610
Delek Automotive Systems Ltd.		20,761		316,862
Dufry AG (Registered)*		1,188		60,481
Dunelm Group plc		2,604		46,501
Eagers Automotive Ltd.(a)		4,180		37,520
EDION Corp.(a)		31,500		292,241
Fast Retailing Co. Ltd.		1,100		639,523
Fenix Outdoor International AG		369		46,727
Fielmann AG		607		38,377
Fnac Darty SA		7,785		457,730
Fox Wizel Ltd.		123		23,727
Frasers Group plc*		4,620		45,372
H & M Hennes & Mauritz AB, Class B(a)		11,700		229,811
Hikari Tsushin, Inc.(a)		400		47,559
Hornbach Baumarkt AG		2,684		143,067
Hornbach Holding AG & Co. KGaA		3,555		539,590
IDOM, Inc.		20,000		114,385
Industria de Diseno Textil SA		18,900		566,538
JB Hi-Fi Ltd.(a)		2,881		93,351
JD Sports Fashion plc		44,135		111,351
JINS Holdings, Inc.(a)		900		55,301
Joshin Denki Co. Ltd.(a)		9,000		162,933
Joyful Honda Co. Ltd.		24,500		323,619
Kathmandu Holdings Ltd.(a)		272,880		250,900
Kid ASA(b)		12,555		142,222
Kingfisher plc		46,036		204,501
Kohnan Shoji Co. Ltd.		10,500		309,373
Komeri Co. Ltd.		13,500		312,823
K’s Holdings Corp.(a)		6,100		59,557
Leon’s Furniture Ltd.		12,391		244,546
Luk Fook Holdings International Ltd.		142,672		375,089
Maisons du Monde SA(b)		2,332		52,754
Mekonomen AB*		16,425		241,076
Musti Group OYJ*(a)		2,068		61,201
Nextage Co. Ltd.		3,200		79,427
Nick Scali Ltd.		6,996		66,887
Nishimatsuya Chain Co. Ltd.(a)		14,800		187,143
Nitori Holdings Co. Ltd.(a)		1,600		227,728
Nojima Corp.(a)		13,500		270,410
Pet Valu Holdings Ltd.		1,716		41,625
Pets at Home Group plc		11,308		64,782
Premier Investments Ltd.(a)		3,036		61,604
Sanrio Co. Ltd.		2,200		42,253
Shimamura Co. Ltd.		500		45,389

Investments	Shares		Value ($)
Sleep Country Canada Holdings, Inc.(b)		1,760		49,612
Super Retail Group Ltd.		5,324		43,624
T-Gaia Corp.		9,800		141,100
USS Co. Ltd.		5,400		87,450
Vivo Energy plc(b)		183,870		326,616
Watches of Switzerland Group plc*(c)		3,344		57,068
WH Smith plc*		1,408		31,131
Yamada Holdings Co. Ltd.		17,300		58,105
Yellow Hat Ltd.(a)		13,700		188,691
				11,395,572
Technology Hardware, Storage & Peripherals - 0.5%
Brother Industries Ltd.		7,600		138,644
Canon, Inc.(a)		21,600		507,734
Eizo Corp.		8,700		296,732
Elecom Co. Ltd.		1,600		19,135
FUJIFILM Holdings Corp.		6,800		450,284
Konica Minolta, Inc.(a)		14,500		60,655
Logitech International SA (Registered)		3,179		262,091
Maxell Ltd.		18,000		191,209
MCJ Co. Ltd.(a)		27,000		229,638
Melco Holdings, Inc.		2,900		91,109
Quadient SA		11,925		241,558
Razer, Inc.*(b)		264,000		77,193
Ricoh Co. Ltd.(a)		17,200		144,049
Riso Kagaku Corp.(a)		1,700		30,275
Seiko Epson Corp.		8,300		127,786
Toshiba TEC Corp.		1,100		41,098
Wacom Co. Ltd.		8,800		63,007
				2,972,197
Textiles, Apparel & Luxury Goods - 1.9%
adidas AG		3,105		843,201
Asics Corp.(a)		3,400		65,152
Brunello Cucinelli SpA*		660		37,844
Burberry Group plc		7,875		197,311
Canada Goose Holdings, Inc.*		2,464		75,559
Chow Sang Sang Holdings International Ltd.		155,000		204,744
Cie Financiere Richemont SA (Registered)		8,775		1,253,033
Coats Group plc		98,856		86,607
Crystal International Group Ltd.(b)		127,500		37,608
Delta Galil Industries Ltd.		1,106		68,426
Descente Ltd.*(a)		1,200		37,023
Dr. Martens plc		8,536		34,861
EssilorLuxottica SA - IM		2,578		479,094
EssilorLuxottica SA - MO(a)		2,642		494,068
Gildan Activewear, Inc.		2,703		107,542
Goldwin, Inc.		1,200		61,757
Gunze Ltd.		6,400		220,785
Hermes International		585		864,652
HUGO BOSS AG		1,232		77,008
Japan Wool Textile Co. Ltd. (The)		24,900		189,303
Kering SA		1,260		926,997
LPP SA		24		93,151

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
LVMH Moet Hennessy Louis Vuitton SE		4,545		3,681,607
Marimekko OYJ		484		39,607
Moncler SpA		3,780		238,734
New Wave Group AB, Class B		2,552		38,660
Pandora A/S		1,890		203,315
Puma SE		1,800		190,077
Samsonite International SA*(a)(b)		93,600		194,461
Seiren Co. Ltd.(a)		3,600		67,485
Spinnova OYJ*(a)		2,948		35,955
Stella International Holdings Ltd.		158,000		175,273
Swatch Group AG (The)		495		142,644
Swatch Group AG (The) (Registered)		792		43,894
Tod’s SpA*(a)		245		13,101
Wacoal Holdings Corp.		3,900		71,011
				11,591,550
Thrifts & Mortgage Finance - 0.5%
Aareal Bank AG		4,545		145,410
Deutsche Pfandbriefbank AG(b)		50,490		615,517
Equitable Group, Inc.		10,125		561,739
First National Financial Corp.(a)		1,452		50,017
Genworth Mortgage Insurance Australia Ltd.		141,390		242,068
Home Capital Group, Inc.*(a)		16,965		480,484
Liberty Financial Group Ltd.(b)		27,280		105,711
Mortgage Advice Bureau Holdings Ltd.		2,596		45,278
OSB Group plc		13,068		96,167
Paragon Banking Group plc		103,635		791,843
Resimac Group Ltd.(a)		81,400		108,966
				3,243,200
Tobacco - 0.7%
British American Tobacco plc		54,360		2,307,207
Imperial Brands plc		22,455		527,670
Japan Tobacco, Inc.		27,000		537,539
Scandinavian Tobacco Group A/S(a)(b)		23,580		505,897
Swedish Match AB		27,855		214,327
				4,092,640
Trading Companies & Distributors - 1.9%
AddTech AB, Class B		4,180		76,129
Ashtead Group plc		7,245		509,925
BayWa AG		1,056		44,273
Beijer Ref AB		4,576		79,077
Bossard Holding AG (Registered), Class A		220		68,170
Brenntag SE		2,255		191,257
Bufab AB		968		36,245
Bunzl plc		6,120		227,196
Diploma plc		1,364		50,362
Electrocomponents plc		5,808		86,572
Ferguson plc		3,915		609,297
Finning International, Inc.		4,111		114,557
Grafton Group plc		5,016		77,526
Hanwa Co. Ltd.		16,300		444,192
Howden Joinery Group plc		12,330		134,325
IMCD NV		1,080		184,265

Investments	Shares		Value ($)
Inaba Denki Sangyo Co. Ltd.		21,500		495,214
Inabata & Co. Ltd.		18,200		272,309
ITOCHU Corp.(a)		35,600		1,132,959
Kanamoto Co. Ltd.		14,623		282,117
Kanematsu Corp.		31,500		338,716
Kloeckner & Co. SE*		30,915		344,478
Marubeni Corp.		43,500		445,287
Mitsubishi Corp.		36,000		1,211,300
Mitsui & Co. Ltd.		38,700		958,390
MonotaRO Co. Ltd.		5,600		90,348
Nagase & Co. Ltd.		2,200		34,788
Nippon Steel Trading Corp.		5,100		227,945
Nishio Rent All Co. Ltd.		9,300		225,912
OEM International AB, Class B		2,244		40,485
Reece Ltd.(a)		5,999		91,886
Rexel SA		4,641		102,126
Richelieu Hardware Ltd.		2,684		105,478
Russel Metals, Inc.(a)		23,940		597,088
Seven Group Holdings Ltd.(a)		3,036		46,374
Sojitz Corp.(a)		6,899		107,055
Sumitomo Corp.		29,200		448,802
Theme International Holdings Ltd.*		1,800,000		180,057
Thermador Groupe		396		43,060
Toromont Industries Ltd.		1,755		148,053
Toyota Tsusho Corp.		5,400		216,047
Travis Perkins plc		5,412		108,008
Trusco Nakayama Corp.(a)		1,800		37,992
Yamazen Corp.		33,700		290,716
Yuasa Trading Co. Ltd.		9,000		226,513
				11,782,871
Transportation Infrastructure - 0.4%
Aena SME SA*(b)		1,125		180,530
Aeroports de Paris*		555		74,441
Atlantia SpA*		6,885		126,692
Atlas Arteria Ltd.		9,240		42,380
Auckland International Airport Ltd.*		22,876		107,871
Enav SpA*(b)		12,657		57,662
Flughafen Zurich AG (Registered)*(a)		320		58,497
Fraport AG Frankfurt Airport Services Worldwide*		890		59,722
Getlink SE		9,077		141,946
Hamburger Hafen und Logistik AG		1,220		26,067
Japan Airport Terminal Co. Ltd.*(a)		1,200		51,447
Kamigumi Co. Ltd.		3,100		59,377
Mitsubishi Logistics Corp.		1,700		40,647
Port of Tauranga Ltd.		5,225		22,099
Qube Holdings Ltd.		36,652		75,145
SATS Ltd.*		19,000		54,942
Sumitomo Warehouse Co. Ltd. (The)(a)		27,000		480,833
Sydney Airport*		18,128		110,606
Transurban Group		51,451		451,310
Westshore Terminals Investment Corp.(a)		3,784		80,304
				2,302,518

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Water Utilities - 0.1%
Pennon Group plc		2,970		43,154
Severn Trent plc		4,230		163,048
United Utilities Group plc		11,475		164,346
				370,548
Wireless Telecommunication Services - 0.9%
Airtel Africa plc(b)		34,804		71,210
Cellcom Israel Ltd.*		34,020		197,734
Freenet AG		2,198		59,357
KDDI Corp.		40,700		1,287,494
Millicom International Cellular SA, SDR*(a)		3,036		80,599
Okinawa Cellular Telephone Co.		4,500		195,075
Orange Belgium SA		1,188		25,809
Partner Communications Co. Ltd.*		6,160		54,258
Rogers Communications, Inc., Class B		5,265		266,893
SoftBank Corp.		67,600		841,297
SoftBank Group Corp.		21,882		951,622
StarHub Ltd.		198,000		188,899
Tele2 AB, Class B		8,052		116,414
VEON Ltd.*		35,992		52,774
Vodafone Group plc		635,400		1,108,400
				5,497,835
TOTAL COMMON STOCKS (COST $519,678,431)				614,219,645
CLOSED END FUNDS - 0.0%(g)
Independent Power and Renewable Electricity Producers - 0.0%(g)
Renewables Infrastructure Group Ltd. (The) (Cost $49,379)		33,616		60,165
Investments	Number of Rights		Value ($)
RIGHTS - 0.0%(g)
Equity Real Estate Investment Trusts (REITs) - 0.0%(g)
LXI REIT plc, expiring 2/8/2022, price 1.42 GBP*(d) (Cost $–)		6,879		461
Investments	Number of Warrants		Value ($)
WARRANTS - 0.0%
Construction & Engineering - 0.0%
Webuild SpA, expiring 8/2/2030*‡(d) (Cost $–)		10,785		—

Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(h) - 1.7%
REPURCHASE AGREEMENTS - 1.7%
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $7,642,411, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.00%, maturing 2/15/2026 - 5/15/2040; total market value $7,752,821		7,642,400		7,642,400
Deutsche Bank AG, London Branch, 0.15%, dated 1/31/2022, due 2/1/2022, repurchase price $1,200,005, collateralized by various U.S. Treasury Securities, ranging from 2.00% - 2.25%, maturing 11/15/2041 - 8/15/2051; Foreign Government Fixed Income Securities, ranging from 0.41% - 2.63%, maturing 5/20/2022 - 11/3/2031; total market value $1,219,535		1,200,000		1,200,000
Societe Generale, New York Branch, 0.05%, dated 1/31/2022, due 2/7/2022, repurchase price $2,000,019, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 2/1/2022 - 8/15/2046; total market value $2,022,652		2,000,000		2,000,000
				10,842,400
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $10,842,400)				10,842,400
Total Investments - 100.3% (Cost $530,570,210)				625,122,671
Liabilities in excess of other assets - (0.3%)				(1,709,318	)
Net Assets - 100.0%				623,413,353

* Non-income producing security.

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

See Accompanying Notes to the Schedules of Investments.

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

(a) The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $57,352,867, collateralized in the form of cash with a value of $10,842,400 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $26,722,817 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from February 10, 2022 – August 15, 2051 and $24,666,326 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 8.50%, and maturity dates ranging from February 25, 2022 – September 20, 2117; a total value of $62,231,543.

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

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

(d) Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $2,045,254, which represents approximately 0.33% of net assets of the Fund.

(e) Amount represents less than one share.

(f) Amount less than one dollar.

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

(h) The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $10,842,400.

Percentages shown are based on Net Assets.

Abbreviations
CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
CVA	Dutch Certification
DI	Depositary Interest
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
SCA	Limited partnership with share capital
SDR	Swedish Depositary Receipt

See Accompanying Notes to the Schedules of Investments.

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

Futures Contracts

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund had the following open futures contracts as of January 31, 2022:

	Number of Contracts		Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Long Contracts
EURO STOXX 50 Index		56		03/18/2022	EUR	$	2,600,810	$	(60,073	)
FTSE 100 Index		22		03/18/2022	GBP		2,183,173		17,580
Hang Seng Index		1		02/25/2022	HKD		153,009		(5,502	)
Nikkei 225 Index		21		03/10/2022	JPY		2,464,960		(106,818	)
S&P/TSX 60 Index		8		03/17/2022	CAD		1,606,416		5,834
SPI 200 Index		7		03/17/2022	AUD		846,799		(56,724	)
								$	(205,703	)

Forward Foreign Currency Contracts

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund had the following outstanding contracts as of January 31, 2022:

Contracts to Receive		Counterparty	In Exchange For			Maturity Date		Unrealized Appreciation/ (Depreciation)
GBP	63,203	JPMorgan Chase Bank		USD	83,633		03/16/2022	$	1,143
GBP	540,000	Toronto-Dominion Bank (The)		USD	716,288		03/16/2022		8,019
NOK	1,450,557	Goldman Sachs & Co.		USD	161,427		03/16/2022		1,142
USD	500,403	JPMorgan Chase Bank		CHF	460,788		03/16/2022		4,927
USD	405,455	Goldman Sachs & Co.		DKK	2,668,253		03/16/2022		3,075
USD	1,728,796	Toronto-Dominion Bank (The)		EUR	1,530,000		03/16/2022		12,112
USD	553,079	Bank of New York		ILS	1,713,030		03/16/2022		13,561
USD	718,436	Toronto-Dominion Bank (The)		JPY	81,419,111		03/16/2022		11,549
USD	482,467	UBS AG		NZD	711,055		03/16/2022		15,802
Total unrealized appreciation								$	71,330
AUD	568,763	Goldman Sachs & Co.		USD	408,152		03/16/2022	$	(7,354	)
CAD	1,644,150	Toronto-Dominion Bank (The)		USD	1,294,812		03/16/2022		(2,106	)
DKK	2,490,000	UBS AG		USD	382,984		03/16/2022		(7,484	)
EUR	1,517,687	JPMorgan Chase Bank		USD	1,724,687		03/16/2022		(21,820	)
HKD	7,052,598	BNP Paribas SA		USD	904,737		03/16/2022		(266	)
ILS	2,080,000	Morgan Stanley		USD	669,847		03/16/2022		(14,752	)
JPY	88,770,000	JPMorgan Chase Bank		USD	774,127		03/16/2022		(3,419	)
JPY	197,540,000	Toronto-Dominion Bank (The)		USD	1,740,229		03/16/2022		(25,171	)
SEK	554,576	Goldman Sachs & Co.		USD	61,196		03/16/2022		(1,758	)
USD	1,473,600	Toronto-Dominion Bank (The)		CAD	1,890,000		03/16/2022		(12,405	)
USD	857,639	Citibank NA		HKD	6,690,000		03/16/2022		(330	)
USD	216,764	BNP Paribas SA		SGD	296,100		03/16/2022		(2,186	)
Total unrealized depreciation								$	(99,051	)
Net unrealized depreciation								$	(27,721	)

See Accompanying Notes to the Schedules of Investments.

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

Abbreviations:

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

DKK — Danish Krone

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

ILS — Israeli Shekel

JPY — Japanese Yen

NOK — Norwegian Krone

NZD — New Zealand Dollar

SEK — Swedish Krona

SGD — Singapore Dollar

USD — US Dollar

See Accompanying Notes to the Schedules of Investments.

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

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2022:

Australia	5.4	%
Austria	0.4
Belgium	1.0
Canada	11.1
Denmark	1.8
Finland	0.8
France	7.4
Germany	6.4
Hong Kong	2.6
Ireland	0.4
Israel	1.2
Italy	2.2
Japan	26.1
Netherlands	3.0
New Zealand	0.3
Norway	1.3
Poland	0.3
Portugal	0.3
Singapore	1.4
Spain	2.0
Sweden	3.5
Switzerland	5.9
United Kingdom	13.8
Other1	1.4
	100.0	%

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

Security Type	% of Net Assets
Common Stocks		98.6%
Closed End Funds		0.0 †
Rights		0.0 †
Warrants		0.0†
Securities Lending Reinvestments		1.7
Others(1)		(0.3)
		100.0%

† Amount represents less than 0.05%.

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund

January 31, 2022 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 99.3%
Aerospace & Defense - 0.3%
AECC Aero-Engine Control Co. Ltd., Class A		5,500		20,374
AECC Aviation Power Co. Ltd., Class A		4,700		35,575
Aselsan Elektronik Sanayi ve Ticaret A/S		6,972		11,226
AVIC Electromechanical Systems Co. Ltd., Class A		5,300		10,092
AviChina Industry & Technology Co. Ltd., Class H		41,000		23,030
Bharat Electronics Ltd.		17,280		48,559
Embraer SA*		16,500		63,110
Hanwha Aerospace Co. Ltd.*		899		35,647
Hanwha Systems Co. Ltd.*		689		8,402
Hindustan Aeronautics Ltd.(a)		2,256		43,646
Korea Aerospace Industries Ltd.*		1,608		47,486
LIG Nex1 Co. Ltd.*		6,112		294,066
United Aircraft Corp. PJSC*^		25,155,036		203,729
				844,942
Air Freight & Logistics - 0.5%
Agility Public Warehousing Co. KSC		33,445		110,858
Aramex PJSC		46,860		52,179
Blue Dart Express Ltd.		265		24,599
Hanjin Transportation Co. Ltd.*		3,300		75,554
Hyundai Glovis Co. Ltd.		770		103,795
Imperial Logistics Ltd.		95,590		398,549
JD Logistics, Inc.*(a)		27,500		81,644
Kerry TJ Logistics Co. Ltd.		99,000		161,061
SF Holding Co. Ltd., Class A		5,500		54,738
Sinotrans Ltd., Class A		23,500		15,026
Sinotrans Ltd., Class H		83,000		26,824
T3EX Global Holdings Corp.		4,000		16,107
YTO Express Group Co. Ltd., Class A		4,700		11,895
Yunda Holding Co. Ltd., Class A		10,600		32,623
ZTO Express Cayman, Inc.		12,300		348,609
				1,514,061
Airlines - 0.2%
Aeroflot PJSC*		74,029		54,639
Air Arabia PJSC*		136,316		53,813
AirAsia Group Bhd.*		174,900		22,774
Azul SA (Preference)*		11,700		64,361
China Airlines Ltd.*		77,000		64,780
China Eastern Airlines Corp. Ltd., Class A*		14,300		12,895
China Southern Airlines Co. Ltd., Class A*		14,100		16,237
Controladora Vuela Cia de Aviacion SAB de CV, Class A*		38,500		68,315
Eva Airways Corp.*		71,798		61,953

Investments	Shares		Value ($)
Gol Linhas Aereas Inteligentes SA (Preference)*		10,600		36,511
Hanjin Kal Corp.*		273		11,912
InterGlobe Aviation Ltd.*(a)		2,103		52,329
Jeju Air Co. Ltd.*		1,962		24,576
Jin Air Co. Ltd.*		658		7,642
Korean Air Lines Co. Ltd.*		3,747		87,964
Pegasus Hava Tasimaciligi A/S*		2,391		19,213
Turk Hava Yollari AO*		16,292		34,878
				694,792
Auto Components - 1.0%
Apollo Tyres Ltd.		151,525		439,919
Autel Intelligent Technology Corp. Ltd., Class A		2,695		26,673
Balkrishna Industries Ltd.		1,925		60,288
Bharat Forge Ltd.		6,473		63,756
Bosch Ltd.		208		46,086
Cheng Shin Rubber Industry Co. Ltd.		55,000		68,320
DTR Automotive Corp.		2,200		142,530
Endurance Technologies Ltd.(a)		1,456		31,264
Exide Industries Ltd.		28,330		65,925
Fuyao Glass Industry Group Co. Ltd., Class A		4,800		35,879
Fuyao Glass Industry Group Co. Ltd., Class H(a)		8,400		45,137
Halla Holdings Corp.*		4,400		147,092
Hankook & Co. Co Ltd.*		907		9,743
Hankook Tire & Technology Co. Ltd.*		2,792		77,935
Hanon Systems		2,756		24,348
Hota Industrial Manufacturing Co. Ltd.		16,134		47,798
Huayu Automotive Systems Co. Ltd., Class A		9,400		40,596
Hyundai Mobis Co. Ltd.		2,310		444,562
Hyundai Wia Corp.*		583		32,451
Kenda Rubber Industrial Co. Ltd.		49,000		52,763
Kordsa Teknik Tekstil A/S*		36,135		91,742
Kumho Tire Co., Inc.*		1		3
Mando Corp.*		1,155		49,247
Minda Industries Ltd.		3,795		56,102
Minth Group Ltd.		12,000		54,940
Motherson Sumi Systems Ltd.		28,296		68,064
Motherson Sumi Wiring India Ltd.*(b)		28,296		15,111
MRF Ltd.		38		36,740
Myoung Shin Industrial Co. Ltd.*		220		4,371
Nan Kang Rubber Tire Co. Ltd.		14,000		22,902
Nexen Tire Corp.*		14,645		75,928
Nexteer Automotive Group Ltd.(c)		28,000		30,594
Ningbo Joyson Electronic Corp., Class A		4,700		13,490
S&T Motiv Co. Ltd.		3,410		123,049
Sebang Global Battery Co. Ltd.*		605		30,815

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Shandong Linglong Tyre Co. Ltd., Class A		5,500		26,362
Sundram Fasteners Ltd.		5,005		56,913
Tianneng Power International Ltd.(c)		342,000		351,757
Tong Yang Industry Co. Ltd.		220,000		249,551
Tube Investments of India Ltd.		1,200		27,263
Weifu High-Technology Group Co. Ltd., Class A		4,700		15,366
				3,303,375
Automobiles - 2.2%
Astra International Tbk. PT		643,500		244,970
Bajaj Auto Ltd.		1,289		61,574
Brilliance China Automotive Holdings Ltd.*(b)		96,000		44,160
BYD Co. Ltd., Class A		2,400		85,513
BYD Co. Ltd., Class H		15,000		425,903
China Motor Corp.		5,400		11,862
Chongqing Changan Automobile Co. Ltd., Class A		13,160		26,422
Chongqing Changan Automobile Co. Ltd., Class B		5,300		2,671
Dongfeng Motor Group Co. Ltd., Class H		1,188,000		1,043,636
DRB-Hicom Bhd.		396,000		138,134
Eicher Motors Ltd.		2,770		98,201
Ford Otomotiv Sanayi A/S		3,376		62,409
Geely Automobile Holdings Ltd.		106,000		226,204
Great Wall Motor Co. Ltd., Class A		4,700		29,505
Great Wall Motor Co. Ltd., Class H(c)		55,000		146,713
Guangzhou Automobile Group Co. Ltd., Class H		78,000		76,024
Hero MotoCorp Ltd.		5,115		186,737
Hyundai Motor Co.		4,950		778,121
Hyundai Motor Co. (2nd Preference)		1,265		100,633
Hyundai Motor Co. (3rd Preference)		54		3,911
Hyundai Motor Co. (Preference)		715		55,278
Kia Corp.		9,350		636,002
Li Auto, Inc., Class A*		11,000		132,324
Mahindra & Mahindra Ltd.		17,380		206,308
Maruti Suzuki India Ltd.		2,475		285,146
NIO, Inc., ADR*		25,905		634,932
Niu Technologies, ADR*		1,135		15,947
Oriental Holdings Bhd.		30,500		39,277
SAIC Motor Corp. Ltd., Class A		27,500		80,616
Sanyang Motor Co. Ltd.		275,000		264,975
Tata Motors Ltd.*		38,060		264,070
Tata Motors Ltd., Class A*		14,002		48,917
Tofas Turk Otomobil Fabrikasi A/S		3,233		19,195
TVS Motor Co. Ltd.		3,564		28,957
UMW Holdings Bhd.		209,000		146,308
XPeng, Inc., ADR*		102		3,579
XPeng, Inc., Class A*		11,000		176,196
Yadea Group Holdings Ltd.(a)		16,000		22,694

Investments	Shares		Value ($)
Yulon Motor Co. Ltd.		26,986		39,586
				6,893,610
Banks - 12.9%
Absa Group Ltd.		23,815		261,519
Abu Dhabi Commercial Bank PJSC(b)		102,945		251,123
Abu Dhabi Islamic Bank PJSC		19,571		36,978
AFFIN Bank Bhd.		213,227		90,681
Agricultural Bank of China Ltd., Class A		441,100		205,119
Agricultural Bank of China Ltd., Class H		990,000		375,810
Akbank TAS		2,667		1,598
Akbank TAS, ADR		60,111		66,122
Al Rajhi Bank		24,585		971,107
Alinma Bank		20,900		166,837
Alliance Bank Malaysia Bhd.		551,800		435,059
Alpha Services and Holdings SA*		70,730		105,453
AMMB Holdings Bhd.*		82,500		64,258
AU Small Finance Bank Ltd.*(a)		2,288		40,152
Axis Bank Ltd.*		46,090		477,468
Banco Bradesco SA*		44,000		155,782
Banco Bradesco SA (Preference)*		165,220		709,419
Banco Davivienda SA (Preference)*		54,835		463,219
Banco de Bogota SA		4,819		93,886
Banco de Chile		1,541,320		154,634
Banco de Credito e Inversiones SA		1,729		62,790
Banco del Bajio SA(a)		368,500		792,536
Banco do Brasil SA		49,500		304,458
Banco do Estado do Rio Grande do Sul SA (Preference), Class B		100,000		206,215
Banco Inter SA*		11,000		53,819
Banco Pan SA (Preference)		10,600		21,819
Banco Santander Chile		2,123,165		105,547
Bancolombia SA		9,900		99,201
Bancolombia SA (Preference)		18,122		162,004
Bandhan Bank Ltd.(a)		6,633		28,048
Bangkok Bank PCL, NVDR		26,300		106,638
Bank Al Habib Ltd.		392,150		166,573
Bank AlBilad*		8,745		129,594
Bank Al-Jazira		6,066		37,380
Bank Central Asia Tbk. PT		1,115,500		591,412
Bank Jago Tbk. PT*		82,500		94,076
Bank Mandiri Persero Tbk. PT		632,500		328,740
Bank Negara Indonesia Persero Tbk. PT		209,000		106,447
Bank of Ayudhya PCL, NVDR		78,400		86,536
Bank of Baroda*		15,706		22,636
Bank of Beijing Co. Ltd., Class A		74,200		52,339
Bank of Changsha Co. Ltd., Class A		9,400		11,592
Bank of Chengdu Co. Ltd., Class A		10,600		23,347
Bank of China Ltd., Class A		225,500		109,467
Bank of China Ltd., Class H		2,640,000		1,025,861
Bank of Communications Co. Ltd., Class A		132,000		98,295

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Bank of Communications Co. Ltd., Class H		716,000		479,320
Bank of Hangzhou Co. Ltd., Class A		18,800		41,644
Bank of India*		5,936		4,319
Bank of Jiangsu Co. Ltd., Class A		53,880		55,697
Bank of Nanjing Co. Ltd., Class A		31,800		49,059
Bank of Ningbo Co. Ltd., Class A		18,150		111,460
Bank of Qingdao Co. Ltd., Class H(a)		53,000		26,168
Bank of Shanghai Co. Ltd., Class A		49,500		54,669
Bank of the Philippine Islands		61,600		118,548
Bank of Zhengzhou Co. Ltd., Class A*		17,490		8,380
Bank of Zhengzhou Co. Ltd., Class H*(a)		116,600		26,168
Bank Pan Indonesia Tbk. PT*		71,500		3,704
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT		2,524,500		231,702
Bank Pembangunan Daerah Jawa Timur Tbk. PT		1,738,000		90,030
Bank Rakyat Indonesia Persero Tbk. PT		1,342,019		379,782
Bank Tabungan Negara Persero Tbk. PT*		2,139,500		251,408
Banque Saudi Fransi		12,980		180,936
BDO Unibank, Inc.		58,300		154,399
BNK Financial Group, Inc.*		8,026		53,529
BOC Hong Kong Holdings Ltd.		115,500		444,370
Boubyan Bank KSCP*		10,735		28,565
Burgan Bank SAK		28,576		25,472
Canara Bank*		15,092		51,158
Capitec Bank Holdings Ltd.		1,892		246,819
Chang Hwa Commercial Bank Ltd.		125,722		79,780
China Bohai Bank Co. Ltd., Class H(a)(c)		1,512,500		378,244
China CITIC Bank Corp. Ltd., Class H		275,000		130,842
China Construction Bank Corp., Class A		28,200		26,537
China Construction Bank Corp., Class H		3,520,000		2,690,486
China Everbright Bank Co. Ltd., Class A		132,000		69,263
China Everbright Bank Co. Ltd., Class H		53,000		19,847
China Merchants Bank Co. Ltd., Class A		55,000		425,201
China Merchants Bank Co. Ltd., Class H		129,500		1,077,845
China Minsheng Banking Corp. Ltd., Class A		93,500		56,993
China Minsheng Banking Corp. Ltd., Class H(c)		220,000		87,463
China Zheshang Bank Co. Ltd., Class A		47,000		25,326
China Zheshang Bank Co. Ltd., Class H(c)		53,000		21,071

Investments	Shares		Value ($)
Chongqing Rural Commercial Bank Co. Ltd., Class A		18,800		11,371
Chongqing Rural Commercial Bank Co. Ltd., Class H		94,000		34,357
CIMB Group Holdings Bhd.		247,948		308,047
City Union Bank Ltd.		9,675		18,638
Commercial Bank PSQC (The)		78,789		154,722
Commercial International Bank Egypt SAE*		60,940		199,151
Credicorp Ltd.		2,090		299,330
Credit Agricole Egypt SAE*		266,015		135,632
Credit Bank of Moscow PJSC*		229,590		21,343
CTBC Financial Holding Co. Ltd.		660,000		654,922
DGB Financial Group, Inc.*		4,450		34,072
Doha Bank QPSC		41,736		33,597
Dubai Islamic Bank PJSC		70,950		106,240
E.Sun Financial Holding Co. Ltd.		236,879		246,980
Emirates NBD Bank PJSC		81,400		295,855
Eurobank Ergasias Services and Holdings SA*(c)		91,190		102,428
Far Eastern International Bank		58,088		22,868
Federal Bank Ltd.		72,968		98,370
First Abu Dhabi Bank PJSC		89,650		488,150
First Financial Holding Co. Ltd.		342,267		309,485
Grupo Aval Acciones y Valores SA (Preference)		49,656		14,196
Grupo Bolivar SA		825		18,603
Grupo Elektra SAB de CV(c)		1,100		72,203
Grupo Financiero Banorte SAB de CV, Class O		82,500		522,352
Grupo Financiero Inbursa SAB de CV, Class O*		49,500		71,317
Gulf Bank KSCP		45,315		44,432
Habib Bank Ltd.		381,560		261,960
Hana Financial Group, Inc.		9,790		365,450
Hong Leong Bank Bhd.		27,500		127,464
Hong Leong Financial Group Bhd.		5,000		21,742
Hua Nan Financial Holdings Co. Ltd.		173,473		136,276
Huaxia Bank Co. Ltd., Class A		47,000		41,570
ICICI Bank Ltd.		101,750		1,075,552
IDFC First Bank Ltd.*		61,957		38,815
Indian Bank		20,020		42,040
IndusInd Bank Ltd.		12,760		149,124
Industrial & Commercial Bank of China Ltd., Class A		286,000		209,377
Industrial & Commercial Bank of China Ltd., Class H		2,255,000		1,362,101
Industrial Bank Co. Ltd., Class A		60,500		198,456
Industrial Bank of Korea		10,945		93,970
Intercorp Financial Services, Inc.(a)		1,040		32,750
Itau CorpBanca Chile SA*		2,260,745		5,130
Itau Unibanco Holding SA (Preference)		165,000		787,090
Itausa SA		29,514		57,249
Itausa SA (Preference)		161,700		310,306
JB Financial Group Co. Ltd.*		1,500		10,116
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		6,700		7,768

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
KakaoBank Corp.*		715		24,318
Kasikornbank PCL, NVDR		45,500		204,302
KB Financial Group, Inc.		13,090		646,085
Kiatnakin Phatra Bank PCL, NVDR		26,300		54,899
King’s Town Bank Co. Ltd.		46,000		67,063
Komercni Banka A/S		1,272		56,207
Kotak Mahindra Bank Ltd.		22,165		551,656
Krung Thai Bank PCL, NVDR		185,000		77,789
Kuwait Finance House KSCP		99,825		298,585
Kuwait International Bank KSCP*		25,630		18,785
Malayan Banking Bhd.		225,500		445,559
Malaysia Building Society Bhd.		1,013,517		138,025
Masraf Al Rayan QSC		91,300		123,246
MCB Bank Ltd.		16,300		14,860
Meezan Bank Ltd.		43,230		33,552
Mega Financial Holding Co. Ltd.		349,000		463,635
Metropolitan Bank & Trust Co.		38,560		44,555
Moneta Money Bank A/S(a)		20,195		87,048
National Bank of Greece SA*		15,389		60,206
National Bank of Kuwait SAKP		143,770		491,732
Nedbank Group Ltd.		15,691		193,242
O-Bank Co. Ltd.		106,000		32,470
OTP Bank Nyrt.*		7,535		434,286
Ping An Bank Co. Ltd., Class A		55,000		136,780
Piraeus Financial Holdings SA*		37,345		62,377
Postal Savings Bank of China Co. Ltd., Class A		126,500		111,688
Postal Savings Bank of China Co. Ltd., Class H(a)(c)		330,000		273,394
Public Bank Bhd.		511,500		514,494
Punjab National Bank*		43,248		24,081
Qatar International Islamic Bank QSC		9,789		26,885
Qatar Islamic Bank SAQ		42,735		230,048
Qatar National Bank QPSC		148,720		892,075
Qingdao Rural Commercial Bank Corp., Class A		18,800		11,046
RBL Bank Ltd.*(a)		203,831		405,081
Regional SAB de CV		5,500		31,499
RHB Bank Bhd.		77,202		102,555
Riyad Bank		29,711		269,243
Saudi British Bank (The)		10,285		109,925
Saudi Investment Bank (The)		6,493		38,904
Saudi National Bank (The)		43,890		863,318
Sberbank of Russia PJSC		369,050		1,260,874
Sberbank of Russia PJSC (Preference)		39,708		129,381
Security Bank Corp.		2,550		5,363
Shanghai Commercial & Savings Bank Ltd. (The)		131,000		217,831
Shanghai Pudong Development Bank Co. Ltd., Class A		82,500		109,000
Shinhan Financial Group Co. Ltd.		17,270		546,537
Siam Commercial Bank PCL (The), NVDR		59,900		225,783
SinoPac Financial Holdings Co. Ltd.		385,000		227,700
Standard Bank Group Ltd.		42,367		409,183

Investments	Shares		Value ($)
State Bank of India		60,115		433,648
Taichung Commercial Bank Co. Ltd.		90,591		43,318
Taishin Financial Holding Co. Ltd.		376,566		266,036
Taiwan Business Bank		86,892		32,178
Taiwan Cooperative Financial Holding Co. Ltd.		325,200		309,252
Thanachart Capital PCL, NVDR		41,300		50,237
Tisco Financial Group PCL, NVDR		22,200		65,843
TMBThanachart Bank PCL, NVDR		2,078,300		84,892
Turkiye Garanti Bankasi A/S		42,900		38,086
Turkiye Halk Bankasi A/S*		28,578		10,459
Turkiye Is Bankasi A/S, Class C		9,424		5,866
Turkiye Vakiflar Bankasi TAO, Class D*		28		8
Union Bank of India Ltd.*		10,017		6,363
Union Bank of Taiwan*		124,325		63,696
United Bank Ltd.		217,656		172,354
VTB Bank PJSC		136,511,531		76,281
Woori Financial Group, Inc.		17,875		217,228
Yapi ve Kredi Bankasi A/S		42		13
Yes Bank Ltd.*		38,361		6,837
				41,492,510
Beverages - 1.0%
Ambev SA		82,500		232,585
Anadolu Efes Biracilik ve Malt Sanayii A/S		27		58
Anhui Gujing Distillery Co. Ltd., Class B		3,500		51,215
Arca Continental SAB de CV		16,500		97,494
Becle SAB de CV		10,700		25,826
Carabao Group PCL, NVDR		600		1,829
China Foods Ltd.		330,000		136,274
China Resources Beer Holdings Co. Ltd.		33,107		246,470
Cia Cervecerias Unidas SA		4,510		37,527
Coca-Cola Femsa SAB de CV		11,000		57,677
Coca-Cola Icecek A/S		2,875		24,431
Distell Group Holdings Ltd.*		3,420		37,417
Embotelladora Andina SA (Preference), Class B		9,513		20,489
Emperador, Inc.		55,200		25,718
Fomento Economico Mexicano SAB de CV(c)		38,500		289,370
Fraser & Neave Holdings Bhd.		3,700		21,835
Hebei Hengshui Laobaigan Liquor Co. Ltd., Class A		5,500		20,011
Heineken Malaysia Bhd.		3,800		18,576
Hite Jinro Co. Ltd.*		348		8,487
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		2,100		51,582
Kweichow Moutai Co. Ltd., Class A		1,900		563,253
Lotte Chilsung Beverage Co. Ltd.*		150		18,291
Luzhou Laojiao Co. Ltd., Class A		2,400		81,558
Nongfu Spring Co. Ltd., Class H(a)		36,200		218,197
Osotspa PCL, NVDR		4,200		4,068
Radico Khaitan Ltd.		4,895		70,572

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		1,960		84,723
Tsingtao Brewery Co. Ltd., Class H(c)		8,000		71,817
United Breweries Ltd.		1,379		29,922
United Spirits Ltd.*		6,262		72,705
Varun Beverages Ltd.		1,741		21,111
Vina Concha y Toro SA		241,146		387,114
Wuliangye Yibin Co. Ltd., Class A		6,600		205,693
Yantai Changyu Pioneer Wine Co. Ltd., Class B		15,000		26,816
				3,260,711
Biotechnology - 0.6%
3SBio, Inc.*(a)		45,980		36,265
ABLBio, Inc.*		2,133		49,631
Adimmune Corp.		19,000		27,051
Akeso, Inc.*(a)		11,000		29,625
Alphamab Oncology*(a)		24,000		30,717
Alteogen, Inc.*		780		31,058
Amicogen, Inc.*		514		11,086
Anterogen Co. Ltd.*		477		10,387
AptaBio Therapeutics, Inc.*		954		21,288
Ascentage Pharma Group International*(a)(c)		11,000		28,355
BeiGene Ltd.*(c)		13,000		214,401
Beijing Tiantan Biological Products Corp. Ltd., Class A		5,300		23,355
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		1,200		42,217
Biocon Ltd.*		6,644		32,685
Bioneer Corp.*		495		15,357
Brii Biosciences Ltd.*(c)		16,500		34,746
Burning Rock Biotech Ltd., ADR*		1,431		12,879
Cellid Co. Ltd.*		39		1,207
Celltrion, Inc.		1,904		238,494
CrystalGenomics, Inc.*		5,353		22,735
CStone Pharmaceuticals*(a)(c)		25,000		19,333
Daan Gene Co. Ltd., Class A		8,000		22,384
Eubiologics Co. Ltd.*		935		29,202
GC Cell Corp.*		474		27,209
GeneOne Life Science, Inc.*		4,203		42,884
Genetron Holdings Ltd., ADR*		4,943		20,563
Genexine, Inc.*		282		11,217
Green Cross Corp.*		163		23,730
Green Cross Holdings Corp.*		1,219		22,297
Helixmith Co. Ltd.*		1,890		31,905
Hualan Biological Engineering, Inc., Class A		5,300		20,999
Hugel, Inc.		126		14,215
I-Mab, ADR*		742		18,736
Immunotech Biopharm Ltd.*		25,000		23,501
Innovent Biologics, Inc.*(a)(c)		17,000		71,292
iNtRON Biotechnology, Inc.*		1,643		23,987
Jacobio Pharmaceuticals Group Co. Ltd.*(a)		16,500		19,616
Kintor Pharmaceutical Ltd.*(a)(c)		7,000		6,984
L&C Bio Co. Ltd.		1,325		34,732

Investments	Shares		Value ($)
Medigen Vaccine Biologics Corp.*		4,000		36,456
MedPacto, Inc.*		235		6,784
Medy-Tox, Inc.*		120		11,467
Naturecell Co. Ltd.*		2,743		33,676
NKMax Co. Ltd.*		2,530		37,777
OBI Pharma, Inc.*		12,000		51,125
OliX Pharmaceuticals, Inc.*		901		21,563
Pharmicell Co. Ltd.*		2,919		24,698
Remegen Co. Ltd., Class H*(a)(c)		7,500		49,150
Seegene, Inc.		1,623		73,240
Shanghai Haohai Biological Technology Co. Ltd., Class A		770		12,571
Shanghai Junshi Biosciences Co. Ltd., Class A*		1,113		10,339
Shanghai RAAS Blood Products Co. Ltd., Class A		9,400		9,938
SillaJen, Inc.*‡(b)		2,522		12,657
SK Bioscience Co. Ltd.*		495		67,752
Taigen Biopharmaceuticals Holdings Ltd.*		55,000		26,201
TaiMed Biologics, Inc.*		1,000		2,405
Vaxcell-Bio Therapeutics Co. Ltd.*		371		10,541
Zai Lab Ltd.*		1,350		59,661
				1,956,326
Building Products - 0.3%
Astral Ltd.		1,766		51,105
Beijing New Building Materials plc, Class A		5,300		26,936
Blue Star Ltd.		2,703		31,314
China Lesso Group Holdings Ltd.		33,000		57,049
Kajaria Ceramics Ltd.		2,608		46,746
KCC Glass Corp.		5,445		262,426
Kyung Dong Navien Co. Ltd.*		208		8,351
Luoyang Glass Co. Ltd., Class H*(c)		18,000		31,856
LX Hausys Ltd.		2,420		110,611
Taiwan Glass Industry Corp.		55,000		45,580
Xinyi Glass Holdings Ltd.		50,000		131,772
Zhejiang Weixing New Building Materials Co. Ltd., Class A		5,300		18,817
Zhuzhou Kibing Group Co. Ltd., Class A		5,300		13,131
				835,694
Capital Markets - 2.1%
Aju IB Investment Co. Ltd.*		22,770		66,771
B3 SA - Brasil Bolsa Balcao		110,000		302,863
Banco BTG Pactual SA*		22,000		100,139
Bangkok Commercial Asset Management PCL, NVDR		70,500		43,196
Bolsa Mexicana de Valores SAB de CV		29,100		49,578
Boursa Kuwait Securities Co. KPSC		4,876		34,288
Bursa Malaysia Bhd.		8,000		11,965
Caitong Securities Co. Ltd., Class A		9,400		14,398
Capital Securities Corp.		110,000		63,871

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Changjiang Securities Co. Ltd., Class A		14,100		15,484
China Bills Finance Corp.		53,000		32,965
China Cinda Asset Management Co. Ltd., Class H		4,345,000		791,261
China Everbright Ltd.		386,000		435,129
China Galaxy Securities Co. Ltd., Class A		5,200		8,561
China Galaxy Securities Co. Ltd., Class H		143,500		84,839
China Huarong Asset Management Co. Ltd., Class H*(a)		208,000		11,070
China International Capital Corp. Ltd., Class H(a)		37,200		100,424
China Merchants Securities Co. Ltd., Class A		12,220		32,041
China Merchants Securities Co. Ltd., Class H(a)(c)		16,600		23,290
China Renaissance Holdings Ltd.*(a)(c)		109,600		190,876
CITIC Securities Co. Ltd., Class A		16,500		63,767
CITIC Securities Co. Ltd., Class H(c)		40,500		107,774
Coronation Fund Managers Ltd.		7,009		23,152
CSC Financial Co. Ltd., Class H(a)		440,000		494,309
Daishin Securities Co. Ltd.*		212		2,928
Daishin Securities Co. Ltd. (Preference)*		530		6,441
Daou Data Corp.		7,150		78,588
Daou Technology, Inc.*		10,643		177,898
Dhani Services Ltd.*		14,469		25,478
Dubai Financial Market PJSC*		67,052		43,447
Edelweiss Financial Services Ltd.		49,005		45,805
Egyptian Financial Group-Hermes Holding Co.*		362,523		338,293
Everbright Securities Co. Ltd., Class A		9,400		20,276
Founder Securities Co. Ltd., Class A		14,100		16,281
GF Securities Co. Ltd., Class A		14,100		46,075
GF Securities Co. Ltd., Class H		48,000		82,980
Glory Sun Financial Group Ltd.*(c)		1,272,000		30,179
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A		8,640		10,967
Guosen Securities Co. Ltd., Class A		14,100		24,278
Guotai Junan International Holdings Ltd.		1,355,000		182,461
Guotai Junan Securities Co. Ltd., Class A		22,000		60,933
Guotai Junan Securities Co. Ltd., Class H(a)		21,200		32,136
Haitong Securities Co. Ltd., Class A		18,800		33,906
Haitong Securities Co. Ltd., Class H		110,000		98,608
Hanwha Investment & Securities Co. Ltd.*		5,088		19,943
HDFC Asset Management Co. Ltd.(a)		782		23,109

Investments	Shares		Value ($)
Huatai Securities Co. Ltd., Class A		26,100		70,034
Huatai Securities Co. Ltd., Class H(a)		51,000		90,259
IBF Financial Holdings Co. Ltd.		49,893		28,611
ICICI Securities Ltd.(a)		1,880		18,170
IDFC Ltd.*		77,165		66,904
Indian Energy Exchange Ltd.(a)		14,850		46,855
Industrial Securities Co. Ltd., Class A		26,500		35,928
Investec Ltd.		18,645		104,518
Is Yatirim Menkul Degerler A/S		63,690		98,463
JM Financial Ltd.		223,355		219,546
JSE Ltd.		45,420		343,571
KIWOOM Securities Co. Ltd.*		640		46,985
Korea Investment Holdings Co. Ltd.*		1,375		82,694
Meritz Securities Co. Ltd.		6,708		33,943
Mirae Asset Securities Co. Ltd.		7,745		54,610
Mirae Asset Securities Co. Ltd. (2nd Preference)		6,840		24,824
Moscow Exchange MICEX-RTS PJSC		29,911		55,933
Multi Commodity Exchange of India Ltd.		583		12,013
Nanjing Securities Co. Ltd., Class A		9,400		13,261
NH Investment & Securities Co. Ltd.*		5,665		53,572
Nippon Life India Asset Management Ltd.(a)		5,244		24,139
Noah Holdings Ltd., ADR*		1,113		34,937
Orient Securities Co. Ltd., Class A		9,400		18,120
Orient Securities Co. Ltd., Class H(a)(c)		20,400		15,880
President Securities Corp.		53,000		42,303
PSG Konsult Ltd.		3,256		2,947
Reinet Investments SCA		4,345		85,521
Samsung Securities Co. Ltd.		2,255		74,824
Saratoga Investama Sedaya Tbk. PT		159,500		30,498
SDIC Capital Co. Ltd., Class A		14,288		16,835
Shenwan Hongyuan Group Co. Ltd., Class A		86,400		63,388
Shenwan Hongyuan Group Co. Ltd., Class H(a)(c)		75,200		18,517
Shinyoung Securities Co. Ltd.		1,320		65,808
Sinolink Securities Co. Ltd., Class A		9,400		15,299
Tata Liquid Fund*‡(b)		5,000		—
UTI Asset Management Co. Ltd.		1,378		16,577
Western Securities Co. Ltd., Class A		10,000		11,940
Woori Investment Bank Co. Ltd.*		6,985		4,664
Woori Technology Investment Co. Ltd.*		3,763		23,193
Yuanta Securities Korea Co. Ltd.*		44,364		127,333
Zheshang Securities Co. Ltd., Class A		4,700		9,104
Zhongtai Securities Co. Ltd., Class A		15,900		21,682
				6,727,224

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Chemicals - 3.8%
Aarti Industries Ltd.		4,730		62,555
Advanced Petrochemical Co.		1,686		33,658
AECI Ltd.		56,375		415,178
Alkyl Amines Chemicals		220		9,879
Alpek SAB de CV(c)		201,200		240,770
Alujain Holding		795		13,137
Asia Polymer Corp.		165,000		208,223
Asian Paints Ltd.		9,350		394,969
Atul Ltd.		259		33,180
Balaji Amines Ltd.		742		32,366
Barito Pacific Tbk. PT		474,700		29,376
Batu Kawan Bhd.		6,300		34,921
Bayer CropScience Ltd.		141		9,753
Berger Paints India Ltd.		5,765		55,809
Boubyan Petrochemicals Co. KSCP		7,344		22,209
Braskem SA (Preference), Class A		5,500		50,929
Carborundum Universal Ltd.		5,720		67,577
Castrol India Ltd.		6,655		11,121
Chambal Fertilizers and Chemicals Ltd.		84,590		490,213
Chandra Asri Petrochemical Tbk. PT		41,200		25,281
Chemplast Sanmar Ltd.*		22,110		164,175
China Lumena New Materials Corp.*‡(b)		22,200		—
China Man-Made Fiber Corp.		689,042		232,620
China Petrochemical Development Corp.*		85,254		37,088
China Risun Group Ltd.(a)		55,000		29,836
China Steel Chemical Corp.		12,000		49,184
Chunbo Co. Ltd.		141		30,036
CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A		5,500		8,744
Coromandel International Ltd.		1,898		20,079
D&L Industries, Inc.		110,800		18,476
DCM Shriram Ltd.		1,375		20,848
Deepak Nitrite Ltd.		1,219		36,453
Dongjin Semichem Co. Ltd.		206		6,639
Dongyue Group Ltd.(c)		42,000		50,793
Ecopro Co. Ltd.		246		13,305
Egypt Kuwait Holding Co. SAE*		32,012		44,497
EID Parry India Ltd.		7,975		51,822
Engro Corp. Ltd.		148,479		228,994
Engro Fertilizers Ltd.		268,556		125,074
Fauji Fertilizer Co. Ltd.		314,972		190,371
Finolex Industries Ltd.		19,195		43,073
Foosung Co. Ltd.*		1,768		28,012
Formosa Chemicals & Fibre Corp.		74,000		209,650
Formosa Plastics Corp.		91,000		343,532
Global New Material International Holdings Ltd.*		55,000		36,608
Grand Pacific Petrochemical		385,000		368,196
Guangzhou Tinci Materials Technology Co. Ltd., Class A		700		10,361

Investments	Shares		Value ($)
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		47,465		298,793
Hangzhou Oxygen Plant Group Co. Ltd.		5,000		24,123
Hansol Chemical Co. Ltd.*		232		40,992
Hanwha Solutions Corp.*		3,452		92,349
HDC Holdings Co. Ltd.*		18,466		108,452
Hengli Petrochemical Co. Ltd., Class A		16,500		61,201
Hengyi Petrochemical Co. Ltd., Class A		14,100		22,373
Huabao International Holdings Ltd.(c)		17,000		10,443
Huafon Chemical Co. Ltd., Class A		5,300		7,843
Huchems Fine Chemical Corp.*		2,002		34,875
Hyosung Advanced Materials Corp.*		55		19,299
Hyosung Chemical Corp.*		878		170,793
Hyosung TNC Corp.*		110		37,959
Indorama Ventures PCL, NVDR		52,500		74,899
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		23,500		18,201
International CSRC Investment Holdings Co.		53,000		46,971
Jiangsu Eastern Shenghong Co. Ltd., Class A		5,300		13,963
Jubilant Ingrevia Ltd.		6,490		49,778
Kansai Nerolac Paints Ltd.		2,196		16,686
KCC Corp.		106		33,501
Kingfa Sci & Tech Co. Ltd., Class A		16,200		28,861
Kolon Industries, Inc.		674		34,217
Korea Petrochemical Ind Co. Ltd.*		2,280		281,808
KuibyshevAzot PJSC		9,900		47,289
Kumho Petrochemical Co. Ltd.*		715		86,298
LB Group Co. Ltd., Class A		4,700		17,861
LG Chem Ltd.*		935		495,616
LG Chem Ltd. (Preference)*		170		42,659
Linde India Ltd.		883		32,354
Lotte Chemical Corp.*		550		88,967
LOTTE Fine Chemical Co. Ltd.		397		22,394
Luxi Chemical Group Co. Ltd., Class A		10,800		23,889
Mesaieed Petrochemical Holding Co.		76,751		51,329
Miwon Commercial Co. Ltd.		212		32,007
Nan Pao Resins Chemical Co. Ltd.		19,000		94,952
Nan Ya Plastics Corp.		110,000		341,698
Nantex Industry Co. Ltd.		7,000		21,065
National Industrialization Co.*		5,584		33,755
National Petrochemical Co.		1,669		18,817
Navin Fluorine International Ltd.		1,140		60,104
Ningxia Baofeng Energy Group Co. Ltd., Class A		10,600		26,494
Nizhnekamskneftekhim PJSC		28,600		41,597
Nizhnekamskneftekhim PJSC (Preference)		26,400		34,619
OCI Co. Ltd.		333		24,474

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Omnia Holdings Ltd.		12,375		49,020
Orbia Advance Corp. SAB de CV		33,533		78,226
Organichesky Sintez PJSC		11,550		13,338
Oriental Union Chemical Corp.*		38,000		27,734
Petkim Petrokimya Holding A/S*		57,016		36,635
Petronas Chemicals Group Bhd.		55,000		116,820
PhosAgro PJSC		1,540		108,233
PI Advanced Materials Co. Ltd.		520		17,556
PI Industries Ltd.		1,314		42,851
Pidilite Industries Ltd.		2,750		90,527
PTT Global Chemical PCL, NVDR		43,000		72,969
Qurain Petrochemical Industries Co.		15,408		19,788
Rain Industries Ltd.		98,890		284,985
Rongsheng Petrochemical Co. Ltd., Class A		27,500		77,722
SABIC Agri-Nutrients Co.		4,125		185,806
Sahara International Petrochemical Co.		5,929		67,951
Sasa Polyester Sanayi A/S*		7,379		25,786
Sasol Ltd.*		18,412		410,515
Satellite Chemical Co. Ltd., Class A		2,380		15,704
Saudi Basic Industries Corp.		16,775		557,095
Saudi Industrial Investment Group		4,770		43,226
Saudi Kayan Petrochemical Co.*		17,930		93,667
Scientex Bhd.		26,100		28,622
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		6,110		28,998
Shanghai Putailai New Energy Technology Co. Ltd., Class A		1,900		42,475
Shin Foong Specialty & Applied Materials Co. Ltd.		28,000		149,996
Shinkong Synthetic Fibers Corp.		53,000		36,586
Sichuan Yahua Industrial Group Co. Ltd., Class A		5,300		19,134
Sinofert Holdings Ltd.*(c)		990,000		132,042
SK Chemicals Co. Ltd.*		412		42,892
SK IE Technology Co. Ltd.*(a)		550		52,468
SKC Co. Ltd.*		440		51,099
Sociedad Quimica y Minera de Chile SA (Preference), Class B		2,763		147,734
Solar Industries India Ltd.		1,040		32,176
Soulbrain Co. Ltd.		141		28,656
Soulbrain Holdings Co. Ltd.*		3,685		88,954
SRF Ltd.		2,075		66,925
Sumitomo Chemical India Ltd.		2,585		13,517
Supreme Industries Ltd.		1,204		33,877
Taekwang Industrial Co. Ltd.*		110		91,522
Taiwan Fertilizer Co. Ltd.		24,000		57,640
Tata Chemicals Ltd.		3,975		49,739
Tongkun Group Co. Ltd., Class A		9,400		30,524
TSRC Corp.		47,000		62,692
Unid Co. Ltd.		3,025		206,769
Unipar Carbocloro SA (Preference)		2,779		49,143
UPL Ltd.		13,200		137,355
USI Corp.		28,000		27,734
Wanhua Chemical Group Co. Ltd., Class A		5,500		78,067

Investments	Shares		Value ($)
Xinjiang Zhongtai Chemical Co. Ltd., Class A(b)		10,600		17,785
Yanbu National Petrochemical Co.		6,105		110,323
Yung Chi Paint & Varnish Manufacturing Co. Ltd.		41,000		107,903
Zhejiang Longsheng Group Co. Ltd., Class A		9,400		18,371
				12,284,060
Commercial Services & Supplies - 0.1%
China Everbright Environment Group Ltd.		110,000		81,256
Cleanaway Co. Ltd.		6,000		44,977
Dynagreen Environmental Protection Group Co. Ltd., Class H(a)		50,000		23,469
Frontken Corp. Bhd.		44,000		33,535
GPS Participacoes e Empreendimentos SA(d)		16,500		53,136
Indian Railway Catering & Tourism Corp. Ltd.		6,050		70,373
KEPCO Plant Service & Engineering Co. Ltd.*		954		25,680
PNB Holdings Corp.*(b)		46,815		38,340
S-1 Corp.		347		19,516
Saudi Airlines Catering Co.*		2,585		57,461
Taiwan Secom Co. Ltd.		3,165		11,550
				459,293
Communications Equipment - 0.5%
Accton Technology Corp.		10,000		95,276
Ace Technologies Corp.*		705		6,638
Addsino Co. Ltd., Class A		5,300		12,323
Advanced Ceramic X Corp.		2,000		22,507
Arcadyan Technology Corp.		87,000		384,734
BYD Electronic International Co. Ltd.(c)		24,500		73,366
D-Link Corp.		48,760		28,838
Glarun Technology Co. Ltd., Class A		10,600		25,528
KMW Co. Ltd.		563		14,992
Seojin System Co. Ltd.*		795		25,522
Sercomm Corp.		110,000		304,523
Sterlite Technologies Ltd.		11,660		31,844
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		900		5,056
Wistron NeWeb Corp.		148,000		373,006
ZTE Corp., Class A		4,700		22,255
ZTE Corp., Class H		10,600		28,479
				1,454,887
Construction & Engineering - 1.3%
BES Engineering Corp.		105,000		33,107
China Communications Services Corp. Ltd., Class H		1,146,000		608,453
China Conch Venture Holdings Ltd.(c)		55,000		261,332
China Energy Engineering Corp. Ltd., Class H(c)		2,750,000		437,317
China Railway Group Ltd., Class A		47,000		45,927
China Railway Group Ltd., Class H		110,000		67,714

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Continental Holdings Corp.		220,000		184,691
CTCI Corp.		290,000		399,853
Daewoo Engineering & Construction Co. Ltd.*		3,901		18,348
DL Construction Co. Ltd.*		4,290		99,109
DL E&C Co. Ltd.*		715		69,098
DL Holdings Co. Ltd.*		397		18,409
Ellaktor SA*		116,050		162,615
Gamuda Bhd.*		48,221		31,913
GEK Terna Holding Real Estate Construction SA*		1,216		12,568
GMR Power and Urban Infra Ltd. - Spun Off*(b)		4,842		3,050
Greentown Management Holdings Co. Ltd.(a)		53,000		41,802
GS Engineering & Construction Corp.*		2,750		89,538
HDC Hyundai Development Co-Engineering & Construction, Class E*		136		1,630
Hyundai Engineering & Construction Co. Ltd.*		2,556		89,476
IJM Corp. Bhd.		78,400		26,598
IS Dongseo Co. Ltd.*		808		31,837
KEC International Ltd.		6,678		44,311
KEPCO Engineering & Construction Co., Inc.*		382		22,372
Larsen & Toubro Ltd.		14,114		361,104
Larsen & Toubro Ltd., GDR(a)		296		7,518
Malaysian Resources Corp. Bhd.		85,090		6,912
Metallurgical Corp. of China Ltd., Class A		65,800		37,938
Metallurgical Corp. of China Ltd., Class H		106,000		28,276
NBCC India Ltd.		41,870		26,175
Power Construction Corp. of China Ltd., Class A		37,600		51,154
Rail Vikas Nigam Ltd.(a)		215,875		104,144
Samsung Engineering Co. Ltd.*		4,345		77,673
Shanghai Construction Group Co. Ltd., Class A		23,500		12,146
Shanghai Tunnel Engineering Co. Ltd., Class A		14,100		11,851
Sichuan Road & Bridge Co. Ltd., Class A		22,000		36,981
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		9,400		8,521
Tekfen Holding A/S*		105,270		198,369
TY Holdings Co. Ltd.*		1,908		36,641
United Integrated Services Co. Ltd.		6,000		37,643
Voltas Ltd.		4,455		70,644
Waskita Karya Persero Tbk. PT*		603,196		24,535
Wijaya Karya Persero Tbk. PT*		281,200		20,237
Xinte Energy Co. Ltd., Class H(c)		110,000		202,012
				4,161,542
Construction Materials - 1.7%
ACC Ltd.		1,404		43,006
Ambuja Cements Ltd.		11,597		56,748

Investments	Shares		Value ($)
Anhui Conch Cement Co. Ltd., Class A		11,000		67,759
Anhui Conch Cement Co. Ltd., Class H		43,000		226,648
Asia Cement China Holdings Corp.(c)		200,000		138,249
Asia Cement Co. Ltd.*		825		95,126
Asia Cement Corp.		88,000		139,843
BBMG Corp., Class A		42,300		18,208
Birla Corp. Ltd.		2,530		46,135
Cementos Argos SA		22,735		37,373
Cemex SAB de CV*(c)		535,200		326,579
Chia Hsin Cement Corp.		275,000		196,753
China Jushi Co. Ltd., Class A		5,143		13,113
China National Building Material Co. Ltd., Class H		146,050		188,801
China Resources Cement Holdings Ltd.		68,000		58,429
China Tianrui Group Cement Co. Ltd.*		440,000		357,189
CSG Holding Co. Ltd., Class A		16,200		22,600
Dalmia Bharat Ltd.		1,710		40,831
GCC SAB de CV		7,800		54,939
Goldsun Building Materials Co. Ltd.		55,000		50,721
Grasim Industries Ltd.		6,710		155,336
Grupo Argos SA		168,077		688,170
Hanil Cement Co. Ltd.		14,135		216,920
Huaxin Cement Co. Ltd., Class A		3,700		10,817
Huaxin Cement Co. Ltd., Class B		10,400		18,512
Indocement Tunggal Prakarsa Tbk. PT		32,900		25,049
JK Cement Ltd.		530		23,494
Lucky Cement Ltd.*		5,787		22,395
Next Science Co. Ltd.*		2,640		33,835
Nuh Cimento Sanayi A/S		31,350		112,683
Oyak Cimento Fabrikalari A/S*		164,560		111,011
POSCO Chemical Co. Ltd.		715		65,539
Qassim Cement Co. (The)		2,860		60,982
Ramco Cements Ltd. (The)		2,289		26,659
Saudi Cement Co.		2,022		30,180
Semen Indonesia Persero Tbk. PT		57,600		26,934
Shree Cement Ltd.		220		71,544
Siam Cement PCL (The), NVDR		12,400		143,385
Southern Province Cement Co.		1,634		30,442
SSANGYONG C&E Co. Ltd.		290		1,835
Taiwan Cement Corp.		181,452		305,638
Tangshan Jidong Cement Co. Ltd., Class A		4,700		8,462
Tipco Asphalt PCL, NVDR		340,800		185,267
TPI Polene PCL, NVDR		2,694,600		144,867
UltraTech Cement Ltd.		2,367		228,902
Union Andina de Cementos SAA		417,120		269,576
Universal Cement Corp.		220,000		168,476
Yamama Cement Co.*		3,763		27,080
Yanbu Cement Co.		2,888		29,943
				5,422,983

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Consumer Finance - 0.7%
360 DigiTech, Inc., ADR(c)		3,465		68,572
AEON Credit Service M Bhd.		49,500		173,614
Bajaj Finance Ltd.		5,225		490,151
BFI Finance Indonesia Tbk. PT		616,000		55,895
Cholamandalam Investment and Finance Co. Ltd.		8,525		71,915
CreditAccess Grameen Ltd.*		1,166		9,812
Differ Group Holding Co. Ltd.*(c)		220,000		63,764
FinVolution Group, ADR		63,305		250,055
Krungthai Card PCL, NVDR		21,200		38,204
Lufax Holding Ltd., ADR*		22,330		110,980
Mahindra & Mahindra Financial Services Ltd.		20,141		43,603
Manappuram Finance Ltd.		257,329		543,814
Muthoot Finance Ltd.		2,226		43,481
Poonawalla Fincorp Ltd.*		5,720		21,750
Samsung Card Co. Ltd.		1,140		29,268
SBI Cards & Payment Services Ltd.*		5,555		65,471
Shriram City Union Finance Ltd.		1,925		45,822
Shriram Transport Finance Co. Ltd.		5,060		83,295
Srisawad Corp. PCL, NVDR		26,403		47,778
Sundaram Finance Ltd.		1,445		43,709
Transaction Capital Ltd.		17,050		47,976
Yixin Group Ltd.*(a)		15,500		2,505
Yulon Finance Corp.		1,391		8,727
				2,360,161
Containers & Packaging - 0.2%
Cheng Loong Corp.		16,000		19,587
Klabin SA		16,500		77,311
Polyplex Thailand PCL, NVDR		178,000		128,308
SCG Packaging PCL, NVDR		36,400		68,055
Taiwan Hon Chuan Enterprise Co. Ltd.		128,000		327,662
Ton Yi Industrial Corp.		53,000		26,487
Yunnan Energy New Material Co. Ltd.		900		35,926
				683,336
Distributors - 0.1%
Wuchan Zhongda Group Co. Ltd., Class A		13,800		11,425
Xinhua Winshare Publishing and Media Co. Ltd., Class H		215,000		162,128
				173,553
Diversified Consumer Services - 0.2%
17 Education & Technology Group, Inc., ADR*		1		1
Advtech Ltd.		48,675		48,486
Cairo Investment & Real Estate Development Co. SAE		14,617		12,096
China Education Group Holdings Ltd.(a)		26,000		22,674
China Kepei Education Group Ltd.(a)		220,000		70,817
China Yuhua Education Corp. Ltd.(a)(c)		766,000		166,019
Cogna Educacao*		33,000		16,034

Investments	Shares		Value ($)
Fu Shou Yuan International Group Ltd.		55,000		43,026
Hope Education Group Co. Ltd.(a)(c)		202,000		25,906
Humansoft Holding Co. KSC		1,431		14,716
Lung Yen Life Service Corp.		2,000		3,078
New Oriental Education & Technology Group, Inc.*		60,500		81,933
Offcn Education Technology Co. Ltd., Class A*		4,700		4,873
TAL Education Group, ADR*		22,310		63,807
Tianli Education International Holdings Ltd.‡(a)(b)(c)		106,000		14,280
YDUQS Participacoes SA		10,500		43,720
				631,466
Diversified Financial Services - 0.8%
AVIC Industry-Finance Holdings Co. Ltd., Class A		23,500		14,029
Bajaj Finserv Ltd.		704		148,018
Bajaj Holdings & Investment Ltd.		750		51,865
Chailease Holding Co. Ltd.		29,883		270,208
China Shandong Hi-Speed Financial Group Ltd.*(c)		306,000		28,255
Corp. Financiera Colombiana SA*		3,252		24,559
Far East Horizon Ltd.(c)		55,000		47,047
FirstRand Ltd.		188,925		753,624
Grupo de Inversiones Suramericana SA(b)		12,216		118,454
Grupo de Inversiones Suramericana SA (Preference)		42		306
Haci Omer Sabanci Holding A/S		54,426		61,625
L&T Finance Holdings Ltd.*		26,381		26,444
Meritz Financial Group, Inc.*		947		34,172
Metro Pacific Investments Corp.		381,000		28,776
National Investments Co.		124,465		114,644
NICE Holdings Co. Ltd.*		9,033		126,634
Piramal Enterprises Ltd.		2,322		74,417
Power Finance Corp. Ltd.		40,192		65,548
REC Ltd.		22,048		40,966
Remgro Ltd.		15,345		131,578
Yuanta Financial Holding Co. Ltd.		440,000		399,439
				2,560,608
Diversified Telecommunication Services - 1.2%
AL Yah Satellite Communications Co. PJSC*		43,340		31,740
Asia Pacific Telecom Co. Ltd.*		68,164		19,483
China Tower Corp. Ltd., Class H(a)		880,000		106,085
Chunghwa Telecom Co. Ltd.		81,000		342,184
CITIC Telecom International Holdings Ltd.		802,000		292,102
Converge Information and Communications Technology Solutions, Inc.*		60,500		36,377
Emirates Telecommunications Group Co. PJSC		36,080		325,138
Hellenic Telecommunications Organization SA		8,305		160,735
HFCL Ltd.		22,055		23,452

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Indus Towers Ltd.		18,920		64,032
KT Corp.		3,575		92,674
LG Uplus Corp.		8,377		89,989
Link Net Tbk. PT		489,500		150,097
Magyar Telekom Telecommunications plc		186,264		246,094
Oi SA*		97,700		19,687
Ooredoo QPSC		38,060		75,995
Rostelecom PJSC		33,770		32,388
Rostelecom PJSC (Preference)		15,392		14,146
Sarana Menara Nusantara Tbk. PT		315,700		22,500
Saudi Telecom Co.		12,320		385,503
Tata Communications Ltd.		1,646		28,307
Tata Teleservices Maharashtra Ltd.*		23,925		47,836
Telefonica Brasil SA		16,689		156,141
Telekom Malaysia Bhd.		48,000		58,029
Telesites SAB de CV(c)		22,200		23,416
Telkom Indonesia Persero Tbk. PT		1,595,000		464,682
Telkom SA SOC Ltd.*		152,032		487,446
TIME dotCom Bhd.		9,000		9,160
Tower Bersama Infrastructure Tbk. PT		121,300		24,290
True Corp. PCL, NVDR		380,700		55,113
Turk Telekomunikasyon A/S		19,746		14,101
				3,898,922
Electric Utilities - 1.2%
Adani Transmission Ltd.*		5,667		149,675
Alupar Investimento SA		3,500		16,768
Celsia SA ESP		219,505		244,285
Centrais Eletricas Brasileiras SA		12,900		85,733
Centrais Eletricas Brasileiras SA (Preference), Class B		11,000		71,427
CESC Ltd.		328,110		372,420
CEZ A/S		5,665		209,823
Cia de Transmissao de Energia Eletrica Paulista (Preference)		5,200		23,660
Cia Energetica de Minas Gerais		7,197		25,237
Cia Energetica de Minas Gerais (Preference)		40,194		99,387
Cia Paranaense de Energia		5,500		36,138
CPFL Energia SA		4,700		25,607
EDP - Energias do Brasil SA		9,400		37,954
Enel Americas SA		816,974		96,398
Enel Chile SA		211,903		8,324
Energisa SA		4,800		39,458
Enerjisa Enerji A/S(a)		7,676		8,445
Engie Energia Chile SA		165,495		134,700
Equatorial Energia SA		27,500		118,908
Federal Grid Co. Unified Energy System PJSC		12,705,298		23,429
First Philippine Holdings Corp.		86,900		119,333
Holding Co. ADMIE IPTO SA(c)		59,575		167,627
Inter RAO UES PJSC		1,596,292		79,632
Interconexion Electrica SA ESP		14,520		86,929
Korea Electric Power Corp.		8,525		145,678
Manila Electric Co.		12,350		81,162
Mosenergo PJSC		4,455,000		121,535

Investments	Shares		Value ($)
Neoenergia SA		4,700		14,551
Power Grid Corp. of India Ltd.		119,072		343,705
Public Power Corp. SA*		2,126		20,544
ROSSETI PJSC		1,466,436		19,772
RusHydro PJSC		2,361,000		22,324
Saudi Electricity Co.		26,510		185,476
SGC Energy Co. Ltd.*		3,795		159,292
SJVN Ltd.		254,705		104,616
Tata Power Co. Ltd. (The)		36,575		120,597
Tenaga Nasional Bhd.		100,900		220,820
Torrent Power Ltd.		4,645		33,968
Transmissora Alianca de Energia Eletrica SA		5,800		41,692
				3,917,029
Electrical Equipment - 1.0%
ABB India Ltd.		427		13,167
AcBel Polytech, Inc.		207,000		237,781
Advanced Energy Solution Holding Co. Ltd.		1,000		53,211
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA*		5,500		6,681
Amara Raja Batteries Ltd.		1,222		10,140
Bharat Heavy Electricals Ltd.*		45,044		35,010
CG Power & Industrial Solutions Ltd.*		23,540		55,063
Chicony Power Technology Co. Ltd.		71,000		201,406
China High Speed Transmission Equipment Group Co. Ltd.*(c)		220,000		152,638
Chung-Hsin Electric & Machinery Manufacturing Corp.		193,000		291,436
CS Wind Corp.		86		3,381
Dongfang Electric Corp. Ltd., Class A		9,400		25,326
Doosan Fuel Cell Co. Ltd.*		690		19,690
Doosan Heavy Industries & Construction Co. Ltd.*		5,500		80,755
Ecopro BM Co. Ltd.		220		59,914
ElSewedy Electric Co.		265,033		155,038
Fangda Carbon New Material Co. Ltd., Class A		5,300		7,985
Finolex Cables Ltd.		3,245		21,588
Gotion High-tech Co. Ltd., Class A*		4,600		28,906
Graphite India Ltd.		5		33
Havells India Ltd.		4,620		73,328
HEG Ltd.		1,060		21,598
Hitachi Energy India Ltd.		371		15,521
Hyosung Heavy Industries Corp.*		2,530		110,182
Hyundai Electric & Energy System Co. Ltd.*		11,440		165,598
Jiangsu Zhongtian Technology Co. Ltd., Class A		16,500		43,082
KEI Industries Ltd.		1,595		23,003
Korea Electric Terminal Co. Ltd.		3,355		177,839
Kung Long Batteries Industrial Co. Ltd.		1,000		4,926

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
LS Corp.*		1,320		54,694
LS Electric Co. Ltd.*		456		18,459
Ming Yang Smart Energy Group Ltd., Class A		4,500		18,070
NARI Technology Co. Ltd., Class A		12,400		68,182
Polycab India Ltd.		990		33,484
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A/S		21,560		29,217
Shanghai Electric Group Co. Ltd., Class A		24,000		16,137
Shanghai Electric Group Co. Ltd., Class H		94,000		25,798
Shanghai Liangxin Electrical Co. Ltd., Class A		6,500		16,073
Ta Ya Electric Wire & Cable		53,640		44,067
Taihan Electric Wire Co. Ltd.*(b)		7,810		11,402
Tatung Co. Ltd.*		46,000		47,465
TBEA Co. Ltd., Class A		10,600		31,057
Teco Electric and Machinery Co. Ltd.		22,000		23,175
V-Guard Industries Ltd.		11,448		33,083
Voltronic Power Technology Corp.		1,458		73,912
Walsin Lihwa Corp.		99,000		91,475
WEG SA		27,500		166,554
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		10,600		24,862
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		28,200		48,823
Zhefu Holding Group Co. Ltd., Class A		21,200		19,950
Zhejiang Chint Electrics Co. Ltd., Class A		4,700		35,073
Zhuzhou CRRC Times Electric Co. Ltd., Class H		12,400		64,882
				3,090,120
Electronic Equipment, Instruments & Components - 4.0%
AAC Technologies Holdings, Inc.(c)		14,000		42,283
Apex International Co. Ltd.		68,000		277,486
Asia Optical Co., Inc.*		17,000		51,341
AU Optronics Corp.		275,000		199,225
Aurora Corp.		8,900		28,670
Avary Holding Shenzhen Co. Ltd., Class A		4,700		26,810
BH Co. Ltd.		11,880		210,893
BOE Technology Group Co. Ltd., Class A		127,000		96,766
Career Technology MFG. Co. Ltd.*		22,556		18,814
Chang Wah Electromaterials, Inc.		32,000		40,555
Cheng Uei Precision Industry Co. Ltd.		180,000		243,978
Chroma ATE, Inc.		8,000		60,977
Compeq Manufacturing Co. Ltd.		40,000		60,401
Coretronic Corp.		23,000		61,771
Co-Tech Development Corp.		16,000		38,829
Daeduck Electronics Co. Ltd.		2,067		37,551

Investments	Shares		Value ($)
Daejoo Electronic Materials Co. Ltd.*		467		34,013
Delta Electronics Thailand PCL, NVDR		10,600		110,473
Delta Electronics, Inc.		39,000		375,782
Dynapack International Technology Corp.		66,000		240,850
E Ink Holdings, Inc.		16,000		84,274
Elite Material Co. Ltd.		5,000		47,548
Erajaya Swasembada Tbk. PT		3,899,500		149,126
FLEXium Interconnect, Inc.*		10,000		34,731
Foxconn Industrial Internet Co. Ltd., Class A		38,500		67,197
Foxconn Technology Co. Ltd.		32,000		69,030
General Interface Solution Holding Ltd.		5,000		17,096
Genius Electronic Optical Co. Ltd.		2,237		37,801
Global Brands Manufacture Ltd.		149,800		189,310
GoerTek, Inc., Class A		4,700		34,755
Gold Circuit Electronics Ltd.		17,000		46,024
Hana Microelectronics PCL, NVDR		2,900		6,053
Hannstar Board Corp.		147,000		219,861
HannStar Display Corp.		39,000		22,505
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		5,100		12,723
Hollysys Automation Technologies Ltd.*		28,710		379,259
Holy Stone Enterprise Co. Ltd.		69,000		286,528
Hon Hai Precision Industry Co. Ltd.		420,000		1,540,232
Honeywell Automation India Ltd.		32		18,358
Huagong Tech Co. Ltd., Class A		4,700		18,053
Iljin Materials Co. Ltd.*		477		37,076
Inari Amertron Bhd.		71,600		56,452
Innolux Corp.		385,000		234,621
KCE Electronics PCL, NVDR		2,600		5,603
Kingboard Holdings Ltd.		25,500		122,798
Kingboard Laminates Holdings Ltd.		37,500		63,770
L&F Co. Ltd.		550		77,014
Largan Precision Co. Ltd.		2,000		145,970
LG Display Co. Ltd.		7,134		116,582
LG Innotek Co. Ltd.		495		145,153
Lingyi iTech Guangdong Co., Class A*		15,900		15,337
Lotes Co. Ltd.		2,299		58,934
Luxshare Precision Industry Co. Ltd., Class A		11,000		80,633
Mcnex Co. Ltd.		1,130		48,181
Merry Electronics Co. Ltd.		99,235		316,821
MH Development Ltd.*‡(b)		22,000		—
Nan Ya Printed Circuit Board Corp.		5,000		84,849
OFILM Group Co. Ltd., Class A*		4,700		5,877
Park Systems Corp.*		371		37,085
Partron Co. Ltd.		18,500		197,968
Primax Electronics Ltd.		196,000		374,890
Raytron Technology Co. Ltd., Class A		2,491		24,693
Redington India Ltd.		234,905		510,276

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Samsung Electro-Mechanics Co. Ltd.		2,090		308,602
Samsung SDI Co. Ltd.		1,100		532,891
SAMT Co. Ltd.*		30,030		98,771
Sang-A Frontec Co. Ltd.		275		9,171
Shengyi Technology Co. Ltd., Class A		4,700		14,435
Shenzhen Kaifa Technology Co. Ltd., Class A		4,700		9,813
Shenzhen Kinwong Electronic Co. Ltd., Class A		5,000		26,558
Simplo Technology Co. Ltd.		5,200		58,704
Sinbon Electronics Co. Ltd.		3,000		28,852
SOLUM Co. Ltd.*		1,802		33,932
Solus Advanced Materials Co. Ltd.*		329		18,449
Speed Tech Corp.		55,000		142,374
Sunny Optical Technology Group Co. Ltd.		14,100		361,110
Supreme Electronics Co. Ltd.		196,331		340,936
Synnex Technology International Corp.		57,000		138,535
Taiwan PCB Techvest Co. Ltd.		110,000		184,296
Taiwan Union Technology Corp.		127,000		417,793
Tianma Microelectronics Co. Ltd., Class A		9,400		17,559
Tong Hsing Electronic Industries Ltd.		3,022		28,738
Tripod Technology Corp.		14,000		64,428
Truly International Holdings Ltd.		880,000		352,111
Unimicron Technology Corp.		24,000		172,575
Unisplendour Corp. Ltd., Class A		6,580		21,781
Universal Scientific Industrial Shanghai Co. Ltd., Class A		4,700		10,160
Vidente Co. Ltd.*		1,431		17,212
VS Industry Bhd.		45,600		13,074
Wah Lee Industrial Corp.		85,640		307,903
Walsin Technology Corp.*		9,378		50,744
Wingtech Technology Co. Ltd., Class A		3,100		52,110
Wintek Corp.*‡(b)		64,000		—
WPG Holdings Ltd.		55,440		108,432
WT Microelectronics Co. Ltd.		14,000		42,784
Wuhan Guide Infrared Co. Ltd., Class A		6,580		21,719
WUS Printed Circuit Kunshan Co. Ltd., Class A		5,170		14,027
Yageo Corp.		32,892		542,800
Zhejiang Dahua Technology Co. Ltd., Class A		2,900		8,693
Zhen Ding Technology Holding Ltd.		23,150		78,487
				12,949,074
Energy Equipment & Services - 0.1%
Bumi Armada Bhd.*		1,743,500		229,106
China Oilfield Services Ltd., Class A		9,400		20,896

Investments	Shares		Value ($)
China Oilfield Services Ltd., Class H		18,000		17,567
Dialog Group Bhd.		51,700		31,622
Serba Dinamik Holdings Bhd.‡(b)		54,180		4,314
				303,505
Entertainment - 0.9%
Alibaba Pictures Group Ltd.*		160,000		18,057
Archosaur Games, Inc.(a)(c)		110,000		115,254
Bilibili, Inc., Class Z*(c)		4,400		137,007
CJ CGV Co. Ltd.*		1,732		30,675
CMGE Technology Group Ltd.*(c)		660,000		255,619
Com2uSCorp		133		13,294
Devsisters Co. Ltd.		495		28,620
DouYu International Holdings Ltd., ADR*(c)		1,081		2,270
Fire Rock Holdings Ltd.		106,000		10,060
Giantstep, Inc.*		1,650		62,345
GOLFZON Co. Ltd.*		1,650		218,722
HYBE Co. Ltd.*		385		75,691
International Games System Co. Ltd.		1,000		25,491
iQIYI, Inc., ADR*(c)		1,686		6,879
JYP Entertainment Corp.*		1,094		37,208
Kakao Games Corp.*		611		33,300
Kingsoft Corp. Ltd.		16,000		71,304
Krafton, Inc.*		110		25,048
NCSoft Corp.*		311		138,280
Neowiz*		7,535		160,326
NetDragon Websoft Holdings Ltd.		120,500		303,508
NetEase, Inc.		39,500		783,663
Netmarble Corp.*(a)		410		37,242
NHN Corp.*		630		17,795
Pearl Abyss Corp.*		990		77,360
Perfect World Co. Ltd., Class A		4,100		8,766
PVR Ltd.*		2,703		57,534
SM Entertainment Co. Ltd.*		699		34,153
SMI Holdings Group Ltd.*‡(b)		72,000		—
Tencent Music Entertainment Group, ADR*		7,897		48,803
Webzen, Inc.*		474		8,650
Wemade Co. Ltd.		488		47,120
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		4,700		18,341
Wysiwyg Studios Co. Ltd.*		1,485		38,619
XD, Inc.*(a)(c)		8,000		29,958
XPEC Entertainment, Inc.*‡(b)		14,800		—
YG Entertainment, Inc.		1,100		44,712
Zhejiang Century Huatong Group Co. Ltd., Class A*		11,280		12,032
				3,033,706
Equity Real Estate Investment Trusts (REITs) - 1.1%
Axis REIT		99,000		43,995
Concentradora Fibra Danhos SA de CV(c)		395,100		425,160
CPN Retail Growth Leasehold REIT*		44,100		24,371
Embassy Office Parks REIT		9,600		47,350

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S		1,052,700		189,110
Equites Property Fund Ltd.		27,560		38,089
ESR Kendall Square REIT Co. Ltd.		10,945		52,841
Fibra Uno Administracion SA de CV(c)		104,500		107,288
Fortress REIT Ltd., Class A		31,313		26,091
Growthpoint Properties Ltd.		90,241		85,108
Hyprop Investments Ltd.		167,910		389,221
IGB REIT		6,200		2,281
JR Global Reit		58,850		255,318
KLCCP Stapled Group		6,900		10,551
Korea Asset In Trust Co. Ltd.*		27,225		81,076
LOTTE Reit Co. Ltd.		1,828		7,855
MREIT, Inc.		42,200		18,627
Pavilion REIT		15,000		4,515
PLA Administradora Industrial S de RL de CV		375,600		525,138
Prologis Property Mexico SA de CV(c)		10,400		25,843
Redefine Properties Ltd.		274,972		72,698
Resilient REIT Ltd.(c)		159,225		619,814
Sunway REIT		39,400		13,085
Vukile Property Fund Ltd.		451,550		345,303
Yuexiu REIT		72,610		30,450
				3,441,178
Food & Staples Retailing - 0.9%
Abdullah Al Othaim Markets Co.		944		26,670
Al Meera Consumer Goods Co. QSC		1,990		10,696
Atacadao SA		7,700		24,173
Avenue Supermarts Ltd.*(a)		3,245		178,915
Berli Jucker PCL		500		477
Berli Jucker PCL, NVDR		13,800		13,160
BGF retail Co. Ltd.*		239		32,118
Bid Corp. Ltd.		6,160		131,936
BIM Birlesik Magazalar A/S		19,666		103,127
Cencosud SA		49,665		91,724
Cia Brasileira de Distribuicao		77,930		332,120
Clicks Group Ltd.		4,675		89,185
Cosco Capital, Inc.		1,146,400		117,845
CP ALL PCL, NVDR		72,000		135,696
Dis-Chem Pharmacies Ltd.(a)		17,784		40,983
Dongsuh Cos., Inc.		859		18,028
E-MART, Inc.		605		66,246
Grupo Comercial Chedraui SA de CV		60,500		121,621
GS Retail Co. Ltd.*		1,333		29,794
Hyundai Greenfood Co. Ltd.*		21,540		136,512
InRetail Peru Corp.(a)		848		29,680
Magnit PJSC		2,296		148,761
Migros Ticaret A/S*		152		462
Organizacion Soriana SAB de CV, Class B(c)		31,000		34,980
Philippine Seven Corp.*		5,321		9,186
Pick n Pay Stores Ltd.		6,784		22,365
President Chain Store Corp.		13,000		123,858
Puregold Price Club, Inc.		26,060		18,967

Investments	Shares		Value ($)
Raia Drogasil SA		20,900		91,157
Sendas Distribuidora SA		27,500		64,892
Shoprite Holdings Ltd.		10,010		135,889
Sok Marketler Ticaret A/S		7,298		7,888
SPAR Group Ltd. (The)		3,102		33,819
Sumber Alfaria Trijaya Tbk. PT		445,200		36,063
Sun Art Retail Group Ltd.(c)		24,000		8,741
Wal-Mart de Mexico SAB de CV		104,500		354,963
Yonghui Superstores Co. Ltd., Class A		26,500		16,153
				2,838,850
Food Products - 3.0%
Agthia Group PJSC		11,024		15,067
Alicorp SAA		206,360		369,446
Almarai Co. JSC		5,995		78,455
Astra Agro Lestari Tbk. PT		20,800		14,318
Avanti Feeds Ltd.		507		4,063
AVI Ltd.		8,984		44,258
Beijing Dabeinong Technology Group Co. Ltd., Class A		5,300		7,619
Binggrae Co. Ltd.*		2,808		124,153
Bombay Burmah Trading Co.		2,394		34,924
BRF SA*		6,100		25,652
Britannia Industries Ltd.		2,183		103,421
Century Pacific Food, Inc.		17,700		9,827
Charoen Pokphand Enterprise		93,000		276,853
Charoen Pokphand Foods PCL, NVDR		83,200		63,097
Charoen Pokphand Indonesia Tbk. PT		134,300		58,830
Cherkizovo Group PJSC		2,594		100,386
China Feihe Ltd.(a)		55,000		76,037
China Huiyuan Juice Group Ltd.*‡(b)		24,000		—
China Mengniu Dairy Co. Ltd.*		55,000		324,461
China Modern Dairy Holdings Ltd.(c)		1,870,000		316,561
China Youran Dairy Group Ltd.*(a)(c)		385,000		212,804
Chongqing Fuling Zhacai Group Co. Ltd., Class A		5,000		24,665
CJ CheilJedang Corp.*		349		100,169
CJ CheilJedang Corp. (Preference)*		104		13,070
COFCO Joycome Foods Ltd.*(a)(c)		1,100,000		451,424
Daesang Corp.*		11,330		208,179
Dali Foods Group Co. Ltd.(a)		45,500		26,258
Dongwon F&B Co. Ltd.*		582		86,660
Dongwon Industries Co. Ltd.*		550		99,917
Foshan Haitian Flavouring & Food Co. Ltd., Class A		4,550		68,950
Genting Plantations Bhd.		10,400		16,002
Great Wall Enterprise Co. Ltd.		38,000		71,317
Gruma SAB de CV, Class B		5,225		68,270
Grupo Bimbo SAB de CV, Series A		33,000		103,224
Grupo Nutresa SA(b)		3,592		30,617
Guangdong Haid Group Co. Ltd., Class A		4,800		54,181
Harim Holdings Co. Ltd.*		18,127		134,280

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Health & Happiness H&H International Holdings Ltd.		110,000		184,519
Heilongjiang Agriculture Co. Ltd., Class A		10,600		22,115
Henan Shuanghui Investment & Development Co. Ltd., Class A		4,700		22,003
HUISHAN DAIRY*‡(b)		158,000		—
Indofood CBP Sukses Makmur Tbk. PT		51,800		31,425
Indofood Sukses Makmur Tbk. PT		100,800		44,330
Industrias Bachoco SAB de CV, Series B		80,000		274,958
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		8,200		49,043
International Holding Co. PJSC*		9,625		399,093
IOI Corp. Bhd.		66,000		59,763
Japfa Comfeed Indonesia Tbk. PT		249,100		28,838
JBS SA		27,600		182,389
Jiangxi Zhengbang Technology Co. Ltd., Class A		21,200		29,475
Kuala Lumpur Kepong Bhd.		10,831		55,895
Leong Hup International Bhd.(a)		775,500		101,905
Lien Hwa Industrial Holdings Corp.		15,400		33,830
Lotte Confectionery Co. Ltd.*		990		95,263
M Dias Branco SA*		5,300		23,086
Maeil Dairies Co. Ltd.		2,255		126,078
Marfrig Global Foods SA		10,600		44,875
Mayora Indah Tbk. PT		83,900		10,938
Mezzan Holding Co. KSCC		79,310		154,221
Minerva SA		132,000		237,153
Monde Nissin Corp.*(a)		187,000		60,089
Muyuan Foods Co. Ltd., Class A		7,420		63,635
Namchow Holdings Co. Ltd.		74,000		129,701
Nestle India Ltd.		715		177,465
Nestle Malaysia Bhd.		900		28,384
New Hope Liuhe Co. Ltd., Class A*		20,000		50,555
NongShim Co. Ltd.		56		15,005
Orion Corp.*		550		44,347
Orion Holdings Corp.*		12,828		148,977
Ottogi Corp.*		15		5,444
Perusahaan Perkebunan London Sumatra Indonesia Tbk. PT		1,490,500		130,582
PPB Group Bhd.		14,080		53,420
QL Resources Bhd.		25,395		30,155
Samyang Corp.*		1,980		101,176
Samyang Foods Co. Ltd.*		2,343		164,817
Samyang Holdings Corp.*		3,080		220,493
San Miguel Food and Beverage, Inc.		15,960		21,917
Sao Martinho SA		5,300		36,671
Saudia Dairy & Foodstuff Co.		1,166		50,532
Savola Group (The)		6,215		56,486
Sawit Sumbermas Sarana Tbk. PT		1,903,000		132,980
Sichuan Teway Food Group Co. Ltd., Class A		5,300		17,485
Sime Darby Plantation Bhd.		61,003		51,449
SLC Agricola SA		48,400		419,102
Standard Foods Corp.		14,652		27,077

Investments	Shares		Value ($)
Taiwan TEA Corp.*		8,000		6,069
Tata Consumer Products Ltd.		11,679		113,828
Thai Union Group PCL, NVDR		32,700		20,526
Thaifoods Group PCL, NVDR		1,408,000		209,752
Tiger Brands Ltd.(c)		3,445		40,812
Tingyi Cayman Islands Holding Corp.		74,000		153,171
Toly Bread Co. Ltd., Class A		5,300		21,673
Tongwei Co. Ltd., Class A		5,500		32,272
Ulker Biskuvi Sanayi A/S		64,955		83,182
Uni-President China Holdings Ltd.		3,000		2,828
Uni-President Enterprises Corp.		165,000		401,021
Universal Robina Corp.		16,800		41,856
Want Want China Holdings Ltd.		110,000		107,636
Yihai International Holding Ltd.*(c)		7,000		29,759
Yuan Longping High-tech Agriculture Co. Ltd., Class A*		5,100		14,871
Zhou Hei Ya International Holdings Co. Ltd.(a)		14,000		9,785
				9,555,595
Gas Utilities - 0.6%
Adani Total Gas Ltd.		5,391		131,574
Aygaz A/S		54,670		96,662
Beijing Enterprises Holdings Ltd.		16,000		54,376
China Gas Holdings Ltd.		88,000		149,421
China Resources Gas Group Ltd.		34,000		170,053
Daesung Holdings Co. Ltd.		1,485		58,944
ENN Energy Holdings Ltd.		14,500		229,842
GAIL India Ltd.		67,320		130,179
Grupo Energia Bogota SA ESP		102,740		68,285
Gujarat Gas Ltd.		2,679		24,149
Gujarat State Petronet Ltd.		14,375		57,955
Indraprastha Gas Ltd.		4,564		24,024
Korea Gas Corp.*		999		29,046
Kunlun Energy Co. Ltd.		130,000		134,042
Mahanagar Gas Ltd.(a)		1,456		15,987
National Gas & Industrialization Co.		1,155		16,624
Perusahaan Gas Negara Tbk. PT*		155,100		14,882
Petronas Gas Bhd.		16,500		66,938
Towngas Smart Energy Co. Ltd.*		495,000		363,749
Zhongyu Energy Holdings Ltd.		55,000		57,274
				1,894,006
Health Care Equipment & Supplies - 0.3%
AK Medical Holdings Ltd.(a)(c)		24,000		16,805
DIO Corp.*		520		14,688
Eoflow Co. Ltd.*		1,734		31,933
Hartalega Holdings Bhd.		75,800		106,488
Humasis Co. Ltd.*		2,650		62,431
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		5,300		24,829
Kangji Medical Holdings Ltd.		25,000		27,284
Kossan Rubber Industries Bhd.		22,800		9,805
Lifetech Scientific Corp.*(c)		110,000		45,424
Microport Scientific Corp.(c)		11,498		32,809
Osstem Implant Co. Ltd.*‡(b)		318		18,821
Peijia Medical Ltd.*(a)		21,000		29,786

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Poly Medicure Ltd.		3,604		43,520
SD Biosensor, Inc.*		1,595		80,048
Shandong Pharmaceutical Glass Co. Ltd., Class A		4,700		25,526
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		36,000		44,045
Sri Trang Gloves Thailand PCL, NVDR		66,400		57,834
St Shine Optical Co. Ltd.		2,000		20,637
Suheung Co. Ltd.*		2,640		86,394
Supermax Corp. Bhd.		5,761		1,624
TaiDoc Technology Corp.		28,000		188,250
Top Glove Corp. Bhd.		120,100		61,119
Venus MedTech Hangzhou, Inc., Class H*(a)(c)		18,500		71,295
				1,101,395
Health Care Providers & Services - 0.7%
Al Hammadi Co. for Development and Investment		3,740		41,817
Apollo Hospitals Enterprise Ltd.		1,800		107,518
Bangkok Chain Hospital PCL, NVDR		64,800		36,395
Bangkok Dusit Medical Services PCL, NVDR		113,400		76,293
Bumrungrad Hospital PCL, NVDR		11,300		47,854
Celltrion Healthcare Co. Ltd.		1,473		76,369
Chabiotech Co. Ltd.*		3,303		45,757
Chularat Hospital PCL, NVDR		326,900		32,400
Cleopatra Hospital*		33,041		10,243
CM Hospitalar SA*		11,000		36,770
Dallah Healthcare Co.		2,544		58,855
Diagnosticos da America SA*		990		5,433
Dr Lal PathLabs Ltd.(a)		430		17,117
Dr Sulaiman Al Habib Medical Services Group Co.		1,760		77,401
Fleury SA		3,600		13,708
Fortis Healthcare Ltd.*		16,725		60,582
Genertec Universal Medical Group Co. Ltd.(a)(c)		427,500		308,664
Hapvida Participacoes e Investimentos SA(a)		26,900		64,134
HLB Life Science CO Ltd.*		3,795		34,944
Huadong Medicine Co. Ltd., Class A		5,300		30,474
Hygeia Healthcare Holdings Co. Ltd.(a)		6,400		28,768
IHH Healthcare Bhd.		66,000		101,708
Jinxin Fertility Group Ltd.*(a)(c)		12,000		11,942
Kora Saude Participacoes SA*		39,105		31,446
KPJ Healthcare Bhd.		14,124		3,510
Life Healthcare Group Holdings Ltd.		11,932		17,431
Max Healthcare Institute Ltd.*		3,575		17,604
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*		9,400		10,544
Metro Healthcare Indonesia TBK PT*		641,300		23,633
Metropolis Healthcare Ltd.(a)		1,540		51,863

Investments	Shares		Value ($)
Mitra Keluarga Karyasehat Tbk. PT(a)		100,200		17,557
Mouwasat Medical Services Co.		688		36,381
Netcare Ltd.		79,319		75,986
Notre Dame Intermedica Participacoes SA		12,144		162,835
Odontoprev SA		4,900		11,516
Ping An Healthcare and Technology Co. Ltd.*(a)(c)		5,500		17,422
Qualicorp Consultoria e Corretora de Seguros SA		3,700		12,821
Rede D’Or Sao Luiz SA(a)		16,500		137,718
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		4,700		13,940
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		23,500		45,749
Sinopharm Group Co. Ltd., Class H		44,000		98,072
Xian International Medical Investment Co. Ltd., Class A*		16,500		18,327
				2,129,501
Health Care Technology - 0.0%(e)
Alibaba Health Information Technology Ltd.*(c)		84,000		62,804
Yidu Tech, Inc.*(a)		5,100		9,510
				72,314
Hotels, Restaurants & Leisure - 0.7%
Alsea SAB de CV*		27,500		56,348
Ananti, Inc.*		2,798		20,239
Asset World Corp. PCL, NVDR*		342,400		50,391
Berjaya Sports Toto Bhd.		409,013		185,671
Bloomberry Resorts Corp.*		236,200		29,053
Central Plaza Hotel PCL*		1,600		1,682
Central Plaza Hotel PCL, NVDR*		33,200		34,900
DoubleUGames Co. Ltd.*		4,117		170,759
Genting Bhd.		77,000		80,394
Genting Malaysia Bhd.		61,100		39,852
Grand Korea Leisure Co. Ltd.*		1,040		11,431
Haidilao International Holding Ltd.(a)(c)		13,164		28,328
Hana Tour Service, Inc.*		403		22,833
Huazhu Group Ltd.*		33,000		126,540
Indian Hotels Co. Ltd.		29,233		84,460
Jiumaojiu International Holdings Ltd.(a)		6,000		12,835
Jollibee Foods Corp.		10,380		48,871
Jubilant Foodworks Ltd.		1,760		79,819
Kangwon Land, Inc.*		2,365		48,654
Leejam Sports Co. JSC		1,925		60,953
Lotte Tour Development Co. Ltd.*		1,961		23,913
Magnum Bhd.		19,594		8,801
Minor International PCL, NVDR*		77,800		71,269
MK Restaurants Group PCL, NVDR		21,300		33,426
OPAP SA		4,417		65,260
Paradise Co. Ltd.*		421		5,221
Seera Group Holding*		11,330		59,369
Shenzhen Overseas Chinese Town Co. Ltd., Class A		22,200		26,890

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Tongcheng Travel Holdings Ltd.*(a)(c)		18,800		38,431
Travellers International Hotel Group, Inc.*‡(b)		209,900		11,159
Trip.com Group Ltd.*(c)		8,250		211,605
Viva China Holdings Ltd.		1,592,000		265,417
Yum China Holdings, Inc.		7,975		384,156
				2,398,930
Household Durables - 1.3%
Amber Enterprises India Ltd.*		935		45,233
AmTRAN Technology Co. Ltd.		324,767		189,741
Arcelik A/S		4,982		19,107
Bajaj Electricals Ltd.*		2,173		34,836
Beijing Roborock Technology Co. Ltd., Class A		275		38,299
Coway Co. Ltd.*		1,321		76,159
Crompton Greaves Consumer Electricals Ltd.		15,345		87,282
Cuckoo Holdings Co. Ltd.*		6,050		86,572
Cyrela Brazil Realty SA Empreendimentos e Participacoes		131,400		432,556
Dixon Technologies India Ltd.(a)		705		41,638
Ecovacs Robotics Co. Ltd., Class A		1,500		31,813
Gree Electric Appliances, Inc. of Zhuhai, Class A		16,500		98,061
Haier Smart Home Co. Ltd., Class A		10,600		46,045
Haier Smart Home Co. Ltd., Class H		44,000		175,209
Hang Zhou Great Star Industrial Co. Ltd., Class A*		5,000		19,795
Hangzhou Robam Appliances Co. Ltd., Class A		5,300		28,701
Hanssem Co. Ltd.*		303		18,172
Hisense Home Appliances Group Co. Ltd.		165,000		215,837
Kinpo Electronics		50,000		26,515
LG Electronics, Inc.		3,797		401,591
LG Electronics, Inc. (Preference)		584		29,406
Lock&Lock Co. Ltd.*		728		6,099
Midea Group Co. Ltd., Class A		11,000		126,497
MRV Engenharia e Participacoes SA		138,500		349,771
NavInfo Co. Ltd., Class A*		4,700		11,629
Nien Made Enterprise Co. Ltd.		2,000		27,864
Orient Electric Ltd.		6,985		31,058
PIK Group PJSC		4,646		57,006
Q Technology Group Co. Ltd.(a)		220,000		237,280
Sampo Corp.		165,000		180,341
Skyworth Group Ltd.*		734,000		432,066
TCL Electronics Holdings Ltd.		385,000		195,029
TCL Technology Group Corp., Class A		55,700		49,090
TTK Prestige Ltd.		1,825		23,443
Vestel Beyaz Esya Sanayi ve Ticaret A/S		148,445		79,005
Vestel Elektronik Sanayi ve Ticaret A/S		30,645		55,234

Investments	Shares		Value ($)
Whirlpool of India Ltd.		674		16,718
Zinus, Inc.*		770		42,540
				4,063,238
Household Products - 0.0%(e)
Blue Moon Group Holdings Ltd.(a)(c)		26,500		22,974
C&S Paper Co. Ltd., Class A		5,000		11,641
Kimberly-Clark de Mexico SAB de CV, Class A		27,000		38,965
Unilever Indonesia Tbk. PT		75,200		21,072
Vinda International Holdings Ltd.		3,000		8,041
				102,693
Independent Power and Renewable Electricity Producers - 1.3%
Aboitiz Power Corp.		34,200		23,683
AC Energy Corp.		196,100		36,700
Adani Green Energy Ltd.*		7,920		199,304
Adani Power Ltd.*		16,869		24,019
AES Brasil Energia SA		5,300		11,788
Aksa Enerji Uretim A/S*		142,120		132,527
Banpu Power PCL, NVDR		59,300		30,100
Canvest Environmental Protection Group Co. Ltd.(a)		275,000		140,717
CGN Power Co. Ltd., Class A		104,500		47,281
CGN Power Co. Ltd., Class H(a)		385,000		106,155
China Datang Corp. Renewable Power Co. Ltd., Class H(c)		1,155,000		466,589
China Longyuan Power Group Corp. Ltd., Class H		55,000		111,022
China National Nuclear Power Co. Ltd., Class A		42,300		46,850
China Power International Development Ltd.		165,000		81,468
China Resources Power Holdings Co. Ltd.(c)		54,000		131,026
China Yangtze Power Co. Ltd., Class A		38,500		132,580
Cia Energetica de Sao Paulo (Preference), Class B		10,600		46,492
Colbun SA		9		1
Datang International Power Generation Co. Ltd., Class H		212,000		39,694
Electricity Generating PCL, NVDR		3,400		17,360
Energy Absolute PCL, NVDR		45,500		121,966
Eneva SA*		22,000		54,731
Engie Brasil Energia SA		10,000		76,648
First Gen Corp.		29,500		16,204
Global Power Synergy PCL, NVDR		24,700		58,050
Guangxi Guiguan Electric Power Co. Ltd., Class A		15,000		12,843
Gulf Energy Development PCL, NVDR		116,200		171,011
Huadian Power International Corp. Ltd., Class A		26,500		17,444
Huaneng Lancang River Hydropower, Inc., Class A		23,500		21,930
Huaneng Power International, Inc., Class A		24,300		28,250

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Huaneng Power International, Inc., Class H		112,000		58,890
Hub Power Co. Ltd. (The)		504,515		215,702
Hubei Energy Group Co. Ltd., Class A		23,500		16,318
JSW Energy Ltd.		8,692		35,695
Malakoff Corp. Bhd.		951,500		165,953
Mega First Corp. Bhd.		291,500		245,848
NHPC Ltd.		79,420		31,929
NLC India Ltd.		107,085		95,788
NTPC Ltd.		161,004		306,484
OGK-2 PJSC		11,431,280		87,295
Omega Energia SA		11,994		26,156
Ratch Group PCL, NVDR		30,900		41,299
SDIC Power Holdings Co. Ltd., Class A		23,500		36,919
Shanghai Electric Power Co. Ltd., Class A		14,100		26,958
Shenzhen Energy Group Co. Ltd., Class A		10,600		11,540
Sichuan Chuantou Energy Co. Ltd., Class A		9,400		16,392
Super Energy Corp. PCL, NVDR		1,446,900		41,284
Taiwan Cogeneration Corp.		3,000		3,996
Terna Energy SA		933		13,534
TPI Polene Power PCL, NVDR		1,406,100		174,839
Unipro PJSC		5,337,000		166,278
				4,223,530
Industrial Conglomerates - 1.6%
3M India Ltd.*		69		23,107
Aamal Co.		21,949		6,589
Aboitiz Equity Ventures, Inc.		84,290		104,174
AG Anadolu Grubu Holding A/S		64,625		182,379
Alfa SAB de CV, Class A		88,000		63,968
Alliance Global Group, Inc.		157,700		39,599
AntarChile SA		1,696		14,760
Ayala Corp.		5,500		93,870
Bidvest Group Ltd. (The)		12,155		147,479
China Baoan Group Co. Ltd., Class A		5,500		11,069
CITIC Ltd.		220,000		245,462
CJ Corp.*		564		37,148
DMCI Holdings, Inc.		280,500		46,608
Doosan Co. Ltd.*		629		50,403
Dubai Investments PJSC		1,048,226		650,673
Enka Insaat ve Sanayi A/S		50,808		59,309
Far Eastern New Century Corp.		133,000		137,715
Fosun International Ltd.		82,500		93,424
Godrej Industries Ltd.*		3,377		27,716
Grupo Carso SAB de CV, Series A1(c)		11,100		31,012
GT Capital Holdings, Inc.		2,280		25,495
Hanwha Corp.*		1,692		41,405
Hanwha Corp. (3rd Preference)*		1,425		17,613
HAP Seng Consolidated Bhd.		11,900		21,608
Hong Leong Industries Bhd.		34,200		75,746
Hyosung Corp.*		201		13,572
Industries Qatar QSC		37,455		173,130

Investments	Shares		Value ($)
JG Summit Holdings, Inc.		66,111		81,058
KAP Industrial Holdings Ltd.		1,117,160		308,356
KOC Holding A/S		31,460		76,120
LG Corp.*		4,260		261,501
Lotte Corp.*		1,392		30,657
LT Group, Inc.		5,100		1,000
Mytilineos SA		4,102		69,803
National Industries Group Holding SAK*		71,610		69,506
PSG Group Ltd.*		88,260		480,096
Quinenco SA		12,939		33,700
Reunert Ltd.(c)		86,350		266,585
Samsung C&T Corp.		1,622		143,968
San Miguel Corp.		13,510		29,816
Shanghai Industrial Holdings Ltd.		207,000		305,288
Siemens Ltd.		1,416		44,124
Sime Darby Bhd.		54,600		28,047
SK, Inc.		1,300		235,628
SM Investments Corp.		8,490		158,058
Sunway Bhd.		50,749		20,734
Thoresen Thai Agencies PCL, NVDR		121,900		33,866
Turkiye Sise ve Cam Fabrikalari A/S		49,404		50,820
				5,163,764
Insurance - 3.1%
Allianz Malaysia Bhd.		27,500		82,917
Bangkok Insurance PCL, NVDR		15,800		126,229
BB Seguridade Participacoes SA		27,500		119,840
Bupa Arabia for Cooperative Insurance Co.		262		10,377
Caixa Seguridade Participacoes S/A		27,500		46,610
Cathay Financial Holding Co. Ltd.		303,000		689,577
China Development Financial Holding Corp.		550,000		359,891
China Life Insurance Co. Ltd., Class H		245,000		427,942
China Pacific Insurance Group Co. Ltd., Class A		21,000		86,635
China Pacific Insurance Group Co. Ltd., Class H		88,000		266,904
China Taiping Insurance Holdings Co. Ltd.		31,800		44,779
Co. for Cooperative Insurance (The)		974		20,145
DB Insurance Co. Ltd.*		2,014		100,575
Discovery Ltd.*		7,242		72,832
Fubon Financial Holding Co. Ltd.		267,453		726,952
General Insurance Corp. of India*(a)		39		75
Hanwha General Insurance Co. Ltd.*		29,920		88,110
Hanwha Life Insurance Co. Ltd.*		12,318		30,041
HDFC Life Insurance Co. Ltd.(a)		17,875		149,101
Hyundai Marine & Fire Insurance Co. Ltd.*		2,970		62,701
ICICI Lombard General Insurance Co. Ltd.(a)		4,049		74,287

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
ICICI Prudential Life Insurance Co. Ltd.(a)		6,030		45,288
IRB Brasil Resseguros S/A*		466,451		287,249
Korean Reinsurance Co.*		39,738		334,584
Liberty Holdings Ltd.*		61,237		387,927
Max Financial Services Ltd.*		2,721		34,719
Mercuries & Associates Holding Ltd.		205,500		157,372
Mercuries Life Insurance Co. Ltd.*		111,700		37,067
Meritz Fire & Marine Insurance Co. Ltd.*		1,643		62,490
Mirae Asset Life Insurance Co. Ltd.*		30,610		94,077
Momentum Metropolitan Holdings		24,539		32,010
New China Life Insurance Co. Ltd., Class A		4,700		27,682
New China Life Insurance Co. Ltd., Class H		31,100		88,344
Old Mutual Ltd.		127,395		113,560
People’s Insurance Co. Group of China Ltd. (The), Class H		249,000		78,555
PICC Property & Casualty Co. Ltd., Class H		220,000		204,269
Ping An Insurance Group Co. of China Ltd., Class A		27,600		216,669
Ping An Insurance Group Co. of China Ltd., Class H		201,500		1,573,744
Porto Seguro SA		9,600		35,851
Qatar Insurance Co. SAQ*		803,495		578,181
Qualitas Controladora SAB de CV(c)		93,500		504,562
Rand Merchant Investment Holdings Ltd.		22,474		70,516
Samsung Fire & Marine Insurance Co. Ltd.		1,115		185,448
Samsung Life Insurance Co. Ltd.		2,821		141,343
Sanlam Ltd.		63,153		256,572
Santam Ltd.		723		12,572
SBI Life Insurance Co. Ltd.(a)		8,278		136,807
Shin Kong Financial Holding Co. Ltd.		495,000		196,655
Shinkong Insurance Co. Ltd.		107,000		183,693
Sul America SA*		10,377		49,638
Syarikat Takaful Malaysia Keluarga BHD		262,260		228,079
Tongyang Life Insurance Co. Ltd.*		23,045		113,935
ZhongAn Online P&C Insurance Co. Ltd., Class H*(a)(c)		5,500		18,762
				10,074,740
Interactive Media & Services - 3.3%
AfreecaTV Co. Ltd.*		275		34,902
Autohome, Inc., Class A*(c)		5,500		42,004
Baidu, Inc., Class A*(c)		44,000		811,434
Hello Group, Inc., ADR		77,342		752,538
Hong Seng Consolidated Bhd.*		62,600		41,280
Info Edge India Ltd.		1,474		96,804
JOYY, Inc., ADR(c)		825		41,712
Kakao Corp.		6,275		442,451

Investments	Shares		Value ($)
Kanzhun Ltd., ADR*(c)		1,595		48,313
Kuaishou Technology*(a)(c)		27,500		310,178
NAVER Corp.		2,860		735,462
Tencent Holdings Ltd.		117,600		7,118,544
Weibo Corp., ADR*(c)		312		10,811
Zhihu, Inc., ADR*		1,113		4,752
				10,491,185
Internet & Direct Marketing Retail - 3.1%
Alibaba Group Holding Ltd.*		286,400		4,187,161
Americanas SA*		13,277		79,287
Baozun, Inc., Class A*(c)		8,000		30,881
Bukalapak.com PT Tbk.*		1,765,500		43,702
CJ ENM Co. Ltd.*		140		14,273
Dada Nexus Ltd., ADR*(c)		2,805		30,631
HengTen Networks Group Ltd.*(c)		30,799		9,401
Hyundai Home Shopping Network Corp.*		3,081		154,114
Interpark Corp.*		33,055		118,455
JD Health International, Inc.*(a)(c)		22,000		175,914
JD.com cash in lieu of shares*(b)		5,600		215,309
JD.com, Inc., Class A*		35,650		1,278,317
Maoyan Entertainment*(a)		22,000		28,214
Meituan, Class B*(a)		78,500		2,210,771
momo.com, Inc.		1,300		52,114
Naspers Ltd., Class N		4,345		691,509
Pinduoduo, Inc., ADR*		8,195		490,389
Vipshop Holdings Ltd., ADR*		15,015		139,790
Zomato Ltd.*		33,110		40,110
				9,990,342
IT Services - 1.6%
China TransInfo Technology Co. Ltd., Class A		4,700		9,924
Chinasoft International Ltd.*		46,000		45,660
Chindata Group Holdings Ltd., ADR*(c)		1,925		9,856
Cielo SA		481,300		208,473
Coforge Ltd.		858		55,345
Computer Age Management Services Ltd.		1,007		36,400
Danal Co. Ltd.*		2,860		23,392
DHC Software Co. Ltd., Class A		9,400		10,529
Fawry for Banking & Payment Technology Services SAE*		18,921		11,899
Firstsource Solutions Ltd.		22,385		47,591
GDS Holdings Ltd., Class A*		16,500		77,659
Happiest Minds Technologies Ltd.		2,491		38,419
HCL Technologies Ltd.		22,000		324,122
Hyundai Autoever Corp.		212		22,862
Infosys Ltd.		72,215		1,680,186
Kginicis Co. Ltd.		8,610		123,561
Kingsoft Cloud Holdings Ltd., ADR*		3,457		29,212
Larsen & Toubro Infotech Ltd.(a)		721		60,584
Locaweb Servicos de Internet SA*(a)		4,800		8,768
Lotte Data Communication Co.		1,815		54,729
Mindtree Ltd.		1,215		65,230
Mphasis Ltd.		1,925		80,137

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
My EG Services Bhd.		86,314		20,003
Persistent Systems Ltd.		1,375		81,077
Posco ICT Co. Ltd.		2,080		10,163
Samsung SDS Co. Ltd.		770		89,743
Sonata Software Ltd.		4,565		49,613
Systex Corp.		102,000		310,247
Tata Consultancy Services Ltd.		20,075		1,005,129
Tech Mahindra Ltd.		11,000		218,017
TravelSky Technology Ltd., Class H		41,000		76,662
Vnet Group, Inc., ADR*(c)		1,563		15,505
Wipro Ltd.		28,641		219,771
Yeahka Ltd.*(c)		17,600		51,688
				5,172,156
Leisure Products - 0.2%
Fusheng Precision Co. Ltd.		7,000		49,202
Giant Manufacturing Co. Ltd.		5,000		56,896
HLB, Inc.*		1,320		34,711
Johnson Health Tech Co. Ltd.		55,000		105,199
Merida Industry Co. Ltd.		5,350		55,781
O-TA Precision Industry Co. Ltd.		35,000		182,462
				484,251
Life Sciences Tools & Services - 0.3%
Cellivery Therapeutics, Inc.*		188		4,983
Divi’s Laboratories Ltd.		2,622		141,816
EirGenix, Inc.*		11,000		39,746
Genscript Biotech Corp.*		20,000		63,225
Hangzhou Tigermed Consulting Co. Ltd., Class H(a)		6,500		67,646
LegoChem Biosciences, Inc.*		1,370		50,970
Pharmaron Beijing Co. Ltd., Class H(a)		1,600		20,263
Samsung Biologics Co. Ltd.*(a)		311		190,650
Shanghai Medicilon, Inc., Class A		385		21,530
ST Pharm Co. Ltd.*		344		30,105
Viva Biotech Holdings(a)(c)		22,500		10,301
WuXi AppTec Co. Ltd., Class A		4,760		78,369
WuXi AppTec Co. Ltd., Class H(a)		7,418		105,883
				825,487
Machinery - 1.1%
AIA Engineering Ltd.		972		24,605
Airtac International Group		2,913		100,123
Ashok Leyland Ltd.		34,234		60,809
China CSSC Holdings Ltd., Class A		10,600		33,888
China International Marine Containers Group Co. Ltd., Class H(c)		15,900		28,588
CIMC Enric Holdings Ltd.(c)		48,000		58,480
CNHTC Jinan Truck Co. Ltd., Class A		1,260		2,716
CNPC Capital Co. Ltd., Class A		29,200		23,120
Creative & Innovative System*		2,703		33,185
CSBC Corp. Taiwan*		53,000		38,110
Cummins India Ltd.		2,280		28,782
Daewoo Shipbuilding & Marine Engineering Co. Ltd.*		705		11,550
Dawonsys Co. Ltd.*		1,705		40,380

Investments	Shares		Value ($)
Doosan Bobcat, Inc.*		1,272		39,094
Dufu Technology Corp. Bhd.		37,100		32,797
Escorts Ltd.		2,310		57,279
Estun Automation Co. Ltd., Class A		5,000		17,988
Haitian International Holdings Ltd.		16,000		41,757
Hiwin Technologies Corp.		5,372		50,892
HJ Shipbuilding & Construction Co. Ltd.*		1,060		6,217
Hyundai Construction Equipment Co. Ltd.		6,741		215,846
Hyundai Doosan Infracore Co. Ltd.*		58,013		282,485
Hyundai Elevator Co. Ltd.*		208		6,237
Hyundai Heavy Industries Co. Ltd.*		825		67,957
Hyundai Heavy Industries Holdings Co. Ltd.		1,430		56,761
Hyundai Mipo Dockyard Co. Ltd.		602		34,207
Hyundai Rotem Co. Ltd.*		1,766		27,248
Infore Environment Technology Group Co. Ltd., Class A		9,400		9,038
Jiangsu Hengli Hydraulic Co. Ltd., Class A		3,800		45,777
Korea Shipbuilding & Offshore Engineering Co. Ltd.*		605		39,999
Lakshmi Machine Works Ltd.		165		24,129
LK Technology Holdings Ltd.(c)		19,500		29,559
Lonking Holdings Ltd.		880,000		256,183
Pentamaster Corp. Bhd.		21,200		20,666
People & Technology, Inc.*		9,680		317,983
Rexon Industrial Corp. Ltd.		74,000		118,128
Riyue Heavy Industry Co. Ltd., Class A		5,000		21,892
SAM KANG M&T Co. Ltd.*		1,219		16,786
Samsung Heavy Industries Co. Ltd.*		15,922		68,416
Sany Heavy Equipment International Holdings Co. Ltd.		12,000		12,527
Sany Heavy Industry Co. Ltd., Class A		16,500		52,206
Schaeffler India Ltd.		220		26,410
SFA Engineering Corp.*		1,089		30,488
Shanghai Mechanical and Electrical Industry Co. Ltd., Class B		114,700		147,275
Shin Zu Shing Co. Ltd.		83,000		273,941
Sinotruk Hong Kong Ltd.		30,500		45,139
SKF India Ltd.		624		30,410
Timken India Ltd.		605		15,632
Turk Traktor ve Ziraat Makineleri A/S		6,105		100,161
UWC Bhd.		10,600		11,827
Weichai Power Co. Ltd., Class A		17,300		42,126
Weichai Power Co. Ltd., Class H		74,000		133,242
XCMG Construction Machinery Co. Ltd., Class A		18,800		16,658
Yangzijiang Shipbuilding Holdings Ltd.		104,500		99,697
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		9,400		28,221

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A		9,400		16,761
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H(c)		10,000		10,414
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		17,700		19,604
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		29,200		19,023
				3,521,419
Marine - 0.8%
Cia Sud Americana de Vapores SA		636,473		55,391
COSCO SHIPPING Holdings Co. Ltd., Class H*(c)		116,450		209,377
Evergreen Marine Corp. Taiwan Ltd.		91,558		371,973
Far-Eastern Shipping Co. plc*		302,500		108,938
HMM Co. Ltd.*		12,375		224,813
Korea Line Corp.*		81,290		144,306
MISC Bhd.		60,500		100,604
Orient Overseas International Ltd.		6,500		160,050
Pan Ocean Co. Ltd.*		5,613		22,885
Precious Shipping PCL, NVDR		407,000		191,918
Qatar Navigation QSC		20,237		48,622
Regional Container Lines PCL, NVDR		104,200		131,443
Taiwan Navigation Co. Ltd.		110,000		124,973
Transcoal Pacific Tbk. PT*		32,900		23,562
U-Ming Marine Transport Corp.		14,000		26,728
Wan Hai Lines Ltd.		42,900		227,502
Wisdom Marine Lines Co. Ltd.		11,898		31,398
Yang Ming Marine Transport Corp.*		58,000		205,609
				2,410,092
Media - 0.3%
Affle India Ltd.*		2,120		37,227
Astro Malaysia Holdings Bhd.		139,200		31,927
Cheil Worldwide, Inc.		1,074		19,556
China Literature Ltd.*(a)(c)		6,200		37,291
Echo Marketing, Inc.		10,285		121,151
Elang Mahkota Teknologi Tbk. PT*		376,300		46,966
Focus Media Information Technology Co. Ltd., Class A		23,500		28,132
Grupo Televisa SAB, Series CPO		38,500		78,383
Innocean Worldwide, Inc.		3,813		157,359
Leo Group Co. Ltd., Class A		18,800		6,823
Media Nusantara Citra Tbk. PT		3,624,500		214,214
MultiChoice Group		7,645		61,793
NanJi E-Commerce Co. Ltd., Class A		4,700		4,319
Plan B Media PCL, NVDR*		207,500		49,546
Saudi Research & Media Group*		1,045		66,679
Sun TV Network Ltd.		1,889		12,601
Surya Citra Media Tbk. PT*		427,000		8,669
Zee Entertainment Enterprises Ltd.		19,580		75,974
				1,058,610
Metals & Mining - 4.6%
African Rainbow Minerals Ltd.		4,290		63,171

Investments	Shares		Value ($)
AJU Steel Co. Ltd.*		5,940		81,056
Alrosa PJSC		85,800		125,025
Aluminum Corp. of China Ltd., Class A*		26,500		21,898
Aluminum Corp. of China Ltd., Class H*		60,000		31,625
Aneka Tambang Tbk.		201,400		24,786
Angang Steel Co. Ltd., Class H		38,000		16,521
Anglo American Platinum Ltd.		2,090		250,646
AngloGold Ashanti Ltd.		13,035		241,742
APL Apollo Tubes Ltd.*		4,914		56,915
Baoshan Iron & Steel Co. Ltd., Class A		66,000		72,995
Beijing Shougang Co. Ltd., Class A		10,600		9,259
Bradespar SA (Preference)		6,186		31,256
CAP SA		2,756		31,025
Century Iron & Steel Industrial Co. Ltd.		6,000		22,866
Chengtun Mining Group Co. Ltd., Class A		10,600		14,371
Chifeng Jilong Gold Mining Co. Ltd., Class A*		10,000		22,057
China Gold International Resources Corp. Ltd.		121,000		320,440
China Hongqiao Group Ltd.(c)		55,000		61,365
China Metal Recycling Holdings Ltd.*‡(b)		51,000		—
China Molybdenum Co. Ltd., Class A		22,500		18,275
China Molybdenum Co. Ltd., Class H		57,000		28,948
China Nonferrous Mining Corp. Ltd.(c)		495,000		192,349
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		5,300		30,957
China Oriental Group Co. Ltd.		550,000		160,820
China Steel Corp.		440,000		532,322
China Zhongwang Holdings Ltd.*‡(b)(c)		699,600		144,956
Chung Hung Steel Corp.		23,000		30,596
Cia Siderurgica Nacional SA		22,000		105,815
Citic Pacific Special Steel Group Co. Ltd., Class A		10,600		36,136
Dongkuk Steel Mill Co. Ltd.*		2,067		25,119
DRDGOLD Ltd.		209,428		163,129
Eregli Demir ve Celik Fabrikalari TAS		45,320		92,157
Feng Hsin Steel Co. Ltd.		16,000		47,746
Ganfeng Lithium Co. Ltd., Class A		2,600		54,713
Ganfeng Lithium Co. Ltd., Class H(a)		5,200		81,626
GEM Co. Ltd., Class A		5,300		7,311
Gerdau SA (Preference)		35,700		187,173
Gold Fields Ltd.		32,534		339,409
Grupo Mexico SAB de CV, Series B		110,000		471,931
Harmony Gold Mining Co. Ltd.		18,648		66,504
Henan Shenhuo Coal & Power Co. Ltd., Class A		5,500		9,263

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Hesteel Co. Ltd., Class A		37,600		14,059
Hindalco Industries Ltd.		51,370		336,661
Hindustan Copper Ltd.		16,483		27,290
Hsin Kuang Steel Co. Ltd.		110,000		206,443
Hunan Valin Steel Co. Ltd., Class A		23,500		20,305
Hyundai Steel Co.		3,438		110,940
Impala Platinum Holdings Ltd.		27,805		420,813
Industrias Penoles SAB de CV		2,325		24,883
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A*		70,500		25,917
Inner Mongolia ERDOS Resources Co. Ltd., Class A		5,300		18,593
Inner Mongolia ERDOS Resources Co. Ltd., Class B		5,300		10,870
Jiangxi Copper Co. Ltd., Class A		9,400		29,801
Jiangxi Copper Co. Ltd., Class H		18,000		29,086
Jinchuan Group International Resources Co. Ltd.		144,000		25,485
Jindal Stainless Ltd.*		74,305		202,037
Jindal Steel & Power Ltd.*		14,485		74,927
JSW Steel Ltd.		31,955		269,330
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class A*		122,870		94,427
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class D*		364,287		324,221
Korea Zinc Co. Ltd.*		440		185,782
Koza Altin Isletmeleri A/S*		2,182		20,835
Koza Anadolu Metal Madencilik Isletmeleri A/S*		96,305		165,539
Kumba Iron Ore Ltd.		2,200		76,892
Maanshan Iron & Steel Co. Ltd., Class A		21,200		13,189
Maanshan Iron & Steel Co. Ltd., Class H		110,000		42,885
Magnitogorsk Iron & Steel Works PJSC		45,174		35,530
Merdeka Copper Gold Tbk. PT*		278,000		70,360
Metalurgica Gerdau SA (Preference)		22,200		48,372
MMC Norilsk Nickel PJSC		2,090		585,824
MMG Ltd.*		164,000		52,370
National Aluminium Co. Ltd.		23,045		33,615
Nickel Asia Corp.		2,339,700		269,886
NMDC Ltd.		36,355		67,694
Northam Platinum Holdings Ltd.*		6,453		84,661
Novolipetsk Steel PJSC		51,150		140,584
Polyus PJSC		1,155		180,424
Poongsan Corp.*		8,001		196,458
POSCO		2,585		568,250
Press Metal Aluminium Holdings Bhd.		66,000		97,135
Qatar Aluminum Manufacturing Co.		42,858		23,177
Raspadskaya OJSC		4,240		22,777
Royal Bafokeng Platinum Ltd.(c)		5,141		54,211
Sansteel Minguang Co. Ltd. Fujian, Class A		14,100		15,329
Saudi Arabian Mining Co.*		7,498		183,658

Investments	Shares		Value ($)
Seah Besteel Corp.*		6,490		81,024
Severstal PAO		5,995		116,233
Shandong Gold Mining Co. Ltd., Class A		5,100		15,023
Shandong Gold Mining Co. Ltd., Class H(a)(c)		13,650		22,897
Shandong Nanshan Aluminum Co. Ltd., Class A		42,400		28,576
Shanxi Meijin Energy Co. Ltd., Class A*		16,500		34,502
Shanxi Taigang Stainless Steel Co. Ltd., Class A		15,900		16,961
Shougang Fushan Resources Group Ltd.(c)		1,546,000		471,876
Sibanye Stillwater Ltd.		82,995		303,278
Steel Authority of India Ltd.		51,824		68,372
TA Chen Stainless Pipe*		69,793		110,659
Tata Steel Ltd.		26,950		392,048
Tiangong International Co. Ltd.		52,000		25,675
Tianshan Aluminum Group Co. Ltd., Class A		10,600		13,705
Tung Ho Steel Enterprise Corp.		10,050		24,390
United Co. RUSAL International PJSC*		75,100		69,976
Usinas Siderurgicas de Minas Gerais SA Usiminas (Preference), Class A		12,400		37,293
Vale Indonesia Tbk. PT		58,300		19,093
Vale SA		134,056		2,041,641
Vedanta Ltd.		43,340		186,869
Volcan Cia Minera SAA, Class B*		151,729		27,678
VSMPO-AVISMA Corp. PJSC*		53		32,518
Xiamen Tungsten Co. Ltd., Class A		3,900		11,947
YC INOX Co. Ltd.		165,000		177,078
Young Poong Corp.*		348		178,691
Yunnan Copper Co. Ltd., Class A		9,400		17,647
Zhaojin Mining Industry Co. Ltd., Class H(c)		75,000		59,923
Zhejiang Huayou Cobalt Co. Ltd., Class A		2,800		43,271
Zijin Mining Group Co. Ltd., Class A		35,900		55,046
Zijin Mining Group Co. Ltd., Class H		110,000		140,506
				14,652,195
Multiline Retail - 0.2%
Central Retail Corp. PCL, NVDR		81,475		83,200
El Puerto de Liverpool SAB de CV, Class C1(c)		2,700		12,355
Falabella SA		17,106		61,047
Golden Eagle Retail Group Ltd.		170,000		126,450
Hyundai Department Store Co. Ltd.*		760		45,077
Lojas Renner SA		18,150		96,116
Lotte Shopping Co. Ltd.*		211		13,950
Magazine Luiza SA*		38,500		50,753
MINISO Group Holding Ltd., ADR(c)		954		9,683

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Mitra Adiperkasa Tbk. PT*		154,600		8,385
Shinsegae, Inc.		212		40,800
Woolworths Holdings Ltd.		13,035		44,548
				592,364
Multi-Utilities - 0.0%(e)
Qatar Electricity & Water Co. QSC		9,684		47,396
SPIC Dongfang New Energy Corp., Class A		25,000		17,124
YTL Corp. Bhd.		78,870		10,458
YTL Power International Bhd.		1,531		229
				75,207
Oil, Gas & Consumable Fuels - 4.9%
Adaro Energy Tbk. PT		428,300		66,708
Aegis Logistics Ltd.		7		19
AKR Corporindo Tbk. PT		748,500		37,992
Aldrees Petroleum and Transport Services Co.		2,365		49,293
Bangchak Corp. PCL, NVDR		141,400		117,851
Banpu PCL, NVDR		16,200		5,401
Bashneft PJSC*		1,305		23,523
Bashneft PJSC (Preference)		1,163		15,330
Bayan Resources Tbk. PT		22,000		56,293
Bharat Petroleum Corp. Ltd.		31,884		169,648
Bukit Asam Tbk. PT		106,000		21,005
China Coal Energy Co. Ltd., Class A		23,500		22,077
China Coal Energy Co. Ltd., Class H		83,000		46,197
China Petroleum & Chemical Corp., Class A		117,500		77,345
China Petroleum & Chemical Corp., Class H		836,000		437,430
China Shenhua Energy Co. Ltd., Class A		22,000		77,903
China Shenhua Energy Co. Ltd., Class H		110,000		269,161
China Suntien Green Energy Corp. Ltd., Class H		50,000		30,330
Coal India Ltd.		83,655		179,143
Cosan SA		39,664		177,554
Dana Gas PJSC		166,367		46,200
Ecopetrol SA		164,395		121,149
Empresas COPEC SA		14,795		124,496
Exxaro Resources Ltd.		9,631		103,382
Formosa Petrochemical Corp.		29,000		100,198
Gazprom PJSC		412,500		1,764,184
GS Holdings Corp.*		2,530		80,486
Guanghui Energy Co. Ltd., Class A*		37,100		33,630
Hellenic Petroleum Holdings SA		3,199		23,632
Hindustan Petroleum Corp. Ltd.		26,455		111,354
Indian Oil Corp. Ltd.		80,630		135,279
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		5,300		12,190
Inner Mongolia Yitai Coal Co. Ltd., Class B		517,000		476,674
LUKOIL PJSC		12,265		1,081,975
Mari Petroleum Co. Ltd.		1,984		19,107

Investments	Shares		Value ($)
Medco Energi Internasional Tbk. PT*		2,444,440		94,331
MOL Hungarian Oil & Gas plc		20,405		176,730
Motor Oil Hellas Corinth Refineries SA		2,820		44,953
Novatek PJSC		20,020		423,480
Oil & Natural Gas Corp. Ltd.		126,280		292,083
Oil India Ltd.		21,175		68,003
Pakistan Oilfields Ltd.		50,215		111,792
Pakistan Petroleum Ltd.		29,830		13,453
Pakistan State Oil Co. Ltd.		112,970		120,221
Petro Rio SA*		16,500		74,328
PetroChina Co. Ltd., Class H		726,000		360,321
Petroleo Brasileiro SA		126,500		840,236
Petroleo Brasileiro SA (Preference)		160,300		976,592
Petronas Dagangan Bhd.		6,600		30,591
Petronet LNG Ltd.		28,756		82,369
PTT Exploration & Production PCL		469		1,824
PTT Exploration & Production PCL, NVDR		55,131		214,431
PTT PCL, NVDR		270,700		317,084
Qatar Fuel QSC		9,120		47,591
Qatar Gas Transport Co. Ltd.		60,844		60,326
Reliance Industries Ltd.		67,100		2,146,013
Rosneft Oil Co. PJSC		72,122		533,666
Rosneft Oil Co. PJSC, GDR(a)		1,920		14,227
Saudi Arabian Oil Co.(a)		37,565		373,958
Semirara Mining & Power Corp.		91,700		45,063
Shaanxi Coal Industry Co. Ltd., Class A		27,500		54,176
Shanxi Coking Coal Energy Group Co. Ltd., Class A		22,000		26,786
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		15,900		30,200
Siamgas & Petrochemicals PCL, NVDR		182,600		71,296
SK Discovery Co. Ltd.*		5,885		192,831
SK Gas Ltd.*		1,302		125,826
SK Innovation Co. Ltd.*		884		158,394
S-Oil Corp.		1,706		127,366
Surgutneftegas PJSC		319,000		149,224
Surgutneftegas PJSC (Preference)		225,500		108,690
Tatneft PJSC		22,094		141,267
Tatneft PJSC, ADR		4,806		184,454
Tatneft PJSC (Preference)		3,870		22,420
Thungela Resources Ltd.*(c)		67,650		410,798
Transneft PJSC (Preference)		55		105,286
Turkiye Petrol Rafinerileri A/S*		660		8,423
Ultrapar Participacoes SA		15,900		45,245
United Tractors Tbk. PT		44,000		70,748
Yankuang Energy Group Co. Ltd., Class A		5,300		19,242
Yankuang Energy Group Co. Ltd., Class H(c)		52,000		109,634
				15,740,111
Paper & Forest Products - 0.2%
Century Textiles & Industries Ltd.		4,455		51,704

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Empresas CMPC SA		26,895		49,496
Indah Kiat Pulp & Paper Tbk. PT		90,900		48,035
Kuk-il Paper Manufacturing Co. Ltd.*		2,756		8,070
Lee & Man Paper Manufacturing Ltd.		47,000		32,067
Nine Dragons Paper Holdings Ltd.		55,000		54,735
Pabrik Kertas Tjiwi Kimia Tbk. PT		53,800		26,279
Sappi Ltd.*		17,215		47,583
Shandong Chenming Paper Holdings Ltd., Class A		21,200		22,315
Shandong Chenming Paper Holdings Ltd., Class B		15,900		6,974
Shandong Sun Paper Industry JSC Ltd., Class A		9,400		16,421
Suzano SA		27,500		306,591
YFY, Inc.		47,000		55,510
				725,780
Personal Products - 0.5%
Amorepacific Corp.*		607		78,046
AMOREPACIFIC Group*		611		20,679
Colgate-Palmolive India Ltd.		3,836		73,227
Cosmax, Inc.*		107		6,302
Dabur India Ltd.		12,155		87,429
Emami Ltd.		4,717		31,498
Gillette India Ltd.		103		7,289
Godrej Consumer Products Ltd.*		9,039		107,600
Grape King Bio Ltd.		8,000		44,870
Hengan International Group Co. Ltd.(c)		18,000		87,951
Hindustan Unilever Ltd.		18,040		549,679
Hyundai Bioscience Co. Ltd.*		1,007		24,308
Kolmar Korea Co. Ltd.*		142		4,087
LG Household & Health Care Ltd.		165		133,451
LG Household & Health Care Ltd. (Preference)		43		19,547
Marico Ltd.		9,900		64,019
Microbio Co. Ltd.*		18,669		41,011
Natura & Co. Holding SA*		11,558		49,410
TCI Co. Ltd.		7,000		48,447
Yatsen Holding Ltd., ADR*(c)		20,881		34,454
				1,513,304
Pharmaceuticals - 1.4%
Ajanta Pharma Ltd.		384		11,325
Alembic Pharmaceuticals Ltd.		4,730		47,967
Alkem Laboratories Ltd.		516		24,473
Apeloa Pharmaceutical Co. Ltd., Class A		4,700		20,726
Aspen Pharmacare Holdings Ltd.		5,610		75,037
AstraZeneca Pharma India Ltd.		235		8,806
Asymchem Laboratories Tianjin Co. Ltd., Class A		700		35,793
Aurobindo Pharma Ltd.		2,889		24,563
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		20,000		31,343
Binex Co. Ltd.*		1,942		23,037
Bukwang Pharmaceutical Co. Ltd.		1,431		12,583
Cadila Healthcare Ltd.		4,844		26,387

Investments	Shares		Value ($)
CanSino Biologics, Inc., Class A*		318		12,793
CanSino Biologics, Inc., Class H*(a)(c)		800		13,338
Celltrion Pharm, Inc.*		460		31,519
Center Laboratories, Inc.		9,088		18,820
Changchun High & New Technology Industry Group, Inc., Class A		600		16,453
China Medical System Holdings Ltd.		28,000		46,610
China Resources Pharmaceutical Group Ltd.(a)		26,500		12,914
China Traditional Chinese Medicine Holdings Co. Ltd.		1,220,000		708,761
Chong Kun Dang Pharmaceutical Corp.*		102		7,810
Cipla Ltd.		9,054		114,657
CSPC Pharmaceutical Group Ltd.		178,080		215,819
Daewoong Co. Ltd.*		339		6,876
Daewoong Pharmaceutical Co. Ltd.*		49		5,304
Dong-A Socio Holdings Co. Ltd.		104		8,532
Dong-A ST Co. Ltd.*		94		5,092
DongKook Pharmaceutical Co. Ltd.*		30		498
Dr Reddy’s Laboratories Ltd.		2,200		126,854
Enzychem Lifesciences Corp.*		927		35,796
Genomma Lab Internacional SAB de CV, Class B		12,000		11,908
Gland Pharma Ltd.*(a)		1,265		58,114
GlaxoSmithKline Pharmaceuticals Ltd.		1,140		23,883
Glenmark Pharmaceuticals Ltd.		8,121		52,950
Grand Pharmaceutical Group Ltd.(c)		24,000		17,021
Granules India Ltd.		9,381		38,229
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		12,000		30,563
Hanall Biopharma Co. Ltd.*		919		13,341
Hanmi Pharm Co. Ltd.*		99		20,285
Hanmi Science Co. Ltd.*		658		24,508
Hansoh Pharmaceutical Group Co. Ltd.(a)		16,000		32,913
Hua Han Health Industry Holdings Ltd.*‡(b)		3,780,000		—
Huons Global Co. Ltd.		4,139		109,870
Hypera SA*		8,900		52,143
Ilyang Pharmaceutical Co. Ltd.*		795		14,805
Ipca Laboratories Ltd.		3,080		42,705
JB Chemicals & Pharmaceuticals Ltd.		2,226		51,925
Jeil Pharmaceutical Co. Ltd.*		371		8,340
JETEMA Co. Ltd.*		19		281
Jiangsu Hengrui Medicine Co. Ltd., Class A		8,400		54,039
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		4,700		8,639
Jubilant Pharmova Ltd.		4,141		28,809

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
JW Pharmaceutical Corp.*		243		3,880
Kalbe Farma Tbk. PT		491,100		56,001
Komipharm International Co. Ltd.*		1,425		10,781
Korea United Pharm, Inc.*		636		24,190
Laurus Labs Ltd.(a)		9,122		61,451
Livzon Pharmaceutical Group, Inc., Class H(c)		3,930		13,986
Lupin Ltd.		4,620		56,222
Luye Pharma Group Ltd.*(a)(c)		880,000		382,582
Mega Lifesciences PCL, NVDR		400		559
Mezzion Pharma Co. Ltd.*		212		32,270
Natco Pharma Ltd.		4,950		60,387
Ocumension Therapeutics*(a)		16,000		23,392
Oneness Biotech Co. Ltd.*		3,000		25,778
Oscotec, Inc.*		1,510		40,584
Pfizer Ltd.		341		20,699
Pharmally International Holding Co. Ltd.*‡(b)		2,564		3,913
Procter & Gamble Health Ltd.		636		43,115
Reyon Pharmaceutical Co. Ltd.*		1,045		24,706
Richter Gedeon Nyrt.		2,695		70,789
Sam Chun Dang Pharm Co. Ltd.		890		25,360
Sanofi India Ltd.		163		16,516
SciClone Pharmaceuticals Holdings Ltd.*(a)(c)		55,000		59,249
ScinoPharm Taiwan Ltd.		41,000		34,346
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		4,700		14,627
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		4,700		31,403
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		8,000		32,010
Shin Poong Pharmaceutical Co. Ltd.*		432		8,565
Sihuan Pharmaceutical Holdings Group Ltd.(c)		264,000		49,092
Sino Biopharmaceutical Ltd.		193,999		133,354
SK Biopharmaceuticals Co. Ltd.*		330		20,750
SSY Group Ltd.		110,000		48,669
Sun Pharmaceutical Industries Ltd.		22,275		249,100
Suven Pharmaceuticals Ltd.		6,784		48,806
Torrent Pharmaceuticals Ltd.		717		25,668
TTY Biopharm Co. Ltd.		15,000		36,295
United Laboratories International Holdings Ltd. (The)		440,000		249,412
Yifan Pharmaceutical Co. Ltd., Class A		4,700		12,634
Yuhan Corp.*		1,145		53,759
Yungjin Pharmaceutical Co. Ltd.*		1,602		6,213
Yunnan Baiyao Group Co. Ltd., Class A		1,100		15,601
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		700		39,286
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		4,700		15,498
Zhejiang NHU Co. Ltd., Class A		5,640		26,590
				4,633,845

Investments	Shares		Value ($)
Professional Services - 0.1%
51job, Inc., ADR*		710		35,784
Boa Vista Servicos SA		27,500		29,261
L&T Technology Services Ltd.(a)		689		43,332
Quess Corp. Ltd.(a)		3,339		32,420
TeamLease Services Ltd.*		880		50,972
				191,769
Real Estate Management & Development - 4.5%
Agile Group Holdings Ltd.(c)		46,000		24,305
Aldar Properties PJSC		62,601		70,389
Aliansce Sonae Shopping Centers sa		5,300		22,627
A-Living Smart City Services Co. Ltd.(a)		13,250		25,693
AP Thailand PCL, NVDR		540,200		165,492
Arabian Centres Co. Ltd.		1,662		10,144
Arriyadh Development Co.		2,145		15,436
Ayala Land, Inc.		93,500		65,849
Barwa Real Estate Co.		87,450		80,581
BR Malls Participacoes SA*		31,500		57,127
Brigade Enterprises Ltd.		4,730		31,683
Bumi Serpong Damai Tbk. PT*		168,600		10,609
C&D International Investment Group Ltd.(c)		270,791		514,665
Cathay Real Estate Development Co. Ltd.		33,100		22,432
Cencosud Shopping SA		11,704		13,850
Central China New Life Ltd.*(a)(c)		220,000		140,224
Central Pattana PCL, NVDR		11,500		18,738
China Aoyuan Group Ltd.(c)		713,000		142,645
China Dili Group*		100,000		24,495
China Evergrande Group		66,000		14,051
China Jinmao Holdings Group Ltd.		220,000		79,846
China Logistics Property Holdings Co. Ltd.*(a)		59,000		33,293
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		18,800		40,020
China Overseas Grand Oceans Group Ltd.		849,000		504,116
China Overseas Land & Investment Ltd.		118,500		348,773
China Overseas Property Holdings Ltd.(c)		50,000		57,775
China Resources Land Ltd.		102,000		491,193
China Resources Mixc Lifestyle Services Ltd.(a)		10,600		62,057
China SCE Group Holdings Ltd.(c)		744,000		166,021
China Vanke Co. Ltd., Class A		33,000		105,397
China Vanke Co. Ltd., Class H		58,100		149,766
Chong Hong Construction Co. Ltd.		112,000		298,382
CIFI Ever Sunshine Services Group Ltd.(a)(c)		10,000		17,929
CIFI Holdings Group Co. Ltd.		139,801		91,258
Ciputra Development Tbk. PT		179,449		10,918
Commercial Real Estate Co. KSC		47,355		19,542
Corp. Inmobiliaria Vesta SAB de CV		23,200		43,897

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Country Garden Holdings Co. Ltd.(c)		238,813		195,704
Country Garden Services Holdings Co. Ltd.		40,887		240,418
Dar Al Arkan Real Estate Development Co.*		8,271		22,706
DLF Ltd.		15,220		79,728
Dongwon Development Co. Ltd.*		12,595		49,784
Eco World Development Group Bhd.		176,000		38,896
Emaar Development PJSC*		39,052		45,718
Emaar Economic City*		23,375		80,369
Emaar Properties PJSC		118,085		156,244
Evergrande Property Services Group Ltd.*(a)		188,500		61,403
Gemdale Corp., Class A		14,100		28,797
Gemdale Properties & Investment Corp. Ltd.		2,860,000		319,100
Godrej Properties Ltd.*		1,507		34,637
Greenland Holdings Corp. Ltd., Class A		29,610		20,328
Greentown China Holdings Ltd.(c)		26,500		43,637
Greentown Service Group Co. Ltd.(a)(c)		30,000		32,933
Guangzhou R&F Properties Co. Ltd., Class H(c)		834,400		370,248
Hanson International Tbk. PT*‡(b)		2,409,275		4,188
Highwealth Construction Corp.		32,500		54,685
Hopson Development Holdings Ltd.(c)		25,079		52,361
Huaku Development Co. Ltd.		110,000		359,891
Huijing Holdings Co. Ltd.(c)		326,000		80,689
Indiabulls Real Estate Ltd.*		21,560		41,561
IOI Properties Group Bhd.		52,800		12,867
Jiayuan International Group Ltd.(c)		573,243		199,228
Jinke Properties Group Co. Ltd., Class A		14,100		9,968
Kaisa Group Holdings Ltd.*		119,714		13,510
KE Holdings, Inc., ADR*		8,745		190,554
Kindom Development Co. Ltd.		182,400		232,804
King’s Town Construction Co. Ltd.*		55,000		74,944
Korea Real Estate Investment & Trust Co. Ltd.*		76,745		148,333
KWG Group Holdings Ltd.		26,500		14,410
KWG Living Group Holdings Ltd.(a)		53,000		23,246
LAMDA Development SA*		1,368		10,765
Logan Group Co. Ltd.(c)		29,000		18,038
Longfor Group Holdings Ltd.(d)		53,500		319,043
LSR Group PJSC		21,295		180,499
LVGEM China Real Estate Investment Co. Ltd.*(c)		330,000		62,212
Mabanee Co. KPSC		18,444		50,235
Macrotech Developers Ltd.*(a)		825		14,308
Mah Sing Group Bhd.		616,000		99,343
MBK PCL, NVDR*		90,344		34,732
Megaworld Corp.		444,200		26,927

Investments	Shares		Value ($)
Midea Real Estate Holding Ltd.(a)(c)		119,400		175,481
Multiplan Empreendimentos Imobiliarios SA*		500		2,024
National Real Estate Co. KPSC*		9,515		7,068
NEPI Rockcastle plc		7,156		48,450
Oberoi Realty Ltd.*		2,915		35,774
Origin Property PCL, NVDR		540,500		186,687
OSK Holdings Bhd.		572,000		117,530
Pakuwon Jati Tbk. PT*		534,400		15,978
Parque Arauco SA*		15,651		18,128
Phoenix Mills Ltd. (The)		5,214		69,585
Poly Developments and Holdings Group Co. Ltd., Class A		38,500		94,959
Poly Property Group Co. Ltd.		880,000		231,355
Powerlong Real Estate Holdings Ltd.		41,000		22,767
Prestige Estates Projects Ltd.		6,042		39,536
Prince Housing & Development Corp.		50,000		23,190
Pruksa Holding PCL, NVDR		356,700		155,343
Quality Houses PCL, NVDR		2,423,500		171,781
Radiance Holdings Group Co. Ltd.*(a)(c)		330,000		185,366
Redco Properties Group Ltd.(a)(c)		492,000		169,099
Redsun Properties Group Ltd.(c)		476,000		161,769
RiseSun Real Estate Development Co. Ltd., Class A		9,400		6,586
Robinsons Land Corp.		1,029,606		369,628
Ruentex Development Co. Ltd.		21,600		49,469
Salhia Real Estate Co. KSCP		30,415		53,319
Saudi Real Estate Co.*		2,226		12,566
Seazen Group Ltd.*(c)		83,808		56,642
Seazen Holdings Co. Ltd., Class A		4,700		24,551
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B		137,500		122,925
Shanghai Lingang Holdings Corp. Ltd., Class A		5,640		12,803
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		15,900		26,328
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		17,540		16,084
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		4,700		10,101
Shenzhen Investment Ltd.		1,199,930		281,611
Shimao Group Holdings Ltd.(c)		32,000		23,474
Shimao Services Holdings Ltd.(a)(c)		11,000		8,732
Shinsun Holdings Group Co. Ltd.*(a)		165,000		22,642
Shoucheng Holdings Ltd.(c)		110,000		20,173
Shui On Land Ltd.		1,567,500		221,127
Sichuan Languang Justbon Services Group Co. Ltd., Class H*(b)		26,500		184,029
Sime Darby Property Bhd.		178,200		24,694

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Sinic Holdings Group Co. Ltd., Class H‡(a)(b)		318,000		20,552
Sino-Ocean Group Holding Ltd.(c)		1,540,000		377,221
SK D&D Co. Ltd.*		3,822		83,383
Skyfame Realty Holdings Ltd.		1,100,000		118,499
SM Prime Holdings, Inc.		242,000		166,635
SOHO China Ltd.*		76,000		16,569
SP Setia Bhd. Group*		75,694		22,244
Summarecon Agung Tbk. PT*		227,900		10,775
Sunac China Holdings Ltd.(c)		90,000		110,458
Sunac Services Holdings Ltd.(a)		24,000		27,116
Supalai PCL, NVDR		62,300		42,475
Talaat Moustafa Group		508,281		299,274
Times China Holdings Ltd.(c)		414,000		160,343
United Development Co. QSC		67,999		31,114
UOA Development Bhd.		20,600		8,022
Vista Land & Lifescapes, Inc.		1,565,200		106,854
WHA Corp. PCL, NVDR		375,990		38,621
Wharf Holdings Ltd. (The)		54,000		184,212
Yuexiu Property Co. Ltd.		63,600		64,436
Zhejiang China Commodities City Group Co. Ltd., Class A		38,500		27,157
Zhenro Properties Group Ltd.(a)(c)		967,000		458,849
Zhongliang Holdings Group Co. Ltd.(a)		259,000		121,901
Zhongtian Financial Group Co. Ltd., Class A*		28,200		11,031
Zhuguang Holdings Group Co. Ltd.(c)		1,210,000		260,697
				14,389,001
Road & Rail - 0.2%
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		104,500		82,906
BTS Group Holdings PCL, NVDR		213,140		58,894
Cia de Locacao das Americas*		15,500		76,566
CJ Logistics Corp.*		150		14,434
Container Corp. of India Ltd.		4,571		39,586
Dazhong Transportation Group Co. Ltd., Class B*		200		58
Localiza Rent a Car SA		10,050		110,910
Movida Participacoes SA*		71,500		221,906
Rumo SA*		22,000		64,716
SIMPAR SA		17,376		36,224
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		5,500		12,719
				718,919
Semiconductors & Semiconductor Equipment - 6.3%
ADATA Technology Co. Ltd.		16,000		48,091
Advanced Wireless Semiconductor Co.		5,000		20,943
Alchip Technologies Ltd.		1,000		33,616
Amazing Microelectronic Corp.		3,000		21,033
Andes Technology Corp.		2,379		35,496
Anpec Electronics Corp.		2,000		16,718
AP Memory Technology Corp.		2,000		28,403
Ardentec Corp.		212,000		397,872
ASE Technology Holding Co. Ltd.		121,000		429,812
ASMedia Technology, Inc.		1,000		55,727

Investments	Shares		Value ($)
Chipbond Technology Corp.		15,000		36,618
ChipMOS Technologies, Inc.		31,000		51,269
D&O Green Technologies Bhd.		15,300		17,766
Daqo New Energy Corp., ADR*		1,463		58,696
DB HiTek Co. Ltd.*		1,564		96,136
Elan Microelectronics Corp.		4,000		23,226
Elite Semiconductor Microelectronics Technology, Inc.		5,000		25,347
eMemory Technology, Inc.		1,000		56,446
ENNOSTAR, Inc.*		7,000		22,650
Eo Technics Co. Ltd.*		134		11,749
Episil Technologies, Inc.*		10,259		39,097
Etron Technology, Inc.*		13,000		33,091
Eugene Technology Co. Ltd.		1,219		48,133
Everlight Electronics Co. Ltd.		210,000		404,688
Faraday Technology Corp.		4,000		28,691
Fitipower Integrated Technology, Inc.		4,000		29,841
Flat Glass Group Co. Ltd., Class A		5,000		38,364
Flat Glass Group Co. Ltd., Class H(c)		7,000		27,784
FocalTech Systems Co. Ltd.		4,000		20,925
Formosa Advanced Technologies Co. Ltd.		59,000		81,880
Foxsemicon Integrated Technology, Inc.		6,000		47,890
GCL System Integration Technology Co. Ltd., Class A*		25,500		12,779
GemVax & Kael Co. Ltd.*		920		11,257
Gigadevice Semiconductor Beijing, Inc., Class A		1,940		42,394
Global Mixed Mode Technology, Inc.		2,000		16,538
Global Unichip Corp.		2,000		33,976
Globalwafers Co. Ltd.		4,000		110,879
Greatek Electronics, Inc.		14,000		36,845
Gudeng Precision Industrial Co. Ltd.		4,000		36,600
Hana Materials, Inc.		318		14,509
Hangzhou First Applied Material Co. Ltd., Class A		2,600		46,565
Hangzhou Silan Microelectronics Co. Ltd., Class A		4,700		37,354
Holtek Semiconductor, Inc.		6,000		21,680
Hua Hong Semiconductor Ltd.*(a)(c)		11,000		52,901
Innox Advanced Materials Co. Ltd.		1,210		50,689
ITE Technology, Inc.		11,000		39,469
JA Solar Technology Co. Ltd., Class A		4,200		58,506
JCET Group Co. Ltd., Class A		5,300		22,356
Jusung Engineering Co. Ltd.*		2,862		50,925
King Yuan Electronics Co. Ltd.		35,000		56,375
Kinsus Interconnect Technology Corp.		3,000		21,734
Koh Young Technology, Inc.*		1,007		17,124
LandMark Optoelectronics Corp.		5,000		35,234
LEENO Industrial, Inc.*		180		27,385

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
LONGi Green Energy Technology Co. Ltd., Class A		7,620		83,929
LX Semicon Co. Ltd.		411		45,788
Macronix International Co. Ltd.		48,000		70,756
MediaTek, Inc.		31,000		1,198,138
Mi Technovation Bhd.		26,500		15,195
MLS Co. Ltd., Class A		6,600		13,593
MPI Corp.		44,000		168,476
Nanya Technology Corp.		40,000		103,545
NAURA Technology Group Co. Ltd., Class A		1,200		53,351
NEPES Corp.*		1,325		33,853
NEXTIN, Inc.*		265		13,365
Novatek Microelectronics Corp.		18,000		304,811
Nuvoton Technology Corp.		8,000		41,130
OptoTech Corp.		13,000		27,296
Pan Jit International, Inc.		12,000		39,045
Parade Technologies Ltd.		1,400		100,669
Phison Electronics Corp.		3,000		48,375
Pixart Imaging, Inc.		9,000		44,492
Powertech Technology, Inc.		21,000		73,690
Radiant Opto-Electronics Corp.		14,330		52,294
RDC Semiconductor Co. Ltd.*		3,000		49,831
Realtek Semiconductor Corp.		10,070		190,437
RFHIC Corp.		829		20,768
RichWave Technology Corp.		5,000		39,728
S&S Tech Corp.		423		11,001
SDI Corp.		8,000		43,288
Seoul Semiconductor Co. Ltd.*		1,370		16,820
SFA Semicon Co. Ltd.*		3,233		17,432
Shenzhen Goodix Technology Co. Ltd., Class A		1,800		25,054
Shinsung E&G Co. Ltd.*		7,632		11,016
Sigurd Microelectronics Corp.		212,000		430,646
Silergy Corp.		2,000		261,020
Silicon Integrated Systems Corp.		17,240		13,853
SIMMTECH Co. Ltd.		10,010		390,270
Sino-American Silicon Products, Inc.		13,000		97,918
Sitronix Technology Corp.		4,000		40,627
SK Hynix, Inc.		18,150		1,814,247
Sonix Technology Co. Ltd.		72,000		213,562
Sunplus Technology Co. Ltd.		29,000		35,189
Taiwan Mask Corp.		13,000		45,103
Taiwan Semiconductor Co. Ltd.		14,000		33,976
Taiwan Semiconductor Manufacturing Co. Ltd.		369,000		8,437,621
Taiwan Surface Mounting Technology Corp.		13,000		60,761
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		4,700		31,676
Tianshui Huatian Technology Co. Ltd., Class A		10,800		19,359
Tokai Carbon Korea Co. Ltd.		86		9,089
TongFu Microelectronics Co. Ltd., Class A		4,700		12,855
Topco Scientific Co. Ltd.		80,000		474,581
TSE Co. Ltd.		165		9,376
TSEC Corp.*		24,000		30,546

Investments	Shares		Value ($)
Ultra Chip, Inc.		3,000		19,630
Unigroup Guoxin Microelectronics Co. Ltd., Class A		1,600		53,917
United Microelectronics Corp.		220,000		453,225
United Renewable Energy Co. Ltd.*		56,574		40,680
UniTest, Inc.*		636		15,590
Vanguard International Semiconductor Corp.		18,000		84,454
Via Technologies, Inc.		110,000		264,975
Visual Photonics Epitaxy Co. Ltd.		10,000		45,660
ViTrox Corp. Bhd.		9,600		18,670
Wafer Works Corp.		18,511		51,113
Will Semiconductor Co. Ltd. Shanghai, Class A		1,500		59,902
Win Semiconductors Corp.		6,961		83,966
Winbond Electronics Corp.		59,000		63,531
WONIK IPS Co. Ltd.*		824		26,111
Wonik QnC Corp.*		7,150		148,575
Wuxi Taiji Industry Co. Ltd., Class A		21,200		24,246
XinTec, Inc.		3,000		13,536
Xinyi Solar Holdings Ltd.		81,343		129,355
				20,158,649
Software - 0.4%
360 Security Technology, Inc., Class A*		15,500		25,422
Agora, Inc., ADR*(c)		1,696		19,385
Ahnlab, Inc.*		190		12,057
AsiaInfo Technologies Ltd.(a)		21,200		39,042
Beijing Kingsoft Office Software, Inc., Class A		1,265		48,349
Birlasoft Ltd.		9,845		62,746
China Youzan Ltd.*(c)		740,000		28,470
Cyient Ltd.		4,950		62,211
Douzone Bizon Co. Ltd.*		530		23,082
Hancom, Inc.*		8,085		140,507
Iflytek Co. Ltd., Class A		4,700		32,045
Intellect Design Arena Ltd.*		5,035		51,826
Kingdee International Software Group Co. Ltd.*		55,000		124,424
KPIT Technologies Ltd.		6,435		55,729
Linklogis, Inc., Class B*(a)		55,000		59,743
Ming Yuan Cloud Group Holdings Ltd.*(c)		11,000		22,458
OneConnect Financial Technology Co. Ltd., ADR*		14,630		29,260
Oracle Financial Services Software Ltd.		632		29,772
Route Mobile Ltd.		954		22,966
Shanghai Baosight Software Co. Ltd., Class A		4,200		35,617
Shanghai Baosight Software Co. Ltd., Class B		8,930		40,989
Tanla Platforms Ltd.		3,710		86,915
Tata Elxsi Ltd.		770		78,497
TOTVS SA		11,100		60,768
Weimob, Inc.*(a)(c)		25,000		18,596
Yonyou Network Technology Co. Ltd., Class A		4,700		25,777
				1,236,653

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Specialty Retail - 1.5%
Abu Dhabi National Oil Co. for Distribution PJSC		54,340		61,100
Ace Hardware Indonesia Tbk. PT		206,000		17,689
Bermaz Auto Bhd.		539,000		212,484
China Meidong Auto Holdings Ltd.		8,000		37,448
China Tourism Group Duty Free Corp. Ltd., Class A		2,500		81,127
China Yongda Automobiles Services Holdings Ltd.		61,500		78,634
Chow Tai Fook Jewellery Group Ltd.		55,000		96,210
Cuckoo Homesys Co. Ltd.*		3,410		97,873
Detsky Mir PJSC(a)		258,500		340,515
Dogan Sirketler Grubu Holding A/S		571,725		128,276
EEKA Fashion Holdings Ltd.		110,000		176,337
Foschini Group Ltd. (The)(c)		11,456		95,062
GOME Retail Holdings Ltd.*(c)		383,447		26,063
Grupo SBF SA*		5,300		25,702
Home Product Center PCL, NVDR		133,600		56,578
Hotai Motor Co. Ltd.		6,000		129,863
Hotel Shilla Co. Ltd.		396		23,652
Italtile Ltd.		10,931		10,952
Jarir Marketing Co.		839		45,037
JUMBO SA		2,397		35,469
K Car Co. Ltd.		5,940		136,243
LOTTE Himart Co. Ltd.*		4,606		80,619
M.Video PJSC		31,680		153,004
Motus Holdings Ltd.		84,425		638,508
MR DIY Group M Bhd.(a)		42,400		35,962
Mr Price Group Ltd.		5,830		76,823
Pan German Universal Motors Ltd.		9,000		67,628
Pepkor Holdings Ltd.(a)		42,620		62,291
Pet Center Comercio e Participacoes SA		11,807		39,601
Pop Mart International Group Ltd.*(a)(c)		11,000		54,241
PTT Oil & Retail Business PCL, NVDR		90,500		66,866
Shanghai Yuyuan Tourist Mart Group Co. Ltd.		18,800		27,261
Shinsegae International, Inc.		81		7,996
Siam Global House PCL, NVDR		37,322		21,298
Suning.com Co. Ltd., Class A*		23,500		14,435
Super Group Ltd.		186,670		401,455
Topsports International Holdings Ltd.(a)		55,000		49,375
Truworths International Ltd.		207,185		763,919
United Electronics Co.		1,265		47,000
Via S/A*		83,700		74,400
Vibra Energia SA		44,000		189,755
Zhongsheng Group Holdings Ltd.(c)		9,000		68,849
				4,853,600

Investments	Shares		Value ($)
Technology Hardware, Storage & Peripherals - 5.2%
Acer, Inc.		102,858		104,840
Advantech Co. Ltd.		7,941		108,634
Asia Vital Components Co. Ltd.		122,000		407,047
ASROCK, Inc.		21,000		173,654
Asustek Computer, Inc.		24,000		310,203
AURAS Technology Co. Ltd.		37,000		289,998
Canaan, Inc., ADR*		9,900		42,570
Catcher Technology Co. Ltd.		24,000		133,314
Chicony Electronics Co. Ltd.		15,992		50,884
Clevo Co.		44,000		48,724
Compal Electronics, Inc.		165,000		149,493
CosmoAM&T Co. Ltd.*		1,166		38,448
Darfon Electronics Corp.		97,000		156,238
Ennoconn Corp.		30,000		227,583
Getac Holdings Corp.		13,000		25,192
Gigabyte Technology Co. Ltd.		20,000		98,871
HTC Corp.*		18,000		41,289
Innodisk Corp.		4,733		32,502
Inventec Corp.		87,000		78,824
KONA I Co. Ltd.*		689		16,003
Legend Holdings Corp., Class H(a)		285,000		395,470
Lenovo Group Ltd.(c)		220,000		236,151
Lite-On Technology Corp.		83,000		189,491
Micro-Star International Co. Ltd.		21,000		114,007
Mitac Holdings Corp.		46,600		54,116
Multilaser Industrial SA*		99,000		143,373
Ninestar Corp., Class A		4,700		36,106
Pegatron Corp.		81,000		201,816
Qisda Corp.		62,000		66,093
Quanta Computer, Inc.		98,000		327,324
Samsung Electronics Co. Ltd.		174,845		10,631,388
Samsung Electronics Co. Ltd. (Preference)		27,720		1,524,543
Shenzhen Transsion Holdings Co. Ltd., Class A		2,200		46,807
Wistron Corp.		110,000		123,984
Wiwynn Corp.		3,000		107,428
				16,732,408
Textiles, Apparel & Luxury Goods - 1.1%
Aditya Birla Fashion and Retail Ltd.*		6,536		25,711
Aksa Akrilik Kimya Sanayii A/S		70,895		169,317
Alok Industries Ltd.*		23,980		9,946
Alpargatas SA (Preference)		5,500		30,121
ANTA Sports Products Ltd.		22,000		328,693
Arezzo Industria e Comercio SA		3,752		57,792
Bata India Ltd.		848		23,456
Bosideng International Holdings Ltd.(c)		96,000		46,661
Eclat Textile Co. Ltd.		4,698		103,034
F&F Co. Ltd.*		55		37,321
F&F Holdings Co. Ltd.*		103		2,226
Feng TAY Enterprise Co. Ltd.		10,600		85,367
FF Group*‡(b)		3,536		—
Fila Holdings Corp.*		1,167		28,219
Fuguiniao Group Ltd.*‡(b)		334,800		—

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Golden Solar New Energy Technology Holdings Ltd.*		42,000		47,346
Grendene SA		8,264		14,116
Grupo de Moda Soma SA*		15,900		43,418
Guararapes Confeccoes SA*		13,200		31,670
Handsome Co. Ltd.*		5,445		151,313
Hansae Co. Ltd.		1,281		26,353
Hwaseung Enterprise Co. Ltd.*		331		3,913
KPR Mill Ltd.		5,665		50,920
Lao Feng Xiang Co. Ltd., Class B		2,500		8,467
LF Corp.*		9,405		122,097
Li Ning Co. Ltd.		47,000		454,175
Makalot Industrial Co. Ltd.		4,334		36,073
Page Industries Ltd.		130		73,910
Paiho Shih Holdings Corp.		55,000		69,506
Pou Chen Corp.		104,000		119,465
Rajesh Exports Ltd.		7,074		79,876
Ruentex Industries Ltd.		20,540		69,860
Shenzhou International Group Holdings Ltd.		16,500		302,807
Shinsung Tongsang Co. Ltd.*		35,200		96,066
Tainan Spinning Co. Ltd.		48,555		42,159
Taiwan Paiho Ltd.		17,000		48,896
Texhong Textile Group Ltd.		110,000		141,916
Titan Co. Ltd.		8,195		259,207
Trident Ltd.		56,595		46,188
Vaibhav Global Ltd.		41		254
Vivara Participacoes SA		5,300		26,250
Welspun India Ltd.		7,370		14,020
Xtep International Holdings Ltd.(c)		27,500		49,092
Youngone Corp.		890		34,330
Youngone Holdings Co. Ltd.*		2,708		110,072
				3,521,599
Thrifts & Mortgage Finance - 0.6%
Aavas Financiers Ltd.*		611		23,533
Can Fin Homes Ltd.		4,876		40,261
Housing Development Finance Corp. Ltd.		35,475		1,198,465
Indiabulls Housing Finance Ltd.		165,990		468,680
LIC Housing Finance Ltd.		11,330		58,508
Sangsangin Co. Ltd.		15,235		116,269
				1,905,716
Tobacco - 0.2%
British American Tobacco Malaysia Bhd.		400		1,172
Eastern Co. SAE		29,100		19,246
Gudang Garam Tbk. PT		14,900		31,728
ITC Ltd.		65,395		192,971
KT&G Corp.		4,180		269,073
RLX Technology, Inc., ADR*(c)		18,975		63,566
Smoore International Holdings Ltd.(a)(c)		33,000		140,929
				718,685
Trading Companies & Distributors - 0.5%
Adani Enterprises Ltd.		5,186		119,183
ALAFCO Aviation Lease & Finance Co. KSCP*		161,535		115,192

Investments	Shares		Value ($)
Armac Locacao Logistica E Servicos SA		11,000		44,456
Barloworld Ltd.		98,143		843,890
BOC Aviation Ltd.(a)(c)		9,400		78,599
COSCO SHIPPING Development Co. Ltd., Class A		37,600		17,425
IndiaMart InterMesh Ltd.(a)		192		12,836
LX International Corp.		13,310		268,298
Posco International Corp.		1,484		25,051
SK Networks Co. Ltd.*		2,415		9,035
Xiamen C & D, Inc., Class A		9,400		13,822
				1,547,787
Transportation Infrastructure - 0.9%
Adani Ports & Special Economic Zone Ltd.		13,038		125,152
Airports of Thailand PCL*		54,000		103,394
Airports of Thailand PCL, NVDR*		16,500		31,593
Anhui Expressway Co. Ltd., Class H		148,000		125,270
Bangkok Expressway & Metro PCL, NVDR		241,000		59,354
Beijing Capital International Airport Co. Ltd., Class H*		110,000		73,215
CCR SA		14,100		34,520
China Merchants Port Holdings Co. Ltd.		55,407		102,038
COSCO SHIPPING Ports Ltd.		86,749		68,976
EcoRodovias Infraestrutura e Logistica SA*		4,700		7,010
Evergreen International Storage & Transport Corp.		46,000		46,473
GMR Infrastructure Ltd.*		48,418		27,316
Grupo Aeroportuario del Centro Norte SAB de CV		12,181		81,496
Grupo Aeroportuario del Pacifico SAB de CV, Class B*		5,500		75,541
Grupo Aeroportuario del Sureste SAB de CV, Class B		3,800		76,863
Guangdong Provincial Expressway Development Co. Ltd., Class B		137,500		105,979
Hainan Meilan International Airport Co. Ltd.*		6,000		15,928
International Container Terminal Services, Inc.		18,150		71,211
Jasa Marga Persero Tbk. PT*		39,723		9,087
Jiangsu Expressway Co. Ltd., Class H		20,000		20,853
Lingkaran Trans Kota Holdings Bhd.		132,000		117,950
Malaysia Airports Holdings Bhd.*		27,900		37,995
Ningbo Zhoushan Port Co. Ltd., Class A		23,500		14,583
Novorossiysk Commercial Sea Port PJSC		189,696		16,295
Promotora y Operadora de Infraestructura SAB de CV		2,160		15,741
Qingdao Port International Co. Ltd., Class H(a)(c)		47,000		25,436

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Saudi Ground Services Co.*		4,431		40,154
Shanghai International Airport Co. Ltd., Class A*		5,300		42,040
Shanghai International Port Group Co. Ltd., Class A		63,300		56,385
Shenzhen Airport Co. Ltd., Class A*		9,400		11,061
Shenzhen Expressway Corp. Ltd., Class H		22,000		21,753
Shenzhen International Holdings Ltd.		33,343		33,738
Shenzhen Investment Holdings Bay Area Development Co. Ltd.(c)		275,000		98,749
Sichuan Expressway Co. Ltd., Class H(c)		330,000		86,758
Taiwan High Speed Rail Corp.		56,000		57,281
TAV Havalimanlari Holding A/S*		10,176		27,853
Westports Holdings Bhd.		17,500		16,055
Yuexiu Transport Infrastructure Ltd.		440,000		266,340
Zhejiang Expressway Co. Ltd., Class H		666,000		570,548
				2,817,984
Water Utilities - 0.6%
Aguas Andinas SA, Class A		1,426,623		342,990
Athens Water Supply & Sewage Co. SA		17,490		150,968
Beijing Enterprises Water Group Ltd.		132,000		51,293
China Water Affairs Group Ltd.(c)		432,000		504,158
Cia de Saneamento Basico do Estado de Sao Paulo*		10,000		70,358
Cia de Saneamento de Minas Gerais-COPASA		82,500		204,308
Cia de Saneamento do Parana*		110,000		417,627
Grandblue Environment Co. Ltd., Class A		4,700		14,908
Guangdong Investment Ltd.		110,000		156,870
Luenmei Quantum Co. Ltd., Class A		9,400		12,021
				1,925,501
Wireless Telecommunication Services - 1.2%
Advanced Info Service PCL, NVDR		17,200		113,651
America Movil SAB de CV, Series L		786,500		739,308
Axiata Group Bhd.		86,304		76,705
Bharti Airtel Ltd. - XNSE*		45,915		448,736
DiGi.Com Bhd.		71,500		64,915
Empresa Nacional de Telecomunicaciones SA		72,527		301,333
Etihad Etisalat Co.		5,160		44,766
Far EasTone Telecommunications Co. Ltd.		30,000		70,109
Globe Telecom, Inc.		825		50,333
Indosat Tbk. PT		31,800		12,658
Intouch Holdings PCL, NVDR		9,200		21,207
Maxis Bhd.		32,900		33,250

Investments	Shares		Value ($)
Mobile Telecommunications Co. KSCP		79,695		157,601
Mobile Telecommunications Co. Saudi Arabia*		15,658		55,839
Mobile TeleSystems PJSC		31,356		115,959
MTN Group Ltd.*		59,015		732,900
PLDT, Inc.		3,440		123,766
Sistema PJSFC		122,643		31,596
SK Telecom Co. Ltd.		3,756		175,727
Smartfren Telecom Tbk. PT*		2,936,200		16,537
Taiwan Mobile Co. Ltd.		30,000		107,536
TIM SA*		24,700		61,727
Turkcell Iletisim Hizmetleri A/S		23,705		33,025
Vodacom Group Ltd.		21,505		204,110
Vodafone Idea Ltd.*		97,468		13,910
Vodafone Qatar QSC		117,920		57,162
				3,864,366
TOTAL COMMON STOCKS (COST $266,699,480)				318,436,209
Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS - 0.0%(e)
Independent Power and Renewable Electricity Producers - 0.0%(e)
NTPC Ltd. Series 54, 8.49%, 3/25/2025 (Cost $–)	INR	49,126		9,249
Investments	Number of Rights		Value ($)
RIGHTS - 0.0%(e)
Capital Markets - 0.0%(e)
CITIC Securities International Co. Ltd., expiring 2/23/2022, price 17.67 HKD*(b)		6,075		2,400
Electrical Equipment - 0.0%(e)
Doosan Heavy Industries & Construction Co. Ltd., expiring 2/11/2022, price 16,000.00 KRW*(b)		699		1,887
TOTAL RIGHTS (Cost $–)				4,287

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(f) - 0.6%
REPURCHASE AGREEMENTS - 0.6%
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $1,729,807, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.00%, maturing 2/15/2026 - 5/15/2040; total market value $1,754,798		1,729,805		1,729,805
Deutsche Bank AG, London Branch, 0.15%, dated 1/31/2022, due 2/1/2022, repurchase price $300,001, collateralized by various U.S. Treasury Securities, ranging from 2.00% - 2.25%, maturing 11/15/2041 - 8/15/2051; Foreign Government Fixed Income Securities, ranging from 0.41% - 2.63%, maturing 5/20/2022 - 11/3/2031; total market value $304,884		300,000		300,000
				2,029,805
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $2,029,805)				2,029,805
Total Investments - 99.9% (Cost $268,729,285)				320,479,550
Other assets less liabilities - 0.1%				207,365
Net Assets - 100.0%				320,686,915

* Non-income producing security.

^ Security subject to restrictions on resale.

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

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

(b) Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $1,168,507, which represents approximately 0.36% of net assets of the Fund.

(c) The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $11,389,542, collateralized in the form of cash with a value of $2,029,805 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $5,569,129 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from February 10, 2022 – August 15, 2051 and $4,514,524 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 8.50%, and maturity dates ranging from February 25, 2022 – September 20, 2117; a total value of $12,113,458.

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

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

(f) The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $2,029,805.

Percentages shown are based on Net Assets.

Abbreviations

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt
OJSC	Open Joint Stock Company
PJSC	Public Joint Stock Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
SCA	Limited partnership with share capital

See Accompanying Notes to the Schedules of Investments.

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

Futures Contracts

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund had the following open futures contracts as of January 31, 2022:

	Number of Contracts		Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Depreciation
Long Contracts
MSCI Emerging Markets E-Mini Index		54		03/18/2022	USD	$	3,306,960	$	(1,365	)

Forward Foreign Currency Contracts

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund had the following outstanding contracts as of January 31, 2022:

Contracts to Receive		Counterparty	In Exchange For				Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	828,221	BNP Paribas SA		HKD		6,456,137		03/16/2022	$	244
USD	400,356	Citibank NA		KRW	*	481,000,000		03/16/2022		1,762
USD	81,360	Citibank NA		RUB	*	6,123,045		03/16/2022		3,090
USD	31,785	Citibank NA		TWD	*	876,120		03/16/2022		285
ZAR	1,330,000	Toronto-Dominion Bank (The)		USD		82,136		03/16/2022		3,341
Total unrealized appreciation									$	8,722
HKD	1,000,000	Citibank NA		USD		128,298		03/16/2022	$	(51	)
KRW*	57,183,410	Citibank NA		USD		48,526		03/16/2022		(1,140	)
USD	59,853	Citibank NA		BRL	*	339,553		03/16/2022		(3,424	)
USD	74,498	Citibank NA		INR	*	5,688,500		03/16/2022		(1,377	)
Total unrealized depreciation									$	(5,992	)
Net unrealized appreciation									$	2,730

* Non-deliverable forward.

Abbreviations:

BRL — Brazilian Real

HKD — Hong Kong Dollar

INR — Indian Rupee

KRW — Korean Won

RUB — Russian Ruble

TWD — Taiwan Dollar

USD — US Dollar

ZAR — South African Rand

See Accompanying Notes to the Schedules of Investments.

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

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2022:

Brazil	4.9	%
Chile	0.7
China	27.7
Colombia	0.7
Czech Republic	0.1
Egypt	0.4
Greece	0.4
Hungary	0.3
India	10.6
Indonesia	1.6
Kuwait	0.6
Malaysia	2.2
Mexico	2.2
Pakistan	0.5
Peru	0.3
Philippines	0.9
Qatar	0.9
Russia	3.0
Saudi Arabia	2.0
South Africa	5.0
South Korea	14.4
Taiwan	15.8
Thailand	2.0
Turkey	1.1
United Arab Emirates	1.0
Other1	0.7
	100.0	%

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

Security Type	% of Net Assets
Common Stocks		99.3	%
Corporate Bonds		0.0	†
Rights		0.0	†
Securities Lending Reinvestments		0.6
Others(1)		0.1
		100.0	%

^†  Amount represents less than 0.05%.

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® US Quality Large Cap Index Fund

January 31, 2022 (Unaudited)

Investments	Shares			Value ($)
COMMON STOCKS - 98.6%
Aerospace & Defense - 0.5%
Lockheed Martin Corp.		912			354,886
Textron, Inc.		4,560			310,354
					665,240
Air Freight & Logistics - 1.4%
Expeditors International of Washington, Inc.		5,928			678,637
United Parcel Service, Inc., Class B		6,498			1,313,961
					1,992,598
Automobiles - 1.3%
Ford Motor Co.		19,836			402,671
Tesla, Inc.*		1,596			1,495,005
					1,897,676
Banks - 4.2%
Bank of America Corp.		21,090			973,092
Citigroup, Inc.		28,158			1,833,649
Citizens Financial Group, Inc.		7,638			393,128
JPMorgan Chase & Co.		798			118,583
Wells Fargo & Co.		50,046			2,692,475
					6,010,927
Biotechnology - 1.8%
AbbVie, Inc.		—	(a)		55
Amgen, Inc.		7,296			1,657,213
Gilead Sciences, Inc.		3,306			227,056
Moderna, Inc.*		2,052			347,465
Regeneron Pharmaceuticals, Inc.*		157			95,549
Vertex Pharmaceuticals, Inc.*		912			221,662
					2,549,000
Building Products - 1.1%
Lennox International, Inc.		1,140			323,327
Masco Corp.		10,032			635,326
Trane Technologies plc		3,420			592,002
					1,550,655
Capital Markets - 1.5%
Ameriprise Financial, Inc.		342			104,074
Bank of New York Mellon Corp. (The)		13,680			810,677
Goldman Sachs Group, Inc. (The)		798			283,035
Morgan Stanley		9,462			970,233
					2,168,019
Chemicals - 1.3%
Celanese Corp.		1,482			230,762
Dow, Inc.		12,540			749,014
DuPont de Nemours, Inc.		10,488			803,381
					1,783,157
Communications Equipment - 1.6%
Cisco Systems, Inc.		40,128			2,233,926
Consumer Finance - 2.2%
Ally Financial, Inc.		3,762			179,523
American Express Co.		2,622			471,488

Investments	Shares		Value ($)
Capital One Financial Corp.		7,524		1,103,996
Discover Financial Services		6,384		738,948
Synchrony Financial		16,074		684,592
				3,178,547
Distributors - 1.0%
Genuine Parts Co.		456		60,753
LKQ Corp.		12,768		700,835
Pool Corp.		1,368		651,510
				1,413,098
Diversified Financial Services - 1.7%
Berkshire Hathaway, Inc., Class B*		7,752		2,426,531
Diversified Telecommunication Services - 0.7%
AT&T, Inc.		19,722		502,911
Verizon Communications, Inc.		9,120		485,458
				988,369
Electric Utilities - 2.2%
Duke Energy Corp.		2,280		239,537
Evergy, Inc.		11,742		762,760
Exelon Corp.		16,872		977,732
Southern Co. (The)		17,442		1,212,045
				3,192,074
Electrical Equipment - 0.1%
Emerson Electric Co.		1,140		104,823
Energy Equipment & Services - 0.2%
Schlumberger NV		8,664		338,502
Entertainment - 1.3%
Activision Blizzard, Inc.		12,996		1,026,814
Electronic Arts, Inc.		5,130		680,546
Liberty Media Corp-Liberty Formula One, Class C*		798		48,063
Netflix, Inc.*		286		122,162
				1,877,585
Equity Real Estate Investment Trusts (REITs) - 1.8%
Essex Property Trust, Inc.		114		37,905
Iron Mountain, Inc.(b)		15,732		722,413
Mid-America Apartment Communities, Inc.(b)		228		47,123
Public Storage		2,622		940,066
Regency Centers Corp.		456		32,718
Weyerhaeuser Co.		19,722		797,361
				2,577,586
Food & Staples Retailing - 0.2%
Walmart, Inc.		2,394		334,705
Food Products - 1.1%
Campbell Soup Co.		1,368		60,356
General Mills, Inc.		3,192		219,226
Hershey Co. (The)		1,482		292,058
Kraft Heinz Co. (The)		8,892		318,334
Tyson Foods, Inc., Class A		8,208		746,025
				1,635,999

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Health Care Equipment & Supplies - 1.3%
Abbott Laboratories		2,166		276,078
Hologic, Inc.*		4,674		328,302
IDEXX Laboratories, Inc.*		1,419		719,859
ResMed, Inc.		2,052		469,087
				1,793,326
Health Care Providers & Services - 3.4%
Anthem, Inc.		570		251,364
Cardinal Health, Inc.		8,550		440,923
Cigna Corp.		456		105,090
DaVita, Inc.*		684		74,125
HCA Healthcare, Inc.		4,560		1,094,628
Laboratory Corp. of America Holdings*		2,622		711,506
McKesson Corp.		3,648		936,515
Quest Diagnostics, Inc.		456		61,569
UnitedHealth Group, Inc.		2,622		1,239,079
				4,914,799
Health Care Technology - 0.5%
Cerner Corp.		7,980		727,776
Veeva Systems, Inc., Class A*		114		26,966
				754,742
Hotels, Restaurants & Leisure - 0.2%
Yum! Brands, Inc.		2,850		356,734
Household Durables - 0.6%
Lennar Corp., Class A		5,586		536,870
PulteGroup, Inc.(b)		2,508		132,147
Whirlpool Corp.(b)		1,026		215,655
				884,672
Household Products - 2.4%
Colgate-Palmolive Co.		11,058		911,732
Procter & Gamble Co. (The)		15,390		2,469,326
				3,381,058
Independent Power and Renewable Electricity Producers - 0.5%
AES Corp. (The)		29,754		659,944
Industrial Conglomerates - 0.1%
Honeywell International, Inc.		912		186,486
Insurance - 2.2%
Aflac, Inc.		5,472		343,751
Allstate Corp. (The)		5,358		646,550
American International Group, Inc.		14,022		809,770
MetLife, Inc.		13,110		879,157
Prudential Financial, Inc.		3,990		445,164
				3,124,392
Interactive Media & Services - 7.7%
Alphabet, Inc., Class A*		1,621		4,386,539
Alphabet, Inc., Class C*		1,573		4,269,075
Meta Platforms, Inc., Class A*		7,524		2,356,968
				11,012,582
Internet & Direct Marketing Retail - 2.6%
Amazon.com, Inc.*		953		2,850,871
eBay, Inc.		10,830		650,558
Etsy, Inc.*(b)		1,254		196,978
				3,698,407

Investments	Shares			Value ($)
IT Services - 4.3%
Accenture plc, Class A		3,876			1,370,476
Cognizant Technology Solutions Corp., Class A		5,130			438,205
Gartner, Inc.*		2,052			603,062
Jack Henry & Associates, Inc.		2,622			439,998
Mastercard, Inc., Class A		1,482			572,615
Paychex, Inc.		1,938			228,219
Visa, Inc., Class A(b)		10,830			2,449,421
					6,101,996
Life Sciences Tools & Services - 1.2%
Danaher Corp.		342			97,740
ICON plc*		342			90,876
IQVIA Holdings, Inc.*		342			83,756
Mettler-Toledo International, Inc.*		533			784,938
Waters Corp.*		1,938			620,393
					1,677,703
Machinery - 1.5%
Dover Corp.		456			77,479
Illinois Tool Works, Inc.		5,244			1,226,677
Parker-Hannifin Corp.		2,508			777,505
					2,081,661
Media - 1.7%
Comcast Corp., Class A		7,524			376,125
Discovery, Inc., Class A*(b)		23,826			664,984
DISH Network Corp., Class A*(b)		2,622			82,331
Interpublic Group of Cos., Inc. (The)		20,064			713,074
Omnicom Group, Inc.		7,410			558,417
					2,394,931
Metals & Mining - 0.5%
Freeport-McMoRan, Inc.		11,058			411,579
Newmont Corp.		5,130			313,802
					725,381
Multiline Retail - 1.1%
Target Corp.		7,182			1,583,128
Multi-Utilities - 1.2%
DTE Energy Co.		7,068			851,199
Public Service Enterprise Group, Inc.		12,084			803,949
					1,655,148
Oil, Gas & Consumable Fuels - 2.6%
Continental Resources, Inc.(b)		15,390			799,357
EOG Resources, Inc.		10,032			1,118,367
Kinder Morgan, Inc.		30,324			526,425
Marathon Petroleum Corp.		2,736			196,308
Occidental Petroleum Corp.		26,448			996,296
					3,636,753
Pharmaceuticals - 5.1%
Eli Lilly & Co.		9,120			2,237,957
Johnson & Johnson		17,784			3,064,005
Pfizer, Inc.		37,506			1,976,191
Viatris, Inc.		—	(a)		1
					7,278,154

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Real Estate Management & Development - 0.6%
CBRE Group, Inc., Class A*		8,208		831,799
Road & Rail - 0.4%
Old Dominion Freight Line, Inc.		2,052		619,560
Semiconductors & Semiconductor Equipment - 6.3%
Advanced Micro Devices, Inc.*		684		78,147
Applied Materials, Inc.		6,156		850,636
Broadcom, Inc.		1,710		1,001,855
Intel Corp.		21,774		1,063,007
KLA Corp.		1,824		710,028
Lam Research Corp.		2,052		1,210,516
Microchip Technology, Inc.		684		52,996
NVIDIA Corp.		5,700		1,395,702
QUALCOMM, Inc.		2,964		520,953
Texas Instruments, Inc.		11,628		2,087,110
				8,970,950
Software - 10.3%
Adobe, Inc.*		4,218		2,253,678
Autodesk, Inc.*		684		170,856
Check Point Software Technologies Ltd.*		5,016		606,986
Fair Isaac Corp.*		684		338,573
Fortinet, Inc.*		1,938		576,051
Intuit, Inc.		3,762		2,088,775
Microsoft Corp.		20,406		6,345,858
Oracle Corp.		25,080		2,035,493
SS&C Technologies Holdings, Inc.		342		27,316
Zoom Video Communications, Inc., Class A*		1,254		193,467
				14,637,053
Specialty Retail - 3.0%
AutoZone, Inc.*		456		905,776
Bath & Body Works, Inc.		6,042		338,775
Best Buy Co., Inc.		3,876		384,809
Home Depot, Inc. (The)		3,534		1,296,907
Lowe’s Cos., Inc.		4,218		1,001,142
O’Reilly Automotive, Inc.*		342		222,899
Ulta Beauty, Inc.*		228		82,933
				4,233,241
Technology Hardware, Storage & Peripherals - 8.8%
Apple, Inc.		67,374		11,775,628
HP, Inc.		14,478		531,777
NetApp, Inc.		1,140		98,621
Seagate Technology Holdings plc		912		97,721
				12,503,747
Tobacco - 0.8%
Altria Group, Inc.		4,446		226,212
Philip Morris International, Inc.		9,120		937,992
				1,164,204
Trading Companies & Distributors - 0.5%
United Rentals, Inc.*(b)		1,140		364,937
WW Grainger, Inc.		684		338,655
				703,592
TOTAL COMMON STOCKS (COST $110,817,586)				140,485,160

Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(c) - 0.5%
REPURCHASE AGREEMENTS - 0.5%
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $721,657, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.00%, maturing 2/15/2026 - 5/15/2040; total market value $732,082 (Cost $721,656)		721,656		721,656
Total Investments - 99.1% (Cost $111,539,242)				141,206,816
Other assets less liabilities - 0.9%				1,335,428
Net Assets - 100.0%				142,542,244

* Non-income producing security.

(a) Amount represents less than one share.

(b) The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $5,200,734, collateralized in the form of cash with a value of $721,656 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $4,206,951 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from February 15, 2022 – November 15, 2051 and $388,065 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from April 20, 2022 – September 20, 2117; a total value of $5,316,672.

(c) The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $721,656.

Percentages shown are based on Net Assets.

See Accompanying Notes to the Schedules of Investments.

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

Futures Contracts

FlexShares^® US Quality Large Cap Index Fund had the following open futures contracts as of January 31, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation
Long Contracts
S&P 500 E-Mini Index		9		03/18/2022		USD	$	2,026,913	$	(57,209	)

Abbreviations:

USD — US Dollar

Security Type	% of Net Assets
Common Stocks		98.6	%
Securities Lending Reinvestments		0.5
Others(1)		0.9
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® STOXX^® US ESG Select Index Fund

January 31, 2022 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 99.2%
Air Freight & Logistics - 0.3%
CH Robinson Worldwide, Inc.(a)		1,278		133,743
FedEx Corp.		1,633		401,489
				535,232
Airlines - 0.1%
American Airlines Group, Inc.*(a)		2,769		45,606
Southwest Airlines Co.*		3,408		152,542
				198,148
Automobiles - 3.9%
Ford Motor Co.		13,774		279,612
General Motors Co.*		14,768		778,717
Tesla, Inc.*		6,958		6,517,698
				7,576,027
Banks - 5.6%
Bank of America Corp.		74,266		3,426,633
Citigroup, Inc.		20,022		1,303,833
Fifth Third Bancorp		6,035		269,342
Huntington Bancshares, Inc.		8,875		133,657
JPMorgan Chase & Co.		25,276		3,756,014
KeyCorp		8,733		218,849
PNC Financial Services Group, Inc. (The)		2,840		585,012
Regions Financial Corp.		5,751		131,928
Truist Financial Corp.		7,171		450,482
US Bancorp		13,561		789,114
				11,064,864
Beverages - 2.4%
Coca-Cola Co. (The)		33,228		2,027,240
Keurig Dr Pepper, Inc.		3,124		118,556
PepsiCo, Inc.		14,200		2,463,984
				4,609,780
Biotechnology - 1.7%
AbbVie, Inc.		9,159		1,253,776
Amgen, Inc.		2,911		661,205
Gilead Sciences, Inc.		8,236		565,648
Regeneron Pharmaceuticals, Inc.*		355		216,049
Vertex Pharmaceuticals, Inc.*		2,556		621,236
				3,317,914
Building Products - 0.4%
Johnson Controls International plc		5,041		366,329
Trane Technologies plc		1,988		344,123
				710,452
Capital Markets - 3.0%
Bank of New York Mellon Corp. (The)		4,970		294,522
BlackRock, Inc.		1,451		1,194,086
CME Group, Inc.		1,278		293,301
FactSet Research Systems, Inc.		142		59,908
Goldman Sachs Group, Inc. (The)		3,408		1,208,749
Moody’s Corp.		1,136		389,648
Morgan Stanley		14,342		1,470,629

Investments	Shares		Value ($)
S&P Global, Inc.(a)		1,633		678,054
State Street Corp.		3,337		315,347
				5,904,244
Chemicals - 1.1%
Air Products & Chemicals, Inc.		1,136		320,488
Albemarle Corp.		355		78,363
Celanese Corp.		1,207		187,942
Corteva, Inc.		2,840		136,547
Eastman Chemical Co.		284		33,776
Ecolab, Inc.		2,059		390,078
International Flavors & Fragrances, Inc.		923		121,762
PPG Industries, Inc.		1,491		232,894
Sherwin-Williams Co. (The)		2,059		589,924
				2,091,774
Commercial Services & Supplies - 0.2%
Cintas Corp.		923		361,382
Communications Equipment - 1.1%
Cisco Systems, Inc.		35,642		1,984,190
Motorola Solutions, Inc.		497		115,274
				2,099,464
Consumer Finance - 0.3%
Capital One Financial Corp.		3,053		447,967
Synchrony Financial		4,118		175,385
				623,352
Containers & Packaging - 0.3%
Amcor plc		11,715		140,697
Ball Corp.(a)		2,627		255,081
Packaging Corp. of America		852		128,337
Westrock Co.		1,136		52,438
				576,553
Distributors - 0.1%
Pool Corp.		284		135,255
Diversified Telecommunication Services - 1.5%
AT&T, Inc.		35,642		908,871
Lumen Technologies, Inc.(a)		7,881		97,409
Verizon Communications, Inc.		34,861		1,855,651
				2,861,931
Electric Utilities - 1.1%
Alliant Energy Corp.		2,272		136,002
Duke Energy Corp.		6,390		671,334
Edison International		3,266		205,072
Entergy Corp.		1,349		150,778
Eversource Energy		3,408		304,982
FirstEnergy Corp.		4,118		172,791
NextEra Energy, Inc.		6,603		515,826
				2,156,785
Electrical Equipment - 0.8%
AMETEK, Inc.		1,633		223,345
Eaton Corp. plc		3,337		528,681
Emerson Electric Co.		5,964		548,390
Rockwell Automation, Inc.(a)		994		287,485
				1,587,901

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Electronic Equipment, Instruments & Components - 0.4%
Amphenol Corp., Class A(a)		2,201		175,177
Keysight Technologies, Inc.*		710		119,862
TE Connectivity Ltd.		1,207		172,613
Teledyne Technologies, Inc.*		355		149,608
Trimble, Inc.*		1,562		112,714
				729,974
Energy Equipment & Services - 0.5%
Baker Hughes Co.		5,183		142,221
Halliburton Co.		7,526		231,349
Schlumberger NV		14,981		585,308
				958,878
Entertainment - 1.1%
Walt Disney Co. (The)*		15,407		2,202,739
Equity Real Estate Investment Trusts (REITs) - 2.6%
American Tower Corp.		3,053		767,829
AvalonBay Communities, Inc.		568		138,723
Digital Realty Trust, Inc.		1,562		233,097
Duke Realty Corp.		994		57,433
Equinix, Inc.		600		434,940
Equity LifeStyle Properties, Inc.		2,059		161,199
Essex Property Trust, Inc.		213		70,823
Healthpeak Properties, Inc.		6,106		215,969
Host Hotels & Resorts, Inc.*(a)		5,680		98,491
Iron Mountain, Inc.(a)		2,343		107,591
Kimco Realty Corp.		5,538		134,352
Prologis, Inc.		4,970		779,395
Public Storage		1,562		560,024
Realty Income Corp.		1,633		113,347
Simon Property Group, Inc.		1,207		177,670
UDR, Inc.		781		44,392
Ventas, Inc.(a)		2,982		158,106
Welltower, Inc.(a)		4,189		362,893
Weyerhaeuser Co.		6,319		255,477
WP Carey, Inc.		2,130		165,288
				5,037,039
Food & Staples Retailing - 0.1%
Walgreens Boots Alliance, Inc.		3,337		166,049
Food Products - 0.8%
Archer-Daniels-Midland Co.		2,627		197,025
General Mills, Inc.		3,905		268,195
Hershey Co. (The)		1,207		237,864
J M Smucker Co. (The)(a)		710		99,812
Kellogg Co.		1,775		111,825
McCormick & Co., Inc. (Non-Voting)		1,136		113,952
Mondelez International, Inc., Class A		6,958		466,395
				1,495,068
Health Care Equipment & Supplies - 2.6%
Abbott Laboratories		15,194		1,936,627
ABIOMED, Inc.*		142		42,014
Align Technology, Inc.*		213		105,426
Baxter International, Inc.		2,769		236,583

Investments	Shares		Value ($)
Becton Dickinson and Co.		1,846		469,142
Boston Scientific Corp.*		11,644		499,528
Edwards Lifesciences Corp.*		5,396		589,243
Hologic, Inc.*		2,343		164,572
IDEXX Laboratories, Inc.*		426		216,110
Insulet Corp.*		497		123,256
Medtronic plc		4,402		455,563
ResMed, Inc.		781		178,537
Zimmer Biomet Holdings, Inc.		1,278		157,220
				5,173,821
Health Care Providers & Services - 3.1%
AmerisourceBergen Corp.		852		116,043
Anthem, Inc.		2,485		1,095,860
Cigna Corp.		1,704		392,704
CVS Health Corp.		9,159		975,525
Humana, Inc.		710		278,675
Laboratory Corp. of America Holdings*		284		77,066
McKesson Corp.		852		218,726
UnitedHealth Group, Inc.		6,390		3,019,722
				6,174,321
Health Care Technology - 0.2%
Cerner Corp.		1,207		110,078
Veeva Systems, Inc., Class A*		1,349		319,093
				429,171
Hotels, Restaurants & Leisure - 1.4%
Booking Holdings, Inc.*		128		314,385
Domino’s Pizza, Inc.		355		161,401
Marriott International, Inc., Class A*		2,982		480,460
McDonald’s Corp.		3,763		976,310
MGM Resorts International		2,556		109,192
Starbucks Corp.		4,118		404,882
Yum! Brands, Inc.		2,556		319,934
				2,766,564
Household Durables - 0.0%(b)
Whirlpool Corp.(a)		213		44,771
Household Products - 2.7%
Church & Dwight Co., Inc.		1,775		182,204
Clorox Co. (The)		781		131,099
Colgate-Palmolive Co.		7,384		608,811
Kimberly-Clark Corp.		2,343		322,514
Procter & Gamble Co. (The)		24,779		3,975,790
				5,220,418
Independent Power and Renewable Electricity Producers - 0.0%(b)
AES Corp. (The)		2,130		47,243
Industrial Conglomerates - 1.0%
3M Co.		4,828		801,545
General Electric Co.		11,076		1,046,460
Roper Technologies, Inc.		497		217,269
				2,065,274
Insurance - 1.5%
Aflac, Inc.		5,467		343,437
Aon plc, Class A		1,136		314,036
Chubb Ltd.		1,420		280,138

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Hartford Financial Services Group, Inc. (The)		2,201		158,186
Loews Corp.		852		50,830
MetLife, Inc.		5,964		399,946
Principal Financial Group, Inc.(a)		2,485		181,554
Progressive Corp. (The)		5,822		632,618
Prudential Financial, Inc.		2,130		237,644
Travelers Cos., Inc. (The)		1,633		271,372
				2,869,761
Interactive Media & Services - 7.9%
Alphabet, Inc., Class C*		3,246		8,809,547
Meta Platforms, Inc., Class A*		20,164		6,316,575
Pinterest, Inc., Class A*		1,420		41,975
Snap, Inc., Class A*		8,662		281,861
				15,449,958
Internet & Direct Marketing Retail - 4.7%
Amazon.com, Inc.*		2,872		8,591,502
eBay, Inc.		5,041		302,813
Etsy, Inc.*		1,065		167,290
Farfetch Ltd., Class A*		2,698		58,574
				9,120,179
IT Services - 4.3%
Accenture plc, Class A		6,745		2,384,897
Akamai Technologies, Inc.*		1,065		121,996
Automatic Data Processing, Inc.		3,550		731,904
Cognizant Technology Solutions Corp., Class A		3,763		321,435
EPAM Systems, Inc.*		172		81,896
Fidelity National Information Services, Inc.		1,988		238,401
Gartner, Inc.*		426		125,197
International Business Machines Corp.		9,017		1,204,401
Jack Henry & Associates, Inc.		284		47,658
Mastercard, Inc., Class A		7,384		2,853,030
Twilio, Inc., Class A*		1,207		248,787
				8,359,602
Leisure Products - 0.0%(b)
Hasbro, Inc.		781		72,227
Life Sciences Tools & Services - 1.3%
Agilent Technologies, Inc.		2,201		306,643
Bio-Rad Laboratories, Inc., Class A*		142		85,162
Charles River Laboratories International, Inc.*		213		70,239
Danaher Corp.		4,615		1,318,921
Illumina, Inc.*		781		272,428
Mettler-Toledo International, Inc.*		213		313,681
West Pharmaceutical Services, Inc.		497		195,430
				2,562,504
Machinery - 1.8%
Caterpillar, Inc.		5,467		1,101,929
Cummins, Inc.		1,278		282,285
Deere & Co.		2,130		801,732
Fortive Corp.		2,627		185,309
Graco, Inc.		1,065		77,276
Illinois Tool Works, Inc.		1,136		265,733

Investments	Shares			Value ($)
Ingersoll Rand, Inc.		1,207			67,845
Otis Worldwide Corp.		2,698			230,490
PACCAR, Inc.		1,349			125,443
Parker-Hannifin Corp.		710			220,107
Stanley Black & Decker, Inc.		568			99,201
Xylem, Inc.		1,278			134,216
					3,591,566
Media - 1.1%
Comcast Corp., Class A		38,482			1,923,715
Interpublic Group of Cos., Inc. (The)		2,840			100,934
Omnicom Group, Inc.		2,414			181,919
					2,206,568
Metals & Mining - 0.3%
Freeport-McMoRan, Inc.		5,538			206,124
Newmont Corp.		6,461			395,220
					601,344
Multiline Retail - 0.2%
Target Corp.		1,775			391,263
Multi-Utilities - 0.5%
CMS Energy Corp.		2,414			155,413
Dominion Energy, Inc.		2,982			240,528
Sempra Energy		3,124			431,612
WEC Energy Group, Inc.		1,278			124,017
					951,570
Oil, Gas & Consumable Fuels - 3.1%
Chevron Corp.		19,525			2,564,218
ConocoPhillips		9,230			817,963
Devon Energy Corp.		2,840			143,619
Diamondback Energy, Inc.		426			53,744
Exxon Mobil Corp.		21,939			1,666,486
Hess Corp.		1,136			104,842
Occidental Petroleum Corp.		2,982			112,332
Phillips 66		4,189			355,185
Valero Energy Corp.		2,272			188,508
					6,006,897
Paper & Forest Products - 0.0%(b)
Sylvamo Corp.*		—	(c)		11
Personal Products - 0.2%
Estee Lauder Cos., Inc. (The), Class A		1,136			354,193
Pharmaceuticals - 6.6%
Bristol-Myers Squibb Co.		18,673			1,211,691
Eli Lilly & Co.		7,242			1,777,115
Johnson & Johnson		26,838			4,623,919
Merck & Co., Inc.		25,631			2,088,414
Pfizer, Inc.		48,138			2,536,391
Zoetis, Inc.		3,337			666,699
					12,904,229
Professional Services - 0.0%(b)
Booz Allen Hamilton Holding Corp.		1,349			103,509

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Real Estate Management & Development - 0.1%
CBRE Group, Inc., Class A*		1,917		194,269
Road & Rail - 0.1%
JB Hunt Transport Services, Inc.		568		109,363
Lyft, Inc., Class A*		2,556		98,457
				207,820
Semiconductors & Semiconductor Equipment - 6.5%
Advanced Micro Devices, Inc.*		6,106		697,610
Analog Devices, Inc.		2,698		442,391
Applied Materials, Inc.		6,248		863,349
Broadcom, Inc.		2,130		1,247,924
Intel Corp.		41,109		2,006,941
Lam Research Corp.		710		418,843
Microchip Technology, Inc.		2,982		231,045
Micron Technology, Inc.		9,443		776,876
NVIDIA Corp.		12,780		3,129,311
ON Semiconductor Corp.*		1,491		87,969
QUALCOMM, Inc.		5,751		1,010,796
Texas Instruments, Inc.		9,443		1,694,924
Xilinx, Inc.		781		151,163
				12,759,142
Software - 8.5%
Adobe, Inc.*		4,047		2,162,312
Autodesk, Inc.*		2,201		549,788
Ceridian HCM Holding, Inc.*		568		43,066
Coupa Software, Inc.*(a)		142		19,066
Crowdstrike Holdings, Inc., Class A*		994		179,556
DocuSign, Inc.*		1,420		178,593
Fortinet, Inc.*		710		211,040
HubSpot, Inc.*		213		104,114
Intuit, Inc.		1,420		788,427
Microsoft Corp.		30,104		9,361,742
NortonLifeLock, Inc.		3,621		94,182
Oracle Corp.		16,685		1,354,155
RingCentral, Inc., Class A*		355		62,654
salesforce.com, Inc.*		5,041		1,172,688
Synopsys, Inc.*		1,065		330,683
				16,612,066
Specialty Retail - 3.3%
Advance Auto Parts, Inc.		142		32,874
AutoZone, Inc.*		71		141,031
Best Buy Co., Inc.(a)		2,414		239,662
Burlington Stores, Inc.*		710		168,220
Home Depot, Inc. (The)		10,792		3,960,448
Lowe’s Cos., Inc.		4,828		1,145,926
TJX Cos., Inc. (The)		10,011		720,492
				6,408,653
Technology Hardware, Storage & Peripherals - 5.6%
Apple, Inc.		57,439		10,039,189
Dell Technologies, Inc., Class C*		1,278		72,603
Hewlett Packard Enterprise Co.(a)		9,940		162,320
HP, Inc.		12,283		451,155
NetApp, Inc.		1,775		153,555
Western Digital Corp.*		3,266		168,983
				11,047,805

Investments	Shares		Value ($)
Textiles, Apparel & Luxury Goods - 0.3%
Lululemon Athletica, Inc.*(a)		1,278		426,545
VF Corp.		1,278		83,339
				509,884
Tobacco - 0.7%
Altria Group, Inc.		6,248		317,898
Philip Morris International, Inc.		10,792		1,109,957
				1,427,855
Trading Companies & Distributors - 0.1%
WW Grainger, Inc.(a)		284		140,611
Water Utilities - 0.1%
American Water Works Co., Inc.		1,775		285,420
TOTAL COMMON STOCKS (COST $163,960,440)				194,061,294

Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(d) - 0.0%(b)
REPURCHASE AGREEMENTS - 0.0%(b)
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $4,992, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.00%, maturing 2/15/2026 - 5/15/2040; total market value $5,064 (Cost $4,992)		4,992		4,992
Total Investments - 99.2% (Cost $163,965,432)				194,066,286
Other assets less liabilities - 0.8%				1,557,541
Net Assets - 100.0%				195,623,827

* Non-income producing security.

(a) The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $2,930,317, collateralized in the form of cash with a value of $4,992 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $2,892,654 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from February 15, 2022 – November 15, 2051 and $24,225 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from April 20, 2022 – September 20, 2117; a total value of $2,921,871.

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

(c) Amount represents less than one share.

See Accompanying Notes to the Schedules of Investments.

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

(d) The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $4,992.

Percentages shown are based on Net Assets.

Futures Contracts

FlexShares^® STOXX^® US ESG Select Index Fund had the following open futures contracts as of January 31, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation
Long Contracts
S&P 500 E-Mini Index		7		03/18/2022		USD	$	1,576,488	$	(54,599	)

Abbreviations:

USD — US Dollar

Security Type	% of Net Assets
Common Stocks		99.2	%
Securities Lending Reinvestments		0.0	†
Others(1)		0.8
		100.0	%

^†  Amount represents less than 0.05%.

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® STOXX^® Global ESG Select Index Fund

January 31, 2022 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 99.5%
Aerospace & Defense - 0.0%(a)
MTU Aero Engines AG		150		31,452
Air Freight & Logistics - 0.3%
Deutsche Post AG (Registered)		3,700		219,787
DSV A/S		1,375		277,080
Royal Mail plc		4,100		24,225
SG Holdings Co. Ltd.		2,500		52,679
				573,771
Airlines - 0.0%(a)
International Consolidated Airlines Group SA*		14,725		30,819
Qantas Airways Ltd.*		8,100		27,279
Singapore Airlines Ltd.*		7,500		27,733
				85,831
Auto Components - 0.3%
Aisin Corp.		100		3,602
Bridgestone Corp.		5,000		217,531
Cie Generale des Etablissements Michelin SCA		1,075		177,989
Continental AG*		475		45,228
Magna International, Inc.		500		40,262
NGK Spark Plug Co. Ltd.		2,500		42,157
Nokian Renkaat OYJ		1,175		39,238
Sumitomo Rubber Industries Ltd.(b)		2,500		25,776
Valeo		1,000		27,599
				619,382
Automobiles - 3.8%
Bayerische Motoren Werke AG		1,925		200,579
Ferrari NV		275		62,549
General Motors Co.*		8,325		438,977
Honda Motor Co. Ltd.		7,500		218,312
Mitsubishi Motors Corp.*		2,500		7,052
Nissan Motor Co. Ltd.*		12,500		65,893
Renault SA*		800		31,312
Stellantis NV(b)		9,000		171,197
Tesla, Inc.*		4,325		4,051,314
Toyota Motor Corp.		75,000		1,461,597
Volkswagen AG (Preference)		650		133,576
				6,842,358
Banks - 8.5%
ABN AMRO Bank NV, CVA(c)		3,475		55,425
Australia & New Zealand Banking Group Ltd.		9,925		185,515
Banco Bilbao Vizcaya Argentaria SA		39,400		248,839
Banco BPM SpA		8,950		27,520
Banco de Sabadell SA*		18,425		14,198
Banco Santander SA		32,925		114,215
Bank of America Corp.		57,625		2,658,818
Bank of Ireland Group plc*		4,775		31,913

Investments	Shares		Value ($)
Bank of Montreal		2,575		291,312
Bank of Nova Scotia (The)		7,550		543,543
Bank Polska Kasa Opieki SA		575		19,031
Bankinter SA(b)		5,000		29,090
Barclays plc		84,175		222,727
Bendigo & Adelaide Bank Ltd.		2,100		12,695
BNP Paribas SA		5,950		420,207
CaixaBank SA		18,600		59,341
Citigroup, Inc.		15,200		989,824
Commerzbank AG*		5,725		48,691
Commonwealth Bank of Australia		11,425		754,559
Danske Bank A/S		4,100		79,007
DBS Group Holdings Ltd.		8,294		215,915
DNB Bank ASA		6,600		155,968
Erste Group Bank AG		1,450		67,017
Fifth Third Bancorp		2,975		132,774
Hang Seng Bank Ltd.		5,000		98,685
HSBC Holdings plc		143,775		1,017,718
Huntington Bancshares, Inc.		4,450		67,017
ING Groep NV		14,075		206,093
Intesa Sanpaolo SpA		122,900		360,891
Japan Post Bank Co. Ltd.		2,500		24,452
JPMorgan Chase & Co.		11,850		1,760,910
KBC Group NV		1,375		118,593
KeyCorp		4,475		112,144
Lloyds Banking Group plc		436,350		298,862
Mitsubishi UFJ Financial Group, Inc.		97,500		584,788
Mizuho Financial Group, Inc.		10,000		134,519
NatWest Group plc		8,425		27,399
PNC Financial Services Group, Inc. (The)		1,300		267,787
Raiffeisen Bank International AG		600		16,667
Royal Bank of Canada		5,925		675,193
Skandinaviska Enskilda Banken AB, Class A		9,675		123,761
Societe Generale SA		5,850		214,343
Standard Chartered plc		14,125		101,728
Svenska Handelsbanken AB, Class A		9,600		101,553
Swedbank AB, Class A		2,800		54,458
Toronto-Dominion Bank (The)		7,500		600,389
UniCredit SpA		11,025		172,903
US Bancorp		7,375		429,151
Westpac Banking Corp.		22,775		325,736
				15,273,884
Beverages - 2.1%
Anheuser-Busch InBev SA/NV		3,750		234,233
Asahi Group Holdings Ltd.(b)		2,500		101,280
Budweiser Brewing Co. APAC Ltd.(c)		22,500		59,297
Carlsberg A/S, Class B		450		72,409
Coca-Cola Co. (The)		15,250		930,402
Davide Campari-Milano NV		1,400		17,405
Diageo plc		10,450		521,974
Heineken NV		1,225		130,484

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Kirin Holdings Co. Ltd.		5,000		79,713
PepsiCo, Inc.		7,275		1,262,358
Pernod Ricard SA		1,100		233,056
Remy Cointreau SA		125		25,853
Thai Beverage PCL		57,500		27,854
				3,696,318
Biotechnology - 1.3%
AbbVie, Inc.		4,976		681,147
Amgen, Inc.		1,475		335,031
CSL Ltd.		1,900		348,516
Genmab A/S*		275		92,436
Genus plc		375		19,129
Gilead Sciences, Inc.		3,175		218,059
Grifols SA		1,575		27,561
Regeneron Pharmaceuticals, Inc.*		275		167,362
Swedish Orphan Biovitrum AB*		1,125		22,032
Vertex Pharmaceuticals, Inc.*		1,325		322,041
Vitrolife AB		375		15,267
				2,248,581
Building Products - 0.5%
AGC, Inc.		2,500		113,474
Assa Abloy AB, Class B		5,850		158,564
Belimo Holding AG (Registered)		25		13,667
Cie de Saint-Gobain		3,450		230,693
Fletcher Building Ltd.		2,875		12,179
Geberit AG (Registered)		250		167,875
Lixil Corp.		2,500		56,607
Reliance Worldwide Corp. Ltd.		450		1,639
ROCKWOOL International A/S, Class B		25		9,507
Trane Technologies plc		825		142,807
				907,012
Capital Markets - 2.8%
3i Group plc		4,850		89,146
Abrdn plc		16,075		51,955
Bank of New York Mellon Corp. (The)		1,750		103,705
BlackRock, Inc.		950		781,793
Credit Suisse Group AG (Registered)		12,575		118,315
Euronext NV(c)		200		19,124
Goldman Sachs Group, Inc. (The)		2,625		931,035
Hong Kong Exchanges & Clearing Ltd.		5,000		281,114
Intermediate Capital Group plc		925		23,536
Julius Baer Group Ltd.		1,575		101,532
London Stock Exchange Group plc		2,275		220,373
Macquarie Group Ltd.		2,525		326,658
Man Group plc		4,850		12,526
Moody’s Corp.		350		120,050
Morgan Stanley		9,250		948,495
S&P Global, Inc.(b)		700		290,654
Schroders plc		375		16,996
Singapore Exchange Ltd.		2,500		17,213
State Street Corp.		1,850		174,825
UBS Group AG (Registered)		24,550		450,894
				5,079,939

Investments	Shares		Value ($)
Chemicals - 1.6%
Air Liquide SA		1,900		322,424
Air Products & Chemicals, Inc.		550		155,166
Akzo Nobel NV		1,225		125,732
Arkema SA		625		91,397
Asahi Kasei Corp.		5,000		48,644
BASF SE		2,350		177,871
Celanese Corp.		600		93,426
Chr Hansen Holding A/S		600		47,857
Clariant AG (Registered)*		2,125		44,483
Covestro AG(c)		375		22,221
Croda International plc		625		66,848
Ecolab, Inc.		1,150		217,867
Evonik Industries AG		1,525		49,217
Givaudan SA (Registered)		50		205,037
Hexpol AB		2,050		24,170
Incitec Pivot Ltd.		8,000		18,487
Koninklijke DSM NV		900		167,528
Mitsubishi Chemical Holdings Corp.		10,000		77,674
Mitsubishi Gas Chemical Co., Inc.(b)		2,500		47,234
Nippon Paint Holdings Co. Ltd.		5,000		39,445
Nitto Denko Corp.		100		7,681
Novozymes A/S, Class B		1,075		73,353
Orica Ltd.(b)		1,700		16,601
PPG Industries, Inc.		550		85,910
Sherwin-Williams Co. (The)		725		207,720
Sika AG (Registered)(b)		700		241,416
Solvay SA		425		50,739
Sumitomo Chemical Co. Ltd.		5,000		24,908
Tokai Carbon Co. Ltd.		2,500		25,580
Yara International ASA		550		28,043
				2,804,679
Commercial Services & Supplies - 0.3%
Brambles Ltd.		7,750		52,801
Cintas Corp.		450		176,188
Dai Nippon Printing Co. Ltd.		2,500		59,601
Downer EDI Ltd.		3,525		13,436
ISS A/S*		1,050		19,577
Rentokil Initial plc		13,548		94,191
Secom Co. Ltd.		1,600		112,253
SPIE SA		950		21,768
				549,815
Communications Equipment - 0.2%
Nokia OYJ*		18,288		107,568
Telefonaktiebolaget LM Ericsson, Class B		15,147		186,293
				293,861
Construction & Engineering - 0.4%
Bouygues SA		2,550		89,158
Eiffage SA		725		75,388
Ferrovial SA		1,675		46,135
Kajima Corp.		5,000		59,883
Skanska AB, Class B		2,700		65,402
Sweco AB, Class B(b)		975		13,611
Taisei Corp.		2,500		81,254
Vinci SA		2,150		232,965
WSP Global, Inc.		225		29,987
				693,783

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Construction Materials - 0.2%
CRH plc		4,050		201,624
HeidelbergCement AG		750		51,504
Holcim Ltd.*		3,050		162,975
				416,103
Consumer Finance - 0.0%(a)
Synchrony Financial		1,250		53,237
Containers & Packaging - 0.2%
Amcor plc		2,850		34,228
Ball Corp.		1,250		121,375
BillerudKorsnas AB		350		5,512
DS Smith plc		8,925		45,023
Orora Ltd.(b)		1,625		3,961
Packaging Corp. of America		625		94,144
SIG Combibloc Group AG*		1,377		31,591
Smurfit Kappa Group plc		1,225		63,924
				399,758
Distributors - 0.0%(a)
D’ieteren Group		50		8,626
Pool Corp.		150		71,438
				80,064
Diversified Financial Services - 0.1%
Challenger Ltd.(b)		1,325		5,340
Eurazeo SE		125		9,830
EXOR NV		725		59,995
Groupe Bruxelles Lambert SA		750		79,787
Kinnevik AB, Class B*(b)		1,350		39,803
Wendel SE		150		16,142
				210,897
Diversified Telecommunication Services - 0.9%
BT Group plc(b)		42,250		110,847
Cellnex Telecom SA(c)		3,400		153,599
Deutsche Telekom AG (Registered)		18,450		344,818
Elisa OYJ		825		48,165
Koninklijke KPN NV		26,895		88,247
Orange SA		8,475		98,995
Singapore Telecommunications Ltd.		54,100		97,225
Spark New Zealand Ltd.		11,150		31,708
Swisscom AG (Registered)		150		85,097
Telenor ASA(b)		5,300		87,174
Telia Co. AB		14,450		56,675
Telstra Corp. Ltd.		75,900		209,623
TELUS Corp.		3,675		86,428
United Internet AG (Registered)		625		24,263
				1,522,864
Electric Utilities - 1.1%
Acciona SA		50		8,649
Alliant Energy Corp.		475		28,433
AusNet Services Ltd.		6,475		11,861
CLP Holdings Ltd.		12,500		124,879
Contact Energy Ltd.		1,250		6,428
Duke Energy Corp.		1,875		196,987
Edison International		900		56,511
EDP - Energias de Portugal SA		11,950		60,804

Investments	Shares		Value ($)
Electricite de France SA		5,481		52,213
Elia Group SA/NV(b)		125		16,773
Endesa SA(b)		1,350		30,032
Enel SpA		32,925		250,279
Eversource Energy		2,175		194,641
FirstEnergy Corp.		2,325		97,557
Fortum OYJ		2,627		70,824
Iberdrola SA		21,751		247,730
Iberdrola SA*(d)		362		4,123
Infratil Ltd.		1,075		5,348
Kansai Electric Power Co., Inc. (The)		5,000		46,952
Origin Energy Ltd.(b)		2,425		9,602
Orsted A/S(c)		850		89,517
Red Electrica Corp. SA		750		15,058
SSE plc		7,175		152,337
Terna - Rete Elettrica Nazionale		10,014		78,019
Verbund AG		400		42,060
				1,897,617
Electrical Equipment - 1.2%
ABB Ltd. (Registered)		7,950		270,764
AMETEK, Inc.		450		61,546
Eaton Corp. plc		1,525		241,606
Emerson Electric Co.		4,075		374,696
Legrand SA		1,325		133,382
Nidec Corp.		4,000		350,271
Prysmian SpA		1,575		52,491
Rockwell Automation, Inc.(b)		400		115,688
Schneider Electric SE		2,000		334,865
Siemens Energy AG*		2,850		63,130
Signify NV(c)		325		17,072
Ushio, Inc.		2,500		38,447
Vestas Wind Systems A/S		5,225		139,298
				2,193,256
Electronic Equipment, Instruments & Components - 0.8%
Alps Alpine Co. Ltd.(b)		2,500		26,991
Amphenol Corp., Class A(b)		1,150		91,528
Azbil Corp.		300		11,638
Halma plc		2,250		75,347
Hamamatsu Photonics KK		100		5,060
Hexagon AB, Class B		4,725		62,871
Ibiden Co. Ltd.		1,700		92,949
Kyocera Corp.		2,500		152,636
Murata Manufacturing Co. Ltd.		5,000		370,536
Omron Corp.		1,200		86,492
Shimadzu Corp.		2,500		89,065
Taiyo Yuden Co. Ltd.		700		33,291
TDK Corp.		2,500		88,956
TE Connectivity Ltd.		1,100		157,311
Teledyne Technologies, Inc.*		200		84,286
Trimble, Inc.*		475		34,276
				1,463,233
Energy Equipment & Services - 0.3%
Baker Hughes Co.		2,025		55,566
Halliburton Co.		3,975		122,191
Schlumberger NV		9,050		353,584
Worley Ltd.		1,000		8,138
				539,479

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Entertainment - 0.7%
Bollore SA		2,850		15,207
Nintendo Co. Ltd.		500		243,697
Ubisoft Entertainment SA*		500		28,440
Walt Disney Co. (The)*		7,250		1,036,533
				1,323,877
Equity Real Estate Investment Trusts (REITs) - 1.3%
Aedifica SA		150		17,942
Ascendas REIT		7,500		15,309
Big Yellow Group plc(b)		1,375		27,561
CapitaLand Integrated Commercial Trust		22,824		32,747
Charter Hall Group		1,975		23,321
Cofinimmo SA		150		22,011
Daiwa House REIT Investment Corp.(b)		25		74,203
Derwent London plc		1,350		61,672
Dexus		10,225		73,841
Equinix, Inc.		225		163,102
Equity LifeStyle Properties, Inc.		1,650		129,178
Gecina SA		300		40,390
Goodman Group		5,575		91,087
GPT Group (The)		5,500		19,336
Healthpeak Properties, Inc.		3,800		134,406
Host Hotels & Resorts, Inc.*		1,675		29,044
Iron Mountain, Inc.(b)		675		30,996
Japan Metropolitan Fund Invest		50		41,961
Japan Prime Realty Investment Corp.		1		3,255
Land Securities Group plc		4,650		49,298
Link REIT		10,246		87,710
Mapletree Logistics Trust		10,000		12,499
Mirvac Group		20,800		38,249
Nippon Building Fund, Inc.		7		40,338
Nippon Prologis REIT, Inc.		2		6,214
Orix JREIT, Inc.		25		35,756
Public Storage		775		277,861
Safestore Holdings plc		350		5,945
Segro plc		2,598		45,383
Stockland		15,417		43,883
United Urban Investment Corp.		25		29,399
Ventas, Inc.		1,575		83,506
Welltower, Inc.(b)		2,875		249,061
Weyerhaeuser Co.(b)		2,825		114,215
WP Carey, Inc.		1,650		128,040
				2,278,719
Food & Staples Retailing - 0.4%
Aeon Co. Ltd.(b)		5,000		113,105
Carrefour SA		2,600		49,315
Coles Group Ltd.		5,875		67,056
Etablissements Franz Colruyt NV		300		12,134
HelloFresh SE*		500		32,812
J Sainsbury plc		7,275		28,374
Jeronimo Martins SGPS SA		1,254		30,026
Kesko OYJ, Class B		1,000		31,309
Koninklijke Ahold Delhaize NV		6,175		199,047
Metcash Ltd.		2,450		6,818

Investments	Shares		Value ($)
Woolworths Group Ltd.(b)		7,200		174,604
				744,600
Food Products - 1.5%
AAK AB		950		17,694
Ajinomoto Co., Inc.		2,500		69,278
Associated British Foods plc		1,600		41,666
Bakkafrost P/F(b)		175		11,992
Barry Callebaut AG (Registered)		25		56,979
Danone SA		2,900		179,612
General Mills, Inc.		1,600		109,888
JDE Peet’s NV		125		3,728
Kerry Group plc, Class A(b)		775		97,303
Mowi ASA		2,598		63,347
Nestle SA (Registered)		15,900		2,033,588
Orkla ASA		4,975		47,317
Salmar ASA		250		16,930
				2,749,322
Gas Utilities - 0.2%
APA Group		1,975		13,303
Enagas SA(b)		2,175		46,813
Italgas SpA		3,500		23,023
Naturgy Energy Group SA(b)		825		26,015
Snam SpA		13,327		74,100
Tokyo Gas Co. Ltd.		5,000		100,456
				283,710
Health Care Equipment & Supplies - 2.2%
Abbott Laboratories		9,350		1,191,751
Alcon, Inc.		2,625		199,726
Ambu A/S, Class B(b)		475		9,965
Ansell Ltd.(b)		1,350		25,453
Baxter International, Inc.		1,175		100,392
Becton Dickinson and Co.		1,050		266,847
BioMerieux		225		26,244
Boston Scientific Corp.*		6,550		280,995
Carl Zeiss Meditec AG		150		23,802
Cochlear Ltd.		375		50,873
Coloplast A/S, Class B		575		83,028
ConvaTec Group plc(c)		3,650		8,594
Demant A/S*		250		10,961
DiaSorin SpA		150		23,020
Edwards Lifesciences Corp.*		2,275		248,430
Elekta AB, Class B(b)		675		6,854
Fisher & Paykel Healthcare Corp. Ltd.		2,750		50,118
Getinge AB, Class B		950		36,803
GN Store Nord A/S		350		20,966
Hologic, Inc.*		1,425		100,092
Hoya Corp.		3,200		409,772
Insulet Corp.*(b)		375		93,000
Koninklijke Philips NV		4,175		137,527
Sartorius AG (Preference)		75		40,028
Smith & Nephew plc		4,150		69,793
Sonova Holding AG (Registered)		325		114,145
Straumann Holding AG (Registered)		75		122,080
Sysmex Corp.		900		84,591
Zimmer Biomet Holdings, Inc.		600		73,812
				3,909,662

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Health Care Providers & Services - 1.2%
Anthem, Inc.		1,300		573,287
Fresenius Medical Care AG & Co. KGaA		675		45,446
Fresenius SE & Co. KGaA		2,700		110,656
Humana, Inc.		325		127,563
Ramsay Health Care Ltd.		750		33,179
Sonic Healthcare Ltd.		3,475		92,815
UnitedHealth Group, Inc.		2,450		1,157,797
				2,140,743
Health Care Technology - 0.1%
M3, Inc.		3,400		128,328
Veeva Systems, Inc., Class A*		350		82,789
				211,117
Hotels, Restaurants & Leisure - 0.8%
Aristocrat Leisure Ltd.		5,075		144,275
Crown Resorts Ltd.*		1,800		15,332
Domino’s Pizza Enterprises Ltd.(b)		425		30,962
Domino’s Pizza, Inc.		250		113,663
Entain plc*		3,550		75,777
Genting Singapore Ltd.		20,000		10,872
Greggs plc		725		25,952
InterContinental Hotels Group plc*		1,375		89,674
Kindred Group plc, SDR		1,000		11,469
Marriott International, Inc., Class A*		2,075		334,324
Oriental Land Co. Ltd.(b)		1,100		189,785
Restaurant Brands International, Inc.		400		22,362
Sodexo SA		475		43,684
Star Entertainment Grp Ltd. (The)*		17,650		42,404
TUI AG, DI*		9,484		32,103
Whitbread plc*		1,050		42,572
Yum! Brands, Inc.		1,125		140,816
				1,366,026
Household Durables - 0.9%
Barratt Developments plc		3,350		27,489
Berkeley Group Holdings plc		775		43,651
Breville Group Ltd.(b)		175		3,514
Electrolux AB, Class B		750		15,379
Man Wah Holdings Ltd.(b)		10,000		15,364
Nikon Corp.		2,500		25,732
Open House Group Co. Ltd.(b)		200		10,224
Panasonic Corp.		10,000		108,700
Persimmon plc		2,000		64,238
SEB SA		175		26,307
Sekisui House Ltd.(b)		5,000		100,434
Sony Group Corp.		10,000		1,103,927
Taylor Wimpey plc		31,175		63,074
				1,608,033
Household Products - 2.0%
Clorox Co. (The)		300		50,358
Colgate-Palmolive Co.		2,675		220,554
Essity AB, Class B		3,775		105,920
Henkel AG & Co. KGaA (Preference)		950		77,166
Procter & Gamble Co. (The)		16,250		2,607,313
Reckitt Benckiser Group plc		5,125		413,314

Investments	Shares		Value ($)
Unicharm Corp.		2,500		96,051
				3,570,676
Independent Power and Renewable Electricity Producers - 0.0%(a)
EDP Renovaveis SA		325		6,784
Meridian Energy Ltd.		8,000		22,907
				29,691
Industrial Conglomerates - 1.2%
3M Co.		2,100		348,642
CK Hutchison Holdings Ltd.(b)		12,500		88,489
General Electric Co.		9,075		857,406
Hitachi Ltd.		5,100		262,868
Keppel Corp. Ltd.		2,500		10,446
Lifco AB, Class B		500		11,549
Roper Technologies, Inc.		400		174,864
Siemens AG (Registered)		2,600		407,694
Smiths Group plc		1,625		33,804
				2,195,762
Insurance - 2.4%
Aegon NV		3,875		21,698
Aflac, Inc.		2,650		166,473
Allianz SE (Registered)		800		203,887
ASR Nederland NV		1,425		65,798
Assicurazioni Generali SpA(b)		6,550		136,425
Aviva plc		26,082		151,939
AXA SA		10,500		329,044
CNP Assurances		450		10,997
Dai-ichi Life Holdings, Inc.		5,000		111,586
Gjensidige Forsikring ASA		525		12,754
Hannover Rueck SE		325		64,850
Hartford Financial Services Group, Inc. (The)		775		55,699
Insurance Australia Group Ltd.(b)		24,570		73,398
Japan Post Holdings Co. Ltd.*		17,700		150,325
Legal & General Group plc		32,535		125,452
Medibank Pvt Ltd.		12,876		28,032
MetLife, Inc.		2,525		169,326
MS&AD Insurance Group Holdings, Inc.		2,500		85,181
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		575		179,869
Poste Italiane SpA(c)		3,679		48,892
Power Corp. of Canada		3,025		97,186
Powszechny Zaklad Ubezpieczen SA		1,625		14,369
Principal Financial Group, Inc.(b)		1,125		82,193
Progressive Corp. (The)		3,300		358,578
Prudential plc		15,950		264,389
QBE Insurance Group Ltd.		13,258		103,964
Sampo OYJ, Class A		2,575		126,576
Storebrand ASA		720		7,618
Sun Life Financial, Inc.		2,250		127,361
Suncorp Group Ltd.		3,450		26,835
Swiss Life Holding AG (Registered)		150		95,376
Swiss Re AG		1,300		140,046
Travelers Cos., Inc. (The)		525		87,245
Tryg A/S		1,275		30,053
Zurich Insurance Group AG		1,075		508,837
				4,262,251

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Interactive Media & Services - 5.7%
Adevinta ASA*		775		8,049
Alphabet, Inc., Class C*		2,525		6,852,774
Meta Platforms, Inc., Class A*		9,500		2,975,970
Pinterest, Inc., Class A*		2,225		65,771
Rightmove plc		1,725		15,039
Snap, Inc., Class A*		6,650		216,391
Z Holdings Corp.		15,800		79,134
				10,213,128
Internet & Direct Marketing Retail - 4.8%
Amazon.com, Inc.*		2,650		7,927,396
Delivery Hero SE*(c)		700		53,297
eBay, Inc.		2,475		148,673
Etsy, Inc.*(b)		775		121,737
Farfetch Ltd., Class A*		2,550		55,360
Just Eat Takeaway.com NV*(c)		750		36,543
Rakuten Group, Inc.(b)		7,500		64,504
Zalando SE*(c)		1,292		101,354
Zalando SE*(c)(d)		233		18,279
				8,527,143
IT Services - 3.0%
Accenture plc, Class A		5,200		1,838,616
Akamai Technologies, Inc.*		625		71,594
Alten SA		125		20,080
Amadeus IT Group SA*		2,350		159,484
Atos SE(b)		750		26,568
Automatic Data Processing, Inc.		1,075		221,633
Capgemini SE		875		193,674
Cognizant Technology Solutions Corp., Class A		2,075		177,246
Computershare Ltd.		2,325		31,926
Edenred		1,375		58,418
EPAM Systems, Inc.*		200		95,228
Fujitsu Ltd.		1,900		247,672
Gartner, Inc.*		300		88,167
International Business Machines Corp.		5,775		771,367
Mastercard, Inc., Class A		2,200		850,036
Nexi SpA*(c)		2,200		31,839
NEXTDC Ltd.*(b)		1,850		13,907
Nomura Research Institute Ltd.		3,500		120,286
NTT Data Corp.(b)		5,000		94,858
Softcat plc		850		18,725
Sopra Steria Group SACA		75		13,040
Twilio, Inc., Class A*		875		180,355
Worldline SA*(c)		1,325		63,401
				5,388,120
Leisure Products - 0.1%
Games Workshop Group plc		75		7,990
Hasbro, Inc.		475		43,928
Sega Sammy Holdings, Inc.		2,500		41,571
Thule Group AB(c)		450		21,482
Yamaha Corp.		900		40,538
				155,509
Life Sciences Tools & Services - 0.8%
AddLife AB, Class B		275		7,854

Investments	Shares		Value ($)
Agilent Technologies, Inc.		800		111,456
Bachem Holding AG (Registered), Class B		25		14,688
Bio-Rad Laboratories, Inc., Class A*		75		44,980
Charles River Laboratories International, Inc.*		100		32,976
Danaher Corp.		1,875		535,856
Eurofins Scientific SE(b)		650		64,682
Lonza Group AG (Registered)		375		255,115
Mettler-Toledo International, Inc.*		150		220,902
Sartorius Stedim Biotech		150		65,091
Siegfried Holding AG (Registered)*		25		20,018
Tecan Group AG (Registered)		25		12,024
West Pharmaceutical Services, Inc.		150		58,983
				1,444,625
Machinery - 1.8%
Aalberts NV		600		36,280
Alfa Laval AB		2,025		67,579
Alstom SA(b)		1,575		50,584
Atlas Copco AB, Class A		3,225		187,680
Caterpillar, Inc.		3,500		705,460
CNH Industrial NV		6,350		94,923
Cummins, Inc.		500		110,440
Daifuku Co. Ltd.		800		54,919
Deere & Co.		925		348,170
Ebara Corp.		300		14,476
Epiroc AB, Class A		4,150		87,587
FANUC Corp.		900		175,431
Fortive Corp.		650		45,851
GEA Group AG		1,000		46,802
Georg Fischer AG (Registered)		25		36,035
IMI plc		2,200		48,672
KION Group AG		375		34,168
Kone OYJ, Class B		2,450		157,152
Kubota Corp.(b)		7,500		159,080
Kurita Water Industries Ltd.		100		4,027
Metso Outotec OYJ		6,675		70,442
MINEBEA MITSUMI, Inc.		2,500		60,295
Mitsubishi Heavy Industries Ltd.		2,500		67,238
Otis Worldwide Corp.		850		72,615
Rotork plc		6,190		28,070
Schindler Holding AG		275		67,964
Spirax-Sarco Engineering plc		500		88,918
Trelleborg AB, Class B		2,550		63,408
Valmet OYJ		475		17,907
Volvo AB, Class B		6,325		141,115
Wartsila OYJ Abp		4,203		51,167
Weir Group plc (The)		1,625		37,695
				3,232,150
Marine - 0.2%
AP Moller - Maersk A/S, Class B		25		89,155
Kawasaki Kisen Kaisha Ltd.*(b)		100		6,145
Kuehne + Nagel International AG (Registered)		175		48,926
Mitsui OSK Lines Ltd.(b)		500		38,186
Nippon Yusen KK		1,500		115,860
				298,272

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Media - 0.3%
Informa plc*(b)		13,554		100,925
Interpublic Group of Cos., Inc. (The)		1,825		64,861
Nordic Entertainment Group AB, Class B*		200		7,667
Omnicom Group, Inc.		1,825		137,532
Pearson plc		8,019		66,188
ProSiebenSat.1 Media SE		400		6,181
Publicis Groupe SA		1,150		76,962
Schibsted ASA, Class A		250		7,332
SES SA, Receipts		3,000		22,942
Vivendi SE		4,250		55,265
WPP plc		4,850		74,928
				620,783
Metals & Mining - 1.1%
Allkem Ltd.*		1,525		9,713
Alumina Ltd.(b)		8,225		10,923
Antofagasta plc		1,675		29,945
ArcelorMittal SA		3,225		94,701
BHP Group Ltd.(b)		6,075		198,385
BHP Group plc(d)		5,175		165,418
BlueScope Steel Ltd.		3,700		47,653
Evraz plc		1,460		9,780
Fortescue Metals Group Ltd.		9,225		129,145
Glencore plc*		39,925		205,155
IGO Ltd.		2,675		22,145
Mitsubishi Materials Corp.		2,500		44,109
Newmont Corp.		4,375		267,583
Norsk Hydro ASA		8,075		61,568
Northern Star Resources Ltd.		5,825		34,022
Rio Tinto Ltd.		1,800		141,479
Rio Tinto plc		6,550		455,648
South32 Ltd.		38,325		103,957
thyssenkrupp AG*		1,075		10,855
voestalpine AG		450		14,841
				2,057,025
Multiline Retail - 0.1%
Isetan Mitsukoshi Holdings Ltd.		2,500		19,505
J Front Retailing Co. Ltd.		2,500		22,261
Marks & Spencer Group plc*		8,200		23,961
Marui Group Co. Ltd.(b)		2,500		47,841
Next plc		750		75,448
Pan Pacific International Holdings Corp.		2,500		33,478
				222,494
Multi-Utilities - 0.6%
A2A SpA		16,060		30,236
AGL Energy Ltd.		5,000		25,012
Centrica plc*		63,575		61,686
CMS Energy Corp.		950		61,161
E.ON SE		4,730		64,794
Engie SA		8,225		124,971
National Grid plc		24,220		350,813
Sempra Energy		1,250		172,700
Suez SA(d)		875		19,451

Investments	Shares		Value ($)
Veolia Environnement SA		3,525		126,172
				1,036,996
Oil, Gas & Consumable Fuels - 3.8%
Aker BP ASA		1,700		58,459
Ampol Ltd.		1,050		21,994
BP plc		91,300		468,902
Canadian Natural Resources Ltd.		4,850		246,581
Chevron Corp.		12,600		1,654,758
ConocoPhillips		3,200		283,584
ENEOS Holdings, Inc.		19,000		75,077
Eni SpA		14,900		222,282
Equinor ASA		6,000		165,443
Exxon Mobil Corp.		11,226		852,727
Lundin Energy AB		325		13,071
Neste OYJ		2,700		120,372
OMV AG(b)		775		46,879
Phillips 66		2,825		239,532
Polski Koncern Naftowy ORLEN SA		1,400		24,279
Repsol SA		9,375		118,146
Santos Ltd.(b)		12,375		62,252
Shell plc		54,000		1,366,252
Suncor Energy, Inc.		6,200		177,059
TotalEnergies SE		9,500		534,818
Woodside Petroleum Ltd.(b)		1,700		30,027
				6,782,494
Paper & Forest Products - 0.1%
Holmen AB, Class B		150		7,206
Stora Enso OYJ, Class R		3,950		79,349
Svenska Cellulosa AB SCA, Class B		1,750		30,175
UPM-Kymmene OYJ		400		14,416
				131,146
Personal Products - 0.7%
Beiersdorf AG		400		39,495
Kao Corp.		2,500		124,366
L’Oreal SA		1,375		580,867
Shiseido Co. Ltd.		2,500		125,016
Unilever plc		5,649		287,370
Unilever plc		3,476		176,633
				1,333,747
Pharmaceuticals - 7.7%
ALK-Abello A/S*		25		10,494
Astellas Pharma, Inc.		7,500		120,449
AstraZeneca plc		10,850		1,254,368
Bayer AG (Registered)		3,075		185,591
Bristol-Myers Squibb Co.		11,525		747,857
Eli Lilly & Co.		3,325		815,922
GlaxoSmithKline plc		13,350		294,278
Hikma Pharmaceuticals plc		975		27,183
Ipsen SA		400		38,697
Johnson & Johnson		21,125		3,639,626
Kyowa Kirin Co. Ltd.		500		12,389
Merck & Co., Inc.		16,725		1,362,753
Merck KGaA		725		157,587
Nippon Shinyaku Co. Ltd.		100		6,483
Novartis AG (Registered)		8,075		694,968
Novo Nordisk A/S, Class B		6,925		684,539

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Otsuka Holdings Co. Ltd.		2,500		85,008
Pfizer, Inc.		22,950		1,209,235
Roche Holding AG		3,300		1,264,991
Sanofi		6,200		644,631
Shionogi & Co. Ltd.		3,200		178,489
UCB SA		750		74,003
Vifor Pharma AG		250		43,956
Zoetis, Inc.		1,200		239,748
				13,793,245
Professional Services - 0.9%
Adecco Group AG (Registered)		1,175		55,301
AFRY AB, Class B		625		13,901
ALS Ltd.		1,675		13,843
Booz Allen Hamilton Holding Corp.		575		44,120
Bureau Veritas SA		2,075		58,826
Hays plc		9,925		19,161
Intertek Group plc		1,050		75,283
Randstad NV		425		27,423
Recruit Holdings Co. Ltd.		10,000		485,572
RELX plc		14,250		433,990
SGS SA (Registered)		25		70,485
Teleperformance		400		149,497
Wolters Kluwer NV		1,100		111,275
				1,558,677
Real Estate Management & Development - 0.2%
Aroundtown SA		5,833		35,676
Capitaland Investment Ltd.*		4,600		11,737
Castellum AB(b)		1,950		45,543
CK Asset Holdings Ltd.		12,500		83,119
Kojamo OYJ		475		10,820
Lendlease Corp. Ltd.(b)		2,875		20,114
Mitsubishi Estate Co. Ltd.		7,500		107,854
Swiss Prime Site AG (Registered)		75		7,351
Vonovia SE		1,425		80,478
Wihlborgs Fastigheter AB		1,175		24,081
				426,773
Road & Rail - 0.5%
Aurizon Holdings Ltd.		8,700		21,576
Canadian National Railway Co.		4,500		548,188
JB Hunt Transport Services, Inc.		200		38,508
Keikyu Corp.(b)		2,500		25,428
Lyft, Inc., Class A*		1,175		45,261
MTR Corp. Ltd.		12,500		67,489
Nankai Electric Railway Co. Ltd.		2,500		49,230
Tokyu Corp.		2,500		32,957
				828,637
Semiconductors & Semiconductor Equipment - 6.3%
Advanced Micro Devices, Inc.*		4,775		545,544
Advantest Corp.		1,100		91,360
ams-OSRAM AG*(b)		1,450		23,921
Analog Devices, Inc.		2,000		327,940
Applied Materials, Inc.		3,825		528,539
ASM International NV		275		93,099
ASM Pacific Technology Ltd.		2,500		24,816
ASML Holding NV		2,600		1,731,855
Broadcom, Inc.		1,625		952,055
Infineon Technologies AG		7,398		301,332

Investments	Shares		Value ($)
Intel Corp.		31,550		1,540,271
Lam Research Corp.		375		221,220
Microchip Technology, Inc.		1,400		108,472
Micron Technology, Inc.		6,000		493,620
Nordic Semiconductor ASA*		900		26,245
NVIDIA Corp.		6,600		1,616,076
ON Semiconductor Corp.*		1,125		66,375
QUALCOMM, Inc.		4,450		782,132
Renesas Electronics Corp.*		12,500		140,812
Rohm Co. Ltd.		400		33,048
STMicroelectronics NV		3,925		181,497
SUMCO Corp.		2,500		45,064
Texas Instruments, Inc.		7,525		1,350,662
Xilinx, Inc.		600		116,130
				11,342,085
Software - 8.1%
Adobe, Inc.*		2,500		1,335,750
Altium Ltd.		675		16,978
Autodesk, Inc.*		1,350		337,216
Ceridian HCM Holding, Inc.*(b)		550		41,701
Coupa Software, Inc.*(b)		200		26,854
Crowdstrike Holdings, Inc., Class A*(b)		525		94,836
Dassault Systemes SE		3,800		180,829
DocuSign, Inc.*		775		97,472
Fortinet, Inc.*		500		148,620
HubSpot, Inc.*		175		85,540
Intuit, Inc.		1,100		610,753
Microsoft Corp.		27,700		8,614,146
NortonLifeLock, Inc.		2,225		57,872
Open Text Corp.		1,300		62,189
Oracle Corp.		10,700		868,412
RingCentral, Inc., Class A*		200		35,298
Sage Group plc (The)		5,425		52,463
salesforce.com, Inc.*		3,875		901,441
SAP SE		5,800		717,799
SimCorp A/S		475		43,870
Synopsys, Inc.*		600		186,300
WiseTech Global Ltd.		1,000		31,916
				14,548,255
Specialty Retail - 2.4%
Best Buy Co., Inc.		1,175		116,654
Burlington Stores, Inc.*(b)		475		112,542
Dufry AG (Registered)*		400		20,364
H & M Hennes & Mauritz AB, Class B(b)		4,650		91,335
Home Depot, Inc. (The)		6,925		2,541,337
Industria de Diseno Textil SA		3,175		95,172
Kingfisher plc		14,225		63,190
Lowe’s Cos., Inc.		2,800		664,580
Nitori Holdings Co. Ltd.(b)		300		42,699
TJX Cos., Inc. (The)		6,275		451,612
USS Co. Ltd.		2,500		40,486
Watches of Switzerland Group plc*(e)		725		12,373
Yamada Holdings Co. Ltd.		7,500		25,190
				4,277,534

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Technology Hardware, Storage & Peripherals - 5.7%
Apple, Inc.		52,950		9,254,601
Brother Industries Ltd.		2,500		45,606
Canon, Inc.(b)		5,000		117,531
Dell Technologies, Inc., Class C*		900		51,129
Hewlett Packard Enterprise Co.		6,150		100,430
HP, Inc.		7,725		283,739
Konica Minolta, Inc.(b)		2,500		10,458
Logitech International SA (Registered)		550		45,345
NetApp, Inc.(b)		1,075		92,998
Ricoh Co. Ltd.		2,500		20,937
Seiko Epson Corp.		2,500		38,490
Western Digital Corp.*		2,700		139,698
				10,200,962
Textiles, Apparel & Luxury Goods - 1.6%
adidas AG		975		264,773
Asics Corp.		2,500		47,906
Burberry Group plc		2,925		73,287
EssilorLuxottica SA - IM		282		52,407
EssilorLuxottica SA - MO(b)		1,393		260,498
Hermes International		100		147,804
Kering SA		400		294,285
Lululemon Athletica, Inc.*(b)		700		233,632
LVMH Moet Hennessy Louis Vuitton SE		1,425		1,154,299
Moncler SpA		1,200		75,789
Pandora A/S		600		64,544
Puma SE		75		7,920
Shenzhou International Group Holdings Ltd.		2,500		45,880
Swatch Group AG (The)		200		57,634
				2,780,658
Tobacco - 0.1%
Imperial Brands plc		3,675		86,359
Japan Tobacco, Inc.		5,000		99,544
				185,903
Trading Companies & Distributors - 0.5%
Beijer Ref AB		550		9,504
Brenntag SE		650		55,130
Bunzl plc		3,325		123,435
Electrocomponents plc		1,575		23,477
Ferguson plc		600		93,379
IMCD NV		200		34,123
Mitsui & Co. Ltd.		10,000		247,646
Rexel SA		2,300		50,612
Sojitz Corp.(b)		3,999		62,054
Sumitomo Corp.		10,000		153,699
Toyota Tsusho Corp.		1,800		72,016
				925,075
Transportation Infrastructure - 0.2%
Aena SME SA*(c)		325		52,153
Aeroports de Paris*		50		6,706
Atlantia SpA*		3,025		55,664
Auckland International Airport Ltd.*		7,756		36,573
Flughafen Zurich AG (Registered)*(b)		100		18,281

Investments	Shares		Value ($)
Getlink SE		2,949		46,116
Transurban Group		15,528		136,206
				351,699
Water Utilities - 0.1%
American Water Works Co., Inc.		900		144,720
Pennon Group plc		100		1,453
Severn Trent plc		1,975		76,127
United Utilities Group plc		2,775		39,744
				262,044
Wireless Telecommunication Services - 0.3%
Millicom International Cellular SA, SDR*(b)		575		15,265
SoftBank Corp.		15,000		186,678
Vodafone Group plc		187,850		327,688
				529,631
TOTAL COMMON STOCKS (Cost $137,395,770)				178,606,173
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(f) - 0.2%
REPURCHASE AGREEMENTS - 0.2%
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $331,222, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.00%, maturing 2/15/2026 - 5/15/2040; total market value $336,007 (Cost $331,222)		331,222		331,222
Total Investments - 99.7% (Cost $137,726,992)				178,937,395
Other assets less liabilities - 0.3%				578,273
Net Assets - 100.0%				179,515,668

* Non-income producing security.

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

(b) The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $4,231,760, collateralized in the form of cash with a value of $331,222 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $2,823,089 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from February 15, 2022 – November 15, 2051 and $1,284,513 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 8.50%, and maturity dates ranging from February 25, 2022 – September 20, 2117; a total value of $4,438,824.

See Accompanying Notes to the Schedules of Investments.

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

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

(d) Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $207,271, which represents approximately 0.12% of net assets of the Fund.

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

(f) The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $331,222.

Percentages shown are based on Net Assets.

Abbreviations

CVA	Dutch Certification
DI	Depositary Interest
OYJ	Public Limited Company Preference A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
SCA	Limited partnership with share capital
SDR	Swedish Depositary Receipt

See Accompanying Notes to the Schedules of Investments.

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

Futures Contracts

FlexShares^® STOXX^® Global ESG Select Index Fund had the following open futures contracts as of January 31, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Long Contracts
MSCI EAFE E-Mini Index		2		03/18/2022		USD	$	223,530	$	1,185
S&P 500 E-Mini Index		3		03/18/2022		USD		675,638		(24,212	)
									$	(23,027	)

Forward Foreign Currency Contracts

FlexShares^® STOXX^® Global ESG Select Index Fund had the following outstanding contracts as of January 31, 2022:

Contracts to Receive		Counterparty	In Exchange For			Maturity Date		Unrealized Appreciation/ (Depreciation)
GBP	147,000	Toronto-Dominion Bank (The)		USD	194,989		03/16/2022	$	2,183
USD	351,630	Goldman Sachs & Co.		AUD	490,000		03/16/2022		6,336
USD	217,194	JPMorgan Chase Bank		CHF	200,000		03/16/2022		2,138
USD	565,879	JPMorgan Chase Bank		EUR	500,000		03/16/2022		4,871
USD	24,528	Morgan Stanley		GBP	18,000		03/16/2022		385
USD	63,046	Morgan Stanley		JPY	7,200,000		03/16/2022		535
USD	381,380	Toronto-Dominion Bank (The)		JPY	43,300,000		03/16/2022		5,446
USD	115,865	Goldman Sachs & Co.		SEK	1,050,000		03/16/2022		3,328
Total unrealized appreciation								$	25,222
AUD	300,000	Toronto-Dominion Bank (The)		USD	214,625		03/16/2022	$	(3,220	)
CHF	94,000	Toronto-Dominion Bank (The)		USD	102,190		03/16/2022		(1,113	)
EUR	446,000	Toronto-Dominion Bank (The)		USD	503,950		03/16/2022		(3,531	)
JPY	60,500,000	Toronto-Dominion Bank (The)		USD	532,975		03/16/2022		(7,709	)
SEK	1,368,000	Toronto-Dominion Bank (The)		USD	150,649		03/16/2022		(4,030	)
USD	92,551	Citibank NA		GBP	70,000		03/16/2022		(1,341	)
USD	66,161	JPMorgan Chase Bank		GBP	50,000		03/16/2022		(904	)
Total unrealized depreciation								$	(21,848	)
Net unrealized appreciation								$	3,374

Abbreviations:

AUD — Australian Dollar

CHF — Swiss Franc

EUR — Euro

GBP — British Pound

JPY — Japanese Yen

SEK — Swedish Krona

USD — US Dollar

See Accompanying Notes to the Schedules of Investments.

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

FlexShares^® STOXX^® Global ESG Select Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2022:

Australia	2.6	%
Austria	0.1
Belgium	0.4
Canada	2.0
Colombia	0.0	†
Denmark	1.1
Finland	0.5
France	4.9
Germany	2.7
Hong Kong	0.5
Ireland	0.2
Italy	1.3
Japan	7.4
Luxembourg	0.1
Netherlands	1.8
New Zealand	0.1
Norway	0.4
Poland	0.0	†
Portugal	0.1
Singapore	0.3
Spain	0.8
Sweden	1.1
Switzerland	4.4
United Kingdom	6.8
United States	59.9
Other1	0.5
	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		99.5	%
Securities Lending Reinvestments		0.2
Others(1)		0.3
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

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

January 31, 2022 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 99.0%
Air Freight & Logistics - 0.2%
United Parcel Service, Inc., Class B		20		4,044
Automobiles - 2.3%
Ford Motor Co.		86		1,746
General Motors Co.*		20		1,054
Tesla, Inc.*		62		58,077
				60,877
Banks - 4.3%
Bank of America Corp.		956		44,110
Citigroup, Inc.		356		23,183
Fifth Third Bancorp		58		2,588
JPMorgan Chase & Co.		246		36,556
KeyCorp		82		2,055
PNC Financial Services Group, Inc. (The)		12		2,472
				110,964
Beverages - 1.6%
Coca-Cola Co. (The)		72		4,393
PepsiCo, Inc.		214		37,133
				41,526
Biotechnology - 2.1%
AbbVie, Inc.		106		14,510
Amgen, Inc.		116		26,348
Biogen, Inc.*		38		8,588
Regeneron Pharmaceuticals, Inc.*		4		2,435
Vertex Pharmaceuticals, Inc.*		12		2,917
				54,798
Building Products - 1.1%
Johnson Controls International plc		224		16,278
Trane Technologies plc		72		12,463
				28,741
Capital Markets - 3.7%
Bank of New York Mellon Corp. (The)		20		1,185
BlackRock, Inc.		2		1,646
Goldman Sachs Group, Inc. (The)		36		12,769
Moody’s Corp.		52		17,836
Morgan Stanley		234		23,994
MSCI, Inc.		10		5,361
S&P Global, Inc.		58		24,083
State Street Corp.		106		10,017
				96,891
Chemicals - 1.5%
Ecolab, Inc.		34		6,441
International Flavors & Fragrances, Inc.		80		10,554
Linde plc		4		1,275
PPG Industries, Inc.		72		11,246
Sherwin-Williams Co. (The)		34		9,741
				39,257

Investments	Shares		Value ($)
Commercial Services & Supplies - 0.8%
Waste Management, Inc.		138		20,761
Communications Equipment - 1.4%
Arista Networks, Inc.*		72		8,950
Cisco Systems, Inc.		408		22,713
Motorola Solutions, Inc.		22		5,103
				36,766
Consumer Finance - 0.1%
American Express Co.		16		2,877
Containers & Packaging - 0.1%
Packaging Corp. of America		14		2,109
Diversified Financial Services - 0.7%
Berkshire Hathaway, Inc., Class B*		44		13,773
Equitable Holdings, Inc.		118		3,969
				17,742
Diversified Telecommunication Services - 1.2%
AT&T, Inc.		762		19,431
Verizon Communications, Inc.		234		12,456
				31,887
Electric Utilities - 1.2%
Eversource Energy		106		9,486
Exelon Corp.		298		17,269
NextEra Energy, Inc.		46		3,594
				30,349
Electrical Equipment - 0.3%
Plug Power, Inc.*		174		3,805
Rockwell Automation, Inc.		14		4,049
				7,854
Electronic Equipment, Instruments & Components - 0.3%
TE Connectivity Ltd.		46		6,629
Energy Equipment & Services - 0.7%
Baker Hughes Co.		192		5,268
Halliburton Co.		178		5,472
Schlumberger NV		214		8,361
				19,101
Entertainment - 1.3%
Electronic Arts, Inc.		32		4,245
Spotify Technology SA*		26		5,103
Walt Disney Co. (The)*		172		24,591
				33,939
Equity Real Estate Investment Trusts (REITs) - 2.9%
Boston Properties, Inc.		46		5,156
Equinix, Inc.		28		20,297
Healthpeak Properties, Inc.		144		5,093
Prologis, Inc.		194		30,423
Ventas, Inc.		122		6,468
Weyerhaeuser Co.		190		7,682
				75,119
Food & Staples Retailing - 0.7%
Kroger Co. (The)		70		3,051

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Walgreens Boots Alliance, Inc.		232		11,545
Walmart, Inc.		30		4,194
				18,790
Food Products - 0.6%
General Mills, Inc.		54		3,709
Kellogg Co.		78		4,914
Mondelez International, Inc., Class A		108		7,239
				15,862
Gas Utilities - 0.2%
Atmos Energy Corp.		38		4,074
Health Care Equipment & Supplies - 2.5%
Abbott Laboratories		152		19,374
Baxter International, Inc.		66		5,639
Boston Scientific Corp.*		182		7,808
Edwards Lifesciences Corp.*		88		9,610
Insulet Corp.*		6		1,488
Medtronic plc		194		20,077
ResMed, Inc.		6		1,371
				65,367
Health Care Providers & Services - 3.3%
AmerisourceBergen Corp.		6		817
Anthem, Inc.		62		27,341
Cigna Corp.		104		23,968
CVS Health Corp.		68		7,243
Humana, Inc.		28		10,990
UnitedHealth Group, Inc.		34		16,068
				86,427
Health Care Technology - 0.1%
Veeva Systems, Inc., Class A*		16		3,785
Hotels, Restaurants & Leisure - 1.8%
Caesars Entertainment, Inc.*		30		2,284
Hilton Worldwide Holdings, Inc.*		10		1,451
Las Vegas Sands Corp.*		112		4,905
McDonald’s Corp.		108		28,021
Starbucks Corp.		90		8,849
				45,510
Household Durables - 0.2%
Whirlpool Corp.		20		4,204
Household Products - 2.0%
Church & Dwight Co., Inc.		22		2,258
Clorox Co. (The)		26		4,364
Colgate-Palmolive Co.		170		14,017
Kimberly-Clark Corp.		52		7,158
Procter & Gamble Co. (The)		156		25,030
				52,827
Industrial Conglomerates - 0.3%
3M Co.		46		7,637
Insurance - 2.6%
American International Group, Inc.		76		4,389
Chubb Ltd.		64		12,464
Hartford Financial Services Group, Inc. (The)		106		7,618

Investments	Shares		Value ($)
Marsh & McLennan Cos., Inc.		96		14,749
MetLife, Inc.		228		15,290
Prudential Financial, Inc.		82		9,149
Travelers Cos., Inc. (The)		16		2,659
				66,318
Interactive Media & Services - 6.8%
Alphabet, Inc., Class A*		24		64,946
Alphabet, Inc., Class C*		24		65,135
Meta Platforms, Inc., Class A*		148		46,362
Snap, Inc., Class A*		16		521
				176,964
Internet & Direct Marketing Retail - 4.0%
Amazon.com, Inc.*		28		83,761
eBay, Inc.		218		13,096
Etsy, Inc.*		38		5,969
MercadoLibre, Inc.*		1		1,132
				103,958
IT Services - 4.4%
Accenture plc, Class A		14		4,950
Akamai Technologies, Inc.*		42		4,811
Automatic Data Processing, Inc.		100		20,617
Cloudflare, Inc., Class A*		24		2,314
International Business Machines Corp.		136		18,165
Mastercard, Inc., Class A		102		39,411
Okta, Inc.*		22		4,354
Twilio, Inc., Class A*		12		2,473
Visa, Inc., Class A		70		15,832
Wix.com Ltd.*		10		1,314
				114,241
Leisure Products - 0.1%
Hasbro, Inc.		40		3,699
Life Sciences Tools & Services - 1.2%
10X Genomics, Inc., Class A*		4		385
Agilent Technologies, Inc.		28		3,901
Illumina, Inc.*		38		13,255
Mettler-Toledo International, Inc.*		2		2,945
Thermo Fisher Scientific, Inc.		4		2,325
West Pharmaceutical Services, Inc.		20		7,865
				30,676
Machinery - 2.0%
Caterpillar, Inc.		40		8,062
Cummins, Inc.		44		9,719
Deere & Co.		36		13,550
Illinois Tool Works, Inc.		30		7,018
Stanley Black & Decker, Inc.		52		9,082
Xylem, Inc.		52		5,461
				52,892
Media - 0.9%
Comcast Corp., Class A		176		8,798
Interpublic Group of Cos., Inc. (The)		122		4,336
Omnicom Group, Inc.		64		4,823
ViacomCBS, Inc.		128		4,282
				22,239

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Metals & Mining - 0.5%
Freeport-McMoRan, Inc.		136		5,062
Newmont Corp.		108		6,606
				11,668
Multiline Retail - 0.6%
Target Corp.		70		15,430
Multi-Utilities - 0.9%
Consolidated Edison, Inc.		108		9,336
Sempra Energy		98		13,540
				22,876
Oil, Gas & Consumable Fuels - 2.1%
ConocoPhillips		142		12,584
Devon Energy Corp.		44		2,225
Diamondback Energy, Inc.		14		1,766
Exxon Mobil Corp.		44		3,342
Hess Corp.		80		7,383
Marathon Petroleum Corp.		132		9,471
Occidental Petroleum Corp.		148		5,575
Pioneer Natural Resources Co.		32		7,005
Valero Energy Corp.		26		2,157
Williams Cos., Inc. (The)		56		1,677
				53,185
Personal Products - 0.7%
Estee Lauder Cos., Inc. (The), Class A		58		18,084
Pharmaceuticals - 4.2%
Bristol-Myers Squibb Co.		204		13,238
Eli Lilly & Co.		78		19,140
Johnson & Johnson		202		34,803
Merck & Co., Inc.		178		14,503
Pfizer, Inc.		508		26,767
				108,451
Professional Services - 0.8%
Equifax, Inc.		34		8,152
IHS Markit Ltd.		62		7,241
TransUnion		14		1,444
Verisk Analytics, Inc.		24		4,707
				21,544
Road & Rail - 1.8%
CSX Corp.		602		20,600
Norfolk Southern Corp.		66		17,951
Union Pacific Corp.		30		7,337
				45,888
Semiconductors & Semiconductor Equipment - 4.9%
Advanced Micro Devices, Inc.*		54		6,169
Applied Materials, Inc.		78		10,778
Enphase Energy, Inc.*		40		5,619
Intel Corp.		400		19,528
Micron Technology, Inc.		104		8,556
NVIDIA Corp.		212		51,910
NXP Semiconductors NV		8		1,644
QUALCOMM, Inc.		74		13,006
SolarEdge Technologies, Inc.*		16		3,812
Texas Instruments, Inc.		32		5,744
				126,766

Investments	Shares		Value ($)
Software - 10.3%
Adobe, Inc.*		60		32,058
Autodesk, Inc.*		34		8,493
Bill.com Holdings, Inc.*		6		1,129
Cadence Design Systems, Inc.*		6		913
Crowdstrike Holdings, Inc., Class A*		10		1,806
HubSpot, Inc.*		2		978
Intuit, Inc.		6		3,331
Microsoft Corp.		498		154,868
NortonLifeLock, Inc.		24		624
Oracle Corp.		128		10,388
salesforce.com, Inc.*		132		30,707
VMware, Inc., Class A		60		7,709
Workday, Inc., Class A*		52		13,157
Zoom Video Communications, Inc., Class A*		10		1,543
				267,704
Specialty Retail - 1.7%
Best Buy Co., Inc.		16		1,589
Home Depot, Inc. (The)		56		20,551
Lowe’s Cos., Inc.		66		15,665
TJX Cos., Inc. (The)		54		3,886
Tractor Supply Co.		14		3,056
				44,747
Technology Hardware, Storage & Peripherals - 8.0%
Apple, Inc.		1,038		181,422
Dell Technologies, Inc., Class C*		78		4,431
Hewlett Packard Enterprise Co.		74		1,208
HP, Inc.		368		13,517
NetApp, Inc.		64		5,536
Western Digital Corp.*		28		1,449
				207,563
Textiles, Apparel & Luxury Goods - 1.0%
Lululemon Athletica, Inc.*		6		2,002
NIKE, Inc., Class B		126		18,657
VF Corp.		70		4,565
				25,224
TOTAL COMMON STOCKS (COST $2,474,563)				2,566,831
Investments	Principal Amount ($)		Value ($)
SHORT-TERM INVESTMENTS - 0.2%
U.S. TREASURY OBLIGATIONS - 0.2%
U.S. Treasury Bills 0.36%, 6/30/2022(a) (Cost $4,993)		5,000		4,993

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)	Value ($)
Total Investments - 99.2% (Cost $2,479,556)			2,571,824
Other assets less liabilities - 0.8%			21,164
Net Assets - 100.0%			2,592,988

* Non-income producing security.

(a) The rate shown was the current yield as of January 31, 2022.

Percentages shown are based on Net Assets.

Futures Contracts

FlexShares^® ESG & Climate US Large Cap Core Index Fund had the following open futures contract as of January 31, 2022:

	Number of Contracts		Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Depreciation
Long Contracts
Micro E-mini S&P 500 Index		1		03/18/2022	USD	$	22,521	$	(936	)

Abbreviations:

USD — US Dollar

Security Type	% of Net Assets
Common Stocks		99.0	%
Short-Term Investments		0.2
Others(1)		0.8
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

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

January 31, 2022 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 99.7%
Air Freight & Logistics - 0.6%
Deutsche Post AG (Registered)		390		23,167
DSV A/S		20		4,030
				27,197
Airlines - 0.0%(a)
International Consolidated Airlines Group SA*		974		2,039
Auto Components - 1.3%
Bridgestone Corp.		400		17,402
Cie Generale des Etablissements Michelin SCA		114		18,875
Denso Corp.		100		7,372
Magna International, Inc.		40		3,221
Pirelli & C SpA(b)		390		2,725
Sumitomo Electric Industries Ltd.		1,000		13,126
				62,721
Automobiles - 2.5%
Bayerische Motoren Werke AG		78		8,127
Daimler AG		238		18,657
Honda Motor Co. Ltd.		200		5,822
Nissan Motor Co. Ltd.*		1,000		5,271
Porsche Automobil Holding SE (Preference)		152		14,040
Toyota Motor Corp.		3,200		62,362
Volkswagen AG (Preference)		32		6,576
				120,855
Banks - 11.9%
ABN AMRO Bank NV, CVA(b)		360		5,742
Australia & New Zealand Banking Group Ltd.		1,164		21,757
Banco Bilbao Vizcaya Argentaria SA		1,048		6,619
Banco Santander SA		4,500		15,610
Bank of Montreal		196		22,174
Bank of Nova Scotia (The)		596		42,907
Barclays plc		3,346		8,854
BNP Paribas SA		554		39,125
Canadian Imperial Bank of Commerce		58		7,279
Commonwealth Bank of Australia		618		40,815
Credit Agricole SA		358		5,329
DBS Group Holdings Ltd.		200		5,207
HSBC Holdings plc		6,072		42,981
ING Groep NV		1,802		26,386
Intesa Sanpaolo SpA		4,750		13,948
KBC Group NV		76		6,555
Lloyds Banking Group plc		8,288		5,677
Mitsubishi UFJ Financial Group, Inc.		4,400		26,390
Mizuho Financial Group, Inc.		400		5,381
National Australia Bank Ltd.		1,242		23,740
NatWest Group plc		2,312		7,519

Investments	Shares		Value ($)
Nordea Bank Abp		426		5,018
Resona Holdings, Inc.		1,200		5,117
Royal Bank of Canada		618		70,425
Skandinaviska Enskilda Banken AB, Class A		1,120		14,327
Societe Generale SA		460		16,854
Svenska Handelsbanken AB, Class A		458		4,845
Toronto-Dominion Bank (The)		690		55,236
UniCredit SpA		500		7,841
Westpac Banking Corp.		1,494		21,368
				581,026
Beverages - 2.4%
Anheuser-Busch InBev SA/NV		300		18,739
Asahi Group Holdings Ltd.		200		8,102
Carlsberg A/S, Class B		70		11,264
Coca-Cola HBC AG*		166		5,436
Diageo plc		860		42,957
Heineken NV		20		2,130
Kirin Holdings Co. Ltd.		600		9,566
Pernod Ricard SA		62		13,136
Suntory Beverage & Food Ltd.		200		7,654
				118,984
Biotechnology - 0.6%
CSL Ltd.		142		26,047
Grifols SA		242		4,235
Swedish Orphan Biovitrum AB*		54		1,057
				31,339
Building Products - 1.5%
Assa Abloy AB, Class B		610		16,534
Cie de Saint-Gobain		256		17,118
Geberit AG (Registered)		28		18,802
Kingspan Group plc		218		20,801
Nibe Industrier AB, Class B		86		807
				74,062
Capital Markets - 2.8%
Abrdn plc		1,398		4,518
Credit Suisse Group AG (Registered)		558		5,250
Daiwa Securities Group, Inc.		1,400		8,362
Deutsche Bank AG (Registered)*		386		5,302
Deutsche Boerse AG		36		6,344
EQT AB		142		5,471
Hong Kong Exchanges & Clearing Ltd.		300		16,867
IGM Financial, Inc.		134		4,705
London Stock Exchange Group plc		100		9,687
Macquarie Group Ltd.		132		17,077
Nomura Holdings, Inc.		2,200		9,640
St James’s Place plc		560		11,405
UBS Group AG (Registered)		1,586		29,129
				133,757
Chemicals - 3.5%
Akzo Nobel NV		20		2,053
Arkema SA		54		7,897
Chr Hansen Holding A/S		204		16,271

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Clariant AG (Registered)*		280		5,861
Covestro AG(b)		106		6,281
Croda International plc		142		15,188
Givaudan SA (Registered)		4		16,403
Koninklijke DSM NV		162		30,155
Mitsui Chemicals, Inc.		200		5,277
Novozymes A/S, Class B		122		8,325
Nutrien Ltd.		168		11,728
Shin-Etsu Chemical Co. Ltd.		100		16,524
Sika AG (Registered)		46		15,864
Sumitomo Chemical Co. Ltd.		1,600		7,970
Umicore SA		36		1,349
Wacker Chemie AG		20		2,873
				170,019
Commercial Services & Supplies - 0.3%
Brambles Ltd.		1,026		6,990
Dai Nippon Printing Co. Ltd.		300		7,152
				14,142
Communications Equipment - 0.4%
Nokia OYJ*		1,940		11,411
Telefonaktiebolaget LM Ericsson, Class B		840		10,331
				21,742
Construction & Engineering - 0.2%
Vinci SA		18		1,950
WSP Global, Inc.		56		7,464
				9,414
Diversified Financial Services - 0.2%
M&G plc		2,598		7,515
ORIX Corp.		200		4,089
				11,604
Diversified Telecommunication Services - 2.1%
BT Group plc		1,786		4,686
Deutsche Telekom AG (Registered)		1,662		31,062
Koninklijke KPN NV		1,686		5,532
Nippon Telegraph & Telephone Corp.		300		8,506
Singapore Telecommunications Ltd.		3,600		6,470
Swisscom AG (Registered)		34		19,289
Telecom Italia SpA		6,782		3,164
Telefonica Deutschland Holding AG		1,058		3,012
Telefonica SA		1,395		6,456
Telia Co. AB		596		2,338
TELUS Corp.		580		13,640
				104,155
Electric Utilities - 2.0%
Acciona SA		12		2,075
Electricite de France SA		170		1,619
Enel SpA		1,772		13,470
Hydro One Ltd.(b)		84		2,169
Iberdrola SA		2,592		29,521
Iberdrola SA*(c)		43		490
Orsted A/S(b)		120		12,638
Red Electrica Corp. SA		558		11,203
Terna - Rete Elettrica Nazionale		1,866		14,538
Verbund AG		86		9,043
				96,766

Investments	Shares		Value ($)
Electrical Equipment - 2.3%
ABB Ltd. (Registered)		150		5,109
Nidec Corp.		200		17,513
Schneider Electric SE		312		52,239
Siemens Gamesa Renewable Energy SA*		306		6,550
Signify NV(b)		124		6,514
Vestas Wind Systems A/S		836		22,288
				110,213
Electronic Equipment, Instruments & Components - 0.7%
Halma plc		136		4,554
Murata Manufacturing Co. Ltd.		200		14,822
Omron Corp.		200		14,415
				33,791
Energy Equipment & Services - 0.0%(a)
Tenaris SA		204		2,462
Equity Real Estate Investment Trusts (REITs) - 1.5%
British Land Co. plc (The)		884		6,525
Gecina SA		60		8,078
GPT Group (The)		762		2,679
Japan Real Estate Investment Corp.		2		10,935
Land Securities Group plc		236		2,502
Mirvac Group		3,384		6,223
Nippon Prologis REIT, Inc.		2		6,214
Segro plc		810		14,149
Stockland		702		1,998
Unibail-Rodamco-Westfield*		80		6,035
Vicinity Centres		4,744		5,448
				70,786
Food & Staples Retailing - 1.6%
Aeon Co. Ltd.		400		9,048
Carrefour SA		202		3,831
HelloFresh SE*		34		2,231
Jeronimo Martins SGPS SA		238		5,699
Kesko OYJ, Class B		130		4,070
Loblaw Cos. Ltd.		74		5,706
Tesco plc		5,198		20,713
Woolworths Group Ltd.		1,000		24,251
				75,549
Food Products - 2.6%
Ajinomoto Co., Inc.		200		5,542
Danone SA		46		2,849
Nestle SA (Registered)		858		109,737
Orkla ASA		744		7,076
				125,204
Gas Utilities - 0.4%
Hong Kong & China Gas Co. Ltd.		12,000		18,467
Health Care Equipment & Supplies - 2.0%
Coloplast A/S, Class B		48		6,931
ConvaTec Group plc(b)		654		1,540
Fisher & Paykel Healthcare Corp. Ltd.		412		7,509
Koninklijke Philips NV		1,142		37,618
Olympus Corp.		600		13,260
Sonova Holding AG (Registered)		36		12,644
Straumann Holding AG (Registered)		2		3,255

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Sysmex Corp.		100		9,399
Terumo Corp.		200		7,217
				99,373
Health Care Providers & Services - 0.2%
Amplifon SpA		34		1,431
Fresenius Medical Care AG & Co. KGaA		70		4,713
Fresenius SE & Co. KGaA		114		4,672
				10,816
Hotels, Restaurants & Leisure - 1.1%
Compass Group plc		672		15,048
Entain plc*		68		1,452
Flutter Entertainment plc*		22		3,301
Genting Singapore Ltd.		8,800		4,784
La Francaise des Jeux SAEM(b)		128		5,257
Sands China Ltd.*		3,200		8,803
Whitbread plc*		344		13,947
Wynn Macau Ltd.*		1,600		1,440
				54,032
Household Durables - 2.0%
Barratt Developments plc		528		4,333
Berkeley Group Holdings plc		184		10,363
Electrolux AB, Class B		490		10,048
JS Global Lifestyle Co. Ltd.(b)		1,000		1,590
Panasonic Corp.		1,200		13,044
SEB SA		34		5,111
Sekisui House Ltd.		500		10,043
Sony Group Corp.		400		44,157
				98,689
Household Products - 0.7%
Henkel AG & Co. KGaA (Preference)		226		18,357
Reckitt Benckiser Group plc		184		14,839
				33,196
Independent Power and Renewable Electricity Producers - 0.2%
EDP Renovaveis SA		368		7,681
Industrial Conglomerates - 1.7%
Hitachi Ltd.		800		41,234
Siemens AG (Registered)		260		40,770
				82,004
Insurance - 6.6%
AIA Group Ltd.		3,600		37,235
Allianz SE (Registered)		196		49,952
ASR Nederland NV		110		5,079
Aviva plc		4,574		26,646
AXA SA		1,404		43,998
Dai-ichi Life Holdings, Inc.		100		2,232
Insurance Australia Group Ltd.		1,302		3,890
Japan Post Insurance Co. Ltd.		200		3,480
Legal & General Group plc		5,188		20,004
MS&AD Insurance Group Holdings, Inc.		600		20,444
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		48		15,015
NN Group NV		338		18,786
QBE Insurance Group Ltd.		582		4,564
Sun Life Financial, Inc.		476		26,944

Investments	Shares		Value ($)
Suncorp Group Ltd.		120		933
Swiss Life Holding AG (Registered)		4		2,543
Swiss Re AG		74		7,972
Zurich Insurance Group AG		66		31,240
				320,957
Interactive Media & Services - 0.5%
SEEK Ltd.		394		8,047
Z Holdings Corp.		3,600		18,031
				26,078
Internet & Direct Marketing Retail - 0.2%
Zalando SE*(b)		136		10,669
IT Services - 2.3%
Amadeus IT Group SA*		30		2,036
Capgemini SE		84		18,593
CGI, Inc.*		166		14,166
Edenred		106		4,503
Fujitsu Ltd.		100		13,035
Itochu Techno-Solutions Corp.		200		5,398
Nexi SpA*(b)		146		2,113
Nomura Research Institute Ltd.		400		13,747
Shopify, Inc., Class A*		26		25,070
Worldline SA*(b)		282		13,494
				112,155
Leisure Products - 0.2%
Yamaha Corp.		200		9,009
Machinery - 2.3%
Alstom SA		356		11,434
Atlas Copco AB, Class A		226		13,152
Epiroc AB, Class A		322		6,796
GEA Group AG		132		6,178
Hitachi Construction Machinery Co. Ltd.		200		5,016
Husqvarna AB, Class B		530		7,311
KION Group AG		88		8,018
Knorr-Bremse AG		12		1,206
Komatsu Ltd.		600		14,611
Kone OYJ, Class B		24		1,540
Kubota Corp.		200		4,242
Makita Corp.		200		7,393
SKF AB, Class B		340		7,387
Volvo AB, Class B		790		17,625
Weir Group plc (The)		82		1,902
				113,811
Media - 1.1%
Dentsu Group, Inc.		300		10,258
Informa plc*		692		5,153
Pearson plc		572		4,721
Publicis Groupe SA		188		12,582
Quebecor, Inc., Class B		74		1,749
WPP plc		1,356		20,949
				55,412
Metals & Mining - 2.8%
BHP Group Ltd.		384		12,540
BHP Group plc(c)		78		2,493
BlueScope Steel Ltd.		452		5,821
Boliden AB		98		3,921

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Fortescue Metals Group Ltd.		508		7,112
Glencore plc*		326		1,675
Hitachi Metals Ltd.*		300		5,395
Kinross Gold Corp.		1,156		6,244
Kirkland Lake Gold Ltd.		156		5,873
Norsk Hydro ASA		1,716		13,084
Polymetal International plc		418		5,950
Rio Tinto Ltd.		196		15,406
Rio Tinto plc		426		29,635
Teck Resources Ltd., Class B		604		18,645
Wheaton Precious Metals Corp.		112		4,513
				138,307
Multiline Retail - 0.3%
Canadian Tire Corp. Ltd., Class A		74		10,679
Next plc		24		2,414
				13,093
Multi-Utilities - 0.3%
Engie SA		274		4,163
National Grid plc		664		9,618
				13,781
Oil, Gas & Consumable Fuels - 4.7%
Ampol Ltd.		256		5,362
Cenovus Energy, Inc.		358		5,205
Enbridge, Inc.		1,176		49,692
Eni SpA		1,096		16,350
Imperial Oil Ltd.		94		3,844
Lundin Energy AB		154		6,194
Neste OYJ		296		13,196
Pembina Pipeline Corp.		66		2,095
Repsol SA		914		11,519
Santos Ltd.		670		3,370
Shell plc		2,460		62,266
Suncor Energy, Inc.		212		6,054
TotalEnergies SE		714		40,196
Woodside Petroleum Ltd.		98		1,731
				227,074
Paper & Forest Products - 0.9%
Mondi plc		620		15,297
Oji Holdings Corp.		200		1,054
Stora Enso OYJ, Class R		378		7,593
UPM-Kymmene OYJ		554		19,966
				43,910
Personal Products - 2.4%
Kao Corp.		600		29,848
L’Oreal SA		116		49,004
Shiseido Co. Ltd.		100		5,000
Unilever plc		618		31,404
				115,256
Pharmaceuticals - 8.3%
Astellas Pharma, Inc.		400		6,424
AstraZeneca plc		454		52,487
Bayer AG (Registered)		94		5,673
Daiichi Sankyo Co. Ltd.		800		17,809
Eisai Co. Ltd.		100		5,015
GlaxoSmithKline plc		2,014		44,395
H Lundbeck A/S		68		1,719
Kyowa Kirin Co. Ltd.		200		4,956
Merck KGaA		38		8,260
Novartis AG (Registered)		450		38,729

Investments	Shares		Value ($)
Novo Nordisk A/S, Class B		574		56,740
Ono Pharmaceutical Co. Ltd.		500		12,033
Roche Holding AG		216		82,799
Sanofi		404		42,005
Takeda Pharmaceutical Co. Ltd.		700		20,218
UCB SA		50		4,934
				404,196
Professional Services - 2.3%
Adecco Group AG (Registered)		196		9,225
Experian plc		234		9,673
Randstad NV		178		11,485
Recruit Holdings Co. Ltd.		500		24,279
RELX plc		1,834		55,855
				110,517
Real Estate Management & Development - 1.0%
City Developments Ltd.		600		3,128
Daiwa House Industry Co. Ltd.		800		23,155
ESR Cayman Ltd.*(b)		2,400		8,080
Lendlease Corp. Ltd.		210		1,469
Mitsubishi Estate Co. Ltd.		200		2,876
New World Development Co. Ltd.		2,000		8,131
				46,839
Road & Rail - 2.1%
Canadian National Railway Co.		268		32,648
Canadian Pacific Railway Ltd.		298		21,309
Central Japan Railway Co.		100		13,144
East Japan Railway Co.		400		22,717
MTR Corp. Ltd.		2,000		10,798
				100,616
Semiconductors & Semiconductor Equipment - 3.0%
Advantest Corp.		100		8,305
ASML Holding NV		120		79,932
Renesas Electronics Corp.*		200		2,253
STMicroelectronics NV		172		7,952
Tokyo Electron Ltd.		100		47,498
				145,940
Software - 1.9%
Open Text Corp.		288		13,777
SAP SE		542		67,077
WiseTech Global Ltd.		44		1,405
Xero Ltd.*		122		9,705
				91,964
Specialty Retail - 0.8%
Chow Tai Fook Jewellery Group Ltd.		800		1,399
H & M Hennes & Mauritz AB, Class B		404		7,935
Industria de Diseno Textil SA		672		20,144
Kingfisher plc		2,666		11,843
				41,321
Technology Hardware, Storage & Peripherals - 1.0%
Canon, Inc.		1,300		30,558
Logitech International SA (Registered)		54		4,452
Ricoh Co. Ltd.		800		6,700
Seiko Epson Corp.		400		6,158
				47,868
Textiles, Apparel & Luxury Goods - 3.0%
adidas AG		52		14,121

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Burberry Group plc		242		6,063
Cie Financiere Richemont SA (Registered)		168		23,990
Hermes International		6		8,868
Kering SA		30		22,071
LVMH Moet Hennessy Louis Vuitton SE		76		61,563
Puma SE		80		8,448
				145,124
Trading Companies & Distributors - 0.8%
Ferguson plc		54		8,404
Mitsui & Co. Ltd.		1,200		29,718
Rexel SA		90		1,980
				40,102
Transportation Infrastructure - 0.5%
Getlink SE		572		8,945
Sydney Airport*		1,258		7,676
Transurban Group		778		6,824
				23,445
Water Utilities - 0.3%
Severn Trent plc		318		12,258
Wireless Telecommunication Services - 0.8%
Rogers Communications, Inc., Class B		48		2,433
SoftBank Corp.		200		2,489
SoftBank Group Corp.		400		17,396
Vodafone Group plc		8,640		15,072
				37,390
TOTAL COMMON STOCKS (COST $4,969,161)				4,849,177
Total Investments - 99.7% (Cost $4,969,161)				4,849,177
Other assets less liabilities - 0.3%				13,028
Net Assets - 100.0%				4,862,205

* Non-income producing security.

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

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

(c) Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $2,983, which represents approximately 0.06% of net assets of the Fund.

Percentages shown are based on Net Assets.

Abbreviations

CVA	Dutch Certification
OYJ	Public Limited Company

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

See Accompanying Notes to the Schedules of Investments.

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

Forward Foreign Currency Contracts

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund had the following outstanding contracts as of January 31, 2022:

Contracts to Receive		Counterparty	In Exchange For			Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	2,120	Toronto-Dominion Bank (The)		CHF	1,950		03/16/2022	$	23
USD	565	Bank of Montreal		DKK	3,714		03/16/2022		5
USD	1,024	Toronto-Dominion Bank (The)		DKK	6,742		03/16/2022		8
USD	7,851	BNP Paribas SA		EUR	6,913		03/16/2022		96
USD	1,311	Toronto-Dominion Bank (The)		EUR	1,160		03/16/2022		10
USD	830	Citibank NA		HKD	6,473		03/16/2022		—
USD	8,522	Morgan Stanley		SEK	77,298		03/16/2022		238
USD	658	Toronto-Dominion Bank (The)		SEK	5,973		03/16/2022		17
Total unrealized appreciation								$	397
AUD	3,764	Morgan Stanley		USD	2,696		03/16/2022	$	(43	)
CHF	2,985	Bank of Montreal		USD	3,246		03/16/2022		(37	)
EUR	8,582	Morgan Stanley		USD	9,709		03/16/2022		(80	)
EUR	5,078	Toronto-Dominion Bank (The)		USD	5,738		03/16/2022		(40	)
HKD	32,922	Bank of New York		USD	4,223		03/16/2022		(1	)
ILS	1,828	Citibank NA		USD	585		03/16/2022		(9	)
ILS	7,190	Morgan Stanley		USD	2,322		03/16/2022		(57	)
JPY	926,692	Bank of Montreal		USD	8,186		03/16/2022		(140	)
JPY	309,666	Morgan Stanley		USD	2,725		03/16/2022		(36	)
JPY	509,752	Toronto-Dominion Bank (The)		USD	4,491		03/16/2022		(65	)
USD	4,272	Morgan Stanley		CAD	5,437		03/16/2022		(3	)
USD	2,412	Toronto-Dominion Bank (The)		CAD	3,093		03/16/2022		(20	)
USD	6,059	Morgan Stanley		GBP	4,583		03/16/2022		(89	)
USD	3,157	Morgan Stanley		JPY	363,938		03/16/2022		(3	)
USD	170	Bank of Montreal		NOK	1,530		03/16/2022		(1	)
USD	466	Goldman Sachs & Co.		SGD	637		03/16/2022		(5	)
Total unrealized depreciation								$	(629	)
Net unrealized depreciation								$	(232	)

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

SEK — Swedish Krona

SGD — Singapore Dollar

USD — US Dollar

See Accompanying Notes to the Schedules of Investments.

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

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2022:

Australia	6.5	%
Austria	0.5
Belgium	0.7
Brazil	0.1
Canada	10.1
China	0.2
Denmark	2.9
Finland	1.3
France	10.2
Germany	8.0
Hong Kong	1.9
Ireland	0.5
Italy	1.6
Japan	19.1
Macau	0.2
Netherlands	6.0
New Zealand	0.4
Norway	0.4
Portugal	0.1
Russia	0.2
Singapore	0.6
Spain	2.6
Sweden	2.8
Switzerland	8.9
United Kingdom	12.4
United States	1.5
Other1	0.3
	100.0	%

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

Security Type	% of Net Assets
Common Stocks		99.7	%
Others(1)		0.3
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund

January 31, 2022 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 99.6%
Building Products - 0.4%
Steico SE		13,208		1,452,485
UFP Industries, Inc.		165,100		13,184,886
Zurn Water Solutions Corp.		316,992		9,680,936
				24,318,307
Chemicals - 14.9%
CF Industries Holdings, Inc.		1,409,954		97,103,532
Corteva, Inc.(a)		4,467,606		214,802,496
FMC Corp.		772,668		85,279,367
ICL Group Ltd.		4,071,366		36,386,372
K+S AG (Registered)*		1,182,116		22,169,794
Mosaic Co. (The)		2,288,286		91,417,026
Nutrien Ltd.(a)		3,470,402		242,256,872
PhosAgro PJSC		300,482		21,118,256
PI Industries Ltd.		511,810		16,690,537
SABIC Agri-Nutrients Co.		1,327,404		59,791,379
Scotts Miracle-Gro Co. (The)(a)		254,254		38,443,205
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		990,609		4,701,438
UPL Ltd.		3,358,134		34,943,764
Yara International ASA		987,298		50,339,071
				1,015,443,109
Equity Real Estate Investment Trusts (REITs) - 1.2%
Weyerhaeuser Co.		2,073,656		83,837,912
Food Products - 14.2%
a2 Milk Co. Ltd. (The)*(a)		4,986,020		18,272,093
Archer-Daniels-Midland Co.(a)		3,529,838		264,737,850
Bakkafrost P/F(a)		303,784		20,817,742
Bunge Ltd.		914,654		90,422,695
Charoen Pokphand Indonesia Tbk. PT		49,199,800		21,551,852
International Holding Co. PJSC*		3,097,276		128,426,004
IOI Corp. Bhd.		21,463,000		19,434,899
Kuala Lumpur Kepong Bhd.		3,962,400		20,448,654
Mowi ASA		2,843,022		69,321,390
Muyuan Foods Co. Ltd., Class A		2,641,620		22,654,848
New Hope Liuhe Co. Ltd., Class A*		2,311,488		5,842,859
PPB Group Bhd.		4,953,000		18,791,934
Salmar ASA		353,314		23,926,626
Tongwei Co. Ltd., Class A		2,311,400		13,562,615
Tyson Foods, Inc., Class A		1,812,798		164,765,210
Wilmar International Ltd.		20,142,200		63,607,731
				966,585,002
Metals & Mining - 29.3%
Agnico Eagle Mines Ltd.		676,910		32,312,632
Alcoa Corp.(a)		495,300		28,088,463
Anglo American plc		3,503,422		151,727,819
Barrick Gold Corp.		5,022,342		96,079,243
BHP Group Ltd.(a)		7,819,136		255,340,865
Boliden AB(a)		700,024		28,011,159

Investments	Shares		Value ($)
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		820,300		4,791,371
First Quantum Minerals Ltd.		1,403,350		34,548,583
Fortescue Metals Group Ltd.(a)		4,391,660		61,480,642
Franco-Nevada Corp.		534,924		70,690,892
Freeport-McMoRan, Inc.		3,896,360		145,022,519
Glencore plc*		29,278,834		150,449,860
Gold Fields Ltd.		2,763,774		28,832,934
Grupo Mexico SAB de CV, Series B		8,255,000		35,416,265
Hindalco Industries Ltd.		3,671,824		24,063,862
Impala Platinum Holdings Ltd.		2,083,562		31,533,573
MMC Norilsk Nickel PJSC		46,158		12,938,013
MMC Norilsk Nickel PJSC, ADR		1,179,393		33,164,531
Newcrest Mining Ltd.(a)		2,255,266		34,241,822
Newmont Corp.		2,156,206		131,895,121
Norsk Hydro ASA		3,460,496		26,384,387
Rio Tinto plc		2,882,646		200,529,980
Saudi Arabian Mining Co.*		1,119,378		27,418,332
Sibanye Stillwater Ltd.		7,614,412		27,824,351
South32 Ltd.		11,963,146		32,450,243
Sumitomo Metal Mining Co. Ltd.		721,100		32,842,984
Teck Resources Ltd., Class B(a)		1,231,646		38,020,461
Vale SA		10,099,553		153,813,720
Wheaton Precious Metals Corp.		1,258,062		50,696,397
Zijin Mining Group Co. Ltd., Class A		4,622,892		7,088,287
				1,987,699,311
Multi-Utilities - 1.2%
Suez SA(b)		1,046,320		23,259,097
Veolia Environnement SA(a)		1,684,020		60,277,020
				83,536,117
Oil, Gas & Consumable Fuels - 31.2%
BP plc		24,484,330		125,747,509
Cameco Corp.(a)		1,099,566		21,363,639
Canadian Natural Resources Ltd.(a)		1,449,578		73,698,469
Cenovus Energy, Inc.		1,525,524		22,178,754
Chevron Corp.		2,377,440		312,229,195
China Petroleum & Chemical Corp., Class H		29,972,000		15,682,587
ConocoPhillips		1,637,792		145,141,127
Coterra Energy, Inc.		1,013,714		22,200,337
Devon Energy Corp.		762,762		38,572,874
Diamondback Energy, Inc.(a)		208,026		26,244,560
Eni SpA		3,037,840		45,319,311
EOG Resources, Inc.		726,440		80,983,531
Equinor ASA		1,294,384		35,691,176
Exxon Mobil Corp.		5,065,268		384,757,757
Gazprom PJSC		15,486,380		66,232,317
Hess Corp.		330,200		30,474,158
LUKOIL PJSC		214,305		18,905,235
LUKOIL PJSC, ADR		254,230		22,555,286
Marathon Oil Corp.		970,788		18,901,242
Novatek PJSC		1,201,928		25,424,191
Occidental Petroleum Corp.		1,102,868		41,545,038

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Petroleo Brasileiro SA (Preference)		5,943,600		36,210,068
Pioneer Natural Resources Co.		280,670		61,435,856
Repsol SA		1,707,134		21,513,784
Rosneft Oil Co. PJSC		2,836,418		20,988,046
Saudi Arabian Oil Co.(c)		2,545,842		25,343,746
Shell plc		4,939,792		125,033,886
Suncor Energy, Inc.		1,885,442		53,844,357
Tatneft PJSC		1,934,972		12,372,024
TotalEnergies SE		2,922,270		164,513,924
Woodside Petroleum Ltd.(a)		1,175,512		20,763,149
				2,115,867,133
Paper & Forest Products - 3.2%
Canfor Corp.*		161,798		3,674,105
Chengxin Lithium Group Co. Ltd., Class A*		330,260		2,306,764
Dongwha Enterprise Co. Ltd.*		23,114		1,305,735
Interfor Corp.		165,100		4,917,430
Mondi plc		1,317,498		32,506,554
Stella-Jones, Inc.		181,610		5,690,485
Stora Enso OYJ, Class R		1,647,698		33,099,485
Suzano SA		2,155,171		24,027,518
Svenska Cellulosa AB SCA, Class B		1,670,812		28,810,190
UPM-Kymmene OYJ		1,475,994		53,195,045
West Fraser Timber Co. Ltd.(a)		264,160		24,438,642
				213,971,953
Trading Companies & Distributors - 0.9%
Boise Cascade Co.(a)		112,268		7,883,459
Mitsui & Co. Ltd.		2,081,200		51,540,067
				59,423,526
Water Utilities - 3.1%
American States Water Co.(a)		99,060		9,136,304
American Water Works Co., Inc.		478,790		76,989,432
Beijing Enterprises Water Group Ltd.		13,208,000		5,132,412
California Water Service Group(a)		132,080		8,200,847
China Water Affairs Group Ltd.(a)		2,346,000		2,737,860
Cia de Saneamento Basico do Estado de Sao Paulo*		660,400		4,646,430
Essential Utilities, Inc.(a)		577,850		28,164,409
Grandblue Environment Co. Ltd., Class A		330,200		1,047,348
Guangdong Investment Ltd.		8,246,000		11,759,530
Pennon Group plc		795,782		11,562,768
Severn Trent plc		696,722		26,855,571
United Utilities Group plc		1,845,818		26,436,015
				212,668,926
TOTAL COMMON STOCKS (COST $5,205,682,881)				6,763,351,296

Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(d) - 1.4%
CERTIFICATES OF DEPOSIT - 0.2%
Credit Agricole CIB, New York 0.18%, 3/21/2022		1,000,000		1,000,000
Mizuho Bank Ltd., New York 0.25%, 5/5/2022		2,000,000		1,999,608
Oversea-Chinese Banking Corp. Ltd., New York 0.14%, 2/24/2022		7,000,000		7,000,000
Societe Generale, New York 0.25%, 2/8/2022		4,000,000		3,999,969
The Sumitomo Bank Ltd., New York 0.15%, 3/9/2022		5,000,000		5,000,000
TOTAL CERTIFICATES OF DEPOSIT (Cost $18,999,969)				18,999,577
REPURCHASE AGREEMENTS - 1.2%
BofA Securities, Inc., 0.52%, dated 1/31/2022, due 5/3/2022, repurchase price $8,010,631, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 4.38%, maturing 4/30/2023 – 2/15/2038; Common Stocks; total market value $8,565,603		8,000,000		8,000,000
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $29,927,277, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 6.00%, maturing 2/15/2026 – 5/15/2040; total market value $30,359,637		29,927,236		29,927,236
Deutsche Bank AG, London Branch, 0.15%, dated 1/31/2022, due 2/1/2022, repurchase price $6,200,026, collateralized by various U.S. Treasury Securities, ranging from 2.00% – 2.25%, maturing 11/15/2041 – 8/15/2051; Foreign Government Fixed Income Securities, ranging from 0.41% – 2.63%, maturing 5/20/2022 – 11/3/2031; total market value $6,300,931		6,200,000		6,200,000

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Societe Generale, New York Branch, 0.05%, dated 1/31/2022, due 2/7/2022, repurchase price $35,000,340, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 7.63%, maturing 2/1/2022 – 8/15/2046; total market value $35,396,414		35,000,000		35,000,000
TOTAL REPURCHASE AGREEMENTS (Cost $79,127,236)				79,127,236
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $98,127,205)				98,126,813
Total Investments - 101.0% (Cost $5,303,810,086)				6,861,478,109
Liabilities in excess of other assets - (1.0%)				(68,985,444	)
Net Assets - 100.0%				6,792,492,665

* Non-income producing security.

(a) The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $411,073,914, collateralized in the form of cash with a value of $98,134,133 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $137,921,243 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from February 28, 2022 – February 15, 2051 and $201,977,412 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 8.50%, and maturity dates ranging from February 25, 2022 – September 20, 2117; a total value of $438,032,788.

(b) Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $23,259,097, which represents approximately 0.34% of net assets of the Fund.

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

(d) The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $98,126,813.

Percentages shown are based on Net Assets.

Abbreviations
ADR	American Depositary Receipt
OYJ	Public Limited Company
PJSC	Public Joint Stock Company

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

See Accompanying Notes to the Schedules of Investments.

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

Futures Contracts

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund had the following open futures contracts as of January 31, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Long Contracts
EURO STOXX 50 Index		3		03/18/2022		EUR	$	139,329	$	(1,661	)
FTSE 100 Index		93		03/18/2022		GBP		9,228,868		146,070
FTSE/JSE Top 40 Index		17		03/17/2022		ZAR		741,616		12,276
Hang Seng Index		2		02/25/2022		HKD		306,019		(11,003	)
MSCI Emerging Markets E-Mini Index		26		03/18/2022		USD		1,592,240		(998	)
S&P Midcap 400 E-Mini Index		17		03/18/2022		USD		4,470,490		(231,699	)
S&P/TSX 60 Index		47		03/17/2022		CAD		9,437,695		40,607
SPI 200 Index		33		03/17/2022		AUD		3,992,051		(262,156	)
TOPIX Index		4		03/10/2022		JPY		659,058		(20,288	)
									$	(328,852	)

Forward Foreign Currency Contracts

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund had the following outstanding contracts as of January 31, 2022:

Contracts to Receive		Counterparty	In Exchange For				Maturity Date	Unrealized Appreciation/ (Depreciation)
BRL*	1,699,240	Citibank NA		USD		299,526	03/16/2022	$	17,132
CAD	400,000	BNP Paribas SA		USD		313,333	03/16/2022		1,166
CAD	1,600,000	Morgan Stanley		USD		1,244,537	03/16/2022		13,458
GBP	3,594,860	JPMorgan Chase Bank		USD		4,756,825	03/16/2022		64,994
INR*	6,925,711	Citibank NA		USD		90,700	03/16/2022		1,676
JPY	147,390,000	JPMorgan Chase Bank		USD		1,273,971	03/16/2022		5,681
MXN	7,380,000	Toronto-Dominion Bank (The)		USD		344,961	03/16/2022		9,968
MYR*	504,831	Morgan Stanley		USD		119,283	03/16/2022		1,133
NOK	13,141,048	Goldman Sachs & Co.		USD		1,462,421	03/16/2022		10,348
USD	2,498,244	Bank of New York		AUD		3,500,000	03/16/2022		31,854
USD	1,044,199	JPMorgan Chase Bank		CHF		961,534	03/16/2022		10,282
USD	2,254,396	Bank of New York		EUR		2,000,000	03/16/2022		10,365
USD	1,580,967	Morgan Stanley		EUR		1,400,000	03/16/2022		10,145
USD	268,510	Morgan Stanley		GBP		200,000	03/16/2022		248
USD	157,064	BNP Paribas SA		HKD		1,224,345	03/16/2022		46
USD	1,322,349	Toronto-Dominion Bank (The)		JPY		149,859,584	03/16/2022		21,256
USD	297,057	Citibank NA		KRW	*	350,052,156	03/16/2022		6,976
USD	16,156	Citibank NA		RUB	*	1,215,850	03/16/2022		614
ZAR	4,560,000	Toronto-Dominion Bank (The)		USD		281,610	03/16/2022		11,454
ZAR	14,000,000	UBS AG		USD		891,605	03/16/2022		8,153
Total unrealized appreciation								$	236,949
AUD	1,300,000	Citibank NA		USD		930,920	03/16/2022	$	(14,832	)
AUD	3,553,480	Goldman Sachs & Co.		USD		2,550,024	03/16/2022		(45,946	)
AUD	740,000	JPMorgan Chase Bank		USD		541,071	03/16/2022		(19,606	)
AUD	470,000	Morgan Stanley		USD		331,734	03/16/2022		(533	)
CAD	720,000	BNP Paribas SA		USD		577,947	03/16/2022		(11,850	)
CAD	8,124,539	Toronto-Dominion Bank (The)		USD		6,398,418	03/16/2022		(10,529	)
CHF	800,000	Morgan Stanley		USD		873,081	03/16/2022		(12,858	)
EUR	500,000	Citibank NA		USD		566,745	03/16/2022		(5,737	)
EUR	2,128,602	JPMorgan Chase Bank		USD		2,409,061	03/16/2022		(20,737	)
EUR	1,000,000	Toronto-Dominion Bank (The)		USD		1,124,379	03/16/2022		(2,364	)

See Accompanying Notes to the Schedules of Investments.

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

Contracts to Receive		Counterparty	In Exchange For			Maturity Date	Unrealized Appreciation/ (Depreciation)
GBP	1,240,000	Morgan Stanley		USD	1,692,129	03/16/2022	$	(28,905	)
NZD	126,346	UBS AG		USD	85,729	03/16/2022		(2,808	)
SEK	2,449,173	Goldman Sachs & Co.		USD	270,262	03/16/2022		(7,764	)
USD	5,434,740	Bank of New York		CAD	7,000,000	03/16/2022		(68,984	)
USD	3,709,303	Bank of New York		GBP	2,800,000	03/16/2022		(46,363	)
USD	371,680	UBS AG		HKD	2,900,000	03/16/2022		(235	)
USD	350,153	JPMorgan Chase Bank		MXN	7,400,000	03/16/2022		(5,739	)
USD	762,587	Morgan Stanley		NOK	6,900,000	03/16/2022		(10,723	)
USD	22,024	BNP Paribas SA		SGD	30,085	03/16/2022		(222	)
USD	1,160,865	Bank of New York		ZAR	18,700,000	03/16/2022		(40,954	)
Total unrealized depreciation							$	(357,689	)
Net unrealized depreciation							$	(120,740	)

* Non-deliverable forward.

Abbreviations:

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

INR — Indian Rupee

JPY — Japanese Yen

KRW — Korean Won

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

RUB — Russian Ruble

SEK — Swedish Krona

SGD — Singapore Dollar

USD — US Dollar

ZAR — South African Rand

See Accompanying Notes to the Schedules of Investments.

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

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2022:

Australia	6.0	%
Brazil	3.2
Canada	11.4
China	1.4
Finland	1.3
France	3.7
Germany	0.4
India	1.1
Indonesia	0.3
Israel	0.5
Italy	0.7
Japan	1.2
Malaysia	0.9
Mexico	0.5
New Zealand	0.3
Norway	3.3
Russia	3.4
Saudi Arabia	1.7
Singapore	0.9
South Africa	1.3
South Korea	0.0	†
Spain	0.3
Sweden	0.8
United Arab Emirates	1.9
United Kingdom	12.5
United States	40.6
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		1.4
Others(1)		(1.0	)
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund

January 31, 2022 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 99.2%
Air Freight & Logistics - 3.4%
bpost SA*(a)		124,032		906,540
Deutsche Post AG (Registered)		1,254,000		74,489,845
Oesterreichische Post AG(a)		41,040		1,713,718
Pos Malaysia Bhd.*		364,800		55,345
PostNL NV(a)		527,136		2,242,539
Royal Mail plc		1,030,560		6,089,194
Singapore Post Ltd.		2,097,600		985,080
				86,482,261
Commercial Services & Supplies - 4.0%
Befesa SA(a)(b)		45,600		3,199,962
Biffa plc(b)		391,248		1,779,472
Casella Waste Systems, Inc., Class A*		20,976		1,593,756
China Everbright Environment Group Ltd.		4,560,000		3,368,443
Clean Harbors, Inc.*		20,064		1,856,923
Cleanaway Co. Ltd.		100,000		749,622
Cleanaway Waste Management Ltd.		2,625,648		5,327,713
CoreCivic, Inc., REIT*(a)		47,424		479,457
Daiseki Co. Ltd.		64,360		2,544,238
Insun ENT Co. Ltd.*		36,480		332,874
Koentec Co. Ltd.*		21,888		144,165
Lassila & Tikanoja OYJ		43,776		603,597
Republic Services, Inc.		82,992		10,594,759
Shanghai Youngsun Investment Co. Ltd., Class B*^‡(c)		57,800		—
Stericycle, Inc.*(a)		35,568		2,089,264
US Ecology, Inc.*(a)		11,856		338,844
Waste Connections, Inc.(a)		331,056		41,250,546
Waste Management, Inc.		165,984		24,970,633
				101,224,268
Diversified Financial Services - 0.1%
Metro Pacific Investments Corp.		15,504,000		1,170,974
Diversified Telecommunication Services - 13.6%
AT&T, Inc.		2,820,816		71,930,808
BCE, Inc.(a)		593,712		30,997,387
BT Group plc(a)		4,936,656		12,951,794
Cellnex Telecom SA(b)		352,032		15,903,503
China Tower Corp. Ltd., Class H(b)		27,360,000		3,298,267
Deutsche Telekom AG (Registered)		2,262,672		42,287,783
Hellenic Telecommunications Organization SA		153,216		2,965,352
HKT Trust & HKT Ltd.		2,317,000		3,155,676
Indus Towers Ltd.		891,936		3,018,640
Infrastrutture Wireless Italiane SpA(b)		231,648		2,478,361
Liberty Global plc, Class C*(a)		139,536		3,773,053
Lumen Technologies, Inc.(a)		369,360		4,565,290
Nippon Telegraph & Telephone Corp.		1,521,600		43,142,263

Investments	Shares		Value ($)
Spark New Zealand Ltd.		1,211,136		3,444,141
Swisscom AG (Registered)		16,416		9,313,067
Telecom Italia SpA		6,631,152		3,093,832
Telesites SAB de CV(a)		2,188,800		2,308,686
Verizon Communications, Inc.		1,636,128		87,091,093
				345,718,996
Electric Utilities - 12.9%
American Electric Power Co., Inc.		198,816		17,972,966
Duke Energy Corp.		303,696		31,906,302
Enel SpA		7,472,016		56,798,537
Eversource Energy		135,888		12,160,617
Exelon Corp.		388,512		22,514,270
Iberdrola SA		5,590,563		63,672,935
Iberdrola SA*(c)		93,176		1,061,215
NextEra Energy, Inc.		775,200		60,558,624
Orsted A/S(b)		181,488		19,113,211
Southern Co. (The)(a)		418,608		29,089,070
Xcel Energy, Inc.		212,496		14,802,471
				329,650,218
Equity Real Estate Investment Trusts (REITs) - 5.5%
American Tower Corp.		179,664		45,185,496
Crown Castle International Corp.		170,544		31,125,986
CyrusOne, Inc.		50,160		4,506,876
Digital Realty Trust, Inc.		112,176		16,740,025
Equinix, Inc.		35,568		25,783,243
GEO Group, Inc. (The)*(a)		48,336		325,301
Keppel DC REIT		820,822		1,299,086
SBA Communications Corp.		42,864		13,949,660
				138,915,673
Gas Utilities - 1.1%
APA Group(a)		966,720		6,511,341
Beijing Enterprises Holdings Ltd.		456,000		1,549,718
Enagas SA(a)		227,088		4,887,660
Keppel Infrastructure Trust		4,468,800		1,850,777
Petronas Gas Bhd.		547,200		2,219,915
Snam SpA		1,980,864		11,013,921
				28,033,332
Health Care Providers & Services - 3.1%
Acadia Healthcare Co., Inc.*(a)		35,568		1,872,655
Apollo Hospitals Enterprise Ltd.		148,656		8,879,518
Bangkok Dusit Medical Services PCL, NVDR		15,048,000		10,123,899
Bumrungrad Hospital PCL, NVDR		729,600		3,089,761
Encompass Health Corp.(a)		38,304		2,376,380
Fortis Healthcare Ltd.*		710,448		2,573,407
HCA Healthcare, Inc.		95,760		22,987,188
IHH Healthcare Bhd.		3,009,600		4,637,898
Life Healthcare Group Holdings Ltd.		1,604,208		2,343,575
Mitra Keluarga Karyasehat Tbk. PT(b)		6,931,200		1,214,478
Netcare Ltd.		1,518,480		1,454,678
Ramsay Health Care Ltd.(a)		235,296		10,409,188
Tenet Healthcare Corp.*		41,952		3,109,482

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Universal Health Services, Inc., Class B(a)		26,448		3,439,827
				78,511,934
IT Services - 0.1%
Fastly, Inc., Class A*(a)		42,864		1,228,482
NEXTDC Ltd.*(a)		298,224		2,241,914
				3,470,396
Media - 5.7%
Altice USA, Inc., Class A*(a)		163,248		2,354,036
Cable One, Inc.		2,149		3,319,625
Charter Communications, Inc., Class A*(a)		49,248		29,220,808
Comcast Corp., Class A		1,801,200		90,041,988
DISH Network Corp., Class A*(a)		103,968		3,264,595
Liberty Broadband Corp., Class C*(a)		60,192		8,933,095
Shaw Communications, Inc., Class B		289,104		8,613,108
				145,747,255
Multi-Utilities - 10.3%
Consolidated Edison, Inc.		139,536		12,062,887
Dominion Energy, Inc.		319,200		25,746,672
DTE Energy Co.		76,608		9,225,901
E.ON SE		2,032,848		27,847,212
Engie SA		1,788,432		27,173,497
National Grid plc		3,476,544		50,355,840
Public Service Enterprise Group, Inc.		199,728		13,287,904
RWE AG		650,256		27,196,639
Sempra Energy		125,856		17,388,265
Suez SA(c)		529,872		11,778,753
Veolia Environnement SA		820,800		29,379,329
WEC Energy Group, Inc.		124,032		12,036,065
				263,478,964
Oil, Gas & Consumable Fuels - 8.2%
Antero Midstream Corp.(a)		134,976		1,343,011
Enbridge, Inc.		1,948,032		82,314,232
Equitrans Midstream Corp.		180,576		1,464,471
Keyera Corp.(a)		211,584		4,976,000
Kinder Morgan, Inc.		860,016		14,929,878
Koninklijke Vopak NV		62,016		2,118,272
ONEOK, Inc.		176,016		10,680,651
Pembina Pipeline Corp.(a)		528,960		16,786,307
Petronet LNG Ltd.		684,000		1,959,262
Targa Resources Corp.		90,288		5,334,215
TC Energy Corp.		941,184		48,576,284
Transneft PJSC (Preference)		1,462		2,798,701
Williams Cos., Inc. (The)		482,448		14,444,493
				207,725,777
Road & Rail - 16.8%
Aurizon Holdings Ltd.		2,337,456		5,796,928
Canadian National Railway Co.		900,144		109,655,064
Canadian Pacific Railway Ltd.		1,077,925		77,076,977
Canadian Pacific Railway Ltd.		104,040		7,428,424
Central Japan Railway Co.(a)		263,000		34,568,323
CSX Corp.		880,080		30,116,338
East Japan Railway Co.		480,500		27,289,147
Keikyu Corp.(a)		364,800		3,710,528
Keisei Electric Railway Co. Ltd.		219,500		6,143,524

Investments	Shares		Value ($)
MTR Corp. Ltd.		1,974,500		10,660,586
Norfolk Southern Corp.		95,760		26,045,762
Odakyu Electric Railway Co. Ltd.(a)		456,000		7,998,056
Tobu Railway Co. Ltd.(a)		273,600		6,365,993
Union Pacific Corp.		254,448		62,225,258
West Japan Railway Co.(a)		310,400		12,900,895
				427,981,803
Transportation Infrastructure - 6.9%
Adani Ports & Special Economic Zone Ltd.		1,001,376		9,612,190
Aena SME SA*(b)		93,024		14,927,668
Aeroports de Paris*(a)		35,568		4,770,652
Airports of Thailand PCL, NVDR*		5,472,000		10,477,249
Atlantia SpA*		645,696		11,881,591
Atlas Arteria Ltd.		1,218,432		5,588,485
Auckland International Airport Ltd.*(a)		1,533,984		7,233,448
Bangkok Expressway & Metro PCL, NVDR		10,852,800		2,672,863
CCR SA		1,368,000		3,349,152
China Merchants Port Holdings Co. Ltd.		1,824,000		3,359,086
COSCO SHIPPING Ports Ltd.		2,088,000		1,660,214
Getlink SE		557,232		8,713,966
Grupo Aeroportuario del Pacifico SAB de CV, Class B*		487,920		6,701,486
Grupo Aeroportuario del Sureste SAB de CV, Class B		259,920		5,257,436
International Container Terminal Services, Inc.		2,252,640		8,838,215
Japan Airport Terminal Co. Ltd.*(a)		119,100		5,106,131
Promotora y Operadora de Infraestructura SAB de CV		310,080		2,259,714
Qube Holdings Ltd.		2,435,040		4,992,418
Shenzhen International Holdings Ltd.		1,824,679		1,846,313
Sydney Airport*		3,430,944		20,933,572
Transurban Group		3,902,448		34,230,898
Westports Holdings Bhd.		1,276,800		1,171,404
Westshore Terminals Investment Corp.(a)		52,896		1,122,553
				176,706,704
Water Utilities - 2.5%
Aguas Andinas SA, Class A		2,811,696		675,990
American States Water Co.(a)		14,592		1,345,820
American Water Works Co., Inc.		72,048		11,585,318
Beijing Enterprises Water Group Ltd.		5,472,000		2,126,329
California Water Service Group		20,976		1,302,400
Cia de Saneamento Basico do Estado de Sao Paulo*		456,000		3,208,316
Cia de Saneamento de Minas Gerais-COPASA		182,400		451,706
Cia de Saneamento do Parana (Preference)*		1,185,600		895,340
Essential Utilities, Inc.(a)		88,464		4,311,735
Guangdong Investment Ltd.		3,648,000		5,202,373

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Middlesex Water Co.(a)		7,296		738,647
Pennon Group plc		347,472		5,048,793
Severn Trent plc		321,936		12,409,218
SJW Group(a)		11,856		816,404
TTW PCL, NVDR		2,371,200		833,250
United Utilities Group plc(a)		866,400		12,408,680
WHA Utilities and Power PCL, NVDR		1,550,400		192,781
				63,553,100
Wireless Telecommunication Services - 5.0%
KDDI Corp.		1,075,300		34,015,782
SoftBank Group Corp.		820,800		35,695,629
T-Mobile US, Inc.*		236,208		25,550,619
Vodafone Group plc		17,783,088		31,021,056
				126,283,086
TOTAL COMMON STOCKS (COST $2,256,882,284)				2,524,654,741
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(d) - 0.5%
REPURCHASE AGREEMENTS - 0.5%
BofA Securities, Inc., 0.52%, dated 1/31/2022, due 5/3/2022, repurchase price $2,002,658, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 4.38%, maturing 4/30/2023 – 2/15/2038; Common Stocks; total market value $2,141,401		2,000,000		2,000,000
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $9,542,988, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 6.00%, maturing 2/15/2026 – 5/15/2040; total market value $9,680,855		9,542,975		9,542,975
Deutsche Bank AG, London Branch, 0.15%, dated 1/31/2022, due 2/1/2022, repurchase price $1,800,008, collateralized by various U.S. Treasury Securities, ranging from 2.00% – 2.25%, maturing 11/15/2041 – 8/15/2051; Foreign Government Fixed Income Securities, ranging from 0.41% – 2.63%, maturing 5/20/2022 – 11/3/2031; total market value $1,829,302		1,800,000		1,800,000
				13,342,975
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $13,342,975)				13,342,975

Investments	Principal Amount ($)	Value ($)
Total Investments - 99.7% (Cost $2,270,225,259)			2,537,997,716
Other assets less liabilities - 0.3%			8,843,497
Net Assets - 100.0%			2,546,841,213

* Non-income producing security.

^ Security subject to restrictions on resale.

‡ 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 January 31, 2022. The total value of securities on loan at January 31, 2022 was $118,512,126, collateralized in the form of cash with a value of $13,342,975 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $75,950,829 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from February 10, 2022 – November 15, 2051 and $37,537,900 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 8.50%, and maturity dates ranging from February 25, 2022 – September 20, 2117; a total value of $126,831,704.

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

(c) Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $12,839,968, which represents approximately 0.50% of net assets of the Fund.

(d) The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $13,342,975.

Percentages shown are based on Net Assets.

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

See Accompanying Notes to the Schedules of Investments.

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

Futures Contracts

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund had the following open futures contracts as of January 31, 2022:    

	Number of Contracts	Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Long Contracts
EURO STOXX 50 Index	3		03/18/2022	EUR	$	139,329	$	(2,005	)
FTSE 100 Index	86		03/18/2022	GBP		8,534,222		74,083
S&P 500 E-Mini Index	45		03/18/2022	USD		10,134,562		(304,412	)
S&P/TSX 60 Index	39		03/17/2022	CAD		7,831,279		9,024
SPI 200 Index	37		03/17/2022	AUD		4,475,936		(279,658	)
TOPIX Index	15		03/10/2022	JPY		2,471,469		(87,909	)
							$	(590,877	)

Forward Foreign Currency Contracts

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund had the following outstanding contracts as of January 31, 2022:

Contracts to Receive		Counterparty	In Exchange For			Maturity Date		Unrealized Appreciation/ (Depreciation)
CAD	10,400,000	Toronto-Dominion Bank (The)		USD	8,132,360		03/16/2022	$	44,600
GBP	300,000	Toronto-Dominion Bank (The)		USD	397,938		03/16/2022		4,455
JPY	39,700,000	Citibank NA		USD	343,511		03/16/2022		1,167
USD	733,033	Goldman Sachs & Co.		AUD	1,030,000		03/16/2022		7,210
USD	493,305	Toronto-Dominion Bank (The)		AUD	680,000		03/16/2022		14,120
USD	9,751,889	Citibank NA		EUR	8,500,000		03/16/2022		214,758
USD	2,712,550	Goldman Sachs & Co.		EUR	2,400,000		03/16/2022		19,713
USD	418,258	BNP Paribas SA		HKD	3,260,399		03/16/2022		123
USD	729,328	Toronto-Dominion Bank (The)		JPY	82,653,561		03/16/2022		11,724
Total unrealized appreciation								$	317,870
AUD	150,000	BNP Paribas SA		USD	108,772		03/16/2022	$	(3,070	)
AUD	830,000	Citibank NA		USD	602,892		03/16/2022		(18,006	)
AUD	107,161	Goldman Sachs & Co.		USD	76,900		03/16/2022		(1,386	)
AUD	1,000,000	Toronto-Dominion Bank (The)		USD	715,416		03/16/2022		(10,733	)
CAD	3,040,000	Citibank NA		USD	2,426,453		03/16/2022		(36,264	)
CAD	1,365,816	Toronto-Dominion Bank (The)		USD	1,075,617		03/16/2022		(1,749	)
CHF	7,000	JPMorgan Chase Bank		USD	7,602		03/16/2022		(75	)
EUR	350,000	Citibank NA		USD	397,677		03/16/2022		(4,971	)
EUR	2,670,130	JPMorgan Chase Bank		USD	3,021,939		03/16/2022		(26,012	)
EUR	380,000	Morgan Stanley		USD	430,241		03/16/2022		(3,875	)
EUR	400,000	Toronto-Dominion Bank (The)		USD	451,973		03/16/2022		(3,167	)
GBP	520,000	Citibank NA		USD	712,039		03/16/2022		(14,558	)
JPY	117,000,000	Citibank NA		USD	1,025,664		03/16/2022		(9,861	)
JPY	100,000,000	Toronto-Dominion Bank (The)		USD	880,950		03/16/2022		(12,742	)
USD	7,913,665	Toronto-Dominion Bank (The)		CAD	10,080,000		03/16/2022		(11,697	)
USD	820,550	Goldman Sachs & Co.		GBP	620,000		03/16/2022		(11,062	)
USD	1,748,321	JPMorgan Chase Bank		GBP	1,321,253		03/16/2022		(23,888	)
Total unrealized depreciation								$	(193,116	)
Net unrealized appreciation								$	124,754

Abbreviations:

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

JPY — Japanese Yen

USD — US Dollar

See Accompanying Notes to the Schedules of Investments.

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

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2022:

Australia	3.8	%
Austria	0.1
Belgium	0.0	†
Brazil	0.3
Canada	16.8
Chile	0.0	†
China	0.9
Denmark	0.8
Finland	0.0	†
France	3.2
Germany	6.9
Greece	0.1
Hong Kong	0.5
India	1.0
Indonesia	0.0	†
Italy	3.4
Japan	8.6
Malaysia	0.3
Mexico	0.7
Netherlands	0.2
New Zealand	0.4
Philippines	0.4
Russia	0.1
Singapore	0.2
South Africa	0.2
South Korea	0.0	†
Spain	3.9
Switzerland	0.4
Taiwan	0.0	†
Thailand	1.1
United Kingdom	5.2
United States	39.7
Other1	0.8
	100.0	%

^† Amount represents less than 0.05%.

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

Security Type	% of Net Assets
Common Stocks		99.2	%
Securities Lending Reinvestments		0.5
Others(1)		0.3
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® Global Quality Real Estate Index Fund

January 31, 2022 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 97.8%
Equity Real Estate Investment Trusts (REITs) - 82.0%
Abacus Property Group		435,712		1,052,944
Acadia Realty Trust		58,496		1,157,636
AEON REIT Investment Corp.(a)		896		1,134,532
Alexander & Baldwin, Inc.		50,176		1,151,539
alstria office REIT-AG*(b)		84,352		1,840,110
American Homes 4 Rent, Class A(a)		148,352		5,805,014
American Tower Corp.		46,080		11,589,120
Apple Hospitality REIT, Inc.		113,920		1,837,530
ARGAN SA		2,944		369,625
Argosy Property Ltd.		1,048,192		1,025,716
AvalonBay Communities, Inc.		74,368		18,162,897
Befimmo SA		19,584		731,057
Big Yellow Group plc(a)		92,800		1,860,107
Brandywine Realty Trust		93,184		1,198,346
Brixmor Property Group, Inc.		158,208		4,012,155
Broadstone Net Lease, Inc.		77,568		1,792,596
BWP Trust		340,096		951,270
Camden Property Trust		40,448		6,475,320
Canadian Apartment Properties REIT(a)		44,160		1,941,332
Charter Hall Group		247,936		2,927,692
Cousins Properties, Inc.(a)		78,976		3,045,315
Cromwell European REIT(c)		51,200		133,156
Crown Castle International Corp.		28,160		5,139,482
CT REIT(a)		70,144		934,849
Daiwa Office Investment Corp.		173		1,079,514
Dexus		362,496		2,617,815
Dream Industrial REIT(a)		85,120		1,055,467
Dream Office REIT(a)		50,432		974,696
Duke Realty Corp.		201,216		11,626,260
EastGroup Properties, Inc.		21,120		4,222,099
Empire State Realty Trust, Inc., Class A(a)		112,640		1,004,749
Equinix, Inc.(a)		4,736		3,433,126
Equity Residential		189,696		16,831,726
Essex Property Trust, Inc.		34,688		11,533,760
Extra Space Storage, Inc.		71,168		14,104,786
First Capital REIT(a)		73,728		1,029,572
First Industrial Realty Trust, Inc.		68,736		4,177,774
Frasers Logistics & Commercial Trust(c)		1,292,800		1,309,867
Frontier Real Estate Investment Corp.		289		1,215,192
Fukuoka REIT Corp.		640		897,028
GEO Group, Inc. (The)*(a)		85,760		577,165
Goodman Group		716,160		11,700,991
Goodman Property Trust		720,256		1,173,110
Granite REIT(a)		17,408		1,320,588
Growthpoint Properties Australia Ltd.		342,912		947,067

Investments	Shares		Value ($)
Healthpeak Properties, Inc.		287,744		10,177,505
Highwoods Properties, Inc.		54,784		2,362,286
Hoshino Resorts REIT, Inc.(a)		184		1,034,775
Ichigo Office REIT Investment Corp.		640		455,457
Industrial Logistics Properties Trust		42,880		983,238
InterRent REIT(a)		80,128		1,004,278
Iron Mountain, Inc.(a)		153,600		7,053,312
iStar, Inc.(a)		49,024		1,052,545
Japan Excellent, Inc.(a)		843		964,996
Japan Logistics Fund, Inc.(a)		425		1,172,923
Kenedix Office Investment Corp.		225		1,359,080
Kenedix Retail REIT Corp.		429		1,000,783
Killam Apartment REIT(a)		59,776		1,027,914
Kimco Realty Corp.		229,910		5,577,605
Kimco Realty Corp.		1,002		24,320
Lamar Advertising Co., Class A		41,344		4,579,261
Life Storage, Inc.		8,448		1,140,058
LondonMetric Property plc		462,592		1,655,858
LXP Industrial Trust(a)		145,152		2,161,313
Macerich Co. (The)		77,312		1,278,740
Mercialys SA		101,120		1,110,884
Mid-America Apartment Communities, Inc.		61,184		12,645,509
Mirvac Group		2,102,912		3,866,993
Mori Trust Sogo Reit, Inc.(a)		712		859,529
NIPPON REIT Investment Corp.		322		1,081,484
NorthWest Healthcare Properties REIT(a)		92,032		968,225
Office Properties Income Trust		39,040		994,739
Paramount Group, Inc.		109,824		954,371
Parkway Life REIT		320,000		1,133,602
Piedmont Office Realty Trust, Inc., Class A		70,400		1,250,304
PotlatchDeltic Corp.		35,328		1,900,293
Prologis, Inc.		221,184		34,686,075
PS Business Parks, Inc.		11,264		1,880,637
Public Storage		68,480		24,552,134
Regency Centers Corp.		81,408		5,841,024
Retail Opportunity Investments Corp.		67,072		1,242,844
RPT Realty		79,616		1,004,754
Safestore Holdings plc		111,104		1,887,134
Saul Centers, Inc.(a)		20,224		998,661
Segro plc		231,168		4,038,108
Simon Property Group, Inc.		118,784		17,485,005
SITE Centers Corp.		86,784		1,285,271
SL Green Realty Corp.(a)		38,120		2,764,460
Starhill Global REIT		2,060,800		944,937
Summit Industrial Income REIT(a)		67,584		1,147,833
Tritax Big Box REIT plc		914,432		2,912,536
Urban Edge Properties		68,992		1,258,414
Veris Residential, Inc.*		63,232		1,043,328
Weyerhaeuser Co.		399,488		16,151,300
				363,058,327

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Household Durables - 0.6%
Bonava AB, Class B		106,240		913,399
Iida Group Holdings Co. Ltd.		76,800		1,580,324
				2,493,723
Real Estate Management & Development - 15.2%
Atrium Ljungberg AB, Class B		6,144		132,568
Bukit Sembawang Estates Ltd.		38,400		141,712
CA Immobilien Anlagen AG		26,880		974,786
Castellum AB(a)		161,792		3,778,688
Catena AB		18,688		1,055,118
CK Asset Holdings Ltd.		1,064,500		7,078,419
Daito Trust Construction Co. Ltd.		34,400		3,910,957
Dios Fastigheter AB		89,344		988,765
DREAM Unlimited Corp., Class A(a)		40,192		1,265,046
Fabege AB		140,544		2,080,131
Gazit-Globe Ltd.		118,912		1,225,511
Grand City Properties SA(a)		57,216		1,254,562
Helical plc		21,248		122,582
Henderson Land Development Co. Ltd.		768,000		3,353,669
Katitas Co. Ltd.		31,600		948,891
Kennedy-Wilson Holdings, Inc.		67,712		1,520,812
Kerry Properties Ltd.		350,000		987,490
Kojamo OYJ(a)		65,152		1,484,079
LEG Immobilien SE		38,912		5,125,391
Mivne Real Estate KD Ltd.		345,344		1,466,034
Nomura Real Estate Holdings, Inc.		55,800		1,298,812
Platzer Fastigheter Holding AB, Class B(a)		13,952		183,852
Realogy Holdings Corp.*		73,984		1,220,736
Sino Land Co. Ltd.		1,792,000		2,316,543
Sirius Real Estate Ltd.		656,384		1,137,784
Sumitomo Realty & Development Co. Ltd.		166,400		5,112,224
Sun Hung Kai Properties Ltd.		691,000		8,396,516
TAG Immobilien AG		76,544		2,001,850
Tokyo Tatemono Co. Ltd.		102,400		1,513,449
Tricon Residential, Inc.(a)		111,616		1,635,010
VGP NV		4,736		1,335,228
Wihlborgs Fastigheter AB		72,192		1,479,557
Yanlord Land Group Ltd.		985,600		838,250
				67,365,022
TOTAL COMMON STOCKS (COST $370,508,627)				432,917,072

Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(d) - 1.3%
REPURCHASE AGREEMENTS - 1.3%
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $4,583,542, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.00%, maturing 2/15/2026 - 5/15/2040; total market value $4,649,761		4,583,536		4,583,536
Deutsche Bank AG, London Branch, 0.15%, dated 1/31/2022, due 2/1/2022, repurchase price $1,100,005, collateralized by various U.S. Treasury Securities, ranging from 2.00% - 2.25%, maturing 11/15/2041 - 8/15/2051; Foreign Government Fixed Income Securities, ranging from 0.41% - 2.63%, maturing 5/20/2022 - 11/3/2031; total market value $1,117,907		1,100,000		1,100,000
				5,683,536
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $5,683,536)				5,683,536
Total Investments - 99.1% (Cost $376,192,163)				438,600,608
Other assets less liabilities - 0.9%				3,827,483
Net Assets - 100.0%				442,428,091

* Non-income producing security.

(a) The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $36,542,657, collateralized in the form of cash with a value of $5,683,536 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $25,673,633 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from February 15, 2022 – November 15, 2051 and $6,096,277 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 8.50%, and maturity dates ranging from February 25, 2022 – September 20, 2117; a total value of $37,453,446.

(b) Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $1,840,110, which represents approximately 0.42% of net assets of the Fund.

See Accompanying Notes to the Schedules of Investments.

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

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

(d) The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $5,683,536.

Percentages shown are based on Net Assets.

Abbreviations
OYJ	Public Limited Company

Futures Contracts

FlexShares^® Global Quality Real Estate Index Fund had the following open futures contracts as of January 31, 2022:

	Number of Contracts	Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Depreciation
Long Contracts
EURO STOXX 50 Index	3		03/18/2022	EUR	$	139,329	$	(2,312	)
Hang Seng Index	1		02/25/2022	HKD		153,009		(5,502	)
S&P Midcap 400 E-Mini Index	16		03/18/2022	USD		4,207,520		(214,939	)
SPI 200 Index	16		03/17/2022	AUD		1,935,540		(127,630	)
TOPIX Mini Index	2		03/10/2022	JPY		32,953		(1,536	)
							$	(351,919	)

Forward Foreign Currency Contracts

FlexShares^® Global Quality Real Estate Index Fund had the following outstanding contracts as of January 31, 2022:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
GBP	121,709	JPMorgan Chase Bank	USD	161,049		03/16/2022	$	2,200
NOK	12,000,000	Toronto-Dominion Bank (The)	USD	1,331,349		03/16/2022		13,539
SGD	1,470	BNP Paribas SA	USD	1,076		03/16/2022		11
USD	565,179	Toronto-Dominion Bank (The)	AUD	790,000		03/16/2022		8,479
USD	138,324	JPMorgan Chase Bank	CHF	127,373		03/16/2022		1,362
USD	104,326	JPMorgan Chase Bank	EUR	92,181		03/16/2022		898
USD	36,111	Bank of New York	ILS	111,846		03/16/2022		885
USD	21,440	UBS AG	NZD	31,599		03/16/2022		702
Total unrealized appreciation							$	28,076
AUD	759,336	Goldman Sachs & Co.	USD	544,909		03/16/2022	$	(9,818	)
CAD	339,101	Toronto-Dominion Bank (The)	USD	267,051		03/16/2022		(434	)
HKD	1,265,030	BNP Paribas SA	USD	162,283		03/16/2022		(48	)
JPY	16,171,732	Toronto-Dominion Bank (The)	USD	142,698		03/16/2022		(2,294	)
SEK	2,202,771	Goldman Sachs & Co.	USD	243,072		03/16/2022		(6,983	)
USD	382,045	Toronto-Dominion Bank (The)	CAD	490,000		03/16/2022		(3,216	)
USD	1,032,124	Citibank NA	GBP	770,000		03/16/2022		(684	)
USD	252,027	Toronto-Dominion Bank (The)	GBP	190,000		03/16/2022		(2,821	)
USD	41,707	Goldman Sachs & Co.	NOK	374,773		03/16/2022	$	(295	)
Total unrealized depreciation							$	(26,593	)
Net unrealized appreciation							$	1,483

See Accompanying Notes to the Schedules of Investments.

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

Abbreviations:

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

ILS — Israeli Shekel

JPY — Japanese Yen

NOK — Norwegian Krone

NZD — New Zealand Dollar

SEK — Swedish Krona

SGD — Singapore Dollar

USD — US Dollar

FlexShares^® Global Quality Real Estate Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2022:

Australia	5.5	%
Austria	0.2
Belgium	0.5
Canada	3.2
Finland	0.3
France	0.3
Germany	2.3
Hong Kong	5.0
Israel	0.6
Japan	6.0
New Zealand	0.5
Singapore	1.0
Sweden	2.4
United Kingdom	3.1
United States	66.9
Other1	2.2
	100.0	%

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

See Accompanying Notes to the Schedules of Investments.

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

Security Type	% of Net Assets
Common Stocks		97.8	%
Securities Lending Reinvestments		1.3
Others(1)		0.9
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® Real Assets Allocation Index Fund

January 31, 2022 (Unaudited)

Investments	Shares		Value ($)
EXCHANGE TRADED FUNDS - 100.0%
FlexShares® Global Quality Real Estate Index Fund(a)		167,906		11,617,416
FlexShares® Global Upstream Natural Resources Index Fund(a)		214,898		8,879,585
FlexShares® STOXX® Global Broad Infrastructure Index Fund(a)		350,210		19,664,292
TOTAL EXCHANGE TRADED FUNDS (COST $39,377,957)				40,161,293
Total Investments - 100.0% (Cost $39,377,957)				40,161,293
Other assets less liabilities - 0.0%(b)				174
Net Assets - 100.0%				40,161,467

(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.

See Accompanying Notes to the Schedules of Investments.

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

The underlying index of the FlexShares^® Real Assets Allocation Index Fund is comprised of securities of affiliated FlexShares^® Funds. The Schedules of Investments of the affiliated FlexShares^® Funds are located elsewhere in this Report.

Investment in a company which was affiliated for the period ended January 31, 2022, was as follows:    

Security	Value October 31, 2021		Purchases at Cost		Sales Proceeds		Shares January 31, 2022		Value January 31, 2022		Change in Unrealized Appreciation (Depreciation)			Dividend Income		Realized Gain/(Loss)
FlexShares® Global Quality Real Estate Index Fund	$	8,892,328	$	3,106,996	$	98,441		167,906	$	11,617,416	$	(284,014	)	$	130,735	$	547
FlexShares® Global Upstream Natural Resources Index Fund		6,247,673		2,311,929		67,639		214,898		8,879,585		385,852			65,103		1,770
FlexShares® STOXX® Global Broad Infrastructure Index Fund		15,150,662		5,158,922		159,503		350,210		19,664,292		(479,831	)		151,212		(5,958	)
	$	30,290,663	$	10,577,847	$	325,583		733,014	$	40,161,293	$	(377,993	)	$	347,050	$	(3,641	)

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 Schedules of Investments.

Schedule of Investments

FlexShares^® Quality Dividend Index Fund

January 31, 2022 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 99.7%
Aerospace & Defense - 0.5%
Lockheed Martin Corp.(a)		23,165		9,014,196
Auto Components - 0.4%
Gentex Corp.(a)		216,395		6,794,803
Banks - 4.9%
Bank of America Corp.		407,930		18,821,890
Cullen/Frost Bankers, Inc.(a)		62,150		8,763,771
JPMorgan Chase & Co.		362,730		53,901,678
Zions Bancorp NA(a)		6,780		459,820
				81,947,159
Beverages - 0.1%
Coca-Cola Co. (The)		13,560		827,296
PepsiCo, Inc.		2,260		392,155
				1,219,451
Biotechnology - 2.0%
AbbVie, Inc.		68,365		9,358,485
Amgen, Inc.(a)		103,960		23,613,474
				32,971,959
Building Products - 1.0%
A O Smith Corp.(a)		106,220		8,117,332
Trane Technologies plc		50,285		8,704,334
				16,821,666
Capital Markets - 0.4%
Janus Henderson Group plc		189,275		6,984,247
Chemicals - 1.7%
Dow, Inc.		37,290		2,227,331
Eastman Chemical Co.(a)		67,800		8,063,454
Olin Corp.		139,555		7,071,252
Sherwin-Williams Co. (The)(a)		37,290		10,683,958
				28,045,995
Commercial Services & Supplies - 0.5%
Cintas Corp.		6,215		2,433,359
Rollins, Inc.(a)		205,095		6,327,181
				8,760,540
Communications Equipment - 2.5%
Cisco Systems, Inc.		761,055		42,367,932
Consumer Finance - 1.9%
Ally Financial, Inc.(a)		168,935		8,061,578
Discover Financial Services		74,580		8,632,635
OneMain Holdings, Inc.		148,030		7,647,230
Synchrony Financial		186,450		7,940,905
				32,282,348
Containers & Packaging - 0.4%
International Paper Co.		137,860		6,651,745

Investments	Shares		Value ($)
Diversified Consumer Services - 0.5%
H&R Block, Inc.(a)		327,135		7,478,306
Diversified Telecommunication Services - 2.2%
AT&T, Inc.		537,880		13,715,940
Lumen Technologies, Inc.(a)		644,100		7,961,076
Verizon Communications, Inc.		287,020		15,278,075
				36,955,091
Electric Utilities - 1.1%
IDACORP, Inc.		42,940		4,732,847
Southern Co. (The)		189,840		13,191,981
				17,924,828
Entertainment - 0.8%
Activision Blizzard, Inc.		159,330		12,588,663
Equity Real Estate Investment Trusts (REITs) - 3.4%
AvalonBay Communities, Inc.		39,550		9,659,296
Extra Space Storage, Inc.		46,330		9,182,143
Highwoods Properties, Inc.		180,235		7,771,733
Prologis, Inc.		54,240		8,505,917
Public Storage		30,510		10,938,750
SL Green Realty Corp.		10,721		777,490
Weyerhaeuser Co.		242,385		9,799,626
				56,634,955
Food & Staples Retailing - 1.8%
Costco Wholesale Corp.		565		285,399
Walmart, Inc.		206,225		28,832,317
				29,117,716
Health Care Equipment & Supplies - 2.0%
Abbott Laboratories		201,140		25,637,304
ResMed, Inc.		33,900		7,749,540
				33,386,844
Health Care Providers & Services - 2.0%
Cardinal Health, Inc.		150,290		7,750,455
Chemed Corp.(a)		13,560		6,358,420
McKesson Corp.		42,940		11,023,557
UnitedHealth Group, Inc.		16,385		7,743,059
				32,875,491
Health Care Technology - 0.6%
Cerner Corp.		100,570		9,171,984
Hotels, Restaurants & Leisure - 0.7%
Domino’s Pizza, Inc.(a)		3,955		1,798,141
International Game Technology plc(a)		100,005		2,677,134
Wingstop, Inc.(a)		44,635		6,840,313
				11,315,588
Household Durables - 0.3%
Tempur Sealy International, Inc.		126,560		5,038,354
Household Products - 3.7%
Clorox Co. (The)		5,650		948,409
Colgate-Palmolive Co.		34,465		2,841,639
Procter & Gamble Co. (The)		362,730		58,200,029
				61,990,077

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Quality Dividend Index Fund (cont.)

Investments	Shares		Value ($)
Independent Power and Renewable Electricity Producers - 0.2%
AES Corp. (The)		183,060		4,060,271
Industrial Conglomerates - 1.0%
3M Co.		104,525		17,353,240
Insurance - 2.7%
Aflac, Inc.		168,370		10,577,003
Allstate Corp. (The)		69,495		8,385,962
American Financial Group, Inc.		61,585		8,023,294
Aon plc, Class A		27,685		7,653,241
Prudential Financial, Inc.(a)		89,835		10,022,891
				44,662,391
Internet & Direct Marketing Retail - 0.6%
eBay, Inc.		51,980		3,122,439
Shutterstock, Inc.(a)		67,800		6,574,566
				9,697,005
IT Services - 4.2%
Accenture plc, Class A		60,455		21,375,679
International Business Machines Corp.		161,025		21,508,109
Mastercard, Inc., Class A		13,560		5,239,313
Paychex, Inc.		77,970		9,181,747
Visa, Inc., Class A(a)		31,075		7,028,233
Western Union Co. (The)(a)		283,630		5,363,443
				69,696,524
Life Sciences Tools & Services - 0.1%
Agilent Technologies, Inc.		6,780		944,590
Thermo Fisher Scientific, Inc.		1,130		656,869
				1,601,459
Machinery - 1.2%
Illinois Tool Works, Inc.(a)		57,065		13,348,645
Pentair plc(a)		108,480		6,910,176
				20,258,821
Media - 4.0%
Comcast Corp., Class A		304,535		15,223,705
Fox Corp., Class A(a)		58,195		2,363,299
Interpublic Group of Cos., Inc. (The)(a)		246,905		8,775,004
New York Times Co. (The), Class A(a)		169,500		6,785,085
Nexstar Media Group, Inc., Class A(a)		51,415		8,503,013
Omnicom Group, Inc.(a)		127,690		9,622,718
Sirius XM Holdings, Inc.(a)		1,309,105		8,325,908
TEGNA, Inc.		344,085		6,661,485
				66,260,217
Metals & Mining - 1.7%
Freeport-McMoRan, Inc.		270,070		10,052,005
Newmont Corp.		155,940		9,538,850
Southern Copper Corp.(a)		142,380		9,096,658
				28,687,513
Multiline Retail - 0.8%
Kohl’s Corp.		76,840		4,588,116

Investments	Shares		Value ($)
Target Corp.		37,855		8,344,378
				12,932,494
Multi-Utilities - 1.0%
Public Service Enterprise Group, Inc.		144,640		9,622,899
WEC Energy Group, Inc.		79,665		7,730,692
				17,353,591
Oil, Gas & Consumable Fuels - 2.8%
Antero Midstream Corp.(a)		816,425		8,123,429
Continental Resources, Inc.(a)		180,800		9,390,752
Coterra Energy, Inc.		437,875		9,589,462
Exxon Mobil Corp.		22,035		1,673,779
PDC Energy, Inc.(a)		153,115		9,075,126
Targa Resources Corp.(a)		161,025		9,513,357
				47,365,905
Paper & Forest Products - 0.5%
Louisiana-Pacific Corp.		128,820		8,558,801
Sylvamo Corp.*		1		19
				8,558,820
Pharmaceuticals - 6.3%
Eli Lilly & Co.		109,045		26,758,553
Johnson & Johnson		343,520		59,185,061
Pfizer, Inc.		360,470		18,993,164
				104,936,778
Professional Services - 0.5%
Robert Half International, Inc.(a)		75,710		8,574,915
Road & Rail - 2.1%
Old Dominion Freight Line, Inc.		26,555		8,017,751
Union Pacific Corp.(a)		107,350		26,252,443
				34,270,194
Semiconductors & Semiconductor Equipment - 8.5%
Analog Devices, Inc.		66,670		10,931,880
Broadcom, Inc.		74,015		43,363,908
Intel Corp.		695,515		33,955,042
Microchip Technology, Inc.(a)		109,045		8,448,807
NVIDIA Corp.		61,020		14,941,357
Texas Instruments, Inc.		166,675		29,916,496
				141,557,490
Software - 7.0%
CDK Global, Inc.		201,140		8,642,986
McAfee Corp., Class A		13,560		347,814
Microsoft Corp.		280,805		87,324,739
NortonLifeLock, Inc.(a)		329,960		8,582,260
Oracle Corp.		141,815		11,509,705
				116,407,504
Specialty Retail - 4.8%
Bath & Body Works, Inc.		73,450		4,118,342
Best Buy Co., Inc.(a)		70,625		7,011,650
Dick’s Sporting Goods, Inc.(a)		64,975		7,498,115
Home Depot, Inc. (The)		87,010		31,930,930
Lowe’s Cos., Inc.		94,920		22,529,262
Williams-Sonoma, Inc.(a)		42,375		6,802,882
				79,891,181
Technology Hardware, Storage & Peripherals - 9.7%
Apple, Inc.		868,405		151,779,826
Seagate Technology Holdings plc		87,575		9,383,661
				161,163,487

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Quality Dividend Index Fund (cont.)

Investments	Shares		Value ($)
Textiles, Apparel & Luxury Goods - 0.7%
NIKE, Inc., Class B		28,815		4,266,637
Tapestry, Inc.(a)		196,620		7,461,729
				11,728,366
Tobacco - 2.8%
Altria Group, Inc.		333,915		16,989,595
Philip Morris International, Inc.		280,805		28,880,794
				45,870,389
Trading Companies & Distributors - 1.1%
Fastenal Co.(a)		158,200		8,966,776
WW Grainger, Inc.(a)		18,080		8,951,589
				17,918,365
TOTAL COMMON STOCKS (COST $1,275,155,677)				1,659,146,858
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(b) - 9.3%
CERTIFICATES OF DEPOSIT - 1.0%
Bank of Montreal, Chicago (SOFR + 0.14%), 0.19%, 7/18/2022(c)		2,000,000		2,000,000
Credit Agricole CIB, New York 0.18%, 3/21/2022		2,000,000		2,000,000
Mizuho Bank Ltd., New York 0.25%, 5/5/2022		3,000,000		2,999,412
National Australia Bank, London 0.30%, 2/24/2022		2,500,000		2,499,776
0.35%, 4/6/2022		1,000,000		999,810
Oversea-Chinese Banking Corp. Ltd., New York 0.14%, 2/24/2022		2,000,000		2,000,000
Societe Generale, New York 0.25%, 2/8/2022		2,000,000		1,999,985
The Sumitomo Bank Ltd., New York 0.15%, 3/9/2022		3,000,000		3,000,000
TOTAL CERTIFICATES OF DEPOSIT (Cost $17,499,406)				17,498,983
REPURCHASE AGREEMENTS - 8.3%
BofA Securities, Inc., 0.52%, dated 1/31/2022, due 5/3/2022, repurchase price $8,010,631, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 4.38%, maturing 4/30/2023 – 2/15/2038; Common Stocks; total market value $8,565,603		8,000,000		8,000,000

Investments	Principal Amount ($)		Value ($)
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $74,539,323, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 6.00%, maturing 2/15/2026 – 5/15/2040; total market value $75,616,193		74,539,220		74,539,220
Deutsche Bank AG, London Branch, 0.15%, dated 1/31/2022, due 2/1/2022, repurchase price $5,000,021, collateralized by various U.S. Treasury Securities, ranging from 2.00% – 2.25%, maturing 11/15/2041 – 8/15/2051; Foreign Government Fixed Income Securities, ranging from 0.41% – 2.63%, maturing 5/20/2022 – 11/3/2031; total market value $5,081,396		5,000,000		5,000,000
Societe Generale, New York Branch, 0.05%, dated 1/31/2022, due 2/7/2022, repurchase price $50,000,486, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 7.63%, maturing 2/1/2022 – 8/15/2046; total market value $50,566,305		50,000,000		50,000,000
TOTAL REPURCHASE AGREEMENTS (Cost $137,539,220)				137,539,220
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $155,038,626)				155,038,203
Total Investments - 109.0% (Cost $1,430,194,303)				1,814,185,061
Liabilities in excess of other assets - (9.0%)				(149,889,582	)
Net Assets - 100.0%				1,664,295,479

* Non-income producing security.

(a) The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $192,564,669, collateralized in the form of cash with a value of $155,043,049 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $32,491,902 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from February 15, 2022 – November 15, 2051 and $7,585,317 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 7.50%, and maturity dates ranging from July 15, 2022 – May 25, 2050; a total value of $195,120,268.

(b) The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $155,038,203.

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Quality Dividend Index Fund (cont.)

(c) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of January 31, 2022.

Percentages shown are based on Net Assets.

Abbreviations
SOFR	Secured Overnight Financing Rate

Futures Contracts

FlexShares^® Quality Dividend Index Fund had the following open futures contracts as of January 31, 2022:

	Number of Contracts	Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Depreciation
Long Contracts
S&P 500 E-Mini Index	20		03/18/2022	USD	$	4,504,250	$	(128,202	)

Abbreviations:

USD — US Dollar

Security Type	% of Net Assets
Common Stocks		99.7	%
Securities Lending Reinvestments		9.3
Others(1)		(9.0	)
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® Quality Dividend Defensive Index Fund

January 31, 2022 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 98.6%
Banks - 3.7%
Bank of America Corp.		48,048		2,216,935
JPMorgan Chase & Co.		95,784		14,233,502
				16,450,437
Beverages - 0.1%
Coca-Cola Co. (The)		3,276		199,869
PepsiCo, Inc.		468		81,207
				281,076
Biotechnology - 4.7%
AbbVie, Inc.		74,100		10,143,549
Amgen, Inc.		27,300		6,200,922
Gilead Sciences, Inc.		59,436		4,082,065
				20,426,536
Building Products - 1.4%
A O Smith Corp.		27,924		2,133,952
Lennox International, Inc.		6,396		1,814,033
Trane Technologies plc		13,416		2,322,310
				6,270,295
Capital Markets - 0.4%
Janus Henderson Group plc		49,452		1,824,779
Chemicals - 1.5%
CF Industries Holdings, Inc.(a)		35,880		2,471,056
Chemours Co. (The)(a)		63,336		2,071,720
Olin Corp.		37,128		1,881,276
				6,424,052
Commercial Services & Supplies - 0.4%
Rollins, Inc.(a)		56,472		1,742,161
Communications Equipment - 3.1%
Cisco Systems, Inc.		200,772		11,176,977
Motorola Solutions, Inc.		10,452		2,424,237
				13,601,214
Consumer Finance - 0.2%
SLM Corp.		56,940		1,044,280
Containers & Packaging - 0.1%
International Paper Co.		11,544		556,998
Distributors - 0.1%
Pool Corp.(a)		1,248		594,360
Diversified Consumer Services - 0.6%
H&R Block, Inc.(a)		91,416		2,089,770
Service Corp. International(a)		8,736		539,186
				2,628,956
Diversified Telecommunication Services - 2.2%
AT&T, Inc.		141,804		3,616,002
Lumen Technologies, Inc.(a)		169,260		2,092,053
Verizon Communications, Inc.		75,660		4,027,382
				9,735,437

Investments	Shares		Value ($)
Electric Utilities - 1.3%
Exelon Corp.		20,592		1,193,306
IDACORP, Inc.		20,280		2,235,262
PPL Corp.		23,088		685,252
Southern Co. (The)		23,400		1,626,066
				5,739,886
Entertainment - 0.8%
Activision Blizzard, Inc.		42,276		3,340,227
Equity Real Estate Investment Trusts (REITs) - 6.1%
American Tower Corp.		21,684		5,453,526
CubeSmart		12,324		625,320
Duke Realty Corp.		41,964		2,424,680
Equity Residential		28,392		2,519,222
Extra Space Storage, Inc.		12,324		2,442,494
Healthpeak Properties, Inc.		65,052		2,300,889
Iron Mountain, Inc.(a)		48,828		2,242,182
Mid-America Apartment Communities, Inc.		12,012		2,482,640
National Retail Properties, Inc.(a)		2,496		110,773
Prologis, Inc.		20,592		3,229,237
Public Storage		8,112		2,908,395
				26,739,358
Food & Staples Retailing - 1.8%
Costco Wholesale Corp.		156		78,800
Walmart, Inc.		55,536		7,764,488
				7,843,288
Food Products - 1.1%
Hershey Co. (The)		13,416		2,643,891
Sanderson Farms, Inc.		11,232		2,066,688
				4,710,579
Health Care Equipment & Supplies - 2.5%
Abbott Laboratories		69,264		8,828,390
ResMed, Inc.		8,892		2,032,711
				10,861,101
Health Care Providers & Services - 1.4%
Chemed Corp.(a)		4,056		1,901,899
UnitedHealth Group, Inc.		8,892		4,202,092
				6,103,991
Health Care Technology - 0.0%(b)
Cerner Corp.		2,340		213,408
Hotels, Restaurants & Leisure - 1.0%
Domino’s Pizza, Inc.		4,524		2,056,836
Starbucks Corp.		16,068		1,579,806
Yum! Brands, Inc.		5,928		742,008
				4,378,650
Household Products - 2.8%
Clorox Co. (The)		11,856		1,990,148
Procter & Gamble Co. (The)		63,180		10,137,231
				12,127,379
Independent Power and Renewable Electricity Producers - 0.4%
AES Corp. (The)(a)		75,348		1,671,219

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Industrial Conglomerates - 1.0%
3M Co.		27,612		4,584,144
Insurance - 2.5%
Aflac, Inc.		44,928		2,822,377
American Financial Group, Inc.		16,536		2,154,310
Aon plc, Class A		10,764		2,975,600
Assurant, Inc.		1,248		190,333
MetLife, Inc.(a)		23,088		1,548,281
Willis Towers Watson plc		6,396		1,496,408
				11,187,309
Internet & Direct Marketing Retail - 0.6%
eBay, Inc.		14,040		843,383
Shutterstock, Inc.		17,940		1,739,642
				2,583,025
IT Services - 2.9%
Accenture plc, Class A		156		55,158
International Business Machines Corp.		41,496		5,542,621
Mastercard, Inc., Class A		3,432		1,326,056
Paychex, Inc.		20,748		2,443,285
Visa, Inc., Class A(a)		8,112		1,834,691
Western Union Co. (The)		84,084		1,590,028
				12,791,839
Life Sciences Tools & Services - 0.5%
Thermo Fisher Scientific, Inc.		4,056		2,357,753
Machinery - 3.1%
Deere & Co.		6,084		2,290,018
Graco, Inc.(a)		29,016		2,105,401
Illinois Tool Works, Inc.		15,132		3,539,677
Otis Worldwide Corp.(a)		27,300		2,332,239
Toro Co. (The)(a)		15,912		1,536,781
Watts Water Technologies, Inc., Class A		10,920		1,673,053
				13,477,169
Media - 4.0%
Comcast Corp., Class A		81,588		4,078,584
Fox Corp., Class A		15,600		633,516
Interpublic Group of Cos., Inc. (The)(a)		65,988		2,345,213
New York Times Co. (The), Class A(a)		44,772		1,792,223
Nexstar Media Group, Inc., Class A(a)		13,728		2,270,337
Omnicom Group, Inc.		33,696		2,539,331
Sirius XM Holdings, Inc.(a)		337,740		2,148,026
TEGNA, Inc.(a)		90,324		1,748,673
				17,555,903
Metals & Mining - 1.1%
Newmont Corp.		40,872		2,500,140
Southern Copper Corp.		37,596		2,402,009
				4,902,149
Mortgage Real Estate Investment Trusts (REITs) - 0.4%
AGNC Investment Corp.(a)		117,156		1,744,453

Investments	Shares		Value ($)
Multiline Retail - 1.2%
Target Corp.		23,556		5,192,449
Multi-Utilities - 1.6%
CMS Energy Corp.		14,664		944,068
Dominion Energy, Inc.		17,784		1,434,458
Public Service Enterprise Group, Inc.		36,192		2,407,854
WEC Energy Group, Inc.		24,804		2,406,980
				7,193,360
Oil, Gas & Consumable Fuels - 0.4%
Coterra Energy, Inc.(a)		61,776		1,352,895
Exxon Mobil Corp.		5,616		426,591
				1,779,486
Paper & Forest Products - 0.0%(b)
Sylvamo Corp.*		1		24
Pharmaceuticals - 6.3%
Eli Lilly & Co.		38,688		9,493,648
Johnson & Johnson		85,644		14,755,605
Pfizer, Inc.		60,684		3,197,440
				27,446,693
Road & Rail - 0.5%
Old Dominion Freight Line, Inc.(a)		7,020		2,119,549
Semiconductors & Semiconductor Equipment - 8.4%
Applied Materials, Inc.		35,880		4,957,898
Broadcom, Inc.		19,500		11,424,660
Intel Corp.		27,456		1,340,402
KLA Corp.		7,332		2,854,127
Lam Research Corp.		2,964		1,748,523
NVIDIA Corp.		16,224		3,972,609
QUALCOMM, Inc.		2,184		383,860
Texas Instruments, Inc.		43,992		7,896,124
Xilinx, Inc.		10,920		2,113,566
				36,691,769
Software - 7.5%
CDK Global, Inc.		53,196		2,285,832
McAfee Corp., Class A(a)		85,800		2,200,770
Microsoft Corp.		74,412		23,140,644
NortonLifeLock, Inc.(a)		87,048		2,264,119
Oracle Corp.		37,596		3,051,291
				32,942,656
Specialty Retail - 4.8%
Best Buy Co., Inc.(a)		17,940		1,781,083
Dick’s Sporting Goods, Inc.(a)		3,276		378,051
Home Depot, Inc. (The)		38,064		13,968,727
Lowe’s Cos., Inc.		13,572		3,221,314
Williams-Sonoma, Inc.(a)		11,232		1,803,185
				21,152,360
Technology Hardware, Storage & Peripherals - 10.1%
Apple, Inc.		221,520		38,717,266
HP, Inc.		79,872		2,933,698
Seagate Technology Holdings plc		23,088		2,473,879
				44,124,843

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Textiles, Apparel & Luxury Goods - 0.4%
NIKE, Inc., Class B		12,948		1,917,210
Tobacco - 2.8%
Altria Group, Inc.(a)		88,296		4,492,500
Philip Morris International, Inc.		74,568		7,669,319
				12,161,819
Trading Companies & Distributors - 0.6%
Fastenal Co.		41,964		2,378,519
Watsco, Inc.		312		88,159
				2,466,678
Water Utilities - 0.2%
American Water Works Co., Inc.		5,616		903,053
TOTAL COMMON STOCKS (COST $344,658,255)				432,585,360
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(c) - 5.5%
REPURCHASE AGREEMENTS - 5.5%
BofA Securities, Inc., 0.52%, dated 1/31/2022, due 5/3/2022, repurchase price $1,001,329, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 4.38%, maturing 4/30/2023 - 2/15/2038; Common Stocks; total market value $1,070,700		1,000,000		1,000,000
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $15,860,736, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.00%, maturing 2/15/2026 - 5/15/2040; total market value $16,089,876		15,860,714		15,860,714
Deutsche Bank AG, London Branch, 0.15%, dated 1/31/2022, due 2/1/2022, repurchase price $2,100,009, collateralized by various U.S. Treasury Securities, ranging from 2.00% - 2.25%, maturing 11/15/2041 - 8/15/2051; Foreign Government Fixed Income Securities, ranging from 0.41% - 2.63%, maturing 5/20/2022 - 11/3/2031; total market value $2,134,186		2,100,000		2,100,000

Investments	Principal Amount ($)		Value ($)
Societe Generale, New York Branch, 0.05%, dated 1/31/2022, due 2/7/2022, repurchase price $5,000,049, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 2/1/2022 - 8/15/2046; total market value $5,056,631		5,000,000		5,000,000
				23,960,714
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $23,960,714)				23,960,714
Total Investments - 104.1% (Cost $368,618,969)				456,546,074
Liabilities in excess of other assets - (4.1%)				(18,113,304	)
Net Assets - 100.0%				438,432,770

* Non-income producing security.

(a) The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $27,832,583, collateralized in the form of cash with a value of $23,960,714 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $4,015,826 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from February 15, 2022 – November 15, 2051 and $114,453 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 7.50%, and maturity dates ranging from April 20, 2022 – September 20, 2117; a total value of $28,090,993.

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

(c) The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $23,960,714.

Percentages shown are based on Net Assets.

See Accompanying Notes to the Schedules of Investments.

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

Futures Contracts

FlexShares^® Quality Dividend Defensive Index Fund had the following open futures contracts as of January 31, 2022:    

	Number of Contracts	Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Depreciation
Long Contracts
S&P 500 E-Mini Index	17		03/18/2022	USD	$	3,828,613	$	(138,164	)

Abbreviations:

USD — US Dollar

Security Type	% of Net Assets
Common Stocks		98.6	%
Securities Lending Reinvestments		5.5
Others(1)		(4.1	)
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® Quality Dividend Dynamic Index Fund

January 31, 2022 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 98.8%
Air Freight & Logistics - 0.2%
United Parcel Service, Inc., Class B		168		33,971
Auto Components - 0.4%
Gentex Corp.		2,758		86,601
Banks - 6.7%
Bank of America Corp.		7,406		341,713
Citigroup, Inc.		4,921		320,455
Cullen/Frost Bankers, Inc.		847		119,435
JPMorgan Chase & Co.		4,746		705,256
				1,486,859
Beverages - 0.1%
Coca-Cola Co. (The)		182		11,104
Biotechnology - 1.4%
AbbVie, Inc.		21		2,875
Amgen, Inc.		1,372		311,636
				314,511
Building Products - 2.0%
A O Smith Corp.		1,428		109,128
Masco Corp.		1,540		97,528
Owens Corning		1,253		111,141
Trane Technologies plc		658		113,900
				431,697
Capital Markets - 0.4%
Janus Henderson Group plc		2,485		91,697
Chemicals - 3.7%
Celanese Corp.		693		107,907
Chemours Co. (The)		3,570		116,775
Dow, Inc.		2,226		132,959
Eastman Chemical Co.		903		107,394
LyondellBasell Industries NV, Class A		1,316		127,296
Olin Corp.		1,057		53,558
Sherwin-Williams Co. (The)		602		172,479
				818,368
Commercial Services & Supplies - 0.5%
Cintas Corp.		294		115,110
Communications Equipment - 2.5%
Cisco Systems, Inc.		10,136		564,271
Consumer Finance - 3.0%
Ally Financial, Inc.		833		39,751
American Express Co.		1,204		216,503
Capital One Financial Corp.		1,071		157,148
Discover Financial Services		1,120		129,640
Synchrony Financial		2,597		110,606
				653,648

Investments	Shares		Value ($)
Containers & Packaging - 0.2%
International Paper Co.		1,085		52,351
Diversified Financial Services - 0.9%
Equitable Holdings, Inc.		3,507		117,975
Voya Financial, Inc.(a)		1,337		90,863
				208,838
Diversified Telecommunication Services - 2.2%
AT&T, Inc.		7,035		179,393
Lumen Technologies, Inc.(a)		8,505		105,122
Verizon Communications, Inc.		3,815		203,072
				487,587
Electric Utilities - 0.4%
PPL Corp.		2,695		79,988
Electrical Equipment - 0.6%
Emerson Electric Co.		1,456		133,879
Electronic Equipment, Instruments & Components - 0.2%
CDW Corp.		196		37,054
Entertainment - 0.7%
Activision Blizzard, Inc.		2,065		163,156
Equity Real Estate Investment Trusts (REITs) - 2.6%
AvalonBay Communities, Inc.		525		128,221
Highwoods Properties, Inc.		2,310		99,607
Kimco Realty Corp.		4,949		120,063
SL Green Realty Corp.		1,314		95,277
Weyerhaeuser Co.		3,297		133,297
				576,465
Food & Staples Retailing - 0.0%(b)
Costco Wholesale Corp.		7		3,536
Health Care Equipment & Supplies - 0.6%
Abbott Laboratories		994		126,695
Health Care Providers & Services - 0.8%
Cardinal Health, Inc.		1,477		76,169
UnitedHealth Group, Inc.		210		99,240
				175,409
Hotels, Restaurants & Leisure - 0.4%
International Game Technology plc		3,038		81,327
Household Durables - 0.9%
Tempur Sealy International, Inc.		2,499		99,485
Whirlpool Corp.		504		105,936
				205,421
Household Products - 0.5%
Procter & Gamble Co. (The)		707		113,438
Independent Power and Renewable Electricity Producers - 0.4%
AES Corp. (The)		3,612		80,114

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Industrial Conglomerates - 1.0%
3M Co.		1,379		228,942
Insurance - 2.4%
Aflac, Inc.		2,135		134,121
MetLife, Inc.		2,149		144,112
Prudential Financial, Inc.		1,176		131,206
Unum Group		4,389		111,393
				520,832
Internet & Direct Marketing Retail - 0.6%
eBay, Inc.		714		42,890
Shutterstock, Inc.		896		86,885
				129,775
IT Services - 4.8%
Accenture plc, Class A		1,232		435,611
Genpact Ltd.(a)		1,540		76,615
International Business Machines Corp.		2,135		285,172
Mastercard, Inc., Class A		168		64,912
Paychex, Inc.		973		114,580
Visa, Inc., Class A(a)		399		90,242
				1,067,132
Life Sciences Tools & Services - 2.5%
Thermo Fisher Scientific, Inc.		938		545,259
Machinery - 2.5%
Crane Co.		1,064		110,135
Cummins, Inc.		154		34,015
Illinois Tool Works, Inc.		763		178,481
Parker-Hannifin Corp.		399		123,694
Snap-on, Inc.		532		110,789
				557,114
Media - 4.0%
Comcast Corp., Class A		3,920		195,961
Fox Corp., Class A		791		32,123
Interpublic Group of Cos., Inc. (The)		3,241		115,185
New York Times Co. (The), Class A		2,177		87,145
Nexstar Media Group, Inc., Class A		693		114,608
Omnicom Group, Inc.		1,736		130,825
Sirius XM Holdings, Inc.(a)		17,066		108,540
TEGNA, Inc.		5,005		96,897
				881,284
Metals & Mining - 1.1%
Freeport-McMoRan, Inc.		3,535		131,573
Southern Copper Corp.		1,897		121,199
				252,772
Mortgage Real Estate Investment Trusts (REITs) - 0.4%
AGNC Investment Corp.(a)		5,761		85,781
Multiline Retail - 1.7%
Kohl’s Corp.		2,002		119,539
Target Corp.		1,190		262,312
				381,851
Oil, Gas & Consumable Fuels - 4.3%
Antero Midstream Corp.(a)		10,906		108,515

Investments	Shares		Value ($)
APA Corp.		4,270		141,807
Continental Resources, Inc.		2,464		127,980
Devon Energy Corp.		651		32,921
Exxon Mobil Corp.		273		20,737
Occidental Petroleum Corp.		3,990		150,303
PDC Energy, Inc.(a)		2,086		123,637
Plains GP Holdings LP, Class A*(a)		10,178		117,352
Targa Resources Corp.		2,170		128,204
				951,456
Paper & Forest Products - 0.5%
Louisiana-Pacific Corp.		1,736		115,340
Pharmaceuticals - 6.2%
Eli Lilly & Co.		14		3,436
Johnson & Johnson		4,165		717,588
Pfizer, Inc.		12,222		643,977
				1,365,001
Professional Services - 0.5%
Robert Half International, Inc.		1,022		115,752
Road & Rail - 1.7%
Union Pacific Corp.(a)		1,568		383,454
Semiconductors & Semiconductor Equipment - 7.5%
Analog Devices, Inc.		882		144,622
Applied Materials, Inc.		960		132,653
Broadcom, Inc.		924		541,353
KLA Corp.		371		144,419
Microchip Technology, Inc.		1,442		111,726
NVIDIA Corp.		812		198,826
Texas Instruments, Inc.		2,219		398,288
				1,671,887
Software - 7.0%
CDK Global, Inc.		2,702		116,105
Microsoft Corp.		3,773		1,173,328
NortonLifeLock, Inc.		4,228		109,970
Oracle Corp.		1,848		149,984
				1,549,387
Specialty Retail - 3.8%
Bath & Body Works, Inc.		1,288		72,218
Best Buy Co., Inc.		931		92,430
Dick’s Sporting Goods, Inc.(a)		868		100,167
Home Depot, Inc. (The)		231		84,773
Lowe’s Cos., Inc.		1,701		403,732
Williams-Sonoma, Inc.(a)		574		92,150
				845,470
Technology Hardware, Storage & Peripherals - 9.7%
Apple, Inc.		11,480		2,006,474
HP, Inc.		728		26,739
Seagate Technology Holdings plc		1,050		112,508
				2,145,721
Textiles, Apparel & Luxury Goods - 0.8%
NIKE, Inc., Class B		616		91,211
Tapestry, Inc.		2,541		96,431
				187,642

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Tobacco - 2.7%
Altria Group, Inc.		4,368		222,244
Philip Morris International, Inc.		3,710		381,573
				603,817
Trading Companies & Distributors - 0.8%
Fastenal Co.		2,121		120,218
WW Grainger, Inc.(a)		126		62,384
				182,602
TOTAL COMMON STOCKS (COST $16,978,143)				21,901,366
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(c) - 0.4%
REPURCHASE AGREEMENTS - 0.4%
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $93,398, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 6.00%, maturing 2/15/2026 – 5/15/2040; total market value $94,747 (Cost $93,398)		93,398		93,398
Total Investments - 99.2% (Cost $17,071,541)				21,994,764
Other assets less liabilities - 0.8%				174,141
Net Assets - 100.0%				22,168,905

* Non-income producing security.

(a) The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $1,215,308, collateralized in the form of cash with a value of $93,398 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $817,637 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from February 15, 2022 – November 15, 2051 and $341,159 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 7.50%, and maturity dates ranging from April 20, 2022 – September 20, 2117; a total value of $1,252,194.

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

(c) The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $93,398.

Percentages shown are based on Net Assets.

See Accompanying Notes to the Schedules of Investments.

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

Futures Contracts

FlexShares^® Quality Dividend Dynamic Index Fund had the following open futures contracts as of January 31, 2022:    

	Number of Contracts	Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Depreciation
Long Contracts
Micro E-mini S&P 500 Index	12		03/18/2022	USD	$	270,255	$	(10,620	)

Abbreviations:

USD — US Dollar

Security Type	% of Net Assets
Common Stocks		98.8	%
Securities Lending Reinvestments		0.4
Others(1)		0.8
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® International Quality Dividend Index Fund

January 31, 2022 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 98.1%
Auto Components - 1.1%
Bridgestone Corp.		115,600		5,029,315
Fuyao Glass Industry Group Co. Ltd., Class H(a)		324,000		1,741,008
				6,770,323
Automobiles - 1.7%
Bajaj Auto Ltd.		67,375		3,218,443
Daimler AG		40,425		3,168,978
Ford Otomotiv Sanayi A/S		223,440		4,130,530
				10,517,951
Banks - 9.1%
Agricultural Bank of China Ltd., Class H		14,210,000		5,394,207
Al Rajhi Bank		8,330		329,035
Banco Bilbao Vizcaya Argentaria SA		231,280		1,460,698
Bank of China Ltd., Class H		5,145,000		1,999,263
Bank of Communications Co. Ltd., Class H		490,000		328,026
BOC Hong Kong Holdings Ltd.		937,000		3,604,978
China Merchants Bank Co. Ltd., Class H		122,500		1,019,583
Commonwealth Bank of Australia(b)		490		32,362
FinecoBank Banca Fineco SpA		220,255		3,655,441
First Abu Dhabi Bank PJSC		559,825		3,048,284
Hana Financial Group, Inc.		126,420		4,719,121
Hang Seng Bank Ltd.		33,400		659,215
Industrial & Commercial Bank of China Ltd., Class H		2,940,000		1,775,865
Mitsubishi UFJ Financial Group, Inc.		1,298,500		7,788,183
Nordea Bank Abp		117,845		1,388,016
Royal Bank of Canada		67,620		7,705,745
Saudi National Bank (The)		7,840		154,213
Sberbank of Russia PJSC		1,198,050		4,093,186
Skandinaviska Enskilda Banken AB, Class A		340,795		4,359,384
Swedbank AB, Class A		113,435		2,206,211
				55,721,016
Beverages - 0.7%
Thai Beverage PCL		8,232,000		3,987,694
Building Products - 0.6%
Geberit AG (Registered)		4,165		2,796,797
Lixil Corp.		40,500		917,028
				3,713,825
Capital Markets - 4.5%
3i Group plc		146,265		2,688,439
Abrdn plc		1,354,605		4,378,131
China Galaxy Securities Co. Ltd., Class H		245,000		144,847

Investments	Shares		Value ($)
CSC Financial Co. Ltd., Class H(a)(b)		2,695,000		3,027,643
Daiwa Securities Group, Inc.		343,000		2,048,623
Hong Kong Exchanges & Clearing Ltd.		28,500		1,602,350
IGM Financial, Inc.(b)		122,255		4,293,056
Macquarie Korea Infrastructure Fund		52,920		592,634
Moscow Exchange MICEX-RTS PJSC		757,050		1,415,676
Partners Group Holding AG		2,205		3,024,311
Samsung Securities Co. Ltd.		15,680		520,282
SBI Holdings, Inc.		136,400		3,482,654
				27,218,646
Chemicals - 1.0%
Kumho Petrochemical Co. Ltd.*		11,515		1,389,824
Nissan Chemical Corp.		8,500		455,890
Nitto Denko Corp.		17,300		1,328,748
Wacker Chemie AG		17,150		2,463,703
Yara International ASA		4,900		249,835
				5,888,000
Construction & Engineering - 0.5%
HOCHTIEF AG		40,915		3,145,471
Construction Materials - 1.9%
Ambuja Cements Ltd.		864,850		4,231,967
Anhui Conch Cement Co. Ltd., Class H		496,000		2,614,360
China Resources Cement Holdings Ltd.(b)		5,204,000		4,471,507
				11,317,834
Diversified Financial Services - 1.9%
Investor AB, Class B		56,595		1,214,773
M&G plc		1,671,390		4,834,658
Power Finance Corp. Ltd.		806,050		1,314,567
REC Ltd.		2,263,065		4,204,817
				11,568,815
Diversified Telecommunication Services - 1.8%
Elisa OYJ		7,840		457,712
Hellenic Telecommunications Organization SA		57,085		1,104,827
Koninklijke KPN NV		1,524,635		5,002,582
Proximus SADP		10,045		203,983
Spark New Zealand Ltd.		72,030		204,834
Swisscom AG (Registered)		3,675		2,084,888
Telefonica SA(b)		29,748		137,675
Telenor ASA		86,975		1,430,553
				10,627,054
Electric Utilities - 2.9%
Cia Paranaense de Energia		2,499,000		2,988,446
CPFL Energia SA		73,500		400,443
Endesa SA(b)		58,310		1,297,179
Iberdrola SA		255,780		2,913,170
Iberdrola SA*(c)		4,245		48,348
Power Assets Holdings Ltd.		367,500		2,255,180

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
SSE plc		231,770		4,920,851
Verbund AG		24,990		2,627,693
				17,451,310
Electrical Equipment - 0.8%
Mitsubishi Electric Corp.		289,700		3,599,093
WEG SA		245,000		1,483,842
				5,082,935
Electronic Equipment, Instruments & Components - 0.6%
Hexagon AB, Class B		182,280		2,425,427
Kingboard Laminates Holdings Ltd.		245,000		416,631
Largan Precision Co. Ltd.		2,000		145,969
Shimadzu Corp.		10,200		363,385
				3,351,412
Energy Equipment & Services - 0.2%
Tenaris SA		91,140		1,099,838
Entertainment - 1.8%
NetEase, Inc., ADR(b)		49,735		5,140,609
Nintendo Co. Ltd.		12,500		6,092,428
				11,233,037
Equity Real Estate Investment Trusts (REITs) - 0.4%
Stockland		885,185		2,519,575
Food & Staples Retailing - 0.1%
Cencosud SA		446,635		824,871
Food Products - 2.2%
China Feihe Ltd.(a)		129,000		178,341
Dali Foods Group Co. Ltd.(a)		245,000		141,391
Nestle SA (Registered)		85,995		10,998,641
Want Want China Holdings Ltd.		1,960,000		1,917,884
				13,236,257
Gas Utilities - 1.0%
Naturgy Energy Group SA(b)		182,280		5,747,968
Health Care Equipment & Supplies - 1.4%
Coloplast A/S, Class B		2,450		353,771
Hartalega Holdings Bhd.		3,405,500		4,784,217
Hoya Corp.		5,800		742,712
Top Glove Corp. Bhd.		5,684,000		2,892,586
				8,773,286
Hotels, Restaurants & Leisure - 0.2%
La Francaise des Jeux SAEM(a)		26,460		1,086,803
Household Durables - 2.2%
Barratt Developments plc		361,620		2,967,284
Electrolux AB, Class B(b)		35,770		733,480
Iida Group Holdings Co. Ltd.		16,100		331,292
Nien Made Enterprise Co. Ltd.		319,000		4,444,255
Persimmon plc		135,730		4,359,526
Sony Group Corp.		4,200		463,649
				13,299,486
Household Products - 0.4%
Unilever Indonesia Tbk. PT		9,604,000		2,691,150

Investments	Shares		Value ($)
Independent Power and Renewable Electricity Producers - 0.6%
Unipro PJSC		122,500,000		3,816,579
Industrial Conglomerates - 0.3%
Industries Qatar QSC		429,975		1,987,498
Insurance - 4.2%
Ageas SA		21,070		1,005,953
Allianz SE (Registered)		47,040		11,988,584
BB Seguridade Participacoes SA		661,500		2,882,695
Caixa Seguridade Participacoes S/A		86,568		146,725
Manulife Financial Corp.		71,540		1,488,964
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		2,450		766,397
SCOR SE		39,445		1,331,841
Zurich Insurance Group AG		12,740		6,030,308
				25,641,467
Interactive Media & Services - 1.1%
Kakaku.com, Inc.		42,100		859,355
Rightmove plc		31,605		275,534
Tencent Holdings Ltd.		89,400		5,411,546
				6,546,435
Internet & Direct Marketing Retail - 1.1%
JD.com cash in lieu of shares*(c)		4,242		163,097
momo.com, Inc.		71,600		2,870,281
ZOZO, Inc.		127,700		3,358,047
				6,391,425
IT Services - 1.4%
Edenred		27,440		1,165,813
Infosys Ltd.		60,760		1,413,669
Itochu Techno-Solutions Corp.		98,000		2,645,086
Nomura Research Institute Ltd.		73,500		2,526,014
Obic Co. Ltd.		4,800		781,914
				8,532,496
Leisure Products - 0.1%
Yamaha Corp.		16,100		725,181
Machinery - 2.8%
Atlas Copco AB, Class A		43,365		2,523,636
Atlas Copco AB, Class B		10,535		531,485
Daifuku Co. Ltd.		6,200		425,619
Epiroc AB, Class A		119,560		2,523,363
Epiroc AB, Class B		10,535		188,824
FANUC Corp.		9,000		1,754,307
Kone OYJ, Class B		60,760		3,897,366
Schindler Holding AG		1,225		302,747
Schindler Holding AG (Registered)		735		181,885
Sinotruk Hong Kong Ltd.		2,450,000		3,625,882
Yaskawa Electric Corp.(b)		33,400		1,378,321
				17,333,435
Marine - 2.2%
AP Moller – Maersk A/S, Class A		129		429,527
AP Moller – Maersk A/S, Class B		245		873,721
Nippon Yusen KK		73,500		5,677,154
Orient Overseas International Ltd.		165,500		4,075,126

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
SITC International Holdings Co. Ltd.		672,000		2,542,337
				13,597,865
Media - 0.8%
Publicis Groupe SA		74,725		5,000,873
Metals & Mining - 7.0%
BHP Group Ltd.(b)		91,385		2,984,259
BHP Group plc(c)		41,405		1,323,503
Cia Siderurgica Nacional SA		73,500		353,520
Evraz plc		511,805		3,428,509
Fortescue Metals Group Ltd.		447,370		6,262,915
Grupo Mexico SAB de CV, Series B		1,029,000		4,414,698
Impala Platinum Holdings Ltd.		14,945		226,184
Kumba Iron Ore Ltd.		176,400		6,165,334
MMC Norilsk Nickel PJSC		15,925		4,463,752
Polymetal International plc		11,025		156,940
Rio Tinto plc		127,890		8,896,611
Severstal PAO		57,575		1,116,286
Vedanta Ltd.		505,435		2,179,285
Wheaton Precious Metals Corp.		11,556		465,675
				42,437,471
Multiline Retail - 0.5%
B&M European Value Retail SA		21,315		161,918
Wesfarmers Ltd.		73,255		2,720,458
				2,882,376
Multi-Utilities - 0.7%
Canadian Utilities Ltd., Class A		72,520		2,105,806
Engie SA		158,515		2,408,482
				4,514,288
Oil, Gas & Consumable Fuels - 6.0%
Adaro Energy Tbk. PT		41,601,000		6,479,366
BP plc		513,520		2,637,355
Canadian Natural Resources Ltd.		141,610		7,199,640
Enbridge, Inc.		227,850		9,627,818
Formosa Petrochemical Corp.		336,000		1,160,912
Lundin Energy AB		131,565		5,291,298
Petroleo Brasileiro SA (Preference)		98,000		597,043
Shell plc		87,220		2,207,675
TotalEnergies SE		28,665		1,613,742
				36,814,849
Personal Products - 2.1%
Hengan International Group Co. Ltd.(b)		122,500		598,553
L’Oreal SA		28,420		12,005,996
Unilever plc		8,575		435,739
				13,040,288
Pharmaceuticals - 7.8%
Astellas Pharma, Inc.		24,500		393,467
AstraZeneca plc		23,520		2,719,147
China Medical System Holdings Ltd.		490,000		815,667
Chugai Pharmaceutical Co. Ltd.		111,400		3,587,810
GlaxoSmithKline plc		301,595		6,648,152
Novartis AG (Registered)		104,370		8,982,512
Novo Nordisk A/S, Class B		73,990		7,313,944
Orion OYJ, Class B(b)		93,345		3,772,263

Investments	Shares		Value ($)
Roche Holding AG		33,810		12,960,409
Roche Holding AG – BR		490		199,989
				47,393,360
Professional Services - 1.7%
Nihon M&A Center Holdings, Inc.		109,100		1,692,009
Randstad NV		21,315		1,375,345
Recruit Holdings Co. Ltd.		43,100		2,092,814
RELX plc		63,455		1,932,551
SGS SA (Registered)		1,089		3,070,324
				10,163,043
Real Estate Management & Development - 2.2%
Agile Group Holdings Ltd.(b)		3,920,000		2,071,215
China Overseas Land & Investment Ltd.		34,000		100,070
China Resources Land Ltd.		44,000		211,887
China Vanke Co. Ltd., Class H		73,500		189,463
CK Asset Holdings Ltd.		44,000		292,579
Country Garden Holdings Co. Ltd.(b)		1,708,418		1,400,028
Country Garden Services Holdings Co. Ltd.		49,000		288,123
Daito Trust Construction Co. Ltd.		39,400		4,479,410
Hopson Development Holdings Ltd.(b)		977,169		2,040,168
Land & Houses PCL, NVDR		5,390,000		1,586,484
Logan Group Co. Ltd.(b)		1,225,000		761,938
Sunac Services Holdings Ltd.(a)		182,000		205,631
				13,626,996
Road & Rail - 0.8%
Aurizon Holdings Ltd.		1,922,270		4,767,260
Canadian National Railway Co.		2,205		268,612
				5,035,872
Semiconductors & Semiconductor Equipment - 4.8%
ASML Holding NV		5,880		3,916,657
Novatek Microelectronics Corp.		274,000		4,639,893
Parade Technologies Ltd.		7,000		503,344
Realtek Semiconductor Corp.		80,000		1,512,907
Silergy Corp.		6,000		783,059
Taiwan Semiconductor Manufacturing Co. Ltd.		665,222		15,211,088
United Microelectronics Corp.		595,000		1,225,768
Vanguard International Semiconductor Corp.		306,000		1,435,716
				29,228,432
Software - 1.7%
SAP SE		63,700		7,883,410
Temenos AG (Registered)		16,905		1,998,169
WiseTech Global Ltd.		13,965		445,709
				10,327,288
Specialty Retail - 1.9%
Chow Tai Fook Jewellery Group Ltd.		980,000		1,714,282
Industria de Diseno Textil SA		148,960		4,465,157
Nitori Holdings Co. Ltd.		4,700		668,952
Topsports International Holdings Ltd.(a)(b)		566,000		508,108
USS Co. Ltd.		181,100		2,932,806
Vibra Energia SA		294,000		1,267,910

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Workman Co. Ltd.(b)		3,000		131,482
				11,688,697
Technology Hardware, Storage & Peripherals - 2.1%
Brother Industries Ltd.		162,400		2,962,593
Lite-On Technology Corp.		786,000		1,794,456
Quanta Computer, Inc.		1,225,000		4,091,555
Samsung Electronics Co. Ltd.		58,065		3,530,622
Wiwynn Corp.		15,000		537,139
				12,916,365
Textiles, Apparel & Luxury Goods - 1.8%
Bosideng International Holdings Ltd.(b)		794,000		385,924
Eclat Textile Co. Ltd.		74,000		1,622,923
Hermes International		2,074		3,065,452
Li Ning Co. Ltd.		401,000		3,874,980
LVMH Moet Hennessy Louis Vuitton SE		2,450		1,984,585
				10,933,864
Tobacco - 1.8%
Imperial Brands plc		239,855		5,636,353
Japan Tobacco, Inc.		245,000		4,877,674
Swedish Match AB		70,560		542,914
				11,056,941
Trading Companies & Distributors - 0.3%
Ashtead Group plc		21,070		1,482,969
Wireless Telecommunication Services - 1.3%
Tele2 AB, Class B		49,000		708,429
Total Access Communication PCL, NVDR		3,901,500		5,419,564
Turkcell Iletisim Hizmetleri A/S		1,416,100		1,972,860
				8,100,853
TOTAL COMMON STOCKS (COST $550,106,342)				598,091,763
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(d) - 0.2%
REPURCHASE AGREEMENTS - 0.2%
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $1,264,012, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.00%, maturing 2/15/2026 - 5/15/2040; total market value $1,282,273		1,264,010		1,264,010

Investments	Principal Amount ($)		Value ($)
Deutsche Bank AG, London Branch, 0.15%, dated 1/31/2022, due 2/1/2022, repurchase price $200,001, collateralized by various U.S. Treasury Securities, ranging from 2.00% - 2.25%, maturing 11/15/2041 - 8/15/2051; Foreign Government Fixed Income Securities, ranging from 0.41% - 2.63%, maturing 5/20/2022 - 11/3/2031; total market value $203,256		200,000		200,000
				1,464,010
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $1,464,010)				1,464,010
Total Investments - 98.3% (Cost $551,570,352)				599,555,773
Other assets less liabilities - 1.7%				10,350,718
Net Assets - 100.0%				609,906,491

* Non-income producing security.

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

(b) The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $18,249,946, collateralized in the form of cash with a value of $1,464,010 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $10,172,672 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from March 3, 2022 – May 15, 2051 and $7,905,470 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 8.50%, and maturity dates ranging from February 25, 2022 – September 20, 2117; a total value of $19,542,152.

(c) Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $1,534,948, which represents approximately 0.25% of net assets of the Fund.

(d) The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $1,464,010.

Percentages shown are based on Net Assets.

Abbreviations
ADR	American Depositary Receipt
NVDR	Non-Voting Depositary Receipt
OYJ	Public Limited Company
PJSC	Public Joint Stock Company

See Accompanying Notes to the Schedules of Investments.

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

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

Futures Contracts     

FlexShares^® International Quality Dividend Index Fund had the following open futures contracts as of January 31, 2022:    

	Number of Contracts	Expiration Date	Trading Currency	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Long Contracts
EURO STOXX 50 Index	56	03/18/2022	EUR	$	2,600,810	$	(41,522	)
FTSE 100 Index	23	03/18/2022	GBP		2,282,408		40,840
MSCI Emerging Markets E-Mini Index	62	03/18/2022	USD		3,796,880		(16	)
S&P/TSX 60 Index	5	03/17/2022	CAD		1,004,010		2,615
SPI 200 Index	7	03/17/2022	AUD		846,799		(55,672	)
TOPIX Index	9	03/10/2022	JPY		1,482,881		(50,137	)
						$	(103,892	)

Forward Foreign Currency Contracts

FlexShares^® International Quality Dividend Index Fund had the following outstanding contracts as of January 31, 2022:

Contracts to Receive		Counterparty	In Exchange For				Maturity Date		Unrealized Appreciation/ (Depreciation)
CZK	2,736,251	Citibank NA		USD		121,640		03/16/2022	$	4,006
GBP	558,944	JPMorgan Chase Bank		USD		739,611		03/16/2022		10,105
INR*	9,479,319	Citibank NA		USD		124,143		03/16/2022		2,294
SGD	134,973	BNP Paribas SA		USD		98,809		03/16/2022		996
TRY	764,685	UBS AG		USD		52,422		03/16/2022		3,418
USD	411,901	Toronto-Dominion Bank (The)		CHF		378,890		03/16/2022		4,489
USD	1,247,728	Toronto-Dominion Bank (The)		EUR		1,104,251		03/16/2022		8,742
USD	529,734	JPMorgan Chase Bank		INR	*	39,522,943		03/16/2022		2,570
USD	405,447	Toronto-Dominion Bank (The)		JPY		46,023,809		03/16/2022		5,864
USD	279,065	Citibank NA		KRW	*	328,849,715		03/16/2022		6,554
USD	439,730	Goldman Sachs & Co.		KRW	*	528,002,869		03/16/2022		2,185
USD	118,099	UBS AG		NZD		174,054		03/16/2022		3,868
USD	127,523	Toronto-Dominion Bank (The)		PLN		522,804		03/16/2022		195
USD	233,612	Citibank NA		RUB	*	17,581,399		03/16/2022		8,871
USD	178,449	Toronto-Dominion Bank (The)		SEK		1,620,442		03/16/2022		4,774
USD	330,998	Citibank NA		TWD	*	9,123,516		03/16/2022		2,969
ZAR	2,071,042	Citibank NA		USD		128,847		03/16/2022		4,256
Total unrealized appreciation									$	76,156
AUD	367,379	Goldman Sachs & Co.		USD		263,636		03/16/2022	$	(4,750	)
CAD	224,003	Toronto-Dominion Bank (The)		USD		176,409		03/16/2022		(287	)
CHF	411,688	JPMorgan Chase Bank		USD		447,082		03/16/2022		(4,402	)
DKK	1,506,476	Goldman Sachs & Co.		USD		228,917		03/16/2022		(1,736	)
EUR	848,486	JPMorgan Chase Bank		USD		960,280		03/16/2022		(8,266	)
HKD	2,582,135	BNP Paribas SA		USD		331,247		03/16/2022		(97	)
JPY	36,647,317	BNP Paribas SA		USD		320,876		03/16/2022		(2,702	)
JPY	240,748,718	Toronto-Dominion Bank (The)		USD		2,124,347		03/16/2022		(34,148	)
SEK	2,350,422	Goldman Sachs & Co.		USD		259,365		03/16/2022		(7,451	)

See Accompanying Notes to the Schedules of Investments.

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

Contracts to Receive		Counterparty	In Exchange For				Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	501,199	Citibank NA		BRL	*	2,843,346		03/16/2022	$	(28,667	)
USD	215,809	Toronto-Dominion Bank (The)		CAD		276,790		03/16/2022		(1,817	)
USD	177,812	Toronto-Dominion Bank (The)		CZK		4,025,838		03/16/2022		(7,050	)
USD	315,869	Toronto-Dominion Bank (The)		GBP		238,130		03/16/2022		(3,536	)
USD	71,612	Toronto-Dominion Bank (The)		MXN		1,532,040		03/16/2022		(2,069	)
USD	17,650	Goldman Sachs & Co.		NOK		158,603		03/16/2022		(125	)
USD	230,507	Toronto-Dominion Bank (The)		ZAR		3,732,507		03/16/2022		(9,376	)
Total unrealized depreciation									$	(116,479	)
Net unrealized depreciation									$	(40,323	)

*    Non-deliverable forward.

Abbreviations:

AUD —Australian Dollar

BRL —Brazilian Real

CAD —Canadian Dollar

CHF —Swiss Franc

CZK —Czech Koruna

DKK —Danish Krone

EUR —Euro

GBP —British Pound

HKD —Hong Kong Dollar

INR —Indian Rupee

JPY —Japanese Yen

KRW —Korean Won

MXN —Mexican Peso

NOK —Norwegian Krone

NZD —New Zealand Dollar

PLN —Polish Zloty

RUB —Russian Ruble

SEK —Swedish Krona

SGD —Singapore Dollar

TRY —Turkish Lira

TWD —Taiwan Dollar

USD —US Dollar

ZAR —South African Rand

See Accompanying Notes to the Schedules of Investments.

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

FlexShares^® International Quality Dividend Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2022:

Australia	3.2	%
Austria	0.4
Belgium	0.2
Brazil	1.7
Canada	5.4
Chile	0.1
China	9.4
Denmark	1.5
Finland	1.3
France	4.9
Germany	4.8
Greece	0.2
Hong Kong	2.1
India	2.7
Indonesia	1.5
Italy	0.8
Japan	12.6
Malaysia	1.3
Mexico	0.7
Netherlands	1.7
New Zealand	0.0	†
Norway	0.3
Qatar	0.3
Russia	2.4
Saudi Arabia	0.1
Singapore	0.7
South Africa	1.0
South Korea	1.8
Spain	2.6
Sweden	4.0
Switzerland	8.6
Taiwan	6.9
Thailand	1.2
Turkey	1.0
United Arab Emirates	0.5
United Kingdom	10.2
Other1	1.9
	100.0	%

^†    Amount represents less than 0.05%.

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

Security Type	% of Net Assets
Common Stocks		98.1	%
Securities Lending Reinvestments		0.2
Others(1)		1.7
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® International Quality Dividend Defensive Index Fund

January 31, 2022 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 98.6%
Aerospace & Defense - 0.1%
Bharat Electronics Ltd.		20,160		56,653
Air Freight & Logistics - 0.3%
Deutsche Post AG (Registered)		990		58,808
SG Holdings Co. Ltd.		6,000		126,431
				185,239
Auto Components - 0.8%
Bridgestone Corp.		13,200		574,282
Automobiles - 2.0%
Bajaj Auto Ltd.		10,230		488,678
Ford Otomotiv Sanayi A/S		24,690		456,421
Hero MotoCorp Ltd.		12,120		442,474
				1,387,573
Banks - 8.8%
Banco Bilbao Vizcaya Argentaria SA		98,370		621,277
Banco de Chile		1,678,800		168,427
Banco Santander Chile		3,073,080		152,769
Bank of China Ltd., Class H		600,000		233,150
Bank of Communications Co. Ltd., Class H		180,000		120,499
BOC Hong Kong Holdings Ltd.		165,000		634,815
China CITIC Bank Corp. Ltd., Class H		60,000		28,547
China Everbright Bank Co. Ltd., Class H		390,000		146,046
Commonwealth Bank of Australia(a)		11,550		762,814
Credit Agricole SA		16,710		248,760
Hang Seng Bank Ltd.		9,000		177,633
Malayan Banking Bhd.		45,791		90,477
Masraf Al Rayan QSC		59,700		80,589
National Bank of Canada		2,730		218,305
Nordea Bank Abp		50,220		591,507
Royal Bank of Canada		9,600		1,093,983
Sberbank of Russia PJSC		79,800		272,640
Swedbank AB, Class A		26,460		514,624
				6,156,862
Beverages - 1.0%
Emperador, Inc.		1,449,000		675,110
Biotechnology - 0.2%
CSL Ltd.(a)		60		11,006
Grifols SA(a)		6,480		113,392
				124,398
Capital Markets - 3.8%
Abrdn plc		129,840		419,648
CSC Financial Co. Ltd., Class H(a)(b)		495,000		556,098

Investments	Shares		Value ($)
Hargreaves Lansdown plc		27,120		487,930
Macquarie Korea Infrastructure Fund		46,410		519,730
Moscow Exchange MICEX-RTS PJSC		227,100		424,675
Singapore Exchange Ltd.		39,000		268,528
				2,676,609
Chemicals - 1.5%
Evonik Industries AG		4,830		155,881
Nissan Chemical Corp.		6,600		353,986
Yara International ASA		10,770		549,127
				1,058,994
Construction & Engineering - 1.9%
ACS Actividades de Construccion y Servicios SA(a)		5,368		134,131
ACS Actividades de Construccion y Servicios SA*(c)		107		2,674
Bouygues SA		4,080		142,653
HOCHTIEF AG		1,500		115,317
Metallurgical Corp. of China Ltd., Class H		1,740,000		464,146
Taisei Corp.		4,900		159,258
WSP Global, Inc.		2,340		311,865
				1,330,044
Construction Materials - 1.5%
Ambuja Cements Ltd.		98,130		480,179
China Resources Cement Holdings Ltd.		686,000		589,442
				1,069,621
Diversified Financial Services - 1.2%
Banca Mediolanum SpA		15,360		147,460
Power Finance Corp. Ltd.		101,760		165,958
REC Ltd.		265,560		493,415
				806,833
Diversified Telecommunication Services - 2.4%
Hellenic Telecommunications Organization SA		8,700		168,380
Koninklijke KPN NV		31,410		103,061
Nippon Telegraph & Telephone Corp.		8,000		226,826
Orange SA		17,490		204,297
Proximus SADP		7,560		153,520
Spark New Zealand Ltd.		4,500		12,797
Telefonica Deutschland Holding AG		52,530		149,571
Telefonica SA(a)		48,803		225,863
Telenor ASA		25,290		415,967
				1,660,282
Electric Utilities - 2.5%
CPFL Energia SA		36,000		196,136
EDP - Energias de Portugal SA		32,940		167,606
Endesa SA(a)		5,760		128,138
Enel SpA		54,690		415,726
Iberdrola SA		9,120		103,871

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Iberdrola SA*(c)		151		1,720
Red Electrica Corp. SA		8,460		169,852
SSE plc		27,090		575,164
				1,758,213
Electrical Equipment - 0.1%
Mitsubishi Electric Corp.		3,000		37,271
Electronic Equipment, Instruments & Components - 0.4%
Kingboard Laminates Holdings Ltd.		150,000		255,080
Equity Real Estate Investment Trusts (REITs) - 0.1%
Gecina SA		480		64,623
Food & Staples Retailing - 0.4%
BIM Birlesik Magazalar A/S		16,440		86,210
Etablissements Franz Colruyt NV		2,670		107,990
Welcia Holdings Co. Ltd.		3,900		104,756
				298,956
Food Products - 3.4%
Nestle SA (Registered)		17,280		2,210,088
Orkla ASA		14,760		140,381
Sime Darby Plantation Bhd.		36,000		30,362
				2,380,831
Gas Utilities - 2.0%
Naturgy Energy Group SA(a)		21,060		664,100
Petronas Gas Bhd.		135,000		547,677
Snam SpA		31,800		176,813
				1,388,590
Health Care Equipment & Supplies - 1.8%
Coloplast A/S, Class B		2,790		402,865
Fisher & Paykel Healthcare Corp. Ltd.		24,900		453,798
Hartalega Holdings Bhd.		90,000		126,436
Top Glove Corp. Bhd.		609,000		309,920
				1,293,019
Health Care Providers & Services - 0.1%
Notre Dame Intermedica Participacoes SA		3,000		40,226
Hotels, Restaurants & Leisure - 0.3%
Jollibee Foods Corp.		18,000		84,748
McDonald’s Holdings Co. Japan Ltd.		3,200		139,414
				224,162
Household Durables - 1.2%
Electrolux AB, Class B(a)		4,050		83,047
Persimmon plc		13,800		443,244
SEB SA		810		121,764
Sekisui House Ltd.(a)		9,000		180,781
Sony Group Corp.		300		33,118
				861,954
Independent Power and Renewable Electricity Producers - 1.0%
Colbun SA		8,727,210		723,443

Investments	Shares		Value ($)
Industrial Conglomerates - 2.2%
Alfa SAB de CV, Class A		90,000		65,422
CITIC Ltd.		45,000		50,208
Jardine Matheson Holdings Ltd.		9,000		529,560
Siemens AG (Registered)		4,980		780,891
Toshiba Corp.(a)		3,000		123,359
				1,549,440
Insurance - 4.6%
AIA Group Ltd.		6,000		62,058
Allianz SE (Registered)		1,830		466,393
Aviva plc		35,190		204,997
BB Seguridade Participacoes SA		99,000		431,424
Direct Line Insurance Group plc		42,420		173,527
Great-West Lifeco, Inc.(a)		5,670		177,037
Medibank Pvt Ltd.		66,600		144,992
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		930		290,918
PICC Property & Casualty Co. Ltd., Class H		180,000		167,129
Sampo OYJ, Class A		4,170		204,980
SCOR SE		4,650		157,005
Zurich Insurance Group AG		1,500		710,005
				3,190,465
Interactive Media & Services - 1.5%
Autohome, Inc., ADR		15,570		518,792
Tencent Holdings Ltd.		9,000		544,787
				1,063,579
Internet & Direct Marketing Retail - 0.6%
JD.com cash in lieu of shares*(c)		428		16,456
ZOZO, Inc.		15,000		394,445
				410,901
IT Services - 2.1%
Edenred		718		30,505
Itochu Techno-Solutions Corp.		12,000		323,888
Mindtree Ltd.		8,160		438,091
Tata Consultancy Services Ltd.		13,530		677,429
				1,469,913
Leisure Products - 0.7%
Shimano, Inc.		2,200		489,069
Life Sciences Tools & Services - 0.1%
Sartorius Stedim Biotech		180		78,109
Machinery - 2.1%
Atlas Copco AB, Class B		900		45,404
Harmonic Drive Systems, Inc.(a)		13,900		539,835
Knorr-Bremse AG		1,470		147,748
Kone OYJ, Class B		6,960		446,440
Rational AG		120		99,518
Sinotruk Hong Kong Ltd.		150,000		221,993
				1,500,938
Marine - 0.7%
SITC International Holdings Co. Ltd.		132,000		499,388

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Media - 0.5%
Publicis Groupe SA		3,424		229,147
Quebecor, Inc., Class B		6,210		146,778
				375,925
Metals & Mining - 6.8%
Cia Siderurgica Nacional SA		135,000		649,322
Evraz plc		66,600		446,144
Fortescue Metals Group Ltd.(a)		50,820		711,450
Fresnillo plc		30,240		253,491
Grupo Mexico SAB de CV, Series B		60,000		257,417
Kumba Iron Ore Ltd.		19,980		698,318
Magnitogorsk Iron & Steel Works PJSC		172,884		135,976
Novolipetsk Steel PJSC		47,108		129,475
Rio Tinto Ltd.		90		7,074
Rio Tinto plc		14,340		997,555
Severstal PAO		6,900		133,780
Tata Steel Ltd.		23,400		340,405
				4,760,407
Multiline Retail - 1.9%
B&M European Value Retail SA		63,510		482,449
Canadian Tire Corp. Ltd., Class A(a)		900		129,877
Dollarama, Inc.		3,720		191,850
Wesfarmers Ltd.		14,940		554,824
				1,359,000
Oil, Gas & Consumable Fuels - 5.4%
BP plc		131,880		677,314
China Petroleum & Chemical Corp., Class H		300,000		156,972
Enbridge, Inc.		26,340		1,112,999
LUKOIL PJSC		240		21,172
Neste OYJ		9,180		409,264
Polskie Gornictwo Naftowe i Gazownictwo SA		222,570		289,004
Shell plc		20,070		508,003
Surgutneftegas PJSC (Preference)		276,000		133,031
TotalEnergies SE		7,800		439,114
				3,746,873
Personal Products - 2.1%
Hengan International Group Co. Ltd.(a)		90,000		439,753
L’Oreal SA		2,250		950,510
Unilever plc		1,110		56,405
				1,446,668
Pharmaceuticals - 8.3%
AstraZeneca plc		1,140		131,795
Chugai Pharmaceutical Co. Ltd.		12,600		405,803
Daiichi Sankyo Co. Ltd.		19,200		427,407
GlaxoSmithKline plc		42,090		927,803
Novartis AG (Registered)		7,440		640,317
Novo Nordisk A/S, Class B		1,230		121,586
Orion OYJ, Class B		10,530		425,539
Roche Holding AG		6,960		2,667,981

Investments	Shares		Value ($)
Sanofi		630		65,503
				5,813,734
Professional Services - 0.0%(d)
RELX plc		510		15,532
Real Estate Management & Development - 1.9%
Agile Group Holdings Ltd.(a)		750,000		396,279
Daito Trust Construction Co. Ltd.		4,700		534,346
Guangzhou R&F Properties Co. Ltd., Class H(a)		276,000		122,469
KWG Group Holdings Ltd.		105,000		57,095
Land & Houses PCL, NVDR		630,000		185,433
				1,295,622
Road & Rail - 1.1%
Aurizon Holdings Ltd.		192,090		476,386
Canadian National Railway Co.		2,340		285,058
				761,444
Semiconductors & Semiconductor Equipment - 4.0%
ASML Holding NV		660		439,625
Disco Corp.		1,800		485,832
Novatek Microelectronics Corp.		25,000		423,348
Powerchip Semiconductor Manufacturing Corp.		60,000		140,649
Taiwan Semiconductor Manufacturing Co. Ltd.		56,000		1,280,506
				2,769,960
Software - 0.1%
SAP SE		330		40,840
Specialty Retail - 1.2%
Home Product Center PCL, NVDR		360,000		152,455
Industria de Diseno Textil SA		17,490		524,272
USS Co. Ltd.		11,100		179,758
				856,485
Technology Hardware, Storage & Peripherals - 4.2%
Asustek Computer, Inc.		15,000		193,877
Compal Electronics, Inc.		180,000		163,083
FUJIFILM Holdings Corp.		7,700		509,881
Inventec Corp.		168,000		152,211
Lite-On Technology Corp.		240,000		547,926
Logitech International SA (Registered)		4,200		346,267
Pegatron Corp.		60,000		149,493
Quanta Computer, Inc.		54,000		180,362
Samsung Electronics Co. Ltd.		8,520		518,056
Wistron Corp.		150,000		169,070
				2,930,226
Textiles, Apparel & Luxury Goods - 1.6%
Li Ning Co. Ltd.		48,000		463,838
LVMH Moet Hennessy Louis Vuitton SE		270		218,709
Page Industries Ltd.		780		443,463
				1,126,010
Tobacco - 3.2%
British American Tobacco plc		14,010		594,628
Imperial Brands plc		27,660		649,982

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
ITC Ltd.		92,250		272,216
Japan Tobacco, Inc.		30,000		597,266
Swedish Match AB		16,410		126,265
				2,240,357
Trading Companies & Distributors - 1.1%
ITOCHU Corp.(a)		9,000		286,422
Mitsubishi Corp.		9,000		302,825
Sumitomo Corp.		13,500		207,494
				796,741
Transportation Infrastructure - 0.6%
Westports Holdings Bhd.		471,000		432,120
Wireless Telecommunication Services - 1.2%
KDDI Corp.		12,000		379,605
SoftBank Corp.		14,400		179,211
Vodafone Group plc		176,820		308,447
				867,263
TOTAL COMMON STOCKS (COST $62,930,000)				68,975,877
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(e) - 0.4%
REPURCHASE AGREEMENTS - 0.4%
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $290,328, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.00%, maturing 2/15/2026 - 5/15/2040; total market value $294,522 (Cost $290,327)		290,327		290,327
Total Investments - 99.0% (Cost $63,220,327)				69,266,204
Other assets less liabilities - 1.0%				700,131
Net Assets - 100.0%				69,966,335

* Non-income producing security.

(a) The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $4,246,662, collateralized in the form of cash with a value of $290,327 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $1,043,252 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from March 17, 2022 – May 15, 2051 and $3,227,198 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 8.50%, and maturity dates ranging from February 25, 2022 – November 2, 2086; a total value of $4,560,777.

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

(c) Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $20,850, which represents approximately 0.03% of net assets of the Fund.

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

(e) The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $290,327.

Percentages shown are based on Net Assets.

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

See Accompanying Notes to the Schedules of Investments.

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

Futures Contracts

FlexShares^® International Quality Dividend Defensive Index Fund had the following open futures contracts as of January 31, 2022:

	Number of Contracts	Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Long Contracts
MSCI EAFE E-Mini Index	6		03/18/2022	USD	$	670,590	$	(12,067	)
MSCI Emerging Markets E-Mini Index	6		03/18/2022	USD		367,440		2,743
							$	(9,324	)

Forward Foreign Currency Contracts

FlexShares^® International Quality Dividend Defensive Index Fund had the following outstanding contracts as of January 31, 2022:

Contracts to Receive		Counterparty	In Exchange For				Maturity Date		Unrealized Appreciation/ (Depreciation)
NOK	59,477	Goldman Sachs & Co.		USD		6,619		03/16/2022	$	47
USD	39,730	Goldman Sachs & Co.		AUD		55,364		03/16/2022		716
USD	228,054	JPMorgan Chase Bank		CHF		210,000		03/16/2022		2,246
USD	362,162	JPMorgan Chase Bank		EUR		320,000		03/16/2022		3,117
USD	70,591	Toronto-Dominion Bank (The)		JPY		8,000,000		03/16/2022		1,135
Total unrealized appreciation									$	7,261
CHF	87,000	Bank of Montreal		USD		94,476		03/16/2022	$	(927	)
USD	17,627	Citibank NA		BRL	*	100,000		03/16/2022		(1,008	)
USD	92,626	JPMorgan Chase Bank		GBP		70,000		03/16/2022		(1,266	)
USD	46,317	Toronto-Dominion Bank (The)		ZAR		750,000		03/16/2022		(1,884	)
Total unrealized depreciation									$	(5,085	)
Net unrealized appreciation									$	2,176

* Non-deliverable forward.

Abbreviations:

AUD — Australian Dollar

BRL — Brazilian Real

CHF — Swiss Franc

EUR — Euro

GBP — British Pound

JPY — Japanese Yen

NOK — Norwegian Krone

USD — US Dollar

ZAR — South African Rand

See Accompanying Notes to the Schedules of Investments.

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

FlexShares^® International Quality Dividend Defensive Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2022:

Australia	3.8	%
Belgium	0.4
Brazil	1.9
Canada	5.2
Chile	1.5
China	7.9
Denmark	0.8
Finland	2.1
France	4.2
Germany	3.3
Greece	0.2
Hong Kong	2.0
India	6.1
Italy	1.1
Japan	11.9
Malaysia	2.2
Mexico	0.5
Netherlands	0.8
New Zealand	0.7
Norway	1.6
Philippines	1.1
Poland	0.4
Portugal	0.2
Qatar	0.1
Russia	1.8
Singapore	1.1
South Africa	1.0
South Korea	1.5
Spain	3.8
Sweden	1.9
Switzerland	9.4
Taiwan	4.9
Thailand	0.5
Turkey	0.8
United Kingdom	11.9
Other1	1.4
	100.0	%

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

Security Type	% of Net Assets
Common Stocks		98.6	%
Securities Lending Reinvestments		0.4
Others(1)		1.0
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® International Quality Dividend Dynamic Index Fund

January 31, 2022 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 98.5%
Auto Components - 1.3%
Fuyao Glass Industry Group Co. Ltd., Class H(a)		112,000		601,830
Koito Manufacturing Co. Ltd.		2,800		138,755
Magna International, Inc.		2,828		227,721
Nexteer Automotive Group Ltd.		112,000		122,377
				1,090,683
Automobiles - 2.6%
Daimler AG		13,160		1,031,632
Ford Otomotiv Sanayi A/S		30,268		559,537
Geely Automobile Holdings Ltd.		56,000		119,504
Isuzu Motors Ltd.		16,800		203,248
Porsche Automobil Holding SE (Preference)		2,184		201,737
				2,115,658
Banks - 9.4%
Agricultural Bank of China Ltd., Class H		448,000		170,064
Australia & New Zealand Banking Group Ltd.		22,232		415,554
Banco Bilbao Vizcaya Argentaria SA		60,592		382,682
BNP Paribas SA		8,596		607,075
China Construction Bank Corp., Class H		784,000		599,245
China Merchants Bank Co. Ltd., Class H		31,000		258,017
Credit Agricole SA		35,588		529,794
DBS Group Holdings Ltd.		14,363		373,907
DNB Bank ASA		9,828		232,251
Hana Financial Group, Inc.		18,088		675,205
Hang Seng Bank Ltd.		11,200		221,054
ING Groep NV		29,960		438,689
National Bank of Canada		3,164		253,011
Nordea Bank Abp		60,424		711,693
Royal Bank of Canada(b)		11,032		1,257,169
Sberbank of Russia PJSC (Preference)		31,920		104,005
Skandinaviska Enskilda Banken AB, Class A		46,032		588,832
				7,818,247
Beverages - 1.1%
Anheuser-Busch InBev SA/NV		5,768		360,281
Thai Beverage PCL		1,106,000		535,762
				896,043
Building Products - 0.3%
Cie de Saint-Gobain		3,976		265,866
Capital Markets - 4.7%
3i Group plc		35,616		654,644
Abrdn plc		179,732		580,900
CSC Financial Co. Ltd., Class H(a)		504,000		566,209

Investments	Shares		Value ($)
Macquarie Group Ltd.		2,716		351,367
Magellan Financial Group Ltd.(b)		25,340		332,250
Meritz Securities Co. Ltd.		143,304		725,138
SBI Holdings, Inc.		25,900		661,296
				3,871,804
Chemicals - 2.6%
BASF SE		7,028		531,949
Nippon Sanso Holdings Corp.		8,400		164,902
Nissan Chemical Corp.		9,200		493,435
Shin-Etsu Chemical Co. Ltd.		2,800		462,677
Wacker Chemie AG		3,416		490,729
				2,143,692
Construction & Engineering - 1.1%
ACS Actividades de Construccion y Servicios SA(b)		6,998		174,860
ACS Actividades de Construccion y Servicios SA*(c)		134		3,348
Bouygues SA		4,536		158,597
HOCHTIEF AG		7,840		602,725
				939,530
Construction Materials - 0.4%
China Resources Cement Holdings Ltd.		336,000		288,706
CRH plc		1,344		66,909
				355,615
Diversified Financial Services - 1.7%
Banca Mediolanum SpA		17,052		163,703
M&G plc		242,508		701,478
REC Ltd.		310,380		576,692
				1,441,873
Diversified Telecommunication Services - 1.0%
Telefonica SA(b)		146,454		677,796
Telenor ASA		10,612		174,545
				852,341
Electric Utilities - 1.6%
Endesa SA		8,708		193,720
Enel SpA		32,592		247,748
Fortum OYJ		7,336		197,779
SSE plc		30,856		655,123
				1,294,370
Electrical Equipment - 1.4%
Mitsubishi Electric Corp.		44,800		556,574
WEG SA		103,600		627,453
				1,184,027
Electronic Equipment, Instruments & Components - 0.2%
Omron Corp.		2,800		201,814
Energy Equipment & Services - 0.8%
Tenaris SA		54,096		652,807
Entertainment - 0.6%
NetEase, Inc., ADR		1,036		107,081
Nintendo Co. Ltd.		800		389,915
				496,996

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Equity Real Estate Investment Trusts (REITs) - 1.1%
Growthpoint Properties Ltd.		174,776		164,834
RioCan REIT(b)		9,716		169,064
Stockland		206,080		586,582
				920,480
Food & Staples Retailing - 0.1%
Cencosud SA		25,452		47,006
Food Products - 1.4%
Nestle SA (Registered)		4,200		537,174
Want Want China Holdings Ltd.		672,000		657,561
				1,194,735
Gas Utilities - 1.5%
AltaGas Ltd.(b)		9,324		191,421
Kunlun Energy Co. Ltd.		224,000		230,965
Naturgy Energy Group SA(b)		25,144		792,884
				1,215,270
Health Care Equipment & Supplies - 1.8%
Hartalega Holdings Bhd.		238,000		334,354
Hoya Corp.		4,600		589,048
Straumann Holding AG (Registered)		112		182,306
Top Glove Corp. Bhd.		716,800		364,779
				1,470,487
Health Care Providers & Services - 0.4%
Hapvida Participacoes e Investimentos SA(a)		86,800		206,947
Notre Dame Intermedica Participacoes SA		11,200		150,177
				357,124
Hotels, Restaurants & Leisure - 0.4%
Aristocrat Leisure Ltd.		6,720		191,040
OPAP SA		11,928		176,234
				367,274
Household Durables - 1.9%
Barratt Developments plc		72,940		598,511
Electrolux AB, Class B(b)		6,972		142,964
Haier Smart Home Co. Ltd., Class H		56,000		222,993
Persimmon plc		17,948		576,474
				1,540,942
Independent Power and Renewable Electricity Producers - 1.0%
Colbun SA		10,427,620		864,398
Industrial Conglomerates - 1.3%
Siemens AG (Registered)		5,880		922,016
SK, Inc.		840		152,252
				1,074,268
Insurance - 4.4%
Allianz SE (Registered)		6,300		1,605,614
Aviva plc		41,496		241,732
AXA SA		14,364		450,133
BB Seguridade Participacoes SA		30,800		134,221
Manulife Financial Corp.		14,980		311,779
SCOR SE		5,712		192,863
Zurich Insurance Group AG		1,456		689,178
				3,625,520

Investments	Shares		Value ($)
Interactive Media & Services - 0.6%
Tencent Holdings Ltd.		8,400		508,467
Internet & Direct Marketing Retail - 0.6%
JD.com cash in lieu of shares*(c)		385		14,803
ZOZO, Inc.		17,100		449,668
				464,471
IT Services - 0.6%
Capgemini SE		1,288		285,088
Infosys Ltd.		7,560		175,894
				460,982
Machinery - 3.0%
Atlas Copco AB, Class B		1,372		69,217
FANUC Corp.		3,600		701,723
Komatsu Ltd.		8,400		204,560
MINEBEA MITSUMI, Inc.		5,600		135,061
SKF AB, Class B		7,476		162,429
Volvo AB, Class B		11,368		253,628
Wartsila OYJ Abp		39,872		485,404
Weichai Power Co. Ltd., Class H		7,000		12,604
Yaskawa Electric Corp.(b)		11,200		462,191
				2,486,817
Marine - 2.0%
Nippon Yusen KK		9,900		764,678
Orient Overseas International Ltd.		37,000		911,055
				1,675,733
Media - 0.9%
Cheil Worldwide, Inc.		3,724		67,807
Publicis Groupe SA		10,108		676,465
				744,272
Metals & Mining - 7.0%
Anglo American Platinum Ltd.		1,568		188,044
BHP Group Ltd.(b)		8,120		265,166
BHP Group plc(c)		11,172		357,111
Evraz plc		71,764		480,737
Fortescue Metals Group Ltd.(b)		60,760		850,604
Gerdau SA (Preference)		30,800		161,483
Impala Platinum Holdings Ltd.		47,544		719,552
Kumba Iron Ore Ltd.		23,688		827,916
MMC Norilsk Nickel PJSC		2,128		596,475
Rio Tinto plc		9,044		629,142
Severstal PAO		7,952		154,176
Vedanta Ltd.		136,892		590,238
				5,820,644
Multiline Retail - 0.1%
Lojas Renner SA		19,600		103,795
Multi-Utilities - 0.9%
Engie SA		47,068		715,153
Oil, Gas & Consumable Fuels - 7.0%
Adaro Energy Tbk. PT		5,510,400		858,246
BP plc		147,140		755,687
Canadian Natural Resources Ltd.		19,068		969,442
Enbridge, Inc.		5,404		228,346
Keyera Corp.(b)		7,644		179,771
Lundin Energy AB		17,444		701,565

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Pembina Pipeline Corp.		20,692		656,651
Petroleo Brasileiro SA (Preference)		58,800		358,226
TotalEnergies SE		19,208		1,081,346
				5,789,280
Personal Products - 2.0%
L’Oreal SA		3,864		1,632,342
Pharmaceuticals - 4.9%
Astellas Pharma, Inc.		16,800		269,806
China Medical System Holdings Ltd.		224,000		372,876
GlaxoSmithKline plc		40,628		895,576
Novartis AG (Registered)		10,360		891,624
Orion OYJ, Class B		9,968		402,827
Roche Holding AG		2,016		772,795
Roche Holding AG - BR		700		285,699
Takeda Pharmaceutical Co. Ltd.		5,600		161,743
				4,052,946
Professional Services - 1.7%
Adecco Group AG (Registered)		3,164		148,914
Nihon M&A Center Holdings, Inc.		16,800		260,547
Recruit Holdings Co. Ltd.		20,600		1,000,278
				1,409,739
Real Estate Management & Development - 2.5%
Agile Group Holdings Ltd.(b)		224,000		118,355
China Resources Land Ltd.		56,000		269,675
CK Asset Holdings Ltd.		84,000		558,560
Country Garden Holdings Co. Ltd.(b)		408,001		334,352
Daiwa House Industry Co. Ltd.		2,800		81,041
Guangzhou R&F Properties Co. Ltd., Class H(b)		168,000		74,547
KWG Group Holdings Ltd.		126,000		68,514
Land & Houses PCL, NVDR		719,600		211,806
Logan Group Co. Ltd.		84,000		52,247
Sunac Services Holdings Ltd.(a)		252,000		284,720
				2,053,817
Road & Rail - 0.7%
Aurizon Holdings Ltd.		222,460		551,704
Semiconductors & Semiconductor Equipment - 7.1%
Advantest Corp.		5,700		473,413
ASML Holding NV		2,408		1,603,965
Globalwafers Co. Ltd.		7,000		194,039
MediaTek, Inc.		12,000		463,795
Nanya Technology Corp.		69,000		178,615
Novatek Microelectronics Corp.		35,000		592,687
Phison Electronics Corp.		22,000		354,749
Silergy Corp.		3,000		391,530
Taiwan Semiconductor Manufacturing Co. Ltd.		48,000		1,097,577
Tokyo Electron Ltd.		1,100		522,482
				5,872,852
Software - 0.9%
Nemetschek SE		2,240		203,746
SAP SE		4,256		526,716
				730,462

Investments	Shares		Value ($)
Specialty Retail - 2.2%
Fast Retailing Co. Ltd.		300		174,415
Hotai Motor Co. Ltd.		8,000		173,150
Industria de Diseno Textil SA		20,944		627,808
USS Co. Ltd.		11,200		181,377
Vibra Energia SA		159,600		688,294
				1,845,044
Technology Hardware, Storage & Peripherals - 1.8%
Quanta Computer, Inc.		200,000		668,009
Samsung Electronics Co. Ltd.		7,541		458,528
Samsung Electronics Co. Ltd. (Preference)		6,720		369,586
				1,496,123
Textiles, Apparel & Luxury Goods - 1.1%
Burberry Group plc		7,700		192,926
Eclat Textile Co. Ltd.		27,000		592,148
LVMH Moet Hennessy Louis Vuitton SE		84		68,043
Moncler SpA		1,372		86,651
				939,768
Tobacco - 1.6%
Imperial Brands plc		31,164		732,323
Japan Tobacco, Inc.		30,800		613,193
				1,345,516
Trading Companies & Distributors - 1.6%
Ashtead Group plc		8,848		622,748
Ferguson plc		4,620		719,017
				1,341,765
Transportation Infrastructure - 0.2%
CCR SA		61,600		150,810
Wireless Telecommunication Services - 1.4%
SoftBank Group Corp.		8,400		365,306
Total Access Communication PCL, NVDR		534,800		742,889
Vodafone Group plc		50,232		87,626
				1,195,821
TOTAL COMMON STOCKS (COST $77,797,065)				81,687,193
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(d) - 0.8%
REPURCHASE AGREEMENTS - 0.8%
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $563,177, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.00%, maturing 2/15/2026 - 5/15/2040; total market value $571,313		563,176		563,176

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Deutsche Bank AG, London Branch, 0.15%, dated 1/31/2022, due 2/1/2022, repurchase price $100,000, collateralized by various U.S. Treasury Securities, ranging from 2.00% - 2.25%, maturing 11/15/2041 - 8/15/2051; Foreign Government Fixed Income Securities, ranging from 0.41% - 2.63%, maturing 5/20/2022 - 11/3/2031; total market value $101,628		100,000		100,000
				663,176
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $663,176)				663,176
Total Investments - 99.3% (Cost $78,460,241)				82,350,369
Other assets less liabilities - 0.7%				550,040
Net Assets - 100.0%				82,900,409

* Non-income producing security.

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

(b) The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $4,554,786, collateralized in the form of cash with a value of $663,176 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $2,545,881 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from February 28, 2022 – May 15, 2051 and $1,619,930 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 8.50%, and maturity dates ranging from February 25, 2022 – September 20, 2117; a total value of $4,828,987.

(c) Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $375,262, which represents approximately 0.45% of net assets of the Fund.

(d) The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $663,176.

Percentages shown are based on Net Assets.

Abbreviations

ADR	American Depositary Receipt
NVDR	Non-Voting Depositary Receipt
OYJ	Public Limited Company
PJSC	Public Joint Stock Company

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

See Accompanying Notes to the Schedules of Investments.

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

Futures Contracts

FlexShares^® International Quality Dividend Dynamic Index Fund had the following open futures contracts as of January 31, 2022:

	Number of Contracts		Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Long Contracts
MSCI EAFE E-Mini Index		7		03/18/2022	USD	$	782,355	$	(15,130	)
MSCI Emerging Markets E-Mini Index		4		03/18/2022	USD		244,960		1,184
								$	(13,946	)

Forward Foreign Currency Contracts

FlexShares^® International Quality Dividend Dynamic Index Fund had the following outstanding contracts as of January 31, 2022:

Contracts to Receive		Counterparty	In Exchange For			Maturity Date		Unrealized Appreciation/ (Depreciation)
CAD	38,000	Toronto-Dominion Bank (The)		USD	29,646		03/16/2022	$	231
DKK	90,000	Toronto-Dominion Bank (The)		USD	13,513		03/16/2022		60
GBP	13,000	Bank of New York		USD	17,307		03/16/2022		130
GBP	64,000	JPMorgan Chase Bank		USD	84,932		03/16/2022		912
USD	29,017	BNP Paribas SA		AUD	40,000		03/16/2022		829
USD	78,171	Goldman Sachs & Co.		AUD	108,932		03/16/2022		1,409
USD	118,666	JPMorgan Chase Bank		CHF	109,272		03/16/2022		1,168
USD	33,886	Goldman Sachs & Co.		DKK	223,000		03/16/2022		257
USD	153,232	Bank of Montreal		EUR	135,000		03/16/2022		1,760
USD	140,660	JPMorgan Chase Bank		EUR	124,284		03/16/2022		1,211
USD	11,327	BNP Paribas SA		HKD	88,298		03/16/2022		3
USD	37,227	JPMorgan Chase Bank		HKD	290,000		03/16/2022		35
USD	54,779	JPMorgan Chase Bank		JPY	6,300,000		03/16/2022		82
USD	71,803	Toronto-Dominion Bank (The)		JPY	8,194,060		03/16/2022		661
Total unrealized appreciation								$	8,748
AUD	113,000	Morgan Stanley		USD	80,821		03/16/2022	$	(1,192	)
CAD	36,542	Toronto-Dominion Bank (The)		USD	28,778		03/16/2022		(47	)
CHF	23,000	Morgan Stanley		USD	25,081		03/16/2022		(349	)
EUR	160,000	JPMorgan Chase Bank		USD	182,152		03/16/2022		(2,629	)
EUR	23,000	Morgan Stanley		USD	26,413		03/16/2022		(607	)
JPY	10,500,000	Morgan Stanley		USD	92,526		03/16/2022		(1,364	)
USD	107,074	JPMorgan Chase Bank		GBP	80,918		03/16/2022		(1,463	)
USD	12,687	Goldman Sachs & Co.		NOK	114,000		03/16/2022		(90	)
USD	12,445	BNP Paribas SA		SGD	17,000		03/16/2022		(125	)
Total unrealized depreciation								$	(7,866	)
Net unrealized appreciation								$	882

Abbreviations:

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

DKK — Danish Krone

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

JPY — Japanese Yen

NOK — Norwegian Krone

SGD — Singapore Dollar

USD — US Dollar

See Accompanying Notes to the Schedules of Investments.

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

FlexShares^® International Quality Dividend Dynamic Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2022:

Australia	4.3	%
Belgium	0.4
Brazil	3.1
Canada	5.4
Chile	1.1
China	8.4
Finland	1.3
France	8.0
Germany	7.4
Greece	0.2
Hong Kong	0.9
India	1.6
Indonesia	1.0
Italy	1.4
Japan	12.9
Malaysia	0.8
Netherlands	2.5
Norway	0.5
Russia	1.0
Singapore	1.1
South Africa	2.3
South Korea	3.0
Spain	3.4
Sweden	3.2
Switzerland	4.2
Taiwan	5.7
Thailand	1.2
Turkey	0.7
United Kingdom	11.5
Other1	1.5
	100.0	%

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

Security Type	% of Net Assets
Common Stocks		98.5	%
Securities Lending Reinvestments		0.8
Others(1)		0.7
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

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

January 31, 2022 (Unaudited)

Investments	Principal Amount ($)		Value ($)
U.S. TREASURY OBLIGATIONS - 99.9%
U.S. Treasury Inflation Linked Bonds
2.38%, 1/15/2025		161,289,228		181,373,824
2.00%, 1/15/2026		29,815,916		33,898,398
2.38%, 1/15/2027		24,213,447		28,684,351
U.S. Treasury Inflation Linked Notes
0.63%, 4/15/2023		55,541,069		57,688,353
0.38%, 7/15/2023		51,773,117		54,079,846
0.63%, 1/15/2024		51,697,757		54,472,068
0.50%, 4/15/2024		37,472,244		39,530,987
0.13%, 7/15/2024		50,690,363		53,453,943
0.13%, 10/15/2024		148,923,500		157,165,805
0.25%, 1/15/2025		187,939,546		198,970,330
0.13%, 4/15/2025		149,439,985		157,812,167
0.38%, 7/15/2025		187,655,439		200,908,533
0.13%, 10/15/2025		38,759,591		41,127,723
0.63%, 1/15/2026		52,511,696		56,720,617
0.13%, 4/15/2026(a)		44,595,729		47,303,621
0.13%, 7/15/2026(a)		45,115,001		48,119,221
0.13%, 10/15/2026(a)		42,276,221		45,114,822
0.38%, 1/15/2027(a)		46,811,487		50,540,246
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,480,476,544)				1,506,964,855
SECURITIES LENDING REINVESTMENTS(b) - 2.8%
REPURCHASE AGREEMENTS - 2.8%
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $13,291,253, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.00%, maturing 2/15/2026 - 5/15/2040; total market value $13,483,272		13,291,235		13,291,235
Deutsche Bank AG, London Branch, 0.15%, dated 1/31/2022, due 2/1/2022, repurchase price $3,200,013, collateralized by various U.S. Treasury Securities, ranging from 2.00% - 2.25%, maturing 11/15/2041 - 8/15/2051; Foreign Government Fixed Income Securities, ranging from 0.41% - 2.63%, maturing 5/20/2022 - 11/3/2031; total market value $3,252,093		3,200,000		3,200,000

Investments	Principal Amount ($)		Value ($)
Societe Generale, New York Branch, 0.05%, dated 1/31/2022, due 2/7/2022, repurchase price $25,000,243, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 2/1/2022 - 8/15/2046; total market value $25,283,153		25,000,000		25,000,000
				41,491,235
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $41,491,235)				41,491,235
Total Investments—102.7% (Cost $1,521,967,779)				1,548,456,090
Liabilities in excess of other assets - (2.7%)				(41,136,662	)
Net Assets - 100.0%				1,507,319,428

(a) The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $44,000,524, collateralized in the form of cash with a value of $41,491,235 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $3,279,251 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from February 1, 2022 – November 15, 2051; a total value of $44,770,486.

(b) The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $41,491,235.

Percentages shown are based on Net Assets.

See Accompanying Notes to the Schedules of Investments.

FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund (cont.)

Security Type	% of Net Assets
U.S. Treasury Obligations		99.9	%
Securities Lending Reinvestments		2.8
Others(1)		(2.7	)
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

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

January 31, 2022 (Unaudited)

Investments	Principal Amount ($)		Value ($)
U.S. TREASURY OBLIGATIONS - 99.9%
U.S. Treasury Inflation Linked Bonds
2.00%, 1/15/2026		18,373,248		20,888,966
2.38%, 1/15/2027		14,933,555		17,690,969
1.75%, 1/15/2028		31,510,075		36,929,817
3.63%, 4/15/2028		43,823,213		56,907,755
2.50%, 1/15/2029		12,038,392		15,024,718
3.88%, 4/15/2029		21,675,415		29,437,379
3.38%, 4/15/2032		5,095,439		7,359,117
U.S. Treasury Inflation Linked Notes
0.13%, 4/15/2025		24,684,816		26,067,752
0.38%, 7/15/2025		31,324,743		33,537,041
0.13%, 10/15/2025		23,852,633		25,309,980
0.63%, 1/15/2026		32,343,864		34,936,291
0.13%, 4/15/2026(a)		27,471,571		29,139,669
0.13%, 7/15/2026(a)		27,758,707		29,607,167
0.13%, 10/15/2026		27,240,562		29,069,606
0.38%, 1/15/2027		67,223,841		72,578,541
0.38%, 7/15/2027		63,699,311		69,227,283
0.50%, 1/15/2028		38,245,398		41,811,531
0.75%, 7/15/2028		26,468,660		29,592,359
0.88%, 1/15/2029(a)		26,005,691		29,382,390
0.25%, 7/15/2029		28,168,191		30,769,461
0.13%, 1/15/2030		28,886,676		31,222,062
0.13%, 7/15/2030		30,284,859		32,923,960
0.13%, 1/15/2031(a)		30,104,647		32,692,783
TOTAL U.S. TREASURY OBLIGATIONS (Cost $742,411,334)				762,106,597
SECURITIES LENDING REINVESTMENTS(b) - 3.9%
REPURCHASE AGREEMENTS - 3.9%
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $4,198,621, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.00%, maturing 2/15/2026 - 5/15/2040; total market value $4,259,278		4,198,615		4,198,615

Investments	Principal Amount ($)		Value ($)
Deutsche Bank AG, London Branch, 0.15%, dated 1/31/2022, due 2/1/2022, repurchase price $900,004, collateralized by various U.S. Treasury Securities, ranging from 2.00% - 2.25%, maturing 11/15/2041 - 8/15/2051; Foreign Government Fixed Income Securities, ranging from 0.41% - 2.63%, maturing 5/20/2022 - 11/3/2031; total market value $914,651		900,000		900,000
Societe Generale, New York Branch, 0.05%, dated 1/31/2022, due 2/7/2022, repurchase price $25,000,243, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 2/1/2022 - 8/15/2046; total market value $25,283,153		25,000,000		25,000,000
				30,098,615
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $30,098,615)				30,098,615
Total Investments - 103.8% (Cost $772,509,949)				792,205,212
Liabilities in excess of other assets - (3.8%)				(29,087,511	)
Net Assets - 100.0%				763,117,701

(a) The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $68,294,906, collateralized in the form of cash with a value of $30,098,615 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $2,311,078 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 0.00%, and maturity dates ranging from February 1, 2022 – November 15, 2022 and $38,822,646 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.50%, and maturity dates ranging from February 2, 2022 – June 30, 2120; a total value of $71,232,339.

(b) The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $30,098,615.

Percentages shown are based on Net Assets.

See Accompanying Notes to the Schedules of Investments.

FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund (cont.)

Security Type	% of Net Assets
U.S. Treasury Obligations		99.9	%
Securities Lending Reinvestments		3.9
Others(1)		(3.8	)
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® Disciplined Duration MBS Index Fund

January 31, 2022 (Unaudited)

Investments	Principal Amount ($)		Value ($)
MORTGAGE-BACKED SECURITIES - 99.7%
FHLMC
2.00%, 8/1/2031		161,400		163,013
2.00%, 10/1/2031		34,531		34,876
3.00%, 4/1/2033		139,260		145,454
3.00%, 6/1/2033		112,377		117,376
3.00%, 7/1/2033		1,505,127		1,573,419
5.00%, 5/1/2034		55,152		61,833
5.00%, 7/1/2034		294,222		330,832
3.00%, 5/1/2035		19,163		19,959
5.00%, 7/1/2035		287,128		322,711
5.00%, 8/1/2035		112,639		126,579
5.00%, 10/1/2035		17,955		20,131
3.00%, 11/1/2035		22,594		23,588
5.00%, 11/1/2035		176,055		198,012
5.00%, 12/1/2035		112,779		127,055
6.00%, 1/1/2037		73,780		85,036
6.00%, 4/1/2037		36,629		42,201
6.00%, 5/1/2037		63,086		72,676
5.00%, 2/1/2038		55,508		62,362
5.00%, 7/1/2038		164,032		184,402
5.00%, 10/1/2038		49,929		56,095
5.00%, 11/1/2038		191,527		214,416
5.00%, 12/1/2038		345,108		386,899
5.00%, 2/1/2039		135,711		152,452
5.00%, 5/1/2039		68,212		76,491
5.00%, 6/1/2039		30,068		33,801
5.00%, 7/1/2039		50,570		56,708
5.00%, 9/1/2039		69,188		77,709
6.00%, 11/1/2039		40,018		46,067
5.00%, 12/1/2039		232,948		262,047
5.00%, 1/1/2040		17,542		19,674
5.00%, 3/1/2040		47,186		52,901
5.00%, 4/1/2040		21,564		24,251
6.00%, 4/1/2040		46,728		53,695
5.00%, 5/1/2040		19,332		21,678
6.00%, 5/1/2040		109,458		125,928
5.00%, 7/1/2040		105,971		118,855
6.00%, 7/1/2040		173,383		199,590
5.00%, 9/1/2040		91,963		103,434
4.00%, 1/1/2041		13,974		15,166
5.00%, 5/1/2041		150,717		167,622
5.00%, 7/1/2041		224,368		252,037
3.50%, 11/1/2041		71,832		76,449
3.00%, 3/1/2042		12,583		13,126
4.50%, 3/1/2042		599,197		657,621
3.00%, 4/1/2042		89,820		93,692
3.00%, 6/1/2042		75,829		79,121
3.00%, 8/1/2042		42,350		44,189
3.00%, 11/1/2042		283,365		295,585
3.00%, 12/1/2042		90,825		94,753
3.00%, 1/1/2043		46,500		48,506

Investments	Principal Amount ($)		Value ($)
3.00%, 2/1/2043		25,153		26,221
3.00%, 3/1/2043		130,436		136,102
3.00%, 4/1/2043		30,429		31,732
3.00%, 6/1/2043		19,661		20,513
3.00%, 10/1/2043		60,140		62,695
4.00%, 8/1/2044		14,189		15,351
5.00%, 8/1/2044		40,645		45,651
4.00%, 1/1/2045		44,169		47,785
4.00%, 2/1/2045		94,662		103,075
4.00%, 8/1/2045		111,249		120,178
4.00%, 9/1/2045		18,564		20,016
4.00%, 10/1/2045		182,321		197,216
4.00%, 11/1/2045		37,092		39,971
4.00%, 12/1/2045		15,486		16,676
4.00%, 1/1/2046		47,710		51,449
2.50%, 9/1/2046		26,116		26,289
3.00%, 11/1/2046		30,362		31,367
3.00%, 12/1/2046		149,181		154,349
3.00%, 1/1/2047		955,536		989,140
FHLMC UMBS
2.00%, 8/1/2031		39,382		39,757
2.00%, 11/1/2031		63,423		64,028
2.50%, 12/1/2031		845,169		868,297
2.00%, 2/1/2032		70,393		71,065
5.00%, 8/1/2035		431,494		484,985
1.50%, 2/1/2036		1,412,010		1,391,865
2.00%, 3/1/2036		897,424		906,076
1.50%, 4/1/2036		923,495		910,319
6.00%, 4/1/2036		490,548		560,328
2.50%, 10/1/2036		795,204		809,285
5.00%, 3/1/2038		65,260		73,323
5.00%, 7/1/2039		79,467		89,068
5.00%, 10/1/2039		30,552		34,370
5.00%, 1/1/2040		30,866		34,810
5.00%, 3/1/2040		51,929		58,895
5.00%, 5/1/2040		70,349		78,781
2.00%, 7/1/2040		124,590		123,783
6.00%, 7/1/2040		794,934		915,182
2.50%, 8/1/2040		14,991		15,205
2.50%, 9/1/2040		34,148		34,650
1.50%, 10/1/2040		620,707		597,654
3.50%, 12/1/2040		49,486		52,643
2.00%, 1/1/2041		195,300		194,036
1.50%, 3/1/2041		808,815		778,757
2.00%, 3/1/2041		702,972		698,416
4.50%, 3/1/2041		93,161		101,692
1.50%, 4/1/2041		231,425		222,825
2.00%, 4/1/2041		183,669		182,706
4.50%, 4/1/2041		18,617		20,498
1.50%, 5/1/2041		705,768		679,539
2.50%, 6/1/2041		921,188		937,592
4.00%, 1/1/2042		69,932		76,029
5.00%, 2/1/2042		56,994		63,774
3.00%, 3/1/2042		127,097		132,407
3.50%, 11/1/2042		87,945		93,569

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
3.00%, 12/1/2042		561,749		585,716
3.50%, 1/1/2043		46,485		49,745
3.50%, 2/1/2043		32,429		34,350
2.50%, 6/1/2043		449,351		453,702
4.00%, 12/1/2043		14,205		15,392
4.50%, 3/1/2044		70,070		76,742
4.00%, 6/1/2044		5,193		5,616
4.50%, 7/1/2044		26,711		29,152
4.00%, 8/1/2044		15,332		16,580
4.00%, 12/1/2044		859,643		914,915
4.50%, 12/1/2044		15,900		17,350
5.00%, 12/1/2044		155,137		173,680
4.00%, 2/1/2045		18,932		20,605
4.50%, 9/1/2045		15,229		16,414
4.00%, 10/1/2045		50,464		54,369
4.00%, 12/1/2045		24,937		27,017
4.50%, 12/1/2045		775,123		845,935
3.00%, 1/1/2046		50,142		52,109
3.50%, 1/1/2046		916,478		968,590
4.00%, 1/1/2046		41,057		44,458
4.50%, 4/1/2046		40,850		44,908
2.50%, 10/1/2046		989,481		995,466
3.00%, 11/1/2046		519,231		539,360
2.50%, 12/1/2046		143,202		144,069
4.50%, 3/1/2047		635,305		688,661
4.50%, 8/1/2048		562,350		607,847
4.50%, 4/1/2050		1,148,689		1,230,728
2.50%, 11/1/2050		171,622		172,141
4.50%, 1/1/2051		1,303,219		1,400,662
3.00%, 3/1/2051		787,237		808,130
3.00%, 4/1/2051		531,613		544,026
FNMA UMBS
3.00%, 7/1/2030		1,150,209		1,199,854
3.50%, 10/1/2030		70,769		73,830
3.50%, 11/1/2030		12,534		13,076
2.00%, 9/1/2031		32,003		32,308
2.00%, 11/1/2031		75,827		76,551
2.00%, 2/1/2032		67,864		68,511
6.00%, 12/1/2032		13,339		15,211
6.00%, 4/1/2033		8,081		9,190
3.00%, 5/1/2033		126,560		131,725
3.00%, 6/1/2033		125,971		131,463
3.00%, 7/1/2033		15,996		16,696
3.00%, 8/1/2033		1,299,614		1,350,910
3.00%, 10/1/2033		27,914		29,134
6.00%, 3/1/2034		265,107		299,682
6.00%, 8/1/2034		42,654		48,954
6.50%, 9/1/2034		130,257		148,538
6.00%, 12/1/2034		201,474		230,190
6.00%, 4/1/2035		772,496		865,822
2.50%, 7/1/2035		869,700		891,127
5.00%, 8/1/2035		26,747		30,021
1.50%, 11/1/2035		955,487		942,041
6.00%, 11/1/2035		39,146		44,603
5.00%, 12/1/2035		60,660		68,110
2.00%, 1/1/2036		612,423		618,281
3.00%, 1/1/2036		802,143		837,044
5.00%, 2/1/2036		226,251		254,145

Investments	Principal Amount ($)		Value ($)
4.50%, 6/1/2036		589,181		646,236
6.00%, 6/1/2036		54,687		62,987
2.00%, 7/1/2036		1,132,956		1,141,744
2.50%, 7/1/2036		915,776		939,143
5.00%, 7/1/2036		26,204		29,411
6.50%, 8/1/2036		21,052		24,200
6.00%, 9/1/2036		843,202		961,487
2.50%, 11/1/2036		962,408		979,348
6.00%, 11/1/2036		54,925		63,266
3.00%, 1/1/2037		1,102,223		1,147,753
1.50%, 2/1/2037		1,400,000		1,380,026
6.00%, 6/1/2037		114,488		131,896
6.00%, 8/1/2037		182,392		208,308
6.00%, 9/1/2037		26,106		30,064
6.50%, 10/1/2037		44,293		49,693
5.00%, 3/1/2038		62,445		70,129
5.00%, 5/1/2038		50,116		56,282
6.00%, 5/1/2038		17,999		20,736
6.00%, 9/1/2038		32,085		36,965
5.00%, 6/1/2039		61,729		69,330
5.00%, 10/1/2039		60,443		67,940
2.50%, 12/1/2039		10,536		10,713
5.00%, 2/1/2040		49,085		56,122
5.00%, 3/1/2040		183,173		205,897
2.50%, 6/1/2040		7,115		7,212
5.00%, 6/1/2040		18,743		21,009
6.00%, 6/1/2040		130,204		149,824
2.00%, 11/1/2040		806,407		797,215
2.00%, 12/1/2040		435,325		429,563
2.00%, 1/1/2041		201,748		200,691
3.50%, 1/1/2041		44,301		47,127
1.50%, 2/1/2041		894,491		861,339
2.50%, 2/1/2041		330,381		336,263
3.50%, 2/1/2041		28,384		30,183
4.50%, 2/1/2041		148,759		162,857
1.50%, 4/1/2041		480,403		461,287
2.00%, 5/1/2041		932,772		927,886
4.50%, 5/1/2041		47,250		51,796
5.00%, 5/1/2041		38,049		42,739
6.00%, 5/1/2041		29,994		34,512
4.50%, 6/1/2041		624,593		679,508
6.00%, 6/1/2041		1,260,937		1,446,563
2.50%, 7/1/2041		939,895		956,633
5.00%, 7/1/2041		519,847		583,335
6.00%, 7/1/2041		2,387,169		2,748,504
4.50%, 8/1/2041		148,287		162,319
5.00%, 8/1/2041		77,348		87,178
4.00%, 9/1/2041		241,010		261,960
4.50%, 9/1/2041		93,103		101,880
3.50%, 10/1/2041		150,205		159,854
4.00%, 10/1/2041		64,155		69,757
5.00%, 10/1/2041		79,579		89,386
4.00%, 11/1/2041		93,645		101,518
4.00%, 12/1/2041		20,785		22,518
4.00%, 1/1/2042		189,844		205,908
4.50%, 1/1/2042		22,095		24,238
6.00%, 1/1/2042		87,389		100,959
3.00%, 3/1/2042		173,039		180,177

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
4.00%, 3/1/2042		99,879		109,065
3.00%, 4/1/2042		58,190		60,685
4.50%, 4/1/2042		111,943		122,771
3.50%, 5/1/2042		29,462		31,209
4.50%, 5/1/2042		83,733		91,852
3.50%, 6/1/2042		52,926		56,271
3.50%, 7/1/2042		150,399		160,007
4.00%, 7/1/2042		137,481		150,737
3.50%, 8/1/2042		48,271		51,371
3.00%, 9/1/2042		84,243		87,833
3.50%, 9/1/2042		17,477		18,593
4.00%, 9/1/2042		83,691		91,003
3.00%, 10/1/2042		170,484		177,428
3.50%, 10/1/2042		30,379		32,162
2.50%, 12/1/2042		278,196		280,632
3.00%, 12/1/2042		163,414		170,401
2.50%, 1/1/2043		8,372		8,428
3.00%, 1/1/2043		160,842		167,610
3.50%, 1/1/2043		45,530		48,448
4.00%, 1/1/2043		87,524		94,869
4.50%, 1/1/2043		227,418		249,233
2.50%, 2/1/2043		865,295		873,175
3.00%, 2/1/2043		217,586		226,845
3.50%, 2/1/2043		84,325		89,872
3.50%, 3/1/2043		104,744		111,465
2.50%, 5/1/2043		14,512		14,533
2.50%, 6/1/2043		7,349		7,402
4.00%, 8/1/2043		49,636		53,606
4.00%, 9/1/2043		115,348		125,030
4.50%, 9/1/2043		31,792		34,828
4.00%, 10/1/2043		141,349		152,975
4.00%, 11/1/2043		304,997		331,460
4.50%, 11/1/2043		106,932		117,916
4.50%, 12/1/2043		77,732		85,032
4.00%, 1/1/2044		112,536		122,054
4.50%, 2/1/2044		22,820		24,972
3.00%, 3/1/2044		953,177		992,627
4.50%, 3/1/2044		122,937		137,858
5.00%, 3/1/2044		23,686		26,667
4.00%, 4/1/2044		1,136,537		1,229,632
4.50%, 4/1/2044		236,129		258,919
5.00%, 6/1/2044		37,738		42,017
3.00%, 10/1/2044		804,653		841,642
4.00%, 10/1/2044		44,676		48,467
4.50%, 10/1/2044		11,262		12,266
4.50%, 12/1/2044		42,540		46,572
4.00%, 2/1/2045		32,319		35,038
4.50%, 2/1/2045		147,062		160,954
4.00%, 4/1/2045		29,715		32,225
4.00%, 8/1/2045		14,590		15,738
4.00%, 11/1/2045		65,048		69,935
4.50%, 11/1/2045		90,885		99,768
4.00%, 12/1/2045		368,953		399,577
4.00%, 2/1/2046		11,009		11,877
4.50%, 3/1/2046		155,201		169,382
4.00%, 4/1/2046		14,429		15,637
2.50%, 6/1/2046		83,932		84,745
4.50%, 6/1/2046		107,574		117,348

Investments	Principal Amount ($)		Value ($)
4.50%, 7/1/2046		22,972		24,833
4.50%, 8/1/2046		20,750		22,665
2.50%, 9/1/2046		144,849		145,630
2.50%, 10/1/2046		70,481		70,904
4.50%, 10/1/2046		39,031		42,152
2.50%, 12/1/2046		24,074		24,142
4.50%, 1/1/2047		35,759		38,601
4.00%, 2/1/2047		37,673		40,647
4.50%, 2/1/2047		43,363		47,545
2.50%, 3/1/2047		147,930		148,813
4.50%, 3/1/2047		219,064		243,455
4.50%, 5/1/2047		741,945		797,228
4.50%, 7/1/2047		93,348		102,315
5.00%, 7/1/2047		303,104		339,332
3.50%, 2/1/2048		1,360,247		1,436,455
4.50%, 4/1/2048		913,281		1,002,521
4.00%, 7/1/2048		160,839		173,742
4.50%, 11/1/2048		852,496		909,919
6.00%, 2/1/2049		110,300		128,468
2.50%, 7/1/2049		1,564,119		1,573,428
4.50%, 10/1/2049		1,011,167		1,081,061
4.50%, 11/1/2049		1,229,975		1,326,108
3.00%, 9/1/2050		675,838		691,978
2.50%, 11/1/2050		179,813		179,995
FNMA/FHLMC UMBS, 30 Year, Single Family
TBA 1.50%, 2/25/2052		4,300,000		4,068,539
TBA 2.00%, 2/25/2052		3,600,000		3,510,281
TBA 2.50%, 2/25/2052		3,600,000		3,595,781
GNMA
6.00%, 3/15/2033		58,432		67,512
5.50%, 8/20/2033		35,924		41,029
5.50%, 11/20/2033		32,780		36,000
6.00%, 12/15/2033		109,209		126,212
5.50%, 3/20/2034		39,669		45,420
5.50%, 7/20/2034		25,141		28,788
5.50%, 9/20/2034		10,719		11,775
6.00%, 2/15/2035		23,918		27,498
5.50%, 3/20/2036		81,537		91,981
5.50%, 9/20/2038		47,542		54,549
5.50%, 2/20/2039		79,341		91,045
4.50%, 5/15/2039		2,471,875		2,760,541
5.00%, 11/15/2039		2,395,444		2,724,094
4.00%, 6/15/2040		379,674		413,007
4.00%, 8/15/2040		374,718		409,665
4.00%, 11/15/2040		273,528		300,415
5.50%, 12/20/2040		23,252		25,999
5.50%, 1/20/2041		22,089		25,341
5.50%, 5/20/2041		138,314		158,694
4.00%, 9/15/2041		1,149,092		1,242,083
4.50%, 11/15/2041		531,750		591,050
5.50%, 11/20/2041		250,778		287,741
5.50%, 12/20/2041		62,473		69,849
5.50%, 2/20/2042		16,833		19,332
3.50%, 6/15/2042		530,798		563,056
2.50%, 3/20/2043		48,820		49,746
2.50%, 5/20/2043		70,631		71,969
5.50%, 3/20/2044		73,894		84,775
4.50%, 10/20/2044		148,487		162,958

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
2.50%, 11/20/2044		41,937		42,616
5.00%, 6/20/2045		199,190		223,801
4.00%, 8/15/2045		2,378,353		2,607,082
4.50%, 12/20/2045		318,199		346,228
5.50%, 3/20/2046		705,738		809,729
5.00%, 5/20/2046		441,638		498,407
3.50%, 6/15/2046		2,810,143		2,981,016
2.50%, 10/20/2046		1,234,952		1,248,109
5.50%, 2/20/2047		279,745		320,979
5.50%, 7/20/2049		15,536		16,852
2.50%, 8/20/2050		1,893,464		1,909,277
2.00%, 10/20/2050		1,081,804		1,071,217
2.50%, 3/20/2051		1,199,180		1,209,194
3.00%, 4/20/2051		412,836		423,762
2.00%, 11/20/2051		1,192,395		1,180,598
TOTAL MORTGAGE-BACKED SECURITIES (Cost $121,388,671)				119,821,077
Total Investments - 99.7% (Cost $121,388,671)				119,821,077
Other assets less liabilities - 0.3%				388,118
Net Assets - 100.0%				120,209,195

Percentages shown are based on Net Assets.

Abbreviations

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

Security Type	% of Net Assets
Mortgage-Backed Securities		99.7	%
Others(1)		0.3
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® Credit-Scored US Corporate Bond Index Fund

January 31, 2022 (Unaudited)

Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS - 98.3%
Aerospace & Defense - 1.4%
Boeing Co. (The)
5.15%, 5/1/2030		150,000		168,997
General Dynamics Corp.
3.50%, 5/15/2025		375,000		393,918
3.75%, 5/15/2028		600,000		646,029
Huntington Ingalls Industries, Inc.
3.84%, 5/1/2025		100,000		105,044
3.48%, 12/1/2027		200,000		207,847
2.04%, 8/16/2028(a)		200,000		190,503
L3Harris Technologies, Inc.
3.85%, 12/15/2026		500,000		531,755
4.40%, 6/15/2028		500,000		550,013
Lockheed Martin Corp.
3.55%, 1/15/2026		605,000		640,316
Northrop Grumman Corp.
2.93%, 1/15/2025		300,000		309,182
3.25%, 1/15/2028		500,000		519,880
Precision Castparts Corp.
3.25%, 6/15/2025		185,000		193,385
				4,456,869
Air Freight & Logistics - 0.1%
CH Robinson Worldwide, Inc.
4.20%, 4/15/2028		210,000		231,198
United Parcel Service, Inc.
3.40%, 3/15/2029		200,000		214,438
				445,636
Banks - 25.2%
Banco Santander SA
5.18%, 11/19/2025		600,000		653,164
1.72%, 9/14/2027(b)		600,000		575,508
Bancolombia SA
3.00%, 1/29/2025		250,000		246,143
Bank of America Corp.
4.20%, 8/26/2024		200,000		211,559
4.00%, 1/22/2025		945,000		995,856
Series L, 3.95%, 4/21/2025		500,000		526,556
0.98%, 9/25/2025(b)		750,000		731,195
4.45%, 3/3/2026		500,000		540,534
1.20%, 10/24/2026(b)		1,000,000		962,227
1.73%, 7/22/2027(b)		1,000,000		970,376
Series L, 4.18%, 11/25/2027		615,000		660,932
3.82%, 1/20/2028(b)		500,000		530,009
3.71%, 4/24/2028(b)		5,000		5,264

Investments	Principal Amount ($)		Value ($)
3.42%, 12/20/2028(b)		250,000		259,772
4.27%, 7/23/2029(b)		550,000		597,521
3.97%, 2/7/2030(b)		300,000		321,510
3.19%, 7/23/2030(b)		250,000		255,881
2.50%, 2/13/2031(b)		600,000		583,600
2.59%, 4/29/2031(b)		188,000		184,199
1.90%, 7/23/2031(b)		250,000		231,934
2.69%, 4/22/2032(b)		212,000		207,699
2.30%, 7/21/2032(b)		500,000		473,309
2.57%, 10/20/2032(b)		250,000		242,464
Bank of Montreal
4.34%, 10/5/2028(b)		300,000		312,111
3.80%, 12/15/2032(b)		500,000		525,243
3.09%, 1/10/2037(b)		250,000		246,480
Bank of Nova Scotia (The)
3.40%, 2/11/2024		250,000		259,161
4.50%, 12/16/2025		350,000		377,561
Series 2, 3.62%, 10/27/2081(b)		250,000		230,578
BankUnited, Inc.
5.13%, 6/11/2030		250,000		280,222
Barclays plc
4.38%, 9/11/2024		490,000		515,619
3.65%, 3/16/2025		200,000		208,164
5.20%, 5/12/2026		300,000		328,739
4.84%, 5/9/2028		300,000		323,156
2.67%, 3/10/2032(b)		50,000		47,730
Canadian Imperial Bank of Commerce
2.25%, 1/28/2025		300,000		302,824
Citigroup, Inc.
3.35%, 4/24/2025(b)		600,000		619,169
4.40%, 6/10/2025		825,000		879,757
5.50%, 9/13/2025		650,000		721,853
1.28%, 11/3/2025(b)		500,000		490,632
4.60%, 3/9/2026		380,000		411,605
3.11%, 4/8/2026(b)		500,000		513,466
3.40%, 5/1/2026		300,000		315,201
3.20%, 10/21/2026		350,000		362,909
1.46%, 6/9/2027(b)		750,000		719,533
4.45%, 9/29/2027		200,000		217,537
3.89%, 1/10/2028(b)		500,000		530,336
3.67%, 7/24/2028(b)		255,000		268,164
2.98%, 11/5/2030(b)		500,000		503,559
2.67%, 1/29/2031(b)		500,000		490,805
4.41%, 3/31/2031(b)		636,000		700,879
2.57%, 6/3/2031(b)		500,000		487,496
2.56%, 5/1/2032(b)		100,000		96,938
Citizens Bank NA
3.70%, 3/29/2023		300,000		307,397

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Citizens Financial Group, Inc.
3.25%, 4/30/2030		200,000		206,645
Comerica, Inc.
3.70%, 7/31/2023		250,000		258,038
Cooperatieve Rabobank UA
3.75%, 7/21/2026		250,000		262,064
Discover Bank
3.35%, 2/6/2023		300,000		306,163
4.20%, 8/8/2023		400,000		416,408
2.45%, 9/12/2024		500,000		505,296
4.65%, 9/13/2028		500,000		552,258
Fifth Third Bancorp
1.63%, 5/5/2023		150,000		150,616
4.30%, 1/16/2024		250,000		261,296
3.65%, 1/25/2024		500,000		518,501
2.55%, 5/5/2027		250,000		253,105
Fifth Third Bank NA
3.85%, 3/15/2026		400,000		424,017
First Horizon Corp.
3.55%, 5/26/2023		250,000		255,625
HSBC Holdings plc
3.80%, 3/11/2025(b)		750,000		776,373
4.25%, 8/18/2025		1,040,000		1,097,370
1.64%, 4/18/2026(b)		500,000		488,704
3.90%, 5/25/2026		1,000,000		1,058,712
4.29%, 9/12/2026(b)		650,000		689,760
1.59%, 5/24/2027(b)		250,000		239,747
4.04%, 3/13/2028(b)		700,000		740,083
4.58%, 6/19/2029(b)		670,000		730,898
4.95%, 3/31/2030		500,000		570,265
3.97%, 5/22/2030(b)		300,000		316,418
2.36%, 8/18/2031(b)		350,000		329,418
2.80%, 5/24/2032(b)		200,000		193,680
Huntington Bancshares, Inc.
4.00%, 5/15/2025		200,000		212,309
2.55%, 2/4/2030		250,000		247,457
ING Groep NV
3.55%, 4/9/2024		200,000		207,467
1.73%, 4/1/2027(b)		500,000		486,094
4.55%, 10/2/2028		350,000		388,550
4.05%, 4/9/2029		250,000		271,680
JPMorgan Chase & Co.
0.70%, 3/16/2024(b)		500,000		496,613
3.56%, 4/23/2024(b)		300,000		308,004
3.88%, 9/10/2024		1,127,000		1,185,984
0.65%, 9/16/2024(b)		285,000		281,125
4.02%, 12/5/2024(b)		40,000		41,649
0.82%, 6/1/2025(b)		500,000		488,169
3.90%, 7/15/2025		395,000		419,705
2.30%, 10/15/2025(b)		120,000		120,890
2.00%, 3/13/2026(b)		115,000		114,595

Investments	Principal Amount ($)		Value ($)
2.08%, 4/22/2026(b)		500,000		498,030
4.13%, 12/15/2026		369,000		398,020
3.96%, 1/29/2027(b)		750,000		796,795
1.58%, 4/22/2027(b)		250,000		241,951
8.00%, 4/29/2027		250,000		316,810
3.63%, 12/1/2027		250,000		263,243
3.78%, 2/1/2028(b)		925,000		981,347
4.01%, 4/23/2029(b)		130,000		139,509
4.20%, 7/23/2029(b)		450,000		487,460
4.45%, 12/5/2029(b)		500,000		550,331
3.70%, 5/6/2030(b)		250,000		264,581
2.74%, 10/15/2030(b)		200,000		198,833
4.49%, 3/24/2031(b)		200,000		223,610
2.96%, 5/13/2031(b)		500,000		497,216
1.95%, 2/4/2032(b)		450,000		417,341
2.96%, 1/25/2033(b)		100,000		100,739
KeyCorp
2.25%, 4/6/2027		500,000		498,384
4.10%, 4/30/2028		200,000		217,830
2.55%, 10/1/2029		200,000		199,850
Lloyds Banking Group plc
4.05%, 8/16/2023		300,000		311,461
1.63%, 5/11/2027(b)		500,000		482,083
Mitsubishi UFJ Financial Group, Inc.
3.76%, 7/26/2023		50,000		51,715
3.41%, 3/7/2024		50,000		51,794
2.19%, 2/25/2025		700,000		704,072
3.68%, 2/22/2027		350,000		372,026
3.29%, 7/25/2027		750,000		783,057
3.74%, 3/7/2029		200,000		212,940
2.05%, 7/17/2030		100,000		94,456
Mizuho Financial Group, Inc.
3.55%, 3/5/2023		450,000		461,052
2.55%, 9/13/2025(b)		250,000		253,230
2.23%, 5/25/2026(b)		750,000		749,714
3.17%, 9/11/2027		500,000		516,696
4.02%, 3/5/2028		390,000		421,088
4.25%, 9/11/2029(b)		500,000		544,151
3.15%, 7/16/2030(b)		200,000		204,670
2.59%, 5/25/2031(b)		250,000		244,828
2.56%, 9/13/2031		250,000		236,396
National Australia Bank Ltd.
3.63%, 6/20/2023		250,000		258,301
PNC Bank NA
3.50%, 6/8/2023		250,000		257,653
3.88%, 4/10/2025		250,000		264,149
3.25%, 1/22/2028		250,000		261,978
4.05%, 7/26/2028		250,000		272,873
2.70%, 10/22/2029		500,000		502,947
PNC Financial Services Group, Inc. (The)
3.90%, 4/29/2024		550,000		576,491

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
3.15%, 5/19/2027		80,000		84,273
2.55%, 1/22/2030		300,000		299,712
Royal Bank of Canada
4.65%, 1/27/2026		550,000		601,952
Santander Holdings USA, Inc.
4.50%, 7/17/2025		240,000		256,112
4.40%, 7/13/2027		500,000		533,429
Santander UK Group Holdings plc
3.82%, 11/3/2028(b)		200,000		209,568
Sumitomo Mitsui Financial Group, Inc.
2.70%, 7/16/2024		1,000,000		1,021,858
2.35%, 1/15/2025		250,000		253,078
1.47%, 7/8/2025		500,000		488,309
3.78%, 3/9/2026		50,000		53,144
2.63%, 7/14/2026		600,000		609,420
3.45%, 1/11/2027		250,000		262,537
3.36%, 7/12/2027		450,000		472,494
4.31%, 10/16/2028		500,000		550,541
3.04%, 7/16/2029		300,000		305,398
2.72%, 9/27/2029		250,000		248,806
2.75%, 1/15/2030		200,000		199,682
2.13%, 7/8/2030		300,000		284,718
2.14%, 9/23/2030		250,000		232,528
SVB Financial Group
3.13%, 6/5/2030		500,000		512,094
Toronto-Dominion Bank (The)
0.45%, 9/11/2023		500,000		493,597
3.25%, 3/11/2024		450,000		466,280
3.62%, 9/15/2031(b)		250,000		263,228
Truist Bank
3.63%, 9/16/2025		250,000		263,699
3.30%, 5/15/2026		200,000		208,888
Truist Financial Corp.
2.85%, 10/26/2024		150,000		154,781
4.00%, 5/1/2025		210,000		223,081
1.89%, 6/7/2029(b)		500,000		480,040
US Bancorp
3.38%, 2/5/2024		200,000		207,327
3.95%, 11/17/2025		200,000		214,567
Series V, 2.38%, 7/22/2026		500,000		509,277
3.00%, 7/30/2029		200,000		205,964
Wells Fargo & Co.
1.65%, 6/2/2024(b)		500,000		500,648
3.00%, 2/19/2025		500,000		514,056
3.55%, 9/29/2025		1,190,000		1,250,614
2.41%, 10/30/2025(b)		500,000		503,539
3.00%, 4/22/2026		500,000		513,887
4.10%, 6/3/2026		500,000		534,303
3.20%, 6/17/2027(b)		1,000,000		1,035,005
4.30%, 7/22/2027		1,000,000		1,088,301

Investments	Principal Amount ($)		Value ($)
3.58%, 5/22/2028(b)		1,110,000		1,166,117
2.39%, 6/2/2028(b)		1,500,000		1,488,295
2.88%, 10/30/2030(b)		450,000		453,273
2.57%, 2/11/2031(b)		200,000		196,905
4.48%, 4/4/2031(b)		200,000		224,422
Westpac Banking Corp.
1.15%, 6/3/2026		500,000		483,417
2.89%, 2/4/2030(b)		300,000		301,224
4.32%, 11/23/2031(b)		250,000		265,321
4.11%, 7/24/2034(b)		150,000		157,824
2.67%, 11/15/2035(b)		300,000		283,158
				78,946,179
Beverages - 1.1%
Anheuser-Busch InBev Worldwide, Inc.
4.75%, 1/23/2029		250,000		283,449
Coca-Cola Co. (The)
1.00%, 3/15/2028		500,000		468,418
3.45%, 3/25/2030		200,000		214,910
2.25%, 1/5/2032		500,000		490,353
Constellation Brands, Inc.
3.60%, 2/15/2028		260,000		274,422
4.65%, 11/15/2028		600,000		668,193
Keurig Dr Pepper, Inc.
4.60%, 5/25/2028		200,000		221,387
PepsiCo, Inc.
7.00%, 3/1/2029		500,000		662,035
				3,283,167
Biotechnology - 1.1%
AbbVie, Inc.
2.95%, 11/21/2026		500,000		513,660
3.20%, 11/21/2029		210,000		216,557
Amgen, Inc.
2.60%, 8/19/2026		500,000		510,669
2.20%, 2/21/2027		300,000		299,238
2.45%, 2/21/2030		300,000		295,461
Gilead Sciences, Inc.
3.50%, 2/1/2025		500,000		522,244
3.65%, 3/1/2026		330,000		348,365
2.95%, 3/1/2027		800,000		825,729
				3,531,923
Building Products - 0.5%
Carlisle Cos., Inc.
3.75%, 12/1/2027		200,000		211,190
Carrier Global Corp.
2.72%, 2/15/2030		250,000		247,197
Fortune Brands Home & Security, Inc.
4.00%, 6/15/2025		150,000		158,765
Lennox International, Inc.
1.35%, 8/1/2025		450,000		438,990

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Masco Corp.
3.50%, 11/15/2027		500,000		527,251
				1,583,393
Capital Markets - 5.9%
Ameriprise Financial, Inc.
3.70%, 10/15/2024		250,000		263,332
2.88%, 9/15/2026		200,000		206,591
Ares Capital Corp.
2.15%, 7/15/2026		500,000		482,376
2.88%, 6/15/2028		500,000		481,162
Bain Capital Specialty Finance, Inc.
2.55%, 10/13/2026		175,000		167,269
Bank of New York Mellon Corp. (The)
Series 0012, 3.65%, 2/4/2024		300,000		312,473
2.45%, 8/17/2026		100,000		102,023
1.65%, 7/14/2028		300,000		289,476
BlackRock, Inc.
3.20%, 3/15/2027		200,000		211,163
3.25%, 4/30/2029		400,000		424,054
Blackstone Secured Lending Fund
3.65%, 7/14/2023		150,000		153,590
3.63%, 1/15/2026		750,000		769,023
2.75%, 9/16/2026		250,000		245,785
2.13%, 2/15/2027(a)		250,000		237,786
Cboe Global Markets, Inc.
3.65%, 1/12/2027		200,000		213,984
1.63%, 12/15/2030		100,000		91,896
Charles Schwab Corp. (The)
4.20%, 3/24/2025		400,000		429,224
3.20%, 1/25/2028		100,000		105,202
4.00%, 2/1/2029		400,000		439,204
CME Group, Inc.
3.00%, 3/15/2025		325,000		337,482
Credit Suisse AG
1.25%, 8/7/2026		450,000		428,964
Credit Suisse Group AG
3.75%, 3/26/2025		150,000		156,302
Deutsche Bank AG
3.70%, 5/30/2024		645,000		669,236
1.45%, 4/1/2025(b)		500,000		492,247
3.96%, 11/26/2025(b)		100,000		104,243
2.13%, 11/24/2026(b)		250,000		244,547
3.55%, 9/18/2031(b)		250,000		253,197
Goldman Sachs BDC, Inc.
3.75%, 2/10/2025		200,000		206,263
Goldman Sachs Group, Inc. (The)
4.00%, 3/3/2024		500,000		522,988
3.85%, 7/8/2024		500,000		521,630
3.50%, 1/23/2025		465,000		483,805
3.50%, 4/1/2025		500,000		519,831

Investments	Principal Amount ($)		Value ($)
1.43%, 3/9/2027(b)		250,000		240,078
1.54%, 9/10/2027(b)		500,000		478,067
Jefferies Group LLC
4.15%, 1/23/2030		200,000		216,004
Lazard Group LLC
3.75%, 2/13/2025		450,000		471,848
4.50%, 9/19/2028		250,000		276,241
Moody’s Corp.
3.75%, 3/24/2025		300,000		315,655
4.25%, 2/1/2029		250,000		275,266
Morgan Stanley
3.75%, 2/25/2023		800,000		824,129
0.79%, 5/30/2025(b)		500,000		487,565
2.72%, 7/22/2025(b)		500,000		508,030
3.13%, 7/27/2026		500,000		517,612
1.59%, 5/4/2027(b)		500,000		482,950
3.62%, 4/1/2031(b)		250,000		264,623
Nasdaq, Inc.
3.85%, 6/30/2026		215,000		229,535
1.65%, 1/15/2031		100,000		90,373
Owl Rock Capital Corp.
3.40%, 7/15/2026		675,000		672,172
2.63%, 1/15/2027		500,000		479,280
2.88%, 6/11/2028		250,000		237,795
S&P Global, Inc.
2.95%, 1/22/2027		200,000		207,188
1.25%, 8/15/2030		300,000		271,142
State Street Corp.
3.10%, 5/15/2023		200,000		204,949
3.55%, 8/18/2025		300,000		318,059
				18,634,909
Chemicals - 1.5%
Air Products and Chemicals, Inc.
3.35%, 7/31/2024		521,000		543,331
Cabot Corp.
4.00%, 7/1/2029		250,000		266,898
Celanese US Holdings LLC
3.50%, 5/8/2024		200,000		207,172
FMC Corp.
3.20%, 10/1/2026		200,000		207,075
Huntsman International LLC
4.50%, 5/1/2029		250,000		270,129
Nutrien Ltd.
4.20%, 4/1/2029		500,000		547,109
PPG Industries, Inc.
2.40%, 8/15/2024		200,000		203,490
3.75%, 3/15/2028		250,000		271,208
Rohm and Haas Co.
7.85%, 7/15/2029		300,000		396,265
RPM International, Inc.
3.75%, 3/15/2027		100,000		106,382
4.55%, 3/1/2029		250,000		277,166

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Sherwin-Williams Co. (The)
3.45%, 8/1/2025		500,000		520,679
3.45%, 6/1/2027		700,000		737,072
2.95%, 8/15/2029		100,000		102,188
				4,656,164
Commercial Services & Supplies - 0.8%
Cintas Corp. No. 2
3.70%, 4/1/2027		350,000		374,986
RELX Capital, Inc.
3.00%, 5/22/2030		200,000		204,606
Republic Services, Inc.
2.50%, 8/15/2024		567,000		574,605
3.38%, 11/15/2027		100,000		104,954
3.95%, 5/15/2028		200,000		216,018
Steelcase, Inc.
5.13%, 1/18/2029		150,000		166,797
Waste Connections, Inc.
4.25%, 12/1/2028		250,000		274,115
Waste Management, Inc.
3.15%, 11/15/2027		350,000		364,985
1.15%, 3/15/2028		350,000		324,937
				2,606,003
Communications Equipment - 0.5%
Cisco Systems, Inc.
2.20%, 9/20/2023		417,000		423,839
3.63%, 3/4/2024		300,000		313,572
2.95%, 2/28/2026		100,000		104,410
Motorola Solutions, Inc.
4.60%, 2/23/2028		100,000		110,386
4.60%, 5/23/2029		300,000		333,698
2.75%, 5/24/2031		250,000		242,713
				1,528,618
Construction Materials - 0.1%
Martin Marietta Materials, Inc.
3.50%, 12/15/2027		250,000		265,392
Consumer Finance - 2.1%
AerCap Ireland Capital DAC
4.50%, 9/15/2023		500,000		519,732
3.15%, 2/15/2024		150,000		153,108
1.75%, 1/30/2026		300,000		288,455
3.88%, 1/23/2028		350,000		362,145
3.30%, 1/30/2032		250,000		244,339
Ally Financial, Inc.
3.05%, 6/5/2023		400,000		407,554
8.00%, 11/1/2031		250,000		339,233
American Express Co.
3.00%, 10/30/2024		690,000		712,838
Capital One Financial Corp.
3.50%, 6/15/2023		320,000		328,940
3.90%, 1/29/2024		50,000		52,043

Investments	Principal Amount ($)		Value ($)
3.30%, 10/30/2024		200,000		207,383
3.20%, 2/5/2025		650,000		671,235
Synchrony Financial
4.50%, 7/23/2025		600,000		638,856
3.70%, 8/4/2026		355,000		368,792
3.95%, 12/1/2027		500,000		523,001
5.15%, 3/19/2029		200,000		223,612
Toyota Motor Credit Corp.
3.05%, 1/11/2028		450,000		474,019
				6,515,285
Containers & Packaging - 0.2%
Amcor Finance USA, Inc.
4.50%, 5/15/2028		300,000		334,686
Avery Dennison Corp.
3.35%, 4/15/2023		50,000		50,830
4.88%, 12/6/2028		200,000		228,481
				613,997
Diversified Financial Services - 0.9%
Berkshire Hathaway, Inc.
3.13%, 3/15/2026		330,000		345,197
Block Financial LLC
2.50%, 7/15/2028		400,000		389,752
Citigroup Global Markets Holdings, Inc.
0.75%, 6/7/2024		1,000,000		979,378
National Rural Utilities Cooperative Finance Corp.
5.25%, 4/20/2046(b)		150,000		160,020
Voya Financial, Inc.
3.65%, 6/15/2026		500,000		530,740
4.70%, 1/23/2048(b)		100,000		100,002
5.65%, 5/15/2053(b)		450,000		459,052
				2,964,141
Diversified Telecommunication Services - 2.0%
AT&T, Inc.
2.75%, 6/1/2031		335,000		329,733
British Telecommunications plc
9.62%, 12/15/2030(c)		200,000		285,931
Deutsche Telekom International Finance BV
8.75%, 6/15/2030(c)		100,000		141,286
Orange SA
9.00%, 3/1/2031(c)		250,000		370,106
TELUS Corp.
3.70%, 9/15/2027		200,000		212,536
Verizon Communications, Inc.
4.13%, 3/16/2027		700,000		759,305
2.10%, 3/22/2028		1,000,000		975,268
4.33%, 9/21/2028		1,500,000		1,653,011
4.02%, 12/3/2029		225,000		244,662
1.68%, 10/30/2030		313,000		285,996
1.75%, 1/20/2031		500,000		456,384
2.55%, 3/21/2031		450,000		439,022
				6,153,240

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Electric Utilities - 4.0%
AEP Texas, Inc.
3.95%, 6/1/2028		500,000		535,482
American Electric Power Co., Inc.
Series J, 4.30%, 12/1/2028		295,000		320,586
3.88%, 2/15/2062(b)		100,000		98,167
Appalachian Power Co.
Series X, 3.30%, 6/1/2027		96,000		100,407
Duke Energy Corp.
3.15%, 8/15/2027		200,000		207,774
2.45%, 6/1/2030		300,000		291,397
3.25%, 1/15/2082(b)		250,000		233,953
Edison International
4.95%, 4/15/2025		700,000		754,284
5.75%, 6/15/2027		300,000		336,495
Emera US Finance LP
3.55%, 6/15/2026		150,000		156,662
Enel Chile SA
4.88%, 6/12/2028		250,000		273,046
Eversource Energy
Series L, 2.90%, 10/1/2024		300,000		307,556
Series U, 1.40%, 8/15/2026		500,000		482,588
Series M, 3.30%, 1/15/2028		100,000		103,757
Exelon Corp.
4.05%, 4/15/2030		500,000		540,949
Florida Power & Light Co.
2.85%, 4/1/2025		500,000		515,632
Fortis, Inc.
3.06%, 10/4/2026		200,000		205,465
Georgia Power Co.
3.25%, 4/1/2026		500,000		518,399
Interstate Power & Light Co.
4.10%, 9/26/2028		250,000		271,415
ITC Holdings Corp.
3.35%, 11/15/2027		200,000		206,877
MidAmerican Energy Co.
3.70%, 9/15/2023		472,000		487,271
3.65%, 4/15/2029		1,000,000		1,082,237
NextEra Energy Capital Holdings, Inc.
3.55%, 5/1/2027		300,000		316,467
1.90%, 6/15/2028		500,000		484,894
2.25%, 6/1/2030		375,000		360,990
4.80%, 12/1/2077(b)		100,000		103,604
5.65%, 5/1/2079(b)		400,000		445,296

Investments	Principal Amount ($)		Value ($)
Pacific Gas and Electric Co.
3.15%, 1/1/2026		175,000		175,659
Public Service Electric and Gas Co.
3.00%, 5/15/2027		200,000		207,695
3.65%, 9/1/2028		500,000		536,585
Sierra Pacific Power Co.
2.60%, 5/1/2026		20,000		20,431
Southern Co. (The)
2.95%, 7/1/2023		300,000		305,860
3.25%, 7/1/2026		384,000		400,775
Series A, 3.70%, 4/30/2030		50,000		52,837
Series B, 4.00%, 1/15/2051(b)		350,000		353,503
Series 21-A, 3.75%, 9/15/2051(b)		500,000		489,185
Southwestern Electric Power Co.
Series M, 4.10%, 9/15/2028		200,000		215,717
				12,499,897
Electrical Equipment - 0.4%
ABB Finance USA, Inc.
3.80%, 4/3/2028		300,000		328,108
Emerson Electric Co.
0.88%, 10/15/2026		200,000		189,832
Hubbell, Inc.
3.35%, 3/1/2026		200,000		207,950
3.50%, 2/15/2028		250,000		263,710
Rockwell Automation, Inc.
2.88%, 3/1/2025		150,000		154,861
				1,144,461
Electronic Equipment, Instruments & Components - 1.6%
Allegion US Holding Co., Inc.
3.20%, 10/1/2024		200,000		205,537
Amphenol Corp.
2.05%, 3/1/2025		500,000		503,569
Arrow Electronics, Inc.
4.00%, 4/1/2025		400,000		420,794
Avnet, Inc.
4.63%, 4/15/2026		175,000		187,476
CDW LLC
4.13%, 5/1/2025		300,000		303,657
2.67%, 12/1/2026		500,000		495,389
4.25%, 4/1/2028		200,000		198,084
3.25%, 2/15/2029		500,000		475,018
Flex Ltd.
4.88%, 6/15/2029		250,000		277,121
Keysight Technologies, Inc.
4.60%, 4/6/2027		200,000		221,105
TD SYNNEX Corp.
1.75%, 8/9/2026(a)		450,000		434,672
2.38%, 8/9/2028(a)		250,000		235,769

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Teledyne Technologies, Inc.
2.25%, 4/1/2028		400,000		392,412
Trimble, Inc.
4.90%, 6/15/2028		250,000		276,368
Tyco Electronics Group SA
3.70%, 2/15/2026		200,000		211,520
3.13%, 8/15/2027		200,000		209,094
				5,047,585
Entertainment - 0.8%
Activision Blizzard, Inc.
3.40%, 9/15/2026		300,000		316,279
3.40%, 6/15/2027		200,000		211,445
Electronic Arts, Inc.
4.80%, 3/1/2026		100,000		110,011
Netflix, Inc.
4.38%, 11/15/2026		500,000		536,562
4.88%, 4/15/2028		500,000		549,625
5.88%, 11/15/2028		800,000		928,016
				2,651,938
Equity Real Estate Investment Trusts (REITs) - 7.1%
Agree LP
2.00%, 6/15/2028		250,000		239,658
Alexandria Real Estate Equities, Inc.
3.95%, 1/15/2028		100,000		108,074
2.75%, 12/15/2029		100,000		101,030
4.70%, 7/1/2030		100,000		114,525
4.90%, 12/15/2030		250,000		292,033
American Campus Communities Operating Partnership LP
3.63%, 11/15/2027		200,000		210,226
American Homes 4 Rent LP
4.25%, 2/15/2028		200,000		215,188
4.90%, 2/15/2029		300,000		338,647
American Tower Corp.
5.00%, 2/15/2024		490,000		521,374
1.60%, 4/15/2026		500,000		484,236
3.38%, 10/15/2026		200,000		208,147
2.75%, 1/15/2027		500,000		505,011
3.55%, 7/15/2027		400,000		417,943
3.60%, 1/15/2028		500,000		522,740
3.80%, 8/15/2029		238,000		251,394
AvalonBay Communities, Inc.
3.45%, 6/1/2025		200,000		209,559
3.50%, 11/15/2025		50,000		52,715
2.45%, 1/15/2031		200,000		198,119
Boston Properties LP
3.25%, 1/30/2031		500,000		509,440
Brandywine Operating Partnership LP
4.10%, 10/1/2024		50,000		52,261
3.95%, 11/15/2027		250,000		264,170

Investments	Principal Amount ($)		Value ($)
Brixmor Operating Partnership LP
4.05%, 7/1/2030		200,000		213,885
Crown Castle International Corp.
3.10%, 11/15/2029		750,000		757,843
CubeSmart LP
4.00%, 11/15/2025		250,000		265,352
3.00%, 2/15/2030		200,000		202,446
CyrusOne LP
2.90%, 11/15/2024		200,000		206,467
Duke Realty LP
3.25%, 6/30/2026		250,000		262,112
2.88%, 11/15/2029		100,000		102,144
EPR Properties
4.95%, 4/15/2028		350,000		368,499
Equinix, Inc.
1.45%, 5/15/2026		500,000		482,389
2.00%, 5/15/2028		500,000		476,783
3.20%, 11/18/2029		210,000		212,667
2.15%, 7/15/2030		150,000		140,605
ERP Operating LP
2.85%, 11/1/2026		200,000		206,265
3.25%, 8/1/2027		45,000		47,247
Essex Portfolio LP
3.88%, 5/1/2024		200,000		208,818
4.00%, 3/1/2029		500,000		542,481
3.00%, 1/15/2030		200,000		203,435
GLP Capital LP
5.38%, 11/1/2023		555,000		585,925
5.25%, 6/1/2025		200,000		214,814
5.38%, 4/15/2026		500,000		540,790
5.75%, 6/1/2028		500,000		562,021
Healthpeak Properties, Inc.
3.00%, 1/15/2030		250,000		254,719
Highwoods Realty LP
4.13%, 3/15/2028		200,000		216,887
4.20%, 4/15/2029		100,000		108,138
Host Hotels & Resorts LP
Series E, 4.00%, 6/15/2025		250,000		261,495
Hudson Pacific Properties LP
3.25%, 1/15/2030		100,000		101,434
Kilroy Realty LP
4.38%, 10/1/2025		400,000		429,118
4.25%, 8/15/2029		100,000		108,597
Kite Realty Group Trust
4.75%, 9/15/2030		200,000		217,591
Life Storage LP
2.20%, 10/15/2030		200,000		190,985
LifeStorage LP
3.50%, 7/1/2026		200,000		210,647

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Mid-America Apartments LP
3.95%, 3/15/2029		50,000		54,368
2.75%, 3/15/2030		150,000		150,715
National Retail Properties, Inc.
3.90%, 6/15/2024		500,000		523,263
3.50%, 10/15/2027		150,000		157,992
4.30%, 10/15/2028		140,000		153,053
Office Properties Income Trust
2.65%, 6/15/2026		160,000		156,742
Omega Healthcare Investors, Inc.
4.95%, 4/1/2024		10,000		10,580
5.25%, 1/15/2026		300,000		328,127
4.50%, 4/1/2027		500,000		540,973
3.63%, 10/1/2029		150,000		152,734
Physicians Realty LP
4.30%, 3/15/2027		200,000		217,616
Piedmont Operating Partnership LP
3.15%, 8/15/2030		100,000		99,677
Prologis LP
2.25%, 4/15/2030		200,000		195,072
Public Storage
3.09%, 9/15/2027		200,000		208,347
1.85%, 5/1/2028		300,000		290,755
Realty Income Corp.
4.63%, 11/1/2025		200,000		218,114
4.13%, 10/15/2026		300,000		326,370
Sabra Health Care LP
5.13%, 8/15/2026		200,000		216,568
3.90%, 10/15/2029		200,000		204,415
Simon Property Group LP
3.38%, 10/1/2024		600,000		624,014
SITE Centers Corp.
3.63%, 2/1/2025		129,000		133,647
Spirit Realty LP
4.45%, 9/15/2026		200,000		216,550
2.10%, 3/15/2028		250,000		239,569
3.40%, 1/15/2030		200,000		204,617
STORE Capital Corp.
4.50%, 3/15/2028		150,000		162,868
2.75%, 11/18/2030		250,000		240,563
Tanger Properties LP
3.88%, 7/15/2027		150,000		157,777
Ventas Realty LP
3.50%, 2/1/2025		50,000		51,866
4.75%, 11/15/2030		200,000		227,329
Welltower, Inc.
4.00%, 6/1/2025		200,000		212,487
3.10%, 1/15/2030		250,000		254,458
Weyerhaeuser Co.
4.00%, 4/15/2030		250,000		270,472

Investments	Principal Amount ($)		Value ($)
WP Carey, Inc.
4.60%, 4/1/2024		195,000		205,498
4.00%, 2/1/2025		150,000		157,916
				22,284,201
Food & Staples Retailing - 0.5%
Costco Wholesale Corp.
2.75%, 5/18/2024		300,000		308,315
3.00%, 5/18/2027		375,000		392,679
1.38%, 6/20/2027		300,000		289,985
Walmart, Inc.
3.05%, 7/8/2026		500,000		523,838
1.80%, 9/22/2031		100,000		95,495
				1,610,312
Food Products - 1.7%
Campbell Soup Co.
4.15%, 3/15/2028		150,000		162,602
Flowers Foods, Inc.
3.50%, 10/1/2026		250,000		264,823
General Mills, Inc.
4.20%, 4/17/2028		500,000		544,621
2.88%, 4/15/2030		190,000		192,823
J M Smucker Co. (The)
3.38%, 12/15/2027		100,000		105,184
McCormick & Co., Inc.
3.15%, 8/15/2024		200,000		206,347
3.40%, 8/15/2027		200,000		211,099
Mondelez International, Inc.
1.50%, 5/4/2025		400,000		393,749
2.75%, 4/13/2030		200,000		200,746
Tyson Foods, Inc.
4.35%, 3/1/2029		1,000,000		1,106,992
Unilever Capital Corp.
2.60%, 5/5/2024		1,200,000		1,223,734
2.90%, 5/5/2027		200,000		206,813
3.50%, 3/22/2028		600,000		639,243
				5,458,776
Gas Utilities - 0.5%
Atmos Energy Corp.
0.63%, 3/9/2023		500,000		497,332
Eastern Energy Gas Holdings LLC
Series A, 2.50%, 11/15/2024		410,000		417,910
3.60%, 12/15/2024		54,000		56,651
National Fuel Gas Co.
5.20%, 7/15/2025		200,000		216,363
5.50%, 1/15/2026		275,000		301,486
4.75%, 9/1/2028		150,000		161,230
				1,650,972
Health Care Equipment & Supplies - 0.6%
Abbott Laboratories
3.88%, 9/15/2025		500,000		534,932

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Baxter International, Inc.
2.60%, 8/15/2026		200,000		203,457
2.27%, 12/1/2028(a)		500,000		489,517
DH Europe Finance II Sarl
2.20%, 11/15/2024		250,000		252,943
Edwards Lifesciences Corp.
4.30%, 6/15/2028		200,000		219,778
Stryker Corp.
1.95%, 6/15/2030		100,000		94,528
				1,795,155
Health Care Providers & Services - 2.3%
AmerisourceBergen Corp.
3.40%, 5/15/2024		250,000		258,571
3.45%, 12/15/2027		200,000		209,598
Anthem, Inc.
4.10%, 3/1/2028		500,000		542,368
Cigna Corp.
4.38%, 10/15/2028		350,000		385,305
CVS Health Corp.
4.30%, 3/25/2028		159,000		173,351
HCA, Inc.
5.25%, 6/15/2026		300,000		327,897
4.13%, 6/15/2029		250,000		266,669
Humana, Inc.
1.35%, 2/3/2027		100,000		94,694
3.95%, 3/15/2027		300,000		319,957
Laboratory Corp. of America Holdings
3.60%, 2/1/2025		300,000		312,519
1.55%, 6/1/2026		750,000		727,537
McKesson Corp.
1.30%, 8/15/2026		500,000		478,539
Quest Diagnostics, Inc.
2.95%, 6/30/2030		200,000		201,870
UnitedHealth Group, Inc.
1.15%, 5/15/2026		1,250,000		1,208,244
2.95%, 10/15/2027		250,000		261,372
3.85%, 6/15/2028		1,250,000		1,361,043
3.88%, 12/15/2028		15,000		16,404
				7,145,938
Hotels, Restaurants & Leisure - 0.5%
Hyatt Hotels Corp.
4.85%, 3/15/2026		200,000		215,512
Marriott International, Inc.
Series EE, 5.75%, 5/1/2025		12,000		13,308
Series HH, 2.85%, 4/15/2031		150,000		144,693
McDonald’s Corp.
3.80%, 4/1/2028		90,000		96,740
2.63%, 9/1/2029		100,000		100,186
3.60%, 7/1/2030		300,000		321,884

Investments	Principal Amount ($)		Value ($)
Starbucks Corp.
4.00%, 11/15/2028		250,000		273,494
2.55%, 11/15/2030		250,000		246,755
				1,412,572
Household Durables - 0.9%
DR Horton, Inc.
2.50%, 10/15/2024		200,000		202,989
1.30%, 10/15/2026		500,000		477,544
Lennar Corp.
4.50%, 4/30/2024		1,000,000		1,052,255
4.75%, 11/29/2027		300,000		331,481
PulteGroup, Inc.
5.50%, 3/1/2026		500,000		558,390
Whirlpool Corp.
4.75%, 2/26/2029		200,000		225,211
				2,847,870
Household Products - 0.4%
Colgate-Palmolive Co.
3.25%, 3/15/2024		250,000		260,197
Procter & Gamble Co. (The)
3.10%, 8/15/2023		150,000		154,598
2.70%, 2/2/2026		250,000		259,562
2.80%, 3/25/2027		185,000		192,119
3.00%, 3/25/2030		400,000		422,240
				1,288,716
Independent Power and Renewable Electricity Producers - 0.3%
AES Corp. (The)
2.45%, 1/15/2031		300,000		283,985
Exelon Generation Co. LLC
3.25%, 6/1/2025		500,000		518,215
				802,200
Industrial Conglomerates - 1.3%
3M Co.
2.25%, 3/15/2023		520,000		527,640
2.65%, 4/15/2025		500,000		513,120
3.63%, 9/14/2028		300,000		325,345
3.38%, 3/1/2029		200,000		212,639
2.38%, 8/26/2029		250,000		250,689
Honeywell International, Inc.
1.35%, 6/1/2025		250,000		247,045
2.50%, 11/1/2026		300,000		307,268
2.70%, 8/15/2029		100,000		102,527
Roper Technologies, Inc.
3.80%, 12/15/2026		200,000		211,953
4.20%, 9/15/2028		200,000		217,920
1.75%, 2/15/2031		250,000		226,603
Trane Technologies Global Holding Co. Ltd.
3.75%, 8/21/2028		200,000		214,205
Trane Technologies Luxembourg Finance SA
3.50%, 3/21/2026		250,000		262,725
3.80%, 3/21/2029		500,000		531,720
				4,151,399

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Insurance - 3.6%
Aflac, Inc.
3.25%, 3/17/2025		200,000		208,922
2.88%, 10/15/2026		100,000		103,675
3.60%, 4/1/2030		250,000		268,309
Allied World Assurance Co. Holdings Ltd.
4.35%, 10/29/2025		200,000		212,300
Allstate Corp. (The)
0.75%, 12/15/2025		150,000		143,482
Series B, 5.75%, 8/15/2053(b)		400,000		413,100
American Equity Investment Life Holding Co.
5.00%, 6/15/2027		150,000		167,393
American Financial Group, Inc.
3.50%, 8/15/2026		200,000		209,948
American International Group, Inc.
2.50%, 6/30/2025		500,000		508,445
Series A-9, 5.75%, 4/1/2048(b)		200,000		218,614
Aon Corp.
2.80%, 5/15/2030		250,000		249,938
2.05%, 8/23/2031		100,000		93,990
Aon plc
3.88%, 12/15/2025		400,000		425,499
Assurant, Inc.
3.70%, 2/22/2030		100,000		103,771
Athene Holding Ltd.
4.13%, 1/12/2028		300,000		320,440
6.15%, 4/3/2030		250,000		298,789
AXIS Specialty Finance LLC
4.90%, 1/15/2040(b)		200,000		208,747
AXIS Specialty Finance plc
4.00%, 12/6/2027		200,000		213,610
Brighthouse Financial, Inc.
5.63%, 5/15/2030		100,000		116,060
Brown & Brown, Inc.
4.20%, 9/15/2024		200,000		211,006
2.38%, 3/15/2031		250,000		237,814
Chubb INA Holdings, Inc.
3.15%, 3/15/2025		270,000		281,744
Enstar Group Ltd.
4.95%, 6/1/2029		250,000		272,777
Fairfax Financial Holdings Ltd.
4.85%, 4/17/2028		250,000		273,177
Fidelity National Financial, Inc.
3.40%, 6/15/2030		250,000		257,018
First American Financial Corp.
4.60%, 11/15/2024		200,000		213,711
Globe Life, Inc.
4.55%, 9/15/2028		150,000		167,270

Investments	Principal Amount ($)		Value ($)
Hanover Insurance Group, Inc. (The)
2.50%, 9/1/2030		250,000		244,150
Manulife Financial Corp.
4.15%, 3/4/2026		200,000		214,830
2.48%, 5/19/2027		250,000		251,833
4.06%, 2/24/2032(b)		50,000		52,473
Markel Corp.
3.35%, 9/17/2029		300,000		315,751
Marsh & McLennan Cos., Inc.
3.50%, 6/3/2024		16,000		16,650
3.50%, 3/10/2025		75,000		78,627
2.25%, 11/15/2030		515,000		497,308
MetLife, Inc.
4.55%, 3/23/2030		150,000		172,259
Principal Financial Group, Inc.
2.13%, 6/15/2030		100,000		96,297
Progressive Corp. (The)
2.45%, 1/15/2027		200,000		204,150
3.20%, 3/26/2030		100,000		105,811
Prudential Financial, Inc.
5.63%, 6/15/2043(b)		400,000		414,320
5.20%, 3/15/2044(b)		10,000		10,338
5.38%, 5/15/2045(b)		500,000		529,514
4.50%, 9/15/2047(b)		250,000		255,471
5.70%, 9/15/2048(b)		500,000		545,874
3.70%, 10/1/2050(b)		100,000		98,031
RenaissanceRe Finance, Inc.
3.45%, 7/1/2027		100,000		105,852
Trinity Acquisition plc
4.40%, 3/15/2026		200,000		215,638
Willis North America, Inc.
3.60%, 5/15/2024		150,000		155,706
2.95%, 9/15/2029		250,000		248,683
				11,229,115
Interactive Media & Services - 0.1%
Alphabet, Inc.
0.80%, 8/15/2027		85,000		80,073
Weibo Corp.
3.50%, 7/5/2024		200,000		203,944
				284,017
Internet & Direct Marketing Retail - 0.2%
Alibaba Group Holding Ltd.
3.40%, 12/6/2027		500,000		519,705
2.13%, 2/9/2031		200,000		187,600
				707,305
IT Services - 1.9%
Automatic Data Processing, Inc.
1.70%, 5/15/2028		380,000		370,141
1.25%, 9/1/2030		200,000		182,889
Broadridge Financial Solutions, Inc.
3.40%, 6/27/2026		200,000		209,654

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Fiserv, Inc.
3.80%, 10/1/2023		500,000		517,664
3.50%, 7/1/2029		250,000		259,748
Genpact Luxembourg Sarl
3.38%, 12/1/2024		250,000		258,939
Global Payments, Inc.
4.80%, 4/1/2026		250,000		270,500
4.45%, 6/1/2028		160,000		174,253
2.90%, 5/15/2030		250,000		246,048
International Business Machines Corp.
1.95%, 5/15/2030		150,000		141,991
Mastercard, Inc.
2.00%, 3/3/2025		350,000		353,874
2.95%, 11/21/2026		100,000		104,931
2.95%, 6/1/2029		150,000		156,633
PayPal Holdings, Inc.
1.65%, 6/1/2025		150,000		148,903
2.65%, 10/1/2026		100,000		102,639
2.85%, 10/1/2029		200,000		205,122
2.30%, 6/1/2030		50,000		49,189
VeriSign, Inc.
4.75%, 7/15/2027		500,000		517,270
Visa, Inc.
3.15%, 12/14/2025		650,000		682,423
1.90%, 4/15/2027		275,000		273,796
2.05%, 4/15/2030		500,000		490,086
Western Union Co. (The)
2.85%, 1/10/2025		350,000		357,096
				6,073,789
Leisure Products - 0.1%
Hasbro, Inc.
3.90%, 11/19/2029		150,000		159,871
Life Sciences Tools & Services - 0.3%
Agilent Technologies, Inc.
3.88%, 7/15/2023		200,000		205,910
2.30%, 3/12/2031		150,000		142,802
Thermo Fisher Scientific, Inc.
2.60%, 10/1/2029		500,000		503,210
				851,922
Machinery - 0.7%
Cummins, Inc.
3.65%, 10/1/2023		100,000		103,545
1.50%, 9/1/2030		150,000		138,509
Dover Corp.
3.15%, 11/15/2025		200,000		209,380
Fortive Corp.
3.15%, 6/15/2026		100,000		104,265
Illinois Tool Works, Inc.
2.65%, 11/15/2026		200,000		206,572
nVent Finance Sarl
4.55%, 4/15/2028		300,000		326,146

Investments	Principal Amount ($)		Value ($)
Otis Worldwide Corp.
2.06%, 4/5/2025		300,000		301,692
2.29%, 4/5/2027		200,000		199,240
2.57%, 2/15/2030		200,000		198,009
Parker-Hannifin Corp.
3.25%, 6/14/2029		45,000		46,572
Stanley Black & Decker, Inc.
4.00%, 3/15/2060(b)		300,000		305,037
Westinghouse Air Brake Technologies Corp.
4.95%, 9/15/2028(c)		150,000		167,053
				2,306,020
Media - 0.5%
Charter Communications Operating LLC
4.20%, 3/15/2028		500,000		530,929
Comcast Corp.
4.15%, 10/15/2028		201,000		221,380
4.25%, 10/15/2030		149,000		166,605
Fox Corp.
4.71%, 1/25/2029		600,000		662,808
				1,581,722
Metals & Mining - 1.0%
AngloGold Ashanti Holdings plc
3.38%, 11/1/2028		250,000		242,009
ArcelorMittal SA
4.25%, 7/16/2029		250,000		263,623
BHP Billiton Finance USA Ltd.
3.85%, 9/30/2023		300,000		312,607
Freeport-McMoRan, Inc.
4.13%, 3/1/2028		500,000		512,058
4.63%, 8/1/2030		500,000		521,010
Reliance Steel & Aluminum Co.
1.30%, 8/15/2025		250,000		243,254
Rio Tinto Finance USA Ltd.
7.13%, 7/15/2028		200,000		254,898
Steel Dynamics, Inc.
2.80%, 12/15/2024		100,000		102,559
Vale Overseas Ltd.
6.25%, 8/10/2026		379,000		434,050
3.75%, 7/8/2030		250,000		253,944
				3,140,012
Multiline Retail - 0.7%
Dollar General Corp.
3.88%, 4/15/2027		700,000		749,943
Dollar Tree, Inc.
4.20%, 5/15/2028		500,000		543,152
Target Corp.
3.50%, 7/1/2024		500,000		523,987
2.25%, 4/15/2025		250,000		253,941
				2,071,023
Multi-Utilities - 1.4%
Ameren Corp.
2.50%, 9/15/2024		700,000		711,208
1.75%, 3/15/2028		500,000		473,941

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Berkshire Hathaway Energy Co.
3.75%, 11/15/2023		100,000		103,617
4.05%, 4/15/2025		1,100,000		1,174,652
3.25%, 4/15/2028		100,000		105,162
Consolidated Edison Co. of New York, Inc.
2.40%, 6/15/2031		150,000		146,485
Dominion Energy, Inc.
5.75%, 10/1/2054(b)		200,000		209,412
DTE Energy Co.
Series C, 2.53%, 10/1/2024(c)		252,000		255,947
Public Service Enterprise Group, Inc.
2.88%, 6/15/2024		400,000		408,155
Sempra Energy
3.40%, 2/1/2028		347,000		362,593
Southern Co. Gas Capital Corp.
2.45%, 10/1/2023		300,000		305,027
				4,256,199
Oil, Gas & Consumable Fuels - 4.8%
Boardwalk Pipelines LP
4.45%, 7/15/2027		250,000		268,279
4.80%, 5/3/2029		250,000		274,288
Canadian Natural Resources Ltd.
2.05%, 7/15/2025		500,000		497,490
3.85%, 6/1/2027		400,000		423,103
Cheniere Corpus Christi Holdings LLC
5.88%, 3/31/2025		200,000		218,591
5.13%, 6/30/2027		500,000		552,751
ConocoPhillips
4.30%, 8/15/2028(a)		50,000		54,981
ConocoPhillips Co.
6.95%, 4/15/2029		500,000		641,345
Continental Resources, Inc.
4.38%, 1/15/2028		500,000		528,250
Coterra Energy, Inc.
3.90%, 5/15/2027(a)		500,000		528,455
Devon Energy Corp.
4.50%, 1/15/2030		500,000		530,899
Eastern Gas Transmission & Storage, Inc.
3.60%, 12/15/2024(a)		26,000		27,276
Enbridge, Inc.
3.70%, 7/15/2027		200,000		211,226
Series 16-A, 6.00%, 1/15/2077(b)		350,000		371,789
5.50%, 7/15/2077(b)		350,000		357,489
6.25%, 3/1/2078(b)		350,000		372,282
Energy Transfer LP
4.75%, 1/15/2026		300,000		322,914
4.95%, 5/15/2028		250,000		270,784
5.25%, 4/15/2029		150,000		166,980

Investments	Principal Amount ($)		Value ($)
3.75%, 5/15/2030		100,000		102,814
Enterprise Products Operating LLC
3.75%, 2/15/2025		700,000		733,973
4.15%, 10/16/2028		350,000		381,777
3.13%, 7/31/2029		300,000		308,597
Series E, 5.25%, 8/16/2077(b)		200,000		200,521
5.38%, 2/15/2078(b)		350,000		343,037
Exxon Mobil Corp.
3.48%, 3/19/2030		200,000		214,051
Hess Corp.
7.88%, 10/1/2029		200,000		263,745
HollyFrontier Corp.
5.88%, 4/1/2026		400,000		439,494
Magellan Midstream Partners LP
5.00%, 3/1/2026		250,000		273,460
Marathon Petroleum Corp.
3.80%, 4/1/2028		250,000		262,617
MPLX LP
1.75%, 3/1/2026		250,000		243,830
4.00%, 3/15/2028		600,000		636,222
ONEOK Partners LP
4.90%, 3/15/2025		400,000		430,102
ONEOK, Inc.
4.55%, 7/15/2028		250,000		267,694
4.35%, 3/15/2029		250,000		266,496
3.10%, 3/15/2030		175,000		172,351
Pioneer Natural Resources Co.
1.13%, 1/15/2026		500,000		478,606
Sabine Pass Liquefaction LLC
5.88%, 6/30/2026		50,000		56,380
4.50%, 5/15/2030		450,000		494,128
Spectra Energy Partners LP
3.38%, 10/15/2026		500,000		521,054
TransCanada PipeLines Ltd.
2.50%, 10/12/2031		250,000		237,978
Transcanada Trust
Series 16-A, 5.87%, 8/15/2076(b)		300,000		321,150
5.30%, 3/15/2077(b)		300,000		308,412
5.50%, 9/15/2079(b)		250,000		263,438
Valero Energy Partners LP
4.50%, 3/15/2028		200,000		215,791
				15,056,890
Paper & Forest Products - 0.1%
Suzano Austria GmbH
6.00%, 1/15/2029		250,000		281,777
3.75%, 1/15/2031		150,000		146,123
				427,900

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Pharmaceuticals - 1.5%
Bristol-Myers Squibb Co.
3.40%, 7/26/2029		250,000		265,732
Johnson & Johnson
2.95%, 3/3/2027		650,000		678,171
2.90%, 1/15/2028		500,000		518,721
Merck & Co., Inc.
2.15%, 12/10/2031		500,000		483,095
Merck Sharp & Dohme Corp.
6.40%, 3/1/2028		150,000		184,395
Novartis Capital Corp.
1.75%, 2/14/2025		150,000		150,247
3.00%, 11/20/2025		500,000		521,184
2.20%, 8/14/2030		200,000		196,138
Pfizer, Inc.
2.95%, 3/15/2024		500,000		517,777
3.45%, 3/15/2029		500,000		536,080
2.63%, 4/1/2030		200,000		203,995
Zoetis, Inc.
3.00%, 9/12/2027		145,000		149,554
3.90%, 8/20/2028		250,000		269,961
				4,675,050
Professional Services - 0.5%
Equifax, Inc.
2.60%, 12/1/2024		150,000		152,778
3.10%, 5/15/2030		250,000		251,232
IHS Markit Ltd.
4.75%, 8/1/2028		500,000		567,635
Verisk Analytics, Inc.
4.00%, 6/15/2025		250,000		264,180
4.13%, 3/15/2029		250,000		270,459
				1,506,284
Real Estate Management & Development - 0.1%
CBRE Services, Inc.
4.88%, 3/1/2026		200,000		219,338
Road & Rail - 1.2%
Burlington Northern Santa Fe LLC
3.40%, 9/1/2024		500,000		520,255
3.25%, 6/15/2027		224,000		237,438
Canadian Pacific Railway Co.
3.70%, 2/1/2026		20,000		21,225
CSX Corp.
3.80%, 3/1/2028		100,000		107,251
4.25%, 3/15/2029		200,000		220,472
JB Hunt Transport Services, Inc.
3.88%, 3/1/2026		300,000		320,050
Norfolk Southern Corp.
3.15%, 6/1/2027		200,000		208,305
Union Pacific Corp.
3.15%, 3/1/2024		1,500,000		1,552,774

Investments	Principal Amount ($)		Value ($)
2.38%, 5/20/2031		500,000		491,143
				3,678,913
Semiconductors & Semiconductor Equipment - 2.2%
Broadcom Corp.
3.88%, 1/15/2027		900,000		949,282
Broadcom, Inc.
4.25%, 4/15/2026		500,000		534,379
3.46%, 9/15/2026		500,000		519,934
4.11%, 9/15/2028		775,000		825,363
4.75%, 4/15/2029		210,000		231,027
5.00%, 4/15/2030		300,000		336,006
4.15%, 11/15/2030		350,000		372,836
Intel Corp.
1.60%, 8/12/2028		500,000		480,115
KLA Corp.
4.65%, 11/1/2024		200,000		213,854
Maxim Integrated Products, Inc.
3.45%, 6/15/2027		200,000		211,734
Micron Technology, Inc.
4.19%, 2/15/2027		500,000		533,810
4.66%, 2/15/2030		200,000		221,380
NXP BV
5.55%, 12/1/2028(a)		200,000		233,392
Qorvo, Inc.
4.38%, 10/15/2029		250,000		258,685
QUALCOMM, Inc.
3.25%, 5/20/2027		200,000		210,342
Skyworks Solutions, Inc.
0.90%, 6/1/2023		250,000		247,538
Texas Instruments, Inc.
1.38%, 3/12/2025		200,000		198,223
2.90%, 11/3/2027		250,000		261,688
				6,839,588
Software - 2.8%
Adobe, Inc.
3.25%, 2/1/2025		250,000		260,825
2.30%, 2/1/2030		350,000		346,584
Autodesk, Inc.
3.50%, 6/15/2027		200,000		210,939
CA, Inc.
4.70%, 3/15/2027		200,000		214,579
Citrix Systems, Inc.
4.50%, 12/1/2027		200,000		204,706
Intuit, Inc.
1.35%, 7/15/2027		300,000		286,913
Microsoft Corp.
3.63%, 12/15/2023		475,000		494,735
2.70%, 2/12/2025		640,000		658,876
3.13%, 11/3/2025		500,000		523,533
3.30%, 2/6/2027		615,000		653,520

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Oracle Corp.
2.50%, 4/1/2025		500,000		504,552
1.65%, 3/25/2026		500,000		484,351
2.65%, 7/15/2026		400,000		402,719
2.80%, 4/1/2027		500,000		503,873
3.25%, 11/15/2027		800,000		822,533
2.30%, 3/25/2028		100,000		96,713
2.95%, 4/1/2030		500,000		490,353
2.88%, 3/25/2031		300,000		289,870
VMware, Inc.
1.40%, 8/15/2026		500,000		479,176
1.80%, 8/15/2028		1,000,000		948,002
				8,877,352
Specialty Retail - 2.4%
Advance Auto Parts, Inc.
1.75%, 10/1/2027		60,000		57,206
AutoZone, Inc.
3.25%, 4/15/2025		540,000		560,033
3.13%, 4/21/2026		125,000		129,643
3.75%, 6/1/2027		250,000		268,313
Best Buy Co., Inc.
4.45%, 10/1/2028		200,000		221,158
Home Depot, Inc. (The)
3.35%, 9/15/2025		3,000		3,159
3.00%, 4/1/2026		330,000		345,010
2.13%, 9/15/2026		500,000		506,371
2.50%, 4/15/2027		200,000		204,226
2.80%, 9/14/2027		450,000		467,039
0.90%, 3/15/2028		1,000,000		933,751
3.90%, 12/6/2028		60,000		65,747
Lowe’s Cos., Inc.
4.00%, 4/15/2025		100,000		106,217
3.38%, 9/15/2025		600,000		630,946
3.10%, 5/3/2027		500,000		520,873
1.30%, 4/15/2028		250,000		232,705
3.65%, 4/5/2029		1,000,000		1,066,028
O’Reilly Automotive, Inc.
3.55%, 3/15/2026		300,000		315,634
3.60%, 9/1/2027		200,000		210,938
4.35%, 6/1/2028		550,000		602,147
				7,447,144
Technology Hardware, Storage & Peripherals - 3.1%
Apple, Inc.
2.40%, 5/3/2023		1,000,000		1,016,568
0.75%, 5/11/2023		500,000		498,875
3.45%, 5/6/2024		865,000		903,912
1.13%, 5/11/2025		500,000		490,986
3.20%, 5/13/2025		300,000		314,206
3.25%, 2/23/2026		518,000		543,134
2.05%, 9/11/2026		500,000		502,842
3.35%, 2/9/2027		830,000		878,795

Investments	Principal Amount ($)		Value ($)
3.20%, 5/11/2027		625,000		657,270
2.90%, 9/12/2027		500,000		519,956
3.00%, 11/13/2027		1,500,000		1,566,394
1.20%, 2/8/2028		500,000		472,881
1.40%, 8/5/2028		550,000		522,399
Dell International LLC
5.30%, 10/1/2029		250,000		287,063
HP, Inc.
3.00%, 6/17/2027		400,000		409,985
NetApp, Inc.
1.88%, 6/22/2025		200,000		197,966
				9,783,232
Textiles, Apparel & Luxury Goods - 0.1%
NIKE, Inc.
2.75%, 3/27/2027		360,000		373,117
Tapestry, Inc.
4.13%, 7/15/2027		58,000		61,373
				434,490
Tobacco - 1.7%
Altria Group, Inc.
2.35%, 5/6/2025		360,000		363,034
4.40%, 2/14/2026		500,000		538,682
4.80%, 2/14/2029		500,000		550,262
3.40%, 5/6/2030		300,000		301,846
BAT Capital Corp.
3.56%, 8/15/2027		1,000,000		1,023,513
2.73%, 3/25/2031		400,000		375,332
Philip Morris International, Inc.
2.88%, 5/1/2024		500,000		513,470
1.50%, 5/1/2025		473,000		466,986
2.75%, 2/25/2026		500,000		512,277
0.88%, 5/1/2026		500,000		474,405
Reynolds American, Inc.
4.45%, 6/12/2025		200,000		212,373
				5,332,180
Trading Companies & Distributors - 0.5%
Air Lease Corp.
3.00%, 9/15/2023		205,000		208,953
2.30%, 2/1/2025		250,000		249,585
Aircastle Ltd.
4.40%, 9/25/2023		750,000		777,599
4.25%, 6/15/2026		200,000		210,047
				1,446,184
Water Utilities - 0.2%
American Water Capital Corp.
3.00%, 12/1/2026		500,000		519,160
2.95%, 9/1/2027		200,000		206,179
				725,339

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Wireless Telecommunication Services - 0.3%
T-Mobile USA, Inc.
3.88%, 4/15/2030		400,000		420,754
2.55%, 2/15/2031		400,000		380,656
				801,410
TOTAL CORPORATE BONDS (Cost $314,285,785)				307,889,197
Total Investments - 98.3% (Cost $314,285,785)				307,889,197
Other assets less liabilities - 1.7%				5,448,433
Net Assets - 100.0%				313,337,630

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

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

(c) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of January 31, 2022.

Percentages shown are based on Net Assets.

Security Type	% of Net Assets
Corporate Bonds		98.3	%
Others(1)		1.7
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

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

January 31, 2022 (Unaudited)

Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS - 98.1%
Aerospace & Defense - 2.2%
Boeing Co. (The)
5.81%, 5/1/2050		150,000		189,054
L3Harris Technologies, Inc.
5.05%, 4/27/2045		100,000		124,122
Lockheed Martin Corp.
4.70%, 5/15/2046		200,000		245,558
4.09%, 9/15/2052		125,000		145,713
Northrop Grumman Corp.
4.03%, 10/15/2047		100,000		111,245
5.25%, 5/1/2050		250,000		329,673
Precision Castparts Corp.
3.90%, 1/15/2043		100,000		109,392
				1,254,757
Air Freight & Logistics - 0.2%
FedEx Corp.
5.25%, 5/15/2050		100,000		124,828
Auto Components - 0.3%
Aptiv plc
5.40%, 3/15/2049		50,000		62,635
Lear Corp.
5.25%, 5/15/2049		75,000		89,416
				152,051
Banks - 9.2%
Bank of America Corp.
6.11%, 1/29/2037		250,000		323,649
7.75%, 5/14/2038		200,000		299,862
4.08%, 3/20/2051(a)		250,000		282,286
Citigroup, Inc.
3.88%, 1/24/2039(a)		100,000		108,087
5.88%, 1/30/2042		135,000		180,727
6.68%, 9/13/2043		150,000		214,204
4.65%, 7/30/2045		200,000		237,801
4.75%, 5/18/2046		135,000		156,104
4.65%, 7/23/2048		195,000		235,895
Cooperatieve Rabobank UA
5.25%, 5/24/2041		100,000		132,322
Fifth Third Bancorp
8.25%, 3/1/2038		125,000		198,088
HSBC Holdings plc
6.50%, 5/2/2036		200,000		262,457
6.80%, 6/1/2038		100,000		136,286
5.25%, 3/14/2044		200,000		244,888
JPMorgan Chase & Co.
6.40%, 5/15/2038		35,000		48,650

Investments	Principal Amount ($)		Value ($)
3.11%, 4/22/2041(a)		100,000		97,594
2.53%, 11/19/2041(a)		65,000		58,180
4.95%, 6/1/2045		350,000		426,467
Lloyds Banking Group plc
4.34%, 1/9/2048		200,000		217,953
Regions Financial Corp.
7.38%, 12/10/2037		100,000		143,931
Wells Fargo & Co.
3.07%, 4/30/2041(a)		200,000		193,571
5.38%, 11/2/2043		265,000		328,493
5.61%, 1/15/2044		100,000		128,296
4.90%, 11/17/2045		300,000		354,561
5.01%, 4/4/2051(a)		100,000		128,687
				5,139,039
Beverages - 1.4%
Anheuser-Busch Cos. LLC
4.90%, 2/1/2046		50,000		59,459
Anheuser-Busch InBev Worldwide, Inc.
4.60%, 4/15/2048		25,000		28,734
5.55%, 1/23/2049		50,000		64,748
5.80%, 1/23/2059		100,000		133,847
Coca-Cola Femsa SAB de CV
5.25%, 11/26/2043		150,000		190,228
Constellation Brands, Inc.
5.25%, 11/15/2048		75,000		92,528
3.75%, 5/1/2050		100,000		102,526
Keurig Dr Pepper, Inc.
5.09%, 5/25/2048		100,000		123,590
				795,660
Biotechnology - 5.7%
AbbVie, Inc.
4.85%, 6/15/2044		200,000		234,661
4.70%, 5/14/2045		100,000		115,998
4.88%, 11/14/2048		300,000		362,690
4.25%, 11/21/2049		100,000		111,489
Amgen, Inc.
5.15%, 11/15/2041		228,000		275,981
4.40%, 5/1/2045		200,000		223,832
4.56%, 6/15/2048		100,000		115,563
3.38%, 2/21/2050		100,000		97,054
4.66%, 6/15/2051		250,000		296,813
2.77%, 9/1/2053		137,000		118,600
Gilead Sciences, Inc.
5.65%, 12/1/2041		100,000		130,308
4.80%, 4/1/2044		150,000		178,786
4.50%, 2/1/2045		300,000		346,119
4.75%, 3/1/2046		300,000		360,538
4.15%, 3/1/2047		100,000		111,480

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Regeneron Pharmaceuticals, Inc.
2.80%, 9/15/2050		100,000		86,297
				3,166,209
Building Products - 0.7%
Johnson Controls International plc
5.13%, 9/14/2045		200,000		250,632
Masco Corp.
4.50%, 5/15/2047		50,000		57,536
Owens Corning
4.40%, 1/30/2048		50,000		55,678
				363,846
Capital Markets - 2.5%
CI Financial Corp.
4.10%, 6/15/2051		100,000		102,869
Goldman Sachs Group, Inc. (The)
6.75%, 10/1/2037		100,000		135,426
4.02%, 10/31/2038(a)		130,000		140,741
4.75%, 10/21/2045		85,000		101,946
Jefferies Group LLC
6.50%, 1/20/2043		100,000		130,473
Legg Mason, Inc.
5.63%, 1/15/2044		75,000		98,156
Moody’s Corp.
2.75%, 8/19/2041		100,000		92,168
5.25%, 7/15/2044		100,000		127,831
4.88%, 12/17/2048		50,000		61,470
Morgan Stanley
6.38%, 7/24/2042		75,000		107,531
4.30%, 1/27/2045		60,000		69,151
Nasdaq, Inc.
3.25%, 4/28/2050		100,000		96,415
Raymond James Financial, Inc.
4.95%, 7/15/2046		45,000		54,302
S&P Global, Inc.
2.30%, 8/15/2060		100,000		79,357
				1,397,836
Chemicals - 1.5%
Albemarle Corp.
5.45%, 12/1/2044		50,000		61,792
Dow Chemical Co. (The)
9.40%, 5/15/2039		58,000		100,160
FMC Corp.
4.50%, 10/1/2049		50,000		56,509
LYB International Finance III LLC
3.80%, 10/1/2060		150,000		145,633
LyondellBasell Industries NV
4.63%, 2/26/2055		100,000		112,642
RPM International, Inc.
4.25%, 1/15/2048		50,000		55,898
Sherwin-Williams Co. (The)
4.50%, 6/1/2047		145,000		168,271
3.80%, 8/15/2049		100,000		105,842

Investments	Principal Amount ($)		Value ($)
3.30%, 5/15/2050		50,000		48,617
				855,364
Commercial Services & Supplies - 0.4%
Republic Services, Inc.
6.20%, 3/1/2040		150,000		206,399
Communications Equipment - 0.7%
Cisco Systems, Inc.
5.90%, 2/15/2039		185,000		254,028
5.50%, 1/15/2040		100,000		132,711
				386,739
Construction & Engineering - 0.2%
Valmont Industries, Inc.
5.00%, 10/1/2044		100,000		117,073
Diversified Telecommunication Services - 4.9%
AT&T, Inc.
6.25%, 3/29/2041		50,000		66,519
4.50%, 3/9/2048		100,000		110,771
5.15%, 2/15/2050		100,000		121,424
3.65%, 6/1/2051		100,000		98,223
3.30%, 2/1/2052		50,000		45,996
3.55%, 9/15/2055		100,000		94,586
3.80%, 12/1/2057		482,000		473,945
Bell Canada
4.30%, 7/29/2049		25,000		29,014
Bell Canada (The)
4.46%, 4/1/2048		150,000		176,481
Telefonica Emisiones SA
5.52%, 3/1/2049		150,000		183,287
TELUS Corp.
4.30%, 6/15/2049		50,000		57,163
Verizon Communications, Inc.
4.27%, 1/15/2036		339,000		380,740
3.40%, 3/22/2041		300,000		297,789
4.00%, 3/22/2050		300,000		324,217
2.88%, 11/20/2050		100,000		89,463
3.55%, 3/22/2051		200,000		202,870
				2,752,488
Electric Utilities - 6.8%
American Electric Power Co., Inc.
3.25%, 3/1/2050		150,000		140,655
Appalachian Power Co.
7.00%, 4/1/2038		100,000		139,666
Series Y, 4.50%, 3/1/2049		100,000		114,522
Arizona Public Service Co.
4.35%, 11/15/2045		250,000		276,671
Duke Energy Corp.
4.80%, 12/15/2045		150,000		174,682
3.75%, 9/1/2046		150,000		153,541

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Emera US Finance LP
4.75%, 6/15/2046		100,000		112,598
Exelon Corp.
4.70%, 4/15/2050		200,000		238,167
Georgia Power Co.
Series 10-C, 4.75%, 9/1/2040		100,000		114,694
4.30%, 3/15/2042		100,000		109,071
4.30%, 3/15/2043		100,000		109,104
Series B, 3.70%, 1/30/2050		100,000		101,637
Series A, 3.25%, 3/15/2051		150,000		143,028
Interstate Power and Light Co.
6.25%, 7/15/2039		150,000		204,992
MidAmerican Energy Co.
4.25%, 7/15/2049		100,000		117,002
Oklahoma Gas and Electric Co.
4.15%, 4/1/2047		150,000		166,888
Pacific Gas & Electric Co.
4.95%, 7/1/2050		50,000		50,963
PacifiCorp
6.25%, 10/15/2037		100,000		133,466
Southern California Edison Co.
5.50%, 3/15/2040		250,000		299,298
4.50%, 9/1/2040		125,000		134,829
4.65%, 10/1/2043		100,000		111,453
4.00%, 4/1/2047		75,000		78,435
Series C, 4.13%, 3/1/2048		200,000		213,111
Southern Co. (The)
4.40%, 7/1/2046		150,000		166,469
Southwestern Electric Power Co.
Series L, 3.85%, 2/1/2048		100,000		102,581
Tucson Electric Power Co.
4.00%, 6/15/2050		100,000		109,460
				3,816,983
Electrical Equipment - 0.1%
Emerson Electric Co.
5.25%, 11/15/2039		50,000		63,667
Electronic Equipment, Instruments & Components - 0.7%
Corning, Inc.
4.38%, 11/15/2057		125,000		139,465
5.45%, 11/15/2079		100,000		125,300
Tyco Electronics Group SA
7.13%, 10/1/2037		100,000		147,143
				411,908
Entertainment - 0.1%
Electronic Arts, Inc.
2.95%, 2/15/2051		50,000		45,496

Investments	Principal Amount ($)		Value ($)
Equity Real Estate Investment Trusts (REITs) - 1.6%
Alexandria Real Estate Equities, Inc.
4.00%, 2/1/2050		100,000		110,275
American Tower Corp.
3.10%, 6/15/2050		150,000		134,193
Crown Castle International Corp.
4.15%, 7/1/2050		100,000		106,279
3.25%, 1/15/2051		100,000		92,280
Kimco Realty Corp.
3.70%, 10/1/2049		50,000		51,268
National Retail Properties, Inc.
3.50%, 4/15/2051		150,000		146,884
Regency Centers LP
4.40%, 2/1/2047		50,000		56,211
Ventas Realty LP
5.70%, 9/30/2043		50,000		64,135
Welltower, Inc.
4.95%, 9/1/2048		50,000		62,144
Weyerhaeuser Co.
7.38%, 3/15/2032		50,000		67,785
				891,454
Food Products - 1.1%
Campbell Soup Co.
3.13%, 4/24/2050		100,000		93,069
Mondelez International, Inc.
2.63%, 9/4/2050		150,000		132,037
Tyson Foods, Inc.
5.10%, 9/28/2048		300,000		381,345
				606,451
Gas Utilities - 0.5%
Atmos Energy Corp.
5.50%, 6/15/2041		50,000		63,716
4.13%, 10/15/2044		115,000		127,503
4.30%, 10/1/2048		100,000		115,813
				307,032
Health Care Equipment & Supplies - 0.4%
Becton Dickinson and Co.
3.79%, 5/20/2050		150,000		157,140
DH Europe Finance II Sarl
3.40%, 11/15/2049		50,000		51,053
				208,193
Health Care Providers & Services - 3.8%
AmerisourceBergen Corp.
4.30%, 12/15/2047		75,000		82,973
Cardinal Health, Inc.
4.37%, 6/15/2047		150,000		160,117
CVS Health Corp.
5.05%, 3/25/2048		210,000		258,191
HCA, Inc.
5.13%, 6/15/2039		100,000		115,952
5.50%, 6/15/2047		100,000		121,218
5.25%, 6/15/2049		100,000		118,310

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Humana, Inc.
8.15%, 6/15/2038		25,000		38,642
Laboratory Corp. of America Holdings
4.70%, 2/1/2045		100,000		116,109
UnitedHealth Group, Inc.
5.95%, 2/15/2041		100,000		135,606
3.05%, 5/15/2041		300,000		294,204
4.63%, 11/15/2041		300,000		354,606
3.70%, 8/15/2049		75,000		79,989
3.88%, 8/15/2059		100,000		110,302
3.13%, 5/15/2060		125,000		118,781
				2,105,000
Hotels, Restaurants & Leisure - 2.3%
McDonald’s Corp.
4.88%, 7/15/2040		50,000		60,129
4.88%, 12/9/2045		125,000		150,509
4.45%, 3/1/2047		200,000		229,080
4.45%, 9/1/2048		100,000		115,641
3.63%, 9/1/2049		250,000		258,281
4.20%, 4/1/2050		100,000		112,517
Starbucks Corp.
4.50%, 11/15/2048		50,000		57,537
4.45%, 8/15/2049		100,000		115,386
3.50%, 11/15/2050		200,000		199,738
				1,298,818
Household Durables - 0.2%
MDC Holdings, Inc.
3.97%, 8/6/2061		100,000		88,726
Household Products - 0.3%
Church & Dwight Co., Inc.
3.95%, 8/1/2047		50,000		56,125
Kimberly-Clark Corp.
5.30%, 3/1/2041		100,000		129,217
				185,342
Independent Power and Renewable Electricity Producers - 0.5%
Exelon Generation Co. LLC
5.75%, 10/1/2041		100,000		116,562
5.60%, 6/15/2042		100,000		115,014
Southern Power Co.
5.15%, 9/15/2041		50,000		58,017
				289,593
Industrial Conglomerates - 0.3%
Honeywell International, Inc.
5.70%, 3/15/2036		100,000		131,709
Trane Technologies Luxembourg Finance SA
4.50%, 3/21/2049		50,000		58,556
				190,265
Insurance - 5.0%
Aflac, Inc.
6.45%, 8/15/2040		50,000		68,858
4.75%, 1/15/2049		50,000		63,225

Investments	Principal Amount ($)		Value ($)
Alleghany Corp.
4.90%, 9/15/2044		75,000		88,852
Allstate Corp. (The)
6.50%, 5/15/2057(a)		15,000		19,264
American International Group, Inc.
3.88%, 1/15/2035		110,000		118,009
Aon Corp.
6.25%, 9/30/2040		50,000		69,706
Aon plc
4.60%, 6/14/2044		55,000		63,660
4.75%, 5/15/2045		100,000		118,233
Arch Capital Group Ltd.
7.35%, 5/1/2034		200,000		280,032
Arthur J Gallagher & Co.
3.50%, 5/20/2051		50,000		49,283
Berkshire Hathaway Finance Corp.
5.75%, 1/15/2040		115,000		154,562
4.25%, 1/15/2049		150,000		173,428
2.85%, 10/15/2050		50,000		45,922
Brighthouse Financial, Inc.
4.70%, 6/22/2047		39,000		39,431
Everest Reinsurance Holdings, Inc.
3.50%, 10/15/2050		100,000		98,963
Hartford Financial Services Group, Inc. (The)
2.90%, 9/15/2051		200,000		184,147
Markel Corp.
5.00%, 4/5/2046		100,000		119,471
4.15%, 9/17/2050		125,000		137,497
3.45%, 5/7/2052		100,000		97,865
Marsh & McLennan Cos., Inc.
4.75%, 3/15/2039		100,000		119,999
4.90%, 3/15/2049		100,000		125,001
Progressive Corp. (The)
4.13%, 4/15/2047		100,000		116,075
Selective Insurance Group, Inc.
5.38%, 3/1/2049		25,000		31,966
W R Berkley Corp.
6.25%, 2/15/2037		100,000		129,287
4.75%, 8/1/2044		100,000		118,721
Willis North America, Inc.
5.05%, 9/15/2048		100,000		121,230
3.88%, 9/15/2049		50,000		51,469
				2,804,156
Interactive Media & Services - 0.1%
Alphabet, Inc.
2.25%, 8/15/2060		75,000		61,137
Internet & Direct Marketing Retail - 1.2%
Alibaba Group Holding Ltd.
4.20%, 12/6/2047		225,000		234,199
3.15%, 2/9/2051		200,000		175,822

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Amazon.com, Inc.
4.25%, 8/22/2057		165,000		198,812
2.70%, 6/3/2060		100,000		88,116
				696,949
IT Services - 1.2%
Fiserv, Inc.
4.40%, 7/1/2049		30,000		33,190
Global Payments, Inc.
4.15%, 8/15/2049		100,000		105,638
International Business Machines Corp.
4.25%, 5/15/2049		100,000		113,742
Mastercard, Inc.
3.65%, 6/1/2049		100,000		109,054
Visa, Inc.
4.30%, 12/14/2045		170,000		200,614
Western Union Co. (The)
6.20%, 6/21/2040		100,000		117,441
				679,679
Leisure Products - 0.1%
Hasbro, Inc.
6.35%, 3/15/2040		50,000		66,598
Machinery - 0.8%
Dover Corp.
5.38%, 3/1/2041		100,000		124,721
Fortive Corp.
4.30%, 6/15/2046		25,000		28,091
Illinois Tool Works, Inc.
3.90%, 9/1/2042		25,000		27,865
Otis Worldwide Corp.
3.11%, 2/15/2040		50,000		48,708
3.36%, 2/15/2050		100,000		99,165
Parker-Hannifin Corp.
4.00%, 6/14/2049		100,000		110,381
				438,931
Media - 3.8%
Charter Communications Operating LLC
3.50%, 6/1/2041		250,000		225,053
6.48%, 10/23/2045		100,000		126,198
5.75%, 4/1/2048		400,000		461,285
3.70%, 4/1/2051		250,000		222,355
Comcast Corp.
2.94%, 11/1/2056(b)		135,000		119,998
2.99%, 11/1/2063(b)		100,000		88,197
Fox Corp.
5.48%, 1/25/2039		100,000		121,332
5.58%, 1/25/2049		150,000		189,919
Interpublic Group of Cos., Inc. (The)
5.40%, 10/1/2048		50,000		64,869
Time Warner Cable LLC
7.30%, 7/1/2038		200,000		266,449
6.75%, 6/15/2039		100,000		128,006

Investments	Principal Amount ($)		Value ($)
5.88%, 11/15/2040		100,000		116,827
				2,130,488
Metals & Mining - 4.4%
ArcelorMittal SA
6.75%, 3/1/2041(c)		100,000		127,539
Barrick Gold Corp.
5.25%, 4/1/2042		100,000		122,868
Barrick North America Finance LLC
5.70%, 5/30/2041		50,000		64,528
5.75%, 5/1/2043		100,000		129,815
Barrick PD Australia Finance Pty. Ltd.
5.95%, 10/15/2039		80,000		104,520
BHP Billiton Finance USA Ltd.
4.13%, 2/24/2042		50,000		56,225
5.00%, 9/30/2043		245,000		304,753
Freeport-McMoRan, Inc.
5.45%, 3/15/2043		200,000		235,522
Newmont Corp.
4.88%, 3/15/2042		100,000		120,130
Rio Tinto Finance USA Ltd.
5.20%, 11/2/2040		75,000		95,047
Southern Copper Corp.
7.50%, 7/27/2035		200,000		275,842
6.75%, 4/16/2040		50,000		67,544
5.88%, 4/23/2045		150,000		195,451
Vale Overseas Ltd.
6.88%, 11/21/2036		150,000		191,326
6.88%, 11/10/2039		200,000		258,189
Vale SA
5.63%, 9/11/2042		100,000		114,274
				2,463,573
Multiline Retail - 0.1%
Dollar General Corp.
4.13%, 4/3/2050		50,000		54,444
Multi-Utilities - 2.7%
Ameren Illinois Co.
4.80%, 12/15/2043		100,000		119,778
Berkshire Hathaway Energy Co.
6.13%, 4/1/2036		200,000		263,525
4.45%, 1/15/2049		100,000		115,051
4.25%, 10/15/2050		150,000		172,391
2.85%, 5/15/2051		200,000		179,686
Consolidated Edison Co. of New York, Inc.
4.50%, 5/15/2058		130,000		149,271
3.70%, 11/15/2059		200,000		201,352
Sempra Energy
4.00%, 2/1/2048		100,000		106,101
Southern Co. Gas Capital Corp.
3.95%, 10/1/2046		84,000		87,343
4.40%, 5/30/2047		100,000		111,502
				1,506,000

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Oil, Gas & Consumable Fuels - 10.4%
Canadian Natural Resources Ltd.
6.50%, 2/15/2037		100,000		127,313
6.25%, 3/15/2038		100,000		126,507
6.75%, 2/1/2039		100,000		132,485
Columbia Pipeline Group, Inc.
5.80%, 6/1/2045		50,000		63,081
Enbridge, Inc.
5.50%, 12/1/2046		25,000		31,725
4.00%, 11/15/2049		150,000		156,222
3.40%, 8/1/2051		100,000		95,490
Energy Transfer LP
5.80%, 6/15/2038		100,000		115,923
6.50%, 2/1/2042		200,000		245,136
5.00%, 5/15/2044(c)		50,000		52,444
6.13%, 12/15/2045		100,000		118,093
6.25%, 4/15/2049		200,000		245,911
Enterprise Products Operating LLC
5.95%, 2/1/2041		180,000		228,833
4.45%, 2/15/2043		300,000		322,743
4.85%, 3/15/2044		230,000		261,586
4.25%, 2/15/2048		85,000		90,741
3.95%, 1/31/2060		150,000		150,351
Exxon Mobil Corp.
4.33%, 3/19/2050		50,000		59,033
3.45%, 4/15/2051		100,000		103,909
Hess Corp.
6.00%, 1/15/2040		50,000		62,100
5.80%, 4/1/2047		100,000		126,507
Kinder Morgan Energy Partners LP
6.95%, 1/15/2038		100,000		132,174
6.38%, 3/1/2041		100,000		125,600
Kinder Morgan, Inc.
5.55%, 6/1/2045		125,000		149,327
5.20%, 3/1/2048		100,000		116,213
3.60%, 2/15/2051		100,000		94,587
Magellan Midstream Partners LP
5.15%, 10/15/2043		15,000		17,329
4.20%, 10/3/2047		145,000		150,502
4.85%, 2/1/2049		100,000		114,239
3.95%, 3/1/2050		100,000		100,213
Marathon Oil Corp.
5.20%, 6/1/2045		100,000		114,145
Marathon Petroleum Corp.
4.50%, 4/1/2048		100,000		109,001
MPLX LP
4.70%, 4/15/2048		200,000		217,948
4.90%, 4/15/2058		150,000		163,624
ONEOK Partners LP
6.85%, 10/15/2037		200,000		255,624
6.13%, 2/1/2041		100,000		120,667

Investments	Principal Amount ($)		Value ($)
ONEOK, Inc.
4.95%, 7/13/2047		150,000		164,974
7.15%, 1/15/2051		100,000		138,635
Phillips 66 Partners LP
4.90%, 10/1/2046		75,000		86,939
Plains All American Pipeline LP
4.70%, 6/15/2044		100,000		99,474
Spectra Energy Partners LP
5.95%, 9/25/2043		100,000		129,677
TransCanada PipeLines Ltd.
7.63%, 1/15/2039		100,000		147,028
5.10%, 3/15/2049		100,000		123,120
Williams Cos., Inc. (The)
5.40%, 3/4/2044		50,000		59,581
				5,846,754
Pharmaceuticals - 1.1%
Johnson & Johnson
5.85%, 7/15/2038		150,000		206,543
3.70%, 3/1/2046		55,000		60,861
Royalty Pharma plc
3.55%, 9/2/2050		50,000		45,532
3.35%, 9/2/2051		100,000		88,507
Zoetis, Inc.
4.45%, 8/20/2048		100,000		120,482
3.00%, 5/15/2050		100,000		97,661
				619,586
Professional Services - 0.2%
Equifax, Inc.
7.00%, 7/1/2037		50,000		68,686
Verisk Analytics, Inc.
3.63%, 5/15/2050		50,000		51,077
				119,763
Road & Rail - 2.2%
Burlington Northern Santa Fe LLC
4.90%, 4/1/2044		300,000		372,239
Canadian Pacific Railway Co.
6.13%, 9/15/2115		100,000		140,379
CSX Corp.
4.50%, 8/1/2054		50,000		59,328
Kansas City Southern
4.20%, 11/15/2069		50,000		56,237
Norfolk Southern Corp.
5.10%, 8/1/2118		50,000		60,049
Union Pacific Corp.
3.80%, 10/1/2051		100,000		109,070
3.84%, 3/20/2060		75,000		81,006
4.10%, 9/15/2067		200,000		224,631
3.75%, 2/5/2070		100,000		105,500
				1,208,439

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Semiconductors & Semiconductor Equipment - 2.9%
Broadcom, Inc.
3.47%, 4/15/2034(b)		500,000		495,961
3.14%, 11/15/2035(b)		200,000		189,927
3.50%, 2/15/2041(b)		400,000		380,598
3.75%, 2/15/2051(b)		100,000		96,714
Intel Corp.
4.75%, 3/25/2050		150,000		185,831
4.95%, 3/25/2060		50,000		64,643
Micron Technology, Inc.
3.37%, 11/1/2041		100,000		95,295
Texas Instruments, Inc.
4.15%, 5/15/2048		100,000		117,977
				1,626,946
Software - 2.6%
Microsoft Corp.
2.92%, 3/17/2052		100,000		97,869
2.68%, 6/1/2060		56,000		50,775
3.04%, 3/17/2062		269,000		265,016
Oracle Corp.
6.13%, 7/8/2039		105,000		130,029
3.65%, 3/25/2041		300,000		279,846
4.13%, 5/15/2045		225,000		218,625
3.60%, 4/1/2050		200,000		177,987
4.38%, 5/15/2055		115,000		114,203
3.85%, 4/1/2060		125,000		111,479
				1,445,829
Specialty Retail - 2.6%
Home Depot, Inc. (The)
5.95%, 4/1/2041		100,000		136,856
4.88%, 2/15/2044		75,000		92,858
4.50%, 12/6/2048		300,000		365,666
2.75%, 9/15/2051		250,000		231,372
Lowe’s Cos., Inc.
5.00%, 4/15/2040		100,000		119,398
4.05%, 5/3/2047		200,000		216,462
4.55%, 4/5/2049		150,000		174,675
5.13%, 4/15/2050		100,000		127,093
				1,464,380
Technology Hardware, Storage & Peripherals - 2.0%
Apple, Inc.
4.38%, 5/13/2045		100,000		119,845
4.65%, 2/23/2046		190,000		235,484
2.95%, 9/11/2049		100,000		96,537
2.65%, 2/8/2051		100,000		91,470
2.55%, 8/20/2060		100,000		86,099
2.80%, 2/8/2061		100,000		90,790
Dell International LLC
8.35%, 7/15/2046		62,000		98,212
Hewlett Packard Enterprise Co.
6.35%, 10/15/2045(c)		150,000		189,600
HP, Inc.
6.00%, 9/15/2041		100,000		126,104
				1,134,141

Investments	Principal Amount ($)		Value ($)
Tobacco - 4.7%
Altria Group, Inc.
5.80%, 2/14/2039		300,000		341,368
4.25%, 8/9/2042		140,000		132,777
4.50%, 5/2/2043		100,000		98,080
5.38%, 1/31/2044		125,000		136,927
5.95%, 2/14/2049		250,000		291,506
3.70%, 2/4/2051		100,000		86,742
BAT Capital Corp.
4.39%, 8/15/2037		150,000		151,864
4.54%, 8/15/2047		200,000		195,310
4.76%, 9/6/2049		100,000		100,525
Philip Morris International, Inc.
6.38%, 5/16/2038		50,000		67,065
4.13%, 3/4/2043		330,000		342,967
4.25%, 11/10/2044		350,000		375,422
Reynolds American, Inc.
6.15%, 9/15/2043		100,000		116,946
5.85%, 8/15/2045		175,000		199,276
				2,636,775
Trading Companies & Distributors - 0.2%
WW Grainger, Inc.
4.60%, 6/15/2045		100,000		120,232
Water Utilities - 0.5%
American Water Capital Corp.
3.45%, 5/1/2050		200,000		200,190
3.25%, 6/1/2051		100,000		98,470
				298,660
Wireless Telecommunication Services - 0.7%
Rogers Communications, Inc.
4.30%, 2/15/2048		200,000		212,140
4.35%, 5/1/2049		100,000		107,026
3.70%, 11/15/2049		50,000		48,722
				367,888
TOTAL CORPORATE BONDS (Cost $57,053,092)				55,012,565
Total Investments - 98.1% (Cost $57,053,092)				55,012,565
Other assets less liabilities - 1.9%				1,043,631
Net Assets - 100.0%				56,056,196

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

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

See Accompanying Notes to the Schedules of Investments.

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

(c) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of January 31, 2022.

Percentages shown are based on Net Assets.

Security Type	% of Net Assets
Corporate Bonds		98.1	%
Others(1)		1.9
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® High Yield Value-Scored Bond Index Fund

January 31, 2022 (Unaudited)

Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS - 97.5%
Aerospace & Defense - 2.1%
F-Brasile SpA Series NR, 7.38%, 8/15/2026(a)		650,000		641,859
Howmet Aerospace, Inc. 5.95%, 2/1/2037		50,000		56,750
Spirit AeroSystems, Inc. 7.50%, 4/15/2025(a)		790,000		823,697
TransDigm UK Holdings plc 6.88%, 5/15/2026		305,000		316,500
TransDigm, Inc. 8.00%, 12/15/2025(a)		745,000		779,371
6.25%, 3/15/2026(a)		3,170,000		3,268,270
6.38%, 6/15/2026		560,000		570,494
7.50%, 3/15/2027		460,000		477,869
5.50%, 11/15/2027		4,380,000		4,409,017
4.63%, 1/15/2029		1,090,000		1,037,070
4.88%, 5/1/2029		1,105,000		1,062,678
Triumph Group, Inc. 8.88%, 6/1/2024(a)		498,000		532,225
6.25%, 9/15/2024(a)		405,000		404,075
				14,379,875
Air Freight & Logistics - 0.1%
Western Global Airlines LLC 10.38%, 8/15/2025(a)		650,000		718,367
Airlines - 0.9%
American Airlines Group, Inc. 3.75%, 3/1/2025(a)		1,095,000		1,014,797
American Airlines, Inc. 11.75%, 7/15/2025(a)		2,175,000		2,638,079
5.50%, 4/20/2026(a)		1,110,000		1,134,975
5.75%, 4/20/2029(a)		1,120,000		1,148,515
				5,936,366
Auto Components - 2.1%
Adient US LLC 9.00%, 4/15/2025(a)		480,000		509,170
Allison Transmission, Inc. 3.75%, 1/30/2031(a)		285,000		265,284
American Axle & Manufacturing, Inc. 5.00%, 10/1/2029		860,000		795,706
Clarios Global LP 6.75%, 5/15/2025(a)		605,000		628,392
6.25%, 5/15/2026(a)		766,000		792,776
8.50%, 5/15/2027(a)		2,570,000		2,690,649

Investments	Principal Amount ($)		Value ($)
Cooper-Standard Automotive, Inc. 13.00%, 6/1/2024(a)		530,000		566,382
Dealer Tire LLC 8.00%, 2/1/2028(a)		1,015,000		1,041,639
Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029(a)		1,250,000		1,207,812
Icahn Enterprises LP 5.25%, 5/15/2027		1,295,000		1,307,231
4.38%, 2/1/2029		695,000		660,629
IHO Verwaltungs GmbH 6.38%, 5/15/2029(a)(b)		400,000		421,222
Patrick Industries, Inc. 7.50%, 10/15/2027(a)		180,000		189,222
4.75%, 5/1/2029(a)		675,000		652,404
Real Hero Merger Sub 2, Inc. 6.25%, 2/1/2029(a)		1,140,000		1,117,747
Tenneco, Inc. 7.88%, 1/15/2029(a)		580,000		617,337
Wheel Pros, Inc. 6.50%, 5/15/2029(a)		980,000		912,625
				14,376,227
Automobiles - 1.9%
Ford Motor Co. 6.63%, 10/1/2028		330,000		382,800
6.38%, 2/1/2029		150,000		169,222
9.63%, 4/22/2030		750,000		1,055,025
7.45%, 7/16/2031		982,000		1,246,924
3.25%, 2/12/2032		2,695,000		2,580,031
4.75%, 1/15/2043		996,000		1,020,671
7.40%, 11/1/2046		450,000		595,831
5.29%, 12/8/2046		400,000		439,588
Jaguar Land Rover Automotive plc 7.75%, 10/15/2025(a)		395,000		414,979
5.88%, 1/15/2028(a)		1,120,000		1,111,421
5.50%, 7/15/2029(a)		1,090,000		1,053,708
Mclaren Finance plc 7.50%, 8/1/2026(a)		1,060,000		1,086,739
PM General Purchaser LLC 9.50%, 10/1/2028(a)		1,685,000		1,672,809
				12,829,748
Banks - 0.6%
Intesa Sanpaolo SpA 4.20%, 6/1/2032(a)(c)		85,000		81,619
UniCredit SpA 7.30%, 4/2/2034(a)(c)		2,160,000		2,483,076
5.46%, 6/30/2035(a)(c)		1,215,000		1,271,394
				3,836,089

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Beverages - 0.2%
Triton Water Holdings, Inc. 6.25%, 4/1/2029(a)		1,540,000		1,445,675
Biotechnology - 0.1%
Emergent BioSolutions, Inc. 3.88%, 8/15/2028(a)		100,000		92,154
Grifols Escrow Issuer SA 4.75%, 10/15/2028(a)		300,000		298,944
Horizon Therapeutics USA, Inc. 5.50%, 8/1/2027(a)		350,000		363,099
				754,197
Building Products - 0.9%
Builders FirstSource, Inc. 6.75%, 6/1/2027(a)		495,000		515,914
CP Atlas Buyer, Inc. 7.00%, 12/1/2028(a)		1,064,000		1,013,524
Eco Material Technologies, Inc. 7.88%, 1/31/2027(a)		300,000		304,512
Griffon Corp. 5.75%, 3/1/2028		1,160,000		1,161,003
MIWD Holdco II LLC 5.50%, 2/1/2030(a)		300,000		298,227
New Enterprise Stone & Lime Co., Inc. 5.25%, 7/15/2028(a)		795,000		796,157
9.75%, 7/15/2028(a)		535,000		564,502
Standard Industries, Inc. 4.38%, 7/15/2030(a)		405,000		388,450
3.38%, 1/15/2031(a)		420,000		382,878
Victors Merger Corp. 6.38%, 5/15/2029(a)		1,085,000		996,394
				6,421,561
Capital Markets - 0.6%
Aretec Escrow Issuer, Inc. 7.50%, 4/1/2029(a)		830,000		845,579
Coinbase Global, Inc. 3.38%, 10/1/2028(a)		2,195,000		1,968,378
3.63%, 10/1/2031(a)		440,000		383,088
Compass Group Diversified Holdings LLC 5.25%, 4/15/2029(a)		100,000		98,889
Hightower Holding LLC 6.75%, 4/15/2029(a)		530,000		541,551
LPL Holdings, Inc. 4.00%, 3/15/2029(a)		140,000		136,129
4.38%, 5/15/2031(a)		200,000		195,564
Nomura Holdings, Inc. 2.65%, 1/16/2025		225,000		228,200
				4,397,378
Chemicals - 3.4%
Ashland LLC 6.88%, 5/15/2043		45,000		56,418

Investments	Principal Amount ($)		Value ($)
ASP Unifrax Holdings, Inc. 5.25%, 9/30/2028(a)		1,540,000		1,515,961
7.50%, 9/30/2029(a)		715,000		694,340
Avient Corp. 5.75%, 5/15/2025(a)		365,000		375,149
Axalta Coating Systems LLC 3.38%, 2/15/2029(a)		150,000		138,409
Chemours Co. (The) 5.75%, 11/15/2028(a)		645,000		656,190
4.63%, 11/15/2029(a)		935,000		889,793
Cornerstone Chemical Co. 6.75%, 8/15/2024(a)		480,000		419,717
CVR Partners LP 6.13%, 6/15/2028(a)		565,000		574,961
EverArc Escrow Sarl 5.00%, 10/30/2029(a)		1,605,000		1,536,186
Gates Global LLC 6.25%, 1/15/2026(a)		510,000		525,810
Herens Holdco Sarl 4.75%, 5/15/2028(a)		590,000		564,662
Illuminate Buyer LLC 9.00%, 7/1/2028(a)		555,000		586,277
Ingevity Corp. 4.50%, 2/1/2026(a)		150,000		149,928
LSB Industries, Inc. 6.25%, 10/15/2028(a)		980,000		996,253
LSF11 A5 HoldCo LLC 6.63%, 10/15/2029(a)		620,000		608,468
Methanex Corp. 5.25%, 12/15/2029		160,000		162,080
Minerals Technologies, Inc. 5.00%, 7/1/2028(a)		230,000		233,842
NOVA Chemicals Corp. 4.25%, 5/15/2029(a)		400,000		381,580
Nufarm Australia Ltd. 5.00%, 1/27/2030(a)		250,000		249,035
Olympus Water US Holding Corp. 4.25%, 10/1/2028(a)		910,000		865,137
6.25%, 10/1/2029(a)		870,000		827,627
Polar US Borrower LLC 6.75%, 5/15/2026(a)		750,000		717,229
Rayonier AM Products, Inc. 7.63%, 1/15/2026(a)		915,000		936,933
SCIH Salt Holdings, Inc. 4.88%, 5/1/2028(a)		2,485,000		2,335,999
6.63%, 5/1/2029(a)		1,500,000		1,400,625
Scotts Miracle-Gro Co. (The) 5.25%, 12/15/2026		290,000		296,877
TPC Group, Inc. 10.50%, 8/1/2024(a)		1,975,000		1,316,357

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Tronox, Inc. 4.63%, 3/15/2029(a)		400,000		385,888
Valvoline, Inc. 4.25%, 2/15/2030(a)		100,000		96,750
Venator Finance Sarl 9.50%, 7/1/2025(a)		150,000		163,690
WR Grace Holdings LLC 5.63%, 8/15/2029(a)		2,515,000		2,433,263
				23,091,434
Commercial Services & Supplies - 6.4%
ADT Security Corp. (The) 4.13%, 8/1/2029(a)		255,000		240,318
Allied Universal Holdco LLC 9.75%, 7/15/2027(a)		1,810,000		1,912,310
4.63%, 6/1/2028(a)		2,490,000		2,373,941
6.00%, 6/1/2029(a)		2,955,000		2,805,418
APi Group DE, Inc. 4.13%, 7/15/2029(a)		375,000		361,493
Aptim Corp. 7.75%, 6/15/2025(a)		885,000		769,950
APX Group, Inc. 6.75%, 2/15/2027(a)		1,040,000		1,069,442
5.75%, 7/15/2029(a)		1,450,000		1,354,416
Aramark Services, Inc. 5.00%, 4/1/2025(a)		390,000		395,542
6.38%, 5/1/2025(a)		1,190,000		1,231,650
5.00%, 2/1/2028(a)		1,068,000		1,062,334
Cimpress plc 7.00%, 6/15/2026(a)		550,000		566,068
CoreCivic, Inc. 8.25%, 4/15/2026		1,320,000		1,381,308
4.75%, 10/15/2027		780,000		700,311
Covanta Holding Corp. 5.00%, 9/1/2030		100,000		99,218
Deluxe Corp. 8.00%, 6/1/2029(a)		1,085,000		1,121,022
Garda World Security Corp. 4.63%, 2/15/2027(a)		780,000		762,509
9.50%, 11/1/2027(a)		600,000		631,371
6.00%, 6/1/2029(a)		915,000		858,654
GFL Environmental, Inc. 4.00%, 8/1/2028(a)		1,470,000		1,371,804
3.50%, 9/1/2028(a)		130,000		122,570
4.75%, 6/15/2029(a)		360,000		349,758
4.38%, 8/15/2029(a)		1,040,000		992,269
Harsco Corp. 5.75%, 7/31/2027(a)		450,000		457,895
Intrado Corp. 8.50%, 10/15/2025(a)		1,415,000		1,381,847
KAR Auction Services, Inc. 5.13%, 6/1/2025(a)		925,000		927,479

Investments	Principal Amount ($)		Value ($)
Legends Hospitality Holding Co. LLC 5.00%, 2/1/2026(a)		260,000		259,390
Madison IAQ LLC 4.13%, 6/30/2028(a)		285,000		271,889
5.88%, 6/30/2029(a)		2,545,000		2,355,983
Nielsen Finance LLC 5.63%, 10/1/2028(a)		1,940,000		1,950,379
4.50%, 7/15/2029(a)		1,190,000		1,111,555
5.88%, 10/1/2030(a)		1,535,000		1,540,088
4.75%, 7/15/2031(a)		1,520,000		1,416,192
Pitney Bowes, Inc. 6.88%, 3/15/2027(a)		575,000		568,899
7.25%, 3/15/2029(a)		500,000		501,875
Prime Security Services Borrower LLC 3.38%, 8/31/2027(a)		1,240,000		1,153,051
6.25%, 1/15/2028(a)		2,520,000		2,516,094
Ritchie Bros Auctioneers, Inc. 5.38%, 1/15/2025(a)		440,000		443,740
Stericycle, Inc. 5.38%, 7/15/2024(a)		610,000		619,010
3.88%, 1/15/2029(a)		45,000		42,820
Vericast Corp. 11.00%, 9/15/2026(a)		2,880,000		2,998,800
Waste Pro USA, Inc. 5.50%, 2/15/2026(a)		660,000		641,226
				43,691,888
Construction & Engineering - 1.3%
Artera Services LLC 9.03%, 12/4/2025(a)		2,610,000		2,671,374
Brand Industrial Services, Inc. 8.50%, 7/15/2025(a)		2,277,000		2,144,604
Brundage-Bone Concrete Pumping Holdings, Inc. 6.00%, 2/1/2026(a)		465,000		471,317
Great Lakes Dredge & Dock Corp. 5.25%, 6/1/2029(a)		640,000		655,472
IEA Energy Services LLC 6.63%, 8/15/2029(a)		575,000		562,822
Pike Corp. 5.50%, 9/1/2028(a)		1,335,000		1,307,098
Railworks Holdings LP 8.25%, 11/15/2028(a)		630,000		654,057
VM Consolidated, Inc. 5.50%, 4/15/2029(a)		695,000		692,383
				9,159,127
Consumer Finance - 1.9%
Cobra AcquisitionCo LLC 6.38%, 11/1/2029(a)		710,000		691,316
Credit Acceptance Corp. 5.13%, 12/31/2024(a)		300,000		303,300
6.63%, 3/15/2026		400,000		412,552

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Curo Group Holdings Corp. 7.50%, 8/1/2028(a)		2,195,000		2,066,691
Enova International, Inc. 8.50%, 9/1/2024(a)		290,000		292,477
FirstCash, Inc. 4.63%, 9/1/2028(a)		602,000		575,166
5.63%, 1/1/2030(a)		965,000		966,081
Ford Motor Credit Co. LLC 5.11%, 5/3/2029		1,502,000		1,613,080
4.00%, 11/13/2030		1,465,000		1,475,248
3.63%, 6/17/2031		950,000		940,699
goeasy Ltd. 5.38%, 12/1/2024(a)		405,000		413,505
LFS Topco LLC 5.88%, 10/15/2026(a)		285,000		290,828
PRA Group, Inc. 7.38%, 9/1/2025(a)		225,000		238,887
5.00%, 10/1/2029(a)		835,000		825,619
PROG Holdings, Inc. 6.00%, 11/15/2029(a)		1,160,000		1,132,839
World Acceptance Corp. 7.00%, 11/1/2026(a)		860,000		826,847
				13,065,135
Containers & Packaging - 1.2%
Ardagh Metal Packaging Finance USA LLC 4.00%, 9/1/2029(a)		200,000		190,849
Ball Corp. 2.88%, 8/15/2030		260,000		241,605
3.13%, 9/15/2031		200,000		186,676
Cascades, Inc. 5.38%, 1/15/2028(a)		285,000		289,608
Graham Packaging Co., Inc. 7.13%, 8/15/2028(a)		1,190,000		1,209,463
Greif, Inc. 6.50%, 3/1/2027(a)		410,000		424,811
Intelligent Packaging Ltd. Finco, Inc. 6.00%, 9/15/2028(a)		750,000		746,250
LABL, Inc. 6.75%, 7/15/2026(a)		760,000		771,495
5.88%, 11/1/2028(a)		1,178,000		1,169,165
Mauser Packaging Solutions Holding Co. 7.25%, 4/15/2025(a)		1,195,000		1,185,542
Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027(a)		485,000		509,250
Pactiv LLC 7.95%, 12/15/2025		275,000		296,286
Silgan Holdings, Inc. 4.75%, 3/15/2025		185,000		185,007
Trivium Packaging Finance BV 8.50%, 8/15/2027(a)(d)		600,000		619,617
				8,025,624

Investments	Principal Amount ($)		Value ($)
Distributors - 0.2%
BCPE Empire Holdings, Inc. 7.63%, 5/1/2027(a)		1,370,000		1,372,781
Diversified Consumer Services - 1.1%
Adtalem Global Education, Inc. 5.50%, 3/1/2028(a)		1,600,000		1,579,832
Carriage Services, Inc. 4.25%, 5/15/2029(a)		620,000		605,374
Graham Holdings Co. 5.75%, 6/1/2026(a)		450,000		465,111
Grand Canyon University 5.13%, 10/1/2028		765,000		777,012
Metis Merger Sub LLC 6.50%, 5/15/2029(a)		1,430,000		1,365,779
Signal Parent, Inc. 6.13%, 4/1/2029(a)		620,000		533,919
Sotheby’s 5.88%, 6/1/2029(a)		650,000		659,185
StoneMor, Inc. 8.50%, 5/15/2029(a)		795,000		814,378
WW International, Inc. 4.50%, 4/15/2029(a)		920,000		817,604
				7,618,194
Diversified Financial Services - 0.9%
Asteroid Private Merger Sub, Inc. 8.50%, 11/15/2029(a)		860,000		877,479
CPI CG, Inc. 8.63%, 3/15/2026(a)		547,000		561,252
Ford Holdings LLC 9.30%, 3/1/2030		210,000		282,530
Jefferies Finance LLC 5.00%, 8/15/2028(a)		1,130,000		1,112,027
Jefferson Capital Holdings LLC 6.00%, 8/15/2026(a)		450,000		447,210
Midcap Financial Issuer Trust 6.50%, 5/1/2028(a)		1,345,000		1,357,643
5.63%, 1/15/2030(a)		895,000		869,949
Sabre GLBL, Inc. 7.38%, 9/1/2025(a)		770,000		790,467
				6,298,557
Diversified Telecommunication Services - 6.1%
Altice France Holding SA 6.00%, 2/15/2028(a)		2,390,000		2,187,173
Altice France SA 5.50%, 1/15/2028(a)		1,330,000		1,271,906
5.13%, 1/15/2029(a)		795,000		740,292
5.13%, 7/15/2029(a)		2,765,000		2,563,860
5.50%, 10/15/2029(a)		4,975,000		4,722,071
CCO Holdings LLC 4.00%, 3/1/2023(a)		350,000		348,920
5.00%, 2/1/2028(a)		285,000		288,209

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
5.38%, 6/1/2029(a)		260,000		268,281
4.75%, 3/1/2030(a)		995,000		986,408
4.50%, 8/15/2030(a)		855,000		836,310
4.25%, 2/1/2031(a)		1,035,000		990,247
4.75%, 2/1/2032(a)		140,000		137,831
4.50%, 5/1/2032		1,772,000		1,710,547
4.50%, 6/1/2033(a)		620,000		589,921
4.25%, 1/15/2034(a)		865,000		804,415
Frontier Communications Holdings LLC 5.00%, 5/1/2028(a)		700,000		694,599
6.75%, 5/1/2029(a)		1,965,000		1,973,371
5.88%, 11/1/2029		1,490,000		1,436,427
6.00%, 1/15/2030(a)		2,215,000		2,141,097
Iliad Holding SASU 6.50%, 10/15/2026(a)		835,000		847,057
7.00%, 10/15/2028(a)		1,720,000		1,748,544
Lumen Technologies, Inc. 4.50%, 1/15/2029(a)		330,000		302,963
5.38%, 6/15/2029(a)		1,460,000		1,390,106
Sprint Capital Corp. 8.75%, 3/15/2032		480,000		669,132
Telecom Italia Capital SA 6.38%, 11/15/2033		310,000		317,518
7.20%, 7/18/2036		1,000,000		1,061,515
Telesat Canada 5.63%, 12/6/2026(a)		1,015,000		849,570
4.88%, 6/1/2027(a)		1,030,000		834,084
6.50%, 10/15/2027(a)		1,250,000		771,781
Virgin Media Finance plc 5.00%, 7/15/2030(a)		2,380,000		2,244,649
Virgin Media Secured Finance plc 5.50%, 5/15/2029(a)		1,250,000		1,275,749
4.50%, 8/15/2030(a)		200,000		190,375
Windstream Escrow LLC 7.75%, 8/15/2028(a)		1,986,000		2,006,108
Zayo Group Holdings, Inc. 6.13%, 3/1/2028(a)		2,345,000		2,221,395
				41,422,431
Electric Utilities - 0.4%
FirstEnergy Corp.
Series C, 7.38%, 11/15/2031		155,000		198,776
Series C, 5.10%, 7/15/2047(d)		225,000		245,641
Series C, 3.40%, 3/1/2050		340,000		308,941
NextEra Energy Operating Partners LP 4.25%, 7/15/2024(a)		485,000		499,591
NRG Energy, Inc. 6.63%, 1/15/2027		220,000		227,909
3.88%, 2/15/2032(a)		415,000		388,668

Investments	Principal Amount ($)		Value ($)
Vistra Operations Co. LLC 5.63%, 2/15/2027(a)		920,000		939,597
				2,809,123
Electronic Equipment, Instruments & Components - 0.2%
Likewize Corp. 9.75%, 10/15/2025(a)		650,000		697,050
TTM Technologies, Inc. 4.00%, 3/1/2029(a)		525,000		501,335
				1,198,385
Energy Equipment & Services - 1.9%
Archrock Partners LP 6.88%, 4/1/2027(a)		525,000		539,222
6.25%, 4/1/2028(a)		780,000		787,769
Bristow Group, Inc. 6.88%, 3/1/2028(a)		610,000		615,490
CGG SA 8.75%, 4/1/2027(a)		1,184,000		1,185,586
CSI Compressco LP 7.50%, 4/1/2025(a)		175,000		175,787
Oceaneering International, Inc. 6.00%, 2/1/2028		390,000		391,342
Petrofac Ltd. 9.75%, 11/15/2026(a)		2,475,000		2,497,164
Precision Drilling Corp. 7.13%, 1/15/2026(a)		200,000		201,256
6.88%, 1/15/2029(a)		640,000		641,853
Transocean Guardian Ltd. 5.88%, 1/15/2024(a)		609,440		582,884
Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024(a)		225,000		227,308
Transocean Pontus Ltd. 6.13%, 8/1/2025(a)		83,025		81,940
Transocean Poseidon Ltd. 6.88%, 2/1/2027(a)		656,250		637,616
Transocean Proteus Ltd. 6.25%, 12/1/2024(a)		215,000		213,239
Transocean Sentry Ltd. 5.38%, 5/15/2023(a)		279,108		269,952
USA Compression Partners LP 6.88%, 4/1/2026		730,000		744,027
6.88%, 9/1/2027		1,035,000		1,063,856
Valaris Ltd. 8.25%, 4/30/2028(a)(b)		975,000		1,015,394
Weatherford International Ltd. 11.00%, 12/1/2024(a)		295,000		304,934
Welltec International ApS 8.25%, 10/15/2026(a)		605,000		623,867
				12,800,486
Entertainment - 0.8%
Allen Media LLC 10.50%, 2/15/2028(a)		1,940,000		1,942,987

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Cinemark USA, Inc. 8.75%, 5/1/2025(a)		130,000		136,172
Live Nation Entertainment, Inc. 4.88%, 11/1/2024(a)		345,000		346,318
5.63%, 3/15/2026(a)		300,000		305,567
4.75%, 10/15/2027(a)		1,435,000		1,417,062
Skillz, Inc. 10.25%, 12/15/2026(a)		1,005,000		990,704
				5,138,810
Equity Real Estate Investment Trusts (REITs) - 2.6%
Brookfield Property REIT, Inc. 5.75%, 5/15/2026(a)		755,000		756,212
4.50%, 4/1/2027(a)		1,350,000		1,278,828
Diversified Healthcare Trust 9.75%, 6/15/2025		765,000		812,610
GEO Group, Inc. (The) 5.88%, 10/15/2024		372,000		327,817
6.00%, 4/15/2026		825,000		679,804
Global Net Lease, Inc. 3.75%, 12/15/2027(a)		530,000		510,456
Iron Mountain, Inc. 5.00%, 7/15/2028(a)		1,057,000		1,057,058
4.88%, 9/15/2029(a)		120,000		118,630
5.25%, 7/15/2030(a)		2,621,000		2,606,991
4.50%, 2/15/2031(a)		400,000		379,920
5.63%, 7/15/2032(a)		964,000		980,075
Park Intermediate Holdings LLC 7.50%, 6/1/2025(a)		745,000		781,620
Service Properties Trust 4.50%, 6/15/2023		310,000		304,958
4.65%, 3/15/2024		400,000		389,514
4.35%, 10/1/2024		1,080,000		1,033,333
4.50%, 3/15/2025		485,000		461,022
7.50%, 9/15/2025		1,200,000		1,266,680
5.25%, 2/15/2026		425,000		405,482
4.75%, 10/1/2026		545,000		509,384
Uniti Group LP 7.88%, 2/15/2025(a)		2,150,000		2,238,107
4.75%, 4/15/2028(a)		835,000		809,649
XHR LP 6.38%, 8/15/2025(a)		170,000		176,235
				17,884,385
Food & Staples Retailing - 0.3%
C&S Group Enterprises LLC 5.00%, 12/15/2028(a)		660,000		601,366
Performance Food Group, Inc. 4.25%, 8/1/2029(a)		140,000		131,601
US Foods, Inc. 6.25%, 4/15/2025(a)		845,000		874,537
4.75%, 2/15/2029(a)		250,000		246,069

Investments	Principal Amount ($)		Value ($)
4.63%, 6/1/2030(a)		130,000		126,954
				1,980,527
Food Products - 1.8%
B&G Foods, Inc. 5.25%, 9/15/2027		420,000		425,659
Darling Ingredients, Inc. 5.25%, 4/15/2027(a)		375,000		382,875
Del Monte Foods, Inc. 11.88%, 5/15/2025(a)		585,000		647,095
Kraft Heinz Foods Co. 5.00%, 6/4/2042		190,000		217,055
5.20%, 7/15/2045		550,000		639,401
4.38%, 6/1/2046		565,000		599,323
4.88%, 10/1/2049		385,000		440,052
5.50%, 6/1/2050		415,000		515,175
Lamb Weston Holdings, Inc. 4.38%, 1/31/2032(a)		150,000		148,179
Post Holdings, Inc. 5.75%, 3/1/2027(a)		875,000		899,108
5.63%, 1/15/2028(a)		955,000		978,684
5.50%, 12/15/2029(a)		1,615,000		1,661,181
4.63%, 4/15/2030(a)		2,613,000		2,521,989
4.50%, 9/15/2031(a)		825,000		786,159
Sigma Holdco BV 7.88%, 5/15/2026(a)		680,000		612,544
Simmons Foods, Inc. 4.63%, 3/1/2029(a)		980,000		941,393
				12,415,872
Gas Utilities - 0.1%
Suburban Propane Partners LP 5.88%, 3/1/2027		240,000		246,874
5.00%, 6/1/2031(a)		110,000		108,496
Superior Plus LP 4.50%, 3/15/2029(a)		620,000		621,891
				977,261
Health Care Equipment & Supplies - 0.4%
Avantor Funding, Inc. 4.63%, 7/15/2028(a)		105,000		104,934
Mozart Debt Merger Sub, Inc. 3.88%, 4/1/2029(a)		1,090,000		1,050,253
5.25%, 10/1/2029(a)		1,200,000		1,169,178
Ortho-Clinical Diagnostics, Inc. 7.38%, 6/1/2025(a)		130,000		136,236
7.25%, 2/1/2028(a)		249,000		263,910
Varex Imaging Corp. 7.88%, 10/15/2027(a)		170,000		186,335
				2,910,846
Health Care Providers & Services - 3.0%
Acadia Healthcare Co., Inc. 5.50%, 7/1/2028(a)		300,000		304,780
AHP Health Partners, Inc. 5.75%, 7/15/2029(a)		360,000		354,114

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Air Methods Corp. 8.00%, 5/15/2025(a)		425,000		345,986
Centene Corp. 3.00%, 10/15/2030		260,000		252,693
2.50%, 3/1/2031		250,000		232,750
Community Health Systems, Inc. 5.63%, 3/15/2027(a)		105,000		105,867
5.25%, 5/15/2030(a)		250,000		249,249
DaVita, Inc. 4.63%, 6/1/2030(a)		923,000		899,390
3.75%, 2/15/2031(a)		570,000		524,676
Encompass Health Corp. 5.75%, 9/15/2025		250,000		253,348
4.50%, 2/1/2028		500,000		499,810
4.75%, 2/1/2030		530,000		524,215
Envision Healthcare Corp. 8.75%, 10/15/2026(a)		2,500,000		1,304,538
Global Medical Response, Inc. 6.50%, 10/1/2025(a)		715,000		716,148
Hadrian Merger Sub, Inc. 8.50%, 5/1/2026(a)		55,000		56,101
HCA, Inc. 5.63%, 9/1/2028		150,000		167,267
3.50%, 9/1/2030		485,000		485,815
LifePoint Health, Inc. 5.38%, 1/15/2029(a)		1,015,000		966,752
ModivCare, Inc. 5.88%, 11/15/2025(a)		374,000		389,241
Molina Healthcare, Inc. 4.38%, 6/15/2028(a)		1,005,000		1,009,477
3.88%, 5/15/2032(a)		400,000		386,570
Prime Healthcare Services, Inc. 7.25%, 11/1/2025(a)		80,000		83,709
Radiology Partners, Inc. 9.25%, 2/1/2028(a)		1,980,000		1,974,496
RP Escrow Issuer LLC 5.25%, 12/15/2025(a)		715,000		697,357
Select Medical Corp. 6.25%, 8/15/2026(a)		880,000		904,917
Tenet Healthcare Corp. 7.50%, 4/1/2025(a)		550,000		573,569
6.25%, 2/1/2027(a)		1,215,000		1,244,470
6.13%, 10/1/2028(a)		3,050,000		3,059,851
US Acute Care Solutions LLC 6.38%, 3/1/2026(a)		355,000		357,268
US Renal Care, Inc. 10.63%, 7/15/2027(a)		1,468,000		1,499,246
				20,423,670
Health Care Technology - 0.3%
IQVIA, Inc. 5.00%, 10/15/2026(a)		955,000		976,325

Investments	Principal Amount ($)		Value ($)
5.00%, 5/15/2027(a)		900,000		921,362
				1,897,687
Hotels, Restaurants & Leisure - 6.1%
1011778 BC ULC 5.75%, 4/15/2025(a)		420,000		433,047
4.38%, 1/15/2028(a)		665,000		653,865
4.00%, 10/15/2030(a)		1,110,000		1,029,203
Affinity Gaming 6.88%, 12/15/2027(a)		1,265,000		1,285,828
Arrow Bidco LLC 9.50%, 3/15/2024(a)		190,000		192,821
Boyd Gaming Corp. 4.75%, 6/15/2031(a)		485,000		476,789
Caesars Entertainment, Inc. 8.13%, 7/1/2027(a)		1,759,000		1,895,753
CEC Entertainment LLC 6.75%, 5/1/2026(a)		1,265,000		1,216,810
Cedar Fair LP 5.38%, 4/15/2027		250,000		253,456
6.50%, 10/1/2028		215,000		226,629
5.25%, 7/15/2029		925,000		927,410
Churchill Downs, Inc. 5.50%, 4/1/2027(a)		400,000		411,160
Dave & Buster’s, Inc. 7.63%, 11/1/2025(a)		353,000		373,716
Fertitta Entertainment LLC 4.63%, 1/15/2029(a)		250,000		244,235
6.75%, 1/15/2030(a)		400,000		389,314
GPS Hospitality Holding Co. LLC 7.00%, 8/15/2028(a)		1,155,000		984,638
Hilton Domestic Operating Co., Inc. 5.38%, 5/1/2025(a)		340,000		349,136
3.63%, 2/15/2032(a)		265,000		251,939
Hilton Grand Vacations Borrower Escrow LLC 5.00%, 6/1/2029(a)		1,150,000		1,146,257
4.88%, 7/1/2031(a)		85,000		82,489
KFC Holding Co. 4.75%, 6/1/2027(a)		600,000		612,687
Life Time, Inc. 5.75%, 1/15/2026(a)		905,000		910,204
8.00%, 4/15/2026(a)		505,000		514,577
Lindblad Expeditions LLC 6.75%, 2/15/2027(a)		100,000		101,306
MajorDrive Holdings IV LLC 6.38%, 6/1/2029(a)		1,115,000		1,060,677
Marriott Ownership Resorts, Inc. 4.75%, 1/15/2028		265,000		263,435
4.50%, 6/15/2029(a)		430,000		422,516
MGM Resorts International 6.75%, 5/1/2025		660,000		683,908
4.75%, 10/15/2028		135,000		134,112

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Midwest Gaming Borrower LLC 4.88%, 5/1/2029(a)		1,555,000		1,521,762
Mohegan Gaming & Entertainment 8.00%, 2/1/2026(a)		2,070,000		2,112,746
Motion Bondco DAC 6.63%, 11/15/2027(a)		600,000		599,574
Peninsula Pacific Entertainment LLC 8.50%, 11/15/2027(a)		1,110,000		1,192,223
Raptor Acquisition Corp. 4.88%, 11/1/2026(a)		300,000		297,629
Resorts World Las Vegas LLC 4.63%, 4/16/2029(a)		2,110,000		2,034,301
4.63%, 4/6/2031(a)		200,000		191,042
Royal Caribbean Cruises Ltd. 11.50%, 6/1/2025(a)		730,000		808,969
SeaWorld Parks & Entertainment, Inc. 5.25%, 8/15/2029(a)		1,120,000		1,090,090
Six Flags Entertainment Corp. 4.88%, 7/31/2024(a)		870,000		871,057
Sizzling Platter LLC 8.50%, 11/28/2025(a)		1,010,000		1,005,066
TKC Holdings, Inc. 6.88%, 5/15/2028(a)		835,000		840,369
10.50%, 5/15/2029(a)		1,670,000		1,747,238
Travel + Leisure Co. 4.63%, 3/1/2030(a)		500,000		490,140
Vail Resorts, Inc. 6.25%, 5/15/2025(a)		555,000		576,275
Viking Cruises Ltd. 6.25%, 5/15/2025(a)		235,000		232,789
5.88%, 9/15/2027(a)		2,020,000		1,843,098
7.00%, 2/15/2029(a)		1,165,000		1,116,961
Viking Ocean Cruises Ship VII Ltd. 5.63%, 2/15/2029(a)		460,000		450,349
VOC Escrow Ltd. 5.00%, 2/15/2028(a)		1,550,000		1,501,904
Wynn Las Vegas LLC 4.25%, 5/30/2023(a)		330,000		330,335
5.50%, 3/1/2025(a)		1,895,000		1,908,198
Wynn Resorts Finance LLC 7.75%, 4/15/2025(a)		410,000		427,411
Yum! Brands, Inc. 4.75%, 1/15/2030(a)		170,000		174,930
3.63%, 3/15/2031		600,000		568,167
4.63%, 1/31/2032		195,000		194,412
6.88%, 11/15/2037		100,000		117,244
				41,772,196
Household Durables - 1.2%
Ashton Woods USA LLC 4.63%, 8/1/2029(a)		550,000		542,550

Investments	Principal Amount ($)		Value ($)
4.63%, 4/1/2030(a)		495,000		487,694
Beazer Homes USA, Inc. 7.25%, 10/15/2029		385,000		411,661
Brookfield Residential Properties, Inc. 6.25%, 9/15/2027(a)		540,000		557,650
4.88%, 2/15/2030(a)		755,000		733,471
Century Communities, Inc. 6.75%, 6/1/2027		400,000		416,625
Empire Communities Corp. 7.00%, 12/15/2025(a)		730,000		743,731
Installed Building Products, Inc. 5.75%, 2/1/2028(a)		290,000		298,101
Mattamy Group Corp. 4.63%, 3/1/2030(a)		615,000		605,022
New Home Co., Inc. (The) 7.25%, 10/15/2025(a)		550,000		557,505
Newell Brands, Inc. 6.00%, 4/1/2046(d)		291,000		343,805
Picasso Finance Sub, Inc. 6.13%, 6/15/2025(a)		430,000		446,174
Shea Homes LP 4.75%, 2/15/2028(a)		175,000		172,511
SWF Escrow Issuer Corp. 6.50%, 10/1/2029(a)		1,660,000		1,545,966
Taylor Morrison Communities, Inc. 6.63%, 7/15/2027(a)		190,000		198,102
				8,060,568
Household Products - 0.6%
Energizer Holdings, Inc. 4.75%, 6/15/2028(a)		800,000		781,744
4.38%, 3/31/2029(a)		1,830,000		1,733,092
Kronos Acquisition Holdings, Inc. 5.00%, 12/31/2026(a)		450,000		421,659
7.00%, 12/31/2027(a)		1,105,000		1,002,423
Spectrum Brands, Inc. 5.75%, 7/15/2025		475,000		485,191
				4,424,109
Independent Power and Renewable Electricity Producers - 0.1%
Calpine Corp. 5.13%, 3/15/2028(a)		230,000		224,907
4.63%, 2/1/2029(a)		70,000		65,734
5.00%, 2/1/2031(a)		460,000		434,422
3.75%, 3/1/2031(a)		100,000		91,035
				816,098
Insurance - 2.3%
Acrisure LLC 7.00%, 11/15/2025(a)		1,065,000		1,065,154
4.25%, 2/15/2029(a)		850,000		805,010
6.00%, 8/1/2029(a)		955,000		908,420
Alliant Holdings Intermediate LLC 6.75%, 10/15/2027(a)		1,415,000		1,402,159
5.88%, 11/1/2029(a)		920,000		903,086

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
AmWINS Group, Inc. 4.88%, 6/30/2029(a)		830,000		813,578
Assurant, Inc. 7.00%, 3/27/2048(c)		360,000		409,500
AssuredPartners, Inc. 7.00%, 8/15/2025(a)		135,000		135,045
5.63%, 1/15/2029(a)		870,000		809,805
BroadStreet Partners, Inc. 5.88%, 4/15/2029(a)		1,590,000		1,517,933
Enstar Finance LLC 5.75%, 9/1/2040(c)		225,000		233,149
GTCR AP Finance, Inc. 8.00%, 5/15/2027(a)		745,000		760,787
HUB International Ltd. 5.63%, 12/1/2029(a)		1,035,000		1,018,569
Liberty Mutual Group, Inc. 7.80%, 3/15/2037(a)		275,000		375,311
4.30%, 2/1/2061(a)		125,000		111,256
NFP Corp. 6.88%, 8/15/2028(a)		4,315,000		4,111,440
Ryan Specialty Group LLC 4.38%, 2/1/2030(a)		300,000		298,125
				15,678,327
Interactive Media & Services - 0.5%
Rackspace Technology Global, Inc. 3.50%, 2/15/2028(a)		585,000		547,078
5.38%, 12/1/2028(a)		1,190,000		1,111,097
TripAdvisor, Inc. 7.00%, 7/15/2025(a)		425,000		445,710
ZipRecruiter, Inc. 5.00%, 1/15/2030(a)		980,000		972,503
				3,076,388
Internet & Direct Marketing Retail - 0.4%
ANGI Group LLC 3.88%, 8/15/2028(a)		875,000		803,556
Millennium Escrow Corp. 6.63%, 8/1/2026(a)		1,045,000		1,037,978
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026(a)		955,000		965,868
QVC, Inc. 5.45%, 8/15/2034		100,000		90,880
				2,898,282
IT Services - 1.3%
Acuris Finance Us, Inc. 5.00%, 5/1/2028(a)		559,000		535,706
Ahead DB Holdings LLC 6.63%, 5/1/2028(a)		940,000		913,840
Arches Buyer, Inc. 4.25%, 6/1/2028(a)		275,000		259,408
6.13%, 12/1/2028(a)		1,301,000		1,263,518

Investments	Principal Amount ($)		Value ($)
Austin BidCo, Inc. 7.13%, 12/15/2028(a)		620,000		630,531
Cablevision Lightpath LLC 5.63%, 9/15/2028(a)		895,000		857,705
Conduent Business Services LLC 6.00%, 11/1/2029(a)		955,000		941,864
Endure Digital, Inc. 6.00%, 2/15/2029(a)		1,585,000		1,412,481
ION Trading Technologies Sarl 5.75%, 5/15/2028(a)		625,000		629,009
Northwest Fiber LLC 6.00%, 2/15/2028(a)		620,000		584,298
10.75%, 6/1/2028(a)		219,000		238,067
Presidio Holdings, Inc. 8.25%, 2/1/2028(a)		285,000		301,246
Tempo Acquisition LLC 5.75%, 6/1/2025(a)		130,000		134,375
Unisys Corp. 6.88%, 11/1/2027(a)		295,000		314,545
				9,016,593
Leisure Products - 0.2%
Universal Entertainment Corp. 8.50%, 12/11/2024(a)		1,269,000		1,340,946
Machinery - 0.8%
Amsted Industries, Inc. 4.63%, 5/15/2030(a)		580,000		578,890
Husky III Holding Ltd. 13.00%, 2/15/2025(a)(b)		125,000		130,962
Interpipe Holdings plc 8.38%, 5/13/2026(a)		500,000		381,875
OT Merger Corp. 7.88%, 10/15/2029(a)		580,000		564,624
Titan Acquisition Ltd. 7.75%, 4/15/2026(a)		705,000		719,960
Titan International, Inc. 7.00%, 4/30/2028		815,000		858,786
TK Elevator Holdco GmbH 7.63%, 7/15/2028(a)		325,000		342,605
TK Elevator US Newco, Inc. 5.25%, 7/15/2027(a)		1,130,000		1,146,255
Wabash National Corp. 4.50%, 10/15/2028(a)		625,000		606,581
				5,330,538
Marine - 0.2%
Acu Petroleo Luxembourg Sarl 7.50%, 1/13/2032(a)		980,000		959,244
Stena AB 7.00%, 2/1/2024(a)		395,000		406,615
				1,365,859

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Media - 8.5%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028(a)		875,000		869,794
Altice Financing SA 5.00%, 1/15/2028(a)		1,355,000		1,259,351
5.75%, 8/15/2029(a)		5,200,000		4,865,250
Belo Corp. 7.25%, 9/15/2027		175,000		198,822
CSC Holdings LLC 7.50%, 4/1/2028(a)		1,120,000		1,160,466
6.50%, 2/1/2029(a)		1,350,000		1,408,118
5.75%, 1/15/2030(a)		5,240,000		4,934,298
4.63%, 12/1/2030(a)		805,000		716,579
4.50%, 11/15/2031(a)		220,000		205,341
5.00%, 11/15/2031(a)		200,000		179,746
DIRECTV Holdings LLC 5.88%, 8/15/2027(a)		5,270,000		5,302,147
DISH DBS Corp. 5.88%, 11/15/2024		1,670,000		1,687,301
7.75%, 7/1/2026		3,590,000		3,703,785
5.25%, 12/1/2026(a)		1,110,000		1,078,781
7.38%, 7/1/2028		2,612,000		2,528,259
5.75%, 12/1/2028(a)		845,000		814,061
5.13%, 6/1/2029		3,074,000		2,686,415
Gannett Holdings LLC 6.00%, 11/1/2026(a)		285,000		288,947
GCI LLC 4.75%, 10/15/2028(a)		745,000		737,539
Gray Escrow II, Inc. 5.38%, 11/15/2031(a)		425,000		419,541
Gray Television, Inc. 7.00%, 5/15/2027(a)		500,000		527,440
4.75%, 10/15/2030(a)		370,000		355,069
iHeartCommunications, Inc. 8.38%, 5/1/2027		1,160,000		1,212,913
Liberty Interactive LLC 8.50%, 7/15/2029		140,000		143,822
8.25%, 2/1/2030		135,000		139,858
McGraw-Hill Education, Inc. 5.75%, 8/1/2028(a)		2,360,000		2,245,162
8.00%, 8/1/2029(a)		1,470,000		1,376,354
Midas OpCo Holdings LLC 5.63%, 8/15/2029(a)		1,215,000		1,192,942
Nexstar Media, Inc. 5.63%, 7/15/2027(a)		110,000		112,910
Outfront Media Capital LLC 5.00%, 8/15/2027(a)		150,000		149,235
4.63%, 3/15/2030(a)		300,000		288,057
Radiate Holdco LLC 6.50%, 9/15/2028(a)		2,195,000		2,121,753

Investments	Principal Amount ($)		Value ($)
Scripps Escrow II, Inc. 5.38%, 1/15/2031(a)		725,000		719,417
Sinclair Television Group, Inc. 5.88%, 3/15/2026(a)		125,000		126,391
5.13%, 2/15/2027(a)		665,000		627,624
Sirius XM Radio, Inc. 4.00%, 7/15/2028(a)		790,000		765,616
4.13%, 7/1/2030(a)		375,000		357,842
3.88%, 9/1/2031(a)		395,000		366,096
Summer BC Bidco B LLC 5.50%, 10/31/2026(a)		510,000		500,313
TEGNA, Inc. 4.63%, 3/15/2028		745,000		732,409
5.00%, 9/15/2029		1,190,000		1,175,625
Terrier Media Buyer, Inc. 8.88%, 12/15/2027(a)		935,000		985,934
Univision Communications, Inc. 6.63%, 6/1/2027(a)		110,000		115,666
UPC Broadband Finco BV 4.88%, 7/15/2031(a)		400,000		396,162
UPC Holding BV 5.50%, 1/15/2028(a)		580,000		589,906
Urban One, Inc. 7.38%, 2/1/2028(a)		950,000		967,209
Videotron Ltd. 5.13%, 4/15/2027(a)		420,000		429,801
Virgin Media Vendor Financing Notes IV DAC 5.00%, 7/15/2028(a)		395,000		372,931
VZ Secured Financing BV 5.00%, 1/15/2032(a)		3,090,000		2,984,461
Ziggo Bond Co. BV 5.13%, 2/28/2030(a)		870,000		826,787
				57,950,246
Metals & Mining - 1.3%
Baffinland Iron Mines Corp. 8.75%, 7/15/2026(a)		420,000		437,848
Century Aluminum Co. 7.50%, 4/1/2028(a)		375,000		398,351
Cleveland-Cliffs, Inc. 6.75%, 3/15/2026(a)		675,000		708,426
Compass Minerals International, Inc. 4.88%, 7/15/2024(a)		135,000		137,306
6.75%, 12/1/2027(a)		590,000		618,748
Eldorado Gold Corp. 6.25%, 9/1/2029(a)		965,000		966,206
FMG Resources August 2006 Pty. Ltd. 4.38%, 4/1/2031(a)		565,000		569,574
Infrabuild Australia Pty. Ltd. 12.00%, 10/1/2024(a)		200,000		206,191

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Joseph T Ryerson & Son, Inc. 8.50%, 8/1/2028(a)		195,000		210,358
New Gold, Inc. 7.50%, 7/15/2027(a)		470,000		494,203
Perenti Finance Pty. Ltd. 6.50%, 10/7/2025(a)		200,000		205,310
Tacora Resources, Inc. 8.25%, 5/15/2026(a)		511,000		505,847
Taseko Mines Ltd. 7.00%, 2/15/2026(a)		610,000		619,363
TMS International Corp. 6.25%, 4/15/2029(a)		720,000		695,628
United States Steel Corp. 6.88%, 3/1/2029		1,365,000		1,385,789
Warrior Met Coal, Inc. 7.88%, 12/1/2028(a)		605,000		635,997
				8,795,145
Mortgage Real Estate Investment Trusts (REITs) - 0.4%
Apollo Commercial Real Estate Finance, Inc. 4.63%, 6/15/2029(a)		1,035,000		981,167
New Residential Investment Corp. 6.25%, 10/15/2025(a)		1,195,000		1,184,090
Starwood Property Trust, Inc. 5.50%, 11/1/2023(a)		225,000		231,739
4.38%, 1/15/2027(a)		385,000		384,424
				2,781,420
Multiline Retail - 0.1%
NMG Holding Co., Inc. 7.13%, 4/1/2026(a)		845,000		871,867
Oil, Gas & Consumable Fuels - 12.9%
Alliance Resource Operating Partners LP 7.50%, 5/1/2025(a)		300,000		304,213
Antero Midstream Partners LP 7.88%, 5/15/2026(a)		460,000		495,054
5.75%, 3/1/2027(a)		310,000		315,207
5.75%, 1/15/2028(a)		585,000		597,080
5.38%, 6/15/2029(a)		185,000		186,535
Ascent Resources Utica Holdings LLC 7.00%, 11/1/2026(a)		1,310,000		1,310,399
8.25%, 12/31/2028(a)		500,000		524,385
5.88%, 6/30/2029(a)		870,000		840,616
Athabasca Oil Corp. 9.75%, 11/1/2026(a)		675,000		675,891
Baytex Energy Corp. 8.75%, 4/1/2027(a)		1,145,000		1,226,696
Berry Petroleum Co. LLC 7.00%, 2/15/2026(a)		915,000		918,697
Buckeye Partners LP 5.85%, 11/15/2043		120,000		110,186
California Resources Corp. 7.13%, 2/1/2026(a)		671,000		696,834

Investments	Principal Amount ($)		Value ($)
Callon Petroleum Co. 6.13%, 10/1/2024		345,000		345,417
8.25%, 7/15/2025		345,000		339,501
6.38%, 7/1/2026		385,000		372,064
8.00%, 8/1/2028(a)		540,000		551,011
Calumet Specialty Products Partners LP 11.00%, 4/15/2025(a)		825,000		889,977
8.13%, 1/15/2027(a)		260,000		261,475
Centennial Resource Production LLC 5.38%, 1/15/2026(a)		130,000		127,239
6.88%, 4/1/2027(a)		485,000		491,104
Chesapeake Energy Corp. 5.50%, 2/1/2026(a)		625,000		645,100
5.88%, 2/1/2029(a)		155,000		161,866
6.75%, 4/15/2029(a)		1,370,000		1,467,092
Citgo Holding, Inc. 9.25%, 8/1/2024(a)		1,845,000		1,845,184
CITGO Petroleum Corp. 7.00%, 6/15/2025(a)		981,000		989,329
6.38%, 6/15/2026(a)		855,000		851,909
Civitas Resources, Inc. 5.00%, 10/15/2026(a)		720,000		718,747
CNX Resources Corp. 7.25%, 3/14/2027(a)		740,000		777,781
Colgate Energy Partners III LLC 5.88%, 7/1/2029(a)		730,000		743,045
Coronado Finance Pty. Ltd. 10.75%, 5/15/2026(a)		610,000		658,739
CQP Holdco LP 5.50%, 6/15/2031(a)		2,935,000		2,930,055
Crescent Energy Finance LLC 7.25%, 5/1/2026(a)		365,000		375,047
Crestwood Midstream Partners LP 5.75%, 4/1/2025		195,000		196,672
5.63%, 5/1/2027(a)		600,000		602,754
6.00%, 2/1/2029(a)		895,000		904,111
CVR Energy, Inc. 5.25%, 2/15/2025(a)		836,000		807,881
5.75%, 2/15/2028(a)		830,000		798,560
DCP Midstream Operating LP 6.45%, 11/3/2036(a)		125,000		158,729
6.75%, 9/15/2037(a)		100,000		129,144
Delek Logistics Partners LP 6.75%, 5/15/2025		110,000		110,750
7.13%, 6/1/2028(a)		285,000		289,564
DT Midstream, Inc. 4.38%, 6/15/2031(a)		135,000		133,560
Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028(a)		1,440,000		1,458,302
Energy Ventures Gom LLC 11.75%, 4/15/2026(a)		1,120,000		1,160,790

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
EnLink Midstream Partners LP 5.05%, 4/1/2045		125,000		107,294
5.45%, 6/1/2047		225,000		200,555
Enviva Partners LP 6.50%, 1/15/2026(a)		593,000		613,245
EQM Midstream Partners LP 4.75%, 1/15/2031(a)		140,000		134,238
6.50%, 7/15/2048		70,000		75,376
Genesis Energy LP 5.63%, 6/15/2024		255,000		252,873
6.50%, 10/1/2025		500,000		490,008
6.25%, 5/15/2026		620,000		599,233
8.00%, 1/15/2027		2,130,000		2,149,191
7.75%, 2/1/2028		1,605,000		1,586,599
Global Partners LP 7.00%, 8/1/2027		175,000		180,948
6.88%, 1/15/2029		995,000		1,031,129
Gran Tierra Energy International Holdings Ltd. 6.25%, 2/15/2025(a)		600,000		555,153
Gran Tierra Energy, Inc. 7.75%, 5/23/2027(a)		190,000		174,250
Great Western Petroleum LLC 12.00%, 9/1/2025(a)		545,000		571,672
Gulfport Energy Corp. 8.00%, 5/17/2026(a)		725,000		780,173
Harvest Midstream I LP 7.50%, 9/1/2028(a)		925,000		963,836
Hilcorp Energy I LP 6.00%, 2/1/2031(a)		65,000		66,645
Holly Energy Partners LP 5.00%, 2/1/2028(a)		390,000		379,624
Howard Midstream Energy Partners LLC 6.75%, 1/15/2027(a)		715,000		729,411
Ithaca Energy North Sea plc 9.00%, 7/15/2026(a)		1,428,000		1,474,196
ITT Holdings LLC 6.50%, 8/1/2029(a)		2,667,000		2,557,334
Magnolia Oil & Gas Operating LLC 6.00%, 8/1/2026(a)		290,000		296,815
Matador Resources Co. 5.88%, 9/15/2026		905,000		918,697
MEG Energy Corp. 7.13%, 2/1/2027(a)		1,115,000		1,158,792
Moss Creek Resources Holdings, Inc. 10.50%, 5/15/2027(a)		1,170,000		1,149,022
Murphy Oil Corp. 6.37%, 12/1/2042(d)		35,000		33,514
New Fortress Energy, Inc. 6.75%, 9/15/2025(a)		2,145,000		2,036,291

Investments	Principal Amount ($)		Value ($)
NGL Energy Operating LLC 7.50%, 2/1/2026(a)		2,815,000		2,848,428
NGL Energy Partners LP 7.50%, 11/1/2023		585,000		570,960
6.13%, 3/1/2025		830,000		723,395
7.50%, 4/15/2026		855,000		747,590
Northern Oil and Gas, Inc. 8.13%, 3/1/2028(a)		1,550,000		1,618,293
NuStar Logistics LP 5.63%, 4/28/2027		50,000		51,286
6.38%, 10/1/2030		75,000		81,247
Oasis Midstream Partners LP 8.00%, 4/1/2029(a)		935,000		993,550
Oasis Petroleum, Inc. 6.38%, 6/1/2026(a)		735,000		756,014
Occidental Petroleum Corp. 7.15%, 5/15/2028		75,000		84,879
8.88%, 7/15/2030		805,000		1,044,958
6.63%, 9/1/2030		1,665,000		1,956,974
6.13%, 1/1/2031		1,150,000		1,329,256
7.50%, 5/1/2031		625,000		773,172
7.88%, 9/15/2031		245,000		310,304
6.45%, 9/15/2036		95,000		115,556
Zero Coupon, 10/10/2036		1,640,000		888,765
7.95%, 6/15/2039		50,000		63,713
Parkland Corp. 5.88%, 7/15/2027(a)		635,000		655,520
4.50%, 10/1/2029(a)		625,000		603,234
PBF Holding Co. LLC 9.25%, 5/15/2025(a)		3,095,000		3,028,759
7.25%, 6/15/2025		1,530,000		1,224,000
6.00%, 2/15/2028		1,655,000		1,166,709
PBF Logistics LP 6.88%, 5/15/2023		380,000		373,844
Penn Virginia Holdings LLC 9.25%, 8/15/2026(a)		830,000		852,202
Range Resources Corp. 9.25%, 2/1/2026		500,000		534,690
Renewable Energy Group, Inc. 5.88%, 6/1/2028(a)		760,000		764,549
Rockcliff Energy II LLC 5.50%, 10/15/2029(a)		100,000		100,732
Rockies Express Pipeline LLC 4.80%, 5/15/2030(a)		150,000		149,844
6.88%, 4/15/2040(a)		90,000		95,528
Rockpoint Gas Storage Canada Ltd. 7.00%, 3/31/2023(a)		100,000		100,124
Strathcona Resources Ltd. 6.88%, 8/1/2026(a)		1,050,000		1,045,643
Summit Midstream Holdings LLC 5.75%, 4/15/2025		575,000		514,389
8.50%, 10/15/2026(a)		930,000		954,199

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Sunoco LP 6.00%, 4/15/2027		555,000		573,259
5.88%, 3/15/2028		330,000		342,674
4.50%, 5/15/2029		400,000		392,294
4.50%, 4/30/2030(a)		125,000		122,975
Tallgrass Energy Partners LP 5.50%, 1/15/2028(a)		1,340,000		1,284,095
6.00%, 12/31/2030(a)		1,590,000		1,520,557
6.00%, 9/1/2031(a)		805,000		767,934
Tap Rock Resources LLC 7.00%, 10/1/2026(a)		600,000		615,795
Teine Energy Ltd. 6.88%, 4/15/2029(a)		715,000		731,742
Venture Global Calcasieu Pass LLC 4.13%, 8/15/2031(a)		670,000		675,531
3.88%, 11/1/2033(a)		330,000		327,289
W&T Offshore, Inc. 9.75%, 11/1/2023(a)		1,060,000		1,034,777
Western Midstream Operating LP 5.30%, 2/1/2030(d)		285,000		298,999
5.45%, 4/1/2044		105,000		116,179
5.30%, 3/1/2048		130,000		143,785
6.50%, 2/1/2050(d)		325,000		357,284
				88,187,881
Paper & Forest Products - 0.7%
Domtar Corp. 6.75%, 10/1/2028(a)		1,729,000		1,700,195
Mercer International, Inc. 5.13%, 2/1/2029		1,270,000		1,254,665
Resolute Forest Products, Inc. 4.88%, 3/1/2026(a)		300,000		296,661
Schweitzer-Mauduit International, Inc. 6.88%, 10/1/2026(a)		635,000		632,565
Sylvamo Corp. 7.00%, 9/1/2029(a)		740,000		761,748
				4,645,834
Personal Products - 0.5%
Herbalife Nutrition Ltd. 7.88%, 9/1/2025(a)		422,000		443,642
HLF Financing Sarl LLC 4.88%, 6/1/2029(a)		1,410,000		1,337,977
Oriflame Investment Holding plc 5.13%, 5/4/2026(a)		1,065,000		952,909
Prestige Brands, Inc. 5.13%, 1/15/2028(a)		145,000		146,279
3.75%, 4/1/2031(a)		200,000		181,820
				3,062,627
Pharmaceuticals - 2.3%
Bausch Health Americas, Inc. 9.25%, 4/1/2026(a)		1,885,000		1,953,331

Investments	Principal Amount ($)		Value ($)
8.50%, 1/31/2027(a)		3,495,000		3,539,125
Bausch Health Cos., Inc. 9.00%, 12/15/2025(a)		1,585,000		1,650,793
7.00%, 1/15/2028(a)		1,605,000		1,442,149
5.00%, 1/30/2028(a)		2,930,000		2,475,205
4.88%, 6/1/2028(a)		350,000		332,560
5.00%, 2/15/2029(a)		260,000		210,213
6.25%, 2/15/2029(a)		975,000		826,507
7.25%, 5/30/2029(a)		625,000		561,812
Catalent Pharma Solutions, Inc. 5.00%, 7/15/2027(a)		405,000		414,720
Cheplapharm Arzneimittel GmbH 5.50%, 1/15/2028(a)		510,000		514,363
Organon & Co. 4.13%, 4/30/2028(a)		450,000		445,574
5.13%, 4/30/2031(a)		577,000		577,450
P&L Development LLC 7.75%, 11/15/2025(a)		685,000		666,375
				15,610,177
Professional Services - 0.5%
ASGN, Inc. 4.63%, 5/15/2028(a)		295,000		295,056
CoreLogic, Inc. 4.50%, 5/1/2028(a)		1,575,000		1,511,527
Dun & Bradstreet Corp. (The) 5.00%, 12/15/2029(a)		855,000		854,171
Science Applications International Corp. 4.88%, 4/1/2028(a)		525,000		528,339
				3,189,093
Real Estate Management & Development - 0.9%
Forestar Group, Inc. 3.85%, 5/15/2026(a)		321,000		314,991
5.00%, 3/1/2028(a)		450,000		454,437
Hunt Cos., Inc. 5.25%, 4/15/2029(a)		1,455,000		1,390,871
Kennedy-Wilson, Inc. 4.75%, 3/1/2029		800,000		795,764
4.75%, 2/1/2030		655,000		644,553
5.00%, 3/1/2031		150,000		148,241
WeWork Cos. LLC 5.00%, 7/10/2025(a)		1,220,000		1,039,787
WeWork Cos., Inc. 7.88%, 5/1/2025(a)		1,619,000		1,500,117
				6,288,761
Road & Rail - 1.5%
Albion Financing 1 SARL 6.13%, 10/15/2026(a)		1,395,000		1,382,096
Albion Financing 2SARL 8.75%, 4/15/2027(a)		1,070,000		1,064,142
Carriage Purchaser, Inc. 7.88%, 10/15/2029(a)		835,000		816,296

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
First Student Bidco, Inc. 4.00%, 7/31/2029(a)		120,000		113,902
NESCO Holdings II, Inc. 5.50%, 4/15/2029(a)		1,040,000		1,031,472
PECF USS Intermediate Holding III Corp. 8.00%, 11/15/2029(a)		1,065,000		1,077,157
Uber Technologies, Inc. 7.50%, 5/15/2025(a)		852,000		891,746
7.50%, 9/15/2027(a)		1,420,000		1,514,075
6.25%, 1/15/2028(a)		525,000		545,478
4.50%, 8/15/2029(a)		325,000		315,859
Watco Cos. LLC 6.50%, 6/15/2027(a)		645,000		668,510
XPO Logistics, Inc. 6.25%, 5/1/2025(a)		909,000		941,983
				10,362,716
Software - 1.3%
ACI Worldwide, Inc. 5.75%, 8/15/2026(a)		295,000		306,358
Change Healthcare Holdings LLC 5.75%, 3/1/2025(a)		1,125,000		1,128,769
Consensus Cloud Solutions, Inc. 6.00%, 10/15/2026(a)		520,000		536,377
6.50%, 10/15/2028(a)		875,000		898,800
Helios Software Holdings, Inc. 4.63%, 5/1/2028(a)		540,000		529,232
LogMeIn, Inc. 5.50%, 9/1/2027(a)		1,000,000		973,820
NortonLifeLock, Inc. 5.00%, 4/15/2025(a)		965,000		968,879
Open Text Corp. 3.88%, 2/15/2028(a)		250,000		245,552
Open Text Holdings, Inc. 4.13%, 2/15/2030(a)		710,000		694,810
Rocket Software, Inc. 6.50%, 2/15/2029(a)		1,270,000		1,205,281
SS&C Technologies, Inc. 5.50%, 9/30/2027(a)		1,525,000		1,577,033
				9,064,911
Specialty Retail - 4.0%
99 Escrow Issuer, Inc. 7.50%, 1/15/2026(a)		850,000		645,069
AAG FH LP 9.75%, 7/15/2024(a)		100,000		99,436
Arko Corp. 5.13%, 11/15/2029(a)		765,000		728,750
Asbury Automotive Group, Inc. 5.00%, 2/15/2032(a)		300,000		298,175
At Home Group, Inc. 4.88%, 7/15/2028(a)		170,000		163,459
7.13%, 7/15/2029(a)		1,130,000		1,061,155

Investments	Principal Amount ($)		Value ($)
BCPE Ulysses Intermediate, Inc. 7.75%, 4/1/2027(a)(b)		760,000		743,067
eG Global Finance plc 6.75%, 2/7/2025(a)		585,000		583,736
Ken Garff Automotive LLC 4.88%, 9/15/2028(a)		265,000		256,622
LBM Acquisition LLC 6.25%, 1/15/2029(a)		1,880,000		1,794,460
LCM Investments Holdings II LLC 4.88%, 5/1/2029(a)		140,000		135,095
LSF9 Atlantis Holdings LLC 7.75%, 2/15/2026(a)		1,815,000		1,750,577
Michaels Cos., Inc. (The) 5.25%, 5/1/2028(a)		1,830,000		1,766,856
7.88%, 5/1/2029(a)		3,115,000		2,855,489
Murphy Oil USA, Inc. 5.63%, 5/1/2027		220,000		227,604
3.75%, 2/15/2031(a)		150,000		141,601
Park River Holdings, Inc. 5.63%, 2/1/2029(a)		765,000		698,969
6.75%, 8/1/2029(a)		735,000		707,739
PetSmart, Inc. 7.75%, 2/15/2029(a)		1,225,000		1,316,391
Rent-A-Center, Inc. 6.38%, 2/15/2029(a)		740,000		761,553
Sonic Automotive, Inc. 4.88%, 11/15/2031(a)		150,000		145,272
SRS Distribution, Inc. 4.63%, 7/1/2028(a)		115,000		111,323
6.13%, 7/1/2029(a)		1,080,000		1,059,745
6.00%, 12/1/2029(a)		1,770,000		1,721,865
Staples, Inc. 7.50%, 4/15/2026(a)		4,250,000		4,198,936
10.75%, 4/15/2027(a)		2,728,000		2,547,598
White Cap Buyer LLC 6.88%, 10/15/2028(a)		1,015,000		1,042,699
				27,563,241
Technology Hardware, Storage & Peripherals - 0.3%
Diebold Nixdorf, Inc. 9.38%, 7/15/2025(a)		760,000		799,133
Seagate HDD Cayman 5.75%, 12/1/2034		250,000		271,506
Xerox Corp. 6.75%, 12/15/2039		75,000		78,135
Xerox Holdings Corp. 5.50%, 8/15/2028(a)		910,000		916,629
				2,065,403
Textiles, Apparel & Luxury Goods - 0.4%
Crocs, Inc. 4.25%, 3/15/2029(a)		615,000		566,944

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Eagle Intermediate Global Holding BV 7.50%, 5/1/2025(a)		1,650,000		1,487,590
G-III Apparel Group Ltd. 7.88%, 8/15/2025(a)		240,000		253,498
William Carter Co. (The) 5.63%, 3/15/2027(a)		350,000		358,662
				2,666,694
Thrifts & Mortgage Finance - 2.6%
Freedom Mortgage Corp. 7.63%, 5/1/2026(a)		1,195,000		1,142,922
6.63%, 1/15/2027(a)		1,785,000		1,661,496
Home Point Capital, Inc. 5.00%, 2/1/2026(a)		1,210,000		1,051,321
Ladder Capital Finance Holdings LLLP REIT, 5.25%, 10/1/2025(a)		235,000		236,410
REIT, 4.25%, 2/1/2027(a)		715,000		692,370
LD Holdings Group LLC 6.13%, 4/1/2028(a)		1,425,000		1,272,981
Nationstar Mortgage Holdings, Inc. 5.50%, 8/15/2028(a)		1,270,000		1,247,007
5.13%, 12/15/2030(a)		1,595,000		1,497,960
5.75%, 11/15/2031(a)		1,455,000		1,408,789
PennyMac Financial Services, Inc. 5.38%, 10/15/2025(a)		510,000		510,722
4.25%, 2/15/2029(a)		1,260,000		1,146,984
5.75%, 9/15/2031(a)		1,530,000		1,464,692
PHH Mortgage Corp. 7.88%, 3/15/2026(a)		430,000		437,039
Rocket Mortgage LLC 3.88%, 3/1/2031(a)		350,000		328,316
4.00%, 10/15/2033(a)		140,000		131,246
United Wholesale Mortgage LLC 5.50%, 11/15/2025(a)		660,000		640,325
5.75%, 6/15/2027(a)		1,130,000		1,069,675
5.50%, 4/15/2029(a)		1,615,000		1,481,141
				17,421,396
Tobacco - 0.5%
Turning Point Brands, Inc. 5.63%, 2/15/2026(a)		155,000		154,438
Vector Group Ltd. 10.50%, 11/1/2026(a)		1,210,000		1,242,222
5.75%, 2/1/2029(a)		2,105,000		1,948,367
				3,345,027
Trading Companies & Distributors - 0.7%
Alta Equipment Group, Inc. 5.63%, 4/15/2026(a)		285,000		289,686
BlueLinx Holdings, Inc. 6.00%, 11/15/2029(a)		735,000		726,731

Investments	Principal Amount ($)		Value ($)
Fortress Transportation and Infrastructure Investors LLC 9.75%, 8/1/2027(a)		320,000		350,797
5.50%, 5/1/2028(a)		1,350,000		1,309,500
Foundation Building Materials, Inc. 6.00%, 3/1/2029(a)		825,000		797,251
Imola Merger Corp. 4.75%, 5/15/2029(a)		170,000		165,663
WESCO Distribution, Inc. 7.13%, 6/15/2025(a)		1,245,000		1,305,557
				4,945,185
Water Utilities - 0.1%
Solaris Midstream Holdings LLC 7.63%, 4/1/2026(a)		415,000		429,122
Wireless Telecommunication Services - 0.5%
C&W Senior Financing DAC 6.88%, 9/15/2027(a)		1,035,000		1,079,960
Vmed O2 UK Financing I plc 4.25%, 1/31/2031(a)		1,536,000		1,427,558
4.75%, 7/15/2031(a)		760,000		727,404
Vodafone Group plc 7.00%, 4/4/2079(c)		240,000		276,227
				3,511,149
TOTAL CORPORATE BONDS (Cost $684,073,588)				665,815,505
Investments	Shares		Value ($)
COMMON STOCKS - 0.0%(e)
Oil, Gas & Consumable Fuels - 0.0%(e)
Whiting Petroleum Corp.* (Cost $30)		1		56
Total Investments - 97.5% (Cost $684,073,618)				665,815,561
Other assets less liabilities - 2.5%				17,084,196
Net Assets - 100.0%				682,899,757

* Non-income producing security.

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

(b) Payment in-kind security.

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

See Accompanying Notes to the Schedules of Investments.

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

(d) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of January 31, 2022.

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

Percentages shown are based on Net Assets.

Security Type	% of Net Assets
Corporate Bonds		97.5	%
Common Stocks		0.0	†
Others(1)		2.5
		100.0	%

^†  Amount represents less than 0.05%.

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

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

January 31, 2022 (Unaudited)

Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS - 96.7%
Aerospace & Defense - 0.4%
Bombardier, Inc. 7.50%, 3/15/2025(a)		48,000		48,686
7.13%, 6/15/2026(a)		41,000		41,769
7.88%, 4/15/2027(a)		39,000		39,434
				129,889
Airlines - 1.4%
American Airlines Group, Inc. 3.75%, 3/1/2025(a)		18,000		16,682
American Airlines, Inc. 11.75%, 7/15/2025(a)		106,000		128,569
5.50%, 4/20/2026(a)		60,000		61,350
5.75%, 4/20/2029(a)		129,000		132,284
United Airlines, Inc. 4.38%, 4/15/2026(a)		28,000		27,842
4.63%, 4/15/2029(a)		28,000		27,753
				394,480
Auto Components - 1.8%
Dealer Tire LLC 8.00%, 2/1/2028(a)		21,000		21,551
Goodyear Tire & Rubber Co. (The) 5.00%, 5/31/2026		79,000		80,319
5.25%, 4/30/2031		71,000		71,735
5.25%, 7/15/2031(a)		30,000		30,258
5.63%, 4/30/2033		29,000		29,599
Icahn Enterprises LP 6.38%, 12/15/2025		34,000		34,643
6.25%, 5/15/2026		39,000		40,131
IHO Verwaltungs GmbH 6.00%, 5/15/2027(a)(b)		111,000		114,408
Real Hero Merger Sub 2, Inc. 6.25%, 2/1/2029(a)		18,000		17,649
Tenneco, Inc. 5.13%, 4/15/2029(a)		55,000		51,015
Wheel Pros, Inc. 6.50%, 5/15/2029(a)		28,000		26,075
				517,383
Automobiles - 0.8%
Ford Motor Co. 9.00%, 4/22/2025		111,000		131,341
7.45%, 7/16/2031		28,000		35,554
3.25%, 2/12/2032		21,000		20,104
5.29%, 12/8/2046		34,000		37,365
				224,364

Investments	Principal Amount ($)		Value ($)
Banks - 1.1%
Intesa Sanpaolo SpA 5.02%, 6/26/2024(a)		75,000		78,176
4.95%, 6/1/2042(a)(c)		50,000		47,865
UniCredit SpA 5.86%, 6/19/2032(a)(c)		100,000		106,711
5.46%, 6/30/2035(a)(c)		90,000		94,177
				326,929
Beverages - 0.1%
Primo Water Holdings, Inc. 4.38%, 4/30/2029(a)		34,000		32,754
Biotechnology - 0.2%
Grifols Escrow Issuer SA 4.75%, 10/15/2028(a)		60,000		59,789
Building Products - 0.4%
Eco Material Technologies, Inc. 7.88%, 1/31/2027(a)		25,000		25,376
New Enterprise Stone & Lime Co., Inc. 9.75%, 7/15/2028(a)		6,000		6,331
SRM Escrow Issuer LLC 6.00%, 11/1/2028(a)		34,000		34,978
Standard Industries, Inc. 4.75%, 1/15/2028(a)		55,000		54,367
				121,052
Capital Markets - 2.2%
Advisor Group Holdings, Inc. 10.75%, 8/1/2027(a)		16,000		17,648
AG Issuer LLC 6.25%, 3/1/2028(a)		6,000		6,210
Aretec Escrow Issuer, Inc. 7.50%, 4/1/2029(a)		26,000		26,488
Coinbase Global, Inc. 3.38%, 10/1/2028(a)		10,000		8,968
3.63%, 10/1/2031(a)		10,000		8,706
Deutsche Bank AG 4.50%, 4/1/2025		125,000		130,307
3.73%, 1/14/2032(c)		73,000		71,051
Dresdner Funding Trust I 8.15%, 6/30/2031(a)		100,000		139,227
MSCI, Inc. 4.00%, 11/15/2029(a)		71,000		71,532
3.63%, 9/1/2030(a)		70,000		68,770
3.88%, 2/15/2031(a)		79,000		79,021
				627,928
Chemicals - 1.8%
ASP Unifrax Holdings, Inc. 5.25%, 9/30/2028(a)		5,000		4,922
7.50%, 9/30/2029(a)		15,000		14,567

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Avient Corp. 5.75%, 5/15/2025(a)		39,000		40,084
Axalta Coating Systems LLC 3.38%, 2/15/2029(a)		74,000		68,282
Chemours Co. (The) 5.75%, 11/15/2028(a)		18,000		18,312
Cornerstone Chemical Co. 6.75%, 8/15/2024(a)		28,000		24,484
CVR Partners LP 6.13%, 6/15/2028(a)		21,000		21,370
Gates Global LLC 6.25%, 1/15/2026(a)		23,000		23,713
GPD Cos., Inc. 10.13%, 4/1/2026(a)		21,000		22,106
Illuminate Buyer LLC 9.00%, 7/1/2028(a)		16,000		16,902
LSB Industries, Inc. 6.25%, 10/15/2028(a)		15,000		15,249
Methanex Corp. 5.25%, 12/15/2029		21,000		21,273
Olympus Water US Holding Corp. 6.25%, 10/1/2029(a)		15,000		14,269
SCIH Salt Holdings, Inc. 4.88%, 5/1/2028(a)		35,000		32,901
6.63%, 5/1/2029(a)		18,000		16,808
SPCM SA 3.38%, 3/15/2030(a)		15,000		14,104
TPC Group, Inc. 10.50%, 8/1/2024(a)		44,000		29,326
Valvoline, Inc. 4.25%, 2/15/2030(a)		49,000		47,408
Venator Finance Sarl 5.75%, 7/15/2025(a)		28,000		26,358
WR Grace Holdings LLC 5.63%, 8/15/2029(a)		40,000		38,700
				511,138
Commercial Services & Supplies - 3.3%
ADT Security Corp. (The) 4.13%, 8/1/2029(a)		35,000		32,985
4.88%, 7/15/2032(a)		25,000		24,035
Allied Universal Holdco LLC 6.63%, 7/15/2026(a)		95,000		97,673
6.00%, 6/1/2029(a)		98,000		93,039
Aptim Corp. 7.75%, 6/15/2025(a)		21,000		18,270
APX Group, Inc. 6.75%, 2/15/2027(a)		18,000		18,509
5.75%, 7/15/2029(a)		34,000		31,759
Aramark Services, Inc. 6.38%, 5/1/2025(a)		55,000		56,925

Investments	Principal Amount ($)		Value ($)
5.00%, 2/1/2028(a)		34,000		33,820
Garda World Security Corp. 4.63%, 2/15/2027(a)		11,000		10,753
9.50%, 11/1/2027(a)		39,000		41,039
6.00%, 6/1/2029(a)		21,000		19,707
GFL Environmental, Inc. 4.75%, 6/15/2029(a)		40,000		38,862
Interface, Inc. 5.50%, 12/1/2028(a)		28,000		28,815
Intrado Corp. 8.50%, 10/15/2025(a)		34,000		33,203
Nielsen Finance LLC 5.63%, 10/1/2028(a)		79,000		79,423
5.88%, 10/1/2030(a)		34,000		34,113
4.75%, 7/15/2031(a)		44,000		40,995
Prime Security Services Borrower LLC 5.25%, 4/15/2024(a)		18,000		18,576
5.75%, 4/15/2026(a)		79,000		81,986
6.25%, 1/15/2028(a)		39,000		38,939
Vericast Corp. 11.00%, 9/15/2026(a)		45,000		46,856
WASH Multifamily Acquisition, Inc. 5.75%, 4/15/2026(a)		23,000		23,327
				943,609
Communications Equipment - 0.7%
CommScope Technologies LLC 5.00%, 3/15/2027(a)		55,000		49,100
CommScope, Inc. 6.00%, 3/1/2026(a)		55,000		55,765
8.25%, 3/1/2027(a)		71,000		69,580
4.75%, 9/1/2029(a)		28,000		26,863
				201,308
Construction & Engineering - 0.7%
AECOM 5.13%, 3/15/2027		44,000		45,908
Artera Services LLC 9.03%, 12/4/2025(a)		33,000		33,776
Brand Industrial Services, Inc. 8.50%, 7/15/2025(a)		49,000		46,151
Cellnex Finance Co. SA 3.88%, 7/7/2041(a)		50,000		46,363
Pike Corp. 5.50%, 9/1/2028(a)		21,000		20,561
Tutor Perini Corp. 6.88%, 5/1/2025(a)		21,000		20,843
				213,602
Consumer Finance - 3.7%
Finance of America Funding LLC 7.88%, 11/15/2025(a)		16,000		15,682
Ford Motor Credit Co. LLC 5.13%, 6/16/2025		248,000		260,432

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
3.38%, 11/13/2025		275,000		275,773
4.00%, 11/13/2030		100,000		100,700
OneMain Finance Corp. 5.63%, 3/15/2023		55,000		56,786
6.13%, 3/15/2024		79,000		82,850
6.88%, 3/15/2025		123,000		133,857
3.50%, 1/15/2027		55,000		52,503
5.38%, 11/15/2029		30,000		30,506
4.00%, 9/15/2030		55,000		51,525
				1,060,614
Containers & Packaging - 1.2%
Berry Global, Inc. 5.63%, 7/15/2027(a)		50,000		51,522
Cascades, Inc. 5.38%, 1/15/2028(a)		34,000		34,550
Crown Americas LLC 4.75%, 2/1/2026		71,000		72,520
4.25%, 9/30/2026		44,000		45,434
Graphic Packaging International LLC 4.13%, 8/15/2024		34,000		35,374
3.50%, 3/1/2029(a)		34,000		32,349
Sealed Air Corp. 5.25%, 4/1/2023(a)		28,000		28,667
4.00%, 12/1/2027(a)		50,000		50,473
				350,889
Distributors - 0.2%
American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028(a)		18,000		17,652
3.88%, 11/15/2029(a)		11,000		10,354
BCPE Empire Holdings, Inc. 7.63%, 5/1/2027(a)		28,000		28,057
				56,063
Diversified Consumer Services - 0.7%
Adtalem Global Education, Inc. 5.50%, 3/1/2028(a)		34,000		33,571
Service Corp. International 4.63%, 12/15/2027		44,000		45,254
3.38%, 8/15/2030		79,000		73,892
Signal Parent, Inc. 6.13%, 4/1/2029(a)		11,000		9,473
Sotheby’s 7.38%, 10/15/2027(a)		50,000		52,089
				214,279
Diversified Financial Services - 0.4%
CPI CG, Inc. 8.63%, 3/15/2026(a)		28,000		28,730
MPH Acquisition Holdings LLC 5.50%, 9/1/2028(a)		35,000		33,657
5.75%, 11/1/2028(a)		5,000		4,505
Sabre GLBL, Inc. 9.25%, 4/15/2025(a)		28,000		31,372

Investments	Principal Amount ($)		Value ($)
7.38%, 9/1/2025(a)		28,000		28,744
				127,008
Diversified Telecommunication Services - 6.0%
Altice France SA 5.13%, 7/15/2029(a)		75,000		69,544
CCO Holdings LLC 5.13%, 5/1/2027(a)		139,000		142,663
5.00%, 2/1/2028(a)		55,000		55,619
4.50%, 8/15/2030(a)		71,000		69,448
4.50%, 5/1/2032		166,000		160,243
4.25%, 1/15/2034(a)		40,000		37,198
Embarq Corp. 8.00%, 6/1/2036		44,000		45,359
Iliad Holding SASU 6.50%, 10/15/2026(a)		60,000		60,866
7.00%, 10/15/2028(a)		30,000		30,498
Level 3 Financing, Inc. 5.38%, 5/1/2025		34,000		34,518
4.63%, 9/15/2027(a)		79,000		78,792
4.25%, 7/1/2028(a)		45,000		43,010
Lumen Technologies, Inc. 5.63%, 4/1/2025		28,000		28,843
5.13%, 12/15/2026(a)		95,000		95,793
4.00%, 2/15/2027(a)		79,000		76,210
Sprint Capital Corp. 6.88%, 11/15/2028		111,000		132,759
8.75%, 3/15/2032		76,000		105,946
Switch Ltd. 3.75%, 9/15/2028(a)		49,000		46,813
Telecom Italia Capital SA 6.38%, 11/15/2033		79,000		80,916
Telecom Italia SpA 5.30%, 5/30/2024(a)		100,000		103,325
Telesat Canada 6.50%, 10/15/2027(a)		6,000		3,705
Virgin Media Finance plc 5.00%, 7/15/2030(a)		75,000		70,735
Virgin Media Secured Finance plc 5.50%, 5/15/2029(a)		100,000		102,060
Windstream Escrow LLC 7.75%, 8/15/2028(a)		49,000		49,496
				1,724,359
Electric Utilities - 0.4%
FirstEnergy Corp.
Series B, 4.15%, 7/15/2027(d)		50,000		50,994
Series C, 7.38%, 11/15/2031		28,000		35,908
Series C, 3.40%, 3/1/2050		23,000		20,899
				107,801

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Electrical Equipment - 0.6%
Sensata Technologies BV 5.00%, 10/1/2025(a)		111,000		116,829
4.00%, 4/15/2029(a)		50,000		49,223
				166,052
Electronic Equipment, Instruments & Components - 0.1%
Likewize Corp. 9.75%, 10/15/2025(a)		16,000		17,158
Energy Equipment & Services - 2.3%
Archrock Partners LP 6.25%, 4/1/2028(a)		55,000		55,548
CGG SA 8.75%, 4/1/2027(a)		50,000		50,067
Ensign Drilling, Inc. 9.25%, 4/15/2024(a)		21,000		20,081
KLX Energy Services Holdings, Inc. 11.50%, 11/1/2025(a)		11,000		5,954
Nabors Industries Ltd. 7.50%, 1/15/2028(a)		28,000		26,312
Nabors Industries, Inc. 5.75%, 2/1/2025		28,000		25,942
Nine Energy Service, Inc. 8.75%, 11/1/2023(a)		16,000		6,859
Patterson-UTI Energy, Inc. 5.15%, 11/15/2029		30,000		30,425
Petrofac Ltd. 9.75%, 11/15/2026(a)		40,000		40,358
Precision Drilling Corp. 6.88%, 1/15/2029(a)		23,000		23,066
TechnipFMC plc 6.50%, 2/1/2026(a)		41,000		42,919
Transocean Guardian Ltd. 5.88%, 1/15/2024(a)		33,352		31,899
Transocean Poseidon Ltd. 6.88%, 2/1/2027(a)		71,250		69,227
Transocean, Inc. 7.50%, 1/15/2026(a)		71,000		54,782
11.50%, 1/30/2027(a)		23,000		22,861
7.50%, 4/15/2031		15,000		9,172
6.80%, 3/15/2038		18,000		10,440
USA Compression Partners LP 6.88%, 4/1/2026		50,000		50,961
Weatherford International Ltd. 11.00%, 12/1/2024(a)		13,000		13,438
6.50%, 9/15/2028(a)		15,000		15,497
8.63%, 4/30/2030(a)		55,000		56,230
				662,038
Entertainment - 0.2%
Allen Media LLC 10.50%, 2/15/2028(a)		21,000		21,033

Investments	Principal Amount ($)		Value ($)
Lions Gate Capital Holdings LLC 5.50%, 4/15/2029(a)		34,000		33,853
				54,886
Equity Real Estate Investment Trusts (REITs) - 3.2%
HAT Holdings I LLC 3.38%, 6/15/2026(a)		81,000		78,158
Iron Mountain, Inc. 4.88%, 9/15/2027(a)		55,000		55,241
4.88%, 9/15/2029(a)		79,000		78,098
4.50%, 2/15/2031(a)		71,000		67,436
MGM Growth Properties Operating Partnership LP 3.88%, 2/15/2029(a)		50,000		51,453
MPT Operating Partnership LP 5.00%, 10/15/2027		79,000		81,270
3.50%, 3/15/2031		55,000		52,961
Park Intermediate Holdings LLC 5.88%, 10/1/2028(a)		34,000		34,653
4.88%, 5/15/2029(a)		34,000		33,626
SBA Communications Corp. 3.88%, 2/15/2027		111,000		112,290
VICI Properties LP 3.50%, 2/15/2025(a)		55,000		54,854
4.25%, 12/1/2026(a)		95,000		96,104
3.75%, 2/15/2027(a)		49,000		48,571
4.13%, 8/15/2030(a)		71,000		71,127
				915,842
Food & Staples Retailing - 0.9%
Albertsons Cos., Inc. 4.63%, 1/15/2027(a)		40,000		40,998
4.88%, 2/15/2030(a)		30,000		30,605
Rite Aid Corp. 8.00%, 11/15/2026(a)		71,000		69,790
United Natural Foods, Inc. 6.75%, 10/15/2028(a)		21,000		22,348
US Foods, Inc. 6.25%, 4/15/2025(a)		44,000		45,538
4.75%, 2/15/2029(a)		39,000		38,387
4.63%, 6/1/2030(a)		16,000		15,625
				263,291
Food Products - 2.8%
Kraft Heinz Foods Co. 3.00%, 6/1/2026		223,000		225,418
5.20%, 7/15/2045		173,000		201,120
4.38%, 6/1/2046		275,000		291,706
Lamb Weston Holdings, Inc. 4.88%, 5/15/2028(a)		49,000		51,065
Pilgrim’s Pride Corp. 4.25%, 4/15/2031(a)		30,000		29,703
				799,012

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Gas Utilities - 0.5%
AmeriGas Partners LP 5.63%, 5/20/2024		44,000		45,424
5.88%, 8/20/2026		55,000		58,235
Suburban Propane Partners LP 5.00%, 6/1/2031(a)		34,000		33,535
				137,194
Health Care Equipment & Supplies - 0.5%
Hologic, Inc. 3.25%, 2/15/2029(a)		55,000		52,203
Mozart Debt Merger Sub, Inc. 3.88%, 4/1/2029(a)		50,000		48,177
5.25%, 10/1/2029(a)		56,000		54,561
				154,941
Health Care Providers & Services - 6.7%
Acadia Healthcare Co., Inc. 5.00%, 4/15/2029(a)		39,000		38,376
AHP Health Partners, Inc. 5.75%, 7/15/2029(a)		28,000		27,542
Air Methods Corp. 8.00%, 5/15/2025(a)		18,000		14,653
Akumin, Inc. 7.00%, 11/1/2025(a)		28,000		25,938
Centene Corp. 4.25%, 12/15/2027		215,000		220,831
4.63%, 12/15/2029		230,000		239,531
3.00%, 10/15/2030		214,000		207,986
Community Health Systems, Inc. 5.63%, 3/15/2027(a)		34,000		34,281
DaVita, Inc. 4.63%, 6/1/2030(a)		155,000		151,035
Encompass Health Corp. 4.50%, 2/1/2028		80,000		79,970
4.75%, 2/1/2030		40,000		39,563
Envision Healthcare Corp. 8.75%, 10/15/2026(a)		39,000		20,351
Global Medical Response, Inc. 6.50%, 10/1/2025(a)		18,000		18,029
HCA, Inc. 5.88%, 5/1/2023		49,000		51,010
5.38%, 2/1/2025		95,000		101,780
5.63%, 9/1/2028		71,000		79,173
3.50%, 9/1/2030		251,000		251,422
HealthEquity, Inc. 4.50%, 10/1/2029(a)		28,000		27,405
LifePoint Health, Inc. 5.38%, 1/15/2029(a)		15,000		14,287
MEDNAX, Inc. 6.25%, 1/15/2027(a)		30,000		31,364
Molina Healthcare, Inc. 3.88%, 11/15/2030(a)		20,000		19,757
3.88%, 5/15/2032(a)		25,000		24,161

Investments	Principal Amount ($)		Value ($)
Prime Healthcare Services, Inc. 7.25%, 11/1/2025(a)		30,000		31,391
Radiology Partners, Inc. 9.25%, 2/1/2028(a)		34,000		33,905
RegionalCare Hospital Partners Holdings, Inc. 9.75%, 12/1/2026(a)		60,000		63,211
Team Health Holdings, Inc. 6.38%, 2/1/2025(a)		23,000		20,621
Tenet Healthcare Corp. 4.88%, 1/1/2026(a)		18,000		18,101
6.13%, 10/1/2028(a)		18,000		18,058
US Renal Care, Inc. 10.63%, 7/15/2027(a)		33,000		33,702
				1,937,434
Hotels, Restaurants & Leisure - 7.0%
1011778 BC ULC 4.00%, 10/15/2030(a)		18,000		16,690
Caesars Entertainment, Inc. 6.25%, 7/1/2025(a)		111,000		114,759
8.13%, 7/1/2027(a)		71,000		76,520
Caesars Resort Collection LLC 5.75%, 7/1/2025(a)		33,000		34,026
Carnival Corp. 5.75%, 3/1/2027(a)		44,000		42,342
4.00%, 8/1/2028(a)		16,000		15,246
CEC Entertainment LLC 6.75%, 5/1/2026(a)		18,000		17,314
Constellation Merger Sub, Inc. 8.50%, 9/15/2025(a)		21,000		19,712
Golden Nugget, Inc. 6.75%, 10/15/2024(a)		44,000		44,061
Hilton Domestic Operating Co., Inc. 5.75%, 5/1/2028(a)		55,000		57,895
4.00%, 5/1/2031(a)		55,000		54,137
3.63%, 2/15/2032(a)		100,000		95,071
Hilton Worldwide Finance LLC 4.88%, 4/1/2027		55,000		56,157
International Game Technology plc 4.13%, 4/15/2026(a)		148,000		148,595
IRB Holding Corp. 7.00%, 6/15/2025(a)		18,000		18,787
6.75%, 2/15/2026(a)		16,000		16,299
Life Time, Inc. 8.00%, 4/15/2026(a)		16,000		16,303
MGM Resorts International 6.00%, 3/15/2023		79,000		81,647
5.75%, 6/15/2025		55,000		57,820
4.75%, 10/15/2028		55,000		54,638
Mohegan Gaming & Entertainment 8.00%, 2/1/2026(a)		34,000		34,702

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Peninsula Pacific Entertainment LLC 8.50%, 11/15/2027(a)		34,000		36,519
Powdr Corp. 6.00%, 8/1/2025(a)		21,000		21,826
Royal Caribbean Cruises Ltd. 9.13%, 6/15/2023(a)		111,000		117,102
11.50%, 6/1/2025(a)		49,000		54,301
4.25%, 7/1/2026(a)		44,000		41,107
5.50%, 4/1/2028(a)		76,000		73,921
Six Flags Entertainment Corp. 5.50%, 4/15/2027(a)		79,000		79,767
Sizzling Platter LLC 8.50%, 11/28/2025(a)		11,000		10,946
TKC Holdings, Inc. 6.88%, 5/15/2028(a)		16,000		16,103
10.50%, 5/15/2029(a)		18,000		18,832
Vail Resorts, Inc. 6.25%, 5/15/2025(a)		23,000		23,882
Viking Cruises Ltd. 6.25%, 5/15/2025(a)		28,000		27,737
Wynn Las Vegas LLC 5.50%, 3/1/2025(a)		76,000		76,529
5.25%, 5/15/2027(a)		33,000		32,628
Wynn Resorts Finance LLC 5.13%, 10/1/2029(a)		49,000		47,699
Yum! Brands, Inc. 3.88%, 11/1/2023		55,000		56,573
4.75%, 1/15/2030(a)		34,000		34,986
3.63%, 3/15/2031		95,000		89,960
4.63%, 1/31/2032		79,000		78,762
				2,011,901
Household Durables - 1.8%
Century Communities, Inc. 6.75%, 6/1/2027		28,000		29,164
Empire Communities Corp. 7.00%, 12/15/2025(a)		28,000		28,527
KB Home 6.88%, 6/15/2027		55,000		62,396
Newell Brands, Inc. 4.70%, 4/1/2026(d)		123,000		129,317
6.00%, 4/1/2046(d)		28,000		33,081
Taylor Morrison Communities, Inc. 5.88%, 6/15/2027(a)		81,000		87,028
Tempur Sealy International, Inc. 4.00%, 4/15/2029(a)		64,000		61,336
Toll Brothers Finance Corp. 4.88%, 3/15/2027		79,000		85,715
				516,564
Household Products - 0.4%
Energizer Holdings, Inc. 4.38%, 3/31/2029(a)		49,000		46,405

Investments	Principal Amount ($)		Value ($)
Spectrum Brands, Inc. 5.00%, 10/1/2029(a)		71,000		73,498
				119,903
Independent Power and Renewable Electricity Producers - 0.3%
Clearway Energy Operating LLC 3.75%, 2/15/2031(a)		79,000		74,515
Talen Energy Supply LLC 6.50%, 6/1/2025		20,000		8,526
10.50%, 1/15/2026(a)		20,000		9,328
				92,369
Insurance - 1.8%
Acrisure LLC 7.00%, 11/15/2025(a)		50,000		50,007
4.25%, 2/15/2029(a)		34,000		32,201
Alliant Holdings Intermediate LLC 4.25%, 10/15/2027(a)		21,000		20,465
6.75%, 10/15/2027(a)		44,000		43,601
AmWINS Group, Inc. 4.88%, 6/30/2029(a)		23,000		22,545
AssuredPartners, Inc. 7.00%, 8/15/2025(a)		21,000		21,007
BroadStreet Partners, Inc. 5.88%, 4/15/2029(a)		16,000		15,275
Genworth Holdings, Inc. 4.80%, 2/15/2024		39,000		39,721
6.50%, 6/15/2034		11,000		11,008
GTCR AP Finance, Inc. 8.00%, 5/15/2027(a)		34,000		34,720
HUB International Ltd. 7.00%, 5/1/2026(a)		71,000		72,773
Liberty Mutual Group, Inc. 4.30%, 2/1/2061(a)		55,000		48,953
NFP Corp. 6.88%, 8/15/2028(a)		71,000		67,651
USI, Inc. 6.88%, 5/1/2025(a)		28,000		28,044
				507,971
Interactive Media & Services - 0.4%
Rackspace Technology Global, Inc. 3.50%, 2/15/2028(a)		20,000		18,703
5.38%, 12/1/2028(a)		20,000		18,674
Twitter, Inc. 3.88%, 12/15/2027(a)		33,000		32,979
Ziff Davis, Inc. 4.63%, 10/15/2030(a)		53,000		51,988
				122,344
Internet & Direct Marketing Retail - 0.3%
ANGI Group LLC 3.88%, 8/15/2028(a)		16,000		14,694
Go Daddy Operating Co. LLC 3.50%, 3/1/2029(a)		50,000		46,614

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026(a)		23,000		23,262
				84,570
IT Services - 1.5%
Ahead DB Holdings LLC 6.63%, 5/1/2028(a)		11,000		10,694
Austin BidCo, Inc. 7.13%, 12/15/2028(a)		28,000		28,475
Black Knight InfoServ LLC 3.63%, 9/1/2028(a)		34,000		32,674
Block, Inc. 2.75%, 6/1/2026(a)		34,000		32,995
3.50%, 6/1/2031(a)		34,000		32,446
Endure Digital, Inc. 6.00%, 2/15/2029(a)		34,000		30,299
Exela Intermediate LLC 11.50%, 7/15/2026(a)		40,000		25,200
Gartner, Inc. 3.63%, 6/15/2029(a)		79,000		76,853
ION Trading Technologies Sarl 5.75%, 5/15/2028(a)		50,000		50,321
Northwest Fiber LLC 10.75%, 6/1/2028(a)		28,000		30,438
Presidio Holdings, Inc. 8.25%, 2/1/2028(a)		28,000		29,596
Twilio, Inc. 3.63%, 3/15/2029		50,000		48,048
				428,039
Machinery - 0.2%
JPW Industries Holding Corp. 9.00%, 10/1/2024(a)		28,000		28,876
Maxim Crane Works Holdings Capital LLC 10.13%, 8/1/2024(a)		1,000		1,024
Terex Corp. 5.00%, 5/15/2029(a)		23,000		22,725
				52,625
Media - 5.6%
Altice Financing SA 5.75%, 8/15/2029(a)		25,000		23,391
Beasley Mezzanine Holdings LLC 8.63%, 2/1/2026(a)		28,000		27,689
Cengage Learning, Inc. 9.50%, 6/15/2024(a)		18,000		18,097
Clear Channel Outdoor Holdings, Inc. 7.75%, 4/15/2028(a)		49,000		50,931
7.50%, 6/1/2029(a)		34,000		35,290
Clear Channel Worldwide Holdings, Inc. 5.13%, 8/15/2027(a)		55,000		55,064
Cumulus Media New Holdings, Inc. 6.75%, 7/1/2026(a)		16,000		16,480

Investments	Principal Amount ($)		Value ($)
Diamond Sports Group LLC 5.38%, 8/15/2026(a)		55,000		25,392
6.63%, 8/15/2027(a)		55,000		14,300
DIRECTV Holdings LLC 5.88%, 8/15/2027(a)		41,000		41,250
DISH DBS Corp. 5.88%, 11/15/2024		31,000		31,321
7.75%, 7/1/2026		11,000		11,349
5.25%, 12/1/2026(a)		16,000		15,550
5.75%, 12/1/2028(a)		16,000		15,414
iHeartCommunications, Inc. 8.38%, 5/1/2027		79,000		82,604
5.25%, 8/15/2027(a)		79,000		80,343
Lamar Media Corp. 3.75%, 2/15/2028		18,000		17,604
4.00%, 2/15/2030		39,000		37,503
McGraw-Hill Education, Inc. 8.00%, 8/1/2029(a)		25,000		23,407
National CineMedia LLC 5.88%, 4/15/2028(a)		30,000		25,528
News Corp. 3.88%, 5/15/2029(a)		34,000		32,540
Nexstar Media, Inc. 5.63%, 7/15/2027(a)		21,000		21,556
Outfront Media Capital LLC 5.00%, 8/15/2027(a)		49,000		48,750
4.63%, 3/15/2030(a)		18,000		17,283
Sirius XM Radio, Inc. 5.00%, 8/1/2027(a)		79,000		80,882
4.00%, 7/15/2028(a)		111,000		107,574
4.13%, 7/1/2030(a)		79,000		75,386
Spanish Broadcasting System, Inc. 9.75%, 3/1/2026(a)		6,000		6,198
Summer BC Bidco B LLC 5.50%, 10/31/2026(a)		25,000		24,525
TEGNA, Inc. 4.63%, 3/15/2028		84,000		82,580
5.00%, 9/15/2029		49,000		48,408
Terrier Media Buyer, Inc. 8.88%, 12/15/2027(a)		33,000		34,798
Townsquare Media, Inc. 6.88%, 2/1/2026(a)		21,000		21,839
Univision Communications, Inc. 5.13%, 2/15/2025(a)		55,000		55,488
6.63%, 6/1/2027(a)		49,000		51,524
UPC Holding BV 5.50%, 1/15/2028(a)		100,000		101,708
Urban One, Inc. 7.38%, 2/1/2028(a)		23,000		23,417
Videotron Ltd. 5.13%, 4/15/2027(a)		79,000		80,843
Ziggo Bond Co. BV 5.13%, 2/28/2030(a)		50,000		47,516
				1,611,322

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Metals & Mining - 0.8%
Baffinland Iron Mines Corp. 8.75%, 7/15/2026(a)		44,000		45,870
FMG Resources August 2006 Pty. Ltd. 4.38%, 4/1/2031(a)		100,000		100,809
Hudbay Minerals, Inc. 4.50%, 4/1/2026(a)		18,000		17,666
6.13%, 4/1/2029(a)		18,000		18,717
Taseko Mines Ltd. 7.00%, 2/15/2026(a)		16,000		16,246
TMS International Corp. 6.25%, 4/15/2029(a)		11,000		10,628
United States Steel Corp. 6.88%, 3/1/2029		10,000		10,152
				220,088
Mortgage Real Estate Investment Trusts (REITs) - 0.1%
Apollo Commercial Real Estate Finance, Inc. 4.63%, 6/15/2029(a)		21,000		19,908
New Residential Investment Corp. 6.25%, 10/15/2025(a)		23,000		22,790
				42,698
Multiline Retail - 0.8%
Macy’s Retail Holdings LLC 5.88%, 4/1/2029(a)		71,000		72,390
4.50%, 12/15/2034		50,000		45,903
5.13%, 1/15/2042		6,000		5,361
Nordstrom, Inc. 4.25%, 8/1/2031		75,000		69,476
5.00%, 1/15/2044		39,000		34,827
				227,957
Oil, Gas & Consumable Fuels - 10.6%
Aethon United BR LP 8.25%, 2/15/2026(a)		18,000		18,983
Antero Resources Corp. 7.63%, 2/1/2029(a)		60,000		65,478
Ascent Resources Utica Holdings LLC 8.25%, 12/31/2028(a)		50,000		52,439
Blue Racer Midstream LLC 6.63%, 7/15/2026(a)		28,000		28,547
Buckeye Partners LP 3.95%, 12/1/2026		20,000		20,000
4.50%, 3/1/2028(a)		76,000		73,877
Calumet Specialty Products Partners LP 7.75%, 4/15/2023		44,000		44,089
Cheniere Energy Partners LP 4.50%, 10/1/2029		65,000		66,554
4.00%, 3/1/2031		65,000		64,768
3.25%, 1/31/2032(a)		18,000		16,977

Investments	Principal Amount ($)		Value ($)
Cheniere Energy, Inc. 4.63%, 10/15/2028		94,000		95,567
Chesapeake Energy Corp. 6.75%, 4/15/2029(a)		33,000		35,339
Citgo Holding, Inc. 9.25%, 8/1/2024(a)		44,000		44,004
CITGO Petroleum Corp. 7.00%, 6/15/2025(a)		55,000		55,467
Colgate Energy Partners III LLC 5.88%, 7/1/2029(a)		23,000		23,411
CQP Holdco LP 5.50%, 6/15/2031(a)		65,000		64,890
Crescent Energy Finance LLC 7.25%, 5/1/2026(a)		21,000		21,578
Crestwood Midstream Partners LP 5.63%, 5/1/2027(a)		55,000		55,252
CrownRock LP 5.63%, 10/15/2025(a)		34,000		34,302
5.00%, 5/1/2029(a)		28,000		28,307
DCP Midstream Operating LP 5.38%, 7/15/2025		28,000		29,517
5.13%, 5/15/2029		55,000		58,349
5.85%, 5/21/2043(a)(c)		21,000		20,039
Delek Logistics Partners LP 7.13%, 6/1/2028(a)		21,000		21,336
Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028(a)		18,000		18,229
Endeavor Energy Resources LP 6.63%, 7/15/2025(a)		23,000		24,068
5.75%, 1/30/2028(a)		44,000		45,579
Energy Ventures Gom LLC 11.75%, 4/15/2026(a)		19,000		19,692
Enviva Partners LP 6.50%, 1/15/2026(a)		28,000		28,956
EQT Corp. 6.63%, 2/1/2025(d)		71,000		76,613
3.90%, 10/1/2027		71,000		71,641
3.63%, 5/15/2031(a)		44,000		43,621
Genesis Energy LP 8.00%, 1/15/2027		105,000		105,946
Global Partners LP 7.00%, 8/1/2027		23,000		23,782
Gran Tierra Energy, Inc. 7.75%, 5/23/2027(a)		30,000		27,513
Great Western Petroleum LLC 12.00%, 9/1/2025(a)		11,000		11,538
Harvest Midstream I LP 7.50%, 9/1/2028(a)		23,000		23,966
Hess Midstream Operations LP 5.13%, 6/15/2028(a)		49,000		49,991

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Hilcorp Energy I LP 6.25%, 11/1/2028(a)		60,000		62,342
Holly Energy Partners LP 5.00%, 2/1/2028(a)		18,000		17,521
ITT Holdings LLC 6.50%, 8/1/2029(a)		55,000		52,738
MEG Energy Corp. 7.13%, 2/1/2027(a)		90,000		93,535
Moss Creek Resources Holdings, Inc. 7.50%, 1/15/2026(a)		50,000		45,838
Murphy Oil Corp. 5.88%, 12/1/2027		18,000		18,280
New Fortress Energy, Inc. 6.75%, 9/15/2025(a)		20,000		18,986
6.50%, 9/30/2026(a)		20,000		18,736
NGL Energy Operating LLC 7.50%, 2/1/2026(a)		55,000		55,653
NGL Energy Partners LP 7.50%, 11/1/2023		28,000		27,328
6.13%, 3/1/2025		28,000		24,404
Northern Oil and Gas, Inc. 8.13%, 3/1/2028(a)		25,000		26,102
Northriver Midstream Finance LP 5.63%, 2/15/2026(a)		28,000		28,463
NuStar Logistics LP 5.75%, 10/1/2025		34,000		35,535
6.38%, 10/1/2030		34,000		36,832
Occidental Petroleum Corp. 6.95%, 7/1/2024		34,000		37,094
6.63%, 9/1/2030		18,000		21,156
6.45%, 9/15/2036		116,000		141,100
4.20%, 3/15/2048		89,000		82,920
Parkland Corp. 4.50%, 10/1/2029(a)		50,000		48,259
4.63%, 5/1/2030(a)		40,000		38,468
PBF Logistics LP 6.88%, 5/15/2023		18,000		17,708
Penn Virginia Holdings LLC 9.25%, 8/15/2026(a)		15,000		15,401
Renewable Energy Group, Inc. 5.88%, 6/1/2028(a)		18,000		18,108
Rockies Express Pipeline LLC 4.95%, 7/15/2029(a)		49,000		50,416
Strathcona Resources Ltd. 6.88%, 8/1/2026(a)		21,000		20,913
Summit Midstream Holdings LLC 5.75%, 4/15/2025		16,000		14,313
Sunnova Energy Corp. 5.88%, 9/1/2026(a)		11,000		10,521
Sunoco LP 6.00%, 4/15/2027		55,000		56,810

Investments	Principal Amount ($)		Value ($)
Tallgrass Energy Partners LP 7.50%, 10/1/2025(a)		28,000		29,484
6.00%, 12/31/2030(a)		49,000		46,860
Targa Resources Partners LP 6.88%, 1/15/2029		50,000		54,745
4.00%, 1/15/2032(a)		40,000		39,890
Teine Energy Ltd. 6.88%, 4/15/2029(a)		28,000		28,656
Western Midstream Operating LP 4.35%, 2/1/2025(d)		44,000		44,485
5.30%, 2/1/2030(d)		71,000		74,488
				3,064,293
Paper & Forest Products - 0.3%
Domtar Corp. 6.75%, 10/1/2028(a)		30,000		29,500
Mercer International, Inc. 5.13%, 2/1/2029		55,000		54,336
				83,836
Personal Products - 0.6%
Avon Products, Inc. 6.50%, 3/15/2023(d)		34,000		34,929
8.45%, 3/15/2043(d)		11,000		13,274
Coty, Inc. 5.00%, 4/15/2026(a)		39,000		39,224
6.50%, 4/15/2026(a)		73,000		74,018
				161,445
Pharmaceuticals - 3.4%
Bausch Health Americas, Inc. 8.50%, 1/31/2027(a)		144,000		145,818
Bausch Health Cos., Inc. 6.13%, 4/15/2025(a)		354,000		361,036
5.00%, 1/30/2028(a)		76,000		64,203
4.88%, 6/1/2028(a)		89,000		84,565
6.25%, 2/15/2029(a)		111,000		94,095
7.25%, 5/30/2029(a)		25,000		22,473
5.25%, 1/30/2030(a)		106,000		86,113
Endo Dac 9.50%, 7/31/2027(a)		11,000		10,892
6.00%, 6/30/2028(a)		28,000		18,999
Lannett Co., Inc. 7.75%, 4/15/2026(a)		21,000		16,383
P&L Development LLC 7.75%, 11/15/2025(a)		16,000		15,565
Par Pharmaceutical, Inc. 7.50%, 4/1/2027(a)		44,000		44,391
Perrigo Finance Unlimited Co. 4.90%, 12/15/2044		25,000		24,066
				988,599
Professional Services - 0.1%
AMN Healthcare, Inc. 4.63%, 10/1/2027(a)		28,000		28,225
CoreLogic, Inc. 4.50%, 5/1/2028(a)		18,000		17,274
				45,499

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Real Estate Management & Development - 0.9%
Howard Hughes Corp. (The) 5.38%, 8/1/2028(a)		44,000		44,834
4.38%, 2/1/2031(a)		44,000		41,929
Kennedy-Wilson, Inc. 4.75%, 3/1/2029		28,000		27,852
5.00%, 3/1/2031		28,000		27,671
Realogy Group LLC 7.63%, 6/15/2025(a)		50,000		53,065
5.75%, 1/15/2029(a)		44,000		43,260
WeWork Cos., Inc. 7.88%, 5/1/2025(a)		25,000		23,164
				261,775
Road & Rail - 0.8%
First Student Bidco, Inc. 4.00%, 7/31/2029(a)		23,000		21,831
NESCO Holdings II, Inc. 5.50%, 4/15/2029(a)		28,000		27,770
Uber Technologies, Inc. 7.50%, 5/15/2025(a)		44,000		46,053
7.50%, 9/15/2027(a)		55,000		58,644
6.25%, 1/15/2028(a)		44,000		45,716
XPO Logistics, Inc. 6.25%, 5/1/2025(a)		44,000		45,597
				245,611
Semiconductors & Semiconductor Equipment - 0.1%
ON Semiconductor Corp. 3.88%, 9/1/2028(a)		33,000		32,804
Software - 1.8%
Boxer Parent Co., Inc. 7.13%, 10/2/2025(a)		28,000		29,192
Camelot Finance SA 4.50%, 11/1/2026(a)		18,000		18,271
Castle US Holding Corp. 9.50%, 2/15/2028(a)		28,000		28,987
Change Healthcare Holdings LLC 5.75%, 3/1/2025(a)		49,000		49,164
Crowdstrike Holdings, Inc. 3.00%, 2/15/2029		34,000		31,926
Elastic NV 4.13%, 7/15/2029(a)		23,000		21,514
LogMeIn, Inc. 5.50%, 9/1/2027(a)		33,000		32,136
NortonLifeLock, Inc. 5.00%, 4/15/2025(a)		49,000		49,197
Nuance Communications, Inc. 5.63%, 12/15/2026		18,000		18,536

Investments	Principal Amount ($)		Value ($)
Open Text Holdings, Inc. 4.13%, 2/15/2030(a)		89,000		87,096
4.13%, 12/1/2031(a)		50,000		48,317
PTC, Inc. 4.00%, 2/15/2028(a)		34,000		33,772
Rocket Software, Inc. 6.50%, 2/15/2029(a)		28,000		26,573
Veritas US, Inc. 7.50%, 9/1/2025(a)		55,000		56,181
				530,862
Specialty Retail - 3.0%
99 Escrow Issuer, Inc. 7.50%, 1/15/2026(a)		16,000		12,143
At Home Group, Inc. 4.88%, 7/15/2028(a)		21,000		20,192
7.13%, 7/15/2029(a)		28,000		26,294
Bath & Body Works, Inc. 9.38%, 7/1/2025(a)		44,000		52,690
5.25%, 2/1/2028		34,000		35,714
6.63%, 10/1/2030(a)		44,000		47,514
6.88%, 11/1/2035		79,000		90,999
BCPE Ulysses Intermediate, Inc. 7.75%, 4/1/2027(a)(b)		16,000		15,644
Carvana Co. 5.50%, 4/15/2027(a)		71,000		66,236
Gap, Inc. (The) 3.63%, 10/1/2029(a)		36,000		33,545
3.88%, 10/1/2031(a)		36,000		33,422
LBM Acquisition LLC 6.25%, 1/15/2029(a)		28,000		26,726
LSF9 Atlantis Holdings LLC 7.75%, 2/15/2026(a)		34,000		32,793
Michaels Cos., Inc. (The) 5.25%, 5/1/2028(a)		34,000		32,827
7.88%, 5/1/2029(a)		50,000		45,834
Park River Holdings, Inc. 5.63%, 2/1/2029(a)		18,000		16,446
Penske Automotive Group, Inc. 3.75%, 6/15/2029		49,000		46,216
Sally Holdings LLC 5.63%, 12/1/2025		28,000		28,464
Specialty Building Products Holdings LLC 6.38%, 9/30/2026(a)		28,000		28,808
SRS Distribution, Inc. 6.13%, 7/1/2029(a)		34,000		33,362
Staples, Inc. 7.50%, 4/15/2026(a)		65,000		64,219
10.75%, 4/15/2027(a)		49,000		45,760
White Cap Buyer LLC 6.88%, 10/15/2028(a)		18,000		18,491
White Cap Parent LLC 8.25%, 3/15/2026(a)(b)		6,000		6,097
				860,436

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Technology Hardware, Storage & Peripherals - 1.0%
Seagate HDD Cayman 4.13%, 1/15/2031		150,000		147,399
Xerox Corp. 4.38%, 3/15/2023(d)		44,000		44,656
6.75%, 12/15/2039		21,000		21,878
Xerox Holdings Corp. 5.00%, 8/15/2025(a)		44,000		44,642
5.50%, 8/15/2028(a)		44,000		44,321
				302,896
Textiles, Apparel & Luxury Goods - 0.1%
Eagle Intermediate Global Holding BV 7.50%, 5/1/2025(a)		50,000		45,079
Thrifts & Mortgage Finance - 1.4%
Enact Holdings, Inc. 6.50%, 8/15/2025(a)		21,000		22,240
Freedom Mortgage Corp. 8.13%, 11/15/2024(a)		44,000		44,110
7.63%, 5/1/2026(a)		49,000		46,865
Ladder Capital Finance Holdings LLLP REIT, 4.75%, 6/15/2029(a)		28,000		27,445
LD Holdings Group LLC 6.50%, 11/1/2025(a)		21,000		19,980
MGIC Investment Corp. 5.25%, 8/15/2028		55,000		56,956
Nationstar Mortgage Holdings, Inc. 5.50%, 8/15/2028(a)		44,000		43,203
5.13%, 12/15/2030(a)		44,000		41,323
PennyMac Financial Services, Inc. 4.25%, 2/15/2029(a)		49,000		44,605
Provident Funding Associates LP 6.38%, 6/15/2025(a)		25,000		25,622
United Wholesale Mortgage LLC 5.50%, 11/15/2025(a)		23,000		22,314
				394,663
Trading Companies & Distributors - 1.9%
Ahern Rentals, Inc. 7.38%, 5/15/2023(a)		18,000		16,965
Boise Cascade Co. 4.88%, 7/1/2030(a)		21,000		21,875
Fortress Transportation and Infrastructure Investors LLC 9.75%, 8/1/2027(a)		95,000		104,143
5.50%, 5/1/2028(a)		18,000		17,460
Foundation Building Materials, Inc. 6.00%, 3/1/2029(a)		16,000		15,462

Investments	Principal Amount ($)		Value ($)
Imola Merger Corp. 4.75%, 5/15/2029(a)		74,000		72,112
United Rentals North America, Inc. 4.88%, 1/15/2028		79,000		81,291
5.25%, 1/15/2030		55,000		57,839
3.88%, 2/15/2031		44,000		42,760
WESCO Distribution, Inc. 7.13%, 6/15/2025(a)		55,000		57,675
7.25%, 6/15/2028(a)		55,000		58,992
				546,574
Water Utilities - 0.1%
Solaris Midstream Holdings LLC 7.63%, 4/1/2026(a)		28,000		28,953
Wireless Telecommunication Services - 4.3%
Ligado Networks LLC + 0.00%), 15.50%, 11/1/2023(a)(b)(e)		114,950		81,276
17.50%, 5/1/2024(a)(b)		34,250		14,395
Sprint Corp. 7.88%, 9/15/2023		150,000		162,179
7.13%, 6/15/2024		84,000		91,661
7.63%, 2/15/2025		55,000		61,277
7.63%, 3/1/2026		71,000		81,401
T-Mobile USA, Inc. 2.63%, 4/15/2026		111,000		108,882
4.75%, 2/1/2028		111,000		114,884
3.50%, 4/15/2031(a)		214,000		209,142
Vmed O2 UK Financing I plc 4.25%, 1/31/2031(a)		25,000		23,235
4.75%, 7/15/2031(a)		65,000		62,212
Vodafone Group plc 7.00%, 4/4/2079(c)		139,000		159,981
5.12%, 6/4/2081(c)		60,000		59,048
				1,229,573
TOTAL CORPORATE BONDS (Cost $29,056,004)				27,914,335
Total Investments - 96.7% (Cost $29,056,004)				27,914,335
Other assets less liabilities - 3.3%				956,787
Net Assets - 100.0%				28,871,122

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

(b) Payment in-kind security.

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

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

(d) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of January 31, 2022.

(e) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of January 31, 2022.

Percentages shown are based on Net Assets.

Security Type	% of Net Assets
Corporate Bonds		96.7	%
Others(1)		3.3
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

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

January 31, 2022 (Unaudited)

Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS - 98.6%
Air Freight & Logistics - 0.6%
FedEx Corp.
3.25%, 4/1/2026		100,000		105,303
5.25%, 5/15/2050		150,000		187,243
				292,546
Automobiles - 0.8%
General Motors Co.
6.80%, 10/1/2027		200,000		240,266
5.95%, 4/1/2049		100,000		127,303
				367,569
Banks - 16.6%
Banco Santander SA
2.75%, 5/28/2025		200,000		202,999
5.18%, 11/19/2025		200,000		217,721
Bank of America Corp.
3.46%, 3/15/2025(a)		200,000		206,511
3.09%, 10/1/2025(a)		200,000		205,002
1.73%, 7/22/2027(a)		200,000		194,075
3.42%, 12/20/2028(a)		200,000		207,818
4.27%, 7/23/2029(a)		150,000		162,960
2.69%, 4/22/2032(a)		200,000		195,942
6.11%, 1/29/2037		200,000		258,919
2.68%, 6/19/2041(a)		100,000		91,267
Barclays plc
5.20%, 5/12/2026		200,000		219,159
4.97%, 5/16/2029(a)		200,000		221,509
3.81%, 3/10/2042(a)		200,000		198,555
Citigroup, Inc.
3.35%, 4/24/2025(a)		250,000		257,987
3.11%, 4/8/2026(a)		150,000		154,040
3.20%, 10/21/2026		150,000		155,533
4.45%, 9/29/2027		150,000		163,153
3.98%, 3/20/2030(a)		50,000		53,550
4.41%, 3/31/2031(a)		150,000		165,302
2.57%, 6/3/2031(a)		150,000		146,249
8.13%, 7/15/2039		100,000		161,943
4.75%, 5/18/2046		100,000		115,632
4.65%, 7/23/2048		50,000		60,486
HSBC Holdings plc
3.80%, 3/11/2025(a)		200,000		207,033
4.30%, 3/8/2026		200,000		214,593
4.29%, 9/12/2026(a)		200,000		212,234
4.58%, 6/19/2029(a)		200,000		218,178
2.80%, 5/24/2032(a)		200,000		193,680
6.50%, 9/15/2037		150,000		199,291

Investments	Principal Amount ($)		Value ($)
ING Groep NV
4.05%, 4/9/2029		200,000		217,344
JPMorgan Chase & Co.
3.80%, 7/23/2024(a)		100,000		103,177
3.88%, 9/10/2024		150,000		157,851
1.58%, 4/22/2027(a)		200,000		193,561
3.78%, 2/1/2028(a)		200,000		212,183
4.45%, 12/5/2029(a)		150,000		165,099
2.74%, 10/15/2030(a)		150,000		149,125
4.49%, 3/24/2031(a)		150,000		167,707
2.58%, 4/22/2032(a)		100,000		97,324
5.60%, 7/15/2041		100,000		131,546
5.63%, 8/16/2043		100,000		131,445
Mitsubishi UFJ Financial Group, Inc.
3.46%, 3/2/2023		200,000		204,836
2.19%, 2/25/2025		200,000		201,163
2.31%, 7/20/2032(a)		200,000		190,867
Royal Bank of Canada
2.55%, 7/16/2024		100,000		101,983
1.15%, 6/10/2025		200,000		195,101
				7,881,633
Beverages - 2.7%
Anheuser-Busch Cos. LLC
3.65%, 2/1/2026		100,000		105,916
4.70%, 2/1/2036		100,000		115,080
Anheuser-Busch InBev Worldwide, Inc.
4.75%, 1/23/2029		100,000		113,380
5.45%, 1/23/2039		100,000		123,161
5.55%, 1/23/2049		300,000		388,486
PepsiCo, Inc.
2.25%, 3/19/2025		100,000		101,742
2.63%, 7/29/2029		100,000		102,430
3.50%, 3/19/2040		200,000		216,378
				1,266,573
Biotechnology - 1.1%
Amgen, Inc.
1.90%, 2/21/2025		100,000		100,341
1.65%, 8/15/2028		100,000		95,201
2.80%, 8/15/2041		50,000		45,259
4.66%, 6/15/2051		200,000		237,451
Biogen, Inc.
3.15%, 5/1/2050		50,000		44,796
				523,048
Building Products - 0.2%
Johnson Controls International plc
4.95%, 7/2/2064(b)		50,000		60,724
Owens Corning
4.30%, 7/15/2047		50,000		54,733
				115,457

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Capital Markets - 6.0%
Bank of New York Mellon Corp. (The)
2.95%, 1/29/2023		100,000		101,906
2.10%, 10/24/2024		10,000		10,126
3.40%, 1/29/2028		100,000		106,242
BlackRock, Inc.
1.90%, 1/28/2031		200,000		190,610
Deutsche Bank AG
2.22%, 9/18/2024(a)		150,000		150,712
3.96%, 11/26/2025(a)		150,000		156,364
3.04%, 5/28/2032(a)		150,000		144,761
Goldman Sachs Group, Inc. (The)
3.50%, 4/1/2025		200,000		207,932
6.75%, 10/1/2037		100,000		135,426
Morgan Stanley
Series F, 3.88%, 4/29/2024		200,000		209,071
3.88%, 1/27/2026		200,000		212,292
3.13%, 7/27/2026		200,000		207,045
0.98%, 12/10/2026(a)		200,000		190,133
2.70%, 1/22/2031(a)		200,000		198,503
2.24%, 7/21/2032(a)		100,000		94,369
4.46%, 4/22/2039(a)		100,000		115,158
5.60%, 3/24/2051(a)		150,000		210,585
State Street Corp.
2.90%, 3/30/2026(a)		100,000		103,065
2.40%, 1/24/2030		100,000		99,866
				2,844,166
Chemicals - 1.3%
Ecolab, Inc.
4.80%, 3/24/2030		200,000		234,395
International Flavors & Fragrances, Inc.
5.00%, 9/26/2048		50,000		60,860
Nutrien Ltd.
5.88%, 12/1/2036		100,000		129,987
Sherwin-Williams Co. (The)
2.95%, 8/15/2029		200,000		204,375
				629,617
Commercial Services & Supplies - 0.6%
Waste Management, Inc.
0.75%, 11/15/2025		300,000		286,477
Consumer Finance - 2.2%
American Express Co.
3.40%, 2/27/2023		100,000		102,400
3.13%, 5/20/2026		100,000		104,098
Caterpillar Financial Services Corp.
0.95%, 1/10/2024		100,000		99,281
1.10%, 9/14/2027		200,000		190,008
General Motors Financial Co., Inc.
1.25%, 1/8/2026		250,000		239,228

Investments	Principal Amount ($)		Value ($)
John Deere Capital Corp.
3.45%, 3/7/2029		200,000		215,626
Synchrony Financial
4.38%, 3/19/2024		100,000		104,667
				1,055,308
Containers & Packaging - 0.4%
International Paper Co.
6.00%, 11/15/2041		100,000		130,795
Packaging Corp. of America
3.05%, 10/1/2051		50,000		46,426
				177,221
Diversified Financial Services - 1.8%
National Rural Utilities Cooperative Finance Corp.
0.35%, 2/8/2024		200,000		195,756
Shell International Finance BV
0.38%, 9/15/2023		200,000		197,329
3.88%, 11/13/2028		100,000		108,655
6.38%, 12/15/2038		100,000		139,506
4.38%, 5/11/2045		150,000		174,562
3.25%, 4/6/2050		50,000		50,022
				865,830
Diversified Telecommunication Services - 6.0%
AT&T, Inc.
4.35%, 3/1/2029		150,000		164,942
4.30%, 2/15/2030		150,000		165,188
2.55%, 12/1/2033		200,000		188,229
3.50%, 6/1/2041		100,000		97,805
3.50%, 9/15/2053		50,000		47,739
3.55%, 9/15/2055		200,000		189,171
3.80%, 12/1/2057		200,000		196,658
3.65%, 9/15/2059		100,000		95,115
Orange SA
9.00%, 3/1/2031(b)		100,000		148,042
Telefonica Emisiones SA
5.21%, 3/8/2047		150,000		175,030
Verizon Communications, Inc.
3.38%, 2/15/2025		50,000		52,354
4.13%, 3/16/2027		150,000		162,708
4.33%, 9/21/2028		200,000		220,401
2.36%, 3/15/2032(c)		100,000		94,987
4.50%, 8/10/2033		150,000		169,802
4.27%, 1/15/2036		150,000		168,469
2.65%, 11/20/2040		150,000		134,313
3.40%, 3/22/2041		100,000		99,263
4.86%, 8/21/2046		150,000		184,399
3.70%, 3/22/2061		100,000		100,740
				2,855,355
Electric Utilities - 2.5%
Arizona Public Service Co.
3.35%, 5/15/2050		100,000		94,003

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Commonwealth Edison Co.
Series 130, 3.13%, 3/15/2051		100,000		97,408
Connecticut Light and Power Co. (The)
Series A, 2.05%, 7/1/2031		100,000		95,978
Edison International
4.13%, 3/15/2028		300,000		311,535
Eversource Energy
3.45%, 1/15/2050		100,000		101,121
Exelon Corp.
4.70%, 4/15/2050		100,000		119,083
Oncor Electric Delivery Co. LLC
2.75%, 6/1/2024		200,000		204,799
4.55%, 12/1/2041		100,000		117,007
Southern California Edison Co.
Series C, 4.13%, 3/1/2048		50,000		53,278
				1,194,212
Energy Equipment & Services - 0.6%
Baker Hughes Holdings LLC
4.08%, 12/15/2047		50,000		53,166
Halliburton Co.
2.92%, 3/1/2030		100,000		100,395
4.85%, 11/15/2035		100,000		114,444
				268,005
Entertainment - 0.9%
Walt Disney Co. (The)
3.35%, 3/24/2025		100,000		104,325
2.00%, 9/1/2029		200,000		193,254
6.65%, 11/15/2037		100,000		141,074
				438,653
Equity Real Estate Investment Trusts (REITs) - 2.9%
Alexandria Real Estate Equities, Inc.
2.75%, 12/15/2029		200,000		202,060
AvalonBay Communities, Inc.
2.95%, 5/11/2026		200,000		208,089
Boston Properties LP
3.25%, 1/30/2031		200,000		203,776
Equinix, Inc.
3.20%, 11/18/2029		100,000		101,270
ERP Operating LP
4.50%, 7/1/2044		100,000		120,348
Prologis LP
3.00%, 4/15/2050		100,000		97,872
Ventas Realty LP
4.00%, 3/1/2028		200,000		215,461
Welltower, Inc.
3.10%, 1/15/2030		200,000		203,567
				1,352,443
Food & Staples Retailing - 1.6%
Kroger Co. (The)
2.65%, 10/15/2026		100,000		101,820

Investments	Principal Amount ($)		Value ($)
3.95%, 1/15/2050		100,000		107,533
Walgreens Boots Alliance, Inc.
3.45%, 6/1/2026		100,000		104,643
Walmart, Inc.
3.40%, 6/26/2023		200,000		206,232
3.25%, 7/8/2029		100,000		107,380
4.05%, 6/29/2048		100,000		118,591
				746,199
Food Products - 1.7%
Campbell Soup Co.
4.15%, 3/15/2028		100,000		108,402
General Mills, Inc.
3.70%, 10/17/2023		100,000		103,575
2.88%, 4/15/2030		100,000		101,486
Kellogg Co.
2.65%, 12/1/2023		300,000		306,589
Mondelez International, Inc.
2.63%, 9/4/2050		100,000		88,024
Unilever Capital Corp.
3.50%, 3/22/2028		100,000		106,540
				814,616
Health Care Equipment & Supplies - 2.0%
Abbott Laboratories
3.40%, 11/30/2023		300,000		310,167
4.90%, 11/30/2046		150,000		192,100
Baxter International, Inc.
1.73%, 4/1/2031		100,000		91,793
3.13%, 12/1/2051(c)		50,000		47,683
Boston Scientific Corp.
2.65%, 6/1/2030		100,000		98,806
Medtronic, Inc.
4.63%, 3/15/2045		100,000		122,737
Zimmer Biomet Holdings, Inc.
2.60%, 11/24/2031		100,000		96,712
				959,998
Health Care Providers & Services - 5.5%
Aetna, Inc.
2.80%, 6/15/2023		200,000		203,716
3.88%, 8/15/2047		50,000		53,022
AmerisourceBergen Corp.
2.70%, 3/15/2031		100,000		97,860
Anthem, Inc.
2.38%, 1/15/2025		200,000		202,987
2.25%, 5/15/2030		100,000		95,866
3.60%, 3/15/2051		200,000		206,127
Cardinal Health, Inc.
3.08%, 6/15/2024		100,000		102,692
4.90%, 9/15/2045		50,000		56,549
Cigna Corp.
4.50%, 2/25/2026		100,000		108,364
4.38%, 10/15/2028		150,000		165,131
4.90%, 12/15/2048		150,000		178,341

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
CommonSpirit Health
4.19%, 10/1/2049		100,000		109,975
CVS Health Corp.
3.88%, 7/20/2025		100,000		105,762
4.30%, 3/25/2028		200,000		218,051
4.78%, 3/25/2038		100,000		115,777
5.05%, 3/25/2048		150,000		184,422
4.25%, 4/1/2050		50,000		56,026
Kaiser Foundation Hospitals
Series 2021, 2.81%, 6/1/2041		100,000		95,315
Laboratory Corp. of America Holdings
1.55%, 6/1/2026		100,000		97,005
2.70%, 6/1/2031		100,000		98,640
Quest Diagnostics, Inc.
4.70%, 3/30/2045		50,000		59,487
				2,611,115
Hotels, Restaurants & Leisure - 1.5%
Las Vegas Sands Corp.
3.20%, 8/8/2024		100,000		101,309
Marriott International, Inc.
Series II, 2.75%, 10/15/2033		100,000		93,533
McDonald’s Corp.
3.50%, 7/1/2027		100,000		105,910
3.63%, 9/1/2049		200,000		206,625
Sands China Ltd.
5.40%, 8/8/2028		200,000		206,558
				713,935
Household Durables - 0.3%
Lennar Corp.
4.50%, 4/30/2024		100,000		105,226
Whirlpool Corp.
4.60%, 5/15/2050		50,000		57,537
				162,763
Household Products - 0.2%
Kimberly-Clark Corp.
3.10%, 3/26/2030		100,000		105,158
Independent Power and Renewable Electricity Producers - 0.8%
Exelon Generation Co. LLC
3.25%, 6/1/2025		200,000		207,286
5.75%, 10/1/2041		100,000		116,563
Oglethorpe Power Corp.
5.05%, 10/1/2048		50,000		60,670
				384,519
Insurance - 4.3%
Allstate Corp. (The)
3.85%, 8/10/2049		100,000		111,435
American International Group, Inc.
2.50%, 6/30/2025		200,000		203,378

Investments	Principal Amount ($)		Value ($)
4.25%, 3/15/2029		200,000		220,016
4.75%, 4/1/2048		100,000		121,538
Chubb INA Holdings, Inc.
4.35%, 11/3/2045		100,000		118,590
Hartford Financial Services Group, Inc. (The)
3.60%, 8/19/2049		100,000		102,616
Lincoln National Corp.
4.00%, 9/1/2023		200,000		207,900
MetLife, Inc.
3.60%, 4/10/2024		200,000		208,975
4.60%, 5/13/2046		100,000		121,959
Progressive Corp. (The)
4.20%, 3/15/2048		100,000		117,001
Prudential Financial, Inc.
4.50%, 9/15/2047(a)		100,000		102,189
4.35%, 2/25/2050		150,000		176,389
Travelers Cos., Inc. (The)
4.00%, 5/30/2047		150,000		170,171
Unum Group
4.13%, 6/15/2051		50,000		48,163
				2,030,320
Interactive Media & Services - 0.6%
Alphabet, Inc.
0.45%, 8/15/2025		100,000		95,870
1.10%, 8/15/2030		100,000		91,342
2.05%, 8/15/2050		100,000		82,427
				269,639
Internet & Direct Marketing Retail - 1.7%
Amazon.com, Inc.
1.00%, 5/12/2026		200,000		194,017
1.65%, 5/12/2028		250,000		242,341
3.88%, 8/22/2037		100,000		111,841
2.88%, 5/12/2041		150,000		146,369
eBay, Inc.
2.70%, 3/11/2030		100,000		99,310
				793,878
IT Services - 2.6%
International Business Machines Corp.
3.00%, 5/15/2024		200,000		206,206
3.50%, 5/15/2029		150,000		158,517
4.25%, 5/15/2049		150,000		170,613
Kyndryl Holdings, Inc.
4.10%, 10/15/2041(c)		25,000		22,557
Mastercard, Inc.
2.95%, 6/1/2029		200,000		208,845
PayPal Holdings, Inc.
1.35%, 6/1/2023		200,000		200,486
2.85%, 10/1/2029		100,000		102,561
Visa, Inc.
3.15%, 12/14/2025		150,000		157,482
				1,227,267

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Leisure Products - 0.1%
Hasbro, Inc.
6.35%, 3/15/2040		50,000		66,598
Machinery - 1.1%
Caterpillar, Inc.
5.20%, 5/27/2041		100,000		131,292
Deere & Co.
3.90%, 6/9/2042		50,000		56,507
Illinois Tool Works, Inc.
2.65%, 11/15/2026		200,000		206,572
Stanley Black & Decker, Inc.
4.00%, 3/15/2060(a)		100,000		101,679
				496,050
Media - 0.8%
Fox Corp.
4.71%, 1/25/2029		100,000		110,468
ViacomCBS, Inc.
4.95%, 1/15/2031		200,000		227,889
4.95%, 5/19/2050		50,000		59,507
				397,864
Metals & Mining - 0.4%
Newmont Corp.
5.88%, 4/1/2035		100,000		124,072
Teck Resources Ltd.
6.25%, 7/15/2041		50,000		63,397
				187,469
Multiline Retail - 0.2%
Target Corp.
2.25%, 4/15/2025		100,000		101,576
Multi-Utilities - 0.7%
Consumers Energy Co.
4.35%, 4/15/2049		100,000		120,052
San Diego Gas & Electric Co.
2.95%, 8/15/2051		100,000		94,078
Sempra Energy
4.00%, 2/1/2048		100,000		106,101
				320,231
Oil, Gas & Consumable Fuels - 7.4%
Canadian Natural Resources Ltd.
6.25%, 3/15/2038		100,000		126,507
Cenovus Energy, Inc.
5.38%, 7/15/2025		300,000		328,166
2.65%, 1/15/2032		100,000		95,152
Devon Energy Corp.
5.00%, 6/15/2045		50,000		57,957
Enbridge, Inc.
5.50%, 7/15/2077(a)		100,000		102,140
Enterprise Products Operating LLC
6.45%, 9/1/2040		100,000		132,064
4.25%, 2/15/2048		100,000		106,755

Investments	Principal Amount ($)		Value ($)
4.80%, 2/1/2049		50,000		57,660
4.20%, 1/31/2050		50,000		53,134
Hess Corp.
3.50%, 7/15/2024		300,000		310,392
6.00%, 1/15/2040		50,000		62,100
Kinder Morgan Energy Partners LP
6.95%, 1/15/2038		100,000		132,173
Kinder Morgan, Inc.
4.30%, 6/1/2025		100,000		106,652
2.00%, 2/15/2031		100,000		91,024
5.55%, 6/1/2045		100,000		119,462
Magellan Midstream Partners LP
3.95%, 3/1/2050		50,000		50,107
Marathon Petroleum Corp.
4.50%, 4/1/2048		50,000		54,500
MPLX LP
2.65%, 8/15/2030		100,000		96,647
5.50%, 2/15/2049		100,000		120,007
Plains All American Pipeline LP
4.65%, 10/15/2025		300,000		322,559
Sabine Pass Liquefaction LLC
4.50%, 5/15/2030		100,000		109,806
Suncor Energy, Inc.
3.75%, 3/4/2051		100,000		101,709
TotalEnergies Capital International SA
2.83%, 1/10/2030		100,000		101,862
3.13%, 5/29/2050		100,000		97,130
Transcontinental Gas Pipe Line Co. LLC
3.25%, 5/15/2030		50,000		51,422
Valero Energy Corp.
4.00%, 4/1/2029		100,000		105,868
Williams Cos., Inc. (The)
4.55%, 6/24/2024		200,000		211,321
6.30%, 4/15/2040		100,000		128,529
5.75%, 6/24/2044		50,000		62,035
				3,494,840
Paper & Forest Products - 0.2%
Suzano Austria GmbH
3.13%, 1/15/2032		100,000		92,669
Pharmaceuticals - 4.5%
AstraZeneca plc
6.45%, 9/15/2037		100,000		140,893
GlaxoSmithKline Capital, Inc.
6.38%, 5/15/2038		100,000		140,511
Johnson & Johnson
2.63%, 1/15/2025		100,000		103,584
1.30%, 9/1/2030		100,000		92,740
3.63%, 3/3/2037		200,000		220,295
3.70%, 3/1/2046		100,000		110,657

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Merck & Co., Inc.
2.90%, 3/7/2024		100,000		103,201
3.40%, 3/7/2029		100,000		106,387
2.35%, 6/24/2040		100,000		89,702
3.70%, 2/10/2045		100,000		107,313
2.75%, 12/10/2051		50,000		46,047
Novartis Capital Corp.
3.40%, 5/6/2024		100,000		104,363
2.00%, 2/14/2027		100,000		99,756
2.75%, 8/14/2050		100,000		94,594
Pfizer, Inc.
3.45%, 3/15/2029		100,000		107,216
7.20%, 3/15/2039		100,000		153,792
4.13%, 12/15/2046		100,000		116,806
Takeda Pharmaceutical Co. Ltd.
2.05%, 3/31/2030		200,000		188,204
				2,126,061
Road & Rail - 1.8%
Canadian National Railway Co.
4.45%, 1/20/2049		100,000		121,726
Canadian Pacific Railway Co.
1.35%, 12/2/2024		100,000		98,826
4.80%, 8/1/2045		100,000		122,367
CSX Corp.
3.40%, 8/1/2024		200,000		208,004
4.30%, 3/1/2048		100,000		114,646
3.80%, 4/15/2050		100,000		107,047
Norfolk Southern Corp.
4.65%, 1/15/2046		50,000		59,635
				832,251
Semiconductors & Semiconductor Equipment - 1.5%
Intel Corp.
2.88%, 5/11/2024		100,000		102,891
3.40%, 3/25/2025		100,000		104,649
2.45%, 11/15/2029		200,000		199,701
4.75%, 3/25/2050		150,000		185,831
4.95%, 3/25/2060		50,000		64,643
Micron Technology, Inc.
3.37%, 11/1/2041		50,000		47,648
				705,363
Software - 3.7%
Microsoft Corp.
3.13%, 11/3/2025		150,000		157,060
2.40%, 8/8/2026		200,000		204,777
3.30%, 2/6/2027		200,000		212,527
3.45%, 8/8/2036		50,000		54,697
2.53%, 6/1/2050		250,000		227,616
2.92%, 3/17/2052		250,000		244,671
Oracle Corp.
3.60%, 4/1/2040		200,000		185,626
3.65%, 3/25/2041		100,000		93,282

Investments	Principal Amount ($)		Value ($)
4.00%, 7/15/2046		100,000		95,270
4.10%, 3/25/2061		100,000		93,583
salesforce.com, Inc.
1.50%, 7/15/2028		100,000		95,743
2.90%, 7/15/2051		100,000		94,966
				1,759,818
Specialty Retail - 2.2%
Home Depot, Inc. (The)
3.90%, 12/6/2028		200,000		219,156
5.88%, 12/16/2036		150,000		203,183
Lowe’s Cos., Inc.
2.50%, 4/15/2026		200,000		204,372
3.65%, 4/5/2029		250,000		266,507
3.00%, 10/15/2050		150,000		137,366
				1,030,584
Technology Hardware, Storage & Peripherals - 2.9%
Apple, Inc.
2.40%, 5/3/2023		100,000		101,657
3.25%, 2/23/2026		300,000		314,556
1.65%, 2/8/2031		300,000		281,833
2.38%, 2/8/2041		150,000		136,049
3.85%, 5/4/2043		150,000		166,343
4.65%, 2/23/2046		150,000		185,909
2.65%, 2/8/2051		50,000		45,735
Dell International LLC
8.10%, 7/15/2036		54,000		77,802
Hewlett Packard Enterprise Co.
6.35%, 10/15/2045(b)		50,000		63,200
				1,373,084
Water Utilities - 0.4%
American Water Capital Corp.
2.30%, 6/1/2031		200,000		193,812
Wireless Telecommunication Services - 0.7%
Vodafone Group plc
4.38%, 5/30/2028		100,000		109,433
5.25%, 5/30/2048		200,000		241,568
				351,001
TOTAL CORPORATE BONDS (Cost $49,238,103)				46,762,791
Total Investments - 98.6% (Cost $49,238,103)				46,762,791
Other assets less liabilities - 1.4%				647,100
Net Assets - 100.0%				47,409,891

(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.

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)

(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 January 31, 2022.

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

Percentages shown are based on Net Assets.

Security Type	% of Net Assets
Corporate Bonds		98.6	%
Others(1)		1.4
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® Ready Access Variable Income Fund

January 31, 2022 (Unaudited)

Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS - 88.9%
Aerospace & Defense - 0.4%
Boeing Co. (The) 1.17%, 2/4/2023		929,000		927,757
1.95%, 2/1/2024		900,000		904,617
				1,832,374
Agricultural & Farm Machinery - 0.2%
CNH Industrial Capital LLC 4.38%, 4/5/2022		474,000		476,949
1.95%, 7/2/2023		630,000		633,282
				1,110,231
Agricultural Products - 0.3%
Cargill, Inc.
0.40%, 2/2/2024(a)		1,200,000		1,177,053
Air Freight & Logistics - 0.1%
United Parcel Service, Inc. 2.45%, 10/1/2022		445,000		449,992
Airlines - 0.4%
Southwest Airlines Co. 4.75%, 5/4/2023		1,670,000		1,734,796
Apparel, Accessories & Luxury Goods - 0.2%
VF Corp. 2.05%, 4/23/2022		1,085,000		1,088,763
Asset Management & Custody Banks - 1.3%
Ares Capital Corp. 3.50%, 2/10/2023		1,100,000		1,121,961
Bank of New York Mellon Corp. (The) Series J, (SOFR + 0.20%), 0.25%, 10/25/2024(b)		2,800,000		2,793,284
Blackstone Private Credit Fund 2.70%, 1/15/2025(a)		800,000		793,658
FS KKR Capital Corp. 1.65%, 10/12/2024		980,000		951,818
				5,660,721
Automobile Manufacturers - 2.6%
BMW US Capital LLC 3.80%, 4/6/2023(a)		1,250,000		1,287,211
(SOFRINDX + 0.53%), 0.58%, 4/1/2024(a)(b)		900,000		904,443
Daimler Finance North America LLC 0.75%, 3/1/2024(a)		2,350,000		2,308,908
Hyundai Capital America
1.25%, 9/18/2023(a)		910,000		902,467

Investments	Principal Amount ($)		Value ($)
0.80%, 1/8/2024(a)		1,700,000		1,664,436
0.88%, 6/14/2024(a)		1,000,000		975,269
Nissan Motor Acceptance Co. LLC 1.13%, 9/16/2024(a)		900,000		874,109
Volkswagen Group of America Finance LLC 0.75%, 11/23/2022(a)		1,000,000		997,165
3.13%, 5/12/2023(a)		1,410,000		1,440,657
				11,354,665
Automotive Retail - 0.4%
Advance Auto Parts, Inc. 4.50%, 12/1/2023		250,000		260,211
AutoZone, Inc. 2.88%, 1/15/2023		320,000		324,282
O’Reilly Automotive, Inc. 3.85%, 6/15/2023		1,109,000		1,140,278
				1,724,771
Biotechnology - 1.3%
AbbVie, Inc. 2.90%, 11/6/2022		4,000,000		4,057,416
Gilead Sciences, Inc. 0.75%, 9/29/2023		1,624,000		1,607,581
				5,664,997
Cable & Satellite - 0.8%
Charter Communications Operating LLC 4.46%, 7/23/2022		1,062,000		1,073,943
Comcast Cable Communications Holdings, Inc. 9.46%, 11/15/2022		1,407,000		1,501,195
Comcast Corp. (ICE LIBOR USD 3 Month + 0.63%), 0.87%, 4/15/2024(b)		1,000,000		1,010,204
				3,585,342
Commodity Chemicals - 0.1%
Westlake Chemical Corp. 0.88%, 8/15/2024		300,000		292,443
Construction Machinery & Heavy Trucks - 0.5%
Daimler Trucks Finance North America LLC (SOFR + 0.60%), 0.65%, 12/14/2023(a)(b)		2,000,000		2,005,083
Construction Materials - 0.2%
Martin Marietta Materials, Inc. 0.65%, 7/15/2023		980,000		969,558
Consumer Finance - 7.0%
AerCap Ireland Capital DAC (SOFR + 0.68%), 0.73%, 9/29/2023(b)		900,000		900,359
1.65%, 10/29/2024		750,000		737,696

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Ally Financial, Inc. 4.13%, 2/13/2022		1,460,000		1,461,604
4.63%, 5/19/2022		2,000,000		2,023,464
American Express Co. 2.50%, 8/1/2022		570,000		574,567
American Honda Finance Corp. (ICE LIBOR USD 3 Month + 0.37%), 0.52%, 5/10/2023(b)		2,500,000		2,504,379
0.88%, 7/7/2023		2,420,000		2,406,313
(ICE LIBOR USD 3 Month + 0.42%), 0.61%, 9/8/2023(b)		600,000		601,811
Capital One Financial Corp.
(ICE LIBOR USD 3 Month + 0.95%), 1.15%, 3/9/2022(b)		235,000		235,041
(ICE LIBOR USD 3 Month + 0.72%), 1.02%, 1/30/2023(b)		1,500,000		1,504,236
3.50%, 6/15/2023		1,000,000		1,027,936
Caterpillar Financial Services Corp. 2.95%, 2/26/2022		500,000		500,884
2.40%, 6/6/2022		542,000		545,606
General Motors Financial Co., Inc. 4.15%, 6/19/2023		465,000		480,194
1.70%, 8/18/2023		380,000		380,421
(SOFR + 0.76%), 0.81%, 3/8/2024(b)		800,000		801,803
3.50%, 11/7/2024		600,000		621,307
John Deere Capital Corp. 2.70%, 1/6/2023		300,000		305,242
2.80%, 1/27/2023		625,000		637,274
(SOFR + 0.12%), 0.17%, 7/10/2023(b)		1,500,000		1,500,326
(SOFR + 0.20%), 0.25%, 10/11/2024(b)		1,500,000		1,498,244
PACCAR Financial Corp. 2.65%, 4/6/2023		1,000,000		1,020,585
Synchrony Financial
4.25%, 8/15/2024		1,493,000		1,563,202
Toyota Motor Credit Corp. (SOFR + 0.32%), 0.37%, 1/13/2025(b)		7,000,000		7,001,995
				30,834,489
Data Processing & Outsourced Services - 1.1%
Fidelity National Information Services, Inc. 0.60%, 3/1/2024		910,000		888,373
Global Payments, Inc. 1.50%, 11/15/2024		240,000		236,915

Investments	Principal Amount ($)		Value ($)
PayPal Holdings, Inc. 2.20%, 9/26/2022		320,000		323,316
1.35%, 6/1/2023		3,440,000		3,448,364
				4,896,968
Diversified Banks - 23.2%
Bank of America Corp. (BSBY3M + 0.43%), 0.59%, 5/28/2024(b)		3,700,000		3,702,220
(SOFR + 0.73%), 0.77%, 10/24/2024(b)		2,200,000		2,217,338
Bank of Montreal (SOFRINDX + 0.62%), 0.67%, 9/15/2026(b)		3,300,000		3,296,194
Bank of New Zealand (SOFR + 0.81%), 0.86%, 1/27/2027(a)(b)		4,000,000		4,020,819
Bank of Nova Scotia (The) (SOFRINDX + 0.55%), 0.59%, 3/2/2026(b)		5,000,000		4,987,402
Banque Federative du Credit Mutuel SA (ICE LIBOR USD 3 Month + 0.96%), 1.21%, 7/20/2023(a)(b)		1,000,000		1,011,317
Barclays Bank plc 1.70%, 5/12/2022		1,090,000		1,092,704
BNP Paribas SA 2.95%, 5/23/2022(a)		300,000		302,272
4.25%, 10/15/2024		1,000,000		1,061,010
Canadian Imperial Bank of Commerce (SOFR + 0.80%), 0.85%, 3/17/2023(b)		2,300,000		2,314,126
Citigroup, Inc. (SOFR + 0.67%), 0.72%, 5/1/2025(b)		900,000		904,442
(SOFR + 0.69%), 0.74%, 1/25/2026(b)		2,400,000		2,407,205
Commonwealth Bank of Australia (SOFR + 0.40%), 0.45%, 7/7/2025(a)(b)		1,800,000		1,801,741
(SOFR + 0.52%), 0.57%, 6/15/2026(a)(b)		1,900,000		1,910,400
Cooperatieve Rabobank UA (SOFRINDX + 0.30%), 0.35%, 1/12/2024(b)		2,000,000		2,004,188
(SOFR + 0.38%), 0.43%, 1/10/2025(b)		1,600,000		1,603,592
HSBC Holdings plc 3.26%, 3/13/2023(c)		1,100,000		1,102,706
0.73%, 8/17/2024(c)		2,240,000		2,205,480
ING Groep NV 3.15%, 3/29/2022		291,000		292,247
(SOFR + 1.01%), 1.06%, 4/1/2027(b)		3,800,000		3,844,109

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
JPMorgan Chase & Co. 3.21%, 4/1/2023(c)		700,000		702,358
2.78%, 4/25/2023(c)		100,000		100,353
1.51%, 6/1/2024(c)		2,350,000		2,352,697
0.77%, 8/9/2025(c)		1,000,000		972,214
(SOFR + 0.77%), 0.81%, 9/22/2027(b)		2,500,000		2,502,638
Lloyds Banking Group plc 2.86%, 3/17/2023(c)		2,400,000		2,405,013
1.33%, 6/15/2023(c)		400,000		400,115
4.05%, 8/16/2023		650,000		674,833
Mitsubishi UFJ Financial Group, Inc. 3.22%, 3/7/2022		700,000		702,012
2.62%, 7/18/2022		2,720,000		2,743,252
3.46%, 3/2/2023		500,000		512,091
Mizuho Financial Group, Inc. (ICE LIBOR USD 3 Month + 0.88%), 1.08%, 9/11/2022(b)		600,000		602,359
(ICE LIBOR USD 3 Month + 0.84%), 1.08%, 7/16/2023(b)		700,000		701,956
(ICE LIBOR USD 3 Month + 0.85%), 1.05%, 9/13/2023(b)		2,250,000		2,258,127
(ICE LIBOR USD 3 Month + 0.61%), 0.80%, 9/8/2024(b)		2,900,000		2,908,773
National Australia Bank Ltd. 1.39%, 1/12/2025(a)		2,000,000		1,982,764
(SOFR + 0.65%), 0.70%, 1/12/2027(a)(b)		4,000,000		4,018,966
National Bank of Canada 0.75%, 8/6/2024		900,000		878,655
NatWest Markets plc (SOFR + 0.53%), 0.58%, 8/12/2024(a)(b)		600,000		601,233
Nordea Bank Abp 1.00%, 6/9/2023(a)		640,000		637,981
0.63%, 5/24/2024(a)		1,100,000		1,076,290
Royal Bank of Canada 2.75%, 2/1/2022		600,000		600,000
(SOFRINDX + 0.44%), 0.49%, 1/21/2025(b)		3,000,000		3,003,133
(SOFRINDX + 0.53%), 0.57%, 1/20/2026(b)		2,750,000		2,747,195
(SOFRINDX + 0.57%), 0.61%, 4/27/2026(b)		2,000,000		1,993,662

Investments	Principal Amount ($)		Value ($)
Skandinaviska Enskilda Banken AB 2.20%, 12/12/2022(a)		600,000		607,147
(ICE LIBOR USD 3 Month + 0.32%), 0.49%, 9/1/2023(a)(b)		2,800,000		2,805,055
0.65%, 9/9/2024(a)		500,000		486,954
Societe Generale SA 2.63%, 10/16/2024(a)		1,000,000		1,011,367
Sumitomo Mitsui Financial Group, Inc. 0.51%, 1/12/2024		300,000		293,932
(SOFR + 0.88%), 0.93%, 1/14/2027(b)		1,480,000		1,494,196
Sumitomo Mitsui Trust Bank Ltd. 0.80%, 9/12/2023(a)		900,000		891,086
0.85%, 3/25/2024(a)		400,000		393,216
Swedbank AB 1.30%, 6/2/2023(a)		400,000		399,948
Toronto-Dominion Bank (The) (SOFR + 0.24%), 0.29%, 1/6/2023(b)		2,700,000		2,700,945
0.55%, 3/4/2024		2,000,000		1,961,020
(SOFR + 0.59%), 0.64%, 9/10/2026(b)		2,000,000		2,008,509
US Bank NA 2.65%, 5/23/2022		500,000		502,392
Westpac Banking Corp. (SOFR + 0.30%), 0.35%, 11/18/2024(b)		4,410,000		4,410,498
(SOFR + 0.52%), 0.57%, 6/3/2026(b)		2,568,000		2,576,083
				102,702,530
Diversified Capital Markets - 2.4%
Credit Suisse AG (SOFR + 0.45%), 0.50%, 2/4/2022(b)		3,000,000		3,000,055
2.80%, 4/8/2022		1,300,000		1,305,873
Deutsche Bank AG (ICE LIBOR USD 3 Month + 1.19%), 1.34%, 11/16/2022(b)		1,150,000		1,155,870
0.90%, 5/28/2024		1,100,000		1,079,447
Macquarie Bank Ltd. 2.10%, 10/17/2022(a)		650,000		655,824
UBS AG (SOFR + 0.32%), 0.37%, 6/1/2023(a)(b)		2,500,000		2,501,355
0.70%, 8/9/2024(a)		200,000		195,377
UBS Group AG 3.49%, 5/23/2023(a)		620,000		624,276
				10,518,077

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Diversified REITs - 0.2%
Simon Property Group LP REIT, (SOFR + 0.43%), 0.48%, 1/11/2024(b)		700,000		700,961
Drug Retail - 0.6%
Walgreen Co. 3.10%, 9/15/2022		900,000		912,463
Walgreens Boots Alliance, Inc. 0.95%, 11/17/2023		1,770,000		1,751,570
				2,664,033
Electric Utilities - 3.9%
American Electric Power Co., Inc. Series A, (ICE LIBOR USD 3 Month + 0.48%), 0.61%, 11/1/2023(b)		1,400,000		1,400,130
Duke Energy Corp. 2.40%, 8/15/2022		250,000		251,807
Entergy Louisiana LLC 0.62%, 11/17/2023		1,400,000		1,380,754
Eversource Energy Series T, (SOFRINDX + 0.25%), 0.30%, 8/15/2023(b)		1,500,000		1,499,885
Florida Power & Light Co. (SOFRINDX + 0.38%), 0.43%, 1/12/2024(b)		4,400,000		4,402,449
Mississippi Power Co. Series A, (SOFR + 0.30%), 0.35%, 6/28/2024(b)		950,000		943,466
NextEra Energy Capital Holdings, Inc. (ICE LIBOR USD 3 Month + 0.27%), 0.43%, 2/22/2023(b)		2,121,000		2,121,311
OGE Energy Corp. 0.70%, 5/26/2023		1,490,000		1,474,817
PPL Electric Utilities Corp. (ICE LIBOR USD 3 Month + 0.25%), 0.47%, 9/28/2023(b)		850,000		848,322
(SOFR + 0.33%), 0.38%, 6/24/2024(b)		1,360,000		1,359,590
Southern Co. (The) Series 21-A, 0.60%, 2/26/2024		1,840,000		1,798,758
				17,481,289
Electrical Components & Equipment - 0.1%
Eaton Corp. 2.75%, 11/2/2022		250,000		253,433

Investments	Principal Amount ($)		Value ($)
Financial Exchanges & Data - 1.2%
Intercontinental Exchange, Inc. 2.35%, 9/15/2022		1,300,000		1,310,337
Moody’s Corp. 2.63%, 1/15/2023		1,000,000		1,014,274
Nasdaq, Inc. 0.45%, 12/21/2022		2,865,000		2,849,246
				5,173,857
Gas Utilities - 0.8%
CenterPoint Energy Resources Corp. 0.70%, 3/2/2023		1,170,000		1,162,262
ONE Gas, Inc. (ICE LIBOR USD 3 Month + 0.61%), 0.81%, 3/11/2023(b)		2,050,000		2,049,996
Southern Natural Gas Co. LLC 0.63%, 4/28/2023(a)		180,000		178,267
				3,390,525
Health Care Equipment - 2.6%
Abbott Laboratories 2.55%, 3/15/2022		1,162,000		1,164,862
Baxter International, Inc. 0.87%, 12/1/2023(a)		1,800,000		1,777,664
(SOFR + 0.44%), 0.49%, 11/29/2024(a)(b)		1,140,000		1,136,928
Becton Dickinson and Co. (ICE LIBOR USD 3 Month + 1.03%), 1.21%, 6/6/2022(b)		1,900,000		1,905,789
DH Europe Finance II Sarl 2.05%, 11/15/2022		3,050,000		3,082,535
Stryker Corp. 0.60%, 12/1/2023		1,910,000		1,881,856
Zimmer Biomet Holdings, Inc. 1.45%, 11/22/2024		650,000		641,304
				11,590,938
Health Care Facilities - 0.1%
HCA, Inc. 5.00%, 3/15/2024		400,000		424,193
Health Care Services - 0.5%
CVS Health Corp. 3.50%, 7/20/2022		800,000		807,187
2.75%, 12/1/2022		1,610,000		1,627,572
				2,434,759
Homebuilding - 0.3%
DR Horton, Inc. 4.38%, 9/15/2022		500,000		506,128
Lennar Corp. 4.88%, 12/15/2023		940,000		986,403
				1,492,531

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Household Products - 0.4%
Church & Dwight Co., Inc. 2.45%, 8/1/2022		1,185,000		1,193,134
2.88%, 10/1/2022		400,000		405,242
				1,598,376
Industrial Conglomerates - 0.7%
General Electric Co. (ICE LIBOR USD 3 Month + 0.30%), 0.54%, 5/13/2024(b)		3,000,000		2,964,787
Roper Technologies, Inc. 0.45%, 8/15/2022		290,000		289,607
				3,254,394
Insurance Brokers - 0.5%
Aon Corp. 2.20%, 11/15/2022		2,227,000		2,250,462
Integrated Oil & Gas - 0.2%
Chevron Corp. 2.41%, 3/3/2022		500,000		499,888
Saudi Arabian Oil Co. 1.25%, 11/24/2023(a)		200,000		198,750
TotalEnergies Capital International SA 2.88%, 2/17/2022		232,000		232,253
				930,891
Integrated Telecommunication Services - 2.6%
AT&T, Inc. 3.00%, 6/30/2022		200,000		201,092
(SOFRINDX + 0.64%), 0.69%, 3/25/2024(b)		1,160,000		1,160,368
(ICE LIBOR USD 3 Month + 1.18%), 1.38%, 6/12/2024(b)		3,550,000		3,615,510
Bell Canada Series US-3, 0.75%, 3/17/2024		2,850,000		2,798,569
Verizon Communications, Inc. (ICE LIBOR USD 3 Month + 1.10%), 1.26%, 5/15/2025(b)		1,000,000		1,021,390
(SOFRINDX + 0.79%), 0.84%, 3/20/2026(b)		2,600,000		2,616,031
				11,412,960
Internet & Direct Marketing Retail - 0.4%
eBay, Inc. 2.60%, 7/15/2022		400,000		401,653
(ICE LIBOR USD 3 Month + 0.87%), 1.17%, 1/30/2023(b)		1,510,000		1,519,382
				1,921,035

Investments	Principal Amount ($)		Value ($)
Investment Banking & Brokerage - 2.2%
Charles Schwab Corp. (The) 2.65%, 1/25/2023		677,000		687,703
(SOFRINDX + 0.50%), 0.55%, 3/18/2024(b)		1,390,000		1,392,310
Goldman Sachs Group, Inc. (The) (SOFR + 0.54%), 0.59%, 11/17/2023(b)		300,000		300,162
(SOFR + 0.58%), 0.63%, 3/8/2024(b)		2,600,000		2,599,448
Morgan Stanley 2.75%, 5/19/2022		845,000		850,856
0.56%, 11/10/2023(c)		3,360,000		3,342,819
1.16%, 10/21/2025(c)		500,000		488,020
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		140,000		140,303
				9,801,621
IT Consulting & Other Services - 0.0%(d)
International Business Machines Corp. 2.85%, 5/13/2022		100,000		100,663
Life & Health Insurance - 1.4%
Athene Global Funding 3.00%, 7/1/2022(a)		269,000		271,611
1.20%, 10/13/2023(a)		1,900,000		1,886,483
(ICE LIBOR USD 3 Month + 0.73%), 0.96%, 1/8/2024(a)(b)		1,000,000		1,003,478
Brighthouse Financial Global Funding 0.60%, 6/28/2023(a)		630,000		622,743
Jackson National Life Global Funding 2.50%, 6/27/2022(a)		670,000		675,443
Protective Life Global Funding 0.63%, 10/13/2023(a)		900,000		888,967
Security Benefit Global Funding 1.25%, 5/17/2024(a)		650,000		637,655
				5,986,380
Life Sciences Tools & Services - 0.4%
Thermo Fisher Scientific, Inc. (SOFR + 0.53%), 0.58%, 10/18/2024(b)		550,000		550,350
1.22%, 10/18/2024		1,390,000		1,371,998
				1,922,348
Managed Health Care - 2.7%
Aetna, Inc. 2.75%, 11/15/2022		3,000,000		3,029,801
Cigna Corp. (ICE LIBOR USD 3 Month + 0.89%), 1.13%, 7/15/2023(b)		2,500,000		2,524,678
Humana, Inc. 0.65%, 8/3/2023		760,000		750,753

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
UnitedHealth Group, Inc. 3.35%, 7/15/2022		4,026,000		4,074,136
0.55%, 5/15/2024		1,580,000		1,547,940
				11,927,308
Movies & Entertainment - 1.8%
TWDC Enterprises 18 Corp. (ICE LIBOR USD 3 Month + 0.39%), 0.57%, 3/4/2022(b)		5,600,000		5,602,014
2.35%, 12/1/2022		1,855,000		1,877,231
Walt Disney Co. (The) 3.00%, 9/15/2022		568,000		576,014
				8,055,259
Multi-line Insurance - 0.5%
New York Life Global Funding (SOFR + 0.33%), 0.38%, 1/14/2025(a)(b)		2,000,000		2,002,672
Multi-Utilities - 3.0%
Ameren Illinois Co. 2.70%, 9/1/2022		1,000,000		1,006,412
0.38%, 6/15/2023		670,000		662,179
Black Hills Corp. 1.04%, 8/23/2024		960,000		939,472
CenterPoint Energy, Inc. (SOFRINDX + 0.65%), 0.70%, 5/13/2024(b)		1,180,000		1,180,061
Consolidated Edison, Inc. Series A, 0.65%, 12/1/2023		3,600,000		3,544,450
Dominion Energy, Inc. Series D, (ICE LIBOR USD 3 Month + 0.53%), 0.73%, 9/15/2023(b)		2,000,000		2,001,117
DTE Energy Co. Series H, 0.55%, 11/1/2022		3,000,000		2,993,168
2.25%, 11/1/2022		1,082,000		1,092,566
				13,419,425
Oil & Gas Equipment & Services - 0.5%
Baker Hughes Holdings LLC 1.23%, 12/15/2023		1,220,000		1,215,643
Schlumberger Finance Canada Ltd. 2.65%, 11/20/2022(a)		930,000		943,163
				2,158,806
Oil & Gas Exploration & Production - 0.8%
Continental Resources, Inc. 4.50%, 4/15/2023		220,000		225,905
Pioneer Natural Resources Co. 0.75%, 1/15/2024		3,350,000		3,286,974
				3,512,879

Investments	Principal Amount ($)		Value ($)
Oil & Gas Refining & Marketing - 0.2%
Phillips 66 4.30%, 4/1/2022		470,000		472,898
3.70%, 4/6/2023		600,000		616,074
				1,088,972
Oil & Gas Storage & Transportation - 0.4%
Enbridge, Inc. (SOFR + 0.40%), 0.45%, 2/17/2023(b)		690,000		689,814
MPLX LP 3.50%, 12/1/2022		420,000		427,718
TransCanada PipeLines Ltd. 1.00%, 10/12/2024		520,000		508,954
				1,626,486
Other Diversified Financial Services - 0.4%
Jackson Financial, Inc. 1.13%, 11/22/2023(a)		950,000		939,710
Synchrony Bank 3.00%, 6/15/2022		1,000,000		1,006,804
				1,946,514
Packaged Foods & Meats - 2.4%
Campbell Soup Co. 2.50%, 8/2/2022		2,926,000		2,950,923
Conagra Brands, Inc. 3.20%, 1/25/2023		2,575,000		2,614,442
0.50%, 8/11/2023		560,000		551,933
General Mills, Inc. (ICE LIBOR USD 3 Month + 1.01%), 1.25%, 10/17/2023(b)		650,000		658,508
Hormel Foods Corp. 0.65%, 6/3/2024		280,000		274,640
McCormick & Co., Inc. 2.70%, 8/15/2022		1,111,000		1,121,203
0.90%, 2/15/2026		620,000		590,027
Mondelez International, Inc. 0.63%, 7/1/2022		500,000		499,786
Nestle Holdings, Inc. 0.61%, 9/14/2024(a)		900,000		876,857
Unilever Capital Corp. 2.20%, 5/5/2022		550,000		551,500
				10,689,819
Paper Packaging - 0.2%
Avery Dennison Corp. 0.85%, 8/15/2024		1,040,000		1,016,835
Paper Products - 0.5%
Georgia-Pacific LLC 0.63%, 5/15/2024(a)		2,200,000		2,147,812

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Pharmaceuticals - 2.1%
AstraZeneca plc (ICE LIBOR USD 3 Month + 0.67%), 0.82%, 8/17/2023(b)		480,000		483,077
Bristol-Myers Squibb Co. 2.60%, 5/16/2022		2,000,000		2,012,386
0.54%, 11/13/2023		700,000		692,048
Eli Lilly & Co. 2.35%, 5/15/2022		219,000		219,979
Merck & Co., Inc. 2.40%, 9/15/2022		1,375,000		1,384,790
Pfizer, Inc. 2.80%, 3/11/2022		300,000		300,804
Shire Acquisitions Investments Ireland DAC 2.88%, 9/23/2023		1,120,000		1,142,227
Viatris, Inc. 1.13%, 6/22/2022		3,054,000		3,057,862
				9,293,173
Property & Casualty Insurance - 0.1%
Chubb INA Holdings, Inc. 2.88%, 11/3/2022		585,000		591,969
Railroads - 0.6%
Canadian Pacific Railway Co. 1.35%, 12/2/2024		910,000		899,317
Union Pacific Corp. 2.95%, 3/1/2022		970,000		972,095
2.95%, 1/15/2023		600,000		608,340
				2,479,752
Regional Banks - 2.6%
Capital One Bank USA NA 3.38%, 2/15/2023		350,000		358,364
KeyBank NA (SOFR + 0.34%), 0.39%, 1/3/2024(b)		4,800,000		4,800,484
PNC Financial Services Group, Inc. (The) 2.85%, 11/9/2022(e)		375,000		381,126
Truist Financial Corp. 3.05%, 6/20/2022		2,358,000		2,376,033
(SOFR + 0.40%), 0.45%, 6/9/2025(b)		3,750,000		3,740,669
				11,656,676
Residential REITs - 0.2%
American Campus Communities Operating Partnership LP REIT, 3.75%, 4/15/2023		985,000		1,006,874
Retail REITs - 0.7%
Kimco Realty Corp. REIT, 3.40%, 11/1/2022		3,000,000		3,043,697

Investments	Principal Amount ($)		Value ($)
Semiconductors - 1.1%
Advanced Micro Devices, Inc. 7.50%, 8/15/2022		200,000		205,914
Analog Devices, Inc. (SOFR + 0.25%), 0.30%, 10/1/2024(b)		610,000		611,613
Microchip Technology, Inc. 0.98%, 9/1/2024(a)		870,000		847,132
NVIDIA Corp. 0.31%, 6/15/2023		3,390,000		3,355,210
				5,019,869
Soft Drinks - 0.8%
Keurig Dr Pepper, Inc. 0.75%, 3/15/2024		3,500,000		3,429,616
Specialized Finance - 0.5%
AIG Global Funding 2.30%, 7/1/2022(a)		1,025,000		1,032,447
Element Fleet Management Corp. 1.60%, 4/6/2024(a)		500,000		496,273
NTT Finance Corp. 0.58%, 3/1/2024(a)		600,000		587,756
				2,116,476
Specialized REITs - 1.3%
Crown Castle International Corp. REIT, 3.15%, 7/15/2023		1,700,000		1,738,932
Public Storage REIT, (SOFR + 0.47%), 0.52%, 4/23/2024(b)		4,000,000		4,000,365
				5,739,297
Specialty Chemicals - 0.2%
International Flavors & Fragrances, Inc. 3.20%, 5/1/2023		750,000		763,528
Systems Software - 0.5%
Oracle Corp. 2.50%, 10/15/2022		1,800,000		1,818,596
VMware, Inc. 0.60%, 8/15/2023		590,000		582,345
				2,400,941
Technology Hardware, Storage & Peripherals - 0.2%
Dell International LLC 5.45%, 6/15/2023		268,000		280,337
Hewlett Packard Enterprise Co. 2.25%, 4/1/2023		400,000		403,904
				684,241
Trading Companies & Distributors - 0.9%
Air Lease Corp. (ICE LIBOR USD 3 Month + 0.35%), 0.55%, 12/15/2022(b)		1,500,000		1,499,712
0.70%, 2/15/2024		1,000,000		973,230
0.80%, 8/18/2024		980,000		950,244

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
GATX Corp. 4.75%, 6/15/2022		539,000		547,022
				3,970,208
Trucking - 0.6%
Ryder System, Inc. 2.88%, 6/1/2022		1,757,000		1,766,624
3.40%, 3/1/2023		300,000		306,541
SMBC Aviation Capital Finance DAC 4.13%, 7/15/2023(a)		700,000		723,419
				2,796,584
Wireless Telecommunication Services - 1.5%
Rogers Communications, Inc. (ICE LIBOR USD 3 Month + 0.60%), 0.81%, 3/22/2022(b)		6,000,000		6,004,210
Vodafone Group plc 2.50%, 9/26/2022		708,000		716,086
				6,720,296
TOTAL CORPORATE BONDS (Cost $395,049,441)				393,694,486
Investments	Principal Amount ($)		Value ($)
ASSET-BACKED SECURITIES - 2.8%
AmeriCredit Automobile Receivables Trust Series 2020-3, Class A2, 0.42%, 3/18/2024		371,430		371,400
Series 2021-1, Class A2, 0.28%, 6/18/2024		745,385		745,138
Series 2021-2, Class A2, 0.26%, 11/18/2024		722,555		721,497
BA Credit Card Trust Series 2019-A1, Class A1, 1.74%, 1/15/2025		880,000		885,536
Barclays Dryrock Issuance Trust Series 2019-1, Class A, 1.96%, 5/15/2025		700,000		704,478
Capital One Multi-Asset Execution Trust Series 2019-A2, Class A2, 1.72%, 8/15/2024		900,000		905,564
Enterprise Fleet Financing LLC Series 2019-2, Class A2, 2.29%, 2/20/2025(a)		386,351		388,394
Ford Credit Auto Owner Trust Series 2020-C, Class A2, 0.25%, 10/15/2023		267,757		267,616
Ford Credit Floorplan Master Owner Trust A Series 2019-1, Class A, 2.84%, 3/15/2024		500,000		501,515
GM Financial Automobile Leasing Trust Series 2020-1, Class A3, 1.67%, 12/20/2022		166,296		166,537

Investments	Principal Amount ($)		Value ($)
Mercedes-Benz Auto Lease Trust Series 2020-B, Class A2, 0.31%, 2/15/2023		96,801		96,785
Santander Drive Auto Receivables Trust Series 2021-4, Class A2, 0.37%, 8/15/2024		500,000		499,482
Synchrony Card Funding LLC Series 2019-A1, Class A, 2.95%, 3/15/2025		2,000,000		2,006,420
Verizon Owner Trust Series 2020-A, Class A1A, 1.85%, 7/22/2024		1,500,000		1,508,315
World Financial Network Credit Card Master Trust Series 2019-B, Class A, 2.49%, 4/15/2026		1,000,000		1,007,113
Series 2019-C, Class A, 2.21%, 7/15/2026		1,000,000		1,009,348
World Omni Automobile Lease Securitization Trust Series 2020-B, Class A2, 0.32%, 9/15/2023		469,015		468,884
TOTAL ASSET-BACKED SECURITIES (Cost $12,204,855)				12,254,022
MUNICIPAL BONDS - 1.7%
University of Missouri, System Facilities Revenue Bonds Series 2020-A, 1.47%, 11/1/2023		1,000,000		1,004,568
City of New York Series 2021-D, 0.43%, 8/1/2022		830,000		829,294
Series 2021-D, 0.59%, 8/1/2023		1,800,000		1,785,238
Anaheim Public Financing Authority Series 2021-A, 0.63%, 7/1/2024		500,000		488,162
California Earthquake Authority Series 2020-B, 1.33%, 7/1/2022		500,000		501,752
Miami-Dade County, Capital Asset Acquisition Special Obligation Bonds Series 2020-B, 0.38%, 4/1/2023		1,110,000		1,100,975
New York City Transitional Finance Authority, Building Aid Series 2022 Subseries S-1B, 0.64%, 7/15/2024		1,000,000		978,075
Port Authority of New York & New Jersey Series AAA, 1.09%, 7/1/2023		1,000,000		997,862
TOTAL MUNICIPAL BONDS (Cost $7,738,392)				7,685,926

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
FOREIGN GOVERNMENT SECURITIES - 0.2%
Japan Bank for International Cooperation 1.75%, 1/23/2023 (Cost $799,152)		800,000		806,591
SHORT-TERM INVESTMENTS - 4.0%
U.S. TREASURY OBLIGATIONS - 4.0%
U.S. Treasury Bills 0.25%, 12/1/2022(f) (Cost $17,961,527)		18,000,000		17,905,881
Total Investments - 97.6% (Cost $433,753,367)				432,346,906
Other assets less liabilities - 2.4%				10,551,783
Net Assets - 100.0%				442,898,689

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

(b) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of January 31, 2022.

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

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

(e) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of January 31, 2022.

(f) The rate shown was the current yield as of January 31, 2022.

Percentages shown are based on Net Assets.

Abbreviations
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
SOFRINDX	Secured Overnight Financing Rate Index
USD	US Dollar

See Accompanying Notes to the Schedules of Investments.

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

FlexShares^® Ready Access Variable Income Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2022:

Australia	3.9	%
Canada	8.6
Finland	0.4
France	0.8
Germany	2.5
Ireland	0.5
Japan	3.4
Netherlands	1.8
New Zealand	0.9
Saudi Arabia	0.0	†
Sweden	1.0
Switzerland	1.7
United Kingdom	2.3
United States	69.8
Other1	2.4
	100.0	%

^† Amount represents less than 0.05%.

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

Security Type	% of Net Assets
Corporate Bonds		88.9	%
Asset-Backed Securities		2.8
Municipal Bonds		1.7
Foreign Government Securities		0.2
Short-Term Investments		4.0
Others(1)		2.4
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® Core Select Bond Fund

January 31, 2022 (Unaudited)

Investments	Shares		Value ($)
EXCHANGE TRADED FUNDS - 98.8%
FlexShares® Credit-Scored US Corporate Bond Index Fund(a)		715,859		37,061,882
FlexShares® Credit-Scored US Long Corporate Bond Index Fund(a)		97,681		5,465,662
FlexShares® Disciplined Duration MBS Index Fund(a)		1,143,410		26,180,659
FlexShares® Ready Access Variable Income Fund(a)		114,320		8,618,585
iShares 10+ Year Investment Grade Corporate Bond ETF		145,114		9,602,193
iShares 20+ Year Treasury Bond ETF		78,049		11,113,397
iShares 3-7 Year Treasury Bond ETF		17,382		2,204,559
iShares 5-10 Year Investment Grade Corporate Bond ETF		184,348		10,659,001
iShares 7-10 Year Treasury Bond ETF		31,940		3,595,486
iShares MBS ETF		84,692		8,971,424
iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF		232,135		12,356,546
TOTAL EXCHANGE TRADED FUNDS (COST $138,851,748)				135,829,394
Investments	Principal Amount ($)		Value ($)
SHORT-TERM INVESTMENTS - 0.7%
U.S. TREASURY OBLIGATIONS - 0.7%
U.S. Treasury Bills 0.22%, 5/19/2022(b) (Cost $999,348)		1,000,000		999,234

Investments	Principal Amount ($)	Value ($)
Total Investments - 99.5% (Cost $139,851,096)			136,828,628
Other assets less liabilities - 0.5%			737,746
Net Assets - 100.0%			137,566,374

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

(b) The rate shown was the current yield as of January 31, 2022.

Percentages shown are based on Net Assets.

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Core Select Bond Fund (cont.)

For the period ended January 31, 2022, the FlexShares^® Core Select Bond Fund was invested in securities of affiliated FlexShares^® Funds. The Schedules of Investments of the affiliated FlexShares^® Funds are located elsewhere in this Report.

Investment in a company which was affiliated for the period ended January 31, 2022, was as follows:

Security	Value October 31, 2021		Purchases at Cost		Sales Proceeds		Shares January 31, 2022		Value January 31, 2022		Change in Unrealized Appreciation (Depreciation)			Dividend Income		Realized Loss
FlexShares® Credit-Scored US Corporate Bond Index Fund	$	37,734,108	$	4,833,961	$	4,277,983		715,859	$	37,061,882	$	(1,094,077	)	$	167,008	$	(134,127	)
FlexShares® Credit-Scored US Long Corporate Bond Index Fund		5,998,595		803,782		879,315		97,681		5,465,662		(446,123	)		46,207		(11,277	)
FlexShares® Disciplined Duration MBS Index Fund		14,831,201		12,293,087		404,189		1,143,410		26,180,659		(528,446	)		101,159		(10,994	)
FlexShares® Ready Access Variable Income Fund		2,015,253		9,578,266		2,938,253		114,320		8,618,585		(17,994	)		2,964		(18,687	)
	$	60,579,157	$	27,509,096	$	8,499,740		2,071,270	$	77,326,788	$	(2,086,640	)	$	317,338	$	(175,085	)

Security Type	% of Net Assets
Exchange Traded Funds		98.8	%
Short-Term Investments		0.7
Others(1)		0.5
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Trust

Notes to the Schedules of Investments

January 31, 2022 (Unaudited)

Investment Valuation

Various inputs are used in determining the value of each Fund’s investments. These inputs are summarized in three levels listed below:

• Level 1—Quoted prices in active markets for identical assets on the measurement date.

• Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3—Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt securities may be valued at amortized cost, as long as amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the valuations as of January 31, 2022 for each Fund based upon the three levels defined above. Please refer to the Schedules of Investments to view equity and debt securities segregated by industry type where applicable.

	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
FlexShares® US Quality Low Volatility Index Fund
Investments
Common Stocks*	$	165,128,004		$	—		$	—	$	165,128,004
Short-Term Investments		—			34,952			—		34,952
Total Investments	$	165,128,004		$	34,952		$	—	$	165,162,956
Other Financial Instruments
Liabilities
Futures Contracts	$	(9,907	)	$	—		$	—	$	(9,907	)
Total Other Financial Instruments	$	(9,907	)	$	—		$	—	$	(9,907	)
	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
Electric Utilities	$	3,338,609		$	13,451		$	—	$	3,352,060
Other*		73,092,623			—			—		73,092,623
Securities Lending Reinvestments
Repurchase Agreements		—			612,791			—		612,791
Total Investments	$	76,431,232		$	626,242		$	—	$	77,057,474
Other Financial Instruments
Assets
Forward Foreign Currency Contracts	$	—		$	12,699		$	—	$	12,699
Liabilities
Futures Contracts		(21,722	)		—			—		(21,722	)
Forward Foreign Currency Contracts		—			(5,098	)		—		(5,098	)
Total Other Financial Instruments	$	(21,722	)	$	7,601		$	—	$	(14,121	)
	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
Internet & Direct Marketing Retail	$	693,830		$	17,571		$	—	$	711,401
Multiline Retail		—			351			—		351
Other*		15,007,611			—			—		15,007,611
Total Investments	$	15,701,441		$	17,922		$	—	$	15,719,363
Other Financial Instruments
Assets
Futures Contracts	$	260		$	—		$	—	$	260
Forward Foreign Currency Contracts		—			2			—		2
Liabilities
Forward Foreign Currency Contracts		—			(10	)		—		(10	)
Total Other Financial Instruments	$	260		$	(8	)	$	—	$	252

	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*	$	1,603,681,280		$	—		$	—	$	1,603,681,280
Rights		—			—			25,719		25,719
Warrants		78,580			—			—		78,580
Securities Lending Reinvestments
Certificates of Deposit		—			29,498,183			—		29,498,183
Repurchase Agreements		—			130,680,934			—		130,680,934
Total Investments	$	1,603,759,860		$	160,179,117		$	25,719	$	1,763,964,696
Other Financial Instruments
Liabilities
Futures Contracts	$	(454,123	)	$	—		$	—	$	(454,123	)
Total Other Financial Instruments	$	(454,123	)	$	—		$	—	$	(454,123	)
	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	$	60,165		$	—		$	—	$	60,165
Common Stocks
Auto Components		8,751,163			175,782			—		8,926,945
Banks		63,623,925			1,049			—		63,624,974
Construction & Engineering		12,711,453			10,278			—		12,721,731
Electric Utilities		9,056,416			17,654			—		9,074,070
Equity Real Estate Investment Trusts (REITs)		14,484,907			95,025			—		14,579,932
Health Care Providers & Services		4,528,790			62			—		4,528,852
Internet & Direct Marketing Retail		2,784,107			73,584			—		2,857,691
Metals & Mining		30,878,214			1,634,041			—		32,512,255
Multi-Utilities		4,528,447			34,011			—		4,562,458
Pharmaceuticals		27,456,803			3,307			—		27,460,110
Other*		433,370,627			—			—		433,370,627
Rights		—			461			—		461
Warrants		—			—			—		—
Securities Lending Reinvestments
Repurchase Agreements		—			10,842,400			—		10,842,400
Total Investments	$	612,235,017		$	12,887,654		$	—	$	625,122,671
Other Financial Instruments
Assets
Futures Contracts	$	23,414		$	—		$	—	$	23,414
Forward Foreign Currency Contracts		—			71,330			—		71,330
Liabilities
Futures Contracts		(229,117	)		—			—		(229,117	)
Forward Foreign Currency Contracts		—			(99,051	)		—		(99,051	)
Total Other Financial Instruments	$	(205,703	)	$	(27,721	)	$	—	$	(233,424	)

	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
Auto Components	$	3,288,264		$	15,111		$	—	$	3,303,375
Automobiles		6,849,450			44,160			—		6,893,610
Banks		41,241,387			251,123			—		41,492,510
Biotechnology		1,943,669			—			12,657		1,956,326
Chemicals		12,266,275			17,785			—		12,284,060
Commercial Services & Supplies		420,953			38,340			—		459,293
Construction & Engineering		4,158,492			3,050			—		4,161,542
Diversified Consumer Services		617,186			—			14,280		631,466
Diversified Financial Services		2,442,154			118,454			—		2,560,608
Electrical Equipment		3,078,718			11,402			—		3,090,120
Energy Equipment & Services		299,191			—			4,314		303,505
Equity Real Estate Investment Trusts (REITs)		3,416,807			24,371			—		3,441,178
Food & Staples Retailing		2,838,373			477			—		2,838,850
Food Products		9,524,978			30,617			—		9,555,595
Health Care Equipment & Supplies		1,082,574			—			18,821		1,101,395
Hotels, Restaurants & Leisure		2,386,089			1,682			11,159		2,398,930
Internet & Direct Marketing Retail		9,775,033			215,309			—		9,990,342
Metals & Mining		14,507,239			—			144,956		14,652,195
Oil, Gas & Consumable Fuels		15,738,287			1,824			—		15,740,111
Pharmaceuticals		4,629,932			—			3,913		4,633,845
Real Estate Management & Development		14,180,232			184,029			24,740		14,389,001
Transportation Infrastructure		2,714,590			103,394			—		2,817,984
Other*		159,740,368			—			—		159,740,368
Corporate Bonds*		—			9,249			—		9,249
Rights		—			4,287			—		4,287
Securities Lending Reinvestments
Repurchase Agreements		—			2,029,805			—		2,029,805
Total Investments	$	317,140,241		$	3,104,469		$	234,840	$	320,479,550
Other Financial Instruments
Assets
Forward Foreign Currency Contracts	$	—		$	8,722		$	—	$	8,722
Liabilities
Futures Contracts		(1,365	)		—			—		(1,365	)
Forward Foreign Currency Contracts		—			(5,992	)		—		(5,992	)
Total Other Financial Instruments	$	(1,365	)	$	2,730		$	—	$	1,365

	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*	$	140,485,160		$	—		$	—	$	140,485,160
Securities Lending Reinvestments
Repurchase Agreements		—			721,656			—		721,656
Total Investments	$	140,485,160		$	721,656		$	—	$	141,206,816
Other Financial Instruments
Liabilities
Futures Contracts	$	(57,209	)	$	—		$	—	$	(57,209	)
Total Other Financial Instruments	$	(57,209	)	$	—		$	—	$	(57,209	)
	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*	$	194,061,294		$	—		$	—	$	194,061,294
Securities Lending Reinvestments
Repurchase Agreements		—			4,992			—		4,992
Total Investments	$	194,061,294		$	4,992		$	—	$	194,066,286
Other Financial Instruments
Liabilities
Futures Contracts	$	(54,599	)	$	—		$	—	$	(54,599	)
Total Other Financial Instruments	$	(54,599	)	$	—		$	—	$	(54,599	)
	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
Electric Utilities	$	1,893,494		$	4,123		$	—	$	1,897,617
Internet & Direct Marketing Retail		8,508,864			18,279			—		8,527,143
Metals & Mining		1,891,607			165,418			—		2,057,025
Multi-Utilities		1,017,545			19,451			—		1,036,996
Other*		165,087,392			—			—		165,087,392
Securities Lending Reinvestments
Repurchase Agreements		—			331,222			—		331,222
Total Investments	$	178,398,902		$	538,493		$	—	$	178,937,395
Other Financial Instruments
Assets
Futures Contracts	$	1,185		$	—		$	—	$	1,185
Forward Foreign Currency Contracts		—			25,222			—		25,222
Liabilities
Futures Contracts		(24,212	)		—			—		(24,212	)
Forward Foreign Currency Contracts		—			(21,848	)		—		(21,848	)
Total Other Financial Instruments	$	(23,027	)	$	3,374		$	—	$	(19,653	)

	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*	$	2,566,831		$	—		$	—	$	2,566,831
Short-Term Investments		—			4,993			—		4,993
Total Investments	$	2,566,831		$	4,993		$	—	$	2,571,824
Other Financial Instruments
Liabilities
Futures Contracts	$	(936	)	$	—		$	—	$	(936	)
Total Other Financial Instruments	$	(936	)	$	—		$	—	$	(936	)
	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
Electric Utilities	$	96,276		$	490		$	—	$	96,766
Metals & Mining		135,814			2,493			—		138,307
Other*		4,614,104			—			—		4,614,104
Total Investments	$	4,846,194		$	2,983		$	—	$	4,849,177
Other Financial Instruments
Assets
Forward Foreign Currency Contracts	$	—		$	397		$	—	$	397
Liabilities
Forward Foreign Currency Contracts		—			(629	)		—		(629	)
Total Other Financial Instruments	$	—		$	(232	)	$	—	$	(232	)

	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
Multi-Utilities	$	60,277,020		$	23,259,097		$	—	$	83,536,117
Other*		6,679,815,179			—			—		6,679,815,179
Securities Lending Reinvestments
Certificates of Deposit		—			18,999,577			—		18,999,577
Repurchase Agreements		—			79,127,236			—		79,127,236
Total Investments	$	6,740,092,199		$	121,385,910		$	—	$	6,861,478,109
Other Financial Instruments
Assets
Futures Contracts	$	198,953		$	—		$	—	$	198,953
Forward Foreign Currency Contracts		—			236,949			—		236,949
Liabilities
Futures Contracts		(527,805	)		—			—		(527,805	)
Forward Foreign Currency Contracts		—			(357,689	)		—		(357,689	)
Total Other Financial Instruments	$	(328,852	)	$	(120,740	)	$	—	$	(449,592	)
	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
Electric Utilities	$	328,589,003		$	1,061,215		$	—	$	329,650,218
Multi-Utilities		251,700,211			11,778,753			—		263,478,964
Other*		1,931,525,559			—			—		1,931,525,559
Securities Lending Reinvestments
Repurchase Agreements		—			13,342,975			—		13,342,975
Total Investments	$	2,511,814,773		$	26,182,943		$	—	$	2,537,997,716
Other Financial Instruments
Assets
Futures Contracts	$	83,107		$	—		$	—	$	83,107
Forward Foreign Currency Contracts		—			317,870			—		317,870
Liabilities
Futures Contracts		(673,984	)		—			—		(673,984	)
Forward Foreign Currency Contracts		—			(193,116	)		—		(193,116	)
Total Other Financial Instruments	$	(590,877	)	$	124,754		$	—	$	(466,123	)

	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
Equity Real Estate Investment Trusts (REITs)	$	361,218,217		$	1,840,110		$	—	$	363,058,327
Other*		69,858,745			—			—		69,858,745
Securities Lending Reinvestments
Repurchase Agreements		—			5,683,536			—		5,683,536
Total Investments	$	431,076,962		$	7,523,646		$	—	$	438,600,608
Other Financial Instruments
Assets
Forward Foreign Currency Contracts	$	—		$	28,076		$	—	$	28,076
Liabilities
Futures Contracts		(351,919	)		—			—		(351,919	)
Forward Foreign Currency Contracts		—			(26,593	)		—		(26,593	)
Total Other Financial Instruments	$	(351,919	)	$	1,483		$	—	$	(350,436	)
	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	$	40,161,293		$	—		$	—	$	40,161,293
Total Investments	$	40,161,293		$	—		$	—	$	40,161,293
	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
FlexShares® Quality Dividend Index Fund
Investments
Common Stocks*	$	1,659,146,858		$	—		$	—	$	1,659,146,858
Securities Lending Reinvestments
Certificates of Deposit		—			17,498,983			—		17,498,983
Repurchase Agreements		—			137,539,220			—		137,539,220
Total Investments	$	1,659,146,858		$	155,038,203		$	—	$	1,814,185,061
Other Financial Instruments
Liabilities
Futures Contracts	$	(128,202	)	$	—		$	—	$	(128,202	)
Total Other Financial Instruments	$	(128,202	)	$	—		$	—	$	(128,202	)
	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*	$	432,585,360		$	—		$	—	$	432,585,360
Securities Lending Reinvestments
Repurchase Agreements		—			23,960,714			—		23,960,714
Total Investments	$	432,585,360		$	23,960,714		$	—	$	456,546,074
Other Financial Instruments
Liabilities
Futures Contracts	$	(138,164	)	$	—		$	—	$	(138,164	)
Total Other Financial Instruments	$	(138,164	)	$	—		$	—	$	(138,164	)

	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
FlexShares® Quality Dividend Dynamic Index Fund
Investments
Common Stocks*	$	21,901,366		$	—		$	—	$	21,901,366
Securities Lending Reinvestments
Repurchase Agreements		—			93,398			—		93,398
Total Investments	$	21,901,366		$	93,398		$	—	$	21,994,764
Other Financial Instruments
Liabilities
Futures Contracts	$	(10,620	)	$	—		$	—	$	(10,620	)
Total Other Financial Instruments	$	(10,620	)	$	—		$	—	$	(10,620	)
	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
Electric Utilities	$	17,402,962		$	48,348		$	—	$	17,451,310
Internet & Direct Marketing Retail		6,228,328			163,097			—		6,391,425
Metals & Mining		41,113,968			1,323,503			—		42,437,471
Other*		531,811,557			—			—		531,811,557
Securities Lending Reinvestments
Repurchase Agreements		—			1,464,010			—		1,464,010
Total Investments	$	596,556,815		$	2,998,958		$	—	$	599,555,773
Other Financial Instruments
Assets
Futures Contracts	$	43,455		$	—		$	—	$	43,455
Forward Foreign Currency Contracts		—			76,156			—		76,156
Liabilities
Futures Contracts		(147,347	)		—			—		(147,347	)
Forward Foreign Currency Contracts		—			(116,479	)		—		(116,479	)
Total Other Financial Instruments	$	(103,892	)	$	(40,323	)	$	—	$	(144,215	)

	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
Construction & Engineering	$	1,327,370		$	2,674		$	—	$	1,330,044
Electric Utilities		1,756,493			1,720			—		1,758,213
Internet & Direct Marketing Retail		394,445			16,456			—		410,901
Other*		65,476,719			—			—		65,476,719
Securities Lending Reinvestments
Repurchase Agreements		—			290,327			—		290,327
Total Investments	$	68,955,027		$	311,177		$	—	$	69,266,204
Other Financial Instruments
Assets
Futures Contracts	$	2,743		$	—		$	—	$	2,743
Forward Foreign Currency Contracts		—			7,261			—		7,261
Liabilities
Futures Contracts		(12,067	)		—			—		(12,067	)
Forward Foreign Currency Contracts		—			(5,085	)		—		(5,085	)
Total Other Financial Instruments	$	(9,324	)	$	2,176		$	—	$	(7,148	)
	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
Construction & Engineering	$	936,182		$	3,348		$	—	$	939,530
Internet & Direct Marketing Retail		449,668			14,803			—		464,471
Metals & Mining		5,463,533			357,111			—		5,820,644
Other*		74,462,548			—			—		74,462,548
Securities Lending Reinvestments
Repurchase Agreements		—			663,176			—		663,176
Total Investments	$	81,311,931		$	1,038,438		$	—	$	82,350,369
Other Financial Instruments
Assets
Futures Contracts	$	1,184		$	—		$	—	$	1,184
Forward Foreign Currency Contracts		—			8,748			—		8,748
Liabilities
Futures Contracts		(15,130	)		—			—		(15,130	)
Forward Foreign Currency Contracts		—			(7,866	)		—		(7,866	)
Total Other Financial Instruments	$	(13,946	)	$	882		$	—	$	(13,064	)
	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	$	—		$	1,506,964,855		$	—	$	1,506,964,855
Securities Lending Reinvestments
Repurchase Agreements		—			41,491,235			—		41,491,235
Total Investments	$	—		$	1,548,456,090		$	—	$	1,548,456,090

	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	$	—	$	762,106,597	$	—	$	762,106,597
Securities Lending Reinvestments
Repurchase Agreements		—		30,098,615		—		30,098,615
Total Investments	$	—	$	792,205,212	$	—	$	792,205,212
	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	$	—	$	119,821,077	$	—	$	119,821,077
Total Investments	$	—	$	119,821,077	$	—	$	119,821,077
	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*	$	—	$	307,889,197	$	—	$	307,889,197
Total Investments	$	—	$	307,889,197	$	—	$	307,889,197
	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*	$	—	$	55,012,565	$	—	$	55,012,565
Total Investments	$	—	$	55,012,565	$	—	$	55,012,565
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
FlexShares® High Yield Value-Scored Bond Index Fund
Investments
Common Stocks*	$	56	$	—	$	—	$	56
Corporate Bonds*		—		665,815,505		—		665,815,505
Total Investments	$	56	$	665,815,505	$	—	$	665,815,561

	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
FlexShares® ESG & Climate High Yield Corporate Core Index Fund
Investments
Corporate Bonds*	$	—	$	27,914,335	$	—	$	27,914,335
Total Investments	$	—	$	27,914,335	$	—	$	27,914,335
	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*	$	—	$	46,762,791	$	—	$	46,762,791
Total Investments	$	—	$	46,762,791	$	—	$	46,762,791
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
FlexShares® Ready Access Variable Income Fund
Investments
Asset-Backed Securities	$	—	$	12,254,022	$	—	$	12,254,022
Corporate Bonds*		—		393,694,486		—		393,694,486
Municipal Bonds		—		7,685,926		—		7,685,926
Foreign Government Securities		—		806,591		—		806,591
Short-Term Investments		—		17,905,881		—		17,905,881
Total Investments	$	—	$	432,346,906	$	—	$	432,346,906
	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	$	135,829,394	$	—	$	—	$	135,829,394
Short-Term Investments		—		999,234		—		999,234
Total Investments	$	135,829,394	$	999,234	$	—	$	136,828,628

* See Schedules of Investments for segregation by industry type.