Schedule of Investments

FlexShares^® US Quality Low Volatility Index Fund

January 31, 2023 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 99.5%
Aerospace & Defense - 0.3%
Huntington Ingalls Industries, Inc.		2,363		521,136
Air Freight & Logistics - 2.0%
CH Robinson Worldwide, Inc.(a)		14,595		1,461,981
Expeditors International of Washington, Inc.		12,649		1,367,990
United Parcel Service, Inc., Class B		4,031		746,662
				3,576,633
Auto Components - 0.0%(b)
Gentex Corp.		1,251		36,917
Automobiles - 0.3%
Tesla, Inc.*		2,641		457,474
Banks - 2.5%
First Republic Bank		556		78,329
JPMorgan Chase & Co.		139		19,455
Popular, Inc.(a)		19,321		1,326,194
Prosperity Bancshares, Inc.		18,626		1,412,968
SouthState Corp.		10,842		863,023
Umpqua Holdings Corp.		45,175		822,185
				4,522,154
Beverages - 2.0%
PepsiCo, Inc.		20,850		3,565,767
Biotechnology - 6.4%
AbbVie, Inc.		7,506		1,109,011
Amgen, Inc.		12,232		3,087,357
Biogen, Inc.*		5,004		1,455,664
BioMarin Pharmaceutical, Inc.*		10,981		1,266,658
Gilead Sciences, Inc.		28,773		2,415,206
Regeneron Pharmaceuticals, Inc.*		2,502		1,897,692
United Therapeutics Corp.*		973		256,064
				11,487,652
Capital Markets - 1.4%
CME Group, Inc.		6,672		1,178,676
Nasdaq, Inc.		14,873		895,206
Virtu Financial, Inc., Class A		20,850		402,613
				2,476,495
Chemicals - 1.9%
Air Products and Chemicals, Inc.		2,363		757,365
Ashland, Inc.(a)		12,093		1,321,402
Corteva, Inc.		16,819		1,083,984
Linde plc(a)		556		184,003
				3,346,754
Commercial Services & Supplies - 2.7%
Republic Services, Inc.		7,645		954,249
Tetra Tech, Inc.		8,757		1,361,889
Waste Connections, Inc.		7,506		997,547
Waste Management, Inc.		10,286		1,591,553
				4,905,238

Investments	Shares		Value ($)
Containers & Packaging - 1.8%
International Paper Co.		18,070		755,688
Packaging Corp. of America		10,703		1,527,318
Sonoco Products Co.		15,429		942,866
				3,225,872
Distributors - 0.2%
Genuine Parts Co.		2,224		373,232
Diversified Consumer Services - 0.8%
Service Corp. International		19,738		1,463,573
Diversified Financial Services - 0.5%
Berkshire Hathaway, Inc., Class B*		2,919		909,327
Diversified Telecommunication Services - 1.5%
AT&T, Inc.		35,306		719,183
Verizon Communications, Inc.		48,511		2,016,602
				2,735,785
Electric Utilities - 3.2%
American Electric Power Co., Inc.		12,371		1,162,379
Duke Energy Corp.		11,815		1,210,447
NextEra Energy, Inc.(a)		21,267		1,587,156
Pinnacle West Capital Corp.		10,842		808,271
Xcel Energy, Inc.		14,595		1,003,698
				5,771,951
Entertainment - 0.7%
Activision Blizzard, Inc.		15,707		1,202,685
Equity Real Estate Investment Trusts (REITs) - 3.6%
American Tower Corp.		1,529		341,563
Crown Castle, Inc.		8,479		1,255,825
Digital Realty Trust, Inc.		8,340		955,931
Equinix, Inc.		1,668		1,231,201
Essex Property Trust, Inc.		3,336		754,169
Extra Space Storage, Inc.		1,807		285,199
Public Storage		5,282		1,607,524
				6,431,412
Food & Staples Retailing - 2.2%
Costco Wholesale Corp.		4,865		2,486,696
Kroger Co. (The)		30,858		1,377,192
Walmart, Inc.		417		59,994
				3,923,882
Food Products - 2.2%
Flowers Foods, Inc.		32,387		896,796
General Mills, Inc.		1,529		119,812
Hershey Co. (The)		4,587		1,030,240
Hormel Foods Corp.		19,877		900,627
J M Smucker Co. (The)		6,672		1,019,482
				3,966,957
Health Care Equipment & Supplies - 1.6%
Abbott Laboratories		25,159		2,781,327

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Health Care Providers & Services - 1.4%
Chemed Corp.		2,641		1,334,075
LHC Group, Inc.*		5,282		837,725
UnitedHealth Group, Inc.		834		416,324
				2,588,124
Household Durables - 0.4%
Newell Brands, Inc.		46,148		736,522
Household Products - 2.9%
Clorox Co. (The)		9,591		1,387,722
Procter & Gamble Co. (The)		26,688		3,799,837
				5,187,559
Insurance - 6.7%
Allstate Corp. (The)		5,004		642,864
Assurant, Inc.		8,479		1,124,231
Chubb Ltd.		9,730		2,213,478
Everest Re Group Ltd.		2,919		1,020,745
Hanover Insurance Group, Inc. (The)		9,591		1,290,757
Markel Corp.*		741		1,044,054
Progressive Corp. (The)		9,591		1,307,733
RenaissanceRe Holdings Ltd.		5,143		1,006,434
Selective Insurance Group, Inc.(a)		556		52,820
Travelers Cos., Inc. (The)		8,340		1,593,941
W R Berkley Corp.		1,390		97,494
Willis Towers Watson plc		2,502		635,983
				12,030,534
Interactive Media & Services - 1.0%
Alphabet, Inc., Class A*		9,730		961,713
Alphabet, Inc., Class C*		7,645		763,506
				1,725,219
IT Services - 7.0%
Akamai Technologies, Inc.*		4,587		408,014
Amdocs Ltd.		16,263		1,495,057
Automatic Data Processing, Inc.		7,228		1,632,155
International Business Machines Corp.		20,711		2,790,393
Jack Henry & Associates, Inc.		7,506		1,351,755
Mastercard, Inc., Class A		834		309,080
Visa, Inc., Class A(a)		19,460		4,479,887
				12,466,341
Life Sciences Tools & Services - 0.8%
QIAGEN NV*		28,912		1,416,688
Media - 1.1%
Cable One, Inc.		695		548,967
TEGNA, Inc.		66,998		1,335,270
				1,884,237
Metals & Mining - 1.3%
Newmont Corp.		23,352		1,236,021
Royal Gold, Inc.(a)		8,757		1,112,402
				2,348,423
Multiline Retail - 1.3%
Dollar General Corp.		4,448		1,039,053
Target Corp.		7,506		1,292,083
				2,331,136

Investments	Shares		Value ($)
Multi-Utilities - 2.9%
Ameren Corp.		11,815		1,026,369
CMS Energy Corp.		23,908		1,510,747
Consolidated Edison, Inc.		11,398		1,086,343
Dominion Energy, Inc.		1,668		106,151
WEC Energy Group, Inc.		15,707		1,476,301
				5,205,911
Oil, Gas & Consumable Fuels - 1.3%
Chesapeake Energy Corp.(a)		4,865		421,893
Coterra Energy, Inc.(a)		36,557		915,022
Exxon Mobil Corp.		3,753		435,385
Kinder Morgan, Inc.		25,993		475,672
				2,247,972
Pharmaceuticals - 7.8%
Eli Lilly & Co.		10,703		3,683,437
Johnson & Johnson		33,916		5,542,553
Merck & Co., Inc.		44,758		4,807,457
				14,033,447
Professional Services - 1.6%
CACI International, Inc., Class A*		2,919		899,315
FTI Consulting, Inc.*(a)		5,282		842,584
Verisk Analytics, Inc.(a)		5,977		1,086,559
				2,828,458
Road & Rail - 2.3%
JB Hunt Transport Services, Inc.		5,282		998,562
Landstar System, Inc.(a)		8,201		1,417,379
Old Dominion Freight Line, Inc.(a)		4,865		1,621,213
				4,037,154
Semiconductors & Semiconductor Equipment - 0.9%
NVIDIA Corp.		278		54,313
Texas Instruments, Inc.		8,896		1,576,460
				1,630,773
Software - 10.5%
Black Knight, Inc.*		19,460		1,179,081
Check Point Software Technologies Ltd.*		10,981		1,396,783
Microsoft Corp.		51,708		12,813,760
Roper Technologies, Inc.		3,475		1,482,956
VMware, Inc., Class A*		7,784		953,307
Zoom Video Communications, Inc., Class A*		11,537		865,275
				18,691,162
Specialty Retail - 3.8%
AutoZone, Inc.*		139		339,000
Home Depot, Inc. (The)		15,290		4,956,559
O’Reilly Automotive, Inc.*		1,807		1,431,777
				6,727,336
Technology Hardware, Storage & Peripherals - 5.1%
Apple, Inc.		62,828		9,065,452
Tobacco - 0.8%
Altria Group, Inc.		33,638		1,515,056

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Water Utilities - 0.8%
American Water Works Co., Inc.		9,591		1,500,896
TOTAL COMMON STOCKS (COST $163,858,838)				177,880,623
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(c) - 0.7%
REPURCHASE AGREEMENTS - 0.7%
CF Secured LLC, 4.28%, dated 1/31/2023, due 2/1/2023, repurchase price $1,186,279, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 6.50%, maturing 2/15/2023 - 5/15/2052; total market value $1,205,760 (Cost $1,186,138)		1,186,138		1,186,138
Investments	Principal Amount ($)		Value ($)
SHORT-TERM INVESTMENTS - 0.0%(b)
U.S. TREASURY OBLIGATIONS - 0.0%(b)
U.S. Treasury Bills 4.55%, 5/11/2023(d) (Cost $59,266)		60,000		59,249
Total Investments - 100.2% (Cost $165,104,242)				179,126,010
Liabilities in excess of other assets - (0.2%)				(437,439	)
Net Assets - 100.0%				178,688,571

* Non-income producing security.

(a) The security or a portion of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $15,055,113, collateralized in the form of cash with a value of $1,186,138 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $13,964,806 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.13%, and maturity dates ranging from February 2, 2023 – August 15, 2052 and $6,275 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 4.75%, and maturity dates ranging from November 29, 2023 – December 7, 2049; a total value of $15,157,219.

(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, 2023. The total value of securities purchased was $1,186,138.

(d) The rate shown was the current yield as of January 31, 2023.

Percentages shown are based on Net Assets.

See Accompanying Notes to the Schedules of Investments.

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

Futures Contracts

FlexShares^® US Quality Low Volatility Index Fund had the following open futures contracts as of January 31, 2023:    

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation
Long Contracts
S&P 500 E-Mini Index		2		03/17/2023		USD	$	409,000	$	10,654
S&P 500 Micro E-Mini Index		18		03/17/2023		USD		368,100		14,201
									$	24,855

Abbreviations:

USD — US Dollar

Security Type	% of Net Assets
Common Stocks		99.5	%
Securities Lending Reinvestments		0.7
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, 2023 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 98.1%
Aerospace & Defense - 1.7%
BAE Systems plc		60,388		636,977
Singapore Technologies Engineering Ltd.		195,300		546,813
Thales SA		1,302		171,664
				1,355,454
Air Freight & Logistics - 1.1%
SG Holdings Co. Ltd.		37,200		571,538
Yamato Holdings Co. Ltd.		15,500		269,845
				841,383
Auto Components - 0.1%
Bridgestone Corp.		3,100		115,256
Automobiles - 0.7%
Ferrari NV		1,302		323,673
Toyota Motor Corp.		15,500		226,043
				549,716
Banks - 13.6%
Bank Hapoalim BM		65,038		581,596
Bank Leumi Le-Israel BM		67,518		592,635
Bankinter SA(a)		58,187		418,344
Banque Cantonale Vaudoise (Registered)(a)		4,402		416,124
BOC Hong Kong Holdings Ltd.		186,000		648,985
Chiba Bank Ltd. (The)(a)		43,400		327,390
DBS Group Holdings Ltd.		34,100		928,549
Hang Seng Bank Ltd.		18,600		309,425
Japan Post Bank Co. Ltd.(a)		77,500		687,723
Mitsubishi UFJ Financial Group, Inc.		58,900		431,497
Mizrahi Tefahot Bank Ltd.		15,686		514,779
Mizuho Financial Group, Inc.		43,400		676,639
Oversea-Chinese Banking Corp. Ltd.		65,100		640,425
Royal Bank of Canada		17,112		1,746,146
Sumitomo Mitsui Financial Group, Inc.		24,800		1,077,855
Toronto-Dominion Bank (The)		8,370		577,466
				10,575,578
Beverages - 0.4%
Budweiser Brewing Co. APAC Ltd.(b)		24,800		78,147
Suntory Beverage & Food Ltd.		6,200		208,820
				286,967
Capital Markets - 1.7%
Deutsche Boerse AG		3,999		713,356
Euronext NV(b)		434		35,021
Singapore Exchange Ltd.		80,600		565,399
				1,313,776

Investments	Shares		Value ($)
Chemicals - 3.0%
Air Liquide SA		9,269		1,470,327
Givaudan SA (Registered)(a)		31		99,740
ICL Group Ltd.		69,719		548,802
Novozymes A/S, Class B		4,402		228,075
				2,346,944
Commercial Services & Supplies - 1.3%
Brambles Ltd.		22,103		186,743
Dai Nippon Printing Co. Ltd.		12,400		291,776
Secom Co. Ltd.		9,300		552,157
				1,030,676
Construction & Engineering - 0.3%
Ackermans & van Haaren NV		279		48,148
Bouygues SA(a)		5,642		185,295
				233,443
Diversified Financial Services - 0.5%
Groupe Bruxelles Lambert NV		3,379		287,783
HAL Trust		620		85,246
				373,029
Diversified Telecommunication Services - 5.0%
BCE, Inc.		5,890		278,597
Elisa OYJ		11,346		645,443
HKT Trust & HKT Ltd.		186,000		243,458
Koninklijke KPN NV		155,868		531,710
Nippon Telegraph & Telephone Corp.		21,700		649,440
Orange SA		36,921		389,833
Singapore Telecommunications Ltd.		102,300		195,361
Spark New Zealand Ltd.		16,802		56,518
Swisscom AG (Registered)		1,116		655,935
Telefonica Deutschland Holding AG		97,092		285,128
				3,931,423
Electric Utilities - 4.8%
Chubu Electric Power Co., Inc.		27,900		299,928
CK Infrastructure Holdings Ltd.		54,500		302,795
CLP Holdings Ltd.		44,000		326,693
Emera, Inc.(a)		7,471		296,634
Fortis, Inc.(a)		8,122		332,769
Hydro One Ltd.(a)(b)		12,214		333,005
Iberdrola SA(a)		59,954		699,640
Iberdrola SA*‡		999		11,658
Kansai Electric Power Co., Inc. (The)		27,900		267,747
Power Assets Holdings Ltd.		59,500		336,267
Red Electrica Corp. SA		30,783		542,934
				3,750,070
Electronic Equipment, Instruments & Components - 0.7%
Hirose Electric Co. Ltd.		4,300		556,492
Entertainment - 0.5%
Nintendo Co. Ltd.		3,100		134,088
Toho Co. Ltd.		7,200		264,924
				399,012

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Equity Real Estate Investment Trusts (REITs) - 0.4%
Link REIT		38,862		310,854
Food & Staples Retailing - 3.8%
Carrefour SA		18,662		354,080
Coles Group Ltd.		8,339		104,359
Jeronimo Martins SGPS SA		13,671		296,057
Koninklijke Ahold Delhaize NV		18,724		556,880
Loblaw Cos. Ltd.		7,440		664,629
Metro, Inc.		5,797		313,755
Tesco plc		128,371		388,614
Woolworths Group Ltd.		12,059		306,585
				2,984,959
Food Products - 5.6%
MEIJI Holdings Co. Ltd.		5,400		278,211
Nestle SA (Registered)		30,101		3,652,419
Nissin Foods Holdings Co. Ltd.		800		62,501
Yakult Honsha Co. Ltd.		5,200		370,272
				4,363,403
Gas Utilities - 1.3%
Naturgy Energy Group SA		4,402		124,301
Osaka Gas Co. Ltd.		18,600		299,642
Snam SpA		57,164		290,176
Tokyo Gas Co. Ltd.		15,500		324,076
				1,038,195
Health Care Equipment & Supplies - 0.0%(c)
Fisher & Paykel Healthcare Corp. Ltd.		403		6,579
Health Care Providers & Services - 0.2%
Sonic Healthcare Ltd.		6,200		137,968
Hotels, Restaurants & Leisure - 0.8%
La Francaise des Jeux SAEM(b)		465		19,822
McDonald’s Holdings Co. Japan Ltd.(a)		15,500		612,634
				632,456
Household Durables - 0.4%
Sekisui Chemical Co. Ltd.		3,100		43,218
Sekisui House Ltd.(a)		15,500		292,134
				335,352
Household Products - 0.8%
Reckitt Benckiser Group plc		8,215		583,548
Industrial Conglomerates - 2.3%
CK Hutchison Holdings Ltd.		46,500		295,425
Jardine Matheson Holdings Ltd.		12,400		657,448
Keppel Corp. Ltd.		43,400		249,302
Toshiba Corp.		16,900		579,469
				1,781,644
Insurance - 2.6%
Admiral Group plc		2,325		62,971
Baloise Holding AG (Registered)		620		101,292
Hannover Rueck SE		1,674		338,520
Intact Financial Corp.		3,255		470,875
Japan Post Holdings Co. Ltd.		43,400		380,453
Medibank Pvt Ltd.		146,847		304,219

Investments	Shares		Value ($)
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		217		78,008
Sampo OYJ, Class A		1,519		79,467
Sompo Holdings, Inc.		4,500		193,260
				2,009,065
IT Services - 1.8%
CGI, Inc.*		3,782		323,228
Itochu Techno-Solutions Corp.		6,200		152,801
Nomura Research Institute Ltd.		9,300		221,692
Obic Co. Ltd.		3,600		574,417
SCSK Corp.		6,200		100,501
				1,372,639
Machinery - 1.3%
GEA Group AG		7,812		350,823
Kone OYJ, Class B		11,284		613,240
Schindler Holding AG (Registered)		248		49,775
				1,013,838
Marine - 0.7%
Kuehne + Nagel International AG (Registered)(a)		2,170		513,950
Media - 0.2%
Shaw Communications, Inc., Class B		3,379		100,280
Vivendi SE		3,999		42,814
				143,094
Metals & Mining - 0.9%
BHP Group Ltd.		4,867		169,350
Franco-Nevada Corp.		3,510		513,394
				682,744
Multiline Retail - 1.3%
Dollarama, Inc.		4,371		260,652
Pan Pacific International Holdings Corp.		3,100		57,068
Wesfarmers Ltd.		20,274		709,303
				1,027,023
Multi-Utilities - 0.7%
Canadian Utilities Ltd., Class A(a)		744		20,619
National Grid plc		41,602		524,966
				545,585
Oil, Gas & Consumable Fuels - 3.7%
ENEOS Holdings, Inc.		93,000		331,252
Idemitsu Kosan Co. Ltd.		10,800		267,830
Pembina Pipeline Corp.(a)		7,471		264,328
Shell plc		57,474		1,679,753
TotalEnergies SE(a)		4,464		276,246
Woodside Energy Group Ltd.		1,705		43,564
				2,862,973
Personal Products - 2.4%
Beiersdorf AG		3,069		371,972
Unilever plc		30,287		1,531,909
				1,903,881
Pharmaceuticals - 11.0%
GSK plc		48,174		844,176
Kyowa Kirin Co. Ltd.		12,400		275,566
Novartis AG (Registered)		3,658		328,314

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Novo Nordisk A/S, Class B		13,888		1,911,937
Roche Holding AG		124		45,106
Roche Holding AG - BR		10,044		3,118,423
Sanofi		17,577		1,711,755
UCB SA		4,216		345,149
				8,580,426
Professional Services - 2.4%
RELX plc		7,440		220,008
SGS SA (Registered)		124		300,299
Thomson Reuters Corp.		5,549		658,220
Wolters Kluwer NV		6,448		701,336
				1,879,863
Real Estate Management & Development - 3.2%
Capitaland Investment Ltd.		96,100		289,539
CK Asset Holdings Ltd.		93,000		594,409
Daito Trust Construction Co. Ltd.		3,100		305,602
PSP Swiss Property AG (Registered)		4,402		545,728
Sino Land Co. Ltd.		10,998		14,283
Sun Hung Kai Properties Ltd.		52,500		744,111
				2,493,672
Road & Rail - 2.0%
Aurizon Holdings Ltd.		138,074		359,014
Canadian National Railway Co.		5,053		599,763
MTR Corp. Ltd.		55,500		296,669
Tobu Railway Co. Ltd.		12,400		290,346
				1,545,792
Semiconductors & Semiconductor Equipment - 0.8%
ASML Holding NV		930		608,642
Software - 2.7%
Constellation Software, Inc.		372		655,365
Nice Ltd.*		1,302		267,902
Oracle Corp. Japan		9,300		633,612
Sage Group plc (The)		7,657		73,225
SAP SE		4,185		492,600
				2,122,704
Specialty Retail - 2.5%
Chow Tai Fook Jewellery Group Ltd.		266,600		569,351
Industria de Diseno Textil SA		28,210		876,844
USS Co. Ltd.		31,000		507,986
				1,954,181
Technology Hardware, Storage & Peripherals - 1.0%
Canon, Inc.(a)		18,600		413,778
FUJIFILM Holdings Corp.		6,800		357,452
				771,230
Textiles, Apparel & Luxury Goods - 0.8%
Hermes International		31		57,723
LVMH Moet Hennessy Louis Vuitton SE		682		592,549
				650,272
Tobacco - 0.6%
Japan Tobacco, Inc.(a)		21,700		443,027

Investments	Shares		Value ($)
Trading Companies & Distributors - 1.4%
Bunzl plc		9,021		329,841
ITOCHU Corp.		24,200		778,412
				1,108,253
Water Utilities - 0.4%
United Utilities Group plc		22,320		290,719
Wireless Telecommunication Services - 2.7%
KDDI Corp.		29,400		917,641
SoftBank Corp.		52,700		602,396
Vodafone Group plc		543,089		622,597
				2,142,634
TOTAL COMMON STOCKS (COST $72,656,096)				76,500,384
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(d) - 1.4%
REPURCHASE AGREEMENTS - 1.4%
CF Secured LLC, 4.28%, dated 1/31/2023, due 2/1/2023, repurchase price $1,098,356, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 6.50%, maturing 2/15/2023 - 5/15/2052; total market value $1,116,393 (Cost $1,098,225)		1,098,225		1,098,225
Total Investments - 99.5% (Cost $73,754,321)				77,598,609
Other assets less liabilities - 0.5%				372,373
Net Assets - 100.0%				77,970,982

* Non-income producing security.

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

(a) The security or a portion of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $5,326,163, collateralized in the form of cash with a value of $1,098,225 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $3,580,067 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 5.50%, and maturity dates ranging from February 9, 2023 – August 15, 2052 and $1,083,809 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from May 15, 2023 – June 30, 2120; a total value of $5,762,102.

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

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

See Accompanying Notes to the Schedules of Investments.

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

(d) The security was purchased with cash collateral held from securities on loan at January 31, 2023. The total value of securities purchased was $1,098,225.

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, 2023:    

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation
Long Contracts
MSCI EAFE E-Mini Index		14		03/17/2023		USD	$	1,483,300	$	82,597

Forward Foreign Currency Contracts

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund had the following outstanding contracts as of January 31, 2023:

Contracts to Receive		Counterparty	In Exchange For			Maturity Date		Unrealized Appreciation/ (Depreciation)
CAD	157,730	Bank of New York		USD	115,321		03/15/2023	$	2,919
EUR	41,291	JPMorgan Chase Bank NA		USD	44,112		03/15/2023		846
JPY	8,291,028	Bank of New York		USD	61,196		03/15/2023		2,906
SGD	16,357	Citibank NA		USD	12,098		03/15/2023		356
USD	3,910	Goldman Sachs & Co.		ILS	13,331		03/15/2023		47
USD	13,360	Citibank NA		NOK	131,563		03/15/2023		163
USD	42,157	Bank of New York		SEK	433,881		03/15/2023		625
Total unrealized appreciation								$	7,862
HKD	151,620	Citibank NA		USD	19,504		03/15/2023	$	(122	)
USD	88,773	Citibank NA		AUD	132,254		03/15/2023		(4,566	)
USD	129,897	Citibank NA		CHF	119,839		03/15/2023		(1,101	)
USD	43,633	Bank of New York		DKK	303,190		03/15/2023		(755	)
USD	287,979	Citibank NA		EUR	268,797		03/15/2023		(4,693	)
USD	97,602	Citibank NA		GBP	79,886		03/15/2023		(832	)
USD	26,287	Citibank NA		NZD	41,229		03/15/2023		(366	)
Total unrealized depreciation								$	(12,435	)
Net unrealized depreciation								$	(4,573	)

See Accompanying Notes to the Schedules of Investments.

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

Abbreviations:

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

DKK — Danish Krone

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

ILS — Israeli Shekel

JPY — Japanese Yen

NOK — Norwegian Krone

NZD — New Zealand Dollar

SEK — Swedish Krona

SGD — Singapore Dollar

USD — US Dollar

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, 2023:

Australia	3.0	%
Belgium	0.9
Canada	10.8
Denmark	2.7
Finland	1.7
France	6.8
Germany	3.4
Hong Kong	6.5
Israel	3.2
Italy	0.4
Japan	23.4
Netherlands	3.6
New Zealand	0.1
Portugal	0.4
Singapore	5.2
Spain	3.4
Switzerland	12.6
United Kingdom	10.0
Other1	1.9
	100.0	%

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		1.4
Others(1)		0.5
		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, 2023 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 98.7%
Auto Components - 0.7%
Cheng Shin Rubber Industry Co. Ltd.		105,000		120,650
Automobiles - 1.3%
Bajaj Auto Ltd.		2,576		120,053
Hero MotoCorp Ltd.		2,513		84,757
				204,810
Banks - 18.6%
Abu Dhabi Islamic Bank PJSC		40,292		103,334
Agricultural Bank of China Ltd., Class H		441,000		158,654
Al Rajhi Bank*		2,996		65,460
Axis Bank Ltd.		1,302		13,851
Banco BBVA Peru SA		7,182		3,194
Bank Central Asia Tbk. PT		56,700		32,057
Bank of China Ltd., Class H		497,000		189,580
Bank of Communications Co. Ltd., Class H		231,000		142,634
Boubyan Bank KSCP		30,548		78,459
Chang Hwa Commercial Bank Ltd.		142,472		83,514
China CITIC Bank Corp. Ltd., Class H		210,000		101,269
China Construction Bank Corp., Class H		483,000		313,022
Dubai Islamic Bank PJSC		55,062		83,199
E.Sun Financial Holding Co. Ltd.		112,000		91,390
First Abu Dhabi Bank PJSC		2,170		8,035
First Financial Holding Co. Ltd.		136,565		118,713
Grupo Financiero Banorte SAB de CV, Class O		700		5,816
Hong Leong Bank Bhd.		2,800		13,469
ICICI Bank Ltd.		8,729		88,634
Industrial & Commercial Bank of China Ltd., Class H		707,000		377,918
Itau Unibanco Holding SA (Preference)		2,800		13,930
Kuwait Finance House KSCP		64,078		175,493
Malayan Banking Bhd.		31,685		64,919
National Bank of Kuwait SAKP		88,879		319,411
Postal Savings Bank of China Co. Ltd., Class H(a)		147,000		99,956
Qatar Islamic Bank SAQ		19,026		102,764
Qatar National Bank QPSC		28,497		140,851
Saudi National Bank (The)		2,296		28,937
Sberbank of Russia PJSC*‡		12,360		—
				3,018,463
Capital Markets - 0.7%
Macquarie Korea Infrastructure Fund		12,250		118,244

Investments	Shares		Value ($)
Chemicals - 2.1%
Asian Paints Ltd.		826		27,482
PhosAgro PJSC‡		1,158		—
Pidilite Industries Ltd.		3,206		89,202
SABIC Agri-Nutrients Co.		3,353		122,399
Saudi Basic Industries Corp.		1,309		32,333
Yanbu National Petrochemical Co.		5,740		67,754
				339,170
Construction & Engineering - 0.5%
China Railway Group Ltd., Class H		140,000		76,264
Construction Materials - 1.2%
ACC Ltd.		1,183		28,421
Asia Cement Corp.		35,000		49,134
LafargeHolcim Maroc SA		861		120,134
				197,689
Consumer Finance - 0.6%
Bajaj Finance Ltd.		147		10,562
Samsung Card Co. Ltd.		3,248		80,026
				90,588
Diversified Financial Services - 0.2%
FirstRand Ltd.		1,400		5,177
Housing Development Finance Corp. Ltd.		791		25,324
				30,501
Diversified Telecommunication Services - 4.3%
China Tower Corp. Ltd., Class H(a)		672,000		76,300
Chunghwa Telecom Co. Ltd.		49,000		183,597
Emirates Integrated Telecommunications Co. PJSC		49,504		69,544
Emirates Telecommunications Group Co. PJSC		1,904		13,322
Itissalat Al-Maghrib		12,110		114,958
Ooredoo QPSC		29,841		73,256
Telefonica Brasil SA		5,600		45,997
Telkom Indonesia Persero Tbk. PT		474,600		121,895
				698,869
Electric Utilities - 4.1%
Centrais Eletricas Brasileiras SA (Preference), Class B		5,600		46,712
CPFL Energia SA		12,600		82,359
Manila Electric Co.		14,350		73,710
Power Grid Corp. of India Ltd.		49,532		130,981
Saudi Electricity Co.		17,304		106,139
Tenaga Nasional Bhd.		45,500		100,477
Transmissora Alianca de Energia Eletrica SA		17,500		127,380
				667,758
Electronic Equipment, Instruments & Components - 0.6%
Hon Hai Precision Industry Co. Ltd.		5,000		16,603
WPG Holdings Ltd.		49,000		77,845
				94,448

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Entertainment - 0.6%
NetEase, Inc., ADR		1,050		93,041
Food & Staples Retailing - 1.5%
InRetail Peru Corp.(a)		2,275		78,260
Nahdi Medical Co.		567		28,584
President Chain Store Corp.		14,000		125,895
Wal-Mart de Mexico SAB de CV		1,400		5,493
				238,232
Food Products - 4.7%
Almarai Co. JSC		5,600		82,665
Dali Foods Group Co. Ltd.(a)		182,000		81,265
Nestle India Ltd.		203		47,121
Nestle Malaysia Bhd.		4,200		133,116
Tingyi Cayman Islands Holding Corp.		76,000		126,238
Uni-President China Holdings Ltd.		70,000		67,334
Uni-President Enterprises Corp.		49,000		109,832
Want Want China Holdings Ltd.		161,000		104,751
				752,322
Gas Utilities - 0.8%
Petronas Gas Bhd.		32,900		129,726
Health Care Providers & Services - 3.9%
Bangkok Dusit Medical Services PCL, NVDR		116,200		104,724
Bumrungrad Hospital PCL, NVDR		20,300		133,448
Dr Sulaiman Al Habib Medical Services Group Co.		1,512		94,273
Mitra Keluarga Karyasehat Tbk. PT(a)		661,500		131,947
Mouwasat Medical Services Co.		1,421		77,998
Sinopharm Group Co. Ltd., Class H		36,400		89,252
				631,642
Hotels, Restaurants & Leisure - 0.2%
Kangwon Land, Inc.*		1,274		24,305
Household Durables - 0.7%
Coway Co. Ltd.*		2,506		113,521
Household Products - 0.8%
Unilever Indonesia Tbk. PT		406,700		126,432
Independent Power and Renewable Electricity Producers - 0.1%
Engie Brasil Energia SA		2,100		16,230
Unipro PJSC*‡		726,000		—
				16,230
Industrial Conglomerates - 3.1%
Alpha Dhabi Holding PJSC*		13,433		87,772
Far Eastern New Century Corp.		84,000		91,484
International Holding Co. PJSC*		2,968		323,381

502,637

Investments	Shares		Value ($)
Insurance - 1.1%
Bupa Arabia for Cooperative Insurance Co.		2,159		89,973
PICC Property & Casualty Co. Ltd., Class H		98,000		92,142
				182,115
Interactive Media & Services - 4.3%
Tencent Holdings Ltd.		14,400		702,130
Internet & Direct Marketing Retail - 5.4%
Alibaba Group Holding Ltd., ADR*		5,320		586,264
JD Health International, Inc.*(a)		5,600		46,294
JD.com, Inc., ADR		2,618		155,850
Meituan, Class B*(a)		820		18,265
Pinduoduo, Inc., ADR*		448		43,895
Prosus NV*		231		18,520
				869,088
IT Services - 3.9%
Infosys Ltd.		6,034		112,960
Samsung SDS Co. Ltd.		1,169		118,627
Tata Consultancy Services Ltd.		9,646		395,441
				627,028
Life Sciences Tools & Services - 0.1%
Samsung Biologics Co. Ltd.*(a)		28		18,026
Marine - 0.5%
MISC Bhd.		50,400		86,368
Metals & Mining - 1.0%
Gold Fields Ltd.		3,304		37,407
Industrias CH SAB de CV, Series B*		350		4,151
Polyus PJSC*‡		546		—
Vale SA		6,700		124,369
				165,927
Multiline Retail - 0.0%
Robinson PCL*‡		600		—
Multi-Utilities - 1.0%
Dubai Electricity & Water Authority PJSC		136,206		87,886
Qatar Electricity & Water Co. QSC		15,890		77,579
				165,465
Oil, Gas & Consumable Fuels - 3.3%
Petroleo Brasileiro SA		2,100		12,151
Petroleo Brasileiro SA (Preference)		3,500		17,921
Petronas Dagangan Bhd.		15,400		78,701
Petronet LNG Ltd.		1,813		4,808
PTT Exploration & Production PCL, NVDR		18,200		94,556
Qatar Fuel QSC		15,267		74,873
Qatar Gas Transport Co. Ltd.		106,960		111,608
Reliance Industries Ltd.		3,969		114,031
Surgutneftegas PJSC (Preference)‡		156,600		—
United Tractors Tbk. PT		17,500		28,661
				537,310
Personal Products - 1.5%
Colgate-Palmolive India Ltd.		6,132		108,754

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Hengan International Group Co. Ltd.		25,000		122,791
Hindustan Unilever Ltd.		574		18,053
				249,598
Pharmaceuticals - 3.6%
Cipla Ltd.		9,457		117,502
Dr Reddy’s Laboratories Ltd.		973		51,354
Kalbe Farma Tbk. PT		324,100		44,539
Richter Gedeon Nyrt.		3,878		87,218
Sun Pharmaceutical Industries Ltd.		6,895		87,062
Torrent Pharmaceuticals Ltd.		5,943		110,386
Yuhan Corp.*		1,997		84,789
				582,850
Real Estate Management & Development - 0.8%
Aldar Properties PJSC		67,025		79,560
Wharf Holdings Ltd. (The)		21,000		54,653
				134,213
Semiconductors & Semiconductor Equipment - 6.3%
Taiwan Semiconductor Manufacturing Co. Ltd.		59,000		1,025,745
Specialty Retail - 2.7%
Abu Dhabi National Oil Co. for Distribution PJSC		105,665		126,577
Home Product Center PCL, NVDR		286,300		124,026
Jarir Marketing Co.		2,604		104,354
MR DIY Group M Bhd.(a)		184,100		82,000
				436,957
Technology Hardware, Storage & Peripherals - 4.7%
Compal Electronics, Inc.		119,000		89,572
Inventec Corp.		98,000		82,415
Lite-On Technology Corp.		9,000		19,903
Pegatron Corp.		28,000		60,150
Quanta Computer, Inc.		14,000		34,831
Samsung Electronics Co. Ltd.		9,415		466,240
				753,111
Textiles, Apparel & Luxury Goods - 0.2%
Page Industries Ltd.		70		34,207
Tobacco - 0.9%
KT&G Corp.*		1,855		139,298
Transportation Infrastructure—1.3%
Taiwan High Speed Rail Corp.		91,000		88,500
Westports Holdings Bhd.		143,500		126,823
				215,323
Wireless Telecommunication Services - 4.8%
Advanced Info Service PCL, NVDR		25,200		148,864
Etihad Etisalat Co.		5,754		54,198
Far EasTone Telecommunications Co. Ltd.		58,000		128,846
Intouch Holdings PCL, NVDR		58,100		128,045
PLDT, Inc.		840		20,636
SK Telecom Co. Ltd.		2,989		113,076
Taiwan Mobile Co. Ltd.		42,000		132,330

Investments	Shares		Value ($)
Vodacom Group Ltd.		6,594		46,161
				772,156
TOTAL COMMON STOCKS (COST $16,354,295)				15,982,457
Total Investments - 98.7% (Cost $16,354,295)				15,982,457
Other assets less liabilities - 1.3%				206,360
Net Assets - 100.0%				16,188,817

* Non-income producing security.

‡ 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.

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 contracts as of January 31, 2023:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation
Long Contracts
MSCI Emerging Markets E-Mini Index		4		03/17/2023		USD	$	208,920	$	10,314

Abbreviations:

USD — US Dollar

FlexShares^® Emerging Markets Quality Low Volatility Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2023:

Brazil	3.0	%
China	24.2
Hungary	0.5
India	11.2
Indonesia	3.0
Kuwait	3.5
Malaysia	5.0
Mexico	0.1
Morocco	1.5
Peru	0.5
Philippines	0.6
Qatar	3.6
Saudi Arabia	5.9
South Africa	0.7
South Korea	7.9
Taiwan	16.9
Thailand	4.5
United Arab Emirates	6.1
Other1	1.3
	100.0	%

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

Security Type	% of Net Assets
Common Stocks		98.7	%
Others(1)		1.3
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® Morningstar US Market Factor Tilt Index Fund

January 31, 2023 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 99.3%
Aerospace & Defense - 1.5%
AAR Corp.*(a)		2,760		141,974
Aerojet Rocketdyne Holdings, Inc.*(a)		3,864		216,075
AeroVironment, Inc.*(a)		1,288		114,593
Axon Enterprise, Inc.*(a)		1,656		323,649
Boeing Co. (The)*		18,483		3,936,879
BWX Technologies, Inc.(a)		4,232		257,560
Curtiss-Wright Corp.		2,379		394,438
Ducommun, Inc.*		552		31,895
General Dynamics Corp.		7,176		1,672,439
HEICO Corp.(a)		1,464		250,271
HEICO Corp., Class A		1,840		245,971
Hexcel Corp.(a)		3,294		232,490
Howmet Aerospace, Inc.		11,712		476,561
Huntington Ingalls Industries, Inc.		1,288		284,056
Kratos Defense & Security Solutions, Inc.*		4,232		48,456
L3Harris Technologies, Inc.		5,307		1,140,050
Lockheed Martin Corp.		6,222		2,882,404
Maxar Technologies, Inc.		4,784		247,189
Mercury Systems, Inc.*		4,232		211,537
Moog, Inc., Class A		2,379		226,766
Northrop Grumman Corp.		3,843		1,721,818
Parsons Corp.*(a)		3,485		151,667
Raytheon Technologies Corp.		40,077		4,001,688
Rocket Lab USA, Inc.*(a)		24,339		120,965
Spirit AeroSystems Holdings, Inc., Class A(a)		4,416		159,638
Textron, Inc.(a)		6,588		479,936
TransDigm Group, Inc.		1,288		924,462
Triumph Group, Inc.*		6,992		79,639
V2X, Inc.*		3,312		146,258
Woodward, Inc.(a)		3,312		338,685
				21,460,009
Air Freight & Logistics - 0.7%
Air Transport Services Group, Inc.*		15,555		440,362
Atlas Air Worldwide Holdings, Inc.*(a)		6,525		666,920
CH Robinson Worldwide, Inc.(a)		3,864		387,057
Expeditors International of Washington, Inc.(a)		4,575		494,786
FedEx Corp.		7,869		1,525,485
Forward Air Corp.(a)		920		99,222
GXO Logistics, Inc.*		28,731		1,503,493
Hub Group, Inc., Class A*(a)		8,418		717,803
United Parcel Service, Inc., Class B		23,973		4,440,519
				10,275,647
Airlines - 0.4%
Alaska Air Group, Inc.*(a)		27,968		1,435,877
Allegiant Travel Co.*		1,830		157,435
American Airlines Group, Inc.*(a)		27,450		443,043

Investments	Shares		Value ($)
Delta Air Lines, Inc.*(a)		20,056		784,190
Frontier Group Holdings, Inc.*(a)		7,586		95,432
Hawaiian Holdings, Inc.*(a)		10,431		128,510
JetBlue Airways Corp.*(a)		68,994		551,952
SkyWest, Inc.*		15,189		315,324
Southwest Airlines Co.		17,568		628,407
Spirit Airlines, Inc.		25,437		504,670
United Airlines Holdings, Inc.*(a)		6,771		331,508
				5,376,348
Auto Components - 0.5%
Adient plc*		23,607		1,062,787
American Axle & Manufacturing Holdings, Inc.*		14,457		128,234
Aptiv plc*		7,544		853,151
Autoliv, Inc.		2,928		269,728
BorgWarner, Inc.(a)		8,601		406,655
Dana, Inc.		23,973		434,870
Dorman Products, Inc.*		915		88,810
Fox Factory Holding Corp.*(a)		2,013		237,715
Garrett Motion, Inc.*(a)		9,752		78,016
Gentex Corp.(a)		14,823		437,427
Gentherm, Inc.*		1,104		82,171
Goodyear Tire & Rubber Co. (The)*(a)		62,189		699,626
Holley, Inc.*(a)		27,084		89,648
LCI Industries(a)		5,520		619,455
Lear Corp.		2,562		373,488
Luminar Technologies, Inc.*(a)		366		2,441
Mobileye Global, Inc., Class A*(a)		4,392		169,531
Modine Manufacturing Co.*		9,200		219,788
Patrick Industries, Inc.(a)		5,856		415,600
QuantumScape Corp.*(a)		75,396		641,620
Standard Motor Products, Inc.		2,013		81,446
Stoneridge, Inc.*(a)		7,176		176,960
Visteon Corp.*(a)		1,830		286,102
XPEL, Inc.*(a)(b)		1,288		97,978
				7,953,247
Automobiles - 1.3%
Ford Motor Co.		129,527		1,749,910
General Motors Co.		45,018		1,770,108
Harley-Davidson, Inc.(a)		29,624		1,363,593
Lucid Group, Inc.*(a)		5,673		66,317
Tesla, Inc.*		72,468		12,552,907
Thor Industries, Inc.(a)		11,895		1,133,950
Winnebago Industries, Inc.(a)		5,490		349,603
				18,986,388
Banks - 5.9%
1st Source Corp.		2,379		117,023
Ameris Bancorp		13,800		650,808
Associated Banc-Corp.(a)		30,195		676,670
Atlantic Union Bankshares Corp.(a)		15,006		580,582
Banc of California, Inc.		3,680		64,106
BancFirst Corp.(a)		1,652		142,287
Bancorp, Inc. (The)*(a)		5,673		192,485
Bank of America Corp.		229,299		8,135,528

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Bank of Hawaii Corp.(a)		2,392		182,964
Bank OZK(a)		26,535		1,211,853
BankUnited, Inc.(a)		19,418		730,894
Banner Corp.(a)		2,928		189,822
Bar Harbor Bankshares(a)		732		22,743
Berkshire Hills Bancorp, Inc.(a)		3,864		119,977
BOK Financial Corp.		1,464		147,132
Brookline Bancorp, Inc.(a)		12,880		168,470
Cadence Bank		38,064		973,677
Camden National Corp.(a)		1,830		77,281
Cathay General Bancorp(a)		15,006		659,664
Central Pacific Financial Corp.		7,869		177,839
Citigroup, Inc.		66,063		3,449,810
Citizens Financial Group, Inc.(a)		15,088		653,612
City Holding Co.(a)		368		34,883
CNB Financial Corp.(a)		1,098		26,484
Columbia Banking System, Inc.(a)		17,848		551,682
Comerica, Inc.		5,152		377,693
Commerce Bancshares, Inc.(a)		3,285		218,650
Community Bank System, Inc.(a)		1,647		95,048
Community Trust Bancorp, Inc.		2,024		87,194
ConnectOne Bancorp, Inc.		8,784		208,796
CrossFirst Bankshares, Inc.*(a)		6,222		83,997
Cullen/Frost Bankers, Inc.(a)		2,024		263,687
Customers Bancorp, Inc.*		5,704		173,230
CVB Financial Corp.(a)		9,758		236,339
Dime Community Bancshares, Inc.(a)		9,516		283,767
Eagle Bancorp, Inc.		6,072		288,359
East West Bancorp, Inc.		5,520		433,430
Eastern Bankshares, Inc.(a)		6,072		98,184
Enterprise Financial Services Corp.		3,477		185,394
Farmers National Banc Corp.(a)		1,281		18,421
FB Financial Corp.		1,288		48,377
Fifth Third Bancorp		23,736		861,379
First Bancorp/NC		3,496		139,316
First Bancorp/PR(a)		47,237		635,338
First Bancshares, Inc. (The)(a)		3,128		95,873
First Busey Corp.		14,168		338,190
First Citizens BancShares, Inc., Class A(a)		368		286,186
First Commonwealth Financial Corp.(a)		25,024		368,103
First Financial Bancorp(a)		18,584		470,733
First Financial Bankshares, Inc.(a)		6,624		235,947
First Financial Corp.(a)		3,680		165,306
First Foundation, Inc.		15,006		233,043
First Hawaiian, Inc.(a)		27,232		747,246
First Horizon Corp.		20,496		506,866
First Interstate BancSystem, Inc., Class A		6,588		236,377
First Merchants Corp.(a)		13,064		557,049
First Mid Bancshares, Inc.		5,307		170,514
First of Long Island Corp. (The)		8,280		146,225
First Republic Bank(a)		5,307		747,650
Flushing Financial Corp.(a)		5,336		102,398
FNB Corp.(a)		73,566		1,049,787
Fulton Financial Corp.(a)		33,120		554,098
German American Bancorp, Inc.(a)		3,397		130,852

Investments	Shares		Value ($)
Glacier Bancorp, Inc.		5,888		268,434
Hancock Whitney Corp.(a)		18,952		975,649
Hanmi Financial Corp.		7,728		179,985
HarborOne Bancorp, Inc.		2,024		27,607
Heartland Financial USA, Inc.		9,016		446,022
Heritage Commerce Corp.(a)		9,150		110,898
Heritage Financial Corp.		4,392		125,304
Hilltop Holdings, Inc.(a)		5,124		167,555
Home BancShares, Inc.(a)		12,993		310,143
HomeStreet, Inc.		3,128		86,239
Hope Bancorp, Inc.(a)		21,045		271,270
Horizon Bancorp, Inc.(a)		6,624		103,599
Huntington Bancshares, Inc.		46,181		700,566
Independent Bank Corp. - MA		2,392		190,618
Independent Bank Corp. - MI		6,954		154,170
Independent Bank Group, Inc.		3,111		190,704
International Bancshares Corp.(a)		13,248		620,934
JPMorgan Chase & Co.		96,990		13,574,720
KeyCorp(a)		33,304		639,104
Lakeland Bancorp, Inc.		11,960		230,469
Lakeland Financial Corp.(a)		736		52,043
Live Oak Bancshares, Inc.(a)		4,209		144,074
M&T Bank Corp.		6,152		959,712
Mercantile Bank Corp.		4,416		151,601
Metropolitan Bank Holding Corp.*		3,294		195,598
Midland States Bancorp, Inc.		4,784		121,896
MidWestOne Financial Group, Inc.(a)		915		28,502
National Bank Holdings Corp., Class A		1,104		46,622
NBT Bancorp, Inc.		4,026		158,262
Nicolet Bankshares, Inc.*(a)		1,603		116,843
Northwest Bancshares, Inc.(a)		4,600		65,044
OceanFirst Financial Corp.(a)		15,640		374,109
OFG Bancorp		13,359		378,193
Old National Bancorp(a)		62,220		1,088,850
Pacific Premier Bancorp, Inc.(a)		20,056		648,611
PacWest Bancorp		23,607		652,970
Park National Corp.		368		46,092
Pathward Financial, Inc.(a)		2,944		146,081
Peoples Bancorp, Inc.(a)		5,888		174,697
Pinnacle Financial Partners, Inc.(a)		4,600		362,158
PNC Financial Services Group, Inc. (The)		12,993		2,149,432
Popular, Inc.		17,568		1,205,868
Preferred Bank(a)		1,772		126,042
Premier Financial Corp.(a)		10,856		271,617
Prosperity Bancshares, Inc.(a)		20,608		1,563,323
QCR Holdings, Inc.(a)		2,024		106,381
Regions Financial Corp.(a)		32,940		775,408
S&T Bancorp, Inc.		7,869		286,274
Sandy Spring Bancorp, Inc.(a)		11,712		395,866
Seacoast Banking Corp. of Florida(a)		4,968		159,522
ServisFirst Bancshares, Inc.(a)		1,647		112,292
Signature Bank		2,745		353,968
Simmons First National Corp., Class A(a)		26,680		595,231
Southside Bancshares, Inc.(a)		736		27,880

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
SouthState Corp.(a)		4,758		378,737
Stellar Bancorp, Inc.(a)		3,637		102,236
Stock Yards Bancorp, Inc.(a)		552		33,098
SVB Financial Group*		2,196		664,158
Synovus Financial Corp.(a)		31,832		1,335,352
Texas Capital Bancshares, Inc.*(a)		3,294		217,635
Tompkins Financial Corp.		184		13,861
Towne Bank(a)		13,984		426,092
TriCo Bancshares		552		27,904
Triumph Financial, Inc.*		2,379		132,582
Truist Financial Corp.		43,237		2,135,475
Trustmark Corp.(a)		5,124		149,211
UMB Financial Corp.(a)		8,967		808,734
Umpqua Holdings Corp.		45,018		819,328
United Bankshares, Inc.(a)		8,784		353,117
United Community Banks, Inc.(a)		7,686		250,102
Univest Financial Corp.		5,888		159,859
US Bancorp		44,157		2,199,019
Valley National Bancorp(a)		93,282		1,108,190
Veritex Holdings, Inc.		4,600		129,490
Washington Federal, Inc.(a)		16,836		597,005
Washington Trust Bancorp, Inc.(a)		2,365		101,151
Webster Financial Corp.		7,265		382,502
Wells Fargo & Co.		124,623		5,841,080
WesBanco, Inc.(a)		12,696		471,910
Westamerica Bancorp(a)		2,576		143,123
Western Alliance Bancorp(a)		4,048		305,098
Wintrust Financial Corp.(a)		13,432		1,228,625
Zions Bancorp NA(a)		6,039		321,033
				86,068,077
Beverages - 1.2%
Boston Beer Co., Inc. (The), Class A*(a)		366		142,231
Brown-Forman Corp., Class A(a)		1,472		97,888
Brown-Forman Corp., Class B(a)		5,520		367,522
Celsius Holdings, Inc.*(a)		2,024		203,048
Coca-Cola Co. (The)		103,212		6,328,960
Coca-Cola Consolidated, Inc.		366		185,481
Constellation Brands, Inc., Class A		4,392		1,016,836
Keurig Dr Pepper, Inc.		24,888		878,049
MGP Ingredients, Inc.		183		17,850
Molson Coors Beverage Co., Class B(a)		6,808		357,965
Monster Beverage Corp.*		10,120		1,053,289
National Beverage Corp.*(a)		1,104		48,797
PepsiCo, Inc.		36,600		6,259,332
Vita Coco Co., Inc. (The)*(a)		5,520		74,906
				17,032,154
Biotechnology - 2.6%
2seventy bio, Inc.*		8,418		114,485
AbbVie, Inc.		58,560		8,652,240
ACADIA Pharmaceuticals, Inc.*		1,647		31,342
Agios Pharmaceuticals, Inc.*(a)		5,046		148,756
Akero Therapeutics, Inc.*(a)		2,562		126,819
Alkermes plc*		5,856		167,716
Allogene Therapeutics, Inc.*(a)		15,006		115,846
Alnylam Pharmaceuticals, Inc.*(a)		3,294		745,762
Amgen, Inc.		14,640		3,695,136

Investments	Shares		Value ($)
Amicus Therapeutics, Inc.*		7,176		93,575
Anavex Life Sciences Corp.*(a)		13,542		147,202
Apellis Pharmaceuticals, Inc.*(a)		3,660		192,992
Arcus Biosciences, Inc.*(a)		11,408		246,755
Arrowhead Pharmaceuticals, Inc.*(a)		2,745		96,048
Atara Biotherapeutics, Inc.*		24,156		122,471
Aurinia Pharmaceuticals, Inc.*		24,888		225,236
Avid Bioservices, Inc.*(a)		1,472		23,302
Beam Therapeutics, Inc.*(a)		15,189		659,962
Biogen, Inc.*		4,026		1,171,163
BioMarin Pharmaceutical, Inc.*(a)		5,124		591,053
Blueprint Medicines Corp.*		1,281		59,874
C4 Therapeutics, Inc.*(a)		12,627		98,364
Caribou Biosciences, Inc.*		1,288		9,287
Catalyst Pharmaceuticals, Inc.*		9,842		152,453
Celldex Therapeutics, Inc.*(a)		1,472		64,856
Cerevel Therapeutics Holdings, Inc.*(a)		3,128		106,821
CRISPR Therapeutics AG*(a)		2,379		121,377
Cytokinetics, Inc.*(a)		3,111		132,155
Deciphera Pharmaceuticals, Inc.*		3,128		53,207
Denali Therapeutics, Inc.*(a)		3,660		110,788
Dynavax Technologies Corp.*(a)		27,416		311,994
Eagle Pharmaceuticals, Inc.*(a)		4,941		167,698
Editas Medicine, Inc.*(a)		12,261		121,261
Emergent BioSolutions, Inc.*		3,111		41,034
Exact Sciences Corp.*(a)		10,614		716,657
Exelixis, Inc.*		11,163		196,692
Geron Corp.*		16,008		52,826
Gilead Sciences, Inc.		41,175		3,456,230
Gossamer Bio, Inc.*(a)		1,288		3,400
Halozyme Therapeutics, Inc.*(a)		6,440		333,399
Heron Therapeutics, Inc.*(a)		368		997
Horizon Therapeutics plc*		6,222		682,678
IGM Biosciences, Inc.*		4,758		108,149
ImmunoGen, Inc.*		5,856		26,938
Immunovant, Inc.*		15,372		273,161
Incyte Corp.*		4,209		358,354
Inhibrx, Inc.*(a)		552		13,800
Inovio Pharmaceuticals, Inc.*(a)		58,377		96,906
Insmed, Inc.*(a)		2,562		55,160
Intellia Therapeutics, Inc.*(a)		2,196		93,198
Intercept Pharmaceuticals, Inc.*(a)		6,808		124,314
Ionis Pharmaceuticals, Inc.*(a)		7,360		293,443
Iovance Biotherapeutics, Inc.*		2,944		23,434
Ironwood Pharmaceuticals, Inc.*(a)		32,940		379,469
IVERIC bio, Inc.*(a)		8,601		198,683
Karuna Therapeutics, Inc.*		1,098		218,930
Karyopharm Therapeutics, Inc.*(a)		7,176		23,681
Krystal Biotech, Inc.*(a)		2,196		182,532
Kura Oncology, Inc.*(a)		8,052		111,279
Kymera Therapeutics, Inc.*(a)		4,758		177,854
Lyell Immunopharma, Inc.*		30,378		99,336
Madrigal Pharmaceuticals, Inc.*		732		210,999
MannKind Corp.*(a)		7,728		42,272
Mirati Therapeutics, Inc.*(a)		732		39,096
Moderna, Inc.*(a)		10,431		1,836,482
Morphic Holding, Inc.*		4,392		143,750

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Myriad Genetics, Inc.*		3,128		61,684
Natera, Inc.*(a)		5,336		229,075
Neurocrine Biosciences, Inc.*		2,208		244,934
Novavax, Inc.*(a)		12,993		141,754
Nurix Therapeutics, Inc.*(a)		8,967		110,204
Organogenesis Holdings, Inc.*		35,685		91,354
Prometheus Biosciences, Inc.*(a)		1,830		207,998
PTC Therapeutics, Inc.*(a)		3,496		160,432
Recursion Pharmaceuticals, Inc., Class A*(a)		15,555		129,573
Regeneron Pharmaceuticals, Inc.*		2,928		2,220,800
REGENXBIO, Inc.*		9,752		226,344
Replimune Group, Inc.*(a)		4,758		132,510
REVOLUTION Medicines, Inc.*(a)		366		9,787
Rocket Pharmaceuticals, Inc.*(a)		6,954		151,110
Sage Therapeutics, Inc.*(a)		4,392		194,741
Sangamo Therapeutics, Inc.*(a)		30,744		107,297
Sarepta Therapeutics, Inc.*(a)		2,928		365,912
Seagen, Inc.*(a)		3,111		433,922
Seres Therapeutics, Inc.*(a)		2,208		12,078
Sorrento Therapeutics, Inc.*(a)		99,003		94,894
SpringWorks Therapeutics, Inc.*(a)		5,673		178,132
TG Therapeutics, Inc.*(a)		7,912		120,500
Travere Therapeutics, Inc.*(a)		1,840		41,216
Twist Bioscience Corp.*(a)		1,647		47,252
Ultragenyx Pharmaceutical, Inc.*(a)		3,312		150,133
uniQure NV*(a)		5,673		120,551
United Therapeutics Corp.*		1,647		433,441
Vanda Pharmaceuticals, Inc.*		1,288		9,892
Vaxcyte, Inc.*(a)		3,843		174,280
Veracyte, Inc.*(a)		3,496		87,855
Vertex Pharmaceuticals, Inc.*		6,954		2,246,837
Vir Biotechnology, Inc.*(a)		14,091		416,389
Xencor, Inc.*(a)		2,024		66,630
				38,912,640
Building Products - 0.8%
A O Smith Corp.(a)		3,496		236,679
AAON, Inc.		2,576		196,600
Advanced Drainage Systems, Inc.(a)		1,656		166,991
Allegion plc(a)		2,013		236,628
American Woodmark Corp.*		4,392		251,618
Apogee Enterprises, Inc.		2,928		137,148
Armstrong World Industries, Inc.		2,024		156,678
AZEK Co., Inc. (The)*(a)		1,464		35,326
Builders FirstSource, Inc.*(a)		6,318		503,545
Carlisle Cos., Inc.(a)		1,472		369,266
Carrier Global Corp.		23,920		1,089,078
Fortune Brands Innovations, Inc.(a)		4,232		273,006
Gibraltar Industries, Inc.*		920		49,284
Griffon Corp.		10,488		428,749
Hayward Holdings, Inc.*(a)		31,659		427,080
Insteel Industries, Inc.		2,745		82,323
JELD-WEN Holding, Inc.*		11,529		145,842
Johnson Controls International plc		19,764		1,374,981
Lennox International, Inc.(a)		1,128		293,979
Masco Corp.		7,360		391,552

Investments	Shares		Value ($)
Masonite International Corp.*(a)		5,307		484,105
Owens Corning		3,843		371,426
PGT Innovations, Inc.*(a)		14,720		319,424
Quanex Building Products Corp.(a)		4,600		119,094
Resideo Technologies, Inc.*(a)		30,728		590,899
Simpson Manufacturing Co., Inc.(a)		1,656		177,374
Trane Technologies plc		5,888		1,054,659
Trex Co., Inc.*(a)		6,771		356,967
UFP Industries, Inc.		13,616		1,273,777
Zurn Elkay Water Solutions Corp.		4,784		104,578
				11,698,656
Capital Markets - 3.2%
Affiliated Managers Group, Inc.		8,967		1,548,960
Ameriprise Financial, Inc.		3,111		1,089,223
Ares Management Corp.		3,680		305,403
Artisan Partners Asset Management, Inc., Class A(a)		14,720		541,990
Avantax, Inc.*		5,856		170,644
B. Riley Financial, Inc.(a)		3,864		165,109
Bank of New York Mellon Corp. (The)		22,692		1,147,535
BGC Partners, Inc., Class A		67,525		293,734
BlackRock, Inc.		4,926		3,739,869
Blackstone, Inc., Class A(a)		19,764		1,896,554
Blue Owl Capital, Inc.(a)		19,872		249,990
Brightsphere Investment Group, Inc.(a)		5,520		129,444
Carlyle Group, Inc. (The)		9,882		355,456
Charles Schwab Corp. (The)		39,925		3,090,994
CION Investment Corp.		11,529		123,014
CME Group, Inc.		9,568		1,690,283
Cohen & Steers, Inc.(a)		1,647		121,005
Coinbase Global, Inc., Class A*(a)		3,477		203,335
Cowen, Inc., Class A(a)		7,686		298,832
Donnelley Financial Solutions, Inc.*(a)		1,281		58,426
Evercore, Inc., Class A(a)		7,503		973,964
FactSet Research Systems, Inc.		920		389,105
Federated Hermes, Inc., Class B(a)		6,588		258,908
Focus Financial Partners, Inc., Class A*		10,980		495,747
Franklin Resources, Inc.(a)		10,856		338,707
Goldman Sachs Group, Inc. (The)		11,163		4,083,537
Hamilton Lane, Inc., Class A(a)		2,928		227,974
Houlihan Lokey, Inc.(a)		1,840		182,289
Interactive Brokers Group, Inc., Class A(a)		3,843		307,209
Intercontinental Exchange, Inc.		15,555		1,672,940
Invesco Ltd.(a)		14,536		269,061
Janus Henderson Group plc(a)		31,659		820,601
Jefferies Financial Group, Inc.		8,235		323,471
KKR & Co., Inc.		17,568		980,470
LPL Financial Holdings, Inc.		2,379		564,109
MarketAxess Holdings, Inc.(a)		920		334,742
Moelis & Co., Class A(a)		3,496		163,438
Moody’s Corp.(a)		4,392		1,417,518
Morgan Stanley		44,469		4,328,168
Morningstar, Inc.		552		134,070

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
MSCI, Inc.(a)		2,024		1,075,878
Nasdaq, Inc.(a)		8,832		531,598
Northern Trust Corp.(a)(c)		7,320		709,820
Oppenheimer Holdings, Inc., Class A		368		17,521
Piper Sandler Cos.		1,281		182,030
PJT Partners, Inc., Class A		368		29,451
Raymond James Financial, Inc.		5,856		660,381
Robinhood Markets, Inc., Class A*(a)		20,679		215,268
S&P Global, Inc.		8,967		3,362,087
SEI Investments Co.		3,128		195,281
State Street Corp.		11,224		1,025,088
StepStone Group, Inc., Class A(a)		3,496		102,048
Stifel Financial Corp.		23,241		1,566,676
StoneX Group, Inc.*(a)		4,575		402,051
T. Rowe Price Group, Inc.(a)		6,771		788,618
TPG, Inc.(a)		2,392		77,046
Tradeweb Markets, Inc., Class A(a)		6,039		450,147
Victory Capital Holdings, Inc., Class A		5,888		174,520
Virtu Financial, Inc., Class A		20,240		390,834
Virtus Investment Partners, Inc.(a)		1,281		275,261
WisdomTree, Inc.(a)		184		1,060
				47,718,492
Chemicals - 1.9%
AdvanSix, Inc.(a)		8,235		356,081
Air Products and Chemicals, Inc.		5,888		1,887,163
Albemarle Corp.(a)		3,128		880,376
Ashland, Inc.(a)		2,024		221,163
Aspen Aerogels, Inc.*		8,418		88,389
Avient Corp.(a)		21,777		882,404
Axalta Coating Systems Ltd.*		9,384		282,458
Balchem Corp.		2,024		264,395
Cabot Corp.		3,843		289,493
Celanese Corp.		3,680		453,376
CF Industries Holdings, Inc.		7,137		604,504
Chase Corp.		184		17,366
Chemours Co. (The)		36,783		1,338,533
Corteva, Inc.		17,934		1,155,846
Dow, Inc.		22,264		1,321,368
DuPont de Nemours, Inc.(a)		12,261		906,701
Eastman Chemical Co.(a)		4,232		373,135
Ecolab, Inc.		6,440		997,105
Ecovyst, Inc.*		1,288		13,511
Element Solutions, Inc.		14,168		290,161
FMC Corp.		3,843		511,619
Hawkins, Inc.		552		21,528
HB Fuller Co.		1,656		114,430
Huntsman Corp.(a)		39,711		1,258,442
Ingevity Corp.*		8,832		728,110
Innospec, Inc.(a)		736		83,183
International Flavors & Fragrances, Inc.		7,503		843,787
Koppers Holdings, Inc.(a)		3,843		133,006
Kronos Worldwide, Inc.(a)		4,600		53,590
Linde plc(a)		13,176		4,360,465
Livent Corp.*(a)		7,728		200,310

Investments	Shares		Value ($)
LSB Industries, Inc.*		11,895		151,185
LyondellBasell Industries NV, Class A(a)		8,280		800,593
Mativ Holdings, Inc.(a)		15,189		418,609
Minerals Technologies, Inc.(a)		8,096		562,267
Mosaic Co. (The)(a)		9,516		471,423
NewMarket Corp.		549		189,136
Olin Corp.		5,673		366,419
PPG Industries, Inc.		5,673		739,419
Quaker Chemical Corp.(a)		920		181,120
RPM International, Inc.(a)		2,944		264,695
Scotts Miracle-Gro Co. (The)(a)		10,797		779,435
Sensient Technologies Corp.(a)		2,379		180,067
Sherwin-Williams Co. (The)		6,256		1,480,107
Stepan Co.(a)		1,647		180,907
Trinseo plc		4,575		126,956
Tronox Holdings plc		23,184		397,606
Valvoline, Inc.		8,648		317,036
Westlake Corp.(a)		368		45,172
				28,584,150
Commercial Services & Supplies - 0.7%
ABM Industries, Inc.(a)		2,024		94,946
ACCO Brands Corp.		6,588		41,834
Aurora Innovation, Inc.*(a)		78,324		142,550
Brady Corp., Class A		1,104		59,031
BrightView Holdings, Inc.*(a)		7,544		59,975
Brink’s Co. (The)(a)		10,672		700,083
Casella Waste Systems, Inc., Class A*		2,208		176,905
Cimpress plc*(a)		1,464		47,858
Cintas Corp.		2,208		979,778
Clean Harbors, Inc.*(a)		2,013		262,294
Copart, Inc.*		11,712		780,136
CoreCivic, Inc., REIT*(a)		28,704		305,410
Deluxe Corp.(a)		5,124		102,429
Ennis, Inc.(a)		4,941		104,947
GEO Group, Inc. (The)*(a)		25,986		298,839
Harsco Corp.*(a)		22,875		181,627
Heritage-Crystal Clean, Inc.*		4,209		156,575
HNI Corp.		3,680		116,914
IAA, Inc.*		5,673		236,734
Interface, Inc.		8,280		94,226
KAR Auction Services, Inc.*(a)		3,294		47,961
Matthews International Corp., Class A		5,520		204,461
MillerKnoll, Inc.(a)		21,411		511,295
Montrose Environmental Group, Inc.*(a)		3,111		168,492
MSA Safety, Inc.		2,379		324,472
Republic Services, Inc.		5,520		689,006
Rollins, Inc.		6,808		247,811
SP Plus Corp.*		4,048		152,650
Stericycle, Inc.*(a)		5,856		315,111
Tetra Tech, Inc.		1,840		286,157
UniFirst Corp.(a)		1,104		219,078
Viad Corp.*		2,392		70,683
Waste Management, Inc.		9,936		1,537,397
				9,717,665

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Communications Equipment - 0.7%
ADTRAN Holdings, Inc.(a)		4,048		76,386
Arista Networks, Inc.*		6,588		830,220
Calix, Inc.*(a)		3,864		203,401
Ciena Corp.*(a)		3,864		201,005
Cisco Systems, Inc.		134,688		6,555,265
Digi International, Inc.*(a)		3,680		125,083
Extreme Networks, Inc.*(a)		10,614		191,370
F5, Inc.*(a)		1,472		217,356
Harmonic, Inc.*(a)		2,760		36,349
Infinera Corp.*(a)		7,176		52,528
Juniper Networks, Inc.		11,163		360,565
Lumentum Holdings, Inc.*(a)		2,745		165,194
Motorola Solutions, Inc.		4,600		1,182,246
NETGEAR, Inc.*		7,544		150,654
NetScout Systems, Inc.*(a)		5,762		184,960
Viasat, Inc.*(a)		1,098		37,826
Viavi Solutions, Inc.*		7,137		80,648
				10,651,056
Construction & Engineering - 0.4%
AECOM		4,655		406,242
Ameresco, Inc., Class A*		1,288		83,037
API Group Corp.*(a)		6,039		134,307
Arcosa, Inc.		1,472		87,245
Argan, Inc.		1,840		71,742
Comfort Systems USA, Inc.		2,379		287,954
Construction Partners, Inc., Class A*		920		26,027
Dycom Industries, Inc.*(a)		1,472		140,385
EMCOR Group, Inc.		2,928		434,076
Fluor Corp.*(a)		6,256		229,908
Granite Construction, Inc.(a)		3,680		156,694
IES Holdings, Inc.*(a)		2,576		102,551
MasTec, Inc.*		3,843		377,498
MDU Resources Group, Inc.		45,445		1,404,705
MYR Group, Inc.*		1,656		164,043
Primoris Services Corp.		11,224		298,558
Quanta Services, Inc.(a)		4,209		640,568
Sterling Infrastructure, Inc.*		6,440		234,352
Tutor Perini Corp.*		13,725		125,858
Valmont Industries, Inc.		915		301,703
WillScot Mobile Mini Holdings Corp.*(a)		7,335		355,454
				6,062,907
Construction Materials - 0.1%
Eagle Materials, Inc.(a)		1,840		268,787
Martin Marietta Materials, Inc.		1,656		595,564
Summit Materials, Inc., Class A*(a)		5,427		178,331
Vulcan Materials Co.		3,312		607,189
				1,649,871
Consumer Finance - 0.8%
Ally Financial, Inc.(a)		12,261		398,360
American Express Co.		16,104		2,817,073
Atlanticus Holdings Corp.*(a)		552		17,940
Bread Financial Holdings, Inc.		12,444		510,577
Capital One Financial Corp.		13,271		1,579,249
Credit Acceptance Corp.*(a)		299		138,329
Discover Financial Services		8,418		982,633

Investments	Shares		Value ($)
Encore Capital Group, Inc.*(a)		6,771		377,280
Enova International, Inc.*(a)		7,912		361,183
EZCORP, Inc., Class A*(a)		3,660		33,343
FirstCash Holdings, Inc.		1,472		135,689
Green Dot Corp., Class A*		6,039		109,185
LendingClub Corp.*(a)		23,184		224,653
Navient Corp.(a)		25,024		474,705
Nelnet, Inc., Class A(a)		1,647		157,272
NerdWallet, Inc., Class A*(a)		12,627		147,610
OneMain Holdings, Inc.(a)		27,450		1,184,193
PRA Group, Inc.*(a)		9,516		382,924
PROG Holdings, Inc.*(a)		12,261		273,298
SLM Corp.		61,120		1,073,878
SoFi Technologies, Inc.*(a)		22,143		153,451
Synchrony Financial		13,725		504,119
World Acceptance Corp.*(a)		368		35,225
				12,072,169
Containers & Packaging - 0.7%
Amcor plc		51,517		621,295
AptarGroup, Inc.(a)		2,208		255,333
Avery Dennison Corp.		1,840		348,570
Ball Corp.(a)		9,882		575,528
Berry Global Group, Inc.(a)		27,267		1,683,192
Crown Holdings, Inc.		4,575		403,332
Graphic Packaging Holding Co.		66,246		1,595,866
Greif, Inc., Class A(a)		6,072		433,723
Greif, Inc., Class B(a)		183		15,079
International Paper Co.(a)		12,144		507,862
Myers Industries, Inc.		184		4,431
O-I Glass, Inc.*(a)		31,096		598,598
Packaging Corp. of America		3,128		446,366
Pactiv Evergreen, Inc.		9,016		103,774
Sealed Air Corp.		5,144		281,685
Silgan Holdings, Inc.(a)		5,856		315,580
Sonoco Products Co.(a)		21,594		1,319,609
TriMas Corp.		1,472		45,323
Westrock Co.		6,222		244,151
				9,799,297
Distributors - 0.1%
Genuine Parts Co.		4,209		706,354
LKQ Corp.(a)		9,936		585,827
Pool Corp.(a)		1,281		493,966
				1,786,147
Diversified Consumer Services - 0.2%
2U, Inc.*		5,856		50,537
ADT, Inc.		15,738		138,337
Adtalem Global Education, Inc.*(a)		4,392		167,686
Bright Horizons Family Solutions, Inc.*(a)		3,660		281,015
Chegg, Inc.*(a)		3,477		72,182
Frontdoor, Inc.*(a)		366		9,948
Graham Holdings Co., Class B		920		601,045
Grand Canyon Education, Inc.*		1,281		149,313
H&R Block, Inc.(a)		9,699		378,067
Laureate Education, Inc., Class A		9,882		108,504
Mister Car Wash, Inc.*(a)		12,444		127,800
OneSpaWorld Holdings Ltd.*(a)		9,384		98,626
Perdoceo Education Corp.*(a)		12,880		192,814

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Rover Group, Inc.*		33,489		136,970
Service Corp. International		4,784		354,734
Strategic Education, Inc.(a)		1,840		171,764
Stride, Inc.*(a)		3,992		171,377
Udemy, Inc.*		1,472		18,459
Vivint Smart Home, Inc.*(a)		11,895		142,502
				3,371,680
Diversified Financial Services - 1.6%
Alerus Financial Corp.		4,575		94,153
A-Mark Precious Metals, Inc.		2,944		113,344
Apollo Global Management, Inc.		15,555		1,100,983
Berkshire Hathaway, Inc., Class B*		59,658		18,584,660
Cannae Holdings, Inc.*		20,313		496,450
Compass Diversified Holdings		7,686		171,551
Equitable Holdings, Inc.		13,725		440,161
Jackson Financial, Inc., Class A(a)		11,346		499,678
Voya Financial, Inc.(a)		20,862		1,455,542
				22,956,522
Diversified Telecommunication Services - 0.8%
Anterix, Inc.*		3,477		125,415
AT&T, Inc.		232,410		4,734,192
ATN International, Inc.		732		35,780
Cogent Communications Holdings, Inc.(a)		3,660		250,966
Consolidated Communications Holdings, Inc.*(a)		13,984		60,831
EchoStar Corp., Class A*(a)		9,699		181,468
Globalstar, Inc.*(a)		21,896		30,873
Iridium Communications, Inc.*		7,360		440,423
Liberty Latin America Ltd., Class A*		20,679		203,481
Liberty Latin America Ltd., Class C*		22,875		225,319
Lumen Technologies, Inc.(a)		27,232		142,968
Verizon Communications, Inc.		141,642		5,888,058
				12,319,774
Electric Utilities - 1.5%
ALLETE, Inc.		1,830		113,204
Alliant Energy Corp.		7,728		417,544
American Electric Power Co., Inc.		16,192		1,521,400
Avangrid, Inc.(a)		1,656		69,834
Constellation Energy Corp.		8,052		687,319
Duke Energy Corp.		24,888		2,549,776
Edison International(a)		11,529		794,348
Entergy Corp.		6,222		673,718
Evergy, Inc.		6,405		401,273
Eversource Energy		9,384		772,585
Exelon Corp.		31,464		1,327,466
FirstEnergy Corp.		18,032		738,410
Hawaiian Electric Industries, Inc.(a)		6,624		279,996
IDACORP, Inc.(a)		2,944		311,505
MGE Energy, Inc.		1,104		80,713
NextEra Energy, Inc.(a)		52,338		3,905,985
NRG Energy, Inc.(a)		9,384		321,120
OGE Energy Corp.(a)		8,313		326,867
Otter Tail Corp.(a)		8,784		563,494
PG&E Corp.*(a)		49,593		788,529

Investments	Shares		Value ($)
Pinnacle West Capital Corp.		3,864		288,061
PNM Resources, Inc.		5,152		254,921
Portland General Electric Co.(a)		6,039		287,336
PPL Corp.		17,019		503,762
Southern Co. (The)		35,136		2,378,004
Xcel Energy, Inc.		15,088		1,037,602
				21,394,772
Electrical Equipment - 0.8%
Acuity Brands, Inc.(a)		2,013		379,491
AMETEK, Inc.		5,673		822,131
Atkore, Inc.*(a)		9,882		1,287,130
AZZ, Inc.(a)		7,686		326,501
Bloom Energy Corp., Class A*(a)		7,360		183,485
ChargePoint Holdings, Inc.*(a)		20,679		251,043
Eaton Corp. plc		10,488		1,701,258
Emerson Electric Co.		16,653		1,502,434
Encore Wire Corp.(a)		4,232		683,172
EnerSys(a)		1,104		91,654
Fluence Energy, Inc.*(a)		7,176		173,229
Generac Holdings, Inc.*		1,656		199,714
GrafTech International Ltd.(a)		27,450		179,523
Hubbell, Inc.(a)		1,288		294,836
nVent Electric plc		10,488		416,898
Plug Power, Inc.*(a)		8,418		143,274
Regal Rexnord Corp.(a)		2,208		307,354
Rockwell Automation, Inc.(a)		2,944		830,296
Sensata Technologies Holding plc		6,954		353,611
SunPower Corp.*(a)		6,440		112,249
Sunrun, Inc.*(a)		47,285		1,242,650
Vertiv Holdings Co.(a)		17,112		243,333
Vicor Corp.*		2,379		165,174
				11,890,440
Electronic Equipment, Instruments & Components - 1.2%
Advanced Energy Industries, Inc.		1,104		102,385
Amphenol Corp., Class A		15,006		1,197,029
Arrow Electronics, Inc.*		2,745		322,510
Avnet, Inc.		21,344		979,263
Badger Meter, Inc.(a)		2,013		233,307
Belden, Inc.		3,111		252,271
Benchmark Electronics, Inc.		8,832		247,208
CDW Corp.(a)		3,312		649,251
Cognex Corp.		5,673		310,540
Coherent Corp.*(a)		33,856		1,469,331
Corning, Inc.(a)		25,392		878,817
CTS Corp.(a)		920		40,949
ePlus, Inc.*(a)		6,954		346,170
Fabrinet*(a)		2,208		290,705
FARO Technologies, Inc.*(a)		3,477		95,548
Flex Ltd.*		18,584		433,936
Insight Enterprises, Inc.*(a)		7,702		868,169
IPG Photonics Corp.*(a)		2,379		266,686
Itron, Inc.*(a)		2,024		116,319
Jabil, Inc.(a)		5,490		431,679
Keysight Technologies, Inc.*		4,784		858,010
Kimball Electronics, Inc.*		3,660		93,403
Knowles Corp.*(a)		2,760		53,075
Lightwave Logic, Inc.*(a)		920		5,787
Littelfuse, Inc.(a)		915		234,871

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Methode Electronics, Inc.(a)		3,660		174,728
Mirion Technologies, Inc.*(a)		13,908		110,569
National Instruments Corp.		6,222		335,988
nLight, Inc.*		10,248		127,075
Novanta, Inc.*(a)		2,024		326,815
OSI Systems, Inc.*(a)		549		51,996
PC Connection, Inc.(a)		184		9,022
Plexus Corp.*(a)		732		70,265
Sanmina Corp.*(a)		14,274		869,715
ScanSource, Inc.*		4,232		139,360
SmartRent, Inc.*(a)		36,051		105,269
TD SYNNEX Corp.		736		75,182
TE Connectivity Ltd.		9,882		1,256,496
Teledyne Technologies, Inc.*		1,288		546,447
Trimble, Inc.*		6,624		384,589
TTM Technologies, Inc.*(a)		22,264		349,990
Vishay Intertechnology, Inc.		27,232		623,341
Vontier Corp.(a)		38,796		893,472
Zebra Technologies Corp., Class A*		1,098		347,166
				17,574,704
Energy Equipment & Services - 0.6%
Archrock, Inc.(a)		13,800		136,758
Baker Hughes Co.(a)		24,288		770,901
Cactus, Inc., Class A(a)		4,600		248,906
ChampionX Corp.		12,810		422,986
Dril-Quip, Inc.*		184		5,651
Halliburton Co.		21,960		905,191
Helix Energy Solutions Group, Inc.*(a)		21,045		166,887
Helmerich & Payne, Inc.(a)		6,954		336,852
Liberty Energy, Inc., Class A(a)		31,842		504,059
Nabors Industries Ltd.*(a)		915		162,495
NexTier Oilfield Solutions, Inc.*(a)		31,659		298,228
NOV, Inc.(a)		14,640		357,802
Oceaneering International, Inc.*(a)		10,856		231,775
Oil States International, Inc.*(a)		552		4,725
Patterson-UTI Energy, Inc.		6,954		116,827
ProFrac Holding Corp., Class A*(a)		6,588		148,230
ProPetro Holding Corp.*		12,078		120,176
RPC, Inc.(a)		13,176		130,706
Schlumberger Ltd.		36,417		2,075,041
Select Energy Services, Inc., Class A		13,359		117,292
Transocean Ltd.*(a)		142,557		960,834
US Silica Holdings, Inc.*		5,704		69,817
Weatherford International plc*		5,124		291,453
				8,583,592
Entertainment - 1.1%
Activision Blizzard, Inc.		18,117		1,387,219
AMC Entertainment Holdings, Inc., Class A*(a)		36,783		196,789
Cinemark Holdings, Inc.*(a)		27,816		332,123
Electronic Arts, Inc.		6,588		847,744
Endeavor Group Holdings, Inc., Class A*		10,980		246,281
IMAX Corp.*		2,024		34,408

Investments	Shares		Value ($)
Liberty Media Corp-Liberty Formula One, Class A*		1,840		117,171
Liberty Media Corp-Liberty Formula One, Class C*(a)		5,704		403,843
Live Nation Entertainment, Inc.*(a)		4,941		397,701
Madison Square Garden Entertainment Corp.*(a)		7,137		373,194
Madison Square Garden Sports Corp., Class A		549		99,830
Netflix, Inc.*		12,078		4,273,921
ROBLOX Corp., Class A*		11,712		435,803
Roku, Inc.*(a)		3,128		179,860
Take-Two Interactive Software, Inc.*(a)		4,575		518,027
Walt Disney Co. (The)*		49,593		5,380,345
Warner Music Group Corp., Class A		3,477		126,737
World Wrestling Entertainment, Inc., Class A		1,288		108,991
				15,459,987
Equity Real Estate Investment Trusts (REITs) - 3.1%
Acadia Realty Trust(a)		10,431		161,993
Agree Realty Corp.(a)		5,152		384,494
Alexander & Baldwin, Inc.		3,128		62,623
Alexander’s, Inc.(a)		184		43,659
Alexandria Real Estate Equities, Inc.		4,392		705,970
American Assets Trust, Inc.		5,673		161,454
American Homes 4 Rent, Class A(a)		6,624		227,137
American Tower Corp.		12,444		2,779,865
Americold Realty Trust, Inc.(a)		6,039		189,685
Apartment Income REIT Corp.		6,954		266,060
Apple Hospitality REIT, Inc.(a)		6,771		120,050
Armada Hoffler Properties, Inc.		1,656		20,998
AvalonBay Communities, Inc.		3,477		616,959
Boston Properties, Inc.		3,496		260,592
Brandywine Realty Trust(a)		21,960		144,058
Brixmor Property Group, Inc.(a)		11,224		264,101
Broadstone Net Lease, Inc.		3,843		69,597
Camden Property Trust		3,294		405,854
CareTrust REIT, Inc.		7,728		160,124
CBL & Associates Properties, Inc.(a)		4,026		107,293
Chatham Lodging Trust(a)		7,544		107,200
City Office REIT, Inc.(a)		6,440		63,370
Community Healthcare Trust, Inc.(a)		3,477		149,094
Corporate Office Properties Trust		3,111		87,326
Cousins Properties, Inc.(a)		4,392		120,429
Crown Castle, Inc.		11,592		1,716,891
CubeSmart(a)		7,176		328,589
DiamondRock Hospitality Co.		18,945		182,440
Digital Realty Trust, Inc.(a)		8,418		964,871
Douglas Emmett, Inc.		3,660		61,305
Easterly Government Properties, Inc.(a)		10,065		163,456
EastGroup Properties, Inc.(a)		1,573		264,657

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Empire State Realty Trust, Inc., Class A(a)		36,417		303,718
EPR Properties(a)		5,520		234,490
Equinix, Inc.		2,392		1,765,607
Equity Commonwealth(a)		2,379		60,712
Equity LifeStyle Properties, Inc.		4,784		343,395
Equity Residential		7,869		500,862
Essential Properties Realty Trust, Inc.		8,648		220,351
Essex Property Trust, Inc.		1,464		330,966
Extra Space Storage, Inc.		3,312		522,733
Federal Realty Investment Trust		1,840		205,215
First Industrial Realty Trust, Inc.		7,728		412,289
Four Corners Property Trust, Inc.(a)		1,656		47,627
Gaming and Leisure Properties, Inc.		7,176		384,347
Getty Realty Corp.(a)		184		6,703
Gladstone Commercial Corp.(a)		6,222		105,712
Global Medical REIT, Inc.(a)		11,529		129,471
Healthpeak Properties, Inc.		16,836		462,653
Highwoods Properties, Inc.(a)		8,235		250,097
Host Hotels & Resorts, Inc.(a)		17,480		329,498
Hudson Pacific Properties, Inc.(a)		37,332		425,211
Independence Realty Trust, Inc.(a)		13,542		254,996
Innovative Industrial Properties, Inc.		1,840		165,195
InvenTrust Properties Corp.(a)		2,944		73,217
Invitation Homes, Inc.		13,984		454,480
Iron Mountain, Inc.(a)		7,360		401,709
iStar, Inc.(a)		8,784		81,515
JBG SMITH Properties		732		14,742
Kilroy Realty Corp.		7,320		300,413
Kimco Realty Corp.		19,504		438,060
Kite Realty Group Trust(a)		49,593		1,076,168
Lamar Advertising Co., Class A(a)		2,944		313,654
Life Storage, Inc.		2,760		298,190
LTC Properties, Inc.(a)		3,660		139,629
LXP Industrial Trust(a)		17,112		197,644
Macerich Co. (The)		52,338		719,124
Medical Properties Trust, Inc.(a)		12,810		165,889
Mid-America Apartment Communities, Inc.		2,944		490,824
National Health Investors, Inc.		732		43,064
National Retail Properties, Inc.		3,128		148,111
National Storage Affiliates Trust(a)		2,196		89,597
Necessity Retail REIT, Inc. (The)(a)		25,944		177,197
NETSTREIT Corp.(a)		6,240		125,611
NexPoint Residential Trust, Inc.		2,928		147,864
Office Properties Income Trust(a)		16,836		288,906
Omega Healthcare Investors, Inc.(a)		9,150		269,376
One Liberty Properties, Inc.(a)		4,209		101,479
Orion Office REIT, Inc.(a)		22,143		213,680
Outfront Media, Inc.(a)		9,333		185,727
Paramount Group, Inc.		21,960		141,642
Park Hotels & Resorts, Inc.		16,780		246,834
Pebblebrook Hotel Trust(a)		33,855		555,222
Phillips Edison & Co., Inc.(a)		3,477		116,549
Physicians Realty Trust(a)		7,503		118,998

Investments	Shares		Value ($)
Piedmont Office Realty Trust, Inc., Class A		15,189		161,003
Plymouth Industrial REIT, Inc.(a)		12,993		290,783
PotlatchDeltic Corp.		16,470		806,206
Prologis, Inc.		24,670		3,189,338
Public Storage		4,048		1,231,968
Rayonier, Inc.		8,832		321,396
Realty Income Corp.(a)		15,738		1,067,508
Regency Centers Corp.		2,944		196,159
Retail Opportunity Investments Corp.		4,048		64,080
Rexford Industrial Realty, Inc.(a)		4,968		315,319
RLJ Lodging Trust(a)		2,760		34,693
RPT Realty		9,200		96,416
Ryman Hospitality Properties, Inc.		3,496		324,743
Sabra Health Care REIT, Inc.(a)		4,941		66,703
SBA Communications Corp.		2,760		821,183
Service Properties Trust(a)		40,626		361,978
Simon Property Group, Inc.		8,052		1,034,360
SITE Centers Corp.		5,336		72,836
SL Green Realty Corp.		915		37,652
Spirit Realty Capital, Inc.(a)		8,464		371,400
STAG Industrial, Inc.(a)		11,346		403,918
STORE Capital Corp.		4,600		148,166
Summit Hotel Properties, Inc.		29,624		252,396
Sun Communities, Inc.		2,745		430,581
Sunstone Hotel Investors, Inc.(a)		9,200		101,108
Tanger Factory Outlet Centers, Inc.(a)		9,384		179,328
Terreno Realty Corp.(a)		4,232		272,668
UDR, Inc.(a)		10,248		436,462
UMH Properties, Inc.(a)		6,570		117,734
Uniti Group, Inc.(a)		67,710		446,209
Universal Health Realty Income Trust		4,392		240,725
Urban Edge Properties(a)		4,968		78,246
Urstadt Biddle Properties, Inc., Class A		5,336		100,210
Ventas, Inc.		10,980		568,874
VICI Properties, Inc.(a)		28,182		963,261
Vornado Realty Trust(a)		11,712		285,656
Welltower, Inc.(a)		12,993		974,995
Weyerhaeuser Co.		21,960		756,083
Whitestone REIT		3,294		34,291
WP Carey, Inc.(a)		5,152		440,651
Xenia Hotels & Resorts, Inc.(a)		10,329		153,902
				45,210,345
Food & Staples Retailing - 1.2%
Albertsons Cos., Inc., Class A		2,745		58,194
Andersons, Inc. (The)(a)		7,320		269,230
BJ’s Wholesale Club Holdings, Inc.*		4,497		325,897
Casey’s General Stores, Inc.(a)		1,281		302,201
Chefs’ Warehouse, Inc. (The)*(a)		3,843		146,918
Costco Wholesale Corp.		11,712		5,986,472
Fresh Market, Inc. (The)*‡(a)		9,856		—
Grocery Outlet Holding Corp.*(a)		3,128		95,060
Ingles Markets, Inc., Class A		1,464		139,080

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Kroger Co. (The)		22,692		1,012,744
Performance Food Group Co.*		4,026		246,874
PriceSmart, Inc.		368		27,346
SpartanNash Co.		4,239		134,291
Sprouts Farmers Market, Inc.*(a)		26,535		847,793
Sysco Corp.		13,248		1,026,190
United Natural Foods, Inc.*(a)		14,640		609,317
US Foods Holding Corp.*(a)		7,686		293,067
Walgreens Boots Alliance, Inc.(a)		21,960		809,446
Walmart, Inc.		37,332		5,370,955
Weis Markets, Inc.(a)		1,793		154,808
				17,855,883
Food Products - 1.1%
Archer-Daniels-Midland Co.		18,768		1,554,929
Benson Hill, Inc.*(a)		62,220		166,750
BRC, Inc., Class A*(a)		20,496		135,274
Bunge Ltd.		4,209		417,112
Calavo Growers, Inc.(a)		184		5,897
Cal-Maine Foods, Inc.(a)		7,320		418,850
Campbell Soup Co.		6,440		334,429
Conagra Brands, Inc.		16,192		602,180
Darling Ingredients, Inc.*(a)		4,784		317,131
Flowers Foods, Inc.(a)		12,144		336,267
Freshpet, Inc.*(a)		915		57,947
General Mills, Inc.		16,836		1,319,269
Hain Celestial Group, Inc. (The)*(a)		9,150		187,758
Hershey Co. (The)		3,680		826,528
Hormel Foods Corp.(a)		8,280		375,167
Hostess Brands, Inc.*		4,209		97,354
Ingredion, Inc.		14,904		1,532,131
J & J Snack Foods Corp.(a)		1,288		184,570
J M Smucker Co. (The)		3,294		503,323
John B Sanfilippo & Son, Inc.		1,464		123,723
Kellogg Co.		7,869		539,656
Kraft Heinz Co. (The)(a)		24,522		993,877
Lamb Weston Holdings, Inc.(a)		3,864		385,975
Lancaster Colony Corp.(a)		1,281		245,837
McCormick & Co., Inc. (Non-Voting)(a)		5,856		439,903
Mondelez International, Inc., Class A		37,149		2,431,031
Pilgrim’s Pride Corp.*		9,200		223,376
Post Holdings, Inc.*(a)		3,312		314,474
Seaboard Corp.		62		243,071
Simply Good Foods Co. (The)*(a)		2,576		93,509
Tootsie Roll Industries, Inc.(a)		2,562		114,598
TreeHouse Foods, Inc.*(a)		1,098		53,176
Tyson Foods, Inc., Class A		8,784		577,548
Utz Brands, Inc.(a)		7,912		131,814
				16,284,434
Gas Utilities - 0.2%
Atmos Energy Corp.(a)		3,312		389,293
Chesapeake Utilities Corp.(a)		552		69,596
National Fuel Gas Co.(a)		5,856		339,999
New Jersey Resources Corp.(a)		6,690		333,965
Northwest Natural Holding Co.		183		9,176
ONE Gas, Inc.(a)		3,680		303,085

Investments	Shares		Value ($)
South Jersey Industries, Inc.(a)		8,235		297,201
Southwest Gas Holdings, Inc.(a)		2,392		160,097
Spire, Inc.(a)		3,843		277,541
UGI Corp.		7,728		307,806
				2,487,759
Health Care Equipment & Supplies - 2.4%
Abbott Laboratories		47,031		5,199,277
Align Technology, Inc.*		1,647		444,245
Alphatec Holdings, Inc.*(a)		184		2,396
AngioDynamics, Inc.*		552		7,187
AtriCure, Inc.*(a)		4,026		174,245
Avanos Medical, Inc.*		1,104		33,827
Axonics, Inc.*(a)		2,944		180,762
Baxter International, Inc.		15,006		685,624
Becton Dickinson and Co.		7,686		1,938,563
Bioventus, Inc., Class A*(a)		2,760		5,410
Boston Scientific Corp.*		39,162		1,811,242
Cardiovascular Systems, Inc.*		8,418		117,347
Cerus Corp.*(a)		31,110		97,685
CONMED Corp.(a)		2,379		227,813
Cooper Cos., Inc. (The)(a)		1,288		449,422
Cue Health, Inc.*(a)		41,358		108,358
Dentsply Sirona, Inc.(a)		9,699		357,214
Dexcom, Inc.*		10,304		1,103,455
Edwards Lifesciences Corp.*		17,568		1,347,466
Embecta Corp.(a)		14,168		373,894
Enovis Corp.*(a)		9,882		622,093
Envista Holdings Corp.*(a)		6,624		258,270
Establishment Labs Holdings, Inc.*(a)		1,472		100,155
GE HealthCare Technologies, Inc.*		1		46
Glaukos Corp.*(a)		2,576		126,353
Globus Medical, Inc., Class A*(a)		4,416		333,408
Haemonetics Corp.*		2,944		249,062
Heska Corp.*(a)		1,647		147,308
Hologic, Inc.*		7,503		610,519
ICU Medical, Inc.*(a)		549		106,083
IDEXX Laboratories, Inc.*		2,196		1,055,178
Inari Medical, Inc.*(a)		2,024		115,469
Inogen, Inc.*		9,150		213,470
Inspire Medical Systems, Inc.*(a)		1,472		372,504
Insulet Corp.*(a)		1,656		475,802
Integer Holdings Corp.*(a)		920		60,545
Integra LifeSciences Holdings Corp.*(a)		2,196		125,831
Intuitive Surgical, Inc.*		9,699		2,382,947
iRhythm Technologies, Inc.*		732		71,956
Lantheus Holdings, Inc.*		4,479		257,543
LeMaitre Vascular, Inc.(a)		184		8,681
LivaNova plc*		3,128		175,794
Masimo Corp.*		2,944		500,716
Medtronic plc		45,201		3,782,872
Merit Medical Systems, Inc.*		1,830		130,571
Neogen Corp.*(a)		5,490		117,541
Nevro Corp.*(a)		2,024		74,321
Novocure Ltd.*(a)		2,576		234,880
NuVasive, Inc.*		2,944		134,246
Omnicell, Inc.*(a)		1,098		60,906

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
OrthoPediatrics Corp.*(a)		2,745		129,372
Penumbra, Inc.*(a)		2,196		549,900
PROCEPT BioRobotics Corp.*(a)		1,840		71,558
Pulmonx Corp.*(a)		14,274		126,896
QuidelOrtho Corp.*(a)		12,261		1,049,664
ResMed, Inc.		3,680		840,402
Senseonics Holdings, Inc.*(a)		83,997		94,917
Shockwave Medical, Inc.*(a)		1,281		240,738
Silk Road Medical, Inc.*		2,760		150,034
STAAR Surgical Co.*(a)		2,208		155,774
STERIS plc(a)		2,944		607,965
Stryker Corp.		8,967		2,275,914
Surmodics, Inc.*		184		5,172
Tandem Diabetes Care, Inc.*		1,464		59,643
Teleflex, Inc.(a)		1,472		358,314
TransMedics Group, Inc.*(a)		1,472		92,765
Treace Medical Concepts, Inc.*(a)		2,576		59,480
Zimmer Biomet Holdings, Inc.		6,072		773,208
				35,212,218
Health Care Providers & Services - 2.9%
23andMe Holding Co.*(a)		42,456		106,140
Acadia Healthcare Co., Inc.*(a)		3,294		276,762
Accolade, Inc.*(a)		19,215		224,239
Addus HomeCare Corp.*(a)		1,098		118,057
Agiliti, Inc.*(a)		368		6,790
agilon health, Inc.*(a)		549		11,946
Amedisys, Inc.*(a)		732		70,755
AmerisourceBergen Corp.		5,336		901,571
AMN Healthcare Services, Inc.*(a)		9,936		952,266
Brookdale Senior Living, Inc.*(a)		53,541		154,198
Cardinal Health, Inc.		9,752		753,342
CareMax, Inc.*		34,221		160,496
Centene Corp.*		19,398		1,478,904
Chemed Corp.		368		185,892
Cigna Corp.		10,248		3,245,234
Community Health Systems, Inc.*(a)		26,680		139,270
Cross Country Healthcare, Inc.*(a)		7,912		219,558
CVS Health Corp.		42,822		3,777,757
DaVita, Inc.*(a)		2,562		211,083
Elevance Health, Inc.		7,912		3,955,921
Encompass Health Corp.(a)		3,843		239,995
Enhabit, Inc.*(a)		13,542		208,005
Ensign Group, Inc. (The)		2,013		187,712
Fulgent Genetics, Inc.*(a)		2,013		67,999
GeneDx Holdings Corp.*(a)		316,407		134,410
Guardant Health, Inc.*(a)		3,294		103,530
HCA Healthcare, Inc.		5,856		1,493,690
HealthEquity, Inc.*		4,048		246,321
Henry Schein, Inc.*(a)		4,600		396,290
Humana, Inc.		3,477		1,779,181
Innovage Holding Corp.*(a)		184		1,378
Invitae Corp.*(a)		69,357		163,683
Laboratory Corp. of America Holdings		3,128		788,631
McKesson Corp.(a)		4,758		1,801,759
ModivCare, Inc.*		368		39,472
Molina Healthcare, Inc.*		1,647		513,584

Investments	Shares		Value ($)
National Research Corp.(a)		2,392		111,037
Oak Street Health, Inc.*(a)		9,150		265,899
OPKO Health, Inc.*(a)		29,097		37,535
Option Care Health, Inc.*		9,936		286,852
Owens & Minor, Inc.*(a)		13,542		267,319
Patterson Cos., Inc.(a)		20,056		605,491
Premier, Inc., Class A		27,816		927,942
Progyny, Inc.*		1,098		37,760
Quest Diagnostics, Inc.(a)		4,232		628,367
R1 RCM, Inc.*(a)		4,232		60,560
RadNet, Inc.*(a)		1,104		23,239
Select Medical Holdings Corp.(a)		1,830		53,198
Signify Health, Inc., Class A*		549		15,625
Surgery Partners, Inc.*(a)		3,496		116,067
Tenet Healthcare Corp.*(a)		25,437		1,395,219
UnitedHealth Group, Inc.		25,071		12,515,192
Universal Health Services, Inc., Class B		2,013		298,347
US Physical Therapy, Inc.(a)		184		18,244
				42,779,714
Health Care Technology - 0.2%
Certara, Inc.*(a)		366		7,100
Computer Programs & Systems, Inc.*(a)		3,312		97,306
Definitive Healthcare Corp.*(a)		6,405		79,294
Doximity, Inc., Class A*(a)		7,869		277,540
Evolent Health, Inc., Class A*(a)		6,222		200,473
GoodRx Holdings, Inc., Class A*(a)		18,849		105,366
Health Catalyst, Inc.*(a)		20,130		279,807
HealthStream, Inc.*		184		4,449
NextGen Healthcare, Inc.*(a)		552		10,499
Phreesia, Inc.*(a)		4,941		185,238
Sharecare, Inc.*(a)		42,639		108,303
Teladoc Health, Inc.*(a)		5,124		150,646
Veeva Systems, Inc., Class A*		3,294		561,792
Veradigm, Inc.*(a)		10,157		181,912
				2,249,725
Hotels, Restaurants & Leisure - 2.2%
Airbnb, Inc., Class A*(a)		10,304		1,144,877
Aramark		6,256		278,580
Bally’s Corp.*(a)		4,941		98,178
BJ’s Restaurants, Inc.*(a)		2,208		69,707
Bloomin’ Brands, Inc.(a)		18,584		450,662
Booking Holdings, Inc.*		1,043		2,538,766
Boyd Gaming Corp.		4,232		263,696
Brinker International, Inc.*		8,235		324,953
Caesars Entertainment, Inc.*(a)		8,601		447,768
Carnival Corp.*(a)		23,973		259,388
Cheesecake Factory, Inc. (The)(a)		3,294		129,289
Chipotle Mexican Grill, Inc.*		736		1,211,736
Choice Hotels International, Inc.(a)		1,104		135,671
Churchill Downs, Inc.(a)		920		228,252
Cracker Barrel Old Country Store, Inc.(a)		366		40,838
Darden Restaurants, Inc.		2,944		435,624
Dave & Buster’s Entertainment, Inc.*(a)		4,026		174,527

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Denny’s Corp.*(a)		1,656		19,905
Dine Brands Global, Inc.(a)		1,464		113,182
Domino’s Pizza, Inc.(a)		732		258,396
DraftKings, Inc., Class A*(a)		16,836		252,372
Everi Holdings, Inc.*		8,280		143,824
Expedia Group, Inc.*		5,673		648,424
Hilton Grand Vacations, Inc.*(a)		19,320		914,995
Hilton Worldwide Holdings, Inc.		6,808		987,773
Hyatt Hotels Corp., Class A*(a)		3,111		339,472
Jack in the Box, Inc.(a)		368		27,961
Las Vegas Sands Corp.*		7,137		421,083
Life Time Group Holdings, Inc.*(a)		9,016		169,411
Light & Wonder, Inc.*		21,045		1,373,186
Marriott International, Inc., Class A		7,176		1,249,916
Marriott Vacations Worldwide Corp.		2,379		380,735
McDonald’s Corp.		19,504		5,215,370
MGM Resorts International		10,626		440,023
Norwegian Cruise Line Holdings Ltd.*(a)		10,980		167,006
Papa John’s International, Inc.(a)		2,208		198,035
Penn Entertainment, Inc.*(a)		37,533		1,330,545
Planet Fitness, Inc., Class A*		4,209		356,292
Red Rock Resorts, Inc., Class A(a)		2,208		99,382
Royal Caribbean Cruises Ltd.*(a)		7,503		487,245
Ruth’s Hospitality Group, Inc.		5,520		95,551
SeaWorld Entertainment, Inc.*(a)		3,477		216,930
Shake Shack, Inc., Class A*		732		41,636
Six Flags Entertainment Corp.*(a)		19,947		535,577
Starbucks Corp.		30,012		3,275,510
Sweetgreen, Inc., Class A*(a)		9,882		102,476
Texas Roadhouse, Inc.(a)		4,209		422,710
Travel + Leisure Co.(a)		17,019		721,095
Vacasa, Inc., Class A*(a)		75,762		132,583
Vail Resorts, Inc.(a)		1,104		289,623
Wendy’s Co. (The)		12,078		269,339
Wingstop, Inc.(a)		2,024		320,743
Wyndham Hotels & Resorts, Inc.		3,496		270,975
Wynn Resorts Ltd.*		3,294		341,390
Yum! Brands, Inc.		8,052		1,050,866
				31,914,049
Household Durables - 1.3%
Cavco Industries, Inc.*(a)		1,647		438,267
Century Communities, Inc.(a)		7,728		472,954
Cricut, Inc., Class A(a)		736		7,205
DR Horton, Inc.		10,488		1,035,061
Ethan Allen Interiors, Inc.(a)		4,600		132,204
Garmin Ltd.		4,416		436,654
GoPro, Inc., Class A*(a)		13,725		84,409
Green Brick Partners, Inc.*(a)		8,648		269,818
Helen of Troy Ltd.*(a)		6,222		703,770
Installed Building Products, Inc.(a)		736		81,026
iRobot Corp.*(a)		1,472		66,240
KB Home(a)		20,608		792,378
La-Z-Boy, Inc.(a)		8,464		240,631
Leggett & Platt, Inc.(a)		27,816		1,016,953
Lennar Corp., Class A		8,784		899,482
Lennar Corp., Class B		552		47,671

Investments	Shares		Value ($)
LGI Homes, Inc.*(a)		5,336		607,504
M/I Homes, Inc.*(a)		7,728		462,134
MDC Holdings, Inc.(a)		13,248		500,244
Meritage Homes Corp.*(a)		8,832		951,118
Mohawk Industries, Inc.*		12,261		1,472,056
Newell Brands, Inc.(a)		87,840		1,401,926
NVR, Inc.*		104		548,080
PulteGroup, Inc.		8,967		510,133
Skyline Champion Corp.*		10,614		625,695
Snap One Holdings Corp.*(a)		11,163		107,053
Sonos, Inc.*(a)		1,830		33,745
Taylor Morrison Home Corp., Class A*(a)		27,450		982,710
Tempur Sealy International, Inc.(a)		39,925		1,626,944
Toll Brothers, Inc.		22,509		1,339,060
TopBuild Corp.*(a)		1,098		219,666
Tri Pointe Homes, Inc.*		27,084		598,285
Whirlpool Corp.(a)		2,208		343,543
				19,054,619
Household Products - 0.9%
Central Garden & Pet Co.*		1,656		69,453
Central Garden & Pet Co., Class A*		10,120		401,055
Church & Dwight Co., Inc.		5,490		443,921
Clorox Co. (The)(a)		2,745		397,174
Colgate-Palmolive Co.		21,594		1,609,401
Energizer Holdings, Inc.(a)		12,627		468,462
Kimberly-Clark Corp.		8,601		1,118,216
Procter & Gamble Co. (The)		63,135		8,989,161
Reynolds Consumer Products, Inc.(a)		366		10,896
Spectrum Brands Holdings, Inc.		3,294		223,597
WD-40 Co.(a)		366		63,882
				13,795,218
Independent Power and Renewable Electricity Producers - 0.1%
AES Corp. (The)		19,136		524,518
Clearway Energy, Inc., Class A(a)		5,307		170,089
Clearway Energy, Inc., Class C		19,398		655,459
Ormat Technologies, Inc.(a)		1,647		152,430
Sunnova Energy International, Inc.*(a)		5,336		103,945
Vistra Corp.		15,687		361,742
				1,968,183
Industrial Conglomerates - 0.5%
3M Co.		17,751		2,042,785
General Electric Co.		28,336		2,280,481
Honeywell International, Inc.		18,032		3,759,312
				8,082,578
Insurance - 2.6%
Aflac, Inc.		19,947		1,466,105
Allstate Corp. (The)		7,686		987,420
American Equity Investment Life Holding Co.		17,832		849,695
American Financial Group, Inc.(a)		2,760		393,548
American International Group, Inc.		25,024		1,582,017
AMERISAFE, Inc.		368		20,269
Aon plc, Class A		5,520		1,759,114
Arch Capital Group Ltd.*		13,542		871,428

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Argo Group International Holdings Ltd.		366		10,160
Arthur J Gallagher & Co.		5,307		1,038,686
Assurant, Inc.		2,208		292,759
Assured Guaranty Ltd.		4,209		263,483
Axis Capital Holdings Ltd.		16,560		1,036,159
Bright Health Group, Inc.*(a)		146,400		129,813
Brighthouse Financial, Inc.*(a)		17,202		967,957
Brown & Brown, Inc.		6,072		355,576
BRP Group, Inc., Class A*(a)		1,656		47,444
Chubb Ltd.		13,908		3,163,931
Cincinnati Financial Corp.(a)		4,048		458,031
CNO Financial Group, Inc.(a)		29,467		759,070
Employers Holdings, Inc.		736		32,288
Enstar Group Ltd.*		549		133,023
Erie Indemnity Co., Class A		366		89,432
Everest Re Group Ltd.		1,104		386,058
Fidelity National Financial, Inc.		10,672		469,888
First American Financial Corp.(a)		23,368		1,445,778
Globe Life, Inc.		2,576		311,310
Goosehead Insurance, Inc., Class A*(a)		3,111		121,485
Hagerty, Inc., Class A*(a)		6,256		60,120
Hanover Insurance Group, Inc. (The)		2,196		295,538
Hartford Financial Services Group, Inc. (The)		11,529		894,766
Horace Mann Educators Corp.		549		19,550
Kemper Corp.(a)		13,064		767,249
Kinsale Capital Group, Inc.(a)		732		203,818
Lincoln National Corp.		2,562		90,772
Loews Corp.		7,728		475,118
Markel Corp.*		549		773,530
Marsh & McLennan Cos., Inc.		13,542		2,368,631
MBIA, Inc.*		6,440		83,784
Mercury General Corp.		3,660		130,772
MetLife, Inc.		22,875		1,670,333
National Western Life Group, Inc., Class A(a)		368		101,862
Old Republic International Corp.		12,328		325,336
Primerica, Inc.(a)		1,464		236,802
Principal Financial Group, Inc.(a)		8,418		779,086
ProAssurance Corp.(a)		1,656		32,110
Progressive Corp. (The)		15,921		2,170,828
Prudential Financial, Inc.		12,144		1,274,391
Reinsurance Group of America, Inc.		1,647		249,965
RenaissanceRe Holdings Ltd.(a)		2,562		501,358
RLI Corp.(a)		1,464		193,907
Ryan Specialty Holdings, Inc., Class A*(a)		2,745		116,992
Safety Insurance Group, Inc.(a)		1,647		138,990
Selective Insurance Group, Inc.(a)		3,843		365,085
SiriusPoint Ltd.*		14,904		113,121
Stewart Information Services Corp.		6,808		325,218
Travelers Cos., Inc. (The)		8,052		1,538,898
Trupanion, Inc.*(a)		549		32,402
Unum Group		6,222		261,511
W R Berkley Corp.		4,968		348,456

Investments	Shares		Value ($)
White Mountains Insurance Group Ltd.(a)		549		838,850
Willis Towers Watson plc		2,944		748,335
				37,969,411
Interactive Media & Services - 3.0%
Alphabet, Inc., Class A*		161,040		15,917,194
Alphabet, Inc., Class C*		142,923		14,273,720
Bumble, Inc., Class A*(a)		549		14,137
Cars.com, Inc.*(a)		8,464		144,734
fuboTV, Inc.*(a)		10,614		27,278
IAC, Inc.*		19,581		1,106,326
Match Group, Inc.*(a)		5,673		307,023
MediaAlpha, Inc., Class A*(a)		2,576		35,935
Meta Platforms, Inc., Class A*		75,396		11,231,742
Nextdoor Holdings, Inc.*(a)		46,299		113,896
Pinterest, Inc., Class A*		12,261		322,342
QuinStreet, Inc.*(a)		1,656		25,386
Snap, Inc., Class A*(a)		18,117		209,433
TripAdvisor, Inc.*(a)		6,072		141,478
Vimeo, Inc.*		58,560		265,862
Yelp, Inc.*		4,941		155,691
Ziff Davis, Inc.*		2,379		212,873
ZipRecruiter, Inc., Class A*(a)		7,686		150,953
ZoomInfo Technologies, Inc., Class A*(a)		4,575		129,152
				44,785,155
Internet & Direct Marketing Retail - 2.1%
Amazon.com, Inc.*		238,998		24,647,864
Chewy, Inc., Class A*(a)		5,520		248,731
Coupang, Inc.*		36,600		618,174
DoorDash, Inc., Class A*(a)		5,673		328,580
eBay, Inc.		18,666		923,967
Etsy, Inc.*		3,660		503,543
Liquidity Services, Inc.*		552		8,274
MercadoLibre, Inc.*		1,281		1,513,745
PetMed Express, Inc.(a)		1,472		31,619
Qurate Retail, Inc., Series A*(a)		35,502		91,595
Revolve Group, Inc.*		4,209		120,125
Wayfair, Inc., Class A*(a)		19,764		1,195,722
				30,231,939
IT Services - 3.6%
Accenture plc, Class A		17,019		4,749,152
Affirm Holdings, Inc.*(a)		3,660		59,255
Akamai Technologies, Inc.*(a)		3,680		327,336
Automatic Data Processing, Inc.		11,163		2,520,717
AvidXchange Holdings, Inc.*		15,738		175,007
Block, Inc., Class A*		13,176		1,076,743
Broadridge Financial Solutions, Inc.		2,562		385,222
Cloudflare, Inc., Class A*(a)		6,624		350,476
Cognizant Technology Solutions Corp., Class A		17,385		1,160,449
Concentrix Corp.		1,647		233,561
Conduent, Inc.*		47,653		227,305
CSG Systems International, Inc.(a)		2,944		175,668
Cyxtera Technologies, Inc.*(a)		45,567		146,726
DigitalOcean Holdings, Inc.*(a)		183		5,371
DXC Technology Co.*(a)		10,065		289,167

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Edgio, Inc.*		3,680		5,778
EPAM Systems, Inc.*(a)		1,464		487,000
Euronet Worldwide, Inc.*		1,464		164,963
EVERTEC, Inc.(a)		5,490		202,801
Evo Payments, Inc., Class A*		1,288		43,624
ExlService Holdings, Inc.*(a)		1,281		218,539
Fidelity National Information Services, Inc.		18,666		1,400,697
Fiserv, Inc.*		20,313		2,166,991
FleetCor Technologies, Inc.*		1,647		343,910
Flywire Corp.*(a)		6,771		182,614
Gartner, Inc.*		2,196		742,555
Genpact Ltd.(a)		3,864		182,690
Global Payments, Inc.		8,235		928,249
GoDaddy, Inc., Class A*		4,232		347,574
Grid Dynamics Holdings, Inc.*		8,052		100,811
International Business Machines Corp.		29,646		3,994,206
International Money Express, Inc.*		2,576		58,630
Jack Henry & Associates, Inc.(a)		2,024		364,502
Kyndryl Holdings, Inc.*(a)		51,972		695,905
Marqeta, Inc., Class A*(a)		9,882		65,518
Mastercard, Inc., Class A		22,692		8,409,655
Maximus, Inc.(a)		3,843		287,648
MongoDB, Inc.*		1,656		354,732
Okta, Inc.*		3,496		257,340
Paya Holdings, Inc.*		184		1,788
Paychex, Inc.		8,280		959,321
PayPal Holdings, Inc.*		29,463		2,400,940
Perficient, Inc.*		2,562		189,947
Remitly Global, Inc.*(a)		12,810		154,489
Repay Holdings Corp.*(a)		23,973		233,497
Sabre Corp.*(a)		61,854		421,226
Shift4 Payments, Inc., Class A*(a)		1,098		70,316
Snowflake, Inc., Class A*(a)		7,137		1,116,512
Squarespace, Inc., Class A*		1,840		43,645
SS&C Technologies Holdings, Inc.		5,704		344,236
Thoughtworks Holding, Inc.*(a)		11,895		128,466
Toast, Inc., Class A*(a)		10,431		232,716
TTEC Holdings, Inc.		2,745		139,556
Tucows, Inc., Class A*(a)		184		6,103
Twilio, Inc., Class A*		7,503		448,979
VeriSign, Inc.*		2,576		561,697
Verra Mobility Corp.*(a)		11,040		170,347
Visa, Inc., Class A(a)		43,554		10,026,566
Western Union Co. (The)(a)		88,755		1,257,658
WEX, Inc.*(a)		1,647		304,646
				53,101,738
Leisure Products - 0.3%
Acushnet Holdings Corp.(a)		1,104		51,833
Brunswick Corp.		17,112		1,443,055
Hasbro, Inc.(a)		5,673		335,672
Johnson Outdoors, Inc., Class A(a)		2,379		162,866
Latham Group, Inc.*		30,561		134,468
Malibu Boats, Inc., Class A*		4,048		245,268
MasterCraft Boat Holdings, Inc.*		3,111		89,472
Mattel, Inc.*(a)		6,954		142,279

Investments	Shares		Value ($)
Peloton Interactive, Inc., Class A*(a)		10,797		139,605
Polaris, Inc.(a)		11,895		1,366,022
Smith & Wesson Brands, Inc.		8,280		91,742
Sturm Ruger & Co., Inc.(a)		183		10,413
Topgolf Callaway Brands Corp.*(a)		5,152		126,173
Vista Outdoor, Inc.*(a)		11,776		345,626
YETI Holdings, Inc.*(a)		4,575		204,777
				4,889,271
Life Sciences Tools & Services - 1.4%
10X Genomics, Inc., Class A*(a)		2,379		111,409
AbCellera Biologics, Inc.*(a)		14,536		153,064
Agilent Technologies, Inc.		7,912		1,203,257
Avantor, Inc.*		21,960		524,844
Azenta, Inc.*(a)		2,379		132,986
Bionano Genomics, Inc.*(a)		16,008		28,974
Bio-Rad Laboratories, Inc., Class A*		732		342,181
Bio-Techne Corp.(a)		5,124		408,178
Bruker Corp.(a)		2,576		180,629
Charles River Laboratories International, Inc.*(a)		1,288		313,306
CryoPort, Inc.*(a)		1,656		37,806
Danaher Corp.		17,568		4,644,628
Illumina, Inc.*		3,843		823,171
IQVIA Holdings, Inc.*		5,307		1,217,479
Medpace Holdings, Inc.*(a)		1,104		244,061
Mettler-Toledo International, Inc.*		552		846,172
NeoGenomics, Inc.*(a)		3,496		41,532
Pacific Biosciences of California, Inc.*(a)		1,647		18,265
PerkinElmer, Inc.		3,843		528,528
Repligen Corp.*		1,472		272,762
Seer, Inc.*(a)		15,189		69,110
Sotera Health Co.*(a)		26,169		451,153
Syneos Health, Inc.*(a)		25,803		926,844
Thermo Fisher Scientific, Inc.		10,431		5,949,112
Waters Corp.*		1,656		544,128
West Pharmaceutical Services, Inc.		2,196		583,258
				20,596,837
Machinery - 2.1%
AGCO Corp.		2,576		355,823
Alamo Group, Inc.		368		57,581
Albany International Corp., Class A		2,208		247,627
Allison Transmission Holdings, Inc.(a)		19,581		882,712
Altra Industrial Motion Corp.		4,575		279,395
Astec Industries, Inc.		1,656		73,096
Barnes Group, Inc.(a)		1,472		65,151
Caterpillar, Inc.		14,274		3,601,188
Chart Industries, Inc.*(a)		1,647		220,665
CIRCOR International, Inc.*		2,576		71,226
Columbus McKinnon Corp.		552		19,844
Crane Holdings Co.		3,111		360,596
Cummins, Inc.		4,600		1,147,884
Deere & Co.		7,503		3,172,569
Desktop Metal, Inc., Class A*(a)		99,735		167,555
Donaldson Co., Inc.		7,544		470,368

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Douglas Dynamics, Inc.		368		14,871
Dover Corp.		3,680		558,734
Energy Recovery, Inc.*		183		4,050
Enerpac Tool Group Corp.		5,152		136,734
EnPro Industries, Inc.(a)		1,288		155,938
Esab Corp.(a)		10,614		613,595
Evoqua Water Technologies Corp.*(a)		5,520		267,775
Federal Signal Corp.(a)		1,840		97,980
Flowserve Corp.(a)		7,360		253,331
Fortive Corp.		8,832		600,841
Franklin Electric Co., Inc.		1,281		115,674
Gates Industrial Corp. plc*		17,480		230,911
Gorman-Rupp Co. (The)		1,656		47,577
Graco, Inc.(a)		5,546		378,903
Greenbrier Cos., Inc. (The)(a)		7,320		226,334
Helios Technologies, Inc.(a)		3,111		205,326
Hillenbrand, Inc.		16,928		793,246
IDEX Corp.		2,196		526,337
Illinois Tool Works, Inc.		7,728		1,824,117
Ingersoll Rand, Inc.		9,200		515,200
ITT, Inc.(a)		4,784		438,167
John Bean Technologies Corp.(a)		1,472		164,467
Kadant, Inc.(a)		368		74,987
Kennametal, Inc.(a)		5,152		146,832
Lincoln Electric Holdings, Inc.(a)		2,013		335,909
Lindsay Corp.		368		57,636
Luxfer Holdings plc		6,405		106,003
Middleby Corp. (The)*(a)		1,840		286,028
Mueller Industries, Inc.(a)		13,893		910,686
Mueller Water Products, Inc., Class A		5,336		67,501
Nordson Corp.		1,288		313,370
Oshkosh Corp.(a)		14,904		1,502,025
Otis Worldwide Corp.		11,224		922,950
PACCAR, Inc.		10,797		1,180,220
Parker-Hannifin Corp.		3,312		1,079,712
Pentair plc		4,941		273,633
RBC Bearings, Inc.*(a)		1,098		267,879
REV Group, Inc.		6,992		89,568
Shyft Group, Inc. (The)		4,941		164,486
Snap-on, Inc.(a)		1,656		411,897
SPX Technologies, Inc.*(a)		1,472		110,415
Standex International Corp.		184		21,265
Stanley Black & Decker, Inc.		3,843		343,218
Tennant Co.		2,196		154,006
Terex Corp.(a)		14,536		740,900
Timken Co. (The)(a)		4,392		361,681
Titan International, Inc.*		11,712		195,473
Toro Co. (The)(a)		3,312		369,354
Trinity Industries, Inc.		2,944		84,699
Wabash National Corp.		8,784		226,276
Watts Water Technologies, Inc., Class A(a)		920		150,438
Westinghouse Air Brake Technologies Corp.		4,968		515,728
Xylem, Inc.		5,336		554,997
				31,383,160

Investments	Shares		Value ($)
Marine - 0.1%
Eagle Bulk Shipping, Inc.(a)		1,098		62,893
Genco Shipping & Trading Ltd.(a)		5,704		103,471
Kirby Corp.*		4,209		297,913
Matson, Inc.(a)		7,320		483,998
				948,275
Media - 1.2%
Altice USA, Inc., Class A*(a)		28,548		139,885
AMC Networks, Inc., Class A*(a)		10,248		189,690
Cable One, Inc.		366		289,096
Charter Communications, Inc., Class A*(a)		3,660		1,406,575
Clear Channel Outdoor Holdings, Inc.*(a)		29,097		55,575
Comcast Corp., Class A		145,485		5,724,835
DISH Network Corp., Class A*(a)		61,488		884,812
EW Scripps Co. (The), Class A*		14,536		217,313
Fox Corp., Class A		12,078		409,927
Fox Corp., Class B		2,013		63,812
Gray Television, Inc.(a)		12,444		161,274
iHeartMedia, Inc., Class A*(a)		12,993		100,696
Integral Ad Science Holding Corp.*		10,797		110,993
Interpublic Group of Cos., Inc. (The)		11,224		409,227
John Wiley & Sons, Inc., Class A(a)		7,869		360,400
Liberty Broadband Corp., Class A*		1,464		131,204
Liberty Broadband Corp., Class C*(a)		4,575		410,743
Liberty Media Corp-Liberty SiriusXM, Class A*		2,024		82,215
Liberty Media Corp-Liberty SiriusXM, Class C*		4,784		192,795
Magnite, Inc.*(a)		29,808		360,081
New York Times Co. (The), Class A(a)		9,936		346,170
News Corp., Class A		9,568		193,848
News Corp., Class B(a)		3,128		63,936
Nexstar Media Group, Inc., Class A(a)		8,967		1,836,173
Omnicom Group, Inc.		6,992		601,242
Paramount Global, Class A(a)		4,026		107,293
Paramount Global, Class B(a)		12,627		292,441
PubMatic, Inc., Class A*(a)		8,235		126,243
Scholastic Corp.(a)		736		32,561
Sinclair Broadcast Group, Inc., Class A(a)		5,124		105,708
Sirius XM Holdings, Inc.(a)		30,142		174,522
Stagwell, Inc.*		25,986		182,422
TechTarget, Inc.*(a)		1,104		54,681
TEGNA, Inc.		51,333		1,023,067
Thryv Holdings, Inc.*(a)		4,026		90,062
Trade Desk, Inc. (The), Class A*		11,224		569,057
WideOpenWest, Inc.*(a)		6,624		76,110
				17,576,684
Metals & Mining - 0.9%
Alcoa Corp.(a)		7,176		374,874

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Alpha Metallurgical Resources, Inc.(a)		3,496		562,611
Arconic Corp.*(a)		19,581		460,349
ATI, Inc.*(a)		9,150		332,969
Carpenter Technology Corp.(a)		4,392		212,090
Century Aluminum Co.*(a)		9,936		111,681
Cleveland-Cliffs, Inc.*(a)		18,768		400,697
Coeur Mining, Inc.*(a)		6,808		26,483
Commercial Metals Co.		28,548		1,549,300
Compass Minerals International, Inc.(a)		920		42,927
Freeport-McMoRan, Inc.		48,312		2,155,681
Hecla Mining Co.(a)		14,720		90,822
Kaiser Aluminum Corp.		1,288		112,726
Materion Corp.(a)		552		49,818
MP Materials Corp.*(a)		2,013		65,443
Newmont Corp.		19,581		1,036,422
Nucor Corp.		9,016		1,523,884
Piedmont Lithium, Inc.*(a)		3,312		227,336
Reliance Steel & Aluminum Co.		2,196		499,480
Royal Gold, Inc.(a)		3,660		464,930
Ryerson Holding Corp.		2,013		76,836
Schnitzer Steel Industries, Inc., Class A		3,477		117,662
Southern Copper Corp.(a)		1,840		138,386
Steel Dynamics, Inc.(a)		6,222		750,622
SunCoke Energy, Inc.		10,065		91,692
TimkenSteel Corp.*(a)		9,200		180,964
United States Steel Corp.(a)		50,142		1,428,546
Warrior Met Coal, Inc.(a)		9,752		369,406
Worthington Industries, Inc.(a)		8,052		457,917
				13,912,554
Mortgage Real Estate Investment Trusts (REITs) - 0.7%
AGNC Investment Corp.(a)		138,897		1,611,205
Annaly Capital Management, Inc.(a)		14,274		335,011
Apollo Commercial Real Estate Finance, Inc.(a)		22,326		271,707
Arbor Realty Trust, Inc.(a)		37,533		560,368
Ares Commercial Real Estate Corp.(a)		19,581		240,455
ARMOUR Residential REIT, Inc.(a)		44,286		278,116
Blackstone Mortgage Trust, Inc., Class A(a)		39,345		937,985
BrightSpire Capital, Inc.(a)		34,038		259,370
Broadmark Realty Capital, Inc.(a)		18,666		81,757
Chimera Investment Corp.(a)		39,711		289,493
Claros Mortgage Trust, Inc.(a)		25,803		431,942
Dynex Capital, Inc.(a)		16,470		237,333
Ellington Financial, Inc.(a)		15,824		217,264
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(a)		2,013		74,300
Invesco Mortgage Capital, Inc.(a)		1,648		24,203
KKR Real Estate Finance Trust, Inc.(a)		7,686		122,438
Ladder Capital Corp.(a)		33,672		377,126
MFA Financial, Inc.		19,688		234,090

Investments	Shares		Value ($)
New York Mortgage Trust, Inc.(a)		57,279		178,710
PennyMac Mortgage Investment Trust(a)		25,986		396,287
Ready Capital Corp.(a)		28,731		380,111
Redwood Trust, Inc.(a)		22,692		189,705
Rithm Capital Corp.(a)		98,637		928,174
Starwood Property Trust, Inc.(a)		68,442		1,429,753
TPG RE Finance Trust, Inc.		24,339		211,993
Two Harbors Investment Corp.		14,640		262,642
				10,561,538
Multiline Retail - 0.6%
Big Lots, Inc.(a)		11,529		188,614
Dillard’s, Inc., Class A(a)		549		215,927
Dollar General Corp.		6,222		1,453,459
Dollar Tree, Inc.*(a)		6,066		910,992
Franchise Group, Inc.(a)		2,928		90,446
Kohl’s Corp.(a)		26,718		864,862
Macy’s, Inc.		59,658		1,409,719
Nordstrom, Inc.(a)		20,862		407,643
Ollie’s Bargain Outlet Holdings, Inc.*(a)		3,312		181,365
Target Corp.(a)		14,904		2,565,575
				8,288,602
Multi-Utilities - 0.6%
Ameren Corp.		6,440		559,443
Avista Corp.		2,760		110,124
Black Hills Corp.(a)		4,367		316,084
CenterPoint Energy, Inc.(a)		18,666		562,220
CMS Energy Corp.		8,096		511,586
Consolidated Edison, Inc.		10,248		976,737
Dominion Energy, Inc.		27,816		1,770,210
DTE Energy Co.		5,673		660,167
NiSource, Inc.		13,089		363,220
NorthWestern Corp.(a)		4,209		239,071
Public Service Enterprise Group, Inc.		14,091		872,656
Sempra Energy		10,065		1,613,721
Unitil Corp.		2,196		114,565
WEC Energy Group, Inc.		8,464		795,531
				9,465,335
Oil, Gas & Consumable Fuels - 5.0%
Antero Midstream Corp.(a)		78,010		850,309
Antero Resources Corp.*(a)		10,797		311,385
APA Corp.		12,261		543,530
Arch Resources, Inc.		4,232		626,421
Berry Corp.		12,696		116,803
California Resources Corp.(a)		15,372		656,846
Callon Petroleum Co.*(a)		10,672		454,094
Cheniere Energy, Inc.		8,280		1,265,101
Chesapeake Energy Corp.(a)		3,882		336,647
Chevron Corp.		59,292		10,317,994
Chord Energy Corp.(a)		8,967		1,285,240
Civitas Resources, Inc.		12,627		840,332
Clean Energy Fuels Corp.*(a)		3,128		17,705
CNX Resources Corp.*(a)		46,116		771,521
Comstock Resources, Inc.(a)		17,664		214,618
ConocoPhillips		42,133		5,134,749
CONSOL Energy, Inc.		6,405		370,401

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Coterra Energy, Inc.(a)		26,681		667,824
Crescent Energy Co., Class A(a)		2,760		33,286
CVR Energy, Inc.(a)		8,601		285,553
Delek US Holdings, Inc.		12,810		342,796
Denbury, Inc.*		3,477		301,734
Devon Energy Corp.(a)		20,496		1,296,167
Diamondback Energy, Inc.		6,256		914,127
Dorian LPG Ltd.(a)		8,280		164,358
DT Midstream, Inc.(a)		6,405		350,097
Earthstone Energy, Inc., Class A*(a)		6,256		86,958
Enviva, Inc.(a)		2,562		116,520
EOG Resources, Inc.		18,849		2,492,780
EQT Corp.		11,960		390,733
Equitrans Midstream Corp.(a)		89,487		648,781
Excelerate Energy, Inc., Class A		3,864		90,031
Exxon Mobil Corp.		136,152		15,794,994
Gevo, Inc.*(a)		44,286		93,886
Green Plains, Inc.*(a)		4,968		172,737
Hess Corp.		7,869		1,181,609
HF Sinclair Corp.(a)		6,039		343,619
International Seaways, Inc.(a)		3,680		142,931
Kinder Morgan, Inc.		60,939		1,115,184
Kosmos Energy Ltd.*(a)		96,226		761,148
Magnolia Oil & Gas Corp., Class A		34,587		816,599
Marathon Oil Corp.		24,156		663,565
Marathon Petroleum Corp.		16,104		2,069,686
Matador Resources Co.(a)		5,124		339,004
Murphy Oil Corp.		6,771		295,283
New Fortress Energy, Inc.(a)		2,576		99,923
NextDecade Corp.*(a)		3,312		19,839
Northern Oil and Gas, Inc.(a)		13,359		447,794
Occidental Petroleum Corp.(a)		25,437		1,648,063
ONEOK, Inc.		13,725		939,888
Ovintiv, Inc.		9,712		478,122
Par Pacific Holdings, Inc.*		8,967		239,688
PBF Energy, Inc., Class A(a)		25,458		1,068,981
PDC Energy, Inc.(a)		21,960		1,487,351
Peabody Energy Corp.*(a)		25,576		713,315
Permian Resources Corp.(a)		38,269		415,984
Phillips 66(a)		15,006		1,504,652
Pioneer Natural Resources Co.		7,686		1,770,470
Range Resources Corp.		11,163		279,298
Ranger Oil Corp.		5,336		224,112
SilverBow Resources, Inc.*(a)		1,098		28,844
SM Energy Co.		25,986		854,160
Southwestern Energy Co.*		45,018		248,499
Talos Energy, Inc.*(a)		11,529		228,390
Targa Resources Corp.(a)		6,954		521,689
Tellurian, Inc.*(a)		15,640		31,124
Texas Pacific Land Corp.(a)		184		367,236
Uranium Energy Corp.*(a)		3,496		14,089
VAALCO Energy, Inc.(a)		13,542		62,970
Valero Energy Corp.		12,512		1,752,055
Vital Energy, Inc.*(a)		2,928		164,788
Vitesse Energy, Inc.*		—(d)		8
W&T Offshore, Inc.*(a)		30,561		190,089
Williams Cos., Inc. (The)		34,038		1,097,385

Investments	Shares		Value ($)
World Fuel Services Corp.		13,064		369,711
				73,354,203
Paper & Forest Products - 0.1%
Clearwater Paper Corp.*		2,392		92,355
Louisiana-Pacific Corp.(a)		17,568		1,196,205
Mercer International, Inc.		10,304		131,170
Resolute Forest Products, Inc.*		6,808		147,802
Sylvamo Corp.(a)		6,256		297,348
				1,864,880
Personal Products - 0.2%
BellRing Brands, Inc.*(a)		5,152		146,111
Coty, Inc., Class A*		21,712		216,251
Edgewell Personal Care Co.(a)		4,587		196,599
elf Beauty, Inc.*		1,281		73,722
Estee Lauder Cos., Inc. (The), Class A		6,405		1,774,697
Herbalife Nutrition Ltd.*(a)		15,921		279,732
Inter Parfums, Inc.		552		65,257
Medifast, Inc.(a)		2,928		326,326
Nu Skin Enterprises, Inc., Class A(a)		9,150		392,352
Olaplex Holdings, Inc.*		12,810		80,831
USANA Health Sciences, Inc.*		2,013		117,640
Veru, Inc.*(a)		184		1,060
				3,670,578
Pharmaceuticals - 3.4%
Aclaris Therapeutics, Inc.*		736		12,438
Amphastar Pharmaceuticals, Inc.*		1,104		33,407
ANI Pharmaceuticals, Inc.*		184		8,230
Arvinas, Inc.*(a)		183		5,997
Axsome Therapeutics, Inc.*(a)		1,840		138,000
Bristol-Myers Squibb Co.		70,455		5,118,556
Cara Therapeutics, Inc.*(a)		1,104		12,895
Cassava Sciences, Inc.*(a)		3,843		107,604
Catalent, Inc.*		3,477		186,193
Collegium Pharmaceutical, Inc.*(a)		10,120		284,170
Corcept Therapeutics, Inc.*(a)		4,968		113,568
Elanco Animal Health, Inc.*		108,153		1,484,941
Eli Lilly & Co.		21,045		7,242,637
Evolus, Inc.*		2,024		21,029
Harmony Biosciences Holdings, Inc.*(a)		736		35,453
Innoviva, Inc.*(a)		19,398		245,385
Intra-Cellular Therapies, Inc.*		3,111		149,079
Jazz Pharmaceuticals plc*		1,840		288,254
Johnson & Johnson		69,906		11,424,038
Ligand Pharmaceuticals, Inc.*(a)		736		51,299
Merck & Co., Inc.		83,448		8,963,150
NGM Biopharmaceuticals, Inc.*(a)		1,472		7,713
OmniAb, Inc.*‡(a)		562		239
Organon & Co.		8,967		270,176
Pacira BioSciences, Inc.*		4,026		158,101
Perrigo Co. plc(a)		4,209		157,501
Pfizer, Inc.		187,026		8,259,068
Prestige Consumer Healthcare, Inc.*(a)		12,444		818,317
Reata Pharmaceuticals, Inc., Class A*(a)		2,208		95,673

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Revance Therapeutics, Inc.*(a)		3,128		108,479
Royalty Pharma plc, Class A		11,712		458,993
Scilex Holding Co.* ‡		14,037		110,752
Supernus Pharmaceuticals, Inc.*(a)		4,758		195,126
Tilray Brands, Inc.*		122,351		396,417
Viatris, Inc.		37,717		458,639
Zoetis, Inc.		11,895		1,968,504
				49,390,021
Professional Services - 0.7%
Alight, Inc., Class A*(a)		59,292		556,752
ASGN, Inc.*(a)		3,312		301,226
Barrett Business Services, Inc.		920		91,430
Booz Allen Hamilton Holding Corp.		3,312		313,448
CACI International, Inc., Class A*		1,464		451,044
CBIZ, Inc.*		1,840		87,565
Clarivate plc*(a)		8,464		94,120
CoStar Group, Inc.*		10,797		841,086
Dun & Bradstreet Holdings, Inc.		53,985		790,880
Equifax, Inc.(a)		3,477		772,589
Exponent, Inc.		2,013		206,413
First Advantage Corp.*		736		10,216
Forrester Research, Inc.*(a)		2,928		108,512
FTI Consulting, Inc.*(a)		1,281		204,345
Heidrick & Struggles International, Inc.		2,745		84,436
Huron Consulting Group, Inc.*(a)		552		37,558
ICF International, Inc.		552		56,409
Insperity, Inc.(a)		1,281		141,614
Jacobs Solutions, Inc.		3,843		474,803
KBR, Inc.(a)		8,418		431,254
Kelly Services, Inc., Class A(a)		8,096		146,538
Kforce, Inc.		368		20,656
Korn Ferry(a)		10,614		573,050
Legalzoom.com, Inc.*		13,725		116,388
Leidos Holdings, Inc.		3,864		381,918
ManpowerGroup, Inc.		10,614		925,116
NV5 Global, Inc.*		183		24,392
Planet Labs PBC*(a)		11,592		57,380
Resources Connection, Inc.		5,888		101,686
Robert Half International, Inc.(a)		3,680		308,973
Science Applications International Corp.		3,477		360,843
Sterling Check Corp.*(a)		736		10,267
TransUnion		3,843		275,735
TriNet Group, Inc.*(a)		2,013		151,881
TrueBlue, Inc.*(a)		8,052		158,061
Verisk Analytics, Inc.		4,048		735,886
				10,404,470
Real Estate Management & Development - 0.3%
Anywhere Real Estate, Inc.*(a)		13,908		117,940
CBRE Group, Inc., Class A*		10,672		912,563
Compass, Inc., Class A*(a)		82,350		331,047
Cushman & Wakefield plc*(a)		36,051		520,216
DigitalBridge Group, Inc.		549		8,125
eXp World Holdings, Inc.(a)		2,760		43,028
Forestar Group, Inc.*		9,016		134,158
Howard Hughes Corp. (The)*(a)		2,196		187,736

Investments	Shares		Value ($)
Jones Lang LaSalle, Inc.*		2,013		372,143
Kennedy-Wilson Holdings, Inc.(a)		2,196		39,264
Newmark Group, Inc., Class A(a)		21,228		181,924
Opendoor Technologies, Inc.*(a)		57,645		126,242
Redfin Corp.*(a)		39,345		294,301
RMR Group, Inc. (The), Class A		6,039		187,330
Seritage Growth Properties, Class A, REIT*(a)		14,352		174,377
St Joe Co. (The)		552		25,999
WeWork, Inc.*(a)		93,879		149,268
Zillow Group, Inc., Class A*		552		23,714
Zillow Group, Inc., Class C*(a)		7,686		339,798
				4,169,173
Road & Rail - 1.0%
ArcBest Corp.		5,152		429,934
Avis Budget Group, Inc.*(a)		1,098		219,644
CSX Corp.		56,117		1,735,138
Heartland Express, Inc.(a)		5,704		95,941
Hertz Global Holdings, Inc.*		6,039		108,823
JB Hunt Transport Services, Inc.		2,208		417,422
Knight-Swift Transportation Holdings, Inc.(a)		4,784		282,734
Landstar System, Inc.(a)		1,840		318,007
Lyft, Inc., Class A*(a)		22,509		365,771
Marten Transport Ltd.		2,760		60,968
Norfolk Southern Corp.		6,405		1,574,413
Old Dominion Freight Line, Inc.		2,576		858,426
Ryder System, Inc.(a)		10,672		1,007,544
Saia, Inc.*(a)		1,288		351,341
Schneider National, Inc., Class B(a)		5,152		136,528
TuSimple Holdings, Inc., Class A*		51,606		108,373
Uber Technologies, Inc.*		63,135		1,952,766
U-Haul Holding Co.(a)		184		12,333
Union Pacific Corp.		16,104		3,288,276
Werner Enterprises, Inc.		11,346		532,922
XPO, Inc.*(a)		24,339		970,153
				14,827,457
Semiconductors & Semiconductor Equipment - 4.6%
Advanced Micro Devices, Inc.*		42,869		3,221,605
Allegro MicroSystems, Inc.*(a)		915		34,926
Alpha & Omega Semiconductor Ltd.*(a)		5,704		188,004
Ambarella, Inc.*(a)		915		82,204
Amkor Technology, Inc.(a)		20,240		592,222
Analog Devices, Inc.		13,984		2,397,836
Applied Materials, Inc.		28,365		3,162,414
Axcelis Technologies, Inc.*		1,104		121,385
Broadcom, Inc.		13,359		7,815,149
Cirrus Logic, Inc.*(a)		1,830		165,414
Cohu, Inc.*		1,288		46,471
Credo Technology Group Holding Ltd.*		6,222		107,827
Diodes, Inc.*		9,936		886,192
Enphase Energy, Inc.*		3,496		773,944
Entegris, Inc.(a)		5,124		413,558
First Solar, Inc.*		2,379		422,510
FormFactor, Inc.*(a)		2,392		67,311
Ichor Holdings Ltd.*(a)		8,096		273,645

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Impinj, Inc.*(a)		1,472		191,036
indie Semiconductor, Inc., Class A*(a)		15,555		123,973
Intel Corp.		139,263		3,935,572
KLA Corp.		3,864		1,516,543
Kulicke & Soffa Industries, Inc.(a)		11,529		589,132
Lam Research Corp.		4,575		2,287,958
Lattice Semiconductor Corp.*		6,222		471,565
MACOM Technology Solutions Holdings, Inc.*(a)		1,472		98,653
Magnachip Semiconductor Corp.*(a)		5,336		56,562
Marvell Technology, Inc.		22,264		960,692
MaxLinear, Inc.*(a)		18,666		769,039
Microchip Technology, Inc.		13,725		1,065,334
Micron Technology, Inc.		30,561		1,842,828
MKS Instruments, Inc.(a)		13,908		1,423,067
Monolithic Power Systems, Inc.(a)		1,281		546,423
Navitas Semiconductor Corp.*		23,241		115,275
NVIDIA Corp.(a)		67,161		13,121,245
NXP Semiconductors NV		8,235		1,517,793
ON Semiconductor Corp.*		13,176		967,777
Onto Innovation, Inc.*		3,312		260,489
PDF Solutions, Inc.*(a)		368		11,695
Photronics, Inc.*(a)		16,008		290,065
Power Integrations, Inc.(a)		1,830		157,545
Qorvo, Inc.*		4,048		439,856
QUALCOMM, Inc.		37,332		4,972,996
Rambus, Inc.*(a)		3,680		148,930
Semtech Corp.*		549		18,133
Silicon Laboratories, Inc.*(a)		2,013		315,860
SiTime Corp.*(a)		552		63,607
Skyworks Solutions, Inc.		6,039		662,297
SMART Global Holdings, Inc.*(a)		14,274		245,370
SolarEdge Technologies, Inc.*		1,472		469,759
Synaptics, Inc.*(a)		9,882		1,235,546
Teradyne, Inc.		3,843		390,833
Texas Instruments, Inc.		24,288		4,304,076
Ultra Clean Holdings, Inc.*(a)		8,052		270,950
Universal Display Corp.(a)		2,760		365,783
Veeco Instruments, Inc.*(a)		1,472		29,234
Wolfspeed, Inc.*(a)		3,680		283,397
				67,309,505
Software - 6.7%
8x8, Inc.*(a)		24,339		114,637
ACI Worldwide, Inc.*		5,336		149,034
Adeia, Inc.(a)		22,326		244,470
Adobe, Inc.*		12,627		4,676,283
Agilysys, Inc.*		368		30,750
Alarm.com Holdings, Inc.*(a)		915		49,044
Alkami Technology, Inc.*(a)		7,686		125,820
Altair Engineering, Inc., Class A*(a)		4,392		233,215
Alteryx, Inc., Class A*		1,464		81,237
American Software, Inc., Class A(a)		7,503		114,121
ANSYS, Inc.*		2,562		682,414
Appfolio, Inc., Class A*(a)		1,647		185,008

Investments	Shares		Value ($)
Appian Corp., Class A*(a)		2,208		91,334
AppLovin Corp., Class A*(a)		368		4,674
Aspen Technology, Inc.*(a)		920		182,850
Atlassian Corp., Class A*		4,392		709,835
Autodesk, Inc.*		5,490		1,181,228
Bentley Systems, Inc., Class B(a)		7,137		278,700
Bill.com Holdings, Inc.*(a)		2,208		255,289
Black Knight, Inc.*		3,312		200,674
Blackbaud, Inc.*(a)		2,944		183,146
Blackline, Inc.*(a)		2,379		170,812
Blend Labs, Inc., Class A*(a)		75,762		125,765
Box, Inc., Class A*(a)		5,336		170,699
Braze, Inc., Class A*(a)		4,575		146,400
Cadence Design Systems, Inc.*		7,176		1,311,988
CCC Intelligent Solutions Holdings, Inc.*		13,359		123,571
Cerence, Inc.*		5,856		143,589
Ceridian HCM Holding, Inc.*(a)		5,124		370,363
Clear Secure, Inc., Class A		4,392		137,865
Clearwater Analytics Holdings, Inc., Class A*(a)		1,656		32,424
CommVault Systems, Inc.*(a)		2,944		183,205
Confluent, Inc., Class A*		4,209		97,228
Coupa Software, Inc.*		3,477		277,882
Crowdstrike Holdings, Inc., Class A*		5,124		542,632
CS Disco, Inc.*		920		7,645
Datadog, Inc., Class A*(a)		5,673		424,397
Digital Turbine, Inc.*(a)		24,156		419,348
DocuSign, Inc.*(a)		3,843		233,040
Dolby Laboratories, Inc., Class A(a)		2,928		232,952
Domo, Inc., Class B*		6,954		107,857
DoubleVerify Holdings, Inc.*(a)		6,222		169,176
Dropbox, Inc., Class A*(a)		11,163		259,316
Dynatrace, Inc.*		6,954		267,242
Ebix, Inc.(a)		6,405		122,079
Elastic NV*		5,307		312,264
Enfusion, Inc., Class A*(a)		736		8,744
EngageSmart, Inc.*(a)		6,405		126,179
Envestnet, Inc.*(a)		3,111		202,215
EverCommerce, Inc.*(a)		14,457		149,341
Expensify, Inc., Class A*(a)		10,614		110,492
Fair Isaac Corp.*		736		490,139
Five9, Inc.*(a)		4,575		360,419
Fortinet, Inc.*		17,480		914,903
Freshworks, Inc., Class A*(a)		13,359		216,149
Gen Digital, Inc.		13,432		309,070
Gitlab, Inc., Class A*(a)		4,209		207,967
Guidewire Software, Inc.*(a)		5,307		388,685
HashiCorp, Inc., Class A*(a)		6,222		200,224
HubSpot, Inc.*(a)		1,464		508,023
Informatica, Inc., Class A*(a)		6,771		120,524
Intapp, Inc.*		736		21,329
InterDigital, Inc.		732		51,203
Intuit, Inc.		7,320		3,093,944
KnowBe4, Inc., Class A*(a)		4,600		114,494
LiveRamp Holdings, Inc.*		3,496		93,553
Manhattan Associates, Inc.*		2,196		286,271

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Marathon Digital Holdings, Inc.*(a)		8,784		63,333
MeridianLink, Inc.*		6,954		110,430
Microsoft Corp.		200,019		49,566,708
MicroStrategy, Inc., Class A*(a)		368		92,637
Mitek Systems, Inc.*(a)		920		9,071
Model N, Inc.*(a)		736		29,190
nCino, Inc.*(a)		732		20,935
NCR Corp.*(a)		32,574		893,179
New Relic, Inc.*(a)		1,647		100,549
Nutanix, Inc., Class A*		8,967		249,910
ON24, Inc.*(a)		12,993		120,575
OneSpan, Inc.*		1,472		20,328
Oracle Corp.		40,809		3,609,964
PagerDuty, Inc.*(a)		915		27,258
Palantir Technologies, Inc., Class A*(a)		35,685		277,629
Palo Alto Networks, Inc.*(a)		8,235		1,306,400
Paycom Software, Inc.*		1,288		417,235
Paylocity Holding Corp.*		1,104		229,952
Pegasystems, Inc.		732		28,460
PowerSchool Holdings, Inc., Class A*(a)		2,208		49,724
Procore Technologies, Inc.*(a)		3,294		184,299
Progress Software Corp.(a)		732		38,825
PTC, Inc.*		2,392		322,633
Qualys, Inc.*(a)		1,472		169,810
Rapid7, Inc.*(a)		732		29,185
RingCentral, Inc., Class A*		2,392		93,360
Riot Platforms, Inc.*(a)		29,808		186,896
Roper Technologies, Inc.		2,745		1,171,429
Salesforce, Inc.*		27,450		4,610,777
Samsara, Inc., Class A*(a)		8,601		117,318
SEMrush Holdings, Inc., Class A*(a)		12,261		119,790
SentinelOne, Inc., Class A*(a)		5,307		80,083
ServiceNow, Inc.*		5,490		2,498,664
Smartsheet, Inc., Class A*		6,588		284,667
SolarWinds Corp.*(a)		18,483		187,787
Splunk, Inc.*		4,758		455,674
Sprinklr, Inc., Class A*(a)		12,627		125,512
Sprout Social, Inc., Class A*(a)		2,392		153,016
SPS Commerce, Inc.*		1,281		174,318
Synopsys, Inc.*		3,864		1,366,890
Tenable Holdings, Inc.*		3,660		147,242
Teradata Corp.*(a)		3,111		108,512
Tyler Technologies, Inc.*		1,281		413,468
UiPath, Inc., Class A*(a)		23,973		368,225
Unity Software, Inc.*(a)		8,418		299,007
Varonis Systems, Inc.*(a)		2,196		56,745
Verint Systems, Inc.*		2,024		76,851
VMware, Inc., Class A*		6,222		762,008
Workday, Inc., Class A*		5,856		1,062,454
Workiva, Inc.*(a)		3,111		269,195
Yext, Inc.*(a)		15,738		109,379
Zoom Video Communications, Inc., Class A*(a)		4,758		356,850
Zscaler, Inc.*(a)		1,840		228,454
				97,990,160

Investments	Shares		Value ($)
Specialty Retail - 2.8%
Abercrombie & Fitch Co., Class A*(a)		6,039		174,889
Academy Sports & Outdoors, Inc.(a)		18,768		1,096,427
Advance Auto Parts, Inc.		1,840		280,195
American Eagle Outfitters, Inc.(a)		10,431		168,356
America’s Car-Mart, Inc.*		366		31,527
Arko Corp.(a)		2,760		23,156
Asbury Automotive Group, Inc.*(a)		4,784		1,052,480
AutoNation, Inc.*(a)		7,137		904,401
AutoZone, Inc.*		549		1,338,929
Bath & Body Works, Inc.		7,912		364,031
Best Buy Co., Inc.		7,360		652,979
Boot Barn Holdings, Inc.*(a)		7,686		641,704
Buckle, Inc. (The)(a)		6,992		307,648
Burlington Stores, Inc.*		1,656		380,598
Caleres, Inc.(a)		4,392		114,280
Camping World Holdings, Inc., Class A(a)		11,163		283,652
CarMax, Inc.*(a)		5,856		412,555
Chico’s FAS, Inc.*(a)		13,176		69,438
Children’s Place, Inc. (The)*		732		33,211
Designer Brands, Inc., Class A		4,209		43,395
Dick’s Sporting Goods, Inc.		13,359		1,746,823
Five Below, Inc.*(a)		1,104		217,632
Floor & Decor Holdings, Inc., Class A*(a)		3,660		332,218
Foot Locker, Inc.(a)		16,104		700,685
GameStop Corp., Class A*(a)		8,096		177,060
Gap, Inc. (The)(a)		48,389		656,639
Genesco, Inc.*(a)		2,208		106,624
Group 1 Automotive, Inc.(a)		3,660		782,691
Guess?, Inc.(a)		7,176		166,268
Haverty Furniture Cos., Inc.(a)		2,024		70,678
Hibbett, Inc.(a)		2,392		158,733
Home Depot, Inc. (The)		27,267		8,839,143
Leslie’s, Inc.*(a)		732		11,339
Lithia Motors, Inc., Class A(a)		6,039		1,589,465
Lowe’s Cos., Inc.		20,862		4,344,512
MarineMax, Inc.*(a)		6,072		189,750
Monro, Inc.		552		28,097
Murphy USA, Inc.(a)		915		248,907
National Vision Holdings, Inc.*(a)		3,312		136,123
ODP Corp. (The)*(a)		10,980		566,568
OneWater Marine, Inc., Class A*(a)		3,477		113,837
O’Reilly Automotive, Inc.*		1,647		1,305,000
Penske Automotive Group, Inc.(a)		1,281		163,737
Petco Health & Wellness Co., Inc.*(a)		21,045		246,016
Rent-A-Center, Inc.(a)		13,248		356,239
RH*(a)		4,575		1,427,354
Ross Stores, Inc.		8,648		1,022,107
Sally Beauty Holdings, Inc.*(a)		17,202		268,007
Shoe Carnival, Inc.(a)		2,944		80,401
Signet Jewelers Ltd.(a)		9,384		720,785
Sleep Number Corp.*(a)		1,464		50,332
Sonic Automotive, Inc., Class A(a)		5,645		303,193

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Sportsman’s Warehouse Holdings, Inc.*		11,224		105,842
TJX Cos., Inc. (The)		30,195		2,471,763
Tractor Supply Co.		2,944		671,203
TravelCenters of America, Inc.*(a)		2,208		100,508
Ulta Beauty, Inc.*		1,288		661,981
Urban Outfitters, Inc.*(a)		10,614		290,717
Victoria’s Secret & Co.*(a)		17,934		755,918
Williams-Sonoma, Inc.(a)		2,392		322,777
Zumiez, Inc.*(a)		4,392		113,445
				40,994,968
Technology Hardware, Storage & Peripherals - 4.3%
Apple, Inc.		400,770		57,827,103
Dell Technologies, Inc., Class C		6,771		275,038
Eastman Kodak Co.*(a)		28,914		104,380
Hewlett Packard Enterprise Co.		43,973		709,285
HP, Inc.		32,489		946,729
IonQ, Inc.*(a)		25,437		112,940
NetApp, Inc.		6,624		438,708
Pure Storage, Inc., Class A*		9,708		280,950
Seagate Technology Holdings plc(a)		6,588		446,535
Super Micro Computer, Inc.*(a)		11,040		798,523
Western Digital Corp.*		8,235		361,928
Xerox Holdings Corp.		28,914		473,611
				62,775,730
Textiles, Apparel & Luxury Goods - 1.2%
Capri Holdings Ltd.*		29,280		1,946,827
Carter’s, Inc.(a)		8,418		701,809
Columbia Sportswear Co.(a)		2,024		194,101
Crocs, Inc.*(a)		13,984		1,702,832
Deckers Outdoor Corp.*		920		393,281
G-III Apparel Group Ltd.*(a)		12,627		213,649
Hanesbrands, Inc.(a)		66,429		560,661
Kontoor Brands, Inc.(a)		11,529		550,625
Levi Strauss & Co., Class A(a)		5,152		94,797
Lululemon Athletica, Inc.*		2,944		903,455
Movado Group, Inc.(a)		1,840		65,062
NIKE, Inc., Class B		34,404		4,380,661
Oxford Industries, Inc.(a)		1,104		129,411
PVH Corp.		14,720		1,323,328
Ralph Lauren Corp.(a)		10,120		1,253,362
Skechers USA, Inc., Class A*		6,440		310,086
Steven Madden Ltd.(a)		3,843		137,771
Tapestry, Inc.		10,248		467,001
Under Armour, Inc., Class A*(a)		50,325		623,527
Under Armour, Inc., Class C*(a)		46,482		506,654
VF Corp.(a)		9,752		301,727
Wolverine World Wide, Inc.(a)		9,882		159,397
				16,920,024
Thrifts & Mortgage Finance - 0.6%
Axos Financial, Inc.*		12,144		584,369
Enact Holdings, Inc.(a)		3,294		82,844
Essent Group Ltd.(a)		22,509		991,071
Federal Agricultural Mortgage Corp., Class C(a)		2,392		318,064
Merchants Bancorp(a)		3,312		95,286
MGIC Investment Corp.(a)		62,952		888,882

Investments	Shares		Value ($)
Mr Cooper Group, Inc.*(a)		17,568		807,953
New York Community Bancorp, Inc.(a)		152,158		1,520,059
NMI Holdings, Inc., Class A*		20,240		470,175
Northfield Bancorp, Inc.(a)		4,758		71,132
PennyMac Financial Services, Inc.(a)		8,235		555,204
Provident Financial Services, Inc.		14,720		345,331
Radian Group, Inc.(a)		39,729		878,011
TFS Financial Corp.(a)		7,360		104,880
TrustCo Bank Corp. NY(a)		3,496		125,542
Walker & Dunlop, Inc.(a)		7,137		680,727
WSFS Financial Corp.		12,810		618,851
				9,138,381
Tobacco - 0.6%
Altria Group, Inc.		57,828		2,604,573
Philip Morris International, Inc.(a)		50,597		5,274,231
Universal Corp.		6,954		378,089
Vector Group Ltd.(a)		22,692		293,862
				8,550,755
Trading Companies & Distributors - 0.9%
Air Lease Corp.		22,143		995,771
Applied Industrial Technologies, Inc.		2,576		368,909
Beacon Roofing Supply, Inc.*(a)		3,843		218,590
BlueLinx Holdings, Inc.*(a)		2,024		175,724
Boise Cascade Co.(a)		8,832		662,135
Core & Main, Inc., Class A*(a)		366		8,078
Fastenal Co.		13,984		706,891
GATX Corp.(a)		2,379		272,277
GMS, Inc.*(a)		10,980		651,334
H&E Equipment Services, Inc.		7,320		372,515
Herc Holdings, Inc.(a)		5,336		828,787
Hudson Technologies, Inc.*(a)		5,490		56,053
McGrath RentCorp		2,013		200,374
MRC Global, Inc.*(a)		6,624		90,086
MSC Industrial Direct Co., Inc., Class A(a)		3,312		273,902
NOW, Inc.*		12,081		169,617
Rush Enterprises, Inc., Class A(a)		8,052		433,278
SiteOne Landscape Supply, Inc.*(a)		2,392		362,412
Titan Machinery, Inc.*		3,477		152,779
Triton International Ltd.(a)		14,640		1,034,170
United Rentals, Inc.*(a)		2,013		887,632
Univar Solutions, Inc.*(a)		37,717		1,300,482
Veritiv Corp.(a)		2,745		343,235
Watsco, Inc.(a)		736		211,504
WESCO International, Inc.*		10,488		1,562,817
WW Grainger, Inc.(a)		1,104		650,786
				12,990,138
Water Utilities - 0.1%
American States Water Co.(a)		2,576		242,582
American Water Works Co., Inc.		4,600		719,854
California Water Service Group(a)		3,680		225,106
Essential Utilities, Inc.		4,758		222,341
Middlesex Water Co.		552		46,291
SJW Group		552		42,730

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
York Water Co. (The)		2,196		99,808
				1,598,712
Wireless Telecommunication Services - 0.2%
Gogo, Inc.*(a)		8,648		145,027
Shenandoah Telecommunications Co.(a)		2,208		43,166
Telephone and Data Systems, Inc.(a)		8,784		117,442
T-Mobile US, Inc.*		15,921		2,377,165
				2,682,800
TOTAL COMMON STOCKS (COST $906,498,851)				1,458,593,570
Investments	Number of Warrants		Value ($)
WARRANTS - 0.0%(e)
Oil, Gas & Consumable Fuels - 0.0%(e)
Occidental Petroleum Corp., expiring 8/3/2027, price 22.00 USD* (Cost $21,117)		4,266		183,097
Investments	Number of Rights		Value ($)
RIGHTS - 0.0%(e)
Biotechnology - 0.0%(e)
Achillion Pharmaceuticals, Inc., CVR*‡		44,344		62,081
Health Care Equipment & Supplies - 0.0%
ABIOMED, Inc., CVR*‡		1,110		—
Pharmaceuticals - 0.0%(e)
Zogenix, Inc., CVR*‡		4,675		4,675
TOTAL RIGHTS (Cost $1,132)				66,756
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(f) - 15.1%
CERTIFICATES OF DEPOSIT - 1.9%
Barclays Bank plc, New York (SOFR + 0.52%), 4.82%, 4/5/2023(g)		5,000,000		5,002,295
Credit Agricole CIB, New York (SOFR + 0.68%), 4.98%, 4/25/2023(g)		6,000,000		6,006,342
MUFG Bank Ltd., New York Branch (SOFR + 0.59%), 4.89%, 2/10/2023(g)		5,000,000		5,000,000

Investments	Principal Amount ($)		Value ($)
Standard Chartered, New York (US Federal Funds Effective Rate (continuous series) + 0.52%), 4.58%, 2/9/2023(g)		5,000,000		5,000,294
The Sumitomo Bank Ltd., New York (SOFR + 0.75%), 5.05%, 4/21/2023(g)		6,000,000		6,006,258
TOTAL CERTIFICATES OF DEPOSIT (Cost $27,000,294)				27,015,189
REPURCHASE AGREEMENTS - 13.2%
BofA Securities, Inc., 4.77%, dated 1/31/2023, due 5/3/2023, repurchase price $6,073,140, collateralized by various Common Stocks, U.S. Treasury Securities, 3.63%, 4/15/2028; ; total market value $6,584,825		6,000,000		6,000,000
Citigroup Global Markets, Inc., 4.27%, dated 1/31/2023, due 2/1/2023, repurchase price $87,324,267, collateralized by various U.S. Treasury Securities, ranging from 1.00% - 3.13%, maturing 5/15/2029 - 5/15/2048; total market value $88,671,550		87,313,910		87,313,910
National Bank of Canada, 4.32%, dated 1/31/2023, due 2/7/2023, repurchase price $71,059,640, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 4.13%, maturing 4/15/2023 - 8/15/2052; total market value $72,311,749		71,000,000		71,000,000
Societe Generale, 4.41%, dated 1/31/2023, due 2/1/2023, repurchase price $10,001,225, collateralized by various Common Stocks; total market value $11,280,807		10,000,000		10,000,000
Societe Generale, New York Branch, 4.30%, dated 1/31/2023, due 2/7/2023, repurchase price $20,016,722, collateralized by various U.S. Treasury Securities, 3.50%, 1/31/2028; total market value $20,478,728		20,000,000		20,000,000
TOTAL REPURCHASE AGREEMENTS (Cost $194,313,910)				194,313,910
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $221,314,204)				221,329,099
Total Investments - 114.4% (Cost $1,127,835,304)				1,680,172,522
Liabilities in excess of other assets - (14.4%)				(211,853,791	)
Net Assets - 100.0%				1,468,318,731

See Accompanying Notes to the Schedules of Investments.

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

* Non-income producing security.

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

(a) The security or a portion of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $307,982,532, collateralized in the form of cash with a value of $221,315,050 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $85,823,365 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 2, 2023 – August 15, 2052 and $1,470,372 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 25, 2023 – June 30, 2120; a total value of $308,608,787.

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

(d) Amount represents less than one share.

(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, 2023. The total value of securities purchased was $221,329,099.

(g) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of January 31, 2023.

Percentages shown are based on Net Assets.

Abbreviations
CVR	Contingent Value Rights
SOFR	Secured Overnight Financing Rate

See Accompanying Notes to the Schedules of Investments.

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

Investment in a company which was affiliated for the period ended January 31, 2023, was as follows:

Security	Value October 31, 2022		Purchases at Cost		Sales Proceeds		Shares January 31, 2023		Value January 31, 2023		Change in Unrealized Appreciation (Depreciation)		Dividend Income		Realized Gain
Northern Trust Corp.	$	564,807	$	60,865	$	6,970		7,320	$	709,820	$	88,754	$	4,995	$	2,364

Futures Contracts

FlexShares^® Morningstar US Market Factor Tilt Index Fund had the following open futures contracts as of January 31, 2023:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation
Long Contracts
Russell 2000 E-Mini Index		23		03/17/2023		USD	$	2,230,310	$	156,587
S&P 500 E-Mini Index		26		03/17/2023		USD		5,317,000		185,952
S&P Midcap 400 E-Mini Index		4		03/17/2023		USD		1,065,160		87,097
									$	429,636

Abbreviations:

USD — US Dollar

See Accompanying Notes to the Schedules of Investments.

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

Security Type	% of Net Assets
Common Stocks		99.3	%
Warrants		0.0	†
Rights		0.0	†
Securities Lending Reinvestments		15.1
Others(1)		(14.4	)
		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, 2023 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 97.1%
Aerospace & Defense - 0.9%
Airbus SE		9,225		1,150,560
Austal Ltd.		32,759		38,319
Babcock International Group plc*		178,309		670,402
BAE Systems plc		51,168		539,723
Bombardier, Inc., Class B*		1,886		90,841
CAE, Inc.*		4,836		108,908
Chemring Group plc		15,334		53,235
Dassault Aviation SA		369		62,798
Elbit Systems Ltd.		412		68,833
Hensoldt AG		1,886		54,485
INVISIO AB		2,552		44,655
Kongsberg Gruppen ASA		1,540		61,056
Leonardo SpA		8,938		91,771
LISI		880		19,497
Montana Aerospace AG*(a)		1,496		27,225
MTU Aero Engines AG		738		183,384
QinetiQ Group plc		14,473		64,643
Rheinmetall AG		779		181,051
Rolls-Royce Holdings plc*		137,309		178,744
Saab AB, Class B		1,596		65,106
Safran SA		5,412		774,681
Singapore Technologies Engineering Ltd.		17,900		50,118
Thales SA		1,599		210,822
				4,790,857
Air Freight & Logistics - 0.6%
AZ-COM MARUWA Holdings, Inc.(b)		4,100		51,516
bpost SA(b)		31,119		167,902
Cargojet, Inc.(b)		943		87,194
Cia de Distribucion Integral Logista Holdings SA		2,419		65,364
Deutsche Post AG (Registered)		21,156		904,814
DSV A/S		2,870		471,783
Freightways Ltd.(b)		6,248		38,440
ID Logistics Group*		81		25,115
InPost SA*		3,608		34,663
International Distributions Services plc		14,455		40,716
Kerry Logistics Network Ltd.		18,500		36,157
Mainfreight Ltd.(b)		1,312		60,581
Mitsui-Soko Holdings Co. Ltd.		8,200		234,565
Nippon Express Holdings, Inc.		1,600		92,399
Oesterreichische Post AG(b)		588		20,882
PostNL NV(b)		182,491		380,335
SBS Holdings, Inc.(b)		8,200		186,580
SG Holdings Co. Ltd.		8,400		129,057
Singapore Post Ltd.		101,200		43,118
Yamato Holdings Co. Ltd.		6,200		107,938
				3,179,119
Airlines - 0.2%
Air Canada*		5,192		87,859

Investments	Shares		Value ($)
Air France-KLM*		36,777		61,830
Air New Zealand Ltd.*		11,968		5,994
ANA Holdings, Inc.*		2,400		52,957
Deutsche Lufthansa AG (Registered)*		11,748		123,902
easyJet plc*		3,403		20,608
Exchange Income Corp.(b)		2,255		93,691
Finnair OYJ*(b)		82,324		46,313
Japan Airlines Co. Ltd.*		2,800		59,210
JET2 plc		9,143		136,760
Qantas Airways Ltd.*		22,968		102,609
Singapore Airlines Ltd.		16,799		75,665
Wizz Air Holdings plc*(a)		2,870		93,985
				961,383
Auto Components - 1.2%
Aisin Corp.(b)		4,300		124,987
ARB Corp. Ltd.(b)		1,007		22,586
Brembo SpA		1,435		19,278
Bridgestone Corp.		12,300		457,307
Burelle SA(b)		132		74,260
CIE Automotive SA		2,091		61,860
Cie Generale des Etablissements Michelin SCA		16,072		505,409
Cie Plastic Omnium SA		20,828		362,829
Continental AG		2,337		163,250
Denso Corp.		8,200		439,620
Dometic Group AB(b)(c)		5,962		37,299
Eagle Industry Co. Ltd.		8,200		71,568
Exedy Corp.(b)		12,300		165,236
Faurecia SE*		5,146		101,270
Gestamp Automocion SA(a)		52,972		233,228
GUD Holdings Ltd.(b)		6,543		38,452
Hella GmbH & Co. KGaA		328		27,518
Johnson Electric Holdings Ltd.(b)		147,447		202,025
JTEKT Corp.		6,700		49,408
Koito Manufacturing Co. Ltd.		5,000		83,817
KYB Corp.(b)		8,200		231,412
Linamar Corp.		1,066		54,285
Magna International, Inc.		5,781		374,237
Musashi Seimitsu Industry Co. Ltd.		4,100		56,024
NGK Spark Plug Co. Ltd.		2,700		52,549
NHK Spring Co. Ltd.		2,900		20,382
Nifco, Inc.		2,400		61,917
NOK Corp.(b)		4,100		38,747
Nokian Renkaat OYJ		2,552		30,432
Pirelli & C SpA(a)		9,548		47,555
PWR Holdings Ltd.		3,772		32,693
Schaeffler AG (Preference)		55,350		394,942
Seiren Co. Ltd.(b)		3,600		65,885
Shoei Co. Ltd.		800		30,636
Stanley Electric Co. Ltd.		3,800		81,175
Sumitomo Electric Industries Ltd.		16,400		196,038
Sumitomo Rubber Industries Ltd.		4,900		43,293
TI Fluid Systems plc(a)		100,204		146,800
Tokai Rika Co. Ltd.		18,800		217,137
Toyo Tire Corp.		4,500		53,531
Toyoda Gosei Co. Ltd.		2,000		33,050

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Toyota Boshoku Corp.		2,700		39,822
TS Tech Co. Ltd.		600		7,447
Valeo		4,746		103,011
Vitesco Technologies Group AG*		7,626		525,921
Yokohama Rubber Co. Ltd. (The)		3,600		58,826
				6,238,954
Automobiles - 2.1%
Aston Martin Lagonda Global Holdings plc*(a)(b)		138,088		280,500
Bayerische Motoren Werke AG		6,847		693,275
Bayerische Motoren Werke AG (Preference)		1,012		95,345
Ferrari NV		1,886		468,854
Honda Motor Co. Ltd.		36,900		909,980
Isuzu Motors Ltd.		12,300		154,643
Mazda Motor Corp.		13,000		104,164
Mercedes-Benz Group AG		16,728		1,238,111
Mitsubishi Motors Corp.*		13,500		51,801
Nissan Motor Co. Ltd.		53,700		191,312
Piaggio & C SpA		50,922		191,573
PIERER Mobility AG		440		38,313
Porsche Automobil Holding SE (Preference)		3,034		180,438
Renault SA*		4,264		172,455
Stellantis NV		24,608		384,206
Stellantis NV		23,960		374,349
Subaru Corp.		12,700		208,159
Suzuki Motor Corp.		8,200		305,124
Toyota Motor Corp.		270,600		3,946,272
Trigano SA		2,911		404,039
Volkswagen AG (Preference)		4,018		553,934
Volvo Car AB, Class B*(b)		10,332		51,177
Yamaha Motor Co. Ltd.		8,200		200,831
				11,198,855
Banks - 10.7%
77 Bank Ltd. (The)(b)		28,700		510,683
ABN AMRO Bank NV, CVA(a)		9,052		149,528
AIB Group plc		18,788		78,354
Aktia Bank OYJ(b)		20,746		245,139
Alandsbanken Abp, Class B(b)		3,034		119,941
Alior Bank SA*		29,643		267,656
AMCO - Asset Management Co. SpA*‡(b)		239		1,016
ANZ Group Holdings Ltd.		43,993		777,782
Aozora Bank Ltd.(b)		2,900		57,846
Awa Bank Ltd. (The)(b)		16,400		275,046
Banca Popolare di Sondrio SpA		162,524		795,350
Banco Bilbao Vizcaya Argentaria SA		126,280		886,377
Banco BPM SpA		32,208		144,360
Banco Comercial Portugues SA, Class R(b)		189,546		40,204
Banco de Sabadell SA(b)		125,993		163,860
Banco Santander SA		365,802		1,272,485
Bank Hapoalim BM		27,101		242,348
Bank Leumi Le-Israel BM		31,037		272,425
Bank Millennium SA*		25,740		30,483
Bank of East Asia Ltd. (The)		24,600		31,572
Bank of Georgia Group plc		13,776		452,822

Investments	Shares		Value ($)
Bank of Ireland Group plc		22,099		234,870
Bank of Kyoto Ltd. (The)		1,600		74,067
Bank of Montreal		15,211		1,526,401
Bank of Nova Scotia (The)(b)		25,707		1,387,698
Bank of Queensland Ltd.		13,492		66,265
Bank Polska Kasa Opieki SA		4,004		85,056
Bankinter SA(b)		13,940		100,224
Banque Cantonale de Geneve		697		141,107
Banque Cantonale Vaudoise (Registered)(b)		410		38,758
Barclays plc		335,913		768,527
BAWAG Group AG(a)		2,105		129,510
Bendigo & Adelaide Bank Ltd.(b)		9,421		66,783
Berner Kantonalbank AG (Registered)		328		82,112
BNP Paribas SA		24,559		1,677,688
BPER Banca		28,167		76,997
CaixaBank SA		96,227		425,031
Canadian Imperial Bank of Commerce		19,598		892,107
Canadian Western Bank(b)		33,415		704,185
Chiba Bank Ltd. (The)(b)		17,400		131,258
Chugin Financial Group, Inc.		4,100		29,730
Close Brothers Group plc		55,022		656,377
Collector Bank AB*		22,837		86,158
Commerzbank AG*		20,787		236,255
Commonwealth Bank of Australia(b)		25,625		1,987,316
Concordia Financial Group Ltd.		32,321		141,666
Credit Agricole SA		28,126		337,108
Credito Emiliano SpA		28,085		238,523
Dah Sing Banking Group Ltd.(b)		149,440		120,680
Dah Sing Financial Holdings Ltd.		65,600		173,655
Daishi Hokuetsu Financial Group, Inc.(b)		16,400		389,681
Danske Bank A/S		14,555		301,945
DBS Group Holdings Ltd.		28,756		783,031
DNB Bank ASA		18,450		343,481
Erste Group Bank AG		7,380		278,523
FIBI Holdings Ltd.		533		22,335
FinecoBank Banca Fineco SpA		7,831		139,905
First International Bank of Israel Ltd. (The)		1,144		45,953
Fukuoka Financial Group, Inc.		2,800		64,442
Graubuendner Kantonalbank		7		13,333
Gunma Bank Ltd. (The)(b)		151,700		590,259
Hachijuni Bank Ltd. (The)		15,500		67,104
Hang Seng Bank Ltd.		12,300		204,619
Heartland Group Holdings Ltd.(b)		50,556		59,136
Hirogin Holdings, Inc.		9,200		47,823
Hokuhoku Financial Group, Inc.(b)		45,100		355,473
HSBC Holdings plc		432,960		3,178,914
Hyakugo Bank Ltd. (The)		90,200		290,621
ING Bank Slaski SA		748		29,746
ING Groep NV		82,738		1,190,793
Intesa Sanpaolo SpA		361,702		946,712
Israel Discount Bank Ltd., Class A		29,866		151,601
Iyogin Holdings, Inc.		4,100		23,047
Japan Post Bank Co. Ltd.(b)		8,200		72,766
Judo Capital Holdings Ltd.*		31,857		29,968
Juroku Financial Group, Inc.		12,300		295,098
Jyske Bank A/S (Registered)*		1,292		92,593

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
KBC Ancora		352		17,195
KBC Group NV		7,462		549,945
Keiyo Bank Ltd. (The)		45,100		213,284
Kiyo Bank Ltd. (The)(b)		22,700		286,968
Kyushu Financial Group, Inc.(b)		155,800		570,270
Laurentian Bank of Canada(b)		14,801		396,771
Liechtensteinische Landesbank AG		1,025		66,604
Lloyds Banking Group plc		1,411,999		914,004
Luzerner Kantonalbank AG (Registered)		16		7,332
Mebuki Financial Group, Inc.		28,010		72,801
Mediobanca Banca di Credito Finanziario SpA(b)		13,776		147,460
Mitsubishi UFJ Financial Group, Inc.		270,600		1,982,396
Mizrahi Tefahot Bank Ltd.		3,047		99,996
Mizuho Financial Group, Inc.		53,329		831,440
Musashino Bank Ltd. (The)(b)		12,300		215,176
National Australia Bank Ltd.		47,806		1,070,894
National Bank of Canada(b)		6,970		522,091
NatWest Group plc		109,634		415,709
Nishi-Nippon Financial Holdings, Inc.		53,300		441,827
Nordea Bank Abp		71,627		833,133
North Pacific Bank Ltd.(b)		94,300		203,763
Oberbank AG		451		50,450
Ogaki Kyoritsu Bank Ltd. (The)(b)		13,500		201,911
Oversea-Chinese Banking Corp. Ltd.		86,170		847,703
Powszechna Kasa Oszczednosci Bank Polski SA		16,716		123,859
Raiffeisen Bank International AG*		4,224		75,510
Resona Holdings, Inc.		56,300		310,928
Ringkjoebing Landbobank A/S		492		71,324
Royal Bank of Canada		21,443		2,188,091
San-In Godo Bank Ltd. (The)		53,300		330,346
Santander Bank Polska SA		836		55,280
SBI Shinsei Bank Ltd.		2,600		47,803
Senshu Ikeda Holdings, Inc.		106,600		209,847
Shiga Bank Ltd. (The)(b)		17,400		360,724
Shizuoka Financial Group, Inc.		9,000		76,058
Skandinaviska Enskilda Banken AB, Class A		37,597		453,004
Skandinaviska Enskilda Banken AB, Class C		684		9,186
Societe Generale SA		16,359		484,675
Spar Nord Bank A/S		28,823		457,815
SpareBank 1 Nord Norge		33,907		315,027
Sparebank 1 Oestlandet		1,329		15,541
SpareBank 1 SMN		3,103		39,454
SpareBank 1 SR-Bank ASA		4,796		55,411
Sparebanken Vest		31,529		297,037
St Galler Kantonalbank AG (Registered)		41		22,358
Standard Chartered plc		54,694		457,331
Sumitomo Mitsui Financial Group, Inc.		28,700		1,247,356
Sumitomo Mitsui Trust Holdings, Inc.		8,200		298,566
Suruga Bank Ltd.		70,500		229,317
Svenska Handelsbanken AB, Class A		33,210		345,270
Svenska Handelsbanken AB, Class B		908		11,378
Swedbank AB, Class A		19,926		381,399
Sydbank A/S		20,213		917,727

Investments	Shares		Value ($)
TBC Bank Group plc		14,596		427,665
Tokyo Kiraboshi Financial Group, Inc.		12,300		276,560
Toronto-Dominion Bank (The)		38,991		2,690,082
Unicaja Banco SA		18,122		22,181
UniCredit SpA		41,943		814,655
United Overseas Bank Ltd.		32,826		745,007
Valiant Holding AG (Registered)		5,781		656,910
Virgin Money UK plc		30,176		71,680
Walliser Kantonalbank (Registered)		485		55,693
Westpac Banking Corp.		51,783		865,517
Yamaguchi Financial Group, Inc.		4,100		28,280
Zuger Kantonalbank AGa		10		80,544
				57,021,810
Beverages - 1.0%
Anheuser-Busch InBev SA/NV		14,965		895,364
Anora Group OYJ(b)		22,468		179,594
Asahi Group Holdings Ltd.		6,900		227,197
Britvic plc		3,520		33,671
Budweiser Brewing Co. APAC Ltd.(a)		22,600		71,215
C&C Group plc*(b)		23,522		46,622
Carlsberg A/S, Class B		1,599		225,874
Coca-Cola Bottlers Japan Holdings, Inc.		3,354		35,179
Coca-Cola Europacific Partners plc(b)		3,250		182,715
Coca-Cola HBC AG*		4,000		96,592
Davide Campari-Milano NV		10,094		107,740
Diageo plc		35,342		1,531,536
Fevertree Drinks plc		5,658		75,855
Heineken Holding NV		1,461		120,035
Heineken NV		3,403		338,316
Ito En Ltd.		800		28,390
Kirin Holdings Co. Ltd.(b)		12,300		189,071
Olvi OYJ, Class A		1,452		51,014
Pernod Ricard SA		3,075		634,191
Primo Water Corp.		8,815		137,409
Remy Cointreau SA		398		74,606
Royal Unibrew A/S(b)		836		58,424
Sapporo Holdings Ltd.		1,900		46,315
Suntory Beverage & Food Ltd.		1,800		60,625
Takara Holdings, Inc.		4,100		33,167
Treasury Wine Estates Ltd.		8,668		88,687
				5,569,404
Biotechnology - 0.6%
Argenx SE*		861		324,476
Bavarian Nordic A/S*(b)		3,823		121,502
BELLUS Health, Inc.*		6,150		48,394
BioGaia AB, Class B		5,670		49,780
Clinuvel Pharmaceuticals Ltd.(b)		1,368		24,263
CSL Ltd.(b)		7,380		1,550,111
Galapagos NV*		924		40,532
Genmab A/S*		1,025		399,837
Genus plc		3,731		133,020
Grifols SA*		6,478		85,305
Grifols SA (Preference), Class B*		5,680		51,324
Imugene Ltd.*		171,556		16,320
Mesoblast Ltd.*(b)		44,748		29,955
Nykode Therapeutics ASA*		11,562		32,944
PeptiDream, Inc.*		2,500		38,602

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Pharma Mar SA		414		27,211
Swedish Orphan Biovitrum AB*		3,116		69,166
Takara Bio, Inc.		400		5,272
Telix Pharmaceuticals Ltd.*		14,168		70,783
Valneva SE*(b)		4,620		31,350
Vitrolife AB(b)		880		18,743
				3,168,890
Building Products - 1.1%
AGC, Inc.(b)		5,000		183,206
Arbonia AG		2,156		30,084
Assa Abloy AB, Class B		14,842		347,879
Belimo Holding AG (Registered)		132		69,107
Bunka Shutter Co. Ltd.(b)		22,200		198,194
Carel Industries SpA(a)		840		20,709
Central Glass Co. Ltd.(b)		12,500		275,385
Cie de Saint-Gobain		8,323		475,010
Daikin Industries Ltd.		4,200		725,703
dormakaba Holding AG		126		52,251
Fletcher Building Ltd.		17,649		57,827
Forbo Holding AG (Registered)		41		53,640
Geberit AG (Registered)		533		300,278
Genuit Group plc		15,664		63,059
Inrom Construction Industries Ltd.		8,932		34,819
Inwido AB		20,705		224,457
James Halstead plc		9,372		21,230
Kingspan Group plc		2,461		157,159
Lindab International AB		4,346		61,352
Lixil Corp.		6,000		102,887
Munters Group AB(a)		4,428		42,293
Nibe Industrier AB, Class B(b)		23,739		254,740
Nichias Corp.		21,300		410,129
Nichiha Corp.(b)		12,300		262,278
Nitto Boseki Co. Ltd.		1,900		29,747
Noritz Corp.(b)		16,400		188,787
Reliance Worldwide Corp. Ltd.		13,860		34,280
ROCKWOOL A/S, Class A		88		25,103
ROCKWOOL A/S, Class B		174		49,534
Sanwa Holdings Corp.		5,400		56,847
Schweiter Technologies AG		56		49,067
Sekisui Jushi Corp.		8,200		124,029
Systemair AB		4,018		29,972
Takara Standard Co. Ltd.		20,500		223,057
Takasago Thermal Engineering Co. Ltd.(b)		20,500		296,517
TOTO Ltd.		3,000		115,806
Uponor OYJ(b)		20,008		355,280
Volution Group plc		7,524		34,921
				6,036,623
Capital Markets - 3.1%
3i Group plc		20,992		407,031
abrdn plc(b)		43,554		113,995
AJ Bell plc		11,352		47,041
Allfunds Group plc		4,048		31,939
Alpha Group International plc(a)		1,804		41,309
Altshuler Shaham Penn Ltd.(b)		22,509		45,129
Amundi SA(a)		1,312		85,494
Anima Holding SpA(a)		83,927		368,424
Ashmore Group plc		22,554		73,914

Investments	Shares		Value ($)
ASX Ltd.		2,624		127,526
Avanza Bank Holding AB(b)		2,704		61,984
Azimut Holding SpA		2,501		62,147
Banca Generali SpA		1,397		51,282
Brederode SA*(b)		80		9,314
Bridgepoint Group plc(a)		33,702		99,162
Brookfield Corp.(b)		20,828		772,632
Bure Equity AB		968		24,242
CI Financial Corp.		57,728		686,584
Credit Suisse Group AG (Registered)(b)		66,367		225,883
Daiwa Securities Group, Inc.(b)		36,900		173,654
Deutsche Bank AG (Registered)		42,558		564,255
Deutsche Boerse AG		2,788		497,334
EFG International AG*		8,241		76,512
EQT AB		4,756		106,251
Euronext NV(a)		1,394		112,487
Fairfax India Holdings Corp.*(a)(b)		4,510		59,577
flatexDEGIRO AG*		4,400		37,206
Flow Traders Ltd.		798		20,505
Generation Capital Ltd.(b)		450,221		143,062
Gimv NV(b)		7,462		350,503
GMO Financial Holdings, Inc.(b)		8,400		35,655
Hargreaves Lansdown plc		5,061		55,390
Hong Kong Exchanges & Clearing Ltd.		18,158		816,335
HUB24 Ltd.(b)		4,532		83,413
iFAST Corp. Ltd.		8,200		32,442
IG Group Holdings plc		8,448		82,787
IGM Financial, Inc.(b)		2,200		68,472
Impax Asset Management Group plc		4,224		40,353
Insignia Financial Ltd.(b)		234,438		576,537
IntegraFin Holdings plc(a)		15,498		59,681
Intermediate Capital Group plc		5,280		90,223
Investec plc		16,636		106,007
IP Group plc		386,630		290,348
JAFCO Group Co. Ltd.		5,000		88,854
Japan Exchange Group, Inc.		8,200		124,786
JTC plc(a)		5,016		44,400
Julius Baer Group Ltd.		4,674		297,101
Jupiter Fund Management plc		190,527		328,381
Leonteq AG(b)		3,690		203,226
Liontrust Asset Management plc		2,508		35,754
London Stock Exchange Group plc		5,248		478,488
Macquarie Group Ltd.		5,576		736,083
Magellan Financial Group Ltd.		7,995		50,252
Man Group plc		32,340		99,017
Monex Group, Inc.(b)		12,300		42,846
Ninety One plc		28,555		69,640
Nomura Holdings, Inc.		61,500		244,827
Nordnet AB publ		2,420		39,144
Okasan Securities Group, Inc.(b)		82,000		264,201
Onex Corp.(b)		1,394		71,844
Partners Group Holding AG		369		342,994
Perpetual Ltd.(b)		7,813		140,554
Pinnacle Investment Management Group Ltd.(b)		6,468		47,400
Platinum Asset Management Ltd.(b)		37,488		56,794
Quilter plc(a)(b)		499,503		592,062

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Rathbones Group plc		3,608		92,834
Ratos AB, Class B(b)		8,448		33,938
Rothschild & Co.		779		32,826
SBI Holdings, Inc.		4,800		101,245
Schroders plc		18,532		109,032
Singapore Exchange Ltd.		12,300		86,283
Sprott, Inc.		1,056		41,651
St James’s Place plc		8,118		122,177
Swissquote Group Holding SA (Registered)		660		117,740
Tamburi Investment Partners SpA		4,100		33,975
Tel Aviv Stock Exchange Ltd.(b)		4,141		24,927
Tikehau Capital SCA		1,672		47,485
TMX Group Ltd.		836		82,162
Tokai Tokyo Financial Holdings, Inc.(b)		90,200		262,183
TP ICAP Group plc		279,087		606,769
UBS Group AG (Registered)		76,588		1,620,540
UOB-Kay Hian Holdings Ltd.		118,900		127,553
Van Lanschot Kempen NV, CVA		14,186		406,737
Vontobel Holding AG (Registered)		339		23,836
VZ Holding AG		285		22,521
WealthNavi, Inc.*(b)		2,400		25,856
XTB SA(a)		14,104		107,690
Yangzijiang Financial Holding Ltd.*		926,600		260,845
				16,603,474
Chemicals - 2.9%
ADEKA Corp.		2,300		38,662
Aica Kogyo Co. Ltd.		1,500		36,103
Air Liquide SA		7,913		1,255,227
Air Water, Inc.		6,000		73,036
Akzo Nobel NV		2,870		212,390
Arkema SA		1,599		161,086
Asahi Kasei Corp.		32,800		247,781
BASF SE		19,926		1,133,969
Borregaard ASA		1,692		26,020
C Uyemura & Co. Ltd.		600		30,451
Chr Hansen Holding A/S		1,584		116,456
Ciech SA		9,548		105,593
Clariant AG (Registered)*		2,836		48,216
Corbion NV		3,321		127,175
Covestro AG(a)		2,337		106,905
Croda International plc		2,378		201,591
Daicel Corp.		8,900		65,427
Denka Co. Ltd.		1,400		28,916
DIC Corp.(b)		2,899		53,657
Elementis plc*		41,976		64,699
Elkem ASA(a)		7		25
EMS-Chemie Holding AG (Registered)		126		93,189
Essentra plc		16,940		45,046
Evonik Industries AG		4,160		91,986
FUCHS PETROLUB SE		55		1,816
FUCHS PETROLUB SE (Preference)		1,182		46,958
Fujimi, Inc.		1,000		50,290
Fuso Chemical Co. Ltd.(b)		1,100		31,043
Givaudan SA (Registered)(b)		123		395,742
Grupa Azoty SA*		17,917		187,661

Investments	Shares		Value ($)
Hexpol AB		5,784		62,205
ICL Group Ltd.		9,848		77,520
Incitec Pivot Ltd.		36,784		89,164
Israel Corp. Ltd.		104		38,254
JCU Corp.		1,400		34,450
Johnson Matthey plc		4,920		136,646
JSR Corp.		3,100		69,130
K+S AG (Registered)		4,961		118,318
Kaneka Corp.		1,300		33,938
Kansai Paint Co. Ltd.		5,300		74,093
Kemira OYJ		2,992		48,417
KH Neochem Co. Ltd.		12,300		260,575
Koninklijke DSM NV		2,756		352,294
Kumiai Chemical Industry Co. Ltd.		8,000		54,012
Kuraray Co. Ltd.		6,700		55,179
Kureha Corp.		800		51,920
LANXESS AG		2,156		106,820
Lenzing AG(b)		738		52,018
Lintec Corp.		14,100		242,978
Methanex Corp.		1,290		60,887
Mitsubishi Chemical Group Corp.		33,500		187,046
Mitsubishi Gas Chemical Co., Inc.		6,200		90,012
Mitsui Chemicals, Inc.		5,500		128,782
Nihon Parkerizing Co. Ltd.		6,000		44,062
Nippon Kayaku Co. Ltd.		3,800		35,094
Nippon Paint Holdings Co. Ltd.		16,400		148,432
Nippon Pillar Packing Co. Ltd.(b)		8,200		197,993
Nippon Sanso Holdings Corp.		2,800		45,366
Nippon Shokubai Co. Ltd.		1,400		58,995
Nippon Soda Co. Ltd.		9,939		324,052
Nissan Chemical Corp.		2,900		136,030
Nitto Denko Corp.		1,800		115,714
NOF Corp.		1,200		50,844
Novozymes A/S, Class B		3,567		184,812
Nufarm Ltd.		20,418		85,174
Nutrien Ltd.		11,275		930,662
OCI NV		1,318		44,717
Okamoto Industries, Inc.(b)		5,900		176,939
Orica Ltd.(b)		4,722		49,212
Osaka Soda Co. Ltd.(b)		8,800		286,239
Recticel SA		2,200		41,096
Resonac Holdings Corp.(b)		4,200		71,214
Robertet SA(b)		44		41,478
Sanyo Chemical Industries Ltd.		4,100		133,204
Shikoku Kasei Holdings Corp.		3,200		31,325
Shin-Etsu Chemical Co. Ltd.		6,300		924,084
Shin-Etsu Polymer Co. Ltd.		800		7,905
Sika AG (Registered)		2,255		635,204
SOL SpA		3,009		66,339
Solvay SA(b)		1,476		170,961
Sumitomo Chemical Co. Ltd.		35,800		136,819
Symrise AG		2,132		225,711
T Hasegawa Co. Ltd.		900		21,904
Taiyo Holdings Co. Ltd.		1,800		32,998
Teijin Ltd.		3,000		30,705
Tessenderlo Group SA*		5,576		196,511
Toagosei Co. Ltd.		45,100		407,494
Tokai Carbon Co. Ltd.		6,600		56,487
Tokuyama Corp.		24,600		358,090

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Tokyo Ohka Kogyo Co. Ltd.		700		34,180
Toray Industries, Inc.		36,900		225,807
Tosoh Corp.		7,800		101,665
Toyo Gosei Co. Ltd.(b)		300		21,131
Toyo Ink SC Holdings Co. Ltd.		13,900		199,022
Toyobo Co. Ltd.		32,800		259,787
Umicore SA		3,034		114,108
Victrex plc		5,289		119,743
Wacker Chemie AG		256		38,493
W-Scope Corp.*(b)		4,100		45,683
Yara International ASA		3,198		141,518
Zeon Corp.		3,600		35,185
				15,341,962
Commercial Services & Supplies - 0.9%
Befesa SA(a)		2,184		124,764
Big Technologies plc*		11,924		36,332
Bilfinger SE		1,640		56,212
Boyd Group Services, Inc.		208		31,719
Brambles Ltd.		23,903		201,951
Bravida Holding AB(a)		4,312		47,404
Caverion OYJ		8,888		81,856
Cleanaway Waste Management Ltd.(b)		35,024		67,375
Coor Service Management Holding AB(a)		6,692		42,665
Dai Nippon Printing Co. Ltd.		5,700		134,123
Daiseki Co. Ltd.		1,499		50,199
Derichebourg SA		31,816		216,998
DO & CO AG*		369		38,913
Downer EDI Ltd.		9,548		25,364
Duskin Co. Ltd.		3,700		86,351
Elanders AB, Class B(b)		5,822		96,201
Elis SA		4,661		82,534
GFL Environmental, Inc.		1,760		54,158
Intrum AB		2,464		31,736
ISS A/S*		2,508		54,555
Japan Elevator Service Holdings Co. Ltd.		4,200		58,747
Kokuyo Co. Ltd.(b)		4,100		58,263
Loomis AB		328		9,743
Mitie Group plc		506,145		486,030
Mitsubishi Pencil Co. Ltd.(b)		1,800		20,111
Nippon Kanzai Co. Ltd.		1,300		25,531
Okamura Corp.(b)		30,500		332,804
Park24 Co. Ltd.*		2,200		37,201
Prestige International, Inc.		4,000		22,177
Prosegur Cash SA(a)(b)		159,861		127,088
Prosegur Cia de Seguridad SA		77,203		174,233
Raksul, Inc.*(b)		3,200		34,130
Rentokil Initial plc		37,064		223,904
Ritchie Bros Auctioneers, Inc.(b)		2,091		126,085
Sdiptech AB, Class B*		1,056		25,679
Secom Co. Ltd.		2,700		160,304
Securitas AB, Class B		11,275		102,672
Serco Group plc		79,745		143,236
SG Fleet Group Ltd.(b)		59,146		84,605
Smart Metering Systems plc		5,165		55,320
Societe BIC SA		328		23,760
Sohgo Security Services Co. Ltd.		1,900		52,159

Investments	Shares		Value ($)
SPIE SA		2,992		81,366
TOMRA Systems ASA		3,872		67,894
TOPPAN, Inc.		4,100		65,798
TRE Holdings Corp.		4,200		47,121
Veridis Environment Ltd.		2,870		22,766
Waste Connections, Inc.		3,936		520,808
				4,750,945
Communications Equipment - 0.2%
AudioCodes Ltd.(b)		1,936		37,281
Gilat Satellite Networks Ltd.*(b)		7,568		40,934
Nokia OYJ		84,009		397,022
Spirent Communications plc		40,672		109,856
Telefonaktiebolaget LM Ericsson, Class A(b)		3,789		24,501
Telefonaktiebolaget LM Ericsson, Class B		62,771		362,004
VTech Holdings Ltd.		53,300		352,226
				1,323,824
Construction & Engineering - 1.7%
Ackermans & van Haaren NV		454		78,348
ACS Actividades de Construccion y Servicios SA		3,133		92,346
AF Gruppen ASA		704		10,009
Ashtrom Group Ltd.(b)		1,861		35,052
Badger Infrastructure Solutions Ltd.		2,812		66,804
Balfour Beatty plc		212,339		957,808
Bouygues SA(b)		3,895		127,920
Burkhalter Holding AG		615		56,898
Chiyoda Corp.*(b)		61,500		181,599
COMSYS Holdings Corp.		4,200		79,869
Eiffage SA		1,640		174,479
Elco Ltd.		231		10,703
Elecnor SA		15,539		192,388
Electra Ltd.		15		7,651
EXEO Group, Inc.		3,900		70,716
Ferrovial SA		7,051		207,065
Fugro NV*		7,040		93,355
Gold Finance Holdings Ltd.*‡		89,827		—
Hazama Ando Corp.(b)		55,700		368,349
HOCHTIEF AG		442		27,880
INFRONEER Holdings, Inc.*		4,100		32,631
Instalco AB(a)		7,260		27,966
JGC Holdings Corp.		5,400		70,217
Johns Lyng Group Ltd.(b)		7,568		31,250
Kajima Corp.		12,400		151,991
Kandenko Co. Ltd.		35,800		240,052
Kinden Corp.		2,300		26,282
Kumagai Gumi Co. Ltd.		13,100		268,558
Kyudenko Corp.		2,100		54,258
Maire Tecnimont SpA(b)		56,580		217,037
Meshulam Levinstein Contracting & Engineering Ltd.		533		45,812
MIRAIT ONE Corp.		36,900		448,889
Monadelphous Group Ltd.(b)		7,216		70,729
Morgan Sindall Group plc		15,662		316,602
NCC AB, Class B(b)		30,709		302,696
Nippon Densetsu Kogyo Co. Ltd.(b)		1,700		21,190
Nippon Road Co. Ltd. (The)		1,400		66,639

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Nishimatsu Construction Co. Ltd.		1,700		53,009
NRW Holdings Ltd.(b)		169,986		364,133
NYAB OYJ*(b)		33,784		31,188
Obayashi Corp.		16,500		127,640
Okumura Corp.		12,300		285,640
Peab AB, Class B		3,999		24,827
Penta-Ocean Construction Co. Ltd.		1,500		7,451
Raito Kogyo Co. Ltd.		3,200		47,417
Sacyr SA(b)		27,839		85,261
Sacyr SA*‡		618		1,893
Sanki Engineering Co. Ltd.(b)		18,000		215,648
Shapir Engineering and Industry Ltd.		2,525		19,072
Shikun & Binui Ltd.*(b)		3,798		11,090
Shimizu Corp.		17,800		99,509
SHO-BOND Holdings Co. Ltd.		1,200		51,029
Skanska AB, Class B		8,610		151,151
SNC-Lavalin Group, Inc.		2,068		44,247
Stantec, Inc.(b)		1,848		96,060
Sumitomo Densetsu Co. Ltd.(b)		6,400		116,538
Sweco AB, Class B		4,708		50,858
Taihei Dengyo Kaisha Ltd.(b)		4,100		109,243
Taikisha Ltd.		1,000		27,337
Taisei Corp.		4,600		158,468
Takamatsu Construction Group Co. Ltd.		8,200		125,227
Toda Corp.		5,200		28,270
Totetsu Kogyo Co. Ltd.		1,800		37,136
Toyo Construction Co. Ltd.		8,200		53,786
Veidekke ASA		3,088		31,782
Vestum AB*(b)		21,560		37,705
Vinci SA		8,077		909,133
Webuild SpA(b)		139,810		245,375
WSP Global, Inc.(b)		1,763		224,189
Yokogawa Bridge Holdings Corp.		14,800		227,727
				9,331,077
Construction Materials - 0.8%
Adbri Ltd.(b)		130,216		169,750
Boral Ltd.(b)		3,476		8,426
Breedon Group plc		510,737		430,706
Brickworks Ltd.(b)		1,435		24,015
Buzzi Unicem SpA		3,148		70,566
Cementir Holding NV		18,081		142,171
CRH plc		16,728		773,164
CSR Ltd.(b)		24,887		92,243
HeidelbergCement AG		3,075		209,727
Holcim AG*		12,177		721,806
Ibstock plc(a)		27,720		57,537
Imerys SA		1,103		45,545
James Hardie Industries plc, CHDI		6,190		137,178
Maeda Kosen Co. Ltd.		1,200		30,912
Marshalls plc(b)		90,487		378,532
Mitani Sekisan Co. Ltd.		1,200		39,079
RHI Magnesita NV(b)		8,528		282,418
Sumitomo Osaka Cement Co. Ltd.(b)		1,700		44,577
Taiheiyo Cement Corp.		2,200		37,827
Titan Cement International SA*		15,908		249,478
Vicat SA		6,109		170,179

Investments	Shares		Value ($)
Wienerberger AG		2,596		77,533
				4,193,369
Consumer Finance - 0.3%
AEON Financial Service Co. Ltd.		400		4,039
Cembra Money Bank AG		1,722		151,723
Credit Corp. Group Ltd.(b)		3,350		51,083
Credit Saison Co. Ltd.		2,100		27,420
Direct Finance of Direct Group 2006 Ltd.(b)		574		95,931
goeasy Ltd.		528		49,098
Gruppo MutuiOnline SpA		1,056		33,557
Isracard Ltd.		71,586		240,315
Jaccs Co. Ltd.		9,900		318,213
KRUK SA		738		59,784
Latitude Group Holdings Ltd.(b)		88,452		90,375
Marui Group Co. Ltd.		3,200		54,283
Premium Group Co. Ltd.		4,100		50,318
Resurs Holding AB(a)		51,086		135,598
Sun Hung Kai & Co. Ltd.		164,000		70,090
				1,431,827
Containers & Packaging - 0.3%
Billerud AB		3,558		41,154
Cascades, Inc.(b)		25,871		178,568
CCL Industries, Inc., Class B		2,759		128,671
DS Smith plc		26,376		114,787
FP Corp.		1,200		32,435
Fuji Seal International, Inc.(b)		2,000		25,853
Huhtamaki OYJ		2,051		76,447
Infinya Ltd.(b)		1,271		132,123
Mayr Melnhof Karton AG(b)		275		45,934
Orora Ltd.(b)		19,096		40,099
Rengo Co. Ltd.		5,200		36,587
SIG Group AG*		6,150		151,416
Smurfit Kappa Group plc		4,018		167,699
Toyo Seikan Group Holdings Ltd.		1,500		19,389
Transcontinental, Inc., Class A(b)		25,379		282,824
Verallia SA(a)		1,364		50,189
Vidrala SA		1,440		144,818
Winpak Ltd.		1,716		53,447
				1,722,440
Distributors - 0.1%
Bapcor Ltd.(b)		17,917		80,296
D’ieteren Group		220		41,789
Inchcape plc		6,396		71,812
Inter Cars SA		205		21,443
PALTAC Corp.(b)		800		28,852
Uni-Select, Inc.*		1,554		46,212
				290,404
Diversified Consumer Services - 0.1%
AcadeMedia AB(a)		26,691		125,631
Benesse Holdings, Inc.		2,100		32,038
G8 Education Ltd.(b)		51,492		45,536
IDP Education Ltd.		2,501		54,985
InvoCare Ltd.(b)		4,432		35,977
LITALICO, Inc.(b)		1,200		24,241
Pearson plc		13,448		152,910
				471,318

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Diversified Financial Services - 0.8%
AMP Ltd.*		65,142		61,280
Banca Mediolanum SpA		4,444		42,308
BFF Bank SpA(a)		10,956		100,961
Burford Capital Ltd.		12,915		115,908
Challenger Ltd.(b)		9,812		49,919
Creades AB, Class A(b)		20,582		174,764
ECN Capital Corp.		16,720		36,589
eGuarantee, Inc.		2,800		52,040
Element Fleet Management Corp.(b)		7,708		108,600
Eurazeo SE		1,144		79,827
Financial Partners Group Co. Ltd.		4,100		33,356
Fuyo General Lease Co. Ltd.		1,000		68,515
GRENKE AG		1,804		52,155
Groupe Bruxelles Lambert NV		1,312		111,740
HAL Trust		1,215		167,055
Hypoport SE*		88		11,918
Industrivarden AB, Class A		3,388		89,313
Industrivarden AB, Class C(b)		3,828		100,363
Investment AB Oresund		9,198		109,816
Investor AB, Class A		7,798		154,846
Investor AB, Class B		27,506		531,609
Japan Securities Finance Co. Ltd.		4,700		42,466
Kinnevik AB, Class B*		4,578		70,202
L E Lundbergforetagen AB, Class B		1,348		62,097
M&G plc		40,467		100,584
Mitsubishi HC Capital, Inc.		15,729		80,069
Mizuho Leasing Co. Ltd.		12,438		329,015
Omni Bridgeway Ltd.*(b)		16,277		46,337
ORIX Corp.		26,100		456,592
PEUGEOT INVEST		308		31,711
Plus500 Ltd.		3,444		78,820
Ricoh Leasing Co. Ltd.		5,400		160,906
Sofina SA(b)		316		74,678
SRH NV*‡		2,857		—
Svolder AB, Class B(b)		31,980		206,301
Tokyo Century Corp.		600		20,970
Wendel SE		497		52,357
Zenkoku Hosho Co. Ltd.		600		23,300
				4,089,287
Diversified Telecommunication Services - 1.2%
BCE, Inc.(b)		4,223		199,068
Bezeq The Israeli Telecommunication Corp. Ltd.		38,130		62,953
BT Group plc		151,864		233,045
Cellnex Telecom SA(a)		8,323		324,326
Chorus Ltd.		8,733		47,181
Deutsche Telekom AG (Registered)		76,260		1,693,713
Elisa OYJ		2,378		135,278
Gamma Communications plc		3,432		49,772
Helios Towers plc*(b)		10,824		14,258
HKBN Ltd.		51,500		36,201
HKT Trust & HKT Ltd.		53,400		69,896
Infrastrutture Wireless Italiane SpA(a)		5,179		56,500
Internet Initiative Japan, Inc.		2,000		37,233
Koninklijke KPN NV		53,546		182,661
NetLink NBN Trust(a)		61,600		41,009
Nippon Telegraph & Telephone Corp.		25,600		766,159

Investments	Shares		Value ($)
NOS SGPS SA		9,348		40,000
Orange SA		41,984		443,291
PCCW Ltd.		36,035		17,699
Proximus SADP		2,464		25,187
RAI Way SpA(a)		8,120		46,254
Singapore Telecommunications Ltd.		106,600		203,573
Spark New Zealand Ltd.		29,930		100,677
Swisscom AG (Registered)		369		216,882
Telecom Italia SpA*(b)		112,508		32,246
Telecom Italia SpA*		96,272		26,766
Telefonica Deutschland Holding AG		3,731		10,957
Telefonica SA		126,485		479,006
Telekom Austria AG*		1,426		9,556
Telenor ASA		12,054		125,932
Telia Co. AB(b)		30,873		79,558
Telstra Group Ltd.		63,919		183,765
TELUS Corp.‡		2,497		53,651
TELUS Corp.		5,088		109,321
United Internet AG (Registered)		1,848		42,730
Vantage Towers AG		1,148		41,867
				6,238,171
Electric Utilities - 1.3%
Acciona SA		369		71,735
BKW AG		440		62,929
Chubu Electric Power Co., Inc.		12,300		132,227
Chugoku Electric Power Co., Inc. (The)(b)		4,206		23,060
CK Infrastructure Holdings Ltd.		11,000		61,115
CLP Holdings Ltd.		25,500		189,333
Contact Energy Ltd.		11,528		57,812
EDP - Energias de Portugal SA		39,811		197,073
Elia Group SA/NV(b)		476		66,584
Emera, Inc.(b)		3,649		144,883
Endesa SA(b)		5,986		118,775
Enea SA*		97,908		152,266
Enel SpA		169,125		990,209
EVN AG		748		15,744
Fortis, Inc.(b)		7,298		299,008
Fortum OYJ(b)		9,225		138,410
Genesis Energy Ltd.(b)		15,388		28,441
HK Electric Investments & HK Electric Investments Ltd.(a)(b)		44,500		30,770
Hokkaido Electric Power Co., Inc.		6,600		24,361
Hokuriku Electric Power Co.		66,100		272,949
Hydro One Ltd.(a)(b)		4,633		126,315
Iberdrola SA		87,658		1,022,934
Iberdrola SA*‡		1,460		17,038
Infratil Ltd.		8,272		47,470
Kansai Electric Power Co., Inc. (The)		20,500		196,732
Kyushu Electric Power Co., Inc.		5,000		28,721
Manawa Energy Ltd.(b)		5,123		18,176
Mercury NZ Ltd.		10,742		41,617
Okinawa Electric Power Co., Inc. (The)		17,170		142,462
Origin Energy Ltd.		26,363		138,768
Orsted A/S(a)		2,870		253,489
PGE Polska Grupa Energetyczna SA*		10,843		18,707
Power Assets Holdings Ltd.		22,500		127,160

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Red Electrica Corp. SA		6,806		120,040
Romande Energie Holding SA (Registered)(b)		21		26,629
Shikoku Electric Power Co., Inc.		73,800		425,622
SSE plc		16,113		341,886
Tauron Polska Energia SA*		396,880		215,800
Terna - Rete Elettrica Nazionale		21,416		168,673
Tohoku Electric Power Co., Inc.		10,900		58,504
Tokyo Electric Power Co. Holdings, Inc.*		22,400		83,540
Verbund AG		656		55,607
				6,753,574
Electrical Equipment - 1.4%
ABB Ltd. (Registered)		25,953		896,879
Alfen N.V.*(a)		1,230		113,520
Ballard Power Systems, Inc.*(b)		9,430		61,555
Ceres Power Holdings plc*(b)		1,394		8,140
Daihen Corp.		8,200		266,092
DiscoverIE Group plc		4,796		50,777
Energiekontor AG		410		34,955
Fagerhult AB		6,336		29,532
Fuji Electric Co. Ltd.		1,500		60,210
Fujikura Ltd.		8,200		61,920
Furukawa Electric Co. Ltd.(b)		24,600		474,994
GARO AB(a)		1,980		19,479
GS Yuasa Corp.(b)		27,300		474,436
Hexatronic Group AB		2,337		28,582
Huber + Suhner AG (Registered)		867		82,666
Idec Corp.		2,200		52,020
Legrand SA		4,264		378,439
Mabuchi Motor Co. Ltd.		1,600		45,584
Mitsubishi Electric Corp.		47,000		515,375
NEL ASA*(b)		12,688		21,544
Nexans SA		451		47,560
Nidec Corp.		8,310		458,170
Nissin Electric Co. Ltd.		17,600		181,353
NKT A/S*		2,706		167,895
Nordex SE*		7,130		107,558
PNE AG		2,173		38,940
PowerCell Sweden AB*(b)		2,948		39,223
Prysmian SpA		3,936		159,873
Sanyo Denki Co. Ltd.(b)		4,100		197,362
Schneider Electric SE		8,569		1,380,320
Siemens Energy AG		6,384		132,566
Signify NV(a)		2,730		98,109
Somfy SA‡		275		42,709
TKH Group NV, CVA		2,194		99,077
Varta AG		352		10,635
Vestas Wind Systems A/S		15,621		453,319
				7,291,368
Electronic Equipment, Instruments & Components - 1.8%
Ai Holdings Corp.(b)		3,800		63,876
Alps Alpine Co. Ltd.		5,348		54,407
ALSO Holding AG (Registered)*		369		74,784
Amano Corp.		800		14,567
Anritsu Corp.		600		5,716
AT&S Austria Technologie & Systemtechnik AG		8,733		298,287

Investments	Shares		Value ($)
Azbil Corp.		2,100		58,780
Barco NV		3,034		76,578
Basler AG		792		29,202
Canon Marketing Japan, Inc.		1,500		35,468
Celestica, Inc.*		36,695		487,305
Citizen Watch Co. Ltd.(b)		98,400		466,103
Codan Ltd.(b)		7,304		27,278
Comet Holding AG (Registered)		462		105,600
Daiwabo Holdings Co. Ltd.		32,800		494,352
Elematec Corp.		4,100		51,737
FIH Mobile Ltd.*(b)		328,000		34,731
FIT Hon Teng Ltd.*(a)(b)		615,000		176,531
Halma plc		6,519		172,389
Hamamatsu Photonics KK		2,700		143,258
Hexagon AB, Class B		30,791		350,706
Hioki EE Corp.(b)		700		39,725
Hirose Electric Co. Ltd.		582		75,320
Horiba Ltd.		800		36,603
Hosiden Corp.(b)		20,500		247,649
Ibiden Co. Ltd.		2,800		107,870
Inficon Holding AG (Registered)		82		85,235
Iriso Electronics Co. Ltd.		1,200		40,001
Jenoptik AG		2,585		79,844
Kaga Electronics Co. Ltd.		8,300		274,763
Keyence Corp.		3,000		1,367,527
Kitron ASA		9,471		25,175
Kyocera Corp.		5,700		293,931
Lagercrantz Group AB, Class B		2,640		27,586
Landis+Gyr Group AG*(b)		1,102		80,723
LEM Holding SA (Registered)		27		59,510
Macnica Holdings, Inc.(b)		2,100		55,469
Meiko Electronics Co. Ltd.(b)		8,200		181,473
Murata Manufacturing Co. Ltd.		9,000		511,715
Mycronic AB		924		19,663
NCAB Group AB		5,280		33,738
Nichicon Corp.		3,200		31,251
Nippon Electric Glass Co. Ltd.(b)		2,200		40,686
Nissha Co. Ltd.(b)		16,400		242,258
Nohmi Bosai Ltd.		2,500		33,008
Novonix Ltd.*(b)		6,864		8,779
Oki Electric Industry Co. Ltd.(b)		32,800		184,373
Omron Corp.		2,500		143,412
Oxford Instruments plc		3,036		87,647
PAX Global Technology Ltd.		246,000		232,237
Renishaw plc		880		42,728
Restar Holdings Corp.(b)		8,200		138,595
Riken Keiki Co. Ltd.		1,200		42,493
Ryosan Co. Ltd.		8,200		185,067
Sensirion Holding AG*(a)		528		62,412
Sesa SpA		294		39,785
SES-imagotag SA*		246		30,724
Shimadzu Corp.		4,900		149,587
Softwareone Holding AG*		6,068		97,286
Spectris plc		2,112		83,203
Taiyo Yuden Co. Ltd.(b)		2,500		84,105
Tamura Corp.(b)		8,200		46,409
TDK Corp.		6,700		237,252
Topcon Corp.		6,400		82,630
Vaisala OYJ, Class A		836		35,818

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Venture Corp. Ltd.		4,500		63,202
VSTECS Holdings Ltd.		250,000		156,279
Yokogawa Electric Corp.		4,900		85,532
				9,531,933
Energy Equipment & Services - 0.6%
Aker Solutions ASA(a)(b)		7,560		29,685
Borr Drilling Ltd.*(b)		8,106		48,247
BW Offshore Ltd.		41,194		109,540
John Wood Group plc*		234,356		408,971
Lapidoth Capital Ltd.		7,913		162,109
Pason Systems, Inc.		2,898		34,272
Petrofac Ltd.*(b)		20,076		20,563
PGS ASA*(b)		222,835		189,633
Precision Drilling Corp.*(b)		462		36,722
Saipem SpA*		401,349		612,419
SBM Offshore NV		10,291		161,222
Schoeller-Bleckmann Oilfield Equipment AG		615		45,018
Secure Energy Services, Inc.(b)		16,104		97,757
Subsea 7 SA		3,608		44,738
Technip Energies NV		44,977		869,726
Tenaris SA		7,474		131,903
TGS ASA		1,927		31,698
Vallourec SA*		5,740		83,318
Worley Ltd.(b)		7,728		84,133
				3,201,674
Entertainment - 0.5%
Bollore SE		12,858		71,638
Capcom Co. Ltd.		3,400		109,808
CD Projekt SA		1,193		38,294
CTS Eventim AG & Co. KGaA*		704		49,162
Daiichikosho Co. Ltd.		1,100		34,046
DeNA Co. Ltd.		1,100		15,378
Embracer Group AB*(b)		13,161		61,017
EVT Ltd.(b)		2,282		22,625
Kahoot! ASA*		22,755		39,823
Kinepolis Group NV*(b)		1,030		43,470
Koei Tecmo Holdings Co. Ltd.		2,492		45,109
Konami Group Corp.		1,000		48,983
MIXI, Inc.		4,200		80,321
Modern Times Group MTG AB, Class B*		7,040		62,124
Nexon Co. Ltd.		8,200		197,047
Nintendo Co. Ltd.		16,600		718,021
Paradox Interactive AB		952		16,885
Shochiku Co. Ltd.*		800		67,976
Square Enix Holdings Co. Ltd.		1,800		84,848
Stillfront Group AB*		160,351		278,284
Team17 Group plc*		5,676		32,842
Toei Animation Co. Ltd.(b)		200		19,762
Toho Co. Ltd.		1,200		44,154
Ubisoft Entertainment SA*		1,425		29,296
Universal Music Group NV		11,480		292,621
				2,503,534
Equity Real Estate Investment Trusts (REITs) - 2.0%
Activia Properties, Inc.		15		44,869
Advance Logistics Investment Corp.		44		47,301

Investments	Shares		Value ($)
Advance Residence Investment Corp.(b)		18		43,946
Aedifica SA		704		61,587
AEON REIT Investment Corp.(b)		29		32,023
AIMS APAC REIT		53,300		55,557
Allied Properties REIT(b)		1,540		34,254
Altarea SCA		88		11,966
Arena REIT(b)		14,757		38,786
ARGAN SA		991		84,057
Argosy Property Ltd.		68,432		50,858
Artis REIT(b)		21,279		151,497
Assura plc(b)		171,872		117,962
Big Yellow Group plc		4,224		62,870
Boardwalk REIT(b)		574		24,184
British Land Co. plc (The)		10,868		59,191
BWP Trust		12,444		34,373
Canadian Apartment Properties REIT(b)		1,012		37,314
Capital & Counties Properties plc		43,340		61,359
CapitaLand Ascendas REIT		47,735		104,597
CapitaLand Ascott Trust		30,164		25,474
CapitaLand China Trust		73,814		70,200
CapitaLand Integrated Commercial Trust		75,746		123,328
Carmila SA*(b)		21,812		328,328
CDL Hospitality Trusts		38,294		39,333
Centuria Capital Group		23,730		31,185
Centuria Industrial REIT(b)		20,824		49,010
Centuria Office REIT		32,185		36,287
Champion REIT(b)		108,000		47,810
Charter Hall Group(b)		8,140		78,983
Charter Hall Long Wale REIT		7,926		25,468
Charter Hall Retail REIT		6,292		17,690
Charter Hall Social Infrastructure REIT(b)		16,583		40,548
Choice Properties REIT		3,957		44,393
CLS Holdings plc(b)		14,403		26,420
Cofinimmo SA		526		47,672
Comforia Residential REIT, Inc.(b)		19		42,209
Covivio		660		45,122
CRE Logistics REIT, Inc.(b)		44		59,718
Crombie REIT(b)		3,256		40,311
Cromwell European REIT(a)		23,174		40,520
Cromwell Property Group		24,477		12,505
CT REIT(b)		3,432		42,310
Daiwa House REIT Investment Corp.(b)		42		91,335
Daiwa Securities Living Investments Corp.		26		21,732
Derwent London plc		1,508		47,935
Dexus(b)		14,476		83,134
Dexus Industria REIT		18,568		40,299
Dream Industrial REIT(b)		7,093		74,420
Eurocommercial Properties NV		16,031		399,744
Far East Hospitality Trust		53,976		27,515
First Capital REIT		1,819		24,470
Fortune REIT		92,000		79,576
Frasers Centrepoint Trust		12,749		21,534
Frasers Hospitality Trust		39,200		14,912

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Frasers Logistics & Commercial Trust(a)		43,839		42,026
Frontier Real Estate Investment Corp.		12		46,230
Fukuoka REIT Corp.(b)		26		33,408
Gecina SA		704		83,033
Global One Real Estate Investment Corp.		48		39,605
GLP J-REIT		74		83,477
Goodman Group		25,707		361,745
Goodman Property Trust		19,085		25,407
GPT Group (The)		29,568		94,800
Granite REIT(b)		484		29,537
Great Portland Estates plc(b)		14,238		99,824
Growthpoint Properties Australia Ltd.		4,004		9,141
H&R REIT(b)		2,788		27,183
Hammerson plc(b)		171,380		56,629
Hankyu Hanshin REIT, Inc.(b)		26		28,630
Heiwa Real Estate REIT, Inc.		43		49,962
HMC Capital Ltd.		9,954		32,125
HomeCo Daily Needs REIT(a)(b)		38,581		36,701
Hoshino Resorts REIT, Inc.		16		91,661
Hulic Reit, Inc.		24		28,642
ICADE		836		39,550
Ichigo Office REIT Investment Corp.		41		26,830
Industrial & Infrastructure Fund Investment Corp.(b)		44		48,688
Ingenia Communities Group		11,972		38,975
Inmobiliaria Colonial Socimi SA		7,185		52,126
InterRent REIT(b)		6,380		68,899
Invincible Investment Corp.		121		51,454
Japan Excellent, Inc.(b)		82		78,125
Japan Hotel REIT Investment Corp.		77		48,671
Japan Logistics Fund, Inc.(b)		19		43,261
Japan Metropolitan Fund Invest(b)		103		79,441
Japan Prime Realty Investment Corp.		13		35,188
Japan Real Estate Investment Corp.		24		102,795
Kenedix Office Investment Corp.		18		42,701
Kenedix Retail REIT Corp.		31		58,045
Keppel DC REIT		21,100		32,749
Keppel REIT		27,933		20,508
Killam Apartment REIT(b)		1,148		15,830
Kiwi Property Group Ltd.		57,540		35,512
Klepierre SA		3,960		100,036
Land Securities Group plc		12,222		106,589
LaSalle Logiport REIT		44		53,222
Lendlease Global Commercial REIT		57,400		31,662
Link REIT		31,923		255,350
LondonMetric Property plc(b)		19,734		45,747
LXI REIT plc(a)		8,692		12,049
Manulife US REIT(a)		663,790		219,051
Mapletree Industrial Trust		35,086		63,533
Mapletree Logistics Trust		45,115		58,009
Mapletree Pan Asia Commercial Trust		30,462		42,181
Menivim- The New REIT Ltd.		257,398		125,889
Mercialys SA		28,085		310,812
Merlin Properties Socimi SA		2,992		29,131
Mirai Corp.		88		29,673
Mirvac Group		63,924		102,250

Investments	Shares		Value ($)
Mitsubishi Estate Logistics REIT Investment Corp.		15		47,118
Mitsui Fudosan Logistics Park, Inc.		9		31,385
Montea NV		405		32,373
Mori Hills REIT Investment Corp.(b)		16		18,160
National Storage REIT		8,949		14,567
Nippon Accommodations Fund, Inc.		8		35,865
Nippon Building Fund, Inc.		24		104,641
Nippon Prologis REIT, Inc.		41		92,786
NIPPON REIT Investment Corp.		18		45,746
Nomura Real Estate Master Fund, Inc.		52		60,739
NorthWest Healthcare Properties REIT(b)		4,268		32,210
NTT UD REIT Investment Corp.		24		24,453
One REIT, Inc.		14		26,515
Orix JREIT, Inc.		49		67,333
OUE Commercial REIT		175,177		46,648
Parkway Life REIT		12,500		38,612
Precinct Properties New Zealand Ltd.		22,735		18,439
Primaris REIT(b)		2,706		30,967
Primary Health Properties plc(b)		79,089		109,148
Property for Industry Ltd.		26,697		39,164
Region RE Ltd.		19,270		36,662
Reit 1 Ltd.		68,675		338,859
Retail Estates NV		984		67,754
RioCan REIT(b)		2,596		44,903
Rural Funds Group		20,724		36,654
Safestore Holdings plc		4,488		55,583
Samty Residential Investment Corp.		44		36,880
Sasseur REIT(a)		149,600		92,764
Scentre Group(b)		67,117		144,247
Segro plc		17,794		181,865
Sekisui House Reit, Inc.		55		30,028
Sella Capital Real Estate Ltd.		73,127		172,900
Shaftesbury plc(b)		16,113		78,077
SOSiLA Logistics REIT, Inc.		41		40,765
Star Asia Investment Corp.(b)		66		26,746
Starhill Global REIT		80,696		34,996
Stockland		53,956		149,419
Stride Property Group		32,208		28,932
Summit Industrial Income REIT		1,681		28,824
Sunlight REIT		55,000		24,348
Suntec REIT		43,500		46,335
Takara Leben Real Estate Investment Corp.(b)		246		184,247
Tokyu REIT, Inc.(b)		22		33,124
Tritax Big Box REIT plc		33,836		64,899
UK Commercial Property REIT Ltd.		63,932		45,492
Unibail-Rodamco-Westfield*(b)		1,886		121,197
Unibail-Rodamco-Westfield, CHDI*		5		16
UNITE Group plc (The)		6,093		74,786
United Urban Investment Corp.		40		45,461
Urban Logistics REIT plc		16,506		29,160
Vicinity Ltd.		65,692		95,357
Vital Healthcare Property Trust(b)		29,080		45,009
Warehouses De Pauw CVA		2,992		94,429
Waypoint REIT Ltd.(b)		43,262		84,747
Workspace Group plc		8,954		55,668

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Xior Student Housing NV(a)		925		30,992
				10,823,273
Food & Staples Retailing - 1.6%
Aeon Co. Ltd.(b)		13,813		282,272
Ain Holdings, Inc.		800		34,511
Alimentation Couche-Tard, Inc.		11,849		539,548
Arcs Co. Ltd.		19,218		324,229
Axfood AB		1,496		38,422
Axial Retailing, Inc.		8,200		221,323
Belc Co. Ltd.(b)		800		34,388
Carrefour SA		12,546		238,039
Casino Guichard Perrachon SA*(b)		20,500		251,138
Coles Group Ltd.		18,450		230,894
Cosmos Pharmaceutical Corp.		200		19,501
Create SD Holdings Co. Ltd.		500		13,553
DFI Retail Group Holdings Ltd.		7,600		24,244
Dino Polska SA*(a)		1,012		91,190
Empire Co. Ltd., Class A		3,212		92,170
Endeavour Group Ltd.(b)		23,616		110,330
Etablissements Franz Colruyt NV		1,044		27,541
Fuji Co. Ltd.(b)		4,200		59,813
George Weston Ltd.		1,148		147,265
GrainCorp Ltd., Class A		78,679		419,135
Heiwado Co. Ltd.		13,500		225,164
HelloFresh SE*		1,980		47,695
Inageya Co. Ltd.		2,998		29,924
J Sainsbury plc		32,120		103,840
Jeronimo Martins SGPS SA		5,155		111,636
Kansai Food Market Ltd.(b)		8,200		83,233
Kato Sangyo Co. Ltd.		700		19,378
Kesko OYJ, Class A		2,248		51,881
Kesko OYJ, Class B		4,715		109,430
Kobe Bussan Co. Ltd.		1,900		54,497
Koninklijke Ahold Delhaize NV		22,960		682,864
Kusuri no Aoki Holdings Co. Ltd.		600		33,727
Lawson, Inc.		800		31,927
Life Corp.		8,200		178,194
Loblaw Cos. Ltd.		2,460		219,756
Marks & Spencer Group plc*		48,796		87,586
MARR SpA		10,578		138,548
MatsukiyoCocokara & Co.		2,400		119,405
Maxvalu Tokai Co. Ltd.(b)		500		10,850
Metcash Ltd.(b)		17,514		51,586
Metro, Inc.		3,608		195,278
Mitsubishi Shokuhin Co. Ltd.(b)		8,200		197,047
North West Co., Inc. (The)(b)		2,419		65,698
Ocado Group plc*		9,870		78,495
Oisix ra daichi, Inc.*(b)		2,000		33,450
Olam Group Ltd.		28,700		34,719
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		574		36,412
Seven & i Holdings Co. Ltd.		12,600		593,642
Sheng Siong Group Ltd.		17,900		22,335
Shop Apotheke Europe NV*(a)(b)		748		53,616
Shufersal Ltd.		3,578		19,985
Sonae SGPS SA		333,658		339,178
Sugi Holdings Co. Ltd.		800		34,880
Sundrug Co. Ltd.		1,600		45,215

Investments	Shares		Value ($)
Tesco plc		166,418		503,793
Tsuruha Holdings, Inc.		900		66,093
United Super Markets Holdings, Inc.(b)		2,000		17,456
Valor Holdings Co. Ltd.		16,400		235,574
Welcia Holdings Co. Ltd.		2,300		51,308
Woolworths Group Ltd.		17,958		456,560
				8,671,361
Food Products - 2.5%
a2 Milk Co. Ltd. (The)*		12,579		60,237
AAK AB		2,860		49,143
Agrana Beteiligungs AG		5,885		105,458
Ajinomoto Co., Inc.		8,200		269,434
Ariake Japan Co. Ltd.		800		26,914
Aryzta AG*		62,524		84,794
Associated British Foods plc		4,182		95,555
Ausnutria Dairy Corp. Ltd.*		98,000		52,885
AustAsia Group Ltd.*		40,364		29,352
Austevoll Seafood ASA		3,432		33,897
Bakkafrost P/F		820		50,695
Barry Callebaut AG (Registered)		41		85,102
Bega Cheese Ltd.		22,616		61,833
Bell Food Group AG (Registered)		820		214,204
Bumitama Agri Ltd.		282,900		130,220
Calbee, Inc.		600		13,541
Chocoladefabriken Lindt & Spruengli AG(b)		24		262,269
Chocoladefabriken Lindt & Spruengli AG (Registered)		3		336,000
Cloetta AB, Class B		16,456		34,170
Costa Group Holdings Ltd.(b)		16,050		33,137
Cranswick plc		3,006		117,756
Danone SA		9,430		515,247
DyDo Group Holdings, Inc.		500		18,148
Ebro Foods SA		1,618		27,729
Elders Ltd.(b)		12,136		83,122
Emmi AG (Registered)		41		37,977
First Pacific Co. Ltd.		820,000		285,589
First Resources Ltd.		5,100		5,937
Fuji Oil Holdings, Inc.		1,200		18,981
Glanbia plc(b)		2,024		24,619
Golden Agri-Resources Ltd.		213,400		40,590
Grieg Seafood ASA		3,299		29,429
Hilton Food Group plc		27,101		220,870
House Foods Group, Inc.		2,400		51,084
Inghams Group Ltd.(b)		7,749		15,835
Itoham Yonekyu Holdings, Inc.		2,100		11,514
Japfa Ltd.		201,820		52,207
JDE Peet’s NV		1,804		53,957
Kagome Co. Ltd.		900		21,939
Kameda Seika Co. Ltd.		900		30,416
Kerry Group plc, Class A(b)		2,419		225,778
Kewpie Corp.(b)		2,100		36,527
Kikkoman Corp.		3,500		184,090
Kotobuki Spirits Co. Ltd.		500		32,681
KWS Saat SE & Co. KGaA		704		47,557
Leroy Seafood Group ASA		5,456		32,010
Lotus Bakeries NV		6		38,902

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares			Value ($)
Maple Leaf Foods, Inc.		3,772			71,491
Maruha Nichiro Corp.(b)		16,400			310,862
Megmilk Snow Brand Co. Ltd.		18,400			256,803
Mehadrin Ltd.*		—(d	)		12
MEIJI Holdings Co. Ltd.		1,700			87,585
Morinaga & Co. Ltd.		1,100			32,566
Morinaga Milk Industry Co. Ltd.		1,200			44,339
Mowi ASA		5,699			105,014
Nestle SA (Registered)		41,697			5,059,463
Neto Malinda Trading Ltd.*		615			14,039
NH Foods Ltd.		3,200			95,967
Nichirei Corp.		1,600			33,453
Nippn Corp.		5,600			69,933
Nisshin Oillio Group Ltd. (The)(b)		9,300			228,129
Nisshin Seifun Group, Inc.		2,690			33,613
Nissin Foods Holdings Co. Ltd.		1,500			117,190
Nissui Corp.		106,600			441,827
Orkla ASA		12,859			95,809
Premier Foods plc		236,488			326,077
Premium Brands Holdings Corp.(b)		660			46,020
Prima Meat Packers Ltd.		8,200			138,847
Riken Vitamin Co. Ltd.		1,800			26,645
S Foods, Inc.		7,200			164,214
Sakata Seed Corp.		1,400			44,623
Salmar ASA(b)		788			36,480
Saputo, Inc.(b)		4,349			119,550
Savencia SA		1,676			110,305
Schouw & Co. A/S(b)		420			32,436
Societe LDC SA		1,617			192,298
Strauss Group Ltd.		952			24,256
Suedzucker AG		1,979			32,024
Synlait Milk Ltd.*		1,760			3,981
Tate & Lyle plc		3,362			31,166
Toyo Suisan Kaisha Ltd.		1,800			74,328
United Malt Grp Ltd.(b)		25,168			64,554
Vilmorin & Cie SA		1,612			80,970
Viscofan SA		943			60,578
Vitasoy International Holdings Ltd.(b)		60,000			127,371
WH Group Ltd.(a)		150,500			92,544
Wilmar International Ltd.		69,700			215,832
Yakult Honsha Co. Ltd.		2,500			178,015
Yamazaki Baking Co. Ltd.		2,900			33,918
					13,644,458
Gas Utilities - 0.3%
AltaGas Ltd.		3,813			71,096
APA Group		15,936			118,581
Brookfield Infrastructure Corp., Class A		1,055			46,466
Enagas SA(b)		4,223			75,515
Hong Kong & China Gas Co. Ltd.		149,907			150,317
Italgas SpA		6,908			40,251
Keppel Infrastructure Trust		55,647			24,344
Naturgy Energy Group SA		3,034			85,672
Nippon Gas Co. Ltd.		1,900			30,258
Osaka Gas Co. Ltd.		9,500			153,043
Rubis SCA		3,034			84,585
Saibu Gas Holdings Co. Ltd.		1,400			19,744
Shizuoka Gas Co. Ltd.(b)		4,100			35,784

Investments	Shares		Value ($)
Snam SpA		29,438		149,433
Superior Plus Corp.(b)		10,208		82,316
Toho Gas Co. Ltd.		2,000		39,002
Tokyo Gas Co. Ltd.		8,200		171,447
				1,377,854
Health Care Equipment & Supplies - 1.2%
Advanced Medical Solutions Group plc		10,648		33,296
Alcon, Inc.		7,790		582,162
Ambu A/S, Class B*(b)		3,172		43,529
Ansell Ltd.(b)		2,200		43,670
Arjo AB, Class B		11,562		44,681
Asahi Intecc Co. Ltd.		3,200		55,661
BioMerieux		825		83,650
Carl Zeiss Meditec AG		715		102,463
Cellavision AB		1,320		31,078
Cochlear Ltd.		826		123,655
Coloplast A/S, Class B		1,640		196,949
ConvaTec Group plc(a)		26,224		75,610
Demant A/S*(b)		1,980		55,745
DiaSorin SpA		293		37,947
Eckert & Ziegler Strahlen- und Medizintechnik AG		820		47,422
Eiken Chemical Co. Ltd.		1,600		19,538
El.En. SpA		2,684		41,626
Elekta AB, Class B		6,069		43,950
EssilorLuxottica SA		2,578		471,772
EssilorLuxottica SA		1,932		352,296
Fisher & Paykel Healthcare Corp. Ltd.		10,109		165,022
Fukuda Denshi Co. Ltd.(b)		8,200		285,009
Getinge AB, Class B		2,980		66,774
GN Store Nord A/S(b)		2,064		50,562
Hogy Medical Co. Ltd.(b)		1,200		31,097
Hoya Corp.		5,100		556,884
Japan Lifeline Co. Ltd.		3,000		21,915
Jeol Ltd.		1,100		31,931
Koninklijke Philips NV		19,680		338,043
Medacta Group SA(a)		336		35,584
Medistim ASA		1,188		26,167
Menicon Co. Ltd.		1,900		41,654
Nagaileben Co. Ltd.		1,500		22,631
Nanosonics Ltd.*(b)		16,777		57,100
Nihon Kohden Corp.		2,300		60,221
Nipro Corp.		1,000		8,005
Olympus Corp.		20,500		382,823
Paramount Bed Holdings Co. Ltd.		1,600		30,599
PolyNovo Ltd.*(b)		32,604		57,666
Revenio Group OYJ		924		37,672
Riverstone Holdings Ltd.		217,300		106,637
Siemens Healthineers AG(a)		4,715		251,274
Smith & Nephew plc		14,391		197,453
Sonova Holding AG (Registered)		785		194,723
STRATEC SE		308		27,964
Straumann Holding AG (Registered)		1,826		236,411
Surgical Science Sweden AB*(b)		1,584		22,316
Sysmex Corp.		2,700		177,744
Terumo Corp.		12,200		353,021
Xvivo Perfusion AB*		1,892		38,762

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Ypsomed Holding AG (Registered)		81		16,522
				6,416,886
Health Care Providers & Services - 0.6%
Alfresa Holdings Corp.		5,500		68,642
Amplifon SpA		2,112		57,963
Arvida Group Ltd.(b)		264,737		198,460
As One Corp.		800		35,618
BML, Inc.(b)		8,200		203,037
Chartwell Retirement Residences(b)		5,472		40,230
China Evergrande New Energy Vehicle Group Ltd.*‡		40,000		—
CVS Group plc		4,356		108,111
dentalcorp Holdings Ltd.*		3,652		26,767
EBOS Group Ltd.		2,041		56,717
Fagron		2,504		36,903
Fresenius Medical Care AG & Co. KGaA		4,182		156,195
Fresenius SE & Co. KGaA		9,061		261,074
Galenica AG(a)		792		61,636
H.U. Group Holdings, Inc.(b)		20,500		434,134
Healius Ltd.(b)		27,347		61,857
Korian SA(b)		25,420		264,893
Mediclinic International plc		7,011		42,863
Medicover AB, Class B		3,403		57,855
Medipal Holdings Corp.		5,100		67,885
Mediterranean Towers Ltd.(b)		30,668		70,461
NMC Health plc*‡		2,074		59
Oceania Healthcare Ltd.		256,373		147,456
Raffles Medical Group Ltd.		4,124		4,550
Ramsay Health Care Ltd.(b)		2,952		138,578
Ryman Healthcare Ltd.(b)		8,390		37,358
Ship Healthcare Holdings, Inc.		1,900		36,789
Solasto Corp.		4,400		23,041
Sonic Healthcare Ltd.		7,462		166,051
Spire Healthcare Group plc*(a)		14,036		41,990
Summerset Group Holdings Ltd.		6,710		42,366
Suzuken Co. Ltd.		1,880		49,369
Terveystalo OYJ(a)(b)		27,183		211,378
Toho Holdings Co. Ltd.(b)		4,200		68,436
Uniphar plc(b)		9,064		33,174
				3,311,896
Health Care Technology - 0.1%
CompuGroup Medical SE & Co. KGaA		1,599		74,535
Craneware plc		1,936		34,559
EMIS Group plc		2,728		63,072
M3, Inc.		6,500		175,289
Medley, Inc.*		1,000		34,988
Pro Medicus Ltd.(b)		1,100		51,816
Sectra AB, Class B*		2,948		41,515
				475,774
Hotels, Restaurants & Leisure - 1.3%
Accor SA*		2,133		68,964
AmRest Holdings SE*		6,191		29,170
Arcland Service Holdings Co. Ltd.(b)		1,400		23,221
Aristocrat Leisure Ltd.		10,373		248,225
Atom Corp.*		5,800		35,457
Autogrill SpA*		902		6,560

Investments	Shares		Value ($)
Basic-Fit NV*(a)(b)		2,058		67,276
Betsson AB, Class B*		42,886		354,646
Cafe de Coral Holdings Ltd.		4,000		6,991
Carnival plc*		8,733		82,526
Collins Foods Ltd.(b)		6,204		35,061
Colowide Co. Ltd.		3,500		49,441
Compass Group plc		27,142		645,234
Corporate Travel Management Ltd.(b)		3,366		43,523
Create Restaurants Holdings, Inc.		4,400		33,496
Dalata Hotel Group plc*		3,772		15,874
Domino’s Pizza Enterprises Ltd.(b)		1,398		74,572
Domino’s Pizza Group plc		24,948		96,440
Entain plc		9,553		175,058
Evolution AB(a)(b)		2,829		316,195
Flight Centre Travel Group Ltd.* ‡(b)		4,576		51,043
Flutter Entertainment plc*		2,333		360,491
Food & Life Cos. Ltd.		2,000		44,139
Fuji Kyuko Co. Ltd.(b)		1,000		35,026
Galaxy Entertainment Group Ltd.		36,000		249,842
Genting Singapore Ltd.		104,400		78,637
Greggs plc		1,558		51,672
Heiwa Corp.		2,450		44,386
HIS Co. Ltd.*(b)		4,400		71,729
Hongkong & Shanghai Hotels Ltd. (The)*(b)		25,000		26,599
Ichibanya Co. Ltd.(b)		1,000		36,334
Imperial Hotel Ltd.		2,700		40,486
InterContinental Hotels Group plc		2,911		200,617
J D Wetherspoon plc*		3,795		21,220
Jumbo Interactive Ltd.		3,476		38,137
Kindred Group plc, SDR		5,043		50,624
KOMEDA Holdings Co. Ltd.		1,200		22,275
Kura Sushi, Inc.		1,400		32,404
Kyoritsu Maintenance Co. Ltd.(b)		1,100		50,075
La Francaise des Jeux SAEM(a)		1,364		58,144
Lottery Corp. Ltd. (The)*		32,062		106,185
Mandarin Oriental International Ltd.*		8,000		15,040
McDonald’s Holdings Co. Japan Ltd.(b)		1,100		43,477
Melco International Development Ltd.*(b)		21,000		27,219
Melia Hotels International SA*		9,988		66,170
MGM China Holdings Ltd.*(b)		32,400		40,838
Mitchells & Butlers plc*		22,924		46,453
MOS Food Services, Inc.		2,100		49,737
MTY Food Group, Inc.		1,452		74,899
NagaCorp Ltd.*		40,000		36,486
Ohsho Food Service Corp.		704		32,860
Oriental Land Co. Ltd.		3,600		597,393
Playtech plc*		13,608		94,653
Restaurant Brands International, Inc.		4,469		298,179
Restaurant Brands New Zealand Ltd.(b)		1,154		4,736
Round One Corp.		82,000		300,142
Royal Holdings Co. Ltd.		1,600		29,836
Saizeriya Co. Ltd.		1,800		44,500
Sands China Ltd.*		40,400		151,013
Scandic Hotels Group AB*(a)		9,870		36,181
Shangri-La Asia Ltd.*		32,000		27,924

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
SJM Holdings Ltd.*		76,000		42,952
SkiStar AB		2,828		30,549
Skylark Holdings Co. Ltd.*(b)		3,700		43,958
Societe des Bains de Mer et du Cercle des Etrangers a Monaco		451		42,613
Sodexo SA		1,394		137,800
SSP Group plc*		43,337		138,182
Star Entertainment Grp Ltd. (The)*		11,421		15,613
Tabcorp Holdings Ltd.(b)		125,870		93,129
Tokyotokeiba Co. Ltd.(b)		1,200		35,618
Toridoll Holdings Corp.		1,100		23,777
Trainline plc*(a)(b)		33,203		116,007
TUI AG*		28,116		58,462
Webjet Ltd.*(b)		20,377		98,213
Whitbread plc		2,508		93,894
Wynn Macau Ltd.*		12,800		14,599
Yoshinoya Holdings Co. Ltd.(b)		4,900		89,677
Zensho Holdings Co. Ltd.		1,800		45,815
				7,216,589
Household Durables - 1.4%
Ariston Holding NV		3,402		35,174
Azorim-Investment Development & Construction Co. Ltd.(b)		26,773		89,645
Barratt Developments plc		22,673		128,343
Bellway plc		2,640		68,837
Berkeley Group Holdings plc		2,068		105,528
Breville Group Ltd.(b)		2,420		38,539
Cairn Homes plc		250,715		266,678
Casio Computer Co. Ltd.		3,600		36,929
Chervon Holdings Ltd.		28,700		144,076
Danya Cebus Ltd.(b)		2,870		73,489
De’ Longhi SpA		1,012		23,257
Dom Development SA		2,244		52,218
Duniec Brothers Ltd.*(b)		984		46,702
Electra Consumer Products 1970 Ltd.(b)		656		19,250
Electrolux AB, Class B(b)		3,198		45,072
Fiskars OYJ Abp		574		10,648
Fujitsu General Ltd.		2,100		59,103
Glenveagh Properties plc*(a)		34,100		34,849
Haseko Corp.		3,500		40,424
Iida Group Holdings Co. Ltd.		5,400		89,692
JM AB(b)		17,138		317,886
JS Global Lifestyle Co. Ltd.(a)		22,000		26,579
Ki-Star Real Estate Co. Ltd.(b)		3,300		124,976
Man Wah Holdings Ltd.		19,200		22,143
Nagawa Co. Ltd.		500		30,605
Nikon Corp.		5,800		56,909
Open House Group Co. Ltd.		1,800		67,823
Panasonic Holdings Corp.		49,200		453,997
Persimmon plc		6,929		120,448
Pressance Corp.(b)		8,400		106,966
Redrow plc(b)		105,411		671,567
Rinnai Corp.		600		47,153
Sangetsu Corp.		2,256		39,570
SEB SA		616		64,124
Sekisui Chemical Co. Ltd.		10,500		146,384
Sekisui House Ltd.(b)		16,000		301,557

Investments	Shares		Value ($)
Sharp Corp.(b)		6,200		51,204
Sony Group Corp.		19,200		1,709,685
Sumitomo Forestry Co. Ltd.		3,300		61,308
Tama Home Co. Ltd.(b)		4,400		107,763
Taylor Wimpey plc		81,549		117,663
Token Corp.		2,600		156,546
Victoria plc*(b)		5,192		29,019
Videndum plc		2,376		30,011
Vistry Group plc(b)		127,059		1,164,564
YIT OYJ(b)		63,747		186,097
Zojirushi Corp.		1,300		16,544
				7,637,544
Household Products - 0.3%
Earth Corp.		600		23,346
Essity AB, Class A		616		16,062
Essity AB, Class B		8,938		232,802
Henkel AG & Co. KGaA		1,650		109,849
Henkel AG & Co. KGaA (Preference)		2,870		203,849
Lion Corp.		2,700		29,814
Pigeon Corp.		2,400		37,981
Reckitt Benckiser Group plc		11,234		798,001
Sano-Brunos Enterprises Ltd.*(b)		308		19,868
Unicharm Corp.		8,200		312,123
				1,783,695
Independent Power and Renewable Electricity Producers - 0.3%
Boralex, Inc., Class A		2,081		58,062
Brookfield Renewable Corp.		2,068		64,953
Capital Power Corp.(b)		1,845		61,820
Corp. ACCIONA Energias Renovables SA		1,276		51,995
Doral Group Renewable Energy Resources Ltd.*(b)		2,244		5,530
Drax Group plc		9,389		74,670
EDP Renovaveis SA		3,895		84,371
Electric Power Development Co. Ltd.		3,100		49,917
Encavis AG		2,296		44,149
Enlight Renewable Energy Ltd.*		1,428		29,470
eRex Co. Ltd.		2,700		49,684
ERG SpA		704		21,148
Greenvolt-Energias Renovaveis SA*		4,875		40,715
Grenergy Renovables SA*(b)		861		30,989
Innergex Renewable Energy, Inc.		559		6,627
Meridian Energy Ltd.		20,828		71,742
Neoen SA(a)		1,147		42,765
Northland Power, Inc.		3,566		95,514
Orron Energy ab(b)		67,199		124,003
RENOVA, Inc.*(b)		1,000		17,286
RWE AG		10,086		446,919
Scatec ASA(a)		988		8,002
Solaria Energia y Medio Ambiente SA*		4,811		98,151
TransAlta Corp.(b)		3,906		37,820
Uniper SE		28,946		89,658
Voltalia SA (Registered)*		2,112		39,865
				1,745,825
Industrial Conglomerates - 1.1%
Aker ASA, Class A		264		18,991

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Arad Investment & Industrial Development Ltd.(b)		943		117,894
Bonheur ASA		336		8,965
Brookfield Business Corp., Class A(b)		9,922		224,041
CK Hutchison Holdings Ltd.		61,356		389,808
DCC plc		2,132		120,894
Hitachi Ltd.		20,500		1,069,099
Investment AB Latour, Class B		2,024		42,453
Italmobiliare SpA		245		6,546
Jardine Cycle & Carriage Ltd.		3,600		79,540
Jardine Matheson Holdings Ltd.		5,800		307,516
Keihan Holdings Co. Ltd.		2,500		67,092
Keppel Corp. Ltd.		20,500		117,758
Lifco AB, Class B		4,576		83,458
Melrose Industries plc		69,892		122,355
Nisshinbo Holdings, Inc.		52,600		391,128
Nolato AB, Class B		11,029		66,365
Noritsu Koki Co. Ltd.(b)		5,000		90,084
NWS Holdings Ltd.		44,000		41,426
Siemens AG (Registered)		11,357		1,762,567
Smiths Group plc		5,370		114,172
Storskogen Group AB, Class B(b)		536,485		464,450
TOKAI Holdings Corp.(b)		6,895		45,915
Toshiba Corp.(b)		5,700		195,442
				5,947,959
Insurance - 4.4%
Admiral Group plc		4,387		118,818
Aegon NV		31,078		169,976
Ageas SA/NV		4,346		211,266
AIA Group Ltd.		179,200		2,024,374
Allianz SE (Registered)		8,815		2,098,518
Alm Brand A/S		57,708		106,658
ASR Nederland NV		3,374		158,959
Assicurazioni Generali SpA		25,092		487,796
AUB Group Ltd.(b)		5,876		97,592
Aviva plc		60,639		340,192
AXA SA		42,517		1,321,314
Baloise Holding AG (Registered)		984		160,760
Beazley plc		10,373		84,922
Clal Insurance Enterprises Holdings Ltd.*(b)		1,230		20,998
Coface SA		36,818		512,623
Conduit Holdings Ltd.		58,630		337,078
Dai-ichi Life Holdings, Inc.		20,600		481,715
Definity Financial Corp.		1,025		27,539
Direct Line Insurance Group plc		22,704		49,599
Fairfax Financial Holdings Ltd.		533		351,860
Gjensidige Forsikring ASA(b)		2,860		51,226
Great Eastern Holdings Ltd.		2,400		34,694
Great-West Lifeco, Inc.(b)		5,912		156,357
Grupo Catalana Occidente SA		704		21,752
Hannover Rueck SE		1,312		265,316
Harel Insurance Investments & Financial Services Ltd.		3,957		38,053
Helvetia Holding AG (Registered)		880		109,288
Hiscox Ltd.		5,060		70,049
iA Financial Corp., Inc.		2,378		146,367
IDI Insurance Co. Ltd.		3,036		72,433

Investments	Shares		Value ($)
Insurance Australia Group Ltd.		40,754		140,715
Intact Financial Corp.(b)		2,624		379,594
Japan Post Holdings Co. Ltd.		53,300		467,238
Japan Post Insurance Co. Ltd.		4,400		78,293
Just Group plc		366,950		370,663
Lancashire Holdings Ltd.(b)		86,264		663,748
Legal & General Group plc		128,002		400,262
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		40,084		41,683
Manulife Financial Corp.		40,836		805,794
Mapfre SA		22,440		44,964
Medibank Pvt Ltd.		48,899		101,303
Menora Mivtachim Holdings Ltd.		492		10,858
Migdal Insurance & Financial Holdings Ltd.*		26,952		33,048
MS&AD Insurance Group Holdings, Inc.		9,600		307,020
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		3,034		1,090,670
nib holdings Ltd.(b)		11,260		62,443
NN Group NV		7,184		310,683
Phoenix Group Holdings plc		19,311		152,342
Phoenix Holdings Ltd. (The)(b)		5,085		54,287
Poste Italiane SpA(a)(b)		11,425		121,426
Power Corp. of Canada(b)		12,063		326,266
Powszechny Zaklad Ubezpieczen SA		9,856		83,384
Protector Forsikring ASA		4,092		58,912
Prudential plc(b)		58,548		965,491
PSC Insurance Group Ltd.		14,212		47,569
QBE Insurance Group Ltd.(b)		30,996		300,100
Sampo OYJ, Class A		7,708		403,244
SCOR SE		3,124		76,813
Sompo Holdings, Inc.		8,200		352,163
Steadfast Group Ltd.		17,908		66,123
Storebrand ASA		12,259		106,091
Sun Life Financial, Inc.		12,546		628,640
Suncorp Group Ltd.		27,306		241,092
Swiss Life Holding AG (Registered)		656		385,567
Swiss Re AG		6,273		652,460
T&D Holdings, Inc.		8,200		130,965
Talanx AG		968		47,687
Tokio Marine Holdings, Inc.		45,100		941,223
Topdanmark A/S		880		47,380
Trisura Group Ltd.*		2,200		69,099
Tryg A/S		5,002		114,283
Unipol Gruppo SpA		6,080		31,695
UnipolSai Assicurazioni SpA(b)		11,528		30,549
Wuestenrot & Wuerttembergische AG		7,216		131,504
Zurich Insurance Group AG(b)		3,239		1,594,205
				23,597,631
Interactive Media & Services - 0.2%
Adevinta ASA*		6,732		57,357
Auto Trader Group plc(a)(b)		14,842		114,565
Baltic Classifieds Group plc		16,280		30,464
Better Collective A/S*		2,464		36,808
carsales.com Ltd.(b)		6,387		102,119
Domain Holdings Australia Ltd.(b)		12,956		29,214

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Hemnet Group AB		1,640		22,807
Infocom Corp.		1,600		26,822
Kakaku.com, Inc.		1,600		26,452
Karnov Group AB*		5,418		31,049
Moneysupermarket.com Group plc		22,168		65,171
New Work SE		159		29,011
REA Group Ltd.(b)		1,056		93,475
Rightmove plc		13,244		95,676
Scout24 SE(a)		1,232		71,423
SEEK Ltd.		5,397		92,071
Wirtualna Polska Holding SA(a)		1,936		46,389
Z Holdings Corp.(b)		39,500		112,840
				1,083,713
Internet & Direct Marketing Retail - 0.5%
Allegro.eu SA*(a)		3,080		21,261
ASKUL Corp.		1,000		13,180
ASOS plc*(b)		6,300		67,671
Auction Technology Group plc*		4,356		37,753
Belluna Co. Ltd.(b)		15,600		83,611
Boozt AB*(a)		2,508		32,554
Deliveroo plc*(a)		60,106		68,787
Delivery Hero SE*(a)		3,485		209,001
Demae-Can Co. Ltd.*(b)		8,800		28,827
Dustin Group AB*(a)		30,750		103,324
Just Eat Takeaway.com NV*(a)(b)		3,403		86,603
Mercari, Inc.*		1,900		40,894
Prosus NV*		17,343		1,390,427
Rakuten Group, Inc.		15,800		79,823
Takkt AG		2,728		42,071
Temple & Webster Group Ltd.*		7,304		29,388
THG plc*(b)		50,904		36,335
Zalando SE*(a)		2,506		115,915
Zalando SE*‡(a)		938		43,387
ZOZO, Inc.		2,800		72,129
				2,602,941
IT Services - 1.6%
Addnode Group AB		9,676		96,115
Adesso SE		220		34,645
Adyen NV*(a)		451		674,760
Alten SA		616		94,129
Amadeus IT Group SA*		6,765		423,929
Atea ASA*		2,420		27,184
Atos SE*		39,278		514,454
Bechtle AG		1,364		57,137
Bell System24 Holdings, Inc.		13,500		154,677
BIPROGY, Inc.		1,100		28,590
Bouvet ASA		5,764		33,932
CANCOM SE		1,981		67,900
Capgemini SE		2,378		449,119
CGI, Inc.*		3,239		276,821
Change, Inc.(b)		3,500		64,378
Computacenter plc		1,092		29,818
Computershare Ltd.		8,897		148,895
Comture Corp.		2,300		43,950
Converge Technology Solutions Corp.*(b)		11,792		50,903
Data#3 Ltd.		12,760		65,817
Digital Garage, Inc.		1,300		46,134

Investments	Shares		Value ($)
DTS Corp.		2,100		51,271
Econocom Group SA/NV		29,084		90,022
Edenred		4,059		220,370
FDM Group Holdings plc		3,850		37,207
Formula Systems 1985 Ltd.		389		30,744
Fujitsu Ltd.		2,600		370,072
Future Corp.		3,400		43,871
GFT Technologies SE		924		38,384
GMO internet group, Inc.		1,200		23,429
GMO Payment Gateway, Inc.		1,000		91,507
Indra Sistemas SA(b)		46,740		568,534
Infomart Corp.		5,300		16,913
Itochu Techno-Solutions Corp.		2,400		59,149
Kainos Group plc		4,469		81,041
Keywords Studios plc(b)		4,346		151,950
KNOW IT AB		1,144		22,290
Kontron AG		3,168		64,167
Link Administration Holdings Ltd.		27,142		36,721
Matrix IT Ltd.		924		19,478
Megaport Ltd.*(b)		3,960		16,129
NCC Group plc		23,672		54,730
NEC Corp.		3,300		118,632
NEC Networks & System Integration Corp.		2,400		31,891
NET One Systems Co. Ltd.		2,300		61,902
Netcompany Group A/S*(a)		1,886		74,506
Network International Holdings plc*(a)		14,574		47,331
Nexi SpA*(a)		15,170		132,792
NEXTDC Ltd.*(b)		10,736		74,819
Nomura Research Institute Ltd.		6,445		153,635
NS Solutions Corp.		800		20,485
NTT Data Corp.		9,800		150,943
Nuvei Corp.*(a)		836		29,428
Obic Co. Ltd.		700		111,692
One Software Technologies Ltd.		3,388		42,523
Otsuka Corp.		2,500		81,799
Pushpay Holdings Ltd.*		37,926		31,618
Reply SpA		484		62,500
SCSK Corp.		2,700		43,766
SHIFT, Inc.*		300		55,319
Shopify, Inc., Class A*(b)		18,040		886,486
Societe pour l’Informatique Industrielle(b)		656		34,162
Softcat plc		2,288		33,970
Sopra Steria Group SACA		396		65,544
SUNeVision Holdings Ltd.		90,000		52,127
TechMatrix Corp.		3,300		44,839
TELUS International CDA, Inc.*(b)		4,639		110,069
TietoEVRY OYJ		1,598		48,490
TIS, Inc.		4,600		131,939
Transcosmos, Inc.(b)		8,200		213,126
Tyro Payments Ltd.*		8,888		9,300
Wise plc, Class A*		9,328		62,242
Worldline SA*(a)		4,346		196,068
				8,685,209
Leisure Products - 0.2%
Bandai Namco Holdings, Inc.		2,900		193,029

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Beneteau SA		13,817		225,389
BRP, Inc.		639		53,171
Games Workshop Group plc		684		78,986
MIPS AB(a)(b)		1,517		57,653
Sanlorenzo SpA		984		43,068
Sega Sammy Holdings, Inc.		2,600		41,006
Shimano, Inc.(b)		1,100		194,463
Snow Peak, Inc.(b)		1,600		26,391
Spin Master Corp.(a)		1,936		50,723
Technogym SpA(a)		4,905		43,336
Thule Group AB(a)		2,024		48,155
Tomy Co. Ltd.		4,600		45,206
Universal Entertainment Corp.*		300		5,673
Yamaha Corp.		2,800		108,086
Yonex Co. Ltd.		5,600		54,430
				1,268,765
Life Sciences Tools & Services - 0.4%
AddLife AB, Class B		6,847		71,741
Bachem Holding AG, Class B(b)		440		38,528
Biotage AB		3,690		56,743
Chemometec A/S*		902		78,483
Ergomed plc*		2,420		35,930
Eurofins Scientific SE(b)		2,050		146,364
Evotec SE*		3,042		59,435
Gerresheimer AG		1,260		92,642
Lonza Group AG (Registered)		1,148		649,253
Oxford Nanopore Technologies plc*		5,808		16,910
QIAGEN NV*		3,549		173,901
Sartorius AG (Preference)		410		182,699
Sartorius Stedim Biotech		328		113,600
Siegfried Holding AG (Registered)*		88		64,174
SKAN Group AG		451		33,429
Tecan Group AG (Registered)		220		91,472
Wuxi Biologics Cayman, Inc.*(a)		57,500		478,644
				2,383,948
Machinery - 3.4%
Aalberts NV		1,454		68,297
Alfa Laval AB		4,920		153,665
Alstom SA(b)		6,601		194,997
Amada Co. Ltd.		7,200		64,335
ANDRITZ AG		1,517		90,285
Atlas Copco AB, Class A		36,941		435,185
Atlas Copco AB, Class B		25,871		271,169
ATS Corp.*(b)		943		38,078
AutoStore Holdings Ltd.*(a)		15,006		34,389
Beijer Alma AB		2,304		45,553
Bodycote plc		11,283		90,427
Bucher Industries AG (Registered)		82		37,004
Burckhardt Compression Holding AG		132		81,176
Bystronic AG		55		41,067
Cargotec OYJ, Class B		684		34,662
CKD Corp.		23,000		352,839
CNH Industrial NV		20,213		354,530
Concentric AB		2,420		51,429
Construcciones y Auxiliar de Ferrocarriles SA		6,273		201,318
Daetwyler Holding AG		176		37,049
Daifuku Co. Ltd.		2,300		125,395

Investments	Shares		Value ($)
Daimler Truck Holding AG*		11,726		391,857
Danieli & C Officine Meccaniche SpA(b)		4,305		111,276
Danieli & C Officine Meccaniche SpA (Retirement Savings Plan)		13,899		258,427
DMG Mori Co. Ltd.		2,100		31,812
Duerr AG		3,321		125,949
Ebara Corp.		1,100		46,269
Electrolux Professional AB, Class B		13,038		60,571
Epiroc AB, Class A(b)		9,440		182,943
Epiroc AB, Class B		7,339		121,933
FANUC Corp.		3,100		546,007
Fincantieri SpA*(b)		198,567		130,471
FLSmidth & Co. A/S(b)		2,870		122,429
Fluidra SA		912		16,006
Fuji Corp.		1,000		16,540
Fujitec Co. Ltd.(b)		2,400		59,149
GEA Group AG		3,034		136,251
Georg Fischer AG (Registered)		1,554		106,137
Giken Ltd.		1,200		27,175
Glory Ltd.(b)		4,200		73,184
Harmonic Drive Systems, Inc.		1,500		50,060
Hino Motors Ltd.*		10,300		43,799
Hitachi Construction Machinery Co. Ltd.		2,800		65,562
Hitachi Zosen Corp.		12,400		81,621
Hoshizaki Corp.		2,400		85,909
Husqvarna AB, Class B		7,480		63,270
IHI Corp.		2,500		75,551
IMI plc		3,784		67,408
Indutrade AB(b)		5,016		110,670
Interpump Group SpA		1,584		82,196
Interroll Holding AG (Registered)		41		126,737
Iveco Group NV*		69,700		568,187
Japan Steel Works Ltd. (The)		900		19,025
Jungheinrich AG (Preference)		3,036		119,888
Kardex Holding AG (Registered)		264		51,090
Kawasaki Heavy Industries Ltd.		2,800		63,710
KION Group AG		1,419		56,821
Komatsu Ltd.		20,100		487,643
Komax Holding AG (Registered)		176		57,565
Kone OYJ, Class B		5,904		320,858
Konecranes OYJ		1,394		45,131
Krones AG		246		28,587
Kubota Corp.(b)		16,400		244,402
Kurita Water Industries Ltd.(b)		2,500		112,269
Makino Milling Machine Co. Ltd.(b)		8,200		292,891
Makita Corp.		4,600		121,681
Manitou BF SA(b)		4,059		119,024
Max Co. Ltd.		2,800		43,600
Meidensha Corp.		15,800		233,516
Metso Outotec OYJ		12,669		144,678
MINEBEA MITSUMI, Inc.		7,311		126,099
MISUMI Group, Inc.		3,900		97,016
Mitsubishi Heavy Industries Ltd.		8,200		320,320
Mitsubishi Logisnext Co. Ltd.		4,300		23,807
Mitsuboshi Belting Ltd.		1,300		36,937
Miura Co. Ltd.		2,100		52,159
Morgan Advanced Materials plc		100,409		388,146

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Nabtesco Corp.		2,900		84,182
Nachi-Fujikoshi Corp.		8,200		246,545
NGK Insulators Ltd.		7,900		108,800
Nitta Corp.(b)		8,200		180,590
Noritake Co. Ltd.		4,100		132,416
NSK Ltd.		9,600		53,741
NTN Corp.		184,500		380,222
OC Oerlikon Corp. AG (Registered)(b)		73,062		498,213
OKUMA Corp.(b)		9,200		370,702
Organo Corp.(b)		8,200		207,136
OSG Corp.		1,600		24,902
Palfinger AG		787		23,761
Pfeiffer Vacuum Technology AG		220		40,045
Rational AG		55		35,959
Rotork plc		13,640		53,399
Sandvik AB		16,810		345,840
Schindler Holding AG		658		139,192
Schindler Holding AG (Registered)		220		44,156
SFS Group AG		220		25,143
Shibaura Machine Co. Ltd.		8,200		178,509
Skellerup Holdings Ltd.		10,736		36,980
SKF AB, Class A		1,408		24,879
SKF AB, Class B(b)		7,626		134,277
SMC Corp.		900		452,267
Spirax-Sarco Engineering plc		1,148		162,954
Stabilus SE		1,188		81,542
Stadler Rail AG		1,056		40,137
Sulzer AG (Registered)(b)		943		79,648
Sumitomo Heavy Industries Ltd.		3,300		73,006
Tadano Ltd.		8,900		65,700
Takeuchi Manufacturing Co. Ltd.(b)		12,300		270,979
Takuma Co. Ltd.		28,900		285,122
Techtronic Industries Co. Ltd.		26,500		340,101
THK Co. Ltd.(b)		1,700		35,766
Tocalo Co. Ltd.		3,800		36,146
Toyota Industries Corp.		4,100		248,122
Trelleborg AB, Class B		4,682		116,538
Troax Group AB		1,806		37,863
Tsubakimoto Chain Co.		10,400		247,514
Union Tool Co.		500		13,130
Valmet OYJ(b)		3,228		100,861
VAT Group AG(a)(b)		451		138,920
Vesuvius plc		78,597		395,752
Volvo AB, Class A		3,212		66,450
Volvo AB, Class B		34,850		688,525
Wacker Neuson SE		10,537		207,589
Wartsila OYJ Abp		5,720		54,170
Weir Group plc (The)		3,920		85,998
Yaskawa Electric Corp.		4,100		158,584
				18,248,041
Marine - 0.8%
AP Moller - Maersk A/S, Class A		65		137,690
AP Moller - Maersk A/S, Class B		123		266,029
Clarkson plc		1,408		53,302
D/S Norden A/S		8,979		481,603
Dfds A/S		11,726		439,267
Golden Ocean Group Ltd.		4,796		45,644
Gram Car Carriers ASA*		4,879		70,145

Investments	Shares		Value ($)
Hoegh Autoliners ASA		16,728		103,836
Iino Kaiun Kaisha Ltd.		36,900		259,346
Irish Continental Group plc		7,708		35,996
Kawasaki Kisen Kaisha Ltd.(b)		6,000		124,295
Kuehne + Nagel International AG (Registered)(b)		820		194,212
Mitsui OSK Lines Ltd.(b)		9,300		229,201
MPC Container Ships ASA		106,313		168,279
Nippon Yusen KK(b)		12,300		290,842
NS United Kaiun Kaisha Ltd.(b)		4,100		122,642
Odfjell SE, Class A		12,054		103,545
Pacific Basin Shipping Ltd.(b)		1,845,000		647,282
SITC International Holdings Co. Ltd.		24,000		52,295
Stolt-Nielsen Ltd.		1,435		37,569
Wallenius Wilhelmsen ASA		2,952		27,855
Wilh Wilhelmsen Holding ASA, Class A		4,368		123,323
Wilh Wilhelmsen Holding ASA, Class B		2,747		72,606
				4,086,804
Media - 1.3%
4imprint Group plc		1,517		85,535
Ascential plc*		26,292		87,005
Cogeco Communications, Inc.		6,724		346,442
CyberAgent, Inc.		6,300		58,424
Cyfrowy Polsat SA		8,140		34,414
Dentsu Group, Inc.(b)		3,800		121,704
Eutelsat Communications SA(b)		58,999		449,813
Future plc(b)		40,631		752,813
Hakuhodo DY Holdings, Inc.		4,700		50,417
Informa plc(b)		19,680		162,134
IPSOS		13,940		900,802
ITV plc		82,500		82,146
JCDecaux SE*		968		21,846
Kadokawa Corp.(b)		2,200		40,855
Mediaset Espana Comunicacion SA*		18,450		65,924
Metropole Television SA(b)		23,165		368,067
MFE-MediaForEurope NV, Class A		268,550		117,422
MFE-MediaForEurope NV, Class B(b)		79,422		53,651
Next Fifteen Communications Group plc		5,104		62,961
Nine Entertainment Co. Holdings Ltd.		10,556		15,100
Nippon Television Holdings, Inc.		2,400		19,341
oOh!media Ltd.(b)		47,520		48,051
ProSiebenSat.1 Media SE		63,427		648,896
Publicis Groupe SA		4,879		343,047
Quebecor, Inc., Class B		2,728		64,523
RTL Group SA(b)		1,056		51,082
S4 Capital plc*		22,509		60,631
Schibsted ASA, Class A		1,144		24,854
Schibsted ASA, Class B		2,493		51,816
SES SA, ADR		5,964		46,131
Seven West Media Ltd.*(b)		391,386		124,106
Shaw Communications, Inc., Class B		6,424		190,647
SKY Perfect JSAT Holdings, Inc.		48,100		185,306
Stroeer SE & Co. KGaA		620		33,903
Telenet Group Holding NV		17,138		294,081
Television Francaise 1		35,383		282,444

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
TV Asahi Holdings Corp.		8,400		86,619
TX Group AG		205		31,997
ValueCommerce Co. Ltd.		1,400		19,076
Viaplay Group AB, Class B*		1,188		29,162
Vivendi SE		9,786		104,772
WPP plc		22,796		264,869
YouGov plc		7,040		84,589
				6,967,418
Metals & Mining - 5.8%
Acerinox SA		4,674		50,376
Agnico Eagle Mines Ltd.(b)		6,970		392,495
Alamos Gold, Inc., Class A		3,983		43,819
Algoma Steel Group, Inc.(b)		33,768		282,423
Alleima AB*		77,572		386,460
Allkem Ltd.*		8,316		76,061
Altius Minerals Corp.		1,599		26,795
Alumina Ltd.(b)		42,504		46,872
AMG Advanced Metallurgical Group NV		11,480		445,601
Anglo American plc		28,864		1,231,802
Antofagasta plc		5,371		114,557
Aperam SA		1,594		62,530
ArcelorMittal SA		13,046		401,822
Argosy Minerals Ltd.*		70,684		31,628
Asahi Holdings, Inc.(b)		28,100		440,369
Aurubis AG		738		77,489
AVZ Minerals Ltd.*‡(b)		111,012		45,898
B2Gold Corp.(b)		27,675		109,302
Barrick Gold Corp.		26,978		525,948
Bekaert SA		12,423		521,601
Bellevue Gold Ltd.*(b)		49,941		42,053
BHP Group Ltd.		108,937		3,790,530
BlueScope Steel Ltd.		10,209		137,833
Boliden AB		5,863		261,796
Capricorn Metals Ltd.*(b)		19,272		61,517
Capstone Copper Corp.*(b)		118,736		581,066
Centamin plc(b)		407,417		556,995
Centerra Gold, Inc.		17,010		108,866
Chalice Mining Ltd.*(b)		18,163		82,679
Champion Iron Ltd.(b)		6,468		32,587
Daido Steel Co. Ltd.(b)		13,100		492,591
De Grey Mining Ltd.*(b)		86,240		90,546
Deterra Royalties Ltd.		23,083		79,538
Dowa Holdings Co. Ltd.		1,100		38,148
Dundee Precious Metals, Inc.		66,625		433,898
Eldorado Gold Corp.*		7,175		68,505
Endeavour Mining plc		3,438		80,798
Equinox Gold Corp.*		9,450		43,130
Eramet SA(b)		3,608		358,540
ERO Copper Corp.*		4,268		69,889
Evolution Mining Ltd.		35,786		80,693
Falcon Metals Ltd.*		1		—  (e)
Ferrexpo plc		106,641		207,957
Filo Mining Corp.*(b)		4,428		78,946
First Majestic Silver Corp.		3,432		27,032
First Quantum Minerals Ltd.		9,143		211,522
Fortescue Metals Group Ltd.(b)		37,802		592,411
Fortuna Silver Mines, Inc.*(b)		9,512		36,641

Investments	Shares		Value ($)
Franco-Nevada Corp.		2,753		402,670
Fresnillo plc		3,872		39,155
Glencore plc		260,268		1,734,091
Gold Road Resources Ltd.(b)		58,958		68,341
Grange Resources Ltd.		183,065		130,932
Granges AB		36,654		305,281
Grupa Kety SA		308		35,410
Hill & Smith plc		5,236		81,220
Hudbay Minerals, Inc.(b)		75,112		435,130
IAMGOLD Corp.*		17,424		48,837
IGO Ltd.(b)		10,332		106,076
Iluka Resources Ltd.		6,916		52,632
Imdex Ltd.		25,872		45,577
ioneer Ltd.*(b)		110,528		33,490
Ivanhoe Mines Ltd., Class A*		10,250		96,020
Jastrzebska Spolka Weglowa SA*		1,189		18,420
Jervois Global Ltd.*		58,236		10,054
JFE Holdings, Inc.		12,300		161,453
K92 Mining, Inc.*(b)		16,544		95,469
KGHM Polska Miedz SA		2,288		74,144
Kinross Gold Corp.		22,985		106,627
Kobe Steel Ltd.		6,900		36,982
Labrador Iron Ore Royalty Corp.(b)		22,345		653,596
Lake Resources NL*		76,296		43,816
Liontown Resources Ltd.*(b)		27,470		30,390
Lithium Americas Corp.*(b)		2,508		62,890
Lundin Gold, Inc.		6,342		73,194
Lundin Mining Corp.(b)		12,726		96,040
Lynas Rare Earths Ltd.*		13,899		91,965
MAG Silver Corp.*(b)		4,656		63,750
Maruichi Steel Tube Ltd.		2,000		42,893
Mineral Resources Ltd.		2,952		185,006
Mitsubishi Materials Corp.		3,800		65,045
Mitsui Mining & Smelting Co. Ltd.		20,500		543,062
Newcrest Mining Ltd.		14,350		225,593
Nickel Industries Ltd.(b)		729,800		563,108
Nippon Light Metal Holdings Co. Ltd.(b)		20,500		233,934
Nippon Steel Corp.		20,215		418,927
Norsk Hydro ASA		29,930		240,740
Northern Star Resources Ltd.(b)		17,556		155,254
Novagold Resources, Inc.*		16,044		101,000
OceanaGold Corp.*		240,875		519,894
Orla Mining Ltd.*		10,780		46,373
OSAKA Titanium Technologies Co. Ltd.		1,300		36,637
Osisko Gold Royalties Ltd.		9,030		120,526
Osisko Mining, Inc.*		17,794		49,874
Outokumpu OYJ(b)		7,392		42,115
OZ Minerals Ltd.		5,248		103,248
Pan American Silver Corp.(b)		4,082		74,185
Perseus Mining Ltd.		37,802		57,004
Pilbara Minerals Ltd.*(b)		35,307		118,176
Regis Resources Ltd.(b)		23,329		35,179
Rio Tinto Ltd.		7,872		702,473
Rio Tinto plc		22,919		1,782,942
Salzgitter AG		13,366		542,033
Sandfire Resources Ltd.(b)		160,146		705,293

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Sandstorm Gold Ltd.		13,772		79,679
Sanyo Special Steel Co. Ltd.		8,600		163,939
Sayona Mining Ltd.*(b)		267,529		49,014
Seabridge Gold, Inc.*		5,588		73,287
Silver Lake Resources Ltd.*		70,620		64,691
SilverCrest Metals, Inc.*		9,416		61,393
Sims Ltd.(b)		3,192		34,323
South32 Ltd.		102,254		327,122
SSAB AB, Class A		6,150		43,668
SSAB AB, Class B		9,504		64,378
SSR Mining, Inc.		3,864		65,097
Stelco Holdings, Inc.(b)		11,972		464,489
Straits Trading Co. Ltd.		53,300		97,731
Sumitomo Metal Mining Co. Ltd.		5,900		238,096
Syrah Resources Ltd.*(b)		49,077		76,081
Teck Resources Ltd., Class B		9,922		428,006
thyssenkrupp AG*		8,316		64,865
Tietto Minerals Ltd.*(b)		308,443		163,008
Toho Titanium Co. Ltd.(b)		1,700		31,518
Tokyo Steel Manufacturing Co. Ltd.		4,100		44,422
UACJ Corp.		11,100		206,815
voestalpine AG		1,880		62,070
Vulcan Energy Resources Ltd.*(b)		6,732		33,823
Wesdome Gold Mines Ltd.*		8,888		41,098
West African Resources Ltd.*(b)		352,231		276,743
Wheaton Precious Metals Corp.(b)		6,929		315,929
Yamana Gold, Inc.		17,010		102,365
Yamato Kogyo Co. Ltd.		1,300		48,983
Yodogawa Steel Works Ltd.		11,100		235,409
				30,862,763
Multiline Retail - 0.4%
B&M European Value Retail SA(b)		16,926		93,290
Canadian Tire Corp. Ltd., Class A(b)		1,164		138,003
Dollarama, Inc.(b)		4,141		246,936
Europris ASA(a)		12,997		83,474
H2O Retailing Corp.(b)		5,615		54,619
Harvey Norman Holdings Ltd.(b)		17,952		56,545
Isetan Mitsukoshi Holdings Ltd.		5,000		54,250
Izumi Co. Ltd.(b)		1,300		29,370
J Front Retailing Co. Ltd.(b)		4,100		38,085
Next plc		2,747		223,810
Pan Pacific International Holdings Corp.		8,200		150,954
Ryohin Keikaku Co. Ltd.(b)		6,000		66,162
Seria Co. Ltd.		1,000		21,923
Takashimaya Co. Ltd.		4,300		60,014
Tokmanni Group Corp.(b)		18,368		235,992
Warehouse Group Ltd. (The)(b)		30,712		51,604
Wesfarmers Ltd.		16,646		582,375
				2,187,406
Multi-Utilities - 0.6%
A2A SpA		15,990		23,948
ACEA SpA		1,552		23,699
AGL Energy Ltd.		12,344		66,541
Algonquin Power & Utilities Corp.(b)		11,661		84,769
Atco Ltd., Class I		1,064		33,761
Canadian Utilities Ltd., Class A(b)		1,628		45,118
Centrica plc		117,711		146,001

Investments	Shares		Value ($)
E.ON SE		51,127		554,487
Engie SA		40,426		571,639
Hera SpA		19,272		55,068
Iren SpA		221,523		398,890
National Grid plc		59,901		755,877
REN - Redes Energeticas Nacionais SGPS SA		10,496		28,783
Sembcorp Industries Ltd.		16,300		44,770
Telecom Plus plc		4,728		116,296
Veolia Environnement SA(b)		10,824		319,512
				3,269,159
Oil, Gas & Consumable Fuels - 6.0%
Advantage Energy Ltd.*		63,591		395,552
Africa Oil Corp.(b)		135,900		282,117
Aker BP ASA		6,319		191,818
Ampol Ltd.		5,494		118,037
ARC Resources Ltd.(b)		15,047		174,337
Athabasca Oil Corp.*		205,902		452,125
Baytex Energy Corp.*(b)		17,514		80,853
Beach Energy Ltd.		39,336		41,854
Birchcliff Energy Ltd.(b)		93,398		597,058
Boss Energy Ltd.*		21,197		38,387
BP plc		391,304		2,354,958
BRIGHTOIL*‡		50,147		—
BW Energy Ltd.*		30,750		85,893
BW LPG Ltd.(a)		4,797		39,550
Cameco Corp.		6,765		188,752
Canadian Natural Resources Ltd.(b)		24,354		1,490,607
Capricorn Energy plc*		23,656		70,710
Cardinal Energy Ltd.		6,109		35,069
Cenovus Energy, Inc.(b)		28,536		568,432
Cosmo Energy Holdings Co. Ltd.(b)		1,600		44,538
Crescent Point Energy Corp.		12,474		92,923
Denison Mines Corp.*(b)		53,196		76,145
Diversified Energy Co. plc(a)(b)		301,022		410,612
DNO ASA		22,968		28,169
Enbridge, Inc.		30,873		1,260,510
ENEOS Holdings, Inc.		73,850		263,042
Energean plc		4,182		59,980
Energy Fuels, Inc.*(b)		10,296		75,695
Enerplus Corp.		5,535		97,936
Eni SpA		52,726		809,471
Equinor ASA(b)		23,001		698,441
Etablissements Maurel et Prom SA		20,951		83,962
Euronav NV		2,829		44,458
FLEX LNG Ltd.		1,176		36,240
Freehold Royalties Ltd.(b)		5,060		60,977
Frontera Energy Corp.*		16,318		148,462
Galp Energia SGPS SA, Class B		11,726		160,143
Gaztransport Et Technigaz SA		410		45,196
Gibson Energy, Inc.(b)		1,537		27,449
Hafnia Ltd.		7,872		41,140
Harbour Energy plc		13,992		53,985
Headwater Exploration, Inc.(b)		66,625		324,549
Idemitsu Kosan Co. Ltd.		5,882		145,868
Imperial Oil Ltd.(b)		4,346		236,850
Inpex Corp.(b)		22,500		245,684
International Petroleum Corp.*(b)		32,923		354,064

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Itochu Enex Co. Ltd.(b)		16,500		141,090
Iwatani Corp.		1,397		59,943
Japan Petroleum Exploration Co. Ltd.		1,700		54,643
Karoon Energy Ltd.*		198,604		323,276
Kelt Exploration Ltd.*(b)		55,391		189,708
Keyera Corp.(b)		3,108		70,692
Koninklijke Vopak NV		1,558		46,735
MEG Energy Corp.*		4,928		81,213
Naphtha Israel Petroleum Corp. Ltd.*		10,742		54,962
Neste OYJ		6,355		302,508
New Hope Corp. Ltd.		17,010		70,239
NexGen Energy Ltd.*		22,550		108,496
Norwegian Energy Co. ASA*(b)		9,061		371,938
NuVista Energy Ltd.*(b)		60,762		507,735
Obsidian Energy Ltd.*		27,429		181,305
Oil Refineries Ltd.		56,047		19,285
OKEA ASA		13,899		46,964
Okeanis Eco Tankers Corp.*(a)		4,920		88,467
OMV AG		2,829		140,871
Pantheon Resources plc*(b)		52,080		32,154
Paramount Resources Ltd., Class A		2,772		63,901
Parex Resources, Inc.		39,811		675,774
Parkland Corp.		3,977		93,170
Paz Oil Co. Ltd.*		206		25,572
Pembina Pipeline Corp.		8,364		295,923
Peyto Exploration & Development Corp.(b)		60,598		550,870
Pipestone Energy Corp.*(b)		46,289		102,683
Polski Koncern Naftowy ORLEN SA		10,615		158,774
PrairieSky Royalty Ltd.(b)		3,977		68,134
Repsol SA(b)		32,185		527,464
Santos Ltd.		69,495		348,174
Saras SpA*		202,868		350,757
Serica Energy plc		87,043		271,111
Shell plc		153,012		4,471,977
Spartan Delta Corp.		49,651		559,264
Suncor Energy, Inc.(b)		29,192		1,010,295
Tamarack Valley Energy Ltd.(b)		153,627		554,938
TC Energy Corp.		14,965		642,967
Topaz Energy Corp.		1,763		27,337
TORM plc, Class A		1,517		38,336
TotalEnergies SE(b)		53,423		3,305,982
Tourmaline Oil Corp.(b)		6,658		309,411
Tullow Oil plc*(b)		513,894		228,642
United Energy Group Ltd.		358,000		35,167
Var Energi ASA		7,339		22,219
Vermilion Energy, Inc.		3,526		53,907
Viva Energy Group Ltd.(a)		17,630		36,151
Washington H Soul Pattinson & Co. Ltd.		2,856		57,778
Whitecap Resources, Inc.(b)		12,558		104,372
Whitehaven Coal Ltd.		16,702		98,860
Woodside Energy Group Ltd.		40,960		1,046,551
				32,161,283
Paper & Forest Products - 0.6%
Altri SGPS SA(b)		21,115		106,129
Canfor Corp.*		21,279		402,026
Daio Paper Corp.(b)		3,745		28,798

Investments	Shares		Value ($)
Ence Energia y Celulosa SA		11,726		38,460
Hokuetsu Corp.(b)		61,600		395,051
Holmen AB, Class B		1,540		63,219
Interfor Corp.*		18,286		364,665
Metsa Board OYJ, Class B		3,813		33,936
Mondi plc		10,004		187,572
Navigator Co. SA (The)		5,269		18,392
Nippon Paper Industries Co. Ltd.		41,000		304,556
Norske Skog ASA*(c)		24,436		167,094
Oji Holdings Corp.		25,400		104,690
Semapa-Sociedade de Investimento e Gestao		3,520		46,334
Stella-Jones, Inc.(b)		2,173		78,852
Stora Enso OYJ, Class R		11,644		165,599
Svenska Cellulosa AB SCA, Class A(b)		2,068		28,719
Svenska Cellulosa AB SCA, Class B		8,692		120,130
UPM-Kymmene OYJ		8,364		302,034
West Fraser Timber Co. Ltd.(b)		1,271		110,197
				3,066,453
Personal Products - 1.0%
Beiersdorf AG		1,640		198,773
Blackmores Ltd.(b)		1,320		81,499
euglena Co. Ltd.*(b)		4,400		33,801
Fancl Corp.		400		8,086
Haleon plc*		76,506		305,400
Interparfums SA		145		9,464
Jamieson Wellness, Inc.(a)		2,330		64,731
Kao Corp.		7,500		303,126
Kobayashi Pharmaceutical Co. Ltd.		900		64,432
Kose Corp.(b)		700		76,704
L’Occitane International SA		4,500		12,486
L’Oreal SA		3,813		1,565,546
Milbon Co. Ltd.		1,000		43,831
Noevir Holdings Co. Ltd.		1,000		43,908
Pola Orbis Holdings, Inc.		2,000		28,713
PZ Cussons plc		7,995		21,359
Rohto Pharmaceutical Co. Ltd.(b)		4,000		73,728
Shiseido Co. Ltd.		6,400		330,372
Unilever plc		16,330		825,967
Unilever plc		23,440		1,185,915
				5,277,841
Pharmaceuticals - 4.5%
ALK-Abello A/S*		2,640		39,235
Almirall SA		4,471		44,940
Astellas Pharma, Inc.		28,700		422,075
AstraZeneca plc		23,575		3,073,555
Bausch Health Cos., Inc.*		7,014		53,669
Bayer AG (Registered)		21,361		1,322,350
Camurus AB*		1,435		34,238
Canopy Growth Corp.*		16,113		48,665
Chugai Pharmaceutical Co. Ltd.		9,300		240,143
COSMO Pharmaceuticals NV		413		29,893
Cronos Group, Inc.*		12,505		31,489
Daiichi Sankyo Co. Ltd.		29,800		931,272
Dechra Pharmaceuticals plc		2,142		75,577
Eisai Co. Ltd.		4,500		277,243
Euroapi SA*		3,444		55,226

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Faes Farma SA		17,235		64,390
Financiere de Tubize SA(b)		264		21,217
GSK plc		61,008		1,069,072
H Lundbeck A/S, Class A*		484		1,665
Haw Par Corp. Ltd.		3,200		23,811
Hikma Pharmaceuticals plc		2,900		60,997
Hisamitsu Pharmaceutical Co., Inc.(b)		1,900		58,953
Hutchmed China Ltd.*(b)		27,388		98,455
Indivior plc*		2,993		71,667
Ipsen SA		770		80,615
JCR Pharmaceuticals Co. Ltd.(b)		2,400		29,436
Kaken Pharmaceutical Co. Ltd.(b)		1,500		43,427
Kissei Pharmaceutical Co. Ltd.		1,400		27,506
KYORIN Holdings, Inc.		4,400		58,195
Kyowa Kirin Co. Ltd.		4,300		95,559
Merck KGaA		2,091		433,861
Mochida Pharmaceutical Co. Ltd.		900		24,084
Nippon Shinyaku Co. Ltd.		1,400		71,806
Novartis AG (Registered)		36,572		3,282,424
Novo Nordisk A/S, Class B		24,846		3,420,505
Ono Pharmaceutical Co. Ltd.		8,200		178,036
Orion OYJ, Class A		352		18,847
Orion OYJ, Class B		1,404		75,006
Otsuka Holdings Co. Ltd.		8,300		265,381
Recordati Industria Chimica e Farmaceutica SpA		1,628		70,953
Roche Holding AG		10,660		3,309,676
Roche Holding AG - BR		463		168,419
Sanofi		17,548		1,708,931
Santen Pharmaceutical Co. Ltd.		4,500		34,950
Sawai Group Holdings Co. Ltd.		16,400		506,332
Shionogi & Co. Ltd.		4,400		209,198
Sosei Group Corp.*		5,200		98,046
Sumitomo Pharma Co. Ltd.		3,600		25,191
Taisho Pharmaceutical Holdings Co. Ltd.		600		25,191
Takeda Pharmaceutical Co. Ltd.		24,600		773,686
Teva Pharmaceutical Industries Ltd.*(b)		26,117		276,252
Torii Pharmaceutical Co. Ltd.		800		19,101
Towa Pharmaceutical Co. Ltd.(b)		9,400		148,035
Tsumura & Co.		900		19,170
UCB SA		2,173		177,896
Vetoquinol SA		308		28,533
Virbac SA		132		39,925
ZERIA Pharmaceutical Co. Ltd.		1,800		29,967
				23,923,937
Professional Services - 1.2%
Adecco Group AG (Registered)(b)		3,690		135,993
AFRY AB, Class B		2,640		47,506
ALS Ltd.		8,712		80,113
Applus Services SA		47,396		362,895
Arcadis NV		1,189		51,291
BayCurrent Consulting, Inc.		1,400		58,887
Benefit One, Inc.		1,000		16,356
BTS Group AB, Class B(b)		1,100		35,091
Bureau Veritas SA		4,005		114,134
Danel Adir Yeoshua Ltd.(b)		220		16,827

Investments	Shares		Value ($)
dip Corp.		1,400		41,286
DKSH Holding AG		660		55,925
en Japan, Inc.		2,000		37,833
Experian plc		14,883		541,062
Funai Soken Holdings, Inc.(b)		2,700		58,113
GlobalData plc(b)		2,508		38,749
Hays plc		34,264		52,011
Insource Co. Ltd.		3,800		42,341
Intertek Group plc		2,214		118,430
IPH Ltd.		13,904		83,278
JAC Recruitment Co. Ltd.		1,300		23,512
Marlowe plc*(b)		4,092		25,289
McMillan Shakespeare Ltd.		3,198		31,864
Meitec Corp.		2,400		44,938
Nihon M&A Center Holdings, Inc.		4,800		48,463
Nomura Co. Ltd.		6,000		43,000
Open Up Group, Inc.		4,400		64,488
Outsourcing, Inc.		36,900		284,032
Pagegroup plc		22,468		126,187
Pasona Group, Inc.		6,000		96,105
Persol Holdings Co. Ltd.		4,200		91,431
Randstad NV		2,419		154,161
Recruit Holdings Co. Ltd.		24,600		783,901
RELX plc		30,340		897,185
RWS Holdings plc		15,666		72,633
SGS SA (Registered)		82		198,585
SmartGroup Corp. Ltd.(b)		7,766		30,919
SMS Co. Ltd.		2,000		51,982
S-Pool, Inc.		4,400		26,052
Synergie SE(b)		2,870		104,107
TechnoPro Holdings, Inc.		1,100		33,961
Teleperformance		861		238,448
Thomson Reuters Corp.(b)		2,337		277,214
Tinexta Spa		1,056		28,557
UT Group Co. Ltd.		2,000		40,294
Weathernews, Inc.		500		27,068
Wolters Kluwer NV		3,895		423,651
				6,256,148
Real Estate Management & Development - 2.4%
Aeon Mall Co. Ltd.(b)		1,990		27,957
AFI Properties Ltd.*(b)		165		5,372
Africa Israel Residences Ltd.(b)		2,173		101,561
Airport City Ltd.*		1,928		30,370
Allreal Holding AG (Registered)		366		62,384
Alony Hetz Properties & Investments Ltd.		2,596		27,647
Altus Group Ltd.		2,578		110,010
Amot Investments Ltd.		5,448		31,785
Aroundtown SA(b)		20,160		55,810
Atrium Ljungberg AB, Class B(b)		792		14,093
Aura Investments Ltd.(b)		44,280		75,478
Azrieli Group Ltd.		532		34,025
Big Shopping Centers Ltd.*		287		28,655
Blue Square Real Estate Ltd.(b)		1,517		91,754
CA Immobilien Anlagen AG(b)		572		17,767
Capitaland India Trust		49,200		45,294
Capitaland Investment Ltd.		42,131		126,936
Castellum AB		4,830		65,877

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Catena AB		924		38,426
Cibus Nordic Real Estate AB		3,432		48,514
City Developments Ltd.		9,400		59,360
Citycon OYJ*(b)		30,873		232,193
CK Asset Holdings Ltd.		41,000		262,051
Colliers International Group, Inc.		748		80,011
Corem Property Group AB, Class B(b)		193,438		176,536
Daito Trust Construction Co. Ltd.		1,000		98,581
Daiwa House Industry Co. Ltd.		15,300		366,014
Deutsche Wohnen SE		1,012		23,795
Dios Fastigheter AB(b)		7,480		56,762
DREAM Unlimited Corp., Class A		1,584		33,203
Electra Real Estate Ltd.(b)		8,282		92,348
Entra ASA(a)		2,068		24,307
ESR Group Ltd.(a)(b)		32,800		65,612
Fabege AB		5,412		50,958
Far East Consortium International Ltd.(b)		451,000		117,949
Fastighets AB Balder, Class B*		12,348		63,156
FastPartner AB, Class A		3,124		25,362
FirstService Corp.		676		96,333
G City Ltd.(b)		28,290		109,625
Gav-Yam Lands Corp. Ltd.		593		4,767
Goldcrest Co. Ltd.(b)		4,100		51,264
Grainger plc		41,287		131,951
Grand City Properties SA(b)		2,508		26,612
Great Eagle Holdings Ltd.(b)		83,451		200,362
GuocoLand Ltd.		100,000		124,016
Hang Lung Group Ltd.		238,000		439,046
Hang Lung Properties Ltd.		44,000		82,852
Heba Fastighets AB, Class B		5,280		19,265
Heiwa Real Estate Co. Ltd.		1,300		37,087
Henderson Land Development Co. Ltd.		33,239		122,761
Hiag Immobilien Holding AG		355		31,916
Ho Bee Land Ltd.		76,800		138,484
Hufvudstaden AB, Class A		2,610		39,213
Hulic Co. Ltd.(b)		13,400		109,636
Hysan Development Co. Ltd.		19,000		63,870
Ichigo, Inc.		5,500		12,561
IES Holdings Ltd.		943		61,048
Intershop Holding AG		76		50,708
Israel Canada T.R Ltd.(b)		45,838		119,853
Israel Land Development Co. Ltd. (The)(b)		6,478		74,839
Isras Investment Co. Ltd.		136		26,460
IWG plc*		41,041		93,750
Jeudan A/S(b)		3,403		130,162
K Wah International Holdings Ltd.		546,089		203,428
Katitas Co. Ltd.		1,100		26,772
Kerry Properties Ltd.		16,500		41,805
Kojamo OYJ		1,980		30,320
Kowloon Development Co. Ltd.(b)		123,000		130,084
LEG Immobilien SE		1,353		105,181
Lendlease Corp. Ltd.(b)		14,582		88,264
Levinstein Properties Ltd.(b)		533		13,296
Lifestyle Communities Ltd.		5,148		70,846
Mega Or Holdings Ltd., REIT(b)		1,085		29,971
Melisron Ltd.		460		31,963
Mitsubishi Estate Co. Ltd.		20,500		263,491

Investments	Shares		Value ($)
Mitsui Fudosan Co. Ltd.		12,300		229,930
Mivne Real Estate KD Ltd.(b)		14,248		45,439
Mobimo Holding AG (Registered)		352		90,035
Morguard Corp.		1,353		118,960
Neobo Fastigheter AB*‡(b)		2,274		4,246
New World Development Co. Ltd.		33,590		100,274
Nexity SA		17,179		517,552
Nomura Real Estate Holdings, Inc.		1,400		30,789
NP3 Fastigheter AB		396		8,718
Nyfosa AB		2,684		23,252
OUE Ltd.		90,000		86,963
PATRIZIA SE		3,248		40,072
PEXA Group Ltd.*		3,609		33,086
Platzer Fastigheter Holding AB, Class B		3,080		26,917
Prashkovsky Investments and Construction Ltd.(b)		1,672		44,976
Property & Building Corp. Ltd.*		984		61,567
PSP Swiss Property AG (Registered)		531		65,830
Relo Group, Inc.		2,270		38,245
Sagax AB, Class B		2,420		59,889
Samhallsbyggnadsbolaget i Norden AB(b)		22,748		41,271
SAMTY Co. Ltd.		12,600		198,527
Savills plc(b)		51,373		616,958
Sino Land Co. Ltd.		72,691		94,405
Sirius Real Estate Ltd.		417,175		433,979
Starts Corp., Inc.		12,300		243,456
StorageVault Canada, Inc.		12,833		61,840
Sumitomo Realty & Development Co. Ltd.		11,200		271,807
Summit Real Estate Holdings Ltd.		574		8,096
Sun Hung Kai Properties Ltd.		34,500		488,987
Swire Pacific Ltd., Class A		10,500		96,179
Swire Properties Ltd.		24,800		69,605
Swiss Prime Site AG (Registered)		1,227		108,711
TAG Immobilien AG		62,771		535,495
Tokyo Tatemono Co. Ltd.		5,200		64,218
Tokyu Fudosan Holdings Corp.		11,200		56,583
Tosei Corp.		8,200		93,259
Tricon Residential, Inc.		4,830		41,808
UOL Group Ltd.		6,799		36,107
VGP NV(b)		738		73,418
Villar International Ltd.		1,599		76,261
Vitania Ltd.(b)		8,200		61,700
Vonovia SE		17,671		496,486
Wallenstam AB, Class B		8,888		40,595
Wharf Holdings Ltd. (The)		17,000		44,243
Wharf Real Estate Investment Co. Ltd.		25,000		142,884
Wihlborgs Fastigheter AB		7,304		59,856
Wing Tai Holdings Ltd.		24,000		28,120
Yanlord Land Group Ltd.		196,800		166,202
YH Dimri Construction & Development Ltd.(b)		452		29,039
				12,708,610
Road & Rail - 1.3%
ALD SA(a)		2,214		27,748
Aurizon Holdings Ltd.		31,840		82,789

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Canadian National Railway Co.		9,266		1,099,823
Canadian Pacific Railway Ltd.		13,940		1,097,147
Central Japan Railway Co.		2,900		353,232
ComfortDelGro Corp. Ltd.		18,400		16,799
East Japan Railway Co.		5,500		306,202
Firstgroup plc		31,646		42,232
Fukuyama Transporting Co. Ltd.		13,300		342,101
Hamakyorex Co. Ltd.		4,100		102,307
Hankyu Hanshin Holdings, Inc.		4,300		127,467
Keikyu Corp.		5,700		58,953
Keio Corp.		1,800		65,816
Keisei Electric Railway Co. Ltd.		2,900		84,294
Kelsian Group Ltd.		13,288		54,589
Kintetsu Group Holdings Co. Ltd.		2,200		71,475
Kyushu Railway Co.		2,100		47,008
MTR Corp. Ltd.		25,264		135,046
Mullen Group Ltd.(b)		30,709		324,040
Nagoya Railroad Co. Ltd.		4,400		72,575
Nankai Electric Railway Co. Ltd.(b)		3,000		65,124
National Express Group plc*		17,136		28,100
Nikkon Holdings Co. Ltd.(b)		23,100		442,478
Nishi-Nippon Railroad Co. Ltd.		1,100		20,233
NTG Nordic Transport Group A/S*(b)		792		32,143
Odakyu Electric Railway Co. Ltd.		4,600		60,204
Redde Northgate plc		85,649		457,620
Sankyu, Inc.		1,333		52,174
Seibu Holdings, Inc.		6,700		75,014
Seino Holdings Co. Ltd.		3,100		30,846
Senko Group Holdings Co. Ltd.(b)		48,700		375,235
Sixt SE		308		38,100
Sixt SE (Preference)		298		22,590
Stef SA(b)		1,230		129,309
TFI International, Inc.		1,271		141,154
Tobu Railway Co. Ltd.		4,000		93,660
Tokyu Corp.(b)		8,300		106,459
Trancom Co. Ltd.(b)		900		51,351
West Japan Railway Co.		4,100		171,352
				6,904,789
Semiconductors & Semiconductor Equipment - 2.0%
Advantest Corp.		3,100		219,309
AEM Holdings Ltd.		13,200		34,749
AIXTRON SE		2,337		69,138
Alphawave IP Group plc*(b)		19,492		22,821
ams-OSRAM AG*		91,840		848,477
ASM International NV		656		219,577
ASML Holding NV		6,150		4,024,890
ASMPT Ltd.		5,000		41,175
BE Semiconductor Industries NV		1,470		104,219
Disco Corp.(b)		400		119,036
Elmos Semiconductor SE		410		27,741
Ferrotec Holdings Corp.		16,400		405,444
Infineon Technologies AG		20,131		719,630
Japan Material Co. Ltd.		2,500		46,580
Lasertec Corp.(b)		1,300		255,212
Megachips Corp.		5,100		105,651
Melexis NV		495		52,415
Meyer Burger Technology AG*(b)		160,380		113,117

Investments	Shares		Value ($)
Mimasu Semiconductor Industry Co. Ltd.		4,600		90,447
Nordic Semiconductor ASA*		3,828		60,324
Nova Ltd.*		352		31,630
Optorun Co. Ltd.		2,900		56,731
REC Silicon ASA*(b)		22,352		31,665
Renesas Electronics Corp.*		22,900		234,115
Rohm Co. Ltd.		1,600		127,094
Rorze Corp.(b)		400		30,359
Sanken Electric Co. Ltd.		1,600		90,061
SCREEN Holdings Co. Ltd.		1,100		80,949
Shinko Electric Industries Co. Ltd.		1,400		38,863
Siltronic AG		5,699		471,632
SMA Solar Technology AG*		1,100		92,705
SOITEC*		369		55,524
STMicroelectronics NV		10,168		476,062
SUMCO Corp.		5,700		83,717
Tokyo Electron Ltd.		2,500		868,353
Tokyo Seimitsu Co. Ltd.(b)		1,600		54,627
Tower Semiconductor Ltd.*		2,139		89,758
Tri Chemical Laboratories, Inc.(b)		1,800		32,292
Ulvac, Inc.		1,000		46,292
X-Fab Silicon Foundries SE*(a)		16,933		147,305
				10,719,686
Software - 1.2%
Altium Ltd.(b)		1,716		46,819
Appier Group, Inc.*(b)		4,100		51,768
Atoss Software AG		176		31,042
BlackBerry Ltd.*(b)		8,682		36,957
BrainChip Holdings Ltd.*(b)		89,100		39,554
Bytes Technology Group plc		10,736		51,150
Constellation Software, Inc.		287		505,618
Crayon Group Holding ASA*(a)		4,100		40,987
Dassault Systemes SE		10,549		390,217
Descartes Systems Group, Inc. (The)*		1,375		100,058
Digital Arts, Inc.		1,000		44,215
Docebo, Inc.*(b)		1,100		41,944
Dye & Durham Ltd.		3,388		54,031
Enghouse Systems Ltd.(b)		2,552		75,603
Fortnox AB		7,995		40,167
Freee KK*(b)		1,200		31,281
Fuji Soft, Inc.		700		41,609
GB Group plc		17,999		78,220
Hansen Technologies Ltd.		15,092		56,682
Hilan Ltd.		287		13,912
IRESS Ltd.(b)		6,556		45,735
Kape Technologies plc*		69,249		213,131
Kinaxis, Inc.*		520		60,268
Learning Technologies Group plc		20,240		34,934
Lectra		1,188		49,351
Lightspeed Commerce, Inc.*(b)		2,184		39,397
Magic Software Enterprises Ltd.		2,288		37,060
Micro Focus International plc‡		126,854		830,824
Money Forward, Inc.*		1,100		40,052
Nemetschek SE		884		46,919
Nice Ltd.*		985		202,676
Open Text Corp.		4,346		145,361
Oracle Corp. Japan		800		54,504

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
QT Group OYJ*(b)		308		17,943
Rakus Co. Ltd.		1,600		21,580
Sage Group plc (The)		15,375		147,034
Sansan, Inc.*		4,100		50,350
SAP SE		16,687		1,964,162
SimCorp A/S(b)		660		45,960
Sinch AB*(a)		14,637		59,940
Software AG		2,352		65,290
Systena Corp.		7,600		24,253
TeamViewer AG*(c)		8,274		115,739
Technology One Ltd.(b)		5,166		52,710
Temenos AG (Registered)		1,160		82,043
TomTom NV*(b)		6,776		47,944
Trend Micro, Inc.*(b)		2,500		122,842
Truecaller AB, Class B*(b)		3,168		11,196
Vitec Software Group AB, Class B		1,025		43,272
WiseTech Global Ltd.(b)		3,239		138,174
				6,582,478
Specialty Retail - 1.4%
ABC-Mart, Inc.		700		37,625
Accent Group Ltd.(b)		42,845		66,118
Alpen Co. Ltd.(b)		4,600		68,622
Aritzia, Inc.*		1,716		61,716
Autobacs Seven Co. Ltd.		2,100		23,334
Bic Camera, Inc.		4,200		39,596
Bilia AB, Class A		22,427		257,905
Carasso Motors Ltd.		11,193		71,231
CECONOMY AG		60,147		146,323
Currys plc(b)		383,391		305,615
DCM Holdings Co. Ltd.(b)		45,100		410,268
Delek Automotive Systems Ltd.		2,436		29,947
Dufry AG (Registered)*		1,188		54,076
Dunelm Group plc		6,478		92,910
Eagers Automotive Ltd.(b)		4,180		33,637
EDION Corp.(b)		28,700		283,149
Fast Retailing Co. Ltd.(b)		1,000		603,022
Fenix Outdoor International AG(b)		369		34,116
Fielmann AG		607		22,796
Fnac Darty SA(b)		7,093		262,376
Fox Wizel Ltd.(b)		123		11,049
Frasers Group plc*		4,620		44,535
H & M Hennes & Mauritz AB, Class B		10,660		130,447
Hikari Tsushin, Inc.		400		56,811
Hornbach Holding AG & Co. KGaA		3,239		285,990
Hour Glass Ltd. (The)		98,400		155,721
IDOM, Inc.		19,600		125,849
Industria de Diseno Textil SA		17,220		535,245
JB Hi-Fi Ltd.(b)		1,722		58,705
JD Sports Fashion plc		44,135		88,430
JINS Holdings, Inc.		900		26,991
Joyful Honda Co. Ltd.		2,000		28,636
Kingfisher plc		41,944		144,068
Kohnan Shoji Co. Ltd.(b)		9,700		249,129
Komeri Co. Ltd.		12,300		251,779
K’s Holdings Corp.		6,100		53,802
Leon’s Furniture Ltd.		9,471		133,439
Lovisa Holdings Ltd.(b)		2,583		47,851
Luk Fook Holdings International Ltd.		123,672		428,357

Investments	Shares		Value ($)
MEKO AB		14,965		165,376
Musti Group OYJ*		2,068		34,902
Nick Scali Ltd.(b)		6,996		58,910
Nishimatsuya Chain Co. Ltd.(b)		13,600		161,052
Nitori Holdings Co. Ltd.		1,600		210,389
Nojima Corp.		24,600		263,129
Pet Valu Holdings Ltd.(b)		1,716		51,171
Pets at Home Group plc		19,950		86,551
Premier Investments Ltd.(b)		1,517		29,653
Sanrio Co. Ltd.		1,800		68,376
Shimamura Co. Ltd.		500		46,945
Super Retail Group Ltd.(b)		5,324		47,532
T-Gaia Corp.		5,100		65,061
USS Co. Ltd.		1,500		24,580
Watches of Switzerland Group plc*(c)		3,344		39,027
WH Smith plc(b)		7,134		140,127
Yamada Holdings Co. Ltd.		17,300		62,791
Yellow Hat Ltd.		12,500		170,806
				7,487,594
Technology Hardware, Storage & Peripherals - 0.3%
Brother Industries Ltd.		3,800		58,733
Canon, Inc.(b)		21,600		480,517
Eizo Corp.		5,600		156,100
Elecom Co. Ltd.		1,600		16,708
FUJIFILM Holdings Corp.		6,400		336,425
Konica Minolta, Inc.(b)		14,200		59,183
Logitech International SA (Registered)		2,899		168,244
MCJ Co. Ltd.		24,600		190,679
Melco Holdings, Inc.		2,900		74,593
Ricoh Co. Ltd.		12,700		98,147
Riso Kagaku Corp.		1,700		28,249
Seiko Epson Corp.		8,200		126,552
Toshiba TEC Corp.		1,100		31,128
Wacom Co. Ltd.(b)		8,800		43,105
				1,868,363
Textiles, Apparel & Luxury Goods - 1.9%
adidas AG		2,706		433,128
Asics Corp.		3,400		80,265
Brunello Cucinelli SpA		660		54,655
Burberry Group plc		6,191		187,571
Canada Goose Holdings, Inc.*		2,464		59,423
Chow Sang Sang Holdings International Ltd.		143,000		217,823
Cie Financiere Richemont SA (Registered)		7,995		1,221,767
Coats Group plc(b)		564,488		505,222
Crystal International Group Ltd.(a)		127,500		40,502
Delta Galil Ltd.(b)		378		14,845
Descente Ltd.(b)		1,200		32,942
Dr. Martens plc		8,536		16,309
Gildan Activewear, Inc.		2,703		84,512
Goldwin, Inc.(b)		1,000		75,820
Hermes International		533		992,463
HUGO BOSS AG		1,232		83,251
Japan Wool Textile Co. Ltd. (The)		22,900		170,106
Kering SA		1,107		685,888
LPP SA		24		55,959

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		3,977		3,455,377
Moncler SpA		3,444		213,948
New Wave Group AB, Class B		2,552		57,183
Pandora A/S		2,091		172,780
Puma SE		1,640		111,071
Samsonite International SA*(a)		24,600		72,966
Seiko Group Corp.		1,200		26,945
Stella International Holdings Ltd.		144,000		145,313
Swatch Group AG (The)(b)		451		161,894
Swatch Group AG (The) (Registered)		792		51,636
Tod’s SpA*		245		9,536
Wacoal Holdings Corp.		3,900		73,085
Yue Yuen Industrial Holdings Ltd.		266,500		436,543
				10,000,728
Thrifts & Mortgage Finance - 0.6%
Aareal Bank AG*		3,608		128,369
Deutsche Pfandbriefbank AG(a)		46,002		417,170
EQB, Inc.(b)		9,020		445,744
First National Financial Corp.		1,452		42,732
Helia Group Ltd.		98,810		194,954
Home Capital Group, Inc.(b)		14,309		454,894
Liberty Financial Group Ltd.(a)(b)		27,280		76,123
OSB Group plc		128,002		859,617
Paragon Banking Group plc		85,321		631,282
				3,250,885
Tobacco - 0.6%
British American Tobacco plc		48,421		1,845,559
Imperial Brands plc		20,459		511,550
Japan Tobacco, Inc.(b)		24,600		502,234
Scandinavian Tobacco Group A/S(a)(b)		20,746		359,204
				3,218,547
Trading Companies & Distributors - 2.3%
AddTech AB, Class B		4,180		66,434
Ashtead Group plc		6,601		431,842
Azelis Group NV		1,148		30,895
BayWa AG		336		15,272
Beijer Ref AB		4,576		70,237
Bossard Holding AG (Registered), Class A		220		55,673
Brenntag SE		2,055		152,568
Bufab AB		968		25,009
Bunzl plc		5,576		203,879
Diploma plc		1,364		45,843
Ferguson plc		2,993		418,580
Finning International, Inc.		2,562		72,078
Grafton Group plc		75,973		859,263
Hanwa Co. Ltd.(b)		15,100		477,808
Howden Joinery Group plc		11,508		97,812
IMCD NV		984		155,011
Inaba Denki Sangyo Co. Ltd.		3,500		75,735
Inabata & Co. Ltd.		16,400		316,915
ITOCHU Corp.(b)		32,800		1,055,038
Japan Pulp & Paper Co. Ltd.		4,100		172,771
Kanamoto Co. Ltd.		12,300		213,095
Kanematsu Corp.		28,700		349,577
Kloeckner & Co. SE		28,167		296,119

Investments	Shares		Value ($)
KPP Group Holdings Co. Ltd.		20,500		139,194
Marubeni Corp.		35,800		436,747
Mitsubishi Corp.		32,800		1,093,628
Mitsui & Co. Ltd.		35,500		1,042,793
MonotaRO Co. Ltd.		5,600		84,143
Nagase & Co. Ltd.		2,200		35,323
Nippon Steel Trading Corp.		4,700		333,946
Nishio Rent All Co. Ltd.		8,500		204,256
OEM International AB, Class B		32,062		237,331
Reece Ltd.(b)		3,403		38,583
Rexel SA*		4,641		102,118
Richelieu Hardware Ltd.		2,684		79,594
RS GROUP plc		5,808		67,212
Russel Metals, Inc.(b)		21,812		529,791
Scope Metals Group Ltd.*(b)		1,968		72,900
Seven Group Holdings Ltd.(b)		3,036		48,498
Sojitz Corp.		3,999		78,999
Sumitomo Corp.		26,800		478,730
Theme International Holdings Ltd.*(b)		1,640,000		213,407
Thermador Groupe(b)		396		39,739
Toromont Industries Ltd.		1,230		97,978
Toyota Tsusho Corp.		5,000		209,927
Travis Perkins plc		74,538		931,402
Trusco Nakayama Corp.		1,800		29,344
Yamazen Corp.		28,700		234,155
Yellow Cake plc*(a)		7,602		38,970
				12,556,162
Transportation Infrastructure - 0.4%
Aena SME SA*(a)		1,025		153,065
Aeroports de Paris*		555		85,742
Atlas Arteria Ltd.(b)		13,979		67,573
Auckland International Airport Ltd.*		22,332		122,673
Dalrymple Bay Infrastructure Ltd.(b)		86,059		150,391
Enav SpA(a)		12,657		58,119
Flughafen Zurich AG (Registered)*		320		57,922
Fraport AG Frankfurt Airport Services Worldwide*		890		50,320
Getlink SE		6,888		116,176
Hamburger Hafen und Logistik AG		1,220		17,172
Japan Airport Terminal Co. Ltd.*(b)		1,200		62,286
Kamigumi Co. Ltd.		3,100		63,218
Mitsubishi Logistics Corp.		1,700		39,544
Port of Tauranga Ltd.		5,225		21,205
Qube Holdings Ltd.(b)		36,652		79,030
SATS Ltd.*		19,000		43,657
Sumitomo Warehouse Co. Ltd. (The)(b)		24,600		377,006
Transurban Group		46,879		456,190
Westshore Terminals Investment Corp.(b)		1,647		30,253
				2,051,542
Water Utilities - 0.1%
Pennon Group plc		2,970		33,547
Severn Trent plc		3,854		133,610
United Utilities Group plc		10,455		136,177
				303,334

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Wireless Telecommunication Services - 0.6%
Airtel Africa plc(a)		34,804		50,217
Cellcom Israel Ltd.*		4,961		25,527
Freenet AG		2,198		53,233
KDDI Corp.		24,600		767,822
Millicom International Cellular SA, SDR*		3,036		51,804
Okinawa Cellular Telephone Co.		8,200		198,308
Orange Belgium SA*		1,188		21,418
Rogers Communications, Inc., Class B(b)		4,797		232,561
SoftBank Corp.		41,000		468,657
SoftBank Group Corp.		17,782		840,114
StarHub Ltd.		61,500		53,342
Tele2 AB, Class B		8,052		69,370
Vodafone Group plc		578,920		663,674
				3,496,047
TOTAL COMMON STOCKS (COST $455,401,660)				519,367,415
CLOSED END FUNDS - 0.0%(f)
Independent Power and Renewable Electricity Producers - 0.0%(f)
Renewables Infrastructure Group Ltd. (The) (Cost $50,126)		34,059		54,593
Investments	Number of Rights		Value ($)
RIGHTS - 0.0%(f)
Commercial Services & Supplies - 0.0%(f)
Veridis Environment Ltd., expiring 1/18/2023, price 27.40 ILS*‡ (b)		14		3
Construction & Engineering - 0.0%(f)
ACS Actividades de Construccion y Servicios SA, expiring 2/3/2023, price 0.48 EUR*(b)		3,133		1,588
Real Estate Management & Development - 0.0%
S IMMO AG, expiring 12/31/2023, price 1.00 EUR*‡		2,564		—
TOTAL RIGHTS (Cost $1,610)				1,591
Investments	Number of Warrants		Value ($)
WARRANTS - 0.0%
Construction & Engineering - 0.0%
Webuild SpA, expiring 8/2/2030*‡(b) (Cost $–)		10,785		—

Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(g) - 1.3%
REPURCHASE AGREEMENTS - 1.3%
Citigroup Global Markets, Inc., 4.27%, dated 1/31/2023, due 2/1/2023, repurchase price $3,510,547, collateralized by various U.S. Treasury Securities, ranging from 1.00% - 3.13%, maturing 5/15/2029 - 5/15/2048; total market value $3,564,709		3,510,130		3,510,130
National Bank of Canada, 4.32%, dated 1/31/2023, due 2/7/2023, repurchase price $3,002,520, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 4.13%, maturing 4/15/2023 - 8/15/2052; total market value $3,055,426		3,000,000		3,000,000
TD Prime Services LLC, 4.40%, dated 1/31/2023, due 2/1/2023, repurchase price $379,440, collateralized by various Common Stocks; total market value $422,911		379,394		379,394
				6,889,524
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $6,889,524)				6,889,524
Total Investments - 98.4% (Cost $462,342,920)				526,313,123
Other assets less liabilities - 1.6%				8,589,770
Net Assets - 100.0%				534,902,893

* Non-income producing security.

‡ 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) The security or a portion of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $75,570,592, collateralized in the form of cash with a value of $6,889,524 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $54,038,534 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 9, 2023 – November 15, 2052 and $20,962,637 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from February 22, 2023 – June 30, 2120; a total value of $81,890,695.

See Accompanying Notes to the Schedules of Investments.

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

(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(d) Amount represents less than one share.

(e) Amount less than one dollar.

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

(g) The security was purchased with cash collateral held from securities on loan at January 31, 2023. The total value of securities purchased was $6,889,524.

Percentages shown are based on Net Assets.

Abbreviations
ADR	American Depositary Receipt
CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
CVA	Dutch Certification
OYJ	Public Limited Company
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, 2023:

	Number of Contracts		Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Long Contracts
EURO STOXX 50 Index		115		03/17/2023	EUR	$	5,209,402	$	258,425
FTSE 100 Index		33		03/17/2023	GBP		3,148,335		104,870
Nikkei 225 Index		37		03/09/2023	JPY		3,886,501		(44,164	)
S&P/TSX 60 Index		13		03/16/2023	CAD		2,443,242		83,174
SPI 200 Index		12		03/16/2023	AUD		1,569,608		61,474
								$	463,779

Forward Foreign Currency Contracts

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund had the following outstanding contracts as of January 31, 2023:

Contracts to Receive		Counterparty	In Exchange For			Maturity Date		Unrealized Appreciation/ (Depreciation)
AUD	1,388,017	Citibank NA		USD	932,093		03/15/2023	$	47,511
CAD	379,642	Morgan Stanley		USD	277,990		03/15/2023		6,602
CAD	1,004,150	UBS AG		USD	734,108		03/15/2023		18,635
EUR	678,361	Morgan Stanley		USD	719,648		03/15/2023		18,965
EUR	467,687	UBS AG		USD	500,073		03/15/2023		9,153
GBP	823,203	Citibank NA		USD	1,005,912		03/15/2023		8,424
JPY	371,427,409	Goldman Sachs & Co.		USD	2,866,855		03/15/2023		4,805
SGD	143,900	BNP Paribas SA		USD	106,424		03/15/2023		3,151
Total unrealized appreciation								$	117,246
HKD	362,598	Bank of New York Mellon (The)		USD	46,648		03/15/2023	$	(296	)
ILS	366,970	Goldman Sachs & Co.		USD	107,621		03/15/2023		(1,278	)
NOK	1,450,557	Bank of New York Mellon (The)		USD	147,342		03/15/2023		(1,846	)
SEK	4,244,576	UBS AG		USD	412,539		03/15/2023		(6,241	)
USD	380,734	JPMorgan Chase Bank NA		AUD	563,969		03/15/2023		(17,292	)
USD	358,618	BNP Paribas SA		CHF	330,788		03/15/2023		(2,972	)
USD	25,652	UBS AG		DKK	178,253		03/15/2023		(445	)
USD	39,268	Toronto-Dominion Bank (The)		JPY	5,319,111		03/15/2023		(1,857	)
USD	453,131	Citibank NA		NZD	711,055		03/15/2023		(6,548	)
USD	315,017	JPMorgan Chase Bank NA		SEK	3,314,767		03/15/2023		(2,278	)
Total unrealized depreciation								$	(41,053	)
Net unrealized appreciation								$	76,193

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, 2023:

Australia	6.2	%
Austria	0.3
Belgium	1.0
Canada	10.4
Denmark	2.0
Finland	1.0
France	7.8
Germany	6.0
Hong Kong	2.6
Ireland	0.4
Israel	1.1
Italy	2.6
Japan	23.8
Netherlands	3.1
New Zealand	0.3
Norway	1.1
Poland	0.4
Portugal	0.2
Singapore	1.4
Spain	1.9
Sweden	3.3
Switzerland	6.0
United Kingdom	14.1
United States	0.1
Other1	2.9
	100.0	%

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

Security Type	% of Net Assets
Common Stocks		97.1	%
Closed End Funds		0.0	†
Rights		0.0	†
Warrants		—
Securities Lending Reinvestments		1.3
Others(1)		1.6
		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, 2023 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 99.2%
Aerospace & Defense - 0.2%
AECC Aviation Power Co. Ltd., Class A		4,700		31,544
Aselsan Elektronik Sanayi ve Ticaret A/S		6,972		21,053
AVIC Electromechanical Systems Co. Ltd., Class A		5,300		8,636
AviChina Industry & Technology Co. Ltd., Class H(a)		81,000		42,057
Bharat Dynamics Ltd.(b)		705		8,135
Bharat Electronics Ltd.		61,932		71,775
Data Patterns India Ltd.		1,225		20,821
Embraer SA*		9,400		30,186
Hanwha Aerospace Co. Ltd.*		882		57,568
Hanwha Systems Co. Ltd.*		689		7,467
Hindustan Aeronautics Ltd.(b)		1,708		53,220
Korea Aerospace Industries Ltd.*		1,176		45,921
Kuang-Chi Technologies Co. Ltd., Class A		5,600		15,225
LIG Nex1 Co. Ltd.*		250		16,399
Mazagon Dock Shipbuilders Ltd.		1,175		11,377
United Aircraft Corp. PAO*‡		25,155,036		—
				441,384
Air Freight & Logistics - 0.2%
Agility Public Warehousing Co. KSC		27,701		53,633
Allcargo Logistics Ltd.		1,900		9,718
Aramex PJSC		32,940		32,464
Blue Dart Express Ltd.		94		7,246
Hyundai Glovis Co. Ltd.		686		92,391
JD Logistics, Inc.*(b)		29,400		64,962
Kerry Express Thailand PCL, NVDR*		8,700		4,850
Kerry TJ Logistics Co. Ltd.		8,000		10,391
SF Holding Co. Ltd., Class A		7,300		63,353
Sinotrans Ltd., Class A		4,700		2,782
Sinotrans Ltd., Class H		47,000		16,189
YTO Express Group Co. Ltd., Class A		4,700		14,600
Yunda Holding Co. Ltd., Class A		5,800		12,687
ZTO Express Cayman, Inc.		7,350		207,038
				592,304
Airlines - 0.3%
Aeroflot PJSC*‡		74,029		—
Air Arabia PJSC		34,310		20,550
Asiana Airlines, Inc.*		13,573		168,588
Azul SA (Preference)*		11,700		27,231
China Airlines Ltd.		61,000		39,414
China Eastern Airlines Corp. Ltd., Class A*		14,300		11,365
China Eastern Airlines Corp. Ltd., Class H*(a)		46,000		18,427

Investments	Shares		Value ($)
China Southern Airlines Co. Ltd., Class A*		14,100		15,296
China Southern Airlines Co. Ltd., Class H*(a)		24,000		15,921
Controladora Vuela Cia de Aviacion SAB de CV, Class A*		36,400		40,698
Eva Airways Corp.		52,798		50,996
Hanjin Kal Corp.*		273		9,076
InterGlobe Aviation Ltd.*(b)		1,875		48,615
Jazeera Airways Co. KSCP		4,053		21,510
Jeju Air Co. Ltd.*		1,962		25,962
Jin Air Co. Ltd.*		658		9,321
Korean Air Lines Co. Ltd.*		5,096		100,323
Pegasus Hava Tasimaciligi A/S*		1,081		28,395
Turk Hava Yollari AO*		19,635		143,631
				795,319
Auto Components - 1.1%
Apollo Tyres Ltd.		4,465		17,505
Asahi India Glass Ltd.		4,900		30,383
Balkrishna Industries Ltd.		1,715		46,498
Bharat Forge Ltd.		3,871		41,300
Bosch Ltd.		204		42,401
Ceat Ltd.		799		15,342
Cheng Shin Rubber Industry Co. Ltd.		49,000		56,303
Depo Auto Parts Ind Co. Ltd.		49,000		122,724
DN Automotive Corp.		1,519		80,278
Endurance Technologies Ltd.(b)		350		6,290
Exide Industries Ltd.		15,150		33,442
Fuyao Glass Industry Group Co. Ltd., Class A		4,800		27,733
Fuyao Glass Industry Group Co. Ltd., Class H(b)		8,400		41,311
Hankook & Co. Co Ltd.*		907		9,896
Hankook Tire & Technology Co. Ltd.*		2,492		65,648
Hanon Systems		2,756		20,450
HL Mando Co. Ltd.*		1,045		37,752
Hota Industrial Manufacturing Co. Ltd.		12,134		29,097
Huayu Automotive Systems Co. Ltd., Class A		9,400		25,347
Hyundai Mobis Co. Ltd.		1,911		318,810
Hyundai Wia Corp.*		583		25,321
Iljin Hysolus Co. Ltd.*		383		10,307
Kenda Rubber Industrial Co. Ltd.		37,000		38,140
Kordsa Teknik Tekstil A/S		2,068		8,333
Kumho Tire Co., Inc.*		41,748		107,607
Mahindra CIE Automotive Ltd.		1,715		8,263
Minth Group Ltd.		12,000		35,058
Motherson Sumi Wiring India Ltd.		30,126		18,919
MRF Ltd.		38		42,147
Myoung Shin Industrial Co. Ltd.*		10,584		145,640
Nan Kang Rubber Tire Co. Ltd.*		14,000		15,853
Nexen Tire Corp.*		13,049		70,976
Nexteer Automotive Group Ltd.(a)		343,000		248,546

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Ningbo Tuopu Group Co. Ltd., Class A		1,200		12,623
Samvardhana Motherson International Ltd.		38,364		35,354
Sebang Global Battery Co. Ltd.*		2,303		88,620
SL Corp.*		550		11,453
SNT Motiv Co. Ltd.		3,038		112,587
Sona Blw Precision Forgings Ltd.(b)		2,550		14,006
Sri Trang Agro-Industry PCL, NVDR		283,900		188,349
Sundram Fasteners Ltd.		1,504		18,085
Tianneng Power International Ltd.(a)		262,000		387,725
Tong Yang Industry Co. Ltd.		19,000		28,476
Tube Investments of India Ltd.		1,715		54,634
Tung Thih Electronic Co. Ltd.		1,000		4,929
UNO Minda Ltd.		3,740		22,277
Weifu High-Technology Group Co. Ltd., Class A		4,700		12,973
				2,835,711
Automobiles - 2.0%
Astra International Tbk. PT		573,300		229,473
Bajaj Auto Ltd.		1,151		53,642
BYD Co. Ltd., Class A		2,600		109,973
BYD Co. Ltd., Class H		13,000		406,325
China Motor Corp.		98,000		197,142
Chongqing Changan Automobile Co. Ltd., Class A		17,108		35,776
Chongqing Changan Automobile Co. Ltd., Class B		37,590		18,894
Dongfeng Motor Group Co. Ltd., Class H		882,000		524,347
DRB-Hicom Bhd.		23,500		9,696
Eicher Motors Ltd.		2,470		98,384
Ford Otomotiv Sanayi A/S		1,808		49,029
Geely Automobile Holdings Ltd.(a)		147,000		237,044
Great Wall Motor Co. Ltd., Class A		4,700		21,521
Great Wall Motor Co. Ltd., Class H(a)		49,000		68,763
Guangzhou Automobile Group Co. Ltd., Class A		13,500		23,436
Guangzhou Automobile Group Co. Ltd., Class H		64,000		45,886
Hero MotoCorp Ltd.		2,107		71,064
Hyundai Motor Co.		4,116		558,022
Hyundai Motor Co. (2nd Preference)		1,127		78,592
Hyundai Motor Co. (3rd Preference)		54		3,647
Hyundai Motor Co. (Preference)		650		45,328
Karsan Otomotiv Sanayii ve Ticaret A/S*		13,583		6,643
Kia Corp.		7,894		428,088
Li Auto, Inc., Class A*(a)		19,600		237,544
Mahindra & Mahindra Ltd.		15,778		265,522
Maruti Suzuki India Ltd.		2,205		239,405
NIO, Inc., Class A*		23,030		269,419

Investments	Shares		Value ($)
Oriental Holdings Bhd.		8,500		13,789
SAIC Motor Corp. Ltd., Class A		24,500		54,461
Tata Motors Ltd.*		27,587		152,231
Tata Motors Ltd., Class A*		8,230		23,180
Tofas Turk Otomobil Fabrikasi A/S		3,233		27,173
TVS Motor Co. Ltd.		3,493		44,201
UMW Holdings Bhd.		14,100		12,230
XPeng, Inc., Class A*(a)		14,700		74,358
Yadea Group Holdings Ltd.(a)(b)		16,000		36,456
Yulon Motor Co. Ltd.		26,986		74,509
				4,845,193
Banks - 12.5%
Absa Group Ltd.		23,863		272,280
Abu Dhabi Commercial Bank PJSC‡		83,928		192,166
Abu Dhabi Islamic Bank PJSC		23,694		60,766
AFFIN Bank Bhd.		6,674		3,317
Agricultural Bank of China Ltd., Class A		393,100		169,295
Agricultural Bank of China Ltd., Class H		833,000		299,680
Ahli United Bank KSCP		8,800		8,216
Akbank TAS, ADR(a)		46,845		81,510
Al Ahli Bank of Kuwait KSCP		9,527		10,643
Al Rajhi Bank*		31,311		684,120
Alinma Bank		15,813		138,411
Alliance Bank Malaysia Bhd.		27,600		23,228
Alpha Services and Holdings SA*		63,014		85,101
AMMB Holdings Bhd.		73,500		70,299
AU Small Finance Bank Ltd.(b)		4,998		37,756
Axis Bank Ltd.		37,583		399,827
Banco Bradesco SA*		45,600		113,027
Banco Bradesco SA (Preference)		151,900		418,277
Banco de Bogota SA		3,242		24,735
Banco de Chile		1,373,176		149,539
Banco de Credito e Inversiones SA		1,670		50,169
Banco del Bajio SA(b)		19,600		79,057
Banco do Brasil SA		39,200		313,357
Banco do Estado do Rio Grande do Sul SA (Preference), Class B		73,500		144,648
Banco Pan SA (Preference)		10,600		12,075
Banco Santander Chile		1,891,547		79,247
Bancolombia SA		8,820		79,775
Bancolombia SA (Preference)		13,747		105,091
Bandhan Bank Ltd.*(b)		11,877		35,401
Bangkok Bank PCL, NVDR		15,000		72,024
Bank Aladin Syariah Tbk. PT*		78,400		6,930
Bank AlBilad*		8,364		99,953
Bank Al-Jazira		6,066		31,292
Bank Central Asia Tbk. PT		872,200		493,122
Bank Ina Perdana PT*		14,100		3,697
Bank Jago Tbk. PT*		75,000		16,061
Bank Mandiri Persero Tbk. PT		352,800		234,180
Bank Negara Indonesia Persero Tbk. PT		112,700		68,793
Bank OCBC Nisp Tbk. PT		1,269,100		65,614
Bank of Ayudhya PCL, NVDR		53,600		51,148
Bank of Baroda		31,698		64,941

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Bank of Beijing Co. Ltd., Class A		70,000		44,029
Bank of Changsha Co. Ltd., Class A		9,400		9,543
Bank of Chengdu Co. Ltd., Class A		10,600		22,778
Bank of China Ltd., Class A		200,900		95,738
Bank of China Ltd., Class H		2,205,000		841,093
Bank of Communications Co. Ltd., Class A		102,100		73,285
Bank of Communications Co. Ltd., Class H		588,000		363,067
Bank of Hangzhou Co. Ltd., Class A		18,800		36,226
Bank of India		21,338		21,539
Bank of Jiangsu Co. Ltd., Class A		42,580		46,758
Bank of Nanjing Co. Ltd., Class A		31,200		47,975
Bank of Ningbo Co. Ltd., Class A		16,350		79,367
Bank of Qingdao Co. Ltd., Class H(a)(b)		23,500		9,084
Bank of Shanghai Co. Ltd., Class A		45,000		39,892
Bank of the Philippine Islands		23,710		45,573
Bank of Zhengzhou Co. Ltd., Class A*		17,490		6,264
Bank Pan Indonesia Tbk. PT		71,500		7,536
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT		2,146,200		195,434
Bank Pembangunan Daerah Jawa Timur Tbk. PT		918,000		45,012
Bank Rakyat Indonesia Persero Tbk. PT		1,185,800		362,306
Bank Tabungan Negara Persero Tbk. PT		2,253,024		204,410
Banque Saudi Fransi		10,613		115,519
BDO Unibank, Inc.		28,670		64,449
BNK Financial Group, Inc.		10,830		62,247
BOC Hong Kong Holdings Ltd.		98,000		341,938
Boubyan Bank KSCP		19,922		51,167
Burgan Bank SAK		30,004		22,018
Canara Bank		9,541		35,396
Capitec Bank Holdings Ltd.		1,492		153,395
Chang Hwa Commercial Bank Ltd.		114,919		67,363
China Banking Corp.		377,300		197,879
China Bohai Bank Co. Ltd., Class H(a)(b)		1,053,500		208,320
China CITIC Bank Corp. Ltd., Class H		245,000		118,147
China Construction Bank Corp., Class A		28,200		23,413
China Construction Bank Corp., Class H		2,793,000		1,810,085
China Everbright Bank Co. Ltd., Class A		117,600		53,431
China Everbright Bank Co. Ltd., Class H		53,000		16,904
China Merchants Bank Co. Ltd., Class A		44,100		268,962
China Merchants Bank Co. Ltd., Class H		98,000		635,743
China Minsheng Banking Corp. Ltd., Class A		83,300		43,025

Investments	Shares		Value ($)
China Minsheng Banking Corp. Ltd., Class H(a)		196,000		73,264
China Zheshang Bank Co. Ltd., Class A*		47,000		20,589
China Zheshang Bank Co. Ltd., Class H*(a)		53,000		19,338
Chongqing Rural Commercial Bank Co. Ltd., Class A		18,800		9,989
Chongqing Rural Commercial Bank Co. Ltd., Class H		47,000		16,969
CIMB Group Holdings Bhd.		208,040		280,427
City Union Bank Ltd.		9,675		18,729
Commercial Bank PSQC (The)		59,417		97,893
Commercial International Bank Egypt SAE		68,104		111,724
Credicorp Ltd.		2,009		269,809
Credit Agricole Egypt SAE		178,395		57,987
Credit Bank of Moscow PJSC*‡		229,590		—
CTBC Financial Holding Co. Ltd.		539,000		410,196
DGB Financial Group, Inc.*		61,495		396,887
Doha Bank QPSC		858,938		456,386
Dongguan Rural Commercial Bank Co. Ltd., Class H(b)		322,000		283,034
Dubai Islamic Bank PJSC		84,427		127,570
E.Sun Financial Holding Co. Ltd.		245,179		200,063
Emirates NBD Bank PJSC		72,520		255,682
Eurobank Ergasias Services and Holdings SA*		81,242		109,409
Faisal Islamic Bank of Egypt		46,688		52,757
Far Eastern International Bank		65,617		25,569
Federal Bank Ltd.		30,426		49,931
First Abu Dhabi Bank PJSC		69,433		257,086
First Financial Holding Co. Ltd.		147,000		127,784
Grupo Aval Acciones y Valores SA (Preference)		142,166		17,547
Grupo Bolivar SA		1,518		19,946
Grupo Elektra SAB de CV(a)		980		54,010
Grupo Financiero Banorte SAB de CV, Class O		68,600		569,927
Grupo Financiero Inbursa SAB de CV, Class O*(a)		28,946		62,357
Gulf Bank KSCP		44,835		45,973
Habib Bank Ltd.		304,952		82,246
Haci Omer Sabanci Holding A/S		31,455		65,249
Hana Financial Group, Inc.		8,330		329,670
HDFC Bank Ltd.		67,228		1,315,779
Hong Leong Bank Bhd.		14,300		68,789
Hong Leong Financial Group Bhd.		9,800		42,501
Hua Nan Financial Holdings Co. Ltd.		161,065		122,039
Huaxia Bank Co. Ltd., Class A		47,000		36,240
ICICI Bank Ltd.		82,173		834,380
IDFC First Bank Ltd.*		64,593		45,885
Indian Bank		7,425		27,619
IndusInd Bank Ltd.		9,523		125,877
Industrial & Commercial Bank of China Ltd., Class A		254,800		162,904
Industrial & Commercial Bank of China Ltd., Class H		2,009,000		1,073,886

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Industrial Bank Co. Ltd., Class A		53,900		140,554
Industrial Bank of Korea*		9,751		81,140
Intercorp Financial Services, Inc.(b)		1,040		25,106
Itau CorpBanca Chile SA		10,585,840		23,997
Itau Unibanco Holding SA (Preference)		142,100		706,949
Itausa SA*		29,065		50,121
Itausa SA (Preference)		158,750		265,963
JB Financial Group Co. Ltd.		3,370		27,741
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		6,700		7,318
KakaoBank Corp.*		5,243		115,348
Karur Vysya Bank Ltd. (The)		14,523		19,003
Kasikornbank PCL, NVDR		34,000		149,349
KB Financial Group, Inc.		10,584		480,310
Kiatnakin Phatra Bank PCL, NVDR		9,800		20,262
King’s Town Bank Co. Ltd.		24,000		27,697
Komercni Banka A/S		1,517		50,917
Kotak Mahindra Bank Ltd.		18,369		388,102
Krung Thai Bank PCL, NVDR		112,400		59,588
Kuwait Finance House KSCP		120,491		329,993
Kuwait International Bank KSCP		26,655		17,726
Kuwait Projects Co. Holding KSCP		56,513		20,735
Malayan Banking Bhd.		209,700		429,650
Malaysia Building Society Bhd.*		14,100		2,000
Masraf Al Rayan QSC		108,432		81,285
MCB Bank Ltd.		151,508		63,876
Meezan Bank Ltd.		148,421		51,216
Mega Financial Holding Co. Ltd.		186,775		198,750
Metropolitan Bank & Trust Co.		48,620		50,954
Moneta Money Bank A/S(b)		17,993		66,263
National Bank of Greece SA*		13,715		64,734
National Bank of Kuwait SAKP		125,370		450,552
Nedbank Group Ltd.		13,981		180,640
O-Bank Co. Ltd.		47,000		14,480
OTP Bank Nyrt.		6,713		201,523
Ping An Bank Co. Ltd., Class A		47,100		104,489
Piraeus Financial Holdings SA*		15,980		32,784
Postal Savings Bank of China Co. Ltd., Class A		98,199		69,904
Postal Savings Bank of China Co. Ltd., Class H(a)(b)		196,000		133,275
Public Bank Bhd.		256,600		255,051
Punjab National Bank		43,248		28,268
Qatar International Islamic Bank QSC		14,896		42,171
Qatar Islamic Bank SAQ		26,407		142,631
Qatar National Bank QPSC		68,825		340,180
Qingdao Rural Commercial Bank Corp., Class A		18,800		8,208
RBL Bank Ltd.*(b)		161,847		307,678
RHB Bank Bhd.		103,184		139,086
Riyad Bank		24,217		198,743
Saudi British Bank (The)		6,958		67,300
Saudi Investment Bank (The)		8,484		40,645
Saudi National Bank (The)		34,708		437,434
Sberbank of Russia PJSC*		369,050		—

Investments	Shares		Value ($)
Sberbank of Russia PJSC (Preference)*‡		39,708		—
SCB X PCL, NVDR		24,200		76,244
Security Bank Corp.		116,810		196,724
Shanghai Commercial & Savings Bank Ltd. (The)		98,000		152,100
Shanghai Pudong Development Bank Co. Ltd., Class A		73,500		80,169
Sharjah Islamic Bank		14,014		7,898
Shinhan Financial Group Co. Ltd.		14,308		482,625
SinoPac Financial Holdings Co. Ltd.		346,640		199,729
Standard Bank Group Ltd.		37,227		370,038
State Bank of India		27,734		187,367
Taichung Commercial Bank Co. Ltd.		51,967		22,673
Taishin Financial Holding Co. Ltd.		355,315		192,302
Taiwan Business Bank		90,107		40,064
Taiwan Cooperative Financial Holding Co. Ltd.		147,000		129,497
Thanachart Capital PCL, NVDR		19,300		24,995
Tisco Financial Group PCL, NVDR		9,300		28,878
TMBThanachart Bank PCL, NVDR		1,288,800		57,393
Turkiye Garanti Bankasi A/S		13,849		17,699
Turkiye Halk Bankasi A/S*		15,557		8,684
Turkiye Is Bankasi A/S, Class C		98,441		56,938
Union Bank of India Ltd.		27,150		26,014
Union Bank of Taiwan		50,000		26,894
Union Bank of the Philippines		7,980		14,119
United Bank Ltd.		193,914		73,506
VTB Bank PJSC*‡		136,511,531		—
Warba Bank KSCP*		13,340		10,488
Woori Financial Group, Inc.		17,885		185,703
Yapi ve Kredi Bankasi A/S		79,442		38,347
Yes Bank Ltd.*		38,361		8,077
				30,993,828
Beverages - 1.2%
Ambev SA		68,600		184,049
Anadolu Efes Biracilik ve Malt Sanayii A/S		5,350		14,846
Anhui Gujing Distillery Co. Ltd., Class A		700		28,800
Anhui Gujing Distillery Co. Ltd., Class B		2,200		37,609
Arca Continental SAB de CV		9,800		86,709
Becle SAB de CV(a)		4,700		11,380
Carabao Group PCL, NVDR		4,600		14,353
China Foods Ltd.		294,000		109,520
China Resources Beer Holdings Co. Ltd.		27,107		203,859
Chongqing Brewery Co. Ltd., Class A		600		10,673
Coca-Cola Femsa SAB de CV		9,800		74,678
Coca-Cola Icecek A/S		1,269		12,359
Distell Group Holdings Ltd.*		2,280		22,829
Embotelladora Andina SA (Preference), Class B		136,073		336,393
Emperador, Inc.*		28,200		10,583

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Fomento Economico Mexicano SAB de CV		29,914		262,448
Fraser & Neave Holdings Bhd.		3,700		21,511
Hebei Hengshui Laobaigan Liquor Co. Ltd., Class A		2,300		10,042
Heineken Malaysia Bhd.		3,800		24,943
Hite Jinro Co. Ltd.*		348		7,430
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		2,100		54,575
JiuGui Liquor Co. Ltd., Class A		500		10,391
Kweichow Moutai Co. Ltd., Class A		1,600		437,063
Lotte Chilsung Beverage Co. Ltd.*		47		6,101
Luzhou Laojiao Co. Ltd., Class A		2,400		84,180
Nongfu Spring Co. Ltd., Class H(a)(b)		32,600		184,033
Osotspa PCL, NVDR		31,700		26,889
Radico Khaitan Ltd.		3,528		48,546
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		1,960		84,570
Tsingtao Brewery Co. Ltd., Class A		1,100		16,449
Tsingtao Brewery Co. Ltd., Class H		10,000		96,255
United Breweries Ltd.		1,379		26,799
United Spirits Ltd.*		5,586		52,407
Varun Beverages Ltd.		3,724		52,102
Vina Concha y Toro SA		179,427		228,411
Wuliangye Yibin Co. Ltd., Class A		4,900		151,562
				3,045,347
Biotechnology - 0.8%
3SBio, Inc.(b)		294,000		320,309
ABLBio, Inc.*		1,585		25,168
Adimmune Corp.*		19,000		25,091
Akeso, Inc., Class B*(b)		7,000		42,419
Alteogen, Inc.*		858		25,563
BeiGene Ltd.*		14,700		287,491
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		1,015		20,139
Biocon Ltd.		6,644		19,061
Bioneer Corp.*		799		17,254
Bloomage Biotechnology Corp. Ltd., Class A		611		11,260
Celltrion, Inc.		1,772		232,521
Daan Gene Co. Ltd., Class A		4,700		11,067
GC Cell Corp.*		329		12,339
GeneOne Life Science, Inc.*		3,823		26,349
Genexine, Inc.*		2,302		27,528
Green Cross Corp.*		163		17,057
Green Cross Holdings Corp.*		15,092		207,059
Helixmith Co. Ltd.*		2,723		25,798
Hugel, Inc.*		126		14,433
InnoCare Pharma Ltd.*(b)		31,000		53,627
Innovent Biologics, Inc.*(b)		19,000		102,895
L&C Bio Co. Ltd.		1,291		23,057
Medigen Vaccine Biologics Corp.*		4,564		11,157
MedPacto, Inc.*		1,215		20,566
Medytox, Inc.		126		13,656
Naturecell Co. Ltd.*		1,833		20,148

Investments	Shares		Value ($)
NKMax Co. Ltd.*		1,797		18,761
OBI Pharma, Inc.*		10,354		25,001
PharmaEssentia Corp.*		2,000		32,573
PharmaResearch Co. Ltd.*		349		21,873
Pharmicell Co. Ltd.*		2,919		24,669
Seegene, Inc.		1,378		30,484
Shanghai Junshi Biosciences Co. Ltd., Class A*		1,113		9,456
Shanghai Junshi Biosciences Co. Ltd., Class H*(a)(b)		2,200		10,623
Shanghai RAAS Blood Products Co. Ltd., Class A		9,400		8,653
SK Bioscience Co. Ltd.*		468		28,495
Tanvex BioPharma, Inc.*		6,000		7,564
Vaxcell-Bio Therapeutics Co. Ltd.*		371		10,572
Zai Lab Ltd.*(a)		24,500		100,956
				1,942,692
Building Products - 0.3%
Astral Ltd.		1,731		43,370
Beijing New Building Materials plc, Class A		5,300		22,394
Blue Star Ltd.		2,817		42,256
China Lesso Group Holdings Ltd.		33,000		37,511
Kajaria Ceramics Ltd.		1,150		14,802
KCC Glass Corp.		3,724		118,964
Kyung Dong Navien Co. Ltd.*		2,205		62,652
Luoyang Glass Co. Ltd., Class H*(a)		18,000		22,068
Qua Granite Hayal*		21,217		70,101
Ras Al Khaimah Ceramics		148,568		112,850
Saudi Ceramic Co.		935		7,661
Taiwan Glass Industry Corp.		50,000		38,884
Xinyi Glass Holdings Ltd.		80,000		170,031
Zhuzhou Kibing Group Co. Ltd., Class A		5,300		9,412
				772,956
Capital Markets - 2.1%
360 ONE WAM Ltd.		2,010		44,825
Angel One Ltd.		2,482		37,190
B3 SA - Brasil Bolsa Balcao		93,100		236,981
Banco BTG Pactual SA		19,600		83,228
Bangkok Commercial Asset Management PCL, NVDR		26,500		12,764
Beyond Securities PCL, NVDR*		37,500		13,519
Bolsa Mexicana de Valores SAB de CV		10,400		22,592
Boursa Kuwait Securities Co. KPSC		5,005		33,383
Bursa Malaysia Bhd.		8,000		12,584
Caitong Securities Co. Ltd., Class A		12,220		14,106
Capital Securities Corp.		833,000		321,825
Changjiang Securities Co. Ltd., Class A		14,100		11,999
China Bills Finance Corp.		53,000		26,654
China Cinda Asset Management Co. Ltd., Class H		3,185,000		451,021
China Everbright Ltd.(a)		294,000		228,042

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
China Galaxy Securities Co. Ltd., Class A		5,200		7,542
China Galaxy Securities Co. Ltd., Class H		70,500		37,955
China Huarong Asset Management Co. Ltd., Class H*(a)(b)		423,000		25,633
China International Capital Corp. Ltd., Class A		1,600		9,455
China International Capital Corp. Ltd., Class H(b)		19,600		43,708
China Merchants Securities Co. Ltd., Class A		21,220		44,877
China Merchants Securities Co. Ltd., Class H(b)		16,600		18,107
Chinalin Securities Co. Ltd., Class A		4,900		10,762
CITIC Securities Co. Ltd., Class A		38,975		123,496
CITIC Securities Co. Ltd., Class H		29,073		66,391
Coronation Fund Managers Ltd.		90,166		180,979
CRISIL Ltd.		342		13,137
CSC Financial Co. Ltd., Class A		7,500		29,958
CSC Financial Co. Ltd., Class H(a)(b)		318,500		329,936
Daishin Securities Co. Ltd.*		212		2,311
Daishin Securities Co. Ltd. (Preference)*		530		5,296
Daou Data Corp.*		4,900		196,907
Daou Technology, Inc.*		9,485		176,333
Dubai Financial Market PJSC		33,628		12,909
Egyptian Financial Group-Hermes Holding Co.*		327,009		205,654
Everbright Securities Co. Ltd., Class A		4,700		11,060
GF Securities Co. Ltd., Class A		14,100		36,309
GF Securities Co. Ltd., Class H		29,400		48,084
Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A		11,664		11,428
Guosen Securities Co. Ltd., Class A		14,100		19,574
Guotai Junan Securities Co. Ltd., Class A		19,600		41,393
Guotai Junan Securities Co. Ltd., Class H(b)		21,200		25,964
Haitong Securities Co. Ltd., Class A		18,800		25,987
Haitong Securities Co. Ltd., Class H		56,400		38,854
Hanwha Investment & Securities Co. Ltd.*		42,483		115,364
HDFC Asset Management Co. Ltd.(b)		1,150		26,534
Huatai Securities Co. Ltd., Class A		25,100		48,180
Huatai Securities Co. Ltd., Class H(b)		46,200		59,765
IBF Financial Holdings Co. Ltd.		56,381		23,660
ICICI Securities Ltd.(b)		1,880		11,307
IDFC Ltd.		53,949		56,465
Indian Energy Exchange Ltd.(b)		16,732		28,306
Industrial Securities Co. Ltd., Class A		34,450		35,179

Investments	Shares		Value ($)
Investec Ltd.		4,353		27,633
Is Yatirim Menkul Degerler A/S		47,824		142,248
JM Financial Ltd.		150,439		119,905
JSE Ltd.		1,224		8,130
KIWOOM Securities Co. Ltd.*		666		53,094
Korea Investment Holdings Co. Ltd.*		1,225		62,155
Meritz Securities Co. Ltd.		6,708		34,907
Mirae Asset Securities Co. Ltd.*		7,325		40,496
Moscow Exchange MICEX-RTS PJSC*‡		29,911		—
Multi Commodity Exchange of India Ltd.		583		10,778
NH Investment & Securities Co. Ltd.*		5,582		41,690
Ninety One Ltd.		6,828		16,839
Nippon Life India Asset Management Ltd.(b)		1,739		5,284
Norte Grande SA		1,265,334		14,255
Orient Securities Co. Ltd., Class A		12,032		19,267
Orient Securities Co. Ltd., Class H(a)(b)		20,400		12,024
Pacific Strategic Financial Tbk. PT*		448,500		33,660
Pihsiang Machinery Manufacturing Co. Ltd.*‡		5,000		—
President Securities Corp.		343,000		187,922
PSG Konsult Ltd.		24,750		18,135
Reinet Investments SCA		2,450		46,323
Samsung Securities Co. Ltd.		2,009		54,474
Saratoga Investama Sedaya Tbk. PT		27,500		4,458
Saudi Tadawul Group Holding Co.		779		33,626
Shenwan Hongyuan Group Co. Ltd., Class A		47,900		29,419
Shinyoung Securities Co. Ltd.		1,617		77,056
Sociedad de Inversiones Oro Blanco SA		1,353,420		13,627
SPIC Industry-Finance Holdings Co. Ltd., Class A		10,000		6,823
Tata Investment Corp. Ltd.		517		13,424
UTI Asset Management Co. Ltd.		3,250		29,527
Western Securities Co. Ltd., Class A		10,000		9,827
Woori Investment Bank Co. Ltd.*		131,859		89,383
Yuanta Securities Korea Co. Ltd.*		39,528		88,246
Zheshang Securities Co. Ltd., Class A		4,700		7,394
Zhongtai Securities Co. Ltd., Class A		15,900		16,260
				5,123,761
Chemicals - 4.2%
Aarti Industries Ltd.		4,205		27,613
Advanced Nano Products Co. Ltd.*		355		24,122
Advanced Petrochemical Co.		2,025		25,414
AECI Ltd.		40,122		201,422
Alkyl Amines Chemicals		220		7,060
Alpek SAB de CV		4,700		7,450

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Alujain Corp.		12,292		129,700
Asia Polymer Corp.		147,000		142,961
Asian Paints Ltd.		7,423		246,971
Atul Ltd.		259		22,554
Avia Avian Tbk. PT		277,300		12,024
Balaji Amines Ltd.		350		10,193
Barito Pacific Tbk. PT		476,398		26,219
BASF India Ltd.		400		11,910
Batu Kawan Bhd.		6,300		33,673
Bayer CropScience Ltd.		141		7,658
Berger Paints India Ltd.		5,126		34,358
Boubyan Petrochemicals Co. KSCP		7,344		19,223
Braskem SA (Preference), Class A		5,500		25,202
Carborundum Universal Ltd.		5,096		60,515
Castrol India Ltd.		18,650		26,827
Chambal Fertilisers and Chemicals Ltd.		4,398		16,786
Chandra Asri Petrochemical Tbk. PT		392,000		60,408
Chemplast Sanmar Ltd.*		2,585		13,944
China General Plastics Corp.		147,000		137,820
China Lumena New Materials Corp.*‡		22,200		—
China Man-Made Fiber Corp.*		50,000		14,355
China Petrochemical Development Corp.		47,000		15,810
China Risun Group Ltd.(a)(b)		490,000		236,294
China Steel Chemical Corp.		9,000		32,223
Chunbo Co. Ltd.		47		9,081
CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A		7,975		8,805
Coromandel International Ltd.		1,898		20,735
Cosmochemical Co. Ltd.*		987		18,429
D&L Industries, Inc.		110,800		16,835
DCM Shriram Ltd.		423		4,460
Deepak Fertilisers & Petrochemicals Corp. Ltd.		2,538		20,052
Deepak Nitrite Ltd.		1,105		25,357
Dongjin Semichem Co. Ltd.*		725		19,658
Dongyue Group Ltd.		42,000		50,099
Ecopro Co. Ltd.		289		28,854
Egypt Kuwait Holding Co. SAE		121,979		149,546
EID Parry India Ltd.		35,623		236,468
Enchem Co. Ltd.*		235		11,389
Engro Corp. Ltd.		111,181		123,693
Engro Fertilizers Ltd.		239,264		72,895
Eternal Materials Co. Ltd.		27,550		29,775
Fauji Fertilizer Co. Ltd.		280,616		108,425
Fertiglobe plc		33,746		36,750
Fine Organic Industries Ltd.		94		5,730
Finolex Industries Ltd.		9,600		20,207
Foosung Co. Ltd.*		1,768		18,200
Formosa Chemicals & Fibre Corp.		68,000		163,517
Formosa Plastics Corp.		76,000		226,038
Fufeng Group Ltd.		392,000		275,051
Galaxy Surfactants Ltd.(b)		250		7,114
GHCL Ltd.		2,867		17,198
Grand Pacific Petrochemical		47,000		31,386

Investments	Shares		Value ($)
Guangzhou Tinci Materials Technology Co. Ltd., Class A		5,000		36,318
Gujarat Fluorochemicals Ltd.		715		24,239
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		33,614		225,820
Hangzhou Oxygen Plant Group Co. Ltd.		2,400		13,664
Hansol Chemical Co. Ltd.*		141		24,152
Hanwha Solutions Corp.*		3,591		132,206
Hektas Ticaret TAS*		16,074		26,917
Hengli Petrochemical Co. Ltd., Class A		14,100		36,560
Hengyi Petrochemical Co. Ltd., Class A		14,100		16,277
Hoshine Silicon Industry Co. Ltd., Class A		1,900		26,148
Huabao International Holdings Ltd.(a)		17,000		8,675
Huafon Chemical Co. Ltd., Class A		5,300		5,953
Hubei Xingfa Chemicals Group Co. Ltd., Class A		5,000		24,020
Hyosung Advanced Materials Corp.*		55		17,101
Hyosung TNC Corp.*		882		296,793
Indorama Ventures PCL, NVDR		66,700		81,834
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		23,500		15,407
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		14,100		18,697
International CSRC Investment Holdings Co.		50,000		32,973
ISU Chemical Co. Ltd.*		799		12,597
Jiangsu Eastern Shenghong Co. Ltd., Class A		11,000		25,429
Jubilant Ingrevia Ltd.		2,701		16,153
Kansai Nerolac Paints Ltd.		2,196		11,342
KCC Corp.		106		20,265
Kolon Industries, Inc.*		674		24,923
Korea Petrochemical Ind Co. Ltd.*		141		18,864
KuibyshevAzot PJSC‡		9,900		—
Kum Yang Co. Ltd.*		564		12,088
Kumho Petrochemical Co. Ltd.*		441		52,771
Laxmi Organic Industries Ltd.(b)		2,107		6,850
LB Group Co. Ltd., Class A		4,700		14,496
LG Chem Ltd.		735		411,715
LG Chem Ltd. (Preference)		170		42,093
Linde India Ltd.		282		11,430
Lotte Chemical Corp.*		584		83,821
LOTTE Fine Chemical Co. Ltd.*		397		18,467
Luxi Chemical Group Co. Ltd., Class A		6,500		12,910
Mesaieed Petrochemical Holding Co.		68,381		40,370
Miwon Commercial Co. Ltd.		125		16,825
Miwon Specialty Chemical Co. Ltd.		120		13,600
Nan Ya Plastics Corp.		173,000		434,445
Nantex Industry Co. Ltd.		109,000		143,760
National Industrialization Co.*		5,584		18,331

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Navin Fluorine International Ltd.		645		31,067
Ningxia Baofeng Energy Group Co. Ltd., Class A		10,600		20,990
Nizhnekamskneftekhim PJSC‡		28,600		—
Nizhnekamskneftekhim PJSC (Preference)‡		26,400		—
OCI Co. Ltd.*		602		43,887
Omnia Holdings Ltd.		61,002		219,611
Orbia Advance Corp. SAB de CV		29,933		60,057
Organichesky Sintez PJSC‡		11,550		—
Oriental Union Chemical Corp.		38,000		23,920
Petkim Petrokimya Holding A/S*		38,400		33,336
Petronas Chemicals Group Bhd.		44,100		86,324
PhosAgro PJSC‡		1,540		—
PI Advanced Materials Co. Ltd.*		520		14,374
PI Industries Ltd.		1,239		45,329
Pidilite Industries Ltd.		2,401		66,804
PTT Global Chemical PCL, NVDR		48,700		72,659
Qinghai Salt Lake Industry Co. Ltd., Class A*		4,700		17,410
Rongsheng Petrochemical Co. Ltd., Class A		24,500		48,007
SABIC Agri-Nutrients Co.		3,907		142,622
Sahara International Petrochemical Co.		10,089		99,465
Sasa Polyester Sanayi A/S*		6,811		36,317
Sasol Ltd.		17,437		313,451
Satellite Chemical Co. Ltd., Class A		4,662		12,219
Saudi Basic Industries Corp.		14,112		348,570
Saudi Industrial Investment Group		6,478		42,807
Saudi Kayan Petrochemical Co.*		15,974		56,609
Scientex Bhd.		14,100		11,668
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		6,110		30,591
Shanghai Putailai New Energy Technology Co. Ltd., Class A		2,800		22,874
Shinkong Synthetic Fibers Corp.		490,000		292,939
Shiny Chemical Industrial Co. Ltd.		3,750		16,049
Sichuan Hebang Biotechnology Co. Ltd., Class A		37,600		17,863
Sichuan Yahua Industrial Group Co. Ltd., Class A		3,600		13,735
Sinofert Holdings Ltd.*		700,000		96,446
Sinoma Science & Technology Co. Ltd., Class A		4,700		17,250
Sinon Corp.		21,000		27,172
SK Chemicals Co. Ltd.		412		28,029
SK IE Technology Co. Ltd.*(b)		349		18,983
SKC Co. Ltd.*		424		32,769
Sociedad Quimica y Minera de Chile SA (Preference), Class B		2,254		218,505
Solar Applied Materials Technology Corp.		173,000		199,649
Solar Industries India Ltd.		405		19,785
Soulbrain Co. Ltd.		47		8,909
Soulbrain Holdings Co. Ltd.*		1,782		36,022
SRF Ltd.		2,588		68,940
Sumitomo Chemical India Ltd.		2,585		14,342

Investments	Shares		Value ($)
Supreme Industries Ltd.		1,204		37,163
Supreme Petrochem Ltd.		3,456		16,308
Surya Esa Perkasa Tbk. PT		280,400		18,519
Taekwang Industrial Co. Ltd.*		98		59,032
Taiwan Fertilizer Co. Ltd.		13,000		24,160
Tata Chemicals Ltd.		2,679		31,829
Tianqi Lithium Corp., Class A*		1,500		21,307
Tianqi Lithium Corp., Class H*		1,200		11,076
TKG Huchems Co. Ltd.*		6,811		108,540
Tongkun Group Co. Ltd., Class A		9,400		21,869
TSRC Corp.		245,000		230,108
Unid Co. Ltd.		1,666		114,691
UPC Technology Corp.		294,000		144,919
UPL Ltd.		9,408		86,950
USI Corp.		294,000		232,556
Wanhua Chemical Group Co. Ltd., Class A		4,900		70,060
Xinjiang Zhongtai Chemical Co. Ltd., Class A		10,600		12,017
Yanbu National Petrochemical Co.		5,439		64,201
Yunnan Energy New Material Co. Ltd.		1,200		27,685
Yunnan Yuntianhua Co. Ltd., Class A*		4,700		16,137
Zangge Mining Co. Ltd., Class A		4,700		19,379
Zhejiang Yongtai Technology Co. Ltd., Class A		2,800		10,103
				10,320,719
Commercial Services & Supplies - 0.2%
China Everbright Environment Group Ltd.		98,000		43,508
Cleanaway Co. Ltd.		5,000		30,141
Dynagreen Environmental Protection Group Co. Ltd., Class H(a)(b)		165,000		57,466
Ecopro HN Co. Ltd.		376		15,354
Frontken Corp. Bhd.		42,300		32,624
GPS Participacoes e Empreendimentos SA*(c)		14,100		34,340
Indian Railway Catering & Tourism Corp. Ltd.		6,370		49,496
KEPCO Plant Service & Engineering Co. Ltd.*		100		2,809
PNB Holdings Corp.* ‡		46,815		35,776
S-1 Corp.		347		16,226
Saudi Airlines Catering Co.*		1,848		37,226
Sunny Friend Environmental Technology Co. Ltd.		5,000		28,060
Taiwan Secom Co. Ltd.		3,165		10,594
				393,620
Communications Equipment - 0.3%
Accton Technology Corp.		9,000		72,989
Advanced Ceramic X Corp.		2,000		13,455
Arcadyan Technology Corp.		69,000		232,107
BYD Electronic International Co. Ltd.(a)		11,000		37,960
Hengtong Optic-electric Co. Ltd., Class A		4,700		10,781

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Intellian Technologies, Inc.		218		12,123
KMW Co. Ltd.*		563		12,318
Seojin System Co. Ltd.*		9,457		125,065
Sercomm Corp.		10,000		26,744
Sterlite Technologies Ltd.		6,627		14,693
Tejas Networks Ltd.*(b)		4,260		29,464
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		900		4,708
Wistron NeWeb Corp.		13,000		35,331
ZTE Corp., Class A		14,700		57,956
ZTE Corp., Class H		20,400		49,188
				734,882
Construction & Engineering - 1.0%
Acter Group Corp. Ltd.		49,000		179,517
BES Engineering Corp.		441,000		123,083
CH Karnchang PCL, NVDR		30,400		20,813
China Conch Venture Holdings Ltd.(a)		49,000		103,644
China Energy Engineering Corp. Ltd., Class A		80,000		27,823
China Energy Engineering Corp. Ltd., Class H(a)		100,000		12,885
China Railway Group Ltd., Class A		45,200		38,130
China Railway Group Ltd., Class H		119,000		64,824
Continental Holdings Corp.		147,000		143,940
Daewoo Engineering & Construction Co. Ltd.*		3,901		15,154
Dayamitra Telekomunikasi Tbk. PT		202,100		9,101
DL E&C Co. Ltd.*		799		24,648
DL Holdings Co. Ltd.*		397		19,660
Estithmar Holding QPSC*		30,456		14,008
Gamuda Bhd.		51,119		46,976
Greentown Management Holdings Co. Ltd.(b)		35,000		28,845
GS Engineering & Construction Corp.*		2,450		46,343
HDC Hyundai Development Co-Engineering & Construction, Class E*		13,573		121,868
Hyundai Engineering & Construction Co. Ltd.*		2,280		70,429
IJM Corp. Bhd.		37,600		13,750
IRB Infrastructure Developers Ltd.		4,804		16,782
IS Dongseo Co. Ltd.*		5,390		152,275
KEC International Ltd.		6,962		38,656
KEPCO Engineering & Construction Co., Inc.*		141		7,520
KNR Constructions Ltd.		6,325		19,065
Kontrolmatik Enerji ve Muhendislik A/S		2,010		15,280
Larsen & Toubro Ltd.		10,841		281,105
Larsen & Toubro Ltd., GDR(b)		296		7,563
Metallurgical Corp. of China Ltd., Class A		42,300		21,097
Metallurgical Corp. of China Ltd., Class H		106,000		23,936
NBCC India Ltd.		41,870		18,705
PNC Infratech Ltd.(b)		2,700		10,828

Investments	Shares		Value ($)
Power Construction Corp. of China Ltd., Class A		34,100		35,428
Praj Industries Ltd.		6,061		25,393
PSG Corp. PCL, NVDR*		300,700		11,387
Rail Vikas Nigam Ltd.(b)		168,168		156,204
Ruentex Engineering & Construction Co.		26,000		108,243
Samsung Engineering Co. Ltd.*		2,842		59,641
Shanghai Construction Group Co. Ltd., Class A		23,500		9,147
Shanghai Tunnel Engineering Co. Ltd., Class A		14,100		11,289
Sichuan Road and Bridge Group Co. Ltd., Class A		14,600		25,345
Tekfen Holding A/S		63,210		130,852
TY Holdings Co. Ltd.*		8,750		83,465
United Integrated Services Co. Ltd.		3,000		20,583
Voltas Ltd.		3,969		38,884
Waskita Karya Persero Tbk. PT*		173,900		3,944
Yankey Engineering Co. Ltd.		15,000		107,660
				2,565,718
Construction Materials - 1.4%
ACC Ltd.		1,376		33,058
Ambuja Cements Ltd.		11,368		55,668
Anhui Conch Cement Co. Ltd., Class A		9,800		42,670
Anhui Conch Cement Co. Ltd., Class H		35,000		132,614
Arabian Cement Co.		2,310		21,881
Asia Cement Corp.		79,000		110,903
BBMG Corp., Class A		42,300		15,838
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		6,000		32,962
Berkah Beton Sadaya Tbk. PT‡		425,000		16,870
Birla Corp. Ltd.		750		8,294
Bursa Cimento Fabrikasi A/S*		221,480		60,520
Cementos Argos SA		172,970		119,711
Cemex SAB de CV*		428,000		228,570
Chia Hsin Cement Corp.		20,000		12,090
China Jushi Co. Ltd., Class A		5,143		11,227
China National Building Material Co. Ltd., Class H		134,050		122,788
China Resources Cement Holdings Ltd.(a)		68,000		39,298
China Tianrui Group Cement Co. Ltd.*		36,000		27,740
City Cement Co.		4,208		23,479
CSG Holding Co. Ltd., Class B		4,700		1,841
Dalmia Bharat Ltd.		1,782		38,450
Eastern Province Cement Co.		1,199		13,993
GCC SAB de CV(a)		4,700		37,767
Goldsun Building Materials Co. Ltd.		343,000		293,021
Grasim Industries Ltd.		5,978		116,030
Grupo Argos SA		122,500		247,114
Grupo Argos SA (Preference)		66,300		78,547
Hanil Cement Co. Ltd.		9,751		94,280

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Huaxin Cement Co. Ltd., Class A		3,700		8,947
Huaxin Cement Co. Ltd., Class H		10,400		11,901
India Cements Ltd. (The)		5,000		11,797
Indocement Tunggal Prakarsa Tbk. PT		32,900		21,948
JK Cement Ltd.		530		17,532
Lucky Cement Ltd.*		45,227		68,980
Nuh Cimento Sanayi A/S		2,068		10,059
Nuvoco Vistas Corp. Ltd.*		3,650		16,098
Oyak Cimento Fabrikalari A/S*		21,550		24,540
POSCO Chemical Co. Ltd.		499		90,742
Qassim Cement Co. (The)		1,998		35,829
Qatar National Cement Co. QSC		11,041		15,462
Ramco Cements Ltd. (The)		2,289		18,878
Rhi Magnesita India Ltd.		1,850		17,587
Riyadh Cement Co.		1,967		16,588
Saudi Cement Co.		2,022		27,962
Semen Indonesia Persero Tbk. PT		65,817		32,491
Shree Cement Ltd.		196		56,661
Siam Cement PCL (The), NVDR		9,500		96,698
Southern Province Cement Co.		1,634		21,900
SSANGYONG C&E Co. Ltd.		290		1,356
Taiwan Cement Corp.		98,000		118,318
Tangshan Jidong Cement Co. Ltd., Class A		4,700		6,038
Tipco Asphalt PCL, NVDR		23,400		12,902
TPI Polene PCL, NVDR		1,950,300		109,302
UltraTech Cement Ltd.		1,813		156,796
Unacem Corp. SAA		326,046		152,623
Universal Cement Corp.		148,000		116,330
Yamama Cement Co.*		3,763		28,776
Yanbu Cement Co.		2,888		28,472
				3,390,737
Consumer Finance - 0.9%
360 DigiTech, Inc., ADR		44,345		1,070,045
AEON Credit Service M Bhd.		5,600		16,567
Bajaj Finance Ltd.		4,263		306,287
BFI Finance Indonesia Tbk. PT		343,100		26,436
Capri Global Capital Ltd.		1,948		17,878
Cholamandalam Investment and Finance Co. Ltd.		7,595		65,536
CreditAccess Grameen Ltd.*		1,166		12,247
Differ Group Auto Ltd.*(a)		94,000		2,698
Gentera SAB de CV		26,941		32,960
JMT Network Services PCL, NVDR		14,200		23,014
Krungthai Card PCL, NVDR		23,400		40,052
Lufax Holding Ltd., ADR		16,029		48,888
Mahindra & Mahindra Financial Services Ltd.		9,024		25,636
Manappuram Finance Ltd.		188,405		264,456
Muangthai Capital PCL, NVDR		9,300		10,565
Muthoot Finance Ltd.		2,226		28,368
Ngern Tid Lor PCL, NVDR		23,692		19,917
Poonawalla Fincorp Ltd.		5,720		20,764
Ratchthani Leasing PCL, NVDR		117,400		14,582
Samsung Card Co. Ltd.		1,140		28,088
SBI Cards & Payment Services Ltd.		4,949		43,665

Investments	Shares		Value ($)
Shriram Finance Ltd.		6,596		103,583
Srisawad Corp. PCL, NVDR		14,000		22,584
Sundaram Finance Ltd.		1,505		41,674
Transaction Capital Ltd.		7,989		15,815
Yulon Finance Corp.		4,248		23,557
				2,325,862
Containers & Packaging - 0.2%
Cheng Loong Corp.		16,000		15,507
Klabin SA		24,552		93,261
Polyplex Thailand PCL, NVDR		132,000		100,970
SCG Packaging PCL, NVDR		18,700		29,599
Taiwan Hon Chuan Enterprise Co. Ltd.		9,000		26,828
Ton Yi Industrial Corp.		245,000		144,430
Youlchon Chemical Co. Ltd.*		470		14,995
				425,590
Distributors - 0.1%
Wuchan Zhongda Group Co. Ltd., Class A		13,800		10,008
Xinhua Winshare Publishing and Media Co. Ltd., Class H(a)		147,000		107,082
				117,090
Diversified Consumer Services - 0.4%
Advtech Ltd.		24,310		25,806
China Education Group Holdings Ltd.(b)		343,000		544,351
Cogna Educacao*		52,400		24,494
Fu Shou Yuan International Group Ltd.		55,000		46,380
Humansoft Holding Co. KSC		1,431		15,897
Koolearn Technology Holding Ltd.*(b)		3,000		24,418
Lung Yen Life Service Corp.		2,000		2,538
MegaStudyEdu Co. Ltd.*		2,940		177,574
New Oriental Education & Technology Group, Inc.*		24,500		103,300
Offcn Education Technology Co. Ltd., Class A*		4,700		4,271
TAL Education Group, ADR*		13,867		101,368
YDUQS Participacoes SA		10,500		21,303
				1,091,700
Diversified Financial Services - 1.3%
Al Waha Capital PJSC		350,889		115,592
AVIC Industry-Finance Holdings Co. Ltd., Class A		23,500		18,224
Bajaj Finserv Ltd.		6,488		106,310
Bajaj Holdings & Investment Ltd.		574		41,223
Chailease Holding Co. Ltd.		27,177		203,658
Corp. Financiera Colombiana SA*		39,053		134,594
CSSC Hong Kong Shipping Co. Ltd.(b)		490,000		80,640
Far East Horizon Ltd.(a)		53,000		47,871
FirstRand Ltd.		88,612		327,703
Genertec Universal Medical Group Co. Ltd.(b)		245,000		150,028
Grupo de Inversiones Suramericana SA		4,400		38,764

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Grupo de Inversiones Suramericana SA (Preference)		3,587		9,488
Housing & Urban Development Corp. Ltd.		131,320		77,739
Housing Development Finance Corp. Ltd.		29,155		933,398
Indian Railway Finance Corp. Ltd.(b)		34,250		13,816
International Alliance Financial Leasing Co. Ltd.*(b)		21,000		45,544
Invictus Investment Co. plc*		44,737		42,629
L&T Finance Holdings Ltd.		11,562		12,546
Meritz Financial Group, Inc.		947		33,020
Metro Pacific Investments Corp.		381,000		28,177
National Investments Co. KSCP		139,775		109,897
NICE Holdings Co. Ltd.*		6,432		69,970
Piramal Enterprises Ltd.		2,112		22,167
Power Finance Corp. Ltd.		35,812		61,829
REC Ltd.		30,647		45,543
Remgro Ltd.		7,469		60,001
Shandong Hi-Speed Holdings Group Ltd.*		49,500		30,564
Turkiye Sinai Kalkinma Bankasi A/S*		451,976		100,436
Yuanta Financial Holding Co. Ltd.		376,580		282,200
				3,243,571
Diversified Telecommunication Services - 1.0%
AL Yah Satellite Communications Co. PJSC		43,340		30,325
China Tower Corp. Ltd., Class H(b)		1,274,000		144,652
Chunghwa Telecom Co. Ltd.		67,000		251,041
CITIC Telecom International Holdings Ltd.		637,000		226,729
Converge Information and Communications Technology Solutions, Inc.*		48,000		15,359
Emirates Telecommunications Group Co. PJSC		54,978		384,676
Hellenic Telecommunications Organization SA		2,597		40,812
HFCL Ltd.		22,055		18,655
Indus Towers Ltd.		25,442		47,606
KT Corp.*		3,590		102,151
LG Uplus Corp.		7,465		67,329
Magyar Telekom Telecommunications plc		131,124		138,907
Ooredoo QPSC		18,114		44,467
Operadora De Sites Mexicanos SAB de CV, Series A-1		9,400		10,150
Rostelecom PJSC‡		33,770		—
Rostelecom PJSC (Preference)‡		15,392		—
Sarana Menara Nusantara Tbk. PT		315,700		23,588
Saudi Telecom Co.		29,562		290,658
Tata Communications Ltd.		1,646		24,775
Tata Teleservices Maharashtra Ltd.*		6,148		5,947
Telefonica Brasil SA		4,900		40,248
Telekom Malaysia Bhd.		36,100		44,176

Investments	Shares		Value ($)
Telkom Indonesia Persero Tbk. PT		739,900		190,034
Telkom SA SOC Ltd.*(a)		110,021		219,505
TIME dotCom Bhd.		9,000		11,098
Tower Bersama Infrastructure Tbk. PT		42,300		5,926
True Corp. PCL, NVDR		491,200		72,318
Turk Telekomunikasyon A/S		19,746		21,562
				2,472,694
Electric Utilities - 1.0%
Adani Transmission Ltd.*		4,459		96,551
Alupar Investimento SA		3,500		19,509
Can2 Termik A/S*		1,551		8,089
Centrais Eletricas Brasileiras SA		34,300		273,850
Centrais Eletricas Brasileiras SA (Preference), Class B		8,481		70,744
CESC Ltd.*		251,900		222,756
CEZ A/S		4,508		182,679
Cia de Transmissao de Energia Eletrica Paulista (Preference)*		5,200		23,358
Cia Energetica de Minas Gerais		4,700		15,361
Cia Energetica de Minas Gerais (Preference)		46,802		105,343
Cia Paranaense de Energia		5,500		40,628
CPFL Energia SA		4,700		30,721
EDP - Energias do Brasil SA		9,400		37,608
Enel Americas SA		529,169		69,814
Enel Chile SA		829,052		39,009
Energisa SA		4,800		39,831
Enerjisa Enerji A/S(b)		7,676		13,458
Equatorial Energia SA		14,700		80,899
Federal Grid Co. - Rosseti PJSC (Registered)*‡		9,827,068		—
Federal Grid Co. Unified Energy System PJSC*‡		12,705,298		—
Inter RAO UES PJSC‡		1,596,292		—
Interconexion Electrica SA ESP		12,936		53,054
Korea Electric Power Corp.*		7,595		122,329
Manila Electric Co.		5,840		29,998
Mosenergo PJSC‡		4,455,000		—
Neoenergia SA		4,700		13,902
ODAS Elektrik Uretim ve Sanayi Ticaret A/S*		44,274		18,241
Power Grid Corp. of India Ltd.		93,345		246,839
Public Power Corp. SA*		2,126		16,855
RusHydro PJSC‡		2,361,000		—
Saudi Electricity Co.		23,618		144,867
SGC Energy Co. Ltd.*		2,326		61,086
SJVN Ltd.		174,636		72,473
Synergy Grid & Development Phils, Inc.		411,600		82,881
Tata Power Co. Ltd. (The)		26,117		67,868
Tenaga Nasional Bhd.		90,100		198,967
Torrent Power Ltd.		1,927		10,583
Transmissora Alianca de Energia Eletrica SA		5,000		36,394
				2,546,545
Electrical Equipment - 1.0%
ABB India Ltd.		1,044		36,183

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Amara Raja Batteries Ltd.		2,700		18,671
Bharat Heavy Electricals Ltd.		21,300		20,383
Bizlink Holding, Inc.		2,000		17,419
CG Power & Industrial Solutions Ltd.*		12,844		47,415
Chicony Power Technology Co. Ltd.		65,000		166,911
Chung-Hsin Electric & Machinery Manufacturing Corp.		21,000		56,653
CS Wind Corp.		581		30,187
Dongfang Electric Corp. Ltd., Class A		5,000		15,821
Doosan Enerbility Co. Ltd.*		7,146		96,881
Doosan Fuel Cell Co. Ltd.*		690		18,597
Ecopro BM Co. Ltd.		828		67,084
ElSewedy Electric Co.*		195,813		82,984
Fangda Carbon New Material Co. Ltd., Class A*		5,300		5,161
Finolex Cables Ltd.		3,245		21,941
Gotion High-tech Co. Ltd., Class A		4,600		22,091
Graphite India Ltd.		5		21
Gulf Cables & Electrical Industries Group Co. KSCP		4,140		16,750
Havells India Ltd.		4,450		64,187
Hitachi Energy India Ltd.		371		14,055
Hyosung Heavy Industries Corp.*		1,813		105,677
Hyundai Electric & Energy System Co. Ltd.		752		24,450
Jiangsu Zhongtian Technology Co. Ltd., Class A		4,500		10,889
KEI Industries Ltd.		1,595		31,454
Korea Electric Terminal Co. Ltd.		2,597		114,691
LG Energy Solution Ltd.*		686		290,149
LS Corp.*		889		50,880
LS Electric Co. Ltd.*		235		10,168
Ming Yang Smart Energy Group Ltd., Class A		4,500		18,541
NARI Technology Co. Ltd., Class A		10,000		39,056
Ningbo Ronbay New Energy Technology Co. Ltd., Class A		658		7,657
Phihong Technology Co. Ltd.*		17,000		22,450
Polycab India Ltd.		990		35,299
Shanghai Electric Group Co. Ltd., Class A*		24,000		14,527
Shihlin Electric & Engineering Corp.		13,000		28,187
Suzlon Energy Ltd.*		266,458		31,873
Ta Ya Electric Wire & Cable		245,000		187,677
Taihan Electric Wire Co. Ltd.*		20,586		26,756
Tatung Co. Ltd.*		42,000		47,840
TBEA Co. Ltd., Class A		8,500		26,770
Teco Electric and Machinery Co. Ltd.		22,000		21,029
Triveni Turbine Ltd.		6,484		21,467
V-Guard Industries Ltd.		6,399		19,272
Voltronic Power Technology Corp.		1,000		50,291
Walsin Lihwa Corp.		83,665		151,029
WEG SA		24,500		184,011

Investments	Shares		Value ($)
Xinjiang Goldwind Science & Technology Co. Ltd., Class H(a)		15,000		15,309
Zhefu Holding Group Co. Ltd., Class A		21,200		12,927
Zhejiang Chint Electrics Co. Ltd., Class A		4,700		22,363
				2,442,084
Electronic Equipment, Instruments & Components - 3.9%
AAC Technologies Holdings, Inc.*		14,000		37,150
Asia Optical Co., Inc.		94,000		199,427
AUO Corp.		196,000		109,342
Aurora Corp.		4,900		12,680
BH Co. Ltd.*		9,332		155,306
BOE Technology Group Co. Ltd., Class A		75,700		44,589
BOE Varitronix Ltd.		7,000		16,610
Career Technology MFG. Co. Ltd.*		147,000		119,950
Chang Wah Electromaterials, Inc.		22,000		23,337
Cheng Uei Precision Industry Co. Ltd.		136,000		174,615
China Railway Signal & Communication Corp. Ltd., Class A		31,500		22,563
Chroma ATE, Inc.		8,000		49,292
Compeq Manufacturing Co. Ltd.		33,000		50,063
Coretronic Corp.		113,000		220,919
Cowell e Holdings, Inc.*(a)		12,000		23,515
Daeduck Electronics Co. Ltd.		893		15,514
Daejoo Electronic Materials Co. Ltd.*		250		17,393
DataTec Ltd.		69,090		134,473
Delta Electronics Thailand PCL, NVDR		7,600		207,210
Delta Electronics, Inc.		32,000		308,010
Dreamtech Co. Ltd.*		11,297		87,859
E Ink Holdings, Inc.		15,000		86,178
Elite Material Co. Ltd.		5,000		30,058
EM-Tech Co. Ltd.*		4,998		91,496
FLEXium Interconnect, Inc.*		10,000		33,306
Foxconn Industrial Internet Co. Ltd., Class A		34,300		48,275
Foxconn Technology Co. Ltd.		32,000		57,765
General Interface Solution Holding Ltd.		69,000		195,337
Genius Electronic Optical Co. Ltd.		2,237		27,231
Global Brands Manufacture Ltd.		98,800		94,605
GoerTek, Inc., Class A		3,800		11,630
Gold Circuit Electronics Ltd.		9,000		26,168
Hana Microelectronics PCL, NVDR		23,400		42,887
Hannstar Board Corp.		98,000		106,731
HannStar Display Corp.		47,000		18,941
Hollysys Automation Technologies Ltd.		20,825		388,178
Holy Stone Enterprise Co. Ltd.		56,000		170,285
Hon Hai Precision Industry Co. Ltd.		343,000		1,138,954
Honeywell Automation India Ltd.		32		15,320
Huagong Tech Co. Ltd., Class A		4,700		13,049

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Iljin Materials Co. Ltd.*		235		11,981
Innolux Corp.		245,000		99,550
ITEQ Corp.		98,000		264,706
Jay Mart PCL, NVDR		9,300		10,495
KCE Electronics PCL, NVDR		9,300		15,425
Kingboard Holdings Ltd.		18,500		75,524
Kingboard Laminates Holdings Ltd.(a)		27,500		33,504
L&F Co. Ltd.		428		71,577
Largan Precision Co. Ltd.		1,000		70,774
LG Display Co. Ltd.*		6,360		70,271
LG Innotek Co. Ltd.		441		97,200
Lingyi iTech Guangdong Co., Class A*		15,900		12,613
Lotes Co. Ltd.		1,299		32,794
Luxshare Precision Industry Co. Ltd., Class A		9,800		47,108
Mcnex Co. Ltd.		657		16,161
MH Development Ltd.*‡		22,000		—
Nan Ya Printed Circuit Board Corp.		4,000		32,373
Nex Point Parts PCL, NVDR*		47,500		25,182
OFILM Group Co. Ltd., Class A*		4,700		3,506
Pan-International Industrial Corp.		24,000		30,814
Park Systems Corp.*		200		19,890
Partron Co. Ltd.		19,277		135,211
Primax Electronics Ltd.		160,000		306,411
Raytron Technology Co. Ltd., Class A		1,862		12,155
Redington Ltd.		216,286		488,123
Samsung Electro-Mechanics Co. Ltd.		1,666		193,001
Samsung SDI Co. Ltd.		882		490,477
Shanghai Friendess Electronic Technology Corp. Ltd., Class A		376		11,798
Shengyi Technology Co. Ltd., Class A		4,700		11,234
Shenzhen Kaifa Technology Co. Ltd., Class A		4,700		8,083
Simplo Technology Co. Ltd.		5,200		51,264
Sinbon Electronics Co. Ltd.		3,000		28,726
SOLUM Co. Ltd.*		1,802		32,623
Solus Advanced Materials Co. Ltd.*		377		12,043
STCUBE*		2,719		28,806
Sunny Optical Technology Group Co. Ltd.		12,200		164,046
Supreme Electronics Co. Ltd.		117,331		145,760
Synnex Technology International Corp.		36,000		72,420
Taiwan Union Technology Corp.		99,000		203,770
Tianma Microelectronics Co. Ltd., Class A		9,400		13,119
Tong Hsing Electronic Industries Ltd.		2,719		20,647
Tripod Technology Corp.		14,000		46,162
TXC Corp.		112,000		324,903
Unimicron Technology Corp.		49,000		222,764
Unitech Printed Circuit Board Corp.*		196,000		119,134

Investments	Shares		Value ($)
Universal Scientific Industrial Shanghai Co. Ltd., Class A		4,700		11,700
VS Industry Bhd.		137,700		31,312
Wah Lee Industrial Corp.		68,640		195,004
Walsin Technology Corp.		9,378		28,079
Weikeng Industrial Co. Ltd.		138,000		125,475
Wingtech Technology Co. Ltd., Class A		3,100		26,802
Wintek Corp.*‡		64,000		—
WPG Holdings Ltd.		49,440		78,544
WT Microelectronics Co. Ltd.		14,000		30,495
Wuhan Guide Infrared Co. Ltd., Class A		9,212		16,060
WUS Printed Circuit Kunshan Co. Ltd., Class A		5,170		9,733
Yageo Corp.		10,347		186,091
Zhejiang Dahua Technology Co. Ltd., Class A		2,900		5,429
Zhejiang Supcon Technology Co. Ltd., Class A		1,222		16,646
Zhen Ding Technology Holding Ltd.		17,150		62,831
				9,634,540
Energy Equipment & Services - 0.2%
ADNOC Drilling Co. PJSC		38,963		35,960
Bumi Armada Bhd.*		1,208,600		162,913
China Oilfield Services Ltd., Class A		5,000		12,062
China Oilfield Services Ltd., Class H		28,000		33,756
Dialog Group Bhd.		51,700		31,511
Gulf International Services QSC*		331,283		160,559
Yinson Holdings Bhd.		35,800		22,576
				459,337
Entertainment - 0.8%
37 Interactive Entertainment Network Technology Group Co. Ltd.		4,700		14,190
Alibaba Pictures Group Ltd.*		540,000		40,645
Bilibili, Inc., Class Z*(a)		6,860		170,482
China Ruyi Holdings Ltd.*(a)		142,799		38,075
CJ CGV Co. Ltd.*		8,918		138,063
CJ ENM Co. Ltd.*		140		12,172
Cloud Music, Inc.*(b)		2,350		30,400
Com2uSCorp		133		7,159
Devsisters Co. Ltd.*		235		11,657
Fire Rock Holdings Ltd.*‡(a)		106,000		7,217
HYBE Co. Ltd.*		378		58,827
International Games System Co. Ltd.		2,000		32,939
iQIYI, Inc., ADR*		13,592		91,066
JYP Entertainment Corp.*		489		28,781
Kakao Games Corp.*		956		35,933
Kingsoft Corp. Ltd.		16,000		58,786
MD Pictures Tbk. PT*		107,800		6,832
MNC Digital Entertainment Tbk. PT*		37,600		11,363
NCSoft Corp.*		281		103,567

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Neowiz*		470		15,968
NetDragon Websoft Holdings Ltd.		73,500		170,469
NetEase, Inc.		31,400		559,616
Netmarble Corp.*(b)		410		20,304
Nexon Games Co. Ltd.*		2,161		26,771
NHN Corp.*		630		14,883
Pearl Abyss Corp.*		517		18,992
Perfect World Co. Ltd., Class A		4,100		8,513
PVR Ltd.*		1,551		32,137
Saregama India Ltd.*		2,498		10,336
SM Entertainment Co. Ltd.*		475		33,934
SMI Holdings Group Ltd.*‡		72,000		—
Studio Dragon Corp.*		188		12,256
Tencent Music Entertainment Group, ADR*		8,233		69,075
Tencent Music Entertainment Group, Class A*		4,700		19,337
Webzen, Inc.*		440		6,608
Wemade Co. Ltd.*		94		2,976
Wysiwyg Studios Co. Ltd.*		1,034		15,907
XD, Inc.*(b)		8,000		27,199
XPEC Entertainment, Inc.*‡		14,800		—
YG Entertainment, Inc.*		605		25,491
Zhejiang Century Huatong Group Co. Ltd., Class A*		11,280		6,627
				1,995,553
Equity Real Estate Investment Trusts (REITs) - 1.3%
AREIT, Inc.		30,000		19,551
Axis REIT		70,600		30,618
Concentradora Fibra Danhos SA de CV		39,200		51,940
CPN Retail Growth Leasehold REIT		44,100		25,784
Embassy Office Parks REIT		8,680		34,785
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S		715,645		298,653
Equites Property Fund Ltd.		281,229		256,741
ESR Kendall Square REIT Co. Ltd.		3,896		12,968
FIBRA Macquarie Mexico(b)		269,500		456,286
Fibra Uno Administracion SA de CV		93,100		126,279
Fortress Real Estate Investments Ltd., Class A*(a)		434,445		253,276
Fortress Real Estate Investments Ltd., Class B*		322,812		87,615
Growthpoint Properties Ltd.		106,428		85,619
Hyprop Investments Ltd.		10,974		21,063
IGB REIT		6,200		2,558
Investec Property Fund Ltd.		221,074		118,608
Is Gayrimenkul Yatirim Ortakligi A/S*		169,981		104,100
JR Global Reit		7,119		25,920
KLCCP Stapled Group		6,900		11,404
LOTTE Reit Co. Ltd.		1,828		6,055
Mindspace Business Parks REIT(b)		4,100		16,543
Ozak Gayrimenkul Yatirim Ortakligi*		82,173		61,159
Pavilion REIT		15,000		4,747

Investments	Shares		Value ($)
Prologis Property Mexico SA de CV		9,400		30,620
Redefine Properties Ltd.		244,978		56,369
Resilient REIT Ltd.		11,280		34,220
RL Commercial REIT, Inc.		164,500		17,827
Sinpas Gayrimenkul Yatirim Ortakligi A/S*		221,659		36,176
TF Administradora Industrial S de RL de CV		284,200		483,291
Vukile Property Fund Ltd.		336,091		253,985
Yuexiu REIT(a)		833,000		272,050
				3,296,810
Food & Staples Retailing - 1.0%
Abdullah Al Othaim Markets Co.		363		10,175
Al Meera Consumer Goods Co. QSC		1,990		8,803
Al-Dawaa Medical Services Co.		686		14,129
Almacenes Exito SA		56,252		46,044
Atacadao SA		9,400		30,371
Avenue Supermarts Ltd.*(b)		2,681		114,608
Berli Jucker PCL		500		576
Berli Jucker PCL, NVDR		13,800		15,886
BGF retail Co. Ltd.*		141		21,371
Bid Corp. Ltd.		5,670		116,637
BIM Birlesik Magazalar A/S		13,261		87,770
Cencosud SA		44,247		79,200
Cia Brasileira de Distribuicao		53,900		219,350
Clicks Group Ltd.		4,165		63,423
CP ALL PCL, NVDR		83,800		168,819
DaShenLin Pharmaceutical Group Co. Ltd., Class A		3,600		20,246
Dis-Chem Pharmacies Ltd.(b)		6,949		11,902
Dongsuh Cos., Inc.		859		14,575
E-MART, Inc.*		572		48,386
Great Tree Pharmacy Co. Ltd.		1,257		12,874
Grupo Comercial Chedraui SA de CV		4,700		23,157
Grupo Mateus SA*		9,800		13,166
GS Retail Co. Ltd.*		1,332		31,197
Hyundai Greenfood Co. Ltd.*		19,194		114,061
InRetail Peru Corp.(b)		406		13,966
La Comer SAB de CV		18,800		41,910
Magnit PJSC*‡		2,296		—
Migros Ticaret A/S*		1,410		10,329
Nahdi Medical Co.		611		30,802
Pick n Pay Stores Ltd.		6,784		21,721
President Chain Store Corp.		11,000		98,918
Puregold Price Club, Inc.		26,060		15,981
Raia Drogasil SA		19,100		93,147
Sendas Distribuidora SA		14,996		57,876
Shoprite Holdings Ltd.		8,918		122,884
Siam Makro PCL, NVDR		28,900		36,552
SMU SA		797,524		123,287
Sok Marketler Ticaret A/S*		113,288		158,996
SPAR Group Ltd. (The)		2,560		20,191
Sumber Alfaria Trijaya Tbk. PT		344,600		65,058
Sun Art Retail Group Ltd.		70,500		28,421

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Wal-Mart de Mexico SAB de CV		83,300		326,820
				2,553,585
Food Products - 2.4%
Adani Wilmar Ltd.*		2,491		14,182
Agthia Group PJSC		10,622		11,770
Alicorp SAA		177,240		285,774
Almarai Co. JSC		3,835		56,610
Anjoy Foods Group Co. Ltd., Class A		500		11,786
Astra Agro Lestari Tbk. PT		137,200		75,282
Avanti Feeds Ltd.		507		2,382
AVI Ltd.		14,737		62,550
Balrampur Chini Mills Ltd.		3,850		17,768
Beijing Dabeinong Technology Group Co. Ltd., Class A*		5,300		7,201
Bombay Burmah Trading Co.		235		2,534
BRF SA*		14,700		22,982
Britannia Industries Ltd.		1,949		102,711
Century Pacific Food, Inc.		17,700		8,360
Charoen Pokphand Enterprise		10,300		27,101
Charoen Pokphand Foods PCL, NVDR		108,500		77,570
Charoen Pokphand Indonesia Tbk. PT		119,900		46,592
Cherkizovo Group PJSC‡		2,594		—
China Feihe Ltd.(a)(b)		101,000		96,767
China Huiyuan Juice Group Ltd.*‡		24,000		—
China Mengniu Dairy Co. Ltd.		49,000		235,981
China Modern Dairy Holdings Ltd.(a)		1,043,000		147,697
China Youran Dairy Group Ltd.*(a)(b)		490,000		136,275
Chongqing Fuling Zhacai Group Co. Ltd., Class A		2,400		9,462
CJ CheilJedang Corp.		223		62,457
CJ CheilJedang Corp. (Preference)		104		13,872
COFCO Joycome Foods Ltd.*(b)		980,000		317,559
Daesang Corp.*		7,869		135,750
Dali Foods Group Co. Ltd.(b)		23,500		10,493
Dongwon Industries Co. Ltd.*		1,960		73,432
Foshan Haitian Flavouring & Food Co. Ltd., Class A		4,900		57,536
Garudafood Putra Putri Jaya Tbk. PT		463,100		15,138
Genting Plantations Bhd.		10,400		14,799
Great Wall Enterprise Co. Ltd.		8,400		12,953
Gruma SAB de CV, Class B		3,765		54,851
Grupo Bimbo SAB de CV, Series A		26,400		132,028
Grupo Nutresa SA		1,692		16,692
Guangdong Haid Group Co. Ltd., Class A		3,400		31,369
Harim Holdings Co. Ltd.*		16,170		114,337
Heilongjiang Agriculture Co. Ltd., Class A		5,200		10,866
Henan Shuanghui Investment & Development Co. Ltd., Class A		5,000		18,869
Huishan Dairy*‡		158,000		—

Investments	Shares		Value ($)
Indofood CBP Sukses Makmur Tbk. PT		51,800		34,902
Indofood Sukses Makmur Tbk. PT		127,400		57,156
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		8,200		39,538
IOI Corp. Bhd.		58,800		52,656
Japfa Comfeed Indonesia Tbk. PT		1,886,500		169,898
JBS SA		19,700		77,694
Kuala Lumpur Kepong Bhd.		10,631		53,382
Lien Hwa Industrial Holdings Corp.		16,170		27,951
Lotte Confectionery Co. Ltd.*		1,421		138,316
Marfrig Global Foods SA		112,700		170,441
Marico Ltd.		8,820		53,623
Mayora Indah Tbk. PT		83,900		13,265
Minerva SA		98,000		269,279
Monde Nissin Corp.(b)		107,400		25,952
Muyuan Foods Co. Ltd., Class A		7,120		52,623
Namchow Holdings Co. Ltd.		19,000		28,919
Nestle India Ltd.		637		147,864
Nestle Malaysia Bhd.		900		28,525
New Hope Liuhe Co. Ltd., Class A*		9,000		17,462
NongShim Co. Ltd.		56		15,593
Orion Corp.*		520		52,557
Orion Holdings Corp.*		9,136		115,702
Ottogi Corp.*		15		5,796
Patanjali Foods Ltd.		2,059		26,240
PPB Group Bhd.		14,080		58,093
QL Resources Bhd.		25,395		34,946
Samyang Foods Co. Ltd.		141		14,068
Samyang Holdings Corp.*		2,508		146,392
San Miguel Food and Beverage, Inc.		7,670		6,487
Sao Martinho SA		3,500		17,193
Sarawak Oil Palms Bhd.		78,400		48,704
Saudia Dairy & Foodstuff Co.		698		43,669
Savola Group (The)		5,311		42,383
Sawit Sumbermas Sarana Tbk. PT		1,190,700		125,901
Shandong Denghai Seeds Co. Ltd., Class A		4,900		15,004
Shree Renuka Sugars Ltd.*		30,100		19,031
Sime Darby Plantation Bhd.		54,403		55,222
Sumber Tani Agung Resources Tbk. PT		1,254,400		84,101
Ta Ann Holdings Bhd.		93,900		75,063
Taiwan TEA Corp.*		8,000		5,729
Tata Consumer Products Ltd.		10,407		92,665
Thai Union Group PCL, NVDR		85,600		41,490
Thaifoods Group PCL, NVDR		1,033,600		176,911
Tiger Brands Ltd.		3,591		42,867
Tingyi Cayman Islands Holding Corp.(a)		30,000		49,831
Toly Bread Co. Ltd., Class A		4,700		11,630
Tongwei Co. Ltd., Class A		5,500		34,358
Tres Tentos Agroindustrial SA		49,000		97,395
Triputra Agro Persada PT		916,500		37,907
Ulker Biskuvi Sanayi A/S*		6,392		12,994
Uni-President Enterprises Corp.		80,000		179,317
Universal Robina Corp.		13,530		34,130

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Want Want China Holdings Ltd.		98,000		63,762
Yihai International Holding Ltd.*(a)		13,000		46,105
Yuan Longping High-tech Agriculture Co. Ltd., Class A*		5,100		12,952
Zad Holding Co.		3,130		12,119
Zhou Hei Ya International Holdings Co. Ltd.*(a)(b)		47,000		25,723
				5,991,814
Gas Utilities - 0.6%
Adani Total Gas Ltd.		4,361		112,218
Aygaz A/S		4,199		20,180
Beijing Enterprises Holdings Ltd.		16,000		54,296
China Gas Holdings Ltd.		88,200		137,275
China Resources Gas Group Ltd.		24,200		101,727
ENN Energy Holdings Ltd.		20,100		302,581
ENN Natural Gas Co. Ltd., Class A		10,000		26,728
GAIL India Ltd.		67,522		78,418
Grupo Energia Bogota SA ESP		87,796		29,691
Gujarat Gas Ltd.		2,679		14,942
Gujarat State Petronet Ltd.		13,547		44,612
Indraprastha Gas Ltd.		4,564		23,701
Korea Gas Corp.*		999		27,047
Kunlun Energy Co. Ltd.		118,000		93,033
Mahanagar Gas Ltd.(b)		1,456		15,709
National Gas & Industrialization Co.		1,155		16,157
Perusahaan Gas Negara Tbk. PT		311,200		32,075
Petronas Gas Bhd.		14,700		57,963
Samchully Co. Ltd.*		96		38,110
Towngas Smart Energy Co. Ltd.(a)		408,000		211,845
				1,438,308
Health Care Equipment & Supplies - 0.3%
Dentium Co. Ltd.*		257		24,515
Eoflow Co. Ltd.*		799		12,097
Hartalega Holdings Bhd.		30,800		11,625
HLB, Inc.*		2,286		56,411
Jeisys Medical, Inc.*		3,853		27,432
Kangji Medical Holdings Ltd.		25,000		29,597
Kossan Rubber Industries Bhd.		504,700		124,230
Lifetech Scientific Corp.*		110,000		43,784
Lutronic Corp.*		1,128		21,337
Microport Cardioflow Medtech Corp.*(b)		39,000		16,070
Microport Scientific Corp.*(a)		11,498		35,938
Poly Medicure Ltd.		2,613		28,556
Qingdao Haier Biomedical Co. Ltd., Class A		1,568		16,838
Sansure Biotech, Inc., Class A		4,949		16,787
SD Biosensor, Inc.		990		22,986
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		36,000		59,705
Shanghai MicroPort Endovascular MedTech Group Co. Ltd., Class A		490		15,227
Sri Trang Gloves Thailand PCL, NVDR		504,400		158,914
St Shine Optical Co. Ltd.		2,000		16,853
Supermax Corp. Bhd.		79,900		15,172

Investments	Shares		Value ($)
TaiDoc Technology Corp.		3,000		17,935
Top Glove Corp. Bhd.*		120,100		23,368
				795,377
Health Care Providers & Services - 0.7%
Al Hammadi Holding		3,792		48,499
Apollo Hospitals Enterprise Ltd.		1,608		83,530
Aster DM Healthcare Ltd.*(b)		6,324		16,410
Bangkok Chain Hospital PCL, NVDR		20,800		13,736
Bangkok Dusit Medical Services PCL, NVDR		72,000		64,889
Bumrungrad Hospital PCL, NVDR		9,500		62,451
Celltrion Healthcare Co. Ltd.		1,579		73,336
Chabiotech Co. Ltd.*		841		9,647
China Meheco Co. Ltd., Class A		4,700		10,601
Chularat Hospital PCL, NVDR		101,400		12,287
CM Hospitalar SA		5,000		18,659
Dallah Healthcare Co.		879		32,040
Diagnosticos da America SA*		990		2,133
Dr Lal PathLabs Ltd.(b)		822		21,083
Dr Sulaiman Al Habib Medical Services Group Co.		1,411		87,976
Fleury SA		3,600		10,945
Fortis Healthcare Ltd.*		11,593		39,854
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H(a)		12,000		35,057
Gushengtang Holdings Ltd.*		3,200		21,780
Hapvida Participacoes e Investimentos SA*(b)		78,400		79,302
HLB Life Science Co. Ltd.*		3,168		28,519
Huadong Medicine Co. Ltd., Class A		3,300		23,150
Hygeia Healthcare Holdings Co. Ltd.*(a)(b)		6,400		50,581
IHH Healthcare Bhd.		58,800		81,603
Jinxin Fertility Group Ltd.(b)		49,000		45,446
KPJ Healthcare Bhd.		14,124		3,410
Krishna Institute of Medical Sciences Ltd.*(b)		1,650		30,355
Life Healthcare Group Holdings Ltd.		29,257		28,539
Max Healthcare Institute Ltd.*		16,317		87,969
Medikaloka Hermina Tbk. PT(b)		179,700		18,641
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*		9,400		8,862
Metro Healthcare Indonesia Tbk. PT*		286,700		9,448
Metropolis Healthcare Ltd.(b)		940		15,432
Mitra Keluarga Karyasehat Tbk. PT(b)		100,200		19,987
MLP Saglik Hizmetleri A/S*(b)		3,572		15,182
Mouwasat Medical Services Co.		688		37,764
Narayana Hrudayalaya Ltd.(b)		2,750		24,382
Netcare Ltd.		70,667		57,945
New Horizon Health Ltd.*(b)		4,000		15,513
Odontoprev SA		5,390		12,047
Rainbow Children’s Medicare Ltd.		2,451		22,944

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Ramkhamhaeng Hospital PCL, NVDR		9,300		15,354
Rede D’Or Sao Luiz SA*(b)		18,491		115,854
Selcuk Ecza Deposu Ticaret ve Sanayi A/S		41,307		84,983
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		4,700		12,993
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		24,500		43,133
Siloam International Hospitals Tbk. PT		165,000		13,429
Sinopharm Group Co. Ltd., Class H		39,200		96,118
Thonburi Healthcare Group PCL, NVDR		9,300		19,440
Topchoice Medical Corp., Class A*		500		12,014
Universal Vision Biotechnology Co. Ltd.		2,100		22,766
				1,818,018
Hotels, Restaurants & Leisure - 1.0%
Abu Dhabi National Hotels		18,200		26,162
Alsea SAB de CV*		24,500		58,474
Ananti, Inc.*		24,451		156,417
Asset World Corp. PCL, NVDR		171,900		30,985
Bloomberry Resorts Corp.*		236,200		39,866
Central Plaza Hotel PCL*		1,600		2,520
Central Plaza Hotel PCL, NVDR*		5,700		8,979
China Travel International Investment Hong Kong Ltd.*(a)		122,000		25,992
DoubleUGames Co. Ltd.*		3,675		146,785
Easy Trip Planners Ltd.*		36,534		23,188
EIH Ltd.*		8,250		16,414
Genting Bhd.		68,600		79,604
Genting Malaysia Bhd.		61,100		40,678
H World Group Ltd.		24,500		117,209
Haichang Ocean Park Holdings Ltd.*(a)(b)		54,000		12,745
Haidilao International Holding Ltd.*(a)(b)		21,164		57,375
Hana Tour Service, Inc.*		450		23,490
Helens International Holdings Co. Ltd.*(a)		6,500		12,356
Herfy Food Services Co.*		436		4,206
Indian Hotels Co. Ltd.		17,668		64,911
Jiumaojiu International Holdings Ltd.(a)(b)		14,000		35,721
Jollibee Foods Corp.		10,180		44,352
Jubilant Foodworks Ltd.		4,950		29,415
Kangwon Land, Inc.*		2,240		42,734
Leejam Sports Co. JSC		1,155		26,036
Lemon Tree Hotels Ltd.*(b)		19,505		18,213
Lotte Tour Development Co. Ltd.*		1,961		22,097
Magnum Bhd.		19,594		6,109
Minor International PCL, NVDR*		50,500		50,867
MK Restaurants Group PCL, NVDR		4,800		8,252
Nayuki Holdings Ltd.*(a)(b)		25,000		19,965
OPAP SA		3,937		58,920
Paradise Co. Ltd.*		421		6,149

Investments	Shares		Value ($)
Sapphire Foods India Ltd.*		800		12,695
Seera Group Holding*		6,600		32,428
Shanghai Jinjiang International Hotels Co. Ltd., Class A		4,900		41,698
Shenzhen Overseas Chinese Town Co. Ltd., Class A		22,200		17,643
Sports Toto Bhd.		28,200		10,643
Sun International Ltd.		6,110		11,952
Tongcheng Travel Holdings Ltd.*(b)		19,600		44,258
Travellers International Hotel Group, Inc.*‡		209,900		—
Trip.com Group Ltd.*		8,650		319,138
Tsogo Sun Gaming Ltd.		192,196		130,244
Westlife Foodworld Ltd.*		3,000		26,928
Yum China Holdings, Inc.		6,713		413,588
				2,378,401
Household Durables - 1.0%
Amber Enterprises India Ltd.*		935		21,823
Arcelik A/S		2,914		16,607
Bajaj Electricals Ltd.		2,173		28,506
Coway Co. Ltd.*		1,177		53,317
Crompton Greaves Consumer Electricals Ltd.		7,896		31,896
Cuckoo Holdings Co. Ltd.*		2,953		39,364
Cyrela Brazil Realty SA Empreendimentos e Participacoes		98,000		292,184
Dixon Technologies India Ltd.(b)		663		21,700
Ecovacs Robotics Co. Ltd., Class A		1,500		19,358
Gree Electric Appliances, Inc. of Zhuhai, Class A		14,700		75,339
Haier Smart Home Co. Ltd., Class A		10,600		40,317
Haier Smart Home Co. Ltd., Class H		39,200		144,027
Hanssem Co. Ltd.		303		12,742
Kinpo Electronics		50,000		22,481
Konka Group Co. Ltd., Class B		291,800		71,474
LG Electronics, Inc.		2,989		242,896
LG Electronics, Inc. (Preference)		584		21,643
Merry Electronics Co. Ltd.		75,235		203,717
Midea Group Co. Ltd., Class A		18,800		153,584
MRV Engenharia e Participacoes SA		117,600		162,145
Nien Made Enterprise Co. Ltd.		2,000		20,749
Orient Electric Ltd.		6,985		22,414
PIK Group PJSC*‡		4,646		—
Skyworth Group Ltd.(a)		490,000		313,183
TCL Electronics Holdings Ltd.*		294,000		133,900
TCL Technology Group Corp., Class A		37,600		23,371
TTK Prestige Ltd.		1,825		17,457
Vestel Beyaz Esya Sanayi ve Ticaret A/S		111,934		77,001
Vestel Elektronik Sanayi ve Ticaret A/S*		46,795		157,223
Whirlpool of India Ltd.		674		11,444

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Zinus, Inc.*		3,717		115,572
				2,567,434
Household Products - 0.0%(d)
Blue Moon Group Holdings Ltd.(b)		26,500		17,343
Kimberly-Clark de Mexico SAB de CV, Class A		14,100		26,955
Unilever Indonesia Tbk. PT		75,200		23,378
Vinda International Holdings Ltd.		3,000		8,286
				75,962
Independent Power and Renewable Electricity Producers - 1.3%
Aboitiz Power Corp.		34,200		22,663
ACEN Corp.		103,400		13,250
ACWA Power Co.		2,058		83,132
Adani Green Energy Ltd.*		5,586		83,447
Adani Power Ltd.*		21,903		59,831
AES Brasil Energia SA		93,100		184,684
Aksa Enerji Uretim A/S		3,760		7,104
Auren Energia SA		5,000		15,133
Banpu Power PCL, NVDR		19,300		10,115
Canvest Environmental Protection Group Co. Ltd.(b)		196,000		102,519
CGN New Energy Holdings Co. Ltd.(a)		392,000		149,028
CGN Power Co. Ltd., Class A		44,000		17,647
CGN Power Co. Ltd., Class H(b)		343,000		80,077
China Longyuan Power Group Corp. Ltd., Class H		98,000		134,775
China National Nuclear Power Co. Ltd., Class A		40,700		36,381
China Power International Development Ltd.(a)		147,000		63,012
China Resources Power Holdings Co. Ltd.(a)		54,000		112,153
China Three Gorges Renewables Group Co. Ltd., Class A		47,000		39,996
China Yangtze Power Co. Ltd., Class A		34,300		105,535
Colbun SA		169,153		19,617
Datang International Power Generation Co. Ltd., Class H*		128,000		21,882
Electricity Generating PCL, NVDR		8,900		46,913
Enel Generacion Peru SAA		10,152		10,560
Energy Absolute PCL, NVDR		29,100		76,254
Eneva SA*		19,600		46,195
Engie Brasil Energia SA		6,350		49,077
First Gen Corp.		142,100		45,730
GD Power Development Co. Ltd., Class A*		42,500		24,971
Global Power Synergy PCL, NVDR		13,700		28,533
Gulf Energy Development PCL, NVDR		84,000		136,777
Huadian Power International Corp. Ltd., Class A		26,500		22,825
Huadian Power International Corp. Ltd., Class H		38,000		15,174
Huaneng Lancang River Hydropower, Inc., Class A		15,000		14,829

Investments	Shares		Value ($)
Huaneng Power International, Inc., Class A*		4,700		5,203
Huaneng Power International, Inc., Class H*(a)		100,000		48,733
Hub Power Co. Ltd. (The)		364,168		87,047
Hubei Energy Group Co. Ltd., Class A		4,700		2,956
JSW Energy Ltd.		5,875		17,092
Malakoff Corp. Bhd.		681,600		110,251
Margun Enerji Uretim Sanayi ve Ticaret A/S		43,610		66,538
Mega First Corp. Bhd.		259,700		216,734
NHPC Ltd.		82,798		44,366
NLC India Ltd.		77,420		73,755
NTPC Ltd.		143,442		299,652
OGK-2 PJSC‡		11,431,280		—
Omega Energia SA*		11,994		20,801
Ratch Group PCL, NVDR		8,900		11,391
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC		26,687		15,912
Shanghai Electric Power Co. Ltd., Class A*		10,000		14,903
Shenzhen Energy Group Co. Ltd., Class A		10,600		9,711
Sichuan Chuantou Energy Co. Ltd., Class A		9,400		17,417
Super Energy Corp. PCL, NVDR		4,764,500		90,931
Taiwan Cogeneration Corp.		23,000		26,428
Terna Energy SA		1,276		27,716
TPI Polene Power PCL, NVDR		1,062,000		112,602
Unipro PJSC*‡		5,337,000		—
Xinyi Energy Holdings Ltd.		94,000		34,537
Zorlu Enerji Elektrik Uretim A/S*		24,628		6,507
				3,241,002
Industrial Conglomerates - 2.0%
3M India Ltd.		69		19,648
Aamal Co.		21,949		5,900
Aboitiz Equity Ventures, Inc.		28,670		29,836
AG Anadolu Grubu Holding A/S		3,478		16,826
Alfa SAB de CV, Class A		78,400		56,882
Alliance Global Group, Inc.		56,400		12,906
Alpha Dhabi Holding PJSC*		41,111		268,622
AntarChile SA		3,206		27,690
Astra Industrial Group		1,827		26,336
Ayala Corp.		4,190		54,228
Bera Holding A/S		232,358		137,855
Bidvest Group Ltd. (The)		5,247		67,616
China Baoan Group Co. Ltd., Class A		5,500		10,191
CITIC Ltd.		196,000		229,042
CJ Corp.*		564		37,728
DMCI Holdings, Inc.		121,000		24,365
Doosan Co. Ltd.*		352		26,461
Dubai Investments PJSC		16,050		9,482
Enka Insaat ve Sanayi A/S		53,350		84,178
Far Eastern New Century Corp.		121,000		131,780
Fosun International Ltd.(a)		61,500		57,118

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Godrej Industries Ltd.*		3,377		17,708
Grupo Carso SAB de CV, Series A1		4,700		23,830
GS Holdings Corp.*		2,570		92,218
GT Capital Holdings, Inc.		1,610		15,031
Hanwha Corp.*		1,692		38,873
HAP Seng Consolidated Bhd.		11,900		20,643
Hong Leong Industries Bhd.		1,200		2,492
Hosken Consolidated Investments Ltd.		21,125		193,946
Hyosung Corp.*		201		11,520
Industries Qatar QSC		31,838		122,832
International Holding Co. PJSC*		7,742		843,536
JG Summit Holdings, Inc.		58,911		57,749
KAP Industrial Holdings Ltd.		952,315		226,228
KOC Holding A/S		28,781		116,972
LG Corp.*		3,724		250,322
Lotte Corp.*		1,392		36,557
LT Group, Inc.		5,700		1,052
LX Holdings Corp.*		752		5,384
Mannai Corp. QSC		29,204		61,596
Multiply Group PJSC*		100,827		110,900
Mytilineos SA		2,799		72,044
National Industries Group Holding SAK		63,553		44,347
Quinenco SA		8,136		28,210
Reunert Ltd.		59,192		194,414
Samsung C&T Corp.		2,554		245,697
San Miguel Corp.		13,510		24,706
Shanghai Industrial Holdings Ltd.(a)		152,000		204,773
Siemens Ltd.		1,335		47,685
Sigdo Koppers SA		100,156		138,105
Sime Darby Bhd.		79,800		43,213
SK, Inc.		1,162		186,875
SM Investments Corp.		8,820		148,541
Sunway Bhd.		18,800		7,096
Turkiye Sise ve Cam Fabrikalari A/S		36,113		75,910
				5,045,695
Insurance - 2.7%
Abu Dhabi National Insurance Co. PSC		114,074		180,131
Al Rajhi Co. for Co-operative Insurance*		705		19,086
Allianz Malaysia Bhd.		24,500		79,719
Bangkok Insurance PCL, NVDR		4,600		41,248
BB Seguridade Participacoes SA		9,800		72,719
Bupa Arabia for Cooperative Insurance Co.		327		13,627
Caixa Seguridade Participacoes S/A		15,000		25,602
Capital Financial Indonesia Tbk. PT*		481,800		23,463
Cathay Financial Holding Co. Ltd.		281,486		398,909
Central Reinsurance Co. Ltd.		80,927		48,785
China Development Financial Holding Corp.		490,000		215,420

Investments	Shares		Value ($)
China Life Insurance Co. Ltd., Class H		221,000		405,993
China Pacific Insurance Group Co. Ltd., Class A		19,200		73,311
China Pacific Insurance Group Co. Ltd., Class H		58,800		161,280
China Taiping Insurance Holdings Co. Ltd.		31,800		43,895
Co. for Cooperative Insurance (The)*		974		21,800
DB Insurance Co. Ltd.*		1,176		62,628
Discovery Ltd.*		9,230		73,088
Fubon Financial Holding Co. Ltd.		233,575		468,317
General Insurance Corp. of India(b)		39		88
Hanwha Life Insurance Co. Ltd.*		12,318		27,400
HDFC Life Insurance Co. Ltd.(b)		16,290		115,094
Hyundai Marine & Fire Insurance Co. Ltd.		1,262		31,709
ICICI Lombard General Insurance Co. Ltd.(b)		3,611		49,794
ICICI Prudential Life Insurance Co. Ltd.(b)		5,670		31,309
Korean Reinsurance Co.*		35,084		214,754
Max Financial Services Ltd.*		2,721		27,753
Mercuries & Associates Holding Ltd.		147,000		75,152
Meritz Fire & Marine Insurance Co. Ltd.* ‡		1,034		43,314
Mirae Asset Life Insurance Co. Ltd.*		27,274		65,096
Momentum Metropolitan Holdings		40,751		44,147
New China Life Insurance Co. Ltd., Class A		4,700		21,646
New China Life Insurance Co. Ltd., Class H(a)		24,500		65,637
Old Mutual Ltd.		139,322		94,573
OUTsurance Group Ltd.		10,487		21,651
PB Fintech Ltd.*		3,620		18,935
People’s Insurance Co. Group of China Ltd. (The), Class H		225,000		75,779
PICC Property & Casualty Co. Ltd., Class H		196,000		184,284
Ping An Insurance Group Co. of China Ltd., Class A		24,600		185,603
Ping An Insurance Group Co. of China Ltd., Class H(a)		173,500		1,343,546
Porto Seguro SA		5,000		25,435
Qatar Insurance Co. SAQ		76,097		38,135
Qualitas Controladora SAB de CV(a)		73,500		406,048
Samsung Fire & Marine Insurance Co. Ltd.		995		163,976
Samsung Life Insurance Co. Ltd.		2,548		146,658
Sanlam Ltd.		56,265		181,766
Santam Ltd.		723		11,610
SBI Life Insurance Co. Ltd.(b)		7,378		109,825
Shin Kong Financial Holding Co. Ltd.		441,000		132,043
Shinkong Insurance Co. Ltd.		82,000		137,372

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Syarikat Takaful Malaysia Keluarga Bhd.		191,100		163,067
Tongyang Life Insurance Co. Ltd.*		13,123		50,924
ZhongAn Online P&C Insurance Co. Ltd., Class H*(a)(b)		11,000		36,627
				6,769,771
Interactive Media & Services - 2.9%
AfreecaTV Co. Ltd.*		275		17,726
Autohome, Inc., Class A(a)		5,000		42,737
Baidu, Inc., Class A*		36,750		620,740
Brightcom Group Ltd.		37,130		11,330
Info Edge India Ltd.		1,318		59,055
JOYY, Inc., ADR		1,813		64,688
Kakao Corp.*		4,998		249,129
Kanzhun Ltd., ADR*		3,479		84,505
Kuaishou Technology*(b)		29,400		257,485
NAVER Corp.		2,352		386,654
Tencent Holdings Ltd.		98,700		4,812,515
Weibo Corp., Class A*		26,460		604,237
				7,210,801
Internet & Direct Marketing Retail - 4.6%
Alibaba Group Holding Ltd.*		450,800		6,188,145
Alibaba Health Information Technology Ltd.*(a)		84,000		74,692
Bukalapak.com PT Tbk.*		700,000		13,542
Dada Nexus Ltd., ADR*(a)		2,805		36,493
GoTo Gojek Tokopedia Tbk. PT*		15,596,700		116,533
Hyundai Home Shopping Network Corp.*		2,038		92,651
Jahez International Co.*		94		14,778
JD Health International, Inc.*(a)(b)		17,150		141,776
JD.com, Inc., Class A		38,001		1,122,788
Meituan, Class B*(b)		74,770		1,665,466
momo.com, Inc.		1,560		41,202
Naspers Ltd., Class N		3,467		665,758
Pinduoduo, Inc., ADR*		8,722		854,582
Ping An Healthcare and Technology Co. Ltd.*(a)(b)		4,700		12,442
RattanIndia Enterprises Ltd.*		126,616		67,845
Vipshop Holdings Ltd., ADR*		10,045		155,396
Zomato Ltd.*		81,438		49,452
				11,313,541
IT Services - 1.7%
Al Moammar Information Systems Co.		505		12,864
Arabian Internet & Communications Services Co.		573		38,658
BLS International Services Ltd.		9,898		22,115
Chinasoft International Ltd.*		46,000		40,316
Chindata Group Holdings Ltd., ADR*		4,935		40,911
Cielo SA		32,900		32,374
Coforge Ltd.		517		27,632
Computer Age Management Services Ltd.		1,007		28,021
Dagang NeXchange Bhd.		134,400		20,637
DHC Software Co. Ltd., Class A		9,400		8,611
eClerx Services Ltd.		679		12,039

Investments	Shares		Value ($)
E-Finance for Digital & Financial Investments		27,195		16,436
Elm Co.		546		51,792
Fawry for Banking & Payment Technology Services SAE*		107,751		22,350
Firstsource Solutions Ltd.		6,900		9,100
GDS Holdings Ltd., Class A*(a)		333,200		973,430
Happiest Minds Technologies Ltd.		2,940		30,362
HCL Technologies Ltd.		17,003		232,895
Hyundai Autoever Corp.		94		8,547
Infosys Ltd.		58,898		1,102,602
Jasmine Technology Solution PCL, NVDR*		4,100		5,806
Kakaopay Corp.*		398		19,709
Locaweb Servicos de Internet SA*(b)		14,100		17,751
LTIMindtree Ltd.(b)		682		36,365
Mphasis Ltd.		1,715		43,389
My EG Services Bhd.		87,557		18,678
One 97 Communications Ltd.*		1,598		10,355
Persistent Systems Ltd.		920		52,638
Posco ICT Co. Ltd.		2,080		11,449
Samsung SDS Co. Ltd.		686		69,614
Sonata Software Ltd.		2,854		21,145
Systems Ltd.		14,063		24,034
Systex Corp.		13,000		32,170
Tata Consultancy Services Ltd.		16,415		672,939
Tech Mahindra Ltd.		10,486		129,909
TravelSky Technology Ltd., Class H		35,000		72,692
Wipro Ltd.		25,521		124,243
Yeahka Ltd.*(a)		13,200		43,784
				4,138,362
Leisure Products - 0.3%
Advanced International Multitech Co. Ltd.		49,000		161,728
Fusheng Precision Co. Ltd.		41,000		302,465
Giant Manufacturing Co. Ltd.		5,181		35,374
GOLFZON Co. Ltd.*		1,470		168,266
Johnson Health Tech Co. Ltd.		2,000		4,783
Merida Industry Co. Ltd.		5,350		32,340
				704,956
Life Sciences Tools & Services - 0.3%
Divi’s Laboratories Ltd.		2,340		94,690
EirGenix, Inc.*		9,000		35,371
Genscript Biotech Corp.*		20,000		67,487
Hangzhou Tigermed Consulting Co. Ltd., Class H(b)		5,900		77,151
LegoChem Biosciences, Inc.*		1,250		37,293
Samsung Biologics Co. Ltd.*(b)		294		189,269
ST Pharm Co. Ltd.*		141		9,306
Syngene International Ltd.(b)		1,400		9,609
WuXi AppTec Co. Ltd., Class A		4,060		56,030
WuXi AppTec Co. Ltd., Class H(a)(b)		6,818		88,285
				664,491
Machinery - 1.0%
AIA Engineering Ltd.		600		20,121

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Airtac International Group		1,913		64,988
Ashok Leyland Ltd.		30,502		55,659
BEML Ltd.		800		15,035
China CSSC Holdings Ltd., Class A		5,900		20,703
China International Marine Containers Group Co. Ltd., Class H(a)		9,400		7,207
CIMC Enric Holdings Ltd.(a)		30,000		33,641
CNPC Capital Co. Ltd., Class A		14,100		12,416
Creative & Innovative System*		2,703		22,426
Cummins India Ltd.		2,376		41,639
Daewoo Shipbuilding & Marine Engineering Co. Ltd.*		705		13,192
Dawonsys Co. Ltd.*		1,081		13,278
Doosan Bobcat, Inc.		1,272		35,884
Elgi Equipments Ltd.		8,864		41,118
Escorts Kubota Ltd.		564		14,377
GMM Pfaudler Ltd.		1,390		27,871
Grindwell Norton Ltd.		771		18,793
Haitian International Holdings Ltd.		16,000		48,989
Hiwin Technologies Corp.		5,535		41,109
Hyundai Construction Equipment Co. Ltd.*		4,263		203,840
Hyundai Doosan Infracore Co. Ltd.		43,509		273,742
Hyundai Elevator Co. Ltd.*		9,359		226,415
Hyundai Heavy Industries Co. Ltd.*		282		25,366
Hyundai Mipo Dockyard Co. Ltd.*		400		26,108
Hyundai Rotem Co. Ltd.*		1,175		26,327
Kinik Co.		6,000		23,780
Korea Shipbuilding & Offshore Engineering Co. Ltd.*		605		39,096
Lakshmi Machine Works Ltd.		165		22,722
LK Technology Holdings Ltd.(a)		22,000		25,540
Ningbo Deye Technology Co. Ltd., Class A		500		25,804
Otokar Otomotiv ve Savunma Sanayi A/S		2,744		145,847
Pentamaster Corp. Bhd.		21,200		24,004
People & Technology, Inc.		705		25,383
Sam Engineering & Equipment M Bhd.		14,500		16,826
SAM KANG M&T Co. Ltd.*		1,219		20,435
Samsung Heavy Industries Co. Ltd.*		14,188		66,690
Sany Heavy Equipment International Holdings Co. Ltd.		12,000		12,125
Sany Heavy Industry Co. Ltd., Class A		14,100		36,560
Schaeffler India Ltd.		846		27,797
SFA Engineering Corp.		704		21,318
Shin Zu Shing Co. Ltd.		62,000		170,152
Sinotruk Hong Kong Ltd.		30,500		52,607
SKF India Ltd.		385		20,648
Thermax Ltd.		944		22,182
Timken India Ltd.		329		12,553
Turk Traktor ve Ziraat Makineleri A/S		423		12,960

Investments	Shares		Value ($)
UWC Bhd.		20,400		19,368
Weichai Power Co. Ltd., Class A		17,300		28,701
Weichai Power Co. Ltd., Class H		68,000		102,539
XCMG Construction Machinery Co. Ltd., Class A		18,800		16,193
Yangzijiang Shipbuilding Holdings Ltd.		73,500		72,138
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H		10,000		10,984
Zhuzhou CRRC Times Electric Co. Ltd., Class H		11,800		62,774
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		17,700		15,246
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		29,200		16,205
				2,499,421
Marine - 0.6%
Cia Sud Americana de Vapores SA		402,367		34,802
COSCO SHIPPING Holdings Co. Ltd., Class H		104,450		107,934
Evergreen Marine Corp. Taiwan Ltd.		29,023		146,927
Far-Eastern Shipping Co. plc*‡		302,500		—
HMM Co. Ltd.*		10,290		181,691
Korea Line Corp.*		60,123		111,773
MISC Bhd.		22,400		38,386
Orient Overseas International Ltd.(a)		3,500		57,913
Pan Ocean Co. Ltd.*		9,229		45,179
Precious Shipping PCL, NVDR		274,100		137,008
Qatar Navigation QSC		19,070		49,747
Regional Container Lines PCL, NVDR		92,800		92,069
Shanghai Zhonggu Logistics Co. Ltd., Class A		4,900		11,429
Shipping Corp. of India Ltd.		61,005		98,921
Sun Kwang Co. Ltd.*		98		11,401
Temas Tbk. PT		409,400		68,825
Transcoal Pacific Tbk. PT		14,100		7,901
U-Ming Marine Transport Corp.		14,000		23,547
Wan Hai Lines Ltd.		45,885		115,992
Wisdom Marine Lines Co. Ltd.		11,898		24,054
Yang Ming Marine Transport Corp.		52,000		108,243
				1,473,742
Media - 0.4%
Affle India Ltd.*		1,050		14,164
Astro Malaysia Holdings Bhd.		989,800		142,701
BEC World PCL, NVDR		42,200		13,551
Cheil Worldwide, Inc.		1,074		19,138
China Literature Ltd.*(a)(b)		6,200		32,390
Echo Marketing, Inc.		6,419		71,704
Elang Mahkota Teknologi Tbk. PT		686,000		49,425
Focus Media Information Technology Co. Ltd., Class A		23,500		24,171
Grupo Televisa SAB, Series CPO(a)		68,600		84,035
Innocean Worldwide, Inc.		3,399		123,482
Media Nusantara Citra Tbk. PT*		2,781,600		128,967

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Megacable Holdings SAB de CV		14,100		44,108
Mobvista, Inc.*(a)(b)		20,000		11,507
MultiChoice Group		9,555		65,683
Plan B Media PCL, NVDR		97,500		26,435
Saudi Research & Media Group*		605		30,210
Sun TV Network Ltd.		1,889		10,652
Surya Citra Media Tbk. PT		427,000		6,438
Zee Entertainment Enterprises Ltd.		17,444		48,290
				947,051
Metals & Mining - 5.6%
Adaro Minerals Indonesia Tbk. PT*		120,400		13,173
African Rainbow Minerals Ltd.		3,822		62,229
Alrosa PJSC*‡		85,800		—
Aluminum Corp. of China Ltd., Class A		26,500		20,747
Aluminum Corp. of China Ltd., Class H		124,000		65,966
Aneka Tambang Tbk.		201,400		31,036
Angang Steel Co. Ltd., Class H		38,000		11,732
Anglo American Platinum Ltd.		1,470		108,394
AngloGold Ashanti Ltd.		12,544		260,525
APL Apollo Tubes Ltd.		3,361		46,916
Baoshan Iron & Steel Co. Ltd., Class A		58,800		53,779
Beijing Shougang Co. Ltd., Class A		10,600		6,181
Bradespar SA		9,800		54,395
Bradespar SA (Preference)		93,100		583,309
Bumi Resources Minerals Tbk. PT*		1,235,000		15,159
CAP SA		24,059		221,346
Century Iron & Steel Industrial Co. Ltd.		6,000		19,804
China Gold International Resources Corp. Ltd.		88,200		316,183
China Hongqiao Group Ltd.		49,000		56,635
China Metal Recycling Holdings Ltd.*‡		51,000		—
China Nonferrous Mining Corp. Ltd.(a)		441,000		240,232
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		5,300		22,770
China Steel Corp.		196,000		206,608
China Zhongwang Holdings Ltd.*‡		699,600		—
Chung Hung Steel Corp.		23,000		22,215
Cia Brasileira de Aluminio		4,700		11,724
Cia Ferro Ligas da Bahia - FERBASA (Preference)		14,700		163,762
Cia Siderurgica Nacional SA		19,600		71,217
Citic Pacific Special Steel Group Co. Ltd., Class A		10,600		28,598
CMOC Group Ltd., Class A		22,500		18,881
CMOC Group Ltd., Class H(a)		57,000		32,868
Dongkuk Steel Mill Co. Ltd.*		23,667		261,686
DRDGOLD Ltd.		10,054		7,956
Eregli Demir ve Celik Fabrikalari TAS		40,376		81,780
EVERGREEN Steel Corp.		49,000		86,821
Ezz Steel Co. SAE		64,485		50,639

Investments	Shares		Value ($)
Feng Hsin Steel Co. Ltd.		11,000		25,279
Ganfeng Lithium Group Co. Ltd.(a)(b)		7,280		66,219
Ganfeng Lithium Group Co. Ltd., Class A		3,080		35,933
GEM Co. Ltd., Class A		5,300		6,259
Gerdau SA (Preference)		29,400		189,053
Gold Fields Ltd.		25,255		285,931
Grupo Mexico SAB de CV, Series B		91,113		405,841
Harmony Gold Mining Co. Ltd.		17,673		62,458
Henan Shenhuo Coal & Power Co. Ltd., Class A		5,500		14,269
Hesteel Co. Ltd., Class A		37,600		13,411
Hindalco Industries Ltd.		41,356		236,439
Hindustan Copper Ltd.		16,483		24,806
Huaibei Mining Holdings Co. Ltd., Class A		9,400		18,669
Hunan Valin Steel Co. Ltd., Class A		23,500		17,250
Hyundai Steel Co.		2,109		58,555
Impala Platinum Holdings Ltd.		24,775		286,240
Industrias CH SAB de CV, Series B*		1,147		13,605
Industrias Penoles SAB de CV*(a)		2,585		36,900
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		70,500		21,285
Inner Mongolia ERDOS Resources Co. Ltd., Class A		4,480		11,119
Inner Mongolia ERDOS Resources Co. Ltd., Class B		7,420		15,137
Jiangxi Copper Co. Ltd., Class A		9,400		27,044
Jiangxi Copper Co. Ltd., Class H		31,000		53,232
Jinchuan Group International Resources Co. Ltd.(a)		784,000		77,014
Jindal Stainless Hisar Ltd.*		35,329		198,510
Jindal Stainless Ltd.*		55,664		173,014
Jindal Steel & Power Ltd.		12,907		91,932
JSW Steel Ltd.		14,994		131,119
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class A		83,741		72,031
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class D		271,803		237,984
KG DONGBUSTEEL		10,241		70,335
Korea Zinc Co. Ltd.*		245		107,603
Koza Altin Isletmeleri A/S		705		20,797
Koza Anadolu Metal Madencilik Isletmeleri A/S*		68,257		192,501
Kumba Iron Ore Ltd.		1,470		44,667
Lloyds Metals & Energy Ltd.		31,017		109,828
Maanshan Iron & Steel Co. Ltd., Class A		21,200		9,256
Maanshan Iron & Steel Co. Ltd., Class H		22,000		5,361
Magnitogorsk Iron & Steel Works PJSC*‡		45,174		—
Merdeka Copper Gold Tbk. PT*		230,462		72,567
Metalurgica Gerdau SA (Preference)		22,200		63,180

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Minsur SA		11,032		10,529
MMC Norilsk Nickel PJSC‡		2,090		—
MMG Ltd.*		1,176,000		379,570
National Aluminium Co. Ltd.		329,476		335,192
Nickel Asia Corp.		1,690,500		194,650
NMDC Ltd.*‡		32,389		15,220
NMDC Ltd.		32,389		48,685
Northam Platinum Holdings Ltd.*		7,270		71,196
Novolipetsk Steel PJSC*‡		51,150		—
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		14,100		10,851
PMB Technology Bhd.		4,700		4,661
Polyus PJSC*‡		1,155		—
Poongsan Corp.*		6,272		183,557
POSCO Holdings, Inc.		2,107		514,007
Press Metal Aluminium Holdings Bhd.		58,800		71,402
Qatar Aluminum Manufacturing Co.		42,858		21,360
Raspadskaya OJSC*‡		4,240		—
Ratnamani Metals & Tubes Ltd.		1,291		34,988
Royal Bafokeng Platinum Ltd.		1,450		13,853
Saudi Arabian Mining Co.*		13,364		262,437
Seah Besteel Holdings Corp.*		4,900		65,238
SeAH Steel Holdings Corp.*		691		91,326
Severstal PAO*‡		5,995		—
Shandong Gold Mining Co. Ltd., Class A		5,100		14,937
Shandong Nanshan Aluminum Co. Ltd., Class A		18,800		10,044
Shanxi Meijin Energy Co. Ltd., Class A		9,400		13,369
Shanxi Taigang Stainless Steel Co. Ltd., Class A		15,900		10,801
Shougang Fushan Resources Group Ltd.		1,176,000		424,579
Shyam Metalics & Energy Ltd.		10,246		37,943
Sibanye Stillwater Ltd.		79,331		206,436
Steel Authority of India Ltd.		46,172		51,059
TA Chen Stainless Pipe		49,000		73,112
Tata Steel Ltd.		240,100		350,792
Tiangong International Co. Ltd.(a)		490,000		208,789
Tianshan Aluminum Group Co. Ltd., Class A		10,600		14,119
Tung Ho Steel Enterprise Corp.		17,050		32,822
United Co. RUSAL International PJSC‡		75,100		—
Usinas Siderurgicas de Minas Gerais SA Usiminas (Preference), Class A		171,500		287,324
Vale Indonesia Tbk. PT*		28,200		13,968
Vale SA		111,100		2,062,294
Vedanta Ltd.		29,204		118,486
Volcan Cia Minera SAA, Class B*		122,924		15,984
VSMPO-AVISMA Corp. PJSC‡		53		—
Western Superconducting Technologies Co. Ltd., Class A		752		10,946
Xiamen Tungsten Co. Ltd., Class A		3,900		12,785

Investments	Shares		Value ($)
YC INOX Co. Ltd.		147,000		149,081
Yieh Phui Enterprise Co. Ltd.		52,500		29,900
Young Poong Corp.*		245		124,310
Yunnan Aluminium Co. Ltd., Class A		6,300		12,540
Zhaojin Mining Industry Co. Ltd., Class H*		24,500		28,099
Zhejiang Huayou Cobalt Co. Ltd., Class A		2,140		20,817
Zijin Mining Group Co. Ltd., Class A		33,300		58,104
Zijin Mining Group Co. Ltd., Class H		196,000		322,560
				13,902,621
Multiline Retail - 0.5%
Aeon Co. M Bhd.		18,800		5,950
Central Retail Corp. PCL, NVDR		53,475		68,848
El Puerto de Liverpool SAB de CV, Class C1		6,185		39,068
Falabella SA		22,688		52,538
Hyundai Department Store Co. Ltd.*		224		11,202
Lotte Shopping Co. Ltd.*		448		34,187
Magazine Luiza SA*		37,600		32,715
MINISO Group Holding Ltd., ADR(a)		46,942		714,457
Mitra Adiperkasa Tbk. PT*		314,900		27,310
Shinsegae, Inc.*		212		39,843
V-Mart Retail Ltd.		484		16,383
Woolworths Holdings Ltd.		17,787		76,966
				1,119,467
Multi-Utilities - 0.1%
Dubai Electricity & Water Authority PJSC		138,131		89,128
Qatar Electricity & Water Co. QSC		9,126		44,555
YTL Power International Bhd.		1,531		264
				133,947
Oil, Gas & Consumable Fuels - 4.3%
3R Petroleum Oleo E Gas SA*		63,700		560,876
ABM Investama Tbk. PT		215,600		45,306
Adaro Energy Indonesia Tbk. PT		382,300		75,491
Aegis Logistics Ltd.		4,841		22,551
AKR Corporindo Tbk. PT		140,000		12,235
Aldrees Petroleum and Transport Services Co.		1,760		37,235
Bangchak Corp. PCL, NVDR		14,000		15,480
Banpu PCL, NVDR		93,200		32,751
Bashneft PJSC‡		1,305		—
Bashneft PJSC (Preference)‡		1,163		—
Bayan Resources Tbk. PT		227,200		304,651
Bharat Petroleum Corp. Ltd.		28,410		119,027
Bukit Asam Tbk. PT		106,000		24,043
Bumi Resources Tbk. PT*		5,042,100		51,464
China Coal Energy Co. Ltd., Class A		16,100		20,730
China Coal Energy Co. Ltd., Class H(a)		49,000		39,195

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
China Merchants Energy Shipping Co. Ltd., Class A		14,100		13,334
China Petroleum & Chemical Corp., Class A		104,900		70,172
China Petroleum & Chemical Corp., Class H		686,000		369,318
China Shenhua Energy Co. Ltd., Class A		19,600		82,351
China Shenhua Energy Co. Ltd., Class H		98,000		304,431
China Suntien Green Energy Corp. Ltd., Class H(a)		50,000		23,410
Coal India Ltd.		65,072		178,587
Cosan SA		19,600		64,288
COSCO SHIPPING Energy Transportation Co. Ltd., Class A*		8,600		18,175
Dana Gas PJSC		1,245,580		280,786
Ecopetrol SA		146,461		84,202
Empresas Copec SA		10,437		78,451
Enauta Participacoes SA		30,201		89,272
Esso Thailand PCL, NVDR		37,500		10,565
Exxaro Resources Ltd.		6,125		76,533
Formosa Petrochemical Corp.		29,000		81,036
Gazprom PJSC‡		412,500		—
Great Eastern Shipping Co. Ltd. (The)		36,652		287,007
Guanghui Energy Co. Ltd., Class A		15,100		22,839
Harum Energy Tbk. PT		89,300		10,306
HD Hyundai Co. Ltd.		1,505		74,651
Helleniq Energy Holdings SA		1,316		11,062
Hibiscus Petroleum Bhd.		617,400		164,997
Hindustan Petroleum Corp. Ltd.		14,504		42,116
Indian Oil Corp. Ltd.		107,751		107,516
Indika Energy Tbk. PT		641,200		103,088
Indo Tambangraya Megah Tbk. PT		9,400		22,700
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		5,300		10,338
Inner Mongolia Yitai Coal Co. Ltd., Class B		31,500		47,187
Ipek Dogal Enerji Kaynaklari Arastirma ve Uretim A/S*		36,309		65,088
IRPC PCL, NVDR		242,000		22,433
Jizhong Energy Resources Co. Ltd., Class A		14,100		13,731
LUKOIL PJSC‡		12,265		—
Mangalore Refinery & Petrochemicals Ltd.*		75,902		53,363
Mari Petroleum Co. Ltd.		611		3,462
Medco Energi Internasional Tbk. PT		178,600		16,621
MOL Hungarian Oil & Gas plc		13,034		96,943
Motor Oil Hellas Corinth Refineries SA		1,645		40,019
Novatek PJSC‡		20,020		—
Oil & Natural Gas Corp. Ltd.		112,504		198,976
Oil India Ltd.		12,376		35,189
Pakistan Oilfields Ltd.		55,027		84,885
Pakistan Petroleum Ltd.		246,176		71,216
Petro Rio SA*		9,800		81,034

Investments	Shares		Value ($)
PetroChina Co. Ltd., Class H		588,000		312,808
Petroleo Brasileiro SA		102,900		595,397
Petroleo Brasileiro SA (Preference)		132,300		677,422
Petronas Dagangan Bhd.		6,600		33,729
Petronet LNG Ltd.		25,624		67,947
Petroreconcavo SA		44,100		273,533
Productive Technologies Co. Ltd.*(a)		188,000		26,382
PTT Exploration & Production PCL		469		2,437
PTT Exploration & Production PCL, NVDR		39,131		203,301
PTT PCL, NVDR		260,900		262,797
Qatar Fuel QSC		8,595		42,152
Qatar Gas Transport Co. Ltd.		54,208		56,564
Rabigh Refining & Petrochemical Co.*		5,254		15,595
Reliance Industries Ltd.		55,468		1,593,621
Rosneft Oil Co. PJSC‡		74,042		—
Saudi Arabian Oil Co.(b)		36,317		318,850
Semirara Mining & Power Corp.		42,200		24,720
Shaanxi Coal Industry Co. Ltd., Class A		24,500		70,886
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		4,700		10,921
Shanxi Coking Coal Energy Group Co. Ltd., Class A		9,400		16,346
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		11,100		32,527
Siamgas & Petrochemicals PCL, NVDR		226,500		69,302
SK Discovery Co. Ltd.		4,116		106,258
SK Gas Ltd.		931		92,133
SK Innovation Co. Ltd.*		1,519		199,894
S-Oil Corp.		1,362		97,523
Star Petroleum Refining PCL, NVDR		33,500		11,671
Surgutneftegas PJSC‡		319,000		—
Surgutneftegas PJSC (Preference)‡		225,500		—
Tatneft PJSC‡		26,900		—
Tatneft PJSC (Preference)‡		3,870		—
Thai Oil PCL, NVDR		17,902		31,319
Thungela Resources Ltd.		4,116		54,758
Transneft PJSC (Preference)‡		55		—
Turkiye Petrol Rafinerileri A/S*		2,059		64,732
Ultrapar Participacoes SA		21,538		55,797
United Tractors Tbk. PT		39,200		64,200
Yancoal Australia Ltd.(b)		9,400		38,794
Yankuang Energy Group Co. Ltd., Class A		5,300		26,928
Yankuang Energy Group Co. Ltd., Class H(a)		46,000		147,591
				10,571,548
Paper & Forest Products - 0.5%
Alkim Kagit Sanayi ve Ticaret A/S		53,998		81,009
Century Plyboards India Ltd.		3,256		20,602
Century Textiles & Industries Ltd.		2,118		18,157

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Dexco SA*		123,910		183,500
Empresas CMPC SA		25,344		43,430
Indah Kiat Pulp & Paper Tbk. PT		85,800		47,651
JK Paper Ltd.		2,867		14,421
Lee & Man Paper Manufacturing Ltd.		784,000		343,063
Longchen Paper & Packaging Co. Ltd.		306,967		191,695
Nine Dragons Paper Holdings Ltd.		55,000		49,256
Pabrik Kertas Tjiwi Kimia Tbk. PT		28,200		13,780
Sappi Ltd.		16,314		48,163
Shandong Sun Paper Industry JSC Ltd., Class A		9,400		15,539
Suzano SA		24,500		223,084
				1,293,350
Personal Products - 0.5%
Amorepacific Corp.*		541		63,903
AMOREPACIFIC Group*		611		20,362
Colgate-Palmolive India Ltd.		2,295		40,703
Cosmax, Inc.*		3,087		196,227
Dabur India Ltd.		10,829		73,721
Emami Ltd.		4,717		25,517
Gillette India Ltd.		103		6,148
Godrej Consumer Products Ltd.*		7,252		80,837
Grape King Bio Ltd.		7,000		40,217
Hengan International Group Co. Ltd.		18,000		88,409
Hindustan Unilever Ltd.		14,308		450,002
Hyundai Bioscience Co. Ltd.*		1,504		29,181
Kolmar Korea Co. Ltd.*		142		5,124
LG H&H Co. Ltd.		147		88,668
LG H&H Co. Ltd. (Preference)		43		11,083
Microbio Co. Ltd.		16,461		36,349
Natura & Co. Holding SA		10,958		31,315
Procter & Gamble Hygiene & Health Care Ltd.		200		34,596
TCI Co. Ltd.		1,000		6,278
				1,328,640
Pharmaceuticals - 1.2%
Aarti Pharmalabs Ltd.*		1,095		3,660
Adcock Ingram Holdings Ltd.		2,912		8,520
Ajanta Pharma Ltd.		576		8,505
Alembic Pharmaceuticals Ltd.		3,400		22,337
Alkem Laboratories Ltd.		516		18,966
Aspen Pharmacare Holdings Ltd.		6,909		59,934
AstraZeneca Pharma India Ltd.		235		9,641
Asymchem Laboratories Tianjin Co. Ltd., Class A		700		16,534
Aurobindo Pharma Ltd.		5,645		28,122
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.(a)		5,000		7,616
Beijing Tongrentang Co. Ltd., Class A		4,700		32,790
Bukwang Pharmaceutical Co. Ltd.*		1,431		10,781
CanSino Biologics, Inc., Class A		318		6,184
CanSino Biologics, Inc., Class H(a)(b)		800		6,583
Caregen Co. Ltd.		141		16,483

Investments	Shares		Value ($)
Celltrion Pharm, Inc.*		137		7,070
Center Laboratories, Inc.		10,414		16,371
Changchun High & New Technology Industry Group, Inc., Class A		600		17,857
China Medical System Holdings Ltd.		43,000		74,167
China Resources Pharmaceutical Group Ltd.(a)(b)		52,000		39,140
China Traditional Chinese Medicine Holdings Co. Ltd.(a)		88,000		42,100
Chong Kun Dang Pharmaceutical Corp.*		107		7,088
Cipla Ltd.		8,967		111,413
CSPC Pharmaceutical Group Ltd.		146,080		166,607
Daewoong Co. Ltd.*		339		6,096
Daewoong Pharmaceutical Co. Ltd.*		49		6,058
Dong-A Socio Holdings Co. Ltd.		1,686		138,789
Dong-A ST Co. Ltd.*		94		4,930
DongKook Pharmaceutical Co. Ltd.*		950		13,119
Dr Reddy’s Laboratories Ltd.		2,141		113,001
Genomma Lab Internacional SAB de CV, Class B		31,531		29,653
Gland Pharma Ltd.*(b)		971		15,419
GlaxoSmithKline Pharmaceuticals Ltd.		376		5,719
Glenmark Pharmaceuticals Ltd.		8,465		39,675
Grand Pharmaceutical Group Ltd.(a)		465,500		289,804
Granules India Ltd.		5,750		20,750
Guangdong Zhongsheng Pharmaceutical Co. Ltd., Class A		4,900		17,042
Hanall Biopharma Co. Ltd.*		919		12,235
Hanmi Pharm Co. Ltd.*		100		20,823
Hanmi Science Co. Ltd.*		671		16,396
Hansoh Pharmaceutical Group Co. Ltd.(b)		16,000		32,741
HK inno N Corp.*		644		20,520
Hua Han Health Industry Holdings Ltd.*‡		3,780,000		—
Hypera SA		7,100		64,705
Il Dong Pharmaceutical Co. Ltd.*		1,148		24,185
Ipca Laboratories Ltd.		3,080		31,949
JB Chemicals & Pharmaceuticals Ltd.		1,677		41,816
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		8,400		52,474
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		4,700		8,180
Jubilant Pharmova Ltd.		4,141		17,791
Kalbe Farma Tbk. PT		365,800		50,270
Komipharm International Co. Ltd.*		1,425		7,901
Laurus Labs Ltd.(b)		7,802		31,454
Livzon Pharmaceutical Group, Inc., Class H(a)		3,930		13,361
Lotus Pharmaceutical Co. Ltd.*		2,000		15,853
Lupin Ltd.		4,816		43,341

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Luye Pharma Group Ltd.*(b)		47,000		24,104
Mega Lifesciences PCL, NVDR		9,300		14,720
Natco Pharma Ltd.		4,680		30,449
Oneness Biotech Co. Ltd.*		3,000		26,878
Oscotec, Inc.*		1,034		16,075
Pfizer Ltd.		341		16,104
Pharmally International Holding Co. Ltd.*‡		2,564		3,625
Procter & Gamble Health Ltd.		400		19,987
Richter Gedeon Nyrt.		3,528		79,347
Sam Chun Dang Pharm Co. Ltd.*		517		20,188
Sanofi India Ltd.		163		10,940
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		3,800		19,132
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H(a)		8,000		25,719
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		4,700		20,172
Shin Poong Pharmaceutical Co. Ltd.*		432		7,295
Sihuan Pharmaceutical Holdings Group Ltd.		125,000		15,947
Sino Biopharmaceutical Ltd.		175,999		102,161
SK Biopharmaceuticals Co. Ltd.*		330		19,396
SSY Group Ltd.		44,000		27,337
Sun Pharmaceutical Industries Ltd.		18,057		228,003
Suven Pharmaceuticals Ltd.		3,735		22,477
Torrent Pharmaceuticals Ltd.		1,434		26,635
TTY Biopharm Co. Ltd.		11,000		28,430
United Laboratories International Holdings Ltd. (The)(a)		300,000		198,634
Yuhan Corp.*		1,078		45,770
Yungjin Pharmaceutical Co. Ltd.*		1,602		4,662
Yunnan Baiyao Group Co. Ltd., Class A		1,540		13,096
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		700		32,198
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		4,700		14,920
Zydus Lifesciences Ltd.		4,844		25,515
				3,084,435
Professional Services - 0.0%(d)
CTOS Digital Bhd.		84,900		30,650
L&T Technology Services Ltd.(b)		376		15,310
NICE Information Service Co. Ltd.*		2,317		24,396
Quess Corp. Ltd.(b)		3,339		14,551
Sporton International, Inc.		3,000		21,982
				106,889
Real Estate Management & Development - 3.7%
Agile Group Holdings Ltd.*(a)		490,000		157,529
Aldar Properties PJSC		67,345		79,940
Aliansce Sonae Shopping Centers sa		17,137		60,619
A-Living Smart City Services Co. Ltd.(b)		232,750		294,554
AP Thailand PCL, NVDR		362,300		130,608
Arabian Centres Co. Ltd.		676		3,610

Investments	Shares		Value ($)
Arriyadh Development Co.		2,145		10,848
Ayala Land, Inc.		83,300		44,679
Barwa Real Estate Co.		13,319		10,387
Brigade Enterprises Ltd.		4,730		26,514
C&D International Investment Group Ltd.		16,587		52,690
Cencosud Shopping SA		11,750		17,645
Central Pattana PCL, NVDR		24,200		52,234
China Aoyuan Group Ltd.*‡(a)		713,000		71,897
China Dili Group*‡(a)		100,000		10,311
China Evergrande Group*‡(a)		66,000		93
China Jinmao Holdings Group Ltd.		1,960,000		450,083
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		19,600		43,076
China Overseas Grand Oceans Group Ltd.		490,000		228,792
China Overseas Land & Investment Ltd.		111,000		299,501
China Overseas Property Holdings Ltd.(a)		30,000		39,191
China Resources Land Ltd.		82,000		393,338
China Resources Mixc Lifestyle Services Ltd.(b)		10,000		57,600
China Vanke Co. Ltd., Class A		29,400		79,581
China Vanke Co. Ltd., Class H		52,100		105,283
Chong Hong Construction Co. Ltd.		85,000		209,775
Ciputra Development Tbk. PT		179,449		11,672
Commercial Real Estate Co. KSC		591,035		190,525
Corp. Inmobiliaria Vesta SAB de CV(a)		24,000		65,668
Cosmopolitan International Holdings Ltd.*(a)		94,000		15,710
Country Garden Holdings Co. Ltd.(a)		245,000		91,892
Country Garden Services Holdings Co. Ltd.		49,000		132,524
Dar Al Arkan Real Estate Development Co.*		7,655		25,496
DLF Ltd.		11,270		48,978
Eco World Development Group Bhd.		436,100		70,541
Emaar Development PJSC*		15,780		19,118
Emaar Economic City*		9,847		21,462
Emaar Properties PJSC		175,175		265,167
Evergrande Property Services Group Ltd.*‡(b)		78,500		—
Gemdale Corp., Class A		14,100		20,617
Gemdale Properties & Investment Corp. Ltd.(a)		2,156,000		187,035
Godrej Properties Ltd.*		2,621		37,801
Greentown China Holdings Ltd.		25,000		36,805
Greentown Service Group Co. Ltd.(a)(b)		490,000		357,566
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		14,100		22,182
Hanson International Tbk. PT*‡		2,409,275		—
Highwealth Construction Corp.		35,755		48,944
Hopson Development Holdings Ltd.(a)		18,800		22,305

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Huaku Development Co. Ltd.		88,000		260,849
Huang Hsiang Construction Corp.		49,000		67,808
Iguatemi SA		9,400		36,168
IOI Properties Group Bhd.		52,800		13,615
JHSF Participacoes SA		107,800		109,040
Jinke Smart Services Group Co. Ltd., Class H(b)		53,900		95,580
Kaisa Group Holdings Ltd.*		119,714		8,457
KE Holdings, Inc., ADR*		11,270		206,692
Kindom Development Co. Ltd.		147,400		142,368
King’s Town Construction Co. Ltd.*		2,000		2,198
LAMDA Development SA*		1,368		9,315
Longfor Group Holdings Ltd.(b)		49,000		161,905
LSR Group PJSC*‡		21,295		—
Mabanee Co. KPSC		13,622		38,155
Macrotech Developers Ltd.*(b)		825		10,295
MAS P.L.C.		18,975		23,191
Matrix Concepts Holdings Bhd.		318,500		116,477
MBK PCL, NVDR		30,344		16,914
Megaworld Corp.		3,626,000		140,719
Midea Real Estate Holding Ltd.(a)(b)		107,800		163,655
Multiplan Empreendimentos Imobiliarios SA*		5,000		23,363
National Real Estate Co. KPSC*		396,895		131,063
Oberoi Realty Ltd.		1,551		15,541
Origin Property PCL, NVDR		367,200		135,712
OSK Holdings Bhd.		406,700		95,341
Pakuwon Jati Tbk. PT		155,100		4,635
Phoenix Mills Ltd. (The)		1,600		26,729
Poly Developments and Holdings Group Co. Ltd., Class A		29,400		68,442
Prestige Estates Projects Ltd.		3,219		16,467
Prince Housing & Development Corp.		50,000		18,568
Pruksa Holding PCL, NVDR		259,700		103,849
Quality Houses PCL, NVDR		178,500		12,762
Radiance Holdings Group Co. Ltd.(a)(b)		245,000		128,149
Redco Properties Group Ltd.*(a)(b)		196,000		38,507
Robinsons Land Corp.		23,506		6,584
Ruentex Development Co. Ltd.		41,400		61,704
Salhia Real Estate Co. KSCP		15,502		27,576
Sansiri PCL, NVDR		2,165,500		127,923
Saudi Real Estate Co.*		3,478		11,306
Seazen Group Ltd.*		784,000		306,057
Seazen Holdings Co. Ltd., Class A*		4,700		14,788
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B		83,300		78,135
Shanghai Lingang Holdings Corp. Ltd., Class A		5,640		10,275
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		8,000		12,041

Investments	Shares		Value ($)
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		30,940		24,783
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		4,700		8,813
Shenzhen Investment Ltd.		784,000		154,028
Shimao Group Holdings Ltd.*‡		32,000		14,294
Shoucheng Holdings Ltd.		110,000		26,382
Shui On Land Ltd.		1,151,500		155,716
Sichuan Languang Justbon Services Group Co. Ltd., Class H*‡		26,500		183,066
Sime Darby Property Bhd.		42,300		4,859
Sinic Holdings Group Co. Ltd., Class H*‡(b)		318,000		—
Sinyi Realty, Inc.		98,000		90,574
SK D&D Co. Ltd.		3,408		58,377
SM Prime Holdings, Inc.		171,500		115,845
SOHO China Ltd.*		76,000		14,737
SP Setia Bhd. Group		592,900		96,599
Summarecon Agung Tbk. PT		227,900		9,350
Sunac China Holdings Ltd.*‡(a)		145,000		59,694
Supalai PCL, NVDR		23,800		17,448
Talaat Moustafa Group		356,441		119,877
United Development Co. QSC		67,999		22,612
UOA Development Bhd.		21,800		8,586
WHA Corp. PCL, NVDR		117,490		13,454
Yuexiu Property Co. Ltd.		41,600		60,395
Yungshin Construction & Development Co. Ltd.		28,000		49,146
Zhejiang China Commodities City Group Co. Ltd., Class A		5,500		4,151
				9,034,090
Road & Rail - 0.3%
BTS Group Holdings PCL, NVDR		119,640		30,626
Container Corp. of India Ltd.		4,480		34,365
Daqin Railway Co. Ltd., Class A		40,000		39,663
Full Truck Alliance Co. Ltd., ADR*(a)		10,535		84,807
GMexico Transportes SAB de CV(a)(b)		9,400		20,400
Localiza Rent a Car SA		12,107		140,796
Localiza Rent a Car SA*‡		51		593
Lotte Rental Co. Ltd.*		5,194		117,643
Movida Participacoes SA		44,100		65,395
Rumo SA		19,600		70,755
SIMPAR SA		107,800		164,512
Theeb Rent A Car Co.		441		7,920
United International Transportation Co.		996		13,269
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA*		5,500		15,793
				806,537
Semiconductors & Semiconductor Equipment - 6.4%
3peak, Inc., Class A		245		10,515
ADATA Technology Co. Ltd.		104,000		226,878
Advanced Power Electronics Corp.		49,000		186,045
Advanced Wireless Semiconductor Co.		10,000		26,478
Alchip Technologies Ltd.		1,000		28,077
Andes Technology Corp.		2,379		41,598

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Anji Microelectronics Technology Shanghai Co. Ltd., Class A		539		15,480
AP Memory Technology Corp.		1,000		6,994
Ardentec Corp.		147,000		258,015
ASE Technology Holding Co. Ltd.		105,000		349,709
ASMedia Technology, Inc.		1,000		29,742
Borosil Renewables Ltd.*		1,880		10,943
China Resources Microelectronics Ltd., Class A		1,350		10,963
Chipbond Technology Corp.		21,000		42,315
ChipMOS Technologies, Inc.		171,000		197,056
D&O Green Technologies Bhd.		15,300		16,929
Daqo New Energy Corp., ADR*		1,568		71,360
DB HiTek Co. Ltd.*		1,396		51,225
Duk San Neolux Co. Ltd.*		423		12,345
Elan Microelectronics Corp.		98,000		316,276
Elite Semiconductor Microelectronics Technology, Inc.		98,000		253,935
eMemory Technology, Inc.		1,000		53,955
Ennostar, Inc.		7,000		11,657
Eo Technics Co. Ltd.*		134		8,137
Episil Technologies, Inc.		6,292		20,180
Eugene Technology Co. Ltd.		65		1,364
Everlight Electronics Co. Ltd.		130,000		162,365
Faraday Technology Corp.		4,000		22,581
Fitipower Integrated Technology, Inc.		49,000		235,004
Flat Glass Group Co. Ltd., Class A		3,600		20,027
Flat Glass Group Co. Ltd., Class H(a)		7,000		21,879
Formosa Advanced Technologies Co. Ltd.		64,000		85,369
Formosa Sumco Technology Corp.		1,000		5,179
GCL System Integration Technology Co. Ltd., Class A*		34,300		16,447
GCL Technology Holdings Ltd.*(a)		539,000		148,527
GemVax & Kael Co. Ltd.*		920		10,957
GigaDevice Semiconductor, Inc., Class A		1,440		24,412
Global Mixed Mode Technology, Inc.		26,000		139,850
Global Unichip Corp.		2,000		52,090
Globalwafers Co. Ltd.		4,000		69,675
Greatek Electronics, Inc.		101,000		170,884
HAESUNG DS Co. Ltd.*		4,116		132,823
Hana Materials, Inc.		318		9,720
Hangzhou First Applied Material Co. Ltd., Class A		2,660		29,616
Hangzhou Silan Microelectronics Co. Ltd., Class A		2,900		15,163
Holtek Semiconductor, Inc.		6,000		14,528
Hua Hong Semiconductor Ltd.*(b)		11,000		42,380
Hyundai Energy Solutions Co. Ltd.*		235		9,959
Inari Amertron Bhd.		18,800		11,415
Innox Advanced Materials Co. Ltd.		5,586		141,033
JA Solar Technology Co. Ltd., Class A		3,780		36,888

Investments	Shares		Value ($)
Jentech Precision Industrial Co. Ltd.		2,199		27,465
Jusung Engineering Co. Ltd.*		13,181		129,584
King Yuan Electronics Co. Ltd.		35,000		44,646
Kinsus Interconnect Technology Corp.		4,000		14,988
Koh Young Technology, Inc.*		1,692		23,543
LEENO Industrial, Inc.		94		13,011
LONGi Green Energy Technology Co. Ltd., Class A		10,448		74,452
LX Semicon Co. Ltd.		235		15,300
Macronix International Co. Ltd.		50,000		59,617
MediaTek, Inc.		49,000		1,171,757
Montage Technology Co. Ltd., Class A		1,692		13,875
Nanya Technology Corp.		30,000		57,752
NAURA Technology Group Co. Ltd., Class A		900		31,207
NEXTIN, Inc.		265		10,714
Novatek Microelectronics Corp.		18,000		212,823
Nuvoton Technology Corp.		4,000		17,252
Pan Jit International, Inc.		8,000		17,665
Parade Technologies Ltd.		1,400		42,991
Phison Electronics Corp.		6,000		74,138
Pixart Imaging, Inc.		9,000		29,855
Powerchip Semiconductor Manufacturing Corp.		80,000		91,391
Powertech Technology, Inc.		20,000		55,620
Radiant Opto-Electronics Corp.		14,330		48,920
Raydium Semiconductor Corp.		20,000		236,470
Realtek Semiconductor Corp.		11,070		117,982
RFHIC Corp.*		282		5,517
S&S Tech Corp.		423		10,302
SDI Corp.		8,000		30,241
Shanghai Fudan Microelectronics Group Co. Ltd., Class A		1,050		10,530
Shanghai Fudan Microelectronics Group Co. Ltd., Class H		4,000		16,610
Shenzhen Xinyichang Technology Co. Ltd., Class A		833		13,804
Sigurd Microelectronics Corp.		147,000		249,202
Silergy Corp.		5,000		100,083
Silicon Integrated Systems Corp.		196,000		112,933
SIMMTECH Co. Ltd.*		7,791		191,012
Sino-American Silicon Products, Inc.		18,000		97,419
Sitronix Technology Corp.		49,000		345,162
SK Hynix, Inc.		8,624		619,601
SK Square Co. Ltd.*		1,604		47,203
Sunplus Technology Co. Ltd.		196,000		155,364
Taiwan Mask Corp.		7,000		21,379
Taiwan Semiconductor Co. Ltd.		9,000		26,468
Taiwan Semiconductor Manufacturing Co. Ltd.		306,000		5,319,967
Taiwan Surface Mounting Technology Corp.		98,000		295,714
Taiwan-Asia Semiconductor Corp.		13,000		16,453

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		4,700		29,520
Tokai Carbon Korea Co. Ltd.*		86		7,261
Topco Scientific Co. Ltd.		64,000		360,233
TSEC Corp.*		25,241		31,021
Unigroup Guoxin Microelectronics Co. Ltd., Class A		1,679		31,259
Unisem M Bhd.		14,700		10,855
United Microelectronics Corp.*		350,000		568,859
United Renewable Energy Co. Ltd.*		40,574		28,513
Vanguard International Semiconductor Corp.		18,000		59,770
Visual Photonics Epitaxy Co. Ltd.		10,000		29,509
ViTrox Corp. Bhd.		19,400		35,655
Wafer Works Corp.		11,511		17,195
Will Semiconductor Co. Ltd. Shanghai, Class A		2,025		28,219
Win Semiconductors Corp.		6,961		44,513
Winbond Electronics Corp.		47,000		33,734
WONIK IPS Co. Ltd.*		329		8,240
Wonik QnC Corp.*		5,684		117,205
XinTec, Inc.		3,000		10,691
Xinyi Solar Holdings Ltd.		81,343		105,433
				15,762,609
Software - 0.3%
360 Security Technology, Inc., Class A		15,500		16,058
Ahnlab, Inc.*		190		14,422
AsiaInfo Technologies Ltd.(b)		21,200		39,162
Beijing Kingsoft Office Software, Inc., Class A		611		25,437
Birlasoft Ltd.		9,308		34,305
Cyient Ltd.		4,410		47,360
Dear U Co. Ltd.*		423		14,491
Douzone Bizon Co. Ltd.		530		15,059
Hundsun Technologies, Inc., Class A		4,550		31,797
Iflytek Co. Ltd., Class A		4,700		28,227
Intellect Design Arena Ltd.		4,762		25,563
Kingdee International Software Group Co. Ltd.*		49,000		106,770
KPIT Technologies Ltd.		2,397		22,320
Linklogis, Inc., Class B*(a)(b)		53,000		32,320
Ming Yuan Cloud Group Holdings Ltd.		11,000		10,314
NavInfo Co. Ltd., Class A		4,700		8,340
Oracle Financial Services Software Ltd.		282		10,487
Route Mobile Ltd.		954		14,325
Shanghai Baosight Software Co. Ltd., Class A		3,510		25,984
Shanghai Baosight Software Co. Ltd., Class B		6,909		21,597
Tanla Platforms Ltd.		1,963		15,497
Tata Elxsi Ltd.		637		51,570
TOTVS SA		4,700		27,758

Investments	Shares		Value ($)
Weimob, Inc.*(a)(b)		87,000		69,702
Yonyou Network Technology Co. Ltd., Class A		4,700		17,049
				725,914
Specialty Retail - 1.7%
Abu Dhabi National Oil Co. for Distribution PJSC		48,412		57,993
Ace Hardware Indonesia Tbk. PT		206,000		6,734
Bermaz Auto Bhd.		56,000		28,487
China Meidong Auto Holdings Ltd.(a)		196,000		485,090
China Tourism Group Duty Free Corp. Ltd., Class A		2,500		78,549
China Tourism Group Duty Free Corp. Ltd., Class H*(b)		200		6,118
China Yongda Automobiles Services Holdings Ltd.		490,000		423,203
Chow Tai Fook Jewellery Group Ltd.(a)		42,600		90,977
Com7 PCL, NVDR		9,300		8,804
Cuckoo Homesys Co. Ltd.*		3,038		73,619
Detsky Mir PJSC*‡(b)		258,500		—
Dogan Sirketler Grubu Holding A/S		425,271		199,178
Dogus Otomotiv Servis ve Ticaret A/S		893		7,548
EEKA Fashion Holdings Ltd.		73,500		98,456
Foschini Group Ltd. (The)		6,063		37,750
Grupo SBF SA		5,300		11,534
Home Product Center PCL, NVDR		78,600		34,050
Hotai Motor Co. Ltd.		6,000		131,091
Hotel Shilla Co. Ltd.		470		30,219
Italtile Ltd.		10,931		8,342
Jarir Marketing Co.		839		33,623
JUMBO SA		3,506		62,751
K Car Co. Ltd.		176		1,819
Lojas Renner SA		16,350		69,460
M.Video PJSC*‡		31,680		—
Metro Brands Ltd.		1,128		10,417
Motus Holdings Ltd.		64,631		457,043
MR DIY Group M Bhd.(b)		63,600		28,328
Mr Price Group Ltd.		5,194		49,012
Pan German Universal Motors Ltd.		9,000		65,046
Pepkor Holdings Ltd.(b)		25,185		29,697
Pet Center Comercio e Participacoes SA		11,807		16,789
Pop Mart International Group Ltd.(a)(b)		29,400		95,080
PTT Oil & Retail Business PCL, NVDR		52,000		35,286
Shanghai Yuyuan Tourist Mart Group Co. Ltd.		9,400		11,004
Shinsegae International, Inc.*		6,517		129,356
Siam Global House PCL, NVDR		38,944		24,539
Singer Thailand PCL, NVDR		18,700		15,579
Super Group Ltd.		124,578		197,295
Topsports International Holdings Ltd.(b)		99,000		93,335
Truworths International Ltd.		148,519		562,033

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
United Electronics Co.		1,619		32,699
Via S/A*		519,400		244,834
Vibra Energia SA		29,400		95,046
Zhongsheng Group Holdings Ltd.		12,500		70,565
				4,248,378
Technology Hardware, Storage & Peripherals - 4.5%
Acer, Inc.		71,000		58,999
Advantech Co. Ltd.		7,941		90,188
Asia Vital Components Co. Ltd.		8,000		28,243
ASROCK, Inc.		21,000		105,962
Asustek Computer, Inc.		20,000		181,182
AURAS Technology Co. Ltd.		30,000		154,871
Catcher Technology Co. Ltd.		14,000		82,998
Chicony Electronics Co. Ltd.		15,992		46,232
China Greatwall Technology Group Co. Ltd., Class A		5,500		9,906
Clevo Co.		196,000		203,670
Compal Electronics, Inc.		98,000		73,765
CosmoAM&T Co. Ltd.*		450		21,590
Darfon Electronics Corp.		71,000		93,169
Ennoconn Corp.		2,000		14,854
Getac Holdings Corp.		166,000		251,557
Gigabyte Technology Co. Ltd.		18,000		69,242
HTC Corp.*		18,000		36,450
Innodisk Corp.		4,872		30,668
Inventec Corp.		72,000		60,550
Legend Holdings Corp., Class H(b)		210,700		246,489
Lenovo Group Ltd.		196,000		156,779
Lite-On Technology Corp.		72,000		159,227
Micro-Star International Co. Ltd.		21,000		91,624
Mitac Holdings Corp.		33,600		34,467
Multilaser Industrial SA		61,100		40,202
Ninestar Corp., Class A		2,900		22,017
Pegatron Corp.		61,000		131,041
Qisda Corp.		56,000		52,783
Quanta Computer, Inc.		82,000		204,010
Samsung Electronics Co. Ltd.		146,216		7,240,766
Samsung Electronics Co. Ltd. (Preference)		23,030		1,028,292
Shenzhen Transsion Holdings Co. Ltd., Class A		1,316		16,658
Wistron Corp.		75,000		78,684
Wiwynn Corp.		3,000		74,938
				11,192,073
Textiles, Apparel & Luxury Goods - 1.3%
361 Degrees International Ltd.*(a)		294,000		142,151
Aditya Birla Fashion and Retail Ltd.*		6,536		20,475
Aksa Akrilik Kimya Sanayii A/S		2,021		8,316
Alok Industries Ltd.*		23,980		3,922
Alpargatas SA (Preference)*		5,500		14,702
ANTA Sports Products Ltd.		19,600		296,055
Arezzo Industria e Comercio SA		1,748		30,075
Bata India Ltd.		848		15,829
Bosideng International Holdings Ltd.(a)		54,000		30,036
Eclat Textile Co. Ltd.		3,698		61,151
F&F Co. Ltd.*		490		60,345

Investments	Shares		Value ($)
Feng TAY Enterprise Co. Ltd.		10,600		69,549
FF Group*‡		3,536		—
Fila Holdings Corp.		1,167		36,664
Fuguiniao Group Ltd.*‡		334,800		—
Fulgent Sun International Holding Co. Ltd.		4,000		17,652
Garware Technical Fibres Ltd.		450		16,017
Golden Solar New Energy Technology Holdings Ltd.*(a)		42,000		43,937
Grendene SA		8,264		10,615
Grupo de Moda Soma SA		4,700		9,693
Handsome Co. Ltd.*		3,871		85,949
Hansae Co. Ltd.		7,546		99,486
Hwaseung Enterprise Co. Ltd.*		6,125		50,718
KPR Mill Ltd.		1,754		11,321
Lao Feng Xiang Co. Ltd., Class B		2,500		7,622
Li Ning Co. Ltd.		39,500		389,026
Makalot Industrial Co. Ltd.		4,334		31,467
Mavi Giyim Sanayi ve Ticaret A/S, Class B(b)		26,705		164,826
Page Industries Ltd.		118		57,664
Pou Chen Corp.		63,000		71,970
Rajesh Exports Ltd.		2,600		27,736
Raymond Ltd.		1,316		24,505
Relaxo Footwears Ltd.		987		9,880
Ruentex Industries Ltd.		28,819		64,213
Shenzhou International Group Holdings Ltd.		14,700		184,253
Tainan Spinning Co. Ltd.		392,000		223,254
Taiwan Paiho Ltd.		100,000		197,835
Titan Co. Ltd.		6,664		193,355
Trident Ltd.		22,165		9,320
Vaibhav Global Ltd.		2,050		7,612
Vardhman Textiles Ltd.*		39,053		144,574
VIP Industries Ltd.		3,025		25,818
Viva China Holdings Ltd.*(a)		832,000		150,722
Vivara Participacoes SA		5,300		25,504
Welspun India Ltd.		7,370		6,045
Xtep International Holdings Ltd.(a)		27,500		36,486
Youngone Corp.*		890		31,502
Youngone Holdings Co. Ltd.*		1,764		87,641
				3,307,488
Thrifts & Mortgage Finance - 0.2%
Aavas Financiers Ltd.*		611		13,493
Can Fin Homes Ltd.		4,876		33,778
IIFL Finance Ltd.		7,301		45,746
Indiabulls Housing Finance Ltd.*		148,274		222,333
LIC Housing Finance Ltd.		10,094		49,430
PNB Housing Finance Ltd.*(b)		10,604		71,736
				436,516
Tobacco - 0.2%
British American Tobacco Malaysia Bhd.		400		1,187
Eastern Co. SAE		27,721		16,441
Gudang Garam Tbk. PT		14,900		22,862
ITC Ltd.		46,599		200,408
KT&G Corp.*		3,254		244,354
RLX Technology, Inc., ADR*(a)		27,146		67,322

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Smoore International Holdings Ltd.(a)(b)		33,000		49,678
				602,252
Trading Companies & Distributors - 0.4%
Adani Enterprises Ltd.		4,622		167,772
ALAFCO Aviation Lease & Finance Co. KSCP*		3,260		2,286
Armac Locacao Logistica E Servicos SA		5,000		12,884
Barloworld Ltd.		69,237		357,716
BOC Aviation Ltd.(a)(b)		5,100		42,356
Chin Hin Group Bhd.		9,400		8,087
COSCO SHIPPING Development Co. Ltd., Class A		37,600		13,967
COSCO SHIPPING Development Co. Ltd., Class H		62,000		8,543
IndiaMart InterMesh Ltd.(b)		517		28,640
LX International Corp.*		800		22,764
Posco International Corp.		1,484		28,251
Realord Group Holdings Ltd.*(a)		12,000		13,533
SK Networks Co. Ltd.*		46,452		153,105
Xiamen C & D, Inc., Class A		9,400		18,461
				878,365
Transportation Infrastructure - 1.3%
Abu Dhabi Ports Co. PJSC*		13,395		21,516
Adani Ports & Special Economic Zone Ltd.		11,172		83,542
Airports of Thailand PCL*		54,000		121,463
Airports of Thailand PCL, NVDR*		21,700		48,810
Anhui Expressway Co. Ltd., Class H		136,000		123,880
Bangkok Expressway & Metro PCL, NVDR		148,000		43,490
Beijing Capital International Airport Co. Ltd., Class H*		56,000		42,579
CCR SA		19,982		46,154
China Merchants Port Holdings Co. Ltd.		38,410		53,804
COSCO SHIPPING Ports Ltd.		647,348		488,904
EcoRodovias Infraestrutura e Logistica SA		4,700		4,191
Evergreen International Storage & Transport Corp.		16,000		14,335
GMR Airports Infrastructure Ltd.*		48,418		22,664
Grupo Aeroportuario del Centro Norte SAB de CV		4,700		42,928
Grupo Aeroportuario del Pacifico SAB de CV, Class B		5,736		99,187
Grupo Aeroportuario del Sureste SAB de CV, Class B		3,410		92,768
Guangdong Provincial Expressway Development Co. Ltd., Class B		122,500		90,642
International Container Terminal Services, Inc.		16,170		61,391
Jasa Marga Persero Tbk. PT*		39,723		8,374
Jiangsu Expressway Co. Ltd., Class H		32,000		31,557

Investments	Shares		Value ($)
Lingkaran Trans Kota Holdings Bhd.		4,700		573
Malaysia Airports Holdings Bhd.*		16,800		27,805
National Marine Dredging Co.*		5,399		47,889
Ningbo Zhoushan Port Co. Ltd., Class A		23,500		12,764
Novorossiysk Commercial Sea Port PJSC‡		189,696		—
Promotora y Operadora de Infraestructura SAB de CV		2,160		20,965
Salik Co. PJSC*		24,346		16,703
Santos Brasil Participacoes SA		28,200		48,796
Saudi Ground Services Co.*		4,431		26,187
Shanghai International Airport Co. Ltd., Class A*		3,600		32,234
Shanghai International Port Group Co. Ltd., Class A		56,700		44,726
Shenzhen International Holdings Ltd.(a)		490,000		476,963
Sociedad Matriz SAAM SA		1,426,733		168,229
Taiwan High Speed Rail Corp.		50,000		48,626
TAV Havalimanlari Holding A/S*		2,961		13,010
Westports Holdings Bhd.		17,500		15,466
Wilson Sons Holdings Brasil SA		63,700		128,865
Zhejiang Expressway Co. Ltd., Class H		524,000		451,900
				3,123,880
Water Utilities - 0.5%
Aguas Andinas SA, Class A		1,053,095		251,483
Athens Water Supply & Sewage Co. SA		94		714
Beijing Enterprises Water Group Ltd.(a)		132,000		33,680
China Water Affairs Group Ltd.(a)		346,000		300,599
Cia de Saneamento Basico do Estado de Sao Paulo		4,900		53,567
Cia de Saneamento de Minas Gerais-COPASA*		70,639		203,116
Cia de Saneamento do Parana		88,200		298,478
Guangdong Investment Ltd.		58,000		62,968
Manila Water Co., Inc.		37,900		13,668
National Central Cooling Co. PJSC		5,029		3,697
				1,221,970
Wireless Telecommunication Services - 1.0%
Advanced Info Service PCL, NVDR		19,300		114,011
America Movil SAB de CV, Series L		558,700		584,852
Axiata Group Bhd.		77,304		54,910
Bharti Airtel Ltd.		38,514		362,111
DiGi.Com Bhd.		63,700		62,867
Empresa Nacional de Telecomunicaciones SA		47,579		181,942
Etihad Etisalat Co.		7,632		71,887
Far EasTone Telecommunications Co. Ltd.		30,000		66,644
Globe Telecom, Inc.		470		17,380
Indosat Tbk. PT		31,800		12,941

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Intouch Holdings PCL, NVDR		23,300		51,350
Kuwait Telecommunications Co.		3,699		8,483
Maxis Bhd.		32,900		30,542
Mobile Telecommunications Co. KSCP		30,838		55,968
Mobile Telecommunications Co. Saudi Arabia*		8,508		23,713
Mobile TeleSystems PJSC‡		31,356		—
MTN Group Ltd.		24,549		206,886
PLDT, Inc.		2,735		67,189
Sistema PJSFC*‡		122,643		—
SK Telecom Co. Ltd.		3,127		118,297
Smartfren Telecom Tbk. PT*		620,400		2,814
Taiwan Mobile Co. Ltd.		30,000		94,521
TIM SA		8,600		19,915
Turkcell Iletisim Hizmetleri A/S		37,864		73,069
Vodacom Group Ltd.(a)		12,005		84,040
Vodafone Idea Ltd.*		97,468		8,387
Vodafone Qatar QSC		105,056		49,474
				2,424,193
TOTAL COMMON STOCKS (COST $221,216,042)				245,778,441
Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS - 0.0%(d)
Independent Power and Renewable Electricity Producers - 0.0%(d)
NTPC Ltd. Series 54, 8.49%, 3/25/2025 (Cost $–)		INR     49,126		8,125
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(e) - 0.6%
REPURCHASE AGREEMENTS - 0.6%
Citigroup Global Markets, Inc., 4.27%, dated 1/31/2023, due 2/1/2023, repurchase price $1,440,372, collateralized by various U.S. Treasury Securities, ranging from 1.00% - 3.13%, maturing 5/15/2029 - 5/15/2048; total market value $1,462,595 (Cost $1,440,201)		1,440,201		1,440,201
Total Investments - 99.8% (Cost $222,656,243)				247,226,767
Other assets less liabilities - 0.2%				422,527
Net Assets - 100.0%				247,649,294

* Non-income producing security.

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

(a) The security or a portion of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $8,236,295, collateralized in the form of cash with a value of $1,440,201 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $5,473,741 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 2, 2023 – November 15, 2052 and $1,890,848 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from February 22, 2023 – June 30, 2120; a total value of $8,804,790.

(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) Represents less than 0.05% of net assets.

(e) The security was purchased with cash collateral held from securities on loan at January 31, 2023. The total value of securities purchased was $1,440,201.

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, 2023:

	Number of Contracts		Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Appreciation
Long Contracts
MSCI Emerging Markets E-Mini Index		52		03/17/2023	USD	$	2,715,960	$	187,454

Forward Foreign Currency Contracts

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund had the following outstanding contracts as of January 31, 2023:

Contracts to Receive		Counterparty	In Exchange For				Maturity Date		Unrealized Appreciation/ (Depreciation)
KRW*	118,183,410	Citibank NA		USD		90,408		03/15/2023	$	5,678
USD	515,387	Bank of New York Mellon (The)		HKD		4,006,137		03/15/2023		3,270
USD	26,913	Bank of New York Mellon (The)		ZAR		470,000		03/15/2023		37
Total unrealized appreciation									$	8,985
HKD	3,500,000	JPMorgan Chase Bank NA		USD		449,725		03/15/2023	$	(2,309	)
USD	29,413	Citibank NA		BRL	*	159,553		03/15/2023		(1,698	)
USD	106,267	Citibank NA		INR	*	8,848,500		03/15/2023		(1,493	)
USD	84,297	Toronto-Dominion Bank (The)		TWD	*	2,556,120		03/15/2023		(1,190	)
Total unrealized depreciation									$	(6,690	)
Net unrealized appreciation									$	2,295

* Non-deliverable forward.

Abbreviations:

BRL — Brazilian Real

HKD — Hong Kong Dollar

INR — Indian Rupee

KRW — Korean Won

TWD — Taiwan Dollar

USD — US Dollar

ZAR — South African Rand

See Accompanying Notes to the 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, 2023:

Brazil	5.9	%
Chile	1.1
China	28.6
Colombia	0.4
Czech Republic	0.1
Egypt	0.4
Greece	0.3
Hungary	0.2
India	11.3
Indonesia	1.9
Kuwait	0.7
Malaysia	2.0
Mexico	2.2
Pakistan	0.4
Peru	0.3
Philippines	0.9
Qatar	0.8
Saudi Arabia	2.1
South Africa	4.1
South Korea	14.0
Taiwan	15.4
Thailand	2.2
Turkey	1.7
United Arab Emirates	1.6
United Kingdom	0.0	†
United States	0.6
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	%
Corporate Bonds		0.0	†
Securities Lending Reinvestments		0.6
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^® US Quality Large Cap Index Fund

January 31, 2023 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 98.4%
Aerospace & Defense - 1.0%
General Dynamics Corp.		1,469		342,365
Lockheed Martin Corp.		1,978		916,329
Textron, Inc.		452		32,928
				1,291,622
Air Freight & Logistics - 1.6%
Expeditors International of Washington, Inc.		5,989		647,711
United Parcel Service, Inc., Class B		7,458		1,381,445
				2,029,156
Automobiles - 1.3%
Ford Motor Co.		18,645		251,894
Tesla, Inc.*(a)		8,249		1,428,892
				1,680,786
Banks - 4.5%
Bank of America Corp.		25,425		902,079
Citigroup, Inc.		28,250		1,475,215
Citizens Financial Group, Inc.		5,650		244,758
Fifth Third Bancorp		10,170		369,069
JPMorgan Chase & Co.		791		110,708
SVB Financial Group*		1,808		546,812
Wells Fargo & Co.		44,296		2,076,154
				5,724,795
Biotechnology - 2.5%
AbbVie, Inc.		2,034		300,524
Amgen, Inc.		7,232		1,825,357
Biogen, Inc.*		113		32,872
Gilead Sciences, Inc.		3,277		275,071
Moderna, Inc.*		2,034		358,106
Regeneron Pharmaceuticals, Inc.*		173		131,215
Vertex Pharmaceuticals, Inc.*		904		292,082
				3,215,227
Building Products - 0.4%
Masco Corp.		9,718		516,998
Capital Markets - 1.6%
Ameriprise Financial, Inc.		452		158,254
Bank of New York Mellon Corp. (The)		14,125		714,301
Goldman Sachs Group, Inc. (The)		791		289,356
Morgan Stanley		9,266		901,860
				2,063,771
Chemicals - 1.0%
CF Industries Holdings, Inc.		3,277		277,562
Dow, Inc.		12,543		744,427
LyondellBasell Industries NV, Class A		2,373		229,445
Mosaic Co. (The)		1,243		61,578
				1,313,012

Investments	Shares		Value ($)
Communications Equipment - 1.5%
Cisco Systems, Inc.		40,228		1,957,897
Consumer Finance - 2.2%
Ally Financial, Inc.		4,407		143,183
American Express Co.		2,712		474,410
Capital One Financial Corp.		7,232		860,608
Discover Financial Services		6,441		751,858
Synchrony Financial		16,272		597,671
				2,827,730
Distributors - 0.1%
Genuine Parts Co.		452		75,855
LKQ Corp.		1,017		59,962
				135,817
Diversified Financial Services - 2.6%
Berkshire Hathaway, Inc., Class B*		9,266		2,886,544
Equitable Holdings, Inc.		13,108		420,374
				3,306,918
Diversified Telecommunication Services - 1.2%
AT&T, Inc.		69,834		1,422,519
Lumen Technologies, Inc.(a)		20,001		105,005
				1,527,524
Electric Utilities - 1.9%
Evergy, Inc.		8,927		559,276
Exelon Corp.		17,967		758,028
Southern Co. (The)		17,515		1,185,415
				2,502,719
Electrical Equipment - 0.3%
Emerson Electric Co.		1,356		122,338
Hubbell, Inc.		1,017		232,802
				355,140
Entertainment - 0.9%
Activision Blizzard, Inc.		8,475		648,931
Electronic Arts, Inc.		3,277		421,684
Liberty Media Corp-Liberty Formula One, Class C*		452		32,002
				1,102,617
Equity Real Estate Investment Trusts (REITs) - 2.4%
Healthpeak Properties, Inc.		6,441		176,999
Host Hotels & Resorts, Inc.		36,273		683,746
Iron Mountain, Inc.		12,769		696,932
Mid-America Apartment Communities, Inc.		226		37,679
Public Storage		2,712		825,370
Regency Centers Corp.		339		22,587
Weyerhaeuser Co.		20,227		696,416
				3,139,729
Food & Staples Retailing - 0.5%
Kroger Co. (The)		14,803		660,658
Food Products - 1.3%
Campbell Soup Co.		2,486		129,098
General Mills, Inc.(a)		7,797		610,973
Hershey Co. (The)		1,469		329,937

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Kraft Heinz Co. (The)		2,147		87,018
Tyson Foods, Inc., Class A		7,910		520,083
				1,677,109
Health Care Equipment & Supplies - 0.8%
Abbott Laboratories		2,147		237,351
Hologic, Inc.*		4,746		386,182
IDEXX Laboratories, Inc.*		904		434,372
				1,057,905
Health Care Providers & Services - 4.4%
Cardinal Health, Inc.		4,746		366,629
Centene Corp.*		1,356		103,381
Cigna Corp.		2,260		715,674
CVS Health Corp.		8,249		727,727
Elevance Health, Inc.		565		282,494
HCA Healthcare, Inc.		904		230,583
Laboratory Corp. of America Holdings		2,599		655,260
McKesson Corp.		2,486		941,398
Quest Diagnostics, Inc.		2,260		335,565
UnitedHealth Group, Inc.		2,599		1,297,395
				5,656,106
Hotels, Restaurants & Leisure - 1.4%
Airbnb, Inc., Class A*(a)		2,938		326,441
Booking Holdings, Inc.*		252		613,393
Carnival Corp.*(a)		21,131		228,638
DraftKings, Inc., Class A*(a)		8,136		121,959
Expedia Group, Inc.*		678		77,495
Yum! Brands, Inc.		2,938		383,438
				1,751,364
Household Durables - 0.6%
Lennar Corp., Class A		5,537		566,989
NVR, Inc.*		33		173,910
				740,899
Household Products - 1.9%
Colgate-Palmolive Co.		6,441		480,048
Procter & Gamble Co. (The)		13,786		1,962,850
				2,442,898
Independent Power and Renewable Electricity Producers - 0.6%
AES Corp. (The)(a)		24,747		678,315
Vistra Corp.		6,102		140,712
				819,027
Industrial Conglomerates - 0.2%
3M Co.		1,695		195,061
Insurance - 2.9%
Aflac, Inc.		10,735		789,023
Allstate Corp. (The)		5,311		682,304
American International Group, Inc.		13,447		850,119
Arch Capital Group Ltd.*		904		58,172
MetLife, Inc.		12,091		882,885
Prudential Financial, Inc.		3,955		415,038
				3,677,541
Interactive Media & Services - 5.9%
Alphabet, Inc., Class A*		32,883		3,250,156
Alphabet, Inc., Class C*		31,414		3,137,316
Meta Platforms, Inc., Class A*		7,571		1,127,852

Investments	Shares		Value ($)
Pinterest, Inc., Class A*		2,034		53,474
				7,568,798
Internet & Direct Marketing Retail - 1.9%
Amazon.com, Inc.*		16,159		1,666,478
eBay, Inc.		14,577		721,561
Etsy, Inc.*(a)		339		46,640
				2,434,679
IT Services - 4.7%
Accenture plc, Class A		3,955		1,103,643
Amdocs Ltd.		565		51,940
Automatic Data Processing, Inc.		339		76,550
Cognizant Technology Solutions Corp., Class A		8,475		565,706
Gartner, Inc.*		2,034		687,777
Jack Henry & Associates, Inc.		2,712		488,404
Mastercard, Inc., Class A		1,582		586,289
Paychex, Inc.		2,034		235,659
Visa, Inc., Class A(a)		9,605		2,211,167
				6,007,135
Life Sciences Tools & Services - 1.5%
Bio-Rad Laboratories, Inc., Class A*		791		369,761
Danaher Corp.		452		119,500
Mettler-Toledo International, Inc.*		510		781,789
Waters Corp.*		1,921		631,202
				1,902,252
Machinery - 1.4%
Caterpillar, Inc.		1,695		427,632
Illinois Tool Works, Inc.		5,311		1,253,608
Parker-Hannifin Corp.		113		36,838
Snap-on, Inc.		226		56,213
				1,774,291
Media - 1.7%
Comcast Corp., Class A		18,080		711,448
Fox Corp., Class A		1,469		49,858
Interpublic Group of Cos., Inc. (The)		19,436		708,636
Omnicom Group, Inc.		7,684		660,747
				2,130,689
Metals & Mining - 1.4%
Freeport-McMoRan, Inc.		10,848		484,038
Nucor Corp.(a)		3,503		592,077
Steel Dynamics, Inc.		5,989		722,513
				1,798,628
Multiline Retail - 0.2%
Target Corp.		1,695		291,777
Multi-Utilities - 1.0%
DTE Energy Co.		5,198		604,891
Public Service Enterprise Group, Inc.		10,735		664,819
				1,269,710
Oil, Gas & Consumable Fuels - 3.6%
Antero Resources Corp.*(a)		7,571		218,348
EQT Corp.		5,085		166,127
Exxon Mobil Corp.		6,554		760,330
Marathon Oil Corp.		21,809		599,093

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Marathon Petroleum Corp.		9,379		1,205,389
Occidental Petroleum Corp.(a)		16,046		1,039,620
Valero Energy Corp.		4,294		601,289
				4,590,196
Pharmaceuticals - 5.7%
Bristol-Myers Squibb Co.		16,046		1,165,742
Eli Lilly & Co.		4,746		1,633,336
Johnson & Johnson		17,741		2,899,234
Pfizer, Inc.		37,177		1,641,736
				7,340,048
Professional Services - 0.1%
Booz Allen Hamilton Holding Corp.		1,130		106,943
Leidos Holdings, Inc.		452		44,676
				151,619
Real Estate Management & Development - 0.5%
CBRE Group, Inc., Class A*		7,797		666,721
Road & Rail - 0.5%
Old Dominion Freight Line, Inc.(a)		1,921		640,154
Semiconductors & Semiconductor Equipment - 6.2%
Advanced Micro Devices, Inc.*		904		67,935
Applied Materials, Inc.		6,102		680,312
Broadcom, Inc.		1,669		976,382
KLA Corp.		1,808		709,604
Lam Research Corp.		1,921		960,692
Microchip Technology, Inc.		8,927		692,914
Micron Technology, Inc.		2,599		156,720
NVIDIA Corp.		6,102		1,192,148
QUALCOMM, Inc.		3,729		496,740
Texas Instruments, Inc.		11,526		2,042,522
				7,975,969
Software - 8.3%
Adobe, Inc.*		3,051		1,129,907
Autodesk, Inc.*		113		24,313
Cadence Design Systems, Inc.*		339		61,979
Check Point Software Technologies Ltd.*		5,198		661,186
Fair Isaac Corp.*(a)		678		451,514
Fortinet, Inc.*		9,605		502,726
Intuit, Inc.		2,938		1,241,804
Microsoft Corp.		20,905		5,180,468
Oracle Corp.		14,012		1,239,502
Roper Technologies, Inc.		113		48,223
Zoom Video Communications, Inc., Class A*		1,243		93,225
				10,634,847
Specialty Retail - 2.8%
AutoZone, Inc.*		339		826,770
Best Buy Co., Inc.		3,842		340,862
Home Depot, Inc. (The)		3,616		1,172,199
Lowe’s Cos., Inc.		4,181		870,693
O’Reilly Automotive, Inc.*		339		268,607
Ulta Beauty, Inc.*		339		174,232
				3,653,363

Investments	Shares		Value ($)
Technology Hardware, Storage & Peripherals - 7.6%
Apple, Inc.		64,975		9,375,243
HP, Inc.		8,475		246,961
NetApp, Inc.		1,017		67,356
Seagate Technology Holdings plc(a)		1,130		76,591
				9,766,151
Tobacco - 0.9%
Altria Group, Inc.		4,746		213,760
Philip Morris International, Inc.		8,475		883,434
				1,097,194
Trading Companies & Distributors - 0.9%
United Rentals, Inc.*(a)		1,130		498,273
WW Grainger, Inc.		1,191		702,071
				1,200,344
TOTAL COMMON STOCKS (COST $121,861,367)				126,264,591

Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(b) - 0.0%(c)
REPURCHASE AGREEMENTS - 0.0%(c)
Citigroup Global Markets, Inc., 4.27%, dated 1/31/2023, due 2/1/2023, repurchase price $54,709, collateralized by various U.S. Treasury Securities, ranging from 1.00% - 3.13%, maturing 5/15/2029 - 5/15/2048; total market value $55,554 (Cost $54,703)		54,703		54,703
Total Investments - 98.4% (Cost $121,916,070)				126,319,294
Other assets less liabilities - 1.6%				2,053,756
Net Assets - 100.0%				128,373,050

* Non-income producing security.

(a) The security or a portion of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $7,671,590, collateralized in the form of cash with a value of $54,703 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $7,657,302 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 23, 2023 – May 15, 2052; a total value of $7,712,005.

(b) The security was purchased with cash collateral held from securities on loan at January 31, 2023. The total value of securities purchased was $54,703.

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

See Accompanying Notes to the Schedules of Investments.

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

Percentages shown are based on Net Assets.

Futures Contracts

FlexShares^® US Quality Large Cap Index Fund had the following open futures contracts as of January 31, 2023:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation
Long Contracts
S&P 500 E-Mini Index		6		03/17/2023		USD	$	1,227,000	$	31,962
S&P 500 Micro E-Mini Index		39		03/17/2023		USD		797,550		21,509
									$	53,471

Abbreviations:

USD — US Dollar

Security Type	% of Net Assets
Common Stocks		98.4	%
Securities Lending Reinvestments		0.0	†
Others(1)		1.6
		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^® US ESG Select Index Fund

January 31, 2023 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 99.2%
Aerospace & Defense - 0.1%
Howmet Aerospace, Inc.		4,623		188,110
Air Freight & Logistics - 0.2%
FedEx Corp.		2,070		401,290
Airlines - 0.2%
American Airlines Group, Inc.*(a)		4,278		69,047
Delta Air Lines, Inc.*		1,932		75,541
Southwest Airlines Co.		3,381		120,938
United Airlines Holdings, Inc.*		1,380		67,565
				333,091
Auto Components - 0.1%
Aptiv plc*		897		101,442
Automobiles - 1.8%
General Motors Co.		14,766		580,599
Tesla, Inc.*		14,007		2,426,293
				3,006,892
Banks - 5.2%
Bank of America Corp.		74,520		2,643,970
Citigroup, Inc.		20,217		1,055,732
Fifth Third Bancorp		6,348		230,369
Huntington Bancshares, Inc.		14,421		218,766
JPMorgan Chase & Co.		31,050		4,345,758
KeyCorp		7,590		145,652
Regions Financial Corp.		8,763		206,281
				8,846,528
Beverages - 0.6%
Coca-Cola Co. (The)		13,938		854,678
Keurig Dr Pepper, Inc.		2,967		104,676
				959,354
Biotechnology - 1.2%
Amgen, Inc.		1,863		470,221
Biogen, Inc.*		483		140,505
Gilead Sciences, Inc.		6,555		550,227
Vertex Pharmaceuticals, Inc.*		2,691		869,462
				2,030,415
Building Products - 0.3%
Trane Technologies plc		2,415		432,575
Capital Markets - 4.0%
Bank of New York Mellon Corp. (The)		5,037		254,721
BlackRock, Inc.		1,587		1,204,866
Blackstone, Inc., Class A		2,553		244,986
Goldman Sachs Group, Inc. (The)		3,588		1,312,526
Intercontinental Exchange, Inc.		1,932		207,787
Moody’s Corp.		1,104		356,316
Morgan Stanley		11,730		1,141,681
MSCI, Inc.		690		366,777

Investments	Shares		Value ($)
Nasdaq, Inc.		3,657		220,115
Northern Trust Corp.(b)		1,587		153,891
S&P Global, Inc.		2,898		1,086,576
State Street Corp.		2,622		239,467
				6,789,709
Chemicals - 0.9%
Air Products and Chemicals, Inc.		1,173		375,958
DuPont de Nemours, Inc.(a)		3,657		270,435
Eastman Chemical Co.		552		48,670
Ecolab, Inc.		1,449		224,349
PPG Industries, Inc.		1,173		152,889
Sherwin-Williams Co. (The)		1,725		408,118
				1,480,419
Commercial Services & Supplies - 0.2%
Cintas Corp.		897		398,035
Communications Equipment - 1.0%
Cisco Systems, Inc.		36,294		1,766,429
Construction & Engineering - 0.1%
AECOM		1,104		96,346
Consumer Finance - 0.2%
Capital One Financial Corp.		3,243		385,917
Containers & Packaging - 0.3%
Amcor plc		15,387		185,567
Ball Corp.		3,105		180,835
Westrock Co.		1,932		75,812
				442,214
Distributors - 0.1%
LKQ Corp.		1,587		93,570
Diversified Financial Services - 2.7%
Apollo Global Management, Inc.(a)		4,485		317,448
Berkshire Hathaway, Inc., Class B*		13,731		4,277,481
				4,594,929
Diversified Telecommunication Services - 0.7%
Verizon Communications, Inc.		29,325		1,219,040
Electric Utilities - 0.2%
Duke Energy Corp.		2,622		268,624
Entergy Corp.		759		82,185
Evergy, Inc.		690		43,228
				394,037
Electrical Equipment - 0.6%
Eaton Corp. plc		3,519		570,817
Emerson Electric Co.		2,139		192,980
Rockwell Automation, Inc.		828		233,521
				997,318
Electronic Equipment, Instruments & Components - 0.6%
Amphenol Corp., Class A		4,071		324,743
Corning, Inc.		4,347		150,450
Keysight Technologies, Inc.*		1,311		235,128

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares			Value ($)
TE Connectivity Ltd.		1,173			149,147
Trimble, Inc.*		1,932			112,172
					971,640
Energy Equipment & Services - 0.6%
Baker Hughes Co.		6,693			212,436
Schlumberger Ltd.		14,766			841,367
					1,053,803
Entertainment - 1.1%
Activision Blizzard, Inc.		2,484			190,200
Walt Disney Co. (The)*		15,939			1,729,222
					1,919,422
Equity Real Estate Investment Trusts (REITs) - 2.0%
Alexandria Real Estate Equities, Inc.		483			77,637
American Tower Corp.		3,312			739,868
Boston Properties, Inc.		897			66,862
Camden Property Trust		345			42,508
Digital Realty Trust, Inc.		966			110,723
Equity Residential		1,104			70,270
Essex Property Trust, Inc.		345			77,994
Healthpeak Properties, Inc.		5,244			144,105
Iron Mountain, Inc.		1,725			94,151
Prologis, Inc.		3,312			428,175
Realty Income Corp.		6,762			458,667
Simon Property Group, Inc.		1,242			159,547
Sun Communities, Inc.		897			140,703
Ventas, Inc.		3,312			171,595
Welltower, Inc.		4,761			357,265
Weyerhaeuser Co.		8,073			277,953
					3,418,023
Food & Staples Retailing - 1.4%
Kroger Co. (The)		3,243			144,735
Walgreens Boots Alliance, Inc.		2,760			101,733
Walmart, Inc.		15,249			2,193,874
					2,440,342
Food Products - 0.3%
Bunge Ltd.		483			47,865
Darling Ingredients, Inc.*		414			27,444
General Mills, Inc.		2,208			173,019
Hershey Co. (The)		483			108,482
Kellogg Co.		1,242			85,176
					441,986
Health Care Equipment & Supplies - 2.9%
Baxter International, Inc.		3,381			154,478
Becton Dickinson and Co.		2,001			504,692
Boston Scientific Corp.*		10,212			472,305
Cooper Cos., Inc. (The)		276			96,305
Dexcom, Inc.*		2,070			221,676
Edwards Lifesciences Corp.*		5,313			407,507
GE HealthCare Technologies, Inc.*		—	(c)		23
Hologic, Inc.*		2,346			190,894
IDEXX Laboratories, Inc.*		414			198,927
Intuitive Surgical, Inc.*		3,105			762,867
Medtronic plc		9,453			791,122
Stryker Corp.		3,795			963,209
Zimmer Biomet Holdings, Inc.		1,518			193,302
					4,957,307

Investments	Shares		Value ($)
Health Care Providers & Services - 3.0%
Cardinal Health, Inc.		2,208		170,568
Centene Corp.*		1,932		147,296
Cigna Corp.		2,139		677,357
Elevance Health, Inc.		2,553		1,276,474
Humana, Inc.		483		247,151
Quest Diagnostics, Inc.		621		92,206
UnitedHealth Group, Inc.		4,968		2,479,976
				5,091,028
Hotels, Restaurants & Leisure - 2.9%
Booking Holdings, Inc.*		345		839,764
Caesars Entertainment, Inc.*		1,311		68,251
Carnival Corp.*		4,209		45,541
Chipotle Mexican Grill, Inc.*		207		340,801
Domino’s Pizza, Inc.		276		97,428
Hilton Worldwide Holdings, Inc.		2,346		340,381
Las Vegas Sands Corp.*(a)		1,794		105,846
Marriott International, Inc., Class A		2,484		432,663
McDonald’s Corp.		3,864		1,033,234
MGM Resorts International		2,553		105,720
Royal Caribbean Cruises Ltd.*(a)		1,380		89,617
Starbucks Corp.		8,142		888,618
Yum China Holdings, Inc.		2,967		182,797
Yum! Brands, Inc.		2,967		387,223
				4,957,884
Household Products - 0.1%
Clorox Co. (The)		828		119,803
Industrial Conglomerates - 0.9%
3M Co.		4,830		555,836
General Electric Co.		11,454		921,818
				1,477,654
Insurance - 2.6%
Aflac, Inc.		6,210		456,435
Allstate Corp. (The)		1,794		230,475
American International Group, Inc.		4,071		257,369
Aon plc, Class A		1,380		439,778
Arch Capital Group Ltd.*		1,794		115,444
Chubb Ltd.		2,139		486,601
Hartford Financial Services Group, Inc. (The)		2,691		208,848
Marsh & McLennan Cos., Inc.		2,622		458,614
MetLife, Inc.		6,003		438,339
Principal Financial Group, Inc.		2,691		249,052
Progressive Corp. (The)		4,071		555,081
Travelers Cos., Inc. (The)		1,656		316,495
Willis Towers Watson plc		966		245,548
				4,458,079
Interactive Media & Services - 4.1%
Alphabet, Inc., Class C*		32,223		3,218,111
Meta Platforms, Inc., Class A*		23,667		3,525,673
Snap, Inc., Class A*(a)		10,074		116,455
				6,860,239
Internet & Direct Marketing Retail - 5.2%
Amazon.com, Inc.*		81,006		8,354,149
eBay, Inc.		4,554		225,423
Etsy, Inc.*(a)		1,242		170,874
				8,750,446

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
IT Services - 6.4%
Accenture plc, Class A		7,038		1,963,954
Automatic Data Processing, Inc.		3,657		825,787
Block, Inc., Class A*		2,001		163,522
Broadridge Financial Solutions, Inc.		828		124,498
Cognizant Technology Solutions Corp., Class A		5,244		350,037
Fidelity National Information Services, Inc.		4,278		321,021
Gartner, Inc.*		690		233,317
International Business Machines Corp.		9,522		1,282,899
Mastercard, Inc., Class A		5,934		2,199,140
PayPal Holdings, Inc.*		9,936		809,685
Visa, Inc., Class A(a)		11,523		2,652,710
				10,926,570
Leisure Products - 0.1%
Hasbro, Inc.		1,518		89,820
Life Sciences Tools & Services - 1.1%
Agilent Technologies, Inc.		1,587		241,351
Avantor, Inc.*		1,863		44,526
Bio-Rad Laboratories, Inc., Class A*		138		64,510
Charles River Laboratories International, Inc.*		276		67,137
Danaher Corp.		3,588		948,595
Illumina, Inc.*		1,104		236,477
Mettler-Toledo International, Inc.*		69		105,772
PerkinElmer, Inc.		414		56,937
West Pharmaceutical Services, Inc.		414		109,958
				1,875,263
Machinery - 1.6%
Caterpillar, Inc.		2,760		696,320
Cummins, Inc.		1,242		309,929
Deere & Co.		1,587		671,047
Fortive Corp.		2,967		201,845
Ingersoll Rand, Inc.		2,346		131,376
Otis Worldwide Corp.		2,829		232,629
Parker-Hannifin Corp.		897		292,422
Stanley Black & Decker, Inc.		1,173		104,761
Xylem, Inc.		1,035		107,650
				2,747,979
Media - 0.7%
Comcast Corp., Class A		22,494		885,139
Interpublic Group of Cos., Inc. (The)		4,416		161,007
Omnicom Group, Inc.		1,863		160,200
Paramount Global, Class B(a)		2,070		47,941
				1,254,287
Metals & Mining - 0.6%
Alcoa Corp.		759		39,650
Freeport-McMoRan, Inc.		7,797		347,902
Newmont Corp.		6,762		357,913
Nucor Corp.(a)		1,863		314,884
				1,060,349

Investments	Shares		Value ($)
Mortgage Real Estate Investment Trusts (REITs) - 0.0%(d)
Annaly Capital Management, Inc.		1,173		27,530
Multiline Retail - 0.5%
Dollar Tree, Inc.*		1,173		176,161
Target Corp.		4,071		700,782
				876,943
Multi-Utilities - 0.1%
CMS Energy Corp.		1,173		74,122
Public Service Enterprise Group, Inc.		1,725		106,829
				180,951
Oil, Gas & Consumable Fuels - 6.2%
Antero Resources Corp.*(a)		2,208		63,679
APA Corp.		2,277		100,939
Chevron Corp.		18,768		3,266,007
ConocoPhillips		6,624		807,267
Devon Energy Corp.		2,484		157,088
Diamondback Energy, Inc.		690		100,823
Exxon Mobil Corp.		43,539		5,050,959
Marathon Oil Corp.		5,175		142,157
Ovintiv, Inc.(a)		1,035		50,953
Phillips 66		5,106		511,979
Valero Energy Corp.		1,449		202,904
				10,454,755
Personal Products - 0.3%
Estee Lauder Cos., Inc. (The), Class A(a)		2,001		554,437
Pharmaceuticals - 8.2%
Bristol-Myers Squibb Co.		18,768		1,363,495
Eli Lilly & Co.		6,693		2,303,396
Johnson & Johnson		27,600		4,510,392
Merck & Co., Inc.		26,703		2,868,169
Pfizer, Inc.		49,335		2,178,634
Zoetis, Inc.		4,140		685,129
				13,909,215
Professional Services - 0.3%
Booz Allen Hamilton Holding Corp.		1,380		130,603
Jacobs Solutions, Inc.		759		93,775
Verisk Analytics, Inc.		1,380		250,870
				475,248
Real Estate Management & Development - 0.2%
CBRE Group, Inc., Class A*(a)		3,243		277,309
Road & Rail - 0.7%
JB Hunt Transport Services, Inc.		345		65,222
Uber Technologies, Inc.*		17,181		531,409
Union Pacific Corp.		3,243		662,188
				1,258,819
Semiconductors & Semiconductor Equipment - 5.9%
Advanced Micro Devices, Inc.*		8,625		648,169
Analog Devices, Inc.		3,588		615,234
Applied Materials, Inc.		7,521		838,516
Intel Corp.		35,949		1,015,919
KLA Corp.		759		297,892

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Lam Research Corp.		966		483,097
Marvell Technology, Inc.		3,243		139,936
Microchip Technology, Inc.		2,760		214,231
Micron Technology, Inc.		11,661		703,158
NVIDIA Corp.		13,179		2,574,781
ON Semiconductor Corp.*		1,449		106,429
Qorvo, Inc.*		414		44,985
QUALCOMM, Inc.		7,866		1,047,830
Skyworks Solutions, Inc.		483		52,971
Teradyne, Inc.		621		63,156
Texas Instruments, Inc.		6,417		1,137,157
Wolfspeed, Inc.*(a)		345		26,568
				10,010,029
Software - 8.7%
Adobe, Inc.*		4,071		1,507,654
Autodesk, Inc.*		2,277		489,919
Cadence Design Systems, Inc.*		966		176,614
Check Point Software Technologies Ltd.*		345		43,884
Crowdstrike Holdings, Inc., Class A*		1,104		116,914
DocuSign, Inc.*(a)		1,932		117,156
Fortinet, Inc.*(a)		4,692		245,579
Gen Digital, Inc.		6,072		139,717
Intuit, Inc.		2,001		845,763
Microsoft Corp.		32,775		8,121,973
Oracle Corp.		8,211		726,345
Palo Alto Networks, Inc.*(a)		2,070		328,385
Salesforce, Inc.*		5,313		892,425
ServiceNow, Inc.*		1,104		502,463
Splunk, Inc.*		690		66,081
Synopsys, Inc.*		1,104		390,540
				14,711,412
Specialty Retail - 2.6%
AutoZone, Inc.*		138		336,561
Best Buy Co., Inc.		2,070		183,650
Burlington Stores, Inc.*		483		111,008
Home Depot, Inc. (The)		3,588		1,163,122
Lowe’s Cos., Inc.		4,347		905,263
Ross Stores, Inc.		3,105		366,980
TJX Cos., Inc. (The)		10,350		847,251
Tractor Supply Co.		1,173		267,432
Ulta Beauty, Inc.*		276		141,853
Williams-Sonoma, Inc.(a)		621		83,798
				4,406,918
Technology Hardware, Storage & Peripherals - 5.3%
Apple, Inc.		56,856		8,203,752
Dell Technologies, Inc., Class C		690		28,028
Hewlett Packard Enterprise Co.		12,006		193,657
HP, Inc.		9,798		285,514
NetApp, Inc.		2,001		132,526
Seagate Technology Holdings plc(a)		897		60,799
Western Digital Corp.*		3,657		160,725
				9,065,001
Textiles, Apparel & Luxury Goods - 1.0%
Lululemon Athletica, Inc.*(a)		1,311		402,320
NIKE, Inc., Class B		8,832		1,124,578

Investments	Shares		Value ($)
VF Corp.		2,898		89,664
				1,616,562
Trading Companies & Distributors - 0.2%
United Rentals, Inc.*(a)		345		152,128
WW Grainger, Inc.		276		162,696
				314,824
Water Utilities - 0.1%
American Water Works Co., Inc.		1,311		205,159
Essential Utilities, Inc.		621		29,019
				234,178
TOTAL COMMON STOCKS (COST $160,194,404)				168,203,715
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(e) - 0.0%(d)
REPURCHASE AGREEMENTS - 0.0%(d)
Citigroup Global Markets, Inc., 4.27%, dated 1/31/2023, due 2/1/2023, repurchase price $8,383, collateralized by various U.S. Treasury Securities, ranging from 1.00% - 3.13%, maturing 5/15/2029 - 5/15/2048; total market value $8,512 (Cost $8,382)		8,382		8,382
Total Investments - 99.2% (Cost $160,202,786)				168,212,097
Other assets less liabilities - 0.8%				1,433,474
Net Assets - 100.0%				169,645,571

* Non-income producing security.

(a) The security or a portion of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $5,568,972, collateralized in the form of cash with a value of $8,382 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $5,593,083 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.13%, and maturity dates ranging from February 2, 2023 – August 15, 2052 and $15,868 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from June 22, 2023 – June 30, 2120; a total value of $5,617,333.

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

(c) Amount represents less than one share.

(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, 2023. The total value of securities purchased was $8,382.

Percentages shown are based on Net Assets.

See Accompanying Notes to the Schedules of Investments.

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

Investment in a company which was affiliated for the period ended January 31, 2023, was as follows:

Security	Value October 31, 2022		Purchases at Cost		Sales Proceeds		Shares January 31, 2023		Value January 31, 2023		Change in Unrealized Appreciation (Depreciation)		Dividend Income		Realized Gain
Northern Trust Corp.	$	—	$	139,990	$	2,276		1,587	$	153,891	$	15,901	$	—	$	276

Futures Contracts

FlexShares^® STOXX^® US ESG Select Index Fund had the following open futures contracts as of January 31, 2023:

	Number of Contracts		Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Appreciation
Long Contracts
S&P 500 E-Mini Index		7		03/17/2023	USD	$	1,431,500	$	41,279

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, 2023 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 99.3%
Aerospace & Defense - 0.1%
Howmet Aerospace, Inc.		1,776		72,265
Kongsberg Gruppen ASA		288		11,418
MTU Aero Engines AG		144		35,782
QinetiQ Group plc		2,256		10,076
Rheinmetall AG		192		44,624
Saab AB, Class B		360		14,686
Singapore Technologies Engineering Ltd.		9,600		26,879
				215,730
Air Freight & Logistics - 0.3%
Deutsche Post AG (Registered)		2,520		107,777
DSV A/S		984		161,754
FedEx Corp.		720		139,579
International Distributions Services plc		5,400		15,211
				424,321
Airlines - 0.1%
ANA Holdings, Inc.*		2,400		52,957
Deutsche Lufthansa AG (Registered)*		1,104		11,643
International Consolidated Airlines Group SA*		12,480		25,935
Qantas Airways Ltd.*		12,408		55,432
Singapore Airlines Ltd.		4,800		21,620
				167,587
Auto Components - 0.4%
Aisin Corp.(a)		2,400		69,761
Bridgestone Corp.		4,800		178,461
Cie Generale des Etablissements Michelin SCA		4,176		131,321
Continental AG		696		48,619
Denso Corp.		2,400		128,669
Faurecia SE*		1,032		20,331
Sumitomo Electric Industries Ltd.		2,400		28,689
Valeo		984		21,357
				627,208
Automobiles - 1.9%
Bayerische Motoren Werke AG		2,208		223,565
Ferrari NV		528		131,259
General Motors Co.		10,392		408,613
Honda Motor Co. Ltd.		9,600		236,743
Isuzu Motors Ltd.		2,400		30,174
Mazda Motor Corp.		2,400		19,230
Mercedes-Benz Group AG		5,184		383,690
Mitsubishi Motors Corp.*		4,800		18,418
Nissan Motor Co. Ltd.		14,400		51,302
Renault SA*		1,104		44,651
Stellantis NV		12,744		198,973
Subaru Corp.		2,400		39,337
Suzuki Motor Corp.		2,400		89,305
Toyota Motor Corp.		57,600		840,005

Investments	Shares		Value ($)
Volkswagen AG (Preference)		1,008		138,966
Yamaha Motor Co. Ltd.		2,400		58,780
				2,913,011
Banks - 8.8%
AIB Group plc		7,056		29,427
ANZ Group Holdings Ltd.		19,680		347,936
Banco Bilbao Vizcaya Argentaria SA		34,200		240,055
Banco BPM SpA		10,152		45,503
Banco de Sabadell SA(a)		22,728		29,559
Banco Santander SA		105,528		367,092
Bank of America Corp.		21,240		753,595
Bank of Ireland Group plc		6,720		71,421
Bank of Montreal		2,736		274,553
Bank of Nova Scotia (The)		3,288		177,491
Bankinter SA(a)		4,176		30,024
Barclays plc		65,088		148,913
BAWAG Group AG(b)		528		32,485
BNP Paribas SA		6,576		449,223
Canadian Imperial Bank of Commerce		3,888		176,983
Citigroup, Inc.		14,256		744,448
Close Brothers Group plc		700		8,350
Commerzbank AG*		3,432		39,006
Commonwealth Bank of Australia(a)		11,208		869,223
Danske Bank A/S		4,056		84,142
DBS Group Holdings Ltd.		7,200		196,057
Fifth Third Bancorp		1,296		47,032
Hang Seng Bank Ltd.		4,800		79,851
HSBC Holdings plc		103,776		761,952
Huntington Bancshares, Inc.		4,224		64,078
ING Groep NV		9,264		133,331
Intesa Sanpaolo SpA		92,256		241,469
JPMorgan Chase & Co.		25,536		3,574,019
KBC Group NV		1,368		100,821
Lloyds Banking Group plc		336,168		217,606
Mediobanca Banca di Credito Finanziario SpA(a)		3,168		33,911
Mitsubishi UFJ Financial Group, Inc.		79,200		580,213
National Australia Bank Ltd.		6,336		141,932
National Bank of Canada		1,296		97,077
NatWest Group plc		22,368		84,815
Nordea Bank Abp		24,360		283,928
Oversea-Chinese Banking Corp. Ltd.		19,200		188,881
Regions Financial Corp.		3,144		74,010
Royal Bank of Canada		6,144		626,947
Skandinaviska Enskilda Banken AB, Class A		11,376		137,069
Societe Generale SA		4,704		139,367
Standard Chartered plc		10,944		91,510
Svenska Handelsbanken AB, Class A		9,552		99,308
Swedbank AB, Class A		6,096		116,682

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Toronto-Dominion Bank (The)		6,168		425,545
Virgin Money UK plc		7,248		17,217
Westpac Banking Corp.		19,464		325,327
				13,799,384
Beverages - 1.7%
Anheuser-Busch InBev SA/NV		3,984		238,365
Asahi Group Holdings Ltd.		2,400		79,025
Britvic plc		2,328		22,269
Budweiser Brewing Co. APAC Ltd.(b)		7,200		22,688
Carlsberg A/S, Class B		360		50,853
Coca-Cola Co. (The)		16,944		1,039,006
Coca-Cola HBC AG*		768		18,546
Davide Campari-Milano NV		2,256		24,080
Diageo plc		9,168		397,293
Heineken Holding NV		480		39,436
Heineken NV		1,320		131,230
Keurig Dr Pepper, Inc.		3,792		133,782
Kirin Holdings Co. Ltd.		4,800		73,784
Pernod Ricard SA		1,224		252,439
Remy Cointreau SA		144		26,993
Treasury Wine Estates Ltd.		3,720		38,061
				2,587,850
Biotechnology - 0.8%
CSL Ltd.(a)		2,088		438,568
Gilead Sciences, Inc.		3,624		304,199
Grifols SA*		888		11,693
Swedish Orphan Biovitrum AB*		1,296		28,767
Vertex Pharmaceuticals, Inc.*		1,488		480,773
				1,264,000
Building Products - 0.5%
Assa Abloy AB, Class B		6,096		142,883
Belimo Holding AG (Registered)		48		25,130
Cie de Saint-Gobain		1,920		109,578
Daikin Industries Ltd.		1,100		190,065
Fletcher Building Ltd.		3,288		10,773
Lixil Corp.		2,400		41,155
Nibe Industrier AB, Class B(a)		3,408		36,571
Reliance Worldwide Corp. Ltd.		550		1,360
ROCKWOOL A/S, Class B		48		13,665
Trane Technologies plc		1,008		180,553
				751,733
Capital Markets - 2.5%
3i Group plc		1,296		25,129
abrdn plc		11,280		29,523
Allfunds Group plc		1,560		12,309
ASX Ltd.		1,296		62,985
BlackRock, Inc.		1,272		965,715
Credit Suisse Group AG (Registered)(a)		13,464		45,825
Daiwa Securities Group, Inc.(a)		16,800		79,062
Deutsche Boerse AG		384		68,499
Euronext NV(b)		312		25,176
Goldman Sachs Group, Inc. (The)		1,944		711,135
Hong Kong Exchanges & Clearing Ltd.		7,200		323,693
IG Group Holdings plc		1,248		12,230
Intermediate Capital Group plc		768		13,123

Investments	Shares		Value ($)
Julius Baer Group Ltd.		1,368		86,957
London Stock Exchange Group plc		1,728		157,551
Macquarie Group Ltd.		2,400		316,822
Man Group plc		2,625		8,037
Morgan Stanley		3,840		373,747
Nasdaq, Inc.		1,512		91,007
S&P Global, Inc.		888		332,947
Schroders plc		3,624		21,322
St James’s Place plc		2,376		35,759
UBS Group AG (Registered)		6,816		144,221
				3,942,774
Chemicals - 0.7%
Air Liquide SA		1,680		266,496
Akzo Nobel NV		1,056		78,148
Arkema SA		240		24,178
Chr Hansen Holding A/S		648		47,641
Covestro AG(b)		768		35,132
Croda International plc		576		48,829
Ecolab, Inc.		816		126,341
Givaudan SA (Registered)(a)		24		77,218
Hexpol AB		2,112		22,714
Incitec Pivot Ltd.		11,280		27,343
Koninklijke DSM NV		1,008		128,851
LANXESS AG		288		14,269
Mitsubishi Chemical Group Corp.		7,200		40,201
Novozymes A/S, Class B		1,032		53,470
OCI NV		408		13,843
Orica Ltd.		2,208		23,011
Solvay SA		504		58,377
Victrex plc		792		17,931
Wacker Chemie AG		25		3,759
Yara International ASA		696		30,799
				1,138,551
Commercial Services & Supplies - 0.3%
Brambles Ltd.		6,720		56,776
Cintas Corp.		648		287,544
Downer EDI Ltd.		4,944		13,134
Elis SA		984		17,206
ISS A/S*		1,008		21,926
Rentokil Initial plc		10,296		62,198
Serco Group plc		6,528		11,725
SPIE SA		792		21,538
				492,047
Communications Equipment - 0.4%
Cisco Systems, Inc.		11,760		572,359
Nokia OYJ		18,864		89,150
				661,509
Construction & Engineering - 0.5%
AECOM		312		27,228
Balfour Beatty plc		1,925		8,683
Bouygues SA(a)		552		18,129
Eiffage SA		504		53,620
Ferrovial SA		3,072		90,215
Obayashi Corp.		4,800		37,132
Shimizu Corp.		4,800		26,834
Skanska AB, Class B		2,160		37,919
Sweco AB, Class B		1,344		14,519
Vinci SA		3,216		361,987

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
WSP Global, Inc.		360		45,779
				722,045
Construction Materials - 0.2%
CRH plc		2,112		97,679
HeidelbergCement AG		384		26,190
Holcim AG*		3,072		182,097
Wienerberger AG		456		13,619
				319,585
Consumer Finance - 0.1%
Capital One Financial Corp.		768		91,392
Marui Group Co. Ltd.		2,400		40,712
				132,104
Containers & Packaging - 0.2%
Amcor plc		10,752		129,669
Ball Corp.		1,416		82,468
Billerud AB		1,080		12,492
DS Smith plc		6,120		26,634
Huhtamaki OYJ		672		25,048
Orora Ltd.(a)		1,225		2,572
SIG Group AG*		816		20,090
Smurfit Kappa Group plc		1,512		63,106
Westrock Co.		175		6,867
				368,946
Distributors - 0.1%
D’ieteren Group		96		18,235
Inchcape plc		1,800		20,210
LKQ Corp.		792		46,696
				85,141
Diversified Consumer Services - 0.0%(c)
Pearson plc		3,912		44,481
Diversified Financial Services - 1.8%
AMP Ltd.*		9,125		8,584
Apollo Global Management, Inc.(a)		2,352		166,475
Berkshire Hathaway, Inc., Class B*		7,464		2,325,185
Eurazeo SE		288		20,096
EXOR NV*		624		49,391
Kinnevik AB, Class B*		1,224		18,770
M&G plc		12,744		31,676
Mitsubishi HC Capital, Inc.		2,400		12,217
ORIX Corp.		4,800		83,971
Wendel SE		168		17,698
				2,734,063
Diversified Telecommunication Services - 1.3%
BCE, Inc.		2,208		104,083
BT Group plc		31,224		47,915
Chorus Ltd.		3,144		16,986
Deutsche Telekom AG (Registered)		23,136		513,844
Infrastrutture Wireless Italiane SpA(a)(b)		1,464		15,971
Koninklijke KPN NV		17,160		58,538
NetLink NBN Trust(b)		12,500		8,322
Orange SA		5,784		61,071
Singapore Telecommunications Ltd.		40,800		77,915
Spark New Zealand Ltd.		13,752		46,258
Swisscom AG (Registered)		144		84,637
Telecom Italia SpA*(a)		33,575		9,623

Investments	Shares		Value ($)
Telefonica SA		26,400		99,978
Telenor ASA		4,560		47,640
Telia Co. AB(a)		7,920		20,409
Telstra Group Ltd.		67,392		193,750
TELUS Corp.		4,848		104,165
Vantage Towers AG		744		27,133
Verizon Communications, Inc.		12,504		519,791
				2,058,029
Electric Utilities - 1.0%
Acciona SA		144		27,994
CLP Holdings Ltd.		12,000		89,098
Contact Energy Ltd.		4,416		22,146
Duke Energy Corp.		2,208		226,210
EDP - Energias de Portugal SA		13,464		66,650
Electricite de France SA		3,264		42,769
Elia Group SA/NV		168		23,500
Endesa SA(a)		1,368		27,144
Enel SpA		21,000		122,953
Entergy Corp.		576		62,369
Evergy, Inc.		624		39,093
Fortum OYJ(a)		2,328		34,929
Iberdrola SA(a)		38,352		447,553
Iberdrola SA*‡		639		7,457
Kansai Electric Power Co., Inc. (The)		4,800		46,064
Origin Energy Ltd.		9,264		48,763
Orsted A/S(b)		432		38,156
Red Electrica Corp. SA		3,072		54,182
SSE plc		5,280		112,031
Terna - Rete Elettrica Nazionale		4,536		35,726
Verbund AG(a)		432		36,619
				1,611,406
Electrical Equipment - 0.8%
Eaton Corp. plc		1,152		186,866
Hexatronic Group AB		624		7,632
Legrand SA		1,560		138,453
Mitsubishi Electric Corp.		9,600		105,268
NEL ASA*(a)		11,256		19,113
Nexans SA		192		20,247
Nidec Corp.		3,900		215,026
Prysmian SpA		1,608		65,314
Schneider Electric SE		2,160		347,939
Siemens Energy AG		1,992		41,364
Signify NV(b)		312		11,213
Vestas Wind Systems A/S		4,608		133,723
				1,292,158
Electronic Equipment, Instruments & Components - 0.9%
Alps Alpine Co. Ltd.		2,400		24,416
Amphenol Corp., Class A		2,520		201,020
Corning, Inc.		2,424		83,895
Halma plc		1,296		34,271
Hexagon AB, Class B		8,136		92,668
Ibiden Co. Ltd.		1,700		65,493
Keyence Corp.		600		273,505
Kyocera Corp.		2,100		108,290
Murata Manufacturing Co. Ltd.		4,800		272,915
Omron Corp.		1,200		68,838
Shimadzu Corp.		1,100		33,581

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Taiyo Yuden Co. Ltd.(a)		700		23,550
TDK Corp.		2,400		84,986
				1,367,428
Energy Equipment & Services - 0.4%
Baker Hughes Co.(a)		2,928		92,935
Schlumberger Ltd.		10,248		583,931
Worley Ltd.		2,112		22,993
				699,859
Entertainment - 0.8%
Bollore SE		4,296		23,935
Walt Disney Co. (The)*		10,608		1,150,862
				1,174,797
Equity Real Estate Investment Trusts (REITs) - 1.4%
Aedifica SA		216		18,896
American Tower Corp.		1,392		310,959
Big Yellow Group plc		1,248		18,575
Boston Properties, Inc.		528		39,357
British Land Co. plc (The)		3,240		17,646
Camden Property Trust		384		47,313
CapitaLand Ascendas REIT		12,000		26,294
CapitaLand Integrated Commercial Trust		33,600		54,707
Charter Hall Group		1,320		12,808
Charter Hall Long Wale REIT		5,304		17,043
Covivio		168		11,486
Derwent London plc		600		19,072
Dexus(a)		3,576		20,537
Equity Residential		1,008		64,159
Essex Property Trust, Inc.		336		75,960
Gecina SA		216		25,476
Goodman Group		9,384		132,050
GPT Group (The)		6,120		19,622
Healthpeak Properties, Inc.		3,288		90,354
Iron Mountain, Inc.		864		47,157
Keppel DC REIT		2,500		3,880
Klepierre SA		1,104		27,889
Land Securities Group plc		2,280		19,884
Link REIT(a)		9,600		76,790
Mirvac Group		27,264		43,610
Realty Income Corp.(a)		3,696		250,700
Safestore Holdings plc		1,320		16,348
Segro plc		5,952		60,833
Stockland		15,792		43,732
Sun Communities, Inc.		576		90,351
Unibail-Rodamco-Westfield*		288		18,507
Ventas, Inc.		1,728		89,528
Vicinity Ltd.		25,944		37,660
Warehouses De Pauw CVA		1,008		31,813
Welltower, Inc.		2,496		187,300
Weyerhaeuser Co.		4,368		150,390
				2,218,686
Food & Staples Retailing - 1.7%
Aeon Co. Ltd.		2,400		49,045
Axfood AB		528		13,561
Carrefour SA		3,072		58,286
Coles Group Ltd.		3,432		42,950
Endeavour Group Ltd.		4,680		21,864
HelloFresh SE*		744		17,922

Investments	Shares		Value ($)
J Sainsbury plc		7,848		25,372
Jeronimo Martins SGPS SA		1,392		30,145
Kesko OYJ, Class B(a)		1,368		31,750
Koninklijke Ahold Delhaize NV		6,456		192,011
Kroger Co. (The)		2,880		128,534
Loblaw Cos. Ltd.		504		45,023
Marks & Spencer Group plc*		8,856		15,896
Ocado Group plc*		2,232		17,751
Seven & i Holdings Co. Ltd.		3,600		169,612
Walgreens Boots Alliance, Inc.		2,232		82,271
Walmart, Inc.		10,416		1,498,550
Woolworths Group Ltd.		8,016		203,797
				2,644,340
Food Products - 0.7%
AAK AB		1,128		19,382
Ajinomoto Co., Inc.		2,400		78,859
Associated British Foods plc		1,584		36,193
Barry Callebaut AG (Registered)		24		49,816
Bunge Ltd.		408		40,433
Danone SA		1,896		103,596
Darling Ingredients, Inc.*		432		28,637
General Mills, Inc.		2,520		197,467
Hershey Co. (The)		768		172,493
JDE Peet’s NV		528		15,792
Kellogg Co.		1,344		92,172
Kerry Group plc, Class A(a)		768		71,681
McCormick & Co., Inc. (Non-Voting)		744		55,889
Mowi ASA		1,752		32,284
Orkla ASA		4,320		32,187
Salmar ASA(a)		360		16,666
Viscofan SA		125		8,030
				1,051,577
Gas Utilities - 0.1%
Enagas SA		504		9,012
Italgas SpA		1,728		10,068
Naturgy Energy Group SA		840		23,719
Rubis SCA		720		20,073
Snam SpA		10,248		52,021
Tokyo Gas Co. Ltd.		2,400		50,180
				165,073
Health Care Equipment & Supplies - 2.1%
Ansell Ltd.		1,008		20,009
Baxter International, Inc.		1,128		51,538
Becton Dickinson and Co.		1,248		314,770
Boston Scientific Corp.*		4,272		197,580
Carl Zeiss Meditec AG		144		20,636
Cochlear Ltd.		432		64,671
Coloplast A/S, Class B		264		31,704
ConvaTec Group plc(b)		7,488		21,590
Demant A/S*(a)		225		6,335
Dexcom, Inc.*		1,128		120,797
Edwards Lifesciences Corp.*		3,624		277,961
Elekta AB, Class B		2,208		15,990
Fisher & Paykel Healthcare Corp. Ltd.		3,672		59,943
Getinge AB, Class B		1,296		29,040
GN Store Nord A/S		552		13,522

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Hologic, Inc.*		1,464		119,126
Hoya Corp.		2,400		262,063
IDEXX Laboratories, Inc.*		240		115,320
Intuitive Surgical, Inc.*		1,536		377,380
Medtronic plc		3,960		331,412
Olympus Corp.		4,800		89,637
Straumann Holding AG (Registered)		720		93,218
Stryker Corp.		2,088		529,955
Terumo Corp.		2,400		69,447
Zimmer Biomet Holdings, Inc.		600		76,404
				3,310,048
Health Care Providers & Services - 1.9%
Cardinal Health, Inc.		1,128		87,138
Cigna Corp.		936		296,403
CVS Health Corp.		3,840		338,765
Elevance Health, Inc.		1,392		695,986
Fresenius Medical Care AG & Co. KGaA		1,272		47,508
Fresenius SE & Co. KGaA		840		24,203
Galenica AG(b)		192		14,942
Ramsay Health Care Ltd.(a)		1,176		55,206
Sonic Healthcare Ltd.		456		10,148
UnitedHealth Group, Inc.		2,712		1,353,803
				2,924,102
Hotels, Restaurants & Leisure - 1.7%
Accor SA*		1,200		38,798
Aristocrat Leisure Ltd.		1,656		39,628
Booking Holdings, Inc.*		168		408,929
Chipotle Mexican Grill, Inc.*		72		118,539
Compass Group plc		9,072		215,664
Domino’s Pizza Enterprises Ltd.(a)		480		25,604
Domino’s Pizza, Inc.		168		59,304
Entain plc		2,952		54,095
Greggs plc		480		15,920
Hilton Worldwide Holdings, Inc.		1,128		163,661
InterContinental Hotels Group plc		984		67,814
La Francaise des Jeux SAEM(b)		504		21,484
Marriott International, Inc., Class A		1,200		209,016
MGM Resorts International		1,272		52,674
Oriental Land Co. Ltd.		1,400		232,320
Sodexo SA		552		54,566
Star Entertainment Grp Ltd. (The)*		4,725		6,459
Starbucks Corp.		5,016		547,446
Whitbread plc		600		22,463
Yum China Holdings, Inc.		1,224		75,411
Yum! Brands, Inc.		1,656		216,125
				2,645,920
Household Durables - 1.0%
Barratt Developments plc		4,416		24,997
Berkeley Group Holdings plc		384		19,595
Casio Computer Co. Ltd.		2,400		24,619
Electrolux AB, Class B(a)		1,080		15,222
Panasonic Holdings Corp.		14,400		132,877
Persimmon plc		1,128		19,608
SEB SA		120		12,492
Sekisui Chemical Co. Ltd.		2,400		33,459
Sekisui House Ltd.(a)		4,800		90,467

Investments	Shares		Value ($)
Sony Group Corp.		12,000		1,068,553
Taylor Wimpey plc		21,096		30,439
Vistry Group plc		1,848		16,938
				1,489,266
Household Products - 1.2%
Clorox Co. (The)		552		79,869
Colgate-Palmolive Co.		2,400		178,872
Essity AB, Class B		3,240		84,390
Henkel AG & Co. KGaA (Preference)		936		66,482
Kimberly-Clark Corp.		984		127,930
Procter & Gamble Co. (The)		6,840		973,879
Reckitt Benckiser Group plc		3,504		248,905
Unicharm Corp.		1,200		45,676
				1,806,003
Independent Power and Renewable Electricity Producers - 0.0%(c)
Drax Group plc		1,872		14,888
Meridian Energy Ltd.		6,384		21,990
				36,878
Industrial Conglomerates - 1.0%
3M Co.		1,656		190,572
CK Hutchison Holdings Ltd.		12,000		76,239
DCC plc		312		17,692
General Electric Co.		7,944		639,333
Hitachi Ltd.		4,800		250,326
Investment AB Latour, Class B		720		15,102
Keppel Corp. Ltd.		4,800		27,573
Melrose Industries plc		11,904		20,839
Siemens AG (Registered)		1,728		268,180
Smiths Group plc		1,848		39,290
Toshiba Corp.(a)		2,400		82,291
				1,627,437
Insurance - 2.1%
Admiral Group plc		720		19,501
Aegon NV		5,712		31,241
Aflac, Inc.		2,520		185,220
AIA Group Ltd.		28,800		325,346
Assicurazioni Generali SpA		7,152		139,037
Aviva plc		8,784		49,279
AXA SA		11,496		357,265
Direct Line Insurance Group plc		6,624		14,471
Gjensidige Forsikring ASA(a)		744		13,326
Hannover Rueck SE		240		48,533
Hartford Financial Services Group, Inc. (The)		888		68,918
Insurance Australia Group Ltd.		16,488		56,929
Japan Post Holdings Co. Ltd.		9,600		84,155
Medibank Pvt Ltd.		12,624		26,153
MetLife, Inc.		2,040		148,961
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		912		327,848
nib holdings Ltd.(a)		2,208		12,245
NN Group NV		1,872		80,957
Phoenix Group Holdings plc		3,456		27,264
Poste Italiane SpA(a)(b)		3,072		32,649
Power Corp. of Canada		3,000		81,141
Principal Financial Group, Inc.		1,200		111,060

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Prudential plc(a)		7,320		120,711
Storebrand ASA		2,664		23,055
Sun Life Financial, Inc.		2,208		110,636
Suncorp Group Ltd.		6,480		57,214
Swiss Life Holding AG (Registered)		144		84,637
Swiss Re AG		1,248		129,806
Topdanmark A/S		192		10,337
Tryg A/S		2,280		52,092
Willis Towers Watson plc		312		79,307
Zurich Insurance Group AG		648		318,939
				3,228,233
Interactive Media & Services - 2.8%
Alphabet, Inc., Class C*		17,808		1,778,485
Auto Trader Group plc(a)(b)		5,352		41,312
carsales.com Ltd.		1,848		29,547
Meta Platforms, Inc., Class A*		16,296		2,427,615
REA Group Ltd.(a)		216		19,120
Rightmove plc		2,160		15,604
Snap, Inc., Class A*(a)		4,176		48,275
Z Holdings Corp.(a)		14,400		41,136
				4,401,094
Internet & Direct Marketing Retail - 3.9%
Amazon.com, Inc.*		53,328		5,499,717
eBay, Inc.		1,800		89,100
Etsy, Inc.*(a)		720		99,057
Just Eat Takeaway.com NV*(a)(b)		1,344		34,229
Prosus NV*		2,784		223,199
Rakuten Group, Inc.(a)		7,200		36,375
Zalando SE*(b)		1,135		52,499
Zalando SE*‡ (b)		233		10,778
				6,044,954
IT Services - 2.9%
Accenture plc, Class A		5,856		1,634,117
Alten SA		96		14,669
Automatic Data Processing, Inc.		1,800		406,458
Bechtle AG		408		17,091
Capgemini SE		888		167,711
CGI, Inc.*		1,416		121,018
Cognizant Technology Solutions Corp., Class A		3,000		200,250
Computacenter plc		600		16,383
Computershare Ltd.		3,504		58,641
Edenred		1,464		79,483
Fujitsu Ltd.		1,600		227,737
Gartner, Inc.*		456		154,192
International Business Machines Corp.		6,552		882,751
Netcompany Group A/S*(b)		264		10,429
Nexi SpA*(b)		3,336		29,202
Nomura Research Institute Ltd.		2,400		57,211
NTT Data Corp.		4,800		73,931
PayPal Holdings, Inc.*		3,360		273,806
Softcat plc		840		12,472
Sopra Steria Group SACA		72		11,917
Worldline SA*(b)		1,272		57,386
				4,506,855

Investments	Shares		Value ($)
Leisure Products - 0.1%
Bandai Namco Holdings, Inc.		1,000		66,562
Hasbro, Inc.		792		46,863
Thule Group AB(a)(b)		864		20,556
Yamaha Corp.		900		34,742
				168,723
Life Sciences Tools & Services - 0.9%
Agilent Technologies, Inc.		864		131,397
Bio-Rad Laboratories, Inc., Class A*		72		33,657
Charles River Laboratories International, Inc.*		168		40,866
Danaher Corp.		1,968		520,300
Eurofins Scientific SE		600		42,838
Illumina, Inc.*		672		143,942
Lonza Group AG (Registered)		264		149,305
QIAGEN NV*		552		26,768
Sartorius AG (Preference)		144		64,167
Siegfried Holding AG (Registered)*		24		17,502
Tecan Group AG (Registered)		48		19,958
West Pharmaceutical Services, Inc.		216		57,370
Wuxi Biologics Cayman, Inc.*(b)		12,000		99,891
				1,347,961
Machinery - 1.2%
Aalberts NV		384		18,037
Alfa Laval AB		1,416		44,225
Alstom SA		1,512		44,665
ANDRITZ AG		312		18,569
Atlas Copco AB, Class A		11,520		135,712
Bucher Industries AG (Registered)		48		21,661
CNH Industrial NV		3,792		66,511
Cummins, Inc.		528		131,757
Ebara Corp.		300		12,619
Epiroc AB, Class A(a)		3,432		66,511
Fortive Corp.		1,032		70,207
GEA Group AG		720		32,334
Georg Fischer AG (Registered)		648		44,258
Husqvarna AB, Class B		3,384		28,624
IMI plc		696		12,399
Indutrade AB		720		15,886
KION Group AG		360		14,415
Knorr-Bremse AG		264		17,249
Komatsu Ltd.		4,800		116,452
Kone OYJ, Class B		2,112		114,779
Kubota Corp.		4,800		71,532
Metso Outotec OYJ		3,744		42,756
MINEBEA MITSUMI, Inc.		2,400		41,395
NSK Ltd.		2,400		13,435
Otis Worldwide Corp.		1,152		94,729
Rotork plc		7,512		29,409
Sandvik AB		4,752		97,765
Schindler Holding AG		264		55,846
SKF AB, Class B		1,056		18,594
Spirax-Sarco Engineering plc		312		44,287
Stanley Black & Decker, Inc.		672		60,016
Techtronic Industries Co. Ltd.(a)		3,000		38,502
Trelleborg AB, Class B		2,064		51,374

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Valmet OYJ(a)		792		24,746
Volvo AB, Class B		8,664		171,173
Wartsila OYJ Abp		3,576		33,866
Weir Group plc (The)		1,080		23,693
				1,939,988
Marine - 0.1%
AP Moller - Maersk A/S, Class B		24		51,908
Kuehne + Nagel International AG (Registered)(a)		120		28,421
Nippon Yusen KK(a)		2,400		56,750
				137,079
Media - 0.2%
Dentsu Group, Inc.		1,200		38,433
Informa plc(a)		7,320		60,306
Interpublic Group of Cos., Inc. (The)		1,968		71,753
ITV plc		20,544		20,456
Publicis Groupe SA		1,368		96,185
Vivendi SE		4,104		43,938
WPP plc		3,984		46,291
				377,362
Metals & Mining - 1.8%
Anglo American plc		4,824		205,869
Antofagasta plc		1,296		27,642
ArcelorMittal SA		2,136		65,790
Aurubis AG		192		20,160
BHP Group Ltd.		27,336		951,173
BlueScope Steel Ltd.		2,568		34,671
Boliden AB		840		37,508
Fortescue Metals Group Ltd.(a)		11,064		173,389
IGO Ltd.		1,368		14,045
Iluka Resources Ltd.		2,544		19,360
JFE Holdings, Inc.		2,400		31,503
Lynas Rare Earths Ltd.*(a)		5,904		39,065
Mineral Resources Ltd.		1,008		63,173
Newcrest Mining Ltd.		4,104		64,518
Newmont Corp.		3,264		172,710
Norsk Hydro ASA		7,272		58,492
Northern Star Resources Ltd.(a)		7,608		67,280
Nucor Corp.(a)		744		125,751
OZ Minerals Ltd.		672		13,221
Rio Tinto Ltd.		1,944		173,477
Rio Tinto plc		4,704		365,939
Sims Ltd.		500		5,376
South32 Ltd.		21,648		69,254
SSAB AB, Class B		2,856		19,346
Sumitomo Metal Mining Co. Ltd.		600		24,213
thyssenkrupp AG*		1,464		11,419
voestalpine AG		648		21,394
				2,875,738
Multiline Retail - 0.5%
Dollar Tree, Inc.*(a)		648		97,317
Dollarama, Inc.		888		52,953
Isetan Mitsukoshi Holdings Ltd.		2,500		27,125
Next plc		672		54,751
Target Corp.		2,016		347,034

Investments	Shares		Value ($)
Wesfarmers Ltd.		7,320		256,097
				835,277
Multi-Utilities - 0.4%
A2A SpA		17,040		25,520
AGL Energy Ltd.		4,992		26,910
Centrica plc		14,736		18,278
CMS Energy Corp.(a)		816		51,563
Engie SA		9,096		128,621
Hera SpA		8,472		24,208
National Grid plc		16,032		202,304
Public Service Enterprise Group, Inc.		2,208		136,741
Veolia Environnement SA(a)		1,848		54,551
				668,696
Oil, Gas & Consumable Fuels - 6.4%
Aker BP ASA		1,392		42,255
Ampol Ltd.		1,056		22,688
Antero Resources Corp.*(a)		1,176		33,916
BP plc		54,384		327,296
Cameco Corp.		1,008		28,124
Canadian Natural Resources Ltd.		2,424		148,363
Chevron Corp.		15,432		2,685,477
Enbridge, Inc.		6,096		248,893
Eni SpA		16,464		252,762
Equinor ASA(a)		6,840		207,701
Exxon Mobil Corp.		29,808		3,458,026
Galp Energia SGPS SA, Class B		2,136		29,172
Gaztransport Et Technigaz SA		96		10,582
Marathon Oil Corp.		2,712		74,499
OMV AG		672		33,462
Phillips 66(a)		2,856		286,371
Repsol SA(a)		2,544		41,692
Shell plc(a)		36,480		1,068,527
Suncor Energy, Inc.		4,512		156,154
TotalEnergies SE(a)		10,368		641,604
Woodside Energy Group Ltd.		6,336		161,889
				9,959,453
Paper & Forest Products - 0.1%
Mondi plc		2,424		45,449
Stora Enso OYJ, Class R		3,576		50,858
Svenska Cellulosa AB SCA, Class B		1,968		27,199
				123,506
Personal Products - 1.2%
Beiersdorf AG		456		55,269
Estee Lauder Cos., Inc. (The), Class A(a)		1,368		379,045
Kao Corp.		1,200		48,500
L’Oreal SA		1,416		581,383
Shiseido Co. Ltd.		3,500		180,672
Unilever plc		13,200		667,731
				1,912,600
Pharmaceuticals - 10.2%
ALK-Abello A/S*		575		8,546
Astellas Pharma, Inc.		12,000		176,477
AstraZeneca plc		7,944		1,035,687
Bayer AG (Registered)		3,120		193,143
Bristol-Myers Squibb Co.		9,264		673,030

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Chugai Pharmaceutical Co. Ltd.		2,400		61,972
Daiichi Sankyo Co. Ltd.		9,600		300,007
Dechra Pharmaceuticals plc		288		10,162
Eisai Co. Ltd.		1,300		80,092
Eli Lilly & Co.		2,832		974,633
GSK plc		19,968		349,909
Ipsen SA		120		12,563
Johnson & Johnson		22,800		3,725,976
Kyowa Kirin Co. Ltd.		2,400		53,335
Merck & Co., Inc.		18,312		1,966,892
Merck KGaA		744		154,373
Novartis AG (Registered)		14,880		1,335,515
Novo Nordisk A/S, Class B		5,424		746,713
Ono Pharmaceutical Co. Ltd.		2,400		52,108
Orion OYJ, Class B		696		37,182
Pfizer, Inc.		32,496		1,435,023
Roche Holding AG		3,816		1,184,777
Sanofi		6,528		635,737
Santen Pharmaceutical Co. Ltd.		2,400		18,640
Shionogi & Co. Ltd.		2,400		114,108
Takeda Pharmaceutical Co. Ltd.		4,800		150,963
UCB SA		168		13,754
Zoetis, Inc.		2,064		341,571
				15,842,888
Professional Services - 0.5%
Adecco Group AG (Registered)(a)		1,344		49,532
ALS Ltd.		1,752		16,111
Arcadis NV		528		22,777
Booz Allen Hamilton Holding Corp.		576		54,513
Bureau Veritas SA		1,704		48,560
DKSH Holding AG		75		6,355
Experian plc		1,320		47,988
Intertek Group plc		768		41,081
Randstad NV		504		32,120
RELX plc		10,152		300,205
SGS SA (Registered)		24		58,122
Verisk Analytics, Inc.		672		122,163
				799,527
Real Estate Management & Development - 0.5%
Aroundtown SA(a)		5,112		14,152
Castellum AB		2,472		33,716
CBRE Group, Inc., Class A*(a)		2,352		201,120
City Developments Ltd.		2,400		15,156
CK Asset Holdings Ltd.		7,000		44,740
Daiwa House Industry Co. Ltd.		2,400		57,414
Fabege AB(a)		2,352		22,146
Hongkong Land Holdings Ltd.		2,400		11,688
Mitsubishi Estate Co. Ltd.		4,800		61,696
Mitsui Fudosan Co. Ltd.		2,400		44,864
Neobo Fastigheter AB*‡(a)		464		866
Sagax AB, Class B		552		13,661
Samhallsbyggnadsbolaget i Norden AB(a)		4,650		8,436
Sun Hung Kai Properties Ltd.		6,000		85,041
Swire Properties Ltd.		9,600		26,944
Swiss Prime Site AG (Registered)		264		23,390
Tokyu Fudosan Holdings Corp.		2,400		12,125

Investments	Shares		Value ($)
Vonovia SE		2,928		82,265
Wihlborgs Fastigheter AB		2,472		20,258
				779,678
Road & Rail - 0.7%
Aurizon Holdings Ltd.		6,216		16,163
Canadian National Railway Co.		2,928		347,537
Canadian Pacific Railway Ltd.		4,080		321,116
ComfortDelGro Corp. Ltd.		7,500		6,848
Hankyu Hanshin Holdings, Inc.		1,100		32,608
MTR Corp. Ltd.		12,000		64,145
Uber Technologies, Inc.*		11,640		360,025
				1,148,442
Semiconductors & Semiconductor Equipment - 5.2%
Advanced Micro Devices, Inc.*		4,704		353,506
ams-OSRAM AG*		2,448		22,616
Analog Devices, Inc.		2,208		378,606
Applied Materials, Inc.		4,704		524,449
ASM International NV		240		80,333
ASML Holding NV		1,776		1,162,310
BE Semiconductor Industries NV		408		28,926
Infineon Technologies AG		7,224		258,239
Intel Corp.		24,192		683,666
KLA Corp.		408		160,132
Lam Research Corp.		576		288,058
Microchip Technology, Inc.		1,560		121,087
Micron Technology, Inc.		7,944		479,023
NVIDIA Corp.		7,224		1,411,353
QUALCOMM, Inc.		4,872		648,999
Renesas Electronics Corp.*		9,600		98,144
Rohm Co. Ltd.		400		31,774
Skyworks Solutions, Inc.		480		52,642
SOITEC*		96		14,445
STMicroelectronics NV		3,552		166,303
SUMCO Corp.		2,400		35,249
Texas Instruments, Inc.		3,984		706,005
Tokyo Electron Ltd.		1,000		347,341
				8,053,206
Software - 7.8%
Adobe, Inc.*		2,688		995,474
Autodesk, Inc.*		1,560		335,649
Crowdstrike Holdings, Inc., Class A*		960		101,664
Dassault Systemes SE		3,096		114,524
DocuSign, Inc.*		912		55,304
Fortinet, Inc.*		2,832		148,227
Gen Digital, Inc.		4,536		104,373
Intuit, Inc.		1,224		517,348
Microsoft Corp.		29,832		7,392,668
Oracle Corp.		4,776		422,485
Palo Alto Networks, Inc.*(a)		1,320		209,405
Sage Group plc (The)		5,400		51,641
Salesforce, Inc.*		2,616		439,409
SAP SE		5,376		632,788
ServiceNow, Inc.*		576		262,155
SimCorp A/S(a)		240		16,713
Splunk, Inc.*		336		32,179
Synopsys, Inc.*		672		237,720

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
WiseTech Global Ltd.(a)		984		41,977
				12,111,703
Specialty Retail - 1.3%
AutoZone, Inc.*		48		117,065
Best Buy Co., Inc.		1,200		106,464
Burlington Stores, Inc.*(a)		192		44,127
Fast Retailing Co. Ltd.(a)		300		180,907
H & M Hennes & Mauritz AB, Class B		4,920		60,206
Industria de Diseno Textil SA		3,696		114,882
JB Hi-Fi Ltd.(a)		504		17,182
Kingfisher plc		10,656		36,601
Lowe’s Cos., Inc.		1,968		409,836
Ross Stores, Inc.		1,512		178,703
TJX Cos., Inc. (The)		6,624		542,241
Tractor Supply Co.		672		153,209
Watches of Switzerland Group plc*(d)		1,032		12,044
Williams-Sonoma, Inc.(a)		480		64,771
Yamada Holdings Co. Ltd.		4,800		17,422
				2,055,660
Technology Hardware, Storage & Peripherals - 5.4%
Apple, Inc.		51,984		7,500,771
Brother Industries Ltd.		2,400		37,095
Canon, Inc.(a)		2,400		53,391
Dell Technologies, Inc., Class C		792		32,171
FUJIFILM Holdings Corp.		2,400		126,159
Hewlett Packard Enterprise Co.		7,728		124,653
HP, Inc.		6,048		176,239
Konica Minolta, Inc.(a)		2,400		10,003
Logitech International SA (Registered)		696		40,392
NetApp, Inc.		1,056		69,939
Ricoh Co. Ltd.		2,400		18,547
Seiko Epson Corp.		4,800		74,079
Western Digital Corp.*		2,400		105,480
				8,368,919
Textiles, Apparel & Luxury Goods - 2.0%
adidas AG		576		92,196
Asics Corp.		2,400		56,657
Burberry Group plc		1,776		53,808
Christian Dior SE		48		41,287
Hermes International		144		268,133
HUGO BOSS AG		408		27,570
Kering SA		384		237,923
Lululemon Athletica, Inc.*		888		272,510
LVMH Moet Hennessy Louis Vuitton SE		1,488		1,292,834
Moncler SpA		1,296		80,510
NIKE, Inc., Class B		3,648		464,500
Pandora A/S		528		43,629
Puma SE		528		35,759
Shenzhou International Group Holdings Ltd.		2,400		30,082
Swatch Group AG (The)(a)		216		77,537
VF Corp.		528		16,336
				3,091,271

Investments	Shares		Value ($)
Thrifts & Mortgage Finance - 0.0%(c)
OSB Group plc		825		5,540
Tobacco - 0.4%
Altria Group, Inc.		5,208		234,568
British American Tobacco plc		8,640		329,313
Japan Tobacco, Inc.		4,800		97,997
				661,878
Trading Companies & Distributors - 0.8%
AddTech AB, Class B		1,032		16,402
Ashtead Group plc		2,280		149,159
Bunzl plc		768		28,081
Ferguson plc(a)		984		137,615
Grafton Group plc		1,200		13,572
IMCD NV		216		34,027
Marubeni Corp.		4,800		58,558
Mitsubishi Corp.		4,800		160,043
Mitsui & Co. Ltd.		9,600		281,995
Rexel SA*		1,272		27,988
RS GROUP plc		1,464		16,942
Sojitz Corp.		1,599		31,588
Sumitomo Corp.		4,800		85,743
Toyota Tsusho Corp.		2,400		100,765
Travis Perkins plc		2,544		31,789
				1,174,267
Transportation Infrastructure - 0.2%
Aena SME SA*(b)		360		53,759
Aeroports de Paris*		144		22,247
Auckland International Airport Ltd.*		8,616		47,329
Getlink SE		2,136		36,027
Qube Holdings Ltd.(a)		9,192		19,820
Transurban Group		16,608		161,616
				340,798
Water Utilities - 0.2%
American Water Works Co., Inc.		792		123,940
Essential Utilities, Inc.		696		32,524
Pennon Group plc		1,440		16,265
Severn Trent plc		1,440		49,922
United Utilities Group plc		2,760		35,949
				258,600
Wireless Telecommunication Services - 0.1%
Millicom International Cellular SA, SDR*		936		15,971
Tele2 AB, Class B		4,032		34,737
Vodafone Group plc		140,856		161,477
				212,185
TOTAL COMMON STOCKS (COST $130,930,565)				154,947,158

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(e) - 0.2%
REPURCHASE AGREEMENTS - 0.2%
Citigroup Global Markets, Inc., 4.27%, dated 1/31/2023, due 2/1/2023, repurchase price $276,179, collateralized by various U.S. Treasury Securities, ranging from 1.00% - 3.13%, maturing 5/15/2029 - 5/15/2048; total market value $280,440 (Cost $276,147)		276,147		276,147
Total Investments - 99.5% (Cost $131,206,712)				155,223,305
Other assets less liabilities - 0.5%				832,181
Net Assets - 100.0%				156,055,486

* Non-income producing security.

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

(a) The security or a portion of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $6,002,979, collateralized in the form of cash with a value of $276,147 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $5,071,447 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.13%, and maturity dates ranging from February 2, 2023 – August 15, 2052 and $1,059,980 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from March 25, 2023 – June 30, 2120; a total value of $6,407,574.

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

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

(d) 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) The security was purchased with cash collateral held from securities on loan at January 31, 2023. The total value of securities purchased was $276,147.

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
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, 2023:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation
Long Contracts
MSCI EAFE E-Mini Index		4		03/17/2023		USD	$	423,800	$	20,834
S&P 500 E-Mini Index		3		03/17/2023		USD		613,500		16,704
									$	37,538

Forward Foreign Currency Contracts

FlexShares^® STOXX^® Global ESG Select Index Fund had the following outstanding contracts as of January 31, 2023:

Contracts to Receive		Counterparty	In Exchange For			Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	138,277	BNP Paribas SA		CHF	127,546		03/15/2023	$	(1,146	)
USD	122,105	Toronto-Dominion Bank (The)		JPY	16,540,000		03/15/2023		(5,773	)
Net unrealized depreciation								$	(6,919	)

Abbreviations:

CHF — Swiss Franc

JPY — Japanese Yen

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, 2023:

Australia	4.2	%
Austria	0.1
Belgium	0.3
Canada	2.4
Denmark	1.0
Finland	0.5
France	5.2
Germany	2.8
Hong Kong	0.9
Ireland	0.2
Italy	1.2
Japan	7.4
Luxembourg	0.0	†
Netherlands	2.5
New Zealand	0.2
Norway	0.3
Portugal	0.1
Singapore	0.4
Spain	1.1
Sweden	1.3
Switzerland	2.9
United Kingdom	5.6
United States	58.7
Other1	0.7
	100.0	%

^†  Amount represents less than 0.05%.

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

Security Type	% of Net Assets
Common Stocks		99.3	%
Securities Lending Reinvestments		0.2
Others(1)		0.5
		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, 2023 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 99.1%
Air Freight & Logistics - 0.3%
Expeditors International of Washington, Inc.		198		21,414
United Parcel Service, Inc., Class B		242		44,825
				66,239
Automobiles - 1.5%
Tesla, Inc.*		2,178		377,273
Banks - 3.9%
Bank of America Corp.		9,988		354,374
Citigroup, Inc.		4,246		221,726
Fifth Third Bancorp		726		26,347
JPMorgan Chase & Co.		2,640		369,495
PNC Financial Services Group, Inc. (The)		154		25,476
				997,418
Beverages - 1.5%
Coca-Cola Co. (The)		792		48,565
PepsiCo, Inc.		2,024		346,145
				394,710
Biotechnology - 2.9%
AbbVie, Inc.		1,804		266,541
Amgen, Inc.		1,034		260,982
Biogen, Inc.*		506		147,195
Regeneron Pharmaceuticals, Inc.*		44		33,373
Vertex Pharmaceuticals, Inc.*		132		42,649
				750,740
Building Products - 1.2%
Johnson Controls International plc		2,134		148,462
Trane Technologies plc		814		145,804
				294,266
Capital Markets - 4.2%
Bank of New York Mellon Corp. (The)		176		8,900
BlackRock, Inc.		22		16,703
Goldman Sachs Group, Inc. (The)		440		160,956
Moody’s Corp.		572		184,613
Morgan Stanley		2,530		246,245
MSCI, Inc.		110		58,472
Nasdaq, Inc.		154		9,269
S&P Global, Inc.		748		280,455
State Street Corp.		1,210		110,509
				1,076,122
Chemicals - 1.5%
Ecolab, Inc.		902		139,656
International Flavors & Fragrances, Inc.		880		98,965
PPG Industries, Inc.		814		106,097
Sherwin-Williams Co. (The)		110		26,025
				370,743

Investments	Shares		Value ($)
Commercial Services & Supplies - 0.9%
Waste Management, Inc.		1,430		221,264
Communications Equipment - 1.0%
Arista Networks, Inc.*		264		33,269
Cisco Systems, Inc.		4,620		224,856
				258,125
Consumer Finance - 0.1%
American Express Co.		198		34,636
Containers & Packaging - 0.4%
Amcor plc		1,584		19,103
Avery Dennison Corp.		176		33,341
International Paper Co.		374		15,641
Packaging Corp. of America		176		25,115
				93,200
Diversified Financial Services - 1.0%
Apollo Global Management, Inc.		1,056		74,744
Berkshire Hathaway, Inc., Class B*		484		150,776
Equitable Holdings, Inc.		990		31,749
				257,269
Diversified Telecommunication Services - 1.6%
AT&T, Inc.		14,146		288,154
Verizon Communications, Inc.		2,794		116,147
				404,301
Electric Utilities - 1.2%
Edison International		924		63,664
Eversource Energy		1,188		97,808
Exelon Corp.		3,476		146,652
				308,124
Electrical Equipment - 0.3%
Plug Power, Inc.*		1,650		28,083
Rockwell Automation, Inc.		176		49,637
				77,720
Energy Equipment & Services - 0.8%
Baker Hughes Co.		1,320		41,897
Halliburton Co.		814		33,553
Schlumberger Ltd.		2,420		137,891
				213,341
Entertainment - 1.0%
Spotify Technology SA*		264		29,758
Walt Disney Co. (The)*		2,178		236,291
				266,049
Equity Real Estate Investment Trusts (REITs) - 3.1%
Boston Properties, Inc.		484		36,077
Equinix, Inc.		308		227,344
Healthpeak Properties, Inc.		1,958		53,806
Host Hotels & Resorts, Inc.		396		7,464
Prologis, Inc.		2,288		295,793
Ventas, Inc.		1,320		68,389
Weyerhaeuser Co.		2,662		91,653
				780,526

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Food & Staples Retailing - 1.2%
Kroger Co. (The)		2,398		107,023
Walgreens Boots Alliance, Inc.		2,574		94,878
Walmart, Inc.		814		117,110
				319,011
Food Products - 0.7%
General Mills, Inc.		638		49,994
Kellogg Co.		858		58,841
Mondelez International, Inc., Class A		1,254		82,062
				190,897
Health Care Equipment & Supplies - 1.9%
Abbott Laboratories		1,826		201,864
Boston Scientific Corp.*		1,804		83,435
Edwards Lifesciences Corp.*		308		23,624
Insulet Corp.*		22		6,321
Medtronic plc		2,068		173,071
				488,315
Health Care Providers & Services - 3.5%
Cigna Corp.		836		264,736
CVS Health Corp.		1,782		157,208
Elevance Health, Inc.		550		274,995
Humana, Inc.		242		123,831
UnitedHealth Group, Inc.		154		76,875
				897,645
Hotels, Restaurants & Leisure - 1.4%
Caesars Entertainment, Inc.*		748		38,941
Las Vegas Sands Corp.*		1,254		73,986
Marriott International, Inc., Class A		176		30,655
McDonald’s Corp.		352		94,125
MGM Resorts International		1,144		47,373
Starbucks Corp.		748		81,637
				366,717
Household Products - 2.0%
Church & Dwight Co., Inc.		264		21,347
Clorox Co. (The)		220		31,832
Colgate-Palmolive Co.		1,914		142,650
Kimberly-Clark Corp.		726		94,387
Procter & Gamble Co. (The)		1,496		213,001
				503,217
Industrial Conglomerates - 0.2%
3M Co.		484		55,699
Insurance - 2.9%
American International Group, Inc.		814		51,461
Chubb Ltd.		726		165,158
Hartford Financial Services Group, Inc. (The)		1,144		88,786
Marsh & McLennan Cos., Inc.		594		103,897
MetLife, Inc.		2,398		175,102
Principal Financial Group, Inc.		88		8,144
Prudential Financial, Inc.		946		99,273
Travelers Cos., Inc. (The)		198		37,842
				729,663
Interactive Media & Services - 4.9%
Alphabet, Inc., Class A*		5,390		532,748
Alphabet, Inc., Class C*		5,214		520,722
Meta Platforms, Inc., Class A*		1,298		193,363
				1,246,833

Investments	Shares		Value ($)
Internet & Direct Marketing Retail - 3.4%
Amazon.com, Inc.*		6,798		701,078
eBay, Inc.		1,958		96,921
Etsy, Inc.*		440		60,535
				858,534
IT Services - 4.4%
Accenture plc, Class A		154		42,974
Akamai Technologies, Inc.*		572		50,879
Automatic Data Processing, Inc.		1,034		233,488
International Business Machines Corp.		1,936		260,837
Mastercard, Inc., Class A		1,144		423,967
Okta, Inc.*		110		8,097
Visa, Inc., Class A		506		116,486
				1,136,728
Leisure Products - 0.1%
Hasbro, Inc.		418		24,733
Life Sciences Tools & Services - 1.2%
Agilent Technologies, Inc.		308		46,841
Illumina, Inc.*		440		94,248
Mettler-Toledo International, Inc.*		22		33,724
Repligen Corp.*		176		32,613
Thermo Fisher Scientific, Inc.		44		25,095
West Pharmaceutical Services, Inc.		264		70,118
				302,639
Machinery - 2.4%
Caterpillar, Inc.		462		116,558
Cummins, Inc.		484		120,777
Deere & Co.		396		167,445
Illinois Tool Works, Inc.		176		41,543
Stanley Black & Decker, Inc.		550		49,121
Westinghouse Air Brake Technologies Corp.		616		63,947
Xylem, Inc.		638		66,358
				625,749
Media - 0.7%
Comcast Corp., Class A		2,046		80,510
Interpublic Group of Cos., Inc. (The)		1,408		51,336
Omnicom Group, Inc.		440		37,835
				169,681
Metals & Mining - 0.8%
Newmont Corp.		2,794		147,886
Steel Dynamics, Inc.		484		58,390
				206,276
Multiline Retail - 0.5%
Target Corp.		792		136,335
Multi-Utilities - 1.1%
Consolidated Edison, Inc.		1,210		115,325
Sempra Energy		1,100		176,363
				291,688
Oil, Gas & Consumable Fuels - 4.1%
Antero Resources Corp.*		198		5,710
Cheniere Energy, Inc.		704		107,564
Chevron Corp.		66		11,485

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
ConocoPhillips		1,386		168,912
Devon Energy Corp.		506		31,999
EQT Corp.		814		26,593
Exxon Mobil Corp.		770		89,328
Hess Corp.		902		135,444
Marathon Petroleum Corp.		1,540		197,921
Occidental Petroleum Corp.		264		17,105
Pioneer Natural Resources Co.		352		81,083
Valero Energy Corp.		1,188		166,356
Williams Cos., Inc. (The)		594		19,151
				1,058,651
Personal Products - 0.9%
Estee Lauder Cos., Inc. (The), Class A		814		225,543
Pharmaceuticals - 4.7%
Bristol-Myers Squibb Co.		2,090		151,839
Eli Lilly & Co.		132		45,428
Johnson & Johnson		2,926		478,167
Merck & Co., Inc.		2,398		257,569
Pfizer, Inc.		6,226		274,940
				1,207,943
Professional Services - 0.7%
Equifax, Inc.		396		87,991
Verisk Analytics, Inc.		528		95,985
				183,976
Road & Rail - 1.6%
CSX Corp.		7,436		229,921
Norfolk Southern Corp.		748		183,866
Union Pacific Corp.		22		4,492
				418,279
Semiconductors & Semiconductor Equipment - 4.7%
Advanced Micro Devices, Inc.*		660		49,599
Applied Materials, Inc.		814		90,753
Enphase Energy, Inc.*		440		97,407
First Solar, Inc.*		330		58,608
Intel Corp.		7,128		201,437
Micron Technology, Inc.		1,210		72,963
NVIDIA Corp.		2,288		447,007
QUALCOMM, Inc.		440		58,612
SolarEdge Technologies, Inc.*		198		63,188
Texas Instruments, Inc.		374		66,277
				1,205,851
Software - 9.2%
Adobe, Inc.*		792		293,309
Autodesk, Inc.*		396		85,203
Cadence Design Systems, Inc.*		66		12,067
Intuit, Inc.		22		9,299
Microsoft Corp.		5,500		1,362,955
Oracle Corp.		1,430		126,498
Salesforce, Inc.*		1,760		295,627
ServiceNow, Inc.*		110		50,064
Workday, Inc., Class A*		660		119,744
				2,354,766
Specialty Retail - 2.7%
Best Buy Co., Inc.		176		15,615
Home Depot, Inc. (The)		638		206,820
Lowe’s Cos., Inc.		484		100,793

Investments	Shares		Value ($)
TJX Cos., Inc. (The)		3,322		271,939
Tractor Supply Co.		396		90,284
				685,451
Technology Hardware, Storage & Peripherals - 7.3%
Apple, Inc.		11,286		1,628,457
Dell Technologies, Inc., Class C		946		38,426
Hewlett Packard Enterprise Co.		4,532		73,101
HP, Inc.		3,520		102,573
NetApp, Inc.		286		18,942
				1,861,499
Textiles, Apparel & Luxury Goods - 0.9%
Lululemon Athletica, Inc.*		66		20,254
NIKE, Inc., Class B		1,452		184,883
VF Corp.		792		24,505
				229,642
Trading Companies & Distributors - 0.4%
WW Grainger, Inc.		154		90,780
Water Utilities - 0.2%
American Water Works Co., Inc.		396		61,970
TOTAL COMMON STOCKS (COST $26,119,132)				25,376,777
Investments	Principal Amount ($)		Value ($)
SHORT-TERM INVESTMENTS - 0.1%
U.S. TREASURY OBLIGATIONS - 0.1%
U.S. Treasury Bills 4.55%, 5/11/2023(a) (Cost $29,632)		30,000		29,625
Total Investments - 99.2% (Cost $26,148,764)				25,406,402
Other assets less liabilities - 0.8%				201,164
Net Assets - 100.0%				25,607,566

* Non-income producing security.

(a) The rate shown was the current yield as of January 31, 2023.

Percentages shown are based on Net Assets.

See Accompanying Notes to the Schedules of Investments.

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

Futures Contracts     

FlexShares^® ESG & Climate US Large Cap Core Index Fund had the following open futures contracts as of January 31, 2023:    

	Number of Contracts		Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Appreciation
Long Contracts
S&P 500 Micro E-Mini Index		11		03/17/2023	USD	$	224,950	$	5,488

Abbreviations:

USD — US Dollar

Security Type	% of Net Assets
Common Stocks		99.1	%
Short-Term Investments		0.1
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, 2023 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 98.4%
Air Freight & Logistics - 0.7%
Deutsche Post AG (Registered)		4,026		172,187
Auto Components - 0.9%
Bridgestone Corp.		2,200		81,795
Cie Generale des Etablissements Michelin SCA		2,882		90,629
Sumitomo Electric Industries Ltd.		4,400		52,595
				225,019
Automobiles - 1.9%
Bayerische Motoren Werke AG		429		43,437
Honda Motor Co. Ltd.		500		12,331
Mercedes-Benz Group AG		1,342		99,327
Porsche Automobil Holding SE (Preference)		968		57,569
Toyota Motor Corp.		18,700		272,710
				485,374
Banks - 12.0%
ABN AMRO Bank NV, CVA(a)		2,464		40,702
ANZ Group Holdings Ltd.		7,106		125,632
Banco Bilbao Vizcaya Argentaria SA		4,642		32,583
Banco Santander SA		22,660		78,825
Bank of Montreal		1,078		108,176
Bank of Nova Scotia (The)		3,069		165,669
Barclays plc		14,432		33,019
BNP Paribas SA		4,543		310,344
Commonwealth Bank of Australia		3,531		273,842
Credit Agricole SA		2,805		33,620
DBS Group Holdings Ltd.		1,100		29,953
HSBC Holdings plc		31,174		228,888
ING Groep NV		10,197		146,758
Mitsubishi UFJ Financial Group, Inc.		27,500		201,463
Mizuho Financial Group, Inc.		2,200		34,300
National Australia Bank Ltd.		6,831		153,020
NatWest Group plc		12,089		45,839
Nordea Bank Abp		2,343		27,253
Resona Holdings, Inc.		2,200		12,150
Royal Bank of Canada		3,399		346,841
Societe Generale SA		2,574		76,261
Sumitomo Mitsui Trust Holdings, Inc.		200		7,282
Toronto-Dominion Bank (The)		3,982		274,728
UniCredit SpA		3,509		68,155
Westpac Banking Corp.		8,217		137,341
				2,992,644
Beverages - 2.2%
Anheuser-Busch InBev SA/NV		1,650		98,720
Asahi Group Holdings Ltd.		1,300		42,805
Budweiser Brewing Co. APAC Ltd.(a)		1,100		3,466
Carlsberg A/S, Class B		110		15,539

Investments	Shares		Value ($)
Coca-Cola HBC AG*		1,298		31,344
Diageo plc		4,367		189,243
Kirin Holdings Co. Ltd.		3,300		50,726
Pernod Ricard SA		352		72,597
Suntory Beverage & Food Ltd.		1,100		37,049
				541,489
Biotechnology - 0.8%
CSL Ltd.		858		180,216
Grifols SA*		1,463		19,265
				199,481
Building Products - 1.0%
Cie de Saint-Gobain		1,485		84,752
Daikin Industries Ltd.		200		34,557
Geberit AG (Registered)		143		80,563
Kingspan Group plc		968		61,816
				261,688
Capital Markets - 2.7%
Credit Suisse Group AG (Registered)		1,008		3,431
Daiwa Securities Group, Inc.		6,600		31,060
Deutsche Bank AG (Registered)		2,981		39,523
Deutsche Boerse AG		198		35,320
EQT AB		913		20,397
Hong Kong Exchanges & Clearing Ltd.		1,500		67,436
IGM Financial, Inc.		902		28,074
London Stock Exchange Group plc		165		15,044
Macquarie Group Ltd.		726		95,839
Nomura Holdings, Inc.		22,000		87,580
St James’s Place plc		3,410		51,321
UBS Group AG (Registered)		8,965		189,692
				664,717
Chemicals - 3.4%
Akzo Nobel NV		1,188		87,916
Arkema SA		407		41,002
Chr Hansen Holding A/S		913		67,124
Clariant AG (Registered)*		1,419		24,125
Covestro AG(a)		737		33,714
Croda International plc		990		83,926
Givaudan SA (Registered)		22		70,783
Johnson Matthey plc		660		18,331
Koninklijke DSM NV		792		101,240
Mitsui Chemicals, Inc.		1,100		25,757
Nissan Chemical Corp.		600		28,144
Novozymes A/S, Class B		550		28,496
Nutrien Ltd.		814		67,189
Shin-Etsu Chemical Co. Ltd.		200		29,336
Sika AG (Registered)		264		74,365
Sumitomo Chemical Co. Ltd.		11,000		42,039
Umicore SA		198		7,447
Wacker Chemie AG		33		4,962
				835,896
Commercial Services & Supplies - 0.2%
Brambles Ltd.		2,783		23,513
Dai Nippon Printing Co. Ltd.		1,200		28,236
				51,749

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Communications Equipment - 0.2%
Nokia OYJ		10,670		50,426
Construction & Engineering - 0.3%
Taisei Corp.		1,100		37,895
WSP Global, Inc.		363		46,160
				84,055
Containers & Packaging - 0.5%
SIG Group AG*		2,519		62,019
Smurfit Kappa Group plc		1,760		73,457
				135,476
Diversified Consumer Services - 0.1%
Pearson plc		3,146		35,771
Diversified Financial Services - 0.1%
M&G plc		14,366		35,708
Diversified Telecommunication Services - 2.4%
BCE, Inc.		1,408		66,598
Deutsche Telekom AG (Registered)		9,141		203,019
Koninklijke KPN NV		3,377		11,520
Nippon Telegraph & Telephone Corp.		1,800		53,871
Singapore Telecommunications Ltd.		19,800		37,812
Swisscom AG (Registered)		187		109,910
Telefonica Deutschland Holding AG		5,819		17,088
Telefonica SA		5,049		19,121
Telia Co. AB		594		1,531
TELUS Corp.		3,190		68,541
				589,011
Electric Utilities - 1.9%
Acciona SA		220		42,769
Electricite de France SA		1,188		15,567
Hydro One Ltd.(a)		1,166		31,790
Iberdrola SA		12,221		142,614
Iberdrola SA*(b)		203		2,369
Orsted A/S(a)		1,265		111,729
Terna - Rete Elettrica Nazionale		10,263		80,832
Verbund AG		473		40,094
				467,764
Electrical Equipment - 2.1%
Mitsubishi Electric Corp.		3,300		36,186
Schneider Electric SE		1,749		281,734
Vestas Wind Systems A/S		6,941		201,427
				519,347
Electronic Equipment, Instruments & Components - 0.5%
Murata Manufacturing Co. Ltd.		1,100		62,543
Omron Corp.		1,300		74,574
				137,117
Energy Equipment & Services - 0.1%
Tenaris SA		715		12,618
Entertainment - 0.1%
Nintendo Co. Ltd.		400		17,302

Investments	Shares		Value ($)
Equity Real Estate Investment Trusts (REITs) - 1.5%
British Land Co. plc (The)		3,311		18,033
Dexus		6,512		37,398
Gecina SA		242		28,543
GPT Group (The)		13,640		43,732
Japan Real Estate Investment Corp.		11		47,114
Land Securities Group plc		231		2,014
Mirvac Group		25,795		41,260
Nippon Prologis REIT, Inc.		11		24,894
Segro plc		5,643		57,675
Stockland		968		2,681
Unibail-Rodamco-Westfield*		660		42,413
Vicinity Ltd.		26,092		37,874
				383,631
Food & Staples Retailing - 2.1%
Aeon Co. Ltd.		2,200		44,957
Carrefour SA		990		18,784
Jeronimo Martins SGPS SA		1,309		28,347
Loblaw Cos. Ltd.		539		48,150
Metro, Inc.		352		19,052
Tesco plc		51,843		156,943
Woolworths Group Ltd.		7,843		199,399
				515,632
Food Products - 2.1%
Nestle SA (Registered)		4,235		513,870
Orkla ASA		2,915		21,719
				535,589
Gas Utilities - 0.5%
AltaGas Ltd.		209		3,897
Enagas SA		2,299		41,110
Hong Kong & China Gas Co. Ltd.		77,000		77,211
				122,218
Health Care Equipment & Supplies - 2.2%
BioMerieux		385		39,036
Coloplast A/S, Class B		319		38,309
Koninklijke Philips NV		5,808		99,764
Olympus Corp.		4,400		82,167
Siemens Healthineers AG(a)		1,672		89,105
Sonova Holding AG (Registered)		363		90,044
Sysmex Corp.		1,100		72,414
Terumo Corp.		1,100		31,830
				542,669
Hotels, Restaurants & Leisure - 0.8%
Genting Singapore Ltd.		48,400		36,456
Oriental Land Co. Ltd.		200		33,188
Sands China Ltd.*		17,600		65,788
Whitbread plc		1,749		65,479
				200,911
Household Durables - 1.4%
Barratt Developments plc		4,642		26,276
Berkeley Group Holdings plc		638		32,557
Sekisui House Ltd.		3,300		62,196
Sony Group Corp.		2,600		231,520
				352,549
Household Products - 0.5%
Henkel AG & Co. KGaA (Preference)		1,243		88,287
Reckitt Benckiser Group plc		506		35,944
				124,231

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Independent Power and Renewable Electricity Producers - 0.2%
EDP Renovaveis SA		2,024		43,842
Industrial Conglomerates - 1.9%
Hitachi Ltd.		4,700		245,110
Siemens AG (Registered)		1,485		230,467
				475,577
Insurance - 6.3%
AIA Group Ltd.		17,600		198,823
Allianz SE (Registered)		1,045		248,775
ASR Nederland NV		605		28,503
Aviva plc		15,741		88,309
AXA SA		7,733		240,321
Dai-ichi Life Holdings, Inc.		100		2,338
Insurance Australia Group Ltd.		7,161		24,725
Japan Post Insurance Co. Ltd.		1,100		19,573
Legal & General Group plc		40,271		125,927
MS&AD Insurance Group Holdings, Inc.		2,900		92,746
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		220		79,086
NN Group NV		1,705		73,735
QBE Insurance Group Ltd.		3,201		30,992
Sun Life Financial, Inc.		2,266		113,542
Swiss Re AG		132		13,730
Zurich Insurance Group AG		363		178,665
				1,559,790
Interactive Media & Services - 0.2%
Z Holdings Corp.		16,500		47,136
Internet & Direct Marketing Retail - 0.5%
Rakuten Group, Inc.		7,700		38,901
Zalando SE*(a)		1,925		89,041
				127,942
IT Services - 2.3%
Capgemini SE		1,122		211,906
CGI, Inc.*		451		38,545
Fujitsu Ltd.		1,400		199,269
Nomura Research Institute Ltd.		2,200		52,443
Worldline SA*(a)		1,485		66,995
				569,158
Leisure Products - 0.2%
Yamaha Corp.		1,100		42,462
Machinery - 2.0%
Alstom SA		1,947		57,515
Atlas Copco AB, Class A		5,324		62,720
Epiroc AB, Class A		1,771		34,321
GEA Group AG		1,331		59,773
Hitachi Construction Machinery Co. Ltd.		1,100		25,756
Husqvarna AB, Class B		4,213		35,636
KION Group AG		209		8,369
Komatsu Ltd.		3,300		80,061
Kone OYJ, Class B		121		6,576
Kubota Corp.		1,100		16,393
SKF AB, Class B		1,870		32,927
Volvo AB, Class B		2,046		40,422

Investments	Shares		Value ($)
Yaskawa Electric Corp.		1,100		42,547
				503,016
Media - 1.0%
Dentsu Group, Inc.		1,400		44,838
Informa plc		3,806		31,356
Publicis Groupe SA		1,320		92,810
WPP plc		6,237		72,469
				241,473
Metals & Mining - 3.5%
Anglo American plc		418		17,839
BlueScope Steel Ltd.		3,080		41,583
Fortescue Metals Group Ltd.		8,217		128,772
Fresnillo plc		2,178		22,024
Kinross Gold Corp.		7,172		33,271
Newcrest Mining Ltd.		6,006		94,419
Norsk Hydro ASA		4,246		34,153
Northern Star Resources Ltd.		5,698		50,389
Rio Tinto Ltd.		1,078		96,197
Rio Tinto plc		1,650		128,359
Sumitomo Metal Mining Co. Ltd.		200		8,071
Teck Resources Ltd., Class B		3,168		136,658
Wheaton Precious Metals Corp.		1,606		73,226
				864,961
Multiline Retail - 0.5%
Canadian Tire Corp. Ltd., Class A		330		39,125
Next plc		1,067		86,933
				126,058
Multi-Utilities - 0.2%
National Grid plc		3,652		46,084
Oil, Gas & Consumable Fuels - 6.2%
Ampol Ltd.		1,408		30,251
Cameco Corp.		3,256		90,846
Enbridge, Inc.		6,831		278,902
ENEOS Holdings, Inc.		15,400		54,852
Eni SpA		4,730		72,617
Neste OYJ		3,157		150,278
Pembina Pipeline Corp.		3,762		133,101
Repsol SA		5,027		82,385
Shell plc		14,036		410,221
TC Energy Corp.		550		23,631
TotalEnergies SE		3,201		198,088
Tourmaline Oil Corp.		363		16,869
Woodside Energy Group Ltd.		1		24
				1,542,065
Paper & Forest Products - 0.4%
Mondi plc		3,454		64,761
UPM-Kymmene OYJ		715		25,820
				90,581
Personal Products - 2.3%
Kao Corp.		3,300		133,375
L’Oreal SA		682		280,016
Unilever plc		3,311		167,470
				580,861
Pharmaceuticals - 8.7%
AstraZeneca plc		2,684		349,922
Daiichi Sankyo Co. Ltd.		4,400		137,503
GSK plc		9,097		159,411
Merck KGaA		209		43,365

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Novartis AG (Registered)		2,772		248,794
Novo Nordisk A/S, Class B		3,157		434,619
Ono Pharmaceutical Co. Ltd.		2,300		49,937
Roche Holding AG		1,188		368,846
Sanofi		2,101		204,608
Takeda Pharmaceutical Co. Ltd.		4,500		141,528
UCB SA		264		21,613
				2,160,146
Professional Services - 2.3%
Adecco Group AG (Registered)		1,397		51,485
Experian plc		1,012		36,791
Randstad NV		1,012		64,494
Recruit Holdings Co. Ltd.		2,500		79,665
RELX plc		9,185		271,610
Wolters Kluwer NV		682		74,180
				578,225
Real Estate Management & Development - 0.6%
City Developments Ltd.		3,300		20,839
Daiwa House Industry Co. Ltd.		4,400		105,259
New World Development Co. Ltd.		11,000		32,838
				158,936
Road & Rail - 2.1%
Canadian National Railway Co.		1,628		193,234
Canadian Pacific Railway Ltd.		1,584		124,669
Central Japan Railway Co.		300		36,541
East Japan Railway Co.		2,200		122,481
MTR Corp. Ltd.		7,500		40,090
West Japan Railway Co.		300		12,538
				529,553
Semiconductors & Semiconductor Equipment - 2.0%
Advantest Corp.		700		49,521
ASML Holding NV		649		424,741
Tokyo Electron Ltd.		100		34,734
				508,996
Software - 1.8%
Open Text Corp.		1,650		55,188
SAP SE		2,970		349,587
WiseTech Global Ltd.		242		10,324
Xero Ltd.*		781		42,265
				457,364
Specialty Retail - 1.3%
Chow Tai Fook Jewellery Group Ltd.		4,400		9,397
H & M Hennes & Mauritz AB, Class B		2,530		30,960
Industria de Diseno Textil SA		7,557		234,892
Kingfisher plc		17,435		59,885
				335,134
Technology Hardware, Storage & Peripherals - 0.9%
Canon, Inc.		6,700		149,049
Ricoh Co. Ltd.		4,400		34,004
Seiko Epson Corp.		2,200		33,953
				217,006
Textiles, Apparel & Luxury Goods - 3.1%
adidas AG		242		38,735
Burberry Group plc		2,959		89,650
Cie Financiere Richemont SA (Registered)		924		141,203
Kering SA		418		258,989

Investments	Shares		Value ($)
LVMH Moet Hennessy Louis Vuitton SE		286		248,488
				777,065
Trading Companies & Distributors - 0.9%
Ferguson plc		242		33,844
ITOCHU Corp.		5,500		176,912
Rexel SA*		1,056		23,236
				233,992
Transportation Infrastructure - 0.9%
Getlink SE		3,146		53,061
Transurban Group		18,227		177,371
				230,432
Water Utilities - 0.1%
Severn Trent plc		704		24,406
Wireless Telecommunication Services - 0.8%
Rogers Communications, Inc., Class B		264		12,799
SoftBank Corp.		11,000		125,737
Vodafone Group plc		45,375		52,018
				190,554
TOTAL COMMON STOCKS (COST $23,812,724)				24,555,084
Total Investments - 98.4% (Cost $23,812,724)				24,555,084
Other assets less liabilities - 1.6%				395,729
Net Assets - 100.0%				24,950,813

* 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) Security fair valued as of January 31, 2023 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2023 amounted to $2,369, which represents approximately 0.01% 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.)

Futures Contracts

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund had the following open futures contracts as of January 31, 2023:

	Number of Contracts		Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Appreciation
Long Contracts
MSCI EAFE E-Mini Index		3		03/17/2023	USD	$	317,850	$	17,958
TOPIX Mini Index		3		03/09/2023	JPY		45,573		2,284
								$	20,242

Forward Foreign Currency Contracts

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund had the following outstanding contracts as of January 31, 2023:

Contracts to Receive		Counterparty	In Exchange For			Maturity Date		Unrealized Appreciation/ (Depreciation)
CAD	47,124	UBS AG		USD	34,451		03/15/2023	$	875
CHF	26,398	BNP Paribas SA		USD	28,619		03/15/2023		237
GBP	15,946	Citibank NA		USD	19,486		03/15/2023		163
JPY	10,239,927	Toronto-Dominion Bank (The)		USD	75,595		03/15/2023		3,574
USD	7,086	Bank of New York		HKD	55,077		03/15/2023		45
USD	2,519	Goldman Sachs & Co.		ILS	8,590		03/15/2023		30
USD	22,820	UBS AG		SEK	234,796		03/15/2023		345
Total unrealized appreciation								$	5,269
NOK	23,302	Bank of New York		USD	2,367		03/15/2023	$	(30	)
USD	36,575	Citibank NA		AUD	54,466		03/15/2023		(1,864	)
USD	11,622	JPMorgan Chase Bank NA		CHF	10,732		03/15/2023		(109	)
USD	8,100	UBS AG		DKK	56,285		03/15/2023		(140	)
USD	39,987	JPMorgan Chase Bank NA		EUR	37,430		03/15/2023		(767	)
USD	106,806	UBS AG		EUR	99,889		03/15/2023		(1,955	)
USD	17,594	JPMorgan Chase Bank NA		GBP	14,445		03/15/2023		(205	)
USD	16,078	JPMorgan Chase Bank NA		JPY	2,172,342		03/15/2023		(717	)
USD	8,764	Citibank NA		NZD	13,752		03/15/2023		(127	)
USD	7,821	BNP Paribas SA		SGD	10,575		03/15/2023		(231	)
Total unrealized depreciation								$	(6,145	)
Net unrealized depreciation								$	(876	)

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® 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, 2023:

Australia		8.2	%
Austria		0.2
Belgium		0.5
Canada		10.6
Denmark		3.6
Finland		0.9
France		12.1
Germany		8.1
Hong Kong		2.0
Ireland		0.3
Italy		0.9
Japan		17.9
Netherlands		4.8
New Zealand		0.2
Norway		0.2
Portugal		0.3
Singapore		0.5
Spain		2.8
Sweden		1.1
Switzerland		8.9
United Kingdom		14.3
Other1		1.6
	100.0%

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

Security Type	% of Net Assets
Common Stocks		98.4	%
Others(1)		1.6
	100.0%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® ESG & Climate Emerging Markets Core Index Fund

January 31, 2023 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 98.9%
Air Freight & Logistics - 0.5%
Hyundai Glovis Co. Ltd.		62		8,350
ZTO Express Cayman, Inc., ADR		482		13,742
				22,092
Airlines - 0.1%
Korean Air Lines Co. Ltd.*		142		2,795
Auto Components - 0.9%
Hankook Tire & Technology Co. Ltd.*		276		7,271
Hyundai Mobis Co. Ltd.		218		36,369
				43,640
Automobiles - 0.7%
Li Auto, Inc., ADR*		656		16,334
XPeng, Inc., Class A*		3,600		18,210
				34,544
Banks - 16.2%
Agricultural Bank of China Ltd., Class H		50,000		17,988
Akbank TAS		11,480		10,363
Alinma Bank		2,090		18,294
Axis Bank Ltd.		1,512		16,085
Banco Bradesco SA*		5,600		13,880
Banco Bradesco SA (Preference)		10,600		29,189
Banco do Brasil SA		3,000		23,981
Bancolombia SA		918		8,303
Bancolombia SA (Preference)		1,470		11,238
Bank AlBilad*		538		6,429
Bank Al-Jazira		158		815
Bank of the Philippine Islands		3,420		6,574
Bank Polska Kasa Opieki SA		60		1,275
Bank Rakyat Indonesia Persero Tbk. PT		89,400		27,315
Banque Saudi Fransi		332		3,614
China Construction Bank Corp., Class H		86,000		55,735
CIMB Group Holdings Bhd.		16,800		22,645
Commercial International Bank Egypt SAE		8,800		14,436
CTBC Financial Holding Co. Ltd.		34,000		25,875
E.Sun Financial Holding Co. Ltd.		46,000		37,535
First Abu Dhabi Bank PJSC		9,284		34,375
First Financial Holding Co. Ltd.		36,000		31,294
Grupo Financiero Banorte SAB de CV, Class O		1,200		9,970
Industrial & Commercial Bank of China Ltd., Class H		70,000		37,418
ING Bank Slaski SA		114		4,533
Itau Unibanco Holding SA (Preference)		2,400		11,940

Investments	Shares		Value ($)
KB Financial Group, Inc.		1,154		52,369
Mega Financial Holding Co. Ltd.		36,000		38,308
Nedbank Group Ltd.		1,654		21,370
OTP Bank Nyrt.		790		23,716
Powszechna Kasa Oszczednosci Bank Polski SA		1,488		11,025
Santander Bank Polska SA		118		7,803
Shinhan Financial Group Co. Ltd.		1,510		50,934
SinoPac Financial Holdings Co. Ltd.		4,000		2,305
Standard Bank Group Ltd.		3,690		36,679
State Bank of India		1,934		13,066
Turkiye Is Bankasi A/S, Class C		12,320		7,126
Yapi ve Kredi Bankasi A/S		10,982		5,301
Yes Bank Ltd.*		39,544		8,326
				759,427
Beverages - 0.5%
Arca Continental SAB de CV		200		1,770
Coca-Cola Femsa SAB de CV		1,800		13,716
United Spirits Ltd.*		1,056		9,907
				25,393
Biotechnology - 0.5%
BeiGene Ltd.*		1,200		23,469
Capital Markets - 0.5%
B3 SA - Brasil Bolsa Balcao		3,400		8,654
Mirae Asset Securities Co. Ltd.*		834		4,611
NH Investment & Securities Co. Ltd.*		516		3,854
Saudi Tadawul Group Holding Co.		128		5,525
				22,644
Chemicals - 3.2%
Asian Paints Ltd.		1,046		34,801
Indorama Ventures PCL, NVDR		5,800		7,116
LG Chem Ltd.		56		31,369
Orbia Advance Corp. SAB de CV		3,500		7,022
PI Industries Ltd.		56		2,049
PTT Global Chemical PCL, NVDR		7,800		11,637
Sahara International Petrochemical Co.		1,162		11,456
SK IE Technology Co. Ltd.*(a)		88		4,787
Sociedad Quimica y Minera de Chile SA (Preference), Class B		304		29,470
Yanbu National Petrochemical Co.		916		10,812
				150,519
Commercial Services & Supplies - 0.0%(b)
China Everbright Environment Group Ltd.		2,000		888
Construction & Engineering - 0.4%
Hyundai Engineering & Construction Co. Ltd.*		276		8,525
Samsung Engineering Co. Ltd.*		422		8,856
				17,381
Construction Materials - 0.8%
Siam Cement PCL (The), NVDR		2,800		28,501

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate Emerging Markets Core Index Fund (cont.)

Investments	Shares		Value ($)
UltraTech Cement Ltd.		122		10,551
				39,052
Consumer Finance - 0.0%(b)
Bajaj Finance Ltd.		12		862
Containers & Packaging - 0.3%
Klabin SA		2,400		9,116
SCG Packaging PCL, NVDR		4,200		6,648
				15,764
Diversified Financial Services - 1.6%
FirstRand Ltd.		9,284		34,334
Housing Development Finance Corp. Ltd.		528		16,904
Yuanta Financial Holding Co. Ltd.		34,000		25,479
				76,717
Diversified Telecommunication Services - 1.9%
Chunghwa Telecom Co. Ltd.		12,000		44,963
Emirates Telecommunications Group Co. PJSC		518		3,624
Hellenic Telecommunications Organization SA		712		11,189
Indus Towers Ltd.		2,388		4,468
LG Uplus Corp.		764		6,891
Saudi Telecom Co.		462		4,542
Telefonica Brasil SA		1,800		14,785
				90,462
Electric Utilities - 1.1%
Centrais Eletricas Brasileiras SA		2,200		17,565
Centrais Eletricas Brasileiras SA (Preference), Class B		800		6,673
CEZ A/S		114		4,620
Cia Energetica de Minas Gerais (Preference)		5,000		11,254
Cia Paranaense de Energia (Preference)		6,400		9,767
				49,879
Electrical Equipment - 0.5%
CG Power & Industrial Solutions Ltd.*		2,020		7,457
Doosan Enerbility Co. Ltd.*		120		1,627
Havells India Ltd.		884		12,751
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		2,800		2,858
				24,693
Electronic Equipment, Instruments & Components - 1.9%
AUO Corp.		18,000		10,042
Delta Electronics Thailand PCL, NVDR		700		19,085
Delta Electronics, Inc.		2,000		19,251
Hon Hai Precision Industry Co. Ltd.		2,000		6,641
Samsung Electro-Mechanics Co. Ltd.		198		22,938
Samsung SDI Co. Ltd.		16		8,897
				86,854

Investments	Shares		Value ($)
Energy Equipment & Services - 0.2%
Dialog Group Bhd.		13,000		7,924
Entertainment - 1.7%
Kingsoft Corp. Ltd.		3,200		11,757
NetEase, Inc., ADR		756		66,989
				78,746
Equity Real Estate Investment Trusts (REITs) - 0.1%
Growthpoint Properties Ltd.		8,000		6,436
Food & Staples Retailing - 2.1%
CP ALL PCL, NVDR		13,000		26,189
Nahdi Medical Co.		20		1,008
Raia Drogasil SA		200		975
Shoprite Holdings Ltd.		1,138		15,681
Sun Art Retail Group Ltd.		7,000		2,822
Wal-Mart de Mexico SAB de CV		12,600		49,435
				96,110
Food Products - 1.0%
Charoen Pokphand Foods PCL, NVDR		6,200		4,433
CJ CheilJedang Corp.		28		7,842
Grupo Bimbo SAB de CV, Series A		1,800		9,002
Marico Ltd.		1,836		11,162
Nestle India Ltd.		14		3,250
Nestle Malaysia Bhd.		300		9,508
				45,197
Gas Utilities - 0.9%
ENN Energy Holdings Ltd.		2,800		42,151
GAIL India Ltd.		1,874		2,176
				44,327
Health Care Equipment & Supplies - 0.0%(b)
Microport Scientific Corp.*		600		1,875
Health Care Providers & Services - 0.1%
Apollo Hospitals Enterprise Ltd.		84		4,363
Sinopharm Group Co. Ltd., Class H		800		1,962
				6,325
Hotels, Restaurants & Leisure - 2.0%
Genting Bhd.		6,400		7,427
Kangwon Land, Inc.*		336		6,410
OPAP SA		690		10,326
Trip.com Group Ltd.*		400		14,758
Yum China Holdings, Inc.		898		55,326
				94,247
Household Durables - 0.9%
Arcelik A/S		422		2,405
Coway Co. Ltd.*		202		9,151
LG Electronics, Inc.		378		30,717
				42,273
Household Products - 0.3%
Blue Moon Group Holdings Ltd.(a)		3,000		1,963
Unilever Indonesia Tbk. PT		26,800		8,332
Vinda International Holdings Ltd.		1,000		2,762
				13,057

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate Emerging Markets Core Index Fund (cont.)

Investments	Shares		Value ($)
Independent Power and Renewable Electricity Producers - 1.0%
Adani Green Energy Ltd.*		1,098		16,403
China Longyuan Power Group Corp. Ltd., Class H		12,000		16,503
Energy Absolute PCL, NVDR		6,000		15,722
				48,628
Industrial Conglomerates - 1.9%
Far Eastern New Century Corp.		10,000		10,891
International Holding Co. PJSC*		350		38,134
Samsung C&T Corp.		222		21,357
Siemens Ltd.		250		8,930
Turkiye Sise ve Cam Fabrikalari A/S		4,658		9,791
				89,103
Insurance - 3.7%
Cathay Financial Holding Co. Ltd.		25,958		36,786
Fubon Financial Holding Co. Ltd.		24,000		48,120
ICICI Prudential Life Insurance Co. Ltd.(a)		1,062		5,864
Ping An Insurance Group Co. of China Ltd., Class H		10,000		77,438
Powszechny Zaklad Ubezpieczen SA		502		4,247
				172,455
Interactive Media & Services - 2.7%
Autohome, Inc., ADR		50		1,743
Info Edge India Ltd.		248		11,112
Kanzhun Ltd., ADR*		318		7,724
Kuaishou Technology*(a)		6,200		54,300
NAVER Corp.		310		50,962
				125,841
Internet & Direct Marketing Retail - 10.4%
Alibaba Group Holding Ltd., ADR*		2,276		250,815
Alibaba Health Information Technology Ltd.*		16,000		14,227
JD.com, Inc., ADR		166		9,882
Meituan, Class B*(a)		4,400		98,008
Naspers Ltd., Class N		200		38,405
Pinduoduo, Inc., ADR*		190		18,616
Prosus NV*		434		34,795
Vipshop Holdings Ltd., ADR*		1,514		23,422
				488,170
IT Services - 3.7%
Arabian Internet & Communications Services Co.		52		3,508
Elm Co.		14		1,328
GDS Holdings Ltd., ADR*		616		14,384
HCL Technologies Ltd.		2,250		30,819
Infosys Ltd.		3,992		74,732
Tech Mahindra Ltd.		2,068		25,620
Wipro Ltd.		4,882		23,767
				174,158
Life Sciences Tools & Services - 1.4%
Divi’s Laboratories Ltd.		456		18,452
WuXi AppTec Co. Ltd., Class H(a)		1,200		15,539
Wuxi Biologics Cayman, Inc.*(a)		4,000		33,297
				67,288
Machinery - 0.3%
Weichai Power Co. Ltd., Class H		2,000		3,016

Investments	Shares		Value ($)
Zhuzhou CRRC Times Electric Co. Ltd., Class H		2,000		10,640
				13,656
Marine - 0.2%
MISC Bhd.		5,000		8,568
Media - 0.4%
Elang Mahkota Teknologi Tbk. PT		64,800		4,669
Grupo Televisa SAB, Series CPO		9,400		11,515
				16,184
Metals & Mining - 3.0%
Anglo American Platinum Ltd.		184		13,568
AngloGold Ashanti Ltd.		136		2,825
Gold Fields Ltd.		3,148		35,641
Grupo Mexico SAB de CV, Series B		4,000		17,817
Hindalco Industries Ltd.		4,734		27,065
JSW Steel Ltd.		1,218		10,651
Kumba Iron Ore Ltd.		214		6,503
POSCO Holdings, Inc.		80		19,516
Press Metal Aluminium Holdings Bhd.		6,600		8,014
				141,600
Multiline Retail - 0.3%
Woolworths Holdings Ltd.		3,332		14,418
Oil, Gas & Consumable Fuels - 3.8%
Bharat Petroleum Corp. Ltd.		2,348		9,837
Cosan SA		3,200		10,496
Empresas Copec SA		1,170		8,794
Indian Oil Corp. Ltd.		2,406		2,401
MOL Hungarian Oil & Gas plc		482		3,585
Petroleo Brasileiro SA (Preference)		400		2,048
Petronas Dagangan Bhd.		1,000		5,111
Polski Koncern Naftowy ORLEN SA		1,806		27,013
PTT Exploration & Production PCL, NVDR		5,000		25,977
PTT PCL, NVDR		23,000		23,167
Reliance Industries Ltd.		784		22,525
SK Innovation Co. Ltd.*		196		25,793
Thai Oil PCL, NVDR		3,600		6,298
Ultrapar Participacoes SA		2,600		6,736
				179,781
Paper & Forest Products - 0.2%
Empresas CMPC SA		3,974		6,810
Suzano SA		400		3,642
				10,452
Personal Products - 1.5%
AMOREPACIFIC Group*		52		1,733
Colgate-Palmolive India Ltd.		38		674
Godrej Consumer Products Ltd.*		588		6,554
Hindustan Unilever Ltd.		1,666		52,398
LG H&H Co. Ltd.		14		8,444
				69,803
Pharmaceuticals - 1.9%
Aspen Pharmacare Holdings Ltd.		1,284		11,139

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate Emerging Markets Core Index Fund (cont.)

Investments	Shares		Value ($)
China Medical System Holdings Ltd.		4,000		6,899
Cipla Ltd.		502		6,237
CSPC Pharmaceutical Group Ltd.		32,000		36,497
Dr Reddy’s Laboratories Ltd.		420		22,167
Richter Gedeon Nyrt.		288		6,477
				89,416
Real Estate Management & Development - 1.3%
China Overseas Land & Investment Ltd.		10,000		26,982
DLF Ltd.		2,056		8,935
KE Holdings, Inc., ADR*		68		1,247
Longfor Group Holdings Ltd.(a)		4,000		13,217
NEPI Rockcastle NV		1,398		8,668
				59,049
Road & Rail - 0.7%
BTS Group Holdings PCL, NVDR		24,200		6,195
Full Truck Alliance Co. Ltd., ADR*		1,042		8,388
Rumo SA		4,600		16,606
				31,189
Semiconductors & Semiconductor Equipment - 9.6%
Flat Glass Group Co. Ltd., Class H		2,000		6,251
GCL Technology Holdings Ltd.*		72,000		19,840
SK Hynix, Inc.		398		28,595
Taiwan Semiconductor Manufacturing Co. Ltd.		20,000		347,710
United Microelectronics Corp.*		16,000		26,005
Xinyi Solar Holdings Ltd.		16,000		20,739
				449,140
Specialty Retail - 0.3%
GOME Retail Holdings Ltd.*		62,000		1,108
Lojas Renner SA		3,400		14,444
				15,552
Technology Hardware, Storage & Peripherals - 3.9%
Asustek Computer, Inc.		2,000		18,118
Lenovo Group Ltd.		24,000		19,198
Samsung Electronics Co. Ltd.		2,916		144,403
Samsung Electronics Co. Ltd. (Preference)		72		3,215
				184,934
Textiles, Apparel & Luxury Goods - 1.3%
Feng TAY Enterprise Co. Ltd.		2,000		13,122
Li Ning Co. Ltd.		3,500		34,471
LPP SA		4		9,326
Page Industries Ltd.		10		4,887
				61,806
Transportation Infrastructure - 1.4%
Abu Dhabi Ports Co. PJSC*		3,814		6,126
Airports of Thailand PCL, NVDR*		4,000		8,997
CCR SA		4,000		9,239
Grupo Aeroportuario del Pacifico SAB de CV, Class B		630		10,894
Grupo Aeroportuario del Sureste SAB de CV, Class B		190		5,169
International Container Terminal Services, Inc.		3,560		13,516
Malaysia Airports Holdings Bhd.*		2,600		4,303

Investments	Shares		Value ($)
Taiwan High Speed Rail Corp.		6,000		5,835
Westports Holdings Bhd.		2,800		2,475
				66,554
Wireless Telecommunication Services - 3.1%
Advanced Info Service PCL, NVDR		2,600		15,359
Bharti Airtel Ltd.		4,882		45,901
Etihad Etisalat Co.		1,296		12,207
Far EasTone Telecommunications Co. Ltd.		6,000		13,329
Mobile Telecommunications Co. KSCP		7,538		13,681
SK Telecom Co. Ltd.		94		3,556
Taiwan Mobile Co. Ltd.		6,000		18,904
TIM SA		3,000		6,947
Vodacom Group Ltd.		2,254		15,779
				145,663
TOTAL COMMON STOCKS (COST $4,821,750)				4,647,000
Total Investments - 98.9% (Cost $4,821,750)				4,647,000
Other assets less liabilities - 1.1%				53,798
Net Assets - 100.0%				4,700,798

* 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.

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^®ESG & Climate Emerging Markets Core Index Fund (cont.)

Futures Contracts

FlexShares^® ESG & Climate Emerging Markets Core Index Fund had the following open futures contract as of January 31, 2023:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation
Long Contracts
MSCI Emerging Markets E-Mini Index		1		03/17/2023		USD	$	52,230	$	3,813

Abbreviations:
USD —	US Dollar

FlexShares^® ESG & Climate Emerging Markets Core Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2023:

Brazil	4.9	%
Chile	1.0
China	26.2
Colombia	0.4
Czech Republic	0.1
Egypt	0.3
Greece	0.5
Hungary	0.7
India	12.6
Indonesia	0.9
Kuwait	0.3
Malaysia	1.6
Mexico	2.9
Philippines	0.4
Poland	1.4
Saudi Arabia	1.7
South Africa	6.3
South Korea	13.2
Taiwan	16.6
Thailand	4.4
Turkey	0.7
United Arab Emirates	1.8
Other1	1.1
	100.0	%

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

Security Type	% of Net Assets
Common Stocks		98.9	%
Others(1)		1.1
		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, 2023 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 99.7%
Building Products - 0.5%
Simpson Manufacturing Co., Inc.(a)		155,115		16,614,368
UFP Industries, Inc.(a)		220,608		20,637,878
				37,252,246
Chemicals - 14.4%
CF Industries Holdings, Inc.(a)		1,096,146		92,843,566
Corteva, Inc.		3,877,875		249,929,044
FMC Corp.		661,824		88,108,629
ICL Group Ltd.		5,087,772		40,049,024
K+S AG (Registered)		1,489,104		35,514,621
Mosaic Co. (The)(a)		1,916,532		94,944,995
Nutrien Ltd.(a)		4,084,695		337,159,147
PhosAgro PJSC‡		308,581		—
PI Industries Ltd.		599,778		21,942,781
Qinghai Salt Lake Industry Co. Ltd., Class A*		3,102,300		11,491,955
SABIC Agri-Nutrients Co.		1,820,016		66,438,101
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		1,378,800		6,903,234
UPL Ltd.		4,012,308		37,082,460
Yara International ASA		1,247,814		55,218,260
				1,137,625,817
Equity Real Estate Investment Trusts (REITs) - 1.2%
Weyerhaeuser Co.		2,688,660		92,570,564
Food Products - 9.6%
a2 Milk Co. Ltd. (The)*(a)		5,105,007		24,446,411
Adani Wilmar Ltd.*		1,085,805		6,181,880
Archer-Daniels-Midland Co.		2,998,890		248,458,036
Bakkafrost P/F		348,147		21,523,367
Bunge Ltd.		854,856		84,716,230
Cal-Maine Foods, Inc.(a)		189,585		10,848,054
Charoen Pokphand Foods PCL, NVDR		24,818,400		17,743,539
Charoen Pokphand Indonesia Tbk. PT		52,739,100		20,494,013
Kuala Lumpur Kepong Bhd.		4,136,400		20,770,483
Mowi ASA		3,378,060		62,246,334
Muyuan Foods Co. Ltd., Class A		2,757,600		20,381,170
New Hope Liuhe Co. Ltd., Class A*		2,412,900		4,681,568
PPB Group Bhd.		5,170,500		21,332,896
Tongwei Co. Ltd., Class A		2,757,600		17,226,455
Tyson Foods, Inc., Class A		1,547,703		101,761,472
Wilmar International Ltd.		22,750,200		70,447,989
				753,259,897
Industrial Conglomerates - 4.6%
International Holding Co. PJSC*		3,357,378		365,805,713
Metals & Mining - 30.9%
Agnico Eagle Mines Ltd.(a)		1,247,814		70,266,979
Alcoa Corp.(a)		441,216		23,049,124
Anglo American plc		3,908,898		166,816,452
Barrick Gold Corp.		4,839,588		94,372,601
BHP Group Ltd.		11,957,643		416,073,568
Boliden AB		772,128		34,477,243

Investments	Shares		Value ($)
First Quantum Minerals Ltd.(a)		1,692,477		39,155,218
Fortescue Metals Group Ltd.(a)		4,515,570		70,765,376
Franco-Nevada Corp.		556,367		81,377,560
Freeport-McMoRan, Inc.		3,495,258		155,958,412
Glencore plc		35,635,086		237,426,361
Gold Fields Ltd.		2,623,167		29,698,871
Grupo Mexico SAB de CV, Series B		9,306,900		41,455,309
Hindalco Industries Ltd.		4,015,755		22,958,725
Impala Platinum Holdings Ltd.		2,423,241		27,997,107
Mineral Resources Ltd.		465,345		29,163,902
MMC Norilsk Nickel PJSC		1,277,631		—
Newcrest Mining Ltd.		2,395,665		37,661,630
Newmont Corp.		1,864,827		98,705,293
Norsk Hydro ASA		3,988,179		32,078,723
Pilbara Minerals Ltd.*(a)		7,304,193		24,447,773
Rio Tinto plc		2,964,420		230,611,747
Saudi Arabian Mining Co.*		2,464,605		48,398,984
Sibanye Stillwater Ltd.		7,841,925		20,406,329
South32 Ltd.(a)		12,616,020		40,360,049
Sumitomo Metal Mining Co. Ltd.		689,400		27,820,917
Teck Resources Ltd., Class B		1,371,906		59,180,057
Vale SA		11,177,834		207,488,455
Wheaton Precious Metals Corp.(a)		1,258,155		57,365,871
Zijin Mining Group Co. Ltd., Class A		4,825,800		8,420,394
				2,433,959,030
Oil, Gas & Consumable Fuels - 30.5%
APA Corp.		313,677		13,905,301
BP plc		27,672,516		166,539,633
Cameco Corp.(a)		1,389,141		38,758,736
Canadian Natural Resources Ltd.(a)		1,547,703		94,728,448
Cenovus Energy, Inc.(a)		1,906,191		37,970,965
Chevron Corp.		1,626,984		283,127,756
ConocoPhillips		1,154,745		140,728,773
Coterra Energy, Inc.(a)		713,529		17,859,631
Devon Energy Corp.(a)		592,884		37,493,984
Diamondback Energy, Inc.(a)		165,456		24,176,431
Eni SpA		3,395,295		52,125,937
Enviva, Inc.(a)		110,304		5,016,626
EOG Resources, Inc.(a)		561,861		74,306,117
EQT Corp.(a)		361,935		11,824,416
Equinor ASA(a)		1,406,376		42,705,563
Exxon Mobil Corp.		3,609,009		418,681,134
Gazprom PJSC‡		15,937,700		—
Hess Corp.		248,184		37,267,309
Inpex Corp.		1,378,800		15,055,527
LUKOIL PJSC‡		214,305		—
LUKOIL PJSC, ADR*‡		269,035		—
Marathon Oil Corp.		630,801		17,328,103
Novatek PJSC‡		1,237,715		—
Occidental Petroleum Corp.(a)		696,294		45,112,888

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Ovintiv, Inc.(a)		230,949		11,369,619
Petroleo Brasileiro SA (Preference)		6,204,600		31,769,716
Pioneer Natural Resources Co.(a)		206,820		47,640,987
Repsol SA(a)		2,009,601		32,934,335
Rosneft Oil Co. PJSC‡		2,926,433		—
Santos Ltd.		4,343,220		21,759,799
Saudi Arabian Oil Co.(b)		2,957,526		25,966,022
Shell plc		10,016,982		292,759,465
Suncor Energy, Inc.(a)		1,926,873		66,686,398
Tatneft PJSC‡		2,021,036		—
Texas Pacific Land Corp.(a)		5,347		10,671,810
TotalEnergies SE(a)		3,274,650		202,645,589
Tourmaline Oil Corp.(a)		455,004		21,144,976
Woodside Energy Group Ltd.		2,485,288		63,500,614
				2,403,562,608
Paper & Forest Products - 3.2%
Canfor Corp.*(a)		248,184		4,688,964
Chengxin Lithium Group Co. Ltd., Class A		344,700		2,180,344
Dexco SA*		1,513,960		2,242,045
Dongwha Enterprise Co. Ltd.*		41,364		1,786,463
Interfor Corp.*		217,161		4,330,688
Mondi plc		2,337,066		43,819,177
Stella-Jones, Inc.(a)		224,055		8,130,358
Suzano SA		3,791,700		34,525,177
Svenska Cellulosa AB SCA, Class B(a)		2,736,918		37,826,132
UPM-Kymmene OYJ		2,388,771		86,261,298
West Fraser Timber Co. Ltd.(a)		299,889		26,000,793
				251,791,439
Water Utilities - 4.8%
American States Water Co.(a)		151,668		14,282,576
American Water Works Co., Inc.(a)		727,317		113,817,837
Beijing Enterprises Water Group Ltd.(a)		24,762,000		6,318,005
California Water Service Group(a)		227,502		13,916,297
China Water Affairs Group Ltd.(a)		6,894,000		5,989,391
Chongqing Water Group Co. Ltd., Class A		337,880		262,025
Cia de Saneamento Basico do Estado de Sao Paulo		2,215,973		24,225,134
Cia de Saneamento de Minas Gerais-COPASA*		1,034,100		2,973,460
Cia de Saneamento do Parana		1,378,800		4,666,004
Essential Utilities, Inc.(a)		972,054		45,424,083
Guangdong Investment Ltd.		16,905,941		18,354,103
Pennon Group plc		1,544,256		17,442,901
Severn Trent plc		1,506,339		52,221,424
SJW Group(a)		103,410		8,004,968
United Utilities Group plc		4,022,649		52,395,157
				380,293,365
TOTAL COMMON STOCKS (COST $6,175,617,304)				7,856,120,679

Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(c) - 2.8%
CERTIFICATES OF DEPOSIT(d) - 0.2%
Barclays Bank plc, New York
(SOFR + 0.52%), 4.82%, 4/5/202		3,000,000		3,001,377
Credit Agricole CIB, New York
(SOFR + 0.68%), 4.98%, 4/25/2023		6,000,000		6,006,342
MUFG Bank Ltd., New York Branch
(SOFR + 0.59%), 4.89%, 2/10/2023		3,000,000		3,000,000
Standard Chartered, New York
(US Federal Funds Effective Rate (continuous series) + 0.52%), 4.58%, 2/9/2023		3,000,000		3,000,176
The Sumitomo Bank Ltd., New York
(SOFR + 0.75%), 5.05%, 4/21/2023		3,000,000		3,003,129
TOTAL CERTIFICATES OF DEPOSIT (Cost $18,000,176)				18,011,024
REPURCHASE AGREEMENTS - 2.6%
BofA Securities, Inc., 4.77%, dated 1/31/2023, due 5/3/2023, repurchase price $8,097,520, collateralized by various Common Stocks, U.S. Treasury Securities, 3.63%, 4/15/2028; total market value $8,779,767		8,000,000		8,000,000
CF Secured LLC, 4.28%, dated 1/31/2023, due 2/1/2023, repurchase price $75,008,917, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 6.50%, maturing 2/15/2023 - 5/15/2052; total market value $76,240,684		75,000,000		75,000,000
Citigroup Global Markets, Inc., 4.27%, dated 1/31/2023, due 2/1/2023, repurchase price $99,819,974, collateralized by various U.S. Treasury Securities, ranging from 1.00% - 3.13%, maturing 5/15/2029 - 5/15/2048; total market value $101,360,048		99,808,136		99,808,136
Societe Generale, 4.41%, dated 1/31/2023, due 2/1/2023, repurchase price $20,002,450, collateralized by various Common Stocks; total market value $22,561,615		20,000,000		20,000,000

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
TD Prime Services LLC, 4.40%, dated 1/31/2023, due 2/1/2023, repurchase price $2,000,244, collateralized by various Common Stocks; total market value $2,229,402		2,000,000		2,000,000
TOTAL REPURCHASE AGREEMENTS (Cost $204,808,136)				204,808,136
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $222,808,312)				222,819,160
Total Investments - 102.5% (Cost $6,398,425,616)				8,078,939,839
Liabilities in excess of other assets - (2.5%)				(200,539,676	)
Net Assets - 100.0%				7,878,400,163

* Non-income producing security.

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

(a) The security or a portion of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $561,391,848, collateralized in the form of cash with a value of $222,808,820 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $329,553,747 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 2, 2023 – August 15, 2052 and $28,615,793 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from February 22, 2023 – June 30, 2120; a total value of $580,978,360.

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

(c) The security was purchased with cash collateral held from securities on loan at January 31, 2023. The total value of securities purchased was $222,819,160.

(d) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of January 31, 2023.

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.
SCA	Limited partnership with share capital
SOFR	Secured Overnight Financing Rate

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, 2023:

	Number of Contracts		Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Appreciation
Long Contracts
FTSE 100 Index		39		03/17/2023	GBP	$	3,720,760	$	110,097
FTSE/JSE Top 40 Index		16		03/16/2023	ZAR		677,678		50,956
MSCI Emerging Markets E-Mini Index		32		03/17/2023	USD		1,671,360		109,858
Russell 2000 E-Mini Index		28		03/17/2023	USD		2,715,160		179,450
S&P/TSX 60 Index		66		03/16/2023	CAD		12,404,152		495,433
SPI 200 Index		15		03/16/2023	AUD		1,962,010		91,132
								$	1,036,926

Forward Foreign Currency Contracts

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund had the following outstanding contracts as of January 31, 2023:

Contracts to Receive		Counterparty	In Exchange For				Maturity Date		Unrealized Appreciation/ (Depreciation)
AUD	4,343,480	Citibank NA		USD		2,916,773		03/15/2023	$	148,675
CAD	3,129,539	UBS AG		USD		2,287,926		03/15/2023		58,079
GBP	1,069,860	Citibank NA		USD		1,307,314		03/15/2023		10,948
JPY	285,000,000	Bank of New York Mellon (The)		USD		2,103,565		03/15/2023		99,889
MXN	2,080,000	Goldman Sachs & Co.		USD		103,579		03/15/2023		6,272
NZD	126,346	Citibank NA		USD		80,516		03/15/2023		1,164
SGD	79,915	BNP Paribas SA		USD		59,102		03/15/2023		1,750
USD	2,242,919	Bank of New York Mellon (The)		HKD		17,434,345		03/15/2023		14,232
USD	750,541	Bank of New York Mellon (The)		NOK		7,388,952		03/15/2023		9,405
USD	642,137	BNP Paribas SA		SEK		6,670,000		03/15/2023		3,673
Total unrealized appreciation									$	354,087
HKD	18,000,000	Toronto-Dominion Bank (The)		USD		2,312,572		03/15/2023	$	(11,577	)
NOK	10,000,000	Morgan Stanley		USD		1,011,272		03/15/2023		(8,239	)
SEK	3,099,173	UBS AG		USD		301,215		03/15/2023		(4,557	)
USD	2,872,861	Citibank NA		AUD		4,312,000		03/15/2023		(170,369	)
USD	2,011,348	Citibank NA		BRL	*	10,910,760		03/15/2023		(116,131	)
USD	779,789	Goldman Sachs & Co.		BRL	*	4,000,000		03/15/2023		(167	)
USD	2,198,884	Bank of Montreal		CAD		3,000,000		03/15/2023		(50,014	)
USD	175,125	BNP Paribas SA		CHF		161,534		03/15/2023		(1,451	)
USD	331,716	Morgan Stanley		EUR		311,000		03/15/2023		(6,906	)
USD	2,706,692	UBS AG		EUR		2,531,398		03/15/2023		(49,543	)
USD	203,254	Citibank NA		INR	*	16,924,290		03/15/2023		(2,856	)
USD	386,686	Toronto-Dominion Bank (The)		JPY		52,379,584		03/15/2023		(18,282	)
USD	267,782	Citibank NA		KRW	*	350,052,156		03/15/2023		(16,818	)
USD	205,455	Toronto-Dominion Bank (The)		TWD	*	6,230,000		03/15/2023		(2,901	)
ZAR	5,390,000	Bank of New York Mellon (The)		USD		308,641		03/15/2023		(426	)
Total unrealized depreciation									$	(460,237	)
Net unrealized depreciation									$	(106,150	)

* Non-deliverable forward.

See Accompanying Notes to the Schedules of Investments.

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

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
NOK	—	Norwegian Krone
NZD	—	New Zealand Dollar
SEK	—	Swedish Krona
SGD	—	Singapore Dollar
TWD	—	Taiwan Dollar
USD	—	US Dollar
ZAR	—	South African Rand

See Accompanying Notes to the Schedules of Investments.

FlexShares^® 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, 2023:

Australia	8.9	%
Brazil	3.9
Canada	13.2
China	1.3
Finland	1.1
France	2.6
Germany	0.5
India	1.1
Indonesia	0.3
Israel	0.5
Italy	0.7
Japan	0.6
Malaysia	0.5
Mexico	0.5
New Zealand	0.3
Norway	2.7
Saudi Arabia	1.8
Singapore	0.9
South Africa	1.0
South Korea	0.0	†
Spain	0.4
Sweden	0.9
Thailand	0.2
United Arab Emirates	4.6
United Kingdom	16.0
United States	35.2
Other1	0.3
	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		99.7	%
Securities Lending Reinvestments		2.8
Others(1)		(2.5	)
		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, 2023 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 99.3%
Air Freight & Logistics - 2.6%
bpost SA(a)		104,977		566,403
CTT-Correios de Portugal SA(a)		213,670		824,960
Deutsche Post AG (Registered)		1,325,683		56,697,671
International Distributions Services plc(a)		922,497		2,598,450
Oesterreichische Post AG(a)		44,592		1,583,633
PostNL NV(a)		361,381		753,165
				63,024,282
Commercial Services & Supplies - 4.4%
Ambipar Participacoes e Empreendimentos S/A		92,900		436,998
Befesa SA(b)		47,379		2,706,584
Casella Waste Systems, Inc., Class A*(a)		20,438		1,637,492
China Everbright Environment Group Ltd.		4,645,000		2,062,193
Clean Harbors, Inc.*(a)		21,367		2,784,120
Cleanaway Co. Ltd.		112,000		675,171
Cleanaway Waste Management Ltd.(a)		3,135,375		6,031,504
CoreCivic, Inc., REIT*(a)		51,095		543,651
Daiseki Co. Ltd.		75,160		2,516,989
GEO Group, Inc. (The)*(a)		53,882		619,643
Insun ENT Co. Ltd.*		36,231		257,070
Koentec Co. Ltd.*		40,775		240,982
Midac Holdings Co. Ltd.(a)		21,400		464,384
Renewi plc*		102,190		824,030
Republic Services, Inc.		88,255		11,015,989
Shanghai Youngsun Investment Co. Ltd., Class B*‡		57,800		—
Stericycle, Inc.*(a)		40,876		2,199,537
TRE Holdings Corp.(a)		70,500		790,953
Waste Connections, Inc.(a)		348,375		46,096,669
Waste Management, Inc.		175,581		27,167,648
				109,071,607
Diversified Financial Services - 0.0%(c)
Metro Pacific Investments Corp.		11,148,000		824,455
Diversified Telecommunication Services - 15.3%
AT&T, Inc.		3,064,771		62,429,385
BCE, Inc.(a)		756,206		35,646,837
BT Group plc		5,727,285		8,788,898
Cellnex Telecom SA(b)		478,435		18,643,403
China Tower Corp. Ltd., Class H(b)		35,302,000		4,008,239
Deutsche Telekom AG (Registered)		2,903,125		64,477,601
Frontier Communications Parent, Inc.*		104,048		3,080,861
HKT Trust & HKT Ltd.		3,039,000		3,977,794
Infrastrutture Wireless Italiane SpA(b)		281,487		3,070,846
Koninklijke KPN NV		2,732,189		9,320,270
Liberty Global plc, Class C*		130,060		2,906,841

Investments	Shares		Value ($)
Lumen Technologies, Inc.(a)		426,411		2,238,658
Nippon Telegraph & Telephone Corp.		2,043,800		61,167,055
Spark New Zealand Ltd.		1,570,939		5,284,217
Swisscom AG (Registered)		21,367		12,558,563
Vantage Towers AG		77,107		2,812,058
Verizon Communications, Inc.		1,811,550		75,306,134
				375,717,660
Electric Utilities - 13.0%
American Electric Power Co., Inc.		220,173		20,687,455
Duke Energy Corp.		331,653		33,977,850
Enel SpA		6,236,377		36,513,336
Eversource Energy		150,498		12,390,500
Exelon Corp.		427,340		18,029,475
Iberdrola SA(a)		4,618,319		53,893,969
Iberdrola SA*‡		79,636		929,321
NextEra Energy, Inc.		854,680		63,784,768
Orsted A/S(b)		150,498		13,292,547
Southern Co. (The)		467,287		31,625,984
SSE plc		887,195		18,824,511
Xcel Energy, Inc.		235,037		16,163,495
				320,113,211
Energy Equipment & Services - 0.1%
Secure Energy Services, Inc.		264,765		1,607,222
Equity Real Estate Investment Trusts (REITs) - 5.4%
American Tower Corp.		200,664		44,826,331
Crown Castle, Inc.		186,729		27,656,432
Digital Realty Trust, Inc.(a)		125,415		14,375,067
Equinix, Inc.		39,947		29,486,079
Keppel DC REIT		1,021,900		1,586,089
SBA Communications Corp.		46,450		13,820,269
				131,750,267
Gas Utilities - 0.9%
APA Group		847,248		6,304,461
Beijing Enterprises Holdings Ltd.		386,000		1,309,885
Enagas SA		180,226		3,222,768
Keppel Infrastructure Trust		4,552,100		1,991,446
Petronas Gas Bhd.		371,600		1,465,232
PetroVietnam Gas JSC		92,900		421,165
Snam SpA		1,675,916		8,507,281
				23,222,238
Health Care Providers & Services - 3.8%
Acadia Healthcare Co., Inc.*		38,089		3,200,238
Apollo Hospitals Enterprise Ltd.		156,072		8,107,372
Bangkok Dusit Medical Services PCL, NVDR		16,443,300		14,819,393
Bumrungrad Hospital PCL, NVDR		929,000		6,107,028
Encompass Health Corp.		39,018		2,436,674
HCA Healthcare, Inc.		91,971		23,459,043
IHH Healthcare Bhd.		3,623,100		5,028,132
Life Healthcare Group Holdings Ltd.		1,609,957		1,570,464
Mediclinic International plc		450,565		2,754,593
Ramsay Health Care Ltd.(a)		250,830		11,774,909
Rede D’Or Sao Luiz SA*(b)		1,137,287		7,125,564

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Select Medical Holdings Corp.(a)		49,237		1,431,320
Tenet Healthcare Corp.*(a)		44,592		2,445,871
Universal Health Services, Inc., Class B		26,012		3,855,239
				94,115,840
Independent Power and Renewable Electricity Producers - 1.0%
RWE AG		550,897		24,410,709
IT Services - 0.1%
Fastly, Inc., Class A*(a)		24,154		249,994
NEXTDC Ltd.*(a)		353,020		2,460,192
				2,710,186
Media - 4.6%
Cable One, Inc.		2,197		1,735,366
Charter Communications, Inc., Class A*(a)		46,450		17,851,200
Comcast Corp., Class A		1,859,858		73,185,412
DISH Network Corp., Class A*(a)		98,474		1,417,041
Liberty Broadband Corp., Class C*		57,598		5,171,149
Shaw Communications, Inc., Class B		372,529		11,055,681
Sirius XM Holdings, Inc.(a)		434,772		2,517,330
				112,933,179
Multi-Utilities - 7.7%
Consolidated Edison, Inc.		150,498		14,343,964
Dominion Energy, Inc.		360,452		22,939,165
E.ON SE		1,714,005		18,588,890
Engie SA		1,509,625		21,346,658
National Grid plc		2,948,646		37,208,301
Public Service Enterprise Group, Inc.		216,457		13,405,182
Sempra Energy		134,705		21,597,253
Veolia Environnement SA(a)		897,414		26,490,619
WEC Energy Group, Inc.		135,634		12,748,240
				188,668,272
Oil, Gas & Consumable Fuels - 7.4%
Antero Midstream Corp.(a)		150,498		1,640,428
DT Midstream, Inc.(a)		38,089		2,081,945
Enbridge, Inc.		1,631,324		66,605,112
Equitrans Midstream Corp.(a)		182,084		1,320,109
Keyera Corp.(a)		184,871		4,204,920
Kinder Morgan, Inc.		862,112		15,776,650
Koninklijke Vopak NV		46,450		1,393,347
ONEOK, Inc.		194,161		13,296,145
Pembina Pipeline Corp.		447,778		15,842,620
Plains GP Holdings LP, Class A*(a)		92,900		1,216,061
Targa Resources Corp.		97,545		7,317,826
TC Energy Corp.(a)		820,307		35,244,276
Transneft PJSC (Preference)‡		1,473		—
Williams Cos., Inc. (The)		522,098		16,832,439
				182,771,878
Road & Rail - 17.6%
Aurizon Holdings Ltd.		2,393,104		6,222,450
Canadian National Railway Co.		847,248		100,563,674
Canadian Pacific Railway Ltd.		1,257,866		99,020,617
Central Japan Railway Co.		278,700		33,946,772
CSX Corp.		908,562		28,092,737
East Japan Railway Co.		508,400		28,304,172

Investments	Shares		Value ($)
Keisei Electric Railway Co. Ltd.		233,300		6,781,299
Kyushu Railway Co.		215,700		4,828,349
MTR Corp. Ltd.		2,154,500		11,516,613
Norfolk Southern Corp.		100,332		24,662,609
Odakyu Electric Railway Co. Ltd.		517,900		6,778,160
Rumo SA		1,765,100		6,371,964
Tobu Railway Co. Ltd.		278,700		6,525,753
Union Pacific Corp.		264,765		54,062,365
West Japan Railway Co.		326,100		13,628,771
				431,306,305
Transportation Infrastructure - 6.9%
Adani Ports & Special Economic Zone Ltd.		886,266		6,627,354
Aena SME SA*(b)		97,545		14,566,578
Aeroports de Paris*		35,302		5,453,828
Airports of Thailand PCL, NVDR*		5,759,800		12,955,624
Atlas Arteria Ltd.(a)		1,956,474		9,457,398
Auckland International Airport Ltd.*		1,659,194		9,114,160
Bangkok Expressway & Metro PCL, NVDR		11,612,500		3,412,337
CCR SA		1,486,400		3,433,219
China Merchants Port Holdings Co. Ltd.		1,858,000		2,602,629
COSCO SHIPPING Ports Ltd.		2,211,457		1,670,185
Flughafen Zurich AG (Registered)*		25,083		4,540,194
Getlink SE		453,352		7,646,396
Grupo Aeroportuario del Pacifico SAB de CV, Class B		543,465		9,397,608
Grupo Aeroportuario del Sureste SAB de CV, Class B		255,475		6,950,143
International Container Terminal Services, Inc.		2,396,820		9,099,821
Japan Airport Terminal Co. Ltd.*(a)		130,500		6,773,617
Jiangsu Expressway Co. Ltd., Class H(a)		1,858,000		1,832,270
Promotora y Operadora de Infraestructura SAB de CV(a)		269,410		2,614,853
Qube Holdings Ltd.(a)		2,391,246		5,156,074
Santos Brasil Participacoes SA		650,300		1,125,248
Shenzhen International Holdings Ltd.		1,858,679		1,809,228
Transurban Group		4,160,062		40,482,464
Westports Holdings Bhd.		1,300,600		1,149,449
Westshore Terminals Investment Corp.(a)		47,379		870,281
				168,740,958
Water Utilities - 2.6%
Aguas Andinas SA, Class A		3,532,987		843,689
American States Water Co.		14,864		1,399,743
American Water Works Co., Inc.		78,036		12,211,854
Beijing Enterprises Water Group Ltd.(a)		5,574,000		1,422,202
California Water Service Group(a)		22,296		1,363,846
Cia de Saneamento Basico do Estado de Sao Paulo		464,500		5,077,938
Cia de Saneamento de Minas Gerais-COPASA*		278,700		801,376

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Cia de Saneamento do Parana (Preference)		1,672,200		1,156,084
Essential Utilities, Inc.		102,190		4,775,339
Guangdong Investment Ltd.		3,716,000		4,034,312
Middlesex Water Co.		7,432		623,248
Pennon Group plc		332,582		3,756,628
Severn Trent plc		349,304		12,109,593
SJW Group		13,006		1,006,794
TTW PCL, NVDR		1,300,600		372,332
United Utilities Group plc		926,213		12,063,960
				63,018,938
Wireless Telecommunication Services - 5.9%
KDDI Corp.		1,284,100		40,079,679
SoftBank Group Corp.		869,300		41,070,239
T-Mobile US, Inc.*		254,546		38,006,263
Vodafone Group plc		21,537,936		24,691,097
				143,847,278
TOTAL COMMON STOCKS (COST $2,339,382,698)				2,437,854,485
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(d) - 1.5%
REPURCHASE AGREEMENTS - 1.5%
BofA Securities, Inc., 4.77%, dated 1/31/2023, due 5/3/2023, repurchase price $2,024,380, collateralized by various Common Stocks, U.S. Treasury Securities, 3.63%, 4/15/2028; ; total market value $2,194,942		2,000,000		2,000,000
Citigroup Global Markets, Inc., 4.27%, dated 1/31/2023, due 2/1/2023, repurchase price $29,024,616, collateralized by various U.S. Treasury Securities, ranging from 1.00% - 3.13%, maturing 5/15/2029 - 5/15/2048; total market value $29,472,422		29,021,174		29,021,174
National Bank of Canada, 4.32%, dated 1/31/2023, due 2/7/2023, repurchase price $6,005,040, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 4.13%, maturing 4/15/2023 - 8/15/2052; total market value $6,110,852		6,000,000		6,000,000
				37,021,174
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $37,021,174)				37,021,174
Total Investments - 100.8% (Cost $2,376,403,872)				2,474,875,659
Liabilities in excess of other assets - (0.8%)				(18,579,507	)
Net Assets - 100.0%				2,456,296,152

* Non-income producing security.

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

(a) The security or a portion of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $153,710,602, collateralized in the form of cash with a value of $37,021,174 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $116,693,164 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 2, 2023 – November 15, 2052 and $8,891,419 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from February 22, 2023 – June 30, 2120; a total value of $162,605,757.

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

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

(d) The security was purchased with cash collateral held from securities on loan at January 31, 2023. The total value of securities purchased was $37,021,174.

Percentages shown are based on Net Assets.

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

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, 2023:    

	Number of Contracts	Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Appreciation
Long Contracts
EURO STOXX 50 Index	3		03/17/2023	EUR	$	135,898	$	1,901
FTSE 100 Index	36		03/17/2023	GBP		3,434,547		88,225
S&P 500 E-Mini Index	27		03/17/2023	USD		5,521,500		154,183
S&P/TSX 60 Index	29		03/16/2023	CAD		5,450,309		173,211
SPI 200 Index	9		03/16/2023	AUD		1,177,206		50,183
TOPIX Index	15		03/09/2023	JPY		2,278,634		39,504
							$	507,207

Abbreviations:

AUD — Australian Dollar

CAD — Canadian Dollar

EUR — Euro

GBP — British Pound

JPY — Japanese Yen

USD — US Dollar

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, 2023:

Australia	3.6	%
Austria	0.1
Belgium	0.0	†
Brazil	1.0
Canada	16.6
Chile	0.0	†
China	0.8
Denmark	0.6
France	2.5
Germany	6.9
Hong Kong	0.7
India	0.6
Italy	2.0
Japan	10.3
Malaysia	0.3
Mexico	0.8
Netherlands	0.5
New Zealand	0.6
Philippines	0.4
Portugal	0.0	†
Singapore	0.2
South Africa	0.1
South Korea	0.0	†
Spain	3.7
Switzerland	0.7
Taiwan	0.0	†
Thailand	1.5
United Kingdom	5.0
United States	39.8
Vietnam	0.0	†
Other1	0.7
	100.0	%

See Accompanying Notes to the Schedules of Investments.

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

^†  Amount represents less than 0.05%.

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

Security Type	% of Net Assets
Common Stocks		99.3	%
Securities Lending Reinvestments		1.5
Others(1)		(0.8	)
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® Global Quality Real Estate Index Fund

January 31, 2023 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 96.9%
Commercial Services & Supplies - 0.3%
GEO Group, Inc. (The)*(a)		87,068		1,001,282
Equity Real Estate Investment Trusts (REITs) - 78.8%
Abacus Property Group(a)		410,564		807,158
AEON REIT Investment Corp.(a)		827		913,201
American Tower Corp.		60,760		13,573,176
Apartment Income REIT Corp.		78,492		3,003,104
Apartment Investment and Management Co., Class A(a)		106,144		797,142
Apple Hospitality REIT, Inc.		109,492		1,941,293
ARGAN SA		2,232		189,319
Argosy Property Ltd.(a)		126,480		93,998
AvalonBay Communities, Inc.		70,060		12,431,446
Big Yellow Group plc		86,304		1,284,549
Boardwalk REIT(a)		21,328		898,610
British Land Co. plc (The)		445,408		2,425,864
Brixmor Property Group, Inc.		149,544		3,518,770
BWP Trust(a)		313,968		867,251
Canadian Apartment Properties REIT(a)		42,780		1,577,379
Charter Hall Long Wale REIT		319,920		1,027,968
Charter Hall Retail REIT		334,924		941,657
Corporate Office Properties Trust(a)		57,040		1,601,113
Covivio		23,436		1,602,246
Crown Castle, Inc.		24,180		3,581,300
CT REIT(a)		62,744		773,514
Dexus(a)		442,804		2,542,978
DiamondRock Hospitality Co.		110,856		1,067,543
Dream Industrial REIT(a)		82,088		861,267
Dream Office REIT(a)		3,968		48,710
Empire State Realty Trust, Inc., Class A(a)		107,632		897,651
EPR Properties(a)		37,200		1,580,256
Equinix, Inc.(a)		5,208		3,844,181
Equity Commonwealth		56,296		1,436,674
Equity Residential		178,808		11,381,129
Far East Hospitality Trust		1,686,400		859,655
Federal Realty Investment Trust(a)		14,012		1,562,758
First Capital REIT(a)		67,828		912,439
First Industrial Realty Trust, Inc.		65,844		3,512,777
Frasers Logistics & Commercial Trust(b)		1,426,000		1,367,033
Frontier Real Estate Investment Corp.		248		955,423
Fukuoka REIT Corp.(a)		620		796,663
Gaming and Leisure Properties, Inc.(a)		118,172		6,329,292
Gecina SA		23,188		2,734,909
Getty Realty Corp.(a)		27,280		993,810
Goodman Property Trust		670,716		892,908

Investments	Shares		Value ($)
GPT Group (The)(a)		954,924		3,061,637
Granite REIT(a)		16,120		983,739
Growthpoint Properties Australia Ltd.		323,516		738,608
H&R REIT(a)		95,108		927,309
Healthpeak Properties, Inc.		271,188		7,452,246
Highwoods Properties, Inc.		52,204		1,585,436
HomeCo Daily Needs REIT(a)(b)		1,019,652		969,972
Host Hotels & Resorts, Inc.(a)		357,244		6,734,049
InterRent REIT(a)		48,608		524,931
InvenTrust Properties Corp.		37,200		925,164
Iron Mountain, Inc.		145,948		7,965,842
Killam Apartment REIT(a)		57,412		791,682
Kimco Realty Corp.		307,272		6,901,329
Lamar Advertising Co., Class A		41,292		4,399,250
LondonMetric Property plc(a)		458,180		1,062,135
LTC Properties, Inc.		23,064		879,892
LXP Industrial Trust		141,732		1,637,005
Merlin Properties Socimi SA		162,812		1,585,209
Mid-America Apartment Communities, Inc.		57,784		9,633,749
Mori Trust Sogo Reit, Inc.(a)		772		870,871
National Health Investors, Inc.		22,940		1,349,560
National Retail Properties, Inc.		88,288		4,180,437
National Storage REIT(a)		559,488		910,702
NIPPON REIT Investment Corp.		22		55,912
NorthWest Healthcare Properties REIT(a)		91,512		690,618
NSI NV		2,604		67,874
NTT UD REIT Investment Corp.		868		884,386
Omega Healthcare Investors, Inc.(a)		118,172		3,478,984
Paramount Group, Inc.(a)		128,588		829,393
Parkway Life REIT		287,700		888,699
Pebblebrook Hotel Trust(a)		66,216		1,085,942
Phillips Edison & Co., Inc.(a)		57,536		1,928,607
Physicians Realty Trust		112,840		1,789,642
Piedmont Office Realty Trust, Inc., Class A		78,864		835,958
PotlatchDeltic Corp.		40,548		1,984,825
Prologis, Inc.		240,064		31,035,474
Public Storage		59,768		18,189,793
Rayonier, Inc.(a)		72,788		2,648,755
Realty Income Corp.(a)		1,240		84,109
Regency Centers Corp.		77,748		5,180,349
Region RE Ltd.		596,192		1,134,288
RioCan REIT(a)		74,896		1,295,462
RLJ Lodging Trust		86,056		1,081,724
RPT Realty		74,524		781,012
Safestore Holdings plc		104,036		1,288,472
Saul Centers, Inc.(a)		17,856		764,415
Segro plc		296,732		3,032,777
SITE Centers Corp.(a)		97,092		1,325,306
SL Green Realty Corp.		1		40
SmartCentres REIT(a)		37,696		796,663
Summit Industrial Income REIT		54,932		941,915

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Sunstone Hotel Investors, Inc.		106,144		1,166,523
Tanger Factory Outlet Centers, Inc.(a)		53,320		1,018,945
Tokyu REIT, Inc.(a)		601		904,885
Tritax Big Box REIT plc(a)		925,908		1,775,941
UK Commercial Property REIT Ltd.		1,027,340		731,030
Universal Health Realty Income Trust(a)		15,252		835,962
Vicinity Ltd.		1,953,620		2,835,834
Waypoint REIT Ltd.(a)		465,372		911,630
Weyerhaeuser Co.		372,620		12,829,307
WP Carey, Inc.		96,844		8,283,067
				279,893,386
Household Durables - 0.3%
Iida Group Holdings Co. Ltd.		69,000		1,146,065
Real Estate Management & Development - 17.5%
Airport City Ltd.*		48,360		761,763
Alony Hetz Properties & Investments Ltd.		76,260		812,157
Atrium Ljungberg AB, Class B(a)		51,336		913,475
Bukit Sembawang Estates Ltd.		39,000		135,900
CA Immobilien Anlagen AG(a)		25,420		789,571
Capitaland India Trust		892,800		821,918
CK Asset Holdings Ltd.		992,000		6,340,356
Daito Trust Construction Co. Ltd.		30,800		3,036,303
Dios Fastigheter AB(a)		90,707		688,329
Fabege AB(a)		131,192		1,235,258
Gav-Yam Lands Corp. Ltd.(a)		86,676		696,830
Grand City Properties SA(a)		59,024		626,287
Heiwa Real Estate Co. Ltd.		30,500		870,122
Hufvudstaden AB, Class A		68,944		1,035,826
Intershop Holding AG		1,205		803,989
Kerry Properties Ltd.(a)		433,500		1,098,329
Kojamo OYJ(a)		68,696		1,051,963
LEG Immobilien SE		36,952		2,872,629
Mitsubishi Estate Co. Ltd.		186,000		2,390,703
Mitsui Fudosan Co. Ltd.		157,400		2,942,362
Nomura Real Estate Holdings, Inc.		61,300		1,348,133
PSP Swiss Property AG (Registered)		22,940		2,843,936
Shurgard Self Storage SA		18,104		871,020
Sino Land Co. Ltd.		1,736,379		2,255,052
Sumitomo Realty & Development Co. Ltd.(a)		156,800		3,805,304
Sun Hung Kai Properties Ltd.		725,500		10,282,903
Swire Properties Ltd.		49,600		139,209
Swiss Prime Site AG (Registered)		38,440		3,405,732
TAG Immobilien AG		94,860		809,243
Tokyo Tatemono Co. Ltd.		98,400		1,215,198
Tokyu Fudosan Holdings Corp.		310,000		1,566,150
Tricon Residential, Inc.		110,732		958,485
UOL Group Ltd.		235,600		1,251,180
Wihlborgs Fastigheter AB		137,392		1,125,927

Investments	Shares		Value ($)
Wing Tai Holdings Ltd.		74,400		87,173
				61,888,715
TOTAL COMMON STOCKS (COST $347,290,248)				343,929,448
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(c) - 2.0%
REPURCHASE AGREEMENTS - 2.0%
Citigroup Global Markets, Inc., 4.27%, dated 1/31/2023, due 2/1/2023, repurchase price $6,244,145, collateralized by various U.S. Treasury Securities, ranging from 1.00% – 3.13%, maturing 5/15/2029 – 5/15/2048; total market value $6,340,483		6,243,404		6,243,404
National Bank of Canada, 4.32%, dated 1/31/2023, due 2/7/2023, repurchase price $1,000,840, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 4.13%, maturing 4/15/2023 – 8/15/2052; total market value $1,018,475		1,000,000		1,000,000
				7,243,404
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $7,243,404)				7,243,404
Total Investments - 98.9% (Cost $354,533,652)				351,172,852
Other assets less liabilities - 1.1%				3,903,221
Net Assets - 100.0%				355,076,073

* Non-income producing security.

(a) The security or a portion of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $39,285,079, collateralized in the form of cash with a value of $7,243,404 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $29,975,730 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 2, 2023 – August 15, 2052 and $3,717,981 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from May 15, 2023 – June 30, 2120; a total value of $40,937,115.

(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.

See Accompanying Notes to the Schedules of Investments.

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

(c) The security was purchased with cash collateral held from securities on loan at January 31, 2023. The total value of securities purchased was $7,243,404.

Percentages shown are based on Net Assets.

Abbreviations
OYJ	Public Limited Company

See Accompanying Notes to the Schedules of Investments.

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

Futures Contracts

FlexShares^® Global Quality Real Estate Index Fund had the following open futures contracts as of January 31, 2023:

	Number of Contracts	Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Appreciation
Long Contracts
EURO STOXX 50 Index	29		03/17/2023	EUR	$	1,313,675	$	81,145
S&P Midcap 400 E-Mini Index	27		03/17/2023	USD		7,189,830		428,714
SPI 200 Index	18		03/16/2023	AUD		2,354,412		101,489
TOPIX Mini Index	17		03/09/2023	JPY		258,245		5,079
							$	616,427

Forward Foreign Currency Contracts

FlexShares^® Global Quality Real Estate Index Fund had the following outstanding contracts as of January 31, 2023:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
CAD	560,730	UBS AG	USD	409,936		03/15/2023	$	10,406
CHF	10,699	BNP Paribas SA	USD	11,599		03/15/2023		96
EUR	118,645	UBS AG	USD	126,861		03/15/2023		2,322
GBP	192,955	Citibank NA	USD	235,780		03/15/2023		1,974
JPY	82,348,201	Toronto-Dominion Bank (The)	USD	607,926		03/15/2023		28,742
NZD	63,030	Citibank NA	USD	40,167		03/15/2023		580
USD	32,801	Goldman Sachs & Co.	ILS	111,846		03/15/2023		390
USD	31,973	Bank of New York Mellon (The)	NOK	314,773		03/15/2023		401
Total unrealized appreciation							$	44,911
HKD	1,265,868	Bank of New York Mellon (The)	USD	162,853		03/15/2023	$	(1,034	)
SEK	795,966	UBS AG	USD	77,362		03/15/2023		(1,170	)
USD	23,073	Citibank NA	AUD	34,359		03/15/2023		(1,176	)
USD	46,514	BNP Paribas SA	SGD	62,894		03/15/2023		(1,377	)
Total unrealized depreciation							$	(4,757	)
Net unrealized appreciation							$	40,154

Abbreviations:

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

ILS — Israeli Shekel

JPY — Japanese Yen

NOK — Norwegian Krone

NZD — New Zealand Dollar

SEK — Swedish Krona

SGD — Singapore Dollar

USD — US Dollar

See Accompanying Notes to the Schedules of Investments.

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

FlexShares^® Global Quality Real Estate Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2023:

Australia	4.7	%
Austria	0.2
Belgium	0.2
Canada	3.7
Finland	0.3
France	1.3
Germany	1.2
Hong Kong	5.7
Israel	0.6
Japan	6.7
Netherlands	0.0	†
New Zealand	0.3
Singapore	1.5
Spain	0.5
Sweden	1.4
Switzerland	2.0
United Kingdom	3.3
United States	63.3
Other1	3.1
	100.0	%

^†  Amount represents less than 0.05%.

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

Security Type	% of Net Assets
Common Stocks		96.9	%
Securities Lending Reinvestments		2.0
Others(1)		1.1
		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, 2023 (Unaudited)

Investments	Shares		Value ($)
EXCHANGE TRADED FUNDS - 100.0%
FlexShares® Global Quality Real Estate Index Fund(a)		97,470		5,580,879
FlexShares® Global Upstream Natural Resources Index Fund(a)		130,920		6,019,701
FlexShares® STOXX® Global Broad Infrastructure Index Fund(a)		230,760		12,230,280
TOTAL EXCHANGE TRADED FUNDS (COST $25,798,675)				23,830,860
Total Investments - 100.0% (Cost $25,798,675)				23,830,860
Liabilities in excess of other assets - 0.0%(b)				(986	)
Net Assets - 100.0%				23,829,874

(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, 2023, was as follows:

Security	Value October 31, 2022		Purchases at Cost		Sales Proceeds		Shares January 31, 2023		Value January 31, 2023		Change in Unrealized Appreciation (Depreciation)		Dividend Income		Realized Gain/(Loss)
FlexShares® Global Quality Real Estate Index Fund	$	6,766,701	$	195,860	$	1,970,686		97,470	$	5,580,879	$	1,061,414	$	34,214	$	(472,410	)
FlexShares® Global Upstream Natural Resources Index Fund		7,230,364		217,047		2,139,520		130,920		6,019,701		518,449		30,856		193,361
FlexShares® STOXX® Global Broad Infrastructure Index Fund		14,861,299		445,784		4,371,653		230,760		12,230,280		1,795,282		52,062		(500,432	)
	$28,858,364		$858,691		$8,481,859		459,150		$23,830,860		$3,375,145		$117,132		$(779,481)

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, 2023 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 99.5%
Aerospace & Defense - 0.7%
Lockheed Martin Corp.		23,730		10,993,160
Air Freight & Logistics - 1.7%
United Parcel Service, Inc., Class B		146,900		27,210,287
Banks - 2.8%
Bank of America Corp.		79,100		2,806,468
Cullen/Frost Bankers, Inc.(a)		55,370		7,213,604
JPMorgan Chase & Co.		59,890		8,382,204
Prosperity Bancshares, Inc.(a)		106,220		8,057,849
United Community Banks, Inc.(a)		122,040		3,971,182
US Bancorp		272,330		13,562,034
				43,993,341
Beverages - 0.3%
Coca-Cola Co. (The)		40,680		2,494,498
PepsiCo, Inc.		11,300		1,932,526
				4,427,024
Biotechnology - 4.1%
AbbVie, Inc.		116,390		17,196,623
Amgen, Inc.		103,960		26,239,504
Gilead Sciences, Inc.		244,080		20,488,075
				63,924,202
Building Products - 1.2%
A O Smith Corp.(a)		131,080		8,874,116
Carrier Global Corp.		209,050		9,518,046
				18,392,162
Capital Markets - 2.1%
Ameriprise Financial, Inc.		27,120		9,495,254
Bank of New York Mellon Corp. (The)		202,270		10,228,794
Janus Henderson Group plc(a)		309,620		8,025,350
Jefferies Financial Group, Inc.(a)		126,560		4,971,277
				32,720,675
Chemicals - 2.0%
CF Industries Holdings, Inc.		20,340		1,722,798
Dow, Inc.		180,800		10,730,480
LyondellBasell Industries NV, Class A		102,830		9,942,633
Mosaic Co. (The)		11,300		559,802
Olin Corp.		127,690		8,247,497
				31,203,210
Commercial Services & Supplies - 0.6%
Cintas Corp.		5,650		2,507,131
Rollins, Inc.(a)		188,710		6,869,044
				9,376,175
Communications Equipment - 2.6%
Cisco Systems, Inc.		824,900		40,147,883
Consumer Finance - 0.8%
Ally Financial, Inc.(a)		209,050		6,792,034

Investments	Shares		Value ($)
OneMain Holdings, Inc.(a)		152,550		6,581,007
				13,373,041
Diversified Telecommunication Services - 0.4%
AT&T, Inc.		296,060		6,030,742
Electric Utilities - 0.7%
Evergy, Inc.		137,860		8,636,929
OGE Energy Corp.(a)		41,810		1,643,969
				10,280,898
Equity Real Estate Investment Trusts (REITs) - 6.2%
Apartment Income REIT Corp.		181,930		6,960,642
Apple Hospitality REIT, Inc.(a)		481,380		8,534,867
Boston Properties, Inc.		113,000		8,423,020
Camden Property Trust		25,990		3,202,228
Equity Residential		136,730		8,702,865
Healthpeak Properties, Inc.		333,350		9,160,458
Highwoods Properties, Inc.(a)		193,230		5,868,395
Lamar Advertising Co., Class A(a)		58,760		6,260,290
Prologis, Inc.		183,060		23,665,997
Public Storage		30,510		9,285,413
Weyerhaeuser Co.		230,520		7,936,804
				98,000,979
Food & Staples Retailing - 0.1%
Costco Wholesale Corp.		3,390		1,732,765
Health Care Equipment & Supplies - 1.6%
Abbott Laboratories		229,390		25,359,065
Health Care Providers & Services - 1.4%
McKesson Corp.(a)		28,250		10,697,710
UnitedHealth Group, Inc.		22,600		11,281,694
				21,979,404
Hotels, Restaurants & Leisure - 2.2%
Boyd Gaming Corp.		129,950		8,097,184
Domino’s Pizza, Inc.(a)		4,520		1,595,560
International Game Technology plc(a)		131,080		3,467,066
Marriott International, Inc., Class A(a)		2,260		393,647
McDonald’s Corp.		1,130		302,162
Red Rock Resorts, Inc., Class A(a)		21,470		966,365
Starbucks Corp.		152,550		16,649,307
Wyndham Hotels & Resorts, Inc.		46,330		3,591,038
				35,062,329
Household Products - 3.4%
Colgate-Palmolive Co.		33,900		2,526,567
Procter & Gamble Co. (The)		355,950		50,680,161
				53,206,728
Independent Power and Renewable Electricity Producers - 0.3%
AES Corp. (The)(a)		185,320		5,079,621
Industrial Conglomerates - 1.2%
3M Co.		109,610		12,613,919

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Quality Dividend Index Fund (cont.)

Investments	Shares		Value ($)
Honeywell International, Inc.(a)		28,250		5,889,560
				18,503,479
Insurance - 3.7%
Aflac, Inc.		131,080		9,634,380
Allstate Corp. (The)		67,800		8,710,266
Lincoln National Corp.(a)		215,830		7,646,857
MetLife, Inc.		137,860		10,066,537
Principal Financial Group, Inc.(a)		93,790		8,680,265
Prudential Financial, Inc.(a)		87,010		9,130,829
Travelers Cos., Inc. (The)		9,040		1,727,725
Unum Group		74,580		3,134,597
				58,731,456
Internet & Direct Marketing Retail - 0.4%
eBay, Inc.(a)		118,650		5,873,175
IT Services - 6.1%
Accenture plc, Class A		61,020		17,027,631
Cognizant Technology Solutions Corp., Class A		145,770		9,730,147
Mastercard, Inc., Class A		54,240		20,101,344
Paychex, Inc.(a)		75,710		8,771,761
Visa, Inc., Class A(a)		137,860		31,736,751
Western Union Co. (The)(a)		562,740		7,974,026
				95,341,660
Machinery - 1.4%
Illinois Tool Works, Inc.		57,630		13,602,985
Snap-on, Inc.(a)		35,030		8,713,012
				22,315,997
Marine - 0.4%
ZIM Integrated Shipping Services Ltd.(a)		299,450		5,674,578
Media - 3.9%
Comcast Corp., Class A		734,500		28,902,575
Interpublic Group of Cos., Inc. (The)		246,340		8,981,556
Nexstar Media Group, Inc., Class A(a)		45,200		9,255,604
Sirius XM Holdings, Inc.(a)		1,213,620		7,026,860
TEGNA, Inc.		386,460		7,702,148
				61,868,743
Metals & Mining - 1.5%
Freeport-McMoRan, Inc.(a)		270,070		12,050,523
Nucor Corp.		63,280		10,695,586
Southern Copper Corp.(a)		13,560		1,019,848
				23,765,957
Mortgage Real Estate Investment Trusts (REITs) - 0.5%
AGNC Investment Corp.(a)		657,660		7,628,856
Multiline Retail - 0.7%
Dillard’s, Inc., Class A(a)		6,780		2,666,642
Macy’s, Inc.		343,520		8,117,377
				10,784,019
Multi-Utilities - 1.1%
Public Service Enterprise Group, Inc.(a)		152,550		9,447,422

Investments	Shares		Value ($)
WEC Energy Group, Inc.		81,360		7,647,026
				17,094,448
Oil, Gas & Consumable Fuels - 4.2%
APA Corp.		85,880		3,807,060
Chevron Corp.		36,160		6,292,563
CVR Energy, Inc.(a)		189,840		6,302,688
Devon Energy Corp.		131,080		8,289,499
Exxon Mobil Corp.		100,570		11,667,126
Marathon Oil Corp.(a)		274,590		7,542,987
Marathon Petroleum Corp.		77,970		10,020,705
Occidental Petroleum Corp.(a)		30,510		1,976,743
Pioneer Natural Resources Co.(a)		11,300		2,602,955
Range Resources Corp.(a)		88,140		2,205,263
SM Energy Co.		171,760		5,645,751
Vitesse Energy, Inc.*		1		14
				66,353,354
Paper & Forest Products - 0.5%
Louisiana-Pacific Corp.(a)		119,780		8,155,820
Pharmaceuticals - 6.5%
Eli Lilly & Co.		94,920		32,666,718
Johnson & Johnson		297,190		48,566,790
Merck & Co., Inc.		24,860		2,670,212
Pfizer, Inc.		395,500		17,465,280
				101,369,000
Professional Services - 0.6%
Robert Half International, Inc.(a)		103,960		8,728,482
Road & Rail - 2.0%
Old Dominion Freight Line, Inc.(a)		27,120		9,037,469
Union Pacific Corp.		108,480		22,150,531
				31,188,000
Semiconductors & Semiconductor Equipment - 6.5%
Applied Materials, Inc.		167,240		18,645,588
Broadcom, Inc.		80,230		46,935,352
Microchip Technology, Inc.(a)		124,300		9,648,166
NVIDIA Corp.		50,850		9,934,564
Power Integrations, Inc.(a)		98,310		8,463,508
Teradyne, Inc.		88,140		8,963,838
				102,591,016
Software - 5.1%
Dolby Laboratories, Inc., Class A(a)		83,620		6,652,807
Microsoft Corp.		258,770		64,125,794
Roper Technologies, Inc.		21,470		9,162,322
				79,940,923
Specialty Retail - 4.8%
Bath & Body Works, Inc.		192,100		8,838,521
Best Buy Co., Inc.(a)		107,350		9,524,092
Home Depot, Inc. (The)		89,270		28,938,656
Lowe’s Cos., Inc.		96,050		20,002,412
Williams-Sonoma, Inc.(a)		59,890		8,081,557
				75,385,238
Technology Hardware, Storage & Peripherals - 8.5%
Apple, Inc.		850,890		122,774,918

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Quality Dividend Index Fund (cont.)

Investments	Shares		Value ($)
Seagate Technology Holdings plc(a)		146,900		9,956,882
				132,731,800
Textiles, Apparel & Luxury Goods - 0.7%
Tapestry, Inc.(a)		224,870		10,247,326
Thrifts & Mortgage Finance - 0.5%
Radian Group, Inc.		355,950		7,866,495
Tobacco - 3.0%
Altria Group, Inc.		362,730		16,337,359
Philip Morris International, Inc.		298,320		31,096,877
				47,434,236
Trading Companies & Distributors - 0.5%
Fastenal Co.(a)		158,200		7,997,010
TOTAL COMMON STOCKS (COST $1,354,115,605)				1,560,064,759
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(b) - 10.3%
CERTIFICATES OF DEPOSIT - 1.0%
Barclays Bank plc, New York (SOFR + 0.52%), 4.82%, 4/5/2023(c)		2,000,000		2,000,918
Credit Agricole CIB, New York (SOFR + 0.68%), 4.98%, 4/25/2023(c)		3,000,000		3,003,171
MUFG Bank Ltd., New York Branch (SOFR + 0.59%), 4.89%, 2/10/2023(c)		3,000,000		3,000,000
Standard Chartered, New York (US Federal Funds Effective Rate (continuous series) + 0.52%), 4.58%, 2/9/2023(c)		4,000,000		4,000,235
The Sumitomo Bank Ltd., New York (SOFR + 0.75%), 5.05%, 4/21/2023(c)		4,000,000		4,004,172
TOTAL CERTIFICATES OF DEPOSIT (Cost $16,000,235)				16,008,496
REPURCHASE AGREEMENTS - 9.3%
BofA Securities, Inc., 4.77%, dated 1/31/2023, due 5/3/2023, repurchase price $8,097,520, collateralized by various Common Stocks, U.S. Treasury Securities, 3.63%, 4/15/2028; total market value $8,779,767		8,000,000		8,000,000

Investments	Principal Amount ($)		Value ($)
CF Secured LLC, 4.28%, dated 1/31/2023, due 2/1/2023, repurchase price $5,000,594, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 6.50%, maturing 2/15/2023 - 5/15/2052; total market value $5,082,712		5,000,000		5,000,000
Citigroup Global Markets, Inc., 4.27%, dated 1/31/2023, due 2/1/2023, repurchase price $87,700,433, collateralized by various U.S. Treasury Securities, ranging from 1.00% - 3.13%, maturing 5/15/2029 - 5/15/2048; total market value $89,053,521		87,690,032		87,690,032
National Bank of Canada, 4.32%, dated 1/31/2023, due 2/7/2023, repurchase price $15,012,600, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 4.13%, maturing 4/15/2023 - 8/15/2052; total market value $15,277,130		15,000,000		15,000,000
Societe Generale, 4.41%, dated 1/31/2023, due 2/1/2023, repurchase price $20,002,450, collateralized by various Common Stocks; total market value $22,561,615		20,000,000		20,000,000
Societe Generale, New York Branch, 4.30%, dated 1/31/2023, due 2/7/2023, repurchase price $10,008,361, collateralized by various U.S. Treasury Securities, 3.50%, 1/31/2028; total market value $10,239,364		10,000,000		10,000,000
TOTAL REPURCHASE AGREEMENTS (Cost $145,690,032)				145,690,032
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $161,690,267)				161,698,528
Total Investments - 109.8% (Cost $1,515,805,872)				1,721,763,287
Liabilities in excess of other assets - (9.8%)				(154,084,767	)
Net Assets - 100.0%				1,567,678,520

* Non-income producing security.

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Quality Dividend Index Fund (cont.)

(a) The security or a portion of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $238,875,629, collateralized in the form of cash with a value of $161,690,944 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $77,975,140 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 2, 2023 – August 15, 2052 and $113,946 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from June 22, 2023 – June 30, 2120; a total value of $239,780,030.

(b) The security was purchased with cash collateral held from securities on loan at January 31, 2023. The total value of securities purchased was $161,698,528.

(c) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of January 31, 2023.

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, 2023:

	Number of Contracts		Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Appreciation
Long Contracts
S&P 500 E-Mini Index		31		03/17/2023	USD	$	6,339,500	$	200,385
S&P Midcap 400 E-Mini Index		4		03/17/2023	USD		1,065,160		58,477
								$	258,862

Abbreviations:

USD — US Dollar

Security Type	% of Net Assets
Common Stocks		99.5	%
Securities Lending Reinvestments		10.3
Others(1)		(9.8	)
		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, 2023 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 98.6%
Aerospace & Defense - 1.3%
Lockheed Martin Corp.		10,530		4,878,128
Air Freight & Logistics - 2.7%
CH Robinson Worldwide, Inc.(a)		19,170		1,920,259
Expeditors International of Washington, Inc.(a)		17,010		1,839,631
United Parcel Service, Inc., Class B		32,400		6,001,452
				9,761,342
Banks - 2.1%
Bank of America Corp.		19,440		689,731
JPMorgan Chase & Co.		13,500		1,889,460
Prosperity Bancshares, Inc.		24,570		1,863,880
US Bancorp		62,100		3,092,580
				7,535,651
Beverages - 2.0%
Coca-Cola Co. (The)		111,240		6,821,237
PepsiCo, Inc.		2,970		507,929
				7,329,166
Biotechnology - 5.1%
AbbVie, Inc.		51,570		7,619,467
Amgen, Inc.		23,760		5,997,024
Gilead Sciences, Inc.		55,620		4,668,743
				18,285,234
Building Products - 0.8%
A O Smith Corp.(a)		24,840		1,681,668
Masco Corp.		21,600		1,149,120
				2,830,788
Capital Markets - 1.6%
Bank of New York Mellon Corp. (The)		46,170		2,334,817
Janus Henderson Group plc(a)		69,930		1,812,586
Virtu Financial, Inc., Class A		80,730		1,558,896
				5,706,299
Chemicals - 1.6%
Dow, Inc.		34,290		2,035,112
LyondellBasell Industries NV, Class A		18,090		1,749,122
Olin Corp.		29,160		1,883,444
				5,667,678
Commercial Services & Supplies - 0.4%
Rollins, Inc.		43,470		1,582,308
Communications Equipment - 2.5%
Cisco Systems, Inc.		187,380		9,119,785
Containers & Packaging - 0.1%
International Paper Co.(a)		9,990		417,782

Investments	Shares		Value ($)
Diversified Consumer Services - 0.4%
H&R Block, Inc.(a)		38,880		1,515,542
Diversified Telecommunication Services - 0.7%
AT&T, Inc.		125,550		2,557,454
Electric Utilities - 2.9%
Entergy Corp.		17,550		1,900,314
Evergy, Inc.		31,860		1,996,029
Exelon Corp.		55,080		2,323,825
OGE Energy Corp.(a)		46,440		1,826,021
Portland General Electric Co.(a)		38,340		1,824,217
PPL Corp.		19,170		567,432
				10,437,838
Equity Real Estate Investment Trusts (REITs) - 6.1%
American Tower Corp.		17,010		3,799,864
Apartment Income REIT Corp.		31,050		1,187,973
Boston Properties, Inc.		21,330		1,589,938
Camden Property Trust		16,200		1,996,002
Digital Realty Trust, Inc.(a)		18,360		2,104,423
Equity Residential		31,320		1,993,518
Healthpeak Properties, Inc.		75,330		2,070,068
Highwoods Properties, Inc.(a)		9,180		278,797
Mid-America Apartment Communities, Inc.		9,990		1,665,533
Prologis, Inc.		22,950		2,966,976
Public Storage		7,290		2,218,639
				21,871,731
Food & Staples Retailing - 0.1%
Costco Wholesale Corp.		810		414,023
Gas Utilities - 0.5%
ONE Gas, Inc.		21,330		1,756,739
Health Care Equipment & Supplies - 2.4%
Abbott Laboratories(a)		79,110		8,745,610
Health Care Providers & Services - 1.2%
Chemed Corp.		3,510		1,773,041
UnitedHealth Group, Inc.		5,130		2,560,845
				4,333,886
Hotels, Restaurants & Leisure - 4.6%
Domino’s Pizza, Inc.(a)		5,130		1,810,890
McDonald’s Corp.		33,480		8,952,552
Starbucks Corp.		51,840		5,657,818
				16,421,260
Household Products - 4.1%
Clorox Co. (The)		10,260		1,484,519
Kimberly-Clark Corp.		12,960		1,684,930
Procter & Gamble Co. (The)		81,540		11,609,665
				14,779,114
Industrial Conglomerates - 0.8%
3M Co.		25,110		2,889,659

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Insurance - 4.3%
Aflac, Inc.		29,970		2,202,795
Allstate Corp. (The)		15,120		1,942,467
Assurant, Inc.		11,070		1,467,771
Globe Life, Inc.		16,200		1,957,770
Loews Corp.		23,490		1,444,165
MetLife, Inc.		31,320		2,286,987
Travelers Cos., Inc. (The)		11,610		2,218,903
Willis Towers Watson plc		8,370		2,127,570
				15,648,428
Internet & Direct Marketing Retail - 0.4%
eBay, Inc.		27,540		1,363,230
IT Services - 6.1%
Cognizant Technology Solutions Corp., Class A		33,480		2,234,790
Jack Henry & Associates, Inc.(a)		9,450		1,701,850
Mastercard, Inc., Class A		2,970		1,100,682
Maximus, Inc.(a)		28,620		2,142,207
Paychex, Inc.		15,930		1,845,650
Visa, Inc., Class A(a)		48,330		11,126,049
Western Union Co. (The)(a)		127,440		1,805,825
				21,957,053
Machinery - 1.5%
Illinois Tool Works, Inc.		13,230		3,122,809
Otis Worldwide Corp.		26,190		2,153,604
				5,276,413
Marine - 0.2%
ZIM Integrated Shipping Services Ltd.(a)		40,500		767,475
Media - 3.5%
Comcast Corp., Class A		170,910		6,725,309
Fox Corp., Class A		15,930		540,664
Interpublic Group of Cos., Inc. (The)(a)		56,430		2,057,438
Sirius XM Holdings, Inc.(a)		277,560		1,607,072
TEGNA, Inc.		88,290		1,759,620
				12,690,103
Metals & Mining - 0.6%
Southern Copper Corp.(a)		30,240		2,274,350
Mortgage Real Estate Investment Trusts (REITs) - 0.6%
AGNC Investment Corp.(a)		190,350		2,208,060
Multi-Utilities - 2.0%
CMS Energy Corp.(a)		32,130		2,030,295
Dominion Energy, Inc.		16,200		1,030,968
Public Service Enterprise Group, Inc.		35,370		2,190,464
WEC Energy Group, Inc.		19,710		1,852,543
				7,104,270
Oil, Gas & Consumable Fuels - 2.1%
Chesapeake Energy Corp.(a)		15,930		1,381,450
Chevron Corp.		8,370		1,456,547
Coterra Energy, Inc.(a)		19,980		500,099
CVR Energy, Inc.(a)		8,640		286,848

Investments	Shares		Value ($)
Exxon Mobil Corp.		25,920		3,006,979
Pioneer Natural Resources Co.		4,590		1,057,307
				7,689,230
Pharmaceuticals - 6.5%
Eli Lilly & Co.		29,700		10,221,255
Johnson & Johnson		61,020		9,971,889
Merck & Co., Inc.		6,210		667,016
Pfizer, Inc.		54,270		2,396,563
				23,256,723
Professional Services - 0.9%
Booz Allen Hamilton Holding Corp.		11,070		1,047,665
Verisk Analytics, Inc.(a)		11,610		2,110,582
				3,158,247
Road & Rail - 0.6%
Old Dominion Freight Line, Inc.		6,210		2,069,420
Semiconductors & Semiconductor Equipment - 4.1%
Broadcom, Inc.		17,820		10,424,878
NVIDIA Corp.		11,610		2,268,246
Power Integrations, Inc.(a)		22,410		1,929,277
				14,622,401
Software - 5.1%
Dolby Laboratories, Inc., Class A		25,110		1,997,752
Microsoft Corp.		59,130		14,653,005
Roper Technologies, Inc.		3,780		1,613,115
				18,263,872
Specialty Retail - 4.8%
Best Buy Co., Inc.		24,570		2,179,850
Home Depot, Inc. (The)		36,990		11,991,048
Lowe’s Cos., Inc.		8,640		1,799,280
Williams-Sonoma, Inc.(a)		9,990		1,348,051
				17,318,229
Technology Hardware, Storage & Peripherals - 7.2%
Apple, Inc.		163,620		23,608,730
Seagate Technology Holdings plc		33,750		2,287,575
				25,896,305
Thrifts & Mortgage Finance - 0.5%
Radian Group, Inc.		79,650		1,760,265
Tobacco - 3.0%
Altria Group, Inc.(a)		81,540		3,672,562
Philip Morris International, Inc.		69,930		7,289,503
				10,962,065
Water Utilities - 0.6%
American Water Works Co., Inc.		12,960		2,028,110
TOTAL COMMON STOCKS (COST $321,637,510)				355,151,266

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(b) - 4.9%
REPURCHASE AGREEMENTS - 4.9%
BofA Securities, Inc., 4.77%, dated 1/31/2023, due 5/3/2023, repurchase price $1,012,190, collateralized by various Common Stocks, U.S. Treasury Securities, 3.63%, 4/15/2028; ; total market value $1,097,471		1,000,000		1,000,000
Citigroup Global Markets, Inc., 4.27%, dated 1/31/2023, due 2/1/2023, repurchase price $11,558,331, collateralized by various U.S. Treasury Securities, ranging from 1.00% - 3.13%, maturing 5/15/2029 - 5/15/2048; total market value $11,736,659		11,556,960		11,556,960
National Bank of Canada, 4.32%, dated 1/31/2023, due 2/7/2023, repurchase price $5,004,200, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 4.13%, maturing 4/15/2023 - 8/15/2052; total market value $5,092,377		5,000,000		5,000,000
				17,556,960
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $17,556,960)				17,556,960
Total Investments - 103.5% (Cost $339,194,470)				372,708,226
Liabilities in excess of other assets - (3.5%)				(12,670,431	)
Net Assets - 100.0%				360,037,795

(a) The security or a portion of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $38,079,895, collateralized in the form of cash with a value of $17,556,960 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $20,585,812 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 2, 2023 – August 15, 2052 and $140,853 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 25, 2023 – June 30, 2120; a total value of $38,283,625.

(b) The security was purchased with cash collateral held from securities on loan at January 31, 2023. The total value of securities purchased was $17,556,960.

Percentages shown are based on Net Assets.

Futures Contracts

FlexShares^® Quality Dividend Defensive Index Fund had the following open futures contracts as of January 31, 2023:

	Number of Contracts	Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Appreciation
Long Contracts
S&P 500 E-Mini Index	24		03/17/2023	USD	$	4,908,000	$	135,665

Abbreviations:

USD — US Dollar

See Accompanying Notes to the Schedules of Investments.

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

Security Type	% of Net Assets
Common Stocks		98.6	%
Securities Lending Reinvestments		4.9
Others(1)		(3.5	)
		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, 2023 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 97.9%
Air Freight & Logistics - 1.7%
United Parcel Service, Inc., Class B		1,620		300,073
Banks - 2.4%
Bank of America Corp.		936		33,209
Citigroup, Inc.		4,152		216,818
Cullen/Frost Bankers, Inc.(a)		612		79,731
JPMorgan Chase & Co.		672		94,053
US Bancorp		143		7,122
				430,933
Beverages - 0.3%
Coca-Cola Co. (The)		444		27,226
PepsiCo, Inc.		144		24,627
				51,853
Biotechnology - 3.5%
AbbVie, Inc.		2,256		333,324
Amgen, Inc.		1,140		287,736
				621,060
Building Products - 1.4%
A O Smith Corp.		1,344		90,989
Masco Corp.		1,272		67,670
Owens Corning		984		95,104
				253,763
Capital Markets - 2.1%
Ameriprise Financial, Inc.		312		109,237
Bank of New York Mellon Corp. (The)		2,256		114,086
Janus Henderson Group plc(a)		3,456		89,580
Jefferies Financial Group, Inc.		1,524		59,863
				372,766
Chemicals - 2.1%
Chemours Co. (The)		2,604		94,759
Dow, Inc.		1,992		118,225
LyondellBasell Industries NV, Class A		1,140		110,227
Olin Corp.		888		57,356
				380,567
Commercial Services & Supplies - 0.6%
Cintas Corp.		228		101,173
Communications Equipment - 2.5%
Cisco Systems, Inc.		9,168		446,207
Consumer Finance - 1.0%
Ally Financial, Inc.		732		23,783
Capital One Financial Corp.		924		109,956
OneMain Holdings, Inc.		1,080		46,591
				180,330
Diversified Financial Services - 0.9%
Equitable Holdings, Inc.		2,340		75,044

Investments	Shares		Value ($)
Voya Financial, Inc.(a)		1,152		80,375
				155,419
Diversified Telecommunication Services - 0.5%
AT&T, Inc.		4,176		85,065
Electric Utilities - 0.4%
PPL Corp.		2,328		68,909
Equity Real Estate Investment Trusts (REITs) - 6.2%
Apple Hospitality REIT, Inc.		5,364		95,104
Boston Properties, Inc.		1,260		93,920
Brixmor Property Group, Inc.(a)		3,684		86,684
Equity Residential		1,224		77,908
Federal Realty Investment Trust		816		91,008
Healthpeak Properties, Inc.		3,720		102,226
Highwoods Properties, Inc.		2,148		65,235
Host Hotels & Resorts, Inc.		660		12,441
Lamar Advertising Co., Class A		888		94,607
Prologis, Inc.		1,908		246,666
Ryman Hospitality Properties, Inc.		228		21,179
Weyerhaeuser Co.		2,976		102,464
				1,089,442
Food & Staples Retailing - 0.1%
Costco Wholesale Corp.		36		18,401
Health Care Equipment & Supplies - 2.3%
Abbott Laboratories		3,744		413,899
Health Care Providers & Services - 0.7%
UnitedHealth Group, Inc.		252		125,796
Hotels, Restaurants & Leisure - 2.5%
Boyd Gaming Corp.		1,464		91,222
International Game Technology plc		3,468		91,728
Marriott International, Inc., Class A		528		91,967
McDonald’s Corp.		12		3,209
Red Rock Resorts, Inc., Class A		1,968		88,580
Wyndham Hotels & Resorts, Inc.		960		74,410
				441,116
Household Products - 0.6%
Procter & Gamble Co. (The)		804		114,473
Independent Power and Renewable Electricity Producers - 0.5%
AES Corp. (The)		3,108		85,190
Industrial Conglomerates - 1.5%
3M Co.		1,224		140,858
Honeywell International, Inc.		624		130,091
				270,949
Insurance - 3.5%
Aflac, Inc.		1,464		107,604
American International Group, Inc.		480		30,345
Lincoln National Corp.		2,388		84,607
MetLife, Inc.		1,536		112,159

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Principal Financial Group, Inc.		1,056		97,733
Prudential Financial, Inc.		960		100,742
Unum Group		2,160		90,785
				623,975
Internet & Direct Marketing Retail - 0.4%
eBay, Inc.		1,344		66,528
IT Services - 5.5%
Accenture plc, Class A		1,044		291,328
Cognizant Technology Solutions Corp., Class A		696		46,458
Genpact Ltd.		234		11,064
Mastercard, Inc., Class A		876		324,646
Paychex, Inc.		840		97,322
Visa, Inc., Class A(a)		468		107,738
Western Union Co. (The)		6,264		88,761
				967,317
Machinery - 1.4%
Illinois Tool Works, Inc.		684		161,452
Snap-on, Inc.		384		95,512
				256,964
Marine - 0.4%
ZIM Integrated Shipping Services Ltd.(a)		3,324		62,990
Media - 3.8%
Comcast Corp., Class A		7,620		299,847
Interpublic Group of Cos., Inc. (The)		2,760		100,630
Nexstar Media Group, Inc., Class A(a)		504		103,204
Sirius XM Holdings, Inc.(a)		13,728		79,485
TEGNA, Inc.		4,260		84,902
				668,068
Metals & Mining - 2.1%
Freeport-McMoRan, Inc.		3,192		142,427
Nucor Corp.		720		121,695
United States Steel Corp.(a)		3,588		102,222
				366,344
Mortgage Real Estate Investment Trusts (REITs) - 0.5%
AGNC Investment Corp.(a)		7,140		82,824
Multiline Retail - 0.5%
Macy’s, Inc.		3,804		89,888
Oil, Gas & Consumable Fuels - 6.5%
APA Corp.		1,956		86,709
Chevron Corp.		420		73,088
CVR Energy, Inc.		2,088		69,322
Devon Energy Corp.		1,452		91,824
Diamondback Energy, Inc.		600		87,672
Exxon Mobil Corp.		1,272		147,565
Magnolia Oil & Gas Corp., Class A		3,312		78,196
Marathon Oil Corp.		3,036		83,399
Marathon Petroleum Corp.		1,200		154,224
Occidental Petroleum Corp.(a)		2,016		130,617
Pioneer Natural Resources Co.		216		49,756

Investments	Shares		Value ($)
Range Resources Corp.		1,272		31,825
SM Energy Co.		1,908		62,716
Vitesse Energy, Inc.*		—(b)		6
				1,146,919
Paper & Forest Products - 0.5%
Louisiana-Pacific Corp.		1,416		96,415
Pharmaceuticals - 6.3%
Eli Lilly & Co.		120		41,298
Johnson & Johnson		3,504		572,624
Merck & Co., Inc.		300		32,223
Pfizer, Inc.		10,476		462,620
				1,108,765
Professional Services - 1.2%
Insperity, Inc.		744		82,249
Korn Ferry(a)		588		31,746
Robert Half International, Inc.		1,152		96,722
				210,717
Road & Rail - 2.2%
Old Dominion Freight Line, Inc.		324		107,970
Union Pacific Corp.		1,344		274,431
				382,401
Semiconductors & Semiconductor Equipment - 6.3%
Applied Materials, Inc.		1,860		207,371
Broadcom, Inc.		888		519,489
Microchip Technology, Inc.		1,392		108,047
NVIDIA Corp.		576		112,533
Power Integrations, Inc.		816		70,250
Teradyne, Inc.		984		100,073
				1,117,763
Software - 5.0%
Dolby Laboratories, Inc., Class A		1,032		82,106
Microsoft Corp.		2,856		707,745
Roper Technologies, Inc.		240		102,420
				892,271
Specialty Retail - 4.7%
Bath & Body Works, Inc.		1,188		54,660
Best Buy Co., Inc.		1,200		106,464
Home Depot, Inc. (The)		888		287,863
Lowe’s Cos., Inc.		1,368		284,886
Williams-Sonoma, Inc.(a)		672		90,679
				824,552
Technology Hardware, Storage & Peripherals - 8.7%
Apple, Inc.		9,936		1,433,665
Seagate Technology Holdings plc		1,632		110,617
				1,544,282
Textiles, Apparel & Luxury Goods - 0.6%
Tapestry, Inc.		2,508		114,290
Tobacco - 2.9%
Altria Group, Inc.		4,008		180,521
Philip Morris International, Inc.		3,168		330,232
				510,753
Trading Companies & Distributors - 1.1%
Fastenal Co.		1,776		89,777

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
WW Grainger, Inc.		168		99,032
				188,809
TOTAL COMMON STOCKS (COST $15,324,442)				17,330,219
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(c) - 1.5%
REPURCHASE AGREEMENTS - 1.5%
Citigroup Global Markets, Inc., 4.27%, dated 1/31/2023, due 2/1/2023, repurchase price $265,955, collateralized by various U.S. Treasury Securities, ranging from 1.00% - 3.13%, maturing 5/15/2029 - 5/15/2048; total market value $270,059 (Cost $265,924)		265,924		265,924
Total Investments - 99.4% (Cost $15,590,366)				17,596,143
Other assets less liabilities - 0.6%				113,132
Net Assets - 100.0%				17,709,275

* Non-income producing security.

(a) The security or a portion of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $984,993, collateralized in the form of cash with a value of $265,924 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $711,472 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 2, 2023 – August 15, 2052 and $19,023 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from June 22, 2023 – June 30, 2120; a total value of $996,418.

(b) Amount represents less than one share.

(c) The security was purchased with cash collateral held from securities on loan at January 31, 2023. The total value of securities purchased was $265,924.

Percentages shown are based on Net Assets.

Futures Contracts

FlexShares^® Quality Dividend Dynamic Index Fund had the following open futures contracts as of January 31, 2023:

	Number of Contracts	Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Appreciation
Long Contracts
S&P 500 Micro E-Mini Index	18		03/17/2023	USD	$	368,100	$	8,918

Abbreviations:

USD — US Dollar

Security Type	% of Net Assets
Common Stocks		97.9	%
Securities Lending Reinvestments		1.5
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^® International Quality Dividend Index Fund

January 31, 2023 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 97.5%
Auto Components - 0.9%
Bridgestone Corp.		102,800		3,822,046
Fuyao Glass Industry Group Co. Ltd., Class H(a)		241,200		1,186,222
				5,008,268
Automobiles - 2.9%
Bajaj Auto Ltd.		65,926		3,072,449
Ford Otomotiv Sanayi A/S		169,920		4,607,862
Mercedes-Benz Group AG		89,040		6,590,234
Toyota Motor Corp.		72,000		1,050,006
				15,320,551
Banks - 13.8%
Agricultural Bank of China Ltd., Class H		10,948,000		3,938,657
Bank of Communications Co. Ltd., Class H		714,000		440,867
Bank of Montreal		29,040		2,914,120
BOC Hong Kong Holdings Ltd.		952,000		3,321,686
China Merchants Bank Co. Ltd., Class H		119,000		771,973
Commonwealth Bank of Australia		4,800		372,258
FinecoBank Banca Fineco SpA		240,000		4,287,725
First Abu Dhabi Bank PJSC		546,686		2,024,184
HSBC Holdings plc		959,760		7,046,827
Industrial & Commercial Bank of China Ltd., Class H		2,856,000		1,526,640
Japan Post Bank Co. Ltd.(b)		168,000		1,490,807
KBC Group NV		75,120		5,536,295
Mitsubishi UFJ Financial Group, Inc.		1,320,000		9,670,222
NatWest Group plc		356,640		1,352,303
Powszechna Kasa Oszczednosci Bank Polski SA		613,440		4,545,361
Royal Bank of Canada		153,840		15,698,171
Sberbank of Russia PJSC*‡		1,227,390		—
Skandinaviska Enskilda Banken AB, Class A		348,720		4,201,707
Swedbank AB, Class A		242,400		4,639,722
Toronto-Dominion Bank (The)		2,640		182,140
				73,961,665
Beverages - 0.8%
Arca Continental SAB de CV		432,000		3,822,281
Nongfu Spring Co. Ltd., Class H(a)(b)		76,000		429,033
				4,251,314
Building Products - 1.1%
Geberit AG (Registered)		4,080		2,298,566
Lixil Corp.		192,000		3,292,399
				5,590,965
Capital Markets - 5.0%
3i Group plc		138,480		2,685,103

Investments	Shares		Value ($)
China Galaxy Securities Co. Ltd., Class H		4,046,000		2,178,224
Hargreaves Lansdown plc		64,320		703,949
IGM Financial, Inc.(b)		120,960		3,764,731
Julius Baer Group Ltd.		40,320		2,562,926
Korea Investment Holdings Co. Ltd.*		43,316		2,197,800
Macquarie Korea Infrastructure Fund		36,176		349,190
Moscow Exchange MICEX-RTS PJSC*‡		775,590		—
NH Investment & Securities Co. Ltd.*		481,236		3,594,229
Partners Group Holding AG		2,287		2,125,821
Samsung Securities Co. Ltd.		133,994		3,633,219
SBI Holdings, Inc.		150,600		3,176,561
				26,971,753
Chemicals - 2.0%
Fertiglobe plc		1,542,240		1,679,520
Kumho Petrochemical Co. Ltd.*		11,424		1,367,022
Nissan Chemical Corp.		8,500		398,708
Nitto Denko Corp.		17,300		1,112,138
Wacker Chemie AG		17,280		2,598,283
Yara International ASA		81,120		3,589,722
				10,745,393
Construction Materials - 0.8%
Ambuja Cements Ltd.		295,596		1,447,515
Anhui Conch Cement Co. Ltd., Class H		749,000		2,837,936
				4,285,451
Diversified Financial Services - 1.0%
Power Finance Corp. Ltd.		863,702		1,491,182
REC Ltd.		2,699,670		4,011,837
				5,503,019
Diversified Telecommunication Services - 2.0%
Elisa OYJ		6,480		368,630
Koninklijke KPN NV		718,320		2,450,393
Spark New Zealand Ltd.		45,360		152,579
Swisscom AG (Registered)		3,840		2,256,980
Telenor ASA		394,800		4,124,584
Telstra Group Ltd.		486,960		1,399,996
				10,753,162
Electric Utilities - 2.1%
Endesa SA(b)		60,000		1,190,528
Enel SpA		462,000		2,704,962
Fortum OYJ(b)		228,960		3,435,265
Origin Energy Ltd.		552,000		2,905,582
Red Electrica Corp. SA		46,800		825,433
				11,061,770
Electronic Equipment, Instruments & Components - 0.4%
AUO Corp.		2,474,400		1,380,390
Largan Precision Co. Ltd.		4,000		283,097
Shimadzu Corp.		10,200		311,385
				1,974,872

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Entertainment - 1.0%
Capcom Co. Ltd.		10,400		335,884
Nintendo Co. Ltd.		121,000		5,233,765
				5,569,649
Equity Real Estate Investment Trusts (REITs) - 0.8%
Dexus(b)		286,320		1,644,307
Stockland		921,120		2,550,834
				4,195,141
Food & Staples Retailing - 0.9%
Cencosud SA		2,477,280		4,434,235
Kesko OYJ, Class B		10,320		239,516
				4,673,751
Food Products - 3.6%
China Feihe Ltd.(a)(b)		3,332,000		3,192,340
Nestle SA (Registered)		87,840		10,658,398
Uni-President China Holdings Ltd.(b)		4,284,000		4,120,834
Want Want China Holdings Ltd.		1,904,000		1,238,801
				19,210,373
Gas Utilities - 0.8%
Kunlun Energy Co. Ltd.		676,000		532,966
Naturgy Energy Group SA		130,080		3,673,108
				4,206,074
Health Care Equipment & Supplies - 0.1%
Hoya Corp.		5,800		633,319
Hotels, Restaurants & Leisure - 1.1%
InterContinental Hotels Group plc		26,400		1,819,408
OPAP SA		259,920		3,889,903
				5,709,311
Household Durables - 1.1%
Nien Made Enterprise Co. Ltd.		320,000		3,319,900
Persimmon plc		140,640		2,444,764
				5,764,664
Household Products - 0.6%
Unilever Indonesia Tbk. PT		9,624,000		2,991,851
Independent Power and Renewable Electricity Producers - 0.0%
Unipro PJSC*‡		125,500,000		—
Industrial Conglomerates - 0.3%
Industries Qatar QSC		412,692		1,592,180
Insurance - 1.9%
Admiral Group plc		60,240		1,631,552
AIA Group Ltd.		19,000		214,638
BB Seguridade Participacoes SA		648,000		4,808,343
Caixa Seguridade Participacoes S/A		48,000		81,926
Manulife Financial Corp.		127,200		2,509,968
Sampo OYJ, Class A		15,840		828,670
				10,075,097
Interactive Media & Services - 1.0%
Rightmove plc		254,640		1,839,543
Tencent Holdings Ltd.		71,400		3,481,394
				5,320,937
Internet & Direct Marketing Retail - 1.1%
Meituan, Class B*(a)		6,930		154,362

Investments	Shares		Value ($)
momo.com, Inc.		91,920		2,427,729
ZOZO, Inc.		130,500		3,361,721
				5,943,812
IT Services - 2.0%
HCL Technologies Ltd.		174,000		2,383,324
Infosys Ltd.		57,596		1,078,228
Itochu Techno-Solutions Corp.(b)		103,600		2,553,255
Nomura Research Institute Ltd.		72,000		1,716,329
Obic Co. Ltd.		4,800		765,889
Otsuka Corp.		48,000		1,570,533
SCSK Corp.		42,200		684,052
				10,751,610
Machinery - 3.0%
Atlas Copco AB, Class A		174,960		2,061,125
Atlas Copco AB, Class B		42,480		445,257
Daifuku Co. Ltd.		6,200		338,022
Epiroc AB, Class A(b)		115,920		2,246,477
Epiroc AB, Class B		14,160		235,261
FANUC Corp.		9,000		1,585,182
GEA Group AG		17,280		776,013
Haitian International Holdings Ltd.		766,000		2,345,332
Kone OYJ, Class B		60,480		3,286,843
Rational AG		480		313,825
Schindler Holding AG		1,920		406,152
VAT Group AG(a)(b)		2,880		887,118
Yaskawa Electric Corp.		32,900		1,272,536
				16,199,143
Marine - 3.1%
AP Moller - Maersk A/S, Class A		1,440		3,050,366
AP Moller - Maersk A/S, Class B		1,440		3,114,485
Evergreen Marine Corp. Taiwan Ltd.		176,000		890,991
Nippon Yusen KK(b)		144,000		3,404,975
Orient Overseas International Ltd.(b)		211,500		3,499,570
SITC International Holdings Co. Ltd.		618,000		1,346,606
Yang Ming Marine Transport Corp.		714,000		1,486,262
				16,793,255
Metals & Mining - 7.1%
BHP Group Ltd.		400,560		13,937,732
China Hongqiao Group Ltd.		3,451,000		3,988,756
Cia Siderurgica Nacional SA		48,000		174,410
Grupo Mexico SAB de CV, Series B		624,000		2,779,455
Kumba Iron Ore Ltd.		127,680		3,879,670
MMC Norilsk Nickel PJSC‡		16,315		—
Rio Tinto plc		124,080		9,652,582
Severstal PAO*‡		58,985		—
Vedanta Ltd.		926,296		3,758,153
				38,170,758
Multiline Retail - 0.0%(c)
B&M European Value Retail SA(b)		32,640		179,900
Oil, Gas & Consumable Fuels - 5.7%
Adaro Energy Indonesia Tbk. PT		16,176,000		3,194,193
Canadian Natural Resources Ltd.(b)		127,440		7,800,071

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
China Shenhua Energy Co. Ltd., Class H		1,272,000		3,951,394
Coal India Ltd.		1,251,166		3,433,772
Exxaro Resources Ltd.		284,160		3,550,634
Ovintiv, Inc.(b)		5,040		248,119
Petroleo Brasileiro SA		144,000		833,209
Petroleo Brasileiro SA (Preference)		816,000		4,178,205
Shell plc		77,280		2,258,610
TotalEnergies SE(b)		14,880		920,821
				30,369,028
Personal Products - 2.2%
Hengan International Group Co. Ltd.		119,000		584,483
L’Oreal SA		26,400		10,839,344
Unilever plc		6,000		303,478
				11,727,305
Pharmaceuticals - 8.8%
Astellas Pharma, Inc.		24,000		352,955
China Medical System Holdings Ltd.		714,000		1,231,514
Chugai Pharmaceutical Co. Ltd.		113,200		2,923,031
GSK plc		391,200		6,855,185
Ipsen SA		2,640		276,395
Novartis AG (Registered)		106,320		9,542,473
Novo Nordisk A/S, Class B		77,040		10,605,962
Orion OYJ, Class B		77,520		4,141,335
Roche Holding AG		34,320		10,655,543
Roche Holding AG - BR		720		261,904
				46,846,297
Professional Services - 1.7%
Bureau Veritas SA		27,600		786,543
Nihon M&A Center Holdings, Inc.		107,100		1,081,336
Randstad NV		19,200		1,223,605
Recruit Holdings Co. Ltd.		42,600		1,357,487
RELX plc		62,880		1,859,426
SGS SA (Registered)		1,126		2,726,911
				9,035,308
Real Estate Management & Development - 2.3%
China Overseas Land & Investment Ltd.		714,000		1,926,517
China Resources Land Ltd.		44,000		211,059
CK Asset Holdings Ltd.		119,000		760,587
Daito Trust Construction Co. Ltd.		34,200		3,371,479
Land & Houses PCL, NVDR		5,208,000		1,561,927
Sun Hung Kai Properties Ltd.		328,000		4,648,921
				12,480,490
Road & Rail - 0.8%
Aurizon Holdings Ltd.		1,535,520		3,992,596
Canadian National Railway Co.		2,160		256,380
				4,248,976
Semiconductors & Semiconductor Equipment - 5.0%
Advantest Corp.		24,000		1,697,874
ASML Holding NV		12,000		7,853,445
Nanya Technology Corp.		1,365,000		2,627,710
Novatek Microelectronics Corp.		368,000		4,351,041
Parade Technologies Ltd.		32,000		982,648
Realtek Semiconductor Corp.		80,000		852,623
Silergy Corp.		24,000		480,399

Investments	Shares		Value ($)
Taiwan Semiconductor Manufacturing Co. Ltd.		382,222		6,645,125
Vanguard International Semiconductor Corp.		299,000		992,849
				26,483,714
Software - 0.7%
Nemetschek SE		42,720		2,267,375
SAP SE		960		112,998
Temenos AG (Registered)		15,840		1,120,308
				3,500,681
Specialty Retail - 1.9%
H & M Hennes & Mauritz AB, Class B(b)		105,600		1,292,238
Industria de Diseno Textil SA		150,720		4,684,792
Topsports International Holdings Ltd.(a)		1,190,000		1,121,904
USS Co. Ltd.		192,000		3,146,234
				10,245,168
Technology Hardware, Storage & Peripherals - 0.7%
Catcher Technology Co. Ltd.		214,000		1,268,676
Samsung Electronics Co. Ltd.		54,502		2,698,995
				3,967,671
Textiles, Apparel & Luxury Goods - 3.0%
ANTA Sports Products Ltd.		142,800		2,156,970
Bosideng International Holdings Ltd.(b)		2,592,000		1,441,736
Hermes International		2,640		4,915,767
Kering SA		8,160		5,055,867
LVMH Moet Hennessy Louis Vuitton SE		2,880		2,502,259
Pandora A/S		2,160		178,481
				16,251,080
Tobacco - 1.5%
Imperial Brands plc		158,880		3,972,579
Japan Tobacco, Inc.		205,700		4,199,573
				8,172,152
Trading Companies & Distributors - 0.1%
Howden Joinery Group plc		70,320		597,686
Transportation Infrastructure - 0.1%
Grupo Aeroportuario del Pacifico SAB de CV, Class B		30,000		518,761
Wireless Telecommunication Services - 0.7%
Intouch Holdings PCL, NVDR		240,000		528,931
Tele2 AB, Class B		351,360		3,027,056
				3,555,987
TOTAL COMMON STOCKS (COST $511,120,724)				521,409,312

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(d) - 0.0%(c)
REPURCHASE AGREEMENTS - 0.0%(c)
Citigroup Global Markets, Inc., 4.27%, dated 1/31/2023, due 2/1/2023, repurchase price $45,481, collateralized by various U.S. Treasury Securities, ranging from 1.00% - 3.13%, maturing 5/15/2029 - 5/15/2048; total market value $46,183 (Cost $45,476)		45,476		45,476
Total Investments - 97.5% (Cost $511,166,200)				521,454,788
Other assets less liabilities - 2.5%				13,324,380
Net Assets - 100.0%				534,779,168

* Non-income producing security.

‡ 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) The security or a portion of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $22,397,763, collateralized in the form of cash with a value of $45,476 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $22,810,548 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 5.50%, and maturity dates ranging from February 9, 2023 – November 15, 2052 and $1,929,935 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from March 25, 2023 – June 30, 2120; a total value of $24,785,958.

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

(d) The security was purchased with cash collateral held from securities on loan at January 31, 2023. The total value of securities purchased was $45,476.

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^® International Quality Dividend Index Fund (cont.)

Futures Contracts

FlexShares^® International Quality Dividend Index Fund had the following open futures contracts as of January 31, 2023:

	Number of Contracts	Expiration Date	Trading Currency	Notional Amount		Value and Unrealized Appreciation
Long Contracts
EURO STOXX 50 Index	55	03/17/2023	EUR	$	2,491,453	$	131,371
FTSE 100 Index	25	03/17/2023	GBP		2,385,102		76,171
Hang Seng Index	2	02/27/2023	HKD		279,414		385
MSCI Emerging Markets E-Mini Index	67	03/17/2023	USD		3,499,410		194,791
S&P/TSX 60 Index	6	03/16/2023	CAD		1,127,650		38,608
SPI 200 Index	8	03/16/2023	AUD		1,046,405		42,209
TOPIX Index	9	03/09/2023	JPY		1,367,181		19,510
						$	503,045

Forward Foreign Currency Contracts

FlexShares^® International Quality Dividend Index Fund had the following outstanding contracts as of January 31, 2023:

Contracts to Receive		Counterparty	In Exchange For				Maturity Date		Unrealized Appreciation/ (Depreciation)
AUD	622,628	Citibank NA		USD		418,113		03/15/2023	$	21,312
CAD	509,794	UBS AG		USD		372,698		03/15/2023		9,461
CHF	301,077	BNP Paribas SA		USD		326,407		03/15/2023		2,705
DKK	1,417,078	UBS AG		USD		203,930		03/15/2023		3,534
EUR	623,164	UBS AG		USD		666,317		03/15/2023		12,196
GBP	489,229	Citibank NA		USD		597,813		03/15/2023		5,007
JPY	151,764,696	Toronto-Dominion Bank (The)		USD		1,120,386		03/15/2023		52,970
USD	224,314	JPMorgan Chase Bank NA		HKD		1,745,736		03/15/2023		1,152
Total unrealized appreciation									$	108,337
HKD	2,013,376	Bank of New York Mellon (The)		USD		259,020		03/15/2023	$	(1,644	)
JPY	52,386,934	JPMorgan Chase Bank NA		USD		405,063		03/15/2023		(39	)
SEK	3,786,434	UBS AG		USD		368,011		03/15/2023		(5,567	)
USD	213,409	JPMorgan Chase Bank NA		AUD		318,466		03/15/2023		(11,351	)
USD	365,980	Citibank NA		BRL	*	1,985,293		03/15/2023		(21,131	)
USD	309,997	JPMorgan Chase Bank NA		CAD		424,095		03/15/2023		(7,918	)
USD	424,784	JPMorgan Chase Bank NA		CHF		392,254		03/15/2023		(3,995	)
USD	767,949	JPMorgan Chase Bank NA		EUR		718,838		03/15/2023		(14,735	)
USD	411,727	JPMorgan Chase Bank NA		GBP		338,031		03/15/2023		(4,789	)
USD	632,196	JPMorgan Chase Bank NA		JPY		85,415,178		03/15/2023		(28,184	)
USD	710,613	Goldman Sachs & Co.		KRW	*	880,255,885		03/15/2023		(5,054	)
USD	225,291	Goldman Sachs & Co.		MXN		4,524,150		03/15/2023		(13,642	)
USD	443,118	Toronto-Dominion Bank (The)		TWD	*	13,436,624		03/15/2023		(6,257	)
Total unrealized depreciation									$	(124,306	)
Net unrealized depreciation									$	(15,969	)

*    Non-deliverable forward.

See Accompanying Notes to the Schedules of Investments.

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

Abbreviations:

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

DKK — Danish Krone

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

JPY — Japanese Yen

KRW — Korean Won

MXN — Mexican Peso

SEK — Swedish Krona

TWD — Taiwan Dollar

USD — US Dollar

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, 2023:

Australia	5.0	%
Belgium	1.0
Brazil	1.9
Canada	6.2
Chile	0.8
China	9.1
Denmark	3.2
Finland	2.3
France	4.7
Germany	2.4
Greece	0.7
Hong Kong	1.9
India	3.9
Indonesia	1.2
Italy	1.3
Japan	12.3
Mexico	1.3
Netherlands	2.2
New Zealand	0.0	†
Norway	1.4
Poland	0.9
Qatar	0.3
South Africa	1.4
South Korea	2.6
Spain	1.9
Sweden	3.4
Switzerland	8.5
Taiwan	5.2
Thailand	0.4
Turkey	0.9
United Arab Emirates	0.7
United Kingdom	8.5
Other1	2.5
	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		97.5	%
Securities Lending Reinvestments		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^® International Quality Dividend Defensive Index Fund

January 31, 2023 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 98.4%
Aerospace & Defense - 1.1%
BAE Systems plc		11,696		123,370
Thales SA		2,108		277,933
				401,303
Air Freight & Logistics - 0.1%
SG Holdings Co. Ltd.		3,400		52,237
Auto Components - 0.7%
Bridgestone Corp.		6,900		256,538
Automobiles - 2.0%
Bajaj Auto Ltd.		2,023		94,281
Ford Otomotiv Sanayi A/S		11,203		303,801
Hero MotoCorp Ltd.		6,919		233,361
Toyota Motor Corp.		5,100		74,375
				705,818
Banks - 11.1%
ABN AMRO Bank NV, CVA(a)		6,222		102,780
Banco de Chile		871,080		94,860
Bank of China Ltd., Class H		306,000		116,723
Bank of Communications Co. Ltd., Class H		102,000		62,981
Bankinter SA(b)		41,174		296,027
BOC Hong Kong Holdings Ltd.		25,500		88,974
China CITIC Bank Corp. Ltd., Class H(b)		34,000		16,396
China Everbright Bank Co. Ltd., Class H		221,000		70,485
Commercial International Bank Egypt SAE		159,715		262,011
Commonwealth Bank of Australia		6,562		508,908
Credit Agricole SA		8,568		102,693
Hang Seng Bank Ltd.		5,100		84,842
HSBC Holdings plc		3,162		23,216
Intercorp Financial Services, Inc.		2,788		66,884
Japan Post Bank Co. Ltd.(b)		34,000		301,711
Malayan Banking Bhd.		26,291		53,867
National Bank of Canada(b)		1,394		104,418
Nordea Bank Abp		11,560		134,461
Royal Bank of Canada		6,392		652,254
Sberbank of Russia PJSC*‡		79,800		—
Sumitomo Mitsui Financial Group, Inc.		9,700		421,580
Swedbank AB, Class A		15,521		297,084
Toronto-Dominion Bank (The)		454		31,323
				3,894,478
Beverages - 0.8%
Budweiser Brewing Co. APAC Ltd.(a)		85,000		267,843

Investments	Shares		Value ($)
Building Products - 0.3%
Xinyi Glass Holdings Ltd.(b)		51,000		108,395
Capital Markets - 5.3%
Deutsche Boerse AG		1,020		181,951
GF Securities Co. Ltd., Class H		163,200		266,915
IGM Financial, Inc.(b)		8,347		259,790
Korea Investment Holdings Co. Ltd.*		5,066		257,043
Macquarie Korea Infrastructure Fund		24,548		236,951
Moscow Exchange MICEX-RTS PJSC*‡		227,100		—
NH Investment & Securities Co. Ltd.*		32,827		245,176
Samsung Securities Co. Ltd.		9,095		246,609
Singapore Exchange Ltd.		23,800		166,954
				1,861,389
Chemicals - 1.5%
Evonik Industries AG		2,737		60,521
Nutrien Ltd.		2,567		211,885
Yara International ASA		5,474		242,235
				514,641
Commercial Services & Supplies - 0.2%
Brambles Ltd.		9,452		79,858
Construction & Engineering - 0.5%
Bouygues SA(b)		493		16,191
Taisei Corp.		2,600		89,569
WSP Global, Inc.		646		82,148
				187,908
Construction Materials - 1.5%
ACC Ltd.		6,358		152,748
Anhui Conch Cement Co. Ltd., Class H		68,000		257,650
China Resources Cement Holdings Ltd.(b)		102,000		58,947
LafargeHolcim Maroc SA		340		47,439
				516,784
Diversified Financial Services - 0.3%
Power Finance Corp. Ltd.		57,664		99,557
Diversified Telecommunication Services - 3.5%
Elisa OYJ		4,522		257,244
Itissalat Al-Maghrib		24,922		236,580
Koninklijke KPN NV		17,799		60,717
Nippon Telegraph & Telephone Corp.		4,500		134,677
Proximus SADP		4,284		43,791
Spark New Zealand Ltd.		2,550		8,578
Telefonica Deutschland Holding AG		23,477		68,944
Telefonica SA		22,169		83,955
Telenor ASA		26,078		272,444

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Telia Co. AB(b)		18,683		48,145
				1,215,075
Electric Utilities - 2.7%
EDP - Energias de Portugal SA		18,666		92,401
Endesa SA(b)		4,471		88,714
Enel SpA		30,600		179,160
Fortum OYJ(b)		6,222		93,354
Hydro One Ltd.(a)(b)		2,771		75,549
Iberdrola SA		5,412		63,156
Iberdrola SA*‡		95		1,109
Power Grid Corp. of India Ltd.		64,192		169,747
Red Electrica Corp. SA		4,794		84,554
SSE plc		4,437		94,144
				941,888
Electrical Equipment - 0.1%
Mitsubishi Electric Corp.		2,600		28,510
Electronic Equipment, Instruments & Components - 0.8%
Kingboard Laminates Holdings Ltd.(b)		61,500		74,928
Largan Precision Co. Ltd.		3,000		212,323
				287,251
Entertainment - 0.7%
Capcom Co. Ltd.		7,900		255,142
Equity Real Estate Investment Trusts (REITs) - 0.2%
Growthpoint Properties Ltd.		81,413		65,495
Food & Staples Retailing - 0.2%
Loblaw Cos. Ltd.		306		27,336
Metro, Inc.		510		27,603
				54,939
Food Products - 3.4%
Nestle SA (Registered)		9,911		1,202,589
Gas Utilities - 2.0%
China Resources Gas Group Ltd.		20,400		85,753
Enagas SA		1,105		19,759
Naturgy Energy Group SA		8,789		248,178
Petronas Gas Bhd.		64,600		254,720
Snam SpA		15,725		79,823
				688,233
Health Care Equipment & Supplies - 0.0%(c)
Fisher & Paykel Healthcare Corp. Ltd.(b)		544		8,880
Health Care Providers & Services - 0.8%
Mitra Keluarga Karyasehat Tbk. PT(a)		1,361,700		271,613
Hotels, Restaurants & Leisure - 1.0%
McDonald’s Holdings Co. Japan Ltd.(b)		1,900		75,097
OPAP SA		17,476		261,542
				336,639

Investments	Shares		Value ($)
Household Durables - 0.8%
Persimmon plc		10,574		183,809
Sekisui House Ltd.(b)		5,100		96,122
				279,931
Independent Power and Renewable Electricity Producers - 0.3%
China Resources Power Holdings Co. Ltd.(b)		34,000		70,615
Huadian Power International Corp. Ltd., Class H		68,000		27,153
				97,768
Industrial Conglomerates - 0.9%
Alfa SAB de CV, Class A		51,000		37,002
Jardine Matheson Holdings Ltd.		1,700		90,134
Quinenco SA		32,793		113,702
Siemens AG (Registered)		170		26,383
Toshiba Corp.(b)		1,700		58,290
				325,511
Insurance - 4.2%
AIA Group Ltd.		3,400		38,409
Allianz SE (Registered)		1,105		263,059
BB Seguridade Participacoes SA		44,200		327,976
Medibank Pvt Ltd.		27,999		58,005
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		527		189,447
Ping An Insurance Group Co. of China Ltd., Class H(b)		24,500		189,723
Sampo OYJ, Class A		2,363		123,620
Zurich Insurance Group AG		544		267,752
				1,457,991
Interactive Media & Services - 0.8%
Tencent Holdings Ltd.		5,600		273,051
Internet & Direct Marketing Retail - 0.6%
Meituan, Class B*(a)		590		13,142
ZOZO, Inc.		7,400		190,626
				203,768
IT Services - 2.1%
HCL Technologies Ltd.		19,567		268,014
Itochu Techno-Solutions Corp.		7,700		189,769
Tata Consultancy Services Ltd.		7,157		293,404
				751,187
Leisure Products - 0.5%
Shimano, Inc.		1,000		176,785
Machinery - 0.6%
Kone OYJ, Class B		4,131		224,503
Marine - 3.2%
AP Moller - Maersk A/S, Class A		58		122,862
AP Moller - Maersk A/S, Class B		102		220,609
Evergreen Marine Corp. Taiwan Ltd.		51,000		258,185
Mitsui OSK Lines Ltd.(b)		1,000		24,645
Orient Overseas International Ltd.(b)		9,000		148,918

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
SITC International Holdings Co. Ltd.		125,000		272,372
Yang Ming Marine Transport Corp.		42,000		87,427
				1,135,018
Metals & Mining - 7.4%
BHP Group Ltd.		35,547		1,236,880
China Hongqiao Group Ltd.		195,500		225,964
Fortescue Metals Group Ltd.		7,650		119,887
Gerdau SA (Preference)		13,600		87,453
Kumba Iron Ore Ltd.		8,619		261,896
Magnitogorsk Iron & Steel Works PJSC*‡		172,884		—
Novolipetsk Steel PJSC*‡		47,108		—
Rio Tinto Ltd.		136		12,136
Rio Tinto plc		8,177		636,115
Severstal PAO*‡		6,900		—
				2,580,331
Multiline Retail - 0.9%
B&M European Value Retail SA(b)		15,113		83,297
Dollarama, Inc.		1,564		93,265
Wesfarmers Ltd.(b)		4,165		145,716
				322,278
Multi-Utilities - 0.1%
Engie SA		2,210		31,250
Oil, Gas & Consumable Fuels - 6.4%
Adaro Energy Indonesia Tbk. PT		1,069,300		211,149
Aker BP ASA(b)		1,326		40,252
BP plc		68,629		413,025
China Petroleum & Chemical Corp., Class H		170,000		91,522
Exxaro Resources Ltd.		19,295		241,095
LUKOIL PJSC‡		240		—
Pembina Pipeline Corp.		2,703		95,633
Petroleo Brasileiro SA		40,800		236,076
Petroleo Brasileiro SA (Preference)		47,600		243,728
Shell plc		12,495		365,183
Surgutneftegas PJSC (Preference)‡		276,000		—
TotalEnergies SE(b)		4,692		290,356
				2,228,019
Personal Products - 3.2%
Hengan International Group Co. Ltd.		51,000		250,493
Kobayashi Pharmaceutical Co. Ltd.		4,000		286,362
L’Oreal SA		1,343		551,411
Unilever plc		646		32,674
				1,120,940
Pharmaceuticals - 7.4%
GSK plc		29,971		525,196
Novartis AG (Registered)		4,437		398,231
Novo Nordisk A/S, Class B		969		133,401
Orion OYJ, Class B		5,117		273,364
Roche Holding AG		3,910		1,213,962
Sanofi		357		34,767
				2,578,921

Investments	Shares		Value ($)
Professional Services - 1.0%
Nihon M&A Center Holdings, Inc.		8,500		85,820
RELX plc		289		8,546
Teleperformance		374		103,577
Thomson Reuters Corp.		1,326		157,289
				355,232
Real Estate Management & Development - 1.5%
China Overseas Land & Investment Ltd.		17,000		45,870
Daito Trust Construction Co. Ltd.		2,500		246,453
Greentown Service Group Co. Ltd.(a)(b)		84,000		61,297
Hopson Development Holdings Ltd.(b)		58,029		68,848
Land & Houses PCL, NVDR		372,300		111,656
				534,124
Road & Rail - 1.2%
Aurizon Holdings Ltd.		92,344		240,109
Canadian National Railway Co.		1,411		167,478
				407,587
Semiconductors & Semiconductor Equipment - 4.0%
ASML Holding NV		323		211,389
Novatek Microelectronics Corp.		22,000		260,117
Powerchip Semiconductor Manufacturing Corp.		34,000		38,841
Taiwan Semiconductor Manufacturing Co. Ltd.		34,000		591,107
Vanguard International Semiconductor Corp.		85,000		282,248
				1,383,702
Software - 0.1%
SAP SE		187		22,011
Specialty Retail - 2.2%
Hikari Tsushin, Inc.		500		71,014
Home Product Center PCL, NVDR		204,000		88,373
Industria de Diseno Textil SA		10,268		319,158
Jarir Marketing Co.		4,012		160,779
Topsports International Holdings Ltd.(a)		17,000		16,027
USS Co. Ltd.		6,800		111,429
				766,780
Technology Hardware, Storage & Peripherals - 1.9%
Asustek Computer, Inc.		9,000		81,532
Catcher Technology Co. Ltd.		34,000		201,565
Inventec Corp.		85,000		71,482
Lite-On Technology Corp.		34,000		75,191
Ricoh Co. Ltd.		9,500		73,417
Samsung Electronics Co. Ltd.		3,621		179,316
				682,503
Textiles, Apparel & Luxury Goods - 0.7%
Kering SA		119		73,731
LVMH Moet Hennessy Louis Vuitton SE		187		162,473
				236,204

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Tobacco - 2.4%
British American Tobacco plc		7,888		300,650
Imperial Brands plc		10,710		267,789
Japan Tobacco, Inc.		13,600		277,658
				846,097
Trading Companies & Distributors - 1.3%
ITOCHU Corp.(b)		5,800		186,561
Mitsubishi Corp.		5,100		170,046
Sumitomo Corp.		5,800		103,606
				460,213
Wireless Telecommunication Services - 1.9%
KDDI Corp.		6,800		212,243
SoftBank Corp.		8,600		98,304
Tele2 AB, Class B		28,577		246,198
Vodafone Group plc		98,651		113,094
				669,839
TOTAL COMMON STOCKS (COST $33,801,423)				34,454,547
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(d) - 1.0%
REPURCHASE AGREEMENTS - 1.0%
Citigroup Global Markets, Inc., 4.27%, dated 1/31/2023, due 2/1/2023, repurchase price $364,379, collateralized by various U.S. Treasury Securities, ranging from 1.00% - 3.13%, maturing 5/15/2029 - 5/15/2048; total market value $370,001 (Cost $364,336)		364,336		364,336
Total Investments - 99.4% (Cost $34,165,759)				34,818,883
Other assets less liabilities - 0.6%				193,352
Net Assets - 100.0%				35,012,235

* Non-income producing security.

‡ 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) The security or a portion of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $2,702,980, collateralized in the form of cash with a value of $364,336 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $2,219,368 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 5.50%, and maturity dates ranging from February 9, 2023 – November 15, 2052 and $368,541 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from February 22, 2023 – June 30, 2120; a total value of $2,952,244.

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

(d) The security was purchased with cash collateral held from securities on loan at January 31, 2023. The total value of securities purchased was $364,336.

Percentages shown are based on Net Assets.

Abbreviations
CVA	Dutch Certification
NVDR	Non-Voting Depositary Receipt
OYJ	Public Limited Company
PJSC	Public Joint Stock Company
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, 2023:

	Number of Contracts		Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Appreciation
Long Contracts
MSCI EAFE E-Mini Index		4		03/17/2023	USD	$	423,800	$	28,251
MSCI Emerging Markets E-Mini Index		3		03/17/2023	USD		156,690		11,000
								$	39,251

Forward Foreign Currency Contracts

FlexShares^® International Quality Dividend Defensive Index Fund had the following outstanding contracts as of January 31, 2023:

Contracts to Receive		Counterparty	In Exchange For				Maturity Date		Unrealized Appreciation/ (Depreciation)
AUD	14,636	Citibank NA		USD		9,829		03/15/2023	$	501
CAD	76,000	UBS AG		USD		55,562		03/15/2023		1,411
USD	42,946	Bank of New York Mellon (The)		ZAR		750,000		03/15/2023		59
Total unrealized appreciation									$	1,971
NOK	59,477	Bank of New York Mellon (The)		USD		6,041		03/15/2023	$	(76	)
USD	18,435	Citibank NA		BRL	*	100,000		03/15/2023		(1,064	)
USD	79,142	BNP Paribas SA		CHF		73,000		03/15/2023		(656	)
USD	245,927	UBS AG		EUR		230,000		03/15/2023		(4,501	)
USD	9,776	Citibank NA		GBP		8,000		03/15/2023		(82	)
USD	90,139	Toronto-Dominion Bank (The)		JPY		12,210,000		03/15/2023		(4,262	)
Total unrealized depreciation									$	(10,641	)
Net unrealized depreciation									$	(8,670	)

* Non-deliverable forward.

Abbreviations:

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

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, 2023:

Australia	6.9	%
Belgium	0.1
Brazil	2.6
Canada	5.7
Chile	0.6
China	7.1
Denmark	1.4
Egypt	0.7
Finland	2.8
France	4.7
Germany	2.3
Greece	0.7
Hong Kong	2.5
India	3.7
Indonesia	1.4
Italy	0.7
Japan	12.4
Malaysia	0.9
Mexico	0.1
Morocco	0.8
Netherlands	1.1
New Zealand	0.0	†
Norway	1.6
Peru	0.2
Portugal	0.3
Saudi Arabia	0.5
Singapore	0.7
South Africa	1.6
South Korea	3.3
Spain	3.4
Sweden	2.1
Switzerland	8.8
Taiwan	6.2
Thailand	0.6
Turkey	0.9
United Kingdom	9.0
Other1	1.6
	100.0	%

^†  Amount represents less than 0.05%.

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

Security Type	% of Net Assets
Common Stocks		98.4	%
Securities Lending Reinvestments		1.0
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^® International Quality Dividend Dynamic Index Fund

January 31, 2023 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 98.5%
Auto Components - 0.6%
Fuyao Glass Industry Group Co. Ltd., Class H(a)		51,600		253,769
Koito Manufacturing Co. Ltd.		8,600		144,165
Magna International, Inc.		4,558		295,065
				692,999
Automobiles - 3.3%
Ford Otomotiv Sanayi A/S		35,217		955,009
Geely Automobile Holdings Ltd.(b)		406,000		654,692
Mercedes-Benz Group AG		18,490		1,368,525
Yadea Group Holdings Ltd.(a)(b)		372,000		847,595
				3,825,821
Banks - 13.8%
ABN AMRO Bank NV, CVA(a)		19,092		315,377
Agricultural Bank of China Ltd., Class H		645,000		232,046
ANZ Group Holdings Ltd.		66,134		1,169,227
Banco Bilbao Vizcaya Argentaria SA		75,723		531,511
Bank of Communications Co. Ltd., Class H		1,204,000		743,423
Bank Polska Kasa Opieki SA		12,255		260,330
BNP Paribas SA		12,943		884,169
China Construction Bank Corp., Class H		1,247,000		808,155
China Merchants Bank Co. Ltd., Class H		172,000		1,115,793
Credit Agricole SA		24,080		288,614
DBS Group Holdings Ltd.		21,563		587,165
DNB Bank ASA		13,459		250,565
Erste Group Bank AG		26,488		999,663
FinecoBank Banca Fineco SpA		23,177		414,069
Hana Financial Group, Inc.		7,826		309,724
Industrial & Commercial Bank of China Ltd., Class H		1,849,000		988,360
KBC Group NV		15,652		1,153,542
National Bank of Canada(b)		4,472		334,977
Nordea Bank Abp		38,098		443,139
Powszechna Kasa Oszczednosci Bank Polski SA		125,689		931,309
Royal Bank of Canada		18,275		1,864,821
Sberbank of Russia PJSC (Preference)*‡		31,920		—
Skandinaviska Enskilda Banken AB, Class A		74,648		899,429
Standard Bank Group Ltd.		26,660		265,001
				15,790,409
Beverages - 0.9%
Ambev SA		55,900		149,976
Diageo plc		20,124		872,068
				1,022,044

Investments	Shares		Value ($)
Capital Markets - 5.3%
3i Group plc		53,965		1,046,372
Amundi SA(a)		4,300		280,201
EQT AB(b)		34,701		775,236
IGM Financial, Inc.(b)		12,126		377,407
Korea Investment Holdings Co. Ltd.*		11,094		562,896
Meritz Securities Co. Ltd.		118,207		615,122
Partners Group Holding AG		860		799,390
Samsung Securities Co. Ltd.		28,896		783,509
SBI Holdings, Inc.		38,700		816,287
				6,056,420
Chemicals - 3.0%
BASF SE		11,954		680,290
Fertiglobe plc		499,144		543,574
Nissan Chemical Corp.		15,000		703,603
Shin-Etsu Chemical Co. Ltd.		5,100		748,068
Wacker Chemie AG		4,859		730,617
				3,406,152
Construction Materials - 0.1%
CRH plc		2,709		125,290
Diversified Financial Services - 1.8%
FirstRand Ltd.		140,868		520,955
Power Finance Corp. Ltd.		357,545		617,302
REC Ltd.		587,423		872,938
				2,011,195
Diversified Telecommunication Services - 0.4%
Hellenic Telecommunications Organization SA		7,740		121,635
Telefonica SA		69,445		262,992
Telenor ASA		2,580		26,954
				411,581
Electric Utilities - 1.2%
Endesa SA(b)		13,803		273,881
Enel SpA		63,683		372,857
Fortum OYJ(b)		26,660		400,001
SSE plc		14,620		310,207
				1,356,946
Electrical Equipment - 0.3%
Mitsubishi Electric Corp.		30,100		330,060
Electronic Equipment, Instruments & Components - 0.5%
Kingboard Holdings Ltd.		72,500		295,973
Kingboard Laminates Holdings Ltd.(b)		215,000		261,943
				557,916
Equity Real Estate Investment Trusts (REITs) - 1.4%
Fibra Uno Administracion SA de CV(b)		180,600		244,963
Growthpoint Properties Ltd.		261,569		210,426
RioCan REIT(b)		13,975		241,723
Stockland		319,576		884,993
				1,582,105

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Food & Staples Retailing - 0.2%
Cencosud SA		43,860		78,508
Jeronimo Martins SGPS SA		6,278		135,955
Kesko OYJ, Class B		1,591		36,925
				251,388
Food Products - 1.6%
JBS SA		34,400		135,669
Nestle SA (Registered)		6,794		824,376
Uni-President China Holdings Ltd.		903,000		868,607
				1,828,652
Gas Utilities - 0.5%
AltaGas Ltd.		13,244		246,945
Kunlun Energy Co. Ltd.		282,000		222,332
Naturgy Energy Group SA(b)		3,139		88,637
				557,914
Health Care Equipment & Supplies - 2.9%
Carl Zeiss Meditec AG		1,720		246,483
Coloplast A/S, Class B		1,806		216,885
Hoya Corp.		8,900		971,817
Sonova Holding AG (Registered)		2,881		714,645
Straumann Holding AG (Registered)		6,880		890,749
Sysmex Corp.		4,300		283,074
				3,323,653
Health Care Providers & Services - 0.2%
Amplifon SpA		7,654		210,060
Hotels, Restaurants & Leisure - 1.3%
Aristocrat Leisure Ltd.		10,707		256,217
Evolution AB(a)		3,010		336,425
OPAP SA		59,426		889,356
				1,481,998
Household Durables - 1.5%
Barratt Developments plc		44,892		254,115
Haier Smart Home Co. Ltd., Class H		86,000		315,977
Persimmon plc		51,342		892,485
Taylor Wimpey plc		153,381		221,306
				1,683,883
Industrial Conglomerates - 0.9%
Siemens AG (Registered)		6,407		994,344
Insurance - 2.3%
AXA SA		21,543		669,499
BB Seguridade Participacoes SA		47,300		350,979
Legal & General Group plc		89,784		280,754
Manulife Financial Corp.		52,116		1,028,377
Powszechny Zaklad Ubezpieczen SA		33,626		284,484
				2,614,093
Interactive Media & Services - 2.4%
Autohome, Inc., ADR		6,020		209,857
REA Group Ltd.(b)		8,772		776,481
Rightmove plc		122,120		882,207
SEEK Ltd.		14,491		247,210
Tencent Holdings Ltd.		13,100		638,743
				2,754,498

Investments	Shares		Value ($)
Internet & Direct Marketing Retail - 1.6%
Meituan, Class B*(a)		990		22,052
momo.com, Inc.		43,000		1,135,687
ZOZO, Inc.		28,200		726,441
				1,884,180
IT Services - 0.2%
Infosys Ltd.		12,126		227,005
Life Sciences Tools & Services - 0.2%
Sartorius AG (Preference)		559		249,094
Machinery - 4.9%
Atlas Copco AB, Class A		76,798		904,723
Atlas Copco AB, Class B		5,633		59,043
Daifuku Co. Ltd.		6,600		359,829
FANUC Corp.		5,100		898,270
Komatsu Ltd.		13,300		322,669
MISUMI Group, Inc.		11,000		273,636
VAT Group AG(a)(b)		2,924		900,672
Volvo AB, Class B		18,060		356,808
Wartsila OYJ Abp		65,833		623,462
Weichai Power Co. Ltd., Class H		129,000		194,523
Yaskawa Electric Corp.		18,500		715,560
				5,609,195
Marine - 3.1%
AP Moller - Maersk A/S, Class A		301		637,611
AP Moller - Maersk A/S, Class B		311		672,642
Evergreen Marine Corp. Taiwan Ltd.		43,000		217,685
Hapag-Lloyd AG(a)		86		18,736
Mitsui OSK Lines Ltd.(b)		10,300		253,847
Nippon Yusen KK(b)		17,200		406,706
Orient Overseas International Ltd.(b)		45,000		744,589
Yang Ming Marine Transport Corp.		258,000		537,053
				3,488,869
Media - 1.1%
Publicis Groupe SA		4,472		314,430
WPP plc		80,539		935,793
				1,250,223
Metals & Mining - 7.1%
BHP Group Ltd.		109,349		3,804,866
China Hongqiao Group Ltd.		731,000		844,909
Fortescue Metals Group Ltd.		23,564		369,281
Gerdau SA (Preference)		43,000		276,507
Kumba Iron Ore Ltd.		27,907		847,979
MMC Norilsk Nickel PJSC‡		2,128		—
Rio Tinto plc		14,792		1,150,717
Severstal PAO*‡		7,952		—
Vedanta Ltd.		201,197		816,293
				8,110,552
Oil, Gas & Consumable Fuels - 7.2%
Adaro Energy Indonesia Tbk. PT		2,154,300		425,399
BP plc		161,207		970,181
Canadian Natural Resources Ltd.		26,617		1,629,115
China Petroleum & Chemical Corp., Class H		602,000		324,096
Coal India Ltd.		269,911		740,759

See Accompanying Notes to the Schedules of Investments.

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

Investments	Shares		Value ($)
Exxaro Resources Ltd.		62,178		776,926
Ovintiv, Inc.(b)		14,921		734,561
Pembina Pipeline Corp.(b)		8,170		289,059
Petroleo Brasileiro SA		150,500		870,819
Petroleo Brasileiro SA (Preference)		172,000		880,700
Shell plc		7,095		207,361
Var Energi ASA		13,158		39,837
Woodside Energy Group Ltd.		15,309		391,152
				8,279,965
Personal Products - 2.0%
L’Oreal SA		5,590		2,295,149
Pharmaceuticals - 3.8%
Astellas Pharma, Inc.		25,800		379,426
China Medical System Holdings Ltd.		402,000		693,373
Chugai Pharmaceutical Co. Ltd.		1,600		41,315
CSPC Pharmaceutical Group Ltd.		632,000		720,807
GSK plc		43,903		769,333
Novartis AG (Registered)		1,247		111,921
Novo Nordisk A/S, Class B		989		136,154
Orion OYJ, Class B		16,082		859,146
Roche Holding AG		1,032		320,411
Takeda Pharmaceutical Co. Ltd.		10,600		333,377
				4,365,263
Professional Services - 1.6%
Adecco Group AG (Registered)(b)		5,633		207,601
Nihon M&A Center Holdings, Inc.		57,500		580,549
Recruit Holdings Co. Ltd.		33,200		1,057,948
				1,846,098
Real Estate Management & Development - 1.0%
China Evergrande Group*‡(b)		928,000		1,307
China Resources Land Ltd.		92,000		441,306
Daiwa House Industry Co. Ltd.		5,300		126,789
Land & Houses PCL, NVDR		1,229,800		368,828
NEPI Rockcastle NV		37,625		233,274
				1,171,504
Road & Rail - 0.7%
Aurizon Holdings Ltd.		298,162		775,268
Semiconductors & Semiconductor Equipment - 7.4%
ASM International NV		1,677		561,327
ASML Holding NV		7,138		4,671,491
Globalwafers Co. Ltd.		11,000		191,607
Novatek Microelectronics Corp.		78,000		922,232
Silergy Corp.		16,000		320,266
Taiwan Semiconductor Manufacturing Co. Ltd.		65,000		1,130,058
Tokyo Electron Ltd.		1,800		625,214
				8,422,195
Software - 0.9%
Nemetschek SE		5,547		294,408
SAP SE		6,751		794,634
				1,089,042
Specialty Retail - 1.5%
Fast Retailing Co. Ltd.(b)		500		301,511
Industria de Diseno Textil SA		34,658		1,077,266
USS Co. Ltd.		17,200		281,850
				1,660,627

Investments	Shares		Value ($)
Technology Hardware, Storage & Peripherals - 1.1%
Asustek Computer, Inc.		24,000		217,419
Samsung Electronics Co. Ltd.		12,943		640,950
Samsung Electronics Co. Ltd. (Preference)		8,815		393,591
				1,251,960
Textiles, Apparel & Luxury Goods - 4.3%
Burberry Group plc		12,255		371,294
Cie Financiere Richemont SA (Registered)		10,621		1,623,062
Eclat Textile Co. Ltd.		13,000		214,971
Hermes International		102		189,927
Kering SA		1,634		1,012,413
LVMH Moet Hennessy Louis Vuitton SE		258		224,161
Moncler SpA		4,687		291,166
Pandora A/S		11,266		930,911
				4,857,905
Tobacco - 1.5%
Imperial Brands plc		34,658		866,576
Japan Tobacco, Inc.(b)		44,000		898,305
				1,764,881
Trading Companies & Distributors - 0.7%
Ferguson plc(b)		2,666		372,848
Howden Joinery Group plc		46,483		395,083
				767,931
Wireless Telecommunication Services - 0.2%
SK Telecom Co. Ltd.		2,924		110,617
Vodafone Group plc		65,919		75,570
				186,187
TOTAL COMMON STOCKS (COST $110,819,446)				112,422,514
Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(c) - 0.6%
REPURCHASE AGREEMENTS - 0.6%
Citigroup Global Markets, Inc., 4.27%, dated 1/31/2023, due 2/1/2023, repurchase price $712,571, collateralized by various U.S. Treasury Securities, ranging from 1.00% - 3.13%, maturing 5/15/2029 - 5/15/2048; total market value $723,564 (Cost $712,486)		712,486		712,486
Total Investments - 99.1% (Cost $111,531,932)				113,135,000
Other assets less liabilities - 0.9%				1,049,908
Net Assets - 100.0%				114,184,908

See Accompanying Notes to the Schedules of Investments.

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

* Non-income producing security.

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

(a) 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, 2023. The total value of securities on loan at January 31, 2023 was $4,681,140, collateralized in the form of cash with a value of $712,486 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $3,890,455 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 9, 2023 – November 15, 2052 and $470,054 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from March 25, 2023 – June 30, 2120; a total value of $5,072,995.

(c) The security was purchased with cash collateral held from securities on loan at January 31, 2023. The total value of securities purchased was $712,486.

Percentages shown are based on Net Assets.

Abbreviations
ADR	American Depositary Receipt
CVA	Dutch Certification
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.

Futures Contracts    

FlexShares^® International Quality Dividend Dynamic Index Fund had the following open futures contracts as of January 31, 2023:

	Number of Contracts	Expiration Date	Trading Currency	Notional Amount		Value and Unrealized Appreciation
Long Contracts
MSCI EAFE E-Mini Index	11	03/17/2023	USD	$	1,165,450	$	73,003
MSCI Emerging Markets E-Mini Index	12	03/17/2023	USD		626,760		31,054
						$	104,057

See Accompanying Notes to the Schedules of Investments.

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

Forward Foreign Currency Contracts

FlexShares^® International Quality Dividend Dynamic Index Fund had the following outstanding contracts as of January 31, 2023:

Contracts to Receive		Counterparty	In Exchange For			Maturity Date		Unrealized Appreciation/ (Depreciation)
CAD	85,542	UBS AG		USD	62,537		03/15/2023	$	1,587
JPY	4,300,000	JPMorgan Chase Bank NA		USD	31,826		03/15/2023		1,419
Total unrealized appreciation								$	3,006
USD	126,054	BNP Paribas SA		CHF	116,272		03/15/2023	$	(1,045	)
USD	54,354	JPMorgan Chase Bank NA		EUR	50,000		03/15/2023		(87	)
USD	82,636	UBS AG		EUR	77,284		03/15/2023		(1,512	)
USD	43,890	Citibank NA		GBP	35,918		03/15/2023		(367	)
USD	101,316	Toronto-Dominion Bank (The)		JPY	13,724,060		03/15/2023		(4,790	)
Total unrealized depreciation								$	(7,801	)
Net unrealized depreciation								$	(4,795	)

Abbreviations:

CAD — Canadian Dollar

CHF — Swiss Franc

EUR — Euro

GBP — British Pound

JPY — Japanese Yen

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, 2023:

Australia	7.6	%
Austria	0.9
Belgium	1.0
Brazil	2.3
Canada	6.2
Chile	0.1
China	10.9
Denmark	2.3
Finland	1.7
France	5.4
Germany	4.7
Greece	0.9
India	2.9
Indonesia	0.4
Italy	1.1
Japan	11.0
Mexico	0.2
Netherlands	4.9
Norway	0.3
Poland	1.3
Portugal	0.1
Singapore	0.5
South Africa	2.5
South Korea	3.0
Spain	1.9
Sweden	3.3
Switzerland	5.6
Taiwan	4.3
Thailand	0.3
Turkey	0.8
United Arab Emirates	0.5
United Kingdom	9.6
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		0.6
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^® iBoxx 3-Year Target Duration TIPS Index Fund

January 31, 2023 (Unaudited)

Investments	Principal Amount ($)		Value ($)
U.S. TREASURY OBLIGATIONS - 99.9%
U.S. Treasury Inflation Linked Bonds
2.38%, 1/15/2025		65,180,259		65,474,758
2.00%, 1/15/2026		44,844,603		45,115,248
2.38%, 1/15/2027		35,832,025		36,960,524
1.75%, 1/15/2028		32,757,315		33,300,178
3.63%, 4/15/2028		45,201,579		50,103,125
2.50%, 1/15/2029		29,039,015		30,890,252
3.88%, 4/15/2029		52,040,034		59,598,036
U.S. Treasury Inflation Linked Notes
0.63%, 1/15/2024		133,972		131,348
0.50%, 4/15/2024		55,297,955		53,915,507
0.13%, 7/15/2024		74,977,838		72,790,008
0.13%, 10/15/2024		59,590,801		57,674,468
0.25%, 1/15/2025		75,226,602		72,568,694
0.13%, 4/15/2025		59,728,483		57,263,516
0.38%, 7/15/2025		75,236,122		72,772,580
0.13%, 10/15/2025		57,447,022		55,092,293
0.63%, 1/15/2026		241,692,703		233,793,632
0.13%, 4/15/2026		205,965,235		195,656,916
0.13%, 7/15/2026		208,277,625		198,518,679
0.13%, 10/15/2026		189,815,306		180,470,979
0.38%, 1/15/2027		69,210,024		66,130,718
0.13%, 4/15/2027(a)		60,643,912		57,269,410
0.38%, 7/15/2027		65,744,501		62,910,553
1.63%, 10/15/2027		59,966,340		60,746,371
0.50%, 1/15/2028		68,590,400		65,640,477
0.75%, 7/15/2028		63,695,204		61,811,717
0.88%, 1/15/2029		62,347,635		60,673,869
0.25%, 7/15/2029		118,715		111,230
TOTAL U.S. TREASURY OBLIGATIONS (Cost $2,085,632,353)				2,007,385,086
Total Investments - 99.9% (Cost $2,085,632,353)				2,007,385,086
Other assets less liabilities - 0.1%				1,782,563
Net Assets - 100.0%				2,009,167,649

(a) The security or a portion of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $56,454,475, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.13% – 4.63%, and maturity dates ranging from January 15, 2025 – May 15, 2051; a total value of $57,529,883.

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	%
Others(1)		0.1
		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, 2023 (Unaudited)

Investments	Principal Amount ($)		Value ($)
U.S. TREASURY OBLIGATIONS - 99.9%
U.S. Treasury Inflation Linked Bonds
2.38%, 1/15/2027		16,323,117		16,837,200
1.75%, 1/15/2028		14,864,497		15,110,835
3.63%, 4/15/2028		20,554,874		22,783,793
2.50%, 1/15/2029		21,560,865		22,935,370
3.88%, 4/15/2029		39,229,232		44,926,665
3.38%, 4/15/2032		5,556,729		6,532,630
2.13%, 2/15/2040		13,863,531		15,242,438
U.S. Treasury Inflation Linked Notes
0.13%, 4/15/2026		30,073,113		28,567,989
0.13%, 7/15/2026(a)		30,428,003		29,002,285
0.13%, 10/15/2026		27,737,326		26,371,858
0.38%, 1/15/2027		31,548,511		30,144,849
0.13%, 4/15/2027(a)		27,547,777		26,014,894
0.38%, 7/15/2027		29,862,510		28,575,273
1.63%, 10/15/2027		28,492,755		28,863,383
0.50%, 1/15/2028		31,158,363		29,818,310
0.75%, 7/15/2028		47,796,606		46,383,245
0.88%, 1/15/2029		46,608,630		45,357,389
0.25%, 7/15/2029		50,915,821		47,705,737
0.13%, 1/15/2030		31,565,349		29,070,947
0.13%, 7/15/2030(a)		33,067,514		30,392,404
0.13%, 1/15/2031		32,934,833		30,052,392
0.13%, 7/15/2031		34,558,587		31,439,540
0.13%, 1/15/2032		36,485,249		32,941,120
0.63%, 7/15/2032		33,173,044		31,372,499
1.13%, 1/15/2033		12,102,340		11,959,255
TOTAL U.S. TREASURY OBLIGATIONS (Cost $745,970,945)				708,402,300
Total Investments - 99.9% (Cost $745,970,945)				708,402,300
Other assets less liabilities - 0.1%				1,027,655
Net Assets - 100.0%				709,429,955

(a) The security or a portion of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $62,266,583, collateralized by $26,194,595 in U.S. Government Treasury Securities, interest rates ranging from 0.13% – 4.63%, and maturity dates ranging from January 15, 2025 – May 15, 2051 and $37,753,767 in Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from February 8, 2023 – June 30, 2120; a total value of $63,948,363.

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	%
Others(1)		0.1
		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, 2023 (Unaudited)

Investments	Principal Amount ($)		Value ($)
MORTGAGE-BACKED SECURITIES - 97.5%
FHLMC
3.00%, 12/1/2026		85,482		82,984
3.00%, 1/1/2027		349,658		339,588
3.00%, 4/1/2027		286,379		278,154
2.50%, 1/1/2028		148,203		142,146
2.50%, 4/1/2028		463,453		443,976
2.00%, 6/1/2028		265,943		251,479
2.50%, 7/1/2028		231,749		221,603
2.50%, 1/1/2029		33,548		32,116
2.50%, 1/1/2030		379,869		364,181
2.00%, 8/1/2031		127,829		118,848
2.00%, 10/1/2031		28,011		26,044
3.00%, 4/1/2033		112,658		108,898
3.00%, 6/1/2033		90,780		87,527
5.00%, 5/1/2034		43,778		44,931
5.00%, 7/1/2034		231,545		238,198
3.00%, 5/1/2035		15,773		15,207
5.00%, 7/1/2035		232,543		239,227
5.00%, 8/1/2035		87,835		90,361
5.00%, 10/1/2035		15,403		15,810
3.00%, 11/1/2035		18,379		17,583
5.00%, 11/1/2035		147,214		151,447
5.00%, 12/1/2035		90,774		93,516
6.00%, 1/1/2037		58,999		62,355
6.00%, 4/1/2037		30,724		32,472
6.00%, 5/1/2037		51,927		54,881
5.00%, 2/1/2038		45,174		46,472
5.00%, 7/1/2038		136,769		140,708
5.00%, 10/1/2038		40,891		42,069
5.00%, 11/1/2038		162,727		167,024
5.00%, 12/1/2038		274,190		281,432
5.00%, 2/1/2039		107,735		110,832
5.00%, 5/1/2039		58,555		60,244
5.00%, 6/1/2039		21,161		21,771
5.00%, 7/1/2039		46,899		48,139
5.00%, 9/1/2039		56,675		58,093
6.00%, 11/1/2039		31,971		33,790
5.00%, 12/1/2039		190,776		196,281
5.00%, 1/1/2040		14,329		14,742
5.00%, 3/1/2040		37,385		38,464
5.00%, 4/1/2040		16,570		17,048
6.00%, 4/1/2040		36,860		38,570
5.00%, 5/1/2040		14,977		15,382
6.00%, 5/1/2040		87,746		91,885
5.00%, 7/1/2040		83,560		85,877
6.00%, 7/1/2040		138,250		145,934
5.00%, 9/1/2040		88,102		90,644
4.00%, 1/1/2041		13,225		13,080
5.00%, 5/1/2041		121,239		123,848
5.00%, 7/1/2041		183,599		188,884
3.50%, 11/1/2041		57,585		55,638

Investments	Principal Amount ($)		Value ($)
3.00%, 3/1/2042		10,043		9,455
4.50%, 3/1/2042		460,207		468,178
3.00%, 4/1/2042		76,432		71,958
3.00%, 6/1/2042		64,251		60,490
3.00%, 8/1/2042		35,784		33,690
3.00%, 11/1/2042		252,885		238,080
3.00%, 12/1/2042		78,256		73,675
3.00%, 1/1/2043		40,296		37,937
3.00%, 2/1/2043		20,936		19,711
3.00%, 3/1/2043		110,541		104,069
3.00%, 4/1/2043		26,183		24,649
3.00%, 6/1/2043		16,768		15,787
3.00%, 10/1/2043		50,689		47,721
4.00%, 8/1/2044		11,517		11,241
5.00%, 8/1/2044		33,648		34,616
4.00%, 1/1/2045		35,288		34,812
4.00%, 2/1/2045		78,636		78,321
4.50%, 2/1/2045		394,369		394,121
4.00%, 8/1/2045		87,965		86,803
4.00%, 9/1/2045		14,818		14,618
4.00%, 10/1/2045		148,480		146,363
4.00%, 11/1/2045		30,090		29,692
4.00%, 12/1/2045		12,421		12,253
4.00%, 1/1/2046		38,478		37,962
2.50%, 9/1/2046		22,681		20,224
3.00%, 11/1/2046		25,990		24,221
FHLMC UMBS
3.00%, 8/1/2026		55,247		53,702
3.00%, 1/1/2027		88,367		85,737
3.00%, 2/1/2027		49,001		47,490
3.00%, 4/1/2027		314,247		304,643
2.50%, 6/1/2027		29,367		28,198
2.50%, 3/1/2028		996,825		953,795
3.00%, 8/1/2029		132,666		129,211
2.50%, 8/1/2030		1,004,762		955,806
2.50%, 11/1/2030		42,816		40,896
3.00%, 5/1/2031		86,822		84,077
2.00%, 8/1/2031		31,190		28,968
4.00%, 8/1/2031		79,954		79,588
4.00%, 9/1/2031		70,174		69,853
2.00%, 11/1/2031		50,908		47,227
2.50%, 12/1/2031		677,647		644,101
2.00%, 1/1/2032		100,436		93,283
3.00%, 1/1/2032		396,784		385,809
4.00%, 1/1/2032		95,500		95,063
2.00%, 2/1/2032		106,544		98,949
3.50%, 2/1/2032		173,774		172,459
4.00%, 2/1/2032		142,351		141,699
3.50%, 3/1/2032		150,232		149,095
3.50%, 7/1/2032		111,207		109,270
2.00%, 12/1/2032		822,461		763,879
3.00%, 4/1/2033		1,652,832		1,594,176
3.50%, 5/1/2033		33,681		33,094
3.00%, 10/1/2033		3,690,973		3,594,673
3.00%, 4/1/2035		51,359		49,467

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
3.00%, 5/1/2035		222,312		214,121
3.00%, 8/1/2035		25,584		24,452
5.00%, 8/1/2035		376,177		386,600
2.00%, 10/1/2035		1,193,126		1,087,247
1.50%, 2/1/2036		1,247,560		1,106,152
2.00%, 3/1/2036		791,291		720,931
1.50%, 4/1/2036		822,229		728,993
4.00%, 5/1/2036		26,994		26,870
2.50%, 10/1/2036		671,444		623,145
5.00%, 3/1/2038		51,425		52,851
5.00%, 7/1/2039		73,698		75,568
3.00%, 9/1/2039		108,487		102,338
3.00%, 10/1/2039		31,406		29,626
5.00%, 10/1/2039		26,124		26,931
3.00%, 11/1/2039		122,837		115,875
3.00%, 1/1/2040		102,853		97,023
5.00%, 1/1/2040		26,296		27,120
5.00%, 3/1/2040		41,190		42,614
5.00%, 5/1/2040		55,093		56,622
2.00%, 7/1/2040		110,423		96,991
6.00%, 7/1/2040		638,815		674,606
1.50%, 10/1/2040		566,981		480,046
3.50%, 12/1/2040		43,860		42,333
2.00%, 1/1/2041		175,143		153,403
2.00%, 2/1/2041		1,259,182		1,105,999
1.50%, 3/1/2041		737,538		624,402
2.00%, 3/1/2041		631,965		555,083
4.50%, 3/1/2041		74,786		75,930
1.50%, 4/1/2041		212,897		180,239
2.00%, 4/1/2041		164,962		144,893
4.50%, 4/1/2041		15,991		16,252
1.50%, 5/1/2041		649,642		549,987
2.50%, 6/1/2041		822,250		746,732
4.00%, 1/1/2042		59,257		58,959
5.00%, 2/1/2042		48,616		49,965
3.00%, 3/1/2042		116,857		109,904
3.50%, 11/1/2042		74,053		71,436
3.00%, 12/1/2042		502,734		472,814
3.50%, 1/1/2043		39,270		37,930
3.50%, 2/1/2043		26,738		25,807
2.50%, 6/1/2043		397,654		354,230
4.00%, 12/1/2043		11,539		11,373
4.50%, 3/1/2044		55,252		55,990
4.00%, 6/1/2044		4,183		4,078
4.50%, 7/1/2044		20,711		20,879
4.00%, 8/1/2044		12,445		12,134
4.00%, 12/1/2044		742,485		726,823
4.50%, 12/1/2044		13,195		13,291
5.00%, 12/1/2044		126,403		129,909
4.00%, 2/1/2045		15,727		15,648
4.50%, 9/1/2045		14,839		14,918
4.00%, 10/1/2045		40,244		39,669
4.00%, 12/1/2045		19,946		19,767
4.50%, 12/1/2045		643,743		648,458
3.00%, 1/1/2046		43,996		40,972
4.00%, 1/1/2046		34,398		33,905
4.00%, 2/1/2046		1,080,128		1,067,171
4.50%, 4/1/2046		33,177		33,543

Investments	Principal Amount ($)		Value ($)
4.00%, 11/1/2046		995,973		969,567
4.50%, 3/1/2047		461,251		465,933
4.50%, 8/1/2048		443,841		447,046
FNMA UMBS
3.50%, 12/1/2025		668,263		660,524
4.00%, 5/1/2026		675,721		671,002
3.00%, 11/1/2026		776,215		753,249
3.00%, 12/1/2026		228,324		221,575
3.50%, 12/1/2026		364,555		360,851
3.00%, 1/1/2027		78,401		76,073
3.00%, 2/1/2027		88,357		85,687
3.00%, 6/1/2027		304,547		294,967
3.00%, 8/1/2027		311,390		301,478
3.00%, 10/1/2027		86,351		83,505
2.50%, 11/1/2027		454,409		434,911
3.00%, 11/1/2027		111,100		109,303
2.50%, 12/1/2027		211,144		202,361
2.50%, 1/1/2028		1,670,436		1,599,138
2.50%, 4/1/2028		69,809		66,843
2.50%, 9/1/2028		55,576		53,272
3.50%, 12/1/2028		102,352		100,799
3.00%, 2/1/2029		141,214		136,287
2.50%, 3/1/2029		261,171		249,951
2.50%, 6/1/2029		99,956		95,828
3.50%, 12/1/2029		1,637,563		1,612,746
2.50%, 7/1/2030		245,897		235,342
3.00%, 7/1/2030		930,071		897,660
2.50%, 8/1/2030		1,012,322		962,993
3.00%, 9/1/2030		1,319,719		1,274,229
3.50%, 10/1/2030		57,178		56,746
3.50%, 11/1/2030		9,923		9,848
3.50%, 2/1/2031		891,648		878,148
2.50%, 3/1/2031		504,067		481,642
4.00%, 8/1/2031		188,839		187,974
2.00%, 9/1/2031		25,584		23,763
2.00%, 11/1/2031		61,611		57,220
4.00%, 12/1/2031		65,931		65,629
2.00%, 2/1/2032		57,567		53,042
4.00%, 3/1/2032		46,497		46,284
3.50%, 7/1/2032		246,449		240,258
3.50%, 10/1/2032		351,505		347,924
6.00%, 12/1/2032		10,911		11,412
6.00%, 4/1/2033		6,847		7,148
3.00%, 5/1/2033		104,384		100,801
3.00%, 6/1/2033		93,036		89,844
3.00%, 7/1/2033		13,111		12,629
3.00%, 10/1/2033		22,825		21,985
4.00%, 10/1/2033		39,201		39,021
4.00%, 3/1/2034		693,750		688,905
6.00%, 3/1/2034		212,760		222,572
6.00%, 8/1/2034		37,499		39,239
6.50%, 9/1/2034		103,717		109,610
6.00%, 12/1/2034		167,705		175,416
3.00%, 2/1/2035		854,785		832,494
6.00%, 4/1/2035		631,430		659,922
3.00%, 7/1/2035		1,992,757		1,934,086
5.00%, 8/1/2035		21,902		22,509
1.50%, 11/1/2035		840,891		745,374

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
6.00%, 11/1/2035		31,889		33,359
5.00%, 12/1/2035		48,108		49,440
2.00%, 1/1/2036		501,464		457,010
5.00%, 2/1/2036		182,112		187,156
4.50%, 6/1/2036		476,905		483,766
6.00%, 6/1/2036		43,950		46,224
2.00%, 7/1/2036		993,981		905,721
2.50%, 7/1/2036		778,993		729,478
5.00%, 7/1/2036		21,119		21,704
6.50%, 8/1/2036		16,900		17,838
6.00%, 9/1/2036		676,659		707,748
2.50%, 11/1/2036		818,793		759,967
6.00%, 11/1/2036		41,531		43,781
1.50%, 2/1/2037		1,282,580		1,136,749
6.00%, 6/1/2037		95,476		100,307
6.00%, 8/1/2037		146,756		153,508
6.00%, 9/1/2037		21,287		22,406
6.50%, 10/1/2037		31,596		32,849
5.00%, 3/1/2038		53,958		55,454
5.00%, 5/1/2038		41,091		42,229
6.00%, 5/1/2038		14,236		15,019
3.00%, 8/1/2038		95,797		91,563
6.00%, 9/1/2038		27,014		28,369
5.00%, 6/1/2039		48,798		50,150
3.50%, 8/1/2039		1,088,035		1,066,376
5.00%, 10/1/2039		50,549		51,954
3.00%, 1/1/2040		39,592		37,349
5.00%, 2/1/2040		40,021		41,773
5.00%, 3/1/2040		155,953		160,287
5.00%, 6/1/2040		15,285		15,682
6.00%, 6/1/2040		108,183		113,170
2.00%, 11/1/2040		721,104		633,392
2.00%, 12/1/2040		388,536		341,274
2.00%, 1/1/2041		181,923		159,792
3.50%, 1/1/2041		38,051		36,804
1.50%, 2/1/2041		815,912		690,810
2.50%, 2/1/2041		284,226		253,730
3.50%, 2/1/2041		23,767		22,936
4.50%, 2/1/2041		119,472		121,074
1.50%, 4/1/2041		440,933		373,325
2.00%, 5/1/2041		847,231		744,167
4.50%, 5/1/2041		39,601		40,195
5.00%, 5/1/2041		33,684		34,619
6.00%, 5/1/2041		24,590		25,904
4.50%, 6/1/2041		537,687		544,898
2.50%, 7/1/2041		830,891		754,576
5.00%, 7/1/2041		443,441		455,744
6.00%, 7/1/2041		692,272		728,300
4.50%, 8/1/2041		116,218		118,113
5.00%, 8/1/2041		65,058		67,047
4.00%, 9/1/2041		203,750		202,544
4.50%, 9/1/2041		73,724		74,712
3.50%, 10/1/2041		132,700		128,081
4.00%, 10/1/2041		50,641		50,387
5.00%, 10/1/2041		64,101		65,879
4.00%, 11/1/2041		74,200		73,309
4.00%, 12/1/2041		17,894		17,679
4.00%, 1/1/2042		163,456		159,703

Investments	Principal Amount ($)		Value ($)
4.50%, 1/1/2042		18,485		18,786
6.00%, 1/1/2042		71,988		76,282
3.00%, 3/1/2042		146,780		138,047
4.00%, 3/1/2042		84,594		84,258
3.00%, 4/1/2042		49,323		46,389
4.50%, 4/1/2042		99,391		101,008
3.50%, 5/1/2042		25,045		24,173
4.50%, 5/1/2042		70,798		71,950
3.50%, 6/1/2042		44,748		43,191
3.50%, 7/1/2042		133,390		128,746
4.00%, 7/1/2042		114,505		114,748
3.50%, 8/1/2042		41,513		40,222
3.00%, 9/1/2042		72,016		67,730
3.50%, 9/1/2042		14,049		13,560
4.00%, 9/1/2042		70,153		69,800
3.00%, 10/1/2042		148,683		139,835
3.50%, 10/1/2042		25,767		24,870
2.50%, 12/1/2042		239,104		212,994
3.00%, 12/1/2042		142,684		134,193
2.50%, 1/1/2043		7,996		7,123
3.00%, 1/1/2043		135,494		127,430
3.50%, 1/1/2043		38,785		37,419
4.00%, 1/1/2043		75,237		74,559
4.50%, 1/1/2043		187,372		190,421
2.50%, 2/1/2043		749,531		667,390
3.00%, 2/1/2043		188,304		177,096
3.50%, 2/1/2043		73,372		70,833
3.50%, 3/1/2043		88,634		85,548
2.50%, 5/1/2043		12,501		11,012
2.50%, 6/1/2043		6,617		5,879
4.00%, 8/1/2043		39,835		39,289
4.00%, 9/1/2043		94,310		93,460
4.50%, 9/1/2043		26,276		26,547
4.00%, 10/1/2043		118,032		116,346
4.00%, 11/1/2043		243,880		242,450
4.50%, 11/1/2043		93,439		94,302
4.50%, 12/1/2043		63,626		64,430
4.00%, 1/1/2044		94,886		93,526
4.50%, 2/1/2044		18,281		18,415
4.50%, 3/1/2044		107,596		110,126
5.00%, 3/1/2044		19,237		19,830
4.00%, 4/1/2044		918,146		907,147
4.50%, 4/1/2044		196,843		198,563
5.00%, 6/1/2044		31,634		32,502
4.00%, 10/1/2044		37,301		37,014
4.50%, 10/1/2044		8,742		8,806
4.50%, 12/1/2044		34,289		34,540
4.00%, 2/1/2045		27,254		26,859
4.50%, 2/1/2045		115,757		116,604
4.00%, 4/1/2045		24,619		24,392
4.00%, 8/1/2045		11,401		11,235
4.00%, 11/1/2045		63,390		62,781
4.50%, 11/1/2045		77,009		77,781
4.00%, 12/1/2045		312,910		309,853
4.00%, 2/1/2046		8,241		8,179
4.50%, 3/1/2046		127,909		129,179
4.00%, 4/1/2046		11,363		11,210
2.50%, 6/1/2046		75,662		67,409

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
4.50%, 6/1/2046		86,417		87,050
4.50%, 7/1/2046		17,364		17,491
4.50%, 8/1/2046		15,151		15,262
2.50%, 10/1/2046		60,937		54,285
4.50%, 10/1/2046		29,545		29,761
2.50%, 12/1/2046		20,858		18,531
4.50%, 1/1/2047		27,250		27,450
4.00%, 2/1/2047		30,294		29,945
4.50%, 2/1/2047		33,682		34,129
4.50%, 3/1/2047		182,472		185,439
4.50%, 5/1/2047		542,466		542,730
4.50%, 7/1/2047		80,895		81,487
5.00%, 7/1/2047		247,178		254,021
4.50%, 4/1/2048		740,720		752,769
4.00%, 7/1/2048		132,516		131,257
6.00%, 2/1/2049		87,713		93,548
4.50%, 11/1/2049		922,679		929,433
GNMA
6.00%, 3/15/2033		47,379		50,260
5.50%, 8/20/2033		28,487		29,511
5.50%, 11/20/2033		26,796		27,289
6.00%, 12/15/2033		77,488		81,769
5.50%, 3/20/2034		32,927		34,355
5.50%, 7/20/2034		20,644		21,586
5.50%, 9/20/2034		8,891		9,096
6.00%, 2/15/2035		21,169		22,456
5.50%, 3/20/2036		65,166		68,452
5.50%, 9/20/2038		39,266		41,264
5.50%, 2/20/2039		65,059		68,362
4.50%, 5/15/2039		2,020,438		2,049,430
5.00%, 11/15/2039		1,946,498		2,006,671
4.00%, 6/15/2040		322,465		320,409
4.00%, 8/15/2040		312,335		310,339
4.00%, 11/15/2040		245,584		243,977
5.50%, 12/20/2040		18,855		19,794
5.50%, 1/20/2041		19,657		20,650
5.50%, 5/20/2041		115,351		121,213
4.00%, 9/15/2041		948,038		935,060
4.50%, 11/15/2041		420,319		425,161
5.50%, 11/20/2041		190,928		200,645
5.50%, 12/20/2041		49,782		51,427
5.50%, 2/20/2042		13,033		13,689
3.50%, 6/15/2042		458,116		444,208
2.50%, 3/20/2043		41,794		37,876
2.50%, 5/20/2043		60,679		54,987
5.50%, 3/20/2044		57,901		60,822
4.50%, 10/20/2044		121,722		124,768
2.50%, 11/20/2044		36,213		32,816
5.00%, 6/20/2045		155,458		160,546
4.00%, 8/15/2045		1,804,920		1,769,419
4.50%, 12/20/2045		257,039		263,435
5.50%, 3/20/2046		527,428		554,287
4.50%, 4/20/2046		864,909		886,347
5.00%, 5/20/2046		365,601		377,576
3.50%, 6/15/2046		2,182,290		2,111,034
5.50%, 2/20/2047		251,910		264,678
5.00%, 5/20/2048		139,985		142,999
5.50%, 1/20/2049		325,831		334,693

Investments	Principal Amount ($)		Value ($)
5.50%, 7/20/2049		9,688		10,032
4.00%, 12/20/2051		442,373		429,443
5.50%, 11/20/2052		1,943		1,976
TOTAL MORTGAGE-BACKED SECURITIES (Cost $101,426,015)				94,376,393
Total Investments - 97.5% (Cost $101,426,015)				94,376,393
Other assets less liabilities - 2.5%				2,392,066
Net Assets - 100.0%				96,768,459

Percentages shown are based on Net Assets.

Abbreviations

FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
UMBS	Uniform Mortgage-Backed Securities

See Accompanying Notes to the Schedules of Investments.

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

Security Type	% of Net Assets
Mortgage-Backed Securities		97.5	%
Others(1)		2.5
		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, 2023 (Unaudited)

Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS - 97.6%
Aerospace & Defense - 0.9%
Boeing Co. (The)
5.15%, 5/1/2030		100,000		100,791
General Dynamics Corp.
3.50%, 5/15/2025		375,000		367,275
3.75%, 5/15/2028		600,000		583,683
L3Harris Technologies, Inc.
4.40%, 6/15/2028		500,000		495,598
Leidos, Inc.
4.38%, 5/15/2030		250,000		236,023
Lockheed Martin Corp.
3.55%, 1/15/2026		151,000		148,354
Precision Castparts Corp.
3.25%, 6/15/2025		135,000		129,880
				2,061,604
Air Freight & Logistics - 0.5%
CH Robinson Worldwide, Inc.
4.20%, 4/15/2028		210,000		205,069
United Parcel Service, Inc.
2.50%, 9/1/2029		1,000,000		895,455
4.45%, 4/1/2030		50,000		50,506
				1,151,030
Auto Components - 0.1%
BorgWarner, Inc.
2.65%, 7/1/2027		200,000		183,995
Banks - 28.1%
Banco Bilbao Vizcaya Argentaria SA
6.14%, 9/14/2028(a)		600,000		617,698
Banco Santander SA
5.18%, 11/19/2025		150,000		149,520
1.72%, 9/14/2027(a)		600,000		526,891
Bank of America Corp.
4.45%, 3/3/2026		450,000		445,936
3.38%, 4/2/2026(a)		1,250,000		1,209,141
1.73%, 7/22/2027(a)		360,000		322,564
Series L, 4.18%, 11/25/2027		775,000		761,013
3.82%, 1/20/2028(a)		500,000		481,348
3.71%, 4/24/2028(a)		5,000		4,768
4.95%, 7/22/2028(a)		775,000		776,329
3.42%, 12/20/2028(a)		200,000		187,057
4.27%, 7/23/2029(a)		300,000		290,007
3.97%, 2/7/2030(a)		300,000		283,721
3.19%, 7/23/2030(a)		250,000		224,208
2.50%, 2/13/2031(a)		600,000		510,375
2.59%, 4/29/2031(a)		188,000		160,784
1.90%, 7/23/2031(a)		250,000		202,088
Series N, 2.65%, 3/11/2032(a)		500,000		421,483
2.69%, 4/22/2032(a)		162,000		136,769

Investments	Principal Amount ($)		Value ($)
2.30%, 7/21/2032(a)		500,000		407,008
2.57%, 10/20/2032(a)		250,000		206,712
3.85%, 3/8/2037(a)		200,000		174,287
Bank of Montreal
2.65%, 3/8/2027		300,000		279,660
Series H, 4.70%, 9/14/2027		250,000		251,044
3.80%, 12/15/2032(a)		500,000		457,758
3.09%, 1/10/2037(a)		25,000		20,329
Bank of Nova Scotia (The)
4.50%, 12/16/2025		350,000		345,839
Series 2, 3.62%, 10/27/2081(a)		250,000		197,620
8.62%, 10/27/2082(a)		300,000		319,428
BankUnited, Inc.
5.13%, 6/11/2030		250,000		242,583
Barclays plc
4.38%, 9/11/2024		440,000		434,020
3.65%, 3/16/2025		150,000		145,830
5.20%, 5/12/2026		250,000		248,994
5.30%, 8/9/2026(a)		450,000		450,029
4.84%, 5/9/2028		300,000		289,810
Canadian Imperial Bank of Commerce
2.25%, 1/28/2025		300,000		285,421
Citigroup, Inc.
3.35%, 4/24/2025(a)		600,000		587,038
5.50%, 9/13/2025		650,000		658,952
4.60%, 3/9/2026		380,000		377,778
3.11%, 4/8/2026(a)		500,000		479,469
3.20%, 10/21/2026		300,000		284,241
4.45%, 9/29/2027		1,000,000		981,113
3.89%, 1/10/2028(a)		500,000		480,129
3.67%, 7/24/2028(a)		500,000		473,595
2.98%, 11/5/2030(a)		1,400,000		1,231,197
2.67%, 1/29/2031(a)		500,000		430,352
4.41%, 3/31/2031(a)		386,000		370,250
2.57%, 6/3/2031(a)		250,000		212,153
2.56%, 5/1/2032(a)		50,000		41,639
6.63%, 6/15/2032		375,000		411,020
3.06%, 1/25/2033(a)		200,000		171,327
Citizens Financial Group, Inc.
3.25%, 4/30/2030		200,000		180,423
Comerica, Inc.
4.00%, 2/1/2029		300,000		290,335
Cooperatieve Rabobank UA
3.75%, 7/21/2026		250,000		238,984
Discover Bank
2.45%, 9/12/2024		500,000		478,247
4.65%, 9/13/2028		250,000		242,989
2.70%, 2/6/2030		300,000		250,735
Fifth Third Bancorp
2.55%, 5/5/2027		200,000		184,462
4.06%, 4/25/2028(a)		250,000		241,721
6.36%, 10/27/2028(a)		500,000		529,056

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
4.77%, 7/28/2030(a)		275,000		271,759
Fifth Third Bank NA
3.85%, 3/15/2026		350,000		337,539
HSBC Holdings plc
3.80%, 3/11/2025(a)		450,000		441,565
4.29%, 9/12/2026(a)		650,000		632,992
4.04%, 3/13/2028(a)		490,000		469,756
7.39%, 11/3/2028(a)		1,000,000		1,090,111
4.58%, 6/19/2029(a)		870,000		842,942
3.97%, 5/22/2030(a)		590,000		544,099
2.36%, 8/18/2031(a)		50,000		40,456
2.80%, 5/24/2032(a)		200,000		164,576
5.40%, 8/11/2033(a)		200,000		199,737
Huntington Bancshares, Inc.
4.00%, 5/15/2025		150,000		147,145
2.55%, 2/4/2030		200,000		171,558
ING Groep NV
3.55%, 4/9/2024		150,000		147,464
1.73%, 4/1/2027(a)		500,000		449,010
4.02%, 3/28/2028(a)		500,000		479,872
4.55%, 10/2/2028		300,000		293,430
4.05%, 4/9/2029		200,000		190,049
JPMorgan Chase & Co.
2.30%, 10/15/2025(a)		120,000		114,227
2.00%, 3/13/2026(a)		115,000		108,183
2.08%, 4/22/2026(a)		1,000,000		939,152
3.96%, 1/29/2027(a)		750,000		732,719
1.58%, 4/22/2027(a)		250,000		224,685
3.63%, 12/1/2027		200,000		192,120
3.78%, 2/1/2028(a)		400,000		384,482
4.85%, 7/25/2028(a)		600,000		599,848
4.01%, 4/23/2029(a)		130,000		124,639
4.20%, 7/23/2029(a)		400,000		385,950
4.45%, 12/5/2029(a)		500,000		487,647
3.70%, 5/6/2030(a)		250,000		232,821
2.74%, 10/15/2030(a)		200,000		174,803
4.49%, 3/24/2031(a)		150,000		146,434
2.96%, 5/13/2031(a)		500,000		433,776
1.95%, 2/4/2032(a)		225,000		180,813
2.96%, 1/25/2033(a)		100,000		85,722
4.59%, 4/26/2033(a)		400,000		388,293
4.91%, 7/25/2033(a)		800,000		797,070
KeyCorp
2.25%, 4/6/2027		300,000		274,187
4.10%, 4/30/2028		200,000		194,565
2.55%, 10/1/2029		150,000		130,554
Lloyds Banking Group plc
3.51%, 3/18/2026(a)		600,000		577,335
M&T Bank Corp.
4.55%, 8/16/2028(a)		120,000		119,614
Mitsubishi UFJ Financial Group, Inc.
3.41%, 3/7/2024		50,000		49,195
2.19%, 2/25/2025		700,000		662,111
3.29%, 7/25/2027		700,000		660,408
2.34%, 1/19/2028(a)		1,000,000		902,994
3.74%, 3/7/2029		200,000		189,578
3.20%, 7/18/2029		500,000		453,025

Investments	Principal Amount ($)		Value ($)
2.05%, 7/17/2030		100,000		82,068
2.31%, 7/20/2032(a)		500,000		405,325
Mizuho Financial Group, Inc.
2.23%, 5/25/2026(a)		700,000		650,685
1.23%, 5/22/2027(a)		500,000		439,597
3.17%, 9/11/2027		450,000		419,512
4.02%, 3/5/2028		340,000		327,261
4.25%, 9/11/2029(a)		250,000		239,313
3.15%, 7/16/2030(a)		150,000		132,230
2.59%, 5/25/2031(a)		250,000		208,949
2.56%, 9/13/2031		50,000		40,031
National Australia Bank Ltd.
3.91%, 6/9/2027		550,000		536,453
NatWest Group plc
5.08%, 1/27/2030(a)		1,250,000		1,234,506
4.44%, 5/8/2030(a)		950,000		905,164
PNC Bank NA
3.88%, 4/10/2025		250,000		245,005
4.05%, 7/26/2028		250,000		241,778
2.70%, 10/22/2029		500,000		439,029
PNC Financial Services Group, Inc. (The)
3.90%, 4/29/2024		550,000		544,560
2.55%, 1/22/2030		250,000		219,663
Regions Financial Corp.
2.25%, 5/18/2025		600,000		566,853
Royal Bank of Canada
4.65%, 1/27/2026		550,000		546,618
Santander Holdings USA, Inc.
4.50%, 7/17/2025		190,000		187,415
Santander UK Group Holdings plc
3.82%, 11/3/2028(a)		200,000		185,427
Sumitomo Mitsui Financial Group, Inc.
1.47%, 7/8/2025		250,000		229,660
2.63%, 7/14/2026		550,000		510,634
1.40%, 9/17/2026		450,000		397,835
3.45%, 1/11/2027		110,000		104,823
3.36%, 7/12/2027		400,000		378,871
1.90%, 9/17/2028		240,000		205,172
4.31%, 10/16/2028		450,000		435,307
2.47%, 1/14/2029		1,450,000		1,261,951
3.04%, 7/16/2029		300,000		268,220
2.72%, 9/27/2029		250,000		215,909
2.75%, 1/15/2030		200,000		174,236
2.13%, 7/8/2030		250,000		206,661
2.14%, 9/23/2030		250,000		200,289
SVB Financial Group
3.13%, 6/5/2030		500,000		429,220
Toronto-Dominion Bank (The)
3.25%, 3/11/2024		450,000		442,252
1.25%, 9/10/2026		350,000		310,677
3.62%, 9/15/2031(a)		200,000		189,040
4.46%, 6/8/2032		770,000		755,793
Truist Bank
3.63%, 9/16/2025		500,000		485,649
Truist Financial Corp.
2.85%, 10/26/2024		100,000		97,335
4.00%, 5/1/2025		160,000		157,550

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
US Bancorp
3.38%, 2/5/2024		200,000		197,046
3.95%, 11/17/2025		200,000		197,652
3.90%, 4/26/2028		500,000		493,036
4.55%, 7/22/2028(a)		550,000		549,174
3.00%, 7/30/2029		200,000		182,129
4.97%, 7/22/2033(a)		100,000		99,583
Wells Fargo & Co.
3.00%, 2/19/2025		450,000		433,957
3.55%, 9/29/2025		430,000		417,716
2.41%, 10/30/2025(a)		500,000		477,319
3.00%, 4/22/2026		450,000		427,278
4.10%, 6/3/2026		240,000		235,895
3.20%, 6/17/2027(a)		1,000,000		946,489
4.30%, 7/22/2027		500,000		494,413
3.53%, 3/24/2028(a)		500,000		475,501
3.58%, 5/22/2028(a)		1,110,000		1,054,851
2.39%, 6/2/2028(a)		850,000		770,331
4.81%, 7/25/2028(a)		700,000		698,509
2.88%, 10/30/2030(a)		450,000		398,247
2.57%, 2/11/2031(a)		450,000		387,802
4.48%, 4/4/2031(a)		500,000		486,756
Westpac Banking Corp.
2.89%, 2/4/2030(a)		250,000		233,339
4.32%, 11/23/2031(a)		200,000		192,157
4.11%, 7/24/2034(a)		400,000		362,061
2.67%, 11/15/2035(a)		300,000		235,641
				66,857,695
Beverages - 0.8%
Coca-Cola Co. (The)
3.45%, 3/25/2030		150,000		143,165
2.25%, 1/5/2032		300,000		259,285
Coca-Cola Femsa SAB de CV
2.75%, 1/22/2030		300,000		269,322
Constellation Brands, Inc.
4.65%, 11/15/2028		300,000		298,140
Keurig Dr Pepper, Inc.
3.95%, 4/15/2029		300,000		288,857
4.05%, 4/15/2032		150,000		142,185
PepsiCo, Inc.
7.00%, 3/1/2029		360,000		413,351
3.90%, 7/18/2032		200,000		195,406
				2,009,711
Biotechnology - 2.3%
AbbVie, Inc.
3.80%, 3/15/2025		500,000		490,400
2.95%, 11/21/2026		2,000,000		1,892,660
4.25%, 11/14/2028		500,000		495,418
3.20%, 11/21/2029		1,000,000		929,835
Amgen, Inc.
3.00%, 2/22/2029		500,000		459,145
4.05%, 8/18/2029		450,000		434,672
2.45%, 2/21/2030		250,000		217,419
Gilead Sciences, Inc.
3.65%, 3/1/2026		280,000		272,745
2.95%, 3/1/2027		250,000		236,947
				5,429,241

Investments	Principal Amount ($)		Value ($)
Building Products - 1.0%
Allegion plc
3.50%, 10/1/2029		250,000		224,125
Carlisle Cos., Inc.
3.75%, 12/1/2027		150,000		143,895
Carrier Global Corp.
2.49%, 2/15/2027		700,000		646,492
2.72%, 2/15/2030		250,000		218,376
Lennox International, Inc.
1.35%, 8/1/2025		450,000		411,672
Masco Corp.
3.50%, 11/15/2027		450,000		429,131
Owens Corning
3.95%, 8/15/2029		320,000		303,406
				2,377,097
Capital Markets - 6.7%
Ameriprise Financial, Inc.
2.88%, 9/15/2026		100,000		93,972
Ares Capital Corp.
2.15%, 7/15/2026		500,000		436,933
Bain Capital Specialty Finance, Inc.
2.55%, 10/13/2026		175,000		152,451
Bank of New York Mellon Corp. (The)
2.45%, 8/17/2026		300,000		280,290
3.99%, 6/13/2028(a)		300,000		292,166
BlackRock, Inc.
3.20%, 3/15/2027		150,000		144,489
3.25%, 4/30/2029		350,000		331,957
Blackstone Secured Lending Fund
3.63%, 1/15/2026		700,000		652,742
2.13%, 2/15/2027		250,000		211,893
Cboe Global Markets, Inc.
3.65%, 1/12/2027		150,000		146,208
1.63%, 12/15/2030		150,000		122,101
Charles Schwab Corp. (The)
4.20%, 3/24/2025		300,000		298,732
2.45%, 3/3/2027		1,900,000		1,767,822
3.20%, 1/25/2028		100,000		95,328
4.00%, 2/1/2029		400,000		389,636
CME Group, Inc.
3.00%, 3/15/2025		325,000		316,399
3.75%, 6/15/2028		100,000		98,142
Credit Suisse AG
1.25%, 8/7/2026		400,000		336,337
Credit Suisse Group AG
3.75%, 3/26/2025		100,000		93,843
Deutsche Bank AG
3.70%, 5/30/2024		505,000		500,821
1.45%, 4/1/2025(a)		750,000		708,384
3.96%, 11/26/2025(a)		100,000		96,862
2.13%, 11/24/2026(a)		250,000		225,534
3.55%, 9/18/2031(a)		200,000		173,775
Goldman Sachs BDC, Inc.
3.75%, 2/10/2025		150,000		145,753
Goldman Sachs Group, Inc. (The)
4.00%, 3/3/2024		500,000		495,203
3.85%, 7/8/2024		250,000		246,449

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
3.50%, 1/23/2025		415,000		403,794
3.50%, 4/1/2025		500,000		485,362
1.43%, 3/9/2027(a)		200,000		179,205
4.48%, 8/23/2028(a)		700,000		687,867
Lazard Group LLC
3.75%, 2/13/2025		450,000		438,017
4.50%, 9/19/2028		250,000		242,627
Moody’s Corp.
3.75%, 3/24/2025		250,000		244,872
4.25%, 2/1/2029		250,000		245,445
Morgan Stanley
0.79%, 5/30/2025(a)		500,000		469,471
2.72%, 7/22/2025(a)		500,000		482,782
3.13%, 7/27/2026		450,000		426,491
1.59%, 5/4/2027(a)		500,000		449,005
5.30%, 4/20/2037(a)		300,000		290,946
Nasdaq, Inc.
3.85%, 6/30/2026		165,000		161,035
1.65%, 1/15/2031		100,000		79,171
S&P Global, Inc.
2.95%, 1/22/2027		150,000		142,838
4.75%, 8/1/2028(b)		500,000		507,301
2.70%, 3/1/2029(b)		1,000,000		906,370
State Street Corp.
3.55%, 8/18/2025		300,000		293,980
Stifel Financial Corp.
4.00%, 5/15/2030		100,000		89,416
				16,080,217
Chemicals - 1.0%
Air Products and Chemicals, Inc.
1.85%, 5/15/2027		200,000		182,217
Cabot Corp.
4.00%, 7/1/2029		250,000		231,283
Celanese US Holdings LLC
6.38%, 7/15/2032		700,000		705,148
Dow Chemical Co. (The)
7.38%, 11/1/2029		300,000		343,613
FMC Corp.
3.20%, 10/1/2026		150,000		142,189
Huntsman International LLC
4.50%, 5/1/2029		250,000		234,426
Nutrien Ltd.
4.20%, 4/1/2029		100,000		96,957
Rohm and Haas Co.
7.85%, 7/15/2029		250,000		286,243
RPM International, Inc.
4.55%, 3/1/2029		250,000		238,060
				2,460,136
Commercial Services & Supplies - 0.5%
Cintas Corp. No.2
3.70%, 4/1/2027		350,000		341,278
RELX Capital, Inc.
3.00%, 5/22/2030		200,000		177,622
Republic Services, Inc.
3.95%, 5/15/2028		150,000		146,115
Waste Connections, Inc.
4.25%, 12/1/2028		200,000		196,880

Investments	Principal Amount ($)		Value ($)
Waste Management, Inc.
1.15%, 3/15/2028		250,000		213,505
				1,075,400
Communications Equipment - 0.5%
Cisco Systems, Inc.
3.63%, 3/4/2024		250,000		247,852
2.95%, 2/28/2026		50,000		48,243
Juniper Networks, Inc.
3.75%, 8/15/2029		500,000		461,198
Motorola Solutions, Inc.
4.60%, 2/23/2028		100,000		99,412
4.60%, 5/23/2029		300,000		292,857
				1,149,562
Consumer Finance - 1.4%
AerCap Ireland Capital DAC
1.65%, 10/29/2024		200,000		187,108
1.75%, 1/30/2026		300,000		269,655
American Express Co.
4.99%, 5/26/2033(a)		625,000		619,493
American Honda Finance Corp.
1.00%, 9/10/2025		200,000		182,361
Capital One Financial Corp.
3.30%, 10/30/2024		200,000		194,289
4.98%, 7/24/2026(a)		300,000		297,340
Caterpillar Financial Services Corp.
3.60%, 8/12/2027		300,000		292,620
Synchrony Financial
4.50%, 7/23/2025		600,000		583,856
3.95%, 12/1/2027		450,000		415,658
5.15%, 3/19/2029		200,000		190,926
				3,233,306
Containers & Packaging - 0.3%
Amcor Finance USA, Inc.
4.50%, 5/15/2028		300,000		292,170
Avery Dennison Corp.
4.88%, 12/6/2028		150,000		150,786
Packaging Corp. of America
3.00%, 12/15/2029		275,000		243,271
				686,227
Diversified Financial Services - 0.8%
Block Financial LLC
2.50%, 7/15/2028		350,000		307,375
Corebridge Financial, Inc.
3.85%, 4/5/2029(b)		600,000		560,004
6.87%, 12/15/2052(a)(b)		400,000		397,896
National Rural Utilities Cooperative Finance Corp.
5.25%, 4/20/2046(a)		150,000		139,875
Synchrony Bank
5.63%, 8/23/2027		400,000		398,338
Voya Financial, Inc.
4.70%, 1/23/2048(a)		100,000		85,454
				1,888,942
Diversified Telecommunication Services - 0.8%
AT&T, Inc.
2.25%, 2/1/2032		300,000		244,966
British Telecommunications plc
9.62%, 12/15/2030(c)		200,000		252,228

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Deutsche Telekom International Finance BV
8.75%, 6/15/2030(c)		100,000		122,167
Verizon Communications, Inc.
4.33%, 9/21/2028		450,000		443,856
1.75%, 1/20/2031		450,000		362,375
2.55%, 3/21/2031		450,000		384,096
				1,809,688
Electric Utilities - 3.0%
American Electric Power Co., Inc.
3.88%, 2/15/2062(a)		450,000		385,938
Arizona Public Service Co.
2.60%, 8/15/2029		250,000		215,527
Avangrid, Inc.
3.80%, 6/1/2029		300,000		282,287
Duke Energy Corp.
4.30%, 3/15/2028		600,000		591,309
2.45%, 6/1/2030		300,000		256,620
3.25%, 1/15/2082(a)		450,000		367,676
Evergy, Inc.
2.90%, 9/15/2029		175,000		155,627
Fortis, Inc.
3.06%, 10/4/2026		150,000		140,835
MidAmerican Energy Co.
3.65%, 4/15/2029		300,000		288,550
NextEra Energy Capital Holdings, Inc.
4.20%, 6/20/2024		700,000		693,839
1.90%, 6/15/2028		600,000		525,462
5.00%, 7/15/2032		200,000		203,337
4.80%, 12/1/2077(a)		100,000		90,163
5.65%, 5/1/2079(a)		175,000		166,989
3.80%, 3/15/2082(a)		500,000		436,804
Oklahoma Gas and Electric Co.
3.25%, 4/1/2030		300,000		271,702
Sierra Pacific Power Co.
2.60%, 5/1/2026		20,000		18,823
Southern Co. (The)
4.48%, 8/1/2024(c)		500,000		494,712
Series 21-B, 1.75%, 3/15/2028		950,000		821,337
Series B, 4.00%, 1/15/2051(a)		500,000		475,665
Series 21-A, 3.75%, 9/15/2051(a)		250,000		217,587
Southwestern Electric Power Co.
Series M, 4.10%, 9/15/2028		150,000		145,355
				7,246,144
Electrical Equipment - 0.5%
ABB Finance USA, Inc.
3.80%, 4/3/2028		250,000		244,919
Emerson Electric Co.
0.88%, 10/15/2026		150,000		132,507
2.00%, 12/21/2028		450,000		395,902
Hubbell, Inc.
3.35%, 3/1/2026		150,000		144,121
3.50%, 2/15/2028		200,000		189,014
				1,106,463

Investments	Principal Amount ($)		Value ($)
Electronic Equipment, Instruments & Components - 1.6%
Amphenol Corp.
4.35%, 6/1/2029		500,000		491,320
Avnet, Inc.
4.63%, 4/15/2026		125,000		122,376
CDW LLC
4.13%, 5/1/2025		250,000		241,932
2.67%, 12/1/2026		450,000		404,586
4.25%, 4/1/2028		200,000		185,700
3.28%, 12/1/2028		250,000		219,709
Flex Ltd.
4.88%, 6/15/2029		200,000		197,397
Jabil, Inc.
4.25%, 5/15/2027		500,000		486,118
Keysight Technologies, Inc.
4.60%, 4/6/2027		650,000		650,604
Teledyne Technologies, Inc.
2.25%, 4/1/2028		225,000		200,050
Trimble, Inc.
4.90%, 6/15/2028		250,000		246,653
Tyco Electronics Group SA
3.70%, 2/15/2026		150,000		147,386
Vontier Corp.
2.40%, 4/1/2028		250,000		205,353
				3,799,184
Entertainment - 0.5%
Activision Blizzard, Inc.
3.40%, 6/15/2027		200,000		192,176
Electronic Arts, Inc.
4.80%, 3/1/2026		50,000		50,305
Netflix, Inc.
5.88%, 11/15/2028		800,000		829,943
Warnermedia Holdings, Inc.
4.28%, 3/15/2032(b)		100,000		88,996
				1,161,420
Equity Real Estate Investment Trusts (REITs) - 6.2%
Agree LP
2.00%, 6/15/2028		200,000		170,621
American Homes 4 Rent LP
4.90%, 2/15/2029		160,000		155,680
American Tower Corp.
2.40%, 3/15/2025		300,000		284,469
AvalonBay Communities, Inc.
3.45%, 6/1/2025		150,000		145,635
3.50%, 11/15/2025		50,000		48,310
2.30%, 3/1/2030		500,000		431,384
Boston Properties LP
3.25%, 1/30/2031		190,000		163,345
Brandywine Operating Partnership LP
4.10%, 10/1/2024		50,000		48,353
Brixmor Operating Partnership LP
4.05%, 7/1/2030		150,000		137,183
Corporate Office Properties LP
2.00%, 1/15/2029		300,000		237,880
Crown Castle, Inc.
1.35%, 7/15/2025		200,000		183,740
3.80%, 2/15/2028		200,000		190,856

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
3.10%, 11/15/2029		700,000		630,102
2.10%, 4/1/2031		300,000		245,551
CubeSmart LP
4.00%, 11/15/2025		250,000		243,325
3.00%, 2/15/2030		200,000		172,302
EPR Properties
4.50%, 6/1/2027		300,000		273,626
4.95%, 4/15/2028		350,000		316,485
Equinix, Inc.
1.45%, 5/15/2026		410,000		367,845
2.00%, 5/15/2028		500,000		434,546
3.20%, 11/18/2029		250,000		226,304
ERP Operating LP
3.25%, 8/1/2027		45,000		42,368
Essex Portfolio LP
3.88%, 5/1/2024		450,000		442,146
4.00%, 3/1/2029		150,000		141,352
GLP Capital LP
5.25%, 6/1/2025		200,000		198,516
5.38%, 4/15/2026		500,000		499,490
5.75%, 6/1/2028		500,000		509,295
Healthpeak Properties, Inc.
3.00%, 1/15/2030		250,000		222,100
Highwoods Realty LP
4.13%, 3/15/2028		200,000		182,727
4.20%, 4/15/2029		100,000		88,722
Host Hotels & Resorts LP
Series E, 4.00%, 6/15/2025		200,000		194,934
Series H, 3.38%, 12/15/2029		300,000		261,246
Invitation Homes Operating Partnership LP
2.30%, 11/15/2028		300,000		255,833
Kilroy Realty LP
4.38%, 10/1/2025		350,000		342,348
4.25%, 8/15/2029		50,000		44,635
Life Storage LP
2.20%, 10/15/2030		150,000		120,794
LifeStorage LP
3.50%, 7/1/2026		200,000		189,560
Mid-America Apartments LP
3.95%, 3/15/2029		300,000		290,543
2.75%, 3/15/2030		150,000		133,838
National Retail Properties, Inc.
3.90%, 6/15/2024		450,000		442,611
3.50%, 10/15/2027		150,000		139,344
4.30%, 10/15/2028		90,000		85,870
Omega Healthcare Investors, Inc.
5.25%, 1/15/2026		250,000		248,505
4.75%, 1/15/2028		300,000		288,023
3.63%, 10/1/2029		150,000		129,575
Physicians Realty LP
4.30%, 3/15/2027		150,000		145,223
Prologis LP
2.25%, 4/15/2030		200,000		172,513
Public Storage
3.09%, 9/15/2027		200,000		190,464
1.85%, 5/1/2028		300,000		264,427

Investments	Principal Amount ($)		Value ($)
1.95%, 11/9/2028		450,000		395,040
Realty Income Corp.
4.63%, 11/1/2025		200,000		199,245
Sabra Health Care LP
5.13%, 8/15/2026		200,000		193,439
3.90%, 10/15/2029		150,000		128,247
Simon Property Group LP
3.38%, 10/1/2024		550,000		537,770
SITE Centers Corp.
3.63%, 2/1/2025		129,000		122,958
Spirit Realty LP
2.10%, 3/15/2028		250,000		209,193
3.40%, 1/15/2030		200,000		173,115
Ventas Realty LP
3.50%, 2/1/2025		50,000		48,446
VICI Properties LP
5.13%, 5/15/2032		525,000		502,215
Welltower OP LLC
4.00%, 6/1/2025		200,000		195,538
Weyerhaeuser Co.
4.00%, 4/15/2030		500,000		471,798
WP Carey, Inc.
4.60%, 4/1/2024		195,000		192,967
4.00%, 2/1/2025		100,000		97,866
				14,842,381
Food Products - 1.5%
Campbell Soup Co.
4.15%, 3/15/2028		100,000		98,129
Flowers Foods, Inc.
3.50%, 10/1/2026		250,000		238,386
General Mills, Inc.
4.20%, 4/17/2028		200,000		197,727
Hershey Co. (The)
0.90%, 6/1/2025		450,000		415,104
Hormel Foods Corp.
1.70%, 6/3/2028		100,000		88,739
Kellogg Co.
Series B, 7.45%, 4/1/2031		250,000		293,433
Mondelez International, Inc.
1.50%, 5/4/2025		400,000		373,897
2.75%, 4/13/2030		92,000		81,919
Tyson Foods, Inc.
4.35%, 3/1/2029		600,000		589,615
Unilever Capital Corp.
2.60%, 5/5/2024		700,000		682,259
2.90%, 5/5/2027		150,000		142,671
3.50%, 3/22/2028		40,000		38,568
2.13%, 9/6/2029		500,000		436,167
				3,676,614
Gas Utilities - 0.2%
Eastern Energy Gas Holdings LLC
3.60%, 12/15/2024		4,000		3,880
National Fuel Gas Co.
5.20%, 7/15/2025		150,000		149,805
5.50%, 1/15/2026		275,000		276,219
4.75%, 9/1/2028		100,000		96,383
				526,287

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Health Care Equipment & Supplies - 0.8%
Abbott Laboratories
3.88%, 9/15/2025		450,000		445,064
DH Europe Finance II Sarl
2.20%, 11/15/2024		250,000		240,025
Edwards Lifesciences Corp.
4.30%, 6/15/2028		150,000		147,376
GE HealthCare Technologies, Inc.
5.86%, 3/15/2030(b)		950,000		1,008,193
Stryker Corp.
1.95%, 6/15/2030		50,000		42,137
				1,882,795
Health Care Providers & Services - 3.1%
AmerisourceBergen Corp.
3.45%, 12/15/2027		60,000		57,349
Centene Corp.
2.50%, 3/1/2031		220,000		179,855
Cigna Corp.
3.40%, 3/1/2027		500,000		478,596
2.38%, 3/15/2031		275,000		233,187
CVS Health Corp.
4.30%, 3/25/2028		229,000		225,122
3.25%, 8/15/2029		300,000		275,222
Elevance Health, Inc.
1.50%, 3/15/2026		1,400,000		1,276,016
Humana, Inc.
1.35%, 2/3/2027		700,000		616,351
3.70%, 3/23/2029		500,000		471,435
Laboratory Corp. of America Holdings
1.55%, 6/1/2026		250,000		225,252
McKesson Corp.
1.30%, 8/15/2026		500,000		446,134
Quest Diagnostics, Inc.
2.95%, 6/30/2030		200,000		178,355
UnitedHealth Group, Inc.
3.70%, 5/15/2027		250,000		245,832
2.95%, 10/15/2027		350,000		330,233
3.85%, 6/15/2028		1,000,000		976,628
3.88%, 12/15/2028		15,000		14,616
4.00%, 5/15/2029		1,100,000		1,078,609
				7,308,792
Hotels, Restaurants & Leisure - 0.9%
Choice Hotels International, Inc.
3.70%, 12/1/2029		250,000		225,022
Marriott International, Inc.
Series EE, 5.75%, 5/1/2025		12,000		12,204
5.00%, 10/15/2027		300,000		302,765
Series FF, 4.63%, 6/15/2030		250,000		243,854
Series HH, 2.85%, 4/15/2031		450,000		383,004
McDonald’s Corp.
3.50%, 7/1/2027		800,000		773,676
3.80%, 4/1/2028		90,000		87,870
3.60%, 7/1/2030		250,000		236,133
				2,264,528

Investments	Principal Amount ($)		Value ($)
Household Durables - 0.9%
DR Horton, Inc.
2.50%, 10/15/2024		200,000		192,357
1.30%, 10/15/2026		450,000		395,611
Lennar Corp.
4.50%, 4/30/2024		300,000		298,028
4.75%, 11/29/2027		410,000		404,436
PulteGroup, Inc.
5.50%, 3/1/2026		390,000		393,717
Toll Brothers Finance Corp.
4.88%, 3/15/2027		500,000		487,837
				2,171,986
Household Products - 0.4%
Colgate-Palmolive Co.
3.25%, 3/15/2024		200,000		198,238
Procter & Gamble Co. (The)
2.70%, 2/2/2026		250,000		239,899
2.80%, 3/25/2027		95,000		90,359
3.00%, 3/25/2030		400,000		374,184
				902,680
Industrial Conglomerates - 1.2%
3M Co.
3.38%, 3/1/2029		200,000		187,290
2.38%, 8/26/2029		600,000		525,008
Honeywell International, Inc.
1.35%, 6/1/2025		1,000,000		931,891
2.50%, 11/1/2026		250,000		235,372
2.70%, 8/15/2029		100,000		90,953
Pentair Finance Sarl
4.50%, 7/1/2029		500,000		473,986
Trane Technologies Global Holding Co. Ltd.
3.75%, 8/21/2028		150,000		144,860
Trane Technologies Luxembourg Finance SA
3.50%, 3/21/2026		200,000		191,901
3.80%, 3/21/2029		200,000		190,304
				2,971,565
Insurance - 3.7%
Aflac, Inc.
3.60%, 4/1/2030		200,000		190,090
Allied World Assurance Co. Holdings Ltd.
4.35%, 10/29/2025		200,000		193,400
Allstate Corp. (The)
0.75%, 12/15/2025		150,000		134,851
American Equity Investment Life Holding Co.
5.00%, 6/15/2027		150,000		148,014
American International Group, Inc.
2.50%, 6/30/2025		300,000		285,490
Series A-9, 5.75%, 4/1/2048(a)		200,000		196,750
Aon Corp.
2.85%, 5/28/2027		300,000		281,175
2.80%, 5/15/2030		200,000		177,079
2.05%, 8/23/2031		50,000		40,925
Aon Global Ltd.
3.88%, 12/15/2025		400,000		391,841
Assurant, Inc.
3.70%, 2/22/2030		100,000		88,423

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
AXIS Specialty Finance LLC
4.90%, 1/15/2040(a)		200,000		169,897
AXIS Specialty Finance plc
4.00%, 12/6/2027		200,000		191,353
Brown & Brown, Inc.
4.20%, 9/15/2024		150,000		147,874
2.38%, 3/15/2031		250,000		201,344
Chubb INA Holdings, Inc.
3.15%, 3/15/2025		270,000		261,841
CNA Financial Corp.
3.90%, 5/1/2029		250,000		233,499
Enstar Group Ltd.
4.95%, 6/1/2029		200,000		188,223
Fairfax Financial Holdings Ltd.
4.85%, 4/17/2028		250,000		242,826
4.63%, 4/29/2030		250,000		234,952
Fidelity National Financial, Inc.
3.40%, 6/15/2030		250,000		220,161
First American Financial Corp.
4.60%, 11/15/2024		200,000		197,441
Globe Life, Inc.
4.55%, 9/15/2028		100,000		99,592
Hanover Insurance Group, Inc. (The)
2.50%, 9/1/2030		250,000		197,970
Hartford Financial Services Group, Inc. (The)
2.80%, 8/19/2029		200,000		178,550
Manulife Financial Corp.
4.15%, 3/4/2026		200,000		197,520
2.48%, 5/19/2027		200,000		184,441
4.06%, 2/24/2032(a)		50,000		46,280
Markel Corp.
3.35%, 9/17/2029		300,000		271,873
Marsh & McLennan Cos., Inc.
3.50%, 6/3/2024		516,000		508,299
3.50%, 3/10/2025		75,000		73,279
2.25%, 11/15/2030		465,000		393,117
Principal Financial Group, Inc.
3.70%, 5/15/2029		300,000		284,456
Progressive Corp. (The)
3.20%, 3/26/2030		100,000		92,828
Prudential Financial, Inc.
5.20%, 3/15/2044(a)		10,000		9,814
5.70%, 9/15/2048(a)		300,000		291,750
3.70%, 10/1/2050(a)		100,000		86,094
Reinsurance Group of America, Inc.
3.90%, 5/15/2029		200,000		188,838
Trinity Acquisition plc
4.40%, 3/15/2026		150,000		147,693
Willis North America, Inc.
3.60%, 5/15/2024		650,000		636,340
2.95%, 9/15/2029		500,000		442,444
				8,748,627
Interactive Media & Services - 0.4%
Alphabet, Inc.
0.80%, 8/15/2027		335,000		291,352
Meta Platforms, Inc.
3.50%, 8/15/2027		350,000		336,113

Investments	Principal Amount ($)		Value ($)
3.85%, 8/15/2032		150,000		139,440
Weibo Corp.
3.50%, 7/5/2024		200,000		193,570
				960,475
IT Services - 2.8%
Automatic Data Processing, Inc.
1.70%, 5/15/2028		330,000		293,983
1.25%, 9/1/2030		150,000		121,469
Broadridge Financial Solutions, Inc.
2.90%, 12/1/2029		250,000		219,390
Fiserv, Inc.
3.50%, 7/1/2029		1,350,000		1,257,331
Genpact Luxembourg Sarl
3.38%, 12/1/2024		250,000		240,915
Global Payments, Inc.
1.50%, 11/15/2024		300,000		281,213
4.80%, 4/1/2026		250,000		248,234
4.45%, 6/1/2028		110,000		106,081
3.20%, 8/15/2029		300,000		266,439
5.30%, 8/15/2029		220,000		220,557
2.90%, 5/15/2030		200,000		171,649
International Business Machines Corp.
4.00%, 7/27/2025		250,000		246,862
4.15%, 7/27/2027		750,000		743,818
1.95%, 5/15/2030		350,000		294,151
Mastercard, Inc.
2.00%, 3/3/2025		300,000		285,130
2.95%, 11/21/2026		50,000		47,878
2.95%, 6/1/2029		150,000		139,942
PayPal Holdings, Inc.
1.65%, 6/1/2025		300,000		280,671
VeriSign, Inc.
4.75%, 7/15/2027		450,000		446,097
Visa, Inc.
1.90%, 4/15/2027		225,000		206,401
2.05%, 4/15/2030		300,000		261,685
Western Union Co. (The)
2.85%, 1/10/2025		350,000		336,322
				6,716,218
Life Sciences Tools & Services - 0.1%
Agilent Technologies, Inc.
2.30%, 3/12/2031		150,000		125,832
Machinery - 0.9%
Cummins, Inc.
1.50%, 9/1/2030		150,000		122,329
Dover Corp.
3.15%, 11/15/2025		150,000		143,813
Fortive Corp.
3.15%, 6/15/2026		100,000		94,820
Illinois Tool Works, Inc.
2.65%, 11/15/2026		200,000		189,274
nVent Finance Sarl
4.55%, 4/15/2028		250,000		237,368
Otis Worldwide Corp.
2.06%, 4/5/2025		250,000		235,820
2.29%, 4/5/2027		700,000		641,762

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
2.57%, 2/15/2030		50,000		43,642
Stanley Black & Decker, Inc.
4.00%, 3/15/2060(a)		100,000		88,117
Westinghouse Air Brake Technologies Corp.
4.95%, 9/15/2028(c)		450,000		447,001
				2,243,946
Media - 0.4%
Fox Corp.
4.71%, 1/25/2029		500,000		494,166
3.50%, 4/8/2030		200,000		183,102
Interpublic Group of Cos., Inc. (The)
4.75%, 3/30/2030		200,000		195,395
				872,663
Metals & Mining - 0.8%
AngloGold Ashanti Holdings plc
3.38%, 11/1/2028		250,000		224,673
ArcelorMittal SA
4.25%, 7/16/2029		200,000		191,568
Freeport-McMoRan, Inc.
4.13%, 3/1/2028		300,000		284,495
4.63%, 8/1/2030		300,000		288,138
Nucor Corp.
4.30%, 5/23/2027		250,000		247,624
Reliance Steel & Aluminum Co.
1.30%, 8/15/2025		250,000		229,032
Rio Tinto Finance USA Ltd.
7.13%, 7/15/2028		170,000		191,627
Steel Dynamics, Inc.
2.80%, 12/15/2024		100,000		96,038
Vale Overseas Ltd.
3.75%, 7/8/2030		250,000		223,712
				1,976,907
Multiline Retail - 0.2%
Dollar General Corp.
3.88%, 4/15/2027		100,000		97,033
4.63%, 11/1/2027		380,000		379,877
				476,910
Multi-Utilities - 1.3%
Ameren Corp.
1.75%, 3/15/2028		500,000		436,131
Berkshire Hathaway Energy Co.
4.05%, 4/15/2025		1,100,000		1,086,152
3.25%, 4/15/2028		100,000		94,945
CMS Energy Corp.
4.75%, 6/1/2050(a)		300,000		272,838
Dominion Energy, Inc.
5.75%, 10/1/2054(a)		200,000		193,049
Sempra Energy
3.70%, 4/1/2029		500,000		471,661
4.12%, 4/1/2052(a)		100,000		87,535
WEC Energy Group, Inc.
2.20%, 12/15/2028		500,000		437,123
				3,079,434
Oil, Gas & Consumable Fuels - 7.0%
Boardwalk Pipelines LP
4.45%, 7/15/2027		250,000		243,217
4.80%, 5/3/2029		200,000		196,978

Investments	Principal Amount ($)		Value ($)
Canadian Natural Resources Ltd.
3.85%, 6/1/2027		550,000		531,154
Chevron Corp.
2.00%, 5/11/2027		350,000		321,103
Chevron USA, Inc.
3.85%, 1/15/2028		450,000		444,640
Continental Resources, Inc.
4.38%, 1/15/2028		290,000		275,927
Devon Energy Corp.
4.50%, 1/15/2030		500,000		483,370
Diamondback Energy, Inc.
3.13%, 3/24/2031		400,000		349,172
Eastern Gas Transmission & Storage, Inc.
3.00%, 11/15/2029		200,000		179,324
Enbridge, Inc.
5.50%, 7/15/2077(a)		350,000		326,995
6.25%, 3/1/2078(a)		350,000		333,089
Series 20-A, 5.75%,
7/15/2080(a)		550,000		520,460
Energy Transfer LP
4.20%, 4/15/2027		250,000		241,566
4.95%, 5/15/2028		250,000		246,742
5.25%, 4/15/2029		100,000		100,935
3.75%, 5/15/2030		425,000		389,512
Enterprise Products Operating LLC
3.75%, 2/15/2025		650,000		639,528
3.95%, 2/15/2027		300,000		294,002
4.15%, 10/16/2028		90,000		87,884
3.13%, 7/31/2029		250,000		228,286
2.80%, 1/31/2030		225,000		199,424
Series E, 5.25%,
8/16/2077(a)		200,000		174,588
5.38%, 2/15/2078(a)		350,000		292,772
EOG Resources, Inc.
4.38%, 4/15/2030		200,000		199,390
EQT Corp.
7.00%, 2/1/2030(c)		250,000		265,903
Exxon Mobil Corp.
2.99%, 3/19/2025		550,000		534,740
3.48%, 3/19/2030		500,000		479,919
2.61%, 10/15/2030		350,000		315,621
Hess Corp.
7.88%, 10/1/2029		275,000		312,634
Magellan Midstream Partners LP
5.00%, 3/1/2026		200,000		201,027
Marathon Oil Corp.
4.40%, 7/15/2027		150,000		146,532
Marathon Petroleum Corp.
3.80%, 4/1/2028		400,000		378,736
MPLX LP
4.88%, 6/1/2025		450,000		448,823
1.75%, 3/1/2026		250,000		227,673
4.00%, 3/15/2028		100,000		96,019
4.95%, 9/1/2032		450,000		443,094
ONEOK Partners LP
4.90%, 3/15/2025		400,000		398,371

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
ONEOK, Inc.
5.85%, 1/15/2026		350,000		358,620
4.35%, 3/15/2029		750,000		715,602
3.10%, 3/15/2030		125,000		109,964
Phillips 66 Co.
3.15%, 12/15/2029(b)		275,000		248,351
Pioneer Natural Resources Co.
1.13%, 1/15/2026		450,000		407,045
Plains All American Pipeline LP
3.80%, 9/15/2030		350,000		317,961
Sabine Pass Liquefaction LLC
4.50%, 5/15/2030		200,000		194,139
Spectra Energy Partners LP
3.38%, 10/15/2026		300,000		285,214
Targa Resources Partners LP
6.88%, 1/15/2029		500,000		513,495
4.88%, 2/1/2031		150,000		140,224
4.00%, 1/15/2032		450,000		392,942
Tosco Corp.
8.13%, 2/15/2030		250,000		299,293
TotalEnergies Capital International SA
2.83%, 1/10/2030		250,000		227,483
Transcanada Trust
5.30%, 3/15/2077(a)		300,000		268,125
5.50%, 9/15/2079(a)		300,000		270,734
Valero Energy Partners LP
4.50%, 3/15/2028		200,000		198,369
Williams Cos., Inc. (The)
2.60%, 3/15/2031		200,000		169,277
				16,665,988
Paper & Forest Products - 0.1%
Suzano Austria GmbH
6.00%, 1/15/2029		250,000		250,309
Personal Products - 0.3%
Estee Lauder Cos., Inc. (The)
2.38%, 12/1/2029		200,000		177,349
GSK Consumer Healthcare Capital US LLC
3.38%, 3/24/2029		500,000		461,201
				638,550
Pharmaceuticals - 1.6%
Eli Lilly & Co.
3.38%, 3/15/2029		350,000		335,667
Johnson & Johnson
2.90%, 1/15/2028		410,000		390,259
Merck & Co., Inc.
1.70%, 6/10/2027		450,000		406,393
1.90%, 12/10/2028		400,000		353,024
3.40%, 3/7/2029		500,000		480,617
2.15%, 12/10/2031		150,000		127,215
Merck Sharp & Dohme Corp.
6.40%, 3/1/2028		150,000		165,196
Novartis Capital Corp.
1.75%, 2/14/2025		100,000		94,923
3.00%, 11/20/2025		450,000		434,466
2.20%, 8/14/2030		200,000		176,177

Investments	Principal Amount ($)		Value ($)
Pfizer, Inc.
3.45%, 3/15/2029		500,000		482,294
2.63%, 4/1/2030		125,000		113,171
Zoetis, Inc.
3.00%, 9/12/2027		95,000		89,638
3.90%, 8/20/2028		250,000		244,230
				3,893,270
Professional Services - 0.3%
Equifax, Inc.
2.60%, 12/1/2024		100,000		95,902
3.10%, 5/15/2030		200,000		175,483
Verisk Analytics, Inc.
4.00%, 6/15/2025		250,000		244,836
4.13%, 3/15/2029		250,000		238,654
				754,875
Real Estate Management & Development - 0.1%
CBRE Services, Inc.
4.88%, 3/1/2026		150,000		149,366
2.50%, 4/1/2031		100,000		83,961
				233,327
Road & Rail - 0.7%
Burlington Northern Santa Fe LLC
3.40%, 9/1/2024		450,000		441,756
Canadian National Railway Co.
2.75%, 3/1/2026		400,000		380,971
CSX Corp.
3.80%, 3/1/2028		100,000		97,467
4.25%, 3/15/2029		200,000		198,205
Norfolk Southern Corp.
3.15%, 6/1/2027		200,000		189,965
Union Pacific Corp.
2.38%, 5/20/2031		450,000		390,992
				1,699,356
Semiconductors & Semiconductor Equipment - 2.2%
Broadcom Corp.
3.88%, 1/15/2027		690,000		664,845
Broadcom, Inc.
3.46%, 9/15/2026		150,000		143,385
4.00%, 4/15/2029(b)		2,000,000		1,875,158
4.15%, 11/15/2030		149,000		138,992
KLA Corp.
4.65%, 11/1/2024		8,000		7,967
Micron Technology, Inc.
4.66%, 2/15/2030		400,000		382,122
NXP BV
3.15%, 5/1/2027		300,000		279,591
4.40%, 6/1/2027		400,000		393,052
4.30%, 6/18/2029		250,000		240,418
Qorvo, Inc.
4.38%, 10/15/2029		200,000		180,619
Texas Instruments, Inc.
1.38%, 3/12/2025		200,000		187,773
2.90%, 11/3/2027		250,000		237,798
TSMC Arizona Corp.
3.88%, 4/22/2027		500,000		491,049
				5,222,769

See Accompanying Notes to the Schedules of Investments.-.

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

Investments	Principal Amount ($)		Value ($)
Software - 1.4%
Adobe, Inc.
2.30%, 2/1/2030		350,000		308,998
Autodesk, Inc.
2.40%, 12/15/2031		200,000		167,674
Microsoft Corp.
2.70%, 2/12/2025		390,000		378,912
3.13%, 11/3/2025		276,000		268,588
3.30%, 2/6/2027		89,000		86,656
Oracle Corp.
2.30%, 3/25/2028		300,000		267,913
2.95%, 4/1/2030		200,000		175,925
Roper Technologies, Inc.
1.40%, 9/15/2027		475,000		412,679
4.20%, 9/15/2028		150,000		148,410
1.75%, 2/15/2031		250,000		200,548
VMware, Inc.
1.40%, 8/15/2026		100,000		88,552
1.80%, 8/15/2028		950,000		801,040
				3,305,895
Specialty Retail - 1.6%
Advance Auto Parts, Inc.
1.75%, 10/1/2027		260,000		225,310
AutoNation, Inc.
1.95%, 8/1/2028		220,000		182,339
4.75%, 6/1/2030		200,000		187,640
AutoZone, Inc.
3.25%, 4/15/2025		490,000		473,582
3.13%, 4/21/2026		75,000		71,659
3.75%, 6/1/2027		200,000		194,426
4.00%, 4/15/2030		250,000		238,643
Best Buy Co., Inc.
4.45%, 10/1/2028		150,000		148,225
Home Depot, Inc. (The)
3.35%, 9/15/2025		3,000		2,926
2.80%, 9/14/2027		400,000		376,523
3.25%, 4/15/2032		325,000		298,955
Lowe’s Cos., Inc.
3.75%, 4/1/2032		350,000		324,654
O’Reilly Automotive, Inc.
3.55%, 3/15/2026		250,000		243,294
3.60%, 9/1/2027		150,000		144,539
4.35%, 6/1/2028		550,000		545,668
TJX Cos., Inc. (The)
3.88%, 4/15/2030		150,000		144,997
				3,803,380
Technology Hardware, Storage & Peripherals - 2.7%
Apple, Inc.
1.13%, 5/11/2025		450,000		419,088
3.20%, 5/13/2025		250,000		243,986
3.25%, 2/23/2026		468,000		454,955
2.05%, 9/11/2026		500,000		463,766
3.35%, 2/9/2027		830,000		807,133
3.20%, 5/11/2027		365,000		352,167
3.00%, 11/13/2027		1,240,000		1,182,013
1.20%, 2/8/2028		1,350,000		1,174,247
1.40%, 8/5/2028		440,000		381,547

Investments	Principal Amount ($)		Value ($)
HP, Inc.
3.00%, 6/17/2027		350,000		325,505
4.00%, 4/15/2029		450,000		424,961
NetApp, Inc.
1.88%, 6/22/2025		150,000		139,548
				6,368,916
Textiles, Apparel & Luxury Goods - 0.0%(d)
Tapestry, Inc.
4.13%, 7/15/2027		8,000		7,692
Thrifts & Mortgage Finance - 0.1%
Radian Group, Inc.
4.88%, 3/15/2027		300,000		285,366
Tobacco - 2.1%
Altria Group, Inc.
2.35%, 5/6/2025		360,000		341,894
4.40%, 2/14/2026		500,000		497,906
4.80%, 2/14/2029		200,000		197,831
3.40%, 5/6/2030		300,000		265,468
BAT Capital Corp.
4.70%, 4/2/2027		500,000		489,874
3.56%, 8/15/2027		790,000		737,182
2.73%, 3/25/2031		225,000		181,042
Philip Morris International, Inc.
2.88%, 5/1/2024		150,000		146,535
1.50%, 5/1/2025		223,000		208,646
2.75%, 2/25/2026		250,000		237,798
0.88%, 5/1/2026		450,000		401,244
5.13%, 11/17/2027		1,100,000		1,124,236
3.38%, 8/15/2029		300,000		277,911
				5,107,567
Trading Companies & Distributors - 0.1%
Aircastle Ltd.
4.25%, 6/15/2026		250,000		241,009
Wireless Telecommunication Services - 0.2%
T-Mobile USA, Inc.
3.88%, 4/15/2030		150,000		140,487
5.20%, 1/15/2033		250,000		255,051
				395,538
TOTAL CORPORATE BONDS (COST $247,726,579)				232,389,509
Total Investments - 97.6% (Cost $247,726,579)				232,389,509
Other assets less liabilities - 2.4%				5,809,775
Net Assets - 100.0%				238,199,284

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

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

(c) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of January 31, 2023.

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

Percentages shown are based on Net Assets.

Security Type	% of Net Assets
Corporate Bonds		97.6	%
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^® Credit-Scored US Long Corporate Bond Index Fund

January 31, 2023 (Unaudited)

Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS - 98.0%
Aerospace & Defense - 1.8%
Boeing Co. (The)
5.81%, 5/1/2050		80,000		81,672
L3Harris Technologies, Inc.
5.05%, 4/27/2045		100,000		96,925
Lockheed Martin Corp.
4.09%, 9/15/2052		125,000		114,567
4.15%, 6/15/2053		150,000		137,282
5.90%, 11/15/2063		140,000		163,861
Precision Castparts Corp.
3.90%, 1/15/2043		50,000		44,578
				638,885
Auto Components - 0.2%
Lear Corp.
5.25%, 5/15/2049		75,000		66,631
Banks - 8.0%
Bank of America Corp.
6.11%, 1/29/2037		250,000		270,245
7.75%, 5/14/2038		200,000		248,972
3.31%, 4/22/2042(a)		25,000		20,118
Series L, 4.75%, 4/21/2045		20,000		19,147
Citigroup, Inc.
5.88%, 1/30/2042		35,000		38,175
2.90%, 11/3/2042(a)		25,000		18,717
6.68%, 9/13/2043		150,000		175,174
5.30%, 5/6/2044		100,000		98,279
4.75%, 5/18/2046		135,000		124,051
4.28%, 4/24/2048(a)		25,000		22,568
Cooperatieve Rabobank UA
5.25%, 5/24/2041		100,000		109,333
Fifth Third Bancorp
8.25%, 3/1/2038		75,000		98,110
HSBC Holdings plc
6.50%, 5/2/2036		100,000		106,225
6.10%, 1/14/2042		50,000		56,078
JPMorgan Chase & Co.
6.40%, 5/15/2038		35,000		40,268
2.53%, 11/19/2041(a)		80,000		57,354
4.95%, 6/1/2045		330,000		322,653
Regions Financial Corp.
7.38%, 12/10/2037		100,000		117,230
Royal Bank of Canada
5.00%, 2/1/2033		20,000		20,302
Wells Fargo & Co.
3.07%, 4/30/2041(a)		300,000		233,907
5.38%, 11/2/2043		265,000		267,032
5.61%, 1/15/2044		100,000		103,783
4.90%, 11/17/2045		150,000		142,354
4.75%, 12/7/2046		5,000		4,614
5.01%, 4/4/2051(a)		10,000		9,859

Investments	Principal Amount ($)		Value ($)
Westpac Banking Corp.
3.13%, 11/18/2041		250,000		180,886
				2,905,434
Beverages - 1.3%
Brown-Forman Corp.
4.00%, 4/15/2038		100,000		91,865
Constellation Brands, Inc.
5.25%, 11/15/2048		75,000		74,816
3.75%, 5/1/2050		50,000		40,388
Keurig Dr Pepper, Inc.
4.50%, 11/15/2045		100,000		91,295
3.80%, 5/1/2050		100,000		80,934
4.50%, 4/15/2052		100,000		90,420
				469,718
Biotechnology - 3.8%
AbbVie, Inc.
4.85%, 6/15/2044		200,000		194,388
4.75%, 3/15/2045		15,000		14,412
4.88%, 11/14/2048		200,000		195,698
Amgen, Inc.
5.15%, 11/15/2041		228,000		224,182
4.40%, 5/1/2045		200,000		178,506
4.56%, 6/15/2048		100,000		90,822
3.38%, 2/21/2050		100,000		74,854
4.66%, 6/15/2051		250,000		229,811
Biogen, Inc.
3.25%, 2/15/2051		100,000		73,177
Gilead Sciences, Inc.
2.80%, 10/1/2050		45,000		31,374
Regeneron Pharmaceuticals, Inc.
2.80%, 9/15/2050		100,000		66,879
				1,374,103
Building Products - 0.9%
Carrier Global Corp.
3.58%, 4/5/2050		200,000		155,728
Johnson Controls International plc
4.50%, 2/15/2047		100,000		89,472
Masco Corp.
4.50%, 5/15/2047		50,000		42,691
Owens Corning
4.40%, 1/30/2048		50,000		42,868
				330,759
Capital Markets - 1.9%
CI Financial Corp.
4.10%, 6/15/2051		100,000		63,151
Goldman Sachs Group, Inc. (The)
4.02%, 10/31/2038(a)		65,000		57,656
2.91%, 7/21/2042(a)		65,000		48,570
4.75%, 10/21/2045		85,000		82,206
Jefferies Financial Group, Inc.
6.50%, 1/20/2043		100,000		105,072
Morgan Stanley
6.38%, 7/24/2042		75,000		87,578
4.30%, 1/27/2045		60,000		55,309

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Nasdaq, Inc.
3.25%, 4/28/2050		100,000		72,239
S&P Global, Inc.
3.70%, 3/1/2052(b)		50,000		42,185
2.30%, 8/15/2060		100,000		60,473
				674,439
Chemicals - 1.8%
Albemarle Corp.
5.45%, 12/1/2044		50,000		48,882
CF Industries, Inc.
5.15%, 3/15/2034		40,000		39,566
Dow Chemical Co. (The)
9.40%, 5/15/2039		58,000		80,611
5.55%, 11/30/2048		100,000		101,363
FMC Corp.
4.50%, 10/1/2049		50,000		43,033
LYB International Finance BV
4.88%, 3/15/2044		100,000		89,881
LYB International Finance III LLC
4.20%, 10/15/2049		50,000		40,700
4.20%, 5/1/2050		120,000		97,382
LyondellBasell Industries NV
4.63%, 2/26/2055		100,000		85,889
RPM International, Inc.
4.25%, 1/15/2048		50,000		39,767
				667,074
Communications Equipment 1.2%
Cisco Systems, Inc.
5.90%, 2/15/2039		200,000		228,742
5.50%, 1/15/2040		100,000		110,423
Motorola Solutions, Inc.
5.50%, 9/1/2044		100,000		96,351
				435,516
Construction & Engineering - 0.4%
Quanta Services, Inc.
3.05%, 10/1/2041		60,000		42,669
Valmont Industries, Inc.
5.00%, 10/1/2044		100,000		91,948
				134,617
Containers & Packaging - 0.3%
International Paper Co.
6.00%, 11/15/2041		100,000		107,187
Diversified Telecommunication Services - 5.0%
AT&T, Inc.
3.55%, 9/15/2055		100,000		73,168
3.80%, 12/1/2057		352,000		267,611
3.65%, 9/15/2059		5,000		3,666
Bell Canada (The)
4.46%, 4/1/2048		150,000		136,680
4.30%, 7/29/2049		25,000		21,931
3.65%, 8/15/2052		200,000		158,510
Telefonica Emisiones SA
5.21%, 3/8/2047		150,000		132,808
5.52%, 3/1/2049		150,000		137,552
TELUS Corp.
4.30%, 6/15/2049		50,000		43,691

Investments	Principal Amount ($)		Value ($)
Verizon Communications, Inc.
3.40%, 3/22/2041		300,000		241,479
2.88%, 11/20/2050		100,000		68,002
3.55%, 3/22/2051		200,000		155,093
3.88%, 3/1/2052		250,000		205,177
2.99%, 10/30/2056		100,000		66,558
3.70%, 3/22/2061		100,000		75,963
				1,787,889
Electric Utilities - 4.6%
AEP Texas, Inc.
3.45%, 5/15/2051		100,000		76,886
5.25%, 5/15/2052		35,000		35,716
American Electric Power Co., Inc.
3.25%, 3/1/2050		50,000		35,942
Appalachian Power Co.
Series Y, 4.50%, 3/1/2049		100,000		88,570
Arizona Public Service Co.
3.35%, 5/15/2050		235,000		167,818
Dominion Energy South Carolina, Inc.
5.10%, 6/1/2065		50,000		50,439
Duke Energy Corp.
4.80%, 12/15/2045		150,000		141,177
3.75%, 9/1/2046		150,000		119,058
3.95%, 8/15/2047		190,000		153,293
Emera US Finance LP
4.75%, 6/15/2046		100,000		84,064
Evergy Kansas Central, Inc.
3.45%, 4/15/2050		30,000		23,308
Georgia Power Co.
4.30%, 3/15/2043		100,000		88,856
Series B, 3.70%, 1/30/2050		16,000		12,742
5.13%, 5/15/2052		75,000		75,125
Idaho Power Co.
Series K, 4.20%, 3/1/2048		40,000		34,588
MidAmerican Energy Co.
4.25%, 7/15/2049		100,000		90,925
Oklahoma Gas and Electric Co.
3.85%, 8/15/2047		150,000		120,405
Pacific Gas and Electric Co.
4.95%, 7/1/2050		50,000		41,743
PacifiCorp
6.25%, 10/15/2037		100,000		112,412
Tucson Electric Power Co.
4.00%, 6/15/2050		100,000		81,267
Virginia Electric and Power Co.
8.88%, 11/15/2038		10,000		14,086
Wisconsin Power and Light Co.
3.65%, 4/1/2050		20,000		15,720
				1,664,140
Electrical Equipment - 0.3%
Eaton Corp.
4.70%, 8/23/2052		80,000		77,803
Rockwell Automation, Inc.
2.80%, 8/15/2061		25,000		16,435
				94,238

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Electronic Equipment, Instruments & Components - 0.7%
Corning, Inc.
4.38%, 11/15/2057		125,000		107,574
5.45%, 11/15/2079		100,000		95,949
Tyco Electronics Group SA
7.13%, 10/1/2037		50,000		59,723
				263,246
Entertainment - 0.3%
Electronic Arts, Inc.
2.95%, 2/15/2051		50,000		35,177
Warnermedia Holdings, Inc.
5.14%, 3/15/2052(b)		100,000		83,056
				118,233
Equity Real Estate Investment Trusts (REITs) - 1.4%
American Homes 4 Rent LP
4.30%, 4/15/2052		50,000		40,727
Crown Castle, Inc.
5.20%, 2/15/2049		100,000		95,841
3.25%, 1/15/2051		100,000		71,520
Kimco Realty OP LLC
4.60%, 2/1/2033		60,000		58,033
National Retail Properties, Inc.
3.50%, 4/15/2051		150,000		109,205
Omega Healthcare Investors, Inc.
3.25%, 4/15/2033		60,000		45,123
Regency Centers LP
4.40%, 2/1/2047		60,000		50,048
Weyerhaeuser Co.
4.00%, 3/9/2052		50,000		41,608
				512,105
Food Products - 0.9%
Campbell Soup Co.
3.13%, 4/24/2050		100,000		73,169
Conagra Brands, Inc.
5.40%, 11/1/2048		100,000		98,692
General Mills, Inc.
5.40%, 6/15/2040		50,000		52,377
Tyson Foods, Inc.
5.10%, 9/28/2048		100,000		98,743
				322,981
Gas Utilities - 0.2%
Atmos Energy Corp.
4.13%, 10/15/2044		75,000		65,670
Piedmont Natural Gas Co., Inc.
3.64%, 11/1/2046		20,000		15,255
				80,925
Health Care Equipment & Supplies - 0.3%
Abbott Laboratories
4.90%, 11/30/2046		100,000		104,589
Health Care Providers & Services - 5.0%
AmerisourceBergen Corp.
4.30%, 12/15/2047		75,000		67,171
Cardinal Health, Inc.
4.37%, 6/15/2047		150,000		126,497
CVS Health Corp.
5.13%, 7/20/2045		340,000		327,315

Investments	Principal Amount ($)		Value ($)
5.05%, 3/25/2048		210,000		199,651
Elevance Health, Inc.
4.55%, 5/15/2052		170,000		158,045
Humana, Inc.
8.15%, 6/15/2038		25,000		30,703
3.95%, 8/15/2049		130,000		108,666
Laboratory Corp. of America Holdings
4.70%, 2/1/2045		100,000		91,794
UnitedHealth Group, Inc.
5.95%, 2/15/2041		100,000		111,525
4.63%, 11/15/2041		220,000		213,695
3.70%, 8/15/2049		75,000		63,549
3.25%, 5/15/2051		15,000		11,736
4.75%, 5/15/2052		30,000		29,710
3.88%, 8/15/2059		100,000		84,744
3.13%, 5/15/2060		125,000		90,832
4.95%, 5/15/2062		100,000		100,600
				1,816,233
Hotels, Restaurants & Leisure - 1.5%
McDonald’s Corp.
4.88%, 7/15/2040		50,000		49,281
4.88%, 12/9/2045		125,000		123,431
4.45%, 3/1/2047		100,000		92,962
4.45%, 9/1/2048		100,000		93,453
3.63%, 9/1/2049		100,000		81,947
4.20%, 4/1/2050		100,000		89,531
5.15%, 9/9/2052		15,000		15,431
				546,036
Household Durables - 0.2%
MDC Holdings, Inc.
3.97%, 8/6/2061		100,000		60,343
Household Products - 0.3%
Church & Dwight Co., Inc.
5.00%, 6/15/2052		100,000		100,041
Industrial Conglomerates - 0.1%
3M Co.
3.70%, 4/15/2050		1,000		801
Trane Technologies Luxembourg Finance SA
4.50%, 3/21/2049		50,000		43,071
				43,872
Insurance - 6.5%
Aflac, Inc.
6.45%, 8/15/2040		50,000		54,960
4.75%, 1/15/2049		50,000		48,828
Alleghany Corp.
4.90%, 9/15/2044		75,000		73,661
American Financial Group, Inc.
4.50%, 6/15/2047		60,000		51,310
American International Group, Inc.
4.38%, 6/30/2050		40,000		36,457
Aon Corp.
6.25%, 9/30/2040		50,000		54,072
3.90%, 2/28/2052		100,000		82,684
Aon Global Ltd.
4.60%, 6/14/2044		55,000		50,346

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
4.75%, 5/15/2045		100,000		93,585
Arch Capital Group Ltd.
7.35%, 5/1/2034		200,000		235,227
Arthur J Gallagher & Co.
3.50%, 5/20/2051		50,000		37,953
3.05%, 3/9/2052		65,000		44,448
Athene Holding Ltd.
3.45%, 5/15/2052		10,000		6,726
Berkshire Hathaway Finance Corp.
3.85%, 3/15/2052		100,000		86,338
Brown & Brown, Inc.
4.95%, 3/17/2052		50,000		45,087
Chubb INA Holdings, Inc.
3.05%, 12/15/2061		50,000		35,516
Everest Reinsurance Holdings, Inc.
3.50%, 10/15/2050		100,000		74,623
3.13%, 10/15/2052		50,000		34,687
Fidelity National Financial, Inc.
3.20%, 9/17/2051		45,000		28,310
Hartford Financial Services Group, Inc. (The)
2.90%, 9/15/2051		165,000		114,113
Markel Corp.
5.00%, 4/5/2046		100,000		92,102
4.15%, 9/17/2050		125,000		102,142
3.45%, 5/7/2052		15,000		10,981
Marsh & McLennan Cos., Inc.
4.75%, 3/15/2039		100,000		98,217
4.90%, 3/15/2049		80,000		79,584
MetLife, Inc.
10.75%, 8/1/2039		100,000		137,510
Old Republic International Corp.
3.85%, 6/11/2051		50,000		37,913
Progressive Corp. (The)
3.70%, 3/15/2052		50,000		42,146
Prudential Financial, Inc.
3.70%, 3/13/2051		100,000		82,581
Selective Insurance Group, Inc.
5.38%, 3/1/2049		25,000		22,935
Unum Group
4.13%, 6/15/2051		95,000		71,423
W R Berkley Corp.
6.25%, 2/15/2037		100,000		108,143
4.75%, 8/1/2044		100,000		93,565
Willis North America, Inc.
5.05%, 9/15/2048		75,000		67,666
				2,335,839
Interactive Media & Services - 1.0%
Alphabet, Inc.
2.25%, 8/15/2060		75,000		46,157
Meta Platforms, Inc.
4.45%, 8/15/2052		10,000		8,733
4.65%, 8/15/2062		365,000		319,875
				374,765
Internet & Direct Marketing Retail - 0.2%
Alibaba Group Holding Ltd.
4.20%, 12/6/2047		25,000		20,738

Investments	Principal Amount ($)		Value ($)
3.15%, 2/9/2051		80,000		54,745
				75,483
IT Services - 2.7%
Fidelity National Information Services, Inc.
5.63%, 7/15/2052		100,000		100,691
Fiserv, Inc.
4.40%, 7/1/2049		30,000		25,750
Global Payments, Inc.
4.15%, 8/15/2049		100,000		77,854
International Business Machines Corp.
4.15%, 5/15/2039		100,000		90,329
4.25%, 5/15/2049		150,000		132,665
3.43%, 2/9/2052		100,000		75,817
4.90%, 7/27/2052		273,000		265,103
PayPal Holdings, Inc.
5.05%, 6/1/2052		100,000		97,304
Western Union Co. (The)
6.20%, 6/21/2040		100,000		99,223
				964,736
Leisure Products - 0.1%
Hasbro, Inc.
6.35%, 3/15/2040		50,000		51,448
Machinery - 0.7%
Crane Holdings Co.
4.20%, 3/15/2048		25,000		19,043
Dover Corp.
5.38%, 3/1/2041		100,000		101,251
Illinois Tool Works, Inc.
3.90%, 9/1/2042		25,000		22,786
Otis Worldwide Corp.
3.11%, 2/15/2040		50,000		39,213
3.36%, 2/15/2050		100,000		75,546
				257,839
Media - 3.1%
Charter Communications Operating LLC
6.48%, 10/23/2045		100,000		98,375
5.75%, 4/1/2048		99,000		88,137
4.80%, 3/1/2050		100,000		78,745
3.70%, 4/1/2051		100,000		66,436
Comcast Corp.
2.94%, 11/1/2056		120,000		81,891
Fox Corp.
5.48%, 1/25/2039		100,000		97,058
5.58%, 1/25/2049		150,000		145,017
Interpublic Group of Cos., Inc. (The)
5.40%, 10/1/2048		50,000		49,681
Time Warner Cable LLC
7.30%, 7/1/2038		200,000		214,451
6.75%, 6/15/2039		100,000		102,811
5.88%, 11/15/2040		100,000		93,667
				1,116,269
Metals & Mining - 2.6%
ArcelorMittal SA
6.75%, 3/1/2041(c)		100,000		103,647
Freeport-McMoRan, Inc.
5.45%, 3/15/2043		200,000		194,300

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Nucor Corp.
3.85%, 4/1/2052		50,000		41,747
Teck Resources Ltd.
5.20%, 3/1/2042		50,000		46,389
Vale Overseas Ltd.
6.88%, 11/21/2036		500,000		547,543
				933,626
Multi-Utilities - 3.5%
Berkshire Hathaway Energy Co.
6.13%, 4/1/2036		200,000		221,970
4.45%, 1/15/2049		100,000		92,401
4.25%, 10/15/2050		150,000		133,000
2.85%, 5/15/2051		200,000		141,483
Consolidated Edison Co. of New York, Inc.
6.15%, 11/15/2052		270,000		313,419
4.50%, 5/15/2058		50,000		44,735
Dominion Energy, Inc.
Series A, 4.60%,
3/15/2049		100,000		90,996
Sempra Energy
4.00%, 2/1/2048		100,000		83,994
Southern Co. Gas Capital Corp.
4.40%, 5/30/2047		160,000		137,439
				1,259,437
Oil, Gas & Consumable Fuels - 15.2%
Canadian Natural Resources Ltd.
6.50%, 2/15/2037		100,000		105,282
6.25%, 3/15/2038		100,000		107,032
6.75%, 2/1/2039		100,000		108,734
Cenovus Energy, Inc.
6.75%, 11/15/2039		45,000		49,293
ConocoPhillips Co.
4.03%, 3/15/2062		50,000		43,143
Continental Resources, Inc.
4.90%, 6/1/2044		100,000		80,299
Devon Energy Corp.
5.00%, 6/15/2045		70,000		64,271
Diamondback Energy, Inc.
4.25%, 3/15/2052		85,000		68,434
Enbridge Energy Partners LP
7.38%, 10/15/2045		35,000		41,853
Enbridge, Inc.
5.50%, 12/1/2046		25,000		25,262
3.40%, 8/1/2051		10,000		7,457
Energy Transfer LP
5.80%, 6/15/2038		100,000		98,316
6.50%, 2/1/2042		200,000		210,965
5.00%, 5/15/2044(c)		50,000		43,898
6.13%, 12/15/2045		100,000		99,947
6.25%, 4/15/2049		100,000		101,554
5.00%, 5/15/2050		160,000		139,630
Enterprise Products Operating LLC
5.95%, 2/1/2041		180,000		192,385
4.45%, 2/15/2043		100,000		91,185
4.85%, 3/15/2044		230,000		219,055
4.25%, 2/15/2048		85,000		73,408
3.70%, 1/31/2051		85,000		66,741

Investments	Principal Amount ($)		Value ($)
3.95%, 1/31/2060		100,000		79,097
Exxon Mobil Corp.
3.45%, 4/15/2051		100,000		81,542
Hess Corp.
6.00%, 1/15/2040		50,000		52,193
5.80%, 4/1/2047		100,000		101,323
Kinder Morgan Energy Partners LP
6.95%, 1/15/2038		100,000		113,118
6.50%, 9/1/2039		150,000		160,444
6.38%, 3/1/2041		100,000		105,680
5.50%, 3/1/2044		150,000		144,239
Kinder Morgan, Inc.
5.55%, 6/1/2045		125,000		121,808
5.05%, 2/15/2046		50,000		45,610
5.20%, 3/1/2048		100,000		93,045
Magellan Midstream Partners LP
5.15%, 10/15/2043		15,000		13,928
4.20%, 10/3/2047		145,000		117,658
4.85%, 2/1/2049		100,000		89,877
3.95%, 3/1/2050		40,000		31,733
Marathon Oil Corp.
5.20%, 6/1/2045		100,000		90,646
Marathon Petroleum Corp.
6.50%, 3/1/2041		100,000		109,524
4.50%, 4/1/2048		105,000		89,114
MPLX LP
4.70%, 4/15/2048		200,000		172,577
5.50%, 2/15/2049		100,000		95,431
4.95%, 3/14/2052		200,000		177,258
4.90%, 4/15/2058		150,000		127,614
ONEOK Partners LP
6.85%, 10/15/2037		200,000		215,103
6.13%, 2/1/2041		40,000		40,408
ONEOK, Inc.
4.95%, 7/13/2047		150,000		131,039
7.15%, 1/15/2051		100,000		111,125
Plains All American Pipeline LP
5.15%, 6/1/2042		100,000		87,250
4.70%, 6/15/2044		100,000		82,280
Spectra Energy Partners LP
5.95%, 9/25/2043		100,000		102,872
Suncor Energy, Inc.
6.50%, 6/15/2038		100,000		108,830
Targa Resources Corp.
6.25%, 7/1/2052		100,000		101,389
Valero Energy Corp.
3.65%, 12/1/2051		50,000		38,254
4.00%, 6/1/2052		100,000		81,267
Williams Cos., Inc. (The)
6.30%, 4/15/2040		30,000		32,516
4.85%, 3/1/2048		35,000		31,845
3.50%, 10/15/2051		100,000		73,836
				5,489,617
Pharmaceuticals - 1.3%
Bristol-Myers Squibb Co.
3.90%, 3/15/2062		100,000		84,345

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Eli Lilly & Co.
2.50%, 9/15/2060		40,000		26,690
Merck & Co., Inc.
2.75%, 12/10/2051		75,000		54,012
2.90%, 12/10/2061		175,000		121,829
Royalty Pharma plc
3.55%, 9/2/2050		50,000		35,236
3.35%, 9/2/2051		100,000		67,319
Zoetis, Inc.
4.45%, 8/20/2048		100,000		91,210
				480,641
Professional Services - 0.3%
Equifax, Inc.
7.00%, 7/1/2037		50,000		55,202
Verisk Analytics, Inc.
3.63%, 5/15/2050		50,000		37,731
				92,933
Road & Rail - 2.9%
Burlington Northern Santa Fe LLC
5.15%, 9/1/2043		200,000		207,111
4.90%, 4/1/2044		150,000		150,711
Canadian Pacific Railway Co.
6.13%, 9/15/2115		100,000		109,778
CSX Corp.
4.50%, 8/1/2054		50,000		45,681
Kansas City Southern
4.20%, 11/15/2069		50,000		42,200
Norfolk Southern Corp.
3.16%, 5/15/2055		50,000		36,068
5.10%, 8/1/2118		50,000		45,324
Union Pacific Corp.
3.84%, 3/20/2060		180,000		149,095
4.10%, 9/15/2067		200,000		169,445
3.75%, 2/5/2070		100,000		78,695
				1,034,108
Semiconductors & Semiconductor Equipment - 2.8%
Broadcom, Inc.
3.42%, 4/15/2033(b)		150,000		125,842
3.47%, 4/15/2034(b)		200,000		165,826
3.14%, 11/15/2035(b)		200,000		155,271
3.19%, 11/15/2036(b)		110,000		84,111
3.50%, 2/15/2041(b)		275,000		210,193
KLA Corp.
5.25%, 7/15/2062		100,000		103,586
Micron Technology, Inc.
3.37%, 11/1/2041		100,000		71,768
NXP BV
3.25%, 11/30/2051		100,000		68,269
Texas Instruments, Inc.
4.15%, 5/15/2048		35,000		33,317
				1,018,183
Software - 2.8%
Microsoft Corp.
2.92%, 3/17/2052		100,000		76,460
3.04%, 3/17/2062		269,000		203,667
Oracle Corp.
6.13%, 7/8/2039		105,000		110,505

Investments	Principal Amount ($)		Value ($)
3.65%, 3/25/2041		140,000		110,806
4.13%, 5/15/2045		225,000		182,520
3.60%, 4/1/2050		200,000		146,971
4.38%, 5/15/2055		115,000		94,851
3.85%, 4/1/2060		125,000		90,340
				1,016,120
Specialty Retail - 1.5%
Dick’s Sporting Goods, Inc.
4.10%, 1/15/2052		100,000		70,392
Lowe’s Cos., Inc.
4.55%, 4/5/2049		150,000		133,959
5.13%, 4/15/2050		100,000		97,681
4.25%, 4/1/2052		200,000		169,956
4.45%, 4/1/2062		100,000		84,423
				556,411
Technology Hardware, Storage & Peripherals - 2.4%
Apple, Inc.
4.38%, 5/13/2045		100,000		97,330
4.65%, 2/23/2046		190,000		191,369
2.70%, 8/5/2051		200,000		142,199
2.55%, 8/20/2060		100,000		65,644
2.80%, 2/8/2061		100,000		68,568
4.10%, 8/8/2062		70,000		62,646
Dell International LLC
8.35%, 7/15/2046		70,000		84,487
Hewlett Packard Enterprise Co.
6.35%, 10/15/2045(c)		50,000		52,707
HP, Inc.
6.00%, 9/15/2041		100,000		101,612
				866,562
Tobacco - 5.2%
Altria Group, Inc.
5.80%, 2/14/2039		250,000		240,874
4.25%, 8/9/2042		140,000		109,860
4.50%, 5/2/2043		100,000		79,548
5.38%, 1/31/2044		225,000		208,308
5.95%, 2/14/2049		250,000		236,275
BAT Capital Corp.
3.73%, 9/25/2040		670,000		485,114
Philip Morris International, Inc.
6.38%, 5/16/2038		50,000		55,665
4.13%, 3/4/2043		330,000		277,808
4.25%, 11/10/2044		200,000		170,045
				1,863,497
Trading Companies & Distributors - 0.3%
GATX Corp.
4.90%, 3/15/2033		20,000		19,627
WW Grainger, Inc.
4.60%, 6/15/2045		100,000		98,304
				117,931
Water Utilities - 0.4%
Essential Utilities, Inc.
3.35%, 4/15/2050		200,000		147,251

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Wireless Telecommunication Services - 0.1%
Rogers Communications, Inc. 4.55%, 3/15/2052(b)		50,000		42,029
TOTAL CORPORATE BONDS (COST $42,017,603)				35,413,959
Total Investments - 98.0% (Cost $42,017,603)				35,413,959
Other assets less liabilities - 2.0%				724,567
Net Assets - 100.0%				36,138,526

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

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

(c) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of January 31, 2023.

Percentages shown are based on Net Assets.

Security Type	% of Net Assets
Corporate Bonds		98.0	%
Others(1)		2.0
		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, 2023 (Unaudited)

Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS - 97.3%
Aerospace & Defense - 1.8%
BWX Technologies, Inc.
4.13%, 6/30/2028(a)		240,000		216,601
F-Brasile SpA Series NR,
7.38%, 8/15/2026(a)		1,650,000		1,351,977
Howmet Aerospace, Inc.
5.95%, 2/1/2037		405,000		408,807
Spirit AeroSystems, Inc.
7.50%, 4/15/2025(a)		1,900,000		1,906,536
9.38%, 11/30/2029(a)		1,250,000		1,358,463
TransDigm UK Holdings plc
6.88%, 5/15/2026		845,000		837,095
TransDigm, Inc.
7.50%, 3/15/2027		825,000		831,423
5.50%, 11/15/2027		4,290,000		4,096,846
4.63%, 1/15/2029		3,085,000		2,783,164
4.88%, 5/1/2029		1,250,000		1,127,881
Triumph Group, Inc.
6.25%, 9/15/2024(a)		800,000		772,180
7.75%, 8/15/2025		2,270,000		1,928,184
Wesco Aircraft Holdings, Inc.
8.50%, 11/15/2024(a)		2,620,000		1,270,700
				18,889,857
Air Freight & Logistics - 0.1%
Western Global Airlines LLC 10.38%, 8/15/2025(a)		1,035,000		724,500
Airlines - 1.1%
Allegiant Travel Co.
7.25%, 8/15/2027(a)		1,075,000		1,050,933
American Airlines Group, Inc.
3.75%, 3/1/2025(a)		1,152,000		1,079,122
American Airlines, Inc.
11.75%, 7/15/2025(a)		4,170,000		4,641,439
5.75%, 4/20/2029(a)		1,425,000		1,378,292
Hawaiian Brand Intellectual Property Ltd.
5.75%, 1/20/2026(a)		2,160,000		2,062,779
Spirit Loyalty Cayman Ltd.
8.00%, 9/20/2025(a)		890,000		912,232
United Airlines, Inc.
4.63%, 4/15/2029(a)		545,000		497,100
				11,621,897
Auto Components - 1.5%
Allison Transmission, Inc.
4.75%, 10/1/2027(a)		480,000		455,146
5.88%, 6/1/2029(a)		1,113,000		1,071,563
3.75%, 1/30/2031(a)		585,000		494,693
American Axle & Manufacturing, Inc.
6.25%, 3/15/2026		390,000		365,570
6.50%, 4/1/2027		1,095,000		1,010,050

Investments	Principal Amount ($)		Value ($)
6.88%, 7/1/2028		725,000		659,750
5.00%, 10/1/2029		300,000		247,069
Clarios Global LP
8.50%, 5/15/2027(a)		3,140,000		3,127,477
Dealer Tire LLC
8.00%, 2/1/2028(a)		1,265,000		1,164,838
Dornoch Debt Merger Sub, Inc.
6.63%, 10/15/2029(a)		1,445,000		1,084,962
Icahn Enterprises LP
5.25%, 5/15/2027		1,050,000		977,650
4.38%, 2/1/2029		445,000		387,511
IHO Verwaltungs GmbH
4.75%, 9/15/2026(a)(b)		655,000		599,115
6.00%, 5/15/2027(a)(b)		565,000		524,784
6.37%, 5/15/2029(a)(b)		1,220,000		1,067,438
Patrick Industries, Inc.
7.50%, 10/15/2027(a)		635,000		628,301
4.75%, 5/1/2029(a)		875,000		747,994
Real Hero Merger Sub 2, Inc.
6.25%, 2/1/2029(a)		1,535,000		1,139,738
Wheel Pros, Inc.
6.50%, 5/15/2029(a)		795,000		317,809
				16,071,458
Automobiles - 1.7%
Ford Holdings LLC
9.30%, 3/1/2030		255,000		292,612
Ford Motor Co.
6.63%, 10/1/2028		735,000		765,561
6.38%, 2/1/2029		305,000		307,669
9.63%, 4/22/2030		750,000		882,825
3.25%, 2/12/2032		760,000		603,187
6.10%, 8/19/2032		620,000		608,377
4.75%, 1/15/2043		1,611,000		1,257,568
7.40%, 11/1/2046		115,000		118,645
5.29%, 12/8/2046		790,000		651,537
Jaguar Land Rover Automotive plc
7.75%, 10/15/2025(a)		1,715,000		1,689,275
4.50%, 10/1/2027(a)		2,055,000		1,708,589
5.88%, 1/15/2028(a)		3,016,000		2,564,829
5.50%, 7/15/2029(a)		2,100,000		1,674,666
Mclaren Finance plc
7.50%, 8/1/2026(a)		1,435,000		1,054,725
PM General Purchaser LLC
9.50%, 10/1/2028(a)		1,510,000		1,155,150
Thor Industries, Inc.
4.00%, 10/15/2029(a)		2,180,000		1,812,714
Winnebago Industries, Inc.
6.25%, 7/15/2028(a)		505,000		485,633
				17,633,562
Banks - 0.6%
Texas Capital Bancshares, Inc.
4.00%, 5/6/2031(c)		760,000		691,917
UniCredit SpA
5.86%, 6/19/2032(a)(c)		1,950,000		1,812,695

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
7.30%, 4/2/2034(a)(c)		3,125,000		3,038,330
5.46%, 6/30/2035(a)(c)		1,035,000		905,482
				6,448,424
Beverages - 0.2%
Primo Water Holdings, Inc.
4.38%, 4/30/2029(a)		425,000		370,702
Triton Water Holdings, Inc.
6.25%, 4/1/2029(a)		1,825,000		1,448,610
				1,819,312
Building Products - 2.0%
Camelot Return Merger Sub, Inc.
8.75%, 8/1/2028(a)		1,750,000		1,645,438
Cornerstone Building Brands, Inc.
6.13%, 1/15/2029(a)		1,680,000		1,258,522
CP Atlas Buyer, Inc.
7.00%, 12/1/2028(a)		1,109,000		856,702
Eco Material Technologies, Inc.
7.88%, 1/31/2027(a)		755,000		726,167
Griffon Corp.
5.75%, 3/1/2028		1,445,000		1,367,577
James Hardie International Finance DAC
5.00%, 1/15/2028(a)		500,000		474,738
JELD-WEN, Inc.
6.25%, 5/15/2025(a)		377,000		361,184
4.63%, 12/15/2025(a)		1,130,000		1,000,050
4.88%, 12/15/2027(a)		1,690,000		1,380,882
Masonite International Corp.
5.38%, 2/1/2028(a)		1,030,000		964,101
MIWD Holdco II LLC
5.50%, 2/1/2030(a)		1,290,000		1,072,596
New Enterprise Stone & Lime Co., Inc.
5.25%, 7/15/2028(a)		1,160,000		1,067,838
9.75%, 7/15/2028(a)		1,055,000		1,000,441
Oscar Acquisition Co. LLC
9.50%, 4/15/2030(a)		1,585,000		1,418,575
PGT Innovations, Inc.
4.38%, 10/1/2029(a)		1,470,000		1,268,213
Smyrna Ready Mix Concrete LLC
6.00%, 11/1/2028(a)		1,650,000		1,506,483
Standard Industries, Inc.
5.00%, 2/15/2027(a)		330,000		312,720
4.75%, 1/15/2028(a)		620,000		581,033
4.38%, 7/15/2030(a)		1,205,000		1,030,119
3.38%, 1/15/2031(a)		720,000		571,837
Victors Merger Corp.
6.38%, 5/15/2029(a)		2,245,000		1,368,409
				21,233,625
Capital Markets - 0.5%
Advisor Group Holdings, Inc.
10.75%, 8/1/2027(a)		465,000		479,763
AG Issuer LLC
6.25%, 3/1/2028(a)		300,000		283,500
AG TTMT Escrow Issuer LLC
8.63%, 9/30/2027(a)		590,000		608,744
Aretec Escrow Issuer, Inc.
7.50%, 4/1/2029(a)		970,000		860,875

Investments	Principal Amount ($)		Value ($)
Brightsphere Investment Group, Inc.
4.80%, 7/27/2026		185,000		170,663
Compass Group Diversified Holdings LLC
5.25%, 4/15/2029(a)		1,745,000		1,570,116
Hightower Holding LLC
6.75%, 4/15/2029(a)		655,000		563,837
Jane Street Group
4.50%, 11/15/2029(a)		520,000		464,219
Nomura Holdings, Inc.
2.65%, 1/16/2025		140,000		133,141
				5,134,858
Chemicals - 4.5%
Ashland LLC
3.38%, 9/1/2031(a)		310,000		257,300
ASP Unifrax Holdings, Inc.
5.25%, 9/30/2028(a)		1,445,000		1,238,046
7.50%, 9/30/2029(a)		1,006,000		724,422
Axalta Coating Systems LLC
4.75%, 6/15/2027(a)		995,000		940,275
Cerdia Finanz GmbH
10.50%, 2/15/2027(a)		1,445,000		1,228,344
Chemours Co. (The)
5.38%, 5/15/2027		825,000		762,700
5.75%, 11/15/2028(a)		1,825,000		1,663,031
4.63%, 11/15/2029(a)		1,745,000		1,457,982
Cornerstone Chemical Co.
6.75%, 8/15/2024(a)		170,000		135,150
CVR Partners LP
6.13%, 6/15/2028(a)		2,035,000		1,841,743
Diamond BC BV
4.63%, 10/1/2029(a)		215,000		180,856
FXI Holdings, Inc.
7.88%, 11/1/2024(a)		795,000		716,504
12.25%, 11/15/2026(a)		1,905,000		1,721,644
Gates Global LLC
6.25%, 1/15/2026(a)		1,090,000		1,073,473
GPD Cos., Inc.
10.13%, 4/1/2026(a)		1,245,000		1,116,093
HB Fuller Co.
4.25%, 10/15/2028		235,000		207,975
Herens Holdco Sarl
4.75%, 5/15/2028(a)		875,000		712,190
Illuminate Buyer LLC
9.00%, 7/1/2028(a)		1,210,000		1,081,183
Innophos Holdings, Inc.
9.38%, 2/15/2028(a)		565,000		557,124
Iris Holding, Inc.
10.00%, 12/15/2028(a)		1,050,000		840,259
LSB Industries, Inc.
6.25%, 10/15/2028(a)		2,980,000		2,685,010
LSF11 A5 HoldCo LLC
6.63%, 10/15/2029(a)		860,000		705,712
Minerals Technologies, Inc.
5.00%, 7/1/2028(a)		805,000		736,172
NOVA Chemicals Corp.
5.25%, 6/1/2027(a)		1,865,000		1,734,599
4.25%, 5/15/2029(a)		1,485,000		1,273,343

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Olympus Water US Holding Corp.
7.13%, 10/1/2027(a)		410,000		401,800
4.25%, 10/1/2028(a)		1,620,000		1,358,876
6.25%, 10/1/2029(a)		940,000		780,172
Polar US Borrower LLC
6.75%, 5/15/2026(a)		695,000		312,750
Rain CII Carbon LLC
7.25%, 4/1/2025(a)		1,070,000		1,006,086
Rayonier AM Products, Inc.
7.63%, 1/15/2026(a)		1,060,000		991,121
SCIH Salt Holdings, Inc.
4.88%, 5/1/2028(a)		1,903,000		1,674,640
6.63%, 5/1/2029(a)		1,865,000		1,594,948
SCIL IV LLC
5.38%, 11/1/2026(a)		1,395,000		1,278,601
SK Invictus Intermediate II Sarl
5.00%, 10/30/2029(a)		2,765,000		2,267,300
Trinseo Materials Operating SCA
5.38%, 9/1/2025(a)		1,914,000		1,674,750
5.13%, 4/1/2029(a)		1,930,000		1,390,382
Tronox, Inc.
4.63%, 3/15/2029(a)		2,765,000		2,364,075
Vibrantz Technologies, Inc.
9.00%, 2/15/2030(a)		1,895,000		1,460,409
WR Grace Holdings LLC
4.88%, 6/15/2027(a)		980,000		909,244
5.63%, 8/15/2029(a)		2,925,000		2,437,987
				47,494,271
Commercial Services & Supplies - 3.7%
ADT Security Corp. (The)
4.88%, 7/15/2032(a)		401,000		357,836
Allied Universal Holdco LLC
6.63%, 7/15/2026(a)		2,680,000		2,580,170
9.75%, 7/15/2027(a)		2,615,000		2,497,325
4.63%, 6/1/2028(a)		3,435,000		2,958,020
6.00%, 6/1/2029(a)		2,305,000		1,854,603
Aptim Corp.
7.75%, 6/15/2025(a)		1,380,000		979,800
APX Group, Inc.
5.75%, 7/15/2029(a)		2,045,000		1,769,059
CoreCivic, Inc.
4.75%, 10/15/2027		520,000		454,617
Covanta Holding Corp.
4.88%, 12/1/2029(a)		435,000		380,082
5.00%, 9/1/2030		645,000		548,772
Deluxe Corp.
8.00%, 6/1/2029(a)		2,215,000		1,896,594
Garda World Security Corp.
4.63%, 2/15/2027(a)		940,000		855,504
9.50%, 11/1/2027(a)		1,185,000		1,170,292
6.00%, 6/1/2029(a)		1,090,000		909,823
GEO Group, Inc. (The)
10.50%, 6/30/2028		465,000		475,654
GFL Environmental, Inc.
4.00%, 8/1/2028(a)		1,080,000		958,770
4.75%, 6/15/2029(a)		425,000		383,580
4.38%, 8/15/2029(a)		500,000		443,410

Investments	Principal Amount ($)		Value ($)
Interface, Inc.
5.50%, 12/1/2028(a)		1,150,000		966,173
Intrado Corp.
8.50%, 10/15/2025(a)		780,000		698,100
Legends Hospitality Holding Co. LLC
5.00%, 2/1/2026(a)		660,000		608,150
Madison IAQ LLC
4.13%, 6/30/2028(a)		415,000		365,287
5.88%, 6/30/2029(a)		2,595,000		2,058,458
Neptune Bidco US, Inc.
9.29%, 4/15/2029(a)		4,905,000		4,767,807
Prime Security Services Borrower LLC
5.75%, 4/15/2026(a)		1,825,000		1,788,572
6.25%, 1/15/2028(a)		3,435,000		3,257,754
Steelcase, Inc.
5.13%, 1/18/2029		1,055,000		941,767
WASH Multifamily Acquisition, Inc.
5.75%, 4/15/2026(a)		1,055,000		973,468
Waste Pro USA, Inc.
5.50%, 2/15/2026(a)		560,000		520,800
				38,420,247
Construction & Engineering - 1.4%
Arcosa, Inc.
4.38%, 4/15/2029(a)		710,000		634,943
Artera Services LLC
9.03%, 12/4/2025(a)		2,555,000		2,184,423
Brand Industrial Services, Inc.
8.50%, 7/15/2025(a)		2,472,000		2,020,242
Brundage-Bone Concrete Pumping Holdings, Inc.
6.00%, 2/1/2026(a)		920,000		876,843
Global Infrastructure Solutions, Inc.
5.63%, 6/1/2029(a)		1,053,000		863,460
7.50%, 4/15/2032(a)		650,000		552,598
Great Lakes Dredge & Dock Corp.
5.25%, 6/1/2029(a)		1,500,000		1,264,125
HTA Group Ltd.
7.00%, 12/18/2025(a)		1,030,000		968,200
Pike Corp.
5.50%, 9/1/2028(a)		1,995,000		1,760,899
Promontoria Holding 264 BV
7.88%, 3/1/2027(a)		855,000		808,856
Railworks Holdings LP
8.25%, 11/15/2028(a)		700,000		648,169
Tutor Perini Corp.
6.88%, 5/1/2025(a)		1,305,000		1,162,624
VM Consolidated, Inc.
5.50%, 4/15/2029(a)		760,000		700,150
Weekley Homes LLC
4.88%, 9/15/2028(a)		815,000		709,254
				15,154,786
Consumer Finance - 2.2%
Cobra Acquisition Co. LLC
6.38%, 11/1/2029(a)		1,180,000		719,800
Credit Acceptance Corp.
5.13%, 12/31/2024(a)		695,000		649,046
6.63%, 3/15/2026		852,000		779,580

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Enova International, Inc.
8.50%, 9/1/2024(a)		370,000		359,362
8.50%, 9/15/2025(a)		860,000		818,075
Ford Motor Credit Co. LLC
4.27%, 1/9/2027		1,535,000		1,434,591
4.95%, 5/28/2027		2,555,000		2,438,154
4.13%, 8/17/2027		2,115,000		1,950,622
3.82%, 11/2/2027		1,240,000		1,119,100
7.35%, 11/4/2027		2,730,000		2,863,088
2.90%, 2/16/2028		1,160,000		997,711
2.90%, 2/10/2029		1,235,000		1,030,187
5.11%, 5/3/2029		2,467,000		2,337,994
7.35%, 3/6/2030		1,870,000		1,962,752
4.00%, 11/13/2030		195,000		170,262
goeasy Ltd.
4.38%, 5/1/2026(a)		525,000		468,524
LFS Topco LLC
5.88%, 10/15/2026(a)		670,000		554,244
OneMain Finance Corp.
7.13%, 3/15/2026		205,000		203,658
PRA Group, Inc.
7.38%, 9/1/2025(a)		395,000		391,676
5.00%, 10/1/2029(a)		1,510,000		1,296,091
World Acceptance Corp.
7.00%, 11/1/2026(a)		1,280,000		988,800
				23,533,317
Containers & Packaging - 2.0%
Ardagh Metal Packaging Finance USA LLC
4.00%, 9/1/2029(a)		850,000		702,831
Cascades, Inc.
5.13%, 1/15/2026(a)		190,000		177,088
5.38%, 1/15/2028(a)		1,065,000		994,731
Clydesdale Acquisition Holdings, Inc.
6.63%, 4/15/2029(a)		1,390,000		1,366,531
8.75%, 4/15/2030(a)		4,740,000		4,189,129
Crown Cork & Seal Co., Inc.
7.38%, 12/15/2026		425,000		443,949
Graham Packaging Co., Inc.
7.13%, 8/15/2028(a)		2,035,000		1,778,569
Intelligent Packaging Ltd. Finco, Inc.
6.00%, 9/15/2028(a)		1,575,000		1,391,242
LABL, Inc.
10.50%, 7/15/2027(a)		1,680,000		1,598,100
8.25%, 11/1/2029(a)		1,675,000		1,404,906
Mauser Packaging Solutions Holding Co.
7.25%, 4/15/2025(a)		1,690,000		1,649,862
Owens-Brockway Glass Container, Inc.
5.38%, 1/15/2025(a)		345,000		334,705
6.38%, 8/15/2025(a)		500,000		490,125
6.63%, 5/13/2027(a)		1,005,000		985,305
Pactiv Evergreen Group Issuer, Inc.
4.00%, 10/15/2027(a)		305,000		273,737
Pactiv LLC
7.95%, 12/15/2025		275,000		271,970
Sealed Air Corp.
6.88%, 7/15/2033(a)		150,000		155,906

Investments	Principal Amount ($)		Value ($)
Trident TPI Holdings, Inc.
9.25%, 8/1/2024(a)		565,000		551,478
Trivium Packaging Finance BV
5.50%, 8/15/2026(a)(d)		1,290,000		1,238,323
8.50%, 8/15/2027(a)(d)		1,150,000		1,106,001
				21,104,488
Distributors - 0.2%
American Builders & Contractors Supply Co., Inc.
4.00%, 1/15/2028(a)		220,000		200,435
3.88%, 11/15/2029(a)		200,000		170,500
BCPE Empire Holdings, Inc.
7.63%, 5/1/2027(a)		1,160,000		1,086,665
Resideo Funding, Inc.
4.00%, 9/1/2029(a)		750,000		621,998
				2,079,598
Diversified Consumer Services - 0.8%
Adtalem Global Education, Inc.
5.50%, 3/1/2028(a)		855,000		795,817
Grand Canyon University
4.13%, 10/1/2024		990,000		941,054
5.13%, 10/1/2028		960,000		908,727
Metis Merger Sub LLC
6.50%, 5/15/2029(a)		1,045,000		890,863
Service Corp. International
4.00%, 5/15/2031		730,000		638,370
Signal Parent, Inc.
6.13%, 4/1/2029(a)		655,000		249,672
Sotheby’s
7.38%, 10/15/2027(a)		1,240,000		1,190,986
5.88%, 6/1/2029(a)		1,275,000		1,090,419
StoneMor, Inc.
8.50%, 5/15/2029(a)		1,060,000		853,300
WW International, Inc.
4.50%, 4/15/2029(a)		2,180,000		1,161,368
				8,720,576
Diversified Financial Services - 1.2%
Armor Holdco, Inc.
8.50%, 11/15/2029(a)		760,000		647,900
CPI CG, Inc.
8.63%, 3/15/2026(a)		336,000		331,652
Jefferies Finance LLC
5.00%, 8/15/2028(a)		1,690,000		1,433,366
Jefferson Capital Holdings LLC
6.00%, 8/15/2026(a)		450,000		374,499
Midcap Financial Issuer Trust
6.50%, 5/1/2028(a)		1,670,000		1,469,600
5.63%, 1/15/2030(a)		900,000		726,750
MPH Acquisition Holdings LLC
5.75%, 11/1/2028(a)		4,960,000		3,602,200
Oxford Finance LLC
6.38%, 2/1/2027(a)		360,000		344,315
Sabre GLBL, Inc.
9.25%, 4/15/2025(a)		1,350,000		1,385,039
7.38%, 9/1/2025(a)		1,505,000		1,476,205
Stena International SA
6.13%, 2/1/2025(a)		660,000		624,092
				12,415,618

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Diversified Telecommunication Services - 6.2%
Altice France Holding SA
10.50%, 5/15/2027(a)		3,880,000		3,331,950
6.00%, 2/15/2028(a)		2,765,000		1,865,577
Altice France SA
8.13%, 2/1/2027(a)		2,285,000		2,142,050
5.50%, 1/15/2028(a)		2,075,000		1,723,329
5.13%, 1/15/2029(a)		735,000		576,064
5.13%, 7/15/2029(a)		4,370,000		3,430,100
5.50%, 10/15/2029(a)		5,150,000		4,072,083
CCO Holdings LLC
5.38%, 6/1/2029(a)		235,000		217,375
6.38%, 9/1/2029(a)		2,610,000		2,518,650
4.75%, 3/1/2030(a)		1,525,000		1,332,530
4.50%, 8/15/2030(a)		1,195,000		1,021,080
4.25%, 2/1/2031(a)		1,285,000		1,070,469
4.50%, 5/1/2032		1,182,000		978,105
4.50%, 6/1/2033(a)		1,105,000		897,812
4.25%, 1/15/2034(a)		1,485,000		1,157,632
Embarq Corp.
8.00%, 6/1/2036		5,995,000		2,892,887
Frontier Communications Holdings LLC
5.00%, 5/1/2028(a)		170,000		154,556
6.75%, 5/1/2029(a)		4,280,000		3,670,100
5.88%, 11/1/2029		3,197,000		2,606,386
6.00%, 1/15/2030(a)		4,235,000		3,478,756
8.75%, 5/15/2030(a)		35,000		36,269
Frontier Florida LLC
Series E, 6.86%, 2/1/2028		385,000		357,276
Iliad Holding SASU
7.00%, 10/15/2028(a)		1,395,000		1,310,156
Intelsat Jackson Holdings SA
6.50%, 3/15/2030(a)		2,280,000		2,070,240
Level 3 Financing, Inc.
4.25%, 7/1/2028(a)		765,000		606,255
3.63%, 1/15/2029(a)		410,000		305,040
3.75%, 7/15/2029(a)		325,000		237,588
Lumen Technologies, Inc.
5.13%, 12/15/2026(a)		1,535,000		1,312,425
Series G, 6.88%, 1/15/2028		1,190,000		963,900
4.50%, 1/15/2029(a)		4,010,000		2,696,725
5.38%, 6/15/2029(a)		1,150,000		796,632
Series P, 7.60%, 9/15/2039		124,000		83,624
Series U, 7.65%, 3/15/2042		190,000		126,267
Sprint Capital Corp.
6.88%, 11/15/2028		570,000		609,807
8.75%, 3/15/2032		990,000		1,222,650
Telecom Italia Capital SA
6.38%, 11/15/2033		600,000		510,138
6.00%, 9/30/2034		540,000		433,288
7.20%, 7/18/2036		652,000		553,900
7.72%, 6/4/2038		595,000		513,116
Telesat Canada
5.63%, 12/6/2026(a)		1,035,000		478,036
4.88%, 6/1/2027(a)		1,260,000		617,135

Investments	Principal Amount ($)		Value ($)
6.50%, 10/15/2027(a)		830,000		231,899
Virgin Media Finance plc 5.00%, 7/15/2030(a)		1,125,000		944,314
Virgin Media Secured Finance plc 5.50%, 5/15/2029(a)		85,000		78,854
Windstream Escrow LLC 7.75%, 8/15/2028(a)		3,561,000		2,882,736
Zayo Group Holdings, Inc. 4.00%, 3/1/2027(a)		3,810,000		3,029,331
6.13%, 3/1/2028(a)		4,450,000		3,059,375
				65,204,467
Electric Utilities - 2.1%
DPL, Inc. 4.13%, 7/1/2025		555,000		528,423
Drax Finco plc 6.63%, 11/1/2025(a)		430,000		419,250
Emera, Inc.
Series 16-A, 6.75%, 6/15/2076(c)		3,060,000		3,005,327
FirstEnergy Corp.
Series B, 4.15%, 7/15/2027(d)		2,675,000		2,556,364
Series C, 5.10%, 7/15/2047(d)		225,000		207,563
Series C, 3.40%, 3/1/2050		340,000		241,539
Leeward Renewable Energy Operations LLC
4.25%, 7/1/2029(a)		445,000		391,023
NextEra Energy Operating Partners LP
3.88%, 10/15/2026(a)		825,000		765,193
4.50%, 9/15/2027(a)		950,000		894,159
NRG Energy, Inc. 5.75%, 1/15/2028		1,500,000		1,437,443
3.38%, 2/15/2029(a)		2,000,000		1,653,464
5.25%, 6/15/2029(a)		3,055,000		2,757,137
3.63%, 2/15/2031(a)		605,000		479,220
3.88%, 2/15/2032(a)		665,000		517,638
Pattern Energy Operations LP 4.50%, 8/15/2028(a)		215,000		197,262
Vistra Operations Co. LLC 5.63%, 2/15/2027(a)		2,050,000		1,979,750
5.00%, 7/31/2027(a)		2,025,000		1,905,687
4.38%, 5/1/2029(a)		2,365,000		2,079,647
				22,016,089
Electrical Equipment - 0.0%(e)
EnerSys 4.38%, 12/15/2027(a)		310,000		286,363
Electronic Equipment, Instruments & Components - 0.1%
Likewize Corp. 9.75%, 10/15/2025(a)		585,000		549,900
Energy Equipment & Services - 1.8%
Archrock Partners LP 6.88%, 4/1/2027(a)		775,000		759,500
6.25%, 4/1/2028(a)		2,070,000		1,966,500
Bristow Group, Inc. 6.88%, 3/1/2028(a)		795,000		757,412

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
CGG SA 8.75%, 4/1/2027(a)		1,100,000		975,743
Enerflex Ltd. 9.00%, 10/15/2027(a)		2,765,000		2,816,208
Oceaneering International, Inc. 6.00%, 2/1/2028		850,000		812,857
Precision Drilling Corp. 6.88%, 1/15/2029(a)		1,065,000		1,025,851
Solaris Midstream Holdings LLC 7.63%, 4/1/2026(a)		565,000		565,000
Transocean Titan Financing Ltd. 8.38%, 2/1/2028(a)		500,000		518,860
USA Compression Partners LP 6.88%, 4/1/2026		1,760,000		1,727,352
6.88%, 9/1/2027		2,025,000		1,964,250
Valaris Ltd. 8.25%, 4/30/2028(a)(b)		415,000		419,150
Weatherford International Ltd. 8.63%, 4/30/2030(a)		4,120,000		4,158,769
Welltec International ApS 8.25%, 10/15/2026(a)		575,000		577,798
				19,045,250
Entertainment - 0.6%
Allen Media LLC 10.50%, 2/15/2028(a)		1,695,000		685,047
Cinemark USA, Inc. 5.88%, 3/15/2026(a)		825,000		740,829
Lions Gate Capital Holdings LLC 5.50%, 4/15/2029(a)		4,195,000		2,726,750
Live Nation Entertainment, Inc. 5.63%, 3/15/2026(a)		550,000		533,632
4.75%, 10/15/2027(a)		1,675,000		1,549,375
WMG Acquisition Corp. 3.00%, 2/15/2031(a)		540,000		447,838
				6,683,471
Equity Real Estate Investment Trusts (REITs) - 2.9%
Brookfield Property REIT, Inc. 5.75%, 5/15/2026(a)		1,500,000		1,426,875
4.50%, 4/1/2027(a)		1,735,000		1,523,209
CTR Partnership LP 3.88%, 6/30/2028(a)		515,000		461,136
Diversified Healthcare Trust 4.75%, 5/1/2024		755,000		658,738
9.75%, 6/15/2025		770,000		751,211
Global Net Lease, Inc. 3.75%, 12/15/2027(a)		1,400,000		1,183,360
Iron Mountain Information Management Services, Inc. 5.00%, 7/15/2032(a)		500,000		433,501
Iron Mountain, Inc. 4.50%, 2/15/2031(a)		700,000		599,823
5.63%, 7/15/2032(a)		224,000		201,585
MPT Operating Partnership LP 5.25%, 8/1/2026		1,400,000		1,273,538
5.00%, 10/15/2027		2,385,000		2,016,124
4.63%, 8/1/2029		2,300,000		1,788,250
3.50%, 3/15/2031		800,000		560,006

Investments	Principal Amount ($)		Value ($)
Office Properties Income Trust 4.50%, 2/1/2025		1,095,000		1,018,739
Park Intermediate Holdings LLC 5.88%, 10/1/2028(a)		1,650,000		1,526,861
4.88%, 5/15/2029(a)		2,180,000		1,884,611
SBA Communications Corp. 3.13%, 2/1/2029		90,000		76,246
Service Properties Trust 4.50%, 3/15/2025		505,000		457,060
5.25%, 2/15/2026		675,000		584,449
4.75%, 10/1/2026		1,080,000		891,789
4.95%, 2/15/2027		895,000		732,199
3.95%, 1/15/2028		1,030,000		784,407
4.95%, 10/1/2029		200,000		150,000
Uniti Group LP 7.88%, 2/15/2025(a)		3,640,000		3,592,391
4.75%, 4/15/2028(a)		1,455,000		1,189,772
6.50%, 2/15/2029(a)		4,730,000		3,287,350
6.00%, 1/15/2030(a)		2,980,000		1,975,271
				31,028,501
Food & Staples Retailing - 0.3%
C&S Group Enterprises LLC 5.00%, 12/15/2028(a)		820,000		632,425
Rite Aid Corp. 7.50%, 7/1/2025(a)		1,365,000		892,041
8.00%, 11/15/2026(a)		3,255,000		1,814,662
				3,339,128
Food Products - 0.6%
B&G Foods, Inc. 5.25%, 4/1/2025		1,910,000		1,740,679
5.25%, 9/15/2027		1,660,000		1,342,525
Post Holdings, Inc. 5.63%, 1/15/2028(a)		1,410,000		1,357,125
4.63%, 4/15/2030(a)		1,063,000		935,440
4.50%, 9/15/2031(a)		765,000		659,812
Sigma Holdco BV 7.88%, 5/15/2026(a)		345,000		265,650
Simmons Foods, Inc. 4.63%, 3/1/2029(a)		525,000		445,113
				6,746,344
Gas Utilities - 0.6%
AmeriGas Partners LP 5.50%, 5/20/2025		1,320,000		1,280,400
5.88%, 8/20/2026		1,560,000		1,508,957
5.75%, 5/20/2027		1,185,000		1,116,886
Suburban Propane Partners LP 5.88%, 3/1/2027		585,000		565,344
5.00%, 6/1/2031(a)		2,500,000		2,174,941
				6,646,528
Health Care Equipment & Supplies - 0.6%
Avantor Funding, Inc. 4.63%, 7/15/2028(a)		300,000		282,777
Garden Spinco Corp. 8.63%, 7/20/2030(a)		395,000		422,651
Hologic, Inc. 4.63%, 2/1/2028(a)		608,000		579,400

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Medline Borrower LP 3.88%, 4/1/2029(a)		3,715,000		3,176,381
5.25%, 10/1/2029(a)		1,885,000		1,578,282
Varex Imaging Corp. 7.88%, 10/15/2027(a)		494,000		491,387
				6,530,878
Health Care Providers & Services - 1.9%
Acadia Healthcare Co., Inc. 5.50%, 7/1/2028(a)		830,000		799,605
AHP Health Partners, Inc. 5.75%, 7/15/2029(a)		1,025,000		843,253
Community Health Systems, Inc. 5.63%, 3/15/2027(a)		480,000		424,896
DaVita, Inc. 4.63%, 6/1/2030(a)		2,198,000		1,851,815
3.75%, 2/15/2031(a)		1,015,000		789,163
Encompass Health Corp. 4.63%, 4/1/2031		200,000		176,039
Envision Healthcare Corp. 8.75%, 10/15/2026(a)		3,775,000		1,017,082
Global Medical Response, Inc. 6.50%, 10/1/2025(a)		1,470,000		1,033,733
Hadrian Merger Sub, Inc. 8.50%, 5/1/2026(a)		155,000		128,745
Legacy LifePoint Health LLC 4.38%, 2/15/2027(a)		675,000		590,625
LifePoint Health, Inc. 5.38%, 1/15/2029(a)		1,115,000		744,815
ModivCare, Inc. 5.88%, 11/15/2025(a)		974,000		941,488
Molina Healthcare, Inc. 4.38%, 6/15/2028(a)		1,025,000		946,639
3.88%, 11/15/2030(a)		295,000		253,738
3.88%, 5/15/2032(a)		400,000		335,352
Pediatrix Medical Group, Inc. 5.38%, 2/15/2030(a)		25,000		22,125
Prime Healthcare Services, Inc. 7.25%, 11/1/2025(a)		1,460,000		1,285,803
Radiology Partners, Inc. 9.25%, 2/1/2028(a)		1,545,000		934,725
RegionalCare Hospital Partners Holdings, Inc. 9.75%, 12/1/2026(a)		2,370,000		2,078,087
RP Escrow Issuer LLC 5.25%, 12/15/2025(a)		1,425,000		1,162,800
Team Health Holdings, Inc. 6.38%, 2/1/2025(a)		455,000		299,822
Tenet Healthcare Corp. 6.13%, 10/1/2028		1,745,000		1,631,715
Toledo Hospital (The) Series B, 5.33%, 11/15/2028 495,000				403,848
6.02%, 11/15/2048		255,000		169,626
US Acute Care Solutions LLC 6.38%, 3/1/2026(a)		925,000		836,755
US Renal Care, Inc. 10.63%, 7/15/2027(a)		1,265,000		411,125
				20,113,419

Investments	Principal Amount ($)		Value ($)
Hotels, Restaurants & Leisure - 5.5%
1011778 BC ULC 3.88%, 1/15/2028(a)		300,000		274,194
4.38%, 1/15/2028(a)		1,160,000		1,067,441
4.00%, 10/15/2030(a)		2,180,000		1,855,725
Affinity Gaming 6.88%, 12/15/2027(a)		1,245,000		1,114,586
Boyne USA, Inc. 4.75%, 5/15/2029(a)		350,000		317,129
Caesars Entertainment, Inc. 8.13%, 7/1/2027(a)		2,580,000		2,618,700
Carnival Corp. 10.50%, 2/1/2026(a)		1,155,000		1,208,026
CCM Merger, Inc. 6.38%, 5/1/2026(a)		190,000		183,825
CDI Escrow Issuer, Inc. 5.75%, 4/1/2030(a)		980,000		928,550
CEC Entertainment LLC 6.75%, 5/1/2026(a)		705,000		652,125
Cedar Fair LP 6.50%, 10/1/2028		445,000		431,256
5.25%, 7/15/2029		500,000		458,325
Churchill Downs, Inc. 4.75%, 1/15/2028(a)		990,000		926,303
Everi Holdings, Inc. 5.00%, 7/15/2029(a)		1,000,000		904,850
Fertitta Entertainment LLC 4.63%, 1/15/2029(a)		625,000		551,606
6.75%, 1/15/2030(a)		3,195,000		2,651,850
Genting New York LLC 3.30%, 2/15/2026(a)		1,195,000		1,069,527
Golden Entertainment, Inc. 7.63%, 4/15/2026(a)		460,000		462,875
GPS Hospitality Holding Co. LLC 7.00%, 8/15/2028(a)		870,000		539,400
Hilton Domestic Operating Co., Inc. 3.63%, 2/15/2032(a)		1,270,000		1,066,483
Hilton Grand Vacations Borrower Escrow LLC 5.00%, 6/1/2029(a)		1,375,000		1,229,731
4.88%, 7/1/2031(a)		485,000		420,583
Jacobs Entertainment, Inc. 6.75%, 2/15/2029(a)		720,000		669,629
Las Vegas Sands Corp. 3.90%, 8/8/2029		405,000		362,935
MajorDrive Holdings IV LLC 6.38%, 6/1/2029(a)		1,195,000		944,229
Marriott Ownership Resorts, Inc. 4.75%, 1/15/2028		935,000		843,838
4.50%, 6/15/2029(a)		1,200,000		1,044,611
Merlin Entertainments Ltd. 5.75%, 6/15/2026(a)		840,000		799,768
Midwest Gaming Borrower LLC 4.88%, 5/1/2029(a)		1,900,000		1,662,579
Mohegan Tribal Gaming Authority 8.00%, 2/1/2026(a)		1,470,000		1,396,500
Motion Bondco DAC 6.63%, 11/15/2027(a)		890,000		805,433

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Penn Entertainment, Inc. 5.63%, 1/15/2027(a)		660,000		620,400
Raptor Acquisition Corp. 4.88%, 11/1/2026(a)		400,000		372,000
Resorts World Las Vegas LLC 4.63%, 4/16/2029(a)		4,170,000		3,410,030
4.63%, 4/6/2031(a)		1,800,000		1,391,278
Royal Caribbean Cruises Ltd. 9.25%, 1/15/2029(a)		1,480,000		1,561,208
Scientific Games Holdings LP 6.63%, 3/1/2030(a)		3,310,000		2,948,465
SeaWorld Parks & Entertainment, Inc. 5.25%, 8/15/2029(a)		1,975,000		1,785,030
Six Flags Entertainment Corp. 5.50%, 4/15/2027(a)		780,000		735,197
Sizzling Platter LLC 8.50%, 11/28/2025(a)		230,000		212,705
Speedway Motorsports LLC 4.88%, 11/1/2027(a)		250,000		233,403
Station Casinos LLC 4.50%, 2/15/2028(a)		405,000		364,601
4.63%, 12/1/2031(a)		300,000		252,875
TKC Holdings, Inc. 6.88%, 5/15/2028(a)		1,170,000		956,299
10.50%, 5/15/2029(a)		1,625,000		990,405
Travel + Leisure Co. 6.60%, 10/1/2025(d)		440,000		437,783
6.63%, 7/31/2026(a)		1,175,000		1,166,037
6.00%, 4/1/2027(d)		605,000		593,656
4.50%, 12/1/2029(a)		400,000		344,042
4.63%, 3/1/2030(a)		35,000		29,762
Viking Cruises Ltd. 6.25%, 5/15/2025(a)		270,000		245,795
5.88%, 9/15/2027(a)		2,115,000		1,801,515
7.00%, 2/15/2029(a)		1,290,000		1,122,300
Viking Ocean Cruises Ship VII Ltd. 5.63%, 2/15/2029(a)		910,000		778,050
VOC Escrow Ltd. 5.00%, 2/15/2028(a)		1,155,000		1,015,418
Wynn Las Vegas LLC 5.50%, 3/1/2025(a)		3,135,000		3,046,475
Yum! Brands, Inc. 4.75%, 1/15/2030(a)		535,000		500,358
3.63%, 3/15/2031		570,000		485,884
4.63%, 1/31/2032		700,000		636,888
5.38%, 4/1/2032		755,000		716,329
6.88%, 11/15/2037		65,000		69,598
				58,286,398
Household Durables - 2.4%
Adams Homes, Inc. 7.50%, 2/15/2025(a)		460,000		395,628
Ashton Woods USA LLC 6.63%, 1/15/2028(a)		785,000		716,077
4.63%, 8/1/2029(a)		875,000		730,625
4.63%, 4/1/2030(a)		1,115,000		925,911
Beazer Homes USA, Inc. 6.75%, 3/15/2025		265,000		259,679

Investments	Principal Amount ($)		Value ($)
5.88%, 10/15/2027		1,280,000		1,142,400
7.25%, 10/15/2029		1,425,000		1,316,344
Brookfield Residential Properties, Inc. 6.25%, 9/15/2027(a)		2,900,000		2,578,767
5.00%, 6/15/2029(a)		1,640,000		1,302,406
4.88%, 2/15/2030(a)		2,140,000		1,658,422
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025(a)		900,000		816,750
Century Communities, Inc. 6.75%, 6/1/2027		940,000		926,957
Empire Communities Corp. 7.00%, 12/15/2025(a)		1,190,000		1,076,950
Installed Building Products, Inc. 5.75%, 2/1/2028(a)		715,000		657,689
KB Home 7.25%, 7/15/2030		630,000		629,014
4.00%, 6/15/2031		150,000		125,076
LGI Homes, Inc. 4.00%, 7/15/2029(a)		1,235,000		1,000,350
M/I Homes, Inc. 4.95%, 2/1/2028		1,030,000		950,010
3.95%, 2/15/2030		5,000		4,207
Mattamy Group Corp. 5.25%, 12/15/2027(a)		815,000		745,725
4.63%, 3/1/2030(a)		1,175,000		990,983
New Home Co., Inc. (The) 7.25%, 10/15/2025(a)		1,570,000		1,361,975
Newell Brands, Inc. 5.75%, 4/1/2046(d)		391,000		324,995
Shea Homes LP 4.75%, 2/15/2028		970,000		864,406
4.75%, 4/1/2029		245,000		211,925
SWF Escrow Issuer Corp. 6.50%, 10/1/2029(a)		1,675,000		1,101,179
Taylor Morrison Communities, Inc. 5.75%, 1/15/2028(a)		930,000		902,114
5.13%, 8/1/2030(a)		180,000		164,610
TopBuild Corp. 4.13%, 2/15/2032(a)		175,000		148,472
Tri Pointe Homes, Inc. 5.25%, 6/1/2027		865,000		813,844
5.70%, 6/15/2028		880,000		825,598
				25,669,088
Household Products - 0.3%
Central Garden & Pet Co. 4.13%, 4/30/2031(a)		400,000		335,542
Energizer Holdings, Inc. 6.50%, 12/31/2027(a)		700,000		682,675
4.75%, 6/15/2028(a)		910,000		814,450
Kronos Acquisition Holdings, Inc. 5.00%, 12/31/2026(a)		300,000		272,325
7.00%, 12/31/2027(a)		855,000		745,133
				2,850,125
Independent Power and Renewable Electricity Producers - 0.7%
Atlantica Sustainable Infrastructure plc 4.13%, 6/15/2028(a)		735,000		654,150

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Calpine Corp. 5.13%, 3/15/2028(a)		2,320,000		2,100,552
4.63%, 2/1/2029(a)		1,670,000		1,451,374
5.00%, 2/1/2031(a)		1,515,000		1,298,217
3.75%, 3/1/2031(a)		600,000		500,195
Clearway Energy Operating LLC 3.75%, 1/15/2032(a)		95,000		78,315
TransAlta Corp. 7.75%, 11/15/2029		735,000		755,803
				6,838,606
Insurance - 1.8%
Acrisure LLC 7.00%, 11/15/2025(a)		1,075,000		1,022,723
10.13%, 8/1/2026(a)		500,000		499,998
4.25%, 2/15/2029(a)		490,000		406,700
6.00%, 8/1/2029(a)		1,190,000		981,750
Alliant Holdings Intermediate LLC 6.75%, 10/15/2027(a)		1,810,000		1,692,947
5.88%, 11/1/2029(a)		1,175,000		1,023,684
AmWINS Group, Inc. 4.88%, 6/30/2029(a)		445,000		390,338
Assurant, Inc. 7.00%, 3/27/2048(c)		1,025,000		1,014,745
AssuredPartners, Inc. 5.63%, 1/15/2029(a)		1,145,000		979,410
BroadStreet Partners, Inc. 5.88%, 4/15/2029(a)		1,275,000		1,126,220
Enstar Finance LLC 5.75%, 9/1/2040(c)		865,000		775,299
5.50%, 1/15/2042(c)		1,250,000		1,031,000
Global Atlantic Fin Co. 4.70%, 10/15/2051(a)(c)		1,540,000		1,325,749
HUB International Ltd. 5.63%, 12/1/2029(a)		1,125,000		1,006,731
Jones Deslauriers Insurance Management, Inc. 10.50%, 12/15/2030(a)		300,000		304,560
Liberty Mutual Group, Inc. 7.80%, 3/15/2037(a)		275,000		306,195
4.30%, 2/1/2061(a)		225,000		146,690
NFP Corp. 4.88%, 8/15/2028(a)		290,000		253,091
6.88%, 8/15/2028(a)		5,445,000		4,708,074
				18,995,904
Interactive Media & Services - 0.4%
Cars.com, Inc. 6.38%, 11/1/2028(a)		860,000		797,237
Rackspace Technology Global, Inc. 3.50%, 2/15/2028(a)		2,295,000		1,379,869
5.38%, 12/1/2028(a)		2,310,000		851,096
ZipRecruiter, Inc. 5.00%, 1/15/2030(a)		1,395,000		1,213,650
				4,241,852
Internet & Direct Marketing Retail - 0.8%
ANGI Group LLC 3.88%, 8/15/2028(a)		2,065,000		1,582,884
Millennium Escrow Corp. 6.63%, 8/1/2026(a)		2,050,000		1,426,185

Investments	Principal Amount ($)		Value ($)
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026(a)		1,870,000		935,000
QVC, Inc. 4.45%, 2/15/2025		1,000,000		851,550
4.75%, 2/15/2027		1,440,000		1,091,246
4.38%, 9/1/2028		1,225,000		790,098
Rakuten Group, Inc. 10.25%, 11/30/2024(a)		1,440,000		1,457,959
				8,134,922
IT Services - 1.1%
Acuris Finance US, Inc. 5.00%, 5/1/2028(a)		559,000		456,652
Ahead DB Holdings LLC 6.63%, 5/1/2028(a)		735,000		621,075
Arches Buyer, Inc. 4.25%, 6/1/2028(a)		1,100,000		924,000
6.13%, 12/1/2028(a)		1,121,000		944,173
Cogent Communications Group, Inc. 3.50%, 5/1/2026(a)		910,000		842,528
7.00%, 6/15/2027(a)		875,000		866,075
Conduent Business Services LLC 6.00%, 11/1/2029(a)		1,990,000		1,761,150
Endurance International Group Holdings, Inc. 6.00%, 2/15/2029(a)		1,675,000		1,190,315
ION Trading Technologies Sarl 5.75%, 5/15/2028(a)		655,000		560,844
Northwest Fiber LLC 4.75%, 4/30/2027(a)		55,000		49,916
6.00%, 2/15/2028(a)		580,000		478,808
10.75%, 6/1/2028(a)		354,000		330,992
Presidio Holdings, Inc. 8.25%, 2/1/2028(a)		1,320,000		1,268,850
Virtusa Corp. 7.13%, 12/15/2028(a)		1,430,000		1,201,200
				11,496,578
Leisure Products - 0.3%
Universal Entertainment Corp. 8.50%, 12/11/2024(a)		1,769,000		1,658,721
Vista Outdoor, Inc. 4.50%, 3/15/2029(a)		2,045,000		1,656,450
				3,315,171
Machinery - 1.5%
Chart Industries, Inc. 7.50%, 1/1/2030(a)		2,490,000		2,546,025
9.50%, 1/1/2031(a)		1,275,000		1,330,450
GrafTech Finance, Inc. 4.63%, 12/15/2028(a)		1,425,000		1,214,496
Husky III Holding Ltd. 13.00%, 2/15/2025(a)(b)		980,000		908,264
Interpipe Holdings plc 8.38%, 5/13/2026(a)		500,000		210,000
JPW Industries Holding Corp. 9.00%, 10/1/2024(a)		360,000		321,300
Manitowoc Co., Inc. (The) 9.00%, 4/1/2026(a)		200,000		196,750
OT Merger Corp. 7.88%, 10/15/2029(a)		855,000		548,995

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
SPX FLOW, Inc. 8.75%, 4/1/2030(a)		1,290,000		1,061,577
Terex Corp. 5.00%, 5/15/2029(a)		925,000		863,719
Titan Acquisition Ltd. 7.75%, 4/15/2026(a)		2,035,000		1,924,906
Titan International, Inc. 7.00%, 4/30/2028		665,000		640,574
TK Elevator Holdco GmbH 7.63%, 7/15/2028(a)		1,030,000		915,923
TK Elevator US Newco, Inc. 5.25%, 7/15/2027(a)		2,040,000		1,888,163
Wabash National Corp. 4.50%, 10/15/2028(a)		875,000		767,777
				15,338,919
Media - 7.4%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028(a)		2,075,000		1,577,000
Altice Financing SA 5.00%, 1/15/2028(a)		2,005,000		1,704,831
5.75%, 8/15/2029(a)		3,520,000		2,956,468
AMC Networks, Inc. 4.75%, 8/1/2025		2,025,000		1,731,375
4.25%, 2/15/2029		4,420,000		2,723,825
Belo Corp. 7.75%, 6/1/2027		410,000		396,163
7.25%, 9/15/2027		645,000		613,556
CMG Media Corp. 8.88%, 12/15/2027(a)		2,540,000		1,981,200
CSC Holdings LLC 7.50%, 4/1/2028(a)		4,260,000		3,115,168
6.50%, 2/1/2029(a)		395,000		341,746
5.75%, 1/15/2030(a)		9,385,000		5,912,550
4.63%, 12/1/2030(a)		1,575,000		931,301
5.00%, 11/15/2031(a)		200,000		119,982
Diamond Sports Group LLC 5.38%, 8/15/2026(a)		925,000		68,219
Directv Financing LLC 5.88%, 8/15/2027(a)		3,010,000		2,726,473
DISH DBS Corp. 7.75%, 7/1/2026		8,520,000		6,919,603
5.25%, 12/1/2026(a)		1,135,000		978,228
7.38%, 7/1/2028		4,254,000		3,054,946
5.75%, 12/1/2028(a)		1,840,000		1,505,456
5.13%, 6/1/2029		6,404,000		4,072,240
DISH Network Corp. 11.75%, 11/15/2027(a)		3,815,000		3,964,548
GCI LLC 4.75%, 10/15/2028(a)		1,625,000		1,430,877
Gray Escrow II, Inc. 5.38%, 11/15/2031(a)		925,000		711,348
Gray Television, Inc. 7.00%, 5/15/2027(a)		1,110,000		1,009,800
4.75%, 10/15/2030(a)		370,000		272,875
iHeartCommunications, Inc. 8.38%, 5/1/2027		2,920,000		2,617,050

Investments	Principal Amount ($)		Value ($)
Liberty Interactive LLC 8.50%, 7/15/2029		305,000		155,740
8.25%, 2/1/2030		430,000		204,519
Nexstar Media, Inc. 5.63%, 7/15/2027(a)		2,730,000		2,600,516
Paramount Global 6.37%, 3/30/2062(c)		1,920,000		1,675,142
Radiate Holdco LLC 4.50%, 9/15/2026(a)		1,700,000		1,301,809
6.50%, 9/15/2028(a)		2,420,000		1,260,796
Sinclair Television Group, Inc. 5.13%, 2/15/2027(a)		790,000		698,220
5.50%, 3/1/2030(a)		2,125,000		1,694,688
Sirius XM Radio, Inc. 3.13%, 9/1/2026(a)		1,810,000		1,629,046
5.00%, 8/1/2027(a)		2,570,000		2,431,862
4.00%, 7/15/2028(a)		595,000		529,609
4.13%, 7/1/2030(a)		995,000		853,342
3.88%, 9/1/2031(a)		965,000		795,527
Summer BC Bidco B LLC 5.50%, 10/31/2026(a)		1,161,000		954,242
TEGNA, Inc. 4.75%, 3/15/2026(a)		785,000		761,092
4.63%, 3/15/2028		1,460,000		1,370,279
Townsquare Media, Inc. 6.88%, 2/1/2026(a)		800,000		748,392
Univision Communications, Inc. 4.50%, 5/1/2029(a)		900,000		774,378
7.38%, 6/30/2030(a)		345,000		338,325
UPC Holding BV 5.50%, 1/15/2028(a)		984,000		897,900
Virgin Media Vendor Financing Notes IV DAC 5.00%, 7/15/2028(a)		885,000		803,226
VZ Secured Financing BV 5.00%, 1/15/2032(a)		760,000		650,811
Ziggo Bond Co. BV 5.13%, 2/28/2030(a)		963,000		795,920
Ziggo BV 4.88%, 1/15/2030(a)		920,000		801,357
				78,163,566
Metals & Mining - 1.5%
Arconic Corp. 6.13%, 2/15/2028(a)		1,670,000		1,604,525
ATI, Inc. 5.88%, 12/1/2027		600,000		578,935
Baffinland Iron Mines Corp. 8.75%, 7/15/2026(a)		835,000		810,879
Carpenter Technology Corp. 6.38%, 7/15/2028		542,000		533,870
Compass Minerals International, Inc. 4.88%, 7/15/2024(a)		320,000		310,104
6.75%, 12/1/2027(a)		745,000		726,854
Eldorado Gold Corp. 6.25%, 9/1/2029(a)		560,000		513,177
FMG Resources August 2006 Pty. Ltd. 4.38%, 4/1/2031(a)		970,000		853,600
6.13%, 4/15/2032(a)		550,000		536,250

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Hecla Mining Co. 7.25%, 2/15/2028		900,000		897,492
Hudbay Minerals, Inc. 4.50%, 4/1/2026(a)		1,155,000		1,064,044
Kaiser Aluminum Corp. 4.50%, 6/1/2031(a)		170,000		143,754
Mineral Resources Ltd. 8.50%, 5/1/2030(a)		1,075,000		1,110,604
New Gold, Inc. 7.50%, 7/15/2027(a)		1,830,000		1,697,876
SunCoke Energy, Inc. 4.88%, 6/30/2029(a)		1,350,000		1,188,000
Tacora Resources, Inc. 8.25%, 5/15/2026(a)		761,000		584,068
Taseko Mines Ltd. 7.00%, 2/15/2026(a)		480,000		454,800
TMS International Corp. 6.25%, 4/15/2029(a)		1,475,000		1,107,929
Warrior Met Coal, Inc. 7.88%, 12/1/2028(a)		765,000		753,525
				15,470,286
Mortgage Real Estate Investment Trusts (REITs) - 0.3%
Apollo Commercial Real Estate Finance, Inc. 4.63%, 6/15/2029(a)		590,000		483,062
Blackstone Mortgage Trust, Inc. 3.75%, 1/15/2027(a)		645,000		568,929
Rithm Capital Corp. 6.25%, 10/15/2025(a)		1,065,000		991,781
Starwood Property Trust, Inc. 3.63%, 7/15/2026(a)		660,000		592,343
4.38%, 1/15/2027(a)		905,000		812,238
				3,448,353
Multiline Retail - 0.1%
NMG Holding Co., Inc. 7.13%, 4/1/2026(a)		1,210,000		1,155,386
Multi-Utilities - 0.1%
Algonquin Power & Utilities Corp. 4.75%, 1/18/2082(c)		1,470,000		1,242,150
Oil, Gas & Consumable Fuels - 13.4%
Aethon United BR LP 8.25%, 2/15/2026(a)		950,000		945,250
Alliance Resource Operating Partners LP 7.50%, 5/1/2025(a)		155,000		153,997
Antero Midstream Partners LP 5.75%, 3/1/2027(a)		950,000		921,500
5.75%, 1/15/2028(a)		1,080,000		1,032,750
5.38%, 6/15/2029(a)		1,840,000		1,708,900
Apache Corp. 5.10%, 9/1/2040		910,000		794,658
5.25%, 2/1/2042		175,000		147,012
4.75%, 4/15/2043		300,000		237,489
Ascent Resources Utica Holdings LLC 7.00%, 11/1/2026(a)		575,000		548,045
8.25%, 12/31/2028(a)		685,000		670,774
5.88%, 6/30/2029(a)		510,000		448,928

Investments	Principal Amount ($)		Value ($)
Athabasca Oil Corp. 9.75%, 11/1/2026(a)		180,000		189,000
Baytex Energy Corp. 8.75%, 4/1/2027(a)		685,000		708,831
Berry Petroleum Co. LLC 7.00%, 2/15/2026(a)		320,000		306,380
Blue Racer Midstream LLC 6.63%, 7/15/2026(a)		220,000		216,700
Buckeye Partners LP 3.95%, 12/1/2026		800,000		732,192
4.13%, 12/1/2027		420,000		379,953
4.50%, 3/1/2028(a)		585,000		533,957
5.85%, 11/15/2043		220,000		168,300
California Resources Corp. 7.13%, 2/1/2026(a)		1,401,000		1,363,523
Callon Petroleum Co. 6.38%, 7/1/2026		715,000		688,653
8.00%, 8/1/2028(a)		1,595,000		1,594,139
7.50%, 6/15/2030(a)		2,450,000		2,370,375
Chesapeake Energy Corp. 5.50%, 2/1/2026(a)		860,000		833,689
5.88%, 2/1/2029(a)		710,000		679,910
6.75%, 4/15/2029(a)		1,835,000		1,809,402
Chord Energy Corp. 6.38%, 6/1/2026(a)		620,000		610,700
CITGO Petroleum Corp. 6.38%, 6/15/2026(a)		665,000		651,610
Civitas Resources, Inc. 5.00%, 10/15/2026(a)		795,000		741,337
CNX Midstream Partners LP 4.75%, 4/15/2030(a)		1,635,000		1,383,423
CNX Resources Corp. 7.25%, 3/14/2027(a)		440,000		437,800
6.00%, 1/15/2029(a)		1,095,000		1,005,185
7.38%, 1/15/2031(a)		200,000		194,498
Comstock Resources, Inc. 6.75%, 3/1/2029(a)		2,665,000		2,458,463
5.88%, 1/15/2030(a)		585,000		501,637
Coronado Finance Pty. Ltd. 10.75%, 5/15/2026(a)		400,000		412,326
CQP Holdco LP 5.50%, 6/15/2031(a)		965,000		878,743
Crescent Energy Finance LLC 7.25%, 5/1/2026(a)		1,475,000		1,416,000
Crestwood Midstream Partners LP 5.63%, 5/1/2027(a)		930,000		888,810
6.00%, 2/1/2029(a)		2,980,000		2,827,029
8.00%, 4/1/2029(a)		970,000		984,517
7.38%, 2/1/2031(a)		1,535,000		1,544,594
CrownRock LP 5.00%, 5/1/2029(a)		200,000		183,190
CVR Energy, Inc. 5.75%, 2/15/2028(a)		865,000		791,475
Delek Logistics Partners LP 6.75%, 5/15/2025		255,000		248,625
7.13%, 6/1/2028(a)		1,720,000		1,577,654

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
DT Midstream, Inc. 4.13%, 6/15/2029(a)		825,000		723,938
4.38%, 6/15/2031(a)		550,000		481,097
Earthstone Energy Holdings LLC 8.00%, 4/15/2027(a)		1,465,000		1,428,375
Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028(a)		1,770,000		1,650,189
Energy Ventures Gom LLC 11.75%, 4/15/2026(a)		401,000		418,993
EnLink Midstream Partners LP 5.05%, 4/1/2045		225,000		176,883
5.45%, 6/1/2047		130,000		108,139
EnQuest plc
11.63%, 11/1/2027(a)		1,050,000		1,031,835
EQM Midstream Partners LP 4.13%, 12/1/2026		970,000		877,504
7.50%, 6/1/2027(a)		685,000		684,985
6.50%, 7/1/2027(a)		1,500,000		1,473,015
FTAI Infra Escrow Holdings LLC 10.50%, 6/1/2027(a)		1,205,000		1,208,777
Genesis Energy LP 6.25%, 5/15/2026		800,000		764,497
Global Partners LP 7.00%, 8/1/2027		1,000,000		960,127
6.88%, 1/15/2029		1,525,000		1,439,143
Gran Tierra Energy International Holdings Ltd. 6.25%, 2/15/2025(a)		355,000		317,454
Gran Tierra Energy, Inc. 7.75%, 5/23/2027(a)		1,095,000		930,291
Gulfport Energy Corp. 8.00%, 5/17/2026(a)		844,000		836,244
Harbour Energy plc 5.50%, 10/15/2026(a)		1,230,000		1,125,450
Harvest Midstream I LP 7.50%, 9/1/2028(a)		1,210,000		1,190,338
Hess Midstream Operations LP 5.13%, 6/15/2028(a)		500,000		470,866
4.25%, 2/15/2030(a)		285,000		249,605
Hilcorp Energy I LP 6.25%, 11/1/2028(a)		825,000		792,421
5.75%, 2/1/2029(a)		960,000		892,800
6.00%, 4/15/2030(a)		990,000		920,357
6.00%, 2/1/2031(a)		725,000		670,408
6.25%, 4/15/2032(a)		785,000		724,588
Holly Energy Partners LP 6.38%, 4/15/2027(a)		595,000		588,306
5.00%, 2/1/2028(a)		945,000		880,032
Howard Midstream Energy Partners LLC 6.75%, 1/15/2027(a)		500,000		487,500
Ithaca Energy North Sea plc 9.00%, 7/15/2026(a)		2,023,000		1,987,219
ITT Holdings LLC 6.50%, 8/1/2029(a)		2,972,000		2,581,925
Magnolia Oil & Gas Operating LLC 6.00%, 8/1/2026(a)		330,000		319,275
Martin Midstream Partners LP 11.50%, 2/28/2025(a)		200,000		200,084

Investments	Principal Amount ($)		Value ($)
Matador Resources Co. 5.88%, 9/15/2026		1,060,000		1,042,640
Moss Creek Resources Holdings, Inc. 7.50%, 1/15/2026(a)		2,705,000		2,497,797
10.50%, 5/15/2027(a)		2,205,000		2,129,081
Murphy Oil Corp. 7.05%, 5/1/2029		420,000		430,004
6.13%, 12/1/2042(d)		35,000		28,639
New Fortress Energy, Inc. 6.75%, 9/15/2025(a)		2,115,000		2,023,285
6.50%, 9/30/2026(a)		6,200,000		5,704,991
NGL Energy Operating LLC 7.50%, 2/1/2026(a)		5,240,000		4,976,215
NGL Energy Partners LP 6.13%, 3/1/2025		1,555,000		1,380,062
7.50%, 4/15/2026		1,454,000		1,235,676
Northern Oil and Gas, Inc. 8.13%, 3/1/2028(a)		3,160,000		3,147,613
Northriver Midstream Finance LP 5.63%, 2/15/2026(a)		755,000		724,800
NuStar Logistics LP 6.00%, 6/1/2026		805,000		788,352
5.63%, 4/28/2027		1,327,000		1,273,625
6.38%, 10/1/2030		295,000		284,159
Occidental Petroleum Corp. 8.88%, 7/15/2030		1,430,000		1,683,825
6.63%, 9/1/2030		570,000		605,139
6.45%, 9/15/2036		990,000		1,041,114
Zero Coupon, 10/10/2036		680,000		343,178
7.95%, 6/15/2039		105,000		120,487
Parkland Corp. 5.88%, 7/15/2027(a)		875,000		839,388
4.50%, 10/1/2029(a)		2,045,000		1,754,184
PBF Holding Co. LLC 6.00%, 2/15/2028		2,280,000		2,149,675
PDC Energy, Inc. 5.75%, 5/15/2026		1,235,000		1,194,406
Permian Resources Operating LLC 5.38%, 1/15/2026(a)		470,000		444,221
7.75%, 2/15/2026(a)		400,000		399,760
6.88%, 4/1/2027(a)		500,000		489,945
ROCC Holdings LLC 9.25%, 8/15/2026(a)		830,000		841,412
Rockcliff Energy II LLC 5.50%, 10/15/2029(a)		485,000		461,351
Rockies Express Pipeline LLC 4.95%, 7/15/2029(a)		745,000		673,389
4.80%, 5/15/2030(a)		975,000		867,750
6.88%, 4/15/2040(a)		90,000		76,269
SM Energy Co. 5.63%, 6/1/2025		520,000		509,600
6.75%, 9/15/2026		540,000		531,552
6.63%, 1/15/2027		720,000		699,729
6.50%, 7/15/2028		768,000		730,537
Strathcona Resources Ltd. 6.88%, 8/1/2026(a)		1,275,000		1,086,937

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Summit Midstream Holdings LLC 8.50%, 10/15/2026(a)		1,810,000		1,762,487
Sunoco LP 5.88%, 3/15/2028		870,000		852,600
4.50%, 5/15/2029		2,000,000		1,809,380
4.50%, 4/30/2030		1,845,000		1,643,618
Tallgrass Energy Partners LP 6.00%, 3/1/2027(a)		605,000		573,602
5.50%, 1/15/2028(a)		1,600,000		1,473,416
6.00%, 12/31/2030(a)		3,045,000		2,773,325
Talos Production, Inc. 12.00%, 1/15/2026		1,290,000		1,367,400
Tap Rock Resources LLC 7.00%, 10/1/2026(a)		800,000		757,200
Teine Energy Ltd. 6.88%, 4/15/2029(a)		905,000		845,044
TerraForm Power Operating LLC 5.00%, 1/31/2028(a)		1,160,000		1,089,614
Topaz Solar Farms LLC 5.75%, 9/30/2039(a)		2,406,383		2,312,149
Venture Global Calcasieu Pass LLC 3.88%, 8/15/2029(a)		1,060,000		943,400
6.25%, 1/15/2030(a)		645,000		657,113
4.13%, 8/15/2031(a)		620,000		549,667
3.88%, 11/1/2033(a)		820,000		696,549
Vermilion Energy, Inc. 6.88%, 5/1/2030(a)		1,865,000		1,720,463
Viper Energy Partners LP 5.38%, 11/1/2027(a)		125,000		120,993
Vital Energy, Inc. 9.50%, 1/15/2025		900,000		908,208
10.13%, 1/15/2028		1,275,000		1,268,714
7.75%, 7/31/2029(a)		1,245,000		1,148,139
W&T Offshore, Inc. 11.75%, 2/1/2026(a)		470,000		475,976
Western Midstream Operating LP 5.45%, 4/1/2044		105,000		92,422
5.30%, 3/1/2048		200,000		175,000
5.50%, 2/1/2050(d)		920,000		798,100
				141,539,949
Paper & Forest Products - 0.6%
Clearwater Paper Corp. 4.75%, 8/15/2028(a)		255,000		226,586
Domtar Corp. 6.75%, 10/1/2028(a)		1,099,000		1,009,904
Louisiana-Pacific Corp. 3.63%, 3/15/2029(a)		730,000		631,942
Mercer International, Inc. 5.50%, 1/15/2026		452,000		437,319
5.13%, 2/1/2029		3,045,000		2,604,084
Resolute Forest Products, Inc. 4.88%, 3/1/2026(a)		375,000		371,719
Sylvamo Corp. 7.00%, 9/1/2029(a)		980,000		937,037
				6,218,591

Investments	Principal Amount ($)		Value ($)
Personal Products - 0.3%
Coty, Inc. 4.75%, 1/15/2029(a)		175,000		158,813
Herbalife Nutrition Ltd. 7.88%, 9/1/2025(a)		1,172,000		1,099,138
Oriflame Investment Holding plc 5.13%, 5/4/2026(a)		1,575,000		995,400
Prestige Brands, Inc. 5.13%, 1/15/2028(a)		770,000		735,543
3.75%, 4/1/2031(a)		400,000		339,640
				3,328,534
Pharmaceuticals - 2.1%
Bausch Health Americas, Inc. 9.25%, 4/1/2026(a)		2,990,000		2,223,275
8.50%, 1/31/2027(a)		2,810,000		1,481,516
Bausch Health Cos., Inc. 5.50%, 11/1/2025(a)		250,000		212,632
9.00%, 12/15/2025(a)		3,838,000		3,023,615
6.13%, 2/1/2027(a)		4,165,000		2,842,613
5.75%, 8/15/2027(a)		1,885,000		1,276,880
5.00%, 1/30/2028(a)		2,235,000		1,002,582
4.88%, 6/1/2028(a)		1,195,000		768,170
11.00%, 9/30/2028(a)		5,445,000		4,260,168
Cheplapharm Arzneimittel GmbH 5.50%, 1/15/2028(a)		675,000		602,478
HLF Financing Sarl LLC 4.88%, 6/1/2029(a)		2,030,000		1,484,437
Jazz Securities DAC 4.38%, 1/15/2029(a)		285,000		260,017
Organon & Co. 4.13%, 4/30/2028(a)		715,000		646,682
5.13%, 4/30/2031(a)		717,000		647,300
P&L Development LLC 7.75%, 11/15/2025(a)		690,000		561,806
Perrigo Finance Unlimited Co. 4.38%, 3/15/2026		1,115,000		1,055,738
				22,349,909
Professional Services - 0.6%
ASGN, Inc. 4.63%, 5/15/2028(a)		810,000		738,967
CoreLogic, Inc. 4.50%, 5/1/2028(a)		1,960,000		1,558,200
Dun & Bradstreet Corp. (The) 5.00%, 12/15/2029(a)		1,150,000		1,018,326
KBR, Inc. 4.75%, 9/30/2028(a)		425,000		383,708
Korn Ferry 4.63%, 12/15/2027(a)		580,000		545,200
Science Applications International Corp. 4.88%, 4/1/2028(a)		665,000		623,437
TriNet Group, Inc. 3.50%, 3/1/2029(a)		1,040,000		873,319
				5,741,157
Real Estate Management & Development - 1.2%
Forestar Group, Inc. 3.85%, 5/15/2026(a)		891,000		793,966
5.00%, 3/1/2028(a)		1,045,000		911,765

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
Hunt Cos., Inc. 5.25%, 4/15/2029(a)		1,185,000		1,004,317
Kennedy-Wilson, Inc. 4.75%, 3/1/2029		2,800,000		2,352,000
4.75%, 2/1/2030		2,295,000		1,882,439
5.00%, 3/1/2031		260,000		212,083
Realogy Group LLC 5.75%, 1/15/2029(a)		3,835,000		2,981,866
5.25%, 4/15/2030(a)		755,000		566,250
WeWork Cos. LLC 5.00%, 7/10/2025(a)		1,185,000		501,758
WeWork Cos., Inc. 7.88%, 5/1/2025(a)		2,650,000		1,431,000
				12,637,444
Road & Rail - 0.9%
Albion Financing 1 Sarl 6.13%, 10/15/2026(a)		825,000		740,212
Albion Financing 2SARL 8.75%, 4/15/2027(a)		1,255,000		1,063,613
Carriage Purchaser, Inc. 7.88%, 10/15/2029(a)		805,000		584,120
First Student Bidco, Inc. 4.00%, 7/31/2029(a)		305,000		253,944
Hertz Corp. (The) 4.63%, 12/1/2026(a)		995,000		885,550
5.00%, 12/1/2029(a)		2,475,000		2,023,312
NESCO Holdings II, Inc. 5.50%, 4/15/2029(a)		1,580,000		1,419,014
PECF USS Intermediate Holding III Corp. 8.00%, 11/15/2029(a)		1,395,000		1,063,687
Uber Technologies, Inc. 6.25%, 1/15/2028(a)		785,000		768,097
4.50%, 8/15/2029(a)		130,000		115,741
Watco Cos. LLC 6.50%, 6/15/2027(a)		760,000		717,531
				9,634,821
Software - 3.6%
AthenaHealth Group, Inc. 6.50%, 2/15/2030(a)		9,800,000		8,119,420
Boxer Parent Co., Inc. 9.13%, 3/1/2026(a)		520,000		494,062
Central Parent, Inc. 7.25%, 6/15/2029(a)		340,000		339,114
Cloud Software Group Holdings, Inc. 6.50%, 3/31/2029(a)		10,225,000		8,973,349
Consensus Cloud Solutions, Inc. 6.00%, 10/15/2026(a)		470,000		449,152
6.50%, 10/15/2028(a)		985,000		922,167
CWT Travel Group, Inc. 8.50%, 11/19/2026(a)		1,425,000		1,200,562
GoTo Group, Inc. 5.50%, 9/1/2027(a)		2,839,000		1,428,826
Helios Software Holdings, Inc. 4.63%, 5/1/2028(a)		540,000		434,020
McAfee Corp. 7.38%, 2/15/2030(a)		8,525,000		7,080,842

Investments	Principal Amount ($)		Value ($)
Open Text Corp. 3.88%, 2/15/2028(a)		2,265,000		1,968,194
3.88%, 12/1/2029(a)		340,000		282,761
Open Text Holdings, Inc. 4.13%, 2/15/2030(a)		565,000		475,773
4.13%, 12/1/2031(a)		500,000		406,220
Rocket Software, Inc. 6.50%, 2/15/2029(a)		1,550,000		1,292,226
SS&C Technologies, Inc. 5.50%, 9/30/2027(a)		835,000		803,056
Veritas US, Inc. 7.50%, 9/1/2025(a)		4,430,000		2,922,490
				37,592,234
Specialty Retail - 3.3%
99 Escrow Issuer, Inc. 7.50%, 1/15/2026(a)		240,000		115,996
Arko Corp. 5.13%, 11/15/2029(a)		845,000		669,831
At Home Group, Inc. 4.88%, 7/15/2028(a)		1,240,000		892,800
7.13%, 7/15/2029(a)		2,140,000		1,326,650
Bath & Body Works, Inc. 6.95%, 3/1/2033		230,000		205,691
6.88%, 11/1/2035		515,000		469,352
6.75%, 7/1/2036		295,000		266,807
BCPE Ulysses Intermediate, Inc. 7.75%, 4/1/2027(a)(b)		1,230,000		922,500
eG Global Finance plc 8.50%, 10/30/2025(a)		745,000		702,163
Guitar Center, Inc. 8.50%, 1/15/2026(a)		1,125,000		982,058
GYP Holdings III Corp. 4.63%, 5/1/2029(a)		1,205,000		1,016,026
Ken Garff Automotive LLC 4.88%, 9/15/2028(a)		200,000		172,250
LBM Acquisition LLC 6.25%, 1/15/2029(a)		2,005,000		1,523,800
LCM Investments Holdings II LLC 4.88%, 5/1/2029(a)		580,000		478,645
LSF9 Atlantis Holdings LLC 7.75%, 2/15/2026(a)		1,125,000		1,026,563
Michaels Cos., Inc. (The) 5.25%, 5/1/2028(a)		3,535,000		2,947,872
7.88%, 5/1/2029(a)		5,515,000		4,191,400
Murphy Oil USA, Inc. 5.63%, 5/1/2027		475,000		466,032
3.75%, 2/15/2031(a)		300,000		251,002
Park River Holdings, Inc. 5.63%, 2/1/2029(a)		895,000		624,553
6.75%, 8/1/2029(a)		740,000		525,400
Rent-A-Center, Inc. 6.38%, 2/15/2029(a)		1,050,000		892,500
Sonic Automotive, Inc. 4.63%, 11/15/2029(a)		500,000		415,547
Specialty Building Products Holdings LLC 6.38%, 9/30/2026(a)		1,220,000		1,097,488

See Accompanying Notes to the Schedules of Investments.

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

Investments	Principal Amount ($)		Value ($)
SRS Distribution, Inc. 4.63%, 7/1/2028(a)		270,000		246,656
6.13%, 7/1/2029(a)		1,215,000		1,044,791
6.00%, 12/1/2029(a)		2,275,000		1,943,441
Staples, Inc. 7.50%, 4/15/2026(a)		5,095,000		4,527,162
10.75%, 4/15/2027(a)		4,108,000		3,111,810
White Cap Buyer LLC 6.88%, 10/15/2028(a)		1,515,000		1,378,988
White Cap Parent LLC 8.25%, 3/15/2026(a)(b)		640,000		584,000
				35,019,774
Technology Hardware, Storage & Peripherals - 0.3%
Seagate HDD Cayman 5.75%, 12/1/2034		325,000		298,187
Xerox Corp. 6.75%, 12/15/2039		170,000		132,617
Xerox Holdings Corp. 5.00%, 8/15/2025(a)		1,090,000		1,013,919
5.50%, 8/15/2028(a)		1,775,000		1,505,422
				2,950,145
Textiles, Apparel & Luxury Goods - 0.2%
Eagle Intermediate Global Holding BV 7.50%, 5/1/2025(a)		1,316,000		829,080
Hanesbrands, Inc. 4.88%, 5/15/2026(a)		1,660,000		1,545,875
				2,374,955
Thrifts & Mortgage Finance - 2.0%
Enact Holdings, Inc. 6.50%, 8/15/2025(a)		1,195,000		1,177,075
Freedom Mortgage Corp. 8.25%, 4/15/2025(a)		515,000		489,679
7.63%, 5/1/2026(a)		1,425,000		1,252,841
6.63%, 1/15/2027(a)		1,435,000		1,194,092
Home Point Capital, Inc. 5.00%, 2/1/2026(a)		1,495,000		1,076,975
Ladder Capital Finance Holdings LLLP
REIT, 4.25%, 2/1/2027(a)		1,630,000		1,436,437
REIT, 4.75%, 6/15/2029(a)		2,795,000		2,322,170
MGIC Investment Corp. 5.25%, 8/15/2028		955,000		900,279
Nationstar Mortgage Holdings, Inc. 6.00%, 1/15/2027(a)		1,000,000		927,500
5.50%, 8/15/2028(a)		1,920,000		1,677,523
5.13%, 12/15/2030(a)		300,000		243,000
5.75%, 11/15/2031(a)		470,000		378,350
NMI Holdings, Inc. 7.38%, 6/1/2025(a)		700,000		707,910
PennyMac Financial Services, Inc. 5.38%, 10/15/2025(a)		1,160,000		1,078,800
4.25%, 2/15/2029(a)		1,585,000		1,302,617
5.75%, 9/15/2031(a)		255,000		214,326
PHH Mortgage Corp. 7.88%, 3/15/2026(a)		790,000		720,697
Rocket Mortgage LLC 3.63%, 3/1/2029(a)		510,000		430,282
3.88%, 3/1/2031(a)		650,000		529,405

Investments	Principal Amount ($)		Value ($)
4.00%, 10/15/2033(a)		65,000		51,548
United Wholesale Mortgage LLC 5.50%, 11/15/2025(a)		825,000		771,658
5.75%, 6/15/2027(a)		790,000		709,204
5.50%, 4/15/2029(a)		1,830,000		1,573,525
				21,165,893
Tobacco - 0.4%
Turning Point Brands, Inc. 5.63%, 2/15/2026(a)		155,000		140,441
Vector Group Ltd. 10.50%, 11/1/2026(a)		925,000		930,781
5.75%, 2/1/2029(a)		3,730,000		3,252,523
				4,323,745
Trading Companies & Distributors - 0.6%
Alta Equipment Group, Inc. 5.63%, 4/15/2026(a)		745,000		698,147
Beacon Roofing Supply, Inc. 4.13%, 5/15/2029(a)		895,000		771,563
BlueLinx Holdings, Inc. 6.00%, 11/15/2029(a)		1,080,000		957,420
Fortress Transportation and Infrastructure Investors LLC 6.50%, 10/1/2025(a)		915,000		885,720
9.75%, 8/1/2027(a)		665,000		683,645
Foundation Building Materials, Inc. 6.00%, 3/1/2029(a)		935,000		752,077
Imola Merger Corp. 4.75%, 5/15/2029(a)		1,595,000		1,387,650
				6,136,222
Wireless Telecommunication Services - 0.4%
C&W Senior Financing DAC 6.88%, 9/15/2027(a)		1,570,000		1,493,509
Hughes Satellite Systems Corp. 6.63%, 8/1/2026		1,250,000		1,208,900
Vmed O2 UK Financing I plc 4.75%, 7/15/2031(a)		760,000		646,020
Vodafone Group plc 5.12%, 6/4/2081(c)		465,000		357,469
				3,705,898
TOTAL CORPORATE BONDS (COST $1,065,285,549)				1,026,057,307
Total Investments - 97.3% (Cost $1,065,285,549)				1,026,057,307
Other assets less liabilities - 2.7%				28,134,241
Net Assets - 100.0%				1,054,191,548

(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^® High Yield Value-Scored Bond 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, 2023.

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

Percentages shown are based on Net Assets.

Abbreviations

SCA         Limited partnership with share capital

Security Type	% of Net Assets
Corporate Bonds		97.3	%
Others(1)		2.7
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

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

January 31, 2023 (Unaudited)

Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS - 97.1%
Airlines - 1.6%
American Airlines Group, Inc.
3.75%, 3/1/2025(a)		11,000		10,304
American Airlines, Inc.
11.75%, 7/15/2025(a)		34,000		37,844
5.50%, 4/20/2026(a)		49,000		48,036
5.75%, 4/20/2029(a)		45,000		43,525
United Airlines Holdings, Inc.
4.88%, 1/15/2025		27,000		26,435
United Airlines, Inc.
4.38%, 4/15/2026(a)		79,000		74,997
4.63%, 4/15/2029(a)		79,000		72,057
				313,198
Auto Components - 1.4%
Dealer Tire LLC
8.00%, 2/1/2028(a)		11,000		10,129
Goodyear Tire & Rubber Co. (The)
9.50%, 5/31/2025		45,000		46,448
5.00%, 5/31/2026		35,000		33,862
5.00%, 7/15/2029		23,000		20,261
5.25%, 4/30/2031		33,000		28,232
5.25%, 7/15/2031		39,000		32,947
5.63%, 4/30/2033		17,000		14,535
Icahn Enterprises LP
6.38%, 12/15/2025		12,000		11,895
6.25%, 5/15/2026		20,000		19,730
5.25%, 5/15/2027		32,000		29,795
Real Hero Merger Sub 2, Inc.
6.25%, 2/1/2029(a)		15,000		11,138
Wheel Pros, Inc.
6.50%, 5/15/2029(a)		11,000		4,397
				263,369
Automobiles - 0.6%
Ford Motor Co.
4.35%, 12/8/2026		23,000		22,381
7.45%, 7/16/2031		12,000		12,872
3.25%, 2/12/2032		28,000		22,223
4.75%, 1/15/2043		25,000		19,515
5.29%, 12/8/2046		12,000		9,897
Mclaren Finance plc
7.50%, 8/1/2026(a)		27,000		19,845
				106,733
Banks - 0.9%
Intesa Sanpaolo SpA
5.02%, 6/26/2024(a)		9,000		8,781
5.71%, 1/15/2026(a)		23,000		22,601
Provident Financing Trust I
7.41%, 3/15/2038		5,000		5,312
UniCredit SpA
5.86%, 6/19/2032(a)(b)		29,000		26,958

Investments	Principal Amount ($)		Value ($)
7.30%, 4/2/2034(a)(b)		113,000		109,866
				173,518
Beverages - 0.1%
Primo Water Holdings, Inc.
4.38%, 4/30/2029(a)		30,000		26,167
Biotechnology - 0.2%
Emergent BioSolutions, Inc.
3.88%, 8/15/2028(a)		11,000		4,784
Grifols Escrow Issuer SA
4.75%, 10/15/2028(a)		32,000		27,828
				32,612
Building Products - 0.8%
Advanced Drainage Systems, Inc.
5.00%, 9/30/2027(a)		11,000		10,471
6.38%, 6/15/2030(a)		23,000		22,852
Builders FirstSource, Inc.
5.00%, 3/1/2030(a)		5,000		4,662
4.25%, 2/1/2032(a)		17,000		14,624
6.38%, 6/15/2032(a)		12,000		11,748
Cornerstone Building Brands, Inc.
6.13%, 1/15/2029(a)		9,000		6,742
CP Atlas Buyer, Inc.
7.00%, 12/1/2028(a)		14,000		10,815
New Enterprise Stone & Lime Co., Inc.
5.25%, 7/15/2028(a)		12,000		11,047
9.75%, 7/15/2028(a)		5,000		4,741
Oscar Acquisition Co. LLC
9.50%, 4/15/2030(a)		10,000		8,950
Smyrna Ready Mix Concrete LLC
6.00%, 11/1/2028(a)		28,000		25,565
Summit Materials LLC
5.25%, 1/15/2029(a)		12,000		11,268
				143,485
Capital Markets - 1.5%
Advisor Group Holdings, Inc.
10.75%, 8/1/2027(a)		15,000		15,476
AG TTMT Escrow Issuer LLC
8.63%, 9/30/2027(a)		16,000		16,508
Aretec Escrow Issuer, Inc.
7.50%, 4/1/2029(a)		11,000		9,762
Coinbase Global, Inc.
3.38%, 10/1/2028(a)		28,000		18,060
3.63%, 10/1/2031(a)		33,000		19,223
LPL Holdings, Inc.
4.00%, 3/15/2029(a)		54,000		48,330
MSCI, Inc.
4.00%, 11/15/2029(a)		38,000		34,580
3.63%, 9/1/2030(a)		99,000		86,171
3.88%, 2/15/2031(a)		38,000		33,538
Nomura Holdings, Inc.
2.65%, 1/16/2025		5,000		4,755
				286,403

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Chemicals - 2.1%
Ashland LLC
3.38%, 9/1/2031(a)		30,000		24,900
ASP Unifrax Holdings, Inc.
7.50%, 9/30/2029(a)		11,000		7,921
Avient Corp.
5.75%, 5/15/2025(a)		30,000		29,690
7.13%, 8/1/2030(a)		23,000		23,171
Axalta Coating Systems LLC
3.38%, 2/15/2029(a)		33,000		28,380
Chemours Co. (The)
5.75%, 11/15/2028(a)		28,000		25,515
Cornerstone Chemical Co.
6.75%, 8/15/2024(a)		11,000		8,745
Element Solutions, Inc.
3.88%, 9/1/2028(a)		39,000		34,515
Gates Global LLC
6.25%, 1/15/2026(a)		11,000		10,833
GPD Cos., Inc.
10.13%, 4/1/2026(a)		11,000		9,861
Illuminate Buyer LLC
9.00%, 7/1/2028(a)		11,000		9,829
LSF11 A5 HoldCo LLC
6.63%, 10/15/2029(a)		11,000		9,027
Methanex Corp.
5.25%, 12/15/2029		16,000		14,712
Minerals Technologies, Inc.
5.00%, 7/1/2028(a)		10,000		9,145
Nufarm Australia Ltd.
5.00%, 1/27/2030(a)		11,000		9,980
Olympus Water US Holding Corp.
6.25%, 10/1/2029(a)		5,000		4,150
SCIH Salt Holdings, Inc.
4.88%, 5/1/2028(a)		23,000		20,240
6.63%, 5/1/2029(a)		33,000		28,222
Valvoline, Inc.
4.25%, 2/15/2030(a)		23,000		22,610
3.63%, 6/15/2031(a)		23,000		19,352
Venator Finance Sarl
5.75%, 7/15/2025(a)		11,000		3,879
Vibrantz Technologies, Inc.
9.00%, 2/15/2030(a)		23,000		17,725
WR Grace Holdings LLC
5.63%, 8/15/2029(a)		40,000		33,340
				405,742
Commercial Services & Supplies - 2.5%
Allied Universal Holdco LLC
6.63%, 7/15/2026(a)		72,000		69,318
9.75%, 7/15/2027(a)		71,000		67,805
6.00%, 6/1/2029(a)		19,000		15,287
Aptim Corp.
7.75%, 6/15/2025(a)		15,000		10,650
Arrow Bidco LLC
9.50%, 3/15/2024(a)		11,000		11,000
Garda World Security Corp.
4.63%, 2/15/2027(a)		14,000		12,741
9.50%, 11/1/2027(a)		17,000		16,789

Investments	Principal Amount ($)		Value ($)
6.00%, 6/1/2029(a)		11,000		9,182
GFL Environmental, Inc.
3.50%, 9/1/2028(a)		23,000		20,509
4.75%, 6/15/2029(a)		17,000		15,343
IAA, Inc.
5.50%, 6/15/2027(a)		17,000		17,064
Intrado Corp.
8.50%, 10/15/2025(a)		12,000		10,740
Neptune Bidco US, Inc.
9.29%, 4/15/2029(a)		9,000		8,748
Prime Security Services Borrower LLC
5.25%, 4/15/2024(a)		25,000		24,742
5.75%, 4/15/2026(a)		47,000		46,062
3.38%, 8/31/2027(a)		40,000		35,494
6.25%, 1/15/2028(a)		35,000		33,194
Ritchie Bros Auctioneers, Inc.
5.38%, 1/15/2025(a)		11,000		10,865
Steelcase, Inc.
5.13%, 1/18/2029		14,000		12,497
Vericast Corp.
11.00%, 9/15/2026(a)		5,000		5,419
WASH Multifamily Acquisition, Inc.
5.75%, 4/15/2026(a)		20,000		18,454
Waste Pro USA, Inc.
5.50%, 2/15/2026(a)		11,000		10,230
				482,133
Communications Equipment - 0.0%(c)
CommScope, Inc.
6.00%, 3/1/2026(a)		3,000		2,872
Construction & Engineering - 0.6%
AECOM
5.13%, 3/15/2027		35,000		34,391
Arcosa, Inc.
4.38%, 4/15/2029(a)		10,000		8,943
Artera Services LLC
9.03%, 12/4/2025(a)		28,000		23,939
Brand Industrial Services, Inc.
8.50%, 7/15/2025(a)		27,000		22,066
Cellnex Finance Co. SA
3.88%, 7/7/2041(a)		5,000		3,691
Global Infrastructure Solutions, Inc.
5.63%, 6/1/2029(a)		11,000		9,020
Pike Corp.
5.50%, 9/1/2028(a)		11,000		9,709
Tutor Perini Corp.
6.88%, 5/1/2025(a)		11,000		9,800
				121,559
Consumer Finance - 4.4%
Cobra Acquisition Co. LLC
6.38%, 11/1/2029(a)		11,000		6,710
Ford Motor Credit Co. LLC
3.38%, 11/13/2025		305,000		284,031
4.00%, 11/13/2030		224,000		195,584
goeasy Ltd.
5.38%, 12/1/2024(a)		17,000		16,272
4.38%, 5/1/2026(a)		11,000		9,817

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
LFS Topco LLC 5.88%, 10/15/2026(a)		12,000		9,927
OneMain Finance Corp. 6.13%, 3/15/2024		73,000		72,377
6.88%, 3/15/2025		33,000		32,896
7.13%, 3/15/2026		42,000		41,725
3.50%, 1/15/2027		39,000		33,919
6.63%, 1/15/2028		33,000		32,151
3.88%, 9/15/2028		23,000		19,320
5.38%, 11/15/2029		39,000		34,148
4.00%, 9/15/2030		33,000		26,316
SLM Corp. 4.20%, 10/29/2025		12,000		11,191
3.13%, 11/2/2026		12,000		10,598
				836,982
Containers & Packaging - 1.8%
Ball Corp. 5.25%, 7/1/2025		45,000		44,780
4.88%, 3/15/2026		30,000		29,551
6.88%, 3/15/2028		28,000		28,878
2.88%, 8/15/2030		50,000		40,990
3.13%, 9/15/2031		28,000		22,894
Berry Global, Inc. 5.63%, 7/15/2027(a)		23,000		22,597
Cascades, Inc. 5.38%, 1/15/2028(a)		25,000		23,351
Crown Americas LLC 4.75%, 2/1/2026		32,000		31,262
4.25%, 9/30/2026		33,000		31,537
5.25%, 4/1/2030		28,000		26,950
Graphic Packaging International LLC 4.13%, 8/15/2024		12,000		11,807
3.50%, 3/15/2028(a)		12,000		10,730
3.50%, 3/1/2029(a)		12,000		10,562
3.75%, 2/1/2030(a)		12,000		10,392
				346,281
Distributors - 0.3%
American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028(a)		16,000		14,577
3.88%, 11/15/2029(a)		11,000		9,378
BCPE Empire Holdings, Inc. 7.63%, 5/1/2027(a)		11,000		10,304
Univar Solutions USA, Inc. 5.13%, 12/1/2027(a)		16,000		15,471
				49,730
Diversified Consumer Services - 0.7%
Adtalem Global Education, Inc. 5.50%, 3/1/2028(a)		12,000		11,169
Grand Canyon University 5.13%, 10/1/2028		18,000		17,039
Service Corp. International 4.63%, 12/15/2027		23,000		21,866
3.38%, 8/15/2030		61,000		51,261
4.00%, 5/15/2031		23,000		20,113
Signal Parent, Inc. 6.13%, 4/1/2029(a)		5,000		1,906

Investments	Principal Amount ($)		Value ($)
Sotheby’s 7.38%, 10/15/2027(a)		5,000		4,802
				128,156
Diversified Financial Services - 0.5%
Armor Holdco, Inc. 8.50%, 11/15/2029(a)		9,000		7,673
CPI CG, Inc. 8.63%, 3/15/2026(a)		11,000		10,858
Jefferies Finance LLC 5.00%, 8/15/2028(a)		27,000		22,900
Jefferson Capital Holdings LLC 6.00%, 8/15/2026(a)		10,000		8,322
Midcap Financial Issuer Trust 6.50%, 5/1/2028(a)		23,000		20,240
Shift4 Payments LLC 4.63%, 11/1/2026(a)		12,000		11,364
Verscend Escrow Corp. 9.75%, 8/15/2026(a)		17,000		17,059
				98,416
Diversified Telecommunication Services - 8.3%
Altice France Holding SA 10.50%, 5/15/2027(a)		50,000		42,938
6.00%, 2/15/2028(a)		45,000		30,362
Altice France SA 5.50%, 1/15/2028(a)		40,000		33,221
5.13%, 7/15/2029(a)		9,000		7,064
5.50%, 10/15/2029(a)		30,000		23,721
British Telecommunications plc 4.25%, 11/23/2081(a)(b)		32,000		28,640
CCO Holdings LLC 5.13%, 5/1/2027(a)		111,000		105,789
5.00%, 2/1/2028(a)		73,000		68,164
5.38%, 6/1/2029(a)		45,000		41,625
4.75%, 3/1/2030(a)		90,000		78,641
4.50%, 8/15/2030(a)		109,000		93,136
4.25%, 2/1/2031(a)		84,000		69,976
4.50%, 5/1/2032		103,000		85,232
4.25%, 1/15/2034(a)		25,000		19,489
Embarq Corp. 8.00%, 6/1/2036		40,000		19,302
Iliad Holding SASU 6.50%, 10/15/2026(a)		45,000		42,613
7.00%, 10/15/2028(a)		14,000		13,148
Intelsat Jackson Holdings SA 6.50%, 3/15/2030(a)		83,000		75,364
Level 3 Financing, Inc. 3.40%, 3/1/2027(a)		32,000		27,695
4.63%, 9/15/2027(a)		28,000		23,719
4.25%, 7/1/2028(a)		61,000		48,342
3.75%, 7/15/2029(a)		45,000		32,897
Lumen Technologies, Inc. 5.63%, 4/1/2025		7,000		6,685
5.13%, 12/15/2026(a)		23,000		19,665
4.00%, 2/15/2027(a)		42,000		35,417
4.50%, 1/15/2029(a)		23,000		15,468
5.38%, 6/15/2029(a)		14,000		9,698
Series P, 7.60%, 9/15/2039		14,000		9,441

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Series U, 7.65%, 3/15/2042		23,000		15,285
Sprint Capital Corp. 6.88%, 11/15/2028		78,000		83,447
8.75%, 3/15/2032		78,000		96,330
Telecom Italia Capital SA 6.38%, 11/15/2033		40,000		34,009
6.00%, 9/30/2034		15,000		12,036
7.20%, 7/18/2036		39,000		33,132
7.72%, 6/4/2038		41,000		35,358
Telecom Italia SpA 5.30%, 5/30/2024(a)		54,000		52,391
Telesat Canada 5.63%, 12/6/2026(a)		14,000		6,466
4.88%, 6/1/2027(a)		9,000		4,408
6.50%, 10/15/2027(a)		23,000		6,426
Windstream Escrow LLC 7.75%, 8/15/2028(a)		45,000		36,429
Zayo Group Holdings, Inc. 4.00%, 3/1/2027(a)		41,000		32,599
6.13%, 3/1/2028(a)		32,000		22,000
				1,577,768
Electric Utilities - 0.4%
FirstEnergy Corp.
Series B, 4.15%, 7/15/2027(d)		23,000		21,980
2.65%, 3/1/2030		10,000		8,544
Series C, 7.38%, 11/15/2031		11,000		12,705
Series C, 3.40%, 3/1/2050		11,000		7,815
Pattern Energy Operations LP 4.50%, 8/15/2028(a)		17,000		15,597
				66,641
Electrical Equipment - 0.7%
Atkore, Inc. 4.25%, 6/1/2031(a)		11,000		9,652
EnerSys 4.38%, 12/15/2027(a)		11,000		10,161
Regal Rexnord Corp. 6.40%, 4/15/2033(a)		50,000		51,266
Sensata Technologies BV 5.00%, 10/1/2025(a)		32,000		31,648
4.00%, 4/15/2029(a)		32,000		28,720
				131,447
Electronic Equipment, Instruments & Components - 0.1%
Likewize Corp. 9.75%, 10/15/2025(a)		11,000		10,340
Sensata Technologies, Inc. 3.75%, 2/15/2031(a)		9,000		7,640
				17,980
Energy Equipment & Services - 1.9%
Archrock Partners LP 6.88%, 4/1/2027(a)		17,000		16,660
6.25%, 4/1/2028(a)		38,000		36,100
CGG SA 8.75%, 4/1/2027(a)		5,000		4,435

Investments	Principal Amount ($)		Value ($)
Ensign Drilling, Inc. 9.25%, 4/15/2024(a)		11,000		10,670
Solaris Midstream Holdings LLC 7.63%, 4/1/2026(a)		11,000		11,000
Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024(a)		4,800		4,860
Transocean Pontus Ltd. 6.13%, 8/1/2025(a)		9,090		9,364
Transocean Poseidon Ltd. 6.88%, 2/1/2027(a)		14,625		14,591
Transocean Proteus Ltd. 6.25%, 12/1/2024(a)		1,200		1,212
Transocean, Inc. 7.25%, 11/1/2025(a)		14,000		13,335
7.50%, 1/15/2026(a)		17,000		15,980
11.50%, 1/30/2027(a)		28,000		29,217
8.00%, 2/1/2027(a)		17,000		15,597
8.75%, 2/15/2030(a)		35,000		36,085
7.50%, 4/15/2031		11,000		8,525
6.80%, 3/15/2038		29,000		20,590
USA Compression Partners LP 6.88%, 4/1/2026		50,000		49,072
Weatherford International Ltd. 6.50%, 9/15/2028(a)		12,000		11,940
8.63%, 4/30/2030(a)		44,000		44,414
				353,647
Entertainment - 0.7%
Allen Media LLC 10.50%, 2/15/2028(a)		20,000		8,083
AMC Entertainment Holdings, Inc. 10.00%, 6/15/2026(a)		39,000		19,448
Live Nation Entertainment, Inc. 6.50%, 5/15/2027(a)		56,000		56,310
4.75%, 10/15/2027(a)		45,000		41,625
Warner Media LLC 7.63%, 4/15/2031		10,000		10,715
				136,181
Equity Real Estate Investment Trusts (REITs) - 2.4%
Diversified Healthcare Trust 4.75%, 2/15/2028		16,000		9,751
4.38%, 3/1/2031		25,000		16,935
HAT Holdings I LLC 6.00%, 4/15/2025(a)		10,000		9,775
3.38%, 6/15/2026(a)		40,000		35,500
3.75%, 9/15/2030(a)		23,000		17,579
MPT Operating Partnership LP 5.25%, 8/1/2026		17,000		15,464
5.00%, 10/15/2027		41,000		34,659
4.63%, 8/1/2029		30,000		23,325
3.50%, 3/15/2031		41,000		28,700
Office Properties Income Trust 4.50%, 2/1/2025		41,000		38,145
2.40%, 2/1/2027		27,000		20,756
3.45%, 10/15/2031		14,000		9,821
Park Intermediate Holdings LLC 7.50%, 6/1/2025(a)		25,000		25,344
5.88%, 10/1/2028(a)		26,000		24,060

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
4.88%, 5/15/2029(a)		31,000		26,799
SBA Communications Corp. 3.88%, 2/15/2027		61,000		56,336
3.13%, 2/1/2029		61,000		51,678
Uniti Group LP 7.88%, 2/15/2025(a)		15,000		14,804
				459,431
Food & Staples Retailing - 1.5%
Albertsons Cos., Inc. 3.25%, 3/15/2026(a)		20,000		18,499
4.63%, 1/15/2027(a)		38,000		36,026
5.88%, 2/15/2028(a)		51,000		49,853
3.50%, 3/15/2029(a)		38,000		32,775
4.88%, 2/15/2030(a)		25,000		22,996
Rite Aid Corp. 8.00%, 11/15/2026(a)		40,000		22,300
Safeway, Inc. 7.25%, 2/1/2031		11,000		11,188
US Foods, Inc. 6.25%, 4/15/2025(a)		55,000		55,100
4.75%, 2/15/2029(a)		32,000		29,273
4.63%, 6/1/2030(a)		17,000		15,218
				293,228
Food Products - 1.0%
Darling Ingredients, Inc. 5.25%, 4/15/2027(a)		11,000		10,728
6.00%, 6/15/2030(a)		33,000		32,835
Lamb Weston Holdings, Inc. 4.88%, 5/15/2028(a)		19,000		18,376
4.13%, 1/31/2030(a)		40,000		36,050
4.38%, 1/31/2032(a)		29,000		25,972
Pilgrim’s Pride Corp. 5.88%, 9/30/2027(a)		10,000		9,923
4.25%, 4/15/2031(a)		13,000		11,277
Post Holdings, Inc. 5.63%, 1/15/2028(a)		11,000		10,587
5.50%, 12/15/2029(a)		15,000		13,911
4.63%, 4/15/2030(a)		19,000		16,720
4.50%, 9/15/2031(a)		14,000		12,075
				198,454
Gas Utilities - 0.8%
AmeriGas Partners LP 5.63%, 5/20/2024		32,000		31,520
5.88%, 8/20/2026		28,000		27,084
5.75%, 5/20/2027		17,000		16,023
Ferrellgas LP 5.38%, 4/1/2026(a)		11,000		10,120
5.88%, 4/1/2029(a)		38,000		31,635
Suburban Propane Partners LP 5.00%, 6/1/2031(a)		30,000		26,099
				142,481
Health Care Equipment & Supplies - 0.9%
Avantor Funding, Inc. 4.63%, 7/15/2028(a)		10,000		9,426
Embecta Corp. 6.75%, 2/15/2030(a)		9,000		8,098

Investments	Principal Amount ($)		Value ($)
Hologic, Inc. 4.63%, 2/1/2028(a)		12,000		11,435
3.25%, 2/15/2029(a)		38,000		33,433
Medline Borrower LP 3.88%, 4/1/2029(a)		32,000		27,361
5.25%, 10/1/2029(a)		60,000		50,237
Teleflex, Inc. 4.63%, 11/15/2027		12,000		11,457
4.25%, 6/1/2028(a)		12,000		11,069
				162,516
Health Care Providers & Services - 5.1%
180 Medical, Inc. 3.88%, 10/15/2029(a)		5,000		4,431
Acadia Healthcare Co., Inc. 5.00%, 4/15/2029(a)		39,000		36,469
AHP Health Partners, Inc. 5.75%, 7/15/2029(a)		11,000		9,050
Air Methods Corp. 8.00%, 5/15/2025(a)		11,000		495
Akumin Escrow, Inc. 7.50%, 8/1/2028(a)		8,000		5,440
Akumin, Inc. 7.00%, 11/1/2025(a)		11,000		8,525
Community Health Systems, Inc. 8.00%, 3/15/2026(a)		14,000		13,515
5.63%, 3/15/2027(a)		12,000		10,622
DaVita, Inc. 4.63%, 6/1/2030(a)		110,000		92,675
3.75%, 2/15/2031(a)		67,000		52,092
Encompass Health Corp. 4.50%, 2/1/2028		39,000		36,405
4.75%, 2/1/2030		31,000		28,416
4.63%, 4/1/2031		23,000		20,244
Envision Healthcare Corp. 8.75%, 10/15/2026(a)		17,000		4,580
Global Medical Response, Inc. 6.50%, 10/1/2025(a)		11,000		7,735
Legacy LifePoint Health LLC 6.75%, 4/15/2025(a)		12,000		11,700
4.38%, 2/15/2027(a)		27,000		23,625
LifePoint Health, Inc. 5.38%, 1/15/2029(a)		11,000		7,348
Molina Healthcare, Inc. 3.88%, 11/15/2030(a)		72,000		61,929
Owens & Minor, Inc. 4.38%, 12/15/2024		10,000		9,761
4.50%, 3/31/2029(a)		25,000		20,365
6.63%, 4/1/2030(a)		17,000		15,033
Prime Healthcare Services, Inc. 7.25%, 11/1/2025(a)		23,000		20,256
Radiology Partners, Inc. 9.25%, 2/1/2028(a)		18,000		10,890
RegionalCare Hospital Partners Holdings, Inc. 9.75%, 12/1/2026(a)		38,000		33,320
RP Escrow Issuer LLC 5.25%, 12/15/2025(a)		18,000		14,688

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Select Medical Corp. 6.25%, 8/15/2026(a)		38,000		37,114
Team Health Holdings, Inc. 6.38%, 2/1/2025(a)		21,000		13,838
Tenet Healthcare Corp. 4.63%, 7/15/2024		25,000		24,656
4.88%, 1/1/2026		67,000		65,256
5.13%, 11/1/2027		89,000		85,663
6.13%, 10/1/2028		89,000		83,222
6.13%, 6/15/2030(a)		61,000		59,213
6.88%, 11/15/2031		20,000		18,429
US Acute Care Solutions LLC 6.38%, 3/1/2026(a)		21,000		18,997
US Renal Care, Inc. 10.63%, 7/15/2027(a)		15,000		4,875
				970,872
Health Care Technology - 0.3%
IQVIA, Inc. 5.00%, 5/15/2027(a)		53,000		51,432
Hotels, Restaurants & Leisure - 9.0%
1011778 BC ULC 4.38%, 1/15/2028(a)		23,000		21,165
4.00%, 10/15/2030(a)		32,000		27,240
Affinity Gaming 6.88%, 12/15/2027(a)		16,000		14,324
Boyne USA, Inc. 4.75%, 5/15/2029(a)		20,000		18,122
Caesars Entertainment, Inc. 6.25%, 7/1/2025(a)		33,000		32,873
8.13%, 7/1/2027(a)		35,000		35,525
Carnival Corp. 5.75%, 3/1/2027(a)		33,000		27,390
4.00%, 8/1/2028(a)		17,000		14,688
Carnival Holdings Bermuda Ltd. 10.38%, 5/1/2028(a)		14,000		15,120
CEC Entertainment LLC 6.75%, 5/1/2026(a)		11,000		10,175
Cedar Fair LP 5.50%, 5/1/2025(a)		11,000		10,920
6.50%, 10/1/2028		58,000		56,209
Constellation Merger Sub, Inc. 8.50%, 9/15/2025(a)		11,000		9,526
Fertitta Entertainment LLC 4.63%, 1/15/2029(a)		30,000		26,477
6.75%, 1/15/2030(a)		32,000		26,560
GPS Hospitality Holding Co. LLC 7.00%, 8/15/2028(a)		9,000		5,580
Hilton Domestic Operating Co., Inc. 5.75%, 5/1/2028(a)		28,000		27,780
3.75%, 5/1/2029(a)		5,000		4,440
4.88%, 1/15/2030		55,000		51,850
4.00%, 5/1/2031(a)		44,000		38,126
3.63%, 2/15/2032(a)		77,000		64,661
Hilton Worldwide Finance LLC 4.88%, 4/1/2027		28,000		27,108

Investments	Principal Amount ($)		Value ($)
International Game Technology plc 4.13%, 4/15/2026(a)		115,000		108,965
IRB Holding Corp. 7.00%, 6/15/2025(a)		17,000		17,061
Jacobs Entertainment, Inc. 6.75%, 2/15/2029(a)		12,000		11,160
KFC Holding Co. 4.75%, 6/1/2027(a)		17,000		16,490
Las Vegas Sands Corp. 3.20%, 8/8/2024		71,000		68,329
3.90%, 8/8/2029		84,000		75,275
MGM Resorts International 5.75%, 6/15/2025		45,000		44,432
4.63%, 9/1/2026		12,000		11,305
4.75%, 10/15/2028		45,000		40,802
Mohegan Tribal Gaming Authority 8.00%, 2/1/2026(a)		33,000		31,350
Raptor Acquisition Corp. 4.88%, 11/1/2026(a)		11,000		10,230
Royal Caribbean Cruises Ltd. 11.50%, 6/1/2025(a)		12,000		12,885
4.25%, 7/1/2026(a)		33,000		28,627
5.50%, 8/31/2026(a)		11,000		9,845
5.38%, 7/15/2027(a)		12,000		10,439
11.63%, 8/15/2027(a)		14,000		14,857
5.50%, 4/1/2028(a)		17,000		14,620
9.25%, 1/15/2029(a)		14,000		14,768
Six Flags Entertainment Corp. 4.88%, 7/31/2024(a)		36,000		35,235
5.50%, 4/15/2027(a)		40,000		37,702
Sizzling Platter LLC 8.50%, 11/28/2025(a)		10,000		9,248
Speedway Motorsports LLC 4.88%, 11/1/2027(a)		11,000		10,270
Station Casinos LLC 4.50%, 2/15/2028(a)		17,000		15,304
4.63%, 12/1/2031(a)		14,000		11,801
TKC Holdings, Inc. 6.88%, 5/15/2028(a)		11,000		8,991
10.50%, 5/15/2029(a)		17,000		10,361
Travel + Leisure Co. 5.65%, 4/1/2024(d)		10,000		9,950
6.60%, 10/1/2025(d)		11,000		10,944
6.63%, 7/31/2026(a)		32,000		31,756
4.50%, 12/1/2029(a)		17,000		14,622
4.63%, 3/1/2030(a)		11,000		9,354
Vail Resorts, Inc. 6.25%, 5/15/2025(a)		23,000		23,110
Viking Cruises Ltd. 6.25%, 5/15/2025(a)		11,000		10,014
5.88%, 9/15/2027(a)		23,000		19,591
7.00%, 2/15/2029(a)		23,000		20,010
VOC Escrow Ltd. 5.00%, 2/15/2028(a)		17,000		14,945
Wyndham Hotels & Resorts, Inc. 4.38%, 8/15/2028(a)		11,000		10,145

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Wynn Las Vegas LLC 5.50%, 3/1/2025(a)		48,000		46,645
5.25%, 5/15/2027(a)		25,000		23,617
Wynn Resorts Finance LLC 7.75%, 4/15/2025(a)		12,000		12,049
5.13%, 10/1/2029(a)		32,000		28,560
Yum! Brands, Inc. 4.75%, 1/15/2030(a)		55,000		51,439
3.63%, 3/15/2031		69,000		58,818
4.63%, 1/31/2032		72,000		65,508
				1,707,288
Household Durables - 2.1%
Beazer Homes USA, Inc. 5.88%, 10/15/2027		17,000		15,173
7.25%, 10/15/2029		11,000		10,161
Century Communities, Inc. 6.75%, 6/1/2027		23,000		22,681
3.88%, 8/15/2029(a)		12,000		10,088
Installed Building Products, Inc. 5.75%, 2/1/2028(a)		5,000		4,599
KB Home 6.88%, 6/15/2027		38,000		38,760
7.25%, 7/15/2030		23,000		22,964
Newell Brands, Inc. 4.88%, 6/1/2025		11,000		10,755
4.45%, 4/1/2026(d)		110,000		104,504
5.63%, 4/1/2036(d)		11,000		9,800
5.75%, 4/1/2046(d)		21,000		17,455
Tempur Sealy International, Inc. 4.00%, 4/15/2029(a)		44,000		38,431
3.88%, 10/15/2031(a)		32,000		26,365
TopBuild Corp. 3.63%, 3/15/2029(a)		11,000		9,376
4.13%, 2/15/2032(a)		17,000		14,423
TRI Pointe Group, Inc. 5.88%, 6/15/2024		23,000		22,922
Tri Pointe Homes, Inc. 5.70%, 6/15/2028		23,000		21,578
				400,035
Household Products - 0.2%
Spectrum Brands, Inc. 5.00%, 10/1/2029(a)		32,000		28,197
3.88%, 3/15/2031(a)		23,000		18,544
				46,741
Independent Power and Renewable Electricity Producers - 1.1%
Atlantica Sustainable Infrastructure plc 4.13%, 6/15/2028(a)		15,000		13,350
Calpine Corp. 5.25%, 6/1/2026(a)		23,000		22,245
4.50%, 2/15/2028(a)		32,000		29,528
5.13%, 3/15/2028(a)		38,000		34,406
4.63%, 2/1/2029(a)		32,000		27,811
5.00%, 2/1/2031(a)		39,000		33,419
Clearway Energy Operating LLC 4.75%, 3/15/2028(a)		23,000		21,694
3.75%, 2/15/2031(a)		39,000		32,948
				215,401

Investments	Principal Amount ($)		Value ($)
Insurance - 2.4%
Acrisure LLC 7.00%, 11/15/2025(a)		39,000		37,103
4.25%, 2/15/2029(a)		11,000		9,130
6.00%, 8/1/2029(a)		23,000		18,975
Alliant Holdings Intermediate LLC 4.25%, 10/15/2027(a)		21,000		19,246
6.75%, 10/15/2027(a)		52,000		48,637
AmWINS Group, Inc. 4.88%, 6/30/2029(a)		23,000		20,175
Assurant, Inc. 7.00%, 3/27/2048(b)		12,000		11,880
AssuredPartners, Inc. 7.00%, 8/15/2025(a)		15,000		14,750
5.63%, 1/15/2029(a)		14,000		11,976
BroadStreet Partners, Inc. 5.88%, 4/15/2029(a)		20,000		17,666
Global Atlantic Fin Co. 4.70%, 10/15/2051(a)(b)		28,000		24,104
GTCR AP Finance, Inc. 8.00%, 5/15/2027(a)		12,000		11,783
HUB International Ltd. 7.00%, 5/1/2026(a)		56,000		55,442
5.63%, 12/1/2029(a)		11,000		9,843
Liberty Mutual Group, Inc. 7.80%, 3/15/2037(a)		17,000		18,929
4.12%, 12/15/2051(a)(b)		18,000		15,390
4.30%, 2/1/2061(a)		39,000		25,426
NFP Corp. 4.88%, 8/15/2028(a)		39,000		34,036
6.88%, 8/15/2028(a)		45,000		38,910
Ryan Specialty Group LLC 4.38%, 2/1/2030(a)		11,000		9,914
USI, Inc. 6.88%, 5/1/2025(a)		11,000		10,948
				464,263
Interactive Media & Services - 0.2%
Rackspace Technology Global, Inc. 3.50%, 2/15/2028(a)		18,000		10,823
5.38%, 12/1/2028(a)		14,000		5,158
Ziff Davis, Inc. 4.63%, 10/15/2030(a)		17,000		15,063
				31,044
Internet & Direct Marketing Retail - 1.2%
Go Daddy Operating Co. LLC 3.50%, 3/1/2029(a)		40,000		34,592
Match Group Holdings II LLC 4.63%, 6/1/2028(a)		22,000		20,235
4.13%, 8/1/2030(a)		44,000		37,840
3.63%, 10/1/2031(a)		14,000		11,235
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026(a)		21,000		10,500
QVC, Inc. 4.45%, 2/15/2025		44,000		37,468
4.75%, 2/15/2027		14,000		10,609
5.45%, 8/15/2034		17,000		9,987
5.95%, 3/15/2043		9,000		4,654

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Rakuten Group, Inc. 10.25%, 11/30/2024(a)		50,000		50,624
				227,744
IT Services - 1.2%
Ahead DB Holdings LLC 6.63%, 5/1/2028(a)		10,000		8,450
Block, Inc. 2.75%, 6/1/2026		44,000		39,989
3.50%, 6/1/2031		23,000		19,205
Endurance International Group Holdings, Inc. 6.00%, 2/15/2029(a)		15,000		10,660
Exela Intermediate LLC 11.50%, 7/15/2026(a)		27,000		3,136
Gartner, Inc. 3.63%, 6/15/2029(a)		83,000		74,534
Northwest Fiber LLC 6.00%, 2/15/2028(a)		9,000		7,430
10.75%, 6/1/2028(a)		5,000		4,675
Presidio Holdings, Inc. 8.25%, 2/1/2028(a)		24,000		23,070
Twilio, Inc. 3.63%, 3/15/2029		23,000		19,528
3.88%, 3/15/2031		17,000		14,033
Virtusa Corp. 7.13%, 12/15/2028(a)		11,000		9,240
				233,950
Machinery - 0.5%
Hillenbrand, Inc. 3.75%, 3/1/2031		40,000		33,600
JPW Industries Holding Corp. 9.00%, 10/1/2024(a)		11,000		9,817
Manitowoc Co., Inc. (The) 9.00%, 4/1/2026(a)		9,000		8,854
Mueller Water Products, Inc. 4.00%, 6/15/2029(a)		15,000		13,304
Terex Corp. 5.00%, 5/15/2029(a)		11,000		10,271
Trinity Industries, Inc. 4.55%, 10/1/2024		11,000		10,622
Weir Group plc (The) 2.20%, 5/13/2026(a)		5,000		4,481
				90,949
Media - 5.2%
Altice Financing SA 5.00%, 1/15/2028(a)		45,000		38,263
5.75%, 8/15/2029(a)		25,000		20,998
Beasley Mezzanine Holdings LLC 8.63%, 2/1/2026(a)		11,000		7,040
Cengage Learning, Inc. 9.50%, 6/15/2024(a)		11,000		10,700
Clear Channel Outdoor Holdings, Inc. 5.13%, 8/15/2027(a)		61,000		55,325
7.75%, 4/15/2028(a)		33,000		28,074
7.50%, 6/1/2029(a)		33,000		26,895
CMG Media Corp. 8.88%, 12/15/2027(a)		26,000		20,280

Investments	Principal Amount ($)		Value ($)
CSC Holdings LLC 5.75%, 1/15/2030(a)		17,000		10,710
Cumulus Media New Holdings, Inc. 6.75%, 7/1/2026(a)		11,000		9,182
Directv Financing LLC 5.88%, 8/15/2027(a)		40,000		36,232
DISH DBS Corp. 5.88%, 11/15/2024		12,000		11,326
7.75%, 7/1/2026		10,000		8,121
5.25%, 12/1/2026(a)		33,000		28,442
5.75%, 12/1/2028(a)		15,000		12,273
DISH Network Corp. 11.75%, 11/15/2027(a)		25,000		25,980
iHeartCommunications, Inc. 6.38%, 5/1/2026		23,000		21,974
8.38%, 5/1/2027		28,000		25,095
5.25%, 8/15/2027(a)		30,000		26,869
4.75%, 1/15/2028(a)		23,000		19,666
Lamar Media Corp. 3.75%, 2/15/2028		33,000		29,953
4.00%, 2/15/2030		33,000		29,370
Liberty Interactive LLC 8.25%, 2/1/2030		17,000		8,086
McGraw-Hill Education, Inc. 8.00%, 8/1/2029(a)		21,000		18,007
News Corp. 3.88%, 5/15/2029(a)		51,000		45,634
Nexstar Media, Inc. 5.63%, 7/15/2027(a)		11,000		10,478
Paramount Global 6.25%, 2/28/2057(b)		21,000		18,191
6.37%, 3/30/2062(b)		28,000		24,429
Radiate Holdco LLC 6.50%, 9/15/2028(a)		27,000		14,067
Sirius XM Radio, Inc. 4.00%, 7/15/2028(a)		17,000		15,132
Summer BC Bidco B LLC 5.50%, 10/31/2026(a)		5,000		4,109
TEGNA, Inc. 4.75%, 3/15/2026(a)		23,000		22,300
4.63%, 3/15/2028		47,000		44,112
5.00%, 9/15/2029		34,000		32,028
Univision Communications, Inc. 5.13%, 2/15/2025(a)		7,000		6,820
6.63%, 6/1/2027(a)		6,000		5,880
UPC Broadband Finco BV 4.88%, 7/15/2031(a)		32,000		28,153
UPC Holding BV 5.50%, 1/15/2028(a)		14,000		12,775
Videotron Ltd. 5.13%, 4/15/2027(a)		15,000		14,399
Virgin Media Vendor Financing Notes IV DAC 5.00%, 7/15/2028(a)		179,000		162,460
Ziggo Bond Co. BV 5.13%, 2/28/2030(a)		3,000		2,479
				992,307

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Metals & Mining - 1.8%
Baffinland Iron Mines Corp. 8.75%, 7/15/2026(a)		12,000		11,653
Commercial Metals Co. 4.13%, 1/15/2030		23,000		20,585
3.88%, 2/15/2031		5,000		4,328
Eldorado Gold Corp. 6.25%, 9/1/2029(a)		12,000		10,997
FMG Resources August 2006 Pty. Ltd. 5.13%, 5/15/2024(a)		23,000		22,779
5.88%, 4/15/2030(a)		78,000		76,175
4.38%, 4/1/2031(a)		20,000		17,600
Hudbay Minerals, Inc. 4.50%, 4/1/2026(a)		21,000		19,346
6.13%, 4/1/2029(a)		23,000		21,238
IAMGOLD Corp. 5.75%, 10/15/2028(a)		11,000		8,693
Mineral Resources Ltd. 8.13%, 5/1/2027(a)		17,000		17,128
8.00%, 11/1/2027(a)		40,000		40,952
8.50%, 5/1/2030(a)		25,000		25,828
New Gold, Inc. 7.50%, 7/15/2027(a)		11,000		10,206
Novelis Corp. 3.88%, 8/15/2031(a)		14,000		11,816
TMS International Corp. 6.25%, 4/15/2029(a)		5,000		3,756
United States Steel Corp. 6.88%, 3/1/2029		10,000		10,104
				333,184
Mortgage Real Estate Investment Trusts (REITs) - 0.1%
Apollo Commercial Real Estate Finance, Inc. 4.63%, 6/15/2029(a)		20,000		16,375
Rithm Capital Corp. 6.25%, 10/15/2025(a)		11,000		10,244
				26,619
Multiline Retail - 1.0%
Kohl’s Corp. 4.25%, 7/17/2025		15,000		14,392
3.62%, 5/1/2031(d)		25,000		18,523
5.55%, 7/17/2045		20,000		13,149
Macy’s Retail Holdings LLC 5.88%, 4/1/2029(a)		11,000		10,230
5.88%, 3/15/2030(a)		32,000		29,209
6.13%, 3/15/2032(a)		11,000		9,845
Marks & Spencer plc 7.13%, 12/1/2037(a)		13,000		11,647
Nordstrom, Inc. 4.38%, 4/1/2030		32,000		25,675
4.25%, 8/1/2031		49,000		36,795
5.00%, 1/15/2044		28,000		18,889
				188,354
Multi-Utilities - 0.1%
Algonquin Power & Utilities Corp. 4.75%, 1/18/2082(b)		28,000		23,660

Investments	Principal Amount ($)		Value ($)
Oil, Gas & Consumable Fuels - 8.9%
Aethon United BR LP 8.25%, 2/15/2026(a)		20,000		19,900
Antero Midstream Partners LP 5.75%, 1/15/2028(a)		14,000		13,387
5.38%, 6/15/2029(a)		12,000		11,145
Ascent Resources Utica Holdings LLC 7.00%, 11/1/2026(a)		12,000		11,437
8.25%, 12/31/2028(a)		28,000		27,419
Blue Racer Midstream LLC 6.63%, 7/15/2026(a)		11,000		10,835
Buckeye Partners LP 4.35%, 10/15/2024		28,000		27,098
3.95%, 12/1/2026		11,000		10,068
4.50%, 3/1/2028(a)		28,000		25,557
5.85%, 11/15/2043		15,000		11,475
Chesapeake Energy Corp. 5.88%, 2/1/2029(a)		25,000		23,940
6.75%, 4/15/2029(a)		31,000		30,568
Citgo Holding, Inc. 9.25%, 8/1/2024(a)		35,000		35,175
CITGO Petroleum Corp. 7.00%, 6/15/2025(a)		32,000		31,730
6.38%, 6/15/2026(a)		18,000		17,638
CQP Holdco LP 5.50%, 6/15/2031(a)		53,000		48,263
Crestwood Midstream Partners LP 5.63%, 5/1/2027(a)		28,000		26,760
6.00%, 2/1/2029(a)		17,000		16,127
8.00%, 4/1/2029(a)		14,000		14,210
CrownRock LP 5.63%, 10/15/2025(a)		12,000		11,700
5.00%, 5/1/2029(a)		32,000		29,310
Delek Logistics Partners LP 7.13%, 6/1/2028(a)		11,000		10,090
DT Midstream, Inc. 4.38%, 6/15/2031(a)		23,000		20,119
Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028(a)		11,000		10,255
Endeavor Energy Resources LP 5.75%, 1/30/2028(a)		33,000		32,340
Energean plc 6.50%, 4/30/2027(a)		5,000		4,679
Energy Ventures Gom LLC 11.75%, 4/15/2026(a)		11,000		11,494
Enviva Partners LP 6.50%, 1/15/2026(a)		32,000		29,869
FTAI Infra Escrow Holdings LLC 10.50%, 6/1/2027(a)		17,000		17,053
Genesis Energy LP 8.00%, 1/15/2027		49,000		48,373
7.75%, 2/1/2028		31,000		29,958
Global Partners LP 7.00%, 8/1/2027		10,000		9,601
6.88%, 1/15/2029		10,000		9,437
Harvest Midstream I LP 7.50%, 9/1/2028(a)		21,000		20,659

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Hess Midstream Operations LP 5.63%, 2/15/2026(a)		23,000		22,773
5.13%, 6/15/2028(a)		23,000		21,660
4.25%, 2/15/2030(a)		15,000		13,137
Hilcorp Energy I LP 6.25%, 11/1/2028(a)		33,000		31,697
5.75%, 2/1/2029(a)		17,000		15,810
6.00%, 2/1/2031(a)		15,000		13,870
6.25%, 4/15/2032(a)		12,000		11,077
Howard Midstream Energy Partners LLC 6.75%, 1/15/2027(a)		9,000		8,775
ITT Holdings LLC 6.50%, 8/1/2029(a)		45,000		39,094
Kinetik Holdings LP 5.88%, 6/15/2030(a)		32,000		30,400
Martin Midstream Partners LP 11.50%, 2/28/2025(a)		5,000		5,002
MEG Energy Corp. 7.13%, 2/1/2027(a)		51,000		52,311
Neptune Energy Bondco plc 6.63%, 5/15/2025(a)		9,000		8,887
New Fortress Energy, Inc. 6.75%, 9/15/2025(a)		17,000		16,263
6.50%, 9/30/2026(a)		17,000		15,642
NGL Energy Operating LLC 7.50%, 2/1/2026(a)		55,000		52,231
NGL Energy Partners LP 6.13%, 3/1/2025		12,000		10,650
7.50%, 4/15/2026		9,000		7,649
Northriver Midstream Finance LP 5.63%, 2/15/2026(a)		11,000		10,560
Occidental Petroleum Corp. 2.90%, 8/15/2024		9,000		8,627
5.88%, 9/1/2025		84,000		85,024
8.88%, 7/15/2030		18,000		21,195
6.63%, 9/1/2030		38,000		40,343
6.13%, 1/1/2031		14,000		14,612
7.88%, 9/15/2031		50,000		56,630
6.45%, 9/15/2036		40,000		42,065
Zero Coupon, 10/10/2036		50,000		25,234
4.50%, 7/15/2044		5,000		4,091
6.60%, 3/15/2046		14,000		14,908
Parkland Corp. 4.50%, 10/1/2029(a)		37,000		31,738
4.63%, 5/1/2030(a)		49,000		42,121
Range Resources Corp. 4.88%, 5/15/2025		25,000		24,119
8.25%, 1/15/2029		15,000		15,421
4.75%, 2/15/2030(a)		20,000		17,915
Rockcliff Energy II LLC 5.50%, 10/15/2029(a)		20,000		19,025
Strathcona Resources Ltd. 6.88%, 8/1/2026(a)		11,000		9,377
Summit Midstream Holdings LLC 5.75%, 4/15/2025		11,000		9,460
8.50%, 10/15/2026(a)		17,000		16,554

Investments	Principal Amount ($)		Value ($)
Sunnova Energy Corp. 5.88%, 9/1/2026(a)		21,000		18,900
Sunoco LP 5.88%, 3/15/2028		10,000		9,800
Tap Rock Resources LLC 7.00%, 10/1/2026(a)		11,000		10,411
Teine Energy Ltd. 6.88%, 4/15/2029(a)		11,000		10,271
TerraForm Power Operating LLC 5.00%, 1/31/2028(a)		23,000		21,604
4.75%, 1/15/2030(a)		17,000		15,300
Vermilion Energy, Inc. 6.88%, 5/1/2030(a)		15,000		13,837
				1,693,739
Paper & Forest Products - 0.3%
Domtar Corp. 6.75%, 10/1/2028(a)		12,000		11,027
Louisiana-Pacific Corp. 3.63%, 3/15/2029(a)		11,000		9,523
Mercer International, Inc. 5.50%, 1/15/2026		12,000		11,610
5.13%, 2/1/2029		39,000		33,353
				65,513
Personal Products - 0.4%
Avon Products, Inc. 8.45%, 3/15/2043(d)		6,000		5,913
Coty, Inc. 5.00%, 4/15/2026(a)		39,000		37,343
6.50%, 4/15/2026(a)		38,000		37,460
				80,716
Pharmaceuticals - 1.6%
Bausch Health Americas, Inc. 9.25%, 4/1/2026(a)		24,000		17,846
8.50%, 1/31/2027(a)		20,000		10,544
Bausch Health Cos., Inc. 5.50%, 11/1/2025(a)		61,000		51,882
9.00%, 12/15/2025(a)		55,000		43,330
6.13%, 2/1/2027(a)		38,000		25,935
5.75%, 8/15/2027(a)		9,000		6,097
5.00%, 1/30/2028(a)		17,000		7,626
4.88%, 6/1/2028(a)		60,000		38,569
6.25%, 2/15/2029(a)		39,000		17,923
7.25%, 5/30/2029(a)		28,000		12,521
5.25%, 1/30/2030(a)		39,000		17,102
5.25%, 2/15/2031(a)		38,000		17,195
Lannett Co., Inc. 7.75%, 4/15/2026(a)		3,000		765
Organon & Co. 5.13%, 4/30/2031(a)		23,000		20,764
P&L Development LLC 7.75%, 11/15/2025(a)		11,000		8,957
				297,056
Professional Services - 0.1%
CoreLogic, Inc. 4.50%, 5/1/2028(a)		20,000		15,900

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 - 1.1%
Howard Hughes Corp. (The) 5.38%, 8/1/2028(a)		42,000		38,908
4.13%, 2/1/2029(a)		5,000		4,318
4.38%, 2/1/2031(a)		33,000		27,421
Kennedy-Wilson, Inc. 4.75%, 3/1/2029		33,000		27,720
5.00%, 3/1/2031		28,000		22,840
Realogy Group LLC 5.75%, 1/15/2029(a)		32,000		24,881
5.25%, 4/15/2030(a)		49,000		36,750
WeWork Cos. LLC 5.00%, 7/10/2025(a)		39,000		16,513
WeWork Cos., Inc. 7.88%, 5/1/2025(a)		17,000		9,180
				208,531
Road & Rail - 1.2%
Albion Financing 1 Sarl 6.13%, 10/15/2026(a)		23,000		20,636
Albion Financing 2SARL 8.75%, 4/15/2027(a)		5,000		4,238
Avis Budget Car Rental LLC 4.75%, 4/1/2028(a)		12,000		10,546
PECF USS Intermediate Holding III Corp. 8.00%, 11/15/2029(a)		12,000		9,150
Uber Technologies, Inc. 7.50%, 5/15/2025(a)		32,000		32,457
7.50%, 9/15/2027(a)		67,000		68,030
6.25%, 1/15/2028(a)		11,000		10,763
4.50%, 8/15/2029(a)		55,000		48,967
XPO CNW, Inc. 6.70%, 5/1/2034		11,000		9,921
XPO Escrow Sub LLC 7.50%, 11/15/2027(a)		14,000		14,386
				229,094
Semiconductors & Semiconductor Equipment - 0.4%
Entegris, Inc. 3.63%, 5/1/2029(a)		67,000		57,139
ON Semiconductor Corp. 3.88%, 9/1/2028(a)		25,000		22,813
				79,952
Software - 3.6%
AthenaHealth Group, Inc. 6.50%, 2/15/2030(a)		11,000		9,114
Boxer Parent Co., Inc. 7.13%, 10/2/2025(a)		15,000		14,850
9.13%, 3/1/2026(a)		9,000		8,551
Camelot Finance SA 4.50%, 11/1/2026(a)		20,000		19,023
Castle US Holding Corp. 9.50%, 2/15/2028(a)		5,000		1,901
Clarivate Science Holdings Corp. 3.88%, 7/1/2028(a)		17,000		15,169
4.88%, 7/1/2029(a)		39,000		34,317
Cloud Software Group Holdings, Inc. 6.50%, 3/31/2029(a)		40,000		35,104

Investments	Principal Amount ($)		Value ($)
Consensus Cloud Solutions, Inc. 6.50%, 10/15/2028(a)		15,000		14,043
Crowdstrike Holdings, Inc. 3.00%, 2/15/2029		30,000		25,742
Elastic NV 4.13%, 7/15/2029(a)		23,000		19,683
Fair Isaac Corp. 4.00%, 6/15/2028(a)		40,000		37,140
Gen Digital, Inc. 5.00%, 4/15/2025(a)		9,000		8,820
6.75%, 9/30/2027(a)		44,000		44,618
7.13%, 9/30/2030(a)		44,000		44,673
GoTo Group, Inc. 5.50%, 9/1/2027(a)		23,000		11,576
McAfee Corp. 7.38%, 2/15/2030(a)		10,000		8,306
NCR Corp. 5.75%, 9/1/2027(a)		12,000		11,644
5.00%, 10/1/2028(a)		12,000		10,570
5.13%, 4/15/2029(a)		49,000		42,682
6.13%, 9/1/2029(a)		11,000		10,890
5.25%, 10/1/2030(a)		12,000		10,379
Open Text Corp. 3.88%, 2/15/2028(a)		44,000		38,234
Open Text Holdings, Inc. 4.13%, 2/15/2030(a)		55,000		46,314
4.13%, 12/1/2031(a)		39,000		31,685
PTC, Inc. 3.63%, 2/15/2025(a)		18,000		17,261
4.00%, 2/15/2028(a)		21,000		19,564
Rocket Software, Inc. 6.50%, 2/15/2029(a)		15,000		12,505
SS&C Technologies, Inc. 5.50%, 9/30/2027(a)		60,000		57,705
Veritas US, Inc. 7.50%, 9/1/2025(a)		49,000		32,326
				694,389
Specialty Retail - 3.0%
99 Escrow Issuer, Inc. 7.50%, 1/15/2026(a)		11,000		5,317
At Home Group, Inc. 4.88%, 7/15/2028(a)		11,000		7,920
7.13%, 7/15/2029(a)		11,000		6,819
Bath & Body Works, Inc. 9.38%, 7/1/2025(a)		23,000		24,618
5.25%, 2/1/2028		12,000		11,327
6.63%, 10/1/2030(a)		55,000		53,745
6.88%, 11/1/2035		39,000		35,543
6.75%, 7/1/2036		23,000		20,802
BCPE Ulysses Intermediate, Inc. 7.75%, 4/1/2027(a)(e)		11,000		8,250
Carvana Co. 10.25%, 5/1/2030(a)		10,000		5,362
Foot Locker, Inc. 4.00%, 10/1/2029(a)		11,000		9,300
Gap, Inc. (The) 3.63%, 10/1/2029(a)		17,000		13,047

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
3.88%, 10/1/2031(a)		39,000		29,031
LBM Acquisition LLC 6.25%, 1/15/2029(a)		33,000		25,080
Lithia Motors, Inc. 3.88%, 6/1/2029(a)		55,000		46,732
LSF9 Atlantis Holdings LLC 7.75%, 2/15/2026(a)		21,000		19,163
Park River Holdings, Inc. 5.63%, 2/1/2029(a)		33,000		23,028
Penske Automotive Group, Inc. 3.75%, 6/15/2029		44,000		37,208
Specialty Building Products Holdings LLC 6.38%, 9/30/2026(a)		20,000		17,992
SRS Distribution, Inc. 4.63%, 7/1/2028(a)		18,000		16,444
6.13%, 7/1/2029(a)		34,000		29,237
Staples, Inc. 7.50%, 4/15/2026(a)		55,000		48,870
10.75%, 4/15/2027(a)		28,000		21,210
Victoria’s Secret & Co. 4.63%, 7/15/2029(a)		23,000		19,107
White Cap Buyer LLC 6.88%, 10/15/2028(a)		33,000		30,037
				565,189
Technology Hardware, Storage & Peripherals - 1.5%
Seagate HDD Cayman 4.88%, 6/1/2027		67,000		64,954
4.13%, 1/15/2031		89,000		74,756
Western Digital Corp. 4.75%, 2/15/2026		62,000		59,907
3.10%, 2/1/2032		27,000		20,682
Xerox Corp. 6.75%, 12/15/2039		15,000		11,701
Xerox Holdings Corp. 5.00%, 8/15/2025(a)		23,000		21,395
5.50%, 8/15/2028(a)		32,000		27,140
				280,535
Textiles, Apparel & Luxury Goods - 0.5%
Eagle Intermediate Global Holding BV 7.50%, 5/1/2025(a)		5,000		3,150
Hanesbrands, Inc. 4.63%, 5/15/2024(a)		27,000		26,529
4.88%, 5/15/2026(a)		32,000		29,800
Under Armour, Inc. 3.25%, 6/15/2026		21,000		19,071
William Carter Co. (The) 5.63%, 3/15/2027(a)		17,000		16,539
				95,089
Thrifts & Mortgage Finance - 1.7%
Enact Holdings, Inc. 6.50%, 8/15/2025(a)		25,000		24,625
Freedom Mortgage Corp. 8.13%, 11/15/2024(a)		35,000		33,864
7.63%, 5/1/2026(a)		23,000		20,221
Ladder Capital Finance Holdings LLLP
REIT, 5.25%, 10/1/2025(a)		12,000		11,550
REIT, 4.25%, 2/1/2027(a)		28,000		24,675

Investments	Principal Amount ($)		Value ($)
REIT, 4.75%, 6/15/2029(a)		27,000		22,432
LD Holdings Group LLC 6.50%, 11/1/2025(a)		14,000		10,742
6.13%, 4/1/2028(a)		18,000		11,741
MGIC Investment Corp. 5.25%, 8/15/2028		28,000		26,395
NMI Holdings, Inc. 7.38%, 6/1/2025(a)		19,000		19,215
PHH Mortgage Corp. 7.88%, 3/15/2026(a)		11,000		10,035
Provident Funding Associates LP 6.38%, 6/15/2025(a)		12,000		11,249
Rocket Mortgage LLC 2.88%, 10/15/2026(a)		33,000		29,422
United Wholesale Mortgage LLC 5.50%, 11/15/2025(a)		33,000		30,866
5.75%, 6/15/2027(a)		17,000		15,261
5.50%, 4/15/2029(a)		17,000		14,618
				316,911
Trading Companies & Distributors - 0.8%
Fortress Transportation and Infrastructure Investors LLC 6.50%, 10/1/2025(a)		23,000		22,264
9.75%, 8/1/2027(a)		50,000		51,402
5.50%, 5/1/2028(a)		11,000		9,680
Foundation Building Materials, Inc. 6.00%, 3/1/2029(a)		11,000		8,848
Imola Merger Corp. 4.75%, 5/15/2029(a)		60,000		52,200
United Rentals North America, Inc. 4.88%, 1/15/2028		10,000		9,686
WESCO Distribution, Inc. 7.13%, 6/15/2025(a)		5,000		5,080
				159,160
Wireless Telecommunication Services - 1.8%
Ligado Networks LLC 17.50%, 5/1/2024(a)(e)		30,980		3,717
Sprint LLC 7.13%, 6/15/2024		90,000		91,905
7.63%, 2/15/2025		39,000		40,480
7.63%, 3/1/2026		23,000		24,326
Vmed O2 UK Financing I plc 4.75%, 7/15/2031(a)		32,000		27,201
Vodafone Group plc 7.00%, 4/4/2079(b)		115,000		118,440
5.12%, 6/4/2081(b)		50,000		38,437
				344,506
TOTAL CORPORATE BONDS (COST $18,166,319)				18,487,253
Total Investments - 97.1% (Cost $18,166,319)				18,487,253
Other assets less liabilities - 2.9%				560,107
Net Assets - 100.0%				19,047,360

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

(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) Represents less than 0.05% of net assets.

(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, 2023.

(e) Payment in-kind security.

Percentages shown are based on Net Assets.

Security Type	% of Net Assets
Corporate Bonds		97.1	%
Others(1)		2.9
		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, 2023 (Unaudited)

Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS - 94.0%
Air Freight & Logistics - 0.3%
United Parcel Service, Inc.
5.30%, 4/1/2050		95,000		103,875
Automobiles - 0.8%
General Motors Co.
6.80%, 10/1/2027		150,000		159,743
5.15%, 4/1/2038		60,000		54,430
5.95%, 4/1/2049		45,000		43,127
				257,300
Banks - 17.2%
Banco Santander SA
5.15%, 8/18/2025		200,000		200,075
4.17%, 3/24/2028(a)		200,000		190,557
Bank of America Corp.
3.46%, 3/15/2025(a)		150,000		147,095
5.08%, 1/20/2027(a)		100,000		100,368
1.73%, 7/22/2027(a)		150,000		134,402
3.42%, 12/20/2028(a)		200,000		187,057
4.27%, 7/23/2029(a)		150,000		145,003
2.69%, 4/22/2032(a)		140,000		118,195
4.57%, 4/27/2033(a)		100,000		96,627
3.85%, 3/8/2037(a)		50,000		43,572
2.68%, 6/19/2041(a)		65,000		47,918
2.97%, 7/21/2052(a)		35,000		24,678
Bank of Montreal
3.80%, 12/15/2032(a)		30,000		27,465
3.09%, 1/10/2037(a)		50,000		40,657
Citigroup, Inc.
3.35%, 4/24/2025(a)		250,000		244,599
3.29%, 3/17/2026(a)		50,000		48,131
3.11%, 4/8/2026(a)		150,000		143,841
3.20%, 10/21/2026		100,000		94,747
4.45%, 9/29/2027		100,000		98,111
3.98%, 3/20/2030(a)		100,000		94,042
4.41%, 3/31/2031(a)		150,000		143,879
2.57%, 6/3/2031(a)		110,000		93,347
3.06%, 1/25/2033(a)		115,000		98,513
8.13%, 7/15/2039		45,000		59,613
6.68%, 9/13/2043		25,000		29,196
HSBC Holdings plc
0.98%, 5/24/2025(a)		150,000		140,885
1.59%, 5/24/2027(a)		200,000		177,195
4.76%, 3/29/2033(a)		200,000		184,551
5.40%, 8/11/2033(a)		250,000		249,671
6.50%, 9/15/2037		100,000		104,969
ING Groep NV
4.02%, 3/28/2028(a)		200,000		191,949
JPMorgan Chase & Co.
3.88%, 9/10/2024		150,000		147,741
1.58%, 4/22/2027(a)		150,000		134,811

Investments	Principal Amount ($)		Value ($)
3.78%, 2/1/2028(a)		150,000		144,181
4.45%, 12/5/2029(a)		150,000		146,294
2.74%, 10/15/2030(a)		60,000		52,441
2.58%, 4/22/2032(a)		20,000		16,834
4.91%, 7/25/2033(a)		50,000		49,817
5.60%, 7/15/2041		75,000		80,545
5.63%, 8/16/2043		25,000		26,337
4.95%, 6/1/2045		50,000		48,887
Mitsubishi UFJ Financial Group, Inc.
5.13%, 7/20/2033(a)		200,000		200,848
PNC Financial Services Group, Inc. (The)
5.35%, 12/2/2028(a)		60,000		61,766
4.63%, 6/6/2033(a)		75,000		72,518
Royal Bank of Canada
2.55%, 7/16/2024		75,000		72,615
1.15%, 6/10/2025		150,000		138,360
4.88%, 1/12/2026		75,000		75,467
3.63%, 5/4/2027		75,000		72,497
Santander Holdings USA, Inc.
3.45%, 6/2/2025		80,000		76,541
Santander UK Group Holdings plc
6.53%, 1/10/2029(a)		200,000		208,689
Toronto-Dominion Bank (The)
4.11%, 6/8/2027		25,000		24,592
4.46%, 6/8/2032		115,000		112,878
Westpac Banking Corp.
4.42%, 7/24/2039		60,000		52,226
				5,717,793
Beverages - 1.5%
Anheuser-Busch Cos. LLC
4.70%, 2/1/2036		62,000		61,446
Anheuser-Busch InBev Worldwide, Inc.
5.45%, 1/23/2039		17,000		17,802
5.80%, 1/23/2059		17,000		18,875
Coca-Cola Co. (The)
1.65%, 6/1/2030		50,000		42,080
Diageo Capital plc
5.88%, 9/30/2036		25,000		27,392
Molson Coors Beverage Co.
4.20%, 7/15/2046		20,000		16,749
PepsiCo, Inc.
2.25%, 3/19/2025		15,000		14,374
2.63%, 7/29/2029		75,000		68,193
1.95%, 10/21/2031		120,000		100,441
3.50%, 3/19/2040		150,000		130,875
				498,227
Biotechnology - 1.2%
AbbVie, Inc.
4.55%, 3/15/2035		20,000		19,624
4.05%, 11/21/2039		80,000		72,080
Amgen, Inc.
1.90%, 2/21/2025		25,000		23,579
2.80%, 8/15/2041		40,000		29,461
4.66%, 6/15/2051		170,000		156,272
4.88%, 3/1/2053		40,000		38,057

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Biogen, Inc.
3.15%, 5/1/2050		50,000		35,932
Regeneron Pharmaceuticals, Inc.
1.75%, 9/15/2030		50,000		40,351
				415,356
Building Products - 0.4%
Carrier Global Corp.
3.38%, 4/5/2040		75,000		60,428
Johnson Controls International plc
4.63%, 7/2/2044(b)		50,000		46,251
Owens Corning
4.30%, 7/15/2047		40,000		33,743
				140,422
Capital Markets - 6.4%
Bank of New York Mellon Corp. (The)
3.40%, 1/29/2028		100,000		95,360
3.99%, 6/13/2028(a)		70,000		68,172
4.29%, 6/13/2033(a)		30,000		29,028
Blackstone Private Credit Fund
2.63%, 12/15/2026		50,000		42,818
Deutsche Bank AG
3.74%, 1/7/2033(a)		200,000		158,001
FS KKR Capital Corp.
2.63%, 1/15/2027		50,000		43,015
Goldman Sachs Group, Inc. (The)
3.50%, 4/1/2025		200,000		194,145
2.38%, 7/21/2032(a)		25,000		20,470
3.10%, 2/24/2033(a)		105,000		89,981
6.75%, 10/1/2037		130,000		145,687
6.25%, 2/1/2041		40,000		45,342
5.15%, 5/22/2045		75,000		74,252
Moody’s Corp.
3.75%, 2/25/2052		50,000		41,025
Morgan Stanley
Series F, 3.88%, 4/29/2024		150,000		148,594
3.13%, 7/27/2026		150,000		142,164
0.98%, 12/10/2026(a)		40,000		35,594
2.70%, 1/22/2031(a)		200,000		173,555
2.24%, 7/21/2032(a)		45,000		36,602
5.30%, 4/20/2037(a)		50,000		48,491
5.60%, 3/24/2051(a)		95,000		103,503
2.80%, 1/25/2052(a)		60,000		41,258
Morgan Stanley Domestic Holdings, Inc.
4.50%, 6/20/2028		10,000		9,980
Nasdaq, Inc.
3.85%, 6/30/2026		75,000		73,198
Owl Rock Capital Corp.
2.63%, 1/15/2027		50,000		43,163
S&P Global, Inc.
1.25%, 8/15/2030		75,000		59,812
2.90%, 3/1/2032(c)		75,000		66,442
State Street Corp.
2.90%, 3/30/2026(a)		75,000		72,170
2.40%, 1/24/2030		45,000		39,620
				2,141,442

Investments	Principal Amount ($)		Value ($)
Chemicals - 1.2%
Ecolab, Inc.
4.80%, 3/24/2030		50,000		51,288
1.30%, 1/30/2031		80,000		63,966
International Flavors & Fragrances, Inc.
5.00%, 9/26/2048		15,000		13,949
Nutrien Ltd.
3.95%, 5/13/2050		30,000		24,553
PPG Industries, Inc.
2.40%, 8/15/2024		100,000		96,522
Sherwin-Williams Co. (The)
4.25%, 8/8/2025		100,000		98,765
2.95%, 8/15/2029		50,000		44,955
2.20%, 3/15/2032		10,000		8,220
				402,218
Construction & Engineering - 0.0%(d)
Quanta Services, Inc.
3.05%, 10/1/2041		15,000		10,667
Consumer Finance - 1.6%
American Express Co.
3.13%, 5/20/2026		75,000		71,678
3.30%, 5/3/2027		75,000		71,416
4.42%, 8/3/2033(a)		35,000		33,976
4.05%, 12/3/2042		20,000		18,605
Capital One Financial Corp.
4.93%, 5/10/2028(a)		35,000		34,553
3.27%, 3/1/2030(a)		45,000		39,867
5.27%, 5/10/2033(a)		70,000		68,638
General Motors Financial Co., Inc.
3.10%, 1/12/2032		100,000		82,884
Synchrony Financial
4.38%, 3/19/2024		75,000		74,178
2.88%, 10/28/2031		35,000		27,222
				523,017
Containers & Packaging - 0.2%
International Paper Co.
6.00%, 11/15/2041		50,000		53,593
Packaging Corp. of America
3.05%, 10/1/2051		20,000		14,033
				67,626
Diversified Consumer Services - 0.0%(d)
Georgetown University (The)
Series 20A, 2.94%, 4/1/2050		5,000		3,488
Howard University
Series 22A, 5.21%, 10/1/2052		5,000		4,110
				7,598
Diversified Financial Services - 1.2%
Corebridge Financial, Inc.
4.35%, 4/5/2042(c)		35,000		30,372
Equitable Holdings, Inc.
4.35%, 4/20/2028		50,000		48,708
Shell International Finance BV
3.88%, 11/13/2028		75,000		73,752
6.38%, 12/15/2038		75,000		87,429

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
4.38%, 5/11/2045		100,000		94,187
4.00%, 5/10/2046		50,000		44,506
3.25%, 4/6/2050		5,000		3,911
				382,865
Diversified Telecommunication Services - 3.6%
AT&T, Inc.
3.80%, 12/1/2057		75,000		57,019
Deutsche Telekom International Finance BV
8.75%, 6/15/2030(b)		50,000		61,084
Orange SA
9.00%, 3/1/2031(b)		75,000		94,874
Verizon Communications, Inc.
4.13%, 3/16/2027		150,000		148,132
4.33%, 9/21/2028		150,000		147,952
2.55%, 3/21/2031		150,000		128,032
2.36%, 3/15/2032		100,000		82,381
2.65%, 11/20/2040		240,000		173,346
3.40%, 3/22/2041		125,000		100,616
4.86%, 8/21/2046		75,000		72,429
3.55%, 3/22/2051		25,000		19,387
3.88%, 3/1/2052		120,000		98,485
				1,183,737
Electric Utilities - 3.3%
Commonwealth Edison Co.
3.00%, 3/1/2050		50,000		36,789
Connecticut Light and Power Co. (The)
Series A, 2.05%, 7/1/2031		75,000		63,032
Edison International
4.13%, 3/15/2028		225,000		213,819
Eversource Energy
4.20%, 6/27/2024		20,000		19,798
4.60%, 7/1/2027		25,000		25,028
3.45%, 1/15/2050		45,000		35,081
Exelon Corp.
2.75%, 3/15/2027		250,000		233,392
4.95%, 6/15/2035		75,000		75,525
4.45%, 4/15/2046		50,000		45,158
Potomac Electric Power Co.
3.60%, 3/15/2024		75,000		74,033
Public Service Electric and Gas Co.
3.60%, 12/1/2047		35,000		28,850
Southern California Edison Co.
Series C, 4.13%, 3/1/2048		50,000		42,505
Series E, 5.45%, 6/1/2052		30,000		30,655
Virginia Electric and Power Co.
Series B, 3.75%, 5/15/2027		150,000		146,258
Series C, 4.63%, 5/15/2052		40,000		37,553
				1,107,476
Electrical Equipment - 0.3%
Rockwell Automation, Inc.
2.88%, 3/1/2025		100,000		96,621
Energy Equipment & Services - 0.4%
Baker Hughes Holdings LLC
4.08%, 12/15/2047		60,000		50,398
Halliburton Co.
2.92%, 3/1/2030		15,000		13,395

Investments	Principal Amount ($)		Value ($)
4.85%, 11/15/2035		75,000		73,408
				137,201
Equity Real Estate Investment Trusts (REITs) - 4.2%
Alexandria Real Estate Equities, Inc.
2.75%, 12/15/2029		150,000		131,461
AvalonBay Communities, Inc.
2.95%, 5/11/2026		150,000		141,739
Boston Properties LP
3.25%, 1/30/2031		75,000		64,478
Brixmor Operating Partnership LP
3.90%, 3/15/2027		50,000		47,279
2.50%, 8/16/2031		10,000		8,004
Digital Realty Trust LP
4.45%, 7/15/2028		50,000		48,454
Equinix, Inc.
3.20%, 11/18/2029		75,000		67,891
3.40%, 2/15/2052		50,000		37,005
Federal Realty Investment Trust
1.25%, 2/15/2026		70,000		62,554
Healthpeak Properties, Inc.
1.35%, 2/1/2027		75,000		66,709
Host Hotels & Resorts LP
Series F, 4.50%, 2/1/2026		75,000		73,367
Kilroy Realty LP
4.38%, 10/1/2025		75,000		73,360
Kimco Realty OP LLC
2.25%, 12/1/2031		75,000		60,236
Prologis LP
4.63%, 1/15/2033		50,000		50,408
3.00%, 4/15/2050		35,000		25,450
Public Storage
0.88%, 2/15/2026		100,000		90,194
Regency Centers LP
3.70%, 6/15/2030		40,000		36,227
Simon Property Group LP
2.00%, 9/13/2024		40,000		38,323
1.75%, 2/1/2028		30,000		26,293
2.65%, 2/1/2032		75,000		63,328
6.75%, 2/1/2040		25,000		28,914
Ventas Realty LP
4.00%, 3/1/2028		80,000		75,866
Weyerhaeuser Co.
3.38%, 3/9/2033		75,000		65,932
				1,383,472
Food & Staples Retailing - 1.1%
Kroger Co. (The)
5.40%, 1/15/2049		12,000		12,198
3.95%, 1/15/2050		55,000		45,986
Walgreens Boots Alliance, Inc.
3.45%, 6/1/2026		75,000		72,088
4.10%, 4/15/2050		25,000		19,235
Walmart, Inc.
1.80%, 9/22/2031		150,000		126,206
2.50%, 9/22/2041		30,000		22,960
4.05%, 6/29/2048		40,000		38,105
4.50%, 9/9/2052		25,000		25,135
				361,913

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Food Products - 1.2%
Bunge Ltd. Finance Corp.
1.63%, 8/17/2025		75,000		69,120
Campbell Soup Co.
4.15%, 3/15/2028		75,000		73,597
General Mills, Inc.
2.88%, 4/15/2030		75,000		67,013
Hershey Co. (The)
1.70%, 6/1/2030		50,000		41,695
Ingredion, Inc.
2.90%, 6/1/2030		50,000		43,819
Kellogg Co.
2.10%, 6/1/2030		75,000		63,425
Mondelez International, Inc.
2.63%, 9/4/2050		75,000		51,394
				410,063
Gas Utilities - 0.9%
Atmos Energy Corp.
3.00%, 6/15/2027		50,000		47,550
5.75%, 10/15/2052		25,000		28,098
ONE Gas, Inc.
3.61%, 2/1/2024		120,000		118,279
Southern California Gas Co.
2.95%, 4/15/2027		100,000		94,640
Southwest Gas Corp.
3.18%, 8/15/2051		40,000		26,522
				315,089
Health Care Equipment & Supplies - 1.5%
Abbott Laboratories
4.90%, 11/30/2046		95,000		99,360
Baxter International, Inc.
1.73%, 4/1/2031		75,000		59,079
3.13%, 12/1/2051		50,000		34,357
Boston Scientific Corp.
2.65%, 6/1/2030		75,000		66,570
GE HealthCare Technologies, Inc.
6.38%, 11/22/2052(c)		100,000		115,511
Medtronic, Inc.
4.00%, 4/1/2043		20,000		18,192
4.63%, 3/15/2045		30,000		30,158
Zimmer Biomet Holdings, Inc.
2.60%, 11/24/2031		75,000		62,907
				486,134
Health Care Providers & Services - 5.1%
Aetna, Inc.
3.88%, 8/15/2047		50,000		41,340
AmerisourceBergen Corp.
2.70%, 3/15/2031		75,000		65,084
Cardinal Health, Inc.
3.08%, 6/15/2024		75,000		73,122
4.90%, 9/15/2045		50,000		45,162
Cigna Corp.
4.38%, 10/15/2028		60,000		59,502
3.88%, 10/15/2047		20,000		16,488
4.90%, 12/15/2048		100,000		95,853
3.40%, 3/15/2051		20,000		15,211

Investments	Principal Amount ($)		Value ($)
CommonSpirit Health
6.46%, 11/1/2052		50,000		57,794
CVS Health Corp.
3.88%, 7/20/2025		75,000		73,473
3.63%, 4/1/2027		50,000		48,328
4.30%, 3/25/2028		150,000		147,460
4.78%, 3/25/2038		40,000		38,288
5.05%, 3/25/2048		150,000		142,608
Elevance Health, Inc.
2.38%, 1/15/2025		150,000		143,338
2.25%, 5/15/2030		75,000		63,988
4.10%, 5/15/2032		80,000		76,910
3.60%, 3/15/2051		75,000		60,500
6.10%, 10/15/2052		20,000		22,764
HCA, Inc.
7.50%, 11/6/2033		70,000		77,461
4.63%, 3/15/2052(c)		115,000		96,999
Laboratory Corp. of America Holdings
1.55%, 6/1/2026		75,000		67,576
2.70%, 6/1/2031		75,000		64,817
Novant Health, Inc.
3.32%, 11/1/2061		20,000		14,556
Quest Diagnostics, Inc.
2.95%, 6/30/2030		50,000		44,589
UnitedHealth Group, Inc.
5.88%, 2/15/2053		50,000		57,250
				1,710,461
Hotels, Restaurants & Leisure - 0.7%
Marriott International, Inc.
Series HH, 2.85%, 4/15/2031		50,000		42,556
Series II, 2.75%, 10/15/2033		5,000		4,054
McDonald’s Corp.
3.50%, 7/1/2027		75,000		72,532
4.70%, 12/9/2035		50,000		50,140
4.88%, 12/9/2045		50,000		49,372
3.63%, 9/1/2049		15,000		12,292
5.15%, 9/9/2052		10,000		10,288
				241,234
Household Durables - 0.4%
Lennar Corp.
4.50%, 4/30/2024		75,000		74,507
NVR, Inc.
3.00%, 5/15/2030		20,000		17,485
Whirlpool Corp.
4.60%, 5/15/2050		50,000		43,231
				135,223
Household Products - 0.4%
Clorox Co. (The)
4.60%, 5/1/2032		20,000		20,019
Kimberly-Clark Corp.
3.10%, 3/26/2030		75,000		69,416
2.88%, 2/7/2050		50,000		37,359
				126,794

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Independent Power and Renewable Electricity Producers - 0.2%
Constellation Energy Generation LLC
3.25%, 6/1/2025		75,000		72,178
Industrial Conglomerates - 0.6%
3M Co.
2.65%, 4/15/2025		100,000		95,863
3.70%, 4/15/2050		45,000		36,049
Trane Technologies Luxembourg Finance SA
3.80%, 3/21/2029		75,000		71,364
				203,276
Insurance - 3.7%
Aflac, Inc.
3.60%, 4/1/2030		50,000		47,522
Allstate Corp. (The)
3.85%, 8/10/2049		40,000		33,446
American International Group, Inc.
4.75%, 4/1/2048		75,000		71,581
Chubb INA Holdings, Inc.
3.35%, 5/3/2026		150,000		145,342
4.35%, 11/3/2045		20,000		18,895
3.05%, 12/15/2061		10,000		7,103
Everest Reinsurance Holdings, Inc.
3.13%, 10/15/2052		50,000		34,687
Fidelity National Financial, Inc.
3.20%, 9/17/2051		20,000		12,582
Hartford Financial Services Group, Inc. (The)
3.60%, 8/19/2049		35,000		27,808
Lincoln National Corp.
3.05%, 1/15/2030		30,000		26,079
4.38%, 6/15/2050		15,000		12,079
Manulife Financial Corp.
4.06%, 2/24/2032(a)		75,000		69,421
MetLife, Inc.
3.60%, 4/10/2024		150,000		148,323
10.75%, 8/1/2039		50,000		68,755
4.60%, 5/13/2046		40,000		38,187
5.00%, 7/15/2052		20,000		20,289
5.25%, 1/15/2054		20,000		20,805
Principal Financial Group, Inc.
2.13%, 6/15/2030		50,000		42,063
Prudential Financial, Inc.
1.50%, 3/10/2026		150,000		136,991
4.50%, 9/15/2047(a)		75,000		70,339
4.35%, 2/25/2050		50,000		45,445
3.70%, 3/13/2051		20,000		16,516
6.00%, 9/1/2052(a)		30,000		29,927
Travelers Cos., Inc. (The)
4.00%, 5/30/2047		60,000		52,740
Unum Group
4.13%, 6/15/2051		50,000		37,591
				1,234,516
Interactive Media & Services - 0.6%
Alphabet, Inc.
0.80%, 8/15/2027		100,000		86,971
1.10%, 8/15/2030		15,000		12,178
2.05%, 8/15/2050		75,000		47,951

Investments	Principal Amount ($)		Value ($)
Meta Platforms, Inc.
4.65%, 8/15/2062		60,000		52,582
				199,682
Internet & Direct Marketing Retail - 0.8%
Alibaba Group Holding Ltd.
4.50%, 11/28/2034		200,000		188,623
eBay, Inc.
2.70%, 3/11/2030		75,000		65,918
				254,541
IT Services - 1.5%
International Business Machines Corp.
4.00%, 7/27/2025		115,000		113,556
2.85%, 5/15/2040		175,000		133,710
Mastercard, Inc.
3.30%, 3/26/2027		50,000		48,559
2.95%, 6/1/2029		140,000		130,613
PayPal Holdings, Inc.
5.05%, 6/1/2052		65,000		63,248
				489,686
Leisure Products - 0.0%(d)
Hasbro, Inc.
6.35%, 3/15/2040		15,000		15,434
Machinery - 0.9%
Cummins, Inc.
1.50%, 9/1/2030		75,000		61,165
Otis Worldwide Corp.
3.11%, 2/15/2040		75,000		58,819
Stanley Black & Decker, Inc.
3.40%, 3/1/2026		100,000		96,293
4.00%, 3/15/2060(a)		75,000		66,087
				282,364
Media - 3.1%
Charter Communications Operating LLC
5.38%, 5/1/2047		90,000		76,830
5.25%, 4/1/2053		10,000		8,398
5.50%, 4/1/2063		320,000		267,417
Comcast Corp.
2.89%, 11/1/2051		490,000		342,070
Fox Corp.
4.71%, 1/25/2029		75,000		74,125
Paramount Global
4.95%, 1/15/2031		75,000		69,164
4.38%, 3/15/2043		75,000		55,339
4.95%, 5/19/2050		50,000		39,747
Time Warner Cable LLC
4.50%, 9/15/2042		120,000		95,442
				1,028,532
Metals & Mining - 0.5%
Newmont Corp.
5.88%, 4/1/2035		75,000		80,384
Steel Dynamics, Inc.
2.40%, 6/15/2025		100,000		94,134
				174,518

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Multiline Retail - 0.7%
Target Corp.
2.25%, 4/15/2025		75,000		71,493
2.65%, 9/15/2030		180,000		160,186
				231,679
Multi-Utilities - 2.1%
Consolidated Edison Co. of New York, Inc.
2.40%, 6/15/2031		75,000		64,072
4.50%, 5/15/2058		100,000		89,470
3.60%, 6/15/2061		35,000		27,249
Dominion Energy, Inc.
Series C, 3.38%, 4/1/2030		100,000		91,127
Series F, 5.25%, 8/1/2033		70,000		71,171
Series B, 3.30%, 4/15/2041		58,000		45,708
Public Service Enterprise Group, Inc.
5.85%, 11/15/2027		175,000		183,753
San Diego Gas & Electric Co.
2.95%, 8/15/2051		125,000		90,851
Sempra Energy
4.00%, 2/1/2048		50,000		41,997
				705,398
Oil, Gas & Consumable Fuels - 4.9%
BP Capital Markets America, Inc.
3.38%, 2/8/2061		75,000		56,223
Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/2029		25,000		23,478
Devon Energy Corp.
5.00%, 6/15/2045		35,000		32,135
Enbridge, Inc.
2.50%, 8/1/2033		75,000		61,238
5.50%, 12/1/2046		20,000		20,210
5.50%, 7/15/2077(a)		75,000		70,070
Enterprise Products Operating LLC
Series J, 5.75%, 3/1/2035		50,000		50,583
6.45%, 9/1/2040		45,000		50,177
Hess Corp.
3.50%, 7/15/2024		75,000		73,262
6.00%, 1/15/2040		25,000		26,096
Kinder Morgan Energy Partners LP
6.95%, 1/15/2038		75,000		84,838
5.40%, 9/1/2044		30,000		28,645
Kinder Morgan, Inc.
4.30%, 6/1/2025		75,000		74,192
2.00%, 2/15/2031		20,000		16,147
5.55%, 6/1/2045		50,000		48,723
3.60%, 2/15/2051		15,000		11,106
Magellan Midstream Partners LP
3.95%, 3/1/2050		50,000		39,667
Marathon Petroleum Corp.
4.50%, 4/1/2048		50,000		42,435
MPLX LP
1.75%, 3/1/2026		75,000		68,302
2.65%, 8/15/2030		25,000		21,318
4.50%, 4/15/2038		50,000		45,420
5.50%, 2/15/2049		55,000		52,487
ONEOK, Inc.
4.50%, 3/15/2050		80,000		64,514

Investments	Principal Amount ($)		Value ($)
Plains All American Pipeline LP
4.50%, 12/15/2026		120,000		117,145
Sabine Pass Liquefaction LLC
4.50%, 5/15/2030		25,000		24,267
Suncor Energy, Inc.
3.75%, 3/4/2051		80,000		63,488
TotalEnergies Capital International SA
2.83%, 1/10/2030		75,000		68,245
3.13%, 5/29/2050		55,000		42,007
Transcontinental Gas Pipe Line Co. LLC
3.25%, 5/15/2030		50,000		45,068
Valero Energy Corp.
2.80%, 12/1/2031		75,000		64,068
4.00%, 6/1/2052		30,000		24,380
Williams Cos., Inc. (The)
5.75%, 6/24/2044		50,000		51,004
5.10%, 9/15/2045		55,000		52,019
5.30%, 8/15/2052		20,000		19,325
				1,632,282
Paper & Forest Products - 0.2%
Suzano Austria GmbH
Series DM3N, 3.13%, 1/15/2032		75,000		59,620
Personal Products - 0.3%
Estee Lauder Cos., Inc. (The)
3.15%, 3/15/2027		75,000		72,244
1.95%, 3/15/2031		50,000		42,063
				114,307
Pharmaceuticals - 5.5%
AstraZeneca plc
4.00%, 9/18/2042		30,000		27,833
4.38%, 11/16/2045		75,000		72,597
Bristol-Myers Squibb Co.
3.90%, 2/20/2028		210,000		207,227
3.90%, 3/15/2062		135,000		113,866
Eli Lilly & Co.
4.15%, 3/15/2059		15,000		14,065
GlaxoSmithKline Capital plc
3.00%, 6/1/2024		220,000		215,270
3.38%, 6/1/2029		50,000		47,429
GlaxoSmithKline Capital, Inc.
6.38%, 5/15/2038		25,000		29,849
Johnson & Johnson
3.63%, 3/3/2037		120,000		111,919
2.10%, 9/1/2040		15,000		10,992
3.70%, 3/1/2046		75,000		67,624
2.25%, 9/1/2050		30,000		20,237
2.45%, 9/1/2060		10,000		6,677
Merck & Co., Inc.
2.90%, 3/7/2024		75,000		73,485
3.40%, 3/7/2029		75,000		72,093
2.35%, 6/24/2040		150,000		111,367
2.75%, 12/10/2051		50,000		36,008
Mylan, Inc.
5.20%, 4/15/2048		25,000		20,572

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
Novartis Capital Corp.
3.40%, 5/6/2024		75,000		73,939
2.00%, 2/14/2027		75,000		69,472
2.75%, 8/14/2050		75,000		56,068
Pfizer, Inc.
0.80%, 5/28/2025		75,000		69,260
3.45%, 3/15/2029		75,000		72,344
1.75%, 8/18/2031		50,000		41,792
7.20%, 3/15/2039		85,000		108,813
2.55%, 5/28/2040		50,000		38,477
Viatris, Inc.
3.85%, 6/22/2040		14,000		10,219
4.00%, 6/22/2050		35,000		24,260
				1,823,754
Professional Services - 0.2%
Verisk Analytics, Inc.
4.13%, 3/15/2029		60,000		57,277
Road & Rail - 2.6%
Canadian National Railway Co.
4.45%, 1/20/2049		55,000		52,217
4.40%, 8/5/2052		10,000		9,501
Canadian Pacific Railway Co.
1.35%, 12/2/2024		75,000		70,480
5.75%, 3/15/2033		50,000		52,044
4.80%, 8/1/2045		65,000		63,074
CSX Corp.
3.40%, 8/1/2024		75,000		73,532
2.40%, 2/15/2030		50,000		43,773
4.30%, 3/1/2048		75,000		68,214
3.80%, 4/15/2050		25,000		20,659
4.65%, 3/1/2068		5,000		4,555
JB Hunt Transport Services, Inc.
3.88%, 3/1/2026		45,000		44,164
Kansas City Southern
2.88%, 11/15/2029		75,000		67,063
Norfolk Southern Corp.
3.00%, 3/15/2032		125,000		111,378
4.80%, 8/15/2043		50,000		46,185
3.70%, 3/15/2053		20,000		16,165
Union Pacific Corp.
3.80%, 4/6/2071		160,000		127,119
				870,123
Semiconductors & Semiconductor Equipment - 1.5%
Intel Corp.
3.75%, 3/25/2027		150,000		146,804
2.00%, 8/12/2031		70,000		57,390
4.75%, 3/25/2050		200,000		184,765
4.95%, 3/25/2060		50,000		47,360
QUALCOMM, Inc.
3.45%, 5/20/2025		75,000		73,435
				509,754
Software - 3.2%
Adobe, Inc.
2.30%, 2/1/2030		50,000		44,143
Autodesk, Inc.
2.85%, 1/15/2030		50,000		44,291

Investments	Principal Amount ($)		Value ($)
Microsoft Corp.
2.40%, 8/8/2026		90,000		84,870
3.30%, 2/6/2027		200,000		194,733
3.45%, 8/8/2036		50,000		46,281
2.53%, 6/1/2050		280,000		199,532
2.92%, 3/17/2052		60,000		45,876
3.04%, 3/17/2062		20,000		15,142
Oracle Corp.
6.90%, 11/9/2052		50,000		57,837
Salesforce, Inc.
1.50%, 7/15/2028		75,000		65,450
2.90%, 7/15/2051		75,000		53,573
VMware, Inc.
1.40%, 8/15/2026		150,000		132,827
Workday, Inc.
3.70%, 4/1/2029		75,000		70,588
				1,055,143
Specialty Retail - 1.3%
Dick’s Sporting Goods, Inc.
4.10%, 1/15/2052		15,000		10,559
Home Depot, Inc. (The)
5.95%, 4/1/2041		10,000		11,398
Lowe’s Cos., Inc.
2.50%, 4/15/2026		50,000		47,131
3.65%, 4/5/2029		75,000		70,965
2.63%, 4/1/2031		75,000		64,463
5.00%, 4/15/2033		65,000		65,845
5.50%, 10/15/2035		50,000		51,770
2.80%, 9/15/2041		50,000		36,266
3.00%, 10/15/2050		50,000		34,336
4.45%, 4/1/2062		40,000		33,769
Tractor Supply Co.
1.75%, 11/1/2030		15,000		11,947
				438,449
Technology Hardware, Storage & Peripherals - 2.7%
Apple, Inc.
0.55%, 8/20/2025		120,000		109,098
3.25%, 2/23/2026		125,000		121,516
2.38%, 2/8/2041		130,000		96,999
3.85%, 5/4/2043		150,000		136,337
4.45%, 5/6/2044		170,000		169,281
4.65%, 2/23/2046		50,000		50,360
4.10%, 8/8/2062		30,000		26,848
Dell International LLC
8.10%, 7/15/2036		54,000		63,201
3.38%, 12/15/2041(c)		50,000		36,002
HP, Inc.
2.65%, 6/17/2031		58,000		47,046
6.00%, 9/15/2041		50,000		50,806
				907,494
Textiles, Apparel & Luxury Goods - 0.5%
NIKE, Inc.
2.75%, 3/27/2027		110,000		104,457
3.38%, 3/27/2050		25,000		20,924
Ralph Lauren Corp.
2.95%, 6/15/2030		10,000		8,958

See Accompanying Notes to the Schedules of Investments.

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)

Investments	Principal Amount ($)		Value ($)
VF Corp.
2.95%, 4/23/2030		40,000		34,727
				169,066
Water Utilities - 0.8%
American Water Capital Corp.
3.40%, 3/1/2025		100,000		97,533
2.30%, 6/1/2031		150,000		128,086
Essential Utilities, Inc.
2.70%, 4/15/2030		50,000		43,408
				269,027
Wireless Telecommunication Services - 0.5%
Vodafone Group plc
5.25%, 5/30/2048		150,000		142,551
4.88%, 6/19/2049		25,000		22,546
				165,097
TOTAL CORPORATE BONDS (COST $34,160,998)				31,327,021
Total Investments - 94.0% (Cost $34,160,998)				31,327,021
Other assets less liabilities - 6.0%				1,992,810
Net Assets - 100.0%				33,319,831

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

(b) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of January 31, 2023.

(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) Represents less than 0.05% of net assets.

Percentages shown are based on Net Assets.

Security Type	% of Net Assets
Corporate Bonds		94.0	%
Others(1)		6.0
		100.0	%

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

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments

FlexShares^® Ultra-Short Income Fund (Formerly FlexShares^® Ready Access

Variable Income Fund)

January 31, 2023 (Unaudited)

Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS - 74.0%
Aerospace & Defense - 1.2%
Boeing Co. (The) 1.17%, 2/4/2023		929,000		928,843
4.51%, 5/1/2023		775,000		773,782
1.95%, 2/1/2024		900,000		872,779
General Dynamics Corp. 3.38%, 5/15/2023		2,650,000		2,639,106
L3Harris Technologies, Inc. 3.85%, 6/15/2023		5,800,000		5,774,420
				10,988,930
Air Freight & Logistics - 0.4%
United Parcel Service, Inc. 2.50%, 4/1/2023		1,047,000		1,042,927
(ICE LIBOR USD 3 Month + 0.45%), 5.20%, 4/1/2023(a)		2,540,000		2,542,284
				3,585,211
Automobiles - 2.3%
BMW US Capital LLC 3.80%, 4/6/2023(b)		2,250,000		2,246,011
(United States SOFR Compounded Index + 0.53%), 4.84%, 4/1/2024(a)(b)		900,000		897,141
Hyundai Capital America 1.25%, 9/18/2023(b)		910,000		887,258
0.80%, 1/8/2024(b)		1,700,000		1,631,217
0.88%, 6/14/2024(b)		1,000,000		943,005
Kia Corp. 2.38%, 2/14/2025(b)		730,000		685,666
Mercedes-Benz Finance North America LLC 3.35%, 2/22/2023(b)		2,395,000		2,393,438
0.75%, 3/1/2024(b)		2,350,000		2,245,751
Nissan Motor Acceptance Co. LLC 1.13%, 9/16/2024(b)		900,000		834,310
Stellantis NV 5.25%, 4/15/2023		2,211,000		2,206,202
Volkswagen Group of America Finance LLC 3.13%, 5/12/2023(b)		1,410,000		1,402,944
0.88%, 11/22/2023(b)		2,000,000		1,929,968
(SOFR + 0.95%), 5.28%, 6/7/2024(a)(b)		2,690,000		2,687,517
				20,990,428
Banks - 22.4%
ANZ New Zealand Int’l Ltd. (SOFR + 0.60%), 4.94%, 2/18/2025(a)(b)		1,450,000		1,446,292
Australia & New Zealand Banking Group Ltd. 5.09%, 12/8/2025		1,505,000		1,521,563

Investments	Principal Amount ($)		Value ($)
Banco Santander SA (SOFR + 1.24%), 5.57%, 5/24/2024(a)		4,800,000		4,814,316
5.15%, 8/18/2025		1,400,000		1,400,523
Bank of America Corp. (BSBY3M + 0.43%), 4.96%, 5/28/2024(a)		3,700,000		3,678,466
(SOFR + 0.73%), 5.03%, 10/24/2024(a)		2,200,000		2,199,736
Series 2025, (SOFR + 0.66%), 5.00%, 2/4/2025(a)		2,000,000		1,986,716
Bank of Montreal (United States SOFR Compounded Index + 0.27%), 4.58%, 4/14/2023(a)		6,588,000		6,587,798
(United States SOFR Compounded Index + 0.62%), 4.94%, 9/15/2026(a)		3,300,000		3,231,359
Bank of New Zealand (SOFR + 0.81%), 5.11%, 1/27/2027(a)(b)		4,000,000		3,958,838
Bank of Nova Scotia (The) 0.55%, 9/15/2023		3,000,000		2,920,778
(United States SOFR Compounded Index + 0.55%), 4.88%, 3/2/2026(a)		5,000,000		4,914,536
Banque Federative du Credit Mutuel SA (ICE LIBOR USD 3 Month + 0.96%), 5.77%, 7/20/2023(a)(b)		1,000,000		1,001,582
BNP Paribas SA 3.50%, 3/1/2023(b)		5,000,000		4,994,924
4.25%, 10/15/2024		1,000,000		985,488
Canadian Imperial Bank of Commerce (SOFR + 0.80%), 5.12%, 3/17/2023(a)		2,300,000		2,301,460
0.45%, 6/22/2023		5,000,000		4,915,991
Capital One NA 3.38%, 2/15/2023		350,000		349,790
Citigroup, Inc. 0.78%, 10/30/2024(c)		3,500,000		3,383,792
(SOFR + 0.67%), 5.01%, 5/1/2025(a)		900,000		891,594
(SOFR + 0.69%), 5.00%, 1/25/2026(a)		2,400,000		2,372,129
Citizens Bank NA 3.70%, 3/29/2023		6,645,000		6,634,999

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Ultra-Short Income Fund (Formerly FlexShares^® Ready Access Variable Income Fund) (cont.)

Investments	Principal Amount ($)		Value ($)
Commonwealth Bank of Australia
(SOFR + 0.40%), 4.71%, 7/7/2025(a)(b)		1,800,000		1,788,671
(SOFR + 0.52%), 4.84%, 6/15/2026(a)(b)		1,900,000		1,879,328
Cooperatieve Rabobank UA
(United States SOFR Compounded Index + 0.30%), 4.61%, 1/12/2024(a)		2,000,000		1,996,808
(United States SOFR Compounded Index + 0.38%), 4.69%, 1/10/2025(a)		1,600,000		1,587,743
Credit Agricole SA 3.75%, 4/24/2023(b)		5,899,000		5,883,148
Danske Bank A/S 6.47%, 1/9/2026(b)(c)		1,280,000		1,299,608
Discover Bank 3.35%, 2/6/2023		3,878,000		3,877,361
Fifth Third Bank NA 5.85%, 10/27/2025(c)		8,500,000		8,633,552
HSBC Holdings plc 0.73%, 8/17/2024(c)		2,240,000		2,179,979
ING Groep NV 4.10%, 10/2/2023		3,300,000		3,279,159
(United States SOFR Compounded Index + 1.01%), 5.32%, 4/1/2027(a)		3,800,000		3,687,581
JPMorgan Chase & Co. 0.77%, 8/9/2025(c)		1,000,000		931,544
(SOFR + 0.92%), 5.25%, 2/24/2026(a)		6,000,000		5,963,826
(SOFR + 0.77%), 5.09%, 9/22/2027(a)		2,500,000		2,437,204
KeyBank NA
(United States SOFR Compounded Index + 0.34%), 4.65%, 1/3/2024(a)		4,800,000		4,791,365
(United States SOFR Compounded Index + 0.32%), 4.64%, 6/14/2024(a)		2,000,000		1,994,870
Lloyds Banking Group plc 4.05%, 8/16/2023		4,729,000		4,703,066
4.72%, 8/11/2026(c)		2,300,000		2,267,705
Mitsubishi UFJ Financial Group, Inc. 3.46%, 3/2/2023		500,000		499,535
4.79%, 7/18/2025(c)		2,000,000		1,989,631
Mizuho Financial Group, Inc.
(ICE LIBOR USD 3 Month + 0.61%), 5.34%, 9/8/2024(a)		2,900,000		2,892,255

Investments	Principal Amount ($)		Value ($)
National Australia Bank Ltd.
(SOFR + 0.86%), 5.19%, 6/9/2025(a)(b)		5,200,000		5,212,765
(SOFR + 0.65%), 4.96%, 1/12/2027(a)(b)		4,000,000		3,947,131
National Bank of Canada 0.75%, 8/6/2024		900,000		847,660
NatWest Markets plc
(SOFR + 0.53%), 4.87%, 8/12/2024(a)(b)		600,000		594,867
Nordea Bank Abp 1.00%, 6/9/2023(b)		640,000		631,304
(SOFR + 0.96%), 5.29%, 6/6/2025(a)(b)		2,000,000		1,998,208
Royal Bank of Canada 3.97%, 7/26/2024		3,000,000		2,967,401
(United States SOFR Compounded Index + 0.44%), 4.74%, 1/21/2025(a)		3,000,000		2,977,712
(United States SOFR Compounded Index + 0.53%), 4.83%, 1/20/2026(a)		2,750,000		2,714,572
(United States SOFR Compounded Index + 0.57%), 4.87%, 4/27/2026(a)		2,000,000		1,964,900
Skandinaviska Enskilda Banken AB
(ICE LIBOR USD 3 Month + 0.32%), 5.08%, 9/1/2023(a)(b)		2,800,000		2,798,763
0.65%, 9/9/2024(b)		500,000		467,150
(SOFR + 0.96%), 5.29%, 6/9/2025(a)(b)		1,000,000		997,330
Societe Generale SA 2.63%, 10/16/2024(b)		1,000,000		953,693
Standard Chartered plc 6.17%, 1/9/2027(b)(c)		2,100,000		2,151,440
Sumitomo Mitsui Financial Group, Inc. 0.51%, 1/12/2024		300,000		287,345
(SOFR + 0.88%), 5.19%, 1/14/2027(a)		1,480,000		1,455,280
Sumitomo Mitsui Trust Bank Ltd. 0.80%, 9/12/2023(b)		900,000		876,806
0.85%, 3/25/2024(b)		400,000		380,943
Svenska Handelsbanken AB 3.90%, 11/20/2023		1,500,000		1,487,232
(United States SOFR Compounded Index + 0.91%), 5.24%, 6/10/2025(a)(b)		7,000,000		6,970,432
Swedbank AB 1.30%, 6/2/2023(b)		400,000		395,104
Toronto-Dominion Bank (The) 0.45%, 9/11/2023		2,606,000		2,538,151

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Ultra-Short Income Fund (Formerly FlexShares^® Ready Access Variable Income Fund) (cont.)

Investments	Principal Amount ($)		Value ($)
(SOFR + 0.41%), 4.72%, 1/10/2025(a)		2,777,000		2,755,201
(SOFR + 0.59%), 4.92%, 9/10/2026(a)		2,000,000		1,958,766
Truist Bank 1.25%, 3/9/2023		1,000,000		996,422
Truist Financial Corp. (SOFR + 0.40%), 4.73%, 6/9/2025(a)		3,750,000		3,704,711
US Bank NA 3.40%, 7/24/2023		4,010,000		3,981,259
Wells Fargo & Co. (SOFR + 1.32%), 5.62%, 4/25/2026(a)		5,600,000		5,623,509
Westpac Banking Corp.
(SOFR + 1.00%), 5.33%, 8/26/2025(a)		5,000,000		5,033,065
(SOFR + 0.52%), 4.85%, 6/3/2026(a)		2,568,000		2,531,881
				203,257,612
Beverages - 1.7%
Constellation Brands, Inc. 3.60%, 5/9/2024		1,590,000		1,567,062
Diageo Capital plc 2.63%, 4/29/2023		6,060,000		6,028,355
Keurig Dr Pepper, Inc. 3.13%, 12/15/2023		4,000,000		3,942,322
0.75%, 3/15/2024		3,500,000		3,344,164
PepsiCo, Inc. 0.75%, 5/1/2023		735,000		727,629
				15,609,532
Biotechnology - 0.7%
Gilead Sciences, Inc. 0.75%, 9/29/2023		6,624,000		6,441,677
Capital Markets - 4.9%
Ares Capital Corp. 3.50%, 2/10/2023		1,100,000		1,099,471
Bank of New York Mellon Corp. (The) Series J, (SOFR + 0.20%), 4.50%, 10/25/2024(a)		2,800,000		2,777,904
Blackstone Private Credit Fund 2.70%, 1/15/2025		800,000		748,870
Charles Schwab Corp. (The)
(United States SOFR Compounded Index + 0.50%), 4.82%, 3/18/2024(a)		1,390,000		1,390,340
(United States SOFR Compounded Index + 1.05%), 5.38%, 3/3/2027(a)		7,000,000		6,956,068
Credit Suisse Group AG 3.80%, 6/9/2023		1,000,000		988,750
6.37%, 7/15/2026(b)(c)		1,900,000		1,844,790

Investments	Principal Amount ($)		Value ($)
Deutsche Bank AG
(ICE LIBOR USD 3 Month + 1.23%), 5.97%, 2/27/2023(a)		650,000		650,006
0.90%, 5/28/2024		1,100,000		1,039,608
FS KKR Capital Corp. 1.65%, 10/12/2024		980,000		906,950
Goldman Sachs Group, Inc. (The)
(SOFR + 0.58%), 4.91%, 3/8/2024(a)		2,600,000		2,596,204
0.66%, 9/10/2024(c)		1,600,000		1,552,568
5.70%, 11/1/2024		3,000,000		3,043,970
Morgan Stanley 0.73%, 4/5/2024(c)		2,209,000		2,189,852
1.16%, 10/21/2025(c)		500,000		465,940
(SOFR + 0.95%), 5.29%, 2/18/2026(a)		7,000,000		6,971,447
UBS AG
(SOFR + 0.32%), 4.65%, 6/1/2023(a)(b)		2,500,000		2,500,025
0.70%, 8/9/2024(b)		200,000		187,628
UBS Group AG
(SOFR + 1.58%), 5.92%, 5/12/2026(a)(b)		6,000,000		6,055,572
				43,965,963
Chemicals - 0.8%
Air Products and Chemicals, Inc. 2.75%, 2/3/2023		2,000,000		1,999,863
International Flavors & Fragrances, Inc. 3.20%, 5/1/2023		750,000		746,464
Nutrien Ltd. 1.90%, 5/13/2023		4,000,000		3,964,575
Sherwin-Williams Co. (The) 4.05%, 8/8/2024		700,000		692,040
Westlake Corp. 0.88%, 8/15/2024		300,000		280,888
				7,683,830
Commercial Services & Supplies - 1.2%
RELX Capital, Inc. 3.50%, 3/16/2023		660,000		659,036
Republic Services, Inc. 4.75%, 5/15/2023		6,500,000		6,495,888
Waste Management, Inc. 2.40%, 5/15/2023		3,500,000		3,473,848
				10,628,772
Communications Equipment - 0.1%
Cisco Systems, Inc. 2.60%, 2/28/2023		471,000		470,311
Construction Materials - 0.1%
Martin Marietta Materials, Inc. 0.65%, 7/15/2023		980,000		960,041

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Ultra-Short Income Fund (Formerly FlexShares^® Ready Access Variable Income Fund) (cont.)

Investments	Principal Amount ($)		Value ($)
Consumer Finance - 3.9%
AerCap Ireland Capital DAC
(SOFR + 0.68%), 5.00%, 9/29/2023(a)		900,000		894,847
1.65%, 10/29/2024		750,000		701,656
Ally Financial, Inc. 3.05%, 6/5/2023		3,470,000		3,444,935
American Express Co.
(United States SOFR Compounded Index + 0.72%), 5.06%, 5/3/2024(a)		3,000,000		3,007,032
(SOFR + 0.93%), 5.26%, 3/4/2025(a)		1,914,000		1,919,948
American Honda Finance Corp.
(ICE LIBOR USD 3 Month + 0.37%), 4.96%, 5/10/2023(a)		2,500,000		2,501,042
0.88%, 7/7/2023		2,420,000		2,379,081
(ICE LIBOR USD 3 Month + 0.42%), 5.15%, 9/8/2023(a)		600,000		600,872
Capital One Financial Corp. 3.50%, 6/15/2023		1,000,000		995,363
(SOFR + 1.35%), 5.69%, 5/9/2025(a)		2,000,000		1,988,077
General Motors Financial Co., Inc. 4.15%, 6/19/2023		465,000		463,590
1.70%, 8/18/2023		380,000		372,752
(SOFR + 0.76%), 5.09%, 3/8/2024(a)		800,000		794,377
3.50%, 11/7/2024		600,000		582,415
John Deere Capital Corp.
(SOFR + 0.12%), 4.43%, 7/10/2023(a)		1,500,000		1,498,561
(SOFR + 0.20%), 4.51%, 10/11/2024(a)		2,500,000		2,486,885
(SOFR + 0.56%), 4.89%, 3/7/2025(a)		1,720,000		1,719,207
PACCAR Financial Corp. 2.65%, 4/6/2023		1,000,000		996,270
Synchrony Financial 4.88%, 6/13/2025		1,493,000		1,464,121
Toyota Motor Credit Corp.
(SOFR + 0.32%), 4.63%, 1/13/2025(a)		7,000,000		6,976,907
				35,787,938
Containers & Packaging - 0.1%
Avery Dennison Corp. 0.85%, 8/15/2024		1,040,000		977,808
Diversified Financial Services - 0.5%
Corebridge Financial, Inc. 3.50%, 4/4/2025(b)		2,300,000		2,222,826
Element Fleet Management Corp. 1.60%, 4/6/2024(b)		500,000		476,814

Investments	Principal Amount ($)		Value ($)
Jackson Financial, Inc. 1.13%, 11/22/2023		950,000		919,461
NTT Finance Corp. 0.58%, 3/1/2024(b)		600,000		572,258
				4,191,359
Diversified Telecommunication Services - 2.0%
AT&T, Inc.
(United States SOFR Compounded Index + 0.64%), 4.96%, 3/25/2024(a)		4,160,000		4,160,204
(ICE LIBOR USD 3 Month + 1.18%), 5.92%, 6/12/2024(a)		3,550,000		3,587,680
Bell Canada (The) Series US-3, 0.75%, 3/17/2024		1,850,000		1,765,922
British Telecommunications plc 4.50%, 12/4/2023		5,500,000		5,463,089
Verizon Communications, Inc.
(ICE LIBOR USD 3 Month + 1.10%), 5.71%, 5/15/2025(a)		1,000,000		1,013,452
(United States SOFR Compounded Index + 0.79%), 5.11%, 3/20/2026(a)		2,600,000		2,590,714
				18,581,061
Electric Utilities - 2.7%
American Electric Power Co., Inc. Series A, (ICE LIBOR USD 3 Month + 0.48%), 4.92%, 11/1/2023(a)		1,400,000		1,394,564
Entergy Louisiana LLC 0.62%, 11/17/2023		846,000		817,815
Eversource Energy
Series T, (United States SOFR Compounded Index + 0.25%), 4.59%, 8/15/2023(a)		1,500,000		1,496,790
Series N, 3.80%, 12/1/2023		3,000,000		2,969,543
Florida Power & Light Co.
(United States SOFR Compounded Index + 0.38%), 4.69%, 1/12/2024(a)		4,400,000		4,389,929
Georgia Power Co.
Series A, 2.10%, 7/30/2023		2,500,000		2,464,310
Mississippi Power Co.
Series A, (SOFR + 0.30%), 4.62%, 6/28/2024(a)		950,000		937,780
OGE Energy Corp. 0.70%, 5/26/2023		1,490,000		1,469,739

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Ultra-Short Income Fund (Formerly FlexShares^® Ready Access Variable Income Fund) (cont.)

Investments	Principal Amount ($)		Value ($)
PPL Electric Utilities Corp. (ICE LIBOR USD 3 Month + 0.25%), 4.97%, 9/28/2023(a)		850,000		846,740
(SOFR + 0.33%), 4.65%, 6/24/2024(a)		1,360,000		1,344,228
Southern Co. (The) Series 2021, (United States SOFR Compounded Index + 0.37%), 4.71%, 5/10/2023(a)		820,000		819,369
Series 21-A, 0.60%, 2/26/2024		1,840,000		1,758,132
Xcel Energy, Inc. 0.50%, 10/15/2023		4,000,000		3,882,357
				24,591,296
Energy Equipment & Services - 0.8%
Baker Hughes Holdings LLC 1.23%, 12/15/2023		3,000,000		2,905,665
Schlumberger Investment SA 3.65%, 12/1/2023		4,546,000		4,493,670
				7,399,335
Entertainment - 0.1%
Take-Two Interactive Software, Inc. 3.30%, 3/28/2024		510,000		499,832
3.55%, 4/14/2025		240,000		232,829
				732,661
Equity Real Estate Investment Trusts (REITs) - 2.0%
Boston Properties LP 3.13%, 9/1/2023		5,000,000		4,940,074
3.80%, 2/1/2024		1,000,000		986,040
Crown Castle, Inc. 3.15%, 7/15/2023		1,700,000		1,687,079
Public Storage
(SOFR + 0.47%), 4.77%, 4/23/2024(a)		4,000,000		3,988,519
Simon Property Group LP 2.75%, 6/1/2023		5,805,000		5,757,796
(United States SOFR Compounded Index + 0.43%), 4.74%, 1/11/2024(a)		700,000		695,720
				18,055,228
Food & Staples Retailing - 1.2%
7-Eleven, Inc. 0.63%, 2/10/2023(b)		1,426,000		1,424,503
Kroger Co. (The) 3.85%, 8/1/2023		945,000		939,612
4.00%, 2/1/2024		5,200,000		5,144,405
Walgreens Boots Alliance, Inc. 0.95%, 11/17/2023		1,770,000		1,714,988
Walmart, Inc. 2.55%, 4/11/2023		1,475,000		1,469,331
				10,692,839

Investments	Principal Amount ($)		Value ($)
Food Products - 1.8%
Campbell Soup Co. 3.65%, 3/15/2023		2,394,000		2,391,455
Conagra Brands, Inc. 0.50%, 8/11/2023		560,000		546,772
Danone SA 2.59%, 11/2/2023(b)		3,025,000		2,966,830
General Mills, Inc.
(ICE LIBOR USD 3 Month + 1.01%), 5.84%, 10/17/2023(a)		650,000		652,722
Hormel Foods Corp. 0.65%, 6/3/2024		280,000		265,527
Kellogg Co. 2.75%, 3/1/2023		5,700,000		5,690,657
2.65%, 12/1/2023		2,000,000		1,963,384
McCormick & Co., Inc. 0.90%, 2/15/2026		620,000		553,190
Tyson Foods, Inc. 3.95%, 8/15/2024		1,250,000		1,234,461
				16,264,998
Gas Utilities - 0.2%
CenterPoint Energy Resources Corp. 0.70%, 3/2/2023		2,170,000		2,163,236
Health Care Equipment & Supplies - 1.6%
Baxter International, Inc. 0.87%, 12/1/2023		1,800,000		1,740,032
(United States SOFR Compounded Index + 0.44%), 4.77%, 11/29/2024(a)		1,435,000		1,412,025
GE HealthCare Technologies, Inc. 5.55%, 11/15/2024(b)		3,000,000		3,025,637
Stryker Corp. 0.60%, 12/1/2023		5,910,000		5,697,856
Zimmer Biomet Holdings, Inc. 3.70%, 3/19/2023		2,136,000		2,132,770
1.45%, 11/22/2024		650,000		612,969
				14,621,289
Health Care Providers & Services - 2.2%
Cigna Corp. 3.00%, 7/15/2023		1,500,000		1,486,658
(ICE LIBOR USD 3 Month + 0.89%), 5.68%, 7/15/2023(a)		2,500,000		2,506,198
Elevance Health, Inc. 0.45%, 3/15/2023		800,000		795,784
HCA, Inc. 5.00%, 3/15/2024		400,000		399,060
Humana, Inc. 0.65%, 8/3/2023		1,760,000		1,721,025
McKesson Corp. 3.80%, 3/15/2024		5,000,000		4,934,521
UnitedHealth Group, Inc. 2.75%, 2/15/2023		500,000		499,651
3.50%, 6/15/2023		6,000,000		5,971,259
0.55%, 5/15/2024		1,580,000		1,499,878
				19,814,034

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Ultra-Short Income Fund (Formerly FlexShares^® Ready Access Variable Income Fund) (cont.)

Investments	Principal Amount ($)		Value ($)
Hotels, Restaurants & Leisure - 1.4%
Hyatt Hotels Corp. 1.30%, 10/1/2023		500,000		486,651
Marriott International, Inc. 3.13%, 2/15/2023		2,192,000		2,190,246
McDonald’s Corp. 3.35%, 4/1/2023		5,500,000		5,489,865
Starbucks Corp. 3.85%, 10/1/2023		2,000,000		1,983,876
(United States SOFR Compounded Index + 0.42%), 4.76%, 2/14/2024(a)		2,370,000		2,364,216
				12,514,854
Household Durables - 0.3%
Lennar Corp. 4.88%, 12/15/2023		940,000		938,254
Whirlpool Corp. 3.70%, 3/1/2023		2,050,000		2,048,380
				2,986,634
Household Products - 0.2%
Colgate-Palmolive Co. 3.10%, 8/15/2025		1,480,000		1,438,800
Industrial Conglomerates - 0.4%
3M Co. 2.25%, 3/15/2023		680,000		678,162
General Electric Co.
Series A, (ICE LIBOR USD 3 Month + 0.30%), 5.09%, 5/13/2024(a)		3,000,000		2,947,953
				3,626,115
Insurance - 1.1%
Allstate Corp. (The)
(ICE LIBOR USD 3 Month + 0.63%), 5.36%, 3/29/2023(a)		849,000		849,637
Athene Global Funding 1.20%, 10/13/2023(b)		1,900,000		1,849,426
(ICE LIBOR USD 3 Month + 0.73%), 5.54%, 1/8/2024(a)(b)		1,000,000		988,992
Brighthouse Financial Global Funding 0.60%, 6/28/2023(b)		630,000		618,596
Loews Corp. 2.63%, 5/15/2023		2,198,000		2,184,098
New York Life Global Funding
(United States SOFR Compounded Index + 0.33%), 4.64%, 1/14/2025(a)(b)		2,000,000		1,989,010

Investments	Principal Amount ($)		Value ($)
Protective Life Global Funding 0.63%, 10/13/2023(b)		900,000		873,152
Security Benefit Global Funding 1.25%, 5/17/2024(b)		650,000		614,410
				9,967,321
IT Services - 2.3%
Fidelity National Information Services, Inc. 0.60%, 3/1/2024		910,000		867,330
Fiserv, Inc. 3.80%, 10/1/2023		1,200,000		1,190,310
Global Payments, Inc. 4.00%, 6/1/2023		3,000,000		2,987,111
1.50%, 11/15/2024		240,000		224,970
International Business Machines Corp. 3.38%, 8/1/2023		7,000,000		6,959,828
PayPal Holdings, Inc. 1.35%, 6/1/2023		4,775,000		4,719,671
Western Union Co. (The) 4.25%, 6/9/2023		3,603,000		3,599,194
				20,548,414
Life Sciences Tools & Services - 0.9%
Thermo Fisher Scientific, Inc.
(United States SOFR Compounded Index + 0.35%), 4.66%, 4/18/2023(a)		5,500,000		5,499,782
0.80%, 10/18/2023		1,000,000		971,635
1.22%, 10/18/2024		390,000		368,334
(United States SOFR Compounded Index + 0.53%), 4.84%, 10/18/2024(a)		1,018,000		1,015,393
				7,855,144
Machinery - 0.6%
CNH Industrial Capital LLC 1.95%, 7/2/2023		2,381,000		2,349,400
3.95%, 5/23/2025		1,290,000		1,262,532
Daimler Truck Finance North America LLC
(SOFR + 0.60%), 4.92%, 12/14/2023(a)(b)		2,000,000		1,998,052
				5,609,984
Media - 0.1%
Comcast Corp.
(ICE LIBOR USD 3 Month + 0.63%), 5.42%, 4/15/2024(a)		1,000,000		1,002,404
Multiline Retail - 0.1%
Dollar General Corp. 4.25%, 9/20/2024		840,000		832,334
Multi-Utilities - 1.0%
Ameren Illinois Co. 0.38%, 6/15/2023		670,000		658,418

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Ultra-Short Income Fund (Formerly FlexShares^® Ready Access Variable Income Fund) (cont.)

Investments	Principal Amount ($)		Value ($)
Black Hills Corp. 1.04%, 8/23/2024		960,000		901,838
CenterPoint Energy, Inc.
(United States SOFR Compounded Index + 0.65%), 4.99%, 5/13/2024(a)		760,000		751,319
Consolidated Edison, Inc.
Series A, 0.65%, 12/1/2023		3,600,000		3,471,166
Dominion Energy, Inc.
Series D, (ICE LIBOR USD 3 Month + 0.53%), 5.30%, 9/15/2023(a)		2,000,000		2,002,458
DTE Energy Co. 4.22%, 11/1/2024(d)		1,700,000		1,680,180
				9,465,379
Oil, Gas & Consumable Fuels - 3.2%
ConocoPhillips Co. 2.13%, 3/8/2024		1,500,000		1,458,000
Continental Resources, Inc. 4.50%, 4/15/2023		3,324,000		3,315,512
Enbridge, Inc.
(SOFR + 0.40%), 4.74%, 2/17/2023(a)		690,000		689,970
(United States SOFR Compounded Index + 0.63%), 4.97%, 2/16/2024(a)		4,700,000		4,683,572
Enterprise Products Operating LLC 5.05%, 1/10/2026		720,000		730,455
EOG Resources, Inc. 2.63%, 3/15/2023		5,000,000		4,990,699
Kinder Morgan Energy Partners LP 3.50%, 9/1/2023		4,410,000		4,380,086
Kinder Morgan, Inc. 5.63%, 11/15/2023(b)		1,150,000		1,152,381
MPLX LP 4.50%, 7/15/2023		2,000,000		1,998,039
NOVA Gas Transmission Ltd. 7.88%, 4/1/2023		3,000,000		3,008,782
Saudi Arabian Oil Co. 1.25%, 11/24/2023(b)		200,000		193,494
TransCanada PipeLines Ltd. 3.75%, 10/16/2023		2,000,000		1,981,970
1.00%, 10/12/2024		520,000		486,489
				29,069,449
Paper & Forest Products - 0.7%
Georgia-Pacific LLC 3.73%, 7/15/2023(b)		4,000,000		3,976,534
0.63%, 5/15/2024(b)		2,200,000		2,086,192
				6,062,726
Pharmaceuticals - 1.6%
AstraZeneca plc 0.30%, 5/26/2023		6,425,000		6,334,219

Investments	Principal Amount ($)		Value ($)
(ICE LIBOR USD 3 Month + 0.67%), 5.31%, 8/17/2023(a)		480,000		480,716
Bristol-Myers Squibb Co. 3.25%, 2/20/2023		1,114,000		1,113,053
0.54%, 11/13/2023		700,000		677,030
Merck & Co., Inc. 2.80%, 5/18/2023		695,000		690,299
Pfizer, Inc. 3.00%, 6/15/2023		2,490,000		2,472,301
Shire Acquisitions Investments Ireland DAC 2.88%, 9/23/2023		2,925,000		2,881,275
				14,648,893
Road & Rail - 1.1%
Canadian Pacific Railway Co. 4.45%, 3/15/2023		500,000		499,946
1.35%, 12/2/2024		910,000		855,157
Penske Truck Leasing Co. LP 2.70%, 3/14/2023(b)		3,540,000		3,531,271
Ryder System, Inc. 3.40%, 3/1/2023		3,300,000		3,297,096
SMBC Aviation Capital Finance DAC 4.13%, 7/15/2023(b)		700,000		695,334
Union Pacific Corp. 3.50%, 6/8/2023		950,000		945,357
				9,824,161
Semiconductors & Semiconductor Equipment - 0.7%
Analog Devices, Inc.
(SOFR + 0.25%), 4.56%, 10/1/2024(a)		610,000		602,543
Microchip Technology, Inc. 0.98%, 9/1/2024		870,000		814,755
NVIDIA Corp. 0.31%, 6/15/2023		5,320,000		5,233,066
				6,650,364
Software - 1.1%
Intuit, Inc. 0.65%, 7/15/2023		1,890,000		1,853,625
Roper Technologies, Inc. 3.65%, 9/15/2023		4,727,000		4,687,543
VMware, Inc. 0.60%, 8/15/2023		3,590,000		3,508,456
				10,049,624
Specialty Retail - 0.2%
O’Reilly Automotive, Inc. 3.85%, 6/15/2023		1,616,000		1,611,545
Technology Hardware, Storage & Peripherals - 0.4%
Dell International LLC 5.45%, 6/15/2023		3,015,000		3,018,659
Hewlett Packard Enterprise Co. 2.25%, 4/1/2023		400,000		398,178
				3,416,837

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Ultra-Short Income Fund (Formerly FlexShares^® Ready Access Variable Income Fund) (cont.)

Investments	Principal Amount ($)		Value ($)
Trading Companies & Distributors - 0.6%
Air Lease Corp. 4.25%, 2/1/2024		1,000,000		990,653
0.80%, 8/18/2024		980,000		913,069
GATX Corp. 3.90%, 3/30/2023		3,238,000		3,228,532
				5,132,254
Wireless Telecommunication Services - 1.1%
Rogers Communications, Inc. 3.00%, 3/15/2023		4,919,000		4,909,124
4.10%, 10/1/2023		2,000,000		1,988,474
Vodafone Group plc 2.95%, 2/19/2023		2,640,000		2,636,072
				9,533,670
TOTAL CORPORATE BONDS (COST $674,913,851)				670,302,295
Investments	Principal Amount ($)		Value ($)
ASSET-BACKED SECURITIES - 5.2%
BMW Vehicle Lease Trust Series 2021-1, Class A4, 0.37%, 7/25/2024		2,550,000		2,498,566
Series 2022-1, Class A3, 1.10%, 3/25/2025		330,000		320,552
Capital One Multi-Asset Execution Trust
Series 2021-A3, Class A3, 1.04%, 11/15/2026		2,900,000		2,723,451
Carmax Auto Owner Trust
Series 2022-3, Class A2A, 3.81%, 9/15/2025		1,524,670		1,512,936
Dell Equipment Finance Trust
Series 2021-2, Class A2, 0.33%, 12/22/2026(b)		1,025,889		1,017,232
Ford Credit Auto Lease Trust
Series 2022-A, Class A2A, 2.78%, 10/15/2024		603,867		598,782
Series 2022-A, Class A3, 3.23%, 5/15/2025		1,000,000		982,502
Ford Credit Auto Owner Trust
Series 2020-A, Class A3, 1.04%, 8/15/2024		117,597		116,569
Series 2022-C, Class A2A, 4.52%, 4/15/2025		3,500,000		3,487,429
Series 2022-D, Class A2A, 5.37%, 8/15/2025		1,100,000		1,101,574
GM Financial Automobile Leasing Trust
Series 2022-3, Class A2A, 4.01%, 10/21/2024		2,913,892		2,892,513
Series 2022-2, Class A3, 3.42%, 6/20/2025		1,000,000		980,943
GM Financial Consumer Automobile Receivables Trust
Series 2020-1, Class A4, 1.90%, 3/17/2025		500,000		488,293

Investments	Principal Amount ($)		Value ($)
Series 2022-3, Class A2A, 3.50%, 9/16/2025		1,867,108		1,849,807
Series 2023-1, Class A2A, 5.19%, 3/16/2026		770,000		770,997
Series 2021-2, Class A3, 0.51%, 4/16/2026		1,362,326		1,311,118
Series 2021-3, Class A3, 0.48%, 6/16/2026		1,500,000		1,431,505
Honda Auto Receivables Owner Trust
Series 2022-2, Class A2, 3.81%, 3/18/2025		1,400,000		1,387,296
Hyundai Auto Receivables Trust
Series 2021-C, Class A2A, 0.36%, 10/15/2024		262,214		259,426
Series 2022-A, Class A2A, 1.81%, 2/18/2025		856,938		846,294
Series 2022-B, Class A2A, 3.64%, 5/15/2025		1,000,000		991,945
Series 2021-A, Class A3, 0.38%, 9/15/2025		1,555,618		1,503,292
Series 2020-B, Class A4, 0.62%, 12/15/2025		1,439,000		1,386,338
Mercedes-Benz Auto Receivables Trust
Series 2022-1, Class A2, 5.26%, 10/15/2025		1,500,000		1,502,674
Series 2023-1, Class A2, 5.09%, 1/15/2026		600,000		600,257
Nissan Auto Lease Trust
Series 2021-A, Class A3, 0.52%, 8/15/2024		2,000,000		1,961,091
Nissan Auto Receivables Owner Trust
Series 2022-B, Class A2, 4.50%, 8/15/2025		3,000,000		2,986,753
Santander Drive Auto Receivables Trust
Series 2022-1, Class A2, 1.36%, 12/16/2024		206,117		205,829
Series 2022-7, Class A2, 5.81%, 1/15/2026		1,250,000		1,254,572
Series 2023-1, Class A2, 5.36%, 5/15/2026		2,000,000		2,000,054
Series 2022-2, Class A2, 2.12%, 10/15/2026		329,376		328,606
Toyota Auto Receivables Owner Trust
Series 2020-B, Class A3, 1.36%, 8/15/2024		253,605		251,171
Series 2022-D, Class A2A, 5.27%, 1/15/2026		1,200,000		1,202,269
Verizon Master Trust
Series 2021-1, Class A, 0.50%, 5/20/2027		3,000,000		2,832,720
Verizon Owner Trust
Series 2020-A, Class A1A, 1.85%, 7/22/2024		161,897		161,346
World Omni Auto Receivables Trust
Series 2021-B, Class A3, 0.42%, 6/15/2026		1,946,509		1,868,098
TOTAL ASSET-BACKED SECURITIES (COST $47,632,116)				47,614,800

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Ultra-Short Income Fund (Formerly FlexShares^® Ready Access Variable Income Fund) (cont.)

Investments	Principal Amount ($)		Value ($)
MUNICIPAL BONDS - 0.7%
University of Missouri, System Facilities Revenue Bonds
Series 2020-A, 1.47%, 11/1/2023		1,000,000		975,499
City of New York
Series 2021-D, 0.59%, 8/1/2023		1,800,000		1,765,876
Anaheim Public Financing Authority
Series 2021-A, 0.63%, 7/1/2024		500,000		475,179
Miami-Dade County, Capital Asset Acquisition Special Obligation Bonds
Series 2020-B, 0.38%, 4/1/2023		1,110,000		1,102,780
New York City Transitional Finance Authority, Building Aid
Series 2022 Subseries S-1B, 0.64%, 7/15/2024		1,000,000		944,838
				2,522,797
Port Authority of New York & New Jersey
Series AAA, 1.09%, 7/1/2023		1,000,000		984,838
TOTAL MUNICIPAL BONDS (COST $6,409,779)				6,249,010
Investments	Principal Amount ($)		Value ($)
U.S. GOVERNMENT AGENCY SECURITIES - 0.2%
FFCB
(SOFR + 0.04%), 4.34%, 2/5/2024(a) (Cost $1,800,000)		1,800,000		1,798,548

Investments	Principal Amount ($)		Value ($)
SHORT-TERM INVESTMENTS - 18.9%
U.S. TREASURY OBLIGATIONS(e) - 18.9%
U.S. Treasury Bills 3.06%, 2/9/2023		10,000,000		9,990,678
3.09%, 2/16/2023		10,000,000		9,982,094
3.39%, 3/9/2023		18,000,000		17,919,585
3.85%, 3/23/2023		25,000,000		24,845,660
4.35%, 3/30/2023		20,000,000		19,857,579
4.59%, 4/20/2023		30,000,000		29,705,184
4.59%, 4/27/2023		20,000,000		19,787,642
4.69%, 5/30/2023		20,000,000		19,698,608
4.73%, 7/6/2023		20,000,000		19,609,809
TOTAL U.S. TREASURY OBLIGATIONS (COST $171,443,680)				171,396,839
Total Investments - 99.0% (Cost $902,199,426)				897,361,492
Other assets less liabilities - 1.0%				8,656,402
Net Assets - 100.0%				906,017,894

(a)   Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of January 31, 2023.

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

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

(d)   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, 2023.

(e)   The rate shown was the current yield as of January 31, 2023.

Percentages shown are based on Net Assets.

Abbreviations
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
USD	US Dollar

See Accompanying Notes to the Schedules of Investments.

FlexShares^® Ultra-Short Income Fund (Formerly FlexShares^® Ready Access Variable Income Fund) (cont.)

FlexShares^® Ultra-Short Income Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2023:

Australia	2.4	%
Canada	7.6
Denmark	0.1
Finland	0.3
France	1.8
Germany	1.9
Ireland	0.3
Japan	1.0
Netherlands	1.2
New Zealand	0.6
Saudi Arabia	0.0	†
South Korea	0.1
Spain	0.7
Sweden	1.4
Switzerland	1.3
United Kingdom	3.7
United States	74.6
Other1	1.0
	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		74.0	%
Asset-Backed Securities		5.2
Municipal Bonds		0.7
U.S. Government Agency Securities		0.2
Short-Term Investments		18.9
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^® Core Select Bond Fund

January 31, 2023 (Unaudited)

Investments	Shares		Value ($)
EXCHANGE TRADED FUNDS - 98.2%
FlexShares® Credit-Scored US Corporate Bond Index Fund(a)		252,508		12,064,832
FlexShares® Credit-Scored US Long Corporate Bond Index Fund(a)		19,176		869,818
FlexShares® Disciplined Duration MBS Index Fund(a)		821,494		17,074,753
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund(a)		287,758		6,834,253
FlexShares® Ultra-Short Income Fund(a)		216,940		16,240,128
iShares 10+ Year Investment Grade Corporate Bond ETF(b)		300,230		16,059,303
iShares 20+ Year Treasury Bond ETF		145,260		15,567,514
iShares 3-7 Year Treasury Bond ETF(b)		196,748		23,078,540
iShares 5-10 Year Investment Grade Corporate Bond ETF		117,165		6,055,087
iShares 7-10 Year Treasury Bond ETF(b)		118,134		11,720,074
iShares MBS ETF		303,736		29,122,208
iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF		270,840		13,720,754
TOTAL EXCHANGE TRADED FUNDS (Cost $172,285,954)				168,407,264

Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(c) - 3.2%
REPURCHASE AGREEMENTS - 3.2%
CF Secured LLC, 4.28%, dated 1/31/2023, due 2/1/2023, repurchase price $5,549,740, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 6.50%, maturing 2/15/2023 - 5/15/2052; total market value $5,640,875 (Cost $5,549,080)		5,549,080		5,549,080

Investments	Principal Amount ($)		Value ($)
SHORT-TERM INVESTMENTS - 0.6%
U.S. TREASURY OBLIGATIONS - 0.6%
U.S. Treasury Bills 4.44%, 4/18/2023(d) (Cost $990,761)		1,000,000		990,461
Total Investments - 102.0% (Cost $178,825,795)				174,946,805
Liabilities in excess of other assets - (2.0%)				(3,371,786	)
Net Assets - 100.0%				171,575,019

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

(b) The security or a portion of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $5,466,381, collateralized in the form of cash that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; a total value of $5,549,080.

(c) The security was purchased with cash collateral held from securities on loan at January 31, 2023. The total value of securities purchased was $5,549,080.

(d) The rate shown was the current yield as of January 31, 2023.

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, 2023, 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, 2023, was as follows:

Security	Value October 31, 2022		Purchases at Cost		Sales Proceeds		Shares January 31, 2023		Value January 31, 2023		Change in Unrealized Appreciation (Depreciation)		Dividend Income		Realized Gain/ (Loss)
FlexShares® Credit-Scored US Corporate Bond Index Fund	$	11,170,323	$	481,088	$	202,144		252,508	$	12,064,832	$	611,912	$	89,701	$	3,653
FlexShares® Credit-Scored US Long Corporate Bond Index Fund		797,284		33,607		77,910		19,176		869,818		119,392		10,624		(2,555	)
FlexShares® Disciplined Duration MBS Index Fund		21,492,612		1,098,789		6,326,772		821,494		17,074,753		1,386,324		181,260		(576,200	)
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund		6,398,688		507,260		110,119		287,758		6,834,253		37,700		40,604		724
FlexShares® Ultra-Short Income Fund		16,002,325		719,023		609,602		216,940		16,240,128		129,075		126,745		(693	)
	$	55,861,232	$	2,839,767	$	7,326,547		1,597,876	$	53,083,784	$	2,284,403	$	448,934	$	(575,071	)

Futures Contracts

FlexShares^® Core Select Bond Fund had the following open futures contracts as of January 31, 2023:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation
Long Contracts
U.S. Treasury 2 Year Note		51		03/31/2023		USD	$	10,488,070	$	34,761

Security Type	% of Net Assets
Exchange Traded Funds		98.2	%
Securities Lending Reinvestments		3.2
Short-Term Investments		0.6
Others(1)		(2.0	)
		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, 2023 (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, 2023 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*	$	177,880,623	$	—		$	—	$	177,880,623
Securities Lending Reinvestments
Repurchase Agreements		—		1,186,138			—		1,186,138
Short-Term Investments		—		59,249			—		59,249
Total Investments	$	177,880,623	$	1,245,387		$	—	$	179,126,010
Other Financial Instruments
Assets
Futures Contracts	$	24,855	$	—		$	—	$	24,855
Total Other Financial Instruments	$	24,855	$	—		$	—	$	24,855
	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	$	3,738,412	$	11,658		$	—	$	3,750,070
Other*		72,750,314		—			—		72,750,314
Securities Lending Reinvestments
Repurchase Agreements		—		1,098,225			—		1,098,225
Total Investments	$	76,488,726	$	1,109,883		$	—	$	77,598,609
Other Financial Instruments
Assets
Futures Contracts	$	82,597	$	—		$	—	$	82,597
Forward Foreign Currency Contracts		—		7,862			—		7,862
Liabilities
Forward Foreign Currency Contracts		—		(12,435	)		—		(12,435	)
Total Other Financial Instruments	$	82,597	$	(4,573	)	$	—	$	78,024
	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*	$	15,982,457	$	—		$	—	$	15,982,457
Total Investments	$	15,982,457	$	—		$	—	$	15,982,457
Other Financial Instruments
Assets
Futures Contracts	$	10,314	$	—		$	—	$	10,314
Total Other Financial Instruments	$	10,314	$	—		$	—	$	10,314

	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
Pharmaceuticals	$	49,279,030		$	110,752		$	239	$	49,390,021
Other*		1,409,203,549			—			—		1,409,203,549
Rights		—			—			66,756		66,756
Warrants		183,097			—			—		183,097
Securities Lending Reinvestments
Certificates of Deposit		—			27,015,189			—		27,015,189
Repurchase Agreements		—			194,313,910			—		194,313,910
Total Investments	$	1,458,665,676		$	221,439,851		$	66,995	$	1,680,172,522
Other Financial Instruments
Assets
Futures Contracts	$	429,636		$	—		$	—	$	429,636
Total Other Financial Instruments	$	429,636		$	—		$	—	$	429,636
	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	$	54,593		$	—		$	—	$	54,593
Common Stocks
Banks		57,020,794			1,016			—		57,021,810
Construction & Engineering		9,329,184			1,893			—		9,331,077
Diversified Telecommunication Services		6,184,520			53,651			—		6,238,171
Electric Utilities		6,736,536			17,038			—		6,753,574
Electrical Equipment		7,248,659			42,709			—		7,291,368
Health Care Providers & Services		3,311,837			59			—		3,311,896
Hotels, Restaurants & Leisure		7,165,546			51,043			—		7,216,589
Internet & Direct Marketing Retail		2,559,554			43,387			—		2,602,941
Metals & Mining		30,816,865			—			45,898		30,862,763
Real Estate Management & Development		12,704,364			4,246			—		12,708,610
Software		5,751,654			830,824			—		6,582,478
Other*		369,446,138			—			—		369,446,138
Rights		1,588			3			—		1,591
Warrants		—			—			—		—
Securities Lending Reinvestments
Repurchase Agreements		—			6,889,524			—		6,889,524
Total Investments	$	518,331,832		$	7,935,393		$	45,898	$	526,313,123
Other Financial Instruments
Assets
Futures Contracts	$	507,943		$	—		$	—	$	507,943
Forward Foreign Currency Contracts		—			117,246			—		117,246
Liabilities
Futures Contracts		(44,164	)		—			—		(44,164	)
Forward Foreign Currency Contracts		—			(41,053	)		—		(41,053	)
Total Other Financial Instruments	$	463,779		$	76,193		$	—	$	539,972

	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
FlexShares Morningstar Emerging Markets Factor Tilt Index Fund
Investments
Common Stocks
Banks	$	30,801,662	$	192,166		$	—	$	30,993,828
Commercial Services & Supplies		357,844		35,776			—		393,620
Construction Materials		3,373,867		16,870			—		3,390,737
Entertainment		1,988,336		—			7,217		1,995,553
Equity Real Estate Investment Trusts (REITs)		3,271,026		25,784			—		3,296,810
Food & Staples Retailing		2,553,009		576			—		2,553,585
Hotels, Restaurants & Leisure		2,375,881		2,520			—		2,378,401
Insurance		6,726,457		43,314			—		6,769,771
Metals & Mining		13,887,401		15,220			—		13,902,621
Pharmaceuticals		3,080,810		—			3,625		3,084,435
Real Estate Management & Development		8,686,278		183,159			164,653		9,034,090
Road & Rail		805,944		593			—		806,537
Transportation Infrastructure		3,002,417		121,463			—		3,123,880
Other*		164,054,573		—			—		164,054,573
Corporate Bonds*		—		8,125			—		8,125
Securities Lending Reinvestments
Repurchase Agreements		—		1,440,201			—		1,440,201
Total Investments	$	244,965,505	$	2,085,767		$	175,495	$	247,226,767
Other Financial Instruments
Assets
Futures Contracts	$	187,454	$	—		$	—	$	187,454
Forward Foreign Currency Contracts		—		8,985			—		8,985
Liabilities
Forward Foreign Currency Contracts		—		(6,690	)		—		(6,690	)
Total Other Financial Instruments	$	187,454	$	2,295		$	—	$	189,749
	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*	$	126,264,591	$	—			—		126,264,591
Securities Lending Reinvestments
Repurchase Agreements		—		54,703			—		54,703
Total Investments	$	126,264,591	$	54,703		$	—	$	126,319,294
Other Financial Instruments
Assets
Futures Contracts	$	53,471	$	—		$	—	$	53,471
Total Other Financial Instruments	$	53,471	$	—		$	—	$	53,471

	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*	$	168,203,715	$	—		$	—	$	168,203,715
Securities Lending Reinvestments
Repurchase Agreements		—		8,382			—		8,382
Total Investments	$	168,203,715	$	8,382		$	—	$	168,212,097
Other Financial Instruments
Assets
Futures Contracts	$	41,279	$	—		$	—	$	41,279
Total Other Financial Instruments	$	41,279	$	—		$	—	$	41,279
	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	$	1,603,949	$	7,457		$	—	$	1,611,406
Internet & Direct Marketing Retail		6,034,176		10,778			—		6,044,954
Real Estate Management & Development		778,812		866			—		779,678
Other*		146,511,120		—			—		146,511,120
Securities Lending Reinvestments
Repurchase Agreements		—		276,147			—		276,147
Total Investments	$	154,928,057	$	295,248		$	—	$	155,223,305
Other Financial Instruments
Assets
Futures Contracts	$	37,538	$	—		$	—	$	37,538
Liabilities
Forward Foreign Currency Contracts		—		(6,919	)		—		(6,919	)
Total Other Financial Instruments	$	37,538	$	(6,919	)	$	—	$	30,619
	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*	$	25,376,777	$	—		$	—	$	25,376,777
Short-Term Investments		—		29,625			—		29,625
Total Investments	$	25,376,777	$	29,625		$	—	$	25,406,402
Other Financial Instruments
Assets
Futures Contracts	$	5,488	$	—		$	—	$	5,488
Total Other Financial Instruments	$	5,488	$	—		$	—	$	5,488

	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	$	465,395	$	2,369		$	—	$	467,764
Other*		24,087,320		—			—		24,087,320
Total Investments	$	24,552,715	$	2,369		$	—	$	24,555,084
Other Financial Instruments
Assets
Futures Contracts	$	20,242	$	—		$	—	$	20,242
Forward Foreign Currency Contracts		—		5,269			—		5,269
Liabilities
Forward Foreign Currency Contracts		—		(6,145	)		—		(6,145	)
Total Other Financial Instruments	$	20,242	$	(876	)	$	—	$	19,366
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
FlexShares ESG & Climate Emerging Markets Core Index Fund
Investments
Common Stocks*	$	4,647,000	$	—		$	—	$	4,647,000
Total Investments	$	4,647,000	$	—		$	—	$	4,647,000
Other Financial Instruments
Assets
Futures Contracts	$	3,813	$	—		$	—	$	3,813
Total Other Financial Instruments	$	3,813	$	—		$	—	$	3,813
	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*	$	7,856,120,679	$	—		$	—	$	7,856,120,679
Securities Lending Reinvestments
Certificates of Deposit		—		18,011,024			—		18,011,024
Repurchase Agreements		—		204,808,136			—		204,808,136
Total Investments	$	7,856,120,679	$	222,819,160		$	—	$	8,078,939,839
Other Financial Instruments
Assets
Futures Contracts	$	1,036,926	$	—		$	—	$	1,036,926
Forward Foreign Currency Contracts		—		354,087			—		354,087
Liabilities
Forward Foreign Currency Contracts		—		(460,237	)		—		(460,237	)
Total Other Financial Instruments	$	1,036,926	$	(106,150	)	$	—	$	930,776

	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	$	319,183,890	$	929,321		$	—	$	320,113,211
Other*		2,117,741,274		—			—		2,117,741,274
Securities Lending Reinvestments
Repurchase Agreements		—		37,021,174			—		37,021,174
Total Investments	$	2,436,925,164	$	37,950,495		$	—	$	2,474,875,659
Other Financial Instruments
Assets
Futures Contracts	$	507,207	$	—		$	—	$	507,207
Total Other Financial Instruments	$	507,207	$	—		$	—	$	507,207
	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*	$	343,929,448	$	—		$	—	$	343,929,448
Securities Lending Reinvestments
Repurchase Agreements		—		7,243,404			—		7,243,404
Total Investments	$	343,929,448	$	7,243,404		$	—	$	351,172,852
Other Financial Instruments
Assets
Futures Contracts	$	616,427	$	—		$	—	$	616,427
Forward Foreign Currency Contracts		—		44,911			—		44,911
Liabilities
Forward Foreign Currency Contracts		—		(4,757	)		—		(4,757	)
Total Other Financial Instruments	$	616,427	$	40,154		$	—	$	656,581
	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	$	23,830,860	$	—		$	—	$	23,830,860
Total Investments	$	23,830,860	$	—		$	—	$	23,830,860

	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
FlexShares Quality Dividend Index Fund
Investments
Common Stocks*	$	1,560,064,759	$	—	$	—	$	1,560,064,759
Securities Lending Reinvestments
Certificates of Deposit		—		16,008,496		—		16,008,496
Repurchase Agreements		—		145,690,032		—		145,690,032
Total Investments	$	1,560,064,759	$	161,698,528	$	—	$	1,721,763,287
Other Financial Instruments
Assets
Futures Contracts	$	258,862	$	—	$	—	$	258,862
Total Other Financial Instruments	$	258,862	$	—	$	—	$	258,862
	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*	$	355,151,266	$	—	$	—	$	355,151,266
Securities Lending Reinvestments
Repurchase Agreements		—		17,556,960		—		17,556,960
Total Investments	$	355,151,266	$	17,556,960	$	—	$	372,708,226
Other Financial Instruments
Assets
Futures Contracts	$	135,665	$	—	$	—	$	135,665
Total Other Financial Instruments	$	135,665	$	—	$	—	$	135,665
	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*	$	17,330,219	$	—	$	—	$	17,330,219
Securities Lending Reinvestments
Repurchase Agreements		—		265,924		—		265,924
Total Investments	$	17,330,219	$	265,924	$	—	$	17,596,143
Other Financial Instruments
Assets
Futures Contracts	$	8,918	$	—	$	—	$	8,918
Total Other Financial Instruments	$	8,918	$	—	$	—	$	8,918

	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*	$	521,409,312	$	—		$	—	$	521,409,312
Securities Lending Reinvestments
Repurchase Agreements		—		45,476			—		45,476
Total Investments	$	521,409,312	$	45,476		$	—	$	521,454,788
Other Financial Instruments
Assets
Futures Contracts	$	503,045	$	—		$	—	$	503,045
Forward Foreign Currency Contracts		—		108,337			—		108,337
Liabilities
Forward Foreign Currency Contracts		—		(124,306	)		—		(124,306	)
Total Other Financial Instruments	$	503,045	$	(15,969	)	$	—	$	487,076
	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
Electric Utilities	$	940,779	$	1,109		$	—	$	941,888
Other*		33,512,659		—			—		33,512,659
Securities Lending Reinvestments
Repurchase Agreements		—		364,336			—		364,336
Total Investments	$	34,453,438	$	365,445		$	—	$	34,818,883
Other Financial Instruments
Assets
Futures Contracts	$	39,251	$	—		$	—	$	39,251
Forward Foreign Currency Contracts		—		1,971			—		1,971
Liabilities
Forward Foreign Currency Contracts		—		(10,641	)		—		(10,641	)
Total Other Financial Instruments	$	39,251	$	(8,670	)	$	—	$	30,581

	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
FlexShares International Quality Dividend Dynamic Index Fund
Investments
Common Stocks
Real Estate Management & Development	$	1,170,197	$	1,307		$	—	$	1,171,504
Other*		111,251,010		—			—		111,251,010
Securities Lending Reinvestments
Repurchase Agreements		—		712,486			—		712,486
Total Investments	$	112,421,207	$	713,793		$	—	$	113,135,000
Other Financial Instruments
Assets
Futures Contracts	$	104,057	$	—		$	—	$	104,057
Forward Foreign Currency Contracts		—		3,006			—		3,006
Liabilities
Forward Foreign Currency Contracts		—		(7,801	)		—		(7,801	)
Total Other Financial Instruments	$	104,057	$	(4,795	)	$	—	$	99,262
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
FlexShares iBoxx 3-Year Target Duration TIPS Index Fund
Investments
U.S. Treasury Obligations	$	—	$	2,007,385,086		$	—	$	2,007,385,086
Total Investments	$	—	$	2,007,385,086		$	—	$	2,007,385,086
	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	$	—	$	708,402,300		$	—	$	708,402,300
Total Investments	$	—	$	708,402,300		$	—	$	708,402,300
	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	$	—	$	94,376,393		$	—	$	94,376,393
Total Investments	$	—	$	94,376,393		$	—	$	94,376,393
	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*	$	—	$	232,389,509		$	—	$	232,389,509
Total Investments	$	—	$	232,389,509		$	—	$	232,389,509

	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*	$	—	$	35,413,959	$	—	$	35,413,959
Total Investments	$	—	$	35,413,959	$	—	$	35,413,959
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
FlexShares High Yield Value-Scored Bond Index Fund
Investments
Corporate Bonds*	$	—	$	1,026,057,307	$	—	$	1,026,057,307
Total Investments	$	—	$	1,026,057,307	$	—	$	1,026,057,307
	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*	$	—	$	18,487,253	$	—	$	18,487,253
Total Investments	$	—	$	18,487,253	$	—	$	18,487,253
	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*	$	—	$	31,327,021	$	—	$	31,327,021
Total Investments	$	—	$	31,327,021	$	—	$	31,327,021
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
FlexShares Ultra-Short Income Fund Fund
Investments
Asset-Backed Securities	$	—	$	47,614,800	$	—	$	47,614,800
Corporate Bonds*		—		670,302,295		—		670,302,295
Municipal Bonds		—		6,249,010		—		6,249,010
U.S. Government Agency Securities		—		1,798,548		—		1,798,548
Short-Term Investments		—		171,396,839		—		171,396,839
Total Investments	$	—	$	897,361,492	$	—	$	897,361,492

	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
FlexShares Core Select Bond Fund
Investments
Exchange Traded Funds	$	168,407,264	$	—	$	—	$	168,407,264
Securities Lending Reinvestments
Repurchase Agreements		—		5,549,080		—		5,549,080
Short-Term Investments		—		990,461		—		990,461
Total Investments	$	168,407,264	$	6,539,541	$	—	$	174,946,805
Other Financial Instruments
Assets
Futures Contracts	$	34,761	$	—	$	—	$	34,761
Total Other Financial Instruments	$	34,761	$	—	$	—	$	34,761

* See Schedules of Investments for segregation by industry type.