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Flexshares 2018 Semiannual Report

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Flexshares 2018 Semiannual Report FlexShares® Trust Semiannual Report April 30, 2018 FlexShares® Morningstar US Market Factor Tilt Index Fund FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund FlexShares® Currency Hedged Morningstar DM ex-US Factor Tilt Index Fund FlexShares® Currency Hedged Morningstar EM Factor Tilt Index Fund FlexShares® US Quality Large Cap Index Fund FlexShares® STOXX® US ESG Impact Index Fund FlexShares® STOXX® Global ESG Impact Index Fund FlexShares® Morningstar Global Upstream Natural Resources Index Fund FlexShares® STOXX® Global Broad Infrastructure Index Fund FlexShares® Global Quality Real Estate Index Fund FlexShares® Real Assets Allocation Index Fund FlexShares® Quality Dividend Index Fund FlexShares® Quality Dividend Defensive Index Fund FlexShares® Quality Dividend Dynamic Index Fund FlexShares® International Quality Dividend Index Fund FlexShares® International Quality Dividend Defensive Index Fund FlexShares® International Quality Dividend Dynamic Index Fund FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund FlexShares® Disciplined Duration MBS Index Fund FlexShares® Credit-Scored US Corporate Bond Index Fund FlexShares® Credit-Scored US Long Corporate Bond Index Fund FlexShares® Ready Access Variable Income Fund FlexShares® Core Select Bond Fund Table of Contents Statements of Assets and Liabilities ................................................ 2 Statements of Operations................................................................. 9 Statements of Changes in Net Assets............................................. 16 Financial Highlights ........................................................................... 30 Schedules of Investments ................................................................. 50 FlexShares® Morningstar US Market Factor Tilt Index Fund ............ 50 FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund......................................................................................... 84 FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund.................................................................................................... 130 FlexShares® Currency Hedged Morningstar DM ex-US Factor Tilt Index Fund......................................................................................... 172 FlexShares® Currency Hedged Morningstar EM Factor Tilt Index Fund.................................................................................................... 174 FlexShares® US Quality Large Cap Index Fund ................................ 176 FlexShares® STOXX® US ESG Impact Index Fund ............................ 180 FlexShares® STOXX® Global ESG Impact Index Fund ..................... 186 FlexShares® Morningstar Global Upstream Natural Resources Index Fund......................................................................................... 199 FlexShares® STOXX® Global Broad Infrastructure Index Fund........ 207 FlexShares® Global Quality Real Estate Index Fund......................... 214 FlexShares® Real Assets Allocation Index Fund................................. 219 FlexShares® Quality Dividend Index Fund ......................................... 220 FlexShares® Quality Dividend Defensive Index Fund........................ 227 FlexShares® Quality Dividend Dynamic Index Fund ......................... 233 FlexShares® International Quality Dividend Index Fund................... 238 FlexShares® International Quality Dividend Defensive Index Fund.................................................................................................... 247 FlexShares® International Quality Dividend Dynamic Index Fund... 254 FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund ............ 260 FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund ............ 261 FlexShares® Disciplined Duration MBS Index Fund .......................... 262 FlexShares® Credit-Scored US Corporate Bond Index Fund............ 266 FlexShares® Credit-Scored US Long Corporate Bond Index Fund.................................................................................................... 274 FlexShares® Ready Access Variable Income Fund............................ 281 FlexShares® Core Select Bond Fund................................................... 289 Notes to the Financial Statements................................................... 291 Fund Expenses ................................................................................... 330 Supplemental Information ............................................................... 334 For More Information ....................................................................... 341 FlexShares® Trust Statements of Assets and Liabilities April 30, 2018 (Unaudited) FlexShares® FlexShares® Morningstar Morningstar FlexShares® FlexShares® Developed Emerging Currency Hedged Morningstar US Markets ex-US Markets Morningstar DM Market Factor Tilt Factor Tilt Factor Tilt ex-US Factor Tilt Index Fund Index Fund Index Fund Index Fund ASSETS Securities, at cost $ 803,772,544 $ 927,357,150 $598,494,549 $ — Affiliate securities, at cost 463,349 — — 8,141,102 Securities Lending Reinvestments, at cost 114,029,474 16,242,330 1,262,450 — Securities, at value 1,187,760,987 1,096,116,542 712,781,764 — Affiliate securities, at value 794,861 — — 9,196,692 Securities Lending Reinvestments, at value 114,031,774 16,242,330 1,262,450 — Cash 9,280,095 6,092,570 2,194,864 1,255 Cash segregated at broker* 999,443 834,773 553,023 — Foreign cash† — 6,344,267 2,926,583 — Restricted cash** — 2,053 — — Due from Authorized Participant — — — — Due from Custodian — — — — Unrealized appreciation on forward foreign currency contracts — 146,677 56,433 144,961 Receivables: Dividends and interest 829,049 6,139,104 648,729 — Securities lending income 76,046 108,408 23,311 — Capital shares issued — — — — Investment adviser 71,261 52,899 27,535 1,125 Securities sold 1,150 — 231,308 — Variation margin on futures contracts — 804,474 — — Total Assets 1,313,844,666 1,132,884,097 720,706,000 9,344,033 LIABILITIES Cash overdraft ———— Unrealized depreciation on forward foreign currency contracts — 261,349 17,917 — Due to brokers — — 2,311 — Payables: Cash collateral received from securities loaned 114,036,329 16,242,330 1,262,450 — Deferred compensation (Note 7) 60,843 44,086 21,999 436 Investment advisory fees (Note 4) 248,425 355,091 344,902 155 Trustee fees (Note 7) 10,418 8,813 5,536 689 Securities purchased — 206 142,714 — Deferred non-US capital gains taxes — — 85,864 — Due to Authorized Participant — 2,053 — — Variation margin on futures contracts 336,638 — 192,297 — Capital shares redeemed — — — — Other 4,500 40,000 100,000 — Total Liabilities 114,697,153 16,953,928 2,175,990 1,280 Net Assets $1,199,147,513 $1,115,930,169 $718,530,010 $9,342,753 NET ASSETS CONSIST OF: Paid-in capital $ 824,093,307 $ 990,936,145 $623,112,950 $8,086,916 Undistributed (accumulated) net investment income (loss) 2,890,757 1,502,586 (190,733) (539) Undistributed (accumulated) net realized gain (loss) on investments and foreign currency transactions (11,960,121) (45,809,840) (18,462,388) 55,825 Net unrealized appreciation (depreciation) on: Investments 384,319,955 168,759,392 114,203,748 1,055,590 Securities lending 2,300 — — — Futures contracts (198,685) 829,978 (158,236) — Forward foreign currency contracts and foreign currency translations — (288,092) 24,669 144,961 Net Assets $1,199,147,513 $1,115,930,169 $718,530,010 $9,342,753 Shares Outstanding (unlimited number of shares authorized $0.0001 par value) 10,900,001 16,200,001 12,000,001 325,001 Net Asset Value $ 110.01 $ 68.88 $ 59.88 $ 28.75 † Cost of foreign cash $ — $ 6,439,588 $ 2,934,943 $ — * Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30. ** Includes cash pledged by an Authorized Participant for missing deposit securities required to secure Creation Units. See Accompanying Notes to the Financial Statements. 2 FLEXSHARES SEMIANNUAL REPORT Statements of Assets and Liabilities (cont.) FlexShares® FlexShares® Currency Hedged FlexShares® FlexShares® STOXX® Morningstar EM US Quality STOXX® US Global ESG Factor Tilt Large Cap ESG Impact Impact Index Fund Index Fund Index Fund Index Fund ASSETS Securities, at cost $ — $38,738,982 $21,661,879 $62,603,184 Affiliate securities, at cost 27,152,133 — — — Securities Lending Reinvestments, at cost — — — — Securities, at value — 42,558,734 23,266,349 65,075,588 Affiliate securities, at value 35,312,316 — — — Securities Lending Reinvestments, at value — — — — Cash 223,062 114,324 218,996 355,869 Cash segregated at broker* 26,395 28,058 20,563 111,118 Foreign cash† 2 — — 371,624 Restricted cash** — ——— Due from Authorized Participant — — — — Due from Custodian — ——— Unrealized appreciation on forward foreign currency contracts 221,530 — — — Receivables: Dividends and interest — 30,947 24,275 164,648 Securities lending income — — — — Capital shares issued — — — — Investment adviser 2,098 1,348 884 1,261 Securities sold — ——— Variationmarginonfuturescontracts — — — — Total Assets 35,785,403 42,733,411 23,531,067 66,080,108 LIABILITIES Cash overdraft — ——— Unrealized depreciation on forward foreign currency contracts 44,847 — — — Due to brokers — ——— Payables: Cash collateral received from securities loaned — — — — Deferred compensation (Note 7) 1,221 597 258 530 Investment advisory fees (Note
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