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Investments	Shares		Value ($)
COMMON STOCKS - 99.9%

Aerospace & Defense - 2.1%
Lockheed Martin Corp.		1,131		484,204
Northrop Grumman Corp.		104		38,955
Raytheon Co.		299		66,061
Teledyne Technologies, Inc.*		26		9,492

				598,712

Banks - 1.8%
Commerce Bancshares, Inc.		3,003		203,183
Investors Bancorp, Inc.		11,011		133,068
JPMorgan Chase & Co.		845		111,844
M&T Bank Corp.		26		4,381
Popular, Inc.		806		45,104

				497,580

Beverages - 6.0%
Coca-Cola Co. (The)		10,075		588,380
Coca-Cola European Partners plc		4,056		213,386
PepsiCo, Inc.		6,240		886,205

				1,687,971

Capital Markets - 1.5%
Intercontinental Exchange, Inc.		2,639		263,214
Nasdaq, Inc.		1,404		163,510

				426,724

Chemicals - 1.3%
Ecolab, Inc.		923		181,009
NewMarket Corp.		416		182,882

				363,891

Commercial Services & Supplies - 2.4%
Advanced Disposal Services, Inc.*		4,186		137,929
Cintas Corp.		65		18,133
Clean Harbors, Inc.*		247		20,308
Republic Services, Inc.		1,716		163,106
Tetra Tech, Inc.		2,353		201,417
UniFirst Corp.		650		132,554

				673,447

Communications Equipment - 0.5%
EchoStar Corp., Class A*		3,302		131,766

Consumer Finance - 0.7%
Credit Acceptance Corp.*		468		200,763

Distributors - 0.6%
Pool Corp.		728		159,650

Diversified Consumer Services - 0.6%
H&R Block, Inc.		7,085		164,372

Diversified Financial Services - 0.8%
Berkshire Hathaway, Inc., Class B*		949		212,984

Diversified Telecommunication Services - 5.5%
AT&T, Inc.		16,029		603,011
Verizon Communications, Inc.		15,522		922,628

				1,525,639


Investments	Shares		Value ($)
Electric Utilities - 3.7%
American Electric Power Co., Inc.		1,885		196,455
Duke Energy Corp.		65		6,346
IDACORP, Inc.		1,846		207,103
NextEra Energy, Inc.		741		198,736
Pinnacle West Capital Corp.		2,028		198,115
Portland General Electric Co.		3,185		195,877
Southern Co. (The)		442		31,117

				1,033,749

Electronic Equipment, Instruments & Components - 0.5%
Dolby Laboratories, Inc., Class A		1,989		137,917

Entertainment - 0.9%
Cinemark Holdings, Inc.		3,354		105,685
Madison Square Garden Co. (The), Class A*		507		150,168

				255,853

Equity Real Estate Investment Trusts (REITs) - 6.7%
AvalonBay Communities, Inc.		1,053		228,174
Camden Property Trust		1,846		207,546
Crown Castle International Corp.		1,144		171,417
Equinix, Inc.		65		38,332
Equity LifeStyle Properties, Inc.		3,016		219,414
Equity Residential		416		34,561
Essex Property Trust, Inc.		689		213,425
Extra Space Storage, Inc.		156		17,266
Federal Realty Investment Trust		936		117,019
Life Storage, Inc.		1,859		210,402
National Retail Properties, Inc.		1,079		60,424
Public Storage		897		200,713
Realty Income Corp.		2,002		156,977

				1,875,670

Food & Staples Retailing - 1.0%
Casey’s General Stores, Inc.		286		46,006
Sysco Corp.		2,860		234,920

				280,926

Food Products - 2.2%
Flowers Foods, Inc.		1,391		29,948
Hershey Co. (The)		1,378		213,824
Hormel Foods Corp.		3,380		159,739
Kellogg Co.		559		38,129
McCormick & Co., Inc. (Non-Voting)		923		150,791
Nomad Foods Ltd.*		260		5,247
Post Holdings, Inc.*		182		19,032

				616,710

Health Care Equipment & Supplies - 0.8%
Stryker Corp.		988		208,171

Health Care Providers & Services - 1.2%
Chemed Corp.		338		157,860
Encompass Health Corp.		2,015		155,215
Quest Diagnostics, Inc.		156		17,265


Investments	Shares		Value ($)
UnitedHealth Group, Inc.		52		14,167

				344,507

Hotels, Restaurants & Leisure - 5.7%
Cracker Barrel Old Country Store, Inc.		1,261		192,845
Domino’s Pizza, Inc.		273		76,918
Dunkin’ Brands Group, Inc.		1,820		142,124
Restaurant Brands International, Inc.		2,210		134,832
Starbucks Corp.		5,343		453,247
Wendy’s Co. (The)		6,656		144,235
Wyndham Destinations, Inc.		4,212		204,408
Yum! Brands, Inc.		2,301		243,377

				1,591,986

Household Durables - 0.4%
Helen of Troy Ltd.*		637		120,425

Household Products - 0.5%
Clorox Co. (The)		936		147,242
Procter & Gamble Co. (The)		39		4,860

				152,102

Industrial Conglomerates - 1.0%
Honeywell International, Inc.		1,573		272,475

Insurance - 7.3%
Alleghany Corp.*		182		145,174
Allstate Corp. (The)		598		70,887
American Financial Group, Inc.		1,300		141,427
Arthur J Gallagher & Co.		1,586		162,676
Assured Guaranty Ltd.		3,185		146,000
Chubb Ltd.		1,300		197,587
Fidelity National Financial, Inc.		793		38,659
First American Financial Corp.		1,417		87,826
Hanover Insurance Group, Inc. (The)		1,508		208,979
Progressive Corp. (The)		52		4,196
Reinsurance Group of America, Inc.		299		43,071
RenaissanceRe Holdings Ltd.		1,131		214,256
Travelers Cos., Inc. (The)		1,235		162,551
White Mountains Insurance Group Ltd.		182		203,334
WR Berkley Corp.		3,068		225,590

				2,052,213

Interactive Media & Services - 1.7%
Alphabet, Inc., Class A*		104		149,009
Alphabet, Inc., Class C*		117		167,805
Facebook, Inc., Class A*		780		157,490

				474,304

Internet & Direct Marketing Retail - 1.6%
Amazon.com, Inc.*		221		443,927

IT Services - 10.6%
Accenture plc, Class A		2,210		453,514
Amdocs Ltd.		2,002		144,044
Automatic Data Processing, Inc.		481		82,438
Genpact Ltd.		5,018		222,147


Investments	Shares		Value ($)
Jack Henry & Associates, Inc.		1,105		165,242
Mastercard, Inc., Class A		3,354		1,059,663
Visa, Inc., Class A		4,160		827,715
Wix.com Ltd.*		104		14,840

				2,969,603

Life Sciences Tools & Services - 0.9%
ICON plc*		1,352		227,974
QIAGEN NV*		507		17,127

				245,101

Media - 0.8%
Cable One, Inc.		91		155,067
Liberty Global plc, Class C*		3,471		67,615

				222,682

Metals & Mining - 0.7%
Royal Gold, Inc.		1,781		205,385

Multi-Utilities - 2.3%
Consolidated Edison, Inc.		1,742		163,748
DTE Energy Co.		1,157		153,430
NorthWestern Corp.		949		73,044
WEC Energy Group, Inc.		2,418		241,534

				631,756

Oil, Gas & Consumable Fuels - 2.6%
Chevron Corp.		2,457		263,243
Exxon Mobil Corp.		7,332		455,464

				718,707

Pharmaceuticals - 9.3%
Eli Lilly & Co.		3,887		542,781
Johnson & Johnson		8,775		1,306,334
Merck & Co., Inc.		7,540		644,218
Pfizer, Inc.		2,119		78,911
Zoetis, Inc.		117		15,703

				2,587,947

Professional Services - 0.6%
Verisk Analytics, Inc.		1,079		175,305

Semiconductors & Semiconductor Equipment - 0.4%
Mellanox Technologies Ltd.*		923		111,591

Software - 5.1%
Check Point Software Technologies Ltd.*		1,807		206,558
Globant SA*		1,365		167,486
Intuit, Inc.		208		58,319
j2 Global, Inc.		2,106		201,881
Microsoft Corp.		4,680		796,676

				1,430,920

Specialty Retail - 1.9%
Home Depot, Inc. (The)		1,261		287,634
Ross Stores, Inc.		858		96,259
TJX Cos., Inc. (The)		2,691		158,877

				542,770

Technology Hardware, Storage & Peripherals - 3.4%
Apple, Inc.		3,029		937,506


Investments	Shares		Value ($)
Thrifts & Mortgage Finance - 0.7%
Essent Group Ltd.		3,822		189,609

Transportation Infrastructure - 0.5%
Macquarie Infrastructure Corp.		3,289		145,078

Water Utilities - 0.7%
American States Water Co.		2,106		186,507

Wireless Telecommunication Services - 0.4%
T-Mobile US, Inc.*		1,391		110,153

TOTAL COMMON STOCKS (Cost $27,225,357)				27,915,054

Total Investments - 99.9% (Cost $27,225,357)				27,915,054
Other Assets Less Liabilities - 0.1%				40,469

Net Assets - 100.0%				27,955,523

*	Non-income producing security.

Percentages shown are based on Net Assets.


Investments	Shares		Value ($)
COMMON STOCKS - 98.9%

Aerospace & Defense - 0.2%
Thales SA		228		25,070

Air Freight & Logistics - 0.2%
SG Holdings Co. Ltd.		1,200		25,742

Airlines - 0.9%
Deutsche Lufthansa AG (Registered)		1,460		22,377
Japan Airlines Co. Ltd.		2,400		68,533

				90,910

Auto Components - 0.1%
Bridgestone Corp.		400		14,397

Automobiles - 0.3%
Toyota Motor Corp.		400		28,240

Banks - 9.5%
Bank Hapoalim BM		3,944		34,025
Bank Leumi Le-Israel BM		11,356		82,096
Bank of Nova Scotia (The)		2,340		127,886
Bendigo & Adelaide Bank Ltd.		4,256		29,660
Commonwealth Bank of Australia		3,280		187,214
Hang Seng Bank Ltd.		3,600		73,345
HSBC Holdings plc		15,968		116,149
Royal Bank of Canada		1,952		154,353
Skandinaviska Enskilda Banken AB, Class A		620		6,126
Sumitomo Mitsui Financial Group, Inc.		2,500		89,588
Swedbank AB, Class A		540		8,306
Toronto-Dominion Bank (The)		920		50,878
Westpac Banking Corp.		2,136		35,920

				995,546

Beverages - 0.9%
Diageo plc		1,436		56,978
Suntory Beverage & Food Ltd.		800		34,285

				91,263

Capital Markets - 1.0%
Deutsche Boerse AG		628		102,339

Chemicals - 3.2%
Air Liquide SA		928		134,464
Akzo Nobel NV		944		89,236
Givaudan SA (Registered)		16		52,755
Israel Chemicals Ltd.		6,176		26,166
Symrise AG		352		36,255

				338,876

Commercial Services & Supplies - 2.5%
Brambles Ltd.		7,244		61,249
Secom Co. Ltd.		1,000		89,616


Investments	Shares		Value ($)
Securitas AB, Class B		1,840		28,969
Societe BIC SA		1,152		77,811

				257,645

Diversified Financial Services - 0.0%(a)
Sofina SA		16		3,661

Diversified Telecommunication Services - 3.9%
BCE, Inc.		720		33,949
Deutsche Telekom AG (Registered)		5,004		80,997
Elisa OYJ		1,536		92,497
HKT Trust & HKT Ltd.		20,000		29,981
Nippon Telegraph & Telephone Corp.		2,400		61,702
Orange SA		2,620		37,179
Proximus SADP		1,532		43,667
Singapore Telecommunications Ltd.		12,400		29,980
Spark New Zealand Ltd.		1,316		3,969

				413,921

Electric Utilities - 3.4%
Chubu Electric Power Co., Inc.		2,400		32,949
CLP Holdings Ltd.		8,500		88,832
Emera, Inc.		528		23,539
Fortis, Inc.		900		39,279
Hydro One Ltd.(b)		4,556		92,667
Orsted A/S(b)		420		45,841
Power Assets Holdings Ltd.		4,000		29,002
Red Electrica Corp. SA		144		2,878

				354,987

Electrical Equipment - 0.9%
Vestas Wind Systems A/S		936		93,387

Equity Real Estate Investment Trusts (REITs) - 3.7%
Covivio		260		30,888
Derwent London plc		632		34,241
GPT Group (The)		5,924		23,795
H&R REIT		1,568		25,360
Japan Real Estate Investment Corp.		4		29,192
Japan Retail Fund Investment Corp.		12		25,653
Link REIT		8,000		81,392
RioCan REIT		1,224		25,136
Scentre Group		14,156		36,580
United Urban Investment Corp.		40		71,707

				383,944

Food & Staples Retailing - 4.5%
Colruyt SA		1,392		69,649
ICA Gruppen AB		640		28,140
Kesko OYJ, Class B		56		3,788
Koninklijke Ahold Delhaize NV		3,764		92,602
Loblaw Cos. Ltd.		1,504		78,740
Metro, Inc.		532		21,702
Seven & i Holdings Co. Ltd.		1,600		62,252
Wm Morrison Supermarkets plc		3,192		7,656
Woolworths Group Ltd.		3,728		104,420

				468,949


Investments	Shares		Value ($)
Food Products - 4.3%
MEIJI Holdings Co. Ltd.		400		28,491
Nestle SA (Registered)		3,320		366,200
Orkla ASA		1,472		14,212
Saputo, Inc.		972		29,883
Tate & Lyle plc		1,632		17,056

				455,842

Gas Utilities - 1.2%
Enagas SA		956		25,766
Hong Kong & China Gas Co. Ltd.		20,000		38,532
Tokyo Gas Co. Ltd.		3,000		66,651

				130,949

Health Care Equipment & Supplies - 2.0%
Alcon, Inc.*		704		41,563
Carl Zeiss Meditec AG		20		2,449
Coloplast A/S, Class B		724		91,368
Fisher & Paykel Healthcare Corp. Ltd.		372		5,609
Siemens Healthineers AG(b)		684		32,200
Smith & Nephew plc		1,672		40,257

				213,446

Health Care Providers & Services - 0.6%
Medipal Holdings Corp.		1,200		25,863
Sonic Healthcare Ltd.		1,532		32,481

				58,344

Hotels, Restaurants & Leisure - 3.0%
Accor SA		1,648		67,628
Compass Group plc		3,216		79,572
Crown Resorts Ltd.		2,560		20,051
Flutter Entertainment plc		328		37,193
McDonald’s Holdings Co. Japan Ltd.		500		23,896
Oriental Land Co. Ltd.		400		52,627
Sodexo SA		252		26,419
Whitbread plc		176		10,371

				317,757

Household Durables - 2.2%
Barratt Developments plc		2,388		25,271
Bellway plc		744		39,082
Berkeley Group Holdings plc		1,448		100,019
Iida Group Holdings Co. Ltd.		1,600		27,458
Sekisui House Ltd.		1,600		34,853

				226,683

Household Products - 1.1%
Reckitt Benckiser Group plc		1,384		114,590

Industrial Conglomerates - 0.0%(a)
Jardine Strategic Holdings Ltd.		100		3,083

Insurance - 9.1%
Admiral Group plc		2,648		78,852
Ageas		1,456		80,306
AIA Group Ltd.		800		8,010
Assicurazioni Generali SpA		4,496		87,666
Direct Line Insurance Group plc		22,644		100,831
Gjensidige Forsikring ASA		1,488		32,447
Great-West Lifeco, Inc.		1,316		34,120


Investments	Shares		Value ($)
Hannover Rueck SE		472		91,799
Helvetia Holding AG (Registered)		224		32,237
Japan Post Holdings Co. Ltd.		3,200		29,415
Mapfre SA		7,272		18,632
MS&AD Insurance Group Holdings, Inc.		2,700		91,100
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		376		110,963
Power Financial Corp.		1,328		34,492
RSA Insurance Group plc		4,480		32,504
Sampo OYJ, Class A		772		34,966
SCOR SE		580		24,701
Tryg A/S		572		17,338
Zurich Insurance Group AG		44		18,281

				958,660

IT Services - 2.2%
CGI, Inc.*		520		39,841
Fujitsu Ltd.		300		32,149
Itochu Techno-Solutions Corp.		800		23,951
Nexi SpA*(b)		7,388		104,815
NTT Data Corp.		2,400		34,433

				235,189

Leisure Products - 0.6%
Bandai Namco Holdings, Inc.		1,100		64,730

Machinery - 1.7%
Alstom SA		1,908		101,366
Mitsubishi Heavy Industries Ltd.		2,000		74,254

				175,620

Marine - 0.3%
Kuehne + Nagel International AG (Registered)		176		28,468

Media - 0.1%
Shaw Communications, Inc., Class B		676		13,218

Metals & Mining - 2.3%
Barrick Gold Corp.		5,672		105,116
Kinross Gold Corp.*		6,724		34,114
Newcrest Mining Ltd.		1,700		33,607
Polymetal International plc		2,024		34,311
Wheaton Precious Metals Corp.		1,181		34,790

				241,938

Multiline Retail - 0.9%
Canadian Tire Corp. Ltd., Class A		280		30,048
Wesfarmers Ltd.		2,244		67,917

				97,965

Multi-Utilities - 0.3%
Algonquin Power & Utilities Corp.		1,996		30,577
Canadian Utilities Ltd., Class A		84		2,572

				33,149

Oil, Gas & Consumable Fuels - 4.0%
BP plc		3,528		21,239
Imperial Oil Ltd.		1,116		26,479
Neste OYJ		2,348		93,362


Investments	Shares		Value ($)
Royal Dutch Shell plc, Class A		2,024		53,211
Royal Dutch Shell plc, Class B		144		3,797
TOTAL SA		4,488		219,560

				417,648

Personal Products - 0.3%
Beiersdorf AG		236		26,781
Unilever plc		32		1,913

				28,694

Pharmaceuticals - 10.5%
AstraZeneca plc		580		56,761
GlaxoSmithKline plc		9,732		228,865
Merck KGaA		408		52,404
Novartis AG (Registered)		592		55,962
Novo Nordisk A/S, Class B		2,336		142,896
Ono Pharmaceutical Co. Ltd.		400		9,372
Roche Holding AG		1,356		455,960
Roche Holding AG - BR		16		5,309
UCB SA		1,016		93,542

				1,101,071

Professional Services - 1.3%
RELX plc		4,216		111,873
Wolters Kluwer NV		324		24,387

				136,260

Real Estate Management & Development - 1.6%
Aroundtown SA		4,096		38,747
Deutsche Wohnen SE		436		18,457
Hongkong Land Holdings Ltd.		3,600		19,188
PSP Swiss Property AG (Registered)		576		87,076

				163,468

Road & Rail - 3.3%
Aurizon Holdings Ltd.		4,580		16,588
Central Japan Railway Co.		200		39,830
East Japan Railway Co.		1,000		89,496
Keio Corp.		400		23,177
Kintetsu Group Holdings Co. Ltd.		500		26,618
MTR Corp. Ltd.		6,000		33,922
Nagoya Railroad Co. Ltd.		800		23,730
Seibu Holdings, Inc.		800		12,629
West Japan Railway Co.		1,000		85,565

				351,555

Software - 1.1%
Nice Ltd.*		196		33,989
Open Text Corp.		864		38,910
Oracle Corp. Japan		400		35,208
SAP SE		52		6,789

				114,896

Specialty Retail - 1.0%
ABC-Mart, Inc.		1,200		77,944
Yamada Denki Co. Ltd.		5,600		28,469

				106,413

Technology Hardware, Storage & Peripherals - 1.7%
Canon, Inc.		3,200		85,222
FUJIFILM Holdings Corp.		1,900		96,135

				181,357

Textiles, Apparel & Luxury Goods - 1.0%
adidas AG		24		7,602


Investments	Shares		Value ($)
Hermes International		124		92,976
LVMH Moet Hennessy Louis Vuitton SE		4		1,752

				102,330

Tobacco - 0.8%
Japan Tobacco, Inc.		4,000		85,473

Trading Companies & Distributors - 1.0%
ITOCHU Corp.		4,400		104,251

Transportation Infrastructure - 0.4%
Aena SME SA(b)		68		12,596
Auckland International Airport Ltd.		8		45
Flughafen Zurich AG (Registered)		80		13,911
Fraport AG Frankfurt Airport Services Worldwide		248		18,507

				45,059

Water Utilities - 0.9%
Severn Trent plc		872		29,645
United Utilities Group plc		4,668		62,364

				92,009

Wireless Telecommunication Services - 2.9%
KDDI Corp.		3,600		108,646
NTT DOCOMO, Inc.		3,600		103,199
Softbank Corp.		6,400		88,337

				300,182

TOTAL COMMON STOCKS (Cost $10,097,686)				10,389,174

Total Investments - 98.9% (Cost $10,097,686)				10,389,174
Other Assets Less Liabilities - 1.1%				117,105

Net Assets - 100.0%				10,506,279

*	Non-income producing security.

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

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

Percentages shown are based on Net Assets.

Abbreviations


OYJ		Public Limited Company

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund had the following open futures contract as of January 31, 2020:

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, 2020:


Investments	Shares		Value ($)
COMMON STOCKS - 99.0%

Air Freight & Logistics - 0.6%
ZTO Express Cayman, Inc., ADR		1,268		27,541

				27,541

Airlines - 0.9%
Eva Airways Corp.		48,028		19,396
InterGlobe Aviation Ltd.(a)		1,196		23,101

				42,497

Banks - 17.7%
Attijariwafa Bank		434		22,789
Banco BBVA Peru SA		3,428		3,453
Banco Bradesco SA (Preference)*		1,800		13,854
Banco de Chile		273,028		26,869
Bank Central Asia Tbk. PT		44,600		105,825
Bank of China Ltd., Class H		116,000		45,265
Bank of Communications Co. Ltd., Class H		56,000		36,060
Bank of the Philippine Islands		2,480		4,025
Bank Rakyat Indonesia Persero Tbk. PT		4,800		1,568
Banque Centrale Populaire		844		24,128
BDO Unibank, Inc.		8,260		24,050
Chang Hwa Commercial Bank Ltd.		36,000		25,562
China CITIC Bank Corp. Ltd., Class H		6,000		3,153
China Construction Bank Corp., Class H		70,000		53,639
China Merchants Bank Co. Ltd., Class H		500		2,440
Commercial International Bank Egypt SAE		6,232		33,558
Credicorp Ltd.		154		31,847
E.Sun Financial Holding Co. Ltd.		24,000		22,325
First Financial Holding Co. Ltd.		42,000		32,811
Grupo Elektra SAB de CV		100		7,311
Hong Leong Bank Bhd.		5,800		22,645
Hua Nan Financial Holdings Co. Ltd.		42,000		30,100
Industrial & Commercial Bank of China Ltd., Class H		64,000		43,024
ING Bank Slaski SA		386		20,201
Intercorp Financial Services, Inc.*(a)		16		674
Itau Unibanco Holding SA (Preference)		2,600		19,969
Komercni banka A/S		1,166		40,202
Krung Thai Bank PCL		26,600		13,740
Malayan Banking Bhd.		8,600		17,691
Mega Financial Holding Co. Ltd.		34,000		35,509
Postal Savings Bank of China Co. Ltd., Class H(a)		16,000		9,994
Public Bank Bhd.		7,800		35,403
Sberbank of Russia PJSC		5,800		22,887


Investments	Shares		Value ($)
SinoPac Financial Holdings Co. Ltd.		34,000		14,519
Taiwan Cooperative Financial Holding Co. Ltd.		44,000		30,296

				877,386

Beverages - 0.6%
Ambev SA*		600		2,506
Emperador, Inc.		177,600		25,227

				27,733

Biotechnology - 0.5%
China Biologic Products Holdings, Inc.*		220		25,498

				25,498

Capital Markets - 0.5%
Macquarie Korea Infrastructure Fund		2,724		26,512

Chemicals - 2.5%
Acron PJSC		484		36,638
Formosa Plastics Corp.		7,000		21,643
Nan Ya Plastics Corp.		11,000		25,380
Pidilite Industries Ltd.		1,986		42,083

				125,744

Commercial Services & Supplies - 0.7%
S-1 Corp.		472		36,078

Construction Materials - 1.6%
LafargeHolcim Maroc SA		130		26,072
Siam Cement PCL (The)		300		3,445
Siam Cement PCL (The), NVDR		500		5,743
Siam City Cement PCL, NVDR		3,400		20,398
Ssangyong Cement Industrial Co. Ltd.		5,226		21,770

				77,428

Diversified Telecommunication Services - 4.1%
China Telecom Corp. Ltd., Class H		64,000		25,056
China Tower Corp. Ltd., Class H(a)		28,000		5,878
Chunghwa Telecom Co. Ltd.		10,000		35,751
Magyar Telekom Telecommunications plc		26,024		38,775
Maroc Telecom		2,526		40,922
O2 Czech Republic A/S		3,770		38,904
Rostelecom PJSC		13,960		19,222

				204,508

Electric Utilities - 2.1%
CEZ A/S		1,236		27,087
CPFL Energia SA		200		1,791
Equatorial Energia SA		5,000		27,895
Manila Electric Co.		5,800		29,211
Transmissora Alianca de Energia Eletrica SA		2,600		18,837

				104,821


Investments	Shares		Value ($)
Electronic Equipment, Instruments & Components - 0.5%
WPG Holdings Ltd.		20,000		25,158

Equity Real Estate Investment Trusts (REITs) - 1.4%
Embassy Office Parks REIT		4,600		26,755
Growthpoint Properties Ltd.		8,588		12,075
Hui Xian REIT		58,000		26,782
Redefine Properties Ltd.		5,652		2,709

				68,321

Food & Staples Retailing - 3.2%
BGF retail Co. Ltd.*		226		31,287
Clicks Group Ltd.		142		2,313
GS Retail Co. Ltd.*		754		25,084
President Chain Store Corp.		2,000		19,762
Puregold Price Club, Inc.		27,600		20,742
Sun Art Retail Group Ltd.		31,000		37,009
Wal-Mart de Mexico SAB de CV		8,000		23,195

				159,392

Food Products - 3.5%
Alicorp SAA		9,932		26,777
AVI Ltd.		3,352		17,297
Dali Foods Group Co. Ltd.(a)		34,000		24,039
GlaxoSmithKline Consumer Healthcare Ltd.		6		743
Indofood CBP Sukses Makmur Tbk. PT		4,400		3,665
Nestle Malaysia Bhd.		1,100		38,733
PPB Group Bhd.		6,200		28,171
Uni-President China Holdings Ltd.		32,000		32,804

				172,229

Gas Utilities - 1.3%
China Gas Holdings Ltd.		7,600		30,146
China Resources Gas Group Ltd.		4,000		21,172
ENN Energy Holdings Ltd.		1,000		11,732

				63,050

Health Care Equipment & Supplies - 0.0%(b)
Hartalega Holdings Bhd.		1,600		2,311

Health Care Providers & Services - 3.0%
Bangkok Dusit Medical Services PCL, NVDR		36,400		29,078
Bangkok Dusit Medical Services PCL, Class F		17,400		13,900
Hapvida Participacoes e Investimentos SA(a)		2,100		29,520
IHH Healthcare Bhd.		21,000		29,209
Odontoprev SA		4,800		19,837
Sinopharm Group Co. Ltd., Class H		7,600		24,959

				146,503

Hotels, Restaurants & Leisure - 0.4%
Kangwon Land, Inc.*		976		22,561

Household Durables - 1.6%
PIK Group PJSC		6,100		41,576
Woongjin Coway Co. Ltd.		520		38,307

				79,883


Investments	Shares		Value ($)
Household Products - 0.5%
Hindustan Unilever Ltd.		58		1,653
Unilever Indonesia Tbk. PT		37,000		21,542

				23,195

Independent Power and Renewable Electricity Producers - 0.7%
Aboitiz Power Corp.		10,000		6,364
Electricity Generating PCL		2,400		23,407
Unipro PJSC		118,000		5,432

				35,203

Insurance - 4.1%
IRB Brasil Resseguros S/A		4,600		48,258
Liberty Holdings Ltd.		3,278		23,078
Ping An Insurance Group Co. of China Ltd., Class H		3,500		39,981
Samsung Fire & Marine Insurance Co. Ltd.		150		26,555
Santam Ltd.		1,916		36,095
SBI Life Insurance Co. Ltd.(a)		2,276		31,708

				205,675

Interactive Media & Services - 4.2%
Tencent Holdings Ltd.		4,300		206,558

Internet & Direct Marketing Retail - 5.5%
Alibaba Group Holding Ltd., ADR*		1,106		228,489
B2W Cia Digital*		200		3,332
Naspers Ltd., Class N		252		41,341

				273,162

IT Services - 4.5%
HCL Technologies Ltd.		4,232		35,074
Infosys Ltd.		1,602		17,420
Larsen & Toubro Infotech Ltd.(a)		1,628		44,266
Mphasis Ltd.		56		730
Samsung SDS Co. Ltd.		58		9,441
Tata Consultancy Services Ltd.		2,196		63,982
Tech Mahindra Ltd.		1,628		18,174
Wipro Ltd.		10,994		36,484

				225,571

Life Sciences Tools & Services - 0.5%
WuXi AppTec Co. Ltd., Class H(a)		2,200		26,831

Media - 0.1%
Cheil Worldwide, Inc.		340		6,034

Metals & Mining - 0.6%
AngloGold Ashanti Ltd.		364		7,372
MMC Norilsk Nickel PJSC		6		1,953
Vale SA*		1,600		18,822

				28,147

Multiline Retail - 2.5%
Golden Eagle Retail Group Ltd.		34,000		35,117
Grupo Sanborns SAB de CV		2,600		3,202
Lojas Renner SA*		2,600		34,955
Robinson PCL		600		1,035
Robinson PCL, NVDR		16,800		28,970
Woolworths Holdings Ltd.		7,174		21,226

				124,505


Investments	Shares		Value ($)
Oil, Gas & Consumable Fuels - 5.2%
China Coal Energy Co. Ltd., Class H		66,000		22,609
China Shenhua Energy Co. Ltd., Class H		22,000		38,929
CNOOC Ltd.		6,000		9,164
Coal India Ltd.		2,448		6,233
Formosa Petrochemical Corp.		3,000		8,928
Gazprom PJSC		380		1,348
LUKOIL PJSC		286		29,313
MOL Hungarian Oil & Gas plc		2,492		21,100
Novatek PJSC		2,078		37,573
Petroleo Brasileiro SA*		800		5,682
Petroleo Brasileiro SA (Preference)		1,800		11,984
Petronas Dagangan Bhd.		4,600		24,875
Petronet LNG Ltd.		10,288		38,423
Tatneft PJSC		218		2,596

				258,757

Personal Products - 0.1%
Colgate-Palmolive India Ltd.		358		6,665
Procter & Gamble Hygiene & Health Care Ltd.		4		616

				7,281

Pharmaceuticals - 1.1%
China Resources Pharmaceutical Group Ltd.(a)		8,000		6,728
Dr Reddy’s Laboratories Ltd.		38		1,659
Hypera SA*		2,110		17,563
Kalbe Farma Tbk. PT		30,600		3,204
Yuhan Corp.*		130		23,778

				52,932

Real Estate Management & Development - 0.3%
NEPI Rockcastle plc		1,548		12,746

Road & Rail - 0.5%
CAR, Inc.*		34,000		22,638

Semiconductors & Semiconductor Equipment - 4.5%
Taiwan Semiconductor Manufacturing Co. Ltd.		21,000		222,450

Specialty Retail - 1.5%
Home Product Center PCL		2,800		1,311
Home Product Center PCL, NVDR		65,200		30,540
Petrobras Distribuidora SA		6,200		41,786

				73,637

Technology Hardware, Storage & Peripherals - 4.8%
Chicony Electronics Co. Ltd.		13,000		36,966
Samsung Electronics Co. Ltd.		4,018		190,137
Samsung Electronics Co. Ltd. (Preference)		234		9,326

				236,429

Textiles, Apparel & Luxury Goods - 0.8%
Formosa Taffeta Co. Ltd.		22,000		24,615
Grendene SA		3,000		8,053


Investments		Shares		Value ($)
Shenzhou International Group Holdings Ltd.			400		5,347

					38,015

Thrifts & Mortgage Finance - 0.2%
Housing Development Finance Corp. Ltd.			326		11,028

Tobacco - 0.6%
KT&G Corp.			402		32,076

Transportation Infrastructure - 3.3%
Airports of Thailand PCL, NVDR			16,000		36,189
Jiangsu Expressway Co. Ltd., Class H			30,000		37,283
Promotora y Operadora de Infraestructura SAB de CV			2,780		29,957
Shenzhen Expressway Co. Ltd., Class H			28,000		36,348
Shenzhen International Holdings Ltd.			12,000		24,109

					163,886

Water Utilities - 0.6%
Guangdong Investment Ltd.			14,000		28,559

Wireless Telecommunication Services - 5.6%
America Movil SAB de CV, Series L			12,200		10,118
China Mobile Ltd.			20,000		165,360
Far EasTone Telecommunications Co. Ltd.			17,000		38,604
PLDT, Inc.			50		980
SK Telecom Co. Ltd.			112		21,566
Taiwan Mobile Co. Ltd.			11,000		38,962

					275,590

TOTAL COMMON STOCKS (Cost $4,905,758)					4,906,059


Investments		Principal Amount ($)		Value ($)
CORPORATE BONDS - 0.0%(b)

Food Products - 0.0%(b)
Britannia Industries Ltd.
8.00%, 8/28/2022 (Cost $1)	INR		78		1

Total Investments - 99.0% (Cost $4,905,759)					4,906,060
Other Assets Less Liabilities - 1.0%					48,437

Net Assets - 100.0%					4,954,497

*	Non-income producing security.

FlexShares^® Emerging Markets Quality Low Volatility Index Fund had the following open futures contract as of January 31, 2020:

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, 2020:


Investments	Shares		Value ($)
COMMON STOCKS - 99.1%

Aerospace & Defense - 1.8%
AAR Corp.		5,280		224,822
Aerojet Rocketdyne Holdings, Inc.*		7,440		387,401
AeroVironment, Inc.*(a)		1,440		95,918
Arconic, Inc.		14,640		438,468
Astronics Corp.*		720		18,144
Axon Enterprise, Inc.*(a)		4,800		368,688
Boeing Co. (The)		16,080		5,117,782
BWX Technologies, Inc.		1,440		91,570
Cubic Corp.		1,200		78,348
Curtiss-Wright Corp.		2,640		383,935
Ducommun, Inc.*		240		9,823
General Dynamics Corp.		6,720		1,178,957
HEICO Corp.		4,320		528,898
Hexcel Corp.		4,800		356,256
Huntington Ingalls Industries, Inc.		2,160		563,760
Kratos Defense & Security Solutions, Inc.*		12,240		224,482
L3Harris Technologies, Inc.		6,720		1,487,338
Lockheed Martin Corp.		8,400		3,596,208
Maxar Technologies, Inc.		19,200		306,432
Mercury Systems, Inc.*		3,600		276,300
Moog, Inc., Class A		3,840		344,102
National Presto Industries, Inc.		240		20,685
Northrop Grumman Corp.		5,520		2,067,626
Raytheon Co.		9,360		2,067,998
Spirit AeroSystems Holdings, Inc., Class A		5,280		344,890
Teledyne Technologies, Inc.*		1,680		613,301
Textron, Inc.		8,160		374,789
TransDigm Group, Inc.		1,440		926,323
Triumph Group, Inc.(a)		8,880		181,418
United Technologies Corp.		28,320		4,253,664
Vectrus, Inc.*		2,400		133,800

				27,062,126

Air Freight & Logistics - 0.5%
Air Transport Services Group, Inc.*		9,840		206,345
Atlas Air Worldwide Holdings, Inc.*		19,200		429,120
CH Robinson Worldwide, Inc.		3,120		225,326
Echo Global Logistics, Inc.*		720		13,954
Expeditors International of Washington, Inc.		4,320		315,533
FedEx Corp.		9,600		1,388,544
Forward Air Corp.		2,640		172,788
Hub Group, Inc., Class A*		9,360		494,863
United Parcel Service, Inc., Class B		30,720		3,180,134
XPO Logistics, Inc.*		5,280		469,498

				6,896,105

Airlines - 0.5%
Alaska Air Group, Inc.		4,320		279,029
Allegiant Travel Co.(a)		3,120		524,285


Investments	Shares		Value ($)
American Airlines Group, Inc.(a)		10,320		276,989
Delta Air Lines, Inc.		28,080		1,565,179
Hawaiian Holdings, Inc.(a)		13,440		374,707
JetBlue Airways Corp.*		17,760		352,181
SkyWest, Inc.		18,240		1,006,301
Southwest Airlines Co.		19,920		1,095,201
Spirit Airlines, Inc.*(a)		24,960		1,025,107
United Airlines Holdings, Inc.*		11,280		843,744

				7,342,723

Auto Components - 0.6%
Adient plc*(a)		30,000		771,300
American Axle & Manufacturing Holdings, Inc.*		46,320		427,997
Aptiv plc		10,080		854,683
Autoliv, Inc.(a)		4,080		312,650
BorgWarner, Inc.		10,080		345,643
Cooper Tire & Rubber Co.		16,320		432,317
Cooper-Standard Holdings, Inc.*		18,240		483,725
Dana, Inc.		35,520		547,363
Delphi Technologies plc*		40,080		614,827
Dorman Products, Inc.*		1,680		117,264
Fox Factory Holding Corp.*(a)		2,400		157,968
Garrett Motion, Inc.*		24,480		206,122
Gentex Corp.		9,360		278,647
Gentherm, Inc.*		3,360		154,930
Goodyear Tire & Rubber Co. (The)		107,280		1,408,586
LCI Industries(a)		7,440		803,297
Lear Corp.		3,600		443,448
Motorcar Parts of America, Inc.*(a)		4,800		95,328
Standard Motor Products, Inc.		2,880		139,910
Stoneridge, Inc.*(a)		6,480		180,533
Tenneco, Inc., Class A(a)		27,120		256,826
Veoneer, Inc.*(a)		37,680		490,971
Visteon Corp.*(a)		1,920		153,235

				9,677,570

Automobiles - 0.6%
Ford Motor Co.		179,280		1,581,250
General Motors Co.		57,360		1,915,250
Harley-Davidson, Inc.(a)		2,880		96,192
Tesla, Inc.*		5,040		3,278,873
Thor Industries, Inc.(a)		16,560		1,333,411
Winnebago Industries, Inc.		9,120		499,411

				8,704,387

Banks - 8.0%
1st Source Corp.		2,880		135,907
Ameris Bancorp		18,960		762,002
Associated Banc-Corp.		53,280		1,061,870
Atlantic Union Bankshares Corp.		23,280		784,303
Banc of California, Inc.(a)		8,640		137,894
BancFirst Corp.		3,120		180,336
Bancorp, Inc. (The)*		17,040		201,583
BancorpSouth Bank		26,640		761,105
Bank of America Corp.		386,160		12,677,633
Bank of Hawaii Corp.		2,640		236,544
Bank OZK		41,280		1,121,990


Investments	Shares		Value ($)
BankUnited, Inc.		29,280		966,240
Banner Corp.		9,840		507,252
Berkshire Hills Bancorp, Inc.		13,440		378,336
BOK Financial Corp.		3,120		246,168
Boston Private Financial Holdings, Inc.		20,640		235,296
Bridge Bancorp, Inc.		5,040		152,964
Brookline Bancorp, Inc.		10,560		160,512
Bryn Mawr Bank Corp.		1,680		63,034
Byline Bancorp, Inc.		1,920		37,056
Cadence Bancorp		44,160		690,221
Camden National Corp.		2,160		102,082
Cathay General Bancorp		21,840		787,550
CBTX, Inc.		480		14,184
CenterState Bank Corp.		36,480		822,989
Central Pacific Financial Corp.		3,360		93,173
CIT Group, Inc.		34,080		1,557,797
Citigroup, Inc.		101,760		7,571,962
Citizens Financial Group, Inc.		22,080		823,142
City Holding Co.(a)		2,400		181,632
Columbia Banking System, Inc.		5,760		222,912
Comerica, Inc.		8,880		543,101
Commerce Bancshares, Inc.(a)		1,680		113,669
Community Bank System, Inc.		5,040		334,001
Community Trust Bancorp, Inc.		2,400		105,000
ConnectOne Bancorp, Inc.		4,800		113,328
Cullen/Frost Bankers, Inc.(a)		1,440		128,390
Customers Bancorp, Inc.*		8,640		184,723
CVB Financial Corp.(a)		27,600		573,252
Dime Community Bancshares, Inc.		8,640		167,702
Eagle Bancorp, Inc.		7,680		335,616
East West Bancorp, Inc.		9,600		440,064
Enterprise Financial Services Corp.		720		31,327
Equity Bancshares, Inc., Class A*		11,760		315,874
FB Financial Corp.		1,200		42,780
Fifth Third Bancorp		36,960		1,051,512
Financial Institutions, Inc.		2,160		66,549
First Bancorp		28,320		262,526
First Busey Corp.		11,280		287,640
First Citizens BancShares, Inc., Class A		2,400		1,264,368
First Commonwealth Financial Corp.		9,120		123,302
First Financial Bancorp		30,240		726,970
First Financial Bankshares, Inc.		7,680		257,434
First Financial Corp.		2,640		110,167
First Foundation, Inc.		4,080		67,320
First Hawaiian, Inc.		36,480		1,060,109
First Horizon National Corp.		96,240		1,539,840
First Interstate BancSystem, Inc., Class A		7,200		277,200
First Merchants Corp.		16,320		648,720
First Midwest Bancorp, Inc.		35,760		713,054
First of Long Island Corp. (The)		3,120		68,827
First Republic Bank		5,520		612,058
Flushing Financial Corp.		11,040		219,365
FNB Corp.		82,320		960,674
Franklin Financial Network, Inc.		3,360		123,883
Fulton Financial Corp.		34,800		573,156


Investments	Shares		Value ($)
Glacier Bancorp, Inc.		5,040		213,545
Great Southern Bancorp, Inc.		960		54,634
Great Western Bancorp, Inc.		13,200		390,060
Hancock Whitney Corp.		28,800		1,144,512
Hanmi Financial Corp.		2,160		36,331
Heartland Financial USA, Inc.		9,600		469,536
Heritage Commerce Corp.		7,200		83,520
Hilltop Holdings, Inc.		20,640		467,290
Home BancShares, Inc.(a)		54,960		1,050,835
Hope Bancorp, Inc.(a)		36,960		513,929
Horizon Bancorp, Inc.		8,160		138,067
Huntington Bancshares, Inc.		55,680		755,577
IBERIABANK Corp.		16,320		1,186,627
Independent Bank Corp. - MA		4,080		294,576
Independent Bank Corp. - MI		960		20,525
Independent Bank Group, Inc.		8,880		475,258
International Bancshares Corp.		16,320		643,008
Investors Bancorp, Inc.		12,000		145,020
JPMorgan Chase & Co.		151,200		20,012,832
KeyCorp		52,560		983,397
Lakeland Bancorp, Inc.		11,520		187,085
Lakeland Financial Corp.		4,080		193,555
Live Oak Bancshares, Inc.(a)		6,720		117,466
M&T Bank Corp.		5,280		889,786
Midland States Bancorp, Inc.		4,800		126,816
NBT Bancorp, Inc.(a)		5,760		217,670
OFG Bancorp		20,400		402,084
Old National Bancorp		46,080		825,293
Opus Bank		3,600		95,886
Pacific Premier Bancorp, Inc.		17,760		529,248
PacWest Bancorp(a)		33,120		1,160,856
Park National Corp.		3,360		319,099
Peoples Bancorp, Inc.		2,160		70,286
People’s United Financial, Inc.(a)		33,840		521,813
Pinnacle Financial Partners, Inc.(a)		21,120		1,247,347
PNC Financial Services Group, Inc. (The)		19,440		2,887,812
Popular, Inc.		6,960		389,482
Preferred Bank		1,440		86,558
Prosperity Bancshares, Inc.		8,160		572,832
RBB Bancorp		3,120		61,402
Regions Financial Corp.		44,400		691,308
Renasant Corp.		16,320		521,098
S&T Bancorp, Inc.		5,760		216,518
Sandy Spring Bancorp, Inc.		9,360		325,728
Seacoast Banking Corp. of Florida*		2,640		71,676
ServisFirst Bancshares, Inc.(a)		2,640		97,020
Signature Bank		3,120		442,697
Simmons First National Corp., Class A		24,720		592,786
South State Corp.		3,120		235,903
Southern National Bancorp of Virginia, Inc.		1,920		29,818
Southside Bancshares, Inc.		2,880		101,030
Sterling Bancorp		70,800		1,416,000
Stock Yards Bancorp, Inc.		3,840		148,762
SVB Financial Group*		2,160		519,113
Synovus Financial Corp.		10,560		369,811
TCF Financial Corp.		17,280		730,598


Investments	Shares		Value ($)
Texas Capital Bancshares, Inc.*		17,280		949,709
Tompkins Financial Corp.		2,160		185,954
Towne Bank		5,040		133,812
TriCo Bancshares		1,680		61,152
TriState Capital Holdings, Inc.*		480		11,035
Triumph Bancorp, Inc.*(a)		720		28,066
Truist Financial Corp.		60,960		3,143,707
Trustmark Corp.		8,640		276,307
UMB Financial Corp.		2,160		143,554
Umpqua Holdings Corp.		72,000		1,216,800
United Bankshares, Inc.(a)		15,600		535,080
United Community Banks, Inc.		22,080		616,474
Univest Financial Corp.		6,960		172,886
US Bancorp		64,080		3,410,338
Valley National Bancorp		103,200		1,086,696
Veritex Holdings, Inc.		6,480		183,514
Washington Trust Bancorp, Inc.		2,640		124,951
Webster Financial Corp.		30,480		1,367,333
Wells Fargo & Co.		181,440		8,516,794
WesBanco, Inc.		14,640		484,877
Westamerica Bancorp(a)		240		15,206
Western Alliance Bancorp		26,160		1,444,817
Wintrust Financial Corp.		14,160		896,045
Zions Bancorp NA		11,040		502,210

				120,117,808

Beverages - 1.2%
Boston Beer Co., Inc. (The), Class A*(a)		480		171,063
Brown-Forman Corp., Class B(a)		9,600		649,344
Coca-Cola Co. (The)		133,440		7,792,896
Coca-Cola Consolidated, Inc.		720		194,983
Constellation Brands, Inc., Class A		5,520		1,039,416
Keurig Dr Pepper, Inc.(a)		7,200		205,416
Molson Coors Beverage Co., Class B(a)		1,200		66,696
Monster Beverage Corp.*		14,640		975,024
National Beverage Corp.*(a)		1,200		51,492
PepsiCo, Inc.		48,960		6,953,299

				18,099,629

Biotechnology - 2.2%
AbbVie, Inc.		67,920		5,502,878
ACADIA Pharmaceuticals, Inc.*(a)		7,920		316,325
Acceleron Pharma, Inc.*(a)		2,880		261,446
Agenus, Inc.*		2,880		10,771
Agios Pharmaceuticals, Inc.*(a)		4,560		222,209
Aimmune Therapeutics, Inc.*(a)		2,880		89,424
Akebia Therapeutics, Inc.*(a)		35,520		256,454
Alector, Inc.*		1,440		40,234
Alexion Pharmaceuticals, Inc.*		6,720		667,901
Alnylam Pharmaceuticals, Inc.*		3,840		440,794
AMAG Pharmaceuticals, Inc.*(a)		14,400		127,584
Amgen, Inc.		21,360		4,614,828
Amicus Therapeutics, Inc.*		13,200		116,688
Anika Therapeutics, Inc.*		720		29,599
Arena Pharmaceuticals, Inc.*		8,400		383,796
Arrowhead Pharmaceuticals, Inc.*(a)		5,520		231,343
Assembly Biosciences, Inc.*(a)		2,160		37,930


Investments	Shares		Value ($)
Atara Biotherapeutics, Inc.*(a)		17,760		234,965
Biogen, Inc.*		7,440		2,000,244
Biohaven Pharmaceutical Holding Co. Ltd.*		2,400		116,376
BioMarin Pharmaceutical, Inc.*		5,520		460,920
Bluebird Bio, Inc.*(a)		2,160		172,130
Blueprint Medicines Corp.*		3,360		213,192
Catalyst Pharmaceuticals, Inc.*		4,560		18,742
Coherus Biosciences, Inc.*(a)		9,360		168,854
CRISPR Therapeutics AG*(a)		2,160		112,212
Dicerna Pharmaceuticals, Inc.*		2,880		56,866
Dynavax Technologies Corp.*(a)		7,920		39,996
Eagle Pharmaceuticals, Inc.*		480		25,834
Editas Medicine, Inc.*(a)		3,600		95,148
Emergent BioSolutions, Inc.*		2,400		132,216
Epizyme, Inc.*(a)		7,920		165,765
Esperion Therapeutics, Inc.*(a)		4,320		233,626
Exact Sciences Corp.*(a)		4,320		402,970
Exelixis, Inc.*		13,440		231,168
FibroGen, Inc.*(a)		5,040		210,924
Flexion Therapeutics, Inc.*(a)		12,000		210,240
Gilead Sciences, Inc.		55,440		3,503,808
Global Blood Therapeutics, Inc.*(a)		4,080		266,261
Halozyme Therapeutics, Inc.*		9,360		177,653
Heron Therapeutics, Inc.*(a)		1,200		25,032
ImmunoGen, Inc.*		10,320		48,762
Immunomedics, Inc.*(a)		12,000		222,840
Incyte Corp.*		6,720		491,030
Insmed, Inc.*(a)		5,520		113,381
Intellia Therapeutics, Inc.*(a)		3,840		45,734
Intercept Pharmaceuticals, Inc.*		1,920		177,427
Ionis Pharmaceuticals, Inc.*(a)		5,040		293,933
Iovance Biotherapeutics, Inc.*(a)		20,640		448,714
Ironwood Pharmaceuticals, Inc.*(a)		10,800		130,464
Kadmon Holdings, Inc.*		16,080		73,807
Karyopharm Therapeutics, Inc.*(a)		3,360		54,264
Kindred Biosciences, Inc.*		3,360		29,333
Lexicon Pharmaceuticals, Inc.*		2,880		8,899
Ligand Pharmaceuticals, Inc.*(a)		1,440		126,446
Mirati Therapeutics, Inc.*(a)		720		62,518
Momenta Pharmaceuticals, Inc.*		8,160		236,803
Myriad Genetics, Inc.*(a)		1,200		33,180
Natera, Inc.*		3,360		117,634
Neurocrine Biosciences, Inc.*		3,840		384,307
OPKO Health, Inc.*(a)		174,480		252,996
PDL BioPharma, Inc.*		49,680		163,447
Portola Pharmaceuticals, Inc.*(a)		4,560		58,322
Precision BioSciences, Inc.*(a)		1,200		9,708
Progenics Pharmaceuticals, Inc.*(a)		1,680		7,493
Prothena Corp. plc*		4,560		55,495
PTC Therapeutics, Inc.*		4,080		210,120
Ra Pharmaceuticals, Inc.*		1,920		89,990
Radius Health, Inc.*		5,760		101,146
Regeneron Pharmaceuticals, Inc.*		2,880		973,267
REGENXBIO, Inc.*(a)		2,160		94,025
Retrophin, Inc.*		3,360		51,946
Rigel Pharmaceuticals, Inc.*		24,240		54,782
Sangamo Therapeutics, Inc.*(a)		12,480		91,478
Sarepta Therapeutics, Inc.*(a)		3,600		417,456


Investments	Shares		Value ($)
Seattle Genetics, Inc.*		4,080		442,231
Spectrum Pharmaceuticals, Inc.*(a)		9,840		24,895
TG Therapeutics, Inc.*(a)		3,360		47,746
Ultragenyx Pharmaceutical, Inc.*(a)		2,400		126,120
United Therapeutics Corp.*		13,680		1,336,126
Vanda Pharmaceuticals, Inc.*		4,560		58,140
Vertex Pharmaceuticals, Inc.*		9,120		2,070,696
Viking Therapeutics, Inc.*(a)		24,240		152,227
Voyager Therapeutics, Inc.*		4,080		45,002
XBiotech, Inc.*(a)		720		16,135
Xencor, Inc.*		2,880		97,747
Y-mAbs Therapeutics, Inc.*		240		7,918
ZIOPHARM Oncology, Inc.*(a)		15,840		62,410

				32,843,886

Building Products - 0.6%
AAON, Inc.(a)		4,800		251,712
Advanced Drainage Systems, Inc.		1,440		59,861
Allegion plc		1,920		248,294
American Woodmark Corp.*(a)		4,800		526,320
AO Smith Corp.(a)		6,000		256,140
Apogee Enterprises, Inc.		4,800		152,736
Armstrong World Industries, Inc.		240		24,079
Builders FirstSource, Inc.*		33,840		839,063
Continental Building Products, Inc.*		1,440		53,266
Cornerstone Building Brands, Inc.*(a)		15,360		131,789
Fortune Brands Home & Security, Inc.		7,440		511,202
Gibraltar Industries, Inc.*		1,920		104,678
Griffon Corp.		9,360		194,595
Insteel Industries, Inc.		480		10,738
JELD-WEN Holding, Inc.*		13,680		326,678
Johnson Controls International plc		33,840		1,334,988
Lennox International, Inc.		1,680		391,406
Masco Corp.		13,920		661,478
Masonite International Corp.*		6,480		486,713
Owens Corning		4,320		261,317
Patrick Industries, Inc.		8,880		460,694
Quanex Building Products Corp.		10,080		178,618
Resideo Technologies, Inc.*		52,320		532,618
Simpson Manufacturing Co., Inc.		1,920		158,726
Trex Co., Inc.*(a)		5,520		542,285
Universal Forest Products, Inc.		11,760		563,304

				9,263,298

Capital Markets - 2.8%
Affiliated Managers Group, Inc.		16,080		1,283,988
Ameriprise Financial, Inc.		6,720		1,111,555
Ares Management Corp.		1,680		60,581
Artisan Partners Asset Management, Inc., Class A		13,680		456,912
Bank of New York Mellon Corp. (The)		37,920		1,698,058
BGC Partners, Inc., Class A		81,120		468,062
BlackRock, Inc.		4,560		2,404,716
Blackstone Group, Inc. (The), Class A		13,200		806,124


Investments	Shares		Value ($)
Blucora, Inc.*		7,680		173,184
Charles Schwab Corp. (The)		40,320		1,836,576
CME Group, Inc.		12,000		2,605,320
Cohen & Steers, Inc.		960		71,021
Cowen, Inc., Class A*(a)		13,680		219,838
Donnelley Financial Solutions, Inc.*		26,160		237,010
E*TRADE Financial Corp.		11,760		501,211
Eaton Vance Corp.(a)		10,560		483,120
Evercore, Inc., Class A		8,160		625,219
FactSet Research Systems, Inc.(a)		720		205,999
Federated Investors, Inc., Class B		27,840		1,008,643
Focus Financial Partners, Inc., Class A*		720		20,340
Goldman Sachs Group, Inc. (The)		14,880		3,537,720
Greenhill & Co., Inc.		2,160		33,826
Hamilton Lane, Inc., Class A		240		15,588
Houlihan Lokey, Inc.		2,400		124,440
Intercontinental Exchange, Inc.		18,480		1,843,243
INTL. FCStone, Inc.*		6,960		331,714
Invesco Ltd.		24,480		423,504
Janus Henderson Group plc(a)		50,880		1,285,738
KKR & Co., Inc., Class A		23,760		757,944
Ladenburg Thalmann Financial Services, Inc.		5,280		18,427
Legg Mason, Inc.		17,280		676,512
LPL Financial Holdings, Inc.		4,560		420,113
MarketAxess Holdings, Inc.		1,680		595,022
Moody’s Corp.		6,480		1,663,999
Morgan Stanley		57,840		3,022,718
Morningstar, Inc.		240		37,654
MSCI, Inc.		2,640		754,512
Nasdaq, Inc.		2,880		335,405
Northern Trust Corp.(b)		7,920		774,655
Oppenheimer Holdings, Inc., Class A		480		13,224
Piper Sandler Cos.		5,520		455,014
PJT Partners, Inc., Class A		960		44,179
Raymond James Financial, Inc.		6,960		636,353
S&P Global, Inc.		8,880		2,608,322
SEI Investments Co.		6,960		454,210
State Street Corp.		17,040		1,288,735
Stifel Financial Corp.		20,880		1,350,728
T. Rowe Price Group, Inc.		7,920		1,057,558
TD Ameritrade Holding Corp.		8,880		421,622
Virtu Financial, Inc., Class A(a)		29,760		496,694
Virtus Investment Partners, Inc.(a)		2,880		354,326
Waddell & Reed Financial, Inc., Class A(a)		6,240		99,715

				42,210,891

Chemicals - 1.8%
Air Products & Chemicals, Inc.		7,200		1,718,712
Albemarle Corp.(a)		3,600		289,008
American Vanguard Corp.		240		4,483
Ashland Global Holdings, Inc.		2,160		159,797
Axalta Coating Systems Ltd.*		6,240		179,774
Balchem Corp.		1,920		207,398
Cabot Corp.		14,400		573,840


Investments	Shares		Value ($)
Celanese Corp.		5,280		546,480
CF Industries Holdings, Inc.		6,960		280,349
Chemours Co. (The)		68,640		952,037
Corteva, Inc.(a)		25,200		728,784
Dow, Inc.		30,000		1,382,100
DuPont de Nemours, Inc.		36,720		1,879,330
Eastman Chemical Co.		5,760		410,515
Ecolab, Inc.		6,960		1,364,926
Element Solutions, Inc.*		21,600		252,720
Ferro Corp.*		10,080		137,894
FMC Corp.		6,240		596,482
FutureFuel Corp.		960		10,522
Hawkins, Inc.		2,160		90,245
HB Fuller Co.		3,120		144,175
Huntsman Corp.		53,760		1,105,305
Ingevity Corp.*		1,920		125,222
Innophos Holdings, Inc.		1,680		53,693
Innospec, Inc.		3,120		314,278
International Flavors & Fragrances, Inc.(a)		1,680		220,265
Koppers Holdings, Inc.*		6,240		195,811
Kraton Corp.*		4,560		75,012
Kronos Worldwide, Inc.		10,080		109,267
Linde plc		19,440		3,948,847
Livent Corp.*		8,400		79,044
LyondellBasell Industries NV, Class A		12,480		971,693
Minerals Technologies, Inc.		10,080		545,630
Mosaic Co. (The)		24,720		490,445
NewMarket Corp.		480		211,018
Olin Corp.(a)		50,640		753,017
OMNOVA Solutions, Inc.*		17,520		177,127
PolyOne Corp.		16,800		557,424
PPG Industries, Inc.		8,160		977,894
PQ Group Holdings, Inc.*		9,600		146,976
Quaker Chemical Corp.(a)		1,680		278,914
RPM International, Inc.		3,360		239,803
Scotts Miracle-Gro Co. (The)		2,400		294,576
Sensient Technologies Corp.		2,640		157,740
Sherwin-Williams Co. (The)		2,880		1,604,131
Stepan Co.		2,880		284,112
Tredegar Corp.		4,800		97,680
Trinseo SA		2,160		62,035
Tronox Holdings plc, Class A		26,160		221,314
Valvoline, Inc.(a)		12,960		273,197
Westlake Chemical Corp.		3,600		220,320
WR Grace & Co.		720		48,499

				26,749,860

Commercial Services & Supplies - 0.8%
ABM Industries, Inc.(a)		19,440		741,442
ACCO Brands Corp.		35,040		302,745
ADT, Inc.(a)		240		1,488
Advanced Disposal Services, Inc.*		3,120		102,804
Brady Corp., Class A		5,760		318,931
BrightView Holdings, Inc.*(a)		13,440		212,352
Brink’s Co. (The)		5,040		424,318
Casella Waste Systems, Inc., Class A*		1,200		61,428


Investments	Shares		Value ($)
Cimpress plc*(a)		2,160		258,401
Cintas Corp.		2,640		736,481
Clean Harbors, Inc.*		2,400		197,328
Copart, Inc.*		6,240		633,110
Covanta Holding Corp.		15,360		230,093
Deluxe Corp.		15,600		751,920
Ennis, Inc.		6,480		135,173
Harsco Corp.*		1,200		17,880
Healthcare Services Group, Inc.(a)		2,640		67,584
Herman Miller, Inc.		17,280		667,872
HNI Corp.		9,360		336,679
IAA, Inc.*		4,080		192,821
Interface, Inc.		7,440		119,635
KAR Auction Services, Inc.(a)		6,960		146,299
Kimball International, Inc., Class B		6,240		117,187
Knoll, Inc.		11,760		291,178
Matthews International Corp., Class A(a)		6,000		223,920
McGrath RentCorp		720		55,670
Mobile Mini, Inc.		1,920		80,141
MSA Safety, Inc.(a)		1,680		227,808
Pitney Bowes, Inc.(a)		70,320		262,997
Republic Services, Inc.		8,640		821,232
Rollins, Inc.		4,320		163,944
RR Donnelley & Sons Co.		19,920		47,808
SP Plus Corp.*		4,560		190,654
Steelcase, Inc., Class A		25,200		468,972
Stericycle, Inc.*(a)		8,640		541,555
Tetra Tech, Inc.		5,280		451,968
UniFirst Corp.		1,440		293,659
US Ecology, Inc.		1,920		103,699
Viad Corp.		1,440		93,600
VSE Corp.		2,400		74,664
Waste Management, Inc.		11,280		1,372,776

				12,540,216

Communications Equipment - 0.8%
Acacia Communications, Inc.*		1,680		115,164
Arista Networks, Inc.*		960		214,407
CalAmp Corp.*		2,400		23,088
Calix, Inc.*		240		2,199
Casa Systems, Inc.*		18,960		76,030
Ciena Corp.*		8,160		331,867
Cisco Systems, Inc.		148,320		6,818,270
CommScope Holding Co., Inc.*		66,000		804,210
Comtech Telecommunications Corp.		720		20,815
EchoStar Corp., Class A*		6,480		258,584
Extreme Networks, Inc.*		6,240		36,816
F5 Networks, Inc.*		960		117,235
Harmonic, Inc.*		26,880		189,101
Infinera Corp.*(a)		46,560		343,147
InterDigital, Inc.		2,640		145,860
Juniper Networks, Inc.		8,880		203,707
Lumentum Holdings, Inc.*		4,800		363,696
Motorola Solutions, Inc.		3,120		552,240
NETGEAR, Inc.*		3,360		86,419
Ribbon Communications, Inc.*		50,880		143,482
Ubiquiti, Inc.(a)		960		156,883


Investments	Shares		Value ($)
ViaSat, Inc.*(a)		3,120		198,588
Viavi Solutions, Inc.*		24,960		351,936

				11,553,744

Construction & Engineering - 0.3%
AECOM*		6,480		312,530
Aegion Corp.*		1,200		25,080
Argan, Inc.(a)		1,680		70,745
Comfort Systems USA, Inc.		3,600		167,040
Dycom Industries, Inc.*		1,920		77,606
EMCOR Group, Inc.		3,600		295,812
Fluor Corp.		55,920		1,000,409
Jacobs Engineering Group, Inc.(a)		4,560		421,937
MasTec, Inc.*		19,680		1,136,520
MYR Group, Inc.*		1,920		55,143
Primoris Services Corp.		2,160		46,073
Quanta Services, Inc.		6,480		253,692
Sterling Construction Co., Inc.*		6,960		91,698
Tutor Perini Corp.*		19,680		221,597
Valmont Industries, Inc.		1,440		204,566
WillScot Corp.*		12,000		226,200

				4,606,648

Construction Materials - 0.2%
Eagle Materials, Inc.		4,320		393,854
Forterra, Inc.*		13,680		177,156
Martin Marietta Materials, Inc.		1,920		506,496
Summit Materials, Inc., Class A*		23,520		516,735
US Concrete, Inc.*		1,440		51,250
Vulcan Materials Co.		5,040		713,815

				2,359,306

Consumer Finance - 0.9%
Ally Financial, Inc.		20,640		661,099
American Express Co.		23,520		3,054,542
Capital One Financial Corp.		20,160		2,011,968
Credit Acceptance Corp.*(a)		720		308,866
Discover Financial Services		15,840		1,190,059
Encore Capital Group, Inc.*(a)		8,640		293,328
Enova International, Inc.*		10,560		264,634
FirstCash, Inc.		4,320		375,711
Green Dot Corp., Class A*		21,600		649,728
Navient Corp.		52,800		759,264
Nelnet, Inc., Class A		7,440		426,014
OneMain Holdings, Inc.		23,280		986,374
PRA Group, Inc.*		1,920		67,891
Regional Management Corp.*		3,600		99,180
Santander Consumer USA Holdings, Inc.		9,840		261,941
SLM Corp.		102,960		1,124,323
Synchrony Financial		22,800		738,948
World Acceptance Corp.*(a)		960		83,011

				13,356,881

Containers & Packaging - 0.4%
Amcor plc(a)		20,160		213,495
AptarGroup, Inc.		1,200		138,612
Avery Dennison Corp.		2,400		314,976
Ball Corp.		10,800		779,544
Berry Global Group, Inc.*		6,960		295,939
Crown Holdings, Inc.*		4,800		355,344
Graphic Packaging Holding Co.		16,800		262,584


Investments	Shares		Value ($)
Greif, Inc., Class A		8,400		339,528
International Paper Co.		15,360		625,459
Myers Industries, Inc.		480		7,766
O-I Glass, Inc.		16,800		212,016
Packaging Corp. of America		5,520		528,540
Sealed Air Corp.		7,680		272,640
Silgan Holdings, Inc.		17,760		548,074
Sonoco Products Co.		2,160		123,422
Westrock Co.		12,000		468,000

				5,485,939

Distributors - 0.1%
Core-Mark Holding Co., Inc.		4,320		101,261
Genuine Parts Co.		3,840		359,309
LKQ Corp.*		18,000		588,330
Pool Corp.		2,160		473,688

				1,522,588

Diversified Consumer Services - 0.3%
Adtalem Global Education, Inc.*		14,160		488,662
American Public Education, Inc.*		480		11,439
Bright Horizons Family Solutions, Inc.*		2,880		471,542
Chegg, Inc.*		2,400		98,952
frontdoor, Inc.*		4,560		194,165
Graham Holdings Co., Class B		960		527,251
Grand Canyon Education, Inc.*(a)		2,880		225,446
H&R Block, Inc.(a)		51,360		1,191,552
Houghton Mifflin Harcourt Co.*		42,240		233,165
Laureate Education, Inc., Class A*		13,200		275,088
Perdoceo Education Corp.*		11,520		204,826
Service Corp. International		9,120		437,304
Strategic Education, Inc.		2,160		350,546
WW International, Inc.*(a)		7,200		237,456

				4,947,394

Diversified Financial Services - 1.5%
Berkshire Hathaway, Inc., Class B*		94,320		21,168,238
Cannae Holdings, Inc.*		9,120		370,819
Equitable Holdings, Inc.		13,680		328,594
FGL Holdings(a)		23,280		224,652
Jefferies Financial Group, Inc.		15,600		337,584
On Deck Capital, Inc.*		30,960		126,317
Voya Financial, Inc.		8,880		530,402

				23,086,606

Diversified Telecommunication Services - 1.8%
AT&T, Inc.		348,240		13,100,789
ATN International, Inc.		1,440		83,333
CenturyLink, Inc.		50,400		688,464
Cogent Communications Holdings, Inc.		3,600		255,348
GCI Liberty, Inc., Class A*		6,480		474,206
Iridium Communications, Inc.*(a)		12,240		312,732
ORBCOMM, Inc.*		59,280		212,815
Verizon Communications, Inc.		196,560		11,683,527
Vonage Holdings Corp.*		24,000		212,880
Zayo Group Holdings, Inc.*		8,640		300,240

				27,324,334

Electric Utilities - 1.8%
ALLETE, Inc.		5,040		420,739
Alliant Energy Corp.		5,760		341,914


Investments	Shares		Value ($)
American Electric Power Co., Inc.		20,400		2,126,088
Duke Energy Corp.		32,400		3,163,212
Edison International		15,360		1,175,808
El Paso Electric Co.		4,800		326,832
Entergy Corp.		9,840		1,294,157
Evergy, Inc.		10,560		762,009
Eversource Energy		12,240		1,131,465
Exelon Corp.		42,720		2,033,045
FirstEnergy Corp.		21,120		1,072,685
Hawaiian Electric Industries, Inc.		10,080		493,013
IDACORP, Inc.		3,120		350,033
MGE Energy, Inc.		2,640		211,015
NextEra Energy, Inc.		16,800		4,505,760
OGE Energy Corp.		5,760		264,096
Otter Tail Corp.		1,680		89,981
Pinnacle West Capital Corp.		2,160		211,010
PNM Resources, Inc.(a)		7,920		429,501
Portland General Electric Co.		8,160		501,840
PPL Corp.		29,520		1,068,329
Southern Co. (The)		44,640		3,142,656
Xcel Energy, Inc.		24,240		1,677,166

				26,792,354

Electrical Equipment - 0.6%
Acuity Brands, Inc.		1,440		169,733
AMETEK, Inc.		6,480		629,532
Atkore International Group, Inc.*		12,720		504,984
AZZ, Inc.		1,200		49,512
Eaton Corp. plc		19,920		1,881,842
Emerson Electric Co.		19,920		1,426,870
Encore Wire Corp.		1,440		78,207
EnerSys		2,640		189,974
Generac Holdings, Inc.*		5,760		596,678
GrafTech International Ltd.(a)		19,680		211,166
Hubbell, Inc.		2,160		309,377
nVent Electric plc		11,760		292,824
Plug Power, Inc.*(a)		12,960		50,090
Regal Beloit Corp.		12,720		998,011
Rockwell Automation, Inc.		4,080		781,973
Sensata Technologies Holding plc*		6,480		306,310
Sunrun, Inc.*(a)		13,200		224,796
Vicor Corp.*(a)		960		48,048
Vivint Solar, Inc.*(a)		960		7,834

				8,757,761

Electronic Equipment, Instruments & Components - 1.4%
Amphenol Corp., Class A		9,600		954,912
Anixter International, Inc.*		8,640		843,264
Arrow Electronics, Inc.*		3,120		236,933
Avnet, Inc.(a)		25,920		945,821
AVX Corp.		11,760		238,375
Badger Meter, Inc.		2,880		170,093
Belden, Inc.		5,760		283,795
Benchmark Electronics, Inc.		7,440		229,003
CDW Corp.		4,320		563,544
Cognex Corp.		8,880		452,613
Coherent, Inc.*(a)		1,680		237,602
Corning, Inc.		39,120		1,044,113
CTS Corp.		6,000		175,860
Daktronics, Inc.		1,200		7,080


Investments	Shares		Value ($)
Dolby Laboratories, Inc., Class A		2,880		199,699
ePlus, Inc.*		2,640		210,461
Fabrinet*		5,040		317,722
Fitbit, Inc., Class A*(a)		14,400		93,888
Flex Ltd.*		36,000		473,400
FLIR Systems, Inc.		3,360		173,174
II-VI, Inc.*(a)		18,000		605,700
Insight Enterprises, Inc.*		12,240		806,249
IPG Photonics Corp.*(a)		2,400		306,408
Itron, Inc.*		2,160		176,580
Jabil, Inc.		40,800		1,586,712
KEMET Corp.		18,000		468,720
Keysight Technologies, Inc.*		6,000		557,940
Knowles Corp.*		1,440		28,411
Littelfuse, Inc.		1,680		297,209
Methode Electronics, Inc.		10,560		345,840
National Instruments Corp.		480		21,422
nLight, Inc.*		480		8,434
Novanta, Inc.*		3,600		326,628
PC Connection, Inc.		4,080		203,347
Plexus Corp.*		4,080		290,170
Rogers Corp.*		1,200		141,300
Sanmina Corp.*		21,120		672,461
ScanSource, Inc.*		7,920		276,329
SYNNEX Corp.		5,520		760,435
TE Connectivity Ltd.		15,600		1,438,008
Tech Data Corp.*		11,520		1,658,189
Trimble, Inc.*		7,440		316,349
TTM Technologies, Inc.*(a)		30,960		445,514
Vishay Intertechnology, Inc.		41,760		847,310
Zebra Technologies Corp., Class A*		2,640		631,013

				21,068,030

Energy Equipment & Services - 0.7%
Apergy Corp.*		3,360		86,889
Archrock, Inc.		29,280		244,488
Baker Hughes Co.		13,440		291,110
Diamond Offshore Drilling, Inc.*(a)		70,800		327,804
Dril-Quip, Inc.*		2,640		107,976
Exterran Corp.*(a)		24,720		133,488
Halliburton Co.		40,560		884,614
Helix Energy Solutions Group, Inc.*		25,200		210,168
Helmerich & Payne, Inc.		5,280		214,104
Liberty Oilfield Services, Inc., Class A		25,200		213,696
Matrix Service Co.*		8,880		178,666
Nabors Industries Ltd.(a)		149,520		309,506
National Oilwell Varco, Inc.		20,880		430,337
Newpark Resources, Inc.*		3,120		15,600
NexTier Oilfield Solutions, Inc.*		60,720		312,708
Noble Corp. plc*(a)		281,520		227,412
Oceaneering International, Inc.*		17,520		217,423
Oil States International, Inc.*		25,680		276,830
Patterson-UTI Energy, Inc.		93,840		745,090
ProPetro Holding Corp.*		32,400		315,576
RPC, Inc.(a)		61,200		277,236


Investments	Shares		Value ($)
Schlumberger Ltd.		56,880		1,906,049
SEACOR Holdings, Inc.*		2,640		99,238
Select Energy Services, Inc., Class A*		25,920		180,403
Solaris Oilfield Infrastructure, Inc., Class A(a)		5,760		66,413
Tidewater, Inc.*(a)		24,480		371,606
Transocean Ltd.*(a)		256,800		1,171,008
US Silica Holdings, Inc.(a)		61,200		314,568
Valaris plc(a)		94,800		484,428

				10,614,434

Entertainment - 1.3%
Activision Blizzard, Inc.		23,760		1,389,485
AMC Entertainment Holdings, Inc., Class A(a)		60,960		397,459
Cinemark Holdings, Inc.(a)		1,680		52,937
Electronic Arts, Inc.*		10,800		1,165,536
Glu Mobile, Inc.*		26,640		157,176
Liberty Media Corp-Liberty Braves, Class C*		6,000		174,900
Liberty Media Corp-Liberty Formula One, Class C*		6,000		280,740
Live Nation Entertainment, Inc.*		6,720		458,035
Madison Square Garden Co. (The), Class A*		480		142,171
Marcus Corp. (The)		3,840		111,936
Netflix, Inc.*		13,440		4,638,009
Roku, Inc.*(a)		5,520		667,644
Take-Two Interactive Software, Inc.*		5,040		628,186
Walt Disney Co. (The)		61,920		8,564,155
World Wrestling Entertainment, Inc., Class A(a)		3,120		152,506
Zynga, Inc., Class A*		49,200		296,184

				19,277,059

Equity Real Estate Investment Trusts (REITs) - 3.5%
Acadia Realty Trust		960		23,827
Agree Realty Corp.		1,200		91,116
Alexander & Baldwin, Inc.		7,920		173,131
Alexandria Real Estate Equities, Inc.		4,080		665,856
American Assets Trust, Inc.		3,120		142,147
American Campus Communities, Inc.		6,000		275,220
American Finance Trust, Inc.		4,560		59,143
American Homes 4 Rent, Class A		8,400		229,572
American Tower Corp.		15,360		3,559,527
Apartment Investment & Management Co., Class A		4,560		240,358
Apple Hospitality REIT, Inc.(a)		17,040		255,941
AvalonBay Communities, Inc.		5,280		1,144,123
Boston Properties, Inc.		6,240		894,504
Braemar Hotels & Resorts, Inc.		9,360		74,693
Brandywine Realty Trust		10,320		161,198
Brixmor Property Group, Inc.		6,000		119,760
Camden Property Trust		2,160		242,849
CatchMark Timber Trust, Inc., Class A		16,320		167,443


Investments	Shares		Value ($)
Chatham Lodging Trust		480		7,848
City Office REIT, Inc.		8,400		113,568
Colony Capital, Inc.		191,760		895,519
Columbia Property Trust, Inc.		13,440		283,584
CoreCivic, Inc.		16,080		256,476
CorEnergy Infrastructure Trust, Inc.(a)		1,200		54,720
CorePoint Lodging, Inc.		17,280		158,112
CoreSite Realty Corp.		2,400		281,880
Cousins Properties, Inc.		8,400		343,812
Crown Castle International Corp.		14,880		2,229,619
CubeSmart		10,800		342,036
CyrusOne, Inc.		3,600		219,060
DiamondRock Hospitality Co.		6,240		60,341
Digital Realty Trust, Inc.(a)		6,960		856,010
Diversified Healthcare Trust(a)		32,880		253,834
Douglas Emmett, Inc.		6,960		288,840
Duke Realty Corp.		9,840		357,290
EastGroup Properties, Inc.		1,440		195,941
EPR Properties		3,120		222,674
Equinix, Inc.		3,120		1,839,958
Equity Commonwealth		29,760		975,830
Equity LifeStyle Properties, Inc.		4,320		314,280
Equity Residential		11,280		937,142
Essex Property Trust, Inc.		2,160		669,082
Extra Space Storage, Inc.		5,520		610,954
Federal Realty Investment Trust		2,400		300,048
First Industrial Realty Trust, Inc.		8,400		358,680
Franklin Street Properties Corp.		24,720		187,872
Front Yard Residential Corp.		15,120		162,238
Gaming and Leisure Properties, Inc.		4,320		204,142
GEO Group, Inc. (The)		15,360		242,688
Getty Realty Corp.		960		30,259
Global Net Lease, Inc.(a)		5,040		104,479
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,680		57,271
Healthcare Realty Trust, Inc.		5,760		207,706
Healthcare Trust of America, Inc., Class A		5,040		161,431
Healthpeak Properties, Inc.(a)		21,360		768,746
Highwoods Properties, Inc.		9,120		457,003
Host Hotels & Resorts, Inc.		21,840		356,866
Hudson Pacific Properties, Inc.		4,080		148,267
Industrial Logistics Properties Trust(a)		11,040		252,706
Investors Real Estate Trust		1,440		106,128
Invitation Homes, Inc.		18,720		589,118
iStar, Inc.		17,040		248,103
JBG SMITH Properties		6,000		243,300
Kilroy Realty Corp.		4,320		356,703
Kimco Realty Corp.		22,320		425,196
Kite Realty Group Trust		14,160		243,552
Lamar Advertising Co., Class A		4,560		423,214
Lexington Realty Trust		14,880		164,722
Liberty Property Trust		2,880		180,432
Life Storage, Inc.		4,320		488,938
LTC Properties, Inc.		2,640		121,862
Mack-Cali Realty Corp.		10,320		226,627
Medical Properties Trust, Inc.		24,960		552,864


Investments	Shares		Value ($)
Mid-America Apartment Communities, Inc.		3,840		526,886
Monmouth Real Estate Investment Corp.		7,680		112,358
National Health Investors, Inc.		2,640		222,763
National Retail Properties, Inc.		3,360		188,160
National Storage Affiliates Trust		960		32,784
New Senior Investment Group, Inc.		4,080		31,090
Office Properties Income Trust(a)		5,280		179,678
Omega Healthcare Investors, Inc.		11,040		463,128
Outfront Media, Inc.		13,200		392,568
Paramount Group, Inc.		17,040		239,582
Pennsylvania REIT(a)		15,360		60,518
Physicians Realty Trust		10,800		208,980
Piedmont Office Realty Trust, Inc., Class A		4,560		105,746
PotlatchDeltic Corp.		7,200		309,600
Prologis, Inc.		24,240		2,251,411
PS Business Parks, Inc.		960		160,858
Public Storage		4,800		1,074,048
QTS Realty Trust, Inc., Class A		3,600		204,768
Rayonier, Inc.		3,600		109,368
Realty Income Corp.		12,480		978,568
Regency Centers Corp.		6,960		431,798
Retail Opportunity Investments Corp.		4,080		67,606
Retail Properties of America, Inc., Class A		20,160		244,944
Retail Value, Inc.		7,983		262,401
Rexford Industrial Realty, Inc.		4,080		196,615
RLJ Lodging Trust		16,080		250,205
RPT Realty		4,560		63,612
Ryman Hospitality Properties, Inc.		5,040		428,551
Sabra Health Care REIT, Inc.		18,720		402,480
Saul Centers, Inc.		1,200		59,256
SBA Communications Corp.		4,560		1,137,994
Seritage Growth Properties, Class A(a)		2,400		88,128
Service Properties Trust		40,560		875,285
Simon Property Group, Inc.		6,960		926,724
SITE Centers Corp.		18,720		237,931
SL Green Realty Corp.		3,600		331,344
Spirit Realty Capital, Inc.		8,880		468,686
STAG Industrial, Inc.		4,080		131,539
STORE Capital Corp.		11,040		433,320
Summit Hotel Properties, Inc.		18,480		204,943
Sun Communities, Inc.		4,080		661,654
Sunstone Hotel Investors, Inc.		18,960		240,413
Terreno Realty Corp.		1,440		82,454
UDR, Inc.		7,920		379,447
Universal Health Realty Income Trust		2,160		266,436
Urban Edge Properties		13,200		242,748
Urstadt Biddle Properties, Inc., Class A		240		5,441
Ventas, Inc.		14,160		819,298
VEREIT, Inc.		35,040		341,991
VICI Properties, Inc.(a)		18,720		501,696
Vornado Realty Trust		5,280		347,266


Investments	Shares		Value ($)
Washington Prime Group, Inc.(a)		58,320		175,543
Washington REIT		4,800		146,112
Weingarten Realty Investors		12,720		370,152
Welltower, Inc.		15,840		1,344,974
Weyerhaeuser Co.		27,120		785,124
WP Carey, Inc.		2,160		181,699
Xenia Hotels & Resorts, Inc.		13,920		260,165

				51,908,816

Food & Staples Retailing - 1.2%
Andersons, Inc. (The)		11,760		266,011
BJ’s Wholesale Club Holdings, Inc.*		25,200		517,104
Casey’s General Stores, Inc.		3,360		540,490
Costco Wholesale Corp.		15,360		4,692,787
Ingles Markets, Inc., Class A		3,120		130,073
Kroger Co. (The)		39,600		1,063,656
Performance Food Group Co.*		10,080		522,043
PriceSmart, Inc.		1,200		73,512
Rite Aid Corp.*(a)		22,080		263,856
SpartanNash Co.		18,240		222,163
Sprouts Farmers Market, Inc.*(a)		7,440		116,287
Sysco Corp.		16,800		1,379,952
United Natural Foods, Inc.*(a)		36,720		264,384
US Foods Holding Corp.*		7,920		318,147
Walgreens Boots Alliance, Inc.		29,040		1,476,684
Walmart, Inc.		49,920		5,715,341

				17,562,490

Food Products - 1.0%
Archer-Daniels-Midland Co.		24,240		1,084,982
B&G Foods, Inc.(a)		31,680		508,781
Bunge Ltd.		3,840		201,331
Calavo Growers, Inc.(a)		1,200		91,932
Cal-Maine Foods, Inc.(a)		5,280		188,443
Campbell Soup Co.		7,680		371,635
Conagra Brands, Inc.		17,040		560,957
Darling Ingredients, Inc.*		18,000		488,340
Flowers Foods, Inc.		8,880		191,187
Fresh Del Monte Produce, Inc.		6,720		210,874
Freshpet, Inc.*		960		60,365
General Mills, Inc.		21,120		1,102,886
Hain Celestial Group, Inc. (The)*		7,440		180,122
Hershey Co. (The)		4,320		670,334
Hormel Foods Corp.(a)		7,440		351,614
Hostess Brands, Inc.*		17,280		231,898
Ingredion, Inc.		2,400		211,200
J&J Snack Foods Corp.		1,680		278,611
JM Smucker Co. (The)		2,640		273,530
Kellogg Co.		10,800		736,668
Kraft Heinz Co. (The)		28,560		833,952
Lamb Weston Holdings, Inc.		5,040		460,202
Lancaster Colony Corp.(a)		1,200		185,580
McCormick & Co., Inc. (Non-Voting)(a)		3,840		627,341
Mondelez International, Inc., Class A		51,120		2,933,266
Pilgrim’s Pride Corp.*		3,840		100,032
Post Holdings, Inc.*		3,600		376,452
Sanderson Farms, Inc.		2,160		297,410


Investments	Shares		Value ($)
Seaboard Corp.		24		92,535
Tootsie Roll Industries, Inc.(a)		1,920		65,502
TreeHouse Foods, Inc.*		6,000		267,600
Tyson Foods, Inc., Class A		12,480		1,031,223

				15,266,785

Gas Utilities - 0.2%
Atmos Energy Corp.		2,880		337,046
Chesapeake Utilities Corp.		2,640		253,994
National Fuel Gas Co.(a)		21,600		932,904
New Jersey Resources Corp.(a)		7,440		307,421
Northwest Natural Holding Co.(a)		720		52,834
ONE Gas, Inc.		4,560		430,920
South Jersey Industries, Inc.		6,720		206,976
Southwest Gas Holdings, Inc.		2,880		217,469
Spire, Inc.		5,040		424,973
UGI Corp.		2,880		119,779

				3,284,316

Health Care Equipment & Supplies - 2.7%
Abbott Laboratories		62,880		5,479,363
ABIOMED, Inc.*		2,160		402,386
Align Technology, Inc.*		3,120		802,152
AngioDynamics, Inc.*		960		13,219
Antares Pharma, Inc.*		1,200		4,404
AtriCure, Inc.*		3,120		121,368
Baxter International, Inc.		18,480		1,648,786
Becton Dickinson and Co.		9,600		2,641,728
Boston Scientific Corp.*		47,040		1,969,565
Cantel Medical Corp.(a)		2,160		140,530
Cardiovascular Systems, Inc.*		1,200		54,468
Cerus Corp.*(a)		1,920		7,699
CONMED Corp.		3,360		341,645
Cooper Cos., Inc. (The)		1,200		416,268
Danaher Corp.		21,840		3,513,401
Dentsply Sirona, Inc.		10,560		591,360
DexCom, Inc.*		4,080		982,260
Edwards Lifesciences Corp.*		6,960		1,530,226
Establishment Labs Holdings, Inc.*(a)		480		13,094
Glaukos Corp.*		720		40,500
Globus Medical, Inc., Class A*		5,040		263,491
Haemonetics Corp.*		2,880		309,283
Heska Corp.*(a)		720		72,137
Hill-Rom Holdings, Inc.		3,600		383,364
Hologic, Inc.*		6,960		372,499
ICU Medical, Inc.*		1,200		218,964
IDEXX Laboratories, Inc.*		2,400		650,424
Insulet Corp.*		2,400		465,696
Integer Holdings Corp.*		3,600		307,440
Integra LifeSciences Holdings Corp.*		5,040		277,402
Intuitive Surgical, Inc.*		3,840		2,149,555
iRhythm Technologies, Inc.*(a)		720		61,654
Lantheus Holdings, Inc.*		6,000		105,060
LeMaitre Vascular, Inc.		480		17,273
LivaNova plc*		1,680		114,190
Masimo Corp.*		2,640		450,384
Medtronic plc		46,800		5,402,592
Merit Medical Systems, Inc.*		3,600		131,112


Investments	Shares		Value ($)
Mesa Laboratories, Inc.		240		62,986
Natus Medical, Inc.*(a)		1,680		52,567
Neogen Corp.*		3,600		242,172
Nevro Corp.*		2,400		318,984
Novocure Ltd.*(a)		4,800		391,008
NuVasive, Inc.*		3,120		240,614
OraSure Technologies, Inc.*		720		5,076
Orthofix Medical, Inc.*		3,840		166,118
Penumbra, Inc.*(a)		1,680		294,773
Quidel Corp.*		2,160		165,888
ResMed, Inc.		4,560		724,903
STAAR Surgical Co.*(a)		2,160		72,662
STERIS plc		2,160		325,490
Stryker Corp.		10,800		2,275,560
Surmodics, Inc.*		480		18,907
Tactile Systems Technology, Inc.*		1,200		67,428
Tandem Diabetes Care, Inc.*(a)		2,400		182,496
Teleflex, Inc.		2,160		802,462
TransEnterix, Inc.*		1		1
Varex Imaging Corp.*		2,880		79,632
Varian Medical Systems, Inc.*		2,880		404,842
West Pharmaceutical Services, Inc.		3,600		561,420
Wright Medical Group NV*		6,000		180,840
Zimmer Biomet Holdings, Inc.		7,200		1,064,880

				41,168,651

Health Care Providers & Services - 2.7%
Acadia Healthcare Co., Inc.*(a)		18,240		586,051
Addus HomeCare Corp.*		240		22,642
Amedisys, Inc.*		3,120		550,649
AmerisourceBergen Corp.		2,880		246,413
AMN Healthcare Services, Inc.*		5,760		388,109
Anthem, Inc.		10,800		2,865,024
BioTelemetry, Inc.*		240		11,741
Brookdale Senior Living, Inc.*		480		3,163
Cardinal Health, Inc.		12,960		663,682
Centene Corp.*		25,003		1,570,439
Chemed Corp.		960		448,358
Cigna Corp.		16,080		3,093,470
CorVel Corp.*		720		65,930
Covetrus, Inc.*		7,920		97,416
CVS Health Corp.		57,840		3,922,709
DaVita, Inc.*		4,320		345,038
Diplomat Pharmacy, Inc.*		14,640		58,267
Encompass Health Corp.		5,760		443,693
Ensign Group, Inc. (The)		5,520		249,504
Hanger, Inc.*(a)		1,680		41,042
HCA Healthcare, Inc.		12,240		1,698,912
HealthEquity, Inc.*		4,800		317,088
Henry Schein, Inc.*		3,120		215,093
Humana, Inc.		5,280		1,775,347
Laboratory Corp. of America Holdings*		2,160		378,864
LHC Group, Inc.*		3,120		454,740
Magellan Health, Inc.*		4,560		333,838
McKesson Corp.		9,120		1,300,603
MEDNAX, Inc.*		34,320		791,762
Molina Healthcare, Inc.*		3,600		442,692
National HealthCare Corp.		1,920		161,126


Investments	Shares		Value ($)
Owens & Minor, Inc.(a)		29,280		183,293
Patterson Cos., Inc.(a)		9,840		216,578
Premier, Inc., Class A*		12,000		417,240
Providence Service Corp. (The)*		2,160		140,076
Quest Diagnostics, Inc.		5,040		557,777
R1 RCM, Inc.*		11,520		144,000
RadNet, Inc.*		1,680		37,918
Select Medical Holdings Corp.*		24,000		548,160
Surgery Partners, Inc.*(a)		7,440		125,513
Tenet Healthcare Corp.*		32,160		1,017,542
Tivity Health, Inc.*(a)		13,920		301,298
Triple-S Management Corp., Class B*		10,320		181,838
UnitedHealth Group, Inc.		45,120		12,292,944
Universal Health Services, Inc., Class B		4,560		625,222
US Physical Therapy, Inc.		1,440		168,682

				40,501,486

Health Care Technology - 0.2%
Cerner Corp.		13,200		948,156
Computer Programs & Systems, Inc.		720		18,720
Evolent Health, Inc., Class A*(a)		28,320		285,466
HealthStream, Inc.*		480		12,264
HMS Holdings Corp.*(a)		1,200		32,784
Inovalon Holdings, Inc., Class A*(a)		3,360		68,073
Inspire Medical Systems, Inc.*(a)		480		35,904
Omnicell, Inc.*		3,840		312,115
Teladoc Health, Inc.*(a)		4,560		463,798
Veeva Systems, Inc., Class A*		2,400		351,864
Vocera Communications, Inc.*(a)		3,360		74,021

				2,603,165

Hotels, Restaurants & Leisure - 2.0%
Aramark		12,000		529,680
BBX Capital Corp.		4,560		17,693
BJ’s Restaurants, Inc.(a)		1,680		66,830
Bloomin’ Brands, Inc.		31,200		648,024
Boyd Gaming Corp.(a)		10,320		308,052
Brinker International, Inc.(a)		9,840		420,070
Caesars Entertainment Corp.*		32,160		439,627
Carnival Corp.		14,400		626,832
Cheesecake Factory, Inc. (The)(a)		2,160		82,944
Chipotle Mexican Grill, Inc.*		720		624,067
Choice Hotels International, Inc.(a)		2,160		216,432
Churchill Downs, Inc.		3,600		519,768
Chuy’s Holdings, Inc.*		240		5,892
Cracker Barrel Old Country Store, Inc.(a)		1,440		220,219
Darden Restaurants, Inc.		4,080		475,034
Denny’s Corp.*		10,080		206,338
Dine Brands Global, Inc.(a)		4,080		347,820
Domino’s Pizza, Inc.		1,920		540,960
Dunkin’ Brands Group, Inc.		2,160		168,674
Eldorado Resorts, Inc.*(a)		4,080		243,902
Everi Holdings, Inc.*		2,640		33,000
Extended Stay America, Inc.		35,520		458,918
Golden Entertainment, Inc.*		2,160		37,066


Investments	Shares		Value ($)
Hilton Grand Vacations, Inc.*		16,320		520,771
Hilton Worldwide Holdings, Inc.		9,840		1,060,752
Hyatt Hotels Corp., Class A		2,880		243,475
Jack in the Box, Inc.		1,920		156,960
Las Vegas Sands Corp.		14,640		956,138
Marriott International, Inc., Class A		8,640		1,210,118
Marriott Vacations Worldwide Corp.		9,840		1,183,162
McDonald’s Corp.		26,400		5,648,808
MGM Resorts International		20,640		641,078
Norwegian Cruise Line Holdings Ltd.*		9,120		491,112
Papa John’s International, Inc.(a)		2,400		155,472
Penn National Gaming, Inc.*		33,360		995,129
Planet Fitness, Inc., Class A*		3,840		310,234
Red Rock Resorts, Inc., Class A		2,880		70,589
Royal Caribbean Cruises Ltd.		7,440		871,075
Ruth’s Hospitality Group, Inc.		2,640		54,120
Scientific Games Corp.*		9,120		226,541
SeaWorld Entertainment, Inc.*		7,680		264,653
Six Flags Entertainment Corp.		2,160		82,361
Starbucks Corp.		41,520		3,522,142
Target Hospitality Corp.*		10,800		59,076
Texas Roadhouse, Inc.		3,600		225,000
Vail Resorts, Inc.(a)		1,920		450,259
Wendy’s Co. (The)(a)		19,200		416,064
Wyndham Destinations, Inc.		31,920		1,549,078
Wyndham Hotels & Resorts, Inc.		1,440		82,325
Wynn Resorts Ltd.		4,560		575,290
Yum! Brands, Inc.		10,560		1,116,931

				30,376,555

Household Durables - 0.9%
Beazer Homes USA, Inc.*		8,400		115,500
Cavco Industries, Inc.*		480		107,530
Century Communities, Inc.*(a)		12,720		377,402
DR Horton, Inc.		17,280		1,022,976
Ethan Allen Interiors, Inc.(a)		7,440		120,156
Garmin Ltd.		3,600		349,020
GoPro, Inc., Class A*(a)		13,440		52,954
Green Brick Partners, Inc.*		10,080		116,827
Helen of Troy Ltd.*		2,640		499,092
Installed Building Products, Inc.*		2,880		213,494
iRobot Corp.*(a)		960		45,168
KB Home		31,440		1,180,572
La-Z-Boy, Inc.		3,360		102,950
Leggett & Platt, Inc.		6,720		319,805
Lennar Corp., Class A		10,080		668,909
Lennar Corp., Class B		2,640		138,626
LGI Homes, Inc.*(a)		6,480		516,715
M/I Homes, Inc.*		12,480		553,987
MDC Holdings, Inc.		11,760		495,566
Meritage Homes Corp.*		13,200		936,672
Mohawk Industries, Inc.*		2,160		284,429
Newell Brands, Inc.		16,320		318,730
NVR, Inc.*		86		328,260
PulteGroup, Inc.		15,360		685,824
Skyline Champion Corp.*		2,400		69,000


Investments	Shares		Value ($)
Taylor Morrison Home Corp., Class A*		34,080		881,990
Tempur Sealy International, Inc.*		2,880		263,866
Toll Brothers, Inc.		5,280		234,221
TopBuild Corp.*		5,520		632,095
TRI Pointe Group, Inc.*(a)		43,680		710,237
Tupperware Brands Corp.		35,280		220,853
Universal Electronics, Inc.*		5,760		285,293
Whirlpool Corp.		3,600		526,212
William Lyon Homes, Class A*		9,360		217,058

				13,591,989

Household Products - 1.2%
Central Garden & Pet Co., Class A*		12,000		359,520
Church & Dwight Co., Inc.		6,960		516,571
Clorox Co. (The)		2,880		453,053
Colgate-Palmolive Co.		28,800		2,124,864
Energizer Holdings, Inc.(a)		16,080		743,861
Kimberly-Clark Corp.		12,240		1,753,257
Procter & Gamble Co. (The)		84,960		10,587,715
Spectrum Brands Holdings, Inc.		9,360		574,798
WD-40 Co.(a)		1,440		269,021

				17,382,660

Independent Power and Renewable Electricity Producers - 0.2%
AES Corp.		26,160		519,538
Clearway Energy, Inc., Class A		3,360		69,518
Clearway Energy, Inc., Class C		24,480		518,242
NRG Energy, Inc.		14,880		548,923
Ormat Technologies, Inc.		2,640		209,246
Pattern Energy Group, Inc., Class A		11,280		303,545
Vistra Energy Corp.(a)		22,560		508,051

				2,677,063

Industrial Conglomerates - 0.8%
3M Co.		16,080		2,551,253
Carlisle Cos., Inc.		1,680		262,466
General Electric Co.		244,800		3,047,760
Honeywell International, Inc.		25,680		4,448,290
Raven Industries, Inc.		2,160		67,738
Roper Technologies, Inc.		3,120		1,190,779

				11,568,286

Insurance - 3.1%
Aflac, Inc.		27,600		1,423,332
Alleghany Corp.*		480		382,877
Allstate Corp. (The)		14,400		1,706,976
Ambac Financial Group, Inc.*(a)		22,560		483,461
American Equity Investment Life Holding Co.		31,920		843,007
American Financial Group, Inc.		1,920		208,877
American International Group, Inc.		34,080		1,712,861
American National Insurance Co.		2,400		264,384
AMERISAFE, Inc.		1,440		98,525
Aon plc		7,920		1,744,380
Arch Capital Group Ltd.*		17,760		784,281
Argo Group International Holdings Ltd.		3,840		251,904
Arthur J Gallagher & Co.		8,160		836,971
Assurant, Inc.		2,160		282,010
Assured Guaranty Ltd.		9,600		440,064
Athene Holding Ltd., Class A*		4,080		177,725


Investments	Shares		Value ($)
Axis Capital Holdings Ltd.		23,520		1,511,160
Brighthouse Financial, Inc.*		43,440		1,689,816
Brown & Brown, Inc.		7,680		344,832
Chubb Ltd.		19,440		2,954,686
Cincinnati Financial Corp.		5,280		554,136
CNO Financial Group, Inc.		39,840		700,786
eHealth, Inc.*		960		100,954
Employers Holdings, Inc.		5,280		225,192
Enstar Group Ltd.*		1,680		328,087
Erie Indemnity Co., Class A(a)		240		39,960
Everest Re Group Ltd.		1,440		398,261
FBL Financial Group, Inc., Class A		2,160		116,165
Fidelity National Financial, Inc.		14,160		690,300
First American Financial Corp.		7,440		461,131
Genworth Financial, Inc., Class A*		219,600		900,360
Globe Life, Inc.		4,080		425,381
Greenlight Capital Re Ltd., Class A*		10,080		93,845
Hanover Insurance Group, Inc. (The)		11,520		1,596,442
Hartford Financial Services Group, Inc. (The)		18,240		1,081,267
HCI Group, Inc.(a)		960		42,499
Heritage Insurance Holdings, Inc.(a)		960		11,578
Horace Mann Educators Corp.		10,080		433,541
James River Group Holdings Ltd.		4,800		206,112
Kemper Corp.		16,800		1,250,256
Kinsale Capital Group, Inc.		240		27,413
Lincoln National Corp.		11,040		601,459
Loews Corp.		13,680		703,836
Markel Corp.*		480		563,025
Marsh & McLennan Cos., Inc.		17,520		1,959,787
MBIA, Inc.*(a)		56,640		513,158
Mercury General Corp.		2,640		129,598
MetLife, Inc.		32,400		1,610,604
National General Holdings Corp.		11,760		256,015
National Western Life Group, Inc., Class A		2,400		638,400
Old Republic International Corp.		18,000		405,900
Primerica, Inc.		2,640		312,998
Principal Financial Group, Inc.		13,920		737,064
Progressive Corp. (The)		22,560		1,820,366
Prudential Financial, Inc.		15,120		1,376,827
Reinsurance Group of America, Inc.		3,600		518,580
RenaissanceRe Holdings Ltd.		2,160		409,190
RLI Corp.(a)		3,120		290,191
Safety Insurance Group, Inc.		2,400		220,992
Selective Insurance Group, Inc.		5,520		365,700
Stewart Information Services Corp.		2,400		100,200
Third Point Reinsurance Ltd.*		48,960		533,174
Travelers Cos., Inc. (The)		11,760		1,547,851
Trupanion, Inc.*(a)		1,920		61,286
United Fire Group, Inc.(a)		4,080		180,581
Universal Insurance Holdings, Inc.		15,120		368,021
Unum Group		11,520		307,469
White Mountains Insurance Group Ltd.		240		268,133


Investments	Shares		Value ($)
Willis Towers Watson plc		4,080		862,063
WR Berkley Corp.		4,320		317,650

				45,805,913

Interactive Media & Services - 3.1%
Alphabet, Inc., Class A*		9,360		13,410,821
Alphabet, Inc., Class C*		10,080		14,457,038
ANGI Homeservices, Inc., Class A*(a)		6,240		50,107
Care.com, Inc.*		2,880		43,113
Cargurus, Inc.*		4,080		145,452
Cars.com, Inc.*(a)		1,440		16,805
Eventbrite, Inc., Class A*		2,640		55,836
Facebook, Inc., Class A*		80,880		16,330,481
IAC/InterActiveCorp*		2,400		584,616
Match Group, Inc.*(a)		2,880		225,274
Snap, Inc., Class A*		35,520		652,858
Twitter, Inc.*		22,560		732,749
Yelp, Inc.*		480		15,648
Zillow Group, Inc., Class A*(a)		4,800		221,760
Zillow Group, Inc., Class C*(a)		1,920		88,723

				47,031,281

Internet & Direct Marketing Retail - 2.4%
Amazon.com, Inc.*		13,920		27,961,382
Booking Holdings, Inc.*		1,440		2,635,992
Chewy, Inc., Class A*(a)		7,680		203,597
eBay, Inc.		37,440		1,256,486
Etsy, Inc.*		3,120		152,287
Expedia Group, Inc.		2,640		286,308
GrubHub, Inc.*		2,880		155,952
Lands’ End, Inc.*(a)		2,640		30,756
MercadoLibre, Inc.*		1,680		1,113,840
PetMed Express, Inc.(a)		2,640		66,554
Quotient Technology, Inc.*		6,480		65,254
Qurate Retail, Inc., Series A*		155,280		1,324,539
Shutterstock, Inc.*(a)		1,680		72,795
Stamps.com, Inc.*		960		71,510
Stitch Fix, Inc., Class A*(a)		1,440		32,976
Wayfair, Inc., Class A*(a)		1,680		157,416

				35,587,644

IT Services - 4.3%
Accenture plc, Class A		22,320		4,580,287
Akamai Technologies, Inc.*		5,280		492,888
Alliance Data Systems Corp.		11,520		1,184,141
Automatic Data Processing, Inc.		14,880		2,550,283
Black Knight, Inc.*(a)		3,120		208,790
Booz Allen Hamilton Holding Corp.		6,960		543,158
Broadridge Financial Solutions, Inc.		2,640		314,556
CACI International, Inc., Class A*		2,160		577,671
Cardtronics plc, Class A*(a)		7,440		334,800
Cass Information Systems, Inc.		240		12,965
Cognizant Technology Solutions Corp., Class A		13,200		810,216
CoreLogic, Inc.		5,040		234,360
CSG Systems International, Inc.		4,560		227,179
DXC Technology Co.		9,600		306,048


Investments	Shares		Value ($)
Endurance International Group Holdings, Inc.*		3,360		15,859
EPAM Systems, Inc.*		1,920		438,029
Euronet Worldwide, Inc.*		2,640		416,170
EVERTEC, Inc.		8,400		281,988
ExlService Holdings, Inc.*		1,440		105,278
Fidelity National Information Services, Inc.		21,120		3,034,099
Fiserv, Inc.*		21,360		2,533,510
FleetCor Technologies, Inc.*		2,880		907,862
Gartner, Inc.*		2,880		463,046
Genpact Ltd.		6,240		276,245
Global Payments, Inc.		9,583		1,872,997
GoDaddy, Inc., Class A*		4,560		306,478
GTT Communications, Inc.*(a)		6,960		82,476
International Business Machines Corp.		40,320		5,795,194
Jack Henry & Associates, Inc.		1,920		287,117
KBR, Inc.		20,160		548,352
Leidos Holdings, Inc.		4,800		482,256
Limelight Networks, Inc.*		18,240		91,018
LiveRamp Holdings, Inc.*		2,640		106,234
ManTech International Corp., Class A		3,840		308,275
Mastercard, Inc., Class A		30,480		9,629,851
MAXIMUS, Inc.		4,320		309,960
NIC, Inc.		2,640		52,087
Okta, Inc.*		1,440		184,392
Paychex, Inc.		7,920		679,298
PayPal Holdings, Inc.*		41,040		4,674,046
Perficient, Inc.*		5,760		286,272
Perspecta, Inc.		42,720		1,199,150
Sabre Corp.		4,560		98,222
Science Applications International Corp.		12,240		1,074,305
Square, Inc., Class A*		9,840		734,950
Switch, Inc., Class A(a)		9,840		157,440
Sykes Enterprises, Inc.*		10,080		338,587
TTEC Holdings, Inc.		3,840		152,525
Twilio, Inc., Class A*(a)		2,880		358,099
Unisys Corp.*		16,080		156,137
VeriSign, Inc.*		3,360		699,351
Verra Mobility Corp.*(a)		7,440		118,519
Virtusa Corp.*		5,040		209,866
Visa, Inc., Class A(a)		58,320		11,603,930
Western Union Co. (The)		15,120		406,728
WEX, Inc.*		1,920		416,486

				64,270,026

Leisure Products - 0.2%
Acushnet Holdings Corp.		6,240		193,253
American Outdoor Brands Corp.*		21,120		198,951
Brunswick Corp.		10,800		678,780
Callaway Golf Co.(a)		5,520		118,238
Hasbro, Inc.		2,400		244,488
Johnson Outdoors, Inc., Class A		480		37,728
Mattel, Inc.*(a)		48,240		705,751
Polaris, Inc.		2,160		198,374
Sturm Ruger & Co., Inc.(a)		2,160		106,963


Investments	Shares		Value ($)
Vista Outdoor, Inc.*		13,440		99,859

				2,582,385

Life Sciences Tools & Services - 0.8%
Accelerate Diagnostics, Inc.*(a)		7,200		120,960
Agilent Technologies, Inc.		10,800		891,648
Avantor, Inc.*		7,440		137,417
Bio-Rad Laboratories, Inc., Class A*		720		259,863
Bio-Techne Corp.		1,920		403,142
Bruker Corp.		5,760		284,947
Charles River Laboratories International, Inc.*		2,880		445,190
Illumina, Inc.*		5,040		1,461,953
IQVIA Holdings, Inc.*		5,040		782,460
Luminex Corp.		2,160		49,000
Medpace Holdings, Inc.*(a)		1,200		102,660
Mettler-Toledo International, Inc.*		960		726,893
NeoGenomics, Inc.*		5,040		162,439
PerkinElmer, Inc.		4,080		377,318
PRA Health Sciences, Inc.*		1,680		170,201
Repligen Corp.*		2,640		265,030
Syneos Health, Inc.*		18,720		1,148,659
Thermo Fisher Scientific, Inc.		14,160		4,434,770
Waters Corp.*(a)		2,640		590,806

				12,815,356

Machinery - 2.1%
AGCO Corp.		2,880		202,003
Alamo Group, Inc.		960		119,578
Albany International Corp., Class A		3,600		251,172
Allison Transmission Holdings, Inc.		5,520		243,984
Altra Industrial Motion Corp.		10,320		343,243
Astec Industries, Inc.		1,440		59,386
Barnes Group, Inc.		5,760		363,859
Blue Bird Corp.*		3,120		61,558
Briggs & Stratton Corp.(a)		28,560		104,815
Caterpillar, Inc.		24,240		3,183,924
Chart Industries, Inc.*		3,840		245,683
CIRCOR International, Inc.*		4,320		179,410
Colfax Corp.*(a)		31,200		1,096,992
Columbus McKinnon Corp.		960		33,591
Crane Co.		3,600		307,656
Cummins, Inc.		6,720		1,074,998
Deere & Co.		11,040		1,750,723
Donaldson Co., Inc.		3,840		199,104
Douglas Dynamics, Inc.		1,920		100,666
Dover Corp.		5,040		573,804
Enerpac Tool Group Corp.		3,360		77,650
EnPro Industries, Inc.		2,880		168,307
ESCO Technologies, Inc.		720		69,091
Evoqua Water Technologies Corp.*		2,400		47,928
Federal Signal Corp.		5,280		169,805
Flowserve Corp.		1,680		78,422
Fortive Corp.		11,040		827,227
Franklin Electric Co., Inc.		1,440		83,074
Gardner Denver Holdings, Inc.*		8,640		305,078
Gates Industrial Corp. plc*(a)		720		8,978
Gorman-Rupp Co. (The)		960		35,434


Investments	Shares		Value ($)
Graco, Inc.		3,600		191,340
Greenbrier Cos., Inc. (The)		20,640		497,218
Helios Technologies, Inc.		1,680		71,434
Hillenbrand, Inc.		16,560		480,737
Hyster-Yale Materials Handling, Inc.		480		25,915
IDEX Corp.		1,920		314,592
Illinois Tool Works, Inc.(a)		11,040		1,931,779
Ingersoll-Rand plc		7,440		991,231
ITT, Inc.		5,520		370,282
John Bean Technologies Corp.		2,880		325,411
Kadant, Inc.(a)		2,160		230,256
Kennametal, Inc.		20,400		638,316
Lincoln Electric Holdings, Inc.		1,200		107,016
Lindsay Corp.		480		48,014
Lydall, Inc.*		2,400		49,056
Manitowoc Co., Inc. (The)*		11,280		162,996
Meritor, Inc.*		25,200		552,132
Middleby Corp. (The)*		2,160		242,266
Miller Industries, Inc.		1,920		66,067
Mueller Industries, Inc.		2,640		77,009
Mueller Water Products, Inc., Class A		9,600		111,840
Navistar International Corp.*		19,680		720,682
NN, Inc.		16,080		138,770
Nordson Corp.		1,200		202,632
Oshkosh Corp.		4,800		412,992
PACCAR, Inc.		13,440		997,382
Parker-Hannifin Corp.		4,560		892,346
Park-Ohio Holdings Corp.		3,120		91,728
Pentair plc		5,280		226,670
Proto Labs, Inc.*(a)		240		24,840
RBC Bearings, Inc.*		1,920		298,579
REV Group, Inc.(a)		14,640		146,400
Rexnord Corp.*		32,400		1,057,860
Snap-on, Inc.		1,440		229,867
SPX Corp.*		10,800		529,956
SPX FLOW, Inc.*		11,040		482,890
Standex International Corp.		1,440		105,250
Stanley Black & Decker, Inc.		6,480		1,032,458
Tennant Co.		960		74,131
Terex Corp.		21,600		547,560
Timken Co. (The)		21,360		1,122,041
Toro Co. (The)		5,760		460,915
TriMas Corp.*		7,680		220,646
Trinity Industries, Inc.(a)		12,720		258,598
Wabash National Corp.		12,000		139,200
WABCO Holdings, Inc.*		1,680		227,892
Watts Water Technologies, Inc., Class A		2,400		239,304
Welbilt, Inc.*(a)		9,600		144,864
Westinghouse Air Brake Technologies Corp.(a)		4,320		319,075
Woodward, Inc.		3,120		362,887
Xylem, Inc.		3,360		274,378

				31,834,843

Marine - 0.0%(c)
Genco Shipping & Trading Ltd.(a)		9,360		73,663


Investments	Shares		Value ($)
Kirby Corp.*		3,600		263,844
Matson, Inc.		12,960		466,690

				804,197

Media - 1.6%
Altice USA, Inc., Class A*		9,840		269,222
AMC Networks, Inc., Class A*(a)		28,080		1,027,447
Cardlytics, Inc.*		480		40,282
Central European Media Enterprises Ltd., Class A*		15,840		70,805
Charter Communications, Inc., Class A*		6,000		3,104,760
Clear Channel Outdoor Holdings, Inc.*		85,200		232,596
Comcast Corp., Class A		213,360		9,215,018
Discovery, Inc., Class A*(a)		2,400		70,224
Discovery, Inc., Class C*		20,158		559,788
DISH Network Corp., Class A*		12,000		441,120
Emerald Expositions Events, Inc.		5,040		52,567
Entercom Communications Corp., Class A		12,240		48,593
EW Scripps Co. (The), Class A		3,600		43,704
Fox Corp., Class A		9,360		347,069
Fox Corp., Class B		3,840		139,507
Gray Television, Inc.*		13,200		267,696
Interpublic Group of Cos., Inc. (The)(a)		12,480		283,296
John Wiley & Sons, Inc., Class A		3,600		157,032
Liberty Broadband Corp., Class A*		5,280		694,795
Liberty Broadband Corp., Class C*		2,400		319,032
Liberty Latin America Ltd., Class A*		18,240		304,243
Liberty Latin America Ltd., Class C*		36,000		606,600
Liberty Media Corp-Liberty SiriusXM, Class A*		5,040		244,793
Liberty Media Corp-Liberty SiriusXM, Class C*		4,320		211,766
Meredith Corp.(a)		2,400		72,120
National CineMedia, Inc.		14,160		104,501
New York Times Co. (The), Class A(a)		13,440		430,214
News Corp., Class A		26,640		362,837
News Corp., Class B		960		13,411
Nexstar Media Group, Inc., Class A(a)		12,480		1,511,952
Omnicom Group, Inc.(a)		8,880		668,753
Scholastic Corp.		2,880		94,896
Sinclair Broadcast Group, Inc., Class A		4,800		143,616
Sirius XM Holdings, Inc.(a)		68,880		486,982
TechTarget, Inc.*		240		6,094
TEGNA, Inc.		75,600		1,277,640
Tribune Publishing Co.		3,360		42,202
ViacomCBS, Inc.		15,120		516,045
WideOpenWest, Inc.*		5,040		34,020

				24,517,238

Metals & Mining - 0.6%
AK Steel Holding Corp.*(a)		109,200		301,392


Investments	Shares		Value ($)
Alcoa Corp.*		58,800		820,260
Allegheny Technologies, Inc.*(a)		24,240		418,140
Carpenter Technology Corp.		13,680		543,643
Century Aluminum Co.*(a)		18,480		97,759
Cleveland-Cliffs, Inc.(a)		88,320		620,006
Coeur Mining, Inc.*		67,680		408,111
Commercial Metals Co.		37,200		764,460
Compass Minerals International, Inc.		2,400		138,936
Freeport-McMoRan, Inc.		58,080		644,688
Haynes International, Inc.		1,200		32,172
Hecla Mining Co.		38,880		117,807
Kaiser Aluminum Corp.		2,400		240,360
Materion Corp.		1,440		78,192
McEwen Mining, Inc.*(a)		11,520		13,248
Newmont Corp.		28,080		1,265,285
Nucor Corp.		10,800		512,892
Reliance Steel & Aluminum Co.		2,640		303,072
Royal Gold, Inc.(a)		2,160		249,091
Ryerson Holding Corp.*		8,400		86,100
Schnitzer Steel Industries, Inc., Class A		8,160		131,213
Southern Copper Corp.		5,280		198,950
Steel Dynamics, Inc.		11,520		344,218
SunCoke Energy, Inc.		26,640		156,643
United States Steel Corp.(a)		31,200		282,984
Warrior Met Coal, Inc.		4,560		86,002
Worthington Industries, Inc.		11,280		414,878

				9,270,502

Mortgage Real Estate Investment Trusts (REITs) - 0.8%
AG Mortgage Investment Trust, Inc.		10,800		171,180
AGNC Investment Corp.(a)		26,640		495,237
Annaly Capital Management, Inc.		46,560		454,425
Anworth Mortgage Asset Corp.		240		859
Apollo Commercial Real Estate Finance, Inc.(a)		27,360		500,141
Arbor Realty Trust, Inc.		22,560		333,211
Ares Commercial Real Estate Corp.		1,920		31,373
ARMOUR Residential REIT, Inc.		9,360		180,274
Blackstone Mortgage Trust, Inc., Class A(a)		38,160		1,457,712
Capstead Mortgage Corp.		6,000		49,320
Chimera Investment Corp.(a)		65,520		1,389,024
Colony Credit Real Estate, Inc.(a)		26,160		325,692
Dynex Capital, Inc.(a)		8,880		158,242
Exantas Capital Corp.		6,720		81,178
Invesco Mortgage Capital, Inc.		43,680		763,963
KKR Real Estate Finance Trust, Inc.		3,120		65,676
Ladder Capital Corp.		27,360		502,056
MFA Financial, Inc.		136,080		1,061,424
New Residential Investment Corp.		27,120		453,989
New York Mortgage Trust, Inc.(a)		64,320		408,432
Orchid Island Capital, Inc.(a)		13,920		84,077
PennyMac Mortgage Investment Trust		23,280		541,260
Ready Capital Corp.(a)		5,040		82,253


Investments	Shares		Value ($)
Redwood Trust, Inc.(a)		31,200		550,056
Starwood Property Trust, Inc.		6,480		166,277
TPG RE Finance Trust, Inc.		10,320		211,250
Two Harbors Investment Corp.(a)		68,400		1,043,784
Western Asset Mortgage Capital Corp.		13,680		145,145

				11,707,510

Multiline Retail - 0.6%
Big Lots, Inc.		16,560		448,114
Dillard’s, Inc., Class A(a)		4,080		247,738
Dollar General Corp.		10,080		1,546,373
Dollar Tree, Inc.*		9,600		835,872
JC Penney Co., Inc.*(a)		189,120		140,894
Kohl’s Corp.		7,440		318,060
Macy’s, Inc.(a)		139,920		2,231,724
Nordstrom, Inc.(a)		5,280		194,621
Ollie’s Bargain Outlet Holdings, Inc.*(a)		960		50,918
Target Corp.		24,000		2,657,760

				8,672,074

Multi-Utilities - 0.8%
Ameren Corp.		9,120		748,296
Avista Corp.(a)		5,280		268,488
Black Hills Corp.		5,280		438,399
CenterPoint Energy, Inc.		8,400		222,432
CMS Energy Corp.		7,680		526,157
Consolidated Edison, Inc.		12,240		1,150,560
Dominion Energy, Inc.		36,000		3,087,000
DTE Energy Co.		7,440		986,618
MDU Resources Group, Inc.		3,840		113,702
NiSource, Inc.		6,000		175,860
NorthWestern Corp.		5,280		406,402
Public Service Enterprise Group, Inc.		21,120		1,250,304
Sempra Energy		8,880		1,426,483
Unitil Corp.		2,880		177,667
WEC Energy Group, Inc.		12,480		1,246,627

				12,224,995

Oil, Gas & Consumable Fuels - 4.1%
Amplify Energy Corp.(a)		15,840		85,378
Antero Midstream Corp.(a)		102,480		516,499
Antero Resources Corp.*(a)		129,120		238,872
Arch Coal, Inc., Class A(a)		7,680		395,750
Bonanza Creek Energy, Inc.*		15,360		279,398
Callon Petroleum Co.*		172,559		517,677
Centennial Resource Development, Inc., Class A*		108,960		355,210
Cheniere Energy, Inc.*		6,480		383,875
Chesapeake Energy Corp.*(a)		498,000		254,876
Chevron Corp.		89,280		9,565,459
Cimarex Energy Co.		38,640		1,695,910
Clean Energy Fuels Corp.*		61,920		142,416
CNX Resources Corp.*(a)		94,800		685,404
Concho Resources, Inc.		2,160		163,685
ConocoPhillips		47,040		2,795,587
CONSOL Energy, Inc.*		40,080		325,850
Continental Resources, Inc.		3,360		91,459
Contura Energy, Inc.*		33,360		193,154


Investments	Shares		Value ($)
CVR Energy, Inc.		8,880		307,337
Delek US Holdings, Inc.		20,400		560,184
Denbury Resources, Inc.*(a)		312,480		307,793
Devon Energy Corp.		11,040		239,789
Diamond S Shipping, Inc.*		720		7,978
Diamondback Energy, Inc.		2,640		196,416
Dorian LPG Ltd.*		13,440		176,333
EOG Resources, Inc.		25,200		1,837,332
EQT Corp.(a)		127,440		771,012
Equitrans Midstream Corp.(a)		72,480		700,882
Exxon Mobil Corp.		202,080		12,553,210
Gran Tierra Energy, Inc.*		391,200		389,792
Green Plains, Inc.(a)		12,960		161,611
Gulfport Energy Corp.*(a)		119,040		184,512
Hess Corp.		9,600		543,072
HollyFrontier Corp.		9,360		420,451
International Seaways, Inc.*		3,600		80,136
Kinder Morgan, Inc.		92,640		1,933,397
Kosmos Energy Ltd.		65,040		332,355
Laredo Petroleum, Inc.*		136,320		234,470
Magnolia Oil & Gas Corp., Class A*(a)		33,840		355,997
Marathon Oil Corp.		47,520		540,303
Marathon Petroleum Corp.		31,680		1,726,560
Matador Resources Co.*(a)		40,080		587,974
Murphy Oil Corp.(a)		53,280		1,116,749
Noble Energy, Inc.		13,200		260,964
Northern Oil and Gas, Inc.*(a)		110,400		183,264
Oasis Petroleum, Inc.*(a)		172,320		387,720
Occidental Petroleum Corp.		50,160		1,992,355
ONEOK, Inc.		14,400		1,078,128
Par Pacific Holdings, Inc.*		240		4,829
Parsley Energy, Inc., Class A		97,606		1,624,164
PBF Energy, Inc., Class A		27,600		753,480
PDC Energy, Inc.*		41,078		886,874
Penn Virginia Corp.*		20,880		446,206
Phillips 66		20,160		1,842,019
Pioneer Natural Resources Co.		5,760		777,600
QEP Resources, Inc.		132,720		420,722
Range Resources Corp.(a)		114,960		344,880
Renewable Energy Group, Inc.*(a)		17,280		454,118
REX American Resources Corp.*		960		72,336
SM Energy Co.		56,640		519,955
Southwestern Energy Co.*(a)		286,320		449,522
Talos Energy, Inc.*(a)		12,720		279,077
Targa Resources Corp.		3,600		131,400
Tellurian, Inc.*(a)		9,120		64,022
Valero Energy Corp.		19,200		1,618,752
W&T Offshore, Inc.*		39,120		161,957
Whiting Petroleum Corp.*(a)		58,560		265,862
Williams Cos., Inc. (The)		24,480		506,491
World Fuel Services Corp.		18,960		741,715
WPX Energy, Inc.*		27,120		324,084

				61,544,600

Paper & Forest Products - 0.2%
Boise Cascade Co.		12,240		443,088
Clearwater Paper Corp.*(a)		6,240		175,968
Domtar Corp.		20,160		701,971


Investments	Shares		Value ($)
Louisiana-Pacific Corp.		20,160		618,509
Mercer International, Inc.		14,880		163,829
Neenah, Inc.		2,160		143,942
Resolute Forest Products, Inc.*		90,240		314,938
Schweitzer-Mauduit International, Inc.		6,240		218,587
Verso Corp., Class A*(a)		18,240		307,344

				3,088,176

Personal Products - 0.2%
Coty, Inc., Class A		23,280		238,853
Edgewell Personal Care Co.*		14,400		371,808
elf Beauty, Inc.*		3,600		56,448
Estee Lauder Cos., Inc. (The), Class A		7,440		1,451,990
Herbalife Nutrition Ltd.*		6,720		261,072
Inter Parfums, Inc.		2,640		182,450
Medifast, Inc.		1,200		115,956
Nu Skin Enterprises, Inc., Class A		8,640		281,578
Revlon, Inc., Class A*(a)		1,200		25,644
USANA Health Sciences, Inc.*		1,200		74,040

				3,059,839

Pharmaceuticals - 3.4%
Akorn, Inc.*		33,120		50,673
Allergan plc		14,640		2,732,409
Amneal Pharmaceuticals, Inc.*		45,120		202,589
ANI Pharmaceuticals, Inc.*(a)		960		59,520
Axsome Therapeutics, Inc.*		960		83,347
Bristol-Myers Squibb Co.		108,480		6,828,816
Catalent, Inc.*		6,000		366,600
Collegium Pharmaceutical, Inc.*		5,520		111,035
Elanco Animal Health, Inc.*		7,680		237,312
Eli Lilly & Co.		30,000		4,189,200
Endo International plc*		71,040		402,797
Horizon Therapeutics plc*		18,000		620,820
Innoviva, Inc.*		24,960		344,573
Jazz Pharmaceuticals plc*		2,160		309,636
Johnson & Johnson		89,040		13,255,385
Lannett Co., Inc.*(a)		11,520		93,773
Merck & Co., Inc.		88,320		7,546,061
Mylan NV*		1,440		30,845
MyoKardia, Inc.*(a)		3,120		212,254
Nektar Therapeutics*(a)		6,240		124,113
Odonate Therapeutics, Inc.*		6,240		182,208
Optinose, Inc.*(a)		6,240		48,859
Pacira BioSciences, Inc.*(a)		2,880		124,474
Perrigo Co. plc		5,760		328,550
Pfizer, Inc.		261,120		9,724,109
Phibro Animal Health Corp., Class A		1,200		28,464
Prestige Consumer Healthcare, Inc.*(a)		15,120		613,267
Reata Pharmaceuticals, Inc., Class A*		1,440		315,058
Revance Therapeutics, Inc.*		2,400		53,688
Theravance Biopharma, Inc.*(a)		3,120		86,986
Zoetis, Inc.		15,840		2,125,886
Zogenix, Inc.*		2,400		120,888

				51,554,195


Investments	Shares		Value ($)
Professional Services - 0.6%
ASGN, Inc.*		15,600		1,055,964
CBIZ, Inc.*		9,600		259,200
CoStar Group, Inc.*		1,440		940,306
CRA International, Inc.		240		12,787
Equifax, Inc.		3,600		539,640
Exponent, Inc.		5,520		401,690
Forrester Research, Inc.*		480		19,858
FTI Consulting, Inc.*		3,840		461,030
Heidrick & Struggles International, Inc.		1,440		40,925
Huron Consulting Group, Inc.*		3,840		248,871
ICF International, Inc.		2,880		252,259
IHS Markit Ltd.*		12,240		965,246
Insperity, Inc.		3,600		314,532
Kelly Services, Inc., Class A		2,160		38,362
Kforce, Inc.		3,360		124,488
Korn Ferry		14,640		599,947
ManpowerGroup, Inc.		3,600		329,364
Resources Connection, Inc.		2,640		40,194
Robert Half International, Inc.		2,160		125,647
TransUnion		5,520		506,184
TriNet Group, Inc.*		2,400		136,944
TrueBlue, Inc.*		11,520		252,403
Verisk Analytics, Inc.		4,800		779,856

				8,445,697

Real Estate Management & Development - 0.3%
CBRE Group, Inc., Class A*		15,600		952,380
Consolidated-Tomoka Land Co.		480		30,461
Cushman & Wakefield plc*		51,120		982,526
eXp World Holdings, Inc.*(a)		5,760		63,590
Howard Hughes Corp. (The)*		2,400		292,032
Jones Lang LaSalle, Inc.		1,920		326,054
Kennedy-Wilson Holdings, Inc.		14,640		315,639
Marcus & Millichap, Inc.*		1,200		42,480
Newmark Group, Inc., Class A		48,240		567,785
Realogy Holdings Corp.(a)		41,760		442,238
Redfin Corp.*(a)		6,960		169,337
RMR Group, Inc. (The), Class A		960		44,227
St Joe Co. (The)*		960		20,170

				4,248,919

Road & Rail - 1.0%
AMERCO		480		178,210
ArcBest Corp.		12,480		278,429
Avis Budget Group, Inc.*		17,520		574,656
CSX Corp.		29,280		2,235,235
Heartland Express, Inc.		2,160		40,370
Hertz Global Holdings, Inc.*		23,760		374,457
JB Hunt Transport Services, Inc.		2,880		310,838
Kansas City Southern		3,120		526,313
Knight-Swift Transportation Holdings, Inc.(a)		9,360		347,069
Landstar System, Inc.		2,640		292,380
Lyft, Inc., Class A*(a)		6,480		307,670
Marten Transport Ltd.		6,480		134,525
Norfolk Southern Corp.		10,080		2,098,757
Old Dominion Freight Line, Inc.		3,120		612,238
Ryder System, Inc.		9,840		469,565


Investments	Shares		Value ($)
Saia, Inc.*(a)		6,000		522,600
Schneider National, Inc., Class B		11,040		245,861
Union Pacific Corp.		24,960		4,478,323
Werner Enterprises, Inc.		11,040		406,934

				14,434,430

Semiconductors & Semiconductor Equipment - 3.7%
Advanced Energy Industries, Inc.*		4,320		302,141
Advanced Micro Devices, Inc.*(a)		38,160		1,793,520
Amkor Technology, Inc.*		22,320		251,100
Analog Devices, Inc.		12,000		1,317,000
Applied Materials, Inc.		37,680		2,185,063
Broadcom, Inc.		18,240		5,566,118
Brooks Automation, Inc.		5,040		191,923
Cabot Microelectronics Corp.		2,160		314,302
CEVA, Inc.*		240		6,564
Cirrus Logic, Inc.*		6,480		497,729
Cree, Inc.*		4,320		200,837
Cypress Semiconductor Corp.		19,200		447,936
Diodes, Inc.*		10,320		532,925
Enphase Energy, Inc.*(a)		2,880		90,778
Entegris, Inc.		12,000		621,120
First Solar, Inc.*		3,360		166,589
FormFactor, Inc.*		12,240		309,794
Ichor Holdings Ltd.*		4,560		152,258
Inphi Corp.*		2,400		182,304
Intel Corp.		206,400		13,195,152
KLA Corp.		6,000		994,440
Kulicke & Soffa Industries, Inc.		7,920		205,049
Lam Research Corp.		6,240		1,860,830
Lattice Semiconductor Corp.*		7,680		142,848
MACOM Technology Solutions Holdings, Inc.*		4,560		129,595
MagnaChip Semiconductor Corp.*		12,720		171,084
Marvell Technology Group Ltd.		18,240		438,490
Maxim Integrated Products, Inc.		7,200		432,864
MaxLinear, Inc.*		1,920		37,421
Mellanox Technologies Ltd.*		1,680		203,112
Microchip Technology, Inc.(a)		7,680		748,646
Micron Technology, Inc.*		49,200		2,612,028
MKS Instruments, Inc.		5,040		528,293
Monolithic Power Systems, Inc.		2,400		410,808
NeoPhotonics Corp.*		12,000		91,560
NVIDIA Corp.		19,680		4,652,942
ON Semiconductor Corp.*		19,200		444,480
Onto Innovation, Inc.*		1,920		72,845
PDF Solutions, Inc.*		720		11,347
Photronics, Inc.*		6,000		76,680
Power Integrations, Inc.		1,440		140,645
Qorvo, Inc.*		6,960		736,786
QUALCOMM, Inc.		40,800		3,480,648
Rambus, Inc.*		4,800		76,176
Semtech Corp.*		2,640		127,222
Silicon Laboratories, Inc.*		2,400		235,944
Skyworks Solutions, Inc.		4,560		515,964
SMART Global Holdings, Inc.*		2,640		79,622
SolarEdge Technologies, Inc.*(a)		4,800		469,728
SunPower Corp.*		4,320		36,806
Synaptics, Inc.*		10,080		672,235


Investments	Shares		Value ($)
Teradyne, Inc.		6,000		395,940
Texas Instruments, Inc.		33,360		4,024,884
Ultra Clean Holdings, Inc.*(a)		8,400		193,284
Universal Display Corp.		1,440		253,685
Veeco Instruments, Inc.*		23,280		296,820
Xilinx, Inc.		5,760		486,605
Xperi Corp.		14,160		227,834

				55,041,343

Software - 5.7%
2U, Inc.*(a)		2,880		57,053
8x8, Inc.*		6,720		125,126
ACI Worldwide, Inc.*		11,280		388,596
Adobe, Inc.*		17,280		6,067,699
Altair Engineering, Inc., Class A*(a)		1,440		53,208
Anaplan, Inc.*		480		27,643
ANSYS, Inc.*		2,640		724,231
Appian Corp.*(a)		1,920		97,997
Aspen Technology, Inc.*		3,600		428,328
Autodesk, Inc.*		7,920		1,559,052
Avaya Holdings Corp.*(a)		17,040		217,601
Blackbaud, Inc.(a)		2,880		225,590
Blackline, Inc.*		1,440		88,085
Bottomline Technologies DE, Inc.*		3,120		167,232
Box, Inc., Class A*(a)		6,720		101,002
Cadence Design Systems, Inc.*		9,600		692,256
CDK Global, Inc.		5,280		283,430
Ceridian HCM Holding, Inc.*		2,640		193,486
Citrix Systems, Inc.		4,080		494,578
Cloudera, Inc.*(a)		48,720		501,329
CommVault Systems, Inc.*		480		21,610
Cornerstone OnDemand, Inc.*		1,920		112,896
Coupa Software, Inc.*		1,440		232,056
Digimarc Corp.*(a)		720		22,543
DocuSign, Inc.*		4,080		320,321
Ebix, Inc.(a)		3,120		107,422
Envestnet, Inc.*		2,880		227,146
Everbridge, Inc.*(a)		960		87,014
Fair Isaac Corp.*		1,440		579,427
FireEye, Inc.*		13,680		218,606
Five9, Inc.*		3,840		275,443
ForeScout Technologies, Inc.*		2,400		68,424
Fortinet, Inc.*		6,960		802,906
Guidewire Software, Inc.*		2,640		297,000
HubSpot, Inc.*		480		86,851
Intuit, Inc.		6,960		1,951,445
j2 Global, Inc.(a)		2,880		276,077
LivePerson, Inc.*(a)		3,120		127,951
LogMeIn, Inc.		12,480		1,072,906
Manhattan Associates, Inc.*		3,840		328,166
Microsoft Corp.		252,240		42,938,815
MicroStrategy, Inc., Class A*		960		145,949
Mimecast Ltd.*		4,800		244,944
NortonLifeLock, Inc.		20,160		572,947
Nuance Communications, Inc.*		17,280		326,938
Nutanix, Inc., Class A*		4,560		148,063
OneSpan, Inc.*		2,400		39,888
Oracle Corp.		79,200		4,154,040


Investments	Shares		Value ($)
Palo Alto Networks, Inc.*		3,600		845,208
Paycom Software, Inc.*		1,440		458,150
Paylocity Holding Corp.*		2,160		306,482
Pegasystems, Inc.		3,120		268,975
Progress Software Corp.		3,360		151,637
Proofpoint, Inc.*		2,400		294,744
PTC, Inc.*		5,280		438,874
Q2 Holdings, Inc.*(a)		2,160		188,330
QAD, Inc., Class A		960		49,392
Qualys, Inc.*		1,200		102,888
RealPage, Inc.*		960		56,016
RingCentral, Inc., Class A*		2,160		444,053
SailPoint Technologies Holding, Inc.*		5,760		144,518
salesforce.com, Inc.*		31,200		5,688,072
ServiceNow, Inc.*		6,000		2,029,380
Smartsheet, Inc., Class A*(a)		5,280		255,974
Splunk, Inc.*		4,800		745,248
SPS Commerce, Inc.*		1,920		109,114
SS&C Technologies Holdings, Inc.		7,680		483,917
SVMK, Inc.*		720		12,708
Synopsys, Inc.*		4,560		672,646
TiVo Corp.		41,280		300,518
Trade Desk, Inc. (The), Class A*(a)		1,920		516,826
Tyler Technologies, Inc.*		1,680		543,782
Varonis Systems, Inc.*		2,160		180,706
Verint Systems, Inc.*		6,720		389,760
VMware, Inc., Class A*		1,440		213,206
Workday, Inc., Class A*		4,560		841,913
Zendesk, Inc.*		2,880		248,832

				85,263,185

Specialty Retail - 2.8%
Aaron’s, Inc.		6,480		384,653
Abercrombie & Fitch Co., Class A		19,200		314,112
Advance Auto Parts, Inc.		2,400		316,200
American Eagle Outfitters, Inc.		58,800		846,720
America’s Car-Mart, Inc.*		240		26,347
Asbury Automotive Group, Inc.*		7,440		717,588
At Home Group, Inc.*		21,840		123,614
AutoNation, Inc.*		17,760		753,734
AutoZone, Inc.*		960		1,015,642
Bed Bath & Beyond, Inc.(a)		44,160		629,280
Best Buy Co., Inc.		9,840		833,350
Boot Barn Holdings, Inc.*(a)		2,640		110,801
Buckle, Inc. (The)(a)		8,880		216,761
Burlington Stores, Inc.*		3,120		678,506
Caleres, Inc.		17,520		307,476
Camping World Holdings, Inc., Class A(a)		11,520		179,366
CarMax, Inc.*(a)		7,440		721,978
Carvana Co.*(a)		3,360		266,280
Cato Corp. (The), Class A(a)		6,240		100,090
Chico’s FAS, Inc.		53,520		208,193
Children’s Place, Inc. (The)(a)		1,200		71,604
Conn’s, Inc.*(a)		10,320		90,403
Designer Brands, Inc., Class A		31,920		454,541
Dick’s Sporting Goods, Inc.(a)		20,160		891,677
Five Below, Inc.*		1,680		190,210


Investments	Shares		Value ($)
Floor & Decor Holdings, Inc., Class A*		6,240		307,694
Foot Locker, Inc.		37,680		1,430,710
GameStop Corp., Class A(a)		60,720		233,165
Gap, Inc. (The)(a)		25,920		451,267
Genesco, Inc.*(a)		5,520		217,046
Group 1 Automotive, Inc.		4,560		459,511
Guess?, Inc.(a)		1,680		35,767
Haverty Furniture Cos., Inc.(a)		2,880		57,974
Hibbett Sports, Inc.*		6,240		154,627
Home Depot, Inc. (The)		37,680		8,594,808
L Brands, Inc.		87,600		2,028,816
Lithia Motors, Inc., Class A		6,480		878,947
Lowe’s Cos., Inc.		27,840		3,236,122
MarineMax, Inc.*		2,400		47,832
Michaels Cos., Inc. (The)*(a)		41,280		203,510
Monro, Inc.		2,160		135,432
Murphy USA, Inc.*		4,800		490,416
National Vision Holdings, Inc.*(a)		6,240		212,909
Office Depot, Inc.		167,520		371,894
O’Reilly Automotive, Inc.*		2,640		1,072,104
Party City Holdco, Inc.*(a)		92,880		267,494
Penske Automotive Group, Inc.		7,440		349,457
Rent-A-Center, Inc.		1,920		55,930
RH*(a)		2,640		551,100
Ross Stores, Inc.		11,760		1,319,354
Sally Beauty Holdings, Inc.*(a)		38,160		585,756
Shoe Carnival, Inc.(a)		1,680		60,245
Signet Jewelers Ltd.(a)		23,040		560,102
Sleep Number Corp.*(a)		8,880		458,119
Sonic Automotive, Inc., Class A		6,720		212,554
Tiffany & Co.		4,080		546,802
TJX Cos., Inc. (The)		42,000		2,479,680
Tractor Supply Co.		5,520		513,084
Ulta Beauty, Inc.*		1,680		450,089
Urban Outfitters, Inc.*(a)		24,960		638,976
Williams-Sonoma, Inc.		24,240		1,698,739
Zumiez, Inc.*		5,520		172,059

				41,989,217

Technology Hardware, Storage & Peripherals - 3.3%
3D Systems Corp.*(a)		6,960		75,795
Apple, Inc.		138,000		42,712,380
Dell Technologies, Inc., Class C*		5,760		280,915
Diebold Nixdorf, Inc.*(a)		15,120		174,031
Hewlett Packard Enterprise Co.		67,440		939,439
HP, Inc.		58,080		1,238,266
NCR Corp.*		35,760		1,205,827
NetApp, Inc.		11,040		589,536
Pure Storage, Inc., Class A*		15,120		269,136
Seagate Technology plc		10,800		615,492
Western Digital Corp.		8,880		581,640
Xerox Holdings Corp.		9,600		341,472

				49,023,929

Textiles, Apparel & Luxury Goods - 1.0%
Capri Holdings Ltd.*		45,600		1,366,176
Carter’s, Inc.(a)		3,120		330,938
Columbia Sportswear Co.		2,400		225,408
Crocs, Inc.*		7,920		300,247


Investments	Shares		Value ($)
Deckers Outdoor Corp.*		2,640		504,003
Fossil Group, Inc.*		17,760		119,525
G-III Apparel Group Ltd.*(a)		11,040		300,398
Hanesbrands, Inc.		17,760		244,378
Kontoor Brands, Inc.		10,080		384,451
Levi Strauss & Co., Class A(a)		2,640		51,850
Lululemon Athletica, Inc.*		3,840		919,258
Movado Group, Inc.(a)		6,960		119,851
NIKE, Inc., Class B		43,680		4,206,384
Oxford Industries, Inc.(a)		2,880		199,872
PVH Corp.		1,680		146,446
Ralph Lauren Corp.		14,160		1,607,160
Skechers U.S.A., Inc., Class A*		40,560		1,516,538
Steven Madden Ltd.		5,520		212,851
Under Armour, Inc., Class A*(a)		10,800		217,944
Under Armour, Inc., Class C*		1,920		34,483
Vera Bradley, Inc.*		11,280		108,062
VF Corp.		13,200		1,095,204
Wolverine World Wide, Inc.		10,800		340,956

				14,552,383

Thrifts & Mortgage Finance - 0.7%
Axos Financial, Inc.*(a)		15,840		446,213
Capitol Federal Financial, Inc.		960		12,653
Essent Group Ltd.		33,600		1,666,896
Federal Agricultural Mortgage Corp., Class C		3,600		274,680
Flagstar Bancorp, Inc.		12,480		439,795
HomeStreet, Inc.*		4,080		131,009
LendingTree, Inc.*(a)		720		224,064
Merchants Bancorp		6,720		132,250
Meridian Bancorp, Inc.		4,560		82,034
Meta Financial Group, Inc.(a)		6,720		250,118
MGIC Investment Corp.		105,600		1,456,224
Mr Cooper Group, Inc.*		40,800		505,104
New York Community Bancorp, Inc.(a)		20,160		222,970
NMI Holdings, Inc., Class A*		2,160		68,947
Northfield Bancorp, Inc.		3,600		57,204
Northwest Bancshares, Inc.		13,680		215,118
OceanFirst Financial Corp.		480		11,165
PennyMac Financial Services, Inc.		16,560		558,403
Provident Financial Services, Inc.		15,120		344,887
Radian Group, Inc.		63,840		1,563,442
TFS Financial Corp.		2,400		49,032
TrustCo Bank Corp.		22,320		176,998
United Community Financial Corp.		1,920		20,985
Walker & Dunlop, Inc.		8,400		557,508
Washington Federal, Inc.		15,120		514,080
WSFS Financial Corp.		4,320		172,325

				10,154,104

Tobacco - 0.6%
Altria Group, Inc.		83,280		3,958,299
Philip Morris International, Inc.		45,600		3,771,120
Turning Point Brands, Inc.(a)		1,680		38,371
Universal Corp.		6,720		357,168
Vector Group Ltd.(a)		36,000		473,040

				8,597,998


Investments	Shares		Value ($)
Trading Companies & Distributors - 0.8%
Air Lease Corp.(a)		31,920		1,370,645
Aircastle Ltd.		17,280		554,515
Applied Industrial Technologies, Inc.		7,200		464,904
Beacon Roofing Supply, Inc.*		10,320		341,695
BMC Stock Holdings, Inc.*		17,280		504,317
CAI International, Inc.*(a)		5,760		156,672
DXP Enterprises, Inc.*		3,120		108,170
Fastenal Co.		17,040		594,355
Foundation Building Materials, Inc.*		9,120		162,609
GATX Corp.(a)		12,960		986,645
GMS, Inc.*(a)		12,480		333,466
H&E Equipment Services, Inc.		11,520		312,307
HD Supply Holdings, Inc.*		7,200		293,328
Herc Holdings, Inc.*		7,200		288,864
Kaman Corp.		4,080		251,818
MSC Industrial Direct Co., Inc., Class A		10,320		702,482
NOW, Inc.*		17,520		175,375
Rush Enterprises, Inc., Class A		9,120		392,160
SiteOne Landscape Supply, Inc.*(a)		2,640		254,892
Systemax, Inc.		480		11,352
Titan Machinery, Inc.*		1,200		14,652
Triton International Ltd.		15,360		576,768
United Rentals, Inc.*		3,600		488,484
Univar Solutions, Inc.*		36,960		796,488
Watsco, Inc.		1,680		292,186
WESCO International, Inc.*		13,200		639,012
WW Grainger, Inc.		1,440		435,845

				11,504,006

Transportation Infrastructure - 0.0%(c)
Macquarie Infrastructure Corp.		13,440		592,838

Water Utilities - 0.1%
American States Water Co.		4,080		361,325
American Water Works Co., Inc.		5,280		719,136
Aqua America, Inc.		5,520		286,709
California Water Service Group(a)		4,560		239,673
SJW Group		720		52,812

				1,659,655

Wireless Telecommunication Services - 0.1%
Boingo Wireless, Inc.*		6,000		67,440
Gogo, Inc.*(a)		20,400		107,304
Shenandoah Telecommunications Co.		6,240		251,784
Sprint Corp.*(a)		25,200		110,124
Telephone & Data Systems, Inc.		6,240		141,523
T-Mobile US, Inc.*		13,440		1,064,314
United States Cellular Corp.*		3,360		107,587

				1,850,076

TOTAL COMMON STOCKS (Cost $972,190,978)				1,483,882,393


Investments	Number of Rights		Value ($)
RIGHTS - 0.0%(c)

Biotechnology - 0.0%
Achillion Pharmaceuticals, Inc., CVR*‡(d)		44,344		—

Chemicals - 0.0%(c)
Schulman A, Inc., CVR*‡(d)		8,214		4,296

Media - 0.0%(c)
Media General, Inc., CVR*‡(d)		22,261		2,226

TOTAL RIGHTS (Cost $–)				6,522


Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(e) - 5.8%

BANK NOTES - 0.2%
Bank of America NA (US Federal Funds Effective Rate (continuous series) + 0.26%), 1.86%, 2/3/2020(f) (Cost $3,000,000)		3,000,000		3,000,000

CERTIFICATES OF DEPOSIT - 1.5%
Bank of Montreal, Chicago (US Federal Funds Effective Rate (continuous series) + 0.35%), 1.95%, 8/6/2020(f)		4,000,000		3,999,996
Cooperatieve Rabobank UA, London (ICE LIBOR USD 1 Month + 0.19%), 1.85%, 4/24/2020(f)		4,000,000		4,000,720
Credit Suisse, New York (SOFR + 0.38%), 1.96%, 3/6/2020(f)		4,000,090		4,000,068
Natixis SA, New York 1.79%, 6/5/2020		2,000,000		2,001,292
(ICE LIBOR USD 1 Month + 0.29%), 2.02%, 6/5/2020(f)		1,000,000		1,000,742
Standard Chartered, New York (US Federal Funds Effective Rate (continuous series) + 0.35%), 1.95%, 2/26/2020(f)		2,000,000		2,000,000
The Norinchukin Bank, New York 1.73%, 4/17/2020		2,000,000		1,999,952
Toronto-Dominion Bank, New York (US Federal Funds Effective Rate (continuous series) + 0.30%), 1.90%, 2/27/2020(f)		1,000,000		1,000,000


Investments	Principal Amount ($)		Value ($)
Westpac Banking Corp., New York (US Federal Funds Effective Rate (continuous series) + 0.30%), 1.90%, 2/14/2020(f)		2,000,000		2,000,000

TOTAL CERTIFICATES OF DEPOSIT (Cost $22,001,307)				22,002,770

COMMERCIAL PAPER - 0.4%
Bank of Nova Scotia, Houston (ICE LIBOR USD 1 Month + 0.17%), 1.85%, 5/15/2020(f)(g)		2,500,000		2,500,458
UBS AG, London (ICE LIBOR USD 1 Month + 0.34%), 2.00%, 7/28/2020(f)(g)		3,000,000		3,000,000

TOTAL COMMERCIAL PAPER (Cost $5,500,000)				5,500,458

REPURCHASE AGREEMENTS - 3.7%
BofA Securities, Inc., 2.03%, dated 1/31/2020, due 5/4/2020, repurchase price $6,031,803, collateralized by various Common Stocks; total market value $6,503,346		6,000,000		6,000,000
Citadel Clearing LLC, 2.19%, dated 1/31/2020, due 5/1/2020, repurchase price $5,027,679, collateralized by various Common Stocks; total market value $5,383,771		5,000,000		5,000,000
Citigroup Global Markets, Inc., 1.57%, dated 1/31/2020, due 2/3/2020, repurchase price $4,762,246, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 6.38%, maturing 6/15/2020 - 1/15/2028; total market value $4,871,219		4,761,623		4,761,623
Societe Generale, 1.73%, dated 1/31/2020, due 2/3/2020, repurchase price $40,005,767, collateralized by various Common Stocks; total market value $44,018,274		40,000,000		40,000,000

TOTAL REPURCHASE AGREEMENTS (Cost $55,761,623)				55,761,623

TOTAL SECURITIES LENDING REINVESTMENTS (Cost $86,262,930)				86,264,851

Total Investments - 104.9% (Cost $1,058,453,908)				1,570,153,766
Liabilities in excess of other assets - (4.9%)				(73,017,396	)

Net Assets - 100.0%				1,497,136,370

FlexShares^® Morningstar US Market Factor Tilt Index Fund had the following open futures contracts as of January 31, 2020:


Investments	Shares		Value ($)
COMMON STOCKS - 99.4%

Aerospace & Defense - 0.8%
Airbus SE		16,425		2,425,259
BAE Systems plc		74,850		622,985
Bombardier, Inc., Class B*(a)		48,735		45,325
CAE, Inc.(a)		7,016		208,217
Dassault Aviation SA		55		66,924
Elbit Systems Ltd.		412		63,321
Leonardo SpA		17,925		222,085
LISI		3,196		97,223
Meggitt plc		32,325		287,879
MTU Aero Engines AG		1,350		410,522
QinetiQ Group plc		30,657		142,412
Rolls-Royce Holdings plc*		44,475		392,800
Saab AB, Class B(a)		2,493		81,008
Safran SA		9,600		1,552,721
Senior plc		314,041		689,258
Singapore Technologies Engineering Ltd.		17,900		53,901
Thales SA		3,450		379,347
Ultra Electronics Holdings plc		1,661		49,440

				7,790,627

Air Freight & Logistics - 0.4%
bpost SA		13,008		129,682
Cia de Distribucion Integral Logista Holdings SA		2,159		48,474
Deutsche Post AG (Registered)		44,175		1,545,746
DSV Panalpina A/S		5,437		591,484
Freightways Ltd.		12,987		72,279
ID Logistics Group*		81		15,852
Kerry Logistics Network Ltd.(a)		40,500		64,884
Kintetsu World Express, Inc.		7,600		124,604
Konoike Transport Co. Ltd.		28,600		411,116
Mainfreight Ltd.		3,192		85,665
PostNL NV(a)		354,911		655,848
Royal Mail plc		52,020		135,911
SG Holdings Co. Ltd.		2,400		51,483
Yamato Holdings Co. Ltd.		12,500		204,710

				4,137,738

Airlines - 0.4%
Air Canada*		10,950		367,028
Air France-KLM*		19,264		179,155
Air New Zealand Ltd.		30,617		55,875
ANA Holdings, Inc.(a)		4,500		142,160
Chorus Aviation, Inc.(a)		108,150		638,654
Dart Group plc		10,350		231,937
Deutsche Lufthansa AG (Registered)		15,375		235,643
easyJet plc		10,440		191,705
Exchange Income Corp.(a)		27,450		881,065
Finnair OYJ		49,425		288,653
Japan Airlines Co. Ltd.		8,000		228,445
Qantas Airways Ltd.		41,211		176,844


Investments	Shares		Value ($)
SAS AB*		93,556		134,336
Singapore Airlines Ltd.		12,000		75,170
Wizz Air Holdings plc*(b)		2,172		119,879

				3,946,549

Auto Components - 2.1%
Aisan Industry Co. Ltd.		20,408		134,064
Aisin Seiki Co. Ltd.		8,800		300,005
ARB Corp. Ltd.(a)		997		12,414
Bridgestone Corp.		32,500		1,169,742
CIE Automotive SA		3,217		70,624
Cie Generale des Etablissements Michelin SCA		7,800		907,616
Cie Plastic Omnium SA		720		18,112
CIR-Compagnie Industriali Riunite SpA(a)		197,250		243,512
Continental AG		4,650		530,463
Daikyonishikawa Corp.		37,500		262,260
Denso Corp.		25,300		1,060,226
Dometic Group AB(c)		16,230		148,010
Eagle Industry Co. Ltd.		20,200		184,323
Exedy Corp.		22,500		477,672
Faurecia SE		5,250		251,165
FCC Co. Ltd.		30,000		621,673
Freni Brembo SpA(a)		3,647		41,709
Futaba Industrial Co. Ltd.		34,800		214,801
Gestamp Automocion SA(b)		24,236		98,892
G-Tekt Corp.		24,400		358,622
GUD Holdings Ltd.(a)		4,852		39,043
Hella GmbH & Co. KGaA		3,825		180,491
HI-LEX Corp.		22,500		363,911
Ichikoh Industries Ltd.		17,400		110,932
Keihin Corp.		4,700		111,922
Koito Manufacturing Co. Ltd.		3,200		142,160
KYB Corp.*(a)		18,300		502,644
Linamar Corp.		35,969		1,185,776
Magna International, Inc.		12,900		654,388
Musashi Seimitsu Industry Co. Ltd.(a)		35,000		419,154
NGK Spark Plug Co. Ltd.		7,400		132,932
NHK Spring Co. Ltd.(a)		17,000		139,595
Nifco, Inc.		2,400		64,216
Nippon Seiki Co. Ltd.		45,100		672,849
NOK Corp.		15,200		208,117
Nokian Renkaat OYJ		6,330		170,532
Pacific Industrial Co. Ltd.		47,300		579,985
Piolax, Inc.		22,500		407,713
Pirelli & C SpA(b)		1,748		8,469
Press Kogyo Co. Ltd.		90,000		303,917
Schaeffler AG (Preference)		140,025		1,404,030
Showa Corp.		7,600		160,155
Stanley Electric Co. Ltd.		3,800		100,132
Sumitomo Electric Industries Ltd.		30,000		409,651
Sumitomo Riko Co. Ltd.		8,000		64,068
Sumitomo Rubber Industries Ltd.		9,300		104,253
Tachi-S Co. Ltd.		18,700		223,085
TI Fluid Systems plc(b)		167,025		521,809

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


Investments	Shares		Value ($)
Tokai Rika Co. Ltd.		10,700		187,078
Topre Corp.		45,000		702,081
Toyo Tire Corp.		4,600		58,696
Toyoda Gosei Co. Ltd.		7,700		179,100
Toyota Boshoku Corp.		2,700		39,908
Toyota Industries Corp.		8,900		492,688
TPR Co. Ltd.		31,100		523,092
TS Tech Co. Ltd.		8,600		243,595
Unipres Corp.(a)		30,000		391,659
Valeo SA		9,525		284,157
Yokohama Rubber Co. Ltd. (The)		8,000		139,429

				19,733,317

Automobiles - 2.4%
Bayerische Motoren Werke AG		14,050		1,001,787
Bayerische Motoren Werke AG (Preference)		4,812		268,766
Daimler AG (Registered)		42,995		1,991,885
Ferrari NV		3,150		532,352
Fiat Chrysler Automobiles NV		48,000		624,067
Honda Motor Co. Ltd.		92,400		2,413,474
Isuzu Motors Ltd.		33,400		336,820
Mazda Motor Corp.		19,700		169,763
Mitsubishi Motors Corp.(a)		9,700		36,962
Nissan Motor Co. Ltd.		97,900		541,505
Peugeot SA		23,427		483,149
Porsche Automobil Holding SE (Preference)		8,625		584,390
Renault SA		9,825		383,750
Subaru Corp.		28,600		728,293
Suzuki Motor Corp.		22,500		1,044,609
Toyota Motor Corp.		126,800		8,952,102
Trigano SA		6,825		648,567
Volkswagen AG		2,634		483,386
Volkswagen AG (Preference)		8,250		1,484,584
Yamaha Motor Co. Ltd.		17,300		329,129

				23,039,340

Banks - 11.1%
77 Bank Ltd. (The)		60,000		931,125
ABN AMRO Bank NV, CVA(b)		23,625		411,569
AIB Group plc		45,372		133,446
Aktia Bank OYJ		33,975		359,944
Aozora Bank Ltd.		12,300		336,141
Australia & New Zealand Banking Group Ltd.		133,323		2,298,267
Awa Bank Ltd. (The)		37,500		842,483
Banca Monte dei Paschi di Siena SpA*(a)		287,100		539,288
Banca Popolare di Sondrio SCPA		362,727		781,438
Banco Bilbao Vizcaya Argentaria SA		302,850		1,566,834
Banco BPM SpA*		115,425		236,641
Banco Comercial Portugues SA, Class R		771,628		163,926
Banco de Sabadell SA(a)		239,413		215,968
Banco Espirito Santo SA (Registered)*‡(d)		48,647		—
Banco Santander SA		774,900		3,051,977
Bank Hapoalim BM		65,775		567,445


Investments	Shares		Value ($)
Bank Leumi Le-Israel BM		56,775		410,446
Bank of East Asia Ltd. (The)		36,467		79,087
Bank of Georgia Group plc		29,874		595,818
Bank of Ireland Group plc		43,583		213,190
Bank of Kyoto Ltd. (The)		2,600		106,749
Bank of Montreal(a)		29,475		2,249,376
Bank of Nagoya Ltd. (The)		15,000		444,942
Bank of Nova Scotia (The)		57,900		3,164,351
Bank of Okinawa Ltd. (The)		4,240		138,093
Bank of Queensland Ltd.(a)		38,381		196,560
Bank of the Ryukyus Ltd.		37,500		368,132
Bankia SA		53,716		97,715
Bankinter SA		21,280		138,052
Banque Cantonale de Geneve		480		101,529
Banque Cantonale Vaudoise (Registered)		186		155,635
Barclays plc		734,148		1,625,827
BAWAG Group AG(b)		4,500		195,088
Bendigo & Adelaide Bank Ltd.		9,158		63,822
Berner Kantonalbank AG (Registered)(a)		640		151,962
BNP Paribas SA		56,625		3,014,911
BPER Banca(a)		321,000		1,476,289
Caisse Regionale de Credit Agricole Mutuel de Paris et d’Ile-de-France		7,125		823,861
CaixaBank SA		198,300		580,156
Canadian Imperial Bank of Commerce		20,925		1,707,479
Canadian Western Bank		65,400		1,618,002
Chiba Bank Ltd. (The)		17,400		96,805
Collector AB*(a)		13,224		41,571
comdirect bank AG		7,483		115,268
Commerzbank AG		47,440		273,380
Commonwealth Bank of Australia		47,228		2,695,647
Concordia Financial Group Ltd.		43,121		166,699
Credit Agricole Atlantique Vendee		912		167,914
Credit Agricole SA		67,050		908,748
Credito Emiliano SpA		77,025		405,883
Dah Sing Banking Group Ltd.		204,640		261,700
Dah Sing Financial Holdings Ltd.		150,000		542,827
Daishi Hokuetsu Financial Group, Inc.		37,500		947,317
Danske Bank A/S		26,550		444,511
DBS Group Holdings Ltd.		80,529		1,496,828
DNB ASA		40,275		707,165
Erste Group Bank AG*		11,775		432,707
FIBI Holdings Ltd.		3,623		119,455
FinecoBank Banca Fineco SpA		6,110		71,604
Fukuoka Financial Group, Inc.		8,000		142,086
Graubuendner Kantonalbank		81		128,078
Gunma Bank Ltd. (The)		38,900		128,488
Hachijuni Bank Ltd. (The)		45,000		175,624
Hang Seng Bank Ltd.		22,500		458,409
Heartland Group Holdings Ltd.(a)		388,660		470,345
Hiroshima Bank Ltd. (The)(a)		32,000		147,327
Hokkoku Bank Ltd. (The)		18,500		553,029
Hokuhoku Financial Group, Inc.(a)		16,000		156,774
HSBC Holdings plc		995,343		7,239,953

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


Investments	Shares		Value ($)
Hyakugo Bank Ltd. (The)		210,000		643,262
Hyakujushi Bank Ltd. (The)		22,500		412,073
ING Groep NV		195,225		2,125,623
Intesa Sanpaolo SpA		726,150		1,806,998
Israel Discount Bank Ltd., Class A		67,593		308,323
Juroku Bank Ltd. (The)		24,300		511,850
Jyske Bank A/S (Registered)*		1,180		44,937
KBC Group NV		15,150		1,112,454
Keiyo Bank Ltd. (The)		107,300		580,134
Kiyo Bank Ltd. (The)(a)		47,200		689,372
Kyushu Financial Group, Inc.		7,600		32,396
Laurentian Bank of Canada(a)		36,600		1,188,590
Liberbank SA(a)		1,556,475		515,051
Liechtensteinische Landesbank AG		1,920		128,803
Lloyds Banking Group plc		3,482,175		2,606,776
Luzerner Kantonalbank AG (Registered)(a)		259		109,970
Mebuki Financial Group, Inc.		83,110		187,867
Mediobanca Banca di Credito Finanziario SpA		25,200		251,675
Mitsubishi UFJ Financial Group, Inc.		617,900		3,241,003
Mizrahi Tefahot Bank Ltd.		7,329		200,437
Mizuho Financial Group, Inc.		1,168,300		1,751,615
Musashino Bank Ltd. (The)		25,600		411,688
Nanto Bank Ltd. (The)		20,346		491,075
National Australia Bank Ltd.		73,821		1,277,987
National Bank of Canada		17,775		986,895
NIBC Holding NV(b)		13,604		124,678
Nishi-Nippon Financial Holdings, Inc.		120,000		811,551
Nordea Bank Abp		141,450		1,117,083
North Pacific Bank Ltd.		262,500		537,667
Ogaki Kyoritsu Bank Ltd. (The)		7,600		159,734
Oita Bank Ltd. (The)		16,600		391,471
Oversea-Chinese Banking Corp. Ltd.		118,772		942,414
Raiffeisen Bank International AG		10,275		234,567
Resona Holdings, Inc.		105,000		441,662
Ringkjoebing Landbobank A/S		1,100		81,725
Royal Bank of Canada		39,077		3,089,995
Royal Bank of Scotland Group plc		201,150		578,835
San-In Godo Bank Ltd. (The)		127,500		715,228
Sbanken ASA(b)		12,000		91,258
Senshu Ikeda Holdings, Inc.		240,000		445,080
Seven Bank Ltd.		48,600		147,076
Shiga Bank Ltd. (The)(a)		38,500		944,872
Shinsei Bank Ltd.		15,000		233,888
Shizuoka Bank Ltd. (The)		24,000		172,053
Skandinaviska Enskilda Banken AB, Class A		58,650		579,524
Skandinaviska Enskilda Banken AB, Class C		684		7,224
Societe Generale SA		35,400		1,146,505
Spar Nord Bank A/S		58,575		567,218
SpareBank 1 Nord Norge		84,300		706,021
Sparebank 1 Oestlandet		25,200		266,550
SpareBank 1 SMN		240		2,645
SpareBank 1 SR-Bank ASA		8,041		85,489


Investments	Shares		Value ($)
St Galler Kantonalbank AG (Registered)		110		52,351
Standard Chartered plc		136,575		1,136,009
Sumitomo Mitsui Financial Group, Inc.		65,300		2,340,040
Sumitomo Mitsui Trust Holdings, Inc.		21,400		806,165
Suruga Bank Ltd.*		205,100		821,271
Svenska Handelsbanken AB, Class A		30,620		300,779
Svenska Handelsbanken AB, Class B(a)		16,255		169,656
Swedbank AB, Class A		37,575		577,933
Sydbank A/S		50,025		1,089,024
TBC Bank Group plc		31,500		514,889
Toho Bank Ltd. (The)		45,600		107,284
TOMONY Holdings, Inc.		150,000		509,296
Toronto-Dominion Bank (The)		50,100		2,770,643
Unicaja Banco SA(b)		710,325		709,645
UniCredit SpA		108,075		1,447,046
Unione di Banche Italiane SpA(a)		79,049		237,051
United Overseas Bank Ltd.		39,726		746,845
Valiant Holding AG (Registered)		1,680		172,799
Van Lanschot Kempen NV, CVA*		33,225		705,470
Virgin Money UK plc*		62,652		135,651
Walliser Kantonalbank (Registered)(a)		960		110,986
Westpac Banking Corp.		88,799		1,493,296
Yamagata Bank Ltd. (The)		2,200		28,458
Yamaguchi Financial Group, Inc.		19,000		116,926

				104,988,086

Beverages - 1.2%
AG Barr plc		4,785		38,161
Anheuser-Busch InBev SA/NV		23,625		1,791,319
Asahi Group Holdings Ltd.		15,800		741,420
Britvic plc		15,276		186,366
C&C Group plc		20,320		95,893
Carlsberg A/S, Class B		2,925		427,862
Coca-Cola Amatil Ltd.		26,550		212,931
Coca-Cola Bottlers Japan Holdings, Inc.		3,354		89,525
Coca-Cola European Partners plc		7,500		394,575
Coca-Cola HBC AG, DI*		4,000		146,900
Cott Corp.(a)		2,631		40,284
Davide Campari-Milano SpA(a)		13,794		133,451
Diageo plc		63,975		2,538,389
Fevertree Drinks plc		3,795		68,835
Goldin Financial Holdings Ltd.*		1,560,000		319,438
Heineken Holding NV		2,550		251,223
Heineken NV		5,475		596,546
Ito En Ltd.		800		39,489
Kirin Holdings Co. Ltd.		27,238		606,280
Molson Coors Canada, Inc., Class B		7,986		455,109
Pernod Ricard SA		6,225		1,079,622
Remy Cointreau SA(a)		580		61,190
Royal Unibrew A/S		1,210		115,234
Sapporo Holdings Ltd.		1,800		44,259

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


Investments	Shares		Value ($)
Suntory Beverage & Food Ltd.		3,000		128,570
Takara Holdings, Inc.		8,600		77,284
Treasury Wine Estates Ltd.		20,700		180,565

				10,860,720

Biotechnology - 0.5%
Abcam plc		10,049		184,658
Argenx SE*		546		78,721
Avita Medical Ltd.*		58,444		26,410
BioGaia AB, Class B		1,134		49,119
Clinuvel Pharmaceuticals Ltd.		1,368		25,368
CSL Ltd.		12,900		2,694,834
Galapagos NV*		1,575		352,748
Genmab A/S*		1,425		329,130
Genus plc		5,632		228,662
Grifols SA		9,450		317,317
Grifols SA (Preference), Class B		5,680		129,668
Hansa Biopharma AB*		2,660		19,829
HEALIOS KK*(a)		1,100		18,451
MorphoSys AG*		1,500		188,172
Opthea Ltd.*		6,840		15,752
PeptiDream, Inc.*		2,500		120,865
SanBio Co. Ltd.*(a)		2,200		46,483
Swedish Orphan Biovitrum AB*		6,345		113,324
Vitrolife AB		4,445		93,247

				5,032,758

Building Products - 0.8%
AGC, Inc.		7,500		259,838
Aica Kogyo Co. Ltd.		1,500		48,023
Assa Abloy AB, Class B		27,150		645,889
Belimo Holding AG (Registered)		21		147,193
Bunka Shutter Co. Ltd.		46,700		379,598
Central Glass Co. Ltd.		30,200		671,514
Cie de Saint-Gobain		23,850		904,851
Daikin Industries Ltd.		8,100		1,168,460
dormakaba Holding AG*(a)		212		133,207
Geberit AG (Registered)		825		435,575
GWA Group Ltd.(a)		17,760		42,564
James Halstead plc		4,686		35,209
Kingspan Group plc		4,481		276,349
Lindab International AB		3,680		41,692
LIXIL Group Corp.		4,400		74,534
Munters Group AB*(b)		24,688		128,580
Nibe Industrier AB, Class B		9,994		173,260
Nichias Corp.		6,500		159,104
Nippon Sheet Glass Co. Ltd.		75,000		416,571
Okabe Co. Ltd.(a)		34,900		278,530
Reliance Worldwide Corp. Ltd.(a)		52,795		159,046
Rockwool International A/S, Class A		220		47,306
Rockwool International A/S, Class B		402		93,833
Sanwa Holdings Corp.		9,800		105,428
Schweiter Technologies AG		56		69,329
Sekisui Jushi Corp.		3,600		80,712
Takara Standard Co. Ltd.		8,976		157,019
Takasago Thermal Engineering Co. Ltd.		9,100		161,035
Tarkett SA		23,363		323,377


Investments	Shares		Value ($)
TOTO Ltd.		3,900		162,822
Uponor OYJ		10,640		144,325

				7,924,773

Capital Markets - 2.9%
3i Group plc		53,325		776,386
Amundi SA(b)		1,440		116,893
Anima Holding SpA(b)		244,456		1,160,562
Ashmore Group plc		23,895		171,194
ASX Ltd.		3,561		204,230
AURELIUS Equity Opportunities SE & Co. KGaA		4,332		158,520
Avanza Bank Holding AB		6,589		64,532
Azimut Holding SpA		5,680		139,677
Banca Generali SpA		1,397		44,463
Bolsas y Mercados Espanoles SHMSF SA		3,245		125,864
Brederode SA		80		7,004
Brewin Dolphin Holdings plc		39,989		189,769
Brookfield Asset Management, Inc., Class A		26,550		1,625,662
Bure Equity AB		33,123		738,843
Burford Capital Ltd.		9,191		76,389
CI Financial Corp.		15,975		280,111
Close Brothers Group plc		11,700		218,389
Credit Suisse Group AG (Registered)*		120,876		1,530,925
Daiwa Securities Group, Inc.		75,000		386,885
Deutsche Bank AG (Registered)		44,025		404,164
Deutsche Boerse AG		5,627		916,980
EFG International AG*		6,000		37,203
Euronext NV(b)		1,650		143,265
Fairfax India Holdings Corp.*(b)		4,683		56,805
Flow Traders(b)		3,572		83,287
GAM Holding AG*		11,400		35,201
Gimv NV		2,736		168,581
GMO Financial Holdings, Inc.		15,200		79,937
Haitong International Securities Group Ltd.		1,875,000		545,725
Hargreaves Lansdown plc		5,061		115,082
Hong Kong Exchanges & Clearing Ltd.		34,658		1,155,133
IG Group Holdings plc		673		5,889
IGM Financial, Inc.		7,200		208,343
Intermediate Capital Group plc		12,675		291,057
Investec plc		30,336		167,633
IOOF Holdings Ltd.(a)		33,364		176,674
IP Group plc*		873,525		795,673
Jafco Co. Ltd.		22,800		968,713
Japan Exchange Group, Inc.		18,000		329,492
Julius Baer Group Ltd.*		4,160		208,334
Jupiter Fund Management plc		10,640		54,083
Kingston Financial Group Ltd.		152,000		17,226
Leonteq AG*(a)		6,750		251,957
London Stock Exchange Group plc		8,625		890,912
Macquarie Group Ltd.		9,825		952,202
Magellan Financial Group Ltd.(a)		2,640		118,889
Man Group plc		79,920		162,134
Monex Group, Inc.		157,500		383,632

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


Investments	Shares		Value ($)
Natixis SA		22,024		93,308
Nomura Holdings, Inc.		138,800		725,215
Okasan Securities Group, Inc.		29,600		105,963
Partners Group Holding AG		525		481,642
Pendal Group Ltd.		6,964		41,352
Perpetual Ltd.(a)		6,536		186,835
Platinum Asset Management Ltd.(a)		31,440		99,765
Quilter plc(b)		136,500		306,158
Rathbone Brothers plc		2,584		67,171
Ratos AB, Class B(a)		182,850		643,100
Rothschild & Co.		5,396		145,310
Sanne Group plc		13,604		107,776
SBI Holdings, Inc.		10,800		256,884
Schroders plc		960		40,660
Schroders plc (Non-Voting)		4,377		143,667
Singapore Exchange Ltd.		7,600		48,443
Sparx Group Co. Ltd.		49,100		120,502
St James’s Place plc		12,553		189,302
Standard Life Aberdeen plc		89,925		357,395
TMX Group Ltd.		1,545		143,046
Tokai Tokyo Financial Holdings, Inc.(a)		202,500		618,420
TP ICAP plc		457,482		2,393,516
UBS Group AG (Registered)*		191,775		2,386,127
Value Partners Group Ltd.(a)		8,000		4,358
Vontobel Holding AG (Registered)(a)		339		23,656
Vostok New Ventures Ltd., SDR*(a)		6,421		44,967
VZ Holding AG		57		20,183

				27,535,225

Chemicals - 2.9%
ADEKA Corp.		4,200		62,272
Air Liquide SA		12,432		1,801,361
Air Water, Inc.		6,000		84,200
Akzo Nobel NV		5,670		535,982
Arkema SA		4,350		400,212
Asahi Kasei Corp.		60,000		629,976
BASF SE		26,550		1,796,845
Borregaard ASA		6,375		60,860
C Uyemura & Co. Ltd.		7,600		532,915
Chemtrade Logistics Income Fund(a)		25,169		178,508
Chr Hansen Holding A/S		2,700		201,318
Chugoku Marine Paints Ltd.		15,200		144,168
CI Takiron Corp.		45,000		288,970
Clariant AG (Registered)*		11,653		262,553
Corbion NV		3,198		110,715
Covestro AG(b)		6,075		256,838
Croda International plc		4,324		284,083
Daicel Corp.		15,700		151,952
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		7,500		203,857
DIC Corp.		2,899		78,155
Elementis plc		26,045		43,911
Elkem ASA(b)		28,160		70,936


Investments	Shares		Value ($)
EMS-Chemie Holding AG (Registered)		300		196,589
Evonik Industries AG		4,912		134,835
FUCHS PETROLUB SE		3,256		132,605
FUCHS PETROLUB SE (Preference)		1,923		85,243
Fuso Chemical Co. Ltd.(a)		1,100		31,665
Givaudan SA (Registered)		225		741,874
Hexpol AB		5,784		52,177
Incitec Pivot Ltd.		54,091		118,773
Israel Chemicals Ltd.		29,862		126,516
Israel Corp. Ltd. (The)*		243		42,315
JCU Corp.		8,000		232,135
Johnson Matthey plc		3,360		115,379
JSP Corp.		17,300		307,580
JSR Corp.		8,300		152,086
K+S AG (Registered)		9,758		95,162
Kaneka Corp.		4,400		138,635
Kansai Paint Co. Ltd.(a)		6,100		148,919
Kanto Denka Kogyo Co. Ltd.		32,400		308,500
Koninklijke DSM NV		4,837		591,248
Konishi Co. Ltd.		18,700		267,599
Kumiai Chemical Industry Co. Ltd.(a)		8,000		62,739
Kuraray Co. Ltd.		24,000		295,613
Kureha Corp.		15,000		858,052
LANXESS AG		3,675		221,226
Lenzing AG		485		38,376
Lintec Corp.		1,800		39,908
Methanex Corp.		4,028		130,688
Mitsubishi Chemical Holdings Corp.		83,200		614,107
Mitsubishi Gas Chemical Co., Inc.		16,000		249,481
Mitsui Chemicals, Inc.		15,400		348,821
Nihon Parkerizing Co. Ltd.		7,600		81,340
Nippon Kayaku Co. Ltd.		15,100		180,417
Nippon Paint Holdings Co. Ltd.		5,200		253,319
Nippon Shokubai Co. Ltd.		400		23,989
Nippon Soda Co. Ltd.		25,739		712,433
Nissan Chemical Corp.		3,800		160,751
Nitto Denko Corp.		3,300		188,467
NOF Corp.		2,000		66,891
Novozymes A/S, Class B		6,525		340,505
Nufarm Ltd.*(a)		45,220		167,407
Nutrien Ltd.		17,475		746,409
OCI NV*		1,318		22,785
Okamoto Industries, Inc.		600		21,285
Orica Ltd.		4,722		72,169
Osaka Soda Co. Ltd.(a)		15,800		428,000
Sakata INX Corp.		30,400		324,798
Sanyo Chemical Industries Ltd.		10,900		521,945
Shikoku Chemicals Corp.		7,600		85,617
Shin-Etsu Chemical Co. Ltd.		11,400		1,337,371
Shin-Etsu Polymer Co. Ltd.		22,900		200,086
Showa Denko KK(a)		9,200		227,061
Sika AG (Registered)		2,925		526,194
SOL SpA		3,009		32,679
Solvay SA		2,700		279,885
Sumitomo Bakelite Co. Ltd.		3,000		111,132

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


Investments	Shares		Value ($)
Sumitomo Chemical Co. Ltd.		63,000		274,355
Symrise AG		3,375		347,612
Synthomer plc(a)		250,185		1,114,044
T Hasegawa Co. Ltd.		900		18,775
Taiyo Holdings Co. Ltd.		900		38,820
Taiyo Nippon Sanso Corp.		7,200		160,561
Tayca Corp.		8,100		142,891
Teijin Ltd.		8,200		149,421
Tenma Corp.		8,100		147,599
Tessenderlo Group SA*		779		26,201
Toagosei Co. Ltd.		6,900		79,259
Tokai Carbon Co. Ltd.(a)		11,000		102,505
Tokuyama Corp.		10,100		264,370
Tokyo Ohka Kogyo Co. Ltd.(a)		700		29,935
Toray Industries, Inc.		67,500		451,640
Tosoh Corp.		13,800		200,280
Toyo Ink SC Holdings Co. Ltd.		1,600		36,581
Toyobo Co. Ltd.		67,500		944,134
Ube Industries Ltd.		9,400		193,750
Umicore SA(a)		5,527		254,617
Victrex plc		3,740		109,250
Wacker Chemie AG		1,696		122,394
Yara International ASA		5,850		212,859
Zeon Corp.		8,000		87,392

				27,681,613

Commercial Services & Supplies - 1.0%
Aggreko plc		3,648		37,076
Babcock International Group plc		14,064		109,159
Bell System24 Holdings, Inc.		5,600		79,930
Biffa plc(b)		179,381		666,817
Bilfinger SE		20,600		729,612
Boyd Group Services, Inc.		300		47,179
Brambles Ltd.		55,200		466,724
Bravida Holding AB(b)		12,702		115,836
Cleanaway Waste Management Ltd.(a)		114,173		155,924
Coor Service Management Holding AB(b)		16,960		155,019
Dai Nippon Printing Co. Ltd.		3,900		109,568
Daiseki Co. Ltd.(a)		2,500		68,852
Downer EDI Ltd.		42,450		210,579
Duskin Co. Ltd.		5,700		159,612
Edenred		5,326		287,972
Elis SA		6,055		118,166
Elis SA - XLON		4,520		88,360
G4S plc		107,850		277,796
HomeServe plc		11,489		194,156
Intrum AB		6,825		189,130
ISS A/S		3,956		96,035
Kokuyo Co. Ltd.		5,600		84,167
Lassila & Tikanoja OYJ		960		16,362
Loomis AB, Class B		2,271		82,324
Mitsubishi Pencil Co. Ltd.		1,800		26,821
Nippon Kanzai Co. Ltd.		1,300		23,317
Okamura Corp.		69,300		680,308
Park24 Co. Ltd.		2,200		55,921
PayPoint plc		3,648		48,040
Pilot Corp.		500		20,021


Investments	Shares		Value ($)
Prestige International, Inc.		4,000		37,016
Relia, Inc.		2,100		28,443
Rentokil Initial plc		54,900		337,964
Ritchie Bros Auctioneers, Inc.		4,230		178,693
Sato Holdings Corp.		1,100		31,817
Secom Co. Ltd.		5,400		483,925
Securitas AB, Class B		7,047		110,947
Serco Group plc*		57,046		118,888
SmartGroup Corp. Ltd.		918		4,148
Societe BIC SA(a)		1,944		131,307
Sohgo Security Services Co. Ltd.		2,900		152,779
SPIE SA		1,216		23,636
TOMRA Systems ASA		2,590		76,426
Toppan Printing Co. Ltd.		15,000		303,917
Transcontinental, Inc., Class A(a)		57,825		680,320
Waste Connections, Inc.		8,325		802,884

				8,903,893

Communications Equipment - 0.3%
Nokia OYJ		151,575		591,189
Spirent Communications plc		5,928		17,309
Telefonaktiebolaget LM Ericsson, Class A(a)		14,984		126,076
Telefonaktiebolaget LM Ericsson, Class B		68,411		537,712
VTech Holdings Ltd.		135,000		1,228,316

				2,500,602

Construction & Engineering - 2.6%
ACS Actividades de Construccion y Servicios SA		15,525		516,660
Aecon Group, Inc.		294		3,826
AF Gruppen ASA		2,860		53,366
Arcadis NV(a)		55,985		1,275,595
Ashtrom Group Ltd.		12,900		192,876
Badger Daylighting Ltd.(a)		2,812		73,418
Balfour Beatty plc		560,925		1,965,355
Boskalis Westminster		218		5,114
Bouygues SA		9,675		383,091
Chiyoda Corp.*(a)		116,500		335,360
Cie d’Entreprises CFE		282		30,782
CIMIC Group Ltd.		5,661		111,002
COMSYS Holdings Corp.		4,300		126,558
Dai-Dan Co. Ltd.(a)		22,600		558,614
Daiho Corp.		15,000		379,481
Eiffage SA		3,000		348,252
Elecnor SA		35,625		406,640
Electra Ltd.		160		84,444
Ferrovial SA		16,349		519,261
Fomento de Construcciones y Contratas SA		3,542		44,041
Galliford Try Holdings plc		82,470		162,220
Gold-Finance Holdings Ltd.*(b)(d)		89,827		833
Hazama Ando Corp.		22,500		188,080
HOCHTIEF AG		442		51,236
JDC Corp.		37,500		206,901
JGC Holdings Corp.		5,400		79,566
John Laing Group plc(b)		378,375		1,770,647
Kajima Corp.		18,500		239,987
Kandenko Co. Ltd.		3,000		28,814

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


Investments	Shares		Value ($)
Kinden Corp.		7,500		130,369
Koninklijke Volkerwessels NV		19,875		482,358
Kumagai Gumi Co. Ltd.		6,500		188,910
Kyowa Exeo Corp.		3,900		99,133
Kyudenko Corp.		2,100		61,807
Maeda Corp.(a)		8,100		79,068
Maeda Road Construction Co. Ltd.(a)		3,000		102,966
Maire Tecnimont SpA(a)		64,752		167,197
Mirait Holdings Corp.		13,700		208,056
Monadelphous Group Ltd.(a)		9,080		106,619
Morgan Sindall Group plc		33,975		820,477
NCC AB, Class B		246		4,594
Nippo Corp.		2,000		50,062
Nippon Densetsu Kogyo Co. Ltd.		1,700		36,750
Nippon Koei Co. Ltd.		7,500		251,188
Nippon Road Co. Ltd. (The)		5,300		363,814
Nishimatsu Construction Co. Ltd.		40,100		907,185
Obayashi Corp.		30,100		336,867
Okumura Corp.(a)		3,000		80,519
Peab AB, Class B		3,999		40,162
Penta-Ocean Construction Co. Ltd.		17,100		103,182
Raito Kogyo Co. Ltd.		7,600		108,617
Raiznext Corp.		22,500		266,965
Sacyr SA(a)		250,772		719,775
Sacyr SA, Placement Shares*(d)		5,451		15,646
Salini Impregilo SpA*(a)		194,325		315,059
Sanki Engineering Co. Ltd.		31,600		436,747
Shapir Engineering and Industry Ltd.		18,954		135,211
Shikun & Binui Ltd.		18,400		90,707
Shimizu Corp.		29,100		304,196
Shinnihon Corp.		23,500		199,908
SHO-BOND Holdings Co. Ltd.(a)		1,200		49,933
Skanska AB, Class B		14,175		327,953
SNC-Lavalin Group, Inc.		8,945		205,879
Sumitomo Densetsu Co. Ltd.		15,000		368,132
Sumitomo Mitsui Construction Co. Ltd.		129,140		739,917
Sweco AB, Class B		3,381		130,488
Taihei Dengyo Kaisha Ltd.(a)		15,200		322,975
Taikisha Ltd.		4,500		157,563
Taisei Corp.		11,000		447,571
Takamatsu Construction Group Co. Ltd.		13,300		325,920
Toda Corp.(a)		25,000		164,460
Toenec Corp.		7,500		273,677
Tokyu Construction Co. Ltd.		60,800		433,064
Totetsu Kogyo Co. Ltd.		1,800		53,559
Veidekke ASA		12,688		159,670
Vinci SA		13,275		1,474,078
WSP Global, Inc.(a)		1,210		86,046
YIT OYJ		139,500		994,812
Yokogawa Bridge Holdings Corp.		30,400		583,682
Yurtec Corp.		30,200		185,293

				24,840,806

Construction Materials - 0.6%
Adelaide Brighton Ltd.		8,796		21,434


Investments	Shares		Value ($)
Boral Ltd.		52,820		176,094
Breedon Group plc*		45,296		56,127
Brickworks Ltd.		9,360		124,757
Buzzi Unicem SpA		5,653		132,184
Buzzi Unicem SpA (Retirement Savings Plan)(a)		1,925		27,050
Cementir Holding NV		49,125		348,418
CRH plc		22,113		832,506
CSR Ltd.		61,350		199,604
Fletcher Building Ltd.(a)		17,649		63,390
HeidelbergCement AG		8,325		565,355
Ibstock plc(b)		9,600		36,825
Imerys SA		1,021		44,218
James Hardie Industries plc, CHDI		7,840		166,902
Krosaki Harima Corp.		2,700		163,168
LafargeHolcim Ltd. (Registered)*		15,188		773,219
Marshalls plc		3,724		38,756
Mitani Sekisan Co. Ltd.		7,600		271,717
Rhi Magnesita NV		21,889		921,599
Sumitomo Osaka Cement Co. Ltd.(a)		1,700		70,582
Taiheiyo Cement Corp.		7,600		209,239
Vicat SA		11,625		485,038
Wienerberger AG		3,846		109,196

				5,837,378

Consumer Finance - 0.4%
Acom Co. Ltd.		38,000		180,911
AEON Financial Service Co. Ltd.(a)		4,800		76,660
Aiful Corp.*(a)		247,500		687,341
Allied Properties HK Ltd.		1,578,000		295,688
B2Holding ASA(a)		136,192		114,432
Cembra Money Bank AG		1,672		195,727
Credit Corp. Group Ltd.(a)		6,029		143,040
Credit Saison Co. Ltd.		16,000		262,176
Hitachi Capital Corp.		9,600		265,719
Hong Leong Finance Ltd.		187,500		357,169
Jaccs Co. Ltd.		21,400		514,540
Provident Financial plc		19,760		121,252
Resurs Holding AB(b)		97,151		537,732
Sun Hung Kai & Co. Ltd.		105,996		47,504

				3,799,891

Containers & Packaging - 0.2%
BillerudKorsnas AB(a)		12,245		157,403
CCL Industries, Inc., Class B(a)		2,960		124,908
DS Smith plc		47,100		211,531
FP Corp.(a)		600		36,924
Fuji Seal International, Inc.		2,000		42,552
Huhtamaki OYJ		2,051		91,349
Intertape Polymer Group, Inc.(a)		11,856		145,046
Mayr Melnhof Karton AG		275		37,790
Orora Ltd.		44,370		95,645
Pack Corp. (The)		1,200		43,013
Pact Group Holdings Ltd.*(a)		132,450		244,726
Rengo Co. Ltd.		16,800		119,972
Smurfit Kappa Group plc		8,775		304,181
Toyo Seikan Group Holdings Ltd.		5,600		96,929
Vidrala SA		1,239		133,187

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


Investments	Shares		Value ($)
Winpak Ltd.		3,658		133,757

				2,018,913

Distributors - 0.1%
Arata Corp.		11,000		462,287
Bapcor Ltd.		25,156		106,433
Doshisha Co. Ltd.		1,800		28,116
Inchcape plc		8,938		77,408
Jardine Cycle & Carriage Ltd.		9,922		212,412
PALTAC Corp.		800		38,456

				925,112

Diversified Consumer Services - 0.1%
AcadeMedia AB(a)(b)		48,825		293,802
Benesse Holdings, Inc.		2,000		55,635
G8 Education Ltd.(a)		28,720		36,819
IDP Education Ltd.		6,853		81,524
InvoCare Ltd.(a)		4,344		38,997

				506,777

Diversified Financial Services - 1.2%
Ackermans & van Haaren NV		784		125,546
Aker ASA, Class A		760		42,173
AMP Ltd.(a)		89,503		109,350
Banca Farmafactoring SpA(b)		74,175		456,214
Banca IFIS SpA		19,500		309,886
Banca Mediolanum SpA(a)		16,568		149,639
Banque Nationale de Belgique		115		298,217
Cerved Group SpA		10,505		103,087
Challenger Ltd.(a)		11,680		69,982
doValue SpA(a)(b)		3,680		48,122
ECN Capital Corp.(a)		189,933		804,223
Element Fleet Management Corp.(a)		32,325		310,650
Eurazeo SE		3,750		268,877
EXOR NV		4,800		354,482
FFP		978		104,047
Financial Products Group Co. Ltd.		52,500		498,431
First Pacific Co. Ltd.		1,950,000		615,269
Fuyo General Lease Co. Ltd.		700		44,563
GRENKE AG		495		49,343
Groupe Bruxelles Lambert SA		1,760		176,943
HAL Trust(a)		1,666		266,231
Industrivarden AB, Class A		8,268		200,038
Industrivarden AB, Class C		250		5,895
Investor AB, Class A		2,092		114,165
Investor AB, Class B		15,825		867,213
Japan Investment Adviser Co. Ltd.(a)		7,600		121,589
Japan Securities Finance Co. Ltd.		75,000		350,141
KBC Ancora		1,377		68,639
Kinnevik AB, Class B		3,304		79,801
L E Lundbergforetagen AB, Class B		1,348		58,543
M&G plc*		95,400		302,067
Mitsubishi UFJ Lease & Finance Co. Ltd.		21,500		137,667
Mizuho Leasing Co. Ltd.		28,138		855,420
Onex Corp.		1,520		97,575
ORIX Corp.		61,500		1,054,269
Pargesa Holding SA		1,265		101,454


Investments	Shares		Value ($)
Plus500 Ltd.		84,375		991,220
Ricoh Leasing Co. Ltd.		7,500		284,057
Sofina SA(a)		330		75,518
SRH NV*‡(d)		2,857		—
Tokyo Century Corp.		600		31,333
Wendel SA		1,377		184,035
Zenkoku Hosho Co. Ltd.		1,600		69,604

				11,255,518

Diversified Telecommunication Services - 1.4%
ARTERIA Networks Corp.*		7,600		134,210
BCE, Inc.		6,225		293,517
Bezeq The Israeli Telecommunication Corp. Ltd.*		3,283		2,549
BT Group plc		385,650		818,059
Cellnex Telecom SA(b)		6,962		346,571
Chorus Ltd.		38,130		161,133
Deutsche Telekom AG (Registered)		88,500		1,432,494
Elisa OYJ		4,914		295,919
Euskaltel SA(b)		14,896		140,316
Gamma Communications plc		1,701		31,392
HKBN Ltd.(a)		51,500		89,538
HKT Trust & HKT Ltd.		158,400		237,450
Iliad SA(a)		1,200		157,852
Infrastrutture Wireless Italiane SpA(b)		5,179		53,807
Internet Initiative Japan, Inc.		2,300		64,935
Koninklijke KPN NV		130,125		365,270
Masmovil Ibercom SA*		1,672		35,020
Nippon Telegraph & Telephone Corp.		61,000		1,568,266
Orange SA(a)		98,100		1,392,088
PCCW Ltd.		206,035		121,792
Proximus SADP		7,575		215,909
Singapore Telecommunications Ltd.		187,500		453,330
Spark New Zealand Ltd.		69,535		209,698
Sunrise Communications Group AG*(b)		2,128		175,853
Swisscom AG (Registered)		600		329,473
TalkTalk Telecom Group plc		112,101		175,109
Telecom Italia SpA*		302,328		163,097
Telecom Italia SpA (Retirement Savings Plan)		353,854		186,267
Telefonica Deutschland Holding AG		14,053		42,562
Telefonica SA		206,648		1,399,006
Telekom Austria AG		1,426		11,457
Telenor ASA		21,375		387,138
Telia Co. AB		84,825		363,021
Telstra Corp. Ltd.		76,425		196,465
TELUS Corp.		7,969		319,652
United Internet AG (Registered)		4,866		158,000
Vocus Group Ltd.*(a)		70,640		160,313

				12,688,528

Electric Utilities - 1.6%
Acciona SA(a)		1,497		169,879
AusNet Services		131,690		156,043
BKW AG		1,400		130,209

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


Investments	Shares		Value ($)
Chubu Electric Power Co., Inc.		29,900		410,492
Chugoku Electric Power Co., Inc. (The)(a)		4,206		55,764
CK Infrastructure Holdings Ltd.		24,000		168,450
CLP Holdings Ltd.		60,000		627,053
Contact Energy Ltd.		20,140		96,970
EDP - Energias de Portugal SA		127,425		638,845
Electricite de France SA(a)		14,075		173,995
Elia System Operator SA/NV		1,224		118,010
Emera, Inc.(a)		5,016		223,616
Endesa SA		5,284		145,046
Enel SpA		358,307		3,119,031
EVN AG		2,240		44,186
Fortis, Inc.		10,350		451,705
Fortum OYJ		10,425		252,548
Genesis Energy Ltd.		13,838		28,209
HK Electric Investments & HK Electric Investments Ltd.(b)		174,000		173,890
Hokkaido Electric Power Co., Inc.(a)		145,000		688,979
Hokuriku Electric Power Co.*		15,000		113,069
Hydro One Ltd.(b)		13,275		270,007
Iberdrola SA		165,917		1,814,789
Iberdrola SA, Placement Shares*(d)		3,072		33,601
Infratil Ltd.		42,865		150,351
Kansai Electric Power Co., Inc. (The)		41,600		471,327
Kyushu Electric Power Co., Inc.(a)		30,000		249,112
Mercury NZ Ltd.		17,270		58,564
Okinawa Electric Power Co., Inc. (The)(a)		41,115		766,651
Orsted A/S(b)		5,250		573,009
Power Assets Holdings Ltd.		53,500		387,906
Red Electrica Corp. SA		9,621		192,289
Romande Energie Holding SA (Registered)		76		100,078
Shikoku Electric Power Co., Inc.(a)		8,600		73,793
Spark Infrastructure Group		1,230		1,812
SSE plc		33,525		666,646
Terna Rete Elettrica Nazionale SpA		53,400		372,584
Tohoku Electric Power Co., Inc.		22,500		213,406
Tokyo Electric Power Co. Holdings, Inc.*		45,000		180,606
Trustpower Ltd.(a)		22,508		109,245
Verbund AG		3,625		191,702

				14,863,467

Electrical Equipment - 1.1%
ABB Ltd. (Registered)		49,016		1,144,020
Ballard Power Systems, Inc.*		1,824		17,970
Fagerhult AB		4,207		25,970
Fuji Electric Co. Ltd.		4,800		145,703
Fujikura Ltd.(a)		4,700		17,823
Futaba Corp.		3,400		40,686
Huber + Suhner AG (Registered)		867		64,725
Johnson Electric Holdings Ltd.		300,000		668,392
Legrand SA		8,475		679,980
Mabuchi Motor Co. Ltd.(a)		2,000		74,826
Melrose Industries plc		147,150		452,345


Investments	Shares		Value ($)
Mitsubishi Electric Corp.		69,400		989,279
NEL ASA*		12,540		12,482
Nexans SA		20,550		1,002,718
Nidec Corp.		7,555		978,661
Nippon Carbon Co. Ltd.(a)		7,600		266,107
Nissin Electric Co. Ltd.(a)		7,600		92,839
Nitto Kogyo Corp.		8,200		174,236
Nordex SE*		3,040		39,720
OSRAM Licht AG		4,127		206,953
Prysmian SpA		9,304		207,039
Schneider Electric SE		16,125		1,617,568
Siemens Gamesa Renewable Energy SA		8,096		129,241
Signify NV(b)		8,325		277,880
Somfy SA		275		27,733
TKH Group NV, CVA		2,194		116,318
Ushio, Inc.		5,900		88,240
Vestas Wind Systems A/S		6,450		643,532

				10,202,986

Electronic Equipment, Instruments & Components - 1.8%
Alps Alpine Co. Ltd.		11,748		217,000
ALSO Holding AG (Registered)*		968		157,979
Amano Corp.		2,600		76,643
Anritsu Corp.(a)		6,200		122,930
Azbil Corp.		3,000		82,567
Barco NV		440		109,468
Canon Electronics, Inc.		13,200		254,659
Canon Marketing Japan, Inc.		3,700		89,884
Carel Industries SpA(a)(b)		7,904		102,483
Celestica, Inc.*		85,125		771,084
Citizen Watch Co. Ltd.		32,000		158,251
Comet Holding AG (Registered)*		1,120		143,302
CONEXIO Corp.		17,200		254,386
Daiwabo Holdings Co. Ltd.		15,000		851,133
Datalogic SpA		535		9,273
Electrocomponents plc		22,651		197,903
Evertz Technologies Ltd.		1,712		22,433
FIH Mobile Ltd.*(a)		684,000		107,468
Fingerprint Cards AB, Class B*(a)		10,108		17,922
Halma plc		13,875		385,371
Hamamatsu Photonics KK		3,400		147,437
Hexagon AB, Class B		6,525		355,540
Hirose Electric Co. Ltd.		782		99,207
Hitachi High-Technologies Corp.		1,700		124,224
Hitachi Ltd.		44,200		1,725,017
Horiba Ltd.		800		51,077
Hosiden Corp.		45,000		506,113
Inficon Holding AG (Registered)		110		84,743
Ingenico Group SA		827		96,414
Iriso Electronics Co. Ltd.		1,200		46,556
Japan Aviation Electronics Industry Ltd.		2,044		37,227
Japan Display, Inc.*(a)		72,000		46,501
Jenoptik AG		2,585		71,388
Kaga Electronics Co. Ltd.		10,300		218,573
Keyence Corp.		5,400		1,861,863
Koa Corp.		8,100		88,410
Kyocera Corp.		11,100		744,950

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


Investments	Shares		Value ($)
Lagercrantz Group AB, Class B		1,944		31,665
Landis+Gyr Group AG*		1,672		153,426
LEM Holding SA (Registered)		27		40,873
Macnica Fuji Electronics Holdings, Inc.		37,600		577,261
Meiko Electronics Co. Ltd.		15,200		252,293
Murata Manufacturing Co. Ltd.		18,200		1,062,597
Mycronic AB		3,001		58,441
Nichicon Corp.		7,600		70,471
Nippon Ceramic Co. Ltd.		900		20,377
Nippon Signal Co. Ltd.		39,000		500,881
Nohmi Bosai Ltd.		2,500		56,834
Oki Electric Industry Co. Ltd.		67,500		856,945
Omron Corp.		7,800		461,300
Optex Group Co. Ltd.(a)		1,000		13,517
Renishaw plc		1,617		84,750
Restar Holdings Corp.		22,500		389,030
Shimadzu Corp.		7,000		201,504
Siix Corp.		2,028		24,212
Smart Metering Systems plc		19,920		135,100
Spectris plc		3,026		105,546
Taiyo Yuden Co. Ltd.		2,500		74,964
Tamura Corp.		8,000		48,272
TDK Corp.		4,300		470,923
Topcon Corp.(a)		2,200		31,360
V Technology Co. Ltd.(a)		6,400		293,472
Venture Corp. Ltd.		17,300		206,982
VSTECS Holdings Ltd.(a)		604,000		294,031
Yokogawa Electric Corp.		8,000		142,898

				17,097,304

Energy Equipment & Services - 0.5%
Borr Drilling Ltd.*(a)		67,962		355,522
BW Offshore Ltd.*(a)		18,696		103,137
CGG SA*		52,560		148,297
Enerflex Ltd.		63,290		484,288
Fugro NV, CVA*		3,648		38,406
Hunting plc		21,556		87,007
John Wood Group plc(a)		37,276		184,903
Ocean Yield ASA(a)		30,348		152,105
Odfjell Drilling Ltd.*		57,095		151,505
Pason Systems, Inc.		2,356		23,515
Petrofac Ltd.		223,950		1,030,876
PGS ASA*(a)		62,000		119,523
Saipem SpA*		36,891		153,228
SBM Offshore NV		9,020		155,287
ShawCor Ltd.		1,520		12,091
Subsea 7 SA		16,154		173,811
TechnipFMC plc		15,806		260,957
Tecnicas Reunidas SA*(a)		5,852		142,674
Tenaris SA		6,336		65,497
TGS NOPEC Geophysical Co. ASA		1,140		29,076
Vallourec SA*(a)		234,825		595,934
Worley Ltd.(a)		15,811		161,310

				4,628,949

Entertainment - 0.5%
Akatsuki, Inc.(a)		7,500		348,757
Avex, Inc.		30,000		336,855


Investments	Shares		Value ($)
Bollore SA		12,858		52,352
Capcom Co. Ltd.		2,600		74,604
Cineplex, Inc.		6,480		165,460
Cineworld Group plc(a)		64,575		150,923
CTS Eventim AG & Co. KGaA		1,375		85,712
Daiichikosho Co. Ltd.		1,100		54,297
DeNA Co. Ltd.		4,000		66,245
EVENT Hospitality and Entertainment Ltd.		2,282		19,631
IGG, Inc.(a)		525,000		369,837
Kinepolis Group NV		1,030		63,464
Koei Tecmo Holdings Co. Ltd.(a)		1,728		46,092
Konami Holdings Corp.		2,200		86,064
Modern Times Group MTG AB, Class B*(a)		55,826		556,137
Nexon Co. Ltd.*		9,800		134,271
Nintendo Co. Ltd.		3,500		1,316,557
Paradox Interactive AB		952		15,013
Shochiku Co. Ltd.(a)		300		41,187
Square Enix Holdings Co. Ltd.		1,800		89,348
Toei Animation Co. Ltd.(a)		900		43,429
Toho Co. Ltd.		4,100		153,015
Ubisoft Entertainment SA*		2,066		157,154
Vivendi SA		25,575		701,753

				5,128,157

Equity Real Estate Investment Trusts (REITs) - 2.7%
Abacus Property Group		55,680		141,272
Activia Properties, Inc.		15		79,854
Advance Residence Investment Corp.		41		129,183
Aedifica SA		1,526		206,316
AEON REIT Investment Corp.(a)		29		39,546
ALE Property Group		9,405		35,448
Allied Properties REIT		4,180		174,526
alstria office REIT-AG		6,756		134,092
Altarea SCA		129		29,592
Argosy Property Ltd.		64,665		59,843
Artis REIT(a)		64,425		574,323
Ascendas REIT		130,580		301,361
Ascott Residence Trust		55,364		51,109
Assura plc		57,957		59,438
Aventus Group(a)		74,632		149,388
Befimmo SA		657		40,409
Big Yellow Group plc		15,675		243,614
British Land Co. plc (The)		16,528		120,832
BWP Trust		48,706		134,012
Canadian Apartment Properties REIT(a)		4,788		204,908
CapitaLand Commercial Trust		15,200		22,941
CapitaLand Mall Trust		26,100		48,188
CapitaLand Retail China Trust		107,933		122,570
CDL Hospitality Trusts		36,800		42,060
Champion REIT		132,000		79,558
Charter Hall Group		16,271		140,079
Charter Hall Long Wale REIT(a)		3,602		13,697
Charter Hall Retail REIT(a)		45,600		143,782
Charter Hall Social Infrastructure REIT(a)		52,383		122,036

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


Investments	Shares		Value ($)
Choice Properties REIT(a)		13,768		152,197
Cofinimmo SA		491		78,245
Comforia Residential REIT, Inc.(a)		34		111,990
Cominar REIT(a)		61,650		679,173
Covivio		1,874		222,629
Cromwell Property Group(a)		173,392		142,195
Daiwa House REIT Investment Corp.		42		112,183
Derwent London plc		4,725		255,991
Dexus		38,400		326,992
Dream Industrial REIT(a)		42,300		447,132
Dream Office REIT(a)		5,961		146,709
ESR-REIT		72,000		28,749
Eurocommercial Properties NV, CVA		31,650		791,281
Far East Hospitality Trust		53,976		26,891
First Capital REIT		10,800		176,958
Fortune REIT		48,000		54,893
Frasers Centrepoint Trust		25,775		54,386
Frasers Commercial Trust		24,460		29,211
Frasers Hospitality Trust		39,200		19,817
Frasers Logistics & Industrial Trust(b)		125,180		111,891
Frontier Real Estate Investment Corp.		12		50,210
Fukuoka REIT Corp.		26		45,027
GCP Student Living plc		288,000		764,978
GDI Property Group		9,440		9,764
Gecina SA		1,725		325,744
Global One Real Estate Investment Corp.		48		64,171
GLP J-REIT		74		99,204
Goodman Group		51,225		510,617
Goodman Property Trust		19,085		28,654
GPT Group (The)		70,575		283,479
Granite REIT(a)		2,800		151,395
Growthpoint Properties Australia Ltd.		19,121		55,938
Hamborner REIT AG		6,058		67,873
Hammerson plc(a)		28,983		89,171
Hankyu Hanshin REIT, Inc.		26		41,836
Heiwa Real Estate REIT, Inc.		152		204,611
Hibernia REIT plc		105,564		160,505
Hoshino Resorts REIT, Inc.		24		123,560
Hulic Reit, Inc.		23		42,632
ICADE		1,748		195,263
Ichigo Office REIT Investment		108		116,883
Industrial & Infrastructure Fund Investment Corp.(a)		94		144,662
Inmobiliaria Colonial Socimi SA		12,081		161,863
InterRent REIT(a)		1,947		24,762
Intu Properties plc*(a)		763,425		171,582
Invincible Investment Corp.		121		61,290
Japan Hotel REIT Investment Corp.		77		51,933
Japan Logistics Fund, Inc.		19		51,433
Japan Prime Realty Investment Corp.		25		115,560
Japan Real Estate Investment Corp.		24		175,153


Investments	Shares		Value ($)
Japan Rental Housing Investments, Inc.		26		25,836
Japan Retail Fund Investment Corp.		52		111,163
Kenedix Office Investment Corp.		9		72,243
Kenedix Residential Next Investment Corp.		34		67,508
Kenedix Retail REIT Corp.		31		76,796
Keppel DC REIT		98,800		163,593
Keppel Pacific Oak US REIT(b)		442,500		349,575
Keppel REIT		80,733		71,571
Killam Apartment REIT(a)		9,680		147,555
Kiwi Property Group Ltd.		3,973		4,024
Klepierre SA		7,362		250,713
Land Securities Group plc		13,636		168,605
Lar Espana Real Estate Socimi SA		38,850		287,598
LaSalle Logiport REIT		129		208,285
Link REIT		57,301		582,980
LondonMetric Property plc(a)		83,700		251,339
LXI REIT plc(b)		357,750		641,357
Mapletree Commercial Trust		34,368		59,173
Mapletree Industrial Trust		33,416		68,061
Mapletree Logistics Trust		73,207		98,689
Mapletree North Asia Commercial Trust(b)		49,500		43,157
MCUBS MidCity Investment Corp.		100		117,636
Mercialys SA		19,650		247,812
Merlin Properties Socimi SA		10,940		155,184
Mirai Corp.		304		171,655
Mirvac Group		134,775		306,765
Mitsubishi Estate Logistics REIT Investment Corp.		225		825,183
Mori Hills REIT Investment Corp.(a)		58		97,233
Mori Trust Hotel Reit, Inc.		225		307,238
National Storage REIT(a)		70,798		101,901
NewRiver REIT plc		218,775		542,172
Nippon Accommodations Fund, Inc.(a)		8		53,070
Nippon Building Fund, Inc.		40		324,030
Nippon Prologis REIT, Inc.		41		118,024
NIPPON REIT Investment Corp.		33		154,671
Nomura Real Estate Master Fund, Inc.		157		276,381
Northview Apartment REIT(a)		20,700		480,660
One REIT, Inc.(a)		14		48,761
Orix JREIT, Inc.		134		283,491
OUE Commercial REIT		82,177		32,813
Parkway Life REIT		12,500		32,786
Precinct Properties New Zealand Ltd.		22,735		27,660
Premier Investment Corp.		90		133,192
Primary Health Properties plc		110,440		229,146
Property for Industry Ltd.		51,499		83,152
Regal REIT		421,000		100,304
Reit 1 Ltd.		20,368		125,098
Retail Estates NV		694		63,681
Safestore Holdings plc		12,195		129,407
Scentre Group		120,900		312,415
Secure Income REIT plc		14,030		87,108

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


Investments	Shares		Value ($)
Segro plc		38,400		460,936
Sekisui House Reit, Inc.		55		47,193
Shaftesbury plc		4,480		53,091
Shopping Centres Australasia Property Group		100,734		194,891
Societe Fonciere Lyonnaise SA		972		84,235
SPH REIT		44,800		34,792
Star Asia Investment Corp.(a)		78		82,545
Starhill Global REIT		72,900		39,257
Stockland		71,650		235,993
Summit Industrial Income REIT		42,675		416,570
Sunlight REIT		55,000		34,991
Suntec REIT		134,000		180,643
Tokyu REIT, Inc.(a)		40		78,240
Tritax Big Box REIT plc		97,964		180,403
Unibail-Rodamco-Westfield(a)		3,150		427,976
Unibail-Rodamco-Westfield, CHDI		5		34
UNITE Group plc (The)		9,194		154,160
United Urban Investment Corp.		84		150,585
Vicinity Centres		33,192		56,440
Vital Healthcare Property Trust(a)		44,355		79,798
Warehouses De Pauw CVA, CVA		5,957		170,254
Wereldhave NV		27,600		507,733
Workspace Group plc		8,954		143,526

				25,535,979

Food & Staples Retailing - 1.4%
Aeon Co. Ltd.(a)		31,413		653,127
Ain Holdings, Inc.		800		49,306
Alimentation Couche-Tard, Inc.		608		20,407
Alimentation Couche-Tard, Inc., Class B(a)		21,150		707,319
Arcs Co. Ltd.(a)		40,318		723,890
Axfood AB		3,184		66,001
Belc Co. Ltd.		800		43,253
Carrefour SA		10,046		170,390
Casino Guichard Perrachon SA(a)		3,920		159,256
Cawachi Ltd.		8,000		158,029
Coles Group Ltd.		24,675		273,384
Colruyt SA		1,990		99,570
Cosmos Pharmaceutical Corp.		100		22,162
Create SD Holdings Co. Ltd.		2,000		50,671
Daikokutenbussan Co. Ltd.		400		13,212
Dairy Farm International Holdings Ltd.		7,600		39,140
Distribuidora Internacional de Alimentacion SA*(a)		1,636,425		185,157
Empire Co. Ltd., Class A		1,666		38,672
FamilyMart Co. Ltd.(a)		10,548		234,346
George Weston Ltd.		1,920		154,828
Heiwado Co. Ltd.		31,200		552,984
ICA Gruppen AB		4,319		189,901
Inageya Co. Ltd.		2,398		32,546
Itochu-Shokuhin Co. Ltd.		400		18,527
J Sainsbury plc(a)		99,225		264,736
Jeronimo Martins SGPS SA		988		17,020
Kato Sangyo Co. Ltd.		1,400		44,499
Kesko OYJ, Class A		562		35,500
Kesko OYJ, Class B		2,318		156,800


Investments	Shares		Value ($)
Kobe Bussan Co. Ltd.		1,600		62,001
Koninklijke Ahold Delhaize NV		60,675		1,492,729
Kusuri no Aoki Holdings Co. Ltd.		600		36,647
Life Corp.		22,500		543,895
Loblaw Cos. Ltd.		4,500		235,590
MARR SpA		1,155		24,704
Matsumotokiyoshi Holdings Co. Ltd.		3,600		146,312
Maxvalu Tokai Co. Ltd.		7,600		162,329
Metcash Ltd.(a)		97,660		171,292
METRO AG		12,300		171,681
Metro, Inc.(a)		9,225		376,310
Nihon Chouzai Co. Ltd.		3,400		120,616
North West Co., Inc. (The)		95		1,980
Olam International Ltd.		35,100		46,289
Qol Holdings Co. Ltd.		1,500		20,012
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		243		14,051
Seven & i Holdings Co. Ltd.		22,800		887,093
Sheng Siong Group Ltd.		51,500		46,410
Shufersal Ltd.		3,578		22,422
Sligro Food Group NV		1,155		33,023
Sonae SGPS SA		76,391		71,069
Sugi Holdings Co. Ltd.		800		40,522
Sundrug Co. Ltd.		1,600		55,063
Tesco plc		237,525		773,057
Tsuruha Holdings, Inc.		900		111,519
United Super Markets Holdings, Inc.(a)		2,000		18,047
Valor Holdings Co. Ltd.		32,800		583,158
Welcia Holdings Co. Ltd.(a)		1,800		100,143
Wm Morrison Supermarkets plc(a)		95,325		228,634
Woolworths Group Ltd.		32,850		920,122
Yaoko Co. Ltd.(a)		1,800		93,334
Yokohama Reito Co. Ltd.		37,600		331,994

				13,116,681

Food Products - 2.6%
a2 Milk Co. Ltd.*		17,120		166,188
AAK AB		5,004		93,994
Agrana Beteiligungs AG		4,821		102,579
Ajinomoto Co., Inc.		21,100		351,391
Ariake Japan Co. Ltd.		800		55,432
Aryzta AG*(a)		787,905		794,073
Associated British Foods plc		7,050		244,042
Austevoll Seafood ASA		8,913		87,072
Bakkafrost P/F		2,250		160,125
Bakkavor Group plc(b)		105,818		189,426
Barry Callebaut AG (Registered)		38		84,160
Bega Cheese Ltd.(a)		7,095		20,804
Bell Food Group AG (Registered)*		320		83,446
Bonduelle SCA(a)		13,770		328,088
Bumitama Agri Ltd.		121,600		60,582
Calbee, Inc.		3,200		105,992
Chocoladefabriken Lindt & Spruengli AG		43		360,470
Chocoladefabriken Lindt & Spruengli AG (Registered)		6		559,282
Costa Group Holdings Ltd.(a)		13,860		25,609

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


Investments	Shares		Value ($)
Cranswick plc		2,319		109,193
Danone SA		16,514		1,324,979
DyDo Group Holdings, Inc.(a)		500		19,006
Ebro Foods SA		4,297		88,905
Elders Ltd.		96,525		479,470
Emmi AG (Registered)		41		39,748
First Resources Ltd.		24,300		30,266
Freedom Foods Group Ltd.(a)		4,368		14,124
Fuji Oil Holdings, Inc.(a)		3,400		89,341
Fujicco Co. Ltd.		2,000		35,558
Fujiya Co. Ltd.		400		8,067
Glanbia plc		7,586		88,524
Golden Agri-Resources Ltd.		220,400		33,910
GrainCorp Ltd., Class A*		10,837		60,941
Greencore Group plc		27,840		90,132
Grieg Seafood ASA		8,400		128,855
House Foods Group, Inc.		2,400		77,169
Inghams Group Ltd.(a)		43,760		103,705
Itoham Yonekyu Holdings, Inc.		6,500		41,500
Japfa Ltd.		409,420		164,980
J-Oil Mills, Inc.		7,500		285,095
Kagome Co. Ltd.		900		22,478
Kameda Seika Co. Ltd.		900		40,522
Kerry Group plc, Class A		4,650		594,156
Kikkoman Corp.		4,000		198,182
Kotobuki Spirits Co. Ltd.		1,000		66,891
LDC SA(a)		2,943		329,405
Leroy Seafood Group ASA		18,318		118,917
Lotus Bakeries NV		13		39,330
Maple Leaf Foods, Inc.		1,946		38,139
Maruha Nichiro Corp.		4,400		106,727
Mehadrin Ltd.*		1		23
MEIJI Holdings Co. Ltd.		3,800		270,665
Mitsui Sugar Co. Ltd.		14,300		283,665
Morinaga & Co. Ltd.		1,100		53,485
Morinaga Milk Industry Co. Ltd.		1,200		46,446
Mowi ASA		16,125		385,203
Nestle SA (Registered)		82,800		9,132,940
Nichirei Corp.		3,500		85,704
Nippon Flour Mills Co. Ltd.		7,000		107,146
Nippon Suisan Kaisha Ltd.		16,000		88,868
Nisshin Oillio Group Ltd. (The)		1,100		37,348
Nisshin Seifun Group, Inc.		7,090		122,849
Nissin Foods Holdings Co. Ltd.		1,500		114,315
Norway Royal Salmon ASA		4,790		122,325
Orkla ASA		23,501		226,908
Premium Brands Holdings Corp.		1,100		81,052
Riken Vitamin Co. Ltd.		15,900		576,528
S Foods, Inc.		12,000		292,623
S&B Foods, Inc.		7,500		290,977
Sakata Seed Corp.		2,800		90,806
Salmar ASA		3,504		171,707
Saputo, Inc.		4,455		136,963
Savencia SA		2,925		200,972
Scandi Standard AB		39,525		303,860
Schouw & Co. A/S		1,160		95,042
Showa Sangyo Co. Ltd.(a)		21,800		606,422
Strauss Group Ltd.		952		28,048
Suedzucker AG		7,738		131,030


Investments	Shares		Value ($)
Synlait Milk Ltd.*(a)		1,760		10,000
Tassal Group Ltd.		37,680		108,719
Tate & Lyle plc		3,262		34,090
Toyo Suisan Kaisha Ltd.		2,800		118,836
Vilmorin & Cie SA		6,273		303,791
Viscofan SA		825		43,958
Vitasoy International Holdings Ltd.(a)		16,000		58,211
WH Group Ltd.(b)		262,500		252,193
Wilmar International Ltd.		127,500		365,247
Yakult Honsha Co. Ltd.		4,300		220,187
Yamazaki Baking Co. Ltd.		2,900		55,867

				24,395,989

Gas Utilities - 0.5%
AltaGas Ltd.(a)		11,723		188,891
APA Group		27,825		211,049
Enagas SA		6,899		185,938
Hong Kong & China Gas Co. Ltd.		292,848		564,206
Italgas SpA		27,181		180,611
Naturgy Energy Group SA		13,200		348,152
Nippon Gas Co. Ltd.		2,000		64,216
Osaka Gas Co. Ltd.		11,700		200,460
Rubis SCA		3,937		243,673
Saibu Gas Co. Ltd.		26,100		567,585
Shizuoka Gas Co. Ltd.		45,000		369,931
Snam SpA		40,346		216,269
Superior Plus Corp.(a)		128,111		1,118,810
Toho Gas Co. Ltd.		2,000		78,332
Tokyo Gas Co. Ltd.		7,600		168,850

				4,706,973

Health Care Equipment & Supplies - 1.1%
Alcon, Inc.*		13,350		788,168
Ambu A/S, Class B(a)		7,930		145,233
Ansell Ltd.		6,098		130,797
Arjo AB, Class B		4,131		19,784
Asahi Intecc Co. Ltd.		10,700		300,609
BioMerieux		825		81,781
Carl Zeiss Meditec AG		715		87,556
Cochlear Ltd.		1,216		196,243
Coloplast A/S, Class B		3,675		463,779
ConvaTec Group plc(b)		5,396		14,795
CYBERDYNE, Inc.*(a)		24,300		118,826
Demant A/S*		2,796		90,804
DiaSorin SpA(a)		869		106,896
Draegerwerk AG & Co. KGaA (Preference)		1,280		74,613
Eiken Chemical Co. Ltd.		1,600		32,403
Elekta AB, Class B(a)		6,069		69,514
Fisher & Paykel Healthcare Corp. Ltd.		12,815		193,232
Fukuda Denshi Co. Ltd.		7,500		511,372
Getinge AB, Class B		608		10,380
GN Store Nord A/S		3,824		189,914
Hogy Medical Co. Ltd.		1,200		41,796
Hoya Corp.		10,300		1,007,335
Koninklijke Philips NV		26,925		1,235,305
Mani, Inc.		3,900		99,780
Menicon Co. Ltd.		1,600		72,630

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


Investments	Shares		Value ($)
Nagaileben Co. Ltd.		1,500		32,883
Nakanishi, Inc.		5,100		91,850
Nanosonics Ltd.*(a)		26,752		124,289
Nihon Kohden Corp.		2,300		68,437
Nikkiso Co. Ltd.		52,900		676,960
Nipro Corp.		5,200		60,019
Olympus Corp.		34,400		566,377
Paramount Bed Holdings Co. Ltd.		800		33,842
PolyNovo Ltd.*(a)		11,324		21,226
Sartorius AG (Preference)		1,315		306,904
Sectra AB, Class B*		1,654		67,954
Siemens Healthineers AG(b)		3,645		171,593
Smith & Nephew plc		26,325		633,825
Sonova Holding AG (Registered)		1,425		357,266
Straumann Holding AG (Registered)		219		208,907
Sysmex Corp.		4,200		306,015
Terumo Corp.		18,000		661,641
Ypsomed Holding AG (Registered)*		81		11,775

				10,485,308

Health Care Providers & Services - 0.5%
Alfresa Holdings Corp.		11,900		244,511
Ambea AB(a)(b)		14,972		120,694
Amplifon SpA		3,837		109,196
As One Corp.		700		63,939
BML, Inc.		3,300		95,299
Chartwell Retirement Residences(a)		11,907		126,763
EBOS Group Ltd.		1,980		30,560
Evergrande Health Industry Group Ltd.*(a)		125,000		115,423
Fagron		7,048		163,241
Fresenius Medical Care AG & Co. KGaA		4,650		359,173
Fresenius SE & Co. KGaA		9,675		494,545
Galenica AG(b)		3,128		213,409
Healius Ltd.		52,880		104,786
Japan Lifeline Co. Ltd.(a)		3,000		36,536
Korian SA		3,724		170,030
Mediclinic International plc		34,000		165,516
Medipal Holdings Corp.		7,100		153,025
Metlifecare Ltd.(a)		110,700		492,163
NichiiGakkan Co. Ltd.		9,200		128,597
NMC Health plc		2,074		35,323
Orpea		1,118		145,703
Raffles Medical Group Ltd.		4,124		3,142
Ramsay Health Care Ltd.		2,640		139,974
RHOEN-KLINIKUM AG		579		10,138
Ryman Healthcare Ltd.		13,156		140,394
Ship Healthcare Holdings, Inc.		3,300		150,408
Sienna Senior Living, Inc.(a)		2,835		40,342
Sonic Healthcare Ltd.		16,132		342,022
Summerset Group Holdings Ltd.		11,425		65,952
Suzuken Co. Ltd.		3,380		132,069
Toho Holdings Co. Ltd.		4,200		87,809
Town Health International Medical Group Ltd.(d)		398,000		35,367
UDG Healthcare plc		11,405		112,831


Investments	Shares		Value ($)
Vital KSK Holdings, Inc.(a)		30,400		292,262

				5,121,142

Health Care Technology - 0.0%(e)
CompuGroup Medical SE		624		41,145
Craneware plc		608		15,228
M3, Inc.		9,900		294,118

				350,491

Hotels, Restaurants & Leisure - 1.8%
Accor SA(a)		7,125		292,386
Aeon Fantasy Co. Ltd.		500		10,827
Arcland Service Holdings Co. Ltd.(a)		1,400		25,640
Aristocrat Leisure Ltd.		15,225		368,964
Atom Corp.(a)		5,800		54,637
Autogrill SpA		6,257		60,811
Basic-Fit NV*(b)		3,008		111,504
Betsson AB*		97,350		417,330
Carnival plc		8,475		348,335
Colowide Co. Ltd.(a)		3,500		72,076
Compass Group plc		41,625		1,029,911
Corporate Travel Management Ltd.(a)		3,366		40,133
Create Restaurants Holdings, Inc.(a)		2,200		46,381
Crown Resorts Ltd.		11,014		86,268
Dalata Hotel Group plc		16,255		82,233
Domino’s Pizza Enterprises Ltd.(a)		1,460		53,649
Domino’s Pizza Group plc		15,345		62,484
Doutor Nichires Holdings Co. Ltd.		2,700		51,591
EI Group plc*		52,650		197,244
Evolution Gaming Group AB(b)		6,325		195,551
Flight Centre Travel Group Ltd.(a)		3,119		82,080
Flutter Entertainment plc		2,500		283,479
Flutter Entertainment plc - XDUB		405		46,004
Fuji Kyuko Co. Ltd.		1,000		35,522
Galaxy Entertainment Group Ltd.		67,000		444,371
Gamesys Group plc*		66,975		654,203
Genting Hong Kong Ltd.*		2,000,000		157,117
Genting Singapore Ltd.		144,000		90,732
GL Ltd.		188,600		109,161
Great Canadian Gaming Corp.*(a)		2,860		86,175
Greggs plc		7,823		232,439
GVC Holdings plc		21,150		244,563
Hiday Hidaka Corp.(a)		2,191		40,147
HIS Co. Ltd.(a)		800		18,637
Hongkong & Shanghai Hotels Ltd. (The)		24,000		24,201
Ichibanya Co. Ltd.(a)		1,000		52,775
InterContinental Hotels Group plc		5,700		352,056
J D Wetherspoon plc		3,795		77,590
Kisoji Co. Ltd.		1,700		46,521
KOMEDA Holdings Co. Ltd.		1,200		24,180
Kyoritsu Maintenance Co. Ltd.		1,600		65,101
Mandarin Oriental International Ltd.		8,000		13,520
Marston’s plc(a)		578,925		799,006
McDonald’s Holdings Co. Japan Ltd.		1,100		52,572

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


Investments	Shares		Value ($)
Melco International Development Ltd.		21,000		45,814
Melia Hotels International SA		76,350		613,430
MGM China Holdings Ltd.(a)		32,400		45,982
Miramar Hotel & Investment		225,000		419,001
Mitchells & Butlers plc*		181,725		958,200
MOS Food Services, Inc.(a)		2,100		58,611
NagaCorp Ltd.		158,000		225,456
Ohsho Food Service Corp.		1,504		90,891
Oriental Land Co. Ltd.		7,000		920,976
Pandox AB		5,720		127,590
Playtech plc		237,900		1,082,233
Plenus Co. Ltd.		1,000		18,388
Rank Group plc		37,848		142,689
Restaurant Brands International, Inc.		6,900		421,236
Restaurant Brands New Zealand Ltd.*		1,154		9,970
Restaurant Group plc (The)		408,825		695,737
Ringer Hut Co. Ltd.(a)		1,700		38,694
Round One Corp.		10,800		101,937
Royal Holdings Co. Ltd.(a)		1,600		35,400
Saizeriya Co. Ltd.		9,400		208,234
Sands China Ltd.		65,200		319,077
Scandic Hotels Group AB(b)		58,500		620,891
Shangri-La Asia Ltd.(a)		32,000		29,631
SJM Holdings Ltd.		76,000		85,838
SkiStar AB		2,828		31,101
Skylark Holdings Co. Ltd.(a)		3,700		68,446
Sodexo SA(a)		3,082		323,104
SSP Group plc		23,306		197,849
St Marc Holdings Co. Ltd.		1,400		29,567
Star Entertainment Grp Ltd. (The)(a)		38,963		109,030
Stars Group, Inc. (The)*		9,029		215,596
Tabcorp Holdings Ltd.		39,123		122,835
Tokyo Dome Corp.(a)		7,000		66,328
Toridoll Holdings Corp.		1,600		37,053
Tosho Co. Ltd.		800		15,759
TUI AG, DI		27,525		282,430
Whitbread plc		4,650		273,994
William Hill plc		38,994		88,874
Wynn Macau Ltd.		50,400		106,189
Yoshinoya Holdings Co. Ltd.(a)		4,900		111,667
Zensho Holdings Co. Ltd.(a)		3,600		77,158

				17,112,993

Household Durables - 2.2%
Barratt Developments plc		58,275		616,696
Bellway plc		5,290		277,885
Berkeley Group Holdings plc		4,725		326,373
Bonava AB, Class B		58,583		523,917
Breville Group Ltd.		4,514		56,419
Cairn Homes plc		114,780		155,183
Casio Computer Co. Ltd.		10,000		189,048
Countryside Properties plc(b)		372,150		2,393,972
Crest Nicholson Holdings plc(a)		218,250		1,438,486
De’ Longhi SpA(a)		4,522		85,292
Electrolux AB, Series B		7,237		171,715


Investments	Shares		Value ($)
ES-Con Japan Ltd.(a)		30,400		264,775
Fiskars OYJ Abp		574		7,684
Forbo Holding AG (Registered)		81		139,248
Fujitsu General Ltd.		2,100		47,877
Haseko Corp.(a)		18,500		245,790
Husqvarna AB, Class B		10,433		78,713
Iida Group Holdings Co. Ltd.		15,200		260,848
JM AB		1,842		56,300
Kaufman & Broad SA		12,975		550,136
Man Wah Holdings Ltd.		182,400		127,787
McCarthy & Stone plc(b)		83,676		162,585
Nagawa Co. Ltd.(a)		500		31,831
Neinor Homes SA*(a)(b)		44,250		483,513
Nikon Corp.		15,400		190,253
Nobia AB		90,975		671,082
Panasonic Corp.		112,500		1,143,839
Persimmon plc		12,675		510,101
Pressance Corp.(a)		20,200		227,747
Redrow plc		22,277		233,456
Rinnai Corp.		100		7,270
Sangetsu Corp.		2,256		40,464
SEB SA		560		72,051
Sekisui Chemical Co. Ltd.		19,100		324,780
Sekisui House Ltd.(a)		25,900		564,192
Sharp Corp.(a)		16,000		224,681
Sony Corp.		36,500		2,599,133
Starts Corp., Inc.		30,000		734,050
Sumitomo Forestry Co. Ltd.		7,700		109,051
Tama Home Co. Ltd.(a)		7,600		90,666
Tamron Co. Ltd.		6,800		147,375
Taylor Wimpey plc		121,125		343,444
Token Corp.		7,600		531,513
TomTom NV*		10,869		118,318
Vistry Group plc		163,975		2,982,892
Zojirushi Corp.(a)		7,000		142,021

				20,700,452

Household Products - 0.4%
Earth Corp.		600		32,440
Essity AB, Class A		7,063		224,597
Essity AB, Class B		12,465		395,728
Henkel AG & Co. KGaA		2,872		265,760
Henkel AG & Co. KGaA (Preference)		3,900		397,363
Lion Corp.		7,600		146,692
Pigeon Corp.		2,400		86,691
PZ Cussons plc		54,000		136,956
Reckitt Benckiser Group plc		19,575		1,620,734
Unicharm Corp.		15,800		549,869

				3,856,830

Independent Power and Renewable Electricity Producers - 0.2%
Boralex, Inc., Class A		2,081		43,428
ContourGlobal plc(b)		21,886		55,392
Drax Group plc		319,125		1,144,224
EDP Renovaveis SA		6,490		86,307
Electric Power Development Co. Ltd.		8,300		189,839
Encavis AG		3,696		44,400
ERG SpA		2,090		49,426

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


Investments	Shares		Value ($)
Innergex Renewable Energy, Inc.		559		7,946
Meridian Energy Ltd.		28,875		99,879
Northland Power, Inc.		2,116		47,662
Renewables Infrastructure Group Ltd. (The)		57,144		99,281
Scatec Solar ASA(b)		988		16,860
TransAlta Corp.		3,496		26,117
Uniper SE		7,950		260,870

				2,171,631

Industrial Conglomerates - 0.9%
CK Hutchison Holdings Ltd.		132,856		1,185,710
DCC plc		2,080		168,131
Guoco Group Ltd.		4,000		67,998
Indus Holding AG		12,400		506,381
Investment AB Latour, Class B		9,576		159,854
Italmobiliare SpA		245		6,815
Jardine Matheson Holdings Ltd.		7,500		419,325
Jardine Strategic Holdings Ltd.		8,400		258,972
Keppel Corp. Ltd.		30,500		149,271
Lifco AB, Class B		2,000		117,963
Mie Kotsu Group Holdings, Inc.(a)		53,200		292,051
Nisshinbo Holdings, Inc.		19,200		169,706
Nolato AB, Class B		710		41,177
NWS Holdings Ltd.		53,401		69,185
Rheinmetall AG		2,025		217,050
Sembcorp Industries Ltd.		17,200		26,716
Shun Tak Holdings Ltd.(a)		1,500,000		649,075
Siemens AG (Registered)*		22,875		2,830,082
Smiths Group plc		12,975		288,966
TOKAI Holdings Corp.		13,795		133,514
Toshiba Corp.		15,000		484,384

				8,242,326

Insurance - 4.9%
Admiral Group plc		10,200		303,737
Aegon NV		54,360		221,027
Ageas		9,450		521,216
AIA Group Ltd.		347,400		3,478,519
Allianz SE (Registered)		20,250		4,843,901
Alm Brand A/S		16,240		143,775
ASR Nederland NV		8,107		302,228
Assicurazioni Generali SpA		54,450		1,061,708
AUB Group Ltd.(a)		2,255		19,564
Aviva plc		206,400		1,083,953
AXA SA		89,775		2,395,687
Baloise Holding AG (Registered)		2,850		515,066
Beazley plc		27,750		198,081
CBL Corp. Ltd.*‡(d)		102,937		—
Clal Insurance Enterprises Holdings Ltd.*		4,320		54,995
CNP Assurances		11,400		205,547
Coface SA		78,075		962,998
Dai-ichi Life Holdings, Inc.		54,900		838,810
Direct Line Insurance Group plc		88,950		396,084
Fairfax Financial Holdings Ltd.		1,125		503,717
Gjensidige Forsikring ASA		945		20,606
Great Eastern Holdings Ltd.		6,800		108,011
Great-West Lifeco, Inc.		9,150		237,234
Grupo Catalana Occidente SA		2,102		69,068


Investments	Shares		Value ($)
Hannover Rueck SE		1,157		225,024
Harel Insurance Investments & Financial Services Ltd.		17,695		121,150
Hastings Group Holdings plc(b)		285,492		677,404
Helvetia Holding AG (Registered)		1,265		182,054
Hiscox Ltd.		13,800		238,850
iA Financial Corp., Inc.		6,975		384,098
IDI Insurance Co. Ltd.		6,375		213,890
Insurance Australia Group Ltd.		54,150		256,655
Intact Financial Corp.		4,950		536,601
Japan Post Holdings Co. Ltd.		62,900		578,191
Just Group plc*		840,381		864,076
Lancashire Holdings Ltd.		21,150		208,542
Legal & General Group plc		260,166		1,047,715
Manulife Financial Corp.(a)		88,575		1,726,561
Mapfre SA		78,075		200,040
Medibank Pvt Ltd.		62,011		128,691
Menora Mivtachim Holdings Ltd.		22,421		299,081
Migdal Insurance & Financial Holdings Ltd.		90,400		73,401
MS&AD Insurance Group Holdings, Inc.		21,400		722,054
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		7,275		2,146,952
nib holdings Ltd.		19,924		72,159
NN Group NV		17,332		603,110
Phoenix Group Holdings plc		16,000		159,871
Phoenix Holdings Ltd. (The)		21,712		119,438
Poste Italiane SpA(b)		17,664		202,604
Power Corp. of Canada		11,952		298,405
Power Financial Corp.		7,955		206,612
Prudential plc		72,600		1,293,882
QBE Insurance Group Ltd.		26,775		246,462
RSA Insurance Group plc		36,675		266,091
Sabre Insurance Group plc(b)		21,200		86,213
Sampo OYJ, Class A		11,253		509,672
SCOR SE		9,675		412,040
Societa Cattolica di Assicurazioni SC		120,075		950,099
Sompo Holdings, Inc.		18,800		716,893
Sony Financial Holdings, Inc.		8,100		190,421
Steadfast Group Ltd.		52,828		136,158
Storebrand ASA		17,930		137,911
Sun Life Financial, Inc.		26,625		1,252,586
Suncorp Group Ltd.		24,075		207,265
Swiss Life Holding AG (Registered)		1,800		905,926
Swiss Re AG		13,725		1,551,169
T&D Holdings, Inc.		22,500		247,244
Talanx AG		3,690		184,344
Tokio Marine Holdings, Inc.		34,200		1,888,518
Topdanmark A/S(a)		1,650		77,908
Tryg A/S		2,365		71,686
Unipol Gruppo SpA		6,080		31,014
UnipolSai Assicurazioni SpA		27,841		74,665
UNIQA Insurance Group AG		4,884		46,222
Wuestenrot & Wuerttembergische AG		13,200		279,984

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


Investments	Shares		Value ($)
Yunfeng Financial Group Ltd.*		136,000		58,499
Zurich Insurance Group AG		6,976		2,898,318

				45,699,951

Interactive Media & Services - 0.1%
Auto Trader Group plc(b)		27,142		201,076
carsales.com Ltd.(a)		634		7,317
Dip Corp.		1,400		45,403
Kakaku.com, Inc.		1,600		42,456
LIFULL Co. Ltd.(a)		7,600		39,618
LINE Corp.*(a)		900		44,508
New Work SE		159		51,980
REA Group Ltd.(a)		2,712		207,154
Rightmove plc		30,125		261,218
Scout24 AG(b)		2,584		177,972
Z Holdings Corp.		62,000		250,551

				1,329,253

Internet & Direct Marketing Retail - 0.3%
ASKUL Corp.(a)		500		16,561
ASOS plc*		3,749		151,866
Belluna Co. Ltd.		52,500		303,709
boohoo Group plc*		21,836		87,015
Delivery Hero SE*(b)		4,074		314,321
Dustin Group AB(a)(b)		3,680		28,444
HelloFresh SE*		1,596		38,027
Just Eat plc*		13,319		151,167
Moneysupermarket.com Group plc		22,168		95,117
Ocado Group plc*		19,500		314,499
On the Beach Group plc(b)		2,052		10,544
Prosus NV*		10,200		737,336
Rakuten, Inc.		23,100		182,439
Rocket Internet SE*(b)		1,646		38,525
Takeaway.com NV*(a)(b)		1,022		96,383
Takkt AG		28,875		379,511
Webjet Ltd.(a)		2,707		21,293
Zalando SE*(b)		1,921		92,456
ZOZO, Inc.		2,800		47,095

				3,106,308

IT Services - 1.1%
Adyen NV*(b)		525		483,480
Afterpay Ltd.*		2,660		68,647
Alten SA		1,130		139,753
Altran Technologies SA		12,375		200,910
Amadeus IT Group SA		12,675		994,769
Atea ASA*		8,826		114,516
Atos SE		5,100		424,678
Bechtle AG		1,192		172,651
CANCOM SE		2,336		139,663
Capgemini SE		4,350		541,602
CGI, Inc.*		7,725		591,867
Computacenter plc		9,217		217,968
Computershare Ltd.		16,544		199,246
Digital Garage, Inc.		1,300		48,757
DTS Corp.		4,000		94,257
FDM Group Holdings plc		3,850		49,786
Formula Systems 1985 Ltd.		829		60,075
Fujitsu Ltd.		7,600		814,449
Global Dominion Access SA*(b)		2,113		7,739
GMO internet, Inc.(a)		1,200		23,494


Investments	Shares		Value ($)
Indra Sistemas SA*		5,627		64,603
Infocom Corp.		1,600		45,172
Itochu Techno-Solutions Corp.		2,400		71,855
Keywords Studios plc		1,140		18,514
Link Administration Holdings Ltd.(a)		6,763		30,832
Matrix IT Ltd.		2,464		51,696
NEC Corp.		11,200		508,410
NEC Networks & System Integration Corp.		4,300		163,256
NET One Systems Co. Ltd.(a)		7,700		129,512
NEXTDC Ltd.*		16,647		84,586
Nihon Unisys Ltd.		2,600		80,602
Nomura Research Institute Ltd.		12,245		273,404
NS Solutions Corp.		800		24,026
NSD Co. Ltd.		5,160		84,266
NTT Data Corp.		15,000		215,205
Obic Co. Ltd.		1,500		207,732
Otsuka Corp.		3,400		134,890
Reply SpA		880		69,094
SCSK Corp.		900		49,075
Shopify, Inc., Class A*		2,775		1,293,196
Softcat plc		12,119		184,514
Sopra Steria Group		1,275		204,313
SUNeVision Holdings Ltd.(a)		134,000		89,565
TietoEVRY OYJ		1,598		52,206
TIS, Inc.		2,300		139,844
Transcosmos, Inc.		2,100		55,142
Wirecard AG		2,550		376,411
Worldline SA*(b)		3,129		221,057

				10,311,285

Leisure Products - 0.3%
Bandai Namco Holdings, Inc.		8,700		511,958
Beneteau SA(a)		26,422		283,878
BRP, Inc.		3,584		183,082
Games Workshop Group plc		684		59,824
Heiwa Corp.		8,850		185,108
Mizuno Corp.		15,000		367,302
Sega Sammy Holdings, Inc.		5,300		73,301
Shimano, Inc.		2,800		435,559
Spin Master Corp.*(b)		2,048		49,026
Technogym SpA(b)		4,905		61,043
Thule Group AB(b)		2,805		66,293
Tomy Co. Ltd.		10,900		120,279
Universal Entertainment Corp.		300		8,940
Yamaha Corp.		4,600		240,218
Yonex Co. Ltd.(a)		10,000		65,138

				2,710,949

Life Sciences Tools & Services - 0.2%
Clinigen Group plc		5,270		67,316
EPS Holdings, Inc.		1,900		23,140
Eurofins Scientific SE(a)		450		242,363
Evotec SE*		7,448		200,652
Gerresheimer AG		755		59,782
Lonza Group AG (Registered)*		2,025		831,878
PureTech Health plc*		5,168		21,119
QIAGEN NV*		6,544		221,056
Sartorius Stedim Biotech		770		138,322

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


Investments	Shares		Value ($)
Siegfried Holding AG (Registered)*		165		76,388
Tecan Group AG (Registered)		684		193,473

				2,075,489

Machinery - 3.7%
Aalberts NV		4,725		206,936
Aida Engineering Ltd.		45,000		369,101
Alfa Laval AB		6,238		155,972
Alstom SA		3,962		210,490
Amada Holdings Co. Ltd.		18,600		199,583
ANDRITZ AG		3,620		142,655
Atlas Copco AB, Class A		14,400		510,943
Atlas Copco AB, Class B		11,850		368,828
ATS Automation Tooling Systems, Inc.*		1,400		21,521
Beijer Alma AB		2,304		34,900
Bobst Group SA (Registered)(a)		5,625		295,700
Bodycote plc		16,251		183,480
Bucher Industries AG (Registered)		275		92,156
Cargotec OYJ, Class B		684		25,348
CKD Corp.		8,000		132,564
CNH Industrial NV		18,375		175,612
Concentric AB		914		14,622
Construcciones y Auxiliar de Ferrocarriles SA		720		31,956
Conzzeta AG (Registered)		55		62,502
Daetwyler Holding AG		982		177,166
Daifuku Co. Ltd.		4,800		298,049
Daiwa Industries Ltd.		1,600		17,272
Danieli & C Officine Meccaniche SpA(a)		9,196		150,827
Danieli & C Officine Meccaniche SpA (Retirement Savings Plan)		32,052		320,391
DMG Mori AG		1,007		47,428
DMG Mori Co. Ltd.		2,100		30,090
Duerr AG		38,566		1,159,077
Epiroc AB, Class A		35,475		411,111
FANUC Corp.		5,300		993,643
Fincantieri SpA(a)		79,280		72,088
FLSmidth & Co. A/S		2,798		96,056
Fluidra SA*		912		11,219
Fuji Corp.		5,400		87,239
Fujitec Co. Ltd.		7,600		126,497
Fukushima Galilei Co. Ltd.		7,500		273,677
Furukawa Co. Ltd.		30,000		369,239
GEA Group AG		4,960		148,905
Georg Fischer AG (Registered)		152		149,486
Glory Ltd.		7,600		221,580
Harmonic Drive Systems, Inc.(a)		1,500		69,059
Hino Motors Ltd.		16,000		152,936
Hitachi Construction Machinery Co. Ltd.(a)		7,500		207,247
Hitachi Zosen Corp.		120,000		458,366
Hoshizaki Corp.		1,200		111,824
IHI Corp.		2,500		60,640
IMA Industria Macchine Automatiche SpA		1,945		127,064
IMI plc		1,824		26,545


Investments	Shares		Value ($)
Interpump Group SpA		3,884		109,586
Interroll Holding AG (Registered)		34		66,488
Japan Steel Works Ltd. (The)		8,600		158,614
JTEKT Corp.		2,300		25,125
Jungheinrich AG (Preference)		2,972		65,279
Kawasaki Heavy Industries Ltd.		2,800		56,757
KION Group AG		3,150		197,930
Kitz Corp.		79,300		560,445
Komatsu Ltd.		41,200		937,772
Komax Holding AG (Registered)(a)		645		130,612
Komori Corp.		4,400		40,961
Kone OYJ, Class B		10,800		697,288
Konecranes OYJ		2,273		68,767
Krones AG		1,610		122,307
Kubota Corp.		30,000		481,755
Kurita Water Industries Ltd.		3,400		101,481
Kyokuto Kaihatsu Kogyo Co. Ltd.		30,100		397,964
Makita Corp.		6,600		259,104
Manitou BF SA(a)		8,136		149,130
Max Co. Ltd.		9,800		186,714
Meidensha Corp.		26,000		496,083
Metso OYJ		1,115		39,677
MINEBEA MITSUMI, Inc.		15,011		302,755
MISUMI Group, Inc.		8,100		207,087
Mitsubishi Heavy Industries Ltd.		15,000		556,904
Mitsuboshi Belting Ltd.		22,500		394,427
Mitsui E&S Holdings Co. Ltd.*		67,500		579,808
Miura Co. Ltd.		3,300		117,221
Morgan Advanced Materials plc		233,622		960,837
Morita Holdings Corp.		9,000		144,734
Nachi-Fujikoshi Corp.		19,300		735,425
NFI Group, Inc.(a)		43,275		1,001,913
NGK Insulators Ltd.		8,700		149,060
Nitta Corp.		18,400		527,121
Noritake Co. Ltd.		7,500		304,124
Norma Group SE		1,526		55,739
NSK Ltd.		30,000		257,693
NTN Corp.		7,600		20,826
Obara Group, Inc.		7,500		244,268
OC Oerlikon Corp. AG (Registered)		13,878		148,068
Oiles Corp.		8,620		122,637
OKUMA Corp.		1,000		47,147
Organo Corp.		7,600		485,934
OSG Corp.(a)		1,500		25,894
Outotec OYJ*		24,396		140,748
Palfinger AG		7,798		241,537
Pfeiffer Vacuum Technology AG		874		145,382
Rational AG		55		41,416
Rotork plc		23,256		93,286
Ryobi Ltd.		24,200		401,901
Sandvik AB		27,750		507,142
Schindler Holding AG		1,427		369,012
Schindler Holding AG (Registered)		602		149,806
Sembcorp Marine Ltd.*		22,800		19,377
SFS Group AG		1,448		135,199
Shibuya Corp.		15,000		426,258
Shima Seiki Manufacturing Ltd.(a)		1,300		25,740
Shinmaywa Industries Ltd.		33,800		445,635

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


Investments	Shares		Value ($)
Sintokogio Ltd.		37,500		327,997
SKF AB, Class A		2,427		44,417
SKF AB, Class B		3,728		68,343
SMC Corp.		1,800		800,978
Sodick Co. Ltd.(a)		30,000		240,531
Spirax-Sarco Engineering plc		2,579		303,248
Stabilus SA		3,029		184,889
Star Micronics Co. Ltd.(a)		28,700		376,276
Sumitomo Heavy Industries Ltd.		5,200		140,669
Tadano Ltd.(a)		14,600		126,623
Takeuchi Manufacturing Co. Ltd.		30,000		522,858
Takuma Co. Ltd.		60,200		668,179
Techtronic Industries Co. Ltd.		37,500		304,012
Tocalo Co. Ltd.		15,200		155,387
Toshiba Machine Co. Ltd.(a)		13,949		437,575
Trelleborg AB, Class B		6,432		105,636
Tsubaki Nakashima Co. Ltd.		28,100		336,261
Tsubakimoto Chain Co.		2,200		69,419
Tsugami Corp.		16,200		152,307
Union Tool Co.		500		14,462
Valmet OYJ		5,005		108,657
VAT Group AG*(b)		76		11,509
Vesuvius plc		172,875		991,295
Volvo AB, Class A		21,225		364,223
Volvo AB, Class B		78,799		1,351,380
Wacker Neuson SE		20,318		327,163
Wartsila OYJ Abp		8,141		99,917
Washtec AG		2,080		117,327
Weir Group plc (The)		3,920		69,656
YAMABIKO Corp.		37,500		374,014
Yaskawa Electric Corp.(a)		7,500		268,141

				34,954,839

Marine - 0.4%
AP Moller - Maersk A/S, Class A		225		253,583
AP Moller - Maersk A/S, Class B		150		179,999
Dfds A/S(a)		24,440		1,028,579
Fjord1 ASA(b)		18,012		72,300
Golden Ocean Group Ltd.		70,050		320,240
Irish Continental Group plc		11,810		61,251
Kawasaki Kisen Kaisha Ltd.*(a)		8,100		110,905
Kuehne + Nagel International AG (Registered)		1,275		206,231
NS United Kaiun Kaisha Ltd.(a)		8,100		150,812
Pacific Basin Shipping Ltd.(a)		3,499,000		635,371
SITC International Holdings Co. Ltd.		106,000		125,591
Stolt-Nielsen Ltd.		14,240		183,836
Wallenius Wilhelmsen ASA		71,008		189,503
Wilh Wilhelmsen Holding ASA, Class A		2,468		38,957

				3,557,158

Media - 0.9%
Altice Europe NV*		4,851		31,266
Ascential plc(b)		19,337		93,090
Atresmedia Corp. de Medios de Comunicacion SA(a)		53,475		181,220
Cogeco, Inc.		5,250		368,062


Investments	Shares		Value ($)
Corus Entertainment, Inc., Class B(a)		141,825		538,325
CyberAgent, Inc.		2,200		89,616
Daily Mail & General Trust plc, Class A		6,037		64,619
Dentsu Group, Inc.		9,600		324,178
Euromoney Institutional Investor plc		4,083		65,878
Eutelsat Communications SA		9,280		139,298
Future plc		3,420		57,705
Hakuhodo DY Holdings, Inc.		7,400		107,602
Informa plc		43,350		442,751
IPSOS		27,975		908,356
ITV plc		131,448		234,614
JCDecaux SA		5,396		144,593
Lagardere SCA		9,071		172,400
Mediaset Espana Comunicacion SA		114,600		628,776
Mediaset SpA*(a)		7,888		20,866
Metropole Television SA		1,295		21,555
Nine Entertainment Co. Holdings Ltd.(a)		90,800		113,974
Nippon Television Holdings, Inc.		8,100		111,204
NOS SGPS SA		1,360		7,056
Pearson plc		28,800		215,788
Promotora de Informaciones SA, Class A*		32,897		49,945
ProSiebenSat.1 Media SE		9,500		126,177
Publicis Groupe SA		8,631		382,882
Quebecor, Inc., Class B		7,688		190,899
RAI Way SpA(b)		8,120		52,912
Sanoma OYJ		10,880		130,580
Schibsted ASA, Class A		2,349		70,945
Schibsted ASA, Class B		3,483		98,998
SES SA, FDR		14,325		176,291
Shaw Communications, Inc., Class B		7,909		154,646
Singapore Press Holdings Ltd.		102,100		151,104
SKY Perfect JSAT Holdings, Inc.		97,500		425,497
Stroeer SE & Co. KGaA		620		49,401
Telenet Group Holding NV		3,496		162,642
Television Francaise 1		83,625		631,568
TX Group AG		316		29,783
Vector, Inc.*(a)		1,500		17,438
Wowow, Inc.		3,630		90,629
WPP plc		53,700		668,940
Zenrin Co. Ltd.		2,400		32,949

				8,777,018

Metals & Mining - 4.3%
Acerinox SA		231		2,253
Agnico Eagle Mines Ltd.		5,037		311,540
Aichi Steel Corp.		9,200		299,211
Alacer Gold Corp.*		37,316		175,498
Alamos Gold, Inc., Class A		24,480		154,556
Alumina Ltd.		94,737		138,259
AMG Advanced Metallurgical Group NV(a)		6,156		140,535
Anglo American plc		69,675		1,823,686
Antofagasta plc		17,175		186,147

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


Investments	Shares		Value ($)
APERAM SA(a)		37,354		1,074,218
ArcelorMittal SA		29,925		442,923
Asahi Holdings, Inc.(a)		30,800		780,621
Aurubis AG		28,425		1,553,294
B2Gold Corp.		52,123		225,825
Barrick Gold Corp.		27,076		501,783
Barrick Gold Corp. - XLON		22,293		415,909
Bekaert SA		31,337		796,653
BHP Group Ltd.		84,600		2,231,438
BHP Group plc		97,275		2,128,327
BlueScope Steel Ltd.		25,125		239,684
Boliden AB*		9,450		224,812
Centamin plc		48,989		87,825
Centerra Gold, Inc.*		23,104		185,174
Daido Steel Co. Ltd.(a)		2,000		78,332
Detour Gold Corp.*		9,956		178,411
Dowa Holdings Co. Ltd.		2,200		80,685
Eldorado Gold Corp.*		7,220		52,517
Endeavour Mining Corp.*		2,501		51,247
Eramet(a)		7,950		335,933
Evolution Mining Ltd.(a)		42,290		105,034
Evraz plc		23,537		109,399
Ferrexpo plc		184,200		337,752
First Majestic Silver Corp.*		7,676		77,425
First Quantum Minerals Ltd.		28,350		222,076
Fortescue Metals Group Ltd.		69,150		527,271
Franco-Nevada Corp.		4,340		493,642
Glencore plc*		493,575		1,447,653
Granges AB		59,700		551,869
Highland Gold Mining Ltd.		179,100		495,316
Hill & Smith Holdings plc		4,063		76,107
Hitachi Metals Ltd.(a)		4,740		74,434
Hochschild Mining plc		14,099		31,279
Hudbay Minerals, Inc.		14,880		45,679
IAMGOLD Corp.*(a)		42,200		126,037
IGO Ltd.		36,717		149,939
Iluka Resources Ltd.(a)		6,916		45,003
Ivanhoe Mines Ltd., Class A*		21,170		54,744
JFE Holdings, Inc.		30,000		363,980
KAZ Minerals plc		17,892		103,256
Kinross Gold Corp.*		27,217		138,086
Kirkland Lake Gold Ltd.		4,640		190,399
Kobe Steel Ltd.		15,800		73,909
Kyoei Steel Ltd.		14,300		255,826
Labrador Iron Ore Royalty Corp.(a)		47,681		760,344
Lundin Gold, Inc.*		17,172		136,722
Lundin Mining Corp.		44,244		232,168
Lynas Corp. Ltd.*(a)		50,800		74,478
MAG Silver Corp.*		11,120		121,243
Mineral Resources Ltd.(a)		15,884		181,408
Mitsubishi Materials Corp.		7,600		195,145
Mount Gibson Iron Ltd.		386,325		234,056
Newcrest Mining Ltd.		25,650		507,071
Nippon Light Metal Holdings Co. Ltd.		448,200		876,675
Nippon Steel Corp.		39,615		561,229
Norsk Hydro ASA		42,080		132,433
Northern Star Resources Ltd.		31,322		264,203
Novagold Resources, Inc.*(a)		7,962		72,664


Investments	Shares		Value ($)
OceanaGold Corp.		54,948		115,085
Orocobre Ltd.*(a)		6,080		12,740
Osaka Steel Co. Ltd.		1,000		14,642
Osisko Gold Royalties Ltd.		5,548		55,373
Outokumpu OYJ		255,057		879,054
OZ Minerals Ltd.(a)		13,621		92,645
Pan American Silver Corp.(a)		10,125		232,885
Perenti Global Ltd.		495,095		508,762
Perseus Mining Ltd.*		23,104		17,864
Polymetal International plc		12,084		204,849
Pretium Resources, Inc.*(a)		147,750		1,609,828
Regis Resources Ltd.		64,068		193,006
Resolute Mining Ltd.*(a)		656,535		505,445
Rio Tinto Ltd.		11,625		768,663
Rio Tinto plc		48,150		2,592,169
Salzgitter AG		31,950		538,186
Sandfire Resources Ltd.		131,400		490,849
Sandstorm Gold Ltd.*		16,268		111,688
Sanyo Special Steel Co. Ltd.		15,200		210,642
Saracen Mineral Holdings Ltd.*(a)		79,572		210,414
SEMAFO, Inc.*		261,000		550,595
Sims Ltd.		22,952		164,869
South32 Ltd.		257,700		455,446
SSAB AB, Class A		13,394		41,244
SSR Mining, Inc.*		9,309		170,617
St Barbara Ltd.		522,115		954,217
Stelco Holdings, Inc.(a)		26,325		196,659
Sumitomo Metal Mining Co. Ltd.		8,200		239,376
Teck Resources Ltd., Class B		21,000		271,521
thyssenkrupp AG		13,756		170,204
Toho Titanium Co. Ltd.		200		1,572
Tokyo Steel Manufacturing Co. Ltd.(a)		60,000		457,259
Topy Industries Ltd.		9,700		160,466
Torex Gold Resources, Inc.*		11,780		162,197
Turquoise Hill Resources Ltd.*(a)		798,798		519,426
UACJ Corp.(a)		7,600		158,472
voestalpine AG		1,880		45,668
Wheaton Precious Metals Corp.		10,727		315,999
Yamana Gold, Inc.		43,348		176,663
Yodogawa Steel Works Ltd.		25,400		464,481

				40,384,990

Multiline Retail - 0.5%
B&M European Value Retail SA		40,875		195,967
Canadian Tire Corp. Ltd., Class A(a)		1,800		193,168
Dollarama, Inc.		7,575		258,256
Europris ASA(b)		110,925		403,132
Fuji Co. Ltd.		22,500		383,010
H2O Retailing Corp.(a)		11,315		104,710
Harvey Norman Holdings Ltd.(a)		5,610		15,886
Hudson’s Bay Co.		9,920		81,982
Isetan Mitsukoshi Holdings Ltd.		14,400		114,392
Izumi Co. Ltd.(a)		1,300		41,620
J Front Retailing Co. Ltd.		10,700		131,300
Lifestyle International Holdings Ltd.		225,000		225,727
Marks & Spencer Group plc		83,232		193,101

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


Investments	Shares		Value ($)
Marui Group Co. Ltd.		5,500		129,045
Next plc		4,125		374,758
Pan Pacific International Holdings Corp.		13,500		220,090
Parco Co. Ltd.		10,000		170,503
Ryohin Keikaku Co. Ltd.		6,000		101,970
Seria Co. Ltd.		1,000		27,864
Takashimaya Co. Ltd.		9,100		98,821
Warehouse Group Ltd. (The)		11,552		20,035
Wesfarmers Ltd.		27,825		842,147

				4,327,484

Multi-Utilities - 0.7%
A2A SpA		127,875		255,434
ACEA SpA		1,552		36,205
AGL Energy Ltd.		24,900		332,553
Algonquin Power & Utilities Corp.(a)		21,150		323,995
Atco Ltd., Class I		1,064		41,529
Centrica plc		198,075		221,519
E.ON SE		51,095		579,824
Engie SA		82,950		1,430,356
Hera SpA		44,175		200,812
Iren SpA		50,950		169,727
Keppel Infrastructure Trust		170,047		65,408
National Grid plc		112,740		1,494,758
REN - Redes Energeticas Nacionais SGPS SA		54,568		165,089
RWE AG		19,200		666,835
Suez		13,895		228,359
Telecom Plus plc		7,522		149,922
Veolia Environnement SA		19,200		567,682

				6,930,007

Oil, Gas & Consumable Fuels - 5.6%
Aker BP ASA(a)		4,404		124,794
ARC Resources Ltd.(a)		24,960		132,486
Beach Energy Ltd.		130,575		233,394
BP plc		987,109		5,942,613
Brightoil Petroleum Holdings Ltd.*(d)		50,147		9,687
BW LPG Ltd.(b)		64,725		523,822
Cairn Energy plc*		50,800		113,505
Caltex Australia Ltd.		8,764		201,710
Cameco Corp.(a)		13,932		112,400
Canadian Natural Resources Ltd.		60,075		1,690,667
Cenovus Energy, Inc.(a)		37,950		330,561
China Aviation Oil Singapore Corp. Ltd.		96,000		80,885
Cosmo Energy Holdings Co. Ltd.		7,000		138,276
Crescent Point Energy Corp.		433,875		1,430,339
Delek Group Ltd.		543		70,370
Diversified Gas & Oil plc(b)		547,425		650,897
DNO ASA		22,960		22,975
Enbridge, Inc.		58,200		2,367,957
Enerplus Corp.		177,415		905,487
Eni SpA		125,925		1,766,425
Equinor ASA		53,625		972,403
Equital Ltd.*		14,504		387,410
Euronav NV		17,475		173,905


Investments	Shares		Value ($)
FLEX LNG Ltd.(a)		21,750		177,675
Galp Energia SGPS SA		7,324		110,708
Gaztransport Et Technigaz SA		1,680		170,353
Genel Energy plc(a)		172,875		418,395
Gibson Energy, Inc.		7,625		153,128
Hurricane Energy plc*(a)		90,592		24,767
Husky Energy, Inc.		11,656		75,882
Idemitsu Kosan Co. Ltd.		16,782		428,124
Imperial Oil Ltd.		7,476		177,382
Inpex Corp.		39,500		375,557
Inter Pipeline Ltd.(a)		17,100		285,097
Itochu Enex Co. Ltd.		45,100		389,478
Iwatani Corp.(a)		2,197		74,088
Japan Petroleum Exploration Co. Ltd.		7,900		198,038
JXTG Holdings, Inc.		177,750		768,826
Keyera Corp.		1,840		48,040
Koninklijke Vopak NV		2,356		126,316
Lundin Petroleum AB		4,170		127,021
MEG Energy Corp.*		20,320		103,862
Mitsuuroko Group Holdings Co. Ltd.		7,600		78,465
Naphtha Israel Petroleum Corp. Ltd.*		27,742		145,369
Neste OYJ		14,850		590,469
New Hope Corp. Ltd.(a)		251,636		315,858
Oil Refineries Ltd.		182,503		80,602
OMV AG		8,775		437,503
Origin Energy Ltd.		63,975		351,190
Ovintiv, Inc.(a)		8,865		138,215
Parex Resources, Inc.*		107,647		1,705,194
Parkland Fuel Corp.		2,333		81,233
Pembina Pipeline Corp.		12,525		479,957
PrairieSky Royalty Ltd.(a)		486		5,332
Premier Oil plc*(a)		616,125		815,019
Repsol SA(a)		66,494		918,529
Royal Dutch Shell plc, Class A		204,150		5,367,140
Royal Dutch Shell plc, Class B		179,409		4,729,939
San-Ai Oil Co. Ltd.		56,600		581,223
Santos Ltd.		65,400		380,466
Saras SpA		387,075		519,895
Seven Generations Energy Ltd., Class A*(a)		227,156		1,140,460
Suncor Energy, Inc.		42,525		1,300,621
TC Energy Corp.		27,624		1,515,764
TOTAL SA		119,475		5,844,895
Tourmaline Oil Corp.		12,620		127,388
United Energy Group Ltd.(a)		560,000		99,525
Vermilion Energy, Inc.(a)		8,935		129,038
Washington H Soul Pattinson & Co. Ltd.(a)		8,285		119,525
Whitecap Resources, Inc.(a)		324,675		1,183,270
Whitehaven Coal Ltd.(a)		24,365		40,941
Woodside Petroleum Ltd.		24,054		559,256

				52,397,986

Paper & Forest Products - 0.5%
Ahlstrom-Munksjo OYJ		4,545		75,854
Altri SGPS SA(a)		70,200		434,100

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


Investments	Shares		Value ($)
Canfor Corp.*		12,160		109,321
Daiken Corp.		12,500		217,742
Daio Paper Corp.(a)		3,745		50,171
Ence Energia y Celulosa SA(a)		121,050		490,444
Hokuetsu Corp.		110,100		519,086
Holmen AB, Class B		4,070		120,512
Interfor Corp.*		5,920		62,712
Metsa Board OYJ		6,595		40,014
Mondi plc		19,050		388,227
Navigator Co. SA (The)*(a)		6,520		23,410
Nippon Paper Industries Co. Ltd.(a)		8,100		133,997
Norbord, Inc.(a)		3,136		92,168
Oji Holdings Corp.		41,500		216,718
Semapa-Sociedade de Investimento e Gestao		18,600		259,305
Stella-Jones, Inc.		1,045		29,599
Stora Enso OYJ, Class R		25,125		327,440
Svenska Cellulosa AB SCA, Class A		3,160		32,391
Svenska Cellulosa AB SCA, Class B		14,939		149,597
Tokushu Tokai Paper Co. Ltd.		7,500		276,791
UPM-Kymmene OYJ		17,400		550,135
West Fraser Timber Co. Ltd.(a)		2,213		88,717

				4,688,451

Personal Products - 1.1%
Beiersdorf AG		2,550		289,373
Blackmores Ltd.(a)		798		47,717
Fancl Corp.(a)		5,000		133,413
Interparfums SA		595		23,903
Kao Corp.		14,000		1,134,364
Kobayashi Pharmaceutical Co. Ltd.		1,400		114,831
Kose Corp.		700		95,133
L’Occitane International SA		43,000		91,373
L’Oreal SA		7,134		1,991,496
Mandom Corp.		2,600		59,971
Milbon Co. Ltd.		1,000		56,927
Noevir Holdings Co. Ltd.		1,900		88,177
Ontex Group NV(a)		46,939		851,531
Pola Orbis Holdings, Inc.		2,000		44,231
Rohto Pharmaceutical Co. Ltd.		2,000		56,650
Shiseido Co. Ltd.		12,400		810,802
Unilever NV		44,085		2,574,658
Unilever plc		33,675		2,012,438

				10,476,988

Pharmaceuticals - 4.5%
ALK-Abello A/S*		532		142,007
Almirall SA		4,710		69,682
Aphria, Inc.*(a)		15,976		74,773
Astellas Pharma, Inc.		58,500		1,052,768
AstraZeneca plc		36,525		3,574,452
Bausch Health Cos., Inc.*		11,850		325,336
Bayer AG (Registered)		43,575		3,527,571
Canopy Growth Corp.*(a)		6,156		138,708
Chugai Pharmaceutical Co. Ltd.		7,600		789,906
COSMO Pharmaceuticals NV*(a)		1,040		88,531
Daiichi Sankyo Co. Ltd.		17,700		1,215,165
Dechra Pharmaceuticals plc		5,249		196,783


Investments	Shares		Value ($)
Eisai Co. Ltd.		8,600		660,879
Faes Farma SA		28,626		156,079
Financiere de Tubize SA(a)		1,549		121,020
GlaxoSmithKline plc		133,232		3,133,175
GW Pharmaceuticals plc*(d)		1		10
H Lundbeck A/S		1,852		78,767
Haw Par Corp. Ltd.		3,200		28,650
Hikma Pharmaceuticals plc		7,104		171,558
Hisamitsu Pharmaceutical Co., Inc.(a)		1,900		98,519
Hutchison China MediTech Ltd.*		7,150		35,533
Ipsen SA		770		57,172
JCR Pharmaceuticals Co. Ltd.		600		52,535
Kaken Pharmaceutical Co. Ltd.		1,500		80,546
Kissei Pharmaceutical Co. Ltd.		1,400		40,365
Knight Therapeutics, Inc.*		11,684		69,350
Kyowa Kirin Co. Ltd.		5,000		119,297
Merck KGaA		2,625		337,156
Mochida Pharmaceutical Co. Ltd.		3,200		121,788
Nichi-iko Pharmaceutical Co. Ltd.		45,000		537,667
Nippon Shinyaku Co. Ltd.		2,000		180,468
Novartis AG (Registered)		70,896		6,701,839
Novo Nordisk A/S, Class B		47,310		2,894,018
Ono Pharmaceutical Co. Ltd.		15,600		365,514
Orion OYJ, Class A		1,474		69,260
Orion OYJ, Class B		4,500		212,791
Otsuka Holdings Co. Ltd.(a)		16,300		738,865
Recipharm AB, Class B		3,741		54,959
Recordati SpA		2,359		100,988
Roche Holding AG		18,900		6,355,197
Roche Holding AG - BR		837		277,713
Sanofi		31,011		2,988,158
Santen Pharmaceutical Co. Ltd.		15,100		286,438
Seikagaku Corp.		1,800		19,530
Shionogi & Co. Ltd.		8,800		533,026
Sosei Group Corp.*(a)		8,000		142,603
Sumitomo Dainippon Pharma Co. Ltd.		10,400		182,601
Taisho Pharmaceutical Holdings Co. Ltd.		2,500		180,376
Takeda Pharmaceutical Co. Ltd.		43,217		1,685,457
Teva Pharmaceutical Industries Ltd.*		49,650		507,234
Torii Pharmaceutical Co. Ltd.		7,500		258,454
Towa Pharmaceutical Co. Ltd.		1,200		27,867
Tsumura & Co.		900		24,911
UCB SA		3,750		345,260
Vifor Pharma AG		1,421		262,261
Virbac SA*		532		130,293
ZERIA Pharmaceutical Co. Ltd.		1,800		32,418

				42,654,247

Professional Services - 1.1%
Adecco Group AG (Registered)		9,375		551,156
AF Poyry AB, Class B		4,429		112,670
ALS Ltd.(a)		13,503		87,232
Applus Services SA		15,860		184,373
Benefit One, Inc.		2,000		35,614
Bureau Veritas SA		4,296		118,592

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


Investments	Shares		Value ($)
Capita plc*		20,884		40,041
DKSH Holding AG(a)		660		34,107
en-japan, Inc.		1,700		69,249
Experian plc		27,600		959,402
Funai Soken Holdings, Inc.(a)		2,700		69,477
Groupe Crit		1,176		89,794
Hays plc		34,264		70,099
Intertek Group plc		4,050		307,510
Intertrust NV(b)		8,816		156,904
IPH Ltd.(a)		31,760		194,758
JAC Recruitment Co. Ltd.		1,300		20,306
McMillan Shakespeare Ltd.		15,145		130,689
Meitec Corp.		2,400		139,503
Morneau Shepell, Inc.		2,428		63,594
Nihon M&A Center, Inc.		2,400		70,416
Nomura Co. Ltd.		6,000		69,585
Outsourcing, Inc.		11,100		103,334
Pagegroup plc		20,728		124,760
Persol Holdings Co. Ltd.		5,700		104,392
Randstad NV		4,425		254,801
Recruit Holdings Co. Ltd.		45,000		1,786,963
RELX plc		57,000		1,512,516
RWS Holdings plc		3,113		23,554
SEEK Ltd.		5,653		85,868
SGS SA (Registered)		194		561,412
SMS Co. Ltd.		3,200		80,956
Stantec, Inc.		1,027		30,556
Tanseisha Co. Ltd.		30,000		342,944
TechnoPro Holdings, Inc.		1,900		129,372
Teleperformance		1,575		395,860
Thomson Reuters Corp.		6,000		482,659
Wolters Kluwer NV		8,850		666,130

				10,261,148

Real Estate Management & Development - 2.9%
ADLER Real Estate AG*		34,650		466,165
ADO Properties SA(a)(b)		2,400		74,046
Aedas Homes SA*(b)		486		11,014
Aeon Mall Co. Ltd.(a)		7,690		129,556
AFI Properties Ltd.*		16,725		681,426
Airport City Ltd.*		1,928		34,038
Allreal Holding AG (Registered)*		912		189,123
Alrov Properties and Lodgings Ltd.		2,528		123,305
Altus Group Ltd.		1,792		58,737
Amot Investments Ltd.		14,530		106,011
Aroundtown SA		31,875		301,525
Ashtrom Properties Ltd.		22,807		145,171
Atrium Ljungberg AB, Class B		5,705		137,910
Azrieli Group Ltd.		2,290		169,337
Bayside Land Corp.		144		115,628
Big Shopping Centers Ltd.		1,104		124,824
Blue Square Real Estate Ltd.		1,280		91,311
Bukit Sembawang Estates Ltd.		120,000		397,392
CA Immobilien Anlagen AG(a)		1,760		77,530
CapitaLand Ltd.		97,500		258,590
Castellum AB		11,475		281,677
Catena AB		3,724		161,113
City Developments Ltd.		21,400		166,195
CK Asset Holdings Ltd.		150,000		969,748


Investments	Shares		Value ($)
CLS Holdings plc		14,403		51,547
Colliers International Group, Inc.		1,940		157,394
Corem Property Group AB, Class B		88,027		254,803
Corestate Capital Holding SA(a)		9,150		401,038
Daejan Holdings plc		7,350		503,816
Daibiru Corp.		3,300		41,408
Daito Trust Construction Co. Ltd.		1,900		226,226
Daiwa House Industry Co. Ltd.		33,000		1,053,771
Deutsche Wohnen SE		9,750		412,749
Dios Fastigheter AB		69,450		639,837
Emperor International Holdings Ltd.		574,000		113,101
Fabege AB		11,696		200,644
Far East Consortium International Ltd.		837,969		362,603
Fastighets AB Balder, Class B*		4,800		227,783
FastPartner AB		6,642		70,150
FirstService Corp.		1,780		175,248
Gazit-Globe Ltd.		3,498		40,676
Goldcrest Co. Ltd.		9,100		158,013
Grainger plc		33,054		129,060
Grand City Properties SA		2,508		64,259
Great Eagle Holdings Ltd.		8,776		26,899
Heba Fastighets AB, Class B(a)		36,150		331,546
Henderson Land Development Co. Ltd.		60,239		273,077
Hiag Immobilien Holding AG(a)		355		39,937
Ho Bee Land Ltd.		78,800		132,209
Hufvudstaden AB, Class A		2,610		51,666
Hulic Co. Ltd.		4,900		60,309
Hysan Development Co. Ltd.		19,000		71,694
Ichigo, Inc.		14,300		54,886
IMMOFINANZ AG*		4,089		113,512
Industrial Buildings Corp. Ltd.*		435,673		1,237,109
Intershop Holding AG		131		84,485
Isras Investment Co. Ltd.		312		73,466
IWG plc		36,000		209,562
Jeudan A/S		112		23,751
K Wah International Holdings Ltd.		1,016,089		498,564
Kenedix, Inc.		13,500		68,879
Kerry Properties Ltd.		38,500		108,337
Klovern AB, Class B(a)		71,060		178,265
Kowloon Development Co. Ltd.		304,000		364,492
Kungsleden AB		14,736		156,859
Lai Sun Development Co. Ltd.		78,009		93,431
LEG Immobilien AG		2,475		305,410
Lendlease Group		23,400		283,852
Melisron Ltd.		1,896		124,862
Mitsubishi Estate Co. Ltd.		32,800		651,249
Mitsui Fudosan Co. Ltd.		26,800		719,917
Mobimo Holding AG (Registered)*		232		74,812
New World Development Co. Ltd.		180,362		227,865
Nexity SA		1,546		74,699
Nomura Real Estate Holdings, Inc.		5,800		144,753
Norstar Holdings, Inc.		13,200		304,617
Norwegian Property ASA		16,948		25,373
Open House Co. Ltd.(a)		4,000		108,391
Oxley Holdings Ltd.		459,532		117,837
PATRIZIA AG		3,248		77,604

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


Investments	Shares		Value ($)
Platzer Fastigheter Holding AB, Class B		12,160		144,326
Property & Building Corp. Ltd.		480		52,698
PSP Swiss Property AG (Registered)		1,501		226,913
Relo Group, Inc.		2,270		61,826
S IMMO AG		6,916		185,476
Sagax AB, Class B		11,486		176,842
Samhallsbyggnadsbolaget i Norden AB		53,173		131,020
SAMTY Co. Ltd.		22,800		392,744
Savills plc		15,075		247,206
Selvaag Bolig ASA		21,356		122,328
Sino Land Co. Ltd.		179,823		246,869
Sirius Real Estate Ltd.		94,543		112,662
St Modwen Properties plc		2,689		17,475
Sumitomo Realty & Development Co. Ltd.		10,500		392,351
Summit Real Estate Holdings Ltd.		32,400		486,125
Sun Frontier Fudousan Co. Ltd.		16,200		184,144
Sun Hung Kai Properties Ltd.		65,000		914,951
Swire Pacific Ltd., Class A		3,500		31,034
Swire Pacific Ltd., Class B		187,500		267,067
Swire Properties Ltd.		47,600		148,963
Swiss Prime Site AG (Registered)*		2,400		293,141
TAG Immobilien AG*		7,460		196,759
Takara Leben Co. Ltd.		45,000		203,441
TLG Immobilien AG		2,046		69,949
Tokyo Tatemono Co. Ltd.		15,800		259,482
Tokyu Fudosan Holdings Corp.		20,000		143,193
Tricon Capital Group, Inc.(a)		112,200		924,714
United Industrial Corp. Ltd.		5,656		11,686
UOL Group Ltd.		26,999		157,852
Vonovia SE		15,045		859,320
Wallenstam AB, Class B		14,136		184,938
Wang On Properties Ltd.(a)		1,216,000		139,376
Wharf Holdings Ltd. (The)		57,000		141,823
Wharf Real Estate Investment Co. Ltd.		21,000		109,531
Wheelock & Co. Ltd.		24,000		147,278
Wihlborgs Fastigheter AB		8,338		159,690
Wing Tai Holdings Ltd.		59,200		86,746
Wing Tai Properties Ltd.		304,000		191,838
YH Dimri Construction & Development Ltd.		1,596		53,131

				26,926,582

Road & Rail - 1.6%
Aurizon Holdings Ltd.		31,840		115,316
Canadian National Railway Co.		20,775		1,942,644
Canadian Pacific Railway Ltd.		4,200		1,116,412
Central Japan Railway Co.		6,200		1,234,737
ComfortDelGro Corp. Ltd.		106,400		169,161
East Japan Railway Co.		10,100		903,907
Firstgroup plc*		1,015,725		1,657,594
Fukuyama Transporting Co. Ltd.		1,000		33,999
Go-Ahead Group plc (The)		35,550		959,734
Hamakyorex Co. Ltd.		9,900		303,252
Hankyu Hanshin Holdings, Inc.		5,400		222,706


Investments	Shares		Value ($)
Hitachi Transport System Ltd.		2,700		78,719
Keikyu Corp.		6,000		112,156
Keio Corp.		2,800		162,237
Keisei Electric Railway Co. Ltd.		5,100		186,806
Kintetsu Group Holdings Co. Ltd.		8,100		431,213
Kyushu Railway Co.		2,100		69,461
Maruzen Showa Unyu Co. Ltd.		11,000		298,482
MTR Corp. Ltd.		41,264		233,292
Nankai Electric Railway Co. Ltd.		3,000		78,470
National Express Group plc		37,343		220,038
Nikkon Holdings Co. Ltd.		2,600		61,483
Nippon Express Co. Ltd.		3,700		196,974
Nishi-Nippon Railroad Co. Ltd.		1,000		23,527
Odakyu Electric Railway Co. Ltd.		15,200		341,627
Sankyu, Inc.		2,333		116,881
SBS Transit Ltd.		30,400		80,627
Seibu Holdings, Inc.		8,100		127,869
Seino Holdings Co. Ltd.		7,500		97,431
Senko Group Holdings Co. Ltd.(a)		123,600		1,005,815
Sixt SE		550		55,557
Sixt SE (Preference)		1,518		105,645
Stagecoach Group plc		371,325		668,141
Stef SA(a)		2,250		206,458
TFI International, Inc.		6,293		201,654
Tobu Railway Co. Ltd.		4,000		142,824
Tokyu Corp.		20,800		370,767
Tonami Holdings Co. Ltd.		5,000		231,121
Trancom Co. Ltd.		600		43,179
West Japan Railway Co.		6,400		547,618

				15,155,534

Semiconductors & Semiconductor Equipment - 0.9%
Advantest Corp.		3,100		167,892
ams AG*(a)		5,211		213,260
ASM International NV		2,100		256,111
ASM Pacific Technology Ltd.		5,000		68,320
ASML Holding NV		11,925		3,359,986
BE Semiconductor Industries NV(a)		4,080		173,669
Dialog Semiconductor plc*		720		31,812
Disco Corp.		1,200		286,091
Infineon Technologies AG		30,300		657,332
IQE plc*(a)		80,000		53,730
Japan Material Co. Ltd.		3,900		58,976
Lasertec Corp.		1,000		50,837
Melexis NV		495		35,327
Mimasu Semiconductor Industry Co. Ltd.		15,200		331,109
Nordic Semiconductor ASA*		26,372		167,940
Renesas Electronics Corp.*		37,500		245,998
Rohm Co. Ltd.		3,800		282,235
SCREEN Holdings Co. Ltd.(a)		1,800		97,652
Shinko Electric Industries Co. Ltd.(a)		5,800		70,584
Siltronic AG		1,900		205,673
SOITEC*		816		77,272
STMicroelectronics NV		20,175		565,432
SUMCO Corp.		7,600		122,009
Tokyo Electron Ltd.		4,300		971,998

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


Investments	Shares		Value ($)
Tower Semiconductor Ltd.*		3,423		78,357
Ulvac, Inc.		1,700		63,210

				8,692,812

Software - 1.0%
Altium Ltd.(a)		5,461		145,613
AVEVA Group plc		2,580		167,259
BlackBerry Ltd.*		8,682		52,911
Blue Prism Group plc*(a)		4,832		111,085
Bravura Solutions Ltd.		5,168		19,132
Constellation Software, Inc.		604		635,284
Dassault Systemes SE		3,845		667,703
Descartes Systems Group, Inc. (The)*		4,000		179,441
Enghouse Systems Ltd.(a)		3,344		132,541
Fuji Soft, Inc.		1,600		65,396
GB Group plc		1,064		9,972
Hilan Ltd.		1,569		64,017
Infomart Corp.		11,000		88,905
IRESS Ltd.		8,665		81,211
Kinaxis, Inc.*		1,436		119,306
Lightspeed POS, Inc.*		836		27,181
Micro Focus International plc		16,275		219,943
Miroku Jyoho Service Co. Ltd.		1,000		28,048
Nemetschek SE		2,310		157,564
Nice Ltd.*		2,006		347,863
Open Text Corp.(a)		9,675		435,706
Oracle Corp. Japan		800		70,416
RIB Software SE		6,288		132,887
Sage Group plc (The)		28,125		273,757
SAP SE		29,400		3,838,703
SimCorp A/S		1,875		208,122
Software AG		1,320		44,104
Sophos Group plc(b)		11,880		87,290
Systena Corp.		5,200		88,950
Technology One Ltd.		23,180		132,212
Temenos AG (Registered)*		1,292		208,847
Trend Micro, Inc.		2,500		132,860
WiseTech Global Ltd.(a)		4,953		82,994

				9,057,223

Specialty Retail - 2.0%
ABC-Mart, Inc.		700		45,467
Accent Group Ltd.		18,000		20,425
Alpen Co. Ltd.		10,600		160,880
AOKI Holdings, Inc.(a)		15,200		150,619
Aoyama Trading Co. Ltd.		37,500		488,882
AP Eagers Ltd.		19,152		114,366
Arcland Sakamoto Co. Ltd.		26,000		291,461
Autobacs Seven Co. Ltd.		2,100		30,904
Bic Camera, Inc.		4,100		45,167
Bilia AB, Class A		62,325		684,766
Carasso Motors Ltd.		31,120		149,443
Card Factory plc		298,875		349,064
CECONOMY AG*		133,650		693,900
Chiyoda Co. Ltd.		2,800		38,156
Clas Ohlson AB, Class B		10,704		113,496
DCM Holdings Co. Ltd.(a)		15,200		146,552
Delek Automotive Systems Ltd.		18,941		113,422
Dixons Carphone plc		813,750		1,454,561


Investments	Shares		Value ($)
Dufry AG (Registered)*		380		32,994
Dunelm Group plc		2,604		39,784
EDION Corp.(a)		75,000		787,470
Fast Retailing Co. Ltd.(a)		1,900		1,040,236
Fenix Outdoor International AG		369		39,432
Fielmann AG		607		48,332
Fnac Darty SA*		15,224		743,347
Fox Wizel Ltd.		3,116		148,460
Geo Holdings Corp.		26,900		309,492
GrandVision NV(b)		4,788		146,766
Hennes & Mauritz AB, Class B(a)		25,650		563,235
Hikari Tsushin, Inc.		600		149,522
Hornbach Holding AG & Co. KGaA		6,450		407,430
Industria de Diseno Textil SA		31,950		1,075,310
JB Hi-Fi Ltd.(a)		6,840		181,605
JD Sports Fashion plc		8,827		95,623
JINS Holdings, Inc.		900		64,105
Joshin Denki Co. Ltd.		22,500		502,376
Joyful Honda Co. Ltd.		8,400		96,877
Kingfisher plc		76,701		206,259
Kohnan Shoji Co. Ltd.		22,500		497,186
Komeri Co. Ltd.		22,500		491,581
K’s Holdings Corp.		6,100		75,022
Leon’s Furniture Ltd.		17,475		214,052
LIXIL VIVA Corp.		15,800		326,685
Luk Fook Holdings International Ltd.(a)		241,672		659,821
Nishimatsuya Chain Co. Ltd.		1,300		11,263
Nitori Holdings Co. Ltd.		2,300		360,433
Nojima Corp.		30,000		604,235
PAL GROUP Holdings Co. Ltd.		1,800		53,559
Pets at Home Group plc		56,775		211,051
Premier Investments Ltd.		6,508		86,656
Sa Sa International Holdings Ltd.(a)		215,601		38,317
Shimachu Co. Ltd.(a)		1,300		37,662
Shimamura Co. Ltd.		1,700		129,557
SMCP SA*(b)		22,950		199,142
Super Retail Group Ltd.(a)		93,825		589,168
T-Gaia Corp.		7,600		189,325
United Arrows Ltd.		4,400		118,013
USS Co. Ltd.		6,200		114,407
Vivo Energy plc(b)		40,320		59,528
VT Holdings Co. Ltd.		58,300		242,592
Watches of Switzerland Group plc*(c)		72,000		354,395
WH Smith plc		3,339		105,283
World Co. Ltd.		15,200		338,261
Xebio Holdings Co. Ltd.		7,600		82,041
Yamada Denki Co. Ltd.		27,000		137,261
Yellow Hat Ltd.		30,200		488,728

				18,585,410

Technology Hardware, Storage & Peripherals - 0.4%
Brother Industries Ltd.		8,200		163,645
Canon, Inc.		33,600		894,832
Eizo Corp.		1,400		46,630
Elecom Co. Ltd.		5,700		233,501

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


Investments	Shares		Value ($)
FUJIFILM Holdings Corp.		15,000		758,961
Konica Minolta, Inc.		18,900		118,577
Logitech International SA (Registered)		3,669		164,952
MCJ Co. Ltd.		52,500		366,679
Quadient		23,850		574,072
Ricoh Co. Ltd.		25,900		300,854
Riso Kagaku Corp.		1,700		29,582
S&T AG		228		6,155
Seiko Epson Corp.		8,300		124,058
Toshiba TEC Corp.		3,800		151,635

				3,934,133

Textiles, Apparel & Luxury Goods - 1.7%
adidas AG		5,175		1,639,044
Asics Corp.		12,200		181,675
Brunello Cucinelli SpA		1,556		56,593
Burberry Group plc		13,125		337,896
Canada Goose Holdings, Inc.*(a)		912		27,335
Chow Sang Sang Holdings International Ltd.		228,000		268,671
Cie Financiere Richemont SA (Registered)		13,125		961,325
Coats Group plc		98,856		98,646
Crystal International Group Ltd.(a)(b)		570,000		199,668
Delta Galil Industries Ltd.		960		25,247
Descente Ltd.(a)		2,400		39,836
EssilorLuxottica SA - IM		2,578		384,973
EssilorLuxottica SA - MO		5,072		754,591
Gildan Activewear, Inc.		8,400		232,905
Goldwin, Inc.(a)		2,400		148,803
Gunze Ltd.		700		28,449
Hermes International		890		667,329
HUGO BOSS AG		2,107		99,937
Japan Wool Textile Co. Ltd. (The)		7,600		73,837
Kering SA		2,175		1,337,736
Kurabo Industries Ltd.		17,400		377,427
Li & Fung Ltd.(a)		4,200,000		373,218
LVMH Moet Hennessy Louis Vuitton SE		7,575		3,318,391
Moncler SpA		3,061		132,296
Onward Holdings Co. Ltd.		105,000		611,293
Pacific Textiles Holdings Ltd.		525,000		340,088
Pandora A/S		6,600		341,972
Puma SE		2,080		166,886
Regina Miracle International Holdings Ltd.(b)		20,000		12,028
Samsonite International SA(b)		59,400		113,523
Seiko Holdings Corp.(a)		22,800		567,344
Seiren Co. Ltd.		41,100		536,953
Stella International Holdings Ltd.		444,000		620,979
Swatch Group AG (The)		1,200		301,975
Swatch Group AG (The) (Registered)		1,465		71,423
Tod’s SpA(a)		245		9,916
TSI Holdings Co. Ltd.		64,800		309,696
Wacoal Holdings Corp.		1,500		40,744
Yondoshi Holdings, Inc.(a)		1,400		30,871


Investments	Shares		Value ($)
Yue Yuen Industrial Holdings Ltd.		22,000		61,340

				15,902,859

Thrifts & Mortgage Finance - 0.8%
Aareal Bank AG		43,800		1,437,730
Deutsche Pfandbriefbank AG(b)		100,575		1,625,046
Equitable Group, Inc.		7,725		615,348
Genworth Mortgage Insurance Australia Ltd.(a)		47,182		115,605
Home Capital Group, Inc.*		7,524		179,488
OneSavings Bank plc		289,991		1,630,747
Paragon Banking Group plc		220,800		1,478,578

				7,082,542

Tobacco - 0.8%
British American Tobacco plc		107,625		4,763,328
Imperial Brands plc		41,543		1,068,297
Japan Tobacco, Inc.		52,500		1,121,834
Scandinavian Tobacco Group A/S(b)		44,476		582,716
Swedish Match AB		5,850		331,020

				7,867,195

Trading Companies & Distributors - 2.2%
AddTech AB, Class B		4,329		132,718
Advan Co. Ltd.		6,400		76,586
Ashtead Group plc		16,950		548,533
BayWa AG		7,875		232,140
Beijer Ref AB		3,795		114,181
Brenntag AG		2,605		135,336
Bunzl plc		12,150		314,717
Cramo OYJ		38,025		577,730
Diploma plc		6,602		169,530
Ferguson plc		6,075		544,709
Finning International, Inc.		4,111		71,151
Grafton Group plc		11,760		142,619
Hanwa Co. Ltd.		34,200		846,599
Howden Joinery Group plc		27,225		247,053
IMCD NV		2,290		198,073
Inaba Denki Sangyo Co. Ltd.		39,100		996,755
Inabata & Co. Ltd.		34,200		467,633
Indutrade AB		2,198		79,267
ITOCHU Corp.		76,100		1,803,061
Japan Pulp & Paper Co. Ltd.		9,000		337,547
Kanamoto Co. Ltd.		31,123		782,490
Kanematsu Corp.		74,300		974,808
Marubeni Corp.		93,000		682,323
Mitani Corp.		7,500		420,030
Mitsubishi Corp.		75,000		1,953,453
Mitsui & Co. Ltd.		90,800		1,642,417
MonotaRO Co. Ltd.		2,800		69,028
Nagase & Co. Ltd.		4,900		69,080
Nichiden Corp.		22,500		427,227
Nippon Steel Trading Corp.		600		27,596
Nishio Rent All Co. Ltd.		16,100		439,989
Reece Ltd.(a)		5,999		44,698
Rexel SA		4,641		55,623
Richelieu Hardware Ltd.(a)		1,340		29,595
Russel Metals, Inc.		55,200		896,523
Seven Group Holdings Ltd.(a)		10,640		144,311
SIG plc(a)		524,925		640,059

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


Investments	Shares		Value ($)
Sojitz Corp.		61,700		197,536
Sumitomo Corp.		54,700		826,670
Toromont Industries Ltd.		3,554		183,135
Toyota Tsusho Corp.		15,900		562,592
Travis Perkins plc		12,450		254,626
Wakita & Co. Ltd.		30,000		283,434
Yamazen Corp.		69,700		661,727
Yuasa Trading Co. Ltd.		15,000		491,304

				20,796,212

Transportation Infrastructure - 0.4%
Aena SME SA(b)		1,875		347,317
Aeroports de Paris		1,385		262,461
ASTM SpA		3,971		115,913
Atlantia SpA		17,250		423,812
Atlas Arteria Ltd.(a)		43,663		237,641
Auckland International Airport Ltd.		22,876		128,056
Enav SpA(b)		12,657		81,704
Flughafen Zurich AG (Registered)		320		55,642
Fraport AG Frankfurt Airport Services Worldwide		890		66,417
Getlink SE		15,107		267,028
Hamburger Hafen und Logistik AG		1,220		30,123
James Fisher & Sons plc		1,322		34,330
Kamigumi Co. Ltd.		6,500		140,513
Port of Tauranga Ltd.		5,225		25,631
Qube Holdings Ltd.		87,375		201,217
SATS Ltd.		19,000		63,477
Signature Aviation plc		24,573		94,326
Sumitomo Warehouse Co. Ltd. (The)		7,600		100,693
Sydney Airport		47,250		265,388
Transurban Group		62,735		659,368
Westshore Terminals Investment Corp.(a)		5,020		61,035

				3,662,092

Water Utilities - 0.1%
Pennon Group plc		4,356		63,651
Severn Trent plc		9,600		326,365
United Utilities Group plc		19,125		255,509

				645,525

Wireless Telecommunication Services - 1.2%
1&1 Drillisch AG		987		24,238
Freenet AG		2,198		48,814
KDDI Corp.		76,800		2,317,782
Millicom International Cellular SA, SDR(a)		1,924		90,904
NTT DOCOMO, Inc.		33,600		963,189
Okinawa Cellular Telephone Co.		10,300		416,713
Rogers Communications, Inc., Class B		11,625		582,415
SmarTone Telecommunications Holdings Ltd.		4,740		3,492
Softbank Corp.(a)		45,000		621,119
SoftBank Group Corp.		78,282		3,267,498
StarHub Ltd.		107,300		113,204
Tele2 AB, Class B		13,284		200,390
VEON Ltd.		48,560		123,773


Investments	Shares		Value ($)
Vodafone Group plc		1,237,725		2,435,933

				11,209,464

TOTAL COMMON STOCKS (Cost $837,443,752)				937,826,956


Investments	Number of Rights		Value ($)
RIGHTS - 0.0%(e)

Metals & Mining - 0.0%(e)
Pan American Silver Corp., CVR* (Cost $–)		41,840		27,614


Investments	Shares		Value ($)
CLOSED END FUNDS - 0.0%(e)

Equity Real Estate Investment Trusts (REITs) - 0.0%(e)
UK Commercial Property REIT Ltd. (Cost $21,348)		18,880		21,578


Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(f) - 0.9%

REPURCHASE AGREEMENTS - 0.9%
Citigroup Global Markets, Inc., 1.57%, dated 1/31/2020, due 2/3/2020, repurchase price $4,045,687, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 6.38%, maturing 6/15/2020 - 1/15/2028; total market value $4,138,263		4,045,158		4,045,158
Societe Generale, 1.73%, dated 1/31/2020, due 2/3/2020, repurchase price $4,000,577, collateralized by various Common Stocks; total market value $4,401,827		4,000,000		4,000,000

				8,045,158

TOTAL SECURITIES LENDING REINVESTMENTS (Cost $8,045,158)				8,045,158

Total Investments - 100.3% (Cost $845,510,258)				945,921,306
Liabilities in excess of other assets - (0.3%)				(2,492,598	)

Net Assets - 100.0%				943,428,708

*	Non-income producing security.

‡	Value determined using significant unobservable inputs.

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

(a)

The security or a portion of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $58,741,444, collateralized in the form of cash with a value of $8,045,158 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $16,967,473 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.63%, and maturity dates ranging from February 11, 2020 – August 15, 2049 and $39,153,937 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 7.50%, and maturity dates ranging from April 8, 2020 – September 20, 2117; a total value of $64,166,568.

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

(c)

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

(d)	Security fair valued as of January 31, 2020 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2020 amounted to $95,144, which represents approximately 0.01% of net assets of the Fund.

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

(f)	The security was purchased with cash collateral held from securities on loan at January 31, 2020. The total value of securities purchased was $8,045,158.

Percentages shown are based on Net Assets.

Abbreviations


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

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

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund had the following open futures contracts as of January 31, 2020:

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund had the following outstanding contracts as of January 31, 2020:

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, 2020:


Investments	Shares		Value ($)
COMMON STOCKS - 99.4%

Aerospace & Defense - 0.2%
Aselsan Elektronik Sanayi ve Ticaret A/S		17,019		66,711
AviChina Industry & Technology Co. Ltd., Class H		114,000		47,862
Bharat Electronics Ltd.		17,280		21,952
Embraer SA*		22,500		95,513
Hanwha Aerospace Co. Ltd.*		899		24,514
Korea Aerospace Industries Ltd.*		2,298		58,036
LIG Nex1 Co. Ltd.*		430		10,048
United Aircraft Corp. PJSC*^		25,155,036		267,446

				592,082

Air Freight & Logistics - 0.4%
BEST, Inc., ADR*		4,700		24,957
Gulf Warehousing Co.		2,888		4,204
Hyundai Glovis Co. Ltd.		1,275		157,255
Imperial Logistics Ltd.		162,975		552,395
Kerry TJ Logistics Co. Ltd.		14,000		18,028
Sinotrans Ltd., Class H		1,875,000		579,531
ZTO Express Cayman, Inc., ADR		12,150		263,898

				1,600,268

Airlines - 0.6%
Aegean Airlines SA		25,575		237,508
Aeroflot PJSC		34,339		57,705
Air Arabia PJSC*		2,046,450		846,884
Air China Ltd., Class H		150,000		124,406
AirAsia Group Bhd.		129,200		45,084
Asiana Airlines, Inc.*		2,987		11,428
Azul SA (Preference)*		7,500		104,008
Cebu Air, Inc.		184,500		272,231
China Airlines Ltd.		87,000		23,097
China Eastern Airlines Corp. Ltd., Class H*		132,000		60,859
China Southern Airlines Co. Ltd., Class H(a)		86,000		48,178
Eva Airways Corp.		142,798		57,669
Garuda Indonesia Persero Tbk. PT*		3,172,500		93,862
Gol Linhas Aereas Inteligentes SA (Preference)*		3,500		28,052
Hanjin Kal Corp.*		1,043		35,880
InterGlobe Aviation Ltd.(b)		2,997		57,886
Jeju Air Co. Ltd.*		755		13,905
Korean Air Lines Co. Ltd.*		3,150		62,506
Latam Airlines Group SA		8,442		70,089
Pegasus Hava Tasimaciligi A/S*		2,356		27,004
SpiceJet Ltd.*		7,072		9,564
Turk Hava Yollari AO*		47,850		109,371

				2,397,176

Auto Components - 0.9%
Apollo Tyres Ltd.		1,052		2,455
Balkrishna Industries Ltd.		938		14,063
Bharat Forge Ltd.		6,966		47,898


Investments	Shares		Value ($)
Bosch Ltd.		228		44,367
Cheng Shin Rubber Industry Co. Ltd.		75,000		97,694
China First Capital Group Ltd.*		66,000		2,125
Cub Elecparts, Inc.		2,949		21,135
Depo Auto Parts Ind Co. Ltd.		75,000		141,514
Endurance Technologies Ltd.(b)		1,456		22,230
Exide Industries Ltd.		5,676		15,682
Fuyao Glass Industry Group Co. Ltd., Class H(b)		14,400		41,541
Halla Holdings Corp.*		7,125		249,885
Hankook Tire & Technology Co. Ltd.*		4,950		119,197
Hanon Systems		6,000		52,859
Hota Industrial Manufacturing Co. Ltd.		9,826		39,032
Hyundai Mobis Co. Ltd.		4,125		794,301
Hyundai Wia Corp.*		618		22,219
Kenda Rubber Industrial Co. Ltd.		29,307		28,037
Korea Autoglass Corp.*		8,325		104,774
Kumho Tire Co., Inc.*		3,552		11,384
Mando Corp.*		2,175		61,225
Minth Group Ltd.(a)		22,000		68,282
Motherson Sumi Systems Ltd.		24,184		45,313
MRF Ltd.		36		35,151
Nan Kang Rubber Tire Co. Ltd.		20,000		32,176
Nemak SAB de CV(b)		496,600		205,539
Nexen Tire Corp.*		1,545		10,513
Nexteer Automotive Group Ltd.		75,000		55,635
S&T Motiv Co. Ltd.		7,350		240,200
Sebang Global Battery Co. Ltd.*		6,150		172,862
SL Corp.*		1,545		21,713
Sundram Fasteners Ltd.		3,224		23,169
Tianneng Power International Ltd.(a)		600,000		404,126
WABCO India Ltd.		172		16,407
Xinyi Glass Holdings Ltd.		150,000		189,313

				3,454,016

Automobiles - 1.4%
Astra International Tbk. PT		555,000		258,092
BAIC Motor Corp. Ltd., Class H(b)		1,387,500		691,525
Bajaj Auto Ltd.		2,325		103,614
Brilliance China Automotive Holdings Ltd.		150,000		134,644
BYD Co. Ltd., Class H(a)		17,500		92,628
China Motor Corp.*		24,400		30,168
Dongfeng Motor Group Co. Ltd., Class H		188,000		141,879
DRB-Hicom Bhd.		7,300		4,044
Eicher Motors Ltd.		450		127,950
Ford Otomotiv Sanayi A/S		5,629		70,539
Geely Automobile Holdings Ltd.		300,000		484,488
Great Wall Motor Co. Ltd., Class H(a)		187,500		125,565
Guangzhou Automobile Group Co. Ltd., Class H		150,000		152,223


Investments	Shares		Value ($)
Hero MotoCorp Ltd.		3,075		107,812
Hyundai Motor Co.		8,925		936,045
Hyundai Motor Co. (2nd Preference)		2,100		141,486
Hyundai Motor Co. (3rd Preference)		54		3,221
Hyundai Motor Co. (Preference)		1,200		73,701
Kia Motors Corp.		16,425		563,647
Mahindra & Mahindra Ltd.		19,125		152,006
Maruti Suzuki India Ltd.		3,375		326,988
NIO, Inc., ADR*(a)		15,200		57,456
Oriental Holdings Bhd.		22,800		35,774
Tata Motors Ltd.*		28,806		71,291
Tata Motors Ltd., Class A*		25,527		26,598
Tofas Turk Otomobil Fabrikasi A/S		6,639		29,285
TVS Motor Co. Ltd.		3,564		23,327
UMW Holdings Bhd.		20,800		19,897
Yadea Group Holdings Ltd.(a)(b)		900,000		232,971

				5,218,864

Banks - 14.3%
Absa Group Ltd.		42,750		391,717
Abu Dhabi Commercial Bank PJSC		170,175		354,435
Abu Dhabi Islamic Bank PJSC		67,650		105,905
AFFIN Bank Bhd.*		38,816		17,428
Agricultural Bank of China Ltd., Class H		1,725,000		670,904
Akbank T.A.S.*		139,593		192,655
Akbank T.A.S., ADR*		20,016		54,043
Al Khalij Commercial Bank PQSC		1,565,400		567,517
Al Rajhi Bank		36,225		641,082
Alinma Bank		21,375		147,551
Alior Bank SA*		2,987		20,468
Alliance Bank Malaysia Bhd.		73,800		44,122
Alpha Bank AE*		39,750		79,908
AMMB Holdings Bhd.		112,500		101,574
AU Small Finance Bank Ltd.(b)		2,288		34,127
Axis Bank Ltd.		61,800		631,619
Banco Bradesco SA*		33,392		244,975
Banco Bradesco SA (Preference)*		120,000		923,606
Banco Davivienda SA (Preference)		3,395		45,577
Banco de Bogota SA		6,450		167,603
Banco de Chile		1,115,850		109,810
Banco de Credito e Inversiones SA		1,575		65,721
Banco del Bajio SA(b)		25,800		42,495
Banco do Brasil SA*		75,000		851,928
Banco do Estado do Rio Grande do Sul SA (Preference), Class B		15,000		70,520
Banco Santander Chile		1,900,350		93,957
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		40,000		57,279
Bancolombia SA		8,550		105,944
Bancolombia SA (Preference)		14,100		184,018
Bandhan Bank Ltd.(b)		8,208		51,802
Bangkok Bank PCL, NVDR		30,000		138,595
Bank Al Habib Ltd.		787,500		408,801
Bank AlBilad		11,925		86,609
Bank Alfalah Ltd.		1,050,000		339,428


Investments	Shares		Value ($)
Bank Al-Jazira		13,908		55,751
Bank Central Asia Tbk. PT		315,000		747,419
Bank Handlowy w Warszawie SA		2,012		29,254
Bank Mandiri Persero Tbk. PT		510,000		281,985
Bank Millennium SA*		25,240		38,651
Bank Negara Indonesia Persero Tbk. PT		427,500		225,412
Bank of Ayudhya PCL, NVDR		90,000		80,847
Bank of Baroda*		41,116		53,413
Bank of China Ltd., Class H		4,725,000		1,843,778
Bank of Chongqing Co. Ltd., Class H		450,000		240,505
Bank of Communications Co. Ltd., Class H		1,350,000		869,296
Bank of the Philippine Islands		54,750		88,862
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT		249,600		18,005
Bank Pembangunan Daerah Jawa Timur Tbk. PT		2,685,000		122,895
Bank Polska Kasa Opieki SA		3,900		99,517
Bank Rakyat Indonesia Persero Tbk. PT		1,485,000		485,031
Bank Tabungan Negara Persero Tbk. PT		349,600		47,876
Bank Tabungan Pensiunan Nasional Syariah Tbk. PT*		91,200		29,454
Banque Saudi Fransi		13,275		131,264
BDO Unibank, Inc.		54,000		157,230
BIMB Holdings Bhd.		15,380		14,825
BNK Financial Group, Inc.*		18,450		104,491
BOC Hong Kong Holdings Ltd.		225,000		751,941
Canara Bank*		11,983		34,031
Capitec Bank Holdings Ltd.(a)		1,950		175,005
Chang Hwa Commercial Bank Ltd.		160,344		113,853
China Banking Corp.		978,074		482,976
China CITIC Bank Corp. Ltd., Class H		750,000		394,081
China Construction Bank Corp., Class H		6,075,000		4,655,082
China Everbright Bank Co. Ltd., Class H		225,000		90,697
China Merchants Bank Co. Ltd., Class H		225,000		1,098,211
China Minsheng Banking Corp. Ltd., Class H		375,000		263,687
Chongqing Rural Commercial Bank Co. Ltd., Class H		2,100,000		968,203
CIMB Group Holdings Bhd.		187,500		225,567
City Union Bank Ltd.		9,675		31,354
Commercial Bank PSQC (The)		52,500		69,212
Commercial International Bank Egypt SAE		42,225		227,374
Credicorp Ltd.		1,875		387,337
Credit Agricole Egypt SAE		6,777		18,868
Credit Bank of Moscow PJSC		435,690		39,389
CTBC Financial Holding Co. Ltd.		1,200,000		875,898
DCB Bank Ltd.		1,720		4,299
DGB Financial Group, Inc.*		6,764		36,889
Doha Bank QPSC		120,926		91,002


Investments	Shares		Value ($)
Dubai Islamic Bank PJSC		112,500		174,891
E.Sun Financial Holding Co. Ltd.		376,721		350,421
Emirates NBD Bank PJSC		79,350		297,049
Eurobank Ergasias SA*		150,900		139,384
Far Eastern International Bank		123,013		48,458
Federal Bank Ltd.		45,798		58,629
First Abu Dhabi Bank PJSC		127,875		538,934
First Financial Holding Co. Ltd.		304,120		237,586
Grupo Aval Acciones y Valores SA (Preference)		229,275		97,064
Grupo Bolivar SA		30,150		691,019
Grupo Elektra SAB de CV(a)		1,875		137,086
Grupo Financiero Banorte SAB de CV, Class O		150,000		920,473
Grupo Financiero Inbursa SAB de CV, Class O		67,500		76,677
Grupo Security SA		828,112		187,250
Habib Bank Ltd.		32,200		33,972
Hana Financial Group, Inc.		17,925		499,316
Hong Leong Bank Bhd.		22,500		87,848
Hong Leong Financial Group Bhd.		5,000		19,693
Housing & Development Bank		49,725		137,405
Hua Nan Financial Holdings Co. Ltd.		241,350		172,969
Huishang Bank Corp. Ltd.*‡(c)		158,000		—
Huishang Bank Corp. Ltd., Class H		1,725,000		637,581
ICICI Bank Ltd.		91,275		672,371
IDFC First Bank Ltd.*		76,061		43,383
Indian Bank*		97,575		141,459
IndusInd Bank Ltd.		14,550		256,683
Industrial & Commercial Bank of China Ltd., Class H		4,800,000		3,226,828
Industrial Bank of Korea		14,925		134,617
ING Bank Slaski SA		1,275		66,726
Intercorp Financial Services, Inc.*(b)		1,040		43,836
Itau CorpBanca		7,069,861		34,346
Itau Unibanco Holding SA (Preference)		142,500		1,094,448
Itausa - Investimentos Itau SA		31,109		95,513
Itausa - Investimentos Itau SA (Preference)		127,500		383,701
JB Financial Group Co. Ltd.*		12,283		52,663
Jiangxi Bank Co. Ltd., Class H(b)		375,000		197,523
Karur Vysya Bank Ltd. (The)		272,184		182,899
Kasikornbank PCL, NVDR		75,000		338,065
KB Financial Group, Inc.		23,924		882,213
Kiatnakin Bank PCL, NVDR		30,000		65,688
King’s Town Bank Co. Ltd.		52,000		59,042
Komercni banka A/S		2,400		82,749
Kotak Mahindra Bank Ltd.		23,700		561,882
Krung Thai Bank PCL, NVDR		217,500		112,344
LH Financial Group PCL, NVDR		3,532,500		154,129
Malayan Banking Bhd.		180,000		370,278
Masraf Al Rayan QSC		114,300		129,337
mBank SA*		532		50,910
MCB Bank Ltd.		50,900		69,385
Mega Financial Holding Co. Ltd.		300,000		313,317
Metropolitan Bank & Trust Co.		42,560		48,019


Investments	Shares		Value ($)
Moneta Money Bank A/S(b)		10,390		38,064
National Bank of Greece SA*		19,675		62,882
National Bank of Pakistan*		450,500		128,148
National Commercial Bank		39,975		500,220
Nedbank Group Ltd.		21,825		284,768
Oriental Bank of Commerce*		127,725		90,212
OTP Bank Nyrt.		6,375		295,420
Philippine National Bank*		532,500		333,140
Piraeus Bank SA*		9,431		33,675
Postal Savings Bank of China Co. Ltd., Class H(a)(b)		600,000		374,763
Powszechna Kasa Oszczednosci Bank Polski SA		22,950		202,405
Public Bank Bhd.		90,000		408,492
Punjab National Bank*		25,105		21,267
Qatar International Islamic Bank QSC		20,420		52,494
Qatar Islamic Bank SAQ		37,500		171,999
Qatar National Bank QPSC		125,025		701,871
RBL Bank Ltd.(b)		3,686		16,442
RHB Bank Bhd.		172,500		239,513
Riyad Bank		38,775		243,481
Rizal Commercial Banking Corp.		43,139		16,974
Samba Financial Group		28,575		230,763
Santander Bank Polska SA		975		71,989
Saudi Investment Bank (The)*		12,975		60,794
Sberbank of Russia PJSC		660,000		2,604,422
Sberbank of Russia PJSC (Preference)		66,738		237,144
Security Bank Corp.		13,750		47,880
Shanghai Commercial & Savings Bank Ltd. (The)		134,568		222,728
Shengjing Bank Co. Ltd., Class H(b)		525,000		464,494
Shinhan Financial Group Co. Ltd.		27,300		896,753
Siam Commercial Bank PCL (The), NVDR		97,500		306,545
SinoPac Financial Holdings Co. Ltd.		300,000		128,108
Standard Bank Group Ltd.		78,150		820,498
State Bank of India*		50,775		226,596
Syndicate Bank*		346,875		119,583
Taichung Commercial Bank Co. Ltd.		76,000		30,567
Taishin Financial Holding Co. Ltd.		694,278		325,202
Taiwan Business Bank		167,462		68,462
Taiwan Cooperative Financial Holding Co. Ltd.		312,000		214,823
Thanachart Capital PCL, NVDR		45,000		75,072
Tisco Financial Group PCL, NVDR		18,800		62,124
TMB Bank PCL, NVDR		1,230,000		55,640
Turkiye Garanti Bankasi A/S*		122,175		242,921
Turkiye Halk Bankasi A/S*		52,026		60,154
Turkiye Is Bankasi A/S, Class C*		96,225		116,563
Turkiye Sinai Kalkinma Bankasi A/S*		1,202,325		275,219
Turkiye Vakiflar Bankasi TAO, Class D*		57,228		63,109
Union Bank of India*		335,400		234,544


Investments	Shares		Value ($)
Union Bank of Taiwan*		175,296		67,022
Union Bank of the Philippines		356,250		445,050
United Bank Ltd.		21,500		23,630
VTB Bank PJSC		329,361,531		239,118
Woori Financial Group, Inc.		29,475		251,014
Yapi ve Kredi Bankasi A/S*		80,342		39,869
Yes Bank Ltd.		51,148		28,134

				53,825,263

Beverages - 0.5%
Ambev SA*		127,500		532,586
Anadolu Efes Biracilik ve Malt Sanayii A/S		10,922		45,221
Arca Continental SAB de CV		13,700		77,494
Becle SAB de CV(a)		10,700		19,819
Carabao Group PCL, NVDR		13,100		37,299
Carlsberg Brewery Malaysia Bhd.		5,100		40,695
China Resources Beer Holdings Co. Ltd.		39,107		182,569
Cia Cervecerias Unidas SA		5,700		50,292
Coca-Cola Embonor SA (Preference), Class B		4,368		6,001
Coca-Cola Femsa SAB de CV		15,000		91,135
Coca-Cola Icecek A/S		4,540		35,121
Distell Group Holdings Ltd.		3,420		29,641
Embotelladora Andina SA (Preference), Class B		9,513		24,829
Emperador, Inc.		145,600		20,681
Fomento Economico Mexicano SAB de CV(a)		52,500		472,800
Fraser & Neave Holdings Bhd.		3,700		29,669
Heineken Malaysia Bhd.		1,900		12,917
Hey Song Corp.		2,000		2,178
Hite Jinro Co. Ltd.*		1,790		45,056
Lotte Chilsung Beverage Co. Ltd.*		150		15,606
Osotspa PCL, NVDR		22,400		31,800
Tsingtao Brewery Co. Ltd., Class H		10,000		55,764
United Breweries Ltd.		1,379		24,427
United Spirits Ltd.*		6,536		56,697
Varun Beverages Ltd.		1,161		12,481
Vina Concha y Toro SA		1,616		2,902

				1,955,680

Biotechnology - 0.3%
3SBio, Inc.*(b)		33,480		43,031
ABLBio, Inc.*		1,133		16,779
Alteogen, Inc.*		151		8,083
Amicogen, Inc.*		514		10,178
Anterogen Co. Ltd.*		328		9,302
BeiGene Ltd.*		14,600		172,043
Biocon Ltd.		9,530		39,311
Celltrion, Inc.*		3,150		436,087
China Biologic Products Holdings, Inc.*		456		52,850
Genexine Co. Ltd.*		650		27,705
Green Cross Cell Corp.*		258		8,139
Green Cross Corp.*		300		31,086
Green Cross Holdings Corp.*		1,787		30,662
G-treeBNT Co. Ltd.*		525		11,761
Helixmith Co. Ltd.*		681		44,111


Investments	Shares		Value ($)
Hugel, Inc.*		104		38,158
Innovent Biologics, Inc.*(a)(b)		23,000		88,861
iNtRON Biotechnology, Inc.*		920		9,070
Medy-Tox, Inc.		161		43,889
OBI Pharma, Inc.*		2,584		10,521
PharmaEngine, Inc.		4,172		7,637
PharmaEssentia Corp.*		9,000		30,984
Seegene, Inc.*		999		25,230
SillaJen, Inc.*		2,522		27,509
TaiMed Biologics, Inc.*		8,000		24,496
Tanvex BioPharma, Inc.*		9,000		12,438
Zai Lab Ltd., ADR*		700		35,693

				1,295,614

Building Products - 0.2%
Astral Poly Technik Ltd.		237		4,063
China Lesso Group Holdings Ltd.		75,000		97,361
IS Dongseo Co. Ltd.*		1,106		26,586
Kajaria Ceramics Ltd.		2,608		21,215
Kyung Dong Navien Co. Ltd.*		208		7,173
LG Hausys Ltd.*		5,625		230,550
Taiwan Glass Industry Corp.		56,000		19,279
Trakya Cam Sanayii A/S		373,125		251,244
Xxentria Technology Materials Corp.		125,000		254,477

				911,948

Capital Markets - 1.7%
B3 SA - Brasil Bolsa Balcao		60,000		676,768
Banco BTG Pactual SA*		5,200		91,265
Bolsa Mexicana de Valores SAB de CV		6,900		15,873
Brait SE*		3,724		2,038
Bursa Malaysia Bhd.		17,700		23,971
Capital Securities Corp.		103,000		34,778
China Cinda Asset Management Co. Ltd., Class H		600,000		121,315
China Everbright Ltd.		48,000		74,304
China Galaxy Securities Co. Ltd., Class H		225,000		113,009
China Huarong Asset Management Co. Ltd., Class H(b)		600,000		79,589
China International Capital Corp. Ltd., Class H(a)(b)		30,400		53,323
China Merchants Securities Co. Ltd., Class H(a)(b)		660,000		763,281
CITIC Securities Co. Ltd., Class H(a)		150,000		292,856
Coronation Fund Managers Ltd.		7,009		19,626
CSC Financial Co. Ltd., Class H(b)		712,500		564,318
Daishin Securities Co. Ltd.*		564		5,040
Daishin Securities Co. Ltd. (Preference)*		1,603		11,432
Daou Technology, Inc.*		22,950		344,678
Dubai Financial Market PJSC*		67,052		17,270
Edelweiss Financial Services Ltd.		11,236		15,014
Egyptian Financial Group-Hermes Holding Co.		9,880		10,080
GF Securities Co. Ltd., Class H		90,000		99,563


Investments	Shares		Value ($)
Guotai Junan International Holdings Ltd.(a)		2,325,000		398,234
Guotai Junan Securities Co. Ltd., Class H(b)		34,800		55,932
Haitong Securities Co. Ltd., Class H		180,000		176,409
Hanwha Investment & Securities Co. Ltd.*		154,425		251,361
HDFC Asset Management Co. Ltd.(b)		862		38,344
Huatai Securities Co. Ltd., Class H(b)		45,000		71,514
IBF Financial Holdings Co. Ltd.		47,398		18,436
Indiabulls Ventures Ltd.		9,273		22,930
Investec Ltd.		9,525		53,374
Jih Sun Financial Holdings Co. Ltd.		99,410		32,907
JM Financial Ltd.		11,544		17,067
JSE Ltd.		4,205		30,838
KIWOOM Securities Co. Ltd.*		915		54,431
Korea Investment Holdings Co. Ltd.*		2,775		154,833
Kresna Graha Investama Tbk. PT*		187,300		6,584
Macquarie Korea Infrastructure Fund		11,250		109,494
Meritz Securities Co. Ltd.		22,050		67,712
Mirae Asset Daewoo Co. Ltd.*		19,800		114,462
Mirae Asset Daewoo Co. Ltd. (Preference)*		6,840		21,751
Moscow Exchange MICEX-RTS PJSC		40,711		70,031
NH Investment & Securities Co. Ltd.*		7,725		71,621
Nippon Life India Asset Management Ltd.(b)		5,244		26,724
Noah Holdings Ltd., ADR*(a)		800		27,144
PSG Konsult Ltd.		3,256		1,954
Reinet Investments SCA		7,950		170,984
Samsung Securities Co. Ltd.		4,200		124,219
Shenwan Hongyuan Group Co. Ltd., Class H*(b)		1,200,000		282,811
Shinyoung Securities Co. Ltd.		2,775		123,401
Warsaw Stock Exchange		1,040		11,221
Yuanta Securities Korea Co. Ltd.*		80,250		182,471

				6,218,585

Chemicals - 3.4%
Acron PJSC		380		28,765
Advanced Petrochemical Co.		3,851		49,472
AECI Ltd.		101,325		701,192
AK Holdings, Inc.*		5,100		129,869
Akzo Nobel India Ltd.		832		23,861
Alpek SAB de CV(a)		14,100		13,207
Asian Paints Ltd.		9,000		226,477
Barito Pacific Tbk. PT*		757,500		72,394
Batu Kawan Bhd.		17,400		69,294
Berger Paints India Ltd.		5,453		42,805
Braskem SA (Preference), Class A		7,700		56,850
Castrol India Ltd.		9,090		17,204


Investments	Shares		Value ($)
Chambal Fertilizers and Chemicals Ltd.		5,408		13,714
Chandra Asri Petrochemical Tbk. PT		51,500		33,095
China General Plastics Corp.		300,000		189,679
China Lumena New Materials Corp.*‡(c)		888,000		—
China Man-Made Fiber Corp.		1,200,425		298,825
China Petrochemical Development Corp.		76,000		20,378
China Risun Group Ltd., Class H(a)(b)		900,000		293,243
China Steel Chemical Corp.		8,000		31,779
Ciech SA*		21,300		213,881
Coromandel International Ltd.		1,898		16,806
D&L Industries, Inc.		110,800		19,182
DCM Shriram Ltd.		35,025		182,126
Dongjin Semichem Co. Ltd.*		206		3,025
Dongyue Group Ltd.		1,050,000		482,749
Eastern Polymer Group PCL, NVDR		52,200		9,462
Ecopro Co. Ltd.		624		10,733
Egypt Kuwait Holding Co. SAE		36,677		46,580
ENF Technology Co. Ltd.*		8,325		194,531
Engro Corp. Ltd.		21,970		48,523
Engro Fertilizers Ltd.		543,000		237,661
Eternal Materials Co. Ltd.		46,010		41,046
Fauji Fertilizer Co. Ltd.		61,000		41,482
Finolex Industries Ltd.		145		1,139
Foosung Co. Ltd.*		1,768		12,490
Formosa Chemicals & Fibre Corp.		111,000		311,957
Formosa Plastics Corp.		122,000		377,199
Fufeng Group Ltd.*(a)		975,000		379,206
Grand Pacific Petrochemical*		675,000		380,971
Grupa Azoty SA*		3,090		19,820
Hansol Chemical Co. Ltd.*		224		20,486
Hanwha Solutions Corp.		7,275		102,852
Huabao International Holdings Ltd.		750,000		243,403
Huchems Fine Chemical Corp.*		398		6,512
Indorama Ventures PCL, NVDR		135,000		122,353
Kansai Nerolac Paints Ltd.		2,196		15,367
KCC Corp.		170		28,741
Kolon Industries, Inc.*		822		29,139
Korea Petrochemical Ind Co. Ltd.*		3,565		279,672
Kumho Petrochemical Co. Ltd.		1,200		65,847
LG Chem Ltd.*		1,425		403,522
LG Chem Ltd. (Preference)*		152		22,892
Lotte Chemical Corp.*		900		143,097
Lotte Chemical Titan Holding Bhd.(b)		41,200		20,610
LOTTE Fine Chemical Co. Ltd.*		1,217		39,874
Mesaieed Petrochemical Holding Co.		122,475		73,667
Misr Fertilizers Production Co. SAE		1,204		4,317
Miwon Specialty Chemical Co. Ltd.		2,625		163,863
Namhae Chemical Corp.*		1,040		6,763
Nan Ya Plastics Corp.		169,000		389,927
National Industrialization Co.*		14,935		51,031


Investments	Shares		Value ($)
National Petrochemical Co.		4,256		28,698
Nizhnekamskneftekhim PJSC		36,480		63,215
OCI Co. Ltd.*		721		33,756
Orbia Advance Corp. SAB de CV		37,500		87,635
Oriental Union Chemical Corp.		34,000		22,228
Petkim Petrokimya Holding A/S*		90,370		60,851
Petronas Chemicals Group Bhd.		75,000		113,287
PhosAgro PJSC		1,741		67,258
PI Industries Ltd.		1,268		27,665
Pidilite Industries Ltd.		3,750		79,462
PTT Global Chemical PCL, NVDR		97,500		153,272
Sahara International Petrochemical Co.		11,932		54,953
Sasa Polyester Sanayi A/S		2,128		2,898
Sasol Ltd.		34,350		547,718
Saudi Arabian Fertilizer Co.		5,625		112,440
Saudi Basic Industries Corp.		25,350		591,185
Saudi Industrial Investment Group		15,225		95,765
Saudi Kayan Petrochemical Co.*		24,450		64,839
Scientex Bhd.		8,700		19,213
Shinkong Synthetic Fibers Corp.		1,275,000		489,589
Sinofert Holdings Ltd.*		1,370,000		134,091
Sinopec Shanghai Petrochemical Co. Ltd., Class H		2,700,000		691,960
SK Chemicals Co. Ltd.*		213		10,347
SK Discovery Co. Ltd.*		228		4,457
SK Materials Co. Ltd.*		65		8,524
SKC Co. Ltd.*		956		41,790
SKCKOLONPI, Inc.*		520		16,994
Sociedad Quimica y Minera de Chile SA (Preference), Class B		3,225		89,814
Soda Sanayii A/S		30,857		34,286
Solar Industries India Ltd.		1,040		18,469
Songwon Industrial Co. Ltd.*		15,525		171,291
Soulbrain Co. Ltd.*		835		68,588
SRF Ltd.		774		41,045
Supreme Industries Ltd.		1,204		23,526
Taekwang Industrial Co. Ltd.*		30		23,484
Taiwan Styrene Monomer		375,000		239,581
Tata Chemicals Ltd.		1,541		16,222
TOA Paint Thailand PCL, NVDR		12,000		13,859
TSRC Corp.		34,000		25,886
Unid Co. Ltd.		4,725		174,435
Unipar Carbocloro SA (Preference)		37,500		286,960
UPL Ltd.		17,226		127,111
Vinythai PCL, NVDR		157,500		121,776
Yanbu National Petrochemical Co.		8,325		116,932

				12,793,962

Commercial Services & Supplies - 0.1%
China Everbright International Ltd.		225,000		161,110
Cleanaway Co. Ltd.		3,000		15,691
Country Garden Services Holdings Co. Ltd.		37,887		123,933
ECOVE Environment Corp.		1,000		7,051
Greentown Service Group Co. Ltd.(a)(b)		30,000		31,835
KEPCO Plant Service & Engineering Co. Ltd.*		1,144		36,042


Investments	Shares		Value ($)
S-1 Corp.		684		52,282
Sunny Friend Environmental Technology Co. Ltd.		3,000		26,416
Taiwan Secom Co. Ltd.		11,165		32,820
Taiwan Shin Kong Security Co. Ltd.		8,240		10,106

				497,286

Communications Equipment - 0.2%
Accton Technology Corp.		17,000		91,728
Advanced Ceramic X Corp.		1,000		10,129
Gemtek Technology Corp.*		300,000		235,857
KMW Co. Ltd.*		618		25,693
Seojin System Co. Ltd.*		10,950		249,438
Sterlite Technologies Ltd.		81,818		143,152
Wistron NeWeb Corp.		10,093		23,621
ZTE Corp., Class H*		23,400		76,394

				856,012

Construction & Engineering - 1.7%
Acter Group Corp. Ltd.		44,000		249,793
BES Engineering Corp.		55,000		13,400
Budimex SA		460		21,773
CH Karnchang PCL, NVDR		737		471
China Communications Construction Co. Ltd., Class H		300,000		213,267
China Communications Services Corp. Ltd., Class H		2,100,000		1,425,260
China Energy Engineering Corp. Ltd., Class H		5,400,000		632,848
China Railway Construction Corp. Ltd., Class H		133,500		131,181
China Railway Group Ltd., Class H		225,000		124,309
China State Construction International Holdings Ltd.		108,000		86,373
Continental Holdings Corp.		369,000		155,129
CTCI Corp.		23,000		28,703
Daelim Industrial Co. Ltd.*		1,875		127,428
Daewoo Engineering & Construction Co. Ltd.*		16,050		58,579
Dilip Buildcon Ltd.(b)		28,520		163,408
Engineers India Ltd.		7,880		10,104
Gamuda Bhd.		73,300		69,043
GEK Terna Holding Real Estate Construction SA*		1,216		11,050
GS Engineering & Construction Corp.*		4,725		111,004
HDC Holdings Co. Ltd.*		35,068		295,703
HDC Hyundai Development Co-Engineering & Construction, Class E*		1,236		21,674
Hyundai Engineering & Construction Co. Ltd.*		4,950		158,653
IJM Corp. Bhd.		86,400		44,697
Kalpataru Power Transmission Ltd.		542		3,380
KEC International Ltd.		516		2,447
KEPCO Engineering & Construction Co., Inc.*		602		9,950
Kumho Industrial Co. Ltd.*		18,900		150,172
Larsen & Toubro Ltd.		8,479		162,696


Investments	Shares		Value ($)
Larsen & Toubro Ltd., GDR(b)		296		5,606
Malaysian Resources Corp. Bhd.		83,200		13,603
Metallurgical Corp. of China Ltd., Class H		2,625,000		513,851
PP Persero Tbk. PT		2,842,500		287,268
Samsung Engineering Co. Ltd.*		5,445		78,807
Sinopec Engineering Group Co. Ltd., Class H		1,200,000		652,166
Sino-Thai Engineering & Construction PCL, NVDR		41,571		20,139
Sterling & Wilson Solar Ltd.*(b)		15,225		62,569
Taeyoung Engineering & Construction Co. Ltd.*		2,884		33,393
Tekfen Holding A/S		13,958		44,894
Totalindo Eka Persada Tbk. PT*		262,900		3,466
United Integrated Services Co. Ltd.		5,000		31,117
Voltas Ltd.		1,251		12,170
Waskita Karya Persero Tbk. PT		385,600		34,734
Wijaya Karya Persero Tbk. PT		164,800		22,810

				6,299,088

Construction Materials - 1.5%
ACC Ltd.		1,926		40,610
Ambuja Cements Ltd.		20,064		57,500
Anhui Conch Cement Co. Ltd., Class H		75,000		483,908
Asia Cement China Holdings Corp.		38,000		48,351
Asia Cement Corp.		150,000		224,188
BBMG Corp., Class H		1,950,000		527,373
Cahya Mata Sarawak Bhd.		32,900		17,341
Cementos Argos SA		5,520		10,476
Cementos Argos SA (Preference)		10,296		15,542
Cementos Pacasmayo SAA		4,992		9,081
CEMEX Latam Holdings SA*		7,998		9,784
Cemex SAB de CV(a)		907,500		364,573
Chia Hsin Cement Corp.		450,000		306,117
China National Building Material Co. Ltd., Class H		252,050		243,776
China Resources Cement Holdings Ltd.		150,000		169,803
China Shanshui Cement Group Ltd.*		1,125,000		385,388
Dalmia Bharat Ltd.		1,648		20,175
Eagle Cement Corp.		62,400		15,591
Eugene Corp.*		50,025		174,396
Grasim Industries Ltd.		8,250		90,053
Grupo Argos SA		7,752		39,563
Grupo Argos SA (Preference)		5,396		20,481
Grupo Cementos de Chihuahua SAB de CV(a)		2,700		13,975
Hanil Cement Co. Ltd.*		1,950		126,799
Huaxin Cement Co. Ltd., Class B		277,500		482,850
Indocement Tunggal Prakarsa Tbk. PT		52,500		63,342
Lucky Cement Ltd.		10,400		32,077
POSCO Chemical Co. Ltd.		1,144		55,096
Qatar National Cement Co. QSC		988		1,411
Ramco Cements Ltd. (The)		268		2,935
Saudi Cement Co.		2,237		40,185


Investments	Shares		Value ($)
Semen Indonesia Persero Tbk. PT		90,000		78,762
Shree Cement Ltd.		300		96,725
Siam Cement PCL (The), NVDR		15,000		172,281
Siam City Cement PCL, NVDR		4,700		28,197
Southern Province Cement Co.		1,634		30,311
Ssangyong Cement Industrial Co. Ltd.		6,660		27,744
Taiwan Cement Corp.		300,000		417,591
TPI Polene PCL, NVDR		377,200		18,999
UltraTech Cement Ltd.		3,220		199,276
Waskita Beton Precast Tbk. PT		9,712,500		184,932
West China Cement Ltd.		2,250,000		365,105
Yanbu Cement Co.		2,888		31,366

				5,744,029

Consumer Finance - 1.0%
360 Finance, Inc., ADR*(a)		45,000		410,850
AEON Credit Service M Bhd.		4,400		13,937
Aju Capital Co. Ltd.*		13,500		144,985
Bajaj Finance Ltd.		5,475		334,980
Cholamandalam Investment and Finance Co. Ltd.		9,985		45,834
Gentera SAB de CV		907,500		1,020,806
KRUK SA		1		42
Krungthai Card PCL, NVDR		36,800		40,436
LexinFintech Holdings Ltd., ADR*(a)		52,575		699,247
Mahindra & Mahindra Financial Services Ltd.		9,847		50,969
Manappuram Finance Ltd.		6,929		18,260
Muangthai Capital PCL, NVDR		20,600		42,958
Muthoot Finance Ltd.		3,784		40,442
Qudian, Inc., ADR*(a)		103,082		296,876
Safmar Financial Investment		52,078		390,149
Samsung Card Co. Ltd.		1,140		36,299
Shriram Transport Finance Co. Ltd.		4,500		64,359
Srisawad Corp. PCL, NVDR		27,303		65,695
Sundaram Finance Ltd.		1,310		30,142
Transaction Capital Ltd.		17,028		27,779
Yixin Group Ltd.*(a)(b)		122,000		25,767
Yulon Finance Corp.		1,100		4,042

				3,804,854

Containers & Packaging - 0.4%
Cheng Loong Corp.		900,000		586,911
Greatview Aseptic Packaging Co. Ltd.		12,000		4,791
Klabin SA		22,500		109,255
Lock&Lock Co. Ltd.*		728		8,521
Taiwan Hon Chuan Enterprise Co. Ltd.		225,000		449,866
Vitro SAB de CV, Series A		97,500		212,956

				1,372,300

Distributors - 0.0%(d)
Inter Cars SA		402		24,562

Diversified Consumer Services - 0.4%
China Education Group Holdings Ltd.(a)(b)		13,000		16,022


Investments	Shares		Value ($)
China Maple Leaf Educational Systems Ltd.(a)		56,000		20,193
China Yuhua Education Corp. Ltd.(b)		28,000		19,580
Cogna Educacao		45,000		122,366
Fu Shou Yuan International Group Ltd.		42,000		35,483
Lung Yen Life Service Corp.		14,000		28,548
MegaStudyEdu Co. Ltd.*		7,350		273,193
New Oriental Education & Technology Group, Inc., ADR*		3,450		419,348
TAL Education Group, ADR*		11,475		572,602
Virscend Education Co. Ltd.*(b)		67,000		15,531
Wisdom Education International Holdings Co. Ltd.(b)		40,000		15,248
YDUQS Part		7,500		92,512

				1,630,626

Diversified Financial Services - 0.9%
Aditya Birla Capital Ltd.*		14,160		19,685
Bajaj Holdings & Investment Ltd.		1,005		48,650
Bank of Greece		15,975		281,486
Chailease Holding Co. Ltd.		37,827		159,026
China Shandong Hi-Speed Financial Group Ltd.*(a)		7,650,000		234,971
Corp. Financiera Colombiana SA*		5,016		47,596
CSSC Hong Kong Shipping Co. Ltd.(b)		1,050,000		152,803
Far East Horizon Ltd.		150,000		133,292
FirstRand Ltd.		110,250		424,844
Grupo de Inversiones Suramericana SA		15,600		145,750
Grupo de Inversiones Suramericana SA (Preference)		7,200		58,650
Haci Omer Sabanci Holding A/S		77,100		125,602
Hankook Technology Group Co. Ltd.*		2,460		27,348
Inversiones La Construccion SA		28,671		261,379
L&T Finance Holdings Ltd.		25,376		41,661
Meritz Financial Group, Inc.		947		8,502
Metro Pacific Investments Corp.		836,000		52,795
NICE Holdings Co. Ltd.*		728		13,560
Power Finance Corp. Ltd.*		40,092		65,539
PSG Group Ltd.		5,250		74,990
REC Ltd.		41,700		83,976
Remgro Ltd.		31,875		387,825
RMB Holdings Ltd.		23,625		116,129
Yuanta Financial Holding Co. Ltd.		750,000		489,093

				3,455,152

Diversified Telecommunication Services - 1.5%
Asia Pacific Telecom Co. Ltd.*		68,164		17,826
Bharti Infratel Ltd.		25,800		89,775
China Telecom Corp. Ltd., Class H		900,000		352,355
China Tower Corp. Ltd., Class H(b)		1,350,000		283,391
China Unicom Hong Kong Ltd.		150,000		126,338
Chunghwa Telecom Co. Ltd.		112,000		400,410
CITIC Telecom International Holdings Ltd.		1,350,000		469,420


Investments	Shares		Value ($)
Emirates Telecommunications Group Co. PJSC		49,200		218,071
Hellenic Telecommunications Organization SA		7,725		115,571
Jasmine International PCL, NVDR		76,400		12,378
LG Uplus Corp.*		14,550		161,755
Link Net Tbk. PT		31,200		8,386
Magyar Telekom Telecommunications plc		381,375		568,243
O2 Czech Republic A/S		3,092		31,908
Oi SA*		4,882,500		1,119,722
Ooredoo QPSC		51,900		98,782
Orange Polska SA*		14,014		25,308
Rostelecom PJSC		72,832		100,283
Rostelecom PJSC (Preference)		15,392		18,737
Sarana Menara Nusantara Tbk. PT		963,500		59,623
Saudi Telecom Co.		17,700		430,706
Telecom Egypt Co.		37,657		29,411
Telefonica Brasil SA (Preference)		24,889		345,909
Telekom Malaysia Bhd.		60,000		56,515
Telekomunikasi Indonesia Persero Tbk. PT		1,312,500		365,251
Telesites SAB de CV*		22,200		16,311
Telkom SA SOC Ltd.		17,936		38,576
TIME dotCom Bhd.		3,000		6,786
Tower Bersama Infrastructure Tbk. PT		406,500		34,532
True Corp. PCL, NVDR		338,400		40,821
Turk Telekomunikasyon A/S*		19,746		25,569

				5,668,669

Electric Utilities - 1.5%
Adani Transmission Ltd.*		6,748		31,405
Alupar Investimento SA		3,500		24,227
Celsia SA ESP		11,648		15,423
Centrais Eletricas Brasileiras SA		18,300		167,958
Centrais Eletricas Brasileiras SA (Preference), Class B		15,000		143,462
CESC Ltd.		55,800		555,400
CEZ A/S		5,100		111,766
Cia de Transmissao de Energia Eletrica Paulista (Preference)		15,000		77,927
Cia Energetica de Minas Gerais*		6,200		24,157
Cia Energetica de Minas Gerais (Preference)*		30,000		104,955
Cia Paranaense de Energia (Preference)		7,500		128,860
EDP - Energias do Brasil SA*		15,000		78,453
Enea SA*		17,968		33,213
Enel Americas SA		2,260,772		445,246
Enel Chile SA		637,428		60,420
Energa SA*		181,466		335,896
Energisa SA		7,500		96,829
Enerjisa Enerji A/S(b)		7,676		10,401
Engie Energia Chile SA		32,626		45,639
Equatorial Energia SA		52,500		292,892
Federal Grid Co. Unified Energy System PJSC		20,265,298		69,486
First Philippine Holdings Corp.		191,250		250,773


Investments	Shares		Value ($)
Inter RAO UES PJSC		2,174,292		196,808
Interconexion Electrica SA ESP		12,225		67,103
Korea District Heating Corp.*		2,775		97,091
Korea Electric Power Corp.		7,125		151,545
Light SA		7,600		40,728
Manila Electric Co.		9,750		49,105
Moscow United Electric Grid Co. PJSC		12,300,000		240,375
Mosenergo PJSC		6,975,000		252,322
PGE Polska Grupa Energetyczna SA*		55,650		98,418
Power Grid Corp. of India Ltd.		98,250		257,268
ROSSETI PJSC		1,466,436		36,753
RusHydro PJSC		7,156,324		77,127
Saudi Electricity Co.		23,775		125,719
SJVN Ltd.		347,325		123,388
Tata Power Co. Ltd. (The)		40,668		33,112
Tauron Polska Energia SA*		950,175		364,006
Tenaga Nasional Bhd.		82,500		250,842
TGC-1 PJSC		645,000,000		133,216
Torrent Power Ltd.		5,978		25,954
Transmissora Alianca de Energia Eletrica SA		7,600		55,063

				5,780,731

Electrical Equipment - 0.8%
ABB India Ltd.		2,058		37,802
ABB Power Products & Systems India Ltd.*(c)		412		789
AcBel Polytech, Inc.		375,000		289,235
Bharat Heavy Electricals Ltd.		37,473		22,450
Bizlink Holding, Inc.		1,103		8,179
China High Speed Transmission Equipment Group Co. Ltd.		20,000		12,054
Doosan Heavy Industries & Construction Co. Ltd.*		10,271		47,139
Ecopro BM Co. Ltd.		515		22,858
ElSewedy Electric Co.		56,334		40,218
Feelux Co. Ltd.*		1,427		7,471
Finolex Cables Ltd.		2,600		14,478
Graphite India Ltd.		43,950		183,788
Gunkul Engineering PCL, NVDR		144,480		12,237
Havells India Ltd.		6,300		53,220
Honbridge Holdings Ltd.*		3,506,000		142,229
Kung Long Batteries Industrial Co. Ltd.		5,000		25,075
LS Corp.*		1,800		60,184
LS Industrial Systems Co. Ltd.*		927		40,989
Shanghai Electric Group Co. Ltd., Class H		2,700,000		803,230
Shihlin Electric & Engineering Corp.		16,000		23,887
Taihan Electric Wire Co. Ltd.*		7,800		3,920
Teco Electric and Machinery Co. Ltd.		75,000		67,157
V-Guard Industries Ltd.		1,032		3,261
Voltronic Power Technology Corp.		1,389		33,611
Walsin Lihwa Corp.		150,000		73,488
WEG SA		22,500		207,506


Investments	Shares		Value ($)
Xinjiang Goldwind Science & Technology Co. Ltd., Class H(a)		675,000		715,431
Zhuzhou CRRC Times Electric Co. Ltd., Class H		20,200		68,418

				3,020,304

Electronic Equipment, Instruments & Components - 3.5%
AAC Technologies Holdings, Inc.(a)		20,500		147,185
Asia Optical Co., Inc.		13,000		37,224
AU Optronics Corp.		600,000		200,602
Aurora Corp.		4,900		14,598
BH Co. Ltd.*		19,800		352,192
Camsing International Holding Ltd.*(c)		22,000		3,287
Career Technology MFG. Co. Ltd.		11,330		11,270
Chang Wah Electromaterials, Inc.		26,000		140,289
Chilisin Electronics Corp.		181,490		708,922
China Railway Signal & Communication Corp. Ltd., Class H(b)		1,275,000		619,036
Chroma ATE, Inc.		12,000		59,783
Compeq Manufacturing Co. Ltd.		33,000		44,679
Concraft Holding Co. Ltd.		3,512		15,637
Coretronic Corp.*		375,000		454,335
Daea TI Co. Ltd.*		1,964		7,745
Daeduck Electronics Co.		618		4,719
Delta Electronics, Inc.		59,000		279,288
Elite Material Co. Ltd.		11,000		42,057
Flytech Technology Co. Ltd.		235		563
Foxconn Technology Co. Ltd.		75,000		150,204
General Interface Solution Holding Ltd.		13,000		43,464
Genius Electronic Optical Co. Ltd.		3,237		57,434
Hana Microelectronics PCL, NVDR		22,400		25,332
Hannstar Board Corp.		271,343		338,179
HannStar Display Corp.		103,000		25,572
Hollysys Automation Technologies Ltd.		48,178		718,334
Hon Hai Precision Industry Co. Ltd.		766,000		2,109,676
Honeywell Automation India Ltd.		76		29,824
Iljin Materials Co. Ltd.*		936		37,696
Inari Amertron Bhd.		78,000		33,499
Innolux Corp.		600,000		174,782
ITEQ Corp.		7,000		30,819
Kaimei Electronic Corp.		150,000		189,430
KCE Electronics PCL, NVDR		27,600		16,558
Kingboard Holdings Ltd.		38,000		101,302
Kingboard Laminates Holdings Ltd.		64,000		66,432
L&F Co. Ltd.		574		11,077
Largan Precision Co. Ltd.		3,300		524,893
LG Display Co. Ltd.		14,925		192,847
LG Innotek Co. Ltd.		553		70,526
Lotes Co. Ltd.		3,256		33,951
Mcnex Co. Ltd.		10,650		315,877
Merry Electronics Co. Ltd.		4,161		20,386
Pan-International Industrial Corp.		343,000		230,491


Investments	Shares		Value ($)
Partron Co. Ltd.		38,795		362,935
Prosperity Dielectrics Co. Ltd.		75,000		152,190
Redington India Ltd.		253,575		408,307
Samsung Electro-Mechanics Co. Ltd.		1,800		188,782
Samsung SDI Co. Ltd.		1,575		364,727
SFA Engineering Corp.*		1,204		41,216
Simplo Technology Co. Ltd.		6,200		65,881
Sinbon Electronics Co. Ltd.		3,253		13,891
Sunny Optical Technology Group Co. Ltd.		21,800		355,711
Supreme Electronics Co. Ltd.		337,000		364,789
Synnex Technology International Corp.		93,000		115,446
Taiwan PCB Techvest Co. Ltd.		225,000		247,277
Taiwan Union Technology Corp.		7,000		29,312
Telcon RF Pharmaceutical, Inc.*		2,328		9,522
Tong Hsing Electronic Industries Ltd.		6,000		30,090
Tripod Technology Corp.		30,000		111,722
Unimicron Technology Corp.		41,000		52,456
VS Industry Bhd.		22,800		7,511
Wah Lee Industrial Corp.		150,000		276,573
Walsin Technology Corp.		9,378		65,347
Wintek Corp.*‡(c)		64,000		—
WiSoL Co. Ltd.*		18,075		203,976
WPG Holdings Ltd.		101,440		127,602
WT Microelectronics Co. Ltd.		483,182		612,595
Yageo Corp.		17,575		224,858
Zhen Ding Technology Holding Ltd.		37,150		146,957

				13,271,669

Energy Equipment & Services - 0.1%
China Oilfield Services Ltd., Class H		50,000		73,279
Dialog Group Bhd.		127,500		101,739
Gulf International Services QSC*		23,256		9,964
Sapura Energy Bhd.		195,700		11,700
Serba Dinamik Holdings Bhd.		54,180		29,747
TMK PJSC		314,250		273,679
Yinson Holdings Bhd.		25,000		37,823

				537,931

Entertainment - 0.7%
Alibaba Pictures Group Ltd.*(a)		520,000		74,335
Bilibili, Inc., ADR*(a)		2,660		57,323
CD Projekt SA		2,175		157,898
CJ CGV Co. Ltd.*		670		14,757
Com2uSCorp		367		31,347
Gamania Digital Entertainment Co. Ltd.		6,000		11,142
iDreamSky Technology Holdings Ltd.*(b)		450,000		287,447
IMAX China Holding, Inc.(b)		1,900		3,538
International Games System Co. Ltd.		2,000		32,176
iQIYI, Inc., ADR*(a)		7,876		175,162
Jcontentree Corp.*		239		7,861
JYP Entertainment Corp.*		1,093		22,651


Investments	Shares		Value ($)
Major Cineplex Group PCL, NVDR		25,300		17,208
Nan Hai Corp. Ltd.(a)		15,000,000		179,655
NCSoft Corp.*		450		240,131
NetDragon Websoft Holdings Ltd.		225,000		548,236
NetEase, Inc., ADR		2,025		649,539
Netmarble Corp.*(b)		1,275		95,851
NHN Corp.*		624		39,528
Pearl Abyss Corp.*		108		16,456
PVR Ltd.		1,040		28,520
SM Entertainment Co. Ltd.*		831		22,904
SMI Holdings Group Ltd.*(c)		72,000		21,698
Soft-World International Corp.		5,000		13,423
Webzen, Inc.*		474		5,826
Wemade Co. Ltd.*		723		19,412
XPEC Entertainment, Inc.*‡(c)		14,800		—

				2,774,024

Equity Real Estate Investment Trusts (REITs) - 1.1%
Attacq Ltd.		22,672		17,428
Concentradora Fibra Danhos SA de CV		18,800		28,829
CPN Retail Growth Leasehold REIT		44,100		51,287
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S		1,731,675		483,191
Equites Property Fund Ltd.		11,527		15,262
Fibra Uno Administracion SA de CV		82,500		135,232
Fortress REIT Ltd., Class A		76,950		94,652
Fortress REIT Ltd., Class B		37,279		18,615
Growthpoint Properties Ltd.		176,175		247,710
Hyprop Investments Ltd.		222,101		797,665
IGB REIT		68,800		32,234
Investec Property Fund Ltd.		419,325		391,104
KLCCP Stapled Group		18,100		34,584
Korea Asset In Trust Co. Ltd.		47,438		117,018
Macquarie Mexico Real Estate Management SA de CV(b)		19,100		25,846
Pavilion REIT		46,200		19,278
PLA Administradora Industrial S de RL de CV		708,000		1,148,189
Prologis Property Mexico SA de CV		10,400		22,985
Redefine Properties Ltd.		324,000		155,309
Resilient REIT Ltd.		6,232		27,048
Sunway REIT		39,400		17,498
Vukile Property Fund Ltd.		32,833		39,182
YTL Hospitality REIT		43,000		13,956
Yuexiu REIT		56,000		36,853

				3,970,955

Food & Staples Retailing - 0.9%
Abdullah Al Othaim Markets Co.		1,957		46,474
Al Meera Consumer Goods Co. QSC		1,990		8,614
Atacadao SA*		7,700		40,705
Avenue Supermarts Ltd.*(b)		3,225		96,444
Berli Jucker PCL		500		658
Berli Jucker PCL, NVDR		44,500		58,534


Investments	Shares		Value ($)
BGF retail Co. Ltd.*		264		36,548
Bid Corp. Ltd.		10,500		232,583
BIM Birlesik Magazalar A/S		13,800		112,475
Cencosud SA		48,975		60,551
Cia Brasileira de Distribuicao (Preference)*		3,933		78,306
Clicks Group Ltd.		8,400		136,801
Cosco Capital, Inc.		2,430,000		290,663
CP ALL PCL, NVDR		120,000		272,377
Dino Polska SA*(b)		1,596		66,861
Dis-Chem Pharmacies Ltd.(b)		17,784		30,518
Dongsuh Cos., Inc.		2,427		33,192
E-MART, Inc.*		1,200		111,759
Eurocash SA		4,433		22,228
Grupo Comercial Chedraui SA de CV		10,400		13,672
GS Retail Co. Ltd.*		1,264		42,050
Hyundai Greenfood Co. Ltd.*		2,808		24,267
InRetail Peru Corp.(b)		1,467		55,159
Magnit PJSC		4,350		253,671
Massmart Holdings Ltd.		5,387		19,168
Migros Ticaret A/S*		152		640
Organizacion Soriana SAB de CV, Class B		17,200		21,766
Philippine Seven Corp.		5,321		14,451
Pick n Pay Stores Ltd.		13,275		57,483
President Chain Store Corp.		18,000		177,861
Puregold Price Club, Inc.		26,060		19,585
Raia Drogasil SA*		7,500		218,019
Shoprite Holdings Ltd.		13,650		106,528
Sok Marketler Ticaret A/S*		7,298		13,169
SPAR Group Ltd. (The)		4,950		63,270
Sun Art Retail Group Ltd.		75,000		89,538
Taiwan FamilyMart Co. Ltd.		3,000		21,649
Taiwan TEA Corp.		8,000		4,197
Wal-Mart de Mexico SAB de CV		142,500		413,158

				3,365,592

Food Products - 1.7%
Alicorp SAA		17,026		45,902
Almarai Co. JSC		8,175		103,495
Astra Agro Lestari Tbk. PT		20,800		18,089
Avanti Feeds Ltd.		2,250		20,877
AVI Ltd.		11,025		56,891
Binggrae Co. Ltd.*		321		14,247
Bombay Burmah Trading Co.		14,400		228,489
BRF SA*		23,100		165,145
Britannia Industries Ltd.		1,725		77,374
Camil Alimentos SA*		99,400		209,116
Century Pacific Food, Inc.		17,700		5,223
Charoen Pokphand Foods PCL, NVDR		97,500		93,840
Charoen Pokphand Indonesia Tbk. PT		232,700		113,325
China Agri-Industries Holdings Ltd.		152,000		81,629
China Foods Ltd.(a)		46,789		17,716
China Huiyuan Juice Group Ltd.*(c)		24,000		6,243


Investments	Shares		Value ($)
China Mengniu Dairy Co. Ltd.*		75,000		278,175
China Modern Dairy Holdings Ltd.*		76,000		9,494
CJ CheilJedang Corp.*		206		41,050
CJ CheilJedang Corp. (Preference)*		104		8,988
CP Pokphand Co. Ltd.		204,000		17,865
Daesang Corp.*		18,069		317,612
Dali Foods Group Co. Ltd.(b)		45,500		32,170
Dongwon F&B Co. Ltd.*		79		13,920
Dongwon Industries Co. Ltd.*		1,143		193,721
Dutch Lady Milk Industries Bhd.		700		7,003
FGV Holdings Bhd.*		38,800		11,456
Genting Plantations Bhd.		10,400		26,647
GlaxoSmithKline Consumer Healthcare Ltd.		214		26,492
Gruma SAB de CV, Class B(a)		7,125		75,626
Grupo Bimbo SAB de CV, Series A(a)		45,000		80,423
Grupo Lala SAB de CV(a)		16,800		15,043
Grupo Nutresa SA		7,652		55,317
Harim Holdings Co. Ltd.*		7		46
Health & Happiness H&H International Holdings Ltd.		10,000		42,435
Indofood CBP Sukses Makmur Tbk. PT		57,100		47,566
Indofood Sukses Makmur Tbk. PT		157,500		90,255
Industrias Bachoco SAB de CV, Series B		7,300		29,246
IOI Corp. Bhd.		90,000		99,707
Japfa Comfeed Indonesia Tbk. PT		350,200		38,469
JBS SA		30,000		193,623
Juhayna Food Industries		35,793		21,634
Kernel Holding SA		2,533		30,692
KRBL Ltd.		2,726		10,110
Kuala Lumpur Kepong Bhd.		15,000		83,455
Lien Hwa Industrial Holdings Corp.		23,967		29,910
Lotte Food Co. Ltd.*		450		135,923
Mayora Indah Tbk. PT		83,900		11,797
Minerva SA*		127,500		355,953
Namchow Holdings Co. Ltd.		6,000		9,851
Namyang Dairy Products Co. Ltd.*		35		12,069
Naturecell Co. Ltd.*		782		3,878
Nestle India Ltd.		675		145,291
Nestle Malaysia Bhd.		1,700		59,861
Nong Shim Holdings Co. Ltd.*		1,650		107,153
NongShim Co. Ltd.		56		10,854
Oceana Group Ltd.		2,143		9,022
Orion Corp.*		750		64,501
Orion Holdings Corp.*		1,890		24,659
Ottogi Corp.*		94		39,987
Perusahaan Perkebunan London Sumatra Indonesia Tbk. PT		122,600		10,550
Pioneer Foods Group Ltd.(a)		1,936		14,056
PPB Group Bhd.		19,680		89,420
QL Resources Bhd.		28,330		57,379
Samyang Corp.*		2,700		95,826
Samyang Foods Co. Ltd.		86		7,324
Samyang Holdings Corp.*		5,317		248,931


Investments	Shares		Value ($)
San Miguel Food and Beverage, Inc.		15,960		22,890
Savola Group (The)*		8,475		80,752
Sawit Sumbermas Sarana Tbk. PT		135,700		7,950
Sime Darby Plantation Bhd.		81,300		100,583
SLC Agricola SA		75,000		399,813
SPC Samlip Co. Ltd.*		191		12,211
Standard Foods Corp.		17,652		40,436
Tata Global Beverages Ltd.		4,024		21,621
Thai Union Group PCL, NVDR		45,100		22,138
Thai Vegetable Oil PCL, NVDR		15,570		14,611
Tiger Brands Ltd.		5,700		74,862
Tingyi Cayman Islands Holding Corp.		54,000		91,519
Tongaat Hulett Ltd.*(a)(c)		150,870		132,871
Ulker Biskuvi Sanayi A/S*		9,138		35,636
Uni-President China Holdings Ltd.		42,000		43,055
Uni-President Enterprises Corp.		150,000		360,489
United Plantations Bhd.		3,700		23,565
Universal Robina Corp.		26,250		74,882
Want Want China Holdings Ltd.		150,000		124,599
Yihai International Holding Ltd.*		14,000		79,602
Zhou Hei Ya International Holdings Co. Ltd.(b)		14,000		6,941

				6,471,062

Gas Utilities - 0.6%
Aygaz A/S		83,850		185,072
Beijing Enterprises Holdings Ltd.		33,000		145,134
China Gas Holdings Ltd.(a)		60,000		237,994
China Resources Gas Group Ltd.		26,000		137,619
China Tian Lun Gas Holdings Ltd.		225,000		189,796
ENN Energy Holdings Ltd.		22,500		263,976
GAIL India Ltd.		55,200		93,177
Great Taipei Gas Co. Ltd.		21,000		21,897
Grupo Energia Bogota SA ESP		86,672		60,606
Gujarat State Petronet Ltd.		8,528		30,308
Indraprastha Gas Ltd.		7,224		51,378
Infraestructura Energetica Nova SAB de CV		15,000		70,377
Korea Gas Corp.*		1,875		51,129
Kunlun Energy Co. Ltd.		256,000		200,451
Mahanagar Gas Ltd.(b)		1,456		23,946
Perusahaan Gas Negara Tbk. PT		390,100		48,709
Petronas Gas Bhd.		25,200		98,389
Promigas SA ESP		10,792		23,317
Samchully Co. Ltd.*		1,950		128,435
Zhongyu Gas Holdings Ltd.		10,000		9,015

				2,070,725

Health Care Equipment & Supplies - 0.1%
Dentium Co. Ltd.*		344		14,042
DIO Corp.*		520		16,579
Ginko International Co. Ltd.		3,000		18,422
Hartalega Holdings Bhd.		45,000		65,007
Kossan Rubber Industries		34,400		41,132
Lifetech Scientific Corp.*		82,000		14,784
Microport Scientific Corp.		11,098		12,192
Pihsiang Machinery Manufacturing Co. Ltd.*‡(c)		5,000		—


Investments	Shares		Value ($)
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		76,000		90,927
St Shine Optical Co. Ltd.		2,000		27,277
Top Glove Corp. Bhd.		54,100		77,229
Value Added Technology Co. Ltd.*		510		13,308

				390,899

Health Care Providers & Services - 0.6%
Apollo Hospitals Enterprise Ltd.		3,228		75,102
Bangkok Chain Hospital PCL, NVDR		4,800		2,387
Bangkok Dusit Medical Services PCL, NVDR		120,000		95,861
Bumrungrad Hospital PCL, NVDR		10,300		44,115
Celltrion Healthcare Co. Ltd.*		2,443		117,246
Chabiotech Co. Ltd.*		1,560		17,539
China Resources Medical Holdings Co. Ltd.(a)		30,000		16,072
Chularat Hospital PCL, NVDR		183,100		15,860
Dr Lal PathLabs Ltd.(b)		430		10,673
Fleury SA		7,200		52,232
Fortis Healthcare Ltd.*		9,651		20,754
Genertec Universal Medical Group Co. Ltd.(b)		937,500		642,314
Hapvida Participacoes e Investimentos SA(b)		5,300		74,503
HLB Life Science Co. Ltd.*		1,132		21,228
IHH Healthcare Bhd.		90,000		125,183
Instituto Hermes Pardini SA		1,800		12,342
Jinxin Fertility Group Ltd.*(b)		28,000		37,791
KPJ Healthcare Bhd.		145,424		34,777
Life Healthcare Group Holdings Ltd.		48,943		81,705
Medipost Co. Ltd.*		446		12,180
Mitra Keluarga Karyasehat Tbk. PT(b)		157,500		29,989
Mouwasat Medical Services Co.		2,060		44,198
Netcare Ltd.		49,561		66,249
Notre Dame Intermedica Participacoes SA		15,000		246,452
Odontoprev SA		12,000		49,592
Qualicorp Consultoria e Corretora de Seguros SA		6,600		64,035
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		60,000		112,197
Sinopharm Group Co. Ltd., Class H		30,000		98,520

				2,221,096

Health Care Technology - 0.1%
Alibaba Health Information Technology Ltd.*		100,000		141,148
Ping An Healthcare and Technology Co. Ltd.*(b)		5,200		44,902

				186,050

Hotels, Restaurants & Leisure - 0.6%
Alsea SAB de CV*		21,900		52,973
Altus San Nicolas Corp.*(c)		2,005		205
AmRest Holdings SE*		994		12,326
Ananti, Inc.*		1,058		8,051
Asset World Corp. PCL, NVDR*		182,400		31,307


Investments	Shares		Value ($)
Berjaya Sports Toto Bhd.		11,300		6,976
BK Brasil Operacao e Assessoria a Restaurantes SA*		2,800		10,720
Bloomberry Resorts Corp.		88,700		15,705
Central Plaza Hotel PCL		1,600		1,114
Central Plaza Hotel PCL, NVDR		31,200		21,721
China Travel International Investment Hong Kong Ltd.(a)		1,950,000		313,913
CVC Brasil Operadora e Agencia de Viagens SA*		7,500		64,061
DoubleUGames Co. Ltd.*		312		12,369
Formosa International Hotels Corp.		2,311		11,705
Genting Bhd.		135,000		181,186
Genting Malaysia Bhd.		97,500		71,852
Gourmet Master Co. Ltd.		4,868		16,598
Grand Korea Leisure Co. Ltd.		1,040		15,968
Haidilao International Holding Ltd.(b)		24,164		93,359
Hana Tour Service, Inc.		403		15,182
Huazhu Group Ltd., ADR(a)		3,300		113,850
Indian Hotels Co. Ltd. (The)		22,940		45,747
Jollibee Foods Corp.		11,480		43,183
Jubilant Foodworks Ltd.		2,771		73,403
Kangwon Land, Inc.*		3,600		83,215
Magnum Bhd.		19,400		12,072
Minor International PCL, NVDR		60,000		59,191
MK Restaurants Group PCL, NVDR		10,400		23,105
OPAP SA		5,325		66,388
Paradise Co. Ltd.*		2,112		30,125
Saudi Airlines Catering Co.		893		24,467
Thomas Cook India Ltd.		2,244		1,766
Travellers International Hotel Group, Inc.(c)		209,900		22,382
Tsogo Sun Gaming Ltd.		466,969		339,965
Xiabuxiabu Catering Management China Holdings Co. Ltd.*(a)(b)		11,500		12,337
Yum China Holdings, Inc.		10,875		468,386

				2,376,873

Household Durables - 0.6%
Arcelik A/S*		17,879		62,435
Crompton Greaves Consumer Electricals Ltd.		16,568		66,044
Cyrela Brazil Realty SA Empreendimentos e Participacoes		10,400		77,393
Dom Development SA		7,575		185,521
Ez Tec Empreendimentos e Participacoes SA		3,515		45,734
Haier Electronics Group Co. Ltd.		33,000		100,085
Hanssem Co. Ltd.*		650		38,885
Kasen International Holdings Ltd.*		32,000		14,012
LG Electronics, Inc.		6,375		352,488
LG Electronics, Inc. (Preference)		1,345		29,623
MRV Engenharia e Participacoes SA		15,000		73,258
Nien Made Enterprise Co. Ltd.		4,000		32,772
PIK Group PJSC		5,594		38,127
Skyworth Group Ltd.		1,500,000		405,672


Investments	Shares		Value ($)
Symphony Ltd.		1,272		21,672
Tatung Co. Ltd.*		73,000		47,363
TCL Electronics Holdings Ltd.		675,000		305,123
TTK Prestige Ltd.		242		19,626
Whirlpool of India Ltd.		674		23,361
Woongjin Coway Co. Ltd.		1,725		127,075

				2,066,269

Household Products - 0.2%
Hindustan Unilever Ltd.		20,325		579,422
Jyothy Labs Ltd.		3,300		7,150
Kimberly-Clark de Mexico SAB de CV, Class A*		41,000		84,458
Unilever Indonesia Tbk. PT		187,500		109,163
Vinda International Holdings Ltd.		3,000		7,271

				787,464

Independent Power and Renewable Electricity Producers - 1.4%
Aboitiz Power Corp.		34,200		21,766
Adani Green Energy Ltd.*		13,148		34,907
Adani Power Ltd.*		20,413		17,464
AES Gener SA		216,720		40,300
AES Tiete Energia SA		2		2
AES Tiete Energia SA - UNIT*		135,000		481,776
AES Tiete Energia SA (Preference)		30		21
B Grimm Power PCL, NVDR		26,600		52,910
Banpu Power PCL, NVDR		41,600		19,752
BCPG PCL, NVDR		41,600		21,220
Beijing Enterprises Clean Energy Group Ltd.*		30,000,000		204,768
CGN New Energy Holdings Co. Ltd.		1,050,000		132,519
CGN Power Co. Ltd., Class H(b)		675,000		166,905
China Everbright Greentech Ltd.(b)		525,000		249,488
China Longyuan Power Group Corp. Ltd., Class H		225,000		133,872
China Power International Development Ltd.		228,000		44,338
China Resources Power Holdings Co. Ltd.		104,000		140,365
Cia Energetica de Sao Paulo (Preference), Class B		7,600		56,574
Colbun SA		277,172		40,326
Datang International Power Generation Co. Ltd., Class H		2,550,000		446,625
Electricity Generating PCL, NVDR		9,200		89,727
Energy Absolute PCL, NVDR		52,500		72,847
Eneva SA*		7,500		76,751
Engie Brasil Energia SA		8,450		102,925
First Gen Corp.		82,400		32,908
GCL New Energy Holdings Ltd.*		6,900,000		124,406
Global Power Synergy PCL, NVDR		20,868		56,237
Gulf Energy Development PCL, NVDR		25,800		159,336
Huadian Power International Corp. Ltd., Class H		1,500,000		496,465
Huaneng Power International, Inc., Class H		264,000		125,457


Investments	Shares		Value ($)
Huaneng Renewables Corp. Ltd., Class H		304,000		124,890
Hub Power Co. Ltd. (The)*		712,500		448,671
JSW Energy Ltd.		22,880		20,216
Malakoff Corp. Bhd.		2,800		560
NHPC Ltd.		79,420		27,268
NTPC Ltd.		150,225		237,577
OGK-2 PJSC		30,711,410		280,871
Ratch Group PCL, NVDR		9,300		20,289
SPCG PCL, NVDR		427,500		274,302
Taiwan Cogeneration Corp.		18,000		19,306
Terna Energy SA*		933		8,416
TPI Polene Power PCL, NVDR		156,000		21,521
Unipro PJSC		284,000		13,073

				5,139,917

Industrial Conglomerates - 1.9%
3M India Ltd.*		131		42,190
Aamal Co.		1,585,818		347,565
Aboitiz Equity Ventures, Inc.		69,360		67,272
AG Anadolu Grubu Holding A/S		108,525		363,019
Alfa SAB de CV, Class A		157,500		117,721
Alliance Global Group, Inc.*		243,200		51,673
AntarChile SA		8,809		81,408
Ayala Corp.		7,500		107,196
BGF Co. Ltd.*		26,475		113,955
Bidvest Group Ltd. (The)		10,650		146,975
Boustead Holdings Bhd.*		31,200		6,281
CJ Corp.*		900		62,525
DMCI Holdings, Inc.		149,300		17,917
Dogan Sirketler Grubu Holding A/S		1,014,150		345,675
Doosan Co. Ltd.		688		36,194
Doosan Co. Ltd. (Preference)		376		17,856
Dubai Investments PJSC		1,602,675		571,605
Enka Insaat ve Sanayi A/S		31,920		37,600
Far Eastern New Century Corp.		127,000		118,554
Fosun International Ltd.		162,500		218,065
Godrej Industries Ltd.		3,377		19,609
Grupo Carso SAB de CV, Series A1(a)		11,100		39,975
GT Capital Holdings, Inc.		2,280		30,277
Hanwha Corp.*		2,700		49,272
Hanwha Corp. (Preference)*		1,425		15,304
HAP Seng Consolidated Bhd.		23,700		56,272
Hong Leong Industries Bhd.		8,600		20,063
Hyosung Corp.*		721		43,072
Industries Qatar QSC		51,075		139,716
JG Summit Holdings, Inc.		85,500		117,914
KAP Industrial Holdings Ltd.		2,357,499		579,964
KOC Holding A/S		68,550		223,804
LG Corp.*		7,950		468,922
Lotte Corp.		2,175		64,419
LT Group, Inc.		131,600		25,372
Mytilineos SA		4,712		48,459
Opus Global Nyrt.*(a)		189,075		175,236
Quinenco SA		12,939		22,291
Reunert Ltd.		142,356		582,635
Samsung C&T Corp.		2,550		232,139
San Miguel Corp.		17,400		47,856


Investments	Shares		Value ($)
Shanghai Industrial Holdings Ltd.		37,000		65,567
Siemens Ltd.*		2,163		45,476
Sigdo Koppers SA		16,555		20,616
Sime Darby Bhd.		105,100		55,910
SK Holdings Co. Ltd.		2,325		459,401
SM Investments Corp.		13,500		257,889
Top Frontier Investment Holdings, Inc.*		39,000		142,711
Turkiye Sise ve Cam Fabrikalari A/S		38,243		35,527

				6,956,914

Insurance - 3.6%
Bajaj Finserv Ltd.		1,050		138,927
Bangkok Life Assurance PCL, NVDR		367,500		227,551
BB Seguridade Participacoes SA		22,500		183,128
Bupa Arabia for Cooperative Insurance Co.		1,339		36,687
Cathay Financial Holding Co. Ltd.		525,000		706,453
China Development Financial Holding Corp.		900,000		276,772
China Life Insurance Co. Ltd.*		225,000		183,968
China Life Insurance Co. Ltd., Class H		225,000		545,918
China Pacific Insurance Group Co. Ltd., Class H		165,000		555,674
China Reinsurance Group Corp., Class H		5,325,000		761,214
China Taiping Insurance Holdings Co. Ltd.		90,000		189,854
Cholamandalam Financial Holdings Ltd.		3,206		24,578
Co. for Cooperative Insurance (The)*		2,678		53,531
DB Insurance Co. Ltd.		3,300		117,674
Discovery Ltd.		13,875		108,210
Fanhua, Inc., ADR(a)		1,580		37,304
Fubon Financial Holding Co. Ltd.		450,000		671,075
General Insurance Corp. of India(b)		8,949		31,353
Hanwha Life Insurance Co. Ltd.*		22,248		38,267
HDFC Life Insurance Co. Ltd.(b)		15,300		128,476
Hyundai Marine & Fire Insurance Co. Ltd.*		4,050		74,758
ICICI Lombard General Insurance Co. Ltd.(b)		3,593		66,384
ICICI Prudential Life Insurance Co. Ltd.(b)		9,256		66,277
IRB Brasil Resseguros S/A		14,000		146,872
Korean Reinsurance Co.*		8,850		64,081
Liberty Holdings Ltd.		5,244		36,919
LPI Capital Bhd.		9,127		33,319
Max Financial Services Ltd.*		5,068		35,966
Mercuries Life Insurance Co. Ltd.*		20,268		8,387
Meritz Fire & Marine Insurance Co. Ltd.		3,900		51,374
Mirae Asset Life Insurance Co. Ltd.*		61,707		217,451
Momentum Metropolitan Holdings		52,200		69,568


Investments	Shares		Value ($)
New China Life Insurance Co. Ltd., Class H		52,500		198,779
Old Mutual Ltd.		284,700		328,365
Orange Life Insurance Ltd.(b)(c)		2,204		50,854
Panin Financial Tbk. PT*		11,520,000		219,348
People’s Insurance Co. Group of China Ltd. (The), Class H		450,000		162,269
PICC Property & Casualty Co. Ltd., Class H		450,000		486,226
Ping An Insurance Group Co. of China Ltd., Class H(a)		329,500		3,763,944
Porto Seguro SA		4,000		61,901
Powszechny Zaklad Ubezpieczen SA		33,225		344,503
Qatar Insurance Co. SAQ		103,098		89,761
Qualitas Controladora SAB de CV		7,600		34,115
Rand Merchant Investment Holdings Ltd.		31,425		56,818
Samsung Fire & Marine Insurance Co. Ltd.		1,950		345,220
Samsung Fire & Marine Insurance Co. Ltd. (Preference)		194		24,579
Samsung Life Insurance Co. Ltd.		5,175		301,768
Sanlam Ltd.		56,625		279,057
Santam Ltd.		723		13,620
SBI Life Insurance Co. Ltd.(b)		7,678		106,964
Shin Kong Financial Holding Co. Ltd.*		675,000		220,092
Shinkong Insurance Co. Ltd.		198,000		255,619
Sul America SA		7,500		110,572
Tongyang Life Insurance Co. Ltd.*		33,825		102,027
ZhongAn Online P&C Insurance Co. Ltd., Class H*(a)(b)		8,100		26,496

				13,470,867

Interactive Media & Services - 2.9%
58.com, Inc., ADR*		2,850		158,517
9F, Inc., ADR*(a)		7,500		71,250
Autohome, Inc., ADR*		1,800		137,664
Baidu, Inc., ADR*		7,875		973,035
Bitauto Holdings Ltd., ADR*(a)		22,785		344,053
Info Edge India Ltd.		1,994		79,574
JOYY, Inc., ADR*		1,575		95,335
Kakao Corp.		1,575		210,115
Momo, Inc., ADR		4,500		137,700
NAVER Corp.		4,200		632,546
SINA Corp.*		2,025		78,448
Tencent Holdings Ltd.		166,000		7,974,089
Weibo Corp., ADR*(a)		2,025		86,306

				10,978,632

Internet & Direct Marketing Retail - 4.0%
Alibaba Group Holding Ltd., ADR*		45,750		9,451,493
B2W Cia Digital*		7,500		124,964
Baozun, Inc., ADR*(a)		1,210		36,433
CJ ENM Co. Ltd.*		412		47,773
GS Home Shopping, Inc.		133		14,607
HengTen Networks Group Ltd.*		1,032,000		13,556
Hyundai Home Shopping Network Corp.*		293		18,462


Investments	Shares		Value ($)
JD.com, Inc., ADR*		25,275		952,615
Maoyan Entertainment*(b)		20,600		32,791
Meituan Dianping, Class B*(b)		105,000		1,342,773
momo.com, Inc.		1,000		10,129
Naspers Ltd., Class N		12,600		2,067,074
PChome Online, Inc.*		2,763		8,140
Pinduoduo, Inc., ADR*(a)		10,425		367,169
Tongcheng-Elong Holdings Ltd.*(b)		30,400		43,144
Trip.com Group Ltd., ADR*		12,423		399,151
Vipshop Holdings Ltd., ADR*		11,100		141,303

				15,071,577

IT Services - 0.9%
21Vianet Group, Inc., ADR*		2,400		22,176
Cafe24 Corp.*		360		14,891
Cielo SA		30,000		49,634
Digital China Holdings Ltd.		58,000		29,579
GDS Holdings Ltd., ADR*(a)		2,197		113,607
HCL Technologies Ltd.		30,750		254,851
Hexaware Technologies Ltd.		3,640		18,573
Infosys Ltd.		108,000		1,174,405
Kginicis Co. Ltd.		16,200		241,264
Larsen & Toubro Infotech Ltd.(b)		721		19,604
Mindtree Ltd.		1,813		22,559
Mphasis Ltd.		3,418		44,540
My EG Services Bhd.		41,900		10,634
NIIT Technologies Ltd.		928		25,261
Persistent Systems Ltd.		900		8,841
Posco ICT Co. Ltd.*		2,080		8,621
Samsung SDS Co. Ltd.		1,050		170,911
SONDA SA		24,083		18,616
Systex Corp.		9,000		24,132
Tata Consultancy Services Ltd.		26,025		758,256
Tech Mahindra Ltd.		15,000		167,453
TravelSky Technology Ltd., Class H		22,000		47,995
Wipro Ltd.		45,216		150,049

				3,396,452

Leisure Products - 0.1%
Giant Manufacturing Co. Ltd.		9,000		53,626
HLB, Inc.*		1,107		86,101
KMC Kuei Meng International, Inc.		3,315		11,138
Merida Industry Co. Ltd.		9,350		51,224

				202,089

Life Sciences Tools & Services - 0.2%
Divi’s Laboratories Ltd.		2,855		78,111
Genscript Biotech Corp.*		34,000		78,992
LegoChem Biosciences, Inc.*		478		16,925
Samsung Biologics Co. Ltd.*(b)		525		213,418
ST Pharm Co. Ltd.*		344		7,966
Syngene International Ltd.(b)		1,720		7,570
WuXi AppTec Co. Ltd., Class H(b)		7,500		91,469
Wuxi Biologics Cayman, Inc.*(b)		16,500		211,326

				705,777

Machinery - 1.4%
AIA Engineering Ltd.		1,599		39,802
Airtac International Group		3,784		58,747
Ashok Leyland Ltd.		29,880		34,316


Investments	Shares		Value ($)
China Conch Venture Holdings Ltd.		46,500		207,501
China International Marine Containers Group Co. Ltd., Class H		44,880		39,708
CIMC Enric Holdings Ltd.		600,000		311,401
CIMC Vehicles Group Co. Ltd., Class H*(b)		150,000		109,338
CRRC Corp. Ltd., Class H		300,000		198,972
Cummins India Ltd.		2,280		18,358
Daewoo Shipbuilding & Marine Engineering Co. Ltd.*		1,692		35,065
Doosan Bobcat, Inc.*		2,700		69,774
Doosan Infracore Co. Ltd.*		10,868		44,864
Escorts Ltd.		1,997		22,491
Famur SA		279,527		229,519
Haitian International Holdings Ltd.		16,000		34,947
Hiwin Technologies Corp.		5,917		59,936
Hyundai Construction Equipment Co. Ltd.*		11,191		250,702
Hyundai Elevator Co. Ltd.*		633		32,291
Hyundai Heavy Industries Holdings Co. Ltd.*		600		137,685
Hyundai Mipo Dockyard Co. Ltd.*		602		20,936
Hyundai Rotem Co. Ltd.*		1,951		23,327
Iochpe Maxion SA*		112,500		571,813
King Slide Works Co. Ltd.		3,000		34,857
Korea Shipbuilding & Offshore Engineering Co. Ltd.*		1,425		136,301
Lonking Holdings Ltd.		1,725,000		457,636
Marcopolo SA (Preference)*		32,659		36,991
Randon SA Implementos e Participacoes (Preference)		153,700		489,164
Rechi Precision Co. Ltd.		225,000		163,486
Samsung Heavy Industries Co. Ltd.*		16,794		93,703
Sany Heavy Equipment International Holdings Co. Ltd.		46,000		22,452
Shanghai Zhenhua Heavy Industries Co. Ltd., Class B		37,440		12,168
Shin Zu Shing Co. Ltd.		4,000		19,663
Sinotruk Hong Kong Ltd.		52,000		90,407
SKF India Ltd.		624		18,105
Sunonwealth Electric Machine Industry Co. Ltd.		8,000		11,718
Weichai Power Co. Ltd., Class H(a)		119,000		211,490
Yangzijiang Shipbuilding Holdings Ltd.		142,500		99,183
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H(a)		1,230,000		913,998

				5,362,815

Marine - 0.4%
Cia Sud Americana de Vapores SA*		797,784		25,077
COSCO SHIPPING Holdings Co. Ltd., Class H*		2,250,000		811,343
Evergreen Marine Corp. Taiwan Ltd.*		45,558		17,720


Investments	Shares		Value ($)
Hyundai Merchant Marine Co. Ltd.*		10,455		30,483
Korea Line Corp.*		11,550		199,631
MISC Bhd.		45,000		84,444
Pan Ocean Co. Ltd.*		5,613		18,744
Qatar Navigation QSC		33,958		56,426
U-Ming Marine Transport Corp.		25,000		25,448
Wan Hai Lines Ltd.		9,000		5,065
Wisdom Marine Lines Co. Ltd.*		324,000		302,989
Yang Ming Marine Transport Corp.*		53,000		11,877

				1,589,247

Media - 0.2%
Astro Malaysia Holdings Bhd.		90,700		26,559
Cheil Worldwide, Inc.		2,544		45,144
China Literature Ltd.*(b)		6,200		25,990
Cyfrowy Polsat SA		9,000		63,110
Grupo Televisa SAB, Series CPO(a)		75,000		165,834
Innocean Worldwide, Inc.*		520		30,890
KT Skylife Co. Ltd.		19,650		142,942
LG HelloVision Co. Ltd.*		625		2,685
Media Nusantara Citra Tbk. PT		167,200		19,469
Megacable Holdings SAB de CV(a)		9,700		36,051
MultiChoice Group*		12,000		85,419
Plan B Media PCL, NVDR		72,800		13,897
Saudi Research & Marketing Group*		1,030		20,891
Sun TV Network Ltd.		4,576		30,432
Surya Citra Media Tbk. PT		85,400		9,006
VGI PCL, NVDR		114,400		32,298
Woongjin Thinkbig Co. Ltd.*		44,025		82,372
Zee Entertainment Enterprises Ltd.		16,500		62,235

				895,224

Metals & Mining - 4.6%
African Rainbow Minerals Ltd.		5,850		65,877
Alrosa PJSC		144,000		180,701
Aluminum Corp. of China Ltd., Class H*		114,000		33,767
Aneka Tambang Tbk.		649,010		34,221
Anglo American Platinum Ltd.(a)		1,575		125,952
AngloGold Ashanti Ltd.		12,000		243,032
Assore Ltd.		3,225		52,733
Bradespar SA (Preference)		7,500		64,956
CAP SA		63,000		374,506
Century Iron & Steel Industrial Co. Ltd.		8,000		18,167
China Hongqiao Group Ltd.		112,500		55,635
China Metal Products		225,000		224,561
China Metal Recycling Holdings Ltd.*‡(c)		51,000		—
China Metal Resources Utilization Ltd.*(b)		56,000		23,511
China Oriental Group Co. Ltd.		1,050,000		363,752
China Steel Corp.		375,000		286,752
China Zhongwang Holdings Ltd.(a)		121,600		40,717
Chung Hung Steel Corp.		750,000		231,388
Cia Siderurgica Nacional SA		37,500		113,204


Investments	Shares		Value ($)
Dongkuk Steel Mill Co. Ltd.*		54,750		226,010
Eregli Demir ve Celik Fabrikalari TAS		83,475		130,129
Ezz Steel Co. SAE*		165,525		94,391
Gerdau SA (Preference)		67,500		316,709
Gloria Material Technology Corp.		18,000		10,427
Gold Fields Ltd.		23,925		155,980
Grupa Kety SA		331		30,890
Grupo Mexico SAB de CV, Series B		195,000		520,124
Harmony Gold Mining Co. Ltd.*		28,950		98,105
Hindalco Industries Ltd.		48,825		129,559
Hsin Kuang Steel Co. Ltd.		225,000		236,105
Hyundai Steel Co.		5,775		137,125
Impala Platinum Holdings Ltd.*		49,425		466,258
Industrias CH SAB de CV, Series B*		6,600		32,491
Industrias Penoles SAB de CV(a)		3,040		31,716
Jastrzebska Spolka Weglowa SA		4,841		23,463
Jiangxi Copper Co. Ltd., Class H		75,000		89,055
Jinchuan Group International Resources Co. Ltd.		2,700,000		226,017
Jindal Steel & Power Ltd.*		9,044		22,294
JSW Steel Ltd.		32,475		114,094
KGHM Polska Miedz SA*		7,650		179,863
KISWIRE Ltd.*		720		10,874
Korea Zinc Co. Ltd.*		375		119,562
Koza Altin Isletmeleri A/S*		2,182		29,221
Koza Anadolu Metal Madencilik Isletmeleri A/S*		163,725		289,699
Kumba Iron Ore Ltd.(a)		3,375		78,649
Maanshan Iron & Steel Co. Ltd., Class H(a)		1,500,000		533,169
Magnitogorsk Iron & Steel Works PJSC		126,724		89,048
Mechel PJSC*		169,500		260,172
Mechel PJSC (Preference)		79,582		133,734
Merdeka Copper Gold Tbk. PT*		326,800		28,001
Metalurgica Gerdau SA		90,000		180,074
Metalurgica Gerdau SA (Preference)		637,500		1,421,722
MMC Norilsk Nickel PJSC		1,725		561,403
National Aluminium Co. Ltd.		405,750		241,946
NMDC Ltd.		49,575		81,250
Northam Platinum Ltd.*		10,664		89,360
Novolipetsk Steel PJSC		71,332		154,023
Polyus PJSC		750		91,703
Poongsan Corp.*		15,701		270,718
POSCO		4,275		792,696
Press Metal Aluminium Holdings Bhd.		60,000		71,450
Qatar Aluminum Manufacturing Co.		2,359,125		504,740
Raspadskaya OJSC		123,738		202,360
Saudi Arabian Mining Co.*		13,050		149,212
Seah Besteel Corp.*		11,775		127,447
Severstal PJSC		12,225		174,333
Shandong Gold Mining Co. Ltd., Class H(b)		9,750		23,807


Investments	Shares		Value ($)
Shougang Fushan Resources Group Ltd.		3,000,000		594,985
Sibanye Gold Ltd.*(a)		133,800		348,605
Steel Authority of India Ltd.		79,638		51,896
TA Chen Stainless Pipe		44,962		44,949
Tata Steel Ltd.		17,850		109,740
Tung Ho Steel Enterprise Corp.		675,000		503,865
Usinas Siderurgicas de Minas Gerais SA*		6,900		16,567
Usinas Siderurgicas de Minas Gerais SA (Preference), Class A*		38,000		85,635
Vale Indonesia Tbk. PT*		134,900		31,218
Vale SA*		195,000		2,293,957
Vedanta Ltd.		93,975		181,609
Volcan Cia Minera SAA, Class B*		176,027		25,137
YC INOX Co. Ltd.		300,000		253,732
Young Poong Corp.*		65		34,140
Zhaojin Mining Industry Co. Ltd., Class H		36,000		40,845
Zijin Mining Group Co. Ltd., Class H(a)		300,000		131,747

				17,263,237

Multiline Retail - 0.5%
Aeon Co. M Bhd.		28,000		9,292
El Puerto de Liverpool SAB de CV, Class C1(a)		2,700		14,249
Future Retail Ltd.*		7,735		35,744
Golden Eagle Retail Group Ltd.		27,000		27,887
Hyundai Department Store Co. Ltd.*		760		49,738
Lojas Americanas SA*		5,300		28,812
Lojas Americanas SA (Preference)*		22,731		146,549
Lojas Renner SA*		22,500		302,492
Lotte Shopping Co. Ltd.*		211		20,448
Magazine Luiza SA		19,400		253,325
Matahari Department Store Tbk. PT		1,987,500		427,920
Mitra Adiperkasa Tbk. PT		258,000		18,138
Poya International Co. Ltd.		3,000		43,199
Ripley Corp. SA		50,856		23,716
Robinson PCL, NVDR		8,700		15,002
SACI Falabella		19,276		75,589
Shinsegae, Inc.*		450		100,810
Woolworths Holdings Ltd.		30,900		91,426

				1,684,336

Multi-Utilities - 0.0%(d)
Qatar Electricity & Water Co. QSC		10,488		46,232
YTL Corp. Bhd.		186,726		40,781
YTL Power International Bhd.		250,900		45,919

				132,932

Oil, Gas & Consumable Fuels - 6.9%
Adaro Energy Tbk. PT		1,065,000		95,542
Bangchak Corp. PCL, NVDR		303,600		243,503
Banpu PCL, NVDR		129,200		41,865
Bashneft PJSC		2,061		64,109
Bashneft PJSC (Preference)		1,163		32,009
Bharat Petroleum Corp. Ltd.		49,125		314,580
Bukit Asam Tbk. PT		206,000		33,340


Investments	Shares		Value ($)
China Coal Energy Co. Ltd., Class H		150,000		51,385
China Petroleum & Chemical Corp., Class H		1,544,000		821,224
China Shenhua Energy Co. Ltd., Class H		225,000		398,138
CNOOC Ltd.		975,000		1,489,201
Coal India Ltd.		85,575		217,903
Cosan SA		4,923		91,818
Dana Gas PJSC		117,116		28,729
Ecopetrol SA		295,425		274,288
Empresas COPEC SA		11,250		100,314
Enauta Participacoes SA		4,600		17,546
Esso Thailand PCL, NVDR		958,500		207,567
Exxaro Resources Ltd.		17,100		138,822
Formosa Petrochemical Corp.		50,000		148,797
Gazprom PJSC		737,068		2,614,457
Gazprom PJSC, ADR		3,466		24,366
Great Eastern Shipping Co. Ltd. (The)		878		3,744
Grupa Lotos SA		5,925		117,524
GS Holdings Corp.*		3,300		126,534
Hellenic Petroleum SA		3,199		28,042
Hindustan Petroleum Corp. Ltd.		36,075		117,516
IDG Energy Investment Ltd.*		162,000		17,108
Indian Oil Corp. Ltd.		141,600		225,127
Indo Tambangraya Megah Tbk. PT		333,600		245,528
Inner Mongolia Yitai Coal Co. Ltd., Class B		885,000		700,035
IRPC PCL, NVDR		682,500		63,061
LUKOIL PJSC		26,025		2,667,396
Mangalore Refinery & Petrochemicals Ltd.		149,337		96,373
Mari Petroleum Co. Ltd.		1,984		17,434
Medco Energi Internasional Tbk. PT*		4,427,600		228,595
MOL Hungarian Oil & Gas plc		27,825		235,603
Motor Oil Hellas Corinth Refineries SA		4,500		95,748
Novatek PJSC		29,250		528,878
Oil & Gas Development Co. Ltd.		42,500		37,929
Oil & Natural Gas Corp. Ltd.		190,875		291,432
Oil India Ltd.		22,479		40,811
Pakistan Oilfields Ltd.		114,940		315,462
Pakistan Petroleum Ltd.		29,830		27,494
Pakistan State Oil Co. Ltd.		240,000		322,566
PetroChina Co. Ltd., Class H		1,350,000		599,815
Petroleo Brasileiro SA*		165,000		1,171,883
Petroleo Brasileiro SA (Preference)		277,500		1,847,511
Petron Corp.		2,475,000		176,264
Petronas Dagangan Bhd.		6,600		35,690
Petronet LNG Ltd.		16,650		62,183
Pilipinas Shell Petroleum Corp.		424,360		250,041
Polski Koncern Naftowy ORLEN SA		17,250		336,466
Polskie Gornictwo Naftowe i Gazownictwo SA		109,275		101,360
PTT Exploration & Production PCL		469		1,881


Investments	Shares		Value ($)
PTT Exploration & Production PCL, NVDR		44,531		177,867
PTT PCL, NVDR		517,500		718,058
Qatar Fuel QSC		14,250		86,181
Qatar Gas Transport Co. Ltd.		83,144		54,348
Reliance Industries Ltd.		90,075		1,781,934
Rosneft Oil Co. PJSC		70,080		526,878
Rosneft Oil Co. PJSC, GDR(b)		1,920		14,389
RussNeft PJSC*		2,048		17,016
Semirara Mining & Power Corp.		102,400		44,320
Sinopec Kantons Holdings Ltd.		900,000		352,355
SK Gas Ltd.*		3,560		225,515
SK Innovation Co. Ltd.		3,375		368,125
S-Oil Corp.		2,625		167,827
S-Oil Corp. (Preference)		208		7,906
Star Petroleum Refining PCL, NVDR		51,900		14,153
Surgutneftegas PJSC		547,500		394,447
Surgutneftegas PJSC, ADR, OTC		9,182		51,144
Surgutneftegas PJSC (Preference)		382,500		216,083
Tatneft PJSC		70,164		835,452
Tatneft PJSC, ADR		4,806		345,455
Tatneft PJSC (Preference)		10,125		113,573
Thai Oil PCL, NVDR		52,500		87,584
Transneft PJSC (Preference)		94		242,607
Tupras Turkiye Petrol Rafinerileri A/S		8,400		158,035
Ultrapar Participacoes SA		22,500		133,002
United Tractors Tbk. PT		90,000		126,547
Yanzhou Coal Mining Co. Ltd., Class H(a)		112,000		83,370

				25,926,708

Paper & Forest Products - 0.6%
Century Textiles & Industries Ltd.		1,872		16,900
Duratex SA*		8,874		32,603
Empresas CMPC SA		36,675		84,046
Indah Kiat Pulp & Paper Corp. Tbk. PT		180,000		88,978
Lee & Man Paper Manufacturing Ltd.		47,000		32,867
Longchen Paper & Packaging Co. Ltd.		23,991		10,960
Nine Dragons Paper Holdings Ltd.(a)		75,000		71,669
Pabrik Kertas Tjiwi Kimia Tbk. PT		82,500		54,980
Sappi Ltd.*		485,250		1,233,547
Suzano SA		15,000		139,250
YFY, Inc.		1,125,000		487,851

				2,253,651

Personal Products - 0.4%
Amorepacific Corp.*		799		126,033
Amorepacific Corp. (Preference)*		380		26,654
AMOREPACIFIC Group*		975		59,064
AMOREPACIFIC Group (Preference)*		312		7,539
Chlitina Holding Ltd.		2,000		13,506
Colgate-Palmolive India Ltd.		2,518		46,881
Cosmax, Inc.*		322		18,479


Investments	Shares		Value ($)
Dabur India Ltd.		16,575		115,153
Emami Ltd.		4,766		19,681
Gillette India Ltd.		103		9,017
Godrej Consumer Products Ltd.		11,850		111,704
Grape King Bio Ltd.		5,000		31,779
Hengan International Group Co. Ltd.		22,500		165,166
Kolmar Korea Co. Ltd.*		643		22,794
Kolmar Korea Holdings Co. Ltd.*		5,550		99,186
LG Household & Health Care Ltd.		225		237,488
LG Household & Health Care Ltd. (Preference)		76		48,590
Marico Ltd.		13,500		59,660
Natura & Co. Holding SA		12,500		139,180
TCI Co. Ltd.		4,186		31,178

				1,388,732

Pharmaceuticals - 1.2%
Adcock Ingram Holdings Ltd.		5,074		17,201
Ajanta Pharma Ltd.		1,415		21,979
Alkem Laboratories Ltd.		919		30,879
Aspen Pharmacare Holdings Ltd.*		24,750		191,472
Aurobindo Pharma Ltd.		7,068		47,683
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		10,000		15,171
Bukwang Pharmaceutical Co. Ltd.		52		600
Cadila Healthcare Ltd.		4,844		18,027
Caregen Co. Ltd.*(c)		258		16,560
Celltrion Pharm, Inc.*		731		25,729
Center Laboratories, Inc.		4,071		7,075
China Grand Pharmaceutical and Healthcare Holdings Ltd.		32,000		20,276
China Medical System Holdings Ltd.		38,000		51,091
China Resources Pharmaceutical Group Ltd.(b)		116,000		97,552
China Shineway Pharmaceutical Group Ltd.		225,000		195,881
China Traditional Chinese Medicine Holdings Co. Ltd.		114,000		53,147
Chong Kun Dang Pharmaceutical Corp.*		282		21,981
Cipla Ltd.		7,210		45,155
CSPC Pharmaceutical Group Ltd.		150,000		334,196
Daewoong Co. Ltd.*		1,791		17,206
Daewoong Pharmaceutical Co. Ltd.*		266		26,336
Dong-A Socio Holdings Co. Ltd.*		104		8,194
Dong-A ST Co. Ltd.*		299		23,607
Dr Reddy’s Laboratories Ltd.		2,475		108,025
Genomma Lab Internacional SAB de CV, Class B*		12,000		14,196
GlaxoSmithKline Pharmaceuticals Ltd.		1,140		26,606
Glenmark Pharmaceuticals Ltd.		990		4,304
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		6,000		19,472
Hanall Biopharma Co. Ltd.*		1,501		32,051


Investments	Shares		Value ($)
Hanmi Pharm Co. Ltd.*		197		46,446
Hanmi Science Co. Ltd.*		1,222		33,015
Hansoh Pharmaceutical Group Co. Ltd.*(b)		26,000		93,755
Hua Han Health Industry Holdings Ltd.*(c)		3,780,000		258,007
Hypera SA*		15,000		124,858
Il Dong Pharmaceutical Co. Ltd.*		479		6,310
Ilyang Pharmaceutical Co. Ltd.*		756		15,255
Ipca Laboratories Ltd.		1,664		29,299
Jubilant Life Sciences Ltd.		1,723		14,066
JW Holdings Corp.*		38,934		178,688
JW Pharmaceutical Corp.*		230		5,654
Kalbe Farma Tbk. PT		481,900		50,466
Komipharm International Co. Ltd.*		1,575		17,708
Kwang Dong Pharmaceutical Co. Ltd.*		28,650		154,326
Livzon Pharmaceutical Group, Inc., Class H		7,030		24,399
Lotus Pharmaceutical Co. Ltd.*		5,000		15,145
Lupin Ltd.		6,300		63,413
Luye Pharma Group Ltd.(a)(b)		75,000		48,681
Mega Lifesciences PCL, NVDR		23,000		20,107
Mezzion Pharma Co. Ltd.*		198		27,428
Natco Pharma Ltd.		2,480		22,029
Oscotec, Inc.*		808		12,983
Pfizer Ltd.		341		19,816
Pharmally International Holding Co. Ltd.		2,564		17,951
Piramal Enterprises Ltd.		2,925		63,341
Richter Gedeon Nyrt.		3,675		78,879
Sam Chun Dang Pharm Co. Ltd.		823		19,956
Samjin Pharmaceutical Co. Ltd.		344		6,826
Sanofi India Ltd.		163		15,136
ScinoPharm Taiwan Ltd.		22,000		18,971
Sihuan Pharmaceutical Holdings Group Ltd.(a)		3,129,000		358,641
Sino Biopharmaceutical Ltd.		206,000		276,439
Sun Pharmaceutical Industries Ltd.		33,075		201,303
Tong Ren Tang Technologies Co. Ltd., Class H		17,000		15,763
Torrent Pharmaceuticals Ltd.		717		19,404
United Laboratories International Holdings Ltd. (The)(a)		600,000		396,399
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H(b)		800		4,636
Yuhan Corp.*		357		65,299
Yungjin Pharmaceutical Co. Ltd.*		5,316		24,888
YungShin Global Holding Corp.		11,000		16,131

				4,373,469

Professional Services - 0.0%(d)
51job, Inc., ADR*		916		66,089
Benefit Systems SA*		98		24,658
L&T Technology Services Ltd.(b)		103		2,424
Quess Corp. Ltd.*(b)		1,983		17,383
Sporton International, Inc.		2,386		15,718

				126,272


Investments	Shares		Value ($)
Real Estate Management & Development - 5.8%
8990 Holdings, Inc.*		40,000		11,599
Agile Group Holdings Ltd.		84,000		111,857
Aldar Properties PJSC		245,325		148,945
AP Thailand PCL, NVDR		892,500		197,570
Arabian Centres Co. Ltd.		4,636		37,686
Ayala Land, Inc.		180,000		147,315
Bangkok Land PCL, NVDR		100		4
Barwa Real Estate Co.		119,250		115,942
BR Malls Participacoes SA		22,500		96,882
BR Properties SA*		4,577		16,677
Bumi Serpong Damai Tbk. PT*		336,800		27,501
C&D International Investment Group Ltd.		225,000		279,334
Cathay Real Estate Development Co. Ltd.		33,100		22,462
Cencosud Shopping SA*		11,704		23,957
Central China Real Estate Ltd.		600,000		349,264
Central Pattana PCL, NVDR		30,000		58,470
China Aoyuan Group Ltd.		75,000		101,611
China Dili Group*		112,600		34,513
China Evergrande Group(a)		184,000		411,369
China Jinmao Holdings Group Ltd.(a)		300,000		203,222
China Logistics Property Holdings Co. Ltd.*(b)		59,000		23,175
China Merchants Land Ltd.*		1,200,000		180,814
China Overseas Grand Oceans Group Ltd.		76,000		50,504
China Overseas Land & Investment Ltd.		226,000		734,910
China Resources Land Ltd.		169,777		714,975
China SCE Group Holdings Ltd.		103,000		54,651
China South City Holdings Ltd.		4,050,000		453,773
China Vanke Co. Ltd., Class H		97,500		346,560
Chong Hong Construction Co. Ltd.		10,000		27,806
CIFI Holdings Group Co. Ltd.(a)		258,047		180,120
Ciputra Development Tbk. PT		365,949		23,986
Corp. Inmobiliaria Vesta SAB de CV		15,200		27,816
Cosmopolitan International Holdings Ltd.*(a)		1,050,000		202,836
Country Garden Holdings Co. Ltd.(a)		450,000		577,213
DaFa Properties Group Ltd.		225,000		169,513
DAMAC Properties Dubai Co. PJSC*		104,520		19,806
Dar Al Arkan Real Estate Development Co.*		17,708		46,394
Dexin China Holdings Co. Ltd.*(a)(b)		675,000		261,658
DLF Ltd.		19,153		69,907
Dongwon Development Co. Ltd.*		37,350		122,218
DoubleDragon Properties Corp.*		661,520		206,928
E-House China Enterprise Holdings Ltd.(b)		585,000		508,538
Emaar Development PJSC		56,325		58,426
Emaar Economic City*		17,922		47,862
Emaar Malls PJSC		46,896		23,237


Investments	Shares		Value ($)
Emaar Properties PJSC		208,125		228,920
Fantasia Holdings Group Co. Ltd.*		1,237,500		223,119
Farglory Land Development Co. Ltd.		21,000		28,050
Filinvest Development Corp.		92,700		23,745
Filinvest Land, Inc.		8,850,000		254,200
Gemdale Properties & Investment Corp. Ltd.		378,000		51,601
Globe Trade Centre SA		103		250
Godrej Properties Ltd.*		1,507		22,815
Greenland Hong Kong Holdings Ltd.		675,000		258,181
Greentown China Holdings Ltd.(a)		81,000		97,222
Guangzhou R&F Properties Co. Ltd., Class H		1,140,000		1,738,284
Guorui Properties Ltd.(b)		675,000		133,872
Hanson International Tbk. PT*(c)		2,409,275		8,822
Highwealth Construction Corp.		65,000		97,363
Hopson Development Holdings Ltd.		56,000		51,637
Huang Hsiang Construction Corp.		123,000		147,190
Hung Sheng Construction Ltd.*		408,600		309,740
IOI Properties Group Bhd.		145,600		41,570
Jaya Real Property Tbk. PT		2,827,500		110,781
Jiayuan International Group Ltd.(a)		1,050,000		378,627
Joy City Property Ltd.(a)		2,986,000		299,950
Kaisa Group Holdings Ltd.(a)		150,000		63,169
Korea Real Estate Investment & Trust Co. Ltd.		137,775		231,773
KWG Group Holdings Ltd.*		75,000		98,327
LAMDA Development SA*		1,368		12,265
Land & Houses PCL, NVDR		155,700		46,455
Lerthai Group Ltd.*		126,000		59,877
Logan Property Holdings Co. Ltd.		86,000		131,577
Longfor Group Holdings Ltd.(b)		87,500		372,993
LSR Group PJSC		32,625		461,978
LVGEM China Real Estate Investment Co. Ltd.		1,050,000		355,639
MAS Real Estate, Inc.		13,905		18,392
MBK PCL, NVDR		29,800		19,025
Medinet Nasr Housing*		24,052		7,185
Megaworld Corp.		256,200		20,413
Midea Real Estate Holding Ltd.(b)		14,000		39,485
Mingfa Group International Co. Ltd.*(c)		36,000		8,763
Multiplan Empreendimentos Imobiliarios SA*		8,000		64,925
NEPI Rockcastle plc		12,750		104,978
Oberoi Realty Ltd.		4,021		30,742
OSK Holdings Bhd.		780,000		182,723
Pakuwon Jati Tbk. PT		534,400		20,351
Palm Hills Developments SAE*		1,236,525		128,426
Parque Arauco SA		24,975		57,078
Poly Property Group Co. Ltd.		1,725,000		677,568
Powerlong Real Estate Holdings Ltd.		93,000		51,501
Prestige Estates Projects Ltd.		652		3,502
Pruksa Holding PCL, NVDR		62,400		28,227
Quality Houses PCL, NVDR		3,885,000		309,105


Investments	Shares		Value ($)
Radium Life Tech Co. Ltd.		525,000		178,134
Redco Properties Group Ltd.(b)		52,000		22,970
Redsun Properties Group Ltd.		825,000		258,181
Road King Infrastructure Ltd.		196,000		331,172
Robinsons Land Corp.		27,906		14,000
Ronshine China Holdings Ltd.*(b)		49,500		52,911
Ruentex Development Co. Ltd.*		33,400		46,934
Sansiri PCL, NVDR		4,995,000		160,250
Seazen Group Ltd.*		118,000		119,749
Shanghai Industrial Urban Development Group Ltd.		1,650,000		191,245
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		959,540		907,725
Shenzhen Investment Ltd.		155,930		54,220
Shimao Property Holdings Ltd.		67,500		220,367
Shining Building Business Co. Ltd.*		13,786		4,472
Shui On Land Ltd.		282,500		56,755
Sime Darby Property Bhd.		73,800		14,047
Singha Estate PCL, NVDR		77,400		5,612
Sino-Ocean Group Holding Ltd.		228,267		82,900
Sinyi Realty, Inc.		22,738		22,430
Six of October Development & Investment		229,200		183,795
SK D&D Co. Ltd.*		6,555		149,596
Skyfame Realty Holdings Ltd.		2,700,000		351,196
SM Prime Holdings, Inc.		307,500		235,329
SOHO China Ltd.		104,000		39,913
SP Setia Bhd. Group		53,194		17,004
Summarecon Agung Tbk. PT		219,800		13,602
Sunac China Holdings Ltd.		143,000		699,816
Sunway Bhd.		102,249		44,912
Supalai PCL, NVDR		48,600		25,259
Talaat Moustafa Group		51,370		26,238
Tian An China Investment Co. Ltd.		450,000		187,188
Times China Holdings Ltd.(a)		50,000		88,733
UEM Sunrise Bhd.*		71,900		10,527
United Development Co. QSC		1,529,025		638,319
UOA Development Bhd.		18,800		9,083
Vista Land & Lifescapes, Inc.		267,800		36,880
WHA Corp. PCL, NVDR		113,390		11,568
Yuexiu Property Co. Ltd.		450,000		90,986
Yuzhou Properties Co. Ltd.		118,243		55,125
Zall Smart Commerce Group Ltd.*(a)		3,724,000		335,716
Zhenro Properties Group Ltd.(a)(b)		113,000		69,998
Zhongliang Holdings Group Co. Ltd.(b)		38,000		26,720
Zhuguang Holdings Group Co. Ltd.*		150,000		22,022

				21,755,786

Road & Rail - 0.2%
Autohellas SA		17,250		147,196
BTS Group Holdings PCL, NVDR		161,840		64,902
CAR, Inc.*(a)		25,000		16,645
Cia de Locacao das Americas*		4,500		24,863
CJ Logistics Corp.*		188		23,030


Investments	Shares		Value ($)
Container Corp. of India Ltd.		4,571		36,321
Cosan Logistica SA*		4,018		19,435
GMexico Transportes SAB de CV(b)		21,300		31,154
Localiza Rent a Car SA*		19,750		247,866
Rumo SA*		30,000		162,874

				774,286

Semiconductors & Semiconductor Equipment - 4.0%
A-DATA Technology Co. Ltd.		185,000		432,967
Ardentec Corp.		375,000		339,510
ASE Technology Holding Co. Ltd.		75,000		185,210
ASMedia Technology, Inc.		1,104		29,163
ASPEED Technology, Inc.		1,000		31,216
Chang Wah Technology Co. Ltd.		139,000		133,437
Chipbond Technology Corp.		26,000		52,157
Darwin Precisions Corp.		11,000		5,316
DB HiTek Co. Ltd.*		31,950		733,173
Elan Microelectronics Corp.		8,400		23,997
Elite Advanced Laser Corp.		3,960		8,390
Elite Semiconductor Memory Technology, Inc.		12,000		13,605
eMemory Technology, Inc.		3,000		32,226
Eo Technics Co. Ltd.*		390		34,358
Epistar Corp.*		32,000		36,281
Everlight Electronics Co. Ltd.		375,000		469,231
Faraday Technology Corp.		6,000		9,822
Formosa Advanced Technologies Co. Ltd.		150,000		184,217
GCL-Poly Energy Holdings Ltd.*(a)		11,775,000		454,932
GemVax & Kael Co. Ltd.*		920		24,817
Global Unichip Corp.		2,000		15,790
Globalwafers Co. Ltd.		13,000		172,134
Greatek Electronics, Inc.		26,000		40,365
Hanmi Semiconductor Co. Ltd.*		23,282		169,949
Holtek Semiconductor, Inc.		1,000		2,178
Hua Hong Semiconductor Ltd.(a)(b)		20,000		48,732
Jusung Engineering Co. Ltd.*		774		4,487
KC Tech Co. Ltd.*		10,050		173,705
Koh Young Technology, Inc.*		416		32,111
LandMark Optoelectronics Corp.		2,000		17,247
LEENO Industrial, Inc.		416		28,447
Lextar Electronics Corp.		12,000		6,674
Machvision, Inc.		1,000		12,794
Macronix International		59,000		74,216
MediaTek, Inc.		43,000		552,286
Nanya Technology Corp.		31,000		80,145
Novatek Microelectronics Corp.		18,000		129,895
On-Bright Electronics, Inc.		2,000		14,698
Parade Technologies Ltd.		1,400		29,521
Phison Electronics Corp.		6,000		63,458
Pixart Imaging, Inc.		5,000		26,730
Powertech Technology, Inc.		54,000		193,055
Radiant Opto-Electronics Corp.		28,330		98,469
Realtek Semiconductor Corp.*		15,070		123,467
SDI Corp.		7,000		14,413


Investments	Shares		Value ($)
Semiconductor Manufacturing International Corp.*(a)		86,000		158,379
Seoul Semiconductor Co. Ltd.*		1,370		16,552
Sigurd Microelectronics Corp.		312,552		355,913
Silergy Corp.		2,000		73,157
Silicon Works Co. Ltd.*		416		12,949
Sino-American Silicon Products, Inc.		35,000		113,774
Sitronix Technology Corp.		5,000		25,572
SK Hynix, Inc.		33,000		2,588,833
Taiwan Semiconductor Co. Ltd.		9,000		13,407
Taiwan Semiconductor Manufacturing Co. Ltd.		550,000		5,826,078
Tokai Carbon Korea Co. Ltd.*		86		4,329
United Microelectronics Corp.		300,000		147,969
United Renewable Energy Co. Ltd.*		44,003		10,662
Vanguard International Semiconductor Corp.		24,000		59,744
Visual Photonics Epitaxy Co. Ltd.		6,000		20,060
Wafer Works Corp.		16,798		18,072
Win Semiconductors Corp.		11,961		111,656
Winbond Electronics Corp.		93,000		52,181
WONIK IPS Co. Ltd.*		824		23,748
XinTec, Inc.*		6,000		15,611
Xinyi Solar Holdings Ltd.		115,918		82,107

				15,089,744

Software - 0.1%
Ahnlab, Inc.*		190		10,474
Asseco Poland SA		5,100		84,146
China Youzan Ltd.*		232,000		17,030
Douzone Bizon Co. Ltd.*		669		50,630
Kingdee International Software Group Co. Ltd.		75,000		81,328
Kingsoft Corp. Ltd.*(a)		33,000		101,360
Linx SA		3,300		26,349
Oracle Financial Services Software Ltd.*		883		36,387
Tata Elxsi Ltd.		516		6,864
TOTVS SA*		3,500		61,142
Weimob, Inc.*(b)		40,000		21,430

				497,140

Specialty Retail - 1.4%
Ace Hardware Indonesia Tbk. PT		206,000		25,948
Bermaz Auto Bhd.		20,800		9,390
China Yongda Automobiles Services Holdings Ltd.		1,087,500		1,165,243
China ZhengTong Auto Services Holdings Ltd.(a)		825,000		222,057
Detsky Mir PJSC(b)		228,246		410,841
Foschini Group Ltd. (The)		8,250		75,792
GOME Retail Holdings Ltd.*(a)		279,447		25,912
Home Product Center PCL, NVDR		98,800		46,278
Hotai Motor Co. Ltd.		12,000		247,079
Hotel Shilla Co. Ltd.		1,082		79,344
Italtile Ltd.		10,931		9,466
Jarir Marketing Co.		2,025		86,894
JUMBO SA		3,825		77,868


Investments	Shares		Value ($)
LOTTE Himart Co. Ltd.*		7,524		168,554
M.Video PJSC		74,742		607,888
Motus Holdings Ltd.		159,150		859,439
Mr Price Group Ltd.		7,950		90,167
Padini Holdings Bhd.		17,200		13,893
Pepkor Holdings Ltd.(b)		8,270		9,053
Petrobras Distribuidora SA		45,000		303,282
Pou Sheng International Holdings Ltd.		97,000		28,982
PTG Energy PCL, NVDR		26,300		11,728
Seobu T&D*		533		3,296
Shinsegae International, Inc.*		81		13,932
Siam Global House PCL, NVDR		61,282		27,918
Super Group Ltd.*		326,775		542,029
Truworths International Ltd.		6,156		18,099
Via Varejo SA*		17,100		56,023
Zhongsheng Group Holdings Ltd.		15,000		55,635

				5,292,030

Technology Hardware, Storage & Peripherals - 5.5%
Acer, Inc.		68,858		38,522
Advantech Co. Ltd.		11,220		108,081
Asustek Computer, Inc.		21,000		155,715
Catcher Technology Co. Ltd.		47,000		379,622
Chicony Electronics Co. Ltd.		23,992		68,222
Clevo Co.		35,000		40,030
CMC Magnetics Corp.*		29,542		8,019
Compal Electronics, Inc.		225,000		136,673
Darfon Electronics Corp.		150,000		191,168
Getac Technology Corp.		16,000		26,323
Gigabyte Technology Co. Ltd.		29,000		49,151
HTC Corp.		29,000		32,879
Innodisk Corp.		58,680		341,874
Inventec Corp.		225,000		170,934
Legend Holdings Corp., Class H(b)		37,500		70,123
Lenovo Group Ltd.		378,000		249,732
Lite-On Technology Corp.		75,000		117,184
Micro-Star International Co. Ltd.		19,000		58,367
Mitac Holdings Corp.		75,000		71,998
Pegatron Corp.		132,000		277,904
Qisda Corp.		120,000		80,241
Quanta Computer, Inc.		75,000		153,928
Ritek Corp.*		32,590		6,322
Samsung Electronics Co. Ltd.		315,825		14,945,278
Samsung Electronics Co. Ltd. (Preference)		50,625		2,017,609
Sindoh Co. Ltd.*		4,275		121,953
Transcend Information, Inc.		7,000		18,769
Wistron Corp.		75,000		67,654
Wiwynn Corp.		3,000		69,714
Xiaomi Corp., Class B*(a)(b)		375,000		556,350

				20,630,339

Textiles, Apparel & Luxury Goods - 1.1%
Aditya Birla Fashion and Retail Ltd.*		6,536		21,401
Alpargatas SA (Preference)*		7,375		61,855
ANTA Sports Products Ltd.		30,000		263,300
Arezzo Industria e Comercio SA		1,600		22,578
Bata India Ltd.		122		3,081


Investments	Shares		Value ($)
Bosideng International Holdings Ltd.(a)		126,000		41,865
CCC SA		1,067		26,668
China Dongxiang Group Co. Ltd.(a)		3,300,000		339,991
China Lilang Ltd.		450,000		321,060
Cia Hering		4,800		27,879
Eclat Textile Co. Ltd.		6,698		86,472
F&F Co. Ltd.*		206		17,543
Feng TAY Enterprise Co. Ltd.		13,834		83,804
FF Group*‡(c)		3,536		1,881
Fila Holdings Corp.*		1,745		64,714
Formosa Taffeta Co. Ltd.		33,000		36,923
Fuguiniao Group Ltd.*‡(c)		334,800		—
Grendene SA		8,264		22,182
Guararapes Confeccoes SA		2,400		16,299
Handsome Co. Ltd.*		9,262		212,928
Hansae Co. Ltd.		1,034		13,144
HS Industries Co. Ltd.*		608		5,764
Hwaseung Enterprise Co. Ltd.*		331		4,388
JNBY Design Ltd.(b)		10,000		11,719
Lao Feng Xiang Co. Ltd., Class B		172,500		561,142
LF Corp.*		16,125		203,617
Li Ning Co. Ltd.		57,500		170,688
LPP SA		41		89,474
Makalot Industrial Co. Ltd.		8,032		40,414
Nan Liu Enterprise Co. Ltd.		2,000		11,718
Page Industries Ltd.		206		70,549
Pou Chen Corp.		171,000		198,686
Quang Viet Enterprise Co. Ltd.		4,000		19,001
Rajesh Exports Ltd.		3,055		30,834
Roo Hsing Co. Ltd.*		450,000		154,176
Ruentex Industries Ltd.*		23,800		53,652
Shenzhou International Group Holdings Ltd.		22,500		300,777
Tainan Spinning Co. Ltd.		48,555		16,394
Taiwan Paiho Ltd.		11,000		28,839
Texhong Textile Group Ltd.		225,000		237,028
Titan Co. Ltd.		9,600		159,793
Welspun India Ltd.		11,024		6,651
Xtep International Holdings Ltd.(a)		40,134		18,349
Youngone Corp.		890		23,074
Youngone Holdings Co. Ltd.*		5,175		179,975

				4,282,270

Thrifts & Mortgage Finance - 0.9%
Housing Development Finance Corp. Ltd.		49,575		1,677,105
Indiabulls Housing Finance Ltd.		292,950		1,257,890
LIC Housing Finance Ltd.		9,525		58,425
Malaysia Building Society Bhd.		100,217		19,442
PNB Housing Finance Ltd.(b)		34,824		212,802
Sangsangin Co. Ltd.*		34,496		232,993

				3,458,657

Tobacco - 0.2%
British American Tobacco Malaysia Bhd.		5,900		16,960
Eastern Co. SAE		24,548		23,321
Gudang Garam Tbk. PT		16,400		66,987


Investments	Shares		Value ($)
ITC Ltd.		78,975		260,252
KT&G Corp.		3,450		275,282

				642,802

Trading Companies & Distributors - 0.4%
Adani Enterprises Ltd.		3,355		10,788
AKR Corporindo Tbk. PT		71,700		17,380
Barloworld Ltd.		10,725		66,783
BOC Aviation Ltd.(b)		15,000		138,701
Brighton-Best International Taiwan, Inc.*		16,000		14,804
China Aircraft Leasing Group Holdings Ltd.(b)		262,500		269,096
Ferreycorp SAA		840,900		498,259
LG International Corp.		24,525		248,985
Posco International Corp.*		3,453		48,817
Shougang Concord International Enterprises Co. Ltd.		152,000		6,753
SK Networks Co. Ltd.*		2,415		10,081

				1,330,447

Transportation Infrastructure - 1.4%
Adani Ports & Special Economic Zone Ltd.		24,436		126,499
Airports of Thailand PCL		54,000		122,137
Airports of Thailand PCL, NVDR		66,000		149,278
Bangkok Aviation Fuel Services PCL, NVDR		18,800		17,190
Bangkok Expressway & Metro PCL, NVDR		217,500		76,757
Beijing Capital International Airport Co. Ltd., Class H		36,000		29,116
CCR SA		37,500		160,066
China Merchants Port Holdings Co. Ltd.		70,123		108,730
COSCO SHIPPING Ports Ltd.		70,854		50,369
DP World plc		8,775		122,850
GMR Infrastructure Ltd.*		102,144		32,708
Grupo Aeroportuario del Centro Norte SAB de CV		10,605		80,650
Grupo Aeroportuario del Pacifico SAB de CV, Class B		11,800		145,669
Grupo Aeroportuario del Sureste SAB de CV, Class B		6,000		115,151
International Container Terminal Services, Inc.		29,390		75,166
Jasa Marga Persero Tbk. PT		88,423		29,787
Jiangsu Expressway Co. Ltd., Class H		30,000		37,283
Malaysia Airports Holdings Bhd.		30,400		49,999
MMC Corp. Bhd.		652,500		140,913
Novorossiysk Commercial Sea Port PJSC		190,696		27,361
Promotora y Operadora de Infraestructura SAB de CV(a)		7,500		80,820
Promotora y Operadora de Infraestructura SAB de CV, Class L		2,300		17,303
Qingdao Port International Co. Ltd., Class H(b)		900,000		586,485
Santos Brasil Participacoes SA		15,200		26,749


Investments	Shares		Value ($)
Shenzhen Expressway Co. Ltd., Class H		600,000		778,890
Shenzhen International Holdings Ltd.		33,333		66,967
Taiwan High Speed Rail Corp.		75,000		89,750
TAV Havalimanlari Holding A/S		6,386		29,065
Westports Holdings Bhd.		40,400		38,941
Yuexiu Transport Infrastructure Ltd.		750,000		655,836
Zhejiang Expressway Co. Ltd., Class H		1,264,000		1,038,561

				5,107,046

Water Utilities - 0.4%
Aguas Andinas SA, Class A		104,652		39,209
Beijing Enterprises Water Group Ltd.*		398,000		178,884
China Everbright Water Ltd.		727,500		159,902
China Water Affairs Group Ltd.(a)		750,000		587,258
Cia de Saneamento Basico do Estado de Sao Paulo*		7,500		107,061
Cia de Saneamento do Parana		4,868		115,513
Guangdong Investment Ltd.		80,000		163,196
Inversiones Aguas Metropolitanas SA		11,208		10,498
Manila Water Co., Inc.(c)		772,500		184,804
TTW PCL, NVDR		68,000		30,324

				1,576,649

Wireless Telecommunication Services - 2.1%
Advanced Info Service PCL, NVDR		33,900		221,867
America Movil SAB de CV, Series L(a)		667,500		553,604
Axiata Group Bhd.		153,804		161,385
Bharti Airtel Ltd.*		54,975		382,473
China Mobile Ltd.		337,500		2,790,442
DiGi.Com Bhd.		97,500		100,641
Empresa Nacional de Telecomunicaciones SA*		5,699		37,365
Etihad Etisalat Co.*		12,450		87,435
Far EasTone Telecommunications Co. Ltd.		53,000		120,355
Globe Telecom, Inc.		580		21,566
Indosat Tbk. PT*		22,800		3,824
Intouch Holdings PCL, NVDR		37,500		67,072
Maxis Bhd.		52,500		68,027
Mobile Telecommunications Co. Saudi Arabia*		14,214		49,022
Mobile TeleSystems PJSC		56,156		286,793
MTN Group Ltd.(a)		51,375		276,715
PLAY Communications SA(b)		7,877		72,334
PLDT, Inc.		2,610		51,142
Sistema PJSFC		3,265,943		936,020
SK Telecom Co. Ltd.		1,950		375,488
Taiwan Mobile Co. Ltd.		49,000		173,558
TIM Participacoes SA*		22,500		88,194
Total Access Communication PCL, NVDR		15,200		21,700
Turkcell Iletisim Hizmetleri A/S		58,125		136,936


Investments		Shares		Value ($)
Vodacom Group Ltd.			20,775		162,397
Vodafone Idea Ltd.*			6,860,287		509,540
Vodafone Qatar QSC			101,920		34,430
XL Axiata Tbk. PT*			149,675		31,787

					7,822,112

TOTAL COMMON STOCKS (Cost $334,697,456)					374,085,836


Investments		Principal Amount ($)		Value ($)
CORPORATE BONDS - 0.0%(d)

Food Products - 0.0%(d)
Britannia Industries Ltd. 8.00%, 8/28/2022	INR		2,231		32

Independent Power and Renewable Electricity Producers - 0.0%(d)
NTPC Ltd. Series 54, 8.49%, 3/25/2025	INR		49,126		10,491

TOTAL CORPORATE BONDS (Cost $31)					10,523


Investments		Number of Rights		Value ($)
RIGHTS - 0.0%(d)

Capital Markets - 0.0%(d)
Brait SE, expiring 2/14/2020, price 0.41 EUR*			6,282		658
Guotai Junan International Holdings Ltd., expiring 3/9/2020, price 1.45 HKD*‡(c)			774,999		—

					658

Construction & Engineering - 0.0%(d)
HDC Hyundai Development Co-Engineering & Construction, expiring 3/6/2020, price 18,150.00 KRW*(c)			618		1,426

Technology Hardware, Storage & Peripherals - 0.0%
Legend Holdings Corp., expiring 12/31/2020*‡(c)			4,192		—

TOTAL RIGHTS (Cost $1,667)					2,084


Investments		Number of Warrants		Value ($)
WARRANTS - 0.0%

Road & Rail - 0.0%
BTS Group Holdings PCL, expiring 2/16/2021, price 14.00 THB*‡(c) (Cost $–)			17,234		—


Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(e) - 0.8%

REPURCHASE AGREEMENTS - 0.8%
Citigroup Global Markets, Inc., 1.57%, dated 1/31/2020, due 2/3/2020, repurchase price $1,333,044, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 6.38%, maturing 6/15/2020 - 1/15/2028; total market value $1,363,547		1,332,870		1,332,870
Societe Generale, 1.73%, dated 1/31/2020, due 2/3/2020, repurchase price $1,700,245, collateralized by various Common Stocks; total market value $1,870,777		1,700,000		1,700,000

				3,032,870

TOTAL SECURITIES LENDING REINVESTMENTS (Cost $3,032,870)				3,032,870

Total Investments - 100.2% (Cost $337,732,024)				377,131,313
Liabilities in excess of other assets - (0.2%)				(570,585	)

Net Assets - 100.0%				376,560,728

*	Non-income producing security.

^	Security subject to restrictions on resale.

‡	Value determined using significant unobservable inputs.

(a)

The security or a portion of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $14,096,723, collateralized in the form of cash with a value of $3,032,870 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $2,986,630 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from February 13, 2020 – May 15, 2049 and $9,398,830 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 7.50%, and maturity dates ranging from April 15, 2020 – September 20, 2117; a total value of $15,418,330.

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

(c)	Security fair valued as of January 31, 2020 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2020 amounted to $718,592, which represents approximately 0.19% of net assets of the Fund.

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

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund had the following open futures contracts as of January 31, 2020:

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund had the following outstanding contracts as of January 31, 2020:

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, 2020:


Investments	Shares		Value ($)
EXCHANGE TRADED FUNDS - 100.3%

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund(a) (Cost $8,760,931)		135,756		8,460,314

Total Investments - 100.3% (Cost $8,760,931)				8,460,314
Liabilities in excess of other assets - (0.3%)				(22,373	)

Net Assets - 100.0%				8,437,941

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

Percentages shown are based on Net Assets.

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

Investment in a company which was affiliated for the period ended January 31, 2020, was as follows:

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

FlexShares^® Currency Hedged Morningstar DM ex-US Factor Tilt Index Fund had the following outstanding contracts as of January 31, 2020:


Investments	Shares		Value ($)
EXCHANGE TRADED FUNDS - 98.7%

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund(a) (Cost $5,848,157)		108,352		5,367,823

Total Investments - 98.7% (Cost $5,848,157)				5,367,823
Other Assets Less Liabilities - 1.3%				69,699

Net Assets - 100.0%				5,437,522

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

Percentages shown are based on Net Assets.

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

Investment in a company which was affiliated for the period ended January 31, 2020, was as follows:

FlexShares^® Currency Hedged Morningstar EM Factor Tilt Index Fund had the following outstanding contracts as of January 31, 2020:


Investments	Shares		Value ($)
COMMON STOCKS - 99.4%

Aerospace & Defense - 0.6%
Lockheed Martin Corp.		275		117,733
Textron, Inc.		4,235		194,514

				312,247

Air Freight & Logistics - 0.7%
CH Robinson Worldwide, Inc.(a)		2,805		202,577
Expeditors International of Washington, Inc.(a)		1,870		136,585

				339,162

Airlines - 0.5%
Southwest Airlines Co.		4,400		241,912

Banks - 4.5%
Bank of America Corp.		9,735		319,600
Citigroup, Inc.		12,265		912,639
JPMorgan Chase & Co.		5,500		727,980
M&T Bank Corp.		1,760		296,595

				2,256,814

Beverages - 2.3%
Coca-Cola European Partners plc		495		26,042
Molson Coors Beverage Co., Class B		3,905		217,040
Monster Beverage Corp.*		4,895		326,007
PepsiCo, Inc.		4,015		570,210

				1,139,299

Biotechnology - 2.8%
AbbVie, Inc.		1,540		124,771
Amgen, Inc.		3,850		831,792
Biogen, Inc.*		1,595		428,816

				1,385,379

Building Products - 0.8%
Johnson Controls International plc		7,040		277,728
Masco Corp.		2,420		114,998

				392,726

Capital Markets - 3.0%
E*TRADE Financial Corp.		5,775		246,131
Goldman Sachs Group, Inc. (The)		2,915		693,041
Morgan Stanley		10,890		569,111

				1,508,283

Chemicals - 1.5%
Celanese Corp.		2,145		222,007
CF Industries Holdings, Inc.		5,060		203,817
Dow, Inc.		6,600		304,062

				729,886

Communications Equipment - 1.7%
Cisco Systems, Inc.		18,920		869,752

Construction & Engineering - 0.5%
Jacobs Engineering Group, Inc.(a)		2,860		264,636


Investments	Shares		Value ($)
Consumer Finance - 2.6%
Ally Financial, Inc.(a)		8,580		274,817
American Express Co.		880		114,286
Capital One Financial Corp.		3,960		395,208
Discover Financial Services		3,410		256,193
Synchrony Financial		7,755		251,340

				1,291,844

Diversified Financial Services - 0.3%
Berkshire Hathaway, Inc., Class B*		715		160,467

Diversified Telecommunication Services - 0.9%
AT&T, Inc.		1,980		74,488
Verizon Communications, Inc.		6,380		379,227

				453,715

Electric Utilities - 3.3%
Evergy, Inc.		4,290		309,566
Exelon Corp.		8,415		400,470
OGE Energy Corp.		495		22,696
Pinnacle West Capital Corp.		2,530		247,156
Southern Co. (The)		9,405		662,112

				1,642,000

Electrical Equipment - 1.0%
Eaton Corp. plc		3,740		353,318
Rockwell Automation, Inc.		660		126,495

				479,813

Electronic Equipment, Instruments & Components - 0.5%
CDW Corp.		2,090		272,641

Energy Equipment & Services - 0.5%
Baker Hughes Co.		11,275		244,217

Entertainment - 1.0%
Activision Blizzard, Inc.		6,600		385,968
Electronic Arts, Inc.*		275		29,678
Spotify Technology SA*		440		62,172
Take-Two Interactive Software, Inc.*		165		20,566

				498,384

Equity Real Estate Investment Trusts (REITs) - 5.0%
American Tower Corp.		1,980		458,845
AvalonBay Communities, Inc.		1,320		286,031
Duke Realty Corp.		7,700		279,587
Equity Residential		3,410		283,303
Essex Property Trust, Inc.		495		153,331
Host Hotels & Resorts, Inc.		14,795		241,750
Prologis, Inc.		2,695		250,312
Public Storage		1,375		307,670
Vornado Realty Trust		3,850		253,214

				2,514,043

Food & Staples Retailing - 1.4%
Sysco Corp.		4,235		347,863
Walgreens Boots Alliance, Inc.		6,655		338,407

				686,270


Investments	Shares		Value ($)
Food Products - 0.5%
Archer-Daniels-Midland Co.		385		17,232
General Mills, Inc.		330		17,233
Kraft Heinz Co. (The)		8,085		236,082

				270,547

Gas Utilities - 0.4%
UGI Corp.		4,565		189,858

Health Care Equipment & Supplies - 1.5%
Dentsply Sirona, Inc.		660		36,960
Medtronic plc		6,380		736,507

				773,467

Health Care Providers & Services - 3.4%
AmerisourceBergen Corp.		110		9,412
Anthem, Inc.		660		175,085
Cardinal Health, Inc.		4,840		247,856
Henry Schein, Inc.*		3,795		261,627
Humana, Inc.		1,210		406,850
McKesson Corp.		1,925		274,524
UnitedHealth Group, Inc.		1,210		329,665

				1,705,019

Hotels, Restaurants & Leisure - 1.2%
Hilton Worldwide Holdings, Inc.		2,915		314,237
Yum! Brands, Inc.		2,695		285,050

				599,287

Household Durables - 0.6%
PulteGroup, Inc.		6,820		304,513

Household Products - 0.5%
Colgate-Palmolive Co.		3,135		231,300

Independent Power and Renewable Electricity Producers - 1.5%
AES Corp.		14,630		290,552
NRG Energy, Inc.		6,050		223,185
Vistra Energy Corp.		9,735		219,232

				732,969

Industrial Conglomerates - 0.6%
Honeywell International, Inc.		1,870		323,921

Insurance - 3.8%
Aflac, Inc.		6,600		340,362
Allstate Corp. (The)		2,915		345,544
Aon plc		2,090		460,323
Loews Corp.		385		19,808
MetLife, Inc.		7,095		352,693
Progressive Corp. (The)		5,060		408,291

				1,927,021

Interactive Media & Services - 3.1%
Alphabet, Inc., Class A*		355		508,637
Alphabet, Inc., Class C*		220		315,531
Facebook, Inc., Class A*		2,145		433,097
Match Group, Inc.*(a)		3,575		279,636

				1,536,901

Internet & Direct Marketing Retail - 3.6%
Amazon.com, Inc.*		400		803,488
Booking Holdings, Inc.*		385		704,762


Investments	Shares		Value ($)
eBay, Inc.		8,415		282,407

				1,790,657

IT Services - 5.2%
Cognizant Technology Solutions Corp., Class A		4,730		290,327
Mastercard, Inc., Class A		2,420		764,575
VeriSign, Inc.*		1,320		274,745
Visa, Inc., Class A		6,490		1,291,315

				2,620,962

Life Sciences Tools & Services - 0.5%
Waters Corp.*		1,155		258,477

Machinery - 1.4%
Cummins, Inc.		1,595		255,152
Dover Corp.		2,530		288,041
Illinois Tool Works, Inc.		880		153,982

				697,175

Media - 3.5%
Charter Communications, Inc., Class A*		1,190		615,777
Discovery, Inc., Class C*		825		22,910
Interpublic Group of Cos., Inc. (The)		10,560		239,712
Liberty Broadband Corp., Class C*		165		21,934
Liberty Global plc, Class C*		12,210		237,851
Liberty Media Corp-Liberty SiriusXM, Class C*		385		18,873
Omnicom Group, Inc.(a)		3,300		248,523
ViacomCBS, Inc.		9,426		321,709

				1,727,289

Multi-Utilities - 0.0%(b)
Public Service Enterprise Group, Inc.		220		13,024

Oil, Gas & Consumable Fuels - 4.7%
Chevron Corp.		8,470		907,476
ConocoPhillips		9,735		578,551
Devon Energy Corp.		2,585		56,146
HollyFrontier Corp.		4,345		195,178
Phillips 66		3,960		361,825
Valero Energy Corp.		3,300		278,223

				2,377,399

Pharmaceuticals - 5.6%
Allergan plc		2,860		533,790
Eli Lilly & Co.		4,950		691,218
Johnson & Johnson		8,910		1,326,432
Merck & Co., Inc.		715		61,090
Mylan NV*		8,195		175,537
Pfizer, Inc.		1,100		40,964

				2,829,031

Semiconductors & Semiconductor Equipment - 3.9%
Broadcom, Inc.		880		268,541
Intel Corp.		10,230		654,004
Lam Research Corp.		1,320		393,637
Qorvo, Inc.*		165		17,467
Texas Instruments, Inc.		5,060		610,489

				1,944,138


Investments	Shares		Value ($)
Software - 7.1%
Aspen Technology, Inc.*		110		13,088
Check Point Software Technologies Ltd.*(a)		2,365		270,343
Citrix Systems, Inc.		2,365		286,685
Fair Isaac Corp.*		110		44,262
Intuit, Inc.		2,255		632,257
Microsoft Corp.		8,910		1,516,749
Oracle Corp.		14,905		781,767
VMware, Inc., Class A*		110		16,287

				3,561,438

Specialty Retail - 2.7%
AutoZone, Inc.*		253		267,664
Home Depot, Inc. (The)		4,510		1,028,731
Lowe’s Cos., Inc.		385		44,752

				1,341,147

Technology Hardware, Storage & Peripherals - 6.7%
Apple, Inc.		9,955		3,081,172
HP, Inc.		11,055		235,693
NetApp, Inc.		605		32,307

				3,349,172

Textiles, Apparel & Luxury Goods - 1.2%
NIKE, Inc., Class B		3,520		338,976
VF Corp.		3,190		264,674

				603,650

Tobacco - 0.3%
Philip Morris International, Inc.		1,705		141,004

Trading Companies & Distributors - 0.5%
WW Grainger, Inc.		825		249,703

TOTAL COMMON STOCKS (Cost $45,078,751)				49,782,559


Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(c) - 0.8%

REPURCHASE AGREEMENTS - 0.8%
Citigroup Global Markets, Inc., 1.57%, dated 1/31/2020, due 2/3/2020, repurchase price $321,941, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 6.38%, maturing 6/15/2020 - 1/15/2028; total market value $329,307		321,899		321,899


Investments	Principal Amount ($)		Value ($)
NatWest Markets Securities, Inc., 1.57%, dated 1/31/2020, due 2/3/2020, repurchase price $100,013, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.63%, maturing 4/15/2021 - 2/15/2027; total market value $101,228		100,000		100,000

				421,899

TOTAL SECURITIES LENDING REINVESTMENTS (Cost $421,899)				421,899

Total Investments - 100.2% (Cost $45,500,650)				50,204,458
Liabilities in excess of other assets - (0.2%)				(90,197	)

Net Assets - 100.0%				50,114,261

*	Non-income producing security.

(a)

The security or a portion of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $1,503,866, collateralized in the form of cash with a value of $421,899 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $1,138,963 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from February 13, 2020 – May 15, 2049; a total value of $1,560,862.

(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, 2020. The total value of securities purchased was $421,899.

Percentages shown are based on Net Assets.

FlexShares^® US Quality Large Cap Index Fund had the following open futures contract as of January 31, 2020:


Investments	Shares		Value ($)
COMMON STOCKS - 98.9%

Aerospace & Defense - 0.1%
Teledyne Technologies, Inc.*		105		38,331

Air Freight & Logistics - 0.4%
FedEx Corp.(a)		770		111,373
United Parcel Service, Inc., Class B		1,575		163,044

				274,417

Airlines - 0.1%
Alaska Air Group, Inc.(a)		910		58,777
United Airlines Holdings, Inc.*		525		39,270

				98,047

Automobiles - 1.1%
Ford Motor Co.		9,205		81,188
General Motors Co.		5,530		184,647
Tesla, Inc.*		735		478,169

				744,004

Banks - 8.1%
Bank of America Corp.		42,910		1,408,735
Citigroup, Inc.		11,795		877,666
Comerica, Inc.		840		51,374
Fifth Third Bancorp		2,730		77,669
Huntington Bancshares, Inc.		5,705		77,417
JPMorgan Chase & Co.		16,450		2,177,322
KeyCorp		5,670		106,086
PNC Financial Services Group, Inc. (The)		1,295		192,372
Truist Financial Corp.		2,100		108,297
US Bancorp		7,665		407,931

				5,484,869

Beverages - 2.7%
Brown-Forman Corp., Class B		490		33,144
Coca-Cola Co. (The)		13,720		801,248
Coca-Cola European Partners plc		560		29,462
Constellation Brands, Inc., Class A		455		85,676
PepsiCo, Inc.		6,265		889,755

				1,839,285

Biotechnology - 1.8%
AbbVie, Inc.		4,550		368,641
Amgen, Inc.		1,610		347,841
Biogen, Inc.*		280		75,278
Gilead Sciences, Inc.		3,430		216,776
Vertex Pharmaceuticals, Inc.*		910		206,615

				1,215,151

Building Products - 0.2%
Allegion plc		420		54,314
Johnson Controls International plc		2,415		95,272

				149,586

Capital Markets - 3.3%
Bank of New York Mellon Corp. (The)		3,710		166,134
BlackRock, Inc.		630		332,231


Investments	Shares		Value ($)
CME Group, Inc.		910		197,570
Goldman Sachs Group, Inc. (The)		1,785		424,384
Morgan Stanley		6,685		349,358
MSCI, Inc.		420		120,036
Nasdaq, Inc.(a)		665		77,446
S&P Global, Inc.		1,260		370,100
SEI Investments Co.		805		52,534
State Street Corp.		1,575		119,117

				2,208,910

Chemicals - 1.7%
Air Products & Chemicals, Inc.		910		217,226
Celanese Corp.		560		57,960
Corteva, Inc.(a)		140		4,049
Dow, Inc.		2,660		122,546
DuPont de Nemours, Inc.		1,890		96,730
Eastman Chemical Co.		700		49,889
Ecolab, Inc.		1,225		240,235
FMC Corp.		350		33,456
International Flavors & Fragrances, Inc.(a)		490		64,244
LyondellBasell Industries NV, Class A		560		43,602
PPG Industries, Inc.		1,085		130,026
Sherwin-Williams Co. (The)		210		116,968

				1,176,931

Commercial Services & Supplies - 0.5%
Cintas Corp.		525		146,459
Republic Services, Inc.		805		76,515
Waste Management, Inc.		1,120		136,304

				359,278

Communications Equipment - 0.7%
Cisco Systems, Inc.		8,588		394,790
Juniper Networks, Inc.		1,190		27,299
Motorola Solutions, Inc.		280		49,560

				471,649

Consumer Finance - 0.3%
Capital One Financial Corp.		1,505		150,199
Synchrony Financial		1,820		58,986

				209,185

Containers & Packaging - 0.3%
Avery Dennison Corp.		140		18,374
Ball Corp.(a)		805		58,105
Crown Holdings, Inc.*		350		25,910
International Paper Co.		1,365		55,583
Westrock Co.		945		36,855

				194,827

Distributors - 0.0%(b)
Genuine Parts Co.		245		22,925

Diversified Financial Services - 0.7%
Berkshire Hathaway, Inc., Class B*		2,240		502,723

Diversified Telecommunication Services - 3.5%
AT&T, Inc.		32,690		1,229,798
CenturyLink, Inc.		3,850		52,591


Investments	Shares		Value ($)
Verizon Communications, Inc.		18,550		1,102,612

				2,385,001

Electric Utilities - 1.7%
Alliant Energy Corp.(a)		1,050		62,328
American Electric Power Co., Inc.		1,155		120,374
Duke Energy Corp.		1,435		140,099
Entergy Corp.		525		69,048
Eversource Energy(a)		1,260		116,474
FirstEnergy Corp.		1,610		81,772
NextEra Energy, Inc.		1,645		441,189
PPL Corp.		2,450		88,666

				1,119,950

Electrical Equipment - 0.7%
AMETEK, Inc.		805		78,206
Eaton Corp. plc		2,170		205,000
Emerson Electric Co.		2,135		152,930
Rockwell Automation, Inc.		315		60,373

				496,509

Electronic Equipment, Instruments & Components - 0.3%
Corning, Inc.		2,835		75,666
TE Connectivity Ltd.		875		80,658
Trimble, Inc.*		700		29,764

				186,088

Energy Equipment & Services - 0.6%
Baker Hughes Co.(a)		3,290		71,262
Halliburton Co.		2,800		61,068
National Oilwell Varco, Inc.(a)		1,610		33,182
Schlumberger Ltd.		6,755		226,360

				391,872

Entertainment - 1.7%
Spotify Technology SA*		490		69,237
Take-Two Interactive Software, Inc.*		245		30,537
Walt Disney Co. (The)		7,420		1,026,260

				1,126,034

Equity Real Estate Investment Trusts (REITs) - 1.4%
AvalonBay Communities, Inc.		630		136,515
Digital Realty Trust, Inc.(a)		560		68,874
Equity LifeStyle Properties, Inc.		1,015		73,841
Healthpeak Properties, Inc.(a)		1,155		41,569
Host Hotels & Resorts, Inc.		5,110		83,497
Iron Mountain, Inc.		35		1,106
Prologis, Inc.(a)		1,645		152,788
Public Storage		210		46,990
SL Green Realty Corp.		455		41,878
Ventas, Inc.		490		28,351
Vornado Realty Trust		1,540		101,286
Welltower, Inc.		140		11,887
Weyerhaeuser Co.		3,675		106,391
WP Carey, Inc.(a)		280		23,554

				918,527

Food & Staples Retailing - 2.0%
Costco Wholesale Corp.		2,135		652,285
Kroger Co. (The)		1,890		50,766
Sysco Corp.		2,765		227,117
Walgreens Boots Alliance, Inc.		1,785		90,767


Investments	Shares		Value ($)
Walmart, Inc.		2,590		296,529

				1,317,464

Food Products - 0.7%
General Mills, Inc.		2,170		113,317
Hershey Co. (The)		595		92,326
JM Smucker Co. (The)		210		21,758
McCormick & Co., Inc. (Non-Voting)		315		51,462
Mondelez International, Inc., Class A		2,310		132,548
Tyson Foods, Inc., Class A		980		80,977

				492,388

Health Care Equipment & Supplies - 3.6%
Abbott Laboratories		8,960		780,774
Baxter International, Inc.		910		81,190
Becton Dickinson and Co.		945		260,045
Boston Scientific Corp.*		3,640		152,407
Danaher Corp.(a)		1,120		180,174
Edwards Lifesciences Corp.*		735		161,597
Hologic, Inc.*		1,505		80,548
IDEXX Laboratories, Inc.*		35		9,485
Medtronic plc		4,620		533,333
Varian Medical Systems, Inc.*		385		54,119
West Pharmaceutical Services, Inc.		210		32,750
Zimmer Biomet Holdings, Inc.		735		108,707

				2,435,129

Health Care Providers & Services - 1.0%
Anthem, Inc.		700		185,696
CVS Health Corp.		4,655		315,702
Humana, Inc.		245		82,379
Laboratory Corp. of America Holdings*		350		61,390

				645,167

Hotels, Restaurants & Leisure - 2.1%
Carnival Corp.		560		24,377
Domino’s Pizza, Inc.		210		59,168
Hilton Worldwide Holdings, Inc.		1,435		154,693
Marriott International, Inc., Class A		770		107,846
McDonald’s Corp.		2,520		539,204
Norwegian Cruise Line Holdings Ltd.*		595		32,041
Starbucks Corp.		5,110		433,481
Yum! Brands, Inc.		700		74,039

				1,424,849

Household Durables - 0.1%
Garmin Ltd.		700		67,865
Newell Brands, Inc.		1,050		20,507

				88,372

Household Products - 2.9%
Clorox Co. (The)		385		60,564
Colgate-Palmolive Co.		2,275		167,849
Kimberly-Clark Corp.		875		125,335
Procter & Gamble Co. (The)		13,125		1,635,638

				1,989,386

Independent Power and Renewable Electricity Producers - 0.1%
NRG Energy, Inc.		1,155		42,608


Investments	Shares		Value ($)
Industrial Conglomerates - 1.6%
3M Co.		2,695		427,589
General Electric Co.		40,950		509,827
Roper Technologies, Inc.		315		120,223

				1,057,639

Insurance - 1.3%
Aflac, Inc.(a)		2,310		119,127
Allstate Corp. (The)		1,680		199,147
Aon plc		945		208,136
Arthur J Gallagher & Co.		315		32,310
Hartford Financial Services Group, Inc. (The)		1,575		93,366
Lincoln National Corp.		595		32,416
MetLife, Inc.		1,365		67,854
Principal Financial Group, Inc.		595		31,505
Progressive Corp. (The)		420		33,890
Reinsurance Group of America, Inc.		420		60,501

				878,252

Interactive Media & Services - 5.9%
Alphabet, Inc., Class C*		1,575		2,258,912
Facebook, Inc., Class A*		8,260		1,667,777
Snap, Inc., Class A*		2,100		38,598

				3,965,287

Internet & Direct Marketing Retail - 6.0%
Amazon.com, Inc.*		1,855		3,726,175
Booking Holdings, Inc.*		132		241,633
eBay, Inc.		2,345		78,698

				4,046,506

IT Services - 5.3%
Accenture plc, Class A		3,570		732,600
Akamai Technologies, Inc.*		665		62,078
Amdocs Ltd.(a)		735		52,883
Booz Allen Hamilton Holding Corp.		525		40,971
EPAM Systems, Inc.*		175		39,924
Fidelity National Information Services, Inc.		1,575		226,264
International Business Machines Corp.		4,235		608,697
Leidos Holdings, Inc.		385		38,681
Mastercard, Inc., Class A		3,780		1,194,253
PayPal Holdings, Inc.*		4,445		506,241
Western Union Co. (The)		2,100		56,490

				3,559,082

Leisure Products - 0.0%(b)
Hasbro, Inc.(a)		210		21,393

Life Sciences Tools & Services - 0.5%
Agilent Technologies, Inc.		1,400		115,584
Illumina, Inc.*		385		111,677
Mettler-Toledo International, Inc.*		140		106,005

				333,266

Machinery - 1.8%
Caterpillar, Inc.		1,960		257,446
Cummins, Inc.		700		111,979
Deere & Co.		980		155,408
Dover Corp.		630		71,725


Investments	Shares		Value ($)
IDEX Corp.		175		28,674
Ingersoll-Rand plc		1,155		153,881
PACCAR, Inc.		1,750		129,868
Parker-Hannifin Corp.		560		109,586
Snap-on, Inc.		140		22,348
Stanley Black & Decker, Inc.		700		111,531
Xylem, Inc.		910		74,311

				1,226,757

Media - 0.8%
Comcast Corp., Class A		10,675		461,053
Interpublic Group of Cos., Inc. (The)		1,645		37,342
Omnicom Group, Inc.		420		31,630

				530,025

Metals & Mining - 0.3%
Newmont Corp.		4,270		192,406

Multiline Retail - 0.6%
Dollar General Corp.		910		139,603
Kohl’s Corp.		210		8,977
Target Corp.		2,205		244,182

				392,762

Multi-Utilities - 0.8%
Ameren Corp.		770		63,178
CenterPoint Energy, Inc.		1,645		43,559
CMS Energy Corp.		1,015		69,538
Dominion Energy, Inc.		1,085		93,039
DTE Energy Co.		490		64,979
Sempra Energy		1,190		191,162

				525,455

Oil, Gas & Consumable Fuels - 4.4%
Chevron Corp.		9,380		1,004,973
ConocoPhillips		5,250		312,008
Devon Energy Corp.		1,925		41,811
Exxon Mobil Corp.		21,175		1,315,391
Hess Corp.		1,120		63,358
Noble Energy, Inc.		1,610		31,830
Occidental Petroleum Corp.		1,925		76,461
Phillips 66		1,155		105,532

				2,951,364

Personal Products - 0.3%
Estee Lauder Cos., Inc. (The), Class A		945		184,426

Pharmaceuticals - 2.2%
Allergan plc		1,155		215,569
Eli Lilly & Co.		3,675		513,177
Merck & Co., Inc.		8,785		750,590
Mylan NV*		1,575		33,737

				1,513,073

Professional Services - 0.1%
IHS Markit Ltd.*		665		52,442

Real Estate Management & Development - 0.1%
CBRE Group, Inc., Class A*		1,400		85,470


Investments	Shares		Value ($)
Road & Rail - 0.1%
Lyft, Inc., Class A*		490		23,265
Uber Technologies, Inc.*		1,085		39,375

				62,640

Semiconductors & Semiconductor Equipment - 4.8%
Advanced Micro Devices, Inc.*		2,765		129,955
Analog Devices, Inc.		1,260		138,285
Intel Corp.		23,100		1,476,783
Lam Research Corp.		490		146,123
Maxim Integrated Products, Inc.		945		56,813
NVIDIA Corp.		1,050		248,252
ON Semiconductor Corp.*		1,995		46,184
QUALCOMM, Inc.		3,395		289,628
Skyworks Solutions, Inc.		455		51,483
Teradyne, Inc.		735		48,503
Texas Instruments, Inc.		4,445		536,289
Xilinx, Inc.		490		41,395

				3,209,693

Software - 8.5%
Adobe, Inc.*		1,645		577,625
ANSYS, Inc.*(a)		350		96,016
Autodesk, Inc.*		1,155		227,362
Intuit, Inc.		945		264,959
Microsoft Corp.		21,630		3,682,075
NortonLifeLock, Inc.		2,800		79,576
Oracle Corp.		11,165		585,604
PTC, Inc.*		245		20,364
Splunk, Inc.*		665		103,248
Synopsys, Inc.*		420		61,954
VMware, Inc., Class A*		175		25,911

				5,724,694

Specialty Retail - 1.8%
Advance Auto Parts, Inc.		175		23,056
Best Buy Co., Inc.		980		82,996
Burlington Stores, Inc.*		385		83,726
Home Depot, Inc. (The)		1,890		431,109
Lowe’s Cos., Inc.		2,205		256,309
Tiffany & Co.		280		37,526
TJX Cos., Inc. (The)		5,040		297,562

				1,212,284

Technology Hardware, Storage & Peripherals - 6.0%
Apple, Inc.		12,215		3,780,665
Hewlett Packard Enterprise Co.		3,185		44,367
HP, Inc.		5,390		114,915
NetApp, Inc.		1,085		57,939
Western Digital Corp.		1,050		68,775

				4,066,661

Textiles, Apparel & Luxury Goods - 0.2%
Lululemon Athletica, Inc.*		455		108,922

Tobacco - 0.8%
Altria Group, Inc.		4,830		229,570
Philip Morris International, Inc.		3,465		286,555

				516,125

Trading Companies & Distributors - 0.2%
Fastenal Co.		2,695		94,002


Investments	Shares		Value ($)
HD Supply Holdings, Inc.*		945		38,499

				132,501

Water Utilities - 0.1%
American Water Works Co., Inc.		700		95,340

TOTAL COMMON STOCKS (Cost $56,152,918)				66,693,927


Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(c) - 0.1%

REPURCHASE AGREEMENTS - 0.1%
Citigroup Global Markets, Inc., 1.57%, dated 1/31/2020, due 2/3/2020, repurchase price $54,036, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 6.38%, maturing 6/15/2020 - 1/15/2028; total market value $55,272 (Cost $54,029)		54,029		54,029

Total Investments - 99.0% (Cost $56,206,947)				66,747,956
Other Assets Less Liabilities - 1.0%				677,154

Net Assets - 100.0%				67,425,110

*	Non-income producing security.

(a)

The security or a portion of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $1,167,728, collateralized in the form of cash with a value of $54,029 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $1,167,566 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from February 13, 2020 – May 15, 2049; a total value of $1,221,595.

(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, 2020. The total value of securities purchased was $54,029.

Percentages shown are based on Net Assets.

FlexShares^® STOXX^® US ESG Impact Index Fund had the following open futures contracts as of January 31, 2020:


Investments	Shares		Value ($)
COMMON STOCKS - 98.7%

Aerospace & Defense - 0.0%(a)
Saab AB, Class B(b)		342		11,113

Air Freight & Logistics - 0.1%
Deutsche Post AG (Registered)		2,286		79,991
FedEx Corp.		288		41,656

				121,647

Airlines - 0.1%
Air France-KLM*		900		8,370
Alaska Air Group, Inc.		648		41,854
Deutsche Lufthansa AG (Registered)		126		1,931
easyJet plc		72		1,322
International Consolidated Airlines Group SA, DI		4,914		36,871
Qantas Airways Ltd.		2,268		9,732
United Airlines Holdings, Inc.*		486		36,353

				136,433

Auto Components - 0.3%
Bridgestone Corp.		4,300		154,766
Cie Generale des Etablissements Michelin SCA		648		75,402
Continental AG		288		32,855
Hella GmbH & Co. KGaA		252		11,891
Nokian Renkaat OYJ		54		1,455
Pirelli & C SpA(c)		2,160		10,465
Valeo SA		1,296		38,663

				325,497

Automobiles - 1.3%
Bayerische Motoren Werke AG		1,260		89,840
Daimler AG (Registered)		1,998		92,564
Ferrari NV		360		60,840
Fiat Chrysler Automobiles NV		1,854		24,105
General Motors Co.		4,194		140,038
Honda Motor Co. Ltd.		10,800		282,094
Nissan Motor Co. Ltd.		16,200		89,605
Peugeot SA		2,016		41,577
Renault SA		90		3,515
Tesla, Inc.*		666		433,280

				1,257,458

Banks - 9.7%
ABN AMRO Bank NV, CVA(c)		2,790		48,604
Australia & New Zealand Banking Group Ltd.		3,060		52,749
Banco Bilbao Vizcaya Argentaria SA		16,272		84,185
Banco Santander SA		53,262		209,775
Bank of America Corp.		44,910		1,474,395
Bank of Ireland Group plc		180		881
Bank of Montreal(b)		1,368		104,399
Bank of Nova Scotia (The)		4,662		254,788
Bank Polska Kasa Opieki SA		378		9,646


Investments	Shares		Value ($)
Bankia SA		5,490		9,987
Bankinter SA		198		1,285
Barclays plc		68,634		151,995
BNP Paribas SA		3,474		184,968
CaixaBank SA		8,496		24,856
Citigroup, Inc.		12,276		913,457
Commerzbank AG		234		1,349
Commonwealth Bank of Australia		7,902		451,025
Credit Agricole SA		3,888		52,695
DBS Group Holdings Ltd.		5,400		100,372
DNB ASA		2,466		43,299
Erste Group Bank AG*		1,098		40,349
HSBC Holdings plc		77,076		560,638
Huntington Bancshares, Inc.		2,286		31,021
Intesa Sanpaolo SpA		67,482		167,927
JPMorgan Chase & Co.		14,490		1,917,896
KBC Group NV		1,098		80,625
KeyCorp		3,528		66,009
Lloyds Banking Group plc		221,364		165,714
Mediobanca Banca di Credito Finanziario SpA		1,980		19,774
Mizuho Financial Group, Inc.		198,000		296,858
National Australia Bank Ltd.		12,744		220,624
Royal Bank of Canada		3,222		254,778
Royal Bank of Scotland Group plc		1,404		4,040
Skandinaviska Enskilda Banken AB, Class A		4,572		45,176
Societe Generale SA		3,132		101,437
Standard Chartered plc		10,890		90,581
Svenska Handelsbanken AB, Class A		5,094		50,038
Swedbank AB, Class A		5,292		81,395
Toronto-Dominion Bank (The)		3,870		214,020
UniCredit SpA		8,298		111,104
Unione di Banche Italiane SpA		5,616		16,841
United Overseas Bank Ltd.		3,600		67,680
US Bancorp		5,364		285,472
Westpac Banking Corp.		18,270		307,239

				9,371,946

Beverages - 2.0%
Anheuser-Busch InBev SA/NV		1,188		90,078
Carlsberg A/S, Class B		216		31,596
Coca-Cola Amatil Ltd.		2,142		17,179
Coca-Cola Co. (The)		7,560		441,504
Coca-Cola European Partners plc		684		35,985
Coca-Cola HBC AG, DI*		684		25,120
Constellation Brands, Inc., Class A		306		57,620
Diageo plc		4,824		191,406
Heineken Holding NV		252		24,827
Heineken NV		810		88,256
PepsiCo, Inc.		5,040		715,781
Pernod Ricard SA		594		103,019
Remy Cointreau SA		36		3,798
Suntory Beverage & Food Ltd.		400		17,142
Thai Beverage PCL		32,400		18,872


Investments	Shares		Value ($)
Treasury Wine Estates Ltd.		3,006		26,221

				1,888,404

Biotechnology - 1.7%
AbbVie, Inc.		5,436		440,425
Amgen, Inc.		1,746		377,223
Biogen, Inc.*		342		91,947
CSL Ltd.		1,548		323,380
Gilead Sciences, Inc.		3,582		226,382
Vertex Pharmaceuticals, Inc.*		936		212,519

				1,671,876

Building Products - 0.7%
AGC, Inc.		2,500		86,612
Assa Abloy AB, Class B		3,600		85,643
Cie de Saint-Gobain		1,566		59,413
Daikin Industries Ltd.		1,800		259,658
Geberit AG (Registered)		126		66,524
Johnson Controls International plc		1,710		67,459
LIXIL Group Corp.		3,600		60,983

				686,292

Capital Markets - 2.8%
3i Group plc		2,574		37,476
Bank of New York Mellon Corp. (The)		2,412		108,009
BlackRock, Inc.		630		332,230
Credit Suisse Group AG (Registered)*		9,630		121,966
Deutsche Bank AG (Registered)		10,800		99,148
Deutsche Boerse AG		522		85,066
Goldman Sachs Group, Inc. (The)		1,800		427,950
Hong Kong Exchanges & Clearing Ltd.		3,627		120,886
Investec plc		4,320		23,872
Julius Baer Group Ltd.*		972		48,678
Jupiter Fund Management plc		2,052		10,430
London Stock Exchange Group plc		1,206		124,573
Macquarie Group Ltd.		1,494		144,793
Morgan Stanley		6,804		355,577
MSCI, Inc.		288		82,310
Nasdaq, Inc.		630		73,370
Natixis SA		72		305
S&P Global, Inc.		864		253,783
Schroders plc		90		3,812
State Street Corp.		1,044		78,958
UBS Group AG (Registered)*		14,580		181,409

				2,714,601

Chemicals - 1.7%
Air Liquide SA		1,069		154,895
Air Products & Chemicals, Inc.		504		120,310
Akzo Nobel NV		828		78,270
Arkema SA		18		1,656
Asahi Kasei Corp.		7,200		75,597
BASF SE		1,764		119,384
Celanese Corp.		360		37,260
Chr Hansen Holding A/S		486		36,237
Clariant AG (Registered)*		774		17,439
Croda International plc		385		25,294
Dow, Inc.		1,494		68,829
DuPont de Nemours, Inc.		1,530		78,305


Investments	Shares		Value ($)
Ecolab, Inc.		774		151,789
FUCHS PETROLUB SE (Preference)		306		13,564
Givaudan SA (Registered)		36		118,700
Hexpol AB		1,260		11,366
Johnson Matthey plc		810		27,815
Koninklijke DSM NV(b)		612		74,808
LyondellBasell Industries NV, Class A		504		39,242
Mitsubishi Chemical Holdings Corp.		10,800		79,716
Mitsui Chemicals, Inc.		1,900		43,036
Novozymes A/S, Class B		666		34,755
PPG Industries, Inc.		324		38,828
Sherwin-Williams Co. (The)		126		70,181
Sika AG (Registered)		270		48,572
Solvay SA		486		50,379
Symrise AG		198		20,393

				1,636,620

Commercial Services & Supplies - 0.4%
Brambles Ltd.		8,028		67,878
Cintas Corp.		414		115,494
Dai Nippon Printing Co. Ltd.		1,800		50,570
Downer EDI Ltd.		900		4,464
Edenred		972		52,555
Elis SA		1,008		19,671
ISS A/S(b)		54		1,311
Rentokil Initial plc		8,352		51,415
Securitas AB, Class B		1,782		28,056
SPIE SA		594		11,546

				402,960

Communications Equipment - 0.2%
Motorola Solutions, Inc.		486		86,022
Nokia OYJ		16,812		65,572
Telefonaktiebolaget LM Ericsson, Class B		7,776		61,120

				212,714

Construction & Engineering - 0.4%
Bouygues SA		1,116		44,189
Eiffage SA		234		27,164
Ferrovial SA		998		31,698
Kajima Corp.		3,600		46,700
Skanska AB, Class B		1,980		45,809
Taisei Corp.		1,400		56,964
Vinci SA		1,476		163,897

				416,421

Construction Materials - 0.2%
Boral Ltd.		1,458		4,861
CRH plc		2,502		94,051
LafargeHolcim Ltd. (Registered)*		1,536		78,197
Wienerberger AG		342		9,710

				186,819

Consumer Finance - 0.0%(a)
Synchrony Financial		1,098		35,586

Containers & Packaging - 0.2%
Amcor plc, CHDI		2,862		30,445
Ball Corp.		864		62,363


Investments	Shares		Value ($)
DS Smith plc		5,166		23,201
International Paper Co.		702		28,585
Orora Ltd.		4,572		9,856
Smurfit Kappa Group plc		630		21,839

				176,289

Diversified Financial Services - 0.1%
EXOR NV		450		33,233
Kinnevik AB, Class B		828		19,999
L E Lundbergforetagen AB, Class B		594		25,797
Wendel SA		36		4,811

				83,840

Diversified Telecommunication Services - 2.5%
AT&T, Inc.		20,664		777,380
BCE, Inc.		1,494		70,444
BT Group plc		16,344		34,670
CenturyLink, Inc.		2,898		39,587
Deutsche Telekom AG (Registered)		9,918		160,536
Elisa OYJ		486		29,267
Koninklijke KPN NV		16,578		46,536
Orange SA		7,038		99,873
Proximus SADP		702		20,009
Singapore Telecommunications Ltd.		28,800		69,631
Spark New Zealand Ltd.		8,496		25,621
Swisscom AG (Registered)		108		59,305
Telecom Italia SpA*		36,810		19,858
Telenor ASA		1,026		18,582
Telia Co. AB		9,666		41,367
Telstra Corp. Ltd.		55,962		143,861
TELUS Corp.		1,092		43,802
Verizon Communications, Inc.		11,736		697,588

				2,397,917

Electric Utilities - 1.2%
Alliant Energy Corp.		1,062		63,040
CLP Holdings Ltd.		5,000		52,254
EDP - Energias de Portugal SA		5,562		27,885
Electricite de France SA(b)		494		6,107
Endesa SA		468		12,847
Enel SpA		15,858		138,043
Eversource Energy		1,062		98,171
Fortum OYJ		1,620		39,245
Iberdrola SA		18,839		206,060
Iberdrola SA, Placement Shares*(d)		348		3,806
NextEra Energy, Inc.		792		212,414
Orsted A/S(c)		522		56,974
PPL Corp.		1,710		61,885
Red Electrica Corp. SA		702		14,031
Spark Infrastructure Group		5,796		8,536
SSE plc		4,446		88,409
Terna Rete Elettrica Nazionale SpA		6,174		43,077

				1,132,784

Electrical Equipment - 0.8%
ABB Ltd. (Registered)		6,480		151,241
Eaton Corp. plc		1,422		134,336
Legrand SA		684		54,880
Mitsubishi Electric Corp.		10,800		153,951
Prysmian SpA		1,134		25,235


Investments	Shares		Value ($)
Rockwell Automation, Inc.		342		65,548
Schneider Electric SE		1,134		113,756
Signify NV(c)		198		6,609
Vestas Wind Systems A/S		594		59,265

				764,821

Electronic Equipment, Instruments & Components - 1.1%
AAC Technologies Holdings, Inc.(b)		2,000		14,360
Corning, Inc.		2,412		64,376
Electrocomponents plc		3,798		33,183
Halma plc		1,152		31,996
Hexagon AB, Class B		954		51,983
Hitachi Ltd.		10,100		394,178
Ingenico Group SA		108		12,591
Murata Manufacturing Co. Ltd.		3,600		210,184
Omron Corp.		1,800		106,454
Shimadzu Corp.		1,800		51,815
Taiyo Yuden Co. Ltd.(b)		1,200		35,983
TE Connectivity Ltd.		666		61,392

				1,068,495

Energy Equipment & Services - 0.3%
Baker Hughes Co.		1,602		34,699
John Wood Group plc(b)		72		357
Saipem SpA*		3,402		14,130
Schlumberger Ltd.		6,912		231,621
TGS NOPEC Geophysical Co. ASA		396		10,100
Worley Ltd.		1,663		16,967

				307,874

Entertainment - 1.2%
Spotify Technology SA*		252		35,608
Take-Two Interactive Software, Inc.*		360		44,870
Ubisoft Entertainment SA*		396		30,122
Vivendi SA		2,808		77,049
Walt Disney Co. (The)		6,750		933,593

				1,121,242

Equity Real Estate Investment Trusts (REITs) - 1.0%
AvalonBay Communities, Inc.		144		31,203
British Land Co. plc (The)		450		3,290
Cofinimmo SA		72		11,474
Covivio		131		15,563
Derwent London plc(b)		36		1,950
Dexus		2,052		17,474
Equity LifeStyle Properties, Inc.		684		49,761
Gecina SA		288		54,385
GPT Group (The)		3,780		15,183
Hammerson plc		234		720
Healthpeak Properties, Inc.		1,080		38,869
Host Hotels & Resorts, Inc.		3,222		52,647
ICADE		162		18,096
Klepierre SA		864		29,424
Land Securities Group plc		3,780		46,739
Link REIT		4,500		45,783
Mapletree Commercial Trust		3,855		6,637
Merlin Properties Socimi SA		2,610		37,023
Mirvac Group		10,530		23,968
Prologis, Inc.		1,422		132,075


Investments	Shares		Value ($)
Stockland		12,006		39,544
Suntec REIT		7,200		9,706
Unibail-Rodamco-Westfield		306		41,575
Ventas, Inc.		648		37,493
Vicinity Centres		14,814		25,190
Vornado Realty Trust		936		61,561
Weyerhaeuser Co.		1,242		35,956
WP Carey, Inc.		594		49,967

				933,256

Food & Staples Retailing - 2.2%
Aeon Co. Ltd.(b)		7,200		149,700
Carrefour SA		2,168		36,771
Casino Guichard Perrachon SA(b)		180		7,313
Coles Group Ltd.		6,318		70,000
Colruyt SA		90		4,503
Costco Wholesale Corp.		2,088		637,926
J Sainsbury plc(b)		6,426		17,145
Jeronimo Martins SGPS SA		774		13,334
Kesko OYJ, Class B		198		13,393
Koninklijke Ahold Delhaize NV		3,618		89,010
Lawson, Inc.(b)		800		46,796
Loblaw Cos. Ltd.		846		44,291
Sysco Corp.		2,646		217,342
Tesco plc		32,022		104,220
Walgreens Boots Alliance, Inc.		2,322		118,074
Walmart, Inc.		2,880		329,731
Woolworths Group Ltd.		6,840		191,587

				2,091,136

Food Products - 1.9%
AAK AB		432		8,115
Ajinomoto Co., Inc.		3,600		59,953
Associated British Foods plc		1,278		44,239
Danone SA		2,214		177,637
General Mills, Inc.		2,196		114,675
Hershey Co. (The)		576		89,378
Kerry Group plc, Class A		342		43,699
Mowi ASA		1,602		38,270
Nestle SA (Registered)		11,034		1,217,064
Salmar ASA		126		6,174
Tate & Lyle plc		1,332		13,920
Tyson Foods, Inc., Class A		612		50,570
Vitasoy International Holdings Ltd.		2,000		7,276

				1,870,970

Gas Utilities - 0.2%
Enagas SA		612		16,494
Italgas SpA		378		2,512
Rubis SCA		334		20,672
Snam SpA		8,190		43,901
Tokyo Gas Co. Ltd.		3,600		79,982

				163,561

Health Care Equipment & Supplies - 2.9%
Abbott Laboratories		7,974		694,854
Align Technology, Inc.*		144		37,022
Ansell Ltd.		1,206		25,868
Baxter International, Inc.		1,440		128,477
Becton Dickinson and Co.		990		272,428
Boston Scientific Corp.*		3,762		157,515
Cochlear Ltd.		234		37,764


Investments	Shares		Value ($)
Coloplast A/S, Class B		306		38,617
Edwards Lifesciences Corp.*		738		162,257
Fisher & Paykel Healthcare Corp. Ltd.		1,224		18,456
Getinge AB, Class B		558		9,526
Hologic, Inc.*		630		33,718
IDEXX Laboratories, Inc.*		252		68,295
Koninklijke Philips NV		2,196		100,751
Medtronic plc		4,716		544,415
ResMed, Inc.		270		42,922
Sartorius AG (Preference)		198		46,211
Sonova Holding AG (Registered)		270		67,692
Straumann Holding AG (Registered)		54		51,511
Sysmex Corp.		1,000		72,861
Varian Medical Systems, Inc.*		234		32,893
West Pharmaceutical Services, Inc.		198		30,878
Zimmer Biomet Holdings, Inc.		576		85,190

				2,760,121

Health Care Providers & Services - 1.1%
Anthem, Inc.		918		243,527
Cigna Corp.		702		135,051
CVS Health Corp.		3,906		264,905
Fresenius Medical Care AG & Co. KGaA		846		65,346
Fresenius SE & Co. KGaA		1,512		77,287
Humana, Inc.		360		121,046
Laboratory Corp. of America Holdings*		216		37,886
Orpea		126		16,421
Ramsay Health Care Ltd.		270		14,316
Ryman Healthcare Ltd.		360		3,842
Sonic Healthcare Ltd.		2,358		49,993

				1,029,620

Hotels, Restaurants & Leisure - 2.1%
Accor SA(b)		1,080		44,320
Aristocrat Leisure Ltd.		864		20,938
Carnival Corp.		1,818		79,138
Carnival plc		144		5,919
Compass Group plc		5,040		124,703
Domino’s Pizza Enterprises Ltd.(b)		270		9,921
Genting Singapore Ltd.		12,600		7,939
Hilton Worldwide Holdings, Inc.		1,206		130,007
InterContinental Hotels Group plc		546		33,723
Marriott International, Inc., Class A		702		98,322
McDonald’s Corp.		2,628		562,313
Norwegian Cruise Line Holdings Ltd.*		630		33,926
Oriental Land Co. Ltd.		1,800		236,822
Restaurant Brands International, Inc.		846		51,647
Sands China Ltd.		7,200		35,236
Sodexo SA(b)		342		35,854
SSP Group plc		1,301		11,044
Starbucks Corp.		3,456		293,172
TUI AG, DI		2,322		23,826
Whitbread plc		882		51,971


Investments	Shares		Value ($)
Yum! Brands, Inc.		972		102,808

				1,993,549

Household Durables - 1.2%
Barratt Developments plc		3,492		36,954
Berkeley Group Holdings plc		522		36,056
Garmin Ltd.		450		43,627
Husqvarna AB, Class B		2,034		15,346
Persimmon plc		1,188		47,811
SEB SA		108		13,896
Sony Corp.		13,600		968,444
Taylor Wimpey plc		15,120		42,872

				1,205,006

Household Products - 1.9%
Colgate-Palmolive Co.		1,224		90,307
Essity AB, Class B		2,178		69,145
Kimberly-Clark Corp.		540		77,350
Procter & Gamble Co. (The)		11,214		1,397,489
Reckitt Benckiser Group plc		576		47,690
Unicharm Corp.		3,600		125,287

				1,807,268

Industrial Conglomerates - 1.5%
3M Co.		3,150		499,779
CK Hutchison Holdings Ltd.		9,000		80,323
General Electric Co.		39,636		493,468
Rheinmetall AG		144		15,435
Roper Technologies, Inc.		252		96,178
Siemens AG (Registered)*		2,016		249,419
Smiths Group plc		252		5,612

				1,440,214

Insurance - 2.3%
Admiral Group plc		522		15,544
Aegon NV		126		512
Aflac, Inc.		2,466		127,172
AIA Group Ltd.		25,200		252,328
Allstate Corp. (The)		1,026		121,622
Aon plc		540		118,935
ASR Nederland NV		126		4,697
Aviva plc		12,564		65,983
AXA SA		6,948		185,411
CNP Assurances		828		14,929
Direct Line Insurance Group plc		594		2,645
Hartford Financial Services Group, Inc. (The)		1,044		61,888
Hiscox Ltd.		378		6,542
Insurance Australia Group Ltd.		8,748		41,463
Japan Post Holdings Co. Ltd.		9,000		82,730
Legal & General Group plc		25,866		104,165
Mapfre SA		2,340		5,995
Medibank Pvt Ltd.		7,938		16,474
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		396		116,865
Phoenix Group Holdings plc		2,106		21,043
Poste Italiane SpA(c)		2,268		26,014
Power Corp. of Canada		396		9,887
Principal Financial Group, Inc.		1,278		67,670
Prudential plc		5,922		105,542


Investments	Shares		Value ($)
Reinsurance Group of America, Inc.		324		46,672
Sampo OYJ, Class A		900		40,763
Storebrand ASA		4,158		31,982
Suncorp Group Ltd.		6,732		57,957
Swiss Life Holding AG (Registered)		144		72,474
Swiss Re AG		1,116		126,128
Tryg A/S		306		9,275
Zurich Insurance Group AG		684		284,181

				2,245,488

Interactive Media & Services - 2.3%
Alphabet, Inc., Class C*		1,422		2,039,475
Scout24 AG(c)		90		6,199
Snap, Inc., Class A*		2,934		53,927
Z Holdings Corp.		23,400		94,563

				2,194,164

Internet & Direct Marketing Retail - 5.3%
Amazon.com, Inc.*		2,394		4,808,876
Booking Holdings, Inc.*		90		164,749
eBay, Inc.		2,448		82,155
Rakuten, Inc.		5,400		42,648

				5,098,428

IT Services - 3.4%
Accenture plc, Class A		3,708		760,919
Akamai Technologies, Inc.*		432		40,327
Alten SA		54		6,678
Altran Technologies SA		504		8,183
Amadeus IT Group SA		1,206		94,650
Amdocs Ltd.		342		24,607
Atos SE		61		5,079
Booz Allen Hamilton Holding Corp.		486		37,927
Capgemini SE		468		58,269
Computershare Ltd.		648		7,804
EPAM Systems, Inc.*		144		32,852
Fujitsu Ltd.		1,800		192,896
International Business Machines Corp.		4,806		690,766
Itochu Techno-Solutions Corp.		1,200		35,927
Link Administration Holdings Ltd.		468		2,134
Mastercard, Inc., Class A		2,538		801,856
NEC Corp.		1,800		81,709
Nomura Research Institute Ltd.		1,800		40,190
PayPal Holdings, Inc.*		2,376		270,603
Sopra Steria Group		36		5,769
Western Union Co. (The)		1,134		30,505
Wirecard AG		270		39,855

				3,269,505

Leisure Products - 0.1%
Hasbro, Inc.		558		56,844
Yamaha Corp.		900		46,999

				103,843

Life Sciences Tools & Services - 0.4%
Agilent Technologies, Inc.		864		71,332
Eurofins Scientific SE(b)		36		19,389
Evotec SE*		324		8,729
Illumina, Inc.*		540		156,638


Investments	Shares		Value ($)
Lonza Group AG (Registered)*		126		51,761
Mettler-Toledo International, Inc.*		90		68,146

				375,995

Machinery - 1.3%
Alfa Laval AB		1,242		31,054
Alstom SA		540		28,689
Atlas Copco AB, Class A		2,124		75,364
CNH Industrial NV		3,384		32,341
Cummins, Inc.		396		63,348
Deere & Co.		720		114,178
Dover Corp.		378		43,035
Epiroc AB, Class A		2,700		31,290
GEA Group AG		468		14,050
IHI Corp.		1,800		43,661
IMI plc		972		14,145
Ingersoll-Rand plc		702		93,528
Kawasaki Heavy Industries Ltd.		1,800		36,487
KION Group AG		234		14,703
Kone OYJ, Class B		1,350		87,161
Metso OYJ		288		10,248
PACCAR, Inc.		1,458		108,198
Parker-Hannifin Corp.		396		77,493
Rotork plc		3,816		15,307
Sandvik AB		2,538		46,383
Schindler Holding AG		180		46,547
SKF AB, Class B		1,368		25,079
Stanley Black & Decker, Inc.		432		68,831
Trelleborg AB, Class B		90		1,478
Valmet OYJ		288		6,252
Volvo AB, Class B		6,246		107,117
Xylem, Inc.		648		52,916

				1,288,883

Marine - 0.0%(a)
AP Moller - Maersk A/S, Class B		18		21,600
Kuehne + Nagel International AG (Registered)		162		26,203

				47,803

Media - 0.8%
Comcast Corp., Class A		13,068		564,407
Eutelsat Communications SA		612		9,186
Informa plc		5,724		58,462
Interpublic Group of Cos., Inc. (The)		1,818		41,269
ITV plc		504		900
JCDecaux SA(b)		90		2,412
Lagardere SCA		702		13,342
Pearson plc		1,206		9,036
Publicis Groupe SA		18		798
SES SA, FDR		1,440		17,721
Telenet Group Holding NV		234		10,886
WPP plc		4,194		52,245

				780,664

Metals & Mining - 1.3%
Agnico Eagle Mines Ltd.		434		26,843
Alumina Ltd.		8,604		12,557
Anglo American plc		1,800		47,114
ArcelorMittal SA(b)		2,718		40,229
BHP Group Ltd.		7,848		207,001


Investments	Shares		Value ($)
BHP Group plc		7,362		161,077
BlueScope Steel Ltd.		2,286		21,808
Boliden AB*		864		20,554
Evraz plc		900		4,183
Fortescue Metals Group Ltd.		10,296		78,507
Glencore plc*		22,662		66,468
Newcrest Mining Ltd.		1,188		23,485
Newmont Corp.		3,528		158,954
Norsk Hydro ASA		252		793
Northern Star Resources Ltd.		1,620		13,665
OZ Minerals Ltd.		2,610		17,752
Rio Tinto Ltd.		1,476		97,596
Rio Tinto plc		3,600		193,807
South32 Ltd.		26,640		47,082
Sumitomo Metal Mining Co. Ltd.		1,800		52,546
Teck Resources Ltd., Class B		486		6,284

				1,298,305

Multiline Retail - 0.6%
Dollar General Corp.		630		96,648
Isetan Mitsukoshi Holdings Ltd.(b)		5,400		42,897
J Front Retailing Co. Ltd.		5,400		66,264
Kohl’s Corp.		540		23,085
Marks & Spencer Group plc		10,062		23,344
Marui Group Co. Ltd.		1,800		42,233
Next plc		468		42,518
Target Corp.		1,836		203,319

				540,308

Multi-Utilities - 0.7%
A2A SpA		9,900		19,776
AGL Energy Ltd.		2,448		32,694
CMS Energy Corp.		396		27,130
E.ON SE		6,174		70,062
Engie SA		6,408		110,497
National Grid plc		14,814		196,411
RWE AG		1,242		43,136
Sempra Energy		594		95,420
Veolia Environnement SA(b)		2,160		63,864

				658,990

Oil, Gas & Consumable Fuels - 4.7%
Aker BP ASA(b)		72		2,040
BP plc		69,012		415,467
Caltex Australia Ltd.		702		16,157
Canadian Natural Resources Ltd.		3,798		106,886
Chevron Corp.		10,206		1,093,471
ConocoPhillips		4,158		247,110
Enbridge, Inc.		4,014		163,316
Eni SpA		10,674		149,731
Equinor ASA		5,238		94,983
Exxon Mobil Corp.		15,102		938,136
Galp Energia SGPS SA		846		12,788
Hess Corp.		648		36,657
JXTG Holdings, Inc.		30,600		132,355
Koninklijke Vopak NV		342		18,336
Lundin Petroleum AB		342		10,418
Neste OYJ		1,404		55,826
OMV AG		504		25,128
Origin Energy Ltd.		11,124		61,065


Investments	Shares		Value ($)
Polski Koncern Naftowy ORLEN SA		774		15,097
Repsol SA		1,748		24,146
Royal Dutch Shell plc, Class A		14,364		378,057
Santos Ltd.		1,854		10,786
TOTAL SA		8,532		417,398
Woodside Petroleum Ltd.		3,888		90,396

				4,515,750

Paper & Forest Products - 0.1%
Mondi plc		2,214		45,120
Stora Enso OYJ, Class R		756		9,852
Svenska Cellulosa AB SCA, Class B		2,718		27,218
UPM-Kymmene OYJ		1,098		34,715

				116,905

Personal Products - 1.2%
Beiersdorf AG		306		34,725
Estee Lauder Cos., Inc. (The), Class A		738		144,028
L’Oreal SA		810		226,116
Shiseido Co. Ltd.		3,000		196,162
Unilever NV		5,310		310,115
Unilever plc		4,032		240,955

				1,152,101

Pharmaceuticals - 5.7%
Allergan plc		1,314		245,245
Astellas Pharma, Inc.		21,600		388,714
AstraZeneca plc		4,752		465,046
Bayer AG (Registered)		2,232		180,689
Eisai Co. Ltd.		1,800		138,324
Eli Lilly & Co.		3,834		535,380
GlaxoSmithKline plc		15,606		367,001
Hikma Pharmaceuticals plc		234		5,651
Ipsen SA		90		6,682
Merck & Co., Inc.		9,162		782,801
Merck KGaA		450		57,798
Mylan NV*		1,368		29,303
Novo Nordisk A/S, Class B		6,300		385,380
Otsuka Holdings Co. Ltd.(b)		4,000		181,317
Recordati SpA		126		5,394
Roche Holding AG		3,204		1,077,357
Sanofi		3,672		353,827
Santen Pharmaceutical Co. Ltd.		3,600		68,290
Shionogi & Co. Ltd.		2,600		157,485
Zoetis, Inc.		774		103,878

				5,535,562

Professional Services - 0.5%
Adecco Group AG (Registered)		1,026		60,319
Bureau Veritas SA		1,278		35,280
Capita plc*		5,274		10,112
Intertek Group plc		702		53,302
RELX plc		6,480		171,949
SEEK Ltd.		666		10,116
Teleperformance		234		58,813
Wolters Kluwer NV		1,188		89,419

				489,310

Real Estate Management & Development - 0.3%
Aroundtown SA		1,566		14,814


Investments	Shares		Value ($)
CapitaLand Ltd.		9,000		23,870
Castellum AB		1,008		24,743
CBRE Group, Inc., Class A*		792		48,351
CK Asset Holdings Ltd.		9,000		58,185
Fabege AB		1,116		19,145
Hulic Co. Ltd.		3,600		44,309
LEG Immobilien AG		72		8,885
Vonovia SE		1,386		79,163

				321,465

Road & Rail - 0.3%
Aurizon Holdings Ltd.		6,876		24,903
Canadian National Railway Co.		1,566		146,435
Canadian Pacific Railway Ltd.		324		86,123
MTR Corp. Ltd.		2,549		14,411
Nippon Express Co. Ltd.		900		47,913

				319,785

Semiconductors & Semiconductor Equipment - 3.8%
Advanced Micro Devices, Inc.*		2,880		135,360
Advantest Corp.		1,200		64,991
ams AG*		234		9,576
Analog Devices, Inc.		846		92,848
ASML Holding NV		1,224		344,874
Infineon Technologies AG		3,312		71,851
Intel Corp.		24,138		1,543,142
Lam Research Corp.		342		101,988
Maxim Integrated Products, Inc.		1,152		69,258
QUALCOMM, Inc.		3,618		308,652
Renesas Electronics Corp.*		9,000		59,039
Rohm Co. Ltd.		500		37,136
Skyworks Solutions, Inc.		540		61,101
STMicroelectronics NV		2,196		61,522
Teradyne, Inc.		828		54,640
Texas Instruments, Inc.		3,618		436,512
Tokyo Electron Ltd.		1,000		226,046

				3,678,536

Software - 7.7%
Adobe, Inc.*		1,404		493,000
ANSYS, Inc.*		270		74,069
Autodesk, Inc.*		774		152,362
Dassault Systemes SE		470		81,618
Intuit, Inc.		936		262,436
Micro Focus International plc		43		581
Microsoft Corp.		30,564		5,202,910
NortonLifeLock, Inc.		2,160		61,387
Oracle Corp.		9,756		511,702
SAP SE		2,664		347,833
SimCorp A/S		306		33,965
Splunk, Inc.*		576		89,430
Synopsys, Inc.*		576		84,966
Zendesk, Inc.*		54		4,666

				7,400,925

Specialty Retail - 1.0%
Best Buy Co., Inc.		972		82,319
Burlington Stores, Inc.*		306		66,546
Fast Retailing Co. Ltd.(b)		400		218,997
Hennes & Mauritz AB, Class B(b)		2,376		52,173
Industria de Diseno Textil SA		1,908		64,216
JB Hi-Fi Ltd.(b)		828		21,984


Investments	Shares		Value ($)
Kingfisher plc		612		1,646
Lowe’s Cos., Inc.		1,620		188,309
TJX Cos., Inc. (The)		4,842		285,871

				982,061

Technology Hardware, Storage & Peripherals - 6.0%
Apple, Inc.		17,262		5,342,762
Brother Industries Ltd.		1,800		35,922
Hewlett Packard Enterprise Co.		2,538		35,354
HP, Inc.		6,786		144,678
Logitech International SA (Registered)		180		8,092
NetApp, Inc.		882		47,099
Ricoh Co. Ltd.		5,400		62,726
Seiko Epson Corp.		3,600		53,808
Western Digital Corp.		846		55,413

				5,785,854

Textiles, Apparel & Luxury Goods - 1.3%
adidas AG		558		176,732
Burberry Group plc		1,710		44,023
Cie Financiere Richemont SA (Registered)		1,368		100,198
EssilorLuxottica SA - IM		282		42,111
EssilorLuxottica SA - MO		924		137,469
Hermes International		108		80,979
HUGO BOSS AG		54		2,561
Kering SA		270		166,064
Lululemon Athletica, Inc.*		360		86,180
LVMH Moet Hennessy Louis Vuitton SE		846		370,608
Pandora A/S		18		933
Swatch Group AG (The)		198		49,826

				1,257,684

Tobacco - 0.8%
Altria Group, Inc.		3,546		168,541
British American Tobacco plc		3,078		136,228
Imperial Brands plc		1,602		41,196
Japan Tobacco, Inc.		7,200		153,852
Philip Morris International, Inc.		2,808		232,222

				732,039

Trading Companies & Distributors - 0.7%
Brenntag AG		396		20,573
Bunzl plc		1,656		42,895
Ferguson plc		738		66,172
ITOCHU Corp.(b)		10,800		255,888
Mitsui & Co. Ltd.		9,000		162,795
Rexel SA		162		1,941
Sojitz Corp.		9,000		28,814
Toyota Tsusho Corp.		1,800		63,690

				642,768

Transportation Infrastructure - 0.2%
Aeroports de Paris		198		37,522
Atlas Arteria Ltd.		1,157		6,297
Auckland International Airport Ltd.(b)		4,786		26,791
Flughafen Zurich AG (Registered)		90		15,649
Fraport AG Frankfurt Airport Services Worldwide		162		12,090
Getlink SE(b)		1,818		32,135


Investments	Shares		Value ($)
Transurban Group		6,408		67,350

				197,834

Water Utilities - 0.1%
American Water Works Co., Inc.		630		85,806
Severn Trent plc(b)		1,224		41,611
United Utilities Group plc		180		2,405

				129,822

Wireless Telecommunication Services - 0.8%
KDDI Corp.		9,800		295,759
NTT DOCOMO, Inc.		8,600		246,530
Rogers Communications, Inc., Class B		684		34,268
Tele2 AB, Class B		1,422		21,451
Vodafone Group plc		83,952		165,224

				763,232

TOTAL COMMON STOCKS (Cost $80,449,752)				95,348,359


Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(e) - 0.0%(a)

REPURCHASE AGREEMENTS - 0.0%(a)
Citigroup Global Markets, Inc., 1.57%, dated 1/31/2020, due 2/3/2020, repurchase price $2,975, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 6.38%, maturing 6/15/2020 - 1/15/2028; total market value $3,043 (Cost $2,975)		2,975		2,975

Total Investments - 98.7% (Cost $80,452,727)				95,351,334
Other Assets Less Liabilities - 1.3%				1,268,807

Net Assets - 100.0%				96,620,141

*	Non-income producing security.

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

(b)

The security or a portion of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $1,206,148, collateralized in the form of cash with a value of $2,975 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $154,685 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.00%, and maturity dates ranging from February 11, 2020 – May 15, 2049 and $1,145,123 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from January 22, 2021 – September 20, 2117; a total value of $1,302,783.

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

(d)	Security fair valued as of January 31, 2020 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2020 amounted to $3,806, which represents approximately 0.00% of net assets of the Fund.

(e)	The security was purchased with cash collateral held from securities on loan at January 31, 2020. The total value of securities purchased was $2,975.

Percentages shown are based on Net Assets.

Abbreviations


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

FlexShares^® STOXX^® Global ESG Impact Index Fund had the following open futures contracts as of January 31, 2020:

FlexShares^® STOXX^® Global ESG Impact Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2020:


Investments	Shares		Value ($)
COMMON STOCKS - 99.7%

Building Products - 0.2%
Universal Forest Products, Inc.		180,040		8,623,916

Chemicals - 15.0%
CF Industries Holdings, Inc.		1,610,715		64,879,600
Corteva, Inc.(a)		5,478,360		158,434,171
FMC Corp.		877,701		83,899,439
Israel Chemicals Ltd.		4,941,455		20,935,393
K+S AG (Registered)		1,633,220		15,927,423
Mosaic Co. (The)(a)		2,809,910		55,748,614
Nufarm Ltd.*(a)		2,546,280		9,426,478
Nutrien Ltd.(a)		4,311,315		184,148,943
PhosAgro PJSC		250,770		9,687,663
Sasol Ltd.		575,485		9,176,222
Saudi Arabian Fertilizer Co.		1,536,725		30,718,117
Scotts Miracle-Gro Co. (The)(a)		276,490		33,936,383
UPL Ltd.		4,224,510		31,172,837
Yara International ASA		1,314,935		47,845,386

				755,936,669

Equity Real Estate Investment Trusts (REITs) - 1.4%
Rayonier, Inc.(a)		318,285		9,669,498
Weyerhaeuser Co.		2,134,770		61,801,592

				71,471,090

Food Products - 15.2%
a2 Milk Co. Ltd.*(a)		4,478,495		43,473,871
Archer-Daniels-Midland Co.		3,825,872		171,246,031
Bakkafrost P/F		263,630		18,761,666
Bunge Ltd.		1,003,080		52,591,484
Charoen Pokphand Foods PCL, NVDR		24,755,500		23,826,275
Charoen Pokphand Indonesia Tbk. PT		47,903,500		23,329,057
IOI Corp. Bhd.		21,862,000		24,219,981
Kuala Lumpur Kepong Bhd.		3,536,500		19,675,988
Maruha Nichiro Corp.		321,500		7,798,344
Mowi ASA(a)		3,182,850		76,033,714
PPB Group Bhd.		5,144,000		23,372,689
QL Resources Bhd.		5,144,000		10,418,546
Sakata Seed Corp.		278,700		9,038,432
Salmar ASA		376,155		18,432,729
Sime Darby Plantation Bhd.		20,254,500		25,058,642
Tyson Foods, Inc., Class A		1,990,095		164,441,550
Wilmar International Ltd.		19,611,500		56,180,647

				767,899,646

Metals & Mining - 30.5%
Agnico Eagle Mines Ltd.(a)		729,166		45,099,073
Anglo American plc		3,931,945		102,915,434
AngloGold Ashanti Ltd.		1,356,730		27,477,412
Barrick Gold Corp.(a)		5,342,452		99,008,354
BHP Group Ltd.		8,404,010		221,666,942
Boliden AB*		839,115		19,962,243
First Quantum Minerals Ltd.(a)		1,729,670		13,549,114


Investments	Shares		Value ($)
Fortescue Metals Group Ltd.(a)		4,504,215		34,344,799
Franco-Nevada Corp.		561,112		63,822,221
Freeport-McMoRan, Inc.(a)		3,382,180		37,542,198
Glencore plc*		34,847,385		102,207,207
Gold Fields Ltd.		2,591,290		16,894,046
Grupo Mexico SAB de CV, Series B		9,550,528		25,474,133
Impala Platinum Holdings Ltd.*		1,781,110		16,802,364
Kinross Gold Corp.*		4,224,510		21,433,188
Kirkland Lake Gold Ltd.(a)		652,645		26,780,873
Korea Zinc Co. Ltd.*		41,795		13,325,586
MMC Norilsk Nickel PJSC		48,476		15,776,565
MMC Norilsk Nickel PJSC, ADR		1,244,797		40,231,839
Newcrest Mining Ltd.		2,546,280		50,337,049
Newmont Corp.		2,427,325		109,375,265
Norsk Hydro ASA		4,253,445		13,386,322
Northern Star Resources Ltd.		1,909,710		16,108,538
Rio Tinto plc		2,771,330		149,195,350
Royal Gold, Inc.(a)		196,121		22,616,674
Saudi Arabian Mining Co.*		1,293,102		14,785,201
South32 Ltd.		14,396,770		25,444,103
Sumitomo Metal Mining Co. Ltd.		909,000		26,535,738
Teck Resources Ltd., Class B		1,466,040		18,955,264
Vale SA*		9,002,000		105,898,447
Wheaton Precious Metals Corp.		1,365,046		40,211,858

				1,537,163,400

Multi-Utilities - 1.2%
Suez		1,163,830		19,127,087
Veolia Environnement SA(a)		1,485,330		43,916,420

				63,043,507

Oil, Gas & Consumable Fuels - 28.0%
BP plc		21,328,310		128,401,107
Canadian Natural Resources Ltd.(a)		1,035,230		29,134,067
Chevron Corp.		1,919,365		205,640,766
China Petroleum & Chemical Corp., Class H		25,720,000		13,679,970
CNOOC Ltd.		16,866,000		25,760,893
Concho Resources, Inc.		176,825		13,399,799
ConocoPhillips		1,006,301		59,804,468
Diamondback Energy, Inc.		170,395		12,677,388
Eni SpA		2,594,505		36,394,667
EOG Resources, Inc.		546,550		39,848,961
Equinor ASA		1,131,680		20,521,199
Exxon Mobil Corp.		3,726,185		231,470,612
Gazprom PJSC		8,393,520		29,772,685
Gazprom PJSC, ADR		2,060,824		14,487,593
Gazprom PJSC, ADR, OTC		155,011		1,083,527
Hess Corp.		279,705		15,822,912
Inpex Corp.		964,500		9,170,247
LUKOIL PJSC		132,858		13,617,096
LUKOIL PJSC, ADR		298,132		30,409,464
Novatek PJSC		1,102,745		19,939,074
Occidental Petroleum Corp.		980,575		38,948,439
PetroChina Co. Ltd., Class H		22,748,000		10,107,097
Petroleo Brasileiro SA (Preference)		4,678,733		31,149,583


Investments	Shares		Value ($)
Pioneer Natural Resources Co.		151,111		20,399,985
PTT PCL, NVDR		9,323,500		12,936,842
Repsol SA(a)		1,537,198		21,234,412
Royal Dutch Shell plc, Class A		4,398,120		115,627,371
Suncor Energy, Inc.		1,488,545		45,526,933
Tatneft PJSC		1,594,640		18,987,582
TOTAL SA		2,568,785		125,668,788
Woodside Petroleum Ltd.		896,985		20,854,900

				1,412,478,427

Paper & Forest Products - 3.3%
Canfor Corp.*(a)		180,040		1,618,597
Duratex SA*		643,000		2,362,394
Holmen AB, Class B		273,275		8,091,661
Interfor Corp.*(a)		221,835		2,349,936
Mondi plc		1,340,655		27,321,707
Oji Holdings Corp.		2,572,000		13,431,305
Stella-Jones, Inc.(a)		180,040		5,099,466
Stora Enso OYJ, Class R		1,716,810		22,374,210
Suzano SA		1,286,000		11,938,365
Svenska Cellulosa AB SCA, Class B		1,790,755		17,932,353
UPM-Kymmene OYJ		1,482,115		46,859,950
West Fraser Timber Co. Ltd.(a)		163,965		6,573,229

				165,953,173

Trading Companies & Distributors - 0.6%
Mitsui & Co. Ltd.		1,685,900		30,495,059

Water Utilities - 4.3%
American States Water Co.(a)		106,095		9,395,773
American Water Works Co., Inc.		482,250		65,682,450
Aqua America, Inc.(a)		556,196		28,888,820
Beijing Enterprises Water Group Ltd.*		16,674,000		7,494,271
California Water Service Group(a)		138,245		7,266,157
Cia de Saneamento Basico do Estado de Sao Paulo*		822,705		11,743,990
Cia de Saneamento de Minas Gerais-COPASA*		171,866		2,710,763
Cia de Saneamento do Parana		215,920		5,123,568
Guangdong Investment Ltd.		7,957,576		16,233,049
Pennon Group plc		1,038,445		15,174,015
Severn Trent plc(a)		610,850		20,766,688
SJW Group(a)		67,515		4,952,225
United Utilities Group plc		1,748,960		23,366,031

				218,797,800

TOTAL COMMON STOCKS (Cost $4,624,813,355)				5,031,862,687


Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(b) - 1.4%

BANK NOTES - 0.1%
Bank of America NA (US Federal Funds Effective Rate (continuous series) + 0.26%), 1.86%, 2/3/2020(c) (Cost $5,000,000)		5,000,000		5,000,000

CERTIFICATES OF DEPOSIT - 0.5%
Bank of Montreal, Chicago (US Federal Funds Effective Rate (continuous series) + 0.35%), 1.95%, 8/6/2020(c)		4,000,000		3,999,996
Cooperatieve Rabobank UA, London (ICE LIBOR USD 1 Month + 0.19%), 1.85%, 4/24/2020(c)		5,000,000		5,000,900
Credit Suisse, New York (SOFR + 0.38%), 1.96%, 3/6/2020(c)		2,000,045		2,000,034
Natixis SA, New York 1.79%, 6/5/2020		1,000,000		1,000,646
Standard Chartered, New York (US Federal Funds Effective Rate (continuous series) + 0.35%), 1.95%, 2/26/2020(c)		4,000,000		4,000,000
The Norinchukin Bank, New York 1.73%, 4/17/2020		1,000,000		999,976
Toronto-Dominion Bank, New York (US Federal Funds Effective Rate (continuous series) + 0.30%), 1.90%, 2/27/2020(c)		2,000,000		2,000,000
Westpac Banking Corp., New York (US Federal Funds Effective Rate (continuous series) + 0.30%), 1.90%, 2/14/2020(c)		4,000,000		4,000,000

TOTAL CERTIFICATES OF DEPOSIT (Cost $23,000,654)				23,001,552

COMMERCIAL PAPER - 0.2%
Bank of Nova Scotia, Houston (ICE LIBOR USD 1 Month + 0.17%), 1.85%, 5/15/2020(c)(d)		5,000,000		5,000,915
UBS AG, London (ICE LIBOR USD 1 Month + 0.34%), 2.00%, 7/28/2020(c)(d)		3,000,000		3,000,000

TOTAL COMMERCIAL PAPER (Cost $8,000,000)				8,000,915


Investments	Principal Amount ($)		Value ($)
REPURCHASE AGREEMENTS - 0.6%
BofA Securities, Inc., 2.03%, dated 1/31/2020, due 5/4/2020, repurchase price $8,042,404, collateralized by various Common Stocks; total market value $8,671,128		8,000,000		8,000,000
Citadel Clearing LLC, 2.19%, dated 1/31/2020, due 5/1/2020, repurchase price $5,027,679, collateralized by various Common Stocks; total market value $5,383,771		5,000,000		5,000,000
Citigroup Global Markets, Inc., 1.57%, dated 1/31/2020, due 2/3/2020, repurchase price $9,277,257, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 6.38%, maturing 6/15/2020 - 1/15/2028; total market value $9,489,545		9,276,043		9,276,043
Societe Generale, 1.73%, dated 1/31/2020, due 2/3/2020, repurchase price $10,001,442, collateralized by various Common Stocks; total market value $11,004,569		10,000,000		10,000,000

TOTAL REPURCHASE AGREEMENTS (Cost $32,276,043)				32,276,043

TOTAL SECURITIES LENDING REINVESTMENTS (Cost $68,276,697)				68,278,510

Total Investments - 101.1% (Cost $4,693,090,052)				5,100,141,197
Liabilities in excess of other assets - (1.1%)				(54,259,483	)

Net Assets - 100.0%				5,045,881,714

*	Non-income producing security.

(a)

The security or a portion of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $186,264,044, collateralized in the form of cash with a value of $68,284,306 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $63,777,648 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from February 20, 2020 – May 15, 2049 and $65,015,814 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 7.50%, and maturity dates ranging from April 15, 2020 – September 20, 2117; a total value of $197,077,768.

(b)	The security was purchased with cash collateral held from securities on loan at January 31, 2020. The total value of securities purchased was $68,278,510.

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund had the following open futures contracts as of January 31, 2020:

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund had the following outstanding contracts as of January 31, 2020:

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, 2020:


Investments	Shares		Value ($)
COMMON STOCKS - 99.3%

Air Freight & Logistics - 2.3%
bpost SA(a)		85,894		856,309
CTT-Correios de Portugal SA(a)		135,251		438,864
Deutsche Post AG (Registered)		980,730		34,317,131
Oesterreichische Post AG(a)		32,691		1,242,626
Royal Mail plc		953,808		2,491,988
Singapore Post Ltd.		1,217,900		798,608

				40,145,526

Commercial Services & Supplies - 3.3%
Advanced Disposal Services, Inc.*(a)		23,717		781,475
Bingo Industries Ltd.(a)(b)		377,549		707,700
China Everbright International Ltd.		3,205,000		2,294,917
Clean Harbors, Inc.*		14,743		1,212,169
Cleanaway Waste Management Ltd.(a)		1,943,512		2,654,212
Covanta Holding Corp.(a)		25,640		384,087
Daiseki Co. Ltd.(a)		37,700		1,038,285
Insun ENT Co. Ltd.*		30,127		185,537
Koentec Co. Ltd.*		21,153		152,101
Republic Services, Inc.		60,895		5,788,070
Shanghai Youngsun Investment Co. Ltd., Class B*^(c)		57,800		168,892
Stericycle, Inc.*(a)		24,358		1,526,759
Waste Connections, Inc.(a)		260,887		25,160,589
Waste Management, Inc.		124,995		15,211,891

				57,266,684

Diversified Financial Services - 0.0%(d)
Metro Pacific Investments Corp.		10,897,000		688,164

Diversified Telecommunication Services - 14.6%
AT&T, Inc.		2,135,171		80,325,133
BCE, Inc.(a)		300,629		14,175,059
BT Group plc		2,938,344		6,232,955
Cellnex Telecom SA(b)		85,894		4,275,833
CenturyLink, Inc.(a)		276,912		3,782,618
China Telecom Corp. Ltd., Class H		5,128,000		2,007,639
China Tower Corp. Ltd., Class H(b)		14,102,000		2,960,278
Chunghwa Telecom Co. Ltd.		1,503,000		5,373,366
Deutsche Telekom AG (Registered)		1,076,239		17,420,402
Infrastrutture Wireless Italiane SpA(b)		75,638		785,832
Nippon Telegraph & Telephone Corp.		786,600		20,222,917
Swisscom AG (Registered)		8,333		4,575,827
Telefonica SA		1,552,502		10,510,429
Telstra Corp. Ltd.		3,969,713		10,204,894
Verizon Communications, Inc.		1,208,926		71,858,561

				254,711,743

Electric Utilities - 13.7%
American Electric Power Co., Inc.		145,507		15,164,739
CLP Holdings Ltd.		1,195,500		12,494,021
Duke Energy Corp.		214,094		20,901,997


Investments	Shares		Value ($)
Enel SpA		5,258,764		45,777,073
Eversource Energy		96,150		8,888,106
Exelon Corp.		286,527		13,635,820
Iberdrola SA		3,935,966		43,051,336
Iberdrola SA, Placement Shares*(c)		72,656		794,707
NextEra Energy, Inc.		142,943		38,337,313
PPL Corp.		214,094		7,748,062
Southern Co. (The)		307,039		21,615,546
Xcel Energy, Inc.		152,558		10,555,488

				238,964,208

Equity Real Estate Investment Trusts (REITs) - 4.8%
American Tower Corp.		129,482		30,006,158
CoreCivic, Inc.		26,281		419,182
Crown Castle International Corp.		122,431		18,345,061
CyrusOne, Inc.		35,255		2,145,267
Digital Realty Trust, Inc.(a)		59,613		7,331,803
Equinix, Inc.		24,999		14,742,660
GEO Group, Inc. (The)(a)		26,281		415,240
Keppel DC REIT		349,322		578,407
QTS Realty Trust, Inc., Class A		16,025		911,502
SBA Communications Corp.		33,332		8,318,334

				83,213,614

Gas Utilities - 1.1%
APA Group		650,615		4,934,829
Beijing Enterprises Holdings Ltd.		283,000		1,244,633
Enagas SA		147,430		3,973,448
Petronas Gas Bhd.		256,400		1,001,074
Snam SpA		1,383,919		7,418,309

				18,572,293

Health Care Providers & Services - 2.8%
Acadia Healthcare Co., Inc.*(a)		21,794		700,241
Bangkok Chain Hospital PCL, NVDR		1,346,100		669,379
Bangkok Dusit Medical Services PCL, NVDR		11,281,600		9,012,250
Bumrungrad Hospital PCL, NVDR		448,700		1,921,766
Encompass Health Corp.		28,204		2,172,554
Hapvida Participacoes e Investimentos SA(b)		224,100		3,150,222
HCA Healthcare, Inc.		80,766		11,210,321
IHH Healthcare Bhd.		2,371,700		3,298,851
Life Healthcare Group Holdings Ltd.		1,168,543		1,950,753
Netcare Ltd.		1,093,546		1,461,755
Ramsay Health Care Ltd.(a)		160,891		8,530,512
Tenet Healthcare Corp.*(a)		29,486		932,937
Universal Health Services, Inc., Class B		23,717		3,251,838

				48,263,379

IT Services - 0.0%(d)
NEXTDC Ltd.*(a)		108,970		553,690

Media - 5.8%
Charter Communications, Inc., Class A*		47,434		24,545,198
Comcast Corp., Class A		1,327,511		57,335,200


Investments	Shares		Value ($)
DISH Network Corp., Class A*		73,715		2,709,763
Liberty Broadband Corp., Class C*		43,588		5,794,153
Liberty Global plc, Class C*		142,943		2,784,530
SES SA, FDR		116,662		1,435,708
Shaw Communications, Inc., Class B		169,713		3,318,421
Sirius XM Holdings, Inc.(a)		413,445		2,923,056

				100,846,029

Multi-Utilities - 9.2%
Consolidated Edison, Inc.		98,714		9,279,116
Dominion Energy, Inc.		235,888		20,227,396
DTE Energy Co.		54,485		7,225,256
E.ON SE		1,501,863		17,043,093
Engie SA		1,246,104		21,487,309
National Grid plc		2,348,622		31,139,101
Public Service Enterprise Group, Inc.		149,994		8,879,645
Sempra Energy		80,766		12,974,250
Suez		373,703		6,141,662
Veolia Environnement SA		569,208		16,829,645
WEC Energy Group, Inc.(a)		93,586		9,348,306

				160,574,779

Oil, Gas & Consumable Fuels - 8.6%
Enbridge, Inc.		1,362,125		55,420,170
Equitrans Midstream Corp.(a)		47,434		458,687
Inter Pipeline Ltd.(a)		272,425		4,541,962
Keyera Corp.(a)		139,738		3,648,371
Kinder Morgan, Inc.		592,925		12,374,345
Koninklijke Vopak NV		46,152		2,474,426
ONEOK, Inc.		122,431		9,166,409
Pembina Pipeline Corp.		341,012		13,067,550
Plains GP Holdings LP, Class A*(a)		38,460		640,359
Polskie Gornictwo Naftowe i Gazownictwo SA		971,756		901,372
Tallgrass Energy LP, Class A(a)		44,870		1,001,050
Targa Resources Corp.(a)		66,664		2,433,236
TC Energy Corp.		632,026		34,680,070
Transneft PJSC (Preference)		1,081		2,789,975
Williams Cos., Inc. (The)		359,601		7,440,145

				151,038,127

Road & Rail - 18.0%
Aurizon Holdings Ltd.		1,935,179		7,008,685
Canadian National Railway Co.		715,356		66,892,047
Canadian Pacific Railway Ltd.(a)		137,174		36,462,530
Central Japan Railway Co.		203,700		40,567,094
CSX Corp.		226,273		17,273,681
East Japan Railway Co.		384,600		34,420,077
Hankyu Hanshin Holdings, Inc.		256,400		10,574,415
Kansas City Southern		28,845		4,865,863
Keisei Electric Railway Co. Ltd.		166,500		6,098,676
Kyushu Railway Co.		158,400		5,239,323
MTR Corp. Ltd.		1,471,500		8,319,341
Norfolk Southern Corp.		75,638		15,748,588
Tobu Railway Co. Ltd.		213,300		7,616,100
Union Pacific Corp.		201,915		36,227,589
West Japan Railway Co.		192,300		16,454,216

				313,768,225


Investments	Shares		Value ($)
Transportation Infrastructure - 8.0%
Adani Ports & Special Economic Zone Ltd.		842,274		4,360,243
Aena SME SA(b)		72,433		13,417,172
Aeroports de Paris		28,204		5,344,720
Airports of Thailand PCL, NVDR		4,230,600		9,568,730
Atlantia SpA		458,956		11,275,995
Atlas Arteria Ltd.(a)		899,323		4,894,681
Auckland International Airport Ltd.		918,553		5,141,920
Bangkok Expressway & Metro PCL, NVDR		8,461,200		2,985,987
CCR SA		1,217,900		5,198,501
China Merchants Port Holdings Co. Ltd.		1,282,000		1,987,827
COSCO SHIPPING Ports Ltd.		1,804,000		1,282,448
Flughafen Zurich AG (Registered)		17,948		3,120,825
Getlink SE(a)		442,290		7,817,825
Grupo Aeroportuario del Pacifico SAB de CV, Class B		408,180		5,038,924
Grupo Aeroportuario del Sureste SAB de CV, Class B		182,685		3,506,049
International Container Terminal Services, Inc.		1,666,600		4,262,404
Jiangsu Expressway Co. Ltd., Class H		1,078,000		1,339,708
Promotora y Operadora de Infraestructura SAB de CV(a)		211,530		2,279,443
Qube Holdings Ltd.(a)		1,481,992		3,412,891
Shenzhen International Holdings Ltd.		961,500		1,931,693
Sydney Airport		2,268,499		12,741,446
Transurban Group		2,730,660		28,700,233
Westshore Terminals Investment Corp.(a)		35,255		428,642

				140,038,307

Water Utilities - 3.0%
Aguas Andinas SA, Class A		2,435,159		912,346
American States Water Co.(a)		10,256		908,271
American Water Works Co., Inc.		53,844		7,333,553
Aqua America, Inc.(a)		61,536		3,196,180
Beijing Enterprises Water Group Ltd.*		6,410,000		2,881,029
California Water Service Group		13,461		707,510
Cia de Saneamento Basico do Estado de Sao Paulo*		346,500		4,946,235
Cia de Saneamento de Minas Gerais-COPASA*		64,100		1,011,020
Cia de Saneamento do Parana (Preference)		320,500		1,494,779
Guangdong Investment Ltd.		2,856,000		5,826,094
Pennon Group plc		428,188		6,256,789
Severn Trent plc		244,221		8,302,630
United Utilities Group plc		667,281		8,914,846

				52,691,282

Wireless Telecommunication Services - 4.1%
China Mobile Ltd.		1,847,000		15,270,950
KDDI Corp.		576,900		17,410,527
SoftBank Group Corp.		538,300		22,468,692


Investments	Shares		Value ($)
Vodafone Group plc		8,884,901		17,486,130

				72,636,299

TOTAL COMMON STOCKS (Cost $1,483,805,708)				1,733,972,349


Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(e) - 1.1%

REPURCHASE AGREEMENTS - 1.1%
BofA Securities, Inc., 2.03%, dated 1/31/2020, due 5/4/2020, repurchase price $2,010,601, collateralized by various Common Stocks; total market value $2,167,782		2,000,000		2,000,000
Citigroup Global Markets, Inc., 1.57%, dated 1/31/2020, due 2/3/2020, repurchase price $8,496,829, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 6.38%, maturing 6/15/2020 - 1/15/2028; total market value $8,691,258		8,495,717		8,495,717
NatWest Markets Securities, Inc., 1.57%, dated 1/31/2020, due 2/3/2020, repurchase price $8,001,047, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.63%, maturing 4/15/2021 - 2/15/2027; total market value $8,098,277		8,000,000		8,000,000

				18,495,717

TOTAL SECURITIES LENDING REINVESTMENTS (Cost $18,495,717)				18,495,717

Total Investments - 100.4% (Cost $1,502,301,425)				1,752,468,066
Liabilities in excess of other assets - (0.4%)				(6,921,792	)

Net Assets - 100.0%				1,745,546,274

*	Non-income producing security.

^	Security subject to restrictions on resale.

(a)

The security or a portion of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $81,258,187, collateralized in the form of cash with a value of $18,495,717 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $40,116,346 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from February 13, 2020 – May 15, 2049 and $28,532,449 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 7.50%, and maturity dates ranging from April 15, 2020 – September 20, 2117; a total value of $87,144,512.

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

(c)	Security fair valued as of January 31, 2020 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2020 amounted to $963,599, which represents approximately 0.06% of net assets of the Fund.

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

(e)	The security was purchased with cash collateral held from securities on loan at January 31, 2020. The total value of securities purchased was $18,495,717.

Percentages shown are based on Net Assets.


Abbreviations

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

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund had the following open futures contracts as of January 31, 2020:

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund had the following outstanding contracts as of January 31, 2020:

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, 2020:


Investments	Shares		Value ($)
COMMON STOCKS - 98.4%

Equity Real Estate Investment Trusts (REITs) - 78.2%
AEON REIT Investment Corp.(a)		903		1,231,383
alstria office REIT-AG		85,656		1,700,089
American Homes 4 Rent, Class A(a)		154,929		4,234,210
Apartment Investment & Management Co., Class A		83,850		4,419,734
Argosy Property Ltd.		177,891		164,625
AvalonBay Communities, Inc.		79,464		17,219,054
Brixmor Property Group, Inc.		167,442		3,342,142
BWP Trust		394,482		1,085,393
Camden Property Trust		54,696		6,149,471
Canadian Apartment Properties REIT(a)		44,892		1,921,203
Charter Hall Group		199,692		1,719,174
Corporate Office Properties Trust		48,246		1,436,283
Crombie REIT(a)		76,239		922,327
Derwent London plc(a)		61,017		3,305,780
Dexus		173,763		1,479,662
DiamondRock Hospitality Co.		116,229		1,123,934
Dream Office REIT(a)		43,860		1,079,462
Duke Realty Corp.		206,658		7,503,752
EastGroup Properties, Inc.		21,672		2,948,909
Equinix, Inc.		1,290		760,752
Equity Commonwealth		67,983		2,229,163
Equity LifeStyle Properties, Inc.		98,943		7,198,103
Equity Residential		210,270		17,469,232
Essex Property Trust, Inc.		37,281		11,548,163
First Capital REIT(a)		97,137		1,591,591
First Industrial Realty Trust, Inc.		70,950		3,029,565
Franklin Street Properties Corp.(a)		114,423		869,615
Frasers Centrepoint Trust		528,900		1,116,003
Frasers Commercial Trust		838,500		1,001,359
Frontier Real Estate Investment Corp.		258		1,079,513
Fukuoka REIT Corp.		645		1,117,004
Gecina SA		2,064		389,760
Getty Realty Corp.		32,121		1,012,454
Goodman Group		662,673		6,605,598
Goodman Property Trust		825,987		1,240,127
Granite REIT(a)		21,285		1,150,875
Growthpoint Properties Australia Ltd.(a)		328,176		960,078
H&R REIT		76,884		1,243,468
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		41,022		1,398,440
Hansteen Holdings plc		95,202		146,328
Heiwa Real Estate REIT, Inc.		774		1,041,902
Hibernia REIT plc		678,411		1,031,490
Host Hotels & Resorts, Inc.		418,992		6,846,329
Ichigo Office REIT Investment		1,032		1,116,885
Inmobiliaria Colonial Socimi SA		142,932		1,915,023


Investments	Shares		Value ($)
InterRent REIT(a)		38,958		495,462
Investors Real Estate Trust		13,674		1,007,774
iStar, Inc.		81,141		1,181,413
Japan Rental Housing Investments, Inc.		1,161		1,153,662
Killam Apartment REIT(a)		60,114		916,335
Kimco Realty Corp.		238,005		4,533,995
Lexington Realty Trust(a)		122,034		1,350,916
Liberty Property Trust		85,011		5,325,939
Life Storage, Inc.		26,316		2,978,445
Link REIT		1,193,300		12,140,620
LTC Properties, Inc.		23,091		1,065,881
Mapletree Commercial Trust		1,135,200		1,954,517
Mapletree North Asia Commercial Trust(b)		1,251,300		1,090,957
Medical Properties Trust, Inc.(a)		203,175		4,500,326
Merlin Properties Socimi SA		198,273		2,812,495
MGM Growth Properties LLC, Class A		43,215		1,380,287
Mirvac Group		2,250,663		5,122,802
Mori Trust Sogo Reit, Inc.		645		1,183,656
National Health Investors, Inc.(a)		23,994		2,024,614
National Retail Properties, Inc.		92,106		5,157,936
Nippon Accommodations Fund, Inc.(a)		258		1,711,510
Nippon Building Fund, Inc.		474		3,839,756
NSI NV		4,386		239,140
Omega Healthcare Investors, Inc.(a)		122,937		5,157,207
Parkway Life REIT		425,700		1,116,570
Piedmont Office Realty Trust, Inc., Class A		73,272		1,699,178
Precinct Properties New Zealand Ltd.		952,149		1,158,424
Premier Investment Corp.		774		1,145,450
Prologis, Inc.		258,258		23,987,003
PS Business Parks, Inc.		11,481		1,923,756
Public Storage		63,210		14,143,870
Regency Centers Corp.(a)		90,042		5,586,206
Retail Properties of America, Inc., Class A		118,422		1,438,827
RioCan REIT		84,882		1,743,144
Sabra Health Care REIT, Inc.		100,104		2,152,236
Safestore Holdings plc		131,580		1,396,263
Segro plc		625,005		7,502,266
Simon Property Group, Inc.		7,611		1,013,405
SITE Centers Corp.		79,464		1,009,987
SmartCentres REIT(a)		46,053		1,093,739
Spirit Realty Capital, Inc.		57,018		3,009,410
STORE Capital Corp.		117,132		4,597,431
Summit Hotel Properties, Inc.(a)		91,074		1,010,011
Summit Industrial Income REIT(a)		89,526		873,903
Sunlight REIT		645,000		410,347
Sunstone Hotel Investors, Inc.		125,259		1,588,284
Terreno Realty Corp.		34,701		1,986,979
Tritax Big Box REIT plc		896,937		1,651,732


Investments	Shares		Value ($)
UNITE Group plc (The)(a)		157,946		2,648,360
Urban Edge Properties(a)		66,693		1,226,484
Urstadt Biddle Properties, Inc., Class A(a)		40,248		912,422
VICI Properties, Inc.(a)		242,133		6,489,164
Weingarten Realty Investors		70,563		2,053,383
Welltower, Inc.		222,912		18,927,458
WP Carey, Inc.		95,202		8,008,392

				329,925,136

Household Durables - 0.4%
Iida Group Holdings Co. Ltd.		77,400		1,328,265

Real Estate Management & Development - 19.8%
ADO Properties SA(a)(b)		18,834		581,072
Aeon Mall Co. Ltd.(a)		64,500		1,086,654
Aroundtown SA		467,496		4,422,323
Atrium Ljungberg AB, Class B		48,375		1,169,394
CA Immobilien Anlagen AG(a)		36,894		1,625,216
Castellum AB		149,382		3,666,881
City Developments Ltd.		258,000		2,003,663
CK Asset Holdings Ltd.		967,500		6,254,878
CLS Holdings plc		36,249		129,732
Daejan Holdings plc		516		35,370
DREAM Unlimited Corp., Class A		13,545		119,724
Entra ASA(b)		76,884		1,314,513
Fabege AB		151,059		2,591,401
Fastighets AB Balder, Class B*		10,707		508,098
Goldcrest Co. Ltd.(a)		38,700		671,988
Heiwa Real Estate Co. Ltd.		38,700		1,155,091
Helical plc		20,382		128,964
Henderson Land Development Co. Ltd.		829,053		3,758,280
Hongkong Land Holdings Ltd.		645,000		3,437,850
Hufvudstaden AB, Class A		65,403		1,294,672
Ichigo, Inc.		258,000		990,248
K Wah International Holdings Ltd.		1,806,000		886,149
Kenedix, Inc.		180,600		921,454
Kennedy-Wilson Holdings, Inc.		74,433		1,604,775
Kungsleden AB		125,259		1,333,338
Lendlease Group		323,661		3,926,148
Nomura Real Estate Holdings, Inc.		72,100		1,799,423
Open House Co. Ltd.(a)		38,700		1,048,687
PSP Swiss Property AG (Registered)		23,478		3,549,269
S IMMO AG		44,376		1,190,095
Sagax AB, Class B		86,172		1,326,734
St Joe Co. (The)*(a)		52,245		1,097,667
St Modwen Properties plc		181,503		1,179,538
Sumitomo Realty & Development Co. Ltd.		189,800		7,092,218
Swire Pacific Ltd., Class A		279,000		2,473,844
Swire Pacific Ltd., Class B		797,500		1,135,926
Swire Properties Ltd.		670,800		2,099,247
TAG Immobilien AG*		75,465		1,990,401
Takara Leben Co. Ltd.		206,400		933,118
TOC Co. Ltd.		116,100		949,067
Tokyo Tatemono Co. Ltd.		116,100		1,906,703
Tricon Capital Group, Inc.(a)		29,799		245,593


Investments	Shares		Value ($)
Unizo Holdings Co. Ltd.(a)		22,900		1,172,625
Vonovia SE		43,602		2,490,399
Wharf Real Estate Investment Co. Ltd.		420,000		2,190,627
Wihlborgs Fastigheter AB		79,851		1,529,311
Yanlord Land Group Ltd.		657,900		554,315

				83,572,683

TOTAL COMMON STOCKS (Cost $357,228,226)				414,826,084


Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(c) - 1.7%

REPURCHASE AGREEMENTS - 1.7%
Citigroup Global Markets, Inc., 1.57%, dated 1/31/2020, due 2/3/2020, repurchase price $6,307,881, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 6.38%, maturing 6/15/2020 - 1/15/2028; total market value $6,452,222		6,307,056		6,307,056
NatWest Markets Securities, Inc., 1.57%, dated 1/31/2020, due 2/3/2020, repurchase price $1,000,131, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.63%, maturing 4/15/2021 - 2/15/2027; total market value $1,012,285		1,000,000		1,000,000

				7,307,056

TOTAL SECURITIES LENDING REINVESTMENTS (Cost $7,307,056)				7,307,056

Total Investments - 100.1% (Cost $364,535,282)				422,133,140
Liabilities in excess of other assets - (0.1%)				(231,226	)

Net Assets - 100.0%				421,901,914

*	Non-income producing security.

(a)

The security or a portion of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $31,078,161, collateralized in the form of cash with a value of $7,307,056 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $20,070,070 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from February 13, 2020 – May 15, 2049 and $6,800,895 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 7.50%, and maturity dates ranging from April 15, 2020 – September 20, 2117; a total value of $34,178,021.

FlexShares^® Global Quality Real Estate Index Fund had the following open futures contracts as of January 31, 2020:

FlexShares^® Global Quality Real Estate Index Fund had the following outstanding contracts as of January 31, 2020:

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, 2020:


Investments	Shares		Value ($)
EXCHANGE TRADED FUNDS - 100.0%

FlexShares^® Global Quality Real Estate Index Fund(a)		69,135		4,522,964
FlexShares^® Global Upstream Natural Resources Index Fund(a)		32,505		1,016,106
FlexShares^® STOXX^® Global Broad Infrastructure Index Fund(a)		108,960		5,919,797

TOTAL EXCHANGE TRADED FUNDS (Cost $10,680,229)				11,458,867

Total Investments - 100.0% (Cost $10,680,229)				11,458,867
Other Assets Less Liabilities - 0.0%(b)				3,001

Net Assets - 100.0%				11,461,868

(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.

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, 2020, was as follows:


Investments	Shares		Value ($)
COMMON STOCKS - 98.9%

Aerospace & Defense - 1.9%
Boeing Co. (The)		9,477		3,016,245
Lockheed Martin Corp.		68,727		29,423,403

				32,439,648

Air Freight & Logistics - 0.5%
CH Robinson Worldwide, Inc.(a)		107,894		7,792,105

Auto Components - 0.7%
Lear Corp.		99,765		12,289,053

Banks - 8.6%
Bank of America Corp.		486,262		15,963,981
Citigroup, Inc.		139,671		10,392,919
Comerica, Inc.		82,029		5,016,894
JPMorgan Chase & Co.		593,417		78,544,674
M&T Bank Corp.		34,733		5,853,205
TCF Financial Corp.(a)		328,116		13,872,745
Wells Fargo & Co.		38,428		1,803,810
Western Alliance Bancorp		243,870		13,468,940
Zions Bancorp NA(a)		121,196		5,513,206

				150,430,374

Beverages - 3.6%
Coca-Cola Co. (The)		135,976		7,940,999
PepsiCo, Inc.		385,758		54,785,351

				62,726,350

Biotechnology - 4.0%
AbbVie, Inc.(a)		390,192		31,613,356
Amgen, Inc.		175,882		37,999,306

				69,612,662

Building Products - 0.3%
Johnson Controls International plc		113,067		4,460,493

Capital Markets - 3.4%
Ameriprise Financial, Inc.		55,425		9,167,849
Eaton Vance Corp.(a)		254,955		11,664,191
Evercore, Inc., Class A		61,337		4,699,641
Franklin Resources, Inc.(a)		156,668		3,963,700
Lazard Ltd., Class A(a)		283,776		11,907,241
T. Rowe Price Group, Inc.		135,237		18,058,197
TD Ameritrade Holding Corp.		729		34,613

				59,495,432

Chemicals - 1.4%
Dow, Inc.		256,433		11,813,868
Eastman Chemical Co.		181,055		12,903,790

				24,717,658

Communications Equipment - 3.0%
Cisco Systems, Inc.		1,131,409		52,010,872

Consumer Finance - 1.2%
Navient Corp.(a)		453,746		6,524,867


Investments	Shares		Value ($)
Synchrony Financial		448,573		14,538,251

				21,063,118

Containers & Packaging - 0.6%
International Paper Co.		271,952		11,073,885

Diversified Consumer Services - 0.1%
H&R Block, Inc.(a)		85,724		1,988,797

Diversified Telecommunication Services - 2.9%
AT&T, Inc.		639,974		24,075,822
CenturyLink, Inc.(a)		228,177		3,116,898
Verizon Communications, Inc.		388,714		23,105,160

				50,297,880

Electric Utilities - 3.4%
Exelon Corp.		205,442		9,776,985
IDACORP, Inc.		90,158		10,114,826
OGE Energy Corp.		116,762		5,353,538
Portland General Electric Co.		148,539		9,135,149
PPL Corp.		359,154		12,997,783
Southern Co. (The)		169,231		11,913,862

				59,292,143

Electrical Equipment - 0.4%
Rockwell Automation, Inc.		39,906		7,648,384

Electronic Equipment, Instruments & Components - 0.2%
CDW Corp.		24,786		3,233,334

Energy Equipment & Services - 0.3%
Schlumberger Ltd.		134,498		4,507,028

Entertainment - 0.9%
Activision Blizzard, Inc.		276,386		16,163,053

Equity Real Estate Investment Trusts (REITs) - 5.7%
Apple Hospitality REIT, Inc.(a)		734,566		11,033,181
Brandywine Realty Trust(a)		481,828		7,526,153
Brixmor Property Group, Inc.(a)		524,690		10,472,812
Host Hotels & Resorts, Inc.		519,517		8,488,908
Kimco Realty Corp.		15,309		291,637
Lamar Advertising Co., Class A		122,674		11,385,374
Life Storage, Inc.(a)		70,944		8,029,442
Macerich Co. (The)(a)		87,202		1,945,477
Public Storage		2,956		661,435
Simon Property Group, Inc.		27,343		3,640,720
SITE Centers Corp.		489,218		6,217,961
Spirit Realty Capital, Inc.		215,788		11,389,291
Vornado Realty Trust		92,375		6,075,504
Weingarten Realty Investors(a)		240,914		7,010,597
Welltower, Inc.		54,686		4,643,388

				98,811,880

Food & Staples Retailing - 0.8%
Walgreens Boots Alliance, Inc.		244,609		12,438,368
Walmart, Inc.		16,258		1,861,378

				14,299,746


Investments	Shares		Value ($)
Food Products - 0.3%
General Mills, Inc.		90,897		4,746,641

Gas Utilities - 1.0%
National Fuel Gas Co.(a)		174,404		7,532,509
UGI Corp.		230,568		9,589,323

				17,121,832

Health Care Equipment & Supplies - 0.5%
Medtronic plc		41,384		4,777,369
ResMed, Inc.		23,328		3,708,452

				8,485,821

Health Care Providers & Services - 2.2%
AmerisourceBergen Corp.		58,381		4,995,078
Cardinal Health, Inc.		200,269		10,255,776
McKesson Corp.		90,897		12,962,821
UnitedHealth Group, Inc.		34,733		9,463,006

				37,676,681

Hotels, Restaurants & Leisure - 1.1%
Cracker Barrel Old Country Store, Inc.(a)		18,475		2,825,382
Las Vegas Sands Corp.		88,680		5,791,691
Wyndham Destinations, Inc.		229,090		11,117,737

				19,734,810

Household Durables - 0.7%
Whirlpool Corp.(a)		79,812		11,666,120

Household Products - 0.7%
Procter & Gamble Co. (The)		95,331		11,880,149

Industrial Conglomerates - 0.1%
Honeywell International, Inc.		12,563		2,176,163

Insurance - 1.4%
Aflac, Inc.		218,005		11,242,518
Allstate Corp. (The)		96,070		11,388,138
MetLife, Inc.		35,472		1,763,313
Principal Financial Group, Inc.		5,103		270,204

				24,664,173

IT Services - 2.6%
Broadridge Financial Solutions, Inc.		18,225		2,171,509
International Business Machines Corp.		212,093		30,484,127
Mastercard, Inc., Class A		13,302		4,202,634
Visa, Inc., Class A(a)		45,818		9,116,407

				45,974,677

Machinery - 2.9%
Caterpillar, Inc.		114,545		15,045,485
Cummins, Inc.		87,941		14,067,922
Illinois Tool Works, Inc.		116,762		20,431,015

				49,544,422

Media - 3.2%
Comcast Corp., Class A		434,532		18,767,437
Interpublic Group of Cos., Inc. (The)		533,558		12,111,767
Nexstar Media Group, Inc., Class A(a)		43,601		5,282,261


Investments	Shares		Value ($)
Omnicom Group, Inc.(a)		33,994		2,560,088
Sinclair Broadcast Group, Inc., Class A		177,360		5,306,611
ViacomCBS, Inc.		346,688		11,832,462

				55,860,626

Metals & Mining - 0.9%
Nucor Corp.		206,920		9,826,631
Steel Dynamics, Inc.		169,970		5,078,703

				14,905,334

Multiline Retail - 1.4%
Kohl’s Corp.		184,750		7,898,062
Macy’s, Inc.(a)		129,325		2,062,734
Target Corp.		134,498		14,894,309

				24,855,105

Multi-Utilities - 1.8%
NorthWestern Corp.		223,917		17,234,892
Public Service Enterprise Group, Inc.		232,046		13,737,123

				30,972,015

Oil, Gas & Consumable Fuels - 5.5%
Chevron Corp.		430,098		46,080,700
CVR Energy, Inc.(a)		189,184		6,547,658
HollyFrontier Corp.		192,879		8,664,125
Phillips 66		154,451		14,112,188
Plains GP Holdings LP, Class A*		435,271		7,247,262
Valero Energy Corp.		159,624		13,457,899

				96,109,832

Pharmaceuticals - 7.4%
Eli Lilly & Co.		62,815		8,771,486
Johnson & Johnson		441,183		65,678,913
Merck & Co., Inc.		346,591		29,612,735
Pfizer, Inc.		672,490		25,043,528

				129,106,662

Professional Services - 0.3%
ManpowerGroup, Inc.		64,293		5,882,167

Semiconductors & Semiconductor Equipment - 3.7%
Broadcom, Inc.		1,458		444,923
Intel Corp.		120,457		7,700,816
Lam Research Corp.		50,991		15,206,026
Maxim Integrated Products, Inc.		143,366		8,619,164
Texas Instruments, Inc.		271,213		32,721,849

				64,692,778

Software - 5.0%
Intuit, Inc.		52,469		14,711,258
Microsoft Corp.		418,274		71,202,783
Oracle Corp.		22,170		1,162,817

				87,076,858

Specialty Retail - 2.4%
Best Buy Co., Inc.		187,706		15,896,821
Home Depot, Inc. (The)		116,762		26,633,412

				42,530,233

Technology Hardware, Storage & Peripherals - 6.1%
Apple, Inc.		220,961		68,389,639
HP, Inc.		507,693		10,824,015
NetApp, Inc.		237,958		12,706,957


Investments	Shares		Value ($)
Seagate Technology plc		253,477		14,445,654

				106,366,265

Textiles, Apparel & Luxury Goods - 0.7%
Hanesbrands, Inc.(a)		397,582		5,470,728
VF Corp.		72,422		6,008,854

				11,479,582

Tobacco - 2.1%
Philip Morris International, Inc.		436,010		36,058,027

Trading Companies & Distributors - 1.0%
MSC Industrial Direct Co., Inc., Class A		73,900		5,030,373
WW Grainger, Inc.		40,645		12,302,022

				17,332,395

TOTAL COMMON STOCKS (Cost $1,418,668,911)				1,721,253,263


Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(b) - 3.3%

BANK NOTES - 0.3%
Bank of America NA (US Federal Funds Effective Rate (continuous series) + 0.26%), 1.86%, 2/3/2020(c) (Cost $5,000,000)		5,000,000		5,000,000

CERTIFICATES OF DEPOSIT - 1.6%
Bank of Montreal, Chicago (US Federal Funds Effective Rate (continuous series) + 0.35%), 1.95%, 8/6/2020(c)		4,000,000		3,999,996
Cooperatieve Rabobank UA, London (ICE LIBOR USD 1 Month + 0.19%), 1.85%, 4/24/2020(c)		5,000,000		5,000,900
Credit Suisse, New York (SOFR + 0.38%), 1.96%, 3/6/2020(c)		4,000,090		4,000,068
Natixis SA, New York 1.79%, 6/5/2020		1,000,000		1,000,646
Standard Chartered, New York (US Federal Funds Effective Rate (continuous series) + 0.35%), 1.95%, 2/26/2020(c)		4,000,000		4,000,000
Svenska Handelsbanken, New York (ICE LIBOR USD 1 Month + 0.16%), 1.93%, 7/8/2020(c)		2,010,000		2,010,105
The Norinchukin Bank, New York 1.73%, 4/17/2020		1,000,000		999,976


Investments	Principal Amount ($)		Value ($)
Toronto-Dominion Bank, New York (US Federal Funds Effective Rate (continuous series) + 0.30%), 1.90%, 2/27/2020(c)		3,000,000		3,000,000
Westpac Banking Corp., New York (US Federal Funds Effective Rate (continuous series) + 0.30%), 1.90%, 2/14/2020(c)		4,000,000		4,000,000

TOTAL CERTIFICATES OF DEPOSIT (Cost $28,010,012)				28,011,691

COMMERCIAL PAPER - 0.3%
Bank of Nova Scotia, Houston (ICE LIBOR USD 1 Month + 0.17%), 1.85%, 5/15/2020(c)(d)		2,500,000		2,500,457
UBS AG, London (ICE LIBOR USD 1 Month + 0.34%), 2.00%, 7/28/2020(c)(d)		4,000,000		4,000,000

TOTAL COMMERCIAL PAPER (Cost $6,500,000)				6,500,457

REPURCHASE AGREEMENTS - 1.1%
BofA Securities, Inc., 2.03%, dated 1/31/2020, due 5/4/2020, repurchase price $8,042,404, collateralized by various Common Stocks; total market value $8,671,128		8,000,000		8,000,000
Citadel Clearing LLC, 2.19%, dated 1/31/2020, due 5/1/2020, repurchase price $5,027,679, collateralized by various Common Stocks; total market value $5,383,771		5,000,000		5,000,000
Citigroup Global Markets, Inc., 1.57%, dated 1/31/2020, due 2/3/2020, repurchase price $1,756,361, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 6.38%, maturing 6/15/2020 - 1/15/2028; total market value $1,796,551		1,756,131		1,756,131


Investments	Principal Amount ($)		Value ($)
Societe Generale, 1.73%, dated 1/31/2020, due 2/3/2020, repurchase price $4,000,577, collateralized by various Common Stocks; total market value $4,401,827		4,000,000		4,000,000

TOTAL REPURCHASE AGREEMENTS (Cost $18,756,131)				18,756,131

TOTAL SECURITIES LENDING REINVESTMENTS (Cost $58,266,143)				58,268,279

Total Investments - 102.2% (Cost $1,476,935,054)				1,779,521,542
Liabilities in excess of other assets - (2.2%)				(39,058,706	)

Net Assets - 100.0%				1,740,462,836

*	Non-income producing security.

(a)

The security or a portion of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $121,511,618, collateralized in the form of cash with a value of $58,273,605 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $64,172,986 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from February 13, 2020 – May 15, 2049 and $4,315,068 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.50%, and maturity dates ranging from September 15, 2021 – September 20, 2117; a total value of $126,761,659.

(b)	The security was purchased with cash collateral held from securities on loan at January 31, 2020. The total value of securities purchased was $58,268,279.

(c)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of January 31, 2020.

(d)	Security exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration normally to qualified institutional buyers.

Percentages shown are based on Net Assets.


Abbreviations

ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
SOFR		Secured Overnight Financing Rate
USD		US Dollar

FlexShares^® Quality Dividend Index Fund had the following open futures contracts as of January 31, 2020:


Investments	Shares		Value ($)
COMMON STOCKS - 98.8%

Aerospace & Defense - 1.9%
Boeing Co. (The)		2,376		756,209
Lockheed Martin Corp.		20,273		8,679,277

				9,435,486

Air Freight & Logistics - 0.2%
CH Robinson Worldwide, Inc.(a)		13,167		950,921

Automobiles - 0.7%
Ford Motor Co.		9,614		84,796
Harley-Davidson, Inc.(a)		95,513		3,190,134

				3,274,930

Banks - 4.4%
Bank of America Corp.		73,568		2,415,237
Citigroup, Inc.		6,688		497,654
Investors Bancorp, Inc.		14,212		171,752
JPMorgan Chase & Co.		33,858		4,481,445
Wells Fargo & Co.		301,587		14,156,494

				21,722,582

Beverages - 2.5%
Coca-Cola Co. (The)		142,329		8,312,014
PepsiCo, Inc.		26,961		3,829,001

				12,141,015

Biotechnology - 1.6%
AbbVie, Inc.(a)		97,394		7,890,862

Building Products - 0.5%
Johnson Controls International plc		57,893		2,283,879

Capital Markets - 1.2%
Intercontinental Exchange, Inc.		8,987		896,363
Lazard Ltd., Class A		22,363		938,351
MarketAxess Holdings, Inc.		6,270		2,220,709
MSCI, Inc.		792		226,354
T. Rowe Price Group, Inc.		12,958		1,730,282

				6,012,059

Chemicals - 2.1%
CF Industries Holdings, Inc.		49,533		1,995,189
Dow, Inc.		76,912		3,543,336
LyondellBasell Industries NV, Class A		5,016		390,546
NewMarket Corp.		4,180		1,837,611
Scotts Miracle-Gro Co. (The)		19,228		2,360,045

				10,126,727

Commercial Services & Supplies - 0.7%
KAR Auction Services, Inc.(a)		102,619		2,157,051
Republic Services, Inc.		6,479		615,829
Rollins, Inc.		17,347		658,319

				3,431,199

Communications Equipment - 2.8%
Cisco Systems, Inc.		243,276		11,183,398


Investments	Shares		Value ($)
Motorola Solutions, Inc.		15,048		2,663,496

				13,846,894

Consumer Finance - 0.6%
Synchrony Financial		91,333		2,960,103

Diversified Consumer Services - 0.4%
H&R Block, Inc.(a)		78,375		1,818,300

Diversified Telecommunication Services - 3.1%
AT&T, Inc.		207,537		7,807,542
CenturyLink, Inc.(a)		31,878		435,453
Cogent Communications Holdings, Inc.(a)		3,344		237,190
Verizon Communications, Inc.		115,786		6,882,320

				15,362,505

Electric Utilities - 5.4%
American Electric Power Co., Inc.		14,839		1,546,521
Evergy, Inc.		49,115		3,544,138
Exelon Corp.		67,298		3,202,712
FirstEnergy Corp.		9,196		467,065
OGE Energy Corp.		45,562		2,089,018
Pinnacle West Capital Corp.		34,903		3,409,674
Portland General Electric Co.		45,353		2,789,209
PPL Corp.		110,143		3,986,075
Southern Co. (The)		78,793		5,547,027

				26,581,439

Electrical Equipment - 0.7%
Eaton Corp. plc		35,739		3,376,263

Energy Equipment & Services - 0.6%
Helmerich & Payne, Inc.		49,324		2,000,088
Schlumberger Ltd.		26,125		875,449

				2,875,537

Entertainment - 0.8%
Activision Blizzard, Inc.		67,507		3,947,809

Equity Real Estate Investment Trusts (REITs) - 5.8%
Apple Hospitality REIT, Inc.(a)		32,604		489,712
Brixmor Property Group, Inc.(a)		135,223		2,699,051
Brookfield Property REIT, Inc., Class A(a)		140,448		2,592,670
CubeSmart		1,254		39,714
Gaming and Leisure Properties, Inc.		11,077		523,444
Healthpeak Properties, Inc.		58,311		2,098,613
Iron Mountain, Inc.(a)		20,900		660,649
Kimco Realty Corp.		118,294		2,253,501
Macerich Co. (The)(a)		28,633		638,802
National Retail Properties, Inc.		209		11,704
Omega Healthcare Investors, Inc.(a)		62,909		2,639,033
Public Storage		4,807		1,075,614
Service Properties Trust(a)		40,546		874,983
Simon Property Group, Inc.		13,167		1,753,186
SITE Centers Corp.		151,525		1,925,883
Spirit Realty Capital, Inc.		57,266		3,022,499


Investments	Shares		Value ($)
Weingarten Realty Investors(a)		18,183		529,125
Welltower, Inc.		34,276		2,910,375
WP Carey, Inc.(a)		21,109		1,775,689

				28,514,247

Food & Staples Retailing - 1.0%
Sysco Corp.		34,694		2,849,765
Walmart, Inc.		19,019		2,177,485

				5,027,250

Food Products - 1.8%
General Mills, Inc.		39,292		2,051,828
Hershey Co. (The)		14,630		2,270,137
JM Smucker Co. (The)		22,363		2,317,030
Kellogg Co.		13,585		926,633
Kraft Heinz Co. (The)		51,414		1,501,289

				9,066,917

Health Care Equipment & Supplies - 0.5%
Abbott Laboratories		209		18,212
Medtronic plc		2,717		313,651
ResMed, Inc.		12,331		1,960,259

				2,292,122

Health Care Providers & Services - 3.3%
AmerisourceBergen Corp.		15,466		1,323,271
Anthem, Inc.		1,584		420,203
UnitedHealth Group, Inc.		53,504		14,577,165

				16,320,639

Hotels, Restaurants & Leisure - 3.3%
Cracker Barrel Old Country Store, Inc.(a)		8,987		1,374,382
International Game Technology plc(a)		61,446		828,906
Las Vegas Sands Corp.		28,215		1,842,722
Six Flags Entertainment Corp.(a)		5,643		215,167
Starbucks Corp.		91,960		7,800,967
Vail Resorts, Inc.		2,717		637,164
Wyndham Destinations, Inc.		42,218		2,048,839
Yum! Brands, Inc.		12,540		1,326,356

				16,074,503

Household Durables - 0.1%
Newell Brands, Inc.		35,530		693,901

Household Products - 2.6%
Clorox Co. (The)		7,942		1,249,356
Kimberly-Clark Corp.		24,035		3,442,774
Procter & Gamble Co. (The)		66,044		8,230,403

				12,922,533

Independent Power and Renewable Electricity Producers - 0.0%(b)
TerraForm Power, Inc., Class A		4,389		79,397

Industrial Conglomerates - 0.3%
3M Co.		8,360		1,326,398

Insurance - 5.0%
Aflac, Inc.		55,176		2,845,426
Allstate Corp. (The)		18,810		2,229,737
Erie Indemnity Co., Class A(a)		1,672		278,388
Fidelity National Financial, Inc.		51,414		2,506,433
First American Financial Corp.		36,993		2,292,826


Investments	Shares		Value ($)
Hanover Insurance Group, Inc. (The)		12,958		1,795,720
Hartford Financial Services Group, Inc. (The)		28,006		1,660,196
MetLife, Inc.		38,665		1,922,037
Old Republic International Corp.		11,913		268,638
Progressive Corp. (The)		38,665		3,119,879
Reinsurance Group of America, Inc.		13,794		1,987,026
RenaissanceRe Holdings Ltd.		9,196		1,742,090
White Mountains Insurance Group Ltd.		1,881		2,101,491

				24,749,887

IT Services - 4.8%
Amdocs Ltd.		38,038		2,736,834
Broadridge Financial Solutions, Inc.		17,974		2,141,602
International Business Machines Corp.		60,819		8,741,515
Mastercard, Inc., Class A		4,807		1,518,723
Paychex, Inc.		18,601		1,595,408
Sabre Corp.		71,896		1,548,640
Visa, Inc., Class A		12,540		2,495,084
Western Union Co. (The)(a)		112,651		3,030,312

				23,808,118

Machinery - 0.7%
Cummins, Inc.		12,331		1,972,590
Illinois Tool Works, Inc.		7,524		1,316,550

				3,289,140

Media - 2.7%
Cable One, Inc.		627		1,068,427
Comcast Corp., Class A		155,496		6,715,872
Omnicom Group, Inc.		13,585		1,023,086
Sinclair Broadcast Group, Inc., Class A		53,086		1,588,333
ViacomCBS, Inc.		88,805		3,030,915

				13,426,633

Metals & Mining - 0.6%
Royal Gold, Inc.(a)		24,662		2,844,022

Multiline Retail - 1.7%
Kohl’s Corp.		21,318		911,344
Macy’s, Inc.(a)		36,157		576,704
Nordstrom, Inc.(a)		65,417		2,411,271
Target Corp.		40,546		4,490,064

				8,389,383

Multi-Utilities - 1.1%
Consolidated Edison, Inc.		6,479		609,026
NorthWestern Corp.		49,324		3,796,468
WEC Energy Group, Inc.		11,286		1,127,359

				5,532,853

Oil, Gas & Consumable Fuels - 5.3%
Cabot Oil & Gas Corp.(a)		24,244		341,598
Chevron Corp.		135,432		14,510,184
CVR Energy, Inc.(a)		10,659		368,908
Exxon Mobil Corp.		76,285		4,738,824
Kinder Morgan, Inc.		88,407		1,845,054
Phillips 66		18,392		1,680,477


Investments	Shares		Value ($)
Plains GP Holdings LP, Class A*(a)		151,107		2,515,932

				26,000,977

Pharmaceuticals - 7.7%
Eli Lilly & Co.		65,417		9,134,830
Johnson & Johnson		124,355		18,512,729
Merck & Co., Inc.		49,951		4,267,813
Pfizer, Inc.		158,213		5,891,852

				37,807,224

Semiconductors & Semiconductor Equipment - 3.9%
Broadcom, Inc.		19,646		5,995,174
Intel Corp.		23,617		1,509,835
KLA Corp.		2,772		459,431
Lam Research Corp.		792		236,182
Skyworks Solutions, Inc.		22,572		2,554,022
Texas Instruments, Inc.		69,388		8,371,662

				19,126,306

Software - 5.0%
CDK Global, Inc.		57,266		3,074,039
Microsoft Corp.		108,889		18,536,175
Oracle Corp.		56,012		2,937,829

				24,548,043

Specialty Retail - 3.0%
Foot Locker, Inc.(a)		48,697		1,849,025
Home Depot, Inc. (The)		43,472		9,915,963
L Brands, Inc.		22,781		527,608
Williams-Sonoma, Inc.(a)		33,858		2,372,769

				14,665,365

Technology Hardware, Storage & Peripherals - 4.4%
Apple, Inc.		56,848		17,595,025
Seagate Technology plc		69,179		3,942,511

				21,537,536

Textiles, Apparel & Luxury Goods - 0.4%
Hanesbrands, Inc.(a)		147,763		2,033,219

Thrifts & Mortgage Finance - 0.1%
New York Community Bancorp, Inc.(a)		31,141		344,419

Tobacco - 2.1%
Philip Morris International, Inc.		124,564		10,301,443

Trading Companies & Distributors - 1.2%
MSC Industrial Direct Co., Inc., Class A		44,308		3,016,046
WW Grainger, Inc.		9,614		2,909,869

				5,925,915

Transportation Infrastructure - 0.2%
Macquarie Infrastructure Corp.(a)		18,601		820,490

TOTAL COMMON STOCKS (Cost $409,577,391)				485,507,390


Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(c) - 3.9%

REPURCHASE AGREEMENTS - 3.9%
BofA Securities, Inc., 2.03%, dated 1/31/2020, due 5/4/2020, repurchase price $1,005,301, collateralized by various Common Stocks; total market value $1,083,891		1,000,000		1,000,000
Citigroup Global Markets, Inc., 1.57%, dated 1/31/2020, due 2/3/2020, repurchase price $8,179,807, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 6.38%, maturing 6/15/2020 - 1/15/2028; total market value $8,366,982		8,178,737		8,178,737
Societe Generale, 1.73%, dated 1/31/2020, due 2/3/2020, repurchase price $10,001,442, collateralized by various Common Stocks; total market value $11,004,569		10,000,000		10,000,000

				19,178,737

TOTAL SECURITIES LENDING REINVESTMENTS (Cost $19,178,737)				19,178,737

Total Investments - 102.7% (Cost $428,756,128)				504,686,127
Liabilities in excess of other assets - (2.7%)				(13,470,014	)

Net Assets - 100.0%				491,216,113

*	Non-income producing security.

(a)

The security or a portion of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $39,431,733, collateralized in the form of cash with a value of $19,178,737 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $19,853,307 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from February 13, 2020 – May 15, 2049 and $2,326,362 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.50%, and maturity dates ranging from September 15, 2021 – September 20, 2117; a total value of $41,358,406.

(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, 2020. The total value of securities purchased was $19,178,737.

Percentages shown are based on Net Assets.

FlexShares^® Quality Dividend Defensive Index Fund had the following open futures contracts as of January 31, 2020:


Investments	Shares		Value ($)
COMMON STOCKS - 98.7%
Aerospace & Defense - 0.5%
Lockheed Martin Corp.		575		246,169

Auto Components - 1.1%
Gentex Corp.		9,729		289,633
Lear Corp.		2,507		308,812

				598,445

Automobiles - 0.2%
General Motors Co.		2,875		95,996

Banks - 9.0%
Bank of America Corp.		12,305		403,973
Citigroup, Inc.		17,779		1,322,935
Comerica, Inc.		5,359		327,756
Huntington Bancshares, Inc.		8,303		112,672
JPMorgan Chase & Co.		16,629		2,201,014
PacWest Bancorp(a)		1,541		54,012
Wells Fargo & Co.		3,220		151,147
Zions Bancorp NA		6,601		300,280

				4,873,789

Beverages - 0.4%
Coca-Cola Co. (The)		2,346		137,007
PepsiCo, Inc.		667		94,727

				231,734

Biotechnology - 4.1%
AbbVie, Inc.		13,133		1,064,036
Amgen, Inc.		5,290		1,142,904

				2,206,940

Building Products - 1.4%
Armstrong World Industries, Inc.		2,484		249,220
Johnson Controls International plc		6,233		245,892
Simpson Manufacturing Co., Inc.(a)		2,990		247,183

				742,295

Capital Markets - 3.7%
Ameriprise Financial, Inc.		1,955		323,377
BlackRock, Inc.		368		194,065
Blackstone Group, Inc. (The), Class A		2,507		153,102
Eaton Vance Corp.(a)		5,750		263,062
Evercore, Inc., Class A		1,587		121,596
Lazard Ltd., Class A		7,705		323,302
LPL Financial Holdings, Inc.		2,829		260,636
T. Rowe Price Group, Inc.		2,622		350,116

				1,989,256

Chemicals - 1.4%
Celanese Corp.		2,553		264,236
Dow, Inc.		7,176		330,598
Huntsman Corp.		2,714		55,800
LyondellBasell Industries NV, Class A		1,058		82,376

				733,010


Investments	Shares		Value ($)
Communications Equipment - 3.1%
Cisco Systems, Inc.		36,639		1,684,295

Consumer Finance - 2.1%
Discover Financial Services		3,404		255,743
Navient Corp.(a)		20,332		292,374
OneMain Holdings, Inc.		6,256		265,067
Synchrony Financial		9,108		295,190

				1,108,374

Containers & Packaging - 0.6%
International Paper Co.		6,509		265,046
Packaging Corp. of America		414		39,641

				304,687

Diversified Telecommunication Services - 2.7%
AT&T, Inc.		19,872		747,585
Verizon Communications, Inc.		12,121		720,472

				1,468,057

Electric Utilities - 1.3%
OGE Energy Corp.		7,521		344,838
PPL Corp.		9,522		344,601

				689,439

Electrical Equipment - 2.3%
Eaton Corp. plc		3,496		330,267
Emerson Electric Co.		2,484		177,929
Hubbell, Inc.		1,541		220,717
nVent Electric plc		8,901		221,635
Rockwell Automation, Inc.		1,610		308,573

				1,259,121

Energy Equipment & Services - 0.7%
Helmerich & Payne, Inc.		1,449		58,757
Schlumberger Ltd.		10,212		342,204

				400,961

Equity Real Estate Investment Trusts (REITs) - 6.7%
Apple Hospitality REIT, Inc.(a)		18,032		270,841
Brandywine Realty Trust		18,446		288,127
Brixmor Property Group, Inc.(a)		14,950		298,402
Brookfield Property REIT, Inc., Class A(a)		18,446		340,513
Gaming and Leisure Properties, Inc.		2,024		95,644
Host Hotels & Resorts, Inc.		7,038		115,001
Iron Mountain, Inc.(a)		1,863		58,889
Kimco Realty Corp.		9,062		172,631
Lamar Advertising Co., Class A		3,197		296,714
Omega Healthcare Investors, Inc.(a)		6,279		263,404
Outfront Media, Inc.		10,258		305,073
RLJ Lodging Trust(a)		2,300		35,788
Ryman Hospitality Properties, Inc.		1,472		125,164
Simon Property Group, Inc.		920		122,498
SITE Centers Corp.		17,986		228,602
Spirit Realty Capital, Inc.		5,612		296,201
Weingarten Realty Investors(a)		9,269		269,728

				3,583,220

Food & Staples Retailing - 0.5%
Walgreens Boots Alliance, Inc.		3,979		202,332


Investments	Shares		Value ($)
Walmart, Inc.		437		50,032

				252,364

Food Products - 0.3%
General Mills, Inc.		3,105		162,143

Health Care Equipment & Supplies - 0.6%
Abbott Laboratories		2,024		176,371
Hill-Rom Holdings, Inc.		1,472		156,753
Medtronic plc		138		15,931

				349,055

Health Care Providers & Services - 1.0%
AmerisourceBergen Corp.		322		27,550
Cardinal Health, Inc.		6,394		327,437
UnitedHealth Group, Inc.		667		181,724

				536,711

Hotels, Restaurants & Leisure - 1.2%
Las Vegas Sands Corp.		5,129		334,975
Wyndham Destinations, Inc.		6,026		292,442

				627,417

Household Durables - 0.5%
Whirlpool Corp.		1,909		279,039

Household Products - 0.5%
Procter & Gamble Co. (The)		2,369		295,225

Independent Power and Renewable Electricity Producers - 0.6%
AES Corp.		15,801		313,808
TerraForm Power, Inc., Class A		1,932		34,950

				348,758

Industrial Conglomerates - 0.3%
Honeywell International, Inc.		1,035		179,283

Insurance - 1.9%
MetLife, Inc.		7,475		371,582
Primerica, Inc.		2,277		269,961
Principal Financial Group, Inc.		1,656		87,685
Prudential Financial, Inc.		1,702		154,984
Unum Group		5,704		152,240

				1,036,452

Internet & Direct Marketing Retail - 0.2%
eBay, Inc.		2,921		98,029

IT Services - 3.3%
International Business Machines Corp.		7,222		1,038,018
Mastercard, Inc., Class A		897		283,398
Paychex, Inc.		1,357		116,390
Visa, Inc., Class A		1,702		338,647

				1,776,453

Machinery - 3.6%
Caterpillar, Inc.		3,910		513,578
Cummins, Inc.		1,771		283,307
Dover Corp.		3,105		353,504
Illinois Tool Works, Inc.		2,622		458,798
Oshkosh Corp.		3,979		342,353

				1,951,540


Investments	Shares		Value ($)
Media - 3.0%
Comcast Corp., Class A		12,742		550,327
Interpublic Group of Cos., Inc. (The)		2,346		53,254
New York Times Co. (The), Class A(a)		5,037		161,234
Nexstar Media Group, Inc., Class A(a)		2,829		342,733
Omnicom Group, Inc.(a)		3,128		235,570
Sinclair Broadcast Group, Inc., Class A		2,714		81,203
ViacomCBS, Inc.		5,830		198,978

				1,623,299

Metals & Mining - 1.6%
Nucor Corp.		5,911		280,713
Reliance Steel & Aluminum Co.		2,714		311,567
Steel Dynamics, Inc.		9,338		279,020

				871,300

Multiline Retail - 0.1%
Kohl’s Corp.		1,863		79,643

Oil, Gas & Consumable Fuels - 4.9%
Chevron Corp.		13,087		1,402,141
CVR Energy, Inc.(a)		6,578		227,665
Exxon Mobil Corp.		8,464		525,784
Plains GP Holdings LP, Class A*(a)		6,348		105,694
Valero Energy Corp.		4,255		358,739

				2,620,023

Pharmaceuticals - 5.9%
Johnson & Johnson		9,338		1,390,148
Merck & Co., Inc.		8,303		709,408
Pfizer, Inc.		29,325		1,092,063

				3,191,619

Professional Services - 0.4%
ManpowerGroup, Inc.		2,507		229,365

Semiconductors & Semiconductor Equipment - 5.5%
Broadcom, Inc.		2,001		610,625
Intel Corp.		2,392		152,921
Lam Research Corp.		1,541		459,542
Maxim Integrated Products, Inc.		3,036		182,524
QUALCOMM, Inc.		6,417		547,434
Texas Instruments, Inc.		8,257		996,207

				2,949,253

Software - 4.9%
Intuit, Inc.		1,265		354,681
Microsoft Corp.		13,179		2,243,461
Oracle Corp.		506		26,540

				2,624,682

Specialty Retail - 4.5%
Best Buy Co., Inc.		3,657		309,711
Home Depot, Inc. (The)		7,567		1,726,033
Lowe’s Cos., Inc.		3,335		387,660

				2,423,404

Technology Hardware, Storage & Peripherals - 8.7%
Apple, Inc.		12,466		3,858,352


Investments	Shares		Value ($)
HP, Inc.		14,835		316,282
NetApp, Inc.		2,691		143,699
Seagate Technology plc		6,026		343,422

				4,661,755

Textiles, Apparel & Luxury Goods - 0.5%
Hanesbrands, Inc.(a)		19,067		262,362

Tobacco - 2.2%
Philip Morris International, Inc.		14,076		1,164,085

Trading Companies & Distributors - 0.6%
MSC Industrial Direct Co., Inc., Class A		4,416		300,597

Transportation Infrastructure - 0.1%
Macquarie Infrastructure Corp.(a)		1,702		75,075

TOTAL COMMON STOCKS (Cost $44,797,500)				53,184,719


Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(b) - 2.9%

REPURCHASE AGREEMENTS - 2.9%
Citigroup Global Markets, Inc., 1.57%, dated 1/31/2020, due 2/3/2020, repurchase price $1,041,625, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 6.38%, maturing 6/15/2020 - 1/15/2028; total market value $1,065,460		1,041,488		1,041,488
Societe Generale, 1.73%, dated 1/31/2020, due 2/3/2020, repurchase price $500,072, collateralized by various Common Stocks; total market value $550,228		500,000		500,000

				1,541,488

TOTAL SECURITIES LENDING REINVESTMENTS (Cost $1,541,488)				1,541,488

Total Investments - 101.6% (Cost $46,338,988)				54,726,207
Liabilities in excess of other assets - (1.6%)				(850,832	)

Net Assets - 100.0%				53,875,375

*	Non-income producing security.

FlexShares^® Quality Dividend Dynamic Index Fund had the following open futures contracts as of January 31, 2020:


Investments	Shares		Value ($)

COMMON STOCKS - 97.4%

Airlines - 1.0%
International Consolidated Airlines Group SA		652,460		4,895,534
Japan Airlines Co. Ltd.		102,000		2,912,673

				7,808,207

Auto Components - 1.6%
Bridgestone Corp.		170,000		6,118,651
Nokian Renkaat OYJ		203,320		5,477,510
Xinyi Glass Holdings Ltd.(a)		1,360,000		1,716,442

				13,312,603

Automobiles - 2.4%
Fiat Chrysler Automobiles NV		408,000		5,304,572
Ford Otomotiv Sanayi A/S		446,420		5,594,236
Tofas Turk Otomobil Fabrikasi A/S		1,397,400		6,163,970
Toyota Motor Corp.		29,100		2,054,465

				19,117,243

Banks - 10.8%
ABN AMRO Bank NV, CVA(b)		86,700		1,510,392
Agricultural Bank of China Ltd., Class H		4,760,000		1,851,305
Australia & New Zealand Banking Group Ltd.		266,220		4,589,190
Bank of China Ltd., Class H		6,800,000		2,653,479
Bank Polska Kasa Opieki SA		57,460		1,466,219
China Construction Bank Corp., Class H		4,420,000		3,386,908
China Minsheng Banking Corp. Ltd., Class H		2,380,000		1,673,531
Danske Bank A/S		147,560		2,470,512
DBS Group Holdings Ltd.		306,000		5,687,757
DNB ASA		273,700		4,805,740
Fukuoka Financial Group, Inc.		102,000		1,811,598
HSBC Holdings plc		236,980		1,723,752
ING Groep NV		358,700		3,905,549
KBC Group NV		65,960		4,843,399
National Bank of Canada(a)		124,440		6,909,099
Royal Bank of Canada		261,800		20,701,708
Sberbank of Russia PJSC		105,400		415,918
Skandinaviska Enskilda Banken AB, Class A		744,260		7,354,072
Swedbank AB, Class A(a)		440,980		6,782,618
Toronto-Dominion Bank (The)		4,420		244,436
Westpac Banking Corp.		144,500		2,429,996

				87,217,178

Beverages - 0.8%
Coca-Cola Amatil Ltd.		797,980		6,399,808
Diageo plc		5,780		229,338

				6,629,146

Capital Markets - 1.1%
Macquarie Group Ltd.		71,400		6,919,822


Investments	Shares		Value ($)
Moscow Exchange MICEX-RTS PJSC		139,400		239,795
Natixis SA		348,840		1,477,913

				8,637,530

Chemicals - 1.5%
Covestro AG(b)		25,840		1,092,459
Showa Denko KK(a)		204,000		5,034,830
Sinopec Shanghai Petrochemical Co. Ltd., Class H		21,760,000		5,576,685

				11,703,974

Commercial Services & Supplies - 1.5%
Edenred		111,520		6,029,784
Societe BIC SA		84,660		5,718,342

				11,748,126

Construction Materials - 0.0%(c)
China Resources Cement Holdings Ltd.		322,000		364,510

Diversified Financial Services - 0.9%
Mitsubishi UFJ Lease & Finance Co. Ltd.		136,000		870,822
REC Ltd.		3,117,800		6,278,637

				7,149,459

Diversified Telecommunication Services - 3.3%
BT Group plc		857,820		1,819,648
O2 Czech Republic A/S		602,480		6,217,216
Proximus SADP		161,500		4,603,219
Spark New Zealand Ltd.		2,121,940		6,399,175
Telefonica Deutschland Holding AG		584,120		1,769,130
Telefonica SA		45,560		308,441
Telenor ASA		280,840		5,086,489

				26,203,318

Electric Utilities - 3.4%
Endesa SA		75,820		2,081,268
Enel SpA		1,051,280		9,151,299
Federal Grid Co. Unified Energy System PJSC		1,887,000,000		6,470,173
Red Electrica Corp. SA		105,060		2,099,770
SSE plc		387,260		7,700,683

				27,503,193

Electrical Equipment - 0.9%
Mitsubishi Electric Corp.		136,000		1,938,645
Signify NV(b)		167,620		5,594,985

				7,533,630

Electronic Equipment, Instruments & Components - 1.2%
Walsin Technology Corp.		340,000		2,369,161
Yageo Corp.		572,000		7,318,283

				9,687,444

Entertainment - 0.9%
Nintendo Co. Ltd.		19,500		7,335,102

Equity Real Estate Investment Trusts (REITs) - 1.9%
Growthpoint Properties Ltd.(a)		99,280		139,592


Investments	Shares		Value ($)
H&R REIT		79,560		1,286,748
Klepierre SA		53,380		1,817,855
Redefine Properties Ltd.		2,631,600		1,261,456
Resilient REIT Ltd.		1,323,280		5,743,227
RioCan REIT		46,920		963,553
United Urban Investment Corp.		2,380		4,266,587

				15,479,018

Food & Staples Retailing - 0.7%
President Chain Store Corp.		573,000		5,661,905

Food Products - 2.6%
Nestle SA (Registered)		78,880		8,700,559
Salmar ASA		131,580		6,447,817
Uni-President Enterprises Corp.		2,380,000		5,719,753

				20,868,129

Gas Utilities - 1.0%
Enagas SA		243,440		6,561,055
Naturgy Energy Group SA		59,840		1,578,289

				8,139,344

Health Care Providers & Services - 0.6%
Netcare Ltd.		3,590,400		4,799,328

Hotels, Restaurants & Leisure - 1.4%
Sands China Ltd.		1,224,000		5,990,032
Wynn Macau Ltd.(a)		2,448,000		5,157,733

				11,147,765

Household Durables - 1.9%
Persimmon plc		186,660		7,512,066
Taylor Wimpey plc		2,649,620		7,512,860

				15,024,926

Independent Power and Renewable Electricity Producers - 0.7%
AES Gener SA		8,199,440		1,524,720
Unipro PJSC		84,660,000		3,897,115

				5,421,835

Insurance - 8.3%
Admiral Group plc		68,340		2,035,038
Allianz SE (Registered)		51,680		12,362,113
BB Seguridade Participacoes SA		680,000		5,534,523
Direct Line Insurance Group plc		1,698,640		7,563,839
Legal & General Group plc		644,980		2,597,400
MS&AD Insurance Group Holdings, Inc.		170,000		5,735,941
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		1,020		301,016
Orange Life Insurance Ltd.(b)(d)		153,680		3,545,916
Poste Italiane SpA(b)		498,440		5,717,042
Powszechny Zaklad Ubezpieczen SA		352,920		3,659,352
Sampo OYJ, Class A		49,980		2,263,701
Tokio Marine Holdings, Inc.		121,700		6,720,252
UnipolSai Assicurazioni SpA		939,760		2,520,290
Zurich Insurance Group AG		14,960		6,215,430

				66,771,853

Interactive Media & Services - 0.7%
Tencent Holdings Ltd.		110,200		5,293,642


Investments	Shares		Value ($)
IT Services - 0.2%
Nomura Research Institute Ltd.		86,300		1,926,890

Machinery - 2.8%
Alstom SA		141,440		7,514,298
Atlas Copco AB, Class A		23,120		820,347
Atlas Copco AB, Class B		17,680		550,285
FANUC Corp.		12,600		2,362,246
Komatsu Ltd.		102,000		2,321,668
Kone OYJ, Class B		52,020		3,358,605
Sinotruk Hong Kong Ltd.(a)		3,230,000		5,615,655

				22,543,104

Media - 1.3%
Eutelsat Communications SA		317,560		4,766,756
ITV plc		1,106,020		1,974,072
ProSiebenSat.1 Media SE		103,700		1,377,320
Publicis Groupe SA		48,620		2,156,844

				10,274,992

Metals & Mining - 5.9%
Alumina Ltd.(a)		3,590,400		5,239,833
BHP Group plc		64,940		1,420,854
Eregli Demir ve Celik Fabrikalari TAS		4,428,840		6,904,107
Evraz plc		1,261,060		5,861,373
Kumba Iron Ore Ltd.		177,140		4,127,972
Magnitogorsk Iron & Steel Works PJSC		9,214,000		6,474,610
Novolipetsk Steel PJSC		2,522,800		5,447,337
Rio Tinto plc		131,240		7,065,343
Severstal PJSC		370,260		5,280,052

				47,821,481

Multiline Retail - 0.4%
Wesfarmers Ltd.		105,740		3,200,309

Multi-Utilities - 0.7%
AGL Energy Ltd.		397,120		5,303,747

Oil, Gas & Consumable Fuels - 7.1%
Aker BP ASA(a)		202,980		5,751,739
BP plc		1,822,740		10,973,295
Bukit Asam Tbk. PT		32,810,000		5,310,150
Canadian Natural Resources Ltd.		66,640		1,875,423
China Petroleum & Chemical Corp., Class H		3,400,000		1,808,394
CNOOC Ltd.		2,040,000		3,115,868
Eni SpA		240,380		3,371,953
Equinor ASA		223,040		4,044,472
Exxaro Resources Ltd.		151,640		1,231,055
Formosa Petrochemical Corp.		1,020,000		3,035,453
Inter Pipeline Ltd.(a)		82,620		1,377,468
Lundin Petroleum AB		60,520		1,843,481
Royal Dutch Shell plc, Class A		69,020		1,814,548
Royal Dutch Shell plc, Class B		28,900		761,920
Tatneft PJSC (Preference)		567,120		6,361,447
TOTAL SA		19,380		948,098
Tupras Turkiye Petrol Rafinerileri A/S		60,520		1,138,605
Woodside Petroleum Ltd.		31,280		727,260


Investments	Shares		Value ($)
Yanzhou Coal Mining Co. Ltd., Class H(a)		2,040,000		1,518,526

				57,009,155

Paper & Forest Products - 0.7%
UPM-Kymmene OYJ		177,820		5,622,125

Personal Products - 0.3%
L’Oreal SA		2,380		664,391
Pola Orbis Holdings, Inc.		68,000		1,503,861

				2,168,252

Pharmaceuticals - 6.7%
Astellas Pharma, Inc.		170,000		3,059,326
AstraZeneca plc		7,140		698,743
GlaxoSmithKline plc		896,580		21,084,592
H Lundbeck A/S		19,040		809,786
Novartis AG (Registered)		80,240		7,585,132
Orion OYJ, Class B		137,700		6,511,405
Roche Holding AG		40,120		13,490,504
Roche Holding AG - BR		1,360		451,242

				53,690,730

Professional Services - 0.4%
Adecco Group AG (Registered)		23,460		1,379,213
Thomson Reuters Corp.		26,520		2,133,351

				3,512,564

Real Estate Management & Development - 2.7%
Agile Group Holdings Ltd.		4,080,000		5,433,064
Daito Trust Construction Co. Ltd.		48,600		5,786,622
Land & Houses PCL, NVDR		15,130,000		4,514,244
Logan Property Holdings Co. Ltd.		4,080,000		6,242,244

				21,976,174

Road & Rail - 0.7%
Aurizon Holdings Ltd.		1,557,880		5,642,212

Semiconductors & Semiconductor Equipment - 3.0%
ASML Holding NV		1,020		287,395
Globalwafers Co. Ltd.		226,000		2,992,486
Nanya Technology Corp.		680,000		1,758,019
Novatek Microelectronics Corp.		870,000		6,278,261
Taiwan Semiconductor Manufacturing Co. Ltd.		504,222		5,341,158
Tokyo Electron Ltd.		17,600		3,978,410
Vanguard International Semiconductor Corp.		1,512,000		3,763,859

				24,399,588

Software - 0.9%
Micro Focus International plc		57,800		781,120
SAP SE		7,140		932,256
Trend Micro, Inc.		109,000		5,792,684

				7,506,060

Specialty Retail - 0.9%
Hennes & Mauritz AB, Class B(a)		321,980		7,070,188

Technology Hardware, Storage & Peripherals - 2.2%
Brother Industries Ltd.		136,000		2,714,102
Canon, Inc.(a)		238,000		6,338,396
Chicony Electronics Co. Ltd.		340,000		966,798
Inventec Corp.		2,040,000		1,549,803


Investments	Shares		Value ($)
Lite-On Technology Corp.		1,020,000		1,593,697
Samsung Electronics Co. Ltd.		91,800		4,344,104

				17,506,900

Textiles, Apparel & Luxury Goods - 1.5%
HUGO BOSS AG		127,840		6,063,574
Kering SA		9,180		5,646,168
LVMH Moet Hennessy Louis Vuitton SE		1,360		595,777

				12,305,519

Tobacco - 3.0%
British American Tobacco Malaysia Bhd.		340,000		977,355
British American Tobacco plc		209,100		9,254,466
Imperial Brands plc		294,440		7,571,656
Japan Tobacco, Inc.		306,000		6,538,690

				24,342,167

Trading Companies & Distributors - 0.9%
ITOCHU Corp.(a)		136,000		3,222,291
Marubeni Corp.		272,000		1,995,612
Sumitomo Corp.		136,000		2,055,340

				7,273,243

Transportation Infrastructure - 2.0%
Aena SME SA(b)		34,000		6,298,012
Sydney Airport		727,940		4,088,610
TAV Havalimanlari Holding A/S		1,178,440		5,363,526

				15,750,148

Wireless Telecommunication Services - 2.0%
Intouch Holdings PCL, NVDR		1,326,000		2,371,655
NTT DOCOMO, Inc.		264,300		7,576,511
Softbank Corp.(a)		476,000		6,570,060

				16,518,226

TOTAL COMMON STOCKS (Cost $738,232,832)				783,922,182


Investments	Principal Amount ($)		Value ($)
SECURITIES LENDING REINVESTMENTS(e) - 0.2%

REPURCHASE AGREEMENTS - 0.2%
Citigroup Global Markets, Inc., 1.57%, dated 1/31/2020, due 2/3/2020, repurchase price $785,075, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 6.38%, maturing 6/15/2020 - 1/15/2028; total market value $803,039		784,972		784,972


Investments	Principal Amount ($)		Value ($)
Societe Generale, 1.73%, dated 1/31/2020, due 2/3/2020, repurchase price $500,072, collateralized by various Common Stocks; total market value $550,228		500,000		500,000

				1,284,972

TOTAL SECURITIES LENDING REINVESTMENTS (Cost $1,284,972)				1,284,972

Total Investments - 97.6% (Cost $739,517,804)				785,207,154
Other Assets Less Liabilities - 2.4%				19,518,778

Net Assets - 100.0%				804,725,932

(a)

The security or a portion of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $40,891,659, collateralized in the form of cash with a value of $1,284,972 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $11,850,960 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.63%, and maturity dates ranging from February 29, 2020 – February 15, 2049 and $30,801,338 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 7.50%, and maturity dates ranging from April 15, 2020 – September 20, 2117; a total value of $43,937,270.

(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)	Security fair valued as of January 31, 2020 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2020 amounted to $3,545,916, which represents approximately 0.44% of net assets of the Fund.

(e)	The security was purchased with cash collateral held from securities on loan at January 31, 2020. The total value of securities purchased was $1,284,972.

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

FlexShares^® International Quality Dividend Index Fund had the following open futures contracts as of January 31, 2020:

FlexShares^® International Quality Dividend Index Fund had the following outstanding contracts as of January 31, 2020:

FlexShares^® International Quality Dividend Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2020:


Investments	Shares		Value ($)
COMMON STOCKS - 98.9%

Airlines - 0.9%
International Consolidated Airlines Group SA		25,160		188,780
Japan Airlines Co. Ltd.		17,000		485,446

				674,226

Auto Components - 1.2%
Bridgestone Corp.		17,000		611,865
Nokian Renkaat OYJ		11,458		308,683

				920,548

Automobiles - 1.2%
Ford Otomotiv Sanayi A/S		7,684		96,291
Tofas Turk Otomobil Fabrikasi A/S		132,124		582,803
Toyota Motor Corp.		3,400		240,040

				919,134

Banks - 12.6%
ABN AMRO Bank NV, CVA(a)		9,622		167,624
Australia & New Zealand Banking Group Ltd.		32,164		554,454
Bank Leumi Le-Israel BM		78,982		570,987
Bank of China Ltd., Class H		680,000		265,348
Bank of Communications Co. Ltd., Class H		170,000		109,467
China Minsheng Banking Corp. Ltd., Class H		238,000		167,353
Commonwealth Bank of Australia		5,848		333,788
Danske Bank A/S		12,512		209,481
DNB ASA		21,352		374,907
Grupo Financiero Banorte SAB de CV, Class O		105,400		646,785
Hang Seng Bank Ltd.		30,600		623,436
HSBC Holdings plc		20,230		147,150
KBC Group NV		8,398		616,660
National Bank of Canada		9,078		504,024
Royal Bank of Canada		21,726		1,717,973
Sberbank of Russia PJSC		188,360		743,286
Skandinaviska Enskilda Banken AB, Class A		66,402		656,122
Swedbank AB, Class A		42,806		658,390
Toronto-Dominion Bank (The)		714		39,486
Westpac Banking Corp.		29,852		502,009

				9,608,730

Beverages - 0.8%
Coca-Cola Amatil Ltd.		75,786		607,804
Diageo plc		510		20,236

				628,040

Capital Markets - 0.5%
Natixis SA		35,054		148,512
Singapore Exchange Ltd.		40,800		260,063

				408,575


Investments	Shares		Value ($)
Chemicals - 0.7%
Sinopec Shanghai Petrochemical Co. Ltd., Class H		2,040,000		522,814

Commercial Services & Supplies - 0.8%
Edenred		782		42,282
Societe BIC SA(b)		7,990		539,683

				581,965

Construction & Engineering - 1.0%
CIMIC Group Ltd.		24,106		472,675
HOCHTIEF AG		2,822		327,120

				799,795

Diversified Financial Services - 0.8%
REC Ltd.		296,004		596,094

Diversified Telecommunication Services - 3.3%
BCE, Inc.		3,672		173,140
BT Group plc		91,256		193,577
Nippon Telegraph & Telephone Corp.		6,800		174,823
O2 Czech Republic A/S		54,298		560,321
Proximus SADP		5,916		168,623
Spark New Zealand Ltd.		202,538		610,798
Telefonica Deutschland Holding AG		53,516		162,084
Telenor ASA		28,390		514,191

				2,557,557

Electric Utilities - 4.7%
Endesa SA		7,004		192,260
Enel SpA		142,120		1,237,142
Federal Grid Co. Unified Energy System PJSC		187,680,000		643,520
Fortis, Inc.(b)		3,479		151,834
Red Electrica Corp. SA		30,294		605,468
SSE plc		36,652		728,827

				3,559,051

Electrical Equipment - 0.1%
Signify NV(a)		2,176		72,633

Electronic Equipment, Instruments & Components - 1.2%
Walsin Technology Corp.		34,000		236,916
Yageo Corp.		55,000		703,681

				940,597

Equity Real Estate Investment Trusts (REITs) - 2.7%
Growthpoint Properties Ltd.		107,507		151,160
H&R REIT		8,942		144,622
Klepierre SA		4,930		167,891
Link REIT		41,600		423,238
Redefine Properties Ltd.		277,882		133,203
Resilient REIT Ltd.		119,884		520,314
RioCan REIT		7,786		159,894
Scentre Group		13,192		34,089
United Urban Investment Corp.		204		365,707

				2,100,118


Investments	Shares		Value ($)
Food Products - 3.9%
Nestle SA (Registered)		16,830		1,856,369
Salmar ASA		12,410		608,127
Uni-President Enterprises Corp.		204,000		490,265

				2,954,761

Gas Utilities - 1.1%
Enagas SA		23,018		620,368
Snam SpA		35,224		188,813

				809,181

Health Care Providers & Services - 0.3%
Netcare Ltd.		158,882		212,379

Hotels, Restaurants & Leisure - 1.0%
Crown Resorts Ltd.		18,836		147,534
Sands China Ltd.(b)		122,400		599,003

				746,537

Household Durables - 2.3%
Persimmon plc		18,122		729,314
Taylor Wimpey plc		258,706		733,547
Woongjin Coway Co. Ltd.		3,570		262,991

				1,725,852

Independent Power and Renewable Electricity Producers - 0.2%
AES Gener SA		723,214		134,485

Insurance - 8.0%
Admiral Group plc		7,344		218,691
Allianz SE (Registered)		1,156		276,521
Assicurazioni Generali SpA		13,022		253,913
BB Seguridade Participacoes SA		17,000		138,363
Direct Line Insurance Group plc		159,222		708,996
Legal & General Group plc		64,940		261,520
MS&AD Insurance Group Holdings, Inc.		17,000		573,594
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		2,516		742,506
Orange Life Insurance Ltd.(a)(c)		19,670		453,853
Poste Italiane SpA(a)		47,158		540,896
Powszechny Zaklad Ubezpieczen SA		53,754		557,364
Sampo OYJ, Class A		5,304		240,229
Tokio Marine Holdings, Inc.		6,800		375,495
UnipolSai Assicurazioni SpA		55,556		148,993
Zurich Insurance Group AG		1,462		607,417

				6,098,351

Interactive Media & Services - 0.6%
Tencent Holdings Ltd.		10,200		489,974

IT Services - 1.2%
Itochu Techno-Solutions Corp.		13,600		407,178
Otsuka Corp.		13,600		539,558

				946,736

Machinery - 2.4%
Alstom SA		13,498		717,110
Kone OYJ, Class B		9,962		643,184
Sinotruk Hong Kong Ltd.		153,000		266,004


Investments	Shares		Value ($)
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H(b)		312,800		232,438

				1,858,736

Media - 1.6%
Eutelsat Communications SA		31,076		466,468
ProSiebenSat.1 Media SE		10,472		139,087
Publicis Groupe SA		13,362		592,755

				1,198,310

Metals & Mining - 6.0%
Alumina Ltd.		331,704		484,089
Eregli Demir ve Celik Fabrikalari TAS		429,828		670,057
Evraz plc		120,122		558,324
Kumba Iron Ore Ltd.		15,300		356,543
Maanshan Iron & Steel Co. Ltd., Class H(b)		1,088,000		386,725
Magnitogorsk Iron & Steel Works PJSC		905,084		635,996
Novolipetsk Steel PJSC		248,488		536,546
Rio Tinto plc		14,484		779,750
Severstal PJSC		12,988		185,214
Severstal PJSC, GDR(a)		238		3,356

				4,596,600

Multiline Retail - 0.4%
Wesfarmers Ltd.		10,268		310,770

Oil, Gas & Consumable Fuels - 7.9%
Aker BP ASA(b)		1,122		31,794
BP plc		176,052		1,059,872
Bukit Asam Tbk. PT		3,097,400		501,300
Canadian Natural Resources Ltd.		6,698		188,499
China Petroleum & Chemical Corp., Class H		272,000		144,672
China Shenhua Energy Co. Ltd., Class H		272,000		481,304
Coal India Ltd.		148,444		377,988
Eni SpA		6,596		92,526
Equinor ASA		29,818		540,702
Exxaro Resources Ltd.		16,354		132,766
Neste OYJ		17,068		678,661
Royal Dutch Shell plc, Class A		19,958		524,699
Royal Dutch Shell plc, Class B		2,278		60,057
Tatneft PJSC (Preference)		52,258		586,184
TOTAL SA		1,700		83,167
Tupras Turkiye Petrol Rafinerileri A/S		26,010		489,344
Yanzhou Coal Mining Co. Ltd., Class H(b)		44,000		32,752

				6,006,287

Personal Products - 0.9%
L’Oreal SA		2,482		692,864

Pharmaceuticals - 7.2%
Astellas Pharma, Inc.		40,800		734,238
AstraZeneca plc		680		66,547


Investments	Shares		Value ($)
GlaxoSmithKline plc		86,904		2,043,694
H Lundbeck A/S		4,454		189,432
Novartis AG (Registered)		7,344		694,232
Orion OYJ, Class B		12,104		572,361
Roche Holding AG		3,536		1,188,994

				5,489,498

Professional Services - 1.6%
Recruit Holdings Co. Ltd.		20,800		825,974
Thomson Reuters Corp.		4,828		388,379

				1,214,353

Real Estate Management & Development - 1.5%
Agile Group Holdings Ltd.		136,000		181,102
Daito Trust Construction Co. Ltd.		4,600		547,705
Land & Houses PCL, NVDR		1,496,000		446,352

				1,175,159

Road & Rail - 0.7%
Aurizon Holdings Ltd.		147,016		532,452

Semiconductors & Semiconductor Equipment - 1.7%
ASML Holding NV		102		28,739
Nanya Technology Corp.		68,000		175,802
Novatek Microelectronics Corp.		83,000		598,961
Taiwan Semiconductor Manufacturing Co. Ltd.		49,000		519,051

				1,322,553

Software - 1.0%
Micro Focus International plc		11,900		160,819
SAP SE		680		88,786
Trend Micro, Inc.		10,200		542,068

				791,673

Specialty Retail - 2.1%
Hennes & Mauritz AB, Class B(b)		31,246		686,114
Petrobras Distribuidora SA		71,400		481,208
Truworths International Ltd.		152,660		448,835

				1,616,157

Technology Hardware, Storage & Peripherals - 1.9%
Canon, Inc.(b)		23,800		633,839
Compal Electronics, Inc.		204,000		123,917
Inventec Corp.		204,000		154,980
Lite-On Technology Corp.		102,000		159,370
Samsung Electronics Co. Ltd.		8,432		399,014

				1,471,120

Textiles, Apparel & Luxury Goods - 1.8%
HUGO BOSS AG		12,206		578,942
LVMH Moet Hennessy Louis Vuitton SE		136		59,578
Pandora A/S		13,770		713,479

				1,351,999

Thrifts & Mortgage Finance - 0.3%
Indiabulls Housing Finance Ltd.		51,442		220,885

Tobacco - 3.3%
British American Tobacco Malaysia Bhd.		136,000		390,942
British American Tobacco plc		19,720		872,779
Imperial Brands plc		27,880		716,946


Investments	Shares		Value ($)
Japan Tobacco, Inc.		27,200		581,217

				2,561,884

Trading Companies & Distributors - 1.2%
ITOCHU Corp.(b)		30,600		725,016
Sumitomo Corp.		13,600		205,534

				930,550

Transportation Infrastructure - 1.4%
Sydney Airport		95,778		537,955
TAV Havalimanlari Holding A/S		117,334		534,031

				1,071,986

Wireless Telecommunication Services - 2.9%
China Mobile Ltd.		11,500		95,082
KDDI Corp.		29,000		875,204
NTT DOCOMO, Inc.		25,400		728,125
PLDT, Inc.		3,060		59,960
Softbank Corp.(b)		30,600		422,361

				2,180,732

TOTAL COMMON STOCKS (Cost $71,430,856)				75,602,701

Total Investments - 98.9% (Cost $71,430,856)				75,602,701
Other Assets Less Liabilities - 1.1%				834,911

Net Assets - 100.0%				76,437,612

(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, 2020. The total value of securities on loan at January 31, 2020 was $3,474,154, collateralized by $547,421 in U.S. Government Treasury Securities, interest rates ranging from 0.13% – 4.38%, and maturity dates ranging from April 15, 2020 – February 15, 2047 and $3,270,271 in Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 7.50%, and maturity dates ranging from April 15, 2020 – July 22, 2068; a total value of $3,817,692.

(c)	Security fair valued as of January 31, 2020 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2020 amounted to $453,853, which represents approximately 0.59% of net assets of the Fund.

Percentages shown are based on Net Assets.

Abbreviations


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

FlexShares^® International Quality Dividend Defensive Index Fund had the following open futures contracts as of January 31, 2020:

FlexShares^® International Quality Dividend Defensive Index Fund had the following outstanding contracts as of January 31, 2020:

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, 2020:


Investments	Shares		Value ($)
COMMON STOCKS - 99.2%

Airlines - 0.8%
International Consolidated Airlines Group SA		53,124		398,600

Auto Components - 2.0%
Faurecia SE		1,938		92,716
Fuyao Glass Industry Group Co. Ltd., Class H(a)		114,000		328,864
Magna International, Inc.		2,641		133,972
Nokian Renkaat OYJ		12,559		338,344
Xinyi Glass Holdings Ltd.		76,000		95,919

				989,815

Automobiles - 1.5%
Fiat Chrysler Automobiles NV		24,548		319,158
Tofas Turk Otomobil Fabrikasi A/S		85,120		375,467
Toyota Motor Corp.		200		14,120

				708,745

Banks - 11.6%
Agricultural Bank of China Ltd., Class H		228,000		88,676
Australia & New Zealand Banking Group Ltd.		15,466		266,608
China Construction Bank Corp., Class H		532,000		407,655
China Merchants Bank Co. Ltd., Class H		76,000		370,951
Danske Bank A/S		7,714		129,151
DBS Group Holdings Ltd.		22,800		423,794
DNB ASA		15,295		268,556
Erste Group Bank AG*		6,403		235,297
Fukuoka Financial Group, Inc.		19,000		337,454
Industrial & Commercial Bank of China Ltd., Class H		57,000		38,319
ING Groep NV		12,958		141,088
KBC Group NV		5,472		401,805
National Bank of Canada(b)		513		28,483
Royal Bank of Canada(b)		16,055		1,269,541
Skandinaviska Enskilda Banken AB, Class A		40,527		400,449
Standard Bank Group Ltd.		27,607		289,846
Swedbank AB, Class A		23,750		365,294
Toronto-Dominion Bank (The)		266		14,710
VTB Bank PJSC		226,396,995		164,366

				5,642,043

Beverages - 0.3%
Ambev SA*		32,300		134,922

Building Products - 0.1%
Daikin Industries Ltd.		400		57,702


Investments	Shares		Value ($)
Capital Markets - 0.9%
Macquarie Group Ltd.		4,484		434,573

Chemicals - 2.4%
Covestro AG(a)		7,657		323,721
Shin-Etsu Chemical Co. Ltd.		1,700		199,433
Showa Denko KK(b)		12,000		296,167
Sinopec Shanghai Petrochemical Co. Ltd., Class H		1,330,000		340,854

				1,160,175

Construction & Engineering - 0.9%
ACS Actividades de Construccion y Servicios SA		2,717		90,420
HOCHTIEF AG		2,926		339,175

				429,595

Construction Materials - 0.6%
China Resources Cement Holdings Ltd.		266,000		301,116

Diversified Financial Services - 1.6%
EXOR NV		4,693		346,580
Mitsubishi UFJ Lease & Finance Co. Ltd.		57,000		364,977
Wendel SA		551		73,640

				785,197

Diversified Telecommunication Services - 2.2%
O2 Czech Republic A/S		36,157		373,118
Telefonica Deutschland Holding AG		29,811		90,289
Telefonica SA		25,460		172,364
Telenor ASA		17,385		314,872
Telstra Corp. Ltd.		35,435		91,092

				1,041,735

Electric Utilities - 1.9%
Enel SpA		61,123		532,070
Federal Grid Co. Unified Energy System PJSC		119,925,616		411,203

				943,273

Electrical Equipment - 1.8%
Fuji Electric Co. Ltd.		11,400		346,044
Mitsubishi Electric Corp.		11,400		162,504
Signify NV(a)		11,495		383,692

				892,240

Electronic Equipment, Instruments & Components - 2.0%
Omron Corp.		6,400		378,503
Walsin Technology Corp.		15,000		104,522
Yageo Corp.		37,000		473,385

				956,410

Energy Equipment & Services - 0.1%
John Wood Group plc(b)		5,358		26,578

Entertainment - 1.1%
Nintendo Co. Ltd.		1,400		526,623


Investments	Shares		Value ($)
Food & Staples Retailing - 0.2%
President Chain Store Corp.		11,000		108,693

Food Products - 2.0%
Danone SA		551		44,209
Nestle SA (Registered)		5,548		611,951
Salmar ASA		6,859		336,111

				992,271

Gas Utilities - 0.7%
Enagas SA		12,198		328,753

Health Care Equipment & Supplies - 0.9%
Hoya Corp.		4,600		449,878

Hotels, Restaurants & Leisure - 1.7%
Genting Singapore Ltd.		138,700		87,392
Sands China Ltd.		76,000		371,930
Wynn Macau Ltd.(b)		167,200		352,277

				811,599

Household Durables - 1.0%
Persimmon plc		11,571		465,671

Insurance - 8.5%
Allianz SE (Registered)		3,971		949,883
Aviva plc		71,383		374,883
BB Seguridade Participacoes SA		17,100		139,177
Direct Line Insurance Group plc		106,115		472,517
Legal & General Group plc		39,539		159,227
Old Mutual Ltd.		181,659		209,520
Ping An Insurance Group Co. of China Ltd., Class H(b)		19,000		217,041
Poste Italiane SpA(a)		14,193		162,792
Powszechny Zaklad Ubezpieczen SA		34,637		359,144
Prudential plc		15,884		283,086
Tokio Marine Holdings, Inc.		7,600		419,670
Zurich Insurance Group AG		893		371,015

				4,117,955

Interactive Media & Services - 0.4%
Tencent Holdings Ltd.		3,800		182,539

IT Services - 0.8%
Nomura Research Institute Ltd.		17,100		381,806

Leisure Products - 0.2%
Yamaha Corp.		1,900		99,220

Machinery - 5.0%
Alstom SA		8,759		465,340
Atlas Copco AB, Class A		13,547		480,677
Atlas Copco AB, Class B		8,721		271,439
Hitachi Construction Machinery Co. Ltd.(b)		3,800		105,005
MINEBEA MITSUMI, Inc.		17,100		344,887
NSK Ltd.		36,100		310,090
Sandvik AB		4,807		87,850
Sinotruk Hong Kong Ltd.(b)		180,500		313,816


Investments	Shares		Value ($)
SKF AB, Class B		1,102		20,202
Weichai Power Co. Ltd., Class H(b)		19,000		33,767

				2,433,073

Media - 1.7%
Eutelsat Communications SA		19,304		289,764
ITV plc		202,502		361,434
ProSiebenSat.1 Media SE		5,833		77,473
Publicis Groupe SA		2,147		95,243

				823,914

Metals & Mining - 5.5%
Alumina Ltd.		206,530		301,410
BHP Group plc		6,783		148,408
Eregli Demir ve Celik Fabrikalari TAS		267,083		416,355
Evraz plc		77,387		359,693
Kumba Iron Ore Ltd.		12,160		283,370
Novolipetsk Steel PJSC		181,833		392,621
Rio Tinto plc		7,923		426,537
Severstal PJSC		22,819		325,408

				2,653,802

Multiline Retail - 0.4%
Wesfarmers Ltd.		6,213		188,042

Oil, Gas & Consumable Fuels - 8.0%
Aker BP ASA(b)		11,267		319,267
BP plc		24,472		147,327
Bukit Asam Tbk. PT		2,006,400		324,727
Canadian Natural Resources Ltd.		15,352		432,045
China Petroleum & Chemical Corp., Class H		114,000		60,634
China Shenhua Energy Co. Ltd., Class H		133,000		235,344
CNOOC Ltd.		285,000		435,305
Eni SpA		5,339		74,893
Equinor ASA		19,798		359,005
OMV AG		6,289		313,556
Suncor Energy, Inc.		8,322		254,527
Tatneft PJSC		33,649		400,663
Tatneft PJSC (Preference)		33,402		374,674
Tupras Turkiye Petrol Rafinerileri A/S		4,066		76,497
Yanzhou Coal Mining Co. Ltd., Class H(b)		114,000		84,859

				3,893,323

Paper & Forest Products - 0.4%
UPM-Kymmene OYJ		5,833		184,422

Personal Products - 2.1%
Kose Corp.		1,900		258,218
L’Oreal SA		2,755		769,074

				1,027,292

Pharmaceuticals - 6.5%
Astellas Pharma, Inc.		24,700		444,502
GlaxoSmithKline plc		54,720		1,286,833
Livzon Pharmaceutical Group, Inc., Class H		19,000		65,944
Novartis AG (Registered)		4,028		380,769
Orion OYJ, Class B		8,227		389,030


Investments	Shares		Value ($)
Roche Holding AG		1,178		396,107
Roche Holding AG - BR		494		163,907

				3,127,092

Professional Services - 1.1%
Recruit Holdings Co. Ltd.		13,300		528,147

Real Estate Management & Development - 3.9%
Agile Group Holdings Ltd.		76,000		101,204
China Resources Land Ltd.		76,000		320,056
CK Asset Holdings Ltd.		57,000		368,505
Country Garden Holdings Co. Ltd.(b)		291,173		373,486
Daiwa House Industry Co. Ltd.		1,900		60,672
Logan Property Holdings Co. Ltd.		228,000		348,831
Shimao Property Holdings Ltd.		104,500		341,160

				1,913,914

Semiconductors & Semiconductor Equipment - 6.2%
ASML Holding NV		4,123		1,161,696
Globalwafers Co. Ltd.		34,000		450,197
Nanya Technology Corp.		38,000		98,242
Novatek Microelectronics Corp.		57,000		411,334
Taiwan Semiconductor Manufacturing Co. Ltd.		19,000		201,265
Tokyo Electron Ltd.		1,100		248,651
Vanguard International Semiconductor Corp.		171,000		425,674

				2,997,059

Software - 0.8%
Trend Micro, Inc.		7,200		382,636

Specialty Retail - 1.2%
Fast Retailing Co. Ltd.(b)		100		54,749
Hennes & Mauritz AB, Class B(b)		19,608		430,562
USS Co. Ltd.		5,700		105,180

				590,491

Technology Hardware, Storage & Peripherals - 1.7%
Brother Industries Ltd.		17,100		341,259
Lite-On Technology Corp.		57,000		89,060
Logitech International SA (Registered)		285		12,813
Samsung Electronics Co. Ltd.		4,370		206,794
Samsung Electronics Co. Ltd. (Preference)		4,066		162,046

				811,972

Textiles, Apparel & Luxury Goods - 1.7%
HUGO BOSS AG		7,885		373,993
Kering SA		760		467,439

				841,432

Tobacco - 2.6%
Imperial Brands plc		18,088		465,141
Japan Tobacco, Inc.		17,100		365,397
Swedish Match AB		7,657		433,269

				1,263,807

Trading Companies & Distributors - 1.5%
Ashtead Group plc		12,521		405,202
ITOCHU Corp.(b)		7,600		180,069


Investments	Shares		Value ($)
Toyota Tsusho Corp.		3,800		134,456

				719,727

Transportation Infrastructure - 0.7%
TAV Havalimanlari Holding A/S		75,297		342,705

TOTAL COMMON STOCKS (Cost $45,291,819)				48,090,577

Total Investments - 99.2% (Cost $45,291,819)				48,090,577
Other Assets Less Liabilities - 0.8%				367,531

Net Assets - 100.0%				48,458,108

*	Non-income producing security.

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

(b)

The security or a portion of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $2,732,455, collateralized by $133,393 in U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.63%, and maturity dates ranging from February 29, 2020 – February 15, 2049 and $2,800,593 in Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 7.50%, and maturity dates ranging from April 15, 2020 – September 20, 2117; a total value of $2,933,986.

Percentages shown are based on Net Assets.

Abbreviations


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

FlexShares^® International Quality Dividend Dynamic Index Fund had the following open futures contracts as of January 31, 2020:

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, 2020:


Investments	Principal Amount ($)		Value ($)
U.S. TREASURY OBLIGATIONS - 99.9%

U.S. Treasury Inflation Linked Bonds
2.38%, 1/15/2025		36,794,282		41,493,041
2.00%, 1/15/2026		24,874,992		28,102,012
2.38%, 1/15/2027		20,228,320		23,804,020
U.S. Treasury Inflation Linked Notes
0.13%, 4/15/2021		46,495,594		46,393,248
0.63%, 7/15/2021(a)		39,143,160		39,546,489
0.13%, 1/15/2022		44,729,098		44,837,600
0.13%, 4/15/2022(a)		44,753,190		44,844,723
0.13%, 7/15/2022		43,687,829		44,057,640
0.13%, 1/15/2023		43,926,100		44,235,952
0.63%, 4/15/2023		138,677,998		141,795,219
0.38%, 7/15/2023		128,908,501		131,698,836
0.63%, 1/15/2024(a)		128,504,120		132,585,741
0.50%, 4/15/2024(a)		93,395,116		95,969,508
0.13%, 7/15/2024		56,030,072		57,040,583
0.13%, 10/15/2024		34,356,018		35,006,496
0.25%, 1/15/2025		42,449,004		43,415,737
0.38%, 7/15/2025		42,402,828		43,904,907
0.63%, 1/15/2026		43,867,097		45,980,305
0.13%, 7/15/2026		37,658,339		38,532,602
0.38%, 1/15/2027		39,072,102		40,525,369

TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,137,560,922)				1,163,770,028

Total Investments - 99.9% (Cost $1,137,560,922)				1,163,770,028
Other Assets Less Liabilities - 0.1%				981,010

Net Assets - 100.0%				1,164,751,038

(a)

The security or a portion of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $123,214,263, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from February 4, 2020 – February 15, 2049; a total value of $124,633,673.

Percentages shown are based on Net Assets.


Investments	Principal Amount ($)		Value ($)
U.S. TREASURY OBLIGATIONS - 99.8%

U.S. Treasury Inflation Linked Bonds
2.38%, 1/15/2025(a)		21,122,770		23,820,222
2.00%, 1/15/2026		14,577,692		16,468,848
2.38%, 1/15/2027		16,689,002		19,639,067
1.75%, 1/15/2028		10,804,112		12,417,687
3.63%, 4/15/2028		21,285,630		27,780,614
2.50%, 1/15/2029		9,541,990		11,781,921
3.88%, 4/15/2029		17,202,667		23,481,825
3.38%, 4/15/2032		4,050,123		5,733,183
U.S. Treasury Inflation Linked Notes
0.38%, 7/15/2023		25,321,925		25,870,039
0.63%, 1/15/2024		25,244,459		26,046,288
0.50%, 4/15/2024		18,295,571		18,799,880
0.13%, 7/15/2024		24,778,886		25,225,777
0.13%, 10/15/2024		20,401,079		20,787,341
0.25%, 1/15/2025		24,826,532		25,391,931
0.38%, 7/15/2025		24,847,330		25,727,523
0.63%, 1/15/2026		25,659,951		26,896,068
0.13%, 7/15/2026(a)		31,482,994		32,213,892
0.38%, 1/15/2027		32,582,268		33,794,149
0.38%, 7/15/2027		30,934,247		32,270,189
0.50%, 1/15/2028		22,632,672		23,785,533
0.75%, 7/15/2028		21,000,612		22,655,571
0.88%, 1/15/2029		20,601,994		22,463,610
0.25%, 7/15/2029(a)		23,127,190		24,036,776
0.13%, 1/15/2030		8,977,396		9,201,294

TOTAL U.S. TREASURY OBLIGATIONS (Cost $514,973,632)				536,289,228

Total Investments - 99.8% (Cost $514,973,632)				536,289,228
Other Assets Less Liabilities - 0.2%				948,730

Net Assets - 100.0%				537,237,958

(a)

The security or a portion of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $33,615,767, collateralized by $127,884 in U.S. Government Treasury Securities, interest rates ranging from 0.63% – 5.25%, and maturity dates ranging from August 31, 2020 – May 15, 2048 and $35,967,739 in Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.75%, and maturity dates ranging from February 5, 2020 – September 20, 2117; a total value of $36,095,623.

Percentages shown are based on Net Assets.


Investments	Principal Amount ($)		Value ($)
MORTGAGE-BACKED SECURITIES - 99.0%

FHLMC
4.00%, 7/1/2024		152,511		159,590
4.00%, 9/1/2024		102,309		107,026
4.00%, 4/1/2025		7,712		8,064
4.00%, 6/1/2025		65,377		68,431
3.50%, 10/1/2025		101,414		105,902
4.00%, 10/1/2025		51,352		53,764
3.50%, 11/1/2025		109,911		114,768
3.50%, 2/1/2026		65,031		67,909
4.00%, 3/1/2026		118,173		123,697
4.00%, 4/1/2026		84,496		88,636
3.50%, 6/1/2026		100,159		104,599
3.00%, 9/1/2026		204,361		210,988
3.50%, 9/1/2026		185,818		194,048
3.00%, 10/1/2026		71,385		74,101
3.50%, 10/1/2026		84,687		88,437
3.00%, 12/1/2026		112,768		116,799
3.00%, 3/1/2027		138,679		143,665
2.50%, 4/1/2027		168,277		171,787
4.00%, 5/1/2027		60,872		63,694
3.00%, 6/1/2027		213,995		220,947
3.50%, 8/1/2027		71,657		74,854
2.50%, 11/1/2027		174,664		178,907
3.00%, 11/1/2027		85,169		88,406
2.50%, 2/1/2028		39,378		40,445
2.50%, 4/1/2028		22,414		22,884
2.50%, 8/1/2028		58,643		60,110
2.50%, 11/1/2028		16,211		16,550
3.00%, 11/1/2028		94,987		98,398
4.00%, 11/1/2028		262,321		275,218
3.00%, 1/1/2029		155,170		160,743
2.00%, 10/1/2031		66,276		66,774
2.00%, 11/1/2031		116,088		116,960
2.00%, 2/1/2032		123,180		124,105
5.50%, 10/1/2032		92,666		102,435
3.00%, 4/1/2033		87,279		90,732
6.00%, 4/1/2034		52,152		59,930
5.00%, 5/1/2034		97,508		108,253
3.00%, 5/1/2035		45,484		46,994
5.50%, 5/1/2035		118,654		134,044
6.00%, 5/1/2035		110,605		127,549
5.50%, 6/1/2035		49,893		55,870
5.00%, 7/1/2035		57,099		63,437
5.50%, 10/1/2035		30,828		34,810
3.00%, 11/1/2035		55,557		57,545
5.00%, 11/1/2035		284,363		315,805
6.00%, 12/1/2035		107,969		124,433
6.00%, 3/1/2036		349,598		402,919
5.50%, 12/1/2036		154,170		173,243
5.50%, 2/1/2037		122,875		138,350
6.00%, 4/1/2037		55,743		64,255


Investments	Principal Amount ($)		Value ($)
6.00%, 5/1/2037		100,433		115,733
5.50%, 7/1/2037		95,667		108,099
5.50%, 9/1/2037		45,146		50,830
5.50%, 11/1/2037		40,963		46,088
5.50%, 1/1/2038		22,891		25,767
5.00%, 2/1/2038		58,930		65,471
5.50%, 4/1/2038		33,785		37,963
5.50%, 6/1/2038		37,721		42,382
5.00%, 7/1/2038		61,928		68,747
5.50%, 7/1/2038		4,795		5,389
5.50%, 8/1/2038		53,497		60,086
5.00%, 10/1/2038		44,723		49,649
5.50%, 12/1/2038		16,845		18,938
5.50%, 1/1/2039		47,424		53,279
5.00%, 2/1/2039		241,977		268,703
5.00%, 5/1/2039		109,861		121,890
5.00%, 8/1/2039		7,842		8,691
5.00%, 9/1/2039		10,034		11,141
4.50%, 10/1/2039		19,651		21,484
5.00%, 1/1/2040		31,262		34,724
5.50%, 1/1/2040		84,972		95,541
4.00%, 2/1/2040		12,970		13,987
5.00%, 3/1/2040		99,479		110,573
4.50%, 4/1/2040		73,383		80,776
5.00%, 4/1/2040		40,477		44,951
6.00%, 4/1/2040		72,000		81,361
5.00%, 5/1/2040		34,899		38,788
6.00%, 5/1/2040		179,554		206,674
5.50%, 6/1/2040		54,303		60,845
6.00%, 7/1/2040		284,142		327,428
3.50%, 12/1/2040		134,446		142,311
4.00%, 1/1/2041		25,495		27,490
4.50%, 3/1/2041		137,146		150,023
4.00%, 4/1/2041		36,481		39,669
5.50%, 4/1/2041		22,996		25,522
5.50%, 6/1/2041		402,982		453,102
4.50%, 8/1/2041		36,658		40,100
3.50%, 11/1/2041		189,927		201,015
4.00%, 1/1/2042		111,361		121,451
5.00%, 2/1/2042		72,901		80,971
3.50%, 1/1/2043		68,136		73,521
3.00%, 3/1/2043		32,395		33,661
3.00%, 4/1/2043		206,820		214,902
3.00%, 6/1/2043		186,327		193,825
4.50%, 3/1/2044		139,787		152,074
4.00%, 6/1/2044		13,848		14,787
5.00%, 8/1/2044		72,379		80,270
4.50%, 9/1/2044		63,520		68,691
4.50%, 12/1/2044		31,998		34,597
4.00%, 2/1/2045		32,439		35,647
4.50%, 9/1/2045		45,995		49,146
4.00%, 12/1/2045		46,032		49,745
4.50%, 12/1/2045		54,162		58,568
4.00%, 1/1/2046		84,619		91,216
4.50%, 4/1/2046		34,016		37,185


Investments	Principal Amount ($)		Value ($)
3.50%, 5/1/2046		46,634		48,812
4.50%, 5/1/2046		83,484		89,775
3.50%, 11/1/2046		47,365		50,474
4.50%, 3/1/2047		98,786		106,638
FHLMC UMBS
4.00%, 5/1/2027		110,294		115,380
2.50%, 6/1/2028		419,897		430,160
2.50%, 1/1/2029		132,848		136,382
4.50%, 12/1/2039		163,098		179,985
4.50%, 5/1/2041		25,944		28,585
3.00%, 3/1/2042		255,546		265,538
3.00%, 4/1/2043		242,869		251,778
2.50%, 6/1/2043		778,711		789,980
4.50%, 7/1/2044		57,522		62,781
4.00%, 8/1/2044		40,715		43,453
3.00%, 7/1/2045		31,073		32,125
4.00%, 10/1/2045		144,825		154,570
4.00%, 4/1/2046		71,675		76,287
4.00%, 5/1/2046		30,950		32,920
2.50%, 12/1/2046		283,604		287,711
3.50%, 2/1/2047		613,465		639,935
3.00%, 9/1/2047		243,662		251,650
2.50%, 10/1/2049		147,735		148,960
2.50%, 11/1/2049		175,656		177,113
FNMA UMBS
4.50%, 4/1/2020		738		764
4.50%, 11/1/2020		701		726
4.00%, 5/1/2024		83,824		87,687
4.00%, 4/1/2025		189,260		198,062
4.00%, 9/1/2025		74,716		78,175
3.00%, 11/1/2025		142,491		147,003
3.00%, 12/1/2025		116,574		120,266
3.50%, 12/1/2025		105,810		110,431
3.00%, 1/1/2026		144,667		149,781
3.50%, 2/1/2026		190,818		199,175
4.00%, 3/1/2026		260,719		273,165
4.00%, 4/1/2026		65,744		68,795
4.00%, 5/1/2026		133,747		140,234
3.00%, 8/1/2026		210,345		217,038
2.50%, 11/1/2026		47,892		48,899
3.00%, 12/1/2026		33,835		34,916
2.50%, 1/1/2027		151,864		155,634
3.00%, 1/1/2027		130,646		135,054
3.50%, 1/1/2027		454,769		477,371
4.00%, 5/1/2027		78,303		81,935
2.50%, 6/1/2027		17,380		17,775
3.50%, 6/1/2027		27,254		28,445
2.50%, 10/1/2027		181,317		185,032
2.50%, 12/1/2027		96,958		99,345
3.50%, 1/1/2028		528,894		553,498
3.00%, 3/1/2028		33,638		34,831
3.00%, 6/1/2028		165,624		171,170
3.00%, 7/1/2028		32,569		33,790
2.50%, 8/1/2028		24,491		25,142
2.50%, 9/1/2028		76,843		78,627
3.00%, 11/1/2028		31,915		33,151
4.00%, 7/1/2029		128,705		134,871
3.50%, 10/1/2030		112,079		115,720


Investments	Principal Amount ($)		Value ($)
3.50%, 11/1/2030		25,912		26,753
2.00%, 9/1/2031		63,933		64,384
2.00%, 11/1/2031		137,602		138,573
2.00%, 2/1/2032		108,216		108,979
3.00%, 4/1/2032		132,348		136,772
6.00%, 12/1/2032		21,041		24,232
3.00%, 5/1/2033		233,795		242,920
3.00%, 7/1/2033		28,878		30,005
3.00%, 10/1/2033		46,538		48,354
6.00%, 8/1/2034		80,262		92,346
6.50%, 9/1/2034		176,636		204,404
5.00%, 12/1/2034		37,888		42,047
5.00%, 1/1/2035		48,590		53,925
5.00%, 6/1/2035		128,992		143,150
5.00%, 7/1/2035		183,703		203,850
5.00%, 8/1/2035		46,536		51,677
5.00%, 11/1/2035		61,085		67,794
6.00%, 11/1/2035		35,274		40,630
5.00%, 12/1/2035		100,999		112,094
5.00%, 2/1/2036		98,372		109,200
5.00%, 4/1/2036		33,929		37,655
5.50%, 12/1/2036		106,020		118,869
6.50%, 12/1/2036		94,230		105,158
5.50%, 1/1/2037		29,546		33,274
5.50%, 2/1/2037		10,008		11,049
5.50%, 4/1/2037		100,790		113,089
6.00%, 8/1/2037		14,060		16,188
6.00%, 9/1/2037		41,947		48,251
5.00%, 2/1/2038		65,945		73,176
5.00%, 3/1/2038		97,288		106,229
5.50%, 3/1/2038		24,833		27,781
5.00%, 5/1/2038		84,363		93,672
5.50%, 6/1/2038		65,972		74,105
5.50%, 9/1/2038		30,081		33,665
6.00%, 9/1/2038		54,101		62,330
5.50%, 11/1/2038		114,168		128,106
5.00%, 1/1/2039		10,601		11,737
5.50%, 3/1/2039		101,061		113,499
4.50%, 4/1/2039		95,117		103,744
5.50%, 8/1/2039		88,430		99,361
4.50%, 9/1/2039		152,175		168,820
4.50%, 10/1/2039		176,805		196,166
5.50%, 11/1/2039		67,520		75,804
4.50%, 12/1/2039		360,199		399,894
4.50%, 1/1/2040		31,227		34,762
5.50%, 1/1/2040		25,376		27,734
4.50%, 3/1/2040		25,210		27,965
4.50%, 4/1/2040		17,478		19,099
5.50%, 4/1/2040		40,384		45,058
6.00%, 6/1/2040		214,875		247,477
4.50%, 8/1/2040		66,595		74,006
4.00%, 9/1/2040		38,775		41,795
4.00%, 11/1/2040		33,182		35,767
3.50%, 1/1/2041		93,824		99,618
3.50%, 2/1/2041		65,364		69,145
4.00%, 2/1/2041		45,770		49,313
4.50%, 4/1/2041		32,478		35,419
5.50%, 4/1/2041		9,522		10,281


Investments	Principal Amount ($)		Value ($)
4.50%, 6/1/2041		30,216		33,128
6.00%, 7/1/2041		636,862		737,050
4.50%, 8/1/2041		39,377		43,153
5.00%, 8/1/2041		83,536		92,725
5.50%, 8/1/2041		71,277		79,004
5.50%, 9/1/2041		145,612		163,677
4.00%, 12/1/2041		45,033		48,494
4.00%, 1/1/2042		70,112		75,442
4.50%, 1/1/2042		42,117		46,042
6.00%, 1/1/2042		132,638		153,180
3.00%, 4/1/2042		125,787		130,652
3.50%, 5/1/2042		69,479		73,483
3.00%, 10/1/2042		281,727		293,476
2.50%, 1/1/2043		20,731		21,031
3.00%, 1/1/2043		342,669		356,083
3.50%, 1/1/2043		88,391		93,515
4.00%, 1/1/2043		157,437		169,676
2.50%, 2/1/2043		116,135		117,815
3.00%, 2/1/2043		347,808		362,112
3.00%, 3/1/2043		236,492		245,558
3.50%, 3/1/2043		164,691		177,083
3.50%, 4/1/2043		303,522		326,365
2.50%, 5/1/2043		25,171		25,534
3.00%, 5/1/2043		11,800		12,265
3.50%, 5/1/2043		24,684		26,331
2.50%, 6/1/2043		11,146		11,290
3.00%, 6/1/2043		49,114		50,858
3.00%, 7/1/2043		166,214		172,619
3.50%, 7/1/2043		44,149		46,709
4.00%, 8/1/2043		24,217		25,968
4.00%, 9/1/2043		172,688		186,360
4.50%, 9/1/2043		53,787		59,127
4.00%, 10/1/2043		58,408		62,685
4.00%, 11/1/2043		576,215		627,273
4.50%, 11/1/2043		124,070		137,150
4.50%, 12/1/2043		54,485		59,739
4.00%, 1/1/2044		107,512		115,551
5.00%, 1/1/2044		215,977		238,861
3.50%, 2/1/2044		40,347		43,377
5.00%, 3/1/2044		40,394		45,031
4.50%, 4/1/2044		98,644		109,848
5.00%, 5/1/2044		29,178		32,064
5.50%, 5/1/2044		1,277,634		1,441,403
5.00%, 6/1/2044		30,574		33,643
3.00%, 10/1/2044		298,899		310,396
4.50%, 10/1/2044		26,720		28,810
3.00%, 12/1/2044		63,548		66,171
3.00%, 2/1/2045		50,669		52,356
4.00%, 2/1/2045		73,917		78,889
4.50%, 2/1/2045		138,130		150,991
3.00%, 4/1/2045		47,893		49,471
4.00%, 4/1/2045		47,322		51,302
4.00%, 11/1/2045		115,158		124,844
4.50%, 11/1/2045		66,943		74,503
4.00%, 12/1/2045		305,338		332,957
4.00%, 3/1/2046		51,126		54,804
4.50%, 3/1/2046		316,682		347,717
4.00%, 4/1/2046		26,786		28,859


Investments	Principal Amount ($)		Value ($)
3.50%, 5/1/2046		47,772		49,991
4.00%, 5/1/2046		49,725		52,795
2.50%, 6/1/2046		148,267		150,411
3.50%, 6/1/2046		401,254		426,022
4.50%, 7/1/2046		61,677		65,799
3.50%, 8/1/2046		151,935		161,821
4.50%, 8/1/2046		41,872		45,905
2.50%, 9/1/2046		352,421		357,523
2.50%, 10/1/2046		25,331		25,698
4.00%, 12/1/2046		86,872		92,706
4.50%, 1/1/2047		97,657		104,012
4.00%, 2/1/2047		202,613		216,010
4.50%, 2/1/2047		88,016		96,114
2.50%, 3/1/2047		284,473		288,592
4.50%, 3/1/2047		250,000		279,950
4.50%, 7/1/2047		156,895		171,890
4.00%, 7/1/2048		304,030		328,428
5.50%, 1/1/2049		129,196		139,290
6.00%, 2/1/2049		179,382		206,647
2.50%, 7/1/2049		395,276		398,554
FNMA/FHLMC UMBS, 30 Year, Single Family
TBA 2.50%, 2/25/2050		850,000		856,741
TBA 3.00%, 2/25/2050		550,000		562,509
GNMA
3.00%, 2/20/2027		221,034		228,803
2.50%, 4/20/2027		99,531		101,779
3.00%, 5/20/2027		186,258		192,832
2.50%, 11/20/2027		110,629		113,130
2.50%, 1/20/2028		55,585		56,843
3.00%, 1/20/2028		122,430		126,742
3.00%, 3/20/2028		111,106		115,029
3.00%, 7/20/2028		179,393		185,731
2.50%, 8/20/2028		173,671		178,043
2.50%, 12/20/2028		24,899		25,526
2.50%, 3/20/2031		70,787		72,396
2.50%, 10/20/2031		85,370		87,317
6.00%, 3/15/2033		89,997		102,939
5.50%, 6/15/2033		72,807		81,631
5.50%, 8/20/2033		59,148		66,700
6.00%, 10/20/2033		103,331		118,213
5.50%, 11/20/2033		54,491		61,431
6.00%, 12/15/2033		178,512		204,201
5.50%, 3/20/2034		64,298		72,515
5.00%, 5/15/2034		34,189		38,073
5.50%, 7/20/2034		42,389		47,799
5.50%, 9/20/2034		18,011		20,305
6.00%, 2/15/2035		37,881		43,336
5.50%, 3/15/2035		145,596		163,513
5.50%, 3/20/2036		133,021		148,740
5.50%, 9/20/2038		85,496		95,485
5.00%, 10/15/2038		26,314		29,431
6.00%, 12/20/2038		186,509		213,445
5.50%, 2/15/2039		74,794		83,877
5.50%, 2/20/2039		103,770		115,881
4.50%, 5/15/2039		106,668		117,083
5.50%, 5/15/2039		50,942		57,202
5.00%, 9/15/2039		83,983		93,872
5.50%, 9/15/2039		21,374		24,006


Investments	Principal Amount ($)		Value ($)
4.00%, 9/20/2039		36,062		38,311
5.00%, 10/15/2039		245,936		274,711
4.50%, 12/15/2039		176,861		193,597
5.50%, 12/15/2039		59,888		67,263
5.00%, 1/20/2040		167,054		185,621
5.50%, 3/15/2040		40,144		45,084
4.50%, 4/15/2040		76,443		83,688
5.00%, 4/15/2040		96,679		108,002
4.50%, 6/15/2040		34,191		37,329
5.00%, 6/15/2040		44,586		49,798
4.50%, 7/15/2040		98,487		107,761
4.00%, 8/15/2040		18,401		19,730
5.50%, 8/15/2040		18,017		20,237
4.00%, 10/15/2040		11,501		12,329
3.50%, 11/15/2040		38,136		40,193
5.50%, 1/20/2041		35,227		39,435
5.50%, 2/15/2041		37,123		41,708
4.00%, 3/15/2041		5,007		5,370
3.50%, 3/20/2041		98,556		104,085
4.50%, 6/15/2041		149,312		163,639
3.50%, 7/20/2041		42,829		45,266
4.00%, 8/15/2041		92,099		98,889
5.00%, 8/15/2041		97,815		109,021
3.50%, 9/15/2041		101,207		106,631
3.50%, 11/20/2041		106,674		112,621
3.50%, 1/15/2042		24,070		25,360
3.00%, 2/20/2042		184,468		191,428
5.50%, 2/20/2042		28,966		32,364
4.50%, 3/15/2042		126,176		137,830
5.00%, 3/20/2042		63,253		70,237
3.50%, 4/20/2042		130,256		137,839
3.00%, 5/15/2042		76,725		79,246
3.00%, 5/20/2042		182,808		189,708
3.50%, 5/20/2042		27,576		29,182
3.50%, 6/15/2042		67,927		71,555
5.00%, 7/20/2042		8,150		9,061
3.50%, 8/20/2042		43,095		45,591
3.00%, 9/15/2042		35,228		36,394
3.50%, 10/20/2042		85,894		89,539
3.00%, 11/20/2042		211,766		219,759
3.00%, 12/20/2042		137,632		142,667
3.50%, 12/20/2042		15,084		15,693
3.50%, 1/15/2043		81,751		86,964
3.00%, 2/20/2043		130,208		134,898
2.50%, 3/20/2043		85,630		87,615
3.00%, 3/20/2043		94,566		97,972
3.00%, 4/15/2043		75,186		77,792
3.50%, 4/15/2043		79,766		83,498
3.00%, 4/20/2043		293,759		304,848
3.50%, 4/20/2043		103,109		108,564
3.00%, 5/15/2043		92,348		95,951
2.50%, 5/20/2043		126,535		129,467
3.50%, 6/15/2043		65,133		69,072
3.50%, 8/20/2043		54,171		57,150
3.00%, 9/20/2043		117,986		122,439
3.00%, 10/20/2043		109,769		113,913
3.50%, 10/20/2043		65,479		68,991
5.00%, 12/20/2043		44,721		49,615


Investments	Principal Amount ($)		Value ($)
5.00%, 1/20/2044		5,860		6,486
3.50%, 3/20/2044		75,193		78,975
5.50%, 3/20/2044		136,747		152,815
4.00%, 7/15/2044		40,363		43,637
3.50%, 8/20/2044		91,550		96,035
4.00%, 9/15/2044		14,592		15,408
3.50%, 9/20/2044		72,932		76,506
3.50%, 10/15/2044		64,662		68,113
3.50%, 10/20/2044		15,305		16,113
2.50%, 11/20/2044		96,275		98,507
4.00%, 12/15/2044		38,773		41,914
3.00%, 12/20/2044		48,577		50,537
3.50%, 12/20/2044		47,089		49,394
3.50%, 1/15/2045		91,396		96,775
3.00%, 1/20/2045		97,138		100,786
3.50%, 2/20/2045		62,603		65,657
3.00%, 3/20/2045		74,664		77,468
3.50%, 5/15/2045		69,671		72,765
3.50%, 5/20/2045		137,699		144,097
5.00%, 6/20/2045		345,003		377,925
3.00%, 7/15/2045		194,048		199,813
4.00%, 8/15/2045		41,401		45,339
3.00%, 8/20/2045		267,559		278,111
3.00%, 12/20/2045		116,238		120,619
3.50%, 12/20/2045		125,549		131,702
3.00%, 2/20/2046		166,483		173,182
4.00%, 3/15/2046		67,965		72,992
4.00%, 3/20/2046		181,162		190,987
3.50%, 4/20/2046		110,553		115,908
4.00%, 5/20/2046		80,243		84,207
4.00%, 6/15/2046		328,759		356,207
4.00%, 7/15/2046		100,516		108,569
3.00%, 9/20/2046		64,659		67,133
3.00%, 12/20/2046		33,579		34,842
4.00%, 3/15/2047		195,467		207,538
5.00%, 2/20/2048		50,332		54,150
5.00%, 4/20/2048		114,704		123,793
5.50%, 11/20/2048		118,174		125,766
3.50%, 9/20/2049		172,984		178,998

TOTAL MORTGAGE-BACKED SECURITIES (Cost $50,697,683)				51,543,974

Total Investments - 99.0% (Cost $50,697,683)				51,543,974
Other Assets Less Liabilities - 1.0%				497,879

Net Assets - 100.0%				52,041,853

Percentages shown are based on Net Assets.


Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS - 99.0%

Aerospace & Defense - 1.7%
Boeing Co. (The)
3.10%, 5/1/2026		500,000		522,703
General Dynamics Corp.
3.75%, 5/15/2028		100,000		112,620
Lockheed Martin Corp.
3.55%, 1/15/2026		70,000		76,449
Northrop Grumman Corp.
2.93%, 1/15/2025		400,000		419,119
Rockwell Collins, Inc.
3.50%, 3/15/2027		200,000		218,135
United Technologies Corp.
3.10%, 6/1/2022		450,000		464,845
4.13%, 11/16/2028		100,000		115,189
7.50%, 9/15/2029		100,000		143,669

				2,072,729

Air Freight & Logistics - 0.4%
FedEx Corp.
3.20%, 2/1/2025		130,000		137,266
United Parcel Service, Inc.
2.45%, 10/1/2022		80,000		81,731
3.40%, 3/15/2029		200,000		220,656

				439,653

Automobiles - 0.1%
General Motors Co.
4.88%, 10/2/2023		100,000		108,471

Banks - 31.1%
Banco Santander SA
3.13%, 2/23/2023		400,000		413,062
Bank of America Corp.
3.30%, 1/11/2023		600,000		627,089
3.12%, 1/20/2023(a)		700,000		716,963
3.00%, 12/20/2023(a)		500,000		515,272
4.20%, 8/26/2024		670,000		729,277
4.00%, 1/22/2025		255,000		276,570
3.88%, 8/1/2025		600,000		659,986
3.50%, 4/19/2026		200,000		215,986
3.82%, 1/20/2028(a)		500,000		548,387
3.71%, 4/24/2028(a)		5,000		5,461
3.42%, 12/20/2028(a)		400,000		429,623
3.97%, 3/5/2029(a)		250,000		278,373
4.27%, 7/23/2029(a)		550,000		626,655
3.97%, 2/7/2030(a)		300,000		336,866
Bank of Montreal
4.34%, 10/5/2028(a)		300,000		319,713
Bank of Nova Scotia (The)
3.40%, 2/11/2024		250,000		264,852
4.50%, 12/16/2025		100,000		112,220
Barclays plc
4.61%, 2/15/2023(a)		250,000		262,062


Investments	Principal Amount ($)		Value ($)
3.65%, 3/16/2025		200,000		212,359
4.38%, 1/12/2026		200,000		220,767
4.84%, 5/9/2028		100,000		111,564
5.09%, 6/20/2030(a)		250,000		287,412
Citigroup, Inc.
2.90%, 12/8/2021		500,000		509,382
4.50%, 1/14/2022		150,000		157,692
4.05%, 7/30/2022		100,000		105,121
3.50%, 5/15/2023		1,050,000		1,100,811
3.35%, 4/24/2025(a)		500,000		526,426
3.30%, 4/27/2025		200,000		212,634
4.40%, 6/10/2025		325,000		358,513
3.40%, 5/1/2026		200,000		214,586
3.20%, 10/21/2026		250,000		264,922
4.45%, 9/29/2027		200,000		224,679
3.89%, 1/10/2028(a)		200,000		219,640
3.67%, 7/24/2028(a)		155,000		168,353
4.13%, 7/25/2028		200,000		222,205
4.07%, 4/23/2029(a)		150,000		167,918
3.98%, 3/20/2030(a)		300,000		335,533
Citizens Financial Group, Inc.
4.30%, 12/3/2025		60,000		66,001
Credit Suisse Group Funding Guernsey Ltd.
3.80%, 9/15/2022		250,000		261,936
3.75%, 3/26/2025		400,000		429,042
Discover Bank
3.35%, 2/6/2023		300,000		311,695
Fifth Third Bank
3.85%, 3/15/2026		400,000		436,123
HSBC Holdings plc
4.00%, 3/30/2022		510,000		533,922
4.25%, 8/18/2025		300,000		326,184
3.90%, 5/25/2026		200,000		217,344
4.29%, 9/12/2026(a)		250,000		274,198
4.04%, 3/13/2028(a)		500,000		545,693
3.97%, 5/22/2030(a)		300,000		330,168
Huntington Bancshares, Inc.
4.00%, 5/15/2025		200,000		219,385
ING Groep NV
4.55%, 10/2/2028		350,000		407,622
JPMorgan Chase & Co.
3.38%, 5/1/2023		520,000		544,473
3.56%, 4/23/2024(a)		300,000		315,431
3.13%, 1/23/2025		681,000		718,917
3.90%, 7/15/2025		250,000		274,286
3.30%, 4/1/2026		1,020,000		1,091,793
3.20%, 6/15/2026		700,000		745,347
2.95%, 10/1/2026		450,000		473,423
4.13%, 12/15/2026		125,000		139,980
3.78%, 2/1/2028(a)		425,000		466,100
4.20%, 7/23/2029(a)		350,000		397,870
4.45%, 12/5/2029(a)		675,000		785,002
KeyCorp
4.10%, 4/30/2028		200,000		225,122


Investments	Principal Amount ($)		Value ($)
Lloyds Banking Group plc
2.91%, 11/7/2023(a)		300,000		306,484
4.38%, 3/22/2028		200,000		225,709
3.57%, 11/7/2028(a)		200,000		213,550
Mitsubishi UFJ Financial Group, Inc.
2.67%, 7/25/2022		850,000		867,194
3.85%, 3/1/2026		200,000		219,624
3.68%, 2/22/2027		350,000		382,409
3.29%, 7/25/2027		750,000		801,926
3.74%, 3/7/2029		200,000		221,710
Mizuho Financial Group, Inc.
2.95%, 2/28/2022		400,000		409,278
3.55%, 3/5/2023		250,000		262,578
4.02%, 3/5/2028		500,000		558,687
National Australia Bank Ltd.
2.80%, 1/10/2022		250,000		255,209
3.63%, 6/20/2023		250,000		264,324
PNC Bank NA
3.50%, 6/8/2023		250,000		264,009
PNC Financial Services Group, Inc. (The)
3.30%, 3/8/2022		380,000		392,248
3.90%, 4/29/2024		50,000		53,877
3.15%, 5/19/2027		80,000		85,926
3.45%, 4/23/2029		200,000		218,948
Royal Bank of Canada
2.75%, 2/1/2022		100,000		102,279
4.65%, 1/27/2026		250,000		284,865
Santander Holdings USA, Inc.
4.50%, 7/17/2025		200,000		218,739
Santander UK Group Holdings plc
3.82%, 11/3/2028(a)		200,000		215,631
Sumitomo Mitsui Financial Group, Inc.
2.78%, 7/12/2022		400,000		409,429
3.10%, 1/17/2023		450,000		466,870
2.70%, 7/16/2024		500,000		514,092
3.78%, 3/9/2026		250,000		272,677
2.63%, 7/14/2026		600,000		616,337
3.36%, 7/12/2027		350,000		375,063
Toronto-Dominion Bank (The)
3.25%, 3/11/2024		250,000		264,513
Truist Bank
3.30%, 5/15/2026		200,000		213,113
Truist Financial Corp.
2.85%, 10/26/2024		150,000		156,622
3.88%, 3/19/2029		200,000		223,918
US Bancorp
3.95%, 11/17/2025		200,000		223,127
Wells Fargo & Co.
3.50%, 3/8/2022		400,000		414,536
2.63%, 7/22/2022		300,000		306,074
3.07%, 1/24/2023		250,000		255,664
4.48%, 1/16/2024		225,000		245,348
3.55%, 9/29/2025		450,000		485,547
3.58%, 5/22/2028(a)		250,000		270,470
2.88%, 10/30/2030(a)		650,000		670,837
Westpac Banking Corp.
2.75%, 1/11/2023		400,000		411,832


Investments	Principal Amount ($)		Value ($)
3.40%, 1/25/2028		400,000		437,742
4.32%, 11/23/2031(a)		400,000		435,507

				37,990,513

Beverages - 1.4%
Anheuser-Busch InBev Finance, Inc.
3.30%, 2/1/2023		180,000		188,187
Anheuser-Busch InBev Worldwide, Inc.
4.00%, 4/13/2028		300,000		336,387
Coca-Cola Co. (The)
2.50%, 4/1/2023		200,000		205,502
Constellation Brands, Inc.
4.25%, 5/1/2023		150,000		160,876
Diageo Capital plc
2.63%, 4/29/2023		100,000		102,893
2.38%, 10/24/2029		200,000		203,725
PepsiCo, Inc.
3.10%, 7/17/2022		200,000		206,928
2.38%, 10/6/2026		300,000		310,030

				1,714,528

Biotechnology - 2.1%
AbbVie, Inc.
2.90%, 11/6/2022		250,000		256,811
3.20%, 11/6/2022		240,000		247,920
3.20%, 5/14/2026		100,000		104,859
4.25%, 11/14/2028		400,000		449,275
Amgen, Inc.
3.88%, 11/15/2021		250,000		258,391
2.70%, 5/1/2022		470,000		479,114
3.63%, 5/22/2024		100,000		107,094
Gilead Sciences, Inc.
3.70%, 4/1/2024		350,000		374,598
3.50%, 2/1/2025		225,000		241,313

				2,519,375

Capital Markets - 10.4%
Bank of New York Mellon Corp. (The)
Series 0012, 3.65%, 2/4/2024		300,000		322,254
3.40%, 1/29/2028		400,000		435,956
BlackRock, Inc.
3.20%, 3/15/2027		200,000		217,740
Brookfield Finance, Inc.
4.85%, 3/29/2029		200,000		238,232
Charles Schwab Corp. (The)
3.20%, 1/25/2028		100,000		107,412
Deutsche Bank AG
3.70%, 5/30/2024		295,000		305,725
Goldman Sachs Group, Inc. (The)
5.75%, 1/24/2022		1,135,000		1,220,999
3.00%, 4/26/2022		400,000		406,016
3.63%, 1/22/2023		500,000		526,145
3.50%, 1/23/2025		465,000		495,404
3.27%, 9/29/2025(a)		500,000		525,651
3.69%, 6/5/2028(a)		250,000		271,445
3.81%, 4/23/2029(a)		900,000		990,657
4.22%, 5/1/2029(a)		600,000		677,324
Morgan Stanley
2.63%, 11/17/2021		400,000		406,388


Investments	Principal Amount ($)		Value ($)
2.75%, 5/19/2022		1,850,000		1,890,081
3.75%, 2/25/2023		350,000		369,713
4.00%, 7/23/2025		350,000		384,805
3.88%, 1/27/2026		200,000		219,206
4.35%, 9/8/2026		650,000		724,398
3.77%, 1/24/2029(a)		1,000,000		1,100,216
4.43%, 1/23/2030(a)		425,000		490,628
State Street Corp.
3.10%, 5/15/2023		200,000		208,587
3.55%, 8/18/2025		100,000		109,099

				12,644,081

Chemicals - 0.7%
Dow Chemical Co. (The)
3.50%, 10/1/2024		200,000		213,178
Sherwin-Williams Co. (The)
2.75%, 6/1/2022		513,000		525,205
2.95%, 8/15/2029		100,000		103,605

				841,988

Commercial Services & Supplies - 0.4%
Republic Services, Inc.
3.55%, 6/1/2022		200,000		207,314
3.95%, 5/15/2028		100,000		112,638
Waste Management, Inc.
3.13%, 3/1/2025		205,000		217,441

				537,393

Communications Equipment - 0.4%
Cisco Systems, Inc.
2.95%, 2/28/2026		100,000		106,853
Motorola Solutions, Inc.
3.75%, 5/15/2022		57,000		59,323
3.50%, 3/1/2023		300,000		311,922

				478,098

Consumer Finance - 5.2%
AerCap Ireland Capital DAC
3.95%, 2/1/2022		200,000		207,057
3.50%, 5/26/2022		200,000		206,028
3.88%, 1/23/2028		200,000		211,769
American Express Co.
2.50%, 8/1/2022		200,000		203,636
3.00%, 10/30/2024		450,000		473,088
3.63%, 12/5/2024		390,000		420,168
American Honda Finance Corp.
3.63%, 10/10/2023		250,000		266,552
Capital One Financial Corp.
3.50%, 6/15/2023		700,000		735,771
3.20%, 2/5/2025		750,000		787,047
3.75%, 7/28/2026		300,000		319,687
Discover Financial Services
4.10%, 2/9/2027		150,000		164,370
General Motors Financial Co., Inc.
3.70%, 5/9/2023		200,000		207,918
5.10%, 1/17/2024		750,000		823,219
5.65%, 1/17/2029		370,000		427,307
Synchrony Financial
4.25%, 8/15/2024		350,000		375,704
5.15%, 3/19/2029		200,000		231,151


Investments	Principal Amount ($)		Value ($)
Toyota Motor Credit Corp.
2.60%, 1/11/2022		250,000		254,751

				6,315,223

Diversified Financial Services - 1.5%
Berkshire Hathaway, Inc.
3.13%, 3/15/2026		130,000		139,529
Shell International Finance BV
3.25%, 5/11/2025		200,000		214,219
2.88%, 5/10/2026		675,000		713,568
2.38%, 11/7/2029		500,000		505,933
Synchrony Bank
3.00%, 6/15/2022		250,000		256,105

				1,829,354

Diversified Telecommunication Services - 2.8%
AT&T, Inc.
3.60%, 2/17/2023		300,000		315,026
3.40%, 5/15/2025		350,000		371,600
4.10%, 2/15/2028		500,000		553,932
Verizon Communications, Inc.
5.15%, 9/15/2023		550,000		614,092
2.63%, 8/15/2026		80,000		82,946
4.13%, 3/16/2027		600,000		677,404
4.33%, 9/21/2028		220,000		254,652
4.02%, 12/3/2029		500,000		569,483

				3,439,135

Electric Utilities - 3.9%
Duke Energy Corp.
3.75%, 4/15/2024		250,000		267,843
2.65%, 9/1/2026		500,000		514,697
Duke Energy Progress LLC
3.45%, 3/15/2029		300,000		329,307
Evergy, Inc.
2.45%, 9/15/2024		200,000		203,582
2.90%, 9/15/2029		200,000		205,498
Eversource Energy
Series K, 2.75%, 3/15/2022		150,000		152,918
Exelon Corp.
3.50%, 6/1/2022(b)		400,000		412,316
FirstEnergy Corp.
Series B, 3.90%, 7/15/2027		200,000		219,041
MidAmerican Energy Co.
3.65%, 4/15/2029		100,000		112,047
Nevada Power Co.
Series CC, 3.70%, 5/1/2029		200,000		222,079
NextEra Energy Capital Holdings, Inc.
2.80%, 1/15/2023		250,000		256,958
3.50%, 4/1/2029		300,000		326,219
Southern Co. (The)
2.95%, 7/1/2023		200,000		207,087
3.25%, 7/1/2026		175,000		186,417
Southwestern Electric Power Co.
Series M, 4.10%, 9/15/2028		200,000		223,978


Investments	Principal Amount ($)		Value ($)
Virginia Electric & Power Co.
Series A, 3.15%, 1/15/2026		50,000		53,167
Series A, 3.50%, 3/15/2027		100,000		108,916
Series A, 2.88%, 7/15/2029		650,000		683,821
Xcel Energy, Inc.
4.00%, 6/15/2028		100,000		111,934

				4,797,825

Entertainment - 0.2%
Walt Disney Co. (The)
1.75%, 8/30/2024		300,000		301,208

Equity Real Estate Investment Trusts (REITs) - 3.2%
Alexandria Real Estate Equities, Inc.
3.45%, 4/30/2025		200,000		213,469
American Tower Corp.
3.50%, 1/31/2023		250,000		261,155
Boston Properties LP
3.65%, 2/1/2026		255,000		276,276
4.50%, 12/1/2028		100,000		116,534
Brixmor Operating Partnership LP
4.13%, 5/15/2029		300,000		332,103
Digital Realty Trust LP
3.95%, 7/1/2022		74,000		77,503
4.45%, 7/15/2028		100,000		113,522
ERP Operating LP
4.63%, 12/15/2021		200,000		209,135
GLP Capital LP
5.38%, 4/15/2026		300,000		340,965
Healthpeak Properties, Inc.
4.25%, 11/15/2023		165,000		177,990
Omega Healthcare Investors, Inc.
4.38%, 8/1/2023		250,000		267,554
Realty Income Corp.
3.65%, 1/15/2028		250,000		274,819
Simon Property Group LP
3.38%, 10/1/2024		600,000		637,265
Ventas Realty LP
3.50%, 2/1/2025		50,000		53,042
4.00%, 3/1/2028		150,000		163,999
Welltower, Inc.
3.75%, 3/15/2023		30,000		31,525
4.25%, 4/1/2026		300,000		333,219

				3,880,075

Food & Staples Retailing - 1.0%
Costco Wholesale Corp.
3.00%, 5/18/2027		75,000		80,823
Kroger Co. (The)
3.85%, 8/1/2023		200,000		212,966
Sysco Corp.
3.75%, 10/1/2025		200,000		219,610
Walmart, Inc.
3.40%, 6/26/2023		500,000		530,295
3.70%, 6/26/2028		150,000		167,811

				1,211,505


Investments	Principal Amount ($)		Value ($)
Food Products - 0.7%
General Mills, Inc.
4.00%, 4/17/2025		250,000		273,595
4.20%, 4/17/2028		200,000		227,630
Unilever Capital Corp.
2.90%, 5/5/2027		200,000		213,089
3.50%, 3/22/2028		100,000		110,206

				824,520

Health Care Equipment & Supplies - 0.4%
Becton Dickinson and Co.
3.73%, 12/15/2024		100,000		107,410
Boston Scientific Corp.
3.75%, 3/1/2026		250,000		272,601
Medtronic, Inc.
3.50%, 3/15/2025		156,000		169,024

				549,035

Health Care Providers & Services - 1.7%
Anthem, Inc.
3.13%, 5/15/2022		300,000		309,298
3.30%, 1/15/2023		100,000		104,222
Cardinal Health, Inc.
2.62%, 6/15/2022		300,000		304,752
CVS Health Corp.
3.50%, 7/20/2022		200,000		207,277
Laboratory Corp. of America Holdings
3.20%, 2/1/2022		100,000		102,640
UnitedHealth Group, Inc.
3.50%, 6/15/2023		400,000		422,656
3.75%, 7/15/2025		75,000		82,092
3.85%, 6/15/2028		468,000		524,369
3.88%, 12/15/2028		55,000		61,950

				2,119,256

Hotels, Restaurants & Leisure - 1.5%
Las Vegas Sands Corp.
3.20%, 8/8/2024		400,000		413,205
Marriott International, Inc.
2.30%, 1/15/2022		80,000		80,661
McDonald’s Corp.
2.63%, 1/15/2022		150,000		152,739
3.38%, 5/26/2025		225,000		240,758
3.80%, 4/1/2028		150,000		166,443
Sands China Ltd.
5.13%, 8/8/2025		400,000		443,366
Starbucks Corp.
3.10%, 3/1/2023		100,000		103,887
3.50%, 3/1/2028		200,000		219,593

				1,820,652

Household Products - 0.1%
Procter & Gamble Co. (The)
3.10%, 8/15/2023		150,000		158,472

Industrial Conglomerates - 0.6%
3M Co.
2.25%, 9/19/2026		100,000		101,708
3.38%, 3/1/2029		200,000		217,918
Honeywell International, Inc.
1.85%, 11/1/2021		80,000		80,433


Investments	Principal Amount ($)		Value ($)
2.70%, 8/15/2029		100,000		105,565
Roper Technologies, Inc.
3.80%, 12/15/2026		200,000		219,734

				725,358

Insurance - 1.1%
American International Group, Inc.
3.90%, 4/1/2026		100,000		108,958
4.25%, 3/15/2029		150,000		170,292
Chubb INA Holdings, Inc.
3.15%, 3/15/2025		270,000		288,745
Marsh & McLennan Cos., Inc.
3.50%, 3/10/2025		75,000		79,844
4.38%, 3/15/2029		200,000		230,873
MetLife, Inc.
3.05%, 12/15/2022(b)		250,000		259,646
Prudential Financial, Inc.
5.20%, 3/15/2044(a)		10,000		10,683
5.70%, 9/15/2048(a)		150,000		173,594

				1,322,635

Internet & Direct Marketing Retail - 1.0%
Alibaba Group Holding Ltd.
3.13%, 11/28/2021		200,000		204,201
3.60%, 11/28/2024		300,000		320,336
Amazon.com, Inc.
3.15%, 8/22/2027		300,000		324,254
eBay, Inc.
2.60%, 7/15/2022		200,000		202,994
3.45%, 8/1/2024		120,000		126,982

				1,178,767

IT Services - 2.9%
Fidelity National Information Services, Inc.
3.50%, 4/15/2023		250,000		262,497
3.00%, 8/15/2026		100,000		105,266
Fiserv, Inc.
3.80%, 10/1/2023		250,000		266,272
3.20%, 7/1/2026		500,000		528,300
International Business Machines Corp.
3.00%, 5/15/2024		900,000		945,538
3.45%, 2/19/2026		350,000		379,901
3.50%, 5/15/2029		100,000		110,078
Mastercard, Inc.
2.95%, 6/1/2029		150,000		160,438
PayPal Holdings, Inc.
2.20%, 9/26/2022		400,000		404,560
2.85%, 10/1/2029		100,000		103,037
Visa, Inc.
3.15%, 12/14/2025		200,000		215,016

				3,480,903

Life Sciences Tools & Services - 0.4%
Thermo Fisher Scientific, Inc.
2.95%, 9/19/2026		450,000		473,012

Media - 1.6%
Charter Communications Operating LLC
4.46%, 7/23/2022		200,000		211,424
Comcast Cable Communications Holdings, Inc.
9.46%, 11/15/2022		200,000		242,038


Investments	Principal Amount ($)		Value ($)
Comcast Corp.
3.95%, 10/15/2025		647,000		715,765
Omnicom Group, Inc.
3.63%, 5/1/2022		200,000		207,828
3.60%, 4/15/2026		100,000		108,207
ViacomCBS, Inc.
3.70%, 8/15/2024		300,000		321,136
2.90%, 1/15/2027		100,000		102,210

				1,908,608

Multiline Retail - 0.3%
Dollar Tree, Inc.
3.70%, 5/15/2023		300,000		316,516

Multi-Utilities - 0.3%
Berkshire Hathaway Energy Co.
3.25%, 4/15/2028		100,000		107,642
DTE Energy Co.
3.80%, 3/15/2027		100,000		108,189
Public Service Enterprise Group, Inc.
2.65%, 11/15/2022		200,000		204,167

				419,998

Oil, Gas & Consumable Fuels - 8.4%
BP Capital Markets America, Inc.
3.25%, 5/6/2022		339,000		350,664
3.22%, 4/14/2024		300,000		315,775
3.12%, 5/4/2026		300,000		317,514
3.02%, 1/16/2027		350,000		365,752
BP Capital Markets plc
3.28%, 9/19/2027		350,000		372,356
Canadian Natural Resources Ltd.
3.85%, 6/1/2027		300,000		320,523
Chevron Corp.
2.95%, 5/16/2026		100,000		106,182
ConocoPhillips Co.
4.95%, 3/15/2026		300,000		350,197
Continental Resources, Inc.
4.50%, 4/15/2023		400,000		422,581
Enbridge, Inc.
3.70%, 7/15/2027		200,000		214,066
3.13%, 11/15/2029		450,000		463,486
Energy Transfer Operating LP
5.88%, 1/15/2024		500,000		558,277
Enterprise Products Operating LLC
3.35%, 3/15/2023		430,000		448,691
3.75%, 2/15/2025		200,000		215,000
4.15%, 10/16/2028		250,000		281,470
Exxon Mobil Corp.
2.73%, 3/1/2023		160,000		165,041
3.04%, 3/1/2026		200,000		212,811
Kinder Morgan Energy Partners LP
4.25%, 9/1/2024		400,000		435,218
Kinder Morgan, Inc.
4.30%, 6/1/2025		100,000		109,707
MPLX LP
3.38%, 3/15/2023		200,000		208,542
4.00%, 2/15/2025		100,000		106,382
4.13%, 3/1/2027		350,000		371,081


Investments	Principal Amount ($)		Value ($)
ONEOK Partners LP
4.90%, 3/15/2025		400,000		447,161
ONEOK, Inc.
3.40%, 9/1/2029		100,000		102,482
Plains All American Pipeline LP
3.65%, 6/1/2022		250,000		257,659
4.65%, 10/15/2025		150,000		164,012
Sabine Pass Liquefaction LLC
5.63%, 3/1/2025		400,000		455,232
Spectra Energy Partners LP
4.75%, 3/15/2024		400,000		439,394
Total Capital International SA
3.75%, 4/10/2024		180,000		193,983
3.46%, 2/19/2029		200,000		220,444
TransCanada PipeLines Ltd.
2.50%, 8/1/2022		800,000		812,077
4.25%, 5/15/2028		200,000		224,939
Valero Energy Corp.
3.65%, 3/15/2025		200,000		215,329

				10,244,028

Pharmaceuticals - 2.9%
Allergan Funding SCS
3.80%, 3/15/2025		500,000		537,202
AstraZeneca plc
3.38%, 11/16/2025		300,000		323,105
Bristol-Myers Squibb Co.
2.25%, 8/15/2021(c)		150,000		151,404
3.25%, 2/20/2023(c)		200,000		208,680
3.63%, 5/15/2024(c)		300,000		320,921
3.90%, 2/20/2028(c)		200,000		224,539
GlaxoSmithKline Capital, Inc.
3.38%, 5/15/2023		200,000		210,622
3.88%, 5/15/2028		200,000		226,333
Johnson & Johnson
2.45%, 3/1/2026		200,000		207,541
Merck & Co., Inc.
2.75%, 2/10/2025		365,000		383,281
Novartis Capital Corp.
3.40%, 5/6/2024		200,000		214,291
Pfizer, Inc.
3.45%, 3/15/2029		200,000		220,848
Zoetis, Inc.
3.25%, 2/1/2023		150,000		156,063
3.00%, 9/12/2027		100,000		105,087

				3,489,917

Road & Rail - 0.8%
CSX Corp.
3.25%, 6/1/2027		100,000		107,441
4.25%, 3/15/2029		200,000		230,568
Norfolk Southern Corp.
2.90%, 2/15/2023		200,000		206,421
Union Pacific Corp.
4.16%, 7/15/2022		100,000		105,350
3.95%, 9/10/2028		250,000		282,596

				932,376


Investments	Principal Amount ($)		Value ($)
Semiconductors & Semiconductor Equipment - 1.5%
Analog Devices, Inc.
3.50%, 12/5/2026		200,000		215,287
Broadcom Corp.
3.63%, 1/15/2024		600,000		628,114
Intel Corp.
2.70%, 12/15/2022		200,000		206,738
2.60%, 5/19/2026		150,000		156,529
QUALCOMM, Inc.
3.00%, 5/20/2022		400,000		411,584
3.25%, 5/20/2027		200,000		215,031

				1,833,283

Software - 1.6%
Microsoft Corp.
2.38%, 2/12/2022		400,000		406,793
2.88%, 2/6/2024		200,000		209,797
2.70%, 2/12/2025		140,000		146,627
3.13%, 11/3/2025		150,000		161,225
2.40%, 8/8/2026		100,000		103,765
Oracle Corp.
2.95%, 5/15/2025		400,000		422,745
2.65%, 7/15/2026		300,000		313,327
3.25%, 11/15/2027		200,000		216,546

				1,980,825

Specialty Retail - 0.8%
Home Depot, Inc. (The)
2.63%, 6/1/2022		200,000		204,872
3.00%, 4/1/2026		330,000		351,217
Lowe’s Cos., Inc.
3.38%, 9/15/2025		100,000		107,406
3.10%, 5/3/2027		300,000		318,012

				981,507

Technology Hardware, Storage & Peripherals - 1.6%
Apple, Inc.
3.00%, 2/9/2024		690,000		723,939
3.20%, 5/11/2027		450,000		485,759
2.90%, 9/12/2027		500,000		530,743
Seagate HDD Cayman
4.88%, 6/1/2027		250,000		270,285

				2,010,726

Tobacco - 2.0%
Altria Group, Inc.
3.49%, 2/14/2022		200,000		206,236
2.85%, 8/9/2022		160,000		163,808
4.00%, 1/31/2024		100,000		107,482
2.63%, 9/16/2026		160,000		162,306
4.80%, 2/14/2029		100,000		113,421
BAT Capital Corp.
3.56%, 8/15/2027		200,000		209,323
3.46%, 9/6/2029		300,000		310,908
Philip Morris International, Inc.
2.75%, 2/25/2026		700,000		724,691
Reynolds American, Inc.
4.00%, 6/12/2022		450,000		471,087

				2,469,262


Investments	Principal Amount ($)		Value ($)
Trading Companies & Distributors - 0.3%
Air Lease Corp.
3.00%, 9/15/2023		405,000		417,610

TOTAL CORPORATE BONDS (Cost $115,007,898)				120,778,420

Total Investments - 99.0% (Cost $115,007,898)				120,778,420
Other Assets Less Liabilities - 1.0%				1,173,014

Net Assets - 100.0%				121,951,434

(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, 2020.

(c)

Percentages shown are based on Net Assets.


Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS - 98.1%

Aerospace & Defense - 2.6%
Boeing Co. (The)
3.90%, 5/1/2049		100,000		109,506
L3Harris Technologies, Inc.
5.05%, 4/27/2045		20,000		25,858
Lockheed Martin Corp.
4.70%, 5/15/2046		85,000		112,921
Northrop Grumman Corp.
4.75%, 6/1/2043		135,000		170,398
Raytheon Co.
4.88%, 10/15/2040		15,000		19,797
Rockwell Collins, Inc.
4.35%, 4/15/2047		25,000		31,470
United Technologies Corp.
4.50%, 6/1/2042		175,000		220,024

				689,974

Air Freight & Logistics - 0.6%
FedEx Corp.
4.75%, 11/15/2045		105,000		117,086
United Parcel Service, Inc.
3.75%, 11/15/2047		40,000		44,280

				161,366

Automobiles - 0.6%
Daimler Finance North America LLC
8.50%, 1/18/2031		20,000		30,397
General Motors Co.
6.60%, 4/1/2036		100,000		121,806

				152,203

Banks - 6.3%
Bank of America Corp.
4.24%, 4/24/2038(a)		230,000		273,115
5.00%, 1/21/2044		40,000		53,291
Citigroup, Inc.
8.13%, 7/15/2039		22,000		37,906
5.88%, 1/30/2042		35,000		50,420
4.75%, 5/18/2046		35,000		43,319
4.28%, 4/24/2048(a)		60,000		74,197
4.65%, 7/23/2048		195,000		254,359
Fifth Third Bancorp
8.25%, 3/1/2038		25,000		40,736
HSBC Holdings plc
6.10%, 1/14/2042		105,000		151,624
JPMorgan Chase & Co.
6.40%, 5/15/2038		100,000		148,323
4.26%, 2/22/2048(a)		215,000		263,583
3.90%, 1/23/2049(a)		105,000		122,679
Wells Fargo & Co.
5.38%, 11/2/2043		150,000		199,554

				1,713,106


Investments	Principal Amount ($)		Value ($)
Beverages - 2.4%
Anheuser-Busch Cos. LLC
4.70%, 2/1/2036		280,000		336,390
Anheuser-Busch InBev Worldwide, Inc.
5.45%, 1/23/2039		100,000		130,035
Diageo Capital plc
5.88%, 9/30/2036		45,000		63,696
PepsiCo, Inc.
3.45%, 10/6/2046		115,000		127,696

				657,817

Biotechnology - 4.4%
AbbVie, Inc.
4.40%, 11/6/2042		145,000		164,324
4.70%, 5/14/2045		130,000		150,184
Amgen, Inc.
6.38%, 6/1/2037		15,000		21,330
5.15%, 11/15/2041		55,000		69,916
4.40%, 5/1/2045		130,000		150,572
4.66%, 6/15/2051		125,000		151,428
Biogen, Inc.
5.20%, 9/15/2045		50,000		62,216
Celgene Corp.
5.00%, 8/15/2045		200,000		245,910
Gilead Sciences, Inc.
4.75%, 3/1/2046		105,000		130,872
4.15%, 3/1/2047		43,000		49,809

				1,196,561

Capital Markets - 4.6%
Goldman Sachs Group, Inc. (The)
6.75%, 10/1/2037		165,000		235,971
4.02%, 10/31/2038(a)		130,000		147,258
5.15%, 5/22/2045		170,000		220,389
4.75%, 10/21/2045		185,000		236,015
Morgan Stanley
6.38%, 7/24/2042		75,000		114,418
4.30%, 1/27/2045		185,000		227,054
Raymond James Financial, Inc.
4.95%, 7/15/2046		45,000		55,547

				1,236,652

Chemicals - 1.4%
Dow Chemical Co. (The)
4.38%, 11/15/2042		150,000		164,989
Eastman Chemical Co.
4.80%, 9/1/2042		45,000		51,315
LYB International Finance BV
4.88%, 3/15/2044		85,000		97,634
Praxair, Inc.
3.55%, 11/7/2042		10,000		11,111
Sherwin-Williams Co. (The)
4.50%, 6/1/2047		45,000		53,504

				378,553


Investments	Principal Amount ($)		Value ($)
Commercial Services & Supplies - 0.2%
Waste Management, Inc.
4.15%, 7/15/2049		50,000		60,538

Communications Equipment - 0.5%
Cisco Systems, Inc.
5.90%, 2/15/2039		85,000		123,699

Containers & Packaging - 0.1%
Sonoco Products Co.
5.75%, 11/1/2040		20,000		26,031

Diversified Financial Services - 1.3%
Shell International Finance BV
4.38%, 5/11/2045		280,000		343,328

Diversified Telecommunication Services - 10.0%
AT&T, Inc.
4.50%, 5/15/2035		270,000		311,113
4.30%, 12/15/2042		170,000		187,255
4.35%, 6/15/2045		300,000		332,363
Bell Canada, Inc.
4.46%, 4/1/2048		45,000		54,241
British Telecommunications plc
9.63%, 12/15/2030(b)		80,000		125,567
Deutsche Telekom International Finance BV
8.75%, 6/15/2030(b)		110,000		165,982
Orange SA
9.00%, 3/1/2031(b)		75,000		118,960
Verizon Communications, Inc.
4.27%, 1/15/2036		759,000		890,348
4.75%, 11/1/2041		195,000		244,392
4.67%, 3/15/2055		200,000		256,529

				2,686,750

Electric Utilities - 4.1%
Alabama Power Co.
Series B, 3.70%, 12/1/2047		65,000		72,714
Appalachian Power Co.
7.00%, 4/1/2038		30,000		44,239
Duke Energy Corp.
3.75%, 9/1/2046		150,000		160,511
Duke Energy Florida LLC
6.40%, 6/15/2038		45,000		67,367
Duke Energy Indiana LLC
Series YYY, 3.25%, 10/1/2049		100,000		106,043
Exelon Corp.
4.45%, 4/15/2046		45,000		52,961
FirstEnergy Corp.
Series C, 7.38%, 11/15/2031		50,000		72,404
Florida Power & Light Co.
4.13%, 2/1/2042		75,000		90,555
PPL Capital Funding, Inc.
4.00%, 9/15/2047		100,000		108,843
Public Service Electric & Gas Co.
3.80%, 3/1/2046		15,000		17,552


Investments	Principal Amount ($)		Value ($)
Southern Co. (The)
4.40%, 7/1/2046		150,000		174,446
Virginia Electric & Power Co.
4.60%, 12/1/2048		100,000		129,249

				1,096,884

Electrical Equipment - 0.1%
Eaton Corp.
4.15%, 11/2/2042		15,000		17,903

Electronic Equipment, Instruments & Components - 0.2%
Corning, Inc.
4.75%, 3/15/2042		45,000		52,377

Energy Equipment & Services - 1.2%
Baker Hughes a GE Co. LLC
5.13%, 9/15/2040		100,000		121,588
Halliburton Co.
4.85%, 11/15/2035		185,000		212,639

				334,227

Entertainment - 0.9%
NBCUniversal Media LLC
5.95%, 4/1/2041		100,000		143,787
Walt Disney Co. (The)
2.75%, 9/1/2049		100,000		98,549

				242,336

Equity Real Estate Investment Trusts (REITs) - 0.6%
ERP Operating LP
4.50%, 7/1/2044		20,000		25,040
Federal Realty Investment Trust
4.50%, 12/1/2044		25,000		30,259
Simon Property Group LP
4.75%, 3/15/2042		30,000		37,700
Welltower, Inc.
4.95%, 9/1/2048		15,000		18,757
Weyerhaeuser Co.
7.38%, 3/15/2032		35,000		49,622

				161,378

Food & Staples Retailing - 1.0%
Kroger Co. (The)
4.45%, 2/1/2047		45,000		49,329
Sysco Corp.
4.85%, 10/1/2045		35,000		44,291
Walmart, Inc.
4.05%, 6/29/2048		155,000		189,309

				282,929

Food Products - 0.7%
Kellogg Co.
Series B, 7.45%, 4/1/2031		45,000		64,830
Tyson Foods, Inc.
4.88%, 8/15/2034		85,000		105,564
Unilever Capital Corp.
5.90%, 11/15/2032		20,000		27,781

				198,175

Gas Utilities - 0.2%
Atmos Energy Corp.
4.13%, 10/15/2044		15,000		17,595


Investments	Principal Amount ($)		Value ($)
Southern California Gas Co.
Series VV, 4.30%, 1/15/2049		20,000		24,791

				42,386

Health Care Equipment & Supplies - 1.5%
Abbott Laboratories
4.90%, 11/30/2046		85,000		114,571
Becton Dickinson and Co.
4.67%, 6/6/2047		100,000		125,933
DH Europe Finance II Sarl
3.40%, 11/15/2049		50,000		53,617
Koninklijke Philips NV
5.00%, 3/15/2042		35,000		44,778
Medtronic, Inc.
4.38%, 3/15/2035		28,000		34,682
Stryker Corp.
4.63%, 3/15/2046		25,000		31,739

				405,320

Health Care Providers & Services - 2.5%
Anthem, Inc.
4.63%, 5/15/2042		100,000		116,465
Humana, Inc.
4.95%, 10/1/2044		15,000		18,296
UnitedHealth Group, Inc.
4.75%, 7/15/2045		300,000		376,098
4.45%, 12/15/2048		130,000		158,368

				669,227

Hotels, Restaurants & Leisure - 1.3%
McDonald’s Corp.
6.30%, 3/1/2038		75,000		107,539
4.88%, 12/9/2045		130,000		165,776
Starbucks Corp.
3.75%, 12/1/2047		65,000		69,118

				342,433

Household Products - 0.3%
Procter & Gamble Co. (The)
5.55%, 3/5/2037		50,000		72,976

Industrial Conglomerates - 0.5%
3M Co.
4.00%, 9/14/2048		100,000		116,482
Ingersoll-Rand Global Holding Co. Ltd.
5.75%, 6/15/2043		20,000		26,748

				143,230

Insurance - 3.3%
Aflac, Inc.
4.75%, 1/15/2049		45,000		57,994
Allstate Corp. (The)
6.50%, 5/15/2057(a)		15,000		19,451
American International Group, Inc.
3.88%, 1/15/2035		110,000		121,342
Aon plc
4.60%, 6/14/2044		55,000		67,373
Berkshire Hathaway Finance Corp.
5.75%, 1/15/2040		65,000		93,467
Chubb Corp. (The)
6.00%, 5/11/2037		30,000		43,618


Investments	Principal Amount ($)		Value ($)
Manulife Financial Corp.
5.38%, 3/4/2046		30,000		41,787
Marsh & McLennan Cos., Inc.
4.35%, 1/30/2047		20,000		23,965
4.90%, 3/15/2049		65,000		85,927
MetLife, Inc.
5.70%, 6/15/2035		100,000		139,239
6.40%, 12/15/2036		60,000		75,536
Principal Financial Group, Inc.
6.05%, 10/15/2036		25,000		34,280
Prudential Financial, Inc.
3.94%, 12/7/2049		45,000		51,243
Travelers Cos., Inc. (The)
4.10%, 3/4/2049		40,000		48,793

				904,015

Internet & Direct Marketing Retail - 1.6%
Alibaba Group Holding Ltd.
4.00%, 12/6/2037		170,000		193,062
Amazon.com, Inc.
4.25%, 8/22/2057		165,000		211,963
eBay, Inc.
4.00%, 7/15/2042		35,000		34,948

				439,973

IT Services - 1.4%
Fiserv, Inc.
4.40%, 7/1/2049		50,000		58,875
International Business Machines Corp.
4.25%, 5/15/2049		185,000		223,021
Visa, Inc.
4.30%, 12/14/2045		70,000		89,698

				371,594

Life Sciences Tools & Services - 0.2%
Thermo Fisher Scientific, Inc.
4.10%, 8/15/2047		40,000		47,891

Machinery - 0.6%
Caterpillar, Inc.
3.80%, 8/15/2042		100,000		115,904
Fortive Corp.
4.30%, 6/15/2046		25,000		27,562
Illinois Tool Works, Inc.
3.90%, 9/1/2042		25,000		30,184

				173,650

Media - 4.0%
Comcast Corp.
4.25%, 1/15/2033		100,000		119,103
6.95%, 8/15/2037		200,000		305,401
3.40%, 7/15/2046		140,000		147,159
4.70%, 10/15/2048		105,000		135,060
4.00%, 11/1/2049		130,000		151,281
ViacomCBS, Inc.
5.85%, 9/1/2043		100,000		130,349
4.60%, 1/15/2045		85,000		96,194

				1,084,547

Metals & Mining - 2.1%
Barrick PD Australia Finance Pty. Ltd.
5.95%, 10/15/2039		100,000		132,559


Investments	Principal Amount ($)		Value ($)
BHP Billiton Finance USA Ltd.
5.00%, 9/30/2043		45,000		59,326
Newmont Corp.
5.88%, 4/1/2035		50,000		68,271
Nucor Corp.
4.40%, 5/1/2048		65,000		77,602
Rio Tinto Finance USA Ltd.
5.20%, 11/2/2040		65,000		88,170
Vale Overseas Ltd.
6.88%, 11/21/2036		100,000		131,594

				557,522

Multiline Retail - 0.2%
Target Corp.
3.63%, 4/15/2046		50,000		56,894

Multi-Utilities - 2.4%
Berkshire Hathaway Energy Co.
5.15%, 11/15/2043		110,000		146,130
4.45%, 1/15/2049		100,000		123,048
Consolidated Edison Co. of New York, Inc.
Series A, 4.13%, 5/15/2049		100,000		118,908
4.50%, 5/15/2058		130,000		165,735
Southern Co. Gas Capital Corp.
3.95%, 10/1/2046		84,000		91,658

				645,479

Oil, Gas & Consumable Fuels - 11.1%
Canadian Natural Resources Ltd.
6.25%, 3/15/2038		45,000		58,763
ConocoPhillips
5.90%, 10/15/2032		270,000		363,218
Devon Energy Corp.
5.60%, 7/15/2041		110,000		132,723
Enbridge Energy Partners LP
5.50%, 9/15/2040		100,000		123,467
Enterprise Products Operating LLC
5.95%, 2/1/2041		105,000		138,008
4.85%, 3/15/2044		230,000		267,018
4.25%, 2/15/2048		85,000		92,797
Exxon Mobil Corp.
4.11%, 3/1/2046		85,000		101,973
Kinder Morgan, Inc.
5.55%, 6/1/2045		225,000		270,013
Magellan Midstream Partners LP
5.15%, 10/15/2043		15,000		18,026
4.20%, 10/3/2047		70,000		74,552
Marathon Petroleum Corp.
6.50%, 3/1/2041		100,000		133,974
Occidental Petroleum Corp.
4.50%, 7/15/2044		125,000		128,755
ONEOK Partners LP
6.13%, 2/1/2041		100,000		124,906
Phillips 66
5.88%, 5/1/2042		90,000		123,465
Phillips 66 Partners LP
4.90%, 10/1/2046		25,000		28,822


Investments	Principal Amount ($)		Value ($)
Plains All American Pipeline LP
5.15%, 6/1/2042		85,000		86,633
Suncor Energy, Inc.
5.95%, 5/15/2035		150,000		201,385
4.00%, 11/15/2047		115,000		125,657
TransCanada PipeLines Ltd.
4.63%, 3/1/2034		40,000		47,061
7.63%, 1/15/2039		150,000		230,359
Valero Energy Corp.
6.63%, 6/15/2037		100,000		135,117

				3,006,692

Pharmaceuticals - 3.1%
AstraZeneca plc
4.38%, 11/16/2045		115,000		143,692
Eli Lilly & Co.
4.15%, 3/15/2059		45,000		55,912
GlaxoSmithKline Capital, Inc.
5.38%, 4/15/2034		30,000		40,521
6.38%, 5/15/2038		45,000		67,938
Johnson & Johnson
3.70%, 3/1/2046		105,000		123,724
Merck & Co., Inc.
3.70%, 2/10/2045		145,000		167,657
Novartis Capital Corp.
4.40%, 5/6/2044		20,000		25,380
Wyeth LLC
6.50%, 2/1/2034		120,000		175,956
Zoetis, Inc.
4.70%, 2/1/2043		35,000		44,015

				844,795

Road & Rail - 4.2%
Burlington Northern Santa Fe LLC
5.15%, 9/1/2043		210,000		279,391
3.55%, 2/15/2050		100,000		110,536
Canadian National Railway Co.
3.20%, 8/2/2046		45,000		48,640
Canadian Pacific Railway Co.
4.80%, 8/1/2045		25,000		33,163
CSX Corp.
6.15%, 5/1/2037		75,000		103,442
4.10%, 3/15/2044		150,000		171,904
Norfolk Southern Corp.
4.84%, 10/1/2041		100,000		126,001
4.15%, 2/28/2048		50,000		59,232
Union Pacific Corp.
4.10%, 9/15/2067		200,000		213,366

				1,145,675

Semiconductors & Semiconductor Equipment - 1.0%
Applied Materials, Inc.
4.35%, 4/1/2047		50,000		63,231
Intel Corp.
3.73%, 12/8/2047		85,000		97,874
QUALCOMM, Inc.
4.80%, 5/20/2045		90,000		114,492

				275,597


Investments	Principal Amount ($)		Value ($)
Software - 4.3%
Microsoft Corp.
3.50%, 2/12/2035		160,000		181,920
3.95%, 8/8/2056		275,000		340,763
Oracle Corp.
6.13%, 7/8/2039		105,000		152,744
5.38%, 7/15/2040		200,000		274,469
4.38%, 5/15/2055		165,000		205,437

				1,155,333

Specialty Retail - 2.3%
Home Depot, Inc. (The)
5.88%, 12/16/2036		300,000		427,871
Lowe’s Cos., Inc.
4.38%, 9/15/2045		175,000		202,878

				630,749

Technology Hardware, Storage & Peripherals - 1.5%
Apple, Inc.
3.85%, 5/4/2043		100,000		116,182
4.65%, 2/23/2046		190,000		247,075
HP, Inc.
6.00%, 9/15/2041		35,000		40,489

				403,746

Textiles, Apparel & Luxury Goods - 0.2%
NIKE, Inc.
3.63%, 5/1/2043		45,000		51,146

Tobacco - 2.8%
Altria Group, Inc.
4.25%, 8/9/2042		140,000		142,578
5.38%, 1/31/2044		125,000		145,856
BAT Capital Corp.
4.54%, 8/15/2047		200,000		207,112
Philip Morris International, Inc.
4.13%, 3/4/2043		230,000		259,555

				755,101

Water Utilities - 0.3%
American Water Capital Corp.
4.20%, 9/1/2048		70,000		84,429

Wireless Telecommunication Services - 1.4%
America Movil SAB de CV
6.13%, 3/30/2040		130,000		185,391
Rogers Communications, Inc.
5.00%, 3/15/2044		75,000		95,455
Telefonica Europe BV
8.25%, 9/15/2030		45,000		66,121
Vodafone Group plc
7.88%, 2/15/2030		25,000		35,661

				382,628

TOTAL CORPORATE BONDS (Cost $23,962,147)				26,505,815


Investments	Principal Amount ($)		Value ($)
ASSET-BACKED SECURITIES - 0.1%

Latam Airlines Pass-Through Trust Series 2015-1, Class A, 4.20%, 11/15/2027 (Cost $18,979)		19,517		20,197

Total Investments - 98.2% (Cost $23,981,126)				26,526,012
Other Assets Less Liabilities - 1.8%				472,600

Net Assets - 100.0%				26,998,612

(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, 2020.

Percentages shown are based on Net Assets.


Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS - 98.6%

Aerospace & Defense - 2.0%
Arconic, Inc. 6.75%, 1/15/2028		150,000		174,610
Kratos Defense & Security Solutions, Inc. 6.50%, 11/30/2025(a)		100,000		106,791
Signature Aviation US Holdings, Inc. 5.38%, 5/1/2026(a)		200,000		207,964
TransDigm UK Holdings plc 6.88%, 5/15/2026		605,000		646,048
TransDigm, Inc. 6.38%, 6/15/2026		990,000		1,046,282
7.50%, 3/15/2027		200,000		219,370
5.50%, 11/15/2027(a)		600,000		604,800
Triumph Group, Inc. 5.25%, 6/1/2022		70,000		68,972

				3,074,837

Air Freight & Logistics - 0.1%
Cargo Aircraft Management, Inc. 4.75%, 2/1/2028(a)		100,000		101,754

Auto Components - 2.2%
Allison Transmission, Inc. 4.75%, 10/1/2027(a)		100,000		103,910
Dana Financing Luxembourg Sarl 6.50%, 6/1/2026(a)		280,000		297,612
Delphi Technologies plc 5.00%, 10/1/2025(a)		400,000		444,000
Goodyear Tire & Rubber Co. (The) 5.00%, 5/31/2026		250,000		260,163
Icahn Enterprises LP 6.25%, 5/15/2026		500,000		525,777
JB Poindexter & Co., Inc. 7.13%, 4/15/2026(a)		30,000		32,335
Panther BF Aggregator 2 LP 6.25%, 5/15/2026(a)		400,000		429,790
8.50%, 5/15/2027(a)		1,100,000		1,184,535

				3,278,122

Automobiles - 0.3%
Fiat Chrysler Automobiles NV 5.25%, 4/15/2023		200,000		214,498
Mclaren Finance plc 5.75%, 8/1/2022(a)		200,000		193,500

				407,998

Banks - 0.4%
ING Groep NV 5.75%, 11/16/2026(b)(c)		200,000		214,267
Societe Generale SA 8.00%, 9/29/2025(a)(b)(c)		345,000		410,359

				624,626


Investments	Principal Amount ($)		Value ($)
Beverages - 0.1%
Cott Holdings, Inc. 5.50%, 4/1/2025(a)		100,000		103,958

Building Products - 0.4%
Masonite International Corp. 5.75%, 9/15/2026(a)		100,000		106,285
Patrick Industries, Inc. 7.50%, 10/15/2027(a)		200,000		218,070
PGT Innovations, Inc. 6.75%, 8/1/2026(a)		130,000		139,470
Standard Industries, Inc. 5.38%, 11/15/2024(a)		75,000		77,249
4.75%, 1/15/2028(a)		130,000		133,633

				674,707

Capital Markets - 2.2%
AG Merger Sub II, Inc. 10.75%, 8/1/2027(a)		200,000		212,569
Compass Group Diversified Holdings LLC 8.00%, 5/1/2026(a)		100,000		109,160
Credit Suisse Group AG 7.50%, 7/17/2023(a)(b)(c)		570,000		628,450
Deutsche Bank AG 4.30%, 5/24/2028(c)		300,000		297,690
4.88%, 12/1/2032(c)		200,000		199,711
Donnelley Financial Solutions, Inc. 8.25%, 10/15/2024		180,000		187,275
FS Energy & Power Fund 7.50%, 8/15/2023(a)		150,000		154,816
LPL Holdings, Inc. 5.75%, 9/15/2025(a)		130,000		135,849
MSCI, Inc. 4.75%, 8/1/2026(a)		400,000		419,929
UBS Group AG 7.00%, 1/31/2024(a)(b)(c)		850,000		936,534

				3,281,983

Chemicals - 3.4%
CF Industries, Inc. 5.15%, 3/15/2034		130,000		150,391
4.95%, 6/1/2043		50,000		53,630
Chemours Co. (The) 6.63%, 5/15/2023		210,000		207,168
7.00%, 5/15/2025		600,000		575,451
5.38%, 5/15/2027		205,000		178,355
Cornerstone Chemical Co. 6.75%, 8/15/2024(a)		250,000		241,281
Foxtrot Escrow Issuer LLC 12.25%, 11/15/2026(a)		400,000		414,750
FXI Holdings, Inc. 7.88%, 11/1/2024(a)		310,000		294,497
Gates Global LLC 6.25%, 1/15/2026(a)		325,000		334,485
GCP Applied Technologies, Inc. 5.50%, 4/15/2026(a)		100,000		104,285


Investments	Principal Amount ($)		Value ($)
Hexion, Inc. 7.88%, 7/15/2027(a)		250,000		258,131
Kraton Polymers LLC 7.00%, 4/15/2025(a)		75,000		76,523
Neon Holdings, Inc. 10.13%, 4/1/2026(a)		200,000		201,474
NOVA Chemicals Corp. 5.25%, 8/1/2023(a)		150,000		152,249
5.25%, 6/1/2027(a)		100,000		101,935
Olin Corp. 5.63%, 8/1/2029		100,000		105,685
Rain CII Carbon LLC 7.25%, 4/1/2025(a)		300,000		297,747
Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029(a)		100,000		103,628
Starfruit Finco BV 8.00%, 10/1/2026(a)		450,000		468,011
TPC Group, Inc. 10.50%, 8/1/2024(a)		550,000		569,022
Trinseo Materials Operating SCA 5.38%, 9/1/2025(a)		285,000		267,843

				5,156,541

Commercial Services & Supplies - 5.5%
Allied Universal Holdco LLC 6.63%, 7/15/2026(a)		250,000		266,250
9.75%, 7/15/2027(a)		750,000		802,367
Aptim Corp. 7.75%, 6/15/2025(a)		200,000		124,583
APX Group, Inc. 7.88%, 12/1/2022		140,000		142,731
7.63%, 9/1/2023		150,000		147,062
8.50%, 11/1/2024(a)		425,000		453,511
Aramark Services, Inc. 5.00%, 4/1/2025(a)		100,000		104,426
4.75%, 6/1/2026		350,000		364,813
Cimpress plc 7.00%, 6/15/2026(a)		150,000		158,948
Covanta Holding Corp. 5.88%, 7/1/2025		110,000		114,412
6.00%, 1/1/2027		100,000		103,955
Garda World Security Corp. 8.75%, 5/15/2025(a)		260,000		272,347
GFL Environmental, Inc. 5.38%, 3/1/2023(a)		110,000		112,612
8.50%, 5/1/2027(a)		350,000		382,148
GW B-CR Security Corp. 9.50%, 11/1/2027(a)		345,000		368,926
Harland Clarke Holdings Corp. 9.25%, 3/1/2021(a)		530,000		532,650
8.38%, 8/15/2022(a)		100,000		87,221
IAA, Inc. 5.50%, 6/15/2027(a)		100,000		106,300
Intrado Corp. 8.50%, 10/15/2025(a)		560,000		446,600
KAR Auction Services, Inc. 5.13%, 6/1/2025(a)		180,000		185,025


Investments	Principal Amount ($)		Value ($)
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025(a)		500,000		510,055
Nielsen Finance LLC 5.00%, 4/15/2022(a)		290,000		290,879
Pitney Bowes, Inc. 5.20%, 4/1/2023(d)		150,000		149,687
4.63%, 3/15/2024		150,000		142,813
Prime Security Services Borrower LLC 9.25%, 5/15/2023(a)		100,000		104,937
5.25%, 4/15/2024(a)		500,000		522,293
6.25%, 1/15/2028(a)		835,000		826,859
Ritchie Bros Auctioneers, Inc. 5.38%, 1/15/2025(a)		100,000		104,083
Stericycle, Inc. 5.38%, 7/15/2024(a)		100,000		104,885
TMS International Holding Corp. 7.25%, 8/15/2025(a)		100,000		94,791
Waste Pro USA, Inc. 5.50%, 2/15/2026(a)		150,000		154,452

				8,282,621

Communications Equipment - 0.7%
CommScope, Inc. 5.50%, 6/15/2024(a)		510,000		508,720
Telefonaktiebolaget LM Ericsson 4.13%, 5/15/2022		250,000		259,616
ViaSat, Inc. 5.63%, 4/15/2027(a)		300,000		314,775

				1,083,111

Construction & Engineering - 0.6%
AECOM 5.13%, 3/15/2027		200,000		214,030
Brand Industrial Services, Inc. 8.50%, 7/15/2025(a)		540,000		542,624
New Enterprise Stone & Lime Co., Inc. 10.13%, 4/1/2022(a)		142,000		149,144

				905,798

Consumer Finance - 1.1%
Credit Acceptance Corp. 6.63%, 3/15/2026(a)		200,000		215,975
Enova International, Inc. 8.50%, 9/1/2024(a)		100,000		98,541
goeasy Ltd. 5.38%, 12/1/2024(a)		200,000		205,167
Navient Corp. 5.50%, 1/25/2023		165,000		172,837
7.25%, 9/25/2023		200,000		221,498
6.13%, 3/25/2024		200,000		213,562
6.75%, 6/15/2026		200,000		217,370
Springleaf Finance Corp. 6.63%, 1/15/2028		150,000		169,028
TMX Finance LLC 11.13%, 4/1/2023(a)		130,000		121,766

				1,635,744

Containers & Packaging - 2.0%
Berry Global, Inc. 5.63%, 7/15/2027(a)		155,000		165,079


Investments	Principal Amount ($)		Value ($)
Crown Cork & Seal Co., Inc.
7.38%, 12/15/2026		120,000		142,242
Flex Acquisition Co., Inc.
6.88%, 1/15/2025(a)		80,000		80,499
7.88%, 7/15/2026(a)		750,000		762,992
Greif, Inc.
6.50%, 3/1/2027(a)		100,000		107,872
Intertape Polymer Group, Inc.
7.00%, 10/15/2026(a)		50,000		53,017
LABL Escrow Issuer LLC
6.75%, 7/15/2026(a)		240,000		258,217
Mauser Packaging Solutions Holding Co.
5.50%, 4/15/2024(a)		200,000		206,592
7.25%, 4/15/2025(a)		460,000		458,845
Plastipak Holdings, Inc.
6.25%, 10/15/2025(a)		270,000		238,275
Sealed Air Corp.
5.25%, 4/1/2023(a)		50,000		53,271
Trident TPI Holdings, Inc.
9.25%, 8/1/2024(a)		200,000		203,583
6.63%, 11/1/2025(a)		100,000		91,042
Trivium Packaging Finance BV
8.50%, 8/15/2027(a)(d)		200,000		220,370

				3,041,896

Distributors - 1.5%
American Builders & Contractors Supply Co., Inc.
5.88%, 5/15/2026(a)		150,000		158,153
Core & Main LP
6.13%, 8/15/2025(a)		180,000		185,375
Performance Food Group, Inc.
5.50%, 6/1/2024(a)		50,000		51,146
5.50%, 10/15/2027(a)		350,000		369,258
Resideo Funding, Inc.
6.13%, 11/1/2026(a)		150,000		147,746
Wolverine Escrow LLC
9.00%, 11/15/2026(a)		750,000		780,386
13.13%, 11/15/2027(a)		500,000		516,250

				2,208,314

Diversified Consumer Services - 0.7%
Carriage Services, Inc.
6.63%, 6/1/2026(a)		100,000		106,785
Graham Holdings Co.
5.75%, 6/1/2026(a)		100,000		106,785
Midas Intermediate Holdco II LLC
7.88%, 10/1/2022(a)		30,000		28,772
Service Corp. International
5.13%, 6/1/2029		200,000		213,350
ServiceMaster Co. LLC (The)
5.13%, 11/15/2024(a)		200,000		207,111
Sotheby’s
7.38%, 10/15/2027(a)		290,000		295,945
WW International, Inc.
8.63%, 12/1/2025(a)		150,000		157,187

				1,115,935

Diversified Financial Services - 1.8%
ACE Cash Express, Inc.
12.00%, 12/15/2022(a)		170,000		139,825


Investments	Principal Amount ($)		Value ($)
CNG Holdings, Inc.
12.50%, 6/15/2024(a)		150,000		142,937
Fairstone Financial, Inc.
7.88%, 7/15/2024(a)		100,000		108,417
Jefferies Finance LLC
7.25%, 8/15/2024(a)		110,000		113,621
6.25%, 6/3/2026(a)		200,000		210,974
MPH Acquisition Holdings LLC
7.13%, 6/1/2024(a)		925,000		898,277
Refinitiv US Holdings, Inc.
8.25%, 11/15/2026(a)		600,000		669,390
Verscend Escrow Corp.
9.75%, 8/15/2026(a)		380,000		414,209

				2,697,650

Diversified Telecommunication Services - 4.3%
CCO Holdings LLC
5.75%, 2/15/2026(a)		255,000		268,053
5.13%, 5/1/2027(a)		610,000		638,609
5.00%, 2/1/2028(a)		760,000		796,556
5.38%, 6/1/2029(a)		450,000		482,333
4.75%, 3/1/2030(a)		250,000		257,494
CenturyLink, Inc.
Series Y, 7.50%, 4/1/2024		450,000		508,687
Series G, 6.88%, 1/15/2028		550,000		616,191
DKT Finance ApS
9.38%, 6/17/2023(a)		200,000		214,090
Intelsat Jackson Holdings SA
5.50%, 8/1/2023		750,000		603,439
Koninklijke KPN NV
7.00%, 3/28/2073(a)(c)		100,000		110,424
Sprint Capital Corp.
6.88%, 11/15/2028		570,000		581,029
8.75%, 3/15/2032		350,000		388,273
Telecom Italia Capital SA
6.38%, 11/15/2033		405,000		473,101
7.20%, 7/18/2036		100,000		124,260
Telesat Canada
6.50%, 10/15/2027(a)		210,000		220,363
Virgin Media Secured Finance plc
5.50%, 5/15/2029(a)		200,000		210,870

				6,493,772

Electric Utilities - 0.2%
Emera, Inc.
Series 16-A, 6.75%, 6/15/2076(c)		50,000		57,597
Vistra Operations Co. LLC
5.50%, 9/1/2026(a)		300,000		312,697

				370,294

Electrical Equipment - 0.4%
Sensata Technologies BV
4.88%, 10/15/2023(a)		100,000		106,749
Vertiv Group Corp.
9.25%, 10/15/2024(a)		400,000		429,586

				536,335


Investments	Principal Amount ($)		Value ($)
Electronic Equipment, Instruments & Components - 0.2%
Anixter, Inc.
5.50%, 3/1/2023		100,000		106,292
MTS Systems Corp.
5.75%, 8/15/2027(a)		200,000		210,569

				316,861

Energy Equipment & Services - 1.6%
CSI Compressco LP
7.25%, 8/15/2022		100,000		94,281
Diamond Offshore Drilling, Inc.
3.45%, 11/1/2023		90,000		74,175
7.88%, 8/15/2025		310,000		253,812
Exterran Energy Solutions LP
8.13%, 5/1/2025		150,000		149,000
KCA Deutag UK Finance plc
9.63%, 4/1/2023(a)		610,000		425,665
Nabors Industries Ltd.
7.25%, 1/15/2026(a)		225,000		225,304
Nine Energy Service, Inc.
8.75%, 11/1/2023(a)		200,000		170,150
Precision Drilling Corp.
7.75%, 12/15/2023		100,000		98,709
Transocean, Inc.
9.00%, 7/15/2023(a)		200,000		215,297
7.50%, 1/15/2026(a)		350,000		330,688
USA Compression Partners LP
6.88%, 4/1/2026		330,000		343,818
Vantage Drilling International
9.25%, 11/15/2023(a)		100,000		95,542

				2,476,441

Entertainment - 0.9%
Live Nation Entertainment, Inc.
5.63%, 3/15/2026(a)		300,000		320,354
Netflix, Inc.
5.88%, 11/15/2028		740,000		834,720
4.88%, 6/15/2030(a)		200,000		208,995

				1,364,069

Equity Real Estate Investment Trusts (REITs) - 2.4%
Brookfield Property REIT, Inc.
5.75%, 5/15/2026(a)		350,000		365,856
CoreCivic, Inc.
4.63%, 5/1/2023		100,000		99,750
ESH Hospitality, Inc.
5.25%, 5/1/2025(a)		260,000		267,042
4.63%, 10/1/2027(a)		100,000		100,685
GEO Group, Inc. (The)
5.88%, 10/15/2024		417,000		387,983
HAT Holdings I LLC
5.25%, 7/15/2024(a)		100,000		105,209
Iron Mountain, Inc.
5.75%, 8/15/2024		110,000		111,264
5.25%, 3/15/2028(a)		300,000		314,055
4.88%, 9/15/2029(a)		100,000		102,242
Mack-Cali Realty LP
3.15%, 5/15/2023		100,000		99,749
MPT Operating Partnership LP
5.25%, 8/1/2026		100,000		105,107


Investments	Principal Amount ($)		Value ($)
5.00%, 10/15/2027		50,000		52,686
4.63%, 8/1/2029		100,000		104,688
Ryman Hospitality Properties, Inc.
4.75%, 10/15/2027(a)		100,000		104,185
SBA Communications Corp.
4.00%, 10/1/2022		125,000		127,499
Uniti Group LP
6.00%, 4/15/2023(a)		100,000		96,000
8.25%, 10/15/2023		595,000		483,438
7.13%, 12/15/2024(a)		300,000		238,497
Washington Prime Group LP
6.45%, 8/15/2024(d)		350,000		312,520

				3,578,455

Food & Staples Retailing - 0.4%
Albertsons Cos., Inc.
5.88%, 2/15/2028(a)		150,000		160,403
Fresh Market, Inc. (The)
9.75%, 5/1/2023(a)		380,000		188,100
Ingles Markets, Inc.
5.75%, 6/15/2023		76,000		77,487
KeHE Distributors LLC
8.63%, 10/15/2026(a)		100,000		106,313
US Foods, Inc.
5.88%, 6/15/2024(a)		100,000		102,471

				634,774

Food Products - 2.1%
B&G Foods, Inc.
5.25%, 4/1/2025		200,000		204,593
Chobani LLC
7.50%, 4/15/2025(a)		180,000		179,480
Cooke Omega Investments, Inc.
8.50%, 12/15/2022(a)		100,000		102,031
Darling Ingredients, Inc.
5.25%, 4/15/2027(a)		150,000		158,598
Dole Food Co., Inc.
7.25%, 6/15/2025(a)		30,000		29,337
Lamb Weston Holdings, Inc.
4.88%, 11/1/2026(a)		400,000		422,490
Pilgrim’s Pride Corp.
5.75%, 3/15/2025(a)		215,000		221,361
Post Holdings, Inc.
5.50%, 3/1/2025(a)		430,000		446,304
5.63%, 1/15/2028(a)		300,000		317,805
5.50%, 12/15/2029(a)		400,000		424,200
Sigma Holdco BV
7.88%, 5/15/2026(a)		310,000		319,874
Simmons Foods, Inc.
5.75%, 11/1/2024(a)		260,000		263,142

				3,089,215

Gas Utilities - 0.1%
Suburban Propane Partners LP
5.50%, 6/1/2024		110,000		112,474
5.88%, 3/1/2027		100,000		103,285

				215,759

Health Care Equipment & Supplies - 0.3%
Hologic, Inc.
4.63%, 2/1/2028(a)		200,000		210,991


Investments	Principal Amount ($)		Value ($)
Immucor, Inc.
11.13%, 2/15/2022(a)		30,000		29,784
Ortho-Clinical Diagnostics, Inc.
6.63%, 5/15/2022(a)		85,000		84,893
Teleflex, Inc.
4.88%, 6/1/2026		150,000		156,802

				482,470

Health Care Providers & Services - 5.1%
Acadia Healthcare Co., Inc.
6.50%, 3/1/2024		150,000		154,890
AHP Health Partners, Inc.
9.75%, 7/15/2026(a)		330,000		360,640
ASP AMC Merger Sub, Inc.
8.00%, 5/15/2025(a)		175,000		118,635
BCPE Cycle Merger Sub II, Inc.
10.63%, 7/15/2027(a)		300,000		310,021
Centene Corp.
5.25%, 4/1/2025(a)		200,000		208,000
5.38%, 6/1/2026(a)		350,000		372,960
4.25%, 12/15/2027(a)		500,000		522,175
4.63%, 12/15/2029(a)		300,000		323,025
Community Health Systems, Inc.
6.63%, 2/15/2025(a)		125,000		126,585
DaVita, Inc.
5.00%, 5/1/2025		350,000		359,175
Encompass Health Corp.
4.50%, 2/1/2028		200,000		206,378
Envision Healthcare Corp.
8.75%, 10/15/2026(a)		600,000		363,508
Hadrian Merger Sub, Inc.
8.50%, 5/1/2026(a)		100,000		103,035
HCA, Inc.
5.88%, 5/1/2023		100,000		110,139
7.69%, 6/15/2025		150,000		182,830
7.50%, 11/6/2033		200,000		253,569
MEDNAX, Inc.
6.25%, 1/15/2027(a)		300,000		306,383
Molina Healthcare, Inc.
5.38%, 11/15/2022(d)		150,000		159,094
One Call Corp.
10.00%, 10/1/2024(a)		110,000		100,100
RegionalCare Hospital Partners Holdings, Inc.
9.75%, 12/1/2026(a)		425,000		475,479
Select Medical Corp.
6.25%, 8/15/2026(a)		100,000		108,066
Surgery Center Holdings, Inc.
10.00%, 4/15/2027(a)		400,000		446,139
Team Health Holdings, Inc.
6.38%, 2/1/2025(a)		440,000		259,796
Tenet Healthcare Corp.
6.75%, 6/15/2023		450,000		488,063
5.13%, 5/1/2025		200,000		204,000
6.25%, 2/1/2027(a)		350,000		370,598
WellCare Health Plans, Inc.
5.38%, 8/15/2026(a)		250,000		265,150


Investments	Principal Amount ($)		Value ($)
West Street Merger Sub, Inc.
6.38%, 9/1/2025(a)		410,000		404,871

				7,663,304

Health Care Technology - 0.4%
IQVIA, Inc.
5.00%, 10/15/2026(a)		500,000		524,286

Hotels, Restaurants & Leisure - 3.8%
1011778 BC ULC
5.00%, 10/15/2025(a)		610,000		630,609
24 Hour Fitness Worldwide, Inc.
8.00%, 6/1/2022(a)		180,000		85,106
Arrow Bidco LLC
9.50%, 3/15/2024(a)		190,000		189,604
Carlson Travel, Inc.
6.75%, 12/15/2023(a)		300,000		309,874
Cedar Fair LP
5.38%, 4/15/2027		200,000		212,285
Churchill Downs, Inc.
5.50%, 4/1/2027(a)		100,000		105,685
Cirsa Finance International SARL
7.88%, 12/20/2023(a)		110,000		116,136
Downstream Development Authority of the Quapaw Tribe of Oklahoma
10.50%, 2/15/2023(a)		30,000		31,287
Enterprise Development Authority (The)
12.00%, 7/15/2024(a)		130,000		149,446
Golden Nugget, Inc.
6.75%, 10/15/2024(a)		340,000		350,265
8.75%, 10/1/2025(a)		100,000		105,326
Hilton Domestic Operating Co., Inc.
4.25%, 9/1/2024		50,000		50,896
5.13%, 5/1/2026		350,000		367,516
4.88%, 1/15/2030		250,000		264,956
Hilton Worldwide Finance LLC
4.88%, 4/1/2027		150,000		158,153
International Game Technology plc
6.25%, 1/15/2027(a)		200,000		224,870
IRB Holding Corp.
6.75%, 2/15/2026(a)		180,000		187,884
Jacobs Entertainment, Inc.
7.88%, 2/1/2024(a)		100,000		106,271
KFC Holding Co.
4.75%, 6/1/2027(a)		400,000		422,313
Mohegan Gaming & Entertainment
7.88%, 10/15/2024(a)		285,000		290,106
Sabre GLBL, Inc.
5.25%, 11/15/2023(a)		250,000		256,565
Six Flags Entertainment Corp.
5.50%, 4/15/2027(a)		100,000		103,700
Sugarhouse HSP Gaming Prop Mezz LP
5.88%, 5/15/2025(a)		100,000		100,541
Twin River Worldwide Holdings, Inc.
6.75%, 6/1/2027(a)		250,000		264,462
Viking Cruises Ltd.
5.88%, 9/15/2027(a)		200,000		205,380


Investments	Principal Amount ($)		Value ($)
Wyndham Destinations, Inc. 5.75%, 4/1/2027(d)		200,000		218,820
Wynn Las Vegas LLC 5.50%, 3/1/2025(a)		80,000		83,599
Yum! Brands, Inc. 4.75%, 1/15/2030(a)		100,000		107,060

				5,698,715

Household Durables - 1.5%
American Greetings Corp. 8.75%, 4/15/2025(a)		210,000		185,412
Ashton Woods USA LLC 6.75%, 8/1/2025(a)		150,000		154,937
Brookfield Residential Properties, Inc. 6.38%, 5/15/2025(a)		110,000		114,171
6.25%, 9/15/2027(a)		250,000		267,962
Century Communities, Inc. 6.75%, 6/1/2027(a)(d)		200,000		217,465
KB Home 6.88%, 6/15/2027		100,000		117,910
LGI Homes, Inc. 6.88%, 7/15/2026(a)		100,000		105,910
Mattamy Group Corp. 6.50%, 10/1/2025(a)		110,000		117,379
Newell Brands, Inc. 5.38%, 4/1/2036(d)		254,000		279,361
PulteGroup, Inc. 6.38%, 5/15/2033		150,000		181,983
Taylor Morrison Communities, Inc. 5.75%, 1/15/2028(a)		100,000		109,785
Tempur Sealy International, Inc. 5.50%, 6/15/2026		200,000		209,964
TopBuild Corp. 5.63%, 5/1/2026(a)		100,000		104,535
William Lyon Homes, Inc. 6.63%, 7/15/2027(a)		150,000		162,427

				2,329,201

Household Products - 0.4%
Energizer Holdings, Inc. 7.75%, 1/15/2027(a)		150,000		165,660
Kronos Acquisition Holdings, Inc. 9.00%, 8/15/2023(a)		510,000		491,280

				656,940

Independent Power and Renewable Electricity Producers - 0.6%
Talen Energy Supply LLC 6.50%, 6/1/2025		200,000		156,583
10.50%, 1/15/2026(a)		440,000		391,293
6.63%, 1/15/2028(a)		300,000		300,854

				848,730

Insurance - 2.4%
Acrisure LLC 7.00%, 11/15/2025(a)		750,000		736,867
10.13%, 8/1/2026(a)		200,000		218,975
Alliant Holdings Intermediate LLC 6.75%, 10/15/2027(a)		250,000		264,212
AmWINS Group, Inc. 7.75%, 7/1/2026(a)		75,000		82,088


Investments	Principal Amount ($)		Value ($)
Ardonagh Midco 3 plc 8.63%, 7/15/2023(a)		560,000		576,484
AssuredPartners, Inc. 7.00%, 8/15/2025(a)		280,000		285,597
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025(a)		30,000		32,025
Genworth Holdings, Inc.
(ICE LIBOR USD 3 Month + 2.00%), 3.91%, 11/15/2036(e)		50,000		31,922
GTCR AP Finance, Inc. 8.00%, 5/15/2027(a)		275,000		292,283
HUB International Ltd. 7.00%, 5/1/2026(a)		480,000		499,212
NFP Corp. 6.88%, 7/15/2025(a)		430,000		438,385
USI, Inc. 6.88%, 5/1/2025(a)		130,000		133,576

				3,591,626

Interactive Media & Services - 0.6%
Match Group, Inc. 5.63%, 2/15/2029(a)		275,000		297,439
Rackspace Hosting, Inc. 8.63%, 11/15/2024(a)		600,000		595,500

				892,939

Internet & Direct Marketing Retail - 0.5%
Go Daddy Operating Co. LLC 5.25%, 12/1/2027(a)		200,000		210,120
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026(a)		400,000		374,750
QVC, Inc. 5.45%, 8/15/2034		100,000		101,462

				686,332

IT Services - 1.9%
Banff Merger Sub, Inc. 9.75%, 9/1/2026(a)		890,000		915,432
Booz Allen Hamilton, Inc. 5.13%, 5/1/2025(a)		100,000		103,041
EIG Investors Corp. 10.88%, 2/1/2024		100,000		103,541
Presidio Holdings, Inc. 8.25%, 2/1/2028(a)		100,000		103,000
VeriSign, Inc. 4.75%, 7/15/2027		300,000		317,055
Zayo Group LLC 6.38%, 5/15/2025		750,000		768,064
5.75%, 1/15/2027(a)		500,000		511,999

				2,822,132

Leisure Products - 0.1%
Vista Outdoor, Inc. 5.88%, 10/1/2023		75,000		73,854

Life Sciences Tools & Services - 0.1%
Charles River Laboratories International, Inc. 5.50%, 4/1/2026(a)		100,000		106,607


Investments	Principal Amount ($)		Value ($)
Machinery - 2.2%
Apex Tool Group LLC 9.00%, 2/15/2023(a)		180,000		166,575
BCD Acquisition, Inc. 9.63%, 9/15/2023(a)		250,000		260,310
Cleaver-Brooks, Inc. 7.88%, 3/1/2023(a)		100,000		99,709
Cloud Crane LLC 10.13%, 8/1/2024(a)		310,000		330,989
Colfax Corp. 6.38%, 2/15/2026(a)		100,000		107,500
EnPro Industries, Inc. 5.75%, 10/15/2026		100,000		105,785
Granite US Holdings Corp. 11.00%, 10/1/2027(a)		150,000		157,552
Grinding Media, Inc. 7.38%, 12/15/2023(a)		300,000		308,583
JPW Industries Holding Corp. 9.00%, 10/1/2024(a)		100,000		99,708
Manitowoc Co., Inc. (The) 9.00%, 4/1/2026(a)		100,000		106,737
Mueller Water Products, Inc. 5.50%, 6/15/2026(a)		100,000		105,035
Navistar International Corp. 6.63%, 11/1/2025(a)		200,000		209,583
RBS Global, Inc. 4.88%, 12/15/2025(a)		100,000		102,484
SPX FLOW, Inc. 5.88%, 8/15/2026(a)		100,000		106,035
Stevens Holding Co., Inc. 6.13%, 10/1/2026(a)		100,000		109,785
Terex Corp. 5.63%, 2/1/2025(a)		200,000		206,250
Titan Acquisition Ltd. 7.75%, 4/15/2026(a)		430,000		419,756
Wabash National Corp. 5.50%, 10/1/2025(a)		100,000		99,291
Werner FinCo. LP 8.75%, 7/15/2025(a)		150,000		147,437

				3,249,104

Marine - 0.2%
Stena AB 7.00%, 2/1/2024(a)		310,000		319,041

Media - 9.1%
AMC Networks, Inc. 5.00%, 4/1/2024		250,000		255,625
4.75%, 8/1/2025		350,000		354,083
Clear Channel Worldwide Holdings, Inc. 9.25%, 2/15/2024(a)		85,000		92,721
CSC Holdings LLC 7.50%, 4/1/2028(a)		400,000		456,009
5.75%, 1/15/2030(a)		450,000		484,322
Cumulus Media New Holdings, Inc. 6.75%, 7/1/2026(a)		100,000		105,312
Diamond Sports Group LLC 5.38%, 8/15/2026(a)		400,000		399,190


Investments	Principal Amount ($)		Value ($)
6.63%, 8/15/2027(a)		550,000		515,268
DISH DBS Corp. 5.88%, 7/15/2022		250,000		262,945
5.00%, 3/15/2023		875,000		890,321
5.88%, 11/15/2024		250,000		253,504
7.75%, 7/1/2026		1,150,000		1,209,627
EW Scripps Co. (The) 5.13%, 5/15/2025(a)		100,000		102,791
GCI LLC 6.63%, 6/15/2024(a)		100,000		108,042
Getty Images, Inc. 9.75%, 3/1/2027(a)		150,000		151,177
Gray Television, Inc. 7.00%, 5/15/2027(a)		200,000		218,130
iHeartCommunications, Inc. 6.38%, 5/1/2026		100,000		108,187
8.38%, 5/1/2027		1,100,000		1,198,274
5.25%, 8/15/2027(a)		200,000		208,870
Lamar Media Corp. 5.38%, 1/15/2024		300,000		305,197
McGraw-Hill Global Education Holdings LLC 7.88%, 5/15/2024(a)		235,000		207,485
Meredith Corp. 6.88%, 2/1/2026		410,000		423,101
National CineMedia LLC 5.88%, 4/15/2028(a)		300,000		314,146
Outfront Media Capital LLC 4.63%, 3/15/2030(a)		290,000		299,236
Quebecor Media, Inc. 5.75%, 1/15/2023		400,000		430,834
Radiate Holdco LLC 6.63%, 2/15/2025(a)		140,000		141,808
Sirius XM Radio, Inc. 5.38%, 4/15/2025(a)		825,000		852,584
5.38%, 7/15/2026(a)		200,000		211,461
5.00%, 8/1/2027(a)		100,000		105,185
TEGNA, Inc. 5.00%, 9/15/2029(a)		150,000		152,063
Terrier Media Buyer, Inc. 8.88%, 12/15/2027(a)		750,000		774,375
Univision Communications, Inc. 5.13%, 5/15/2023(a)		285,000		285,713
5.13%, 2/15/2025(a)		540,000		540,000
UPC Holding BV 5.50%, 1/15/2028(a)		310,000		322,973
Videotron Ltd. 5.00%, 7/15/2022		100,000		105,124
5.38%, 6/15/2024(a)		200,000		216,498
WMG Acquisition Corp. 4.88%, 11/1/2024(a)		200,000		206,583
Ziggo Bond Co. BV 6.00%, 1/15/2027(a)		215,000		226,297
Ziggo BV 5.50%, 1/15/2027(a)		170,000		180,515

				13,675,576


Investments	Principal Amount ($)		Value ($)
Metals & Mining - 2.1%
Alcoa Nederland Holding BV 7.00%, 9/30/2026(a)		200,000		217,130
Allegheny Technologies, Inc. 7.88%, 8/15/2023(d)		150,000		164,593
Baffinland Iron Mines Corp. 8.75%, 7/15/2026(a)		300,000		311,805
Cleveland-Cliffs, Inc. 5.88%, 6/1/2027(a)		645,000		596,206
Commercial Metals Co. 5.75%, 4/15/2026		230,000		242,621
FMG Resources August 2006 Pty. Ltd. 4.50%, 9/15/2027(a)		305,000		309,758
Freeport-McMoRan, Inc. 5.40%, 11/14/2034		100,000		103,232
Hudbay Minerals, Inc. 7.25%, 1/15/2023(a)		100,000		101,416
Infrabuild Australia Pty. Ltd. 12.00%, 10/1/2024(a)		200,000		203,417
JW Aluminum Continuous Cast Co. 10.25%, 6/1/2026(a)		150,000		157,927
Mineral Resources Ltd. 8.13%, 5/1/2027(a)		300,000		328,447
Northwest Acquisitions ULC 7.13%, 11/1/2022(a)		255,000		205,729
Warrior Met Coal, Inc. 8.00%, 11/1/2024(a)		210,000		218,006

				3,160,287

Mortgage Real Estate Investment Trusts (REITs) - 0.2%
Starwood Property Trust, Inc. 5.00%, 12/15/2021		128,000		131,488
4.75%, 3/15/2025		200,000		209,603

				341,091

Oil, Gas & Consumable Fuels - 10.3%
Alliance Resource Operating Partners LP 7.50%, 5/1/2025(a)		245,000		212,538
Antero Midstream Partners LP 5.38%, 9/15/2024		400,000		355,200
Antero Resources Corp. 5.13%, 12/1/2022		300,000		259,284
5.63%, 6/1/2023		350,000		252,875
Ascent Resources Utica Holdings LLC 10.00%, 4/1/2022(a)		250,000		245,623
7.00%, 11/1/2026(a)		200,000		142,570
Berry Petroleum Co. LLC 7.00%, 2/15/2026(a)		30,000		27,910
Blue Racer Midstream LLC 6.13%, 11/15/2022(a)		200,000		195,776
Bruin E&P Partners LLC 8.88%, 8/1/2023(a)		200,000		129,333
Calumet Specialty Products Partners LP 7.63%, 1/15/2022		30,000		30,047
7.75%, 4/15/2023		150,000		151,562
11.00%, 4/15/2025(a)		150,000		166,127
Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023		100,000		100,499


Investments	Principal Amount ($)		Value ($)
Cheniere Energy Partners LP 5.25%, 10/1/2025		350,000		361,372
Chesapeake Energy Corp. 7.00%, 10/1/2024		695,000		366,620
11.50%, 1/1/2025(a)		641,000		517,415
Citgo Holding, Inc. 9.25%, 8/1/2024(a)		350,000		375,375
CNX Resources Corp. 5.88%, 4/15/2022		150,000		148,500
7.25%, 3/14/2027(a)		365,000		302,339
Comstock Resources, Inc. 7.50%, 5/15/2025(a)		280,000		221,316
9.75%, 8/15/2026		450,000		367,818
CONSOL Energy, Inc. 11.00%, 11/15/2025(a)		125,000		87,239
Crestwood Midstream Partners LP 6.25%, 4/1/2023(d)		150,000		151,685
5.75%, 4/1/2025		100,000		101,779
CVR Energy, Inc. 5.75%, 2/15/2028(a)		150,000		147,225
DCP Midstream LP
Series A, 7.38%, 12/15/2022(b)(c)		250,000		236,686
Delek Logistics Partners LP 6.75%, 5/15/2025		100,000		100,791
Denbury Resources, Inc. 9.00%, 5/15/2021(a)		150,000		141,338
7.75%, 2/15/2024(a)		350,000		281,895
Energy Transfer Operating LP
Series A, 6.25%, 2/15/2023(b)(c)		310,000		295,041
Energy Ventures Gom LLC 11.00%, 2/15/2023(a)		100,000		100,541
EnLink Midstream LLC 5.38%, 6/1/2029		50,000		45,366
EnLink Midstream Partners LP
Series C, 6.00%, 12/15/2022(b)(c)		50,000		35,047
5.45%, 6/1/2047		50,000		39,630
EQT Corp. 7.00%, 2/1/2030		120,000		105,818
Extraction Oil & Gas, Inc. 7.38%, 5/15/2024(a)		200,000		99,583
Genesis Energy LP 6.00%, 5/15/2023		100,000		100,761
6.50%, 10/1/2025		350,000		342,122
6.25%, 5/15/2026		250,000		239,432
Global Partners LP 7.00%, 6/15/2023		100,000		102,791
Gran Tierra Energy International Holdings Ltd. 6.25%, 2/15/2025(a)		200,000		187,150
Gulfport Energy Corp. 6.00%, 10/15/2024		100,000		55,370
6.38%, 1/15/2026		960,000		465,266
Hilcorp Energy I LP 5.00%, 12/1/2024(a)		300,000		273,874
6.25%, 11/1/2028(a)		60,000		53,571


Investments	Principal Amount ($)		Value ($)
Holly Energy Partners LP
6.00%, 8/1/2024(a)		100,000		104,769
Indigo Natural Resources LLC
6.88%, 2/15/2026(a)		110,000		100,928
Ithaca Energy North Sea plc
9.38%, 7/15/2024(a)		200,000		208,498
Jonah Energy LLC
7.25%, 10/15/2025(a)		110,000		30,525
Laredo Petroleum, Inc.
9.50%, 1/15/2025		195,000		177,694
Magnolia Oil & Gas Operating LLC
6.00%, 8/1/2026(a)		200,000		207,069
MEG Energy Corp.
7.00%, 3/31/2024(a)		370,000		373,546
Montage Resources Corp.
8.88%, 7/15/2023		210,000		176,660
Moss Creek Resources Holdings, Inc.
10.50%, 5/15/2027(a)		300,000		240,854
Natural Resource Partners LP
9.13%, 6/30/2025(a)		150,000		136,187
Neptune Energy Bondco plc
6.63%, 5/15/2025(a)		200,000		197,498
NGL Energy Partners LP
7.50%, 11/1/2023		30,000		29,990
6.13%, 3/1/2025		200,000		189,583
7.50%, 4/15/2026(a)		300,000		291,712
Oasis Petroleum, Inc.
6.88%, 3/15/2022		250,000		240,625
6.25%, 5/1/2026(a)		100,000		76,565
Par Petroleum LLC
7.75%, 12/15/2025(a)		100,000		103,792
Parkland Fuel Corp.
6.00%, 4/1/2026(a)		100,000		105,435
5.88%, 7/15/2027(a)		200,000		212,310
PBF Holding Co. LLC
6.00%, 2/15/2028(a)		150,000		153,765
PBF Logistics LP
6.88%, 5/15/2023		100,000		102,999
Peabody Energy Corp.
6.38%, 3/31/2025(a)		125,000		104,063
Plains All American Pipeline LP
Series B, 6.13%, 11/15/2022(b)(c)		200,000		185,609
Range Resources Corp.
5.00%, 3/15/2023		150,000		129,377
4.88%, 5/15/2025		200,000		156,500
Rockpoint Gas Storage Canada Ltd.
7.00%, 3/31/2023(a)		100,000		97,979
Ruby Pipeline LLC
6.50%, 4/1/2022(a)(d)		146,970		154,220
SM Energy Co.
6.75%, 9/15/2026		200,000		182,180
Southwestern Energy Co.
6.20%, 1/23/2025(d)		205,000		171,173
7.75%, 10/1/2027		55,000		46,064
Summit Midstream Holdings LLC
5.50%, 8/15/2022		100,000		88,219


Investments	Principal Amount ($)		Value ($)
5.75%, 4/15/2025		300,000		231,625
Sunoco LP
4.88%, 1/15/2023		200,000		205,833
6.00%, 4/15/2027		200,000		211,459
Tallgrass Energy Partners LP
5.50%, 9/15/2024(a)		250,000		253,128
TerraForm Power Operating LLC
4.75%, 1/15/2030(a)		200,000		211,122
Vine Oil & Gas LP
9.75%, 4/15/2023(a)		150,000		80,250
W&T Offshore, Inc.
9.75%, 11/1/2023(a)		200,000		189,858
Whiting Petroleum Corp.
5.75%, 3/15/2021		200,000		187,450
6.25%, 4/1/2023		200,000		140,500
6.63%, 1/15/2026		450,000		253,980

				15,461,693

Paper & Forest Products - 0.4%
Boise Cascade Co.
5.63%, 9/1/2024(a)		100,000		104,041
Louisiana-Pacific Corp.
4.88%, 9/15/2024		100,000		103,417
Mercer International, Inc.
7.38%, 1/15/2025		100,000		106,083
Norbord, Inc.
5.75%, 7/15/2027(a)		200,000		210,570
Schweitzer-Mauduit International, Inc.
6.88%, 10/1/2026(a)		100,000		107,785

				631,896

Personal Products - 0.4%
Avon Products, Inc.
7.00%, 3/15/2023(d)		210,000		231,066
Prestige Brands, Inc.
6.38%, 3/1/2024(a)		140,000		144,667
Revlon Consumer Products Corp.
5.75%, 2/15/2021(d)		210,000		185,272

				561,005

Pharmaceuticals - 2.5%
Bausch Health Americas, Inc.
9.25%, 4/1/2026(a)		700,000		800,170
8.50%, 1/31/2027(a)		850,000		963,135
Bausch Health Cos., Inc.
6.13%, 4/15/2025(a)		715,000		736,954
7.25%, 5/30/2029(a)		290,000		327,427
5.25%, 1/30/2030(a)		220,000		224,675
Catalent Pharma Solutions, Inc.
4.88%, 1/15/2026(a)		100,000		103,035
Elanco Animal Health, Inc.
4.90%, 8/28/2028(d)		100,000		115,009
Endo Finance LLC
5.38%, 1/15/2023(a)(d)		440,000		329,083
HLF Financing Sarl LLC
7.25%, 8/15/2026(a)		200,000		208,750

				3,808,238

Professional Services - 0.4%
ASGN, Inc.
4.63%, 5/15/2028(a)		100,000		102,185


Investments	Principal Amount ($)		Value ($)
Dun & Bradstreet Corp. (The)
10.25%, 2/15/2027(a)		425,000		487,964

				590,149

Real Estate Management & Development - 1.1%
Five Point Operating Co. LP
7.88%, 11/15/2025(a)		310,000		321,622
Forestar Group, Inc.
8.00%, 4/15/2024(a)		150,000		163,937
Greystar Real Estate Partners LLC
5.75%, 12/1/2025(a)		100,000		103,636
Howard Hughes Corp. (The)
5.38%, 3/15/2025(a)		200,000		206,498
Hunt Cos., Inc.
6.25%, 2/15/2026(a)		330,000		320,159
Realogy Group LLC
4.88%, 6/1/2023(a)		260,000		258,700
WeWork Cos., Inc.
7.88%, 5/1/2025(a)		400,000		310,996

				1,685,548

Road & Rail - 1.6%
Algeco Global Finance plc
8.00%, 2/15/2023(a)		310,000		309,997
Capitol Investment Merger Sub 2 LLC
10.00%, 8/1/2024(a)		250,000		260,416
Kenan Advantage Group, Inc. (The)
7.88%, 7/31/2023(a)		160,000		156,067
Uber Technologies, Inc.
8.00%, 11/1/2026(a)		1,150,000		1,226,219
7.50%, 9/15/2027(a)		400,000		422,886

				2,375,585

Semiconductors & Semiconductor Equipment - 0.3%
Amkor Technology, Inc.
6.63%, 9/15/2027(a)		150,000		163,215
Entegris, Inc.
4.63%, 2/10/2026(a)		100,000		103,435
Qorvo, Inc.
5.50%, 7/15/2026		200,000		211,875

				478,525

Software - 2.7%
ACI Worldwide, Inc.
5.75%, 8/15/2026(a)		200,000		214,650
Ascend Learning LLC
6.88%, 8/1/2025(a)		200,000		209,583
Blackboard, Inc.
10.38%, 11/15/2024(a)		150,000		151,125
Castle US Holding Corp.
9.50%, 2/15/2028(a)(f)		100,000		100,000
CDK Global, Inc.
5.88%, 6/15/2026		150,000		159,652
4.88%, 6/1/2027		150,000		157,692
Change Healthcare Holdings LLC
5.75%, 3/1/2025(a)		280,000		285,872
Granite Merger Sub 2, Inc.
11.00%, 7/15/2027(a)		100,000		110,285
j2 Cloud Services LLC
6.00%, 7/15/2025(a)		80,000		84,567


Investments	Principal Amount ($)		Value ($)
NortonLifeLock, Inc.
5.00%, 4/15/2025(a)		450,000		459,668
Nuance Communications, Inc.
5.63%, 12/15/2026		200,000		213,214
Open Text Corp.
5.88%, 6/1/2026(a)		500,000		529,050
Solera LLC
10.50%, 3/1/2024(a)		342,000		362,806
SS&C Technologies, Inc.
5.50%, 9/30/2027(a)		500,000		529,837
Veritas US, Inc.
10.50%, 2/1/2024(a)		540,000		497,024

				4,065,025

Specialty Retail - 3.7%
AAG FH LP
9.75%, 7/15/2024(a)		100,000		92,500
Bed Bath & Beyond, Inc.
5.17%, 8/1/2044		50,000		37,038
eG Global Finance plc
6.75%, 2/7/2025(a)		500,000		507,293
Guitar Center, Inc.
9.50%, 10/15/2021(a)		310,000		306,977
J. Crew Brand LLC
13.00%, 9/15/2021(a)		30,000		31,275
L Brands, Inc.
5.25%, 2/1/2028		150,000		149,153
6.88%, 11/1/2035		100,000		100,427
Michaels Stores, Inc.
8.00%, 7/15/2027(a)		100,000		89,560
Party City Holdings, Inc.
6.13%, 8/15/2023(a)		300,000		259,875
6.63%, 8/1/2026(a)		200,000		144,000
Penske Automotive Group, Inc.
5.50%, 5/15/2026		110,000		114,059
PetSmart, Inc.
7.13%, 3/15/2023(a)		200,000		199,750
5.88%, 6/1/2025(a)		34,000		34,972
8.88%, 6/1/2025(a)		1,200,000		1,236,000
Sally Holdings LLC
5.63%, 12/1/2025		300,000		311,125
Sonic Automotive, Inc.
6.13%, 3/15/2027		100,000		106,535
SRS Distribution, Inc.
8.25%, 7/1/2026(a)		150,000		156,427
Staples, Inc.
7.50%, 4/15/2026(a)		1,215,000		1,246,923
10.75%, 4/15/2027(a)		500,000		509,075

				5,632,964

Technology Hardware, Storage & Peripherals - 0.4%
NCR Corp.
6.13%, 9/1/2029(a)		200,000		218,600
Western Digital Corp.
4.75%, 2/15/2026		130,000		139,019
Xerox Corp.
4.12%, 3/15/2023(d)		125,000		129,686
3.80%, 5/15/2024		50,000		50,896

				538,201


Investments	Principal Amount ($)		Value ($)
Textiles, Apparel & Luxury Goods - 0.3%
Eagle Intermediate Global Holding BV
7.50%, 5/1/2025(a)		400,000		325,166
William Carter Co. (The)
5.63%, 3/15/2027(a)		100,000		106,718

				431,884

Thrifts & Mortgage Finance - 0.2%
Ladder Capital Finance Holdings LLLP REIT,
4.25%, 2/1/2027(a)		100,000		99,926
Provident Funding Associates LP
6.38%, 6/15/2025(a)		180,000		178,725

				278,651

Tobacco - 0.5%
Vector Group Ltd.
6.13%, 2/1/2025(a)		470,000		468,820
10.50%, 11/1/2026(a)		325,000		339,414

				808,234

Trading Companies & Distributors - 0.9%
Ahern Rentals, Inc.
7.38%, 5/15/2023(a)		335,000		266,464
Flexi-Van Leasing, Inc.
10.00%, 2/15/2023(a)		100,000		107,550
Fortress Transportation & Infrastructure Investors LLC
6.50%, 10/1/2025(a)		300,000		319,376
HD Supply, Inc.
5.38%, 10/15/2026(a)		100,000		106,232
United Rentals North America, Inc.
6.50%, 12/15/2026		500,000		544,050

				1,343,672

Wireless Telecommunication Services - 3.8%
C&W Senior Financing DAC
7.50%, 10/15/2026(a)		100,000		108,132
6.88%, 9/15/2027(a)		400,000		430,429
Connect Finco SARL
6.75%, 10/1/2026(a)		1,200,000		1,272,000
Hughes Satellite Systems Corp.
6.63%, 8/1/2026		255,000		282,820
Sprint Communications, Inc.
6.00%, 11/15/2022		400,000		413,712
Sprint Corp.
7.25%, 9/15/2021		350,000		367,699
7.88%, 9/15/2023		700,000		745,133
7.13%, 6/15/2024		250,000		258,734
7.63%, 2/15/2025		300,000		313,875
T-Mobile USA, Inc.
4.50%, 2/1/2026		360,000		370,901
4.75%, 2/1/2028		850,000		905,760


Investments	Principal Amount ($)		Value ($)
Vodafone Group plc
7.00%, 4/4/2079(c)		200,000		235,948

				5,705,143

TOTAL CORPORATE BONDS (Cost $146,739,777)				148,270,218

Total Investments - 98.6% (Cost $146,739,777)				148,270,218
Other Assets Less Liabilities - 1.4%				2,173,655

Net Assets - 100.0%				150,443,873

(a)

(b)	Perpetual security. The rate reflected was the rate in effect on January 31, 2020. The maturity date reflects the next call date.

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

(d)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of January 31, 2020.

(e)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of January 31, 2020.

(f)	Security fair valued as of January 31, 2020 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2020 amounted to $100,000, which represents approximately 0.07% of net assets of the Fund.

Percentages shown are based on Net Assets.

Abbreviations



ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
SCA		Limited partnership with share capital
USD		US Dollar


Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS - 86.3%

Aerospace & Defense - 1.8%
Boeing Co. (The) 2.30%, 8/1/2021		580,000		583,758
8.75%, 8/15/2021		827,000		912,514
General Dynamics Corp. 2.88%, 5/11/2020		800,000		802,523
Northrop Grumman Corp. 2.08%, 10/15/2020		1,000,000		1,002,283
3.50%, 3/15/2021		204,000		208,015
Precision Castparts Corp. 2.25%, 6/15/2020		1,000,000		1,001,664
United Technologies Corp. 1.95%, 11/1/2021		828,000		831,338

				5,342,095

Airlines - 0.9%
Southwest Airlines Co. 2.65%, 11/5/2020		2,560,000		2,574,596

Application Software - 1.3%
Adobe, Inc. 4.75%, 2/1/2020		2,200,000		2,200,000
Autodesk, Inc. 3.13%, 6/15/2020		1,538,000		1,543,183

				3,743,183

Asset Management & Custody Banks - 1.2%
Ameriprise Financial, Inc. 3.00%, 3/22/2022		900,000		922,897
Bank of New York Mellon (The)
(ICE LIBOR USD 3 Month + 0.28%), 2.18%, 6/4/2021(a)		2,700,000		2,702,761

				3,625,658

Automobile Manufacturers - 3.5%
Daimler Finance North America LLC
(ICE LIBOR USD 3 Month + 0.39%), 2.29%, 5/4/2020(a)(b)		2,600,000		2,601,915
(ICE LIBOR USD 3 Month + 0.53%), 2.42%, 5/5/2020(a)(b)		92,000		92,106
(ICE LIBOR USD 3 Month + 0.45%), 2.35%, 2/22/2021(a)(b)		1,650,000		1,653,983
Hyundai Capital America 2.85%, 11/1/2022(b)		670,000		682,466
Nissan Motor Acceptance Corp.
(ICE LIBOR USD 3 Month + 0.63%), 2.56%, 9/21/2021(a)(b)		762,000		764,661
Toyota Motor Corp. 2.16%, 7/2/2022		1,000,000		1,013,416


Investments	Principal Amount ($)		Value ($)
Volkswagen Group of America Finance LLC
(ICE LIBOR USD 3 Month + 0.77%), 2.67%, 11/13/2020(a)(b)		3,500,000		3,516,203

				10,324,750

Automotive Retail - 1.0%
AutoZone, Inc. 4.00%, 11/15/2020		900,000		909,951
3.70%, 4/15/2022		2,000,000		2,072,899

				2,982,850

Biotechnology - 1.5%
AbbVie, Inc. 2.50%, 5/14/2020		650,000		650,821
Gilead Sciences, Inc. 2.35%, 2/1/2020		3,730,000		3,730,000

				4,380,821

Broadcasting - 0.3%
Fox Corp. 3.67%, 1/25/2022(b)		800,000		827,333

Cable & Satellite - 1.2%
Comcast Corp.
(ICE LIBOR USD 3 Month + 0.33%), 2.24%, 10/1/2020(a)		3,395,000		3,402,066

Consumer Finance - 8.4%
AerCap Ireland Capital DAC 4.45%, 12/16/2021		1,000,000		1,042,767
American Express Co. 3.00%, 2/22/2021		520,000		526,578
(ICE LIBOR USD 3 Month + 0.53%), 2.43%, 5/17/2021(a)		62,000		62,277
American Express Credit Corp.
(ICE LIBOR USD 3 Month + 0.43%), 2.34%, 3/3/2020(a)		913,000		913,000
2.38%, 5/26/2020		10,000		10,013
(ICE LIBOR USD 3 Month + 0.73%), 2.65%, 5/26/2020(a)		975,000		976,659
Series F, (ICE LIBOR USD 3 Month + 1.05%), 2.94%, 9/14/2020(a)		1,750,000		1,759,488
American Honda Finance Corp.
(ICE LIBOR USD 3 Month + 0.35%), 2.24%, 6/11/2021(a)		1,200,000		1,204,363
(ICE LIBOR USD 3 Month + 0.37%), 2.05%, 5/10/2023(a)		2,500,000		2,500,442
Capital One Financial Corp. 2.50%, 5/12/2020		725,000		725,959


Investments	Principal Amount ($)		Value ($)
(ICE LIBOR USD 3 Month + 0.95%), 2.84%, 3/9/2022(a)		235,000		237,778
Caterpillar Financial Services Corp.
(ICE LIBOR USD 3 Month + 0.23%), 2.12%, 3/15/2021(a)		160,000		160,319
Series I, (ICE LIBOR USD 3 Month + 0.39%), 2.29%, 5/17/2021(a)		1,000,000		1,003,686
(ICE LIBOR USD 3 Month + 0.28%), 2.17%, 9/7/2021(a)		2,091,000		2,096,785
General Motors Financial Co., Inc.
(ICE LIBOR USD 3 Month + 0.93%), 2.78%, 4/13/2020(a)		1,520,000		1,522,471
2.45%, 11/6/2020		751,000		753,787
John Deere Capital Corp.
(ICE LIBOR USD 3 Month + 0.30%), 2.19%, 3/13/2020(a)		228,000		228,110
(ICE LIBOR USD 3 Month + 0.29%), 2.22%, 6/22/2020(a)		596,000		596,698
(ICE LIBOR USD 3 Month + 0.17%), 2.05%, 10/9/2020(a)		690,000		690,638
(ICE LIBOR USD 3 Month + 0.26%), 2.15%, 9/10/2021(a)		1,554,000		1,556,531
PACCAR Financial Corp.
(ICE LIBOR USD 3 Month + 0.26%), 2.16%, 5/10/2021(a)		1,664,000		1,665,453
2.00%, 9/26/2022		650,000		656,594
Toyota Motor Credit Corp.
(ICE LIBOR USD 3 Month + 0.26%), 2.10%, 4/17/2020(a)		776,000		776,561
(ICE LIBOR USD 3 Month + 0.15%), 2.03%, 10/9/2020(a)		1,900,000		1,901,774
(ICE LIBOR USD 3 Month + 0.29%), 2.16%, 10/7/2021(a)		1,200,000		1,203,324

				24,772,055

Data Processing & Outsourced Services - 1.0%
Fiserv, Inc. 2.70%, 6/1/2020		2,050,000		2,054,191
PayPal Holdings, Inc. 2.20%, 9/26/2022		900,000		910,261

				2,964,452


Investments	Principal Amount ($)		Value ($)
Diversified Banks - 21.0%
Australia & New Zealand Banking Group Ltd.
(ICE LIBOR USD 3 Month + 0.46%), 2.36%, 5/17/2021(a)(b)		1,000,000		1,004,707
2.05%, 11/21/2022		1,900,000		1,919,115
Bank of America Corp.
(ICE LIBOR USD 3 Month + 0.38%), 2.19%, 1/23/2022(a)		1,742,000		1,744,784
Bank of Montreal 2.90%, 3/26/2022		1,500,000		1,537,050
Bank of Nova Scotia (The)
(ICE LIBOR USD 3 Month + 0.29%), 2.16%, 1/8/2021(a)		670,000		671,182
(ICE LIBOR USD 3 Month + 0.42%), 2.21%, 1/25/2021(a)		1,000,000		1,003,183
Banque Federative du Credit Mutuel SA 2.13%, 11/21/2022(b)		1,400,000		1,411,591
Barclays Bank plc
(ICE LIBOR USD 3 Month + 0.65%), 2.54%, 8/7/2020(a)		144,000		144,411
BNP Paribas SA 2.38%, 5/21/2020		710,000		711,484
5.00%, 1/15/2021		1,000,000		1,030,848
2.95%, 5/23/2022(b)		600,000		614,365
Canadian Imperial Bank of Commerce
(SOFR + 0.80%), 2.33%, 3/17/2023(a)		2,400,000		2,416,819
Citibank NA
(SOFR + 0.60%), 2.13%, 3/13/2021(a)		1,000,000		1,002,007
(ICE LIBOR USD 3 Month + 0.57%), 2.38%, 7/23/2021(a)		900,000		905,895
3.16%, 2/19/2022(c)		2,000,000		2,028,341
Citigroup, Inc. 2.65%, 10/26/2020		560,000		563,777
Cooperatieve Rabobank UA 2.50%, 1/19/2021		1,130,000		1,139,044
(ICE LIBOR USD 3 Month + 0.43%), 2.22%, 4/26/2021(a)		1,020,000		1,023,680
DBS Group Holdings Ltd.
(ICE LIBOR USD 3 Month + 0.49%), 2.37%, 6/8/2020(a)(b)		100,000		100,103
2.85%, 4/16/2022(b)		1,200,000		1,223,878
HSBC Holdings plc
(ICE LIBOR USD 3 Month + 0.60%), 2.50%, 5/18/2021(a)		1,605,000		1,607,137
(ICE LIBOR USD 3 Month + 0.65%), 2.54%, 9/11/2021(a)		2,000,000		2,006,029


Investments	Principal Amount ($)		Value ($)
JPMorgan Chase & Co.
(ICE LIBOR USD 3 Month + 0.68%), 2.59%, 6/1/2021(a)		504,000		505,068
2.40%, 6/7/2021		1,055,000		1,065,036
JPMorgan Chase Bank NA
(ICE LIBOR USD 3 Month + 0.29%), 2.20%, 2/1/2021(a)		1,105,000		1,105,000
(ICE LIBOR USD 3 Month + 0.37%), 2.27%, 2/19/2021(a)		500,000		500,200
Lloyds Bank plc
(ICE LIBOR USD 3 Month + 0.49%), 2.38%, 5/7/2021(a)		1,038,000		1,042,291
Mitsubishi UFJ Financial Group, Inc.
(ICE LIBOR USD 3 Month + 0.65%), 2.44%, 7/26/2021(a)		695,000		699,152
3.22%, 3/7/2022		1,200,000		1,234,953
2.62%, 7/18/2022		1,600,000		1,631,681
National Australia Bank Ltd.
(ICE LIBOR USD 3 Month + 0.71%), 2.61%, 11/4/2021(a)(b)		2,000,000		2,019,354
(ICE LIBOR USD 3 Month + 0.41%), 2.25%, 12/13/2022(a)(b)		1,000,000		1,002,916
Royal Bank of Canada
(ICE LIBOR USD 3 Month + 0.36%), 2.20%, 1/17/2023(a)		1,000,000		1,002,096
Santander UK plc 2.38%, 3/16/2020		625,000		625,511
(ICE LIBOR USD 3 Month + 0.62%), 2.53%, 6/1/2021(a)		672,000		675,599
Skandinaviska Enskilda Banken AB
(ICE LIBOR USD 3 Month + 0.43%), 2.33%, 5/17/2021(a)(b)		1,110,000		1,113,592
2.20%, 12/12/2022(b)		600,000		605,043
Sumitomo Mitsui Financial Group, Inc. 2.06%, 7/14/2021		941,000		945,794
Svenska Handelsbanken AB
(ICE LIBOR USD 3 Month + 0.47%), 2.38%, 5/24/2021(a)		2,250,000		2,260,353
3.35%, 5/24/2021		1,705,000		1,742,708
Toronto-Dominion Bank (The)
(ICE LIBOR USD 3 Month + 0.26%), 2.16%, 9/17/2020(a)		251,000		251,426
(ICE LIBOR USD 3 Month + 0.27%), 2.17%, 3/17/2021(a)		1,125,000		1,127,657


Investments	Principal Amount ($)		Value ($)
(ICE LIBOR USD 3 Month + 0.43%), 2.32%, 6/11/2021(a)		1,000,000		1,004,980
(ICE LIBOR USD 3 Month + 0.30%), 2.07%, 7/30/2021(a)		2,300,000		2,303,434
US Bank NA
(ICE LIBOR USD 3 Month + 0.31%), 2.21%, 2/4/2021(a)		2,500,000		2,505,560
(ICE LIBOR USD 3 Month + 0.18%), 2.00%, 1/21/2022(a)		2,000,000		2,002,726
Wells Fargo Bank NA
(SOFR + 0.48%), 2.06%, 3/25/2020(a)		500,000		500,077
(ICE LIBOR USD 3 Month + 0.38%), 2.27%, 5/21/2021(a)		900,000		900,945
(ICE LIBOR USD 3 Month + 0.50%), 2.31%, 7/23/2021(a)		2,400,000		2,404,684
Westpac Banking Corp.
(ICE LIBOR USD 3 Month + 0.43%), 2.32%, 3/6/2020(a)		273,000		273,154
2.30%, 5/26/2020		1,104,000		1,106,223
2.65%, 1/25/2021		105,000		106,012
2.00%, 1/13/2023		510,000		514,860
(ICE LIBOR USD 3 Month + 0.39%), 2.23%, 1/13/2023(a)		1,100,000		1,102,213

				61,689,728

Diversified Capital Markets - 2.5%
Credit Suisse AG 2.10%, 11/12/2021		700,000		704,867
(SOFR + 0.45%), 2.03%, 2/4/2022(a)		4,000,000		4,002,391
Macquarie Bank Ltd. 2.10%, 10/17/2022(b)		700,000		705,770
UBS Group AG
(ICE LIBOR USD 3 Month + 1.44%), 3.37%, 9/24/2020(a)(b)		2,000,000		2,016,820

				7,429,848

Electric Utilities - 1.6%
Duke Energy Corp.
(ICE LIBOR USD 3 Month + 0.50%), 2.41%, 5/14/2021(a)(b)		1,000,000		1,004,770
3.55%, 9/15/2021		150,000		153,865
2.40%, 8/15/2022		250,000		253,771
Duke Energy Florida LLC
Series A, (ICE LIBOR USD 3 Month + 0.25%), 2.17%, 11/26/2021(a)		600,000		601,417


Investments	Principal Amount ($)		Value ($)
Florida Power & Light Co.
(ICE LIBOR USD 3 Month + 0.40%), 2.31%, 5/6/2022(a)		1,000,000		1,000,076
NextEra Energy Capital Holdings, Inc. 2.40%, 9/1/2021		700,000		707,463
2.90%, 4/1/2022		1,000,000		1,023,821

				4,745,183

Environmental & Facilities Services - 0.7%
Waste Management, Inc. 4.75%, 6/30/2020		2,000,000		2,024,051

Financial Exchanges & Data - 0.5%
Moody’s Corp. 2.75%, 12/15/2021		1,500,000		1,527,934

Food Retail - 0.3%
Kroger Co. (The) 3.30%, 1/15/2021		800,000		811,923

Gas Utilities - 0.3%
Dominion Energy Gas Holdings LLC 2.80%, 11/15/2020		750,000		755,192

General Merchandise Stores - 0.0%(d)
Dollar Tree, Inc.
(ICE LIBOR USD 3 Month + 0.70%), 2.54%, 4/17/2020(a)		40,000		40,005

Health Care Distributors - 0.3%
McKesson Corp. 3.65%, 11/30/2020		762,000		773,181

Health Care Equipment - 0.7%
DH Europe Finance II Sarl 2.05%, 11/15/2022		2,000,000		2,016,026

Health Care Services - 0.3%
CVS Health Corp.
(ICE LIBOR USD 3 Month + 0.63%), 2.52%, 3/9/2020(a)		67,000		67,038
3.35%, 3/9/2021		662,000		673,549

				740,587

Home Improvement Retail - 0.2%
Home Depot, Inc. (The)
(ICE LIBOR USD 3 Month + 0.15%), 2.04%, 6/5/2020(a)		512,000		512,331
(ICE LIBOR USD 3 Month + 0.31%), 2.22%, 3/1/2022(a)		210,000		210,797

				723,128


Investments	Principal Amount ($)		Value ($)
Homebuilding - 0.1%
DR Horton, Inc. 2.55%, 12/1/2020		428,000		430,539

Hotels, Resorts & Cruise Lines - 1.0%
Marriott International, Inc.
Series Y, (ICE LIBOR USD 3 Month + 0.60%), 2.51%, 12/1/2020(a)		816,000		818,352
Series N, 3.13%, 10/15/2021		2,000,000		2,038,542

				2,856,894

Household Products - 0.7%
Kimberly-Clark Corp. 2.15%, 8/15/2020		2,000,000		2,004,360

Hypermarkets & Super Centers - 0.6%
Walmart, Inc. 3.63%, 7/8/2020		1,648,000		1,662,639

Industrial Conglomerates - 0.5%
General Electric Co. 5.55%, 5/4/2020		1,000,000		1,008,756
Roper Technologies, Inc. 3.00%, 12/15/2020		585,000		590,364

				1,599,120

Insurance Brokers - 0.3%
Aon Corp. 2.20%, 11/15/2022		780,000		787,746

Integrated Oil & Gas - 1.4%
BP Capital Markets plc
(ICE LIBOR USD 3 Month + 0.25%), 2.16%, 11/24/2020(a)		2,100,000		2,104,486
Occidental Petroleum Corp. 2.60%, 8/13/2021		800,000		808,571
Total Capital International SA 2.22%, 7/12/2021		1,200,000		1,211,522

				4,124,579

Integrated Telecommunication Services - 1.7%
AT&T, Inc. 2.45%, 6/30/2020		985,000		986,348
(ICE LIBOR USD 3 Month + 0.95%), 2.78%, 7/15/2021(a)		2,386,000		2,411,852
Verizon Communications, Inc.
(ICE LIBOR USD 3 Month + 0.55%), 2.45%, 5/22/2020(a)		1,414,000		1,416,085
(ICE LIBOR USD 3 Month + 1.00%), 2.89%, 3/16/2022(a)		320,000		325,313

				5,139,598


Investments	Principal Amount ($)		Value ($)
Internet & Direct Marketing Retail - 0.4%
eBay, Inc. 2.88%, 8/1/2021		1,050,000		1,063,343

Investment Banking & Brokerage - 3.2%
Charles Schwab Corp. (The) 4.45%, 7/22/2020		1,500,000		1,519,664
(ICE LIBOR USD 3 Month + 0.32%), 2.21%, 5/21/2021(a)		515,000		516,117
3.25%, 5/21/2021		590,000		602,093
Goldman Sachs Bank USA 3.20%, 6/5/2020		108,000		108,560
Goldman Sachs Group, Inc. (The) 5.38%, 3/15/2020		1,455,000		1,461,046
(ICE LIBOR USD 3 Month + 1.16%), 2.97%, 4/23/2020(a)		1,000,000		1,001,535
2.63%, 4/25/2021		180,000		181,775
Morgan Stanley
(ICE LIBOR USD 3 Month + 0.55%), 2.45%, 2/10/2021(a)		1,104,000		1,104,130
(ICE LIBOR USD 3 Month + 1.40%), 3.22%, 4/21/2021(a)		1,500,000		1,523,234
5.50%, 7/28/2021		100,000		105,533
(SOFR + 0.70%), 2.24%, 1/20/2023(a)		1,200,000		1,204,218

				9,327,905

IT Consulting & Other Services - 0.0%(d)
IBM Credit LLC
(ICE LIBOR USD 3 Month + 0.47%), 2.39%, 11/30/2020(a)		110,000		110,403

Life & Health Insurance - 1.6%
Jackson National Life Global Funding
(ICE LIBOR USD 3 Month + 0.30%), 2.13%, 10/15/2020(a)(b)		1,145,000		1,147,093
(ICE LIBOR USD 3 Month + 0.48%), 2.37%, 6/11/2021(a)(b)		500,000		502,719
Prudential Financial, Inc. 4.50%, 11/15/2020		3,000,000		3,066,035

				4,715,847

Managed Health Care - 2.0%
Cigna Corp. 3.20%, 9/17/2020		1,380,000		1,391,884
4.75%, 11/15/2021(b)		500,000		525,643
UnitedHealth Group, Inc.
(ICE LIBOR USD 3 Month + 0.07%), 1.90%, 10/15/2020(a)		3,000,000		3,000,834
2.88%, 12/15/2021		1,020,000		1,043,005

				5,961,366


Investments	Principal Amount ($)		Value ($)
Movies & Entertainment - 0.1%
Walt Disney Co. (The)
(ICE LIBOR USD 3 Month + 0.25%), 2.16%, 9/1/2021(a)		300,000		301,059

Multi-line Insurance - 1.6%
Metropolitan Life Global Funding I
(SOFR + 0.57%), 2.15%, 9/7/2020(a)(b)		1,170,000		1,172,631
New York Life Global Funding
(ICE LIBOR USD 3 Month + 0.28%), 2.08%, 1/28/2021(a)(b)		2,000,000		2,004,605
(ICE LIBOR USD 3 Month + 0.28%), 2.10%, 1/21/2022(a)(b)		1,600,000		1,605,659

				4,782,895

Multi-Utilities - 0.1%
DTE Energy Co.
Series B, 3.30%, 6/15/2022		175,000		180,279

Oil & Gas Equipment & Services - 0.0%(d)
Schlumberger Finance Canada Ltd. 2.20%, 11/20/2020(b)		25,000		25,089

Oil & Gas Exploration & Production - 0.4%
Apache Corp. 3.63%, 2/1/2021		790,000		799,338
EQT Corp. 2.50%, 10/1/2020		445,000		446,137

				1,245,475

Oil & Gas Storage & Transportation - 0.4%
Energy Transfer Operating LP 4.15%, 10/1/2020		720,000		727,837
4.65%, 6/1/2021		440,000		451,793

				1,179,630

Other Diversified Financial Services - 0.5%
GE Capital International Funding Co. Unlimited Co. 2.34%, 11/15/2020		1,000,000		1,003,566
Kreditanstalt fuer Wiederaufbau 2.38%, 3/24/2021		535,211		540,705
Siemens Financieringsmaatschappij NV
(ICE LIBOR USD 3 Month + 0.34%), 2.23%, 3/16/2020(a)(b)		45,000		45,026

				1,589,297

Packaged Foods & Meats - 2.9%
JM Smucker Co. (The) 2.50%, 3/15/2020		2,610,000		2,611,895
Mondelez International Holdings Netherlands BV 2.13%, 9/19/2022(b)		1,360,000		1,371,172
Tyson Foods, Inc.
(ICE LIBOR USD 3 Month + 0.55%), 2.46%, 6/2/2020(a)		1,717,000		1,719,499
2.25%, 8/23/2021		1,710,000		1,723,375


Investments	Principal Amount ($)		Value ($)
Unilever Capital Corp. 2.10%, 7/30/2020		1,000,000		1,002,383

				8,428,324

Paper Products - 0.3%
Georgia-Pacific LLC 5.40%, 11/1/2020(b)		1,000,000		1,026,411

Pharmaceuticals - 0.4%
GlaxoSmithKline Capital plc
(ICE LIBOR USD 3 Month + 0.35%), 2.26%, 5/14/2021(a)		1,120,000		1,124,291

Property & Casualty Insurance - 0.4%
Allstate Corp. (The)
(ICE LIBOR USD 3 Month + 0.43%), 2.39%, 3/29/2021(a)		1,290,000		1,294,223

Railroads - 0.3%
Canadian National Railway Co. 2.40%, 2/3/2020		1,000,000		1,000,000

Regional Banks - 8.7%
ABN AMRO Bank NV
(ICE LIBOR USD 3 Month + 0.57%), 2.49%, 8/27/2021(a)(b)		1,100,000		1,106,853
Bank of America NA
(ICE LIBOR USD 3 Month + 0.32%), 2.11%, 7/26/2021(a)		4,000,000		4,003,242
Capital One Bank USA NA 2.01%, 1/27/2023(c)		3,150,000		3,161,029
Capital One NA 2.15%, 9/6/2022		500,000		504,118
Citizens Bank NA
(ICE LIBOR USD 3 Month + 0.72%), 2.63%, 2/14/2022(a)		2,000,000		2,016,225
Discover Bank 3.10%, 6/4/2020		2,500,000		2,508,216
Fifth Third Bancorp 2.88%, 7/27/2020		1,000,000		1,004,447
Fifth Third Bank
(ICE LIBOR USD 3 Month + 0.25%), 2.02%, 10/30/2020(a)		1,500,000		1,501,777
2.25%, 6/14/2021		460,000		463,468
PNC Bank NA
(ICE LIBOR USD 3 Month + 0.36%), 2.26%, 5/19/2020(a)		900,000		900,906
(ICE LIBOR USD 3 Month + 0.35%), 2.24%, 3/12/2021(a)		3,000,000		3,001,965


Investments	Principal Amount ($)		Value ($)
Truist Bank
(ICE LIBOR USD 3 Month + 0.59%), 2.49%, 5/17/2022(a)		3,000,000		3,019,992
Truist Financial Corp. 3.05%, 6/20/2022		2,268,000		2,335,146

				25,527,384

Residential REITs - 0.4%
American Campus Communities Operating Partnership LP REIT, 3.75%, 4/15/2023		985,000		1,038,945

Restaurants - 0.0%(d)
McDonald’s Corp.
(ICE LIBOR USD 3 Month + 0.43%), 2.23%, 10/28/2021(a)		25,000		25,124

Semiconductors - 1.0%
Intel Corp. 2.45%, 7/29/2020		3,000,000		3,011,807

Specialized REITs - 0.3%
American Tower Corp. REIT, 3.30%, 2/15/2021		1,000,000		1,013,858

Specialty Chemicals - 1.0%
Albemarle Corp.
(ICE LIBOR USD 3 Month + 1.05%), 2.94%, 11/15/2022(a)(b)		490,000		491,073
DuPont de Nemours, Inc.
(ICE LIBOR USD 3 Month + 0.71%), 2.62%, 11/15/2020(a)		2,072,000		2,082,763
3.77%, 11/15/2020		200,000		203,015
International Flavors & Fragrances, Inc. 3.40%, 9/25/2020		170,000		171,484

				2,948,335

Technology Hardware, Storage & Peripherals - 2.1%
Apple, Inc.
(ICE LIBOR USD 3 Month + 0.50%), 2.40%, 2/9/2022(a)		332,000		334,960
Dell International LLC 4.42%, 6/15/2021(b)		1,650,000		1,700,521
Hewlett Packard Enterprise Co. 3.60%, 10/15/2020(e)		2,440,000		2,467,528
(ICE LIBOR USD 3 Month + 0.68%), 2.57%, 3/12/2021(a)		1,370,000		1,376,662
3.50%, 10/5/2021		400,000		410,938

				6,290,609


Investments	Principal Amount ($)		Value ($)
Trading Companies & Distributors - 0.6%
Air Lease Corp.
(ICE LIBOR USD 3 Month + 0.67%), 2.58%, 6/3/2021(a)		500,000		502,352
3.75%, 2/1/2022		1,000,000		1,032,210
GATX Corp. 2.60%, 3/30/2020		250,000		250,070

				1,784,632

Trucking - 0.8%
Penske Truck Leasing Co. LP 3.65%, 7/29/2021(b)		1,200,000		1,230,368
Ryder System, Inc. 2.88%, 6/1/2022		1,200,000		1,227,836

				2,458,204

TOTAL CORPORATE BONDS (Cost $253,044,548)				254,276,855


Investments	Principal Amount ($)		Value ($)
ASSET-BACKED SECURITIES - 7.8%
BA Credit Card Trust Series 2019-A1, Class A1, 1.74%, 1/15/2025		880,000		885,758
Barclays Dryrock Issuance Trust Series 2019-1, Class A, 1.96%, 5/15/2025		700,000		706,424
Capital One Multi-Asset Execution Trust Series 2019-A2, Class A2, 1.72%, 8/15/2024		900,000		905,654
CarMax Auto Owner Trust Series 2019-1, Class A2A, 3.02%, 7/15/2022		304,869		306,324
CNH Equipment Trust Series 2018-A, Class A2, 2.78%, 8/16/2021		43,317		43,384
Dell Equipment Finance Trust Series 2019-1, Class A2, 2.78%, 8/23/2021(b)		894,241		899,479
Discover Card Execution Note Trust Series 2019-A3, Class A, 1.89%, 10/15/2024		2,800,000		2,830,606
Drive Auto Receivables Trust Series 2019-2, Class A2A, 2.93%, 3/15/2022		232,239		232,445
Series 2019-4, Class A2A, 2.32%, 6/15/2022		1,000,000		1,001,817
Series 2019-3, Class A2A, 2.63%, 9/15/2022		1,070,658		1,073,212
Series 2020-1, Class A2, 1.99%, 12/15/2022		500,000		500,723
Enterprise Fleet Financing LLC Series 2019-2, Class A2, 2.29%, 2/20/2025(b)		1,200,000		1,210,478


Investments	Principal Amount ($)		Value ($)
Ford Credit Floorplan Master Owner Trust A Series 2019-1, Class A, 2.84%, 3/15/2024		500,000		511,558
GM Financial Automobile Leasing Trust Series 2019-3, Class A2A, 2.09%, 10/20/2021		700,000		701,602
Hyundai Auto Receivables Trust Series 2017-A, Class A3, 1.76%, 8/16/2021		369,417		369,902
Nissan Auto Lease Trust Series 2019-B, Class A2A, 2.27%, 1/15/2021		2,000,000		2,009,716
Nissan Auto Receivables Owner Trust Series 2019-A, Class A2A, 2.82%, 1/18/2022		1,732,751		1,739,232
Santander Drive Auto Receivables Trust Series 2019-3, Class A2A, 2.28%, 2/15/2022		1,600,000		1,601,446
Synchrony Card Funding LLC Series 2019-A1, Class A, 2.95%, 3/15/2025		2,000,000		2,056,426
Verizon Owner Trust Series 2020-A, Class A1A, 1.85%, 7/22/2024		1,500,000		1,510,078
World Financial Network Credit Card Master Trust Series 2019-B, Class A, 2.49%, 4/15/2026		1,000,000		1,019,694
Series 2019-C, Class A, 2.21%, 7/15/2026		1,000,000		1,012,098

TOTAL ASSET-BACKED SECURITIES (Cost $22,923,082)				23,128,056


Investments	Principal Amount ($)		Value ($)
U.S. TREASURY OBLIGATIONS - 3.7%
U.S. Treasury Notes
(US Treasury 3 Month Bill Money Market Yield + 0.22%), 1.76%, 7/31/2021(a)		2,300,000		2,303,768
(US Treasury 3 Month Bill Money Market Yield + 0.30%), 1.84%, 10/31/2021(a)		7,000,000		7,021,894
(US Treasury 3 Month Bill Money Market Yield + 0.15%), 1.69%, 1/31/2022(a)		1,500,000		1,500,640

TOTAL U.S. TREASURY OBLIGATIONS (Cost $10,801,246)				10,826,302


Investments	Principal Amount ($)		Value ($)
FOREIGN GOVERNMENT SECURITIES - 1.3%

Japan Bank for International Cooperation 1.75%, 1/23/2023		800,000		804,739
Svensk Exportkredit AB
(ICE LIBOR USD 3 Month + 0.05%), 1.94%, 12/14/2020(a)		3,000,000		3,001,374

TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $3,797,461)				3,806,113


Investments	Principal Amount ($)		Value ($)
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.1%

Holmes Master Issuer plc
Series 2018-1A, Class A2, 2.19%, 10/15/2054(b)(f) (Cost $205,714)		205,714		205,773


Investments	Principal Amount ($)		Value ($)
SHORT-TERM INVESTMENTS - 1.2%

COMMERCIAL PAPER - 1.2%
Boeing Co. (The) 2.30%, 10/29/2020(g)(h)		2,000,000		1,965,940
McCormick & Co., Inc. 2.17%, 2/28/2020(g)(h)		1,000,000		998,569
VW Credit, Inc. 2.01%, 3/18/2020(g)(h)		500,000		498,834

TOTAL COMMERCIAL PAPER (Cost $3,463,235)				3,463,343

Total Investments - 100.4% (Cost $294,235,286)				295,706,442
Liabilities in excess of other assets - (0.4%)				(1,293,329	)

Net Assets - 100.0%				294,413,113

(a)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of January 31, 2020.

(b)

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

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

FlexShares^® Ready Access Variable Income Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2020:


Investments	Shares		Value ($)
EXCHANGE TRADED FUNDS - 98.7%

FlexShares^® Credit-Scored US Corporate Bond Index Fund(a)		150,550		7,985,172
FlexShares^® Credit-Scored US Long Corporate Bond Index Fund(a)		24,220		1,452,192
FlexShares^® Disciplined Duration MBS Index Fund(a)		119,904		2,839,926
FlexShares^® Ready Access Variable Income Fund(a)		3,748		284,661
iShares 20+ Year Treasury Bond ETF		10,690		1,559,671
iShares 3-7 Year Treasury Bond ETF		8,944		1,145,369
iShares 7-10 Year Treasury Bond ETF		4,673		532,909
iShares Long-Term Corporate Bond ETF		34,714		2,403,944
iShares MBS ETF		78,310		8,524,827
iShares Short-Term Corporate Bond ETF		26,275		1,421,740

TOTAL EXCHANGE TRADED FUNDS (Cost $26,857,350)				28,150,411


Investments	Principal Amount ($)		Value ($)
SHORT-TERM INVESTMENTS - 0.6%

U.S. TREASURY OBLIGATIONS - 0.6%
U.S. Treasury Bills 1.54%, 7/16/2020(b)(c) (Cost $163,839)		165,000		163,881

Total Investments - 99.3% (Cost $27,021,189)				28,314,292
Other Assets Less Liabilities - 0.7%				208,866

Net Assets - 100.0%				28,523,158

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

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

(c)	The rate shown was the current yield as of January 31, 2020.

Percentages shown are based on Net Assets.

For the period ended January 31, 2020, 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, 2020, was as follows:

FlexShares^® Core Select Bond Fund had the following open futures contracts as of January 31, 2020:

Various inputs are used in determining the value of each Fund’s investments. These inputs are summarized in three levels listed below:

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, 2020 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.


	Number of Contracts	Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Depreciation
Long Contracts
MSCI EAFE E-Mini Index	1		03/20/2020	USD	$	98,825	$	(1,138	)


	Number of Contracts	Expiration Date		Trading Currency	Notional Amount		Value and Unrealized Depreciation
Long Contracts
MSCI Emerging Markets E-Mini Index	1		03/20/2020	USD	$	52,505	$	(4,072	)


Australia	6.2	%
Belgium	2.8
Canada	10.7
Denmark	3.7
Finland	2.1
France	8.0
Germany	6.2
Hong Kong	3.7
Israel	1.7
Italy	1.8
Japan	22.5
Netherlands	2.0
New Zealand	0.1
Norway	0.4
Singapore	0.5
Spain	0.6
Sweden	0.7
Switzerland	11.0
United Kingdom	14.2
Other¹	1.1

	100.0	%


ADR		American Depositary Receipt
INR		Indian Rupee
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.


Brazil	6.6	%
Chile	0.5
China	28.7
Czech Republic	2.1
Egypt	0.7
Hungary	1.2
India	8.2
Indonesia	2.7
Malaysia	4.0
Mexico	1.5
Morocco	2.3
Peru	1.3
Philippines	2.2
Poland	0.4
Russia	4.0
South Africa	3.6
South Korea	10.5
Taiwan	14.3
Thailand	4.2
Other¹	1.0

	100.0	%


Security	Value October 31, 2019		Purchases at Cost		Sales Proceeds		Shares January 31, 2020		Value January 31, 2020		Change in Unrealized Appreciation (Depreciation)			Dividend Income		Realized Gain
Northern Trust Corp.	$	796,044	$	3,525	$	10,343		7,920	$	774,655	$	(20,251	)	$	5,567	$	5,680


	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		30		03/20/2020		USD	$	2,422,050	$	(48,799	)
S&P 500 E-Mini Index		50		03/20/2020		USD		8,060,000		116,809
S&P Midcap 400 E-Mini Index		10		03/20/2020		USD		2,007,000		(24,234	)

									$	43,776


Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
GBP	152,617	Citibank NA	USD	200,000		03/18/2020	$	1,415
GBP	347,245	Morgan Stanley	USD	450,000		03/18/2020		8,272
JPY	76,050,520	Toronto-Dominion Bank (The)	USD	700,000		03/18/2020		3,310
USD	234,000	JPMorgan Chase Bank	AUD	334,686		03/18/2020		9,761
USD	2,001,000	Toronto-Dominion Bank (The)	CAD	2,639,805		03/18/2020		5,074
USD	114,640	Citibank NA	DKK	763,595		03/18/2020		1,067
USD	500,000	Citibank NA	EUR	448,445		03/18/2020		1,706
USD	2,700,000	Toronto-Dominion Bank (The)	EUR	2,421,644		03/18/2020		9,171
USD	961,000	Morgan Stanley	JPY	103,894,142		03/18/2020		194
USD	90,793	Bank of New York	SEK	847,170		03/18/2020		2,720
USD	2,820	Citibank NA	SGD	3,828		03/18/2020		15

Total unrealized appreciation							$	42,705

AUD	152,677	Citibank NA	USD	105,464		03/18/2020	$	(3,171	)
AUD	116,132	Toronto-Dominion Bank (The)	USD	80,000		03/18/2020		(2,192	)
CAD	649,253	JPMorgan Chase Bank	USD	500,000		03/18/2020		(9,107	)
CAD	2,060,850	Morgan Stanley	USD	1,564,737		03/18/2020		(6,552	)
EUR	223,157	JPMorgan Chase Bank	USD	250,000		03/18/2020		(2,037	)
EUR	2,206,794	Morgan Stanley	USD	2,471,493		03/18/2020		(19,395	)
EUR	490,853	Toronto-Dominion Bank (The)	USD	550,000		03/18/2020		(4,585	)
GBP	112,083	Toronto-Dominion Bank (The)	USD	150,000		03/18/2020		(2,080	)
JPY	115,493,139	Morgan Stanley	USD	1,069,960		03/18/2020		(1,887	)
SEK	2,341,529	Citibank NA	USD	250,000		03/18/2020		(6,571	)
USD	355,942	Morgan Stanley	CHF	347,532		03/18/2020		(5,490	)
USD	688,455	JPMorgan Chase Bank	GBP	522,415		03/18/2020		(995	)
USD	98,466	Citibank NA	HKD	769,900		03/18/2020		(616	)
USD	150,000	Citibank NA	JPY	16,327,875		03/18/2020		(999	)

Total unrealized depreciation							$	(65,677	)

Net unrealized depreciation							$	(22,972	)


AUD	—	Australian Dollar
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
DKK	—	Danish Krone
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
JPY	—	Japanese Yen
SEK	—	Swedish Krona
SGD	—	Singapore Dollar
USD	—	US Dollar


Australia	4.6	%
Austria	0.3
Belgium	1.0
Canada	9.1
Denmark	1.4
Finland	0.9
France	7.4
Germany	6.5
Hong Kong	3.0
Ireland	0.3
Israel	1.0
Italy	2.7
Japan	28.8
Netherlands	2.8
New Zealand	0.3
Norway	1.0
Portugal	0.2
Singapore	1.1
Spain	2.4
Sweden	2.9
Switzerland	5.5
United Kingdom	16.2
Other¹	0.6

	100.0	%


ADR		American Depositary Receipt
EUR		Euro
GDR		Global Depositary Receipt
HKD		Hong Kong Dollar
INR		Indian Rupee
KRW		Korean Won
NVDR		Non-Voting Depositary Receipt
OJSC		Open Joint Stock Company
PJSC		Public Joint Stock Company
Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
SCA		Limited partnership with share capital
THB		Thai Baht


BRL	—	Brazilian Real
HKD	—	Hong Kong Dollar
INR	—	Indian Rupee
KRW	—	Korean Won
RUB	—	Russian Ruble
TWD	—	Taiwan Dollar
USD	—	US Dollar


Security	Value October 31, 2019		Purchases at Cost		Sales Proceeds		Shares January 31, 2020		Value January 31, 2020		Change in Unrealized Appreciation (Depreciation)			Dividend Income		Realized Loss
FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund	$	8,481,240	$	146,789	$	154,294		135,756	$	8,460,314	$	(7,027	)	$	106,336	$	(6,394	)


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


Contracts to Receive		Counterparty	In Exchange For			Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	72,782	Citibank NA		AUD	105,364		03/18/2020	$	2,188
USD	24,181	Goldman Sachs & Co.		BRL*	100,000		03/18/2020		835

Total unrealized appreciation								$	3,023

NOK	59,477	Bank of New York		USD	6,542		03/18/2020	$	(89	)

Total unrealized depreciation								$	(89	)

Net unrealized appreciation								$	2,934


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


	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*	$	27,915,054		$	—	$	—	$	27,915,054

Total Investments	$	27,915,054		$	—	$	—	$	27,915,054


	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*	$	10,389,174		$	—	$	—	$	10,389,174

Total Investments	$	10,389,174		$	—	$	—	$	10,389,174

Other Financial Instruments
Liabilities
Futures Contracts	$	(1,138	)	$	—	$	—	$	(1,138	)

Total Other Financial Instruments	$	(1,138	)	$	—	$	—	$	(1,138	)


	Level 1 — Quoted Prices (continued)			Level 2 — Other Significant Observable Inputs (continued)			Level 3 — Significant Unobservable Inputs (continued)		Total (continued)
Hotels, Restaurants & Leisure	$	2,353,172		$	23,701		$	—	$	2,376,873
Insurance		13,420,013			50,854			—		13,470,867
Pharmaceuticals		4,098,902			274,567			—		4,373,469
Real Estate Management & Development		21,738,201			17,585			—		21,755,786
Textiles, Apparel & Luxury Goods		4,280,389			—			1,881		4,282,270
Transportation Infrastructure		4,984,909			122,137			—		5,107,046
Water Utilities		1,391,845			184,804			—		1,576,649
Other*		288,269,270			—			—		288,269,270
Corporate Bonds*		—			10,523			—		10,523
Rights		658			1,426			—		2,084
Warrants		—			—			—		—
Securities Lending Reinvestments
Repurchase Agreements		—			3,032,870			—		3,032,870

Total Investments	$	373,194,132		$	3,935,300		$	1,881	$	377,131,313

Other Financial Instruments
Assets
Forward Foreign Currency Contracts	$	—		$	22,568		$	—	$	22,568
Liabilities
Futures Contracts		(144,610	)		—			—		(144,610	)
Forward Foreign Currency Contracts		—			(5,371	)		—		(5,371	)

Total Other Financial Instruments	$	(144,610	)	$	17,197		$	—	$	(127,413	)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
FlexShares^® Currency Hedged Morningstar DM ex-US Factor Tilt Index Fund
Investments
Exchange Traded Funds	$	8,460,314		$	—		$	—	$	8,460,314

Total Investments	$	8,460,314		$	—		$	—	$	8,460,314

Other Financial Instruments
Assets
Forward Foreign Currency Contracts	$	—		$	34,869		$	—	$	34,869
Liabilities
Forward Foreign Currency Contracts		—			(56,468	)		—		(56,468	)

Total Other Financial Instruments	$	—		$	(21,599	)	$	—	$	(21,599	)


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
FlexShares^® Currency Hedged Morningstar EM Factor Tilt Index Fund
Investments
Exchange Traded Funds	$	5,367,823		$	—		$	—	$	5,367,823

Total Investments	$	5,367,823		$	—		$	—	$	5,367,823

Other Financial Instruments
Assets
Forward Foreign Currency Contracts	$	—		$	67,607		$	—	$	67,607
Liabilities


	Level 1 — Quoted Prices (continued)			Level 2 — Other Significant Observable Inputs (continued)			Level 3 — Significant Unobservable Inputs (continued)		Total (continued)
Other Financial Instruments
Assets
Futures Contracts	$	89,084		$	—		$	—	$	89,084

Total Other Financial Instruments	$	89,084		$	—		$	—	$	89,084


	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
FlexShares^® Quality Dividend Dynamic Index Fund
Investments
Common Stocks*	$	53,184,719		$	—		$	—	$	53,184,719
Securities Lending Reinvestments
Repurchase Agreements		—			1,541,488			—		1,541,488

Total Investments	$	53,184,719		$	1,541,488		$	—	$	54,726,207

Other Financial Instruments
Assets
Futures Contracts	$	5,870		$	—		$	—	$	5,870

Total Other Financial Instruments	$	5,870		$	—		$	—	$	5,870


	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
Insurance	$	63,225,937		$	3,545,916		$	—	$	66,771,853
Other*		717,150,329			—			—		717,150,329
Securities Lending Reinvestments
Repurchase Agreements		—			1,284,972			—		1,284,972

Total Investments	$	780,376,266		$	4,830,888		$	—	$	785,207,154

Other Financial Instruments
Assets
Futures Contracts	$	85,251		$	—		$	—	$	85,251
Forward Foreign Currency Contracts		—			50,462			—		50,462
Liabilities
Futures Contracts		(508,714	)		—			—		(508,714	)
Forward Foreign Currency Contracts		—			(84,826	)		—		(84,826	)

Total Other Financial Instruments	$	(423,463	)	$	(34,364	)	$	—	$	(457,827	)


	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
Insurance	$	5,644,498		$	453,853		$	—	$	6,098,351