NPORT-P false 0001491978 XXXXXXXX S000065838 C000212720 FlexShares Trust 811-22555 0001491978 5493007FU2RQX77I4604 50 South LaSalle Street Chicago 60603 800-595-9111 FlexShares Developed Markets ex-US Quality Low Volatility Index Fund S000065838 549300CQ3FSH3O0DSC91 2022-10-31 2022-01-31 N 78400523.02 843210.63 77557312.39 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 993357.70000000 MonotaRO Co. Ltd. N/A N/A 14500.00000000 NS 233937.95000000 0.301632357789 Long EC CORP JP N 1 N N N N/A N/A N/A 1.00000000 NC N/A -623.21000000 -0.00080354770 N/A DFE N/A N 2 TD Securities LTD. H71H6FPHX49CGFTF4J23 36279.18000000 USD 4106848.00000000 JPY 2022-03-16 -623.21000000 N N N Orange SA 969500MCOONR8990S771 N/A 29551.00000000 NS 345179.91000000 0.445064300660 Long EC CORP FR N 1 N N N MEIJI Holdings Co. Ltd. 5299002D52YIP6DWMV49 N/A 3900.00000000 NS 242343.24000000 0.312469878767 Long EC CORP JP N 1 N N N Euronext NV 724500QJ4QSZ3H9QU415 N/A 1566.00000000 NS 149742.96000000 0.193073941560 Long EC CORP FR Y 1 N N N N/A N/A N/A 1.00000000 NC N/A -607.76000000 -0.00078362694 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 86745.75000000 USD 76770.77000000 EUR 2022-03-16 -607.76000000 N N N Novozymes A/S 529900T6WNZXD2R3JW38 N/A 9222.00000000 NS 629268.50000000 0.811359342669 Long EC CORP DK N 1 N N N Idemitsu Kosan Co. Ltd. 549300P0R46FF6DUA630 N/A 11600.00000000 NS 294970.71000000 0.380326110988 Long EC CORP JP N 1 N N N Open Text Corp. 549300HP7ONDQODZJV16 683715106 5742.00000000 NS 274684.13000000 0.354169222134 Long EC CORP CA N 1 N N N Keppel Corp. Ltd. 254900SQ7IPDOY6IDW33 N/A 55100.00000000 NS 230237.03000000 0.296860505998 Long EC CORP SG N 1 N N N Fairfax Financial Holdings Ltd. GLS7OQD0WOEDI8YAP031 303901102 1276.00000000 NS 615827.02000000 0.794028314059 Long EC CORP CA N 1 N N N N/A N/A N/A 1.00000000 NC N/A -169.61000000 -0.00021868988 N/A DFE N/A N 2 TD Securities LTD. H71H6FPHX49CGFTF4J23 21769.55000000 USD 19251.02000000 EUR 2022-03-16 -169.61000000 N N N Symrise AG 529900D82I6R9601CF26 N/A 4872.00000000 NS 578647.20000000 0.746089804002 Long EC CORP DE N 1 N N N Toronto-Dominion Bank (The) PT3QB789TSUIDF371261 891160509 7598.00000000 NS 608234.30000000 0.784238495709 Long EC CORP CA N 1 N N N Link REIT 529900XUE70U36QX5M62 N/A 36462.00000000 NS 312128.62000000 0.402448989503 Long EC CORP HK N 1 N N N N/A N/A N/A 1.00000000 NC N/A 842.02000000 0.001085674547 N/A DFE N/A N 2 TD Securities LTD. H71H6FPHX49CGFTF4J23 72118.55000000 AUD 51662.74000000 USD 2022-03-16 842.02000000 N N N Commonwealth Bank of Australia MSFSBD3QN1GSN7Q6C537 N/A 1827.00000000 NS 120663.33000000 0.155579565977 Long EC CORP AU N 1 N N Jeronimo Martins SGPS SA 259400A8SZP10GB5IB19 N/A 11919.00000000 NS 285395.21000000 0.367979757427 Long EC CORP PT N 1 N N N Halma plc 2138007FRGLUR9KGBT40 N/A 10585.00000000 NS 354466.08000000 0.457037601067 Long EC CORP GB N 1 N N N CF SECURED LLC 254900OXTV81I73FAT50 N/A 612791.10000000 PA USD 612791.10000000 0.790113892702 Long RA CORP US N 2 Repurchase Y 0.05000000 2022-02-01 708931.49209600 USD 625047.78995800 USD UST N N Sanofi 549300E9PC51EN656011 N/A 2987.00000000 NS 310566.60000000 0.400434969224 Long EC CORP FR N 1 N N N Oversea-Chinese Banking Corp. Ltd. 5493007O3QFXCPOGWK22 N/A 52200.00000000 NS 481406.65000000 0.620710846166 Long EC CORP SG N 1 N N N Brambles Ltd. N/A N/A 50866.00000000 NS 346549.98000000 0.446830826547 Long EC CORP AU N 1 N N N Daito Trust Construction Co. Ltd. 353800QQ4DRI3KXS3038 N/A 2900.00000000 NS 329702.76000000 0.425108542108 Long EC CORP JP N 1 N N N N/A N/A N/A 1.00000000 NC N/A 781.91000000 0.001008170572 N/A DFE N/A N 2 TD Securities LTD. H71H6FPHX49CGFTF4J23 79671.53000000 EUR 90174.59000000 USD 2022-03-16 781.91000000 N N N Swedbank AB M312WZV08Y7LYUC71685 N/A 4582.00000000 NS 89115.85000000 0.114903220926 Long EC CORP SE N 1 N N N Toho Gas Co. Ltd. 353800BCVTE4F8012906 N/A 11700.00000000 NS 318329.36000000 0.410444031891 Long EC CORP JP N 1 N N N Budweiser Brewing Co. APAC Ltd. 549300YF1MR4GTF18132 N/A 46400.00000000 NS 122284.56000000 0.157669929799 Long EC CORP HK Y 1 N N N N/A N/A N/A 1.00000000 NC N/A -26.83000000 -0.00003459377 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 83893.10000000 CAD 65933.80000000 USD 2022-03-16 -26.83000000 N N N Deutsche Boerse AG 529900G3SW56SHYNPR95 N/A 3683.00000000 NS 649022.68000000 0.836829771429 Long EC CORP DE N 1 N N N N/A N/A N/A 1.00000000 NC N/A -286.88000000 -0.00036989419 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 19834.03000000 USD 2251437.00000000 JPY 2022-03-16 -286.88000000 N N N Vodafone Group plc 213800TB53ELEUKM7Q61 N/A 200680.00000000 NS 350068.87000000 0.451367974485 Long EC CORP GB N 1 N N N Elisa OYJ 743700TU2S3DXWGU7H32 N/A 9715.00000000 NS 567178.02000000 0.731301798014 Long EC CORP FI N 1 N N N Yamada Holdings Co. Ltd. 353800MDZ4K1DQKLO464 N/A 133400.00000000 NS 448043.39000000 0.577693290539 Long EC CORP JP N 1 N N N Franco-Nevada Corp. N/A 351858105 2958.00000000 NS 390903.49000000 0.504018870631 Long EC CORP CA N 1 N N N Coloplast A/S 529900NN7SOJ5QG82X67 N/A 2871.00000000 NS 414561.10000000 0.534522261312 Long EC CORP DK N 1 N N N Groupe Bruxelles Lambert SA 549300KV0ZEHT2KVU152 N/A 3190.00000000 NS 339361.45000000 0.437562158283 Long EC CORP BE N 1 N N N Tokyo Gas Co. Ltd. 353800678EIJLOQSWZ83 N/A 20300.00000000 NS 407849.86000000 0.525868996013 Long EC CORP JP N 1 N N N Kansai Paint Co. Ltd. 549300ERRV6FTKH9NN70 N/A 5800.00000000 NS 119448.04000000 0.154012608636 Long EC CORP JP N 1 N N Akzo Nobel NV 724500XYIJUGXAA5QD70 N/A 1073.00000000 NS 110131.39000000 0.142000008259 Long EC CORP NL N 1 N N N N/A N/A N/A 1.00000000 NC N/A -457.28000000 -0.00058960268 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 30259.01000000 USD 94623.79000000 ILS 2022-03-16 -457.28000000 N N N Deutsche Post AG 8ER8GIG7CSMVD8VUFE78 N/A 2987.00000000 NS 177433.15000000 0.228776816179 Long EC CORP DE N 1 N N N Hydro One Ltd. 5493007QZDXTP1W2VL44 448811208 11426.00000000 NS 295038.40000000 0.380413388380 Long EC CORP CA Y 1 N N N Rinnai Corp. N/A N/A 1100.00000000 NS 97183.77000000 0.125305747459 Long EC CORP JP N 1 N N N Shimano, Inc. 529900L32YT3P9DECR10 N/A 1200.00000000 NS 266765.02000000 0.343958566612 Long EC CORP JP N 1 N N N Sun Hung Kai Properties Ltd. 529900LUMD393RD3S874 N/A 53500.00000000 NS 650092.02000000 0.838208545354 Long EC CORP HK N 1 N N N N/A N/A N/A 1.00000000 NC N/A 106.35000000 0.000137124400 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 96100.51000000 DKK 14598.60000000 USD 2022-03-16 106.35000000 N N N LVMH Moet Hennessy Louis Vuitton SE IOG4E947OATN0KJYSD45 N/A 1305.00000000 NS 1057095.15000000 1.362985793891 Long EC CORP FR N 1 N N N RELX plc 549300WSX3VBUFFJOO66 N/A 27521.00000000 NS 838164.58000000 1.080703487744 Long EC CORP GB N 1 N N N SEB SA 969500WP61NBK098AC47 N/A 2349.00000000 NS 353116.01000000 0.455296862563 Long EC CORP FR N 1 N N N Azrieli Group Ltd. N/A N/A 116.00000000 NS 10396.29000000 0.013404654802 Long EC CORP IL N 1 N N N CK Asset Holdings Ltd. 5299006GJZSGP78B8S35 N/A 116000.00000000 NS 771344.85000000 0.994548194400 Long EC CORP HK N 1 N N N Schindler Holding AG 5299007DRLI319H7Q933 N/A 1305.00000000 NS 322518.12000000 0.415844889490 Long EC CORP CH N 1 N N N Koninklijke KPN NV 549300YO0JZHAL7FVP81 N/A 158833.00000000 NS 521157.60000000 0.671964491728 Long EC CORP NL N 1 N N N Oracle Corp. Japan 529900MIMKY9RU60Z323 N/A 2900.00000000 NS 214432.63000000 0.276482801417 Long EC CORP JP N 1 N N N N/A N/A N/A 1.00000000 NC N/A 201.31000000 0.000259562888 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 19796.54000000 USD 178434.43000000 NOK 2022-03-16 201.31000000 N N N N/A N/A N/A 1.00000000 NC N/A -274.66000000 -0.00035413810 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 320119.87000000 NOK 35602.44000000 USD 2022-03-16 -274.66000000 N N N HKT Trust & HKT Ltd. N/A N/A 29000.00000000 NS 39497.02000000 0.050926236073 Long EC CORP HK N 1 N N N Kobayashi Pharmaceutical Co. Ltd. 529900WBSL04KD6TKP95 N/A 6900.00000000 NS 533556.09000000 0.687950721289 Long EC CORP JP N 1 N N New World Development Co. Ltd. 2549008GWMWXTIRL4S48 N/A 29000.00000000 NS 117896.01000000 0.152011469153 Long EC CORP HK N 1 N N N Bank Leumi Le-Israel BM 7JDSZWRGUQY2DSTWCR57 N/A 72906.00000000 NS 774314.37000000 0.998377001650 Long EC CORP IL N 1 N N N Hermes International 969500Y4IJGHJE2MTJ13 N/A 551.00000000 NS 814399.21000000 1.050061154652 Long EC CORP FR N 1 N N N N/A N/A N/A 1.00000000 NC N/A -942.11000000 -0.00121472749 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 35219.20000000 USD 319814.80000000 SEK 2022-03-16 -942.11000000 N N N Air Liquide SA 969500MMPQVHK671GT54 N/A 7540.00000000 NS 1279515.23000000 1.649767366313 Long EC CORP FR N 1 N N N N/A N/A N/A 1.00000000 NC N/A -284.33000000 -0.00036660630 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 43319.25000000 CAD 33775.27000000 USD 2022-03-16 -284.33000000 N N N Santen Pharmaceutical Co. Ltd. 529900TPT3I7C17MIM03 N/A 17400.00000000 NS 195858.54000000 0.252533944207 Long EC CORP JP N 1 N N N Power Assets Holdings Ltd. 254900JOWYUW1ZX4DF47 N/A 101500.00000000 NS 622859.10000000 0.803095260531 Long EC CORP HK N 1 N N N Gjensidige Forsikring ASA 5967007LIEEXZX6FAO47 N/A 754.00000000 NS 18317.12000000 0.023617528038 Long EC CORP NO N 1 N N N Wolters Kluwer NV 724500TEM53I0U077B74 N/A 6554.00000000 NS 662996.35000000 0.854846989367 Long EC CORP NL N 1 N N N GEA Group AG 549300PHUU0ZZWO8EO07 N/A 8091.00000000 NS 378672.96000000 0.488249203499 Long EC CORP DE N 1 N N N Tesco plc 2138002P5RNKC5W2JZ46 N/A 118668.00000000 NS 472856.44000000 0.609686469822 Long EC CORP GB N 1 N N N Iberdrola SA 5QK37QC7NWOJ8D7WVQ45 N/A 73428.00000000 NS 836297.93000000 1.078296686964 Long EC CORP ES N 1 N N N Knorr-Bremse AG 5299001GRRO0Z25YZT52 N/A 2494.00000000 NS 250669.10000000 0.323204985159 Long EC CORP DE N 1 N N N Industrivarden AB 549300TM1DLIQI3B3T37 N/A 2233.00000000 NS 68635.19000000 0.088496091322 Long EC CORP SE N 1 N N N Snam SpA 8156002278562044AF79 N/A 28188.00000000 NS 156729.79000000 0.202082544082 Long EC CORP IT N 1 N N N Uniper SE 549300UXRTWGIBZQ4J67 N/A 13833.00000000 NS 620271.72000000 0.799759172779 Long EC CORP DE N 1 N N N Singapore Telecommunications Ltd. 2549003XJKIQO8YDYD89 N/A 197200.00000000 NS 354395.59000000 0.456946713441 Long EC CORP SG N 1 N N N Chiba Bank Ltd. (The) FGJPAKKCTZVSKZXNBS63 N/A 23200.00000000 NS 148592.75000000 0.191590896359 Long EC CORP JP N 1 N N N Telia Co. AB 213800FSR9RNDUOTXO25 N/A 1972.00000000 NS 7734.53000000 0.009972663778 Long EC CORP SE N 1 N N N Wesfarmers Ltd. 5493003L32ZX9557ST85 N/A 16414.00000000 NS 609563.94000000 0.785952892403 Long EC CORP AU N 1 N N N Japan Tobacco, Inc. 353800Z0ENYBQO0XRJ31 N/A 20300.00000000 NS 404150.14000000 0.521098691465 Long EC CORP JP N 1 N N N Shizuoka Bank Ltd. (The) 549300TJ1GRR4PX8GJ82 N/A 43500.00000000 NS 339014.97000000 0.437115417686 Long EC CORP JP N 1 N N N Investor AB 549300VEBQPHRZBKUX38 N/A 1972.00000000 NS 44408.61000000 0.057259088319 Long EC CORP SE N 1 N N N N/A N/A N/A 1.00000000 NC N/A 264.81000000 0.000341437824 N/A DFE N/A N 2 TD Securities LTD. H71H6FPHX49CGFTF4J23 21412.50000000 CHF 23289.21000000 USD 2022-03-16 264.81000000 N N N Hoya Corp. 353800X4VR3BHEUCJB42 N/A 5800.00000000 NS 742712.09000000 0.957629999174 Long EC CORP JP N 1 N N N N/A N/A N/A 1.00000000 NC N/A -838.24000000 -0.00108080073 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 55873.20000000 USD 78098.89000000 AUD 2022-03-16 -838.24000000 N N N Osaka Gas Co. Ltd. 353800024KMNOPQRWZ02 N/A 20300.00000000 NS 343897.59000000 0.443410916910 Long EC CORP JP N 1 N N N Shopify, Inc. 549300HGQ43STJLLP808 82509L107 87.00000000 NS USD 83888.88000000 0.108163727461 Long EC CORP US N 1 N N N Itochu Techno-Solutions Corp. N/A N/A 5800.00000000 NS 156545.89000000 0.201845429110 Long EC CORP JP N 1 N N N Pirelli & C SpA 815600A0C9AFC1F2A709 N/A 51243.00000000 NS 357987.29000000 0.461577740342 Long EC CORP IT Y 1 N N N N/A N/A N/A 1.00000000 NC N/A -405.25000000 -0.00052251681 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 14976.93000000 USD 22202.78000000 NZD 2022-03-16 -405.25000000 N N N Lion Corp. 529900MPGS2GM7VPG855 N/A 14500.00000000 NS 188509.44000000 0.243058241951 Long EC CORP JP N 1 N N Koninklijke Ahold Delhaize NV 724500C9GNBV20UYRX36 N/A 23548.00000000 NS 759054.59000000 0.978701513253 Long EC CORP NL N 1 N N N FUJIFILM Holdings Corp. 529900UBKMFM0ST6H474 N/A 8700.00000000 NS 576098.94000000 0.742804156367 Long EC CORP JP N 1 N N N Welcia Holdings Co. Ltd. N/A N/A 17400.00000000 NS 467372.53000000 0.602615685868 Long EC CORP JP N 1 N N N Loblaw Cos. Ltd. 5493008LN3O1DIDTSH67 539481101 4988.00000000 NS 384630.57000000 0.495930761584 Long EC CORP CA N 1 N N N Swisscom AG 5493005SL9HHOXS3B739 N/A 1247.00000000 NS 707443.64000000 0.912155950482 Long EC CORP CH N 1 N N N Sekisui House Ltd. 529900GMNDOYQSAJAE76 N/A 11600.00000000 NS 233006.73000000 0.300431671520 Long EC CORP JP N 1 N N ASML Holding NV 724500Y6DUVHQD6OXN27 N/A 1015.00000000 NS 676089.67000000 0.871729111241 Long EC CORP NL N 1 N N N Sage Group plc (The) 2138005RN5XYLTF8G138 N/A 8671.00000000 NS 83853.89000000 0.108118612437 Long EC CORP GB N 1 N N N DBS Group Holdings Ltd. 5493007FKT78NKPM5V55 N/A 29000.00000000 NS 754945.83000000 0.973403805180 Long EC CORP SG N 1 N N N Kuehne + Nagel International AG 529900Q0YED3805QXQ66 N/A 2059.00000000 NS 575648.68000000 0.742223605048 Long EC CORP CH N 1 N N N Hang Seng Bank Ltd. 5493009Z5F07LWZYMK62 N/A 37700.00000000 NS 744083.72000000 0.959398536476 Long EC CORP HK N 1 N N N GlaxoSmithKline plc 5493000HZTVUYLO1D793 N/A 71978.00000000 NS 1586633.34000000 2.045755959182 Long EC CORP GB N 1 N N N Reckitt Benckiser Group plc 5493003JFSMOJG48V108 N/A 5568.00000000 NS 449040.17000000 0.578978507844 Long EC CORP GB N 1 N N N Canon, Inc. 529900JH1GSC035SSP77 N/A 17400.00000000 NS 409007.59000000 0.527361737270 Long EC CORP JP N 1 N N N ITOCHU Corp. J48DJYXDTLHM30UMYI18 N/A 23200.00000000 NS 738332.83000000 0.951983516766 Long EC CORP JP N 1 N N N N/A N/A N/A 1.00000000 NC N/A 562.64000000 0.000725450615 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 38821.36000000 USD 29362.36000000 GBP 2022-03-16 562.64000000 N N N Sumitomo Mitsui Financial Group, Inc. 35380028MYWPB6AUO129 N/A 18700.00000000 NS 667503.58000000 0.860658472335 Long EC CORP JP N 1 N N N N/A N/A N/A 1.00000000 NC N/A 12.81000000 0.000016516817 N/A DFE N/A N 2 BNP Paribas R0MUWSFPU8MPRO8K5P83 4551622.00000000 JPY 39530.35000000 USD 2022-03-16 12.81000000 N N N Iberdrola SA 5QK37QC7NWOJ8D7WVQ45 N/A 1181.00000000 NS 13450.83000000 0.017343084211 Long EC CORP ES N 2 N N N United Utilities Group plc 2138002IEYQAOC88ZJ59 N/A 25549.00000000 NS 365915.69000000 0.471800374102 Long EC CORP GB N 1 N N N SAP SE 529900D6BF99LW9R2E68 N/A 2117.00000000 NS 261996.53000000 0.337810223080 Long EC CORP DE N 1 N N N CK Hutchison Holdings Ltd. 254900Z8HM1VEPOQ2G79 N/A 43500.00000000 NS 307942.88000000 0.397052025799 Long EC CORP HK N 1 N N N Koninklijke DSM NV 724500SNT1MK246AHP04 N/A 2987.00000000 NS 556006.30000000 0.716897327751 Long EC CORP NL N 1 N N N Chubu Electric Power Co., Inc. 529900A76GOP0PGNHT63 N/A 66700.00000000 NS 666276.42000000 0.859076210183 Long EC CORP JP N 1 N N N Dassault Systemes SE 96950065LBWY0APQIM86 N/A 11600.00000000 NS 552002.82000000 0.711735364454 Long EC CORP FR N 1 N N N Ono Pharmaceutical Co. Ltd. 529900G26L4NG4GFJZ86 N/A 5800.00000000 NS 139582.56000000 0.179973436028 Long EC CORP JP N 1 N N N Bank Hapoalim BM B6ARUI4946ST4S7WOU88 N/A 65279.00000000 NS 671124.20000000 0.865326787789 Long EC CORP IL N 1 N N N Royal Bank of Canada ES7IP3U3RHIGC71XBU11 780087102 15660.00000000 NS 1784560.31000000 2.300956873062 Long EC CORP CA N 1 N N N NTT Data Corp. 353800SZGJGSLJRRWB43 N/A 5800.00000000 NS 110035.15000000 0.141875919380 Long EC CORP JP N 1 N N N Telecom Italia SpA 549300W384M3RI3VXU42 N/A 584988.00000000 NS 272932.12000000 0.351910234624 Long EC CORP IT N 1 N N N Unilever plc 549300MKFYEKVRWML317 N/A 2581.00000000 NS 131153.51000000 0.169105279642 Long EC CORP GB N 1 N N N Securitas AB 635400TTYKE8EIWDS617 N/A 11629.00000000 NS 139349.66000000 0.179673141971 Long EC CORP SE N 1 N N N Novo Nordisk A/S 549300DAQ1CVT6CXN342 N/A 27260.00000000 NS 2694662.89000000 3.474414993198 Long EC CORP DK N 1 N N N ICL Group Ltd. 529900FQVQD88SHIGM04 N/A 27666.00000000 NS 247254.94000000 0.318802872844 Long EC CORP IL N 1 N N N Roche Holding AG 549300U41AUUVOAAOB37 N/A 8874.00000000 NS 3401676.17000000 4.386016050807 Long EC CORP CH N 1 N N N Telefonica Deutschland Holding AG 391200ECRPJ3SWQJUM30 N/A 84477.00000000 NS 240534.74000000 0.310138054798 Long EC CORP DE N 1 N N N Tsuruha Holdings, Inc. N/A N/A 2500.00000000 NS 200260.36000000 0.258209514781 Long EC CORP JP N 1 N N N KDDI Corp. 5299003FU7V4I45FU310 N/A 27600.00000000 NS 873091.78000000 1.125737539240 Long EC CORP JP N 1 N N N Hapag-Lloyd AG HD52L5PJVBXJUUX8I539 N/A 116.00000000 NS 34277.49000000 0.044196335514 Long EC CORP DE Y 1 N N N Chr Hansen Holding A/S 549300MKPW8ZF3E8MW37 N/A 2842.00000000 NS 226681.75000000 0.292276437920 Long EC CORP DK N 1 N N N Bankinter SA VWMYAEQSTOPNV0SUGU82 N/A 42166.00000000 NS 245321.37000000 0.316309787485 Long EC CORP ES N 1 N N N N/A N/A N/A 1.00000000 NC N/A 588.10000000 0.000758277951 N/A DFE N/A N 2 Bank of New York Mellon WFLLPEPC7FZXENRZV188 75020.79000000 ILS 24215.87000000 USD 2022-03-16 588.10000000 N N N Nomura Research Institute Ltd. 5299005F1HCVF4M4QN79 N/A 8700.00000000 NS 298997.61000000 0.385518271309 Long EC CORP JP N 1 N N N Roche Holding AG 549300U41AUUVOAAOB37 N/A 116.00000000 NS 47344.40000000 0.061044405151 Long EC CORP CH N 1 N N N Etablissements Franz Colruyt NV 5493000O0NZ1BCXO8K39 N/A 5075.00000000 NS 205261.83000000 0.264658255520 Long EC CORP BE N 1 N N N CGI, Inc. 549300WSRCZY73ZG3090 12532H104 4292.00000000 NS 366261.02000000 0.472245631924 Long EC CORP CA N 1 N N N Lawson, Inc. 529900IWO8XQO92PR233 N/A 4400.00000000 NS 192458.23000000 0.248149689654 Long EC CORP JP N 1 N N N Suntory Beverage & Food Ltd. 549300FONLMVK7YYYH41 N/A 5800.00000000 NS 221983.08000000 0.286218118136 Long EC CORP JP N 1 N N N N/A N/A N/A 1.00000000 NC N/A 131.13000000 0.000169074966 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 11068.51000000 CHF 12032.86000000 USD 2022-03-16 131.13000000 N N N Pan Pacific International Holdings Corp. 529900QLHJM2E18A5763 N/A 2900.00000000 NS 38834.45000000 0.050071938806 Long EC CORP JP N 1 N N N Jardine Matheson Holdings Ltd. 2138009KENVUNWOLPK41 N/A 11600.00000000 NS USD 682544.00000000 0.880051124731 Long EC CORP BM N 1 N N N Proximus SADP 549300CWRXC5EP004533 N/A 12905.00000000 NS 262060.74000000 0.337893013468 Long EC CORP BE N 1 N N N N/A N/A N/A 1.00000000 NC N/A 542.74000000 0.000699792170 N/A DFE N/A N 2 TD Securities LTD. H71H6FPHX49CGFTF4J23 25905.02000000 NZD 17544.20000000 USD 2022-03-16 542.74000000 N N N ConvaTec Group plc 213800LS272L4FIDOH92 N/A 30044.00000000 NS 70741.48000000 0.091211876507 Long EC CORP GB Y 1 N N N ABC-Mart, Inc. 353800AXWW4CMTSJWL33 N/A 5800.00000000 NS 262755.48000000 0.338788789738 Long EC CORP JP N 1 N N N N/A N/A N/A 1.00000000 NC N/A 622.98000000 0.000803251145 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 457662.69000000 DKK 69639.93000000 USD 2022-03-16 622.98000000 N N N J Sainsbury plc 213800VGZAAJIKJ9Y484 N/A 91843.00000000 NS 358203.92000000 0.461857056364 Long EC CORP GB N 1 N N Secom Co. Ltd. 529900TYCL9N3E9PGE47 N/A 6900.00000000 NS 484092.86000000 0.624174362264 Long EC CORP JP N 1 N N N N/A N/A N/A 1.00000000 NC N/A 489.73000000 0.000631442716 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 43743.94000000 USD 32977.98000000 GBP 2022-03-16 489.73000000 N N N Sofina SA 5493000GMVR38VUO5D39 N/A 87.00000000 NS 34368.51000000 0.044313693887 Long EC CORP BE N 1 N N N N/A N/A N/A 1.00000000 NC N/A 911.43000000 0.001175169654 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 35871.76000000 AUD 26189.65000000 USD 2022-03-16 911.43000000 N N N N/A N/A N/A 1.00000000 NC N/A 4.14000000 0.000005337987 N/A DFE N/A N 2 BNP Paribas R0MUWSFPU8MPRO8K5P83 111237.87000000 HKD 14270.01000000 USD 2022-03-16 4.14000000 N N N Red Electrica Corp. SA 5493009HMD0C90GUV498 N/A 17922.00000000 NS 359821.97000000 0.463943319993 Long EC CORP ES N 1 N N N AstraZeneca plc PY6ZZQWO2IZFZC3IOL08 N/A 6032.00000000 NS 697359.41000000 0.899153656193 Long EC CORP GB N 1 N N N Spark New Zealand Ltd. 529900HUN51H3Y7QBB66 N/A 2639.00000000 NS 7504.60000000 0.009676199147 Long EC CORP NZ N 1 N N N N/A N/A N/A 1.00000000 NC N/A 458.72000000 0.000591459381 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 3937664.00000000 JPY 34645.83000000 USD 2022-03-16 458.72000000 N N N Beiersdorf AG L47NHHI0Z9X22DV46U41 N/A 1769.00000000 NS 174666.96000000 0.225210176342 Long EC CORP DE N 1 N N N Rogers Communications, Inc. 54930030NVF3Y2OL0A78 775109200 203.00000000 NS 10290.46000000 0.013268200873 Long EC CORP CA N 1 N N N PSP Swiss Property AG 50670042Y437P8X44F56 N/A 2001.00000000 NS 240493.96000000 0.310085474327 Long EC CORP CH N 1 N N N Nice Ltd. 254900YTY4EF5Z4W0A51 N/A 1189.00000000 NS 301950.44000000 0.389325558990 Long EC CORP IL N 1 N N N Elbit Systems Ltd. 529900Q9CB1REUMZSS32 N/A 261.00000000 NS 43194.05000000 0.055693072218 Long EC CORP IL N 1 N N N SoftBank Corp. 353800M1YCTS9JRBJ535 N/A 49300.00000000 NS 613549.14000000 0.791091286034 Long EC CORP JP N 1 N N N Nippon Telegraph & Telephone Corp. 353800VHQU5VIXVUA841 N/A 23200.00000000 NS 657794.75000000 0.848140207195 Long EC CORP JP N 1 N N N Nitori Holdings Co. Ltd. N/A N/A 3400.00000000 NS 483922.76000000 0.623955040585 Long EC CORP JP N 1 N N N MTR Corp. Ltd. 254900IH4U9NHH9AQM97 N/A 58000.00000000 NS 313149.64000000 0.403765461115 Long EC CORP HK N 1 N N N AIA Group Ltd. ZP5ILWVSYE4LJGMMVD57 N/A 5800.00000000 NS 59989.36000000 0.077348425508 Long EC CORP HK N 1 N N N Kone OYJ 2138001CNF45JP5XZK38 N/A 9251.00000000 NS 593392.63000000 0.765102105416 Long EC CORP FI N 1 N N N BT Group plc 213800LRO7NS5CYQMN21 N/A 132733.00000000 NS 348237.84000000 0.449007101031 Long EC CORP GB N 1 N N N Nestle SA KY37LUS27QQX7BB93L28 N/A 29667.00000000 NS 3794368.04000000 4.892340803301 Long EC CORP CH N 1 N N N Admiral Group plc 213800FGVM7Z9EJB2685 N/A 12006.00000000 NS 506430.80000000 0.652976211260 Long EC CORP GB N 1 N N N SGS SA 2138007JNS19JHNA2336 N/A 116.00000000 NS 327050.10000000 0.421688284343 Long EC CORP CH N 1 N N N Coles Group Ltd. 549300OHQRG2HN8LZ793 N/A 5771.00000000 NS 65868.52000000 0.084928832588 Long EC CORP AU N 1 N N N DSV A/S 529900X41C0BSLK67H70 N/A 667.00000000 NS 134408.95000000 0.173302743297 Long EC CORP DK N 1 N N N Japan Exchange Group, Inc. 353800578ADEGIJTVW07 N/A 17400.00000000 NS 355097.42000000 0.457851631338 Long EC CORP JP N 1 N N N Fortis, Inc. 549300MQYQ9Y065XPR71 349553107 6119.00000000 NS 290505.76000000 0.374569142544 Long EC CORP CA N 1 N N N Hikma Pharmaceuticals plc 549300BNS685UXH4JI75 N/A 6467.00000000 NS 180296.64000000 0.232468911626 Long EC CORP GB N 1 N N McDonald's Holdings Co. Japan Ltd. 529900FY9FV0AYNRC729 N/A 5800.00000000 NS 252688.22000000 0.325808376042 Long EC CORP JP N 1 N N N Obic Co. Ltd. N/A N/A 3300.00000000 NS 537565.63000000 0.693120498163 Long EC CORP JP N 1 N N N Hirose Electric Co. Ltd. N/A N/A 1900.00000000 NS 280486.01000000 0.361649986773 Long EC CORP JP N 1 N N N Yakult Honsha Co. Ltd. 353800YJPSPGG7KI0S71 N/A 5800.00000000 NS 292957.26000000 0.377730030827 Long EC CORP JP N 1 N N N Enbridge, Inc. 98TPTUM4IVMFCZBCUR27 29250N105 2523.00000000 NS 106609.55000000 0.137459056683 Long EC CORP CA N 1 N N N BOC Hong Kong Holdings Ltd. N/A N/A 217500.00000000 NS 836801.30000000 1.078945716674 Long EC CORP HK N 1 N N N United Internet AG 3VEKWPJHTD4NKMBVG947 N/A 4292.00000000 NS 166616.43000000 0.214830071937 Long EC CORP DE N 1 N N N Pearson plc 2138004JBXWWJKIURC57 N/A 44863.00000000 NS 370291.62000000 0.477442562911 Long EC CORP GB N 1 N N N N/A N/A N/A 1.00000000 NC N/A 231.37000000 0.000298321322 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 24473.85000000 EUR 27691.41000000 USD 2022-03-16 231.37000000 N N N SG Holdings Co. Ltd. N/A N/A 23200.00000000 NS 488866.13000000 0.630328868981 Long EC CORP JP N 1 N N N Sysmex Corp. 5299001ZO4CKWACMZI55 N/A 5800.00000000 NS 545142.11000000 0.702889377159 Long EC CORP JP N 1 N N N Fujitsu Ltd. 3538000246DHJLRTUZ24 N/A 1900.00000000 NS 247671.95000000 0.319340552641 Long EC CORP JP N 1 N N N N/A N/A N/A 1.00000000 NC N/A 146.91000000 0.000189421210 N/A DFE N/A N 2 TD Securities LTD. H71H6FPHX49CGFTF4J23 14403.22000000 USD 19677.09000000 SGD 2022-03-16 146.91000000 N N N Medibank Pvt Ltd. BDYVSUPTML83OLINBJ17 N/A 138185.00000000 NS 300836.97000000 0.387889885208 Long EC CORP AU N 1 N N Givaudan SA 213800SVRMQA1TD91D41 N/A 145.00000000 NS 594608.24000000 0.766669475355 Long EC CORP CH N 1 N N N Novartis AG 5493007HIVTX6SY6XD66 N/A 1218.00000000 NS 104826.10000000 0.135159531409 Long EC CORP CH N 1 N N N N/A N/A N/A 1.00000000 NC N/A -180.72000000 -0.00023301477 N/A DFE N/A N 2 Goldman Sachs Bank KD3XUN7C6T14HNAYLU02 24262.31000000 USD 159688.97000000 DKK 2022-03-16 -180.72000000 N N N N/A N/A N/A 1.00000000 NC N/A 4689.64000000 0.006046676780 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 1470448.99000000 SEK 162289.35000000 USD 2022-03-16 4689.64000000 N N N Keyence Corp. 529900M7PQBS7A89DZ11 N/A 400.00000000 NS 202143.63000000 0.260637744876 Long EC CORP JP N 1 N N N Constellation Software, Inc. 549300B6PYHMCTDWQV29 21037X100 319.00000000 NS 549145.03000000 0.708050618410 Long EC CORP CA N 1 N N N Singapore Technologies Engineering Ltd. 254900OEXGGWCR24DG90 N/A 229100.00000000 NS 631988.31000000 0.814866181569 Long EC CORP SG N 1 N N N Tryg A/S 213800ZRS8AC4LSTCE39 N/A 13108.00000000 NS 308973.02000000 0.398380256456 Long EC CORP DK N 1 N N N FinecoBank Banca Fineco SpA 549300L7YCATGO57ZE10 N/A 33176.00000000 NS 550602.33000000 0.709929615960 Long EC CORP IT N 1 N N N HSBC Holdings plc MLU0ZO3ML4LN2LL2TL39 N/A 30682.00000000 NS 217183.93000000 0.280030242548 Long EC CORP GB N 1 N N N Henderson Land Development Co. Ltd. 529900SYQB7IVR9QGN76 N/A 145000.00000000 NS 633179.65000000 0.816402258520 Long EC CORP HK N 1 N N N L E Lundbergforetagen AB 529900BPSFZS6O3A9R04 N/A 580.00000000 NS 29366.30000000 0.037863999015 Long EC CORP SE N 1 N N N N/A N/A N/A 1.00000000 NC N/A 1110.33000000 0.001431625163 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 43946.47000000 EUR 50418.95000000 USD 2022-03-16 1110.33000000 N N N Pennon Group plc 213800V1CCTS41GWH423 N/A 23432.00000000 NS 340468.59000000 0.438989670358 Long EC CORP GB N 1 N N N Sampo OYJ 743700UF3RL386WIDA22 N/A 2610.00000000 NS 128296.77000000 0.165421887435 Long EC CORP FI N 1 N N N Emera, Inc. NQZVQT2P5IUF2PGA1Q48 290876101 5655.00000000 NS 267809.92000000 0.345305828357 Long EC CORP CA N 1 N N Ferrari NV 549300RIVY5EX8RCON76 N/A 145.00000000 NS 32980.38000000 0.042523881996 Long EC CORP IT N 1 N N N Bridgestone Corp. 549300DHPOF90OYYD780 N/A 2900.00000000 NS 126167.93000000 0.162677026977 Long EC CORP JP N 1 N N N Singapore Exchange Ltd. 549300IQ650PPXM76X03 N/A 89900.00000000 NS 618991.24000000 0.798108161468 Long EC CORP SG N 1 N N N United Overseas Bank Ltd. IO66REGK3RCBAMA8HR66 N/A 17400.00000000 NS 385537.11000000 0.497099626223 Long EC CORP SG N 1 N N N N/A N/A N/A 8.00000000 NC USD -21722.33000000 -0.02800810050 N/A DE US N 1 ICE Clear US 549300HWWR1D8OTS2G29 Long MSCI EAFE E-Mini Index MSDUEAFE Index 2022-03-18 894120.00000000 USD -21722.33000000 N N N 2022-03-02 FlexShares Trust Randal Rein Randal Rein Treasurer and PFO XXXX