Schedule of Investments
FlexShares® US Quality Low Volatility Index Fund
January 31, 2024 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 99.6% |
| |||||||
Aerospace & Defense - 2.4% |
| |||||||
General Dynamics Corp. |
1,794 | 475,392 | ||||||
Huntington Ingalls Industries, Inc. |
4,140 | 1,071,929 | ||||||
Lockheed Martin Corp. |
4,830 | 2,074,050 | ||||||
Northrop Grumman Corp. |
2,622 | 1,171,405 | ||||||
|
|
|||||||
4,792,776 | ||||||||
|
|
|||||||
Air Freight & Logistics - 1.4% |
| |||||||
CH Robinson Worldwide, Inc.(a) |
13,800 | 1,160,442 | ||||||
Expeditors International of Washington, Inc. |
12,420 | 1,569,019 | ||||||
|
|
|||||||
2,729,461 | ||||||||
|
|
|||||||
Automobile Components - 0.3% |
| |||||||
Mobileye Global, Inc., Class A*(a) |
22,356 | 578,126 | ||||||
|
|
|||||||
Automobiles - 0.4% |
| |||||||
Tesla, Inc.* |
4,416 | 827,073 | ||||||
|
|
|||||||
Banks - 0.0%(b) |
| |||||||
JPMorgan Chase & Co. |
552 | 96,247 | ||||||
|
|
|||||||
Beverages - 1.8% |
| |||||||
PepsiCo, Inc. |
21,252 | 3,581,599 | ||||||
|
|
|||||||
Biotechnology - 6.5% |
| |||||||
AbbVie, Inc. |
2,898 | 476,431 | ||||||
Amgen, Inc. |
11,592 | 3,642,902 | ||||||
Biogen, Inc.* |
4,692 | 1,157,329 | ||||||
BioMarin Pharmaceutical, Inc.* |
10,488 | 923,783 | ||||||
Gilead Sciences, Inc. |
26,910 | 2,105,976 | ||||||
Regeneron Pharmaceuticals, Inc.* |
2,359 | 2,224,018 | ||||||
Vertex Pharmaceuticals, Inc.* |
5,520 | 2,392,258 | ||||||
|
|
|||||||
12,922,697 | ||||||||
|
|
|||||||
Broadline Retail - 0.3% |
| |||||||
Dillards, Inc., Class A(a) |
1,656 | 641,319 | ||||||
|
|
|||||||
Capital Markets - 0.8% |
| |||||||
CME Group, Inc. |
8,142 | 1,675,949 | ||||||
|
|
|||||||
Chemicals - 0.2% |
| |||||||
Linde plc |
828 | 335,199 | ||||||
|
|
|||||||
Commercial Services & Supplies - 2.3% |
| |||||||
Republic Services, Inc. |
6,762 | 1,157,114 | ||||||
Tetra Tech, Inc. |
5,796 | 916,811 | ||||||
Waste Connections, Inc. |
8,004 | 1,242,701 | ||||||
Waste Management, Inc. |
7,176 | 1,332,081 | ||||||
|
|
|||||||
4,648,707 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 2.2% |
| |||||||
Costco Wholesale Corp. |
1,518 | 1,054,828 | ||||||
Grocery Outlet Holding Corp.* |
32,982 | 817,294 | ||||||
Kroger Co. (The) |
30,774 | 1,419,912 |
Investments |
Shares | Value ($) | ||||||
Sprouts Farmers Market, Inc.*(a) |
20,286 | 1,021,806 | ||||||
|
|
|||||||
4,313,840 | ||||||||
|
|
|||||||
Containers & Packaging - 1.3% |
| |||||||
AptarGroup, Inc. |
7,452 | 967,866 | ||||||
Packaging Corp. of America |
9,384 | 1,556,618 | ||||||
|
|
|||||||
2,524,484 | ||||||||
|
|
|||||||
Diversified Consumer Services - 1.2% |
| |||||||
Grand Canyon Education, Inc.*(a) |
10,212 | 1,333,585 | ||||||
Service Corp. International |
14,628 | 981,831 | ||||||
|
|
|||||||
2,315,416 | ||||||||
|
|
|||||||
Diversified Telecommunication Services - 2.4% |
| |||||||
AT&T, Inc. |
154,974 | 2,741,490 | ||||||
Verizon Communications, Inc. |
45,402 | 1,922,775 | ||||||
|
|
|||||||
4,664,265 | ||||||||
|
|
|||||||
Electric Utilities - 2.4% |
| |||||||
American Electric Power Co., Inc. |
12,834 | 1,002,849 | ||||||
Duke Energy Corp.(a) |
18,906 | 1,811,762 | ||||||
Pinnacle West Capital Corp. |
12,420 | 855,738 | ||||||
Xcel Energy, Inc. |
17,526 | 1,049,281 | ||||||
|
|
|||||||
4,719,630 | ||||||||
|
|
|||||||
Entertainment - 1.3% |
| |||||||
Electronic Arts, Inc. |
3,036 | 417,693 | ||||||
Madison Square Garden Sports Corp.*(a) |
5,382 | 996,208 | ||||||
Take-Two Interactive Software, Inc.* |
6,762 | 1,115,257 | ||||||
|
|
|||||||
2,529,158 | ||||||||
|
|
|||||||
Financial Services - 2.4% |
| |||||||
Visa, Inc., Class A(a) |
17,388 | 4,751,445 | ||||||
|
|
|||||||
Food Products - 2.4% |
| |||||||
Flowers Foods, Inc. |
16,560 | 377,568 | ||||||
General Mills, Inc. |
4,002 | 259,770 | ||||||
Hershey Co. (The) |
5,382 | 1,041,632 | ||||||
Hormel Foods Corp. |
21,666 | 657,996 | ||||||
J M Smucker Co. (The) |
7,038 | 925,849 | ||||||
Lancaster Colony Corp.(a) |
8,418 | 1,547,060 | ||||||
|
|
|||||||
4,809,875 | ||||||||
|
|
|||||||
Gas Utilities - 0.8% |
| |||||||
Atmos Energy Corp.(a) |
6,210 | 707,567 | ||||||
Southwest Gas Holdings, Inc. |
2,760 | 161,957 | ||||||
Spire, Inc.(a) |
12,972 | 736,421 | ||||||
|
|
|||||||
1,605,945 | ||||||||
|
|
|||||||
Ground Transportation - 1.3% |
| |||||||
Landstar System, Inc.(a) |
8,142 | 1,560,984 | ||||||
Old Dominion Freight Line, Inc. |
2,484 | 971,294 | ||||||
|
|
|||||||
2,532,278 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies - 1.2% |
| |||||||
Abbott Laboratories |
21,114 | 2,389,049 | ||||||
|
|
|||||||
Health Care Providers & Services - 0.9% |
| |||||||
Chemed Corp. |
2,484 | 1,472,490 | ||||||
UnitedHealth Group, Inc. |
552 | 282,481 | ||||||
|
|
|||||||
1,754,971 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® US Quality Low Volatility Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Hotels, Restaurants & Leisure - 3.2% |
| |||||||
McDonalds Corp. |
15,870 | 4,645,466 | ||||||
Restaurant Brands International, Inc. |
20,976 | 1,637,806 | ||||||
|
|
|||||||
6,283,272 | ||||||||
|
|
|||||||
Household Durables - 0.4% |
| |||||||
Helen of Troy Ltd.* |
6,900 | 790,050 | ||||||
|
|
|||||||
Household Products - 3.4% |
| |||||||
Clorox Co. (The) |
8,280 | 1,202,670 | ||||||
Procter & Gamble Co. (The) |
24,702 | 3,881,672 | ||||||
WD-40 Co.(a) |
6,348 | 1,644,005 | ||||||
|
|
|||||||
6,728,347 | ||||||||
|
|
|||||||
Insurance - 6.5% |
| |||||||
Allstate Corp. (The) |
11,454 | 1,778,234 | ||||||
American Financial Group, Inc. |
12,420 | 1,495,368 | ||||||
Assurant, Inc. |
8,832 | 1,483,334 | ||||||
Chubb Ltd. |
5,934 | 1,453,830 | ||||||
Cincinnati Financial Corp. |
9,798 | 1,085,618 | ||||||
Hanover Insurance Group, Inc. (The) |
8,004 | 1,056,608 | ||||||
Loews Corp. |
1,104 | 80,438 | ||||||
Markel Group, Inc.*(a) |
690 | 1,033,227 | ||||||
Ryan Specialty Holdings, Inc., Class A*(a) |
20,700 | 896,724 | ||||||
Travelers Cos., Inc. (The) |
6,348 | 1,341,713 | ||||||
W R Berkley Corp. |
14,214 | 1,163,842 | ||||||
|
|
|||||||
12,868,936 | ||||||||
|
|
|||||||
Interactive Media & Services - 2.3% |
| |||||||
Alphabet, Inc., Class A* |
12,006 | 1,682,041 | ||||||
Alphabet, Inc., Class C* |
9,108 | 1,291,514 | ||||||
Meta Platforms, Inc., Class A* |
4,140 | 1,615,180 | ||||||
|
|
|||||||
4,588,735 | ||||||||
|
|
|||||||
IT Services - 2.2% |
| |||||||
Amdocs Ltd. |
17,250 | 1,581,480 | ||||||
International Business Machines Corp. |
15,456 | 2,838,649 | ||||||
|
|
|||||||
4,420,129 | ||||||||
|
|
|||||||
Life Sciences Tools & Services - 0.5% |
| |||||||
QIAGEN NV* |
23,811 | 1,039,570 | ||||||
|
|
|||||||
Metals & Mining - 1.0% |
| |||||||
Newmont Corp. |
30,222 | 1,042,961 | ||||||
Royal Gold, Inc.(a) |
8,556 | 978,721 | ||||||
|
|
|||||||
2,021,682 | ||||||||
|
|
|||||||
Multi-Utilities - 2.7% |
| |||||||
Ameren Corp. |
12,696 | 883,261 | ||||||
CMS Energy Corp.(a) |
17,388 | 993,898 | ||||||
Consolidated Edison, Inc. |
16,698 | 1,517,848 | ||||||
Northwestern Energy Group, Inc. |
18,216 | 876,554 | ||||||
WEC Energy Group, Inc. |
12,834 | 1,036,474 | ||||||
|
|
|||||||
5,308,035 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 0.9% |
| |||||||
Chesapeake Energy Corp.(a) |
5,106 | 393,724 | ||||||
Coterra Energy, Inc. |
55,200 | 1,373,376 | ||||||
|
|
|||||||
1,767,100 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Pharmaceuticals - 8.0% |
| |||||||
Eli Lilly & Co. |
11,592 | 7,483,911 | ||||||
Johnson & Johnson |
11,178 | 1,776,184 | ||||||
Merck & Co., Inc. |
55,062 | 6,650,389 | ||||||
|
|
|||||||
15,910,484 | ||||||||
|
|
|||||||
Professional Services - 1.8% |
| |||||||
Automatic Data Processing, Inc. |
7,038 | 1,729,800 | ||||||
Concentrix Corp.(a) |
3,726 | 331,129 | ||||||
Verisk Analytics, Inc. |
6,072 | 1,466,570 | ||||||
|
|
|||||||
3,527,499 | ||||||||
|
|
|||||||
Residential REITs - 0.2% |
| |||||||
Essex Property Trust, Inc., REIT |
1,794 | 418,486 | ||||||
|
|
|||||||
Retail REITs - 1.2% |
| |||||||
Agree Realty Corp., REIT |
16,284 | 970,689 | ||||||
Phillips Edison & Co., Inc., REIT |
39,750 | 1,379,723 | ||||||
|
|
|||||||
2,350,412 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 3.9% |
| |||||||
Broadcom, Inc. |
1,656 | 1,954,080 | ||||||
NVIDIA Corp. |
6,975 | 4,291,508 | ||||||
Texas Instruments, Inc. |
9,936 | 1,590,952 | ||||||
|
|
|||||||
7,836,540 | ||||||||
|
|
|||||||
Software - 12.9% |
| |||||||
Cadence Design Systems, Inc.* |
2,898 | 835,957 | ||||||
Check Point Software Technologies Ltd.* |
10,212 | 1,622,993 | ||||||
Dolby Laboratories, Inc., Class A |
6,486 | 539,506 | ||||||
Microsoft Corp. |
44,988 | 17,886,329 | ||||||
Qualys, Inc.*(a) |
8,005 | 1,514,306 | ||||||
Roper Technologies, Inc. |
3,174 | 1,704,438 | ||||||
Tyler Technologies, Inc.* |
3,588 | 1,516,827 | ||||||
|
|
|||||||
25,620,356 | ||||||||
|
|
|||||||
Specialized REITs - 2.6% |
| |||||||
Digital Realty Trust, Inc., REIT(a) |
11,454 | 1,608,829 | ||||||
Equinix, Inc., REIT |
2,208 | 1,832,132 | ||||||
Public Storage, REIT |
6,083 | 1,722,645 | ||||||
|
|
|||||||
5,163,606 | ||||||||
|
|
|||||||
Specialty Retail - 3.6% |
| |||||||
AutoZone, Inc.* |
552 | 1,524,696 | ||||||
Home Depot, Inc. (The) |
8,142 | 2,873,801 | ||||||
OReilly Automotive, Inc.* |
1,726 | 1,765,784 | ||||||
Tractor Supply Co. |
4,692 | 1,053,823 | ||||||
|
|
|||||||
7,218,104 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 5.4% |
| |||||||
Apple, Inc. |
58,374 | 10,764,166 | ||||||
|
|
|||||||
Wireless Telecommunication Services - 0.7% |
| |||||||
T-Mobile US, Inc. |
8,832 | 1,423,983 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
197,789,001 | ||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® US Quality Low Volatility Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 0.3%(c) |
| |||||||
REPURCHASE AGREEMENTS - 0.3% |
|
|||||||
CF Secured LLC, 5.31%, dated 1/31/2024, due 2/1/2024, repurchase price $650,448, collateralized by
various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 3/31/2024 - 5/15/2053; total market value $5,155,349 |
650,352 | 650,352 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
SHORT-TERM INVESTMENTS - 0.1%(d)(e) |
| |||||||
U.S. TREASURY OBLIGATIONS - 0.1% |
|
|||||||
U.S. Treasury Bills |
35,000 | 34,645 | ||||||
|
|
|||||||
Total Investments - 100.0% |
|
198,473,998 | ||||||
Other assets less liabilities - 0.0%(b) |
|
93,376 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
198,567,374 | ||||||
|
|
* | Non-income producing security. |
(a) | The security or a portion of this security is on loan at January 31, 2024. The total value of securities on loan at January 31, 2024 was $20,595,631, collateralized in the form of cash with a value of $650,352 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $20,711,699 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 7.63%, and maturity dates ranging from February 13, 2024 November 15, 2053; a total value of $21,362,051. |
(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, 2024. The total value of securities purchased was $650,352. |
(d) | All or a portion of the security pledged as collateral for Futures Contracts. |
(e) | The rate shown was the current yield as of January 31, 2024. |
Percentages shown are based on Net Assets.
Abbreviations | ||
REIT |
Real Estate Investment Trust |
See Accompanying Notes to the Schedules of Investments.
FlexShares® US Quality Low Volatility Index Fund (cont.)
Futures Contracts
FlexShares® US Quality Low Volatility Index Fund had the following open futures contracts as of January 31, 2024:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||
Long Contracts |
|
|||||||||||||||||
S&P 500 E-Mini Index |
2 | 03/15/2024 | USD | $ | 487,050 | $ | 21,962 | |||||||||||
S&P 500 Micro E-Mini Index |
8 | 03/15/2024 | USD | 194,820 | 3,435 | |||||||||||||
|
|
|||||||||||||||||
$ | 25,397 | |||||||||||||||||
|
|
Abbreviations:
USD US Dollar |
Security Type |
% of Net Assets | |||
Common Stocks |
99.6 | % | ||
Securities Lending Reinvestments |
0.3 | |||
Short-Term Investments |
0.1 | |||
Others(1) |
0.0 | | ||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund
January 31, 2024 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 98.3% |
| |||||||
Aerospace & Defense - 2.2% |
| |||||||
BAE Systems plc |
43,320 | 649,302 | ||||||
Dassault Aviation SA |
1,104 | 210,463 | ||||||
Thales SA |
3,336 | 490,472 | ||||||
|
|
|||||||
1,350,237 | ||||||||
|
|
|||||||
Air Freight & Logistics - 0.7% |
| |||||||
Yamato Holdings Co. Ltd. |
26,400 | 461,718 | ||||||
|
|
|||||||
Automobile Components - 0.2% |
| |||||||
Bridgestone Corp. |
2,400 | 105,802 | ||||||
|
|
|||||||
Automobiles - 1.0% |
| |||||||
Ferrari NV |
1,776 | 624,476 | ||||||
|
|
|||||||
Banks - 10.2% |
| |||||||
Bank Hapoalim BM |
58,008 | 497,193 | ||||||
Bank Leumi Le-Israel BM |
62,448 | 478,256 | ||||||
Banque Cantonale Vaudoise (Registered) |
168 | 21,699 | ||||||
BOC Hong Kong Holdings Ltd.(a) |
168,000 | 402,310 | ||||||
DBS Group Holdings Ltd. |
24,000 | 572,545 | ||||||
Hang Seng Bank Ltd. |
21,700 | 225,543 | ||||||
HSBC Holdings plc |
11,400 | 89,746 | ||||||
Japan Post Bank Co. Ltd. |
50,400 | 529,428 | ||||||
Mizrahi Tefahot Bank Ltd. |
12,816 | 480,186 | ||||||
Mizuho Financial Group, Inc. |
33,600 | 621,086 | ||||||
Oversea-Chinese Banking Corp. Ltd. |
48,000 | 462,993 | ||||||
Resona Holdings, Inc. |
45,600 | 255,772 | ||||||
Sumitomo Mitsui Financial Group, Inc. |
17,900 | 942,911 | ||||||
Toronto-Dominion Bank (The) |
6,216 | 379,971 | ||||||
United Overseas Bank Ltd. |
19,200 | 407,606 | ||||||
|
|
|||||||
6,367,245 | ||||||||
|
|
|||||||
Beverages - 0.5% |
| |||||||
Budweiser Brewing Co. APAC Ltd.(b) |
108,000 | 169,656 | ||||||
Suntory Beverage & Food Ltd.(a) |
4,800 | 158,670 | ||||||
|
|
|||||||
328,326 | ||||||||
|
|
|||||||
Broadline Retail - 1.9% |
| |||||||
Dollarama, Inc. |
4,104 | 303,089 | ||||||
Pan Pacific International Holdings Corp. |
21,600 | 473,892 | ||||||
Wesfarmers Ltd. |
11,088 | 426,370 | ||||||
|
|
|||||||
1,203,351 | ||||||||
|
|
|||||||
Capital Markets - 1.9% |
| |||||||
Deutsche Boerse AG |
3,072 | 616,503 | ||||||
Hong Kong Exchanges & Clearing Ltd. |
4,400 | 133,172 | ||||||
Singapore Exchange Ltd. |
64,800 | 456,294 | ||||||
|
|
|||||||
1,205,969 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Chemicals - 2.4% |
| |||||||
Air Liquide SA |
5,688 | 1,073,098 | ||||||
ICL Group Ltd. |
89,424 | 411,992 | ||||||
|
|
|||||||
1,485,090 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 1.9% |
| |||||||
Brambles Ltd. |
27,720 | 268,268 | ||||||
Dai Nippon Printing Co. Ltd. |
8,300 | 243,705 | ||||||
Secom Co. Ltd. |
7,200 | 528,025 | ||||||
TOPPAN Holdings, Inc. |
4,800 | 134,272 | ||||||
|
|
|||||||
1,174,270 | ||||||||
|
|
|||||||
Construction & Engineering - 0.3% |
| |||||||
Ackermans & van Haaren NV |
72 | 12,115 | ||||||
Obayashi Corp. |
7,200 | 67,456 | ||||||
Taisei Corp. |
2,400 | 88,414 | ||||||
|
|
|||||||
167,985 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 2.5% |
| |||||||
Carrefour SA |
816 | 14,022 | ||||||
Jeronimo Martins SGPS SA |
11,064 | 253,345 | ||||||
Koninklijke Ahold Delhaize NV |
18,672 | 527,547 | ||||||
Loblaw Cos. Ltd. |
2,808 | 282,366 | ||||||
Metro, Inc., Class A |
9,264 | 489,462 | ||||||
|
|
|||||||
1,566,742 | ||||||||
|
|
|||||||
Containers & Packaging - 0.4% |
| |||||||
CCL Industries, Inc., Class B |
5,352 | 230,496 | ||||||
|
|
|||||||
Diversified Consumer Services - 0.1% |
| |||||||
Pearson plc |
7,368 | 91,163 | ||||||
|
|
|||||||
Diversified REITs - 0.0%(c) |
| |||||||
Nomura Real Estate Master Fund, Inc., REIT |
24 | 26,500 | ||||||
|
|
|||||||
Diversified Telecommunication Services - 4.8% |
| |||||||
Deutsche Telekom AG (Registered) |
18,096 | 447,093 | ||||||
Elisa OYJ |
9,240 | 424,061 | ||||||
HKT Trust & HKT Ltd. |
24,000 | 28,829 | ||||||
Koninklijke KPN NV |
139,152 | 475,832 | ||||||
Nippon Telegraph & Telephone Corp. |
420,000 | 535,290 | ||||||
Orange SA |
26,736 | 319,404 | ||||||
Singapore Telecommunications Ltd. |
148,800 | 267,235 | ||||||
Swisscom AG (Registered) |
864 | 519,901 | ||||||
|
|
|||||||
3,017,645 | ||||||||
|
|
|||||||
Electric Utilities - 4.8% |
| |||||||
Chubu Electric Power Co., Inc. |
9,600 | 125,931 | ||||||
CLP Holdings Ltd. |
36,000 | 286,213 | ||||||
Emera, Inc. |
1,968 | 69,982 | ||||||
Fortis, Inc. |
6,700 | 270,497 | ||||||
Hydro One Ltd.(a)(b) |
16,896 | 504,585 | ||||||
Iberdrola SA |
52,512 | 637,435 | ||||||
Iberdrola SA* |
905 | 10,986 | ||||||
Kansai Electric Power Co., Inc. (The) |
19,200 | 265,392 | ||||||
Power Assets Holdings Ltd. |
45,000 | 263,648 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Redeia Corp. SA |
27,672 | 463,806 | ||||||
Terna - Rete Elettrica Nazionale |
9,192 | 78,161 | ||||||
|
|
|||||||
2,976,636 | ||||||||
|
|
|||||||
Entertainment - 0.5% |
| |||||||
Nintendo Co. Ltd. |
2,400 | 136,439 | ||||||
Toho Co. Ltd. |
5,500 | 181,245 | ||||||
|
|
|||||||
317,684 | ||||||||
|
|
|||||||
Food Products - 5.6% |
| |||||||
JDE Peets NV |
168 | 4,172 | ||||||
MEIJI Holdings Co. Ltd. |
9,600 | 234,524 | ||||||
Nestle SA (Registered) |
22,056 | 2,534,055 | ||||||
Nissin Foods Holdings Co. Ltd. |
6,600 | 215,778 | ||||||
WH Group Ltd.(b) |
372,000 | 218,901 | ||||||
Yakult Honsha Co. Ltd. |
12,000 | 265,162 | ||||||
|
|
|||||||
3,472,592 | ||||||||
|
|
|||||||
Gas Utilities - 1.2% |
| |||||||
Osaka Gas Co. Ltd. |
12,000 | 255,474 | ||||||
Snam SpA |
47,640 | 234,371 | ||||||
Tokyo Gas Co. Ltd. |
10,800 | 251,280 | ||||||
|
|
|||||||
741,125 | ||||||||
|
|
|||||||
Ground Transportation - 4.5% |
| |||||||
Canadian National Railway Co. |
7,800 | 973,679 | ||||||
Canadian Pacific Kansas City Ltd. |
1,296 | 104,947 | ||||||
Central Japan Railway Co. |
12,000 | 303,171 | ||||||
East Japan Railway Co. |
4,800 | 277,180 | ||||||
Hankyu Hanshin Holdings, Inc. |
7,200 | 223,081 | ||||||
Keisei Electric Railway Co. Ltd. |
2,400 | 109,972 | ||||||
Kintetsu Group Holdings Co. Ltd. |
7,200 | 224,607 | ||||||
Tobu Railway Co. Ltd. |
16,800 | 450,413 | ||||||
West Japan Railway Co. |
3,000 | 126,219 | ||||||
|
|
|||||||
2,793,269 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 1.1% |
| |||||||
Compass Group plc |
2,400 | 66,566 | ||||||
Genting Singapore Ltd. |
316,800 | 239,434 | ||||||
La Francaise des Jeux SAEM(b) |
312 | 12,757 | ||||||
McDonalds Holdings Co. Japan Ltd.(a) |
4,800 | 215,413 | ||||||
Sodexo SA |
1,416 | 160,888 | ||||||
|
|
|||||||
695,058 | ||||||||
|
|
|||||||
Household Durables - 0.8% |
| |||||||
Sekisui Chemical Co. Ltd. |
16,800 | 243,308 | ||||||
Sekisui House Ltd.(a) |
12,000 | 274,767 | ||||||
|
|
|||||||
518,075 | ||||||||
|
|
|||||||
Household Products - 0.7% |
| |||||||
Henkel AG & Co. KGaA |
384 | 26,429 | ||||||
Reckitt Benckiser Group plc |
5,400 | 392,518 | ||||||
|
|
|||||||
418,947 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity |
| |||||||
Meridian Energy Ltd. |
2,112 | 7,215 | ||||||
|
|
|||||||
Industrial Conglomerates - 1.1% |
| |||||||
CK Hutchison Holdings Ltd. |
48,000 | 248,067 | ||||||
Jardine Matheson Holdings Ltd. |
4,800 | 193,440 | ||||||
Keppel Ltd. |
48,000 | 257,178 | ||||||
|
|
|||||||
698,685 | ||||||||
|
|
|||||||
Insurance - 5.6% |
| |||||||
Fairfax Financial Holdings Ltd. |
576 | 604,204 |
Investments |
Shares | Value ($) | ||||||
Hannover Rueck SE |
1,128 | 272,259 | ||||||
Insurance Australia Group Ltd. |
37,104 | 148,147 | ||||||
Japan Post Insurance Co. Ltd. |
12,000 | 227,727 | ||||||
Medibank Pvt Ltd. |
196,680 | 499,259 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) |
1,416 | 606,331 | ||||||
Sampo OYJ, Class A |
12,048 | 507,585 | ||||||
Talanx AG |
1,512 | 106,839 | ||||||
Zurich Insurance Group AG |
960 | 491,386 | ||||||
|
|
|||||||
3,463,737 | ||||||||
|
|
|||||||
IT Services - 2.3% |
| |||||||
CGI, Inc.* |
2,928 | 329,957 | ||||||
Obic Co. Ltd. |
2,900 | 451,045 | ||||||
Otsuka Corp. |
4,800 | 204,708 | ||||||
SCSK Corp. |
24,000 | 477,127 | ||||||
|
|
|||||||
1,462,837 | ||||||||
|
|
|||||||
Machinery - 1.2% |
| |||||||
Hoshizaki Corp. |
7,200 | 265,687 | ||||||
Kone OYJ, Class B |
9,720 | 485,051 | ||||||
|
|
|||||||
750,738 | ||||||||
|
|
|||||||
Marine Transportation - 0.6% |
| |||||||
Kuehne + Nagel International AG (Registered) |
1,008 | 345,224 | ||||||
|
|
|||||||
Metals & Mining - 0.6% |
| |||||||
BHP Group Ltd. |
3,264 | 101,993 | ||||||
Franco-Nevada Corp. |
2,777 | 302,341 | ||||||
|
|
|||||||
404,334 | ||||||||
|
|
|||||||
Multi-Utilities - 0.8% |
| |||||||
Canadian Utilities Ltd., Class A(a) |
17,016 | 390,232 | ||||||
National Grid plc |
8,712 | 117,045 | ||||||
|
|
|||||||
507,277 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 3.7% |
| |||||||
ENEOS Holdings, Inc. |
60,000 | 245,706 | ||||||
Galp Energia SGPS SA |
31,440 | 499,127 | ||||||
Keyera Corp. |
9,480 | 230,747 | ||||||
Pembina Pipeline Corp. |
8,256 | 286,168 | ||||||
Shell plc |
26,184 | 815,928 | ||||||
TotalEnergies SE |
3,960 | 258,523 | ||||||
|
|
|||||||
2,336,199 | ||||||||
|
|
|||||||
Passenger Airlines - 0.3% |
| |||||||
Singapore Airlines Ltd. |
40,800 | 203,947 | ||||||
|
|
|||||||
Personal Care Products - 2.8% |
| |||||||
Beiersdorf AG |
1,824 | 269,162 | ||||||
Unilever plc |
30,648 | 1,501,434 | ||||||
|
|
|||||||
1,770,596 | ||||||||
|
|
|||||||
Pharmaceuticals - 11.7% |
| |||||||
AstraZeneca plc |
1,944 | 259,937 | ||||||
GSK plc |
38,976 | 778,261 | ||||||
Novartis AG (Registered) |
10,320 | 1,075,489 | ||||||
Novo Nordisk A/S, Class B |
8,040 | 907,836 | ||||||
Roche Holding AG |
120 | 36,622 | ||||||
Roche Holding AG - BR |
8,136 | 2,343,540 | ||||||
Sanofi SA |
15,912 | 1,613,672 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
UCB SA |
2,832 | 268,557 | ||||||
|
|
|||||||
7,283,914 | ||||||||
|
|
|||||||
Professional Services - 2.7% |
| |||||||
RELX plc |
5,376 | 223,319 | ||||||
SGS SA (Registered) |
5,208 | 485,922 | ||||||
Thomson Reuters Corp. |
2,256 | 337,053 | ||||||
Wolters Kluwer NV |
4,248 | 629,864 | ||||||
|
|
|||||||
1,676,158 | ||||||||
|
|
|||||||
Real Estate Management & Development - 2.8% |
| |||||||
CK Asset Holdings Ltd. |
96,000 | 432,889 | ||||||
Daito Trust Construction Co. Ltd. |
2,400 | 276,244 | ||||||
Daiwa House Industry Co. Ltd. |
16,800 | 526,843 | ||||||
Hang Lung Properties Ltd. |
72,000 | 83,630 | ||||||
Henderson Land Development Co. Ltd.(a) |
72,000 | 187,432 | ||||||
Sino Land Co. Ltd. |
11,764 | 12,280 | ||||||
Sun Hung Kai Properties Ltd. |
24,000 | 223,659 | ||||||
|
|
|||||||
1,742,977 | ||||||||
|
|
|||||||
Retail REITs - 0.7% |
| |||||||
Link REIT, REIT |
86,400 | 433,257 | ||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 1.1% |
| |||||||
ASML Holding NV |
768 | 665,890 | ||||||
|
|
|||||||
Software - 1.5% |
| |||||||
Constellation Software, Inc. |
24 | 66,749 | ||||||
Dassault Systemes SE |
3,048 | 159,701 | ||||||
Nice Ltd.* |
1,248 | 258,019 | ||||||
Oracle Corp. Japan |
5,900 | 471,031 | ||||||
|
|
|||||||
955,500 | ||||||||
|
|
|||||||
Specialty Retail - 1.1% |
| |||||||
Industria de Diseno Textil SA |
15,480 | 667,730 | ||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 0.7% |
| |||||||
Canon, Inc. |
14,400 | 401,929 | ||||||
Logitech International SA (Registered) |
456 | 38,517 | ||||||
|
|
|||||||
440,446 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 0.6% |
| |||||||
LVMH Moet Hennessy Louis Vuitton SE |
408 | 342,852 | ||||||
|
|
|||||||
Tobacco - 0.4% |
| |||||||
Japan Tobacco, Inc. |
8,600 | 229,157 | ||||||
|
|
|||||||
Trading Companies & Distributors - 2.0% |
| |||||||
Bunzl plc |
6,768 | 277,091 | ||||||
Ferguson plc |
3,336 | 630,862 | ||||||
ITOCHU Corp. |
7,200 | 332,577 | ||||||
|
|
|||||||
1,240,530 | ||||||||
|
|
|||||||
Transportation Infrastructure - 1.2% |
| |||||||
Aena SME SA(b) |
1,704 | 304,022 | ||||||
Auckland International Airport Ltd. |
22,704 | 117,883 | ||||||
Flughafen Zurich AG (Registered) |
1,080 | 224,976 | ||||||
Getlink SE |
6,504 | 113,040 | ||||||
|
|
|||||||
759,921 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Wireless Telecommunication Services - 2.6% |
| |||||||
KDDI Corp. |
21,600 | 723,621 | ||||||
Rogers Communications, Inc., Class B |
3,576 | 168,087 | ||||||
SoftBank Corp. |
40,800 | 548,047 | ||||||
Vodafone Group plc |
242,808 | 208,156 | ||||||
|
|
|||||||
1,647,911 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
61,377,433 | ||||||
|
|
|||||||
Investments |
Number of Warrants |
Value ($) | ||||||
WARRANTS - 0.0% |
| |||||||
Software - 0.0% |
| |||||||
Constellation Software, Inc., expiring 3/31/2040, price 11.50 CAD* |
28 | | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 0.7%(d) |
| |||||||
REPURCHASE AGREEMENTS - 0.7% |
| |||||||
CF Secured LLC, 5.31%, dated 1/31/2024, due 2/1/2024, repurchase price $435,991, collateralized by
various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 3/31/2024 - 5/15/2053; total market value $3,455,596 |
435,927 | 435,927 | ||||||
|
|
|||||||
Total Investments - 99.0% |
|
61,813,360 | ||||||
Other assets less liabilities - 1.0% |
|
599,531 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
62,412,891 | ||||||
|
|
* | Non-income producing security. |
| Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund (cont.)
(a) | The security or a portion of this security is on loan at January 31, 2024. The total value of securities on loan at January 31, 2024 was $1,773,489, collateralized in the form of cash with a value of $435,927 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $1,155,437 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 5.50%, and maturity dates ranging from February 6, 2024 August 15, 2052 and $359,572 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 5.50%, and maturity dates |
ranging from February 21, 2024 September 20, 2117; a total value of $1,950,936. |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(c) | Represents less than 0.05% of net assets. |
(d) | The security was purchased with cash collateral held from securities on loan at January 31, 2024. The total value of securities purchased was $435,927. |
Percentages shown are based on Net Assets.
Abbreviations | ||
OYJ |
Public Limited Company | |
REIT |
Real Estate Investment Trust |
Futures Contracts
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund had the following open futures contracts as of January 31, 2024:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||||
Long Contracts |
|
|||||||||||||||||||
MSCI EAFE E-Mini Index |
9 | 03/15/2024 | USD | $ | 1,004,850 | $ | 24,192 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund (cont.)
Forward Foreign Currency Contracts
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund had the following outstanding contracts as of January 31, 2024:
Contracts to Receive |
Counterparty |
In Exchange For | Maturity Date |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
CAD |
91,112 | Citibank NA | USD | 67,958 | 03/20/2024 | $ | 278 | |||||||||||||||
ILS |
73,522 | Morgan Stanley | USD | 20,085 | 03/20/2024 | 158 | ||||||||||||||||
USD |
80,292 | Citibank NA | AUD | 119,288 | 03/20/2024 | 1,316 | ||||||||||||||||
USD |
44,820 | Citibank NA | DKK | 303,190 | 03/20/2024 | 525 | ||||||||||||||||
USD |
306,725 | Citibank NA | EUR | 279,420 | 03/20/2024 | 2,596 | ||||||||||||||||
USD |
25,558 | Citibank NA | NZD | 41,229 | 03/20/2024 | 179 | ||||||||||||||||
USD |
75,433 | Citibank NA | SEK | 767,599 | 03/20/2024 | 1,001 | ||||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized appreciation |
|
$ | 6,053 | |||||||||||||||||||
|
|
|||||||||||||||||||||
HKD |
282,833 | Bank of New York Mellon (The) | USD | 36,283 | 03/20/2024 | $ | (56 | ) | ||||||||||||||
SGD |
16,357 | BNP Paribas SA | USD | 12,371 | 03/20/2024 | (105 | ) | |||||||||||||||
USD |
195,112 | Citibank NA | CHF | 167,993 | 03/20/2024 | (1,716 | ) | |||||||||||||||
USD |
25,392 | Citibank NA | GBP | 19,939 | 03/20/2024 | (7 | ) | |||||||||||||||
USD |
12,516 | Citibank NA | NOK | 131,563 | 03/20/2024 | (80 | ) | |||||||||||||||
JPY |
13,556,869 | Toronto-Dominion Bank (The) | USD | 97,062 | 03/21/2024 | (3,612 | ) | |||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized depreciation |
|
$ | (5,576 | ) | ||||||||||||||||||
|
|
|||||||||||||||||||||
Net unrealized appreciation |
|
$ | 477 | |||||||||||||||||||
|
|
Abbreviations:
AUD Australian Dollar |
CAD Canadian Dollar |
CHF Swiss Franc |
DKK Danish Krone |
EUR Euro |
GBP British Pound |
HKD Hong Kong Dollar |
ILS Israeli Shekel |
JPY Japanese Yen |
NOK Norwegian Krone |
NZD New Zealand Dollar |
SEK Swedish Krona |
SGD Singapore Dollar |
USD US Dollar |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund (cont.)
FlexShares® Developed Markets ex-US Quality Low Volatility Index invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2024:
Australia |
2.3 | % | ||
Belgium |
0.4 | |||
Canada |
10.1 | |||
Denmark |
1.5 | |||
Finland |
2.3 | |||
France |
7.6 | |||
Germany |
3.8 | |||
Hong Kong |
5.4 | |||
Israel |
3.4 | |||
Italy |
0.5 | |||
Japan |
23.9 | |||
Netherlands |
4.7 | |||
New Zealand |
0.2 | |||
Portugal |
1.2 | |||
Singapore |
4.9 | |||
Spain |
3.3 | |||
Switzerland |
13.0 | |||
United Kingdom |
9.8 | |||
Other1 |
1.7 | |||
|
|
|||
100.0 | % | |||
|
|
1 | Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
Security Type |
% of Net Assets | |||
Common Stocks |
98.3 | % | ||
Warrants |
| |||
Securities Lending Reinvestments |
0.7 | |||
Others(1) |
1.0 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Emerging Markets Quality Low Volatility Index Fund
January 31, 2024 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 100.0% |
| |||||||
Automobile Components - 1.2% |
| |||||||
Balkrishna Industries Ltd. |
180 | 5,320 | ||||||
Bosch Ltd. |
18 | 5,108 | ||||||
Cheng Shin Rubber Industry Co. Ltd. |
72,000 | 104,551 | ||||||
Hyundai Mobis Co. Ltd. |
18 | 2,832 | ||||||
MRF Ltd. |
81 | 139,069 | ||||||
|
|
|||||||
256,880 | ||||||||
|
|
|||||||
Automobiles - 2.8% |
| |||||||
Bajaj Auto Ltd. |
2,457 | 226,858 | ||||||
Hero MotoCorp Ltd. |
3,618 | 201,349 | ||||||
Maruti Suzuki India Ltd. |
1,197 | 146,835 | ||||||
|
|
|||||||
575,042 | ||||||||
|
|
|||||||
Banks - 17.7% |
| |||||||
Abu Dhabi Islamic Bank PJSC |
33,255 | 101,405 | ||||||
Agricultural Bank of China Ltd., Class H |
369,000 | 142,554 | ||||||
Al Rajhi Bank |
2,988 | 66,929 | ||||||
Banco BBVA Peru SA |
8,271 | 3,501 | ||||||
Bank Central Asia Tbk. PT |
181,800 | 110,025 | ||||||
Bank of China Ltd., Class H |
612,000 | 230,168 | ||||||
Bank of Communications Co. Ltd., Class H |
198,000 | 117,018 | ||||||
Boubyan Bank KSCP |
57,780 | 115,335 | ||||||
Chang Hwa Commercial Bank Ltd. |
288,000 | 161,025 | ||||||
China Construction Bank Corp., Class H |
662,000 | 392,936 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H |
279,000 | 108,499 | ||||||
Dubai Islamic Bank PJSC |
112,104 | 192,896 | ||||||
Emirates NBD Bank PJSC |
26,505 | 127,728 | ||||||
First Abu Dhabi Bank PJSC |
4,635 | 18,475 | ||||||
First Financial Holding Co. Ltd. |
207,000 | 175,920 | ||||||
Grupo Financiero Banorte SAB de CV, Class O |
1,800 | 18,346 | ||||||
HDFC Bank Ltd. |
5,346 | 94,153 | ||||||
Hong Leong Bank Bhd. |
27,000 | 109,598 | ||||||
Hong Leong Financial Group Bhd. |
22,500 | 78,108 | ||||||
ICICI Bank Ltd. |
10,521 | 130,259 | ||||||
Industrial & Commercial Bank of China Ltd., Class H |
432,000 | 211,102 | ||||||
Itau Unibanco Holding SA (Preference) |
5,400 | 35,824 | ||||||
Kuwait Finance House KSCP |
70,119 | 175,981 | ||||||
Malayan Banking Bhd. |
69,300 | 135,670 | ||||||
National Bank of Kuwait SAKP |
59,220 | 188,672 | ||||||
Qatar International Islamic Bank QSC |
39,879 | 114,347 | ||||||
Qatar National Bank QPSC |
36,918 | 157,264 | ||||||
RHB Bank Bhd. |
35,100 | 41,556 | ||||||
Saudi Investment Bank (The) |
23,805 | 99,026 | ||||||
Saudi National Bank (The) |
2,736 | 29,621 |
Investments |
Shares | Value ($) | ||||||
Sberbank of Russia PJSC |
12,360 | | ||||||
|
|
|||||||
3,683,941 | ||||||||
|
|
|||||||
Beverages - 1.1% |
| |||||||
Emperador, Inc. |
271,800 | 99,218 | ||||||
Nongfu Spring Co. Ltd., Class H(a) |
23,400 | 126,770 | ||||||
|
|
|||||||
225,988 | ||||||||
|
|
|||||||
Broadline Retail - 3.3% |
| |||||||
Alibaba Group Holding Ltd., ADR |
7,236 | 522,222 | ||||||
PDD Holdings, Inc., ADR* |
1,098 | 139,303 | ||||||
Prosus NV |
432 | 12,919 | ||||||
Robinson PCL* |
600 | | ||||||
|
|
|||||||
674,444 | ||||||||
|
|
|||||||
Capital Markets - 0.8% |
| |||||||
Macquarie Korea Infrastructure Fund |
17,064 | 159,306 | ||||||
|
|
|||||||
Chemicals - 3.6% |
| |||||||
Asian Paints Ltd. |
4,428 | 157,716 | ||||||
Berger Paints India Ltd. |
2,835 | 19,294 | ||||||
Fertiglobe plc |
174,708 | 132,710 | ||||||
Mesaieed Petrochemical Holding Co. |
206,172 | 95,130 | ||||||
PhosAgro PJSC |
1,158 | | ||||||
Pidilite Industries Ltd. |
3,807 | 116,123 | ||||||
SABIC Agri-Nutrients Co. |
4,887 | 167,066 | ||||||
Saudi Basic Industries Corp. |
2,754 | 57,208 | ||||||
|
|
|||||||
745,247 | ||||||||
|
|
|||||||
Construction & Engineering - 0.1% |
| |||||||
Larsen & Toubro Ltd. |
486 | 20,365 | ||||||
|
|
|||||||
Construction Materials - 0.8% |
| |||||||
Asia Cement Corp. |
48,564 | 61,676 | ||||||
LafargeHolcim Maroc SA |
567 | 110,643 | ||||||
|
|
|||||||
172,319 | ||||||||
|
|
|||||||
Consumer Finance - 0.5% |
| |||||||
Bajaj Finance Ltd. |
117 | 9,669 | ||||||
Samsung Card Co. Ltd.* |
3,969 | 98,136 | ||||||
|
|
|||||||
107,805 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 0.9% |
| |||||||
Nahdi Medical Co. |
333 | 12,485 | ||||||
President Chain Store Corp. |
19,000 | 160,258 | ||||||
Wal-Mart de Mexico SAB de CV |
900 | 3,726 | ||||||
|
|
|||||||
176,469 | ||||||||
|
|
|||||||
Diversified Telecommunication Services - 4.4% |
| |||||||
Chunghwa Telecom Co. Ltd. |
58,000 | 220,515 | ||||||
Emirates Integrated Telecommunications Co. PJSC |
106,758 | 164,223 | ||||||
Itissalat Al-Maghrib |
16,992 | 160,606 | ||||||
LG Uplus Corp. |
11,853 | 90,852 | ||||||
Ooredoo QPSC |
39,168 | 115,105 | ||||||
Saudi Telecom Co. |
15,390 | 167,439 | ||||||
|
|
|||||||
918,740 | ||||||||
|
|
|||||||
Electric Utilities - 3.1% |
| |||||||
CPFL Energia SA |
6,300 | 46,232 | ||||||
Manila Electric Co. |
15,570 | 100,122 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Emerging Markets Quality Low Volatility Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Power Grid Corp. of India Ltd. |
74,592 | 232,910 | ||||||
Saudi Electricity Co. |
20,106 | 101,653 | ||||||
Transmissora Alianca de Energia Eletrica SA |
21,600 | 161,264 | ||||||
|
|
|||||||
642,181 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & |
| |||||||
WPG Holdings Ltd. |
50,000 | 139,299 | ||||||
|
|
|||||||
Entertainment - 0.8% |
| |||||||
NetEase, Inc., ADR |
1,602 | 156,419 | ||||||
|
|
|||||||
Food Products - 3.6% |
| |||||||
Almarai Co. JSC |
6,399 | 97,433 | ||||||
Nestle India Ltd. |
1,710 | 51,602 | ||||||
Nestle Malaysia Bhd. |
5,400 | 136,427 | ||||||
Orion Corp. |
900 | 61,837 | ||||||
Tingyi Cayman Islands Holding Corp. |
126,000 | 125,077 | ||||||
Uni-President China Holdings Ltd. |
90,000 | 50,427 | ||||||
Uni-President Enterprises Corp. |
27,000 | 62,455 | ||||||
Want Want China Holdings Ltd. |
279,000 | 153,825 | ||||||
|
|
|||||||
739,083 | ||||||||
|
|
|||||||
Gas Utilities - 0.8% |
| |||||||
Petronas Gas Bhd. |
44,100 | 165,398 | ||||||
|
|
|||||||
Health Care Providers & Services - 3.4% |
| |||||||
Bumrungrad Hospital PCL, NVDR |
22,500 | 152,209 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. |
1,701 | 131,540 | ||||||
IHH Healthcare Bhd. |
75,600 | 97,497 | ||||||
Mitra Keluarga Karyasehat Tbk. PT(a) |
884,700 | 150,814 | ||||||
Mouwasat Medical Services Co. |
1,287 | 40,771 | ||||||
Sinopharm Group Co. Ltd., Class H |
50,400 | 132,492 | ||||||
|
|
|||||||
705,323 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 0.7% |
| |||||||
Americana Restaurants International plc |
83,934 | 71,069 | ||||||
Kangwon Land, Inc.* |
3,375 | 37,957 | ||||||
Meituan, Class B*(a) |
4,500 | 36,007 | ||||||
|
|
|||||||
145,033 | ||||||||
|
|
|||||||
Household Durables - 0.2% |
| |||||||
Arcelik A/S |
8,721 | 40,696 | ||||||
|
|
|||||||
Household Products - 0.0%(b) |
| |||||||
Unilever Indonesia Tbk. PT |
23,400 | 4,597 | ||||||
|
|
|||||||
Independent Power and Renewable Electricity |
| |||||||
ACWA Power Co. |
972 | 62,206 | ||||||
Engie Brasil Energia SA |
2,700 | 22,174 | ||||||
NTPC Ltd. |
27,477 | 105,053 | ||||||
Unipro PJSC* |
726,000 | | ||||||
|
|
|||||||
189,433 | ||||||||
|
|
|||||||
Industrial Conglomerates - 2.1% |
| |||||||
Alpha Dhabi Holding PJSC* |
22,194 | 107,316 | ||||||
Far Eastern New Century Corp. |
108,000 | 106,621 | ||||||
Industries Qatar QSC |
18,558 | 61,163 |
Investments |
Shares | Value ($) | ||||||
Samsung C&T Corp. |
1,125 | 116,323 | ||||||
Sime Darby Bhd. |
71,100 | 36,527 | ||||||
|
|
|||||||
427,950 | ||||||||
|
|
|||||||
Insurance - 2.3% |
| |||||||
Bupa Arabia for Cooperative Insurance Co. |
2,097 | 115,528 | ||||||
DB Insurance Co. Ltd.* |
369 | 24,302 | ||||||
PICC Property & Casualty Co. Ltd., Class H |
106,000 | 131,801 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H |
7,500 | 31,373 | ||||||
Samsung Fire & Marine Insurance Co. Ltd.* |
630 | 124,617 | ||||||
Samsung Life Insurance Co. Ltd. |
981 | 50,937 | ||||||
|
|
|||||||
478,558 | ||||||||
|
|
|||||||
Interactive Media & Services - 2.9% |
| |||||||
Tencent Holdings Ltd. |
17,400 | 602,314 | ||||||
|
|
|||||||
IT Services - 5.7% |
| |||||||
Arabian Internet & Communications Services Co. |
1,197 | 104,695 | ||||||
HCL Technologies Ltd. |
14,688 | 278,748 | ||||||
Infosys Ltd. |
6,552 | 131,042 | ||||||
Samsung SDS Co. Ltd. |
1,017 | 115,823 | ||||||
Tata Consultancy Services Ltd. |
12,006 | 551,689 | ||||||
|
|
|||||||
1,181,997 | ||||||||
|
|
|||||||
Life Sciences Tools & Services - 0.2% |
| |||||||
Divis Laboratories Ltd. |
504 | 22,277 | ||||||
Samsung Biologics Co. Ltd.*(a) |
36 | 22,658 | ||||||
|
|
|||||||
44,935 | ||||||||
|
|
|||||||
Marine Transportation - 0.5% |
| |||||||
MISC Bhd. |
68,400 | 106,288 | ||||||
|
|
|||||||
Metals & Mining - 0.4% |
| |||||||
Industrias CH SAB de CV, Class B, Series B* |
531 | 5,902 | ||||||
Polyus PJSC* |
546 | | ||||||
Vale SA |
6,300 | 86,395 | ||||||
|
|
|||||||
92,297 | ||||||||
|
|
|||||||
Multi-Utilities - 0.8% |
| |||||||
Dubai Electricity & Water Authority PJSC |
248,571 | 169,867 | ||||||
|
|
|||||||
Office REITs - 0.0%(b) |
| |||||||
Embassy Office Parks REIT, REIT |
1,314 | 5,683 | ||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 4.0% |
| |||||||
China Shenhua Energy Co. Ltd., Class H |
54,000 | 204,125 | ||||||
PetroChina Co. Ltd., Class H |
54,000 | 39,029 | ||||||
Petroleo Brasileiro SA |
3,600 | 30,717 | ||||||
Petroleo Brasileiro SA (Preference) |
6,300 | 51,574 | ||||||
Petronas Dagangan Bhd. |
20,700 | 93,391 | ||||||
Petronet LNG Ltd. |
1,845 | 5,979 | ||||||
Qatar Fuel QSC |
35,649 | 153,719 | ||||||
Qatar Gas Transport Co. Ltd. |
114,345 | 108,975 | ||||||
Reliance Industries Ltd. |
4,032 | 138,533 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Emerging Markets Quality Low Volatility Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Surgutneftegas PJSC (Preference) |
156,600 | | ||||||
|
|
|||||||
826,042 | ||||||||
|
|
|||||||
Personal Care Products - 2.8% |
| |||||||
Colgate-Palmolive India Ltd. |
5,661 | 175,133 | ||||||
Hengan International Group Co. Ltd. |
42,000 | 130,020 | ||||||
Hindustan Unilever Ltd. |
9,477 | 283,196 | ||||||
|
|
|||||||
588,349 | ||||||||
|
|
|||||||
Pharmaceuticals - 4.5% |
| |||||||
Alkem Laboratories Ltd. |
621 | 37,361 | ||||||
Cipla Ltd. |
11,709 | 190,488 | ||||||
Dr Reddys Laboratories Ltd. |
2,574 | 189,730 | ||||||
Kalbe Farma Tbk. PT |
763,200 | 73,031 | ||||||
Lupin Ltd. |
2,934 | 53,185 | ||||||
Sun Pharmaceutical Industries Ltd. |
9,963 | 170,176 | ||||||
Torrent Pharmaceuticals Ltd. |
6,354 | 193,664 | ||||||
Zydus Lifesciences Ltd. |
3,384 | 31,002 | ||||||
|
|
|||||||
938,637 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 7.4% |
| |||||||
MediaTek, Inc. |
2,700 | 83,330 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
72,000 | 1,444,624 | ||||||
|
|
|||||||
1,527,954 | ||||||||
|
|
|||||||
Specialty Retail - 1.7% |
| |||||||
Abu Dhabi National Oil Co. for Distribution PJSC |
113,562 | 109,761 | ||||||
Jarir Marketing Co. |
40,617 | 165,063 | ||||||
MR DIY Group M Bhd.(a) |
232,200 | 67,745 | ||||||
|
|
|||||||
342,569 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 3.5% |
| |||||||
Pegatron Corp. |
32,000 | 84,551 | ||||||
Samsung Electronics Co. Ltd. |
11,907 | 648,589 | ||||||
|
|
|||||||
733,140 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 0.8% |
| |||||||
Titan Co. Ltd. |
3,663 | 163,096 | ||||||
|
|
|||||||
Tobacco - 0.6% |
| |||||||
KT&G Corp. |
1,755 | 119,135 | ||||||
|
|
|||||||
Transportation Infrastructure - 2.9% |
| |||||||
Airports of Thailand PCL, NVDR |
63,000 | 106,103 | ||||||
Jiangsu Expressway Co. Ltd., Class H |
180,000 | 171,774 | ||||||
Salik Co. PJSC |
183,834 | 173,676 | ||||||
Taiwan High Speed Rail Corp. |
165,000 | 155,777 | ||||||
|
|
|||||||
607,330 | ||||||||
|
|
|||||||
Water Utilities - 0.7% |
| |||||||
Emirates Central Cooling Systems Corp. |
313,650 | 149,440 | ||||||
|
|
|||||||
Wireless Telecommunication Services - 4.8% |
| |||||||
Advanced Info Service PCL, NVDR |
27,900 | 172,225 | ||||||
Bharti Airtel Ltd. |
5,589 | 78,790 | ||||||
Etihad Etisalat Co. |
9,351 | 129,913 | ||||||
Far EasTone Telecommunications Co. Ltd. |
74,000 | 190,323 |
Investments |
Shares | Value ($) | ||||||
Intouch Holdings PCL, NVDR |
72,000 | 149,672 | ||||||
Mobile Telecommunications Co. KSCP |
67,446 | 115,334 | ||||||
Taiwan Mobile Co. Ltd. |
54,000 | 169,076 | ||||||
|
|
|||||||
1,005,333 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
20,754,922 | ||||||
|
|
|||||||
Total Investments - 100.0% |
|
20,754,922 | ||||||
Other assets less liabilities - 0.0%(b) |
|
7,586 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
20,762,508 | ||||||
|
|
* | Non-income producing security. |
| Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(b) | Represents less than 0.05% of net assets. |
Percentages shown are based on Net Assets.
Abbreviations | ||
ADR |
American Depositary Receipt | |
NVDR |
Non-Voting Depositary Receipt | |
PJSC |
Public Joint Stock Company | |
Preference |
A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
REIT |
Real Estate Investment Trust |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Emerging Markets Quality Low Volatility Index Fund (cont.)
Futures Contracts
FlexShares® Emerging Markets Quality Low Volatility Index Fund had the following open futures contracts as of January 31, 2024:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||
Long Contracts |
|
|||||||||||||||||
MSCI Emerging Markets E-Mini Index |
2 | 03/15/2024 | USD | $ | 98,080 | $ | 236 |
Forward Foreign Currency Contracts
FlexShares® Emerging Markets Quality Low Volatility Index Fund had the following outstanding contracts as of January 31, 2024:
Contracts to Receive |
Counterparty |
In Exchange For | Maturity Date |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
USD |
47,817 | Citibank NA | INR | * | 4,000,000 | 03/20/2024 | $ | (266 | ) | |||||||||||||
|
|
|||||||||||||||||||||
Net unrealized depreciation |
|
$ | (266 | ) | ||||||||||||||||||
|
|
* | Non-deliverable forward. |
Abbreviations:
INR Indian Rupee
USD US Dollar
FlexShares® Emerging Markets Quality Low Volatility Index invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2024:
Brazil |
2.1 | % | ||
China |
19.0 | |||
India |
21.0 | |||
Indonesia |
1.6 | |||
Kuwait |
2.9 | |||
Malaysia |
5.1 | |||
Mexico |
0.1 | |||
Morocco |
1.3 | |||
Peru |
0.0 | | ||
Philippines |
1.0 | |||
Qatar |
3.9 | |||
Saudi Arabia |
7.8 | |||
South Africa |
0.1 | |||
South Korea |
8.1 | |||
Taiwan |
16.0 | |||
Thailand |
2.8 | |||
Turkey |
0.2 | |||
United Arab Emirates |
7.0 | |||
Other1 |
0.0 | | ||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
1 | Includes any non-equity securities and net other assets (liabilities). |
Security Type |
% of Net Assets | |||
Common Stocks |
100.0 | % | ||
Others(1) |
0.0 | | ||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
| Amount represents less than 0.05%. |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Morningstar US Market Factor Tilt Index Fund
January 31, 2024 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 99.5% |
| |||||||
Aerospace & Defense - 1.4% |
| |||||||
AAR Corp.* |
2,505 | 152,354 | ||||||
AeroVironment, Inc.*(a) |
1,169 | 141,028 | ||||||
Axon Enterprise, Inc.*(a) |
1,503 | 374,337 | ||||||
Boeing Co. (The)* |
17,762 | 3,748,493 | ||||||
BWX Technologies, Inc. |
3,841 | 312,965 | ||||||
Curtiss-Wright Corp.(a) |
1,992 | 443,360 | ||||||
Ducommun, Inc.*(a) |
501 | 24,724 | ||||||
General Dynamics Corp. |
6,806 | 1,803,522 | ||||||
HEICO Corp.(a) |
1,328 | 238,496 | ||||||
HEICO Corp., Class A |
1,670 | 236,255 | ||||||
Hexcel Corp. |
2,988 | 198,373 | ||||||
Howmet Aerospace, Inc. |
10,624 | 597,706 | ||||||
Huntington Ingalls Industries, Inc. |
1,169 | 302,678 | ||||||
Kratos Defense & Security Solutions, Inc.*(a) |
3,841 | 65,028 | ||||||
L3Harris Technologies, Inc. |
4,814 | 1,003,334 | ||||||
Lockheed Martin Corp. |
6,308 | 2,708,718 | ||||||
Mercury Systems, Inc.*(a) |
3,984 | 118,165 | ||||||
Moog, Inc., Class A |
1,826 | 255,275 | ||||||
Northrop Grumman Corp. |
3,486 | 1,557,405 | ||||||
Parsons Corp.*(a) |
3,162 | 206,004 | ||||||
Rocket Lab USA, Inc.*(a) |
22,078 | 107,078 | ||||||
RTX Corp. |
42,828 | 3,902,487 | ||||||
Spirit AeroSystems Holdings, Inc., Class A*(a) |
3,320 | 91,167 | ||||||
Textron, Inc.(a) |
5,976 | 506,227 | ||||||
TransDigm Group, Inc. |
1,328 | 1,451,079 | ||||||
Triumph Group, Inc.* |
6,346 | 102,805 | ||||||
V2X, Inc.* |
830 | 32,279 | ||||||
Virgin Galactic Holdings, Inc.*(a) |
40,504 | 72,097 | ||||||
Woodward, Inc. |
3,006 | 414,137 | ||||||
|
|
|||||||
21,167,576 | ||||||||
|
|
|||||||
Air Freight & Logistics - 0.5% |
| |||||||
Air Transport Services Group, Inc.*(a) |
4,980 | 77,140 | ||||||
CH Robinson Worldwide, Inc.(a) |
3,154 | 265,220 | ||||||
Expeditors International of Washington, Inc. |
4,150 | 524,270 | ||||||
FedEx Corp. |
7,138 | 1,722,328 | ||||||
Forward Air Corp. |
1,494 | 66,229 | ||||||
GXO Logistics, Inc.* |
6,640 | 361,083 | ||||||
Hub Group, Inc., Class A*(a) |
15,272 | 691,516 | ||||||
United Parcel Service, Inc., Class B |
22,244 | 3,156,424 | ||||||
|
|
|||||||
6,864,210 | ||||||||
|
|
|||||||
Automobile Components - 0.5% |
| |||||||
Adient plc*(a) |
21,414 | 743,280 | ||||||
American Axle & Manufacturing Holdings, Inc.*(a) |
5,146 | 41,631 | ||||||
Aptiv plc* |
6,308 | 513,030 | ||||||
Autoliv, Inc. |
3,486 | 373,420 | ||||||
BorgWarner, Inc. |
7,802 | 264,488 |
Investments |
Shares | Value ($) | ||||||
Dana, Inc.(a) |
12,284 | 166,571 | ||||||
Dorman Products, Inc.* |
1,660 | 135,141 | ||||||
Fox Factory Holding Corp.* |
664 | 41,858 | ||||||
Garrett Motion, Inc.*(a) |
22,742 | 195,354 | ||||||
Gentex Corp.(a) |
10,790 | 357,473 | ||||||
Gentherm, Inc.*(a) |
3,154 | 151,865 | ||||||
Goodyear Tire & Rubber Co. (The)* |
51,460 | 717,352 | ||||||
LCI Industries(a) |
332 | 36,945 | ||||||
Lear Corp. |
11,786 | 1,566,359 | ||||||
Luminar Technologies, Inc., Class A*(a) |
40,006 | 108,816 | ||||||
Mobileye Global, Inc., Class A*(a) |
3,984 | 103,026 | ||||||
Modine Manufacturing Co.*(a) |
3,818 | 263,786 | ||||||
Patrick Industries, Inc.(a) |
5,312 | 533,272 | ||||||
Phinia, Inc.(a) |
10,458 | 316,250 | ||||||
QuantumScape Corp., Class A*(a) |
60,258 | 410,357 | ||||||
Standard Motor Products, Inc.(a) |
2,656 | 107,170 | ||||||
Stoneridge, Inc.*(a) |
8,134 | 144,704 | ||||||
Visteon Corp.* |
1,660 | 191,381 | ||||||
XPEL, Inc.*(a)(b) |
1,169 | 62,483 | ||||||
|
|
|||||||
7,546,012 | ||||||||
|
|
|||||||
Automobiles - 1.2% |
| |||||||
Ford Motor Co.(a) |
111,884 | 1,311,280 | ||||||
General Motors Co. |
43,492 | 1,687,489 | ||||||
Harley-Davidson, Inc.(a) |
26,726 | 867,259 | ||||||
Lucid Group, Inc.*(a) |
1,992 | 6,733 | ||||||
Rivian Automotive, Inc., Class A*(a) |
24,402 | 373,595 | ||||||
Tesla, Inc.* |
66,732 | 12,498,236 | ||||||
Thor Industries, Inc.(a) |
10,790 | 1,219,486 | ||||||
Winnebago Industries, Inc.(a) |
5,312 | 349,105 | ||||||
|
|
|||||||
18,313,183 | ||||||||
|
|
|||||||
Banks - 6.1% |
| |||||||
1st Source Corp.(a) |
2,158 | 112,799 | ||||||
Amalgamated Financial Corp. |
5,976 | 158,723 | ||||||
Amerant Bancorp, Inc., Class A(a) |
8,300 | 187,663 | ||||||
Ameris Bancorp(a) |
14,442 | 716,901 | ||||||
Associated Banc-Corp.(a) |
36,022 | 756,822 | ||||||
Atlantic Union Bankshares Corp.(a) |
15,770 | 538,703 | ||||||
Axos Financial, Inc.*(a) |
11,022 | 610,949 | ||||||
Banc of California, Inc. |
29,548 | 407,171 | ||||||
BancFirst Corp.(a) |
1,499 | 132,676 | ||||||
Bancorp, Inc. (The)* |
4,648 | 202,839 | ||||||
Bank of America Corp. |
202,686 | 6,893,351 | ||||||
Bank of Hawaii Corp.(a) |
498 | 31,489 | ||||||
Bank OZK(a) |
24,070 | 1,085,798 | ||||||
BankUnited, Inc. |
18,094 | 511,336 | ||||||
Banner Corp. |
8,964 | 417,543 | ||||||
Berkshire Hills Bancorp, Inc. |
7,138 | 171,312 | ||||||
BOK Financial Corp.(a) |
3,984 | 334,019 | ||||||
Brookline Bancorp, Inc. |
11,690 | 126,486 | ||||||
Byline Bancorp, Inc. |
7,304 | 159,519 | ||||||
Cadence Bank(a) |
35,690 | 950,068 | ||||||
Cambridge Bancorp(a) |
1,328 | 91,088 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Camden National Corp. |
830 | 29,905 | ||||||
Cathay General Bancorp(a) |
14,774 | 608,246 | ||||||
Central Pacific Financial Corp. |
2,490 | 47,982 | ||||||
Citigroup, Inc. |
55,278 | 3,104,965 | ||||||
Citizens Financial Group, Inc.(a) |
16,102 | 526,535 | ||||||
City Holding Co.(a) |
334 | 34,138 | ||||||
Coastal Financial Corp.*(a) |
3,320 | 132,468 | ||||||
Columbia Banking System, Inc. |
12,616 | 254,339 | ||||||
Comerica, Inc. |
29,548 | 1,553,634 | ||||||
Commerce Bancshares, Inc.(a) |
4,150 | 216,298 | ||||||
Community Bank System, Inc. |
996 | 45,587 | ||||||
Community Trust Bancorp, Inc. |
1,837 | 76,236 | ||||||
ConnectOne Bancorp, Inc.(a) |
11,620 | 265,401 | ||||||
CrossFirst Bankshares, Inc.* |
5,644 | 79,693 | ||||||
Cullen/Frost Bankers, Inc. |
1,826 | 193,775 | ||||||
Customers Bancorp, Inc.* |
4,316 | 230,647 | ||||||
CVB Financial Corp.(a) |
25,896 | 434,276 | ||||||
Dime Community Bancshares, Inc.(a) |
11,620 | 265,052 | ||||||
Eagle Bancorp, Inc. |
9,462 | 234,563 | ||||||
East West Bancorp, Inc.(a) |
28,386 | 2,066,785 | ||||||
Eastern Bankshares, Inc.(a) |
35,192 | 491,280 | ||||||
Enterprise Financial Services Corp. |
5,810 | 241,870 | ||||||
Farmers National Banc Corp.(a) |
7,636 | 104,766 | ||||||
FB Financial Corp. |
996 | 37,101 | ||||||
Fifth Third Bancorp |
20,916 | 716,164 | ||||||
First Bancorp/NC(a) |
3,173 | 109,659 | ||||||
First Bancorp/PR |
39,674 | 661,762 | ||||||
First Bancshares, Inc. (The)(a) |
8,466 | 215,290 | ||||||
First Busey Corp. |
14,608 | 343,872 | ||||||
First Citizens BancShares, Inc., Class A |
334 | 504,340 | ||||||
First Commonwealth Financial Corp. |
22,712 | 318,195 | ||||||
First Financial Bancorp(a) |
16,867 | 378,158 | ||||||
First Financial Bankshares, Inc.(a) |
8,300 | 259,209 | ||||||
First Hawaiian, Inc.(a) |
27,888 | 604,891 | ||||||
First Horizon Corp. |
119,686 | 1,704,329 | ||||||
First Interstate BancSystem, Inc., Class A |
21,746 | 598,450 | ||||||
First Merchants Corp. |
15,106 | 510,734 | ||||||
First Mid Bancshares, Inc.(a) |
7,138 | 224,633 | ||||||
FNB Corp.(a) |
69,886 | 921,097 | ||||||
Fulton Financial Corp.(a) |
34,528 | 538,292 | ||||||
Glacier Bancorp, Inc.(a) |
5,810 | 224,615 | ||||||
Great Southern Bancorp, Inc.(a) |
332 | 17,294 | ||||||
Hancock Whitney Corp. |
16,434 | 741,338 | ||||||
Hanmi Financial Corp. |
10,624 | 177,952 | ||||||
HarborOne Bancorp, Inc.(a) |
1,837 | 20,060 | ||||||
Heartland Financial USA, Inc. |
6,142 | 217,857 | ||||||
Heritage Commerce Corp. |
22,742 | 202,176 | ||||||
Heritage Financial Corp. |
4,980 | 100,347 | ||||||
Hilltop Holdings, Inc.(a) |
4,648 | 146,366 | ||||||
Home BancShares, Inc.(a) |
37,350 | 875,484 | ||||||
Hope Bancorp, Inc. |
17,430 | 193,124 | ||||||
Horizon Bancorp, Inc. |
5,312 | 69,640 | ||||||
Huntington Bancshares, Inc. |
42,330 | 538,861 | ||||||
Independent Bank Corp.(a) |
10,292 | 577,278 | ||||||
Independent Bank Group, Inc. |
8,300 | 401,305 |
Investments |
Shares | Value ($) | ||||||
International Bancshares Corp.(a) |
12,024 | 635,589 | ||||||
JPMorgan Chase & Co. |
86,154 | 15,021,811 | ||||||
KeyCorp |
29,548 | 429,332 | ||||||
Lakeland Bancorp, Inc.(a) |
7,304 | 97,070 | ||||||
Lakeland Financial Corp.(a) |
668 | 44,729 | ||||||
Live Oak Bancshares, Inc.(a) |
664 | 24,150 | ||||||
M&T Bank Corp. |
5,478 | 756,512 | ||||||
Mercantile Bank Corp. |
2,158 | 86,514 | ||||||
Metrocity Bankshares, Inc.(a) |
830 | 19,837 | ||||||
Midland States Bancorp, Inc.(a) |
4,342 | 114,021 | ||||||
National Bank Holdings Corp., Class A(a) |
7,802 | 273,070 | ||||||
NBT Bancorp, Inc. |
332 | 11,809 | ||||||
New York Community Bancorp, Inc.(a) |
148,404 | 960,174 | ||||||
Nicolet Bankshares, Inc.(a) |
1,467 | 114,089 | ||||||
Northwest Bancshares, Inc.(a) |
25,398 | 314,173 | ||||||
OceanFirst Financial Corp. |
13,114 | 225,954 | ||||||
OFG Bancorp |
12,118 | 445,579 | ||||||
Old National Bancorp(a) |
53,950 | 888,557 | ||||||
Old Second Bancorp, Inc. |
4,150 | 56,523 | ||||||
Origin Bancorp, Inc.(a) |
3,486 | 106,323 | ||||||
Pacific Premier Bancorp, Inc.(a) |
15,106 | 383,239 | ||||||
Park National Corp.(a) |
334 | 43,647 | ||||||
Pathward Financial, Inc.(a) |
2,672 | 138,356 | ||||||
Peoples Bancorp, Inc.(a) |
5,344 | 156,579 | ||||||
Pinnacle Financial Partners, Inc.(a) |
17,264 | 1,525,792 | ||||||
PNC Financial Services Group, Inc. (The) |
11,454 | 1,731,959 | ||||||
Popular, Inc.(a) |
15,272 | 1,304,992 | ||||||
Preferred Bank(a) |
3,818 | 274,285 | ||||||
Premier Financial Corp. |
11,288 | 235,806 | ||||||
Prosperity Bancshares, Inc.(a) |
18,260 | 1,166,997 | ||||||
Provident Financial Services, Inc.(a) |
18,260 | 302,203 | ||||||
QCR Holdings, Inc. |
1,837 | 107,299 | ||||||
Regions Financial Corp. |
28,884 | 539,264 | ||||||
Republic Bancorp, Inc., Class A(a) |
332 | 16,995 | ||||||
S&T Bancorp, Inc.(a) |
7,138 | 237,981 | ||||||
Sandy Spring Bancorp, Inc.(a) |
12,948 | 315,672 | ||||||
Seacoast Banking Corp. of Florida(a) |
6,806 | 167,155 | ||||||
ServisFirst Bancshares, Inc.(a) |
3,818 | 256,341 | ||||||
Simmons First National Corp., Class A |
21,248 | 403,924 | ||||||
Southern Missouri Bancorp, Inc.(a) |
3,818 | 166,503 | ||||||
Southside Bancshares, Inc.(a) |
4,150 | 129,895 | ||||||
SouthState Corp.(a) |
14,940 | 1,241,514 | ||||||
Stellar Bancorp, Inc.(a) |
8,964 | 224,369 | ||||||
Stock Yards Bancorp, Inc.(a) |
501 | 24,910 | ||||||
Synovus Financial Corp.(a) |
32,204 | 1,212,803 | ||||||
Texas Capital Bancshares, Inc.*(a) |
2,988 | 182,268 | ||||||
Tompkins Financial Corp. |
167 | 8,248 | ||||||
Towne Bank(a) |
12,118 | 340,637 | ||||||
TriCo Bancshares(a) |
4,482 | 162,921 | ||||||
Triumph Financial, Inc.* |
2,158 | 152,463 | ||||||
Truist Financial Corp. |
37,184 | 1,378,039 | ||||||
TrustCo Bank Corp. NY |
830 | 23,987 | ||||||
Trustmark Corp.(a) |
15,604 | 421,152 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
UMB Financial Corp. |
8,134 | 671,055 | ||||||
United Bankshares, Inc.(a) |
25,730 | 922,421 | ||||||
United Community Banks, Inc.(a) |
23,904 | 653,535 | ||||||
Univest Financial Corp. |
4,482 | 95,198 | ||||||
US Bancorp(a) |
46,314 | 1,923,884 | ||||||
Valley National Bancorp(a) |
84,629 | 814,131 | ||||||
Veritex Holdings, Inc. |
11,620 | 244,136 | ||||||
WaFd, Inc. |
15,272 | 443,499 | ||||||
Webster Financial Corp. |
36,686 | 1,815,223 | ||||||
Wells Fargo & Co. |
109,062 | 5,472,731 | ||||||
WesBanco, Inc.(a) |
9,296 | 272,745 | ||||||
Westamerica Bancorp |
5,644 | 269,332 | ||||||
Western Alliance Bancorp |
23,406 | 1,497,048 | ||||||
Wintrust Financial Corp.(a) |
12,191 | 1,182,283 | ||||||
WSFS Financial Corp.(a) |
10,790 | 480,263 | ||||||
Zions Bancorp NA(a) |
33,366 | 1,398,035 | ||||||
|
|
|||||||
92,745,099 | ||||||||
|
|
|||||||
Beverages - 1.0% |
| |||||||
Boston Beer Co., Inc. (The), Class A* |
332 | 115,958 | ||||||
Brown-Forman Corp., Class A(a) |
1,336 | 75,310 | ||||||
Brown-Forman Corp., Class B(a) |
9,130 | 501,237 | ||||||
Celsius Holdings, Inc.*(a) |
5,146 | 256,785 | ||||||
Coca-Cola Co. (The) |
93,458 | 5,559,816 | ||||||
Coca-Cola Consolidated, Inc. |
332 | 285,982 | ||||||
Constellation Brands, Inc., Class A |
3,984 | 976,399 | ||||||
Keurig Dr Pepper, Inc. |
25,730 | 808,951 | ||||||
MGP Ingredients, Inc.(a) |
166 | 14,102 | ||||||
Molson Coors Beverage Co., Class B(a) |
6,179 | 381,800 | ||||||
Monster Beverage Corp.* |
18,370 | 1,010,717 | ||||||
National Beverage Corp.* |
1,002 | 46,333 | ||||||
PepsiCo, Inc. |
32,868 | 5,539,244 | ||||||
Vita Coco Co., Inc. (The)* |
3,984 | 78,445 | ||||||
|
|
|||||||
15,651,079 | ||||||||
|
|
|||||||
Biotechnology - 2.5% |
| |||||||
AbbVie, Inc. |
52,456 | 8,623,766 | ||||||
ACADIA Pharmaceuticals, Inc.* |
6,640 | 172,042 | ||||||
Agios Pharmaceuticals, Inc.*(a) |
4,587 | 103,758 | ||||||
Akero Therapeutics, Inc.*(a) |
9,960 | 215,236 | ||||||
Alkermes plc* |
5,312 | 143,690 | ||||||
Allogene Therapeutics, Inc.*(a) |
40,338 | 141,990 | ||||||
Alnylam Pharmaceuticals, Inc.* |
2,822 | 487,952 | ||||||
Amgen, Inc. |
16,102 | 5,060,215 | ||||||
Amicus Therapeutics, Inc.*(a) |
6,513 | 80,957 | ||||||
AnaptysBio, Inc.*(a) |
2,490 | 58,764 | ||||||
Anavex Life Sciences Corp.*(a) |
10,126 | 60,452 | ||||||
Apellis Pharmaceuticals, Inc.*(a) |
3,320 | 210,123 | ||||||
Arcturus Therapeutics Holdings, Inc.*(a) |
3,486 | 114,933 | ||||||
Arcus Biosciences, Inc.*(a) |
6,308 | 95,503 | ||||||
Arrowhead Pharmaceuticals, Inc.*(a) |
2,158 | 69,272 | ||||||
Aurinia Pharmaceuticals, Inc.*(a) |
13,114 | 98,880 | ||||||
Beam Therapeutics, Inc.*(a) |
5,976 | 145,814 | ||||||
Biogen, Inc.* |
3,652 | 900,802 | ||||||
Biohaven Ltd.* |
13,944 | 620,229 | ||||||
BioMarin Pharmaceutical, Inc.* |
4,648 | 409,396 |
Investments |
Shares | Value ($) | ||||||
Blueprint Medicines Corp.* |
3,154 | 250,838 | ||||||
Bridgebio Pharma, Inc.*(a) |
5,146 | 176,456 | ||||||
Catalyst Pharmaceuticals, Inc.*(a) |
8,941 | 128,750 | ||||||
Cerevel Therapeutics Holdings, Inc.* |
2,839 | 118,954 | ||||||
CRISPR Therapeutics AG*(a) |
15,604 | 982,272 | ||||||
Cytokinetics, Inc.*(a) |
4,150 | 324,240 | ||||||
Deciphera Pharmaceuticals, Inc.*(a) |
2,839 | 40,654 | ||||||
Denali Therapeutics, Inc.*(a) |
664 | 10,631 | ||||||
Dynavax Technologies Corp.*(a) |
12,948 | 167,288 | ||||||
Editas Medicine, Inc.*(a) |
9,296 | 65,351 | ||||||
Exact Sciences Corp.* |
5,312 | 347,405 | ||||||
Exelixis, Inc.* |
17,430 | 379,277 | ||||||
Geron Corp.*(a) |
23,572 | 43,372 | ||||||
Gilead Sciences, Inc. |
36,188 | 2,832,073 | ||||||
Halozyme Therapeutics, Inc.*(a) |
6,972 | 236,002 | ||||||
ImmunoGen, Inc.* |
8,466 | 248,223 | ||||||
Immunovant, Inc.*(a) |
2,158 | 78,573 | ||||||
Incyte Corp.* |
5,976 | 351,210 | ||||||
Inhibrx, Inc.* |
1,992 | 76,752 | ||||||
Insmed, Inc.* |
8,798 | 244,584 | ||||||
Intellia Therapeutics, Inc.* |
830 | 19,771 | ||||||
Ionis Pharmaceuticals, Inc.*(a) |
6,308 | 324,168 | ||||||
Iovance Biotherapeutics, Inc.*(a) |
13,612 | 105,221 | ||||||
Ironwood Pharmaceuticals, Inc., Class A* |
14,442 | 204,932 | ||||||
Karuna Therapeutics, Inc.* |
1,494 | 468,249 | ||||||
Keros Therapeutics, Inc.*(a) |
3,652 | 202,175 | ||||||
Krystal Biotech, Inc.*(a) |
1,660 | 184,675 | ||||||
Kura Oncology, Inc.*(a) |
17,098 | 344,354 | ||||||
Kymera Therapeutics, Inc.*(a) |
2,988 | 97,947 | ||||||
Madrigal Pharmaceuticals, Inc.*(a) |
166 | 35,974 | ||||||
Moderna, Inc.*(a) |
8,466 | 855,489 | ||||||
Morphic Holding, Inc.*(a) |
2,822 | 89,429 | ||||||
Myriad Genetics, Inc.* |
2,839 | 60,726 | ||||||
Natera, Inc.* |
4,843 | 319,347 | ||||||
Neurocrine Biosciences, Inc.* |
2,004 | 280,099 | ||||||
Novavax, Inc.*(a) |
23,397 | 93,588 | ||||||
RAPT Therapeutics, Inc.*(a) |
6,308 | 156,123 | ||||||
Recursion Pharmaceuticals, Inc., Class A*(a) |
11,952 | 112,468 | ||||||
Regeneron Pharmaceuticals, Inc.* |
2,656 | 2,504,024 | ||||||
REVOLUTION Medicines, Inc.*(a) |
8,964 | 248,751 | ||||||
Rocket Pharmaceuticals, Inc.*(a) |
6,308 | 181,229 | ||||||
Roivant Sciences Ltd.*(a) |
7,968 | 79,680 | ||||||
Sage Therapeutics, Inc.*(a) |
5,146 | 131,943 | ||||||
Sana Biotechnology, Inc.*(a) |
14,442 | 79,287 | ||||||
Sarepta Therapeutics, Inc.*(a) |
4,150 | 493,808 | ||||||
SpringWorks Therapeutics, Inc.*(a) |
3,984 | 175,814 | ||||||
Summit Therapeutics, Inc.*(a) |
23,240 | 91,101 | ||||||
Syndax Pharmaceuticals, Inc.*(a) |
11,952 | 244,896 | ||||||
TG Therapeutics, Inc.*(a) |
1,660 | 26,958 | ||||||
Travere Therapeutics, Inc.*(a) |
1,670 | 14,913 | ||||||
Twist Bioscience Corp.*(a) |
2,822 | 91,433 | ||||||
Ultragenyx Pharmaceutical, Inc.*(a) |
3,154 | 139,123 | ||||||
United Therapeutics Corp.* |
1,494 | 320,881 | ||||||
Vaxcyte, Inc.*(a) |
5,644 | 403,094 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Veracyte, Inc.*(a) |
996 | 24,920 | ||||||
Vertex Pharmaceuticals, Inc.* |
6,308 | 2,733,761 | ||||||
Vir Biotechnology, Inc.*(a) |
18,592 | 174,765 | ||||||
Xencor, Inc.* |
7,138 | 133,481 | ||||||
Zentalis Pharmaceuticals, Inc.*(a) |
4,814 | 57,046 | ||||||
Zymeworks, Inc.* |
14,774 | 160,150 | ||||||
|
|
|||||||
37,382,472 | ||||||||
|
|
|||||||
Broadline Retail - 2.7% |
| |||||||
Amazon.com, Inc.* |
225,926 | 35,063,715 | ||||||
Coupang, Inc., Class A* |
30,876 | 432,264 | ||||||
Dillards, Inc., Class A(a) |
664 | 257,147 | ||||||
eBay, Inc. |
16,434 | 674,944 | ||||||
Etsy, Inc.*(a) |
2,490 | 165,734 | ||||||
Kohls Corp.(a) |
21,414 | 551,625 | ||||||
Macys, Inc.(a) |
55,776 | 1,020,143 | ||||||
MercadoLibre, Inc.* |
1,162 | 1,989,123 | ||||||
Nordstrom, Inc.(a) |
16,766 | 304,303 | ||||||
Ollies Bargain Outlet Holdings, Inc.*(a) |
3,006 | 216,222 | ||||||
Savers Value Village, Inc.* |
5,976 | 111,692 | ||||||
|
|
|||||||
40,786,912 | ||||||||
|
|
|||||||
Building Products - 0.8% |
| |||||||
A O Smith Corp. |
3,173 | 246,257 | ||||||
AAON, Inc.(a) |
3,507 | 246,051 | ||||||
Advanced Drainage Systems, Inc.(a) |
2,656 | 346,396 | ||||||
Allegion plc(a) |
1,826 | 226,223 | ||||||
American Woodmark Corp.*(a) |
3,984 | 363,660 | ||||||
Apogee Enterprises, Inc.(a) |
2,988 | 157,796 | ||||||
Armstrong World Industries, Inc.(a) |
996 | 98,813 | ||||||
AZEK Co., Inc. (The), Class A* |
3,984 | 153,623 | ||||||
AZZ, Inc.(a) |
2,988 | 186,601 | ||||||
Builders FirstSource, Inc.* |
4,150 | 720,980 | ||||||
Carlisle Cos., Inc.(a) |
1,336 | 419,851 | ||||||
Carrier Global Corp.(a) |
21,710 | 1,187,754 | ||||||
CSW Industrials, Inc. |
166 | 35,121 | ||||||
Fortune Brands Innovations, Inc. |
4,316 | 334,878 | ||||||
Gibraltar Industries, Inc.* |
835 | 67,568 | ||||||
Griffon Corp.(a) |
3,652 | 212,766 | ||||||
Hayward Holdings, Inc.*(a) |
11,454 | 143,404 | ||||||
Insteel Industries, Inc.(a) |
2,490 | 86,229 | ||||||
JELD-WEN Holding, Inc.*(a) |
12,782 | 237,745 | ||||||
Johnson Controls International plc |
18,592 | 979,612 | ||||||
Lennox International, Inc. |
996 | 426,447 | ||||||
Masco Corp. |
6,680 | 449,497 | ||||||
Masonite International Corp.* |
3,652 | 336,167 | ||||||
Masterbrand, Inc.* |
24,070 | 338,665 | ||||||
Owens Corning |
3,154 | 477,926 | ||||||
PGT Innovations, Inc.* |
5,146 | 212,118 | ||||||
Quanex Building Products Corp.(a) |
4,175 | 130,344 | ||||||
Resideo Technologies, Inc.*(a) |
25,564 | 428,708 | ||||||
Simpson Manufacturing Co., Inc.(a) |
1,503 | 272,028 | ||||||
Trane Technologies plc |
5,344 | 1,346,955 | ||||||
Trex Co., Inc.* |
5,976 | 486,924 | ||||||
UFP Industries, Inc. |
12,358 | 1,402,015 | ||||||
Zurn Elkay Water Solutions Corp.(a) |
4,342 | 128,740 | ||||||
|
|
|||||||
12,887,862 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Capital Markets - 2.9% |
| |||||||
Affiliated Managers Group, Inc. |
7,802 | 1,161,250 | ||||||
Ameriprise Financial, Inc. |
2,656 | 1,027,420 | ||||||
Ares Management Corp., Class A |
3,340 | 405,743 | ||||||
Artisan Partners Asset Management, Inc., Class A(a) |
1,992 | 83,465 | ||||||
B. Riley Financial, Inc.(a) |
2,490 | 58,316 | ||||||
Bank of New York Mellon Corp. (The) |
21,248 | 1,178,414 | ||||||
BGC Group, Inc., Class A(a) |
32,536 | 229,704 | ||||||
BlackRock, Inc. |
4,150 | 3,213,386 | ||||||
Blackstone, Inc. |
16,434 | 2,045,211 | ||||||
Blue Owl Capital, Inc., Class A(a) |
18,036 | 280,279 | ||||||
Brightsphere Investment Group, Inc. |
5,010 | 110,821 | ||||||
Carlyle Group, Inc. (The)(a) |
4,980 | 199,300 | ||||||
Charles Schwab Corp. (The) |
43,326 | 2,726,072 | ||||||
CME Group, Inc. |
8,300 | 1,708,472 | ||||||
Cohen & Steers, Inc.(a) |
1,494 | 105,207 | ||||||
Coinbase Global, Inc., Class A*(a) |
4,814 | 617,155 | ||||||
Donnelley Financial Solutions, Inc.*(a) |
1,162 | 72,183 | ||||||
Evercore, Inc., Class A(a) |
1,826 | 313,579 | ||||||
FactSet Research Systems, Inc. |
835 | 397,393 | ||||||
Federated Hermes, Inc., Class B |
5,478 | 191,511 | ||||||
Franklin Resources, Inc.(a) |
9,130 | 243,132 | ||||||
Goldman Sachs Group, Inc. (The) |
9,794 | 3,760,994 | ||||||
Hamilton Lane, Inc., Class A |
2,490 | 288,691 | ||||||
Houlihan Lokey, Inc., Class A(a) |
1,670 | 200,033 | ||||||
Interactive Brokers Group, Inc., Class A(a) |
3,486 | 309,383 | ||||||
Intercontinental Exchange, Inc. |
13,768 | 1,753,079 | ||||||
Invesco Ltd. |
71,048 | 1,124,690 | ||||||
Janus Henderson Group plc |
28,718 | 825,930 | ||||||
Jefferies Financial Group, Inc. |
9,462 | 385,671 | ||||||
KKR & Co., Inc. |
18,592 | 1,609,695 | ||||||
LPL Financial Holdings, Inc. |
2,158 | 516,172 | ||||||
MarketAxess Holdings, Inc. |
664 | 149,739 | ||||||
Moelis & Co., Class A(a) |
3,173 | 174,420 | ||||||
Moodys Corp. |
3,984 | 1,561,887 | ||||||
Morgan Stanley |
38,844 | 3,388,751 | ||||||
Morningstar, Inc.(a) |
501 | 139,929 | ||||||
MSCI, Inc. |
1,837 | 1,099,665 | ||||||
Nasdaq, Inc. |
8,016 | 463,084 | ||||||
Northern Trust Corp.(c) |
6,640 | 528,810 | ||||||
Open Lending Corp.*(a) |
9,628 | 70,670 | ||||||
Piper Sandler Cos.(a) |
1,162 | 201,595 | ||||||
PJT Partners, Inc., Class A(a) |
334 | 32,121 | ||||||
Raymond James Financial, Inc. |
5,312 | 585,276 | ||||||
Robinhood Markets, Inc., Class A*(a) |
23,572 | 253,163 | ||||||
S&P Global, Inc. |
7,968 | 3,572,453 | ||||||
SEI Investments Co.(a) |
3,320 | 209,957 | ||||||
State Street Corp. |
9,462 | 698,958 | ||||||
Stifel Financial Corp.(a) |
21,082 | 1,537,932 | ||||||
StoneX Group, Inc.*(a) |
6,226 | 409,359 | ||||||
T. Rowe Price Group, Inc.(a) |
7,470 | 810,121 | ||||||
TPG, Inc., Class A(a) |
2,171 | 90,379 | ||||||
Tradeweb Markets, Inc., Class A |
3,818 | 364,199 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Victory Capital Holdings, Inc., Class A |
5,976 | 201,570 | ||||||
Virtu Financial, Inc., Class A(a) |
21,248 | 356,754 | ||||||
Virtus Investment Partners, Inc.(a) |
996 | 235,166 | ||||||
WisdomTree, Inc.(a) |
167 | 1,131 | ||||||
|
|
|||||||
44,279,440 | ||||||||
|
|
|||||||
Chemicals - 1.6% |
| |||||||
AdvanSix, Inc.(a) |
7,470 | 189,589 | ||||||
Air Products and Chemicals, Inc. |
4,980 | 1,273,436 | ||||||
Albemarle Corp.(a) |
2,822 | 323,796 | ||||||
Arcadium Lithium plc*(a) |
217,958 | 1,065,815 | ||||||
Ashland, Inc. |
1,837 | 171,980 | ||||||
Avient Corp. |
6,474 | 234,423 | ||||||
Axalta Coating Systems Ltd.*(a) |
8,517 | 276,121 | ||||||
Balchem Corp.(a) |
1,837 | 257,474 | ||||||
Cabot Corp. |
10,458 | 754,022 | ||||||
Celanese Corp.(a) |
3,154 | 461,399 | ||||||
CF Industries Holdings, Inc. |
6,474 | 488,852 | ||||||
Chemours Co. (The) |
33,366 | 1,006,652 | ||||||
Corteva, Inc. |
15,770 | 717,220 | ||||||
Dow, Inc. |
19,090 | 1,023,224 | ||||||
DuPont de Nemours, Inc.(a) |
11,122 | 687,340 | ||||||
Eastman Chemical Co. |
3,486 | 291,255 | ||||||
Ecolab, Inc. |
5,478 | 1,085,849 | ||||||
Ecovyst, Inc.*(a) |
1,169 | 10,825 | ||||||
Element Solutions, Inc. |
12,859 | 285,855 | ||||||
FMC Corp. |
7,138 | 401,155 | ||||||
Ginkgo Bioworks Holdings, Inc., Class A*(a) |
5,976 | 7,231 | ||||||
Hawkins, Inc.(a) |
501 | 33,351 | ||||||
HB Fuller Co.(a) |
1,503 | 113,882 | ||||||
Huntsman Corp. |
11,122 | 272,934 | ||||||
Ingevity Corp.*(a) |
3,652 | 159,081 | ||||||
Innospec, Inc. |
668 | 77,561 | ||||||
International Flavors & Fragrances, Inc. |
7,470 | 602,680 | ||||||
Koppers Holdings, Inc. |
3,486 | 178,274 | ||||||
Kronos Worldwide, Inc.(a) |
6,142 | 57,182 | ||||||
Linde plc |
11,952 | 4,838,528 | ||||||
LSB Industries, Inc.* |
830 | 6,175 | ||||||
LyondellBasell Industries NV, Class A(a) |
7,515 | 707,312 | ||||||
Mativ Holdings, Inc.(a) |
18,094 | 217,671 | ||||||
Minerals Technologies, Inc. |
2,656 | 173,570 | ||||||
Mosaic Co. (The) |
10,956 | 336,459 | ||||||
NewMarket Corp.(a) |
498 | 277,789 | ||||||
Olin Corp. |
24,568 | 1,279,256 | ||||||
Perimeter Solutions SA*(a) |
7,636 | 36,195 | ||||||
PPG Industries, Inc. |
5,146 | 725,792 | ||||||
PureCycle Technologies, Inc.*(a) |
1,660 | 6,507 | ||||||
Quaker Chemical Corp. |
664 | 126,120 | ||||||
RPM International, Inc. |
2,672 | 284,995 | ||||||
Scotts Miracle-Gro Co. (The)(a) |
9,628 | 541,671 | ||||||
Sensient Technologies Corp.(a) |
996 | 61,782 | ||||||
Sherwin-Williams Co. (The) |
5,478 | 1,667,394 | ||||||
Stepan Co.(a) |
332 | 29,638 | ||||||
Tronox Holdings plc(a) |
4,648 | 64,096 |
Investments |
Shares | Value ($) | ||||||
Westlake Corp.(a) |
498 | 68,898 | ||||||
|
|
|||||||
23,958,306 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 0.8% |
| |||||||
ABM Industries, Inc. |
11,952 | 487,522 | ||||||
ACCO Brands Corp.(a) |
21,912 | 133,225 | ||||||
Brady Corp., Class A |
1,002 | 60,351 | ||||||
Brinks Co. (The)(a) |
9,686 | 783,016 | ||||||
Casella Waste Systems, Inc., Class A*(a) |
2,004 | 171,021 | ||||||
Cimpress plc* |
1,826 | 137,352 | ||||||
Cintas Corp. |
2,004 | 1,211,558 | ||||||
Clean Harbors, Inc.* |
1,660 | 278,814 | ||||||
Copart, Inc.* |
21,248 | 1,020,754 | ||||||
CoreCivic, Inc.*(a) |
11,786 | 167,597 | ||||||
Deluxe Corp.(a) |
10,126 | 191,483 | ||||||
Driven Brands Holdings, Inc.* |
9,794 | 128,399 | ||||||
Ennis, Inc.(a) |
4,482 | 91,298 | ||||||
Enviri Corp.*(a) |
17,762 | 152,931 | ||||||
GEO Group, Inc. (The)*(a) |
22,244 | 247,353 | ||||||
HNI Corp.(a) |
3,340 | 136,005 | ||||||
Interface, Inc., Class A(a) |
19,422 | 241,027 | ||||||
Liquidity Services, Inc.*(a) |
501 | 8,743 | ||||||
Matthews International Corp., Class A(a) |
3,320 | 109,228 | ||||||
MillerKnoll, Inc.(a) |
18,758 | 498,775 | ||||||
MSA Safety, Inc.(a) |
2,158 | 356,135 | ||||||
OPENLANE, Inc.*(a) |
2,988 | 42,071 | ||||||
Republic Services, Inc. |
5,010 | 857,311 | ||||||
Rollins, Inc. |
6,179 | 267,613 | ||||||
SP Plus Corp.* |
2,822 | 145,982 | ||||||
Steelcase, Inc., Class A(a) |
26,062 | 330,466 | ||||||
Stericycle, Inc.*(a) |
5,312 | 254,976 | ||||||
Tetra Tech, Inc.(a) |
1,826 | 288,837 | ||||||
UniFirst Corp.(a) |
830 | 140,619 | ||||||
Veralto Corp. |
6,806 | 521,952 | ||||||
Vestis Corp. |
22,576 | 483,126 | ||||||
Viad Corp.*(a) |
2,171 | 71,773 | ||||||
Waste Management, Inc.(a) |
9,018 | 1,674,011 | ||||||
|
|
|||||||
11,691,324 | ||||||||
|
|
|||||||
Communications Equipment - 0.7% |
| |||||||
ADTRAN Holdings, Inc. |
1,660 | 10,400 | ||||||
Arista Networks, Inc.* |
5,976 | 1,545,872 | ||||||
Calix, Inc.* |
4,482 | 148,713 | ||||||
Ciena Corp.*(a) |
5,478 | 290,334 | ||||||
Cisco Systems, Inc. |
119,520 | 5,997,514 | ||||||
Digi International, Inc.*(a) |
3,340 | 81,195 | ||||||
Extreme Networks, Inc.*(a) |
9,130 | 123,346 | ||||||
F5, Inc.* |
1,162 | 213,459 | ||||||
Harmonic, Inc.*(a) |
4,316 | 50,497 | ||||||
Infinera Corp.*(a) |
2,324 | 11,481 | ||||||
Juniper Networks, Inc. |
10,126 | 374,257 | ||||||
Lumentum Holdings, Inc.*(a) |
4,980 | 273,601 | ||||||
Motorola Solutions, Inc. |
4,175 | 1,333,913 | ||||||
Viasat, Inc.*(a) |
12,284 | 273,073 | ||||||
Viavi Solutions, Inc.*(a) |
4,482 | 44,058 | ||||||
|
|
|||||||
10,771,713 | ||||||||
|
|
|||||||
Construction & Engineering - 0.3% |
| |||||||
AECOM |
4,230 | 373,044 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
API Group Corp.* |
7,138 | 224,990 | ||||||
Arcosa, Inc.(a) |
1,336 | 104,582 | ||||||
Argan, Inc. |
1,670 | 74,031 | ||||||
Comfort Systems USA, Inc. |
1,992 | 433,200 | ||||||
Construction Partners, Inc., Class A* |
835 | 37,993 | ||||||
Dycom Industries, Inc.*(a) |
1,336 | 149,231 | ||||||
EMCOR Group, Inc. |
1,494 | 340,796 | ||||||
Fluor Corp.*(a) |
5,678 | 214,117 | ||||||
Granite Construction, Inc.(a) |
3,340 | 150,667 | ||||||
IES Holdings, Inc.*(a) |
1,494 | 122,448 | ||||||
MasTec, Inc.* |
2,490 | 163,518 | ||||||
MDU Resources Group, Inc. |
39,508 | 770,801 | ||||||
MYR Group, Inc.* |
1,328 | 191,033 | ||||||
Primoris Services Corp. |
10,187 | 334,134 | ||||||
Quanta Services, Inc.(a) |
3,818 | 740,883 | ||||||
Sterling Infrastructure, Inc.*(a) |
2,656 | 199,466 | ||||||
Valmont Industries, Inc. |
664 | 149,871 | ||||||
WillScot Mobile Mini Holdings Corp.* |
6,142 | 290,517 | ||||||
|
|
|||||||
5,065,322 | ||||||||
|
|
|||||||
Construction Materials - 0.1% |
| |||||||
Eagle Materials, Inc. |
1,670 | 377,888 | ||||||
Martin Marietta Materials, Inc. |
1,503 | 764,155 | ||||||
Summit Materials, Inc., Class A* |
4,934 | 178,512 | ||||||
Vulcan Materials Co. |
3,006 | 679,386 | ||||||
|
|
|||||||
1,999,941 | ||||||||
|
|
|||||||
Consumer Finance - 0.9% |
| |||||||
Ally Financial, Inc. |
54,614 | 2,003,241 | ||||||
American Express Co. |
17,098 | 3,432,252 | ||||||
Bread Financial Holdings, Inc. |
7,138 | 258,895 | ||||||
Capital One Financial Corp. |
11,786 | 1,594,882 | ||||||
Credit Acceptance Corp.*(a) |
282 | 152,582 | ||||||
Discover Financial Services |
7,636 | 805,751 | ||||||
Encore Capital Group, Inc.*(a) |
6,142 | 307,591 | ||||||
Enova International, Inc.* |
7,181 | 390,862 | ||||||
EZCORP, Inc., Class A* |
3,320 | 28,552 | ||||||
FirstCash Holdings, Inc. |
1,336 | 153,333 | ||||||
LendingClub Corp.* |
16,434 | 148,235 | ||||||
Navient Corp.(a) |
22,712 | 391,101 | ||||||
Nelnet, Inc., Class A(a) |
1,494 | 130,172 | ||||||
NerdWallet, Inc., Class A*(a) |
10,292 | 157,570 | ||||||
OneMain Holdings, Inc.(a) |
22,410 | 1,066,716 | ||||||
PRA Group, Inc.*(a) |
8,466 | 192,771 | ||||||
PROG Holdings, Inc.*(a) |
6,308 | 193,277 | ||||||
SLM Corp. |
52,954 | 1,052,725 | ||||||
SoFi Technologies, Inc.*(a) |
42,330 | 331,444 | ||||||
Synchrony Financial |
9,794 | 380,693 | ||||||
Upstart Holdings, Inc.*(a) |
3,984 | 126,532 | ||||||
World Acceptance Corp.*(a) |
334 | 43,858 | ||||||
|
|
|||||||
13,343,035 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 1.4% |
| |||||||
Albertsons Cos., Inc., Class A |
8,466 | 179,649 | ||||||
Andersons, Inc. (The)(a) |
3,154 | 166,247 | ||||||
BJs Wholesale Club Holdings, Inc.* |
4,089 | 263,086 | ||||||
Caseys General Stores, Inc. |
1,162 | 315,320 | ||||||
Chefs Warehouse, Inc. (The)*(a) |
3,486 | 110,925 |
Investments |
Shares | Value ($) | ||||||
Costco Wholesale Corp. |
10,790 | 7,497,755 | ||||||
Dollar General Corp.(a) |
6,142 | 811,174 | ||||||
Dollar Tree, Inc.*(a) |
4,814 | 628,805 | ||||||
Grocery Outlet Holding Corp.*(a) |
664 | 16,454 | ||||||
Ingles Markets, Inc., Class A(a) |
1,328 | 111,884 | ||||||
Kroger Co. (The) |
20,584 | 949,746 | ||||||
Performance Food Group Co.* |
3,652 | 265,427 | ||||||
PriceSmart, Inc.(a) |
334 | 25,391 | ||||||
SpartanNash Co.(a) |
7,968 | 178,722 | ||||||
Sprouts Farmers Market, Inc.*(a) |
6,474 | 326,095 | ||||||
Sysco Corp. |
11,620 | 940,407 | ||||||
Target Corp. |
13,612 | 1,893,157 | ||||||
United Natural Foods, Inc.*(a) |
11,952 | 178,204 | ||||||
US Foods Holding Corp.* |
6,972 | 320,782 | ||||||
Walgreens Boots Alliance, Inc. |
17,430 | 393,395 | ||||||
Walmart, Inc. |
34,528 | 5,705,752 | ||||||
Weis Markets, Inc.(a) |
1,640 | 99,630 | ||||||
|
|
|||||||
21,378,007 | ||||||||
|
|
|||||||
Containers & Packaging - 0.6% |
| |||||||
Amcor plc |
33,698 | 317,772 | ||||||
AptarGroup, Inc.(a) |
2,158 | 280,281 | ||||||
Avery Dennison Corp. |
1,670 | 333,082 | ||||||
Ball Corp.(a) |
8,300 | 460,235 | ||||||
Berry Global Group, Inc. |
24,734 | 1,619,088 | ||||||
Crown Holdings, Inc. |
4,150 | 367,275 | ||||||
Graphic Packaging Holding Co.(a) |
61,088 | 1,558,355 | ||||||
Greif, Inc., Class A |
5,511 | 345,044 | ||||||
Greif, Inc., Class B(a) |
166 | 10,408 | ||||||
International Paper Co. |
7,802 | 279,546 | ||||||
Myers Industries, Inc.(a) |
1,660 | 31,125 | ||||||
O-I Glass, Inc.*(a) |
28,054 | 408,466 | ||||||
Packaging Corp. of America |
2,656 | 440,577 | ||||||
Pactiv Evergreen, Inc. |
12,948 | 189,041 | ||||||
Sealed Air Corp.(a) |
9,130 | 315,441 | ||||||
Silgan Holdings, Inc.(a) |
5,312 | 244,033 | ||||||
Sonoco Products Co. |
18,924 | 1,076,776 | ||||||
TriMas Corp. |
1,336 | 32,972 | ||||||
Westrock Co. |
5,312 | 213,861 | ||||||
|
|
|||||||
8,523,378 | ||||||||
|
|
|||||||
Distributors - 0.1% |
| |||||||
Genuine Parts Co. |
3,818 | 535,398 | ||||||
LKQ Corp. |
9,018 | 420,870 | ||||||
Pool Corp.(a) |
1,162 | 431,393 | ||||||
|
|
|||||||
1,387,661 | ||||||||
|
|
|||||||
Diversified Consumer Services - 0.2% |
| |||||||
Adtalem Global Education, Inc.*(a) |
3,320 | 167,594 | ||||||
Bright Horizons Family Solutions, Inc.*(a) |
3,320 | 326,190 | ||||||
Chegg, Inc.* |
20,584 | 202,752 | ||||||
Coursera, Inc.*(a) |
7,636 | 146,153 | ||||||
Frontdoor, Inc.*(a) |
2,324 | 76,134 | ||||||
Graham Holdings Co., Class B |
332 | 239,173 | ||||||
Grand Canyon Education, Inc.*(a) |
1,162 | 151,745 | ||||||
H&R Block, Inc.(a) |
8,300 | 388,772 | ||||||
Laureate Education, Inc. |
8,964 | 113,126 | ||||||
OneSpaWorld Holdings Ltd.*(a) |
8,517 | 116,087 | ||||||
Perdoceo Education Corp.(a) |
8,466 | 153,235 | ||||||
Rover Group, Inc., Class A* |
13,280 | 145,283 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Service Corp. International |
4,342 | 291,435 | ||||||
Strategic Education, Inc.(a) |
1,670 | 157,080 | ||||||
Stride, Inc.*(a) |
3,320 | 199,034 | ||||||
|
|
|||||||
2,873,793 | ||||||||
|
|
|||||||
Diversified REITs - 0.1% |
| |||||||
Alexander & Baldwin, Inc., REIT |
2,839 | 49,171 | ||||||
American Assets Trust, Inc., REIT |
6,308 | 141,488 | ||||||
Armada Hoffler Properties, Inc., REIT |
1,328 | 15,883 | ||||||
Broadstone Net Lease, Inc., REIT |
2,822 | 45,350 | ||||||
Empire State Realty Trust, Inc., Class A, REIT(a) |
15,106 | 143,809 | ||||||
Essential Properties Realty Trust, Inc., REIT(a) |
7,138 | 177,808 | ||||||
Gladstone Commercial Corp., REIT(a) |
8,798 | 112,790 | ||||||
Global Net Lease, Inc., REIT(a) |
31,208 | 263,708 | ||||||
WP Carey, Inc., REIT(a) |
3,818 | 236,563 | ||||||
|
|
|||||||
1,186,570 | ||||||||
|
|
|||||||
Diversified Telecommunication Services - 0.8% |
| |||||||
Anterix, Inc.*(a) |
3,154 | 94,052 | ||||||
AT&T, Inc. |
217,958 | 3,855,677 | ||||||
Cogent Communications Holdings, Inc.(a) |
7,968 | 615,130 | ||||||
EchoStar Corp., Class A*(a) |
5,312 | 71,128 | ||||||
Frontier Communications Parent, Inc.*(a) |
46,148 | 1,136,625 | ||||||
Globalstar, Inc.*(a) |
43,824 | 69,680 | ||||||
Iridium Communications, Inc. |
6,142 | 222,709 | ||||||
Liberty Latin America Ltd., Class A* |
20,750 | 146,080 | ||||||
Liberty Latin America Ltd., Class C* |
14,940 | 106,373 | ||||||
Lumen Technologies, Inc.*(a) |
264,936 | 323,222 | ||||||
Shenandoah Telecommunications Co.(a) |
996 | 20,408 | ||||||
Verizon Communications, Inc.(a) |
126,492 | 5,356,936 | ||||||
|
|
|||||||
12,018,020 | ||||||||
|
|
|||||||
Electric Utilities - 1.2% |
| |||||||
ALLETE, Inc. |
2,158 | 127,559 | ||||||
Alliant Energy Corp.(a) |
6,308 | 306,947 | ||||||
American Electric Power Co., Inc. |
14,608 | 1,141,469 | ||||||
Avangrid, Inc.(a) |
4,980 | 151,292 | ||||||
Constellation Energy Corp. |
7,304 | 891,088 | ||||||
Duke Energy Corp. |
22,078 | 2,115,735 | ||||||
Edison International |
10,458 | 705,706 | ||||||
Entergy Corp. |
5,312 | 529,925 | ||||||
Evergy, Inc. |
4,814 | 244,407 | ||||||
Eversource Energy |
11,952 | 648,038 | ||||||
Exelon Corp. |
25,896 | 901,440 | ||||||
FirstEnergy Corp.(a) |
15,604 | 572,355 | ||||||
Hawaiian Electric Industries, Inc. |
27,722 | 359,554 | ||||||
IDACORP, Inc.(a) |
2,490 | 230,524 | ||||||
MGE Energy, Inc. |
1,002 | 64,619 | ||||||
NextEra Energy, Inc. |
62,748 | 3,678,915 | ||||||
NRG Energy, Inc.(a) |
8,517 | 451,742 | ||||||
OGE Energy Corp. |
6,972 | 231,749 | ||||||
Otter Tail Corp.(a) |
2,988 | 270,175 |
Investments |
Shares | Value ($) | ||||||
PG&E Corp. |
58,266 | 982,948 | ||||||
Pinnacle West Capital Corp. |
3,818 | 263,060 | ||||||
PNM Resources, Inc.(a) |
1,494 | 54,128 | ||||||
Portland General Electric Co.(a) |
2,324 | 95,121 | ||||||
PPL Corp. |
14,276 | 374,031 | ||||||
Southern Co. (The) |
31,540 | 2,192,661 | ||||||
Xcel Energy, Inc. |
12,284 | 735,443 | ||||||
|
|
|||||||
18,320,631 | ||||||||
|
|
|||||||
Electrical Equipment - 0.8% |
| |||||||
Acuity Brands, Inc.(a) |
1,826 | 434,880 | ||||||
AMETEK, Inc. |
5,146 | 833,909 | ||||||
Atkore, Inc.*(a) |
8,466 | 1,291,319 | ||||||
Bloom Energy Corp., Class A*(a) |
1,992 | 22,549 | ||||||
Eaton Corp. plc |
9,519 | 2,342,435 | ||||||
Emerson Electric Co. |
14,442 | 1,324,765 | ||||||
Encore Wire Corp.(a) |
3,652 | 823,526 | ||||||
EnerSys |
1,002 | 95,761 | ||||||
Fluence Energy, Inc., Class A*(a) |
4,648 | 92,356 | ||||||
Generac Holdings, Inc.*(a) |
2,988 | 339,646 | ||||||
GrafTech International Ltd. |
32,702 | 43,494 | ||||||
Hubbell, Inc., Class B |
1,169 | 392,281 | ||||||
NEXTracker, Inc., Class A*(a) |
5,793 | 262,249 | ||||||
nVent Electric plc(a) |
8,798 | 528,232 | ||||||
Plug Power, Inc.*(a) |
6,474 | 28,809 | ||||||
Regal Rexnord Corp.(a) |
2,004 | 267,454 | ||||||
Rockwell Automation, Inc. |
2,672 | 676,764 | ||||||
Sensata Technologies Holding plc(a) |
34,694 | 1,254,882 | ||||||
SunPower Corp.*(a) |
2,490 | 7,545 | ||||||
Sunrun, Inc.*(a) |
40,670 | 588,902 | ||||||
Vertiv Holdings Co., Class A |
9,960 | 561,047 | ||||||
Vicor Corp.*(a) |
498 | 18,760 | ||||||
|
|
|||||||
12,231,565 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 1.1% |
| |||||||
Advanced Energy Industries, Inc.(a) |
1,002 | 104,388 | ||||||
Amphenol Corp., Class A |
13,612 | 1,376,173 | ||||||
Arrow Electronics, Inc.* |
10,624 | 1,180,858 | ||||||
Avnet, Inc. |
19,372 | 877,552 | ||||||
Badger Meter, Inc.(a) |
1,826 | 262,926 | ||||||
Bel Fuse, Inc., Class B |
664 | 44,395 | ||||||
Belden, Inc. |
2,656 | 197,022 | ||||||
Benchmark Electronics, Inc.(a) |
8,016 | 217,394 | ||||||
CDW Corp.(a) |
3,006 | 681,520 | ||||||
Cognex Corp.(a) |
9,960 | 359,954 | ||||||
Coherent Corp.* |
7,969 | 378,825 | ||||||
Corning, Inc. |
21,912 | 711,921 | ||||||
Crane NXT Co.(a) |
10,126 | 590,143 | ||||||
CTS Corp.(a) |
835 | 34,285 | ||||||
ePlus, Inc.*(a) |
6,308 | 476,506 | ||||||
Fabrinet*(a) |
2,004 | 427,874 | ||||||
Flex Ltd.* |
16,102 | 382,262 | ||||||
Insight Enterprises, Inc.*(a) |
6,474 | 1,196,007 | ||||||
IPG Photonics Corp.* |
1,992 | 194,997 | ||||||
Itron, Inc.*(a) |
1,837 | 132,521 | ||||||
Jabil, Inc. |
4,482 | 561,550 | ||||||
Keysight Technologies, Inc.* |
4,150 | 636,029 | ||||||
Kimball Electronics, Inc.*(a) |
3,320 | 78,950 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Knowles Corp.*(a) |
2,505 | 40,857 | ||||||
Littelfuse, Inc. |
996 | 240,932 | ||||||
Methode Electronics, Inc.(a) |
3,320 | 68,923 | ||||||
Mirion Technologies, Inc., Class A*(a) |
18,094 | 170,988 | ||||||
Novanta, Inc.*(a) |
1,837 | 283,908 | ||||||
OSI Systems, Inc.* |
498 | 63,759 | ||||||
PC Connection, Inc. |
167 | 10,773 | ||||||
Plexus Corp.*(a) |
664 | 62,894 | ||||||
Rogers Corp.*(a) |
166 | 19,135 | ||||||
Sanmina Corp.*(a) |
12,948 | 774,549 | ||||||
ScanSource, Inc.*(a) |
3,841 | 150,798 | ||||||
SmartRent, Inc., Class A* |
32,702 | 96,471 | ||||||
TD SYNNEX Corp. |
668 | 66,787 | ||||||
TE Connectivity Ltd. |
7,968 | 1,132,970 | ||||||
Teledyne Technologies, Inc.* |
1,169 | 489,191 | ||||||
Trimble, Inc.*(a) |
5,312 | 270,168 | ||||||
TTM Technologies, Inc.*(a) |
20,207 | 281,079 | ||||||
Vishay Intertechnology, Inc.(a) |
24,716 | 537,079 | ||||||
Vontier Corp. |
9,628 | 333,033 | ||||||
Zebra Technologies Corp., Class A*(a) |
996 | 238,592 | ||||||
|
|
|||||||
16,436,938 | ||||||||
|
|
|||||||
Energy Equipment & Services - 0.6% |
| |||||||
Archrock, Inc.(a) |
12,525 | 204,659 | ||||||
Baker Hughes Co. |
22,044 | 628,254 | ||||||
Cactus, Inc., Class A(a) |
4,175 | 177,187 | ||||||
ChampionX Corp. |
10,956 | 300,304 | ||||||
Diamond Offshore Drilling, Inc.* |
13,944 | 170,117 | ||||||
Dril-Quip, Inc.* |
2,324 | 46,643 | ||||||
Halliburton Co. |
25,564 | 911,357 | ||||||
Helix Energy Solutions Group, Inc.*(a) |
13,612 | 127,953 | ||||||
Helmerich & Payne, Inc.(a) |
23,074 | 928,959 | ||||||
Liberty Energy, Inc., Class A(a) |
38,014 | 790,311 | ||||||
Nabors Industries Ltd.*(a) |
830 | 70,223 | ||||||
NOV, Inc. |
21,248 | 414,549 | ||||||
Oceaneering International, Inc.*(a) |
8,134 | 169,025 | ||||||
Oil States International, Inc.* |
501 | 3,091 | ||||||
Patterson-UTI Energy, Inc.(a) |
71,048 | 787,922 | ||||||
ProFrac Holding Corp., Class A*(a) |
16,766 | 132,619 | ||||||
ProPetro Holding Corp.*(a) |
26,726 | 226,102 | ||||||
RPC, Inc.(a) |
11,952 | 87,369 | ||||||
Schlumberger NV |
40,836 | 1,988,713 | ||||||
Select Water Solutions, Inc., Class A(a) |
12,118 | 94,157 | ||||||
Tidewater, Inc.*(a) |
1,328 | 89,228 | ||||||
Transocean Ltd.*(a) |
136,618 | 745,934 | ||||||
US Silica Holdings, Inc.*(a) |
7,802 | 83,637 | ||||||
Valaris Ltd.* |
1,162 | 71,893 | ||||||
Weatherford International plc* |
3,984 | 356,767 | ||||||
|
|
|||||||
9,606,973 | ||||||||
|
|
|||||||
Entertainment - 1.0% |
| |||||||
AMC Entertainment Holdings, Inc., Class A* |
56,440 | 228,582 | ||||||
Atlanta Braves Holdings, Inc., Class C* |
199 | 8,022 | ||||||
Cinemark Holdings, Inc.*(a) |
9,628 | 133,155 |
Investments |
Shares | Value ($) | ||||||
Electronic Arts, Inc. |
5,976 | 822,178 | ||||||
Endeavor Group Holdings, Inc., Class A |
9,960 | 246,510 | ||||||
IMAX Corp.* |
1,837 | 25,663 | ||||||
Liberty Media Corp-Liberty Formula One, Class A*(a) |
1,670 | 102,020 | ||||||
Liberty Media Corp-Liberty Formula One, Class C* |
5,177 | 348,153 | ||||||
Lions Gate Entertainment Corp., Class B* |
9,960 | 96,612 | ||||||
Live Nation Entertainment, Inc.* |
4,316 | 383,477 | ||||||
Madison Square Garden Sports Corp.*(a) |
166 | 30,727 | ||||||
Netflix, Inc.* |
10,790 | 6,086,747 | ||||||
Playtika Holding Corp.* |
166 | 1,199 | ||||||
ROBLOX Corp., Class A* |
11,122 | 431,645 | ||||||
Roku, Inc.* |
5,312 | 467,775 | ||||||
Sphere Entertainment Co.* |
4,648 | 164,446 | ||||||
Take-Two Interactive Software, |
4,150 | 684,459 | ||||||
TKO Group Holdings, Inc., Class A |
1,162 | 97,248 | ||||||
Walt Disney Co. (The) |
43,326 | 4,161,462 | ||||||
Warner Music Group Corp., Class A |
2,988 | 109,032 | ||||||
|
|
|||||||
14,629,112 | ||||||||
|
|
|||||||
Financial Services - 4.1% |
| |||||||
Affirm Holdings, Inc., Class A*(a) |
10,956 | 443,828 | ||||||
A-Mark Precious Metals, Inc.(a) |
3,486 | 94,017 | ||||||
Apollo Global Management, Inc.(a) |
12,948 | 1,299,979 | ||||||
AvidXchange Holdings, Inc.*(a) |
10,956 | 120,078 | ||||||
Berkshire Hathaway, Inc., Class B* |
53,950 | 20,702,773 | ||||||
Block, Inc., Class A* |
14,442 | 938,874 | ||||||
Cannae Holdings, Inc.* |
2,822 | 57,145 | ||||||
Compass Diversified Holdings |
3,652 | 80,673 | ||||||
Corebridge Financial, Inc.(a) |
996 | 24,073 | ||||||
Enact Holdings, Inc. |
3,486 | 99,316 | ||||||
Equitable Holdings, Inc. |
11,952 | 390,711 | ||||||
Essent Group Ltd.(a) |
21,082 | 1,162,883 | ||||||
Euronet Worldwide, Inc.* |
8,798 | 876,721 | ||||||
EVERTEC, Inc. |
4,980 | 199,997 | ||||||
Federal Agricultural Mortgage Corp., Class C |
830 | 154,621 | ||||||
Fidelity National Information Services, Inc. |
16,102 | 1,002,511 | ||||||
Fiserv, Inc.* |
17,098 | 2,425,693 | ||||||
FleetCor Technologies, Inc.*(a) |
1,494 | 433,155 | ||||||
Flywire Corp.* |
5,146 | 109,970 | ||||||
Global Payments, Inc. |
6,308 | 840,415 | ||||||
International Money Express, Inc.*(a) |
2,338 | 48,163 | ||||||
Jack Henry & Associates, Inc.(a) |
1,837 | 304,630 | ||||||
Jackson Financial, Inc., Class A |
13,446 | 673,241 | ||||||
Marqeta, Inc., Class A*(a) |
24,236 | 145,658 | ||||||
Mastercard, Inc., Class A |
20,086 | 9,023,234 | ||||||
Merchants Bancorp(a) |
3,006 | 131,482 | ||||||
MGIC Investment Corp. |
57,104 | 1,132,943 | ||||||
Mr Cooper Group, Inc.* |
14,774 | 995,177 | ||||||
NCR Atleos Corp.* |
10,956 | 245,305 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
NMI Holdings, Inc., Class A*(a) |
18,370 | 586,370 | ||||||
PayPal Holdings, Inc.* |
30,544 | 1,873,874 | ||||||
PennyMac Financial Services, Inc.(a) |
2,158 | 188,221 | ||||||
Radian Group, Inc.(a) |
35,358 | 1,024,675 | ||||||
Remitly Global, Inc.*(a) |
8,632 | 147,952 | ||||||
Repay Holdings Corp., Class A*(a) |
26,726 | 209,532 | ||||||
Rocket Cos., Inc., Class A*(a) |
6,972 | 85,825 | ||||||
Shift4 Payments, Inc., Class A*(a) |
1,992 | 143,046 | ||||||
Toast, Inc., Class A*(a) |
11,454 | 203,538 | ||||||
Visa, Inc., Class A(a) |
38,678 | 10,569,150 | ||||||
Voya Financial, Inc.(a) |
21,414 | 1,549,731 | ||||||
Walker & Dunlop, Inc.(a) |
6,474 | 625,324 | ||||||
Western Union Co. (The)(a) |
69,056 | 868,034 | ||||||
WEX, Inc.*(a) |
1,494 | 305,359 | ||||||
|
|
|||||||
62,537,897 | ||||||||
|
|
|||||||
Food Products - 1.0% |
| |||||||
Archer-Daniels-Midland Co. |
16,600 | 922,628 | ||||||
B&G Foods, Inc.(a) |
25,232 | 253,834 | ||||||
Bunge Global SA |
3,818 | 336,328 | ||||||
Calavo Growers, Inc.(a) |
1,660 | 43,309 | ||||||
Cal-Maine Foods, Inc.(a) |
498 | 27,599 | ||||||
Campbell Soup Co.(a) |
3,818 | 170,397 | ||||||
Conagra Brands, Inc. |
13,944 | 406,468 | ||||||
Darling Ingredients, Inc.* |
35,690 | 1,545,377 | ||||||
Flowers Foods, Inc. |
3,984 | 90,835 | ||||||
Fresh Del Monte Produce, Inc. |
2,656 | 65,285 | ||||||
Freshpet, Inc.*(a) |
2,158 | 185,804 | ||||||
General Mills, Inc. |
15,272 | 991,306 | ||||||
Hain Celestial Group, Inc. (The)* |
12,948 | 138,673 | ||||||
Hershey Co. (The) |
3,154 | 610,425 | ||||||
Hormel Foods Corp. |
3,984 | 120,994 | ||||||
Ingredion, Inc. |
13,527 | 1,455,099 | ||||||
J & J Snack Foods Corp.(a) |
1,169 | 186,140 | ||||||
J M Smucker Co. (The) |
3,818 | 502,258 | ||||||
John B Sanfilippo & Son, Inc. |
1,162 | 124,485 | ||||||
Kellanova(a) |
9,628 | 527,229 | ||||||
Kraft Heinz Co. (The) |
21,248 | 788,938 | ||||||
Lamb Weston Holdings, Inc.(a) |
3,507 | 359,257 | ||||||
Lancaster Colony Corp.(a) |
1,162 | 213,552 | ||||||
McCormick & Co., Inc. (Non-Voting) |
4,648 | 316,808 | ||||||
Mission Produce, Inc.*(a) |
12,284 | 122,717 | ||||||
Mondelez International, Inc., Class A |
39,342 | 2,961,272 | ||||||
Pilgrims Pride Corp.* |
5,146 | 139,817 | ||||||
Post Holdings, Inc.*(a) |
3,006 | 279,167 | ||||||
Seaboard Corp. |
55 | 198,165 | ||||||
Simply Good Foods Co. (The)*(a) |
2,338 | 88,376 | ||||||
Tootsie Roll Industries, Inc.(a) |
2,399 | 78,184 | ||||||
Tyson Foods, Inc., Class A |
6,142 | 336,336 | ||||||
Utz Brands, Inc.(a) |
7,181 | 127,104 | ||||||
Westrock Coffee Co.*(a) |
8,632 | 89,428 | ||||||
WK Kellogg Co.(a) |
18,426 | 239,354 | ||||||
|
|
|||||||
15,042,948 | ||||||||
|
|
|||||||
Gas Utilities - 0.2% |
| |||||||
Atmos Energy Corp.(a) |
3,006 | 342,504 | ||||||
Chesapeake Utilities Corp.(a) |
1,660 | 168,125 |
Investments |
Shares | Value ($) | ||||||
National Fuel Gas Co.(a) |
16,766 | 790,685 | ||||||
New Jersey Resources Corp. |
5,644 | 230,444 | ||||||
Northwest Natural Holding Co.(a) |
4,150 | 152,969 | ||||||
ONE Gas, Inc.(a) |
2,988 | 183,373 | ||||||
Southwest Gas Holdings, Inc. |
830 | 48,704 | ||||||
Spire, Inc.(a) |
11,454 | 650,244 | ||||||
UGI Corp.(a) |
40,172 | 889,408 | ||||||
|
|
|||||||
3,456,456 | ||||||||
|
|
|||||||
Ground Transportation - 1.0% |
| |||||||
ArcBest Corp.(a) |
1,826 | 217,531 | ||||||
Avis Budget Group, Inc.(a) |
3,652 | 597,869 | ||||||
CSX Corp. |
56,108 | 2,003,056 | ||||||
Heartland Express, Inc.(a) |
166 | 2,150 | ||||||
Hertz Global Holdings, Inc.*(a) |
17,596 | 146,927 | ||||||
JB Hunt Transport Services, Inc. |
2,004 | 402,764 | ||||||
Knight-Swift Transportation Holdings, Inc., Class A |
4,342 | 249,144 | ||||||
Landstar System, Inc.(a) |
1,670 | 320,172 | ||||||
Lyft, Inc., Class A* |
18,758 | 234,287 | ||||||
Marten Transport Ltd.(a) |
2,505 | 46,343 | ||||||
Norfolk Southern Corp. |
6,972 | 1,640,093 | ||||||
Old Dominion Freight Line, Inc. |
2,338 | 914,205 | ||||||
RXO, Inc.*(a) |
1,660 | 34,528 | ||||||
Ryder System, Inc. |
9,686 | 1,100,039 | ||||||
Saia, Inc.*(a) |
830 | 373,981 | ||||||
Schneider National, Inc., Class B |
3,984 | 97,688 | ||||||
Uber Technologies, Inc.* |
49,634 | 3,239,611 | ||||||
U-Haul Holding Co.*(a) |
167 | 11,065 | ||||||
U-Haul Holding Co. |
2,324 | 148,434 | ||||||
Union Pacific Corp. |
14,608 | 3,563,330 | ||||||
Werner Enterprises, Inc. |
664 | 26,261 | ||||||
XPO, Inc.* |
3,984 | 340,393 | ||||||
|
|
|||||||
15,709,871 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies - 2.1% |
| |||||||
Abbott Laboratories |
42,994 | 4,864,771 | ||||||
Align Technology, Inc.* |
1,494 | 399,376 | ||||||
Alphatec Holdings, Inc.*(a) |
167 | 2,687 | ||||||
AtriCure, Inc.*(a) |
4,316 | 147,003 | ||||||
Atrion Corp.(a) |
332 | 112,880 | ||||||
Avanos Medical, Inc.* |
6,474 | 124,236 | ||||||
Axonics, Inc.* |
1,992 | 135,217 | ||||||
Baxter International, Inc. |
12,616 | 488,113 | ||||||
Becton Dickinson & Co. |
6,972 | 1,664,983 | ||||||
Boston Scientific Corp.* |
35,524 | 2,247,248 | ||||||
CONMED Corp.(a) |
1,992 | 190,435 | ||||||
Cooper Cos., Inc. (The) |
1,169 | 436,072 | ||||||
Dentsply Sirona, Inc. |
6,308 | 219,203 | ||||||
Dexcom, Inc.* |
9,352 | 1,134,865 | ||||||
Edwards Lifesciences Corp.* |
14,276 | 1,120,238 | ||||||
Embecta Corp.(a) |
16,434 | 281,679 | ||||||
Enovis Corp.* |
3,652 | 214,392 | ||||||
Envista Holdings Corp.* |
3,486 | 81,921 | ||||||
GE HealthCare Technologies, Inc. |
7,802 | 572,355 | ||||||
Glaukos Corp.* |
2,338 | 208,152 | ||||||
Globus Medical, Inc., Class A* |
3,154 | 166,500 | ||||||
Haemonetics Corp.* |
2,158 | 165,001 | ||||||
Hologic, Inc.* |
6,806 | 506,639 | ||||||
ICU Medical, Inc.*(a) |
332 | 30,388 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
IDEXX Laboratories, Inc.* |
1,992 | 1,026,039 | ||||||
Inari Medical, Inc.*(a) |
664 | 37,815 | ||||||
Inspire Medical Systems, Inc.*(a) |
1,162 | 245,031 | ||||||
Insulet Corp.* |
1,328 | 253,475 | ||||||
Integer Holdings Corp.*(a) |
835 | 84,602 | ||||||
Integra LifeSciences Holdings Corp.*(a) |
5,312 | 213,277 | ||||||
Intuitive Surgical, Inc.* |
8,300 | 3,139,226 | ||||||
iRhythm Technologies, Inc.*(a) |
1,494 | 178,951 | ||||||
Lantheus Holdings, Inc.* |
4,071 | 211,407 | ||||||
LeMaitre Vascular, Inc.(a) |
167 | 9,693 | ||||||
LivaNova plc*(a) |
498 | 24,243 | ||||||
Masimo Corp.* |
1,328 | 171,232 | ||||||
Medtronic plc |
40,836 | 3,574,783 | ||||||
Merit Medical Systems, Inc.*(a) |
1,660 | 129,978 | ||||||
Neogen Corp.*(a) |
12,782 | 198,121 | ||||||
Nevro Corp.*(a) |
5,810 | 96,214 | ||||||
Omnicell, Inc.* |
830 | 26,701 | ||||||
Paragon 28, Inc.* |
9,628 | 122,083 | ||||||
Penumbra, Inc.*(a) |
1,660 | 418,635 | ||||||
PROCEPT BioRobotics Corp.*(a) |
2,324 | 107,601 | ||||||
QuidelOrtho Corp.*(a) |
830 | 56,863 | ||||||
ResMed, Inc.(a) |
2,988 | 568,318 | ||||||
Shockwave Medical, Inc.* |
1,992 | 450,690 | ||||||
STAAR Surgical Co.*(a) |
4,980 | 139,490 | ||||||
STERIS plc(a) |
2,672 | 585,034 | ||||||
Stryker Corp. |
8,134 | 2,728,794 | ||||||
Tandem Diabetes Care, Inc.*(a) |
4,482 | 102,190 | ||||||
Teleflex, Inc. |
1,494 | 362,788 | ||||||
TransMedics Group, Inc.*(a) |
1,336 | 114,589 | ||||||
Zimmer Biomet Holdings, Inc. |
5,511 | 692,182 | ||||||
|
|
|||||||
31,584,399 | ||||||||
|
|
|||||||
Health Care Providers & Services - 2.6% |
| |||||||
Acadia Healthcare Co., Inc.* |
2,988 | 245,434 | ||||||
Accolade, Inc.*(a) |
17,430 | 197,308 | ||||||
Addus HomeCare Corp.*(a) |
996 | 86,254 | ||||||
Agiliti, Inc.*(a) |
15,106 | 107,102 | ||||||
agilon health, Inc.*(a) |
16,932 | 99,730 | ||||||
Amedisys, Inc.* |
1,660 | 156,488 | ||||||
AMN Healthcare Services, Inc.*(a) |
6,640 | 491,426 | ||||||
Apollo Medical Holdings, Inc.*(a) |
2,656 | 92,296 | ||||||
Brookdale Senior Living, Inc.*(a) |
48,577 | 265,716 | ||||||
Cardinal Health, Inc. |
8,300 | 906,277 | ||||||
Castle Biosciences, Inc.*(a) |
2,490 | 57,469 | ||||||
Cencora, Inc.(a) |
4,843 | 1,126,869 | ||||||
Centene Corp.* |
16,932 | 1,275,149 | ||||||
Chemed Corp.(a) |
334 | 197,992 | ||||||
Cigna Group (The) |
8,632 | 2,597,800 | ||||||
CorVel Corp.*(a) |
166 | 39,066 | ||||||
Cross Country Healthcare, Inc.* |
7,181 | 152,596 | ||||||
CVS Health Corp. |
37,184 | 2,765,374 | ||||||
DaVita, Inc.* |
10,790 | 1,167,046 | ||||||
Elevance Health, Inc. |
6,806 | 3,358,353 | ||||||
Encompass Health Corp. |
3,486 | 247,645 | ||||||
Ensign Group, Inc. (The)(a) |
1,826 | 206,740 | ||||||
Fulgent Genetics, Inc.*(a) |
4,316 | 106,130 | ||||||
Guardant Health, Inc.* |
1,494 | 32,763 | ||||||
HCA Healthcare, Inc. |
5,644 | 1,720,856 |
Investments |
Shares | Value ($) | ||||||
HealthEquity, Inc.*(a) |
3,674 | 277,681 | ||||||
Henry Schein, Inc.*(a) |
3,984 | 298,163 | ||||||
Humana, Inc. |
3,652 | 1,380,675 | ||||||
Laboratory Corp. of America Holdings |
2,839 | 631,110 | ||||||
McKesson Corp. |
4,150 | 2,074,544 | ||||||
ModivCare, Inc.*(a) |
4,150 | 165,046 | ||||||
Molina Healthcare, Inc.* |
1,494 | 532,521 | ||||||
National Research Corp.(a) |
2,171 | 85,537 | ||||||
NeoGenomics, Inc.*(a) |
2,158 | 32,046 | ||||||
OPKO Health, Inc.*(a) |
116,698 | 119,032 | ||||||
Option Care Health, Inc.* |
9,018 | 281,722 | ||||||
Owens & Minor, Inc.*(a) |
10,790 | 212,671 | ||||||
Patterson Cos., Inc.(a) |
17,430 | 520,460 | ||||||
Pediatrix Medical Group, Inc.*(a) |
7,470 | 69,919 | ||||||
Premier, Inc., Class A |
29,714 | 642,417 | ||||||
Privia Health Group, Inc.*(a) |
498 | 10,040 | ||||||
Progyny, Inc.*(a) |
2,324 | 88,521 | ||||||
Quest Diagnostics, Inc. |
3,320 | 426,388 | ||||||
R1 RCM, Inc.*(a) |
1,992 | 20,398 | ||||||
RadNet, Inc.* |
1,002 | 37,044 | ||||||
Select Medical Holdings Corp. |
19,754 | 513,407 | ||||||
Surgery Partners, Inc.* |
3,173 | 97,379 | ||||||
Tenet Healthcare Corp.* |
22,410 | 1,854,203 | ||||||
UnitedHealth Group, Inc. |
22,244 | 11,383,145 | ||||||
Universal Health Services, Inc., Class B |
1,826 | 289,987 | ||||||
US Physical Therapy, Inc.(a) |
167 | 15,407 | ||||||
|
|
|||||||
39,759,342 | ||||||||
|
|
|||||||
Health Care REITs - 0.2% |
| |||||||
CareTrust REIT, Inc., REIT |
7,014 | 146,733 | ||||||
Community Healthcare Trust, Inc., REIT(a) |
332 | 8,496 | ||||||
Healthpeak Properties, Inc., REIT |
8,466 | 156,621 | ||||||
Medical Properties Trust, Inc., REIT(a) |
109,062 | 338,092 | ||||||
National Health Investors, Inc., REIT(a) |
664 | 35,311 | ||||||
Omega Healthcare Investors, Inc., REIT(a) |
8,300 | 240,700 | ||||||
Physicians Realty Trust, REIT(a) |
3,320 | 40,637 | ||||||
Sabra Health Care REIT, Inc., REIT(a) |
10,956 | 146,153 | ||||||
Universal Health Realty Income Trust, REIT |
2,822 | 112,344 | ||||||
Ventas, Inc., REIT |
7,304 | 338,833 | ||||||
Welltower, Inc., REIT |
12,450 | 1,077,049 | ||||||
|
|
|||||||
2,640,969 | ||||||||
|
|
|||||||
Health Care Technology - 0.1% |
| |||||||
Definitive Healthcare Corp., Class A* |
11,122 | 94,537 | ||||||
Doximity, Inc., Class A*(a) |
1,494 | 40,263 | ||||||
Evolent Health, Inc., Class A* |
5,644 | 165,990 | ||||||
HealthStream, Inc. |
167 | 4,446 | ||||||
Phreesia, Inc.*(a) |
4,482 | 114,201 | ||||||
Teladoc Health, Inc.*(a) |
38,014 | 738,612 | ||||||
Veeva Systems, Inc., Class A* |
2,988 | 619,741 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Veradigm, Inc.* |
12,782 | 116,700 | ||||||
|
|
|||||||
1,894,490 | ||||||||
|
|
|||||||
Hotel & Resort REITs - 0.2% |
| |||||||
Apple Hospitality REIT, Inc., REIT(a) |
6,142 | 98,641 | ||||||
Chatham Lodging Trust, REIT |
6,847 | 71,894 | ||||||
DiamondRock Hospitality Co., REIT(a) |
17,194 | 157,153 | ||||||
Host Hotels & Resorts, Inc., REIT |
15,865 | 304,925 | ||||||
Park Hotels & Resorts, Inc., REIT(a) |
38,512 | 580,761 | ||||||
Pebblebrook Hotel Trust, REIT(a) |
18,426 | 280,444 | ||||||
RLJ Lodging Trust, REIT |
15,106 | 174,927 | ||||||
Ryman Hospitality Properties, Inc., REIT |
3,173 | 348,713 | ||||||
Service Properties Trust, REIT |
36,852 | 284,866 | ||||||
Summit Hotel Properties, Inc., REIT(a) |
33,698 | 218,363 | ||||||
Sunstone Hotel Investors, Inc., REIT(a) |
8,350 | 89,094 | ||||||
Xenia Hotels & Resorts, Inc., REIT(a) |
9,377 | 124,995 | ||||||
|
|
|||||||
2,734,776 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 2.0% |
| |||||||
Airbnb, Inc., Class A*(a) |
9,296 | 1,339,925 | ||||||
Aramark(a) |
7,304 | 212,400 | ||||||
BJs Restaurants, Inc.*(a) |
2,004 | 69,358 | ||||||
Bloomin Brands, Inc.(a) |
16,867 | 449,000 | ||||||
Booking Holdings, Inc.* |
830 | 2,911,200 | ||||||
Boyd Gaming Corp. |
3,841 | 243,865 | ||||||
Brinker International, Inc.*(a) |
7,470 | 319,641 | ||||||
Caesars Entertainment, Inc.* |
6,806 | 298,579 | ||||||
Carnival Corp.*(a) |
23,240 | 385,319 | ||||||
Cheesecake Factory, Inc. (The)(a) |
2,988 | 102,698 | ||||||
Chipotle Mexican Grill, Inc.* |
608 | 1,464,532 | ||||||
Choice Hotels International, Inc.(a) |
830 | 100,530 | ||||||
Churchill Downs, Inc.(a) |
1,670 | 202,020 | ||||||
Darden Restaurants, Inc.(a) |
2,672 | 434,414 | ||||||
Dave & Busters Entertainment, Inc.*(a) |
3,320 | 177,720 | ||||||
Dennys Corp.*(a) |
1,503 | 15,977 | ||||||
Dine Brands Global, Inc.(a) |
1,162 | 54,207 | ||||||
Dominos Pizza, Inc. |
664 | 283,010 | ||||||
DoorDash, Inc., Class A*(a) |
5,810 | 605,402 | ||||||
DraftKings, Inc., Class A*(a) |
13,778 | 538,031 | ||||||
Dutch Bros, Inc., Class A*(a) |
2,656 | 71,314 | ||||||
Everi Holdings, Inc.* |
7,515 | 78,231 | ||||||
Expedia Group, Inc.*(a) |
3,818 | 566,324 | ||||||
Hilton Grand Vacations, Inc.* |
17,535 | 731,210 | ||||||
Hilton Worldwide Holdings, Inc. |
6,179 | 1,179,942 | ||||||
Hyatt Hotels Corp., Class A(a) |
2,490 | 319,641 | ||||||
Jack in the Box, Inc. |
2,988 | 232,974 | ||||||
Las Vegas Sands Corp. |
6,474 | 316,708 | ||||||
Life Time Group Holdings, Inc.*(a) |
7,304 | 97,143 | ||||||
Light & Wonder, Inc.*(a) |
5,146 | 413,635 | ||||||
Marriott International, Inc., Class A |
6,474 | 1,552,012 | ||||||
Marriott Vacations Worldwide Corp. |
6,640 | 557,030 |
Investments |
Shares | Value ($) | ||||||
McDonalds Corp. |
17,702 | 5,181,729 | ||||||
MGM Resorts International* |
8,798 | 381,569 | ||||||
Norwegian Cruise Line Holdings Ltd.*(a) |
14,774 | 262,977 | ||||||
Papa Johns International, Inc.(a) |
498 | 36,593 | ||||||
Penn Entertainment, Inc.*(a) |
28,220 | 636,361 | ||||||
Planet Fitness, Inc., Class A* |
3,486 | 236,211 | ||||||
Red Rock Resorts, Inc., Class A(a) |
2,004 | 109,579 | ||||||
Royal Caribbean Cruises Ltd.*(a) |
6,806 | 867,765 | ||||||
Sabre Corp.*(a) |
78,352 | 321,243 | ||||||
SeaWorld Entertainment, Inc.* |
3,154 | 155,808 | ||||||
Shake Shack, Inc., Class A* |
664 | 50,172 | ||||||
Six Flags Entertainment Corp.* |
6,972 | 175,764 | ||||||
Starbucks Corp. |
26,726 | 2,486,320 | ||||||
Sweetgreen, Inc., Class A*(a) |
8,964 | 95,736 | ||||||
Texas Roadhouse, Inc., Class A |
3,652 | 459,129 | ||||||
Travel + Leisure Co.(a) |
12,616 | 509,939 | ||||||
Vail Resorts, Inc.(a) |
1,002 | 222,444 | ||||||
Wendys Co. (The)(a) |
10,956 | 209,040 | ||||||
Wingstop, Inc. |
1,660 | 466,643 | ||||||
Wyndham Hotels & Resorts, Inc. |
2,988 | 232,855 | ||||||
Wynn Resorts Ltd. |
2,988 | 282,157 | ||||||
Yum! Brands, Inc. |
7,304 | 945,795 | ||||||
|
|
|||||||
30,649,821 | ||||||||
|
|
|||||||
Household Durables - 1.4% |
| |||||||
Cavco Industries, Inc.*(a) |
1,494 | 495,888 | ||||||
Century Communities, Inc.(a) |
7,014 | 608,114 | ||||||
DR Horton, Inc. |
9,519 | 1,360,360 | ||||||
Ethan Allen Interiors, Inc.(a) |
4,175 | 121,618 | ||||||
Garmin Ltd. |
3,818 | 456,213 | ||||||
Green Brick Partners, Inc.*(a) |
7,470 | 389,710 | ||||||
Helen of Troy Ltd.*(a) |
4,814 | 551,203 | ||||||
Installed Building Products, Inc. |
668 | 130,160 | ||||||
iRobot Corp.*(a) |
498 | 6,773 | ||||||
KB Home |
16,434 | 979,302 | ||||||
La-Z-Boy, Inc.(a) |
7,138 | 248,474 | ||||||
Leggett & Platt, Inc. |
7,304 | 169,526 | ||||||
Lennar Corp., Class A |
7,968 | 1,194,005 | ||||||
Lennar Corp., Class B(a) |
501 | 69,514 | ||||||
LGI Homes, Inc.*(a) |
4,648 | 548,510 | ||||||
M/I Homes, Inc.*(a) |
6,640 | 846,069 | ||||||
MDC Holdings, Inc.(a) |
12,024 | 752,462 | ||||||
Meritage Homes Corp. |
8,016 | 1,327,530 | ||||||
Mohawk Industries, Inc.* |
10,790 | 1,124,857 | ||||||
Newell Brands, Inc.(a) |
66,234 | 551,067 | ||||||
NVR, Inc.* |
104 | 735,830 | ||||||
PulteGroup, Inc.(a) |
7,304 | 763,706 | ||||||
Skyline Champion Corp.* |
3,486 | 238,721 | ||||||
Sonos, Inc.*(a) |
6,474 | 100,865 | ||||||
Taylor Morrison Home Corp., Class A*(a) |
23,240 | 1,211,734 | ||||||
Tempur Sealy International, Inc.(a) |
9,130 | 455,496 | ||||||
Toll Brothers, Inc. |
22,244 | 2,209,941 | ||||||
TopBuild Corp.*(a) |
1,162 | 428,929 | ||||||
Tri Pointe Homes, Inc.*(a) |
23,074 | 796,745 | ||||||
Vizio Holding Corp., Class A*(a) |
10,292 | 72,044 | ||||||
Whirlpool Corp.(a) |
11,786 | 1,290,803 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Worthington Enterprises, Inc.(a) |
7,304 | 416,620 | ||||||
|
|
|||||||
20,652,789 | ||||||||
|
|
|||||||
Household Products - 0.9% |
| |||||||
Central Garden & Pet Co.*(a) |
1,503 | 70,491 | ||||||
Central Garden & Pet Co., Class A* |
3,984 | 164,460 | ||||||
Church & Dwight Co., Inc.(a) |
6,474 | 646,429 | ||||||
Clorox Co. (The) |
2,324 | 337,561 | ||||||
Colgate-Palmolive Co. |
19,588 | 1,649,310 | ||||||
Energizer Holdings, Inc. |
11,454 | 362,175 | ||||||
Kimberly-Clark Corp. |
7,304 | 883,565 | ||||||
Procter & Gamble Co. (The) |
56,938 | 8,947,237 | ||||||
Reynolds Consumer Products, Inc. |
332 | 9,020 | ||||||
Spectrum Brands Holdings, Inc.(a) |
2,656 | 208,815 | ||||||
WD-40 Co.(a) |
332 | 85,981 | ||||||
|
|
|||||||
13,365,044 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers - 0.1% |
| |||||||
AES Corp. (The)(a) |
16,268 | 271,350 | ||||||
Altus Power, Inc., Class A* |
11,454 | 61,737 | ||||||
Clearway Energy, Inc., Class A |
5,312 | 119,308 | ||||||
Clearway Energy, Inc., Class C(a) |
7,304 | 177,049 | ||||||
Ormat Technologies, Inc.(a) |
1,162 | 75,158 | ||||||
Sunnova Energy International, Inc.*(a) |
25,066 | 263,694 | ||||||
Vistra Corp. |
12,284 | 504,013 | ||||||
|
|
|||||||
1,472,309 | ||||||||
|
|
|||||||
Industrial Conglomerates - 0.5% |
| |||||||
3M Co. |
17,430 | 1,644,521 | ||||||
General Electric Co. |
25,896 | 3,429,148 | ||||||
Honeywell International, Inc. |
15,604 | 3,156,065 | ||||||
|
|
|||||||
8,229,734 | ||||||||
|
|
|||||||
Industrial REITs - 0.3% |
| |||||||
Americold Realty Trust, Inc., REIT |
12,450 | 342,375 | ||||||
EastGroup Properties, Inc., REIT |
1,494 | 265,081 | ||||||
First Industrial Realty Trust, Inc., REIT |
6,640 | 342,093 | ||||||
Innovative Industrial Properties, Inc., REIT |
1,826 | 170,238 | ||||||
LXP Industrial Trust, REIT(a) |
19,256 | 175,037 | ||||||
Plymouth Industrial REIT, Inc., REIT(a) |
5,312 | 117,608 | ||||||
Prologis, Inc., REIT |
22,244 | 2,818,092 | ||||||
Rexford Industrial Realty, Inc., REIT |
4,509 | 237,128 | ||||||
STAG Industrial, Inc., REIT(a) |
9,960 | 367,922 | ||||||
Terreno Realty Corp., REIT(a) |
3,841 | 229,423 | ||||||
|
|
|||||||
5,064,997 | ||||||||
|
|
|||||||
Insurance - 2.7% |
| |||||||
Aflac, Inc. |
17,098 | 1,442,045 | ||||||
Allstate Corp. (The) |
7,138 | 1,108,174 | ||||||
Ambac Financial Group, Inc.*(a) |
6,474 | 105,202 | ||||||
American Equity Investment Life Holding Co.*(a) |
14,442 | 797,343 | ||||||
American Financial Group, Inc. |
2,324 | 279,810 | ||||||
American International Group, Inc. |
21,580 | 1,500,026 | ||||||
AMERISAFE, Inc.(a) |
334 | 16,647 | ||||||
Aon plc, Class A |
5,010 | 1,495,134 | ||||||
Arch Capital Group Ltd.* |
12,118 | 998,887 | ||||||
Arthur J Gallagher & Co. |
4,814 | 1,117,618 |
Investments |
Shares | Value ($) | ||||||
Assurant, Inc. |
11,288 | 1,895,820 | ||||||
Assured Guaranty Ltd.(a) |
3,818 | 309,754 | ||||||
Axis Capital Holdings Ltd. |
15,030 | 894,586 | ||||||
Brighthouse Financial, Inc.* |
14,608 | 756,256 | ||||||
Brown & Brown, Inc. |
5,511 | 427,433 | ||||||
Chubb Ltd. |
11,786 | 2,887,570 | ||||||
Cincinnati Financial Corp. |
3,486 | 386,249 | ||||||
CNO Financial Group, Inc.(a) |
26,730 | 726,521 | ||||||
Employers Holdings, Inc. |
668 | 27,869 | ||||||
Enstar Group Ltd.* |
2,656 | 708,860 | ||||||
Erie Indemnity Co., Class A(a) |
332 | 114,816 | ||||||
Everest Group Ltd. |
1,002 | 385,740 | ||||||
F&G Annuities & Life, Inc.(a) |
1,494 | 66,991 | ||||||
Fidelity National Financial, Inc.(a) |
9,686 | 484,591 | ||||||
First American Financial Corp.(a) |
21,209 | 1,279,963 | ||||||
Globe Life, Inc. |
2,338 | 287,153 | ||||||
Goosehead Insurance, Inc., Class A*(a) |
2,158 | 166,598 | ||||||
Hanover Insurance Group, Inc. (The) |
1,992 | 262,964 | ||||||
Hartford Financial Services Group, Inc. (The) |
9,462 | 822,815 | ||||||
Horace Mann Educators Corp. |
498 | 18,341 | ||||||
James River Group Holdings Ltd.(a) |
16,102 | 154,096 | ||||||
Kemper Corp. |
11,786 | 707,160 | ||||||
Kinsale Capital Group, Inc.(a) |
664 | 263,986 | ||||||
Lemonade, Inc.*(a) |
14,940 | 236,351 | ||||||
Lincoln National Corp. |
33,698 | 925,010 | ||||||
Loews Corp. |
6,806 | 495,885 | ||||||
Markel Group, Inc.*(a) |
414 | 619,936 | ||||||
Marsh & McLennan Cos., Inc. |
12,284 | 2,381,131 | ||||||
Mercury General Corp.(a) |
8,134 | 325,767 | ||||||
MetLife, Inc. |
19,920 | 1,380,854 | ||||||
National Western Life Group, Inc., Class A |
334 | 161,656 | ||||||
Old Republic International Corp. |
51,958 | 1,456,902 | ||||||
Oscar Health, Inc., Class A* |
26,726 | 334,610 | ||||||
Primerica, Inc. |
1,328 | 310,964 | ||||||
Principal Financial Group, Inc. |
7,636 | 604,008 | ||||||
Progressive Corp. (The) |
14,442 | 2,574,286 | ||||||
Prudential Financial, Inc.(a) |
11,022 | 1,156,538 | ||||||
Reinsurance Group of America, Inc. |
1,494 | 259,792 | ||||||
RenaissanceRe Holdings Ltd.(a) |
1,826 | 417,844 | ||||||
RLI Corp.(a) |
1,328 | 181,099 | ||||||
Ryan Specialty Holdings, Inc., Class A* |
2,490 | 107,867 | ||||||
Safety Insurance Group, Inc.(a) |
166 | 13,829 | ||||||
Selective Insurance Group, Inc.(a) |
3,486 | 365,542 | ||||||
SiriusPoint Ltd.*(a) |
13,527 | 159,619 | ||||||
Stewart Information Services Corp. |
2,988 | 184,240 | ||||||
Travelers Cos., Inc. (The) |
7,304 | 1,543,773 | ||||||
Trupanion, Inc.*(a) |
498 | 13,546 | ||||||
United Fire Group, Inc. |
4,814 | 107,882 | ||||||
Unum Group |
5,644 | 272,831 | ||||||
W R Berkley Corp. |
4,509 | 369,197 | ||||||
White Mountains Insurance Group Ltd.(a) |
166 | 261,611 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Willis Towers Watson plc |
2,672 | 658,114 | ||||||
|
|
|||||||
40,777,702 | ||||||||
|
|
|||||||
Interactive Media & Services - 4.1% |
| |||||||
Alphabet, Inc., Class A* |
143,922 | 20,163,472 | ||||||
Alphabet, Inc., Class C* |
121,512 | 17,230,402 | ||||||
Cargurus, Inc., Class A*(a) |
3,818 | 88,730 | ||||||
Cars.com, Inc.*(a) |
6,474 | 112,842 | ||||||
Getty Images Holdings, Inc.*(a) |
6,806 | 29,130 | ||||||
IAC, Inc.* |
16,268 | 816,816 | ||||||
Match Group, Inc.*(a) |
3,486 | 133,793 | ||||||
Meta Platforms, Inc., Class A* |
53,618 | 20,918,526 | ||||||
Pinterest, Inc., Class A* |
13,612 | 510,042 | ||||||
QuinStreet, Inc.*(a) |
1,503 | 19,043 | ||||||
Snap, Inc., Class A*(a) |
23,572 | 374,559 | ||||||
Taboola.com Ltd.*(a) |
38,512 | 181,777 | ||||||
TripAdvisor, Inc.* |
2,324 | 50,198 | ||||||
Vimeo, Inc.* |
31,706 | 125,873 | ||||||
Yelp, Inc., Class A*(a) |
4,482 | 195,998 | ||||||
Ziff Davis, Inc.* |
10,956 | 738,434 | ||||||
ZoomInfo Technologies, Inc., Class A* |
16,932 | 271,589 | ||||||
|
|
|||||||
61,961,224 | ||||||||
|
|
|||||||
IT Services - 1.3% |
| |||||||
Accenture plc, Class A |
15,272 | 5,557,175 | ||||||
Akamai Technologies, Inc.* |
3,340 | 411,588 | ||||||
BigCommerce Holdings, Inc., Series 1* |
8,798 | 71,968 | ||||||
Cloudflare, Inc., Class A*(a) |
6,308 | 498,647 | ||||||
Cognizant Technology Solutions Corp., Class A |
13,446 | 1,036,956 | ||||||
DigitalOcean Holdings, Inc.*(a) |
1,826 | 61,573 | ||||||
DXC Technology Co.*(a) |
37,018 | 806,992 | ||||||
EPAM Systems, Inc.* |
1,494 | 415,496 | ||||||
Fastly, Inc., Class A*(a) |
4,648 | 93,518 | ||||||
Gartner, Inc.* |
1,992 | 911,220 | ||||||
GoDaddy, Inc., Class A* |
3,841 | 409,681 | ||||||
International Business Machines Corp. |
26,726 | 4,908,497 | ||||||
Kyndryl Holdings, Inc.*(a) |
47,144 | 967,395 | ||||||
MongoDB, Inc.* |
1,328 | 531,891 | ||||||
Okta, Inc.* |
2,324 | 192,079 | ||||||
Perficient, Inc.* |
830 | 56,548 | ||||||
Snowflake, Inc., Class A* |
6,972 | 1,364,002 | ||||||
Squarespace, Inc., Class A* |
1,670 | 51,770 | ||||||
Thoughtworks Holding, Inc.*(a) |
24,236 | 113,425 | ||||||
Twilio, Inc., Class A* |
4,316 | 303,544 | ||||||
VeriSign, Inc.* |
2,158 | 429,183 | ||||||
|
|
|||||||
19,193,148 | ||||||||
|
|
|||||||
Leisure Products - 0.2% |
| |||||||
Acushnet Holdings Corp.(a) |
1,002 | 63,467 | ||||||
Brunswick Corp.(a) |
15,531 | 1,253,041 | ||||||
Hasbro, Inc.(a) |
3,984 | 195,017 | ||||||
Malibu Boats, Inc., Class A*(a) |
2,324 | 97,027 | ||||||
Mattel, Inc.*(a) |
15,604 | 279,156 | ||||||
Peloton Interactive, Inc., |
77,356 | 430,099 | ||||||
Polaris, Inc.(a) |
9,794 | 881,068 | ||||||
Sturm Ruger & Co., Inc. |
166 | 7,248 |
Investments |
Shares | Value ($) | ||||||
Topgolf Callaway Brands Corp.*(a) |
2,656 | 34,979 | ||||||
Vista Outdoor, Inc.*(a) |
8,466 | 237,641 | ||||||
YETI Holdings, Inc.*(a) |
1,992 | 87,588 | ||||||
|
|
|||||||
3,566,331 | ||||||||
|
|
|||||||
Life Sciences Tools & Services - 1.1% |
| |||||||
10X Genomics, Inc., Class A*(a) |
4,648 | 193,682 | ||||||
Adaptive Biotechnologies Corp.*(a) |
20,418 | 74,934 | ||||||
Agilent Technologies, Inc. |
6,640 | 863,864 | ||||||
Avantor, Inc.*(a) |
14,442 | 332,022 | ||||||
Azenta, Inc.*(a) |
3,818 | 248,934 | ||||||
BioLife Solutions, Inc.*(a) |
5,478 | 93,126 | ||||||
Bio-Rad Laboratories, Inc., Class A* |
498 | 159,803 | ||||||
Bio-Techne Corp. |
4,482 | 315,174 | ||||||
Bruker Corp. |
2,338 | 167,190 | ||||||
Charles River Laboratories International, Inc.*(a) |
1,494 | 323,122 | ||||||
CryoPort, Inc.* |
332 | 4,817 | ||||||
Danaher Corp. |
16,766 | 4,022,331 | ||||||
Fortrea Holdings, Inc.*(a) |
2,490 | 77,090 | ||||||
Illumina, Inc.* |
3,154 | 451,054 | ||||||
IQVIA Holdings, Inc.*(a) |
4,814 | 1,002,419 | ||||||
Medpace Holdings, Inc.*(a) |
1,002 | 292,163 | ||||||
Mettler-Toledo International, Inc.* |
501 | 599,792 | ||||||
OmniAb, Inc.*(a) |
562 | 444 | ||||||
Pacific Biosciences of California, Inc.*(a) |
1,162 | 7,565 | ||||||
Repligen Corp.*(a) |
2,324 | 440,166 | ||||||
Revvity, Inc. |
1,992 | 213,503 | ||||||
Sotera Health Co.* |
9,960 | 146,611 | ||||||
Thermo Fisher Scientific, Inc. |
9,296 | 5,010,358 | ||||||
Waters Corp.*(a) |
1,660 | 527,399 | ||||||
West Pharmaceutical Services, Inc. |
1,992 | 743,076 | ||||||
|
|
|||||||
16,310,639 | ||||||||
|
|
|||||||
Machinery - 2.2% |
| |||||||
3D Systems Corp.*(a) |
42,828 | 205,146 | ||||||
AGCO Corp. |
2,338 | 286,008 | ||||||
Alamo Group, Inc.(a) |
334 | 70,901 | ||||||
Albany International Corp., Class A |
2,004 | 178,176 | ||||||
Allison Transmission Holdings, Inc. |
17,762 | 1,075,311 | ||||||
Astec Industries, Inc. |
332 | 11,819 | ||||||
Barnes Group, Inc.(a) |
664 | 21,985 | ||||||
Caterpillar, Inc. |
14,940 | 4,486,631 | ||||||
Chart Industries, Inc.*(a) |
1,660 | 193,755 | ||||||
CNH Industrial NV |
32,536 | 390,432 | ||||||
Columbus McKinnon Corp.(a) |
501 | 19,574 | ||||||
Crane Co. |
1,328 | 164,818 | ||||||
Cummins, Inc. |
4,175 | 999,077 | ||||||
Deere & Co. |
7,636 | 3,005,377 | ||||||
Donaldson Co., Inc. |
6,474 | 418,156 | ||||||
Douglas Dynamics, Inc. |
334 | 8,400 | ||||||
Dover Corp. |
3,340 | 500,265 | ||||||
Energy Recovery, Inc.* |
166 | 2,575 | ||||||
Enerpac Tool Group Corp., Class A(a) |
4,676 | 146,031 | ||||||
Enpro, Inc.(a) |
1,169 | 174,625 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Esab Corp. |
3,486 | 299,761 | ||||||
Federal Signal Corp. |
1,670 | 128,557 | ||||||
Flowserve Corp.(a) |
6,680 | 266,732 | ||||||
Fortive Corp. |
7,138 | 558,049 | ||||||
Franklin Electric Co., Inc.(a) |
1,162 | 109,530 | ||||||
Gates Industrial Corp. plc* |
22,908 | 295,055 | ||||||
Gorman-Rupp Co. (The) |
498 | 16,628 | ||||||
Graco, Inc. |
5,036 | 429,571 | ||||||
Greenbrier Cos., Inc. (The)(a) |
6,640 | 301,854 | ||||||
Hillenbrand, Inc.(a) |
13,612 | 633,911 | ||||||
Hyster-Yale Materials Handling, Inc.(a) |
2,158 | 141,824 | ||||||
IDEX Corp. |
1,992 | 421,308 | ||||||
Illinois Tool Works, Inc. |
6,972 | 1,818,995 | ||||||
Ingersoll Rand, Inc.(a) |
8,798 | 702,608 | ||||||
ITT, Inc.(a) |
4,342 | 524,427 | ||||||
John Bean Technologies Corp.(a) |
664 | 65,577 | ||||||
Kadant, Inc. |
334 | 95,524 | ||||||
Kennametal, Inc.(a) |
2,988 | 73,266 | ||||||
Lincoln Electric Holdings, Inc. |
1,826 | 405,774 | ||||||
Lindsay Corp.(a) |
334 | 43,457 | ||||||
Middleby Corp. (The)*(a) |
1,670 | 235,587 | ||||||
Mueller Industries, Inc.(a) |
25,232 | 1,211,136 | ||||||
Mueller Water Products, Inc., Class A |
4,843 | 66,398 | ||||||
Nordson Corp. |
1,169 | 294,261 | ||||||
Omega Flex, Inc.(a) |
1,162 | 81,061 | ||||||
Oshkosh Corp. |
13,527 | 1,489,323 | ||||||
Otis Worldwide Corp.(a) |
10,187 | 900,938 | ||||||
PACCAR, Inc.(a) |
14,940 | 1,499,827 | ||||||
Parker-Hannifin Corp. |
3,486 | 1,619,247 | ||||||
Pentair plc(a) |
4,482 | 327,948 | ||||||
RBC Bearings, Inc.*(a) |
996 | 267,466 | ||||||
REV Group, Inc.(a) |
6,346 | 123,874 | ||||||
Snap-on, Inc. |
1,503 | 435,765 | ||||||
SPX Technologies, Inc.*(a) |
1,336 | 134,455 | ||||||
Standex International Corp.(a) |
167 | 24,659 | ||||||
Stanley Black & Decker, Inc. |
2,822 | 263,293 | ||||||
Tennant Co. |
1,826 | 172,593 | ||||||
Terex Corp.(a) |
13,193 | 810,446 | ||||||
Timken Co. (The)(a) |
12,782 | 1,046,974 | ||||||
Titan International, Inc.*(a) |
9,628 | 142,109 | ||||||
Toro Co. (The)(a) |
3,006 | 277,995 | ||||||
Trinity Industries, Inc.(a) |
2,672 | 67,174 | ||||||
Wabash National Corp.(a) |
7,968 | 201,590 | ||||||
Watts Water Technologies, Inc., Class A(a) |
835 | 165,338 | ||||||
Westinghouse Air Brake Technologies Corp. |
4,509 | 593,249 | ||||||
Xylem, Inc. |
6,640 | 746,602 | ||||||
|
|
|||||||
32,890,778 | ||||||||
|
|
|||||||
Marine Transportation - 0.1% |
| |||||||
Genco Shipping & Trading Ltd.(a) |
8,300 | 145,582 | ||||||
Kirby Corp.* |
3,652 | 287,267 | ||||||
Matson, Inc.(a) |
6,640 | 743,879 | ||||||
|
|
|||||||
1,176,728 | ||||||||
|
|
|||||||
Media - 0.9% |
| |||||||
Boston Omaha Corp., Class A*(a) |
6,972 | 107,996 |
Investments |
Shares | Value ($) | ||||||
Charter Communications, Inc., Class A*(a) |
3,154 | 1,169,219 | ||||||
Clear Channel Outdoor Holdings, Inc.* |
68,392 | 117,634 | ||||||
Comcast Corp., Class A |
122,176 | 5,686,071 | ||||||
Fox Corp., Class A(a) |
5,312 | 171,578 | ||||||
Fox Corp., Class B |
1,826 | 54,798 | ||||||
Gray Television, Inc. |
6,806 | 64,997 | ||||||
Integral Ad Science Holding Corp.* |
6,640 | 96,612 | ||||||
Interpublic Group of Cos., Inc. (The)(a) |
9,628 | 317,628 | ||||||
Liberty Broadband Corp., Class A*(a) |
996 | 77,509 | ||||||
Liberty Broadband Corp., Class C*(a) |
1,494 | 117,204 | ||||||
Liberty Media Corp-Liberty SiriusXM*(a) |
37,184 | 1,128,906 | ||||||
Liberty Media Corp-Liberty SiriusXM, Class A* |
19,920 | 605,369 | ||||||
New York Times Co. (The), Class A |
8,632 | 419,170 | ||||||
News Corp., Class A |
8,684 | 213,974 | ||||||
News Corp., Class B(a) |
2,839 | 72,593 | ||||||
Nexstar Media Group, Inc., Class A(a) |
7,470 | 1,327,494 | ||||||
Omnicom Group, Inc.(a) |
6,346 | 573,552 | ||||||
Paramount Global, Class B(a) |
28,552 | 416,574 | ||||||
PubMatic, Inc., Class A*(a) |
6,474 | 98,275 | ||||||
Scholastic Corp. |
668 | 25,678 | ||||||
Sinclair, Inc.(a) |
498 | 7,819 | ||||||
Sirius XM Holdings, Inc.(a) |
23,904 | 121,671 | ||||||
Stagwell, Inc., Class A*(a) |
5,312 | 34,634 | ||||||
TEGNA, Inc. |
45,816 | 714,272 | ||||||
Thryv Holdings, Inc.*(a) |
830 | 16,965 | ||||||
Trade Desk, Inc. (The), Class A*(a) |
9,628 | 658,844 | ||||||
|
|
|||||||
14,417,036 | ||||||||
|
|
|||||||
Metals & Mining - 0.9% |
| |||||||
Alcoa Corp.(a) |
6,142 | 182,724 | ||||||
Alpha Metallurgical Resources, Inc.(a) |
2,656 | 1,060,381 | ||||||
Arch Resources, Inc. |
3,841 | 679,703 | ||||||
ATI, Inc.*(a) |
7,470 | 305,299 | ||||||
Carpenter Technology Corp. |
3,320 | 204,479 | ||||||
Century Aluminum Co.*(a) |
9,018 | 100,551 | ||||||
Cleveland-Cliffs, Inc.* |
17,034 | 341,532 | ||||||
Coeur Mining, Inc.*(a) |
33,034 | 88,861 | ||||||
Commercial Metals Co. |
25,896 | 1,352,289 | ||||||
Freeport-McMoRan, Inc. |
42,994 | 1,706,432 | ||||||
Haynes International, Inc.(a) |
830 | 46,206 | ||||||
Hecla Mining Co.(a) |
13,360 | 50,902 | ||||||
Ivanhoe Electric, Inc.*(a) |
10,126 | 84,653 | ||||||
Kaiser Aluminum Corp.(a) |
2,158 | 140,054 | ||||||
Materion Corp.(a) |
501 | 58,602 | ||||||
MP Materials Corp.*(a) |
664 | 10,498 | ||||||
Newmont Corp. |
27,058 | 933,772 | ||||||
Nucor Corp. |
7,802 | 1,458,428 | ||||||
Piedmont Lithium, Inc.*(a) |
498 | 7,609 | ||||||
Reliance Steel & Aluminum Co. |
1,992 | 568,557 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Royal Gold, Inc.(a) |
2,656 | 303,820 | ||||||
Ryerson Holding Corp. |
3,486 | 119,640 | ||||||
Schnitzer Steel Industries, Inc., Class A(a) |
3,154 | 83,045 | ||||||
Southern Copper Corp.(a) |
1,670 | 137,107 | ||||||
Steel Dynamics, Inc. |
5,478 | 661,140 | ||||||
SunCoke Energy, Inc. |
9,130 | 93,582 | ||||||
TimkenSteel Corp.*(a) |
8,350 | 171,592 | ||||||
United States Steel Corp.(a) |
45,484 | 2,138,658 | ||||||
Warrior Met Coal, Inc. |
9,296 | 596,524 | ||||||
|
|
|||||||
13,686,640 | ||||||||
|
|
|||||||
Mortgage Real Estate Investment Trusts (REITs) - 0.6% |
| |||||||
AGNC Investment Corp.(a) |
149,068 | 1,413,165 | ||||||
Annaly Capital Management, Inc. |
10,624 | 203,875 | ||||||
Apollo Commercial Real Estate Finance, Inc.(a) |
19,920 | 222,307 | ||||||
Arbor Realty Trust, Inc.(a) |
31,872 | 423,898 | ||||||
Ares Commercial Real Estate Corp. |
17,928 | 170,495 | ||||||
ARMOUR Residential REIT, |
5,146 | 98,031 | ||||||
Blackstone Mortgage Trust, Inc., Class A(a) |
30,544 | 602,938 | ||||||
BrightSpire Capital, Inc., Class A |
26,394 | 188,717 | ||||||
Chimera Investment Corp. |
29,216 | 140,237 | ||||||
Claros Mortgage Trust, Inc.(a) |
11,952 | 140,316 | ||||||
Dynex Capital, Inc.(a) |
4,482 | 54,860 | ||||||
Ellington Financial, Inc.(a) |
10,458 | 127,692 | ||||||
Franklin BSP Realty Trust, Inc.(a) |
10,624 | 136,200 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(a) |
24,402 | 580,524 | ||||||
Invesco Mortgage Capital, Inc. |
1 | 5 | ||||||
KKR Real Estate Finance Trust, Inc.(a) |
16,102 | 197,088 | ||||||
Ladder Capital Corp.(a) |
30,544 | 333,846 | ||||||
MFA Financial, Inc.(a) |
13,280 | 147,010 | ||||||
New York Mortgage Trust, Inc.(a) |
19,754 | 154,871 | ||||||
PennyMac Mortgage Investment Trust(a) |
19,256 | 276,131 | ||||||
Ready Capital Corp.(a) |
27,888 | 261,311 | ||||||
Redwood Trust, Inc.(a) |
12,616 | 84,653 | ||||||
Rithm Capital Corp.(a) |
107,734 | 1,152,754 | ||||||
Starwood Property Trust, Inc.(a) |
62,084 | 1,262,168 | ||||||
TPG RE Finance Trust, Inc.(a) |
11,620 | 70,766 | ||||||
Two Harbors Investment Corp. |
10,790 | 134,443 | ||||||
|
|
|||||||
8,578,301 | ||||||||
|
|
|||||||
Multi-Utilities - 0.6% |
| |||||||
Ameren Corp. |
5,146 | 358,007 | ||||||
Avista Corp.(a) |
19,090 | 649,251 | ||||||
Black Hills Corp. |
16,102 | 833,440 | ||||||
CenterPoint Energy, Inc.(a) |
16,932 | 473,080 | ||||||
CMS Energy Corp. |
8,632 | 493,405 | ||||||
Consolidated Edison, Inc. |
9,130 | 829,917 | ||||||
Dominion Energy, Inc. |
23,074 | 1,054,943 | ||||||
DTE Energy Co. |
6,972 | 734,988 | ||||||
NiSource, Inc. |
11,882 | 308,576 | ||||||
Northwestern Energy Group, Inc.(a) |
664 | 31,952 |
Investments |
Shares | Value ($) | ||||||
Public Service Enterprise Group, Inc.(a) |
12,782 | 741,228 | ||||||
Sempra |
19,920 | 1,425,475 | ||||||
Unitil Corp.(a) |
1,992 | 94,660 | ||||||
WEC Energy Group, Inc. |
8,798 | 710,526 | ||||||
|
|
|||||||
8,739,448 | ||||||||
|
|
|||||||
Office REITs - 0.3% |
| |||||||
Alexandria Real Estate Equities, Inc., REIT(a) |
4,814 | 582,013 | ||||||
Boston Properties, Inc., REIT(a) |
3,154 | 209,741 | ||||||
Brandywine Realty Trust, REIT(a) |
53,784 | 254,936 | ||||||
COPT Defense Properties, REIT |
2,822 | 66,486 | ||||||
Cousins Properties, Inc., REIT |
10,126 | 231,987 | ||||||
Douglas Emmett, Inc., REIT(a) |
38,844 | 526,336 | ||||||
Easterly Government Properties, Inc., Class A, REIT(a) |
7,802 | 95,809 | ||||||
Highwoods Properties, Inc., REIT(a) |
8,466 | 194,464 | ||||||
Hudson Pacific Properties, Inc., REIT(a) |
32,370 | 265,110 | ||||||
JBG SMITH Properties, REIT(a) |
9,296 | 148,736 | ||||||
Kilroy Realty Corp., REIT(a) |
7,138 | 255,255 | ||||||
Paramount Group, Inc., REIT |
52,622 | 249,954 | ||||||
Piedmont Office Realty Trust, Inc., Class A, REIT |
39,010 | 265,268 | ||||||
SL Green Realty Corp., REIT(a) |
15,438 | 693,938 | ||||||
Vornado Realty Trust, REIT(a) |
10,624 | 288,867 | ||||||
|
|
|||||||
4,328,900 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 4.2% |
| |||||||
Antero Midstream Corp.(a) |
20,418 | 249,916 | ||||||
Antero Resources Corp.*(a) |
6,972 | 155,754 | ||||||
APA Corp.(a) |
11,122 | 348,452 | ||||||
Berry Corp. |
10,624 | 71,287 | ||||||
California Resources Corp.(a) |
13,944 | 664,850 | ||||||
Callon Petroleum Co.*(a) |
15,106 | 485,205 | ||||||
Cheniere Energy, Inc. |
7,515 | 1,232,385 | ||||||
Chesapeake Energy Corp.(a) |
3,525 | 271,813 | ||||||
Chevron Corp. |
52,902 | 7,799,342 | ||||||
Chord Energy Corp.(a) |
8,466 | 1,301,732 | ||||||
Civitas Resources, Inc.(a) |
14,442 | 935,991 | ||||||
Clean Energy Fuels Corp.*(a) |
32,868 | 96,961 | ||||||
CNX Resources Corp.*(a) |
11,786 | 238,077 | ||||||
Comstock Resources, Inc.(a) |
9,794 | 76,491 | ||||||
ConocoPhillips |
36,188 | 4,048,351 | ||||||
CONSOL Energy, Inc.(a) |
5,810 | 549,626 | ||||||
Coterra Energy, Inc.(a) |
24,216 | 602,493 | ||||||
Crescent Energy Co., Class A(a) |
15,272 | 168,756 | ||||||
CVR Energy, Inc.(a) |
7,802 | 263,161 | ||||||
Delek US Holdings, Inc.(a) |
11,620 | 314,089 | ||||||
Devon Energy Corp. |
21,248 | 892,841 | ||||||
Diamondback Energy, Inc. |
5,678 | 872,936 | ||||||
Dorian LPG Ltd.(a) |
7,515 | 281,362 | ||||||
DT Midstream, Inc.(a) |
5,810 | 311,939 | ||||||
EOG Resources, Inc. |
16,600 | 1,888,914 | ||||||
EQT Corp. |
10,855 | 384,267 | ||||||
Equitrans Midstream Corp.(a) |
28,884 | 294,328 | ||||||
Exxon Mobil Corp. |
119,686 | 12,304,918 | ||||||
Green Plains, Inc.*(a) |
4,509 | 93,472 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Gulfport Energy Corp.* |
1,992 | 252,785 | ||||||
Hess Corp. |
7,138 | 1,003,103 | ||||||
HF Sinclair Corp.(a) |
5,478 | 309,452 | ||||||
HighPeak Energy, Inc.(a) |
5,810 | 79,306 | ||||||
International Seaways, Inc.(a) |
5,976 | 320,553 | ||||||
Kinder Morgan, Inc.(a) |
53,286 | 901,599 | ||||||
Kosmos Energy Ltd.*(a) |
87,301 | 529,044 | ||||||
Magnolia Oil & Gas Corp., Class A(a) |
31,042 | 640,086 | ||||||
Marathon Oil Corp. |
21,082 | 481,724 | ||||||
Marathon Petroleum Corp. |
11,952 | 1,979,251 | ||||||
Matador Resources Co.(a) |
22,908 | 1,257,420 | ||||||
Murphy Oil Corp. |
30,378 | 1,175,629 | ||||||
New Fortress Energy, Inc.(a) |
16,268 | 540,586 | ||||||
NextDecade Corp.*(a) |
3,006 | 15,300 | ||||||
Northern Oil and Gas, Inc.(a) |
16,932 | 567,222 | ||||||
Occidental Petroleum Corp.(a) |
18,260 | 1,051,228 | ||||||
ONEOK, Inc. |
17,264 | 1,178,268 | ||||||
Ovintiv, Inc. |
8,811 | 373,763 | ||||||
Par Pacific Holdings, Inc.*(a) |
10,458 | 382,658 | ||||||
PBF Energy, Inc., Class A |
23,095 | 1,166,528 | ||||||
Peabody Energy Corp.(a) |
23,213 | 619,787 | ||||||
Permian Resources Corp.(a) |
71,878 | 968,915 | ||||||
Phillips 66(a) |
13,612 | 1,964,348 | ||||||
Pioneer Natural Resources Co. |
6,474 | 1,487,919 | ||||||
Range Resources Corp.(a) |
8,964 | 260,315 | ||||||
SilverBow Resources, Inc.* |
996 | 26,454 | ||||||
SM Energy Co.(a) |
21,912 | 812,497 | ||||||
Southwestern Energy Co.* |
236,716 | 1,526,818 | ||||||
Targa Resources Corp. |
6,308 | 535,928 | ||||||
Texas Pacific Land Corp.(a) |
167 | 244,042 | ||||||
Uranium Energy Corp.*(a) |
3,173 | 24,242 | ||||||
VAALCO Energy, Inc.(a) |
12,284 | 52,330 | ||||||
Valero Energy Corp.(a) |
10,956 | 1,521,788 | ||||||
Vital Energy, Inc.*(a) |
7,304 | 320,134 | ||||||
Vitesse Energy, Inc.(a) |
498 | 10,463 | ||||||
W&T Offshore, Inc.(a) |
21,746 | 66,108 | ||||||
Williams Cos., Inc. (The) |
30,876 | 1,070,162 | ||||||
World Kinect Corp. |
10,956 | 247,277 | ||||||
|
|
|||||||
63,164,741 | ||||||||
|
|
|||||||
Paper & Forest Products - 0.0%(d) |
| |||||||
Clearwater Paper Corp.*(a) |
1,660 | 54,730 | ||||||
Louisiana-Pacific Corp. |
3,984 | 265,135 | ||||||
Mercer International, Inc.(a) |
7,304 | 61,792 | ||||||
Sylvamo Corp.(a) |
5,678 | 263,630 | ||||||
|
|
|||||||
645,287 | ||||||||
|
|
|||||||
Passenger Airlines - 0.3% |
| |||||||
Alaska Air Group, Inc.*(a) |
24,734 | 886,219 | ||||||
Allegiant Travel Co.(a) |
3,320 | 260,288 | ||||||
American Airlines Group, Inc.*(a) |
129,646 | 1,844,863 | ||||||
Delta Air Lines, Inc. |
16,932 | 662,718 | ||||||
JetBlue Airways Corp.*(a) |
53,618 | 284,712 | ||||||
Joby Aviation, Inc.*(a) |
4,814 | 26,284 | ||||||
SkyWest, Inc.* |
3,818 | 203,347 | ||||||
Southwest Airlines Co.(a) |
14,442 | 431,671 | ||||||
Spirit Airlines, Inc.(a) |
24,568 | 154,533 | ||||||
Sun Country Airlines Holdings, Inc.*(a) |
9,296 | 126,518 |
Investments |
Shares | Value ($) | ||||||
United Airlines Holdings, Inc.*(a) |
7,802 | 322,847 | ||||||
|
|
|||||||
5,204,000 | ||||||||
|
|
|||||||
Personal Care Products - 0.2% |
| |||||||
Beauty Health Co. (The)*(a) |
28,552 | 83,657 | ||||||
BellRing Brands, Inc.*(a) |
4,676 | 258,443 | ||||||
Coty, Inc., Class A*(a) |
14,442 | 174,459 | ||||||
Edgewell Personal Care Co.(a) |
4,162 | 154,202 | ||||||
elf Beauty, Inc.* |
1,826 | 291,302 | ||||||
Estee Lauder Cos., Inc. (The), Class A |
4,980 | 657,310 | ||||||
Herbalife Ltd.*(a) |
14,110 | 170,026 | ||||||
Inter Parfums, Inc. |
501 | 69,714 | ||||||
Medifast, Inc.(a) |
996 | 54,432 | ||||||
Nu Skin Enterprises, Inc., Class A(a) |
15,272 | 283,448 | ||||||
Olaplex Holdings, Inc.*(a) |
62,416 | 140,436 | ||||||
USANA Health Sciences, Inc.* |
1,494 | 69,949 | ||||||
|
|
|||||||
2,407,378 | ||||||||
|
|
|||||||
Pharmaceuticals - 3.2% |
| |||||||
Amphastar Pharmaceuticals, Inc.*(a) |
1,002 | 53,467 | ||||||
Amylyx Pharmaceuticals, Inc.*(a) |
8,134 | 130,144 | ||||||
ANI Pharmaceuticals, Inc.*(a) |
167 | 9,322 | ||||||
Arvinas, Inc.*(a) |
4,648 | 192,892 | ||||||
Axsome Therapeutics, Inc.*(a) |
1,670 | 150,350 | ||||||
Bristol-Myers Squibb Co. |
58,930 | 2,879,909 | ||||||
Cassava Sciences, Inc.* |
1,992 | 47,708 | ||||||
Catalent, Inc.* |
8,466 | 437,184 | ||||||
Collegium Pharmaceutical, Inc.*(a) |
9,185 | 302,738 | ||||||
Corcept Therapeutics, Inc.*(a) |
4,063 | 85,729 | ||||||
Cymabay Therapeutics, Inc.*(a) |
996 | 23,416 | ||||||
Elanco Animal Health, Inc.* |
104,414 | 1,539,062 | ||||||
Eli Lilly & Co. |
20,418 | 13,182,065 | ||||||
Evolus, Inc.*(a) |
1,837 | 23,312 | ||||||
Innoviva, Inc.*(a) |
8,798 | 142,528 | ||||||
Intra-Cellular Therapies, Inc.* |
2,822 | 190,034 | ||||||
Jazz Pharmaceuticals plc* |
1,660 | 203,715 | ||||||
Johnson & Johnson |
72,542 | 11,526,924 | ||||||
Ligand Pharmaceuticals, Inc.*(a) |
332 | 24,269 | ||||||
Merck & Co., Inc. |
61,918 | 7,478,456 | ||||||
Organon & Co.(a) |
46,480 | 773,892 | ||||||
Pacira BioSciences, Inc.*(a) |
5,146 | 167,708 | ||||||
Perrigo Co. plc |
30,046 | 963,876 | ||||||
Pfizer, Inc. |
165,004 | 4,468,308 | ||||||
Pliant Therapeutics, Inc.*(a) |
5,146 | 92,216 | ||||||
Prestige Consumer Healthcare, Inc.* |
3,652 | 224,744 | ||||||
Royalty Pharma plc, Class A |
8,134 | 230,924 | ||||||
Scilex Holding Co.* |
14,036 | 23,019 | ||||||
Supernus Pharmaceuticals, Inc.*(a) |
4,316 | 119,467 | ||||||
Tilray Brands, Inc.* |
107,402 | 196,546 | ||||||
Ventyx Biosciences, Inc.*(a) |
35,192 | 74,255 | ||||||
Viatris, Inc. |
25,066 | 295,027 | ||||||
Zoetis, Inc. |
11,620 | 2,182,352 | ||||||
|
|
|||||||
48,435,558 | ||||||||
|
|
|||||||
Professional Services - 1.1% |
| |||||||
Alight, Inc., Class A* |
67,562 | 602,653 | ||||||
ASGN, Inc.*(a) |
9,960 | 924,487 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Automatic Data Processing, Inc. |
10,126 | 2,488,768 | ||||||
Barrett Business Services, Inc. |
835 | 93,746 | ||||||
Booz Allen Hamilton Holding Corp. |
3,006 | 423,155 | ||||||
Broadridge Financial Solutions, Inc. |
2,490 | 508,458 | ||||||
CACI International, Inc., Class A* |
1,162 | 399,414 | ||||||
CBIZ, Inc.* |
1,670 | 106,312 | ||||||
Ceridian HCM Holding, Inc.*(a) |
4,316 | 300,048 | ||||||
Clarivate plc*(a) |
61,752 | 552,063 | ||||||
Concentrix Corp.(a) |
9,960 | 885,145 | ||||||
Conduent, Inc.*(a) |
35,524 | 127,887 | ||||||
CSG Systems International, Inc.(a) |
2,672 | 134,428 | ||||||
Dun & Bradstreet Holdings, Inc.(a) |
45,650 | 529,084 | ||||||
Equifax, Inc.(a) |
3,154 | 770,648 | ||||||
ExlService Holdings, Inc.*(a) |
4,814 | 150,582 | ||||||
Exponent, Inc.(a) |
1,162 | 102,477 | ||||||
First Advantage Corp.(a) |
668 | 10,935 | ||||||
Forrester Research, Inc.* |
4,316 | 109,972 | ||||||
FTI Consulting, Inc.*(a) |
1,162 | 222,651 | ||||||
Genpact Ltd.(a) |
9,628 | 345,645 | ||||||
Heidrick & Struggles International, Inc. |
5,478 | 164,176 | ||||||
Huron Consulting Group, Inc.* |
501 | 51,869 | ||||||
ICF International, Inc. |
501 | 69,659 | ||||||
Insperity, Inc.(a) |
1,162 | 133,270 | ||||||
Jacobs Solutions, Inc. |
3,486 | 469,808 | ||||||
KBR, Inc. |
4,648 | 242,207 | ||||||
Kelly Services, Inc., Class A |
5,976 | 122,807 | ||||||
Kforce, Inc.(a) |
334 | 22,829 | ||||||
Korn Ferry(a) |
9,628 | 564,875 | ||||||
Legalzoom.com, Inc.*(a) |
10,956 | 112,956 | ||||||
Leidos Holdings, Inc. |
3,507 | 387,418 | ||||||
ManpowerGroup, Inc. |
9,130 | 676,898 | ||||||
Maximus, Inc.(a) |
3,486 | 282,784 | ||||||
NV5 Global, Inc.*(a) |
166 | 17,412 | ||||||
Paychex, Inc.(a) |
7,515 | 914,801 | ||||||
Paycom Software, Inc. |
664 | 126,320 | ||||||
Paycor HCM, Inc.* |
4,316 | 83,860 | ||||||
Paylocity Holding Corp.*(a) |
830 | 131,480 | ||||||
Planet Labs PBC*(a) |
47,144 | 106,546 | ||||||
Resources Connection, Inc.(a) |
5,344 | 71,930 | ||||||
Robert Half, Inc.(a) |
3,340 | 265,664 | ||||||
Science Applications International Corp.(a) |
2,988 | 381,448 | ||||||
SS&C Technologies Holdings, Inc. |
4,648 | 283,621 | ||||||
Sterling Check Corp.*(a) |
6,474 | 88,305 | ||||||
TransUnion |
3,154 | 218,225 | ||||||
TriNet Group, Inc.*(a) |
1,826 | 207,616 | ||||||
TTEC Holdings, Inc.(a) |
8,466 | 172,537 | ||||||
Upwork, Inc.* |
11,620 | 159,310 | ||||||
Verisk Analytics, Inc. |
3,674 | 887,381 | ||||||
Verra Mobility Corp., Class A*(a) |
10,020 | 239,578 | ||||||
|
|
|||||||
17,446,148 | ||||||||
|
|
|||||||
Real Estate Management & Development - 0.4% |
| |||||||
Anywhere Real Estate, Inc.*(a) |
14,774 | 105,191 | ||||||
CBRE Group, Inc., Class A*(a) |
9,296 | 802,338 | ||||||
Compass, Inc., Class A*(a) |
46,978 | 161,604 |
Investments |
Shares | Value ($) | ||||||
CoStar Group, Inc.* |
9,794 | 817,603 | ||||||
Cushman & Wakefield plc*(a) |
23,240 | 244,485 | ||||||
DigitalBridge Group, Inc. |
8,632 | 169,533 | ||||||
eXp World Holdings, Inc.(a) |
996 | 12,330 | ||||||
Forestar Group, Inc.*(a) |
6,308 | 197,188 | ||||||
Howard Hughes Holdings, Inc.* |
1,992 | 159,519 | ||||||
Jones Lang LaSalle, Inc.* |
10,126 | 1,792,910 | ||||||
Newmark Group, Inc., Class A(a) |
37,682 | 382,472 | ||||||
Opendoor Technologies, Inc.*(a) |
109,228 | 373,560 | ||||||
Redfin Corp.*(a) |
7,138 | 58,246 | ||||||
St Joe Co. (The)(a) |
501 | 27,655 | ||||||
Zillow Group, Inc., Class A*(a) |
501 | 27,600 | ||||||
Zillow Group, Inc., Class C*(a) |
5,478 | 311,370 | ||||||
|
|
|||||||
5,643,604 | ||||||||
|
|
|||||||
Residential REITs - 0.3% |
| |||||||
American Homes 4 Rent, Class A, REIT |
5,478 | 192,004 | ||||||
Apartment Income REIT Corp., Class A, REIT |
3,320 | 108,531 | ||||||
AvalonBay Communities, Inc., REIT |
3,154 | 564,597 | ||||||
Camden Property Trust, REIT |
1,826 | 171,352 | ||||||
Centerspace, REIT |
1,992 | 109,082 | ||||||
Elme Communities, REIT |
10,458 | 151,432 | ||||||
Equity LifeStyle Properties, Inc., REIT |
3,984 | 269,677 | ||||||
Equity Residential, REIT |
10,126 | 609,484 | ||||||
Essex Property Trust, Inc., REIT |
1,328 | 309,782 | ||||||
Independence Realty Trust, Inc., REIT(a) |
3,818 | 56,086 | ||||||
Invitation Homes, Inc., REIT |
11,952 | 393,579 | ||||||
Mid-America Apartment Communities, Inc., REIT |
2,490 | 314,686 | ||||||
Sun Communities, Inc., REIT |
2,988 | 374,546 | ||||||
UDR, Inc., REIT(a) |
5,478 | 197,318 | ||||||
UMH Properties, Inc., REIT |
8,134 | 122,905 | ||||||
|
|
|||||||
3,945,061 | ||||||||
|
|
|||||||
Retail REITs - 0.4% |
| |||||||
Acadia Realty Trust, REIT(a) |
9,462 | 161,422 | ||||||
Agree Realty Corp., REIT |
3,154 | 188,010 | ||||||
Alexanders, Inc., REIT |
332 | 72,970 | ||||||
Brixmor Property Group, Inc., REIT |
10,187 | 228,596 | ||||||
Federal Realty Investment Trust, REIT |
3,486 | 354,631 | ||||||
Getty Realty Corp., REIT(a) |
167 | 4,619 | ||||||
Kimco Realty Corp., REIT(a) |
22,752 | 459,590 | ||||||
Kite Realty Group Trust, REIT |
13,778 | 294,849 | ||||||
Macerich Co. (The), REIT(a) |
50,464 | 796,827 | ||||||
NETSTREIT Corp., REIT(a) |
8,300 | 150,811 | ||||||
NNN REIT, Inc., REIT(a) |
9,960 | 401,786 | ||||||
Phillips Edison & Co., Inc., REIT(a) |
3,154 | 109,475 | ||||||
Realty Income Corp., REIT |
20,363 | 1,107,544 | ||||||
Regency Centers Corp., REIT |
3,984 | 249,677 | ||||||
Retail Opportunity Investments Corp., REIT |
11,620 | 157,916 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Simon Property Group, Inc., REIT(a) |
7,304 | 1,012,408 | ||||||
SITE Centers Corp., REIT |
4,843 | 64,509 | ||||||
Tanger, Inc., REIT(a) |
7,470 | 200,943 | ||||||
Urban Edge Properties, REIT(a) |
4,509 | 77,870 | ||||||
Whitestone REIT, REIT(a) |
2,988 | 38,605 | ||||||
|
|
|||||||
6,133,058 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 6.2% |
| |||||||
Advanced Micro Devices, Inc.* |
38,891 | 6,521,632 | ||||||
Allegro MicroSystems, Inc.* |
332 | 8,612 | ||||||
Alpha & Omega Semiconductor Ltd.*(a) |
3,818 | 97,970 | ||||||
Ambarella, Inc.* |
498 | 26,175 | ||||||
Amkor Technology, Inc. |
21,248 | 672,712 | ||||||
Analog Devices, Inc. |
14,276 | 2,746,131 | ||||||
Applied Materials, Inc.(a) |
20,750 | 3,409,225 | ||||||
Axcelis Technologies, Inc.* |
1,002 | 130,310 | ||||||
Broadcom, Inc. |
10,790 | 12,732,200 | ||||||
Cirrus Logic, Inc.* |
1,660 | 128,152 | ||||||
Cohu, Inc.* |
1,169 | 37,244 | ||||||
Credo Technology Group Holding Ltd.*(a) |
5,644 | 115,759 | ||||||
Diodes, Inc.*(a) |
8,798 | 592,281 | ||||||
Enphase Energy, Inc.* |
2,490 | 259,284 | ||||||
Entegris, Inc.(a) |
3,818 | 449,379 | ||||||
First Solar, Inc.*(a) |
2,158 | 315,715 | ||||||
FormFactor, Inc.*(a) |
2,171 | 84,170 | ||||||
Ichor Holdings Ltd.*(a) |
3,652 | 132,202 | ||||||
Impinj, Inc.*(a) |
1,336 | 129,565 | ||||||
indie Semiconductor, Inc., |
8,964 | 54,412 | ||||||
Intel Corp. |
100,264 | 4,319,373 | ||||||
KLA Corp. |
3,486 | 2,070,823 | ||||||
Kulicke & Soffa Industries, Inc.(a) |
1,162 | 58,472 | ||||||
Lam Research Corp. |
3,320 | 2,739,564 | ||||||
Lattice Semiconductor Corp.*(a) |
4,150 | 252,569 | ||||||
MACOM Technology Solutions Holdings, Inc.*(a) |
1,494 | 128,828 | ||||||
Marvell Technology, Inc. |
18,592 | 1,258,678 | ||||||
MaxLinear, Inc., Class A*(a) |
7,470 | 155,525 | ||||||
Microchip Technology, Inc. |
12,450 | 1,060,491 | ||||||
Micron Technology, Inc. |
27,390 | 2,348,693 | ||||||
MKS Instruments, Inc.(a) |
3,486 | 371,085 | ||||||
Monolithic Power Systems, Inc. |
1,162 | 700,361 | ||||||
Navitas Semiconductor Corp., Class A*(a) |
13,280 | 76,094 | ||||||
NVIDIA Corp. |
57,934 | 35,645,052 | ||||||
NXP Semiconductors NV |
6,640 | 1,398,185 | ||||||
ON Semiconductor Corp.* |
11,288 | 802,915 | ||||||
Onto Innovation, Inc.*(a) |
2,656 | 428,944 | ||||||
PDF Solutions, Inc.* |
334 | 10,421 | ||||||
Photronics, Inc.*(a) |
14,529 | 424,537 | ||||||
Power Integrations, Inc. |
2,490 | 186,650 | ||||||
Qorvo, Inc.* |
2,656 | 264,909 | ||||||
QUALCOMM, Inc. |
32,536 | 4,831,921 | ||||||
Rambus, Inc.* |
3,652 | 250,272 | ||||||
Semtech Corp.*(a) |
15,770 | 312,877 | ||||||
Silicon Laboratories, Inc.* |
1,826 | 225,255 |
Investments |
Shares | Value ($) | ||||||
SiTime Corp.* |
166 | 17,691 | ||||||
Skyworks Solutions, Inc. |
5,312 | 554,892 | ||||||
SMART Global Holdings, Inc.*(a) |
6,640 | 130,476 | ||||||
SolarEdge Technologies, Inc.*(a) |
3,486 | 231,819 | ||||||
Synaptics, Inc.* |
2,656 | 283,687 | ||||||
Teradyne, Inc.(a) |
3,486 | 336,713 | ||||||
Texas Instruments, Inc. |
21,912 | 3,508,549 | ||||||
Ultra Clean Holdings, Inc.*(a) |
4,648 | 177,554 | ||||||
Universal Display Corp.(a) |
2,505 | 425,274 | ||||||
Veeco Instruments, Inc.* |
1,336 | 42,592 | ||||||
Wolfspeed, Inc.*(a) |
3,320 | 108,066 | ||||||
|
|
|||||||
94,782,937 | ||||||||
|
|
|||||||
Software - 8.7% |
| |||||||
ACI Worldwide, Inc.*(a) |
2,656 | 79,866 | ||||||
Adeia, Inc.(a) |
20,252 | 245,859 | ||||||
Adobe, Inc.* |
10,956 | 6,768,398 | ||||||
Agilysys, Inc.* |
334 | 27,959 | ||||||
Alarm.com Holdings, Inc.*(a) |
830 | 50,481 | ||||||
Alkami Technology, Inc.*(a) |
5,976 | 147,129 | ||||||
Altair Engineering, Inc., Class A*(a) |
3,320 | 282,266 | ||||||
Alteryx, Inc., Class A*(a) |
2,822 | 133,932 | ||||||
Amplitude, Inc., Class A*(a) |
9,628 | 124,779 | ||||||
ANSYS, Inc.* |
2,324 | 761,877 | ||||||
Appfolio, Inc., Class A* |
1,328 | 291,177 | ||||||
Appian Corp., Class A*(a) |
3,154 | 102,915 | ||||||
AppLovin Corp., Class A*(a) |
5,810 | 238,965 | ||||||
Aspen Technology, Inc.*(a) |
835 | 160,312 | ||||||
Atlassian Corp., Class A* |
3,818 | 953,622 | ||||||
Aurora Innovation, Inc., Class A*(a) |
52,788 | 157,836 | ||||||
Autodesk, Inc.* |
4,980 | 1,263,974 | ||||||
Bentley Systems, Inc., Class B(a) |
6,474 | 326,290 | ||||||
BILL Holdings, Inc.* |
1,162 | 90,694 | ||||||
Blackbaud, Inc.* |
2,672 | 216,218 | ||||||
BlackLine, Inc.* |
3,154 | 185,077 | ||||||
Box, Inc., Class A*(a) |
4,843 | 125,821 | ||||||
Braze, Inc., Class A*(a) |
3,486 | 188,418 | ||||||
C3.ai, Inc., Class A*(a) |
4,316 | 106,950 | ||||||
Cadence Design Systems, Inc.* |
6,513 | 1,878,740 | ||||||
CCC Intelligent Solutions Holdings, Inc.* |
12,118 | 133,177 | ||||||
Cerence, Inc.*(a) |
498 | 9,970 | ||||||
Clear Secure, Inc., Class A(a) |
7,304 | 138,995 | ||||||
CommVault Systems, Inc.* |
2,672 | 244,969 | ||||||
Confluent, Inc., Class A* |
5,312 | 118,776 | ||||||
Consensus Cloud Solutions, Inc.*(a) |
5,976 | 129,918 | ||||||
Crowdstrike Holdings, Inc., Class A*(a) |
5,478 | 1,602,315 | ||||||
Datadog, Inc., Class A* |
7,304 | 908,910 | ||||||
Digital Turbine, Inc.*(a) |
28,054 | 151,211 | ||||||
DocuSign, Inc.* |
5,810 | 353,945 | ||||||
Dolby Laboratories, Inc., Class A(a) |
2,656 | 220,926 | ||||||
DoubleVerify Holdings, Inc.*(a) |
5,644 | 225,816 | ||||||
Dropbox, Inc., Class A*(a) |
10,126 | 320,792 | ||||||
Dynatrace, Inc.* |
6,308 | 359,556 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
E2open Parent Holdings, Inc.*(a) |
16,600 | 62,416 | ||||||
Elastic NV* |
4,316 | 505,231 | ||||||
Enfusion, Inc., Class A*(a) |
668 | 5,277 | ||||||
Envestnet, Inc.*(a) |
332 | 16,965 | ||||||
EverCommerce, Inc.*(a) |
8,300 | 80,842 | ||||||
Fair Isaac Corp.* |
668 | 800,818 | ||||||
Five9, Inc.* |
3,984 | 302,226 | ||||||
Fortinet, Inc.* |
15,865 | 1,023,134 | ||||||
Freshworks, Inc., Class A* |
9,462 | 210,056 | ||||||
Gen Digital, Inc. |
15,770 | 370,280 | ||||||
Gitlab, Inc., Class A*(a) |
3,818 | 271,498 | ||||||
Guidewire Software, Inc.*(a) |
4,482 | 500,550 | ||||||
HashiCorp, Inc., Class A* |
498 | 10,886 | ||||||
HubSpot, Inc.* |
1,328 | 811,408 | ||||||
Informatica, Inc., Class A*(a) |
4,980 | 149,400 | ||||||
Intapp, Inc.*(a) |
668 | 28,777 | ||||||
InterDigital, Inc.(a) |
664 | 69,753 | ||||||
Intuit, Inc. |
6,640 | 4,192,031 | ||||||
JFrog Ltd.*(a) |
6,142 | 199,799 | ||||||
LiveRamp Holdings, Inc.* |
1,162 | 45,876 | ||||||
Manhattan Associates, Inc.*(a) |
1,826 | 442,915 | ||||||
Marathon Digital Holdings, Inc.*(a) |
8,466 | 150,102 | ||||||
MeridianLink, Inc.*(a) |
4,814 | 109,519 | ||||||
Microsoft Corp. |
180,110 | 71,608,134 | ||||||
MicroStrategy, Inc., Class A*(a) |
498 | 249,603 | ||||||
Mitek Systems, Inc.*(a) |
835 | 10,521 | ||||||
Model N, Inc.*(a) |
5,810 | 156,580 | ||||||
NCR Voyix Corp.*(a) |
23,738 | 348,949 | ||||||
Nutanix, Inc., Class A*(a) |
7,636 | 429,143 | ||||||
Oracle Corp. |
37,516 | 4,190,537 | ||||||
Palantir Technologies, Inc., Class A*(a) |
39,674 | 638,355 | ||||||
Palo Alto Networks, Inc.*(a) |
7,470 | 2,528,670 | ||||||
Pegasystems, Inc. |
664 | 32,363 | ||||||
PowerSchool Holdings, Inc., Class A*(a) |
2,004 | 47,174 | ||||||
Procore Technologies, Inc.*(a) |
2,988 | 213,313 | ||||||
Progress Software Corp.(a) |
664 | 37,722 | ||||||
PTC, Inc.* |
2,490 | 449,819 | ||||||
Q2 Holdings, Inc.*(a) |
4,150 | 176,583 | ||||||
Qualys, Inc.* |
1,336 | 252,731 | ||||||
Rapid7, Inc.*(a) |
2,822 | 155,295 | ||||||
RingCentral, Inc., Class A*(a) |
12,948 | 438,808 | ||||||
Riot Platforms, Inc.*(a) |
7,636 | 83,232 | ||||||
Roper Technologies, Inc. |
2,490 | 1,337,130 | ||||||
Salesforce, Inc.* |
23,240 | 6,532,532 | ||||||
Samsara, Inc., Class A* |
7,802 | 244,983 | ||||||
SentinelOne, Inc., Class A*(a) |
13,114 | 351,455 | ||||||
ServiceNow, Inc.* |
4,814 | 3,684,636 | ||||||
Smartsheet, Inc., Class A* |
5,976 | 268,741 | ||||||
SolarWinds Corp.* |
8,964 | 105,955 | ||||||
Splunk, Inc.* |
3,652 | 560,107 | ||||||
Sprinklr, Inc., Class A*(a) |
9,130 | 113,942 | ||||||
Sprout Social, Inc., Class A*(a) |
3,652 | 223,977 | ||||||
SPS Commerce, Inc.* |
1,162 | 213,576 | ||||||
Synopsys, Inc.* |
3,652 | 1,947,794 | ||||||
Tenable Holdings, Inc.*(a) |
2,988 | 140,735 | ||||||
Teradata Corp.* |
2,822 | 130,320 | ||||||
Tyler Technologies, Inc.* |
1,162 | 491,236 |
Investments |
Shares | Value ($) | ||||||
UiPath, Inc., Class A* |
15,936 | 366,209 | ||||||
Unity Software, Inc.*(a) |
3,818 | 123,703 | ||||||
Varonis Systems, Inc.* |
4,482 | 201,152 | ||||||
Verint Systems, Inc.* |
15,770 | 468,211 | ||||||
Workday, Inc., Class A* |
5,312 | 1,546,164 | ||||||
Workiva, Inc., Class A*(a) |
2,490 | 231,421 | ||||||
Zoom Video Communications, Inc., Class A* |
5,686 | 367,372 | ||||||
Zscaler, Inc.*(a) |
1,826 | 430,333 | ||||||
|
|
|||||||
132,317,806 | ||||||||
|
|
|||||||
Specialized REITs - 0.9% |
| |||||||
American Tower Corp., REIT |
10,790 | 2,111,064 | ||||||
Crown Castle, Inc., REIT |
11,288 | 1,221,926 | ||||||
CubeSmart, REIT |
6,513 | 281,492 | ||||||
Digital Realty Trust, Inc., REIT(a) |
6,640 | 932,654 | ||||||
EPR Properties, REIT(a) |
5,010 | 221,793 | ||||||
Equinix, Inc., REIT |
2,171 | 1,801,431 | ||||||
Extra Space Storage, Inc., REIT(a) |
5,478 | 791,242 | ||||||
Four Corners Property Trust, Inc., REIT(a) |
5,312 | 124,354 | ||||||
Gaming and Leisure Properties, Inc., REIT |
6,513 | 297,318 | ||||||
Iron Mountain, Inc., REIT(a) |
6,680 | 451,034 | ||||||
Lamar Advertising Co., Class A, REIT(a) |
2,988 | 312,784 | ||||||
National Storage Affiliates Trust, REIT(a) |
4,980 | 186,003 | ||||||
Outfront Media, Inc., REIT(a) |
35,856 | 466,845 | ||||||
PotlatchDeltic Corp., REIT |
2,988 | 133,653 | ||||||
Public Storage, REIT(a) |
3,674 | 1,040,440 | ||||||
Rayonier, Inc., REIT |
7,138 | 216,281 | ||||||
Safehold, Inc., REIT |
6,142 | 121,980 | ||||||
SBA Communications Corp., REIT(a) |
2,822 | 631,733 | ||||||
Uniti Group, Inc., REIT(a) |
39,342 | 206,939 | ||||||
VICI Properties, Inc., Class A, REIT |
33,366 | 1,004,984 | ||||||
Weyerhaeuser Co., REIT |
14,940 | 489,584 | ||||||
|
|
|||||||
13,045,534 | ||||||||
|
|
|||||||
Specialty Retail - 2.7% |
| |||||||
Abercrombie & Fitch Co., Class A*(a) |
3,154 | 321,393 | ||||||
Academy Sports & Outdoors, Inc.(a) |
17,034 | 1,068,543 | ||||||
Advance Auto Parts, Inc.(a) |
12,948 | 865,574 | ||||||
American Eagle Outfitters, Inc.(a) |
42,662 | 845,561 | ||||||
Arko Corp.(a) |
2,505 | 19,539 | ||||||
Asbury Automotive Group, Inc.*(a) |
4,342 | 907,738 | ||||||
AutoNation, Inc.*(a) |
6,308 | 880,975 | ||||||
AutoZone, Inc.* |
498 | 1,375,541 | ||||||
Bath & Body Works, Inc. |
44,488 | 1,897,858 | ||||||
Best Buy Co., Inc.(a) |
6,474 | 469,300 | ||||||
Beyond, Inc.*(a) |
11,620 | 255,524 | ||||||
Boot Barn Holdings, Inc.*(a) |
2,324 | 166,724 | ||||||
Buckle, Inc. (The)(a) |
6,346 | 236,008 | ||||||
Burlington Stores, Inc.* |
1,328 | 253,847 | ||||||
Caleres, Inc.(a) |
8,632 | 270,786 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Camping World Holdings, Inc., Class A(a) |
5,312 | 132,003 | ||||||
CarMax, Inc.* |
3,984 | 283,581 | ||||||
Carvana Co.*(a) |
22,244 | 957,827 | ||||||
Chewy, Inc., Class A*(a) |
498 | 8,874 | ||||||
Designer Brands, Inc., Class A(a) |
2,988 | 25,607 | ||||||
Dicks Sporting Goods, Inc.(a) |
11,620 | 1,732,193 | ||||||
Five Below, Inc.*(a) |
1,002 | 179,819 | ||||||
Floor & Decor Holdings, Inc., Class A*(a) |
3,154 | 317,166 | ||||||
Foot Locker, Inc.(a) |
2,158 | 60,769 | ||||||
GameStop Corp., Class A*(a) |
6,972 | 99,212 | ||||||
Gap, Inc. (The)(a) |
40,836 | 763,225 | ||||||
Group 1 Automotive, Inc.(a) |
3,154 | 820,229 | ||||||
Guess?, Inc.(a) |
5,644 | 126,087 | ||||||
Haverty Furniture Cos., Inc.(a) |
332 | 11,255 | ||||||
Hibbett, Inc.(a) |
1,328 | 88,511 | ||||||
Home Depot, Inc. (The) |
24,236 | 8,554,339 | ||||||
Leslies, Inc.*(a) |
12,450 | 83,539 | ||||||
Lithia Motors, Inc., Class A(a) |
5,810 | 1,713,078 | ||||||
Lowes Cos., Inc. |
17,596 | 3,745,133 | ||||||
MarineMax, Inc.*(a) |
4,980 | 139,440 | ||||||
Monro, Inc.(a) |
3,652 | 116,353 | ||||||
Murphy USA, Inc.(a) |
830 | 292,592 | ||||||
ODP Corp. (The)*(a) |
9,130 | 466,908 | ||||||
OReilly Automotive, Inc.* |
1,494 | 1,528,437 | ||||||
Penske Automotive Group, Inc.(a) |
1,162 | 172,406 | ||||||
Petco Health & Wellness Co., Inc., Class A*(a) |
5,644 | 13,489 | ||||||
RH*(a) |
996 | 252,466 | ||||||
Ross Stores, Inc. |
7,849 | 1,101,058 | ||||||
Sally Beauty Holdings, Inc.*(a) |
16,268 | 200,422 | ||||||
Shoe Carnival, Inc.(a) |
6,640 | 169,320 | ||||||
Signet Jewelers Ltd.(a) |
8,517 | 847,271 | ||||||
Sonic Automotive, Inc., Class A(a) |
4,316 | 218,217 | ||||||
TJX Cos., Inc. (The) |
27,390 | 2,599,585 | ||||||
Tractor Supply Co.(a) |
2,672 | 600,131 | ||||||
Ulta Beauty, Inc.* |
1,169 | 586,896 | ||||||
Upbound Group, Inc.(a) |
10,292 | 341,694 | ||||||
Urban Outfitters, Inc.* |
10,126 | 384,788 | ||||||
Valvoline, Inc.*(a) |
7,849 | 286,410 | ||||||
Victorias Secret & Co.*(a) |
10,956 | 285,404 | ||||||
Warby Parker, Inc., Class A*(a) |
9,628 | 122,757 | ||||||
Wayfair, Inc., Class A*(a) |
5,478 | 275,269 | ||||||
Williams-Sonoma, Inc.(a) |
2,171 | 419,850 | ||||||
|
|
|||||||
40,958,521 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 4.7% |
| |||||||
Apple, Inc. |
354,908 | 65,445,035 | ||||||
Dell Technologies, Inc., Class C |
6,142 | 509,049 | ||||||
Diebold Nixdorf, Inc.* |
3,154 | 95,882 | ||||||
Hewlett Packard Enterprise Co. |
39,893 | 609,964 | ||||||
HP, Inc. |
28,386 | 814,962 | ||||||
IonQ, Inc.*(a) |
11,786 | 121,042 | ||||||
NetApp, Inc. |
6,012 | 524,246 | ||||||
Pure Storage, Inc., Class A* |
8,632 | 345,194 | ||||||
Seagate Technology Holdings plc(a) |
5,976 | 512,024 | ||||||
Super Micro Computer, Inc.*(a) |
1,660 | 879,153 |
Investments |
Shares | Value ($) | ||||||
Western Digital Corp.*(a) |
9,462 | 541,699 | ||||||
Xerox Holdings Corp.(a) |
20,750 | 383,045 | ||||||
|
|
|||||||
70,781,295 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 1.0% |
| |||||||
Capri Holdings Ltd.* |
22,576 | 1,100,354 | ||||||
Carters, Inc.(a) |
8,632 | 652,924 | ||||||
Columbia Sportswear Co.(a) |
1,660 | 131,572 | ||||||
Crocs, Inc.*(a) |
12,692 | 1,287,984 | ||||||
Deckers Outdoor Corp.* |
624 | 470,327 | ||||||
G-III Apparel Group Ltd.*(a) |
11,454 | 344,651 | ||||||
Hanesbrands, Inc.* |
30,544 | 137,448 | ||||||
Kontoor Brands, Inc.(a) |
10,126 | 593,586 | ||||||
Lululemon Athletica, Inc.* |
2,672 | 1,212,607 | ||||||
Movado Group, Inc.(a) |
664 | 18,313 | ||||||
NIKE, Inc., Class B |
28,718 | 2,915,738 | ||||||
Oxford Industries, Inc.(a) |
2,324 | 220,617 | ||||||
PVH Corp. |
13,360 | 1,606,674 | ||||||
Ralph Lauren Corp. |
2,324 | 333,889 | ||||||
Skechers USA, Inc., Class A* |
5,845 | 364,962 | ||||||
Steven Madden Ltd.(a) |
3,486 | 145,994 | ||||||
Tapestry, Inc. |
45,816 | 1,777,203 | ||||||
Under Armour, Inc., Class A* |
50,132 | 382,006 | ||||||
Under Armour, Inc., Class C*(a) |
22,244 | 164,606 | ||||||
VF Corp.(a) |
74,368 | 1,224,097 | ||||||
|
|
|||||||
15,085,552 | ||||||||
|
|
|||||||
Tobacco - 0.4% |
| |||||||
Altria Group, Inc. |
50,796 | 2,037,935 | ||||||
Philip Morris International, Inc. |
45,982 | 4,177,465 | ||||||
Universal Corp.(a) |
6,308 | 365,549 | ||||||
Vector Group Ltd.(a) |
23,904 | 250,275 | ||||||
|
|
|||||||
6,831,224 | ||||||||
|
|
|||||||
Trading Companies & Distributors - 0.9% |
| |||||||
Air Lease Corp., Class A |
20,086 | 839,796 | ||||||
Applied Industrial Technologies, Inc.(a) |
2,158 | 380,801 | ||||||
Beacon Roofing Supply, Inc.* |
11,786 | 976,942 | ||||||
BlueLinx Holdings, Inc.*(a) |
1,837 | 211,880 | ||||||
Boise Cascade Co.(a) |
8,016 | 1,085,847 | ||||||
Core & Main, Inc., Class A*(a) |
21,082 | 870,897 | ||||||
Custom Truck One Source, Inc.*(a) |
16,434 | 107,478 | ||||||
DNOW, Inc.* |
10,959 | 110,576 | ||||||
Fastenal Co. |
12,692 | 865,975 | ||||||
Ferguson plc |
4,482 | 841,989 | ||||||
FTAI Aviation Ltd.(a) |
2,490 | 134,335 | ||||||
GATX Corp.(a) |
2,158 | 264,679 | ||||||
GMS, Inc.*(a) |
9,462 | 796,322 | ||||||
H&E Equipment Services, Inc.(a) |
6,640 | 357,166 | ||||||
Herc Holdings, Inc.(a) |
5,478 | 807,950 | ||||||
McGrath RentCorp |
1,826 | 229,437 | ||||||
MRC Global, Inc.*(a) |
16,932 | 180,495 | ||||||
MSC Industrial Direct Co., Inc., Class A(a) |
2,822 | 278,475 | ||||||
Rush Enterprises, Inc., Class A(a) |
11,454 | 514,399 | ||||||
Rush Enterprises, Inc., Class B(a) |
750 | 35,452 | ||||||
SiteOne Landscape Supply, Inc.*(a) |
2,171 | 335,528 | ||||||
Titan Machinery, Inc.* |
830 | 22,186 | ||||||
United Rentals, Inc. |
1,826 | 1,141,980 | ||||||
Watsco, Inc.(a) |
668 | 261,175 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
WESCO International, Inc. |
9,519 | 1,651,737 | ||||||
WW Grainger, Inc.(a) |
1,002 | 897,431 | ||||||
|
|
|||||||
14,200,928 | ||||||||
|
|
|||||||
Water Utilities - 0.1% |
| |||||||
American States Water Co. |
2,338 | 174,415 | ||||||
American Water Works Co., Inc. |
3,984 | 494,096 | ||||||
California Water Service Group |
4,316 | 195,385 | ||||||
Essential Utilities, Inc.(a) |
3,486 | 125,008 | ||||||
Middlesex Water Co.(a) |
501 | 28,041 | ||||||
SJW Group(a) |
996 | 59,302 | ||||||
York Water Co. (The)(a) |
1,992 | 71,473 | ||||||
|
|
|||||||
1,147,720 | ||||||||
|
|
|||||||
Wireless Telecommunication Services - 0.2% |
| |||||||
Gogo, Inc.*(a) |
7,849 | 69,464 | ||||||
Telephone and Data Systems, Inc.(a) |
21,248 | 408,174 | ||||||
T-Mobile US, Inc. |
15,106 | 2,435,540 | ||||||
|
|
|||||||
2,913,178 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
1,508,558,381 | ||||||
|
|
|||||||
Investments |
Number of Warrants |
Value ($) | ||||||
WARRANTS - 0.0%(d) |
| |||||||
Oil, Gas & Consumable Fuels - 0.0%(d) |
| |||||||
Occidental Petroleum Corp., expiring 8/3/2027, price 22.00 USD* |
4,266 | 152,211 | ||||||
|
|
|||||||
Investments |
Number of Rights |
Value ($) | ||||||
RIGHTS - 0.0%(d) |
| |||||||
Biotechnology - 0.0%(d) |
| |||||||
Achillion Pharmaceuticals, Inc., CVR* |
44,344 | 17,738 | ||||||
|
|
|||||||
Health Care Equipment & Supplies - 0.0% |
| |||||||
ABIOMED, Inc., CVR* |
1,110 | | ||||||
|
|
|||||||
Paper & Forest Products - 0.0% |
| |||||||
Resolute Forest Products, Inc., CVR* |
6,734 | | ||||||
|
|
|||||||
TOTAL RIGHTS |
|
17,738 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS- 14.2%(e) |
| |||||||
CERTIFICATES OF DEPOSIT - 2.7% |
| |||||||
Bank of Montreal, London |
2,000,000 | 2,000,000 | ||||||
Credit Agricole CIB, New York 5.60%, 2/8/2024 |
4,000,000 | 4,000,000 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
DZ Bank AG, New York |
4,000,000 | 4,001,836 | ||||||
Mizuho Bank Ltd., New York |
4,000,000 | 4,000,000 | ||||||
National Westminster Bank PLC |
4,000,000 | 4,005,360 | ||||||
Nordea Bank Abp, New York Branch |
4,000,000 | 4,003,972 | ||||||
Oversea-Chinese Banking Corp. Ltd., New York |
2,000,000 | 2,000,000 | ||||||
Royal Bank of Canada, New York |
3,000,000 | 3,003,372 | ||||||
Sumitomo Mitsui Trust Bank Ltd., New York |
2,000,000 | 2,001,112 | ||||||
Svenska Handelsbanken, New York 5.80%, 4/4/2024 |
1,000,000 | 1,000,591 | ||||||
(SOFR + 0.33%), 5.64%, 4/4/2024(f) |
1,000,000 | 1,000,334 | ||||||
The Sumitomo Bank Ltd., New York |
3,000,000 | 3,001,104 | ||||||
Toronto-Dominion Bank, New York |
2,000,000 | 2,000,217 | ||||||
(US Federal Funds Effective Rate (continuous series) + 0.61%), 5.94%, 7/26/2024(f) |
4,000,000 | 4,008,064 | ||||||
|
|
|||||||
TOTAL CERTIFICATES OF DEPOSIT |
|
40,025,962 | ||||||
|
|
|||||||
COMMERCIAL PAPER - 0.5% |
| |||||||
Bank of Montreal, Montreal |
4,000,000 | 4,002,388 | ||||||
Skandanaviska Enskilda Banken 5.60%, 2/6/2024 |
4,000,000 | 3,996,933 | ||||||
|
|
|||||||
TOTAL COMMERCIAL PAPER |
|
7,999,321 | ||||||
|
|
|||||||
INVESTMENT COMPANIES - 0.3% |
| |||||||
BlackRock Liquidity FedFund, Institutional Shares 5.32%, 2/1/2024 |
1,016,737 | 1,016,737 | ||||||
Fidelity Government Portfolio, Institutional Class 5.31%, 2/1/2024 |
2,000,000 | 2,000,000 | ||||||
Invesco Government & Agency Portfolio, Institutional Shares 5.31%, 2/1/2024 |
2,000,000 | 2,000,000 | ||||||
|
|
|||||||
TOTAL INVESTMENT COMPANIES |
|
5,016,737 | ||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
REPURCHASE AGREEMENTS - 10.7% |
| |||||||
BofA Securities, Inc., 5.76%, dated 1/31/2024, due 5/2/2024, repurchase price $6,088,320, collateralized by various Common Stocks; total market value $2,663,644 |
6,000,000 | 6,000,000 | ||||||
CF Secured LLC, 5.31%, dated 1/31/2024, due 2/1/2024, repurchase price $63,290,809, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 2/1/2024 - 8/15/2053; total market value $444,347,943 |
63,281,475 | 63,281,475 | ||||||
Citigroup Global Markets, Inc., 5.28%, dated 1/31/2024, due 2/1/2024, repurchase price $2,742,058, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 4.00%, maturing 7/15/2024 - 1/31/2029; total market value $2,799,287 |
2,741,656 | 2,741,656 | ||||||
MetLife, Inc., 5.31%, dated 1/31/2024, due 2/1/2024, repurchase price $35,005,163, collateralized by various U.S. Treasury Securities, 0.00%, maturing 5/15/2042 - 11/15/2050; total market value $35,762,689 |
35,000,000 | 35,000,000 | ||||||
Societe Generale, 5.34%, dated 1/31/2024, due 2/1/2024, repurchase price $10,001,483, collateralized by various U.S. Treasury Securities, ranging from 2.25% - 4.75%, maturing 6/30/2024 - 2/15/2053; total market value $10,213,276 |
10,000,000 | 10,000,000 | ||||||
TD Prime Services LLC, 5.41%, dated 1/31/2024, due 2/1/2024, repurchase price $45,038,804, collateralized by various Common Stocks; total market value $48,851,552 |
45,032,037 | 45,032,037 | ||||||
|
|
|||||||
TOTAL REPURCHASE AGREEMENTS |
|
162,055,168 | ||||||
|
|
|||||||
TOTAL SECURITIES LENDING REINVESTMENTS |
215,097,188 | |||||||
|
|
|||||||
Total Investments - 113.7% |
|
1,723,825,518 | ||||||
Liabilities in excess of other assets - (13.7%) |
|
(207,374,408 | ) | |||||
|
|
|||||||
Net Assets - 100.0% |
|
1,516,451,110 | ||||||
|
|
* | Non-income producing security. |
| Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(a) | The security or a portion of this security is on loan at January 31, 2024. The total value of securities on loan at January 31, 2024 was $269,433,539, collateralized in the form of cash with a value of $215,017,443 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $63,951,950 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 7.63%, and maturity dates ranging from February 13, 2024 November 15, 2053 and $4,401,897 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.10% 5.00%, and maturity dates ranging from March 22, 2024 October 22, 2071; a total value of $283,371,290. |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(c) | Investment in affiliated company. Northern Trust Investments, Inc., the Investment Adviser of the Fund, is a subsidiary of Northern Trust Corporation. |
(d) | Represents less than 0.05% of net assets. |
(e) | The security was purchased with cash collateral held from securities on loan at January 31, 2024. The total value of securities purchased was $215,097,188. |
(f) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of January 31, 2024. |
Percentages shown are based on Net Assets.
Abbreviations | ||
CVR | Contingent Value Rights | |
REIT | Real Estate Investment Trust | |
SOFR | Secured Overnight Financing Rate |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investment in a company which was affiliated for the period ended January 31, 2024, was as follows:
Security | Value October 31, 2023 |
Purchases at Cost |
Sales Proceeds |
Shares January 31, 2024 |
Value January 31, 2024 |
Change in Unrealized Appreciation (Depreciation) |
Dividend Income |
Realized Gain |
||||||||||||||||||||||||
Northern Trust Corp. |
$ | 459,393 | $ | | $ | 27,318 | 6,640 | $ | 528,810 | $ | 94,084 | $ | 5,166 | $ | 2,651 |
Futures Contracts
FlexShares® Morningstar US Market Factor Tilt Index Fund had the following open futures contracts as of January 31, 2024:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||
Long Contracts |
|
|||||||||||||||||
Russell 2000 E-Mini Index |
14 | 03/15/2024 | USD | $ | 1,369,130 | $ | 41,774 | |||||||||||
S&P 500 E-Mini Index |
18 | 03/15/2024 | USD | 4,383,450 | 178,179 | |||||||||||||
S&P Midcap 400 E-Mini Index |
4 | 03/15/2024 | USD | 1,097,320 | 29,434 | |||||||||||||
|
|
|||||||||||||||||
$ | 249,387 | |||||||||||||||||
|
|
Abbreviations:
USD US Dollar
Security Type |
% of Net Assets | |||
Common Stocks |
99.5 | % | ||
Warrants |
0.0 | | ||
Rights |
0.0 | | ||
Securities Lending Reinvestments |
14.2 | |||
Others(1) |
(13.7 | ) | ||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund
January 31, 2024 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 98.7% |
| |||||||
Aerospace & Defense - 1.1% |
| |||||||
Airbus SE |
8,621 | 1,384,082 | ||||||
Babcock International Group plc |
27,787 | 160,154 | ||||||
BAE Systems plc |
44,437 | 666,044 | ||||||
Bombardier, Inc., Class B* |
1,886 | 70,144 | ||||||
CAE, Inc.* |
4,476 | 90,187 | ||||||
Chemring Group plc |
15,334 | 68,735 | ||||||
Dassault Aviation SA |
369 | 70,345 | ||||||
Elbit Systems Ltd. |
412 | 85,281 | ||||||
Hensoldt AG |
800 | 24,245 | ||||||
INVISIO AB |
2,552 | 50,016 | ||||||
Kongsberg Gruppen ASA |
1,540 | 79,087 | ||||||
Leonardo SpA |
8,269 | 145,557 | ||||||
LISI SA(a) |
880 | 20,839 | ||||||
Melrose Industries plc |
21,025 | 158,182 | ||||||
Montana Aerospace AG*(b) |
8,621 | 169,636 | ||||||
MTU Aero Engines AG |
777 | 180,366 | ||||||
QinetiQ Group plc |
29,082 | 132,657 | ||||||
Rheinmetall AG |
703 | 248,028 | ||||||
Rolls-Royce Holdings plc* |
123,913 | 475,285 | ||||||
Saab AB, Class B |
1,596 | 103,925 | ||||||
Safran SA |
4,884 | 920,036 | ||||||
Senior plc |
16,810 | 33,780 | ||||||
Singapore Technologies Engineering Ltd. |
17,900 | 49,962 | ||||||
Thales SA |
1,443 | 212,156 | ||||||
|
|
|||||||
5,598,729 | ||||||||
|
|
|||||||
Air Freight & Logistics - 0.7% |
| |||||||
bpost SA(a) |
31,524 | 129,507 | ||||||
Cargojet, Inc. |
608 | 54,713 | ||||||
Cia de Distribucion Integral Logista Holdings SA |
2,419 | 68,949 | ||||||
Deutsche Post AG |
19,092 | 923,286 | ||||||
DSV A/S |
2,590 | 467,097 | ||||||
Freightways Group Ltd.(a) |
7,410 | 38,588 | ||||||
Hamakyorex Co. Ltd. |
3,700 | 104,412 | ||||||
ID Logistics Group SACA* |
81 | 29,035 | ||||||
InPost SA* |
3,608 | 54,673 | ||||||
International Distributions Services plc* |
14,455 | 50,953 | ||||||
Kerry Logistics Network Ltd. |
129,500 | 143,958 | ||||||
Konoike Transport Co. Ltd.(a) |
11,100 | 149,747 | ||||||
Mainfreight Ltd.(a) |
1,312 | 57,905 | ||||||
Mitsui-Soko Holdings Co. Ltd.(a) |
7,400 | 250,337 | ||||||
Nippon Express Holdings, Inc. |
1,600 | 96,334 | ||||||
Oesterreichische Post AG(a) |
1,710 | 58,232 | ||||||
PostNL NV(a) |
114,552 | 167,548 | ||||||
Sankyu, Inc. |
1,333 | 50,557 | ||||||
SBS Holdings, Inc.(a) |
3,800 | 65,095 | ||||||
Senko Group Holdings Co. Ltd.(a) |
44,400 | 351,434 | ||||||
SG Holdings Co. Ltd. |
3,800 | 49,770 | ||||||
Singapore Post Ltd. |
114,000 | 34,976 |
Investments |
Shares | Value ($) | ||||||
Trancom Co. Ltd. |
900 | 43,037 | ||||||
Yamato Holdings Co. Ltd. |
3,800 | 66,459 | ||||||
|
|
|||||||
3,506,602 | ||||||||
|
|
|||||||
Automobile Components - 1.3% |
| |||||||
Aisan Industry Co. Ltd.(a) |
11,400 | 108,170 | ||||||
Aisin Corp.(a) |
3,900 | 148,209 | ||||||
ARB Corp. Ltd.(a) |
4,718 | 105,729 | ||||||
Brembo SpA |
1,435 | 17,832 | ||||||
Bridgestone Corp. |
11,100 | 489,334 | ||||||
CIE Automotive SA |
2,091 | 55,648 | ||||||
Cie Generale des Etablissements Michelin SCA |
13,542 | 453,362 | ||||||
Cie Plastic Omnium SE(a) |
21,090 | 244,668 | ||||||
Continental AG |
2,109 | 174,567 | ||||||
Denso Corp. |
37,000 | 592,557 | ||||||
Dometic Group AB(c) |
5,962 | 47,835 | ||||||
Dowlais Group plc |
464,313 | 534,517 | ||||||
Eagle Industry Co. Ltd. |
8,200 | 96,487 | ||||||
Exedy Corp.(a) |
11,100 | 216,191 | ||||||
FCC Co. Ltd.(a) |
14,800 | 195,511 | ||||||
Forvia SE* |
3,876 | 67,597 | ||||||
Gestamp Automocion SA(b) |
47,804 | 160,143 | ||||||
G-Tekt Corp. |
8,000 | 100,975 | ||||||
GUD Holdings Ltd.(a) |
6,543 | 53,114 | ||||||
Hella GmbH & Co. KGaA |
328 | 29,251 | ||||||
Johnson Electric Holdings Ltd. |
92,500 | 121,168 | ||||||
JTEKT Corp. |
3,800 | 35,420 | ||||||
Koito Manufacturing Co. Ltd. |
5,000 | 77,886 | ||||||
KYB Corp.(a) |
7,400 | 260,715 | ||||||
Linamar Corp. |
1,066 | 50,880 | ||||||
Magna International, Inc.(a) |
5,846 | 334,338 | ||||||
Musashi Seimitsu Industry Co. Ltd. |
11,100 | 128,408 | ||||||
NHK Spring Co. Ltd. |
2,900 | 24,353 | ||||||
Nifco, Inc. |
2,400 | 63,491 | ||||||
Niterra Co. Ltd. |
2,700 | 73,884 | ||||||
NOK Corp. |
4,100 | 55,284 | ||||||
Nokian Renkaat OYJ |
8,364 | 75,936 | ||||||
Pacific Industrial Co. Ltd. |
22,200 | 219,456 | ||||||
Pirelli & C SpA(b) |
3,854 | 21,091 | ||||||
PWR Holdings Ltd. |
3,772 | 26,057 | ||||||
Schaeffler AG (Preference) |
33,818 | 216,001 | ||||||
Seiren Co. Ltd. |
4,100 | 69,897 | ||||||
Shoei Co. Ltd. |
3,800 | 51,629 | ||||||
Sumitomo Electric Industries Ltd.(a) |
14,800 | 200,067 | ||||||
Sumitomo Riko Co. Ltd. |
7,600 | 66,498 | ||||||
Sumitomo Rubber Industries Ltd. |
3,800 | 44,753 | ||||||
Tokai Rika Co. Ltd. |
3,800 | 61,169 | ||||||
Topre Corp.(a) |
18,500 | 274,637 | ||||||
Toyo Tire Corp.(a) |
4,500 | 75,916 | ||||||
Toyoda Gosei Co. Ltd. |
2,000 | 39,343 | ||||||
Toyota Boshoku Corp. |
2,700 | 45,300 | ||||||
Valeo SE |
1,672 | 22,094 | ||||||
Yokohama Rubber Co. Ltd. (The) |
4,100 | 98,703 | ||||||
|
|
|||||||
6,726,071 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Automobiles - 2.5% |
| |||||||
Aston Martin Lagonda Global Holdings plc*(b) |
16,400 | 40,015 | ||||||
Bayerische Motoren Werke AG |
6,290 | 661,251 | ||||||
Bayerische Motoren Werke AG (Preference) |
1,138 | 112,181 | ||||||
Dr Ing hc F Porsche AG (Preference)(b) |
2,553 | 219,415 | ||||||
Ferrari NV |
1,776 | 624,476 | ||||||
Honda Motor Co. Ltd. |
99,900 | 1,145,083 | ||||||
Isuzu Motors Ltd. |
11,100 | 154,341 | ||||||
Mazda Motor Corp. |
11,800 | 147,041 | ||||||
Mercedes-Benz Group AG |
16,724 | 1,141,761 | ||||||
Mitsubishi Motors Corp. |
13,500 | 43,490 | ||||||
Nissan Motor Co. Ltd.(a) |
48,100 | 193,617 | ||||||
Nissan Shatai Co. Ltd. |
3,800 | 25,450 | ||||||
Piaggio & C SpA |
54,094 | 181,215 | ||||||
PIERER Mobility AG(a) |
440 | 23,414 | ||||||
Porsche Automobil Holding SE (Preference) |
2,257 | 114,002 | ||||||
Renault SA |
3,848 | 146,589 | ||||||
Stellantis NV |
41,477 | 923,390 | ||||||
Subaru Corp. |
11,500 | 235,310 | ||||||
Suzuki Motor Corp. |
7,400 | 338,575 | ||||||
Toyota Motor Corp. |
247,900 | 5,087,737 | ||||||
Trigano SA |
2,627 | 417,764 | ||||||
Volkswagen AG (Preference) |
4,477 | 582,799 | ||||||
Yamaha Motor Co. Ltd.(a) |
22,200 | 213,685 | ||||||
|
|
|||||||
12,772,601 | ||||||||
|
|
|||||||
Banks - 10.7% |
| |||||||
ABN AMRO Bank NV, CVA(b) |
8,172 | 121,258 | ||||||
AIB Group plc |
24,383 | 107,957 | ||||||
Aichi Financial Group, Inc.(a) |
14,800 | 265,372 | ||||||
Aktia Bank OYJ(a) |
18,722 | 198,284 | ||||||
Alior Bank SA* |
2,640 | 50,000 | ||||||
AMCO - Asset Management Co. SpA* |
239 | | ||||||
ANZ Group Holdings Ltd. |
44,585 | 801,663 | ||||||
Awa Bank Ltd. (The)(a) |
11,100 | 189,006 | ||||||
Banca Monte dei Paschi di Siena SpA* |
7,182 | 25,526 | ||||||
Banca Popolare di Sondrio SpA |
151,256 | 1,158,328 | ||||||
Banco Bilbao Vizcaya Argentaria SA |
116,994 | 1,102,587 | ||||||
Banco BPM SpA |
29,068 | 158,191 | ||||||
Banco Comercial Portugues SA, Class R*(a) |
189,546 | 55,612 | ||||||
Banco de Sabadell SA |
113,701 | 148,950 | ||||||
Banco Santander SA |
308,321 | 1,251,070 | ||||||
Bank Hapoalim BM |
24,457 | 209,624 | ||||||
Bank Leumi Le-Israel BM |
30,266 | 231,791 | ||||||
Bank Millennium SA* |
25,740 | 54,347 | ||||||
Bank of Cyprus Holdings plc |
137,455 | 523,376 | ||||||
Bank of East Asia Ltd. (The) |
24,600 | 28,007 | ||||||
Bank of Georgia Group plc |
12,432 | 600,807 | ||||||
Bank of Ireland Group plc |
19,943 | 184,829 | ||||||
Bank of Montreal |
15,281 | 1,448,438 | ||||||
Bank of Nova Scotia (The) |
26,048 | 1,225,731 | ||||||
Bank of Queensland Ltd.(a) |
21,622 | 86,331 | ||||||
Bank Polska Kasa Opieki SA |
3,805 | 147,588 |
Investments |
Shares | Value ($) | ||||||
Bankinter SA |
13,940 | 86,614 | ||||||
Banque Cantonale de Geneve(a) |
629 | 173,042 | ||||||
Banque Cantonale Vaudoise (Registered)(a) |
410 | 52,956 | ||||||
Barclays plc |
254,597 | 481,202 | ||||||
BAWAG Group AG(b) |
2,050 | 106,531 | ||||||
Bendigo & Adelaide Bank Ltd.(a) |
7,372 | 47,953 | ||||||
Berner Kantonalbank AG (Registered) |
328 | 92,147 | ||||||
BNP Paribas SA |
21,756 | 1,478,210 | ||||||
BPER Banca |
27,426 | 99,950 | ||||||
CaixaBank SA |
81,548 | 350,251 | ||||||
Canadian Imperial Bank of Commerce(a) |
20,023 | 910,593 | ||||||
Canadian Western Bank |
32,153 | 712,586 | ||||||
Chiba Bank Ltd. (The) |
16,200 | 121,909 | ||||||
Chugin Financial Group, Inc. |
7,600 | 54,566 | ||||||
Close Brothers Group plc(a) |
53,687 | 371,920 | ||||||
Commerzbank AG |
20,387 | 236,513 | ||||||
Commonwealth Bank of Australia |
24,531 | 1,905,892 | ||||||
Concordia Financial Group Ltd. |
22,200 | 107,480 | ||||||
Credit Agricole SA |
24,531 | 354,722 | ||||||
Credito Emiliano SpA |
25,345 | 232,086 | ||||||
Dah Sing Banking Group Ltd. |
60,800 | 36,477 | ||||||
Dah Sing Financial Holdings Ltd. |
74,000 | 149,377 | ||||||
Daishi Hokuetsu Financial Group, Inc.(a) |
14,800 | 416,638 | ||||||
Danske Bank A/S |
13,135 | 355,375 | ||||||
DBS Group Holdings Ltd. |
37,056 | 884,009 | ||||||
DNB Bank ASA |
18,352 | 359,964 | ||||||
EQB, Inc.(a) |
9,213 | 636,611 | ||||||
Erste Group Bank AG |
6,660 | 289,739 | ||||||
FIBI Holdings Ltd. |
533 | 22,739 | ||||||
FinecoBank Banca Fineco SpA |
8,288 | 120,908 | ||||||
First International Bank of Israel Ltd. (The) |
1,144 | 46,228 | ||||||
Fukuoka Financial Group, Inc. |
2,800 | 69,935 | ||||||
Graubuendner Kantonalbank |
7 | 14,035 | ||||||
Gunma Bank Ltd. (The) |
16,400 | 82,081 | ||||||
Hachijuni Bank Ltd. (The) |
15,500 | 85,742 | ||||||
Hang Seng Bank Ltd. |
7,600 | 78,992 | ||||||
Heartland Group Holdings Ltd.(a) |
210,826 | 180,386 | ||||||
Hirogin Holdings, Inc. |
9,200 | 62,712 | ||||||
Hokkoku Financial Holdings, Inc.(a) |
1,300 | 39,265 | ||||||
Hokuhoku Financial Group, Inc. |
3,800 | 40,944 | ||||||
HSBC Holdings plc |
384,985 | 3,030,782 | ||||||
Hyakugo Bank Ltd. (The)(a) |
81,400 | 320,755 | ||||||
Hyakujushi Bank Ltd. (The)(a) |
11,100 | 189,385 | ||||||
ING Bank Slaski SA* |
532 | 33,657 | ||||||
ING Groep NV |
67,488 | 966,944 | ||||||
Intesa Sanpaolo SpA |
323,602 | 1,006,381 | ||||||
Israel Discount Bank Ltd., Class A |
26,954 | 131,740 | ||||||
Iyogin Holdings, Inc. |
8,200 | 56,658 | ||||||
Japan Post Bank Co. Ltd. |
22,200 | 233,201 | ||||||
Judo Capital Holdings Ltd.*(a) |
82,840 | 64,618 | ||||||
Juroku Financial Group, Inc.(a) |
11,100 | 315,516 | ||||||
Jyske Bank A/S (Registered) |
1,292 | 99,831 | ||||||
KBC Ancora |
803 | 37,280 | ||||||
KBC Group NV |
4,847 | 318,430 | ||||||
Keiyo Bank Ltd. (The) |
40,700 | 202,421 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Kyoto Financial Group, Inc. |
6,400 | 108,057 | ||||||
Kyushu Financial Group, Inc. |
12,000 | 77,578 | ||||||
Laurentian Bank of Canada(a) |
14,282 | 283,598 | ||||||
Liechtensteinische Landesbank AG |
1,025 | 81,967 | ||||||
Lloyds Banking Group plc |
1,190,031 | 644,595 | ||||||
Luzerner Kantonalbank AG (Registered) |
304 | 25,480 | ||||||
Mebuki Financial Group, Inc. |
28,010 | 85,156 | ||||||
Mediobanca Banca di Credito Finanziario SpA |
12,432 | 166,102 | ||||||
Mitsubishi UFJ Financial Group, Inc. |
181,300 | 1,730,210 | ||||||
Mizrahi Tefahot Bank Ltd. |
2,622 | 98,240 | ||||||
Mizuho Financial Group, Inc. |
51,800 | 957,507 | ||||||
Musashino Bank Ltd. (The)(a) |
11,100 | 212,546 | ||||||
Nanto Bank Ltd. (The) |
3,800 | 69,800 | ||||||
National Australia Bank Ltd.(a) |
46,213 | 995,901 | ||||||
National Bank of Canada |
7,067 | 543,917 | ||||||
NatWest Group plc |
84,360 | 241,928 | ||||||
Nishi-Nippon Financial Holdings, Inc. |
3,800 | 44,480 | ||||||
Nordea Bank Abp |
68,117 | 845,434 | ||||||
Norion Bank AB* |
1,353 | 5,389 | ||||||
North Pacific Bank Ltd. |
22,800 | 59,115 | ||||||
Oberbank AG |
902 | 67,606 | ||||||
Oma Saastopankki OYJ |
4,810 | 121,217 | ||||||
Oversea-Chinese Banking Corp. Ltd. |
70,300 | 678,091 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA |
15,088 | 193,183 | ||||||
Raiffeisen Bank International AG |
3,344 | 70,178 | ||||||
Resona Holdings, Inc. |
37,000 | 207,534 | ||||||
Ringkjoebing Landbobank A/S |
492 | 79,875 | ||||||
Royal Bank of Canada |
20,979 | 2,060,293 | ||||||
San-In Godo Bank Ltd. (The) |
51,800 | 370,671 | ||||||
Santander Bank Polska SA |
814 | 99,523 | ||||||
Senshu Ikeda Holdings, Inc. |
96,200 | 226,392 | ||||||
Seven Bank Ltd.(a) |
15,200 | 32,173 | ||||||
Shiga Bank Ltd. (The) |
1,000 | 25,210 | ||||||
Shizuoka Financial Group, Inc. |
12,800 | 118,609 | ||||||
Skandinaviska Enskilda Banken AB, Class A |
33,929 | 486,490 | ||||||
Skandinaviska Enskilda Banken AB, Class C |
684 | 10,062 | ||||||
Societe Generale SA |
14,763 | 384,230 | ||||||
Spar Nord Bank A/S |
24,013 | 411,194 | ||||||
SpareBank 1 Nord Norge |
30,599 | 303,163 | ||||||
Sparebank 1 Oestlandet |
1,329 | 15,557 | ||||||
SpareBank 1 SMN |
3,103 | 42,554 | ||||||
SpareBank 1 Sorost-Norge |
24,198 | 144,402 | ||||||
SpareBank 1 SR-Bank ASA |
4,796 | 58,616 | ||||||
Sparebanken Vest |
30,488 | 323,639 | ||||||
St Galler Kantonalbank AG (Registered) |
41 | 23,897 | ||||||
Standard Chartered plc |
45,362 | 345,904 | ||||||
Sumitomo Mitsui Financial Group, Inc. |
27,200 | 1,432,803 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. |
14,800 | 307,897 | ||||||
Suruga Bank Ltd.(a) |
15,200 | 89,843 | ||||||
Svenska Handelsbanken AB, Class A |
25,715 | 280,113 | ||||||
Svenska Handelsbanken AB, Class B(a) |
908 | 12,250 | ||||||
Swedbank AB, Class A |
20,128 | 414,546 |
Investments |
Shares | Value ($) | ||||||
Sydbank A/S |
18,648 | 834,320 | ||||||
TBC Bank Group plc |
16,280 | 604,331 | ||||||
Tokyo Kiraboshi Financial Group, Inc.(a) |
7,400 | 220,469 | ||||||
TOMONY Holdings, Inc. |
51,800 | 144,937 | ||||||
Toronto-Dominion Bank (The) |
38,184 | 2,334,110 | ||||||
Unicaja Banco SA(a)(b) |
418,507 | 403,460 | ||||||
UniCredit SpA |
36,001 | 1,062,121 | ||||||
United Overseas Bank Ltd. |
25,900 | 549,843 | ||||||
Valiant Holding AG (Registered) |
5,217 | 628,825 | ||||||
Virgin Money UK plc(a) |
30,176 | 60,274 | ||||||
Walliser Kantonalbank (Registered) |
485 | 61,625 | ||||||
Westpac Banking Corp. |
52,503 | 839,218 | ||||||
Yamaguchi Financial Group, Inc. |
4,100 | 39,619 | ||||||
Zuger Kantonalbank AG |
10 | 89,526 | ||||||
|
|
|||||||
53,918,945 | ||||||||
|
|
|||||||
Beverages - 1.0% |
| |||||||
Anheuser-Busch InBev SA/NV |
12,654 | 790,498 | ||||||
Asahi Group Holdings Ltd. |
6,500 | 245,015 | ||||||
Britvic plc |
3,520 | 39,558 | ||||||
Budweiser Brewing Co. APAC |
45,600 | 71,632 | ||||||
C&C Group plc(a) |
27,840 | 54,456 | ||||||
Carlsberg A/S, Class B |
1,258 | 163,020 | ||||||
Coca-Cola Europacific Partners plc |
2,934 | 202,153 | ||||||
Coca-Cola HBC AG |
3,612 | 107,081 | ||||||
Davide Campari-Milano NV |
6,802 | 69,527 | ||||||
Diageo plc |
33,633 | 1,225,151 | ||||||
Fevertree Drinks plc |
5,658 | 72,772 | ||||||
Heineken Holding NV |
2,220 | 187,733 | ||||||
Heineken NV |
4,366 | 442,482 | ||||||
Ito En Ltd. |
800 | 23,550 | ||||||
Kirin Holdings Co. Ltd. |
11,100 | 161,213 | ||||||
Olvi OYJ, Class A |
912 | 31,404 | ||||||
Pernod Ricard SA |
2,886 | 478,075 | ||||||
Primo Water Corp. |
7,955 | 116,820 | ||||||
Remy Cointreau SA |
398 | 40,760 | ||||||
Royal Unibrew A/S |
836 | 55,191 | ||||||
Sapporo Holdings Ltd. |
1,900 | 88,972 | ||||||
Suntory Beverage & Food Ltd. |
1,800 | 59,501 | ||||||
Treasury Wine Estates Ltd. |
13,528 | 96,313 | ||||||
|
|
|||||||
4,822,877 | ||||||||
|
|
|||||||
Biotechnology - 0.6% |
| |||||||
Argenx SE* |
851 | 322,430 | ||||||
Bavarian Nordic A/S*(a) |
3,730 | 86,485 | ||||||
BioGaia AB, Class B |
5,670 | 61,791 | ||||||
BoneSupport Holding AB*(b) |
2,665 | 53,236 | ||||||
CK Life Sciences Intl Holdings, Inc.(a) |
380,000 | 25,764 | ||||||
CSL Ltd. |
7,215 | 1,438,951 | ||||||
Galapagos NV* |
1,976 | 74,846 | ||||||
Genmab A/S* |
925 | 258,959 | ||||||
Genus plc |
2,128 | 62,165 | ||||||
GNI Group Ltd.* |
3,800 | 69,176 | ||||||
Grifols SA* |
2,888 | 31,826 | ||||||
Grifols SA (Preference), Class B* |
6,498 | 52,938 | ||||||
MorphoSys AG* |
1,862 | 79,690 | ||||||
Nykode Therapeutics ASA* |
11,562 | 19,980 | ||||||
PeptiDream, Inc.* |
2,500 | 22,302 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Swedish Orphan Biovitrum AB* |
3,561 | 100,637 | ||||||
Takara Bio, Inc. |
400 | 3,445 | ||||||
Telix Pharmaceuticals Ltd.* |
4,018 | 30,545 | ||||||
Vitrolife AB(a) |
880 | 14,683 | ||||||
Zealand Pharma A/S, Class A* |
2,391 | 164,539 | ||||||
|
|
|||||||
2,974,388 | ||||||||
|
|
|||||||
Broadline Retail - 0.6% |
| |||||||
Allegro.eu SA*(b) |
6,278 | 47,890 | ||||||
ASKUL Corp. |
1,000 | 13,716 | ||||||
B&M European Value Retail SA |
15,278 | 100,898 | ||||||
Canadian Tire Corp. Ltd., Class A(a) |
1,052 | 112,519 | ||||||
Dollarama, Inc.(a) |
3,737 | 275,985 | ||||||
Europris ASA(b) |
8,968 | 67,711 | ||||||
Harvey Norman Holdings Ltd.(a) |
5,586 | 16,321 | ||||||
Isetan Mitsukoshi Holdings Ltd.(a) |
5,000 | 59,244 | ||||||
Izumi Co. Ltd.(a) |
1,300 | 30,976 | ||||||
J Front Retailing Co. Ltd. |
4,100 | 38,497 | ||||||
Next plc |
1,998 | 215,456 | ||||||
Pan Pacific International Holdings Corp. |
7,400 | 162,352 | ||||||
Pepco Group NV*(b) |
4,066 | 22,457 | ||||||
Prosus NV |
21,497 | 642,856 | ||||||
Puuilo OYJ |
2,622 | 25,406 | ||||||
Rakuten Group, Inc.* |
22,800 | 101,463 | ||||||
Ryohin Keikaku Co. Ltd.(a) |
6,000 | 94,531 | ||||||
Seria Co. Ltd. |
1,000 | 18,498 | ||||||
Takashimaya Co. Ltd. |
4,300 | 60,599 | ||||||
THG plc, Class B*(a) |
50,904 | 43,004 | ||||||
Tokmanni Group Corp.(a) |
4,750 | 81,936 | ||||||
Wesfarmers Ltd. |
16,650 | 640,247 | ||||||
|
|
|||||||
2,872,562 | ||||||||
|
|
|||||||
Building Products - 1.0% |
| |||||||
AGC, Inc. |
4,600 | 175,157 | ||||||
Assa Abloy AB, Class B |
14,504 | 402,454 | ||||||
Belimo Holding AG (Registered) |
123 | 58,012 | ||||||
Bunka Shutter Co. Ltd. |
20,200 | 203,831 | ||||||
Carel Industries SpA(a)(b) |
2,318 | 56,653 | ||||||
Central Glass Co. Ltd. |
7,400 | 140,381 | ||||||
Cie de Saint-Gobain SA |
9,842 | 703,887 | ||||||
Daikin Industries Ltd. |
4,000 | 653,600 | ||||||
dormakaba Holding AG |
126 | 63,819 | ||||||
Fletcher Building Ltd. |
16,948 | 47,154 | ||||||
Forbo Holding AG (Registered) |
41 | 48,750 | ||||||
Geberit AG (Registered) |
444 | 258,890 | ||||||
Genuit Group plc |
15,480 | 83,583 | ||||||
Inwido AB |
19,684 | 242,898 | ||||||
James Halstead plc |
18,023 | 45,444 | ||||||
Kingspan Group plc |
2,221 | 182,293 | ||||||
Lindab International AB |
4,346 | 83,493 | ||||||
Lixil Corp. |
3,800 | 51,447 | ||||||
Munters Group AB(b) |
4,428 | 71,269 | ||||||
Nibe Industrier AB, Class B(a) |
26,492 | 160,865 | ||||||
Nichias Corp.(a) |
19,300 | 457,496 | ||||||
Nichiha Corp. |
7,400 | 150,810 | ||||||
Nitto Boseki Co. Ltd.(a) |
1,900 | 66,291 | ||||||
Noritz Corp. |
3,800 | 40,554 | ||||||
Reliance Worldwide Corp. Ltd. |
13,860 | 38,848 | ||||||
ROCKWOOL A/S, Class A |
88 | 24,187 |
Investments |
Shares | Value ($) | ||||||
ROCKWOOL A/S, Class B |
174 | 47,926 | ||||||
Sanwa Holdings Corp.(a) |
5,400 | 84,062 | ||||||
Schweiter Technologies AG |
56 | 31,008 | ||||||
Sekisui Jushi Corp. |
3,800 | 66,368 | ||||||
Systemair AB |
4,018 | 29,166 | ||||||
Takara Standard Co. Ltd. |
3,800 | 45,961 | ||||||
Takasago Thermal Engineering Co. Ltd.(a) |
4,100 | 95,926 | ||||||
TOTO Ltd. |
3,000 | 82,401 | ||||||
Volution Group plc |
3,838 | 21,300 | ||||||
|
|
|||||||
5,016,184 | ||||||||
|
|
|||||||
Capital Markets - 3.1% |
| |||||||
3i Group plc |
18,944 | 598,040 | ||||||
abrdn plc |
31,578 | 67,759 | ||||||
AJ Bell plc |
21,520 | 86,708 | ||||||
Allfunds Group plc |
4,048 | 29,329 | ||||||
Alpha Group International plc(b) |
760 | 15,969 | ||||||
Amundi SA(b) |
1,312 | 89,643 | ||||||
Anima Holding SpA(b) |
62,382 | 284,196 | ||||||
Antin Infrastructure Partners SA(a) |
4,332 | 80,278 | ||||||
Ashmore Group plc |
22,554 | 60,947 | ||||||
ASX Ltd. |
1,938 | 84,118 | ||||||
Avanza Bank Holding AB(a) |
2,704 | 54,958 | ||||||
Azimut Holding SpA |
2,501 | 70,363 | ||||||
Banca Generali SpA |
1,397 | 53,719 | ||||||
Brederode SA |
285 | 33,806 | ||||||
Bridgepoint Group plc(b) |
31,524 | 107,908 | ||||||
Brookfield Asset Management Ltd., Class A |
7,400 | 299,423 | ||||||
Brookfield Corp., Class A |
30,045 | 1,199,936 | ||||||
Bure Equity AB |
968 | 27,975 | ||||||
CI Financial Corp. |
48,803 | 599,056 | ||||||
Cie Financiere Tradition SA |
266 | 37,054 | ||||||
Daiwa Securities Group, Inc. |
25,900 | 188,525 | ||||||
Deutsche Bank AG (Registered) |
34,706 | 453,675 | ||||||
Deutsche Boerse AG |
2,664 | 534,624 | ||||||
EFG International AG |
1,680 | 21,816 | ||||||
EQT AB(a) |
9,879 | 269,627 | ||||||
Euronext NV(b) |
1,358 | 120,444 | ||||||
Fairfax India Holdings Corp.*(a)(b) |
4,510 | 67,560 | ||||||
flatexDEGIRO AG* |
2,128 | 23,520 | ||||||
Gimv NV |
1,254 | 58,913 | ||||||
GMO Financial Holdings, Inc.(a) |
8,200 | 42,410 | ||||||
Hargreaves Lansdown plc(a) |
5,061 | 49,355 | ||||||
Hong Kong Exchanges & Clearing Ltd. |
16,558 | 501,151 | ||||||
HUB24 Ltd. |
4,413 | 108,812 | ||||||
iFAST Corp. Ltd. |
16,400 | 90,569 | ||||||
IG Group Holdings plc |
2,698 | 24,514 | ||||||
IGM Financial, Inc.(a) |
2,200 | 59,889 | ||||||
Insignia Financial Ltd.(a) |
163,022 | 231,696 | ||||||
IntegraFin Holdings plc(b) |
15,498 | 58,300 | ||||||
Intermediate Capital Group plc |
6,105 | 138,851 | ||||||
Investec plc |
16,199 | 107,434 | ||||||
JAFCO Group Co. Ltd.(a) |
5,000 | 60,099 | ||||||
Japan Exchange Group, Inc. |
7,400 | 166,250 | ||||||
JTC plc(b) |
4,522 | 46,097 | ||||||
Julius Baer Group Ltd. |
4,218 | 232,571 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Leonteq AG(a) |
2,812 | 105,550 | ||||||
London Stock Exchange Group plc |
6,327 | 720,468 | ||||||
Macquarie Group Ltd. |
5,661 | 712,703 | ||||||
Magellan Financial Group Ltd. |
56,573 | 339,196 | ||||||
Man Group plc |
32,340 | 97,646 | ||||||
Monex Group, Inc. |
12,300 | 65,381 | ||||||
Ninety One plc(a) |
15,252 | 34,281 | ||||||
Nomura Holdings, Inc. |
51,800 | 272,581 | ||||||
Nordnet AB publ |
2,420 | 38,482 | ||||||
Okasan Securities Group, Inc. |
18,500 | 91,883 | ||||||
Onex Corp. |
684 | 50,822 | ||||||
Partners Group Holding AG |
296 | 404,742 | ||||||
Perpetual Ltd.(a) |
38,887 | 668,363 | ||||||
Pinnacle Investment Management Group Ltd.(a) |
10,281 | 69,662 | ||||||
Quilter plc(a)(b) |
469,604 | 626,124 | ||||||
Rathbones Group plc |
1,330 | 28,081 | ||||||
Ratos AB, Class B |
67,451 | 225,090 | ||||||
SBI Holdings, Inc. |
4,800 | 119,659 | ||||||
Schroders plc |
18,389 | 95,122 | ||||||
Singapore Exchange Ltd. |
12,300 | 86,611 | ||||||
St Jamess Place plc |
13,394 | 111,584 | ||||||
Swissquote Group Holding SA (Registered) |
205 | 52,000 | ||||||
Tamburi Investment Partners SpA |
2,546 | 25,056 | ||||||
Tel Aviv Stock Exchange Ltd. |
4,141 | 25,806 | ||||||
TMX Group Ltd. |
4,070 | 101,289 | ||||||
Tokai Tokyo Financial Holdings, Inc. |
22,800 | 89,219 | ||||||
TP ICAP Group plc |
265,105 | 634,347 | ||||||
UBS Group AG (Registered) |
49,136 | 1,488,657 | ||||||
UOB-Kay Hian Holdings Ltd. |
5,767 | 5,653 | ||||||
Van Lanschot Kempen NV, CVA(a) |
11,507 | 349,360 | ||||||
Vontobel Holding AG (Registered) |
339 | 22,604 | ||||||
VZ Holding AG |
285 | 33,821 | ||||||
XTB SA(b) |
13,398 | 151,901 | ||||||
Yangzijiang Financial Holding Ltd. |
836,200 | 197,106 | ||||||
|
|
|||||||
15,678,737 | ||||||||
|
|
|||||||
Chemicals - 2.7% |
| |||||||
ADEKA Corp. |
2,300 | 45,780 | ||||||
Aica Kogyo Co. Ltd. |
1,500 | 35,208 | ||||||
Air Liquide SA |
7,474 | 1,410,044 | ||||||
Air Water, Inc. |
4,100 | 54,849 | ||||||
Akzo Nobel NV |
1,887 | 146,024 | ||||||
Arkema SA |
1,443 | 158,784 | ||||||
Asahi Kasei Corp.(a) |
33,300 | 255,716 | ||||||
ASAHI YUKIZAI Corp. |
3,900 | 110,457 | ||||||
BASF SE |
19,055 | 920,255 | ||||||
Borregaard ASA |
1,692 | 29,029 | ||||||
C Uyemura & Co. Ltd. |
600 | 46,136 | ||||||
Clariant AG (Registered) |
2,166 | 28,052 | ||||||
Corbion NV |
1,330 | 26,048 | ||||||
Covestro AG*(b) |
2,035 | 108,492 | ||||||
Croda International plc |
2,146 | 131,312 | ||||||
Daicel Corp. |
8,900 | 88,467 | ||||||
Denka Co. Ltd. |
1,400 | 24,729 | ||||||
DIC Corp. |
2,899 | 55,432 | ||||||
DSM-Firmenich AG |
3,478 | 370,544 | ||||||
Elementis plc* |
23,522 | 42,655 |
Investments |
Shares | Value ($) | ||||||
Elkem ASA(b) |
110,260 | 230,925 | ||||||
EMS-Chemie Holding AG (Registered) |
126 | 96,279 | ||||||
Evonik Industries AG |
5,439 | 101,295 | ||||||
FUCHS SE |
711 | 25,409 | ||||||
FUCHS SE (Preference) |
1,182 | 52,385 | ||||||
Fuso Chemical Co. Ltd.(a) |
1,100 | 31,493 | ||||||
Givaudan SA (Registered)(a) |
124 | 521,672 | ||||||
Hexpol AB |
5,784 | 66,952 | ||||||
ICL Group Ltd. |
10,602 | 48,845 | ||||||
Incitec Pivot Ltd.(a) |
3,306 | 5,879 | ||||||
Israel Corp. Ltd.* |
104 | 24,106 | ||||||
JCU Corp. |
1,400 | 35,916 | ||||||
Johnson Matthey plc |
1,862 | 38,579 | ||||||
JSR Corp. |
3,100 | 85,572 | ||||||
K+S AG (Registered) |
4,961 | 70,406 | ||||||
Kaneka Corp. |
1,300 | 32,088 | ||||||
Kansai Paint Co. Ltd. |
3,800 | 64,484 | ||||||
Kemira OYJ |
2,992 | 56,389 | ||||||
KH Neochem Co. Ltd.(a) |
14,800 | 233,985 | ||||||
Kumiai Chemical Industry Co. Ltd. |
29,600 | 172,122 | ||||||
Kuraray Co. Ltd. |
8,000 | 84,939 | ||||||
Kureha Corp. |
13,500 | 261,919 | ||||||
LANXESS AG |
28,971 | 785,170 | ||||||
Lenzing AG*(a) |
6,660 | 223,905 | ||||||
Lintec Corp. |
3,800 | 72,997 | ||||||
Methanex Corp. |
1,290 | 57,565 | ||||||
Mitsubishi Chemical Group Corp. |
29,600 | 181,215 | ||||||
Mitsubishi Gas Chemical Co., Inc. |
6,200 | 102,729 | ||||||
Mitsui Chemicals, Inc. |
5,100 | 152,607 | ||||||
Nihon Parkerizing Co. Ltd. |
4,100 | 33,097 | ||||||
Nippon Paint Holdings Co. Ltd. |
14,800 | 118,309 | ||||||
Nippon Sanso Holdings Corp. |
2,800 | 72,215 | ||||||
Nippon Soda Co. Ltd. |
9,139 | 357,620 | ||||||
Nissan Chemical Corp. |
2,900 | 117,488 | ||||||
Nitto Denko Corp. |
1,800 | 151,585 | ||||||
NOF Corp. |
1,200 | 54,937 | ||||||
Novozymes A/S, Class B(a) |
5,034 | 259,903 | ||||||
Nufarm Ltd.(a) |
20,418 | 75,315 | ||||||
Nutrien Ltd. |
10,175 | 510,559 | ||||||
OCI NV |
1,933 | 55,895 | ||||||
Orica Ltd. |
4,446 | 47,789 | ||||||
Resonac Holdings Corp.(a) |
3,800 | 77,027 | ||||||
Sanyo Chemical Industries Ltd. |
3,700 | 109,348 | ||||||
Shikoku Kasei Holdings Corp. |
3,200 | 40,105 | ||||||
Shin-Etsu Chemical Co. Ltd. |
29,600 | 1,189,670 | ||||||
Shin-Etsu Polymer Co. Ltd. |
800 | 8,943 | ||||||
Sika AG (Registered) |
2,294 | 642,058 | ||||||
SOL SpA(a) |
3,009 | 87,106 | ||||||
Solvay SA(a) |
1,558 | 43,054 | ||||||
Sumitomo Chemical Co. Ltd.(a) |
7,600 | 18,166 | ||||||
Symrise AG, Class A |
1,961 | 204,365 | ||||||
T Hasegawa Co. Ltd. |
900 | 20,564 | ||||||
Taiyo Holdings Co. Ltd. |
1,800 | 40,328 | ||||||
Teijin Ltd. |
4,100 | 38,258 | ||||||
Tessenderlo Group SA |
2,052 | 59,180 | ||||||
Toagosei Co. Ltd. |
11,100 | 107,830 | ||||||
Tokai Carbon Co. Ltd. |
6,600 | 47,161 | ||||||
Tokuyama Corp. |
25,900 | 421,346 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Tokyo Ohka Kogyo Co. Ltd. |
2,100 | 48,889 | ||||||
Toray Industries, Inc. |
29,600 | 149,949 | ||||||
Tosoh Corp.(a) |
7,600 | 99,358 | ||||||
Toyobo Co. Ltd. |
25,900 | 196,675 | ||||||
Umicore SA |
1,710 | 39,323 | ||||||
Victrex plc(a) |
4,066 | 70,574 | ||||||
Wacker Chemie AG |
256 | 28,211 | ||||||
Yara International ASA |
3,478 | 116,215 | ||||||
Zeon Corp. |
3,600 | 33,149 | ||||||
|
|
|||||||
13,797,404 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 1.1% |
| |||||||
Aker Carbon Capture ASA* |
3,230 | 3,228 | ||||||
Befesa SA(b) |
2,242 | 79,832 | ||||||
Bilfinger SE |
8,880 | 380,241 | ||||||
Boyd Group Services, Inc. |
372 | 80,461 | ||||||
Brambles Ltd.(a) |
21,571 | 208,759 | ||||||
Bravida Holding AB(b) |
12,844 | 98,515 | ||||||
Cleanaway Waste Management Ltd. |
35,024 | 60,197 | ||||||
Dai Nippon Printing Co. Ltd. |
3,700 | 108,640 | ||||||
Daiseki Co. Ltd.(a) |
1,499 | 43,480 | ||||||
DO & CO AG |
369 | 51,707 | ||||||
Downer EDI Ltd. |
41,255 | 114,813 | ||||||
Duskin Co. Ltd. |
4,100 | 96,179 | ||||||
Element Fleet Management Corp. |
6,956 | 118,081 | ||||||
Elis SA |
4,652 | 103,338 | ||||||
GFL Environmental, Inc. |
2,416 | 82,604 | ||||||
Intrum AB(a) |
25,345 | 151,201 | ||||||
ISS A/S |
2,508 | 47,881 | ||||||
Japan Elevator Service Holdings Co. Ltd. |
4,200 | 64,419 | ||||||
Kokuyo Co. Ltd. |
4,100 | 66,924 | ||||||
Loomis AB, Class B |
984 | 27,123 | ||||||
Mitie Group plc |
92,315 | 121,556 | ||||||
Mitsubishi Pencil Co. Ltd. |
1,800 | 24,776 | ||||||
Nippon Kanzai Holdings Co. Ltd. |
1,300 | 23,461 | ||||||
Okamura Corp. |
3,800 | 57,842 | ||||||
Prestige International, Inc. |
4,000 | 16,665 | ||||||
Prosegur Cash SA(b) |
90,528 | 49,365 | ||||||
Raksul, Inc.*(a) |
3,800 | 30,052 | ||||||
RB Global, Inc. |
2,553 | 164,448 | ||||||
Rentokil Initial plc |
38,702 | 201,231 | ||||||
Sato Holdings Corp. |
11,100 | 165,541 | ||||||
Sdiptech AB, Class B* |
912 | 22,896 | ||||||
Secom Co. Ltd. |
2,700 | 198,009 | ||||||
Securitas AB, Class B(a) |
10,979 | 107,693 | ||||||
Serco Group plc |
379,879 | 839,318 | ||||||
Smart Metering Systems plc |
7,215 | 87,377 | ||||||
Societe BIC SA |
7,770 | 541,014 | ||||||
Sohgo Security Services Co. Ltd. |
9,500 | 52,428 | ||||||
SPIE SA |
2,992 | 99,777 | ||||||
TOPPAN Holdings, Inc. |
4,000 | 111,893 | ||||||
Veridis Environment Ltd.* |
2,870 | 14,027 | ||||||
Waste Connections, Inc.(a) |
3,811 | 595,332 | ||||||
|
|
|||||||
5,512,324 | ||||||||
|
|
|||||||
Communications Equipment - 0.2% |
| |||||||
Nokia OYJ |
115,958 | 418,437 | ||||||
Spirent Communications plc |
25,338 | 38,171 |
Investments |
Shares | Value ($) | ||||||
Telefonaktiebolaget LM Ericsson, Class A |
9,196 | 50,998 | ||||||
Telefonaktiebolaget LM Ericsson, Class B |
36,778 | 205,490 | ||||||
VTech Holdings Ltd.(a) |
51,800 | 300,175 | ||||||
|
|
|||||||
1,013,271 | ||||||||
|
|
|||||||
Construction & Engineering - 2.2% |
| |||||||
Ackermans & van Haaren NV(a) |
454 | 76,390 | ||||||
ACS Actividades de Construccion y Servicios SA |
4,625 | 183,825 | ||||||
AF Gruppen ASA |
5,586 | 62,289 | ||||||
Ashtrom Group Ltd. |
14,948 | 226,416 | ||||||
Balfour Beatty plc |
185,962 | 786,220 | ||||||
Bouygues SA |
4,033 | 148,861 | ||||||
Burkhalter Holding AG |
615 | 63,160 | ||||||
Chiyoda Corp.*(a) |
55,500 | 129,092 | ||||||
Chudenko Corp. |
4,100 | 78,171 | ||||||
Deme Group NV |
456 | 57,656 | ||||||
Eiffage SA |
1,480 | 156,071 | ||||||
Elco Ltd.(a) |
1,520 | 47,174 | ||||||
Elecnor SA |
14,023 | 287,894 | ||||||
Electra Ltd. |
76 | 29,163 | ||||||
Ferrovial SE |
6,520 | 250,786 | ||||||
Fugro NV* |
6,512 | 121,172 | ||||||
Gold Finance Holdings Ltd.* |
89,827 | | ||||||
Hazama Ando Corp. |
51,800 | 423,826 | ||||||
HOCHTIEF AG |
442 | 47,892 | ||||||
INFRONEER Holdings, Inc. |
4,100 | 43,405 | ||||||
Instalco AB(a)(b) |
4,332 | 17,492 | ||||||
Johns Lyng Group Ltd.(a) |
11,210 | 50,465 | ||||||
Kajima Corp. |
11,200 | 202,585 | ||||||
Kinden Corp. |
2,300 | 38,809 | ||||||
Kumagai Gumi Co. Ltd. |
11,900 | 313,019 | ||||||
Kvutzat Acro Ltd.(a) |
9,472 | 109,489 | ||||||
Kyudenko Corp. |
2,100 | 80,983 | ||||||
Maire Tecnimont SpA |
51,060 | 267,447 | ||||||
MIRAIT ONE Corp. |
33,300 | 445,025 | ||||||
Monadelphous Group Ltd. |
7,216 | 66,019 | ||||||
Morgan Sindall Group plc |
14,134 | 407,676 | ||||||
Mota-Engil SGPS SA |
25,456 | 147,383 | ||||||
NCC AB, Class B |
27,787 | 358,486 | ||||||
Nippon Densetsu Kogyo Co. Ltd. |
1,700 | 23,934 | ||||||
Nippon Road Co. Ltd. (The)(a) |
6,800 | 99,319 | ||||||
Nishimatsu Construction Co. Ltd.(a) |
11,100 | 308,074 | ||||||
NRW Holdings Ltd. |
153,402 | 276,839 | ||||||
Obayashi Corp. |
11,400 | 106,806 | ||||||
Okumura Corp. |
11,100 | 392,591 | ||||||
OX2 AB, Class B*(a) |
8,588 | 41,343 | ||||||
Peab AB, Class B(a) |
59,866 | 298,972 | ||||||
Penta-Ocean Construction Co. Ltd. |
9,700 | 52,636 | ||||||
Raito Kogyo Co. Ltd. |
3,200 | 45,250 | ||||||
Raiznext Corp. |
11,100 | 119,676 | ||||||
Sacyr SA |
28,435 | 94,392 | ||||||
Sacyr SA* |
568 | 1,885 | ||||||
Sanki Engineering Co. Ltd. |
3,800 | 49,289 | ||||||
Shapir Engineering and Industry |
2,525 | 14,319 | ||||||
Shikun & Binui Ltd.*(a) |
11,210 | 29,496 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Shimizu Corp. |
7,600 | 51,447 | ||||||
Shinnihon Corp. |
12,300 | 102,742 | ||||||
SHO-BOND Holdings Co. Ltd. |
1,200 | 54,108 | ||||||
Skanska AB, Class B(a) |
5,809 | 101,845 | ||||||
SNC-Lavalin Group, Inc. |
2,068 | 69,018 | ||||||
Stantec, Inc. |
1,668 | 134,871 | ||||||
Sumitomo Densetsu Co. Ltd. |
6,400 | 134,195 | ||||||
Sweco AB, Class B |
4,708 | 55,727 | ||||||
Taihei Dengyo Kaisha Ltd.(a) |
5,000 | 153,070 | ||||||
Taikisha Ltd. |
1,000 | 30,238 | ||||||
Taisei Corp. |
3,700 | 136,306 | ||||||
Takamatsu Construction Group Co. Ltd. |
7,400 | 150,405 | ||||||
Thyssenkrupp Nucera AG & Co. KGaa* |
1,748 | 29,051 | ||||||
Toa Corp. |
3,800 | 101,645 | ||||||
Toda Corp. |
5,200 | 33,190 | ||||||
Toenec Corp.(a) |
3,800 | 126,212 | ||||||
Toyo Construction Co. Ltd. |
3,800 | 33,821 | ||||||
Veidekke ASA |
3,088 | 28,350 | ||||||
Ventia Services Group Pty. Ltd. |
28,618 | 62,240 | ||||||
Vinci SA |
7,289 | 927,002 | ||||||
Webuild SpA(a) |
28,249 | 59,867 | ||||||
Worley Ltd. |
7,728 | 75,709 | ||||||
WSP Global, Inc. |
1,591 | 235,200 | ||||||
Yokogawa Bridge Holdings Corp. |
13,600 | 266,929 | ||||||
Yurtec Corp. |
7,600 | 60,935 | ||||||
|
|
|||||||
10,893,285 | ||||||||
|
|
|||||||
Construction Materials - 0.7% |
| |||||||
Adbri Ltd.* |
27,246 | 55,114 | ||||||
Boral Ltd.* |
3,476 | 12,178 | ||||||
Breedon Group plc |
23,569 | 109,101 | ||||||
Brickworks Ltd. |
1,435 | 27,813 | ||||||
Buzzi SpA |
3,148 | 107,783 | ||||||
Cementir Holding NV |
16,317 | 176,003 | ||||||
CSR Ltd. |
24,233 | 111,173 | ||||||
Heidelberg Materials AG |
2,775 | 258,872 | ||||||
Holcim AG |
10,656 | 821,823 | ||||||
Imerys SA(a) |
11,951 | 400,877 | ||||||
James Hardie Industries plc, CHDI* |
5,587 | 214,986 | ||||||
Krosaki Harima Corp.(a) |
1,800 | 152,694 | ||||||
RHI Magnesita NV(a) |
8,806 | 377,239 | ||||||
Sumitomo Osaka Cement Co. Ltd. |
11,100 | 283,015 | ||||||
Titan Cement International SA |
13,209 | 339,337 | ||||||
Vicat SACA |
5,772 | 226,027 | ||||||
Wienerberger AG(a) |
2,596 | 88,771 | ||||||
|
|
|||||||
3,762,806 | ||||||||
|
|
|||||||
Consumer Finance - 0.4% |
| |||||||
Acom Co. Ltd. |
20,500 | 53,222 | ||||||
AEON Financial Service Co. Ltd. |
4,100 | 37,809 | ||||||
Aiful Corp.(a) |
107,300 | 272,333 | ||||||
Cembra Money Bank AG(a) |
1,554 | 120,918 | ||||||
Credit Saison Co. Ltd. |
2,100 | 39,651 | ||||||
goeasy Ltd.(a) |
4,588 | 525,815 | ||||||
Hong Leong Finance Ltd. |
51,800 | 98,069 | ||||||
Isracard Ltd. |
15,211 | 54,818 | ||||||
Jaccs Co. Ltd. |
11,100 | 431,319 | ||||||
KRUK SA |
494 | 56,380 |
Investments |
Shares | Value ($) | ||||||
Latitude Group Holdings Ltd.(a) |
43,434 | 33,449 | ||||||
Marui Group Co. Ltd. |
3,200 | 53,689 | ||||||
|
|
|||||||
1,777,472 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 1.5% |
| |||||||
Aeon Co. Ltd.(a) |
12,613 | 304,852 | ||||||
Ain Holdings, Inc. |
800 | 26,445 | ||||||
Alimentation Couche-Tard, Inc. |
10,693 | 630,511 | ||||||
Arcs Co. Ltd.(a) |
3,800 | 76,403 | ||||||
Axfood AB |
1,496 | 38,123 | ||||||
Belc Co. Ltd. |
800 | 34,589 | ||||||
Carrefour SA |
11,322 | 194,563 | ||||||
Coles Group Ltd. |
21,053 | 221,421 | ||||||
Cosmos Pharmaceutical Corp. |
200 | 21,693 | ||||||
Create SD Holdings Co. Ltd. |
500 | 11,014 | ||||||
Dino Polska SA*(b) |
962 | 104,793 | ||||||
Empire Co. Ltd., Class A |
2,242 | 58,464 | ||||||
Endeavour Group Ltd.(a) |
26,030 | 96,704 | ||||||
Etablissements Franz Colruyt NV |
342 | 15,703 | ||||||
Fuji Co. Ltd.(a) |
4,200 | 57,149 | ||||||
George Weston Ltd. |
1,036 | 132,829 | ||||||
GrainCorp Ltd., Class A |
9,652 | 51,554 | ||||||
H2O Retailing Corp. |
3,800 | 41,230 | ||||||
Heiwado Co. Ltd. |
3,800 | 57,374 | ||||||
HelloFresh SE* |
2,894 | 38,886 | ||||||
Inageya Co. Ltd.(a) |
1,298 | 11,260 | ||||||
J Sainsbury plc |
34,797 | 119,732 | ||||||
Jeronimo Martins SGPS SA |
4,655 | 106,591 | ||||||
Kato Sangyo Co. Ltd. |
700 | 23,130 | ||||||
Kesko OYJ, Class A |
2,248 | 44,296 | ||||||
Kesko OYJ, Class B |
4,715 | 92,600 | ||||||
Kobe Bussan Co. Ltd.(a) |
1,900 | 49,003 | ||||||
Koninklijke Ahold Delhaize NV |
19,795 | 559,275 | ||||||
Kusuri no Aoki Holdings Co. Ltd. |
1,800 | 39,368 | ||||||
Life Corp. |
7,400 | 190,347 | ||||||
Loblaw Cos. Ltd. |
2,220 | 223,238 | ||||||
M Yochananof & Sons Ltd.(a) |
2,318 | 104,437 | ||||||
Marks & Spencer Group plc |
44,036 | 138,680 | ||||||
MARR SpA |
4,018 | 49,232 | ||||||
MatsukiyoCocokara & Co. |
7,000 | 128,938 | ||||||
Maxvalu Tokai Co. Ltd. |
500 | 11,117 | ||||||
Metcash Ltd.(a) |
18,608 | 44,775 | ||||||
METRO AG* |
10,754 | 73,068 | ||||||
Metro, Inc., Class A |
3,256 | 172,030 | ||||||
Mitsubishi Shokuhin Co. Ltd. |
7,400 | 255,146 | ||||||
Nishimoto Co. Ltd. |
2,300 | 98,341 | ||||||
North West Co., Inc. (The) |
2,419 | 70,413 | ||||||
Ocado Group plc* |
12,619 | 87,837 | ||||||
Olam Group Ltd. |
28,700 | 19,221 | ||||||
Redcare Pharmacy NV*(b) |
729 | 102,865 | ||||||
Seven & i Holdings Co. Ltd.(a) |
11,400 | 456,702 | ||||||
Sheng Siong Group Ltd. |
17,900 | 20,896 | ||||||
Shufersal Ltd.* |
94,054 | 507,527 | ||||||
Sonae SGPS SA |
29,906 | 29,123 | ||||||
Sugi Holdings Co. Ltd. |
800 | 38,682 | ||||||
Sundrug Co. Ltd. |
1,600 | 48,796 | ||||||
Tesco plc |
136,345 | 497,619 | ||||||
Tsuruha Holdings, Inc.(a) |
900 | 72,037 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
United Super Markets Holdings, Inc.(a) |
2,000 | 13,874 | ||||||
Valor Holdings Co. Ltd. |
14,800 | 255,956 | ||||||
Welcia Holdings Co. Ltd.(a) |
2,300 | 39,195 | ||||||
Woolworths Group Ltd. |
16,391 | 390,178 | ||||||
Yokorei Co. Ltd. |
3,800 | 29,272 | ||||||
|
|
|||||||
7,429,097 | ||||||||
|
|
|||||||
Containers & Packaging - 0.4% |
| |||||||
Billerud Aktiebolag |
5,485 | 49,210 | ||||||
CCL Industries, Inc., Class B(a) |
2,491 | 107,280 | ||||||
DS Smith plc |
25,682 | 92,424 | ||||||
FP Corp. |
1,200 | 23,561 | ||||||
Fuji Seal International, Inc. |
2,000 | 23,889 | ||||||
Huhtamaki OYJ |
2,051 | 81,029 | ||||||
Mayr Melnhof Karton AG(a) |
3,108 | 413,230 | ||||||
Metsa Board OYJ, Class B(a) |
3,813 | 30,857 | ||||||
Orora Ltd.(a) |
26,585 | 49,207 | ||||||
Rengo Co. Ltd. |
5,200 | 34,126 | ||||||
SIG Group AG |
4,477 | 94,775 | ||||||
Smurfit Kappa Group plc(a) |
5,217 | 195,794 | ||||||
Toyo Seikan Group Holdings Ltd. |
5,600 | 90,316 | ||||||
Verallia SA(b) |
1,364 | 48,598 | ||||||
Vidrala SA(a) |
7,844 | 791,559 | ||||||
Winpak Ltd. |
1,716 | 54,175 | ||||||
|
|
|||||||
2,180,030 | ||||||||
|
|
|||||||
Distributors - 0.1% |
| |||||||
Arata Corp.(a) |
11,000 | 247,580 | ||||||
Bapcor Ltd. |
10,184 | 37,969 | ||||||
Dieteren Group |
343 | 69,934 | ||||||
Inchcape plc |
10,222 | 89,168 | ||||||
Inter Cars SA |
205 | 28,152 | ||||||
PALTAC Corp. |
800 | 24,705 | ||||||
Tadiran Group Ltd.(a) |
418 | 27,910 | ||||||
Yamae Group Holdings Co. Ltd.(a) |
7,400 | 167,313 | ||||||
|
|
|||||||
692,731 | ||||||||
|
|
|||||||
Diversified Consumer Services - 0.1% |
| |||||||
Auction Technology Group plc* |
7,030 | 48,790 | ||||||
Benesse Holdings, Inc. |
3,800 | 67,850 | ||||||
IDP Education Ltd.(a) |
5,016 | 65,488 | ||||||
Pearson plc |
12,136 | 150,157 | ||||||
|
|
|||||||
332,285 | ||||||||
|
|
|||||||
Diversified REITs - 0.7% |
| |||||||
Argosy Property Ltd., REIT |
68,432 | 48,863 | ||||||
British Land Co. plc (The), REIT |
20,794 | 101,154 | ||||||
Centuria Capital Group, REIT(a) |
246,827 | 282,275 | ||||||
Charter Hall Group, REIT(a) |
8,140 | 65,056 | ||||||
Charter Hall Long Wale REIT, REIT(a) |
41,551 | 103,002 | ||||||
Covivio SA, REIT |
1,596 | 78,292 | ||||||
Daiwa House REIT Investment Corp., REIT |
42 | 74,906 | ||||||
GPT Group (The), REIT |
31,122 | 95,871 | ||||||
Growthpoint Properties Australia Ltd., REIT(a) |
109,668 | 174,715 | ||||||
H&R REIT, REIT(a) |
43,586 | 321,337 | ||||||
Heiwa Real Estate REIT, Inc., REIT |
76 | 71,334 | ||||||
Hulic Reit, Inc., REIT |
24 | 25,498 | ||||||
ICADE, REIT |
836 | 28,660 |
Investments |
Shares | Value ($) | ||||||
KDX Realty Investment Corp., REIT |
103 | 112,883 | ||||||
Land Securities Group plc, REIT |
11,211 | 95,597 | ||||||
LXI REIT plc, REIT(b) |
573,870 | 774,643 | ||||||
Merlin Properties Socimi SA, REIT |
4,522 | 46,689 | ||||||
Mirvac Group, REIT |
66,711 | 95,696 | ||||||
Mori Trust Reit, Inc., REIT |
38 | 19,471 | ||||||
NIPPON REIT Investment Corp., REIT |
18 | 42,052 | ||||||
Nomura Real Estate Master Fund, Inc., REIT |
38 | 41,958 | ||||||
NTT UD REIT Investment Corp., REIT |
24 | 20,556 | ||||||
Reit 1 Ltd., REIT |
68,006 | 305,090 | ||||||
Sekisui House Reit, Inc., REIT |
55 | 29,537 | ||||||
Sella Capital Real Estate Ltd., REIT |
58,571 | 132,814 | ||||||
Star Asia Investment Corp., REIT |
152 | 60,103 | ||||||
Stockland, REIT |
35,261 | 106,290 | ||||||
Stride Property Group, REIT |
65,018 | 56,831 | ||||||
Suntec REIT, REIT |
43,500 | 38,736 | ||||||
Takara Leben Real Estate Investment Corp., REIT |
76 | 54,540 | ||||||
Tokyu REIT, Inc., REIT(a) |
76 | 89,427 | ||||||
UK Commercial Property REIT Ltd., REIT |
52,934 | 43,209 | ||||||
United Urban Investment Corp., REIT |
40 | 40,883 | ||||||
|
|
|||||||
3,677,968 | ||||||||
|
|
|||||||
Diversified Telecommunication Services - 1.2% |
| |||||||
BCE, Inc.(a) |
5,624 | 228,361 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. |
38,130 | 50,710 | ||||||
BT Group plc(a) |
133,237 | 190,370 | ||||||
Cellnex Telecom SA(b) |
8,806 | 342,254 | ||||||
Chorus Ltd.(a) |
8,733 | 42,790 | ||||||
Deutsche Telekom AG (Registered) |
71,225 | 1,759,739 | ||||||
Elisa OYJ |
2,146 | 98,489 | ||||||
Gamma Communications plc |
4,867 | 74,003 | ||||||
Helios Towers plc* |
60,268 | 60,708 | ||||||
HKT Trust & HKT Ltd. |
53,400 | 64,143 | ||||||
Infrastrutture Wireless Italiane SpA(b) |
5,179 | 63,261 | ||||||
Koninklijke KPN NV |
48,322 | 165,238 | ||||||
Nippon Telegraph & Telephone Corp. |
573,500 | 730,926 | ||||||
NOS SGPS SA |
9,348 | 33,306 | ||||||
Orange Polska SA |
26,182 | 56,305 | ||||||
Orange SA |
36,186 | 432,299 | ||||||
PCCW Ltd. |
77,035 | 39,812 | ||||||
Proximus SADP |
3,640 | 34,787 | ||||||
Quebecor, Inc., Class B |
4,144 | 101,394 | ||||||
RAI Way SpA(b) |
8,120 | 44,631 | ||||||
Singapore Telecommunications Ltd. |
122,100 | 219,284 | ||||||
Spark New Zealand Ltd. |
17,404 | 56,940 | ||||||
Swisscom AG (Registered) |
296 | 178,114 | ||||||
Telecom Italia SpA*(a) |
292,790 | 88,702 | ||||||
Telecom Italia SpA* |
69,160 | 21,906 | ||||||
Telefonica SA |
97,273 | 398,349 | ||||||
Telekom Austria AG, Class A |
4,091 | 35,817 | ||||||
Telenor ASA |
7,093 | 79,161 | ||||||
Telia Co. AB(a) |
35,720 | 92,927 | ||||||
Telstra Group Ltd. |
57,683 | 154,051 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
TELUS Corp. |
8,092 | 145,844 | ||||||
United Internet AG (Registered) |
1,720 | 45,438 | ||||||
|
|
|||||||
6,130,059 | ||||||||
|
|
|||||||
Electric Utilities - 1.3% |
| |||||||
Acciona SA |
666 | 86,994 | ||||||
BKW AG |
440 | 70,525 | ||||||
Chubu Electric Power Co., Inc. |
14,800 | 194,144 | ||||||
Chugoku Electric Power Co., Inc. (The) |
4,206 | 30,270 | ||||||
CK Infrastructure Holdings Ltd.(a) |
11,000 | 65,362 | ||||||
CLP Holdings Ltd. |
23,500 | 186,834 | ||||||
Contact Energy Ltd. |
11,528 | 57,265 | ||||||
EDP - Energias de Portugal SA |
31,746 | 142,833 | ||||||
Elia Group SA/NV |
640 | 77,723 | ||||||
Emera, Inc.(a) |
5,328 | 189,464 | ||||||
Endesa SA |
4,392 | 87,592 | ||||||
Enea SA* |
76,664 | 183,807 | ||||||
Enel SpA |
158,323 | 1,090,515 | ||||||
EVN AG |
748 | 20,841 | ||||||
Fortis, Inc. |
8,029 | 324,153 | ||||||
Fortum OYJ |
6,512 | 89,765 | ||||||
Genesis Energy Ltd.(a) |
16,699 | 26,006 | ||||||
HK Electric Investments & HK Electric Investments Ltd.(b) |
44,500 | 27,609 | ||||||
Hokkaido Electric Power Co., |
70,300 | 317,943 | ||||||
Hokuriku Electric Power Co.*(a) |
59,200 | 293,418 | ||||||
Hydro One Ltd.(b) |
4,181 | 124,862 | ||||||
Iberdrola SA* |
1,436 | 17,431 | ||||||
Iberdrola SA |
83,361 | 1,011,906 | ||||||
Kansai Electric Power Co., Inc. (The) |
14,800 | 204,573 | ||||||
Kyushu Electric Power Co., Inc.* |
3,800 | 28,817 | ||||||
Manawa Energy Ltd. |
5,123 | 13,528 | ||||||
Mercury NZ Ltd. |
11,013 | 45,759 | ||||||
Origin Energy Ltd. |
23,791 | 133,994 | ||||||
Orsted A/S(b) |
2,590 | 147,773 | ||||||
PGE Polska Grupa Energetyczna SA* |
25,070 | 53,322 | ||||||
Power Assets Holdings Ltd. |
22,000 | 128,894 | ||||||
Redeia Corp. SA |
3,420 | 57,322 | ||||||
Romande Energie Holding SA (Registered) |
1,887 | 120,983 | ||||||
Shikoku Electric Power Co., Inc. |
7,600 | 54,384 | ||||||
SSE plc |
15,947 | 342,185 | ||||||
Tauron Polska Energia SA* |
48,260 | 44,465 | ||||||
Terna - Rete Elettrica Nazionale |
19,328 | 164,349 | ||||||
Tohoku Electric Power Co., Inc. |
10,900 | 73,651 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* |
21,900 | 118,104 | ||||||
Verbund AG |
1,258 | 103,376 | ||||||
|
|
|||||||
6,552,741 | ||||||||
|
|
|||||||
Electrical Equipment - 1.3% |
| |||||||
ABB Ltd. (Registered) |
23,421 | 1,001,709 | ||||||
Accelleron Industries AG |
4,070 | 131,705 | ||||||
Ballard Power Systems, Inc.*(a) |
2,508 | 8,260 | ||||||
Daihen Corp.(a) |
7,400 | 356,395 | ||||||
DiscoverIE Group plc(a) |
4,796 | 47,883 | ||||||
Energiekontor AG |
410 | 33,803 | ||||||
Fagerhult Group AB |
6,336 | 40,779 | ||||||
Fuji Electric Co. Ltd. |
1,500 | 76,542 |
Investments |
Shares | Value ($) | ||||||
Fujikura Ltd. |
8,200 | 68,635 | ||||||
Furukawa Electric Co. Ltd.(a) |
25,900 | 478,399 | ||||||
Huber + Suhner AG (Registered) |
867 | 62,762 | ||||||
Legrand SA |
3,848 | 377,193 | ||||||
Mabuchi Motor Co. Ltd. |
3,200 | 56,141 | ||||||
Mitsubishi Electric Corp. |
29,600 | 446,101 | ||||||
NEL ASA* |
97,622 | 49,816 | ||||||
Nexans SA |
760 | 69,965 | ||||||
Nidec Corp. |
7,510 | 284,730 | ||||||
NKT A/S*(a) |
3,053 | 214,455 | ||||||
Nordex SE* |
7,130 | 73,779 | ||||||
Prysmian SpA |
3,552 | 158,154 | ||||||
Sanyo Denki Co. Ltd.(a) |
3,700 | 156,429 | ||||||
Schneider Electric SE |
7,807 | 1,551,057 | ||||||
SGL Carbon SE* |
5,054 | 32,308 | ||||||
Siemens Energy AG* |
10,767 | 163,330 | ||||||
Signify NV(b) |
2,730 | 82,885 | ||||||
TKH Group NV, CVA(a) |
2,141 | 87,026 | ||||||
Ushio, Inc. |
3,800 | 53,968 | ||||||
Varta AG* |
1,008 | 19,287 | ||||||
Vestas Wind Systems A/S* |
14,097 | 404,022 | ||||||
|
|
|||||||
6,587,518 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 1.9% |
| |||||||
ALSO Holding AG (Registered) |
266 | 78,605 | ||||||
Amano Corp. |
800 | 18,668 | ||||||
Anritsu Corp. |
8,200 | 65,746 | ||||||
AT&S Austria Technologie & Systemtechnik AG(a) |
7,881 | 192,274 | ||||||
Audinate Group Ltd.* |
3,496 | 38,155 | ||||||
Azbil Corp. |
2,100 | 69,131 | ||||||
Barco NV |
2,090 | 34,939 | ||||||
Canon Electronics, Inc. |
3,800 | 54,670 | ||||||
Canon Marketing Japan, Inc. |
1,500 | 46,311 | ||||||
Celestica, Inc.* |
38,628 | 1,336,028 | ||||||
Citizen Watch Co. Ltd. |
8,200 | 52,843 | ||||||
Codan Ltd. |
7,304 | 39,109 | ||||||
Comet Holding AG (Registered) |
333 | 111,330 | ||||||
Dexerials Corp.(a) |
3,700 | 108,791 | ||||||
Dicker Data Ltd. |
3,344 | 24,891 | ||||||
Elematec Corp. |
3,800 | 46,715 | ||||||
FIT Hon Teng Ltd.*(a)(b) |
380,000 | 45,208 | ||||||
Hakuto Co. Ltd.(a) |
3,700 | 155,670 | ||||||
Halma plc |
5,883 | 164,293 | ||||||
Hamamatsu Photonics KK |
2,700 | 108,499 | ||||||
Hexagon AB, Class B |
31,265 | 344,956 | ||||||
Hirose Electric Co. Ltd. |
582 | 68,721 | ||||||
Horiba Ltd. |
800 | 65,510 | ||||||
Hosiden Corp. |
18,500 | 230,593 | ||||||
Ibiden Co. Ltd. |
2,800 | 144,506 | ||||||
Inficon Holding AG (Registered) |
80 | 122,539 | ||||||
Iriso Electronics Co. Ltd. |
1,200 | 28,568 | ||||||
Japan Display, Inc.*(a) |
80,000 | 10,946 | ||||||
Jenoptik AG |
2,585 | 81,880 | ||||||
Kaga Electronics Co. Ltd.(a) |
7,500 | 353,515 | ||||||
Keyence Corp. |
2,900 | 1,320,896 | ||||||
Kitron ASA |
9,471 | 29,165 | ||||||
Kyocera Corp. |
21,100 | 315,038 | ||||||
Lagercrantz Group AB, Class B |
2,640 | 34,902 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Landis+Gyr Group AG |
1,073 | 88,869 | ||||||
LEM Holding SA (Registered) |
27 | 62,067 | ||||||
Macnica Holdings, Inc. |
1,600 | 86,592 | ||||||
Maxell Ltd. |
3,800 | 42,374 | ||||||
Meiko Electronics Co. Ltd. |
7,400 | 205,788 | ||||||
Murata Manufacturing Co. Ltd. |
25,800 | 532,150 | ||||||
Mycronic AB |
924 | 26,006 | ||||||
NCAB Group AB(a) |
4,028 | 26,431 | ||||||
Nichicon Corp. |
18,500 | 164,276 | ||||||
Nohmi Bosai Ltd. |
2,500 | 38,259 | ||||||
Oki Electric Industry Co. Ltd.(a) |
22,200 | 158,403 | ||||||
Omron Corp. |
2,800 | 128,531 | ||||||
Oxford Instruments plc(a) |
3,036 | 85,829 | ||||||
PAX Global Technology Ltd. |
222,000 | 155,341 | ||||||
Renishaw plc |
880 | 39,267 | ||||||
Restar Holdings Corp. |
7,400 | 155,923 | ||||||
Riken Keiki Co. Ltd. |
1,200 | 60,503 | ||||||
Sensirion Holding AG*(b) |
266 | 22,326 | ||||||
Sesa SpA |
294 | 40,271 | ||||||
Shimadzu Corp. |
4,500 | 126,496 | ||||||
Siix Corp.(a) |
11,100 | 119,676 | ||||||
Softwareone Holding AG |
5,615 | 106,429 | ||||||
Spectris plc |
2,057 | 96,947 | ||||||
Taiyo Yuden Co. Ltd.(a) |
2,500 | 61,673 | ||||||
TDK Corp. |
6,300 | 320,743 | ||||||
Tokyo Electron Device Ltd.(a) |
5,400 | 218,697 | ||||||
Topcon Corp. |
4,100 | 47,963 | ||||||
Vaisala OYJ, Class A |
836 | 33,237 | ||||||
Venture Corp. Ltd. |
7,600 | 76,264 | ||||||
VSTECS Holdings Ltd. |
226,000 | 121,713 | ||||||
VusionGroup*(a) |
246 | 36,876 | ||||||
Yokogawa Electric Corp. |
4,900 | 98,017 | ||||||
|
|
|||||||
9,527,548 | ||||||||
|
|
|||||||
Energy Equipment & Services - 0.5% |
| |||||||
Aker Solutions ASA |
7,560 | 28,327 | ||||||
Borr Drilling Ltd.(a) |
4,018 | 25,149 | ||||||
DOF Group ASA* |
53,243 | 290,946 | ||||||
John Wood Group plc* |
33,661 | 67,513 | ||||||
Lapidoth Capital Ltd.(a) |
7,141 | 107,455 | ||||||
Odfjell Drilling Ltd. |
13,034 | 48,925 | ||||||
PGS ASA* |
324,083 | 205,794 | ||||||
SBM Offshore NV |
46,953 | 604,382 | ||||||
Secure Energy Services, Inc. |
78,070 | 602,449 | ||||||
Subsea 7 SA |
3,608 | 49,186 | ||||||
Technip Energies NV |
3,977 | 83,355 | ||||||
Tenaris SA |
8,843 | 141,348 | ||||||
TGS ASA |
1,927 | 19,037 | ||||||
Vallourec SACA* |
5,740 | 83,146 | ||||||
|
|
|||||||
2,357,012 | ||||||||
|
|
|||||||
Entertainment - 0.6% |
| |||||||
Believe SA*(a) |
2,128 | 25,196 | ||||||
Bollore SE |
12,858 | 85,548 | ||||||
Capcom Co. Ltd. |
3,400 | 131,301 | ||||||
CD Projekt SA |
1,193 | 31,373 | ||||||
CTS Eventim AG & Co. KGaA |
704 | 48,063 | ||||||
Daiichikosho Co. Ltd. |
2,200 | 30,567 | ||||||
DeNA Co. Ltd. |
1,100 | 11,239 | ||||||
Embracer Group AB, Class B* |
13,161 | 25,539 |
Investments |
Shares | Value ($) | ||||||
EVT Ltd. |
6,232 | 51,949 | ||||||
Gree, Inc. |
7,600 | 30,572 | ||||||
GungHo Online Entertainment, Inc.* |
14,800 | 252,058 | ||||||
Kinepolis Group NV |
1,030 | 46,040 | ||||||
Koei Tecmo Holdings Co. Ltd. |
2,492 | 31,437 | ||||||
Konami Group Corp. |
1,000 | 62,432 | ||||||
MIXI, Inc. |
3,800 | 65,952 | ||||||
Modern Times Group MTG AB, Class B* |
3,952 | 30,599 | ||||||
Nexon Co. Ltd.(a) |
7,400 | 119,726 | ||||||
Nintendo Co. Ltd. |
16,400 | 932,335 | ||||||
Paradox Interactive AB |
952 | 18,815 | ||||||
Square Enix Holdings Co. Ltd. |
1,800 | 71,212 | ||||||
Stillfront Group AB* |
144,707 | 151,887 | ||||||
Toei Animation Co. Ltd.(a) |
200 | 27,118 | ||||||
Toho Co. Ltd. |
1,200 | 39,544 | ||||||
Ubisoft Entertainment SA* |
1,425 | 31,748 | ||||||
Universal Music Group NV |
14,097 | 419,113 | ||||||
|
|
|||||||
2,771,363 | ||||||||
|
|
|||||||
Financial Services - 1.6% |
| |||||||
Adyen NV*(b) |
444 | 564,864 | ||||||
AMP Ltd. |
65,142 | 40,263 | ||||||
Banca Mediolanum SpA |
4,444 | 45,830 | ||||||
BFF Bank SpA(b) |
58,941 | 641,527 | ||||||
Deutsche Pfandbriefbank AG(b) |
48,100 | 292,854 | ||||||
Edenred SE(a) |
3,663 | 220,512 | ||||||
eGuarantee, Inc. |
3,800 | 50,381 | ||||||
Eurazeo SE |
1,144 | 98,233 | ||||||
EXOR NV |
2,368 | 231,141 | ||||||
Financial Partners Group Co. Ltd. |
3,800 | 44,272 | ||||||
First National Financial Corp. |
123 | 3,734 | ||||||
Fuyo General Lease Co. Ltd. |
1,000 | 90,850 | ||||||
GRENKE AG |
494 | 12,020 | ||||||
Groupe Bruxelles Lambert NV |
1,813 | 138,644 | ||||||
HAL Trust |
570 | 71,451 | ||||||
Helia Group Ltd. |
98,679 | 321,593 | ||||||
Hypoport SE* |
252 | 54,282 | ||||||
Industrivarden AB, Class A |
3,256 | 103,488 | ||||||
Industrivarden AB, Class C(a) |
2,173 | 68,961 | ||||||
Investor AB, Class A(a) |
9,287 | 218,864 | ||||||
Investor AB, Class B |
25,123 | 597,903 | ||||||
Japan Securities Finance Co. Ltd. |
4,700 | 50,577 | ||||||
Kinnevik AB, Class B* |
7,562 | 82,592 | ||||||
L E Lundbergforetagen AB, Class B(a) |
1,348 | 71,051 | ||||||
Liberty Financial Group Ltd.(a)(b) |
26,714 | 73,639 | ||||||
M&G plc |
30,210 | 86,213 | ||||||
Mitsubishi HC Capital, Inc. |
14,800 | 106,412 | ||||||
Network International Holdings |
14,574 | 71,899 | ||||||
Nexi SpA*(a)(b) |
6,992 | 54,259 | ||||||
Nuvei Corp.(a)(b) |
21,645 | 529,278 | ||||||
ORIX Corp. |
23,700 | 465,083 | ||||||
OSB Group plc |
132,608 | 760,251 | ||||||
Paragon Banking Group plc |
70,485 | 631,904 | ||||||
PEUGEOT INVEST |
308 | 33,456 | ||||||
Plus500 Ltd. |
27,491 | 626,651 | ||||||
Ricoh Leasing Co. Ltd. |
5,000 | 173,764 | ||||||
Sofina SA |
316 | 76,409 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Tokyo Century Corp. |
2,400 | 27,115 | ||||||
WAG Payment Solutions plc* |
28,842 | 32,909 | ||||||
Washington H Soul Pattinson & Co. Ltd.(a) |
2,856 | 64,946 | ||||||
Wendel SE |
798 | 73,117 | ||||||
Wise plc, Class A* |
9,083 | 93,668 | ||||||
Worldline SA*(a)(b) |
5,698 | 78,080 | ||||||
Zenkoku Hosho Co. Ltd.(a) |
600 | 22,580 | ||||||
|
|
|||||||
8,197,520 | ||||||||
|
|
|||||||
Food Products - 2.3% |
| |||||||
a2 Milk Co. Ltd. (The)*(a) |
12,579 | 39,876 | ||||||
AAK AB |
2,860 | 65,048 | ||||||
Agrana Beteiligungs AG |
1,482 | 22,618 | ||||||
Ajinomoto Co., Inc. |
7,400 | 308,150 | ||||||
Ariake Japan Co. Ltd. |
800 | 25,996 | ||||||
Aryzta AG* |
60,879 | 110,354 | ||||||
Associated British Foods plc |
4,551 | 135,672 | ||||||
Austevoll Seafood ASA |
3,432 | 25,075 | ||||||
Bakkafrost P/F |
820 | 46,267 | ||||||
Barry Callebaut AG (Registered) |
74 | 109,208 | ||||||
Bell Food Group AG (Registered) |
123 | 36,347 | ||||||
Bumitama Agri Ltd. |
60,800 | 27,981 | ||||||
Calbee, Inc. |
600 | 12,737 | ||||||
Chocoladefabriken Lindt & Spruengli AG |
24 | 307,746 | ||||||
Chocoladefabriken Lindt & Spruengli AG (Registered) |
2 | 255,056 | ||||||
Costa Group Holdings Ltd. |
16,302 | 34,269 | ||||||
Cranswick plc |
2,714 | 139,075 | ||||||
Danone SA |
9,287 | 622,833 | ||||||
DyDo Group Holdings, Inc.(a) |
1,000 | 20,304 | ||||||
Ebro Foods SA |
3,420 | 57,211 | ||||||
Elders Ltd.(a) |
55,065 | 326,878 | ||||||
Emmi AG (Registered) |
41 | 43,349 | ||||||
First Pacific Co. Ltd. |
740,000 | 281,147 | ||||||
First Resources Ltd. |
5,100 | 5,648 | ||||||
Fuji Oil Holdings, Inc. |
1,200 | 19,477 | ||||||
Glanbia plc |
3,500 | 62,883 | ||||||
Golden Agri-Resources Ltd. |
213,400 | 43,116 | ||||||
Grieg Seafood ASA |
18,796 | 118,637 | ||||||
Hilton Food Group plc |
7,220 | 72,267 | ||||||
House Foods Group, Inc. |
2,400 | 53,410 | ||||||
Inghams Group Ltd.(a) |
17,712 | 50,347 | ||||||
Itoham Yonekyu Holdings, Inc. |
1,240 | 35,119 | ||||||
JDE Peets NV(a) |
1,804 | 44,796 | ||||||
Kagome Co. Ltd. |
900 | 22,424 | ||||||
Kameda Seika Co. Ltd. |
900 | 25,798 | ||||||
Kerry Group plc, Class A |
1,924 | 172,797 | ||||||
Kikkoman Corp. |
3,400 | 212,618 | ||||||
Kotobuki Spirits Co. Ltd. |
2,500 | 34,129 | ||||||
KWS Saat SE & Co. KGaA |
1,064 | 60,216 | ||||||
Leroy Seafood Group ASA |
5,456 | 22,102 | ||||||
Lotus Bakeries NV |
6 | 51,423 | ||||||
Maple Leaf Foods, Inc. |
3,772 | 72,388 | ||||||
Maruha Nichiro Corp.(a) |
14,800 | 296,304 | ||||||
MEIJI Holdings Co. Ltd. |
3,400 | 83,061 | ||||||
Mitsui DM Sugar Holdings Co. Ltd. |
3,800 | 88,257 | ||||||
Morinaga & Co. Ltd. |
2,200 | 42,495 |
Investments |
Shares | Value ($) | ||||||
Morinaga Milk Industry Co. Ltd. |
2,400 | 49,683 | ||||||
Mowi ASA |
5,412 | 98,234 | ||||||
Nestle SA (Registered) |
39,331 | 4,518,813 | ||||||
Nichirei Corp. |
1,600 | 39,076 | ||||||
Nippn Corp. |
4,000 | 62,008 | ||||||
Nisshin Seifun Group, Inc. |
2,690 | 37,919 | ||||||
Nissin Foods Holdings Co. Ltd. |
4,500 | 147,122 | ||||||
Nissui Corp.(a) |
11,400 | 62,945 | ||||||
Orkla ASA |
8,856 | 69,872 | ||||||
Premier Foods plc |
46,494 | 84,193 | ||||||
Premium Brands Holdings Corp., Class A |
660 | 45,442 | ||||||
Prima Meat Packers Ltd. |
3,800 | 62,885 | ||||||
Riken Vitamin Co. Ltd. |
1,800 | 28,568 | ||||||
S Foods, Inc. |
7,200 | 164,023 | ||||||
Sakata Seed Corp. |
1,400 | 35,293 | ||||||
Salmar ASA |
788 | 44,070 | ||||||
Saputo, Inc. |
1,893 | 39,275 | ||||||
Savencia SA |
608 | 35,400 | ||||||
Schouw & Co. A/S |
4,107 | 330,389 | ||||||
Societe LDC SADIR |
1,258 | 181,062 | ||||||
Strauss Group Ltd.* |
952 | 18,580 | ||||||
Suedzucker AG |
1,979 | 28,075 | ||||||
Tate & Lyle plc |
9,158 | 72,656 | ||||||
Toyo Suisan Kaisha Ltd. |
1,800 | 94,892 | ||||||
Viscofan SA |
943 | 55,519 | ||||||
WH Group Ltd.(b) |
133,000 | 78,263 | ||||||
Wilmar International Ltd. |
51,800 | 127,916 | ||||||
Yakult Honsha Co. Ltd. |
4,800 | 106,065 | ||||||
Yamazaki Baking Co. Ltd. |
2,900 | 69,338 | ||||||
|
|
|||||||
11,530,485 | ||||||||
|
|
|||||||
Gas Utilities - 0.5% |
| |||||||
AltaGas Ltd. |
5,476 | 114,557 | ||||||
APA Group |
23,384 | 131,238 | ||||||
Brookfield Infrastructure Corp., Class A |
3,034 | 107,026 | ||||||
Enagas SA(a) |
1,938 | 31,767 | ||||||
Hong Kong & China Gas Co. Ltd. |
148,000 | 105,075 | ||||||
Italgas SpA |
13,832 | 79,482 | ||||||
Keppel Infrastructure Trust |
41,800 | 15,796 | ||||||
Naturgy Energy Group SA(a) |
3,034 | 82,392 | ||||||
Nippon Gas Co. Ltd. |
1,900 | 29,824 | ||||||
Osaka Gas Co. Ltd. |
8,700 | 185,219 | ||||||
Rubis SCA |
34,077 | 868,399 | ||||||
Saibu Gas Holdings Co. Ltd. |
11,100 | 147,241 | ||||||
Shizuoka Gas Co. Ltd.(a) |
7,600 | 52,565 | ||||||
Snam SpA |
32,042 | 157,635 | ||||||
Superior Plus Corp. |
10,208 | 70,445 | ||||||
Tokyo Gas Co. Ltd. |
7,400 | 172,173 | ||||||
|
|
|||||||
2,350,834 | ||||||||
|
|
|||||||
Ground Transportation - 1.3% |
| |||||||
ALD SA(b) |
6,498 | 43,727 | ||||||
Aurizon Holdings Ltd. |
29,146 | 73,022 | ||||||
Canadian National Railway Co. |
8,732 | 1,090,021 | ||||||
Canadian Pacific Kansas City Ltd. |
13,875 | 1,123,563 | ||||||
Central Japan Railway Co. |
18,500 | 467,388 | ||||||
ComfortDelGro Corp. Ltd. |
73,800 | 77,315 | ||||||
East Japan Railway Co. |
5,100 | 294,504 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Firstgroup plc |
31,646 | 67,985 | ||||||
Fukuyama Transporting Co. Ltd.(a) |
11,100 | 311,339 | ||||||
Hankyu Hanshin Holdings, Inc. |
3,900 | 120,835 | ||||||
Jungfraubahn Holding AG (Registered) |
287 | 56,808 | ||||||
Keio Corp. |
1,800 | 53,270 | ||||||
Keisei Electric Railway Co. Ltd. |
2,900 | 132,883 | ||||||
Kelsian Group Ltd.(a) |
6,802 | 32,285 | ||||||
Kintetsu Group Holdings Co. Ltd. |
2,200 | 68,630 | ||||||
Kyushu Railway Co. |
2,100 | 46,648 | ||||||
Maruzen Showa Unyu Co. Ltd.(a) |
7,400 | 207,053 | ||||||
MTR Corp. Ltd.(a) |
25,264 | 82,088 | ||||||
Mullen Group Ltd.(a) |
27,713 | 310,515 | ||||||
Nagoya Railroad Co. Ltd. |
4,400 | 68,585 | ||||||
Nankai Electric Railway Co. Ltd. |
3,000 | 59,148 | ||||||
Nikkon Holdings Co. Ltd. |
3,800 | 82,642 | ||||||
Nishi-Nippon Railroad Co. Ltd. |
1,100 | 18,501 | ||||||
Odakyu Electric Railway Co. Ltd. |
4,600 | 71,136 | ||||||
Redde Northgate plc |
77,293 | 349,422 | ||||||
Sakai Moving Service Co. Ltd. |
7,400 | 142,305 | ||||||
Seibu Holdings, Inc. |
3,800 | 54,358 | ||||||
Seino Holdings Co. Ltd. |
3,100 | 45,787 | ||||||
Sixt SE |
308 | 30,345 | ||||||
Sixt SE (Preference) |
298 | 20,588 | ||||||
Stef SA |
1,258 | 165,347 | ||||||
TFI International, Inc. |
1,147 | 151,689 | ||||||
Tobu Railway Co. Ltd. |
3,700 | 99,198 | ||||||
Tokyu Corp. |
8,300 | 98,374 | ||||||
Tourism Holdings Ltd. |
56,573 | 129,543 | ||||||
West Japan Railway Co. |
3,700 | 155,670 | ||||||
|
|
|||||||
6,402,517 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies - 1.2% |
| |||||||
Alcon, Inc. |
6,327 | 482,647 | ||||||
Ambu A/S, Class B* |
10,064 | 168,520 | ||||||
Ansell Ltd. |
38 | 607 | ||||||
Arjo AB, Class B |
11,562 | 54,742 | ||||||
Asahi Intecc Co. Ltd. |
3,200 | 61,986 | ||||||
BioMerieux |
825 | 89,616 | ||||||
Carl Zeiss Meditec AG |
715 | 76,548 | ||||||
Cochlear Ltd. |
894 | 179,941 | ||||||
Coloplast A/S, Class B |
2,146 | 249,446 | ||||||
ConvaTec Group plc(b) |
26,387 | 80,982 | ||||||
Demant A/S* |
1,980 | 90,548 | ||||||
DiaSorin SpA |
293 | 27,225 | ||||||
Draegerwerk AG & Co. KGaA (Preference) |
646 | 33,542 | ||||||
Eckert & Ziegler Strahlen- und Medizintechnik AG |
820 | 41,347 | ||||||
Elekta AB, Class B(a) |
2,128 | 16,209 | ||||||
EssilorLuxottica SA |
2,629 | 520,832 | ||||||
EssilorLuxottica SA |
1,959 | 387,928 | ||||||
Fisher & Paykel Healthcare Corp. Ltd.(a) |
9,209 | 134,176 | ||||||
Fukuda Denshi Co. Ltd.(a) |
3,700 | 199,460 | ||||||
Getinge AB, Class B |
2,980 | 64,518 | ||||||
Hogy Medical Co. Ltd. |
1,200 | 29,266 | ||||||
Hoya Corp. |
5,400 | 699,867 | ||||||
Japan Lifeline Co. Ltd. |
3,000 | 27,173 |
Investments |
Shares | Value ($) | ||||||
Koninklijke Philips NV*(a) |
9,509 | 204,269 | ||||||
Medacta Group SA(b) |
336 | 50,840 | ||||||
Medartis Holding AG*(b) |
304 | 26,791 | ||||||
Medmix AG(b) |
456 | 9,196 | ||||||
Menicon Co. Ltd. |
5,700 | 84,091 | ||||||
Nagaileben Co. Ltd. |
1,500 | 24,115 | ||||||
Nanosonics Ltd.* |
16,777 | 33,049 | ||||||
Nihon Kohden Corp. |
2,300 | 70,947 | ||||||
Nipro Corp. |
4,100 | 33,448 | ||||||
Olympus Corp. |
14,800 | 222,747 | ||||||
Paramount Bed Holdings Co. Ltd. |
1,600 | 29,302 | ||||||
PHC Holdings Corp. |
7,600 | 79,652 | ||||||
Revenio Group OYJ |
1,710 | 47,403 | ||||||
Siemens Healthineers AG(b) |
3,848 | 216,769 | ||||||
Smith & Nephew plc |
14,837 | 209,820 | ||||||
Sonova Holding AG (Registered) |
709 | 229,515 | ||||||
Straumann Holding AG (Registered) |
1,650 | 254,660 | ||||||
Surgical Science Sweden AB* |
1,584 | 27,457 | ||||||
Sysmex Corp.(a) |
2,700 | 147,916 | ||||||
Terumo Corp. |
11,100 | 382,036 | ||||||
Vimian Group AB*(a) |
12,578 | 34,767 | ||||||
Xvivo Perfusion AB* |
1,892 | 53,195 | ||||||
Ypsomed Holding AG (Registered) |
123 | 43,803 | ||||||
|
|
|||||||
6,232,914 | ||||||||
|
|
|||||||
Health Care Providers & Services - 0.3% |
| |||||||
Alfresa Holdings Corp. |
1,500 | 24,895 | ||||||
Amplifon SpA(a) |
2,112 | 69,674 | ||||||
Arvida Group Ltd. |
190,899 | 130,434 | ||||||
As One Corp.(a) |
800 | 30,686 | ||||||
Chartwell Retirement Residences |
190 | 1,705 | ||||||
CVS Group plc |
4,250 | 91,357 | ||||||
EBOS Group Ltd.(a) |
2,066 | 47,753 | ||||||
Fagron |
3,775 | 68,357 | ||||||
Fresenius Medical Care AG |
4,218 | 164,945 | ||||||
Fresenius SE & Co. KGaA |
8,732 | 247,752 | ||||||
Galenica AG(b) |
792 | 70,397 | ||||||
H.U. Group Holdings, Inc. |
4,100 | 77,148 | ||||||
Healius Ltd.* |
34,839 | 31,897 | ||||||
Medicover AB, Class B |
3,403 | 56,517 | ||||||
NMC Health plc* |
2,074 | | ||||||
Raffles Medical Group Ltd. |
60,824 | 45,970 | ||||||
Ramsay Health Care Ltd. |
1,254 | 42,467 | ||||||
Ryman Healthcare Ltd.*(a) |
11,375 | 39,911 | ||||||
Ship Healthcare Holdings, Inc. |
1,900 | 29,220 | ||||||
Sonic Healthcare Ltd. |
6,734 | 142,537 | ||||||
Spire Healthcare Group plc(b) |
14,036 | 42,362 | ||||||
Summerset Group Holdings Ltd. |
6,764 | 45,758 | ||||||
Suzuken Co. Ltd. |
1,880 | 59,008 | ||||||
Terveystalo OYJ(b) |
4,480 | 38,006 | ||||||
Tokai Corp. |
4,100 | 59,351 | ||||||
|
|
|||||||
1,658,107 | ||||||||
|
|
|||||||
Health Care REITs - 0.2% |
| |||||||
Aedifica SA, REIT |
832 | 54,768 | ||||||
Assura plc, REIT |
74,959 | 42,516 | ||||||
Cofinimmo SA, REIT |
12,802 | 938,666 | ||||||
Parkway Life REIT, REIT |
19,000 | 50,047 | ||||||
Primary Health Properties plc, REIT |
50,008 | 61,868 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Vital Healthcare Property Trust, REIT |
30,574 | 41,780 | ||||||
|
|
|||||||
1,189,645 | ||||||||
|
|
|||||||
Health Care Technology - 0.1% |
| |||||||
CompuGroup Medical SE & Co. KGaA |
1,599 | 69,233 | ||||||
M3, Inc. |
6,500 | 104,698 | ||||||
Medley, Inc.* |
1,000 | 31,880 | ||||||
Nexus AG |
608 | 38,239 | ||||||
Pro Medicus Ltd.(a) |
1,100 | 73,850 | ||||||
Sectra AB, Class B* |
2,948 | 55,677 | ||||||
|
|
|||||||
373,577 | ||||||||
|
|
|||||||
Hotel & Resort REITs - 0.0%(d) |
| |||||||
CapitaLand Ascott Trust, REIT |
32,566 | 23,395 | ||||||
CDL Hospitality Trusts, REIT |
38,294 | 29,515 | ||||||
Far East Hospitality Trust, REIT |
53,976 | 26,254 | ||||||
Frasers Hospitality Trust, REIT |
39,200 | 13,640 | ||||||
Hoshino Resorts REIT, Inc., REIT |
12 | 42,278 | ||||||
Invincible Investment Corp., REIT |
38 | 15,780 | ||||||
Japan Hotel REIT Investment Corp., REIT(a) |
77 | 39,981 | ||||||
|
|
|||||||
190,843 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 1.8% |
| |||||||
Accor SA |
3,108 | 123,902 | ||||||
Amadeus IT Group SA |
6,105 | 431,449 | ||||||
AmRest Holdings SE* |
6,191 | 41,033 | ||||||
Aristocrat Leisure Ltd. |
9,583 | 281,900 | ||||||
Atom Corp.*(a) |
5,800 | 37,179 | ||||||
Basic-Fit NV*(b) |
2,632 | 77,022 | ||||||
Betsson AB, Class B* |
7,708 | 84,597 | ||||||
Cafe de Coral Holdings Ltd. |
4,000 | 4,017 | ||||||
Carnival plc* |
7,881 | 120,684 | ||||||
Collins Foods Ltd.(a) |
5,396 | 43,161 | ||||||
Colowide Co. Ltd. |
3,500 | 56,615 | ||||||
Compass Group plc |
24,494 | 679,359 | ||||||
Corporate Travel Management |
7,144 | 96,718 | ||||||
Create Restaurants Holdings, Inc. |
4,400 | 33,412 | ||||||
Dalata Hotel Group plc |
8,159 | 42,585 | ||||||
Deliveroo plc, Class A*(b) |
58,525 | 87,571 | ||||||
Delivery Hero SE*(b) |
3,145 | 72,766 | ||||||
Dominos Pizza Enterprises Ltd.(a) |
1,408 | 36,905 | ||||||
Dominos Pizza Group plc |
21,053 | 94,210 | ||||||
Entain plc(a) |
8,621 | 106,293 | ||||||
Evolution AB(b) |
2,368 | 280,291 | ||||||
Flight Centre Travel Group Ltd.(a) |
4,576 | 64,401 | ||||||
Fuji Kyuko Co. Ltd. |
1,000 | 29,964 | ||||||
Galaxy Entertainment Group |
36,000 | 186,971 | ||||||
Genting Singapore Ltd. |
104,400 | 78,904 | ||||||
Greggs plc |
1,558 | 53,013 | ||||||
Heiwa Corp. |
2,450 | 36,790 | ||||||
HIS Co. Ltd.* |
3,800 | 46,715 | ||||||
Ichibanya Co. Ltd.(a) |
1,000 | 44,536 | ||||||
InterContinental Hotels Group plc |
2,627 | 250,901 | ||||||
J D Wetherspoon plc* |
4,294 | 45,933 | ||||||
Just Eat Takeaway.com NV*(a)(b) |
3,403 | 52,183 | ||||||
Kappa Create Co. Ltd.* |
4,100 | 49,506 | ||||||
Kindred Group plc, SDR |
5,043 | 59,960 | ||||||
KOMEDA Holdings Co. Ltd.(a) |
1,200 | 23,241 | ||||||
Kyoritsu Maintenance Co. Ltd.(a) |
1,100 | 45,768 |
Investments |
Shares | Value ($) | ||||||
La Francaise des Jeux SAEM(b) |
532 | 21,752 | ||||||
Lottery Corp. Ltd. (The) |
30,457 | 101,876 | ||||||
Lottomatica Group Spa* |
3,990 | 46,566 | ||||||
Mandarin Oriental International Ltd. |
8,000 | 12,000 | ||||||
McDonalds Holdings Co. Japan Ltd. |
1,100 | 49,365 | ||||||
Melia Hotels International SA* |
9,988 | 68,189 | ||||||
Miramar Hotel & Investment |
38,000 | 49,388 | ||||||
Mitchells & Butlers plc* |
88,874 | 294,485 | ||||||
Monogatari Corp. (The)(a) |
1,500 | 53,669 | ||||||
MOS Food Services, Inc. |
2,100 | 49,277 | ||||||
MTY Food Group, Inc. |
418 | 18,018 | ||||||
Ohsho Food Service Corp. |
704 | 39,300 | ||||||
Oriental Land Co. Ltd. |
16,400 | 617,293 | ||||||
Playtech plc* |
94,498 | 534,784 | ||||||
Resorttrust, Inc. |
4,100 | 72,197 | ||||||
Restaurant Brands International, Inc. |
4,033 | 316,802 | ||||||
Round One Corp. |
11,400 | 51,395 | ||||||
Royal Holdings Co. Ltd.(a) |
1,600 | 28,459 | ||||||
Sands China Ltd.* |
30,400 | 79,721 | ||||||
Scandic Hotels Group AB*(b) |
40,663 | 189,337 | ||||||
SJM Holdings Ltd.* |
114,000 | 32,083 | ||||||
SkiStar AB |
2,828 | 35,883 | ||||||
SKYCITY Entertainment Group |
282,865 | 329,082 | ||||||
Skylark Holdings Co. Ltd.(a) |
3,700 | 60,990 | ||||||
Societe des Bains de Mer et du Cercle des Etrangers a Monaco |
1,369 | 154,656 | ||||||
Sodexo SA |
1,258 | 142,936 | ||||||
SSP Group plc* |
39,109 | 112,556 | ||||||
Star Entertainment Grp Ltd. (The)* |
146,381 | 54,188 | ||||||
Tabcorp Holdings Ltd. |
42,560 | 22,507 | ||||||
Toridoll Holdings Corp. |
1,100 | 34,089 | ||||||
Trainline plc*(b) |
29,967 | 126,085 | ||||||
TUI AG* |
154,956 | 1,083,314 | ||||||
Webjet Ltd.*(a) |
20,377 | 100,892 | ||||||
Whitbread plc |
2,322 | 106,332 | ||||||
Wynn Macau Ltd.*(a) |
12,800 | 9,644 | ||||||
Zensho Holdings Co. Ltd. |
1,800 | 89,240 | ||||||
|
|
|||||||
9,088,805 | ||||||||
|
|
|||||||
Household Durables - 1.3% |
| |||||||
Azorim-Investment Development & Construction Co. Ltd.* |
5,535 | 23,340 | ||||||
Barratt Developments plc |
20,461 | 140,807 | ||||||
Bellway plc |
2,640 | 92,789 | ||||||
Berkeley Group Holdings plc |
1,312 | 80,214 | ||||||
Breville Group Ltd.(a) |
2,420 | 43,737 | ||||||
Cairn Homes plc |
187,886 | 289,987 | ||||||
Casio Computer Co. Ltd. |
3,600 | 31,475 | ||||||
Chervon Holdings Ltd.(a) |
48,100 | 98,572 | ||||||
Danya Cebus Ltd. |
2,870 | 70,571 | ||||||
De Longhi SpA |
1,012 | 33,088 | ||||||
Dom Development SA |
152 | 6,220 | ||||||
Electrolux AB, Class B* |
3,198 | 30,332 | ||||||
Fiskars OYJ Abp(a) |
2,204 | 41,322 | ||||||
Fujitsu General Ltd. |
2,100 | 31,096 | ||||||
GN Store Nord A/S* |
7,733 | 184,371 | ||||||
Haseko Corp. |
3,500 | 46,140 | ||||||
JM AB(a) |
21,645 | 357,386 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
JVCKenwood Corp.(a) |
51,800 | 256,209 | ||||||
Ki-Star Real Estate Co. Ltd.(a) |
3,300 | 79,015 | ||||||
Man Wah Holdings Ltd.(a) |
52,000 | 32,328 | ||||||
Nagawa Co. Ltd. |
500 | 24,457 | ||||||
Nikon Corp. |
5,800 | 60,212 | ||||||
Open House Group Co. Ltd.(a) |
1,800 | 57,211 | ||||||
Panasonic Holdings Corp. |
48,100 | 463,478 | ||||||
Persimmon plc |
5,054 | 94,159 | ||||||
Pressance Corp.(a) |
7,800 | 89,486 | ||||||
Redrow plc |
95,127 | 729,865 | ||||||
Rinnai Corp. |
1,800 | 41,350 | ||||||
Sangetsu Corp. |
2,256 | 50,313 | ||||||
SEB SA |
616 | 75,946 | ||||||
Sekisui Chemical Co. Ltd. |
7,400 | 107,172 | ||||||
Sekisui House Ltd.(a) |
14,800 | 338,879 | ||||||
Sony Group Corp. |
18,500 | 1,859,808 | ||||||
Sumitomo Forestry Co. Ltd. |
3,300 | 98,972 | ||||||
Tamron Co. Ltd. |
6,800 | 261,905 | ||||||
Taylor Wimpey plc |
68,006 | 128,345 | ||||||
Token Corp. |
2,600 | 168,798 | ||||||
Vistry Group plc |
7,920 | 101,362 | ||||||
|
|
|||||||
6,720,717 | ||||||||
|
|
|||||||
Household Products - 0.3% |
| |||||||
Earth Corp. |
600 | 18,574 | ||||||
Essity AB, Class B |
9,065 | 214,685 | ||||||
Henkel AG & Co. KGaA |
2,072 | 142,605 | ||||||
Henkel AG & Co. KGaA (Preference) |
1,850 | 142,880 | ||||||
Lion Corp. |
8,200 | 73,824 | ||||||
Pigeon Corp.(a) |
2,400 | 26,541 | ||||||
Reckitt Benckiser Group plc |
10,730 | 779,948 | ||||||
Unicharm Corp. |
7,400 | 257,576 | ||||||
|
|
|||||||
1,656,633 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity |
| |||||||
Boralex, Inc., Class A |
5,883 | 142,798 | ||||||
Brookfield Renewable Corp., Class A |
3,293 | 92,575 | ||||||
Capital Power Corp.(a) |
3,515 | 97,238 | ||||||
Drax Group plc |
132,682 | 860,364 | ||||||
EDP Renovaveis SA |
1,102 | 18,016 | ||||||
Electric Power Development Co. Ltd.(a) |
3,100 | 52,690 | ||||||
Encavis AG* |
7,326 | 103,134 | ||||||
Enlight Renewable Energy Ltd.*(a) |
1,428 | 25,943 | ||||||
ERG SpA |
704 | 20,800 | ||||||
Greenvolt-Energias Renovaveis SA* |
6,900 | 60,561 | ||||||
Innergex Renewable Energy, Inc. |
722 | 4,961 | ||||||
Meridian Energy Ltd. |
20,828 | 71,155 | ||||||
Neoen SA(b) |
380 | 11,128 | ||||||
Northland Power, Inc.(a) |
5,661 | 104,826 | ||||||
OY Nofar Energy Ltd.*(a) |
6,401 | 163,166 | ||||||
Polenergia SA* |
1,596 | 29,851 | ||||||
RENOVA, Inc.*(a) |
1,000 | 8,729 | ||||||
RWE AG |
14,097 | 525,691 | ||||||
Scatec ASA(b) |
8,405 | 63,179 | ||||||
Solaria Energia y Medio Ambiente SA* |
4,811 | 71,569 | ||||||
TransAlta Corp.(a) |
15,799 | 115,177 | ||||||
Voltalia SA (Registered)*(a) |
2,112 | 18,261 | ||||||
|
|
|||||||
2,661,812 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Industrial Conglomerates - 1.1% |
| |||||||
Aker ASA, Class A |
264 | 15,868 | ||||||
Arad Investment & Industrial Development Ltd.* |
1,295 | 27,649 | ||||||
Bonheur ASA |
6,993 | 144,787 | ||||||
Brookfield Business Corp., Class A |
7,622 | 177,992 | ||||||
CK Hutchison Holdings Ltd. |
55,856 | 288,667 | ||||||
DCC plc |
1,924 | 141,029 | ||||||
Hikari Tsushin, Inc. |
400 | 70,765 | ||||||
Hitachi Ltd. |
13,900 | 1,110,193 | ||||||
Infratil Ltd. |
8,272 | 53,795 | ||||||
Investment AB Latour, Class B(a) |
2,024 | 51,539 | ||||||
Italmobiliare SpA(a) |
1,024 | 30,700 | ||||||
Jardine Cycle & Carriage Ltd. |
3,800 | 73,961 | ||||||
Jardine Matheson Holdings Ltd. |
3,700 | 149,110 | ||||||
Keppel Ltd. |
20,000 | 107,158 | ||||||
Lifco AB, Class B |
4,456 | 108,766 | ||||||
Nisshinbo Holdings, Inc. |
11,400 | 95,497 | ||||||
Nolato AB, Class B |
11,029 | 53,905 | ||||||
Noritsu Koki Co. Ltd. |
7,400 | 169,591 | ||||||
NWS Holdings Ltd. |
38,000 | 33,007 | ||||||
Siemens AG (Registered) |
10,656 | 1,929,334 | ||||||
Smiths Group plc |
4,847 | 100,147 | ||||||
Storskogen Group AB, Class B(a) |
504,347 | 354,476 | ||||||
TOKAI Holdings Corp.(a) |
4,100 | 27,908 | ||||||
|
|
|||||||
5,315,844 | ||||||||
|
|
|||||||
Industrial REITs - 0.4% |
| |||||||
AIMS APAC REIT, REIT |
55,165 | 54,077 | ||||||
ARGAN SA, REIT |
533 | 47,591 | ||||||
CapitaLand Ascendas REIT, REIT |
54,435 | 118,944 | ||||||
Centuria Industrial REIT, REIT |
33,364 | 71,900 | ||||||
Dream Industrial REIT, REIT(a) |
7,125 | 71,567 | ||||||
ESR-LOGOS REIT, REIT |
372,400 | 86,388 | ||||||
Frasers Logistics & Commercial Trust, REIT(b) |
49,400 | 41,402 | ||||||
GLP J-REIT, REIT |
38 | 34,237 | ||||||
Goodman Group, REIT(a) |
24,568 | 415,761 | ||||||
Goodman Property Trust, REIT(a) |
19,085 | 26,315 | ||||||
Granite REIT, REIT |
484 | 26,239 | ||||||
Japan Logistics Fund, Inc., REIT |
19 | 35,459 | ||||||
LaSalle Logiport REIT, REIT |
44 | 44,971 | ||||||
LondonMetric Property plc, REIT |
42,841 | 105,675 | ||||||
Mapletree Industrial Trust, REIT |
35,086 | 64,325 | ||||||
Mapletree Logistics Trust, REIT |
62,253 | 72,206 | ||||||
Montea NV, REIT |
672 | 58,251 | ||||||
Nippon Prologis REIT, Inc., REIT |
41 | 73,656 | ||||||
Property for Industry Ltd., REIT(a) |
26,697 | 37,468 | ||||||
Segro plc, REIT |
19,462 | 218,544 | ||||||
Tritax Big Box REIT plc, REIT |
33,836 | 71,613 | ||||||
Warehouses De Pauw CVA, REIT |
3,077 | 91,180 | ||||||
|
|
|||||||
1,867,769 | ||||||||
|
|
|||||||
Insurance - 4.2% |
| |||||||
Admiral Group plc |
3,959 | 126,796 | ||||||
Aegon Ltd. |
32,116 | 190,617 | ||||||
Ageas SA/NV |
3,330 | 144,001 | ||||||
AIA Group Ltd. |
170,200 | 1,327,026 | ||||||
Allianz SE (Registered) |
7,955 | 2,141,269 | ||||||
Alm Brand A/S |
56,190 | 102,606 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
ASR Nederland NV |
3,046 | 144,624 | ||||||
Assicurazioni Generali SpA |
18,870 | 424,094 | ||||||
AUB Group Ltd. |
2,926 | 59,323 | ||||||
Aviva plc |
54,723 | 301,257 | ||||||
AXA SA |
35,927 | 1,216,041 | ||||||
Baloise Holding AG (Registered) |
888 | 143,161 | ||||||
Beazley plc |
13,893 | 96,333 | ||||||
Clal Insurance Enterprises Holdings Ltd.*(a) |
2,546 | 39,795 | ||||||
Coface SA |
34,521 | 469,855 | ||||||
Conduit Holdings Ltd. |
52,910 | 320,720 | ||||||
Dai-ichi Life Holdings, Inc. |
18,500 | 412,714 | ||||||
Definity Financial Corp. |
1,025 | 30,012 | ||||||
Direct Line Insurance Group plc* |
28,600 | 61,697 | ||||||
Fairfax Financial Holdings Ltd. |
481 | 504,552 | ||||||
Gjensidige Forsikring ASA |
4,360 | 70,758 | ||||||
Great-West Lifeco, Inc. |
5,336 | 179,245 | ||||||
Grupo Catalana Occidente SA |
704 | 25,350 | ||||||
Hannover Rueck SE |
925 | 223,262 | ||||||
Harel Insurance Investments & Financial Services Ltd.* |
3,957 | 33,024 | ||||||
Helvetia Holding AG (Registered) |
796 | 116,080 | ||||||
Hiscox Ltd. |
7,807 | 103,296 | ||||||
iA Financial Corp., Inc. |
2,146 | 146,809 | ||||||
Insurance Australia Group Ltd. |
38,221 | 152,607 | ||||||
Intact Financial Corp. |
2,516 | 395,935 | ||||||
Japan Post Holdings Co. Ltd. |
40,700 | 394,262 | ||||||
Japan Post Insurance Co. Ltd. |
4,400 | 83,500 | ||||||
Just Group plc |
356,791 | 387,565 | ||||||
Lancashire Holdings Ltd. |
79,328 | 613,193 | ||||||
Legal & General Group plc |
115,514 | 375,108 | ||||||
Lifenet Insurance Co.*(a) |
3,800 | 32,755 | ||||||
Mandatum OYJ* |
10,146 | 46,333 | ||||||
Manulife Financial Corp. |
37,333 | 830,461 | ||||||
Mapfre SA |
22,440 | 49,726 | ||||||
Medibank Pvt Ltd. |
44,131 | 112,024 | ||||||
Menora Mivtachim Holdings Ltd. |
492 | 12,431 | ||||||
Migdal Insurance & Financial Holdings Ltd. |
104,266 | 116,052 | ||||||
MS&AD Insurance Group Holdings, Inc. |
11,900 | 500,504 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) |
2,109 | 903,073 | ||||||
nib holdings Ltd. |
11,260 | 60,589 | ||||||
NN Group NV |
5,519 | 228,050 | ||||||
Phoenix Group Holdings plc |
10,868 | 69,947 | ||||||
Phoenix Holdings Ltd. (The) |
5,085 | 52,041 | ||||||
Poste Italiane SpA(b) |
10,313 | 112,753 | ||||||
Power Corp. of Canada |
10,887 | 319,345 | ||||||
Powszechny Zaklad Ubezpieczen SA |
11,227 | 136,307 | ||||||
Protector Forsikring ASA |
2,660 | 47,977 | ||||||
Prudential plc |
40,552 | 422,630 | ||||||
QBE Insurance Group Ltd. |
30,747 | 322,156 | ||||||
Sampo OYJ, Class A |
6,734 | 283,705 | ||||||
SCOR SE |
2,204 | 66,221 | ||||||
Sompo Holdings, Inc. |
7,400 | 389,351 | ||||||
Steadfast Group Ltd. |
17,908 | 70,437 | ||||||
Storebrand ASA |
11,937 | 108,244 |
Investments |
Shares | Value ($) | ||||||
Sun Life Financial, Inc. |
11,877 | 619,519 | ||||||
Suncorp Group Ltd. |
17,427 | 163,470 | ||||||
Swiss Life Holding AG (Registered) |
481 | 348,422 | ||||||
Swiss Re AG |
5,920 | 683,886 | ||||||
T&D Holdings, Inc.(a) |
7,400 | 124,789 | ||||||
Talanx AG |
968 | 68,399 | ||||||
Tokio Marine Holdings, Inc. |
29,600 | 795,813 | ||||||
Topdanmark A/S(a) |
880 | 39,295 | ||||||
Trisura Group Ltd.* |
874 | 24,538 | ||||||
Tryg A/S |
4,752 | 102,183 | ||||||
Unipol Gruppo SpA |
6,080 | 38,041 | ||||||
UnipolSai Assicurazioni SpA |
11,528 | 30,705 | ||||||
Wuestenrot & Wuerttembergische AG |
8,288 | 120,998 | ||||||
Zurich Insurance Group AG |
2,146 | 1,098,454 | ||||||
|
|
|||||||
21,108,111 | ||||||||
|
|
|||||||
Interactive Media & Services - 0.2% |
| |||||||
Adevinta ASA* |
3,952 | 42,708 | ||||||
Auto Trader Group plc(b) |
13,394 | 124,308 | ||||||
Baltic Classifieds Group plc |
16,280 | 50,378 | ||||||
Better Collective A/S* |
2,464 | 69,396 | ||||||
CAR Group Ltd. |
6,178 | 134,812 | ||||||
Domain Holdings Australia Ltd. |
12,956 | 28,863 | ||||||
Hemnet Group AB |
2,993 | 81,398 | ||||||
Infocom Corp. |
1,600 | 26,959 | ||||||
Kakaku.com, Inc. |
1,600 | 18,482 | ||||||
LY Corp. |
36,800 | 116,310 | ||||||
Moneysupermarket.com Group plc |
28,412 | 92,624 | ||||||
REA Group Ltd.(a) |
978 | 118,918 | ||||||
Rightmove plc |
12,896 | 91,998 | ||||||
Scout24 SE(b) |
1,232 | 91,564 | ||||||
SEEK Ltd.(a) |
5,397 | 90,798 | ||||||
|
|
|||||||
1,179,516 | ||||||||
|
|
|||||||
IT Services - 1.2% |
| |||||||
Addnode Group AB, Class B |
5,472 | 49,756 | ||||||
Alten SA |
616 | 96,221 | ||||||
Atea ASA |
2,420 | 32,447 | ||||||
Atos SE*(a) |
36,630 | 158,561 | ||||||
Bechtle AG |
1,364 | 71,623 | ||||||
BIPROGY, Inc. |
1,100 | 32,599 | ||||||
Bouvet ASA |
5,054 | 29,822 | ||||||
CANCOM SE |
1,981 | 63,566 | ||||||
Capgemini SE |
2,331 | 524,641 | ||||||
CGI, Inc.* |
2,923 | 329,394 | ||||||
Computacenter plc |
1,092 | 40,383 | ||||||
Data#3 Ltd. |
12,760 | 82,494 | ||||||
Digital Garage, Inc. |
1,300 | 31,839 | ||||||
DTS Corp. |
2,100 | 52,437 | ||||||
Exclusive Networks SA* |
1,634 | 33,546 | ||||||
Formula Systems 1985 Ltd. |
3,737 | 251,476 | ||||||
Fujitsu Ltd. |
2,600 | 370,679 | ||||||
GMO internet group, Inc. |
1,200 | 21,981 | ||||||
Indra Sistemas SA |
9,250 | 165,488 | ||||||
Kainos Group plc |
4,469 | 65,276 | ||||||
Keywords Studios plc |
1,482 | 31,328 | ||||||
Kontron AG |
3,168 | 74,193 | ||||||
Matrix IT Ltd. |
10,841 | 205,329 | ||||||
Megaport Ltd.*(a) |
6,954 | 58,427 | ||||||
NEC Corp. |
3,700 | 245,528 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
NEC Networks & System Integration Corp. |
2,400 | 39,290 | ||||||
NET One Systems Co. Ltd. |
7,400 | 121,599 | ||||||
Netcompany Group A/S*(a)(b) |
2,698 | 108,599 | ||||||
NEXTDC Ltd.*(a) |
11,761 | 109,000 | ||||||
Nomura Research Institute Ltd. |
6,045 | 187,460 | ||||||
NS Solutions Corp. |
800 | 26,981 | ||||||
NTT Data Group Corp. |
9,200 | 134,719 | ||||||
Obic Co. Ltd. |
800 | 124,426 | ||||||
One Software Technologies Ltd. |
3,880 | 49,009 | ||||||
Otsuka Corp. |
2,500 | 106,619 | ||||||
OVH Groupe SAS* |
3,078 | 33,251 | ||||||
Reply SpA |
484 | 67,033 | ||||||
SCSK Corp. |
2,700 | 53,677 | ||||||
Secunet Security Networks AG |
123 | 22,152 | ||||||
SHIFT, Inc.*(a) |
300 | 55,136 | ||||||
Shopify, Inc., Class A* |
17,020 | 1,371,103 | ||||||
Societe pour lInformatique Industrielle(a) |
656 | 49,809 | ||||||
Softcat plc |
2,394 | 44,083 | ||||||
Sopra Steria Group |
396 | 93,688 | ||||||
SUNeVision Holdings Ltd.(a) |
90,000 | 30,855 | ||||||
TietoEVRY OYJ |
3,686 | 86,244 | ||||||
TIS, Inc. |
4,600 | 103,974 | ||||||
Wavestone |
532 | 35,482 | ||||||
|
|
|||||||
6,173,223 | ||||||||
|
|
|||||||
Leisure Products - 0.4% |
| |||||||
Bandai Namco Holdings, Inc. |
7,400 | 162,757 | ||||||
Beneteau SACA |
9,657 | 116,858 | ||||||
BRP, Inc. |
10,730 | 681,362 | ||||||
Games Workshop Group plc |
684 | 86,277 | ||||||
MIPS AB(b) |
1,517 | 50,991 | ||||||
Mizuno Corp. |
7,400 | 224,265 | ||||||
Sanlorenzo SpA(a) |
984 | 47,191 | ||||||
Sega Sammy Holdings, Inc. |
2,600 | 38,793 | ||||||
Shimano, Inc. |
1,100 | 160,701 | ||||||
Spin Master Corp.(b) |
684 | 17,703 | ||||||
Technogym SpA(b) |
4,905 | 48,938 | ||||||
Thule Group AB(b) |
2,024 | 52,126 | ||||||
Tomy Co. Ltd. |
4,600 | 76,580 | ||||||
Universal Entertainment Corp. |
300 | 4,402 | ||||||
Yamaha Corp. |
2,800 | 62,561 | ||||||
Yonex Co. Ltd. |
5,600 | 46,240 | ||||||
|
|
|||||||
1,877,745 | ||||||||
|
|
|||||||
Life Sciences Tools & Services - 0.4% |
| |||||||
AddLife AB, Class B |
6,847 | 74,684 | ||||||
Bachem Holding AG(a) |
328 | 22,253 | ||||||
Biotage AB |
3,690 | 52,605 | ||||||
Chemometec A/S(a) |
902 | 49,347 | ||||||
Eurofins Scientific SE(a) |
1,850 | 112,736 | ||||||
Evotec SE* |
3,042 | 47,286 | ||||||
Gerresheimer AG |
574 | 59,171 | ||||||
Lonza Group AG (Registered) |
1,110 | 549,662 | ||||||
Oxford Nanopore Technologies plc* |
35,096 | 71,643 | ||||||
QIAGEN NV*(a) |
3,697 | 162,247 | ||||||
Sartorius AG (Preference) |
370 | 137,012 | ||||||
Sartorius Stedim Biotech |
380 | 103,689 | ||||||
Siegfried Holding AG (Registered) |
38 | 38,228 |
Investments |
Shares | Value ($) | ||||||
SKAN Group AG |
451 | 40,061 | ||||||
Tecan Group AG (Registered) |
220 | 85,297 | ||||||
Wuxi Biologics Cayman, Inc.*(b) |
53,500 | 140,299 | ||||||
|
|
|||||||
1,746,220 | ||||||||
|
|
|||||||
Machinery - 3.7% |
| |||||||
Aalberts NV |
2,405 | 96,608 | ||||||
Alfa Laval AB |
4,440 | 165,055 | ||||||
Alstom SA(a) |
6,184 | 78,929 | ||||||
Amada Co. Ltd. |
7,200 | 79,056 | ||||||
ANDRITZ AG |
1,517 | 94,174 | ||||||
Atlas Copco AB, Class A |
36,186 | 584,693 | ||||||
Atlas Copco AB, Class B |
23,347 | 327,077 | ||||||
ATS Corp.* |
1,476 | 63,534 | ||||||
AutoStore Holdings Ltd.*(b) |
15,006 | 27,776 | ||||||
Beijer Alma AB |
2,304 | 40,896 | ||||||
Bodycote plc |
3,534 | 28,690 | ||||||
Bucher Industries AG (Registered) |
82 | 35,062 | ||||||
Burckhardt Compression Holding AG |
132 | 74,628 | ||||||
Bystronic AG |
76 | 38,405 | ||||||
Cargotec OYJ, Class B |
684 | 39,119 | ||||||
CKD Corp. |
4,100 | 73,768 | ||||||
Concentric AB |
3,192 | 52,889 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA |
5,661 | 204,770 | ||||||
Daetwyler Holding AG |
407 | 83,407 | ||||||
Daifuku Co. Ltd. |
6,900 | 138,708 | ||||||
Daimler Truck Holding AG |
10,582 | 382,314 | ||||||
Danieli & C Officine Meccaniche SpA(a) |
3,885 | 132,722 | ||||||
Danieli & C Officine Meccaniche SpA (Retirement Savings Plan) |
12,543 | 306,559 | ||||||
DMG Mori Co. Ltd. |
2,100 | 42,898 | ||||||
Duerr AG |
17,612 | 407,874 | ||||||
Ebara Corp. |
1,100 | 70,383 | ||||||
Electrolux Professional AB, Class B |
13,038 | 70,286 | ||||||
Epiroc AB, Class A |
8,584 | 153,239 | ||||||
Epiroc AB, Class B |
4,256 | 67,018 | ||||||
FANUC Corp. |
14,300 | 402,758 | ||||||
FLSmidth & Co. A/S(a) |
2,590 | 107,423 | ||||||
Fluidra SA |
912 | 19,932 | ||||||
Fuji Corp. |
1,000 | 17,216 | ||||||
Fujitec Co. Ltd.(a) |
2,400 | 62,095 | ||||||
GEA Group AG |
2,738 | 110,638 | ||||||
Georg Fischer AG (Registered) |
1,478 | 100,101 | ||||||
Glory Ltd. |
18,500 | 387,908 | ||||||
Harmonic Drive Systems, Inc. |
1,500 | 37,096 | ||||||
Hino Motors Ltd.* |
7,600 | 26,334 | ||||||
Hitachi Construction Machinery Co. Ltd. |
2,800 | 81,103 | ||||||
Hitachi Zosen Corp. |
55,500 | 348,168 | ||||||
Hoshizaki Corp. |
2,400 | 88,562 | ||||||
Husqvarna AB, Class B(a) |
7,480 | 58,929 | ||||||
IHI Corp.(a) |
2,500 | 48,657 | ||||||
IMI plc |
1,824 | 39,139 | ||||||
Indutrade AB |
4,766 | 117,301 | ||||||
Interpump Group SpA |
1,584 | 79,217 | ||||||
Interroll Holding AG (Registered)(a) |
37 | 109,337 | ||||||
Iveco Group NV* |
64,824 | 697,954 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Japan Steel Works Ltd. (The) |
25,900 | 434,280 | ||||||
Jungheinrich AG (Preference) |
16,539 | 561,601 | ||||||
Kardex Holding AG (Registered) |
264 | 67,858 | ||||||
Kawasaki Heavy Industries Ltd. |
2,800 | 64,534 | ||||||
KION Group AG |
1,419 | 65,663 | ||||||
Kitz Corp. |
25,900 | 215,102 | ||||||
Komatsu Ltd. |
18,500 | 537,250 | ||||||
Komax Holding AG (Registered) |
76 | 14,760 | ||||||
Kone OYJ, Class B |
5,180 | 258,494 | ||||||
Konecranes OYJ |
1,394 | 60,327 | ||||||
Krones AG |
246 | 30,757 | ||||||
KSB SE & Co. KGaA (Preference) |
259 | 164,302 | ||||||
Kubota Corp. |
18,500 | 285,078 | ||||||
Kurita Water Industries Ltd. |
2,500 | 93,108 | ||||||
Kyokuto Kaihatsu Kogyo Co. Ltd. |
11,100 | 154,151 | ||||||
Makita Corp. |
4,200 | 115,132 | ||||||
Manitou BF SA |
3,857 | 86,936 | ||||||
Max Co. Ltd. |
2,800 | 63,212 | ||||||
METAWATER Co. Ltd. |
4,100 | 60,529 | ||||||
Metso OYJ |
11,433 | 115,373 | ||||||
MINEBEA MITSUMI, Inc. |
7,311 | 154,548 | ||||||
MISUMI Group, Inc. |
4,100 | 72,085 | ||||||
Mitsubishi Heavy Industries Ltd. |
5,900 | 401,285 | ||||||
Mitsubishi Logisnext Co. Ltd. |
7,600 | 80,068 | ||||||
Mitsuboshi Belting Ltd.(a) |
1,300 | 44,023 | ||||||
Miura Co. Ltd. |
2,100 | 39,062 | ||||||
Morgan Advanced Materials plc |
101,491 | 350,250 | ||||||
Nachi-Fujikoshi Corp.(a) |
7,400 | 175,160 | ||||||
NFI Group, Inc.* |
4,826 | 43,057 | ||||||
NGK Insulators Ltd. |
7,600 | 96,290 | ||||||
Nitta Corp. |
7,400 | 194,144 | ||||||
Noritake Co. Ltd. |
3,700 | 199,713 | ||||||
NSK Ltd. |
15,200 | 84,124 | ||||||
NTN Corp.(a) |
181,300 | 337,856 | ||||||
OC Oerlikon Corp. AG |
71,040 | 312,697 | ||||||
OSG Corp. |
3,800 | 52,577 | ||||||
Palfinger AG(a) |
5,698 | 148,547 | ||||||
Pfeiffer Vacuum Technology AG |
220 | 37,137 | ||||||
Rational AG |
55 | 42,657 | ||||||
Rotork plc |
13,640 | 54,437 | ||||||
Ryobi Ltd. |
11,100 | 208,673 | ||||||
Sandvik AB |
14,245 | 302,482 | ||||||
Schindler Holding AG |
594 | 149,565 | ||||||
Schindler Holding AG (Registered) |
400 | 96,241 | ||||||
Seatrium Ltd.* |
649,543 | 48,606 | ||||||
SFS Group AG |
220 | 26,723 | ||||||
Shibaura Machine Co. Ltd.(a) |
7,400 | 182,500 | ||||||
Shibuya Corp. |
7,400 | 127,674 | ||||||
Shinmaywa Industries Ltd. |
14,800 | 124,637 | ||||||
Skellerup Holdings Ltd. |
9,956 | 29,171 | ||||||
SKF AB, Class A |
1,408 | 28,344 | ||||||
SKF AB, Class B |
5,609 | 111,774 | ||||||
SMC Corp. |
900 | 510,477 | ||||||
Spirax-Sarco Engineering plc |
1,221 | 155,566 | ||||||
Stabilus SE |
1,140 | 80,553 | ||||||
Stadler Rail AG |
380 | 12,244 | ||||||
Star Micronics Co. Ltd. |
11,100 | 134,635 | ||||||
Sulzer AG (Registered) |
280 | 27,336 | ||||||
Sumitomo Heavy Industries Ltd.(a) |
3,300 | 87,165 |
Investments |
Shares | Value ($) | ||||||
Tadano Ltd. |
8,900 | 73,855 | ||||||
Takuma Co. Ltd. |
7,600 | 90,727 | ||||||
Techtronic Industries Co. Ltd. |
18,500 | 196,898 | ||||||
THK Co. Ltd. |
1,700 | 33,296 | ||||||
Tocalo Co. Ltd. |
3,800 | 41,022 | ||||||
TOMRA Systems ASA |
3,872 | 39,436 | ||||||
Toyota Industries Corp. |
2,300 | 198,019 | ||||||
Trelleborg AB, Class B |
1,064 | 32,716 | ||||||
Troax Group AB |
1,806 | 39,608 | ||||||
Tsubakimoto Chain Co. |
9,600 | 281,744 | ||||||
Valmet OYJ(a) |
3,228 | 92,043 | ||||||
VAT Group AG(b) |
407 | 192,955 | ||||||
Vesuvius plc |
70,929 | 431,932 | ||||||
Volvo AB, Class A |
3,212 | 79,707 | ||||||
Volvo AB, Class B |
31,450 | 760,655 | ||||||
Wacker Neuson SE |
9,509 | 178,075 | ||||||
Wartsila OYJ Abp |
5,720 | 85,123 | ||||||
Weir Group plc (The) |
3,920 | 90,828 | ||||||
Yaskawa Electric Corp.(a) |
3,700 | 142,431 | ||||||
|
|
|||||||
18,794,005 | ||||||||
|
|
|||||||
Marine Transportation - 0.8% |
| |||||||
AP Moller - Maersk A/S, Class A |
65 | 118,504 | ||||||
AP Moller - Maersk A/S, Class B |
38 | 70,470 | ||||||
Clarkson plc |
1,408 | 63,652 | ||||||
D/S Norden A/S(a) |
7,437 | 402,967 | ||||||
Dfds A/S |
11,433 | 390,553 | ||||||
Golden Ocean Group Ltd. |
4,796 | 50,957 | ||||||
Gram Car Carriers ASA |
4,879 | 106,150 | ||||||
Hoegh Autoliners ASA |
1,824 | 18,473 | ||||||
Iino Kaiun Kaisha Ltd.(a) |
33,300 | 295,468 | ||||||
Kawasaki Kisen Kaisha Ltd.(a) |
3,700 | 182,273 | ||||||
Kuehne + Nagel International AG (Registered) |
740 | 253,438 | ||||||
Mitsui OSK Lines Ltd.(a) |
8,500 | 308,774 | ||||||
MPC Container Ships ASA |
125,060 | 189,564 | ||||||
Nippon Yusen KK(a) |
11,100 | 387,124 | ||||||
NS United Kaiun Kaisha Ltd.(a) |
3,800 | 135,440 | ||||||
Odfjell SE, Class A |
6,118 | 83,960 | ||||||
Pacific Basin Shipping Ltd. |
1,813,000 | 503,273 | ||||||
SITC International Holdings Co. Ltd. |
24,000 | 36,473 | ||||||
Stolt-Nielsen Ltd. |
1,435 | 54,070 | ||||||
Wallenius Wilhelmsen ASA |
2,952 | 28,937 | ||||||
Wilh Wilhelmsen Holding ASA, Class A |
4,921 | 173,185 | ||||||
Wilh Wilhelmsen Holding ASA, Class B |
2,091 | 71,989 | ||||||
|
|
|||||||
3,925,694 | ||||||||
|
|
|||||||
Media - 0.9% |
| |||||||
4imprint Group plc |
1,517 | 105,671 | ||||||
Ascential plc* |
17,480 | 67,804 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA |
30,377 | 122,815 | ||||||
Cogeco Communications, Inc. |
2,204 | 102,360 | ||||||
CyberAgent, Inc. |
6,300 | 41,224 | ||||||
Cyfrowy Polsat SA* |
11,020 | 30,087 | ||||||
Dentsu Group, Inc. |
3,700 | 99,527 | ||||||
Eutelsat Communications |
96,755 | 355,869 | ||||||
Future plc(a) |
31,709 | 288,716 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Hakuhodo DY Holdings, Inc. |
4,700 | 36,703 | ||||||
Informa plc |
17,760 | 175,820 | ||||||
IPSOS SA |
13,209 | 873,093 | ||||||
ITV plc |
48,868 | 37,339 | ||||||
JCDecaux SE* |
968 | 20,262 | ||||||
Metropole Television SA |
17,057 | 243,645 | ||||||
MFE-MediaForEurope NV, Class A |
56,410 | 144,732 | ||||||
MFE-MediaForEurope NV, Class B(a) |
21,558 | 78,284 | ||||||
Nine Entertainment Co. Holdings Ltd. |
34,440 | 45,078 | ||||||
ProSiebenSat.1 Media SE |
57,239 | 407,252 | ||||||
Publicis Groupe SA |
3,441 | 347,988 | ||||||
RTL Group SA(a) |
1,056 | 40,974 | ||||||
Sanoma OYJ |
3,895 | 29,236 | ||||||
Schibsted ASA, Class A |
1,862 | 57,570 | ||||||
SES SA, Class A, ADR |
9,044 | 55,997 | ||||||
SKY Perfect JSAT Holdings, Inc. |
15,200 | 81,004 | ||||||
Stroeer SE & Co. KGaA |
1,628 | 96,290 | ||||||
Television Francaise 1 SA(a) |
28,268 | 250,562 | ||||||
TV Asahi Holdings Corp. |
8,400 | 101,484 | ||||||
TX Group AG |
205 | 31,066 | ||||||
Vivendi SE |
5,016 | 56,965 | ||||||
WPP plc(a) |
26,381 | 259,151 | ||||||
YouGov plc |
4,715 | 69,950 | ||||||
|
|
|||||||
4,754,518 | ||||||||
|
|
|||||||
Metals & Mining - 4.5% |
| |||||||
Acerinox SA |
59,681 | 634,023 | ||||||
Agnico Eagle Mines Ltd. |
8,087 | 399,977 | ||||||
Alamos Gold, Inc., Class A |
4,014 | 48,911 | ||||||
Alleima AB |
14,134 | 94,661 | ||||||
Allied Gold Corp.*(a) |
11,058 | 26,154 | ||||||
Alumina Ltd.*(a) |
155,762 | 119,956 | ||||||
AMG Critical Materials NV |
9,102 | 195,121 | ||||||
Anglo American plc |
26,048 | 629,118 | ||||||
Antofagasta plc |
5,230 | 115,554 | ||||||
Aperam SA(a) |
14,541 | 452,058 | ||||||
ArcelorMittal SA |
12,062 | 335,944 | ||||||
ARE Holdings, Inc.(a) |
25,900 | 364,469 | ||||||
Aurubis AG |
738 | 53,759 | ||||||
AVZ Minerals Ltd.*(a) |
111,012 | 12,475 | ||||||
B2Gold Corp. |
13,478 | 37,830 | ||||||
Barrick Gold Corp. |
27,195 | 432,998 | ||||||
Bekaert SA |
11,211 | 551,174 | ||||||
Bellevue Gold Ltd.*(a) |
49,941 | 43,908 | ||||||
BHP Group Ltd. |
74,666 | 2,333,151 | ||||||
BlueScope Steel Ltd. |
9,213 | 143,791 | ||||||
Boliden AB |
5,291 | 141,821 | ||||||
Capricorn Metals Ltd.* |
19,272 | 58,475 | ||||||
Capstone Copper Corp.* |
20,535 | 101,749 | ||||||
Centamin plc |
381,507 | 470,284 | ||||||
Centerra Gold, Inc. |
8,892 | 47,187 | ||||||
Champion Iron Ltd. |
6,468 | 36,471 | ||||||
De Grey Mining Ltd.*(a) |
86,240 | 69,836 | ||||||
Deterra Royalties Ltd. |
29,023 | 106,289 | ||||||
Dowa Holdings Co. Ltd. |
1,100 | 38,928 | ||||||
Dundee Precious Metals, Inc. |
62,826 | 404,874 | ||||||
Eldorado Gold Corp.* |
9,582 | 117,834 | ||||||
Emerald Resources NL* |
21,402 | 47,254 | ||||||
Endeavour Mining plc |
532 | 9,566 |
Investments |
Shares | Value ($) | ||||||
Equinox Gold Corp.*(a) |
14,247 | 63,341 | ||||||
Eramet SA(a) |
2,812 | 196,101 | ||||||
ERO Copper Corp.*(a) |
4,268 | 67,244 | ||||||
Evolution Mining Ltd.(a) |
35,786 | 75,937 | ||||||
Falcon Metals Ltd.* |
1 | (e) | ||||||
Filo Corp.*(a) |
4,428 | 68,506 | ||||||
First Majestic Silver Corp.(a) |
14,596 | 68,061 | ||||||
First Quantum Minerals Ltd. |
12,506 | 114,197 | ||||||
Foran Mining Corp.*(a) |
11,210 | 34,317 | ||||||
Fortescue Ltd. |
32,301 | 638,015 | ||||||
Fortuna Silver Mines, Inc.*(a) |
16,720 | 51,309 | ||||||
Franco-Nevada Corp. |
3,005 | 327,164 | ||||||
Fresnillo plc |
3,872 | 26,212 | ||||||
Genesis Minerals Ltd.*(a) |
52,288 | 56,168 | ||||||
Glencore plc |
197,839 | 1,059,274 | ||||||
Gold Road Resources Ltd.(a) |
59,580 | 59,866 | ||||||
Granges AB |
5,662 | 56,662 | ||||||
Grupa Kety SA |
308 | 52,736 | ||||||
Hill & Smith plc |
3,280 | 78,275 | ||||||
Hudbay Minerals, Inc.(a) |
98,827 | 552,552 | ||||||
IAMGOLD Corp.* |
25,911 | 62,060 | ||||||
IGO Ltd. |
16,378 | 81,850 | ||||||
Ivanhoe Mines Ltd., Class A*(a) |
9,981 | 105,409 | ||||||
Jastrzebska Spolka Weglowa SA* |
1,710 | 18,606 | ||||||
JFE Holdings, Inc. |
11,100 | 177,957 | ||||||
K92 Mining, Inc.*(a) |
5,700 | 27,475 | ||||||
KGHM Polska Miedz SA |
3,160 | 89,210 | ||||||
Kinross Gold Corp. |
20,745 | 115,056 | ||||||
Kobe Steel Ltd.(a) |
10,600 | 149,165 | ||||||
Kyoei Steel Ltd.(a) |
7,400 | 108,083 | ||||||
Labrador Iron Ore Royalty Corp. |
22,274 | 550,327 | ||||||
Liontown Resources Ltd.* |
27,470 | 18,704 | ||||||
Lithium Americas Corp.*(a) |
42,143 | 187,996 | ||||||
Lundin Gold, Inc. |
4,218 | 50,071 | ||||||
Lundin Mining Corp.(a) |
12,392 | 101,841 | ||||||
Lynas Rare Earths Ltd.*(a) |
13,899 | 54,025 | ||||||
MAG Silver Corp.*(a) |
4,656 | 42,167 | ||||||
Maruichi Steel Tube Ltd. |
2,000 | 51,705 | ||||||
Mineral Resources Ltd.(a) |
2,664 | 105,574 | ||||||
Mitsubishi Materials Corp. |
3,800 | 70,580 | ||||||
Nickel Industries Ltd.(a) |
41,914 | 22,027 | ||||||
Nippon Light Metal Holdings Co. Ltd. |
18,500 | 230,847 | ||||||
Nippon Steel Corp.(a) |
18,515 | 452,188 | ||||||
Nittetsu Mining Co. Ltd.(a) |
3,700 | 134,154 | ||||||
Norsk Hydro ASA |
27,010 | 159,995 | ||||||
Northern Star Resources Ltd. |
15,844 | 137,729 | ||||||
Novagold Resources, Inc.* |
18,278 | 46,925 | ||||||
OceanaGold Corp. |
248,419 | 500,166 | ||||||
Orla Mining Ltd.*(a) |
10,780 | 36,147 | ||||||
OSAKA Titanium Technologies Co. Ltd.(a) |
1,300 | 25,088 | ||||||
Osisko Gold Royalties Ltd.(a) |
10,286 | 150,820 | ||||||
Osisko Mining, Inc.* |
17,794 | 32,230 | ||||||
Outokumpu OYJ(a) |
7,392 | 31,781 | ||||||
Pan American Silver Corp. |
4,560 | 62,117 | ||||||
Perenti Ltd.* |
299,626 | 161,425 | ||||||
Perseus Mining Ltd.(a) |
475,709 | 567,614 | ||||||
Pilbara Minerals Ltd.(a) |
34,446 | 80,835 | ||||||
Regis Resources Ltd.* |
40,098 | 55,399 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Rio Tinto Ltd. |
7,363 | 646,963 | ||||||
Rio Tinto plc |
22,311 | 1,563,509 | ||||||
Salzgitter AG |
8,251 | 232,850 | ||||||
Sandfire Resources Ltd.*(a) |
11,931 | 57,575 | ||||||
Sandstorm Gold Ltd. |
13,772 | 62,879 | ||||||
Sanyo Special Steel Co. Ltd. |
7,800 | 136,337 | ||||||
Silver Lake Resources Ltd.* |
62,130 | 49,696 | ||||||
SilverCrest Metals, Inc.* |
9,416 | 52,364 | ||||||
Sims Ltd.(a) |
9,196 | 88,267 | ||||||
South32 Ltd.(a) |
92,278 | 204,351 | ||||||
SSAB AB, Class A |
6,150 | 48,296 | ||||||
SSAB AB, Class B |
12,333 | 95,252 | ||||||
SSR Mining, Inc. |
3,864 | 36,643 | ||||||
Stelco Holdings, Inc. |
10,360 | 334,671 | ||||||
Sumitomo Metal Mining Co. Ltd. |
5,500 | 154,305 | ||||||
Teck Resources Ltd., Class B |
8,954 | 360,626 | ||||||
thyssenkrupp AG |
8,316 | 52,050 | ||||||
Toho Titanium Co. Ltd.(a) |
1,700 | 23,027 | ||||||
Tokyo Steel Manufacturing Co. Ltd. |
4,100 | 50,319 | ||||||
UACJ Corp. |
14,000 | 393,638 | ||||||
voestalpine AG |
1,880 | 56,363 | ||||||
Wesdome Gold Mines Ltd.* |
3,534 | 20,976 | ||||||
Wheaton Precious Metals Corp.(a) |
6,882 | 324,565 | ||||||
Yamato Kogyo Co. Ltd.(a) |
1,300 | 73,113 | ||||||
Yodogawa Steel Works Ltd. |
10,300 | 275,512 | ||||||
Zimplats Holdings Ltd.(a) |
4,902 | 71,614 | ||||||
|
|
|||||||
22,842,646 | ||||||||
|
|
|||||||
Multi-Utilities - 0.8% |
| |||||||
A2A SpA |
29,479 | 58,936 | ||||||
ACEA SpA |
14,615 | 232,100 | ||||||
AGL Energy Ltd. |
12,344 | 70,747 | ||||||
Algonquin Power & Utilities |
16,539 | 98,661 | ||||||
Canadian Utilities Ltd., Class A(a) |
3,914 | 89,761 | ||||||
Centrica plc |
120,065 | 211,686 | ||||||
E.ON SE |
46,139 | 629,488 | ||||||
Engie SA |
38,332 | 616,661 | ||||||
Hera SpA |
19,272 | 68,455 | ||||||
Iren SpA |
218,004 | 461,537 | ||||||
National Grid plc |
54,501 | 732,215 | ||||||
REN - Redes Energeticas Nacionais SGPS SA |
17,917 | 44,277 | ||||||
Sembcorp Industries Ltd. |
16,300 | 69,159 | ||||||
Telecom Plus plc |
4,728 | 87,543 | ||||||
Vector Ltd. |
9,652 | 22,280 | ||||||
Veolia Environnement SA |
12,025 | 395,391 | ||||||
|
|
|||||||
3,888,897 | ||||||||
|
|
|||||||
Office REITs - 0.2% |
| |||||||
Abacus Group, REIT |
35,454 | 25,546 | ||||||
Allied Properties REIT, REIT(a) |
21,312 | 311,373 | ||||||
Champion REIT, REIT |
108,000 | 25,697 | ||||||
Derwent London plc, REIT |
1,368 | 37,281 | ||||||
Dexus, REIT |
25,937 | 133,736 | ||||||
Gecina SA, REIT |
440 | 49,085 | ||||||
Global One Real Estate Investment Corp., REIT |
48 | 36,055 | ||||||
Great Portland Estates plc, REIT |
12,800 | 67,972 | ||||||
Ichigo Office REIT Investment Corp., REIT |
41 | 23,224 |
Investments |
Shares | Value ($) | ||||||
Inmobiliaria Colonial Socimi SA, REIT |
6,346 | 38,568 | ||||||
Japan Excellent, Inc., REIT(a) |
76 | 63,431 | ||||||
Japan Prime Realty Investment Corp., REIT |
13 | 31,438 | ||||||
Japan Real Estate Investment Corp., REIT(a) |
24 | 92,930 | ||||||
Keppel REIT, REIT |
3,800 | 2,630 | ||||||
Mirai Corp., REIT |
88 | 27,151 | ||||||
Mori Hills REIT Investment Corp., REIT(a) |
38 | 35,667 | ||||||
Nippon Building Fund, Inc., REIT(a) |
24 | 98,020 | ||||||
Precinct Properties Group, REIT |
67,298 | 51,575 | ||||||
Workspace Group plc, REIT |
4,978 | 33,123 | ||||||
|
|
|||||||
1,184,502 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 6.2% |
| |||||||
Advantage Energy Ltd.* |
51,689 | 341,227 | ||||||
Africa Oil Corp. |
133,744 | 253,263 | ||||||
Aker BP ASA |
4,625 | 124,199 | ||||||
Ampol Ltd. |
4,958 | 119,202 | ||||||
ARC Resources Ltd. |
13,579 | 212,215 | ||||||
Athabasca Oil Corp.* |
194,139 | 630,638 | ||||||
Avance Gas Holding Ltd.(b) |
5,472 | 64,157 | ||||||
Baytex Energy Corp.(a) |
20,558 | 65,703 | ||||||
Beach Energy Ltd.(a) |
39,336 | 43,165 | ||||||
Birchcliff Energy Ltd.(a) |
84,286 | 321,738 | ||||||
Bluenord ASA* |
646 | 30,951 | ||||||
Boss Energy Ltd.* |
21,197 | 78,048 | ||||||
BP plc |
337,366 | 1,986,772 | ||||||
BRIGHTOIL* |
50,147 | | ||||||
BW LPG Ltd.(b) |
2,774 | 34,434 | ||||||
Cameco Corp. |
6,105 | 293,312 | ||||||
Canadian Natural Resources Ltd. |
21,978 | 1,415,357 | ||||||
Cardinal Energy Ltd.(a) |
45,584 | 217,335 | ||||||
Cenovus Energy, Inc. |
25,123 | 409,550 | ||||||
Cool Co. Ltd.(a) |
7,714 | 91,846 | ||||||
Cosmo Energy Holdings Co. Ltd.(a) |
1,600 | 67,492 | ||||||
Crescent Point Energy Corp. |
15,016 | 98,567 | ||||||
CropEnergies AG |
4,560 | 57,161 | ||||||
Denison Mines Corp.* |
51,797 | 104,676 | ||||||
Diversified Energy Co. plc(a)(b) |
17,834 | 208,144 | ||||||
DNO ASA |
275,761 | 245,127 | ||||||
Enbridge, Inc. |
32,005 | 1,143,609 | ||||||
ENEOS Holdings, Inc.(a) |
51,800 | 212,126 | ||||||
Energean plc(a) |
43,882 | 528,639 | ||||||
Energy Fuels, Inc.*(a) |
10,296 | 78,604 | ||||||
Enerplus Corp. |
5,535 | 80,868 | ||||||
Eni SpA |
41,440 | 666,840 | ||||||
Equinor ASA |
19,906 | 576,148 | ||||||
Equital Ltd.*(a) |
5,883 | 168,187 | ||||||
Etablissements Maurel et Prom SA |
19,382 | 116,322 | ||||||
Euronav NV |
2,829 | 50,090 | ||||||
FLEX LNG Ltd.(a) |
1,176 | 35,269 | ||||||
Freehold Royalties Ltd. |
5,060 | 52,757 | ||||||
Galp Energia SGPS SA |
10,582 | 167,995 | ||||||
Gaztransport Et Technigaz SA |
410 | 57,942 | ||||||
Gibson Energy, Inc. |
10,286 | 165,217 | ||||||
Hafnia Ltd. |
7,872 | 57,817 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Harbour Energy plc |
195,730 | 694,916 | ||||||
Headwater Exploration, Inc.(a) |
67,895 | 320,660 | ||||||
Idemitsu Kosan Co. Ltd. |
28,710 | 161,782 | ||||||
Imperial Oil Ltd.(a) |
3,922 | 227,649 | ||||||
Inpex Corp. |
20,500 | 286,797 | ||||||
International Petroleum Corp.*(a) |
27,491 | 305,764 | ||||||
Ithaca Energy plc |
41,458 | 72,434 | ||||||
Itochu Enex Co. Ltd.(a) |
18,600 | 201,556 | ||||||
Iwatani Corp.(a) |
1,397 | 63,296 | ||||||
Japan Petroleum Exploration Co. Ltd.(a) |
1,700 | 70,245 | ||||||
Karoon Energy Ltd.* |
258,926 | 334,624 | ||||||
Keyera Corp. |
3,108 | 75,650 | ||||||
Koninklijke Vopak NV |
114 | 3,585 | ||||||
MEG Energy Corp.* |
4,928 | 93,761 | ||||||
Mitsuuroko Group Holdings Co. Ltd. |
11,100 | 117,777 | ||||||
Naphtha Israel Petroleum Corp. Ltd. |
10,742 | 53,890 | ||||||
Neste OYJ |
6,586 | 229,287 | ||||||
New Hope Corp. Ltd. |
17,010 | 60,720 | ||||||
NexGen Energy Ltd.* |
10,944 | 84,370 | ||||||
NuVista Energy Ltd.*(a) |
59,496 | 464,016 | ||||||
Oil Refineries Ltd. |
772,338 | 267,509 | ||||||
Okeanis Eco Tankers Corp.(b) |
4,440 | 130,356 | ||||||
OMV AG |
3,441 | 154,408 | ||||||
ORLEN SA |
12,358 | 194,405 | ||||||
Paladin Energy Ltd.* |
147,070 | 125,901 | ||||||
Paramount Resources Ltd., Class A(a) |
2,772 | 54,981 | ||||||
Parex Resources, Inc. |
34,225 | 570,225 | ||||||
Parkland Corp. |
2,923 | 100,376 | ||||||
Paz Oil Co. Ltd. |
3,368 | 278,006 | ||||||
Pembina Pipeline Corp. |
8,806 | 305,232 | ||||||
Peyto Exploration & Development Corp.(a) |
64,195 | 623,187 | ||||||
PrairieSky Royalty Ltd. |
3,977 | 66,023 | ||||||
Repsol SA(a) |
23,828 | 355,635 | ||||||
San-Ai Obbli Co. Ltd.(a) |
18,500 | 212,116 | ||||||
Santos Ltd. |
53,835 | 279,363 | ||||||
Saras SpA(a) |
143,523 | 245,390 | ||||||
Serica Energy plc |
71,447 | 192,523 | ||||||
Shell plc |
136,234 | 4,245,231 | ||||||
Strike Energy Ltd.*(a) |
129,355 | 36,769 | ||||||
Suncor Energy, Inc. |
24,420 | 813,726 | ||||||
Tamarack Valley Energy Ltd.(a) |
174,529 | 403,648 | ||||||
TC Energy Corp.(a) |
15,762 | 625,737 | ||||||
Topaz Energy Corp. |
3,731 | 54,287 | ||||||
TORM plc, Class A |
10,212 | 360,452 | ||||||
TotalEnergies SE |
46,509 | 3,036,276 | ||||||
Tourmaline Oil Corp. |
6,586 | 286,549 | ||||||
United Energy Group Ltd.(a) |
358,000 | 38,011 | ||||||
Var Energi ASA |
7,339 | 21,498 | ||||||
Verbio SE |
1,107 | 24,458 | ||||||
Vermilion Energy, Inc.(a) |
56,351 | 609,462 | ||||||
Viva Energy Group Ltd.(b) |
17,630 | 40,907 | ||||||
Whitecap Resources, Inc.(a) |
11,932 | 77,698 | ||||||
Whitehaven Coal Ltd. |
16,702 | 93,074 | ||||||
Woodside Energy Group Ltd. |
39,554 | 847,428 | ||||||
|
|
|||||||
31,366,335 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Paper & Forest Products - 0.3% |
| |||||||
Canfor Corp.* |
19,203 | 233,992 | ||||||
Daio Paper Corp. |
3,745 | 28,566 | ||||||
Hokuetsu Corp.(a) |
11,100 | 106,539 | ||||||
Holmen AB, Class B(a) |
1,540 | 61,348 | ||||||
Mondi plc |
6,828 | 122,952 | ||||||
Navigator Co. SA (The) |
5,269 | 21,864 | ||||||
Nippon Paper Industries Co. Ltd.* |
37,000 | 347,535 | ||||||
Oji Holdings Corp.(a) |
11,400 | 45,124 | ||||||
Semapa-Sociedade de Investimento e Gestao |
4,873 | 75,694 | ||||||
Stella-Jones, Inc. |
1,558 | 92,754 | ||||||
Stora Enso OYJ, Class A(a) |
2,501 | 31,786 | ||||||
Stora Enso OYJ, Class R |
5,168 | 66,326 | ||||||
Svenska Cellulosa AB SCA, Class A |
2,068 | 28,421 | ||||||
Svenska Cellulosa AB SCA, Class B(a) |
6,314 | 86,805 | ||||||
UPM-Kymmene OYJ |
7,548 | 276,061 | ||||||
West Fraser Timber Co. Ltd. |
1,238 | 99,064 | ||||||
|
|
|||||||
1,724,831 | ||||||||
|
|
|||||||
Passenger Airlines - 0.3% |
| |||||||
Air Canada*(a) |
5,192 | 70,804 | ||||||
Air France-KLM* |
3,677 | 47,530 | ||||||
Air New Zealand Ltd. |
11,968 | 4,678 | ||||||
ANA Holdings, Inc.* |
2,400 | 53,689 | ||||||
Cathay Pacific Airways Ltd.*(a) |
38,000 | 38,743 | ||||||
Deutsche Lufthansa AG (Registered)* |
11,161 | 93,934 | ||||||
easyJet plc* |
6,806 | 48,206 | ||||||
Exchange Income Corp. |
2,255 | 79,293 | ||||||
Finnair OYJ*(a) |
3,559,104 | 136,859 | ||||||
Japan Airlines Co. Ltd. |
2,800 | 54,468 | ||||||
JET2 plc |
4,018 | 68,359 | ||||||
Norwegian Air Shuttle ASA* |
150,738 | 186,898 | ||||||
Qantas Airways Ltd.* |
22,968 | 84,418 | ||||||
Singapore Airlines Ltd. |
25,999 | 129,961 | ||||||
Wizz Air Holdings plc*(a)(b) |
17,390 | 440,470 | ||||||
|
|
|||||||
1,538,310 | ||||||||
|
|
|||||||
Personal Care Products - 1.0% |
| |||||||
Beiersdorf AG |
1,480 | 218,399 | ||||||
euglena Co. Ltd.*(a) |
4,400 | 20,920 | ||||||
Fancl Corp. |
400 | 6,396 | ||||||
Haleon plc |
82,954 | 339,625 | ||||||
Intercos SpA |
2,166 | 34,116 | ||||||
Interparfums SA |
159 | 8,489 | ||||||
Kao Corp. |
7,100 | 284,777 | ||||||
Kobayashi Pharmaceutical Co. Ltd. |
900 | 41,067 | ||||||
Kose Corp. |
700 | 46,446 | ||||||
LOccitane International SA |
4,500 | 14,334 | ||||||
LOreal SA |
3,515 | 1,697,940 | ||||||
Milbon Co. Ltd. |
1,000 | 24,245 | ||||||
Noevir Holdings Co. Ltd. |
1,000 | 35,916 | ||||||
Pola Orbis Holdings, Inc.(a) |
2,000 | 20,961 | ||||||
PZ Cussons plc |
17,220 | 29,341 | ||||||
Rohto Pharmaceutical Co. Ltd. |
3,900 | 81,055 | ||||||
Shiseido Co. Ltd. |
6,000 | 169,523 | ||||||
Unilever plc |
37,111 | 1,819,715 | ||||||
|
|
|||||||
4,893,265 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Pharmaceuticals - 4.9% |
| |||||||
ALK-Abello A/S, Class B*(a) |
7,705 | 125,314 | ||||||
Almirall SA |
4,564 | 43,627 | ||||||
Astellas Pharma, Inc. |
29,600 | 349,307 | ||||||
AstraZeneca plc |
22,940 | 3,067,359 | ||||||
Bausch Health Cos., Inc.* |
106,375 | 839,185 | ||||||
Bayer AG (Registered) |
17,575 | 551,725 | ||||||
Camurus AB* |
1,435 | 71,873 | ||||||
Chugai Pharmaceutical Co. Ltd. |
8,500 | 310,925 | ||||||
Daiichi Sankyo Co. Ltd. |
27,000 | 816,973 | ||||||
Eisai Co. Ltd. |
4,100 | 196,284 | ||||||
Faes Farma SA |
17,897 | 59,197 | ||||||
Financiere de Tubize SA |
510 | 42,712 | ||||||
GSK plc |
60,421 | 1,206,468 | ||||||
H Lundbeck A/S, Class A |
5,650 | 25,015 | ||||||
Haw Par Corp. Ltd. |
8,200 | 58,293 | ||||||
Hikma Pharmaceuticals plc |
2,800 | 68,871 | ||||||
Hutchmed China Ltd.*(a) |
12,540 | 31,395 | ||||||
Indivior plc* |
6,882 | 121,555 | ||||||
Ipsen SA |
732 | 85,079 | ||||||
JCR Pharmaceuticals Co. Ltd.(a) |
2,400 | 17,978 | ||||||
Kaken Pharmaceutical Co. Ltd. |
1,500 | 35,813 | ||||||
Kissei Pharmaceutical Co. Ltd. |
1,400 | 30,313 | ||||||
Kyorin Pharmaceutical Co. Ltd. |
3,800 | 46,377 | ||||||
Kyowa Kirin Co. Ltd. |
4,300 | 68,644 | ||||||
Laboratorios Farmaceuticos Rovi SA |
874 | 60,808 | ||||||
Merck KGaA |
1,887 | 312,383 | ||||||
Mochida Pharmaceutical Co. Ltd. |
900 | 20,626 | ||||||
Nippon Shinyaku Co. Ltd. |
1,400 | 50,139 | ||||||
Novartis AG (Registered) |
30,081 | 3,134,862 | ||||||
Novo Nordisk A/S, Class B |
49,543 | 5,594,147 | ||||||
Ono Pharmaceutical Co. Ltd. |
7,400 | 135,268 | ||||||
Orion OYJ, Class A |
352 | 16,097 | ||||||
Orion OYJ, Class B |
1,855 | 86,081 | ||||||
Otsuka Holdings Co. Ltd. |
7,500 | 298,820 | ||||||
Recordati Industria Chimica e Farmaceutica SpA |
1,628 | 90,720 | ||||||
Roche Holding AG |
518 | 158,084 | ||||||
Roche Holding AG - BR |
10,175 | 2,930,865 | ||||||
Sandoz Group AG* |
8,251 | 286,623 | ||||||
Sanofi SA |
16,761 | 1,699,772 | ||||||
Santen Pharmaceutical Co. Ltd. |
4,500 | 46,024 | ||||||
Shionogi & Co. Ltd. |
4,000 | 194,561 | ||||||
Sumitomo Pharma Co. Ltd.(a) |
70,300 | 208,724 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. |
600 | 35,308 | ||||||
Takeda Pharmaceutical Co. Ltd. |
22,200 | 662,469 | ||||||
Teva Pharmaceutical Industries Ltd.* |
22,644 | 273,884 | ||||||
Torii Pharmaceutical Co. Ltd. |
800 | 20,605 | ||||||
Tsumura & Co. |
900 | 16,467 | ||||||
UCB SA |
1,554 | 147,365 | ||||||
Virbac SACA(a) |
132 | 47,891 | ||||||
ZERIA Pharmaceutical Co. Ltd. |
1,800 | 25,256 | ||||||
|
|
|||||||
24,824,131 | ||||||||
|
|
|||||||
Professional Services - 1.6% |
| |||||||
Adecco Group AG (Registered) |
2,368 | 103,625 | ||||||
AFRY AB |
6,460 | 90,157 | ||||||
ALS Ltd. |
8,712 | 72,967 |
Investments |
Shares | Value ($) | ||||||
Applus Services SA |
42,291 | 514,053 | ||||||
Arcadis NV |
1,189 | 65,804 | ||||||
BayCurrent Consulting, Inc.(a) |
1,400 | 33,196 | ||||||
Bell System24 Holdings, Inc. |
3,800 | 46,871 | ||||||
Benefit One, Inc. |
3,800 | 55,112 | ||||||
Benefit Systems SA |
76 | 42,358 | ||||||
Bureau Veritas SA |
4,551 | 122,105 | ||||||
Computershare Ltd. |
8,029 | 134,759 | ||||||
Danel Adir Yeoshua Ltd. |
533 | 46,314 | ||||||
dip Corp. |
1,400 | 24,212 | ||||||
DKSH Holding AG |
660 | 46,585 | ||||||
en Japan, Inc.(a) |
2,000 | 37,558 | ||||||
Experian plc |
13,431 | 563,738 | ||||||
Funai Soken Holdings, Inc. |
2,700 | 47,711 | ||||||
Hays plc |
557,220 | 698,238 | ||||||
Hilan Ltd. |
646 | 36,120 | ||||||
Infomart Corp. |
17,600 | 48,161 | ||||||
Insource Co. Ltd. |
3,800 | 21,863 | ||||||
Intertek Group plc |
2,590 | 148,190 | ||||||
IPH Ltd.(a) |
14,227 | 64,423 | ||||||
JAC Recruitment Co. Ltd.(a) |
5,200 | 24,155 | ||||||
McMillan Shakespeare Ltd. |
3,198 | 36,425 | ||||||
MEITEC Group Holdings, Inc. |
2,400 | 48,197 | ||||||
Nihon M&A Center Holdings, Inc. |
4,800 | 29,294 | ||||||
Open Up Group, Inc. |
4,400 | 69,383 | ||||||
Outsourcing, Inc.*(a) |
33,300 | 396,388 | ||||||
Pagegroup plc |
20,276 | 118,413 | ||||||
Persol Holdings Co. Ltd.(a) |
42,000 | 68,010 | ||||||
Randstad NV |
2,183 | 125,109 | ||||||
Recruit Holdings Co. Ltd. |
22,200 | 900,150 | ||||||
RELX plc |
27,380 | 1,137,364 | ||||||
RWS Holdings plc |
90,465 | 273,721 | ||||||
SGS SA (Registered) |
2,627 | 245,107 | ||||||
SmartGroup Corp. Ltd.(a) |
7,766 | 49,848 | ||||||
SMS Co. Ltd. |
2,000 | 36,771 | ||||||
TechnoPro Holdings, Inc. |
1,100 | 25,819 | ||||||
Teleperformance SE |
1,258 | 199,031 | ||||||
Thomson Reuters Corp. |
2,109 | 315,091 | ||||||
Tinexta Spa |
1,056 | 22,574 | ||||||
TKC Corp. |
3,800 | 99,696 | ||||||
Transcosmos, Inc. |
7,400 | 156,682 | ||||||
UT Group Co. Ltd.*(a) |
11,100 | 181,640 | ||||||
Wolters Kluwer NV |
3,515 | 521,180 | ||||||
|
|
|||||||
8,144,168 | ||||||||
|
|
|||||||
Real Estate Management & Development - 2.6% |
| |||||||
Aeon Mall Co. Ltd. |
1,990 | 24,907 | ||||||
AFI Properties Ltd.*(a) |
1,710 | 75,257 | ||||||
Africa Israel Residences Ltd. |
2,065 | 110,011 | ||||||
Airport City Ltd.* |
1,928 | 32,335 | ||||||
Allreal Holding AG (Registered) |
366 | 65,704 | ||||||
Alony Hetz Properties & Investments Ltd. |
55,093 | 420,717 | ||||||
Altus Group Ltd. |
1,672 | 56,716 | ||||||
Amot Investments Ltd. |
5,448 | 28,455 | ||||||
Aroundtown SA*(a) |
281,200 | 637,481 | ||||||
Atrium Ljungberg AB, Class B |
792 | 15,990 | ||||||
Aura Investments Ltd.(a) |
20,178 | 57,797 | ||||||
Azrieli Group Ltd. |
532 | 36,093 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Big Shopping Centers Ltd.* |
287 | 29,349 | ||||||
Blue Square Real Estate Ltd.(a) |
1,739 | 111,908 | ||||||
Bukit Sembawang Estates Ltd. |
19,000 | 46,777 | ||||||
CA Immobilien Anlagen AG |
572 | 18,889 | ||||||
Capitaland India Trust |
55,054 | 43,257 | ||||||
CapitaLand Investment Ltd. |
41,031 | 90,883 | ||||||
Castellum AB*(a) |
9,805 | 128,537 | ||||||
Catena AB |
924 | 39,831 | ||||||
Cibus Nordic Real Estate AB publ(a) |
17,316 | 206,639 | ||||||
City Developments Ltd. |
9,400 | 42,978 | ||||||
CK Asset Holdings Ltd. |
37,000 | 166,843 | ||||||
Colliers International Group, Inc.(a) |
748 | 88,357 | ||||||
Corem Property Group AB, Class B(a) |
91,770 | 93,437 | ||||||
CTP NV(b) |
1,444 | 24,846 | ||||||
Daito Trust Construction Co. Ltd. |
1,300 | 149,632 | ||||||
Daiwa House Industry Co. Ltd. |
14,100 | 442,171 | ||||||
Deutsche EuroShop AG |
3,420 | 74,077 | ||||||
Deutsche Wohnen SE |
1,012 | 24,800 | ||||||
Dios Fastigheter AB |
7,480 | 58,639 | ||||||
Electra Real Estate Ltd.(a) |
1,476 | 15,110 | ||||||
Entra ASA(b) |
2,068 | 22,783 | ||||||
ESR Group Ltd.(a)(b) |
32,800 | 41,875 | ||||||
Fabege AB(a) |
5,412 | 51,311 | ||||||
Fastighets AB Balder, Class B*(a) |
12,348 | 83,584 | ||||||
FastPartner AB, Class A |
3,124 | 19,925 | ||||||
FirstService Corp. |
659 | 110,990 | ||||||
Frasers Property Ltd. |
41,800 | 27,213 | ||||||
G City Ltd.* |
28,290 | 91,298 | ||||||
Grainger plc |
27,170 | 91,066 | ||||||
Grand City Properties SA* |
26,011 | 254,855 | ||||||
Great Eagle Holdings Ltd.(a) |
75,451 | 110,996 | ||||||
GuocoLand Ltd. |
118,400 | 130,241 | ||||||
Hang Lung Group Ltd. |
296,000 | 356,309 | ||||||
Heiwa Real Estate Co. Ltd. |
1,300 | 34,862 | ||||||
Henderson Land Development Co. Ltd. |
33,239 | 86,528 | ||||||
Hiag Immobilien Holding AG |
342 | 30,219 | ||||||
Ho Bee Land Ltd. |
49,400 | 64,322 | ||||||
Hufvudstaden AB, Class A |
304 | 3,981 | ||||||
Hulic Co. Ltd. |
11,100 | 124,384 | ||||||
Hysan Development Co. Ltd. |
222,000 | 382,815 | ||||||
Ichigo, Inc. |
17,800 | 48,222 | ||||||
IMMOFINANZ AG*(a) |
2,132 | 50,949 | ||||||
Intershop Holding AG |
76 | 54,928 | ||||||
Israel Canada T.R Ltd.(a) |
53,132 | 180,378 | ||||||
Isras Holdings Ltd.* |
1,295 | 124,345 | ||||||
Isras Investment Co. Ltd.(a) |
519 | 109,855 | ||||||
IWG plc* |
28,576 | 68,377 | ||||||
Jeudan A/S |
3,071 | 104,279 | ||||||
K Wah International Holdings Ltd.(a) |
666,000 | 161,873 | ||||||
Katitas Co. Ltd.(a) |
3,800 | 47,911 | ||||||
Keihanshin Building Co. Ltd. |
4,100 | 41,989 | ||||||
Kerry Properties Ltd. |
38,000 | 60,277 | ||||||
Kojamo OYJ |
1,596 | 19,174 | ||||||
Kowloon Development Co. Ltd.(a) |
114,000 | 69,707 | ||||||
LEG Immobilien SE* |
1,120 | 94,238 | ||||||
Lendlease Corp. Ltd.(a) |
14,582 | 71,428 | ||||||
Leopalace21 Corp.* |
59,200 | 168,073 | ||||||
Lifestyle Communities Ltd.(a) |
6,920 | 82,478 | ||||||
Mainstreet Equity Corp. |
266 | 30,262 |
Investments |
Shares | Value ($) | ||||||
Mega Or Holdings Ltd., REIT(a) |
1,216 | 27,948 | ||||||
Melisron Ltd. |
460 | 33,901 | ||||||
Mitsubishi Estate Co. Ltd. |
18,500 | 261,031 | ||||||
Mitsui Fudosan Co. Ltd. |
14,800 | 377,454 | ||||||
Mivne Real Estate KD Ltd. |
14,248 | 38,775 | ||||||
Mobimo Holding AG (Registered) |
228 | 67,907 | ||||||
Morguard Corp. |
1,776 | 149,000 | ||||||
Nomura Real Estate Holdings, Inc. |
1,400 | 38,904 | ||||||
NP3 Fastigheter AB |
1,462 | 29,205 | ||||||
Nyfosa AB |
46,435 | 422,224 | ||||||
Pandox AB, Class B |
5,412 | 75,059 | ||||||
PEXA Group Ltd.* |
7,380 | 56,494 | ||||||
Platzer Fastigheter Holding AB, Class B |
3,080 | 25,487 | ||||||
Prashkovsky Investments and Construction Ltd.(a) |
3,040 | 68,525 | ||||||
PSP Swiss Property AG (Registered) |
717 | 96,369 | ||||||
Relo Group, Inc. |
2,270 | 23,131 | ||||||
Sagax AB, Class B |
2,420 | 59,561 | ||||||
SAMTY Co. Ltd. |
14,800 | 255,146 | ||||||
Savills plc |
10,582 | 136,508 | ||||||
Sino Land Co. Ltd. |
77,768 | 81,178 | ||||||
Sirius Real Estate Ltd.(a) |
58,680 | 67,851 | ||||||
Starts Corp., Inc. |
11,100 | 231,226 | ||||||
StorageVault Canada, Inc. |
12,833 | 51,580 | ||||||
Sumitomo Realty & Development Co. Ltd. |
7,400 | 236,719 | ||||||
Summit Real Estate Holdings Ltd. |
13,616 | 181,120 | ||||||
Sun Frontier Fudousan Co. Ltd. |
11,100 | 134,711 | ||||||
Sun Hung Kai Properties Ltd. |
37,000 | 344,808 | ||||||
Swire Pacific Ltd., Class A |
10,500 | 81,263 | ||||||
Swire Properties Ltd. |
38,000 | 70,874 | ||||||
Swiss Prime Site AG (Registered) |
1,137 | 116,238 | ||||||
TAG Immobilien AG* |
56,647 | 804,849 | ||||||
Tokyo Tatemono Co. Ltd. |
5,200 | 81,411 | ||||||
Tokyu Fudosan Holdings Corp. |
11,200 | 76,115 | ||||||
Tosei Corp. |
11,100 | 162,808 | ||||||
Tricon Residential, Inc. |
11,285 | 125,009 | ||||||
UOL Group Ltd. |
6,799 | 31,849 | ||||||
VGP NV |
738 | 87,540 | ||||||
Villar International Ltd. |
1,599 | 72,658 | ||||||
Vonovia SE |
17,057 | 538,243 | ||||||
Wallenstam AB, Class B |
8,888 | 45,290 | ||||||
Wharf Holdings Ltd. (The)(a) |
17,000 | 49,583 | ||||||
Wharf Real Estate Investment Co. Ltd. |
25,000 | 73,235 | ||||||
Wihlborgs Fastigheter AB |
7,304 | 66,060 | ||||||
Yanlord Land Group Ltd.* |
57,000 | 22,180 | ||||||
YH Dimri Construction & Development Ltd. |
452 | 33,448 | ||||||
|
|
|||||||
13,277,198 | ||||||||
|
|
|||||||
Residential REITs - 0.1% |
| |||||||
Advance Residence Investment Corp., REIT(a) |
18 | 40,020 | ||||||
Altarea SCA, REIT |
1,850 | 162,775 | ||||||
Boardwalk REIT, REIT(a) |
1,000 | 52,243 | ||||||
Canadian Apartment Properties REIT, REIT |
1,012 | 35,350 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Comforia Residential REIT, Inc., REIT(a) |
19 | 40,229 | ||||||
Daiwa Securities Living Investments Corp., REIT |
26 | 18,872 | ||||||
Ingenia Communities Group, REIT |
8,284 | 24,533 | ||||||
InterRent REIT, REIT |
4,600 | 46,377 | ||||||
Killam Apartment REIT, REIT |
2,624 | 36,786 | ||||||
Nippon Accommodations Fund, Inc., REIT(a) |
8 | 33,604 | ||||||
UNITE Group plc (The), REIT(a) |
8,144 | 105,473 | ||||||
Xior Student Housing NV, REIT(b) |
1,581 | 47,657 | ||||||
|
|
|||||||
643,919 | ||||||||
|
|
|||||||
Retail REITs - 0.6% |
| |||||||
BWP Trust, REIT |
14,098 | 32,059 | ||||||
CapitaLand China Trust, REIT |
117,800 | 73,606 | ||||||
CapitaLand Integrated Commercial Trust, REIT |
41,800 | 62,871 | ||||||
Carmila SA, REIT*(a) |
19,684 | 352,799 | ||||||
Charter Hall Retail REIT, REIT |
6,346 | 15,606 | ||||||
Choice Properties REIT, REIT |
3,957 | 41,583 | ||||||
Crombie REIT, REIT |
3,256 | 33,119 | ||||||
CT REIT, REIT(a) |
7,638 | 82,952 | ||||||
Eurocommercial Properties NV, REIT |
14,858 | 336,024 | ||||||
First Capital REIT, REIT |
2,774 | 32,826 | ||||||
Fortune REIT, REIT |
41,000 | 23,497 | ||||||
Frasers Centrepoint Trust, REIT |
12,749 | 21,942 | ||||||
Hammerson plc, REIT |
65,626 | 22,614 | ||||||
HMC Capital Ltd., REIT(a) |
9,954 | 40,533 | ||||||
HomeCo Daily Needs REIT, REIT(a)(b) |
107,008 | 89,837 | ||||||
Japan Metropolitan Fund Invest, REIT |
103 | 70,604 | ||||||
Kiwi Property Group Ltd., REIT |
171,266 | 91,718 | ||||||
Klepierre SA, REIT |
3,663 | 95,853 | ||||||
Lendlease Global Commercial REIT, REIT |
45,600 | 21,497 | ||||||
Link REIT, REIT |
44,423 | 222,761 | ||||||
Mapletree Pan Asia Commercial Trust, REIT |
57,062 | 62,342 | ||||||
Primaris REIT, REIT |
2,706 | 28,132 | ||||||
Region RE Ltd., REIT |
78,810 | 118,261 | ||||||
Retail Estates NV, REIT |
3,774 | 248,840 | ||||||
RioCan REIT, REIT(a) |
6,840 | 93,637 | ||||||
Scentre Group, REIT |
50,542 | 102,571 | ||||||
Shaftesbury Capital plc, REIT |
44,346 | 75,278 | ||||||
SmartCentres REIT, REIT(a) |
6,401 | 118,146 | ||||||
Starhill Global REIT, REIT |
80,696 | 31,098 | ||||||
Unibail-Rodamco-Westfield, REIT* |
2,442 | 177,673 | ||||||
Unibail-Rodamco-Westfield, REIT, CHDI* |
5 | 18 | ||||||
Vicinity Ltd., REIT |
65,692 | 89,023 | ||||||
Waypoint REIT Ltd., REIT |
33,326 | 54,635 | ||||||
|
|
|||||||
2,963,955 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 2.4% |
| |||||||
Advantest Corp. |
11,500 | 458,112 | ||||||
AIXTRON SE |
2,276 | 85,962 | ||||||
ams-OSRAM AG* |
316,788 | 757,027 | ||||||
ASM International NV |
666 | 373,441 | ||||||
ASML Holding NV |
5,772 | 5,004,582 |
Investments |
Shares | Value ($) | ||||||
ASMPT Ltd.(a) |
5,000 | 48,355 | ||||||
BE Semiconductor Industries NV |
1,330 | 201,971 | ||||||
Camtek Ltd.* |
1,025 | 80,274 | ||||||
Disco Corp. |
1,200 | 331,493 | ||||||
Elmos Semiconductor SE |
410 | 28,949 | ||||||
Ferrotec Holdings Corp.(a) |
14,800 | 289,976 | ||||||
Furuya Metal Co. Ltd. |
1,000 | 63,075 | ||||||
Infineon Technologies AG |
18,981 | 695,758 | ||||||
Japan Material Co. Ltd. |
2,500 | 43,150 | ||||||
Lasertec Corp. |
1,300 | 353,781 | ||||||
Melexis NV |
495 | 43,069 | ||||||
Meyer Burger Technology AG*(a) |
97,774 | 12,788 | ||||||
Nordic Semiconductor ASA* |
3,828 | 39,171 | ||||||
Nova Ltd.* |
352 | 50,732 | ||||||
Renesas Electronics Corp.* |
20,900 | 353,445 | ||||||
Rohm Co. Ltd. |
6,200 | 109,409 | ||||||
Rorze Corp.(a) |
400 | 45,480 | ||||||
Sanken Electric Co. Ltd. |
1,600 | 75,811 | ||||||
SCREEN Holdings Co. Ltd. |
2,200 | 220,790 | ||||||
Shibaura Mechatronics Corp.(a) |
3,700 | 179,716 | ||||||
Shinko Electric Industries Co. Ltd. |
1,400 | 52,964 | ||||||
Siltronic AG |
999 | 94,898 | ||||||
SMA Solar Technology AG* |
760 | 39,412 | ||||||
Socionext, Inc.(a) |
3,000 | 70,436 | ||||||
SOITEC* |
369 | 54,272 | ||||||
STMicroelectronics NV |
9,176 | 407,817 | ||||||
SUMCO Corp. |
5,700 | 87,971 | ||||||
Tokyo Electron Ltd. |
6,900 | 1,315,331 | ||||||
Tower Semiconductor Ltd.* |
2,139 | 61,504 | ||||||
Ulvac, Inc. |
1,000 | 49,940 | ||||||
X-Fab Silicon Foundries SE*(b) |
4,480 | 43,506 | ||||||
|
|
|||||||
12,224,368 | ||||||||
|
|
|||||||
Software - 1.4% |
| |||||||
Altium Ltd.(a) |
1,716 | 56,332 | ||||||
Appier Group, Inc.* |
4,100 | 49,281 | ||||||
Atoss Software AG |
176 | 48,751 | ||||||
BlackBerry Ltd.* |
27,121 | 76,529 | ||||||
Bytes Technology Group plc |
10,526 | 87,999 | ||||||
Constellation Software, Inc. |
296 | 823,243 | ||||||
Crayon Group Holding ASA*(b) |
4,100 | 34,897 | ||||||
Darktrace plc* |
5,244 | 22,992 | ||||||
Dassault Systemes SE |
10,249 | 536,999 | ||||||
Descartes Systems Group, Inc. (The)* |
1,339 | 117,980 | ||||||
Docebo, Inc.* |
988 | 43,660 | ||||||
Enghouse Systems Ltd. |
1,292 | 36,167 | ||||||
Fortnox AB |
7,995 | 44,725 | ||||||
Freee KK* |
3,800 | 73,231 | ||||||
Fuji Soft, Inc.(a) |
1,400 | 62,254 | ||||||
GB Group plc |
8,897 | 31,928 | ||||||
Hansen Technologies Ltd. |
5,576 | 18,983 | ||||||
IRESS Ltd.(a) |
10,123 | 54,873 | ||||||
Justsystems Corp. |
3,800 | 80,848 | ||||||
Kinaxis, Inc.* |
520 | 63,721 | ||||||
Lectra |
798 | 28,388 | ||||||
Lightspeed Commerce, Inc.* |
5,472 | 101,613 | ||||||
Nemetschek SE |
884 | 82,600 | ||||||
Nice Ltd.* |
889 | 183,797 | ||||||
Open Text Corp. |
5,291 | 232,185 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Oracle Corp. Japan |
800 | 63,869 | ||||||
QT Group OYJ*(a) |
308 | 21,988 | ||||||
Sage Group plc (The) |
15,873 | 238,115 | ||||||
SAP SE |
15,577 | 2,720,819 | ||||||
Sinch AB*(a)(b) |
35,742 | 111,923 | ||||||
SiteMinder Ltd.* |
17,179 | 59,847 | ||||||
Systena Corp. |
11,400 | 23,397 | ||||||
TeamViewer SE*(b) |
3,239 | 46,865 | ||||||
Technology One Ltd. |
5,166 | 53,923 | ||||||
Temenos AG (Registered) |
779 | 80,256 | ||||||
Text SA |
950 | 23,135 | ||||||
Trend Micro, Inc.* |
2,500 | 145,442 | ||||||
Truecaller AB, Class B*(a) |
16,113 | 48,453 | ||||||
Vitec Software Group AB, Class B |
1,025 | 57,538 | ||||||
WiseTech Global Ltd.(a) |
2,923 | 141,035 | ||||||
|
|
|||||||
6,830,581 | ||||||||
|
|
|||||||
Specialized REITs - 0.1% |
| |||||||
Arena REIT, REIT |
15,470 | 35,793 | ||||||
Big Yellow Group plc, REIT(a) |
10,064 | 147,128 | ||||||
Charter Hall Social Infrastructure REIT, REIT(a) |
17,065 | 31,361 | ||||||
Keppel DC REIT, REIT |
21,100 | 26,684 | ||||||
National Storage REIT, REIT(a) |
20,921 | 31,947 | ||||||
Safestore Holdings plc, REIT |
12,284 | 129,524 | ||||||
Shurgard Self Storage Ltd., REIT |
532 | 24,889 | ||||||
|
|
|||||||
427,326 | ||||||||
|
|
|||||||
Specialty Retail - 1.3% |
| |||||||
ABC-Mart, Inc.(a) |
2,100 | 36,886 | ||||||
Accent Group Ltd.(a) |
42,845 | 57,212 | ||||||
Alpen Co. Ltd.(a) |
7,400 | 102,970 | ||||||
AOKI Holdings, Inc. |
7,600 | 61,351 | ||||||
ARCLANDS Corp.(a) |
18,518 | 214,349 | ||||||
Aritzia, Inc.* |
5,217 | 127,726 | ||||||
Autobacs Seven Co. Ltd. |
2,100 | 23,058 | ||||||
Avolta AG*(a) |
1,330 | 51,488 | ||||||
Bic Camera, Inc. |
4,200 | 39,507 | ||||||
Bilia AB, Class A(a) |
25,086 | 306,888 | ||||||
CECONOMY AG* |
49,691 | 122,204 | ||||||
DCM Holdings Co. Ltd.(a) |
33,300 | 313,238 | ||||||
Delek Automotive Systems Ltd.(a) |
17,871 | 107,536 | ||||||
Dunelm Group plc |
6,498 | 90,362 | ||||||
Eagers Automotive Ltd.(a) |
4,180 | 39,431 | ||||||
EDION Corp. |
7,600 | 84,488 | ||||||
Fast Retailing Co. Ltd. |
2,700 | 734,038 | ||||||
Fenix Outdoor International AG |
369 | 26,570 | ||||||
Fielmann Group AG |
152 | 7,978 | ||||||
Fox Wizel Ltd.(a) |
533 | 38,007 | ||||||
Frasers Group plc* |
4,620 | 47,655 | ||||||
Geo Holdings Corp. |
3,800 | 62,937 | ||||||
H & M Hennes & Mauritz AB, Class B(a) |
8,510 | 121,468 | ||||||
Hornbach Holding AG & Co. KGaA |
2,368 | 171,697 | ||||||
Hour Glass Ltd. (The) |
26,600 | 30,455 | ||||||
IDOM, Inc.(a) |
19,100 | 115,508 | ||||||
Industria de Diseno Textil SA |
15,540 | 670,318 | ||||||
JB Hi-Fi Ltd.(a) |
1,722 | 65,101 | ||||||
JD Sports Fashion plc |
52,515 | 78,277 | ||||||
JINS Holdings, Inc. |
900 | 25,705 |
Investments |
Shares | Value ($) | ||||||
Joyful Honda Co. Ltd. |
2,000 | 26,817 | ||||||
Kingfisher plc |
37,852 | 106,239 | ||||||
Kohnan Shoji Co. Ltd.(a) |
8,900 | 238,977 | ||||||
Komeri Co. Ltd.(a) |
11,100 | 250,970 | ||||||
Ks Holdings Corp. |
3,800 | 34,848 | ||||||
Leons Furniture Ltd. |
6,660 | 106,077 | ||||||
Lovisa Holdings Ltd.(a) |
3,686 | 56,091 | ||||||
Luk Fook Holdings International Ltd. |
111,672 | 276,564 | ||||||
Musti Group OYJ |
1,596 | 45,248 | ||||||
Nextage Co. Ltd.(a) |
3,800 | 58,050 | ||||||
Nishimatsuya Chain Co. Ltd. |
3,800 | 55,398 | ||||||
Nitori Holdings Co. Ltd. |
1,600 | 210,870 | ||||||
Nojima Corp. |
22,200 | 282,939 | ||||||
Pet Valu Holdings Ltd. |
1,716 | 40,047 | ||||||
Pets at Home Group plc |
23,584 | 84,153 | ||||||
Premier Investments Ltd.(a) |
1,517 | 28,219 | ||||||
Sanrio Co. Ltd. |
1,800 | 76,199 | ||||||
Shimamura Co. Ltd.(a) |
500 | 55,447 | ||||||
Super Retail Group Ltd.(a) |
5,324 | 56,205 | ||||||
USS Co. Ltd. |
1,800 | 34,485 | ||||||
Watches of Switzerland Group plc*(c) |
13,282 | 63,258 | ||||||
WH Smith plc |
8,214 | 126,672 | ||||||
Yamada Holdings Co. Ltd. |
7,600 | 23,423 | ||||||
Yellow Hat Ltd. |
11,300 | 141,854 | ||||||
Zalando SE*(b) |
3,444 | 69,883 | ||||||
ZOZO, Inc. |
2,800 | 62,312 | ||||||
|
|
|||||||
6,585,653 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 0.3% |
| |||||||
Brother Industries Ltd. |
4,000 | 67,973 | ||||||
Canon, Inc. |
14,800 | 413,094 | ||||||
Eizo Corp. |
1,500 | 52,540 | ||||||
Elecom Co. Ltd. |
1,600 | 18,805 | ||||||
FUJIFILM Holdings Corp. |
6,000 | 386,249 | ||||||
Konica Minolta, Inc.* |
14,200 | 39,586 | ||||||
Logitech International SA (Registered) |
2,368 | 200,018 | ||||||
MCJ Co. Ltd. |
22,200 | 188,322 | ||||||
Ricoh Co. Ltd. |
11,800 | 94,287 | ||||||
Riso Kagaku Corp. |
1,700 | 34,890 | ||||||
Seiko Epson Corp.(a) |
7,400 | 109,677 | ||||||
Toshiba TEC Corp. |
1,100 | 23,178 | ||||||
Wacom Co. Ltd. |
7,600 | 35,615 | ||||||
|
|
|||||||
1,664,234 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 1.8% |
| |||||||
adidas AG |
2,220 | 424,709 | ||||||
Asics Corp. |
3,400 | 105,344 | ||||||
Brunello Cucinelli SpA |
660 | 66,172 | ||||||
Burberry Group plc |
4,066 | 67,726 | ||||||
CCC SA* |
2,584 | 37,834 | ||||||
Chow Sang Sang Holdings International Ltd. |
111,000 | 120,695 | ||||||
Cie Financiere Richemont SA (Registered) |
7,844 | 1,179,549 | ||||||
Coats Group plc |
93,931 | 85,645 | ||||||
Crystal International Group Ltd.(b) |
209,500 | 79,595 | ||||||
Delta Galil Ltd. |
3,404 | 157,858 | ||||||
Descente Ltd. |
1,200 | 28,240 | ||||||
Dr. Martens plc |
33,087 | 37,542 | ||||||
Gildan Activewear, Inc. |
2,703 | 89,827 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Goldwin, Inc.(a) |
1,000 | 68,398 | ||||||
Hermes International SCA |
481 | 1,022,924 | ||||||
HUGO BOSS AG |
1,232 | 77,806 | ||||||
Japan Wool Textile Co. Ltd. (The) |
7,600 | 77,469 | ||||||
Kering SA |
1,110 | 462,099 | ||||||
LPP SA |
24 | 93,814 | ||||||
LVMH Moet Hennessy Louis Vuitton SE |
3,737 | 3,140,287 | ||||||
Moncler SpA |
2,775 | 172,722 | ||||||
New Wave Group AB, Class B(a) |
29,193 | 262,056 | ||||||
Pandora A/S |
1,110 | 163,221 | ||||||
Puma SE |
1,558 | 63,633 | ||||||
Salvatore Ferragamo SpA(a) |
5,358 | 68,910 | ||||||
Samsonite International SA*(a)(b) |
24,600 | 68,602 | ||||||
Seiko Group Corp. |
7,400 | 134,154 | ||||||
Stella International Holdings Ltd. |
166,500 | 219,380 | ||||||
Swatch Group AG (The) |
407 | 96,644 | ||||||
Swatch Group AG (The) (Registered) |
792 | 36,468 | ||||||
Tods SpA* |
778 | 28,767 | ||||||
Wacoal Holdings Corp. |
4,100 | 96,908 | ||||||
Yue Yuen Industrial Holdings Ltd. |
277,500 | 260,558 | ||||||
|
|
|||||||
9,095,556 | ||||||||
|
|
|||||||
Tobacco - 0.5% |
| |||||||
British American Tobacco plc |
47,286 | 1,408,159 | ||||||
Imperial Brands plc |
16,354 | 395,382 | ||||||
Japan Tobacco, Inc. |
14,800 | 394,363 | ||||||
Scandinavian Tobacco Group A/S(b) |
16,539 | 298,154 | ||||||
|
|
|||||||
2,496,058 | ||||||||
|
|
|||||||
Trading Companies & Distributors - 2.4% |
| |||||||
AddTech AB, Class B |
2,432 | 50,936 | ||||||
Ashtead Group plc |
6,253 | 414,229 | ||||||
Azelis Group NV |
1,148 | 23,843 | ||||||
BayWa AG |
3,441 | 111,386 | ||||||
Beijer Ref AB, Class B(a) |
3,876 | 53,569 | ||||||
Bossard Holding AG (Registered), Class A |
38 | 9,169 | ||||||
Brenntag SE |
2,114 | 188,896 | ||||||
Bufab AB |
968 | 34,701 | ||||||
Bunzl plc |
5,032 | 206,017 | ||||||
Chori Co. Ltd. |
4,100 | 83,893 | ||||||
Diploma plc |
1,979 | 82,157 | ||||||
Finning International, Inc. |
2,562 | 74,614 | ||||||
Grafton Group plc |
11,063 | 136,923 | ||||||
Hanwa Co. Ltd. |
13,900 | 517,298 | ||||||
Howden Joinery Group plc |
10,647 | 108,847 | ||||||
IMCD NV |
888 | 136,972 | ||||||
Inaba Denki Sangyo Co. Ltd. |
4,100 | 99,292 | ||||||
Inabata & Co. Ltd. |
14,800 | 326,526 | ||||||
ITOCHU Corp.(a) |
29,600 | 1,367,260 | ||||||
Kanamoto Co. Ltd. |
11,100 | 214,900 | ||||||
Kanematsu Corp. |
25,900 | 407,525 | ||||||
Marubeni Corp. |
33,300 | 578,977 | ||||||
Mitani Corp. |
14,800 | 199,662 | ||||||
Mitsubishi Corp. |
84,200 | 1,477,496 | ||||||
Mitsui & Co. Ltd. |
31,200 | 1,287,273 | ||||||
MonotaRO Co. Ltd. |
5,600 | 53,653 | ||||||
Nagase & Co. Ltd. |
2,200 | 36,475 | ||||||
Nishio Holdings Co. Ltd. |
7,700 | 213,604 |
Investments |
Shares | Value ($) | ||||||
OEM International AB, Class B |
9,061 | 86,380 | ||||||
Reece Ltd.(a) |
3,403 | 51,245 | ||||||
Rexel SA |
4,189 | 112,802 | ||||||
Richelieu Hardware Ltd.(a) |
3,332 | 108,286 | ||||||
RS GROUP plc |
7,942 | 79,453 | ||||||
Russel Metals, Inc. |
20,387 | 672,776 | ||||||
Seven Group Holdings Ltd. |
3,036 | 72,471 | ||||||
Sojitz Corp. |
3,899 | 93,464 | ||||||
Sumitomo Corp. |
24,400 | 570,043 | ||||||
Theme International Holdings Ltd.*(a) |
1,480,000 | 78,570 | ||||||
Toromont Industries Ltd. |
1,198 | 105,592 | ||||||
Toyota Tsusho Corp. |
4,600 | 307,957 | ||||||
Travis Perkins plc |
76,072 | 765,304 | ||||||
Trusco Nakayama Corp. |
1,800 | 31,216 | ||||||
Yamazen Corp. |
22,200 | 192,575 | ||||||
Yellow Cake plc*(b) |
7,602 | 67,330 | ||||||
Yuasa Trading Co. Ltd. |
7,400 | 249,831 | ||||||
|
|
|||||||
12,141,388 | ||||||||
|
|
|||||||
Transportation Infrastructure - 0.4% |
| |||||||
Aena SME SA(b) |
925 | 165,035 | ||||||
Aeroports de Paris SA |
114 | 15,405 | ||||||
Atlas Arteria Ltd. |
4,712 | 16,883 | ||||||
Auckland International Airport Ltd. |
21,345 | 110,827 | ||||||
Dalrymple Bay Infrastructure Ltd.(a) |
15,200 | 27,933 | ||||||
Enav SpA(b) |
12,657 | 47,158 | ||||||
Flughafen Zurich AG (Registered) |
320 | 66,660 | ||||||
Fraport AG Frankfurt Airport Services Worldwide* |
890 | 52,959 | ||||||
Getlink SE |
6,216 | 108,034 | ||||||
Hamburger Hafen und Logistik AG* |
9,009 | 161,469 | ||||||
Hutchison Port Holdings Trust |
1,709,400 | 256,410 | ||||||
Japan Airport Terminal Co. Ltd.(a) |
1,200 | 48,246 | ||||||
Kamigumi Co. Ltd. |
3,100 | 72,211 | ||||||
Mitsubishi Logistics Corp. |
1,700 | 53,277 | ||||||
Port of Tauranga Ltd. |
5,225 | 17,143 | ||||||
Qube Holdings Ltd.(a) |
36,652 | 79,470 | ||||||
SATS Ltd.* |
8,200 | 16,874 | ||||||
Sumitomo Warehouse Co. Ltd. (The) |
4,100 | 74,609 | ||||||
Transurban Group |
46,250 | 413,049 | ||||||
Westshore Terminals Investment |
1,647 | 35,010 | ||||||
|
|
|||||||
1,838,662 | ||||||||
|
|
|||||||
Water Utilities - 0.1% |
| |||||||
Pennon Group plc |
14,800 | 133,060 | ||||||
Severn Trent plc |
3,478 | 115,067 | ||||||
United Utilities Group plc |
9,435 | 128,140 | ||||||
|
|
|||||||
376,267 | ||||||||
|
|
|||||||
Wireless Telecommunication Services - 0.7% |
| |||||||
1&1 AG |
12,654 | 252,366 | ||||||
Airtel Africa plc(b) |
34,804 | 49,728 | ||||||
Cellcom Israel Ltd.*(a) |
38,221 | 157,599 | ||||||
Freenet AG |
2,356 | 65,567 | ||||||
KDDI Corp. |
22,200 | 743,721 | ||||||
Millicom International Cellular SA, SDR* |
1,482 | 25,675 | ||||||
Orange Belgium SA* |
3,496 | 50,052 | ||||||
Partner Communications Co. Ltd.* |
10,619 | 49,332 | ||||||
Rogers Communications, Inc., Class B |
5,513 | 259,134 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
SoftBank Corp. |
40,700 | 546,704 | ||||||
SoftBank Group Corp. |
14,800 | 654,065 | ||||||
StarHub Ltd. |
61,500 | 48,782 | ||||||
Tele2 AB, Class B |
8,052 | 69,249 | ||||||
VEON Ltd., ADR* |
7,400 | 143,930 | ||||||
Vodafone Group plc |
449,809 | 385,615 | ||||||
|
|
|||||||
3,501,519 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
498,353,433 | ||||||
|
|
|||||||
Investments |
Shares | Value ($) | ||||||
CLOSED END FUNDS - 0.0%(d) |
| |||||||
Independent Power and Renewable Electricity Producers - 0.0%(d) |
| |||||||
Renewables Infrastructure Group Ltd. (The) |
68,376 | 94,736 | ||||||
|
|
|||||||
Investments |
Number of Rights |
Value ($) | ||||||
RIGHTS - 0.0%(d) |
||||||||
Construction & Engineering - 0.0%(d) |
| |||||||
ACS Actividades de Construccion y Servicios SA, expiring 2/5/2024, price 1.00 EUR*(a) |
4,625 | 2,130 | ||||||
|
|
|||||||
Investments |
Number of Warrants |
Value ($) | ||||||
WARRANTS - 0.0% |
||||||||
Construction & Engineering - 0.0% |
| |||||||
Webuild SpA, expiring 8/2/2030*(a) |
10,785 | | ||||||
|
|
|||||||
Software - 0.0% |
| |||||||
Constellation Software, Inc., expiring 3/31/2040, price 11.50 CAD* |
280 | | ||||||
|
|
|||||||
TOTAL WARRANTS |
|
| ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 1.0%(f) |
| |||||||
INVESTMENT COMPANIES - 0.2% |
| |||||||
BlackRock Liquidity FedFund, Institutional Shares |
196,102 | 196,102 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Invesco Government & Agency Portfolio, Institutional Shares 5.31%, 2/1/2024 |
938,530 | 938,530 | ||||||
|
|
|||||||
TOTAL INVESTMENT COMPANIES |
|
1,134,632 | ||||||
|
|
|||||||
REPURCHASE AGREEMENTS - 0.8% |
| |||||||
CF Secured LLC, 5.31%, dated 1/31/2024, due 2/1/2024, repurchase price $3,583,377, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 3/31/2024 - 5/15/2053; total market value $28,401,272 |
3,582,848 | 3,582,848 | ||||||
TD Prime Services LLC, 5.41%, dated 1/31/2024, due 2/1/2024, repurchase price $112,986, collateralized by various Common Stocks; total market value $122,551 |
112,969 | 112,969 | ||||||
|
|
|||||||
TOTAL REPURCHASE AGREEMENTS |
|
3,695,817 | ||||||
|
|
|||||||
TOTAL SECURITIES LENDING REINVESTMENTS |
|
4,830,449 | ||||||
|
|
|||||||
Total Investments - 99.7% |
|
503,280,748 | ||||||
Other assets less liabilities - 0.3% |
|
1,535,240 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
504,815,988 | ||||||
|
|
* | Non-income producing security. |
| Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(a) | The security or a portion of this security is on loan at January 31, 2024. The total value of securities on loan at January 31, 2024 was $49,309,223, collateralized in the form of cash with a value of $4,830,450 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $23,120,150 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 5.51%, and maturity dates ranging from February 6, 2024 August 15, 2053 and $26,402,460 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 5.75%, and maturity dates ranging from February 21, 2024 September 20, 2117; a total value of $54,353,060. |
(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 exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Represents less than 0.05% of net assets. |
(e) | Amount less than one dollar. |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
(f) | The security was purchased with cash collateral held from securities on loan at January 31, 2024. The total value of securities purchased was $4,830,449. |
Percentages shown are based on Net Assets.
Abbreviations | ||
ADR | American Depositary Receipt | |
CHDI | Clearing House Electronic Subregister System (CHESS) Depository Interest | |
CVA | Dutch Certification | |
OYJ | Public Limited Company | |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
REIT | Real Estate Investment Trust | |
SCA | Limited partnership with share capital | |
SDR | Swedish Depositary Receipt |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Futures Contracts
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund had the following open futures contracts as of January 31, 2024:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||
Long Contracts |
|
|||||||||||||||||
EURO STOXX 50 Index |
40 | 03/15/2024 | EUR | $ | 2,026,942 | $ | 51,470 | |||||||||||
FTSE 100 Index |
15 | 03/15/2024 | GBP | 1,457,273 | 16,211 | |||||||||||||
Nikkei 225 Index |
11 | 03/07/2024 | JPY | 1,366,957 | 123,672 | |||||||||||||
S&P/TSX 60 Index |
6 | 03/14/2024 | CAD | 1,141,394 | 29,241 | |||||||||||||
SPI 200 Index |
4 | 03/21/2024 | AUD | 505,241 | 16,543 | |||||||||||||
|
|
|||||||||||||||||
$ | 237,137 | |||||||||||||||||
|
|
Forward Foreign Currency Contracts
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund had the following outstanding contracts as of January 31, 2024:
Contracts to Receive |
Counterparty |
In Exchange For | Maturity Date |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
CAD |
723,792 | Citibank NA | USD | 539,854 | 03/20/2024 | $ | 2,206 | |||||||||||||||
GBP |
323,203 | Citibank NA | USD | 411,610 | 03/20/2024 | 118 | ||||||||||||||||
USD |
179,909 | Citibank NA | CAD | 240,000 | 03/20/2024 | 169 | ||||||||||||||||
USD |
209,701 | Toronto-Dominion Bank (The) | CAD | 280,000 | 03/20/2024 | 5 | ||||||||||||||||
USD |
27,863 | Toronto-Dominion Bank (The) | JPY | 3,891,702 | 03/21/2024 | 1,037 | ||||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized appreciation |
|
$ | 3,535 | |||||||||||||||||||
|
|
|||||||||||||||||||||
JPY |
24,000,000 | Bank of Montreal | USD | 170,657 | 03/21/2024 | $ | (5,220 | ) | ||||||||||||||
JPY |
44,820,000 | JPMorgan Chase Bank NA | USD | 320,918 | 03/21/2024 | (11,964 | ) | |||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized depreciation |
|
$ | (17,184 | ) | ||||||||||||||||||
|
|
|||||||||||||||||||||
Net unrealized depreciation |
|
$ | (13,649 | ) | ||||||||||||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Abbreviations: |
AUD Australian Dollar |
CAD Canadian Dollar |
EUR Euro |
GBP British Pound |
JPY Japanese Yen |
USD US Dollar |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2024:
Australia |
5.7 | % | ||
Austria |
0.5 | |||
Belgium |
1.1 | |||
Canada |
11.1 | |||
Denmark |
2.6 | |||
Finland |
0.7 | |||
France |
7.7 | |||
Germany |
6.7 | |||
Hong Kong |
1.9 | |||
Ireland |
0.2 | |||
Israel |
1.5 | |||
Italy |
3.0 | |||
Japan |
24.3 | |||
Netherlands |
3.3 | |||
New Zealand |
0.4 | |||
Norway |
1.3 | |||
Poland |
0.4 | |||
Portugal |
0.2 | |||
Singapore |
1.2 | |||
Spain |
2.3 | |||
Sweden |
3.3 | |||
Switzerland |
6.0 | |||
United Kingdom |
13.3 | |||
United States |
0.0 | | ||
Other1 |
1.3 | |||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
1 | Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
Security Type |
% of Net Assets | |||
Common Stocks |
98.7 | % | ||
Closed End Funds |
0.0 | | ||
Rights |
0.0 | | ||
Warrants |
| |||
Securities Lending Reinvestments |
1.0 | |||
Others(1) |
0.3 | |||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund
January 31, 2024 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 100.1% |
| |||||||
Aerospace & Defense - 0.3% |
| |||||||
AECC Aviation Power Co. Ltd., Class A |
4,700 | 20,588 | ||||||
Aselsan Elektronik Sanayi ve Ticaret A/S |
38,220 | 63,734 | ||||||
AviChina Industry & Technology Co. Ltd., Class H |
81,000 | 29,945 | ||||||
Bharat Dynamics Ltd.(a) |
705 | 14,492 | ||||||
Bharat Electronics Ltd. |
65,721 | 147,122 | ||||||
Colt CZ Group SE |
144 | 3,657 | ||||||
Data Patterns India Ltd. |
588 | 13,492 | ||||||
EHang Holdings Ltd., ADR*(b) |
1,440 | 14,630 | ||||||
Embraer SA* |
9,400 | 43,337 | ||||||
Hanwha Aerospace Co. Ltd.* |
988 | 102,231 | ||||||
Hanwha Systems Co. Ltd.* |
689 | 7,976 | ||||||
Hindustan Aeronautics Ltd.(a) |
3,224 | 116,445 | ||||||
Korea Aerospace Industries Ltd.* |
1,248 | 47,221 | ||||||
Kuang-Chi Technologies Co. Ltd., Class A* |
10,200 | 16,935 | ||||||
LIG Nex1 Co. Ltd.* |
250 | 19,687 | ||||||
Mazagon Dock Shipbuilders Ltd. |
528 | 14,566 | ||||||
United Aircraft Corp. PAO* |
25,155,036 | | ||||||
|
|
|||||||
676,058 | ||||||||
|
|
|||||||
Air Freight & Logistics - 0.4% |
| |||||||
Abu Dhabi Aviation Co. |
59,644 | 110,423 | ||||||
Agility Public Warehousing Co. KSC* |
29,396 | 55,428 | ||||||
Allcargo Logistics Ltd. |
130,832 | 127,927 | ||||||
Aramex PJSC |
32,940 | 18,923 | ||||||
Blue Dart Express Ltd. |
96 | 7,525 | ||||||
CJ Logistics Corp.* |
245 | 24,929 | ||||||
Delhivery Ltd.* |
7,008 | 37,929 | ||||||
Hyundai Glovis Co. Ltd.* |
520 | 68,144 | ||||||
J&T Global Express Ltd.* |
104,000 | 205,146 | ||||||
JD Logistics, Inc.*(a)(b) |
28,800 | 25,052 | ||||||
Kerry TJ Logistics Co. Ltd. |
8,000 | 9,534 | ||||||
SCGJWD Logistics PCL, NVDR* |
29,300 | 11,397 | ||||||
SF Holding Co. Ltd., Class A |
9,300 | 45,622 | ||||||
Sinotrans Ltd., Class A |
4,700 | 3,607 | ||||||
Sinotrans Ltd., Class H |
47,000 | 19,600 | ||||||
TVS Supply Chain Solutions Ltd.* |
6,816 | 15,862 | ||||||
YTO Express Group Co. Ltd., Class A |
4,700 | 7,306 | ||||||
Yunda Holding Co. Ltd., Class A |
5,800 | 5,041 | ||||||
ZTO Express Cayman, Inc. |
7,800 | 126,520 | ||||||
|
|
|||||||
925,915 | ||||||||
|
|
|||||||
Automobile Components - 1.6% |
| |||||||
Actron Technology Corp. |
2,688 | 14,471 | ||||||
Apollo Tyres Ltd. |
4,465 | 29,061 | ||||||
Asahi India Glass Ltd. |
4,900 | 30,975 | ||||||
Astra Otoparts Tbk. PT |
436,800 | 62,005 | ||||||
Balkrishna Industries Ltd. |
1,887 | 55,768 |
Investments |
Shares | Value ($) | ||||||
Bharat Forge Ltd. |
4,191 | 62,340 | ||||||
Bosch Ltd. |
147 | 41,719 | ||||||
Ceat Ltd. |
799 | 25,502 | ||||||
Cheng Shin Rubber Industry Co. Ltd. |
52,000 | 75,509 | ||||||
CIE Automotive India Ltd. |
1,715 | 10,025 | ||||||
Cub Elecparts, Inc. |
3,269 | 13,525 | ||||||
Depo Auto Parts Ind Co. Ltd. |
58,048 | 277,262 | ||||||
DN Automotive Corp. |
1,612 | 104,717 | ||||||
Endurance Technologies Ltd.(a) |
350 | 8,873 | ||||||
Exide Industries Ltd. |
8,526 | 34,389 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A |
4,800 | 25,479 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(a) |
8,400 | 37,931 | ||||||
Hankook & Co. Co Ltd.* |
907 | 11,254 | ||||||
Hankook Tire & Technology Co. Ltd.* |
2,184 | 83,946 | ||||||
Hanon Systems |
2,756 | 12,844 | ||||||
HL Mando Co. Ltd. |
1,045 | 27,561 | ||||||
Hota Industrial Manufacturing Co. Ltd. |
12,134 | 20,353 | ||||||
Hu Lane Associate, Inc. |
2,544 | 12,192 | ||||||
Huayu Automotive Systems Co. Ltd., Class A |
9,400 | 21,263 | ||||||
Hyundai Mobis Co. Ltd. |
1,872 | 294,549 | ||||||
Hyundai Wia Corp.* |
583 | 25,466 | ||||||
Iljin Hysolus Co. Ltd.* |
383 | 6,557 | ||||||
JBM Auto Ltd. |
784 | 18,095 | ||||||
JK Tyre & Industries Ltd. |
46,696 | 296,251 | ||||||
Kordsa Teknik Tekstil A/S |
5,328 | 14,609 | ||||||
Kumho Tire Co., Inc.* |
5,635 | 24,868 | ||||||
Mahle Metal Leve SA |
20,800 | 143,294 | ||||||
Minda Corp. Ltd. |
3,724 | 18,498 | ||||||
Minth Group Ltd. |
22,000 | 35,629 | ||||||
Motherson Sumi Wiring India Ltd. |
30,126 | 23,598 | ||||||
MRF Ltd. |
52 | 89,279 | ||||||
Myoung Shin Industrial Co. Ltd.* |
12,844 | 159,269 | ||||||
Nan Kang Rubber Tire Co. Ltd.* |
14,000 | 18,652 | ||||||
Nexen Tire Corp.* |
13,847 | 83,934 | ||||||
Nexteer Automotive Group Ltd.(b) |
416,000 | 187,851 | ||||||
Ningbo Tuopu Group Co. Ltd., Class A |
3,100 | 21,045 | ||||||
Samvardhana Motherson International Ltd. |
41,560 | 56,677 | ||||||
Sebang Global Battery Co. Ltd.* |
2,340 | 101,339 | ||||||
SL Corp.* |
550 | 13,228 | ||||||
SNT Motiv Co. Ltd. |
3,640 | 121,092 | ||||||
Sona Blw Precision Forgings Ltd.(a) |
5,145 | 38,301 | ||||||
Sri Trang Agro-Industry PCL, NVDR |
338,000 | 164,820 | ||||||
Sundram Fasteners Ltd. |
1,504 | 22,080 | ||||||
Sungwoo Hitech Co. Ltd.* |
19,708 | 122,561 | ||||||
Tianneng Power International Ltd.(b) |
312,000 | 241,865 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Tong Yang Industry Co. Ltd. |
9,072 | 24,724 | ||||||
Tube Investments of India Ltd. |
1,820 | 85,430 | ||||||
Tung Thih Electronic Co. Ltd. |
2,872 | 11,929 | ||||||
TVS Holdings Ltd. |
2,912 | 280,592 | ||||||
TYC Brother Industrial Co. Ltd. |
91,577 | 115,278 | ||||||
UNO Minda Ltd. |
4,931 | 40,977 | ||||||
Weifu High-Technology Group Co. Ltd., Class A |
4,700 | 10,540 | ||||||
ZF Commercial Vehicle Control Systems India Ltd. |
96 | 18,885 | ||||||
|
|
|||||||
4,030,726 | ||||||||
|
|
|||||||
Automobiles - 1.9% |
| |||||||
Bajaj Auto Ltd. |
1,352 | 124,832 | ||||||
Brilliance China Automotive Holdings Ltd.(b) |
106,000 | 56,680 | ||||||
BYD Co. Ltd., Class A |
700 | 16,646 | ||||||
BYD Co. Ltd., Class H(b) |
16,500 | 367,898 | ||||||
China Motor Corp. |
7,000 | 25,607 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A |
17,108 | 30,501 | ||||||
Chongqing Changan Automobile Co. Ltd., Class B |
4,890 | 2,502 | ||||||
Dongfeng Motor Group Co. Ltd., Class H |
1,040,000 | 401,778 | ||||||
DRB-Hicom Bhd. |
384,800 | 109,827 | ||||||
Eicher Motors Ltd. |
2,620 | 121,138 | ||||||
Ford Otomotiv Sanayi A/S |
1,916 | 55,692 | ||||||
Geely Automobile Holdings Ltd. |
156,000 | 147,274 | ||||||
Great Wall Motor Co. Ltd., Class A |
4,700 | 13,374 | ||||||
Great Wall Motor Co. Ltd., Class H(b) |
32,500 | 31,971 | ||||||
Guangzhou Automobile Group Co. Ltd., Class A |
13,500 | 15,419 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H |
104,000 | 41,109 | ||||||
Hero MotoCorp Ltd. |
2,236 | 124,438 | ||||||
Hyundai Motor Co. |
4,264 | 621,717 | ||||||
Hyundai Motor Co. (2nd Preference) |
988 | 87,574 | ||||||
Hyundai Motor Co. (3rd Preference) |
104 | 9,210 | ||||||
Hyundai Motor Co. (Preference) |
689 | 61,020 | ||||||
Kia Corp.* |
7,280 | 561,280 | ||||||
Li Auto, Inc., Class A* |
16,400 | 222,380 | ||||||
Mahindra & Mahindra Ltd. |
16,744 | 333,000 | ||||||
Maruti Suzuki India Ltd. |
2,340 | 287,046 | ||||||
NIO, Inc., Class A*(b) |
24,440 | 137,875 | ||||||
Oriental Holdings Bhd. |
8,500 | 11,501 | ||||||
SAIC Motor Corp. Ltd., Class A |
26,000 | 49,505 | ||||||
Sanyang Motor Co. Ltd. |
10,824 | 24,415 | ||||||
Seres Group Co. Ltd., Class A* |
100 | 791 | ||||||
Tata Motors Ltd. |
29,276 | 311,713 | ||||||
Tata Motors Ltd., Class A |
8,914 | 62,687 | ||||||
Tofas Turk Otomobil Fabrikasi A/S |
3,233 | 26,253 | ||||||
TVS Motor Co. Ltd. |
3,706 | 89,314 | ||||||
XPeng, Inc., Class A*(b) |
20,800 | 86,076 | ||||||
Yadea Group Holdings Ltd.(a) |
16,000 | 21,859 | ||||||
Yulon Motor Co. Ltd. |
18,120 | 40,235 |
Investments |
Shares | Value ($) | ||||||
Zhejiang Leapmotor Technology Co. Ltd.*(a)(b) |
15,800 | 42,748 | ||||||
|
|
|||||||
4,774,885 | ||||||||
|
|
|||||||
Banks - 14.5% |
| |||||||
Absa Group Ltd. |
25,324 | 223,030 | ||||||
Abu Dhabi Commercial Bank PJSC |
84,396 | 206,799 | ||||||
Abu Dhabi Islamic Bank PJSC |
44,200 | 134,780 | ||||||
AFFIN Bank Bhd. |
6,973 | 3,877 | ||||||
Agricultural Bank of China Ltd., Class A |
395,200 | 214,126 | ||||||
Agricultural Bank of China Ltd., Class H |
807,000 | 311,764 | ||||||
Ajman Bank PJSC* |
39,120 | 21,834 | ||||||
Akbank TAS, ADR(b) |
41,353 | 111,240 | ||||||
Al Ahli Bank of Kuwait KSCP |
12,693 | 10,399 | ||||||
Al Rajhi Bank |
33,228 | 744,287 | ||||||
Alinma Bank |
16,779 | 185,459 | ||||||
Alliance Bank Malaysia Bhd. |
27,600 | 20,014 | ||||||
Alpha Services and Holdings SA* |
66,872 | 119,856 | ||||||
AMMB Holdings Bhd. |
57,200 | 51,274 | ||||||
AU Small Finance Bank Ltd.(a) |
5,304 | 40,660 | ||||||
Axis Bank Ltd. |
38,168 | 490,752 | ||||||
BAC Holding International Corp. |
98,352 | 6,412 | ||||||
Banco BBVA Peru SA |
120,120 | 50,847 | ||||||
Banco Bradesco SA |
48,300 | 133,724 | ||||||
Banco Bradesco SA (Preference) |
150,800 | 468,475 | ||||||
Banco de Bogota SA |
3,242 | 26,360 | ||||||
Banco de Chile |
1,267,032 | 141,722 | ||||||
Banco de Credito e Inversiones SA |
2,301 | 60,782 | ||||||
Banco del Bajio SA(a) |
20,800 | 79,298 | ||||||
Banco do Brasil SA |
26,000 | 297,039 | ||||||
Banco do Estado do Rio Grande do Sul SA (Preference), Class B |
88,400 | 263,889 | ||||||
Banco Itau Chile SA |
768 | 7,185 | ||||||
Banco Santander Chile |
2,007,356 | 92,612 | ||||||
Bancolombia SA |
9,360 | 78,400 | ||||||
Bancolombia SA (Preference) |
14,587 | 114,425 | ||||||
Bandhan Bank Ltd.(a) |
11,877 | 32,752 | ||||||
Bangkok Bank PCL, NVDR |
20,800 | 82,666 | ||||||
Bank Aladin Syariah Tbk. PT* |
279,300 | 18,585 | ||||||
Bank AlBilad |
8,874 | 105,539 | ||||||
Bank Al-Jazira* |
6,066 | 32,642 | ||||||
Bank BTPN Syariah Tbk. PT |
1,050,400 | 105,839 | ||||||
Bank Central Asia Tbk. PT |
925,600 | 560,170 | ||||||
Bank Ina Perdana PT* |
86,400 | 23,106 | ||||||
Bank Islam Malaysia Bhd. |
44,100 | 20,885 | ||||||
Bank Jago Tbk. PT* |
144,000 | 29,293 | ||||||
Bank Mandiri Persero Tbk. PT |
1,068,880 | 450,447 | ||||||
Bank Negara Indonesia Persero Tbk. PT |
457,600 | 166,743 | ||||||
Bank OCBC Nisp Tbk. PT |
1,518,400 | 119,798 | ||||||
Bank of Baroda |
33,636 | 100,288 | ||||||
Bank of Beijing Co. Ltd., Class A |
74,200 | 52,708 | ||||||
Bank of Changsha Co. Ltd., Class A |
9,400 | 9,374 | ||||||
Bank of Chengdu Co. Ltd., Class A |
10,600 | 18,499 | ||||||
Bank of China Ltd., Class H |
2,288,000 | 860,497 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Bank of Chongqing Co. Ltd., Class A |
14,700 | 14,128 | ||||||
Bank of Communications Co. Ltd., Class A |
108,100 | 90,340 | ||||||
Bank of Communications Co. Ltd., Class H |
195,000 | 115,245 | ||||||
Bank of Hangzhou Co. Ltd., Class A |
18,800 | 28,568 | ||||||
Bank of India |
21,338 | 35,703 | ||||||
Bank of Jiangsu Co. Ltd., Class A |
41,780 | 42,597 | ||||||
Bank of Nanjing Co. Ltd., Class A |
31,200 | 36,069 | ||||||
Bank of Ningbo Co. Ltd., Class A |
17,250 | 51,681 | ||||||
Bank of Qingdao Co. Ltd., Class H(a) |
23,500 | 5,892 | ||||||
Bank of Shanghai Co. Ltd., Class A |
45,000 | 40,114 | ||||||
Bank of the Philippine Islands |
33,734 | 66,276 | ||||||
Bank of Xian Co. Ltd., Class A |
4,900 | 2,320 | ||||||
Bank of Zhengzhou Co. Ltd., Class A* |
19,239 | 5,359 | ||||||
Bank Pan Indonesia Tbk. PT* |
71,500 | 4,984 | ||||||
Bank Rakyat Indonesia Persero Tbk. PT |
1,076,400 | 388,814 | ||||||
Bank Tabungan Negara Persero Tbk. PT |
2,537,624 | 209,861 | ||||||
Banque Saudi Fransi |
17,836 | 190,246 | ||||||
BDO Unibank, Inc. |
36,400 | 93,756 | ||||||
BNK Financial Group, Inc. |
8,892 | 50,168 | ||||||
BOC Hong Kong Holdings |
104,000 | 249,049 | ||||||
Boubyan Bank KSCP |
22,412 | 44,737 | ||||||
Burgan Bank SAK |
31,504 | 19,664 | ||||||
Canara Bank |
10,333 | 59,974 | ||||||
Capitec Bank Holdings Ltd. |
1,716 | 184,344 | ||||||
Chang Hwa Commercial Bank Ltd. |
123,791 | 69,213 | ||||||
China Banking Corp. |
44,100 | 24,755 | ||||||
China Bohai Bank Co. Ltd., Class H*(a) |
1,170,000 | 158,649 | ||||||
China CITIC Bank Corp. Ltd., Class H |
260,000 | 128,715 | ||||||
China Construction Bank Corp., Class A |
28,200 | 26,945 | ||||||
China Construction Bank Corp., Class H |
2,860,000 | 1,697,579 | ||||||
China Everbright Bank Co. Ltd., Class A |
124,800 | 54,756 | ||||||
China Everbright Bank Co. Ltd., Class H |
53,000 | 15,729 | ||||||
China Merchants Bank Co. Ltd., Class A |
46,800 | 200,184 | ||||||
China Merchants Bank Co. Ltd., Class H |
104,000 | 379,827 | ||||||
China Minsheng Banking Corp. Ltd., Class A |
88,400 | 48,635 | ||||||
China Minsheng Banking Corp. Ltd., Class H(b) |
156,000 | 51,885 | ||||||
China Zheshang Bank Co. Ltd., Class A |
61,100 | 22,893 | ||||||
China Zheshang Bank Co. Ltd., Class H |
107,900 | 28,572 |
Investments |
Shares | Value ($) | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class A |
18,800 | 11,338 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H |
47,000 | 18,278 | ||||||
CIMB Group Holdings Bhd. |
244,340 | 321,826 | ||||||
City Union Bank Ltd. |
19,584 | 34,171 | ||||||
CNPC Capital Co. Ltd., Class A |
28,800 | 24,670 | ||||||
Commercial Bank of Dubai PSC |
31,564 | 42,968 | ||||||
Commercial Bank PSQC (The) |
96,876 | 139,687 | ||||||
Commercial International Bank - Egypt (CIB) |
66,315 | 189,073 | ||||||
Commercial International Bank - Egypt (CIB) (Registered), GDR(a) |
400 | 472 | ||||||
Credicorp Ltd. |
1,976 | 293,298 | ||||||
Credit Agricole Egypt SAE* |
204,432 | 158,782 | ||||||
Credit Bank of Moscow PJSC* |
229,590 | | ||||||
CTBC Financial Holding Co. Ltd. |
572,000 | 519,925 | ||||||
DGB Financial Group, Inc.* |
5,243 | 35,395 | ||||||
Doha Bank QPSC |
1,058,564 | 495,411 | ||||||
Dubai Islamic Bank PJSC |
89,596 | 154,167 | ||||||
Dukhan Bank |
44,408 | 47,799 | ||||||
E.Sun Financial Holding Co. Ltd. |
260,000 | 205,594 | ||||||
Emirates NBD Bank PJSC |
71,604 | 345,061 | ||||||
Equitas Small Finance Bank |
23,177 | 28,956 | ||||||
Eurobank Ergasias Services and Holdings SA* |
70,876 | 137,579 | ||||||
Faisal Islamic Bank of Egypt |
67,392 | 66,449 | ||||||
Far Eastern International Bank |
111,625 | 43,509 | ||||||
Federal Bank Ltd. |
32,286 | 57,268 | ||||||
First Abu Dhabi Bank PJSC |
73,684 | 293,697 | ||||||
First Financial Holding Co. Ltd. |
170,208 | 144,652 | ||||||
Grupo Aval Acciones y Valores SA (Preference) |
116,179 | 15,298 | ||||||
Grupo Bolivar SA |
19,656 | 311,591 | ||||||
Grupo Elektra SAB de CV(b) |
1,040 | 69,839 | ||||||
Grupo Financiero Banorte SAB de CV, Class O |
84,112 | 857,305 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O*(b) |
30,446 | 90,139 | ||||||
Grupo Security SA |
771,732 | 230,553 | ||||||
Gulf Bank KSCP |
53,836 | 50,756 | ||||||
Haci Omer Sabanci Holding A/S |
33,378 | 79,859 | ||||||
Hana Financial Group, Inc. |
8,840 | 316,601 | ||||||
HDFC Bank Ltd. |
94,900 | 1,671,360 | ||||||
Hong Leong Bank Bhd. |
20,800 | 84,431 | ||||||
Hong Leong Financial Group Bhd. |
4,900 | 17,010 | ||||||
Hua Nan Financial Holdings Co. Ltd. |
170,065 | 117,363 | ||||||
Huaxia Bank Co. Ltd., Class A |
47,000 | 39,671 | ||||||
ICICI Bank Ltd. |
88,816 | 1,099,615 | ||||||
IDFC First Bank Ltd.* |
49,660 | 50,441 | ||||||
Indian Bank |
8,041 | 48,303 | ||||||
IndusInd Bank Ltd. |
10,105 | 186,668 | ||||||
Industrial & Commercial Bank of China Ltd., Class A |
270,400 | 194,715 | ||||||
Industrial & Commercial Bank of China Ltd., Class H(b) |
2,132,000 | 1,041,829 | ||||||
Industrial Bank Co. Ltd., Class A |
57,200 | 125,322 | ||||||
Industrial Bank of Korea* |
7,904 | 74,145 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Intercorp Financial Services, Inc.(a) |
1,040 | 24,440 | ||||||
Itau Unibanco Holding SA (Preference) |
140,400 | 931,435 | ||||||
Itausa SA |
32,893 | 66,437 | ||||||
Itausa SA (Preference) |
160,365 | 324,553 | ||||||
Jammu & Kashmir Bank Ltd. (The) |
169,312 | 274,121 | ||||||
JB Financial Group Co. Ltd. |
3,370 | 28,886 | ||||||
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A |
6,700 | 6,411 | ||||||
KakaoBank Corp.* |
5,564 | 113,811 | ||||||
Karnataka Bank Ltd. (The) |
76,128 | 233,260 | ||||||
Karur Vysya Bank Ltd. (The) |
265,928 | 635,169 | ||||||
Kasikornbank PCL, NVDR |
35,800 | 121,091 | ||||||
KB Financial Group, Inc. |
11,232 | 476,328 | ||||||
Kiatnakin Phatra Bank PCL, NVDR |
9,800 | 13,466 | ||||||
Kings Town Bank Co. Ltd. |
24,000 | 31,247 | ||||||
Komercni Banka A/S |
2,288 | 75,371 | ||||||
Kotak Mahindra Bank Ltd. |
18,408 | 404,596 | ||||||
Krung Thai Bank PCL, NVDR |
119,000 | 53,332 | ||||||
Kuwait Finance House KSCP |
169,156 | 424,540 | ||||||
Kuwait International Bank KSCP |
38,492 | 20,272 | ||||||
Kuwait Projects Co. Holding KSCP* |
56,513 | 20,026 | ||||||
Malayan Banking Bhd. |
213,200 | 417,385 | ||||||
Malaysia Building Society Bhd. |
14,100 | 2,191 | ||||||
Masraf Al Rayan QSC |
92,768 | 59,875 | ||||||
Mega Financial Holding Co. Ltd. |
211,796 | 254,768 | ||||||
Metropolitan Bank & Trust Co. |
46,800 | 47,469 | ||||||
Moneta Money Bank A/S(a) |
10,400 | 44,923 | ||||||
National Bank of Greece SA* |
16,432 | 125,480 | ||||||
National Bank of Kuwait SAKP |
134,004 | 426,931 | ||||||
Nedbank Group Ltd. |
13,572 | 158,716 | ||||||
O-Bank Co. Ltd. |
47,000 | 14,145 | ||||||
Optima bank SA*(b) |
26,676 | 212,690 | ||||||
OTP Bank Nyrt. |
6,500 | 302,672 | ||||||
Ping An Bank Co. Ltd., Class A |
49,800 | 65,618 | ||||||
Piraeus Financial Holdings SA* |
16,958 | 69,077 | ||||||
Postal Savings Bank of China Co. Ltd., Class A |
72,800 | 47,962 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(a)(b) |
245,000 | 117,529 | ||||||
Public Bank Bhd. |
436,800 | 405,402 | ||||||
Punjab National Bank |
65,483 | 90,209 | ||||||
Qatar International Islamic Bank QSC |
15,808 | 45,327 | ||||||
Qatar Islamic Bank SAQ |
52,104 | 279,052 | ||||||
Qatar National Bank QPSC |
128,128 | 545,802 | ||||||
Qingdao Rural Commercial Bank Corp., Class A* |
18,800 | 6,834 | ||||||
RBL Bank Ltd.(a) |
199,992 | 627,475 | ||||||
Regional SAB de CV |
5,300 | 49,296 | ||||||
RHB Bank Bhd. |
109,200 | 129,285 | ||||||
Riyad Bank |
42,692 | 323,312 | ||||||
Saudi Awwal Bank |
16,484 | 158,022 | ||||||
Saudi Investment Bank (The) |
14,924 | 62,082 | ||||||
Saudi National Bank (The) |
84,864 | 918,770 | ||||||
Sberbank of Russia PJSC |
369,050 | |
Investments |
Shares | Value ($) | ||||||
Sberbank of Russia PJSC (Preference) |
39,708 | | ||||||
SCB X PCL, NVDR |
25,400 | 74,458 | ||||||
Security Bank Corp. |
135,200 | 170,516 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) |
79,888 | 113,070 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A |
78,000 | 74,202 | ||||||
Shanghai Rural Commercial Bank Co. Ltd., Class A |
38,400 | 33,803 | ||||||
Sharjah Islamic Bank |
571,740 | 365,807 | ||||||
Shinhan Financial Group Co. Ltd. |
14,144 | 432,909 | ||||||
SinoPac Financial Holdings Co. Ltd. |
364,000 | 223,288 | ||||||
Standard Bank Group Ltd. |
39,504 | 424,251 | ||||||
State Bank of India |
51,896 | 400,264 | ||||||
Taichung Commercial Bank Co. Ltd. |
54,149 | 27,161 | ||||||
Taishin Financial Holding Co. Ltd. |
347,568 | 190,444 | ||||||
Taiwan Business Bank |
163,728 | 69,834 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. |
163,350 | 132,822 | ||||||
Tamilnad Mercantile Bank Ltd. |
55,900 | 339,868 | ||||||
Thanachart Capital PCL, NVDR |
19,300 | 27,608 | ||||||
Tisco Financial Group PCL, NVDR |
9,300 | 25,952 | ||||||
TMBThanachart Bank PCL, NVDR |
1,367,700 | 69,007 | ||||||
Turkiye Garanti Bankasi A/S |
13,849 | 28,981 | ||||||
Turkiye Is Bankasi A/S, Class C |
104,468 | 88,273 | ||||||
Ujjivan Small Finance Bank Ltd.(a) |
17,904 | 11,933 | ||||||
Union Bank of India Ltd. |
47,320 | 79,689 | ||||||
Union Bank of Taiwan |
52,500 | 23,734 | ||||||
Union Bank of the Philippines |
27,432 | 21,782 | ||||||
VTB Bank PJSC* |
136,511,531 | | ||||||
Warba Bank KSCP |
13,740 | 8,442 | ||||||
Woori Financial Group, Inc. |
18,512 | 192,520 | ||||||
Yapi ve Kredi Bankasi A/S |
84,305 | 60,678 | ||||||
Yes Bank Ltd.* |
338,572 | 98,256 | ||||||
|
|
|||||||
37,118,860 | ||||||||
|
|
|||||||
Beverages - 1.1% |
| |||||||
Ambev SA |
72,800 | 192,715 | ||||||
Anadolu Efes Biracilik ve Malt Sanayii A/S, Class B |
5,350 | 24,825 | ||||||
Anhui Gujing Distillery Co. Ltd., Class A |
700 | 19,414 | ||||||
Anhui Gujing Distillery Co. Ltd., Class B |
2,200 | 28,430 | ||||||
Anhui Kouzi Distillery Co. Ltd., Class A |
5,000 | 27,112 | ||||||
Arca Continental SAB de CV |
10,400 | 118,414 | ||||||
Becle SAB de CV(b) |
4,700 | 8,773 | ||||||
Beijing Shunxin Agriculture Co. Ltd., Class A* |
6,800 | 15,836 | ||||||
Carabao Group PCL, NVDR |
4,600 | 9,757 | ||||||
Carlsberg Brewery Malaysia Bhd. |
4,900 | 19,931 | ||||||
China Foods Ltd. |
312,000 | 115,345 | ||||||
China Resources Beer Holdings Co. Ltd. |
23,107 | 83,209 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Chongqing Brewery Co. Ltd., Class A |
600 | 4,645 | ||||||
Cia Cervecerias Unidas SA |
2,156 | 13,046 | ||||||
Coca-Cola Femsa SAB de CV |
10,400 | 99,219 | ||||||
Coca-Cola Icecek A/S |
1,836 | 32,371 | ||||||
Embotelladora Andina SA (Preference), Class B |
12,864 | 32,697 | ||||||
Emperador, Inc. |
28,200 | 10,294 | ||||||
Fomento Economico Mexicano SAB de CV |
26,912 | 365,757 | ||||||
Fraser & Neave Holdings Bhd. |
4,700 | 27,524 | ||||||
Ginebra San Miguel, Inc. |
30,680 | 89,596 | ||||||
Guangzhou Zhujiang Brewery Co. Ltd., Class A |
17,800 | 18,223 | ||||||
Hebei Hengshui Laobaigan Liquor Co. Ltd., Class A |
2,300 | 5,606 | ||||||
Heineken Malaysia Bhd. |
5,100 | 25,985 | ||||||
Hite Jinro Co. Ltd.* |
432 | 6,797 | ||||||
Jiangsu Kings Luck Brewery JSC Ltd., Class A |
4,100 | 25,247 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A |
2,900 | 36,882 | ||||||
JiuGui Liquor Co. Ltd., Class A |
500 | 4,323 | ||||||
Kweichow Moutai Co. Ltd., Class A |
1,500 | 335,309 | ||||||
Lotte Chilsung Beverage Co. Ltd. |
47 | 4,832 | ||||||
Luzhou Laojiao Co. Ltd., Class A |
1,200 | 24,536 | ||||||
Nongfu Spring Co. Ltd., Class H(a) |
31,800 | 172,277 | ||||||
Osotspa PCL, NVDR |
31,700 | 18,585 | ||||||
Radico Khaitan Ltd. |
1,344 | 26,929 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A |
1,060 | 29,545 | ||||||
Sichuan Swellfun Co. Ltd., Class A |
2,900 | 19,279 | ||||||
Tsingtao Brewery Co. Ltd., Class A |
1,100 | 10,673 | ||||||
Tsingtao Brewery Co. Ltd., Class H |
10,000 | 56,989 | ||||||
United Breweries Ltd. |
1,379 | 30,025 | ||||||
United Spirits Ltd. |
5,928 | 77,791 | ||||||
Varun Beverages Ltd. |
7,904 | 121,867 | ||||||
Vina Concha y Toro SA |
210,652 | 225,263 | ||||||
Wuliangye Yibin Co. Ltd., Class A |
5,200 | 91,476 | ||||||
Yantai Changyu Pioneer Wine Co. Ltd., Class A |
5,800 | 17,304 | ||||||
ZJLD Group, Inc.*(a) |
9,800 | 9,879 | ||||||
|
|
|||||||
2,734,532 | ||||||||
|
|
|||||||
Biotechnology - 0.5% |
| |||||||
3SBio, Inc.(a) |
52,000 | 39,047 | ||||||
ABLBio, Inc.* |
1,585 | 26,127 | ||||||
Adimmune Corp.* |
11,376 | 11,104 | ||||||
Akeso, Inc.*(a)(b) |
7,000 | 35,505 | ||||||
Alteogen, Inc.* |
384 | 22,240 | ||||||
Ascentage Pharma Group International*(a) |
9,600 | 28,245 | ||||||
BeiGene Ltd.* |
14,500 | 167,959 | ||||||
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A |
1,421 | 10,686 | ||||||
Biocon Ltd. |
6,644 | 21,474 | ||||||
Bioneer Corp.* |
392 | 7,401 |
Investments |
Shares | Value ($) | ||||||
Bloomage Biotechnology Corp. Ltd., Class A |
611 | 4,753 | ||||||
CanSino Biologics, Inc., Class A* |
318 | 2,298 | ||||||
CanSino Biologics, Inc., Class H*(a) |
800 | 1,662 | ||||||
Celltrion, Inc. |
2,467 | 332,162 | ||||||
Daan Gene Co. Ltd., Class A |
4,700 | 4,877 | ||||||
Ever Supreme Bio Technology Co. Ltd. |
2,480 | 15,411 | ||||||
Green Cross Corp.* |
163 | 13,202 | ||||||
Green Cross Holdings Corp.* |
13,104 | 145,115 | ||||||
Hugel, Inc.* |
204 | 23,233 | ||||||
Innovent Biologics, Inc.*(a) |
26,000 | 104,768 | ||||||
Keymed Biosciences, Inc.*(a)(b) |
3,000 | 11,858 | ||||||
L&C Bio Co. Ltd. |
605 | 10,721 | ||||||
Medigen Vaccine Biologics Corp.* |
11,148 | 21,442 | ||||||
Medytox, Inc. |
48 | 6,934 | ||||||
Naturecell Co. Ltd.* |
1,833 | 10,520 | ||||||
PharmaEngine, Inc. |
6,816 | 23,083 | ||||||
PharmaEssentia Corp.* |
4,000 | 40,256 | ||||||
PharmaResearch Co. Ltd.* |
96 | 7,574 | ||||||
Remegen Co. Ltd., Class A* |
245 | 1,307 | ||||||
Seegene, Inc. |
637 | 12,075 | ||||||
Shanghai Junshi Biosciences Co. Ltd., Class A* |
1,113 | 4,342 | ||||||
Shanghai Junshi Biosciences Co. Ltd., Class H*(a) |
10,000 | 15,581 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A |
9,400 | 8,419 | ||||||
SillaJen, Inc.* |
4,263 | 16,002 | ||||||
SK Bioscience Co. Ltd.* |
468 | 22,267 | ||||||
TaiMed Biologics, Inc.* |
6,192 | 17,013 | ||||||
Voronoi, Inc.* |
384 | 9,883 | ||||||
Zai Lab Ltd.* |
9,800 | 21,111 | ||||||
|
|
|||||||
1,277,657 | ||||||||
|
|
|||||||
Broadline Retail - 3.1% |
| |||||||
Alibaba Group Holding Ltd. |
520,000 | 4,626,435 | ||||||
Bukalapak.com PT Tbk.* |
1,494,300 | 18,182 | ||||||
Central Retail Corp. PCL, NVDR |
56,475 | 52,929 | ||||||
Easyhome New Retail Group Co. Ltd., Class A |
14,400 | 5,676 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 |
8,973 | 63,162 | ||||||
Falabella SA* |
22,840 | 54,155 | ||||||
Far Eastern Department Stores Ltd. |
21,120 | 16,768 | ||||||
Global Digital Niaga Tbk. PT* |
387,100 | 11,775 | ||||||
GoTo Gojek Tokopedia Tbk. PT, Class A* |
15,256,800 | 85,082 | ||||||
Hyundai Department Store Co. Ltd.* |
224 | 9,029 | ||||||
Hyundai Home Shopping Network Corp.* |
2,161 | 72,214 | ||||||
JD.com, Inc., Class A |
72,800 | 808,346 | ||||||
Lotte Shopping Co. Ltd.* |
245 | 15,089 | ||||||
Magazine Luiza SA* |
52,300 | 22,228 | ||||||
MINISO Group Holding Ltd., ADR(b) |
1,632 | 27,679 | ||||||
Mitra Adiperkasa Tbk. PT |
171,500 | 21,247 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
momo.com, Inc. |
1,716 | 23,904 | ||||||
Naspers Ltd., Class N |
3,120 | 526,282 | ||||||
PDD Holdings, Inc., ADR* |
10,712 | 1,359,031 | ||||||
Poya International Co. Ltd. |
1,008 | 16,650 | ||||||
Shinsegae, Inc.* |
306 | 39,527 | ||||||
Shoppers Stop Ltd.* |
1,421 | 12,904 | ||||||
Vipshop Holdings Ltd., ADR*(b) |
7,748 | 123,116 | ||||||
Woolworths Holdings Ltd. |
13,832 | 51,591 | ||||||
Zhejiang China Commodities City Group Co. Ltd., Class A |
5,500 | 5,700 | ||||||
|
|
|||||||
8,068,701 | ||||||||
|
|
|||||||
Building Products - 0.2% |
| |||||||
Astral Ltd. |
2,449 | 53,979 | ||||||
Beijing New Building Materials plc, Class A |
10,000 | 37,203 | ||||||
Blue Star Ltd. |
2,592 | 35,566 | ||||||
Cera Sanitaryware Ltd. |
312 | 31,010 | ||||||
China Lesso Group Holdings Ltd. |
33,000 | 14,564 | ||||||
Kajaria Ceramics Ltd. |
1,150 | 19,166 | ||||||
KCC Glass Corp. |
4,732 | 141,465 | ||||||
Kyung Dong Navien Co. Ltd.* |
240 | 8,452 | ||||||
Prince Pipes & Fittings Ltd.* |
1,960 | 16,771 | ||||||
Qua Granite Hayal* |
399,568 | 53,067 | ||||||
Taiwan Glass Industry Corp.* |
37,152 | 21,366 | ||||||
Xinyi Glass Holdings Ltd.(b) |
47,975 | 39,584 | ||||||
Xxentria Technology Materials Corp. |
65,488 | 150,855 | ||||||
Zhuzhou Kibing Group Co. Ltd., Class A |
5,300 | 4,326 | ||||||
|
|
|||||||
627,374 | ||||||||
|
|
|||||||
Capital Markets - 2.1% |
| |||||||
360 ONE WAM Ltd. |
4,560 | 34,047 | ||||||
Anand Rathi Wealth Ltd. |
768 | 28,283 | ||||||
Angel One Ltd. |
867 | 34,300 | ||||||
B3 SA - Brasil Bolsa Balcao |
98,800 | 261,742 | ||||||
Banco BTG Pactual SA |
20,800 | 151,629 | ||||||
Bangkok Commercial Asset Management PCL, NVDR |
732,500 | 163,110 | ||||||
Bengal & Assam Co. Ltd. |
1,976 | 222,601 | ||||||
Beyond Securities PCL, NVDR* |
37,500 | 4,461 | ||||||
Bolsa Mexicana de Valores SAB de CV |
19,200 | 38,980 | ||||||
Boursa Kuwait Securities Co. KPSC |
1,296 | 8,553 | ||||||
Bursa Malaysia Bhd. |
8,000 | 12,685 | ||||||
Caitong Securities Co. Ltd., Class A |
12,220 | 12,646 | ||||||
Capital Securities Corp. |
49,000 | 25,205 | ||||||
Changjiang Securities Co. Ltd., Class A |
14,100 | 9,682 | ||||||
China Bills Finance Corp. |
21,312 | 10,009 | ||||||
China Cinda Asset Management Co. Ltd., Class H |
4,108,000 | 394,128 | ||||||
China CITIC Financial Asset Management Co. Ltd., Class H*(a)(b) |
423,000 | 18,127 | ||||||
China Everbright Ltd. |
312,000 | 160,046 |
Investments |
Shares | Value ($) | ||||||
China Galaxy Securities Co. Ltd., Class A |
5,200 | 8,423 | ||||||
China Galaxy Securities Co. Ltd., Class H |
38,000 | 18,618 | ||||||
China International Capital Corp. Ltd., Class A |
5,000 | 22,508 | ||||||
China International Capital Corp. Ltd., Class H(a) |
19,600 | 23,242 | ||||||
China Merchants Securities Co. Ltd., Class A |
21,220 | 39,517 | ||||||
China Merchants Securities Co. Ltd., Class H(a) |
16,600 | 12,401 | ||||||
CITIC Securities Co. Ltd., Class A |
31,200 | 89,086 | ||||||
CITIC Securities Co. Ltd., Class H(b) |
52,000 | 101,376 | ||||||
Coronation Fund Managers Ltd. |
105,196 | 176,243 | ||||||
CRISIL Ltd. |
624 | 30,773 | ||||||
CSC Financial Co. Ltd., Class A |
10,900 | 33,947 | ||||||
CSC Financial Co. Ltd., Class H(a)(b) |
358,000 | 272,487 | ||||||
Daishin Securities Co. Ltd.* |
11,960 | 138,360 | ||||||
Daishin Securities Co. Ltd. (Preference)* |
8,684 | 91,613 | ||||||
Daou Technology, Inc.* |
9,984 | 149,163 | ||||||
Dubai Financial Market PJSC |
33,628 | 12,452 | ||||||
EFG Holding S.A.E.* |
453,780 | 265,806 | ||||||
Egypt Kuwait Holding Co. SAE |
27,716 | 21,896 | ||||||
Everbright Securities Co. Ltd., Class A |
4,700 | 10,239 | ||||||
GF Securities Co. Ltd., Class A |
14,100 | 26,906 | ||||||
GF Securities Co. Ltd., Class H |
28,800 | 28,884 | ||||||
Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A |
11,664 | 9,293 | ||||||
Guosen Securities Co. Ltd., Class A |
24,000 | 26,843 | ||||||
Guotai Junan Securities Co. Ltd., Class A |
20,800 | 42,327 | ||||||
Guotai Junan Securities Co. Ltd., Class H(a) |
21,200 | 23,540 | ||||||
Haitong Securities Co. Ltd., Class A |
18,800 | 23,017 | ||||||
Haitong Securities Co. Ltd., Class H(b) |
83,200 | 38,315 | ||||||
Hanwha Investment & Securities Co. Ltd.* |
53,352 | 149,105 | ||||||
HDFC Asset Management Co. Ltd.(a) |
1,664 | 71,765 | ||||||
Huatai Securities Co. Ltd., Class A |
14,400 | 27,558 | ||||||
Huatai Securities Co. Ltd., Class H(a) |
52,000 | 61,265 | ||||||
IBF Financial Holdings Co. Ltd.* |
56,381 | 21,526 | ||||||
ICICI Securities Ltd.(a) |
1,880 | 18,575 | ||||||
IDFC Ltd. |
39,000 | 56,098 | ||||||
Indian Energy Exchange Ltd.(a) |
16,732 | 29,739 | ||||||
Industrial Securities Co. Ltd., Class A |
34,450 | 26,151 | ||||||
Investec Ltd. |
4,353 | 28,999 | ||||||
Is Yatirim Menkul Degerler A/S |
14,639 | 16,692 | ||||||
JM Financial Ltd. |
208,000 | 280,527 | ||||||
KIWOOM Securities Co. Ltd.* |
392 | 28,402 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Korea Investment Holdings Co. Ltd.* |
1,144 | 52,629 | ||||||
Minmetals Capital Co. Ltd., Class A |
14,400 | 10,169 | ||||||
Mirae Asset Securities Co. Ltd.* |
7,772 | 45,829 | ||||||
Mirae Asset Securities Co. Ltd. (Preference)* |
5,733 | 16,022 | ||||||
Moscow Exchange MICEX-RTS PJSC |
29,911 | | ||||||
Motilal Oswal Financial Services Ltd. |
768 | 16,539 | ||||||
Multi Commodity Exchange of India Ltd. |
912 | 37,494 | ||||||
NH Investment & Securities Co. Ltd.* |
5,921 | 46,937 | ||||||
Ninety One Ltd. |
104,208 | 232,523 | ||||||
Nippon Life India Asset Management Ltd.(a) |
2,736 | 17,289 | ||||||
Norte Grande SA |
1,265,334 | 11,540 | ||||||
Orient Securities Co. Ltd., Class A |
12,032 | 13,860 | ||||||
Orient Securities Co. Ltd., Class H(a) |
20,400 | 7,933 | ||||||
Oyak Yatirim Menkul Degerler A/S* |
40,092 | 58,029 | ||||||
Pacific Strategic Financial Tbk. PT* |
448,500 | 35,101 | ||||||
Pihsiang Machinery Manufacturing Co. Ltd.* |
5,000 | | ||||||
President Securities Corp. |
15,000 | 9,034 | ||||||
PSG Financial Services Ltd. |
36,144 | 30,627 | ||||||
Reinet Investments SCA |
3,848 | 97,084 | ||||||
Samsung Securities Co. Ltd. |
2,132 | 60,143 | ||||||
Saratoga Investama Sedaya Tbk. PT |
27,500 | 2,632 | ||||||
Saudi Tadawul Group Holding Co. |
843 | 46,577 | ||||||
SDIC Capital Co. Ltd., Class A |
19,200 | 17,864 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A |
47,900 | 29,155 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class H(a) |
78,400 | 13,539 | ||||||
Shinyoung Securities Co. Ltd. |
1,716 | 79,587 | ||||||
Sociedad de Inversiones Oro Blanco SA |
15,274,605 | 106,526 | ||||||
SPIC Industry-Finance Holdings Co. Ltd., Class A |
10,000 | 5,279 | ||||||
Tata Investment Corp. Ltd. |
240 | 16,287 | ||||||
UTI Asset Management Co. Ltd. |
3,250 | 36,373 | ||||||
Western Securities Co. Ltd., Class A |
10,000 | 8,301 | ||||||
Yuanta Securities Korea Co. Ltd.* |
1,392 | 2,597 | ||||||
Zheshang Securities Co. Ltd., Class A |
4,700 | 6,317 | ||||||
|
|
|||||||
5,313,727 | ||||||||
|
|
|||||||
Chemicals - 4.1% |
| |||||||
Aarti Industries Ltd. |
2,880 | 22,858 | ||||||
Abou Kir Fertilizers & Chemical Industries |
9,849 | 30,883 | ||||||
Advanced Nano Products Co. Ltd.* |
147 | 10,529 |
Investments |
Shares | Value ($) | ||||||
Advanced Petrochemical Co. |
2,025 | 20,546 | ||||||
AECI Ltd. |
47,736 | 259,948 | ||||||
Akzo Nobel India Ltd. |
539 | 16,955 | ||||||
Alkyl Amines Chemicals |
220 | 6,307 | ||||||
Allied Supreme Corp. |
2,352 | 24,572 | ||||||
Alpek SAB de CV, Class A(b) |
167,264 | 113,356 | ||||||
Anupam Rasayan India Ltd. |
980 | 11,203 | ||||||
Archean Chemical Industries Ltd. |
2,352 | 17,942 | ||||||
Asia Polymer Corp. |
156,000 | 110,896 | ||||||
Asian Paints Ltd. |
12,428 | 442,660 | ||||||
Atul Ltd. |
408 | 31,597 | ||||||
Avia Avian Tbk. PT |
277,300 | 10,192 | ||||||
Balaji Amines Ltd. |
1,150 | 33,771 | ||||||
Barito Pacific Tbk. PT |
515,998 | 34,661 | ||||||
Batu Kawan Bhd. |
10,000 | 42,875 | ||||||
Bayer CropScience Ltd. |
141 | 10,191 | ||||||
Berger Paints India Ltd. |
6,526 | 44,412 | ||||||
Boubyan Petrochemicals Co. KSCP |
7,344 | 14,206 | ||||||
Braskem SA (Preference), Class A* |
4,900 | 17,662 | ||||||
Carborundum Universal Ltd. |
2,499 | 33,844 | ||||||
Castrol India Ltd. |
18,650 | 44,175 | ||||||
Chambal Fertilisers and Chemicals Ltd. |
103,792 | 458,506 | ||||||
Chemplast Sanmar Ltd.* |
2,585 | 15,356 | ||||||
Chengxin Lithium Group Co. Ltd., Class A |
4,900 | 13,841 | ||||||
China General Plastics Corp. |
172,176 | 113,044 | ||||||
China Hainan Rubber Industry Group Co. Ltd., Class A* |
9,600 | 5,496 | ||||||
China Lumena New Materials Corp.* |
22,200 | | ||||||
China Petrochemical Development Corp.* |
51,168 | 15,416 | ||||||
China Risun Group Ltd.(a)(b) |
49,000 | 19,243 | ||||||
Chunbo Co. Ltd.* |
47 | 2,930 | ||||||
Clean Science & Technology Ltd. |
1,708 | 30,719 | ||||||
CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A |
7,975 | 4,221 | ||||||
Coromandel International Ltd. |
1,898 | 23,996 | ||||||
Cosmochemical Co. Ltd.* |
583 | 12,537 | ||||||
D&L Industries, Inc. |
4,900 | 554 | ||||||
Deepak Fertilisers & Petrochemicals Corp. Ltd. |
29,172 | 217,147 | ||||||
Deepak Nitrite Ltd. |
1,105 | 30,683 | ||||||
DL Holdings Co. Ltd.* |
397 | 16,687 | ||||||
Dongjin Semichem Co. Ltd.* |
725 | 20,995 | ||||||
Dongyue Group Ltd. |
48,000 | 32,175 | ||||||
Eastern Polymer Group PCL, NVDR |
63,600 | 13,624 | ||||||
EID Parry India Ltd. |
3,871 | 29,122 | ||||||
Enchem Co. Ltd.* |
235 | 28,788 | ||||||
Eternal Materials Co. Ltd. |
27,550 | 25,262 | ||||||
Fertiglobe plc |
27,552 | 20,929 | ||||||
Fine Organic Industries Ltd. |
343 | 19,511 | ||||||
Finolex Industries Ltd. |
9,600 | 25,704 | ||||||
Foosung Co. Ltd.* |
1,768 | 11,008 | ||||||
Formosa Chemicals & Fibre Corp. |
71,000 | 128,392 | ||||||
Formosa Plastics Corp. |
85,861 | 197,785 | ||||||
Fufeng Group Ltd.(b) |
624,000 | 338,451 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Ganfeng Lithium Group Co. Ltd., Class A |
5,180 | 24,552 | ||||||
Ganfeng Lithium Group Co. Ltd., Class H(a)(b) |
9,680 | 25,880 | ||||||
Grand Pacific Petrochemical |
55,115 | 25,357 | ||||||
Guangzhou Tinci Materials Technology Co. Ltd., Class A |
5,000 | 13,009 | ||||||
Gubre Fabrikalari TAS* |
833 | 3,997 | ||||||
Gujarat Fluorochemicals Ltd. |
715 | 31,720 | ||||||
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. |
40,612 | 367,321 | ||||||
Han Kuk Carbon Co. Ltd.* |
1,470 | 11,774 | ||||||
Hangzhou Oxygen Plant Group Co. Ltd., Class A |
5,200 | 17,238 | ||||||
Hansol Chemical Co. Ltd.* |
141 | 21,129 | ||||||
Hanwha Solutions Corp.* |
2,964 | 74,064 | ||||||
Hektas Ticaret TAS* |
42,672 | 25,060 | ||||||
Hengli Petrochemical Co. Ltd., Class A* |
14,100 | 23,096 | ||||||
Hengyi Petrochemical Co. Ltd., Class A* |
14,100 | 12,235 | ||||||
Himadri Speciality Chemical Ltd. |
8,256 | 37,217 | ||||||
Hoshine Silicon Industry Co. Ltd., Class A |
4,600 | 28,063 | ||||||
Huabao International Holdings Ltd.(b) |
17,000 | 4,741 | ||||||
Huafon Chemical Co. Ltd., Class A |
14,400 | 12,255 | ||||||
Hyosung Advanced Materials Corp.* |
100 | 24,463 | ||||||
Hyosung TNC Corp.* |
98 | 22,102 | ||||||
Indorama Ventures PCL, NVDR |
43,200 | 28,737 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A |
23,500 | 11,653 | ||||||
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A |
14,100 | 10,252 | ||||||
International CSRC Investment Holdings Co. |
48,000 | 28,831 | ||||||
Jiangsu Eastern Shenghong Co. Ltd., Class A |
11,000 | 15,153 | ||||||
Jinan Acetate Chemical Co. Ltd. |
714 | 19,208 | ||||||
Jubilant Ingrevia Ltd. |
2,701 | 14,239 | ||||||
Kansai Nerolac Paints Ltd. |
3,294 | 13,556 | ||||||
KCC Corp. |
153 | 28,258 | ||||||
Kimteks Poliuretan Sanayi ve Ticaret A/S |
35,360 | 76,794 | ||||||
Kolon Industries, Inc.* |
674 | 20,604 | ||||||
Korea Petrochemical Ind Co. Ltd.* |
144 | 14,350 | ||||||
KuibyshevAzot PJSC |
9,900 | | ||||||
Kum Yang Co. Ltd.* |
608 | 35,578 | ||||||
Kumho Petrochemical Co. Ltd.* |
468 | 43,762 | ||||||
Lake Materials Co. Ltd.* |
1,715 | 19,622 | ||||||
Laxmi Organic Industries Ltd.(a) |
2,107 | 6,848 | ||||||
LB Group Co. Ltd., Class A |
4,700 | 10,533 | ||||||
Levima Advanced Materials Corp., Class A |
4,800 | 9,601 | ||||||
LG Chem Ltd. |
1,404 | 457,077 | ||||||
LG Chem Ltd. (Preference) |
208 | 42,390 | ||||||
Linde India Ltd. |
282 | 18,990 |
Investments |
Shares | Value ($) | ||||||
Lotte Chemical Corp.* |
617 | 60,422 | ||||||
Lotte Chemical Titan Holding Bhd.*(a) |
260,000 | 65,962 | ||||||
LOTTE Fine Chemical Co. Ltd.* |
397 | 14,798 | ||||||
Luxi Chemical Group Co. Ltd., Class A |
6,500 | 8,365 | ||||||
Mesaieed Petrochemical Holding Co. |
122,772 | 56,648 | ||||||
Miwon Commercial Co. Ltd. |
780 | 97,832 | ||||||
Miwon Specialty Chemical Co. Ltd. |
520 | 52,131 | ||||||
MNTech Co. Ltd.* |
833 | 8,407 | ||||||
Nan Pao Resins Chemical Co. Ltd. |
44,921 | 416,925 | ||||||
Nan Ya Plastics Corp. |
104,000 | 202,355 | ||||||
Nantex Industry Co. Ltd. |
9,120 | 10,533 | ||||||
National Industrialization Co.* |
5,584 | 17,422 | ||||||
Navin Fluorine International Ltd. |
645 | 26,544 | ||||||
Ningxia Baofeng Energy Group Co. Ltd., Class A |
10,600 | 19,695 | ||||||
Nizhnekamskneftekhim PJSC |
28,600 | | ||||||
Nizhnekamskneftekhim PJSC (Preference) |
26,400 | | ||||||
OCI Holdings Co. Ltd.* |
414 | 32,384 | ||||||
Omnia Holdings Ltd. |
70,252 | 244,879 | ||||||
Orbia Advance Corp. SAB de CV(b) |
23,344 | 46,646 | ||||||
Organichesky Sintez PJSC |
11,550 | | ||||||
Oriental Union Chemical Corp. |
38,000 | 22,460 | ||||||
PCBL Ltd. |
7,440 | 28,548 | ||||||
Petkim Petrokimya Holding A/S* |
38,400 | 27,486 | ||||||
Petronas Chemicals Group Bhd. |
83,200 | 119,083 | ||||||
PhosAgro PJSC |
1,540 | | ||||||
PI Advanced Materials Co. Ltd.* |
520 | 9,098 | ||||||
PI Industries Ltd. |
1,314 | 53,365 | ||||||
Pidilite Industries Ltd. |
4,316 | 131,649 | ||||||
PTT Global Chemical PCL, NVDR |
51,400 | 48,535 | ||||||
Qinghai Salt Lake Industry Co. Ltd., Class A* |
20,800 | 41,545 | ||||||
Rashtriya Chemicals & Fertilizers Ltd. |
61,776 | 136,245 | ||||||
Rongsheng Petrochemical Co. Ltd., Class A |
24,000 | 31,657 | ||||||
SABIC Agri-Nutrients Co. |
4,144 | 141,666 | ||||||
Sahara International Petrochemical Co. |
10,704 | 89,911 | ||||||
Sasa Polyester Sanayi A/S* |
15,664 | 19,874 | ||||||
Sasol Ltd. |
16,796 | 148,293 | ||||||
Satellite Chemical Co. Ltd., Class A* |
4,662 | 8,864 | ||||||
Saudi Aramco Base Oil Co. |
784 | 30,523 | ||||||
Saudi Basic Industries Corp. |
14,976 | 311,093 | ||||||
Saudi Industrial Investment Group |
6,346 | 34,420 | ||||||
Saudi Kayan Petrochemical Co.* |
11,808 | 28,905 | ||||||
Scientex Bhd. |
34,300 | 29,006 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A |
6,110 | 20,748 | ||||||
Shanghai Chlor-Alkali Chemical Co. Ltd., Class B |
182,000 | 85,540 | ||||||
Shanghai Putailai New Energy Technology Co. Ltd., Class A |
4,060 | 9,308 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Shinkong Synthetic Fibers Corp. |
665,424 | 318,898 | ||||||
Sichuan Hebang Biotechnology Co. Ltd., Class A |
37,600 | 11,993 | ||||||
Sichuan Yahua Industrial Group Co. Ltd., Class A |
3,600 | 4,864 | ||||||
Sinofert Holdings Ltd. |
742,000 | 81,630 | ||||||
Sinoma Science & Technology Co. Ltd., Class A |
4,700 | 9,302 | ||||||
Sinon Corp. |
156,000 | 192,386 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H*(b) |
98,000 | 13,289 | ||||||
SK Chemicals Co. Ltd. |
4,524 | 218,633 | ||||||
SK IE Technology Co. Ltd.*(a) |
349 | 19,403 | ||||||
SKC Co. Ltd.* |
294 | 16,918 | ||||||
Solar Applied Materials Technology Corp. |
24,096 | 30,371 | ||||||
Solar Industries India Ltd. |
405 | 31,492 | ||||||
Soulbrain Co. Ltd. |
47 | 9,526 | ||||||
Soulbrain Holdings Co. Ltd.* |
2,028 | 62,755 | ||||||
SRF Ltd. |
2,236 | 62,605 | ||||||
Sumitomo Chemical India Ltd. |
2,585 | 12,937 | ||||||
Supreme Industries Ltd. |
1,276 | 63,458 | ||||||
Taiwan Fertilizer Co. Ltd. |
16,360 | 35,543 | ||||||
Tata Chemicals Ltd. |
2,679 | 33,165 | ||||||
Tianqi Lithium Corp., Class A |
5,500 | 35,622 | ||||||
Tianqi Lithium Corp., Class H(b) |
52,000 | 229,160 | ||||||
TKG Huchems Co. Ltd.* |
8,580 | 133,395 | ||||||
Tongkun Group Co. Ltd., Class A* |
9,400 | 15,554 | ||||||
TSRC Corp. |
15,168 | 10,710 | ||||||
Unipar Carbocloro SA (Preference), Class B |
21,100 | 300,160 | ||||||
UPC Technology Corp. |
393,040 | 187,733 | ||||||
UPL Ltd. |
15,912 | 103,029 | ||||||
USI Corp. |
312,000 | 182,418 | ||||||
Vinati Organics Ltd. |
539 | 11,251 | ||||||
Wanhua Chemical Group Co. Ltd., Class A |
5,200 | 50,475 | ||||||
Xinjiang Zhongtai Chemical Co. Ltd., Class A |
10,600 | 7,323 | ||||||
Yanbu National Petrochemical Co. |
3,456 | 35,388 | ||||||
Yunnan Energy New Material Co. Ltd., Class A |
4,600 | 27,224 | ||||||
Yunnan Yuntianhua Co. Ltd., Class A |
4,700 | 10,317 | ||||||
Zangge Mining Co. Ltd., Class A |
4,700 | 16,215 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A |
9,600 | 10,296 | ||||||
Zhejiang Yongtai Technology Co. Ltd., Class A |
2,800 | 3,479 | ||||||
|
|
|||||||
10,598,359 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 0.1% |
| |||||||
Beijing GeoEnviron Engineering & Technology, Inc., Class A |
30,000 | 22,313 | ||||||
Catrion Catering Holding Co. |
624 | 19,169 | ||||||
China Everbright Environment Group Ltd. |
98,000 | 34,099 | ||||||
Cleanaway Co. Ltd. |
1,000 | 5,719 |
Investments |
Shares | Value ($) | ||||||
Dynagreen Environmental Protection Group Co. Ltd., Class H(a)(b) |
174,000 | 50,749 | ||||||
Ecopro HN Co. Ltd.* |
561 | 24,379 | ||||||
Frontken Corp. Bhd. |
14,400 | 10,534 | ||||||
GPS Participacoes e Empreendimentos SA(c) |
4,800 | 18,574 | ||||||
Indian Railway Catering & Tourism Corp. Ltd. |
5,356 | 63,026 | ||||||
ION Exchange India Ltd. |
3,312 | 20,348 | ||||||
KEPCO Plant Service & Engineering Co. Ltd.* |
100 | 2,544 | ||||||
L&K Engineering Co. Ltd. |
2,448 | 13,374 | ||||||
PNB Holdings Corp.* |
46,815 | 27,044 | ||||||
S-1 Corp. |
347 | 14,794 | ||||||
Sungeel Hitech Co. Ltd.* |
98 | 6,491 | ||||||
Sunny Friend Environmental Technology Co. Ltd. |
622 | 2,166 | ||||||
Taiwan Secom Co. Ltd. |
3,165 | 11,781 | ||||||
Taiwan Shin Kong Security Co. Ltd. |
5,520 | 7,063 | ||||||
Tuhu Car, Inc., Class A*(a) |
9,600 | 32,175 | ||||||
|
|
|||||||
386,342 | ||||||||
|
|
|||||||
Communications Equipment - 0.3% |
| |||||||
Accton Technology Corp. |
9,000 | 152,111 | ||||||
Advanced Ceramic X Corp. |
2,000 | 13,802 | ||||||
Arcadyan Technology Corp. |
2,832 | 15,653 | ||||||
BYD Electronic International Co. Ltd. |
11,000 | 37,641 | ||||||
Hengtong Optic-electric Co. Ltd., Class A |
4,700 | 7,195 | ||||||
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira |
4,900 | 20,776 | ||||||
Intellian Technologies, Inc.* |
254 | 10,505 | ||||||
Lanner Electronics, Inc. |
52,000 | 191,057 | ||||||
LuxNet Corp. |
3,840 | 17,667 | ||||||
Seojin System Co. Ltd.* |
11,648 | 163,202 | ||||||
Sercomm Corp. |
6,960 | 28,908 | ||||||
Tejas Networks Ltd.*(a) |
2,202 | 20,827 | ||||||
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A |
5,000 | 17,278 | ||||||
Wistron NeWeb Corp. |
5,357 | 24,475 | ||||||
ZTE Corp., Class A |
4,800 | 14,682 | ||||||
ZTE Corp., Class H |
9,800 | 17,024 | ||||||
|
|
|||||||
752,803 | ||||||||
|
|
|||||||
Construction & Engineering - 1.5% |
| |||||||
Acter Group Corp. Ltd. |
52,000 | 301,538 | ||||||
BES Engineering Corp. |
50,496 | 19,844 | ||||||
CH Karnchang PCL, NVDR |
4,900 | 2,970 | ||||||
China Conch Venture Holdings Ltd. |
24,000 | 18,636 | ||||||
China Energy Engineering Corp. Ltd., Class A |
80,000 | 23,511 | ||||||
China Energy Engineering Corp. Ltd., Class H |
198,000 | 17,477 | ||||||
China Railway Group Ltd., Class A |
44,300 | 38,935 | ||||||
China Railway Group Ltd., Class H |
125,000 | 57,085 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
China Railway Hi-tech Industry Co. Ltd., Class A |
19,200 | 19,923 | ||||||
Continental Holdings Corp. |
208,000 | 180,425 | ||||||
CTCI Corp. |
28,984 | 39,171 | ||||||
Daewoo Engineering & Construction Co. Ltd.* |
3,901 | 11,501 | ||||||
DL E&C Co. Ltd.* |
799 | 24,964 | ||||||
Engineers India Ltd. |
9,696 | 27,304 | ||||||
Enka Insaat ve Sanayi A/S |
32,592 | 40,020 | ||||||
Estithmar Holding QPSC* |
30,456 | 16,529 | ||||||
G R Infraprojects Ltd.* |
1,392 | 20,365 | ||||||
Gamuda Bhd. |
34,826 | 37,182 | ||||||
GEK Terna Holding Real Estate Construction SA |
1,470 | 22,259 | ||||||
GS Engineering & Construction Corp.* |
2,450 | 27,737 | ||||||
Guangdong No. 2 Hydropower Engineering Co. Ltd., Class A |
4,900 | 2,846 | ||||||
HDC Hyundai Development Co-Engineering & Construction, Class E* |
16,952 | 227,864 | ||||||
Hyundai Engineering & Construction Co. Ltd.* |
2,418 | 62,776 | ||||||
IJM Corp. Bhd. |
37,600 | 17,806 | ||||||
IRB Infrastructure Developers Ltd. |
48,040 | 38,238 | ||||||
IRCON International Ltd.(a) |
9,792 | 27,987 | ||||||
IS Dongseo Co. Ltd.* |
5,772 | 110,497 | ||||||
Jeio Co. Ltd.* |
931 | 13,882 | ||||||
Kalpataru Projects International Ltd. |
3,479 | 33,318 | ||||||
KEC International Ltd. |
2,064 | 16,346 | ||||||
KEPCO Engineering & Construction Co., Inc.* |
141 | 6,930 | ||||||
KNR Constructions Ltd. |
6,325 | 21,067 | ||||||
Kontrolmatik Enerji ve Muhendislik A/S |
736 | 5,882 | ||||||
Larsen & Toubro Ltd. |
10,936 | 458,247 | ||||||
Larsen & Toubro Ltd., GDR(a) |
296 | 12,402 | ||||||
Metallurgical Corp. of China Ltd., Class A |
42,300 | 19,089 | ||||||
Metallurgical Corp. of China Ltd., Class H |
106,000 | 20,746 | ||||||
National Marine Dredging Co.* |
3,341 | 27,471 | ||||||
NBCC India Ltd. |
25,008 | 38,983 | ||||||
NCC Ltd. |
236,548 | 613,704 | ||||||
PNC Infratech Ltd.(a) |
2,700 | 14,878 | ||||||
Power Construction Corp. of China Ltd., Class A |
66,700 | 46,730 | ||||||
Praj Industries Ltd. |
6,565 | 39,377 | ||||||
PSG Corp. PCL, NVDR* |
300,700 | 5,255 | ||||||
Rail Vikas Nigam Ltd.(a) |
9,261 | 34,376 | ||||||
Ruentex Engineering & Construction Co. |
52,000 | 196,041 | ||||||
Run Long Construction Co. Ltd. |
6,768 | 22,272 | ||||||
Samsung Engineering Co. Ltd.* |
4,316 | 72,114 | ||||||
Shaanxi Construction Engineering Group Corp. Ltd., Class A |
4,900 | 2,655 | ||||||
Shanghai Construction Group Co. Ltd., Class A |
23,500 | 7,594 |
Investments |
Shares | Value ($) | ||||||
Shanghai Tunnel Engineering Co. Ltd., Class A |
14,100 | 11,666 | ||||||
Sichuan Road and Bridge Group Co. Ltd., Class A |
20,440 | 22,833 | ||||||
Tekfen Holding A/S |
81,536 | 112,265 | ||||||
United Integrated Services Co. Ltd. |
5,504 | 48,710 | ||||||
Voltas Ltd. |
4,297 | 56,543 | ||||||
Waskita Karya Persero Tbk. PT* |
173,900 | 1,964 | ||||||
Yankey Engineering Co. Ltd. |
31,512 | 330,730 | ||||||
|
|
|||||||
3,749,460 | ||||||||
|
|
|||||||
Construction Materials - 1.5% |
| |||||||
ACC Ltd. |
1,376 | 42,158 | ||||||
Ambuja Cements Ltd. |
12,064 | 81,396 | ||||||
Anhui Conch Cement Co. Ltd., Class A |
9,800 | 31,545 | ||||||
Anhui Conch Cement Co. Ltd., Class H |
37,000 | 74,215 | ||||||
Arabian Cement Co. |
2,310 | 19,157 | ||||||
Asia Cement Corp. |
92,531 | 117,513 | ||||||
BBMG Corp., Class A |
42,300 | 10,782 | ||||||
Berkah Beton Sadaya Tbk. PT* |
425,000 | 1,347 | ||||||
Birla Corp. Ltd. |
750 | 13,844 | ||||||
Bursa Cimento Fabrikasi A/S |
295,152 | 77,620 | ||||||
Cementos Argos SA |
202,436 | 331,257 | ||||||
Cementos Argos SA (Preference) |
99,736 | 145,863 | ||||||
Cemex SAB de CV* |
418,688 | 348,592 | ||||||
Chia Hsin Cement Corp. |
47,978 | 27,362 | ||||||
China Jushi Co. Ltd., Class A |
9,600 | 12,275 | ||||||
China National Building Material Co. Ltd., Class H |
104,000 | 36,586 | ||||||
China Resources Building Materials Technology Holdings Ltd.(b) |
68,000 | 10,873 | ||||||
Cimsa Cimento Sanayi ve Ticaret A/S |
13,776 | 14,936 | ||||||
City Cement Co. |
4,208 | 19,749 | ||||||
CSG Holding Co. Ltd., Class B |
4,700 | 1,389 | ||||||
Dalmia Bharat Ltd. |
2,236 | 61,385 | ||||||
Eastern Province Cement Co. |
1,199 | 11,382 | ||||||
GCC SAB de CV |
1,872 | 21,664 | ||||||
Goldsun Building Materials Co. Ltd. |
46,340 | 43,972 | ||||||
Grasim Industries Ltd. |
6,344 | 166,156 | ||||||
Grupo Argos SA |
135,824 | 476,462 | ||||||
Grupo Argos SA (Preference) |
94,796 | 249,646 | ||||||
Hanil Cement Co. Ltd. |
11,960 | 107,982 | ||||||
Huaxin Cement Co. Ltd., Class A |
3,700 | 6,777 | ||||||
Huaxin Cement Co. Ltd., Class H |
10,400 | 8,209 | ||||||
Indocement Tunggal Prakarsa Tbk. PT |
28,800 | 16,472 | ||||||
JK Cement Ltd. |
530 | 27,848 | ||||||
JK Lakshmi Cement Ltd. |
2,744 | 30,923 | ||||||
Nuh Cimento Sanayi A/S |
2,068 | 21,672 | ||||||
Nuvoco Vistas Corp. Ltd.* |
3,650 | 15,885 | ||||||
Oyak Cimento Fabrikalari A/S* |
4,416 | 9,183 | ||||||
Qassim Cement Co. (The) |
1,998 | 31,434 | ||||||
Ramco Cements Ltd. (The) |
2,289 | 28,065 | ||||||
Rhi Magnesita India Ltd. |
1,850 | 16,148 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Riyadh Cement Co. |
1,967 | 15,159 | ||||||
Saudi Cement Co. |
441 | 5,662 | ||||||
Semen Indonesia Persero Tbk. PT |
29,417 | 11,558 | ||||||
Shree Cement Ltd. |
260 | 89,406 | ||||||
Siam Cement PCL (The), NVDR |
10,400 | 79,149 | ||||||
Siam City Cement PCL, NVDR |
4,800 | 18,198 | ||||||
Southern Province Cement Co. |
1,634 | 16,862 | ||||||
SSANGYONG C&E Co. Ltd. |
4,263 | 19,260 | ||||||
Star Cement Ltd.* |
7,008 | 15,726 | ||||||
Taiwan Cement Corp. |
104,000 | 105,995 | ||||||
Tangshan Jidong Cement Co. Ltd., Class A |
4,700 | 3,751 | ||||||
Tipco Asphalt PCL, NVDR |
275,600 | 125,070 | ||||||
TPI Polene PCL, NVDR |
2,069,700 | 81,674 | ||||||
UltraTech Cement Ltd. |
2,028 | 248,296 | ||||||
Universal Cement Corp. |
208,000 | 193,716 | ||||||
Yamama Cement Co. |
3,763 | 30,505 | ||||||
Yanbu Cement Co. |
2,888 | 23,488 | ||||||
|
|
|||||||
3,853,199 | ||||||||
|
|
|||||||
Consumer Finance - 1.4% |
| |||||||
AEON Credit Service M Bhd. |
93,600 | 116,753 | ||||||
Bajaj Finance Ltd. |
4,212 | 348,088 | ||||||
BFI Finance Indonesia Tbk. PT |
3,281,200 | 252,640 | ||||||
Capri Global Capital Ltd. |
1,948 | 22,230 | ||||||
Cholamandalam Financial Holdings Ltd. |
1,776 | 25,230 | ||||||
Cholamandalam Investment and Finance Co. Ltd. |
6,396 | 91,203 | ||||||
CreditAccess Grameen Ltd.* |
1,166 | 22,322 | ||||||
FinVolution Group, ADR |
74,568 | 358,672 | ||||||
Five-Star Business Finance Ltd.* |
1,680 | 15,411 | ||||||
Gentera SAB de CV(b) |
708,496 | 965,672 | ||||||
Hotai Finance Co. Ltd. |
2,928 | 11,319 | ||||||
JMT Network Services PCL, NVDR |
14,200 | 8,205 | ||||||
Krungthai Card PCL, NVDR |
9,800 | 12,085 | ||||||
Mahindra & Mahindra Financial Services Ltd. |
9,024 | 31,426 | ||||||
Manappuram Finance Ltd. |
248,040 | 551,822 | ||||||
Muangthai Capital PCL, NVDR |
9,300 | 11,141 | ||||||
Muthoot Finance Ltd. |
2,410 | 40,483 | ||||||
Ngern Tid Lor PCL, NVDR |
26,653 | 16,378 | ||||||
Poonawalla Fincorp Ltd. |
5,720 | 32,945 | ||||||
Qifu Technology, Inc., Class A, ADR(b) |
4,108 | 58,950 | ||||||
Ratchthani Leasing PCL, NVDR |
884,000 | 63,290 | ||||||
Samsung Card Co. Ltd.* |
539 | 13,327 | ||||||
SBFC Finance Ltd.* |
11,952 | 12,946 | ||||||
SBI Cards & Payment Services Ltd. |
5,252 | 45,241 | ||||||
Shriram Finance Ltd. |
8,164 | 242,510 | ||||||
Spandana Sphoorty Financial Ltd.* |
1,008 | 12,698 | ||||||
Srisawad Capital 1969 PCL, NVDR |
535,600 | 50,424 | ||||||
Srisawad Corp. PCL, NVDR |
14,000 | 15,587 | ||||||
Sundaram Finance Ltd. |
1,595 | 68,523 | ||||||
Yulon Finance Corp. |
4,672 | 26,047 | ||||||
|
|
|||||||
3,543,568 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 1.2% |
| |||||||
Abdullah Al Othaim Markets Co. |
7,595 | 27,827 |
Investments |
Shares | Value ($) | ||||||
Al-Dawaa Medical Services Co. |
1,104 | 33,973 | ||||||
Alibaba Health Information Technology Ltd.*(b) |
104,000 | 38,049 | ||||||
Almacenes Exito SA |
70,408 | 54,906 | ||||||
Almacenes Exito SA, BDR* |
57,200 | 180,707 | ||||||
Almunajem Foods Co. |
8,268 | 189,828 | ||||||
Atacadao SA |
9,400 | 19,804 | ||||||
Avenue Supermarts Ltd.*(a) |
3,276 | 149,619 | ||||||
Berli Jucker PCL |
500 | 334 | ||||||
Berli Jucker PCL, NVDR |
13,800 | 9,219 | ||||||
BGF retail Co. Ltd.* |
141 | 14,907 | ||||||
Bid Corp. Ltd. |
6,015 | 146,870 | ||||||
BIM Birlesik Magazalar A/S |
14,071 | 176,676 | ||||||
Cencosud SA |
36,816 | 63,917 | ||||||
Clicks Group Ltd. |
4,420 | 71,518 | ||||||
Corporativo Fragua SAB de CV |
1,680 | 52,819 | ||||||
CP ALL PCL, NVDR |
78,000 | 114,876 | ||||||
CP Axtra PCL, NVDR |
14,400 | 11,568 | ||||||
Curexo, Inc.* |
1,008 | 11,064 | ||||||
Dada Nexus Ltd., ADR*(b) |
2,805 | 5,301 | ||||||
DaShenLin Pharmaceutical Group Co. Ltd., Class A |
4,320 | 13,719 | ||||||
Dis-Chem Pharmacies Ltd.(a) |
17,952 | 29,092 | ||||||
Dongsuh Cos., Inc. |
859 | 11,109 | ||||||
E-MART, Inc.* |
392 | 22,851 | ||||||
Great Tree Pharmacy Co. Ltd. |
1,543 | 16,465 | ||||||
Grupo Mateus SA* |
9,800 | 13,646 | ||||||
GS Retail Co. Ltd.* |
1,332 | 22,256 | ||||||
JD Health International, Inc.*(a)(b) |
18,200 | 59,601 | ||||||
La Comer SAB de CV |
18,800 | 44,232 | ||||||
Magnit PJSC |
2,296 | | ||||||
Medplus Health Services Ltd.* |
1,824 | 15,740 | ||||||
Migros Ticaret A/S |
2,688 | 36,187 | ||||||
Nahdi Medical Co. |
611 | 22,908 | ||||||
Philippine Seven Corp.* |
10,780 | 15,300 | ||||||
Pick n Pay Stores Ltd. |
6,784 | 8,535 | ||||||
Ping An Healthcare and Technology Co. Ltd.*(a)(b) |
9,600 | 13,730 | ||||||
President Chain Store Corp. |
9,840 | 82,997 | ||||||
Puregold Price Club, Inc. |
26,060 | 12,869 | ||||||
Raia Drogasil SA |
25,764 | 131,920 | ||||||
Robinsons Retail Holdings, Inc. |
207,120 | 129,691 | ||||||
Sendas Distribuidora SA |
36,400 | 100,630 | ||||||
Shenzhen Pagoda Industrial Group Corp. Ltd. |
24,500 | 9,402 | ||||||
Shoprite Holdings Ltd. |
8,008 | 116,894 | ||||||
SMU SA |
1,178,216 | 189,622 | ||||||
Sok Marketler Ticaret A/S |
6,048 | 12,716 | ||||||
SPAR Group Ltd. (The)* |
6,708 | 40,485 | ||||||
Sumber Alfaria Trijaya Tbk. PT |
365,600 | 61,397 | ||||||
Sun Art Retail Group Ltd.(b) |
70,500 | 8,658 | ||||||
Wal-Mart de Mexico SAB de CV |
88,400 | 365,994 | ||||||
|
|
|||||||
2,982,428 | ||||||||
|
|
|||||||
Containers & Packaging - 0.1% |
| |||||||
Cheng Loong Corp. |
43,162 | 39,784 | ||||||
CPMC Holdings Ltd.(b) |
104,000 | 89,668 | ||||||
Klabin SA |
20,352 | 87,692 | ||||||
Pantai Indah Kapuk Dua Tbk. PT* |
24,000 | 7,361 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
SCG Packaging PCL, NVDR |
18,700 | 16,604 | ||||||
Taiwan Hon Chuan Enterprise Co. Ltd. |
4,752 | 21,179 | ||||||
Ton Yi Industrial Corp. |
52,000 | 25,253 | ||||||
Youlchon Chemical Co. Ltd.* |
470 | 10,142 | ||||||
|
|
|||||||
297,683 | ||||||||
|
|
|||||||
Distributors - 0.1% |
| |||||||
Autohellas Tourist and Trading SA |
8,958 | 130,390 | ||||||
Sinomach Automobile Co. Ltd., Class A |
4,800 | 4,800 | ||||||
Wuchan Zhongda Group Co. Ltd., Class A |
13,800 | 8,323 | ||||||
|
|
|||||||
143,513 | ||||||||
|
|
|||||||
Diversified Consumer Services - 0.3% |
| |||||||
Advtech Ltd. |
24,310 | 35,069 | ||||||
China Education Group Holdings Ltd.(a) |
48,000 | 23,824 | ||||||
Cogna Educacao SA* |
52,400 | 30,966 | ||||||
East Buy Holding Ltd.*(a)(b) |
3,000 | 8,827 | ||||||
Fenbi Ltd.*(b) |
24,500 | 12,442 | ||||||
Fu Shou Yuan International Group Ltd. |
48,000 | 28,798 | ||||||
Humansoft Holding Co. KSC |
3,251 | 36,283 | ||||||
Lung Yen Life Service Corp.* |
8,448 | 10,432 | ||||||
MegaStudyEdu Co. Ltd.* |
3,120 | 140,495 | ||||||
National Co. for Learning & Education |
735 | 29,086 | ||||||
New Oriental Education & Technology Group, Inc.* |
26,000 | 197,729 | ||||||
Offcn Education Technology Co. Ltd., Class A* |
4,700 | 2,311 | ||||||
Taaleem Holdings PJSC |
16,512 | 17,308 | ||||||
TAL Education Group, ADR* |
8,320 | 88,525 | ||||||
|
|
|||||||
662,095 | ||||||||
|
|
|||||||
Diversified REITs - 0.4% |
| |||||||
Axis REIT, REIT |
70,973 | 26,709 | ||||||
Concentradora Fibra Danhos SA de CV, REIT |
444,544 | 539,908 | ||||||
Fibra Uno Administracion SA de CV, REIT |
78,000 | 132,880 | ||||||
Growthpoint Properties Ltd., REIT |
98,072 | 62,485 | ||||||
Is Gayrimenkul Yatirim Ortakligi A/S, REIT* |
179,608 | 105,833 | ||||||
KLCCP Stapled Group, REIT |
9,600 | 14,958 | ||||||
Peker Gayrimenkul Yatirim Ortakligi A/S, REIT* |
18,144 | 20,509 | ||||||
Redefine Properties Ltd., REIT |
259,975 | 58,289 | ||||||
Servet Gayrimenkul Yatirim Ortakligi A/S, REIT* |
6,032 | 66,594 | ||||||
SK REITs Co. Ltd., REIT |
6,195 | 17,406 | ||||||
|
|
|||||||
1,045,571 | ||||||||
|
|
|||||||
Diversified Telecommunication Services - 1.1% |
| |||||||
AL Yah Satellite Communications Co. PJSC |
43,340 | 27,140 | ||||||
Chief Telecom, Inc. |
1,104 | 11,269 | ||||||
China Tower Corp. Ltd., Class H(a) |
1,352,000 | 150,467 | ||||||
Chunghwa Telecom Co. Ltd. |
60,000 | 228,119 |
Investments |
Shares | Value ($) | ||||||
CITIC Telecom International Holdings Ltd.(b) |
749,000 | 267,320 | ||||||
Converge Information and Communications Technology Solutions, Inc.* |
1,024,400 | 168,686 | ||||||
Dayamitra Telekomunikasi PT |
202,100 | 8,709 | ||||||
Emirates Telecommunications Group Co. PJSC |
58,344 | 304,670 | ||||||
Hellenic Telecommunications Organization SA |
5,980 | 83,471 | ||||||
HFCL Ltd. |
34,742 | 43,133 | ||||||
Indus Towers Ltd.* |
19,656 | 52,534 | ||||||
KT Corp.* |
3,809 | 101,029 | ||||||
LG Uplus Corp. |
7,921 | 60,714 | ||||||
Magyar Telekom Telecommunications plc |
138,944 | 302,454 | ||||||
Ooredoo QPSC |
33,904 | 99,636 | ||||||
Operadora De Sites Mexicanos SAB de CV, Series A-1 |
9,400 | 10,234 | ||||||
PT Tower Bersama Infrastructure Tbk. |
42,300 | 5,227 | ||||||
Railtel Corp. of India Ltd. |
3,796 | 19,996 | ||||||
Rostelecom PJSC |
33,770 | | ||||||
Rostelecom PJSC (Preference) |
15,392 | | ||||||
Sarana Menara Nusantara Tbk. PT |
315,700 | 17,806 | ||||||
Saudi Telecom Co. |
30,218 | 328,763 | ||||||
Sitios Latinoamerica SAB de |
63,700 | 23,959 | ||||||
Tata Communications Ltd. |
1,646 | 34,430 | ||||||
Tata Teleservices Maharashtra Ltd.* |
8,112 | 9,055 | ||||||
Telefonica Brasil SA |
10,400 | 108,102 | ||||||
Telekom Malaysia Bhd. |
41,600 | 52,066 | ||||||
Telkom Indonesia Persero Tbk. PT |
785,200 | 197,046 | ||||||
Telkom SA SOC Ltd.* |
119,288 | 181,125 | ||||||
TIME dotCom Bhd. |
9,000 | 10,465 | ||||||
Turk Telekomunikasyon A/S* |
19,746 | 21,279 | ||||||
|
|
|||||||
2,928,904 | ||||||||
|
|
|||||||
Electric Utilities - 1.5% |
| |||||||
Adani Energy Solutions Ltd.* |
6,604 | 84,920 | ||||||
Alupar Investimento SA |
4,840 | 28,926 | ||||||
Can2 Termik A/S* |
209,040 | 124,002 | ||||||
Centrais Eletricas Brasileiras SA |
31,200 | 257,690 | ||||||
Centrais Eletricas Brasileiras SA (Preference), Class B |
5,200 | 48,242 | ||||||
CESC Ltd. |
327,756 | 564,785 | ||||||
CEZ A/S(b) |
3,016 | 114,551 | ||||||
Cia Energetica de Minas Gerais |
4,700 | 14,268 | ||||||
Cia Energetica de Minas Gerais (Preference) |
49,502 | 115,412 | ||||||
Companhia Paranaense de Energia* |
5,300 | 9,621 | ||||||
Companhia Paranaense de Energia (Preference) |
26,000 | 53,304 | ||||||
CPFL Energia SA |
4,700 | 34,491 | ||||||
CTEEP-Cia de Transmissao de Energia Eletrica Paulista (Preference) |
10,000 | 51,831 | ||||||
Enel Americas SA |
561,566 | 56,776 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Enel Chile SA |
879,809 | 52,759 | ||||||
Enel Distribucion Peru SAA |
13,824 | 13,266 | ||||||
Energisa SA |
5,200 | 53,262 | ||||||
Enerjisa Enerji A/S(a) |
7,676 | 14,077 | ||||||
Engie Energia Chile SA* |
188,188 | 177,580 | ||||||
Equatorial Energia SA |
20,800 | 149,146 | ||||||
Federal Grid Co. - Rosseti PJSC (Registered)* |
22,532,366 | | ||||||
Inter RAO UES PJSC |
1,596,292 | | ||||||
Interconexion Electrica SA ESP |
13,728 | 59,178 | ||||||
Korea Electric Power Corp.* |
7,020 | 103,986 | ||||||
Manila Electric Co. |
5,840 | 37,554 | ||||||
Mosenergo PJSC |
4,455,000 | | ||||||
Neoenergia SA |
15,600 | 64,407 | ||||||
ODAS Elektrik Uretim ve Sanayi Ticaret A/S* |
475,176 | 145,165 | ||||||
Power Grid Corp. of India Ltd. |
132,080 | 412,413 | ||||||
Public Power Corp. SA* |
3,661 | 48,676 | ||||||
Reliance Infrastructure Ltd.* |
111,540 | 310,334 | ||||||
RusHydro PJSC |
2,361,000 | | ||||||
Saudi Electricity Co. |
25,064 | 126,720 | ||||||
SJVN Ltd. |
13,152 | 20,874 | ||||||
Tata Power Co. Ltd. (The) |
27,716 | 130,080 | ||||||
Tenaga Nasional Bhd. |
130,000 | 294,630 | ||||||
Torrent Power Ltd. |
1,927 | 24,133 | ||||||
Transmissora Alianca de Energia Eletrica SA |
5,000 | 37,330 | ||||||
|
|
|||||||
3,834,389 | ||||||||
|
|
|||||||
Electrical Equipment - 1.3% |
| |||||||
ABB India Ltd. |
1,107 | 62,274 | ||||||
AcBel Polytech, Inc. |
9,312 | 12,139 | ||||||
Allis Electric Co. Ltd. |
2,000 | 5,367 | ||||||
Amara Raja Energy & Mobility Ltd. |
4,721 | 50,542 | ||||||
Bharat Heavy Electricals Ltd. |
27,560 | 75,750 | ||||||
Bizlink Holding, Inc. |
3,936 | 29,049 | ||||||
CG Power & Industrial Solutions Ltd. |
11,128 | 62,786 | ||||||
Chicony Power Technology Co. Ltd. |
5,232 | 24,489 | ||||||
Chung-Hsin Electric & Machinery Manufacturing Corp. |
7,728 | 29,505 | ||||||
CS Wind Corp. |
581 | 24,857 | ||||||
CyberPower Systems, Inc. |
30,680 | 184,279 | ||||||
Dongfang Electric Corp. Ltd., Class A |
5,000 | 9,994 | ||||||
Doosan Enerbility Co. Ltd.* |
7,581 | 87,701 | ||||||
Doosan Fuel Cell Co. Ltd.* |
690 | 10,702 | ||||||
Ecopro BM Co. Ltd.* |
780 | 124,774 | ||||||
Ecopro Co. Ltd.* |
364 | 136,911 | ||||||
Elecon Engineering Co. Ltd. |
1,776 | 23,538 | ||||||
ElSewedy Electric Co. |
21,462 | 22,365 | ||||||
Fangda Carbon New Material Co. Ltd., Class A* |
5,300 | 3,263 | ||||||
Farasis Energy Gan Zhou Co. Ltd., Class A* |
784 | 1,318 | ||||||
Finolex Cables Ltd. |
3,513 | 46,542 | ||||||
Fortune Electric Co. Ltd. |
2,928 | 41,535 |
Investments |
Shares | Value ($) | ||||||
Goldwind Science & Technology Co. Ltd.(b) |
15,000 | 5,488 | ||||||
Goldwind Science & Technology Co. Ltd., Class A |
9,600 | 9,333 | ||||||
GoodWe Technologies Co. Ltd., Class A |
343 | 4,461 | ||||||
Gotion High-tech Co. Ltd., Class A* |
4,600 | 11,981 | ||||||
Graphite India Ltd. |
3,381 | 22,181 | ||||||
Gulf Cables & Electrical Industries Group Co. KSCP |
4,140 | 19,381 | ||||||
Havells India Ltd. |
3,640 | 56,737 | ||||||
HBL Power Systems Ltd. |
4,272 | 27,638 | ||||||
HD Hyundai Electric Co. Ltd. |
441 | 33,934 | ||||||
Hitachi Energy India Ltd. |
371 | 26,492 | ||||||
Hongfa Technology Co. Ltd., Class A |
4,800 | 15,003 | ||||||
Hunan Changyuan Lico Co. Ltd., Class A |
784 | 614 | ||||||
Hyosung Heavy Industries Corp.* |
96 | 12,357 | ||||||
Inox Wind Ltd.* |
3,408 | 19,616 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A |
4,500 | 7,246 | ||||||
Jiangxi Special Electric Motor Co. Ltd., Class A* |
4,900 | 6,170 | ||||||
KEI Industries Ltd. |
1,250 | 48,064 | ||||||
Korea Electric Terminal Co. Ltd. |
2,756 | 143,515 | ||||||
L&F Co. Ltd.* |
452 | 48,598 | ||||||
LG Energy Solution Ltd.* |
728 | 207,821 | ||||||
LS Corp.* |
728 | 49,692 | ||||||
LS Electric Co. Ltd.* |
490 | 25,846 | ||||||
Ming Yang Smart Energy Group Ltd., Class A |
4,500 | 5,641 | ||||||
NARI Technology Co. Ltd., Class A |
15,300 | 44,773 | ||||||
Ningbo Ronbay New Energy Technology Co. Ltd., Class A |
658 | 2,612 | ||||||
Olectra Greentech Ltd. |
1,392 | 29,201 | ||||||
Phihong Technology Co. Ltd.* |
11,472 | 20,892 | ||||||
Polycab India Ltd. |
1,248 | 65,270 | ||||||
POSCO Future M Co. Ltd.* |
572 | 108,644 | ||||||
Pylon Technologies Co. Ltd., Class A |
343 | 3,811 | ||||||
Riyadh Cables Group Co. |
720 | 20,236 | ||||||
RR Kabel Ltd. |
768 | 13,256 | ||||||
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A/S |
166,088 | 166,504 | ||||||
Shanghai Electric Group Co. Ltd., Class A* |
24,000 | 13,304 | ||||||
Shihlin Electric & Engineering Corp. |
5,136 | 19,937 | ||||||
Shinsung Delta Tech Co. Ltd.* |
576 | 31,807 | ||||||
Sociedad Quimica y Minera de Chile SA (Preference), Class B |
4,316 | 186,620 | ||||||
SPG Co. Ltd. |
686 | 14,983 | ||||||
Suzlon Energy Ltd.* |
207,376 | 114,746 | ||||||
Ta Ya Electric Wire & Cable |
26,249 | 29,310 | ||||||
Taihan Electric Wire Co. Ltd.* |
2,058 | 14,356 | ||||||
Tatung Co. Ltd.* |
30,816 | 43,173 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
TBEA Co. Ltd., Class A |
15,350 | 30,039 | ||||||
Teco Electric and Machinery Co. Ltd. |
22,000 | 32,368 | ||||||
Triveni Turbine Ltd.* |
8,500 | 38,542 | ||||||
V-Guard Industries Ltd. |
6,399 | 22,531 | ||||||
Voltronic Power Technology Corp. |
1,000 | 42,812 | ||||||
Walsin Lihwa Corp. |
104,000 | 117,625 | ||||||
WEG SA |
26,000 | 170,173 | ||||||
XTC New Energy Materials Xiamen Co. Ltd., Class A |
539 | 2,260 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A |
4,700 | 12,202 | ||||||
Zhejiang HangKe Technology, Inc. Co., Class A |
490 | 1,355 | ||||||
|
|
|||||||
3,290,831 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 3.5% |
| |||||||
AAC Technologies Holdings, Inc.(b) |
26,000 | 58,404 | ||||||
Ability Opto-Electronics Technology Co. Ltd. |
3,072 | 20,120 | ||||||
Asia Optical Co., Inc. |
7,296 | 15,665 | ||||||
AUO Corp. |
219,872 | 129,256 | ||||||
Aurora Corp. |
4,316 | 10,149 | ||||||
Avary Holding Shenzhen Co. Ltd., Class A |
9,600 | 23,413 | ||||||
BH Co. Ltd.* |
10,920 | 149,647 | ||||||
BOE Technology Group Co. Ltd., Class A |
98,800 | 49,541 | ||||||
Chang Wah Electromaterials, Inc. |
156,000 | 178,929 | ||||||
Channel Well Technology Co. Ltd. |
8,742 | 22,009 | ||||||
Cheng Uei Precision Industry Co. Ltd. |
139,590 | 199,577 | ||||||
China Railway Signal & Communication Corp. Ltd., Class A |
31,500 | 20,358 | ||||||
Chin-Poon Industrial Co. Ltd. |
12,720 | 18,186 | ||||||
Chroma ATE, Inc. |
8,000 | 51,247 | ||||||
Chunghwa Precision Test Tech Co. Ltd. |
720 | 12,169 | ||||||
Compeq Manufacturing Co. Ltd. |
44,389 | 98,565 | ||||||
Coretronic Corp. |
9,168 | 20,797 | ||||||
Co-Tech Development Corp. |
10,464 | 19,658 | ||||||
Daeduck Electronics Co. Ltd.* |
15,184 | 275,887 | ||||||
Daejoo Electronic Materials Co. Ltd.* |
432 | 22,366 | ||||||
Delta Electronics Thailand PCL, NVDR |
83,200 | 184,680 | ||||||
Delta Electronics, Inc. |
37,578 | 336,166 | ||||||
Dreamtech Co. Ltd.* |
18,252 | 159,320 | ||||||
Dynamic Holding Co. Ltd. |
9,216 | 24,468 | ||||||
E Ink Holdings, Inc. |
15,000 | 99,682 | ||||||
Elite Material Co. Ltd. |
4,752 | 69,991 | ||||||
EM-Tech Co. Ltd.* |
5,356 | 151,091 | ||||||
Everdisplay Optronics Shanghai Co. Ltd., Class A* |
26,592 | 7,815 | ||||||
FLEXium Interconnect, Inc. |
2,474 | 6,750 | ||||||
Forth Corp. PCL, NVDR |
14,600 | 7,037 | ||||||
Foxconn Industrial Internet Co. Ltd., Class A |
26,000 | 48,201 |
Investments |
Shares | Value ($) | ||||||
Foxconn Technology Co. Ltd. |
28,608 | 46,157 | ||||||
General Interface Solution Holding Ltd. |
114,128 | 228,624 | ||||||
Genius Electronic Optical Co. Ltd. |
1,000 | 12,780 | ||||||
Genus Power Infrastructures Ltd. |
5,088 | 16,212 | ||||||
Global Brands Manufacture Ltd. |
8,016 | 16,365 | ||||||
GoerTek, Inc., Class A |
3,800 | 8,072 | ||||||
Gold Circuit Electronics Ltd. |
5,240 | 38,338 | ||||||
Hana Microelectronics PCL, NVDR |
9,800 | 13,190 | ||||||
Hannstar Board Corp. |
8,448 | 15,385 | ||||||
HannStar Display Corp.* |
69,288 | 26,122 | ||||||
Hollysys Automation Technologies Ltd.*(b) |
2,184 | 54,032 | ||||||
Holy Stone Enterprise Co. Ltd. |
65,442 | 196,538 | ||||||
Hon Hai Precision Industry Co. Ltd. |
364,000 | 1,192,032 | ||||||
Honeywell Automation India Ltd. |
52 | 24,225 | ||||||
Innolux Corp. |
276,684 | 144,532 | ||||||
ITEQ Corp. |
6,096 | 16,146 | ||||||
Jaymart Group Holdings PCL, NVDR |
24,000 | 9,741 | ||||||
Kaynes Technology India Ltd.* |
768 | 26,184 | ||||||
KCE Electronics PCL, NVDR |
9,300 | 11,665 | ||||||
Kingboard Holdings Ltd. |
26,000 | 46,364 | ||||||
Kingboard Laminates Holdings Ltd. |
27,500 | 16,534 | ||||||
Largan Precision Co. Ltd. |
1,488 | 118,376 | ||||||
LG Display Co. Ltd.* |
6,747 | 58,894 | ||||||
LG Innotek Co. Ltd. |
468 | 66,975 | ||||||
Lingyi iTech Guangdong Co., Class A |
15,900 | 10,519 | ||||||
Lotes Co. Ltd. |
1,332 | 42,046 | ||||||
Lotte Energy Materials Corp. |
235 | 5,555 | ||||||
Luxshare Precision Industry Co. Ltd., Class A |
10,600 | 37,634 | ||||||
Mcnex Co. Ltd. |
657 | 12,602 | ||||||
MH Development Ltd.* |
22,000 | | ||||||
Nan Ya Printed Circuit Board Corp. |
5,664 | 41,078 | ||||||
Nationgate Holdings Bhd. |
296,400 | 85,849 | ||||||
Nex Point Parts PCL, NVDR* |
47,500 | 13,054 | ||||||
Nichidenbo Corp. |
79,409 | 143,598 | ||||||
OFILM Group Co. Ltd., Class A* |
4,700 | 4,360 | ||||||
Pan-International Industrial Corp. |
171,888 | 182,050 | ||||||
Park Systems Corp.* |
200 | 25,820 | ||||||
Primax Electronics Ltd. |
14,600 | 30,646 | ||||||
Promate Electronic Co. Ltd. |
91,705 | 175,209 | ||||||
Quest Holdings SA(b) |
11,076 | 63,646 | ||||||
Raytron Technology Co. Ltd., Class A |
343 | 1,582 | ||||||
Redington Ltd. |
260,936 | 565,116 | ||||||
Samsung Electro-Mechanics Co. Ltd. |
1,612 | 168,610 | ||||||
Samsung SDI Co. Ltd. |
884 | 246,724 | ||||||
Shanghai BOCHU Electronic Technology Corp. Ltd., Class A |
376 | 13,302 | ||||||
Shengyi Technology Co. Ltd., Class A |
9,600 | 19,188 | ||||||
Shenzhen Kaifa Technology Co. Ltd., Class A |
4,700 | 7,777 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Simplo Technology Co. Ltd. |
4,656 | 60,395 | ||||||
Sinbon Electronics Co. Ltd. |
3,000 | 24,681 | ||||||
SOLUM Co. Ltd.* |
588 | 12,160 | ||||||
Solus Advanced Materials Co. Ltd.* |
754 | 6,350 | ||||||
STCUBE* |
1,739 | 8,626 | ||||||
Sunny Optical Technology Group Co. Ltd. |
12,800 | 78,186 | ||||||
SUPCON Technology Co. Ltd., Class A |
1,771 | 8,708 | ||||||
Supreme Electronics Co. Ltd. |
14,160 | 27,235 | ||||||
Synnex Technology International Corp. |
38,784 | 89,217 | ||||||
Syrma SGS Technology Ltd. |
2,160 | 15,572 | ||||||
Taiwan Surface Mounting Technology Corp. |
6,816 | 20,187 | ||||||
Taiwan Union Technology Corp. |
4,128 | 17,871 | ||||||
TCL Technology Group Corp., Class A* |
41,360 | 23,331 | ||||||
Test Research, Inc. |
89,187 | 198,038 | ||||||
Thinking Electronic Industrial Co. Ltd. |
2,688 | 13,655 | ||||||
Tong Hsing Electronic Industries Ltd. |
2,783 | 12,759 | ||||||
TPK Holding Co. Ltd. |
158,000 | 180,214 | ||||||
Tripod Technology Corp. |
14,000 | 83,867 | ||||||
TXC Corp. |
4,608 | 13,986 | ||||||
Unimicron Technology Corp. |
42,124 | 236,867 | ||||||
Unisplendour Corp. Ltd., Class A* |
4,900 | 10,620 | ||||||
Unitech Printed Circuit Board Corp. |
46,689 | 28,342 | ||||||
Universal Scientific Industrial Shanghai Co. Ltd., Class A |
4,700 | 8,347 | ||||||
VS Industry Bhd. |
137,700 | 20,961 | ||||||
Wah Lee Industrial Corp. |
94,739 | 292,999 | ||||||
Walsin Technology Corp. |
5,952 | 20,538 | ||||||
Weikeng Industrial Co. Ltd. |
156,000 | 152,763 | ||||||
Wingtech Technology Co. Ltd., Class A* |
4,500 | 20,966 | ||||||
Wintek Corp.* |
64,000 | | ||||||
WPG Holdings Ltd. |
52,440 | 146,097 | ||||||
WT Microelectronics Co. Ltd. |
15,385 | 77,664 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A |
9,970 | 27,371 | ||||||
Yageo Corp. |
10,512 | 185,390 | ||||||
Zen Technologies Ltd. |
1,440 | 14,573 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A |
5,200 | 11,255 | ||||||
Zhen Ding Technology Holding Ltd. |
17,150 | 55,341 | ||||||
|
|
|||||||
8,995,724 | ||||||||
|
|
|||||||
Energy Equipment & Services - 0.3% |
| |||||||
ADNOC Drilling Co. PJSC |
42,207 | 42,173 | ||||||
Arabian Drilling Co. |
384 | 17,182 | ||||||
Bumi Armada Bhd.* |
1,471,600 | 174,228 | ||||||
China Oilfield Services Ltd., Class A |
5,000 | 10,704 |
Investments |
Shares | Value ($) | ||||||
China Oilfield Services Ltd., Class H |
28,000 | 26,900 | ||||||
China Petroleum Engineering Corp., Class A |
27,800 | 12,081 | ||||||
COFCO Capital Holdings Co. Ltd., Class A |
4,900 | 6,272 | ||||||
Dialog Group Bhd. |
51,700 | 20,002 | ||||||
Gulf International Services QSC |
398,424 | 308,913 | ||||||
Velesto Energy Bhd.* |
340,800 | 18,733 | ||||||
Yinson Holdings Bhd. |
57,600 | 31,296 | ||||||
|
|
|||||||
668,484 | ||||||||
|
|
|||||||
Entertainment - 0.8% |
| |||||||
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A |
4,700 | 10,880 | ||||||
Bilibili, Inc., Class Z* |
4,160 | 36,426 | ||||||
China Ruyi Holdings Ltd.*(b) |
88,000 | 14,747 | ||||||
CJ CGV Co. Ltd.* |
35,984 | 148,827 | ||||||
CJ ENM Co. Ltd.* |
392 | 21,000 | ||||||
Com2uSCorp |
133 | 4,559 | ||||||
Devsisters Co. Ltd.* |
235 | 7,149 | ||||||
Gamania Digital Entertainment Co. Ltd. |
52,000 | 128,424 | ||||||
HYBE Co. Ltd.* |
295 | 44,538 | ||||||
International Games System Co. Ltd. |
2,320 | 61,522 | ||||||
iQIYI, Inc., ADR*(b) |
7,595 | 25,443 | ||||||
JYP Entertainment Corp.* |
480 | 27,081 | ||||||
Kakao Games Corp.* |
956 | 17,585 | ||||||
Kingsoft Corp. Ltd. |
15,800 | 38,281 | ||||||
Krafton, Inc.* |
520 | 83,572 | ||||||
MD Pictures Tbk. PT* |
28,800 | 10,996 | ||||||
MNC Digital Entertainment Tbk. PT* |
37,600 | 7,124 | ||||||
NCSoft Corp.* |
296 | 43,935 | ||||||
Neowiz* |
470 | 8,980 | ||||||
NetDragon Websoft Holdings Ltd. |
104,000 | 142,618 | ||||||
NetEase, Inc. |
31,200 | 604,663 | ||||||
Netmarble Corp.*(a) |
410 | 17,910 | ||||||
Nexon Games Co. Ltd.* |
1,034 | 11,590 | ||||||
NHN Corp.* |
6,656 | 123,679 | ||||||
Pearl Abyss Corp.* |
517 | 12,686 | ||||||
Perfect World Co. Ltd., Class A |
4,100 | 5,459 | ||||||
PVR Inox Ltd.* |
1,152 | 20,184 | ||||||
Saregama India Ltd. |
4,900 | 20,560 | ||||||
SM Entertainment Co. Ltd.* |
144 | 8,232 | ||||||
SMI Holdings Group Ltd.* |
72,000 | | ||||||
Star CM Holdings Ltd.* |
8,000 | 7,194 | ||||||
Studio Dragon Corp.* |
188 | 6,480 | ||||||
Tencent Music Entertainment Group, ADR* |
8,737 | 82,128 | ||||||
Tencent Music Entertainment Group, Class A* |
4,700 | 20,953 | ||||||
Wemade Co. Ltd.* |
388 | 15,001 | ||||||
XPEC Entertainment, Inc.* |
14,800 | | ||||||
YG Entertainment, Inc.* |
605 | 20,127 | ||||||
Zhejiang Century Huatong Group Co. Ltd., Class A* |
11,280 | 6,599 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Zx, Inc.*(a) |
10,400 | 94,458 | ||||||
|
|
|||||||
1,961,590 | ||||||||
|
|
|||||||
Financial Services - 1.5% |
| |||||||
Aavas Financiers Ltd.* |
2,058 | 36,592 | ||||||
Aditya Birla Capital Ltd.* |
13,950 | 28,742 | ||||||
Al Waha Capital PJSC |
429,000 | 204,400 | ||||||
Aptus Value Housing Finance India Ltd. |
6,960 | 31,400 | ||||||
AVIC Industry-Finance Holdings Co. Ltd., Class A |
23,500 | 11,096 | ||||||
Bajaj Finserv Ltd. |
6,884 | 134,897 | ||||||
Bajaj Holdings & Investment Ltd. |
607 | 61,153 | ||||||
Can Fin Homes Ltd. |
5,173 | 48,364 | ||||||
Chailease Holding Co. Ltd. |
28,488 | 158,370 | ||||||
Cielo SA |
32,900 | 33,092 | ||||||
Corp. Financiera Colombiana SA |
50,076 | 211,257 | ||||||
CSSC Hong Kong Shipping Co. Ltd.(a) |
624,000 | 119,735 | ||||||
E-Finance for Digital & Financial Investments |
7,889 | 4,493 | ||||||
Far East Horizon Ltd.(b) |
52,000 | 38,049 | ||||||
Fawry for Banking & Payment Technology Services SAE* |
44,933 | 7,547 | ||||||
FirstRand Ltd. |
163,644 | 597,605 | ||||||
Genertec Universal Medical Group Co. Ltd.(a) |
338,000 | 172,951 | ||||||
Grupo de Inversiones Suramericana SA |
2,695 | 22,394 | ||||||
Grupo de Inversiones Suramericana SA (Preference) |
3,587 | 15,041 | ||||||
Home First Finance Co. India Ltd.(a) |
1,225 | 14,526 | ||||||
Housing & Urban Development Corp. Ltd. |
159,848 | 331,751 | ||||||
IIFL Finance Ltd. |
3,626 | 27,222 | ||||||
Indian Railway Finance Corp. Ltd.(a) |
28,464 | 60,034 | ||||||
Jio Financial Services Ltd.* |
57,564 | 172,081 | ||||||
Kakaopay Corp.* |
398 | 14,120 | ||||||
L&T Finance Holdings Ltd. |
11,562 | 24,114 | ||||||
LIC Housing Finance Ltd. |
10,712 | 80,698 | ||||||
Meritz Financial Group, Inc.* |
2,808 | 144,119 | ||||||
National Investments Co. KSCP |
20,286 | 17,872 | ||||||
One 97 Communications Ltd.* |
4,128 | 37,838 | ||||||
Piramal Enterprises Ltd. |
3,456 | 38,125 | ||||||
PNB Housing Finance Ltd.*(a) |
1,056 | 9,977 | ||||||
Power Finance Corp. Ltd. |
38,844 | 207,332 | ||||||
REC Ltd. |
32,522 | 195,440 | ||||||
Remgro Ltd. |
13,728 | 116,401 | ||||||
Shandong Hi-Speed Holdings Group Ltd.*(b) |
53,500 | 37,983 | ||||||
Sociedad Portafolio SA* |
1,692 | 2,929 | ||||||
Turkiye Sinai Kalkinma Bankasi A/S* |
540,280 | 146,002 | ||||||
Yuanta Financial Holding Co. Ltd. |
367,120 | 317,277 | ||||||
|
|
|||||||
3,933,019 | ||||||||
|
|
|||||||
Food Products - 2.4% |
| |||||||
Adani Wilmar Ltd.* |
2,491 | 10,662 |
Investments |
Shares | Value ($) | ||||||
Agthia Group PJSC |
119,392 | 165,454 | ||||||
Alicorp SAA |
240,292 | 410,658 | ||||||
Almarai Co. JSC |
4,069 | 61,956 | ||||||
Anjoy Foods Group Co. Ltd., Class A |
500 | 5,175 | ||||||
Astra Agro Lestari Tbk. PT |
145,600 | 63,665 | ||||||
AVI Ltd. |
5,424 | 24,290 | ||||||
Balrampur Chini Mills Ltd. |
3,850 | 18,333 | ||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A |
5,300 | 3,499 | ||||||
Betagro PCL |
24,400 | 15,131 | ||||||
Bombay Burmah Trading Co. |
9,516 | 198,722 | ||||||
BRF SA* |
21,200 | 59,853 | ||||||
Britannia Industries Ltd. |
2,066 | 129,328 | ||||||
CCL Products India Ltd. |
2,597 | 20,985 | ||||||
Century Pacific Food, Inc. |
17,700 | 10,360 | ||||||
Charoen Pokphand Enterprise |
4,272 | 13,144 | ||||||
Charoen Pokphand Foods PCL, NVDR |
43,200 | 22,649 | ||||||
Charoen Pokphand Indonesia Tbk. PT |
117,500 | 33,359 | ||||||
Cherkizovo Group PJSC |
2,594 | | ||||||
China Feihe Ltd.(a) |
104,000 | 47,628 | ||||||
China Huiyuan Juice Group Ltd.* |
24,000 | | ||||||
China Mengniu Dairy Co. Ltd. |
52,000 | 114,680 | ||||||
China Modern Dairy Holdings Ltd. |
1,106,000 | 90,548 | ||||||
Chongqing Fuling Zhacai Group Co. Ltd., Class A |
3,120 | 5,345 | ||||||
CJ CheilJedang Corp. |
312 | 68,261 | ||||||
CJ CheilJedang Corp. (Preference) |
205 | 19,891 | ||||||
COFCO Joycome Foods Ltd.*(a)(b) |
1,248,000 | 242,663 | ||||||
Daesang Corp.* |
8,349 | 116,354 | ||||||
Dongwon Industries Co. Ltd.* |
2,392 | 66,850 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A |
9,980 | 47,165 | ||||||
Garudafood Putra Putri Jaya Tbk. PT |
463,100 | 12,913 | ||||||
Great Wall Enterprise Co. Ltd. |
3,018 | 5,564 | ||||||
Gruma SAB de CV, Class B |
3,216 | 60,330 | ||||||
Grupo Bimbo SAB de CV, Class A, Series A(b) |
24,698 | 112,910 | ||||||
Grupo Nutresa SA |
1,692 | 19,450 | ||||||
Guan Chong Bhd. |
29,400 | 10,318 | ||||||
Guangdong Haid Group Co. Ltd., Class A |
3,400 | 17,901 | ||||||
Harim Holdings Co. Ltd.* |
17,368 | 97,729 | ||||||
Heilongjiang Agriculture Co. Ltd., Class A |
10,200 | 16,168 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A |
5,000 | 19,806 | ||||||
Huishan Dairy* |
158,000 | | ||||||
Indofood CBP Sukses Makmur Tbk. PT |
51,800 | 38,653 | ||||||
Indofood Sukses Makmur Tbk. PT |
135,200 | 54,620 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A |
10,400 | 39,241 | ||||||
IOI Corp. Bhd. |
39,200 | 33,067 | ||||||
JBS SA |
20,900 | 99,105 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A* |
4,800 | 14,688 | ||||||
Kuala Lumpur Kepong Bhd. |
20,831 | 97,857 | ||||||
Leong Hup International Bhd.(a) |
670,800 | 78,709 | ||||||
Lian HWA Food Corp. |
6,240 | 17,305 | ||||||
Lien Hwa Industrial Holdings Corp. |
17,301 | 35,874 | ||||||
Lotte Wellfood Co. Ltd.* |
1,248 | 118,848 | ||||||
M Dias Branco SA |
4,800 | 37,206 | ||||||
Marfrig Global Foods SA* |
150,800 | 287,189 | ||||||
Marico Ltd. |
9,360 | 59,495 | ||||||
Mayora Indah Tbk. PT |
83,900 | 12,495 | ||||||
Minerva SA |
119,600 | 165,805 | ||||||
Monde Nissin Corp.(a) |
107,400 | 16,808 | ||||||
Mrs Bectors Food Specialities Ltd.(a) |
1,104 | 15,811 | ||||||
Muyuan Foods Co. Ltd., Class A |
15,620 | 76,691 | ||||||
Nestle India Ltd. |
6,240 | 188,304 | ||||||
Nestle Malaysia Bhd. |
900 | 22,738 | ||||||
New Hope Liuhe Co. Ltd., Class A* |
9,000 | 10,242 | ||||||
NongShim Co. Ltd. |
100 | 28,285 | ||||||
Orion Corp. |
550 | 37,789 | ||||||
Orion Holdings Corp. |
8,892 | 95,739 | ||||||
Ottogi Corp.* |
50 | 14,985 | ||||||
Patanjali Foods Ltd. |
1,030 | 19,623 | ||||||
PPB Group Bhd. |
14,080 | 43,044 | ||||||
QL Resources Bhd. |
25,395 | 31,301 | ||||||
Samyang Foods Co. Ltd. |
141 | 19,428 | ||||||
Samyang Holdings Corp.* |
2,600 | 131,885 | ||||||
San Miguel Food and Beverage, Inc. |
19,470 | 17,085 | ||||||
Sao Martinho SA |
3,500 | 19,968 | ||||||
Sarawak Oil Palms Bhd. |
124,800 | 72,822 | ||||||
Saudia Dairy & Foodstuff Co. |
294 | 28,223 | ||||||
Savola Group (The) |
5,635 | 67,543 | ||||||
Shiyue Daotian Group Co. Ltd.* |
11,100 | 35,356 | ||||||
Shree Renuka Sugars Ltd.* |
30,100 | 17,398 | ||||||
Sime Darby Plantation Bhd. |
67,603 | 63,172 | ||||||
SLC Agricola SA |
82,700 | 319,680 | ||||||
Taiwan TEA Corp.* |
48,825 | 31,667 | ||||||
Tata Consumer Products Ltd. |
12,064 | 162,415 | ||||||
Thai Union Group PCL, NVDR |
58,800 | 25,192 | ||||||
Thai Vegetable Oil PCL, NVDR |
202,800 | 120,042 | ||||||
Thaifoods Group PCL, NVDR |
681,200 | 69,507 | ||||||
Tiger Brands Ltd. |
1,666 | 18,800 | ||||||
Tingyi Cayman Islands Holding Corp. |
30,000 | 29,780 | ||||||
Toly Bread Co. Ltd., Class A |
5,640 | 5,130 | ||||||
Tres Tentos Agroindustrial SA |
57,200 | 127,572 | ||||||
Triveni Engineering & Industries Ltd. |
4,263 | 17,569 | ||||||
Ulker Biskuvi Sanayi A/S* |
6,672 | 20,548 | ||||||
Uni-President Enterprises Corp. |
90,709 | 209,822 | ||||||
United Plantations Bhd. |
9,800 | 40,982 | ||||||
Universal Robina Corp. |
13,530 | 26,798 | ||||||
Want Want China Holdings Ltd. |
48,000 | 26,465 | ||||||
Yayla Agro Gida Sanayi ve Nakliyat A/S |
158,704 | 84,729 |
Investments |
Shares | Value ($) | ||||||
Yuan Longping High-tech Agriculture Co. Ltd., Class A* |
5,100 | 8,908 | ||||||
Zad Holding Co. |
3,286 | 12,364 | ||||||
Zydus Wellnes Ltd. |
882 | 17,152 | ||||||
|
|
|||||||
6,099,216 | ||||||||
|
|
|||||||
Gas Utilities - 0.5% |
| |||||||
Adani Total Gas Ltd. |
4,721 | 57,552 | ||||||
Aygaz A/S |
2,928 | 14,214 | ||||||
Beijing Enterprises Holdings Ltd. |
9,000 | 32,582 | ||||||
China Gas Holdings Ltd. |
72,800 | 66,307 | ||||||
China Resources Gas Group Ltd.(b) |
25,400 | 71,808 | ||||||
ENN Energy Holdings Ltd. |
21,300 | 157,490 | ||||||
ENN Natural Gas Co. Ltd., Class A |
10,000 | 24,347 | ||||||
GAIL India Ltd. |
83,356 | 173,249 | ||||||
Grupo Energia Bogota SA ESP |
81,120 | 47,185 | ||||||
Gujarat Gas Ltd. |
2,679 | 18,753 | ||||||
Gujarat State Petronet Ltd. |
4,080 | 18,073 | ||||||
Indraprastha Gas Ltd. |
4,564 | 23,654 | ||||||
Korea Gas Corp.* |
999 | 19,798 | ||||||
Kunlun Energy Co. Ltd. |
104,000 | 92,994 | ||||||
Mahanagar Gas Ltd.(a) |
1,456 | 25,936 | ||||||
National Gas & Industrialization Co. |
1,155 | 20,974 | ||||||
Perusahaan Gas Negara Tbk. PT |
311,200 | 22,975 | ||||||
Petronas Gas Bhd. |
15,600 | 58,508 | ||||||
Promigas SA ESP |
198,848 | 256,242 | ||||||
Towngas Smart Energy Co. Ltd.(b) |
468,000 | 173,017 | ||||||
|
|
|||||||
1,375,658 | ||||||||
|
|
|||||||
Ground Transportation - 0.3% |
| |||||||
ANE Cayman, Inc.* |
24,000 | 11,881 | ||||||
BTS Group Holdings PCL, NVDR |
119,640 | 20,234 | ||||||
Container Corp. of India Ltd. |
4,852 | 51,854 | ||||||
Daqin Railway Co. Ltd., Class A |
42,400 | 44,115 | ||||||
Full Truck Alliance Co. Ltd., ADR*(b) |
11,180 | 70,210 | ||||||
GMexico Transportes SAB de CV(a)(b) |
9,400 | 21,520 | ||||||
Grupo Traxion SAB de CV, Class A*(a) |
9,800 | 17,939 | ||||||
Localiza Rent a Car SA |
15,692 | 171,875 | ||||||
Lotte Rental Co. Ltd.* |
6,448 | 128,994 | ||||||
Lumi Rental Co.* |
576 | 17,141 | ||||||
Rumo SA |
20,800 | 97,073 | ||||||
SIMPAR SA |
130,000 | 205,481 | ||||||
Theeb Rent A Car Co. |
441 | 7,644 | ||||||
United International Transportation Co. |
996 | 22,071 | ||||||
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA |
5,500 | 9,094 | ||||||
|
|
|||||||
897,126 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies - 0.2% |
| |||||||
AK Medical Holdings Ltd.(a) |
26,000 | 15,233 | ||||||
Classys, Inc.* |
144 | 3,323 | ||||||
Dentium Co. Ltd.* |
147 | 12,501 | ||||||
Eoflow Co. Ltd.* |
799 | 2,041 | ||||||
Hartalega Holdings Bhd.* |
30,800 | 17,842 | ||||||
HLB, Inc.* |
2,001 | 101,639 | ||||||
iRay Technology Co. Ltd., Class A |
432 | 12,902 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Jeisys Medical, Inc.* |
1,942 | 12,412 | ||||||
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A |
4,800 | 21,307 | ||||||
Kangji Medical Holdings Ltd. |
25,000 | 18,549 | ||||||
Kossan Rubber Industries Bhd. |
91,500 | 39,656 | ||||||
Lifetech Scientific Corp.* |
158,000 | 34,562 | ||||||
Microport Scientific Corp.* |
11,498 | 8,487 | ||||||
Qingdao Haier Biomedical Co. Ltd., Class A |
539 | 2,128 | ||||||
SD Biosensor, Inc.* |
990 | 7,707 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H |
36,000 | 23,072 | ||||||
Shanghai MicroPort Endovascular MedTech Group Co. Ltd., Class A |
98 | 2,178 | ||||||
Sri Trang Gloves Thailand PCL, NVDR |
68,600 | 13,922 | ||||||
Supermax Corp. Bhd. |
48,000 | 9,488 | ||||||
TaiDoc Technology Corp. |
22,000 | 112,462 | ||||||
Top Glove Corp. Bhd.* |
120,000 | 23,594 | ||||||
Visco Vision, Inc. |
3,264 | 25,028 | ||||||
Won Tech Co. Ltd.* |
1,728 | 10,202 | ||||||
|
|
|||||||
530,235 | ||||||||
|
|
|||||||
Health Care Providers & Services - 1.1% |
| |||||||
Al Hammadi Holding |
1,862 | 30,437 | ||||||
Apollo Hospitals Enterprise Ltd. |
1,704 | 130,358 | ||||||
Aster DM Healthcare Ltd.*(a) |
6,324 | 33,709 | ||||||
Bangkok Chain Hospital PCL, NVDR |
20,800 | 13,250 | ||||||
Bangkok Dusit Medical Services PCL, NVDR |
76,200 | 59,066 | ||||||
Bumrungrad Hospital PCL, NVDR |
4,900 | 33,148 | ||||||
Chabiotech Co. Ltd.* |
1,200 | 16,427 | ||||||
China Meheco Co. Ltd., Class A |
4,700 | 6,874 | ||||||
Chularat Hospital PCL, NVDR |
101,400 | 8,460 | ||||||
CM Hospitalar SA* |
46,800 | 95,663 | ||||||
Dallah Healthcare Co. |
585 | 25,770 | ||||||
Diagnosticos da America SA* |
9,800 | 15,966 | ||||||
Dr Lal PathLabs Ltd.(a) |
822 | 24,918 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. |
1,495 | 115,610 | ||||||
Fleury SA* |
145,600 | 479,430 | ||||||
Fortis Healthcare Ltd. |
7,920 | 41,191 | ||||||
Global Health Ltd.* |
2,401 | 33,200 | ||||||
Gushengtang Holdings Ltd. |
4,800 | 23,272 | ||||||
Hapvida Participacoes e Investimentos SA*(a) |
83,200 | 65,333 | ||||||
HLB Life Science Co. Ltd.* |
3,167 | 37,492 | ||||||
Huadong Medicine Co. Ltd., Class A |
5,100 | 20,565 | ||||||
Hygeia Healthcare Holdings Co. |
10,400 | 33,725 | ||||||
IHH Healthcare Bhd. |
46,800 | 60,355 | ||||||
Jinxin Fertility Group Ltd.*(a) |
73,500 | 20,403 | ||||||
KPJ Healthcare Bhd. |
49,024 | 16,687 | ||||||
Krishna Institute of Medical Sciences Ltd.*(a) |
864 | 22,224 | ||||||
Life Healthcare Group Holdings Ltd. |
17,346 | 17,245 |
Investments |
Shares | Value ($) | ||||||
Max Healthcare Institute Ltd. |
12,220 | 114,896 | ||||||
Medikaloka Hermina Tbk. PT(a) |
367,500 | 30,392 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A* |
9,400 | 6,389 | ||||||
Metro Healthcare Indonesia Tbk. PT* |
286,700 | 2,980 | ||||||
Metropolis Healthcare Ltd.(a) |
1,104 | 21,701 | ||||||
Middle East Healthcare Co.* |
1,617 | 43,033 | ||||||
Mitra Keluarga Karyasehat Tbk. PT(a) |
100,200 | 17,081 | ||||||
MLP Saglik Hizmetleri A/S, Class B*(a) |
3,216 | 17,276 | ||||||
Mouwasat Medical Services Co. |
1,460 | 46,252 | ||||||
Narayana Hrudayalaya Ltd.(a) |
1,200 | 19,029 | ||||||
National Medical Care Co. |
1,007 | 51,020 | ||||||
Netcare Ltd. |
582,348 | 445,871 | ||||||
New Horizon Health Ltd.*(a)(b) |
4,000 | 8,678 | ||||||
Odontoprev SA |
9,490 | 23,201 | ||||||
Oncoclinicas do Brasil Servicos Medicos SA* |
14,400 | 33,777 | ||||||
Rainbow Childrens Medicare Ltd. |
2,496 | 36,597 | ||||||
Ramkhamhaeng Hospital PCL, NVDR |
9,300 | 8,519 | ||||||
Rede DOr Sao Luiz SA(a) |
20,800 | 114,290 | ||||||
Selcuk Ecza Deposu Ticaret ve Sanayi A/S |
10,650 | 21,409 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A |
4,700 | 11,096 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H |
24,000 | 33,894 | ||||||
Sikarin PCL, NVDR |
44,000 | 12,526 | ||||||
Siloam International Hospitals Tbk. PT |
24,000 | 3,376 | ||||||
Sinopharm Group Co. Ltd., Class H |
41,600 | 109,358 | ||||||
Thonburi Healthcare Group PCL, NVDR |
9,300 | 12,386 | ||||||
Topchoice Medical Corp., Class A* |
500 | 4,142 | ||||||
Universal Vision Biotechnology Co. Ltd. |
2,226 | 19,558 | ||||||
|
|
|||||||
2,749,505 | ||||||||
|
|
|||||||
Health Care Technology - 0.0%(d) |
| |||||||
Lunit, Inc.* |
288 | 13,228 | ||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 1.4% |
| |||||||
Abu Dhabi National Hotels |
238,212 | 56,619 | ||||||
Alamar Foods |
539 | 13,151 | ||||||
Alsea SAB de CV* |
9,840 | 38,534 | ||||||
Ambassador Hotel (The) |
142,849 | 209,257 | ||||||
Americana Restaurants International plc |
40,848 | 34,587 | ||||||
Ananti, Inc.* |
32,136 | 146,877 | ||||||
Asset World Corp. PCL, NVDR |
171,900 | 19,284 | ||||||
Bloomberry Resorts Corp.* |
93,100 | 18,489 | ||||||
Central Plaza Hotel PCL* |
1,600 | 1,962 | ||||||
Central Plaza Hotel PCL, NVDR* |
5,700 | 6,989 | ||||||
Chalet Hotels Ltd.* |
2,891 | 27,053 | ||||||
China Travel International Investment Hong Kong Ltd. |
122,000 | 20,288 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Devyani International Ltd.* |
8,064 | 17,663 | ||||||
DoubleUGames Co. Ltd.* |
4,680 | 147,275 | ||||||
DPC Dash Ltd.* |
4,800 | 33,035 | ||||||
Easy Trip Planners Ltd. |
16,003 | 9,086 | ||||||
EIH Ltd. |
8,250 | 32,570 | ||||||
Erawan Group PCL (The), NVDR* |
137,100 | 19,709 | ||||||
Genting Bhd. |
52,000 | 51,890 | ||||||
Genting Malaysia Bhd. |
61,100 | 34,877 | ||||||
Grand Korea Leisure Co. Ltd.* |
1,323 | 12,589 | ||||||
H World Group Ltd. |
26,000 | 80,489 | ||||||
Haichang Ocean Park Holdings |
54,000 | 5,803 | ||||||
Haidilao International Holding |
21,164 | 33,192 | ||||||
Hana Tour Service, Inc.* |
780 | 37,228 | ||||||
Helens International Holdings Co. Ltd.(b) |
25,500 | 9,982 | ||||||
Indian Hotels Co. Ltd., Class A |
14,744 | 87,468 | ||||||
Jahez International Co.* |
3,648 | 28,600 | ||||||
Jiumaojiu International Holdings Ltd.(a)(b) |
14,000 | 8,238 | ||||||
Jollibee Foods Corp. |
7,840 | 35,374 | ||||||
Jubilant Foodworks Ltd. |
8,112 | 50,751 | ||||||
Kangwon Land, Inc.* |
2,240 | 25,192 | ||||||
Leejam Sports Co. JSC |
884 | 45,542 | ||||||
Lemon Tree Hotels Ltd.*(a) |
19,505 | 32,847 | ||||||
Lotte Tour Development Co. Ltd.* |
1,961 | 13,356 | ||||||
Meituan, Class B*(a) |
93,370 | 747,103 | ||||||
Minor International PCL, NVDR |
49,500 | 42,555 | ||||||
MK Restaurants Group PCL, NVDR |
4,800 | 4,905 | ||||||
Nayuki Holdings Ltd.*(a) |
25,000 | 8,059 | ||||||
OPAP SA |
2,756 | 47,959 | ||||||
Paradise Co. Ltd.* |
421 | 3,990 | ||||||
Sapphire Foods India Ltd.* |
800 | 13,974 | ||||||
Seera Group Holding* |
7,002 | 55,268 | ||||||
Smartfit Escola de Ginastica e Danca SA |
4,800 | 23,558 | ||||||
Sports Toto Bhd. |
344,470 | 108,512 | ||||||
Sun International Ltd. |
67,704 | 154,346 | ||||||
Tongcheng Travel Holdings |
19,200 | 39,003 | ||||||
Travellers International Hotel Group, Inc.* |
209,900 | | ||||||
TravelSky Technology Ltd., Class H |
21,000 | 21,115 | ||||||
Trip.com Group Ltd.* |
9,100 | 326,411 | ||||||
Tsogo Sun Ltd.(b) |
239,356 | 148,514 | ||||||
Westlife Foodworld Ltd. |
3,000 | 30,038 | ||||||
Wowprime Corp. |
3,259 | 25,302 | ||||||
Yum China Holdings, Inc.(b) |
7,124 | 246,419 | ||||||
Zomato Ltd.* |
98,436 | 165,416 | ||||||
|
|
|||||||
3,658,293 | ||||||||
|
|
|||||||
Household Durables - 1.0% |
| |||||||
Amber Enterprises India Ltd.* |
935 | 49,957 | ||||||
Arcelik A/S |
5,782 | 26,982 | ||||||
Bajaj Electricals Ltd. |
2,173 | 27,419 | ||||||
Coway Co. Ltd.* |
1,560 | 64,637 |
Investments |
Shares | Value ($) | ||||||
Crompton Greaves Consumer Electricals Ltd. |
7,896 | 28,805 | ||||||
Cury Construtora e Incorporadora SA |
52,000 | 194,693 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes |
119,600 | 541,227 | ||||||
Dixon Technologies India Ltd.(a) |
715 | 51,583 | ||||||
Eureka Forbes Ltd.* |
1,960 | 11,827 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A |
15,600 | 76,593 | ||||||
Haier Smart Home Co. Ltd., Class A |
15,000 | 46,612 | ||||||
Haier Smart Home Co. Ltd., Class H |
41,600 | 117,340 | ||||||
Hanssem Co. Ltd. |
303 | 10,829 | ||||||
LG Electronics, Inc. |
3,172 | 222,217 | ||||||
LG Electronics, Inc. (Preference) |
584 | 18,422 | ||||||
Merry Electronics Co. Ltd. |
95,719 | 311,933 | ||||||
MRV Engenharia e Participacoes SA* |
156,000 | 248,787 | ||||||
Nien Made Enterprise Co. Ltd. |
3,000 | 32,157 | ||||||
PIK Group PJSC* |
4,646 | | ||||||
Shenzhen MTC Co. Ltd., Class A |
9,600 | 6,325 | ||||||
Skyworth Group Ltd.(b) |
520,000 | 164,303 | ||||||
TCL Electronics Holdings Ltd. |
364,000 | 114,081 | ||||||
TTK Prestige Ltd. |
1,825 | 17,296 | ||||||
Vestel Beyaz Esya Sanayi ve Ticaret A/S |
18,669 | 10,705 | ||||||
Vestel Elektronik Sanayi ve Ticaret A/S* |
57,824 | 117,100 | ||||||
Whirlpool of India Ltd. |
674 | 10,946 | ||||||
|
|
|||||||
2,522,776 | ||||||||
|
|
|||||||
Household Products - 0.0%(d) |
| |||||||
Blue Moon Group Holdings Ltd.(a) |
48,000 | 10,868 | ||||||
Jyothy Labs Ltd. |
6,860 | 42,555 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A |
26,000 | 59,401 | ||||||
Unilever Indonesia Tbk. PT |
75,200 | 14,773 | ||||||
Vinda International Holdings Ltd. |
3,000 | 8,865 | ||||||
|
|
|||||||
136,462 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity |
| |||||||
Aboitiz Power Corp. |
34,200 | 23,086 | ||||||
ACEN Corp. |
100,197 | 7,564 | ||||||
ACWA Power Co. |
2,184 | 139,772 | ||||||
Adani Green Energy Ltd.* |
5,928 | 119,172 | ||||||
Adani Power Ltd.* |
28,288 | 191,678 | ||||||
AES Brasil Energia SA* |
9,600 | 22,130 | ||||||
Aksa Enerji Uretim A/S, Class B |
3,760 | 4,466 | ||||||
Auren Energia SA |
5,000 | 13,337 | ||||||
B Grimm Power PCL, NVDR |
19,500 | 15,253 | ||||||
Banpu Power PCL, NVDR |
19,300 | 7,888 | ||||||
BCPG PCL, NVDR |
78,300 | 18,318 | ||||||
Canvest Environmental Protection Group Co. Ltd.(a) |
208,000 | 110,156 | ||||||
CECEP Solar Energy Co. Ltd., Class A |
9,600 | 6,739 | ||||||
CGN New Energy Holdings Co. Ltd. |
520,000 | 121,066 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
CGN Power Co. Ltd., Class A |
44,000 | 23,411 | ||||||
CGN Power Co. Ltd., Class H(a) |
364,000 | 101,974 | ||||||
China Longyuan Power Group Corp. Ltd., Class A |
18,300 | 48,455 | ||||||
China Longyuan Power Group Corp. Ltd., Class H |
104,000 | 62,395 | ||||||
China National Nuclear Power Co. Ltd., Class A |
43,900 | 50,690 | ||||||
China Power International Development Ltd.(b) |
156,000 | 58,271 | ||||||
China Resources Power Holdings Co. Ltd.(b) |
54,000 | 109,143 | ||||||
China Three Gorges Renewables Group Co. Ltd., Class A |
47,000 | 29,000 | ||||||
China Yangtze Power Co. Ltd., Class A |
36,400 | 123,707 | ||||||
CK Power PCL, NVDR |
112,600 | 12,124 | ||||||
Colbun SA |
169,153 | 23,949 | ||||||
Datang International Power Generation Co. Ltd., Class H |
128,000 | 19,649 | ||||||
Electricity Generating PCL, NVDR |
4,900 | 18,162 | ||||||
Energy Absolute PCL, NVDR |
28,600 | 32,044 | ||||||
Eneva SA* |
20,800 | 53,714 | ||||||
Engie Brasil Energia SA |
5,700 | 46,813 | ||||||
First Gen Corp. |
150,800 | 48,807 | ||||||
Fujian Funeng Co. Ltd., Class A |
12,740 | 14,711 | ||||||
Galata Wind Enerji A/S |
78,520 | 67,745 | ||||||
GD Power Development Co. Ltd., Class A |
42,500 | 26,461 | ||||||
Global Power Synergy PCL, NVDR |
13,700 | 19,018 | ||||||
Guangdong Electric Power Development Co. Ltd., Class A* |
4,900 | 3,317 | ||||||
Guangdong Electric Power Development Co. Ltd., Class B* |
14,400 | 3,850 | ||||||
Gulf Energy Development PCL, NVDR |
88,400 | 108,390 | ||||||
Huadian Power International Corp. Ltd., Class A |
26,500 | 22,405 | ||||||
Huadian Power International Corp. Ltd., Class H |
38,000 | 18,229 | ||||||
Huaneng Power International, Inc., Class A* |
24,000 | 29,283 | ||||||
Huaneng Power International, Inc., Class H* |
106,000 | 59,799 | ||||||
Hubei Energy Group Co. Ltd., Class A |
4,700 | 2,835 | ||||||
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A |
9,800 | 5,528 | ||||||
Jaiprakash Power Ventures Ltd.* |
178,320 | 39,832 | ||||||
Jilin Electric Power Co. Ltd., Class A |
28,800 | 16,005 | ||||||
JSW Energy Ltd. |
9,048 | 54,995 | ||||||
Malakoff Corp. Bhd. |
1,123,200 | 156,726 | ||||||
Margun Enerji Uretim Sanayi ve Ticaret A/S |
12,974 | 5,708 | ||||||
Mega First Corp. Bhd. |
275,600 | 227,822 | ||||||
NHPC Ltd. |
115,284 | 126,260 |
Investments |
Shares | Value ($) | ||||||
NLC India Ltd. |
8,784 | 27,428 | ||||||
NTPC Ltd. |
141,563 | 541,236 | ||||||
OGK-2 PJSC |
11,431,280 | | ||||||
Ratch Group PCL, NVDR |
24,500 | 20,890 | ||||||
Reliance Power Ltd.* |
1,212,952 | 435,264 | ||||||
Serena Energia SA* |
78,000 | 152,335 | ||||||
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC |
267,592 | 147,889 | ||||||
Shanghai Electric Power Co. Ltd., Class A |
10,000 | 11,059 | ||||||
Shenergy Co. Ltd., Class A |
4,900 | 4,948 | ||||||
Shenzhen Energy Group Co. Ltd., Class A |
10,600 | 9,154 | ||||||
Shinfox Energy Co. Ltd. |
4,032 | 14,170 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A |
9,400 | 20,333 | ||||||
Terna Energy SA |
1,276 | 20,846 | ||||||
TPI Polene Power PCL, NVDR |
1,126,800 | 106,717 | ||||||
Unipro PJSC* |
5,337,000 | | ||||||
Wintime Energy Group Co. Ltd., Class A* |
76,800 | 14,013 | ||||||
Xinyi Energy Holdings Ltd. |
95,265 | 13,283 | ||||||
Zhejiang Zheneng Electric Power Co. Ltd., Class A* |
28,800 | 21,581 | ||||||
Zorlu Enerji Elektrik Uretim A/S* |
49,256 | 7,564 | ||||||
|
|
|||||||
4,240,562 | ||||||||
|
|
|||||||
Industrial Conglomerates - 2.3% |
| |||||||
3M India Ltd. |
100 | 41,434 | ||||||
Aamal Co. |
718,328 | 170,852 | ||||||
Aboitiz Equity Ventures, Inc. |
71,240 | 61,376 | ||||||
AG Anadolu Grubu Holding A/S |
3,478 | 26,248 | ||||||
Alarko Holding A/S |
2,646 | 9,357 | ||||||
Alfa SAB de CV, Class A |
98,800 | 77,887 | ||||||
Alliance Global Group, Inc. |
56,400 | 11,361 | ||||||
Alpha Dhabi Holding PJSC* |
43,628 | 210,957 | ||||||
AntarChile SA |
3,206 | 23,907 | ||||||
Apar Industries Ltd. |
240 | 18,269 | ||||||
Arabi Group Holding KSC* |
8,064 | 15,231 | ||||||
Astra Industrial Group |
1,456 | 50,085 | ||||||
Astra International Tbk. PT |
608,400 | 197,595 | ||||||
Ayala Corp. |
7,280 | 87,807 | ||||||
Bidvest Group Ltd. (The) |
5,568 | 73,895 | ||||||
China Baoan Group Co. Ltd., Class A |
10,400 | 15,644 | ||||||
CITIC Ltd. |
208,000 | 200,091 | ||||||
CJ Corp.* |
343 | 24,132 | ||||||
DMCI Holdings, Inc. |
121,000 | 23,084 | ||||||
Doosan Co. Ltd.* |
352 | 23,789 | ||||||
Dubai Investments PJSC |
52,704 | 33,864 | ||||||
Far Eastern New Century Corp. |
104,000 | 102,673 | ||||||
Fosun International Ltd.(b) |
48,000 | 25,175 | ||||||
Godrej Industries Ltd.* |
1,296 | 14,044 | ||||||
Grupo Carso SAB de CV, |
10,400 | 97,706 | ||||||
GS Holdings Corp.* |
2,080 | 72,157 | ||||||
GT Capital Holdings, Inc. |
2,400 | 28,372 | ||||||
Hanwha Corp.* |
1,692 | 34,546 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
HAP Seng Consolidated Bhd. |
11,900 | 11,749 | ||||||
Hong Leong Industries Bhd. |
31,200 | 61,015 | ||||||
Hosken Consolidated Investments Ltd.* |
26,676 | 254,070 | ||||||
Hyosung Corp.* |
201 | 9,458 | ||||||
Industries Qatar QSC |
49,920 | 164,526 | ||||||
International Holding Co. PJSC* |
12,636 | 1,375,082 | ||||||
JG Summit Holdings, Inc. |
83,211 | 56,612 | ||||||
KOC Holding A/S |
21,736 | 115,113 | ||||||
LG Corp.* |
3,380 | 207,665 | ||||||
Lotte Corp.* |
672 | 14,627 | ||||||
LT Group, Inc. |
98,000 | 16,538 | ||||||
LX Holdings Corp.* |
752 | 3,950 | ||||||
Multiply Group PJSC* |
106,998 | 84,190 | ||||||
Mytilineos SA |
2,970 | 122,594 | ||||||
National Industries Group Holding SAK |
35,856 | 27,859 | ||||||
Q Holding PJSC* |
32,256 | 27,751 | ||||||
Quinenco SA |
8,136 | 27,585 | ||||||
Reunert Ltd. |
81,900 | 264,916 | ||||||
Samsung C&T Corp. |
2,710 | 280,208 | ||||||
San Miguel Corp. |
13,510 | 25,918 | ||||||
Shanghai Industrial Holdings Ltd. |
166,000 | 203,432 | ||||||
Siemens Ltd. |
1,612 | 80,371 | ||||||
Sigdo Koppers SA |
97,968 | 134,902 | ||||||
Sime Darby Bhd. |
86,200 | 44,285 | ||||||
SK Square Co. Ltd.* |
1,456 | 56,619 | ||||||
SK, Inc. |
1,144 | 157,288 | ||||||
SM Investments Corp. |
8,840 | 141,327 | ||||||
Sunway Bhd. |
44,100 | 24,987 | ||||||
Turkiye Sise ve Cam Fabrikalari A/S |
38,324 | 62,265 | ||||||
|
|
|||||||
5,828,440 | ||||||||
|
|
|||||||
Industrial REITs - 0.7% |
| |||||||
Equites Property Fund Ltd., REIT |
362,180 | 280,222 | ||||||
ESR Kendall Square REIT Co. Ltd., REIT |
3,896 | 10,976 | ||||||
FIBRA Macquarie Mexico, REIT(a) |
323,504 | 621,750 | ||||||
Frasers Property Thailand Industrial Freehold & Leasehold REIT, REIT |
630,000 | 181,129 | ||||||
Prologis Property Mexico SA de CV, REIT |
9,583 | 39,576 | ||||||
TF Administradora Industrial S de RL de CV, REIT |
345,120 | 740,856 | ||||||
|
|
|||||||
1,874,509 | ||||||||
|
|
|||||||
Insurance - 2.5% |
| |||||||
Al Rajhi Co. for Co-operative Insurance* |
1,762 | 29,695 | ||||||
Allianz Malaysia Bhd. |
26,000 | 105,209 | ||||||
Anadolu Anonim Turk Sigorta Sirketi* |
6,624 | 15,532 | ||||||
Bangkok Insurance PCL, NVDR |
10,400 | 89,995 | ||||||
BB Seguridade Participacoes SA |
10,400 | 72,089 | ||||||
Bupa Arabia for Cooperative Insurance Co. |
1,248 | 68,755 | ||||||
Caixa Seguridade Participacoes SA |
15,000 | 42,895 |
Investments |
Shares | Value ($) | ||||||
Capital Financial Indonesia Tbk. PT* |
156,800 | 7,353 | ||||||
Cathay Financial Holding Co. Ltd. |
312,000 | 440,097 | ||||||
Central Reinsurance Co. Ltd.* |
46,721 | 34,407 | ||||||
China Development Financial Holding Corp.* |
449,312 | 172,981 | ||||||
China Life Insurance Co. Ltd., Class H |
110,000 | 126,362 | ||||||
China Pacific Insurance Group Co. Ltd., Class A |
20,100 | 69,599 | ||||||
China Pacific Insurance Group Co. Ltd., Class H |
72,800 | 133,358 | ||||||
China Taiping Insurance Holdings Co. Ltd. |
31,800 | 26,360 | ||||||
Co. for Cooperative Insurance (The) |
1,264 | 41,391 | ||||||
DB Insurance Co. Ltd.* |
1,248 | 82,193 | ||||||
Dhipaya Group Holdings PCL, NVDR |
130,000 | 109,013 | ||||||
Discovery Ltd. |
14,768 | 109,997 | ||||||
Fubon Financial Holding Co. Ltd. |
260,000 | 535,791 | ||||||
General Insurance Corp. of India(a) |
7,546 | 34,234 | ||||||
Hanwha Life Insurance Co. Ltd.* |
12,318 | 28,011 | ||||||
HDFC Life Insurance Co. Ltd.(a) |
17,680 | 122,758 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd.* |
1,262 | 32,055 | ||||||
ICICI Lombard General Insurance Co. Ltd.(a) |
3,830 | 69,047 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(a) |
5,670 | 34,361 | ||||||
Korean Reinsurance Co.* |
53,560 | 304,188 | ||||||
LPI Capital Bhd. |
4,900 | 12,825 | ||||||
Max Financial Services Ltd.* |
2,721 | 29,171 | ||||||
Mercuries & Associates Holding Ltd.* |
272,480 | 107,949 | ||||||
Mercuries Life Insurance Co. Ltd.* |
1,380,057 | 212,523 | ||||||
Mirae Asset Life Insurance Co. Ltd.* |
21,216 | 91,881 | ||||||
Momentum Metropolitan Holdings |
43,244 | 48,757 | ||||||
New China Life Insurance Co. Ltd., Class A |
4,700 | 20,032 | ||||||
New China Life Insurance Co. Ltd., Class H |
26,000 | 46,431 | ||||||
Old Mutual Ltd. |
136,136 | 91,129 | ||||||
OUTsurance Group Ltd. |
10,487 | 23,597 | ||||||
PB Fintech Ltd.* |
5,512 | 66,534 | ||||||
Peoples Insurance Co. Group of China Ltd. (The), Class H |
237,000 | 73,672 | ||||||
PICC Property & Casualty Co. Ltd., Class H |
208,000 | 258,628 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A |
26,100 | 147,267 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H |
182,000 | 761,316 | ||||||
Porto Seguro SA* |
5,000 | 26,998 | ||||||
Qatar Insurance Co. SAQ* |
85,176 | 53,805 | ||||||
Qualitas Controladora SAB de CV |
5,200 | 57,578 | ||||||
Samsung Fire & Marine Insurance Co. Ltd.* |
936 | 185,145 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Samsung Life Insurance Co. Ltd. |
2,704 | 140,402 | ||||||
Sanlam Ltd. |
51,740 | 198,712 | ||||||
Santam Ltd. |
723 | 11,282 | ||||||
SBI Life Insurance Co. Ltd.(a) |
6,864 | 115,812 | ||||||
Shin Kong Financial Holding Co. Ltd.* |
391,264 | 105,005 | ||||||
Shinkong Insurance Co. Ltd. |
104,000 | 229,269 | ||||||
Star Health & Allied Insurance Co. Ltd.* |
1,470 | 10,247 | ||||||
Syarikat Takaful Malaysia Keluarga Bhd. |
260,000 | 208,330 | ||||||
Thai Life Insurance PCL, NVDR |
63,600 | 14,969 | ||||||
Tongyang Life Insurance Co. Ltd.* |
14,215 | 52,508 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H*(a) |
11,000 | 17,111 | ||||||
|
|
|||||||
6,356,611 | ||||||||
|
|
|||||||
Interactive Media & Services - 2.0% |
| |||||||
AfreecaTV Co. Ltd.* |
275 | 21,449 | ||||||
Autohome, Inc., Class A |
5,000 | 29,838 | ||||||
Baidu, Inc., Class A* |
37,550 | 487,073 | ||||||
Dear U Co. Ltd.* |
423 | 9,445 | ||||||
Info Edge India Ltd. |
1,396 | 84,584 | ||||||
JOYY, Inc., ADR |
1,092 | 33,481 | ||||||
Kakao Corp.* |
5,304 | 208,639 | ||||||
Kuaishou Technology*(a) |
41,600 | 208,073 | ||||||
Meitu, Inc.*(a)(b) |
48,000 | 14,245 | ||||||
NAVER Corp. |
2,444 | 367,154 | ||||||
Tencent Holdings Ltd. |
104,900 | 3,631,193 | ||||||
Weibo Corp., Class A(b) |
1,960 | 15,457 | ||||||
|
|
|||||||
5,110,631 | ||||||||
|
|
|||||||
IT Services - 1.5% |
| |||||||
Al Moammar Information Systems Co. |
505 | 17,883 | ||||||
Arabian Internet & Communications Services Co. |
384 | 33,586 | ||||||
Chinasoft International Ltd. |
46,000 | 26,186 | ||||||
Coforge Ltd. |
1,092 | 82,187 | ||||||
Cyient Ltd. |
1,392 | 33,085 | ||||||
Elm Co. |
416 | 100,059 | ||||||
GDS Holdings Ltd., Class A*(b) |
14,700 | 9,741 | ||||||
Happiest Minds Technologies Ltd. |
2,940 | 31,015 | ||||||
HCL Technologies Ltd. |
18,044 | 342,438 | ||||||
Hyundai Autoever Corp.* |
94 | 10,424 | ||||||
Infosys Ltd. |
68,900 | 1,378,021 | ||||||
Jasmine Technology Solution PCL, NVDR* |
4,100 | 8,927 | ||||||
Kingsoft Cloud Holdings Ltd.* |
96,000 | 16,088 | ||||||
LTIMindtree Ltd.(a) |
1,553 | 101,893 | ||||||
Mphasis Ltd. |
1,296 | 40,553 | ||||||
Perfect Presentation For Commercial Services Co.* |
32,812 | 240,615 | ||||||
Persistent Systems Ltd. |
974 | 97,972 | ||||||
Posco DX Co. Ltd.* |
816 | 35,033 | ||||||
Samsung SDS Co. Ltd. |
1,248 | 142,132 | ||||||
Sonata Software Ltd. |
5,708 | 52,788 | ||||||
Systex Corp. |
8,208 | 30,289 | ||||||
Tata Consultancy Services Ltd. |
16,952 | 778,963 | ||||||
Tech Mahindra Ltd. |
11,128 | 178,711 |
Investments |
Shares | Value ($) | ||||||
Wipro Ltd. |
22,724 | 130,840 | ||||||
|
|
|||||||
3,919,429 | ||||||||
|
|
|||||||
Leisure Products - 0.2% |
| |||||||
Ferretti SpA |
72,800 | 230,490 | ||||||
Fusheng Precision Co. Ltd. |
1,000 | 7,237 | ||||||
Giant Manufacturing Co. Ltd. |
5,181 | 29,547 | ||||||
GOLFZON Co. Ltd.* |
1,820 | 109,365 | ||||||
Johnson Health Tech Co. Ltd. |
2,000 | 4,147 | ||||||
Merida Industry Co. Ltd. |
1,000 | 5,479 | ||||||
Topkey Corp. |
34,563 | 201,529 | ||||||
|
|
|||||||
587,794 | ||||||||
|
|
|||||||
Life Sciences Tools & Services - 0.2% |
| |||||||
Divis Laboratories Ltd. |
2,132 | 94,236 | ||||||
EirGenix, Inc.* |
6,144 | 18,491 | ||||||
Genscript Biotech Corp.*(b) |
8,000 | 13,263 | ||||||
LegoChem Biosciences, Inc.* |
816 | 30,814 | ||||||
Peptron, Inc.* |
672 | 12,160 | ||||||
Samsung Biologics Co. Ltd.*(a) |
312 | 196,366 | ||||||
ST Pharm Co. Ltd.* |
141 | 6,540 | ||||||
Syngene International Ltd.(a) |
4,200 | 37,957 | ||||||
WuXi AppTec Co. Ltd., Class A |
4,760 | 35,934 | ||||||
WuXi AppTec Co. Ltd., Class H(a)(b) |
5,218 | 36,045 | ||||||
|
|
|||||||
481,806 | ||||||||
|
|
|||||||
Machinery - 1.2% |
| |||||||
Action Construction Equipment Ltd. |
1,488 | 17,506 | ||||||
AIA Engineering Ltd. |
600 | 29,676 | ||||||
Airtac International Group |
1,913 | 57,452 | ||||||
Ashok Leyland Ltd. |
25,532 | 54,081 | ||||||
China CSSC Holdings Ltd., Class A |
10,700 | 45,590 | ||||||
China International Marine Containers Group Co. Ltd., Class A |
9,600 | 10,684 | ||||||
China International Marine Containers Group Co. Ltd., Class H(b) |
9,400 | 6,541 | ||||||
Cochin Shipyard Ltd.(a) |
4,212 | 46,267 | ||||||
Craftsman Automation Ltd. |
343 | 18,076 | ||||||
Creative & Innovative System* |
2,703 | 19,321 | ||||||
CSBC Corp. Taiwan* |
29,992 | 17,296 | ||||||
Cummins India Ltd. |
2,520 | 69,608 | ||||||
Doosan Bobcat, Inc. |
1,352 | 51,562 | ||||||
Doosan Robotics, Inc.* |
336 | 17,295 | ||||||
Elgi Equipments Ltd. |
3,360 | 24,879 | ||||||
Escorts Kubota Ltd. |
564 | 20,261 | ||||||
GMM Pfaudler Ltd. |
490 | 9,158 | ||||||
Grindwell Norton Ltd. |
771 | 21,990 | ||||||
Haitian International Holdings Ltd. |
16,000 | 35,655 | ||||||
Hana Technology Co. Ltd.* |
245 | 9,674 | ||||||
Hanwha Ocean Co. Ltd.* |
937 | 15,410 | ||||||
HD Hyundai Construction Equipment Co. Ltd.* |
5,252 | 200,691 | ||||||
HD Hyundai Heavy Industries Co. Ltd.* |
282 | 24,108 | ||||||
HD Hyundai Infracore Co. Ltd.* |
3,822 | 22,108 | ||||||
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.* |
1,404 | 119,398 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Hiwin Technologies Corp. |
5,535 | 38,905 | ||||||
Hyundai Elevator Co. Ltd.* |
676 | 20,564 | ||||||
Hyundai Mipo Dockyard Co. Ltd.* |
400 | 20,260 | ||||||
Hyundai Rotem Co. Ltd.* |
1,175 | 24,959 | ||||||
Jiangsu Hengli Hydraulic Co. Ltd., Class A |
4,800 | 32,599 | ||||||
Jupiter Wagons Ltd. |
4,848 | 23,585 | ||||||
Kangwon Energy Co. Ltd.* |
637 | 6,219 | ||||||
Kaori Heat Treatment Co. Ltd. |
1,000 | 7,253 | ||||||
Kenmec Mechanical Engineering Co. Ltd. |
7,824 | 15,173 | ||||||
Kinik Co. |
6,000 | 42,077 | ||||||
Kirloskar Oil Engines Ltd. |
3,216 | 27,531 | ||||||
KSB Ltd. |
539 | 23,679 | ||||||
Lakshmi Machine Works Ltd. |
312 | 51,547 | ||||||
LK Technology Holdings Ltd. |
22,000 | 8,612 | ||||||
Marcopolo SA |
81,626 | 102,423 | ||||||
Marcopolo SA (Preference) |
260,000 | 420,959 | ||||||
Morimatsu International Holdings Co. Ltd.*(a) |
211,000 | 106,077 | ||||||
MTAR Technologies Ltd.*(a) |
816 | 20,640 | ||||||
Ningbo Deye Technology Co. Ltd., Class A |
900 | 8,470 | ||||||
Otokar Otomotiv ve Savunma Sanayi A/S* |
1,440 | 23,111 | ||||||
Pentamaster Corp. Bhd. |
30,600 | 26,136 | ||||||
People & Technology, Inc.* |
441 | 11,978 | ||||||
Rainbow Robotics* |
144 | 15,547 | ||||||
Sam Engineering & Equipment M Bhd. |
4,700 | 3,518 | ||||||
Samsung Heavy Industries Co. Ltd.* |
11,908 | 65,221 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd.(b) |
12,000 | 7,783 | ||||||
Sany Heavy Industry Co. Ltd., Class A |
14,100 | 25,668 | ||||||
Schaeffler India Ltd. |
846 | 31,899 | ||||||
SFA Engineering Corp. |
7,436 | 150,709 | ||||||
Shanghai Zhenhua Heavy Industries Co. Ltd., Class B* |
4,800 | 917 | ||||||
Shin Zu Shing Co. Ltd. |
5,760 | 27,420 | ||||||
Sinotruk Hong Kong Ltd. |
26,000 | 59,069 | ||||||
SK oceanplant Co. Ltd.* |
1,219 | 14,056 | ||||||
SKF India Ltd. |
385 | 21,752 | ||||||
Sunonwealth Electric Machine Industry Co. Ltd. |
1,942 | 7,228 | ||||||
Thermax Ltd. |
576 | 22,066 | ||||||
Tian Di Science & Technology Co. Ltd., Class A |
4,900 | 3,911 | ||||||
Timken India Ltd. |
329 | 13,421 | ||||||
Titagarh Rail System Ltd. |
2,400 | 31,584 | ||||||
Turk Traktor ve Ziraat Makineleri A/S |
1,352 | 35,979 | ||||||
UWC Bhd.* |
20,400 | 13,672 | ||||||
Vesuvius India Ltd. |
336 | 14,363 | ||||||
Waffer Technology Corp. |
5,280 | 17,122 | ||||||
Weichai Power Co. Ltd., Class A |
26,000 | 53,488 | ||||||
Weichai Power Co. Ltd., Class H |
52,000 | 91,797 |
Investments |
Shares | Value ($) | ||||||
XCMG Construction Machinery Co. Ltd., Class A |
28,800 | 22,584 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. |
78,000 | 98,058 | ||||||
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A |
4,800 | 14,040 | ||||||
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H |
10,000 | 11,551 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H |
11,800 | 28,952 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A |
17,700 | 17,750 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H |
29,200 | 15,539 | ||||||
|
|
|||||||
2,963,708 | ||||||||
|
|
|||||||
Marine Transportation - 0.4% |
| |||||||
Cia Sud Americana de Vapores SA |
402,367 | 28,925 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H(b) |
78,000 | 81,919 | ||||||
Evergreen Marine Corp. Taiwan Ltd. |
29,023 | 139,554 | ||||||
Far-Eastern Shipping Co. plc* |
302,500 | | ||||||
Gulf Navigation Holding PJSC* |
14,976 | 28,542 | ||||||
HMM Co. Ltd.* |
6,916 | 99,958 | ||||||
Korea Line Corp.* |
63,804 | 97,046 | ||||||
Log-in Logistica Intermodal SA* |
4,212 | 31,753 | ||||||
MISC Bhd. |
36,400 | 56,562 | ||||||
Orient Overseas International Ltd.(b) |
3,500 | 52,115 | ||||||
Pan Ocean Co. Ltd.* |
6,321 | 17,310 | ||||||
Qatar Navigation QSC |
32,552 | 92,533 | ||||||
Regional Container Lines PCL, NVDR |
109,200 | 77,720 | ||||||
Shanghai Zhonggu Logistics Co. Ltd., Class A |
7,252 | 7,273 | ||||||
Shipping Corp. of India Land & Assets Ltd.* |
61,005 | 28,349 | ||||||
Transcoal Pacific Tbk. PT |
14,100 | 6,567 | ||||||
U-Ming Marine Transport Corp. |
14,000 | 21,381 | ||||||
Wan Hai Lines Ltd. |
52,000 | 81,241 | ||||||
Wisdom Marine Lines Co. Ltd. |
11,898 | 19,501 | ||||||
Yang Ming Marine Transport Corp. |
55,000 | 84,083 | ||||||
|
|
|||||||
1,052,332 | ||||||||
|
|
|||||||
Media - 0.6% |
| |||||||
Affle India Ltd.* |
3,050 | 45,579 | ||||||
Arabian Contracting Services Co. |
240 | 16,652 | ||||||
Astro Malaysia Holdings Bhd. |
707,200 | 53,825 | ||||||
Cheil Worldwide, Inc. |
1,392 | 19,159 | ||||||
China Literature Ltd.*(a) |
6,200 | 17,964 | ||||||
China South Publishing & Media Group Co. Ltd., Class A |
9,600 | 15,056 | ||||||
Chinese Universe Publishing and Media Group Co. Ltd., Class A |
4,800 | 9,902 | ||||||
Elang Mahkota Teknologi Tbk. PT |
201,600 | 5,928 | ||||||
Focus Media Information Technology Co. Ltd., Class A |
38,100 | 29,983 | ||||||
Grupo Televisa SAB, Series CPO(b) |
1,248,816 | 754,721 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Innocean Worldwide, Inc. |
8,892 | 145,241 | ||||||
Megacable Holdings SAB de CV(b) |
33,360 | 86,005 | ||||||
MultiChoice Group* |
7,200 | 29,034 | ||||||
Network18 Media & Investments Ltd.* |
9,120 | 12,849 | ||||||
Saudi Research & Media Group* |
605 | 33,557 | ||||||
VGI PCL, NVDR |
2,366,000 | 105,371 | ||||||
Zee Entertainment Enterprises Ltd.* |
18,512 | 38,587 | ||||||
|
|
|||||||
1,419,413 | ||||||||
|
|
|||||||
Metals & Mining - 4.9% |
| |||||||
Adaro Minerals Indonesia Tbk. PT* |
120,400 | 11,254 | ||||||
African Rainbow Minerals Ltd. |
3,744 | 37,338 | ||||||
Al Masane Al Kobra Mining Co. |
1,403 | 20,203 | ||||||
Alrosa PJSC |
85,800 | | ||||||
Aluminum Corp. of China Ltd., Class A |
4,800 | 3,804 | ||||||
Aluminum Corp. of China Ltd., Class H |
104,000 | 50,555 | ||||||
Amman Mineral Internasional PT* |
208,000 | 99,189 | ||||||
Aneka Tambang Tbk. |
201,400 | 19,783 | ||||||
Angang Steel Co. Ltd., Class H |
38,000 | 6,222 | ||||||
Anglo American Platinum Ltd. |
1,560 | 66,849 | ||||||
APL Apollo Tubes Ltd. |
3,565 | 64,538 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A |
62,400 | 53,452 | ||||||
Beijing Shougang Co. Ltd., Class A* |
10,600 | 4,710 | ||||||
Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret A/S* |
720 | 14,521 | ||||||
Bradespar SA |
15,600 | 66,017 | ||||||
Bradespar SA (Preference) |
114,400 | 527,651 | ||||||
Bumi Resources Minerals Tbk. PT* |
1,235,000 | 12,131 | ||||||
CAP SA |
29,588 | 213,237 | ||||||
Century Iron & Steel Industrial Co. Ltd. |
2,544 | 17,800 | ||||||
China Gold International Resources Corp. Ltd. |
4,900 | 20,340 | ||||||
China Hongqiao Group Ltd.(b) |
78,000 | 57,074 | ||||||
China Metal Recycling Holdings Ltd.* |
51,000 | | ||||||
China Nonferrous Mining Corp. Ltd.(b) |
63,000 | 44,406 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A |
9,300 | 21,865 | ||||||
China Steel Corp. |
214,000 | 171,955 | ||||||
China Zhongwang Holdings Ltd.* |
699,600 | | ||||||
Chung Hung Steel Corp. |
23,000 | 17,489 | ||||||
Cia de Ferro Ligas da Bahia FERBASA (Preference) |
65,200 | 136,441 | ||||||
Cia Siderurgica Nacional SA |
20,800 | 74,636 | ||||||
Citic Pacific Special Steel Group Co. Ltd., Class A |
10,600 | 20,375 | ||||||
CMOC Group Ltd., Class A |
43,200 | 32,312 | ||||||
CMOC Group Ltd., Class H |
156,000 | 85,411 | ||||||
CSN Mineracao SA |
9,600 | 13,212 | ||||||
Dongkuk Steel Mill Co. Ltd.* |
21,664 | 185,531 | ||||||
DRDGOLD Ltd. |
10,054 | 8,028 |
Investments |
Shares | Value ($) | ||||||
Eregli Demir ve Celik Fabrikalari TAS* |
42,848 | 60,917 | ||||||
EVERGREEN Steel Corp. |
6,672 | 24,088 | ||||||
Ezz Steel Co. SAE* |
75,744 | 194,140 | ||||||
Feng Hsin Steel Co. Ltd. |
15,408 | 33,426 | ||||||
GEM Co. Ltd., Class A |
28,800 | 18,051 | ||||||
Gerdau SA (Preference) |
32,670 | 139,114 | ||||||
Gloria Material Technology Corp. |
35,133 | 53,430 | ||||||
Godawari Power and Ispat Ltd. |
29,484 | 270,400 | ||||||
Gold Fields Ltd. |
15,600 | 233,001 | ||||||
Grupo Mexico SAB de CV, Series B |
93,600 | 483,981 | ||||||
Harmony Gold Mining Co. Ltd. |
15,633 | 98,679 | ||||||
Henan Shenhuo Coal & Power Co. Ltd., Class A |
9,700 | 22,428 | ||||||
Hesteel Co. Ltd., Class A |
37,600 | 10,893 | ||||||
Hindalco Industries Ltd. |
43,888 | 306,182 | ||||||
Hindustan Copper Ltd. |
16,483 | 57,372 | ||||||
Hsin Kuang Steel Co. Ltd. |
110,384 | 196,790 | ||||||
Huaibei Mining Holdings Co. Ltd., Class A |
9,400 | 22,690 | ||||||
Hunan Valin Steel Co. Ltd., Class A |
23,500 | 17,839 | ||||||
Hyundai Steel Co.* |
2,238 | 56,174 | ||||||
Impala Platinum Holdings Ltd. |
26,752 | 105,390 | ||||||
Industrias CH SAB de CV, Class B, Series B* |
2,047 | 22,752 | ||||||
Industrias Penoles SAB de CV*(b) |
2,585 | 34,065 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A* |
70,500 | 13,944 | ||||||
Inner Mongolia ERDOS Resources Co. Ltd., Class A |
6,272 | 8,675 | ||||||
Inner Mongolia ERDOS Resources Co. Ltd., Class B |
10,388 | 8,736 | ||||||
Jai Balaji Industries Ltd.* |
2,016 | 26,712 | ||||||
Jiangxi Copper Co. Ltd., Class A |
9,400 | 23,567 | ||||||
Jiangxi Copper Co. Ltd., Class H |
52,000 | 72,639 | ||||||
Jindal Saw Ltd. |
4,128 | 25,938 | ||||||
Jindal Stainless Ltd. |
9,672 | 67,179 | ||||||
Jindal Steel & Power Ltd. |
13,780 | 125,639 | ||||||
JSW Steel Ltd. |
21,632 | 213,249 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class A |
4,508 | 3,280 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class D |
25,039 | 22,148 | ||||||
KG DONGBUSTEEL |
17,472 | 99,099 | ||||||
Kirloskar Ferrous Industries Ltd. |
29,640 | 227,840 | ||||||
Korea Zinc Co. Ltd. |
364 | 129,138 | ||||||
Koza Altin Isletmeleri A/S |
27,440 | 18,773 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri A/S* |
82,680 | 134,058 | ||||||
Kumba Iron Ore Ltd. |
1,560 | 46,385 | ||||||
Lloyds Metals & Energy Ltd.* |
2,064 | 14,082 | ||||||
Maanshan Iron & Steel Co. Ltd., Class A |
21,200 | 7,795 | ||||||
Maanshan Iron & Steel Co. Ltd., Class H |
22,000 | 3,321 | ||||||
Magnitogorsk Iron & Steel Works PJSC* |
45,174 | |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Maharashtra Seamless Ltd. |
1,680 | 21,300 | ||||||
Merdeka Battery Materials Tbk. PT* |
456,000 | 19,072 | ||||||
Merdeka Copper Gold Tbk. PT* |
225,762 | 38,628 | ||||||
Metalurgica Gerdau SA (Preference) |
23,400 | 46,932 | ||||||
Minsur SA |
402,844 | 439,555 | ||||||
MMC Norilsk Nickel PJSC |
2,090 | | ||||||
MMG Ltd.* |
84,000 | 21,383 | ||||||
National Aluminium Co. Ltd. |
25,680 | 46,030 | ||||||
Nickel Asia Corp. |
2,483,200 | 213,495 | ||||||
NMDC Ltd. |
34,372 | 90,996 | ||||||
NMDC Steel Ltd.* |
515,580 | 432,424 | ||||||
Northam Platinum Holdings Ltd. |
11,180 | 75,819 | ||||||
Novolipetsk Steel PJSC* |
51,150 | | ||||||
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A* |
14,100 | 5,538 | ||||||
PMB Technology Bhd.* |
4,700 | 2,514 | ||||||
Polyus PJSC* |
1,155 | | ||||||
Poongsan Corp. |
7,436 | 217,846 | ||||||
POSCO Holdings, Inc. |
2,028 | 647,307 | ||||||
Posco M-Tech Co. Ltd.* |
931 | 16,183 | ||||||
Press Metal Aluminium Holdings Bhd. |
62,400 | 62,532 | ||||||
Qatar Aluminum Manufacturing Co. |
42,858 | 15,067 | ||||||
Ramkrishna Forgings Ltd. |
3,648 | 33,537 | ||||||
Raspadskaya OJSC* |
4,240 | | ||||||
Ratnamani Metals & Tubes Ltd. |
576 | 24,793 | ||||||
Sam-A Aluminum Co. Ltd.* |
96 | 6,330 | ||||||
Sarda Energy & Minerals Ltd. |
67,600 | 203,833 | ||||||
Saudi Arabian Mining Co.* |
21,273 | 263,211 | ||||||
SeAH Besteel Holdings Corp.* |
6,084 | 100,059 | ||||||
SeAH Steel Holdings Corp. |
780 | 127,404 | ||||||
Severstal PAO* |
5,995 | | ||||||
Shandong Gold Mining Co. Ltd., Class A |
10,000 | 28,651 | ||||||
Shandong Gold Mining Co. Ltd., Class H(a) |
12,250 | 17,645 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A |
18,800 | 7,515 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A* |
9,400 | 7,018 | ||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A |
15,900 | 7,906 | ||||||
Shougang Fushan Resources Group Ltd. |
96,000 | 37,947 | ||||||
Sibanye Stillwater Ltd. |
84,188 | 103,567 | ||||||
Steel Authority of India Ltd. |
48,998 | 72,278 | ||||||
TA Chen Stainless Pipe |
61,800 | 73,253 | ||||||
Tata Steel Ltd. |
236,964 | 387,931 | ||||||
TCC Steel* |
240 | 8,991 | ||||||
Tiangong International Co. Ltd. |
624,000 | 134,103 | ||||||
Tianshan Aluminum Group Co. Ltd., Class A |
10,600 | 7,722 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A |
29,400 | 12,367 | ||||||
Trimegah Bangun Persada Tbk. PT |
225,600 | 12,938 |
Investments |
Shares | Value ($) | ||||||
Tung Ho Steel Enterprise Corp. |
17,050 | 40,202 | ||||||
United Co. RUSAL International PJSC* |
75,100 | | ||||||
Usha Martin Ltd. |
6,762 | 30,279 | ||||||
Usinas Siderurgicas de Minas Gerais SA Usiminas (Preference), Class A |
213,200 | 396,533 | ||||||
Vale Indonesia Tbk. PT |
28,200 | 6,916 | ||||||
Vale SA |
105,300 | 1,444,037 | ||||||
Vedanta Ltd. |
30,992 | 102,201 | ||||||
VSMPO-AVISMA Corp. PJSC |
53 | | ||||||
Welspun Corp. Ltd. |
5,280 | 37,347 | ||||||
Western Mining Co. Ltd., Class A |
4,800 | 9,507 | ||||||
Western Superconducting Technologies Co. Ltd., Class A |
1,052 | 5,194 | ||||||
Xiamen Tungsten Co. Ltd., Class A |
3,900 | 8,284 | ||||||
YC INOX Co. Ltd. |
156,000 | 129,836 | ||||||
Young Poong Corp.* |
208 | 82,287 | ||||||
Yunnan Aluminium Co. Ltd., Class A |
6,300 | 9,407 | ||||||
Yunnan Copper Co. Ltd., Class A |
4,800 | 6,753 | ||||||
Yunnan Tin Co. Ltd., Class A |
9,600 | 16,821 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H(b) |
24,500 | 22,879 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A |
4,840 | 16,800 | ||||||
Zijin Mining Group Co. Ltd., Class A |
36,400 | 61,042 | ||||||
Zijin Mining Group Co. Ltd., Class H(b) |
104,000 | 154,059 | ||||||
|
|
|||||||
12,604,332 | ||||||||
|
|
|||||||
Multi-Utilities - 0.1% |
| |||||||
Dubai Electricity & Water Authority PJSC |
146,588 | 100,174 | ||||||
Power & Water Utility Co. for Jubail & Yanbu |
1,225 | 20,253 | ||||||
Qatar Electricity & Water Co. QSC |
9,684 | 46,093 | ||||||
YTL Corp. Bhd. |
145,600 | 72,030 | ||||||
YTL Power International Bhd. |
84,831 | 73,712 | ||||||
|
|
|||||||
312,262 | ||||||||
|
|
|||||||
Office REITs - 0.0%(d) |
| |||||||
AREIT, Inc., REIT |
30,000 | 17,346 | ||||||
Embassy Office Parks REIT, REIT |
8,680 | 37,540 | ||||||
JR Global Reit, REIT |
7,119 | 21,709 | ||||||
RL Commercial REIT, Inc., REIT |
164,500 | 15,750 | ||||||
Shinhan Alpha REIT Co. Ltd., REIT |
3,773 | 18,375 | ||||||
|
|
|||||||
110,720 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 5.3% |
| |||||||
3R Petroleum Oleo E Gas SA* |
109,232 | 605,285 | ||||||
Adaro Energy Indonesia Tbk. PT |
405,700 | 61,703 | ||||||
ADNOC Logistics & Services |
21,792 | 23,317 | ||||||
Aegis Logistics Ltd. |
4,841 | 22,015 | ||||||
AKR Corporindo Tbk. PT |
140,000 | 14,373 | ||||||
Aldrees Petroleum and Transport Services Co. |
576 | 24,883 | ||||||
Bangchak Corp. PCL, NVDR |
14,000 | 16,574 | ||||||
Bangchak Sriracha PCL, NVDR |
358,800 | 87,481 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Banpu PCL, NVDR |
93,200 | 16,288 | ||||||
Bashneft PJSC |
1,305 | | ||||||
Bashneft PJSC (Preference) |
1,163 | | ||||||
Bayan Resources Tbk. PT |
140,400 | 175,278 | ||||||
Bharat Petroleum Corp. Ltd. |
30,147 | 182,366 | ||||||
Bukit Asam Tbk. PT |
106,000 | 17,532 | ||||||
Bumi Resources Tbk. PT* |
5,042,100 | 29,077 | ||||||
CGN Mining Co. Ltd.* |
25,000 | 6,012 | ||||||
Chennai Petroleum Corp. Ltd. |
21,840 | 224,597 | ||||||
China Coal Energy Co. Ltd., Class A |
16,100 | 27,269 | ||||||
China Coal Energy Co. Ltd., Class H(b) |
53,000 | 58,036 | ||||||
China Merchants Energy Shipping Co. Ltd., Class A |
14,100 | 12,824 | ||||||
China Petroleum & Chemical Corp., Class A |
135,200 | 112,234 | ||||||
China Petroleum & Chemical Corp., Class H |
668,000 | 346,935 | ||||||
China Shenhua Energy Co. Ltd., Class A |
18,900 | 97,718 | ||||||
China Shenhua Energy Co. Ltd., Class H |
104,000 | 393,131 | ||||||
China Suntien Green Energy Corp. Ltd., Class H |
50,000 | 17,269 | ||||||
Coal India Ltd. |
66,664 | 326,040 | ||||||
Cosan SA |
36,400 | 134,591 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class A |
8,600 | 15,788 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class H(b) |
16,000 | 14,880 | ||||||
Dana Gas PJSC |
2,506,140 | 504,237 | ||||||
Ecopetrol SA |
155,428 | 92,793 | ||||||
Empresas Copec SA |
11,076 | 70,246 | ||||||
Exxaro Resources Ltd. |
6,500 | 65,448 | ||||||
Formosa Petrochemical Corp. |
20,736 | 49,423 | ||||||
Gazprom PJSC* |
412,500 | | ||||||
Great Eastern Shipping Co. Ltd. (The) |
46,072 | 549,549 | ||||||
Guanghui Energy Co. Ltd., Class A |
15,100 | 14,828 | ||||||
Gujarat Mineral Development Corp. Ltd. |
3,024 | 16,678 | ||||||
Harum Energy Tbk. PT* |
1,206,400 | 89,830 | ||||||
HD Hyundai Co. Ltd. |
1,196 | 63,983 | ||||||
Helleniq Energy Holdings SA |
1,316 | 10,593 | ||||||
Hibiscus Petroleum Bhd. |
303,480 | 170,026 | ||||||
Hindustan Petroleum Corp. Ltd.* |
19,344 | 107,908 | ||||||
Indian Oil Corp. Ltd. |
114,348 | 202,344 | ||||||
Indo Tambangraya Megah Tbk. PT |
9,400 | 16,113 | ||||||
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A |
10,200 | 20,984 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B |
33,300 | 62,837 | ||||||
IRPC PCL, NVDR |
401,800 | 22,085 | ||||||
Jinneng Holding Shanxi Coal Industry Co. Ltd., Class A |
4,900 | 8,326 | ||||||
Jizhong Energy Resources Co. Ltd., Class A |
4,800 | 5,041 | ||||||
LUKOIL PJSC |
12,265 | |
Investments |
Shares | Value ($) | ||||||
Mangalore Refinery & Petrochemicals Ltd.* |
5,520 | 11,769 | ||||||
Medco Energi Internasional Tbk. PT |
178,600 | 13,808 | ||||||
MOL Hungarian Oil & Gas plc |
10,244 | 84,383 | ||||||
Motor Oil Hellas Corinth Refineries SA |
1,744 | 47,891 | ||||||
Nanjing Tanker Corp., Class A* |
9,800 | 4,136 | ||||||
Novatek PJSC |
20,020 | | ||||||
Oil & Natural Gas Corp. Ltd. |
119,392 | 362,660 | ||||||
Oil India Ltd. |
13,404 | 68,841 | ||||||
Petrindo Jaya Kreasi Tbk. PT* |
24,000 | 10,000 | ||||||
PetroChina Co. Ltd., Class H |
624,000 | 451,003 | ||||||
Petroleo Brasileiro SA |
109,200 | 931,750 | ||||||
Petroleo Brasileiro SA (Preference) |
135,200 | 1,106,806 | ||||||
Petronas Dagangan Bhd. |
4,900 | 22,107 | ||||||
Petronet LNG Ltd. |
21,684 | 70,266 | ||||||
Petroreconcavo SA |
62,400 | 291,093 | ||||||
Pingdingshan Tianan Coal Mining Co. Ltd., Class A |
9,800 | 15,697 | ||||||
PRIO SA |
25,300 | 224,936 | ||||||
PTT Exploration & Production PCL |
469 | 1,976 | ||||||
PTT Exploration & Production PCL, NVDR |
46,331 | 195,889 | ||||||
PTT PCL, NVDR |
244,400 | 232,499 | ||||||
Qatar Fuel QSC |
13,156 | 56,729 | ||||||
Qatar Gas Transport Co. Ltd. |
57,526 | 54,824 | ||||||
Rabigh Refining & Petrochemical Co.* |
10,752 | 26,205 | ||||||
Reliance Industries Ltd. |
69,056 | 2,372,653 | ||||||
Rosneft Oil Co. PJSC |
72,122 | | ||||||
Rosneft Oil Co. PJSC, GDR*(a) |
1,920 | | ||||||
Saudi Arabian Oil Co.(a) |
74,256 | 605,913 | ||||||
Semirara Mining & Power Corp., Class A |
42,200 | 23,238 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A |
26,000 | 87,565 | ||||||
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A |
7,050 | 9,496 | ||||||
Shandong Xinchao Energy Corp. Ltd., Class A* |
4,900 | 1,904 | ||||||
Shanxi Coking Coal Energy Group Co. Ltd., Class A |
9,400 | 13,734 | ||||||
Shanxi Luan Environmental Energy Development Co. Ltd., Class A |
10,000 | 33,010 | ||||||
SK Discovery Co. Ltd. |
4,108 | 119,733 | ||||||
SK Gas Ltd. |
48 | 5,492 | ||||||
SK Innovation Co. Ltd.* |
1,768 | 155,121 | ||||||
S-Oil Corp. |
1,443 | 73,845 | ||||||
Star Petroleum Refining PCL, NVDR |
33,500 | 7,932 | ||||||
Surgutneftegas PJSC |
319,000 | | ||||||
Surgutneftegas PJSC (Preference) |
225,500 | | ||||||
Tatneft PJSC |
26,900 | | ||||||
Tatneft PJSC (Preference) |
3,870 | | ||||||
Thai Oil PCL, NVDR |
36,402 | 56,177 | ||||||
Thungela Resources Ltd. |
4,116 | 26,539 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Transneft PJSC (Preference) |
55 | | ||||||
Turkiye Petrol Rafinerileri A/S |
24,544 | 121,328 | ||||||
Ultrapar Participacoes SA |
12,238 | 69,771 | ||||||
United Tractors Tbk. PT |
41,600 | 60,502 | ||||||
Vista Energy SAB de CV, ADR* |
2,288 | 74,955 | ||||||
Yancoal Australia Ltd.(a) |
9,400 | 36,675 | ||||||
Yankuang Energy Group Co. Ltd., Class A |
7,950 | 25,302 | ||||||
Yankuang Energy Group Co. Ltd., Class H(b) |
69,000 | 141,579 | ||||||
|
|
|||||||
13,614,500 | ||||||||
|
|
|||||||
Paper & Forest Products - 0.6% |
| |||||||
Century Plyboards India Ltd. |
3,256 | 30,784 | ||||||
Century Textiles & Industries Ltd. |
2,118 | 36,368 | ||||||
Chung Hwa Pulp Corp. |
16,800 | 12,104 | ||||||
Dexco SA* |
14,700 | 23,027 | ||||||
Dongwha Enterprise Co. Ltd.* |
441 | 20,585 | ||||||
Empresas CMPC SA |
26,895 | 43,718 | ||||||
Indah Kiat Pulp & Paper Tbk. PT |
90,900 | 45,075 | ||||||
JK Paper Ltd. |
39,780 | 209,406 | ||||||
Lee & Man Paper Manufacturing Ltd.(b) |
1,144,000 | 307,320 | ||||||
Longchen Paper & Packaging Co. Ltd. |
364,000 | 161,070 | ||||||
Nine Dragons Paper Holdings Ltd.* |
55,000 | 20,403 | ||||||
Pabrik Kertas Tjiwi Kimia Tbk. PT |
556,400 | 220,374 | ||||||
Sappi Ltd.(b) |
16,314 | 39,086 | ||||||
Shandong Sun Paper Industry JSC Ltd., Class A |
9,400 | 15,908 | ||||||
Shihlin Paper Corp.* |
9,648 | 16,430 | ||||||
Suzano SA |
20,800 | 217,299 | ||||||
YFY, Inc. |
22,472 | 21,539 | ||||||
|
|
|||||||
1,440,496 | ||||||||
|
|
|||||||
Passenger Airlines - 0.5% |
| |||||||
Aegean Airlines SA* |
1,056 | 14,086 | ||||||
Aeroflot PJSC* |
74,029 | | ||||||
Air Arabia PJSC |
68,952 | 55,943 | ||||||
Asiana Airlines, Inc.* |
1,104 | 10,042 | ||||||
Azul SA (Preference)* |
11,500 | 31,187 | ||||||
Bangkok Airways PCL, NVDR |
39,100 | 16,201 | ||||||
China Airlines Ltd. |
61,000 | 39,758 | ||||||
China Eastern Airlines Corp. Ltd., Class A* |
14,300 | 7,449 | ||||||
China Eastern Airlines Corp. Ltd., Class H*(b) |
46,000 | 11,416 | ||||||
China Southern Airlines Co. Ltd., Class A* |
14,100 | 11,312 | ||||||
China Southern Airlines Co. Ltd., Class H*(b) |
24,000 | 8,873 | ||||||
Eva Airways Corp. |
104,000 | 104,999 | ||||||
Hainan Airlines Holding Co. Ltd., Class A* |
67,200 | 12,823 | ||||||
Hanjin Kal Corp.* |
816 | 44,632 | ||||||
InterGlobe Aviation Ltd.*(a) |
4,004 | 142,783 | ||||||
Jazeera Airways Co. KSCP |
4,053 | 15,008 | ||||||
Jeju Air Co. Ltd.* |
16,692 | 155,333 | ||||||
Jin Air Co. Ltd.* |
10,556 | 103,610 | ||||||
Korean Air Lines Co. Ltd.* |
5,408 | 91,170 |
Investments |
Shares | Value ($) | ||||||
Latam Airlines Group SA* |
7,553,599 | 93,121 | ||||||
Pegasus Hava Tasimaciligi A/S* |
1,081 | 26,808 | ||||||
Spring Airlines Co. Ltd., Class A* |
4,600 | 33,541 | ||||||
Turk Hava Yollari AO* |
20,835 | 187,277 | ||||||
|
|
|||||||
1,217,372 | ||||||||
|
|
|||||||
Personal Care Products - 0.5% |
| |||||||
Amorepacific Corp.* |
687 | 60,740 | ||||||
AMOREPACIFIC Group* |
611 | 11,262 | ||||||
Colgate-Palmolive India Ltd. |
2,014 | 62,306 | ||||||
Cosmax, Inc.* |
144 | 12,494 | ||||||
Dabur India Ltd. |
11,492 | 74,672 | ||||||
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A/S |
5,880 | 9,135 | ||||||
Emami Ltd. |
3,696 | 22,247 | ||||||
Giant Biogene Holding Co. |
10,400 | 42,107 | ||||||
Gillette India Ltd. |
192 | 15,227 | ||||||
Godrej Consumer Products Ltd. |
6,552 | 91,853 | ||||||
Grape King Bio Ltd. |
4,752 | 23,153 | ||||||
Hengan International Group Co. Ltd. |
26,000 | 80,489 | ||||||
Hindustan Unilever Ltd. |
15,184 | 453,735 | ||||||
Hyundai Bioscience Co. Ltd.* |
576 | 10,660 | ||||||
Industri Jamu Dan Farmasi Sido Muncul Tbk. PT |
456,000 | 14,738 | ||||||
Kolmar BNH Co. Ltd.* |
931 | 11,140 | ||||||
Kolmar Korea Co. Ltd.* |
240 | 8,775 | ||||||
LG H&H Co. Ltd. |
144 | 32,746 | ||||||
LG H&H Co. Ltd. (Preference) |
43 | 4,407 | ||||||
Microbio Co. Ltd. |
1,580 | 2,345 | ||||||
Natura & Co. Holding SA* |
14,958 | 48,436 | ||||||
Procter & Gamble Hygiene & Health Care Ltd. |
266 | 55,238 | ||||||
Sarantis SA |
1,666 | 15,889 | ||||||
TCI Co. Ltd. |
1,000 | 5,495 | ||||||
|
|
|||||||
1,169,289 | ||||||||
|
|
|||||||
Pharmaceuticals - 1.3% |
| |||||||
Ajanta Pharma Ltd. |
576 | 15,081 | ||||||
Alembic Pharmaceuticals Ltd. |
3,400 | 39,325 | ||||||
Alkem Laboratories Ltd. |
1,040 | 62,568 | ||||||
Aspen Pharmacare Holdings Ltd. |
5,512 | 57,518 | ||||||
Asymchem Laboratories Tianjin Co. Ltd., Class A |
700 | 8,338 | ||||||
Aurobindo Pharma Ltd. |
5,460 | 75,637 | ||||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd. |
5,000 | 6,044 | ||||||
Bora Pharmaceuticals Co. Ltd. |
1,008 | 21,674 | ||||||
Boryung* |
2,597 | 23,603 | ||||||
Caplin Point Laboratories Ltd. |
912 | 15,906 | ||||||
Caregen Co. Ltd. |
144 | 2,314 | ||||||
Celltrion Pharm, Inc.* |
143 | 10,924 | ||||||
Center Laboratories, Inc. |
11,446 | 16,694 | ||||||
Changchun High & New Technology Industry Group, Inc., Class A |
600 | 9,548 | ||||||
China Medical System Holdings Ltd. |
52,000 | 74,502 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
China Resources Pharmaceutical Group Ltd.(a) |
51,000 | 31,054 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. |
104,000 | 39,779 | ||||||
Chong Kun Dang Pharmaceutical Corp.* |
302 | 24,890 | ||||||
Cipla Ltd. |
9,516 | 154,811 | ||||||
Concord Biotech Ltd.* |
1,056 | 18,514 | ||||||
CSPC Pharmaceutical Group Ltd. |
152,080 | 111,668 | ||||||
Daewoong Co. Ltd.* |
10,452 | 181,685 | ||||||
Daewoong Pharmaceutical Co. Ltd.* |
49 | 4,064 | ||||||
Dong-A Socio Holdings Co. Ltd. |
1,352 | 108,290 | ||||||
DongKook Pharmaceutical Co. Ltd. |
720 | 9,662 | ||||||
Dr Reddys Laboratories Ltd. |
2,270 | 167,322 | ||||||
Eris Lifesciences Ltd.*(a) |
3,068 | 33,850 | ||||||
Gland Pharma Ltd.*(a) |
971 | 22,877 | ||||||
GlaxoSmithKline Pharmaceuticals Ltd. |
376 | 10,187 | ||||||
Glenmark Pharmaceuticals Ltd. |
2,400 | 26,305 | ||||||
Grand Pharmaceutical Group Ltd. |
52,000 | 22,417 | ||||||
Granules India Ltd. |
5,750 | 28,783 | ||||||
Hanall Biopharma Co. Ltd.* |
576 | 13,314 | ||||||
Hanmi Pharm Co. Ltd.* |
150 | 36,414 | ||||||
Hanmi Science Co. Ltd.* |
671 | 19,708 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(a) |
16,000 | 23,988 | ||||||
HK inno N Corp.* |
192 | 6,028 | ||||||
Hua Han Health Industry Holdings Ltd.* |
3,780,000 | | ||||||
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A |
3,100 | 13,018 | ||||||
Hypera SA* |
10,400 | 66,785 | ||||||
Ipca Laboratories Ltd. |
3,950 | 53,285 | ||||||
Jamjoom Pharmaceuticals Factory Co. |
480 | 17,894 | ||||||
JB Chemicals & Pharmaceuticals Ltd. |
1,152 | 23,360 | ||||||
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A |
10,200 | 53,205 | ||||||
Joincare Pharmaceutical Group Industry Co. Ltd., Class A |
4,700 | 7,031 | ||||||
Kalbe Farma Tbk. PT |
358,400 | 34,296 | ||||||
Laurus Labs Ltd.(a) |
8,100 | 37,197 | ||||||
Livzon Pharmaceutical Group, Inc., Class H(b) |
3,930 | 11,965 | ||||||
Lotus Pharmaceutical Co. Ltd. |
2,000 | 17,860 | ||||||
Lupin Ltd. |
3,502 | 63,481 | ||||||
Luye Pharma Group Ltd.*(a) |
24,000 | 8,074 | ||||||
Mankind Pharma Ltd.* |
2,150 | 51,779 | ||||||
Natco Pharma Ltd. |
3,552 | 37,033 | ||||||
Oneness Biotech Co. Ltd. |
4,197 | 23,198 | ||||||
Oscotec, Inc.* |
1,034 | 14,797 | ||||||
Pfizer Ltd. |
341 | 17,751 | ||||||
Pharmally International Holding Co. Ltd.* |
2,564 | | ||||||
Piramal Pharma Ltd.* |
28,602 | 49,683 | ||||||
Richter Gedeon Nyrt. |
4,251 | 115,339 | ||||||
Sam Chun Dang Pharm Co. Ltd.* |
240 | 11,527 |
Investments |
Shares | Value ($) | ||||||
Sanofi India Ltd. |
144 | 15,023 | ||||||
Saudi Pharmaceutical Industries & Medical Appliances Corp.* |
1,470 | 13,426 | ||||||
SciClone Pharmaceuticals Holdings Ltd.(a) |
104,000 | 147,673 | ||||||
Shandong Sinobioway Biomedicine Co. Ltd., Class A* |
4,800 | 7,013 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A |
6,900 | 20,970 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H(b) |
8,000 | 13,570 | ||||||
Shanghai Shyndec Pharmaceutical Co. Ltd., Class A |
14,400 | 17,349 | ||||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A |
4,700 | 12,890 | ||||||
Shin Poong Pharmaceutical Co. Ltd.* |
1,824 | 15,717 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A |
4,800 | 15,457 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. |
125,000 | 8,635 | ||||||
Sino Biopharmaceutical Ltd.(b) |
184,999 | 66,500 | ||||||
SK Biopharmaceuticals Co. Ltd.* |
330 | 22,995 | ||||||
Sun Pharmaceutical Industries Ltd. |
19,161 | 327,284 | ||||||
Suven Pharmaceuticals Ltd.* |
6,200 | 50,231 | ||||||
Synmosa Biopharma Corp. |
16,272 | 19,522 | ||||||
Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class S |
9,600 | 16,512 | ||||||
Torrent Pharmaceuticals Ltd. |
1,434 | 43,707 | ||||||
TTY Biopharm Co. Ltd. |
2,575 | 6,401 | ||||||
United Laboratories International Holdings Ltd. (The)(b) |
12,000 | 10,362 | ||||||
Yuhan Corp.* |
1,197 | 53,094 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A |
4,800 | 31,095 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A |
200 | 5,555 | ||||||
Zhejiang NHU Co. Ltd., Class A |
4,800 | 10,724 | ||||||
Zydus Lifesciences Ltd. |
4,844 | 44,378 | ||||||
|
|
|||||||
3,259,927 | ||||||||
|
|
|||||||
Professional Services - 0.1% |
| |||||||
BLS International Services Ltd. |
3,626 | 18,339 | ||||||
Computer Age Management Services Ltd. |
1,007 | 35,129 | ||||||
CTOS Digital Bhd. |
84,900 | 25,309 | ||||||
eClerx Services Ltd. |
679 | 22,298 | ||||||
Firstsource Solutions Ltd. |
6,900 | 17,000 | ||||||
L&T Technology Services Ltd.(a) |
510 | 34,293 | ||||||
My EG Services Bhd. |
88,989 | 14,675 | ||||||
NICE Information Service Co. Ltd.* |
14,716 | 108,607 | ||||||
RITES Ltd. |
6,408 | 57,352 | ||||||
Sporton International, Inc. |
3,150 | 23,298 | ||||||
|
|
|||||||
356,300 | ||||||||
|
|
|||||||
Real Estate Management & Development - 3.4% |
| |||||||
Aldar Properties PJSC |
71,467 | 99,234 | ||||||
Allos SA |
10,400 | 51,673 | ||||||
Amata Corp. PCL, NVDR |
29,300 | 17,591 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Anant Raj Ltd. |
3,840 | 14,709 | ||||||
Arabian Centres Co. Ltd. |
4,032 | 21,826 | ||||||
Arriyadh Development Co. |
2,145 | 12,526 | ||||||
Ayala Land, Inc. |
90,100 | 54,577 | ||||||
Barwa Real Estate Co. |
73,580 | 58,302 | ||||||
Bumi Serpong Damai Tbk. PT* |
2,802,800 | 183,834 | ||||||
C&D International Investment Group Ltd. |
36,845 | 60,990 | ||||||
Cathay Real Estate Development Co. Ltd. |
418,592 | 256,107 | ||||||
Cencosud Shopping SA |
11,750 | 19,553 | ||||||
Central Pattana PCL, NVDR |
31,900 | 58,221 | ||||||
China Dili Group* |
50,001 | 2,303 | ||||||
China Jinmao Holdings Group Ltd. |
99,553 | 7,896 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A |
19,600 | 23,942 | ||||||
China Overseas Grand Oceans Group Ltd.(b) |
780,000 | 182,596 | ||||||
China Overseas Land & Investment Ltd. |
104,000 | 156,454 | ||||||
China Overseas Property Holdings Ltd. |
30,000 | 19,841 | ||||||
China Resources Land Ltd. |
80,000 | 241,517 | ||||||
China Resources Mixc Lifestyle Services Ltd.(a) |
9,800 | 28,269 | ||||||
China Vanke Co. Ltd., Class A |
24,000 | 32,091 | ||||||
China Vanke Co. Ltd., Class H(b) |
62,400 | 48,932 | ||||||
Chong Hong Construction Co. Ltd. |
104,000 | 252,196 | ||||||
Ciputra Development Tbk. PT |
3,868,849 | 306,468 | ||||||
Commercial Real Estate Co. KSC |
646,035 | 222,626 | ||||||
Corp. Inmobiliaria Vesta SAB de CV |
9,600 | 36,582 | ||||||
Cosmopolitan International Holdings Ltd.*(b) |
28,200 | 6,998 | ||||||
Country Garden Holdings Co. Ltd.*(b) |
282,000 | 22,727 | ||||||
Country Garden Services Holdings Co. Ltd.(b) |
52,000 | 34,191 | ||||||
D B Realty Ltd.* |
8,592 | 26,130 | ||||||
Dar Al Arkan Real Estate Development Co.* |
7,655 | 26,537 | ||||||
Delpha Construction Co. Ltd. |
42,430 | 51,378 | ||||||
DLF Ltd. |
13,884 | 134,186 | ||||||
Eco World Development Group Bhd. |
499,200 | 139,312 | ||||||
Emaar Development PJSC |
27,494 | 52,099 | ||||||
Emaar Economic City* |
9,847 | 20,849 | ||||||
Emaar Properties PJSC |
185,900 | 376,057 | ||||||
Fortress Real Estate Investments Ltd., Class A*(b) |
62,712 | 51,926 | ||||||
Fortress Real Estate Investments Ltd., Class B* |
46,844 | 19,066 | ||||||
Gemdale Corp., Class A |
14,100 | 7,915 | ||||||
Godrej Properties Ltd.* |
2,184 | 62,518 | ||||||
Greenland Holdings Corp. Ltd., Class A* |
33,600 | 9,875 | ||||||
Greentown China Holdings Ltd.(b) |
25,000 | 18,741 | ||||||
Greentown Service Group Co. Ltd.(a) |
624,000 | 192,375 |
Investments |
Shares | Value ($) | ||||||
Hainan Airport Infrastructure Co. Ltd., Class A* |
9,800 | 4,764 | ||||||
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A |
4,300 | 4,073 | ||||||
Hanson International Tbk. PT* |
2,409,275 | | ||||||
Highwealth Construction Corp. |
52,000 | 65,790 | ||||||
Hopson Development Holdings Ltd.*(b) |
24,816 | 11,460 | ||||||
Huaku Development Co. Ltd. |
5,184 | 15,751 | ||||||
Huang Hsiang Construction Corp. |
52,000 | 71,439 | ||||||
Iguatemi SA |
10,400 | 50,262 | ||||||
IOI Properties Group Bhd. |
52,800 | 24,112 | ||||||
KE Holdings, Inc., ADR |
11,960 | 169,473 | ||||||
Kindom Development Co. Ltd. |
156,400 | 197,627 | ||||||
LAMDA Development SA* |
1,368 | 10,372 | ||||||
Land & Houses PCL, NVDR |
83,200 | 17,940 | ||||||
Longfor Group Holdings Ltd.(a)(b) |
54,488 | 60,014 | ||||||
LSR Group PJSC, Class A |
21,295 | | ||||||
Mabanee Co. KPSC |
15,639 | 39,148 | ||||||
Macrotech Developers Ltd.(a) |
4,403 | 56,737 | ||||||
Mah Sing Group Bhd. |
702,000 | 139,509 | ||||||
MAS P.L.C. |
168,688 | 168,699 | ||||||
Matrix Concepts Holdings Bhd. |
374,400 | 139,312 | ||||||
MBK PCL, NVDR |
30,344 | 13,685 | ||||||
Megaworld Corp. |
4,056,000 | 141,216 | ||||||
Metropolitan Kentjana Tbk. PT |
9,600 | 16,882 | ||||||
Midea Real Estate Holding Ltd.(a)(b) |
124,800 | 66,732 | ||||||
Multiplan Empreendimentos Imobiliarios SA* |
5,000 | 28,192 | ||||||
Oberoi Realty Ltd. |
1,551 | 24,723 | ||||||
Onewo, Inc., Class H |
9,600 | 21,638 | ||||||
Origin Property PCL, NVDR |
312,000 | 71,674 | ||||||
OSK Holdings Bhd. |
431,600 | 138,696 | ||||||
Pakuwon Jati Tbk. PT |
155,100 | 4,128 | ||||||
Parque Arauco SA |
301,236 | 480,284 | ||||||
Phoenix Mills Ltd. (The) |
1,732 | 50,552 | ||||||
Plaza SA* |
7,728 | 10,647 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A |
31,200 | 41,458 | ||||||
Prestige Estates Projects Ltd. |
2,208 | 33,645 | ||||||
Prince Housing & Development Corp. |
50,000 | 16,773 | ||||||
Pruksa Holding PCL, NVDR |
275,600 | 93,996 | ||||||
Quality Houses PCL, NVDR |
1,924,000 | 120,394 | ||||||
Radiance Holdings Group Co. Ltd.*(a)(b) |
49,000 | 18,930 | ||||||
Red Star Macalline Group Corp. Ltd., Class A |
14,700 | 6,818 | ||||||
Redco Properties Group Ltd.*(a) |
294,000 | 44,468 | ||||||
Retal Urban Development Co., Class A |
69,056 | 163,889 | ||||||
Robinsons Land Corp. |
743,600 | 211,344 | ||||||
Ruentex Development Co. Ltd. |
52,000 | 59,394 | ||||||
Salhia Real Estate Co. KSCP |
16,277 | 23,230 | ||||||
Sansiri PCL, NVDR |
2,766,400 | 139,577 | ||||||
Saudi Real Estate Co.* |
3,478 | 16,787 | ||||||
Seazen Group Ltd.*(b) |
1,144,000 | 156,587 | ||||||
Seazen Holdings Co. Ltd., Class A* |
4,700 | 6,442 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B |
4,800 | 4,306 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B |
4,900 | 1,818 | ||||||
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A |
4,700 | 10,461 | ||||||
Shenzhen Investment Ltd.(b) |
1,040,000 | 146,343 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A* |
22,200 | 9,122 | ||||||
Shoucheng Holdings Ltd. |
98,000 | 17,175 | ||||||
Sichuan Languang Justbon Services Group Co. Ltd., Class H* |
26,500 | | ||||||
SignatureGlobal India Ltd.* |
765 | 10,546 | ||||||
Sime Darby Property Bhd. |
86,400 | 14,065 | ||||||
Sinic Holdings Group Co. Ltd.* |
318,000 | | ||||||
SK D&D Co. Ltd. |
3,744 | 70,832 | ||||||
SM Prime Holdings, Inc. |
202,800 | 123,384 | ||||||
SP Setia Bhd. Group |
852,800 | 162,266 | ||||||
Sunac China Holdings Ltd.* |
1,456,000 | 212,330 | ||||||
Supalai PCL, NVDR |
23,800 | 13,216 | ||||||
Talaat Moustafa Group |
409,728 | 437,574 | ||||||
United Development Co. QSC |
774,852 | 221,325 | ||||||
UOA Development Bhd. |
26,500 | 10,141 | ||||||
WHA Corp. PCL, NVDR |
117,490 | 15,697 | ||||||
Youngor Fashion Co. Ltd. |
14,400 | 13,518 | ||||||
Yuexiu Property Co. Ltd. |
57,079 | 35,559 | ||||||
Yungshin Construction & Development Co. Ltd. |
31,710 | 93,916 | ||||||
Zhuhai Huafa Properties Co. Ltd., Class A |
4,900 | 4,545 | ||||||
|
|
|||||||
8,821,138 | ||||||||
|
|
|||||||
Residential REITs - 0.0%(d) |
| |||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S, REIT |
63,896 | 21,162 | ||||||
|
|
|||||||
Retail REITs - 0.4% |
| |||||||
CPN Retail Growth Leasehold REIT, REIT |
44,100 | 13,673 | ||||||
Hyprop Investments Ltd., REIT |
176,073 | 304,078 | ||||||
IGB REIT, REIT |
53,900 | 20,056 | ||||||
LOTTE Reit Co. Ltd., REIT |
1,828 | 4,225 | ||||||
Pavilion REIT, REIT |
15,000 | 4,123 | ||||||
Resilient REIT Ltd., REIT |
133,073 | 337,355 | ||||||
Sunway REIT, REIT |
53,900 | 18,005 | ||||||
Vukile Property Fund Ltd., REIT |
435,500 | 354,746 | ||||||
|
|
|||||||
1,056,261 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 6.4% |
| |||||||
3peak, Inc., Class A |
245 | 3,333 | ||||||
ADATA Technology Co. Ltd. |
8,352 | 25,590 | ||||||
Advanced Wireless Semiconductor Co.* |
5,104 | 20,221 | ||||||
Alchip Technologies Ltd. |
1,184 | 147,530 | ||||||
Amlogic Shanghai Co. Ltd., Class A |
1,536 | 9,497 | ||||||
Andes Technology Corp. |
1,507 | 23,809 |
Investments |
Shares | Value ($) | ||||||
Anji Microelectronics Technology Shanghai Co. Ltd., Class A |
127 | 2,150 | ||||||
AP Memory Technology Corp. |
2,224 | 37,162 | ||||||
Ardentec Corp. |
12,672 | 29,919 | ||||||
ASE Technology Holding Co. Ltd. |
104,000 | 451,892 | ||||||
ASPEED Technology, Inc. |
664 | 65,446 | ||||||
Cambricon Technologies Corp. Ltd., Class A* |
288 | 4,413 | ||||||
China Resources Microelectronics Ltd., Class A |
1,350 | 7,115 | ||||||
Chipbond Technology Corp. |
21,776 | 50,093 | ||||||
ChipMOS Technologies, Inc. |
15,504 | 21,201 | ||||||
D&O Green Technologies Bhd.* |
15,300 | 10,998 | ||||||
Daqo New Energy Corp., ADR*(b) |
1,536 | 27,725 | ||||||
DB HiTek Co. Ltd.* |
988 | 36,902 | ||||||
Duk San Neolux Co. Ltd.* |
423 | 12,234 | ||||||
Elan Microelectronics Corp. |
1,000 | 4,792 | ||||||
Elite Semiconductor Microelectronics Technology, Inc. |
12,360 | 36,409 | ||||||
eMemory Technology, Inc. |
1,000 | 89,458 | ||||||
Ennostar, Inc.* |
7,000 | 9,404 | ||||||
Eo Technics Co. Ltd.* |
144 | 18,547 | ||||||
Episil Technologies, Inc. |
6,292 | 12,665 | ||||||
Eugene Technology Co. Ltd. |
988 | 31,239 | ||||||
Everlight Electronics Co. Ltd. |
198,343 | 307,342 | ||||||
Faraday Technology Corp. |
4,000 | 53,228 | ||||||
Fitipower Integrated Technology, Inc. |
1,488 | 11,172 | ||||||
Flat Glass Group Co. Ltd., Class A |
5,200 | 14,783 | ||||||
Flat Glass Group Co. Ltd., Class H |
7,000 | 10,548 | ||||||
FocalTech Systems Co. Ltd. |
9,176 | 29,053 | ||||||
Formosa Advanced Technologies Co. Ltd. |
67,312 | 81,399 | ||||||
Formosa Sumco Technology Corp. |
1,000 | 5,176 | ||||||
Foxsemicon Integrated Technology, Inc. |
42,226 | 291,405 | ||||||
GCL System Integration Technology Co. Ltd., Class A* |
9,800 | 3,303 | ||||||
GCL Technology Holdings Ltd.(b) |
572,000 | 65,854 | ||||||
GemVax & Kael Co. Ltd.* |
920 | 8,768 | ||||||
GigaDevice Semiconductor, Inc., Class A |
1,440 | 12,536 | ||||||
Global Mixed Mode Technology, Inc. |
2,448 | 19,240 | ||||||
Global Unichip Corp. |
1,432 | 70,686 | ||||||
Globalwafers Co. Ltd. |
5,616 | 103,889 | ||||||
Greatek Electronics, Inc. |
7,632 | 14,460 | ||||||
Gudeng Precision Industrial Co. Ltd. |
1,812 | 23,273 | ||||||
HAESUNG DS Co. Ltd.* |
4,576 | 172,459 | ||||||
Hana Materials, Inc. |
318 | 11,270 | ||||||
Hangzhou First Applied Material Co. Ltd., Class A |
3,724 | 11,790 | ||||||
Hangzhou Silan Microelectronics Co. Ltd., Class A |
5,200 | 13,160 | ||||||
Hanmi Semiconductor Co. Ltd.* |
1,007 | 44,289 | ||||||
Holtek Semiconductor, Inc. |
5,712 | 11,278 | ||||||
HPSP Co. Ltd.* |
768 | 25,866 | ||||||
Hua Hong Semiconductor Ltd.*(a) |
6,000 | 10,899 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Inari Amertron Bhd. |
39,200 | 26,354 | ||||||
Innox Advanced Materials Co. Ltd. |
5,980 | 122,768 | ||||||
ISC Co. Ltd.* |
144 | 8,308 | ||||||
JA Solar Technology Co. Ltd., Class A |
9,992 | 23,701 | ||||||
JCET Group Co. Ltd., Class A |
4,800 | 15,029 | ||||||
Jentech Precision Industrial Co. Ltd. |
1,287 | 30,839 | ||||||
Jinko Solar Co. Ltd., Class A |
16,128 | 17,836 | ||||||
Jusung Engineering Co. Ltd. |
1,152 | 28,527 | ||||||
King Yuan Electronics Co. Ltd. |
18,480 | 49,596 | ||||||
Kinsus Interconnect Technology Corp. |
4,000 | 12,844 | ||||||
Koh Young Technology, Inc.* |
1,692 | 22,122 | ||||||
LEENO Industrial, Inc.* |
94 | 14,009 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A |
15,248 | 41,096 | ||||||
LX Semicon Co. Ltd. |
235 | 13,752 | ||||||
M31 Technology Corp. |
384 | 21,593 | ||||||
Macronix International Co. Ltd. |
52,000 | 48,512 | ||||||
Marketech International Corp. |
41,900 | 196,117 | ||||||
MediaTek, Inc. |
27,061 | 835,187 | ||||||
Montage Technology Co. Ltd., Class A |
1,692 | 10,652 | ||||||
MPI Corp. |
1,168 | 10,318 | ||||||
Nanya Technology Corp. |
30,266 | 66,432 | ||||||
NAURA Technology Group Co. Ltd., Class A |
200 | 6,345 | ||||||
NEXTIN, Inc.* |
265 | 14,316 | ||||||
Novatek Microelectronics Corp. |
9,312 | 152,029 | ||||||
Nuvoton Technology Corp. |
4,000 | 16,422 | ||||||
Orient Semiconductor Electronics Ltd. |
14,256 | 29,013 | ||||||
Pan Jit International, Inc. |
8,000 | 15,821 | ||||||
Parade Technologies Ltd. |
1,400 | 49,873 | ||||||
Phison Electronics Corp. |
2,776 | 46,829 | ||||||
Pixart Imaging, Inc. |
7,248 | 36,935 | ||||||
Powerchip Semiconductor Manufacturing Corp. |
52,000 | 44,857 | ||||||
Powertech Technology, Inc. |
20,000 | 92,973 | ||||||
Radiant Opto-Electronics Corp. |
14,330 | 63,410 | ||||||
Raydium Semiconductor Corp. |
1,824 | 21,941 | ||||||
Realtek Semiconductor Corp. |
8,134 | 122,012 | ||||||
S&S Tech Corp. |
423 | 13,628 | ||||||
Sanan Optoelectronics Co. Ltd., Class A |
4,800 | 7,361 | ||||||
SDI Corp. |
1,781 | 5,832 | ||||||
Seoul Semiconductor Co. Ltd.* |
1,911 | 14,948 | ||||||
SFA Semicon Co. Ltd.* |
3,381 | 16,137 | ||||||
Shanghai Aiko Solar Energy Co. Ltd., Class A |
4,800 | 9,226 | ||||||
Shanghai Fudan Microelectronics Group Co. Ltd., Class A |
1,050 | 3,972 | ||||||
Shanghai Fudan Microelectronics Group Co. Ltd., Class H |
4,000 | 4,774 | ||||||
Sigurd Microelectronics Corp. |
208,000 | 449,899 | ||||||
Silergy Corp. |
5,000 | 61,582 | ||||||
Silicon Integrated Systems Corp. |
9,168 | 12,127 | ||||||
SIMMTECH Co. Ltd.* |
9,464 | 239,676 |
Investments |
Shares | Value ($) | ||||||
Sino-American Silicon Products, Inc. |
16,352 | 100,308 | ||||||
Sitronix Technology Corp. |
2,160 | 18,805 | ||||||
SK Hynix, Inc. |
9,360 | 944,661 | ||||||
Sunplus Technology Co. Ltd. |
5,116 | 5,280 | ||||||
Taiwan Mask Corp. |
7,000 | 15,118 | ||||||
Taiwan Semiconductor Co. Ltd. |
9,000 | 23,147 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
410,587 | 8,238,107 | ||||||
Taiwan-Asia Semiconductor Corp. |
13,000 | 18,088 | ||||||
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A |
10,375 | 17,774 | ||||||
Tokai Carbon Korea Co. Ltd.* |
86 | 6,811 | ||||||
Tongwei Co. Ltd., Class A |
9,600 | 31,155 | ||||||
Topco Scientific Co. Ltd. |
2,704 | 16,198 | ||||||
TSEC Corp. |
26,708 | 24,234 | ||||||
Unigroup Guoxin Microelectronics Co. Ltd., Class A* |
4,079 | 29,725 | ||||||
Unisem M Bhd. |
14,700 | 9,976 | ||||||
United Microelectronics Corp. |
364,000 | 569,849 | ||||||
United Renewable Energy Co. Ltd. |
50,256 | 20,793 | ||||||
UPI Semiconductor Corp. |
2,688 | 22,071 | ||||||
Vanguard International Semiconductor Corp. |
13,440 | 31,561 | ||||||
Verisilicon Microelectronics Shanghai Co. Ltd., Class A* |
528 | 2,549 | ||||||
Via Technologies, Inc. |
5,424 | 24,001 | ||||||
VisEra Technologies Co. Ltd. |
1,392 | 12,519 | ||||||
Visual Photonics Epitaxy Co. Ltd. |
7,672 | 33,091 | ||||||
ViTrox Corp. Bhd. |
4,700 | 6,886 | ||||||
Wafer Works Corp. |
26,154 | 34,469 | ||||||
Win Semiconductors Corp. |
6,961 | 34,472 | ||||||
Winbond Electronics Corp. |
59,371 | 51,595 | ||||||
WONIK IPS Co. Ltd.* |
329 | 7,481 | ||||||
Wonik QnC Corp.* |
7,020 | 149,116 | ||||||
Xinjiang Daqo New Energy Co. Ltd., Class A |
5,488 | 20,019 | ||||||
XinTec, Inc. |
3,000 | 12,029 | ||||||
Xinyi Solar Holdings Ltd. |
114,000 | 52,208 | ||||||
|
|
|||||||
16,368,496 | ||||||||
|
|
|||||||
Software - 0.3% |
| |||||||
360 Security Technology, Inc., Class A* |
9,800 | 9,323 | ||||||
Ahnlab, Inc.* |
190 | 10,364 | ||||||
AsiaInfo Technologies Ltd.(a) |
124,800 | 124,684 | ||||||
Beijing Fourth Paradigm Technology Co. Ltd.* |
4,800 | 30,824 | ||||||
Beijing Kingsoft Office Software, Inc., Class A |
611 | 18,231 | ||||||
Beijing Shiji Information Technology Co. Ltd., Class A* |
6,370 | 6,317 | ||||||
Birlasoft Ltd. |
5,838 | 59,646 | ||||||
CE Info Systems Ltd. |
480 | 11,351 | ||||||
Douzone Bizon Co. Ltd.* |
873 | 31,332 | ||||||
EMRO, Inc.* |
294 | 14,296 | ||||||
Hundsun Technologies, Inc., Class A |
4,550 | 13,334 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Iflytek Co. Ltd., Class A |
4,800 | 25,673 | ||||||
Intellect Design Arena Ltd. |
3,072 | 33,321 | ||||||
Kingdee International Software Group Co. Ltd.*(b) |
52,000 | 50,089 | ||||||
KPIT Technologies Ltd. |
2,593 | 48,423 | ||||||
Ming Yuan Cloud Group Holdings Ltd.*(b) |
60,000 | 15,888 | ||||||
NavInfo Co. Ltd., Class A* |
4,700 | 4,249 | ||||||
Newgen Software Technologies Ltd. |
1,920 | 19,648 | ||||||
Oracle Financial Services Software Ltd. |
282 | 22,144 | ||||||
Qi An Xin Technology Group, Inc., Class A* |
539 | 2,233 | ||||||
Rategain Travel Technologies Ltd.* |
1,968 | 18,892 | ||||||
Route Mobile Ltd. |
954 | 18,299 | ||||||
Shanghai Baosight Software Co. Ltd., Class B |
8,291 | 16,308 | ||||||
Tanla Platforms Ltd. |
2,652 | 32,900 | ||||||
Tata Elxsi Ltd. |
676 | 61,908 | ||||||
TOTVS SA |
10,400 | 66,343 | ||||||
Weimob, Inc.*(a)(b) |
87,000 | 19,254 | ||||||
Yonyou Network Technology Co. Ltd., Class A |
4,700 | 7,325 | ||||||
|
|
|||||||
792,599 | ||||||||
|
|
|||||||
Specialty Retail - 1.1% |
| |||||||
Abu Dhabi National Oil Co. for Distribution PJSC |
51,376 | 49,656 | ||||||
Aditya Birla Fashion and Retail Ltd.* |
6,536 | 19,200 | ||||||
Ali Alghanim Sons Automotive Co. KSCC |
56,628 | 215,761 | ||||||
Aurora Design PCL, NVDR |
29,300 | 11,810 | ||||||
Bermaz Auto Bhd. |
56,000 | 28,888 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class A |
4,600 | 51,135 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class H(a)(b) |
2,100 | 18,348 | ||||||
Chow Tai Fook Jewellery Group Ltd. |
45,000 | 60,789 | ||||||
Com7 PCL, NVDR |
9,300 | 5,557 | ||||||
Cuckoo Homesys Co. Ltd.* |
3,536 | 53,120 | ||||||
Detsky Mir PJSC*(a) |
258,500 | | ||||||
Dogan Sirketler Grubu Holding A/S |
39,249 | 17,113 | ||||||
Dogus Otomotiv Servis ve Ticaret A/S |
893 | 8,027 | ||||||
EEKA Fashion Holdings Ltd. |
130,000 | 230,490 | ||||||
Foschini Group Ltd. (The) |
11,700 | 71,557 | ||||||
FSN E-Commerce Ventures Ltd.* |
18,240 | 35,857 | ||||||
Go Fashion India Ltd.* |
1,029 | 13,701 | ||||||
HLA Group Corp. Ltd., Class A |
4,900 | 5,242 | ||||||
Home Product Center PCL, NVDR |
78,600 | 23,263 | ||||||
Hotai Motor Co. Ltd. |
7,248 | 146,815 | ||||||
Hotel Shilla Co. Ltd. |
470 | 20,530 | ||||||
Italtile Ltd. |
191,464 | 123,533 | ||||||
Jarir Marketing Co. |
16,588 | 67,412 | ||||||
JUMBO SA |
1,872 | 52,870 | ||||||
Lojas Renner SA |
31,200 | 101,346 |
Investments |
Shares | Value ($) | ||||||
M.Video PJSC* |
31,680 | | ||||||
Map Aktif Adiperkasa PT |
3,931,200 | 241,652 | ||||||
Metro Brands Ltd. |
1,785 | 23,567 | ||||||
Motus Holdings Ltd. |
60,840 | 342,755 | ||||||
MR DIY Group M Bhd.(a) |
57,600 | 16,805 | ||||||
Mr Price Group Ltd. |
7,228 | 66,588 | ||||||
National Petroleum Co. Ltd. |
2,000 | 4,268 | ||||||
Padini Holdings Bhd. |
9,600 | 7,205 | ||||||
Pan German Universal Motors Ltd. |
10,320 | 96,937 | ||||||
Pepkor Holdings Ltd.(a)(b) |
52,780 | 54,770 | ||||||
Pop Mart International Group Ltd.(a) |
9,800 | 21,964 | ||||||
PTT Oil & Retail Business PCL, NVDR |
29,400 | 14,834 | ||||||
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A |
9,400 | 8,157 | ||||||
Shinsegae International, Inc.* |
6,084 | 73,437 | ||||||
Siam Global House PCL, NVDR |
40,566 | 17,380 | ||||||
Super Group Ltd. |
143,468 | 215,988 | ||||||
Topsports International Holdings Ltd.(a) |
23,000 | 14,858 | ||||||
Truworths International Ltd. |
10,128 | 42,513 | ||||||
United Electronics Co. |
1,619 | 38,466 | ||||||
Vibra Energia SA* |
31,200 | 149,967 | ||||||
Wilcon Depot, Inc. |
34,300 | 13,343 | ||||||
Zhongsheng Group Holdings Ltd. |
26,000 | 43,703 | ||||||
|
|
|||||||
2,941,177 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 3.7% |
| |||||||
Acer, Inc. |
52,000 | 76,506 | ||||||
Advantech Co. Ltd. |
8,734 | 94,178 | ||||||
AIC, Inc. |
912 | 12,602 | ||||||
Asia Vital Components Co. Ltd. |
5,136 | 69,821 | ||||||
ASROCK, Inc. |
2,736 | 20,236 | ||||||
Asustek Computer, Inc. |
20,000 | 284,669 | ||||||
AURAS Technology Co. Ltd. |
3,016 | 36,279 | ||||||
Catcher Technology Co. Ltd. |
9,696 | 60,252 | ||||||
Chenbro Micom Co. Ltd. |
3,360 | 30,058 | ||||||
Chicony Electronics Co. Ltd. |
15,992 | 84,049 | ||||||
China Greatwall Technology Group Co. Ltd., Class A |
5,500 | 6,366 | ||||||
Clevo Co. |
13,536 | 17,883 | ||||||
Compal Electronics, Inc. |
137,883 | 157,929 | ||||||
CosmoAM&T Co. Ltd.* |
312 | 31,161 | ||||||
Darfon Electronics Corp. |
104,000 | 169,127 | ||||||
Elitegroup Computer Systems Co. Ltd. |
148,288 | 146,632 | ||||||
Ennoconn Corp. |
2,304 | 19,838 | ||||||
Getac Holdings Corp. |
13,624 | 44,834 | ||||||
Gigabyte Technology Co. Ltd. |
8,976 | 88,614 | ||||||
HTC Corp.* |
11,432 | 17,934 | ||||||
Ibase Technology, Inc. |
4,512 | 12,455 | ||||||
IEI Integration Corp. |
54,000 | 134,571 | ||||||
Innodisk Corp. |
1,296 | 12,588 | ||||||
Inventec Corp. |
53,008 | 92,977 | ||||||
King Slide Works Co. Ltd. |
1,104 | 36,683 | ||||||
Kinpo Electronics |
612,224 | 301,227 | ||||||
Legend Holdings Corp., Class H(a)(b) |
265,200 | 211,013 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Lenovo Group Ltd.(b) |
208,000 | 217,386 | ||||||
Lite-On Technology Corp. |
66,392 | 230,149 | ||||||
Micro-Star International Co. Ltd. |
21,000 | 122,111 | ||||||
Mitac Holdings Corp. |
14,304 | 20,565 | ||||||
Ninestar Corp., Class A |
5,200 | 14,051 | ||||||
Pegatron Corp. |
60,304 | 159,336 | ||||||
Qisda Corp. |
52,000 | 77,254 | ||||||
Quanta Computer, Inc. |
52,000 | 410,358 | ||||||
Quanta Storage, Inc. |
91,939 | 234,698 | ||||||
Samsung Electronics Co. Ltd. |
85,748 | 4,670,797 | ||||||
Samsung Electronics Co. Ltd. (Preference) |
13,785 | 606,286 | ||||||
Shenzhen Transsion Holdings Co. Ltd., Class A |
1,316 | 25,048 | ||||||
Wistron Corp. |
84,640 | 309,631 | ||||||
Wiwynn Corp. |
1,632 | 114,711 | ||||||
|
|
|||||||
9,482,863 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 1.6% |
| |||||||
361 Degrees International Ltd. |
312,000 | 137,296 | ||||||
Aksa Akrilik Kimya Sanayii A/S |
8,487 | 26,053 | ||||||
Alok Industries Ltd.* |
23,980 | 9,385 | ||||||
Alpargatas SA (Preference)* |
5,500 | 9,550 | ||||||
ANTA Sports Products Ltd. |
20,800 | 174,680 | ||||||
Arezzo Industria e Comercio SA |
4,457 | 56,458 | ||||||
Bata India Ltd. |
848 | 15,199 | ||||||
Bosideng International Holdings Ltd. |
54,000 | 24,385 | ||||||
Eclat Textile Co. Ltd. |
3,546 | 61,971 | ||||||
F&F Co. Ltd.* |
245 | 13,015 | ||||||
Feng TAY Enterprise Co. Ltd. |
11,872 | 61,447 | ||||||
FF Group* |
3,536 | | ||||||
Fila Holdings Corp. |
1,167 | 35,456 | ||||||
Fuguiniao Group Ltd.* |
334,800 | | ||||||
Fulgent Sun International Holding Co. Ltd. |
61,216 | 246,433 | ||||||
Golden Solar New Energy Technology Holdings Ltd.* |
90,000 | 44,210 | ||||||
Grendene SA |
8,264 | 11,323 | ||||||
Grupo de Moda Soma SA |
260,000 | 416,749 | ||||||
Hansae Co. Ltd. |
5,980 | 92,300 | ||||||
Kalyan Jewellers India Ltd. |
4,224 | 17,813 | ||||||
KPR Mill Ltd. |
1,754 | 16,689 | ||||||
Lao Feng Xiang Co. Ltd., Class B |
7,400 | 26,403 | ||||||
Li Ning Co. Ltd. |
36,000 | 76,446 | ||||||
Makalot Industrial Co. Ltd. |
4,334 | 49,849 | ||||||
Mavi Giyim Sanayi ve Ticaret A/S, Class B(a) |
65,728 | 308,885 | ||||||
Page Industries Ltd. |
104 | 46,730 | ||||||
Pou Chen Corp. |
77,320 | 78,062 | ||||||
Quang Viet Enterprise Co. Ltd. |
24,912 | 87,552 | ||||||
Rajesh Exports Ltd. |
52,728 | 232,135 | ||||||
Raymond Ltd. |
1,316 | 28,134 | ||||||
Relaxo Footwears Ltd. |
987 | 10,223 | ||||||
Ruentex Industries Ltd. |
31,405 | 60,303 | ||||||
Safari Industries India Ltd. |
864 | 21,140 | ||||||
Shenzhou International Group Holdings Ltd. |
15,600 | 139,192 | ||||||
Shinkong Textile Co. Ltd. |
104,000 | 150,354 |
Investments |
Shares | Value ($) | ||||||
Swan Energy Ltd. |
2,940 | 22,624 | ||||||
Tainan Spinning Co. Ltd. |
49,000 | 23,248 | ||||||
Taiwan Paiho Ltd. |
118,448 | 202,462 | ||||||
Titan Co. Ltd. |
7,072 | 314,883 | ||||||
Trident Ltd. |
22,165 | 12,705 | ||||||
Vardhman Textiles Ltd. |
55,120 | 283,951 | ||||||
Vedant Fashions Ltd. |
864 | 10,441 | ||||||
VIP Industries Ltd. |
3,025 | 19,621 | ||||||
Vivara Participacoes SA |
5,300 | 36,255 | ||||||
Vulcabras Azaleia SA |
31,200 | 118,837 | ||||||
Welspun Living Ltd. |
7,370 | 14,537 | ||||||
Xtep International Holdings Ltd. |
27,500 | 13,509 | ||||||
Youngone Corp.* |
480 | 17,227 | ||||||
Youngone Holdings Co. Ltd. |
2,236 | 135,871 | ||||||
|
|
|||||||
4,011,991 | ||||||||
|
|
|||||||
Tobacco - 0.3% |
| |||||||
British American Tobacco Malaysia Bhd. |
57,200 | 109,805 | ||||||
Eastern Co. SAE |
27,721 | 29,829 | ||||||
Godfrey Phillips India Ltd. |
877 | 25,979 | ||||||
Gudang Garam Tbk. PT |
14,900 | 18,601 | ||||||
ITC Ltd. |
49,452 | 262,940 | ||||||
KT&G Corp. |
2,912 | 197,675 | ||||||
RLX Technology, Inc., ADR(b) |
15,484 | 28,181 | ||||||
Smoore International Holdings Ltd.(a)(b) |
52,000 | 31,464 | ||||||
|
|
|||||||
704,474 | ||||||||
|
|
|||||||
Trading Companies & Distributors - 0.5% |
| |||||||
Adani Enterprises Ltd. |
6,968 | 263,638 | ||||||
ALAFCO Aviation Lease & Finance Co. KSCP* |
3,260 | 2,151 | ||||||
Armac Locacao Logistica E Servicos SA |
5,000 | 14,450 | ||||||
Barloworld Ltd. |
64,688 | 260,508 | ||||||
BOC Aviation Ltd.(a) |
5,100 | 38,198 | ||||||
Brighton-Best International Taiwan, Inc. |
36,694 | 39,625 | ||||||
Chin Hin Group Bhd.* |
9,400 | 6,856 | ||||||
COSCO SHIPPING Development Co. Ltd., Class A |
37,600 | 12,307 | ||||||
Horizon Construction Development Ltd.*(b) |
49,925 | 16,988 | ||||||
IndiaMart InterMesh Ltd.(a) |
480 | 14,574 | ||||||
LX International Corp. |
11,856 | 250,507 | ||||||
Posco International Corp.* |
1,196 | 47,136 | ||||||
Realord Group Holdings Ltd.*(b) |
14,000 | 9,528 | ||||||
Shanxi Coal International Energy Group Co. Ltd., Class A |
4,900 | 11,521 | ||||||
SK Networks Co. Ltd.* |
49,296 | 241,189 | ||||||
Xiamen C & D, Inc., Class A |
9,400 | 12,635 | ||||||
|
|
|||||||
1,241,811 | ||||||||
|
|
|||||||
Transportation Infrastructure - 0.9% |
| |||||||
Abu Dhabi Ports Co. PJSC* |
13,395 | 22,647 | ||||||
Adani Ports & Special Economic Zone Ltd. |
15,340 | 223,079 | ||||||
Airports of Thailand PCL |
54,000 | 90,945 | ||||||
Airports of Thailand PCL, NVDR |
18,800 | 31,662 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Bangkok Expressway & Metro PCL, NVDR |
148,000 | 30,662 | ||||||
CCR SA |
21,182 | 56,244 | ||||||
China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A |
9,600 | 14,133 | ||||||
China Merchants Port Holdings Co. Ltd. |
40,521 | 50,177 | ||||||
COSCO SHIPPING Ports Ltd. |
51,348 | 31,398 | ||||||
EcoRodovias Infraestrutura e Logistica SA |
98,800 | 181,360 | ||||||
Evergreen International Storage & Transport Corp. |
38,594 | 41,061 | ||||||
GMR Airports Infrastructure Ltd.* |
52,450 | 49,485 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV, Class B |
5,200 | 47,705 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B |
6,081 | 94,868 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B |
2,908 | 84,948 | ||||||
Guangdong Provincial Expressway Development Co. Ltd., Class B |
9,800 | 7,685 | ||||||
International Container Terminal Services, Inc. |
17,160 | 74,072 | ||||||
Jasa Marga Persero Tbk. PT |
39,723 | 12,587 | ||||||
Jiangsu Expressway Co. Ltd., Class H |
32,000 | 30,538 | ||||||
Malaysia Airports Holdings Bhd. |
20,808 | 33,830 | ||||||
Ningbo Zhoushan Port Co. Ltd., Class A |
23,500 | 11,718 | ||||||
Novorossiysk Commercial Sea Port PJSC |
189,696 | | ||||||
Piraeus Port Authority SA |
2,860 | 77,667 | ||||||
Promotora y Operadora de Infraestructura SAB de CV |
4,564 | 45,001 | ||||||
Qingdao Port International Co. Ltd., Class H(a) |
49,000 | 27,392 | ||||||
Salik Co. PJSC |
24,346 | 23,001 | ||||||
Santos Brasil Participacoes SA |
29,700 | 60,589 | ||||||
Saudi Ground Services Co.* |
4,799 | 53,427 | ||||||
Shanghai International Airport Co. Ltd., Class A* |
5,200 | 23,974 | ||||||
Shanghai International Port Group Co. Ltd., Class A |
43,200 | 33,214 | ||||||
Shenzhen International Holdings Ltd. |
24,500 | 20,184 | ||||||
Sociedad Matriz SAAM SA |
1,720,421 | 188,595 | ||||||
Taiwan High Speed Rail Corp. |
53,000 | 50,038 | ||||||
TangShan Port Group Co. Ltd., Class A |
4,900 | 2,757 | ||||||
TAV Havalimanlari Holding A/S* |
2,961 | 13,495 | ||||||
Westports Holdings Bhd. |
17,500 | 14,059 | ||||||
Wilson Sons SA |
9,600 | 32,738 | ||||||
Zhejiang Expressway Co. Ltd., Class H |
728,599 | 540,583 | ||||||
|
|
|||||||
2,427,518 | ||||||||
|
|
|||||||
Water Utilities - 0.5% |
| |||||||
Aguas Andinas SA, Class A |
76,368 | 23,106 |
Investments |
Shares | Value ($) | ||||||
AlKhorayef Water & Power Technologies Co.* |
294 | 16,855 | ||||||
Athens Water Supply & Sewage Co. SA |
1,372 | 8,569 | ||||||
Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A |
24,000 | 9,092 | ||||||
Beijing Enterprises Water Group Ltd.(b) |
132,000 | 32,083 | ||||||
China Water Affairs Group Ltd. |
326,000 | 166,394 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo SABESP |
5,200 | 82,992 | ||||||
Cia de Saneamento de Minas Gerais Copasa MG |
83,200 | 359,836 | ||||||
Cia De Sanena Do Parana* |
109,200 | 620,578 | ||||||
Emirates Central Cooling Systems Corp. |
34,496 | 16,436 | ||||||
Guangdong Investment Ltd.(b) |
104,000 | 60,400 | ||||||
National Central Cooling Co. PJSC |
5,029 | 4,395 | ||||||
|
|
|||||||
1,400,736 | ||||||||
|
|
|||||||
Wireless Telecommunication Services - 0.8% |
| |||||||
Advanced Info Service PCL, NVDR |
15,600 | 96,298 | ||||||
Axiata Group Bhd. |
49,004 | 28,283 | ||||||
Bharti Airtel Ltd. |
39,052 | 550,531 | ||||||
Celcomdigi Bhd. |
67,600 | 60,740 | ||||||
Empresa Nacional de Telecomunicaciones SA |
61,152 | 199,264 | ||||||
Etihad Etisalat Co. |
6,240 | 86,692 | ||||||
Far EasTone Telecommunications Co. Ltd. |
27,032 | 69,524 | ||||||
Indosat Tbk. PT |
31,800 | 19,296 | ||||||
Intouch Holdings PCL, NVDR |
19,200 | 39,913 | ||||||
Kuwait Telecommunications Co. |
3,699 | 7,095 | ||||||
Maxis Bhd. |
32,900 | 26,431 | ||||||
Mobile Telecommunications Co. KSCP |
66,768 | 114,174 | ||||||
Mobile Telecommunications Co. Saudi Arabia |
8,508 | 30,265 | ||||||
Mobile TeleSystems PJSC |
31,356 | | ||||||
MTN Group Ltd. |
52,832 | 271,393 | ||||||
PLDT, Inc. |
3,120 | 70,497 | ||||||
Sistema AFK PAO |
122,643 | | ||||||
SK Telecom Co. Ltd. |
2,964 | 111,484 | ||||||
Smartfren Telecom Tbk. PT* |
4,635,400 | 14,688 | ||||||
Taiwan Mobile Co. Ltd. |
30,277 | 94,798 | ||||||
TIM SA |
15,600 | 54,746 | ||||||
Turkcell Iletisim Hizmetleri A/S |
30,316 | 68,487 | ||||||
Vodacom Group Ltd. |
15,704 | 78,829 | ||||||
Vodafone Idea Ltd.* |
219,456 | 37,922 | ||||||
Vodafone Qatar QSC |
44,198 | 23,040 | ||||||
XL Axiata Tbk. PT |
102,900 | 15,129 | ||||||
|
|
|||||||
2,169,519 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
256,519,074 | ||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
CORPORATE BONDS - 0.0%(d) |
| |||||||
Independent Power and Renewable Electricity Producers - 0.0%(d) |
| |||||||
NTPC Ltd. |
|
|||||||
Series 54, 8.49%, 3/25/2025 (Cost $) |
INR 39,301 | 5,078 | ||||||
|
|
|||||||
Investments |
Number of Rights |
Value ($) | ||||||
RIGHTS - 0.0%(d) |
| |||||||
Commercial Services & Supplies - 0.0%(d) |
| |||||||
L&K Engineering Co. Ltd., expiring 6/3/2024, price 1.00 TWD |
60 | 107 | ||||||
|
|
|||||||
Electrical Equipment - 0.0%(d) |
| |||||||
Taihan Electric Wire Co. Ltd., expiring 3/29/2024, price 7,740.00 KRW* |
1,031 | 1,213 | ||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 0.0%(d) |
| |||||||
LG Display Co. Ltd., expiring 3/7/2024, price 10,070.00 KRW* |
2,144 | 2,538 | ||||||
|
|
|||||||
Ground Transportation - 0.0%(d) |
| |||||||
Localiza Rent a Car SA, expiring 2/5/2024, price 45.35 BRL* |
53 | 97 | ||||||
|
|
|||||||
Machinery - 0.0%(d) |
| |||||||
Sam Engineering & Equipment M Bhd., expiring 2/9/2024, price 3.60 MYR* |
1,175 | 1 | ||||||
|
|
|||||||
TOTAL RIGHTS |
|
3,956 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 0.4%(e) |
| |||||||
REPURCHASE AGREEMENTS - 0.4% |
| |||||||
CF Secured LLC, 5.31%, dated 1/31/2024, due 2/1/2024, repurchase price $647,044, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 3/31/2024 - 5/15/2053; total market value $5,128,368 |
646,949 | 646,949 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
TD Prime Services LLC, 5.41%, dated 1/31/2024, due 2/1/2024, repurchase price $250,038, collateralized by various Common Stocks; total market value $271,204 |
250,000 | 250,000 | ||||||
|
|
|||||||
896,949 | ||||||||
|
|
|||||||
TOTAL SECURITIES LENDING REINVESTMENTS |
896,949 | |||||||
|
|
|||||||
Total Investments - 100.5% |
|
257,425,057 | ||||||
Liabilities in excess of other assets - (0.5%) |
|
(1,238,194 | ) | |||||
|
|
|||||||
Net Assets - 100.0% |
|
256,186,863 | ||||||
|
|
* | Non-income producing security. |
| Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(b) | The security or a portion of this security is on loan at January 31, 2024. The total value of securities on loan at January 31, 2024 was $6,033,660, collateralized in the form of cash with a value of $896,949 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $4,524,184 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 6.13%, and maturity dates ranging from February 6, 2024 November 15, 2053 and $1,316,252 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 5.50%, and maturity dates ranging from February 21, 2024 September 20, 2117; a total value of $6,737,385. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Represents less than 0.05% of net assets. |
(e) | The security was purchased with cash collateral held from securities on loan at January 31, 2024. The total value of securities purchased was $896,949. |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Percentages shown are based on Net Assets.
Abbreviations
ADR | American Depositary Receipt | |
BRL | Brazilian Real | |
GDR | Global Depositary Receipt | |
MYR | Malaysian Ringgit | |
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. | |
REIT | Real Estate Investment Trust | |
SCA | Limited partnership with share capital |
Futures Contracts
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund had the following open futures contracts as of January 31, 2024:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Depreciation |
||||||||||||||
Long Contracts |
||||||||||||||||||
MSCI Emerging Markets E-Mini Index |
37 | 03/15/2024 | USD | $ | 1,814,480 | $ | (8,097 | ) |
Forward Foreign Currency Contracts
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund had the following outstanding contracts as of January 31, 2024:
Contracts to Receive |
Counterparty |
In Exchange For | Maturity Date |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
USD |
352,290 | Bank of New York Mellon (The) | HKD | 2,746,137 | 03/20/2024 | $ | 543 | |||||||||||||||
USD |
100,490 | Citibank NA | KRW | * | 131,816,590 | 03/20/2024 | 1,465 | |||||||||||||||
USD |
25,361 | Morgan Stanley | ZAR | 470,000 | 03/20/2024 | 191 | ||||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized appreciation |
|
$ | 2,199 | |||||||||||||||||||
|
|
|||||||||||||||||||||
USD |
105,769 | Citibank NA | INR | * | 8,848,500 | 03/20/2024 | $ | (595 | ) | |||||||||||||
USD |
261,955 | BNP Paribas SA | TWD | * | 8,156,120 | 03/20/2024 | (100 | ) | ||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized depreciation |
|
$ | (695 | ) | ||||||||||||||||||
|
|
|||||||||||||||||||||
Net unrealized appreciation |
|
$ | 1,504 | |||||||||||||||||||
|
|
* | Non-deliverable forward. |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Abbreviations:
HKD |
| Hong Kong Dollar | ||||
INR |
| Indian Rupee | ||||
KRW |
| Korean Won | ||||
TWD |
| Taiwan Dollar | ||||
USD |
| US Dollar | ||||
ZAR |
| South African Rand |
FlexShares® Morningstar Emerging Markets Factor Tilt Index invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2024:
Brazil |
7.4 | % | ||
Chile |
1.3 | |||
China |
19.1 | |||
Colombia |
1.0 | |||
Czech Republic |
0.1 | |||
Egypt |
0.5 | |||
Greece |
0.6 | |||
Hungary |
0.3 | |||
India |
17.9 | |||
Indonesia |
2.1 | |||
Kuwait |
0.8 | |||
Malaysia |
2.5 | |||
Mexico |
3.2 | |||
Peru |
0.5 | |||
Philippines |
1.0 | |||
Qatar |
1.2 | |||
Saudi Arabia |
2.9 | |||
South Africa |
4.0 | |||
South Korea |
12.0 | |||
Taiwan |
15.9 | |||
Thailand |
1.9 | |||
Turkey |
1.5 | |||
United Arab Emirates |
2.2 | |||
United Kingdom |
0.0 | | ||
United States |
0.2 | |||
Other1 |
(0.1 | ) | ||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
1 | Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
Security Type |
% of Net Assets | |||
Common Stocks |
100.1 | % | ||
Corporate Bonds |
0.0 | | ||
Rights |
0.0 | | ||
Securities Lending Reinvestments |
0.4 | |||
Others(1) |
(0.5 | ) | ||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® US Quality Large Cap Index Fund
January 31, 2024 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 99.0% |
| |||||||
Aerospace & Defense - 0.6% |
| |||||||
Lockheed Martin Corp. |
2,412 | 1,035,737 | ||||||
Textron, Inc. |
536 | 45,404 | ||||||
|
|
|||||||
1,081,141 | ||||||||
|
|
|||||||
Air Freight & Logistics - 1.0% |
| |||||||
Expeditors International of Washington, Inc. |
7,102 | 897,196 | ||||||
United Parcel Service, Inc., Class B |
6,164 | 874,671 | ||||||
|
|
|||||||
1,771,867 | ||||||||
|
|
|||||||
Automobiles - 0.9% |
| |||||||
Tesla, Inc.* |
8,576 | 1,606,199 | ||||||
|
|
|||||||
Banks - 4.0% |
| |||||||
Bank of America Corp. |
29,748 | 1,011,729 | ||||||
Citigroup, Inc. |
41,004 | 2,303,195 | ||||||
JPMorgan Chase & Co. |
18,894 | 3,294,358 | ||||||
Wells Fargo & Co. |
13,668 | 685,860 | ||||||
|
|
|||||||
7,295,142 | ||||||||
|
|
|||||||
Beverages - 0.4% |
| |||||||
Molson Coors Beverage Co., Class B |
10,184 | 629,269 | ||||||
|
|
|||||||
Biotechnology - 2.3% |
| |||||||
AbbVie, Inc. |
2,412 | 396,533 | ||||||
Amgen, Inc. |
8,710 | 2,737,205 | ||||||
Gilead Sciences, Inc. |
3,752 | 293,631 | ||||||
Regeneron Pharmaceuticals, Inc.* |
195 | 183,842 | ||||||
Vertex Pharmaceuticals, Inc.* |
1,072 | 464,583 | ||||||
|
|
|||||||
4,075,794 | ||||||||
|
|
|||||||
Broadline Retail - 2.9% |
| |||||||
Amazon.com, Inc.* |
24,254 | 3,764,221 | ||||||
eBay, Inc. |
16,884 | 693,426 | ||||||
Etsy, Inc.*(a) |
402 | 26,757 | ||||||
MercadoLibre, Inc.* |
458 | 784,009 | ||||||
|
|
|||||||
5,268,413 | ||||||||
|
|
|||||||
Building Products - 0.6% |
| |||||||
A O Smith Corp. |
2,680 | 207,995 | ||||||
Builders FirstSource, Inc.* |
2,546 | 442,316 | ||||||
Masco Corp. |
6,968 | 468,877 | ||||||
|
|
|||||||
1,119,188 | ||||||||
|
|
|||||||
Capital Markets - 1.8% |
| |||||||
Bank of New York Mellon Corp. (The) |
20,234 | 1,122,178 | ||||||
Goldman Sachs Group, Inc. (The) |
938 | 360,201 | ||||||
Morgan Stanley |
11,256 | 981,973 | ||||||
Robinhood Markets, Inc., Class A* |
30,686 | 329,568 | ||||||
State Street Corp. |
5,762 | 425,639 | ||||||
|
|
|||||||
3,219,559 | ||||||||
|
|
|||||||
Chemicals - 0.3% |
| |||||||
CF Industries Holdings, Inc. |
3,618 | 273,195 | ||||||
LyondellBasell Industries NV, Class A |
2,814 | 264,854 | ||||||
Mosaic Co. (The) |
1,340 | 41,151 | ||||||
|
|
|||||||
579,200 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Communications Equipment - 1.3% |
| |||||||
Cisco Systems, Inc. |
48,106 | 2,413,959 | ||||||
|
|
|||||||
Consumer Finance - 1.4% |
| |||||||
Capital One Financial Corp. |
8,308 | 1,124,238 | ||||||
Discover Financial Services |
5,628 | 593,867 | ||||||
Synchrony Financial |
18,760 | 729,201 | ||||||
|
|
|||||||
2,447,306 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 0.5% |
| |||||||
Kroger Co. (The) |
17,688 | 816,124 | ||||||
|
|
|||||||
Diversified Telecommunication Services - 0.7% |
| |||||||
AT&T, Inc. |
75,710 | 1,339,310 | ||||||
|
|
|||||||
Electric Utilities - 2.0% |
| |||||||
Constellation Energy Corp. |
2,948 | 359,656 | ||||||
Evergy, Inc. |
1,206 | 61,229 | ||||||
Exelon Corp. |
21,306 | 741,662 | ||||||
PPL Corp. |
35,510 | 930,362 | ||||||
Southern Co. (The) |
20,904 | 1,453,246 | ||||||
|
|
|||||||
3,546,155 | ||||||||
|
|
|||||||
Electrical Equipment - 0.3% |
| |||||||
Emerson Electric Co. |
1,474 | 135,210 | ||||||
Hubbell, Inc., Class B |
1,206 | 404,697 | ||||||
|
|
|||||||
539,907 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 0.3% |
| |||||||
Jabil, Inc.(a) |
4,690 | 587,610 | ||||||
|
|
|||||||
Entertainment - 0.9% |
| |||||||
Atlanta Braves Holdings, Inc., Class C* |
1 | 27 | ||||||
Electronic Arts, Inc. |
3,886 | 534,636 | ||||||
Netflix, Inc.* |
1,876 | 1,058,271 | ||||||
|
|
|||||||
1,592,934 | ||||||||
|
|
|||||||
Financial Services - 3.7% |
| |||||||
Berkshire Hathaway, Inc., Class B* |
11,122 | 4,267,956 | ||||||
Fidelity National Information Services, Inc. |
6,164 | 383,771 | ||||||
Fiserv, Inc.* |
5,360 | 760,423 | ||||||
PayPal Holdings, Inc.* |
4,556 | 279,511 | ||||||
Toast, Inc., Class A*(a) |
1,608 | 28,574 | ||||||
Visa, Inc., Class A(a) |
3,484 | 952,038 | ||||||
|
|
|||||||
6,672,273 | ||||||||
|
|
|||||||
Food Products - 0.7% |
| |||||||
Archer-Daniels-Midland Co. |
804 | 44,686 | ||||||
Campbell Soup Co.(a) |
7,102 | 316,962 | ||||||
General Mills, Inc. |
11,926 | 774,117 | ||||||
Kraft Heinz Co. (The) |
2,144 | 79,607 | ||||||
|
|
|||||||
1,215,372 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies - 0.8% |
| |||||||
Abbott Laboratories |
2,412 | 272,918 | ||||||
Align Technology, Inc.* |
670 | 179,105 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® US Quality Large Cap Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Hologic, Inc.* |
5,628 | 418,948 | ||||||
IDEXX Laboratories, Inc.* |
1,139 | 586,676 | ||||||
|
|
|||||||
1,457,647 | ||||||||
|
|
|||||||
Health Care Providers & Services - 4.7% |
| |||||||
Cardinal Health, Inc. |
7,772 | 848,625 | ||||||
Cencora, Inc.(a) |
3,082 | 717,120 | ||||||
Centene Corp.* |
11,390 | 857,781 | ||||||
Cigna Group (The) |
3,082 | 927,528 | ||||||
CVS Health Corp. |
9,916 | 737,453 | ||||||
Elevance Health, Inc. |
670 | 330,605 | ||||||
HCA Healthcare, Inc. |
1,206 | 367,709 | ||||||
Laboratory Corp. of America Holdings |
3,082 | 685,128 | ||||||
McKesson Corp. |
2,814 | 1,406,690 | ||||||
UnitedHealth Group, Inc. |
3,128 | 1,600,723 | ||||||
|
|
|||||||
8,479,362 | ||||||||
|
|
|||||||
Health Care REITs - 0.1% |
| |||||||
Healthpeak Properties, Inc., REIT |
6,432 | 118,992 | ||||||
|
|
|||||||
Hotel & Resort REITs - 0.6% |
| |||||||
Host Hotels & Resorts, Inc., REIT |
52,126 | 1,001,862 | ||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 2.1% |
| |||||||
Airbnb, Inc., Class A* |
3,484 | 502,184 | ||||||
Booking Holdings, Inc.* |
296 | 1,038,211 | ||||||
Caesars Entertainment, Inc.* |
2,412 | 105,815 | ||||||
Carnival Corp.* |
22,914 | 379,914 | ||||||
DoorDash, Inc., Class A* |
3,350 | 349,070 | ||||||
DraftKings, Inc., Class A* |
10,988 | 429,081 | ||||||
Expedia Group, Inc.* |
804 | 119,257 | ||||||
Royal Caribbean Cruises Ltd.* |
3,886 | 495,465 | ||||||
Yum! Brands, Inc. |
3,350 | 433,792 | ||||||
|
|
|||||||
3,852,789 | ||||||||
|
|
|||||||
Household Durables - 1.3% |
| |||||||
Lennar Corp., Class A |
6,566 | 983,915 | ||||||
NVR, Inc.* |
143 | 1,011,767 | ||||||
PulteGroup, Inc. |
4,154 | 434,342 | ||||||
|
|
|||||||
2,430,024 | ||||||||
|
|
|||||||
Household Products - 1.9% |
| |||||||
Colgate-Palmolive Co. |
7,906 | 665,685 | ||||||
Kimberly-Clark Corp. |
1,340 | 162,100 | ||||||
Procter & Gamble Co. (The) |
16,616 | 2,611,038 | ||||||
|
|
|||||||
3,438,823 | ||||||||
|
|
|||||||
Industrial Conglomerates - 1.2% |
| |||||||
3M Co. |
3,618 | 341,359 | ||||||
General Electric Co. |
13,534 | 1,792,172 | ||||||
|
|
|||||||
2,133,531 | ||||||||
|
|
|||||||
Insurance - 2.0% |
| |||||||
Aflac, Inc. |
12,730 | 1,073,648 | ||||||
American International Group, Inc. |
15,812 | 1,099,092 | ||||||
MetLife, Inc. |
14,338 | 993,910 | ||||||
Prudential Financial, Inc. |
4,690 | 492,122 | ||||||
|
|
|||||||
3,658,772 | ||||||||
|
|
|||||||
Interactive Media & Services - 7.6% |
| |||||||
Alphabet, Inc., Class A* |
38,190 | 5,350,419 | ||||||
Alphabet, Inc., Class C* |
35,644 | 5,054,319 | ||||||
Meta Platforms, Inc., Class A* |
8,710 | 3,398,120 | ||||||
|
|
|||||||
13,802,858 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
IT Services - 1.9% |
| |||||||
Accenture plc, Class A |
4,690 | 1,706,597 | ||||||
Cognizant Technology Solutions Corp., Class A |
9,916 | 764,722 | ||||||
Gartner, Inc.* |
2,144 | 980,752 | ||||||
|
|
|||||||
3,452,071 | ||||||||
|
|
|||||||
Life Sciences Tools & Services - 0.5% |
| |||||||
Danaher Corp. |
536 | 128,592 | ||||||
Mettler-Toledo International, Inc.* |
584 | 699,159 | ||||||
|
|
|||||||
827,751 | ||||||||
|
|
|||||||
Machinery - 2.1% |
| |||||||
Caterpillar, Inc. |
5,360 | 1,609,662 | ||||||
Illinois Tool Works, Inc. |
6,298 | 1,643,148 | ||||||
PACCAR, Inc. |
4,824 | 484,281 | ||||||
Snap-on, Inc. |
268 | 77,701 | ||||||
|
|
|||||||
3,814,792 | ||||||||
|
|
|||||||
Media - 1.5% |
| |||||||
Comcast Corp., Class A |
41,540 | 1,933,272 | ||||||
Fox Corp., Class A |
804 | 25,969 | ||||||
Omnicom Group, Inc. |
8,710 | 787,210 | ||||||
|
|
|||||||
2,746,451 | ||||||||
|
|
|||||||
Metals & Mining - 1.6% |
| |||||||
Nucor Corp. |
5,762 | 1,077,090 | ||||||
Reliance Steel & Aluminum Co. |
3,216 | 917,911 | ||||||
Steel Dynamics, Inc. |
7,504 | 905,658 | ||||||
|
|
|||||||
2,900,659 | ||||||||
|
|
|||||||
Multi-Utilities - 1.5% |
| |||||||
Consolidated Edison, Inc. |
10,586 | 962,267 | ||||||
DTE Energy Co. |
8,710 | 918,208 | ||||||
Public Service Enterprise Group, Inc. |
15,142 | 878,085 | ||||||
|
|
|||||||
2,758,560 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 2.4% |
| |||||||
EQT Corp. |
8,576 | 303,591 | ||||||
Exxon Mobil Corp. |
7,772 | 799,039 | ||||||
Marathon Oil Corp. |
9,380 | 214,333 | ||||||
Marathon Petroleum Corp. |
8,308 | 1,375,805 | ||||||
Occidental Petroleum Corp.(a) |
12,998 | 748,295 | ||||||
Valero Energy Corp.(a) |
5,896 | 818,954 | ||||||
|
|
|||||||
4,260,017 | ||||||||
|
|
|||||||
Pharmaceuticals - 4.4% |
| |||||||
Bristol-Myers Squibb Co. |
19,162 | 936,447 | ||||||
Eli Lilly & Co. |
4,556 | 2,941,399 | ||||||
Johnson & Johnson |
21,172 | 3,364,231 | ||||||
Merck & Co., Inc. |
3,752 | 453,166 | ||||||
Pfizer, Inc. |
10,586 | 286,669 | ||||||
|
|
|||||||
7,981,912 | ||||||||
|
|
|||||||
Professional Services - 0.2% |
| |||||||
Automatic Data Processing, Inc. |
402 | 98,803 | ||||||
Leidos Holdings, Inc. |
536 | 59,212 | ||||||
Paychex, Inc. |
2,278 | 277,301 | ||||||
|
|
|||||||
435,316 | ||||||||
|
|
|||||||
Real Estate Management & Development - 0.5% |
| |||||||
CBRE Group, Inc., Class A* |
10,988 | 948,374 | ||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® US Quality Large Cap Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Residential REITs - 1.2% |
| |||||||
AvalonBay Communities, Inc., REIT |
5,494 | 983,481 | ||||||
Equity Residential, REIT |
3,082 | 185,505 | ||||||
Essex Property Trust, Inc., REIT |
4,288 | 1,000,262 | ||||||
Mid-America Apartment Communities, Inc., REIT(a) |
402 | 50,805 | ||||||
|
|
|||||||
2,220,053 | ||||||||
|
|
|||||||
Retail REITs - 0.2% |
| |||||||
Regency Centers Corp., REIT |
804 | 50,387 | ||||||
Simon Property Group, Inc., REIT |
2,680 | 371,475 | ||||||
|
|
|||||||
421,862 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 8.7% |
| |||||||
Analog Devices, Inc. |
5,226 | 1,005,273 | ||||||
Applied Materials, Inc. |
8,710 | 1,431,053 | ||||||
Broadcom, Inc. |
2,592 | 3,058,560 | ||||||
KLA Corp. |
2,321 | 1,378,767 | ||||||
Lam Research Corp. |
2,278 | 1,879,737 | ||||||
Microchip Technology, Inc. |
12,194 | 1,038,685 | ||||||
NVIDIA Corp. |
8,710 | 5,359,002 | ||||||
QUALCOMM, Inc. |
4,288 | 636,811 | ||||||
|
|
|||||||
15,787,888 | ||||||||
|
|
|||||||
Software - 10.8% |
| |||||||
Adobe, Inc.* |
3,618 | 2,235,128 | ||||||
ANSYS, Inc.* |
536 | 175,717 | ||||||
Autodesk, Inc.* |
134 | 34,010 | ||||||
Bentley Systems, Inc., Class B(a) |
938 | 47,275 | ||||||
Cadence Design Systems, Inc.* |
402 | 115,961 | ||||||
Check Point Software Technologies Ltd.* |
6,030 | 958,348 | ||||||
Fair Isaac Corp.* |
804 | 963,859 | ||||||
Fortinet, Inc.* |
11,524 | 743,183 | ||||||
Intuit, Inc. |
3,484 | 2,199,554 | ||||||
Manhattan Associates, Inc.*(a) |
938 | 227,521 | ||||||
Microsoft Corp. |
24,924 | 9,909,284 | ||||||
Oracle Corp. |
16,080 | 1,796,136 | ||||||
Roper Technologies, Inc. |
134 | 71,958 | ||||||
Salesforce, Inc.* |
134 | 37,666 | ||||||
Zoom Video Communications, Inc., Class A* |
1,742 | 112,551 | ||||||
|
|
|||||||
19,628,151 | ||||||||
|
|
|||||||
Specialized REITs - 1.1% |
| |||||||
Iron Mountain, Inc., REIT(a) |
1,340 | 90,477 | ||||||
Public Storage, REIT |
3,216 | 910,739 | ||||||
Weyerhaeuser Co., REIT |
29,614 | 970,451 | ||||||
|
|
|||||||
1,971,667 | ||||||||
|
|
|||||||
Specialty Retail - 2.3% |
| |||||||
AutoZone, Inc.* |
402 | 1,110,376 | ||||||
Best Buy Co., Inc. |
4,556 | 330,265 | ||||||
Home Depot, Inc. (The) |
3,618 | 1,277,009 | ||||||
Lowes Cos., Inc. |
4,958 | 1,055,261 | ||||||
OReilly Automotive, Inc.* |
402 | 411,266 | ||||||
|
|
|||||||
4,184,177 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 8.0% |
| |||||||
Apple, Inc. |
76,648 | 14,133,891 | ||||||
Dell Technologies, Inc., Class C |
670 | 55,530 | ||||||
NetApp, Inc. |
1,474 | 128,533 | ||||||
Super Micro Computer, Inc.*(a) |
402 | 212,903 | ||||||
|
|
|||||||
14,530,857 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Tobacco - 0.6% |
| |||||||
Altria Group, Inc. |
5,226 | 209,667 | ||||||
Philip Morris International, Inc. |
9,380 | 852,173 | ||||||
|
|
|||||||
1,061,840 | ||||||||
|
|
|||||||
Trading Companies & Distributors - 0.6% |
| |||||||
WW Grainger, Inc. |
1,206 | 1,080,142 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
179,203,922 | ||||||
|
|
|||||||
Total Investments - 99.0% |
|
179,203,922 | ||||||
Other assets less liabilities - 1.0% |
|
1,854,269 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
181,058,191 | ||||||
|
|
* | Non-income producing security. |
(a) | The security or a portion of this security is on loan at January 31, 2024. The total value of securities on loan at January 31, 2024 was $4,619,367, collateralized by $4,555,968 in U.S. Government Treasury Securities, interest rates ranging from 0.00% 7.63%, and maturity dates ranging from February 13, 2024 November 15, 2053 and $206,031 in Foreign Government Fixed Income Securities, interest rates ranging from 0.10% 4.75%, and maturity dates ranging from March 22, 2024 October 22, 2071; a total value of $4,761,999. |
Percentages shown are based on Net Assets.
Abbreviations
REIT | Real Estate Investment Trust |
See Accompanying Notes to the Schedules of Investments.
FlexShares® US Quality Large Cap Index Fund (cont.)
Futures Contracts
FlexShares® US Quality Large Cap Index Fund had the following open futures contracts as of January 31, 2024:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||||
Long Contracts |
|
|||||||||||||||||||
S&P 500 E-Mini Index |
1 | 03/15/2024 | USD | $ | 243,525 | $ | 11,437 | |||||||||||||
S&P 500 Micro E-Mini Index |
62 | 03/15/2024 | USD | 1,509,855 | 57,694 | |||||||||||||||
|
|
|||||||||||||||||||
$ | 69,131 | |||||||||||||||||||
|
|
Abbreviations:
USD US Dollar
Security Type |
% of Net Assets | |||
Common Stocks |
99.0 | % | ||
Others(1) |
1.0 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® STOXX® US ESG Select Index Fund
January 31, 2024 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 98.8% |
| |||||||
Air Freight & Logistics - 0.3% |
| |||||||
Expeditors International of Washington, Inc. |
780 | 98,538 | ||||||
FedEx Corp. |
1,690 | 407,780 | ||||||
|
|
|||||||
506,318 | ||||||||
|
|
|||||||
Automobile Components - 0.1% |
| |||||||
Aptiv plc* |
1,625 | 132,161 | ||||||
BorgWarner, Inc.(a) |
2,275 | 77,123 | ||||||
|
|
|||||||
209,284 | ||||||||
|
|
|||||||
Automobiles - 3.4% |
| |||||||
Ford Motor Co.(a) |
14,625 | 171,405 | ||||||
General Motors Co. |
14,950 | 580,060 | ||||||
Rivian Automotive, Inc., Class A*(a) |
5,200 | 79,612 | ||||||
Tesla, Inc.* |
29,900 | 5,599,971 | ||||||
|
|
|||||||
6,431,048 | ||||||||
|
|
|||||||
Banks - 5.0% |
| |||||||
Bank of America Corp. |
62,140 | 2,113,381 | ||||||
Citigroup, Inc. |
20,735 | 1,164,685 | ||||||
Huntington Bancshares, Inc. |
10,595 | 134,874 | ||||||
JPMorgan Chase & Co. |
31,395 | 5,474,032 | ||||||
KeyCorp |
6,370 | 92,556 | ||||||
NU Holdings Ltd., Class A* |
18,980 | 163,418 | ||||||
Regions Financial Corp. |
6,955 | 129,850 | ||||||
US Bancorp |
5,720 | 237,609 | ||||||
|
|
|||||||
9,510,405 | ||||||||
|
|
|||||||
Beverages - 2.2% |
| |||||||
Coca-Cola Co. (The) |
42,315 | 2,517,319 | ||||||
Coca-Cola Europacific Partners plc |
2,145 | 147,791 | ||||||
Keurig Dr Pepper, Inc. |
10,985 | 345,369 | ||||||
PepsiCo, Inc. |
7,410 | 1,248,807 | ||||||
|
|
|||||||
4,259,286 | ||||||||
|
|
|||||||
Biotechnology - 1.0% |
| |||||||
Gilead Sciences, Inc. |
9,035 | 707,079 | ||||||
Moderna, Inc.* |
2,015 | 203,616 | ||||||
Vertex Pharmaceuticals, Inc.* |
2,340 | 1,014,109 | ||||||
|
|
|||||||
1,924,804 | ||||||||
|
|
|||||||
Broadline Retail - 5.0% |
| |||||||
Amazon.com, Inc.* |
60,970 | 9,462,544 | ||||||
eBay, Inc. |
3,640 | 149,495 | ||||||
|
|
|||||||
9,612,039 | ||||||||
|
|
|||||||
Building Products - 0.4% |
| |||||||
Lennox International, Inc. |
325 | 139,152 | ||||||
Owens Corning(a) |
455 | 68,946 | ||||||
Trane Technologies plc |
2,080 | 524,264 | ||||||
|
|
|||||||
732,362 | ||||||||
|
|
|||||||
Capital Markets - 3.3% |
| |||||||
Bank of New York Mellon Corp. (The) |
6,890 | 382,119 | ||||||
BlackRock, Inc. |
1,495 | 1,157,594 | ||||||
FactSet Research Systems, Inc. |
390 | 185,609 |
Investments |
Shares | Value ($) | ||||||
Goldman Sachs Group, Inc. (The) |
3,510 | 1,347,875 | ||||||
Moodys Corp. |
845 | 331,274 | ||||||
Morgan Stanley |
9,165 | 799,555 | ||||||
MSCI, Inc. |
585 | 350,193 | ||||||
Nasdaq, Inc. |
3,055 | 176,487 | ||||||
Northern Trust Corp.(b) |
780 | 62,119 | ||||||
S&P Global, Inc. |
2,860 | 1,282,281 | ||||||
State Street Corp. |
2,275 | 168,054 | ||||||
|
|
|||||||
6,243,160 | ||||||||
|
|
|||||||
Chemicals - 0.6% |
| |||||||
Corteva, Inc. |
3,705 | 168,503 | ||||||
Dow, Inc. |
2,470 | 132,392 | ||||||
DuPont de Nemours, Inc. |
3,055 | 188,799 | ||||||
Ecolab, Inc. |
1,560 | 309,223 | ||||||
PPG Industries, Inc. |
845 | 119,179 | ||||||
Sherwin-Williams Co. (The) |
845 | 257,201 | ||||||
|
|
|||||||
1,175,297 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 0.3% |
| |||||||
Cintas Corp. |
975 | 589,456 | ||||||
|
|
|||||||
Communications Equipment - 1.1% |
| |||||||
Cisco Systems, Inc. |
36,530 | 1,833,075 | ||||||
F5, Inc.* |
195 | 35,822 | ||||||
Motorola Solutions, Inc. |
585 | 186,907 | ||||||
|
|
|||||||
2,055,804 | ||||||||
|
|
|||||||
Consumer Finance - 0.1% |
| |||||||
Capital One Financial Corp. |
1,365 | 184,712 | ||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 2.6% |
| |||||||
Costco Wholesale Corp. |
1,625 | 1,129,180 | ||||||
Dollar Tree, Inc.* |
1,170 | 152,825 | ||||||
Kroger Co. (The) |
7,345 | 338,898 | ||||||
Target Corp. |
4,160 | 578,573 | ||||||
Walgreens Boots Alliance, Inc.(a) |
7,605 | 171,645 | ||||||
Walmart, Inc. |
15,600 | 2,577,900 | ||||||
|
|
|||||||
4,949,021 | ||||||||
|
|
|||||||
Containers & Packaging - 0.2% |
| |||||||
Amcor plc(a) |
15,275 | 144,043 | ||||||
Ball Corp. |
2,795 | 154,983 | ||||||
|
|
|||||||
299,026 | ||||||||
|
|
|||||||
Distributors - 0.0%(c) |
| |||||||
LKQ Corp. |
845 | 39,436 | ||||||
|
|
|||||||
Diversified Telecommunication Services - 0.7% |
| |||||||
Verizon Communications, Inc. |
30,160 | 1,277,276 | ||||||
|
|
|||||||
Electrical Equipment - 0.1% |
| |||||||
Emerson Electric Co. |
2,015 | 184,836 | ||||||
Rockwell Automation, Inc. |
390 | 98,779 | ||||||
|
|
|||||||
283,615 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 0.5% |
| |||||||
CDW Corp. |
1,235 | 279,999 | ||||||
Corning, Inc. |
2,600 | 84,474 | ||||||
Flex Ltd.* |
1,495 | 35,491 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® US ESG Select Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Jabil, Inc.(a) |
650 | 81,439 | ||||||
Keysight Technologies, Inc.* |
650 | 99,619 | ||||||
TE Connectivity Ltd. |
1,690 | 240,301 | ||||||
Trimble, Inc.* |
1,235 | 62,812 | ||||||
Zebra Technologies Corp., Class A* |
195 | 46,712 | ||||||
|
|
|||||||
930,847 | ||||||||
|
|
|||||||
Energy Equipment & Services - 0.5% |
| |||||||
Baker Hughes Co. |
5,330 | 151,905 | ||||||
Schlumberger NV |
15,340 | 747,058 | ||||||
|
|
|||||||
898,963 | ||||||||
|
|
|||||||
Entertainment - 0.8% |
| |||||||
Walt Disney Co. (The) |
16,510 | 1,585,786 | ||||||
|
|
|||||||
Financial Services - 6.3% |
| |||||||
Apollo Global Management, Inc.(a) |
5,265 | 528,606 | ||||||
Berkshire Hathaway, Inc., Class B* |
14,105 | 5,412,653 | ||||||
Block, Inc., Class A* |
2,015 | 130,995 | ||||||
Fidelity National Information Services, Inc. |
2,210 | 137,594 | ||||||
Mastercard, Inc., Class A |
2,990 | 1,343,198 | ||||||
PayPal Holdings, Inc.* |
7,865 | 482,518 | ||||||
Visa, Inc., Class A(a) |
14,365 | 3,925,380 | ||||||
|
|
|||||||
11,960,944 | ||||||||
|
|
|||||||
Food Products - 1.3% |
| |||||||
Bunge Global SA |
520 | 45,807 | ||||||
Conagra Brands, Inc. |
3,575 | 104,211 | ||||||
Darling Ingredients, Inc.*(a) |
1,365 | 59,104 | ||||||
General Mills, Inc. |
6,305 | 409,258 | ||||||
Hershey Co. (The) |
1,625 | 314,503 | ||||||
Hormel Foods Corp. |
1,950 | 59,221 | ||||||
J M Smucker Co. (The) |
585 | 76,957 | ||||||
Kellanova |
3,380 | 185,089 | ||||||
McCormick & Co., Inc. (Non-Voting) |
2,340 | 159,494 | ||||||
Mondelez International, Inc., Class A |
12,285 | 924,692 | ||||||
Tyson Foods, Inc., Class A |
1,105 | 60,510 | ||||||
|
|
|||||||
2,398,846 | ||||||||
|
|
|||||||
Ground Transportation - 1.1% |
| |||||||
CSX Corp. |
7,085 | 252,934 | ||||||
Uber Technologies, Inc.* |
14,755 | 963,059 | ||||||
Union Pacific Corp. |
3,315 | 808,628 | ||||||
|
|
|||||||
2,024,621 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies - 2.9% |
| |||||||
Abbott Laboratories |
15,665 | 1,772,495 | ||||||
Baxter International, Inc. |
3,510 | 135,802 | ||||||
Becton Dickinson & Co. |
1,040 | 248,362 | ||||||
Boston Scientific Corp.* |
7,995 | 505,764 | ||||||
Cooper Cos., Inc. (The) |
260 | 96,988 | ||||||
Edwards Lifesciences Corp.* |
5,460 | 428,446 | ||||||
Hologic, Inc.* |
1,690 | 125,804 | ||||||
IDEXX Laboratories, Inc.* |
325 | 167,401 | ||||||
Medtronic plc |
9,555 | 836,445 | ||||||
Penumbra, Inc.* |
390 | 98,354 | ||||||
Stryker Corp. |
3,055 | 1,024,891 | ||||||
Zimmer Biomet Holdings, Inc. |
1,105 | 138,788 | ||||||
|
|
|||||||
5,579,540 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Health Care Providers & Services - 3.5% |
| |||||||
Cardinal Health, Inc. |
1,820 | 198,726 | ||||||
Cencora, Inc. |
910 | 211,739 | ||||||
Cigna Group (The) |
2,080 | 625,976 | ||||||
CVS Health Corp. |
13,845 | 1,029,652 | ||||||
Elevance Health, Inc. |
2,535 | 1,250,870 | ||||||
Humana, Inc. |
455 | 172,017 | ||||||
McKesson Corp. |
1,235 | 617,364 | ||||||
Quest Diagnostics, Inc. |
390 | 50,088 | ||||||
UnitedHealth Group, Inc. |
5,005 | 2,561,259 | ||||||
|
|
|||||||
6,717,691 | ||||||||
|
|
|||||||
Health Care REITs - 0.4% |
| |||||||
Healthpeak Properties, Inc., REIT |
5,655 | 104,618 | ||||||
Ventas, Inc., REIT |
3,510 | 162,829 | ||||||
Welltower, Inc., REIT |
4,940 | 427,359 | ||||||
|
|
|||||||
694,806 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 1.9% |
| |||||||
Booking Holdings, Inc.* |
254 | 890,897 | ||||||
Carnival Corp.* |
3,575 | 59,274 | ||||||
Chipotle Mexican Grill, Inc.* |
195 | 469,710 | ||||||
Darden Restaurants, Inc.(a) |
845 | 137,380 | ||||||
Dominos Pizza, Inc. |
260 | 110,817 | ||||||
Expedia Group, Inc.* |
975 | 144,622 | ||||||
Hilton Worldwide Holdings, Inc. |
2,275 | 434,434 | ||||||
Las Vegas Sands Corp. |
1,755 | 85,855 | ||||||
Marriott International, Inc., Class A(a) |
910 | 218,154 | ||||||
McDonalds Corp. |
2,600 | 761,072 | ||||||
MGM Resorts International* |
1,885 | 81,753 | ||||||
Yum! Brands, Inc. |
2,535 | 328,257 | ||||||
|
|
|||||||
3,722,225 | ||||||||
|
|
|||||||
Household Products - 2.2% |
| |||||||
Church & Dwight Co., Inc. |
1,365 | 136,295 | ||||||
Clorox Co. (The) |
1,365 | 198,266 | ||||||
Colgate-Palmolive Co. |
7,475 | 629,395 | ||||||
Procter & Gamble Co. (The) |
21,190 | 3,329,797 | ||||||
|
|
|||||||
4,293,753 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers - 0.0%(c) |
| |||||||
AES Corp. (The) |
3,380 | 56,378 | ||||||
|
|
|||||||
Insurance - 2.5% |
| |||||||
Aflac, Inc. |
4,745 | 400,193 | ||||||
Allstate Corp. (The) |
1,430 | 222,008 | ||||||
American International Group, Inc. |
3,770 | 262,053 | ||||||
Aon plc, Class A |
715 | 213,377 | ||||||
Arch Capital Group Ltd.* |
1,300 | 107,159 | ||||||
Arthur J Gallagher & Co. |
1,560 | 362,170 | ||||||
Chubb Ltd. |
2,925 | 716,625 | ||||||
Everest Group Ltd. |
325 | 125,115 | ||||||
Hartford Financial Services Group, Inc. (The) |
2,665 | 231,748 | ||||||
Marsh & McLennan Cos., Inc. |
3,575 | 692,978 | ||||||
Principal Financial Group, Inc. |
2,600 | 205,660 | ||||||
Progressive Corp. (The) |
3,185 | 567,726 | ||||||
Travelers Cos., Inc. (The) |
1,625 | 343,460 | ||||||
Willis Towers Watson plc |
1,105 | 272,162 | ||||||
|
|
|||||||
4,722,434 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® US ESG Select Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Interactive Media & Services - 5.0% |
| |||||||
Meta Platforms, Inc., Class A* |
23,985 | 9,357,508 | ||||||
Snap, Inc., Class A* |
9,165 | 145,632 | ||||||
|
|
|||||||
9,503,140 | ||||||||
|
|
|||||||
IT Services - 2.9% |
| |||||||
Accenture plc, Class A |
7,215 | 2,625,394 | ||||||
Akamai Technologies, Inc.* |
1,365 | 168,209 | ||||||
Amdocs Ltd. |
1,300 | 119,184 | ||||||
Cognizant Technology Solutions Corp., Class A |
4,615 | 355,909 | ||||||
Gartner, Inc.* |
715 | 327,070 | ||||||
International Business Machines Corp. |
9,880 | 1,814,561 | ||||||
Okta, Inc.* |
910 | 75,211 | ||||||
|
|
|||||||
5,485,538 | ||||||||
|
|
|||||||
Life Sciences Tools & Services - 0.7% |
| |||||||
Agilent Technologies, Inc. |
1,040 | 135,304 | ||||||
Avantor, Inc.* |
2,210 | 50,808 | ||||||
Danaher Corp. |
2,535 | 608,172 | ||||||
Illumina, Inc.* |
845 | 120,843 | ||||||
IQVIA Holdings, Inc.* |
1,625 | 338,374 | ||||||
Mettler-Toledo International, Inc.* |
65 | 77,817 | ||||||
West Pharmaceutical Services, Inc. |
260 | 96,988 | ||||||
|
|
|||||||
1,428,306 | ||||||||
|
|
|||||||
Machinery - 1.6% |
| |||||||
Caterpillar, Inc. |
2,730 | 819,846 | ||||||
Cummins, Inc. |
1,040 | 248,872 | ||||||
Deere & Co. |
1,040 | 409,323 | ||||||
Dover Corp. |
780 | 116,828 | ||||||
Fortive Corp. |
3,120 | 243,922 | ||||||
IDEX Corp. |
390 | 82,485 | ||||||
Illinois Tool Works, Inc. |
1,040 | 271,336 | ||||||
Lincoln Electric Holdings, Inc. |
325 | 72,222 | ||||||
Nordson Corp. |
390 | 98,171 | ||||||
Otis Worldwide Corp. |
3,640 | 321,922 | ||||||
Stanley Black & Decker, Inc. |
1,365 | 127,354 | ||||||
Toro Co. (The)(a) |
715 | 66,123 | ||||||
Xylem, Inc. |
1,300 | 146,172 | ||||||
|
|
|||||||
3,024,576 | ||||||||
|
|
|||||||
Media - 0.7% |
| |||||||
Comcast Corp., Class A |
21,580 | 1,004,333 | ||||||
Interpublic Group of Cos., Inc. (The) |
3,315 | 109,362 | ||||||
Omnicom Group, Inc. |
2,080 | 187,990 | ||||||
|
|
|||||||
1,301,685 | ||||||||
|
|
|||||||
Metals & Mining - 0.4% |
| |||||||
Freeport-McMoRan, Inc. |
7,605 | 301,843 | ||||||
Newmont Corp. |
8,190 | 282,637 | ||||||
Nucor Corp. |
910 | 170,106 | ||||||
|
|
|||||||
754,586 | ||||||||
|
|
|||||||
Multi-Utilities - 0.0%(c) |
| |||||||
Public Service Enterprise Group, Inc. |
1,755 | 101,772 | ||||||
|
|
|||||||
Office REITs - 0.1% |
| |||||||
Alexandria Real Estate Equities, Inc., REIT(a) |
1,430 | 172,887 | ||||||
|
|
Investments |
Shares | Value ($) | ||||||
Oil, Gas & Consumable Fuels - 3.9% |
| |||||||
APA Corp. |
975 | 30,547 | ||||||
Chevron Corp. |
19,175 | 2,826,970 | ||||||
Coterra Energy, Inc. |
5,200 | 129,376 | ||||||
Exxon Mobil Corp. |
42,835 | 4,403,866 | ||||||
Marathon Oil Corp. |
4,030 | 92,086 | ||||||
|
|
|||||||
7,482,845 | ||||||||
|
|
|||||||
Passenger Airlines - 0.0%(c) |
| |||||||
Delta Air Lines, Inc. |
2,210 | 86,499 | ||||||
|
|
|||||||
Personal Care Products - 0.1% |
| |||||||
Estee Lauder Cos., Inc. (The), Class A |
2,080 | 274,539 | ||||||
|
|
|||||||
Pharmaceuticals - 6.9% |
| |||||||
Bristol-Myers Squibb Co. |
18,395 | 898,964 | ||||||
Eli Lilly & Co. |
4,615 | 2,979,490 | ||||||
Johnson & Johnson |
23,985 | 3,811,216 | ||||||
Merck & Co., Inc. |
27,430 | 3,312,995 | ||||||
Pfizer, Inc. |
40,820 | 1,105,406 | ||||||
Royalty Pharma plc, Class A(a) |
3,120 | 88,577 | ||||||
Zoetis, Inc. |
5,005 | 939,989 | ||||||
|
|
|||||||
13,136,637 | ||||||||
|
|
|||||||
Professional Services - 0.8% |
| |||||||
Automatic Data Processing, Inc. |
3,705 | 910,615 | ||||||
Broadridge Financial Solutions, Inc. |
845 | 172,549 | ||||||
Verisk Analytics, Inc. |
1,560 | 376,787 | ||||||
|
|
|||||||
1,459,951 | ||||||||
|
|
|||||||
Real Estate Management & Development - 0.1% |
| |||||||
CBRE Group, Inc., Class A* |
3,250 | 280,507 | ||||||
|
|
|||||||
Residential REITs - 0.1% |
| |||||||
Camden Property Trust, REIT |
390 | 36,598 | ||||||
Equity Residential, REIT |
1,885 | 113,458 | ||||||
Essex Property Trust, Inc., REIT |
585 | 136,463 | ||||||
|
|
|||||||
286,519 | ||||||||
|
|
|||||||
Retail REITs - 0.1% |
| |||||||
Simon Property Group, Inc., REIT |
1,170 | 162,174 | ||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 6.1% |
| |||||||
Advanced Micro Devices, Inc.* |
11,635 | 1,951,073 | ||||||
Applied Materials, Inc. |
6,045 | 993,194 | ||||||
Broadcom, Inc. |
2,509 | 2,960,620 | ||||||
First Solar, Inc.* |
585 | 85,586 | ||||||
Intel Corp. |
37,830 | 1,629,716 | ||||||
KLA Corp. |
455 | 270,288 | ||||||
Lam Research Corp. |
715 | 589,997 | ||||||
Marvell Technology, Inc. |
2,990 | 202,423 | ||||||
Micron Technology, Inc. |
11,830 | 1,014,422 | ||||||
QUALCOMM, Inc. |
6,045 | 897,743 | ||||||
Skyworks Solutions, Inc. |
585 | 61,109 | ||||||
Texas Instruments, Inc. |
6,565 | 1,051,188 | ||||||
|
|
|||||||
11,707,359 | ||||||||
|
|
|||||||
Software - 9.1% |
| |||||||
Adobe, Inc.* |
3,250 | 2,007,785 | ||||||
Autodesk, Inc.* |
2,340 | 593,915 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® US ESG Select Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Crowdstrike Holdings, Inc., Class A* |
1,625 | 475,312 | ||||||
DocuSign, Inc.* |
1,365 | 83,156 | ||||||
Gen Digital, Inc. |
5,070 | 119,044 | ||||||
HubSpot, Inc.* |
455 | 278,005 | ||||||
Intuit, Inc. |
1,495 | 943,838 | ||||||
Microsoft Corp. |
24,115 | 9,587,642 | ||||||
Oracle Corp. |
8,515 | 951,125 | ||||||
Palo Alto Networks, Inc.* |
1,690 | 572,082 | ||||||
Salesforce, Inc.* |
3,510 | 986,626 | ||||||
Splunk, Inc.* |
845 | 129,598 | ||||||
Synopsys, Inc.* |
845 | 450,681 | ||||||
Workday, Inc., Class A* |
715 | 208,115 | ||||||
|
|
|||||||
17,386,924 | ||||||||
|
|
|||||||
Specialized REITs - 0.8% |
| |||||||
American Tower Corp., REIT(a) |
4,225 | 826,621 | ||||||
Crown Castle, Inc., REIT |
1,560 | 168,870 | ||||||
Digital Realty Trust, Inc., REIT(a) |
1,105 | 155,208 | ||||||
Iron Mountain, Inc., REIT |
2,600 | 175,552 | ||||||
Weyerhaeuser Co., REIT |
7,735 | 253,476 | ||||||
|
|
|||||||
1,579,727 | ||||||||
|
|
|||||||
Specialty Retail - 2.6% |
| |||||||
AutoZone, Inc.* |
65 | 179,538 | ||||||
Best Buy Co., Inc. |
2,145 | 155,491 | ||||||
Burlington Stores, Inc.* |
325 | 62,124 | ||||||
Home Depot, Inc. (The) |
5,395 | 1,904,219 | ||||||
Lowes Cos., Inc. |
4,160 | 885,414 | ||||||
Ross Stores, Inc. |
3,055 | 428,555 | ||||||
TJX Cos., Inc. (The) |
10,335 | 980,895 | ||||||
Tractor Supply Co. |
975 | 218,985 | ||||||
Ulta Beauty, Inc.* |
195 | 97,900 | ||||||
Williams-Sonoma, Inc.(a) |
650 | 125,704 | ||||||
|
|
|||||||
5,038,825 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 4.9% |
| |||||||
Apple, Inc. |
46,085 | 8,498,074 | ||||||
Hewlett Packard Enterprise Co. |
11,245 | 171,936 | ||||||
HP, Inc. |
9,230 | 264,994 | ||||||
NetApp, Inc. |
1,495 | 130,364 | ||||||
Super Micro Computer, Inc.*(a) |
325 | 172,123 | ||||||
Western Digital Corp.* |
3,380 | 193,505 | ||||||
|
|
|||||||
9,430,996 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 0.9% |
| |||||||
Deckers Outdoor Corp.* |
260 | 195,970 | ||||||
Lululemon Athletica, Inc.* |
1,300 | 589,966 | ||||||
NIKE, Inc., Class B |
8,775 | 890,926 | ||||||
|
|
|||||||
1,676,862 | ||||||||
|
|
|||||||
Trading Companies & Distributors - 0.4% |
| |||||||
Ferguson plc |
2,210 | 415,171 | ||||||
United Rentals, Inc. |
260 | 162,604 | ||||||
WW Grainger, Inc. |
260 | 232,866 | ||||||
|
|
|||||||
810,641 | ||||||||
|
|
|||||||
Water Utilities - 0.1% |
| |||||||
American Water Works Co., Inc. |
1,755 | 217,655 | ||||||
|
|
Investments |
Shares | Value ($) | ||||||
Wireless Telecommunication Services - 0.2% |
| |||||||
T-Mobile US, Inc. |
1,820 | 293,439 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
188,953,772 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 0.1%(d) |
| |||||||
REPURCHASE AGREEMENTS - 0.1% |
| |||||||
CF Secured LLC, 5.31%, dated 1/31/2024, due 2/1/2024, repurchase price $152,763, collateralized by
various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 3/31/2024 - 5/15/2053; total market value $1,210,771 |
152,740 | 152,740 | ||||||
|
|
|||||||
Total Investments - 98.9% |
|
189,106,512 | ||||||
Other assets less liabilities - 1.1% |
|
2,025,728 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
191,132,240 | ||||||
|
|
* | Non-income producing security. |
(a) | The security or a portion of this security is on loan at January 31, 2024. The total value of securities on loan at January 31, 2024 was $6,732,192, collateralized in the form of cash with a value of $152,740 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $6,726,982 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 7.63%, and maturity dates ranging from February 13, 2024 November 15, 2053 and $83,254 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.10% 4.75%, and maturity dates ranging from March 22, 2024 October 22, 2071; a total value of $6,962,976. |
(b) | Investment in affiliated company. Northern Trust Investments, Inc., the Investment Adviser of the Fund, is a subsidiary of Northern Trust Corporation. |
(c) | Represents less than 0.05% of net assets. |
(d) | The security was purchased with cash collateral held from securities on loan at January 31, 2024. The total value of securities purchased was $152,740. |
Percentages shown are based on Net Assets.
Abbreviations | ||
REIT | Real Estate Investment Trust |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® US ESG Select Index Fund (cont.)
Investment in a company which was affiliated for the period ended January 31, 2024, was as follows:
Security | Value October 31, 2023 |
Purchases at Cost |
Sales Proceeds |
Shares January 31, 2024 |
Value January 31, 2024 |
Change in Unrealized Appreciation (Depreciation) |
Dividend Income |
Realized Loss |
||||||||||||||||||||||||
Northern Trust Corp. |
$ | 77,115 | $ | 9,912 | $ | 43,535 | 780 | $ | 62,119 | $ | 19,095 | $ | 891 | $ | (468 | ) |
Futures Contracts
FlexShares® STOXX® US ESG Select Index Fund had the following open futures contracts as of January 31, 2024:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||
Long Contracts |
|
|||||||||||||||||
S&P 500 E-Mini Index |
9 | 03/15/2024 | USD | $ | 2,191,725 | $ | 86,520 |
Abbreviations:
USD US Dollar
Security Type |
% of Net Assets | |||
Common Stocks |
98.8 | % | ||
Securities Lending Reinvestments |
0.1 | |||
Others(1) |
1.1 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® STOXX® Global ESG Select Index Fund
January 31, 2024 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 99.1% |
| |||||||
Air Freight & Logistics - 0.3% |
| |||||||
Deutsche Post AG |
2,392 | 115,677 | ||||||
DSV A/S |
782 | 141,031 | ||||||
FedEx Corp. |
874 | 210,887 | ||||||
International Distributions Services plc* |
1,035 | 3,648 | ||||||
|
|
|||||||
471,243 | ||||||||
|
|
|||||||
Automobile Components - 0.4% |
| |||||||
Aisin Corp. |
1,200 | 45,603 | ||||||
Aptiv plc* |
1,058 | 86,047 | ||||||
BorgWarner, Inc.(a) |
782 | 26,510 | ||||||
Bridgestone Corp. |
4,600 | 202,787 | ||||||
Cie Generale des Etablissements Michelin SCA |
3,312 | 110,880 | ||||||
Continental AG |
552 | 45,690 | ||||||
Denso Corp. |
11,600 | 185,774 | ||||||
Forvia SE* |
1,127 | 19,655 | ||||||
Niterra Co. Ltd. |
600 | 16,419 | ||||||
Valeo SE |
414 | 5,471 | ||||||
|
|
|||||||
744,836 | ||||||||
|
|
|||||||
Automobiles - 1.5% |
| |||||||
Bayerische Motoren Werke AG |
1,242 | 130,568 | ||||||
Ferrari NV |
414 | 145,570 | ||||||
General Motors Co. |
10,258 | 398,010 | ||||||
Honda Motor Co. Ltd. |
23,000 | 263,633 | ||||||
Mazda Motor Corp. |
2,300 | 28,661 | ||||||
Mercedes-Benz Group AG |
4,186 | 285,782 | ||||||
Mitsubishi Motors Corp. |
6,900 | 22,228 | ||||||
Nissan Motor Co. Ltd.(a) |
18,400 | 74,066 | ||||||
Renault SA |
1,058 | 40,304 | ||||||
Rivian Automotive, Inc., Class A*(a) |
2,530 | 38,734 | ||||||
Stellantis NV |
7,820 | 174,094 | ||||||
Subaru Corp. |
2,300 | 47,062 | ||||||
Suzuki Motor Corp. |
1,700 | 77,781 | ||||||
Toyota Motor Corp. |
41,400 | 849,667 | ||||||
Volkswagen AG (Preference) |
874 | 113,774 | ||||||
Yamaha Motor Co. Ltd. |
3,300 | 31,764 | ||||||
|
|
|||||||
2,721,698 | ||||||||
|
|
|||||||
Banks - 7.8% |
| |||||||
ABN AMRO Bank NV, CVA(b) |
2,254 | 33,445 | ||||||
AIB Group plc |
8,786 | 38,901 | ||||||
ANZ Group Holdings Ltd. |
14,674 | 263,847 | ||||||
Banco Bilbao Vizcaya Argentaria SA |
26,358 | 248,406 | ||||||
Banco BPM SpA |
9,729 | 52,946 | ||||||
Banco Santander SA |
71,530 | 290,246 | ||||||
Bank of Ireland Group plc |
4,554 | 42,206 | ||||||
Bank of Montreal |
3,404 | 322,655 | ||||||
Bank of Queensland Ltd.(a) |
3,404 | 13,591 | ||||||
Bank Polska Kasa Opieki SA |
920 | 35,685 | ||||||
Bankinter SA |
3,726 | 23,151 |
Investments |
Shares | Value ($) | ||||||
Banque Cantonale Vaudoise (Registered)(a) |
138 | 17,824 | ||||||
Barclays plc |
53,176 | 100,506 | ||||||
BAWAG Group AG(b) |
506 | 26,295 | ||||||
BNP Paribas SA |
5,428 | 368,805 | ||||||
Canadian Imperial Bank of Commerce |
4,482 | 203,829 | ||||||
Citigroup, Inc. |
18,170 | 1,020,609 | ||||||
Commerzbank AG |
3,289 | 38,156 | ||||||
Commonwealth Bank of Australia |
10,120 | 786,255 | ||||||
Danske Bank A/S |
3,634 | 98,320 | ||||||
DBS Group Holdings Ltd. |
4,200 | 100,195 | ||||||
Erste Group Bank AG |
966 | 42,025 | ||||||
FinecoBank Banca Fineco SpA |
3,496 | 51,001 | ||||||
Hang Seng Bank Ltd. |
4,600 | 47,811 | ||||||
HSBC Holdings plc |
77,786 | 612,368 | ||||||
Intesa Sanpaolo SpA |
83,720 | 260,364 | ||||||
Japan Post Bank Co. Ltd. |
4,600 | 48,321 | ||||||
JPMorgan Chase & Co. |
27,646 | 4,820,357 | ||||||
KBC Group NV |
1,012 | 66,485 | ||||||
Lloyds Banking Group plc |
295,044 | 159,814 | ||||||
Mediobanca Banca di Credito Finanziario SpA |
2,254 | 30,115 | ||||||
Mitsubishi UFJ Financial Group, Inc. |
79,100 | 754,879 | ||||||
National Bank of Canada |
1,242 | 95,591 | ||||||
NatWest Group plc |
27,278 | 78,228 | ||||||
Nordea Bank Abp |
18,768 | 232,980 | ||||||
NU Holdings Ltd., Class A* |
12,604 | 108,520 | ||||||
Oversea-Chinese Banking Corp. Ltd. |
16,100 | 155,295 | ||||||
Royal Bank of Canada |
5,106 | 501,447 | ||||||
Santander Bank Polska SA |
46 | 5,624 | ||||||
Skandinaviska Enskilda Banken AB, Class A |
8,418 | 120,701 | ||||||
Societe Generale SA |
3,220 | 83,805 | ||||||
Standard Chartered plc |
12,788 | 97,514 | ||||||
Svenska Handelsbanken AB, Class A |
8,096 | 88,190 | ||||||
Swedbank AB, Class A |
5,106 | 105,161 | ||||||
Toronto-Dominion Bank (The) |
6,486 | 396,476 | ||||||
UniCredit SpA |
6,256 | 184,568 | ||||||
Virgin Money UK plc |
6,946 | 13,874 | ||||||
Westpac Banking Corp. |
21,896 | 349,990 | ||||||
|
|
|||||||
13,637,377 | ||||||||
|
|
|||||||
Beverages - 1.3% |
| |||||||
Anheuser-Busch InBev SA/NV |
3,450 | 215,522 | ||||||
Britvic plc |
2,231 | 25,072 | ||||||
Budweiser Brewing Co. APAC |
9,200 | 14,452 | ||||||
Carlsberg A/S, Class B |
230 | 29,805 | ||||||
Coca-Cola Co. (The) |
15,042 | 894,848 | ||||||
Coca-Cola Europacific Partners plc |
1,426 | 98,251 | ||||||
Coca-Cola HBC AG |
1,150 | 34,093 | ||||||
Davide Campari-Milano NV |
3,036 | 31,033 | ||||||
Diageo plc |
10,488 | 382,047 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Heineken Holding NV |
460 | 38,900 | ||||||
Heineken NV |
1,380 | 139,859 | ||||||
Keurig Dr Pepper, Inc. |
5,842 | 183,672 | ||||||
Kirin Holdings Co. Ltd. |
2,900 | 42,119 | ||||||
Pernod Ricard SA |
966 | 160,021 | ||||||
Remy Cointreau SA |
230 | 23,555 | ||||||
Treasury Wine Estates Ltd. |
2,959 | 21,067 | ||||||
|
|
|||||||
2,334,316 | ||||||||
|
|
|||||||
Biotechnology - 0.9% |
| |||||||
CSL Ltd. |
1,932 | 385,316 | ||||||
Gilead Sciences, Inc. |
4,738 | 370,796 | ||||||
Moderna, Inc.*(a) |
1,426 | 144,097 | ||||||
Swedish Orphan Biovitrum AB* |
603 | 17,041 | ||||||
Vertex Pharmaceuticals, Inc.* |
1,472 | 637,935 | ||||||
|
|
|||||||
1,555,185 | ||||||||
|
|
|||||||
Broadline Retail - 5.3% |
| |||||||
Allegro.eu SA*(b) |
1,012 | 7,720 | ||||||
Amazon.com, Inc.* |
55,568 | 8,624,154 | ||||||
Dollarama, Inc. |
690 | 50,958 | ||||||
eBay, Inc. |
2,116 | 86,904 | ||||||
Isetan Mitsukoshi Holdings Ltd.(a) |
3,100 | 36,731 | ||||||
J Front Retailing Co. Ltd. |
2,300 | 21,596 | ||||||
Next plc |
690 | 74,407 | ||||||
Prosus NV |
5,566 | 166,448 | ||||||
Rakuten Group, Inc.* |
9,200 | 40,941 | ||||||
Wesfarmers Ltd. |
6,716 | 258,252 | ||||||
|
|
|||||||
9,368,111 | ||||||||
|
|
|||||||
Building Products - 0.4% |
| |||||||
AGC, Inc. |
900 | 34,270 | ||||||
Assa Abloy AB, Class B |
4,370 | 121,258 | ||||||
Belimo Holding AG (Registered) |
46 | 21,696 | ||||||
Cie de Saint-Gobain SA |
2,484 | 177,653 | ||||||
Fletcher Building Ltd. |
2,898 | 8,063 | ||||||
Lennox International, Inc. |
184 | 78,781 | ||||||
Lixil Corp. |
2,200 | 29,785 | ||||||
Nibe Industrier AB, Class B |
2,898 | 17,597 | ||||||
Reliance Worldwide Corp. Ltd. |
2,576 | 7,220 | ||||||
ROCKWOOL A/S, Class B |
92 | 25,340 | ||||||
Trane Technologies plc |
874 | 220,292 | ||||||
|
|
|||||||
741,955 | ||||||||
|
|
|||||||
Capital Markets - 2.1% |
| |||||||
3i Group plc |
4,600 | 145,217 | ||||||
abrdn plc |
9,660 | 20,728 | ||||||
Allfunds Group plc |
2,438 | 17,664 | ||||||
ASX Ltd. |
966 | 41,929 | ||||||
Bank of New York Mellon Corp. (The) |
2,944 | 163,274 | ||||||
BlackRock, Inc. |
1,334 | 1,032,930 | ||||||
Daiwa Securities Group, Inc. |
9,200 | 66,966 | ||||||
Euronext NV(b) |
414 | 36,719 | ||||||
FactSet Research Systems, Inc. |
184 | 87,569 | ||||||
Goldman Sachs Group, Inc. (The) |
1,840 | 706,578 | ||||||
Hong Kong Exchanges & Clearing Ltd. |
4,600 | 139,225 | ||||||
IG Group Holdings plc |
1,288 | 11,703 | ||||||
Julius Baer Group Ltd. |
690 | 38,045 | ||||||
London Stock Exchange Group plc |
2,116 | 240,953 | ||||||
Macquarie Group Ltd. |
2,024 | 254,815 |
Investments |
Shares | Value ($) | ||||||
Man Group plc |
2,576 | 7,778 | ||||||
Nasdaq, Inc. |
1,196 | 69,093 | ||||||
S&P Global, Inc. |
1,196 | 536,227 | ||||||
Schroders plc |
3,772 | 19,512 | ||||||
|
|
|||||||
3,636,925 | ||||||||
|
|
|||||||
Chemicals - 0.6% |
| |||||||
Air Liquide SA |
1,288 | 242,994 | ||||||
Akzo Nobel NV |
644 | 49,836 | ||||||
Arkema SA |
276 | 30,370 | ||||||
BASF SE |
3,818 | 184,389 | ||||||
Covestro AG*(b) |
736 | 39,239 | ||||||
Croda International plc |
506 | 30,962 | ||||||
Ecolab, Inc. |
1,104 | 218,835 | ||||||
Hexpol AB |
2,691 | 31,149 | ||||||
Incitec Pivot Ltd. |
17,066 | 30,347 | ||||||
Kansai Paint Co. Ltd. |
800 | 13,576 | ||||||
LANXESS AG |
92 | 2,493 | ||||||
Mitsubishi Chemical Group Corp. |
4,600 | 28,162 | ||||||
Nitto Denko Corp. |
300 | 25,264 | ||||||
Novozymes A/S, Class B(a) |
1,254 | 64,748 | ||||||
OCI NV |
598 | 17,292 | ||||||
Orica Ltd. |
2,346 | 25,216 | ||||||
Wacker Chemie AG |
92 | 10,138 | ||||||
Yara International ASA |
920 | 30,741 | ||||||
|
|
|||||||
1,075,751 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 0.4% |
| |||||||
Brambles Ltd. |
7,958 | 77,016 | ||||||
Cintas Corp. |
690 | 417,153 | ||||||
Elis SA |
1,656 | 36,732 | ||||||
ISS A/S |
598 | 11,416 | ||||||
Rentokil Initial plc |
11,914 | 61,947 | ||||||
SPIE SA |
759 | 25,311 | ||||||
TOPPAN Holdings, Inc. |
2,300 | 64,339 | ||||||
|
|
|||||||
693,914 | ||||||||
|
|
|||||||
Communications Equipment - 0.0%(c) |
| |||||||
Nokia OYJ |
12,466 | 44,984 | ||||||
|
|
|||||||
Construction & Engineering - 0.4% |
| |||||||
Balfour Beatty plc |
2,990 | 12,641 | ||||||
Bouygues SA |
736 | 27,166 | ||||||
Eiffage SA |
529 | 55,785 | ||||||
Ferrovial SE |
2,614 | 100,545 | ||||||
HOCHTIEF AG |
46 | 4,984 | ||||||
Obayashi Corp. |
2,300 | 21,549 | ||||||
Shimizu Corp. |
2,300 | 15,569 | ||||||
Skanska AB, Class B |
2,116 | 37,098 | ||||||
Sweco AB, Class B |
1,334 | 15,790 | ||||||
Vinci SA |
2,484 | 315,911 | ||||||
Worley Ltd. |
2,024 | 19,829 | ||||||
WSP Global, Inc. |
230 | 34,001 | ||||||
|
|
|||||||
660,868 | ||||||||
|
|
|||||||
Construction Materials - 0.1% |
| |||||||
Buzzi SpA |
368 | 12,600 | ||||||
Heidelberg Materials AG |
184 | 17,165 | ||||||
Holcim AG |
2,622 | 202,217 | ||||||
Wienerberger AG(a) |
437 | 14,943 | ||||||
|
|
|||||||
246,925 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Consumer Finance - 0.0%(c) |
| |||||||
Cembra Money Bank AG(a) |
46 | 3,579 | ||||||
Marui Group Co. Ltd. |
2,300 | 38,589 | ||||||
|
|
|||||||
42,168 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 1.9% |
| |||||||
Aeon Co. Ltd. |
3,000 | 72,509 | ||||||
Axfood AB |
598 | 15,239 | ||||||
Carrefour SA |
3,450 | 59,286 | ||||||
Coles Group Ltd. |
2,300 | 24,190 | ||||||
Dollar Tree, Inc.* |
828 | 108,153 | ||||||
Endeavour Group Ltd.(a) |
874 | 3,247 | ||||||
HelloFresh SE* |
690 | 9,272 | ||||||
J Sainsbury plc |
9,108 | 31,339 | ||||||
Jeronimo Martins SGPS SA |
1,334 | 30,546 | ||||||
Kesko OYJ, Class B |
1,472 | 28,909 | ||||||
Koninklijke Ahold Delhaize NV |
4,002 | 113,070 | ||||||
Kroger Co. (The) |
3,818 | 176,163 | ||||||
Loblaw Cos. Ltd. |
506 | 50,882 | ||||||
Marks & Spencer Group plc |
10,166 | 32,015 | ||||||
Ocado Group plc* |
2,530 | 17,611 | ||||||
Target Corp. |
2,622 | 364,668 | ||||||
Tesco plc |
9,338 | 34,081 | ||||||
Walgreens Boots Alliance, Inc.(a) |
3,956 | 89,287 | ||||||
Walmart, Inc. |
10,994 | 1,816,759 | ||||||
Woolworths Group Ltd. |
7,222 | 171,915 | ||||||
|
|
|||||||
3,249,141 | ||||||||
|
|
|||||||
Containers & Packaging - 0.2% |
| |||||||
Amcor plc(a) |
9,476 | 89,359 | ||||||
Ball Corp.(a) |
1,196 | 66,318 | ||||||
Billerud Aktiebolag |
2,438 | 21,873 | ||||||
DS Smith plc |
8,165 | 29,384 | ||||||
Huhtamaki OYJ |
230 | 9,087 | ||||||
Orora Ltd.(a) |
5,198 | 9,621 | ||||||
Smurfit Kappa Group plc(a) |
1,426 | 53,518 | ||||||
|
|
|||||||
279,160 | ||||||||
|
|
|||||||
Distributors - 0.0%(c) |
| |||||||
Dieteren Group |
92 | 18,758 | ||||||
Inchcape plc |
1,656 | 14,445 | ||||||
|
|
|||||||
33,203 | ||||||||
|
|
|||||||
Diversified Consumer Services - 0.0%(c) |
| |||||||
Pearson plc |
3,864 | 47,809 | ||||||
|
|
|||||||
Diversified REITs - 0.1% |
| |||||||
British Land Co. plc (The), REIT |
6,348 | 30,880 | ||||||
Charter Hall Group, REIT |
1,196 | 9,559 | ||||||
Covivio SA, REIT |
322 | 15,796 | ||||||
Mirvac Group, REIT |
31,602 | 45,332 | ||||||
Stockland, REIT |
12,972 | 39,103 | ||||||
Suntec REIT, REIT |
18,400 | 16,385 | ||||||
|
|
|||||||
157,055 | ||||||||
|
|
|||||||
Diversified Telecommunication Services - 0.7% |
| |||||||
BT Group plc(a) |
35,328 | 50,477 | ||||||
Cellnex Telecom SA(b) |
2,438 | 94,755 | ||||||
Chorus Ltd.(a) |
2,070 | 10,143 | ||||||
Deutsche Telekom AG (Registered) |
19,090 | 471,652 | ||||||
Elisa OYJ |
552 | 25,334 | ||||||
Infrastrutture Wireless Italiane SpA(b) |
1,403 | 17,137 |
Investments |
Shares | Value ($) | ||||||
Koninklijke KPN NV |
20,378 | 69,683 | ||||||
Singapore Telecommunications Ltd. |
36,800 | 66,090 | ||||||
Swisscom AG (Registered) |
138 | 83,040 | ||||||
Telenor ASA |
2,967 | 33,113 | ||||||
Telia Co. AB(a) |
13,846 | 36,021 | ||||||
Telstra Group Ltd. |
56,764 | 151,596 | ||||||
TELUS Corp. |
3,590 | 64,704 | ||||||
|
|
|||||||
1,173,745 | ||||||||
|
|
|||||||
Electric Utilities - 0.5% |
| |||||||
Contact Energy Ltd. |
782 | 3,885 | ||||||
EDP - Energias de Portugal SA |
13,202 | 59,399 | ||||||
Elia Group SA/NV |
92 | 11,173 | ||||||
Endesa SA |
1,748 | 34,861 | ||||||
Enel SpA |
19,918 | 137,193 | ||||||
Fortum OYJ(a) |
2,438 | 33,607 | ||||||
Iberdrola SA |
26,772 | 324,981 | ||||||
Iberdrola SA* |
461 | 5,596 | ||||||
Kansai Electric Power Co., Inc. (The) |
3,100 | 42,850 | ||||||
Origin Energy Ltd. |
8,878 | 50,002 | ||||||
Orsted A/S(b) |
690 | 39,368 | ||||||
Redeia Corp. SA |
1,196 | 20,046 | ||||||
SSE plc |
5,152 | 110,550 | ||||||
Terna - Rete Elettrica Nazionale |
3,312 | 28,162 | ||||||
Verbund AG |
506 | 41,580 | ||||||
|
|
|||||||
943,253 | ||||||||
|
|
|||||||
Electrical Equipment - 0.6% |
| |||||||
ABB Ltd. (Registered) |
5,796 | 247,893 | ||||||
Fujikura Ltd. |
2,300 | 19,251 | ||||||
Legrand SA |
1,242 | 121,745 | ||||||
Nexans SA |
253 | 23,291 | ||||||
Nidec Corp. |
2,300 | 87,201 | ||||||
Prysmian SpA |
1,610 | 71,686 | ||||||
Schneider Electric SE |
1,932 | 383,840 | ||||||
Siemens Energy AG* |
3,036 | 46,055 | ||||||
Vestas Wind Systems A/S* |
4,968 | 142,384 | ||||||
|
|
|||||||
1,143,346 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 0.8% |
| |||||||
CDW Corp. |
1,012 | 229,441 | ||||||
Corning, Inc. |
2,346 | 76,222 | ||||||
Flex Ltd.* |
1,150 | 27,301 | ||||||
Halma plc |
690 | 19,269 | ||||||
Hexagon AB, Class B |
8,602 | 94,909 | ||||||
Ibiden Co. Ltd. |
1,000 | 51,609 | ||||||
Jabil, Inc. |
736 | 92,213 | ||||||
Kyocera Corp. |
7,200 | 107,501 | ||||||
Murata Manufacturing Co. Ltd. |
12,200 | 251,637 | ||||||
Omron Corp. |
1,200 | 55,085 | ||||||
Shimadzu Corp. |
900 | 25,299 | ||||||
TDK Corp. |
1,500 | 76,367 | ||||||
TE Connectivity Ltd. |
1,794 | 255,089 | ||||||
Yokogawa Electric Corp. |
1,000 | 20,003 | ||||||
|
|
|||||||
1,381,945 | ||||||||
|
|
|||||||
Energy Equipment & Services - 0.3% |
| |||||||
Schlumberger NV |
10,948 | 533,168 | ||||||
Technip Energies NV |
138 | 2,892 | ||||||
|
|
|||||||
536,060 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Entertainment - 0.6% |
| |||||||
Bollore SE |
4,117 | 27,392 | ||||||
Walt Disney Co. (The) |
10,442 | 1,002,954 | ||||||
|
|
|||||||
1,030,346 | ||||||||
|
|
|||||||
Financial Services - 3.5% |
| |||||||
AMP Ltd. |
26,105 | 16,135 | ||||||
Apollo Global Management, Inc.(a) |
3,634 | 364,854 | ||||||
Berkshire Hathaway, Inc., Class B* |
9,936 | 3,812,841 | ||||||
Edenred SE(a) |
1,150 | 69,230 | ||||||
EXOR NV |
276 | 26,940 | ||||||
Industrivarden AB, Class C(a) |
460 | 14,598 | ||||||
Kinnevik AB, Class B* |
690 | 7,536 | ||||||
M&G plc |
14,398 | 41,089 | ||||||
Nexi SpA*(b) |
4,232 | 32,841 | ||||||
ORIX Corp. |
4,200 | 82,420 | ||||||
Visa, Inc., Class A(a) |
6,072 | 1,659,235 | ||||||
Wendel SE |
230 | 21,074 | ||||||
Worldline SA*(a)(b) |
1,380 | 18,910 | ||||||
|
|
|||||||
6,167,703 | ||||||||
|
|
|||||||
Food Products - 0.8% |
| |||||||
AAK AB |
1,610 | 36,618 | ||||||
Ajinomoto Co., Inc. |
3,500 | 145,747 | ||||||
Associated British Foods plc |
1,012 | 30,169 | ||||||
Bakkafrost P/F |
46 | 2,595 | ||||||
Danone SA |
1,518 | 101,805 | ||||||
Darling Ingredients, Inc.* |
552 | 23,902 | ||||||
General Mills, Inc. |
2,254 | 146,307 | ||||||
Hershey Co. (The) |
598 | 115,737 | ||||||
JDE Peets NV(a) |
92 | 2,285 | ||||||
Kellanova |
1,288 | 70,531 | ||||||
Kerry Group plc, Class A |
690 | 61,970 | ||||||
MEIJI Holdings Co. Ltd. |
2,300 | 56,188 | ||||||
Mondelez International, Inc., Class A |
5,244 | 394,716 | ||||||
Mowi ASA |
2,852 | 51,767 | ||||||
Nissin Foods Holdings Co. Ltd. |
900 | 29,424 | ||||||
Orkla ASA |
3,726 | 29,397 | ||||||
Salmar ASA |
368 | 20,581 | ||||||
Viscofan SA |
46 | 2,708 | ||||||
Yakult Honsha Co. Ltd. |
1,100 | 24,306 | ||||||
|
|
|||||||
1,346,753 | ||||||||
|
|
|||||||
Gas Utilities - 0.1% |
| |||||||
APA Group |
5,382 | 30,206 | ||||||
Enagas SA |
322 | 5,278 | ||||||
Naturgy Energy Group SA(a) |
805 | 21,861 | ||||||
Rubis SCA |
276 | 7,033 | ||||||
Snam SpA |
10,810 | 53,181 | ||||||
Tokyo Gas Co. Ltd. |
2,300 | 53,513 | ||||||
|
|
|||||||
171,072 | ||||||||
|
|
|||||||
Ground Transportation - 0.8% |
| |||||||
Canadian National Railway Co. |
2,162 | 269,884 | ||||||
Canadian Pacific Kansas City Ltd. |
3,312 | 268,198 | ||||||
ComfortDelGro Corp. Ltd. |
13,800 | 14,457 | ||||||
Hankyu Hanshin Holdings, Inc. |
1,300 | 40,279 | ||||||
MTR Corp. Ltd.(a) |
10,000 | 32,492 | ||||||
Tokyu Corp.(a) |
2,300 | 27,260 | ||||||
Uber Technologies, Inc.* |
11,730 | 765,617 | ||||||
|
|
|||||||
1,418,187 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Health Care Equipment & Supplies - 2.6% |
| |||||||
Abbott Laboratories |
9,936 | 1,124,258 | ||||||
Alcon, Inc. |
2,622 | 200,016 | ||||||
Ansell Ltd. |
322 | 5,141 | ||||||
Baxter International, Inc. |
1,886 | 72,969 | ||||||
BioMerieux |
230 | 24,984 | ||||||
Boston Scientific Corp.* |
5,612 | 355,015 | ||||||
Carl Zeiss Meditec AG |
46 | 4,925 | ||||||
Cochlear Ltd. |
460 | 92,587 | ||||||
ConvaTec Group plc(b) |
9,660 | 29,647 | ||||||
Demant A/S* |
552 | 25,244 | ||||||
Edwards Lifesciences Corp.* |
3,450 | 270,721 | ||||||
Elekta AB, Class B |
920 | 7,007 | ||||||
EssilorLuxottica SA |
736 | 145,745 | ||||||
Fisher & Paykel Healthcare Corp. Ltd.(a) |
4,456 | 64,924 | ||||||
Getinge AB, Class B |
1,058 | 22,906 | ||||||
Hologic, Inc.* |
1,334 | 99,303 | ||||||
Hoya Corp. |
2,300 | 298,091 | ||||||
Medtronic plc |
7,590 | 664,429 | ||||||
Olympus Corp.(a) |
4,000 | 60,202 | ||||||
Smith & Nephew plc |
1,150 | 16,263 | ||||||
Sonova Holding AG (Registered) |
230 | 74,455 | ||||||
Straumann Holding AG (Registered) |
736 | 113,594 | ||||||
Stryker Corp. |
1,932 | 648,147 | ||||||
Terumo Corp. |
2,300 | 79,161 | ||||||
Zimmer Biomet Holdings, Inc. |
690 | 86,664 | ||||||
|
|
|||||||
4,586,398 | ||||||||
|
|
|||||||
Health Care Providers & Services - 2.2% |
| |||||||
Cardinal Health, Inc. |
920 | 100,455 | ||||||
Cigna Group (The) |
1,656 | 498,373 | ||||||
CVS Health Corp. |
4,876 | 362,628 | ||||||
Elevance Health, Inc. |
1,794 | 885,231 | ||||||
Fresenius Medical Care AG |
1,058 | 41,373 | ||||||
Fresenius SE & Co. KGaA |
2,070 | 58,732 | ||||||
Galenica AG(b) |
184 | 16,355 | ||||||
Sonic Healthcare Ltd.(a) |
736 | 15,579 | ||||||
UnitedHealth Group, Inc. |
3,542 | 1,812,583 | ||||||
|
|
|||||||
3,791,309 | ||||||||
|
|
|||||||
Health Care REITs - 0.3% |
| |||||||
Cofinimmo SA, REIT |
322 | 23,610 | ||||||
Healthpeak Properties, Inc., REIT |
4,968 | 91,908 | ||||||
Ventas, Inc., REIT |
1,978 | 91,759 | ||||||
Welltower, Inc., REIT |
3,358 | 290,501 | ||||||
|
|
|||||||
497,778 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 1.4% |
| |||||||
Accor SA |
1,357 | 54,097 | ||||||
Amadeus IT Group SA |
2,392 | 169,046 | ||||||
Booking Holdings, Inc.* |
138 | 484,031 | ||||||
Chipotle Mexican Grill, Inc., Class A* |
104 | 250,512 | ||||||
Compass Group plc |
6,762 | 187,549 | ||||||
Darden Restaurants, Inc. |
414 | 67,308 | ||||||
Dominos Pizza Enterprises Ltd. |
644 | 16,880 | ||||||
Dominos Pizza, Inc. |
138 | 58,818 | ||||||
Entain plc(a) |
3,956 | 48,776 | ||||||
Expedia Group, Inc.* |
506 | 75,055 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Greggs plc |
851 | 28,957 | ||||||
Hilton Worldwide Holdings, Inc. |
1,472 | 281,093 | ||||||
InterContinental Hotels Group plc |
736 | 70,294 | ||||||
Just Eat Takeaway.com NV*(a)(b) |
1,564 | 24,039 | ||||||
La Francaise des Jeux SAEM(b) |
276 | 11,285 | ||||||
Las Vegas Sands Corp. |
874 | 42,756 | ||||||
Lottery Corp. Ltd. (The) |
9,982 | 33,389 | ||||||
MGM Resorts International* |
1,564 | 67,831 | ||||||
Oriental Land Co. Ltd. |
5,800 | 218,311 | ||||||
Sodexo SA |
529 | 60,106 | ||||||
SSP Group plc* |
1,150 | 3,310 | ||||||
TUI AG* |
2,300 | 16,080 | ||||||
Whitbread plc |
736 | 33,704 | ||||||
Yum! Brands, Inc. |
1,656 | 214,435 | ||||||
|
|
|||||||
2,517,662 | ||||||||
|
|
|||||||
Household Durables - 0.9% |
| |||||||
Berkeley Group Holdings plc |
460 | 28,124 | ||||||
Electrolux AB, Class B* |
46 | 436 | ||||||
GN Store Nord A/S* |
506 | 12,064 | ||||||
Nikon Corp. |
2,300 | 23,877 | ||||||
Panasonic Holdings Corp. |
11,500 | 110,811 | ||||||
Persimmon plc |
644 | 11,998 | ||||||
SEB SA |
184 | 22,685 | ||||||
Sekisui House Ltd.(a) |
4,600 | 105,327 | ||||||
Sony Group Corp. |
12,500 | 1,256,628 | ||||||
Taylor Wimpey plc |
22,448 | 42,365 | ||||||
Vistry Group plc |
920 | 11,774 | ||||||
|
|
|||||||
1,626,089 | ||||||||
|
|
|||||||
Household Products - 1.2% |
| |||||||
Clorox Co. (The) |
644 | 93,541 | ||||||
Colgate-Palmolive Co. |
3,220 | 271,124 | ||||||
Essity AB, Class B |
2,438 | 57,739 | ||||||
Henkel AG & Co. KGaA (Preference) |
828 | 63,949 | ||||||
Procter & Gamble Co. (The) |
8,970 | 1,409,546 | ||||||
Reckitt Benckiser Group plc |
2,898 | 210,651 | ||||||
Unicharm Corp. |
1,200 | 41,769 | ||||||
|
|
|||||||
2,148,319 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers - 0.1% |
| |||||||
AES Corp. (The) |
3,726 | 62,150 | ||||||
Drax Group plc |
2,438 | 15,809 | ||||||
EDP Renovaveis SA |
598 | 9,776 | ||||||
Meridian Energy Ltd. |
8,142 | 27,815 | ||||||
|
|
|||||||
115,550 | ||||||||
|
|
|||||||
Industrial Conglomerates - 0.4% |
| |||||||
Hitachi Ltd. |
4,600 | 367,402 | ||||||
Investment AB Latour, Class B(a) |
322 | 8,199 | ||||||
Keppel Ltd. |
4,600 | 24,646 | ||||||
Lifco AB, Class B(a) |
552 | 13,474 | ||||||
Siemens AG (Registered) |
1,334 | 241,529 | ||||||
|
|
|||||||
655,250 | ||||||||
|
|
|||||||
Industrial REITs - 0.1% |
| |||||||
CapitaLand Ascendas REIT, REIT |
13,800 | 30,154 | ||||||
Goodman Group, REIT |
8,510 | 144,014 | ||||||
Segro plc, REIT |
4,554 | 51,138 | ||||||
Warehouses De Pauw CVA, REIT |
506 | 14,994 | ||||||
|
|
|||||||
240,300 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Insurance - 1.6% |
| |||||||
Admiral Group plc |
828 | 26,519 | ||||||
Aegon Ltd. |
5,221 | 30,988 | ||||||
Aflac, Inc. |
1,794 | 151,306 | ||||||
Ageas SA/NV |
1,012 | 43,762 | ||||||
Allianz SE (Registered) |
736 | 198,111 | ||||||
ASR Nederland NV |
506 | 24,025 | ||||||
Assicurazioni Generali SpA |
5,934 | 133,364 | ||||||
Aviva plc |
12,282 | 67,614 | ||||||
AXA SA |
9,476 | 320,739 | ||||||
Beazley plc |
3,772 | 26,155 | ||||||
Direct Line Insurance Group plc* |
3,680 | 7,939 | ||||||
Hannover Rueck SE |
322 | 77,719 | ||||||
Hiscox Ltd. |
460 | 6,086 | ||||||
Insurance Australia Group Ltd. |
13,340 | 53,263 | ||||||
Legal & General Group plc |
11,086 | 35,999 | ||||||
Medibank Pvt Ltd. |
14,122 | 35,848 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) |
598 | 256,063 | ||||||
nib holdings Ltd. |
3,082 | 16,584 | ||||||
NN Group NV |
1,703 | 70,370 | ||||||
Phoenix Group Holdings plc |
4,554 | 29,310 | ||||||
Poste Italiane SpA(b) |
2,622 | 28,667 | ||||||
Power Corp. of Canada |
1,978 | 58,020 | ||||||
Principal Financial Group, Inc. |
920 | 72,772 | ||||||
QBE Insurance Group Ltd. |
5,612 | 58,800 | ||||||
Sampo OYJ, Class A |
2,300 | 96,899 | ||||||
Steadfast Group Ltd. |
5,658 | 22,254 | ||||||
Storebrand ASA |
2,760 | 25,028 | ||||||
Sun Life Financial, Inc. |
2,852 | 148,764 | ||||||
Swiss Life Holding AG (Registered) |
92 | 66,642 | ||||||
Swiss Re AG |
1,012 | 116,908 | ||||||
Topdanmark A/S(a) |
24 | 1,072 | ||||||
Tryg A/S(a) |
2,622 | 56,381 | ||||||
Willis Towers Watson plc |
414 | 101,968 | ||||||
Zurich Insurance Group AG |
506 | 259,002 | ||||||
|
|
|||||||
2,724,941 | ||||||||
|
|
|||||||
Interactive Media & Services - 5.7% |
| |||||||
Alphabet, Inc., Class C* |
21,758 | 3,085,284 | ||||||
Auto Trader Group plc(b) |
5,980 | 55,500 | ||||||
CAR Group Ltd. |
2,795 | 60,990 | ||||||
LY Corp. |
13,800 | 43,616 | ||||||
Meta Platforms, Inc., Class A* |
16,882 | 6,586,344 | ||||||
REA Group Ltd. |
276 | 33,560 | ||||||
Rightmove plc |
3,266 | 23,299 | ||||||
Snap, Inc., Class A*(a) |
6,532 | 103,794 | ||||||
|
|
|||||||
9,992,387 | ||||||||
|
|
|||||||
IT Services - 3.3% |
| |||||||
Accenture plc, Class A |
7,590 | 2,761,849 | ||||||
Akamai Technologies, Inc.* |
1,104 | 136,046 | ||||||
Alten SA |
92 | 14,370 | ||||||
Amdocs Ltd. |
966 | 88,563 | ||||||
Capgemini SE |
874 | 196,712 | ||||||
CGI, Inc.* |
1,472 | 165,880 | ||||||
Cognizant Technology Solutions Corp., Class A |
3,864 | 297,992 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Computacenter plc |
575 | 21,264 | ||||||
Fujitsu Ltd. |
1,600 | 228,110 | ||||||
Gartner, Inc.* |
598 | 273,549 | ||||||
International Business Machines Corp. |
6,992 | 1,284,151 | ||||||
NEC Corp. |
1,900 | 126,082 | ||||||
Nomura Research Institute Ltd. |
2,300 | 71,325 | ||||||
NTT Data Group Corp. |
2,000 | 29,287 | ||||||
Okta, Inc., Class A* |
598 | 49,425 | ||||||
Reply SpA |
230 | 31,854 | ||||||
Softcat plc |
644 | 11,859 | ||||||
Sopra Steria Group |
92 | 21,766 | ||||||
TIS, Inc. |
1,200 | 27,123 | ||||||
|
|
|||||||
5,837,207 | ||||||||
|
|
|||||||
Leisure Products - 0.1% |
| |||||||
Bandai Namco Holdings, Inc. |
2,900 | 63,783 | ||||||
Thule Group AB(b) |
690 | 17,770 | ||||||
Yamaha Corp. |
900 | 20,109 | ||||||
|
|
|||||||
101,662 | ||||||||
|
|
|||||||
Life Sciences Tools & Services - 0.3% |
| |||||||
Eurofins Scientific SE(a) |
552 | 33,638 | ||||||
Gerresheimer AG |
92 | 9,484 | ||||||
Illumina, Inc.* |
598 | 85,520 | ||||||
IQVIA Holdings, Inc.* |
1,058 | 220,307 | ||||||
Lonza Group AG (Registered) |
230 | 113,894 | ||||||
QIAGEN NV*(a) |
714 | 31,334 | ||||||
Sartorius AG (Preference) |
92 | 34,068 | ||||||
Siegfried Holding AG (Registered) |
23 | 23,138 | ||||||
Tecan Group AG (Registered) |
46 | 17,835 | ||||||
Wuxi Biologics Cayman, Inc.*(b) |
11,500 | 30,158 | ||||||
|
|
|||||||
599,376 | ||||||||
|
|
|||||||
Machinery - 1.1% |
| |||||||
Aalberts NV |
230 | 9,239 | ||||||
Alfa Laval AB |
621 | 23,085 | ||||||
Alstom SA(a) |
1,649 | 21,047 | ||||||
ANDRITZ AG |
299 | 18,562 | ||||||
Atlas Copco AB, Class A |
6,716 | 108,517 | ||||||
Bucher Industries AG (Registered) |
46 | 19,669 | ||||||
Cummins, Inc. |
552 | 132,094 | ||||||
Daimler Truck Holding AG |
1,564 | 56,505 | ||||||
Ebara Corp. |
300 | 19,195 | ||||||
Epiroc AB, Class A |
2,576 | 45,986 | ||||||
FANUC Corp. |
4,600 | 129,558 | ||||||
Fortive Corp. |
1,472 | 115,081 | ||||||
Georg Fischer AG (Registered) |
506 | 34,270 | ||||||
Husqvarna AB, Class B(a) |
1,242 | 9,785 | ||||||
IMI plc |
667 | 14,312 | ||||||
Indutrade AB |
690 | 16,982 | ||||||
Interpump Group SpA |
322 | 16,104 | ||||||
KION Group AG |
322 | 14,900 | ||||||
Knorr-Bremse AG |
92 | 5,750 | ||||||
Komatsu Ltd. |
3,300 | 95,834 | ||||||
Kone OYJ, Class B |
1,564 | 78,047 | ||||||
Metso OYJ |
3,864 | 38,993 | ||||||
MINEBEA MITSUMI, Inc. |
2,300 | 48,620 | ||||||
Otis Worldwide Corp. |
1,702 | 150,525 | ||||||
Rotork plc |
7,199 | 28,731 | ||||||
Sandvik AB |
2,898 | 61,537 |
Investments |
Shares | Value ($) | ||||||
Schindler Holding AG |
184 | 46,330 | ||||||
Seatrium Ltd.* |
138,000 | 10,327 | ||||||
SFS Group AG |
23 | 2,794 | ||||||
SKF AB, Class B |
782 | 15,583 | ||||||
Spirax-Sarco Engineering plc |
414 | 52,747 | ||||||
Stanley Black & Decker, Inc. |
736 | 68,669 | ||||||
Techtronic Industries Co. Ltd. |
4,500 | 47,894 | ||||||
Trelleborg AB, Class B |
966 | 29,703 | ||||||
Valmet OYJ(a) |
552 | 15,740 | ||||||
Volvo AB, Class B |
6,946 | 167,997 | ||||||
Wartsila OYJ Abp |
3,427 | 50,999 | ||||||
Weir Group plc (The) |
1,035 | 23,981 | ||||||
|
|
|||||||
1,845,692 | ||||||||
|
|
|||||||
Marine Transportation - 0.1% |
| |||||||
AP Moller - Maersk A/S, Class B |
23 | 42,652 | ||||||
Mitsui OSK Lines Ltd. |
1,400 | 50,857 | ||||||
Nippon Yusen KK |
2,300 | 80,215 | ||||||
|
|
|||||||
173,724 | ||||||||
|
|
|||||||
Media - 0.3% |
| |||||||
Dentsu Group, Inc. |
1,200 | 32,279 | ||||||
Informa plc |
7,958 | 78,783 | ||||||
Interpublic Group of Cos., Inc. (The) |
1,656 | 54,631 | ||||||
ITV plc |
19,343 | 14,779 | ||||||
Omnicom Group, Inc. |
1,886 | 170,457 | ||||||
Publicis Groupe SA |
1,380 | 139,559 | ||||||
SES SA, Class A, ADR |
3,036 | 18,798 | ||||||
Vivendi SE |
4,554 | 51,719 | ||||||
WPP plc(a) |
1,426 | 14,008 | ||||||
|
|
|||||||
575,013 | ||||||||
|
|
|||||||
Metals & Mining - 1.1% |
| |||||||
Anglo American plc |
3,358 | 81,103 | ||||||
Antofagasta plc |
1,679 | 37,096 | ||||||
Aurubis AG |
184 | 13,403 | ||||||
BHP Group Ltd. |
25,346 | 792,008 | ||||||
BlueScope Steel Ltd. |
598 | 9,333 | ||||||
Boliden AB |
1,518 | 40,689 | ||||||
Fortescue Ltd. |
9,936 | 196,258 | ||||||
IGO Ltd. |
1,311 | 6,552 | ||||||
Iluka Resources Ltd. |
2,162 | 10,362 | ||||||
Mineral Resources Ltd. |
1,242 | 49,220 | ||||||
Newmont Corp. |
4,232 | 146,046 | ||||||
Norsk Hydro ASA |
7,728 | 45,777 | ||||||
Northern Star Resources Ltd. |
7,291 | 63,379 | ||||||
Rio Tinto Ltd. |
1,518 | 133,382 | ||||||
Rio Tinto plc |
3,312 | 232,098 | ||||||
Sims Ltd. |
138 | 1,325 | ||||||
South32 Ltd. |
29,992 | 66,418 | ||||||
SSAB AB, Class B |
3,358 | 25,935 | ||||||
thyssenkrupp AG |
1,426 | 8,925 | ||||||
voestalpine AG |
782 | 23,445 | ||||||
|
|
|||||||
1,982,754 | ||||||||
|
|
|||||||
Multi-Utilities - 0.4% |
| |||||||
A2A SpA |
10,971 | 21,934 | ||||||
AGL Energy Ltd. |
3,956 | 22,673 | ||||||
Centrica plc |
14,122 | 24,898 | ||||||
Engie SA |
9,246 | 148,744 | ||||||
Hera SpA |
8,119 | 28,839 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
National Grid plc |
14,582 | 195,908 | ||||||
Public Service Enterprise Group, Inc. |
3,082 | 178,725 | ||||||
|
|
|||||||
621,721 | ||||||||
|
|
|||||||
Office REITs - 0.1% |
| |||||||
Alexandria Real Estate Equities, Inc., REIT(a) |
920 | 111,228 | ||||||
Dexus, REIT |
5,152 | 26,565 | ||||||
Gecina SA, REIT |
184 | 20,526 | ||||||
|
|
|||||||
158,319 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 5.5% |
| |||||||
Aker BP ASA |
920 | 24,706 | ||||||
Ampol Ltd. |
1,564 | 37,602 | ||||||
BP plc |
54,280 | 319,659 | ||||||
Chevron Corp.(a) |
20,240 | 2,983,983 | ||||||
Coterra Energy, Inc. |
3,956 | 98,425 | ||||||
Eni SpA |
12,282 | 197,638 | ||||||
Equinor ASA |
4,324 | 125,152 | ||||||
Exxon Mobil Corp. |
37,720 | 3,877,993 | ||||||
Galp Energia SGPS SA |
1,150 | 18,257 | ||||||
Gaztransport Et Technigaz SA |
184 | 26,003 | ||||||
Marathon Oil Corp. |
2,576 | 58,862 | ||||||
Neste OYJ |
782 | 27,225 | ||||||
OMV AG(a) |
276 | 12,385 | ||||||
ORLEN SA |
2,070 | 32,563 | ||||||
Pembina Pipeline Corp. |
2,254 | 78,128 | ||||||
Shell plc |
31,832 | 1,004,995 | ||||||
Suncor Energy, Inc. |
4,554 | 151,749 | ||||||
TC Energy Corp. |
3,910 | 155,224 | ||||||
TotalEnergies SE |
6,210 | 405,411 | ||||||
Woodside Energy Group Ltd. |
3,818 | 81,799 | ||||||
|
|
|||||||
9,717,759 | ||||||||
|
|
|||||||
Paper & Forest Products - 0.1% |
| |||||||
Holmen AB, Class B(a) |
460 | 18,325 | ||||||
Mondi plc |
2,300 | 41,415 | ||||||
Oji Holdings Corp. |
4,600 | 18,208 | ||||||
Stora Enso OYJ, Class R |
1,610 | 20,663 | ||||||
|
|
|||||||
98,611 | ||||||||
|
|
|||||||
Passenger Airlines - 0.1% |
| |||||||
ANA Holdings, Inc.* |
2,300 | 51,452 | ||||||
International Consolidated Airlines Group SA* |
16,330 | 30,788 | ||||||
Qantas Airways Ltd.* |
11,914 | 43,789 | ||||||
Singapore Airlines Ltd. |
6,900 | 34,491 | ||||||
|
|
|||||||
160,520 | ||||||||
|
|
|||||||
Personal Care Products - 0.9% |
| |||||||
Beiersdorf AG |
437 | 64,487 | ||||||
Estee Lauder Cos., Inc. (The), Class A |
1,334 | 176,074 | ||||||
Haleon plc |
27,232 | 111,492 | ||||||
Kao Corp. |
2,800 | 112,306 | ||||||
LOreal SA |
1,242 | 599,955 | ||||||
Shiseido Co. Ltd. |
3,400 | 96,063 | ||||||
Unilever plc |
9,936 | 487,161 | ||||||
|
|
|||||||
1,647,538 | ||||||||
|
|
|||||||
Pharmaceuticals - 6.9% |
| |||||||
Astellas Pharma, Inc. |
13,800 | 162,853 | ||||||
AstraZeneca plc |
7,452 | 996,424 |
Investments |
Shares | Value ($) | ||||||
Bristol-Myers Squibb Co. |
11,546 | 564,253 | ||||||
Chugai Pharmaceutical Co. Ltd. |
2,300 | 84,133 | ||||||
Daiichi Sankyo Co. Ltd. |
6,900 | 208,782 | ||||||
Eisai Co. Ltd. |
1,300 | 62,236 | ||||||
Eli Lilly & Co. |
3,220 | 2,078,864 | ||||||
GSK plc |
16,192 | 323,317 | ||||||
Hikma Pharmaceuticals plc |
828 | 20,366 | ||||||
Ipsen SA |
115 | 13,366 | ||||||
Merck & Co., Inc. |
19,320 | 2,333,470 | ||||||
Merck KGaA |
552 | 91,381 | ||||||
Novartis AG (Registered) |
7,314 | 762,221 | ||||||
Novo Nordisk A/S, Class B |
11,638 | 1,314,105 | ||||||
Ono Pharmaceutical Co. Ltd. |
2,300 | 42,043 | ||||||
Orion OYJ, Class B |
782 | 36,288 | ||||||
Pfizer, Inc. |
21,344 | 577,995 | ||||||
Roche Holding AG |
2,530 | 728,756 | ||||||
Sanofi SA |
5,888 | 597,116 | ||||||
Santen Pharmaceutical Co. Ltd. |
2,300 | 23,523 | ||||||
Shionogi & Co. Ltd. |
3,400 | 165,377 | ||||||
Takeda Pharmaceutical Co. Ltd. |
4,600 | 137,268 | ||||||
UCB SA |
414 | 39,259 | ||||||
Zoetis, Inc., Class A |
3,496 | 656,584 | ||||||
|
|
|||||||
12,019,980 | ||||||||
|
|
|||||||
Professional Services - 0.9% |
| |||||||
Adecco Group AG (Registered) |
1,012 | 44,286 | ||||||
ALS Ltd. |
2,392 | 20,034 | ||||||
Arcadis NV |
506 | 28,004 | ||||||
Automatic Data Processing, Inc. |
1,564 | 384,400 | ||||||
Bureau Veritas SA |
1,380 | 37,026 | ||||||
Computershare Ltd. |
3,772 | 63,310 | ||||||
DKSH Holding AG |
138 | 9,741 | ||||||
Experian plc |
1,518 | 63,715 | ||||||
Intertek Group plc |
552 | 31,583 | ||||||
Randstad NV |
552 | 31,635 | ||||||
RELX plc |
9,200 | 382,167 | ||||||
SGS SA (Registered) |
644 | 60,087 | ||||||
Teleperformance SE |
322 | 50,944 | ||||||
Verisk Analytics, Inc., Class A |
828 | 199,987 | ||||||
Wolters Kluwer NV |
1,104 | 163,694 | ||||||
|
|
|||||||
1,570,613 | ||||||||
|
|
|||||||
Real Estate Management & Development - 0.5% |
| |||||||
Castellum AB*(a) |
736 | 9,648 | ||||||
CBRE Group, Inc., Class A* |
2,898 | 250,126 | ||||||
City Developments Ltd. |
4,600 | 21,032 | ||||||
CK Asset Holdings Ltd. |
11,500 | 51,857 | ||||||
Daito Trust Construction Co. Ltd. |
300 | 34,531 | ||||||
Daiwa House Industry Co. Ltd. |
3,800 | 119,167 | ||||||
Fabege AB |
2,300 | 21,806 | ||||||
Hongkong Land Holdings Ltd. |
4,600 | 14,398 | ||||||
Kojamo OYJ |
1,012 | 12,158 | ||||||
Mitsubishi Estate Co. Ltd. |
4,600 | 64,905 | ||||||
Mitsui Fudosan Co. Ltd. |
2,300 | 58,658 | ||||||
Sagax AB, Class B |
552 | 13,586 | ||||||
Swiss Prime Site AG (Registered) |
460 | 47,027 | ||||||
Tokyu Fudosan Holdings Corp. |
4,600 | 31,261 | ||||||
Vonovia SE |
3,634 | 114,673 | ||||||
Wihlborgs Fastigheter AB |
2,346 | 21,218 | ||||||
|
|
|||||||
886,051 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Residential REITs - 0.1% |
| |||||||
Camden Property Trust, REIT |
460 | 43,167 | ||||||
Equity Residential, REIT |
1,196 | 71,987 | ||||||
Essex Property Trust, Inc., REIT |
322 | 75,113 | ||||||
|
|
|||||||
190,267 | ||||||||
|
|
|||||||
Retail REITs - 0.2% |
| |||||||
CapitaLand Integrated Commercial Trust, REIT |
27,600 | 41,513 | ||||||
Klepierre SA, REIT |
644 | 16,852 | ||||||
Link REIT, REIT |
9,200 | 46,134 | ||||||
Region RE Ltd., REIT |
12,512 | 18,775 | ||||||
Simon Property Group, Inc., REIT |
1,288 | 178,530 | ||||||
Unibail-Rodamco-Westfield, REIT* |
322 | 23,428 | ||||||
Vicinity Ltd., REIT |
17,802 | 24,124 | ||||||
|
|
|||||||
349,356 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 7.5% |
| |||||||
Advanced Micro Devices, Inc.* |
9,200 | 1,542,748 | ||||||
Advantest Corp. |
2,400 | 95,606 | ||||||
AIXTRON SE |
253 | 9,556 | ||||||
Applied Materials, Inc. |
6,348 | 1,042,976 | ||||||
ASM International NV |
276 | 154,759 | ||||||
ASML Holding NV |
1,472 | 1,276,290 | ||||||
BE Semiconductor Industries NV |
322 | 48,898 | ||||||
Broadcom, Inc. |
2,668 | 3,148,240 | ||||||
Infineon Technologies AG |
4,646 | 170,302 | ||||||
Intel Corp. |
32,016 | 1,379,249 | ||||||
KLA Corp. |
506 | 300,584 | ||||||
Lam Research Corp. |
736 | 607,325 | ||||||
Marvell Technology, Inc. |
3,220 | 217,994 | ||||||
Micron Technology, Inc. |
10,396 | 891,457 | ||||||
QUALCOMM, Inc. |
4,232 | 628,494 | ||||||
Renesas Electronics Corp.* |
9,200 | 155,583 | ||||||
Rohm Co. Ltd. |
2,400 | 42,352 | ||||||
SOITEC* |
161 | 23,680 | ||||||
STMicroelectronics NV(a) |
2,806 | 124,679 | ||||||
SUMCO Corp. |
2,300 | 35,497 | ||||||
Texas Instruments, Inc. |
5,198 | 832,304 | ||||||
Tokyo Electron Ltd. |
2,300 | 438,444 | ||||||
|
|
|||||||
13,167,017 | ||||||||
|
|
|||||||
Software - 9.9% |
| |||||||
Adobe, Inc.* |
2,576 | 1,591,401 | ||||||
Autodesk, Inc.* |
2,024 | 513,711 | ||||||
Crowdstrike Holdings, Inc., Class A* |
1,702 | 497,835 | ||||||
Dassault Systemes SE |
2,392 | 125,330 | ||||||
DocuSign, Inc., Class A* |
1,104 | 67,256 | ||||||
Gen Digital, Inc. |
4,922 | 115,569 | ||||||
HubSpot, Inc.* |
368 | 224,848 | ||||||
Intuit, Inc. |
1,610 | 1,016,441 | ||||||
Microsoft Corp. |
22,034 | 8,760,278 | ||||||
Oracle Corp. |
9,062 | 1,012,225 | ||||||
Palo Alto Networks, Inc.* |
1,794 | 607,287 | ||||||
Sage Group plc (The) |
3,956 | 59,345 | ||||||
Salesforce, Inc.* |
3,680 | 1,034,411 | ||||||
SAP SE |
4,600 | 803,477 | ||||||
Splunk, Inc.* |
874 | 134,045 | ||||||
Synopsys, Inc.* |
874 | 466,148 |
Investments |
Shares | Value ($) | ||||||
Temenos AG (Registered) |
230 | 23,696 | ||||||
WiseTech Global Ltd. |
1,242 | 59,927 | ||||||
Workday, Inc., Class A* |
782 | 227,617 | ||||||
Xero Ltd.* |
690 | 50,534 | ||||||
|
|
|||||||
17,391,381 | ||||||||
|
|
|||||||
Specialized REITs - 0.6% |
| |||||||
American Tower Corp., REIT |
2,668 | 521,994 | ||||||
Big Yellow Group plc, REIT(a) |
874 | 12,777 | ||||||
Crown Castle, Inc., REIT |
1,656 | 179,262 | ||||||
Iron Mountain, Inc., REIT(a) |
1,426 | 96,283 | ||||||
Keppel DC REIT, REIT |
2,300 | 2,909 | ||||||
Safestore Holdings plc, REIT |
230 | 2,425 | ||||||
Weyerhaeuser Co., REIT |
5,658 | 185,413 | ||||||
|
|
|||||||
1,001,063 | ||||||||
|
|
|||||||
Specialty Retail - 2.1% |
| |||||||
Best Buy Co., Inc. |
1,518 | 110,040 | ||||||
Burlington Stores, Inc.*(a) |
230 | 43,965 | ||||||
H & M Hennes & Mauritz AB, Class B(a) |
2,668 | 38,082 | ||||||
Home Depot, Inc. (The) |
3,818 | 1,347,601 | ||||||
Industria de Diseno Textil SA |
3,036 | 130,958 | ||||||
JB Hi-Fi Ltd. |
874 | 33,042 | ||||||
Kingfisher plc(a) |
11,270 | 31,631 | ||||||
Lowes Cos., Inc. |
3,312 | 704,926 | ||||||
Nitori Holdings Co. Ltd. |
600 | 79,076 | ||||||
Ross Stores, Inc. |
1,932 | 271,021 | ||||||
TJX Cos., Inc. (The) |
6,578 | 624,318 | ||||||
Tractor Supply Co. |
552 | 123,979 | ||||||
Watches of Switzerland Group plc*(d) |
1,472 | 7,011 | ||||||
Williams-Sonoma, Inc.(a) |
644 | 124,543 | ||||||
Zalando SE*(b) |
414 | 8,401 | ||||||
|
|
|||||||
3,678,594 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 4.9% |
| |||||||
Apple, Inc. |
41,998 | 7,744,431 | ||||||
Brother Industries Ltd. |
900 | 15,294 | ||||||
FUJIFILM Holdings Corp. |
2,000 | 128,750 | ||||||
Hewlett Packard Enterprise Co. |
9,614 | 146,998 | ||||||
HP, Inc. |
6,486 | 186,213 | ||||||
Konica Minolta, Inc.* |
4,600 | 12,824 | ||||||
Logitech International SA (Registered) |
414 | 34,969 | ||||||
NetApp, Inc. |
1,058 | 92,258 | ||||||
Ricoh Co. Ltd. |
2,300 | 18,378 | ||||||
Seiko Epson Corp. |
2,300 | 34,089 | ||||||
Western Digital Corp.* |
2,622 | 150,109 | ||||||
|
|
|||||||
8,564,313 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 1.7% |
| |||||||
adidas AG |
368 | 70,402 | ||||||
Asics Corp. |
1,300 | 40,279 | ||||||
Burberry Group plc |
2,162 | 36,012 | ||||||
Christian Dior SE |
23 | 18,413 | ||||||
Cie Financiere Richemont SA (Registered) |
874 | 131,429 | ||||||
Deckers Outdoor Corp.* |
138 | 104,015 | ||||||
Hermes International SCA |
92 | 195,653 | ||||||
HUGO BOSS AG |
391 | 24,694 | ||||||
Kering SA |
368 | 153,200 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
Investments |
Shares |
Value ($) | ||||||
Lululemon Athletica, Inc.* |
1,150 | 521,893 | ||||||
LVMH Moet Hennessy Louis Vuitton SE |
1,334 | 1,120,991 | ||||||
Moncler SpA |
782 | 48,673 | ||||||
NIKE, Inc., Class B |
4,646 | 471,708 | ||||||
Pandora A/S |
506 | 74,405 | ||||||
Puma SE |
598 | 24,424 | ||||||
Swatch Group AG (The) |
69 | 16,384 | ||||||
|
|
|||||||
3,052,575 | ||||||||
|
|
|||||||
Trading Companies & Distributors - 1.0% |
| |||||||
Ashtead Group plc |
2,070 | 137,127 | ||||||
Beijer Ref AB, Class B(a) |
1,656 | 22,887 | ||||||
Bunzl plc |
736 | 30,133 | ||||||
Diploma plc |
805 | 33,419 | ||||||
Ferguson plc |
2,300 | 432,078 | ||||||
Grafton Group plc |
1,150 | 14,233 | ||||||
IMCD NV |
184 | 28,381 | ||||||
ITOCHU Corp.(a) |
6,900 | 318,719 | ||||||
Mitsui & Co. Ltd. |
7,600 | 313,567 | ||||||
Rexel SA |
1,219 | 32,825 | ||||||
RS GROUP plc |
2,070 | 20,709 | ||||||
Sojitz Corp. |
1,599 | 38,330 | ||||||
Sumitomo Corp. |
6,900 | 161,201 | ||||||
Toyota Tsusho Corp. |
1,300 | 87,031 | ||||||
Travis Perkins plc |
2,070 | 20,825 | ||||||
|
|
|||||||
1,691,465 | ||||||||
|
|
|||||||
Transportation Infrastructure - 0.2% |
| |||||||
Aena SME SA(b) |
276 | 49,243 | ||||||
Aeroports de Paris SA |
92 | 12,432 | ||||||
Auckland International Airport Ltd. |
5,553 | 28,832 | ||||||
Flughafen Zurich AG (Registered) |
46 | 9,582 | ||||||
Getlink SE |
2,047 | 35,577 | ||||||
Qube Holdings Ltd. |
10,166 | 22,042 | ||||||
SATS Ltd.* |
4,600 | 9,466 | ||||||
Transurban Group |
13,294 | 118,726 | ||||||
|
|
|||||||
285,900 | ||||||||
|
|
|||||||
Water Utilities - 0.2% |
| |||||||
American Water Works Co., Inc. |
1,564 | 193,967 | ||||||
Pennon Group plc |
3,128 | 28,123 | ||||||
Severn Trent plc |
1,702 | 56,309 | ||||||
United Utilities Group plc(a) |
1,794 | 24,365 | ||||||
|
|
|||||||
302,764 | ||||||||
|
|
|||||||
Wireless Telecommunication Services - 0.1% |
| |||||||
Millicom International Cellular SA, SDR* |
414 | 7,172 | ||||||
Tele2 AB, Class B |
1,978 | 17,011 | ||||||
Vodafone Group plc |
105,156 | 90,149 | ||||||
|
|
|||||||
114,332 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
173,736,584 | ||||||
|
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 0.2%(e) |
| |||||||
REPURCHASE AGREEMENTS - 0.2% |
| |||||||
CF Secured LLC, 5.31%, dated 1/31/2024, due 2/1/2024, repurchase price $305,989, collateralized by
various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 3/31/2024 - 5/15/2053; total market value $2,425,216 |
305,943 | 305,943 | ||||||
|
|
|||||||
Total Investments - 99.3% |
|
174,042,527 | ||||||
Other assets less liabilities - 0.7% |
|
1,185,317 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
175,227,844 | ||||||
|
|
* | Non-income producing security. |
(a) | The security or a portion of this security is on loan at January 31, 2024. The total value of securities on loan at January 31, 2024 was $6,622,894, collateralized in the form of cash with a value of $305,943 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $6,031,299 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 7.63%, and maturity dates ranging from February 6, 2024 November 15, 2053 and $671,207 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 5.75%, and maturity dates ranging from February 21, 2024 September 20, 2117; a total value of $7,008,449. |
(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 exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(e) | The security was purchased with cash collateral held from securities on loan at January 31, 2024. The total value of securities purchased was $305,943. |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
Percentages shown are based on Net Assets.
Abbreviations
ADR | American Depositary Receipt | |
CVA | Dutch Certification | |
OYJ | Public Limited Company | |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
REIT | Real Estate Investment Trust | |
SCA | Limited partnership with share capital | |
SDR | Swedish Depositary Receipt |
Futures Contracts
FlexShares® STOXX® Global ESG Select Index Fund had the following open futures contracts as of January 31, 2024:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||
Long Contracts |
|
|||||||||||||||||
EURO STOXX 50 Index |
3 | 03/15/2024 | EUR | $ | 152,021 | $ | 4,172 | |||||||||||
MSCI EAFE E-Mini Index |
7 | 03/15/2024 | USD | 781,550 | 23,565 | |||||||||||||
S&P 500 E-Mini Index |
2 | 03/15/2024 | USD | 487,050 | 22,875 | |||||||||||||
|
|
|||||||||||||||||
$ | 50,612 | |||||||||||||||||
|
|
Forward Foreign Currency Contracts
FlexShares® STOXX® Global ESG Select Index Fund had the following outstanding contracts as of January 31, 2024:
Contracts to Receive |
Counterparty |
In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
USD |
328,761 | Toronto-Dominion Bank (The) | EUR | 300,000 | 03/20/2024 | $ | 2,231 | |||||||||||||||
USD |
178,990 | Toronto-Dominion Bank (The) | JPY | 25,000,000 | 03/21/2024 | 6,660 | ||||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized appreciation |
|
$ | 8,891 | |||||||||||||||||||
|
|
|||||||||||||||||||||
USD |
148,135 | Citibank NA | CHF | 127,546 | 03/20/2024 | $ | (1,303 | ) | ||||||||||||||
USD |
63,677 | Citibank NA | GBP | 50,000 | 03/20/2024 | (18 | ) | |||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized depreciation |
|
$ | (1,321 | ) | ||||||||||||||||||
|
|
|||||||||||||||||||||
Net unrealized appreciation |
|
$ | 7,570 | |||||||||||||||||||
|
|
Abbreviations: |
CHF Swiss Franc |
EUR Euro |
GBP British Pound |
JPY Japanese Yen |
USD US Dollar |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
FlexShares® STOXX® Global ESG Select Index invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2024:
Australia |
3.2 | % | ||
Austria |
0.1 | |||
Belgium |
0.3 | |||
Canada |
1.7 | |||
Denmark |
1.2 | |||
Finland |
0.4 | |||
France |
4.2 | |||
Germany |
2.3 | |||
Hong Kong |
0.2 | |||
Ireland |
0.1 | |||
Italy |
1.1 | |||
Japan |
6.6 | |||
Luxembourg |
0.0 | | ||
Netherlands |
2.2 | |||
New Zealand |
0.1 | |||
Norway |
0.2 | |||
Poland |
0.0 | | ||
Portugal |
0.1 | |||
Singapore |
0.3 | |||
Spain |
0.9 | |||
Sweden |
0.9 | |||
Switzerland |
2.0 | |||
United Kingdom |
4.4 | |||
United States |
66.6 | |||
Other1 |
0.9 | |||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
1 | Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
Security Type |
% of Net Assets | |||
Common Stocks |
99.1 | % | ||
Securities Lending Reinvestments |
0.2 | |||
Others(1) |
0.7 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® ESG & Climate US Large Cap Core Index Fund
January 31, 2024 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 98.8% |
| |||||||
Aerospace & Defense - 0.2% |
| |||||||
Axon Enterprise, Inc.* |
352 | 87,669 | ||||||
|
|
|||||||
Air Freight & Logistics - 0.1% |
| |||||||
United Parcel Service, Inc., Class B |
352 | 49,949 | ||||||
|
|
|||||||
Automobiles - 1.8% |
| |||||||
Tesla, Inc.* |
4,160 | 779,126 | ||||||
|
|
|||||||
Banks - 3.4% |
| |||||||
Bank of America Corp. |
12,416 | 422,268 | ||||||
Citigroup, Inc. |
7,104 | 399,032 | ||||||
JPMorgan Chase & Co. |
3,840 | 669,542 | ||||||
|
|
|||||||
1,490,842 | ||||||||
|
|
|||||||
Beverages - 1.1% |
| |||||||
PepsiCo, Inc. |
2,848 | 479,973 | ||||||
|
|
|||||||
Biotechnology - 2.9% |
| |||||||
AbbVie, Inc. |
1,344 | 220,954 | ||||||
Amgen, Inc. |
1,664 | 522,929 | ||||||
Biogen, Inc.* |
736 | 181,542 | ||||||
Regeneron Pharmaceuticals, Inc.* |
384 | 362,027 | ||||||
|
|
|||||||
1,287,452 | ||||||||
|
|
|||||||
Broadline Retail - 3.8% |
| |||||||
Amazon.com, Inc.* |
9,888 | 1,534,618 | ||||||
eBay, Inc. |
2,656 | 109,082 | ||||||
Etsy, Inc.* |
608 | 40,468 | ||||||
|
|
|||||||
1,684,168 | ||||||||
|
|
|||||||
Building Products - 1.2% |
| |||||||
Johnson Controls International plc |
3,392 | 178,725 | ||||||
Owens Corning |
448 | 67,885 | ||||||
Trane Technologies plc |
1,152 | 290,362 | ||||||
|
|
|||||||
536,972 | ||||||||
|
|
|||||||
Capital Markets - 3.7% |
| |||||||
BlackRock, Inc. |
32 | 24,778 | ||||||
Goldman Sachs Group, Inc. (The) |
256 | 98,307 | ||||||
Moodys Corp. |
832 | 326,177 | ||||||
Morgan Stanley |
5,088 | 443,877 | ||||||
MSCI, Inc. |
384 | 229,870 | ||||||
Nasdaq, Inc. |
224 | 12,940 | ||||||
S&P Global, Inc. |
1,088 | 487,805 | ||||||
|
|
|||||||
1,623,754 | ||||||||
|
|
|||||||
Chemicals - 1.1% |
| |||||||
Ecolab, Inc. |
1,312 | 260,065 | ||||||
International Flavors & Fragrances, Inc. |
1,280 | 103,270 | ||||||
PPG Industries, Inc. |
800 | 112,832 | ||||||
|
|
|||||||
476,167 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 1.4% |
| |||||||
Cintas Corp. |
480 | 290,194 |
Investments |
Shares | Value ($) | ||||||
Waste Management, Inc. |
1,696 | 314,828 | ||||||
|
|
|||||||
605,022 | ||||||||
|
|
|||||||
Communications Equipment - 0.3% |
| |||||||
Cisco Systems, Inc. |
2,400 | 120,432 | ||||||
|
|
|||||||
Consumer Finance - 0.1% |
| |||||||
American Express Co. |
288 | 57,813 | ||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 2.0% |
| |||||||
Kroger Co. (The) |
3,392 | 156,507 | ||||||
Sysco Corp. |
2,592 | 209,770 | ||||||
Target Corp. |
1,824 | 253,682 | ||||||
Walgreens Boots Alliance, Inc. |
3,840 | 86,669 | ||||||
Walmart, Inc. |
1,152 | 190,368 | ||||||
|
|
|||||||
896,996 | ||||||||
|
|
|||||||
Containers & Packaging - 0.2% |
| |||||||
Avery Dennison Corp. |
416 | 82,971 | ||||||
Ball Corp. |
256 | 14,195 | ||||||
|
|
|||||||
97,166 | ||||||||
|
|
|||||||
Diversified Telecommunication Services - 1.4% |
| |||||||
AT&T, Inc.(a) |
18,720 | 331,157 | ||||||
Verizon Communications, Inc. |
6,944 | 294,078 | ||||||
|
|
|||||||
625,235 | ||||||||
|
|
|||||||
Electric Utilities - 0.9% |
| |||||||
Eversource Energy(a) |
1,792 | 97,162 | ||||||
Exelon Corp. |
4,992 | 173,772 | ||||||
NextEra Energy, Inc. |
800 | 46,904 | ||||||
PG&E Corp. |
3,584 | 60,462 | ||||||
|
|
|||||||
378,300 | ||||||||
|
|
|||||||
Electrical Equipment - 0.2% |
| |||||||
Rockwell Automation, Inc. |
256 | 64,840 | ||||||
|
|
|||||||
Energy Equipment & Services - 0.6% |
| |||||||
Baker Hughes Co. |
3,360 | 95,760 | ||||||
Schlumberger NV(a) |
3,648 | 177,658 | ||||||
|
|
|||||||
273,418 | ||||||||
|
|
|||||||
Entertainment - 0.7% |
| |||||||
Walt Disney Co. (The) |
3,232 | 310,434 | ||||||
|
|
|||||||
Financial Services - 4.5% |
| |||||||
Berkshire Hathaway, Inc., Class B* |
736 | 282,433 | ||||||
Mastercard, Inc., Class A |
1,600 | 718,768 | ||||||
PayPal Holdings, Inc.* |
3,488 | 213,989 | ||||||
Visa, Inc., Class A(a) |
2,848 | 778,244 | ||||||
|
|
|||||||
1,993,434 | ||||||||
|
|
|||||||
Food Products - 0.2% |
| |||||||
Mondelez International, Inc., Class A |
1,088 | 81,894 | ||||||
|
|
|||||||
Ground Transportation - 1.8% |
| |||||||
CSX Corp. |
10,080 | 359,856 | ||||||
Norfolk Southern Corp. |
1,152 | 270,996 | ||||||
Union Pacific Corp. |
672 | 163,921 | ||||||
|
|
|||||||
794,773 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate US Large Cap Core Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Health Care Equipment & Supplies - 2.0% |
| |||||||
Abbott Laboratories |
224 | 25,346 | ||||||
Boston Scientific Corp.* |
7,072 | 447,375 | ||||||
Medtronic plc |
4,640 | 406,185 | ||||||
|
|
|||||||
878,906 | ||||||||
|
|
|||||||
Health Care Providers & Services - 2.9% |
| |||||||
Cencora, Inc. |
512 | 119,132 | ||||||
Cigna Group (The) |
1,376 | 414,107 | ||||||
CVS Health Corp. |
2,624 | 195,147 | ||||||
Elevance Health, Inc. |
896 | 442,123 | ||||||
UnitedHealth Group, Inc. |
192 | 98,254 | ||||||
|
|
|||||||
1,268,763 | ||||||||
|
|
|||||||
Hotel & Resort REITs - 0.2% |
| |||||||
Host Hotels & Resorts, Inc., REIT |
3,648 | 70,115 | ||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 1.5% |
| |||||||
Airbnb, Inc., Class A* |
192 | 27,675 | ||||||
Booking Holdings, Inc.*(a) |
64 | 224,478 | ||||||
Caesars Entertainment, Inc.* |
1,152 | 50,538 | ||||||
Las Vegas Sands Corp. |
1,696 | 82,968 | ||||||
McDonalds Corp. |
736 | 215,442 | ||||||
MGM Resorts International* |
1,408 | 61,065 | ||||||
|
|
|||||||
662,166 | ||||||||
|
|
|||||||
Household Products - 1.9% |
| |||||||
Church & Dwight Co., Inc. |
96 | 9,585 | ||||||
Clorox Co. (The) |
608 | 88,312 | ||||||
Colgate-Palmolive Co. |
4,000 | 336,800 | ||||||
Kimberly-Clark Corp. |
576 | 69,679 | ||||||
Procter & Gamble Co. (The) |
2,112 | 331,880 | ||||||
|
|
|||||||
836,256 | ||||||||
|
|
|||||||
Industrial Conglomerates - 0.1% |
| |||||||
3M Co. |
288 | 27,173 | ||||||
|
|
|||||||
Industrial REITs - 1.0% |
| |||||||
Prologis, Inc., REIT |
3,584 | 454,057 | ||||||
|
|
|||||||
Insurance - 1.5% |
| |||||||
Aflac, Inc. |
640 | 53,978 | ||||||
Chubb Ltd. |
1,056 | 258,720 | ||||||
Hartford Financial Services Group, Inc. (The) |
1,568 | 136,353 | ||||||
MetLife, Inc.(a) |
3,264 | 226,260 | ||||||
|
|
|||||||
675,311 | ||||||||
|
|
|||||||
Interactive Media & Services - 6.3% |
| |||||||
Alphabet, Inc., Class A* |
8,256 | 1,156,666 | ||||||
Alphabet, Inc., Class C* |
7,520 | 1,066,336 | ||||||
Meta Platforms, Inc., Class A* |
1,408 | 549,317 | ||||||
|
|
|||||||
2,772,319 | ||||||||
|
|
|||||||
IT Services - 2.4% |
| |||||||
Accenture plc, Class A |
1,120 | 407,545 | ||||||
Akamai Technologies, Inc.* |
768 | 94,641 | ||||||
International Business Machines Corp. |
2,912 | 534,818 | ||||||
|
|
|||||||
1,037,004 | ||||||||
|
|
|||||||
Life Sciences Tools & Services - 0.7% |
| |||||||
Agilent Technologies, Inc. |
192 | 24,979 |
Investments |
Shares | Value ($) | ||||||
Charles River Laboratories International, Inc.* |
256 | 55,368 | ||||||
ICON plc* |
64 | 16,696 | ||||||
Illumina, Inc.* |
800 | 114,408 | ||||||
Mettler-Toledo International, Inc.* |
96 | 114,930 | ||||||
|
|
|||||||
326,381 | ||||||||
|
|
|||||||
Machinery - 2.0% |
| |||||||
CNH Industrial NV |
4,480 | 53,760 | ||||||
Cummins, Inc. |
704 | 168,467 | ||||||
Deere & Co. |
864 | 340,053 | ||||||
Stanley Black & Decker, Inc. |
736 | 68,669 | ||||||
Westinghouse Air Brake Technologies Corp. |
928 | 122,097 | ||||||
Xylem, Inc. |
928 | 104,344 | ||||||
|
|
|||||||
857,390 | ||||||||
|
|
|||||||
Media - 0.5% |
| |||||||
Comcast Corp., Class A |
3,808 | 177,224 | ||||||
Interpublic Group of Cos., Inc. (The) |
1,856 | 61,230 | ||||||
|
|
|||||||
238,454 | ||||||||
|
|
|||||||
Metals & Mining - 0.7% |
| |||||||
Newmont Corp. |
5,856 | 202,091 | ||||||
Nucor Corp. |
96 | 17,945 | ||||||
Steel Dynamics, Inc. |
832 | 100,414 | ||||||
|
|
|||||||
320,450 | ||||||||
|
|
|||||||
Multi-Utilities - 0.9% |
| |||||||
Consolidated Edison, Inc. |
1,728 | 157,075 | ||||||
Sempra |
3,200 | 228,992 | ||||||
|
|
|||||||
386,067 | ||||||||
|
|
|||||||
Office REITs - 0.1% |
| |||||||
Boston Properties, Inc., REIT |
704 | 46,816 | ||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 2.9% |
| |||||||
Cheniere Energy, Inc. |
1,024 | 167,926 | ||||||
EQT Corp. |
1,792 | 63,437 | ||||||
Exxon Mobil Corp. |
192 | 19,740 | ||||||
Marathon Petroleum Corp. |
2,016 | 333,850 | ||||||
ONEOK, Inc. |
1,408 | 96,096 | ||||||
Pioneer Natural Resources Co. |
512 | 117,673 | ||||||
Valero Energy Corp.(a) |
1,696 | 235,574 | ||||||
Williams Cos., Inc. (The) |
6,240 | 216,278 | ||||||
|
|
|||||||
1,250,574 | ||||||||
|
|
|||||||
Personal Care Products - 0.4% |
| |||||||
Estee Lauder Cos., Inc. (The), Class A |
1,184 | 156,276 | ||||||
Kenvue, Inc. |
896 | 18,601 | ||||||
|
|
|||||||
174,877 | ||||||||
|
|
|||||||
Pharmaceuticals - 4.4% |
| |||||||
Bristol-Myers Squibb Co. |
3,072 | 150,128 | ||||||
Eli Lilly & Co. |
128 | 82,638 | ||||||
Johnson & Johnson |
4,672 | 742,381 | ||||||
Merck & Co., Inc. |
5,568 | 672,503 | ||||||
Pfizer, Inc. |
10,336 | 279,899 | ||||||
|
|
|||||||
1,927,549 | ||||||||
|
|
|||||||
Professional Services - 1.4% |
| |||||||
Automatic Data Processing, Inc. |
1,728 | 424,708 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate US Large Cap Core Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Paychex, Inc.(a) |
1,600 | 194,768 | ||||||
|
|
|||||||
619,476 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 7.8% |
| |||||||
Applied Materials, Inc. |
2,784 | 457,411 | ||||||
Broadcom, Inc. |
128 | 151,040 | ||||||
Enphase Energy, Inc.*(a) |
704 | 73,307 | ||||||
First Solar, Inc.* |
512 | 74,905 | ||||||
Intel Corp. |
11,648 | 501,796 | ||||||
NVIDIA Corp. |
3,136 | 1,929,487 | ||||||
QUALCOMM, Inc. |
672 | 99,799 | ||||||
SolarEdge Technologies, Inc.* |
256 | 17,024 | ||||||
Texas Instruments, Inc. |
640 | 102,477 | ||||||
|
|
|||||||
3,407,246 | ||||||||
|
|
|||||||
Software - 11.9% |
| |||||||
Adobe, Inc.* |
960 | 593,069 | ||||||
Autodesk, Inc.* |
576 | 146,195 | ||||||
Cadence Design Systems, Inc.* |
96 | 27,692 | ||||||
Microsoft Corp. |
7,968 | 3,167,917 | ||||||
Salesforce, Inc.* |
2,368 | 665,621 | ||||||
ServiceNow, Inc.* |
416 | 318,406 | ||||||
Workday, Inc., Class A* |
1,024 | 298,056 | ||||||
|
|
|||||||
5,216,956 | ||||||||
|
|
|||||||
Specialized REITs - 1.2% |
| |||||||
Equinix, Inc., REIT |
480 | 398,290 | ||||||
Weyerhaeuser Co., REIT |
3,616 | 118,496 | ||||||
|
|
|||||||
516,786 | ||||||||
|
|
|||||||
Specialty Retail - 2.0% |
| |||||||
Best Buy Co., Inc.(a) |
288 | 20,877 | ||||||
Home Depot, Inc. (The) |
480 | 169,421 | ||||||
Lowes Cos., Inc. |
704 | 149,839 | ||||||
TJX Cos., Inc. (The) |
4,576 | 434,308 | ||||||
Tractor Supply Co. |
544 | 122,183 | ||||||
|
|
|||||||
896,628 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 7.6% |
| |||||||
Apple, Inc. |
16,416 | 3,027,110 | ||||||
Dell Technologies, Inc., Class C |
1,312 | 108,739 | ||||||
Hewlett Packard Enterprise Co. |
6,368 | 97,367 | ||||||
HP, Inc. |
4,416 | 126,783 | ||||||
|
|
|||||||
3,359,999 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 0.9% |
| |||||||
NIKE, Inc., Class B |
4,032 | 409,369 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
43,432,917 | ||||||
|
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 0.2%(b) |
| |||||||
REPURCHASE AGREEMENTS - 0.2% |
| |||||||
CF Secured LLC, 5.31%, dated 1/31/2024, due 2/1/2024, repurchase price $73,899, collateralized by
various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 3/31/2024 - 5/15/2053; total market value $585,715 |
73,889 | 73,889 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
SHORT-TERM INVESTMENTS - 0.1%(c)(d) |
| |||||||
U.S. TREASURY OBLIGATIONS - 0.1% |
| |||||||
U.S. Treasury Bills 5.38%, 4/11/2024 |
35,000 | 34,645 | ||||||
|
|
|||||||
Total Investments - 99.1% |
|
43,541,451 | ||||||
Other assets less liabilities - 0.9% |
|
414,420 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
43,955,871 | ||||||
|
|
* | Non-income producing security. |
(a) | The security or a portion of this security is on loan at January 31, 2024. The total value of securities on loan at January 31, 2024 was $2,253,042, collateralized in the form of cash with a value of $73,889 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $2,252,201 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 7.63%, and maturity dates ranging from February 13, 2024 August 15, 2053; a total value of $2,326,089. |
(b) | The security was purchased with cash collateral held from securities on loan at January 31, 2024. The total value of securities purchased was $73,889. |
(c) | The rate shown was the current yield as of January 31, 2024. |
(d) | All or a portion of the security pledged as collateral for Futures Contracts. |
Percentages shown are based on Net Assets.
Abbreviations | ||
REIT | Real Estate Investment Trust |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate US Large Cap Core Index Fund (cont.)
Futures Contracts
FlexShares® ESG & Climate US Large Cap Core Index Fund had the following open futures contracts as of January 31, 2024:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||
Long Contracts |
|
|||||||||||||||||
S&P 500 Micro E-Mini Index |
20 | 03/15/2024 | USD | $ | 487,050 | $ | 21,131 |
Abbreviations:
USD US Dollar
Security Type |
% of Net Assets | |||
Common Stocks |
98.8 | % | ||
Securities Lending Reinvestments |
0.2 | |||
Short-Term Investments |
0.1 | |||
Others(1) |
0.9 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund
January 31, 2024 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 98.7% |
| |||||||
Air Freight & Logistics - 1.0% |
| |||||||
Deutsche Post AG |
9,480 | 458,451 | ||||||
|
|
|||||||
Automobile Components - 0.4% |
| |||||||
Bridgestone Corp. |
4,400 | 193,970 | ||||||
|
|
|||||||
Automobiles - 2.5% |
| |||||||
Honda Motor Co. Ltd. |
2,600 | 29,802 | ||||||
Mercedes-Benz Group AG |
3,820 | 260,795 | ||||||
Porsche Automobil Holding SE (Preference) |
2,020 | 102,031 | ||||||
Toyota Motor Corp. |
34,000 | 697,794 | ||||||
Yamaha Motor Co. Ltd. |
12,000 | 115,505 | ||||||
|
|
|||||||
1,205,927 | ||||||||
|
|
|||||||
Banks - 11.8% |
| |||||||
ABN AMRO Bank NV, CVA(a) |
5,460 | 81,016 | ||||||
Banco Santander SA |
46,240 | 187,627 | ||||||
Bank of Montreal |
867 | 82,180 | ||||||
Bank of Nova Scotia (The) |
6,020 | 283,281 | ||||||
Barclays plc |
30,720 | 58,063 | ||||||
BNP Paribas SA |
8,320 | 565,302 | ||||||
Commonwealth Bank of Australia(b) |
7,980 | 619,992 | ||||||
Credit Agricole SA |
4,060 | 58,708 | ||||||
Danske Bank A/S |
9,080 | 245,665 | ||||||
DBS Group Holdings Ltd. |
2,000 | 47,712 | ||||||
HSBC Holdings plc |
59,780 | 470,616 | ||||||
ING Groep NV |
22,880 | 327,816 | ||||||
Mitsubishi UFJ Financial Group, Inc. |
48,000 | 458,081 | ||||||
Mizuho Financial Group, Inc. |
4,000 | 73,939 | ||||||
National Australia Bank Ltd. |
12,160 | 262,051 | ||||||
NatWest Group plc |
18,320 | 52,538 | ||||||
Nordea Bank Abp |
5,240 | 65,036 | ||||||
Royal Bank of Canada |
6,280 | 616,743 | ||||||
Societe Generale SA |
5,120 | 133,256 | ||||||
Standard Chartered plc |
5,300 | 40,415 | ||||||
Toronto-Dominion Bank (The) |
10,120 | 618,615 | ||||||
Westpac Banking Corp. |
21,700 | 346,857 | ||||||
|
|
|||||||
5,695,509 | ||||||||
|
|
|||||||
Beverages - 1.9% |
| |||||||
Anheuser-Busch InBev SA/NV |
820 | 51,226 | ||||||
Asahi Group Holdings Ltd. |
2,500 | 94,236 | ||||||
Coca-Cola HBC AG |
2,160 | 64,035 | ||||||
Diageo plc |
13,720 | 499,779 | ||||||
Kirin Holdings Co. Ltd. |
8,000 | 116,190 | ||||||
Pernod Ricard SA |
640 | 106,018 | ||||||
|
|
|||||||
931,484 | ||||||||
|
|
|||||||
Biotechnology - 0.8% |
| |||||||
CSL Ltd. |
1,620 | 323,091 | ||||||
Grifols SA* |
4,060 | 44,741 | ||||||
|
|
|||||||
367,832 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Broadline Retail - 0.7% |
| |||||||
Canadian Tire Corp. Ltd., Class A(b) |
700 | 74,870 | ||||||
Next plc |
1,660 | 179,007 | ||||||
Rakuten Group, Inc.* |
20,000 | 89,003 | ||||||
|
|
|||||||
342,880 | ||||||||
|
|
|||||||
Building Products - 1.2% |
| |||||||
Cie de Saint-Gobain SA |
3,320 | 237,442 | ||||||
Geberit AG (Registered) |
280 | 163,264 | ||||||
Kingspan Group plc |
2,020 | 165,796 | ||||||
|
|
|||||||
566,502 | ||||||||
|
|
|||||||
Capital Markets - 2.8% |
| |||||||
Daiwa Securities Group, Inc. |
14,000 | 101,905 | ||||||
Deutsche Boerse AG |
240 | 48,164 | ||||||
EQT AB(b) |
4,680 | 127,731 | ||||||
Hong Kong Exchanges & Clearing Ltd. |
2,800 | 84,746 | ||||||
London Stock Exchange Group plc |
200 | 22,774 | ||||||
Macquarie Group Ltd.(b) |
1,400 | 176,256 | ||||||
Nomura Holdings, Inc. |
36,000 | 189,439 | ||||||
Schroders plc |
10,720 | 55,452 | ||||||
St Jamess Place plc |
7,300 | 60,816 | ||||||
UBS Group AG (Registered) |
15,740 | 476,869 | ||||||
|
|
|||||||
1,344,152 | ||||||||
|
|
|||||||
Chemicals - 3.4% |
| |||||||
Akzo Nobel NV |
2,240 | 173,341 | ||||||
Arkema SA |
620 | 68,223 | ||||||
Clariant AG (Registered) |
3,380 | 43,774 | ||||||
Covestro AG*(a) |
2,580 | 137,548 | ||||||
Croda International plc |
1,860 | 113,812 | ||||||
Givaudan SA (Registered) |
49 | 206,145 | ||||||
Mitsui Chemicals, Inc. |
2,000 | 59,846 | ||||||
Nissan Chemical Corp. |
1,000 | 40,513 | ||||||
Nitto Denko Corp. |
2,000 | 168,428 | ||||||
Novozymes A/S, Class B |
2,540 | 131,147 | ||||||
Sika AG (Registered) |
1,040 | 291,081 | ||||||
Sumitomo Chemical Co. Ltd. |
18,000 | 43,025 | ||||||
Symrise AG, Class A |
1,040 | 108,384 | ||||||
Umicore SA |
640 | 14,717 | ||||||
Wacker Chemie AG |
180 | 19,836 | ||||||
|
|
|||||||
1,619,820 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 0.4% |
| |||||||
Brambles Ltd. |
3,120 | 30,195 | ||||||
Dai Nippon Printing Co. Ltd. |
2,700 | 79,277 | ||||||
Rentokil Initial plc |
7,920 | 41,180 | ||||||
Secom Co. Ltd. |
400 | 29,335 | ||||||
|
|
|||||||
179,987 | ||||||||
|
|
|||||||
Communications Equipment - 0.1% |
| |||||||
Nokia OYJ |
16,180 | 58,386 | ||||||
|
|
|||||||
Construction & Engineering - 0.4% |
| |||||||
Taisei Corp. |
2,000 | 73,679 | ||||||
WSP Global, Inc. |
920 | 136,005 | ||||||
|
|
|||||||
209,684 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 2.1% |
| |||||||
Aeon Co. Ltd. |
2,000 | 48,339 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Carrefour SA |
6,720 | 115,480 | ||||||
Jeronimo Martins SGPS SA |
3,440 | 78,769 | ||||||
Loblaw Cos. Ltd. |
880 | 88,491 | ||||||
Metro, Inc., Class A |
220 | 11,624 | ||||||
Tesco plc |
92,940 | 339,204 | ||||||
Woolworths Group Ltd. |
13,880 | 330,405 | ||||||
|
|
|||||||
1,012,312 | ||||||||
|
|
|||||||
Containers & Packaging - 0.5% |
| |||||||
SIG Group AG |
4,260 | 90,181 | ||||||
Smurfit Kappa Group plc |
3,460 | 129,893 | ||||||
|
|
|||||||
220,074 | ||||||||
|
|
|||||||
Diversified Consumer Services - 0.2% |
| |||||||
Pearson plc |
8,820 | 109,128 | ||||||
|
|
|||||||
Diversified REITs - 0.2% |
| |||||||
GPT Group (The), REIT |
26,680 | 82,188 | ||||||
Land Securities Group plc, REIT |
2,960 | 25,240 | ||||||
|
|
|||||||
107,428 | ||||||||
|
|
|||||||
Diversified Telecommunication Services - 2.0% |
| |||||||
BCE, Inc. |
3,040 | 122,664 | ||||||
Deutsche Telekom AG (Registered) |
15,120 | 373,566 | ||||||
Nippon Telegraph & Telephone Corp. |
100,000 | 127,450 | ||||||
Swisscom AG (Registered) |
340 | 204,591 | ||||||
Telefonica SA |
8,060 | 33,007 | ||||||
Telia Co. AB(b) |
5,760 | 14,985 | ||||||
TELUS Corp. |
5,951 | 107,256 | ||||||
|
|
|||||||
983,519 | ||||||||
|
|
|||||||
Electric Utilities - 1.8% |
| |||||||
Acciona SA |
360 | 47,023 | ||||||
EDP - Energias de Portugal SA |
37,240 | 167,552 | ||||||
Iberdrola SA |
22,940 | 278,465 | ||||||
Iberdrola SA* |
395 | 4,795 | ||||||
Orsted A/S(a) |
2,600 | 148,343 | ||||||
Terna - Rete Elettrica Nazionale |
18,320 | 155,778 | ||||||
Verbund AG(b) |
960 | 78,888 | ||||||
|
|
|||||||
880,844 | ||||||||
|
|
|||||||
Electrical Equipment - 2.4% |
| |||||||
Mitsubishi Electric Corp. |
8,000 | 120,568 | ||||||
Schneider Electric SE |
3,260 | 647,681 | ||||||
Vestas Wind Systems A/S* |
13,400 | 384,045 | ||||||
|
|
|||||||
1,152,294 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 0.5% |
| |||||||
Murata Manufacturing Co. Ltd. |
6,000 | 123,756 | ||||||
Omron Corp. |
2,200 | 100,988 | ||||||
|
|
|||||||
224,744 | ||||||||
|
|
|||||||
Energy Equipment & Services - 0.1% |
| |||||||
Tenaris SA |
3,940 | 62,978 | ||||||
|
|
|||||||
Financial Services - 0.3% |
| |||||||
GMO Payment Gateway, Inc. |
500 | 30,809 | ||||||
M&G plc |
29,140 | 83,160 | ||||||
Worldline SA*(a) |
2,820 | 38,642 | ||||||
|
|
|||||||
152,611 | ||||||||
|
|
|||||||
Food Products - 2.0% |
| |||||||
Ajinomoto Co., Inc. |
1,100 | 45,806 | ||||||
Mowi ASA |
460 | 8,349 |
Investments |
Shares | Value ($) | ||||||
Nestle SA (Registered) |
7,920 | 909,944 | ||||||
|
|
|||||||
964,099 | ||||||||
|
|
|||||||
Gas Utilities - 0.4% |
| |||||||
AltaGas Ltd. |
1,780 | 37,238 | ||||||
APA Group |
5,700 | 31,990 | ||||||
Hong Kong & China Gas Co. Ltd. |
160,000 | 113,595 | ||||||
|
|
|||||||
182,823 | ||||||||
|
|
|||||||
Ground Transportation - 1.9% |
| |||||||
Canadian National Railway Co. |
3,460 | 431,914 | ||||||
Canadian Pacific Kansas City Ltd. |
2,020 | 163,575 | ||||||
East Japan Railway Co. |
4,000 | 230,983 | ||||||
MTR Corp. Ltd. |
22,000 | 71,483 | ||||||
West Japan Railway Co. |
300 | 12,622 | ||||||
|
|
|||||||
910,577 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies - 2.1% |
| |||||||
Koninklijke Philips NV* |
12,160 | 261,217 | ||||||
Olympus Corp. |
10,000 | 150,505 | ||||||
Siemens Healthineers AG(a) |
3,700 | 208,432 | ||||||
Sonova Holding AG (Registered) |
680 | 220,127 | ||||||
Sysmex Corp.(b) |
2,000 | 109,567 | ||||||
Terumo Corp. |
1,300 | 44,743 | ||||||
|
|
|||||||
994,591 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 1.6% |
| |||||||
Amadeus IT Group SA |
6,020 | 425,442 | ||||||
Genting Singapore Ltd. |
82,000 | 61,975 | ||||||
Oriental Land Co. Ltd. |
2,000 | 75,279 | ||||||
Sands China Ltd.* |
32,000 | 83,917 | ||||||
Whitbread plc |
2,520 | 115,399 | ||||||
|
|
|||||||
762,012 | ||||||||
|
|
|||||||
Household Durables - 1.3% |
| |||||||
Sekisui House Ltd. |
6,000 | 137,383 | ||||||
Sony Group Corp. |
4,900 | 492,598 | ||||||
|
|
|||||||
629,981 | ||||||||
|
|
|||||||
Household Products - 0.4% |
| |||||||
Henkel AG & Co. KGaA (Preference) |
2,220 | 171,456 | ||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers - 0.2% |
| |||||||
Corp. ACCIONA Energias Renovables SA |
600 | 15,707 | ||||||
EDP Renovaveis SA |
3,780 | 61,796 | ||||||
|
|
|||||||
77,503 | ||||||||
|
|
|||||||
Industrial Conglomerates - 2.2% |
| |||||||
Hitachi Ltd. |
7,400 | 591,038 | ||||||
Siemens AG (Registered) |
2,620 | 474,367 | ||||||
|
|
|||||||
1,065,405 | ||||||||
|
|
|||||||
Industrial REITs - 0.5% |
| |||||||
Nippon Prologis REIT, Inc., REIT |
29 | 52,098 | ||||||
Segro plc, REIT |
15,500 | 174,054 | ||||||
|
|
|||||||
226,152 | ||||||||
|
|
|||||||
Insurance - 6.1% |
| |||||||
AIA Group Ltd. |
32,000 | 249,499 | ||||||
Allianz SE (Registered) |
2,020 | 543,729 | ||||||
ASR Nederland NV |
920 | 43,682 | ||||||
Aviva plc |
30,980 | 170,549 | ||||||
AXA SA |
13,500 | 456,942 | ||||||
Japan Post Insurance Co. Ltd. |
1,000 | 18,977 | ||||||
Legal & General Group plc |
76,360 | 247,964 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
MS&AD Insurance Group Holdings, Inc. |
5,300 | 222,914 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) |
320 | 137,024 | ||||||
NN Group NV |
2,620 | 108,261 | ||||||
QBE Insurance Group Ltd. |
15,020 | 157,374 | ||||||
Sun Life Financial, Inc. |
2,560 | 133,533 | ||||||
Swiss Re AG |
1,000 | 115,521 | ||||||
Zurich Insurance Group AG |
660 | 337,828 | ||||||
|
|
|||||||
2,943,797 | ||||||||
|
|
|||||||
Interactive Media & Services - 0.2% |
| |||||||
LY Corp. |
36,000 | 113,781 | ||||||
|
|
|||||||
IT Services - 2.0% |
| |||||||
Capgemini SE |
1,760 | 396,125 | ||||||
CGI, Inc.* |
1,400 | 157,767 | ||||||
Fujitsu Ltd. |
2,400 | 342,165 | ||||||
Nomura Research Institute Ltd. |
2,800 | 86,830 | ||||||
|
|
|||||||
982,887 | ||||||||
|
|
|||||||
Leisure Products - 0.1% |
| |||||||
Yamaha Corp. |
2,000 | 44,686 | ||||||
|
|
|||||||
Machinery - 2.0% |
| |||||||
Alstom SA |
4,180 | 53,351 | ||||||
Atlas Copco AB, Class A |
8,640 | 139,605 | ||||||
Epiroc AB, Class A |
4,820 | 86,045 | ||||||
GEA Group AG |
1,900 | 76,776 | ||||||
Hitachi Construction Machinery Co. Ltd. |
2,000 | 57,930 | ||||||
KION Group AG |
980 | 45,349 | ||||||
Komatsu Ltd. |
6,000 | 174,243 | ||||||
Kone OYJ, Class B |
240 | 11,977 | ||||||
MINEBEA MITSUMI, Inc. |
4,000 | 84,556 | ||||||
SKF AB, Class B |
4,940 | 98,443 | ||||||
Volvo AB, Class B |
1,520 | 36,763 | ||||||
Weir Group plc (The) |
780 | 18,073 | ||||||
Yaskawa Electric Corp. |
2,400 | 92,388 | ||||||
|
|
|||||||
975,499 | ||||||||
|
|
|||||||
Media - 1.0% |
| |||||||
Dentsu Group, Inc. |
2,300 | 61,868 | ||||||
Informa plc |
4,920 | 48,707 | ||||||
Publicis Groupe SA |
2,400 | 242,712 | ||||||
WPP plc |
12,120 | 119,060 | ||||||
|
|
|||||||
472,347 | ||||||||
|
|
|||||||
Metals & Mining - 2.8% |
| |||||||
Anglo American plc |
5,580 | 134,770 | ||||||
Barrick Gold Corp. |
1,520 | 23,891 | ||||||
BlueScope Steel Ltd. |
5,980 | 93,332 | ||||||
Fortescue Ltd. |
8,060 | 159,203 | ||||||
Fresnillo plc |
3,060 | 20,715 | ||||||
Kinross Gold Corp. |
16,140 | 89,516 | ||||||
Mineral Resources Ltd. |
2,300 | 91,149 | ||||||
Norsk Hydro ASA |
5,260 | 31,158 | ||||||
Northern Star Resources Ltd. |
14,960 | 130,044 | ||||||
Rio Tinto Ltd. |
1,960 | 172,219 | ||||||
Sumitomo Metal Mining Co. Ltd. |
600 | 16,833 | ||||||
Teck Resources Ltd., Class B |
2,220 | 89,411 |
Investments |
Shares | Value ($) | ||||||
Wheaton Precious Metals Corp. |
6,040 | 284,855 | ||||||
|
|
|||||||
1,337,096 | ||||||||
|
|
|||||||
Multi-Utilities - 0.3% |
| |||||||
Algonquin Power & Utilities Corp. |
9,280 | 55,359 | ||||||
National Grid plc |
6,940 | 93,238 | ||||||
|
|
|||||||
148,597 | ||||||||
|
|
|||||||
Office REITs - 0.4% |
| |||||||
Dexus, REIT |
10,300 | 53,109 | ||||||
Gecina SA, REIT |
680 | 75,859 | ||||||
Japan Real Estate Investment Corp., REIT |
20 | 77,442 | ||||||
|
|
|||||||
206,410 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 5.4% |
| |||||||
Ampol Ltd. |
3,440 | 82,706 | ||||||
Cameco Corp. |
5,620 | 270,011 | ||||||
Enbridge, Inc. |
15,260 | 545,273 | ||||||
ENEOS Holdings, Inc. |
20,000 | 81,902 | ||||||
Neste OYJ |
5,640 | 196,353 | ||||||
Pembina Pipeline Corp. |
3,300 | 114,384 | ||||||
Repsol SA(b) |
9,300 | 138,803 | ||||||
Shell plc |
23,720 | 739,147 | ||||||
TC Energy Corp. |
1,240 | 49,227 | ||||||
TotalEnergies SE |
5,780 | 377,339 | ||||||
Woodside Energy Group Ltd. |
1 | 20 | ||||||
|
|
|||||||
2,595,165 | ||||||||
|
|
|||||||
Paper & Forest Products - 0.4% |
| |||||||
Mondi plc |
5,764 | 103,783 | ||||||
West Fraser Timber Co. Ltd. |
820 | 65,616 | ||||||
|
|
|||||||
169,399 | ||||||||
|
|
|||||||
Personal Care Products - 2.3% |
| |||||||
Haleon plc |
52,360 | 214,369 | ||||||
Kao Corp. |
6,000 | 240,657 | ||||||
LOreal SA |
1,360 | 656,955 | ||||||
|
|
|||||||
1,111,981 | ||||||||
|
|
|||||||
Pharmaceuticals - 9.1% |
| |||||||
AstraZeneca plc |
4,940 | 660,538 | ||||||
Daiichi Sankyo Co. Ltd. |
8,000 | 242,066 | ||||||
GSK plc |
15,860 | 316,688 | ||||||
Novartis AG (Registered) |
5,800 | 604,441 | ||||||
Novo Nordisk A/S, Class B |
11,400 | 1,287,231 | ||||||
Ono Pharmaceutical Co. Ltd. |
2,100 | 38,387 | ||||||
Roche Holding AG |
1,440 | 414,786 | ||||||
Sanofi SA |
4,120 | 417,819 | ||||||
Takeda Pharmaceutical Co. Ltd. |
12,000 | 358,091 | ||||||
UCB SA |
560 | 53,105 | ||||||
|
|
|||||||
4,393,152 | ||||||||
|
|
|||||||
Professional Services - 2.4% |
| |||||||
Randstad NV |
920 | 52,726 | ||||||
Recruit Holdings Co. Ltd. |
4,300 | 174,353 | ||||||
RELX plc |
14,320 | 594,852 | ||||||
Wolters Kluwer NV |
2,400 | 355,856 | ||||||
|
|
|||||||
1,177,787 | ||||||||
|
|
|||||||
Real Estate Management & Development - 0.5% |
| |||||||
Daiwa House Industry Co. Ltd. |
8,000 | 250,877 | ||||||
|
|
|||||||
Retail REITs - 0.4% |
| |||||||
CapitaLand Integrated Commercial Trust, REIT |
62,000 | 93,254 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Vicinity Ltd., REIT |
54,420 | 73,747 | ||||||
|
|
|||||||
167,001 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 3.0% |
| |||||||
Advantest Corp. |
5,200 | 207,146 | ||||||
ASML Holding NV |
1,200 | 1,040,454 | ||||||
Renesas Electronics Corp.* |
2,000 | 33,822 | ||||||
Tokyo Electron Ltd. |
900 | 171,565 | ||||||
|
|
|||||||
1,452,987 | ||||||||
|
|
|||||||
Software - 2.4% |
| |||||||
Open Text Corp. |
3,540 | 155,346 | ||||||
SAP SE |
5,040 | 880,332 | ||||||
Xero Ltd.* |
1,580 | 115,716 | ||||||
|
|
|||||||
1,151,394 | ||||||||
|
|
|||||||
Specialty Retail - 1.4% |
| |||||||
Fast Retailing Co. Ltd. |
200 | 54,373 | ||||||
H & M Hennes & Mauritz AB, Class B |
4,260 | 60,806 | ||||||
Industria de Diseno Textil SA |
11,700 | 504,679 | ||||||
Zalando SE*(a) |
3,000 | 60,874 | ||||||
|
|
|||||||
680,732 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 0.9% |
| |||||||
Canon, Inc. |
11,200 | 312,612 | ||||||
Ricoh Co. Ltd. |
8,000 | 63,923 | ||||||
Seiko Epson Corp. |
4,000 | 59,285 | ||||||
|
|
|||||||
435,820 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 2.2% |
| |||||||
adidas AG |
520 | 99,481 | ||||||
Burberry Group plc |
5,140 | 85,616 | ||||||
Hermes International SCA |
28 | 59,546 | ||||||
Kering SA |
940 | 391,327 | ||||||
LVMH Moet Hennessy Louis Vuitton SE |
520 | 436,968 | ||||||
|
|
|||||||
1,072,938 | ||||||||
|
|
|||||||
Trading Companies & Distributors - 1.3% |
| |||||||
Bunzl plc |
3,400 | 139,201 | ||||||
Ferguson plc |
80 | 15,129 | ||||||
ITOCHU Corp. |
9,400 | 434,197 | ||||||
Rexel SA |
2,160 | 58,165 | ||||||
|
|
|||||||
646,692 | ||||||||
|
|
|||||||
Transportation Infrastructure - 0.9% |
| |||||||
Getlink SE |
4,680 | 81,338 | ||||||
Transurban Group |
39,980 | 357,053 | ||||||
|
|
|||||||
438,391 | ||||||||
|
|
|||||||
Water Utilities - 0.1% |
| |||||||
Severn Trent plc |
1,340 | 44,333 | ||||||
|
|
|||||||
Wireless Telecommunication Services - 1.0% |
| |||||||
SoftBank Corp. |
26,000 | 349,246 | ||||||
Vodafone Group plc |
136,760 | 117,242 | ||||||
|
|
|||||||
466,488 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
47,545,352 | ||||||
|
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 0.9%(c) |
| |||||||
REPURCHASE AGREEMENTS - 0.9% |
| |||||||
CF Secured LLC, 5.31%, dated 1/31/2024, due 2/1/2024, repurchase price $447,428, collateralized by
various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 3/31/2024 - 5/15/2053; total market value $3,546,247 |
447,363 | 447,362 | ||||||
|
|
|||||||
Total Investments - 99.6% |
|
47,992,714 | ||||||
Other assets less liabilities - 0.4% |
|
199,390 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
48,192,104 | ||||||
|
|
* | 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, 2024. The total value of securities on loan at January 31, 2024 was $945,932, collateralized in the form of cash with a value of $447,363 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $381,890 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.13% 5.23%, and maturity dates ranging from March 31, 2024 August 15, 2053 and $187,748 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.10% 4.75%, and maturity dates ranging from March 22, 2024 October 22, 2071; a total value of $1,017,000. |
(c) | The security was purchased with cash collateral held from securities on loan at January 31, 2024. The total value of securities purchased was $447,362. |
Percentages shown are based on Net Assets.
Abbreviations | ||
CVA | Dutch Certification | |
OYJ |
Public Limited Company | |
Preference |
A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
REIT |
Real Estate Investment Trust | |
SCA |
Limited partnership with share capital |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund (cont.)
Futures Contracts
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund had the following open futures contracts as of January 31, 2024:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||
Long Contracts |
|
|||||||||||||||||
MSCI EAFE E-Mini Index |
5 | 03/15/2024 | USD | $ | 558,250 | $ | 13,743 |
Forward Foreign Currency Contracts
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund had the following outstanding contracts as of January 31, 2024:
Contracts to Receive |
Counterparty |
In Exchange For | Maturity Date |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
CAD |
74,291 | Citibank NA | USD | 55,411 | 03/20/2024 | $ | 226 | |||||||||||||||
NOK |
161,527 | Citibank NA | USD | 15,367 | 03/20/2024 | 98 | ||||||||||||||||
USD |
46,491 | Citibank NA | AUD | 69,070 | 03/20/2024 | 762 | ||||||||||||||||
USD |
33,374 | Citibank NA | DKK | 225,761 | 03/20/2024 | 391 | ||||||||||||||||
USD |
69,821 | Citibank NA | EUR | 63,606 | 03/20/2024 | 591 | ||||||||||||||||
USD |
20,144 | Bank of New York Mellon (The) | HKD | 157,028 | 03/20/2024 | 31 | ||||||||||||||||
USD |
22,378 | Citibank NA | NZD | 36,099 | 03/20/2024 | 157 | ||||||||||||||||
USD |
38,345 | Citibank NA | SEK | 390,201 | 03/20/2024 | 509 | ||||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized appreciation |
|
$ | 2,765 | |||||||||||||||||||
|
|
|||||||||||||||||||||
SGD |
6,689 | BNP Paribas SA | USD | 5,059 | 03/20/2024 | $ | (43 | ) | ||||||||||||||
USD |
70,681 | Citibank NA | CHF | 60,857 | 03/20/2024 | (622 | ) | |||||||||||||||
USD |
29,305 | Citibank NA | GBP | 23,011 | 03/20/2024 | (8 | ) | |||||||||||||||
USD |
2,347 | Morgan Stanley | ILS | 8,590 | 03/20/2024 | (19 | ) | |||||||||||||||
JPY |
121,910 | Toronto-Dominion Bank (The) | USD | 873 | 03/21/2024 | (32 | ) | |||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized depreciation |
|
$ | (724 | ) | ||||||||||||||||||
|
|
|||||||||||||||||||||
Net unrealized appreciation |
|
$ | 2,041 | |||||||||||||||||||
|
|
Abbreviations: |
AUD Australian Dollar |
CAD Canadian Dollar |
CHF Swiss Franc |
DKK Danish Krone |
EUR Euro |
GBP British Pound |
HKD Hong Kong Dollar |
ILS Israeli Shekel |
JPY Japanese Yen |
NOK Norwegian Krone |
NZD New Zealand Dollar |
SEK Swedish Krona |
SGD Singapore Dollar |
USD US Dollar |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund (cont.)
FlexShares® ESG & Climate Developed Markets ex-US Core Index invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2024:
Australia |
7.4 | % | ||
Austria |
0.4 | |||
Belgium |
0.2 | |||
Canada |
10.0 | |||
Denmark |
4.6 | |||
Finland |
0.6 | |||
France |
11.8 | |||
Germany |
8.7 | |||
Hong Kong |
1.2 | |||
Ireland |
0.3 | |||
Italy |
0.5 | |||
Japan |
20.0 | |||
Netherlands |
5.1 | |||
New Zealand |
0.2 | |||
Norway |
0.1 | |||
Portugal |
0.6 | |||
Singapore |
0.4 | |||
Spain |
3.5 | |||
Sweden |
1.3 | |||
Switzerland |
8.5 | |||
United Kingdom |
12.9 | |||
United States |
0.4 | |||
Other1 |
1.3 | |||
|
|
|||
100.0 | % | |||
|
|
1 | Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
Security Type |
% of Net Assets | |||
Common Stocks |
98.7 | % | ||
Securities Lending Reinvestments |
0.9 | |||
Others(1) |
0.4 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® ESG & Climate Emerging Markets Core Index Fund
January 31, 2024 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 99.2% |
| |||||||
Air Freight & Logistics - 0.5% |
| |||||||
Agility Public Warehousing Co. KSC* |
5,246 | 9,892 | ||||||
Hyundai Glovis Co. Ltd.* |
62 | 8,125 | ||||||
JD Logistics, Inc.*(a) |
2,800 | 2,435 | ||||||
|
|
|||||||
20,452 | ||||||||
|
|
|||||||
Automobile Components - 0.7% |
| |||||||
Hyundai Mobis Co. Ltd. |
208 | 32,728 | ||||||
|
|
|||||||
Automobiles - 1.4% |
| |||||||
Eicher Motors Ltd. |
282 | 13,039 | ||||||
Geely Automobile Holdings Ltd. |
20,000 | 18,881 | ||||||
Kia Corp.* |
66 | 5,089 | ||||||
NIO, Inc., ADR* |
2,310 | 12,982 | ||||||
XPeng, Inc., Class A* |
3,400 | 14,070 | ||||||
|
|
|||||||
64,061 | ||||||||
|
|
|||||||
Banks - 18.2% |
| |||||||
Abu Dhabi Commercial Bank PJSC |
3,816 | 9,350 | ||||||
Agricultural Bank of China Ltd., Class H |
50,000 | 19,316 | ||||||
Akbank TAS |
10,766 | 14,029 | ||||||
Alinma Bank |
458 | 5,062 | ||||||
AU Small Finance Bank Ltd.(a) |
570 | 4,370 | ||||||
Axis Bank Ltd. |
304 | 3,909 | ||||||
Banco Bradesco SA |
5,300 | 14,674 | ||||||
Banco Bradesco SA (Preference) |
10,000 | 31,066 | ||||||
Banco do Brasil SA |
2,800 | 31,989 | ||||||
Bancolombia SA |
802 | 6,718 | ||||||
Bancolombia SA (Preference) |
1,470 | 11,531 | ||||||
Bank AlBilad |
538 | 6,398 | ||||||
Bank Rakyat Indonesia Persero Tbk. PT |
89,400 | 32,293 | ||||||
Banque Saudi Fransi |
46 | 491 | ||||||
China Construction Bank Corp., Class H |
69,000 | 40,956 | ||||||
CIMB Group Holdings Bhd. |
16,800 | 22,128 | ||||||
Commercial International Bank - Egypt (CIB) |
8,800 | 25,090 | ||||||
E.Sun Financial Holding Co. Ltd. |
46,000 | 36,374 | ||||||
Eurobank Ergasias Services and Holdings SA* |
8,970 | 17,412 | ||||||
First Abu Dhabi Bank PJSC |
9,450 | 37,667 | ||||||
First Financial Holding Co. Ltd. |
20,844 | 17,714 | ||||||
Grupo Financiero Banorte SAB de CV, Class O |
1,680 | 17,123 | ||||||
Hana Financial Group, Inc. |
996 | 35,671 | ||||||
Hong Leong Bank Bhd. |
1,800 | 7,307 | ||||||
Industrial & Commercial Bank of China Ltd., Class H |
72,000 | 35,184 | ||||||
ING Bank Slaski SA* |
114 | 7,212 | ||||||
Itau Unibanco Holding SA (Preference) |
1,788 | 11,862 |
Investments |
Shares | Value ($) | ||||||
KB Financial Group, Inc. |
956 | 40,542 | ||||||
Malayan Banking Bhd. |
18,400 | 36,022 | ||||||
Mega Financial Holding Co. Ltd. |
35,880 | 43,160 | ||||||
Nedbank Group Ltd. |
1,454 | 17,004 | ||||||
OTP Bank Nyrt. |
770 | 35,855 | ||||||
Santander Bank Polska SA |
118 | 14,427 | ||||||
Shinhan Financial Group Co. Ltd. |
1,430 | 43,768 | ||||||
SinoPac Financial Holdings Co. Ltd. |
6,334 | 3,885 | ||||||
Standard Bank Group Ltd. |
3,724 | 39,994 | ||||||
Taishin Financial Holding Co. Ltd. |
14,086 | 7,718 | ||||||
Yapi ve Kredi Bankasi A/S |
11,420 | 8,219 | ||||||
Yes Bank Ltd.* |
43,810 | 12,714 | ||||||
|
|
|||||||
806,204 | ||||||||
|
|
|||||||
Beverages - 1.2% |
| |||||||
Ambev SA |
5,400 | 14,295 | ||||||
China Resources Beer Holdings Co. Ltd., ADR |
362 | 2,610 | ||||||
Coca-Cola Femsa SAB de CV |
1,800 | 17,173 | ||||||
Tsingtao Brewery Co. Ltd., ADR |
220 | 6,184 | ||||||
United Spirits Ltd. |
746 | 9,789 | ||||||
Varun Beverages Ltd. |
228 | 3,515 | ||||||
|
|
|||||||
53,566 | ||||||||
|
|
|||||||
Biotechnology - 0.3% |
| |||||||
BeiGene Ltd.* |
400 | 4,634 | ||||||
Biocon Ltd. |
1,324 | 4,279 | ||||||
Innovent Biologics, Inc.*(a) |
1,500 | 6,044 | ||||||
|
|
|||||||
14,957 | ||||||||
|
|
|||||||
Broadline Retail - 6.3% |
| |||||||
Alibaba Group Holding Ltd., ADR |
2,120 | 153,000 | ||||||
JD.com, Inc., ADR |
70 | 1,578 | ||||||
Naspers Ltd., Class N |
170 | 28,676 | ||||||
PDD Holdings, Inc., ADR* |
188 | 23,852 | ||||||
Prosus NV |
1,402 | 41,926 | ||||||
Vipshop Holdings Ltd., ADR* |
1,180 | 18,750 | ||||||
Woolworths Holdings Ltd. |
3,136 | 11,697 | ||||||
|
|
|||||||
279,479 | ||||||||
|
|
|||||||
Capital Markets - 0.4% |
| |||||||
B3 SA - Brasil Bolsa Balcao |
2,000 | 5,298 | ||||||
Mirae Asset Securities Co. Ltd.* |
944 | 5,567 | ||||||
NH Investment & Securities Co. Ltd.* |
86 | 682 | ||||||
Saudi Tadawul Group Holding Co. |
128 | 7,072 | ||||||
|
|
|||||||
18,619 | ||||||||
|
|
|||||||
Chemicals - 2.3% |
| |||||||
Asian Paints Ltd. |
1,156 | 41,174 | ||||||
Hanwha Solutions Corp.* |
354 | 8,846 | ||||||
Indorama Ventures PCL, NVDR |
5,800 | 3,858 | ||||||
LG Chem Ltd. |
34 | 11,069 | ||||||
Orbia Advance Corp. SAB de CV |
2,980 | 5,955 | ||||||
PI Industries Ltd. |
118 | 4,792 | ||||||
PTT Global Chemical PCL, NVDR |
2,200 | 2,077 | ||||||
SK IE Technology Co. Ltd.*(a) |
88 | 4,892 | ||||||
UPL Ltd. |
1,686 | 10,917 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Emerging Markets Core Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Yanbu National Petrochemical Co. |
836 | 8,561 | ||||||
|
|
|||||||
102,141 | ||||||||
|
|
|||||||
Communications Equipment - 0.1% |
| |||||||
ZTE Corp., Class H |
2,400 | 4,169 | ||||||
|
|
|||||||
Construction & Engineering - 0.3% |
| |||||||
Hyundai Engineering & Construction Co. Ltd.* |
276 | 7,165 | ||||||
Samsung Engineering Co. Ltd.* |
454 | 7,586 | ||||||
|
|
|||||||
14,751 | ||||||||
|
|
|||||||
Construction Materials - 0.9% |
| |||||||
ACC Ltd. |
168 | 5,147 | ||||||
Ambuja Cements Ltd. |
1,776 | 11,983 | ||||||
Siam Cement PCL (The), NVDR |
2,600 | 19,787 | ||||||
UltraTech Cement Ltd. |
40 | 4,897 | ||||||
|
|
|||||||
41,814 | ||||||||
|
|
|||||||
Consumer Finance - 0.0%(b) |
| |||||||
Bajaj Finance Ltd. |
12 | 992 | ||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 2.2% |
| |||||||
Alibaba Health Information Technology Ltd.* |
8,000 | 2,927 | ||||||
CP ALL PCL, NVDR |
19,800 | 29,161 | ||||||
Raia Drogasil SA |
308 | 1,577 | ||||||
Shoprite Holdings Ltd. |
1,150 | 16,787 | ||||||
Wal-Mart de Mexico SAB de CV |
11,400 | 47,198 | ||||||
|
|
|||||||
97,650 | ||||||||
|
|
|||||||
Containers & Packaging - 0.5% |
| |||||||
Klabin SA |
2,400 | 10,341 | ||||||
Klabin SA (Preference) |
6,996 | 6,046 | ||||||
SCG Packaging PCL, NVDR |
4,200 | 3,729 | ||||||
|
|
|||||||
20,116 | ||||||||
|
|
|||||||
Diversified Consumer Services - 0.3% |
| |||||||
New Oriental Education & Technology Group, Inc., ADR* |
158 | 12,112 | ||||||
|
|
|||||||
Diversified REITs - 0.1% |
| |||||||
Fibra Uno Administracion SA de CV, REIT |
3,000 | 5,111 | ||||||
|
|
|||||||
Diversified Telecommunication Services - 2.0% |
| |||||||
Chunghwa Telecom Co. Ltd. |
10,722 | 40,765 | ||||||
Emirates Telecommunications Group Co. PJSC |
518 | 2,705 | ||||||
Hellenic Telecommunications Organization SA |
622 | 8,682 | ||||||
Saudi Telecom Co. |
2,140 | 23,283 | ||||||
Telefonica Brasil SA |
1,400 | 14,552 | ||||||
|
|
|||||||
89,987 | ||||||||
|
|
|||||||
Electric Utilities - 1.0% |
| |||||||
Centrais Eletricas Brasileiras SA |
1,400 | 11,563 | ||||||
Centrais Eletricas Brasileiras SA (Preference), Class B |
800 | 7,422 | ||||||
CEZ A/S |
76 | 2,886 | ||||||
Cia Energetica de Minas Gerais |
800 | 2,428 | ||||||
Cia Energetica de Minas Gerais (Preference) |
4,600 | 10,725 |
Investments |
Shares | Value ($) | ||||||
Companhia Paranaense de Energia (Preference) |
4,400 | 9,021 | ||||||
|
|
|||||||
44,045 | ||||||||
|
|
|||||||
Electrical Equipment - 1.1% |
| |||||||
ABB India Ltd. |
182 | 10,238 | ||||||
CG Power & Industrial Solutions Ltd. |
2,020 | 11,397 | ||||||
Havells India Ltd. |
834 | 13,000 | ||||||
Polycab India Ltd. |
140 | 7,322 | ||||||
Sociedad Quimica y Minera de Chile SA (Preference), Class B |
116 | 5,016 | ||||||
|
|
|||||||
46,973 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 2.2% |
| |||||||
AUO Corp. |
21,406 | 12,584 | ||||||
Delta Electronics Thailand PCL, NVDR |
7,400 | 16,426 | ||||||
Delta Electronics, Inc. |
576 | 5,153 | ||||||
Hon Hai Precision Industry Co. Ltd. |
11,110 | 36,383 | ||||||
Samsung Electro-Mechanics Co. Ltd. |
192 | 20,082 | ||||||
Samsung SDI Co. Ltd. |
18 | 5,024 | ||||||
|
|
|||||||
95,652 | ||||||||
|
|
|||||||
Energy Equipment & Services - 0.1% |
| |||||||
Dialog Group Bhd. |
10,600 | 4,101 | ||||||
|
|
|||||||
Entertainment - 1.8% |
| |||||||
Kingsoft Corp. Ltd. |
3,200 | 7,753 | ||||||
NetEase, Inc., ADR |
740 | 72,254 | ||||||
|
|
|||||||
80,007 | ||||||||
|
|
|||||||
Financial Services - 1.3% |
| |||||||
FirstRand Ltd. |
7,192 | 26,264 | ||||||
Yuanta Financial Holding Co. Ltd. |
34,130 | 29,496 | ||||||
|
|
|||||||
55,760 | ||||||||
|
|
|||||||
Food Products - 0.8% |
| |||||||
Charoen Pokphand Foods PCL, NVDR |
6,200 | 3,250 | ||||||
CJ CheilJedang Corp. |
28 | 6,126 | ||||||
Grupo Bimbo SAB de CV, Class A, Series A |
1,000 | 4,572 | ||||||
IOI Corp. Bhd. |
8,600 | 7,255 | ||||||
Marico Ltd. |
1,716 | 10,907 | ||||||
Nestle Malaysia Bhd. |
200 | 5,053 | ||||||
|
|
|||||||
37,163 | ||||||||
|
|
|||||||
Gas Utilities - 0.6% |
| |||||||
China Resources Gas Group Ltd. |
1,800 | 5,089 | ||||||
ENN Energy Holdings Ltd. |
2,700 | 19,963 | ||||||
|
|
|||||||
25,052 | ||||||||
|
|
|||||||
Ground Transportation - 0.7% |
| |||||||
BTS Group Holdings PCL, NVDR |
25,000 | 4,228 | ||||||
Full Truck Alliance Co. Ltd., ADR* |
1,042 | 6,544 | ||||||
Rumo SA |
4,400 | 20,535 | ||||||
|
|
|||||||
31,307 | ||||||||
|
|
|||||||
Health Care Providers & Services - 0.2% |
| |||||||
Dr Sulaiman Al Habib Medical Services Group Co. |
64 | 4,949 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Emerging Markets Core Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Sinopharm Group Co. Ltd., Class H |
1,600 | 4,206 | ||||||
|
|
|||||||
9,155 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 2.0% |
| |||||||
Meituan, Class B*(a) |
5,600 | 44,808 | ||||||
Trip.com Group Ltd.* |
500 | 17,935 | ||||||
Yum China Holdings, Inc. |
764 | 26,427 | ||||||
|
|
|||||||
89,170 | ||||||||
|
|
|||||||
Household Durables - 0.6% |
| |||||||
Arcelik A/S |
292 | 1,363 | ||||||
LG Electronics, Inc. |
344 | 24,099 | ||||||
|
|
|||||||
25,462 | ||||||||
|
|
|||||||
Household Products - 0.1% |
| |||||||
Unilever Indonesia Tbk. PT |
26,800 | 5,265 | ||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers - 0.9% |
| |||||||
Adani Green Energy Ltd.* |
1,098 | 22,073 | ||||||
China Longyuan Power Group Corp. Ltd., Class H |
10,000 | 5,999 | ||||||
Energy Absolute PCL, NVDR |
6,000 | 6,723 | ||||||
Engie Brasil Energia SA |
600 | 4,928 | ||||||
|
|
|||||||
39,723 | ||||||||
|
|
|||||||
Industrial Conglomerates - 2.6% |
| |||||||
Alpha Dhabi Holding PJSC* |
862 | 4,168 | ||||||
Astra International Tbk. PT |
12,200 | 3,962 | ||||||
International Holding Co. PJSC* |
202 | 21,982 | ||||||
Multiply Group PJSC* |
13,290 | 10,457 | ||||||
Mytilineos SA |
356 | 14,695 | ||||||
Samsung C&T Corp. |
222 | 22,954 | ||||||
Siemens Ltd. |
306 | 15,257 | ||||||
SK Square Co. Ltd.* |
330 | 12,833 | ||||||
Turkiye Sise ve Cam Fabrikalari A/S |
4,658 | 7,568 | ||||||
|
|
|||||||
113,876 | ||||||||
|
|
|||||||
Insurance - 3.2% |
| |||||||
Cathay Financial Holding Co. Ltd. |
30,542 | 43,081 | ||||||
Fubon Financial Holding Co. Ltd. |
22,374 | 46,107 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(a) |
500 | 3,030 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H |
11,000 | 46,014 | ||||||
Powszechny Zaklad Ubezpieczen SA |
230 | 2,792 | ||||||
Samsung Life Insurance Co. Ltd. |
42 | 2,181 | ||||||
|
|
|||||||
143,205 | ||||||||
|
|
|||||||
Interactive Media & Services - 3.3% |
| |||||||
Autohome, Inc., ADR |
260 | 6,552 | ||||||
Info Edge India Ltd. |
248 | 15,026 | ||||||
Kakao Corp.* |
1,058 | 41,618 | ||||||
Kanzhun Ltd., ADR |
624 | 8,680 | ||||||
Kuaishou Technology*(a) |
6,000 | 30,010 | ||||||
NAVER Corp. |
294 | 44,167 | ||||||
|
|
|||||||
146,053 | ||||||||
|
|
|||||||
IT Services - 3.4% |
| |||||||
Arabian Internet & Communications Services Co. |
80 | 6,997 | ||||||
HCL Technologies Ltd. |
332 | 6,301 | ||||||
Infosys Ltd. |
4,130 | 82,601 |
Investments |
Shares | Value ($) | ||||||
Tech Mahindra Ltd. |
1,812 | 29,100 | ||||||
Wipro Ltd. |
4,342 | 25,000 | ||||||
|
|
|||||||
149,999 | ||||||||
|
|
|||||||
Life Sciences Tools & Services - 0.8% |
| |||||||
Divis Laboratories Ltd. |
240 | 10,608 | ||||||
WuXi AppTec Co. Ltd., Class H(a) |
1,200 | 8,289 | ||||||
Wuxi Biologics Cayman, Inc.*(a) |
6,000 | 15,735 | ||||||
|
|
|||||||
34,632 | ||||||||
|
|
|||||||
Machinery - 0.6% |
| |||||||
Cummins India Ltd. |
476 | 13,148 | ||||||
Haitian International Holdings Ltd. |
2,000 | 4,457 | ||||||
Weichai Power Co. Ltd., Class H |
2,000 | 3,531 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H |
1,800 | 4,416 | ||||||
|
|
|||||||
25,552 | ||||||||
|
|
|||||||
Marine Transportation - 0.2% |
| |||||||
MISC Bhd. |
4,600 | 7,148 | ||||||
|
|
|||||||
Media - 0.1% |
| |||||||
Grupo Televisa SAB, Series CPO |
9,400 | 5,681 | ||||||
|
|
|||||||
Metals & Mining - 2.9% |
| |||||||
Anglo American Platinum Ltd. |
210 | 8,999 | ||||||
Gold Fields Ltd. |
2,930 | 43,762 | ||||||
Grupo Mexico SAB de CV, Series B |
4,000 | 20,683 | ||||||
Hindalco Industries Ltd. |
4,114 | 28,701 | ||||||
JSW Steel Ltd. |
2,064 | 20,347 | ||||||
Sibanye Stillwater Ltd. |
5,220 | 6,422 | ||||||
|
|
|||||||
128,914 | ||||||||
|
|
|||||||
Multi-Utilities - 0.0%(b) |
| |||||||
Dubai Electricity & Water Authority PJSC |
2,346 | 1,603 | ||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 4.3% |
| |||||||
Bharat Petroleum Corp. Ltd. |
2,348 | 14,203 | ||||||
Cosan SA |
4,000 | 14,790 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class H |
4,000 | 3,720 | ||||||
Empresas Copec SA |
1,368 | 8,676 | ||||||
ORLEN SA |
1,912 | 30,078 | ||||||
Petroleo Brasileiro SA |
200 | 1,706 | ||||||
Petroleo Brasileiro SA (Preference) |
600 | 4,912 | ||||||
Petronas Dagangan Bhd. |
1,000 | 4,512 | ||||||
PTT Exploration & Production PCL, NVDR |
3,600 | 15,221 | ||||||
PTT PCL, NVDR |
25,400 | 24,163 | ||||||
Reliance Industries Ltd. |
962 | 33,053 | ||||||
SK Innovation Co. Ltd.* |
192 | 16,846 | ||||||
Thai Oil PCL, NVDR |
3,600 | 5,556 | ||||||
Ultrapar Participacoes SA |
2,400 | 13,683 | ||||||
|
|
|||||||
191,119 | ||||||||
|
|
|||||||
Paper & Forest Products - 0.6% |
| |||||||
Empresas CMPC SA |
3,974 | 6,460 | ||||||
Suzano SA |
2,000 | 20,894 | ||||||
|
|
|||||||
27,354 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Emerging Markets Core Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Passenger Airlines - 0.2% |
| |||||||
Korean Air Lines Co. Ltd.* |
400 | 6,743 | ||||||
|
|
|||||||
Personal Care Products - 1.4% |
| |||||||
Colgate-Palmolive India Ltd. |
402 | 12,437 | ||||||
Giant Biogene Holding Co. Ltd.*(a) |
400 | 1,619 | ||||||
Hindustan Unilever Ltd. |
1,676 | 50,083 | ||||||
|
|
|||||||
64,139 | ||||||||
|
|
|||||||
Pharmaceuticals - 2.1% |
| |||||||
Aspen Pharmacare Holdings Ltd. |
326 | 3,402 | ||||||
China Medical System Holdings Ltd. |
4,000 | 5,731 | ||||||
Cipla Ltd. |
410 | 6,670 | ||||||
Dr Reddys Laboratories Ltd. |
364 | 26,830 | ||||||
Richter Gedeon Nyrt. |
386 | 10,473 | ||||||
Sun Pharmaceutical Industries Ltd. |
2,322 | 39,662 | ||||||
|
|
|||||||
92,768 | ||||||||
|
|
|||||||
Real Estate Management & Development - 1.3% |
| |||||||
Central Pattana PCL, NVDR |
7,000 | 12,776 | ||||||
Country Garden Services Holdings Co. Ltd. |
8,000 | 5,260 | ||||||
DLF Ltd. |
2,130 | 20,586 | ||||||
Longfor Group Holdings Ltd.(a) |
3,703 | 4,078 | ||||||
Macrotech Developers Ltd.(a) |
234 | 3,015 | ||||||
NEPI Rockcastle NV |
1,558 | 10,562 | ||||||
|
|
|||||||
56,277 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 10.6% |
| |||||||
Daqo New Energy Corp., ADR* |
200 | 3,610 | ||||||
Flat Glass Group Co. Ltd., Class H |
2,000 | 3,014 | ||||||
GCL Technology Holdings Ltd. |
68,000 | 7,829 | ||||||
Hua Hong Semiconductor Ltd.*(a) |
1,000 | 1,817 | ||||||
SK Hynix, Inc. |
530 | 53,490 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
18,360 | 368,379 | ||||||
United Microelectronics Corp. |
17,000 | 26,614 | ||||||
Xinyi Solar Holdings Ltd. |
16,000 | 7,327 | ||||||
|
|
|||||||
472,080 | ||||||||
|
|
|||||||
Specialty Retail - 0.5% |
| |||||||
Chow Tai Fook Jewellery Group Ltd. |
6,800 | 9,186 | ||||||
Lojas Renner SA |
3,400 | 11,044 | ||||||
|
|
|||||||
20,230 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 5.3% |
| |||||||
Asustek Computer, Inc. |
2,362 | 33,619 | ||||||
Compal Electronics, Inc. |
14,652 | 16,782 | ||||||
Lenovo Group Ltd. |
24,000 | 25,083 | ||||||
Micro-Star International Co. Ltd. |
544 | 3,163 | ||||||
Samsung Electronics Co. Ltd. |
2,378 | 129,533 | ||||||
Wistron Corp. |
7,546 | 27,605 | ||||||
|
|
|||||||
235,785 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 0.4% |
| |||||||
Feng TAY Enterprise Co. Ltd. |
1,702 | 8,809 | ||||||
Li Ning Co. Ltd. |
4,000 | 8,494 | ||||||
|
|
|||||||
17,303 | ||||||||
|
|
|||||||
Transportation Infrastructure - 1.6% |
| |||||||
Abu Dhabi Ports Co. PJSC* |
3,350 | 5,664 |
Investments |
Shares | Value ($) | ||||||
Adani Ports & Special Economic Zone Ltd. |
1,866 | 27,136 | ||||||
CCR SA |
3,400 | 9,028 | ||||||
International Container Terminal Services, Inc. |
3,280 | 14,158 | ||||||
Jiangsu Expressway Co. Ltd., Class H |
4,000 | 3,817 | ||||||
Salik Co. PJSC |
5,562 | 5,255 | ||||||
Taiwan High Speed Rail Corp. |
5,090 | 4,806 | ||||||
|
|
|||||||
69,864 | ||||||||
|
|
|||||||
Wireless Telecommunication Services - 2.7% |
| |||||||
Bharti Airtel Ltd. |
4,442 | 62,621 | ||||||
Etihad Etisalat Co. |
1,120 | 15,560 | ||||||
Mobile Telecommunications Co. KSCP |
6,340 | 10,841 | ||||||
Taiwan Mobile Co. Ltd. |
5,728 | 17,935 | ||||||
TIM SA |
2,800 | 9,826 | ||||||
Vodacom Group Ltd. |
388 | 1,948 | ||||||
|
|
|||||||
118,731 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
4,396,800 | ||||||
|
|
|||||||
Total Investments - 99.2% |
|
4,396,800 | ||||||
Other assets less liabilities - 0.8% |
|
36,751 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
4,433,551 | ||||||
|
|
* | Non-income producing security. |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(b) | Represents less than 0.05% of net assets. |
Percentages shown are based on Net Assets.
Abbreviations | ||
ADR |
American Depositary Receipt | |
NVDR |
Non-Voting Depositary Receipt | |
PJSC |
Public Joint Stock Company | |
Preference |
A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
REIT |
Real Estate Investment Trust |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Emerging Markets Core Index Fund (cont.)
Futures Contracts
FlexShares® ESG & Climate Emerging Markets Core Index Fund had the following open futures contract as of January 31, 2024:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Depreciation |
||||||||||||||
Long Contracts |
|
|||||||||||||||||
MSCI Emerging Markets E-Mini Index |
1 | 03/15/2024 | USD | $ | 49,040 | $ | (402 | ) |
Forward Foreign Currency Contracts
FlexShares® ESG & Climate Emerging Markets Core Index Fund had the following outstanding contracts as of January 31, 2024:
Contracts to Receive |
Counterparty |
In Exchange For | Maturity Date |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
USD |
4,769 | Bank of New York Mellon (The) | HKD | 37,178 | 03/20/2024 | $ | 7 | |||||||||||||||
|
|
|||||||||||||||||||||
Net unrealized appreciation |
|
$ | 7 | |||||||||||||||||||
|
|
Abbreviations: |
HKD Hong Kong Dollar |
USD US Dollar |
FlexShares® ESG & Climate Emerging Markets Core Index invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2024:
Brazil |
6.6 | % | ||
Chile |
0.5 | |||
China |
18.3 | |||
Colombia |
0.4 | |||
Czech Republic |
0.1 | |||
Egypt |
0.6 | |||
Greece |
0.9 | |||
Hungary |
1.0 | |||
India |
17.0 | |||
Indonesia |
0.9 | |||
Kuwait |
0.5 | |||
Malaysia |
2.1 | |||
Mexico |
2.8 | |||
Philippines |
0.3 | |||
Poland |
1.2 | |||
Saudi Arabia |
1.8 | |||
South Africa |
5.8 | |||
South Korea |
13.5 | |||
Taiwan |
18.7 | |||
Thailand |
3.3 | |||
Turkey |
0.7 | |||
United Arab Emirates |
2.2 | |||
Other1 |
0.8 | |||
|
|
|||
100.0 | % | |||
|
|
1 | Includes any non-equity securities and net other assets (liabilities). |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Emerging Markets Core Index Fund (cont.)
Security Type |
% of Net Assets | |||
Common Stocks |
99.2 | % | ||
Others(1) |
0.8 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Morningstar Global Upstream Natural Resources Index Fund
January 31, 2024 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 99.3% |
| |||||||
Building Products - 0.5% |
| |||||||
Simpson Manufacturing Co., Inc.(a) |
99,060 | 17,928,869 | ||||||
UFP Industries, Inc. |
148,590 | 16,857,536 | ||||||
|
|
|||||||
34,786,405 | ||||||||
|
|
|||||||
Chemicals - 17.0% |
| |||||||
CF Industries Holdings, Inc. |
1,271,270 | 95,993,598 | ||||||
Corteva, Inc. |
5,101,590 | 232,020,313 | ||||||
FMC Corp.(a) |
858,520 | 48,248,824 | ||||||
Hektas Ticaret TAS* |
29,519,880 | 17,336,022 | ||||||
ICL Group Ltd. |
8,152,638 | 37,560,672 | ||||||
K+S AG (Registered) |
1,944,878 | 27,601,429 | ||||||
Mosaic Co. (The)(a) |
2,360,930 | 72,504,160 | ||||||
Nutrien Ltd.(a) |
5,405,374 | 271,229,575 | ||||||
PhosAgro PJSC |
308,581 | | ||||||
PI Industries Ltd. |
904,748 | 36,744,467 | ||||||
Qinghai Salt Lake Industry Co. Ltd., Class A* |
4,622,800 | 9,233,302 | ||||||
SABIC Agri-Nutrients Co. |
2,697,734 | 92,224,074 | ||||||
Scotts Miracle-Gro Co. |
260,858 | 14,675,871 | ||||||
Taiwan Fertilizer Co. Ltd. |
8,921,000 | 19,381,396 | ||||||
UPL Ltd. |
6,006,338 | 38,890,440 | ||||||
Yara International ASA |
1,918,462 | 64,104,070 | ||||||
Zangge Mining Co. Ltd., Class A |
1,320,800 | 4,556,862 | ||||||
|
|
|||||||
1,082,305,075 | ||||||||
|
|
|||||||
Food Products - 11.3% |
| |||||||
Archer-Daniels-Midland Co. |
3,787,394 | 210,503,358 | ||||||
Bakkafrost P/F |
567,944 | 32,045,499 | ||||||
Bunge Global SA(a) |
1,079,754 | 95,115,530 | ||||||
Charoen Pokphand Foods PCL, NVDR |
36,652,200 | 19,215,867 | ||||||
Charoen Pokphand Indonesia Tbk. PT |
85,191,600 | 24,186,208 | ||||||
Kuala Lumpur Kepong Bhd. |
6,604,000 | 31,023,442 | ||||||
Mowi ASA |
5,263,388 | 95,536,890 | ||||||
Muyuan Foods Co. Ltd., Class A |
4,622,808 | 22,696,963 | ||||||
New Hope Liuhe Co. Ltd., Class A* |
3,962,400 | 4,509,030 | ||||||
PPB Group Bhd. |
8,255,000 | 25,236,216 | ||||||
QL Resources Bhd. |
13,208,000 | 16,279,628 | ||||||
Salmar ASA |
792,480 | 44,320,554 | ||||||
Tyson Foods, Inc., Class A |
1,776,476 | 97,279,826 | ||||||
|
|
|||||||
717,949,011 | ||||||||
|
|
|||||||
Metals & Mining - 29.3% |
| |||||||
Agnico Eagle Mines Ltd.(a) |
1,386,203 | 68,560,529 | ||||||
Anglo American plc |
3,344,926 | 80,787,499 | ||||||
Barrick Gold Corp.(a) |
4,844,034 | 76,138,403 | ||||||
BHP Group Ltd. |
10,315,448 | 322,335,403 | ||||||
Boliden AB |
706,628 | 18,940,572 | ||||||
First Quantum Minerals |
1,637,792 | 14,955,325 | ||||||
Fortescue Ltd. |
4,361,942 | 86,157,838 | ||||||
Franco-Nevada Corp.(a) |
550,086 | 59,889,607 | ||||||
Freeport-McMoRan, Inc.(a) |
3,166,618 | 125,683,068 |
Investments |
Shares | Value ($) | ||||||
Glencore plc |
25,157,938 | 134,701,149 | ||||||
Gold Fields Ltd. |
2,529,332 | 37,777,976 | ||||||
Grupo Mexico SAB de CV, Series B |
8,585,200 | 44,391,815 | ||||||
Hindalco Industries Ltd. |
4,041,648 | 28,196,327 | ||||||
Kinross Gold Corp. |
3,364,738 | 18,661,509 | ||||||
Mineral Resources Ltd.(a) |
485,394 | 19,236,139 | ||||||
MMC Norilsk Nickel PJSC |
1,277,631 | | ||||||
Newmont Corp. |
2,423,668 | 83,640,783 | ||||||
Norsk Hydro ASA |
3,615,690 | 21,417,654 | ||||||
Northern Star Resources Ltd. |
3,222,752 | 28,014,763 | ||||||
Pilbara Minerals Ltd.(a) |
8,370,570 | 19,643,447 | ||||||
Rio Tinto plc(a) |
2,892,552 | 202,704,126 | ||||||
Royal Gold, Inc.(a) |
141,986 | 16,241,778 | ||||||
Saudi Arabian Mining Co.* |
3,341,624 | 41,345,925 | ||||||
South32 Ltd.(a) |
12,313,158 | 27,267,704 | ||||||
Southern Copper Corp.(a) |
184,912 | 15,181,275 | ||||||
Sumitomo Metal Mining Co. Ltd. |
733,600 | 20,581,451 | ||||||
Teck Resources Ltd., Class B(a) |
1,294,384 | 52,131,884 | ||||||
Vale SA |
10,064,800 | 138,024,093 | ||||||
Wheaton Precious Metals Corp.(a) |
1,264,666 | 59,643,430 | ||||||
Zijin Mining Group Co. Ltd., Class A |
4,292,600 | 7,198,627 | ||||||
|
|
|||||||
1,869,450,099 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 31.6% |
| |||||||
APA Corp.(a) |
254,254 | 7,965,778 | ||||||
BP plc |
20,512,024 | 120,796,736 | ||||||
Cameco Corp.(a) |
1,211,834 | 58,222,091 | ||||||
Canadian Natural Resources Ltd.(a) |
1,373,632 | 88,460,235 | ||||||
Cenovus Energy, Inc.(a) |
1,651,000 | 26,914,247 | ||||||
Chevron Corp.(a) |
1,400,048 | 206,409,077 | ||||||
China Petroleum & Chemical Corp., Class H |
29,324,000 | 15,229,837 | ||||||
ConocoPhillips |
974,090 | 108,971,448 | ||||||
Coterra Energy, Inc. |
620,776 | 15,444,907 | ||||||
Devon Energy Corp. |
521,716 | 21,922,506 | ||||||
Diamondback Energy, Inc. |
141,986 | 21,828,928 | ||||||
Eni SpA(a) |
2,661,412 | 42,826,664 | ||||||
EOG Resources, Inc. |
468,884 | 53,354,310 | ||||||
EQT Corp.(a) |
326,898 | 11,572,189 | ||||||
Equinor ASA |
1,228,344 | 35,552,504 | ||||||
Exxon Mobil Corp.(a) |
3,235,960 | 332,689,048 | ||||||
Gazprom PJSC* |
15,937,700 | | ||||||
Hess Corp.(a) |
224,536 | 31,554,044 | ||||||
Inpex Corp. |
1,108,900 | 15,513,600 | ||||||
LUKOIL PJSC |
483,340 | | ||||||
Marathon Oil Corp. |
495,300 | 11,317,605 | ||||||
Novatek PJSC |
1,237,715 | | ||||||
Occidental Petroleum Corp.(a) |
544,830 | 31,365,863 | ||||||
PetroChina Co. Ltd., Class H |
26,416,000 | 19,092,443 | ||||||
Petroleo Brasileiro SA (Preference) |
5,943,600 | 48,656,902 | ||||||
Pioneer Natural Resources Co. |
191,516 | 44,016,122 | ||||||
Repsol SA(a) |
1,482,598 | 22,127,886 | ||||||
Rosneft Oil Co. PJSC |
2,926,433 | | ||||||
Santos Ltd. |
3,817,112 | 19,807,920 | ||||||
Saudi Arabian Oil Co.(b) |
5,306,314 | 43,298,368 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Global Upstream Natural Resources Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Shell plc |
8,225,282 | 256,310,659 | ||||||
Suncor Energy, Inc. |
1,641,094 | 54,684,708 | ||||||
Tatneft PJSC |
2,021,036 | | ||||||
TotalEnergies SE |
2,823,210 | 184,309,385 | ||||||
Tourmaline Oil Corp.(a) |
409,448 | 17,814,612 | ||||||
Woodside Energy Group Ltd. |
2,407,159 | 51,572,485 | ||||||
|
|
|||||||
2,019,603,107 | ||||||||
|
|
|||||||
Paper & Forest Products - 3.3% |
| |||||||
Canfor Corp.*(a) |
188,214 | 2,293,420 | ||||||
Dexco SA* |
1,320,800 | 2,068,971 | ||||||
Dongwha Enterprise Co. Ltd.* |
23,114 | 1,078,936 | ||||||
Mondi plc |
1,497,916 | 26,972,352 | ||||||
Stella-Jones, Inc. |
171,704 | 10,222,175 | ||||||
Stora Enso OYJ, Class R |
2,152,904 | 27,630,464 | ||||||
Suzano SA |
2,641,600 | 27,596,971 | ||||||
Svenska Cellulosa AB SCA, Class B(a) |
2,090,166 | 28,735,775 | ||||||
UPM-Kymmene OYJ |
1,915,160 | 70,045,134 | ||||||
West Fraser Timber Co. Ltd. |
181,610 | 14,532,334 | ||||||
|
|
|||||||
211,176,532 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 0.2% |
| |||||||
Tongwei Co. Ltd., Class A |
3,962,406 | 12,859,310 | ||||||
|
|
|||||||
Specialized REITs - 1.2% |
| |||||||
PotlatchDeltic Corp., REIT |
201,422 | 9,009,606 | ||||||
Rayonier, Inc., REIT(a) |
333,502 | 10,105,111 | ||||||
Weyerhaeuser Co., REIT |
1,726,946 | 56,592,020 | ||||||
|
|
|||||||
75,706,737 | ||||||||
|
|
|||||||
Water Utilities - 4.9% |
| |||||||
AlKhorayef Water & Power Technologies Co.* |
59,436 | 3,407,573 | ||||||
American States Water Co. |
128,778 | 9,606,839 | ||||||
American Water Works Co., Inc. |
706,628 | 87,636,005 | ||||||
Beijing Enterprises Water Group Ltd.(a) |
26,416,000 | 6,420,468 | ||||||
California Water Service Group(a) |
191,516 | 8,669,929 | ||||||
Chengdu Xingrong Environment Co. Ltd., Class A |
1,320,800 | 1,072,527 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo SABESP |
1,882,233 | 30,040,455 | ||||||
Cia de Saneamento de Minas Gerais Copasa MG |
990,600 | 4,284,293 | ||||||
Cia De Sanena Do Parana* |
1,320,800 | 7,506,034 | ||||||
Essential Utilities, Inc.(a) |
894,842 | 32,089,034 | ||||||
Grandblue Environment Co. Ltd., Class A |
330,200 | 705,973 | ||||||
Guangdong Investment |
16,685,941 | 9,690,642 | ||||||
Pennon Group plc(a) |
1,400,048 | 12,587,211 | ||||||
Severn Trent plc(a) |
1,469,390 | 48,613,639 | ||||||
United Utilities Group plc(a) |
3,850,132 | 52,289,969 | ||||||
|
|
|||||||
314,620,591 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
6,338,456,867 | ||||||
|
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 4.6%(c) |
| |||||||
CERTIFICATES OF DEPOSIT - 0.8% |
| |||||||
Bank of Montreal, London 5.57%, 3/12/2024 |
3,000,000 | 3,000,000 | ||||||
Credit Agricole CIB, New York 5.60%, 2/8/2024 |
4,000,000 | 4,000,000 | ||||||
DZ Bank AG, New York |
|
|||||||
(SOFR + 0.35%), 5.66%, 5/3/2024(d) |
5,000,000 | 5,002,295 | ||||||
Mizuho Bank Ltd., New York |
|
|||||||
(SOFR + 0.40%), 5.71%, 3/12/2024(d) |
4,000,000 | 4,000,000 | ||||||
National Westminster Bank PLC 5.88%, 5/2/2024 |
4,000,000 | 4,005,360 | ||||||
Nordea Bank Abp, New York Branch |
|
|||||||
(SOFR + 0.47%), 5.78%, 4/26/2024(d) |
4,000,000 | 4,003,972 | ||||||
Oversea-Chinese Banking Corp. Ltd., New York |
||||||||
(SOFR + 0.28%), 5.59%, 3/18/2024(d) |
2,000,000 | 2,000,000 | ||||||
Royal Bank of Canada, New York |
|
|||||||
(SOFR + 0.53%), 5.84%, 5/23/2024(d) |
4,000,000 | 4,004,496 | ||||||
Sumitomo Mitsui Trust Bank Ltd., New York |
|
|||||||
(SOFR + 0.23%), 5.54%, 7/16/2024(d) |
3,000,000 | 3,001,668 | ||||||
Svenska Handelsbanken, New York 5.80%, 4/4/2024 |
3,000,000 | 3,001,773 | ||||||
(SOFR + 0.33%), 5.64%, 4/4/2024(d) |
3,000,000 | 3,001,002 | ||||||
The Sumitomo Bank Ltd., New York |
|
|||||||
(SOFR + 0.23%), 5.54%, 7/11/2024(d) |
5,000,000 | 5,001,840 | ||||||
Toronto-Dominion Bank, New York |
|
|||||||
(SOFR + 0.52%), 5.68%, 2/28/2024(d) |
2,000,000 | 2,000,217 | ||||||
(US Federal Funds Effective Rate (continuous series) + 0.61%), 5.94%, 7/26/2024(d) |
4,000,000 | 4,008,064 | ||||||
|
|
|||||||
TOTAL CERTIFICATES OF DEPOSIT |
|
50,030,687 | ||||||
|
|
|||||||
COMMERCIAL PAPER - 0.1% |
| |||||||
Bank of Montreal, Montreal |
|
|||||||
(SOFR + 0.35%), 5.66%, 5/9/2024(d) |
3,000,000 | 3,001,791 | ||||||
Skandanaviska Enskilda Banken 5.60%, 2/6/2024 |
3,000,000 | 2,997,700 | ||||||
|
|
|||||||
TOTAL COMMERCIAL PAPER |
|
5,999,491 | ||||||
|
|
|||||||
INVESTMENT COMPANIES - 0.5% |
| |||||||
BlackRock Liquidity FedFund, Institutional Shares 5.32%, 2/1/2024 |
3,465,716 | 3,465,716 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Global Upstream Natural Resources Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Dreyfus Treasury Obligations Cash Management Fund 5.35%, 2/1/2024 |
1,000,000 | 1,000,000 | ||||||
Fidelity Government Portfolio, Institutional Class 5.31%, 2/1/2024 |
5,000,000 | 5,000,000 | ||||||
Goldman Sachs Financial Square Government Fund, Institutional Class 5.32%, 2/1/2024 |
8,000,000 | 8,000,000 | ||||||
Invesco Government & Agency Portfolio, Institutional Shares 5.31%, 2/1/2024 |
4,270,884 | 4,270,884 | ||||||
RBC BlueBay U.S. Government Money Market Fund 5.35%, 2/1/2024 |
1,000,000 | 1,000,000 | ||||||
State Street Institutional U.S. Government Money Market Fund 5.35%, 2/1/2024 |
10,000,000 | 10,000,000 | ||||||
|
|
|||||||
TOTAL INVESTMENT COMPANIES |
|
32,736,600 | ||||||
|
|
|||||||
REPURCHASE AGREEMENTS - 3.2% |
| |||||||
BofA Securities, Inc., 5.76%, dated 1/31/2024, due 5/2/2024, repurchase price $8,117,760, collateralized by various Common Stocks; total market value $3,551,526 |
8,000,000 | 8,000,000 | ||||||
CF Secured LLC, 5.31%, dated 1/31/2024, due 2/1/2024, repurchase price $106,067,169, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 2/1/2024 - 8/15/2053; total market value $707,006,657 |
106,051,526 | 106,051,526 | ||||||
MetLife, Inc., 5.31%, dated 1/31/2024, due 2/1/2024, repurchase price $50,007,375, collateralized by various U.S. Treasury Securities, 0.00%, maturing 5/15/2042 - 11/15/2050; total market value $51,089,556 |
50,000,000 | 50,000,000 | ||||||
Societe Generale, 5.34%, dated 1/31/2024, due 2/1/2024, repurchase price $10,001,483, collateralized by various U.S. Treasury Securities, ranging from 2.25% - 4.75%, maturing 6/30/2024 - 2/15/2053; total market value $10,213,276 |
10,000,000 | 10,000,000 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
TD Prime Services LLC, 5.41%, dated 1/31/2024, due 2/1/2024, repurchase price $28,227,905, collateralized by various Common Stocks; total market value $30,617,531 |
28,223,664 | 28,223,664 | ||||||
|
|
|||||||
TOTAL REPURCHASE AGREEMENTS |
|
202,275,190 | ||||||
|
|
|||||||
TOTAL SECURITIES LENDING REINVESTMENTS |
291,041,968 | |||||||
|
|
|||||||
Total Investments - 103.9% |
|
6,629,498,835 | ||||||
Liabilities in excess of other assets - (3.9%) |
|
(248,514,444 | ) | |||||
|
|
|||||||
Net Assets - 100.0% |
|
6,380,984,391 | ||||||
|
|
* Non-income producing security.
| Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(a) | The security or a portion of this security is on loan at January 31, 2024. The total value of securities on loan at January 31, 2024 was $388,908,525, collateralized in the form of cash with a value of $290,971,129 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $99,304,529 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 7.63%, and maturity dates ranging from February 6, 2024 November 15, 2053 and $18,449,891 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 5.75%, and maturity dates ranging from March 25, 2025 October 22, 2073; a total value of $408,725,549. |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(c) | The security was purchased with cash collateral held from securities on loan at January 31, 2024. The total value of securities purchased was $291,041,968. |
(d) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of January 31, 2024. |
Percentages shown are based on Net Assets.
Abbreviations | ||
NVDR | Non-Voting Depositary Receipt | |
OYJ | Public Limited Company | |
PJSC | Public Joint Stock Company |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Global Upstream Natural Resources Index Fund (cont.)
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
REIT | Real Estate Investment Trust | |
SCA | Limited partnership with share capital | |
SOFR | Secured Overnight Financing Rate |
Futures Contracts
FlexShares® Morningstar Global Upstream Natural Resources Index Fund had the following open futures contracts as of January 31, 2024:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and (Depreciation) |
||||||||||||||
Long Contracts |
|
|||||||||||||||||
FTSE 100 Index |
87 | 03/15/2024 | GBP | $ | 8,452,181 | $ | 59,479 | |||||||||||
FTSE/JSE Top 40 Index |
19 | 03/20/2024 | ZAR | 698,062 | (14,640 | ) | ||||||||||||
Hang Seng Index |
10 | 02/28/2024 | HKD | 992,996 | (45,452 | ) | ||||||||||||
MSCI Emerging Markets E-Mini Index |
50 | 03/15/2024 | USD | 2,452,000 | (21,418 | ) | ||||||||||||
Russell 2000 E-Mini Index |
64 | 03/15/2024 | USD | 6,258,880 | 158,393 | |||||||||||||
S&P Midcap 400 E-Mini Index |
10 | 03/15/2024 | USD | 2,743,300 | 5,112 | |||||||||||||
S&P/TSX 60 Index |
104 | 03/14/2024 | CAD | 19,784,170 | 537,370 | |||||||||||||
SPI 200 Index |
8 | 03/21/2024 | AUD | 1,010,481 | 30,870 | |||||||||||||
|
|
|||||||||||||||||
$ | 709,714 | |||||||||||||||||
|
|
Forward Foreign Currency Contracts
FlexShares® Morningstar Global Upstream Natural Resources Index Fund had the following outstanding contracts as of January 31, 2024:
Contracts to Receive |
Counterparty |
In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
CAD |
9,268,539 | Citibank NA | USD | 6,913,113 | 03/20/2024 | $ | 28,243 | |||||||||||||||
GBP |
5,916,860 | Citibank NA | USD | 7,535,309 | 03/20/2024 | 2,158 | ||||||||||||||||
GBP |
980,000 | JPMorgan Chase Bank NA | USD | 1,243,278 | 03/20/2024 | 5,140 | ||||||||||||||||
INR* |
56,105,711 | Citibank NA | USD | 670,652 | 03/20/2024 | 3,776 | ||||||||||||||||
NOK |
3,801,048 | Citibank NA | USD | 361,619 | 03/20/2024 | 2,297 | ||||||||||||||||
USD |
6,104,216 | JPMorgan Chase Bank NA | CAD | 8,150,000 | 03/20/2024 | 552 | ||||||||||||||||
USD |
2,459,287 | UBS AG | CAD | 3,250,000 | 03/20/2024 | 25,311 | ||||||||||||||||
USD |
251,815 | Citibank NA | EUR | 229,398 | 03/20/2024 | 2,131 | ||||||||||||||||
USD |
1,516,896 | Bank of New York Mellon (The) | HKD | 11,824,345 | 03/20/2024 | 2,337 | ||||||||||||||||
USD |
266,861 | Citibank NA | KRW | * | 350,052,156 | 03/20/2024 | 3,892 | |||||||||||||||
USD |
159,281 | Citibank NA | SEK | 1,620,827 | 03/20/2024 | 2,113 | ||||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized appreciation |
|
$ | 77,950 | |||||||||||||||||||
|
|
|||||||||||||||||||||
AUD |
3,224,480 | Citibank NA | USD | 2,170,369 | 03/20/2024 | $ | (35,583 | ) | ||||||||||||||
BRL* |
12,000,000 | Goldman Sachs & Co. | USD | 2,433,129 | 03/20/2024 | (15,406 | ) | |||||||||||||||
CAD |
3,800,000 | Toronto-Dominion Bank (The) | USD | 2,854,938 | 03/20/2024 | (9,058 | ) | |||||||||||||||
USD |
2,881,738 | Toronto-Dominion Bank (The) | BRL | * | 14,437,760 | 03/20/2024 | (27,138 | ) | ||||||||||||||
USD |
5,595,609 | Barclays Bank plc | GBP | 4,400,000 | 03/20/2024 | (9,536 | ) | |||||||||||||||
USD |
609,899 | Toronto-Dominion Bank (The) | GBP | 480,000 | 03/20/2024 | (1,572 | ) | |||||||||||||||
USD |
408,212 | Morgan Stanley | INR | * | 34,000,000 | 03/20/2024 | (490 | ) | ||||||||||||||
USD |
315,954 | Toronto-Dominion Bank (The) | ZAR | 6,100,000 | 03/20/2024 | (10,719 | ) | |||||||||||||||
ZAR |
5,390,000 | Morgan Stanley | USD | 290,838 | 03/20/2024 | (2,188 | ) | |||||||||||||||
JPY |
9,759,416 | Toronto-Dominion Bank (The) | USD | 69,874 | 03/21/2024 | (2,600 | ) | |||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized depreciation |
|
$ | (114,290 | ) | ||||||||||||||||||
|
|
|||||||||||||||||||||
Net unrealized depreciation |
|
$ | (36,340 | ) | ||||||||||||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Global Upstream Natural Resources Index Fund (cont.)
* | Non-deliverable forward. |
Abbreviations: | ||||||
AUD |
| Australian Dollar | ||||
BRL |
| Brazilian Real | ||||
CAD |
| Canadian Dollar | ||||
EUR |
| Euro | ||||
GBP |
| British Pound | ||||
HKD |
| Hong Kong Dollar | ||||
INR |
| Indian Rupee | ||||
JPY |
| Japanese Yen | ||||
KRW |
| Korean Won | ||||
NOK |
| Norwegian Krone | ||||
SEK |
| Swedish Krona | ||||
USD |
| US Dollar | ||||
ZAR |
| South African Rand |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Global Upstream Natural Resources Index Fund (cont.)
FlexShares® Morningstar Global Upstream Natural Resources Index invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2024:
Australia |
9.0 | % | ||
Brazil |
4.0 | |||
Canada |
14.0 | |||
China |
1.8 | |||
Finland |
1.5 | |||
France |
2.9 | |||
Germany |
0.4 | |||
India |
1.6 | |||
Indonesia |
0.4 | |||
Israel |
0.6 | |||
Italy |
0.7 | |||
Japan |
0.6 | |||
Malaysia |
1.1 | |||
Mexico |
0.7 | |||
Norway |
4.6 | |||
Saudi Arabia |
2.8 | |||
South Africa |
0.6 | |||
South Korea |
0.0 | | ||
Spain |
0.3 | |||
Sweden |
0.8 | |||
Taiwan |
0.3 | |||
Thailand |
0.3 | |||
Turkey |
0.3 | |||
United Kingdom |
14.7 | |||
United States |
35.3 | |||
Other1 |
0.7 | |||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
1 | Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
Security Type |
% of Net Assets | |||
Common Stocks |
99.3 | % | ||
Securities Lending Reinvestments |
4.6 | |||
Others(1) |
(3.9 | ) | ||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® STOXX® Global Broad Infrastructure Index Fund
January 31, 2024 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 99.2% |
| |||||||
Air Freight & Logistics - 2.8% |
| |||||||
bpost SA(a) |
115,787 | 475,676 | ||||||
CTT-Correios de Portugal SA |
161,602 | 645,988 | ||||||
Deutsche Post AG |
1,141,210 | 55,188,745 | ||||||
International Distributions Services plc* |
879,648 | 3,100,680 | ||||||
Oesterreichische Post AG(a) |
40,817 | 1,389,979 | ||||||
PostNL NV(a) |
328,202 | 480,040 | ||||||
|
|
|||||||
61,281,108 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 4.9% |
| |||||||
Befesa SA(b) |
38,318 | 1,364,400 | ||||||
Casella Waste Systems, Inc., Class A*(a) |
22,491 | 1,919,382 | ||||||
China Everbright Environment Group Ltd. |
4,998,000 | 1,739,046 | ||||||
Clean Harbors, Inc.* |
19,159 | 3,217,946 | ||||||
Cleanaway Co. Ltd. |
112,000 | 640,521 | ||||||
Cleanaway Waste Management Ltd.(a) |
2,633,113 | 4,525,610 | ||||||
CoreCivic, Inc.*(a) |
48,314 | 687,025 | ||||||
Daiseki Co. Ltd.(a) |
63,460 | 1,840,742 | ||||||
GEO Group, Inc. (The)*(a) |
50,813 | 565,041 | ||||||
Renewi plc* |
91,630 | 684,948 | ||||||
Republic Services, Inc., Class A |
79,968 | 13,684,124 | ||||||
Stericycle, Inc.*(a) |
31,654 | 1,519,392 | ||||||
Sunny Friend Environmental Technology Co. Ltd. |
120,315 | 418,995 | ||||||
TRE Holdings Corp. |
83,300 | 715,180 | ||||||
Waste Connections, Inc.(a) |
319,039 | 49,838,427 | ||||||
Waste Management, Inc.(a) |
142,443 | 26,441,694 | ||||||
|
|
|||||||
109,802,473 | ||||||||
|
|
|||||||
Diversified Telecommunication Services - 14.8% |
| |||||||
AT&T, Inc. |
2,738,904 | 48,451,212 | ||||||
BCE, Inc.(a) |
680,561 | 27,634,021 | ||||||
BT Group plc(a) |
4,667,299 | 6,668,688 | ||||||
Cellnex Telecom SA(b) |
356,524 | 13,856,671 | ||||||
China Tower Corp. Ltd., Class H(b) |
31,654,000 | 3,522,847 | ||||||
Deutsche Telekom AG (Registered) |
2,614,787 | 64,602,906 | ||||||
Frontier Communications Parent, Inc.*(a) |
97,461 | 2,400,464 | ||||||
HKT Trust & HKT Ltd. |
2,499,000 | 3,001,773 | ||||||
Infrastrutture Wireless Italiane SpA(b) |
283,220 | 3,459,499 | ||||||
Iridium Communications, Inc. |
39,984 | 1,449,820 | ||||||
Koninklijke KPN NV |
2,585,632 | 8,841,607 | ||||||
Liberty Global Ltd., |
69,139 | 1,447,771 | ||||||
Nippon Telegraph & Telephone Corp. |
41,983,200 | 53,507,578 | ||||||
Quebecor, Inc., Class B |
121,618 | 2,975,706 | ||||||
Sarana Menara Nusantara Tbk. PT |
16,993,200 | 958,425 | ||||||
Spark New Zealand Ltd. |
1,441,090 | 4,714,740 |
Investments |
Shares | Value ($) | ||||||
Swisscom AG (Registered) |
19,159 | 11,528,677 | ||||||
Telecom Italia SpA*(a) |
7,989,303 | 2,420,400 | ||||||
Verizon Communications, Inc. |
1,612,688 | 68,297,337 | ||||||
|
|
|||||||
329,740,142 | ||||||||
|
|
|||||||
Electric Utilities - 13.1% |
| |||||||
American Electric Power Co., Inc. |
204,918 | 16,012,293 | ||||||
Constellation Energy Corp.(a) |
123,284 | 15,040,648 | ||||||
Duke Energy Corp. |
294,882 | 28,258,542 | ||||||
Edison International |
149,940 | 10,117,951 | ||||||
Enel SpA |
6,063,407 | 41,764,210 | ||||||
Eversource Energy |
137,445 | 7,452,268 | ||||||
Exelon Corp.(a) |
378,182 | 13,164,515 | ||||||
Iberdrola SA |
4,564,007 | 55,401,768 | ||||||
NextEra Energy, Inc. |
791,350 | 46,396,851 | ||||||
PG&E Corp. |
1,007,097 | 16,989,726 | ||||||
Southern Co. (The)(a) |
418,999 | 29,128,811 | ||||||
Xcel Energy, Inc. |
209,083 | 12,517,799 | ||||||
|
|
|||||||
292,245,382 | ||||||||
|
|
|||||||
Energy Equipment & Services - 0.1% |
| |||||||
Secure Energy Services, Inc. |
234,073 | 1,806,289 | ||||||
|
|
|||||||
Gas Utilities - 1.1% |
| |||||||
AltaGas Ltd.(a) |
224,077 | 4,687,663 | ||||||
APA Group |
951,286 | 5,338,916 | ||||||
Enagas SA(a) |
173,264 | 2,840,059 | ||||||
Keppel Infrastructure Trust |
4,414,900 | 1,668,369 | ||||||
Petronas Gas Bhd. |
416,500 | 1,562,095 | ||||||
Snam SpA |
1,596,028 | 7,851,861 | ||||||
|
|
|||||||
23,948,963 | ||||||||
|
|
|||||||
Ground Transportation - 18.5% |
| |||||||
Aurizon Holdings Ltd. |
2,189,124 | 5,484,586 | ||||||
Canadian National Railway |
734,706 | 91,713,833 | ||||||
Canadian Pacific Kansas City Ltd. |
1,153,705 | 93,371,356 | ||||||
Central Japan Railway Co. |
1,276,600 | 32,252,326 | ||||||
CSX Corp. |
773,857 | 27,626,695 | ||||||
East Japan Railway Co. |
468,400 | 27,048,157 | ||||||
GMexico Transportes SAB de CV(a)(b) |
666,400 | 1,525,594 | ||||||
Keio Corp. |
166,600 | 4,930,471 | ||||||
Keisei Electric Railway Co. Ltd. |
210,500 | 9,645,487 | ||||||
MTR Corp. Ltd.(a) |
2,020,500 | 6,565,058 | ||||||
Norfolk Southern Corp. |
86,632 | 20,379,312 | ||||||
Odakyu Electric Railway Co. Ltd. |
461,900 | 7,142,979 | ||||||
Rumo SA |
1,582,700 | 7,386,424 | ||||||
Tobu Railway Co. Ltd. |
249,900 | 6,699,902 | ||||||
Union Pacific Corp. |
234,906 | 57,300,621 | ||||||
West Japan Railway Co. |
297,300 | 12,508,261 | ||||||
|
|
|||||||
411,581,062 | ||||||||
|
|
|||||||
Health Care Providers & Services - 3.8% |
| |||||||
Acadia Healthcare Co., Inc.*(a) |
36,652 | 3,010,595 | ||||||
Apollo Hospitals Enterprise Ltd. |
143,276 | 10,960,792 | ||||||
Bangkok Dusit Medical Services PCL, NVDR |
16,160,200 | 12,526,404 | ||||||
Bumrungrad Hospital PCL, NVDR |
833,000 | 5,635,121 | ||||||
Encompass Health Corp.(a) |
39,151 | 2,781,287 | ||||||
HCA Healthcare, Inc. |
76,636 | 23,366,316 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global Broad Infrastructure Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
IHH Healthcare Bhd. |
2,582,300 | 3,330,239 | ||||||
Life Healthcare Group Holdings Ltd. |
1,361,122 | 1,353,163 | ||||||
Ramsay Health Care Ltd.(a) |
234,073 | 7,927,021 | ||||||
Rede DOr Sao Luiz SA(b) |
1,082,900 | 5,950,241 | ||||||
Select Medical Holdings |
43,316 | 1,125,783 | ||||||
Tenet Healthcare Corp.* |
39,151 | 3,239,354 | ||||||
Universal Health Services, Inc., Class B |
21,658 | 3,439,507 | ||||||
|
|
|||||||
84,645,823 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers - 0.9% |
| |||||||
RWE AG |
534,786 | 19,942,685 | ||||||
|
|
|||||||
IT Services - 0.2% |
| |||||||
Fastly, Inc., Class A*(a) |
48,314 | 972,078 | ||||||
NEXTDC Ltd.*(a) |
381,514 | 3,535,841 | ||||||
|
|
|||||||
4,507,919 | ||||||||
|
|
|||||||
Media - 4.1% |
| |||||||
Charter Communications, Inc., Class A*(a) |
38,318 | 14,204,866 | ||||||
Comcast Corp., Class A |
1,541,050 | 71,720,467 | ||||||
Liberty Broadband Corp., Class C*(a) |
45,815 | 3,594,186 | ||||||
Sirius XM Holdings, Inc.(a) |
364,021 | 1,852,867 | ||||||
|
|
|||||||
91,372,386 | ||||||||
|
|
|||||||
Multi-Utilities - 7.0% |
| |||||||
Consolidated Edison, Inc. |
134,946 | 12,266,591 | ||||||
Dominion Energy, Inc. |
318,206 | 14,548,378 | ||||||
Engie SA |
1,470,245 | 23,652,365 | ||||||
National Grid plc |
2,877,182 | 38,654,646 | ||||||
Public Service Enterprise Group, Inc. |
194,089 | 11,255,221 | ||||||
Sempra(a) |
239,904 | 17,167,530 | ||||||
Veolia Environnement SA |
837,165 | 27,526,645 | ||||||
WEC Energy Group, Inc.(a) |
119,119 | 9,620,050 | ||||||
|
|
|||||||
154,691,426 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 7.7% |
| |||||||
Antero Midstream Corp.(a) |
139,111 | 1,702,719 | ||||||
DT Midstream, Inc.(a) |
38,318 | 2,057,293 | ||||||
Enbridge, Inc. |
1,672,664 | 59,767,957 | ||||||
Equitrans Midstream Corp. |
159,103 | 1,621,259 | ||||||
Keyera Corp.(a) |
176,596 | 4,298,418 | ||||||
Kinder Morgan, Inc. |
744,702 | 12,600,358 | ||||||
Koninklijke Vopak NV |
44,149 | 1,388,351 | ||||||
New Fortress Energy, Inc.(a) |
43,316 | 1,439,391 | ||||||
ONEOK, Inc. |
225,743 | 15,406,960 | ||||||
Pembina Pipeline Corp. |
430,661 | 14,927,518 | ||||||
Targa Resources Corp. |
86,632 | 7,360,255 | ||||||
TC Energy Corp.(a) |
808,843 | 32,110,350 | ||||||
Transneft PJSC (Preference) |
1,473 | | ||||||
Williams Cos., Inc. (The) |
470,645 | 16,312,556 | ||||||
|
|
|||||||
170,993,385 | ||||||||
|
|
|||||||
Specialized REITs - 4.9% |
| |||||||
American Tower Corp., REIT |
179,095 | 35,039,937 | ||||||
Crown Castle, Inc., REIT(a) |
165,767 | 17,944,278 | ||||||
Digital Realty Trust, Inc., REIT(a) |
115,787 | 16,263,442 | ||||||
Equinix, Inc., REIT |
35,819 | 29,721,532 | ||||||
Keppel DC REIT, REIT |
916,300 | 1,158,788 |
Investments |
Shares | Value ($) | ||||||
SBA Communications Corp., Class A, REIT(a) |
42,483 | 9,510,244 | ||||||
|
|
|||||||
109,638,221 | ||||||||
|
|
|||||||
Specialty Retail - 0.0% |
| |||||||
GCI Liberty, Inc.* |
36,294 | | ||||||
|
|
|||||||
Transportation Infrastructure - 6.9% |
| |||||||
Adani Ports & Special Economic Zone Ltd. |
992,936 | 14,439,607 | ||||||
Aena SME SA(b) |
91,630 | 16,348,310 | ||||||
Aeroports de Paris SA |
28,322 | 3,827,138 | ||||||
Airports of Thailand PCL, NVDR |
5,331,200 | 8,978,626 | ||||||
Atlas Arteria Ltd.(a) |
1,818,439 | 6,515,269 | ||||||
Auckland International Airport Ltd. |
1,629,348 | 8,459,842 | ||||||
Bangkok Expressway & Metro PCL, NVDR |
9,996,000 | 2,070,907 | ||||||
CCR SA |
1,416,100 | 3,760,141 | ||||||
China Merchants Port Holdings Co. Ltd. |
1,666,000 | 2,062,986 | ||||||
COSCO SHIPPING Ports Ltd.(a) |
1,666,000 | 1,018,706 | ||||||
Flughafen Zurich AG (Registered) |
23,324 | 4,858,657 | ||||||
Gemadept Corp. |
333,200 | 929,004 | ||||||
Getlink SE |
392,343 | 6,818,921 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B(a) |
512,295 | 7,992,166 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B |
199,920 | 5,840,055 | ||||||
International Container Terminal Services, Inc. |
2,165,800 | 9,348,777 | ||||||
Japan Airport Terminal Co. |
117,400 | 4,720,094 | ||||||
Jiangsu Expressway Co. Ltd., Class H |
1,666,000 | 1,589,863 | ||||||
Promotora y Operadora de Infraestructura SAB de CV |
233,240 | 2,299,741 | ||||||
Qube Holdings Ltd.(a) |
2,107,490 | 4,569,553 | ||||||
Santos Brasil Participacoes SA |
666,400 | 1,359,477 | ||||||
Shenzhen International Holdings Ltd. |
1,666,000 | 1,372,483 | ||||||
Transurban Group |
3,847,627 | 34,362,331 | ||||||
Westshore Terminals Investment Corp.(a) |
43,316 | 920,755 | ||||||
|
|
|||||||
154,463,409 | ||||||||
|
|
|||||||
Water Utilities - 2.4% |
| |||||||
Aguas Andinas SA, Class A |
3,564,407 | 1,078,472 | ||||||
American States Water Co.(a) |
15,827 | 1,180,694 | ||||||
American Water Works Co., Inc. |
73,304 | 9,091,162 | ||||||
Beijing Enterprises Water Group Ltd.(a) |
4,998,000 | 1,214,775 | ||||||
California Water Service Group(a) |
24,990 | 1,131,297 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo SABESP |
416,500 | 6,647,344 | ||||||
Cia de Saneamento de Minas Gerais Copasa MG |
249,900 | 1,080,805 | ||||||
Cia De Sanena Do Parana (Preference)* |
1,249,500 | 1,426,237 | ||||||
Essential Utilities, Inc.(a) |
90,797 | 3,255,981 | ||||||
Guangdong Investment Ltd.(a) |
3,332,000 | 1,935,115 | ||||||
Middlesex Water Co.(a) |
5,831 | 326,361 | ||||||
Pennon Group plc |
300,713 | 2,703,578 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global Broad Infrastructure Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Severn Trent plc |
334,033 | 11,051,225 | ||||||
SJW Group(a) |
12,495 | 743,952 | ||||||
United Utilities Group plc |
850,493 | 11,550,838 | ||||||
|
|
|||||||
54,417,836 | ||||||||
|
|
|||||||
Wireless Telecommunication Services - 6.0% |
| |||||||
KDDI Corp. |
1,134,000 | 37,990,067 | ||||||
SoftBank Corp. |
2,165,800 | 29,092,172 | ||||||
SoftBank Group Corp. |
782,600 | 34,585,914 | ||||||
T-Mobile US, Inc. |
195,755 | 31,561,579 | ||||||
|
|
|||||||
133,229,732 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
2,208,308,241 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 2.1%(c) |
| |||||||
INVESTMENT COMPANIES - 0.2% |
| |||||||
Goldman Sachs Financial Square Government Fund, Institutional Class 5.32%, 2/1/2024 (Cost $4,862,589) |
4,862,589 | 4,862,589 | ||||||
|
|
|||||||
REPURCHASE AGREEMENTS - 1.9% |
| |||||||
BofA Securities, Inc., 5.76%, dated 1/31/2024, due 5/2/2024, repurchase price $2,029,440, collateralized by various Common Stocks; total market value $887,882 |
2,000,000 | 2,000,000 | ||||||
CF Secured LLC, 5.31%, dated 1/31/2024, due 2/1/2024, repurchase price $19,064,768, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 3/31/2024 - 5/15/2053; total market value $151,104,321 |
19,061,957 | 19,061,957 | ||||||
Citigroup Global Markets, Inc., 5.28%, dated 1/31/2024, due 2/1/2024, repurchase price $20,002,933, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 4.00%, maturing 7/15/2024 - 1/31/2029; total market value $20,420,411 |
20,000,000 | 20,000,000 | ||||||
|
|
|||||||
TOTAL REPURCHASE AGREEMENTS |
|
41,061,957 | ||||||
|
|
|||||||
TOTAL SECURITIES LENDING REINVESTMENTS |
45,924,546 | |||||||
|
|
|||||||
Total Investments - 101.3% |
|
2,254,232,787 | ||||||
Liabilities in excess of other assets - (1.3%) |
|
(28,998,399 | ) | |||||
|
|
|||||||
Net Assets - 100.0% |
|
2,225,234,388 | ||||||
|
|
* | Non-income producing security. |
| Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(a) | The security or a portion of this security is on loan at January 31, 2024. The total value of securities on loan at January 31, 2024 was $160,689,484, collateralized in the form of cash with a value of $45,924,546 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $98,792,102 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 7.63%, and maturity dates ranging from February 6, 2024 November 15, 2053 and $24,014,356 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 5.75%, and maturity dates ranging from February 21, 2024 September 20, 2117; a total value of $168,731,003. |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(c) | The security was purchased with cash collateral held from securities on loan at January 31, 2024. The total value of securities purchased was $45,924,546. |
Percentages shown are based on Net Assets.
Abbreviations | ||
NVDR | Non-Voting Depositary Receipt | |
PJSC | Public Joint Stock Company | |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
REIT | Real Estate Investment Trust |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global Broad Infrastructure Index Fund (cont.)
Futures Contracts
FlexShares® STOXX® Global Broad Infrastructure Index Fund had the following open futures contracts as of January 31, 2024:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||
Long Contracts |
|
|||||||||||||||||
EURO STOXX 50 Index |
6 | 03/15/2024 | EUR | $ | 304,041 | $ | 8,783 | |||||||||||
FTSE 100 Index |
37 | 03/15/2024 | GBP | 3,594,606 | 17,452 | |||||||||||||
S&P 500 E-Mini Index |
19 | 03/15/2024 | USD | 4,626,975 | 163,386 | |||||||||||||
S&P/TSX 60 Index |
29 | 03/14/2024 | CAD | 5,516,740 | 108,887 | |||||||||||||
SPI 200 Index |
18 | 03/21/2024 | AUD | 2,273,582 | 54,421 | |||||||||||||
TOPIX Index |
8 | 03/07/2024 | JPY | 1,397,503 | 115,145 | |||||||||||||
|
|
|||||||||||||||||
$ | 468,074 | |||||||||||||||||
|
|
Forward Foreign Currency Contracts
FlexShares® STOXX® Global Broad Infrastructure Index Fund had the following outstanding contracts as of January 31, 2024:
Contracts to Receive |
Counterparty |
In Exchange For | Maturity Date |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
USD |
644,365 | Toronto-Dominion Bank (The) | JPY | 90,000,000 | 03/21/2024 | $ | 23,975 | |||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized appreciation |
|
$ | 23,975 | |||||||||||||||||||
|
|
|||||||||||||||||||||
USD |
759,623 | Morgan Stanley | GBP | 600,000 | 03/20/2024 | $ | (4,715 | ) | ||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized depreciation |
|
$ | (4,715 | ) | ||||||||||||||||||
|
|
|||||||||||||||||||||
Net unrealized appreciation |
|
$ | 19,260 | |||||||||||||||||||
|
|
Abbreviations:
AUD Australian Dollar |
CAD Canadian Dollar |
EUR Euro |
GBP British Pound |
JPY Japanese Yen |
USD US Dollar |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global Broad Infrastructure Index Fund (cont.)
FlexShares® STOXX® Global Broad Infrastructure Index invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2024:
Australia |
3.3 | % | ||
Austria |
0.1 | |||
Belgium |
0.0 | | ||
Brazil |
1.2 | |||
Canada |
17.3 | |||
Chile |
0.1 | |||
China |
0.6 | |||
France |
2.8 | |||
Germany |
6.3 | |||
Hong Kong |
0.5 | |||
India |
1.1 | |||
Indonesia |
0.0 | | ||
Italy |
2.5 | |||
Japan |
11.8 | |||
Malaysia |
0.2 | |||
Mexico |
0.8 | |||
Netherlands |
0.5 | |||
New Zealand |
0.6 | |||
Philippines |
0.4 | |||
Portugal |
0.0 | | ||
Singapore |
0.1 | |||
South Africa |
0.1 | |||
Spain |
4.0 | |||
Switzerland |
0.7 | |||
Taiwan |
0.1 | |||
Thailand |
1.3 | |||
United Kingdom |
3.3 | |||
United States |
39.5 | |||
Vietnam |
0.0 | | ||
Other1 |
0.8 | |||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
1 | Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
Security Type |
% of Net Assets | |||
Common Stocks |
99.2 | % | ||
Securities Lending Reinvestments |
2.1 | |||
Others(1) |
(1.3 | ) | ||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Global Quality Real Estate Index Fund
January 31, 2024 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 98.4% |
| |||||||
Diversified REITs - 5.3% |
| |||||||
Broadstone Net Lease, Inc., REIT(a) |
82,500 | 1,325,775 | ||||||
Covivio SA, REIT |
21,450 | 1,052,231 | ||||||
Empire State Realty Trust, Inc., Class A, REIT |
84,700 | 806,344 | ||||||
Essential Properties Realty Trust, Inc., REIT(a) |
65,890 | 1,641,320 | ||||||
GPT Group (The), REIT |
873,950 | 2,692,197 | ||||||
H&R REIT, REIT(a) |
92,730 | 683,650 | ||||||
Land Securities Group plc, REIT |
81,840 | 697,851 | ||||||
Merlin Properties Socimi SA, REIT |
146,630 | 1,513,926 | ||||||
Mori Trust Reit, Inc., REIT |
1,430 | 732,731 | ||||||
NIPPON REIT Investment Corp., REIT |
297 | 693,864 | ||||||
OUE REIT, REIT |
341,000 | 72,724 | ||||||
Stockland, REIT |
1,062,930 | 3,204,083 | ||||||
Tokyu REIT, Inc., REIT(a) |
550 | 647,170 | ||||||
|
|
|||||||
15,763,866 | ||||||||
|
|
|||||||
Health Care REITs - 0.8% |
| |||||||
National Health Investors, Inc., REIT(a) |
19,800 | 1,052,964 | ||||||
Welltower, Inc., REIT |
14,300 | 1,237,093 | ||||||
|
|
|||||||
2,290,057 | ||||||||
|
|
|||||||
Hotel & Resort REITs - 4.7% |
| |||||||
Apple Hospitality REIT, Inc., REIT(a) |
97,460 | 1,565,208 | ||||||
CDL Hospitality Trusts, REIT |
869,000 | 669,787 | ||||||
Covivio Hotels SACA, REIT(a) |
5,500 | 97,681 | ||||||
DiamondRock Hospitality Co., REIT(a) |
97,020 | 886,763 | ||||||
Far East Hospitality Trust, REIT |
1,276,000 | 620,646 | ||||||
Host Hotels & Resorts, Inc., REIT |
320,320 | 6,156,550 | ||||||
Park Hotels & Resorts, Inc., REIT(a) |
96,910 | 1,461,403 | ||||||
RLJ Lodging Trust, REIT |
75,130 | 870,005 | ||||||
Service Properties Trust, REIT |
92,510 | 715,102 | ||||||
Sunstone Hotel Investors, Inc., REIT |
86,240 | 920,181 | ||||||
|
|
|||||||
13,963,326 | ||||||||
|
|
|||||||
Household Durables - 0.3% |
| |||||||
Iida Group Holdings Co. Ltd.(a) |
66,000 | 1,012,745 | ||||||
|
|
|||||||
Industrial REITs - 9.9% |
| |||||||
AIMS APAC REIT, REIT |
671,000 | 657,769 | ||||||
CapitaLand Ascendas REIT, REIT |
1,595,000 | 3,485,165 | ||||||
Dream Industrial REIT, REIT(a) |
79,310 | 796,632 | ||||||
First Industrial Realty Trust, Inc., REIT(a) |
59,620 | 3,071,622 | ||||||
Frasers Logistics & Commercial Trust, REIT(b) |
1,342,000 | 1,124,735 | ||||||
Goodman Group, REIT(a) |
26,950 | 456,072 |
Investments |
Shares | Value ($) | ||||||
Innovative Industrial Properties, Inc., REIT |
12,540 | 1,169,104 | ||||||
LXP Industrial Trust, REIT |
121,990 | 1,108,889 | ||||||
Mapletree Logistics Trust, REIT |
1,537,169 | 1,782,925 | ||||||
Montea NV, REIT |
9,240 | 800,949 | ||||||
Prologis, Inc., REIT |
94,160 | 11,929,131 | ||||||
STAG Industrial, Inc., REIT(a) |
81,180 | 2,998,789 | ||||||
|
|
|||||||
29,381,782 | ||||||||
|
|
|||||||
Office REITs - 2.3% |
| |||||||
Equity Commonwealth, REIT |
49,170 | 939,639 | ||||||
Gecina SA, REIT |
20,460 | 2,282,474 | ||||||
Inmobiliaria Colonial Socimi SA, REIT |
136,950 | 832,323 | ||||||
Keppel REIT, REIT |
1,155,000 | 799,473 | ||||||
SL Green Realty Corp., REIT |
1 | 44 | ||||||
Vornado Realty Trust, REIT(a) |
72,270 | 1,965,021 | ||||||
|
|
|||||||
6,818,974 | ||||||||
|
|
|||||||
Real Estate Management & Development - 17.0% |
| |||||||
Aeon Mall Co. Ltd. |
58,300 | 729,672 | ||||||
Atrium Ljungberg AB, Class B(a) |
37,070 | 748,407 | ||||||
Bukit Sembawang Estates Ltd. |
33,000 | 81,244 | ||||||
Capitaland India Trust |
825,000 | 648,221 | ||||||
City Developments Ltd. |
220,000 | 1,005,874 | ||||||
CTP NV(b) |
51,920 | 893,346 | ||||||
Daito Trust Construction Co. Ltd. |
27,400 | 3,153,788 | ||||||
DigitalBridge Group, Inc. |
72,160 | 1,417,222 | ||||||
Fabege AB(a) |
117,920 | 1,117,988 | ||||||
Fastighets AB Balder, Class B*(a) |
292,600 | 1,980,618 | ||||||
Grainger plc |
317,130 | 1,062,931 | ||||||
Grand City Properties SA* |
51,040 | 500,089 | ||||||
Heiwa Real Estate Co. Ltd. |
26,100 | 699,928 | ||||||
Hulic Co. Ltd. |
176,000 | 1,972,211 | ||||||
Ichigo, Inc.(a) |
275,000 | 744,997 | ||||||
Intershop Holding AG |
990 | 715,510 | ||||||
LEG Immobilien SE* |
33,440 | 2,813,673 | ||||||
Lifestyle Communities Ltd.(a) |
62,810 | 748,615 | ||||||
Mitsubishi Estate Co. Ltd. |
220,000 | 3,104,156 | ||||||
Mitsui Fudosan Co. Ltd. |
143,000 | 3,647,026 | ||||||
Mobimo Holding AG (Registered) |
2,860 | 851,816 | ||||||
Nexity SA |
27,500 | 462,715 | ||||||
Nomura Real Estate Holdings, Inc. |
49,500 | 1,375,536 | ||||||
Platzer Fastigheter Holding AB, Class B |
8,690 | 71,910 | ||||||
PSP Swiss Property AG (Registered) |
20,680 | 2,779,512 | ||||||
Sirius Real Estate Ltd.(a) |
670,560 | 775,364 | ||||||
St Joe Co. (The)(a) |
15,400 | 850,080 | ||||||
Sumitomo Realty & Development Co. Ltd. |
128,200 | 4,100,997 | ||||||
Sun Hung Kai Properties Ltd. |
312,500 | 2,912,229 | ||||||
Swire Properties Ltd. |
528,000 | 984,776 | ||||||
TAG Immobilien AG* |
73,260 | 1,040,889 | ||||||
Tokyo Tatemono Co. Ltd. |
83,100 | 1,301,005 | ||||||
Tokyu Fudosan Holdings Corp. |
275,000 | 1,868,890 | ||||||
Tricon Residential, Inc. |
118,360 | 1,311,125 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Global Quality Real Estate Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
UOL Group Ltd. |
209,000 | 979,040 | ||||||
Wihlborgs Fastigheter AB |
123,310 | 1,115,266 | ||||||
|
|
|||||||
50,566,666 | ||||||||
|
|
|||||||
Residential REITs - 16.9% |
| |||||||
American Homes 4 Rent, Class A, REIT |
146,410 | 5,131,671 | ||||||
Apartment Income REIT Corp., Class A, REIT |
66,770 | 2,182,711 | ||||||
AvalonBay Communities, Inc., REIT |
63,910 | 11,440,529 | ||||||
Boardwalk REIT, REIT(a) |
14,960 | 781,564 | ||||||
Centerspace, REIT(a) |
12,650 | 692,714 | ||||||
Equity Residential, REIT |
162,030 | 9,752,586 | ||||||
Essex Property Trust, Inc., REIT |
28,930 | 6,748,501 | ||||||
InterRent REIT, REIT(a) |
66,660 | 672,063 | ||||||
Killam Apartment REIT, REIT(a) |
50,820 | 712,442 | ||||||
Mid-America Apartment Communities, Inc., REIT |
52,360 | 6,617,257 | ||||||
UDR, Inc., REIT |
141,020 | 5,079,540 | ||||||
Xior Student Housing NV, REIT(b) |
20,240 | 610,103 | ||||||
|
|
|||||||
50,421,681 | ||||||||
|
|
|||||||
Retail REITs - 18.8% |
| |||||||
Acadia Realty Trust, REIT |
51,590 | 880,125 | ||||||
Brixmor Property Group, Inc., REIT |
136,510 | 3,063,284 | ||||||
Carmila SA, REIT* |
44,990 | 806,361 | ||||||
Crombie REIT, REIT(a) |
57,750 | 587,420 | ||||||
CT REIT, REIT(a) |
58,080 | 630,771 | ||||||
Eurocommercial Properties NV, REIT |
30,736 | 695,117 | ||||||
Federal Realty Investment Trust, REIT |
12,870 | 1,309,265 | ||||||
Fukuoka REIT Corp., REIT(a) |
660 | 787,440 | ||||||
HMC Capital Ltd., REIT(a) |
203,500 | 828,666 | ||||||
InvenTrust Properties Corp., REIT(a) |
32,890 | 816,659 | ||||||
Kimco Realty Corp., REIT |
279,730 | 5,650,546 | ||||||
Kite Realty Group Trust, REIT |
99,330 | 2,125,662 | ||||||
Klepierre SA, REIT |
97,460 | 2,550,310 | ||||||
NNN REIT, Inc., REIT(a) |
82,060 | 3,310,301 | ||||||
PARAGON REIT, REIT |
1,034,000 | 677,031 | ||||||
Phillips Edison & Co., Inc., REIT |
51,920 | 1,802,143 | ||||||
Regency Centers Corp., REIT |
69,630 | 4,363,712 | ||||||
Retail Estates NV, REIT |
9,350 | 616,496 | ||||||
RioCan REIT, REIT(a) |
65,890 | 902,008 | ||||||
Simon Property Group, Inc., REIT |
117,480 | 16,283,903 | ||||||
SITE Centers Corp., REIT(a) |
84,700 | 1,128,204 | ||||||
SmartCentres REIT, REIT(a) |
41,690 | 769,489 | ||||||
Tanger, Inc., REIT(a) |
46,640 | 1,254,616 | ||||||
Unibail-Rodamco-Westfield, REIT* |
32,670 | 2,376,972 | ||||||
Urban Edge Properties, REIT |
52,690 | 909,956 | ||||||
Waypoint REIT Ltd., REIT |
423,390 | 694,107 | ||||||
|
|
|||||||
55,820,564 | ||||||||
|
|
|||||||
Specialized REITs - 22.4% |
| |||||||
American Tower Corp., REIT(a) |
41,910 | 8,199,692 | ||||||
Crown Castle, Inc., REIT |
11,660 | 1,262,195 | ||||||
Digital Realty Trust, Inc., REIT(a) |
105,490 | 14,817,125 |
Investments |
Shares | Value ($) | ||||||
EPR Properties, REIT |
34,210 | 1,514,477 | ||||||
Equinix, Inc., REIT |
6,930 | 5,750,306 | ||||||
Iron Mountain, Inc., REIT(a) |
131,340 | 8,868,077 | ||||||
Keppel DC REIT, REIT |
605,000 | 765,106 | ||||||
Lamar Advertising Co., Class A, REIT(a) |
38,280 | 4,007,150 | ||||||
National Storage REIT, REIT(a) |
555,940 | 848,935 | ||||||
PotlatchDeltic Corp., REIT |
35,310 | 1,579,416 | ||||||
Public Storage, REIT |
22,990 | 6,510,538 | ||||||
Safestore Holdings plc, REIT |
97,570 | 1,028,794 | ||||||
Shurgard Self Storage Ltd., REIT |
16,500 | 771,949 | ||||||
Weyerhaeuser Co., REIT |
329,010 | 10,781,658 | ||||||
|
|
|||||||
66,705,418 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
292,745,079 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 2.9%(c) |
| |||||||
REPURCHASE AGREEMENTS - 2.9% |
| |||||||
CF Secured LLC, 5.31%, dated 1/31/2024, due 2/1/2024, repurchase price $510,791, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 3/31/2024 - 5/15/2053; total market value $4,048,450 |
510,716 | 510,716 | ||||||
Citigroup Global Markets, Inc., 5.28%, dated 1/31/2024, due 2/1/2024, repurchase price $8,001,173, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 4.00%, maturing 7/15/2024 - 1/31/2029; total market value $8,168,165 |
8,000,000 | 8,000,000 | ||||||
|
|
|||||||
8,510,716 | ||||||||
|
|
|||||||
TOTAL SECURITIES LENDING REINVESTMENTS |
8,510,716 | |||||||
|
|
|||||||
Total Investments - 101.3% |
|
301,255,795 | ||||||
Liabilities in excess of other assets - (1.3%) |
|
(3,819,505 | ) | |||||
|
|
|||||||
Net Assets - 100.0% |
|
297,436,290 | ||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Global Quality Real Estate Index Fund (cont.)
* | Non-income producing security. |
(a) | The security or a portion of this security is on loan at January 31, 2024. The total value of securities on loan at January 31, 2024 was $31,257,988, collateralized in the form of cash with a value of $8,510,716 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $18,087,258 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 7.63%, and maturity dates ranging from February 6, 2024 November 15, 2053 and $6,337,056 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 5.50%, and maturity dates ranging from February 21, 2024 September 20, 2117; a total value of $32,935,031. |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(c) | The security was purchased with cash collateral held from securities on loan at January 31, 2024. The total value of securities purchased was $8,510,716. |
Percentages shown are based on Net Assets.
Abbreviations | ||
REIT | Real Estate Investment Trust |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Global Quality Real Estate Index Fund (cont.)
Futures Contracts
FlexShares® Global Quality Real Estate Index Fund had the following open futures contracts as of January 31, 2024:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||
Long Contracts |
|
|||||||||||||||
EURO STOXX 50 Index |
9 | 03/15/2024 | EUR | $ | 456,062 | $ | 10,563 | |||||||||
S&P Midcap 400 E-Mini Index |
12 | 03/15/2024 | USD | 3,291,960 | 35,943 | |||||||||||
SPI 200 Index |
6 | 03/21/2024 | AUD | 757,861 | 24,814 | |||||||||||
|
|
|||||||||||||||
$ | 71,320 | |||||||||||||||
|
|
Forward Foreign Currency Contracts
FlexShares® Global Quality Real Estate Index Fund had the following outstanding contracts as of January 31, 2024:
Contracts to Receive |
Counterparty |
In Exchange For | Maturity Date |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
CAD |
209,730 | Citibank NA | USD | 156,431 | 03/20/2024 | $ | 639 | |||||||||||||
USD |
23,127 | Citibank NA | AUD | 34,359 | 03/20/2024 | 379 | ||||||||||||||
USD |
47,567 | BNP Paribas SA | SGD | 62,894 | 03/20/2024 | 404 | ||||||||||||||
|
|
|||||||||||||||||||
Total unrealized appreciation |
|
$ | 1,422 | |||||||||||||||||
|
|
|||||||||||||||||||
EUR |
120,645 | Citibank NA | USD | 132,434 | 03/20/2024 | $ | (1,121 | ) | ||||||||||||
USD |
30,555 | Morgan Stanley | ILS | 111,846 | 03/20/2024 | (240 | ) | |||||||||||||
|
|
|||||||||||||||||||
Total unrealized depreciation |
|
$ | (1,361 | ) | ||||||||||||||||
|
|
|||||||||||||||||||
Net unrealized appreciation |
|
$ | 61 | |||||||||||||||||
|
|
Abbreviations: |
AUD Australian Dollar |
CAD Canadian Dollar |
EUR Euro |
ILS Israeli Shekel |
SGD Singapore Dollar |
USD US Dollar |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Global Quality Real Estate Index Fund (cont.)
FlexShares® Global Quality Real Estate Index invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2024:
Australia |
3.2 | % | ||
Belgium |
0.9 | |||
Canada |
2.6 | |||
France |
3.2 | |||
Germany |
1.5 | |||
Hong Kong |
1.3 | |||
Japan |
8.9 | |||
Netherlands |
0.5 | |||
Singapore |
4.5 | |||
Spain |
0.8 | |||
Sweden |
1.7 | |||
Switzerland |
1.5 | |||
United Kingdom |
1.2 | |||
United States |
66.6 | |||
Other1 |
1.6 | |||
|
|
|||
100.0 | % | |||
|
|
1 | Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
Security Type |
% of Net Assets | |||
Common Stocks |
98.4 | % | ||
Securities Lending Reinvestments |
2.9 | |||
Others(1) |
(1.3 | ) | ||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Real Assets Allocation Index Fund
January 31, 2024 (Unaudited)
Investments |
Shares | Value ($) | ||||||
EXCHANGE TRADED FUNDS - 100.0%(a) |
| |||||||
FlexShares® Global Quality Real Estate Index Fund |
53,878 | 2,899,175 | ||||||
FlexShares® Morningstar Global Upstream Natural Resources Index Fund |
128,810 | 4,948,880 | ||||||
FlexShares® STOXX® Global Broad Infrastructure Index Fund |
160,314 | 8,538,324 | ||||||
|
|
|||||||
TOTAL EXCHANGE TRADED FUNDS |
|
16,386,379 | ||||||
|
|
|||||||
Total Investments - 100.0% |
|
16,386,379 | ||||||
Other assets less liabilities - 0.0%(b) |
|
4,219 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
16,390,598 | ||||||
|
|
(a) | Investment in affiliated Fund. Northern Trust Investments, Inc. is the Investment Adviser to both the Fund and the affiliated Funds. |
(b) | Represents less than 0.05% of net assets. |
Percentages shown are based on Net Assets.
See Accompanying Notes to the Schedules of Investments.
FlexShares® Real Assets Allocation Index Fund (cont.)
The underlying index of the FlexShares® Real Assets Allocation Index Fund is comprised of securities of affiliated FlexShares® Funds. The Schedules of Investments of the affiliated FlexShares® Funds are located elsewhere in this Report.
Investment in a company which was affiliated for the period ended January 31, 2024, was as follows:
Security | Value October 31, 2023 |
Purchases at Cost |
Sales Proceeds |
Shares January 31, 2024 |
Value January 31, 2024 |
Change in Unrealized Appreciation (Depreciation) |
Dividend Income |
Realized Loss |
||||||||||||||||||||||||
FlexShares® Global Quality Real Estate Index Fund |
$ | 2,773,255 | $ | 26,651 | $ | 289,796 | 53,878 | $ | 2,899,175 | $ | 466,494 | $ | 28,371 | $ | (77,429 | ) | ||||||||||||||||
FlexShares® Morningstar Global Upstream Natural Resources Index Fund |
5,421,708 | 47,981 | 523,580 | 128,810 | 4,948,880 | 28,756 | 61,887 | (25,985 | ) | |||||||||||||||||||||||
FlexShares® STOXX® Global Broad Infrastructure Index Fund |
8,376,484 | 77,482 | 838,656 | 160,314 | 8,538,324 | 998,883 | 62,836 | (75,869 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$16,571,447 | $152,114 | $1,652,032 | 343,002 | $16,386,379 | $1,494,133 | $153,094 | $(179,283) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security Type |
% of Net Assets | |||
Exchange Traded Funds |
100.0 | % | ||
Others(1) |
0.0 | | ||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
| Amount represents less than 0.05%. |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Quality Dividend Index Fund
January 31, 2024 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 99.5% |
| |||||||
Aerospace & Defense - 0.6% |
| |||||||
Lockheed Martin Corp. |
22,011 | 9,451,744 | ||||||
|
|
|||||||
Air Freight & Logistics - 0.5% |
| |||||||
CH Robinson Worldwide, Inc.(a) |
99,360 | 8,355,182 | ||||||
|
|
|||||||
Banks - 2.0% |
| |||||||
Bank of America Corp. |
9,720 | 330,577 | ||||||
Commerce Bancshares, Inc.(a) |
166,698 | 8,688,300 | ||||||
Cullen/Frost Bankers, Inc. |
58,320 | 6,188,918 | ||||||
JPMorgan Chase & Co. |
56,160 | 9,792,058 | ||||||
Popular, Inc.(a) |
110,160 | 9,413,172 | ||||||
|
|
|||||||
34,413,025 | ||||||||
|
|
|||||||
Beverages - 2.7% |
| |||||||
Coca-Cola Co. (The) |
748,440 | 44,524,696 | ||||||
PepsiCo, Inc. |
3,240 | 546,037 | ||||||
|
|
|||||||
45,070,733 | ||||||||
|
|
|||||||
Biotechnology - 3.3% |
| |||||||
AbbVie, Inc. |
225,720 | 37,108,368 | ||||||
Gilead Sciences, Inc. |
228,960 | 17,918,410 | ||||||
|
|
|||||||
55,026,778 | ||||||||
|
|
|||||||
Broadline Retail - 0.7% |
| |||||||
Dillards, Inc., Class A(a) |
7,560 | 2,927,761 | ||||||
eBay, Inc. |
214,920 | 8,826,765 | ||||||
|
|
|||||||
11,754,526 | ||||||||
|
|
|||||||
Building Products - 1.1% |
| |||||||
Advanced Drainage Systems, |
64,800 | 8,451,216 | ||||||
Fortune Brands Innovations, Inc. |
120,960 | 9,385,286 | ||||||
|
|
|||||||
17,836,502 | ||||||||
|
|
|||||||
Capital Markets - 2.8% |
| |||||||
Bank of New York Mellon Corp. (The)(a) |
193,320 | 10,721,527 | ||||||
Jefferies Financial Group, Inc.(a) |
196,560 | 8,011,786 | ||||||
Moelis & Co., Class A(a) |
174,960 | 9,617,551 | ||||||
State Street Corp. |
123,120 | 9,094,874 | ||||||
TPG, Inc., Class A(a) |
226,800 | 9,441,684 | ||||||
|
|
|||||||
46,887,422 | ||||||||
|
|
|||||||
Chemicals - 1.5% |
| |||||||
CF Industries Holdings, Inc. |
18,360 | 1,386,364 | ||||||
LyondellBasell Industries NV, Class A |
84,240 | 7,928,669 | ||||||
Mosaic Co. (The) |
75,600 | 2,321,676 | ||||||
Olin Corp. |
119,880 | 6,242,151 | ||||||
Scotts Miracle-Gro Co. (The)(a) |
137,160 | 7,716,622 | ||||||
|
|
|||||||
25,595,482 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 0.3% |
| |||||||
Cintas Corp. |
8,640 | 5,223,485 | ||||||
|
|
Investments |
Shares | Value ($) | ||||||
Communications Equipment - 2.2% |
| |||||||
Cisco Systems, Inc. |
739,800 | 37,123,164 | ||||||
|
|
|||||||
Construction Materials - 0.1% |
| |||||||
Eagle Materials, Inc.(a) |
5,400 | 1,221,912 | ||||||
|
|
|||||||
Consumer Finance - 0.8% |
| |||||||
Ally Financial, Inc. |
194,400 | 7,130,592 | ||||||
OneMain Holdings, Inc. |
140,400 | 6,683,040 | ||||||
|
|
|||||||
13,813,632 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 0.1% |
| |||||||
Costco Wholesale Corp. |
2,393 | 1,662,848 | ||||||
Walmart, Inc. |
3,240 | 535,410 | ||||||
|
|
|||||||
2,198,258 | ||||||||
|
|
|||||||
Containers & Packaging - 0.5% |
| |||||||
Packaging Corp. of America |
54,000 | 8,957,520 | ||||||
|
|
|||||||
Distributors - 0.5% |
| |||||||
Pool Corp.(a) |
23,760 | 8,820,900 | ||||||
|
|
|||||||
Diversified Telecommunication Services - 1.8% |
| |||||||
AT&T, Inc. |
1,265,760 | 22,391,295 | ||||||
Iridium Communications, Inc. |
213,840 | 7,753,838 | ||||||
|
|
|||||||
30,145,133 | ||||||||
|
|
|||||||
Electric Utilities - 0.8% |
| |||||||
Evergy, Inc.(a) |
126,360 | 6,415,297 | ||||||
OGE Energy Corp.(a) |
233,280 | 7,754,227 | ||||||
|
|
|||||||
14,169,524 | ||||||||
|
|
|||||||
Entertainment - 1.1% |
| |||||||
Electronic Arts, Inc. |
68,040 | 9,360,943 | ||||||
Warner Music Group Corp., Class A(a) |
238,680 | 8,709,433 | ||||||
|
|
|||||||
18,070,376 | ||||||||
|
|
|||||||
Financial Services - 2.4% |
| |||||||
Fidelity National Information Services, Inc. |
167,400 | 10,422,324 | ||||||
Mastercard, Inc., Class A |
10,800 | 4,851,684 | ||||||
Radian Group, Inc.(a) |
307,800 | 8,920,044 | ||||||
Visa, Inc., Class A(a) |
27,000 | 7,378,020 | ||||||
Western Union Co. (The)(a) |
673,920 | 8,471,174 | ||||||
|
|
|||||||
40,043,246 | ||||||||
|
|
|||||||
Gas Utilities - 0.5% |
| |||||||
UGI Corp.(a) |
348,840 | 7,723,318 | ||||||
|
|
|||||||
Ground Transportation - 1.5% |
| |||||||
Union Pacific Corp. |
102,600 | 25,027,218 | ||||||
|
|
|||||||
Health Care Providers & Services - 0.6% |
| |||||||
UnitedHealth Group, Inc. |
19,440 | 9,948,226 | ||||||
|
|
|||||||
Hotel & Resort REITs - 0.9% |
| |||||||
Apple Hospitality REIT, Inc., REIT(a) |
437,400 | 7,024,644 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Quality Dividend Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Host Hotels & Resorts, Inc., REIT(a) |
451,440 | 8,676,677 | ||||||
|
|
|||||||
15,701,321 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 1.0% |
| |||||||
Boyd Gaming Corp. |
18,360 | 1,165,676 | ||||||
Dominos Pizza, Inc. |
2,160 | 920,635 | ||||||
Marriott International, Inc., Class A(a) |
3,240 | 776,725 | ||||||
Starbucks Corp. |
144,720 | 13,463,302 | ||||||
|
|
|||||||
16,326,338 | ||||||||
|
|
|||||||
Household Durables - 1.1% |
| |||||||
PulteGroup, Inc.(a) |
95,040 | 9,937,382 | ||||||
Toll Brothers, Inc. |
95,040 | 9,442,224 | ||||||
|
|
|||||||
19,379,606 | ||||||||
|
|
|||||||
Household Products - 3.9% |
| |||||||
Colgate-Palmolive Co. |
31,320 | 2,637,144 | ||||||
Procter & Gamble Co. (The) |
344,520 | 54,137,873 | ||||||
WD-40 Co.(a) |
35,640 | 9,230,047 | ||||||
|
|
|||||||
66,005,064 | ||||||||
|
|
|||||||
Industrial Conglomerates - 0.3% |
| |||||||
Honeywell International, Inc. |
25,920 | 5,242,579 | ||||||
|
|
|||||||
Insurance - 4.9% |
| |||||||
Aflac, Inc. |
116,640 | 9,837,418 | ||||||
Allstate Corp. (The) |
63,720 | 9,892,530 | ||||||
American Financial Group, Inc. |
50,760 | 6,111,504 | ||||||
First American Financial Corp.(a) |
141,480 | 8,538,318 | ||||||
Lincoln National Corp. |
214,920 | 5,899,554 | ||||||
MetLife, Inc.(a) |
128,520 | 8,909,006 | ||||||
Old Republic International Corp. |
281,880 | 7,903,915 | ||||||
Principal Financial Group, Inc. |
89,640 | 7,090,524 | ||||||
Prudential Financial, Inc. |
95,040 | 9,972,547 | ||||||
Willis Towers Watson plc |
35,640 | 8,778,132 | ||||||
|
|
|||||||
82,933,448 | ||||||||
|
|
|||||||
IT Services - 2.3% |
| |||||||
Accenture plc, Class A |
105,840 | 38,513,059 | ||||||
|
|
|||||||
Machinery - 1.6% |
| |||||||
Caterpillar, Inc.(a) |
10,800 | 3,243,348 | ||||||
Illinois Tool Works, Inc.(a) |
55,080 | 14,370,372 | ||||||
Snap-on, Inc.(a) |
30,240 | 8,767,483 | ||||||
|
|
|||||||
26,381,203 | ||||||||
|
|
|||||||
Media - 2.5% |
| |||||||
Comcast Corp., Class A |
312,120 | 14,526,065 | ||||||
New York Times Co. (The), Class A |
181,440 | 8,810,726 | ||||||
Nexstar Media Group, Inc., Class A(a) |
48,600 | 8,636,706 | ||||||
Omnicom Group, Inc. |
27,000 | 2,440,260 | ||||||
TEGNA, Inc. |
494,640 | 7,711,438 | ||||||
|
|
|||||||
42,125,195 | ||||||||
|
|
|||||||
Metals & Mining - 1.3% |
| |||||||
Nucor Corp.(a) |
55,080 | 10,296,104 | ||||||
Reliance Steel & Aluminum Co.(a) |
30,240 | 8,631,101 | ||||||
Steel Dynamics, Inc.(a) |
24,840 | 2,997,940 | ||||||
|
|
|||||||
21,925,145 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Mortgage Real Estate Investment Trusts (REITs) - 1.0% |
| |||||||
Rithm Capital Corp.(a) |
795,960 | 8,516,772 | ||||||
Starwood Property Trust, Inc.(a) |
405,000 | 8,233,650 | ||||||
|
|
|||||||
16,750,422 | ||||||||
|
|
|||||||
Multi-Utilities - 1.0% |
| |||||||
Dominion Energy, Inc. |
180,360 | 8,246,059 | ||||||
Public Service Enterprise Group, Inc. |
137,160 | 7,953,909 | ||||||
|
|
|||||||
16,199,968 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 2.6% |
| |||||||
Chevron Corp.(a) |
10,800 | 1,592,244 | ||||||
ConocoPhillips |
6,480 | 724,918 | ||||||
Exxon Mobil Corp. |
95,040 | 9,771,062 | ||||||
Marathon Petroleum Corp. |
73,440 | 12,161,664 | ||||||
Peabody Energy Corp.(a) |
328,320 | 8,766,144 | ||||||
Pioneer Natural Resources Co. |
10,800 | 2,482,164 | ||||||
Range Resources Corp.(a) |
241,920 | 7,025,357 | ||||||
Valero Energy Corp. |
4,320 | 600,048 | ||||||
|
|
|||||||
43,123,601 | ||||||||
|
|
|||||||
Pharmaceuticals - 6.2% |
| |||||||
Bristol-Myers Squibb Co. |
379,080 | 18,525,640 | ||||||
Eli Lilly & Co. |
16,200 | 10,458,882 | ||||||
Johnson & Johnson |
355,039 | 56,415,697 | ||||||
Merck & Co., Inc. |
22,680 | 2,739,290 | ||||||
Zoetis, Inc. |
84,240 | 15,821,114 | ||||||
|
|
|||||||
103,960,623 | ||||||||
|
|
|||||||
Professional Services - 2.1% |
| |||||||
Automatic Data Processing, Inc. |
75,600 | 18,580,968 | ||||||
Paychex, Inc.(a) |
78,840 | 9,597,193 | ||||||
Robert Half, Inc.(a) |
99,360 | 7,903,095 | ||||||
|
|
|||||||
36,081,256 | ||||||||
|
|
|||||||
Residential REITs - 3.0% |
| |||||||
Apartment Income REIT Corp., Class A, REIT(a) |
250,560 | 8,190,806 | ||||||
AvalonBay Communities, Inc., REIT |
48,600 | 8,699,886 | ||||||
Camden Property Trust, REIT(a) |
92,880 | 8,715,859 | ||||||
Equity Residential, REIT |
155,520 | 9,360,749 | ||||||
Mid-America Apartment Communities, Inc., REIT |
69,120 | 8,735,386 | ||||||
UDR, Inc., REIT(a) |
209,520 | 7,546,910 | ||||||
|
|
|||||||
51,249,596 | ||||||||
|
|
|||||||
Retail REITs - 0.1% |
| |||||||
Brixmor Property Group, Inc., REIT |
106,920 | 2,399,285 | ||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 10.1% |
| |||||||
Broadcom, Inc. |
59,001 | 69,621,180 | ||||||
KLA Corp. |
24,840 | 14,755,954 | ||||||
Lam Research Corp. |
24,703 | 20,384,174 | ||||||
Microchip Technology, Inc. |
106,920 | 9,107,446 | ||||||
NVIDIA Corp. |
74,520 | 45,849,920 | ||||||
Skyworks Solutions, Inc. |
87,480 | 9,138,161 | ||||||
|
|
|||||||
168,856,835 | ||||||||
|
|
|||||||
Software - 7.7% |
| |||||||
Bentley Systems, Inc., Class B(a) |
52,920 | 2,667,168 | ||||||
Intuit, Inc. |
50,932 | 32,154,900 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Quality Dividend Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Microsoft Corp. |
235,440 | 93,606,235 | ||||||
|
|
|||||||
128,428,303 | ||||||||
|
|
|||||||
Specialized REITs - 1.5% |
| |||||||
CubeSmart, REIT |
145,800 | 6,301,476 | ||||||
Public Storage, REIT(a) |
35,640 | 10,092,891 | ||||||
Weyerhaeuser Co., REIT |
260,280 | 8,529,376 | ||||||
|
|
|||||||
24,923,743 | ||||||||
|
|
|||||||
Specialty Retail - 4.0% |
| |||||||
Best Buy Co., Inc.(a) |
122,040 | 8,846,680 | ||||||
Home Depot, Inc. (The) |
83,160 | 29,352,153 | ||||||
Lowes Cos., Inc. |
90,720 | 19,308,845 | ||||||
Williams-Sonoma, Inc.(a) |
46,440 | 8,981,032 | ||||||
|
|
|||||||
66,488,710 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 8.6% |
| |||||||
Apple, Inc. |
778,680 | 143,588,592 | ||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 2.0% |
| |||||||
NIKE, Inc., Class B |
223,560 | 22,698,047 | ||||||
Tapestry, Inc.(a) |
266,760 | 10,347,620 | ||||||
|
|
|||||||
33,045,667 | ||||||||
|
|
|||||||
Tobacco - 0.8% |
| |||||||
Altria Group, Inc. |
324,000 | 12,998,880 | ||||||
|
|
|||||||
Trading Companies & Distributors - 0.6% |
| |||||||
Fastenal Co. |
149,040 | 10,168,999 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
1,669,674,744 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 7.9%(b) |
| |||||||
CERTIFICATES OF DEPOSIT - 1.3% |
| |||||||
Credit Agricole CIB, New York |
3,000,000 | 3,000,000 | ||||||
DZ Bank AG, New York (SOFR + 0.35%), 5.66%, 5/3/2024(c) |
2,000,000 | 2,000,918 | ||||||
Mizuho Bank Ltd., New York (SOFR + 0.40%), 5.71%, 3/12/2024(c) |
2,000,000 | 2,000,000 | ||||||
National Westminster Bank PLC 5.88%, 5/2/2024 |
2,000,000 | 2,002,680 | ||||||
Nordea Bank Abp, New York Branch (SOFR + 0.47%), 5.78%, 4/26/2024(c) |
2,000,000 | 2,001,986 | ||||||
Oversea-Chinese Banking Corp. Ltd., New York (SOFR + 0.28%), 5.59%, 3/18/2024(c) |
2,000,000 | 2,000,000 | ||||||
Royal Bank of Canada, New York (SOFR + 0.53%), 5.84%, 5/23/2024(c) |
2,000,000 | 2,002,248 | ||||||
Svenska Handelsbanken, New York 5.80%, 4/4/2024 |
1,000,000 | 1,000,591 | ||||||
(SOFR + 0.33%), 5.64%, 4/4/2024(c) |
1,000,000 | 1,000,334 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
The Sumitomo Bank Ltd., New York (SOFR + 0.23%), 5.54%, 7/11/2024(c) |
2,000,000 | 2,000,736 | ||||||
Toronto-Dominion Bank, New York (SOFR + 0.52%), 5.68%, 2/28/2024(c) |
1,000,000 | 1,000,109 | ||||||
(US Federal Funds Effective Rate (continuous series) + 0.61%), 5.94%, 7/26/2024(c) |
2,000,000 | 2,004,032 | ||||||
|
|
|||||||
TOTAL CERTIFICATES OF DEPOSIT |
|
22,013,634 | ||||||
|
|
|||||||
COMMERCIAL PAPER - 0.4% |
| |||||||
Bank of Montreal, Montreal (SOFR + 0.35%), 5.66%, 5/9/2024(c) |
3,000,000 | 3,001,791 | ||||||
Skandanaviska Enskilda Banken 5.60%, 2/6/2024 |
3,000,000 | 2,997,700 | ||||||
|
|
|||||||
TOTAL COMMERCIAL PAPER |
|
5,999,491 | ||||||
|
|
|||||||
INVESTMENT COMPANIES - 0.8% |
| |||||||
BlackRock Liquidity FedFund, Institutional Shares 5.32%, 2/1/2024 |
1,000,000 | 1,000,000 | ||||||
Dreyfus Treasury Obligations Cash Management Fund 5.35%, 2/1/2024 |
5,000,000 | 5,000,000 | ||||||
Goldman Sachs Financial Square Government Fund, Institutional Class 5.32%, 2/1/2024 |
2,613,250 | 2,613,250 | ||||||
Morgan Stanley Institutional Liquidity Fund - Government Portfolio 5.31%, 2/1/2024 |
1,708,025 | 1,708,025 | ||||||
RBC BlueBay U.S. Government Money Market Fund 5.35%, 2/1/2024 |
988,934 | 988,934 | ||||||
State Street Institutional U.S. Government Money Market Fund 5.35%, 2/1/2024 |
2,000,000 | 2,000,000 | ||||||
|
|
|||||||
TOTAL INVESTMENT COMPANIES |
|
13,310,209 | ||||||
|
|
|||||||
REPURCHASE AGREEMENTS - 5.4% |
| |||||||
BofA Securities, Inc., 5.76%, dated 1/31/2024, due 5/2/2024, repurchase price $8,117,760, collateralized by various Common Stocks; total market value $3,551,526 |
8,000,000 | 8,000,000 | ||||||
CF Secured LLC, 5.31%, dated 1/31/2024, due 2/1/2024, repurchase price $10,222,020, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 3/31/2024 - 5/15/2053; total market value $81,018,106 |
10,220,513 | 10,220,513 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Quality Dividend Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Citigroup Global Markets, Inc., 5.28%, dated 1/31/2024, due 2/1/2024, repurchase price $45,006,600, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 4.00%, maturing 7/15/2024 - 1/31/2029; total market value $45,945,926 |
45,000,000 | 45,000,000 | ||||||
MetLife, Inc., 5.31%, dated 1/31/2024, due 2/1/2024, repurchase price $7,001,033, collateralized by various U.S. Treasury Securities, 0.00%, maturing 5/15/2042 - 11/15/2050; total market value $7,152,538 |
7,000,000 | 7,000,000 | ||||||
TD Prime Services LLC, 5.41%, dated 1/31/2024, due 2/1/2024, repurchase price $20,956,770, collateralized by various Common Stocks; total market value $22,730,860 |
20,953,621 | 20,953,621 | ||||||
|
|
|||||||
TOTAL REPURCHASE AGREEMENTS |
|
91,174,134 | ||||||
|
|
|||||||
TOTAL SECURITIES LENDING REINVESTMENTS |
|
132,497,468 | ||||||
|
|
|||||||
Total Investments - 107.4% |
|
1,802,172,212 | ||||||
Liabilities in excess of other assets - (7.4%) |
|
(124,673,978 | ) | |||||
|
|
|||||||
Net Assets - 100.0% |
|
1,677,498,234 | ||||||
|
|
(a) | The security or a portion of this security is on loan at January 31, 2024. The total value of securities on loan at January 31, 2024 was $173,795,016, collateralized in the form of cash with a value of $132,443,312 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $43,350,489 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 7.63%, and maturity dates ranging from February 13, 2024 November 15, 2053 and $6,196,749 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.10% 4.75%, and maturity dates ranging from March 22, 2024 October 22, 2071; a total value of $181,990,550. |
(b) | The security was purchased with cash collateral held from securities on loan at January 31, 2024. The total value of securities purchased was $132,497,468. |
(c) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of January 31, 2024. |
Percentages shown are based on Net Assets.
Abbreviations | ||
REIT | Real Estate Investment Trust | |
SOFR | Secured Overnight Financing Rate |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Quality Dividend Index Fund (cont.)
Futures Contracts
FlexShares® Quality Dividend Index Fund had the following open futures contracts as of January 31, 2024:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||
Long Contracts |
|
|||||||||||||||
S&P 500 E-Mini Index |
25 | 03/15/2024 | USD | $ | 6,088,125 | $ | 175,689 | |||||||||
S&P Midcap 400 E-Mini Index |
6 | 03/15/2024 | USD | 1,645,980 | 8,384 | |||||||||||
|
|
|||||||||||||||
$ | 184,073 | |||||||||||||||
|
|
Abbreviations: |
USD US Dollar |
Security Type |
% of Net Assets | |||
Common Stocks |
99.5 | % | ||
Securities Lending Reinvestments |
7.9 | |||
Others(1) |
(7.4 | ) | ||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Quality Dividend Defensive Index Fund
January 31, 2024 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 99.4% |
| |||||||
Aerospace & Defense - 1.1% |
| |||||||
Lockheed Martin Corp. |
8,584 | 3,686,055 | ||||||
|
|
|||||||
Air Freight & Logistics - 1.0% |
| |||||||
CH Robinson Worldwide, Inc.(a) |
17,632 | 1,482,675 | ||||||
Expeditors International of Washington, Inc. |
14,616 | 1,846,439 | ||||||
|
|
|||||||
3,329,114 | ||||||||
|
|
|||||||
Banks - 2.8% |
| |||||||
Bank of America Corp. |
1,624 | 55,232 | ||||||
Commerce Bancshares, Inc.(a) |
34,347 | 1,790,166 | ||||||
Cullen/Frost Bankers, Inc. |
16,936 | 1,797,248 | ||||||
Glacier Bancorp, Inc.(a) |
49,648 | 1,919,392 | ||||||
JPMorgan Chase & Co. |
11,832 | 2,063,027 | ||||||
Popular, Inc. |
23,200 | 1,982,440 | ||||||
|
|
|||||||
9,607,505 | ||||||||
|
|
|||||||
Beverages - 2.8% |
| |||||||
Coca-Cola Co. (The) |
156,368 | 9,302,332 | ||||||
PepsiCo, Inc. |
2,552 | 430,089 | ||||||
|
|
|||||||
9,732,421 | ||||||||
|
|
|||||||
Biotechnology - 5.2% |
| |||||||
AbbVie, Inc. |
67,048 | 11,022,691 | ||||||
Amgen, Inc. |
11,368 | 3,572,508 | ||||||
Gilead Sciences, Inc. |
47,560 | 3,722,046 | ||||||
|
|
|||||||
18,317,245 | ||||||||
|
|
|||||||
Broadline Retail - 0.5% |
| |||||||
Dillards, Inc., Class A(a) |
2,320 | 898,466 | ||||||
eBay, Inc. |
23,200 | 952,824 | ||||||
|
|
|||||||
1,851,290 | ||||||||
|
|
|||||||
Building Products - 0.4% |
| |||||||
Masco Corp. |
18,560 | 1,248,902 | ||||||
|
|
|||||||
Capital Markets - 2.0% |
| |||||||
Bank of New York Mellon Corp. (The) |
40,832 | 2,264,543 | ||||||
CME Group, Inc. |
13,688 | 2,817,538 | ||||||
Moelis & Co., Class A(a) |
36,192 | 1,989,474 | ||||||
|
|
|||||||
7,071,555 | ||||||||
|
|
|||||||
Chemicals - 0.4% |
| |||||||
LyondellBasell Industries NV, Class A |
15,544 | 1,463,001 | ||||||
|
|
|||||||
Commercial Services & Supplies - 0.5% |
| |||||||
Rollins, Inc. |
38,744 | 1,678,003 | ||||||
|
|
|||||||
Communications Equipment - 2.2% |
| |||||||
Cisco Systems, Inc. |
154,976 | 7,776,696 | ||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 0.2% |
| |||||||
Costco Wholesale Corp. |
464 | 322,424 |
Investments |
Shares | Value ($) | ||||||
Walmart, Inc. |
1,392 | 230,028 | ||||||
|
|
|||||||
552,452 | ||||||||
|
|
|||||||
Containers & Packaging - 0.5% |
| |||||||
Packaging Corp. of America |
11,136 | 1,847,240 | ||||||
|
|
|||||||
Diversified Consumer Services - 0.5% |
| |||||||
H&R Block, Inc.(a) |
37,120 | 1,738,701 | ||||||
|
|
|||||||
Diversified Telecommunication Services - 2.3% |
| |||||||
AT&T, Inc. |
273,064 | 4,830,502 | ||||||
Iridium Communications, Inc. |
31,320 | 1,135,663 | ||||||
Verizon Communications, Inc.(a) |
47,792 | 2,023,992 | ||||||
|
|
|||||||
7,990,157 | ||||||||
|
|
|||||||
Electric Utilities - 2.3% |
| |||||||
Constellation Energy Corp. |
5,104 | 622,688 | ||||||
Duke Energy Corp. |
11,368 | 1,089,395 | ||||||
Evergy, Inc. |
26,680 | 1,354,544 | ||||||
Exelon Corp. |
43,152 | 1,502,121 | ||||||
OGE Energy Corp. |
48,024 | 1,596,318 | ||||||
PPL Corp.(a) |
67,512 | 1,768,814 | ||||||
|
|
|||||||
7,933,880 | ||||||||
|
|
|||||||
Entertainment - 0.6% |
| |||||||
Electronic Arts, Inc. |
14,152 | 1,947,032 | ||||||
|
|
|||||||
Financial Services - 2.3% |
| |||||||
Fidelity National Information Services, Inc. |
33,408 | 2,079,982 | ||||||
Mastercard, Inc., Class A |
2,320 | 1,042,213 | ||||||
Radian Group, Inc.(a) |
63,568 | 1,842,201 | ||||||
Visa, Inc., Class A(a) |
5,568 | 1,521,512 | ||||||
Western Union Co. (The)(a) |
135,256 | 1,700,168 | ||||||
|
|
|||||||
8,186,076 | ||||||||
|
|
|||||||
Food Products - 0.6% |
| |||||||
General Mills, Inc. |
29,000 | 1,882,390 | ||||||
Kellanova |
1,856 | 101,635 | ||||||
|
|
|||||||
1,984,025 | ||||||||
|
|
|||||||
Gas Utilities - 0.4% |
| |||||||
Spire, Inc.(a) |
27,144 | 1,540,965 | ||||||
|
|
|||||||
Health Care Providers & Services - 4.0% |
| |||||||
Cardinal Health, Inc. |
17,632 | 1,925,238 | ||||||
Cencora, Inc.(a) |
9,744 | 2,267,234 | ||||||
Chemed Corp. |
3,016 | 1,787,855 | ||||||
Cigna Group (The) |
11,136 | 3,351,379 | ||||||
McKesson Corp. |
5,104 | 2,551,438 | ||||||
UnitedHealth Group, Inc. |
3,944 | 2,018,303 | ||||||
|
|
|||||||
13,901,447 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 2.7% |
| |||||||
Dominos Pizza, Inc. |
4,408 | 1,878,778 | ||||||
McDonalds Corp. |
12,296 | 3,599,285 | ||||||
Starbucks Corp. |
43,384 | 4,036,013 | ||||||
|
|
|||||||
9,514,076 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Quality Dividend Defensive Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Household Durables - 0.6% |
| |||||||
PulteGroup, Inc.(a) |
20,184 | 2,110,439 | ||||||
|
|
|||||||
Household Products - 4.1% |
| |||||||
Clorox Co. (The) |
2,552 | 370,678 | ||||||
Kimberly-Clark Corp. |
7,424 | 898,081 | ||||||
Procter & Gamble Co. (The) |
70,528 | 11,082,770 | ||||||
WD-40 Co.(a) |
7,424 | 1,922,668 | ||||||
|
|
|||||||
14,274,197 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity |
| |||||||
Clearway Energy, Inc., Class C(a) |
68,208 | 1,653,362 | ||||||
Vistra Corp. |
49,184 | 2,018,019 | ||||||
|
|
|||||||
3,671,381 | ||||||||
|
|
|||||||
Industrial Conglomerates - 0.3% |
| |||||||
Honeywell International, Inc. |
4,872 | 985,411 | ||||||
|
|
|||||||
Insurance - 3.7% |
| |||||||
Aflac, Inc.(a) |
24,360 | 2,054,523 | ||||||
Allstate Corp. (The) |
13,224 | 2,053,026 | ||||||
American Financial Group, Inc. |
14,384 | 1,731,834 | ||||||
Loews Corp. |
25,984 | 1,893,194 | ||||||
MetLife, Inc. |
26,448 | 1,833,375 | ||||||
Old Republic International Corp. |
60,320 | 1,691,373 | ||||||
Willis Towers Watson plc |
7,424 | 1,828,531 | ||||||
|
|
|||||||
13,085,856 | ||||||||
|
|
|||||||
IT Services - 1.8% |
| |||||||
Accenture plc, Class A |
232 | 84,420 | ||||||
Amdocs Ltd.(a) |
19,256 | 1,765,390 | ||||||
International Business Machines Corp. |
24,360 | 4,473,958 | ||||||
|
|
|||||||
6,323,768 | ||||||||
|
|
|||||||
Machinery - 1.9% |
| |||||||
Illinois Tool Works, Inc.(a) |
11,368 | 2,965,911 | ||||||
Mueller Industries, Inc.(a) |
39,904 | 1,915,392 | ||||||
Otis Worldwide Corp.(a) |
21,576 | 1,908,182 | ||||||
|
|
|||||||
6,789,485 | ||||||||
|
|
|||||||
Media - 2.6% |
| |||||||
Comcast Corp., Class A |
66,120 | 3,077,225 | ||||||
Fox Corp., Class A(a) |
10,208 | 329,718 | ||||||
New York Times Co. (The), Class A |
38,048 | 1,847,611 | ||||||
Nexstar Media Group, Inc., Class A(a) |
9,280 | 1,649,149 | ||||||
Omnicom Group, Inc. |
5,568 | 503,236 | ||||||
TEGNA, Inc.(a) |
102,312 | 1,595,044 | ||||||
|
|
|||||||
9,001,983 | ||||||||
|
|
|||||||
Metals & Mining - 0.5% |
| |||||||
Reliance Steel & Aluminum Co.(a) |
6,264 | 1,787,871 | ||||||
|
|
|||||||
Mortgage Real Estate Investment Trusts (REITs) - 0.7% |
| |||||||
Blackstone Mortgage Trust, Inc., Class A(a) |
60,320 | 1,190,717 | ||||||
Starwood Property Trust, Inc.(a) |
68,440 | 1,391,385 | ||||||
|
|
|||||||
2,582,102 | ||||||||
|
|
|||||||
Multi-Utilities - 1.2% |
| |||||||
Consolidated Edison, Inc. |
20,648 | 1,876,903 | ||||||
Dominion Energy, Inc. |
13,456 | 615,208 |
Investments |
Shares | Value ($) | ||||||
Public Service Enterprise Group, Inc. |
29,464 | 1,708,618 | ||||||
|
|
|||||||
4,200,729 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 1.5% |
| |||||||
Chevron Corp.(a) |
2,088 | 307,834 | ||||||
Chord Energy Corp.(a) |
2,320 | 356,723 | ||||||
Coterra Energy, Inc. |
67,048 | 1,668,154 | ||||||
CVR Energy, Inc.(a) |
7,192 | 242,586 | ||||||
Exxon Mobil Corp. |
22,272 | 2,289,784 | ||||||
Pioneer Natural Resources Co. |
1,392 | 319,924 | ||||||
|
|
|||||||
5,185,005 | ||||||||
|
|
|||||||
Pharmaceuticals - 6.3% |
| |||||||
Bristol-Myers Squibb Co. |
78,648 | 3,843,528 | ||||||
Eli Lilly & Co. |
7,888 | 5,092,572 | ||||||
Johnson & Johnson |
74,008 | 11,759,871 | ||||||
Merck & Co., Inc. |
5,800 | 700,524 | ||||||
Zoetis, Inc. |
2,552 | 479,291 | ||||||
|
|
|||||||
21,875,786 | ||||||||
|
|
|||||||
Professional Services - 2.2% |
| |||||||
Automatic Data Processing, Inc. |
15,776 | 3,877,425 | ||||||
Paychex, Inc. |
16,240 | 1,976,895 | ||||||
Verisk Analytics, Inc. |
7,888 | 1,905,189 | ||||||
|
|
|||||||
7,759,509 | ||||||||
|
|
|||||||
Residential REITs - 3.3% |
| |||||||
American Homes 4 Rent, Class A, REIT |
47,792 | 1,675,109 | ||||||
AvalonBay Communities, Inc., REIT |
4,872 | 872,137 | ||||||
Camden Property Trust, REIT(a) |
19,488 | 1,828,754 | ||||||
Equity Residential, REIT |
31,552 | 1,899,115 | ||||||
Essex Property Trust, Inc., REIT(a) |
8,120 | 1,894,152 | ||||||
Mid-America Apartment Communities, Inc., REIT |
14,152 | 1,788,530 | ||||||
UDR, Inc., REIT |
43,848 | 1,579,405 | ||||||
|
|
|||||||
11,537,202 | ||||||||
|
|
|||||||
Retail REITs - 0.5% |
| |||||||
Phillips Edison & Co., Inc., REIT(a) |
47,096 | 1,634,702 | ||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 7.8% |
| |||||||
Broadcom, Inc. |
12,296 | 14,509,280 | ||||||
KLA Corp. |
5,104 | 3,031,980 | ||||||
NVIDIA Corp. |
15,544 | 9,563,757 | ||||||
|
|
|||||||
27,105,017 | ||||||||
|
|
|||||||
Software - 7.6% |
| |||||||
Bentley Systems, Inc., Class B(a) |
32,944 | 1,660,378 | ||||||
Intuit, Inc. |
7,656 | 4,833,462 | ||||||
Microsoft Corp. |
50,576 | 20,108,006 | ||||||
|
|
|||||||
26,601,846 | ||||||||
|
|
|||||||
Specialized REITs - 1.6% |
| |||||||
CubeSmart, REIT(a) |
35,032 | 1,514,083 | ||||||
Digital Realty Trust, Inc., REIT(a) |
14,384 | 2,020,377 | ||||||
Public Storage, REIT |
7,424 | 2,102,402 | ||||||
|
|
|||||||
5,636,862 | ||||||||
|
|
|||||||
Specialty Retail - 5.0% |
| |||||||
Best Buy Co., Inc. |
18,560 | 1,345,414 | ||||||
Home Depot, Inc. (The) |
31,552 | 11,136,594 | ||||||
Lowes Cos., Inc. |
7,424 | 1,580,124 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Quality Dividend Defensive Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Murphy USA, Inc. |
4,408 | 1,553,908 | ||||||
Williams-Sonoma, Inc.(a) |
8,584 | 1,660,060 | ||||||
|
|
|||||||
17,276,100 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 8.0% |
| |||||||
Apple, Inc. |
140,128 | 25,839,603 | ||||||
Dell Technologies, Inc., Class C |
24,128 | 1,999,729 | ||||||
|
|
|||||||
27,839,332 | ||||||||
|
|
|||||||
Tobacco - 0.8% |
| |||||||
Altria Group, Inc. |
67,280 | 2,699,274 | ||||||
|
|
|||||||
Trading Companies & Distributors - 1.1% |
| |||||||
Fastenal Co. |
31,320 | 2,136,964 | ||||||
MSC Industrial Direct Co., Inc., Class A(a) |
16,936 | 1,671,244 | ||||||
|
|
|||||||
3,808,208 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
346,669,903 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS(b) - 8.3% |
| |||||||
INVESTMENT COMPANIES - 0.4% |
| |||||||
Dreyfus Treasury Obligations Cash Management Fund |
1,485,105 | 1,485,105 | ||||||
|
|
|||||||
REPURCHASE AGREEMENTS - 7.9% |
| |||||||
BofA Securities, Inc., 5.76%, dated 1/31/2024, due 5/2/2024, repurchase price $1,014,720, collateralized by various Common Stocks; total market value $443,941 |
1,000,000 | 1,000,000 | ||||||
CF Secured LLC, 5.31%, dated 1/31/2024, due 2/1/2024, repurchase price $12,097,710, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 3/31/2024 - 5/15/2053; total market value $95,884,526 |
12,095,926 | 12,095,926 | ||||||
Citigroup Global Markets, Inc., 5.28%, dated 1/31/2024, due 2/1/2024, repurchase price $5,000,733, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 4.00%, maturing 7/15/2024 - 1/31/2029; total market value $5,105,103 |
5,000,000 | 5,000,000 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
TD Prime Services LLC, 5.41%, dated 1/31/2024, due 2/1/2024, repurchase price $9,387,839, collateralized by various Common Stocks; total market value $10,182,564 |
9,386,428 | 9,386,428 | ||||||
|
|
|||||||
TOTAL REPURCHASE AGREEMENTS |
|
27,482,354 | ||||||
|
|
|||||||
TOTAL SECURITIES LENDING REINVESTMENTS |
28,967,459 | |||||||
|
|
|||||||
Total Investments - 107.7% |
|
375,637,362 | ||||||
Liabilities in excess of other assets - (7.7%) |
|
(26,852,725 | ) | |||||
|
|
|||||||
Net Assets - 100.0% |
|
348,784,637 | ||||||
|
|
(a) | The security or a portion of this security is on loan at January 31, 2024. The total value of securities on loan at January 31, 2024 was $40,698,319, collateralized in the form of cash with a value of $28,967,459 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $13,023,819 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 7.63%, and maturity dates ranging from February 13, 2024 November 15, 2053 and $478,657 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.10% 4.75%, and maturity dates ranging from March 22, 2024 October 22, 2071; a total value of $42,469,935. |
(b) | The security was purchased with cash collateral held from securities on loan at January 31, 2024. The total value of securities purchased was $28,967,459. |
Percentages shown are based on Net Assets.
Abbreviations | ||
REIT | Real Estate Investment Trust |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Quality Dividend Defensive Index Fund (cont.)
Futures Contracts
FlexShares® Quality Dividend Defensive Index Fund had the following open futures contracts as of January 31, 2024:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||
Long Contracts |
|
|||||||||||||||||
S&P 500 E-Mini Index |
8 | 03/15/2024 | USD | $ | 1,948,200 | $ | 66,872 |
Abbreviations: |
USD US Dollar |
Security Type |
% of Net Assets | |||
Common Stocks |
99.4 | % | ||
Securities Lending Reinvestments |
8.3 | |||
Others(1) |
(7.7 | ) | ||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® International Quality Dividend Index Fund
January 31, 2023 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 98.8% |
| |||||||
Air Freight & Logistics - 0.1% |
| |||||||
SG Holdings Co. Ltd. |
39,100 | 512,105 | ||||||
|
|
|||||||
Automobile Components - 0.2% |
| |||||||
Fuyao Glass Industry Group Co. Ltd., Class H(a) |
238,800 | 1,078,338 | ||||||
|
|
|||||||
Automobiles - 2.7% |
| |||||||
Dr Ing hc F Porsche AG (Preference)(a) |
40,420 | 3,473,861 | ||||||
Isuzu Motors Ltd. |
305,500 | 4,247,845 | ||||||
Mercedes-Benz Group AG |
84,600 | 5,775,711 | ||||||
Subaru Corp. |
31,100 | 636,361 | ||||||
Yadea Group Holdings Ltd.(a) |
470,000 | 642,118 | ||||||
|
|
|||||||
14,775,896 | ||||||||
|
|
|||||||
Banks - 12.4% |
| |||||||
Akbank TAS |
250,510 | 326,429 | ||||||
Banco del Bajio SA(a) |
1,128,000 | 4,300,395 | ||||||
Bank Leumi Le-Israel BM |
165,910 | 1,270,618 | ||||||
Barclays plc |
2,450,580 | 4,631,730 | ||||||
BOC Hong Kong Holdings |
940,000 | 2,251,022 | ||||||
China Construction Bank Corp., Class H |
10,340,000 | 6,137,401 | ||||||
China Merchants Bank Co. Ltd., Class H |
643,500 | 2,350,177 | ||||||
FinecoBank Banca Fineco SpA |
287,170 | 4,189,333 | ||||||
First Abu Dhabi Bank PJSC |
544,495 | 2,170,301 | ||||||
HSBC Holdings plc |
100,110 | 788,113 | ||||||
Japan Post Bank Co. Ltd. |
23,500 | 246,857 | ||||||
KBC Group NV |
58,280 | 3,828,786 | ||||||
Mitsubishi UFJ Financial Group, Inc. |
258,500 | 2,466,957 | ||||||
Nordea Bank Abp |
347,800 | 4,316,721 | ||||||
Royal Bank of Canada(b) |
146,405 | 14,378,055 | ||||||
Sberbank of Russia PJSC |
1,227,390 | | ||||||
Skandinaviska Enskilda Banken AB, Class A |
339,340 | 4,865,613 | ||||||
Sumitomo Mitsui Financial Group, Inc. |
56,900 | 2,997,298 | ||||||
Swedbank AB, Class A |
209,150 | 4,307,551 | ||||||
Toronto-Dominion Bank (The) |
3,290 | 201,111 | ||||||
Yapi ve Kredi Bankasi A/S |
2,794,855 | 2,011,588 | ||||||
|
|
|||||||
68,036,056 | ||||||||
|
|
|||||||
Beverages - 0.1% |
| |||||||
Nongfu Spring Co. Ltd., Class H(a) |
75,400 | 408,480 | ||||||
|
|
|||||||
Broadline Retail - 0.2% |
| |||||||
B&M European Value Retail SA |
43,240 | 285,562 | ||||||
Next plc |
7,990 | 861,607 | ||||||
|
|
|||||||
1,147,169 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Building Products - 0.5% |
| |||||||
Geberit AG (Registered) |
4,700 | 2,740,502 | ||||||
|
|
|||||||
Capital Markets - 5.0% |
| |||||||
3i Group plc |
140,530 | 4,436,367 | ||||||
Brookfield Asset Management Ltd., Class A |
78,020 | 3,156,889 | ||||||
China Galaxy Securities Co. Ltd., Class H |
6,462,500 | 3,166,251 | ||||||
Hong Kong Exchanges & Clearing Ltd. |
2,700 | 81,719 | ||||||
Japan Exchange Group, Inc. |
104,500 | 2,347,720 | ||||||
Julius Baer Group Ltd. |
39,950 | 2,202,757 | ||||||
Macquarie Korea Infrastructure Fund |
374,120 | 3,492,702 | ||||||
Moscow Exchange MICEX-RTS PJSC |
775,590 | | ||||||
Partners Group Holding AG |
3,525 | 4,819,986 | ||||||
Samsung Securities Co. Ltd. |
126,900 | 3,579,804 | ||||||
|
|
|||||||
27,284,195 | ||||||||
|
|
|||||||
Chemicals - 2.8% |
| |||||||
Fertiglobe plc |
4,303,085 | 3,268,655 | ||||||
Nissan Chemical Corp. |
10,400 | 421,336 | ||||||
Nitto Denko Corp. |
17,300 | 1,456,905 | ||||||
Sahara International Petrochemical Co. |
155,805 | 1,308,727 | ||||||
Shin-Etsu Chemical Co. Ltd. |
117,500 | 4,722,507 | ||||||
Tianqi Lithium Corp., Class H(b) |
141,000 | 621,376 | ||||||
Yara International ASA |
112,800 | 3,769,133 | ||||||
|
|
|||||||
15,568,639 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 0.4% |
| |||||||
Coles Group Ltd. |
203,980 | 2,145,320 | ||||||
Kesko OYJ, Class B |
4,935 | 96,921 | ||||||
|
|
|||||||
2,242,241 | ||||||||
|
|
|||||||
Diversified REITs - 0.6% |
| |||||||
Stockland, REIT |
1,117,190 | 3,367,644 | ||||||
|
|
|||||||
Diversified Telecommunication Services - 1.7% |
| |||||||
Elisa OYJ |
7,520 | 345,123 | ||||||
Koninklijke KPN NV |
681,030 | 2,328,792 | ||||||
Spark New Zealand Ltd. |
46,765 | 152,999 | ||||||
Swisscom AG (Registered) |
3,760 | 2,262,531 | ||||||
Telstra Group Ltd. |
1,501,180 | 4,009,114 | ||||||
|
|
|||||||
9,098,559 | ||||||||
|
|
|||||||
Electric Utilities - 2.1% |
| |||||||
Fortum OYJ(b) |
281,765 | 3,883,993 | ||||||
Origin Energy Ltd. |
534,625 | 3,011,086 | ||||||
Power Grid Corp. of India Ltd. |
238,525 | 744,782 | ||||||
Redeia Corp. SA |
221,370 | 3,710,347 | ||||||
|
|
|||||||
11,350,208 | ||||||||
|
|
|||||||
Electrical Equipment - 0.0%(c) |
| |||||||
Voltronic Power Technology Corp. |
4,839 | 207,168 | ||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 0.1% |
| |||||||
Largan Precision Co. Ltd. |
4,000 | 318,216 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Shimadzu Corp. |
13,200 | 371,054 | ||||||
|
|
|||||||
689,270 | ||||||||
|
|
|||||||
Entertainment - 1.2% |
| |||||||
Capcom Co. Ltd. |
10,400 | 401,628 | ||||||
Nintendo Co. Ltd. |
111,200 | 6,321,683 | ||||||
|
|
|||||||
6,723,311 | ||||||||
|
|
|||||||
Financial Services - 3.9% |
| |||||||
Banca Mediolanum SpA |
420,650 | 4,338,104 | ||||||
FirstRand Ltd. |
39,480 | 144,175 | ||||||
GMO Payment Gateway, Inc. |
35,500 | 2,187,436 | ||||||
ORIX Corp. |
181,500 | 3,561,709 | ||||||
Power Finance Corp. Ltd. |
1,030,945 | 5,502,719 | ||||||
REC Ltd. |
958,800 | 5,761,892 | ||||||
|
|
|||||||
21,496,035 | ||||||||
|
|
|||||||
Food Products - 2.7% |
| |||||||
China Feihe Ltd.(a) |
3,290,000 | 1,506,694 | ||||||
Nestle SA (Registered) |
85,540 | 9,827,851 | ||||||
Uni-President China Holdings Ltd. |
3,995,000 | 2,238,396 | ||||||
Want Want China Holdings Ltd. |
1,880,000 | 1,036,528 | ||||||
|
|
|||||||
14,609,469 | ||||||||
|
|
|||||||
Gas Utilities - 0.1% |
| |||||||
Kunlun Energy Co. Ltd. |
670,000 | 599,098 | ||||||
|
|
|||||||
Ground Transportation - 0.1% |
| |||||||
Canadian National Railway Co. |
2,115 | 264,017 | ||||||
|
|
|||||||
Health Care Equipment & Supplies - 0.3% |
| |||||||
Hoya Corp. |
13,000 | 1,684,864 | ||||||
|
|
|||||||
Health Care Providers & Services - 0.0%(c) |
| |||||||
Sonic Healthcare Ltd.(b) |
7,755 | 164,149 | ||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 1.2% |
| |||||||
InterContinental Hotels Group plc |
24,440 | 2,334,234 | ||||||
OPAP SA |
241,345 | 4,199,819 | ||||||
|
|
|||||||
6,534,053 | ||||||||
|
|
|||||||
Household Durables - 0.6% |
| |||||||
Nien Made Enterprise Co. Ltd. |
314,710 | 3,373,383 | ||||||
|
|
|||||||
Household Products - 0.3% |
| |||||||
Unilever Indonesia Tbk. PT |
9,494,000 | 1,865,108 | ||||||
|
|
|||||||
Independent Power and Renewable Electricity |
| |||||||
Unipro PJSC* |
125,500,000 | | ||||||
|
|
|||||||
Industrial Conglomerates - 0.7% |
| |||||||
Hitachi Ltd. |
28,300 | 2,260,322 | ||||||
Industries Qatar QSC |
420,650 | 1,386,377 | ||||||
Siemens AG (Registered) |
940 | 170,193 | ||||||
|
|
|||||||
3,816,892 | ||||||||
|
|
|||||||
Insurance - 2.3% |
| |||||||
Admiral Group plc |
56,635 | 1,813,864 | ||||||
BB Seguridade Participacoes SA |
611,000 | 4,235,241 | ||||||
Caixa Seguridade Participacoes SA |
916,500 | 2,620,903 | ||||||
Manulife Financial Corp. |
149,695 | 3,329,917 | ||||||
Sampo OYJ, Class A |
13,865 | 584,136 | ||||||
|
|
|||||||
12,584,061 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Interactive Media & Services - 0.9% |
| |||||||
Rightmove plc |
260,145 | 1,855,840 | ||||||
Tencent Holdings Ltd. |
91,100 | 3,153,495 | ||||||
|
|
|||||||
5,009,335 | ||||||||
|
|
|||||||
IT Services - 1.4% |
| |||||||
HCL Technologies Ltd. |
167,555 | 3,179,850 | ||||||
Infosys Ltd. |
60,160 | 1,203,218 | ||||||
Nomura Research Institute Ltd. |
70,500 | 2,186,260 | ||||||
Obic Co. Ltd. |
5,200 | 808,770 | ||||||
|
|
|||||||
7,378,098 | ||||||||
|
|
|||||||
Leisure Products - 0.0%(c) |
| |||||||
Shimano, Inc. |
600 | 87,655 | ||||||
|
|
|||||||
Machinery - 1.4% |
| |||||||
GEA Group AG |
15,275 | 617,240 | ||||||
Kone OYJ, Class B |
59,690 | 2,978,670 | ||||||
MISUMI Group, Inc. |
65,100 | 1,144,567 | ||||||
VAT Group AG(a) |
6,110 | 2,896,703 | ||||||
|
|
|||||||
7,637,180 | ||||||||
|
|
|||||||
Marine Transportation - 3.8% |
| |||||||
AP Moller - Maersk A/S, Class B(b) |
1,410 | 2,614,802 | ||||||
Cia Sud Americana de Vapores SA |
17,077,685 | 1,227,655 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H(b) |
1,997,500 | 2,097,857 | ||||||
Evergreen Marine Corp. Taiwan Ltd. |
1,081,823 | 5,201,820 | ||||||
Nippon Yusen KK(b) |
61,400 | 2,141,387 | ||||||
Orient Overseas International Ltd.(b) |
200,500 | 2,985,474 | ||||||
Yang Ming Marine Transport Corp. |
2,923,891 | 4,469,982 | ||||||
|
|
|||||||
20,738,977 | ||||||||
|
|
|||||||
Metals & Mining - 6.3% |
| |||||||
BHP Group Ltd. |
536,740 | 16,771,962 | ||||||
Glencore plc |
83,660 | 447,934 | ||||||
Grupo Mexico SAB de CV, Series B |
564,000 | 2,916,296 | ||||||
Kumba Iron Ore Ltd. |
124,550 | 3,703,335 | ||||||
MMC Norilsk Nickel PJSC |
16,315 | | ||||||
Norsk Hydro ASA |
26,320 | 155,907 | ||||||
Pilbara Minerals Ltd.(b) |
75,200 | 176,474 | ||||||
Rio Tinto plc |
82,955 | 5,813,317 | ||||||
Severstal PAO* |
58,985 | | ||||||
Vedanta Ltd. |
1,322,815 | 4,362,193 | ||||||
|
|
|||||||
34,347,418 | ||||||||
|
|
|||||||
Multi-Utilities - 0.1% |
| |||||||
Canadian Utilities Ltd., Class A(b) |
12,690 | 291,023 | ||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 7.3% |
| |||||||
Adaro Energy Indonesia Tbk. PT |
23,570,500 | 3,584,867 | ||||||
Canadian Natural Resources Ltd. |
115,620 | 7,445,788 | ||||||
China Shenhua Energy Co. Ltd., Class H |
1,175,000 | 4,441,619 | ||||||
Coal India Ltd. |
357,200 | 1,746,992 | ||||||
Equinor ASA |
108,570 | 3,142,390 | ||||||
Exxaro Resources Ltd. |
371,535 | 3,740,970 | ||||||
Petroleo Brasileiro SA (Preference) |
611,000 | 5,001,913 | ||||||
Shell plc |
67,680 | 2,108,998 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
TotalEnergies SE |
13,865 | 905,157 | ||||||
Var Energi ASA |
1,186,985 | 3,476,976 | ||||||
Yankuang Energy Group Co. Ltd., Class H(b) |
2,230,000 | 4,575,676 | ||||||
|
|
|||||||
40,171,346 | ||||||||
|
|
|||||||
Passenger Airlines - 0.6% |
| |||||||
Singapore Airlines Ltd. |
681,500 | 3,406,608 | ||||||
|
|
|||||||
Personal Care Products - 2.4% |
| |||||||
Hengan International Group Co. Ltd. |
117,500 | 363,747 | ||||||
LOreal SA |
25,615 | 12,373,463 | ||||||
Unilever plc |
7,050 | 345,377 | ||||||
|
|
|||||||
13,082,587 | ||||||||
|
|
|||||||
Pharmaceuticals - 8.9% |
| |||||||
Astellas Pharma, Inc. |
23,500 | 277,322 | ||||||
AstraZeneca plc |
16,215 | 2,168,144 | ||||||
China Medical System Holdings Ltd. |
868,000 | 1,243,609 | ||||||
GSK plc |
382,815 | 7,643,933 | ||||||
Novartis AG (Registered) |
104,105 | 10,849,201 | ||||||
Novo Nordisk A/S, Class B |
148,520 | 16,770,133 | ||||||
Orion OYJ, Class B |
2,820 | 130,861 | ||||||
Roche Holding AG |
470 | 143,435 | ||||||
Roche Holding AG - BR |
33,370 | 9,612,085 | ||||||
Sanofi SA |
1,175 | 119,159 | ||||||
|
|
|||||||
48,957,882 | ||||||||
|
|
|||||||
Professional Services - 2.7% |
| |||||||
Bureau Veritas SA |
142,175 | 3,814,609 | ||||||
Randstad NV |
66,975 | 3,838,374 | ||||||
Recruit Holdings Co. Ltd. |
44,200 | 1,792,190 | ||||||
RELX plc |
64,860 | 2,694,281 | ||||||
SGS SA (Registered) |
27,025 | 2,521,514 | ||||||
|
|
|||||||
14,660,968 | ||||||||
|
|
|||||||
Real Estate Management & Development - 1.7% |
| |||||||
China Vanke Co. Ltd., Class H(b) |
3,760,000 | 2,948,454 | ||||||
CK Asset Holdings Ltd. |
117,500 | 529,838 | ||||||
Daito Trust Construction Co. Ltd. |
33,500 | 3,855,909 | ||||||
Land & Houses PCL, NVDR |
9,470,500 | 2,042,120 | ||||||
|
|
|||||||
9,376,321 | ||||||||
|
|
|||||||
Retail REITs - 0.7% |
| |||||||
Link REIT, REIT |
799,000 | 4,006,626 | ||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 6.7% |
| |||||||
Advantest Corp. |
88,300 | 3,517,502 | ||||||
ASML Holding NV |
11,750 | 10,187,776 | ||||||
MediaTek, Inc. |
169,948 | 5,245,124 | ||||||
Novatek Microelectronics Corp. |
254,427 | 4,153,811 | ||||||
Realtek Semiconductor Corp. |
81,271 | 1,219,085 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
401,089 | 8,047,537 | ||||||
Tokyo Electron Ltd. |
17,600 | 3,355,047 | ||||||
Vanguard International Semiconductor Corp. |
296,000 | 695,091 | ||||||
|
|
|||||||
36,420,973 | ||||||||
|
|
|||||||
Software - 0.9% |
| |||||||
Nemetschek SE |
33,605 | 3,140,025 |
Investments |
Shares | Value ($) | ||||||
Temenos AG (Registered)(b) |
16,450 | 1,694,762 | ||||||
|
|
|||||||
4,834,787 | ||||||||
|
|
|||||||
Specialty Retail - 1.4% |
| |||||||
Fast Retailing Co. Ltd. |
600 | 163,119 | ||||||
H & M Hennes & Mauritz AB, Class B(b) |
113,035 | 1,613,418 | ||||||
Industria de Diseno Textil SA |
121,260 | 5,230,549 | ||||||
Topsports International Holdings Ltd.(a) |
940,000 | 607,247 | ||||||
|
|
|||||||
7,614,333 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 1.1% |
| |||||||
Catcher Technology Co. Ltd. |
214,000 | 1,329,829 | ||||||
Lite-On Technology Corp. |
470,000 | 1,629,259 | ||||||
Samsung Electronics Co. Ltd. |
58,750 | 3,200,184 | ||||||
Wiwynn Corp. |
1,000 | 70,289 | ||||||
|
|
|||||||
6,229,561 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 3.0% |
| |||||||
ANTA Sports Products Ltd. |
141,000 | 1,184,131 | ||||||
Bosideng International Holdings Ltd. |
5,640,000 | 2,546,829 | ||||||
Burberry Group plc |
59,455 | 990,326 | ||||||
Cie Financiere Richemont SA (Registered) |
2,115 | 318,045 | ||||||
Eclat Textile Co. Ltd. |
6,000 | 104,858 | ||||||
Feng TAY Enterprise Co. Ltd. |
21,284 | 110,162 | ||||||
Hermes International SCA |
3,127 | 6,650,067 | ||||||
LVMH Moet Hennessy Louis Vuitton SE |
3,290 | 2,764,663 | ||||||
Pandora A/S |
4,935 | 725,672 | ||||||
Shenzhou International Group Holdings Ltd. |
117,500 | 1,048,402 | ||||||
|
|
|||||||
16,443,155 | ||||||||
|
|
|||||||
Tobacco - 1.7% |
| |||||||
Imperial Brands plc |
181,655 | 4,391,773 | ||||||
Japan Tobacco, Inc. |
174,900 | 4,660,410 | ||||||
|
|
|||||||
9,052,183 | ||||||||
|
|
|||||||
Trading Companies & Distributors - 2.5% |
| |||||||
Howden Joinery Group plc |
355,320 | 3,632,527 | ||||||
ITOCHU Corp.(b) |
117,500 | 5,427,467 | ||||||
Marubeni Corp. |
70,500 | 1,225,762 | ||||||
Mitsubishi Corp. |
130,500 | 2,289,944 | ||||||
Mitsui & Co. Ltd. |
29,900 | 1,233,637 | ||||||
|
|
|||||||
13,809,337 | ||||||||
|
|
|||||||
Wireless Telecommunication Services - 1.0% |
| |||||||
Intouch Holdings PCL, NVDR |
235,000 | 488,514 | ||||||
KDDI Corp. |
20,500 | 686,769 | ||||||
Tele2 AB, Class B |
497,965 | 4,282,585 | ||||||
|
|
|||||||
5,457,868 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
541,235,131 | ||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 2.8%(d) |
| |||||||
REPURCHASE AGREEMENTS - 2.8% |
| |||||||
CF Secured LLC, 5.31%, dated 1/31/2024, due 2/1/2024, repurchase price $5,241,446, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 3/31/2024 - 5/15/2053; total market value $41,542,869 |
5,240,673 | 5,240,673 | ||||||
Citigroup Global Markets, Inc., 5.28%, dated 1/31/2024, due 2/1/2024, repurchase price $10,001,467, collateralized by various U.S. Treasury Securities, ranging from 0.38% - 4.00%, maturing 7/15/2024 - 1/31/2029; total market value $10,210,206 |
10,000,000 | 10,000,000 | ||||||
|
|
|||||||
15,240,673 | ||||||||
|
|
|||||||
TOTAL SECURITIES LENDING REINVESTMENTS |
|
15,240,673 | ||||||
|
|
|||||||
Total Investments - 101.6% |
|
556,475,804 | ||||||
|
|
|||||||
Liabilities in excess of other assets - (1.6%) |
|
(8,973,345 | ) | |||||
|
|
|||||||
Net Assets - 100.0% |
|
547,502,459 | ||||||
|
|
* | Non-income producing security. |
| Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(b) | The security or a portion of this security is on loan at January 31, 2024. The total value of securities on loan at January 31, 2024 was $34,416,873, collateralized in the form of cash with a value of $15,240,673 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $17,982,245 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 5.51%, and maturity dates ranging from February 6, 2024 November 15, 2052 and $5,026,640 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 5.50%, and maturity dates ranging from July 17, 2024 October 22, 2073; a total value of $38,249,559. |
(c) | Represents less than 0.05% of net assets. |
(d) | The security was purchased with cash collateral held from securities on loan at January 31, 2024. The total value of securities purchased was $15,240,673. |
Percentages | shown are based on Net Assets. |
Abbreviations | ||
NVDR | Non-Voting Depositary Receipt | |
OYJ | Public Limited Company | |
PJSC | Public Joint Stock Company | |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
REIT | Real Estate Investment Trust | |
SCA | Limited partnership with share capital |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Index Fund (cont.)
Futures Contracts
FlexShares® International Quality Dividend Index Fund had the following open futures contracts as of January 31, 2024:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation/ (Depreciation) |
||||||||||
Long Contracts |
|
|||||||||||||
MSCI EAFE E-Mini Index |
46 | 03/15/2024 | USD | $ | 5,135,900 | $ | 149,608 | |||||||
MSCI Emerging Markets E-Mini Index |
48 | 03/15/2024 | USD | 2,353,920 | (13,057 | ) | ||||||||
|
|
|||||||||||||
$ | 136,551 | |||||||||||||
|
|
Forward Foreign Currency Contracts
FlexShares® International Quality Dividend Index Fund had the following outstanding contracts as of January 31, 2024:
Contracts to Receive |
Counterparty |
In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
CAD |
434,313 | Citibank NA | USD | 323,941 | 03/20/2024 | $ | 1,323 | |||||||||||||||
USD |
467,118 | JPMorgan Chase Bank NA | DKK | 3,174,000 | 03/20/2024 | 3,415 | ||||||||||||||||
USD |
2,026,190 | Citibank NA | EUR | 1,845,812 | 03/20/2024 | 17,148 | ||||||||||||||||
USD |
244,847 | Bank of New York Mellon (The) | HKD | 1,908,608 | 03/20/2024 | 377 | ||||||||||||||||
USD |
361,853 | Citibank NA | KRW | * | 474,657,039 | 03/20/2024 | 5,277 | |||||||||||||||
USD |
147,806 | Morgan Stanley | ZAR | 2,739,232 | 03/20/2024 | 1,112 | ||||||||||||||||
USD |
626,407 | Toronto-Dominion Bank (The) | JPY | 87,491,715 | 03/21/2024 | 23,307 | ||||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized appreciation |
$ | 51,959 | ||||||||||||||||||||
|
|
|||||||||||||||||||||
AUD |
114,004 | Citibank NA | USD | 76,735 | 03/20/2024 | $ | (1,258 | ) | ||||||||||||||
DKK |
633,221 | Citibank NA | USD | 93,607 | 03/20/2024 | (1,097 | ) | |||||||||||||||
EUR |
538,000 | Toronto-Dominion Bank (The) | USD | 589,579 | 03/20/2024 | (4,002 | ) | |||||||||||||||
SEK |
2,423,745 | Citibank NA | USD | 238,184 | 03/20/2024 | (3,159 | ) | |||||||||||||||
USD |
529,563 | Toronto-Dominion Bank (The) | BRL | * | 2,653,155 | 03/20/2024 | (4,987 | ) | ||||||||||||||
USD |
526,550 | Citibank NA | CHF | 453,364 | 03/20/2024 | (4,631 | ) | |||||||||||||||
USD |
701,658 | Citibank NA | GBP | 550,955 | 03/20/2024 | (201 | ) | |||||||||||||||
USD |
136,538 | Goldman Sachs & Co. | MXN | 2,396,034 | 03/20/2024 | (1,870 | ) | |||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized depreciation |
|
$ | (21,205 | ) | ||||||||||||||||||
|
|
|||||||||||||||||||||
Net unrealized appreciation |
|
$ | 30,754 | |||||||||||||||||||
|
|
* | Non-deliverable forward. |
Abbreviations:
AUD |
| Australian Dollar | ||||
BRL |
| Brazilian Real | ||||
CAD |
| Canadian Dollar | ||||
CHF |
| Swiss Franc | ||||
DKK |
|
|
|
Danish Krone | ||
EUR |
| Euro | ||||
GBP |
| British Pound | ||||
HKD |
| Hong Kong Dollar | ||||
JPY |
| Japanese Yen | ||||
KRW |
| Korean Won | ||||
MXN |
| Mexican Peso | ||||
SEK |
| Swedish Krona | ||||
USD |
| US Dollar | ||||
ZAR |
| South African Rand |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Index Fund (cont.)
FlexShares® International Quality Dividend Index invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2024:
Australia |
5.4 | % | ||
Belgium |
0.7 | |||
Brazil |
2.2 | |||
Canada |
5.3 | |||
Chile |
0.2 | |||
China |
8.6 | |||
Denmark |
3.7 | |||
Finland |
1.5 | |||
France |
4.9 | |||
Germany |
2.4 | |||
Greece |
0.8 | |||
Hong Kong |
1.3 | |||
India |
4.1 | |||
Indonesia |
1.0 | |||
Israel |
0.2 | |||
Italy |
1.6 | |||
Japan |
13.1 | |||
Mexico |
1.3 | |||
Netherlands |
3.0 | |||
New Zealand |
0.0 | | ||
Norway |
1.9 | |||
Qatar |
0.2 | |||
Saudi Arabia |
0.2 | |||
Singapore |
0.6 | |||
South Africa |
1.4 | |||
South Korea |
1.9 | |||
Spain |
1.6 | |||
Sweden |
3.5 | |||
Switzerland |
9.1 | |||
Taiwan |
6.6 | |||
Thailand |
0.5 | |||
Turkey |
0.4 | |||
United Arab Emirates |
1.0 | |||
United Kingdom |
8.6 | |||
Other1 |
1.2 | |||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
1 | Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
Security Type |
% of Net Assets | |||
Common Stocks |
98.8 | % | ||
Securities Lending Reinvestments |
2.8 | |||
Others(1) |
(1.6 | ) | ||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® International Quality Dividend Defensive Index Fund
January 31, 2024 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 96.5% |
| |||||||
Aerospace & Defense - 0.8% |
| |||||||
BAE Systems plc |
649 | 9,728 | ||||||
Thales SA |
1,177 | 173,047 | ||||||
|
|
|||||||
182,775 | ||||||||
|
|
|||||||
Air Freight & Logistics - 0.2% |
| |||||||
Deutsche Post AG |
957 | 46,280 | ||||||
|
|
|||||||
Automobile Components - 0.3% |
| |||||||
Bridgestone Corp. |
1,700 | 74,943 | ||||||
|
|
|||||||
Automobiles - 0.9% |
| |||||||
Bayerische Motoren Werke AG |
77 | 8,095 | ||||||
Bayerische Motoren Werke AG (Preference) |
44 | 4,338 | ||||||
Subaru Corp. |
9,200 | 188,248 | ||||||
|
|
|||||||
200,681 | ||||||||
|
|
|||||||
Banks - 10.2% |
| |||||||
Arab National Bank |
5,467 | 36,417 | ||||||
Banco de Chile |
446,490 | 49,941 | ||||||
Bancolombia SA |
6,171 | 51,689 | ||||||
Bank Leumi Le-Israel BM |
12,804 | 98,059 | ||||||
Bank of China Ltd., Class H |
187,000 | 70,329 | ||||||
Bank of Communications Co. Ltd., Class H |
55,000 | 32,505 | ||||||
Bankinter SA |
6,754 | 41,965 | ||||||
Barclays plc |
86,988 | 164,412 | ||||||
BOC Hong Kong Holdings Ltd.(a) |
16,500 | 39,513 | ||||||
Commonwealth Bank of Australia |
3,861 | 299,974 | ||||||
Credicorp Ltd. |
407 | 60,425 | ||||||
Credit Agricole SA |
4,257 | 61,557 | ||||||
Hang Seng Bank Ltd. |
1,100 | 11,433 | ||||||
HSBC Holdings plc |
3,102 | 24,420 | ||||||
Indian Bank |
1,760 | 10,573 | ||||||
KBC Group NV |
1,639 | 107,676 | ||||||
Nordea Bank Abp |
7,337 | 91,063 | ||||||
Royal Bank of Canada(a) |
4,081 | 400,784 | ||||||
Sberbank of Russia PJSC |
79,800 | | ||||||
Sumitomo Mitsui Financial Group, Inc. |
5,334 | 280,977 | ||||||
Swedbank AB, Class A |
8,899 | 183,279 | ||||||
Toronto-Dominion Bank (The) |
308 | 18,827 | ||||||
Union Bank of India Ltd. |
120,109 | 202,270 | ||||||
|
|
|||||||
2,338,088 | ||||||||
|
|
|||||||
Broadline Retail - 0.7% |
| |||||||
B&M European Value Retail SA |
7,084 | 46,783 | ||||||
Dollarama, Inc. |
880 | 64,990 | ||||||
Woolworths Holdings Ltd. |
12,166 | 45,377 | ||||||
|
|
|||||||
157,150 | ||||||||
|
|
|||||||
Capital Markets - 2.4% |
| |||||||
Deutsche Boerse AG |
638 | 128,037 |
Investments |
Shares | Value ($) | ||||||
Macquarie Korea Infrastructure Fund |
16,773 | 156,589 | ||||||
Moscow Exchange MICEX-RTS PJSC |
227,100 | | ||||||
NH Investment & Securities Co. Ltd.* |
5,401 | 42,815 | ||||||
Samsung Securities Co. Ltd. |
4,147 | 116,985 | ||||||
Singapore Exchange Ltd. |
15,400 | 108,440 | ||||||
|
|
|||||||
552,866 | ||||||||
|
|
|||||||
Chemicals - 2.1% |
| |||||||
Croda International plc |
572 | 35,000 | ||||||
Evonik Industries AG |
1,298 | 24,174 | ||||||
Fertiglobe plc |
150,876 | 114,606 | ||||||
Nissan Chemical Corp. |
3,524 | 142,768 | ||||||
Nutrien Ltd. |
341 | 17,111 | ||||||
Sasol Ltd. |
4,422 | 39,042 | ||||||
Yara International ASA |
3,333 | 111,370 | ||||||
|
|
|||||||
484,071 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 0.9% |
| |||||||
Brambles Ltd.(a) |
2,420 | 23,420 | ||||||
RB Global, Inc. |
649 | 41,805 | ||||||
Secom Co. Ltd. |
2,000 | 146,673 | ||||||
|
|
|||||||
211,898 | ||||||||
|
|
|||||||
Communications Equipment - 0.7% |
| |||||||
Accton Technology Corp. |
9,963 | 168,387 | ||||||
|
|
|||||||
Construction & Engineering - 0.3% |
| |||||||
WSP Global, Inc. |
396 | 58,541 | ||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 0.9% |
| |||||||
Bid Corp. Ltd. |
1,045 | 25,516 | ||||||
Loblaw Cos. Ltd. |
605 | 60,838 | ||||||
Metro, Inc., Class A |
198 | 10,461 | ||||||
Sun Art Retail Group Ltd.(a) |
836,000 | 102,665 | ||||||
|
|
|||||||
199,480 | ||||||||
|
|
|||||||
Containers & Packaging - 0.5% |
| |||||||
DS Smith plc |
13,563 | 48,810 | ||||||
Smurfit Kappa Group plc |
1,529 | 57,401 | ||||||
|
|
|||||||
106,211 | ||||||||
|
|
|||||||
Diversified Telecommunication Services - 2.1% |
| |||||||
Elisa OYJ |
2,629 | 120,655 | ||||||
Hellenic Telecommunications Organization SA |
3,982 | 55,582 | ||||||
Koninklijke KPN NV |
46,475 | 158,922 | ||||||
Nippon Telegraph & Telephone Corp. |
63,100 | 80,421 | ||||||
Spark New Zealand Ltd. |
2,970 | 9,717 | ||||||
Telenor ASA |
4,312 | 48,124 | ||||||
|
|
|||||||
473,421 | ||||||||
|
|
|||||||
Electric Utilities - 2.3% |
| |||||||
EDP - Energias de Portugal SA |
9,801 | 44,097 | ||||||
Enel SpA |
18,612 | 128,198 | ||||||
Fortum OYJ |
3,619 | 49,886 | ||||||
Hydro One Ltd.(b) |
1,705 | 50,918 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Defensive Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Iberdrola SA |
2,758 | 33,479 | ||||||
Iberdrola SA* |
45 | 546 | ||||||
Power Grid Corp. of India Ltd. |
57,055 | 178,152 | ||||||
Redeia Corp. SA |
2,541 | 42,589 | ||||||
|
|
|||||||
527,865 | ||||||||
|
|
|||||||
Electrical Equipment - 0.7% |
| |||||||
Mitsubishi Electric Corp. |
1,600 | 24,114 | ||||||
Sociedad Quimica y Minera de Chile SA (Preference), Class B |
3,366 | 145,543 | ||||||
|
|
|||||||
169,657 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 0.8% |
| |||||||
Largan Precision Co. Ltd. |
2,389 | 190,055 | ||||||
|
|
|||||||
Entertainment - 0.7% |
| |||||||
Capcom Co. Ltd. |
600 | 23,171 | ||||||
Nexon Co. Ltd.(a) |
8,600 | 139,141 | ||||||
|
|
|||||||
162,312 | ||||||||
|
|
|||||||
Financial Services - 2.3% |
| |||||||
M&G plc |
16,863 | 48,124 | ||||||
Power Finance Corp. Ltd. |
43,867 | 234,142 | ||||||
REC Ltd. |
40,821 | 245,313 | ||||||
|
|
|||||||
527,579 | ||||||||
|
|
|||||||
Food Products - 3.8% |
| |||||||
Nestle SA (Registered) |
6,270 | 720,372 | ||||||
Yakult Honsha Co. Ltd. |
7,100 | 156,887 | ||||||
|
|
|||||||
877,259 | ||||||||
|
|
|||||||
Gas Utilities - 0.4% |
| |||||||
Naturgy Energy Group SA(a) |
1,705 | 46,302 | ||||||
Snam SpA |
10,835 | 53,304 | ||||||
|
|
|||||||
99,606 | ||||||||
|
|
|||||||
Ground Transportation - 0.5% |
| |||||||
Canadian National Railway Co. |
825 | 102,985 | ||||||
|
|
|||||||
Health Care Equipment & Supplies - 0.8% |
| |||||||
Cochlear Ltd. |
968 | 194,836 | ||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 1.1% |
| |||||||
Jiumaojiu International Holdings |
33,000 | 19,419 | ||||||
OPAP SA |
10,274 | 178,785 | ||||||
Sodexo SA |
495 | 56,243 | ||||||
|
|
|||||||
254,447 | ||||||||
|
|
|||||||
Household Durables - 0.5% |
| |||||||
Sekisui Chemical Co. Ltd. |
3,300 | 47,793 | ||||||
Sekisui House Ltd.(a) |
2,600 | 59,533 | ||||||
|
|
|||||||
107,326 | ||||||||
|
|
|||||||
Industrial Conglomerates - 0.4% |
| |||||||
Alfa SAB de CV, Class A |
34,100 | 26,882 | ||||||
Jardine Matheson Holdings Ltd. |
1,100 | 44,330 | ||||||
Siemens AG (Registered) |
55 | 9,958 | ||||||
|
|
|||||||
81,170 | ||||||||
|
|
|||||||
Industrial REITs - 0.3% |
| |||||||
Goodman Group, REIT(a) |
4,653 | 78,742 | ||||||
|
|
Investments |
Shares | Value ($) | ||||||
Insurance - 5.0% |
| |||||||
Admiral Group plc |
5,148 | 164,876 | ||||||
Allianz SE (Registered) |
715 | 192,458 | ||||||
BB Seguridade Participacoes SA |
25,300 | 175,371 | ||||||
Caixa Seguridade Participacoes SA |
69,300 | 198,176 | ||||||
Medibank Pvt Ltd. |
19,668 | 49,926 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) |
308 | 131,886 | ||||||
Sampo OYJ, Class A |
1,529 | 64,417 | ||||||
Zurich Insurance Group AG |
341 | 174,545 | ||||||
|
|
|||||||
1,151,655 | ||||||||
|
|
|||||||
Interactive Media & Services - 0.5% |
| |||||||
Autohome, Inc., ADR |
462 | 11,642 | ||||||
Tencent Holdings Ltd. |
3,300 | 114,232 | ||||||
|
|
|||||||
125,874 | ||||||||
|
|
|||||||
IT Services - 1.4% |
| |||||||
Arabian Internet & Communications Services Co. |
396 | 34,636 | ||||||
Capgemini SE |
33 | 7,428 | ||||||
Elm Co. |
253 | 60,853 | ||||||
HCL Technologies Ltd. |
11,022 | 209,175 | ||||||
SCSK Corp. |
700 | 13,916 | ||||||
|
|
|||||||
326,008 | ||||||||
|
|
|||||||
Leisure Products - 0.7% |
| |||||||
Shimano, Inc. |
1,100 | 160,701 | ||||||
|
|
|||||||
Machinery - 0.5% |
| |||||||
Kone OYJ, Class B |
2,508 | 125,155 | ||||||
|
|
|||||||
Marine Transportation - 3.5% |
| |||||||
Cia Sud Americana de Vapores SA |
2,445,049 | 175,766 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H(a) |
137,500 | 144,408 | ||||||
Evergreen Marine Corp. Taiwan Ltd. |
44,620 | 214,550 | ||||||
HMM Co. Ltd.* |
7,623 | 110,177 | ||||||
Yang Ming Marine Transport Corp. |
110,098 | 168,316 | ||||||
|
|
|||||||
813,217 | ||||||||
|
|
|||||||
Media - 0.5% |
| |||||||
Dentsu Group, Inc. |
1,544 | 41,532 | ||||||
Grupo Televisa SAB, Series CPO(a) |
101,798 | 61,522 | ||||||
|
|
|||||||
103,054 | ||||||||
|
|
|||||||
Metals & Mining - 5.9% |
| |||||||
BHP Group Ltd. |
22,539 | 704,295 | ||||||
China Hongqiao Group Ltd.(a) |
44,000 | 32,196 | ||||||
Kumba Iron Ore Ltd. |
3,234 | 96,159 | ||||||
Magnitogorsk Iron & Steel Works PJSC* |
172,884 | | ||||||
Novolipetsk Steel PJSC* |
47,108 | | ||||||
Rio Tinto plc |
5,060 | 354,594 | ||||||
Severstal PAO* |
6,900 | | ||||||
Vedanta Ltd. |
55,275 | 182,278 | ||||||
|
|
|||||||
1,369,522 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Defensive Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Multi-Utilities - 0.2% |
| |||||||
Canadian Utilities Ltd., Class A(a) |
385 | 8,829 | ||||||
Engie SA |
1,650 | 26,544 | ||||||
|
|
|||||||
35,373 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 7.0% |
| |||||||
Adaro Energy Indonesia Tbk. PT |
581,900 | 88,502 | ||||||
ARC Resources Ltd. |
1,969 | 30,772 | ||||||
BP plc |
25,300 | 148,993 | ||||||
Cenovus Energy, Inc.(a) |
2,959 | 48,237 | ||||||
Equinor ASA |
5,764 | 166,830 | ||||||
Exxaro Resources Ltd. |
1,573 | 15,839 | ||||||
LUKOIL PJSC |
240 | | ||||||
OMV AG(a) |
1,100 | 49,360 | ||||||
Pembina Pipeline Corp. |
1,727 | 59,861 | ||||||
Petroleo Brasileiro SA (Preference) |
18,700 | 153,086 | ||||||
Shell plc |
2,981 | 92,892 | ||||||
Suncor Energy, Inc. |
5,203 | 173,375 | ||||||
Surgutneftegas PJSC (Preference) |
276,000 | | ||||||
TotalEnergies SE |
2,970 | 193,892 | ||||||
United Tractors Tbk. PT |
109,000 | 158,527 | ||||||
Var Energi ASA |
29,293 | 85,807 | ||||||
Yankuang Energy Group Co. Ltd., Class H(a) |
71,999 | 147,733 | ||||||
|
|
|||||||
1,613,706 | ||||||||
|
|
|||||||
Paper & Forest Products - 0.2% |
| |||||||
Stora Enso OYJ, Class R |
4,070 | 52,235 | ||||||
|
|
|||||||
Personal Care Products - 1.9% |
| |||||||
LOreal SA |
847 | 409,148 | ||||||
Unilever plc |
583 | 28,561 | ||||||
|
|
|||||||
437,709 | ||||||||
|
|
|||||||
Pharmaceuticals - 8.7% |
| |||||||
Astellas Pharma, Inc. |
11,800 | 139,251 | ||||||
AstraZeneca plc |
638 | 85,308 | ||||||
China Medical System Holdings Ltd. |
96,565 | 138,352 | ||||||
GSK plc |
18,348 | 366,367 | ||||||
Novartis AG (Registered) |
2,849 | 296,906 | ||||||
Novo Nordisk A/S, Class B |
1,892 | 213,635 | ||||||
Orion OYJ, Class B |
143 | 6,636 | ||||||
Roche Holding AG |
22 | 6,714 | ||||||
Roche Holding AG - BR |
2,453 | 706,576 | ||||||
Sanofi SA |
418 | 42,390 | ||||||
|
|
|||||||
2,002,135 | ||||||||
|
|
|||||||
Professional Services - 2.3% |
| |||||||
Bureau Veritas SA |
6,512 | 174,720 | ||||||
Computershare Ltd. |
10,956 | 183,886 | ||||||
Randstad NV |
451 | 25,847 | ||||||
RELX plc |
297 | 12,337 | ||||||
SGS SA (Registered) |
1,001 | 93,396 | ||||||
Teleperformance SE |
187 | 29,586 | ||||||
|
|
|||||||
519,772 | ||||||||
|
|
|||||||
Real Estate Management & Development - 1.5% |
| |||||||
CK Asset Holdings Ltd. |
29,500 | 133,023 | ||||||
Daito Trust Construction Co. Ltd. |
1,500 | 172,653 |
Investments |
Shares | Value ($) | ||||||
Land & Houses PCL, NVDR |
207,900 | 44,829 | ||||||
|
|
|||||||
350,505 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 3.6% |
| |||||||
ASML Holding NV |
462 | 400,575 | ||||||
Novatek Microelectronics Corp. |
6,194 | 101,124 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
16,585 | 332,765 | ||||||
|
|
|||||||
834,464 | ||||||||
|
|
|||||||
Specialty Retail - 2.1% |
| |||||||
Abu Dhabi National Oil Co. for Distribution PJSC |
33,737 | 32,608 | ||||||
Industria de Diseno Textil SA |
5,170 | 223,008 | ||||||
Jarir Marketing Co. |
34,485 | 140,143 | ||||||
Topsports International Holdings |
11,000 | 7,106 | ||||||
Zhongsheng Group Holdings Ltd. |
16,500 | 27,735 | ||||||
ZOZO, Inc. |
2,700 | 60,086 | ||||||
|
|
|||||||
490,686 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 3.5% |
| |||||||
Catcher Technology Co. Ltd. |
23,000 | 142,926 | ||||||
Inventec Corp. |
70,000 | 122,781 | ||||||
Lite-On Technology Corp. |
48,810 | 169,200 | ||||||
Ricoh Co. Ltd. |
5,400 | 43,148 | ||||||
Samsung Electronics Co. Ltd. |
2,453 | 133,618 | ||||||
Wiwynn Corp. |
2,867 | 201,518 | ||||||
|
|
|||||||
813,191 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 3.1% |
| |||||||
ANTA Sports Products Ltd. |
16,447 | 138,123 | ||||||
Bosideng International Holdings Ltd. |
396,000 | 178,820 | ||||||
Burberry Group plc |
8,723 | 145,297 | ||||||
Kering SA |
66 | 27,476 | ||||||
Li Ning Co. Ltd. |
16,500 | 35,038 | ||||||
LVMH Moet Hennessy Louis Vuitton SE |
132 | 110,923 | ||||||
Pandora A/S |
253 | 37,203 | ||||||
Xtep International Holdings Ltd. |
66,000 | 32,420 | ||||||
|
|
|||||||
705,300 | ||||||||
|
|
|||||||
Tobacco - 1.6% |
| |||||||
Imperial Brands plc |
7,315 | 176,851 | ||||||
Japan Tobacco, Inc. |
7,200 | 191,852 | ||||||
|
|
|||||||
368,703 | ||||||||
|
|
|||||||
Trading Companies & Distributors - 2.7% |
| |||||||
Ferguson plc |
1,133 | 214,258 | ||||||
ITOCHU Corp.(a) |
3,790 | 175,065 | ||||||
Mitsubishi Corp. |
8,810 | 154,593 | ||||||
Sumitomo Corp. |
3,300 | 77,096 | ||||||
|
|
|||||||
621,012 | ||||||||
|
|
|||||||
Wireless Telecommunication Services - 2.5% |
| |||||||
Intouch Holdings PCL, NVDR |
74,800 | 155,493 | ||||||
KDDI Corp. |
4,400 | 147,404 | ||||||
SoftBank Corp. |
5,600 | 75,222 | ||||||
Tele2 AB, Class B |
15,895 | 136,700 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Defensive Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Vodafone Group plc |
60,049 | 51,479 | ||||||
|
|
|||||||
566,298 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
22,214,906 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 2.3%(c) |
| |||||||
REPURCHASE AGREEMENTS - 2.3% |
| |||||||
CF Secured LLC, 5.31%, dated 1/31/2024, due 2/1/2024, repurchase price $529,791, collateralized by
various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 3/31/2024 - 5/15/2053; total market value $4,199,042 |
529,713 | 529,713 | ||||||
|
|
|||||||
Total Investments - 98.8% |
|
22,744,619 | ||||||
Other assets less liabilities - 1.2% |
|
286,423 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
23,031,042 | ||||||
|
|
* | Non-income producing security. |
| Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(a) | The security or a portion of this security is on loan at January 31, 2024. The total value of securities on loan at January 31, 2024 was $1,334,134, collateralized in the form of cash with a value of $529,713 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $446,565 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 5.51%, and maturity dates ranging from February 6, 2024 November 15, 2052 and $478,825 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 5.50%, and maturity dates ranging from February 21, 2024 September 20, 2117; a total value of $1,455,103. |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(c) | The security was purchased with cash collateral held from securities on loan at January 31, 2024. The total value of securities purchased was $529,713. |
Percentages shown are based on Net Assets.
Abbreviations | ||
ADR | American Depositary Receipt | |
NVDR | Non-Voting Depositary Receipt |
OYJ | Public Limited Company | |
PJSC | Public Joint Stock Company | |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
REIT | Real Estate Investment Trust |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Defensive Index Fund (cont.)
Futures Contracts
FlexShares® International Quality Dividend Defensive Index Fund had the following open futures contracts as of January 31, 2024:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount | Value and Unrealized Appreciation/ (Depreciation) |
||||||||||||||
Long Contracts |
|
|||||||||||||||||
MSCI EAFE E-Mini Index |
5 | 03/15/2024 | USD | $ | 558,250 | $ | 14,475 | |||||||||||
MSCI Emerging Markets E-Mini Index |
7 | 03/15/2024 | USD | 343,280 | (3,414 | ) | ||||||||||||
|
|
|||||||||||||||||
$ | 11,061 | |||||||||||||||||
|
|
Forward Foreign Currency Contracts
FlexShares® International Quality Dividend Defensive Index Fund had the following outstanding contracts as of January 31, 2024:
Contracts to Receive |
Counterparty |
In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
USD |
17,739 | Citibank NA | DKK | 120,000 | 03/20/2024 | $ | 208 | |||||||||||||||
USD |
175,636 | Citibank NA | EUR | 160,000 | 03/20/2024 | 1,487 | ||||||||||||||||
USD |
62,575 | Toronto-Dominion Bank (The) | JPY | 8,740,000 | 03/21/2024 | 2,328 | ||||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized appreciation |
|
$ | 4,023 | |||||||||||||||||||
|
|
|||||||||||||||||||||
USD |
58,071 | Citibank NA | CHF | 50,000 | 03/20/2024 | $ | (511 | ) | ||||||||||||||
USD |
12,735 | Citibank NA | GBP | 10,000 | 03/20/2024 | (4 | ) | |||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized depreciation |
|
$ | (515 | ) | ||||||||||||||||||
|
|
|||||||||||||||||||||
Net unrealized appreciation |
|
$ | 3,508 | |||||||||||||||||||
|
|
Abbreviations: | ||||||
CHF |
| Swiss Franc | ||||
DKK |
| Danish Krone | ||||
EUR |
| Euro | ||||
GBP |
| British Pound | ||||
JPY |
| Japanese Yen | ||||
USD |
| US Dollar |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Defensive Index Fund (cont.)
FlexShares® International Quality Dividend Defensive Index invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2024:
Australia |
6.7 | % | ||
Austria |
0.2 | |||
Belgium |
0.5 | |||
Brazil |
2.3 | |||
Canada |
5.0 | |||
Chile |
1.6 | |||
China |
5.3 | |||
Colombia |
0.2 | |||
Denmark |
1.1 | |||
Finland |
1.8 | |||
France |
5.7 | |||
Germany |
2.4 | |||
Greece |
1.0 | |||
Hong Kong |
0.8 | |||
India |
5.5 | |||
Indonesia |
1.1 | |||
Israel |
0.4 | |||
Italy |
0.8 | |||
Japan |
12.2 | |||
Mexico |
0.4 | |||
Netherlands |
2.5 | |||
New Zealand |
0.0 | | ||
Norway |
1.8 | |||
Peru |
0.2 | |||
Portugal |
0.2 | |||
Saudi Arabia |
1.2 | |||
Singapore |
0.7 | |||
South Africa |
1.0 | |||
South Korea |
2.4 | |||
Spain |
1.7 | |||
Sweden |
1.8 | |||
Switzerland |
8.7 | |||
Taiwan |
7.9 | |||
Thailand |
0.9 | |||
United Arab Emirates |
0.6 | |||
United Kingdom |
9.9 | |||
Other1 |
3.5 | |||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
1 | Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
Security Type |
% of Net Assets | |||
Common Stocks |
96.5 | % | ||
Securities Lending Reinvestments |
2.3 | |||
Others(1) |
1.2 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® International Quality Dividend Dynamic Index Fund
January 31, 2024 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 98.7% |
| |||||||
Air Freight & Logistics - 1.2% |
| |||||||
Deutsche Post AG |
7,155 | 346,015 | ||||||
DSV A/S |
3,132 | 564,844 | ||||||
|
|
|||||||
910,859 | ||||||||
|
|
|||||||
Automobiles - 2.6% |
| |||||||
Dr Ing hc F Porsche AG (Preference)(a) |
4,968 | 426,970 | ||||||
Isuzu Motors Ltd. |
27,000 | 375,423 | ||||||
Mercedes-Benz Group AG |
11,259 | 768,661 | ||||||
Yadea Group Holdings Ltd.(a) |
256,000 | 349,750 | ||||||
|
|
|||||||
1,920,804 | ||||||||
|
|
|||||||
Banks - 12.0% |
| |||||||
ANZ Group Holdings Ltd. |
40,473 | 727,727 | ||||||
Banco del Bajio SA(a) |
16,200 | 61,761 | ||||||
Bank Leumi Le-Israel BM |
15,714 | 120,345 | ||||||
Bank Polska Kasa Opieki SA |
11,637 | 451,375 | ||||||
Barclays plc |
338,283 | 639,373 | ||||||
Canara Bank |
108,864 | 631,865 | ||||||
China Construction Bank Corp., Class H |
1,404,000 | 833,357 | ||||||
China Merchants Bank Co. Ltd., Class H |
102,500 | 374,349 | ||||||
FinecoBank Banca Fineco SpA |
37,638 | 549,076 | ||||||
Grupo Financiero Banorte SAB de CV, Class O |
18,900 | 192,637 | ||||||
KBC Group NV |
7,938 | 521,498 | ||||||
Mitsubishi UFJ Financial Group, Inc. |
5,400 | 51,534 | ||||||
Nordea Bank Abp |
54,756 | 679,604 | ||||||
Royal Bank of Canada(b) |
11,313 | 1,111,020 | ||||||
Santander Bank Polska SA |
4,320 | 528,179 | ||||||
Sberbank of Russia PJSC (Preference) |
31,920 | | ||||||
Skandinaviska Enskilda Banken AB, Class A |
46,440 | 665,878 | ||||||
Toronto-Dominion Bank (The) |
13,365 | 816,975 | ||||||
|
|
|||||||
8,956,553 | ||||||||
|
|
|||||||
Broadline Retail - 0.4% |
| |||||||
B&M European Value Retail SA |
23,436 | 154,774 | ||||||
momo.com, Inc. |
8,200 | 114,225 | ||||||
|
|
|||||||
268,999 | ||||||||
|
|
|||||||
Building Products - 0.8% |
| |||||||
Geberit AG (Registered) |
1,053 | 613,989 | ||||||
|
|
|||||||
Capital Markets - 4.8% |
| |||||||
3i Group plc |
22,167 | 699,786 | ||||||
Brookfield Asset Management Ltd., Class A |
15,795 | 639,106 | ||||||
Hong Kong Exchanges & Clearing Ltd. |
6,500 | 196,732 | ||||||
Julius Baer Group Ltd. |
8,019 | 442,150 | ||||||
Partners Group Holding AG |
486 | 664,543 |
Investments |
Shares | Value ($) | ||||||
Samsung Securities Co. Ltd. |
8,505 | 239,923 | ||||||
UBS Group AG (Registered) |
23,814 | 721,485 | ||||||
|
|
|||||||
3,603,725 | ||||||||
|
|
|||||||
Chemicals - 2.9% |
| |||||||
Fertiglobe plc |
582,255 | 442,285 | ||||||
Nissan Chemical Corp. |
3,500 | 141,796 | ||||||
Shin-Etsu Chemical Co. Ltd. |
24,300 | 976,655 | ||||||
Sika AG (Registered) |
405 | 113,354 | ||||||
Yara International ASA |
15,471 | 516,952 | ||||||
|
|
|||||||
2,191,042 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 0.5% |
| |||||||
Alimentation Couche-Tard, Inc. |
5,022 | 296,122 | ||||||
Jeronimo Martins SGPS SA |
3,807 | 87,173 | ||||||
Kesko OYJ, Class B |
459 | 9,014 | ||||||
|
|
|||||||
392,309 | ||||||||
|
|
|||||||
Diversified REITs - 0.8% |
| |||||||
Stockland, REIT |
195,372 | 588,927 | ||||||
|
|
|||||||
Electric Utilities - 1.1% |
| |||||||
Fortum OYJ |
38,556 | 531,476 | ||||||
Redeia Corp. SA |
17,442 | 292,342 | ||||||
|
|
|||||||
823,818 | ||||||||
|
|
|||||||
Electrical Equipment - 0.9% |
| |||||||
Sociedad Quimica y Minera de Chile SA (Preference), Class B |
7,803 | 337,395 | ||||||
Voltronic Power Technology Corp. |
8,000 | 342,498 | ||||||
|
|
|||||||
679,893 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & |
| |||||||
Nan Ya Printed Circuit Board Corp. |
69,000 | 500,424 | ||||||
Unimicron Technology Corp. |
34,000 | 191,185 | ||||||
|
|
|||||||
691,609 | ||||||||
|
|
|||||||
Entertainment - 0.6% |
| |||||||
Universal Music Group NV |
15,633 | 464,779 | ||||||
|
|
|||||||
Financial Services - 4.1% |
| |||||||
Banca Mediolanum SpA |
56,538 | 583,068 | ||||||
FirstRand Ltd. |
85,779 | 313,253 | ||||||
GMO Payment Gateway, Inc. |
8,100 | 499,105 | ||||||
Piramal Enterprises Ltd. |
16,470 | 181,689 | ||||||
Power Finance Corp. Ltd. |
140,103 | 747,807 | ||||||
REC Ltd. |
130,653 | 785,157 | ||||||
|
|
|||||||
3,110,079 | ||||||||
|
|
|||||||
Food Products - 1.0% |
| |||||||
Nestle SA (Registered) |
4,212 | 483,924 | ||||||
Uni-President China Holdings Ltd. |
540,000 | 302,562 | ||||||
|
|
|||||||
786,486 | ||||||||
|
|
|||||||
Gas Utilities - 0.2% |
| |||||||
Kunlun Energy Co. Ltd. |
162,000 | 144,857 | ||||||
|
|
|||||||
Ground Transportation - 0.1% |
| |||||||
TFI International, Inc. |
459 | 60,702 | ||||||
|
|
|||||||
Health Care Equipment & Supplies - 2.8% |
| |||||||
Hoya Corp. |
5,600 | 725,788 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Dynamic Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Sonova Holding AG (Registered) |
1,998 | 646,785 | ||||||
Straumann Holding AG (Registered) |
3,564 | 550,065 | ||||||
Sysmex Corp.(b) |
2,700 | 147,916 | ||||||
|
|
|||||||
2,070,554 | ||||||||
|
|
|||||||
Health Care Providers & Services - 0.2% |
| |||||||
Amplifon SpA |
4,374 | 144,296 | ||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 1.0% |
| |||||||
Evolution AB(a) |
783 | 92,681 | ||||||
Haidilao International Holding Ltd.(a) |
54,000 | 84,690 | ||||||
OPAP SA |
32,454 | 564,755 | ||||||
|
|
|||||||
742,126 | ||||||||
|
|
|||||||
Household Durables - 0.7% |
| |||||||
Nien Made Enterprise Co. Ltd. |
49,000 | 525,232 | ||||||
|
|
|||||||
Household Products - 0.2% |
| |||||||
Reckitt Benckiser Group plc |
1,701 | 123,643 | ||||||
|
|
|||||||
Industrial Conglomerates - 2.0% |
| |||||||
Hitachi Ltd. |
13,500 | 1,078,245 | ||||||
Industries Qatar QSC |
137,781 | 454,099 | ||||||
|
|
|||||||
1,532,344 | ||||||||
|
|
|||||||
Insurance - 2.9% |
| |||||||
AXA SA |
13,203 | 446,889 | ||||||
BB Seguridade Participacoes SA |
29,700 | 205,870 | ||||||
Caixa Seguridade Participacoes SA |
226,800 | 648,577 | ||||||
Legal & General Group plc |
57,105 | 185,437 | ||||||
Manulife Financial Corp. |
30,996 | 689,496 | ||||||
|
|
|||||||
2,176,269 | ||||||||
|
|
|||||||
Interactive Media & Services - 2.1% |
| |||||||
REA Group Ltd.(b) |
4,968 | 604,077 | ||||||
Rightmove plc |
73,602 | 525,067 | ||||||
Tencent Holdings Ltd. |
12,800 | 443,081 | ||||||
|
|
|||||||
1,572,225 | ||||||||
|
|
|||||||
IT Services - 0.2% |
| |||||||
Infosys Ltd. |
7,668 | 153,362 | ||||||
|
|
|||||||
Leisure Products - 0.6% |
| |||||||
Shimano, Inc. |
3,000 | 438,276 | ||||||
|
|
|||||||
Machinery - 1.3% |
| |||||||
MISUMI Group, Inc. |
20,300 | 356,908 | ||||||
VAT Group AG(a) |
1,296 | 614,423 | ||||||
|
|
|||||||
971,331 | ||||||||
|
|
|||||||
Marine Transportation - 3.6% |
| |||||||
Cia Sud Americana de Vapores SA |
6,348,402 | 456,365 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H(b) |
526,500 | 552,952 | ||||||
Evergreen Marine Corp. Taiwan Ltd. |
144,000 | 692,407 | ||||||
Orient Overseas International |
27,000 | 402,034 | ||||||
Yang Ming Marine Transport Corp. |
405,000 | 619,155 | ||||||
|
|
|||||||
2,722,913 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Media - 0.3% |
| |||||||
Publicis Groupe SA |
2,484 | 251,207 | ||||||
|
|
|||||||
Metals & Mining - 6.2% |
| |||||||
BHP Group Ltd. |
67,230 | 2,100,792 | ||||||
Fortescue Ltd. |
14,364 | 283,720 | ||||||
Glencore plc |
7,020 | 37,586 | ||||||
Kumba Iron Ore Ltd. |
17,064 | 507,376 | ||||||
MMC Norilsk Nickel PJSC |
2,128 | | ||||||
Norsk Hydro ASA |
82,836 | 490,682 | ||||||
Rio Tinto plc |
8,991 | 630,071 | ||||||
Severstal PAO* |
7,952 | | ||||||
Vedanta Ltd. |
179,685 | 592,540 | ||||||
|
|
|||||||
4,642,767 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 7.2% |
| |||||||
Adaro Energy Indonesia Tbk. PT |
3,156,300 | 480,046 | ||||||
Canadian Natural Resources Ltd. |
14,553 | 937,195 | ||||||
China Shenhua Energy Co. Ltd., Class H |
35,000 | 132,304 | ||||||
Coal India Ltd. |
124,821 | 610,474 | ||||||
Equinor ASA |
13,500 | 390,736 | ||||||
Exxaro Resources Ltd. |
51,543 | 518,984 | ||||||
Petroleo Brasileiro SA (Preference) |
83,700 | 685,205 | ||||||
Shell plc |
4,023 | 125,362 | ||||||
United Tractors Tbk. PT |
321,300 | 467,290 | ||||||
Var Energi ASA |
160,596 | 470,426 | ||||||
Woodside Energy Group Ltd. |
1 | 20 | ||||||
Yankuang Energy Group Co. Ltd., Class H(b) |
300,000 | 615,562 | ||||||
|
|
|||||||
5,433,604 | ||||||||
|
|
|||||||
Personal Care Products - 2.3% |
| |||||||
LOreal SA |
3,564 | 1,721,609 | ||||||
|
|
|||||||
Pharmaceuticals - 4.1% |
| |||||||
Astellas Pharma, Inc. |
14,700 | 173,474 | ||||||
AstraZeneca plc |
1,053 | 140,799 | ||||||
China Medical System Holdings Ltd. |
297,000 | 425,521 | ||||||
CSPC Pharmaceutical Group Ltd. |
378,000 | 277,555 | ||||||
GSK plc |
27,756 | 554,223 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(a) |
278,000 | 416,791 | ||||||
Novartis AG (Registered) |
1,269 | 132,248 | ||||||
Novo Nordisk A/S, Class B |
6,912 | 780,468 | ||||||
Orion OYJ, Class B |
432 | 20,047 | ||||||
Roche Holding AG |
594 | 171,099 | ||||||
|
|
|||||||
3,092,225 | ||||||||
|
|
|||||||
Professional Services - 2.3% |
| |||||||
Bureau Veritas SA |
14,364 | 385,392 | ||||||
Randstad NV |
8,910 | 510,637 | ||||||
Recruit Holdings Co. Ltd. |
20,900 | 847,438 | ||||||
|
|
|||||||
1,743,467 | ||||||||
|
|
|||||||
Real Estate Management & Development - 0.9% |
| |||||||
China Vanke Co. Ltd., Class H(b) |
410,400 | 321,821 | ||||||
Daiwa House Industry Co. Ltd. |
2,700 | 84,671 | ||||||
Land & Houses PCL, NVDR |
772,200 | 166,509 | ||||||
Longfor Group Holdings Ltd.(a)(b) |
67,500 | 74,345 | ||||||
|
|
|||||||
647,346 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Dynamic Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Semiconductors & Semiconductor Equipment - 8.8% |
| |||||||
ASML Holding NV |
4,374 | 3,792,454 | ||||||
Globalwafers Co. Ltd. |
8,000 | 147,990 | ||||||
MediaTek, Inc. |
12,000 | 370,357 | ||||||
Novatek Microelectronics Corp. |
36,000 | 587,741 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
44,000 | 882,826 | ||||||
Tokyo Electron Ltd. |
4,200 | 800,636 | ||||||
|
|
|||||||
6,582,004 | ||||||||
|
|
|||||||
Software - 1.3% |
| |||||||
Nemetschek SE |
2,916 | 272,469 | ||||||
Temenos AG (Registered) |
6,507 | 670,384 | ||||||
|
|
|||||||
942,853 | ||||||||
|
|
|||||||
Specialty Retail - 2.2% |
| |||||||
Fast Retailing Co. Ltd. |
2,700 | 734,038 | ||||||
Industria de Diseno Textil SA |
16,497 | 711,598 | ||||||
ZOZO, Inc. |
8,100 | 180,259 | ||||||
|
|
|||||||
1,625,895 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 0.3% |
| |||||||
Samsung Electronics Co. Ltd. |
4,833 | 263,259 | ||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 4.7% |
| |||||||
Burberry Group plc |
27,270 | 454,229 | ||||||
Cie Financiere Richemont SA (Registered) |
7,479 | 1,124,662 | ||||||
Hermes International SCA |
297 | 631,618 | ||||||
LVMH Moet Hennessy Louis Vuitton SE |
270 | 226,887 | ||||||
Pandora A/S |
4,104 | 603,477 | ||||||
Shenzhou International Group Holdings Ltd. |
51,300 | 457,728 | ||||||
|
|
|||||||
3,498,601 | ||||||||
|
|
|||||||
Tobacco - 1.7% |
| |||||||
Imperial Brands plc |
24,759 | 598,585 | ||||||
Japan Tobacco, Inc. |
24,300 | 647,501 | ||||||
|
|
|||||||
1,246,086 | ||||||||
|
|
|||||||
Trading Companies & Distributors - 3.1% |
| |||||||
Ferguson plc |
2,187 | 413,578 | ||||||
Howden Joinery Group plc |
55,566 | 568,065 | ||||||
ITOCHU Corp.(b) |
13,100 | 605,105 | ||||||
Marubeni Corp. |
35,100 | 610,273 | ||||||
Mitsui & Co. Ltd. |
2,700 | 111,399 | ||||||
|
|
|||||||
2,308,420 | ||||||||
|
|
|||||||
Wireless Telecommunication Services - 0.8% |
| |||||||
Tele2 AB, Class B |
68,256 | 587,013 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
73,968,357 | ||||||
|
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 1.6%(c) |
| |||||||
REPURCHASE AGREEMENTS - 1.6% |
| |||||||
CF Secured LLC, 5.31%, dated 1/31/2024, due 2/1/2024, repurchase price $1,177,753, collateralized
by various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 3/31/2024 - 5/15/2053; total market value $9,334,682 |
1,177,579 | 1,177,579 | ||||||
|
|
|||||||
Total Investments - 100.3% |
|
75,145,936 | ||||||
Liabilities in excess of other assets - (0.3%) |
|
(220,374 | ) | |||||
|
|
|||||||
Net Assets - 100.0% |
|
74,925,562 | ||||||
|
|
* | Non-income producing security. |
| Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(b) | The security or a portion of this security is on loan at January 31, 2024. The total value of securities on loan at January 31, 2024 was $3,772,988, collateralized in the form of cash with a value of $1,177,579 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $2,572,228 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.38% 5.51%, and maturity dates ranging from July 31, 2024 November 15, 2052 and $448,002 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 5.50%, and maturity dates ranging from March 22, 2024 October 22, 2073; a total value of $4,197,809. |
(c) | The security was purchased with cash collateral held from securities on loan at January 31, 2024. The total value of securities purchased was $1,177,579. |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Dynamic Index Fund (cont.)
Percentages shown are based on Net Assets.
Abbreviations | ||
NVDR | Non-Voting Depositary Receipt | |
OYJ | Public Limited Company | |
PJSC | Public Joint Stock Company | |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
REIT | Real Estate Investment Trust | |
SCA | Limited partnership with share capital |
Futures Contracts
FlexShares® International Quality Dividend Dynamic Index Fund had the following open futures contracts as of January 31, 2024:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation/ (Depreciation) |
||||||||||
Long Contracts |
|
|||||||||||||
MSCI EAFE E-Mini Index |
7 | 03/15/2024 | USD | $ | 781,550 | $ | 20,604 | |||||||
MSCI Emerging Markets E-Mini Index |
8 | 03/15/2024 | USD | 392,320 | (4,951 | ) | ||||||||
|
|
|||||||||||||
$ | 15,653 | |||||||||||||
|
|
Forward Foreign Currency Contracts
FlexShares® International Quality Dividend Dynamic Index Fund had the following outstanding contracts as of January 31, 2024:
Contracts to Receive |
Counterparty |
In Exchange For | Maturity Date |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
CAD |
85,542 | Citibank NA | USD | 63,803 | 03/20/2024 | $ | 261 | |||||||||||||||
USD |
31,917 | Morgan Stanley | CHF | 27,000 | 03/20/2024 | 282 | ||||||||||||||||
USD |
54,312 | JPMorgan Chase Bank NA | DKK | 370,000 | 03/20/2024 | 257 | ||||||||||||||||
USD |
227,541 | Citibank NA | EUR | 207,284 | 03/20/2024 | 1,926 | ||||||||||||||||
USD |
21,139 | Morgan Stanley | JPY | 3,000,000 | 03/21/2024 | 459 | ||||||||||||||||
USD |
60,313 | Toronto-Dominion Bank (The) | JPY | 8,424,060 | 03/21/2024 | 2,244 | ||||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized appreciation |
$ | 5,429 | ||||||||||||||||||||
|
|
|||||||||||||||||||||
USD |
45,743 | Citibank NA | GBP | 35,918 | 03/20/2024 | $ | (13 | ) | ||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized depreciation |
|
$ | (13 | ) | ||||||||||||||||||
|
|
|||||||||||||||||||||
Net unrealized appreciation |
|
$ | 5,416 | |||||||||||||||||||
|
|
Abbreviations: | ||||||
CAD |
| Canadian Dollar | ||||
CHF |
| Swiss Franc | ||||
DKK |
Danish Krone | |||||
EUR |
| Euro | ||||
GBP |
| British Pound | ||||
JPY |
| Japanese Yen | ||||
USD |
| US Dollar |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Dynamic Index Fund (cont.)
FlexShares® International Quality Dividend Dynamic Index invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2024:
Australia |
5.7 | % | ||
Belgium |
0.7 | |||
Brazil |
2.1 | |||
Canada |
6.1 | |||
Chile |
1.1 | |||
China |
8.3 | |||
Denmark |
2.6 | |||
Finland |
0.7 | |||
France |
4.9 | |||
Germany |
2.4 | |||
Greece |
0.7 | |||
Hong Kong |
0.3 | |||
India |
4.9 | |||
Indonesia |
1.3 | |||
Israel |
0.2 | |||
Italy |
1.7 | |||
Japan |
12.8 | |||
Mexico |
0.3 | |||
Netherlands |
6.4 | |||
Norway |
2.5 | |||
Poland |
1.3 | |||
Portugal |
0.1 | |||
Qatar |
0.6 | |||
South Africa |
1.8 | |||
South Korea |
0.7 | |||
Spain |
1.3 | |||
Sweden |
2.7 | |||
Switzerland |
9.3 | |||
Taiwan |
6.6 | |||
Thailand |
0.2 | |||
United Arab Emirates |
0.6 | |||
United Kingdom |
7.8 | |||
Other1 |
1.3 | |||
|
|
|||
100.0 | % | |||
|
|
1 | Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
Security Type |
% of Net Assets | |||
Common Stocks |
98.7 | % | ||
Securities Lending Reinvestments |
1.6 | |||
Others(1) |
(0.3 | ) | ||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund
January 31, 2024 (Unaudited)
Investments |
Principal Amount ($) |
Value ($) | ||||||
U.S. TREASURY OBLIGATIONS - 99.9% |
| |||||||
U.S. Treasury Inflation Linked Bonds |
| |||||||
2.00%, 1/15/2026 |
40,940,602 | 40,830,254 | ||||||
2.38%, 1/15/2027 |
98,223,158 | 99,553,264 | ||||||
1.75%, 1/15/2028 |
30,283,467 | 30,255,471 | ||||||
3.63%, 4/15/2028 |
41,791,818 | 44,891,922 | ||||||
2.50%, 1/15/2029 |
26,830,857 | 27,880,334 | ||||||
3.88%, 4/15/2029 |
48,244,757 | 53,387,096 | ||||||
U.S. Treasury Inflation Linked Notes |
| |||||||
0.13%, 4/15/2025 |
55,372,232 | 53,700,250 | ||||||
0.38%, 7/15/2025 |
69,684,303 | 67,968,508 | ||||||
0.13%, 10/15/2025 |
53,151,513 | 51,467,689 | ||||||
0.63%, 1/15/2026 |
72,059,179 | 69,983,256 | ||||||
0.13%, 4/15/2026 |
61,157,134 | 58,546,808 | ||||||
0.13%, 7/15/2026 |
61,873,413 | 59,374,307 | ||||||
0.13%, 10/15/2026 |
56,401,492 | 53,906,387 | ||||||
0.38%, 1/15/2027 |
191,452,281 | 183,218,338 | ||||||
0.13%, 4/15/2027 |
167,595,713 | 158,478,331 | ||||||
0.38%, 7/15/2027 |
181,371,759 | 173,382,427 | ||||||
1.63%, 10/15/2027 |
162,276,027 | 161,887,241 | ||||||
0.50%, 1/15/2028 |
63,480,331 | 60,423,687 | ||||||
1.25%, 4/15/2028 |
53,642,879 | 52,518,335 | ||||||
0.75%, 7/15/2028 |
59,003,722 | 56,828,728 | ||||||
2.38%, 10/15/2028 |
58,699,631 | 60,684,565 | ||||||
0.88%, 1/15/2029 |
57,864,788 | 55,663,213 | ||||||
0.25%, 7/15/2029 |
62,680,765 | 58,342,897 | ||||||
0.13%, 1/15/2030 |
64,247,111 | 58,723,365 | ||||||
0.13%, 7/15/2030 |
67,358,450 | 61,378,633 | ||||||
|
|
|||||||
TOTAL U.S. TREASURY OBLIGATIONS |
|
1,853,275,306 | ||||||
|
|
|||||||
Total Investments - 99.9% |
|
1,853,275,306 | ||||||
Other assets less liabilities - 0.1% |
|
2,756,262 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
1,856,031,568 | ||||||
|
|
Percentages shown are based on Net Assets.
Security Type |
% of Net Assets | |||
U.S. Treasury Obligations |
99.9 | % | ||
Others(1) |
0.1 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund
January 31, 2024 (Unaudited)
Investments |
Principal Amount ($) |
Value ($) | ||||||
U.S. TREASURY OBLIGATIONS - 99.8% |
| |||||||
U.S. Treasury Inflation Linked Bonds |
| |||||||
1.75%,1/15/2028 |
17,404,713 | 17,388,622 | ||||||
3.63%, 4/15/2028 |
24,018,810 | 25,800,518 | ||||||
2.50%, 1/15/2029 |
15,419,769 | 16,022,907 | ||||||
3.88%, 4/15/2029 |
45,129,300 | 49,939,567 | ||||||
3.38%, 4/15/2032 |
6,512,923 | 7,321,187 | ||||||
2.13%, 2/15/2040 |
16,229,049 | 16,679,468 | ||||||
U.S. Treasury Inflation Linked Notes |
| |||||||
0.13%, 4/15/2027 |
32,245,463 | 30,491,276 | ||||||
0.38%, 7/15/2027 |
34,965,408 | 33,425,200 | ||||||
1.63%, 10/15/2027 |
31,220,284 | 31,145,485 | ||||||
0.50%, 1/15/2028 |
36,481,647 | 34,725,017 | ||||||
1.25%, 4/15/2028 |
30,833,242 | 30,186,868 | ||||||
0.75%, 7/15/2028 |
33,910,382 | 32,660,378 | ||||||
2.38%, 10/15/2028 |
33,516,582 | 34,649,949 | ||||||
0.88%, 1/15/2029 |
53,876,209 | 51,826,388 | ||||||
0.25%, 7/15/2029 |
58,549,022 | 54,497,094 | ||||||
0.13%, 1/15/2030 |
60,043,850 | 54,881,486 | ||||||
0.13%, 7/15/2030 |
62,952,516 | 57,363,841 | ||||||
0.13%, 1/15/2031 |
38,517,552 | 34,704,415 | ||||||
0.13%, 7/15/2031 |
40,436,949 | 36,243,722 | ||||||
0.13%, 1/15/2032 |
42,651,218 | 37,742,996 | ||||||
0.63%, 7/15/2032 |
38,832,116 | 35,693,692 | ||||||
1.13%, 1/15/2033(a) |
38,895,176 | 37,002,835 | ||||||
1.38%, 7/15/2033 |
36,163,828 | 35,231,479 | ||||||
1.75%, 1/15/2034 |
14,274,138 | 14,325,250 | ||||||
|
|
|||||||
TOTAL U.S. TREASURY OBLIGATIONS |
|
809,949,640 | ||||||
|
|
|||||||
Total Investments - 99.8% |
|
809,949,640 | ||||||
Other assets less liabilities - 0.2% |
|
1,590,848 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
811,540,488 | ||||||
|
|
(a) | The security or a portion of this security is on loan at January 31, 2024. The total value of securities on loan at January 31, 2024 was $505,215, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 6.00%, and maturity dates ranging from July 31, 2024 August 15, 2053; a total value of $496,822. |
Percentages shown are based on Net Assets.
See Accompanying Notes to the Schedules of Investments.
FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund (cont.)
Security Type |
% of Net Assets | |||
U.S. Treasury Obligations |
99.8 | % | ||
Others(1) |
0.2 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Disciplined Duration MBS Index Fund
January 31, 2024 (Unaudited)
Investments |
Principal Amount ($) |
Value ($) | ||||||
MORTGAGE-BACKED SECURITIES - 99.4% |
| |||||||
FHLMC |
| |||||||
2.50%, 1/1/2028 |
106,909 | 103,118 | ||||||
2.50%, 4/1/2028 |
319,978 | 308,320 | ||||||
2.50%, 7/1/2028 |
171,448 | 164,872 | ||||||
2.50%, 1/1/2029 |
23,636 | 22,748 | ||||||
2.50%, 1/1/2030 |
269,772 | 260,054 | ||||||
3.00%, 1/1/2032 |
1,008,559 | 966,703 | ||||||
2.50%, 2/1/2032 |
1,243,088 | 1,173,363 | ||||||
5.00%, 5/1/2034 |
40,553 | 40,975 | ||||||
5.00%, 7/1/2035 |
91,418 | 92,367 | ||||||
5.00%, 8/1/2035 |
75,451 | 76,235 | ||||||
5.00%, 10/1/2035 |
13,625 | 13,767 | ||||||
5.00%, 12/1/2035 |
77,543 | 78,446 | ||||||
6.00%, 1/1/2037 |
50,537 | 52,658 | ||||||
6.00%, 4/1/2037 |
26,761 | 27,881 | ||||||
6.00%, 5/1/2037 |
45,637 | 47,544 | ||||||
5.00%, 2/1/2038 |
39,186 | 39,593 | ||||||
5.00%, 7/1/2038 |
39,644 | 40,057 | ||||||
5.00%, 10/1/2038 |
36,255 | 36,632 | ||||||
5.00%, 2/1/2039 |
91,336 | 92,286 | ||||||
5.00%, 5/1/2039 |
51,378 | 51,914 | ||||||
5.00%, 6/1/2039 |
18,169 | 18,358 | ||||||
5.00%, 7/1/2039 |
40,242 | 40,662 | ||||||
5.00%, 9/1/2039 |
4,213 | 4,257 | ||||||
6.00%, 11/1/2039 |
28,593 | 29,787 | ||||||
5.00%, 1/1/2040 |
12,443 | 12,573 | ||||||
5.00%, 3/1/2040 |
34,261 | 34,619 | ||||||
5.00%, 4/1/2040 |
15,263 | 15,423 | ||||||
6.00%, 4/1/2040 |
32,618 | 33,981 | ||||||
5.00%, 5/1/2040 |
13,316 | 13,455 | ||||||
6.00%, 5/1/2040 |
77,755 | 81,005 | ||||||
5.00%, 7/1/2040 |
75,794 | 76,570 | ||||||
6.00%, 7/1/2040 |
121,852 | 126,948 | ||||||
4.00%, 1/1/2041 |
10,439 | 10,067 | ||||||
5.00%, 5/1/2041 |
105,760 | 106,834 | ||||||
3.50%, 11/1/2041 |
54,269 | 50,896 | ||||||
3.00%, 3/1/2042 |
9,170 | 8,386 | ||||||
3.00%, 4/1/2042 |
69,305 | 63,295 | ||||||
3.00%, 6/1/2042 |
57,559 | 52,460 | ||||||
3.50%, 7/1/2042 |
558,274 | 522,878 | ||||||
3.00%, 8/1/2042 |
32,781 | 29,897 | ||||||
3.00%, 12/1/2042 |
70,546 | 64,293 | ||||||
3.00%, 1/1/2043 |
36,734 | 33,389 | ||||||
3.00%, 2/1/2043 |
19,361 | 17,762 | ||||||
3.00%, 4/1/2043 |
23,972 | 21,789 | ||||||
3.00%, 6/1/2043 |
14,783 | 13,437 | ||||||
3.50%, 8/1/2043 |
625,284 | 584,526 | ||||||
3.00%, 10/1/2043 |
46,994 | 42,714 | ||||||
4.00%, 8/1/2044 |
10,501 | 10,106 | ||||||
5.00%, 8/1/2044 |
29,490 | 29,797 | ||||||
4.00%, 1/1/2045 |
31,872 | 30,712 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
4.00%, 2/1/2045 |
70,429 | 67,917 | ||||||
4.50%, 2/1/2045 |
345,820 | 339,823 | ||||||
4.00%, 8/1/2045 |
79,514 | 76,619 | ||||||
4.00%, 9/1/2045 |
13,245 | 12,763 | ||||||
4.00%, 10/1/2045 |
132,800 | 127,853 | ||||||
4.00%, 11/1/2045 |
27,285 | 26,291 | ||||||
4.00%, 12/1/2045 |
11,241 | 10,831 | ||||||
4.00%, 1/1/2046 |
35,642 | 34,345 | ||||||
2.50%, 9/1/2046 |
21,146 | 18,218 | ||||||
3.00%, 11/1/2046 |
22,424 | 20,202 | ||||||
FHLMC UMBS |
| |||||||
3.00%, 8/1/2026 |
33,898 | 33,115 | ||||||
3.00%, 1/1/2027 |
56,033 | 54,597 | ||||||
3.00%, 2/1/2027 |
32,695 | 31,826 | ||||||
3.00%, 4/1/2027 |
199,509 | 194,126 | ||||||
2.50%, 6/1/2027 |
19,684 | 19,009 | ||||||
2.50%, 3/1/2028 |
694,504 | 668,230 | ||||||
3.00%, 8/1/2029 |
98,447 | 95,067 | ||||||
2.50%, 8/1/2030 |
803,908 | 762,009 | ||||||
2.50%, 11/1/2030 |
31,770 | 30,494 | ||||||
3.00%, 5/1/2031 |
56,015 | 54,390 | ||||||
2.00%, 8/1/2031 |
25,873 | 24,107 | ||||||
4.00%, 8/1/2031 |
63,554 | 62,389 | ||||||
4.00%, 9/1/2031 |
58,046 | 56,846 | ||||||
2.00%, 11/1/2031 |
41,845 | 38,945 | ||||||
2.50%, 12/1/2031 |
559,543 | 528,326 | ||||||
2.00%, 1/1/2032 |
83,688 | 77,713 | ||||||
4.00%, 1/1/2032 |
77,204 | 75,572 | ||||||
2.00%, 2/1/2032 |
89,450 | 82,675 | ||||||
3.50%, 2/1/2032 |
144,836 | 139,930 | ||||||
4.00%, 2/1/2032 |
120,641 | 118,093 | ||||||
3.50%, 3/1/2032 |
118,693 | 114,438 | ||||||
3.50%, 7/1/2032 |
92,272 | 88,837 | ||||||
2.00%, 12/1/2032 |
688,271 | 639,112 | ||||||
3.00%, 4/1/2033 |
1,224,851 | 1,182,532 | ||||||
3.50%, 5/1/2033 |
28,742 | 27,637 | ||||||
3.00%, 10/1/2033 |
1,308,671 | 1,258,921 | ||||||
2.00%, 10/1/2035 |
1,045,697 | 945,440 | ||||||
1.50%, 2/1/2036 |
1,118,579 | 983,536 | ||||||
2.00%, 3/1/2036 |
389,820 | 353,219 | ||||||
1.50%, 4/1/2036 |
293,975 | 258,334 | ||||||
4.00%, 5/1/2036 |
21,687 | 21,281 | ||||||
5.00%, 3/1/2038 |
45,506 | 45,913 | ||||||
5.00%, 7/1/2039 |
63,237 | 63,805 | ||||||
3.00%, 9/1/2039 |
98,453 | 90,928 | ||||||
3.00%, 10/1/2039 |
27,859 | 25,681 | ||||||
5.00%, 10/1/2039 |
22,692 | 22,895 | ||||||
3.00%, 11/1/2039 |
110,006 | 101,324 | ||||||
5.00%, 1/1/2040 |
23,139 | 23,429 | ||||||
5.00%, 3/1/2040 |
35,449 | 35,882 | ||||||
5.00%, 5/1/2040 |
49,905 | 50,353 | ||||||
2.00%, 7/1/2040 |
101,573 | 87,491 | ||||||
1.50%, 10/1/2040 |
525,747 | 433,713 | ||||||
3.50%, 12/1/2040 |
39,019 | 36,555 | ||||||
2.00%, 1/1/2041 |
161,356 | 138,269 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Disciplined Duration MBS Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
2.00%, 2/1/2041 |
940,950 | 805,759 | ||||||
1.50%, 3/1/2041 |
684,100 | 563,765 | ||||||
2.00%, 3/1/2041 |
584,810 | 500,822 | ||||||
4.50%, 3/1/2041 |
68,030 | 67,700 | ||||||
4.50%, 4/1/2041 |
15,107 | 15,033 | ||||||
1.50%, 5/1/2041 |
563,658 | 462,763 | ||||||
2.50%, 6/1/2041 |
452,312 | 398,466 | ||||||
2.00%, 10/1/2041 |
496,938 | 423,097 | ||||||
4.00%, 1/1/2042 |
51,390 | 49,460 | ||||||
5.00%, 2/1/2042 |
40,935 | 41,281 | ||||||
3.50%, 11/1/2042 |
69,266 | 64,689 | ||||||
3.50%, 1/1/2043 |
34,619 | 32,458 | ||||||
3.50%, 2/1/2043 |
24,037 | 22,478 | ||||||
2.50%, 6/1/2043 |
365,404 | 318,262 | ||||||
4.00%, 12/1/2043 |
10,488 | 10,092 | ||||||
4.50%, 3/1/2044 |
48,760 | 48,445 | ||||||
4.00%, 6/1/2044 |
3,795 | 3,640 | ||||||
4.50%, 7/1/2044 |
17,993 | 17,824 | ||||||
4.00%, 8/1/2044 |
11,348 | 10,904 | ||||||
4.50%, 12/1/2044 |
12,246 | 12,126 | ||||||
4.00%, 2/1/2045 |
14,086 | 13,564 | ||||||
4.50%, 9/1/2045 |
14,434 | 14,293 | ||||||
4.00%, 10/1/2045 |
36,331 | 34,959 | ||||||
4.00%, 12/1/2045 |
18,480 | 17,782 | ||||||
4.50%, 12/1/2045 |
568,380 | 562,804 | ||||||
3.00%, 1/1/2046 |
38,348 | 34,583 | ||||||
4.00%, 1/1/2046 |
32,115 | 30,902 | ||||||
4.00%, 2/1/2046 |
221,555 | 213,193 | ||||||
4.50%, 4/1/2046 |
29,120 | 28,906 | ||||||
4.00%, 11/1/2046 |
166,784 | 158,449 | ||||||
4.50%, 3/1/2047 |
412,060 | 407,590 | ||||||
4.50%, 8/1/2048 |
397,409 | 390,967 | ||||||
2.00%, 5/1/2052 |
1,391,295 | 1,121,387 | ||||||
6.00%, 6/1/2053 |
827,420 | 838,778 | ||||||
7.00%, 12/1/2053 |
684,125 | 705,394 | ||||||
FNMA UMBS |
| |||||||
3.50%, 12/1/2025 |
338,102 | 332,497 | ||||||
4.00%, 5/1/2026 |
200,534 | 197,985 | ||||||
3.00%, 11/1/2026 |
503,897 | 491,119 | ||||||
3.00%, 12/1/2026 |
146,957 | 143,171 | ||||||
3.50%, 12/1/2026 |
198,210 | 194,731 | ||||||
3.00%, 1/1/2027 |
48,036 | 46,805 | ||||||
3.00%, 2/1/2027 |
57,242 | 55,723 | ||||||
3.00%, 6/1/2027 |
198,463 | 192,947 | ||||||
3.00%, 8/1/2027 |
218,067 | 211,855 | ||||||
3.00%, 10/1/2027 |
62,618 | 60,770 | ||||||
3.00%, 11/1/2027 |
75,137 | 72,941 | ||||||
2.50%, 12/1/2027 |
151,522 | 145,959 | ||||||
2.50%, 1/1/2028 |
838,129 | 802,901 | ||||||
2.50%, 4/1/2028 |
49,062 | 47,214 | ||||||
2.50%, 9/1/2028 |
39,298 | 37,867 | ||||||
3.50%, 12/1/2028 |
75,465 | 73,771 | ||||||
3.00%, 2/1/2029 |
99,317 | 96,088 | ||||||
2.50%, 3/1/2029 |
187,832 | 180,658 | ||||||
2.50%, 6/1/2029 |
68,668 | 66,138 | ||||||
3.50%, 12/1/2029 |
612,986 | 597,223 | ||||||
2.50%, 7/1/2030 |
173,844 | 167,200 | ||||||
3.00%, 7/1/2030 |
674,882 | 653,249 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
2.50%, 8/1/2030 |
802,359 | 760,870 | ||||||
3.00%, 9/1/2030 |
969,705 | 938,904 | ||||||
3.50%, 10/1/2030 |
45,415 | 44,006 | ||||||
3.50%, 11/1/2030 |
7,695 | 7,456 | ||||||
3.00%, 12/1/2030 |
1,255,734 | 1,208,190 | ||||||
3.50%, 2/1/2031 |
664,517 | 649,378 | ||||||
2.50%, 3/1/2031 |
366,409 | 351,523 | ||||||
4.00%, 8/1/2031 |
153,713 | 150,566 | ||||||
2.00%, 9/1/2031 |
21,509 | 20,030 | ||||||
2.00%, 11/1/2031 |
50,848 | 47,324 | ||||||
4.00%, 12/1/2031 |
53,904 | 52,758 | ||||||
4.00%, 3/1/2032 |
38,457 | 37,640 | ||||||
3.50%, 7/1/2032 |
206,613 | 199,159 | ||||||
3.50%, 10/1/2032 |
205,561 | 201,593 | ||||||
6.00%, 12/1/2032 |
8,810 | 9,078 | ||||||
6.00%, 4/1/2033 |
6,184 | 6,406 | ||||||
4.00%, 10/1/2033 |
31,107 | 30,554 | ||||||
4.00%, 3/1/2034 |
375,699 | 370,590 | ||||||
6.00%, 8/1/2034 |
30,811 | 32,057 | ||||||
6.50%, 9/1/2034 |
87,282 | 90,835 | ||||||
6.00%, 12/1/2034 |
135,906 | 141,176 | ||||||
3.00%, 2/1/2035 |
653,838 | 630,137 | ||||||
3.00%, 7/1/2035 |
929,807 | 892,148 | ||||||
5.00%, 8/1/2035 |
18,842 | 19,011 | ||||||
1.50%, 10/1/2035 |
149,170 | 131,355 | ||||||
6.00%, 11/1/2035 |
26,994 | 28,004 | ||||||
5.00%, 12/1/2035 |
41,699 | 42,072 | ||||||
6.00%, 6/1/2036 |
37,691 | 39,216 | ||||||
2.00%, 7/1/2036 |
881,995 | 797,419 | ||||||
2.50%, 7/1/2036 |
693,901 | 638,866 | ||||||
5.00%, 7/1/2036 |
18,175 | 18,337 | ||||||
6.50%, 8/1/2036 |
13,692 | 14,282 | ||||||
2.50%, 11/1/2036 |
325,380 | 295,537 | ||||||
6.00%, 11/1/2036 |
36,253 | 37,721 | ||||||
1.50%, 2/1/2037 |
833,784 | 728,987 | ||||||
2.50%, 4/1/2037 |
770,256 | 698,193 | ||||||
1.50%, 8/1/2037 |
286,856 | 250,955 | ||||||
6.00%, 8/1/2037 |
125,606 | 130,560 | ||||||
6.00%, 9/1/2037 |
18,328 | 19,070 | ||||||
6.50%, 10/1/2037 |
29,004 | 30,271 | ||||||
5.00%, 3/1/2038 |
46,113 | 46,526 | ||||||
5.00%, 5/1/2038 |
35,665 | 35,984 | ||||||
6.00%, 5/1/2038 |
12,617 | 13,128 | ||||||
6.00%, 9/1/2038 |
22,996 | 23,927 | ||||||
5.00%, 6/1/2039 |
41,594 | 41,967 | ||||||
3.50%, 8/1/2039 |
448,044 | 429,278 | ||||||
5.00%, 10/1/2039 |
38,679 | 39,026 | ||||||
3.00%, 1/1/2040 |
35,274 | 32,443 | ||||||
5.00%, 2/1/2040 |
35,419 | 36,177 | ||||||
5.00%, 6/1/2040 |
13,311 | 13,431 | ||||||
6.00%, 6/1/2040 |
97,070 | 101,004 | ||||||
3.50%, 1/1/2041 |
32,796 | 30,768 | ||||||
1.50%, 2/1/2041 |
757,790 | 624,680 | ||||||
3.50%, 2/1/2041 |
21,374 | 20,043 | ||||||
1.50%, 4/1/2041 |
409,997 | 337,280 | ||||||
2.00%, 5/1/2041 |
469,468 | 402,427 | ||||||
4.50%, 5/1/2041 |
36,034 | 35,858 | ||||||
5.00%, 5/1/2041 |
29,622 | 29,870 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Disciplined Duration MBS Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
6.00%, 5/1/2041 |
21,768 | 22,650 | ||||||
4.50%, 6/1/2041 |
11,325 | 11,270 | ||||||
2.50%, 7/1/2041 |
568,307 | 496,927 | ||||||
5.00%, 7/1/2041 |
370,810 | 373,931 | ||||||
6.00%, 7/1/2041 |
24,560 | 25,554 | ||||||
4.50%, 8/1/2041 |
104,911 | 104,401 | ||||||
5.00%, 8/1/2041 |
56,177 | 56,755 | ||||||
4.00%, 9/1/2041 |
170,340 | 163,912 | ||||||
4.50%, 9/1/2041 |
66,732 | 66,407 | ||||||
3.50%, 10/1/2041 |
119,181 | 111,776 | ||||||
4.00%, 10/1/2041 |
44,932 | 43,266 | ||||||
5.00%, 10/1/2041 |
58,259 | 58,740 | ||||||
4.00%, 11/1/2041 |
65,412 | 62,944 | ||||||
4.00%, 12/1/2041 |
16,349 | 15,732 | ||||||
4.00%, 1/1/2042 |
146,811 | 139,675 | ||||||
4.50%, 1/1/2042 |
16,519 | 16,439 | ||||||
6.00%, 1/1/2042 |
61,152 | 63,631 | ||||||
3.00%, 3/1/2042 |
24,952 | 22,725 | ||||||
4.00%, 3/1/2042 |
75,074 | 72,618 | ||||||
3.00%, 4/1/2042 |
46,346 | 42,242 | ||||||
4.50%, 4/1/2042 |
81,415 | 81,019 | ||||||
3.50%, 5/1/2042 |
21,802 | 20,402 | ||||||
4.50%, 5/1/2042 |
60,673 | 60,378 | ||||||
3.50%, 6/1/2042 |
39,971 | 37,397 | ||||||
3.50%, 7/1/2042 |
124,358 | 116,322 | ||||||
4.00%, 7/1/2042 |
100,836 | 97,278 | ||||||
3.50%, 8/1/2042 |
37,907 | 35,453 | ||||||
3.00%, 9/1/2042 |
66,063 | 60,006 | ||||||
3.50%, 9/1/2042 |
12,060 | 11,287 | ||||||
4.00%, 9/1/2042 |
63,869 | 61,506 | ||||||
3.00%, 10/1/2042 |
132,790 | 120,938 | ||||||
3.50%, 10/1/2042 |
23,446 | 21,926 | ||||||
2.50%, 12/1/2042 |
217,707 | 189,622 | ||||||
3.00%, 12/1/2042 |
127,502 | 115,783 | ||||||
2.50%, 1/1/2043 |
7,558 | 6,583 | ||||||
3.00%, 1/1/2043 |
124,617 | 113,110 | ||||||
3.50%, 1/1/2043 |
34,985 | 32,688 | ||||||
4.00%, 1/1/2043 |
66,784 | 64,264 | ||||||
4.50%, 1/1/2043 |
165,488 | 164,683 | ||||||
2.50%, 2/1/2043 |
288,279 | 250,765 | ||||||
3.00%, 2/1/2043 |
169,712 | 154,054 | ||||||
3.50%, 2/1/2043 |
66,333 | 62,100 | ||||||
3.50%, 3/1/2043 |
78,133 | 73,278 | ||||||
2.50%, 5/1/2043 |
11,547 | 9,966 | ||||||
2.50%, 6/1/2043 |
6,210 | 5,399 | ||||||
4.00%, 8/1/2043 |
36,059 | 34,700 | ||||||
4.00%, 9/1/2043 |
85,190 | 81,963 | ||||||
4.50%, 9/1/2043 |
24,562 | 24,340 | ||||||
4.00%, 10/1/2043 |
105,672 | 101,682 | ||||||
4.00%, 11/1/2043 |
223,955 | 215,645 | ||||||
4.50%, 11/1/2043 |
81,760 | 80,957 | ||||||
4.50%, 12/1/2043 |
59,862 | 59,359 | ||||||
4.00%, 1/1/2044 |
85,609 | 82,377 | ||||||
4.50%, 2/1/2044 |
16,252 | 16,093 | ||||||
4.50%, 3/1/2044 |
99,402 | 100,034 | ||||||
5.00%, 3/1/2044 |
16,850 | 16,997 | ||||||
4.00%, 4/1/2044 |
821,306 | 787,853 | ||||||
4.50%, 4/1/2044 |
176,207 | 174,525 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
5.00%, 6/1/2044 |
28,782 | 28,994 | ||||||
4.00%, 10/1/2044 |
32,922 | 31,703 | ||||||
4.50%, 10/1/2044 |
7,504 | 7,431 | ||||||
4.50%, 12/1/2044 |
31,170 | 30,877 | ||||||
4.00%, 2/1/2045 |
24,714 | 23,781 | ||||||
4.50%, 2/1/2045 |
106,016 | 104,977 | ||||||
4.00%, 4/1/2045 |
22,108 | 21,273 | ||||||
4.00%, 8/1/2045 |
10,388 | 9,995 | ||||||
4.00%, 11/1/2045 |
61,665 | 59,355 | ||||||
4.50%, 11/1/2045 |
71,646 | 70,982 | ||||||
4.00%, 12/1/2045 |
140,778 | 135,569 | ||||||
4.00%, 2/1/2046 |
6,933 | 6,721 | ||||||
4.50%, 3/1/2046 |
114,634 | 113,587 | ||||||
4.00%, 4/1/2046 |
10,587 | 10,198 | ||||||
2.50%, 6/1/2046 |
69,467 | 60,514 | ||||||
4.50%, 6/1/2046 |
75,870 | 75,126 | ||||||
4.50%, 7/1/2046 |
15,622 | 15,455 | ||||||
4.50%, 8/1/2046 |
13,003 | 12,875 | ||||||
2.50%, 10/1/2046 |
56,596 | 48,736 | ||||||
4.50%, 10/1/2046 |
27,186 | 26,874 | ||||||
2.50%, 12/1/2046 |
19,158 | 16,445 | ||||||
4.50%, 1/1/2047 |
24,163 | 23,901 | ||||||
4.00%, 2/1/2047 |
27,262 | 26,242 | ||||||
4.50%, 2/1/2047 |
30,248 | 30,038 | ||||||
4.50%, 5/1/2047 |
473,521 | 464,707 | ||||||
4.50%, 7/1/2047 |
65,994 | 65,346 | ||||||
5.00%, 7/1/2047 |
26,698 | 26,937 | ||||||
5.50%, 2/1/2049 |
1,656,578 | 1,703,825 | ||||||
6.00%, 2/1/2049 |
75,648 | 79,777 | ||||||
4.50%, 7/1/2049 |
446,451 | 436,914 | ||||||
4.50%, 11/1/2049 |
448,811 | 444,225 | ||||||
4.50%, 5/1/2050 |
732,806 | 715,657 | ||||||
5.00%, 6/1/2050 |
1,039,062 | 1,040,738 | ||||||
3.50%, 7/1/2050 |
457,718 | 422,624 | ||||||
4.00%, 7/1/2050 |
1,255,917 | 1,190,210 | ||||||
4.50%, 10/1/2050 |
1,170,106 | 1,150,179 | ||||||
5.00%, 10/1/2050 |
950,380 | 951,878 | ||||||
1.50%, 2/1/2051 |
697,694 | 537,540 | ||||||
6.50%, 11/1/2053 |
970,528 | 993,436 | ||||||
GNMA |
| |||||||
5.50%, 8/20/2033 |
24,051 | 24,962 | ||||||
5.50%, 11/20/2033 |
22,773 | 23,635 | ||||||
5.50%, 3/20/2034 |
27,840 | 28,895 | ||||||
5.50%, 7/20/2034 |
17,481 | 18,143 | ||||||
5.50%, 9/20/2034 |
7,764 | 7,848 | ||||||
5.50%, 3/20/2036 |
58,849 | 61,082 | ||||||
5.50%, 9/20/2038 |
35,400 | 36,745 | ||||||
5.50%, 2/20/2039 |
58,298 | 60,513 | ||||||
4.50%, 5/15/2039 |
1,469,700 | 1,465,385 | ||||||
5.00%, 11/15/2039 |
474,448 | 479,212 | ||||||
4.00%, 6/15/2040 |
285,010 | 276,434 | ||||||
4.00%, 8/15/2040 |
284,560 | 275,976 | ||||||
4.00%, 11/15/2040 |
215,533 | 208,829 | ||||||
5.50%, 12/20/2040 |
16,707 | 17,325 | ||||||
5.50%, 1/20/2041 |
17,967 | 18,648 | ||||||
4.00%, 9/15/2041 |
811,306 | 780,269 | ||||||
5.50%, 12/20/2041 |
43,255 | 44,133 | ||||||
5.50%, 2/20/2042 |
11,911 | 12,364 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Disciplined Duration MBS Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
3.00%, 4/15/2042 |
985,992 | 900,736 | ||||||
3.50%, 6/15/2042 |
428,246 | 405,137 | ||||||
2.50%, 3/20/2043 |
37,285 | 32,815 | ||||||
2.50%, 5/20/2043 |
54,648 | 48,096 | ||||||
5.50%, 3/20/2044 |
49,323 | 51,195 | ||||||
4.50%, 10/20/2044 |
110,983 | 110,896 | ||||||
2.50%, 11/20/2044 |
33,284 | 29,294 | ||||||
5.00%, 6/20/2045 |
136,018 | 138,599 | ||||||
4.00%, 8/15/2045 |
1,051,791 | 1,013,673 | ||||||
4.50%, 12/20/2045 |
231,246 | 230,208 | ||||||
4.50%, 4/20/2046 |
268,255 | 268,044 | ||||||
5.00%, 5/20/2046 |
331,449 | 337,740 | ||||||
3.50%, 6/15/2046 |
1,778,241 | 1,674,600 | ||||||
3.50%, 10/20/2047 |
987,716 | 921,616 | ||||||
4.00%, 2/20/2048 |
877,538 | 843,843 | ||||||
5.00%, 5/20/2048 |
121,281 | 122,238 | ||||||
5.50%, 1/20/2049 |
284,315 | 289,474 | ||||||
5.50%, 7/20/2049 |
7,976 | 8,172 | ||||||
4.00%, 12/20/2051 |
394,630 | 377,478 | ||||||
5.50%, 12/20/2052 |
561,065 | 565,048 | ||||||
6.00%, 1/20/2053 |
534,265 | 542,563 | ||||||
6.50%, 6/20/2053 |
1,748,764 | 1,788,449 | ||||||
7.00%, 8/20/2053 |
984,641 | 1,012,474 | ||||||
|
|
|||||||
TOTAL MORTGAGE-BACKED SECURITIES |
|
75,662,488 | ||||||
|
|
|||||||
Total Investments - 99.4% |
|
75,662,488 | ||||||
Other assets less liabilities - 0.6% |
|
456,598 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
76,119,086 | ||||||
|
|
Percentages shown are based on Net Assets.
Abbreviations
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GNMA | Government National Mortgage Association | |
UMBS | Uniform Mortgage-Backed Securities |
Security Type |
% of Net Assets | |||
Mortgage-Backed Securities |
99.4 | % | ||
Others(1) |
0.6 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Credit-Scored US Corporate Bond Index Fund
January 31, 2024 (Unaudited)
Investments |
Principal Amount ($) |
Value ($) | ||||||
CORPORATE BONDS - 96.0% |
| |||||||
Aerospace & Defense - 1.1% |
||||||||
General Dynamics Corp. |
||||||||
1.15%, 6/1/2026 |
250,000 | 231,810 | ||||||
3.50%, 4/1/2027 |
50,000 | 48,654 | ||||||
HEICO Corp. |
||||||||
5.25%, 8/1/2028 |
200,000 | 203,659 | ||||||
5.35%, 8/1/2033 |
200,000 | 203,255 | ||||||
Hexcel Corp. |
||||||||
4.20%, 2/15/2027(a) |
50,000 | 48,019 | ||||||
Howmet Aerospace, Inc. |
||||||||
6.88%, 5/1/2025 |
300,000 | 304,923 | ||||||
3.00%, 1/15/2029 |
350,000 | 316,806 | ||||||
Huntington Ingalls Industries, Inc. |
||||||||
3.84%, 5/1/2025 |
150,000 | 147,272 | ||||||
2.04%, 8/16/2028 |
250,000 | 220,494 | ||||||
4.20%, 5/1/2030 |
200,000 | 191,117 | ||||||
L3Harris Technologies, Inc. |
||||||||
4.40%, 6/15/2028 |
100,000 | 98,706 | ||||||
Leidos, Inc. |
||||||||
4.38%, 5/15/2030 |
252,000 | 241,511 | ||||||
2.30%, 2/15/2031 |
150,000 | 125,031 | ||||||
5.75%, 3/15/2033 |
130,000 | 134,161 | ||||||
Lockheed Martin Corp. |
||||||||
3.55%, 1/15/2026 |
152,000 | 149,304 | ||||||
4.45%, 5/15/2028 |
60,000 | 60,091 | ||||||
3.90%, 6/15/2032 |
140,000 | 133,823 | ||||||
Precision Castparts Corp. |
||||||||
3.25%, 6/15/2025 |
200,000 | 196,265 | ||||||
Textron, Inc. |
||||||||
3.88%, 3/1/2025 |
75,000 | 73,931 | ||||||
3.65%, 3/15/2027 |
75,000 | 72,260 | ||||||
3.90%, 9/17/2029 |
200,000 | 190,732 | ||||||
6.10%, 11/15/2033 |
100,000 | 106,620 | ||||||
|
|
|||||||
3,498,444 | ||||||||
|
|
|||||||
Air Freight & Logistics - 0.1% |
|
|||||||
CH Robinson Worldwide, Inc. |
||||||||
4.20%, 4/15/2028 |
212,000 | 207,139 | ||||||
|
|
|||||||
Automobile Components - 0.0%(b) |
| |||||||
Lear Corp. 4.25%, 5/15/2029 |
150,000 | 144,840 | ||||||
|
|
|||||||
Banks - 23.0% |
| |||||||
Banco Bilbao Vizcaya Argentaria SA |
||||||||
5.86%, 9/14/2026(c) |
200,000 | 201,193 | ||||||
6.14%, 9/14/2028(c) |
400,000 | 409,330 | ||||||
7.88%, 11/15/2034(c) |
200,000 | 216,833 | ||||||
Banco Santander SA |
||||||||
3.50%, 3/24/2025 |
110,000 | 107,743 | ||||||
5.18%, 11/19/2025 |
481,000 | 478,023 | ||||||
1.85%, 3/25/2026 |
110,000 | 102,587 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
1.72%, 9/14/2027(c) |
202,000 | 183,206 | ||||||
2.75%, 12/3/2030 |
200,000 | 165,108 | ||||||
6.92%, 8/8/2033 |
200,000 | 211,251 | ||||||
Bank of America Corp. |
|
|||||||
Series L, 3.95%, 4/21/2025 |
250,000 | 245,984 | ||||||
3.38%, 4/2/2026(c) |
750,000 | 733,111 | ||||||
1.32%, 6/19/2026(c) |
250,000 | 236,562 | ||||||
4.83%, 7/22/2026(c) |
450,000 | 447,621 | ||||||
1.20%, 10/24/2026(c) |
250,000 | 233,172 | ||||||
5.08%, 1/20/2027(c) |
250,000 | 250,040 | ||||||
Series N, 1.66%, 3/11/2027(c) |
50,000 | 46,533 | ||||||
3.56%, 4/23/2027(c) |
361,000 | 348,862 | ||||||
1.73%, 7/22/2027(c) |
1,124,000 | 1,036,026 | ||||||
5.93%, 9/15/2027(c) |
250,000 | 255,368 | ||||||
3.82%, 1/20/2028(c) |
200,000 | 193,919 | ||||||
2.55%, 2/4/2028(c) |
200,000 | 186,246 | ||||||
3.71%, 4/24/2028(c) |
250,000 | 240,293 | ||||||
4.38%, 4/27/2028(c) |
250,000 | 245,110 | ||||||
3.59%, 7/21/2028(c) |
201,000 | 191,771 | ||||||
3.42%, 12/20/2028(c) |
300,000 | 283,395 | ||||||
3.97%, 3/5/2029(c) |
250,000 | 240,388 | ||||||
5.20%, 4/25/2029(c) |
230,000 | 231,881 | ||||||
2.09%, 6/14/2029(c) |
230,000 | 203,851 | ||||||
4.27%, 7/23/2029(c) |
250,000 | 242,242 | ||||||
5.82%, 9/15/2029(c) |
100,000 | 103,391 | ||||||
3.97%, 2/7/2030(c) |
900,000 | 858,719 | ||||||
3.19%, 7/23/2030(c) |
200,000 | 182,471 | ||||||
2.69%, 4/22/2032(c) |
184,000 | 156,201 | ||||||
2.97%, 2/4/2033(c) |
111,000 | 94,695 | ||||||
4.57%, 4/27/2033(c) |
221,000 | 211,467 | ||||||
5.29%, 4/25/2034(c) |
331,000 | 333,034 | ||||||
2.48%, 9/21/2036(c) |
500,000 | 401,271 | ||||||
3.85%, 3/8/2037(c) |
700,000 | 621,805 | ||||||
Bank of America NA |
||||||||
5.65%, 8/18/2025 |
250,000 | 253,025 | ||||||
Bank of Montreal |
||||||||
5.30%, 6/5/2026 |
400,000 | 404,122 | ||||||
3.80%, 12/15/2032(c) |
495,000 | 459,754 | ||||||
3.09%, 1/10/2037(c) |
350,000 | 283,992 | ||||||
Bank of Nova Scotia (The) |
||||||||
4.50%, 12/16/2025 |
400,000 | 394,128 | ||||||
2.95%, 3/11/2027 |
100,000 | 94,907 | ||||||
4.59%, 5/4/2037(c) |
500,000 | 453,862 | ||||||
Series 2, 3.63%, 10/27/2081(c) |
200,000 | 155,346 | ||||||
8.63%, 10/27/2082(c) |
250,000 | 258,663 | ||||||
Bank OZK |
||||||||
2.75%, 10/1/2031(c) |
201,000 | 168,883 | ||||||
BankUnited, Inc. |
||||||||
4.88%, 11/17/2025 |
200,000 | 196,659 | ||||||
5.13%, 6/11/2030 |
80,000 | 74,551 | ||||||
Barclays plc |
||||||||
5.20%, 5/12/2026 |
172,000 | 171,123 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
5.30%, 8/9/2026(c) |
213,000 | 212,826 | ||||||
4.84%, 5/9/2028 |
273,000 | 265,698 | ||||||
5.09%, 6/20/2030(c) |
400,000 | 384,909 | ||||||
7.44%, 11/2/2033(c) |
200,000 | 222,919 | ||||||
7.12%, 6/27/2034(c) |
450,000 | 475,350 | ||||||
3.56%, 9/23/2035(c) |
400,000 | 342,874 | ||||||
Canadian Imperial Bank of Commerce |
||||||||
6.09%, 10/3/2033 |
200,000 | 212,370 | ||||||
Citigroup, Inc. |
||||||||
3.88%, 3/26/2025 |
200,000 | 196,967 | ||||||
4.40%, 6/10/2025 |
600,000 | 593,123 | ||||||
5.50%, 9/13/2025 |
200,000 | 201,282 | ||||||
4.60%, 3/9/2026 |
484,000 | 480,178 | ||||||
3.11%, 4/8/2026(c) |
300,000 | 292,474 | ||||||
5.61%, 9/29/2026(c) |
250,000 | 251,924 | ||||||
3.20%, 10/21/2026 |
403,000 | 385,515 | ||||||
4.30%, 11/20/2026 |
350,000 | 344,503 | ||||||
1.46%, 6/9/2027(c) |
400,000 | 367,599 | ||||||
4.45%, 9/29/2027 |
1,460,000 | 1,431,367 | ||||||
3.89%, 1/10/2028(c) |
650,000 | 631,216 | ||||||
3.07%, 2/24/2028(c) |
300,000 | 283,637 | ||||||
3.67%, 7/24/2028(c) |
100,000 | 95,673 | ||||||
4.13%, 7/25/2028 |
454,000 | 439,752 | ||||||
4.08%, 4/23/2029(c) |
252,000 | 243,420 | ||||||
3.98%, 3/20/2030(c) |
757,000 | 721,442 | ||||||
4.41%, 3/31/2031(c) |
400,000 | 384,896 | ||||||
2.57%, 6/3/2031(c) |
100,000 | 86,135 | ||||||
2.56%, 5/1/2032(c) |
200,000 | 167,477 | ||||||
6.63%, 6/15/2032 |
150,000 | 163,590 | ||||||
3.06%, 1/25/2033(c) |
150,000 | 128,487 | ||||||
3.79%, 3/17/2033(c) |
50,000 | 45,110 | ||||||
4.91%, 5/24/2033(c) |
50,000 | 48,985 | ||||||
6.27%, 11/17/2033(c) |
253,000 | 271,523 | ||||||
6.17%, 5/25/2034(c) |
1,200,000 | 1,244,702 | ||||||
Citizens Bank NA |
||||||||
2.25%, 4/28/2025 |
400,000 | 384,376 | ||||||
3.75%, 2/18/2026 |
125,000 | 120,428 | ||||||
4.58%, 8/9/2028(c) |
500,000 | 482,572 | ||||||
Citizens Financial Group, Inc. |
||||||||
2.85%, 7/27/2026 |
60,000 | 56,326 | ||||||
5.64%, 5/21/2037(c) |
250,000 | 236,598 | ||||||
Comerica Bank |
||||||||
5.33%, 8/25/2033(c) |
250,000 | 229,831 | ||||||
Comerica, Inc. |
||||||||
4.00%, 2/1/2029 |
183,000 | 167,998 | ||||||
Commonwealth Bank of Australia |
||||||||
5.32%, 3/13/2026 |
250,000 | 253,189 | ||||||
Cooperatieve Rabobank UA |
||||||||
3.38%, 5/21/2025 |
250,000 | 245,601 | ||||||
Discover Bank |
||||||||
4.25%, 3/13/2026 |
250,000 | 243,987 | ||||||
3.45%, 7/27/2026 |
252,000 | 239,594 | ||||||
4.65%, 9/13/2028 |
327,000 | 313,284 | ||||||
2.70%, 2/6/2030 |
303,000 | 259,175 | ||||||
Fifth Third Bancorp |
||||||||
1.71%, 11/1/2027(c) |
150,000 | 135,887 | ||||||
6.36%, 10/27/2028(c) |
505,000 | 521,463 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
6.34%, 7/27/2029(c) |
200,000 | 208,222 | ||||||
4.77%, 7/28/2030(c) |
306,000 | 297,926 | ||||||
Fifth Third Bank NA |
||||||||
3.85%, 3/15/2026 |
243,000 | 235,993 | ||||||
First Citizens BancShares, Inc. |
||||||||
3.38%, 3/15/2030(c) |
200,000 | 190,520 | ||||||
First Horizon Bank |
||||||||
5.75%, 5/1/2030 |
250,000 | 242,155 | ||||||
HSBC Holdings plc |
||||||||
4.25%, 8/18/2025 |
300,000 | 295,574 | ||||||
4.30%, 3/8/2026 |
400,000 | 393,963 | ||||||
3.90%, 5/25/2026 |
200,000 | 194,832 | ||||||
2.10%, 6/4/2026(c) |
400,000 | 382,489 | ||||||
4.29%, 9/12/2026(c) |
350,000 | 343,924 | ||||||
4.38%, 11/23/2026 |
640,000 | 627,098 | ||||||
1.59%, 5/24/2027(c) |
250,000 | 229,980 | ||||||
5.89%, 8/14/2027(c) |
250,000 | 253,557 | ||||||
2.25%, 11/22/2027(c) |
700,000 | 644,964 | ||||||
4.04%, 3/13/2028(c) |
414,000 | 399,980 | ||||||
4.76%, 6/9/2028(c) |
280,000 | 276,318 | ||||||
5.21%, 8/11/2028(c) |
250,000 | 249,768 | ||||||
7.39%, 11/3/2028(c) |
283,000 | 303,875 | ||||||
6.16%, 3/9/2029(c) |
250,000 | 258,425 | ||||||
4.58%, 6/19/2029(c) |
620,000 | 602,508 | ||||||
2.21%, 8/17/2029(c) |
400,000 | 350,053 | ||||||
3.97%, 5/22/2030(c) |
1,128,000 | 1,056,220 | ||||||
2.36%, 8/18/2031(c) |
250,000 | 208,874 | ||||||
7.63%, 5/17/2032 |
200,000 | 223,159 | ||||||
2.80%, 5/24/2032(c) |
202,000 | 169,696 | ||||||
2.87%, 11/22/2032(c) |
450,000 | 375,839 | ||||||
4.76%, 3/29/2033(c) |
402,000 | 373,992 | ||||||
5.40%, 8/11/2033(c) |
202,000 | 202,698 | ||||||
8.11%, 11/3/2033(c) |
200,000 | 229,785 | ||||||
6.25%, 3/9/2034(c) |
300,000 | 318,580 | ||||||
6.55%, 6/20/2034(c) |
600,000 | 625,243 | ||||||
7.40%, 11/13/2034(c) |
250,000 | 273,343 | ||||||
Huntington Bancshares, Inc. |
||||||||
4.44%, 8/4/2028(c) |
251,000 | 243,932 | ||||||
6.21%, 8/21/2029(c) |
220,000 | 227,384 | ||||||
2.49%, 8/15/2036(c) |
150,000 | 114,426 | ||||||
Huntington National Bank (The) |
||||||||
4.55%, 5/17/2028(c) |
250,000 | 243,334 | ||||||
5.65%, 1/10/2030 |
344,000 | 348,826 | ||||||
ING Groep NV |
||||||||
1.73%, 4/1/2027(c) |
112,000 | 104,031 | ||||||
6.08%, 9/11/2027(c) |
400,000 | 408,203 | ||||||
4.02%, 3/28/2028(c) |
200,000 | 194,119 | ||||||
6.11%, 9/11/2034(c) |
200,000 | 209,954 | ||||||
JPMorgan Chase & Co. |
||||||||
3.90%, 7/15/2025 |
100,000 | 98,723 | ||||||
2.01%, 3/13/2026(c) |
410,000 | 394,758 | ||||||
2.08%, 4/22/2026(c) |
1,100,000 | 1,057,814 | ||||||
4.08%, 4/26/2026(c) |
150,000 | 147,794 | ||||||
1.05%, 11/19/2026(c) |
140,000 | 130,171 | ||||||
4.13%, 12/15/2026 |
250,000 | 246,386 | ||||||
3.96%, 1/29/2027(c) |
200,000 | 196,372 | ||||||
1.04%, 2/4/2027(c) |
100,000 | 92,323 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
1.58%, 4/22/2027(c) |
1,182,000 | 1,097,122 | ||||||
1.47%, 9/22/2027(c) |
350,000 | 319,477 | ||||||
6.07%, 10/22/2027(c) |
250,000 | 257,520 | ||||||
3.78%, 2/1/2028(c) |
250,000 | 242,037 | ||||||
4.32%, 4/26/2028(c) |
250,000 | 245,967 | ||||||
2.18%, 6/1/2028(c) |
271,000 | 248,721 | ||||||
3.51%, 1/23/2029(c) |
220,000 | 209,121 | ||||||
4.01%, 4/23/2029(c) |
402,000 | 388,598 | ||||||
2.07%, 6/1/2029(c) |
150,000 | 133,642 | ||||||
4.20%, 7/23/2029(c) |
253,000 | 246,239 | ||||||
5.30%, 7/24/2029(c) |
100,000 | 101,636 | ||||||
6.09%, 10/23/2029(c) |
100,000 | 105,016 | ||||||
4.45%, 12/5/2029(c) |
353,000 | 346,549 | ||||||
3.70%, 5/6/2030(c) |
290,000 | 273,919 | ||||||
4.57%, 6/14/2030(c) |
250,000 | 246,049 | ||||||
8.75%, 9/1/2030 |
60,000 | 72,019 | ||||||
2.52%, 4/22/2031(c) |
200,000 | 173,902 | ||||||
2.96%, 5/13/2031(c) |
750,000 | 661,947 | ||||||
1.95%, 2/4/2032(c) |
100,000 | 81,628 | ||||||
2.58%, 4/22/2032(c) |
160,000 | 135,558 | ||||||
2.55%, 11/8/2032(c) |
135,000 | 113,207 | ||||||
2.96%, 1/25/2033(c) |
200,000 | 172,105 | ||||||
4.59%, 4/26/2033(c) |
163,000 | 157,435 | ||||||
4.91%, 7/25/2033(c) |
200,000 | 197,428 | ||||||
5.72%, 9/14/2033(c) |
600,000 | 618,330 | ||||||
5.35%, 6/1/2034(c) |
250,000 | 254,173 | ||||||
6.25%, 10/23/2034(c) |
300,000 | 325,119 | ||||||
KeyBank NA |
||||||||
4.15%, 8/8/2025 |
403,000 | 394,062 | ||||||
4.70%, 1/26/2026 |
250,000 | 245,032 | ||||||
3.40%, 5/20/2026 |
255,000 | 240,824 | ||||||
5.85%, 11/15/2027 |
255,000 | 255,635 | ||||||
KeyCorp |
||||||||
2.25%, 4/6/2027 |
303,000 | 273,916 | ||||||
4.10%, 4/30/2028 |
352,000 | 335,612 | ||||||
Lloyds Banking Group plc |
||||||||
2.44%, 2/5/2026(c) |
300,000 | 290,617 | ||||||
3.51%, 3/18/2026(c) |
402,000 | 392,910 | ||||||
4.72%, 8/11/2026(c) |
450,000 | 445,442 | ||||||
1.63%, 5/11/2027(c) |
275,000 | 253,118 | ||||||
5.99%, 8/7/2027(c) |
600,000 | 608,788 | ||||||
3.75%, 3/18/2028(c) |
300,000 | 286,942 | ||||||
3.57%, 11/7/2028(c) |
200,000 | 188,185 | ||||||
5.87%, 3/6/2029(c) |
200,000 | 204,485 | ||||||
M&T Bank Corp. |
||||||||
4.55%, 8/16/2028(c) |
121,000 | 116,806 | ||||||
7.41%, 10/30/2029(c) |
150,000 | 161,606 | ||||||
5.05%, 1/27/2034(c) |
250,000 | 235,820 | ||||||
Manufacturers & Traders Trust Co. |
||||||||
2.90%, 2/6/2025 |
300,000 | 292,020 | ||||||
5.40%, 11/21/2025 |
250,000 | 249,463 | ||||||
4.65%, 1/27/2026 |
505,000 | 498,283 | ||||||
3.40%, 8/17/2027 |
303,000 | 282,167 | ||||||
4.70%, 1/27/2028 |
502,000 | 492,030 | ||||||
Mitsubishi UFJ Financial Group, Inc. |
||||||||
2.19%, 2/25/2025 |
200,000 | 193,864 | ||||||
3.85%, 3/1/2026 |
252,000 | 246,900 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
2.34%, 1/19/2028(c) |
200,000 | 185,604 | ||||||
2.31%, 7/20/2032(c) |
200,000 | 166,149 | ||||||
5.44%, 2/22/2034(c)(d) |
200,000 | 205,448 | ||||||
Mizuho Financial Group, Inc. |
||||||||
1.55%, 7/9/2027(c) |
60,000 | 55,052 | ||||||
4.02%, 3/5/2028 |
83,000 | 80,528 | ||||||
2.56%, 9/13/2031 |
250,000 | 204,121 | ||||||
5.75%, 5/27/2034(c) |
200,000 | 206,878 | ||||||
Morgan Stanley Bank NA |
||||||||
5.88%, 10/30/2026 |
250,000 | 257,065 | ||||||
NatWest Group plc |
||||||||
4.80%, 4/5/2026 |
82,000 | 81,527 | ||||||
7.47%, 11/10/2026(c) |
250,000 | 259,039 | ||||||
5.08%, 1/27/2030(c) |
443,000 | 437,821 | ||||||
4.45%, 5/8/2030(c) |
635,000 | 610,332 | ||||||
3.03%, 11/28/2035(c) |
300,000 | 252,153 | ||||||
PNC Bank NA |
||||||||
4.05%, 7/26/2028 |
200,000 | 192,660 | ||||||
PNC Financial Services Group, Inc. (The) |
||||||||
1.15%, 8/13/2026 |
100,000 | 91,411 | ||||||
3.45%, 4/23/2029 |
150,000 | 140,671 | ||||||
4.63%, 6/6/2033(c) |
50,000 | 46,973 | ||||||
Regions Financial Corp. |
||||||||
2.25%, 5/18/2025 |
342,000 | 328,403 | ||||||
1.80%, 8/12/2028 |
160,000 | 138,057 | ||||||
Royal Bank of Canada |
||||||||
4.95%, 4/25/2025 |
250,000 | 250,374 | ||||||
4.65%, 1/27/2026 |
493,000 | 490,372 | ||||||
Santander Holdings USA, Inc. |
||||||||
3.45%, 6/2/2025 |
40,000 | 38,897 | ||||||
4.50%, 7/17/2025 |
72,000 | 70,909 | ||||||
3.24%, 10/5/2026 |
200,000 | 188,601 | ||||||
2.49%, 1/6/2028(c) |
150,000 | 137,135 | ||||||
6.57%, 6/12/2029(c) |
100,000 | 103,697 | ||||||
Santander UK Group Holdings plc |
||||||||
1.67%, 6/14/2027(c) |
200,000 | 182,770 | ||||||
3.82%, 11/3/2028(c) |
152,000 | 143,168 | ||||||
Sumitomo Mitsui Financial Group, Inc. |
||||||||
1.40%, 9/17/2026 |
172,000 | 157,358 | ||||||
3.04%, 7/16/2029 |
140,000 | 127,449 | ||||||
2.72%, 9/27/2029 |
42,000 | 37,277 | ||||||
5.77%, 1/13/2033 |
200,000 | 209,778 | ||||||
Synovus Bank |
||||||||
5.63%, 2/15/2028 |
250,000 | 245,310 | ||||||
Toronto-Dominion Bank (The) |
||||||||
1.20%, 6/3/2026 |
75,000 | 69,134 | ||||||
5.53%, 7/17/2026 |
200,000 | 203,592 | ||||||
3.63%, 9/15/2031(c) |
505,000 | 485,958 | ||||||
2.45%, 1/12/2032 |
100,000 | 83,375 | ||||||
3.20%, 3/10/2032 |
100,000 | 88,137 | ||||||
8.13%, 10/31/2082(c) |
705,000 | 732,234 | ||||||
Truist Bank |
||||||||
3.63%, 9/16/2025 |
202,000 | 196,499 | ||||||
3.30%, 5/15/2026 |
230,000 | 220,443 | ||||||
3.80%, 10/30/2026 |
360,000 | 346,013 | ||||||
US Bancorp |
||||||||
1.45%, 5/12/2025 |
100,000 | 95,695 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
4.55%, 7/22/2028(c) |
250,000 | 246,689 | ||||||
4.97%, 7/22/2033(c) |
101,000 | 95,914 | ||||||
2.49%, 11/3/2036(c) |
100,000 | 78,452 | ||||||
Wachovia Corp. |
||||||||
7.57%, 8/1/2026(a) |
200,000 | 210,817 | ||||||
Webster Financial Corp. |
||||||||
4.10%, 3/25/2029 |
100,000 | 94,415 | ||||||
Wells Fargo & Co. |
||||||||
2.19%, 4/30/2026(c) |
400,000 | 384,816 | ||||||
4.10%, 6/3/2026 |
862,000 | 845,684 | ||||||
4.54%, 8/15/2026(c) |
50,000 | 49,497 | ||||||
3.20%, 6/17/2027(c)(d) |
300,000 | 287,626 | ||||||
5.57%, 7/25/2029(c) |
250,000 | 255,504 | ||||||
6.30%, 10/23/2029(c) |
250,000 | 263,487 | ||||||
Series B, 7.95%, 11/15/2029 |
100,000 | 112,447 | ||||||
3.35%, 3/2/2033(c) |
200,000 | 175,548 | ||||||
4.90%, 7/25/2033(c)(d) |
200,000 | 195,453 | ||||||
5.39%, 4/24/2034(c) |
200,000 | 201,798 | ||||||
5.56%, 7/25/2034(c) |
320,000 | 326,702 | ||||||
Westpac Banking Corp. |
||||||||
2.85%, 5/13/2026 |
100,000 | 96,331 | ||||||
1.15%, 6/3/2026 |
250,000 | 230,960 | ||||||
5.46%, 11/18/2027 |
200,000 | 206,055 | ||||||
2.89%, 2/4/2030(c) |
500,000 | 485,049 | ||||||
4.32%, 11/23/2031(c) |
454,000 | 439,933 | ||||||
5.41%, 8/10/2033(c) |
300,000 | 298,117 | ||||||
6.82%, 11/17/2033 |
250,000 | 272,630 | ||||||
4.11%, 7/24/2034(c) |
404,000 | 375,214 | ||||||
2.67%, 11/15/2035(c) |
400,000 | 332,129 | ||||||
3.02%, 11/18/2036(c) |
500,000 | 413,689 | ||||||
Wintrust Financial Corp. |
||||||||
4.85%, 6/6/2029 |
100,000 | 92,714 | ||||||
Zions Bancorp NA |
||||||||
3.25%, 10/29/2029 |
252,000 | 209,935 | ||||||
|
|
|||||||
76,236,716 | ||||||||
|
|
|||||||
Beverages - 0.9% |
| |||||||
Brown-Forman Corp. |
||||||||
4.75%, 4/15/2033 |
130,000 | 131,532 | ||||||
Coca-Cola Co. (The) |
||||||||
3.38%, 3/25/2027 |
250,000 | 243,700 | ||||||
3.45%, 3/25/2030 |
303,000 | 288,089 | ||||||
1.65%, 6/1/2030 |
400,000 | 340,346 | ||||||
2.00%, 3/5/2031 |
200,000 | 171,538 | ||||||
1.38%, 3/15/2031 |
350,000 | 285,766 | ||||||
Constellation Brands, Inc. |
||||||||
4.40%, 11/15/2025 |
200,000 | 197,975 | ||||||
3.60%, 2/15/2028 |
200,000 | 191,849 | ||||||
2.88%, 5/1/2030 |
200,000 | 178,755 | ||||||
2.25%, 8/1/2031 |
100,000 | 83,435 | ||||||
PepsiCo, Inc. |
||||||||
2.63%, 3/19/2027 |
250,000 | 237,348 | ||||||
7.00%, 3/1/2029 |
100,000 | 111,929 | ||||||
2.75%, 3/19/2030 |
353,000 | 320,917 | ||||||
3.90%, 7/18/2032 |
150,000 | 144,159 | ||||||
|
|
|||||||
2,927,338 | ||||||||
|
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
Biotechnology - 1.1% |
| |||||||
AbbVie, Inc. |
||||||||
3.80%, 3/15/2025 |
400,000 | 394,835 | ||||||
3.60%, 5/14/2025 |
750,000 | 737,629 | ||||||
2.95%, 11/21/2026 |
601,000 | 576,008 | ||||||
3.20%, 11/21/2029 |
667,000 | 621,708 | ||||||
Biogen, Inc. |
||||||||
4.05%, 9/15/2025 |
352,000 | 346,647 | ||||||
2.25%, 5/1/2030 |
250,000 | 213,104 | ||||||
Gilead Sciences, Inc. |
||||||||
3.65%, 3/1/2026 |
500,000 | 488,880 | ||||||
Regeneron Pharmaceuticals, Inc. |
||||||||
1.75%, 9/15/2030 |
365,000 | 301,515 | ||||||
|
|
|||||||
3,680,326 | ||||||||
|
|
|||||||
Building Products - 0.8% |
| |||||||
Allegion plc |
||||||||
3.50%, 10/1/2029 |
152,000 | 141,212 | ||||||
Carlisle Cos., Inc. |
||||||||
3.75%, 12/1/2027 |
200,000 | 192,042 | ||||||
2.75%, 3/1/2030 |
200,000 | 176,142 | ||||||
2.20%, 3/1/2032 |
100,000 | 81,540 | ||||||
Carrier Global Corp. |
||||||||
2.24%, 2/15/2025 |
100,000 | 96,933 | ||||||
2.49%, 2/15/2027 |
100,000 | 93,806 | ||||||
Lennox International, Inc. |
||||||||
1.35%, 8/1/2025 |
201,000 | 189,979 | ||||||
5.50%, 9/15/2028 |
100,000 | 102,480 | ||||||
Masco Corp. |
||||||||
3.50%, 11/15/2027 |
50,000 | 47,580 | ||||||
1.50%, 2/15/2028 |
201,000 | 177,301 | ||||||
2.00%, 10/1/2030 |
250,000 | 207,234 | ||||||
Owens Corning |
||||||||
3.40%, 8/15/2026 |
250,000 | 241,233 | ||||||
3.95%, 8/15/2029 |
143,000 | 136,526 | ||||||
Trane Technologies Financing Ltd. |
||||||||
3.50%, 3/21/2026 |
202,000 | 196,878 | ||||||
3.80%, 3/21/2029 |
202,000 | 195,248 | ||||||
5.25%, 3/3/2033 |
130,000 | 134,326 | ||||||
Trane Technologies Global Holding Co. Ltd. |
||||||||
3.75%, 8/21/2028 |
100,000 | 97,055 | ||||||
|
|
|||||||
2,507,515 | ||||||||
|
|
|||||||
Capital Markets - 5.3% |
| |||||||
Affiliated Managers Group, Inc. |
||||||||
3.50%, 8/1/2025 |
120,000 | 116,932 | ||||||
3.30%, 6/15/2030 |
100,000 | 89,632 | ||||||
Ameriprise Financial, Inc. |
||||||||
3.00%, 4/2/2025 |
150,000 | 146,617 | ||||||
5.15%, 5/15/2033 |
100,000 | 102,350 | ||||||
Ares Capital Corp. |
||||||||
3.88%, 1/15/2026 |
150,000 | 144,218 | ||||||
2.15%, 7/15/2026 |
50,000 | 45,643 | ||||||
Bain Capital Specialty Finance, Inc. |
||||||||
2.55%, 10/13/2026 |
227,000 | 206,011 | ||||||
Bank of New York Mellon Corp. (The) |
||||||||
3.35%, 4/25/2025 |
250,000 | 245,138 | ||||||
4.95%, 4/26/2027(c) |
250,000 | 250,432 | ||||||
5.83%, 10/25/2033(c) |
250,000 | 264,522 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
BGC Group, Inc. |
||||||||
8.00%, 5/25/2028 |
100,000 | 105,782 | ||||||
BlackRock, Inc. |
||||||||
3.25%, 4/30/2029 |
200,000 | 190,177 | ||||||
4.75%, 5/25/2033 |
100,000 | 100,138 | ||||||
Blackstone Private Credit Fund |
||||||||
4.70%, 3/24/2025 |
300,000 | 296,332 | ||||||
7.05%, 9/29/2025 |
250,000 | 254,459 | ||||||
2.63%, 12/15/2026 |
452,000 | 410,378 | ||||||
3.25%, 3/15/2027 |
400,000 | 367,683 | ||||||
4.00%, 1/15/2029 |
275,000 | 252,855 | ||||||
Blackstone Secured Lending Fund |
||||||||
3.63%, 1/15/2026 |
260,000 | 249,193 | ||||||
2.75%, 9/16/2026 |
252,000 | 232,327 | ||||||
2.13%, 2/15/2027 |
252,000 | 226,876 | ||||||
2.85%, 9/30/2028 |
350,000 | 307,266 | ||||||
Blue Owl Capital Corp. |
||||||||
3.40%, 7/15/2026 |
250,000 | 234,081 | ||||||
2.63%, 1/15/2027 |
250,000 | 227,184 | ||||||
5.95%, 3/15/2029 |
250,000 | 248,228 | ||||||
Blue Owl Credit Income Corp. |
||||||||
5.50%, 3/21/2025 |
250,000 | 247,541 | ||||||
4.70%, 2/8/2027 |
100,000 | 95,637 | ||||||
7.75%, 9/16/2027 |
200,000 | 207,284 | ||||||
7.95%, 6/13/2028(e) |
250,000 | 262,210 | ||||||
Blue Owl Technology Finance Corp. |
||||||||
2.50%, 1/15/2027 |
105,000 | 92,333 | ||||||
Brookfield Finance, Inc. |
||||||||
4.85%, 3/29/2029 |
100,000 | 99,674 | ||||||
Cboe Global Markets, Inc. |
||||||||
3.65%, 1/12/2027 |
151,000 | 147,674 | ||||||
1.63%, 12/15/2030 |
151,000 | 123,977 | ||||||
Charles Schwab Corp. (The) |
||||||||
6.20%, 11/17/2029(c) |
25,000 | 26,147 | ||||||
CI Financial Corp. |
||||||||
3.20%, 12/17/2030 |
100,000 | 80,577 | ||||||
Credit Suisse AG |
||||||||
1.25%, 8/7/2026 |
154,000 | 140,490 | ||||||
Deutsche Bank AG |
||||||||
4.50%, 4/1/2025 |
603,000 | 593,444 | ||||||
6.12%, 7/14/2026(c) |
250,000 | 251,800 | ||||||
2.13%, 11/24/2026(c) |
100,000 | 94,145 | ||||||
2.31%, 11/16/2027(c) |
150,000 | 137,256 | ||||||
5.88%, 7/8/2031(c) |
200,000 | 195,479 | ||||||
3.55%, 9/18/2031(c) |
200,000 | 176,072 | ||||||
3.73%, 1/14/2032(c) |
350,000 | 293,840 | ||||||
4.88%, 12/1/2032(c) |
303,000 | 285,822 | ||||||
3.74%, 1/7/2033(c) |
350,000 | 286,502 | ||||||
7.08%, 2/10/2034(c) |
500,000 | 510,238 | ||||||
FactSet Research Systems, Inc. |
||||||||
2.90%, 3/1/2027 |
150,000 | 141,591 | ||||||
3.45%, 3/1/2032 |
250,000 | 222,988 | ||||||
Goldman Sachs Group, Inc. (The) |
||||||||
5.80%, 8/10/2026(c) |
100,000 | 100,940 | ||||||
3.50%, 11/16/2026 |
100,000 | 96,653 | ||||||
Series VAR, 1.09%, 12/9/2026(c) |
100,000 | 92,822 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
3.85%, 1/26/2027 |
100,000 | 97,541 | ||||||
1.43%, 3/9/2027(c) |
151,000 | 139,743 | ||||||
2.64%, 2/24/2028(c) |
100,000 | 93,169 | ||||||
3.62%, 3/15/2028(c) |
150,000 | 143,847 | ||||||
3.69%, 6/5/2028(c) |
100,000 | 96,055 | ||||||
3.81%, 4/23/2029(c) |
100,000 | 95,223 | ||||||
2.38%, 7/21/2032(c) |
101,000 | 83,279 | ||||||
2.65%, 10/21/2032(c) |
100,000 | 83,654 | ||||||
3.10%, 2/24/2033(c) |
150,000 | 129,143 | ||||||
Jefferies Financial Group, Inc. |
||||||||
2.63%, 10/15/2031 |
100,000 | 83,122 | ||||||
Moodys Corp. |
||||||||
3.75%, 3/24/2025 |
250,000 | 246,699 | ||||||
3.25%, 1/15/2028 |
140,000 | 133,774 | ||||||
4.25%, 2/1/2029 |
252,000 | 248,923 | ||||||
2.00%, 8/19/2031 |
200,000 | 164,916 | ||||||
Morgan Stanley |
||||||||
4.00%, 7/23/2025 |
50,000 | 49,361 | ||||||
3.88%, 1/27/2026 |
100,000 | 98,173 | ||||||
3.13%, 7/27/2026 |
105,000 | 100,761 | ||||||
3.63%, 1/20/2027 |
100,000 | 97,245 | ||||||
5.05%, 1/28/2027(c)(d) |
100,000 | 100,290 | ||||||
1.59%, 5/4/2027(c) |
250,000 | 231,523 | ||||||
1.51%, 7/20/2027(c) |
123,000 | 112,889 | ||||||
2.48%, 1/21/2028(c) |
80,000 | 74,569 | ||||||
4.21%, 4/20/2028(c) |
100,000 | 97,674 | ||||||
3.59%, 7/22/2028 |
250,000 | 238,969 | ||||||
6.30%, 10/18/2028(c) |
100,000 | 104,568 | ||||||
3.77%, 1/24/2029(c) |
100,000 | 95,624 | ||||||
5.12%, 2/1/2029(c) |
100,000 | 100,366 | ||||||
5.45%, 7/20/2029(c) |
100,000 | 101,778 | ||||||
6.41%, 11/1/2029(c) |
100,000 | 105,978 | ||||||
4.43%, 1/23/2030(c) |
113,000 | 110,129 | ||||||
2.70%, 1/22/2031(c) |
150,000 | 131,797 | ||||||
1.79%, 2/13/2032(c) |
100,000 | 80,280 | ||||||
1.93%, 4/28/2032(c) |
100,000 | 80,676 | ||||||
2.24%, 7/21/2032(c) |
100,000 | 81,990 | ||||||
2.51%, 10/20/2032(c) |
100,000 | 83,287 | ||||||
4.89%, 7/20/2033(c) |
100,000 | 97,894 | ||||||
6.34%, 10/18/2033(c) |
153,000 | 165,089 | ||||||
5.42%, 7/21/2034(c) |
100,000 | 101,295 | ||||||
6.63%, 11/1/2034(c)(d) |
50,000 | 55,347 | ||||||
5.47%, 1/18/2035(c) |
250,000 | 255,125 | ||||||
Nasdaq, Inc. |
||||||||
1.65%, 1/15/2031 |
101,000 | 81,891 | ||||||
Nomura Holdings, Inc. |
||||||||
6.07%, 7/12/2028 |
200,000 | 207,064 | ||||||
2.68%, 7/16/2030 |
200,000 | 171,282 | ||||||
S&P Global, Inc. |
||||||||
2.45%, 3/1/2027 |
550,000 | 517,706 | ||||||
2.70%, 3/1/2029 |
252,000 | 231,904 | ||||||
4.25%, 5/1/2029 |
200,000 | 197,743 | ||||||
2.50%, 12/1/2029 |
250,000 | 223,851 | ||||||
1.25%, 8/15/2030 |
200,000 | 162,800 | ||||||
2.90%, 3/1/2032 |
300,000 | 264,265 | ||||||
5.25%, 9/15/2033(e) |
200,000 | 206,806 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Stifel Financial Corp. |
||||||||
4.00%, 5/15/2030 |
101,000 | 92,983 | ||||||
UBS AG |
||||||||
5.65%, 9/11/2028 |
200,000 | 206,725 | ||||||
|
|
|||||||
17,674,375 | ||||||||
|
|
|||||||
Chemicals - 0.6% |
| |||||||
Celanese US Holdings LLC |
||||||||
6.33%, 7/15/2029 |
150,000 | 156,316 | ||||||
Dow Chemical Co. (The) |
||||||||
7.38%, 11/1/2029 |
202,000 | 227,149 | ||||||
FMC Corp. |
||||||||
3.20%, 10/1/2026 |
151,000 | 143,461 | ||||||
Huntsman International LLC |
||||||||
4.50%, 5/1/2029 |
100,000 | 96,109 | ||||||
Linde, Inc. |
||||||||
3.20%, 1/30/2026 |
200,000 | 194,831 | ||||||
LYB International Finance II BV |
||||||||
3.50%, 3/2/2027 |
100,000 | 96,422 | ||||||
LYB International Finance III LLC |
||||||||
1.25%, 10/1/2025 |
350,000 | 328,387 | ||||||
NewMarket Corp. |
||||||||
2.70%, 3/18/2031 |
100,000 | 84,740 | ||||||
RPM International, Inc. |
||||||||
4.55%, 3/1/2029 |
100,000 | 97,975 | ||||||
2.95%, 1/15/2032 |
100,000 | 85,774 | ||||||
Sherwin-Williams Co. (The) |
||||||||
3.45%, 8/1/2025 |
100,000 | 97,699 | ||||||
4.25%, 8/8/2025 |
250,000 | 247,468 | ||||||
2.95%, 8/15/2029 |
101,000 | 92,370 | ||||||
|
|
|||||||
1,948,701 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 0.9% |
| |||||||
Cintas Corp. No. |
||||||||
2 3.45%, 5/1/2025 |
250,000 | 245,471 | ||||||
3.70%, 4/1/2027 |
300,000 | 293,538 | ||||||
4.00%, 5/1/2032 |
265,000 | 254,020 | ||||||
RELX Capital, Inc. |
||||||||
4.00%, 3/18/2029 |
352,000 | 342,844 | ||||||
3.00%, 5/22/2030 |
202,000 | 184,024 | ||||||
4.75%, 5/20/2032 |
100,000 | 100,417 | ||||||
Republic Services, Inc. |
||||||||
2.90%, 7/1/2026 |
250,000 | 240,276 | ||||||
3.38%, 11/15/2027 |
200,000 | 192,267 | ||||||
3.95%, 5/15/2028 |
151,000 | 147,863 | ||||||
4.88%, 4/1/2029 |
100,000 | 101,257 | ||||||
2.30%, 3/1/2030 |
200,000 | 175,086 | ||||||
5.00%, 12/15/2033 |
100,000 | 100,922 | ||||||
Veralto Corp. |
||||||||
5.50%, 9/18/2026(e) |
200,000 | 202,835 | ||||||
Waste Management, Inc. |
||||||||
4.88%, 2/15/2029 |
150,000 | 152,694 | ||||||
4.63%, 2/15/2030 |
151,000 | 151,752 | ||||||
4.15%, 4/15/2032 |
75,000 | 72,248 | ||||||
4.63%, 2/15/2033 |
100,000 | 99,284 | ||||||
|
|
|||||||
3,056,798 | ||||||||
|
|
|||||||
Communications Equipment - 0.6% |
| |||||||
Cisco Systems, Inc. |
||||||||
2.50%, 9/20/2026 |
200,000 | 191,017 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Juniper Networks, Inc. |
||||||||
1.20%, 12/10/2025 |
150,000 | 139,766 | ||||||
3.75%, 8/15/2029 |
151,000 | 142,647 | ||||||
2.00%, 12/10/2030 |
100,000 | 81,884 | ||||||
Motorola Solutions, Inc. |
||||||||
7.50%, 5/15/2025 |
100,000 | 102,940 | ||||||
4.60%, 2/23/2028 |
201,000 | 200,057 | ||||||
4.60%, 5/23/2029 |
303,000 | 300,557 | ||||||
2.30%, 11/15/2030 |
252,000 | 212,472 | ||||||
2.75%, 5/24/2031 |
400,000 | 340,831 | ||||||
5.60%, 6/1/2032 |
150,000 | 154,202 | ||||||
Nokia OYJ |
||||||||
4.38%, 6/12/2027 |
175,000 | 168,400 | ||||||
|
|
|||||||
2,034,773 | ||||||||
|
|
|||||||
Construction Materials - 0.1% |
| |||||||
Eagle Materials, Inc. |
||||||||
2.50%, 7/1/2031 |
250,000 | 211,325 | ||||||
Martin Marietta Materials, Inc. |
||||||||
Series CB, 2.50%, 3/15/2030 |
250,000 | 220,848 | ||||||
Vulcan Materials Co. |
||||||||
3.50%, 6/1/2030 |
25,000 | 23,203 | ||||||
|
|
|||||||
455,376 | ||||||||
|
|
|||||||
Consumer Finance - 1.5% |
| |||||||
AerCap Ireland Capital DAC |
||||||||
6.50%, 7/15/2025 |
250,000 | 253,518 | ||||||
3.00%, 10/29/2028 |
200,000 | 181,461 | ||||||
3.30%, 1/30/2032 |
150,000 | 128,568 | ||||||
5.30%, 1/19/2034 |
150,000 | 147,312 | ||||||
American Express Co. |
||||||||
2.25%, 3/4/2025 |
252,000 | 244,217 | ||||||
4.99%, 5/1/2026(c) |
250,000 | 249,767 | ||||||
6.34%, 10/30/2026(c) |
375,000 | 382,697 | ||||||
2.55%, 3/4/2027 |
100,000 | 93,768 | ||||||
3.30%, 5/3/2027 |
200,000 | 191,444 | ||||||
5.39%, 7/28/2027(c) |
325,000 | 328,486 | ||||||
6.49%, 10/30/2031(c) |
250,000 | 270,843 | ||||||
4.99%, 5/26/2033(c) |
76,000 | 75,236 | ||||||
4.42%, 8/3/2033(c) |
250,000 | 240,256 | ||||||
5.04%, 5/1/2034(c) |
200,000 | 200,098 | ||||||
5.63%, 7/28/2034(c) |
100,000 | 102,710 | ||||||
Capital One Financial Corp. |
||||||||
4.99%, 7/24/2026(c) |
250,000 | 248,542 | ||||||
5.82%, 2/1/2034(c) |
50,000 | 49,943 | ||||||
Discover Financial Services |
||||||||
3.75%, 3/4/2025 |
250,000 | 244,954 | ||||||
Synchrony Financial |
||||||||
4.88%, 6/13/2025 |
181,000 | 178,474 | ||||||
4.50%, 7/23/2025 |
373,000 | 365,529 | ||||||
3.70%, 8/4/2026 |
170,000 | 161,339 | ||||||
3.95%, 12/1/2027 |
300,000 | 281,639 | ||||||
5.15%, 3/19/2029 |
202,000 | 195,677 | ||||||
2.88%, 10/28/2031 |
300,000 | 238,652 | ||||||
|
|
|||||||
5,055,130 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 1.0% |
| |||||||
Costco Wholesale Corp. |
||||||||
1.38%, 6/20/2027 |
250,000 | 227,064 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
1.60%, 4/20/2030 |
650,000 | 551,879 | ||||||
1.75%, 4/20/2032 |
320,000 | 261,825 | ||||||
Kroger Co. (The) |
||||||||
2.65%, 10/15/2026 |
250,000 | 236,425 | ||||||
Series B, 7.70%, 6/1/2029 |
100,000 | 112,809 | ||||||
7.50%, 4/1/2031 |
150,000 | 171,684 | ||||||
Sysco Corp. |
||||||||
3.75%, 10/1/2025 |
250,000 | 245,206 | ||||||
3.30%, 7/15/2026 |
325,000 | 315,476 | ||||||
3.25%, 7/15/2027 |
200,000 | 190,905 | ||||||
2.40%, 2/15/2030 |
250,000 | 219,798 | ||||||
5.95%, 4/1/2030 |
450,000 | 478,251 | ||||||
2.45%, 12/14/2031 |
100,000 | 84,878 | ||||||
Walmart, Inc. |
||||||||
4.10%, 4/15/2033 |
200,000 | 195,537 | ||||||
|
|
|||||||
3,291,737 | ||||||||
|
|
|||||||
Containers & Packaging - 0.4% |
| |||||||
Amcor Finance USA, Inc. |
|
|||||||
3.63%, 4/28/2026 |
250,000 | 241,938 | ||||||
4.50%, 5/15/2028 |
112,000 | 110,127 | ||||||
Amcor Flexibles North America, Inc. |
||||||||
2.63%, 6/19/2030 |
100,000 | 86,724 | ||||||
2.69%, 5/25/2031 |
100,000 | 86,089 | ||||||
AptarGroup, Inc. |
||||||||
3.60%, 3/15/2032 |
100,000 | 89,837 | ||||||
Avery Dennison Corp. |
||||||||
4.88%, 12/6/2028 |
151,000 | 152,441 | ||||||
2.65%, 4/30/2030 |
100,000 | 88,605 | ||||||
5.75%, 3/15/2033 |
100,000 | 105,880 | ||||||
Packaging Corp. of America |
||||||||
3.00%, 12/15/2029 |
278,000 | 252,518 | ||||||
|
|
|||||||
1,214,159 | ||||||||
|
|
|||||||
Distributors - 0.2% |
| |||||||
Genuine Parts Co. |
||||||||
1.75%, 2/1/2025 |
251,000 | 242,541 | ||||||
1.88%, 11/1/2030 |
100,000 | 81,807 | ||||||
2.75%, 2/1/2032 |
200,000 | 167,908 | ||||||
6.88%, 11/1/2033 |
100,000 | 112,047 | ||||||
|
|
|||||||
604,303 | ||||||||
|
|
|||||||
Diversified REITs - 1.3% |
| |||||||
Broadstone Net Lease LLC |
|
|||||||
REIT, 2.60%, 9/15/2031 |
150,000 | 117,933 | ||||||
GLP Capital LP |
|
|||||||
REIT, 5.25%, 6/1/2025 |
300,000 | 298,653 | ||||||
REIT, 5.38%, 4/15/2026 |
403,000 | 401,632 | ||||||
REIT, 5.75%, 6/1/2028 |
300,000 | 302,040 | ||||||
REIT, 5.30%, 1/15/2029 |
250,000 | 246,300 | ||||||
REIT, 4.00%, 1/15/2030 |
200,000 | 182,240 | ||||||
REIT, 4.00%, 1/15/2031 |
250,000 | 222,423 | ||||||
REIT, 3.25%, 1/15/2032 |
250,000 | 210,253 | ||||||
REIT, 6.75%, 12/1/2033 |
150,000 | 159,644 | ||||||
Rayonier LP |
|
|||||||
REIT, 2.75%, 5/17/2031 |
100,000 | 82,911 | ||||||
STORE Capital Corp. |
|
|||||||
REIT, 4.50%, 3/15/2028 |
125,000 | 117,603 | ||||||
REIT, 4.63%, 3/15/2029 |
141,000 | 132,261 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
VICI Properties LP |
|
|||||||
REIT, 4.38%, 5/15/2025 |
50,000 | 49,149 | ||||||
REIT, 4.75%, 2/15/2028 |
505,000 | 494,475 | ||||||
REIT, 4.95%, 2/15/2030 |
303,000 | 293,740 | ||||||
REIT, 5.13%, 5/15/2032 |
600,000 | 573,377 | ||||||
WP Carey, Inc. |
|
|||||||
REIT, 4.00%, 2/1/2025 |
151,000 | 148,736 | ||||||
REIT, 3.85%, 7/15/2029 |
50,000 | 47,036 | ||||||
REIT, 2.40%, 2/1/2031 |
100,000 | 84,071 | ||||||
|
|
|||||||
4,164,477 | ||||||||
|
|
|||||||
Diversified Telecommunication Services - 0.2% |
| |||||||
Deutsche Telekom International Finance BV |
||||||||
8.75%, 6/15/2030(a) |
250,000 | 297,784 | ||||||
Koninklijke KPN NV |
||||||||
8.38%, 10/1/2030 |
151,000 | 179,611 | ||||||
Orange SA |
||||||||
9.00%, 3/1/2031(a) |
100,000 | 123,400 | ||||||
Sprint Capital Corp. |
||||||||
8.75%, 3/15/2032 |
92,000 | 112,770 | ||||||
|
|
|||||||
713,565 | ||||||||
|
|
|||||||
Electric Utilities - 1.4% |
| |||||||
American Electric Power Co., Inc. |
||||||||
3.88%, 2/15/2062(c) |
201,000 | 176,730 | ||||||
Arizona Public Service Co. |
||||||||
5.55%, 8/1/2033 |
100,000 | 103,329 | ||||||
Avangrid, Inc. |
||||||||
3.20%, 4/15/2025 |
251,000 | 244,388 | ||||||
3.80%, 6/1/2029 |
150,000 | 141,121 | ||||||
Duke Energy Corp. |
||||||||
3.25%, 1/15/2082(c) |
101,000 | 82,470 | ||||||
Georgia Power Co. |
||||||||
4.95%, 5/17/2033 |
200,000 | 200,065 | ||||||
Interstate Power and Light Co. |
||||||||
3.40%, 8/15/2025 |
100,000 | 97,608 | ||||||
2.30%, 6/1/2030 |
100,000 | 85,497 | ||||||
MidAmerican Energy Co. |
||||||||
3.65%, 4/15/2029 |
303,000 | 290,182 | ||||||
6.75%, 12/30/2031 |
150,000 | 171,001 | ||||||
Nevada Power Co. |
|
|||||||
Series CC, 3.70%, 5/1/2029 |
252,000 | 241,092 | ||||||
Series DD, 2.40%, 5/1/2030 |
200,000 | 173,627 | ||||||
NextEra Energy Capital Holdings, Inc. |
||||||||
4.80%, 12/1/2077(c) |
61,000 | 54,427 | ||||||
5.65%, 5/1/2079(c) |
97,000 | 93,424 | ||||||
3.80%, 3/15/2082(c) |
110,000 | 96,223 | ||||||
Oklahoma Gas and Electric Co. |
||||||||
3.25%, 4/1/2030 |
200,000 | 181,993 | ||||||
Oncor Electric Delivery Co. LLC |
||||||||
4.30%, 5/15/2028 |
250,000 | 246,787 | ||||||
4.55%, 9/15/2032 |
100,000 | 98,616 | ||||||
PacifiCorp |
||||||||
3.50%, 6/15/2029 |
150,000 | 140,439 | ||||||
PPL Capital Funding, Inc. |
||||||||
4.13%, 4/15/2030 |
113,000 | 107,570 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Sierra Pacific Power Co. |
|
|||||||
2.60%, 5/1/2026 |
200,000 | 190,731 | ||||||
Southern Co. (The) |
|
|||||||
3.25%, 7/1/2026 |
100,000 | 96,502 | ||||||
5.11%, 8/1/2027(a) |
200,000 | 202,440 | ||||||
5.20%, 6/15/2033 |
200,000 | 202,390 | ||||||
Series B, 4.00%, 1/15/2051(c) |
342,000 | 328,676 | ||||||
Series 21-A, 3.75%, 9/15/2051(c) |
350,000 | 326,255 | ||||||
Wisconsin Power and Light Co. |
|
|||||||
3.95%, 9/1/2032 |
115,000 | 108,355 | ||||||
Xcel Energy, Inc. |
|
|||||||
3.40%, 6/1/2030 |
50,000 | 46,134 | ||||||
2.35%, 11/15/2031 |
50,000 | 41,162 | ||||||
|
|
|||||||
4,569,234 | ||||||||
|
|
|||||||
Electrical Equipment - 0.2% |
| |||||||
Acuity Brands Lighting, Inc. |
|
|||||||
2.15%, 12/15/2030 |
150,000 | 125,462 | ||||||
Emerson Electric Co. |
|
|||||||
2.00%, 12/21/2028 |
141,000 | 126,159 | ||||||
6.00%, 8/15/2032 |
100,000 | 107,359 | ||||||
Hubbell, Inc. |
|
|||||||
3.35%, 3/1/2026 |
151,000 | 146,428 | ||||||
3.50%, 2/15/2028 |
200,000 | 191,396 | ||||||
Regal Rexnord Corp. |
|
|||||||
6.30%, 2/15/2030(e) |
50,000 | 51,394 | ||||||
|
|
|||||||
748,198 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 1.9% |
|
|||||||
Amphenol Corp. |
|
|||||||
4.75%, 3/30/2026 |
250,000 | 250,493 | ||||||
4.35%, 6/1/2029 |
243,000 | 240,574 | ||||||
2.80%, 2/15/2030 |
211,000 | 191,008 | ||||||
2.20%, 9/15/2031 |
250,000 | 208,273 | ||||||
Arrow Electronics, Inc. |
|
|||||||
4.00%, 4/1/2025 |
100,000 | 98,313 | ||||||
3.88%, 1/12/2028 |
100,000 | 95,225 | ||||||
Avnet, Inc. |
|
|||||||
4.63%, 4/15/2026 |
176,000 | 173,555 | ||||||
CDW LLC |
|
|||||||
4.13%, 5/1/2025 |
250,000 | 245,816 | ||||||
2.67%, 12/1/2026 |
404,000 | 377,806 | ||||||
4.25%, 4/1/2028 |
202,000 | 193,565 | ||||||
3.28%, 12/1/2028 |
202,000 | 184,423 | ||||||
3.25%, 2/15/2029 |
200,000 | 180,813 | ||||||
3.57%, 12/1/2031 |
300,000 | 263,184 | ||||||
Flex Ltd. |
|
|||||||
3.75%, 2/1/2026 |
250,000 | 243,391 | ||||||
6.00%, 1/15/2028 |
130,000 | 134,074 | ||||||
4.88%, 6/15/2029 |
100,000 | 98,601 | ||||||
4.88%, 5/12/2030 |
62,000 | 60,697 | ||||||
Jabil, Inc. |
|
|||||||
1.70%, 4/15/2026 |
150,000 | 139,368 | ||||||
4.25%, 5/15/2027 |
100,000 | 97,871 | ||||||
3.95%, 1/12/2028 |
130,000 | 124,251 | ||||||
3.60%, 1/15/2030 |
200,000 | 183,331 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Keysight Technologies, Inc. |
|
|||||||
4.60%, 4/6/2027 |
350,000 | 348,066 | ||||||
3.00%, 10/30/2029 |
100,000 | 90,329 | ||||||
TD SYNNEX Corp. |
|
|||||||
1.75%, 8/9/2026 |
200,000 | 182,521 | ||||||
2.38%, 8/9/2028 |
202,000 | 176,966 | ||||||
2.65%, 8/9/2031 |
100,000 | 81,070 | ||||||
Teledyne Technologies, Inc. |
|
|||||||
1.60%, 4/1/2026 |
150,000 | 139,703 | ||||||
2.25%, 4/1/2028 |
257,000 | 232,807 | ||||||
2.75%, 4/1/2031 |
300,000 | 259,617 | ||||||
Trimble, Inc. |
|
|||||||
4.90%, 6/15/2028 |
25,000 | 25,066 | ||||||
6.10%, 3/15/2033 |
50,000 | 52,611 | ||||||
Tyco Electronics Group SA |
|
|||||||
4.50%, 2/13/2026 |
200,000 | 199,260 | ||||||
3.70%, 2/15/2026 |
131,000 | 128,188 | ||||||
3.13%, 8/15/2027 |
100,000 | 95,687 | ||||||
2.50%, 2/4/2032 |
250,000 | 216,483 | ||||||
Vontier Corp. |
|
|||||||
2.40%, 4/1/2028 |
252,000 | 221,772 | ||||||
2.95%, 4/1/2031 |
200,000 | 166,413 | ||||||
|
|
|||||||
6,401,191 | ||||||||
|
|
|||||||
Energy Equipment & Services - 0.1% |
| |||||||
Helmerich & Payne, Inc. |
|
|||||||
2.90%, 9/29/2031 |
100,000 | 84,701 | ||||||
Schlumberger Investment SA |
|
|||||||
4.85%, 5/15/2033 |
100,000 | 100,836 | ||||||
|
|
|||||||
185,537 | ||||||||
|
|
|||||||
Entertainment - 0.5% |
| |||||||
Electronic Arts, Inc. |
|
|||||||
4.80%, 3/1/2026 |
50,000 | 50,161 | ||||||
1.85%, 2/15/2031 |
250,000 | 207,648 | ||||||
Netflix, Inc. |
|
|||||||
5.88%, 2/15/2025 |
250,000 | 251,800 | ||||||
4.38%, 11/15/2026 |
300,000 | 297,719 | ||||||
4.88%, 4/15/2028 |
300,000 | 302,086 | ||||||
5.88%, 11/15/2028 |
200,000 | 210,320 | ||||||
6.38%, 5/15/2029 |
250,000 | 269,601 | ||||||
Tencent Music Entertainment Group |
|
|||||||
2.00%, 9/3/2030 |
200,000 | 164,442 | ||||||
|
|
|||||||
1,753,777 | ||||||||
|
|
|||||||
Financial Services - 3.3% |
| |||||||
Apollo Global Management, Inc. |
|
|||||||
6.38%, 11/15/2033 |
100,000 | 108,806 | ||||||
Block Financial LLC |
|
|||||||
2.50%, 7/15/2028 |
200,000 | 179,625 | ||||||
3.88%, 8/15/2030 |
150,000 | 137,230 | ||||||
Corebridge Financial, Inc. |
|
|||||||
3.50%, 4/4/2025 |
340,000 | 332,666 | ||||||
3.65%, 4/5/2027 |
250,000 | 240,011 | ||||||
3.85%, 4/5/2029 |
200,000 | 188,885 | ||||||
3.90%, 4/5/2032 |
200,000 | 180,162 | ||||||
6.05%, 9/15/2033(e) |
100,000 | 104,705 | ||||||
5.75%, 1/15/2034 |
350,000 | 359,005 | ||||||
6.88%, 12/15/2052(c) |
250,000 | 250,725 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Equitable Holdings, Inc. |
|
|||||||
4.35%, 4/20/2028 |
175,000 | 170,259 | ||||||
Fiserv, Inc. |
|
|||||||
3.85%, 6/1/2025 |
250,000 | 245,964 | ||||||
3.20%, 7/1/2026 |
650,000 | 626,722 | ||||||
2.25%, 6/1/2027 |
250,000 | 231,846 | ||||||
5.45%, 3/2/2028 |
300,000 | 307,778 | ||||||
5.38%, 8/21/2028 |
250,000 | 256,328 | ||||||
4.20%, 10/1/2028 |
346,000 | 337,691 | ||||||
3.50%, 7/1/2029 |
1,111,000 | 1,042,097 | ||||||
2.65%, 6/1/2030 |
300,000 | 263,827 | ||||||
5.60%, 3/2/2033 |
350,000 | 362,809 | ||||||
5.63%, 8/21/2033 |
400,000 | 416,606 | ||||||
Global Payments, Inc. |
|
|||||||
5.30%, 8/15/2029 |
100,000 | 100,565 | ||||||
Mastercard, Inc. |
|
|||||||
2.00%, 3/3/2025 |
101,000 | 98,080 | ||||||
2.95%, 11/21/2026 |
50,000 | 48,255 | ||||||
3.30%, 3/26/2027 |
353,000 | 342,476 | ||||||
2.95%, 6/1/2029 |
401,000 | 375,249 | ||||||
3.35%, 3/26/2030 |
353,000 | 333,957 | ||||||
1.90%, 3/15/2031 |
250,000 | 213,235 | ||||||
2.00%, 11/18/2031 |
100,000 | 84,186 | ||||||
4.85%, 3/9/2033 |
200,000 | 205,368 | ||||||
Radian Group, Inc. |
|
|||||||
6.63%, 3/15/2025 |
301,000 | 302,345 | ||||||
4.88%, 3/15/2027 |
143,000 | 139,088 | ||||||
Synchrony Bank |
|
|||||||
5.40%, 8/22/2025 |
312,000 | 309,608 | ||||||
5.63%, 8/23/2027 |
404,000 | 396,716 | ||||||
Visa, Inc. |
|
|||||||
3.15%, 12/14/2025 |
432,000 | 422,053 | ||||||
1.90%, 4/15/2027 |
267,000 | 248,663 | ||||||
2.75%, 9/15/2027 |
120,000 | 113,913 | ||||||
2.05%, 4/15/2030 |
400,000 | 350,474 | ||||||
1.10%, 2/15/2031 |
250,000 | 201,050 | ||||||
Voya Financial, Inc. |
|
|||||||
4.70%, 1/23/2048(c) |
101,000 | 85,893 | ||||||
Western Union Co. (The) |
|
|||||||
2.75%, 3/15/2031 |
150,000 | 124,829 | ||||||
|
|
|||||||
10,839,750 | ||||||||
|
|
|||||||
Food Products - 1.4% |
| |||||||
Conagra Brands, Inc. |
|
|||||||
4.85%, 11/1/2028 |
100,000 | 99,646 | ||||||
Flowers Foods, Inc. |
|
|||||||
3.50%, 10/1/2026 |
100,000 | 96,674 | ||||||
2.40%, 3/15/2031 |
100,000 | 84,608 | ||||||
General Mills, Inc. |
|
|||||||
3.20%, 2/10/2027 |
100,000 | 95,883 | ||||||
4.20%, 4/17/2028 |
242,000 | 238,439 | ||||||
5.50%, 10/17/2028 |
100,000 | 103,438 | ||||||
2.88%, 4/15/2030 |
152,000 | 136,894 | ||||||
4.95%, 3/29/2033 |
150,000 | 150,149 | ||||||
Hershey Co. (The) |
|
|||||||
0.90%, 6/1/2025 |
266,000 | 252,474 | ||||||
4.25%, 5/4/2028 |
100,000 | 99,735 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Ingredion, Inc. |
|
|||||||
2.90%, 6/1/2030 |
200,000 | 178,664 | ||||||
Kellanova |
|
|||||||
4.30%, 5/15/2028 |
250,000 | 247,277 | ||||||
Mead Johnson Nutrition Co. |
|
|||||||
4.13%, 11/15/2025 |
250,000 | 246,500 | ||||||
Mondelez International, Inc. |
|
|||||||
1.50%, 5/4/2025 |
250,000 | 239,632 | ||||||
2.63%, 3/17/2027 |
202,000 | 190,765 | ||||||
2.75%, 4/13/2030 |
173,000 | 156,109 | ||||||
1.50%, 2/4/2031 |
100,000 | 81,128 | ||||||
3.00%, 3/17/2032 |
200,000 | 176,222 | ||||||
Unilever Capital Corp. |
|
|||||||
3.10%, 7/30/2025 |
250,000 | 245,008 | ||||||
2.00%, 7/28/2026 |
200,000 | 188,972 | ||||||
2.90%, 5/5/2027 |
251,000 | 239,759 | ||||||
3.50%, 3/22/2028 |
252,000 | 243,916 | ||||||
4.88%, 9/8/2028 |
100,000 | 102,389 | ||||||
2.13%, 9/6/2029 |
225,000 | 199,291 | ||||||
5.90%, 11/15/2032 |
250,000 | 272,626 | ||||||
5.00%, 12/8/2033 |
150,000 | 153,964 | ||||||
|
|
|||||||
4,520,162 | ||||||||
|
|
|||||||
Gas Utilities - 0.3% |
| |||||||
Atmos Energy Corp. |
|
|||||||
2.63%, 9/15/2029 |
200,000 | 182,364 | ||||||
5.90%, 11/15/2033 |
100,000 | 108,259 | ||||||
National Fuel Gas Co. |
|
|||||||
5.20%, 7/15/2025 |
151,000 | 150,327 | ||||||
5.50%, 1/15/2026 |
233,000 | 234,079 | ||||||
4.75%, 9/1/2028 |
251,000 | 244,810 | ||||||
2.95%, 3/1/2031 |
150,000 | 126,465 | ||||||
|
|
|||||||
1,046,304 | ||||||||
|
|
|||||||
Ground Transportation - 0.4% |
| |||||||
Burlington Northern Santa Fe LLC |
|
|||||||
3.65%, 9/1/2025 |
250,000 | 245,894 | ||||||
Canadian National Railway Co. |
|
|||||||
2.75%, 3/1/2026 |
251,000 | 241,894 | ||||||
3.85%, 8/5/2032 |
200,000 | 188,621 | ||||||
CSX Corp. |
|
|||||||
3.25%, 6/1/2027 |
80,000 | 76,896 | ||||||
3.80%, 3/1/2028 |
161,000 | 157,416 | ||||||
JB Hunt Transport Services, Inc. |
|
|||||||
3.88%, 3/1/2026 |
250,000 | 244,832 | ||||||
Norfolk Southern Corp. |
|
|||||||
7.25%, 2/15/2031 |
100,000 | 111,707 | ||||||
Triton Container International Ltd. |
|
|||||||
3.25%, 3/15/2032 |
200,000 | 162,347 | ||||||
|
|
|||||||
1,429,607 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies - 0.8% |
| |||||||
Boston Scientific Corp. |
|
|||||||
1.90%, 6/1/2025 |
250,000 | 240,203 | ||||||
3.75%, 3/1/2026 |
250,000 | 243,912 | ||||||
2.65%, 6/1/2030 |
250,000 | 222,854 | ||||||
DH Europe Finance II Sarl |
|
|||||||
2.60%, 11/15/2029 |
152,000 | 137,080 | ||||||
Edwards Lifesciences Corp. |
|
|||||||
4.30%, 6/15/2028 |
350,000 | 345,041 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Smith & Nephew plc |
||||||||
2.03%, 10/14/2030 |
50,000 | 41,692 | ||||||
Stryker Corp. |
||||||||
1.15%, 6/15/2025 |
402,000 | 381,805 | ||||||
3.38%, 11/1/2025 |
200,000 | 195,083 | ||||||
3.50%, 3/15/2026 |
330,000 | 322,575 | ||||||
1.95%, 6/15/2030 |
300,000 | 255,599 | ||||||
Zimmer Biomet Holdings, Inc. |
||||||||
3.55%, 4/1/2025 |
300,000 | 294,616 | ||||||
|
|
|||||||
2,680,460 | ||||||||
|
|
|||||||
Health Care Providers & Services - 2.0% |
| |||||||
Cardinal Health, Inc. |
||||||||
3.75%, 9/15/2025 |
250,000 | 244,667 | ||||||
3.41%, 6/15/2027 |
404,000 | 386,665 | ||||||
Cencora, Inc. |
||||||||
3.25%, 3/1/2025 |
250,000 | 245,187 | ||||||
3.45%, 12/15/2027 |
261,000 | 250,883 | ||||||
2.80%, 5/15/2030 |
300,000 | 268,576 | ||||||
2.70%, 3/15/2031 |
280,000 | 244,044 | ||||||
Centene Corp. |
||||||||
4.63%, 12/15/2029 |
252,000 | 241,204 | ||||||
2.50%, 3/1/2031 |
100,000 | 83,125 | ||||||
Elevance Health, Inc. |
||||||||
5.35%, 10/15/2025 |
100,000 | 100,627 | ||||||
HCA, Inc. |
||||||||
5.38%, 2/1/2025 |
200,000 | 199,816 | ||||||
4.13%, 6/15/2029 |
150,000 | 143,247 | ||||||
Humana, Inc. |
||||||||
1.35%, 2/3/2027 |
50,000 | 45,188 | ||||||
Laboratory Corp. of America Holdings |
||||||||
3.60%, 2/1/2025 |
50,000 | 49,150 | ||||||
1.55%, 6/1/2026 |
252,000 | 233,646 | ||||||
2.95%, 12/1/2029 |
100,000 | 90,729 | ||||||
McKesson Corp. |
||||||||
1.30%, 8/15/2026 |
252,000 | 231,899 | ||||||
4.90%, 7/15/2028 |
150,000 | 152,352 | ||||||
5.10%, 7/15/2033 |
300,000 | 307,399 | ||||||
Quest Diagnostics, Inc. |
||||||||
3.50%, 3/30/2025 |
200,000 | 196,421 | ||||||
4.20%, 6/30/2029 |
200,000 | 196,041 | ||||||
2.95%, 6/30/2030 |
252,000 | 225,399 | ||||||
UnitedHealth Group, Inc. |
||||||||
2.95%, 10/15/2027 |
200,000 | 189,881 | ||||||
3.85%, 6/15/2028 |
150,000 | 146,626 | ||||||
3.88%, 12/15/2028 |
100,000 | 97,355 | ||||||
4.25%, 1/15/2029 |
260,000 | 258,156 | ||||||
4.00%, 5/15/2029 |
280,000 | 273,183 | ||||||
2.88%, 8/15/2029 |
100,000 | 92,018 | ||||||
5.30%, 2/15/2030 |
210,000 | 217,823 | ||||||
2.00%, 5/15/2030 |
250,000 | 214,787 | ||||||
4.20%, 5/15/2032 |
400,000 | 387,369 | ||||||
5.35%, 2/15/2033 |
356,000 | 372,466 | ||||||
4.50%, 4/15/2033 |
300,000 | 295,439 | ||||||
|
|
|||||||
6,681,368 | ||||||||
|
|
|||||||
Health Care REITs - 0.5% |
| |||||||
National Health Investors, Inc. |
|
|||||||
REIT, 3.00%, 2/1/2031 |
100,000 | 79,562 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Omega Healthcare Investors, Inc. |
|
|||||||
REIT, 5.25%, 1/15/2026 |
250,000 | 248,925 | ||||||
REIT, 4.50%, 4/1/2027 |
241,000 | 234,422 | ||||||
REIT, 4.75%, 1/15/2028 |
301,000 | 292,393 | ||||||
REIT, 3.63%, 10/1/2029 |
151,000 | 134,681 | ||||||
REIT, 3.38%, 2/1/2031 |
150,000 | 128,598 | ||||||
REIT, 3.25%, 4/15/2033 |
250,000 | 201,829 | ||||||
Sabra Health Care LP |
|
|||||||
REIT, 5.13%, 8/15/2026 |
202,000 | 198,978 | ||||||
REIT, 3.90%, 10/15/2029 |
151,000 | 136,640 | ||||||
REIT, 3.20%, 12/1/2031 |
100,000 | 81,703 | ||||||
|
|
|||||||
1,737,731 | ||||||||
|
|
|||||||
Hotel & Resort REITs - 0.3% |
| |||||||
Host Hotels & Resorts LP |
|
|||||||
Series E, REIT, 4.00%, 6/15/2025 |
350,000 | 343,464 | ||||||
Series H, REIT, 3.38%, 12/15/2029 |
303,000 | 272,149 | ||||||
Series I, REIT, 3.50%, 9/15/2030 |
150,000 | 134,867 | ||||||
Series J, REIT, 2.90%, 12/15/2031 |
150,000 | 126,779 | ||||||
|
|
|||||||
877,259 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 2.3% |
| |||||||
Booking Holdings, Inc. |
||||||||
3.60%, 6/1/2026 |
500,000 | 488,574 | ||||||
Choice Hotels International, Inc. |
||||||||
3.70%, 12/1/2029 |
100,000 | 88,952 | ||||||
3.70%, 1/15/2031 |
200,000 | 174,199 | ||||||
Darden Restaurants, Inc. |
||||||||
3.85%, 5/1/2027 |
200,000 | 194,089 | ||||||
6.30%, 10/10/2033 |
100,000 | 106,465 | ||||||
Marriott International, Inc. |
|
|||||||
Series EE, 5.75%, 5/1/2025 |
282,000 | 284,070 | ||||||
5.45%, 9/15/2026 |
250,000 | 253,720 | ||||||
5.00%, 10/15/2027 |
303,000 | 305,914 | ||||||
Series X, 4.00%, 4/15/2028 |
352,000 | 341,887 | ||||||
5.55%, 10/15/2028 |
200,000 | 206,035 | ||||||
4.90%, 4/15/2029 |
250,000 | 251,535 | ||||||
Series FF, 4.63%, 6/15/2030 |
302,000 | 297,811 | ||||||
Series HH, 2.85%, 4/15/2031 |
300,000 | 260,488 | ||||||
Series GG, 3.50%, 10/15/2032 |
400,000 | 356,706 | ||||||
McDonalds Corp. |
||||||||
3.38%, 5/26/2025 |
250,000 | 245,286 | ||||||
3.30%, 7/1/2025(d) |
250,000 | 244,871 | ||||||
1.45%, 9/1/2025 |
200,000 | 189,829 | ||||||
3.70%, 1/30/2026 |
500,000 | 491,893 | ||||||
3.50%, 3/1/2027 |
310,000 | 301,835 | ||||||
3.50%, 7/1/2027 |
334,000 | 323,688 | ||||||
3.80%, 4/1/2028 |
356,000 | 347,274 | ||||||
4.80%, 8/14/2028 |
300,000 | 304,631 | ||||||
2.63%, 9/1/2029 |
340,000 | 309,639 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
2.13%, 3/1/2030 |
201,000 | 175,646 | ||||||
3.60%, 7/1/2030 |
400,000 | 378,275 | ||||||
4.60%, 9/9/2032 |
230,000 | 230,796 | ||||||
4.95%, 8/14/2033 |
150,000 | 152,782 | ||||||
Sands China Ltd. |
|
|||||||
5.65%, 8/8/2028(a) |
200,000 | 196,307 | ||||||
|
|
|||||||
7,503,197 | ||||||||
|
|
|||||||
Household Durables - 0.7% |
| |||||||
DR Horton, Inc. |
|
|||||||
2.60%, 10/15/2025 |
180,000 | 172,774 | ||||||
1.30%, 10/15/2026 |
300,000 | 273,385 | ||||||
Lennar Corp. |
|
|||||||
4.75%, 5/30/2025 |
50,000 | 49,699 | ||||||
5.25%, 6/1/2026 |
200,000 | 200,928 | ||||||
4.75%, 11/29/2027 |
350,000 | 349,146 | ||||||
Meritage Homes Corp. |
|
|||||||
5.13%, 6/6/2027 |
250,000 | 245,039 | ||||||
NVR, Inc. |
|
|||||||
3.00%, 5/15/2030 |
327,000 | 292,861 | ||||||
PulteGroup, Inc. |
|
|||||||
5.50%, 3/1/2026 |
216,000 | 218,058 | ||||||
5.00%, 1/15/2027 |
101,000 | 101,623 | ||||||
6.38%, 5/15/2033 |
150,000 | 162,165 | ||||||
Toll Brothers Finance Corp. |
|
|||||||
4.88%, 3/15/2027 |
303,000 | 300,616 | ||||||
|
|
|||||||
2,366,294 | ||||||||
|
|
|||||||
Household Products - 0.5% |
| |||||||
Church & Dwight Co., Inc. |
|
|||||||
3.15%, 8/1/2027 |
100,000 | 95,496 | ||||||
2.30%, 12/15/2031 |
150,000 | 126,334 | ||||||
5.60%, 11/15/2032 |
200,000 | 211,986 | ||||||
Kimberly-Clark Corp. |
|
|||||||
1.05%, 9/15/2027 |
100,000 | 89,284 | ||||||
3.20%, 4/25/2029 |
250,000 | 236,709 | ||||||
3.10%, 3/26/2030 |
252,000 | 233,631 | ||||||
2.00%, 11/2/2031 |
100,000 | 84,232 | ||||||
Procter & Gamble Co. (The) |
|
|||||||
2.45%, 11/3/2026 |
162,000 | 154,933 | ||||||
2.80%, 3/25/2027 |
166,000 | 159,220 | ||||||
3.00%, 3/25/2030 |
264,000 | 246,244 | ||||||
|
|
|||||||
1,638,069 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity |
| |||||||
Constellation Energy Generation LLC |
|
|||||||
3.25%, 6/1/2025 |
260,000 | 253,040 | ||||||
5.60%, 3/1/2028 |
170,000 | 174,880 | ||||||
5.80%, 3/1/2033 |
100,000 | 104,329 | ||||||
6.13%, 1/15/2034 |
100,000 | 106,716 | ||||||
|
|
|||||||
638,965 | ||||||||
|
|
|||||||
Industrial Conglomerates - 0.3% |
| |||||||
GE Capital International Funding Co. Unlimited Co. |
|
|||||||
3.37%, 11/15/2025 |
200,000 | 194,349 | ||||||
Honeywell International, Inc. |
|
|||||||
1.35%, 6/1/2025 |
200,000 | 191,622 | ||||||
2.50%, 11/1/2026 |
200,000 | 190,705 | ||||||
1.75%, 9/1/2031 |
250,000 | 205,666 | ||||||
5.00%, 2/15/2033 |
85,000 | 87,528 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Pentair Finance Sarl |
|
|||||||
4.50%, 7/1/2029 |
100,000 | 96,944 | ||||||
|
|
|||||||
966,814 | ||||||||
|
|
|||||||
Insurance - 4.7% |
| |||||||
Aegon Ltd. |
|
|||||||
5.50%, 4/11/2048(c) |
200,000 | 193,214 | ||||||
Aflac, Inc. |
|
|||||||
1.13%, 3/15/2026 |
250,000 | 231,119 | ||||||
3.60%, 4/1/2030 |
302,000 | 284,185 | ||||||
Allied World Assurance Co. Holdings Ltd. |
||||||||
4.35%, 10/29/2025 |
300,000 | 292,963 | ||||||
American Equity Investment Life Holding Co. |
||||||||
5.00%, 6/15/2027 |
150,000 | 145,413 | ||||||
American International Group, Inc. |
|
|||||||
Series A-9, 5.75%, 4/1/2048(c) |
202,000 | 200,416 | ||||||
Aon Corp. |
|
|||||||
8.21%, 1/1/2027 |
80,000 | 86,549 | ||||||
2.85%, 5/28/2027 |
363,000 | 343,128 | ||||||
4.50%, 12/15/2028 |
120,000 | 118,858 | ||||||
2.80%, 5/15/2030 |
287,000 | 254,822 | ||||||
2.05%, 8/23/2031 |
200,000 | 163,585 | ||||||
2.60%, 12/2/2031 |
160,000 | 135,756 | ||||||
5.00%, 9/12/2032 |
100,000 | 100,075 | ||||||
5.35%, 2/28/2033 |
350,000 | 357,732 | ||||||
Aon Global Ltd. |
|
|||||||
3.88%, 12/15/2025 |
250,000 | 245,300 | ||||||
Arch Capital Finance LLC |
|
|||||||
4.01%, 12/15/2026 |
150,000 | 145,691 | ||||||
Arthur J Gallagher & Co. |
|
|||||||
5.50%, 3/2/2033 |
200,000 | 203,144 | ||||||
Assurant, Inc. |
|
|||||||
3.70%, 2/22/2030 |
201,000 | 181,376 | ||||||
2.65%, 1/15/2032 |
100,000 | 82,702 | ||||||
Athene Holding Ltd. |
|
|||||||
4.13%, 1/12/2028 |
500,000 | 481,642 | ||||||
6.15%, 4/3/2030 |
200,000 | 206,670 | ||||||
3.50%, 1/15/2031 |
100,000 | 88,088 | ||||||
6.65%, 2/1/2033 |
100,000 | 106,914 | ||||||
5.88%, 1/15/2034 |
150,000 | 150,695 | ||||||
AXIS Specialty Finance LLC |
|
|||||||
4.90%, 1/15/2040(c) |
202,000 | 173,474 | ||||||
Berkshire Hathaway Finance Corp. |
|
|||||||
2.88%, 3/15/2032 |
250,000 | 223,164 | ||||||
Brown & Brown, Inc. |
|
|||||||
4.50%, 3/15/2029 |
200,000 | 196,677 | ||||||
2.38%, 3/15/2031 |
252,000 | 208,955 | ||||||
4.20%, 3/17/2032 |
100,000 | 92,439 | ||||||
Chubb INA Holdings, Inc. |
|
|||||||
3.15%, 3/15/2025 |
50,000 | 49,026 | ||||||
3.35%, 5/3/2026 |
200,000 | 194,292 | ||||||
CNA Financial Corp. |
|
|||||||
4.50%, 3/1/2026 |
200,000 | 197,998 | ||||||
3.90%, 5/1/2029 |
150,000 | 143,504 | ||||||
2.05%, 8/15/2030 |
100,000 | 84,138 | ||||||
5.50%, 6/15/2033 |
200,000 | 207,034 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
CNO Financial Group, Inc. |
|
|||||||
5.25%, 5/30/2029 |
100,000 | 98,444 | ||||||
Enstar Finance LLC |
|
|||||||
5.75%, 9/1/2040(c) |
100,000 | 95,897 | ||||||
5.50%, 1/15/2042(c) |
200,000 | 176,597 | ||||||
Enstar Group Ltd. |
|
|||||||
4.95%, 6/1/2029 |
202,000 | 197,543 | ||||||
3.10%, 9/1/2031 |
150,000 | 125,117 | ||||||
F&G Annuities & Life, Inc. |
|
|||||||
7.40%, 1/13/2028 |
100,000 | 103,795 | ||||||
Fairfax Financial Holdings Ltd. |
|
|||||||
4.85%, 4/17/2028 |
252,000 | 249,555 | ||||||
4.63%, 4/29/2030 |
200,000 | 192,920 | ||||||
5.63%, 8/16/2032 |
150,000 | 150,188 | ||||||
Fidelity National Financial, Inc. |
|
|||||||
4.50%, 8/15/2028 |
100,000 | 97,309 | ||||||
3.40%, 6/15/2030 |
150,000 | 134,351 | ||||||
2.45%, 3/15/2031 |
200,000 | 164,218 | ||||||
First American Financial Corp. |
|
|||||||
4.00%, 5/15/2030 |
100,000 | 90,718 | ||||||
2.40%, 8/15/2031 |
100,000 | 79,602 | ||||||
Globe Life, Inc. |
|
|||||||
4.55%, 9/15/2028 |
101,000 | 100,181 | ||||||
2.15%, 8/15/2030 |
250,000 | 209,480 | ||||||
4.80%, 6/15/2032 |
100,000 | 97,084 | ||||||
Hanover Insurance Group, Inc. (The) |
|
|||||||
2.50%, 9/1/2030 |
100,000 | 83,120 | ||||||
Hartford Financial Services Group, Inc. (The) |
|
|||||||
2.80%, 8/19/2029 |
202,000 | 183,833 | ||||||
Horace Mann Educators Corp. |
|
|||||||
4.50%, 12/1/2025 |
100,000 | 98,316 | ||||||
7.25%, 9/15/2028 |
100,000 | 108,302 | ||||||
Manulife Financial Corp. |
|
|||||||
4.15%, 3/4/2026 |
302,000 | 297,120 | ||||||
2.48%, 5/19/2027 |
102,000 | 95,168 | ||||||
4.06%, 2/24/2032(c) |
251,000 | 240,620 | ||||||
Markel Group, Inc. |
|
|||||||
3.35%, 9/17/2029 |
200,000 | 183,830 | ||||||
Marsh & McLennan Cos., Inc. |
|
|||||||
3.50%, 3/10/2025 |
76,000 | 74,800 | ||||||
3.75%, 3/14/2026 |
250,000 | 245,748 | ||||||
4.38%, 3/15/2029 |
505,000 | 500,747 | ||||||
2.25%, 11/15/2030 |
216,000 | 185,432 | ||||||
2.38%, 12/15/2031 |
100,000 | 84,687 | ||||||
5.75%, 11/1/2032 |
100,000 | 106,832 | ||||||
5.88%, 8/1/2033 |
100,000 | 108,235 | ||||||
5.40%, 9/15/2033 |
150,000 | 157,018 | ||||||
Old Republic International Corp. |
|
|||||||
3.88%, 8/26/2026 |
301,000 | 291,847 | ||||||
Primerica, Inc. |
|
|||||||
2.80%, 11/19/2031 |
150,000 | 127,156 | ||||||
Principal Financial Group, Inc. |
|
|||||||
3.40%, 5/15/2025 |
100,000 | 97,867 | ||||||
3.10%, 11/15/2026 |
100,000 | 95,587 | ||||||
3.70%, 5/15/2029 |
200,000 | 188,697 | ||||||
5.38%, 3/15/2033 |
100,000 | 102,788 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Progressive Corp. (The) |
|
|||||||
3.20%, 3/26/2030 |
101,000 | 93,775 | ||||||
Prudential Financial, Inc. |
|
|||||||
5.38%, 5/15/2045(c) |
272,000 | 268,028 | ||||||
4.50%, 9/15/2047(c) |
200,000 | 187,679 | ||||||
5.70%, 9/15/2048(c) |
100,000 | 97,551 | ||||||
3.70%, 10/1/2050(c) |
200,000 | 175,827 | ||||||
5.13%, 3/1/2052(c) |
250,000 | 233,435 | ||||||
6.00%, 9/1/2052(c) |
70,000 | 69,714 | ||||||
Reinsurance Group of America, Inc. |
|
|||||||
3.90%, 5/15/2029 |
202,000 | 191,988 | ||||||
RenaissanceRe Holdings Ltd. |
|
|||||||
3.60%, 4/15/2029 |
200,000 | 187,052 | ||||||
5.75%, 6/5/2033 |
150,000 | 152,162 | ||||||
Trinity Acquisition plc |
|
|||||||
4.40%, 3/15/2026 |
151,000 | 148,892 | ||||||
Unum Group |
|
|||||||
3.88%, 11/5/2025 |
100,000 | 97,248 | ||||||
Willis North America, Inc. |
|
|||||||
4.65%, 6/15/2027 |
281,000 | 278,805 | ||||||
4.50%, 9/15/2028 |
210,000 | 205,286 | ||||||
2.95%, 9/15/2029 |
354,000 | 318,279 | ||||||
5.35%, 5/15/2033 |
240,000 | 241,312 | ||||||
|
|
|||||||
15,538,520 | ||||||||
|
|
|||||||
Interactive Media & Services - 0.2% |
| |||||||
Meta Platforms, Inc. |
|
|||||||
3.85%, 8/15/2032(d) |
341,000 | 322,442 | ||||||
4.95%, 5/15/2033 |
300,000 | 306,947 | ||||||
Weibo Corp. |
|
|||||||
3.38%, 7/8/2030 |
200,000 | 173,488 | ||||||
|
|
|||||||
802,877 | ||||||||
|
|
|||||||
IT Services - 0.7% |
| |||||||
Amdocs Ltd. |
|
|||||||
2.54%, 6/15/2030 |
250,000 | 215,985 | ||||||
Booz Allen Hamilton, Inc. |
|
|||||||
5.95%, 8/4/2033 |
200,000 | 209,742 | ||||||
CGI, Inc. |
|
|||||||
1.45%, 9/14/2026 |
101,000 | 92,145 | ||||||
2.30%, 9/14/2031 |
100,000 | 81,814 | ||||||
International Business Machines Corp. |
|
|||||||
4.50%, 2/6/2026 |
100,000 | 99,767 | ||||||
3.30%, 5/15/2026 |
250,000 | 242,850 | ||||||
4.15%, 7/27/2027 |
192,000 | 189,431 | ||||||
3.50%, 5/15/2029 |
505,000 | 480,665 | ||||||
1.95%, 5/15/2030 |
100,000 | 85,607 | ||||||
VeriSign, Inc. |
|
|||||||
5.25%, 4/1/2025 |
250,000 | 250,002 | ||||||
4.75%, 7/15/2027 |
150,000 | 148,830 | ||||||
2.70%, 6/15/2031 |
200,000 | 170,189 | ||||||
|
|
|||||||
2,267,027 | ||||||||
|
|
|||||||
Life Sciences Tools & Services - 0.2% |
| |||||||
Agilent Technologies, Inc. |
|
|||||||
3.05%, 9/22/2026 |
100,000 | 95,722 | ||||||
2.75%, 9/15/2029 |
332,000 | 301,979 | ||||||
2.30%, 3/12/2031 |
301,000 | 257,724 | ||||||
|
|
|||||||
655,425 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Machinery - 1.3% |
| |||||||
Dover Corp. |
|
|||||||
3.15%, 11/15/2025 |
151,000 | 146,247 | ||||||
Fortive Corp. |
|
|||||||
3.15%, 6/15/2026 |
251,000 | 241,189 | ||||||
IDEX Corp. |
|
|||||||
3.00%, 5/1/2030 |
150,000 | 134,273 | ||||||
2.63%, 6/15/2031 |
200,000 | 171,085 | ||||||
Ingersoll Rand, Inc. |
|
|||||||
5.40%, 8/14/2028 |
250,000 | 256,428 | ||||||
5.70%, 8/14/2033 |
250,000 | 261,094 | ||||||
Nordson Corp. |
|
|||||||
5.80%, 9/15/2033 |
150,000 | 158,465 | ||||||
nVent Finance Sarl |
|
|||||||
4.55%, 4/15/2028 |
100,000 | 97,511 | ||||||
2.75%, 11/15/2031 |
100,000 | 83,003 | ||||||
5.65%, 5/15/2033 |
100,000 | 102,638 | ||||||
Otis Worldwide Corp. |
|
|||||||
2.06%, 4/5/2025 |
698,000 | 672,818 | ||||||
2.29%, 4/5/2027 |
200,000 | 186,894 | ||||||
5.25%, 8/16/2028 |
100,000 | 102,263 | ||||||
2.57%, 2/15/2030 |
453,000 | 401,027 | ||||||
Stanley Black & Decker, Inc. |
|
|||||||
4.00%, 3/15/2060(c) |
225,000 | 196,156 | ||||||
Westinghouse Air Brake Technologies Corp. |
|
|||||||
3.20%, 6/15/2025 |
200,000 | 194,367 | ||||||
3.45%, 11/15/2026 |
240,000 | 230,592 | ||||||
4.70%, 9/15/2028(a) |
464,000 | 459,571 | ||||||
Xylem, Inc. |
|
|||||||
3.25%, 11/1/2026 |
200,000 | 193,252 | ||||||
|
|
|||||||
4,288,873 | ||||||||
|
|
|||||||
Media - 0.4% |
| |||||||
Fox Corp. |
|
|||||||
3.05%, 4/7/2025 |
175,000 | 170,746 | ||||||
4.71%, 1/25/2029 |
350,000 | 347,135 | ||||||
3.50%, 4/8/2030 |
102,000 | 93,939 | ||||||
6.50%, 10/13/2033 |
250,000 | 269,626 | ||||||
Interpublic Group of Cos., Inc. (The) |
|
|||||||
4.75%, 3/30/2030 |
27,000 | 26,623 | ||||||
Omnicom Group, Inc. |
|
|||||||
3.60%, 4/15/2026 |
450,000 | 439,226 | ||||||
4.20%, 6/1/2030 |
100,000 | 96,518 | ||||||
|
|
|||||||
1,443,813 | ||||||||
|
|
|||||||
Metals & Mining - 1.4% |
| |||||||
AngloGold Ashanti Holdings plc |
|
|||||||
3.38%, 11/1/2028 |
52,000 | 46,963 | ||||||
ArcelorMittal SA |
|
|||||||
6.55%, 11/29/2027 |
332,000 | 348,009 | ||||||
6.80%, 11/29/2032 |
275,000 | 295,765 | ||||||
BHP Billiton Finance USA Ltd. |
|
|||||||
4.88%, 2/27/2026 |
300,000 | 301,623 | ||||||
4.75%, 2/28/2028 |
310,000 | 312,677 | ||||||
4.90%, 2/28/2033 |
100,000 | 101,296 | ||||||
5.25%, 9/8/2033 |
200,000 | 205,464 | ||||||
Freeport-McMoRan, Inc. |
|
|||||||
4.63%, 8/1/2030 |
250,000 | 241,315 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Nucor Corp. |
|
|||||||
3.95%, 5/23/2025 |
100,000 | 98,657 | ||||||
2.00%, 6/1/2025 |
100,000 | 96,219 | ||||||
Reliance Steel & Aluminum Co. |
|
|||||||
1.30%, 8/15/2025 |
252,000 | 237,199 | ||||||
2.15%, 8/15/2030 |
150,000 | 126,890 | ||||||
Rio Tinto Alcan, Inc. |
|
|||||||
7.25%, 3/15/2031 |
150,000 | 170,790 | ||||||
6.13%, 12/15/2033 |
100,000 | 108,973 | ||||||
Rio Tinto Finance USA Ltd. |
|
|||||||
7.13%, 7/15/2028 |
272,000 | 299,665 | ||||||
Steel Dynamics, Inc. |
|
|||||||
2.40%, 6/15/2025 |
250,000 | 240,404 | ||||||
1.65%, 10/15/2027 |
100,000 | 89,144 | ||||||
3.45%, 4/15/2030 |
100,000 | 92,275 | ||||||
Vale Canada Ltd. |
|
|||||||
7.20%, 9/15/2032 |
100,000 | 108,796 | ||||||
Vale Overseas Ltd. |
|
|||||||
6.25%, 8/10/2026 |
250,000 | 255,144 | ||||||
3.75%, 7/8/2030 |
320,000 | 290,146 | ||||||
6.13%, 6/12/2033 |
400,000 | 408,558 | ||||||
|
|
|||||||
4,475,972 | ||||||||
|
|
|||||||
Multi-Utilities - 0.9% |
| |||||||
Ameren Corp. |
|
|||||||
3.65%, 2/15/2026 |
100,000 | 97,286 | ||||||
Berkshire Hathaway Energy Co. |
|
|||||||
3.50%, 2/1/2025 |
250,000 | 245,886 | ||||||
4.05%, 4/15/2025 |
400,000 | 396,057 | ||||||
3.25%, 4/15/2028 |
200,000 | 189,702 | ||||||
3.70%, 7/15/2030 |
383,000 | 359,678 | ||||||
1.65%, 5/15/2031 |
300,000 | 241,906 | ||||||
CMS Energy Corp. |
|
|||||||
4.75%, 6/1/2050(c) |
85,000 | 76,954 | ||||||
3.75%, 12/1/2050(c) |
100,000 | 80,769 | ||||||
Public Service Enterprise Group, Inc. |
|
|||||||
0.80%, 8/15/2025 |
152,000 | 142,702 | ||||||
5.85%, 11/15/2027 |
200,000 | 208,199 | ||||||
2.45%, 11/15/2031 |
150,000 | 124,756 | ||||||
6.13%, 10/15/2033 |
100,000 | 106,885 | ||||||
Puget Energy, Inc. |
|
|||||||
4.10%, 6/15/2030 |
50,000 | 45,943 | ||||||
Sempra |
|
|||||||
3.30%, 4/1/2025 |
150,000 | 146,685 | ||||||
3.25%, 6/15/2027 |
130,000 | 123,468 | ||||||
4.13%, 4/1/2052(c) |
200,000 | 176,080 | ||||||
Southern Co. Gas Capital Corp. |
|
|||||||
5.75%, 9/15/2033 |
250,000 | 261,818 | ||||||
|
|
|||||||
3,024,774 | ||||||||
|
|
|||||||
Office REITs - 0.2% |
| |||||||
Alexandria Real Estate Equities, Inc. |
|
|||||||
REIT, 3.38%, 8/15/2031 |
200,000 | 178,975 | ||||||
Corporate Office Properties LP |
|
|||||||
REIT, 2.25%, 3/15/2026 |
50,000 | 46,973 | ||||||
REIT, 2.00%, 1/15/2029 |
150,000 | 126,027 | ||||||
REIT, 2.75%, 4/15/2031 |
100,000 | 81,639 | ||||||
Highwoods Realty LP |
|
|||||||
REIT, 4.13%, 3/15/2028 |
100,000 | 93,360 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
REIT, 4.20%, 4/15/2029 |
50,000 | 45,876 | ||||||
Kilroy Realty LP |
|
|||||||
REIT, 3.05%, 2/15/2030 |
150,000 | 128,683 | ||||||
|
|
|||||||
701,533 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 11.9% |
| |||||||
Apache Corp. |
||||||||
4.25%, 1/15/2030 |
150,000 | 139,747 | ||||||
Boardwalk Pipelines LP |
||||||||
5.95%, 6/1/2026 |
150,000 | 151,689 | ||||||
4.80%, 5/3/2029 |
302,000 | 297,065 | ||||||
3.40%, 2/15/2031 |
200,000 | 179,142 | ||||||
3.60%, 9/1/2032 |
100,000 | 88,371 | ||||||
Burlington Resources LLC |
||||||||
7.20%, 8/15/2031 |
100,000 | 114,815 | ||||||
7.40%, 12/1/2031 |
200,000 | 232,543 | ||||||
Canadian Natural Resources Ltd. |
||||||||
3.90%, 2/1/2025 |
250,000 | 246,086 | ||||||
2.05%, 7/15/2025 |
250,000 | 239,137 | ||||||
3.85%, 6/1/2027 |
390,000 | 377,536 | ||||||
2.95%, 7/15/2030 |
200,000 | 176,247 | ||||||
7.20%, 1/15/2032 |
100,000 | 111,342 | ||||||
6.45%, 6/30/2033 |
150,000 | 160,437 | ||||||
Cenovus Energy, Inc. |
||||||||
2.65%, 1/15/2032 |
150,000 | 124,917 | ||||||
Cheniere Corpus Christi Holdings LLC |
||||||||
5.13%, 6/30/2027 |
300,000 | 301,466 | ||||||
3.70%, 11/15/2029 |
150,000 | 141,244 | ||||||
Cheniere Energy Partners LP |
||||||||
4.50%, 10/1/2029 |
650,000 | 620,088 | ||||||
4.00%, 3/1/2031 |
400,000 | 362,898 | ||||||
3.25%, 1/31/2032 |
200,000 | 169,780 | ||||||
5.95%, 6/30/2033(e) |
400,000 | 408,488 | ||||||
Cheniere Energy, Inc. |
||||||||
4.63%, 10/15/2028 |
427,000 | 413,129 | ||||||
Chevron Corp. |
||||||||
1.55%, 5/11/2025 |
303,000 | 291,408 | ||||||
2.24%, 5/11/2030 |
250,000 | 221,694 | ||||||
Chevron USA, Inc. |
||||||||
0.69%, 8/12/2025 |
252,000 | 237,569 | ||||||
Conoco Funding Co. |
||||||||
7.25%, 10/15/2031 |
100,000 | 115,180 | ||||||
ConocoPhillips |
||||||||
5.90%, 10/15/2032 |
100,000 | 109,563 | ||||||
ConocoPhillips Co. |
||||||||
6.95%, 4/15/2029 |
301,000 | 334,578 | ||||||
5.05%, 9/15/2033 |
200,000 | 203,416 | ||||||
Continental Resources, Inc. |
||||||||
4.38%, 1/15/2028 |
348,000 | 337,685 | ||||||
Coterra Energy, Inc. |
||||||||
3.90%, 5/15/2027 |
252,000 | 245,254 | ||||||
4.38%, 3/15/2029 |
150,000 | 146,481 | ||||||
Devon Energy Corp. |
||||||||
5.85%, 12/15/2025 |
215,000 | 217,436 | ||||||
4.50%, 1/15/2030 |
101,000 | 97,594 | ||||||
7.88%, 9/30/2031 |
100,000 | 115,261 | ||||||
7.95%, 4/15/2032 |
150,000 | 174,060 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Diamondback Energy, Inc. |
||||||||
3.50%, 12/1/2029 |
303,000 | 281,493 | ||||||
3.13%, 3/24/2031 |
200,000 | 177,514 | ||||||
6.25%, 3/15/2033 |
400,000 | 426,321 | ||||||
Eastern Gas Transmission & Storage, Inc. |
||||||||
3.00%, 11/15/2029 |
202,000 | 182,749 | ||||||
Enbridge, Inc. |
||||||||
5.70%, 3/8/2033 |
200,000 | 206,328 | ||||||
Series 16-A, 6.00%, 1/15/2077(c) |
300,000 | 288,723 | ||||||
5.50%, 7/15/2077(c) |
200,000 | 186,262 | ||||||
6.25%, 3/1/2078(c) |
202,000 | 192,756 | ||||||
Series 20-A, 5.75%, 7/15/2080(c) |
200,000 | 187,070 | ||||||
7.38%, 1/15/2083(c) |
100,000 | 99,808 | ||||||
8.50%, 1/15/2084(c) |
100,000 | 106,910 | ||||||
Energy Transfer LP |
||||||||
4.05%, 3/15/2025 |
250,000 | 246,650 | ||||||
2.90%, 5/15/2025 |
350,000 | 339,752 | ||||||
5.95%, 12/1/2025 |
250,000 | 252,572 | ||||||
4.75%, 1/15/2026 |
500,000 | 496,877 | ||||||
3.90%, 7/15/2026 |
100,000 | 97,308 | ||||||
6.05%, 12/1/2026 |
300,000 | 308,146 | ||||||
4.40%, 3/15/2027 |
200,000 | 196,358 | ||||||
4.20%, 4/15/2027 |
150,000 | 146,429 | ||||||
5.50%, 6/1/2027 |
500,000 | 507,102 | ||||||
4.00%, 10/1/2027 |
100,000 | 96,584 | ||||||
5.55%, 2/15/2028 |
220,000 | 223,871 | ||||||
4.95%, 5/15/2028 |
200,000 | 199,372 | ||||||
4.95%, 6/15/2028 |
250,000 | 249,533 | ||||||
5.25%, 4/15/2029 |
300,000 | 303,142 | ||||||
4.15%, 9/15/2029 |
100,000 | 95,571 | ||||||
3.75%, 5/15/2030 |
500,000 | 462,318 | ||||||
6.40%, 12/1/2030 |
400,000 | 426,025 | ||||||
5.75%, 2/15/2033 |
350,000 | 358,420 | ||||||
6.55%, 12/1/2033 |
275,000 | 296,522 | ||||||
Enterprise Products Operating LLC |
||||||||
3.75%, 2/15/2025 |
198,000 | 195,670 | ||||||
5.05%, 1/10/2026 |
200,000 | 201,465 | ||||||
3.70%, 2/15/2026 |
170,000 | 166,860 | ||||||
4.15%, 10/16/2028 |
281,000 | 276,322 | ||||||
3.13%, 7/31/2029 |
432,000 | 401,640 | ||||||
2.80%, 1/31/2030 |
457,000 | 412,190 | ||||||
5.35%, 1/31/2033 |
502,000 | 522,102 | ||||||
Series D, 6.88%, 3/1/2033 |
200,000 | 228,009 | ||||||
Series E, 5.25%, 8/16/2077(c) |
302,000 | 290,840 | ||||||
5.38%, 2/15/2078(c) |
200,000 | 186,355 | ||||||
EOG Resources, Inc. |
||||||||
3.15%, 4/1/2025 |
250,000 | 245,373 | ||||||
4.38%, 4/15/2030 |
202,000 | 200,220 | ||||||
EQT Corp. |
||||||||
7.00%, 2/1/2030(a) |
50,000 | 53,612 | ||||||
Exxon Mobil Corp. |
||||||||
2.71%, 3/6/2025 |
236,000 | 230,584 | ||||||
2.99%, 3/19/2025 |
480,000 | 470,735 | ||||||
3.48%, 3/19/2030 |
400,000 | 379,337 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
2.61%, 10/15/2030 |
201,000 | 179,869 | ||||||
Hess Corp. |
|
|||||||
7.88%, 10/1/2029 |
100,000 | 114,218 | ||||||
HF Sinclair Corp. |
|
|||||||
5.88%, 4/1/2026 |
290,000 | 293,266 | ||||||
5.00%, 2/1/2028(e) |
200,000 | 194,103 | ||||||
4.50%, 10/1/2030 |
100,000 | 94,919 | ||||||
Kinder Morgan Energy Partners LP |
|
|||||||
7.40%, 3/15/2031 |
150,000 | 167,394 | ||||||
Kinder Morgan, Inc. |
|
|||||||
4.30%, 3/1/2028 |
500,000 | 490,021 | ||||||
7.80%, 8/1/2031 |
252,000 | 286,438 | ||||||
7.75%, 1/15/2032 |
200,000 | 228,785 | ||||||
4.80%, 2/1/2033 |
250,000 | 239,506 | ||||||
5.20%, 6/1/2033 |
500,000 | 496,051 | ||||||
Magellan Midstream Partners LP |
|
|||||||
5.00%, 3/1/2026 |
202,000 | 202,409 | ||||||
3.25%, 6/1/2030 |
200,000 | 181,863 | ||||||
Marathon Oil Corp. |
|
|||||||
4.40%, 7/15/2027 |
251,000 | 245,638 | ||||||
Marathon Petroleum Corp. |
|
|||||||
4.70%, 5/1/2025 |
352,000 | 349,561 | ||||||
3.80%, 4/1/2028 |
202,000 | 194,566 | ||||||
MPLX LP |
|
|||||||
4.00%, 2/15/2025 |
250,000 | 246,484 | ||||||
4.88%, 6/1/2025 |
214,000 | 213,008 | ||||||
1.75%, 3/1/2026 |
302,000 | 282,957 | ||||||
4.13%, 3/1/2027 |
200,000 | 195,947 | ||||||
4.25%, 12/1/2027 |
200,000 | 195,903 | ||||||
4.00%, 3/15/2028 |
400,000 | 387,357 | ||||||
4.80%, 2/15/2029 |
100,000 | 99,446 | ||||||
2.65%, 8/15/2030 |
300,000 | 260,203 | ||||||
4.95%, 9/1/2032 |
300,000 | 292,682 | ||||||
5.00%, 3/1/2033 |
200,000 | 195,672 | ||||||
Occidental Petroleum Corp. |
|
|||||||
5.88%, 9/1/2025 |
150,000 | 151,015 | ||||||
5.50%, 12/1/2025 |
370,000 | 371,352 | ||||||
5.55%, 3/15/2026 |
300,000 | 301,908 | ||||||
3.40%, 4/15/2026 |
100,000 | 96,107 | ||||||
8.50%, 7/15/2027 |
120,000 | 131,116 | ||||||
6.38%, 9/1/2028 |
110,000 | 115,447 | ||||||
3.50%, 8/15/2029 |
100,000 | 89,108 | ||||||
8.88%, 7/15/2030 |
362,000 | 424,371 | ||||||
6.63%, 9/1/2030 |
403,000 | 428,752 | ||||||
6.13%, 1/1/2031 |
350,000 | 363,317 | ||||||
7.50%, 5/1/2031 |
275,000 | 306,195 | ||||||
7.88%, 9/15/2031 |
300,000 | 341,383 | ||||||
ONEOK, Inc. |
|
|||||||
5.85%, 1/15/2026 |
100,000 | 101,429 | ||||||
4.00%, 7/13/2027 |
190,000 | 184,784 | ||||||
4.55%, 7/15/2028 |
110,000 | 108,766 | ||||||
4.35%, 3/15/2029 |
200,000 | 194,950 | ||||||
3.40%, 9/1/2029 |
200,000 | 184,960 | ||||||
3.10%, 3/15/2030 |
229,000 | 206,095 | ||||||
6.35%, 1/15/2031 |
210,000 | 223,367 | ||||||
6.10%, 11/15/2032 |
150,000 | 157,870 | ||||||
6.05%, 9/1/2033 |
250,000 | 262,500 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Phillips 66 |
|
|||||||
1.30%, 2/15/2026 |
150,000 | 139,679 | ||||||
3.90%, 3/15/2028 |
100,000 | 97,428 | ||||||
Phillips 66 Co. |
|
|||||||
3.61%, 2/15/2025 |
100,000 | 98,397 | ||||||
3.55%, 10/1/2026 |
100,000 | 97,045 | ||||||
3.75%, 3/1/2028 |
150,000 | 144,639 | ||||||
3.15%, 12/15/2029 |
100,000 | 91,664 | ||||||
5.30%, 6/30/2033 |
165,000 | 168,718 | ||||||
Pioneer Natural Resources Co. |
|
|||||||
1.13%, 1/15/2026 |
200,000 | 186,611 | ||||||
5.10%, 3/29/2026 |
350,000 | 352,418 | ||||||
1.90%, 8/15/2030 |
300,000 | 255,601 | ||||||
2.15%, 1/15/2031 |
225,000 | 191,667 | ||||||
Plains All American Pipeline LP |
|
|||||||
4.65%, 10/15/2025 |
350,000 | 347,374 | ||||||
4.50%, 12/15/2026 |
250,000 | 247,675 | ||||||
3.55%, 12/15/2029 |
352,000 | 323,929 | ||||||
3.80%, 9/15/2030 |
200,000 | 184,756 | ||||||
Sabine Pass Liquefaction LLC |
|
|||||||
4.20%, 3/15/2028 |
250,000 | 244,772 | ||||||
4.50%, 5/15/2030 |
300,000 | 292,851 | ||||||
Spectra Energy Partners LP |
|
|||||||
3.50%, 3/15/2025 |
100,000 | 98,197 | ||||||
Suncor Energy, Inc. |
|
|||||||
7.88%, 6/15/2026 |
150,000 | 159,502 | ||||||
7.15%, 2/1/2032 |
150,000 | 167,524 | ||||||
Targa Resources Corp. |
|
|||||||
4.20%, 2/1/2033 |
150,000 | 137,312 | ||||||
Targa Resources Partners LP |
|
|||||||
5.50%, 3/1/2030 |
275,000 | 273,688 | ||||||
4.88%, 2/1/2031 |
200,000 | 191,800 | ||||||
Tennessee Gas Pipeline Co. LLC |
|
|||||||
7.00%, 10/15/2028 |
100,000 | 108,360 | ||||||
Texas Eastern Transmission LP |
|
|||||||
7.00%, 7/15/2032 |
100,000 | 111,573 | ||||||
Tosco Corp. |
|
|||||||
8.13%, 2/15/2030 |
152,000 | 178,562 | ||||||
Transcanada Trust |
|
|||||||
Series 16-A, 5.88%, 8/15/2076(c) |
150,000 | 144,100 | ||||||
5.50%, 9/15/2079(c) |
200,000 | 178,139 | ||||||
5.60%, 3/7/2082(c) |
25,000 | 21,947 | ||||||
Transcontinental Gas Pipe Line Co. LLC |
|
|||||||
4.00%, 3/15/2028 |
62,000 | 60,308 | ||||||
Valero Energy Corp. |
|
|||||||
2.85%, 4/15/2025 |
100,000 | 97,021 | ||||||
3.40%, 9/15/2026 |
100,000 | 96,336 | ||||||
2.15%, 9/15/2027 |
100,000 | 91,883 | ||||||
4.35%, 6/1/2028 |
200,000 | 197,648 | ||||||
2.80%, 12/1/2031 |
200,000 | 171,976 | ||||||
7.50%, 4/15/2032 |
200,000 | 232,305 | ||||||
Valero Energy Partners LP |
|
|||||||
4.50%, 3/15/2028 |
200,000 | 197,371 | ||||||
Western Midstream Operating LP |
|
|||||||
3.10%, 2/1/2025(a) |
200,000 | 194,888 | ||||||
4.65%, 7/1/2026 |
252,000 | 248,200 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
4.50%, 3/1/2028 |
250,000 | 242,551 | ||||||
4.05%, 2/1/2030(a) |
400,000 | 373,894 | ||||||
6.15%, 4/1/2033 |
300,000 | 309,222 | ||||||
Williams Cos., Inc. (The) |
| |||||||
4.00%, 9/15/2025 |
200,000 | 196,636 | ||||||
2.60%, 3/15/2031 |
100,000 | 85,468 | ||||||
7.75%, 6/15/2031 |
100,000 | 112,766 | ||||||
8.75%, 3/15/2032(a) |
100,000 | 121,430 | ||||||
|
|
|||||||
39,342,035 | ||||||||
|
|
|||||||
Paper & Forest Products - 0.1% |
| |||||||
Suzano Austria GmbH |
|
|||||||
6.00%, 1/15/2029 |
252,000 | 253,643 | ||||||
|
|
|||||||
Personal Care Products - 0.0%(b) |
| |||||||
Conopco, Inc. |
|
|||||||
6.63%, 4/15/2028 |
90,000 | 97,785 | ||||||
|
|
|||||||
Pharmaceuticals - 1.0% |
| |||||||
Eli Lilly & Co. |
|
|||||||
3.38%, 3/15/2029 |
183,000 | 175,792 | ||||||
4.70%, 2/27/2033 |
200,000 | 203,749 | ||||||
Merck & Co., Inc. |
||||||||
3.40%, 3/7/2029 |
300,000 | 286,584 | ||||||
4.30%, 5/17/2030 |
250,000 | 248,300 | ||||||
1.45%, 6/24/2030 |
250,000 | 208,926 | ||||||
2.15%, 12/10/2031 |
320,000 | 270,658 | ||||||
4.50%, 5/17/2033 |
275,000 | 273,744 | ||||||
Royalty Pharma plc |
|
|||||||
1.20%, 9/2/2025 |
232,000 | 217,551 | ||||||
Zoetis, Inc. |
|
|||||||
4.50%, 11/13/2025 |
400,000 | 398,029 | ||||||
5.40%, 11/14/2025 |
250,000 | 252,409 | ||||||
3.00%, 9/12/2027 |
226,000 | 214,710 | ||||||
3.90%, 8/20/2028 |
252,000 | 246,333 | ||||||
2.00%, 5/15/2030 |
200,000 | 170,786 | ||||||
5.60%, 11/16/2032 |
200,000 | 211,572 | ||||||
|
|
|||||||
3,379,143 | ||||||||
|
|
|||||||
Professional Services - 1.0% |
| |||||||
Automatic Data Processing, Inc. |
|
|||||||
3.38%, 9/15/2025 |
50,000 | 49,109 | ||||||
1.70%, 5/15/2028 |
200,000 | 180,527 | ||||||
1.25%, 9/1/2030 |
151,000 | 124,076 | ||||||
Broadridge Financial Solutions, Inc. |
|
|||||||
3.40%, 6/27/2026 |
200,000 | 193,321 | ||||||
2.90%, 12/1/2029 |
252,000 | 226,936 | ||||||
2.60%, 5/1/2031 |
300,000 | 255,107 | ||||||
Equifax, Inc. |
|
|||||||
2.60%, 12/15/2025 |
100,000 | 95,769 | ||||||
3.25%, 6/1/2026 |
100,000 | 96,307 | ||||||
5.10%, 12/15/2027 |
100,000 | 100,842 | ||||||
5.10%, 6/1/2028 |
375,000 | 379,386 | ||||||
3.10%, 5/15/2030 |
202,000 | 181,712 | ||||||
2.35%, 9/15/2031 |
300,000 | 248,884 | ||||||
Jacobs Engineering Group, Inc. |
|
|||||||
6.35%, 8/18/2028 |
150,000 | 156,736 | ||||||
5.90%, 3/1/2033 |
150,000 | 153,025 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Verisk Analytics, Inc. |
|
|||||||
4.00%, 6/15/2025 |
400,000 | 394,640 | ||||||
4.13%, 3/15/2029 |
252,000 | 245,716 | ||||||
5.75%, 4/1/2033 |
100,000 | 106,203 | ||||||
|
|
|||||||
3,188,296 | ||||||||
|
|
|||||||
Real Estate Management & Development - 0.1% |
| |||||||
CBRE Services, Inc. |
| |||||||
4.88%, 3/1/2026 |
200,000 | 199,282 | ||||||
2.50%, 4/1/2031 |
151,000 | 126,406 | ||||||
|
|
|||||||
325,688 | ||||||||
|
|
|||||||
Residential REITs - 0.8% |
| |||||||
American Homes 4 Rent LP |
| |||||||
REIT, 4.25%, 2/15/2028 |
200,000 | 194,466 | ||||||
REIT, 4.90%, 2/15/2029 |
162,000 | 160,746 | ||||||
AvalonBay Communities, Inc. |
|
|||||||
REIT, 3.45%, 6/1/2025 |
151,000 | 147,921 | ||||||
REIT, 3.50%, 11/15/2025 |
50,000 | 48,912 | ||||||
REIT, 2.30%, 3/1/2030 |
200,000 | 174,832 | ||||||
ERP Operating LP |
|
|||||||
REIT, 3.00%, 7/1/2029 |
28,000 | 25,775 | ||||||
Essential Properties LP |
|
|||||||
REIT, 2.95%, 7/15/2031 |
100,000 | 79,483 | ||||||
Essex Portfolio LP |
|
|||||||
REIT, 3.50%, 4/1/2025 |
100,000 | 97,851 | ||||||
REIT, 3.63%, 5/1/2027 |
200,000 | 191,096 | ||||||
REIT, 1.70%, 3/1/2028 |
250,000 | 219,504 | ||||||
REIT, 4.00%, 3/1/2029 |
151,000 | 144,401 | ||||||
REIT, 3.00%, 1/15/2030 |
252,000 | 224,926 | ||||||
REIT, 1.65%, 1/15/2031 |
100,000 | 79,475 | ||||||
REIT, 2.65%, 3/15/2032 |
150,000 | 125,430 | ||||||
Invitation Homes Operating Partnership LP |
|
|||||||
REIT, 2.30%, 11/15/2028 |
300,000 | 265,694 | ||||||
REIT, 2.00%, 8/15/2031 |
100,000 | 79,104 | ||||||
Mid-America Apartments LP |
|
|||||||
REIT, 3.95%, 3/15/2029 |
28,000 | 27,111 | ||||||
REIT, 2.75%, 3/15/2030 |
151,000 | 134,789 | ||||||
Tanger Properties LP |
|
|||||||
REIT, 3.13%, 9/1/2026 |
200,000 | 187,609 | ||||||
REIT, 3.88%, 7/15/2027 |
100,000 | 91,894 | ||||||
REIT, 2.75%, 9/1/2031 |
100,000 | 82,034 | ||||||
|
|
|||||||
2,783,053 | ||||||||
|
|
|||||||
Retail REITs - 0.9% |
| |||||||
Agree LP |
| |||||||
REIT, 2.00%, 6/15/2028 |
202,000 | 177,178 | ||||||
REIT, 2.90%, 10/1/2030 |
150,000 | 129,667 | ||||||
REIT, 4.80%, 10/1/2032 |
150,000 | 142,674 | ||||||
Brixmor Operating Partnership LP |
|
|||||||
REIT, 3.85%, 2/1/2025 |
250,000 | 245,367 | ||||||
REIT, 4.13%, 6/15/2026 |
252,000 | 245,152 | ||||||
REIT, 4.13%, 5/15/2029 |
252,000 | 239,282 | ||||||
REIT, 4.05%, 7/1/2030 |
151,000 | 141,215 | ||||||
NNN REIT, Inc. |
|
|||||||
REIT, 4.00%, 11/15/2025 |
50,000 | 49,038 | ||||||
REIT, 3.60%, 12/15/2026 |
200,000 | 192,552 | ||||||
REIT, 3.50%, 10/15/2027 |
151,000 | 143,402 | ||||||
REIT, 4.30%, 10/15/2028 |
91,000 | 88,620 | ||||||
REIT, 2.50%, 4/15/2030 |
100,000 | 86,131 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
REIT, 5.60%, 10/15/2033 |
250,000 | 255,707 | ||||||
Phillips Edison Grocery Center Operating Partnership I LP |
|
|||||||
REIT, 2.63%, 11/15/2031 |
100,000 | 81,596 | ||||||
Realty Income Corp. |
|
|||||||
REIT, 4.90%, 7/15/2033 |
50,000 | 48,975 | ||||||
Regency Centers LP |
|
|||||||
REIT, 4.13%, 3/15/2028 |
200,000 | 192,689 | ||||||
REIT, 2.95%, 9/15/2029 |
150,000 | 134,989 | ||||||
REIT, 3.70%, 6/15/2030 |
252,000 | 234,320 | ||||||
|
|
|||||||
2,828,554 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 3.3% |
| |||||||
Analog Devices, Inc. |
||||||||
3.50%, 12/5/2026 |
100,000 | 97,677 | ||||||
Broadcom Corp. |
||||||||
3.88%, 1/15/2027 |
794,000 | 773,424 | ||||||
3.50%, 1/15/2028 |
300,000 | 286,749 | ||||||
Broadcom, Inc. |
||||||||
3.15%, 11/15/2025 |
350,000 | 339,496 | ||||||
3.46%, 9/15/2026 |
200,000 | 193,581 | ||||||
1.95%, 2/15/2028(e) |
275,000 | 246,909 | ||||||
4.11%, 9/15/2028 |
405,000 | 394,289 | ||||||
4.00%, 4/15/2029(e) |
300,000 | 288,773 | ||||||
4.75%, 4/15/2029 |
580,000 | 579,597 | ||||||
5.00%, 4/15/2030 |
250,000 | 253,535 | ||||||
4.15%, 11/15/2030 |
500,000 | 476,909 | ||||||
2.45%, 2/15/2031(e) |
800,000 | 681,274 | ||||||
4.15%, 4/15/2032(e) |
350,000 | 330,099 | ||||||
4.30%, 11/15/2032 |
600,000 | 569,511 | ||||||
2.60%, 2/15/2033(e) |
800,000 | 657,156 | ||||||
3.42%, 4/15/2033(e) |
865,000 | 759,622 | ||||||
Lam Research Corp. |
|
|||||||
3.75%, 3/15/2026 |
300,000 | 294,832 | ||||||
4.00%, 3/15/2029 |
150,000 | 146,988 | ||||||
Microchip Technology, Inc. |
|
|||||||
4.25%, 9/1/2025 |
400,000 | 394,547 | ||||||
NXP BV |
|
|||||||
2.70%, 5/1/2025 |
150,000 | 145,106 | ||||||
3.88%, 6/18/2026 |
100,000 | 97,429 | ||||||
3.15%, 5/1/2027 |
100,000 | 94,955 | ||||||
4.30%, 6/18/2029 |
250,000 | 242,138 | ||||||
3.40%, 5/1/2030 |
252,000 | 230,331 | ||||||
5.00%, 1/15/2033 |
200,000 | 197,165 | ||||||
Qorvo, Inc. |
||||||||
4.38%, 10/15/2029 |
202,000 | 190,208 | ||||||
Skyworks Solutions, Inc. |
||||||||
1.80%, 6/1/2026 |
201,000 | 187,239 | ||||||
3.00%, 6/1/2031 |
100,000 | 85,673 | ||||||
Texas Instruments, Inc. |
||||||||
4.90%, 3/14/2033 |
400,000 | 411,149 | ||||||
TSMC Arizona Corp. |
||||||||
1.75%, 10/25/2026 |
500,000 | 462,131 | ||||||
3.88%, 4/22/2027 |
252,000 | 246,450 | ||||||
2.50%, 10/25/2031 |
500,000 | 428,240 | ||||||
|
|
|||||||
10,783,182 | ||||||||
|
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
Software - 2.0% |
| |||||||
Adobe, Inc. |
|
|||||||
3.25%, 2/1/2025 |
200,000 | 196,833 | ||||||
2.15%, 2/1/2027 |
162,000 | 152,117 | ||||||
2.30%, 2/1/2030 |
223,000 | 199,430 | ||||||
Autodesk, Inc. |
|
|||||||
4.38%, 6/15/2025 |
100,000 | 99,204 | ||||||
3.50%, 6/15/2027 |
210,000 | 203,307 | ||||||
2.85%, 1/15/2030 |
130,000 | 117,669 | ||||||
2.40%, 12/15/2031 |
350,000 | 296,282 | ||||||
Fortinet, Inc. |
|
|||||||
1.00%, 3/15/2026 |
50,000 | 46,070 | ||||||
2.20%, 3/15/2031 |
150,000 | 125,779 | ||||||
Intuit, Inc. |
|
|||||||
0.95%, 7/15/2025 |
100,000 | 94,600 | ||||||
1.35%, 7/15/2027 |
200,000 | 180,712 | ||||||
5.13%, 9/15/2028 |
250,000 | 256,745 | ||||||
1.65%, 7/15/2030 |
100,000 | 83,648 | ||||||
5.20%, 9/15/2033 |
200,000 | 207,455 | ||||||
Oracle Corp. |
|
|||||||
2.50%, 4/1/2025 |
200,000 | 194,014 | ||||||
2.95%, 5/15/2025 |
100,000 | 97,350 | ||||||
1.65%, 3/25/2026 |
100,000 | 93,456 | ||||||
6.25%, 11/9/2032 |
150,000 | 161,779 | ||||||
Roper Technologies, Inc. |
|
|||||||
1.00%, 9/15/2025 |
300,000 | 281,554 | ||||||
3.85%, 12/15/2025 |
100,000 | 98,522 | ||||||
3.80%, 12/15/2026 |
250,000 | 244,475 | ||||||
1.40%, 9/15/2027 |
250,000 | 223,407 | ||||||
4.20%, 9/15/2028 |
301,000 | 294,577 | ||||||
2.95%, 9/15/2029 |
200,000 | 182,894 | ||||||
2.00%, 6/30/2030 |
250,000 | 212,309 | ||||||
1.75%, 2/15/2031 |
252,000 | 205,423 | ||||||
ServiceNow, Inc. |
|
|||||||
1.40%, 9/1/2030 |
250,000 | 205,594 | ||||||
VMware LLC |
|
|||||||
4.50%, 5/15/2025 |
250,000 | 248,078 | ||||||
1.40%, 8/15/2026 |
453,000 | 414,641 | ||||||
4.65%, 5/15/2027 |
140,000 | 138,763 | ||||||
3.90%, 8/21/2027 |
300,000 | 290,212 | ||||||
1.80%, 8/15/2028 |
400,000 | 351,507 | ||||||
4.70%, 5/15/2030 |
192,000 | 188,848 | ||||||
2.20%, 8/15/2031 |
450,000 | 371,617 | ||||||
|
|
|||||||
6,758,871 | ||||||||
|
|
|||||||
Specialized REITs - 1.2% |
| |||||||
American Tower Corp. |
|
|||||||
REIT, 2.40%, 3/15/2025 |
163,000 | 157,956 | ||||||
Crown Castle, Inc. |
|
|||||||
REIT, 1.05%, 7/15/2026 |
250,000 | 226,809 | ||||||
CubeSmart LP |
|
|||||||
REIT, 4.00%, 11/15/2025 |
101,000 | 98,821 | ||||||
REIT, 2.25%, 12/15/2028 |
300,000 | 264,926 | ||||||
REIT, 4.38%, 2/15/2029 |
150,000 | 145,965 | ||||||
REIT, 3.00%, 2/15/2030 |
200,000 | 177,823 | ||||||
REIT, 2.00%, 2/15/2031 |
100,000 | 81,302 | ||||||
REIT, 2.50%, 2/15/2032 |
150,000 | 124,022 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
EPR Properties |
|
|||||||
REIT, 4.50%, 4/1/2025 |
100,000 | 98,220 | ||||||
REIT, 4.50%, 6/1/2027 |
153,000 | 145,563 | ||||||
REIT, 4.95%, 4/15/2028 |
353,000 | 339,184 | ||||||
REIT, 3.75%, 8/15/2029 |
100,000 | 89,190 | ||||||
REIT, 3.60%, 11/15/2031 |
100,000 | 83,637 | ||||||
Equinix, Inc. |
|
|||||||
REIT, 1.45%, 5/15/2026 |
200,000 | 185,511 | ||||||
REIT, 3.20%, 11/18/2029 |
252,000 | 230,410 | ||||||
Public Storage Operating Co. |
|
|||||||
REIT, 0.88%, 2/15/2026 |
150,000 | 139,239 | ||||||
REIT, 1.85%, 5/1/2028 |
100,000 | 90,013 | ||||||
REIT, 1.95%, 11/9/2028 |
81,000 | 72,286 | ||||||
Weyerhaeuser Co. |
|
|||||||
REIT, 4.75%, 5/15/2026 |
250,000 | 248,716 | ||||||
REIT, 4.00%, 11/15/2029 |
276,000 | 263,519 | ||||||
REIT, 4.00%, 4/15/2030 |
504,000 | 480,493 | ||||||
REIT, 7.38%, 3/15/2032 |
150,000 | 173,241 | ||||||
REIT, 3.38%, 3/9/2033 |
150,000 | 132,111 | ||||||
|
|
|||||||
4,048,957 | ||||||||
|
|
|||||||
Specialty Retail - 2.3% |
| |||||||
AutoZone, Inc. |
||||||||
3.25%, 4/15/2025 |
100,000 | 97,851 | ||||||
3.63%, 4/15/2025 |
200,000 | 196,711 | ||||||
3.13%, 4/21/2026 |
125,000 | 120,625 | ||||||
3.75%, 6/1/2027 |
100,000 | 97,079 | ||||||
4.50%, 2/1/2028 |
100,000 | 99,084 | ||||||
3.75%, 4/18/2029 |
150,000 | 143,172 | ||||||
4.00%, 4/15/2030 |
150,000 | 143,444 | ||||||
1.65%, 1/15/2031 |
150,000 | 121,041 | ||||||
4.75%, 8/1/2032 |
100,000 | 98,270 | ||||||
4.75%, 2/1/2033 |
150,000 | 146,828 | ||||||
5.20%, 8/1/2033 |
100,000 | 101,016 | ||||||
Best Buy Co., Inc. |
||||||||
4.45%, 10/1/2028 |
51,000 | 50,777 | ||||||
Home Depot, Inc. (The) |
||||||||
3.35%, 9/15/2025 |
250,000 | 245,136 | ||||||
3.00%, 4/1/2026 |
400,000 | 388,264 | ||||||
2.13%, 9/15/2026 |
250,000 | 235,843 | ||||||
2.80%, 9/14/2027 |
100,000 | 94,982 | ||||||
1.50%, 9/15/2028 |
200,000 | 177,052 | ||||||
3.90%, 12/6/2028 |
100,000 | 98,224 | ||||||
2.95%, 6/15/2029 |
351,000 | 327,502 | ||||||
2.70%, 4/15/2030 |
500,000 | 453,004 | ||||||
1.38%, 3/15/2031 |
150,000 | 121,552 | ||||||
1.88%, 9/15/2031 |
350,000 | 289,784 | ||||||
3.25%, 4/15/2032 |
328,000 | 298,800 | ||||||
OReilly Automotive, Inc. |
||||||||
3.55%, 3/15/2026 |
300,000 | 291,952 | ||||||
3.60%, 9/1/2027 |
501,000 | 482,486 | ||||||
4.35%, 6/1/2028 |
200,000 | 198,169 | ||||||
3.90%, 6/1/2029 |
250,000 | 241,069 | ||||||
4.20%, 4/1/2030 |
50,000 | 48,382 | ||||||
1.75%, 3/15/2031 |
200,000 | 162,337 | ||||||
4.70%, 6/15/2032 |
250,000 | 246,352 | ||||||
Ross Stores, Inc. |
||||||||
0.88%, 4/15/2026 |
500,000 | 460,394 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
1.88%, 4/15/2031 |
150,000 | 123,402 | ||||||
TJX Cos., Inc. (The) |
|
|||||||
2.25%, 9/15/2026 |
490,000 | 464,811 | ||||||
3.88%, 4/15/2030 |
281,000 | 272,228 | ||||||
1.60%, 5/15/2031 |
150,000 | 123,671 | ||||||
Tractor Supply Co. |
|
|||||||
1.75%, 11/1/2030 |
250,000 | 204,801 | ||||||
5.25%, 5/15/2033 |
150,000 | 152,460 | ||||||
|
|
|||||||
7,618,555 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 2.0% |
| |||||||
Apple, Inc. |
|
|||||||
1.13%, 5/11/2025 |
454,000 | 434,711 | ||||||
3.20%, 5/13/2025 |
277,000 | 272,238 | ||||||
3.25%, 2/23/2026 |
723,000 | 706,176 | ||||||
2.45%, 8/4/2026 |
352,000 | 336,113 | ||||||
2.05%, 9/11/2026 |
532,000 | 501,411 | ||||||
3.35%, 2/9/2027 |
212,000 | 206,507 | ||||||
3.20%, 5/11/2027 |
200,000 | 193,292 | ||||||
2.90%, 9/12/2027 |
182,000 | 173,887 | ||||||
3.00%, 11/13/2027 |
222,000 | 212,952 | ||||||
1.20%, 2/8/2028 |
414,000 | 368,297 | ||||||
1.40%, 8/5/2028 |
404,000 | 358,420 | ||||||
3.25%, 8/8/2029 |
182,000 | 173,239 | ||||||
2.20%, 9/11/2029 |
242,000 | 217,881 | ||||||
1.65%, 5/11/2030 |
200,000 | 170,965 | ||||||
1.65%, 2/8/2031 |
402,000 | 336,793 | ||||||
3.35%, 8/8/2032 |
275,000 | 255,878 | ||||||
HP, Inc. |
|
|||||||
2.20%, 6/17/2025 |
250,000 | 240,196 | ||||||
3.00%, 6/17/2027 |
200,000 | 189,104 | ||||||
4.75%, 1/15/2028 |
250,000 | 250,255 | ||||||
4.00%, 4/15/2029 |
202,000 | 195,207 | ||||||
5.50%, 1/15/2033 |
150,000 | 153,216 | ||||||
NetApp, Inc. |
|
|||||||
1.88%, 6/22/2025 |
401,000 | 383,183 | ||||||
2.70%, 6/22/2030 |
150,000 | 132,066 | ||||||
Teledyne FLIR LLC |
|
|||||||
2.50%, 8/1/2030 |
250,000 | 215,484 | ||||||
|
|
|||||||
6,677,471 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 0.4% |
| |||||||
Tapestry, Inc. |
|
|||||||
4.25%, 4/1/2025 |
100,000 | 98,666 | ||||||
7.05%, 11/27/2025 |
100,000 | 102,293 | ||||||
7.00%, 11/27/2026 |
200,000 | 206,291 | ||||||
4.13%, 7/15/2027 |
108,000 | 102,695 | ||||||
7.35%, 11/27/2028 |
350,000 | 366,603 | ||||||
7.70%, 11/27/2030 |
200,000 | 211,979 | ||||||
3.05%, 3/15/2032 |
50,000 | 39,990 | ||||||
7.85%, 11/27/2033 |
200,000 | 213,747 | ||||||
|
|
|||||||
1,342,264 | ||||||||
|
|
|||||||
Tobacco - 2.6% |
| |||||||
Altria Group, Inc. |
|
|||||||
2.35%, 5/6/2025 |
312,000 | 301,528 | ||||||
4.40%, 2/14/2026 |
401,000 | 397,158 | ||||||
2.63%, 9/16/2026 |
171,000 | 162,384 | ||||||
4.80%, 2/14/2029 |
754,000 | 755,466 | ||||||
3.40%, 5/6/2030 |
303,000 | 276,294 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
2.45%, 2/4/2032 |
600,000 | 490,572 | ||||||
6.88%, 11/1/2033 |
100,000 | 110,135 | ||||||
BAT Capital Corp. |
|
|||||||
2.26%, 3/25/2028 |
181,000 | 162,468 | ||||||
Philip Morris International, Inc. |
|
|||||||
1.50%, 5/1/2025 |
155,000 | 148,945 | ||||||
3.38%, 8/11/2025 |
200,000 | 195,990 | ||||||
5.00%, 11/17/2025 |
100,000 | 100,487 | ||||||
4.88%, 2/13/2026 |
475,000 | 476,397 | ||||||
2.75%, 2/25/2026 |
195,000 | 187,393 | ||||||
0.88%, 5/1/2026 |
211,000 | 193,995 | ||||||
5.13%, 11/17/2027 |
273,000 | 277,469 | ||||||
4.88%, 2/15/2028 |
650,000 | 655,385 | ||||||
3.13%, 3/2/2028 |
350,000 | 330,497 | ||||||
5.25%, 9/7/2028 |
100,000 | 102,556 | ||||||
3.38%, 8/15/2029 |
200,000 | 187,214 | ||||||
5.63%, 11/17/2029 |
400,000 | 417,459 | ||||||
5.13%, 2/15/2030 |
820,000 | 833,511 | ||||||
2.10%, 5/1/2030 |
250,000 | 215,146 | ||||||
5.50%, 9/7/2030 |
200,000 | 207,261 | ||||||
1.75%, 11/1/2030 |
200,000 | 165,198 | ||||||
5.75%, 11/17/2032 |
350,000 | 366,325 | ||||||
5.38%, 2/15/2033 |
500,000 | 510,298 | ||||||
5.63%, 9/7/2033 |
400,000 | 414,657 | ||||||
|
|
|||||||
8,642,188 | ||||||||
|
|
|||||||
Trading Companies & Distributors - 0.2% |
| |||||||
Air Lease Corp. |
|
|||||||
3.25%, 3/1/2025 |
100,000 | 97,653 | ||||||
3.63%, 12/1/2027 |
202,000 | 191,772 | ||||||
3.13%, 12/1/2030 |
100,000 | 87,085 | ||||||
Aircastle Ltd. |
|
|||||||
4.25%, 6/15/2026 |
252,000 | 244,620 | ||||||
WW Grainger, Inc. |
|
|||||||
1.85%, 2/15/2025 |
100,000 | 96,837 | ||||||
|
|
|||||||
717,967 | ||||||||
|
|
|||||||
Water Utilities - 0.0%(b) |
| |||||||
American Water Capital Corp. |
|
|||||||
2.80%, 5/1/2030 |
100,000 | 89,859 | ||||||
|
|
|||||||
Wireless Telecommunication Services - 0.0%(b) |
| |||||||
T-Mobile USA, Inc. |
|
|||||||
3.88%, 4/15/2030 |
165,000 | 156,041 | ||||||
|
|
|||||||
TOTAL CORPORATE BONDS |
|
318,231,995 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
U.S. TREASURY OBLIGATIONS - 1.2% |
| |||||||
U.S. Treasury Notes |
|
|||||||
3.75%, 12/31/2028 |
2,000,000 | 1,988,594 | ||||||
3.88%, 8/15/2033 |
2,000,000 | 1,988,125 | ||||||
|
|
|||||||
TOTAL U.S. TREASURY OBLIGATIONS |
|
3,976,719 | ||||||
|
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 0.1%(f) |
| |||||||
REPURCHASE AGREEMENTS - 0.1% |
| |||||||
CF Secured LLC, 5.31%, dated 1/31/2024, due 2/1/2024, repurchase price $381,275, collateralized by
various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 3/31/2024 - 5/15/2053; total market value $3,021,927 |
381,219 | 381,219 | ||||||
|
|
|||||||
Total Investments - 97.3% |
|
322,589,933 | ||||||
Other assets less liabilities - 2.7% |
|
8,834,302 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
331,424,235 | ||||||
|
|
(a) 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, 2024. |
(b) Represents less than 0.05% of net assets. |
(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) The security or a portion of this security is on loan at January 31, 2024. The total value of securities on loan at January 31, 2024 was $104,293,824, collateralized in the form of cash with a value of $381,219 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $810,250 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 7.63%, and maturity dates ranging from February 29, 2024 August 15, 2053; a total value of $1,191,469. |
(e) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(f) The security was purchased with cash collateral held from securities on loan at January 31, 2024. The total value of securities purchased was $381,219. |
Percentages shown are based on Net Assets.
Abbreviations | ||
OYJ |
Public Limited Company | |
REIT |
Real Estate Investment Trust |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Security Type |
% of Net Assets | |||
Corporate Bonds |
96.0 | % | ||
U.S. Treasury Obligations |
1.2 | |||
Securities Lending Reinvestments |
0.1 | |||
Others(1) |
2.7 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Credit-Scored US Long Corporate Bond Index Fund
January 31, 2024 (Unaudited)
Investments |
Principal Amount ($) |
Value ($) | ||||||
CORPORATE BONDS - 97.3% |
||||||||
Aerospace & Defense - 1.6% |
||||||||
Boeing Co. (The) |
||||||||
5.81%, 5/1/2050 |
50,000 | 50,072 | ||||||
5.93%, 5/1/2060 |
50,000 | 49,922 | ||||||
Howmet Aerospace, Inc. |
||||||||
5.95%, 2/1/2037 |
25,000 | 25,746 | ||||||
Lockheed Martin Corp. |
|
|||||||
Series B, 6.15%, 9/1/2036 |
25,000 | 28,020 | ||||||
5.72%, 6/1/2040(a) |
25,000 | 26,904 | ||||||
4.09%, 9/15/2052 |
60,000 | 51,918 | ||||||
4.15%, 6/15/2053 |
30,000 | 26,147 | ||||||
5.70%, 11/15/2054 |
35,000 | 38,361 | ||||||
5.20%, 2/15/2055 |
25,000 | 25,635 | ||||||
4.30%, 6/15/2062 |
45,000 | 39,403 | ||||||
5.90%, 11/15/2063 |
65,000 | 73,365 | ||||||
Northrop Grumman Corp. |
||||||||
5.05%, 11/15/2040 |
25,000 | 24,623 | ||||||
Precision Castparts Corp. |
||||||||
4.20%, 6/15/2035 |
25,000 | 23,632 | ||||||
3.90%, 1/15/2043 |
50,000 | 42,625 | ||||||
|
|
|||||||
526,373 | ||||||||
|
|
|||||||
Automobile Components - 0.1% |
|
|||||||
Aptiv plc |
||||||||
4.15%, 5/1/2052 |
25,000 | 19,917 | ||||||
Lear Corp. |
||||||||
5.25%, 5/15/2049 |
25,000 | 23,038 | ||||||
|
|
|||||||
42,955 | ||||||||
|
|
|||||||
Banks - 6.7% |
||||||||
Bank of America Corp. |
||||||||
7.75%, 5/14/2038 |
40,000 | 49,233 | ||||||
2.68%, 6/19/2041(b) |
20,000 | 14,435 | ||||||
3.31%, 4/22/2042(b) |
15,000 | 11,838 | ||||||
3.95%, 1/23/2049(b) |
10,000 | 8,352 | ||||||
4.08%, 3/20/2051(b) |
50,000 | 41,737 | ||||||
Citigroup, Inc. |
||||||||
3.88%, 1/24/2039(b) |
25,000 | 21,699 | ||||||
5.32%, 3/26/2041(b) |
75,000 | 75,475 | ||||||
5.88%, 1/30/2042 |
100,000 | 107,817 | ||||||
6.68%, 9/13/2043 |
75,000 | 85,535 | ||||||
5.30%, 5/6/2044 |
75,000 | 72,989 | ||||||
4.75%, 5/18/2046 |
145,000 | 130,607 | ||||||
4.65%, 7/23/2048 |
25,000 | 23,107 | ||||||
6.88%, 2/15/2098 |
25,000 | 29,460 | ||||||
Fifth Third Bancorp |
||||||||
8.25%, 3/1/2038 |
20,000 | 24,052 | ||||||
HSBC Holdings plc |
||||||||
6.50%, 9/15/2037 |
100,000 | 104,768 | ||||||
6.80%, 6/1/2038 |
200,000 | 218,342 | ||||||
JPMorgan Chase & Co. |
||||||||
6.40%, 5/15/2038 |
10,000 | 11,483 | ||||||
3.88%, 7/24/2038(b) |
25,000 | 22,005 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
5.60%, 7/15/2041 |
25,000 | 26,545 | ||||||
5.63%, 8/16/2043 |
25,000 | 26,228 | ||||||
4.95%, 6/1/2045 |
25,000 | 24,102 | ||||||
4.26%, 2/22/2048(b) |
25,000 | 22,045 | ||||||
3.11%, 4/22/2051(b) |
25,000 | 17,836 | ||||||
3.33%, 4/22/2052(b) |
50,000 | 36,736 | ||||||
Lloyds Banking Group plc |
||||||||
4.34%, 1/9/2048 |
200,000 | 160,306 | ||||||
Mitsubishi UFJ Financial Group, Inc. |
||||||||
3.75%, 7/18/2039 |
10,000 | 8,784 | ||||||
Regions Financial Corp. |
||||||||
7.38%, 12/10/2037 |
50,000 | 57,177 | ||||||
Wells Fargo & Co. |
||||||||
3.07%, 4/30/2041(b) |
40,000 | 30,339 | ||||||
5.38%, 11/2/2043 |
40,000 | 39,370 | ||||||
5.61%, 1/15/2044 |
100,000 | 100,544 | ||||||
4.65%, 11/4/2044 |
45,000 | 40,002 | ||||||
4.90%, 11/17/2045 |
150,000 | 137,624 | ||||||
4.40%, 6/14/2046 |
125,000 | 106,569 | ||||||
4.75%, 12/7/2046 |
125,000 | 111,816 | ||||||
5.01%, 4/4/2051(b) |
40,000 | 38,208 | ||||||
4.61%, 4/25/2053(b) |
50,000 | 44,805 | ||||||
Westpac Banking Corp. |
||||||||
4.42%, 7/24/2039 |
75,000 | 66,534 | ||||||
2.96%, 11/16/2040 |
75,000 | 52,684 | ||||||
3.13%, 11/18/2041 |
75,000 | 53,226 | ||||||
|
|
|||||||
2,254,414 | ||||||||
|
|
|||||||
Beverages - 1.6% |
||||||||
Brown-Forman Corp. |
||||||||
4.00%, 4/15/2038 |
50,000 | 45,068 | ||||||
Coca-Cola Co. (The) |
||||||||
2.50%, 6/1/2040 |
110,000 | 82,159 | ||||||
2.50%, 3/15/2051 |
100,000 | 65,359 | ||||||
2.75%, 6/1/2060 |
10,000 | 6,633 | ||||||
Constellation Brands, Inc. |
||||||||
5.25%, 11/15/2048 |
30,000 | 29,419 | ||||||
3.75%, 5/1/2050 |
50,000 | 39,000 | ||||||
PepsiCo, Inc. |
||||||||
5.50%, 1/15/2040 |
40,000 | 42,766 | ||||||
3.50%, 3/19/2040 |
25,000 | 21,066 | ||||||
4.00%, 3/5/2042 |
25,000 | 22,500 | ||||||
3.60%, 8/13/2042 |
30,000 | 24,990 | ||||||
4.25%, 10/22/2044 |
25,000 | 22,314 | ||||||
4.60%, 7/17/2045 |
25,000 | 23,202 | ||||||
4.20%, 7/18/2052 |
35,000 | 31,475 | ||||||
4.65%, 2/15/2053 |
35,000 | 34,019 | ||||||
3.88%, 3/19/2060 |
45,000 | 37,509 | ||||||
|
|
|||||||
527,479 | ||||||||
|
|
|||||||
Biotechnology - 0.6% |
||||||||
AbbVie, Inc. |
||||||||
4.50%, 5/14/2035 |
5,000 | 4,880 | ||||||
4.05%, 11/21/2039 |
20,000 | 18,094 | ||||||
4.25%, 11/21/2049 |
50,000 | 43,914 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Amgen, Inc. |
|
|||||||
5.65%, 3/2/2053 |
30,000 | 30,909 | ||||||
4.40%, 2/22/2062 |
60,000 | 49,959 | ||||||
5.75%, 3/2/2063 |
30,000 | 30,914 | ||||||
Regeneron Pharmaceuticals, Inc. |
|
|||||||
2.80%, 9/15/2050 |
50,000 | 32,394 | ||||||
|
|
|||||||
211,064 | ||||||||
|
|
|||||||
Broadline Retail - 0.5% |
| |||||||
Alibaba Group Holding Ltd. |
|
|||||||
3.15%, 2/9/2051 |
250,000 | 164,256 | ||||||
|
|
|||||||
Building Products - 0.5% |
| |||||||
Masco Corp. |
|
|||||||
4.50%, 5/15/2047 |
25,000 | 21,235 | ||||||
3.13%, 2/15/2051 |
25,000 | 17,115 | ||||||
Owens Corning |
|
|||||||
7.00%, 12/1/2036(a) |
25,000 | 28,403 | ||||||
4.40%, 1/30/2048 |
15,000 | 12,861 | ||||||
Trane Technologies Financing Ltd. |
|
|||||||
4.65%, 11/1/2044 |
25,000 | 23,213 | ||||||
4.50%, 3/21/2049 |
20,000 | 18,305 | ||||||
Trane Technologies Global Holding Co. Ltd. |
|
|||||||
5.75%, 6/15/2043 |
30,000 | 31,909 | ||||||
|
|
|||||||
153,041 | ||||||||
|
|
|||||||
Capital Markets - 2.0% |
| |||||||
CI Financial Corp. |
|
|||||||
4.10%, 6/15/2051 |
20,000 | 12,157 | ||||||
Goldman Sachs Group, Inc. (The) |
|
|||||||
6.75%, 10/1/2037 |
50,000 | 55,616 | ||||||
3.21%, 4/22/2042(b) |
10,000 | 7,715 | ||||||
2.91%, 7/21/2042(b) |
15,000 | 11,092 | ||||||
3.44%, 2/24/2043(b) |
10,000 | 7,890 | ||||||
5.15%, 5/22/2045 |
25,000 | 24,592 | ||||||
4.75%, 10/21/2045 |
15,000 | 14,235 | ||||||
Moodys Corp. |
|
|||||||
2.75%, 8/19/2041 |
55,000 | 39,985 | ||||||
5.25%, 7/15/2044 |
50,000 | 50,243 | ||||||
4.88%, 12/17/2048 |
35,000 | 32,946 | ||||||
3.25%, 5/20/2050 |
10,000 | 7,244 | ||||||
3.75%, 2/25/2052 |
25,000 | 20,078 | ||||||
2.55%, 8/18/2060 |
10,000 | 5,675 | ||||||
3.10%, 11/29/2061 |
45,000 | 29,957 | ||||||
Morgan Stanley |
|
|||||||
3.22%, 4/22/2042(b) |
25,000 | 19,413 | ||||||
6.38%, 7/24/2042 |
20,000 | 22,902 | ||||||
4.30%, 1/27/2045 |
30,000 | 26,804 | ||||||
5.60%, 3/24/2051(b) |
25,000 | 26,838 | ||||||
Nasdaq, Inc. |
|
|||||||
3.95%, 3/7/2052 |
30,000 | 23,911 | ||||||
6.10%, 6/28/2063 |
60,000 | 64,702 | ||||||
S&P Global, Inc. |
|
|||||||
6.55%, 11/15/2037 |
20,000 | 22,423 | ||||||
4.50%, 5/15/2048 |
20,000 | 17,091 | ||||||
3.25%, 12/1/2049 |
50,000 | 36,574 | ||||||
3.70%, 3/1/2052 |
75,000 | 59,829 | ||||||
3.90%, 3/1/2062 |
30,000 | 24,350 | ||||||
|
|
|||||||
664,262 | ||||||||
|
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
Chemicals - 2.6% |
| |||||||
Albemarle Corp. |
|
|||||||
5.65%, 6/1/2052 |
25,000 | 23,264 | ||||||
CF Industries, Inc. |
|
|||||||
5.15%, 3/15/2034 |
20,000 | 19,725 | ||||||
4.95%, 6/1/2043 |
55,000 | 50,427 | ||||||
5.38%, 3/15/2044 |
55,000 | 53,105 | ||||||
Dow Chemical Co. (The) |
|
|||||||
9.40%, 5/15/2039 |
10,000 | 13,798 | ||||||
6.90%, 5/15/2053 |
50,000 | 59,303 | ||||||
Ecolab, Inc. |
|
|||||||
5.50%, 12/8/2041 |
25,000 | 26,123 | ||||||
FMC Corp. |
|
|||||||
4.50%, 10/1/2049 |
25,000 | 19,308 | ||||||
Linde, Inc. |
|
|||||||
3.55%, 11/7/2042 |
25,000 | 20,592 | ||||||
LYB International Finance BV |
|
|||||||
5.25%, 7/15/2043 |
50,000 | 47,472 | ||||||
4.88%, 3/15/2044 |
75,000 | 68,843 | ||||||
LYB International Finance III LLC |
|
|||||||
3.38%, 10/1/2040 |
50,000 | 38,412 | ||||||
4.20%, 10/15/2049 |
80,000 | 63,999 | ||||||
4.20%, 5/1/2050 |
80,000 | 63,711 | ||||||
3.63%, 4/1/2051 |
85,000 | 61,272 | ||||||
3.80%, 10/1/2060 |
20,000 | 14,163 | ||||||
LyondellBasell Industries NV |
|
|||||||
4.63%, 2/26/2055 |
75,000 | 63,364 | ||||||
Mosaic Co. (The) |
|
|||||||
5.63%, 11/15/2043 |
20,000 | 19,564 | ||||||
PPG Industries, Inc. |
|
|||||||
5.50%, 11/15/2040 |
25,000 | 24,157 | ||||||
RPM International, Inc. |
|
|||||||
5.25%, 6/1/2045 |
20,000 | 18,993 | ||||||
4.25%, 1/15/2048 |
20,000 | 16,412 | ||||||
Sherwin-Williams Co. (The) |
|
|||||||
4.00%, 12/15/2042 |
25,000 | 21,019 | ||||||
4.55%, 8/1/2045 |
25,000 | 22,316 | ||||||
3.80%, 8/15/2049 |
40,000 | 31,988 | ||||||
3.30%, 5/15/2050 |
30,000 | 21,652 | ||||||
|
|
|||||||
882,982 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 0.3% |
| |||||||
Republic Services, Inc. |
|
|||||||
5.00%, 4/1/2034 |
50,000 | 50,507 | ||||||
5.70%, 5/15/2041 |
25,000 | 26,873 | ||||||
Waste Management, Inc. |
|
|||||||
3.90%, 3/1/2035 |
25,000 | 22,499 | ||||||
2.95%, 6/1/2041 |
15,000 | 11,464 | ||||||
|
|
|||||||
111,343 | ||||||||
|
|
|||||||
Communications Equipment - 1.2% |
| |||||||
Cisco Systems, Inc. |
|
|||||||
5.90%, 2/15/2039 |
145,000 | 160,113 | ||||||
5.50%, 1/15/2040 |
145,000 | 154,717 | ||||||
Juniper Networks, Inc. |
|
|||||||
5.95%, 3/15/2041 |
30,000 | 30,479 | ||||||
Motorola Solutions, Inc. |
|
|||||||
5.50%, 9/1/2044 |
30,000 | 29,663 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Nokia OYJ |
||||||||
6.63%, 5/15/2039 |
25,000 | 24,565 | ||||||
|
|
|||||||
399,537 | ||||||||
|
|
|||||||
Construction & Engineering - 0.2% |
| |||||||
Quanta Services, Inc. |
||||||||
3.05%, 10/1/2041 |
20,000 | 14,275 | ||||||
Valmont Industries, Inc. |
||||||||
5.00%, 10/1/2044 |
25,000 | 22,231 | ||||||
5.25%, 10/1/2054 |
25,000 | 21,899 | ||||||
|
|
|||||||
58,405 | ||||||||
|
|
|||||||
Construction Materials - 0.2% |
| |||||||
Lafarge SA |
||||||||
7.13%, 7/15/2036 |
25,000 | 28,595 | ||||||
Vulcan Materials Co. |
||||||||
4.50%, 6/15/2047 |
50,000 | 44,657 | ||||||
|
|
|||||||
73,252 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 1.4% |
| |||||||
Kroger Co. (The) |
||||||||
6.90%, 4/15/2038 |
25,000 | 28,547 | ||||||
5.40%, 7/15/2040 |
25,000 | 24,475 | ||||||
5.00%, 4/15/2042 |
25,000 | 23,427 | ||||||
5.15%, 8/1/2043 |
25,000 | 23,850 | ||||||
Sysco Corp. |
||||||||
6.60%, 4/1/2040 |
35,000 | 39,242 | ||||||
4.85%, 10/1/2045 |
50,000 | 46,680 | ||||||
4.50%, 4/1/2046 |
35,000 | 30,694 | ||||||
4.45%, 3/15/2048 |
50,000 | 43,441 | ||||||
6.60%, 4/1/2050 |
120,000 | 139,728 | ||||||
3.15%, 12/14/2051 |
20,000 | 14,049 | ||||||
Walmart, Inc. |
||||||||
4.88%, 7/8/2040 |
25,000 | 25,330 | ||||||
4.50%, 4/15/2053 |
25,000 | 23,741 | ||||||
|
|
|||||||
463,204 | ||||||||
|
|
|||||||
Containers & Packaging - 0.1% |
| |||||||
Packaging Corp. of America |
||||||||
3.05%, 10/1/2051 |
75,000 | 51,642 | ||||||
|
|
|||||||
Diversified REITs - 0.1% |
| |||||||
VICI Properties LP |
|
|||||||
REIT, 5.63%, 5/15/2052 |
50,000 | 47,117 | ||||||
|
|
|||||||
Diversified Telecommunication Services - 0.4% |
| |||||||
AT&T, Inc. |
||||||||
3.65%, 9/15/2059 |
50,000 | 35,290 | ||||||
Bell Canada (The) |
||||||||
4.46%, 4/1/2048 |
50,000 | 44,583 | ||||||
4.30%, 7/29/2049 |
15,000 | 12,837 | ||||||
Telefonica Emisiones SA |
||||||||
5.21%, 3/8/2047 |
20,000 | 18,565 | ||||||
TELUS Corp. |
||||||||
4.30%, 6/15/2049 |
15,000 | 12,624 | ||||||
|
|
|||||||
123,899 | ||||||||
|
|
|||||||
Electric Utilities - 4.1% |
| |||||||
Alabama Power Co. |
||||||||
5.50%, 3/15/2041 |
20,000 | 20,069 | ||||||
Series 11-C, 5.20%, 6/1/2041 |
25,000 | 24,460 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
4.10%, 1/15/2042 |
25,000 | 20,771 | ||||||
3.00%, 3/15/2052 |
25,000 | 17,225 | ||||||
Arizona Public Service Co. |
||||||||
4.70%, 1/15/2044 |
25,000 | 21,312 | ||||||
Cleco Corporate Holdings LLC |
||||||||
4.97%, 5/1/2046(a) |
10,000 | 8,466 | ||||||
Duke Energy Corp. |
||||||||
3.50%, 6/15/2051 |
50,000 | 36,125 | ||||||
Duke Energy Indiana LLC |
||||||||
4.20%, 3/15/2042 |
25,000 | 21,338 | ||||||
Series YYY, 3.25%, 10/1/2049 |
25,000 | 17,653 | ||||||
5.40%, 4/1/2053 |
35,000 | 34,944 | ||||||
Emera US Finance LP |
||||||||
4.75%, 6/15/2046 |
30,000 | 24,790 | ||||||
Georgia Power Co. |
||||||||
5.40%, 6/1/2040 |
20,000 | 19,521 | ||||||
Series 10-C, 4.75%, 9/1/2040 |
25,000 | 23,483 | ||||||
4.30%, 3/15/2042 |
10,000 | 8,853 | ||||||
Idaho Power Co. |
||||||||
5.50%, 3/15/2053 |
25,000 | 25,166 | ||||||
5.80%, 4/1/2054 |
50,000 | 52,596 | ||||||
Interstate Power and Light Co. |
||||||||
6.25%, 7/15/2039 |
25,000 | 26,966 | ||||||
4.70%, 10/15/2043 |
25,000 | 21,820 | ||||||
3.10%, 11/30/2051 |
25,000 | 16,510 | ||||||
Kentucky Utilities Co. |
||||||||
5.13%, 11/1/2040 |
50,000 | 48,670 | ||||||
4.38%, 10/1/2045 |
25,000 | 21,637 | ||||||
3.30%, 6/1/2050 |
35,000 | 25,125 | ||||||
Louisville Gas and Electric Co. |
||||||||
5.13%, 11/15/2040 |
20,000 | 18,835 | ||||||
MidAmerican Energy Co. |
||||||||
2.70%, 8/1/2052 |
25,000 | 15,944 | ||||||
Mississippi Power Co. |
|
|||||||
Series 12-A, 4.25%, 3/15/2042 |
25,000 | 21,379 | ||||||
Series B, 3.10%, 7/30/2051 |
25,000 | 16,712 | ||||||
Nevada Power Co. |
|
|||||||
Series R, 6.75%, 7/1/2037 |
25,000 | 28,088 | ||||||
5.38%, 9/15/2040 |
25,000 | 24,690 | ||||||
5.45%, 5/15/2041 |
25,000 | 24,543 | ||||||
Series EE, 3.13%, 8/1/2050 |
25,000 | 16,987 | ||||||
Series GG, 5.90%, 5/1/2053 |
25,000 | 26,417 | ||||||
Oklahoma Gas and Electric Co. |
||||||||
5.85%, 6/1/2040 |
50,000 | 51,515 | ||||||
5.25%, 5/15/2041 |
25,000 | 23,993 | ||||||
5.60%, 4/1/2053 |
30,000 | 31,297 | ||||||
Pacific Gas and Electric Co. |
||||||||
4.95%, 7/1/2050 |
15,000 | 13,072 | ||||||
PacifiCorp |
||||||||
6.10%, 8/1/2036 |
25,000 | 26,283 | ||||||
5.75%, 4/1/2037 |
25,000 | 25,788 | ||||||
6.25%, 10/15/2037 |
25,000 | 26,637 | ||||||
6.00%, 1/15/2039 |
25,000 | 26,207 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
4.13%, 1/15/2049 |
25,000 | 20,045 | ||||||
4.15%, 2/15/2050 |
25,000 | 20,006 | ||||||
3.30%, 3/15/2051 |
25,000 | 17,048 | ||||||
2.90%, 6/15/2052 |
50,000 | 31,782 | ||||||
5.35%, 12/1/2053 |
25,000 | 23,646 | ||||||
5.50%, 5/15/2054 |
25,000 | 24,150 | ||||||
5.80%, 1/15/2055 |
25,000 | 25,046 | ||||||
PPL Electric Utilities Corp. |
|
|||||||
5.20%, 7/15/2041 |
20,000 | 19,530 | ||||||
Public Service Co. of Colorado |
|
|||||||
4.75%, 8/15/2041 |
25,000 | 22,688 | ||||||
Series 34, 3.20%, 3/1/2050 |
20,000 | 14,009 | ||||||
Public Service Electric and Gas Co. |
|
|||||||
5.38%, 11/1/2039 |
25,000 | 24,971 | ||||||
Southwestern Public Service Co. |
|
|||||||
4.50%, 8/15/2041 |
25,000 | 22,106 | ||||||
Series 8, 3.15%, 5/1/2050 |
50,000 | 33,786 | ||||||
Tucson Electric Power Co. |
|
|||||||
5.50%, 4/15/2053 |
35,000 | 35,380 | ||||||
Union Electric Co. |
|
|||||||
3.25%, 10/1/2049 |
25,000 | 17,463 | ||||||
3.90%, 4/1/2052 |
40,000 | 32,261 | ||||||
Xcel Energy, Inc. |
|
|||||||
4.80%, 9/15/2041 |
25,000 | 22,518 | ||||||
|
|
|||||||
1,362,322 | ||||||||
|
|
|||||||
Electrical Equipment - 0.5% |
| |||||||
ABB Finance USA, Inc. |
|
|||||||
4.38%, 5/8/2042 |
25,000 | 22,735 | ||||||
Eaton Corp. |
|
|||||||
4.70%, 8/23/2052 |
30,000 | 28,812 | ||||||
Emerson Electric Co. |
|
|||||||
6.13%, 4/15/2039 |
25,000 | 27,401 | ||||||
2.75%, 10/15/2050 |
25,000 | 16,722 | ||||||
2.80%, 12/21/2051 |
25,000 | 16,716 | ||||||
Rockwell Automation, Inc. |
|
|||||||
6.25%, 12/1/2037 |
25,000 | 27,777 | ||||||
2.80%, 8/15/2061 |
25,000 | 15,662 | ||||||
|
|
|||||||
155,825 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 0.6% |
| |||||||
Corning, Inc. |
|
|||||||
4.75%, 3/15/2042 |
35,000 | 32,283 | ||||||
5.35%, 11/15/2048 |
35,000 | 34,829 | ||||||
5.85%, 11/15/2068 |
25,000 | 25,179 | ||||||
5.45%, 11/15/2079 |
50,000 | 48,480 | ||||||
Tyco Electronics Group SA |
|
|||||||
7.13%, 10/1/2037 |
40,000 | 47,268 | ||||||
|
|
|||||||
188,039 | ||||||||
|
|
|||||||
Entertainment - 0.1% |
| |||||||
Electronic Arts, Inc. |
|
|||||||
2.95%, 2/15/2051 |
50,000 | 34,408 | ||||||
|
|
|||||||
Financial Services - 2.3% |
| |||||||
Corebridge Financial, Inc. |
|
|||||||
4.35%, 4/5/2042 |
50,000 | 42,796 | ||||||
Fidelity National Information Services, Inc. |
|
|||||||
5.63%, 7/15/2052 |
15,000 | 15,337 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Fiserv, Inc. |
|
|||||||
4.40%, 7/1/2049 |
145,000 | 126,276 | ||||||
Global Payments, Inc. |
|
|||||||
4.15%, 8/15/2049 |
10,000 | 7,910 | ||||||
Mastercard, Inc. |
|
|||||||
3.80%, 11/21/2046 |
25,000 | 21,533 | ||||||
3.95%, 2/26/2048 |
30,000 | 26,259 | ||||||
3.85%, 3/26/2050 |
100,000 | 85,505 | ||||||
2.95%, 3/15/2051 |
20,000 | 14,464 | ||||||
Shell International Finance BV |
|
|||||||
6.38%, 12/15/2038 |
20,000 | 23,000 | ||||||
Visa, Inc. |
|
|||||||
2.70%, 4/15/2040 |
80,000 | 61,111 | ||||||
4.30%, 12/14/2045 |
250,000 | 229,990 | ||||||
3.65%, 9/15/2047 |
55,000 | 45,774 | ||||||
Voya Financial, Inc. |
|
|||||||
5.70%, 7/15/2043 |
30,000 | 29,784 | ||||||
Western Union Co. (The) |
|
|||||||
6.20%, 11/17/2036 |
35,000 | 36,092 | ||||||
6.20%, 6/21/2040 |
20,000 | 20,524 | ||||||
|
|
|||||||
786,355 | ||||||||
|
|
|||||||
Food Products - 0.7% |
| |||||||
General Mills, Inc. |
|
|||||||
5.40%, 6/15/2040 |
25,000 | 25,113 | ||||||
4.15%, 2/15/2043 |
25,000 | 21,316 | ||||||
Hershey Co. (The) |
|
|||||||
2.65%, 6/1/2050 |
10,000 | 6,697 | ||||||
Ingredion, Inc. |
|
|||||||
6.63%, 4/15/2037 |
25,000 | 27,662 | ||||||
3.90%, 6/1/2050 |
35,000 | 25,649 | ||||||
J M Smucker Co. (The) |
|
|||||||
6.50%, 11/15/2053 |
30,000 | 33,896 | ||||||
Kraft Heinz Foods Co. |
|
|||||||
6.88%, 1/26/2039 |
25,000 | 29,055 | ||||||
Mead Johnson Nutrition Co. |
|
|||||||
5.90%, 11/1/2039 |
25,000 | 27,138 | ||||||
4.60%, 6/1/2044 |
25,000 | 23,120 | ||||||
|
|
|||||||
219,646 | ||||||||
|
|
|||||||
Gas Utilities - 0.4% |
| |||||||
Atmos Energy Corp. |
|
|||||||
3.38%, 9/15/2049 |
25,000 | 18,559 | ||||||
2.85%, 2/15/2052 |
50,000 | 33,112 | ||||||
5.75%, 10/15/2052 |
25,000 | 27,134 | ||||||
6.20%, 11/15/2053 |
25,000 | 28,609 | ||||||
Piedmont Natural Gas Co., Inc. |
|
|||||||
3.35%, 6/1/2050 |
25,000 | 17,138 | ||||||
|
|
|||||||
124,552 | ||||||||
|
|
|||||||
Ground Transportation - 3.5% |
| |||||||
Burlington Northern Santa Fe LLC |
|
|||||||
6.15%, 5/1/2037 |
25,000 | 28,052 | ||||||
5.75%, 5/1/2040 |
40,000 | 43,081 | ||||||
5.40%, 6/1/2041 |
50,000 | 51,964 | ||||||
4.40%, 3/15/2042 |
75,000 | 69,228 | ||||||
4.45%, 3/15/2043 |
100,000 | 92,881 | ||||||
5.15%, 9/1/2043 |
50,000 | 50,888 | ||||||
4.55%, 9/1/2044 |
25,000 | 23,242 | ||||||
4.15%, 12/15/2048 |
5,000 | 4,326 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
3.05%, 2/15/2051 |
75,000 | 53,408 | ||||||
3.30%, 9/15/2051 |
65,000 | 48,687 | ||||||
2.88%, 6/15/2052 |
90,000 | 61,554 | ||||||
4.45%, 1/15/2053 |
70,000 | 64,076 | ||||||
5.20%, 4/15/2054 |
80,000 | 81,537 | ||||||
Canadian National Railway Co. |
|
|||||||
6.20%, 6/1/2036 |
50,000 | 55,758 | ||||||
4.40%, 8/5/2052 |
45,000 | 41,059 | ||||||
Canadian Pacific Railway Co. |
|
|||||||
5.75%, 1/15/2042 |
50,000 | 50,516 | ||||||
6.13%, 9/15/2115 |
50,000 | 54,984 | ||||||
CSX Corp. |
|
|||||||
5.50%, 4/15/2041 |
25,000 | 25,969 | ||||||
4.50%, 8/1/2054 |
15,000 | 13,583 | ||||||
4.25%, 11/1/2066 |
50,000 | 41,765 | ||||||
4.65%, 3/1/2068 |
25,000 | 22,539 | ||||||
Norfolk Southern Corp. |
|
|||||||
5.10%, 8/1/2118 |
25,000 | 22,625 | ||||||
4.10%, 5/15/2121 |
15,000 | 11,215 | ||||||
Union Pacific Corp. |
|
|||||||
3.95%, 8/15/2059 |
25,000 | 20,344 | ||||||
3.84%, 3/20/2060 |
50,000 | 39,897 | ||||||
3.55%, 5/20/2061 |
25,000 | 18,628 | ||||||
5.15%, 1/20/2063 |
25,000 | 24,997 | ||||||
4.10%, 9/15/2067 |
25,000 | 20,485 | ||||||
3.75%, 2/5/2070 |
30,000 | 22,904 | ||||||
3.80%, 4/6/2071 |
25,000 | 19,286 | ||||||
|
|
|||||||
1,179,478 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies - 0.7% |
| |||||||
Abbott Laboratories |
|
|||||||
6.15%, 11/30/2037 |
40,000 | 45,537 | ||||||
5.30%, 5/27/2040 |
25,000 | 26,505 | ||||||
Boston Scientific Corp. |
|
|||||||
4.55%, 3/1/2039 |
75,000 | 72,033 | ||||||
4.70%, 3/1/2049 |
10,000 | 9,432 | ||||||
Stryker Corp. |
|
|||||||
4.10%, 4/1/2043 |
25,000 | 22,059 | ||||||
4.38%, 5/15/2044 |
25,000 | 22,608 | ||||||
Zimmer Biomet Holdings, Inc. |
|
|||||||
4.25%, 8/15/2035 |
25,000 | 22,544 | ||||||
|
|
|||||||
220,718 | ||||||||
|
|
|||||||
Health Care Providers & Services - 3.1% |
| |||||||
Cardinal Health, Inc. |
|
|||||||
4.60%, 3/15/2043 |
30,000 | 26,453 | ||||||
4.37%, 6/15/2047 |
110,000 | 93,361 | ||||||
Cencora, Inc. |
|
|||||||
4.25%, 3/1/2045 |
35,000 | 31,294 | ||||||
4.30%, 12/15/2047 |
35,000 | 31,182 | ||||||
Elevance Health, Inc. |
|
|||||||
6.38%, 6/15/2037 |
25,000 | 27,626 | ||||||
4.65%, 8/15/2044 |
50,000 | 46,128 | ||||||
4.85%, 8/15/2054 |
25,000 | 21,889 | ||||||
HCA, Inc. |
|
|||||||
5.25%, 6/15/2049 |
30,000 | 27,767 | ||||||
McKesson Corp. |
|
|||||||
4.88%, 3/15/2044 |
25,000 | 22,452 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
OhioHealth Corp. |
|
|||||||
2.83%, 11/15/2041 |
10,000 | 7,421 | ||||||
Series 2020, 3.04%, 11/15/2050 |
20,000 | 14,476 | ||||||
Quest Diagnostics, Inc. |
|
|||||||
4.70%, 3/30/2045 |
25,000 | 22,586 | ||||||
UnitedHealth Group, Inc. |
|
|||||||
6.63%, 11/15/2037 |
100,000 | 117,250 | ||||||
4.75%, 5/15/2052 |
30,000 | 28,415 | ||||||
5.88%, 2/15/2053 |
75,000 | 83,239 | ||||||
5.05%, 4/15/2053 |
25,000 | 24,844 | ||||||
3.88%, 8/15/2059 |
100,000 | 80,163 | ||||||
3.13%, 5/15/2060 |
50,000 | 34,603 | ||||||
4.95%, 5/15/2062 |
75,000 | 72,486 | ||||||
6.05%, 2/15/2063 |
110,000 | 125,560 | ||||||
5.20%, 4/15/2063 |
100,000 | 100,226 | ||||||
|
|
|||||||
1,039,421 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 2.0% |
| |||||||
Darden Restaurants, Inc. |
|
|||||||
4.55%, 2/15/2048 |
20,000 | 16,553 | ||||||
Marriott International, Inc. |
|
|||||||
4.50%, 10/1/2034 |
25,000 | 23,061 | ||||||
McDonalds Corp. |
|
|||||||
4.70%, 12/9/2035 |
50,000 | 49,395 | ||||||
6.30%, 10/15/2037 |
50,000 | 56,272 | ||||||
6.30%, 3/1/2038 |
45,000 | 50,852 | ||||||
5.70%, 2/1/2039 |
25,000 | 26,770 | ||||||
3.70%, 2/15/2042 |
35,000 | 29,270 | ||||||
3.63%, 5/1/2043 |
10,000 | 8,121 | ||||||
4.60%, 5/26/2045 |
40,000 | 37,198 | ||||||
4.88%, 12/9/2045 |
65,000 | 62,948 | ||||||
4.45%, 3/1/2047 |
65,000 | 58,490 | ||||||
4.45%, 9/1/2048 |
70,000 | 63,224 | ||||||
3.63%, 9/1/2049 |
120,000 | 93,995 | ||||||
4.20%, 4/1/2050 |
50,000 | 42,916 | ||||||
5.15%, 9/9/2052 |
65,000 | 64,934 | ||||||
|
|
|||||||
683,999 | ||||||||
|
|
|||||||
Household Durables - 0.2% |
| |||||||
MDC Holdings, Inc. |
|
|||||||
6.00%, 1/15/2043 |
20,000 | 20,290 | ||||||
3.97%, 8/6/2061 |
25,000 | 18,409 | ||||||
PulteGroup, Inc. |
|
|||||||
6.00%, 2/15/2035 |
25,000 | 26,472 | ||||||
|
|
|||||||
65,171 | ||||||||
|
|
|||||||
Household Products - 0.6% |
| |||||||
Church & Dwight Co., Inc. |
|
|||||||
5.00%, 6/15/2052 |
50,000 | 48,631 | ||||||
Kimberly-Clark Corp. |
|
|||||||
6.63%, 8/1/2037 |
50,000 | 59,453 | ||||||
5.30%, 3/1/2041 |
25,000 | 25,673 | ||||||
3.70%, 6/1/2043 |
25,000 | 19,853 | ||||||
3.20%, 7/30/2046 |
25,000 | 18,929 | ||||||
3.90%, 5/4/2047 |
25,000 | 20,801 | ||||||
|
|
|||||||
193,340 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers - 0.8% |
| |||||||
Constellation Energy Generation LLC |
|
|||||||
6.25%, 10/1/2039 |
25,000 | 26,736 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
5.75%, 10/1/2041 |
25,000 | 24,995 | ||||||
5.60%, 6/15/2042 |
50,000 | 49,739 | ||||||
6.50%, 10/1/2053 |
75,000 | 83,827 | ||||||
Southern Power Co. |
|
|||||||
5.15%, 9/15/2041 |
50,000 | 47,210 | ||||||
5.25%, 7/15/2043 |
25,000 | 23,677 | ||||||
Series F, 4.95%, 12/15/2046 |
25,000 | 22,704 | ||||||
|
|
|||||||
278,888 | ||||||||
|
|
|||||||
Industrial Conglomerates - 0.2% |
| |||||||
Honeywell International, Inc. |
|
|||||||
5.70%, 3/15/2036 |
50,000 | 54,274 | ||||||
|
|
|||||||
Insurance - 6.6% |
| |||||||
Aflac, Inc. |
|
|||||||
6.45%, 8/15/2040 |
20,000 | 22,222 | ||||||
4.00%, 10/15/2046 |
25,000 | 20,616 | ||||||
4.75%, 1/15/2049 |
50,000 | 47,249 | ||||||
Alleghany Corp. |
|
|||||||
4.90%, 9/15/2044 |
25,000 | 24,219 | ||||||
3.25%, 8/15/2051 |
25,000 | 18,692 | ||||||
American Financial Group, Inc. |
|
|||||||
4.50%, 6/15/2047 |
35,000 | 29,365 | ||||||
Aon Corp. |
|
|||||||
3.90%, 2/28/2052 |
50,000 | 39,412 | ||||||
Aon Global Ltd. |
|
|||||||
4.45%, 5/24/2043 |
50,000 | 42,210 | ||||||
4.60%, 6/14/2044 |
55,000 | 49,255 | ||||||
4.75%, 5/15/2045 |
80,000 | 73,078 | ||||||
Arch Capital Group Ltd. |
|
|||||||
7.35%, 5/1/2034 |
20,000 | 22,913 | ||||||
3.64%, 6/30/2050 |
165,000 | 126,573 | ||||||
Arthur J Gallagher & Co. |
|
|||||||
6.50%, 2/15/2034 |
25,000 | 27,425 | ||||||
3.50%, 5/20/2051 |
70,000 | 50,782 | ||||||
3.05%, 3/9/2052 |
10,000 | 6,515 | ||||||
5.75%, 3/2/2053 |
45,000 | 45,924 | ||||||
6.75%, 2/15/2054 |
45,000 | 52,016 | ||||||
Assurant, Inc. |
|
|||||||
6.75%, 2/15/2034 |
25,000 | 26,617 | ||||||
Athene Holding Ltd. |
|
|||||||
3.95%, 5/25/2051 |
50,000 | 37,702 | ||||||
3.45%, 5/15/2052 |
10,000 | 6,801 | ||||||
Berkshire Hathaway Finance Corp. |
|
|||||||
5.75%, 1/15/2040 |
55,000 | 61,344 | ||||||
4.30%, 5/15/2043 |
35,000 | 32,615 | ||||||
4.20%, 8/15/2048 |
25,000 | 22,603 | ||||||
2.85%, 10/15/2050 |
10,000 | 6,908 | ||||||
3.85%, 3/15/2052 |
190,000 | 157,187 | ||||||
Brown & Brown, Inc. |
|
|||||||
4.95%, 3/17/2052 |
50,000 | 44,583 | ||||||
Cincinnati Financial Corp. |
|
|||||||
6.13%, 11/1/2034 |
25,000 | 26,425 | ||||||
Everest Reinsurance Holdings, Inc. |
|
|||||||
4.87%, 6/1/2044 |
25,000 | 23,094 | ||||||
Hartford Financial Services Group, Inc. (The) |
|
|||||||
5.95%, 10/15/2036 |
25,000 | 26,608 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
6.63%, 3/30/2040 |
25,000 | 27,364 | ||||||
6.10%, 10/1/2041 |
25,000 | 26,786 | ||||||
4.30%, 4/15/2043 |
25,000 | 21,799 | ||||||
4.40%, 3/15/2048 |
35,000 | 30,964 | ||||||
Markel Group, Inc. |
|
|||||||
5.00%, 3/30/2043 |
25,000 | 22,933 | ||||||
5.00%, 4/5/2046 |
35,000 | 32,181 | ||||||
5.00%, 5/20/2049 |
50,000 | 46,057 | ||||||
4.15%, 9/17/2050 |
50,000 | 40,177 | ||||||
3.45%, 5/7/2052 |
25,000 | 17,613 | ||||||
Marsh & McLennan Cos., Inc. |
|
|||||||
4.75%, 3/15/2039 |
25,000 | 24,468 | ||||||
4.35%, 1/30/2047 |
25,000 | 21,987 | ||||||
4.20%, 3/1/2048 |
50,000 | 43,186 | ||||||
4.90%, 3/15/2049 |
35,000 | 33,492 | ||||||
2.90%, 12/15/2051 |
35,000 | 23,211 | ||||||
6.25%, 11/1/2052 |
45,000 | 51,179 | ||||||
5.45%, 3/15/2053 |
50,000 | 51,903 | ||||||
5.70%, 9/15/2053 |
75,000 | 80,717 | ||||||
MetLife, Inc. |
|
|||||||
10.75%, 8/1/2039 |
20,000 | 27,104 | ||||||
Old Republic International Corp. |
|
|||||||
3.85%, 6/11/2051 |
50,000 | 37,281 | ||||||
Principal Financial Group, Inc. |
|
|||||||
6.05%, 10/15/2036 |
10,000 | 10,738 | ||||||
4.63%, 9/15/2042 |
25,000 | 22,984 | ||||||
4.35%, 5/15/2043 |
25,000 | 22,469 | ||||||
4.30%, 11/15/2046 |
25,000 | 21,304 | ||||||
5.50%, 3/15/2053 |
20,000 | 20,146 | ||||||
Progressive Corp. (The) |
|
|||||||
4.35%, 4/25/2044 |
25,000 | 22,854 | ||||||
Prudential Financial, Inc. |
|
|||||||
4.35%, 2/25/2050 |
5,000 | 4,390 | ||||||
Selective Insurance Group, Inc. |
|
|||||||
5.38%, 3/1/2049 |
25,000 | 24,045 | ||||||
Transatlantic Holdings, Inc. |
|
|||||||
8.00%, 11/30/2039 |
25,000 | 33,051 | ||||||
Travelers Cos., Inc. (The) |
|
|||||||
5.45%, 5/25/2053 |
10,000 | 10,644 | ||||||
Trinity Acquisition plc |
|
|||||||
6.13%, 8/15/2043 |
25,000 | 25,078 | ||||||
Unum Group |
|
|||||||
5.75%, 8/15/2042 |
25,000 | 24,856 | ||||||
4.13%, 6/15/2051 |
20,000 | 15,150 | ||||||
W R Berkley Corp. |
|
|||||||
4.75%, 8/1/2044 |
25,000 | 22,260 | ||||||
4.00%, 5/12/2050 |
20,000 | 15,679 | ||||||
3.55%, 3/30/2052 |
70,000 | 49,409 | ||||||
3.15%, 9/30/2061 |
20,000 | 12,433 | ||||||
Willis North America, Inc. |
|
|||||||
5.05%, 9/15/2048 |
30,000 | 27,451 | ||||||
|
|
|||||||
2,216,296 | ||||||||
|
|
|||||||
Interactive Media & Services - 1.8% |
| |||||||
Meta Platforms, Inc. |
|
|||||||
4.45%, 8/15/2052 |
230,000 | 207,019 | ||||||
5.60%, 5/15/2053 |
150,000 | 160,080 | ||||||
4.65%, 8/15/2062 |
100,000 | 91,677 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
5.75%, 5/15/2063 |
135,000 | 146,412 | ||||||
|
|
|||||||
605,188 | ||||||||
|
|
|||||||
IT Services - 1.9% |
||||||||
International Business Machines Corp. |
|
|||||||
4.15%, 5/15/2039 |
90,000 | 81,794 | ||||||
5.60%, 11/30/2039 |
50,000 | 53,296 | ||||||
4.00%, 6/20/2042 |
105,000 | 91,346 | ||||||
4.25%, 5/15/2049 |
270,000 | 234,749 | ||||||
2.95%, 5/15/2050 |
10,000 | 6,815 | ||||||
3.43%, 2/9/2052 |
10,000 | 7,400 | ||||||
4.90%, 7/27/2052 |
130,000 | 124,327 | ||||||
5.10%, 2/6/2053 |
20,000 | 19,583 | ||||||
7.13%, 12/1/2096 |
25,000 | 31,426 | ||||||
|
|
|||||||
650,736 | ||||||||
|
|
|||||||
Leisure Products - 0.1% |
||||||||
Brunswick Corp. |
|
|||||||
5.10%, 4/1/2052 |
15,000 | 12,149 | ||||||
Mattel, Inc. |
|
|||||||
6.20%, 10/1/2040 |
25,000 | 24,701 | ||||||
|
|
|||||||
36,850 | ||||||||
|
|
|||||||
Machinery - 0.8% |
||||||||
Dover Corp. |
|
|||||||
6.60%, 3/15/2038 |
25,000 | 27,950 | ||||||
5.38%, 3/1/2041 |
25,000 | 25,060 | ||||||
Fortive Corp. |
|
|||||||
4.30%, 6/15/2046 |
50,000 | 42,062 | ||||||
Illinois Tool Works, Inc. |
|
|||||||
4.88%, 9/15/2041 |
45,000 | 44,891 | ||||||
Otis Worldwide Corp. |
|
|||||||
3.11%, 2/15/2040 |
25,000 | 19,853 | ||||||
3.36%, 2/15/2050 |
50,000 | 37,631 | ||||||
Snap-on, Inc. |
|
|||||||
4.10%, 3/1/2048 |
25,000 | 21,601 | ||||||
3.10%, 5/1/2050 |
25,000 | 18,039 | ||||||
Xylem, Inc. |
|
|||||||
4.38%, 11/1/2046 |
25,000 | 21,737 | ||||||
|
|
|||||||
258,824 | ||||||||
|
|
|||||||
Media - 2.9% |
||||||||
Charter Communications Operating LLC |
|
|||||||
6.48%, 10/23/2045 |
110,000 | 105,787 | ||||||
5.38%, 5/1/2047 |
110,000 | 92,083 | ||||||
5.75%, 4/1/2048 |
100,000 | 87,184 | ||||||
5.13%, 7/1/2049 |
25,000 | 19,912 | ||||||
4.80%, 3/1/2050 |
80,000 | 61,073 | ||||||
4.40%, 12/1/2061 |
75,000 | 50,418 | ||||||
5.50%, 4/1/2063 |
25,000 | 20,291 | ||||||
Comcast Corp. |
|
|||||||
6.45%, 3/15/2037 |
25,000 | 28,176 | ||||||
6.40%, 3/1/2040 |
25,000 | 27,525 | ||||||
2.89%, 11/1/2051 |
25,000 | 16,551 | ||||||
5.35%, 5/15/2053 |
15,000 | 15,289 | ||||||
2.94%, 11/1/2056 |
35,000 | 22,619 | ||||||
2.99%, 11/1/2063 |
50,000 | 31,584 | ||||||
Fox Corp. |
|
|||||||
5.48%, 1/25/2039 |
100,000 | 97,922 | ||||||
5.58%, 1/25/2049 |
100,000 | 96,012 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Interpublic Group of Cos., Inc. (The) |
|
|||||||
3.38%, 3/1/2041 |
45,000 | 34,017 | ||||||
5.40%, 10/1/2048 |
30,000 | 28,221 | ||||||
Time Warner Cable LLC |
|
|||||||
6.75%, 6/15/2039 |
60,000 | 59,602 | ||||||
5.88%, 11/15/2040 |
20,000 | 18,167 | ||||||
5.50%, 9/1/2041 |
45,000 | 39,606 | ||||||
4.50%, 9/15/2042 |
25,000 | 19,763 | ||||||
|
|
|||||||
971,802 | ||||||||
|
|
|||||||
Metals & Mining - 1.3% |
||||||||
ArcelorMittal SA |
|
|||||||
7.00%, 10/15/2039(a) |
50,000 | 54,494 | ||||||
6.75%, 3/1/2041(a) |
35,000 | 36,701 | ||||||
Freeport-McMoRan, Inc. |
|
|||||||
5.45%, 3/15/2043 |
20,000 | 19,238 | ||||||
Nucor Corp. |
|
|||||||
6.40%, 12/1/2037 |
20,000 | 22,588 | ||||||
2.98%, 12/15/2055 |
25,000 | 16,734 | ||||||
Reliance Steel & Aluminum Co. |
|
|||||||
6.85%, 11/15/2036 |
25,000 | 27,309 | ||||||
Rio Tinto Alcan, Inc. |
|
|||||||
5.75%, 6/1/2035 |
50,000 | 52,533 | ||||||
Rio Tinto Finance USA Ltd. |
|
|||||||
5.20%, 11/2/2040 |
80,000 | 81,472 | ||||||
Southern Copper Corp. |
|
|||||||
5.88%, 4/23/2045 |
25,000 | 25,210 | ||||||
Steel Dynamics, Inc. |
|
|||||||
3.25%, 10/15/2050 |
20,000 | 13,667 | ||||||
Vale Overseas Ltd. |
|
|||||||
6.88%, 11/21/2036 |
30,000 | 32,474 | ||||||
6.88%, 11/10/2039 |
25,000 | 27,208 | ||||||
Vale SA |
|
|||||||
5.63%, 9/11/2042 |
35,000 | 34,383 | ||||||
|
|
|||||||
444,011 | ||||||||
|
|
|||||||
Multi-Utilities - 1.7% |
||||||||
Ameren Illinois Co. |
|
|||||||
4.80%, 12/15/2043 |
20,000 | 18,280 | ||||||
4.30%, 7/1/2044 |
20,000 | 17,082 | ||||||
Berkshire Hathaway Energy Co. |
|
|||||||
6.13%, 4/1/2036 |
35,000 | 37,966 | ||||||
5.95%, 5/15/2037 |
25,000 | 26,711 | ||||||
5.15%, 11/15/2043 |
25,000 | 24,776 | ||||||
3.80%, 7/15/2048 |
25,000 | 19,632 | ||||||
4.45%, 1/15/2049 |
25,000 | 21,685 | ||||||
4.25%, 10/15/2050 |
25,000 | 20,789 | ||||||
2.85%, 5/15/2051 |
50,000 | 33,357 | ||||||
4.60%, 5/1/2053 |
20,000 | 17,667 | ||||||
Consolidated Edison Co. of New York, Inc. |
|
|||||||
Series 09-C, 5.50%, 12/1/2039 |
20,000 | 20,298 | ||||||
Series 12-A, 4.20%, 3/15/2042 |
25,000 | 21,537 | ||||||
4.63%, 12/1/2054 |
25,000 | 22,379 | ||||||
Series C, 4.30%, 12/1/2056 |
25,000 | 20,999 | ||||||
Series C, 4.00%, 11/15/2057 |
25,000 | 20,002 | ||||||
4.50%, 5/15/2058 |
25,000 | 21,794 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
3.70%, 11/15/2059 |
20,000 | 14,762 | ||||||
Series C, 3.00%, 12/1/2060 |
25,000 | 15,975 | ||||||
3.60%, 6/15/2061 |
20,000 | 14,844 | ||||||
Southern Co. Gas Capital Corp. |
|
|||||||
6.00%, 10/1/2034 |
20,000 | 20,384 | ||||||
5.88%, 3/15/2041 |
50,000 | 51,269 | ||||||
4.40%, 6/1/2043 |
25,000 | 21,309 | ||||||
3.95%, 10/1/2046 |
25,000 | 19,643 | ||||||
4.40%, 5/30/2047 |
25,000 | 21,193 | ||||||
Series 21A, 3.15%, 9/30/2051 |
25,000 | 16,857 | ||||||
|
|
|||||||
561,190 | ||||||||
|
|
|||||||
Office REITs - 0.1% |
| |||||||
Alexandria Real Estate Equities, Inc. |
|
|||||||
REIT, 4.75%, 4/15/2035 |
20,000 | 19,258 | ||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 17.9% |
| |||||||
Apache Corp. |
|
|||||||
5.10%, 9/1/2040 |
125,000 | 107,218 | ||||||
5.25%, 2/1/2042 |
25,000 | 20,914 | ||||||
4.75%, 4/15/2043 |
25,000 | 19,671 | ||||||
5.35%, 7/1/2049 |
25,000 | 20,442 | ||||||
BP Capital Markets America, Inc. |
|
|||||||
3.38%, 2/8/2061 |
150,000 | 105,898 | ||||||
Canadian Natural Resources Ltd. |
|
|||||||
6.50%, 2/15/2037 |
35,000 | 37,326 | ||||||
6.25%, 3/15/2038 |
80,000 | 84,056 | ||||||
6.75%, 2/1/2039 |
50,000 | 54,435 | ||||||
4.95%, 6/1/2047 |
50,000 | 45,158 | ||||||
Cenovus Energy, Inc. |
|
|||||||
5.25%, 6/15/2037 |
10,000 | 9,575 | ||||||
6.75%, 11/15/2039 |
25,000 | 27,559 | ||||||
5.40%, 6/15/2047 |
37,000 | 34,836 | ||||||
3.75%, 2/15/2052 |
45,000 | 33,012 | ||||||
Cheniere Corpus Christi Holdings LLC |
|
|||||||
2.74%, 12/31/2039 |
25,000 | 19,958 | ||||||
ConocoPhillips Co. |
|
|||||||
5.95%, 3/15/2046 |
25,000 | 26,838 | ||||||
3.80%, 3/15/2052 |
75,000 | 59,327 | ||||||
5.30%, 5/15/2053 |
40,000 | 40,434 | ||||||
5.55%, 3/15/2054 |
75,000 | 78,348 | ||||||
4.03%, 3/15/2062 |
130,000 | 103,883 | ||||||
5.70%, 9/15/2063 |
45,000 | 47,601 | ||||||
Continental Resources, Inc. |
|
|||||||
4.90%, 6/1/2044 |
50,000 | 40,916 | ||||||
Devon Energy Corp. |
|
|||||||
5.60%, 7/15/2041 |
90,000 | 86,765 | ||||||
4.75%, 5/15/2042 |
50,000 | 43,703 | ||||||
5.00%, 6/15/2045 |
65,000 | 57,821 | ||||||
Diamondback Energy, Inc. |
|
|||||||
4.40%, 3/24/2051 |
45,000 | 37,067 | ||||||
4.25%, 3/15/2052 |
55,000 | 44,177 | ||||||
6.25%, 3/15/2053 |
40,000 | 42,497 | ||||||
Eastern Gas Transmission & Storage, Inc. |
|
|||||||
4.80%, 11/1/2043 |
25,000 | 22,485 | ||||||
4.60%, 12/15/2044 |
25,000 | 21,474 | ||||||
3.90%, 11/15/2049 |
25,000 | 18,244 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Enbridge Energy Partners LP |
|
|||||||
5.50%, 9/15/2040 |
40,000 | 39,834 | ||||||
7.38%, 10/15/2045 |
45,000 | 52,954 | ||||||
Enbridge, Inc. |
|
|||||||
6.70%, 11/15/2053 |
25,000 | 28,887 | ||||||
Energy Transfer LP |
|
|||||||
6.63%, 10/15/2036 |
25,000 | 26,914 | ||||||
5.80%, 6/15/2038 |
25,000 | 25,257 | ||||||
7.50%, 7/1/2038 |
25,000 | 29,095 | ||||||
6.05%, 6/1/2041 |
15,000 | 15,205 | ||||||
6.50%, 2/1/2042 |
30,000 | 31,838 | ||||||
4.95%, 1/15/2043 |
25,000 | 21,752 | ||||||
5.15%, 2/1/2043 |
25,000 | 22,577 | ||||||
5.95%, 10/1/2043 |
25,000 | 24,807 | ||||||
5.30%, 4/1/2044 |
25,000 | 23,315 | ||||||
5.00%, 5/15/2044(a) |
15,000 | 13,236 | ||||||
5.15%, 3/15/2045 |
25,000 | 22,945 | ||||||
5.35%, 5/15/2045 |
25,000 | 23,249 | ||||||
6.13%, 12/15/2045 |
40,000 | 40,816 | ||||||
5.30%, 4/15/2047 |
25,000 | 22,992 | ||||||
5.40%, 10/1/2047 |
60,000 | 55,786 | ||||||
6.00%, 6/15/2048 |
60,000 | 60,388 | ||||||
6.25%, 4/15/2049 |
75,000 | 77,821 | ||||||
5.00%, 5/15/2050 |
145,000 | 129,115 | ||||||
Enterprise Products Operating LLC |
|
|||||||
7.55%, 4/15/2038 |
50,000 | 61,423 | ||||||
6.45%, 9/1/2040 |
25,000 | 28,028 | ||||||
5.95%, 2/1/2041 |
50,000 | 53,922 | ||||||
4.85%, 8/15/2042 |
25,000 | 23,842 | ||||||
4.45%, 2/15/2043 |
100,000 | 91,156 | ||||||
4.85%, 3/15/2044 |
100,000 | 96,093 | ||||||
5.10%, 2/15/2045 |
100,000 | 98,235 | ||||||
3.70%, 1/31/2051 |
75,000 | 58,985 | ||||||
3.20%, 2/15/2052 |
50,000 | 35,862 | ||||||
3.30%, 2/15/2053 |
75,000 | 54,835 | ||||||
3.95%, 1/31/2060 |
75,000 | 59,996 | ||||||
EOG Resources, Inc. |
|
|||||||
5.10%, 1/15/2036 |
25,000 | 24,976 | ||||||
Exxon Mobil Corp. |
|
|||||||
4.33%, 3/19/2050 |
50,000 | 44,674 | ||||||
Kinder Morgan Energy Partners LP |
|
|||||||
6.50%, 2/1/2037 |
25,000 | 26,307 | ||||||
6.95%, 1/15/2038 |
50,000 | 55,305 | ||||||
6.50%, 9/1/2039 |
25,000 | 26,494 | ||||||
6.55%, 9/15/2040 |
25,000 | 26,573 | ||||||
7.50%, 11/15/2040 |
25,000 | 28,487 | ||||||
6.38%, 3/1/2041 |
25,000 | 25,897 | ||||||
5.63%, 9/1/2041 |
25,000 | 24,092 | ||||||
5.00%, 8/15/2042 |
50,000 | 44,842 | ||||||
4.70%, 11/1/2042 |
25,000 | 21,713 | ||||||
5.00%, 3/1/2043 |
50,000 | 44,994 | ||||||
5.50%, 3/1/2044 |
50,000 | 47,610 | ||||||
5.40%, 9/1/2044 |
75,000 | 70,290 | ||||||
Kinder Morgan, Inc. |
|
|||||||
5.30%, 12/1/2034 |
25,000 | 24,797 | ||||||
5.55%, 6/1/2045 |
75,000 | 72,278 | ||||||
5.05%, 2/15/2046 |
25,000 | 22,443 | ||||||
5.20%, 3/1/2048 |
25,000 | 22,842 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
3.60%, 2/15/2051 |
50,000 | 35,419 | ||||||
5.45%, 8/1/2052 |
40,000 | 38,098 | ||||||
Magellan Midstream Partners LP |
|
|||||||
4.20%, 12/1/2042 |
25,000 | 19,467 | ||||||
5.15%, 10/15/2043 |
25,000 | 23,244 | ||||||
4.20%, 3/15/2045 |
25,000 | 18,977 | ||||||
4.25%, 9/15/2046 |
25,000 | 20,202 | ||||||
4.20%, 10/3/2047 |
35,000 | 27,688 | ||||||
4.85%, 2/1/2049 |
25,000 | 21,982 | ||||||
3.95%, 3/1/2050 |
25,000 | 18,908 | ||||||
Marathon Oil Corp. |
|
|||||||
5.20%, 6/1/2045 |
20,000 | 17,732 | ||||||
Marathon Petroleum Corp. |
|
|||||||
6.50%, 3/1/2041 |
50,000 | 54,452 | ||||||
4.75%, 9/15/2044 |
25,000 | 22,568 | ||||||
5.85%, 12/15/2045 |
10,000 | 10,015 | ||||||
4.50%, 4/1/2048 |
15,000 | 12,684 | ||||||
5.00%, 9/15/2054 |
25,000 | 22,066 | ||||||
MPLX LP |
|
|||||||
4.50%, 4/15/2038 |
50,000 | 44,997 | ||||||
5.20%, 3/1/2047 |
50,000 | 46,396 | ||||||
5.20%, 12/1/2047 |
25,000 | 22,687 | ||||||
4.70%, 4/15/2048 |
50,000 | 43,068 | ||||||
5.50%, 2/15/2049 |
55,000 | 52,958 | ||||||
4.95%, 3/14/2052 |
50,000 | 44,426 | ||||||
5.65%, 3/1/2053 |
25,000 | 24,667 | ||||||
4.90%, 4/15/2058 |
25,000 | 21,352 | ||||||
Occidental Petroleum Corp. |
|
|||||||
6.45%, 9/15/2036 |
125,000 | 133,344 | ||||||
7.95%, 6/15/2039 |
30,000 | 35,030 | ||||||
6.20%, 3/15/2040 |
30,000 | 30,715 | ||||||
4.63%, 6/15/2045 |
25,000 | 20,500 | ||||||
6.60%, 3/15/2046 |
85,000 | 91,805 | ||||||
4.40%, 4/15/2046 |
25,000 | 20,499 | ||||||
4.10%, 2/15/2047 |
25,000 | 18,047 | ||||||
4.20%, 3/15/2048 |
10,000 | 7,718 | ||||||
4.40%, 8/15/2049 |
25,000 | 18,604 | ||||||
ONEOK Partners LP |
|
|||||||
6.65%, 10/1/2036 |
25,000 | 27,159 | ||||||
6.85%, 10/15/2037 |
25,000 | 27,361 | ||||||
6.13%, 2/1/2041 |
40,000 | 41,799 | ||||||
6.20%, 9/15/2043 |
25,000 | 26,145 | ||||||
ONEOK, Inc. |
|
|||||||
4.95%, 7/13/2047 |
25,000 | 22,388 | ||||||
5.20%, 7/15/2048 |
25,000 | 23,072 | ||||||
6.63%, 9/1/2053 |
65,000 | 71,581 | ||||||
Ovintiv, Inc. |
|
|||||||
7.10%, 7/15/2053 |
15,000 | 16,690 | ||||||
Phillips 66 |
|
|||||||
3.30%, 3/15/2052 |
75,000 | 53,317 | ||||||
Plains All American Pipeline LP |
|
|||||||
6.65%, 1/15/2037 |
50,000 | 53,836 | ||||||
5.15%, 6/1/2042 |
25,000 | 22,753 | ||||||
4.30%, 1/31/2043 |
25,000 | 20,274 | ||||||
4.70%, 6/15/2044 |
50,000 | 42,658 | ||||||
4.90%, 2/15/2045 |
50,000 | 43,736 | ||||||
Spectra Energy Partners LP |
|
|||||||
5.95%, 9/25/2043 |
30,000 | 30,732 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Suncor Energy, Inc. |
|
|||||||
6.80%, 5/15/2038 |
75,000 | 82,508 | ||||||
6.50%, 6/15/2038 |
40,000 | 43,102 | ||||||
6.85%, 6/1/2039 |
25,000 | 27,804 | ||||||
4.00%, 11/15/2047 |
25,000 | 19,858 | ||||||
3.75%, 3/4/2051 |
20,000 | 15,011 | ||||||
Targa Resources Corp. |
|
|||||||
6.50%, 3/30/2034 |
25,000 | 26,956 | ||||||
4.95%, 4/15/2052 |
20,000 | 17,442 | ||||||
6.25%, 7/1/2052 |
10,000 | 10,336 | ||||||
6.50%, 2/15/2053 |
20,000 | 21,569 | ||||||
Valero Energy Corp. |
|
|||||||
6.63%, 6/15/2037 |
50,000 | 55,010 | ||||||
4.90%, 3/15/2045 |
50,000 | 46,169 | ||||||
3.65%, 12/1/2051 |
50,000 | 36,651 | ||||||
4.00%, 6/1/2052 |
30,000 | 23,459 | ||||||
Western Midstream Operating LP |
|
|||||||
5.45%, 4/1/2044 |
25,000 | 22,676 | ||||||
5.30%, 3/1/2048 |
60,000 | 52,602 | ||||||
5.25%, 2/1/2050(a) |
100,000 | 89,373 | ||||||
Williams Cos., Inc. (The) |
|
|||||||
6.30%, 4/15/2040 |
40,000 | 42,790 | ||||||
5.80%, 11/15/2043 |
25,000 | 25,571 | ||||||
5.40%, 3/4/2044 |
25,000 | 24,157 | ||||||
5.75%, 6/24/2044 |
50,000 | 50,759 | ||||||
4.90%, 1/15/2045 |
25,000 | 22,801 | ||||||
5.10%, 9/15/2045 |
50,000 | 47,591 | ||||||
4.85%, 3/1/2048 |
25,000 | 22,742 | ||||||
3.50%, 10/15/2051 |
50,000 | 36,248 | ||||||
5.30%, 8/15/2052 |
50,000 | 48,596 | ||||||
|
|
|||||||
5,973,009 | ||||||||
|
|
|||||||
Pharmaceuticals - 3.6% |
| |||||||
AstraZeneca plc |
|
|||||||
6.45%, 9/15/2037 |
25,000 | 29,120 | ||||||
Bristol-Myers Squibb Co. |
|
|||||||
4.25%, 10/26/2049 |
10,000 | 8,547 | ||||||
3.70%, 3/15/2052 |
10,000 | 7,773 | ||||||
6.25%, 11/15/2053 |
25,000 | 28,291 | ||||||
3.90%, 3/15/2062 |
75,000 | 57,539 | ||||||
6.40%, 11/15/2063 |
90,000 | 103,439 | ||||||
Eli Lilly & Co. |
|
|||||||
5.55%, 3/15/2037 |
30,000 | 32,584 | ||||||
5.95%, 11/15/2037 |
25,000 | 27,760 | ||||||
4.88%, 2/27/2053 |
50,000 | 50,302 | ||||||
4.15%, 3/15/2059 |
35,000 | 30,789 | ||||||
2.50%, 9/15/2060 |
30,000 | 18,282 | ||||||
4.95%, 2/27/2063 |
75,000 | 76,049 | ||||||
GlaxoSmithKline Capital, Inc. |
|
|||||||
6.38%, 5/15/2038 |
20,000 | 23,244 | ||||||
Johnson & Johnson |
|
|||||||
3.63%, 3/3/2037 |
25,000 | 22,742 | ||||||
5.85%, 7/15/2038 |
50,000 | 56,828 | ||||||
2.45%, 9/1/2060 |
50,000 | 30,485 | ||||||
Merck & Co., Inc. |
|
|||||||
6.55%, 9/15/2037 |
25,000 | 28,710 | ||||||
4.15%, 5/18/2043 |
50,000 | 45,160 | ||||||
4.00%, 3/7/2049 |
25,000 | 21,586 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
2.75%, 12/10/2051 |
55,000 | 36,918 | ||||||
5.00%, 5/17/2053 |
110,000 | 110,192 | ||||||
2.90%, 12/10/2061 |
100,000 | 64,792 | ||||||
5.15%, 5/17/2063 |
75,000 | 76,272 | ||||||
Merck Sharp & Dohme Corp. |
|
|||||||
5.75%, 11/15/2036 |
25,000 | 27,131 | ||||||
Pfizer Investment Enterprises Pte. Ltd. |
|
|||||||
5.34%, 5/19/2063 |
25,000 | 24,979 | ||||||
Zoetis, Inc. |
|
|||||||
4.70%, 2/1/2043 |
75,000 | 70,457 | ||||||
3.95%, 9/12/2047 |
25,000 | 20,735 | ||||||
4.45%, 8/20/2048 |
50,000 | 44,719 | ||||||
3.00%, 5/15/2050 |
25,000 | 17,667 | ||||||
|
|
|||||||
1,193,092 | ||||||||
|
|
|||||||
Professional Services - 0.2% |
| |||||||
Verisk Analytics, Inc. |
|
|||||||
5.50%, 6/15/2045 |
25,000 | 24,222 | ||||||
3.63%, 5/15/2050 |
50,000 | 37,291 | ||||||
|
|
|||||||
61,513 | ||||||||
|
|
|||||||
Real Estate Management & Development - 0.2% |
| |||||||
CBRE Services, Inc. |
|
|||||||
5.95%, 8/15/2034 |
55,000 | 56,903 | ||||||
|
|
|||||||
Residential REITs - 0.1% |
||||||||
ERP Operating LP |
|
|||||||
REIT, 4.50%, 6/1/2045 |
25,000 | 21,146 | ||||||
|
|
|||||||
Retail REITs - 0.2% |
||||||||
NNN REIT, Inc. |
|
|||||||
REIT, 4.80%, 10/15/2048 |
50,000 | 44,266 | ||||||
Regency Centers LP |
|
|||||||
REIT, 4.40%, 2/1/2047 |
10,000 | 8,280 | ||||||
|
|
|||||||
52,546 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 4.9% |
| |||||||
Analog Devices, Inc. |
|
|||||||
2.80%, 10/1/2041 |
100,000 | 73,651 | ||||||
Applied Materials, Inc. |
|
|||||||
5.10%, 10/1/2035 |
50,000 | 52,107 | ||||||
5.85%, 6/15/2041 |
45,000 | 49,399 | ||||||
Broadcom, Inc. |
|
|||||||
3.47%, 4/15/2034(c) |
160,000 | 138,975 | ||||||
3.14%, 11/15/2035(c) |
165,000 | 135,633 | ||||||
3.19%, 11/15/2036(c) |
120,000 | 97,481 | ||||||
4.93%, 5/15/2037(c) |
90,000 | 86,800 | ||||||
3.50%, 2/15/2041(c) |
185,000 | 147,884 | ||||||
3.75%, 2/15/2051(c) |
65,000 | 51,068 | ||||||
KLA Corp. |
|
|||||||
5.65%, 11/1/2034 |
25,000 | 26,708 | ||||||
5.00%, 3/15/2049 |
20,000 | 19,656 | ||||||
4.95%, 7/15/2052 |
75,000 | 73,692 | ||||||
5.25%, 7/15/2062 |
55,000 | 55,878 | ||||||
Lam Research Corp. |
|
|||||||
4.88%, 3/15/2049 |
30,000 | 29,204 | ||||||
3.13%, 6/15/2060 |
70,000 | 47,461 | ||||||
NVIDIA Corp. |
|
|||||||
3.70%, 4/1/2060 |
20,000 | 16,571 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
NXP BV |
|
|||||||
3.25%, 5/11/2041 |
70,000 | 53,159 | ||||||
3.13%, 2/15/2042 |
50,000 | 36,883 | ||||||
3.25%, 11/30/2051 |
20,000 | 13,958 | ||||||
QUALCOMM, Inc. |
|
|||||||
4.50%, 5/20/2052 |
50,000 | 45,853 | ||||||
6.00%, 5/20/2053 |
85,000 | 96,620 | ||||||
Texas Instruments, Inc. |
|
|||||||
3.88%, 3/15/2039 |
40,000 | 36,714 | ||||||
4.15%, 5/15/2048 |
100,000 | 88,272 | ||||||
2.70%, 9/15/2051 |
20,000 | 13,266 | ||||||
4.10%, 8/16/2052 |
10,000 | 8,655 | ||||||
5.00%, 3/14/2053 |
50,000 | 49,963 | ||||||
5.05%, 5/18/2063 |
100,000 | 99,535 | ||||||
|
|
|||||||
1,645,046 | ||||||||
|
|
|||||||
Software - 3.3% |
||||||||
Intuit, Inc. |
|
|||||||
5.50%, 9/15/2053 |
100,000 | 106,683 | ||||||
Microsoft Corp. |
|
|||||||
2.53%, 6/1/2050 |
45,000 | 30,031 | ||||||
2.92%, 3/17/2052 |
100,000 | 71,779 | ||||||
4.00%, 2/12/2055 |
25,000 | 22,058 | ||||||
4.75%, 11/3/2055 |
25,000 | 24,962 | ||||||
3.95%, 8/8/2056 |
25,000 | 21,471 | ||||||
4.50%, 2/6/2057 |
30,000 | 29,325 | ||||||
2.68%, 6/1/2060 |
115,000 | 75,761 | ||||||
3.04%, 3/17/2062 |
60,000 | 42,203 | ||||||
Oracle Corp. |
|
|||||||
3.80%, 11/15/2037 |
25,000 | 21,340 | ||||||
6.50%, 4/15/2038 |
25,000 | 27,603 | ||||||
6.13%, 7/8/2039 |
105,000 | 112,503 | ||||||
3.60%, 4/1/2040 |
100,000 | 79,972 | ||||||
3.65%, 3/25/2041 |
100,000 | 79,577 | ||||||
4.13%, 5/15/2045 |
100,000 | 82,146 | ||||||
3.60%, 4/1/2050 |
50,000 | 36,794 | ||||||
6.90%, 11/9/2052 |
100,000 | 117,432 | ||||||
4.38%, 5/15/2055 |
39,000 | 32,126 | ||||||
3.85%, 4/1/2060 |
95,000 | 68,970 | ||||||
Salesforce, Inc. |
|
|||||||
3.05%, 7/15/2061 |
25,000 | 16,984 | ||||||
|
|
|||||||
1,099,720 | ||||||||
|
|
|||||||
Specialized REITs - 0.0%(d) |
||||||||
Weyerhaeuser Co. |
|
|||||||
REIT, 4.00%, 3/9/2052 |
15,000 | 12,172 | ||||||
|
|
|||||||
Specialty Retail - 2.7% |
||||||||
Dicks Sporting Goods, Inc. |
|
|||||||
4.10%, 1/15/2052 |
25,000 | 18,104 | ||||||
Home Depot, Inc. (The) |
|
|||||||
5.88%, 12/16/2036 |
115,000 | 127,534 | ||||||
3.30%, 4/15/2040 |
5,000 | 4,106 | ||||||
5.40%, 9/15/2040 |
35,000 | 36,703 | ||||||
5.95%, 4/1/2041 |
50,000 | 55,585 | ||||||
4.20%, 4/1/2043 |
50,000 | 44,939 | ||||||
4.40%, 3/15/2045 |
25,000 | 23,083 | ||||||
4.25%, 4/1/2046 |
25,000 | 22,431 | ||||||
4.50%, 12/6/2048 |
20,000 | 18,492 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
2.38%, 3/15/2051 |
35,000 | 21,653 | ||||||
2.75%, 9/15/2051 |
35,000 | 23,414 | ||||||
3.63%, 4/15/2052 |
110,000 | 87,012 | ||||||
4.95%, 9/15/2052 |
25,000 | 24,679 | ||||||
3.50%, 9/15/2056 |
75,000 | 58,083 | ||||||
Lowes Cos., Inc. |
|
|||||||
4.25%, 4/1/2052 |
50,000 | 42,070 | ||||||
5.63%, 4/15/2053 |
50,000 | 51,934 | ||||||
4.45%, 4/1/2062 |
100,000 | 83,873 | ||||||
5.80%, 9/15/2062 |
75,000 | 78,612 | ||||||
5.85%, 4/1/2063 |
40,000 | 42,136 | ||||||
Tiffany & Co. |
|
|||||||
4.90%, 10/1/2044 |
25,000 | 23,835 | ||||||
TJX Cos., Inc. (The) |
|
|||||||
4.50%, 4/15/2050 |
25,000 | 23,423 | ||||||
|
|
|||||||
911,701 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 2.2% |
| |||||||
Apple, Inc. |
|
|||||||
2.38%, 2/8/2041 |
25,000 | 18,221 | ||||||
3.85%, 5/4/2043 |
50,000 | 44,233 | ||||||
3.45%, 2/9/2045 |
25,000 | 20,680 | ||||||
4.38%, 5/13/2045 |
25,000 | 23,661 | ||||||
4.65%, 2/23/2046 |
50,000 | 49,100 | ||||||
3.85%, 8/4/2046 |
25,000 | 21,646 | ||||||
2.65%, 5/11/2050 |
25,000 | 16,889 | ||||||
2.65%, 2/8/2051 |
100,000 | 67,332 | ||||||
2.70%, 8/5/2051 |
75,000 | 50,749 | ||||||
3.95%, 8/8/2052 |
75,000 | 64,334 | ||||||
4.85%, 5/10/2053 |
25,000 | 25,248 | ||||||
2.80%, 2/8/2061 |
125,000 | 83,169 | ||||||
2.85%, 8/5/2061 |
100,000 | 67,383 | ||||||
4.10%, 8/8/2062 |
100,000 | 87,014 | ||||||
Dell International LLC |
|
|||||||
8.35%, 7/15/2046 |
9,000 | 11,739 | ||||||
HP, Inc. |
|
|||||||
6.00%, 9/15/2041 |
80,000 | 84,073 | ||||||
|
|
|||||||
735,471 | ||||||||
|
|
|||||||
Tobacco - 4.2% |
||||||||
Altria Group, Inc. |
|
|||||||
5.80%, 2/14/2039 |
100,000 | 102,230 | ||||||
3.40%, 2/4/2041 |
40,000 | 29,603 | ||||||
4.25%, 8/9/2042 |
120,000 | 98,365 | ||||||
4.50%, 5/2/2043 |
40,000 | 34,090 | ||||||
5.38%, 1/31/2044 |
125,000 | 123,174 | ||||||
3.88%, 9/16/2046 |
45,000 | 33,945 | ||||||
5.95%, 2/14/2049 |
175,000 | 175,474 | ||||||
3.70%, 2/4/2051 |
50,000 | 34,836 | ||||||
4.00%, 2/4/2061 |
25,000 | 18,258 | ||||||
BAT Capital Corp. |
|
|||||||
4.39%, 8/15/2037 |
50,000 | 42,188 | ||||||
4.54%, 8/15/2047 |
75,000 | 57,442 | ||||||
4.76%, 9/6/2049 |
25,000 | 19,678 | ||||||
5.28%, 4/2/2050 |
50,000 | 42,260 | ||||||
5.65%, 3/16/2052 |
25,000 | 22,213 | ||||||
7.08%, 8/2/2053 |
50,000 | 53,059 | ||||||
Philip Morris International, Inc. |
|
|||||||
6.38%, 5/16/2038 |
110,000 | 123,155 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
4.38%, 11/15/2041 |
50,000 | 44,584 | ||||||
4.50%, 3/20/2042 |
50,000 | 44,795 | ||||||
3.88%, 8/21/2042 |
50,000 | 41,080 | ||||||
4.13%, 3/4/2043 |
55,000 | 46,444 | ||||||
4.88%, 11/15/2043 |
65,000 | 61,004 | ||||||
4.25%, 11/10/2044 |
100,000 | 86,195 | ||||||
Reynolds American, Inc. |
|
|||||||
5.70%, 8/15/2035 |
25,000 | 24,508 | ||||||
5.85%, 8/15/2045 |
50,000 | 46,289 | ||||||
|
|
|||||||
1,404,869 | ||||||||
|
|
|||||||
Trading Companies & Distributors - 0.3% |
| |||||||
WW Grainger, Inc. |
|
|||||||
4.60%, 6/15/2045 |
50,000 | 47,110 | ||||||
3.75%, 5/15/2046 |
50,000 | 41,520 | ||||||
4.20%, 5/15/2047 |
10,000 | 8,878 | ||||||
|
|
|||||||
97,508 | ||||||||
|
|
|||||||
Wireless Telecommunication Services - 0.4% |
| |||||||
Rogers Communications, Inc. |
|
|||||||
7.50%, 8/15/2038 |
10,000 | 11,503 | ||||||
T-Mobile USA, Inc. |
|
|||||||
4.38%, 4/15/2040 |
25,000 | 22,561 | ||||||
3.00%, 2/15/2041 |
30,000 | 22,418 | ||||||
4.50%, 4/15/2050 |
20,000 | 17,511 | ||||||
5.65%, 1/15/2053 |
20,000 | 20,641 | ||||||
5.75%, 1/15/2054 |
20,000 | 21,030 | ||||||
3.60%, 11/15/2060 |
25,000 | 18,031 | ||||||
|
|
|||||||
133,695 | ||||||||
|
|
|||||||
TOTAL CORPORATE BONDS |
|
32,504,207 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
U.S. TREASURY OBLIGATIONS - 0.9% |
| |||||||
U.S. Treasury Bonds |
300,000 | 294,984 | ||||||
|
|
|||||||
Total Investments - 98.2% |
|
32,799,191 | ||||||
Other assets less liabilities - 1.8% |
|
609,000 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
33,408,191 | ||||||
|
|
(a) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of January 31, 2024. |
(b) | Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)
(d) | Represents less than 0.05% of net assets. |
Percentages shown are based on Net Assets.
Abbreviations
OYJ | Public Limited Company | |
REIT | Real Estate Investment Trust |
Security Type |
% of Net Assets | |||
Corporate Bonds |
97.3 | % | ||
U.S. Treasury Obligations |
0.9 | |||
Others(1) |
1.8 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® High Yield Value-Scored Bond Index Fund
January 31, 2024 (Unaudited)
Investments |
Principal Amount ($) |
Value ($) | ||||||
CORPORATE BONDS - 96.9% |
||||||||
Aerospace & Defense - 2.5% |
|
|||||||
Bombardier, Inc. |
1,925,000 | 1,941,041 | ||||||
7.88%, 4/15/2027(a) |
2,025,000 | 2,022,409 | ||||||
6.00%, 2/15/2028(a) |
950,000 | 925,542 | ||||||
7.50%, 2/1/2029(a) |
700,000 | 713,480 | ||||||
BWX Technologies, Inc. |
790,000 | 741,668 | ||||||
4.13%, 4/15/2029(a) |
859,000 | 795,709 | ||||||
F-Brasile SpA |
|
|||||||
Series NR, 7.38%, 8/15/2026(a) |
1,650,000 | 1,631,437 | ||||||
TransDigm, Inc. |
4,625,000 | 4,593,544 | ||||||
5.50%, 11/15/2027 |
5,860,000 | 5,701,245 | ||||||
6.75%, 8/15/2028(a) |
4,495,000 | 4,568,552 | ||||||
4.63%, 1/15/2029 |
3,905,000 | 3,651,448 | ||||||
4.88%, 5/1/2029 |
2,401,000 | 2,243,986 | ||||||
6.88%, 12/15/2030(a) |
1,520,000 | 1,555,583 | ||||||
Triumph Group, Inc. |
475,000 | 475,297 | ||||||
9.00%, 3/15/2028(a) |
2,670,000 | 2,817,248 | ||||||
|
|
|||||||
34,378,189 | ||||||||
|
|
|||||||
Air Freight & Logistics - 0.2% |
|
|||||||
Rand Parent LLC |
2,980,000 | 2,950,395 | ||||||
|
|
|||||||
Automobile Components - 2.8% |
|
|||||||
Adient Global Holdings Ltd. |
285,000 | 300,987 | ||||||
Allison Transmission, Inc. |
803,000 | 702,310 | ||||||
American Axle & Manufacturing, Inc. |
1,140,000 | 1,136,054 | ||||||
6.88%, 7/1/2028 |
840,000 | 815,104 | ||||||
Clarios Global LP |
485,000 | 483,671 | ||||||
Cooper-Standard Automotive, Inc. |
1,517,500 | 1,611,834 | ||||||
5.63%, 5/15/2027(a)(b) |
2,000,000 | 1,458,417 | ||||||
Dana, Inc. |
150,000 | 131,155 | ||||||
Icahn Enterprises LP |
2,470,000 | 2,430,081 | ||||||
6.25%, 5/15/2026 |
5,040,000 | 4,828,852 | ||||||
5.25%, 5/15/2027 |
5,600,000 | 5,037,200 | ||||||
9.75%, 1/15/2029(a) |
1,000,000 | 1,026,250 | ||||||
4.38%, 2/1/2029 |
2,570,000 | 2,147,775 | ||||||
IHO Verwaltungs GmbH |
1,535,000 | 1,500,647 | ||||||
6.00%, 5/15/2027(a) |
1,015,000 | 1,004,951 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
6.37%, 5/15/2029(a)(b) |
935,000 | 929,481 | ||||||
Patrick Industries, Inc. |
535,000 | 537,675 | ||||||
4.75%, 5/1/2029(a) |
1,090,000 | 1,004,239 | ||||||
Tenneco, Inc. |
11,160,000 | 9,721,811 | ||||||
ZF North America Capital, Inc. |
1,000,000 | 984,884 | ||||||
6.88%, 4/14/2028(a) |
615,000 | 633,510 | ||||||
7.13%, 4/14/2030(a) |
240,000 | 253,194 | ||||||
|
|
|||||||
38,680,082 | ||||||||
|
|
|||||||
Automobiles - 0.8% |
||||||||
Jaguar Land Rover Automotive plc |
640,000 | 646,133 | ||||||
4.50%, 10/1/2027(a) |
2,235,000 | 2,115,517 | ||||||
5.88%, 1/15/2028(a) |
3,176,000 | 3,121,402 | ||||||
5.50%, 7/15/2029(a) |
1,857,000 | 1,779,970 | ||||||
Mclaren Finance plc |
2,140,000 | 1,876,009 | ||||||
Thor Industries, Inc. |
1,100,000 | 973,553 | ||||||
Winnebago Industries, Inc. |
1,000,000 | 983,398 | ||||||
|
|
|||||||
11,495,982 | ||||||||
|
|
|||||||
Banks - 0.6% |
|
|||||||
Intesa Sanpaolo SpA |
1,550,000 | 1,544,755 | ||||||
4.20%, 6/1/2032(a)(c) |
690,000 | 571,408 | ||||||
4.95%, 6/1/2042(a)(c) |
170,000 | 123,387 | ||||||
Texas Capital Bancshares, Inc. |
2,080,000 | 1,915,753 | ||||||
UniCredit SpA |
2,760,000 | 2,854,700 | ||||||
5.46%, 6/30/2035(a)(c) |
85,000 | 79,715 | ||||||
Valley National Bancorp |
1,000,000 | 855,010 | ||||||
|
|
|||||||
7,944,728 | ||||||||
|
|
|||||||
Beverages - 0.0%(d) |
||||||||
Primo Water Holdings, Inc. |
555,000 | 505,273 | ||||||
|
|
|||||||
Broadline Retail - 0.8% |
||||||||
ANGI Group LLC |
2,855,000 | 2,455,052 | ||||||
Go Daddy Operating Co. LLC |
850,000 | 769,590 | ||||||
Kohls Corp. |
1,480,000 | 996,558 | ||||||
Macys Retail Holdings LLC |
250,000 | 242,500 | ||||||
5.88%, 3/15/2030(a) |
100,000 | 94,825 | ||||||
6.13%, 3/15/2032(a) |
390,000 | 368,004 | ||||||
6.70%, 7/15/2034(a) |
1,000,000 | 826,340 | ||||||
4.50%, 12/15/2034 |
826,000 | 692,746 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
5.13%, 1/15/2042 |
1,000,000 | 792,437 | ||||||
Millennium Escrow Corp. |
2,505,000 | 1,602,671 | ||||||
NMG Holding Co., Inc. |
1,000,000 | 975,015 | ||||||
QVC, Inc. |
1,020,000 | 987,303 | ||||||
|
|
|||||||
10,803,041 | ||||||||
|
|
|||||||
Building Products - 1.7% |
| |||||||
ACProducts Holdings, Inc. |
800,000 | 596,336 | ||||||
AmeriTex HoldCo Intermediate LLC |
1,850,000 | 1,899,784 | ||||||
Camelot Return Merger Sub, Inc. |
1,525,000 | 1,563,379 | ||||||
Cornerstone Building Brands, Inc. |
685,000 | 608,862 | ||||||
CP Atlas Buyer, Inc. |
1,020,000 | 909,136 | ||||||
Eco Material Technologies, Inc. |
1,080,000 | 1,079,341 | ||||||
Emerald Debt Merger Sub LLC |
2,460,000 | 2,484,772 | ||||||
Griffon Corp. |
2,140,000 | 2,097,200 | ||||||
James Hardie International Finance DAC |
1,000,000 | 968,750 | ||||||
JELD-WEN, Inc. |
466,000 | 441,869 | ||||||
Masonite International Corp. |
135,000 | 116,139 | ||||||
MIWD Holdco II LLC |
1,445,000 | 1,314,950 | ||||||
Smyrna Ready Mix Concrete LLC |
1,717,000 | 1,678,281 | ||||||
8.88%, 11/15/2031(a) |
3,750,000 | 3,939,605 | ||||||
Standard Industries, Inc. |
1,375,000 | 1,335,545 | ||||||
4.75%, 1/15/2028(a) |
1,270,000 | 1,214,657 | ||||||
4.38%, 7/15/2030(a) |
1,240,000 | 1,126,853 | ||||||
3.38%, 1/15/2031(a) |
945,000 | 803,566 | ||||||
|
|
|||||||
24,179,025 | ||||||||
|
|
|||||||
Capital Markets - 0.3% |
| |||||||
Aretec Group, Inc. |
500,000 | 540,011 | ||||||
Brightsphere Investment Group, Inc. |
225,000 | 214,412 | ||||||
Compass Group Diversified Holdings LLC |
880,000 | 837,962 | ||||||
Dresdner Funding Trust I |
900,000 | 997,960 | ||||||
Jane Street Group |
250,000 | 228,548 | ||||||
Nomura Holdings, Inc. |
1,450,000 | 1,411,758 | ||||||
|
|
|||||||
4,230,651 | ||||||||
|
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
Chemicals - 4.2% |
| |||||||
Ashland, Inc. |
2,540,000 | 2,143,497 | ||||||
6.88%, 5/15/2043 |
905,000 | 891,637 | ||||||
ASP Unifrax Holdings, Inc. |
2,756,000 | 1,829,433 | ||||||
7.50%, 9/30/2029(a) |
1,414,000 | 663,050 | ||||||
Cerdia Finanz GmbH |
1,215,000 | 1,245,957 | ||||||
Chemours Co. (The) |
575,000 | 559,342 | ||||||
5.75%, 11/15/2028(a) |
1,740,000 | 1,641,159 | ||||||
4.63%, 11/15/2029(a) |
2,070,000 | 1,797,984 | ||||||
Cornerstone Chemical Co. |
295,000 | 84,517 | ||||||
CVR Partners LP |
2,455,000 | 2,313,838 | ||||||
Element Solutions, Inc. |
605,000 | 552,698 | ||||||
FXI Holdings, Inc. |
3,896,000 | 3,790,257 | ||||||
GPD Cos., Inc. 10.13%, 4/1/2026(a) |
2,245,000 | 2,095,786 | ||||||
HB Fuller Co. |
625,000 | 580,396 | ||||||
Herens Holdco Sarl |
1,610,000 | 1,356,180 | ||||||
INEOS Finance plc |
1,910,000 | 1,867,838 | ||||||
INEOS Quattro Finance 2 plc |
1,000,000 | 1,050,120 | ||||||
Ingevity Corp. |
1,400,000 | 1,233,463 | ||||||
LSB Industries, Inc. |
1,320,000 | 1,253,463 | ||||||
Minerals Technologies, Inc. |
755,000 | 722,014 | ||||||
NOVA Chemicals Corp. |
2,847,000 | 2,775,827 | ||||||
5.25%, 6/1/2027(a) |
6,145,000 | 5,714,566 | ||||||
8.50%, 11/15/2028(a) |
2,300,000 | 2,406,904 | ||||||
4.25%, 5/15/2029(a) |
2,995,000 | 2,522,398 | ||||||
Olympus Water US Holding Corp. |
670,000 | 672,408 | ||||||
4.25%, 10/1/2028(a) |
1,600,000 | 1,460,320 | ||||||
9.75%, 11/15/2028(a) |
1,625,000 | 1,719,209 | ||||||
Polar US Borrower LLC |
1,745,000 | 410,075 | ||||||
Rain Carbon, Inc. |
2,575,000 | 2,549,147 | ||||||
SCIH Salt Holdings, Inc. |
1,903,000 | 1,767,088 | ||||||
SCIL IV LLC |
1,180,000 | 1,147,064 | ||||||
SK Invictus Intermediate II Sarl |
3,707,000 | 3,140,756 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
TPC Group, Inc. |
2,000,000 | 2,032,608 | ||||||
Vibrantz Technologies, Inc. |
1,665,000 | 1,381,950 | ||||||
WR Grace Holdings LLC |
575,000 | 549,830 | ||||||
5.63%, 8/15/2029(a) |
1,575,000 | 1,388,725 | ||||||
|
|
|||||||
59,311,504 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 3.7% |
| |||||||
ADT Security Corp. (The) |
800,000 | 738,244 | ||||||
4.88%, 7/15/2032(a) |
531,000 | 486,529 | ||||||
Allied Universal Holdco LLC |
3,355,000 | 3,305,896 | ||||||
9.75%, 7/15/2027(a) |
1,375,000 | 1,344,462 | ||||||
4.63%, 6/1/2028(a) |
3,845,000 | 3,462,392 | ||||||
6.00%, 6/1/2029(a) |
1,850,000 | 1,536,037 | ||||||
Aptim Corp. |
550,000 | 525,246 | ||||||
APX Group, Inc. |
1,300,000 | 1,299,964 | ||||||
5.75%, 7/15/2029(a) |
4,515,000 | 4,287,869 | ||||||
Arrow Bidco LLC |
1,000,000 | 1,032,032 | ||||||
Cimpress plc |
1,150,000 | 1,132,750 | ||||||
CoreCivic, Inc. |
490,000 | 460,600 | ||||||
Covanta Holding Corp. |
570,000 | 492,304 | ||||||
5.00%, 9/1/2030 |
810,000 | 688,593 | ||||||
Deluxe Corp. |
2,895,000 | 2,606,513 | ||||||
Garda World Security Corp. |
925,000 | 874,125 | ||||||
9.50%, 11/1/2027(a) |
1,020,000 | 1,026,156 | ||||||
7.75%, 2/15/2028(a) |
300,000 | 305,293 | ||||||
GFL Environmental, Inc. |
1,530,000 | 1,403,412 | ||||||
4.75%, 6/15/2029(a) |
625,000 | 586,717 | ||||||
4.38%, 8/15/2029(a) |
235,000 | 215,524 | ||||||
Interface, Inc. |
1,355,000 | 1,268,063 | ||||||
Neptune Bidco US, Inc. |
8,925,000 | 8,525,252 | ||||||
Pitney Bowes, Inc. |
2,145,000 | 1,935,862 | ||||||
Prime Security Services Borrower LLC |
3,195,000 | 3,193,503 | ||||||
3.38%, 8/31/2027(a) |
2,180,000 | 2,008,109 | ||||||
6.25%, 1/15/2028(a) |
3,870,000 | 3,835,129 | ||||||
Stericycle, Inc. |
185,000 | 168,171 | ||||||
WASH Multifamily Acquisition, Inc. |
1,365,000 | 1,312,202 | ||||||
West Technology Group LLC |
2,250,000 | 1,935,000 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Williams Scotsman, Inc. |
100,000 | 94,657 | ||||||
|
|
|||||||
52,086,606 | ||||||||
|
|
|||||||
Communications Equipment - 0.6% |
| |||||||
CommScope Technologies LLC |
7,395,000 | 5,879,025 | ||||||
CommScope, Inc. |
230,000 | 199,221 | ||||||
Viavi Solutions, Inc. |
1,825,000 | 1,590,141 | ||||||
|
|
|||||||
7,668,387 | ||||||||
|
|
|||||||
Construction & Engineering - 1.4% |
| |||||||
AECOM |
3,440,000 | 3,381,345 | ||||||
Arcosa, Inc. |
850,000 | 791,954 | ||||||
Artera Services LLC |
2,684,000 | 2,736,580 | ||||||
Brand Industrial Services, Inc. |
4,565,000 | 4,821,781 | ||||||
Brundage-Bone Concrete Pumping Holdings, Inc. |
1,095,000 | 1,078,652 | ||||||
Global Infrastructure Solutions, Inc. |
1,093,000 | 987,365 | ||||||
7.50%, 4/15/2032(a) |
1,391,000 | 1,281,621 | ||||||
HTA Group Ltd. |
715,000 | 705,133 | ||||||
Railworks Holdings LP |
675,000 | 673,065 | ||||||
VM Consolidated, Inc. |
1,974,000 | 1,882,841 | ||||||
Weekley Homes LLC |
570,000 | 531,249 | ||||||
|
|
|||||||
18,871,586 | ||||||||
|
|
|||||||
Construction Materials - 0.0%(d) |
| |||||||
Knife River Corp. |
120,000 | 126,048 | ||||||
|
|
|||||||
Consumer Finance - 1.1% |
| |||||||
Bread Financial Holdings, Inc. |
750,000 | 749,092 | ||||||
Cobra Acquisition Co. LLC |
830,000 | 674,375 | ||||||
Credit Acceptance Corp. |
715,000 | 714,853 | ||||||
Curo Group Holdings Corp. |
1,000,000 | 360,000 | ||||||
Enova International, Inc. |
170,000 | 168,086 | ||||||
11.25%, 12/15/2028(a) |
2,000,000 | 2,091,500 | ||||||
FirstCash, Inc. |
2,905,000 | 2,715,454 | ||||||
5.63%, 1/1/2030(a) |
1,890,000 | 1,801,378 | ||||||
GGAM Finance Ltd. |
550,000 | 566,626 | ||||||
goeasy Ltd. |
925,000 | 882,120 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
LFS Topco LLC |
1,345,000 | 1,236,782 | ||||||
Macquarie Airfinance Holdings Ltd. |
805,000 | 845,612 | ||||||
OneMain Finance Corp. |
535,000 | 542,294 | ||||||
3.88%, 9/15/2028 |
300,000 | 263,278 | ||||||
PRA Group, Inc. |
115,000 | 115,727 | ||||||
SLM Corp. |
200,000 | 187,264 | ||||||
Synchrony Financial |
600,000 | 599,655 | ||||||
World Acceptance Corp. |
1,520,000 | 1,404,947 | ||||||
|
|
|||||||
15,919,043 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 1.3% |
| |||||||
Albertsons Cos., Inc. |
2,550,000 | 2,422,217 | ||||||
4.63%, 1/15/2027(a) |
1,265,000 | 1,227,128 | ||||||
5.88%, 2/15/2028(a) |
750,000 | 749,082 | ||||||
6.50%, 2/15/2028(a) |
2,550,000 | 2,577,681 | ||||||
3.50%, 3/15/2029(a) |
1,260,000 | 1,138,416 | ||||||
4.88%, 2/15/2030(a) |
1,000,000 | 955,736 | ||||||
C&S Group Enterprises LLC |
820,000 | 665,922 | ||||||
Ingles Markets, Inc. |
1,875,000 | 1,657,144 | ||||||
Performance Food Group, Inc. |
940,000 | 916,781 | ||||||
4.25%, 8/1/2029(a) |
3,090,000 | 2,831,474 | ||||||
United Natural Foods, Inc. |
2,820,000 | 2,368,800 | ||||||
US Foods, Inc. |
1,190,000 | 1,129,033 | ||||||
4.63%, 6/1/2030(a) |
140,000 | 130,492 | ||||||
|
|
|||||||
18,769,906 | ||||||||
|
|
|||||||
Containers & Packaging - 2.1% |
| |||||||
Ardagh Metal Packaging Finance USA LLC |
300,000 | 296,604 | ||||||
3.25%, 9/1/2028(a) |
220,000 | 192,273 | ||||||
4.00%, 9/1/2029(a)(e) |
865,000 | 701,058 | ||||||
Cascades, Inc. |
190,000 | 186,675 | ||||||
Clydesdale Acquisition Holdings, Inc. |
2,935,000 | 2,920,425 | ||||||
8.75%, 4/15/2030(a) |
6,249,000 | 5,936,243 | ||||||
Graham Packaging Co., Inc. |
2,900,000 | 2,588,351 | ||||||
Intelligent Packaging Ltd. Finco, Inc. |
1,900,000 | 1,786,382 | ||||||
Iris Holding, Inc. |
895,000 | 761,117 | ||||||
LABL, Inc. |
1,525,000 | 1,458,117 | ||||||
Mauser Packaging Solutions Holding Co. |
4,370,000 | 4,415,677 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
9.25%, 4/15/2027(a) |
2,897,000 | 2,796,345 | ||||||
Pactiv LLC |
195,000 | 197,814 | ||||||
Sealed Air Corp. |
150,000 | 156,512 | ||||||
TriMas Corp. 4.13%, 4/15/2029(a) |
2,300,000 | 2,047,738 | ||||||
Trivium Packaging Finance BV 5.50%, 8/15/2026(a)(f) |
950,000 | 927,439 | ||||||
8.50%, 8/15/2027(a)(f) |
1,310,000 | 1,278,295 | ||||||
|
|
|||||||
28,647,065 | ||||||||
|
|
|||||||
Distributors - 0.4% |
| |||||||
American Builders & Contractors Supply Co., Inc. |
520,000 | 487,315 | ||||||
Resideo Funding, Inc. |
660,000 | 571,902 | ||||||
Verde Purchaser LLC |
2,250,000 | 2,323,440 | ||||||
Windsor Holdings III LLC 8.50%, 6/15/2030(a) |
2,390,000 | 2,460,515 | ||||||
|
|
|||||||
5,843,172 | ||||||||
|
|
|||||||
Diversified Consumer Services - 0.6% |
| |||||||
Adtalem Global Education, Inc. |
855,000 | 806,966 | ||||||
Grand Canyon University |
500,000 | 476,250 | ||||||
5.13%, 10/1/2028 |
2,320,000 | 2,109,414 | ||||||
Signal Parent, Inc. |
695,000 | 491,733 | ||||||
Sothebys |
4,400,000 | 4,228,496 | ||||||
StoneMor, Inc. |
905,000 | 699,113 | ||||||
|
|
|||||||
8,811,972 | ||||||||
|
|
|||||||
Diversified REITs - 1.2% |
| |||||||
Iron Mountain Information Management Services, Inc. |
|
|||||||
REIT, 5.00%, 7/15/2032(a) |
4,290,000 | 3,868,988 | ||||||
Uniti Group LP |
|
|||||||
REIT, 10.50%, 2/15/2028(a)(e) |
5,905,000 | 6,011,000 | ||||||
REIT, 6.50%, 2/15/2029(a) |
7,250,000 | 5,114,098 | ||||||
REIT, 6.00%, 1/15/2030(a) |
3,000,000 | 1,987,500 | ||||||
|
|
|||||||
16,981,586 | ||||||||
|
|
|||||||
Diversified Telecommunication Services - 5.0% |
| |||||||
Altice France SA |
3,785,000 | 3,383,067 | ||||||
5.50%, 1/15/2028(a) |
4,300,000 | 3,357,278 | ||||||
5.13%, 1/15/2029(a) |
985,000 | 728,972 | ||||||
5.13%, 7/15/2029(a) |
5,225,000 | 3,819,970 | ||||||
5.50%, 10/15/2029(a) |
4,650,000 | 3,425,954 | ||||||
C&W Senior Financing DAC |
990,000 | 938,025 | ||||||
CCO Holdings LLC |
2,701,000 | 2,605,158 | ||||||
5.00%, 2/1/2028(a) |
1,610,000 | 1,513,134 | ||||||
5.38%, 6/1/2029(a) |
1,430,000 | 1,329,591 | ||||||
6.38%, 9/1/2029(a) |
1,415,000 | 1,377,732 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
4.75%, 3/1/2030(a) |
3,155,000 | 2,803,556 | ||||||
4.50%, 8/15/2030(a) |
2,820,000 | 2,452,442 | ||||||
4.25%, 2/1/2031(a) |
3,070,000 | 2,595,827 | ||||||
4.75%, 2/1/2032(a) |
1,530,000 | 1,312,373 | ||||||
4.50%, 5/1/2032 |
2,657,000 | 2,216,628 | ||||||
4.50%, 6/1/2033(a) |
4,990,000 | 4,092,779 | ||||||
4.25%, 1/15/2034(a) |
1,880,000 | 1,494,793 | ||||||
Consolidated Communications, Inc. |
500,000 | 430,000 | ||||||
Embarq Corp. |
2,450,000 | 1,453,022 | ||||||
Frontier Communications Holdings LLC |
1,050,000 | 930,536 | ||||||
5.88%, 11/1/2029 |
500,000 | 423,692 | ||||||
6.00%, 1/15/2030(a) |
800,000 | 678,376 | ||||||
8.75%, 5/15/2030(a) |
30,000 | 30,732 | ||||||
Iliad Holding SASU |
1,200,000 | 1,176,309 | ||||||
7.00%, 10/15/2028(a) |
1,575,000 | 1,562,452 | ||||||
Intelsat Jackson Holdings SA |
3,175,000 | 2,999,091 | ||||||
Lumen Technologies, Inc. |
400,000 | 359,328 | ||||||
5.13%, 12/15/2026(a) |
1,810,000 | 1,144,825 | ||||||
4.00%, 2/15/2027(a) |
4,360,000 | 2,272,692 | ||||||
Telesat Canada |
1,175,000 | 710,875 | ||||||
4.88%, 6/1/2027(a) |
860,000 | 507,400 | ||||||
Virgin Media Finance plc |
5,385,000 | 4,809,396 | ||||||
Virgin Media Secured Finance plc |
665,000 | 594,178 | ||||||
Windstream Escrow LLC |
5,411,000 | 4,744,170 | ||||||
Zayo Group Holdings, Inc. |
4,980,000 | 3,786,955 | ||||||
6.13%, 3/1/2028(a) |
3,690,000 | 2,457,134 | ||||||
|
|
|||||||
70,518,442 | ||||||||
|
|
|||||||
Electric Utilities - 1.5% |
| |||||||
Edison International |
1,370,000 | 1,407,164 | ||||||
7.88%, 6/15/2054(c) |
900,000 | 914,802 | ||||||
Emera, Inc. |
|
|||||||
Series 16-A, 6.75%, 6/15/2076(c) |
6,900,000 | 6,761,301 | ||||||
Leeward Renewable Energy Operations LLC |
1,345,000 | 1,214,937 | ||||||
NextEra Energy Operating Partners LP |
1,960,000 | 1,853,150 | ||||||
4.50%, 9/15/2027(a) |
1,570,000 | 1,474,287 | ||||||
NRG Energy, Inc. |
129,000 | 113,797 | ||||||
5.25%, 6/15/2029(a) |
1,530,000 | 1,467,056 | ||||||
3.63%, 2/15/2031(a) |
935,000 | 801,989 | ||||||
3.88%, 2/15/2032(a) |
870,000 | 746,077 | ||||||
Pattern Energy Operations LP 4.50%, 8/15/2028(a) |
430,000 | 400,746 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
PG&E Corp. |
840,000 | 811,703 | ||||||
5.25%, 7/1/2030 |
835,000 | 797,333 | ||||||
Vistra Operations Co. LLC |
2,410,000 | 2,373,992 | ||||||
|
|
|||||||
21,138,334 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 0.1% |
| |||||||
Crane NXT Co. |
1,220,000 | 911,814 | ||||||
Likewize Corp. |
821,000 | 832,136 | ||||||
|
|
|||||||
1,743,950 | ||||||||
|
|
|||||||
Energy Equipment & Services - 2.5% |
| |||||||
Archrock Partners LP |
1,060,000 | 1,062,650 | ||||||
6.25%, 4/1/2028(a) |
1,755,000 | 1,735,379 | ||||||
Borr IHC Ltd. |
5,800,000 | 6,001,330 | ||||||
CGG SA |
980,000 | 863,488 | ||||||
Helix Energy Solutions Group, Inc. |
1,700,000 | 1,783,738 | ||||||
Nabors Industries Ltd. |
1,890,000 | 1,842,882 | ||||||
Nine Energy Service, Inc. |
1,725,000 | 1,483,949 | ||||||
Noble Finance II LLC |
2,060,000 | 2,139,195 | ||||||
Oceaneering International, Inc. |
330,000 | 322,380 | ||||||
Precision Drilling Corp. |
865,000 | 851,004 | ||||||
Seadrill Finance Ltd. |
1,950,000 | 2,028,956 | ||||||
USA Compression Partners LP |
1,680,000 | 1,670,133 | ||||||
6.88%, 9/1/2027 |
2,573,000 | 2,571,204 | ||||||
Valaris Ltd. |
6,335,000 | 6,495,022 | ||||||
Weatherford International Ltd. |
3,475,000 | 3,550,632 | ||||||
|
|
|||||||
34,401,942 | ||||||||
|
|
|||||||
Entertainment - 0.5% |
| |||||||
Allen Media LLC |
2,165,000 | 1,095,100 | ||||||
Banijay Entertainment SASU |
1,000,000 | 1,033,997 | ||||||
Cinemark USA, Inc. |
855,000 | 847,168 | ||||||
5.25%, 7/15/2028(a) |
1,720,000 | 1,586,700 | ||||||
Lions Gate Capital Holdings |
400,000 | 304,150 | ||||||
Live Nation Entertainment, Inc. |
1,675,000 | 1,595,555 | ||||||
|
|
|||||||
6,462,670 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Financial Services - 2.1% |
| |||||||
Freedom Mortgage Corp. |
250,000 | 248,982 | ||||||
6.63%, 1/15/2027(a) |
1,550,000 | 1,488,652 | ||||||
12.00%, 10/1/2028(a) |
2,660,000 | 2,919,842 | ||||||
12.25%, 10/1/2030(a) |
350,000 | 390,183 | ||||||
GTCR W-2 Merger Sub LLC |
2,200,000 | 2,285,404 | ||||||
Jefferies Finance LLC |
3,420,000 | 3,087,588 | ||||||
Jefferson Capital Holdings LLC |
331,000 | 318,460 | ||||||
Midcap Financial Issuer Trust |
3,420,000 | 3,123,452 | ||||||
5.63%, 1/15/2030(a) |
1,380,000 | 1,176,450 | ||||||
Mobius Merger Sub, Inc. |
250,000 | 246,750 | ||||||
Nationstar Mortgage Holdings, Inc. |
830,000 | 808,918 | ||||||
6.00%, 1/15/2027(a) |
1,450,000 | 1,421,756 | ||||||
5.50%, 8/15/2028(a) |
1,851,000 | 1,757,785 | ||||||
5.13%, 12/15/2030(a) |
275,000 | 247,174 | ||||||
5.75%, 11/15/2031(a) |
220,000 | 202,779 | ||||||
NCR Atleos Corp. |
1,300,000 | 1,394,380 | ||||||
Oxford Finance LLC |
620,000 | 588,268 | ||||||
PennyMac Financial Services, Inc. |
75,000 | 67,988 | ||||||
5.75%, 9/15/2031(a) |
5,000 | 4,631 | ||||||
PHH Mortgage Corp. |
2,030,000 | 1,872,675 | ||||||
Rocket Mortgage LLC |
920,000 | 844,164 | ||||||
3.63%, 3/1/2029(a) |
534,000 | 474,650 | ||||||
3.88%, 3/1/2031(a) |
1,100,000 | 961,191 | ||||||
4.00%, 10/15/2033(a) |
650,000 | 551,727 | ||||||
United Wholesale Mortgage LLC |
645,000 | 637,023 | ||||||
5.75%, 6/15/2027(a) |
1,015,000 | 995,991 | ||||||
5.50%, 4/15/2029(a) |
1,495,000 | 1,411,799 | ||||||
|
|
|||||||
29,528,662 | ||||||||
|
|
|||||||
Food Products - 0.9% |
| |||||||
B&G Foods, Inc. |
1,220,000 | 1,100,384 | ||||||
Lamb Weston Holdings, Inc. |
250,000 | 243,299 | ||||||
4.13%, 1/31/2030(a) |
2,695,000 | 2,459,254 | ||||||
4.38%, 1/31/2032(a) |
3,003,000 | 2,694,948 | ||||||
Post Holdings, Inc. |
2,010,000 | 1,978,046 | ||||||
5.50%, 12/15/2029(a) |
1,400,000 | 1,353,256 | ||||||
4.63%, 4/15/2030(a) |
1,329,000 | 1,222,213 | ||||||
4.50%, 9/15/2031(a) |
1,040,000 | 934,175 | ||||||
Sigma Holdco BV |
315,000 | 297,027 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Simmons Foods, Inc. |
645,000 | 554,553 | ||||||
TreeHouse Foods, Inc. |
50,000 | 44,600 | ||||||
|
|
|||||||
12,881,755 | ||||||||
|
|
|||||||
Gas Utilities - 0.2% |
| |||||||
AmeriGas Partners LP |
1,515,000 | 1,488,087 | ||||||
Ferrellgas LP |
1,115,000 | 1,098,512 | ||||||
Suburban Propane Partners LP |
735,000 | 729,039 | ||||||
|
|
|||||||
3,315,638 | ||||||||
|
|
|||||||
Ground Transportation - 1.2% |
| |||||||
Albion Financing 1 Sarl |
1,620,000 | 1,591,371 | ||||||
Albion Financing 2 Sarl |
2,045,000 | 2,042,840 | ||||||
Carriage Purchaser, Inc. |
755,000 | 641,750 | ||||||
EquipmentShare.com, Inc. |
3,390,000 | 3,439,833 | ||||||
First Student Bidco, Inc. |
555,000 | 488,533 | ||||||
GN Bondco LLC |
2,490,000 | 2,455,763 | ||||||
Hertz Corp. (The) |
1,265,000 | 1,137,716 | ||||||
5.00%, 12/1/2029(a) |
3,660,000 | 2,892,431 | ||||||
NESCO Holdings II, Inc. |
1,755,000 | 1,645,120 | ||||||
Uber Technologies, Inc. |
250,000 | 236,635 | ||||||
|
|
|||||||
16,571,992 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies - 0.5% |
| |||||||
Avantor Funding, Inc. |
320,000 | 304,653 | ||||||
Bausch & Lomb Escrow Corp. |
1,350,000 | 1,400,720 | ||||||
Embecta Corp. |
190,000 | 155,473 | ||||||
Garden Spinco Corp. |
180,000 | 192,600 | ||||||
Hologic, Inc. |
885,000 | 854,019 | ||||||
3.25%, 2/15/2029(a) |
800,000 | 719,350 | ||||||
Medline Borrower LP |
2,465,000 | 2,298,389 | ||||||
Teleflex, Inc. |
1,060,000 | 1,028,338 | ||||||
4.25%, 6/1/2028(a) |
250,000 | 237,167 | ||||||
Varex Imaging Corp. |
9,000 | 9,145 | ||||||
|
|
|||||||
7,199,854 | ||||||||
|
|
|||||||
Health Care Providers & Services - 3.4% |
| |||||||
180 Medical, Inc. |
200,000 | 178,768 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Acadia Healthcare Co., Inc. |
1,190,000 | 1,163,335 | ||||||
5.00%, 4/15/2029(a) |
150,000 | 143,062 | ||||||
AdaptHealth LLC |
765,000 | 669,742 | ||||||
AHP Health Partners, Inc. |
1,697,000 | 1,521,038 | ||||||
Community Health Systems, Inc. |
1,030,000 | 1,015,184 | ||||||
DaVita, Inc. |
2,873,000 | 2,541,955 | ||||||
3.75%, 2/15/2031(a) |
1,400,000 | 1,154,144 | ||||||
Encompass Health Corp. |
650,000 | 620,879 | ||||||
4.75%, 2/1/2030 |
485,000 | 454,865 | ||||||
4.63%, 4/1/2031 |
1,380,000 | 1,267,844 | ||||||
Global Medical Response, Inc. |
2,020,000 | 1,731,635 | ||||||
HealthEquity, Inc. |
320,000 | 298,768 | ||||||
Heartland Dental LLC |
600,000 | 591,750 | ||||||
10.50%, 4/30/2028(a) |
1,165,000 | 1,214,594 | ||||||
Kedrion SpA |
515,000 | 459,638 | ||||||
Legacy LifePoint Health LLC |
1,495,000 | 1,392,323 | ||||||
LifePoint Health, Inc. |
1,295,000 | 1,023,858 | ||||||
9.88%, 8/15/2030(a) |
2,880,000 | 2,945,001 | ||||||
11.00%, 10/15/2030(a) |
2,000,000 | 2,128,147 | ||||||
Molina Healthcare, Inc. |
1,725,000 | 1,616,977 | ||||||
3.88%, 11/15/2030(a) |
3,700,000 | 3,243,171 | ||||||
3.88%, 5/15/2032(a) |
4,270,000 | 3,654,916 | ||||||
Option Care Health, Inc. |
240,000 | 219,014 | ||||||
Prime Healthcare Services, Inc. |
1,450,000 | 1,442,750 | ||||||
Radiology Partners, Inc. |
2,985,000 | 1,955,175 | ||||||
RegionalCare Hospital Partners Holdings, Inc. |
2,480,000 | 2,475,690 | ||||||
RP Escrow Issuer LLC |
2,275,000 | 2,047,500 | ||||||
Star Parent, Inc. |
1,000,000 | 1,051,503 | ||||||
Team Health Holdings, Inc. |
675,000 | 577,125 | ||||||
Tenet Healthcare Corp. |
920,000 | 893,335 | ||||||
6.13%, 10/1/2028 |
1,600,000 | 1,594,112 | ||||||
6.88%, 11/15/2031 |
265,000 | 271,975 | ||||||
Toledo Hospital (The) |
1,495,000 | 1,386,613 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
US Acute Care Solutions LLC |
3,163,000 | 2,763,861 | ||||||
|
|
|||||||
47,710,247 | ||||||||
|
|
|||||||
Health Care REITs - 0.9% |
| |||||||
CTR Partnership LP |
2,305,000 | 2,100,570 | ||||||
MPT Operating Partnership LP |
||||||||
REIT, 5.25%, 8/1/2026 |
1,000,000 | 845,973 | ||||||
REIT, 5.00%, 10/15/2027 |
7,400,000 | 5,600,976 | ||||||
REIT, 4.63%, 8/1/2029 |
1,000,000 | 676,163 | ||||||
REIT, 3.50%, 3/15/2031 |
5,400,000 | 3,310,408 | ||||||
|
|
|||||||
12,534,090 | ||||||||
|
|
|||||||
Hotel & Resort REITs - 0.5% |
| |||||||
Park Intermediate Holdings LLC |
||||||||
REIT, 4.88%, 5/15/2029(a) |
1,675,000 | 1,534,719 | ||||||
RHP Hotel Properties LP |
|
|||||||
REIT, 4.50%, 2/15/2029(a) |
240,000 | 223,106 | ||||||
Service Properties Trust |
|
|||||||
REIT, 4.50%, 3/15/2025 |
250,000 | 243,745 | ||||||
REIT, 5.25%, 2/15/2026 |
880,000 | 851,690 | ||||||
REIT, 4.75%, 10/1/2026 |
930,000 | 862,810 | ||||||
REIT, 4.95%, 2/15/2027 |
885,000 | 809,759 | ||||||
REIT, 3.95%, 1/15/2028 |
815,000 | 687,485 | ||||||
REIT, 4.38%, 2/15/2030 |
1,850,000 | 1,432,836 | ||||||
XHR LP |
|
|||||||
REIT, 4.88%, 6/1/2029(a) |
290,000 | 267,470 | ||||||
|
|
|||||||
6,913,620 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 7.2% |
| |||||||
1011778 BC ULC |
500,000 | 470,543 | ||||||
4.38%, 1/15/2028(a) |
550,000 | 523,121 | ||||||
4.00%, 10/15/2030(a) |
3,050,000 | 2,726,059 | ||||||
Affinity Interactive |
2,105,000 | 1,904,912 | ||||||
Boyd Gaming Corp. |
850,000 | 821,100 | ||||||
4.75%, 6/15/2031(a) |
2,230,000 | 2,048,543 | ||||||
Caesars Entertainment, Inc. |
749,000 | 768,658 | ||||||
Carnival Corp. |
1,710,000 | 1,736,982 | ||||||
5.75%, 3/1/2027(a) |
3,525,000 | 3,472,837 | ||||||
6.00%, 5/1/2029(a) |
600,000 | 581,146 | ||||||
10.50%, 6/1/2030(a) |
640,000 | 702,714 | ||||||
Carnival Holdings Bermuda Ltd. |
1,111,000 | 1,215,390 | ||||||
CEC Entertainment LLC |
1,014,000 | 1,007,327 | ||||||
Cedar Fair LP |
860,000 | 851,489 | ||||||
6.50%, 10/1/2028 |
995,000 | 990,053 | ||||||
5.25%, 7/15/2029 |
996,000 | 952,102 | ||||||
Churchill Downs, Inc. |
1,400,000 | 1,383,063 | ||||||
4.75%, 1/15/2028(a) |
1,485,000 | 1,414,368 | ||||||
5.75%, 4/1/2030(a) |
1,110,000 | 1,073,847 | ||||||
6.75%, 5/1/2031(a) |
275,000 | 278,128 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Everi Holdings, Inc. |
860,000 | 790,349 | ||||||
Fertitta Entertainment LLC |
830,000 | 759,500 | ||||||
Genting New York LLC |
2,700,000 | 2,503,855 | ||||||
GPS Hospitality Holding Co. LLC |
1,135,000 | 896,999 | ||||||
Hilton Domestic Operating Co., Inc. |
300,000 | 298,872 | ||||||
3.75%, 5/1/2029(a) |
595,000 | 546,026 | ||||||
4.88%, 1/15/2030 |
855,000 | 824,065 | ||||||
4.00%, 5/1/2031(a) |
905,000 | 813,420 | ||||||
3.63%, 2/15/2032(a) |
6,015,000 | 5,163,760 | ||||||
Hilton Grand Vacations Borrower Escrow LLC |
1,825,000 | 1,686,348 | ||||||
4.88%, 7/1/2031(a) |
1,695,000 | 1,503,127 | ||||||
IRB Holding Corp. |
600,000 | 596,292 | ||||||
Jacobs Entertainment, Inc. |
1,405,000 | 1,333,092 | ||||||
KFC Holding Co. |
605,000 | 591,999 | ||||||
Las Vegas Sands Corp. |
535,000 | 493,810 | ||||||
Life Time, Inc. |
1,015,000 | 1,016,340 | ||||||
Light & Wonder International, Inc. |
500,000 | 499,410 | ||||||
Marriott Ownership Resorts, Inc. |
776,000 | 715,860 | ||||||
4.50%, 6/15/2029(a) |
1,605,000 | 1,442,863 | ||||||
Midwest Gaming Borrower LLC |
2,550,000 | 2,352,506 | ||||||
Mohegan Tribal Gaming Authority |
4,040,000 | 3,793,964 | ||||||
NCL Corp. Ltd. |
8,350,000 | 8,141,835 | ||||||
5.88%, 2/15/2027(a) |
890,000 | 876,824 | ||||||
8.38%, 2/1/2028(a) |
425,000 | 446,207 | ||||||
Papa Johns International, Inc. |
1,300,000 | 1,154,049 | ||||||
Penn Entertainment, Inc. |
870,000 | 839,811 | ||||||
4.13%, 7/1/2029(a) |
100,000 | 85,498 | ||||||
Raptor Acquisition Corp. |
1,475,000 | 1,415,773 | ||||||
Resorts World Las Vegas LLC |
5,750,000 | 5,108,875 | ||||||
8.45%, 7/27/2030(a) |
2,300,000 | 2,394,806 | ||||||
4.63%, 4/6/2031(a) |
1,855,000 | 1,572,112 | ||||||
Royal Caribbean Cruises Ltd. |
1,640,000 | 1,578,057 | ||||||
5.50%, 8/31/2026(a) |
2,205,000 | 2,182,651 | ||||||
5.38%, 7/15/2027(a) |
800,000 | 787,209 | ||||||
11.63%, 8/15/2027(a) |
1,410,000 | 1,533,729 | ||||||
5.50%, 4/1/2028(a) |
1,385,000 | 1,367,375 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
SeaWorld Parks & Entertainment, Inc. |
1,675,000 | 1,559,961 | ||||||
Six Flags Entertainment Corp. |
500,000 | 497,455 | ||||||
7.25%, 5/15/2031(a) |
720,000 | 734,400 | ||||||
Sizzling Platter LLC |
330,000 | 329,175 | ||||||
Station Casinos LLC |
500,000 | 470,013 | ||||||
TKC Holdings, Inc. |
1,615,000 | 1,473,687 | ||||||
10.50%, 5/15/2029(a) |
1,395,000 | 1,262,475 | ||||||
Travel + Leisure Co. |
1,425,000 | 1,439,165 | ||||||
6.00%, 4/1/2027(f) |
795,000 | 795,184 | ||||||
4.50%, 12/1/2029(a) |
410,000 | 374,082 | ||||||
4.63%, 3/1/2030(a) |
85,000 | 76,529 | ||||||
Wynn Las Vegas LLC |
250,000 | 249,685 | ||||||
5.25%, 5/15/2027(a) |
750,000 | 732,928 | ||||||
Wynn Resorts Finance LLC |
580,000 | 547,930 | ||||||
7.13%, 2/15/2031(a) |
405,000 | 417,648 | ||||||
Yum! Brands, Inc. |
2,850,000 | 2,736,485 | ||||||
3.63%, 3/15/2031 |
880,000 | 776,631 | ||||||
4.63%, 1/31/2032 |
970,000 | 899,783 | ||||||
5.38%, 4/1/2032 |
840,000 | 816,937 | ||||||
6.88%, 11/15/2037 |
1,365,000 | 1,482,858 | ||||||
|
|
|||||||
100,702,661 | ||||||||
|
|
|||||||
Household Durables - 1.5% |
| |||||||
Adams Homes, Inc. |
1,350,000 | 1,383,079 | ||||||
Ashton Woods USA LLC |
415,000 | 408,879 | ||||||
4.63%, 4/1/2030(a) |
935,000 | 846,231 | ||||||
Brookfield Residential Properties, Inc. |
2,690,000 | 2,611,259 | ||||||
CD&R Smokey Buyer, Inc. |
1,120,000 | 1,097,678 | ||||||
Empire Communities Corp. |
1,365,000 | 1,349,504 | ||||||
Installed Building Products, Inc. |
285,000 | 279,300 | ||||||
KB Home |
140,000 | 123,447 | ||||||
LGI Homes, Inc. |
965,000 | 825,673 | ||||||
M/I Homes, Inc. |
5,000 | 4,438 | ||||||
Mattamy Group Corp. |
870,000 | 839,440 | ||||||
4.63%, 3/1/2030(a) |
1,665,000 | 1,517,976 | ||||||
New Home Co., Inc. (The) |
1,000,000 | 930,000 | ||||||
Newell Brands, Inc. |
1,000,000 | 973,469 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
6.50%, 4/1/2046(f) |
450,000 | 362,990 | ||||||
Shea Homes LP |
850,000 | 807,055 | ||||||
4.75%, 4/1/2029 |
445,000 | 417,387 | ||||||
SWF Escrow Issuer Corp. |
1,490,000 | 1,032,496 | ||||||
Taylor Morrison Communities, Inc. |
1,190,000 | 1,181,359 | ||||||
5.13%, 8/1/2030(a) |
260,000 | 247,635 | ||||||
Tempur Sealy International, Inc. |
590,000 | 532,307 | ||||||
3.88%, 10/15/2031(a) |
2,770,000 | 2,337,466 | ||||||
TopBuild Corp. |
225,000 | 196,607 | ||||||
Tri Pointe Homes, Inc. |
580,000 | 570,441 | ||||||
|
|
|||||||
20,876,116 | ||||||||
|
|
|||||||
Household Products - 0.2% |
| |||||||
Central Garden & Pet Co. |
250,000 | 224,166 | ||||||
4.13%, 4/30/2031(a) |
100,000 | 88,353 | ||||||
Energizer Holdings, Inc. |
640,000 | 637,088 | ||||||
4.75%, 6/15/2028(a) |
1,240,000 | 1,153,820 | ||||||
4.38%, 3/31/2029(a) |
725,000 | 656,277 | ||||||
Kronos Acquisition Holdings, Inc. |
220,000 | 212,654 | ||||||
|
|
|||||||
2,972,358 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers - 0.6% |
| |||||||
Clearway Energy Operating LLC |
665,000 | 576,443 | ||||||
Talen Energy Supply LLC |
6,970,000 | 7,397,401 | ||||||
TransAlta Corp. |
230,000 | 227,219 | ||||||
|
|
|||||||
8,201,063 | ||||||||
|
|
|||||||
Insurance - 0.8% |
| |||||||
Alliant Holdings Intermediate LLC |
1,175,000 | 1,185,846 | ||||||
AmWINS Group, Inc. |
600,000 | 560,009 | ||||||
Assurant, Inc. |
1,815,000 | 1,848,881 | ||||||
Constellation Insurance, Inc. |
220,000 | 218,607 | ||||||
6.63%, 5/1/2031(a) |
1,000,000 | 965,665 | ||||||
Global Atlantic Fin Co. |
4,280,000 | 3,810,404 | ||||||
Liberty Mutual Group, Inc. |
75,000 | 76,085 | ||||||
4.13%, 12/15/2051(a)(c) |
2,125,000 | 1,862,379 | ||||||
NFP Corp. |
900,000 | 905,044 | ||||||
|
|
|||||||
11,432,920 | ||||||||
|
|
|||||||
Interactive Media & Services - 0.4% |
| |||||||
Cars.com, Inc. 6.38%, 11/1/2028(a) |
796,000 | 777,151 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Rackspace Technology Global, Inc. |
3,145,000 | 1,231,594 | ||||||
5.38%, 12/1/2028(a) |
1,560,000 | 485,427 | ||||||
Ziff Davis, Inc. |
1,605,000 | 1,469,688 | ||||||
ZipRecruiter, Inc. |
2,260,000 | 2,013,033 | ||||||
|
|
|||||||
5,976,893 | ||||||||
|
|
|||||||
IT Services - 0.3% |
| |||||||
Acuris Finance US, Inc. |
1,129,000 | 986,848 | ||||||
Arches Buyer, Inc. |
800,000 | 715,490 | ||||||
Cogent Communications Group, Inc. |
1,070,000 | 1,020,936 | ||||||
7.00%, 6/15/2027(a) |
975,000 | 978,108 | ||||||
ION Trading Technologies Sarl |
840,000 | 769,650 | ||||||
Newfold Digital Holdings Group, Inc. |
350,000 | 378,437 | ||||||
|
|
|||||||
4,849,469 | ||||||||
|
|
|||||||
Machinery - 1.2% |
| |||||||
Amsted Industries, Inc. |
200,000 | 180,495 | ||||||
Calderys Financing LLC |
2,220,000 | 2,359,690 | ||||||
GrafTech Finance, Inc. |
2,845,000 | 1,883,757 | ||||||
GrafTech Global Enterprises, Inc. |
2,650,000 | 1,980,371 | ||||||
Husky III Holding Ltd. |
1,300,000 | 1,300,625 | ||||||
Interpipe Holdings plc |
1,300,000 | 952,250 | ||||||
Manitowoc Co., Inc. (The) |
200,000 | 199,826 | ||||||
Maxim Crane Works Holdings Capital LLC |
2,850,000 | 2,978,250 | ||||||
OT Merger Corp. |
1,395,000 | 842,920 | ||||||
Terex Corp. |
675,000 | 637,876 | ||||||
Titan International, Inc. |
906,000 | 903,255 | ||||||
TK Elevator US Newco, Inc. |
2,135,000 | 2,058,596 | ||||||
Wabash National Corp. |
1,265,000 | 1,151,150 | ||||||
|
|
|||||||
17,429,061 | ||||||||
|
|
|||||||
Media - 7.4% |
| |||||||
Advantage Sales & Marketing, Inc. |
1,485,000 | 1,396,525 | ||||||
Altice Financing SA |
2,005,000 | 1,801,759 | ||||||
5.75%, 8/15/2029(a) |
3,900,000 | 3,398,758 | ||||||
AMC Networks, Inc. |
2,320,000 | 1,784,614 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Belo Corp. |
425,000 | 434,562 | ||||||
7.25%, 9/15/2027 |
745,000 | 754,225 | ||||||
Cable One, Inc. |
3,700,000 | 2,978,500 | ||||||
Clear Channel Outdoor Holdings, Inc. |
850,000 | 736,905 | ||||||
7.50%, 6/1/2029(a) |
850,000 | 702,304 | ||||||
CMG Media Corp. |
2,065,000 | 1,611,040 | ||||||
CSC Holdings LLC |
6,100,000 | 4,060,634 | ||||||
5.75%, 1/15/2030(a) |
12,695,000 | 6,719,337 | ||||||
4.63%, 12/1/2030(a) |
2,100,000 | 1,073,374 | ||||||
Directv Financing LLC |
5,030,000 | 4,781,974 | ||||||
DISH DBS Corp. |
2,800,000 | 2,205,014 | ||||||
DISH Network Corp. |
3,415,000 | 3,564,256 | ||||||
Gannett Holdings LLC |
330,000 | 297,825 | ||||||
GCI LLC |
3,395,000 | 3,112,298 | ||||||
Gray Television, Inc. |
1,660,000 | 1,622,650 | ||||||
4.75%, 10/15/2030(a) |
600,000 | 469,520 | ||||||
5.38%, 11/15/2031(a) |
2,950,000 | 2,308,913 | ||||||
iHeartCommunications, Inc. |
500,000 | 429,427 | ||||||
5.25%, 8/15/2027(a) |
500,000 | 387,928 | ||||||
Lamar Media Corp. |
250,000 | 228,775 | ||||||
3.63%, 1/15/2031 |
550,000 | 483,725 | ||||||
News Corp. |
975,000 | 896,269 | ||||||
5.13%, 2/15/2032(a) |
300,000 | 281,914 | ||||||
Nexstar Media, Inc. |
3,670,000 | 3,574,231 | ||||||
4.75%, 11/1/2028(a) |
830,000 | 760,245 | ||||||
Paramount Global |
1,440,000 | 1,246,896 | ||||||
6.38%, 3/30/2062(c) |
2,220,000 | 1,982,604 | ||||||
Radiate Holdco LLC |
1,790,000 | 1,384,019 | ||||||
6.50%, 9/15/2028(a) |
3,150,000 | 1,355,918 | ||||||
Scripps Escrow II, Inc. |
100,000 | 75,970 | ||||||
Scripps Escrow, Inc. |
967,000 | 871,547 | ||||||
Sinclair Television Group, Inc. |
601,000 | 565,172 | ||||||
5.50%, 3/1/2030(a) |
1,116,000 | 859,901 | ||||||
Sirius XM Radio, Inc. |
1,295,000 | 1,208,740 | ||||||
5.00%, 8/1/2027(a) |
3,300,000 | 3,172,059 | ||||||
4.00%, 7/15/2028(a) |
1,995,000 | 1,811,676 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
5.50%, 7/1/2029(a) |
2,945,000 | 2,797,750 | ||||||
4.13%, 7/1/2030(a) |
8,445,000 | 7,389,375 | ||||||
3.88%, 9/1/2031(a) |
8,390,000 | 6,994,735 | ||||||
Summer BC Bidco B LLC |
950,000 | 915,629 | ||||||
Sunrise FinCo I BV |
1,200,000 | 1,052,973 | ||||||
Sunrise HoldCo IV BV |
984,000 | 941,019 | ||||||
TEGNA, Inc. |
535,000 | 520,475 | ||||||
4.63%, 3/15/2028 |
2,217,000 | 2,067,796 | ||||||
5.00%, 9/15/2029 |
1,350,000 | 1,246,833 | ||||||
Townsquare Media, Inc. |
1,120,000 | 1,096,278 | ||||||
Univision Communications, Inc. |
1,450,000 | 1,434,319 | ||||||
8.00%, 8/15/2028(a) |
1,100,000 | 1,119,327 | ||||||
4.50%, 5/1/2029(a) |
900,000 | 799,759 | ||||||
7.38%, 6/30/2030(a) |
825,000 | 808,832 | ||||||
Urban One, Inc. |
761,000 | 674,482 | ||||||
Videotron Ltd. |
230,000 | 209,864 | ||||||
Virgin Media Vendor Financing Notes IV DAC |
1,025,000 | 964,887 | ||||||
VZ Secured Financing BV |
3,460,000 | 3,024,700 | ||||||
Ziggo Bond Co. BV |
1,648,000 | 1,390,359 | ||||||
Ziggo BV |
1,120,000 | 1,001,402 | ||||||
|
|
|||||||
103,842,797 | ||||||||
|
|
|||||||
Metals & Mining - 3.0% |
| |||||||
Allegheny Ludlum LLC |
195,000 | 197,972 | ||||||
Arsenal AIC Parent LLC |
550,000 | 573,686 | ||||||
ATI, Inc. |
750,000 | 731,303 | ||||||
5.13%, 10/1/2031 |
80,000 | 73,006 | ||||||
Cleveland-Cliffs, Inc. |
565,000 | 569,951 | ||||||
Eldorado Gold Corp. |
2,900,000 | 2,765,830 | ||||||
FMG Resources August 2006 Pty. Ltd. |
250,000 | 240,351 | ||||||
5.88%, 4/15/2030(a) |
3,895,000 | 3,846,664 | ||||||
4.38%, 4/1/2031(a) |
3,240,000 | 2,915,978 | ||||||
6.13%, 4/15/2032(a) |
2,775,000 | 2,745,130 | ||||||
Hecla Mining Co. |
2,725,000 | 2,729,278 | ||||||
Hudbay Minerals, Inc. |
1,330,000 | 1,288,775 | ||||||
Infrabuild Australia Pty. Ltd. |
1,000,000 | 1,019,741 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Mineral Resources Ltd. |
1,510,000 | 1,525,100 | ||||||
8.00%, 11/1/2027(a) |
2,880,000 | 2,945,270 | ||||||
9.25%, 10/1/2028(a) |
6,400,000 | 6,760,000 | ||||||
8.50%, 5/1/2030(a) |
3,743,000 | 3,850,834 | ||||||
Novelis Corp. |
550,000 | 514,978 | ||||||
3.88%, 8/15/2031(a) |
600,000 | 520,402 | ||||||
SunCoke Energy, Inc. |
1,550,000 | 1,399,836 | ||||||
Taseko Mines Ltd. |
2,255,000 | 2,215,538 | ||||||
TMS International Corp. |
2,045,000 | 1,758,823 | ||||||
Warrior Met Coal, Inc. |
56,000 | 56,437 | ||||||
|
|
|||||||
41,244,883 | ||||||||
|
|
|||||||
Mortgage Real Estate Investment Trusts (REITs) - 0.6% |
| |||||||
Apollo Commercial Real Estate Finance, Inc. |
160,000 | 134,012 | ||||||
Blackstone Mortgage Trust, Inc. |
1,395,000 | 1,229,905 | ||||||
Ladder Capital Finance Holdings LLLP |
604,000 | 593,627 | ||||||
4.25%, 2/1/2027(a) |
1,580,000 | 1,462,409 | ||||||
4.75%, 6/15/2029(a) |
2,195,000 | 1,964,783 | ||||||
Rithm Capital Corp. |
1,325,000 | 1,309,511 | ||||||
Starwood Property Trust, Inc. |
875,000 | 808,896 | ||||||
4.38%, 1/15/2027(a) |
1,180,000 | 1,092,409 | ||||||
|
|
|||||||
8,595,552 | ||||||||
|
|
|||||||
Office REITs - 0.3% |
| |||||||
Office Properties Income Trust |
|
|||||||
REIT, 4.50%, 2/1/2025 |
3,750,000 | 3,248,067 | ||||||
REIT, 2.65%, 6/15/2026 |
2,000,000 | 1,249,288 | ||||||
|
|
|||||||
4,497,355 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 12.5% |
| |||||||
Aethon United BR LP |
1,230,000 | 1,219,324 | ||||||
Antero Midstream Partners LP |
1,444,000 | 1,433,268 | ||||||
5.75%, 1/15/2028(a) |
1,415,000 | 1,389,012 | ||||||
5.38%, 6/15/2029(a) |
1,645,000 | 1,579,352 | ||||||
Ascent Resources Utica Holdings LLC |
975,000 | 974,429 | ||||||
Athabasca Oil Corp. |
174,000 | 184,005 | ||||||
Baytex Energy Corp. |
930,000 | 967,783 | ||||||
8.50%, 4/30/2030(a) |
1,820,000 | 1,889,693 | ||||||
Berry Petroleum Co. LLC |
400,000 | 391,152 | ||||||
Buckeye Partners LP |
240,000 | 234,369 | ||||||
3.95%, 12/1/2026 |
905,000 | 858,619 | ||||||
4.13%, 12/1/2027 |
700,000 | 659,953 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
4.50%, 3/1/2028(a) |
695,000 | 652,622 | ||||||
5.85%, 11/15/2043 |
100,000 | 81,657 | ||||||
5.60%, 10/15/2044 |
1,500,000 | 1,156,046 | ||||||
Calumet Specialty Products Partners LP |
1,850,000 | 1,820,960 | ||||||
9.75%, 7/15/2028(a) |
1,850,000 | 1,854,625 | ||||||
Chesapeake Energy Corp. |
1,055,000 | 1,047,775 | ||||||
CITGO Petroleum Corp. |
1,250,000 | 1,249,822 | ||||||
8.38%, 1/15/2029(a) |
1,000,000 | 1,038,967 | ||||||
Civitas Resources, Inc. |
890,000 | 866,812 | ||||||
8.38%, 7/1/2028(a)(e) |
1,275,000 | 1,340,933 | ||||||
8.75%, 7/1/2031(a) |
3,140,000 | 3,338,146 | ||||||
CNX Midstream Partners LP |
2,260,000 | 1,969,375 | ||||||
CNX Resources Corp. |
760,000 | 762,219 | ||||||
6.00%, 1/15/2029(a) |
1,075,000 | 1,038,714 | ||||||
7.38%, 1/15/2031(a) |
1,235,000 | 1,254,214 | ||||||
Comstock Resources, Inc. |
1,100,000 | 1,010,074 | ||||||
5.88%, 1/15/2030(a) |
1,000,000 | 866,554 | ||||||
CQP Holdco LP |
1,365,000 | 1,273,475 | ||||||
Crescent Energy Finance LLC |
1,615,000 | 1,608,944 | ||||||
9.25%, 2/15/2028(a) |
2,345,000 | 2,434,445 | ||||||
CVR Energy, Inc. |
1,050,000 | 970,011 | ||||||
Delek Logistics Partners LP |
850,000 | 840,873 | ||||||
7.13%, 6/1/2028(a) |
2,305,000 | 2,196,272 | ||||||
DT Midstream, Inc. |
1,295,000 | 1,189,778 | ||||||
4.38%, 6/15/2031(a) |
795,000 | 712,139 | ||||||
Encino Acquisition Partners Holdings LLC |
2,420,000 | 2,401,850 | ||||||
Energy Transfer LP |
4,550,000 | 4,708,431 | ||||||
Genesis Energy LP |
625,000 | 622,110 | ||||||
8.00%, 1/15/2027 |
2,360,000 | 2,387,782 | ||||||
7.75%, 2/1/2028 |
1,495,000 | 1,498,992 | ||||||
8.88%, 4/15/2030 |
445,000 | 465,569 | ||||||
Global Partners LP |
1,560,000 | 1,568,908 | ||||||
6.88%, 1/15/2029 |
1,310,000 | 1,287,075 | ||||||
Gran Tierra Energy, Inc. |
2,882,000 | 2,550,570 | ||||||
Greenfire Resources Ltd. |
1,400,000 | 1,450,820 | ||||||
Gulfport Energy Corp. |
499,000 | 501,495 | ||||||
Harbour Energy plc |
610,000 | 595,132 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Harvest Midstream I LP |
2,765,000 | 2,792,940 | ||||||
Hess Midstream Operations LP |
650,000 | 645,905 | ||||||
4.25%, 2/15/2030(a) |
700,000 | 643,896 | ||||||
Hilcorp Energy I LP |
980,000 | 976,406 | ||||||
5.75%, 2/1/2029(a) |
2,240,000 | 2,162,353 | ||||||
6.00%, 4/15/2030(a) |
2,200,000 | 2,136,079 | ||||||
6.00%, 2/1/2031(a) |
1,285,000 | 1,233,654 | ||||||
6.25%, 4/15/2032(a) |
250,000 | 240,000 | ||||||
Howard Midstream Energy Partners LLC |
995,000 | 990,772 | ||||||
Ithaca Energy North Sea plc |
2,118,000 | 2,108,646 | ||||||
ITT Holdings LLC |
4,182,000 | 3,658,037 | ||||||
Magnolia Oil & Gas Operating LLC |
230,000 | 227,311 | ||||||
Martin Midstream Partners LP |
2,356,000 | 2,423,184 | ||||||
Matador Resources Co. |
1,540,000 | 1,526,157 | ||||||
Moss Creek Resources Holdings, Inc. |
2,825,000 | 2,814,494 | ||||||
10.50%, 5/15/2027(a) |
2,565,000 | 2,639,495 | ||||||
Murphy Oil Corp. |
250,000 | 259,317 | ||||||
5.87%, 12/1/2042(f) |
285,000 | 252,578 | ||||||
New Fortress Energy, Inc. |
1,500,000 | 1,482,077 | ||||||
6.50%, 9/30/2026(a) |
6,550,000 | 6,345,820 | ||||||
NGL Energy Partners LP |
604,000 | 604,754 | ||||||
Northern Oil and Gas, Inc. |
1,620,000 | 1,645,217 | ||||||
8.75%, 6/15/2031(a) |
200,000 | 209,031 | ||||||
Northriver Midstream Finance LP |
1,961,000 | 1,911,210 | ||||||
NuStar Logistics LP |
950,000 | 947,625 | ||||||
6.00%, 6/1/2026 |
1,145,000 | 1,142,367 | ||||||
6.38%, 10/1/2030 |
240,000 | 241,200 | ||||||
Parkland Corp. |
1,055,000 | 1,046,730 | ||||||
4.50%, 10/1/2029(a) |
1,760,000 | 1,618,509 | ||||||
4.63%, 5/1/2030(a) |
850,000 | 783,122 | ||||||
PBF Holding Co. LLC |
1,755,000 | 1,715,282 | ||||||
7.88%, 9/15/2030(a) |
300,000 | 310,746 | ||||||
Rockies Express Pipeline LLC |
1,010,000 | 980,101 | ||||||
4.95%, 7/15/2029(a) |
295,000 | 282,031 | ||||||
4.80%, 5/15/2030(a) |
70,000 | 65,362 | ||||||
7.50%, 7/15/2038(a) |
820,000 | 824,100 | ||||||
6.88%, 4/15/2040(a) |
260,000 | 257,649 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
SM Energy Co. |
920,000 | 918,758 | ||||||
6.63%, 1/15/2027 |
920,000 | 915,693 | ||||||
Strathcona Resources Ltd. |
1,155,000 | 1,143,900 | ||||||
Sunoco LP |
885,000 | 879,482 | ||||||
7.00%, 9/15/2028(a) |
280,000 | 286,198 | ||||||
4.50%, 5/15/2029 |
2,130,000 | 1,984,406 | ||||||
4.50%, 4/30/2030 |
1,830,000 | 1,691,522 | ||||||
Tallgrass Energy Partners LP |
275,000 | 278,094 | ||||||
6.00%, 3/1/2027(a) |
1,776,000 | 1,747,140 | ||||||
5.50%, 1/15/2028(a) |
4,540,000 | 4,370,522 | ||||||
6.00%, 12/31/2030(a) |
4,335,000 | 4,029,426 | ||||||
6.00%, 9/1/2031(a) |
1,500,000 | 1,381,639 | ||||||
Talos Production, Inc. |
2,200,000 | 2,268,200 | ||||||
Teine Energy Ltd. |
860,000 | 815,703 | ||||||
TerraForm Power Operating LLC |
787,000 | 758,526 | ||||||
Topaz Solar Farms LLC |
500,000 | 458,710 | ||||||
5.75%, 9/30/2039(a) |
1,847,991 | 1,836,441 | ||||||
Venture Global Calcasieu Pass LLC |
1,125,000 | 1,005,484 | ||||||
6.25%, 1/15/2030(a) |
1,195,000 | 1,195,949 | ||||||
4.13%, 8/15/2031(a) |
1,000,000 | 884,321 | ||||||
3.88%, 11/1/2033(a) |
1,120,000 | 948,551 | ||||||
Venture Global LNG, Inc. |
9,310,000 | 9,409,511 | ||||||
9.50%, 2/1/2029(a) |
7,750,000 | 8,230,803 | ||||||
8.38%, 6/1/2031(a) |
5,275,000 | 5,326,887 | ||||||
9.88%, 2/1/2032(a) |
3,000,000 | 3,154,881 | ||||||
Vermilion Energy, Inc. |
880,000 | 846,972 | ||||||
Vital Energy, Inc. |
1,000,000 | 1,047,312 | ||||||
7.75%, 7/31/2029(a) |
1,015,000 | 1,003,197 | ||||||
W&T Offshore, Inc. |
795,000 | 822,022 | ||||||
|
|
|||||||
174,179,552 | ||||||||
|
|
|||||||
Paper & Forest Products - 0.3% |
| |||||||
Clearwater Paper Corp. |
595,000 | 556,372 | ||||||
Domtar Corp. |
2,745,000 | 2,519,262 | ||||||
Louisiana-Pacific Corp. |
910,000 | 816,699 | ||||||
|
|
|||||||
3,892,333 | ||||||||
|
|
|||||||
Passenger Airlines - 0.8% |
| |||||||
Air Canada |
2,575,000 | 2,449,028 | ||||||
American Airlines Group, Inc. |
250,000 | 243,592 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
American Airlines, Inc. |
2,325,000 | 2,299,450 | ||||||
7.25%, 2/15/2028(a)(e) |
1,660,000 | 1,682,510 | ||||||
5.75%, 4/20/2029(a) |
2,100,000 | 2,062,263 | ||||||
United Airlines, Inc. |
1,980,000 | 1,909,988 | ||||||
4.63%, 4/15/2029(a) |
790,000 | 730,776 | ||||||
|
|
|||||||
11,377,607 | ||||||||
|
|
|||||||
Personal Care Products - 1.0% |
| |||||||
BellRing Brands, Inc. |
4,800,000 | 4,914,336 | ||||||
Coty, Inc. |
250,000 | 238,300 | ||||||
6.63%, 7/15/2030(a) |
1,000,000 | 1,018,570 | ||||||
Edgewell Personal Care Co. |
1,570,000 | 1,536,748 | ||||||
4.13%, 4/1/2029(a) |
240,000 | 216,314 | ||||||
Herbalife Nutrition Ltd. |
2,082,000 | 2,066,531 | ||||||
Oriflame Investment Holding plc |
1,895,000 | 521,125 | ||||||
Prestige Brands, Inc. |
820,000 | 802,632 | ||||||
3.75%, 4/1/2031(a) |
2,405,000 | 2,085,561 | ||||||
|
|
|||||||
13,400,117 | ||||||||
|
|
|||||||
Pharmaceuticals - 2.3% |
| |||||||
Bausch Health Americas, Inc. |
3,000,000 | 1,650,000 | ||||||
Bausch Health Cos., Inc. |
5,000,000 | 4,594,975 | ||||||
6.13%, 2/1/2027(a) |
5,065,000 | 3,204,929 | ||||||
5.75%, 8/15/2027(a) |
2,335,000 | 1,394,767 | ||||||
5.00%, 1/30/2028(a) |
1,000,000 | 435,277 | ||||||
4.88%, 6/1/2028(a) |
5,561,000 | 3,144,331 | ||||||
11.00%, 9/30/2028(a) |
6,860,000 | 4,666,858 | ||||||
6.25%, 2/15/2029(a) |
3,000,000 | 1,283,574 | ||||||
7.25%, 5/30/2029(a) |
1,000,000 | 420,784 | ||||||
14.00%, 10/15/2030(a) |
2,000,000 | 1,118,068 | ||||||
Cheplapharm Arzneimittel GmbH |
840,000 | 804,426 | ||||||
HLF Financing Sarl LLC |
3,455,000 | 2,699,219 | ||||||
Jazz Securities DAC |
335,000 | 308,998 | ||||||
Mallinckrodt International Finance SA |
2,650,000 | 2,875,812 | ||||||
Organon & Co. |
840,000 | 768,557 | ||||||
5.13%, 4/30/2031(a)(e) |
3,507,000 | 3,012,958 | ||||||
P&L Development LLC |
500,000 | 408,155 | ||||||
|
|
|||||||
32,791,688 | ||||||||
|
|
|||||||
Professional Services - 0.7% |
| |||||||
AMN Healthcare, Inc. |
1,070,000 | 1,019,924 | ||||||
4.00%, 4/15/2029(a) |
250,000 | 226,890 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
ASGN, Inc. |
1,180,000 | 1,116,008 | ||||||
CoreLogic, Inc. |
2,545,000 | 2,255,303 | ||||||
Dun & Bradstreet Corp. (The) |
200,000 | 185,928 | ||||||
KBR, Inc. |
1,170,000 | 1,079,009 | ||||||
Korn Ferry |
2,300,000 | 2,199,536 | ||||||
Science Applications International Corp. |
1,355,000 | 1,278,876 | ||||||
TriNet Group, Inc. |
1,106,000 | 976,101 | ||||||
|
|
|||||||
10,337,575 | ||||||||
|
|
|||||||
Real Estate Management & Development - 1.1% |
| |||||||
Forestar Group, Inc. |
881,000 | 836,835 | ||||||
5.00%, 3/1/2028(a) |
1,415,000 | 1,335,152 | ||||||
Howard Hughes Corp. (The) |
570,000 | 546,067 | ||||||
4.13%, 2/1/2029(a) |
250,000 | 225,462 | ||||||
4.38%, 2/1/2031(a) |
580,000 | 502,050 | ||||||
Hunt Cos., Inc. |
1,435,000 | 1,333,602 | ||||||
Kennedy-Wilson, Inc. |
3,490,000 | 2,921,828 | ||||||
4.75%, 2/1/2030 |
3,450,000 | 2,801,779 | ||||||
5.00%, 3/1/2031 |
3,445,000 | 2,747,388 | ||||||
Realogy Group LLC |
2,240,000 | 1,663,805 | ||||||
WeWork Cos. US LLC |
3,371,664 | 67,433 | ||||||
|
|
|||||||
14,981,401 | ||||||||
|
|
|||||||
Retail REITs - 0.4% |
| |||||||
Brookfield Property REIT, Inc. |
2,150,000 | 2,075,570 | ||||||
REIT, 4.50%, 4/1/2027(a) |
4,160,000 | 3,683,139 | ||||||
|
|
|||||||
5,758,709 | ||||||||
|
|
|||||||
Software - 2.0% |
| |||||||
Alteryx, Inc. |
770,000 | 824,531 | ||||||
Camelot Finance SA |
495,000 | 477,266 | ||||||
Central Parent LLC |
600,000 | 615,792 | ||||||
Central Parent, Inc. |
600,000 | 611,327 | ||||||
Cloud Software Group, Inc. |
6,615,000 | 6,176,646 | ||||||
9.00%, 9/30/2029(a) |
2,950,000 | 2,792,047 | ||||||
Consensus Cloud Solutions, Inc. |
655,000 | 620,485 | ||||||
6.50%, 10/15/2028(a) |
1,125,000 | 1,010,414 | ||||||
Crowdstrike Holdings, Inc. |
685,000 | 612,206 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Elastic NV |
250,000 | 226,823 | ||||||
Fair Isaac Corp. |
750,000 | 698,442 | ||||||
Gen Digital, Inc. |
430,000 | 446,077 | ||||||
GoTo Group, Inc. |
3,300,000 | 1,358,087 | ||||||
Helios Software Holdings, Inc. |
480,000 | 436,912 | ||||||
McAfee Corp. |
740,000 | 670,597 | ||||||
MicroStrategy, Inc. |
650,000 | 620,133 | ||||||
Open Text Corp. |
600,000 | 541,127 | ||||||
Open Text Holdings, Inc. |
745,000 | 674,300 | ||||||
4.13%, 12/1/2031(a) |
400,000 | 355,229 | ||||||
PTC, Inc. |
180,000 | 176,697 | ||||||
4.00%, 2/15/2028(a) |
2,485,000 | 2,345,219 | ||||||
SS&C Technologies, Inc. |
2,025,000 | 1,987,817 | ||||||
Veritas US, Inc. |
4,010,000 | 3,426,716 | ||||||
|
|
|||||||
27,704,890 | ||||||||
|
|
|||||||
Specialized REITs - 0.4% |
| |||||||
Iron Mountain, Inc. |
775,000 | 751,600 | ||||||
REIT, 5.00%, 7/15/2028(a) |
300,000 | 287,005 | ||||||
REIT, 7.00%, 2/15/2029(a) |
840,000 | 861,370 | ||||||
REIT, 4.88%, 9/15/2029(a) |
870,000 | 812,976 | ||||||
REIT, 5.25%, 7/15/2030(a) |
1,205,000 | 1,136,563 | ||||||
REIT, 4.50%, 2/15/2031(a) |
1,035,000 | 928,026 | ||||||
REIT, 5.63%, 7/15/2032(a) |
474,000 | 445,141 | ||||||
SBA Communications Corp. |
200,000 | 190,864 | ||||||
|
|
|||||||
5,413,545 | ||||||||
|
|
|||||||
Specialty Retail - 3.7% |
| |||||||
99 Escrow Issuer, Inc. |
340,000 | 105,400 | ||||||
Arko Corp. |
2,610,000 | 2,300,219 | ||||||
Asbury Automotive Group, Inc. |
430,000 | 388,636 | ||||||
At Home Group, Inc. |
1,010,000 | 454,500 | ||||||
Bath & Body Works, Inc. |
230,000 | 226,305 | ||||||
6.88%, 11/1/2035 |
650,000 | 648,149 | ||||||
6.75%, 7/1/2036 |
350,000 | 344,843 | ||||||
BCPE Ulysses Intermediate, Inc. |
800,000 | 759,816 | ||||||
eG Global Finance plc |
1,000,000 | 1,056,980 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Evergreen Acqco 1 LP |
2,245,000 | 2,410,748 | ||||||
Foot Locker, Inc. |
100,000 | 84,472 | ||||||
Gap, Inc. (The) |
1,710,000 | 1,464,537 | ||||||
3.88%, 10/1/2031(a) |
1,563,000 | 1,289,313 | ||||||
GYP Holdings III Corp. |
760,000 | 703,996 | ||||||
Ken Garff Automotive LLC |
125,000 | 116,884 | ||||||
LCM Investments Holdings II LLC |
851,000 | 766,920 | ||||||
LSF9 Atlantis Holdings LLC |
2,795,000 | 2,694,456 | ||||||
Michaels Cos., Inc. (The) |
4,905,000 | 3,852,736 | ||||||
7.88%, 5/1/2029(a) |
6,620,000 | 4,234,109 | ||||||
Murphy Oil USA, Inc. |
45,000 | 44,947 | ||||||
4.75%, 9/15/2029 |
200,000 | 189,440 | ||||||
3.75%, 2/15/2031(a) |
2,900,000 | 2,501,424 | ||||||
PetSmart, Inc. |
1,050,000 | 980,872 | ||||||
7.75%, 2/15/2029(a) |
1,110,000 | 1,073,017 | ||||||
Sonic Automotive, Inc. |
255,000 | 230,982 | ||||||
4.88%, 11/15/2031(a) |
1,700,000 | 1,475,464 | ||||||
Specialty Building Products Holdings LLC |
1,615,000 | 1,587,577 | ||||||
Staples, Inc. |
11,385,000 | 10,656,893 | ||||||
10.75%, 4/15/2027(a) |
5,518,000 | 4,276,450 | ||||||
Upbound Group, Inc. |
2,580,000 | 2,459,824 | ||||||
Valvoline, Inc. |
3,015,000 | 2,578,006 | ||||||
Victorias Secret & Co. |
275,000 | 232,507 | ||||||
|
|
|||||||
52,190,422 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 0.5% |
| |||||||
Seagate HDD Cayman |
2,785,000 | 2,699,027 | ||||||
Western Digital Corp. |
1,265,000 | 1,230,510 | ||||||
Xerox Corp. |
1,235,000 | 923,637 | ||||||
Xerox Holdings Corp. |
1,615,000 | 1,471,352 | ||||||
|
|
|||||||
6,324,526 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 0.1% |
| |||||||
Eagle Intermediate Global Holding BV |
816,000 | 541,989 | ||||||
William Carter Co. (The) |
250,000 | 245,361 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Wolverine World Wide, Inc. |
300,000 | 241,740 | ||||||
|
|
|||||||
1,029,090 | ||||||||
|
|
|||||||
Tobacco - 0.4% |
| |||||||
Turning Point Brands, Inc. |
270,000 | 262,575 | ||||||
Vector Group Ltd. |
5,025,000 | 4,634,164 | ||||||
|
|
|||||||
4,896,739 | ||||||||
|
|
|||||||
Trading Companies & Distributors - 0.3% |
| |||||||
Beacon Roofing Supply, Inc. |
625,000 | 604,512 | ||||||
4.13%, 5/15/2029(a) |
895,000 | 810,026 | ||||||
BlueLinx Holdings, Inc. |
530,000 | 501,290 | ||||||
Boise Cascade Co. |
220,000 | 204,040 | ||||||
Fortress Transportation and Infrastructure Investors LLC |
600,000 | 622,339 | ||||||
Imola Merger Corp. |
2,020,000 | 1,880,922 | ||||||
|
|
|||||||
4,623,129 | ||||||||
|
|
|||||||
Transportation Infrastructure - 0.1% |
| |||||||
Port of Newcastle Investments Financing Pty. Ltd. |
1,400,000 | 1,258,876 | ||||||
|
|
|||||||
Wireless Telecommunication Services - 1.2% |
| |||||||
Altice France Holding SA |
5,280,000 | 3,034,098 | ||||||
6.00%, 2/15/2028(a) |
2,378,000 | 1,061,590 | ||||||
Connect Finco Sarl |
2,280,000 | 2,228,318 | ||||||
Hughes Satellite Systems Corp. |
1,570,000 | 1,329,131 | ||||||
6.63%, 8/1/2026 |
4,510,000 | 3,083,712 | ||||||
Rogers Communications, Inc. |
1,655,000 | 1,576,090 | ||||||
Vmed O2 UK Financing I plc |
1,215,000 | 1,062,696 | ||||||
4.75%, 7/15/2031(a) |
1,260,000 | 1,129,225 | ||||||
Vodafone Group plc |
1,250,000 | 1,291,766 | ||||||
5.13%, 6/4/2081(c) |
500,000 | 377,403 | ||||||
|
|
|||||||
16,174,029 | ||||||||
|
|
|||||||
TOTAL CORPORATE BONDS |
|
1,356,080,793 | ||||||
|
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 0.8%(h) |
| |||||||
REPURCHASE AGREEMENTS - 0.8% |
| |||||||
CF Secured LLC, 5.31%, dated 1/31/2024, due 2/1/2024, repurchase price $10,635,699, collateralized
by various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 3/31/2024 - 5/15/2053; total market value $84,296,854 |
10,634,130 | 10,634,130 | ||||||
|
|
|||||||
Total Investments - 97.7% |
|
1,366,714,923 | ||||||
Other assets less liabilities - 2.3% |
|
31,685,511 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
1,398,400,434 | ||||||
|
|
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) | Payment in-kind security. |
(c) | Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end. |
(d) | Represents less than 0.05% of net assets. |
(e) | The security or a portion of this security is on loan at January 31, 2024. The total value of securities on loan at January 31, 2024 was $1,142,318,737, collateralized in the form of cash with a value of $10,634,130 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $1,371,625 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 7.63%, and maturity dates ranging from February 29, 2024 August 15, 2053; a total value of $12,005,755. |
(f) | 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, 2024. |
(g) | Issuer has defaulted on terms of debt obligation. Income is not being accrued. |
(h) | The security was purchased with cash collateral held from securities on loan at January 31, 2024. The total value of securities purchased was $10,634,130. |
Percentages shown are based on Net Assets.
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Abbreviations
REIT Real Estate Investment Trust
Security Type |
% of Net Assets | |||
Corporate Bonds |
96.9 | % | ||
Securities Lending Reinvestments |
0.8 | |||
Others(1) |
2.3 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund
January 31, 2024 (Unaudited)
Investments |
Principal Amount ($) |
Value ($) | ||||||
CORPORATE BONDS - 94.6% |
| |||||||
Air Freight & Logistics - 0.6% |
| |||||||
CH Robinson Worldwide, Inc. |
10,000 | 9,771 | ||||||
United Parcel Service, Inc. |
147,000 | 147,378 | ||||||
3.75%, 11/15/2047 |
35,000 | 29,159 | ||||||
5.05%, 3/3/2053 |
40,000 | 40,470 | ||||||
|
|
|||||||
226,778 | ||||||||
|
|
|||||||
Automobile Components - 0.2% |
|
|||||||
Aptiv plc |
25,000 | 24,547 | ||||||
BorgWarner, Inc. |
40,000 | 37,323 | ||||||
|
|
|||||||
61,870 | ||||||||
|
|
|||||||
Automobiles - 0.5% |
| |||||||
General Motors Co. |
100,000 | 105,905 | ||||||
5.15%, 4/1/2038 |
40,000 | 37,833 | ||||||
5.95%, 4/1/2049 |
37,000 | 36,423 | ||||||
|
|
|||||||
180,161 | ||||||||
|
|
|||||||
Banks - 13.0% |
| |||||||
Banco Santander SA |
200,000 | 199,100 | ||||||
4.18%, 3/24/2028(a) |
200,000 | 192,625 | ||||||
Bank of America Corp. |
201,000 | 196,474 | ||||||
5.08%, 1/20/2027(a) |
67,000 | 67,011 | ||||||
1.73%, 7/22/2027(a) |
100,000 | 92,173 | ||||||
3.42%, 12/20/2028(a) |
133,000 | 125,638 | ||||||
2.09%, 6/14/2029(a) |
127,000 | 112,561 | ||||||
4.27%, 7/23/2029(a) |
200,000 | 193,794 | ||||||
4.57%, 4/27/2033(a) |
67,000 | 64,110 | ||||||
5.29%, 4/25/2034(a) |
195,000 | 196,198 | ||||||
2.68%, 6/19/2041(a) |
44,000 | 31,756 | ||||||
Bank of Montreal |
90,000 | 73,027 | ||||||
Bank of Nova Scotia (The) |
30,000 | 31,027 | ||||||
Barclays plc |
193,000 | 194,640 | ||||||
3.81%, 3/10/2042(a) |
200,000 | 151,925 | ||||||
Canadian Imperial Bank of Commerce |
20,000 | 21,237 | ||||||
Citigroup, Inc. |
33,000 | 32,254 | ||||||
3.11%, 4/8/2026(a) |
100,000 | 97,491 | ||||||
3.20%, 10/21/2026 |
187,000 | 178,886 | ||||||
4.45%, 9/29/2027 |
67,000 | 65,686 | ||||||
3.98%, 3/20/2030(a) |
67,000 | 63,853 | ||||||
2.67%, 1/29/2031(a) |
107,000 | 93,367 | ||||||
4.41%, 3/31/2031(a) |
100,000 | 96,224 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
2.57%, 6/3/2031(a) |
73,000 | 62,879 | ||||||
3.06%, 1/25/2033(a) |
77,000 | 65,956 | ||||||
8.13%, 7/15/2039 |
30,000 | 38,900 | ||||||
6.68%, 9/13/2043 |
92,000 | 104,923 | ||||||
HSBC Holdings plc |
210,000 | 225,490 | ||||||
6.50%, 9/15/2037 |
150,000 | 158,988 | ||||||
ING Groep NV |
200,000 | 194,119 | ||||||
JPMorgan Chase & Co. |
100,000 | 92,819 | ||||||
3.78%, 2/1/2028(a) |
100,000 | 96,815 | ||||||
6.09%, 10/23/2029(a) |
130,000 | 136,521 | ||||||
4.45%, 12/5/2029(a) |
100,000 | 98,172 | ||||||
4.57%, 6/14/2030(a) |
100,000 | 98,420 | ||||||
2.58%, 4/22/2032(a) |
14,000 | 11,861 | ||||||
Mitsubishi UFJ Financial Group, Inc. |
200,000 | 201,151 | ||||||
PNC Financial Services Group, Inc. (The) |
50,000 | 46,973 | ||||||
Royal Bank of Canada |
20,000 | 20,003 | ||||||
5.00%, 5/2/2033 |
30,000 | 30,082 | ||||||
5.15%, 2/1/2034 |
40,000 | 40,092 | ||||||
Santander Holdings USA, Inc. |
120,000 | 116,691 | ||||||
Sumitomo Mitsui Financial Group, Inc. |
210,000 | 194,873 | ||||||
Toronto-Dominion Bank (The) |
17,000 | 16,682 | ||||||
4.46%, 6/8/2032 |
177,000 | 170,445 | ||||||
Westpac Banking Corp. |
50,000 | 54,526 | ||||||
|
|
|||||||
4,848,438 | ||||||||
|
|
|||||||
Beverages - 1.2% |
| |||||||
Anheuser-Busch Cos. LLC |
71,000 | 70,138 | ||||||
Anheuser-Busch InBev Worldwide, Inc. |
12,000 | 12,613 | ||||||
5.80%, 1/23/2059 |
12,000 | 13,178 | ||||||
Molson Coors Beverage Co. |
14,000 | 11,874 | ||||||
PepsiCo, Inc. |
10,000 | 9,723 | ||||||
4.45%, 5/15/2028 |
67,000 | 68,014 | ||||||
2.63%, 7/29/2029 |
50,000 | 45,889 | ||||||
1.95%, 10/21/2031 |
80,000 | 67,164 | ||||||
3.50%, 3/19/2040 |
133,000 | 112,069 | ||||||
4.65%, 2/15/2053 |
30,000 | 29,159 | ||||||
3.88%, 3/19/2060 |
5,000 | 4,168 | ||||||
|
|
|||||||
443,989 | ||||||||
|
|
|||||||
Biotechnology - 1.3% |
| |||||||
Amgen, Inc. |
17,000 | 16,443 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
4.05%, 8/18/2029 |
26,000 | 25,313 | ||||||
2.80%, 8/15/2041 |
26,000 | 18,826 | ||||||
5.60%, 3/2/2043 |
120,000 | 123,467 | ||||||
4.66%, 6/15/2051 |
204,000 | 182,709 | ||||||
4.88%, 3/1/2053 |
26,000 | 23,957 | ||||||
2.77%, 9/1/2053 |
14,000 | 8,873 | ||||||
5.75%, 3/2/2063 |
5,000 | 5,152 | ||||||
Biogen, Inc. |
10,000 | 8,524 | ||||||
3.15%, 5/1/2050 |
43,000 | 29,465 | ||||||
Regeneron Pharmaceuticals, Inc. |
54,000 | 44,607 | ||||||
|
|
|||||||
487,336 | ||||||||
|
|
|||||||
Broadline Retail - 0.8% |
| |||||||
Alibaba Group Holding Ltd. |
200,000 | 137,959 | ||||||
eBay, Inc. |
67,000 | 68,093 | ||||||
2.70%, 3/11/2030 |
50,000 | 44,569 | ||||||
6.30%, 11/22/2032 |
35,000 | 38,030 | ||||||
|
|
|||||||
288,651 | ||||||||
|
|
|||||||
Building Products - 0.5% |
| |||||||
Fortune Brands Innovations, Inc. |
25,000 | 26,070 | ||||||
Johnson Controls International plc |
30,000 | 24,948 | ||||||
4.63%, 7/2/2044(b) |
33,000 | 29,674 | ||||||
Owens Corning |
26,000 | 22,382 | ||||||
Trane Technologies Financing Ltd. |
60,000 | 57,994 | ||||||
5.25%, 3/3/2033 |
10,000 | 10,333 | ||||||
Trane Technologies Global Holding Co. Ltd. |
7,000 | 6,118 | ||||||
|
|
|||||||
177,519 | ||||||||
|
|
|||||||
Capital Markets - 7.5% |
| |||||||
Bain Capital Specialty Finance, Inc. |
7,000 | 6,353 | ||||||
Bank of New York Mellon Corp. (The) |
67,000 | 64,158 | ||||||
3.99%, 6/13/2028(a) |
77,000 | 75,316 | ||||||
4.60%, 7/26/2030(a) |
33,000 | 32,696 | ||||||
4.29%, 6/13/2033(a) |
20,000 | 18,959 | ||||||
Barings BDC, Inc. |
7,000 | 6,483 | ||||||
BGC Group, Inc. |
10,000 | 10,578 | ||||||
BlackRock, Inc. |
25,000 | 25,034 | ||||||
Blackstone Private Credit Fund |
33,000 | 29,961 | ||||||
7.30%, 11/27/2028(c) |
20,000 | 20,865 | ||||||
Blue Owl Capital Corp. |
33,000 | 29,988 | ||||||
5.95%, 3/15/2029 |
20,000 | 19,858 | ||||||
Blue Owl Credit Income Corp. |
33,000 | 32,675 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
7.75%, 1/15/2029(c) |
50,000 | 52,202 | ||||||
Deutsche Bank AG |
150,000 | 155,358 | ||||||
Eaton Vance Corp. |
3,000 | 2,881 | ||||||
FactSet Research Systems, Inc. |
10,000 | 8,919 | ||||||
Franklin BSP Lending Corp. |
7,000 | 6,516 | ||||||
Goldman Sachs Group, Inc. (The) |
301,000 | 296,545 | ||||||
2.38%, 7/21/2032(a) |
17,000 | 14,017 | ||||||
3.10%, 2/24/2033(a) |
70,000 | 60,267 | ||||||
6.75%, 10/1/2037 |
87,000 | 96,773 | ||||||
3.44%, 2/24/2043(a) |
110,000 | 86,789 | ||||||
Hercules Capital, Inc. |
14,000 | 12,773 | ||||||
Moodys Corp. |
43,000 | 31,261 | ||||||
3.75%, 2/25/2052 |
72,000 | 57,825 | ||||||
Morgan Stanley |
20,000 | 19,437 | ||||||
3.13%, 7/27/2026 |
100,000 | 95,963 | ||||||
0.99%, 12/10/2026(a) |
26,000 | 24,018 | ||||||
5.12%, 2/1/2029(a) |
133,000 | 133,486 | ||||||
2.70%, 1/22/2031(a) |
133,000 | 116,860 | ||||||
2.24%, 7/21/2032(a) |
30,000 | 24,597 | ||||||
5.25%, 4/21/2034(a) |
135,000 | 135,074 | ||||||
5.42%, 7/21/2034(a) |
64,000 | 64,829 | ||||||
5.30%, 4/20/2037(a) |
33,000 | 32,357 | ||||||
5.60%, 3/24/2051(a) |
78,000 | 83,734 | ||||||
Nasdaq, Inc. |
50,000 | 48,889 | ||||||
5.35%, 6/28/2028 |
70,000 | 71,788 | ||||||
5.55%, 2/15/2034 |
40,000 | 41,477 | ||||||
3.95%, 3/7/2052 |
7,000 | 5,579 | ||||||
Prospect Capital Corp. |
33,000 | 31,040 | ||||||
S&P Global, Inc. |
40,000 | 37,651 | ||||||
1.25%, 8/15/2030 |
50,000 | 40,700 | ||||||
2.90%, 3/1/2032 |
50,000 | 44,044 | ||||||
5.25%, 9/15/2033(c) |
25,000 | 25,851 | ||||||
4.50%, 5/15/2048 |
24,000 | 20,509 | ||||||
3.70%, 3/1/2052 |
30,000 | 23,932 | ||||||
Sixth Street Specialty Lending, Inc. |
20,000 | 19,971 | ||||||
State Street Corp. |
50,000 | 48,655 | ||||||
5.82%, 11/4/2028(a) |
50,000 | 51,818 | ||||||
2.40%, 1/24/2030 |
63,000 | 56,226 | ||||||
6.12%, 11/21/2034(a) |
50,000 | 52,869 | ||||||
UBS AG |
200,000 | 184,140 | ||||||
|
|
|||||||
2,790,544 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Chemicals - 1.0% |
| |||||||
Dow Chemical Co. (The) |
5,000 | 5,048 | ||||||
6.90%, 5/15/2053 |
54,000 | 64,047 | ||||||
DuPont de Nemours, Inc. |
20,000 | 20,174 | ||||||
5.32%, 11/15/2038 |
7,000 | 7,054 | ||||||
Ecolab, Inc. |
33,000 | 33,665 | ||||||
1.30%, 1/30/2031 |
63,000 | 50,684 | ||||||
3.95%, 12/1/2047 |
20,000 | 17,211 | ||||||
FMC Corp. |
100,000 | 100,047 | ||||||
3.45%, 10/1/2029 |
10,000 | 9,088 | ||||||
5.65%, 5/18/2033 |
5,000 | 4,974 | ||||||
International Flavors & Fragrances, Inc. |
17,000 | 14,526 | ||||||
Nutrien Ltd. |
20,000 | 21,084 | ||||||
5.25%, 1/15/2045 |
47,000 | 45,422 | ||||||
|
|
|||||||
393,024 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 0.3% |
| |||||||
RELX Capital, Inc. |
33,000 | 30,063 | ||||||
Republic Services, Inc. |
15,000 | 15,138 | ||||||
5.00%, 4/1/2034 |
20,000 | 20,203 | ||||||
Veralto Corp. |
15,000 | 15,213 | ||||||
5.35%, 9/18/2028(c) |
15,000 | 15,312 | ||||||
|
|
|||||||
95,929 | ||||||||
|
|
|||||||
Communications Equipment - 0.1% |
| |||||||
Nokia OYJ |
26,000 | 25,019 | ||||||
|
|
|||||||
Consumer Finance - 4.8% |
| |||||||
Ally Financial, Inc. |
80,000 | 82,859 | ||||||
6.85%, 1/3/2030(a) |
20,000 | 20,647 | ||||||
American Express Co. |
50,000 | 48,289 | ||||||
3.30%, 5/3/2027 |
50,000 | 47,861 | ||||||
5.28%, 7/27/2029(a) |
100,000 | 101,835 | ||||||
4.42%, 8/3/2033(a) |
40,000 | 38,441 | ||||||
5.63%, 7/28/2034(a) |
30,000 | 30,813 | ||||||
4.05%, 12/3/2042 |
14,000 | 12,473 | ||||||
Capital One Financial Corp. |
83,000 | 81,828 | ||||||
3.27%, 3/1/2030(a) |
30,000 | 26,949 | ||||||
5.27%, 5/10/2033(a) |
57,000 | 55,565 | ||||||
6.38%, 6/8/2034(a) |
40,000 | 41,561 | ||||||
Ford Motor Credit Co. LLC |
400,000 | 410,421 | ||||||
7.20%, 6/10/2030 |
200,000 | 212,669 | ||||||
General Motors Financial Co., Inc. |
33,000 | 34,072 | ||||||
5.85%, 4/6/2030 |
33,000 | 33,887 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
3.10%, 1/12/2032 |
67,000 | 56,934 | ||||||
6.40%, 1/9/2033 |
145,000 | 153,554 | ||||||
6.10%, 1/7/2034 |
35,000 | 36,085 | ||||||
John Deere Capital Corp. |
20,000 | 20,107 | ||||||
5.15%, 9/8/2026 |
40,000 | 40,703 | ||||||
4.70%, 6/10/2030 |
50,000 | 50,571 | ||||||
4.35%, 9/15/2032 |
67,000 | 66,068 | ||||||
Series I, 5.15%, 9/8/2033 |
40,000 | 41,570 | ||||||
Synchrony Financial |
44,000 | 35,003 | ||||||
|
|
|||||||
1,780,765 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 0.7% |
| |||||||
Kroger Co. (The) |
18,000 | 17,932 | ||||||
3.95%, 1/15/2050 |
54,000 | 43,570 | ||||||
Target Corp. |
50,000 | 48,549 | ||||||
2.65%, 9/15/2030 |
127,000 | 113,863 | ||||||
4.80%, 1/15/2053 |
27,000 | 26,134 | ||||||
|
|
|||||||
250,048 | ||||||||
|
|
|||||||
Containers & Packaging - 0.4% |
| |||||||
Amcor Finance USA, Inc. |
20,000 | 19,355 | ||||||
5.63%, 5/26/2033 |
20,000 | 20,724 | ||||||
Amcor Flexibles North America, Inc. |
20,000 | 17,345 | ||||||
AptarGroup, Inc. |
13,000 | 11,679 | ||||||
Avery Dennison Corp. |
10,000 | 8,861 | ||||||
5.75%, 3/15/2033 |
14,000 | 14,823 | ||||||
Berry Global, Inc. |
26,000 | 24,271 | ||||||
5.50%, 4/15/2028(c) |
20,000 | 20,203 | ||||||
|
|
|||||||
137,261 | ||||||||
|
|
|||||||
Diversified Consumer Services - 0.0%(d) |
| |||||||
Howard University |
3,000 | 2,675 | ||||||
|
|
|||||||
Diversified REITs - 0.4% |
| |||||||
Digital Realty Trust LP |
10,000 | 10,225 | ||||||
REIT, 4.45%, 7/15/2028 |
33,000 | 32,357 | ||||||
Simon Property Group LP |
20,000 | 17,951 | ||||||
REIT, 2.65%, 2/1/2032 |
50,000 | 42,505 | ||||||
REIT, 6.75%, 2/1/2040 |
17,000 | 19,357 | ||||||
REIT, 5.85%, 3/8/2053 |
17,000 | 18,076 | ||||||
|
|
|||||||
140,471 | ||||||||
|
|
|||||||
Diversified Telecommunication Services - 3.4% |
| |||||||
Deutsche Telekom International Finance BV |
40,000 | 47,646 | ||||||
Orange SA |
44,000 | 54,296 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Telefonica Emisiones SA |
150,000 | 132,573 | ||||||
TELUS Corp. |
7,000 | 6,225 | ||||||
Verizon Communications, Inc. |
100,000 | 98,347 | ||||||
4.33%, 9/21/2028 |
100,000 | 98,586 | ||||||
2.55%, 3/21/2031 |
437,000 | 375,648 | ||||||
2.36%, 3/15/2032 |
67,000 | 55,642 | ||||||
5.05%, 5/9/2033 |
55,000 | 55,563 | ||||||
2.65%, 11/20/2040 |
161,000 | 114,973 | ||||||
3.40%, 3/22/2041 |
84,000 | 66,419 | ||||||
4.86%, 8/21/2046 |
50,000 | 47,520 | ||||||
3.88%, 3/1/2052 |
154,000 | 123,090 | ||||||
2.99%, 10/30/2056 |
14,000 | 9,151 | ||||||
|
|
|||||||
1,285,679 | ||||||||
|
|
|||||||
Electric Utilities - 4.4% |
||||||||
Avangrid, Inc. |
14,000 | 13,171 | ||||||
Baltimore Gas and Electric Co. |
15,000 | 12,741 | ||||||
Commonwealth Edison Co. |
33,000 | 22,570 | ||||||
Connecticut Light and Power Co. (The) |
117,000 | 96,879 | ||||||
4.00%, 4/1/2048 |
22,000 | 18,474 | ||||||
Edison International |
150,000 | 145,496 | ||||||
Enel Americas SA |
7,000 | 6,787 | ||||||
Enel Chile SA |
20,000 | 19,781 | ||||||
Eversource Energy |
17,000 | 16,825 | ||||||
Series R, 1.65%, 8/15/2030 |
17,000 | 13,777 | ||||||
3.45%, 1/15/2050 |
40,000 | 28,195 | ||||||
Exelon Corp. |
167,000 | 157,062 | ||||||
5.30%, 3/15/2033 |
10,000 | 10,106 | ||||||
4.95%, 6/15/2035 |
140,000 | 134,689 | ||||||
4.45%, 4/15/2046 |
33,000 | 28,589 | ||||||
5.60%, 3/15/2053 |
23,000 | 23,191 | ||||||
Florida Power & Light Co. |
60,000 | 60,273 | ||||||
4.13%, 6/1/2048 |
5,000 | 4,295 | ||||||
5.30%, 4/1/2053 |
155,000 | 158,395 | ||||||
Pacific Gas and Electric Co. |
50,000 | 48,069 | ||||||
6.10%, 1/15/2029 |
130,000 | 134,686 | ||||||
4.20%, 6/1/2041 |
98,000 | 78,598 | ||||||
3.95%, 12/1/2047 |
200,000 | 149,292 | ||||||
PECO Energy Co. |
20,000 | 20,179 | ||||||
Public Service Electric and Gas Co. |
15,000 | 14,888 | ||||||
3.60%, 12/1/2047 |
77,000 | 61,869 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Southern California Edison Co. |
67,000 | 71,418 | ||||||
Series C, 4.13%, 3/1/2048 |
33,000 | 27,160 | ||||||
Series E, 5.45%, 6/1/2052 |
75,000 | 74,479 | ||||||
|
|
|||||||
1,651,934 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 0.1% |
| |||||||
Flex Ltd. |
30,000 | 29,369 | ||||||
|
|
|||||||
Energy Equipment & Services - 0.4% |
| |||||||
Baker Hughes Holdings LLC |
35,000 | 29,125 | ||||||
Halliburton Co. |
10,000 | 9,060 | ||||||
4.85%, 11/15/2035 |
90,000 | 89,167 | ||||||
Schlumberger Investment SA |
30,000 | 30,251 | ||||||
|
|
|||||||
157,603 | ||||||||
|
|
|||||||
Entertainment - 0.7% |
||||||||
Walt Disney Co. (The) |
67,000 | 76,111 | ||||||
3.50%, 5/13/2040 |
5,000 | 4,150 | ||||||
7.75%, 12/1/2045 |
29,000 | 38,784 | ||||||
4.75%, 11/15/2046 |
107,000 | 101,316 | ||||||
3.80%, 5/13/2060 |
50,000 | 39,486 | ||||||
|
|
|||||||
259,847 | ||||||||
|
|
|||||||
Financial Services - 2.0% |
||||||||
Corebridge Financial, Inc. |
10,000 | 10,257 | ||||||
6.88%, 12/15/2052(a) |
7,000 | 7,020 | ||||||
Equitable Holdings, Inc. |
44,000 | 45,173 | ||||||
5.00%, 4/20/2048 |
5,000 | 4,688 | ||||||
Mastercard, Inc. |
100,000 | 97,019 | ||||||
2.95%, 6/1/2029 |
94,000 | 87,964 | ||||||
2.00%, 11/18/2031 |
33,000 | 27,782 | ||||||
4.85%, 3/9/2033 |
30,000 | 30,805 | ||||||
3.95%, 2/26/2048 |
15,000 | 13,129 | ||||||
2.95%, 3/15/2051 |
30,000 | 21,696 | ||||||
PayPal Holdings, Inc. |
98,000 | 96,592 | ||||||
5.05%, 6/1/2052 |
30,000 | 29,593 | ||||||
Shell International Finance BV |
70,000 | 68,628 | ||||||
2.75%, 4/6/2030 |
90,000 | 81,596 | ||||||
6.38%, 12/15/2038 |
35,000 | 40,251 | ||||||
2.88%, 11/26/2041 |
20,000 | 15,011 | ||||||
4.00%, 5/10/2046 |
33,000 | 28,369 | ||||||
3.25%, 4/6/2050 |
28,000 | 20,553 | ||||||
Visa, Inc. |
5,000 | 3,819 | ||||||
Voya Financial, Inc. |
30,000 | 25,513 | ||||||
|
|
|||||||
755,458 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Food Products - 0.8% |
||||||||
Campbell Soup Co. |
50,000 | 48,929 | ||||||
2.38%, 4/24/2030 |
17,000 | 14,692 | ||||||
General Mills, Inc. |
50,000 | 45,031 | ||||||
4.95%, 3/29/2033 |
14,000 | 14,014 | ||||||
4.55%, 4/17/2038 |
5,000 | 4,633 | ||||||
4.70%, 4/17/2048 |
10,000 | 9,111 | ||||||
3.00%, 2/1/2051 |
7,000 | 4,721 | ||||||
Hershey Co. (The) |
20,000 | 19,947 | ||||||
1.70%, 6/1/2030 |
32,000 | 27,138 | ||||||
2.65%, 6/1/2050 |
10,000 | 6,696 | ||||||
Hormel Foods Corp. |
20,000 | 13,875 | ||||||
Ingredion, Inc. |
33,000 | 29,480 | ||||||
Mondelez International, Inc. |
50,000 | 32,722 | ||||||
Tyson Foods, Inc. |
43,000 | 38,817 | ||||||
|
|
|||||||
309,806 | ||||||||
|
|
|||||||
Gas Utilities - 0.3% |
||||||||
Southern California Gas Co. |
117,000 | 111,239 | ||||||
Washington Gas Light Co. |
10,000 | 7,463 | ||||||
|
|
|||||||
118,702 | ||||||||
|
|
|||||||
Ground Transportation - 1.6% |
||||||||
Canadian National Railway Co. |
14,000 | 11,373 | ||||||
4.45%, 1/20/2049 |
62,000 | 57,168 | ||||||
4.40%, 8/5/2052 |
7,000 | 6,387 | ||||||
Canadian Pacific Railway Co. |
3,000 | 3,153 | ||||||
4.30%, 5/15/2043 |
10,000 | 8,770 | ||||||
4.80%, 8/1/2045 |
59,000 | 55,258 | ||||||
4.20%, 11/15/2069 |
47,000 | 38,202 | ||||||
CSX Corp. |
33,000 | 29,244 | ||||||
5.20%, 11/15/2033 |
10,000 | 10,331 | ||||||
4.30%, 3/1/2048 |
82,000 | 72,570 | ||||||
3.80%, 4/15/2050 |
33,000 | 26,371 | ||||||
4.65%, 3/1/2068 |
3,000 | 2,705 | ||||||
JB Hunt Transport Services, Inc. |
30,000 | 29,380 | ||||||
Union Pacific Corp. |
80,000 | 79,468 | ||||||
4.50%, 9/10/2048 |
40,000 | 35,900 | ||||||
5.15%, 1/20/2063 |
130,000 | 129,987 | ||||||
|
|
|||||||
596,267 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies - 1.2% |
| |||||||
Abbott Laboratories |
58,000 | 48,949 | ||||||
4.90%, 11/30/2046 |
83,000 | 83,023 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Baxter International, Inc. |
50,000 | 40,274 | ||||||
3.13%, 12/1/2051 |
33,000 | 22,141 | ||||||
Becton Dickinson & Co. |
50,000 | 40,237 | ||||||
Boston Scientific Corp. |
50,000 | 44,571 | ||||||
4.55%, 3/1/2039 |
10,000 | 9,604 | ||||||
Dentsply Sirona, Inc. |
10,000 | 8,957 | ||||||
Edwards Lifesciences Corp. |
5,000 | 4,929 | ||||||
Medtronic Global Holdings SCA |
60,000 | 59,592 | ||||||
4.50%, 3/30/2033 |
5,000 | 4,956 | ||||||
Medtronic, Inc. |
14,000 | 12,272 | ||||||
4.63%, 3/15/2045 |
30,000 | 28,745 | ||||||
Zimmer Biomet Holdings, Inc. |
50,000 | 42,823 | ||||||
|
|
|||||||
451,073 | ||||||||
|
|
|||||||
Health Care Providers & Services - 4.4% |
| |||||||
Aetna, Inc. |
41,000 | 31,875 | ||||||
Cardinal Health, Inc. |
33,000 | 29,918 | ||||||
Cencora, Inc. |
50,000 | 43,579 | ||||||
Cigna Group (The) |
40,000 | 39,443 | ||||||
6.13%, 11/15/2041 |
33,000 | 35,908 | ||||||
3.88%, 10/15/2047 |
24,000 | 19,282 | ||||||
4.90%, 12/15/2048 |
67,000 | 62,394 | ||||||
3.40%, 3/15/2051 |
14,000 | 10,179 | ||||||
CVS Health Corp. |
50,000 | 49,205 | ||||||
3.63%, 4/1/2027 |
33,000 | 31,943 | ||||||
4.30%, 3/25/2028 |
100,000 | 98,255 | ||||||
5.25%, 2/21/2033 |
80,000 | 80,984 | ||||||
4.78%, 3/25/2038 |
90,000 | 84,431 | ||||||
5.05%, 3/25/2048 |
174,000 | 159,526 | ||||||
Elevance Health, Inc. |
50,000 | 43,163 | ||||||
4.10%, 5/15/2032 |
124,000 | 117,358 | ||||||
4.75%, 2/15/2033 |
20,000 | 19,800 | ||||||
4.55%, 3/1/2048 |
32,000 | 28,775 | ||||||
3.60%, 3/15/2051 |
52,000 | 40,198 | ||||||
6.10%, 10/15/2052 |
14,000 | 15,511 | ||||||
5.13%, 2/15/2053 |
20,000 | 19,567 | ||||||
HCA, Inc. |
133,000 | 118,558 | ||||||
7.50%, 11/6/2033 |
47,000 | 52,993 | ||||||
4.38%, 3/15/2042 |
15,000 | 12,824 | ||||||
4.63%, 3/15/2052 |
77,000 | 65,316 | ||||||
Laboratory Corp. of America Holdings |
50,000 | 46,358 | ||||||
2.70%, 6/1/2031 |
50,000 | 43,386 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Novant Health, Inc. |
23,000 | 15,211 | ||||||
Quest Diagnostics, Inc. |
43,000 | 42,149 | ||||||
6.40%, 11/30/2033 |
10,000 | 10,962 | ||||||
UnitedHealth Group, Inc. |
50,000 | 48,783 | ||||||
4.50%, 4/15/2033 |
10,000 | 9,848 | ||||||
5.88%, 2/15/2053 |
64,000 | 71,030 | ||||||
5.20%, 4/15/2063 |
55,000 | 55,125 | ||||||
|
|
|||||||
1,653,837 | ||||||||
|
|
|||||||
Health Care REITs - 0.5% |
| |||||||
Healthcare Realty Holdings LP |
|
|||||||
REIT, 2.05%, 3/15/2031 |
7,000 | 5,432 | ||||||
Healthpeak OP LLC |
|
|||||||
REIT, 2.88%, 1/15/2031 |
20,000 | 17,352 | ||||||
Ventas Realty LP |
|
|||||||
REIT, 4.00%, 3/1/2028 |
33,000 | 31,716 | ||||||
REIT, 3.00%, 1/15/2030 |
48,000 | 42,622 | ||||||
REIT, 4.75%, 11/15/2030 |
10,000 | 9,778 | ||||||
Welltower OP LLC |
|
|||||||
REIT, 2.05%, 1/15/2029 |
20,000 | 17,563 | ||||||
REIT, 3.85%, 6/15/2032 |
54,000 | 49,504 | ||||||
REIT, 4.95%, 9/1/2048 |
5,000 | 4,684 | ||||||
|
|
|||||||
178,651 | ||||||||
|
|
|||||||
Hotel & Resort REITs - 0.1% |
| |||||||
Host Hotels & Resorts LP |
|
|||||||
Series F, REIT, 4.50%, 2/1/2026 |
50,000 | 49,228 | ||||||
Series I, REIT, 3.50%, 9/15/2030 |
10,000 | 8,991 | ||||||
|
|
|||||||
58,219 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 1.5% |
| |||||||
Marriott International, Inc. |
50,000 | 50,744 | ||||||
5.00%, 10/15/2027 |
20,000 | 20,192 | ||||||
4.90%, 4/15/2029 |
30,000 | 30,184 | ||||||
Series HH, 2.85%, 4/15/2031 |
33,000 | 28,654 | ||||||
Series II, 2.75%, 10/15/2033 |
3,000 | 2,473 | ||||||
McDonalds Corp. |
50,000 | 48,974 | ||||||
3.50%, 7/1/2027 |
50,000 | 48,456 | ||||||
4.70%, 12/9/2035 |
33,000 | 32,600 | ||||||
4.88%, 12/9/2045 |
33,000 | 31,958 | ||||||
4.45%, 9/1/2048 |
15,000 | 13,548 | ||||||
3.63%, 9/1/2049 |
74,000 | 57,964 | ||||||
5.15%, 9/9/2052 |
7,000 | 6,993 | ||||||
Sands China Ltd. 4.05%, 1/8/2026(b) |
200,000 | 192,575 | ||||||
|
|
|||||||
565,315 | ||||||||
|
|
|||||||
Household Durables - 0.1% |
| |||||||
Mohawk Industries, Inc. |
12,000 | 12,437 | ||||||
3.63%, 5/15/2030 |
7,000 | 6,505 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
NVR, Inc. |
14,000 | 12,538 | ||||||
|
|
|||||||
31,480 | ||||||||
|
|
|||||||
Household Products - 0.1% |
| |||||||
Church & Dwight Co., Inc. |
20,000 | 21,199 | ||||||
5.00%, 6/15/2052 |
5,000 | 4,863 | ||||||
Clorox Co. (The) |
10,000 | 9,900 | ||||||
4.60%, 5/1/2032 |
14,000 | 13,860 | ||||||
|
|
|||||||
49,822 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers - 0.3% |
| |||||||
Constellation Energy Generation LLC |
50,000 | 48,662 | ||||||
5.60%, 3/1/2028 |
40,000 | 41,148 | ||||||
5.80%, 3/1/2033 |
10,000 | 10,433 | ||||||
6.13%, 1/15/2034 |
20,000 | 21,343 | ||||||
|
|
|||||||
121,586 | ||||||||
|
|
|||||||
Industrial REITs - 0.3% |
| |||||||
Prologis LP |
|
|||||||
REIT, 4.88%, 6/15/2028 |
40,000 | 40,542 | ||||||
REIT, 4.63%, 1/15/2033 |
47,000 | 46,287 | ||||||
REIT, 5.13%, 1/15/2034 |
14,000 | 14,219 | ||||||
REIT, 4.38%, 9/15/2048 |
7,000 | 6,147 | ||||||
REIT, 3.00%, 4/15/2050 |
23,000 | 16,067 | ||||||
|
|
|||||||
123,262 | ||||||||
|
|
|||||||
Insurance - 3.2% |
| |||||||
Aflac, Inc. |
53,000 | 49,874 | ||||||
Allstate Corp. (The) |
10,000 | 8,049 | ||||||
5.25%, 3/30/2033 |
10,000 | 10,194 | ||||||
3.85%, 8/10/2049 |
26,000 | 20,753 | ||||||
American International Group, Inc. |
17,000 | 17,205 | ||||||
4.75%, 4/1/2048 |
50,000 | 47,235 | ||||||
Arch Capital Finance LLC |
10,000 | 9,397 | ||||||
Assurant, Inc. |
3,000 | 2,481 | ||||||
AXIS Specialty Finance LLC |
17,000 | 14,599 | ||||||
Brighthouse Financial, Inc. |
5,000 | 3,373 | ||||||
Chubb INA Holdings, Inc. |
120,000 | 116,575 | ||||||
1.38%, 9/15/2030 |
20,000 | 16,482 | ||||||
4.35%, 11/3/2045 |
14,000 | 12,957 | ||||||
3.05%, 12/15/2061 |
10,000 | 6,948 | ||||||
Everest Reinsurance Holdings, Inc. |
35,000 | 23,513 | ||||||
Fidelity National Financial, Inc. |
14,000 | 9,013 | ||||||
Hanover Insurance Group, Inc. (The) |
10,000 | 8,312 | ||||||
Hartford Financial Services Group, Inc. (The) |
5,000 | 4,423 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
3.60%, 8/19/2049 |
33,000 | 25,653 | ||||||
2.90%, 9/15/2051 |
14,000 | 9,302 | ||||||
Lincoln National Corp. |
20,000 | 17,793 | ||||||
4.35%, 3/1/2048 |
8,000 | 6,399 | ||||||
4.38%, 6/15/2050 |
10,000 | 7,928 | ||||||
Manulife Financial Corp. |
50,000 | 47,932 | ||||||
3.70%, 3/16/2032 |
27,000 | 25,022 | ||||||
MetLife, Inc. |
20,000 | 20,031 | ||||||
5.38%, 7/15/2033 |
15,000 | 15,505 | ||||||
10.75%, 8/1/2039 |
33,000 | 44,722 | ||||||
4.60%, 5/13/2046 |
56,000 | 52,899 | ||||||
5.00%, 7/15/2052 |
33,000 | 32,520 | ||||||
5.25%, 1/15/2054 |
14,000 | 14,261 | ||||||
PartnerRe Finance B LLC |
5,000 | 4,462 | ||||||
Primerica, Inc. |
10,000 | 8,477 | ||||||
Principal Financial Group, Inc. |
33,000 | 31,135 | ||||||
2.13%, 6/15/2030 |
33,000 | 28,049 | ||||||
5.38%, 3/15/2033 |
10,000 | 10,279 | ||||||
5.50%, 3/15/2053 |
3,000 | 3,022 | ||||||
Prudential Financial, Inc. |
100,000 | 93,521 | ||||||
3.00%, 3/10/2040 |
3,000 | 2,325 | ||||||
4.50%, 9/15/2047(a) |
50,000 | 46,920 | ||||||
3.91%, 12/7/2047 |
35,000 | 28,776 | ||||||
4.35%, 2/25/2050 |
33,000 | 28,977 | ||||||
3.70%, 3/13/2051 |
22,000 | 17,324 | ||||||
6.00%, 9/1/2052(a) |
47,000 | 46,808 | ||||||
Prudential Funding Asia plc |
15,000 | 13,614 | ||||||
3.63%, 3/24/2032 |
10,000 | 9,059 | ||||||
RenaissanceRe Holdings Ltd. |
22,000 | 22,317 | ||||||
Travelers Cos., Inc. (The) |
55,000 | 47,482 | ||||||
4.05%, 3/7/2048 |
8,000 | 6,884 | ||||||
5.45%, 5/25/2053 |
17,000 | 18,095 | ||||||
Unum Group |
10,000 | 9,496 | ||||||
4.13%, 6/15/2051 |
24,000 | 18,180 | ||||||
W R Berkley Corp. |
20,000 | 12,433 | ||||||
|
|
|||||||
1,208,985 | ||||||||
|
|
|||||||
Interactive Media & Services - 1.6% |
|
|||||||
Alphabet, Inc. |
317,000 | 283,361 | ||||||
1.10%, 8/15/2030 |
10,000 | 8,279 | ||||||
1.90%, 8/15/2040 |
7,000 | 4,788 | ||||||
2.05%, 8/15/2050 |
60,000 | 36,501 | ||||||
Meta Platforms, Inc. |
180,000 | 181,849 | ||||||
4.80%, 5/15/2030 |
20,000 | 20,367 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
4.65%, 8/15/2062 |
40,000 | 36,671 | ||||||
5.75%, 5/15/2063 |
23,000 | 24,944 | ||||||
|
|
|||||||
596,760 | ||||||||
|
|
|||||||
IT Services - 2.4% |
| |||||||
Amdocs Ltd. |
10,000 | 8,639 | ||||||
International Business Machines Corp. |
587,000 | 581,521 | ||||||
4.50%, 2/6/2026 |
180,000 | 179,581 | ||||||
1.95%, 5/15/2030 |
100,000 | 85,607 | ||||||
2.85%, 5/15/2040 |
72,000 | 53,888 | ||||||
|
|
|||||||
909,236 | ||||||||
|
|
|||||||
Leisure Products - 0.2% |
| |||||||
Brunswick Corp. |
25,000 | 22,611 | ||||||
Hasbro, Inc. |
|
|||||||
3.90%, 11/19/2029 |
33,000 | 30,637 | ||||||
6.35%, 3/15/2040 |
10,000 | 10,514 | ||||||
|
|
|||||||
63,762 | ||||||||
|
|
|||||||
Machinery - 1.1% |
| |||||||
CNH Industrial Capital LLC |
10,000 | 9,916 | ||||||
5.50%, 1/12/2029 |
35,000 | 35,994 | ||||||
Cummins, Inc. |
47,000 | 39,249 | ||||||
2.60%, 9/1/2050 |
10,000 | 6,497 | ||||||
Ingersoll Rand, Inc. |
38,000 | 38,977 | ||||||
Otis Worldwide Corp. |
40,000 | 35,411 | ||||||
Stanley Black & Decker, Inc. |
87,000 | 84,430 | ||||||
2.75%, 11/15/2050 |
22,000 | 13,260 | ||||||
4.00%, 3/15/2060(a) |
96,000 | 83,693 | ||||||
Westinghouse Air Brake Technologies Corp. |
22,000 | 21,790 | ||||||
Xylem, Inc. |
20,000 | 18,106 | ||||||
2.25%, 1/30/2031 |
17,000 | 14,539 | ||||||
|
|
|||||||
401,862 | ||||||||
|
|
|||||||
Marine Transportation - 0.0%(d) |
| |||||||
Kirby Corp. |
20,000 | 19,456 | ||||||
|
|
|||||||
Media - 2.0% |
| |||||||
Comcast Corp. |
67,000 | 60,256 | ||||||
4.65%, 2/15/2033 |
67,000 | 66,869 | ||||||
4.00%, 3/1/2048 |
64,000 | 53,088 | ||||||
2.89%, 11/1/2051 |
387,000 | 256,207 | ||||||
2.99%, 11/1/2063 |
170,000 | 107,386 | ||||||
5.50%, 5/15/2064 |
3,000 | 3,094 | ||||||
Fox Corp. |
|
|||||||
4.71%, 1/25/2029 |
50,000 | 49,591 | ||||||
5.58%, 1/25/2049 |
45,000 | 43,205 | ||||||
Interpublic Group of Cos., Inc. (The) |
30,000 | 22,678 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Paramount Global |
25,000 | 23,639 | ||||||
4.38%, 3/15/2043 |
30,000 | 21,729 | ||||||
4.95%, 5/19/2050 |
40,000 | 31,903 | ||||||
|
|
|||||||
739,645 | ||||||||
|
|
|||||||
Metals & Mining - 0.6% |
| |||||||
Newmont Corp. |
10,000 | 8,421 | ||||||
5.88%, 4/1/2035 |
57,000 | 60,509 | ||||||
4.20%, 5/13/2050(c) |
25,000 | 21,365 | ||||||
Nucor Corp. |
20,000 | 19,857 | ||||||
3.13%, 4/1/2032 |
33,000 | 29,484 | ||||||
4.40%, 5/1/2048 |
8,000 | 7,151 | ||||||
2.98%, 12/15/2055 |
14,000 | 9,371 | ||||||
Teck Resources Ltd. |
60,000 | 55,870 | ||||||
Yamana Gold, Inc. |
10,000 | 8,420 | ||||||
|
|
|||||||
220,448 | ||||||||
|
|
|||||||
Multi-Utilities - 1.2% |
| |||||||
Consolidated Edison Co. of New York, Inc. |
||||||||
Series 20A, 3.35%, 4/1/2030 |
10,000 | 9,331 | ||||||
2.40%, 6/15/2031 |
50,000 | 42,945 | ||||||
5.20%, 3/1/2033 |
10,000 | 10,288 | ||||||
5.50%, 3/15/2034 |
50,000 | 52,187 | ||||||
Series E, 4.65%, 12/1/2048 |
22,000 | 19,756 | ||||||
6.15%, 11/15/2052 |
7,000 | 7,878 | ||||||
4.50%, 5/15/2058 |
67,000 | 58,407 | ||||||
3.60%, 6/15/2061 |
23,000 | 17,071 | ||||||
National Grid plc |
15,000 | 15,439 | ||||||
5.81%, 6/12/2033 |
15,000 | 15,614 | ||||||
Public Service Enterprise Group, Inc. |
63,000 | 65,583 | ||||||
1.60%, 8/15/2030 |
10,000 | 8,172 | ||||||
San Diego Gas & Electric Co. |
|
|||||||
Series VVV, 1.70%, 10/1/2030 |
10,000 | 8,267 | ||||||
2.95%, 8/15/2051 |
77,000 | 53,822 | ||||||
Sempra |
20,000 | 20,387 | ||||||
3.80%, 2/1/2038 |
26,000 | 22,108 | ||||||
4.00%, 2/1/2048 |
33,000 | 26,653 | ||||||
|
|
|||||||
453,908 | ||||||||
|
|
|||||||
Office REITs - 0.6% |
| |||||||
Boston Properties LP |
|
|||||||
REIT, 3.25%, 1/30/2031 |
80,000 | 68,865 | ||||||
REIT, 2.45%, 10/1/2033 |
33,000 | 25,104 | ||||||
Highwoods Realty LP |
|
|||||||
REIT, 3.05%, 2/15/2030 |
30,000 | 25,400 | ||||||
Kilroy Realty LP |
|
|||||||
REIT, 4.38%, 10/1/2025 |
80,000 | 78,132 | ||||||
REIT, 6.25%, 1/15/2036 |
7,000 | 7,006 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Piedmont Operating Partnership LP |
|
|||||||
REIT, 2.75%, 4/1/2032 |
7,000 | 4,897 | ||||||
|
|
|||||||
209,404 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 5.9% |
| |||||||
BP Capital Markets America, Inc. |
10,000 | 7,060 | ||||||
Canadian Natural Resources Ltd. |
107,000 | 94,292 | ||||||
Cheniere Corpus Christi Holdings LLC |
17,000 | 16,008 | ||||||
2.74%, 12/31/2039 |
10,000 | 7,983 | ||||||
Cheniere Energy Partners LP |
33,000 | 33,700 | ||||||
Cheniere Energy, Inc. |
14,000 | 13,545 | ||||||
Columbia Pipeline Group, Inc. |
10,000 | 10,024 | ||||||
Enbridge, Inc. |
50,000 | 46,565 | ||||||
8.50%, 1/15/2084(a) |
50,000 | 53,455 | ||||||
Enterprise Products Operating LLC |
20,000 | 18,039 | ||||||
5.35%, 1/31/2033 |
50,000 | 52,002 | ||||||
3.70%, 1/31/2051 |
120,000 | 94,377 | ||||||
EQT Corp. |
10,000 | 10,722 | ||||||
Hess Corp. |
17,000 | 18,514 | ||||||
5.80%, 4/1/2047 |
20,000 | 21,476 | ||||||
Kinder Morgan Energy Partners LP |
50,000 | 55,305 | ||||||
5.40%, 9/1/2044 |
20,000 | 18,744 | ||||||
Kinder Morgan, Inc. |
237,000 | 234,244 | ||||||
2.00%, 2/15/2031 |
14,000 | 11,554 | ||||||
5.20%, 6/1/2033 |
50,000 | 49,605 | ||||||
5.55%, 6/1/2045 |
33,000 | 31,802 | ||||||
5.20%, 3/1/2048 |
27,000 | 24,670 | ||||||
3.60%, 2/15/2051 |
10,000 | 7,084 | ||||||
Marathon Petroleum Corp. |
48,000 | 40,588 | ||||||
MPLX LP |
50,000 | 46,847 | ||||||
2.65%, 8/15/2030 |
17,000 | 14,745 | ||||||
4.50%, 4/15/2038 |
82,000 | 73,796 | ||||||
5.20%, 12/1/2047 |
30,000 | 27,224 | ||||||
5.50%, 2/15/2049 |
30,000 | 28,886 | ||||||
Occidental Petroleum Corp. |
40,000 | 42,670 | ||||||
Zero Coupon, 10/10/2036 |
50,000 | 26,424 | ||||||
ONEOK, Inc. |
25,000 | 26,312 | ||||||
6.05%, 9/1/2033 |
30,000 | 31,500 | ||||||
5.20%, 7/15/2048 |
20,000 | 18,458 | ||||||
4.50%, 3/15/2050 |
60,000 | 49,502 | ||||||
Pioneer Natural Resources Co. |
46,000 | 39,185 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Plains All American Pipeline LP |
||||||||
4.50%, 12/15/2026 |
100,000 | 99,070 | ||||||
3.80%, 9/15/2030 |
35,000 | 32,332 | ||||||
Sabine Pass Liquefaction LLC |
||||||||
4.50%, 5/15/2030 |
17,000 | 16,595 | ||||||
5.90%, 9/15/2037 |
20,000 | 20,969 | ||||||
TC PipeLines LP |
||||||||
3.90%, 5/25/2027 |
20,000 | 19,189 | ||||||
TotalEnergies Capital International SA |
||||||||
2.83%, 1/10/2030 |
50,000 | 45,894 | ||||||
3.13%, 5/29/2050 |
74,000 | 53,335 | ||||||
TransCanada PipeLines Ltd. |
||||||||
4.75%, 5/15/2038 |
20,000 | 18,691 | ||||||
Transcanada Trust |
||||||||
5.60%, 3/7/2082(a) |
177,000 | 155,388 | ||||||
Transcontinental Gas Pipe Line Co. LLC |
||||||||
3.25%, 5/15/2030 |
33,000 | 30,106 | ||||||
4.60%, 3/15/2048 |
10,000 | 8,995 | ||||||
Valero Energy Corp. |
||||||||
4.00%, 4/1/2029 |
30,000 | 29,017 | ||||||
2.80%, 12/1/2031 |
50,000 | 42,994 | ||||||
4.00%, 6/1/2052 |
10,000 | 7,820 | ||||||
Western Midstream Operating LP |
||||||||
5.30%, 3/1/2048 |
33,000 | 28,931 | ||||||
5.50%, 8/15/2048 |
10,000 | 8,854 | ||||||
5.25%, 2/1/2050(b) |
7,000 | 6,256 | ||||||
Williams Cos., Inc. (The) |
||||||||
5.65%, 3/15/2033 |
73,000 | 75,780 | ||||||
5.15%, 3/15/2034 |
15,000 | 15,038 | ||||||
5.75%, 6/24/2044 |
33,000 | 33,501 | ||||||
5.10%, 9/15/2045 |
37,000 | 35,218 | ||||||
4.85%, 3/1/2048 |
29,000 | 26,380 | ||||||
5.30%, 8/15/2052 |
14,000 | 13,607 | ||||||
|
|
|||||||
2,220,867 | ||||||||
|
|
|||||||
Paper & Forest Products - 0.2% |
| |||||||
Suzano Austria GmbH |
||||||||
3.75%, 1/15/2031 |
20,000 | 17,441 | ||||||
Series DM3N, 3.13%, 1/15/2032 |
50,000 | 41,250 | ||||||
|
|
|||||||
58,691 | ||||||||
|
|
|||||||
Personal Care Products - 0.4% |
| |||||||
Estee Lauder Cos., Inc. (The) |
||||||||
3.15%, 3/15/2027 |
100,000 | 95,860 | ||||||
4.38%, 5/15/2028 |
20,000 | 19,962 | ||||||
2.60%, 4/15/2030 |
10,000 | 8,878 | ||||||
1.95%, 3/15/2031 |
33,000 | 27,592 | ||||||
5.15%, 5/15/2053 |
5,000 | 5,009 | ||||||
Kenvue, Inc. |
||||||||
4.90%, 3/22/2033 |
10,000 | 10,201 | ||||||
|
|
|||||||
167,502 | ||||||||
|
|
|||||||
Pharmaceuticals - 5.0% |
| |||||||
AstraZeneca Finance LLC |
||||||||
4.88%, 3/3/2033 |
33,000 | 33,914 | ||||||
AstraZeneca plc |
||||||||
4.00%, 9/18/2042 |
30,000 | 26,652 | ||||||
4.38%, 11/16/2045 |
50,000 | 46,208 | ||||||
3.00%, 5/28/2051 |
14,000 | 10,146 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Bristol-Myers Squibb Co. |
|
|||||||
3.55%, 3/15/2042 |
65,000 | 52,810 | ||||||
5.00%, 8/15/2045 |
53,000 | 52,118 | ||||||
3.90%, 3/15/2062 |
91,000 | 69,814 | ||||||
6.40%, 11/15/2063 |
3,000 | 3,448 | ||||||
GlaxoSmithKline Capital plc |
|
|||||||
3.38%, 6/1/2029 |
33,000 | 31,620 | ||||||
GlaxoSmithKline Capital, Inc. |
|
|||||||
6.38%, 5/15/2038 |
37,000 | 43,002 | ||||||
Johnson & Johnson |
|
|||||||
3.63%, 3/3/2037 |
180,000 | 163,742 | ||||||
2.10%, 9/1/2040 |
10,000 | 7,056 | ||||||
3.70%, 3/1/2046 |
50,000 | 42,674 | ||||||
2.25%, 9/1/2050 |
20,000 | 12,774 | ||||||
2.45%, 9/1/2060 |
7,000 | 4,268 | ||||||
Merck & Co., Inc. |
|
|||||||
4.05%, 5/17/2028 |
133,000 | 132,383 | ||||||
3.40%, 3/7/2029 |
50,000 | 47,764 | ||||||
2.35%, 6/24/2040 |
133,000 | 95,368 | ||||||
4.90%, 5/17/2044 |
35,000 | 34,975 | ||||||
2.75%, 12/10/2051 |
48,000 | 32,219 | ||||||
Mylan, Inc. |
|
|||||||
5.20%, 4/15/2048 |
37,000 | 30,974 | ||||||
Novartis Capital Corp. |
|
|||||||
2.00%, 2/14/2027 |
50,000 | 46,933 | ||||||
2.20%, 8/14/2030 |
35,000 | 30,814 | ||||||
2.75%, 8/14/2050 |
65,000 | 45,223 | ||||||
Pfizer Investment Enterprises Pte. Ltd. |
|
|||||||
4.45%, 5/19/2028 |
124,000 | 123,741 | ||||||
5.34%, 5/19/2063 |
112,000 | 111,907 | ||||||
Pfizer, Inc. |
|
|||||||
0.80%, 5/28/2025 |
50,000 | 47,492 | ||||||
3.45%, 3/15/2029 |
50,000 | 47,844 | ||||||
1.75%, 8/18/2031 |
33,000 | 27,185 | ||||||
4.10%, 9/15/2038 |
275,000 | 252,141 | ||||||
7.20%, 3/15/2039 |
57,000 | 70,352 | ||||||
2.55%, 5/28/2040 |
33,000 | 23,922 | ||||||
2.70%, 5/28/2050 |
33,000 | 22,604 | ||||||
Sanofi SA |
|
|||||||
3.63%, 6/19/2028 |
15,000 | 14,692 | ||||||
Viatris, Inc. |
|
|||||||
3.85%, 6/22/2040 |
10,000 | 7,569 | ||||||
4.00%, 6/22/2050 |
23,000 | 16,277 | ||||||
|
|
|||||||
1,862,625 | ||||||||
|
|
|||||||
Professional Services - 0.4% |
| |||||||
Equifax, Inc. |
|
|||||||
3.10%, 5/15/2030 |
37,000 | 33,284 | ||||||
Verisk Analytics, Inc. |
|
|||||||
4.13%, 3/15/2029 |
50,000 | 48,753 | ||||||
3.63%, 5/15/2050 |
90,000 | 67,123 | ||||||
|
|
|||||||
149,160 | ||||||||
|
|
|||||||
Real Estate Management & Development - 0.1% |
| |||||||
CBRE Services, Inc. |
|
|||||||
2.50%, 4/1/2031 |
20,000 | 16,742 | ||||||
5.95%, 8/15/2034 |
8,000 | 8,277 | ||||||
|
|
|||||||
25,019 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Residential REITs - 0.7% |
| |||||||
AvalonBay Communities, Inc. |
|
|||||||
REIT, 2.95%, 5/11/2026 |
100,000 | 96,159 | ||||||
REIT, 1.90%, 12/1/2028 |
40,000 | 35,299 | ||||||
REIT, 5.00%, 2/15/2033 |
14,000 | 14,154 | ||||||
REIT, 4.35%, 4/15/2048 |
10,000 | 8,576 | ||||||
ERP Operating LP |
|
|||||||
REIT, 4.15%, 12/1/2028 |
30,000 | 29,397 | ||||||
REIT, 3.00%, 7/1/2029 |
67,000 | 61,676 | ||||||
REIT, 1.85%, 8/1/2031 |
8,000 | 6,586 | ||||||
Essex Portfolio LP |
|
|||||||
REIT, 1.65%, 1/15/2031 |
20,000 | 15,895 | ||||||
UDR, Inc. |
|
|||||||
REIT, 4.40%, 1/26/2029 |
7,000 | 6,775 | ||||||
|
|
|||||||
274,517 | ||||||||
|
|
|||||||
Retail REITs - 0.7% |
| |||||||
Brixmor Operating Partnership LP |
|
|||||||
REIT, 3.90%, 3/15/2027 |
33,000 | 31,706 | ||||||
REIT, 2.25%, 4/1/2028 |
30,000 | 26,906 | ||||||
REIT, 2.50%, 8/16/2031 |
7,000 | 5,839 | ||||||
REIT, 5.50%, 2/15/2034 |
7,000 | 7,023 | ||||||
Federal Realty OP LP |
|
|||||||
REIT, 1.25%, 2/15/2026 |
67,000 | 62,041 | ||||||
REIT, 3.50%, 6/1/2030 |
10,000 | 9,152 | ||||||
Kimco Realty OP LLC |
|
|||||||
REIT, 6.40%, 3/1/2034 |
60,000 | 64,915 | ||||||
Regency Centers LP |
|
|||||||
REIT, 4.13%, 3/15/2028 |
15,000 | 14,452 | ||||||
REIT, 3.70%, 6/15/2030 |
26,000 | 24,176 | ||||||
|
|
|||||||
246,210 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 2.7% |
| |||||||
Intel Corp. |
100,000 | 98,007 | ||||||
2.00%, 8/12/2031 |
47,000 | 39,215 | ||||||
5.63%, 2/10/2043 |
54,000 | 57,242 | ||||||
3.73%, 12/8/2047 |
47,000 | 37,673 | ||||||
4.75%, 3/25/2050 |
197,000 | 182,504 | ||||||
3.05%, 8/12/2051 |
35,000 | 24,212 | ||||||
4.95%, 3/25/2060 |
48,000 | 46,243 | ||||||
QUALCOMM, Inc. |
50,000 | 49,162 | ||||||
TSMC Arizona Corp. |
200,000 | 184,852 | ||||||
3.88%, 4/22/2027 |
280,000 | 273,833 | ||||||
|
|
|||||||
992,943 | ||||||||
|
|
|||||||
Software - 3.4% |
| |||||||
Adobe, Inc. |
33,000 | 29,512 | ||||||
Autodesk, Inc. |
20,000 | 18,103 | ||||||
Microsoft Corp. |
60,000 | 57,215 | ||||||
3.30%, 2/6/2027 |
263,000 | 256,634 | ||||||
3.45%, 8/8/2036 |
33,000 | 30,099 | ||||||
4.50%, 6/15/2047(c) |
15,000 | 14,527 | ||||||
2.53%, 6/1/2050 |
180,000 | 120,122 | ||||||
2.92%, 3/17/2052 |
40,000 | 28,711 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
2.68%, 6/1/2060 |
113,000 | 74,444 | ||||||
3.04%, 3/17/2062 |
55,000 | 38,686 | ||||||
Oracle Corp. |
140,000 | 111,961 | ||||||
5.55%, 2/6/2053 |
120,000 | 119,251 | ||||||
4.10%, 3/25/2061 |
115,000 | 87,664 | ||||||
Salesforce, Inc. |
50,000 | 44,533 | ||||||
2.90%, 7/15/2051 |
54,000 | 37,429 | ||||||
VMware LLC |
100,000 | 91,532 | ||||||
2.20%, 8/15/2031 |
100,000 | 82,582 | ||||||
Workday, Inc. |
30,000 | 28,586 | ||||||
|
|
|||||||
1,271,591 | ||||||||
|
|
|||||||
Specialized REITs - 1.0% |
| |||||||
Equinix, Inc. |
|
|||||||
REIT, 3.20%, 11/18/2029 |
70,000 | 64,003 | ||||||
REIT, 3.90%, 4/15/2032 |
150,000 | 138,813 | ||||||
REIT, 3.40%, 2/15/2052 |
26,000 | 18,792 | ||||||
Public Storage Operating Co. |
|
|||||||
REIT, 5.13%, 1/15/2029 |
60,000 | 61,554 | ||||||
REIT, 5.10%, 8/1/2033 |
20,000 | 20,382 | ||||||
Weyerhaeuser Co. |
|
|||||||
REIT, 4.00%, 4/15/2030 |
30,000 | 28,601 | ||||||
REIT, 3.38%, 3/9/2033 |
30,000 | 26,422 | ||||||
|
|
|||||||
358,567 | ||||||||
|
|
|||||||
Specialty Retail - 1.9% |
| |||||||
Advance Auto Parts, Inc. |
15,000 | 14,974 | ||||||
3.90%, 4/15/2030 |
5,000 | 4,468 | ||||||
Dicks Sporting Goods, Inc. |
5,000 | 4,251 | ||||||
4.10%, 1/15/2052 |
10,000 | 7,242 | ||||||
Home Depot, Inc. (The) |
100,000 | 82,117 | ||||||
4.50%, 12/6/2048 |
20,000 | 18,492 | ||||||
4.95%, 9/15/2052 |
135,000 | 133,266 | ||||||
Lowes Cos., Inc. |
33,000 | 31,484 | ||||||
3.65%, 4/5/2029 |
50,000 | 48,025 | ||||||
2.63%, 4/1/2031 |
50,000 | 43,489 | ||||||
5.00%, 4/15/2033 |
77,000 | 78,033 | ||||||
5.15%, 7/1/2033 |
25,000 | 25,541 | ||||||
5.50%, 10/15/2035 |
33,000 | 34,995 | ||||||
2.80%, 9/15/2041 |
138,000 | 101,103 | ||||||
3.00%, 10/15/2050 |
33,000 | 22,470 | ||||||
4.45%, 4/1/2062 |
26,000 | 21,807 | ||||||
5.85%, 4/1/2063 |
14,000 | 14,748 | ||||||
Tractor Supply Co. |
10,000 | 10,164 | ||||||
|
|
|||||||
696,669 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 2.6% |
| |||||||
Apple, Inc. |
84,000 | 82,045 | ||||||
2.38%, 2/8/2041 |
130,000 | 94,750 | ||||||
4.45%, 5/6/2044 |
114,000 | 110,161 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
4.65%, 2/23/2046 |
208,000 | 204,258 | ||||||
4.85%, 5/10/2053 |
100,000 | 100,992 | ||||||
4.10%, 8/8/2062 |
47,000 | 40,897 | ||||||
Dell International LLC |
|
|||||||
8.10%, 7/15/2036 |
110,000 | 135,597 | ||||||
3.38%, 12/15/2041 |
30,000 | 22,778 | ||||||
HP, Inc. |
|
|||||||
2.65%, 6/17/2031 |
19,000 | 16,111 | ||||||
5.50%, 1/15/2033 |
100,000 | 102,144 | ||||||
6.00%, 9/15/2041 |
53,000 | 55,698 | ||||||
|
|
|||||||
965,431 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 0.4% |
| |||||||
NIKE, Inc. |
|
|||||||
2.85%, 3/27/2030 |
20,000 | 18,317 | ||||||
3.25%, 3/27/2040 |
40,000 | 32,889 | ||||||
PVH Corp. |
|
|||||||
4.63%, 7/10/2025 |
20,000 | 19,823 | ||||||
Ralph Lauren Corp. |
|
|||||||
2.95%, 6/15/2030 |
14,000 | 12,698 | ||||||
Tapestry, Inc. |
|
|||||||
7.70%, 11/27/2030 |
35,000 | 37,096 | ||||||
VF Corp. |
|
|||||||
2.80%, 4/23/2027 |
15,000 | 13,848 | ||||||
2.95%, 4/23/2030 |
26,000 | 21,821 | ||||||
|
|
|||||||
156,492 | ||||||||
|
|
|||||||
Water Utilities - 0.4% |
| |||||||
American Water Capital Corp. |
|
|||||||
2.80%, 5/1/2030 |
30,000 | 26,958 | ||||||
2.30%, 6/1/2031 |
100,000 | 84,838 | ||||||
4.20%, 9/1/2048 |
5,000 | 4,368 | ||||||
Essential Utilities, Inc. |
|
|||||||
2.70%, 4/15/2030 |
48,000 | 42,118 | ||||||
5.30%, 5/1/2052 |
10,000 | 9,575 | ||||||
|
|
|||||||
167,857 | ||||||||
|
|
|||||||
Wireless Telecommunication Services - 0.4% |
| |||||||
Vodafone Group plc |
|
|||||||
5.00%, 5/30/2038 |
3,000 | 3,002 | ||||||
5.25%, 5/30/2048 |
40,000 | 38,519 | ||||||
5.63%, 2/10/2053 |
96,000 | 96,711 | ||||||
|
|
|||||||
138,232 | ||||||||
|
|
|||||||
TOTAL CORPORATE BONDS |
|
35,304,227 | ||||||
|
|
|||||||
Total Investments - 94.6% |
|
35,304,227 | ||||||
Other assets less liabilities - 5.4% |
|
2,027,638 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
37,331,865 | ||||||
|
|
(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, 2024. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Represents less than 0.05% of net assets. |
Percentages shown are based on Net Assets.
Abbreviations
OYJ |
Public Limited Company | |
REIT |
Real Estate Investment Trust |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)
Security Type |
% of Net Assets | |||
Corporate Bonds |
94.6 | % | ||
Others(1) |
5.4 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Ultra-Short Income Fund
January 31, 2024 (Unaudited)
Investments |
Principal Amount ($) |
Value ($) | ||||||
CORPORATE BONDS - 91.1% |
| |||||||
Aerospace & Defense - 2.7% |
| |||||||
Boeing Co. (The) |
||||||||
1.95%, 2/1/2024 |
900,000 | 900,000 | ||||||
1.43%, 2/4/2024 |
3,000,000 | 2,998,836 | ||||||
General Dynamics Corp. |
||||||||
2.38%, 11/15/2024 |
9,000,000 | 8,803,325 | ||||||
L3Harris Technologies, Inc. |
||||||||
3.95%, 5/28/2024 |
4,065,000 | 4,044,121 | ||||||
Northrop Grumman Corp. |
||||||||
2.93%, 1/15/2025 |
5,673,000 | 5,560,802 | ||||||
RTX Corp. |
||||||||
3.20%, 3/15/2024 |
8,205,000 | 8,175,674 | ||||||
3.15%, 12/15/2024 |
97,000 | 95,181 | ||||||
|
|
|||||||
30,577,939 | ||||||||
|
|
|||||||
Automobiles - 2.7% |
| |||||||
BMW US Capital LLC |
|
|||||||
(United States SOFR Compounded Index + 0.53%), 5.87%, |
900,000 | 900,468 | ||||||
Hyundai Capital America |
||||||||
0.88%, 6/14/2024(b) |
1,000,000 | 982,015 | ||||||
(SOFR + 1.50%), 6.83%, 1/8/2027(a)(b) |
9,000,000 | 9,053,316 | ||||||
Kia Corp. |
||||||||
2.38%, 2/14/2025(b) |
730,000 | 708,786 | ||||||
Mercedes-Benz Finance North America LLC |
||||||||
0.75%, 3/1/2024(b) |
2,350,000 | 2,340,664 | ||||||
(SOFR + 0.93%), 6.27%, 3/30/2025(a)(b) |
5,000,000 | 5,035,500 | ||||||
(SOFR + 0.57%), 5.95%, 8/1/2025(a)(b) |
7,000,000 | 7,024,850 | ||||||
Nissan Motor Acceptance Co. LLC |
||||||||
1.13%, 9/16/2024(b) |
900,000 | 873,164 | ||||||
Volkswagen Group of America Finance LLC |
|
|||||||
(SOFR + 0.95%), 6.30%, 6/7/2024(a)(b) |
2,690,000 | 2,692,963 | ||||||
|
|
|||||||
29,611,726 | ||||||||
|
|
|||||||
Banks - 23.5% |
| |||||||
ANZ New Zealand Intl Ltd. |
|
|||||||
(SOFR + 0.60%), 5.98%, 2/18/2025(a)(b) |
1,450,000 | 1,451,069 | ||||||
Australia & New Zealand Banking Group Ltd. |
||||||||
5.38%, 7/3/2025 |
4,290,000 | 4,324,754 | ||||||
(SOFR + 0.64%), 5.98%, 10/3/2025(a)(b) |
500,000 | 501,133 | ||||||
5.09%, 12/8/2025 |
1,505,000 | 1,515,445 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Banco Santander SA |
|
|||||||
(SOFR + 1.24%), 6.60%, 5/24/2024(a) |
5,800,000 | 5,815,919 | ||||||
5.15%, 8/18/2025 |
1,400,000 | 1,393,697 | ||||||
Bank of America Corp. |
|
|||||||
Series 2025, (SOFR + 0.66%), 6.04%, 2/4/2025(a) |
2,000,000 | 2,000,016 | ||||||
(SOFR + 1.10%), 6.41%, 4/25/2025(a) |
5,000,000 | 5,007,165 | ||||||
Bank of America NA |
|
|||||||
(SOFR + 0.78%), 6.16%, 8/18/2025(a) |
3,850,000 | 3,860,971 | ||||||
Bank of Montreal |
||||||||
2.50%, 6/28/2024 |
1,500,000 | 1,481,909 | ||||||
Series H, 4.25%, 9/14/2024 |
4,500,000 | 4,463,681 | ||||||
(United States SOFR Compounded Index + 0.95%), 6.30%, 9/25/2025(a) |
5,700,000 | 5,725,204 | ||||||
(United States SOFR Compounded Index + 0.62%), 5.97%, 9/15/2026(a) |
3,300,000 | 3,272,774 | ||||||
Bank of New Zealand |
|
|||||||
(SOFR + 0.81%), 6.13%, 1/27/2027(a)(b) |
4,000,000 | 3,995,994 | ||||||
Bank of Nova Scotia (The) |
|
|||||||
(SOFR + 0.46%), 5.79%, 1/10/2025(a) |
4,355,000 | 4,351,584 | ||||||
(United States SOFR Compounded Index + 0.90%), 6.23%, 4/11/2025(a) |
2,286,000 | 2,293,208 | ||||||
(United States SOFR Compounded Index + 0.55%), 5.91%, 3/2/2026(a) |
5,000,000 | 4,969,543 | ||||||
(SOFR + 0.61%), 5.96%, 9/15/2026(a) |
1,780,000 | 1,763,174 | ||||||
Banque Federative du Credit Mutuel SA |
||||||||
0.65%, 2/27/2024(b) |
5,000,000 | 4,983,217 | ||||||
(SOFR + 1.13%), 6.46%, 1/23/2027(a)(b) |
2,940,000 | 2,957,828 | ||||||
BNP Paribas SA |
||||||||
4.25%, 10/15/2024 |
1,000,000 | 990,100 | ||||||
Canadian Imperial Bank of Commerce |
||||||||
3.10%, 4/2/2024 |
3,225,000 | 3,211,575 | ||||||
(SOFR + 0.94%), 6.28%, 4/7/2025(a) |
7,674,000 | 7,727,880 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Ultra-Short Income Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Citibank NA |
|
|||||||
(United States SOFR Compounded Index + 1.06%), 6.43%, 12/4/2026(a) |
3,000,000 | 3,024,840 | ||||||
Citigroup, Inc. |
|
|||||||
(SOFR + 0.69%), 6.01%, 10/30/2024(a) |
3,500,000 | 3,505,436 | ||||||
(SOFR + 0.67%), 6.05%, 5/1/2025(a) |
900,000 | 899,469 | ||||||
(SOFR + 1.37%), 6.75%, 5/24/2025(a) |
1,300,000 | 1,303,198 | ||||||
(SOFR + 0.69%), 6.01%, 1/25/2026(a) |
2,400,000 | 2,394,960 | ||||||
Commonwealth Bank of Australia |
|
|||||||
(SOFR + 0.74%), 6.09%, 3/14/2025(a)(b) |
5,000,000 | 5,016,315 | ||||||
(SOFR + 0.40%), 5.74%, 7/7/2025(a)(b) |
1,800,000 | 1,796,060 | ||||||
(SOFR + 0.52%), 5.87%, 6/15/2026(a)(b) |
1,900,000 | 1,896,390 | ||||||
Cooperatieve Rabobank UA |
|
|||||||
(United States SOFR Compounded Index + 0.38%), 5.71%, 1/10/2025(a) |
1,600,000 | 1,599,043 | ||||||
(United States SOFR Compounded Index + 0.90%), 6.23%, 10/5/2026(a) |
5,000,000 | 5,013,191 | ||||||
Credit Agricole SA |
||||||||
3.25%, 10/4/2024(b) |
3,000,000 | 2,955,005 | ||||||
Danske Bank A/S |
||||||||
6.47%, 1/9/2026(b)(c) |
1,280,000 | 1,290,092 | ||||||
Fifth Third Bank NA |
||||||||
5.85%, 10/27/2025(c) |
8,500,000 | 8,510,933 | ||||||
HSBC Holdings plc |
|
|||||||
(SOFR + 1.43%), 6.78%, 3/10/2026(a) |
7,000,000 | 7,039,620 | ||||||
ING Groep NV |
|
|||||||
(United States SOFR Compounded Index + 1.01%), 6.34%, 4/1/2027(a) |
5,582,000 | 5,553,261 | ||||||
JPMorgan Chase & Co. |
||||||||
0.77%, 8/9/2025(c) |
1,000,000 | 974,298 | ||||||
(SOFR + 0.60%), 5.96%, 12/10/2025(a) |
1,000,000 | 999,470 | ||||||
(SOFR + 0.92%), 6.29%, 2/24/2026(a) |
7,000,000 | 7,014,280 | ||||||
(SOFR + 0.77%), 6.11%, 9/22/2027(a) |
2,500,000 | 2,487,950 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
KeyBank NA |
|
|||||||
(United States SOFR Compounded Index + 0.32%), 5.67%, 6/14/2024(a) |
2,000,000 | 1,987,188 | ||||||
Lloyds Banking Group plc |
||||||||
3.90%, 3/12/2024 |
1,000,000 | 997,995 | ||||||
4.72%, 8/11/2026(c) |
2,300,000 | 2,276,703 | ||||||
Mitsubishi UFJ Financial Group, Inc. |
||||||||
4.79%, 7/18/2025(c) |
2,000,000 | 1,991,533 | ||||||
(SOFR + 0.94%), 6.31%, 2/20/2026(a) |
5,000,000 | 5,006,088 | ||||||
(SOFR + 1.44%), 6.76%, 4/17/2026(a) |
2,500,000 | 2,515,579 | ||||||
Morgan Stanley Bank NA |
||||||||
5.48%, 7/16/2025 |
3,000,000 | 3,031,053 | ||||||
National Australia Bank Ltd. |
|
|||||||
(SOFR + 0.86%), 6.22%, 6/9/2025(a)(b) |
5,200,000 | 5,223,885 | ||||||
(SOFR + 0.65%), 5.97%, 1/12/2027(a)(b) |
4,000,000 | 3,996,908 | ||||||
National Bank of Canada |
||||||||
0.75%, 8/6/2024 |
900,000 | 877,567 | ||||||
NatWest Markets plc |
|
|||||||
(SOFR + 0.53%), 5.91%, 8/12/2024(a)(b) |
600,000 | 599,784 | ||||||
Nordea Bank Abp |
|
|||||||
(SOFR + 0.96%), 6.31%, 6/6/2025(a)(b) |
2,000,000 | 2,011,931 | ||||||
Royal Bank of Canada |
||||||||
3.97%, 7/26/2024 |
5,000,000 | 4,965,539 | ||||||
(United States SOFR Compounded Index + 0.44%), 5.77%, 1/21/2025(a) |
3,000,000 | 3,001,041 | ||||||
4.95%, 4/25/2025 |
3,000,000 | 3,004,482 | ||||||
(United States SOFR Compounded Index + 0.53%), 5.85%, 1/20/2026(a) |
2,750,000 | 2,738,970 | ||||||
(United States SOFR Compounded Index + 0.57%), 5.89%, 4/27/2026(a) |
2,000,000 | 1,987,953 | ||||||
Skandinaviska Enskilda Banken AB |
||||||||
0.65%, 9/9/2024(b) |
500,000 | 485,785 | ||||||
(SOFR + 0.96%), 6.32%, 6/9/2025(a)(b) |
1,000,000 | 1,004,726 | ||||||
Societe Generale SA |
||||||||
3.88%, 3/28/2024(b) |
1,665,000 | 1,659,722 | ||||||
2.63%, 10/16/2024(b) |
1,000,000 | 978,478 | ||||||
Standard Chartered plc |
||||||||
6.17%, 1/9/2027(b)(c) |
2,100,000 | 2,134,307 | ||||||
Sumitomo Mitsui Financial Group, Inc. |
||||||||
2.70%, 7/16/2024 |
7,000,000 | 6,911,718 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Ultra-Short Income Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
(SOFR + 0.88%), 6.20%, 1/14/2027(a) |
1,480,000 | 1,477,266 | ||||||
Sumitomo Mitsui Trust Bank Ltd. |
||||||||
0.85%, 3/25/2024(b) |
400,000 | 397,319 | ||||||
Svenska Handelsbanken AB |
|
|||||||
(SOFR + 0.91%), 6.27%, 6/10/2025(a)(b) |
7,000,000 | 7,029,410 | ||||||
Swedbank AB |
|
|||||||
(United States SOFR Compounded Index + 1.38%), 6.73%, 6/15/2026(a)(b) |
5,160,000 | 5,239,366 | ||||||
Toronto-Dominion Bank (The) |
||||||||
2.65%, 6/12/2024 |
2,000,000 | 1,979,979 | ||||||
4.29%, 9/13/2024 |
3,000,000 | 2,979,962 | ||||||
(SOFR + 0.41%), 5.74%, 1/10/2025(a) |
2,777,000 | 2,776,802 | ||||||
(SOFR + 1.02%), 6.37%, 6/6/2025(a) |
3,000,000 | 3,016,370 | ||||||
(SOFR + 0.59%), 5.95%, 9/10/2026(a) |
2,000,000 | 1,985,960 | ||||||
Truist Financial Corp. |
|
|||||||
(SOFR + 0.40%), 5.76%, 6/9/2025(a) |
3,750,000 | 3,718,637 | ||||||
US Bancorp |
||||||||
2.40%, 7/30/2024 |
2,913,000 | 2,869,768 | ||||||
Wells Fargo & Co. |
|
|||||||
(SOFR + 1.32%), 6.63%, 4/25/2026(a) |
5,600,000 | 5,634,461 | ||||||
Wells Fargo Bank NA |
||||||||
5.55%, 8/1/2025 |
1,250,000 | 1,263,093 | ||||||
(SOFR + 0.80%), 6.18%, 8/1/2025(a) |
3,125,000 | 3,134,914 | ||||||
(SOFR + 0.71%), 6.04%, 1/15/2026(a) |
1,475,000 | 1,475,959 | ||||||
Westpac Banking Corp. |
||||||||
3.30%, 2/26/2024 |
2,200,000 | 2,196,649 | ||||||
5.35%, 10/18/2024 |
3,000,000 | 3,003,054 | ||||||
(SOFR + 0.30%), 5.68%, 11/18/2024(a) |
2,500,000 | 2,500,195 | ||||||
(SOFR + 1.00%), 6.37%, 8/26/2025(a) |
5,000,000 | 5,033,900 | ||||||
(SOFR + 0.72%), 6.09%, 11/17/2025(a) |
2,350,000 | 2,356,893 | ||||||
(SOFR + 0.52%), 5.89%, 6/3/2026(a) |
2,568,000 | 2,560,690 | ||||||
|
|
|||||||
263,351,233 | ||||||||
|
|
|||||||
Beverages - 1.7% |
| |||||||
Constellation Brands, Inc. |
||||||||
3.60%, 5/9/2024 |
2,656,000 | 2,642,511 | ||||||
Diageo Capital plc |
||||||||
2.13%, 10/24/2024 |
7,000,000 | 6,843,616 | ||||||
Keurig Dr Pepper, Inc. |
||||||||
0.75%, 3/15/2024 |
3,500,000 | 3,480,054 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
PepsiCo, Inc. |
|
|||||||
(United States SOFR Compounded Index + 0.40%), 5.77%, 11/12/2024(a) |
3,330,000 | 3,335,859 | ||||||
(United States SOFR Compounded Index + 0.40%), 5.78%, 2/13/2026(a) |
3,000,000 | 3,004,203 | ||||||
|
|
|||||||
19,306,243 | ||||||||
|
|
|||||||
Biotechnology - 2.0% |
| |||||||
AbbVie, Inc. |
||||||||
2.60%, 11/21/2024 |
8,638,000 | 8,457,507 | ||||||
Amgen, Inc. |
||||||||
3.63%, 5/22/2024 |
8,000,000 | 7,952,516 | ||||||
Gilead Sciences, Inc. |
||||||||
3.70%, 4/1/2024 |
6,260,000 | 6,239,753 | ||||||
|
|
|||||||
22,649,776 | ||||||||
|
|
|||||||
Broadline Retail - 0.7% |
| |||||||
eBay, Inc. |
||||||||
3.45%, 8/1/2024 |
8,100,000 | 8,016,497 | ||||||
|
|
|||||||
Building Products - 1.2% |
| |||||||
Carlisle Cos., Inc. |
||||||||
3.50%, 12/1/2024 |
3,608,000 | 3,545,125 | ||||||
Carrier Global Corp. |
||||||||
5.80%, 11/30/2025(b) |
1,290,000 | 1,308,548 | ||||||
Johnson Controls International plc |
||||||||
3.62%, 7/2/2024(d) |
8,526,000 | 8,448,623 | ||||||
|
|
|||||||
13,302,296 | ||||||||
|
|
|||||||
Capital Markets - 6.3% |
| |||||||
Bank of New York Mellon Corp. (The) |
|
|||||||
Series 0012, 3.65%, 2/4/2024 |
3,000,000 | 2,999,593 | ||||||
2.10%, 10/24/2024 |
3,000,000 | 2,934,686 | ||||||
Series J, (SOFR + 0.20%), 5.51%, 10/25/2024(a) |
2,800,000 | 2,793,976 | ||||||
Blackstone Private Credit Fund |
||||||||
2.70%, 1/15/2025 |
800,000 | 776,485 | ||||||
Charles Schwab Corp. (The) |
|
|||||||
(United States SOFR Compounded Index + 0.50%), 5.85%, 3/18/2024(a) |
1,390,000 | 1,389,737 | ||||||
(United States SOFR Compounded Index + 0.52%), 5.90%, 5/13/2026(a) |
1,000,000 | 992,651 | ||||||
(United States SOFR Compounded Index + 1.05%), 6.42%, 3/3/2027(a) |
7,000,000 | 6,949,563 | ||||||
Credit Suisse AG |
||||||||
3.63%, 9/9/2024 |
1,500,000 | 1,481,625 | ||||||
7.95%, 1/9/2025 |
720,000 | 736,726 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Ultra-Short Income Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Deutsche Bank AG |
||||||||
0.90%, 5/28/2024 |
1,100,000 | 1,083,441 | ||||||
FS KKR Capital Corp. |
||||||||
1.65%, 10/12/2024 |
980,000 | 952,283 | ||||||
Goldman Sachs Group, Inc. (The) |
||||||||
3.00%, 3/15/2024 |
2,500,000 | 2,492,355 | ||||||
3.85%, 7/8/2024 |
1,000,000 | 992,753 | ||||||
(SOFR + 0.51%), 5.87%, 9/10/2024(a) |
2,600,000 | 2,598,092 | ||||||
5.70%, 11/1/2024 |
3,000,000 | 3,008,604 | ||||||
3.50%, 4/1/2025 |
1,500,000 | 1,471,627 | ||||||
Macquarie Group Ltd. |
||||||||
6.21%, 11/22/2024(b) |
2,700,000 | 2,715,281 | ||||||
(SOFR + 0.71%), 6.04%, 10/14/2025(a)(b) |
5,000,000 | 4,975,928 | ||||||
Morgan Stanley |
|
|||||||
(SOFR + 1.17%), 6.49%, 4/17/2025(a) |
1,500,000 | 1,501,943 | ||||||
1.16%, 10/21/2025(c) |
500,000 | 482,932 | ||||||
(SOFR + 0.95%), 6.32%, 2/18/2026(a) |
7,000,000 | 7,019,579 | ||||||
Nasdaq, Inc. |
||||||||
5.65%, 6/28/2025 |
2,500,000 | 2,523,464 | ||||||
State Street Corp. |
|
|||||||
(United States SOFR Compounded Index + 0.85%), 6.23%, 8/3/2026(a) |
10,000,000 | 9,996,872 | ||||||
UBS AG |
||||||||
0.70%, 8/9/2024(b) |
200,000 | 195,012 | ||||||
UBS Group AG |
|
|||||||
(SOFR + 1.58%), 6.96%, 5/12/2026(a)(b) |
6,000,000 | 6,034,194 | ||||||
6.37%, 7/15/2026(b)(c) |
1,900,000 | 1,921,327 | ||||||
|
|
|||||||
71,020,729 | ||||||||
|
|
|||||||
Chemicals - 2.3% |
| |||||||
LyondellBasell Industries NV |
||||||||
5.75%, 4/15/2024 |
10,000,000 | 10,000,908 | ||||||
Nutrien Ltd. |
||||||||
5.90%, 11/7/2024 |
6,965,000 | 6,979,233 | ||||||
5.95%, 11/7/2025 |
1,020,000 | 1,036,999 | ||||||
Sherwin-Williams Co. (The) |
||||||||
4.05%, 8/8/2024 |
7,400,000 | 7,348,544 | ||||||
Westlake Corp. |
||||||||
0.88%, 8/15/2024 |
300,000 | 292,484 | ||||||
|
|
|||||||
25,658,168 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 1.5% |
| |||||||
Element Fleet Management Corp. |
||||||||
1.60%, 4/6/2024(b) |
5,500,000 | 5,455,141 | ||||||
6.27%, 6/26/2026(b) |
2,820,000 | 2,870,969 | ||||||
Republic Services, Inc. |
||||||||
2.50%, 8/15/2024 |
8,000,000 | 7,876,887 | ||||||
|
|
|||||||
16,202,997 | ||||||||
|
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
Consumer Finance - 5.4% |
| |||||||
AerCap Ireland Capital DAC |
||||||||
2.88%, 8/14/2024 |
2,000,000 | 1,969,060 | ||||||
1.65%, 10/29/2024 |
4,750,000 | 4,612,497 | ||||||
American Express Co. |
|
|||||||
(United States SOFR Compounded Index + 0.72%), 6.10%, 5/3/2024(a) |
3,000,000 | 3,002,477 | ||||||
2.50%, 7/30/2024 |
2,000,000 | 1,971,993 | ||||||
(SOFR + 0.93%), 6.30%, 3/4/2025(a) |
1,914,000 | 1,925,790 | ||||||
American Honda Finance Corp. |
||||||||
0.55%, 7/12/2024 |
2,000,000 | 1,956,614 | ||||||
0.75%, 8/9/2024 |
2,000,000 | 1,953,346 | ||||||
2.15%, 9/10/2024 |
3,764,000 | 3,691,010 | ||||||
(United States SOFR Compounded Index + 0.79%), 6.13%, 10/3/2025(a) |
2,100,000 | 2,108,358 | ||||||
Capital One Financial Corp. |
|
|||||||
(SOFR + 1.35%), 6.72%, 5/9/2025(a) |
2,000,000 | 2,001,624 | ||||||
Caterpillar Financial Services Corp. |
|
|||||||
(SOFR + 0.52%), 5.87%, 6/13/2025(a) |
5,000,000 | 5,012,550 | ||||||
Ford Motor Credit Co. LLC |
||||||||
4.06%, 11/1/2024 |
2,019,000 | 1,992,791 | ||||||
(SOFR + 2.95%), 8.30%, 3/6/2026(a) |
2,500,000 | 2,564,769 | ||||||
General Motors Financial Co., Inc. |
|
|||||||
(SOFR + 0.76%), 6.11%, 3/8/2024(a) |
800,000 | 800,216 | ||||||
1.20%, 10/15/2024 |
1,500,000 | 1,455,692 | ||||||
3.50%, 11/7/2024 |
2,600,000 | 2,561,170 | ||||||
(United States SOFR Compounded Index + 1.30%), 6.64%, 4/7/2025(a) |
1,906,000 | 1,910,294 | ||||||
John Deere Capital Corp. |
|
|||||||
(SOFR + 0.20%), 5.53%, 10/11/2024(a) |
2,500,000 | 2,499,404 | ||||||
(SOFR + 0.56%), 5.91%, 3/7/2025(a) |
1,720,000 | 1,723,999 | ||||||
(United States SOFR Compounded Index + 0.79%), 6.14%, 6/8/2026(a) |
1,300,000 | 1,308,042 | ||||||
Synchrony Financial |
||||||||
4.88%, 6/13/2025 |
1,493,000 | 1,472,167 | ||||||
Toyota Motor Credit Corp. |
|
|||||||
(SOFR + 0.32%), 5.65%, 1/13/2025(a) |
7,000,000 | 6,991,949 | ||||||
(SOFR + 0.65%), 6.01%, 9/11/2025(a) |
5,000,000 | 5,012,234 | ||||||
|
|
|||||||
60,498,046 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Ultra-Short Income Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Consumer Staples Distribution & Retail - 1.8% |
| |||||||
7-Eleven, Inc. |
||||||||
0.80%, 2/10/2024(b) |
6,000,000 | 5,989,816 | ||||||
Dollar General Corp. |
||||||||
4.25%, 9/20/2024 |
8,199,000 | 8,131,648 | ||||||
Kroger Co. (The) |
||||||||
4.00%, 2/1/2024 |
6,200,000 | 6,200,000 | ||||||
|
|
|||||||
20,321,464 | ||||||||
|
|
|||||||
Containers & Packaging - 1.1% |
| |||||||
Avery Dennison Corp. |
||||||||
0.85%, 8/15/2024 |
8,190,000 | 7,978,392 | ||||||
Graphic Packaging International LLC |
||||||||
0.82%, 4/15/2024(b) |
4,000,000 | 3,956,015 | ||||||
|
|
|||||||
11,934,407 | ||||||||
|
|
|||||||
Diversified REITs - 0.9% |
| |||||||
Simon Property Group LP |
|
|||||||
REIT, 3.75%, 2/1/2024 |
9,774,000 | 9,774,000 | ||||||
|
|
|||||||
Diversified Telecommunication Services - 2.1% |
| |||||||
AT&T, Inc. |
||||||||
0.90%, 3/25/2024 |
7,571,000 | 7,519,136 | ||||||
(CME Term SOFR 3 Month + 1.44%), 6.81%, 6/12/2024(a) |
3,550,000 | 3,560,406 | ||||||
Bell Canada (The) |
|
|||||||
Series US-3, 0.75%, 3/17/2024 |
5,050,000 | 5,019,708 | ||||||
Verizon Communications, Inc. |
||||||||
0.75%, 3/22/2024 |
5,112,000 | 5,078,029 | ||||||
(United States SOFR Compounded Index + 0.79%), 6.13%, 3/20/2026(a) |
2,790,000 | 2,802,388 | ||||||
|
|
|||||||
23,979,667 | ||||||||
|
|
|||||||
Electric Utilities - 1.6% |
| |||||||
Eversource Energy |
||||||||
4.20%, 6/27/2024 |
5,924,000 | 5,887,895 | ||||||
Mississippi Power Co. |
|
|||||||
Series A, (SOFR + 0.30%), 5.64%, 6/28/2024(a) |
950,000 | 949,153 | ||||||
NextEra Energy Capital Holdings, Inc. |
||||||||
2.94%, 3/21/2024 |
2,000,000 | 1,993,975 | ||||||
4.20%, 6/20/2024 |
3,000,000 | 2,983,679 | ||||||
(United States SOFR Compounded Index + 0.76%), 6.07%, 1/29/2026(a) |
4,000,000 | 4,004,360 | ||||||
Southern Co. (The) |
|
|||||||
Series 21-A, 0.60%, 2/26/2024 |
1,840,000 | 1,833,696 | ||||||
|
|
|||||||
17,652,758 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 0.1% |
| |||||||
Tyco Electronics Group SA |
||||||||
3.45%, 8/1/2024 |
1,347,000 | 1,332,010 | ||||||
|
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
Entertainment - 1.1% |
| |||||||
Netflix, Inc. |
||||||||
5.88%, 2/15/2025 |
502,000 | 505,614 | ||||||
3.63%, 6/15/2025(b) |
5,000,000 | 4,905,313 | ||||||
Take-Two Interactive Software, Inc. |
||||||||
3.30%, 3/28/2024 |
6,939,000 | 6,912,398 | ||||||
3.55%, 4/14/2025 |
240,000 | 235,421 | ||||||
|
|
|||||||
12,558,746 | ||||||||
|
|
|||||||
Financial Services - 1.9% |
| |||||||
Corebridge Financial, Inc. |
||||||||
3.50%, 4/4/2025 |
2,300,000 | 2,250,387 | ||||||
Fidelity National Information Services, Inc. |
||||||||
0.60%, 3/1/2024 |
4,110,000 | 4,092,629 | ||||||
Fiserv, Inc. |
||||||||
2.75%, 7/1/2024 |
2,649,000 | 2,617,555 | ||||||
Global Payments, Inc. |
||||||||
1.50%, 11/15/2024 |
240,000 | 232,534 | ||||||
JPMorgan Chase Bank NA |
|
|||||||
(SOFR + 0.62%), 5.94%, 4/29/2026(a) |
6,500,000 | 6,500,653 | ||||||
(SOFR + 1.00%), 6.35%, 12/8/2026(a) |
2,000,000 | 2,017,520 | ||||||
NTT Finance Corp. |
||||||||
0.58%, 3/1/2024(b) |
2,650,000 | 2,638,741 | ||||||
PayPal Holdings, Inc. |
||||||||
2.40%, 10/1/2024 |
1,080,000 | 1,059,025 | ||||||
|
|
|||||||
21,409,044 | ||||||||
|
|
|||||||
Food Products - 2.9% |
| |||||||
General Mills, Inc. |
||||||||
3.65%, 2/15/2024 |
6,000,000 | 5,994,961 | ||||||
Hormel Foods Corp. |
||||||||
0.65%, 6/3/2024 |
4,620,000 | 4,545,033 | ||||||
J M Smucker Co. (The) |
||||||||
3.50%, 3/15/2025 |
2,700,000 | 2,653,134 | ||||||
McCormick & Co., Inc. |
||||||||
3.15%, 8/15/2024 |
5,000,000 | 4,933,241 | ||||||
0.90%, 2/15/2026 |
620,000 | 572,316 | ||||||
Mondelez International, Inc. |
||||||||
2.13%, 3/17/2024 |
5,400,000 | 5,375,051 | ||||||
Tyson Foods, Inc. |
||||||||
3.95%, 8/15/2024 |
8,250,000 | 8,176,516 | ||||||
|
|
|||||||
32,250,252 | ||||||||
|
|
|||||||
Ground Transportation - 2.3% |
| |||||||
Burlington Northern Santa Fe LLC |
||||||||
3.75%, 4/1/2024 |
5,000,000 | 4,986,308 | ||||||
Canadian Pacific Railway Co. |
||||||||
1.35%, 12/2/2024 |
7,410,000 | 7,166,253 | ||||||
CSX Corp. |
||||||||
3.40%, 8/1/2024 |
6,628,000 | 6,558,837 | ||||||
Ryder System, Inc. |
||||||||
3.65%, 3/18/2024 |
7,000,000 | 6,983,176 | ||||||
|
|
|||||||
25,694,574 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies - 3.3% |
| |||||||
Baxter International, Inc. |
||||||||
1.32%, 11/29/2024 |
8,000,000 | 7,732,244 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Ultra-Short Income Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
(United States SOFR Compounded Index + 0.44%), 5.80%, 11/29/2024(a) |
1,435,000 | 1,433,370 | ||||||
Becton Dickinson & Co. |
||||||||
3.36%, 6/6/2024 |
6,800,000 | 6,744,773 | ||||||
Boston Scientific Corp. |
||||||||
3.45%, 3/1/2024 |
6,127,000 | 6,117,218 | ||||||
GE HealthCare Technologies, Inc. |
||||||||
5.55%, 11/15/2024 |
7,000,000 | 7,004,283 | ||||||
Zimmer Biomet Holdings, Inc. |
||||||||
1.45%, 11/22/2024 |
8,350,000 | 8,084,458 | ||||||
|
|
|||||||
37,116,346 | ||||||||
|
|
|||||||
Health Care Providers & Services - 2.9% |
| |||||||
Aetna, Inc. |
||||||||
3.50%, 11/15/2024 |
830,000 | 818,095 | ||||||
Cigna Group (The) |
||||||||
0.61%, 3/15/2024 |
2,400,000 | 2,386,143 | ||||||
3.50%, 6/15/2024 |
5,078,000 | 5,038,704 | ||||||
Elevance Health, Inc. |
||||||||
3.50%, 8/15/2024 |
5,100,000 | 5,043,715 | ||||||
3.35%, 12/1/2024 |
2,485,000 | 2,444,612 | ||||||
HCA, Inc. |
||||||||
5.00%, 3/15/2024 |
400,000 | 399,598 | ||||||
Humana, Inc. |
||||||||
3.85%, 10/1/2024 |
5,000,000 | 4,944,532 | ||||||
Laboratory Corp. of America Holdings |
||||||||
3.25%, 9/1/2024 |
5,000,000 | 4,930,571 | ||||||
McKesson Corp. |
||||||||
3.80%, 3/15/2024 |
5,000,000 | 4,989,188 | ||||||
UnitedHealth Group, Inc. |
||||||||
0.55%, 5/15/2024 |
1,580,000 | 1,558,610 | ||||||
|
|
|||||||
32,553,768 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 0.2% |
| |||||||
Starbucks Corp. |
|
|||||||
(United States SOFR Compounded Index + 0.42%), 5.80%, 2/14/2024(a) |
2,370,000 | 2,370,081 | ||||||
|
|
|||||||
Household Durables - 1.1% |
| |||||||
DR Horton, Inc. |
||||||||
2.50%, 10/15/2024 |
9,200,000 | 9,004,068 | ||||||
Whirlpool Corp. |
||||||||
4.00%, 3/1/2024 |
3,000,000 | 2,995,814 | ||||||
|
|
|||||||
11,999,882 | ||||||||
|
|
|||||||
Household Products - 0.1% |
| |||||||
Colgate-Palmolive Co. |
||||||||
3.10%, 8/15/2025 |
1,480,000 | 1,450,992 | ||||||
|
|
|||||||
Industrial Conglomerates - 0.6% |
| |||||||
3M Co. |
||||||||
3.25%, 2/14/2024 |
3,062,000 | 3,059,221 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
General Electric Co. |
|
|||||||
Series A, (CME Term SOFR 3 Month + 0.56%), 5.88%, 5/13/2024(a) |
3,000,000 | 2,996,266 | ||||||
|
|
|||||||
6,055,487 | ||||||||
|
|
|||||||
Insurance - 0.6% |
| |||||||
MetLife, Inc. |
||||||||
3.60%, 4/10/2024 |
3,500,000 | 3,486,948 | ||||||
New York Life Global Funding |
|
|||||||
(United States SOFR Compounded Index + 0.33%), 5.66%, 1/14/2025(a)(b) |
2,000,000 | 1,998,520 | ||||||
Security Benefit Global Funding |
||||||||
1.25%, 5/17/2024(b) |
650,000 | 641,198 | ||||||
|
|
|||||||
6,126,666 | ||||||||
|
|
|||||||
IT Services - 0.9% |
| |||||||
International Business Machines Corp. |
||||||||
3.63%, 2/12/2024 |
9,500,000 | 9,494,598 | ||||||
3.00%, 5/15/2024 |
500,000 | 496,461 | ||||||
|
|
|||||||
9,991,059 | ||||||||
|
|
|||||||
Life Sciences Tools & Services - 0.9% |
| |||||||
Thermo Fisher Scientific, Inc. |
||||||||
1.22%, 10/18/2024 |
10,090,000 | 9,804,503 | ||||||
|
|
|||||||
Machinery - 1.7% |
| |||||||
CNH Industrial Capital LLC |
||||||||
3.95%, 5/23/2025 |
1,290,000 | 1,269,395 | ||||||
Daimler Truck Finance North America LLC |
||||||||
5.20%, 1/17/2025(b) |
4,265,000 | 4,264,091 | ||||||
Illinois Tool Works, Inc. |
||||||||
3.50%, 3/1/2024 |
4,330,000 | 4,324,286 | ||||||
Parker-Hannifin Corp. |
||||||||
3.65%, 6/15/2024 |
7,600,000 | 7,543,515 | ||||||
Stanley Black & Decker, Inc. |
||||||||
6.27%, 3/6/2026 |
2,020,000 | 2,021,675 | ||||||
|
|
|||||||
19,422,962 | ||||||||
|
|
|||||||
Multi-Utilities - 0.5% |
| |||||||
Black Hills Corp. |
||||||||
1.04%, 8/23/2024 |
960,000 | 935,270 | ||||||
CenterPoint Energy, Inc. |
|
|||||||
(United States SOFR Compounded Index + 0.65%), 6.03%, 5/13/2024(a) |
380,000 | 380,018 | ||||||
DTE Energy Co. |
||||||||
4.22%, 11/1/2024(d) |
4,700,000 | 4,650,820 | ||||||
|
|
|||||||
5,966,108 | ||||||||
|
|
|||||||
Office REITs - 0.1% |
| |||||||
Boston Properties LP |
|
|||||||
REIT, 3.80%, 2/1/2024 |
1,000,000 | 1,000,000 | ||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 3.5% |
| |||||||
ConocoPhillips Co. |
||||||||
2.13%, 3/8/2024 |
5,000,000 | 4,982,049 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Ultra-Short Income Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Enbridge, Inc. |
||||||||
2.15%, 2/16/2024 |
2,000,000 | 1,996,964 | ||||||
(United States SOFR Compounded Index + 0.63%), 6.00%, 2/16/2024(a) |
4,700,000 | 4,700,492 | ||||||
Enterprise Products Operating LLC |
||||||||
5.05%, 1/10/2026 |
720,000 | 725,273 | ||||||
Kinder Morgan Energy Partners LP |
||||||||
4.25%, 9/1/2024 |
6,870,000 | 6,815,119 | ||||||
Phillips 66 |
||||||||
0.90%, 2/15/2024 |
5,000,000 | 4,990,753 | ||||||
Phillips 66 Co. |
||||||||
2.45%, 12/15/2024 |
1,109,000 | 1,083,155 | ||||||
TotalEnergies Capital International SA |
||||||||
3.75%, 4/10/2024 |
5,600,000 | 5,582,261 | ||||||
TransCanada PipeLines Ltd. |
||||||||
1.00%, 10/12/2024 |
9,010,000 | 8,732,774 | ||||||
|
|
|||||||
39,608,840 | ||||||||
|
|
|||||||
Paper & Forest Products - 0.2% |
| |||||||
Georgia-Pacific LLC |
||||||||
0.63%, 5/15/2024(b) |
2,200,000 | 2,169,156 | ||||||
|
|
|||||||
Personal Care Products - 0.2% |
| |||||||
Kenvue, Inc. |
||||||||
5.50%, 3/22/2025 |
2,305,000 | 2,323,373 | ||||||
|
|
|||||||
Pharmaceuticals - 0.6% |
| |||||||
Roche Holdings, Inc. |
|
|||||||
(SOFR + 0.74%), 6.12%, 11/13/2026(a)(b) |
6,880,000 | 6,912,274 | ||||||
|
|
|||||||
Retail REITs - 0.5% |
| |||||||
Kimco Realty OP LLC |
|
|||||||
REIT, 3.30%, 2/1/2025 |
6,000,000 | 5,879,012 | ||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 1.0% |
| |||||||
Analog Devices, Inc. |
|
|||||||
(United States SOFR Compounded Index + 0.25%), 5.59%, 10/1/2024(a) |
610,000 | 609,859 | ||||||
KLA Corp. |
||||||||
4.65%, 11/1/2024 |
3,579,000 | 3,560,929 | ||||||
Microchip Technology, Inc. |
||||||||
0.97%, 2/15/2024 |
5,307,000 | 5,297,230 | ||||||
0.98%, 9/1/2024 |
1,870,000 | 1,820,370 | ||||||
|
|
|||||||
11,288,388 | ||||||||
|
|
|||||||
Software - 1.8% |
| |||||||
Autodesk, Inc. |
||||||||
4.38%, 6/15/2025 |
2,000,000 | 1,984,080 | ||||||
Intuit, Inc. |
||||||||
5.25%, 9/15/2026 |
4,950,000 | 5,043,318 | ||||||
Oracle Corp. |
||||||||
2.95%, 11/15/2024 |
7,980,000 | 7,826,048 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Roper Technologies, Inc. |
||||||||
2.35%, 9/15/2024 |
5,000,000 | 4,897,700 | ||||||
|
|
|||||||
19,751,146 | ||||||||
|
|
|||||||
Specialized REITs - 0.8% |
| |||||||
Public Storage Operating Co. |
|
|||||||
REIT, (SOFR + 0.47%), 5.80%, 4/23/2024(a) |
4,000,000 | 4,000,360 | ||||||
REIT, (United States SOFR Compounded Index + 0.60%), 5.91%, 7/25/2025(a) |
4,296,000 | 4,306,409 | ||||||
|
|
|||||||
8,306,769 | ||||||||
|
|
|||||||
Specialty Retail - 1.5% |
| |||||||
AutoZone, Inc. |
||||||||
3.13%, 4/18/2024 |
7,693,000 | 7,653,996 | ||||||
Home Depot, Inc. (The) |
||||||||
5.13%, 4/30/2025 |
1,960,000 | 1,970,734 | ||||||
Lowes Cos., Inc. |
||||||||
4.00%, 4/15/2025 |
2,385,000 | 2,355,735 | ||||||
Ross Stores, Inc. |
||||||||
4.60%, 4/15/2025 |
5,011,000 | 4,985,151 | ||||||
|
|
|||||||
16,965,616 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 0.8% |
| |||||||
Hewlett Packard Enterprise Co. |
||||||||
1.45%, 4/1/2024 |
3,100,000 | 3,077,971 | ||||||
5.90%, 10/1/2024 |
6,200,000 | 6,208,273 | ||||||
|
|
|||||||
9,286,244 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 0.4% |
| |||||||
VF Corp. |
||||||||
2.40%, 4/23/2025 |
5,000,000 | 4,805,600 | ||||||
|
|
|||||||
Trading Companies & Distributors - 0.7% |
| |||||||
Air Lease Corp. |
||||||||
4.25%, 2/1/2024 |
1,000,000 | 1,000,000 | ||||||
0.80%, 8/18/2024 |
1,980,000 | 1,927,538 | ||||||
4.25%, 9/15/2024 |
5,000,000 | 4,953,263 | ||||||
|
|
|||||||
7,880,801 | ||||||||
|
|
|||||||
Wireless Telecommunication Services - 0.4% |
| |||||||
Sprint LLC |
||||||||
7.13%, 6/15/2024 |
4,000,000 | 4,017,204 | ||||||
|
|
|||||||
TOTAL CORPORATE BONDS |
|
1,020,154,849 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
ASSET-BACKED SECURITIES - 4.1% |
| |||||||
BMW Vehicle Lease Trust |
| |||||||
Series 2023-1, Class A2, 5.27%, 2/25/2025 |
208,424 | 208,302 | ||||||
Series 2022-1, Class A3, 1.10%, 3/25/2025 |
51,878 | 51,658 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Ultra-Short Income Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Capital One Multi-Asset Execution Trust |
| |||||||
Series 2021-A3, Class A3, 1.04%, 11/15/2026 |
2,900,000 | 2,807,341 | ||||||
Series 2022-A3, Class A, 4.95%, 10/15/2027 |
1,882,000 | 1,887,921 | ||||||
Carmax Auto Owner Trust |
| |||||||
Series 2022-3, Class A2A, 3.81%, 9/15/2025 |
289,806 | 289,093 | ||||||
Chase Issuance Trust |
| |||||||
Series 2023-A1, Class A, 5.16%, 9/15/2028 |
1,900,000 | 1,930,251 | ||||||
Dell Equipment Finance Trust |
| |||||||
Series 2023-1, Class A2, 5.65%, 9/22/2028(b) |
1,668,936 | 1,669,312 | ||||||
Ford Credit Auto Lease Trust |
| |||||||
Series 2022-A, Class A3, 3.23%, 5/15/2025 |
448,409 | 446,801 | ||||||
Ford Credit Auto Owner Trust |
| |||||||
Series 2022-C, Class A2A, 4.52%, 4/15/2025 |
616,002 | 615,259 | ||||||
Series 2022-D, Class A2A, 5.37%, 8/15/2025 |
385,414 | 385,105 | ||||||
Series 2023-A, Class A2A, 5.14%, 3/15/2026 |
399,642 | 398,838 | ||||||
Series 2023-B, Class A2A, 5.57%, 6/15/2026 |
1,200,000 | 1,200,973 | ||||||
GM Financial Automobile Leasing Trust |
| |||||||
Series 2022-2, Class A3, 3.42%, 6/20/2025 |
4,429,671 | 4,405,572 | ||||||
GM Financial Consumer Automobile Receivables Trust |
| |||||||
Series 2022-3, Class A2A, 3.50%, 9/16/2025 |
448,035 | 446,425 | ||||||
Series 2023-1, Class A2A, 5.19%, 3/16/2026 |
489,821 | 488,944 | ||||||
Series 2021-2, Class A3, 0.51%, 4/16/2026 |
554,837 | 543,298 | ||||||
Series 2021-3, Class A3, 0.48%, 6/16/2026 |
760,155 | 740,121 | ||||||
Series 2023-3, Class A2A, 5.74%, 9/16/2026 |
386,441 | 387,010 | ||||||
Series 2022-1, Class A3, 1.26%, 11/16/2026 |
1,725,620 | 1,678,185 | ||||||
Honda Auto Receivables Owner Trust |
| |||||||
Series 2022-2, Class A2, 3.81%, 3/18/2025 |
340,442 | 339,479 | ||||||
Series 2023-3, Class A2, 5.71%, 3/18/2026 |
3,400,000 | 3,405,746 | ||||||
Hyundai Auto Receivables Trust |
| |||||||
Series 2022-B, Class A2A, 3.64%, 5/15/2025 |
181,374 | 180,964 | ||||||
Series 2021-A, Class A3, 0.38%, 9/15/2025 |
679,658 | 671,679 | ||||||
Series 2020-B, Class A4, 0.62%, 12/15/2025 |
480,166 | 477,442 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Mercedes-Benz Auto Lease Trust |
| |||||||
Series 2021-B, Class A4, 0.51%, 3/15/2027 |
3,675,875 | 3,660,985 | ||||||
Mercedes-Benz Auto Receivables Trust |
| |||||||
Series 2022-1, Class A2, 5.26%, 10/15/2025 |
532,512 | 532,242 | ||||||
Series 2023-1, Class A2, 5.09%, 1/15/2026 |
317,636 | 317,100 | ||||||
Series 2021-1, Class A3, 0.46%, 6/15/2026 |
1,549,744 | 1,506,378 | ||||||
Series 2023-2, Class A2, 5.92%, 11/16/2026 |
2,000,000 | 2,013,083 | ||||||
Nissan Auto Receivables Owner Trust |
| |||||||
Series 2022-B, Class A2, 4.50%, 8/15/2025 |
1,262,175 | 1,258,995 | ||||||
Santander Drive Auto Receivables Trust |
| |||||||
Series 2022-7, Class A2, 5.81%, 1/15/2026 |
211,443 | 211,435 | ||||||
Series 2023-1, Class A2, 5.36%, 5/15/2026 |
529,041 | 528,733 | ||||||
Series 2023-3, Class A2, 6.08%, 8/17/2026 |
972,941 | 974,491 | ||||||
Toyota Auto Receivables Owner Trust |
| |||||||
Series 2020-D, Class A4, 0.47%, 1/15/2026 |
925,096 | 909,785 | ||||||
Series 2022-D, Class A2A, 5.27%, 1/15/2026 |
654,935 | 654,306 | ||||||
Series 2023-C, Class A2A, 5.60%, 8/17/2026 |
1,300,000 | 1,302,352 | ||||||
Verizon Master Trust |
| |||||||
Series 2021-1, Class A, 0.50%, 5/20/2027 |
3,000,000 | 2,953,417 | ||||||
World Omni Auto Receivables Trust |
| |||||||
Series 2022-C, Class A2, 3.73%, 3/16/2026 |
760,527 | 756,673 | ||||||
Series 2021-B, Class A3, 0.42%, 6/15/2026 |
876,285 | 854,641 | ||||||
Series 2023-D, Class A2A, 5.91%, 2/16/2027 |
1,700,000 | 1,711,797 | ||||||
|
|
|||||||
TOTAL ASSET-BACKED SECURITIES |
|
45,802,132 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
MUNICIPAL BONDS - 0.1% |
| |||||||
Anaheim Public Financing Authority |
| |||||||
Series 2021-A, 0.63%, 7/1/2024 |
500,000 | 490,558 | ||||||
New York City Transitional Finance Authority, Building Aid |
|
|||||||
Series 2022 Subseries S-1B, 0.64%, 7/15/2024 |
1,000,000 | 979,163 | ||||||
|
|
|||||||
1,469,721 | ||||||||
|
|
|||||||
TOTAL MUNICIPAL BONDS |
|
1,469,721 | ||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Ultra-Short Income Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
SHORT-TERM INVESTMENTS - 3.8% |
| |||||||
U.S. TREASURY OBLIGATIONS - 3.8% |
| |||||||
U.S. Treasury Bills |
4,000,000 | 4,000,000 | ||||||
5.31%, 2/6/2024(e) |
5,000,000 | 4,996,354 | ||||||
5.31%, 2/20/2024(e) |
4,000,000 | 3,988,891 | ||||||
5.29%, 3/12/2024(e) |
10,000,000 | 9,941,485 | ||||||
5.31%, 4/16/2024(e) |
10,000,000 | 9,892,066 | ||||||
5.27%, 4/18/2024(e) |
10,000,000 | 9,888,727 | ||||||
|
|
|||||||
TOTAL U.S. TREASURY OBLIGATIONS |
|
42,707,523 | ||||||
|
|
|||||||
Total Investments - 99.1% |
|
1,110,134,225 | ||||||
Other assets less liabilities - 0.9% |
|
10,249,432 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
1,120,383,657 | ||||||
|
|
(a) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of January 31, 2024. |
(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(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, 2024. |
(e) The rate shown was the current yield as of January 31, 2024. |
Percentages shown are based on Net Assets.
Abbreviations | ||
CME |
Chicago Mercantile Exchange | |
REIT |
Real Estate Investment Trust | |
SOFR |
Secured Overnight Financing Rate |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Ultra-Short Income Fund (cont.)
FlexShares® Ultra-Short Income invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2024:
Australia |
4.4 | % | ||
Canada |
10.0 | |||
Denmark |
0.1 | |||
Finland |
0.2 | |||
France |
1.8 | |||
Germany |
2.1 | |||
Ireland |
0.6 | |||
Japan |
1.9 | |||
Netherlands |
1.1 | |||
New Zealand |
0.5 | |||
South Korea |
0.1 | |||
Spain |
0.6 | |||
Sweden |
1.2 | |||
Switzerland |
0.9 | |||
United Kingdom |
1.8 | |||
United States |
71.8 | |||
Other1 |
0.9 | |||
|
|
|||
100.0 | % | |||
|
|
1 | Includes any non-fixed-income securities and net other assets (liabilities). |
Security Type |
% of Net Assets | |||
Corporate Bonds |
91.1 | % | ||
Asset-Backed Securities |
4.1 | |||
Municipal Bonds |
0.1 | |||
Short-Term Investments |
3.8 | |||
Others(1) |
0.9 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Core Select Bond Fund
January 31, 2024 (Unaudited)
Investments |
Shares | Value ($) | ||||||
EXCHANGE TRADED FUNDS - 99.7% |
| |||||||
FlexShares® Credit-Scored US Corporate Bond Index Fund(a) |
271,603 | 13,054,001 | ||||||
FlexShares® Credit-Scored US Long Corporate Bond Index Fund(a) |
20,625 | 915,166 | ||||||
FlexShares® Disciplined Duration MBS Index Fund(a) |
1,100,370 | 22,667,622 | ||||||
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund(a) |
154,491 | 3,666,071 | ||||||
FlexShares® Ultra-Short Income Fund(a) |
128,827 | 9,719,997 | ||||||
iShares 10+ Year Investment Grade Corporate Bond ETF |
1,000 | 52,440 | ||||||
iShares 1-3 Year Treasury Bond ETF(b) |
19,292 | 1,587,732 | ||||||
iShares 1-5 Year Investment Grade Corporate Bond ETF(b) |
291,306 | 14,996,433 | ||||||
iShares 20+ Year Treasury Bond ETF |
251,188 | 24,279,832 | ||||||
iShares 3-7 Year Treasury Bond ETF(b) |
322,796 | 37,925,302 | ||||||
iShares 5-10 Year Investment Grade Corporate Bond ETF(b) |
126,034 | 6,553,768 | ||||||
iShares 7-10 Year Treasury Bond ETF |
18,914 | 1,824,445 | ||||||
iShares MBS ETF |
472,718 | 44,340,948 | ||||||
|
|
|||||||
TOTAL EXCHANGE TRADED FUNDS |
|
181,583,757 | ||||||
|
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 4.1%(c) |
| |||||||
REPURCHASE AGREEMENTS - 4.1% |
| |||||||
CF Secured LLC, 5.31%, dated 1/31/2024, due 2/1/2024, repurchase price $7,556,803, collateralized
by various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 3/31/2024 - 5/15/2053; total market value $59,894,017 |
7,555,688 | 7,555,688 | ||||||
|
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
SHORT-TERM INVESTMENTS - 0.1%(d)(e) |
| |||||||
U.S. TREASURY OBLIGATIONS - 0.1% |
| |||||||
U.S. Treasury Bills |
65,000 | 64,340 | ||||||
|
|
|||||||
Total Investments - 103.9% |
|
189,203,785 | ||||||
Liabilities in excess of other assets - (3.9%) |
|
(7,102,009 | ) | |||||
|
|
|||||||
Net Assets - 100.0% |
|
182,101,776 | ||||||
|
|
(a) | Investment in affiliated Fund. Northern Trust Investments, Inc. is the Investment Adviser to both the Fund and the affiliated Funds. |
(b) | The security or a portion of this security is on loan at January 31, 2024. The total value of securities on loan at January 31, 2024 was $13,359,089, collateralized in the form of cash with a value of $7,555,688 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $6,013,167 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.25% 4.13%, and maturity dates ranging from September 30, 2025 November 15, 2052; a total value of $13,568,855. |
(c) | The security was purchased with cash collateral held from securities on loan at January 31, 2024. The total value of securities purchased was $7,555,688. |
(d) | The rate shown was the current yield as of January 31, 2024. |
(e) | All or a portion of the security pledged as collateral for Futures Contracts. |
Percentages shown are based on Net Assets.
See Accompanying Notes to the Schedules of Investments.
FlexShares® Core Select Bond Fund (cont.)
For the period ended January 31, 2024, 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, 2024, was as follows:
Security | Value October 31, 2023 |
Purchases at Cost |
Sales Proceeds | Shares January 31, 2024 |
Value January 31, 2024 |
Change in Unrealized Appreciation (Depreciation) |
Dividend Income |
Realized Gain/ (Loss) |
||||||||||||||||||||||||
FlexShares® Credit-Scored US Corporate Bond Index Fund |
$ | 13,290,121 | $ | 38,747 | $ | 1,009,604 | 271,603 | $ | 13,054,001 | $ | 738,321 | $ | 159,386 | $ | (3,584 | ) | ||||||||||||||||
FlexShares® Credit-Scored US Long Corporate Bond Index Fund |
847,983 | 2,603 | 67,964 | 20,625 | 915,166 | 133,834 | 12,325 | (1,290 | ) | |||||||||||||||||||||||
FlexShares® Disciplined Duration MBS Index Fund |
23,209,155 | 67,601 | 1,762,644 | 1,100,370 | 22,667,622 | 1,096,068 | 233,078 | 57,442 | ||||||||||||||||||||||||
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund |
3,854,121 | 11,039 | 287,761 | 154,491 | 3,666,071 | 91,241 | 35,081 | (2,569 | ) | |||||||||||||||||||||||
FlexShares® Ultra-Short Income Fund |
5,969,915 | 4,160,262 | 440,403 | 128,827 | 9,719,997 | 26,304 | 75,814 | 3,919 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 47,171,295 | $ | 4,280,252 | $ | 3,568,376 | 1,675,916 | $ | 50,022,857 | $ | 2,085,768 | $ | 515,684 | $ | 53,918 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts
FlexShares® Core Select Bond Fund had the following open futures contracts as of January 31, 2024:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||||
Long Contracts |
|
|||||||||||||||||||
U.S. Treasury 2 Year Note |
51 | 03/28/2024 | USD | $ | 10,488,469 | $ | 93,280 |
Abbreviations: |
USD US Dollar |
Security Type |
% of Net Assets | |||
Exchange Traded Funds |
99.7 | % | ||
Securities Lending Reinvestments |
4.1 | |||
Short-Term Investments |
0.1 | |||
Others(1) |
(3.9 | ) | ||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Trust
Notes to the Schedules of Investments
January 31, 2024 (Unaudited)
Investment Valuation
Various inputs are used in determining the value of each Funds investments. These inputs are summarized in three levels listed below:
| Level 1Quoted prices in active markets for identical assets on the measurement date. |
| Level 2Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| Level 3Significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt securities may be valued at amortized cost, as long as amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
The following is a summary of the valuations as of January 31, 2024 for each Fund based upon the three levels defined above. Please refer to the Schedules of Investments to view equity and debt securities segregated by industry type where applicable.
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® US Quality Low Volatility Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Common Stocks* |
$ | 197,789,001 | $ | | $ | | $ | 197,789,001 | ||||||||
Securities Lending Reinvestments |
||||||||||||||||
Repurchase Agreements |
| 650,352 | | 650,352 | ||||||||||||
Short-Term Investments |
| 34,645 | | 34,645 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 197,789,001 | $ | 684,997 | $ | | $ | 198,473,998 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 25,397 | $ | | $ | | $ | 25,397 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 25,397 | $ | | $ | | $ | 25,397 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund |
| |||||||||||||||
Investments |
||||||||||||||||
Common Stocks |
||||||||||||||||
Electric Utilities |
$ | 2,965,650 | $ | 10,986 | $ | | $ | 2,976,636 | ||||||||
Other* |
58,400,797 | | | 58,400,797 | ||||||||||||
Warrants |
| | | | ||||||||||||
Securities Lending Reinvestments |
||||||||||||||||
Repurchase Agreements |
| 435,927 | | 435,927 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 61,366,447 | $ | 446,913 | $ | | $ | 61,813,360 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 24,192 | $ | | $ | | $ | 24,192 | ||||||||
Forward Foreign Currency Contracts |
| 6,053 | | 6,053 | ||||||||||||
Liabilities |
||||||||||||||||
Forward Foreign Currency Contracts |
| (5,576 | ) | | (5,576 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 24,192 | $ | 477 | $ | | $ | 24,669 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® Emerging Markets Quality Low Volatility Index Fund |
| |||||||||||||||
Investments |
||||||||||||||||
Common Stocks* |
$ | 20,754,922 | $ | | $ | | $ | 20,754,922 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 20,754,922 | $ | | $ | | $ | 20,754,922 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 236 | $ | | $ | | $ | 236 | ||||||||
Liabilities |
||||||||||||||||
Forward Foreign Currency Contracts |
| (266 | ) | | (266 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 236 | $ | (266 | ) | $ | | $ | (30 | ) | ||||||
|
|
|
|
|
|
|
|
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® Morningstar US Market Factor Tilt Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Common Stocks |
||||||||||||||||
Life Sciences Tools & Services |
$ | 16,310,195 | $ | | $ | 444 | $ | 16,310,639 | ||||||||
Other* |
1,492,247,742 | | | 1,492,247,742 | ||||||||||||
Rights |
| | 17,738 | 17,738 | ||||||||||||
Warrants |
152,211 | | | 152,211 | ||||||||||||
Securities Lending Reinvestments |
||||||||||||||||
Certificates of Deposit |
| 40,025,962 | | 40,025,962 | ||||||||||||
Commercial Paper |
| 7,999,321 | | 7,999,321 | ||||||||||||
Investment Companies |
| 5,016,737 | | 5,016,737 | ||||||||||||
Repurchase Agreements |
| 162,055,168 | | 162,055,168 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 1,508,710,148 | $ | 215,097,188 | $ | 18,182 | $ | 1,723,825,518 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 249,387 | $ | | $ | | $ | 249,387 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 249,387 | $ | | $ | | $ | 249,387 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund |
| |||||||||||||||
Investments |
||||||||||||||||
Closed End Funds |
$ | 94,736 | $ | | $ | | $ | 94,736 | ||||||||
Common Stocks |
||||||||||||||||
Construction & Engineering |
10,891,400 | 1,885 | | 10,893,285 | ||||||||||||
Electric Utilities |
6,535,310 | 17,431 | | 6,552,741 | ||||||||||||
Metals & Mining |
22,830,171 | | 12,475 | 22,842,646 | ||||||||||||
Other* |
458,064,761 | | | 458,064,761 | ||||||||||||
Rights |
2,130 | | | 2,130 | ||||||||||||
Warrants |
| | | | ||||||||||||
Securities Lending Reinvestments |
||||||||||||||||
Investment Companies |
| 1,134,632 | | 1,134,632 | ||||||||||||
Repurchase Agreements |
| 3,695,817 | | 3,695,817 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 498,418,508 | $ | 4,849,765 | $ | 12,475 | $ | 503,280,748 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 237,137 | $ | | $ | | $ | 237,137 | ||||||||
Forward Foreign Currency Contracts |
| 3,535 | | 3,535 | ||||||||||||
Liabilities |
||||||||||||||||
Forward Foreign Currency Contracts |
| (17,184 | ) | | (17,184 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 237,137 | $ | (13,649 | ) | $ | | $ | 223,488 | |||||||
|
|
|
|
|
|
|
|
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Common Stocks |
||||||||||||||||
Banks |
$ | 36,869,093 | $ | 249,767 | $ | | $ | 37,118,860 | ||||||||
Commercial Services & Supplies |
359,298 | | 27,044 | 386,342 | ||||||||||||
Construction & Engineering |
3,747,496 | | 1,964 | 3,749,460 | ||||||||||||
Consumer Staples Distribution & Retail |
2,982,094 | 334 | | 2,982,428 | ||||||||||||
Food Products |
6,084,085 | 15,131 | | 6,099,216 | ||||||||||||
Hotels, Restaurants & Leisure |
3,656,331 | 1,962 | | 3,658,293 | ||||||||||||
Industrial REITs |
1,693,380 | 181,129 | | 1,874,509 | ||||||||||||
Marine Transportation |
1,023,983 | | 28,349 | 1,052,332 | ||||||||||||
Real Estate Management & Development |
8,774,367 | | 46,771 | 8,821,138 | ||||||||||||
Retail REITs |
1,042,588 | 13,673 | | 1,056,261 | ||||||||||||
Other* |
189,720,235 | | | 189,720,235 | ||||||||||||
Corporate Bonds* |
| 5,078 | | 5,078 | ||||||||||||
Rights |
98 | 3,858 | | 3,956 | ||||||||||||
Securities Lending Reinvestments |
||||||||||||||||
Repurchase Agreements |
| 896,949 | | 896,949 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 255,953,048 | $ | 1,367,881 | $ | 104,128 | $ | 257,425,057 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Forward Foreign Currency Contracts |
$ | | $ | 2,199 | $ | | $ | 2,199 | ||||||||
Liabilities |
||||||||||||||||
Futures Contracts |
(8,097 | ) | | | (8,097 | ) | ||||||||||
Forward Foreign Currency Contracts |
| (695 | ) | | (695 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | (8,097 | ) | $ | 1,504 | $ | | $ | (6,593 | ) | ||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® US Quality Large Cap Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Common Stocks* |
$ | 179,203,922 | $ | | $ | | $ | 179,203,922 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 179,203,922 | $ | | $ | | $ | 179,203,922 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 69,131 | $ | | $ | | $ | 69,131 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 69,131 | $ | | $ | | $ | 69,131 | ||||||||
|
|
|
|
|
|
|
|
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® STOXX® US ESG Select Index Fund |
| |||||||||||||||
Investments |
||||||||||||||||
Common Stocks* |
$ | 188,953,772 | $ | | $ | | $ | 188,953,772 | ||||||||
Securities Lending Reinvestments |
||||||||||||||||
Repurchase Agreements |
| 152,740 | | 152,740 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 188,953,772 | $ | 152,740 | $ | | $ | 189,106,512 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 86,520 | $ | | $ | | $ | 86,520 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 86,520 | $ | | $ | | $ | 86,520 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® STOXX® Global ESG Select Index Fund |
| |||||||||||||||
Investments |
||||||||||||||||
Common Stocks |
||||||||||||||||
Electric Utilities |
$ | 937,657 | $ | 5,596 | $ | | $ | 943,253 | ||||||||
Other* |
172,793,331 | | | 172,793,331 | ||||||||||||
Securities Lending Reinvestments |
||||||||||||||||
Repurchase Agreements |
| 305,943 | | 305,943 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 173,730,988 | $ | 311,539 | $ | | $ | 174,042,527 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 50,612 | $ | | $ | | $ | 50,612 | ||||||||
Forward Foreign Currency Contracts |
| 8,891 | | 8,891 | ||||||||||||
Liabilities |
||||||||||||||||
Forward Foreign Currency Contracts |
| (1,321 | ) | | (1,321 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 50,612 | $ | 7,570 | $ | | $ | 58,182 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® ESG & Climate US Large Cap Core Index Fund |
||||||||||||||||
Investments |
||||||||||||||||
Common Stocks* |
$ | 43,432,917 | $ | | $ | | $ | 43,432,917 | ||||||||
Securities Lending Reinvestments |
||||||||||||||||
Repurchase Agreements |
| 73,889 | | 73,889 | ||||||||||||
Short-Term Investments |
| 34,645 | | 34,645 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 43,432,917 | $ | 108,534 | $ | | $ | 43,541,451 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 21,131 | $ | | $ | | $ | 21,131 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 21,131 | $ | | $ | | $ | 21,131 | ||||||||
|
|
|
|
|
|
|
|
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund |
| |||||||||||||||
Investments |
||||||||||||||||
Common Stocks |
||||||||||||||||
Electric Utilities |
$ | 876,049 | $ | 4,795 | $ | | $ | 880,844 | ||||||||
Other* |
46,664,508 | | | 46,664,508 | ||||||||||||
Securities Lending Reinvestments |
||||||||||||||||
Repurchase Agreements |
| 447,362 | | 447,362 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 47,540,557 | $ | 452,157 | $ | | $ | 47,992,714 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 13,743 | $ | | $ | | $ | 13,743 | ||||||||
Forward Foreign Currency Contracts |
| 2,765 | | 2,765 | ||||||||||||
Liabilities |
||||||||||||||||
Forward Foreign Currency Contracts |
| (724 | ) | | (724 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 13,743 | $ | 2,041 | $ | | $ | 15,784 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® ESG & Climate Emerging Markets Core Index Fund |
| |||||||||||||||
Investments |
||||||||||||||||
Common Stocks |
||||||||||||||||
Banks |
$ | 796,854 | $ | 9,350 | $ | | $ | 806,204 | ||||||||
Other* |
3,590,596 | | | 3,590,596 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 4,387,450 | $ | 9,350 | $ | | $ | 4,396,800 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Forward Foreign Currency Contracts |
$ | | $ | 7 | $ | | $ | 7 | ||||||||
Liabilities |
||||||||||||||||
Futures Contracts |
(402 | ) | | | (402 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | (402 | ) | $ | 7 | $ | | $ | (395 | ) | ||||||
|
|
|
|
|
|
|
|
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® Morningstar Global Upstream Natural Resources Index Fund |
| |||||||||||||||
Investments |
||||||||||||||||
Common Stocks* |
$ | 6,338,456,867 | $ | | $ | | $ | 6,338,456,867 | ||||||||
Securities Lending Reinvestments |
||||||||||||||||
Certificates of Deposit |
| 50,030,687 | | 50,030,687 | ||||||||||||
Commercial Paper |
| 5,999,491 | | 5,999,491 | ||||||||||||
Investment Companies |
| 32,736,600 | | 32,736,600 | ||||||||||||
Repurchase Agreements |
| 202,275,190 | | 202,275,190 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 6,338,456,867 | $ | 291,041,968 | $ | | $ | 6,629,498,835 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 791,224 | $ | | $ | | $ | 791,224 | ||||||||
Forward Foreign Currency Contracts |
| 77,950 | | 77,950 | ||||||||||||
Liabilities |
||||||||||||||||
Futures Contracts |
(81,510 | ) | | | (81,510 | ) | ||||||||||
Forward Foreign Currency Contracts |
| (114,290 | ) | | (114,290 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 709,714 | $ | (36,340 | ) | $ | | $ | 673,374 | |||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® STOXX® Global Broad Infrastructure Index Fund |
| |||||||||||||||
Investments |
||||||||||||||||
Common Stocks* |
$ | 2,208,308,241 | $ | | $ | | $ | 2,208,308,241 | ||||||||
Securities Lending Reinvestments |
||||||||||||||||
Investment Companies |
| 4,862,589 | | 4,862,589 | ||||||||||||
Repurchase Agreements |
| 41,061,957 | | 41,061,957 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 2,208,308,241 | $ | 45,924,546 | $ | | $ | 2,254,232,787 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 468,074 | $ | | $ | | $ | 468,074 | ||||||||
Forward Foreign Currency Contracts |
| 23,975 | | 23,975 | ||||||||||||
Liabilities |
||||||||||||||||
Forward Foreign Currency Contracts |
| (4,715 | ) | | (4,715 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 468,074 | $ | 19,260 | $ | | $ | 487,334 | ||||||||
|
|
|
|
|
|
|
|
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® Global Quality Real Estate Index Fund |
||||||||||||||||
Investments |
||||||||||||||||
Common Stocks* |
$ | 292,745,079 | $ | | $ | | $ | 292,745,079 | ||||||||
Securities Lending Reinvestments |
||||||||||||||||
Repurchase Agreements |
| 8,510,716 | | 8,510,716 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 292,745,079 | $ | 8,510,716 | $ | | $ | 301,255,795 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 71,320 | $ | | $ | | $ | 71,320 | ||||||||
Forward Foreign Currency Contracts |
| 1,422 | | 1,422 | ||||||||||||
Liabilities |
||||||||||||||||
Forward Foreign Currency Contracts |
| (1,361 | ) | | (1,361 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 71,320 | $ | 61 | $ | | $ | 71,381 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® Real Assets Allocation Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Exchange Traded Funds |
$ | 16,386,379 | $ | | $ | | $ | 16,386,379 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 16,386,379 | $ | | $ | | $ | 16,386,379 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® Quality Dividend Index Fund |
||||||||||||||||
Investments |
||||||||||||||||
Common Stocks* |
$ | 1,669,674,744 | $ | | $ | | $ | 1,669,674,744 | ||||||||
Securities Lending Reinvestments |
||||||||||||||||
Certificates of Deposit |
| 22,013,634 | | 22,013,634 | ||||||||||||
Commercial Paper |
| 5,999,491 | | 5,999,491 | ||||||||||||
Investment Companies |
| 13,310,209 | | 13,310,209 | ||||||||||||
Repurchase Agreements |
| 91,174,134 | | 91,174,134 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 1,669,674,744 | $ | 132,497,468 | $ | | $ | 1,802,172,212 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 184,073 | $ | | $ | | $ | 184,073 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 184,073 | $ | | $ | | $ | 184,073 | ||||||||
|
|
|
|
|
|
|
|
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® Quality Dividend Defensive Index Fund |
| |||||||||||||||
Investments |
||||||||||||||||
Common Stocks* |
$ | 346,669,903 | $ | | $ | | $ | 346,669,903 | ||||||||
Securities Lending Reinvestments |
||||||||||||||||
Investment Companies |
| 1,485,105 | | 1,485,105 | ||||||||||||
Repurchase Agreements |
| 27,482,354 | | 27,482,354 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 346,669,903 | $ | 28,967,459 | $ | | $ | 375,637,362 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 66,872 | $ | | $ | | $ | 66,872 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 66,872 | $ | | $ | | $ | 66,872 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
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* |
$ | 541,235,131 | $ | | $ | | $ | 541,235,131 | ||||||||
Securities Lending Reinvestments |
||||||||||||||||
Repurchase Agreements |
| 15,240,673 | | 15,240,673 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 541,235,131 | $ | 15,240,673 | $ | | $ | 556,475,804 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 149,608 | $ | | $ | | $ | 149,608 | ||||||||
Forward Foreign Currency Contracts |
| 51,959 | | 51,959 | ||||||||||||
Liabilities |
||||||||||||||||
Futures Contracts |
(13,057 | ) | | | (13,057 | ) | ||||||||||
Forward Foreign Currency Contracts |
| (21,205 | ) | | (21,205 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 136,551 | $ | 30,754 | $ | | $ | 167,305 | ||||||||
|
|
|
|
|
|
|
|
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® International Quality Dividend Defensive Index Fund |
|
|||||||||||||||
Investments |
||||||||||||||||
Common Stocks |
||||||||||||||||
Electric Utilities |
$ | 527,319 | $ | 546 | $ | | $ | 527,865 | ||||||||
Other* |
21,687,041 | | | 21,687,041 | ||||||||||||
Securities Lending Reinvestments |
||||||||||||||||
Repurchase Agreements |
| 529,713 | | 529,713 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 22,214,360 | $ | 530,259 | $ | | $ | 22,744,619 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
| |||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 14,475 | $ | | $ | | $ | 14,475 | ||||||||
Forward Foreign Currency Contracts |
| 4,023 | | 4,023 | ||||||||||||
Liabilities |
||||||||||||||||
Futures Contracts |
(3,414 | ) | | | (3,414 | ) | ||||||||||
Forward Foreign Currency Contracts |
| (515 | ) | | (515 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 11,061 | $ | 3,508 | $ | | $ | 14,569 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® International Quality Dividend Dynamic Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Common Stocks* |
$ | 73,968,357 | $ | | $ | | $ | 73,968,357 | ||||||||
Securities Lending Reinvestments |
||||||||||||||||
Repurchase Agreements |
| 1,177,579 | | 1,177,579 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 73,968,357 | $ | 1,177,579 | $ | | $ | 75,145,936 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
| |||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 20,604 | $ | | $ | | $ | 20,604 | ||||||||
Forward Foreign Currency Contracts |
| 5,429 | | 5,429 | ||||||||||||
Liabilities |
||||||||||||||||
Futures Contracts |
(4,951 | ) | | | (4,951 | ) | ||||||||||
Forward Foreign Currency Contracts |
| (13 | ) | | (13 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 15,653 | $ | 5,416 | $ | | $ | 21,069 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund |
||||||||||||||||
Investments |
||||||||||||||||
U.S. Treasury Obligations |
$ | | $ | 1,853,275,306 | $ | | $ | 1,853,275,306 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | | $ | 1,853,275,306 | $ | | $ | 1,853,275,306 | ||||||||
|
|
|
|
|
|
|
|
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund |
|
|||||||||||||||
Investments |
||||||||||||||||
U.S. Treasury Obligations |
$ | | $ | 809,949,640 | $ | | $ | 809,949,640 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | | $ | 809,949,640 | $ | | $ | 809,949,640 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® Disciplined Duration MBS Index Fund |
||||||||||||||||
Investments |
||||||||||||||||
Mortgage-Backed Securities |
$ | | $ | 75,662,488 | $ | | $ | 75,662,488 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | | $ | 75,662,488 | $ | | $ | 75,662,488 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® Credit-Scored US Corporate Bond Index Fund |
||||||||||||||||
Investments |
||||||||||||||||
Corporate Bonds* |
$ | | $ | 318,231,995 | $ | | $ | 318,231,995 | ||||||||
U.S. Treasury Obligations |
| 3,976,719 | | 3,976,719 | ||||||||||||
Securities Lending Reinvestments |
||||||||||||||||
Repurchase Agreements |
| 381,219 | | 381,219 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | | $ | 322,589,933 | $ | | $ | 322,589,933 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® Credit-Scored US Long Corporate Bond Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Corporate Bonds* |
$ | | $ | 32,504,207 | $ | | $ | 32,504,207 | ||||||||
U.S. Treasury Obligations |
| 294,984 | | 294,984 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | | $ | 32,799,191 | $ | | $ | 32,799,191 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® High Yield Value-Scored Bond Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Corporate Bonds* |
$ | | $ | 1,356,080,793 | $ | | $ | 1,356,080,793 | ||||||||
Securities Lending Reinvestments |
||||||||||||||||
Repurchase Agreements |
| 10,634,130 | | 10,634,130 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | | $ | 1,366,714,923 | $ | | $ | 1,366,714,923 | ||||||||
|
|
|
|
|
|
|
|
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Corporate Bonds* |
$ | | $ | 35,304,227 | $ | | $ | 35,304,227 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | | $ | 35,304,227 | $ | | $ | 35,304,227 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® Ultra-Short Income Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Asset-Backed Securities |
$ | | $ | 45,802,132 | $ | | $ | 45,802,132 | ||||||||
Corporate Bonds* |
| 1,020,154,849 | | 1,020,154,849 | ||||||||||||
Municipal Bonds |
| 1,469,721 | | 1,469,721 | ||||||||||||
Short-Term Investments |
| 42,707,523 | | 42,707,523 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | | $ | 1,110,134,225 | $ | | $ | 1,110,134,225 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® Core Select Bond Fund |
||||||||||||||||
Investments |
||||||||||||||||
Exchange Traded Funds |
$ | 181,583,757 | $ | | $ | | $ | 181,583,757 | ||||||||
Securities Lending Reinvestments |
||||||||||||||||
Repurchase Agreements |
| 7,555,688 | | 7,555,688 | ||||||||||||
Short-Term Investments |
| 64,340 | | 64,340 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 181,583,757 | $ | 7,620,028 | $ | | $ | 189,203,785 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 93,280 | $ | | $ | | $ | 93,280 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 93,280 | $ | | $ | | $ | 93,280 | ||||||||
|
|
|
|
|
|
|
|
* | See Schedules of Investments for segregation by industry type. |