Schedule of Investments
FlexShares® US Quality Low Volatility Index Fund
January 31, 2022 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 99.8% |
| |||||||
Air Freight & Logistics - 1.3% |
| |||||||
CH Robinson Worldwide, Inc.(a) | 9,486 | 992,710 | ||||||
Expeditors International of Washington, Inc. | 10,602 | 1,213,717 | ||||||
|
| |||||||
2,206,427 | ||||||||
|
| |||||||
Automobiles - 0.8% |
| |||||||
Tesla, Inc.* | 1,364 | 1,277,686 | ||||||
|
| |||||||
Banks - 0.1% |
| |||||||
JPMorgan Chase & Co. | 682 | 101,345 | ||||||
|
| |||||||
Beverages - 1.4% |
| |||||||
PepsiCo, Inc. | 12,958 | 2,248,472 | ||||||
|
| |||||||
Biotechnology - 4.1% |
| |||||||
AbbVie, Inc. | 11,098 | 1,519,205 | ||||||
Amgen, Inc. | 10,602 | 2,408,138 | ||||||
Gilead Sciences, Inc. | 20,150 | 1,383,902 | ||||||
Regeneron Pharmaceuticals, Inc.* | 2,294 | 1,396,106 | ||||||
United Therapeutics Corp.* | 806 | 162,707 | ||||||
|
| |||||||
6,870,058 | ||||||||
|
| |||||||
Capital Markets - 1.6% |
| |||||||
Intercontinental Exchange, Inc. | 5,766 | 730,322 | ||||||
Nasdaq, Inc. | 4,526 | 811,104 | ||||||
S&P Global, Inc. | 2,728 | 1,132,720 | ||||||
|
| |||||||
2,674,146 | ||||||||
|
| |||||||
Chemicals - 0.8% |
| |||||||
Ecolab, Inc. | 6,448 | 1,221,574 | ||||||
Linde plc | 434 | 138,307 | ||||||
|
| |||||||
1,359,881 | ||||||||
|
| |||||||
Commercial Services & Supplies - 2.3% |
| |||||||
Republic Services, Inc. | 7,130 | 910,216 | ||||||
Tetra Tech, Inc. | 7,192 | 1,001,054 | ||||||
Waste Connections, Inc. | 7,192 | 896,842 | ||||||
Waste Management, Inc. | 6,758 | 1,016,674 | ||||||
|
| |||||||
3,824,786 | ||||||||
|
| |||||||
Containers & Packaging - 0.5% |
| |||||||
Sonoco Products Co. | 14,260 | 807,686 | ||||||
|
| |||||||
Diversified Consumer Services - 0.2% |
| |||||||
Service Corp. International | 4,340 | 267,865 | ||||||
|
| |||||||
Diversified Financial Services - 0.2% |
| |||||||
Berkshire Hathaway, Inc., Class B* | 868 | 271,701 | ||||||
|
| |||||||
Diversified Telecommunication Services - 2.1% |
| |||||||
AT&T, Inc. | 17,670 | 450,585 | ||||||
Iridium Communications, Inc.*(a) | 29,140 | 1,045,543 | ||||||
Verizon Communications, Inc. | 38,130 | 2,029,660 | ||||||
|
| |||||||
3,525,788 | ||||||||
|
|
Investments | Shares | Value ($) | ||||||
Electric Utilities - 3.6% |
| |||||||
American Electric Power Co., Inc. | 9,052 | 818,301 | ||||||
Duke Energy Corp. | 992 | 104,219 | ||||||
IDACORP, Inc. | 12,276 | 1,353,061 | ||||||
NextEra Energy, Inc. | 18,104 | 1,414,284 | ||||||
PNM Resources, Inc. | 17,484 | 783,458 | ||||||
Portland General Electric Co. | 11,098 | 583,089 | ||||||
Xcel Energy, Inc. | 11,842 | 824,914 | ||||||
|
| |||||||
5,881,326 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) - 2.9% |
| |||||||
American Tower Corp. | 1,302 | 327,453 | ||||||
Crown Castle International Corp. | 4,092 | 746,831 | ||||||
Equinix, Inc. | 806 | 584,270 | ||||||
Essex Property Trust, Inc. | 3,348 | 1,113,210 | ||||||
Extra Space Storage, Inc. | 496 | 98,302 | ||||||
Public Storage | 4,402 | 1,578,249 | ||||||
SBA Communications Corp. | 930 | 302,659 | ||||||
|
| |||||||
4,750,974 | ||||||||
|
| |||||||
Food & Staples Retailing - 4.9% |
| |||||||
Albertsons Cos., Inc., Class A | 25,234 | 710,337 | ||||||
Costco Wholesale Corp. | 7,378 | 3,726,849 | ||||||
Kroger Co. (The) | 23,498 | 1,024,278 | ||||||
Walmart, Inc. | 18,910 | 2,643,807 | ||||||
|
| |||||||
8,105,271 | ||||||||
|
| |||||||
Food Products - 0.9% | ||||||||
Hershey Co. (The) | 7,316 | 1,441,764 | ||||||
|
| |||||||
Health Care Equipment & Supplies - 0.6% |
| |||||||
Abbott Laboratories | 8,308 | 1,058,938 | ||||||
|
| |||||||
Health Care Providers & Services - 0.7% |
| |||||||
Chemed Corp. | 2,604 | 1,221,042 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure - 0.7% |
| |||||||
Booking Holdings, Inc.* | 496 | 1,218,240 | ||||||
|
| |||||||
Household Durables - 0.5% |
| |||||||
Newell Brands, Inc. | 37,944 | 880,680 | ||||||
|
| |||||||
Household Products - 2.6% |
| |||||||
Clorox Co. (The) | 4,712 | 790,956 | ||||||
Procter & Gamble Co. (The) | 21,452 | 3,441,974 | ||||||
|
| |||||||
4,232,930 | ||||||||
|
| |||||||
Industrial Conglomerates - 0.8% |
| |||||||
Roper Technologies, Inc. | 2,976 | 1,300,988 | ||||||
|
| |||||||
Insurance - 5.6% |
| |||||||
Alleghany Corp.* | 1,922 | 1,276,208 | ||||||
Aon plc, Class A | 3,410 | 942,660 | ||||||
Assurant, Inc. | 8,184 | 1,248,142 | ||||||
Chubb Ltd. | 6,076 | 1,198,673 | ||||||
Markel Corp.* | 682 | 840,729 | ||||||
Progressive Corp. (The) | 11,594 | 1,259,804 | ||||||
Travelers Cos., Inc. (The) | 9,114 | 1,514,565 | ||||||
W R Berkley Corp. | 11,036 | 932,542 | ||||||
|
| |||||||
9,213,323 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® US Quality Low Volatility Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Interactive Media & Services - 5.5% |
| |||||||
Alphabet, Inc., Class A* | 1,364 | 3,691,079 | ||||||
Alphabet, Inc., Class C* | 1,550 | 4,206,654 | ||||||
Meta Platforms, Inc., Class A* | 3,720 | 1,165,327 | ||||||
|
| |||||||
9,063,060 | ||||||||
|
| |||||||
IT Services - 7.1% |
| |||||||
Accenture plc, Class A | 9,300 | 3,288,294 | ||||||
Akamai Technologies, Inc.* | 5,208 | 596,576 | ||||||
Amdocs Ltd. | 2,356 | 178,797 | ||||||
Automatic Data Processing, Inc. | 5,704 | 1,175,994 | ||||||
Jack Henry & Associates, Inc. | 7,750 | 1,300,528 | ||||||
Mastercard, Inc., Class A | 2,232 | 862,400 | ||||||
VeriSign, Inc.* | 2,728 | 592,467 | ||||||
Visa, Inc., Class A(a) | 16,554 | 3,744,018 | ||||||
|
| |||||||
11,739,074 | ||||||||
|
| |||||||
Life Sciences Tools & Services - 1.7% |
| |||||||
Charles River Laboratories International, Inc.* | 2,170 | 715,579 | ||||||
ICON plc* | 3,286 | 873,156 | ||||||
QIAGEN NV* | 24,180 | 1,196,668 | ||||||
|
| |||||||
2,785,403 | ||||||||
|
| |||||||
Media - 1.5% |
| |||||||
Cable One, Inc.(a) | 496 | 766,186 | ||||||
Charter Communications, Inc., Class A*(a) | 2,356 | 1,397,909 | ||||||
New York Times Co. (The), Class A | 7,316 | 292,860 | ||||||
|
| |||||||
2,456,955 | ||||||||
|
| |||||||
Metals & Mining - 1.9% |
| |||||||
Agnico Eagle Mines Ltd.(a) | 15,748 | 752,440 | ||||||
Newmont Corp. | 24,924 | 1,524,601 | ||||||
Royal Gold, Inc. | 8,184 | 831,085 | ||||||
|
| |||||||
3,108,126 | ||||||||
|
| |||||||
Multiline Retail - 1.8% |
| |||||||
Dollar General Corp.(a) | 4,712 | 982,358 | ||||||
Target Corp. | 9,114 | 2,008,999 | ||||||
|
| |||||||
2,991,357 | ||||||||
|
| |||||||
Multi-Utilities - 2.2% |
| |||||||
Ameren Corp. | 10,478 | 929,818 | ||||||
CMS Energy Corp. | 7,936 | 510,920 | ||||||
Consolidated Edison, Inc. | 8,556 | 739,666 | ||||||
WEC Energy Group, Inc. | 15,376 | 1,492,087 | ||||||
|
| |||||||
3,672,491 | ||||||||
|
| |||||||
Pharmaceuticals - 10.0% |
| |||||||
Bristol-Myers Squibb Co. | 10,168 | 659,802 | ||||||
Eli Lilly & Co. | 15,004 | 3,681,832 | ||||||
Johnson & Johnson | 46,376 | 7,990,121 | ||||||
Merck & Co., Inc. | 29,884 | 2,434,948 | ||||||
Zoetis, Inc. | 8,804 | 1,758,951 | ||||||
|
| |||||||
16,525,654 | ||||||||
|
| |||||||
Professional Services - 1.1% |
| |||||||
FTI Consulting, Inc.*(a) | 5,828 | 849,780 | ||||||
Thomson Reuters Corp. | 558 | 59,907 | ||||||
Verisk Analytics, Inc. | 5,084 | 997,125 | ||||||
|
| |||||||
1,906,812 | ||||||||
|
|
Investments | Shares | Value ($) | ||||||
Road & Rail - 2.0% | ||||||||
JB Hunt Transport Services, Inc. | 5,084 | 978,873 | ||||||
Landstar System, Inc. | 7,440 | 1,190,400 | ||||||
Old Dominion Freight Line, Inc.(a) | 3,906 | 1,179,339 | ||||||
|
| |||||||
3,348,612 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 0.5% |
| |||||||
NVIDIA Corp. | 3,348 | 819,791 | ||||||
|
| |||||||
Software - 14.1% |
| |||||||
Adobe, Inc.* | 5,580 | 2,981,394 | ||||||
Atlassian Corp. plc, Class A* | 2,480 | 804,363 | ||||||
Check Point Software Technologies Ltd.* | 11,532 | 1,395,487 | ||||||
Intuit, Inc. | 5,022 | 2,788,365 | ||||||
Microsoft Corp. | 44,020 | 13,689,340 | ||||||
Nuance Communications, Inc.* | 16,430 | 907,758 | ||||||
Tyler Technologies, Inc.* | 1,736 | 822,517 | ||||||
|
| |||||||
23,389,224 | ||||||||
|
| |||||||
Specialty Retail - 4.5% |
| |||||||
AutoZone, Inc.* | 124 | 246,307 | ||||||
Home Depot, Inc. (The) | 15,934 | 5,847,459 | ||||||
OReilly Automotive, Inc.* | 2,170 | 1,414,298 | ||||||
|
| |||||||
7,508,064 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals - 5.3% |
| |||||||
Apple, Inc. | 49,910 | 8,723,270 | ||||||
|
| |||||||
Water Utilities - 0.8% |
| |||||||
American Water Works Co., Inc. | 8,184 | 1,315,987 | ||||||
|
| |||||||
Wireless Telecommunication Services - 0.6% |
| |||||||
T-Mobile US, Inc.* | 9,548 | 1,032,807 | ||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 165,128,004 | ||||||
|
| |||||||
Investments | Principal Amount ($) | Value ($) | ||||||
SHORT-TERM INVESTMENTS - 0.0%(b) |
| |||||||
U.S. TREASURY OBLIGATIONS - 0.0%(b) |
| |||||||
U.S. Treasury Bills 0.31%, 6/30/2022(c)(d) | 35,000 | 34,952 | ||||||
|
| |||||||
Total Investments - 99.8% |
| 165,162,956 | ||||||
Other assets less liabilities - 0.2% |
| 280,282 | ||||||
|
| |||||||
Net Assets - 100.0% |
| 165,443,238 | ||||||
|
|
* | Non-income producing security. |
See Accompanying Notes to the Schedules of Investments.
FlexShares® US Quality Low Volatility Index Fund (cont.)
(a) | The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $9,508,800, collateralized by $9,657,963 in U.S. Government Treasury Securities, interest rates ranging from 0.00% 7.63%, and maturity dates ranging from February 15, 2022 November 15, 2051 and $1,607 in Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 6.25%, and maturity dates ranging from April 20, 2022 September 20, 2117; a total value of $9,659,570. |
(b) | Represents less than 0.05% of net assets. |
(c) | All or a portion of the security pledged as collateral for Futures Contracts. |
(d) | The rate shown was the current yield as of January 31, 2022. |
Percentages shown are based on Net Assets.
Futures Contracts
FlexShares® US Quality Low Volatility Index Fund had the following open futures contract as of January 31, 2022:
Number of Contracts | Expiration Date | Trading Currency | Notional Amount | Value and Unrealized Depreciation | ||||||||||||||||
Long Contracts | ||||||||||||||||||||
S&P 500 E-Mini Index | 1 | 03/18/2022 | USD | $ | 225,213 | $ | (9,907 | ) |
Abbreviations: |
USD US Dollar |
Security Type | % of Net Assets | |||
Common Stocks | 99.8 | % | ||
Short-Term Investments | 0.0 | | ||
Others(1) | 0.2 | |||
|
| |||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund
January 31, 2022 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 98.6% |
| |||||||
Aerospace & Defense - 0.9% |
| |||||||
Elbit Systems Ltd. | 261 | 43,194 | ||||||
Singapore Technologies Engineering Ltd. | 229,100 | 631,988 | ||||||
|
| |||||||
675,182 | ||||||||
|
| |||||||
Air Freight & Logistics - 1.0% |
| |||||||
Deutsche Post AG (Registered) | 2,987 | 177,433 | ||||||
DSV A/S | 667 | 134,409 | ||||||
SG Holdings Co. Ltd. | 23,200 | 488,866 | ||||||
|
| |||||||
800,708 | ||||||||
|
| |||||||
Auto Components - 0.6% |
| |||||||
Bridgestone Corp. | 2,900 | 126,168 | ||||||
Pirelli & C SpA(a) | 51,243 | 357,987 | ||||||
|
| |||||||
484,155 | ||||||||
|
| |||||||
Automobiles - 0.0%(b) |
| |||||||
Ferrari NV | 145 | 32,980 | ||||||
|
| |||||||
Banks - 12.1% |
| |||||||
Bank Hapoalim BM | 65,279 | 671,124 | ||||||
Bank Leumi Le-Israel BM | 72,906 | 774,314 | ||||||
Bankinter SA | 42,166 | 245,322 | ||||||
BOC Hong Kong Holdings Ltd. | 217,500 | 836,801 | ||||||
Chiba Bank Ltd. (The) | 23,200 | 148,593 | ||||||
Commonwealth Bank of Australia(c) | 1,827 | 120,663 | ||||||
DBS Group Holdings Ltd. | 29,000 | 754,946 | ||||||
FinecoBank Banca Fineco SpA | 33,176 | 550,602 | ||||||
Hang Seng Bank Ltd. | 37,700 | 744,084 | ||||||
HSBC Holdings plc | 30,682 | 217,184 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 52,200 | 481,407 | ||||||
Royal Bank of Canada | 15,660 | 1,784,560 | ||||||
Shizuoka Bank Ltd. (The) | 43,500 | 339,015 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 18,700 | 667,504 | ||||||
Swedbank AB, Class A | 4,582 | 89,116 | ||||||
Toronto-Dominion Bank (The) | 7,598 | 608,234 | ||||||
United Overseas Bank Ltd. | 17,400 | 385,537 | ||||||
|
| |||||||
9,419,006 | ||||||||
|
| |||||||
Beverages - 0.4% |
| |||||||
Budweiser Brewing Co. APAC Ltd.(a) | 46,400 | 122,285 | ||||||
Suntory Beverage & Food Ltd. | 5,800 | 221,983 | ||||||
|
| |||||||
344,268 | ||||||||
|
| |||||||
Capital Markets - 2.3% |
| |||||||
Deutsche Boerse AG | 3,683 | 649,023 | ||||||
Euronext NV(a) | 1,566 | 149,743 | ||||||
Japan Exchange Group, Inc. | 17,400 | 355,097 | ||||||
Singapore Exchange Ltd. | 89,900 | 618,991 | ||||||
|
| |||||||
1,772,854 | ||||||||
|
|
Investments | Shares | Value ($) | ||||||
Chemicals - 5.6% |
| |||||||
Air Liquide SA | 7,540 | 1,279,515 | ||||||
Akzo Nobel NV | 1,073 | 110,132 | ||||||
Chr Hansen Holding A/S | 2,842 | 226,682 | ||||||
Givaudan SA (Registered) | 145 | 594,608 | ||||||
ICL Group Ltd. | 27,666 | 247,255 | ||||||
Kansai Paint Co. Ltd.(c) | 5,800 | 119,448 | ||||||
Koninklijke DSM NV | 2,987 | 556,006 | ||||||
Novozymes A/S, Class B | 9,222 | 629,269 | ||||||
Symrise AG | 4,872 | 578,647 | ||||||
|
| |||||||
4,341,562 | ||||||||
|
| |||||||
Commercial Services & Supplies - 1.3% |
| |||||||
Brambles Ltd. | 50,866 | 346,550 | ||||||
Secom Co. Ltd. | 6,900 | 484,093 | ||||||
Securitas AB, Class B | 11,629 | 139,349 | ||||||
|
| |||||||
969,992 | ||||||||
|
| |||||||
Diversified Financial Services - 0.7% |
| |||||||
Groupe Bruxelles Lambert SA | 3,190 | 339,361 | ||||||
Industrivarden AB, Class C | 2,233 | 68,635 | ||||||
Investor AB, Class A | 1,972 | 44,409 | ||||||
L E Lundbergforetagen AB, Class B | 580 | 29,366 | ||||||
Sofina SA | 87 | 34,369 | ||||||
|
| |||||||
516,140 | ||||||||
|
| |||||||
Diversified Telecommunication Services - 5.8% |
| |||||||
BT Group plc | 132,733 | 348,238 | ||||||
Elisa OYJ | 9,715 | 567,178 | ||||||
HKT Trust & HKT Ltd. | 29,000 | 39,497 | ||||||
Koninklijke KPN NV | 158,833 | 521,157 | ||||||
Nippon Telegraph & Telephone Corp. | 23,200 | 657,795 | ||||||
Orange SA | 29,551 | 345,180 | ||||||
Proximus SADP | 12,905 | 262,061 | ||||||
Singapore Telecommunications Ltd. | 197,200 | 354,395 | ||||||
Spark New Zealand Ltd. | 2,639 | 7,505 | ||||||
Swisscom AG (Registered) | 1,247 | 707,444 | ||||||
Telecom Italia SpA | 584,988 | 272,932 | ||||||
Telefonica Deutschland Holding AG | 84,477 | 240,535 | ||||||
Telia Co. AB | 1,972 | 7,734 | ||||||
United Internet AG (Registered) | 4,292 | 166,616 | ||||||
|
| |||||||
4,498,267 | ||||||||
|
| |||||||
Electric Utilities - 4.3% |
| |||||||
Chubu Electric Power Co., Inc. | 66,700 | 666,276 | ||||||
Emera, Inc.(c) | 5,655 | 267,810 | ||||||
Fortis, Inc. | 6,119 | 290,506 | ||||||
Hydro One Ltd.(a) | 11,426 | 295,038 | ||||||
Iberdrola SA | 73,428 | 836,298 | ||||||
Iberdrola SA*(d) | 1,181 | 13,451 | ||||||
Power Assets Holdings Ltd. | 101,500 | 622,859 | ||||||
Red Electrica Corp. SA | 17,922 | 359,822 | ||||||
|
| |||||||
3,352,060 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 1.1% |
| |||||||
Halma plc | 10,585 | 354,466 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Hirose Electric Co. Ltd. | 1,900 | 280,486 | ||||||
Keyence Corp. | 400 | 202,144 | ||||||
|
| |||||||
837,096 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) - 0.4% |
| |||||||
Link REIT | 36,462 | 312,129 | ||||||
|
| |||||||
Food & Staples Retailing - 4.4% |
| |||||||
Coles Group Ltd. | 5,771 | 65,868 | ||||||
Etablissements Franz Colruyt NV | 5,075 | 205,262 | ||||||
J Sainsbury plc(c) | 91,843 | 358,204 | ||||||
Jeronimo Martins SGPS SA | 11,919 | 285,395 | ||||||
Koninklijke Ahold Delhaize NV | 23,548 | 759,055 | ||||||
Lawson, Inc. | 4,400 | 192,458 | ||||||
Loblaw Cos. Ltd. | 4,988 | 384,631 | ||||||
Tesco plc | 118,668 | 472,856 | ||||||
Tsuruha Holdings, Inc. | 2,500 | 200,260 | ||||||
Welcia Holdings Co. Ltd. | 17,400 | 467,373 | ||||||
|
| |||||||
3,391,362 | ||||||||
|
| |||||||
Food Products - 5.6% |
| |||||||
MEIJI Holdings Co. Ltd. | 3,900 | 242,343 | ||||||
Nestle SA (Registered) | 29,667 | 3,794,368 | ||||||
Yakult Honsha Co. Ltd. | 5,800 | 292,958 | ||||||
|
| |||||||
4,329,669 | ||||||||
|
| |||||||
Gas Utilities - 1.6% |
| |||||||
Osaka Gas Co. Ltd. | 20,300 | 343,898 | ||||||
Snam SpA | 28,188 | 156,730 | ||||||
Toho Gas Co. Ltd. | 11,700 | 318,329 | ||||||
Tokyo Gas Co. Ltd. | 20,300 | 407,850 | ||||||
|
| |||||||
1,226,807 | ||||||||
|
| |||||||
Health Care Equipment & Supplies - 2.3% |
| |||||||
Coloplast A/S, Class B | 2,871 | 414,561 | ||||||
ConvaTec Group plc(a) | 30,044 | 70,742 | ||||||
Hoya Corp. | 5,800 | 742,712 | ||||||
Sysmex Corp. | 5,800 | 545,142 | ||||||
|
| |||||||
1,773,157 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure - 0.3% |
| |||||||
McDonalds Holdings Co. Japan Ltd. | 5,800 | 252,688 | ||||||
|
| |||||||
Household Durables - 0.9% |
| |||||||
Rinnai Corp. | 1,100 | 97,184 | ||||||
SEB SA | 2,349 | 353,116 | ||||||
Sekisui House Ltd.(c) | 11,600 | 233,006 | ||||||
|
| |||||||
683,306 | ||||||||
|
| |||||||
Household Products - 0.8% |
| |||||||
Lion Corp.(c) | 14,500 | 188,510 | ||||||
Reckitt Benckiser Group plc | 5,568 | 449,040 | ||||||
|
| |||||||
637,550 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers - 0.8% |
| |||||||
Uniper SE | 13,833 | 620,272 | ||||||
|
| |||||||
Industrial Conglomerates - 1.6% |
| |||||||
CK Hutchison Holdings Ltd. | 43,500 | 307,943 | ||||||
Jardine Matheson Holdings Ltd. | 11,600 | 682,544 | ||||||
Keppel Corp. Ltd. | 53,200 | 222,298 | ||||||
|
| |||||||
1,212,785 | ||||||||
|
|
Investments | Shares | Value ($) | ||||||
Insurance - 2.5% |
| |||||||
Admiral Group plc | 12,006 | 506,431 | ||||||
AIA Group Ltd. | 5,800 | 59,989 | ||||||
Fairfax Financial Holdings Ltd. | 1,276 | 615,827 | ||||||
Gjensidige Forsikring ASA | 754 | 18,317 | ||||||
Medibank Pvt Ltd.(c) | 138,185 | 300,837 | ||||||
Sampo OYJ, Class A | 2,610 | 128,297 | ||||||
Tryg A/S | 13,108 | 308,973 | ||||||
|
| |||||||
1,938,671 | ||||||||
|
| |||||||
IT Services - 2.3% |
| |||||||
CGI, Inc.* | 4,292 | 366,261 | ||||||
Fujitsu Ltd. | 1,900 | 247,672 | ||||||
Itochu Techno-Solutions Corp. | 5,800 | 156,546 | ||||||
Nomura Research Institute Ltd. | 8,700 | 298,997 | ||||||
NTT Data Corp. | 5,800 | 110,035 | ||||||
Obic Co. Ltd. | 3,300 | 537,566 | ||||||
Shopify, Inc., Class A* | 87 | 83,889 | ||||||
|
| |||||||
1,800,966 | ||||||||
|
| |||||||
Leisure Products - 0.3% |
| |||||||
Shimano, Inc. | 1,200 | 266,765 | ||||||
|
| |||||||
Machinery - 2.0% |
| |||||||
GEA Group AG | 8,091 | 378,673 | ||||||
Knorr-Bremse AG | 2,494 | 250,669 | ||||||
Kone OYJ, Class B | 9,251 | 593,393 | ||||||
Schindler Holding AG | 1,305 | 322,518 | ||||||
|
| |||||||
1,545,253 | ||||||||
|
| |||||||
Marine - 0.8% |
| |||||||
Hapag-Lloyd AG(a) | 116 | 34,277 | ||||||
Kuehne + Nagel International AG (Registered) | 2,059 | 575,649 | ||||||
|
| |||||||
609,926 | ||||||||
|
| |||||||
Media - 0.5% |
| |||||||
Pearson plc | 44,863 | 370,292 | ||||||
|
| |||||||
Metals & Mining - 0.5% |
| |||||||
Franco-Nevada Corp. | 2,958 | 390,903 | ||||||
|
| |||||||
Multiline Retail - 0.8% |
| |||||||
Pan Pacific International Holdings Corp. | 2,900 | 38,834 | ||||||
Wesfarmers Ltd. | 16,414 | 609,564 | ||||||
|
| |||||||
648,398 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 0.5% |
| |||||||
Enbridge, Inc. | 2,523 | 106,609 | ||||||
Idemitsu Kosan Co. Ltd. | 11,600 | 294,971 | ||||||
|
| |||||||
401,580 | ||||||||
|
| |||||||
Personal Products - 1.1% |
| |||||||
Beiersdorf AG | 1,769 | 174,667 | ||||||
Kobayashi Pharmaceutical Co. | 6,900 | 533,556 | ||||||
Unilever plc | 2,581 | 131,154 | ||||||
|
| |||||||
839,377 | ||||||||
|
| |||||||
Pharmaceuticals - 12.1% |
| |||||||
AstraZeneca plc | 6,032 | 697,359 | ||||||
GlaxoSmithKline plc | 71,978 | 1,586,633 | ||||||
Hikma Pharmaceuticals plc(c) | 6,467 | 180,297 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Novartis AG (Registered) | 1,218 | 104,826 | ||||||
Novo Nordisk A/S, Class B | 27,260 | 2,694,663 | ||||||
Ono Pharmaceutical Co. Ltd. | 5,800 | 139,583 | ||||||
Roche Holding AG | 8,874 | 3,401,676 | ||||||
Roche Holding AG - BR | 116 | 47,344 | ||||||
Sanofi | 2,987 | 310,567 | ||||||
Santen Pharmaceutical Co. Ltd. | 17,400 | 195,859 | ||||||
|
| |||||||
9,358,807 | ||||||||
|
| |||||||
Professional Services - 2.4% | ||||||||
RELX plc | 27,521 | 838,165 | ||||||
SGS SA (Registered) | 116 | 327,050 | ||||||
Wolters Kluwer NV | 6,554 | 662,996 | ||||||
|
| |||||||
1,828,211 | ||||||||
|
| |||||||
Real Estate Management & Development - 3.5% |
| |||||||
Azrieli Group Ltd. | 116 | 10,396 | ||||||
CK Asset Holdings Ltd. | 116,000 | 771,345 | ||||||
Daito Trust Construction Co. Ltd. | 2,900 | 329,703 | ||||||
Henderson Land Development Co. Ltd. | 145,000 | 633,180 | ||||||
New World Development Co. Ltd. | 29,000 | 117,896 | ||||||
PSP Swiss Property AG (Registered) | 2,001 | 240,494 | ||||||
Sun Hung Kai Properties Ltd. | 53,500 | 650,092 | ||||||
|
| |||||||
2,753,106 | ||||||||
|
| |||||||
Road & Rail - 0.4% | ||||||||
MTR Corp. Ltd. | 58,000 | 313,150 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 0.9% |
| |||||||
ASML Holding NV | 1,015 | 676,090 | ||||||
|
| |||||||
Software - 2.9% | ||||||||
Constellation Software, Inc. | 319 | 549,145 | ||||||
Dassault Systemes SE | 11,600 | 552,003 | ||||||
Nice Ltd.* | 1,189 | 301,950 | ||||||
Open Text Corp. | 5,742 | 274,684 | ||||||
Oracle Corp. Japan | 2,900 | 214,433 | ||||||
Sage Group plc (The) | 8,671 | 83,854 | ||||||
SAP SE | 2,117 | 261,996 | ||||||
|
| |||||||
2,238,065 | ||||||||
|
| |||||||
Specialty Retail - 1.5% | ||||||||
ABC-Mart, Inc. | 5,800 | 262,756 | ||||||
Nitori Holdings Co. Ltd. | 3,400 | 483,923 | ||||||
Yamada Holdings Co. Ltd. | 133,400 | 448,043 | ||||||
|
| |||||||
1,194,722 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals - 1.3% |
| |||||||
Canon, Inc. | 17,400 | 409,008 | ||||||
FUJIFILM Holdings Corp. | 8,700 | 576,099 | ||||||
|
| |||||||
985,107 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 2.4% |
| |||||||
Hermes International | 551 | 814,399 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 1,305 | 1,057,095 | ||||||
|
| |||||||
1,871,494 | ||||||||
|
| |||||||
Tobacco - 0.5% | ||||||||
Japan Tobacco, Inc. | 20,300 | 404,150 | ||||||
|
|
Investments | Shares | Value ($) | ||||||
Trading Companies & Distributors - 1.3% |
| |||||||
ITOCHU Corp. | 23,200 | 738,333 | ||||||
MonotaRO Co. Ltd. | 14,500 | 233,938 | ||||||
|
| |||||||
972,271 | ||||||||
|
| |||||||
Water Utilities - 0.9% | ||||||||
Pennon Group plc | 23,432 | 340,468 | ||||||
United Utilities Group plc | 25,549 | 365,916 | ||||||
|
| |||||||
706,384 | ||||||||
|
| |||||||
Wireless Telecommunication Services - 2.4% |
| |||||||
KDDI Corp. | 27,600 | 873,092 | ||||||
Rogers Communications, Inc., | 203 | 10,290 | ||||||
SoftBank Corp. | 49,300 | 613,549 | ||||||
Vodafone Group plc | 200,680 | 350,069 | ||||||
|
| |||||||
1,847,000 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 76,444,683 | ||||||
|
|
Investments | Principal Amount ($) | Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS(e) - 0.8% |
| |||||||
REPURCHASE AGREEMENTS - 0.8% |
| |||||||
CF Secured LLC, 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $612,792, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 2.75%, maturing 4/30/2023 - 8/15/2045; total market value $625,647 | 612,791 | 612,791 | ||||||
|
| |||||||
Total Investments - 99.4% |
| 77,057,474 | ||||||
Other assets less liabilities - 0.6% |
| 499,327 | ||||||
|
| |||||||
Net Assets - 100.0% |
| 77,556,801 | ||||||
|
|
* | 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. |
(c) | The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $1,623,237, collateralized in the form of cash with a value of $612,791 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $1,189,823 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 8.50%, and maturity dates ranging from April 25, 2022 October 22, 2071; a total value of $1,802,614. |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund (cont.)
(d) | Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $13,451, which represents approximately 0.02% of net assets of the Fund. |
(e) | The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $612,791. |
Percentages shown are based on Net Assets.
Abbreviations | ||
OYJ | Public Limited Company |
Futures Contracts
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund had the following open futures contracts as of January 31, 2022:
Number of Contracts | Expiration Date | Trading Currency | Notional Amount | Value and Unrealized Depreciation | ||||||||||||||||
Long Contracts |
| |||||||||||||||||||
MSCI EAFE E-Mini Index | 8 | 03/18/2022 | USD | $ | 894,120 | $ | (21,722 | ) |
Forward Foreign Currency Contracts
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund had the following outstanding contracts as of January 31, 2022:
Contracts to Receive | Counterparty | In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
GBP | 29,362 | Morgan Stanley | USD | 38,821 | 03/16/2022 | $ | 562 | |||||||||||||||
GBP | 32,978 | Toronto-Dominion Bank (The) | USD | 43,744 | 03/16/2022 | 490 | ||||||||||||||||
NOK | 178,434 | Toronto-Dominion Bank (The) | USD | 19,797 | 03/16/2022 | 201 | ||||||||||||||||
SGD | 19,677 | Toronto-Dominion Bank (The) | USD | 14,403 | 03/16/2022 | 147 | ||||||||||||||||
USD | 26,190 | Morgan Stanley | AUD | 35,872 | 03/16/2022 | 911 | ||||||||||||||||
USD | 51,663 | Toronto-Dominion Bank (The) | AUD | 72,119 | 03/16/2022 | 842 | ||||||||||||||||
USD | 35,322 | Toronto-Dominion Bank (The) | CHF | 32,481 | 03/16/2022 | 396 | ||||||||||||||||
USD | 69,640 | Morgan Stanley | DKK | 457,663 | 03/16/2022 | 623 | ||||||||||||||||
USD | 14,599 | Toronto-Dominion Bank (The) | DKK | 96,101 | 03/16/2022 | 106 | ||||||||||||||||
USD | 50,419 | Citibank NA | EUR | 43,946 | 03/16/2022 | 1,110 | ||||||||||||||||
USD | 27,691 | Morgan Stanley | EUR | 24,474 | 03/16/2022 | 232 | ||||||||||||||||
USD | 90,175 | Toronto-Dominion Bank (The) | EUR | 79,672 | 03/16/2022 | 782 | ||||||||||||||||
USD | 14,270 | BNP Paribas SA | HKD | 111,238 | 03/16/2022 | 4 | ||||||||||||||||
USD | 24,216 | Bank of New York | ILS | 75,021 | 03/16/2022 | 588 | ||||||||||||||||
USD | 39,530 | BNP Paribas SA | JPY | 4,551,622 | 03/16/2022 | 13 | ||||||||||||||||
USD | 34,646 | Morgan Stanley | JPY | 3,937,664 | 03/16/2022 | 459 | ||||||||||||||||
USD | 17,544 | Toronto-Dominion Bank (The) | NZD | 25,905 | 03/16/2022 | 543 | ||||||||||||||||
USD | 162,289 | Morgan Stanley | SEK | 1,470,449 | 03/16/2022 | 4,690 | ||||||||||||||||
|
| |||||||||||||||||||||
Total unrealized appreciation |
| $ | 12,699 | |||||||||||||||||||
|
| |||||||||||||||||||||
AUD | 78,099 | Toronto-Dominion Bank (The) | USD | 55,873 | 03/16/2022 | $ | (838 | ) | ||||||||||||||
DKK | 159,689 | Goldman Sachs & Co. | USD | 24,262 | 03/16/2022 | (181 | ) | |||||||||||||||
EUR | 96,022 | Toronto-Dominion Bank (The) | USD | 108,515 | 03/16/2022 | (777 | ) | |||||||||||||||
ILS | 94,624 | Citibank NA | USD | 30,259 | 03/16/2022 | (457 | ) | |||||||||||||||
JPY | 5,612,519 | BNP Paribas SA | USD | 48,730 | 03/16/2022 | (2 | ) | |||||||||||||||
JPY | 6,358,285 | Toronto-Dominion Bank (The) | USD | 56,113 | 03/16/2022 | (910 | ) | |||||||||||||||
NZD | 22,203 | Toronto-Dominion Bank (The) | USD | 14,977 | 03/16/2022 | (405 | ) | |||||||||||||||
SEK | 319,815 | Toronto-Dominion Bank (The) | USD | 35,219 | 03/16/2022 | (942 | ) |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund (cont.)
Contracts to Receive | Counterparty | In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
USD | 65,934 | Morgan Stanley | CAD | 83,893 | 03/16/2022 | $ | (27 | ) | ||||||||||||||
USD | 33,775 | Toronto-Dominion Bank (The) | CAD | 43,319 | 03/16/2022 | (284 | ) | |||||||||||||||
USD | 35,602 | Morgan Stanley | NOK | 320,120 | 03/16/2022 | (275 | ) | |||||||||||||||
|
| |||||||||||||||||||||
Total unrealized depreciation |
| $ | (5,098 | ) | ||||||||||||||||||
|
| |||||||||||||||||||||
Net unrealized appreciation |
| $ | 7,601 | |||||||||||||||||||
|
|
Abbreviations:
AUD Australian Dollar |
CAD Canadian Dollar |
CHF Swiss Franc |
DKK Danish Krone |
EUR Euro |
GBP British Pound |
HKD Hong Kong Dollar |
ILS Israeli Shekel |
JPY Japanese Yen |
NOK Norwegian Krone |
NZD New Zealand Dollar |
SEK Swedish Krona |
SGD Singapore Dollar |
USD US Dollar |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund (cont.)
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2022: |
Australia | 1.9 | % | ||
Belgium | 1.1 | |||
Canada | 7.8 | |||
Denmark | 5.7 | |||
Finland | 1.7 | |||
France | 6.3 | |||
Germany | 4.5 | |||
Hong Kong | 7.1 | |||
Israel | 2.6 | |||
Italy | 1.8 | |||
Japan | 22.8 | |||
Netherlands | 4.2 | |||
New Zealand | 0.0 | | ||
Norway | 0.0 | | ||
Portugal | 0.4 | |||
Singapore | 5.3 | |||
Spain | 1.9 | |||
Sweden | 0.5 | |||
Switzerland | 13.0 | |||
United Kingdom | 10.0 | |||
Other1 | 1.4 | |||
|
| |||
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 | 98.6 | % | ||
Securities Lending Reinvestments | 0.8 | |||
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® Emerging Markets Quality Low Volatility Index Fund
January 31, 2022 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 99.8% |
| |||||||
Air Freight & Logistics - 0.5% |
| |||||||
Agility Public Warehousing Co. KSC | 25,482 | 84,463 | ||||||
|
| |||||||
Auto Components - 0.7% | ||||||||
MRF Ltd. | 120 | 116,021 | ||||||
|
| |||||||
Automobiles - 1.0% | ||||||||
Bajaj Auto Ltd. | 2,640 | 126,111 | ||||||
Hero MotoCorp Ltd. | 912 | 33,295 | ||||||
|
| |||||||
159,406 | ||||||||
|
| |||||||
Banks - 20.9% | ||||||||
Agricultural Bank of China Ltd., Class H | 162,000 | 61,496 | ||||||
Al Rajhi Bank | 7,170 | 283,215 | ||||||
Attijariwafa Bank | 1,632 | 85,337 | ||||||
Banco de Credito del Peru, Class C | 6,390 | 5,329 | ||||||
Bank Central Asia Tbk. PT | 15,000 | 7,953 | ||||||
Bank of China Ltd., Class H | 774,000 | 300,764 | ||||||
Bank of Communications Co. Ltd., Class H | 138,000 | 92,383 | ||||||
Boubyan Bank KSCP* | 2,520 | 6,706 | ||||||
Chang Hwa Commercial Bank Ltd. | 127,200 | 80,718 | ||||||
China Construction Bank Corp., Class H | 216,000 | 165,098 | ||||||
China Merchants Bank Co. Ltd., Class H | 2,000 | 16,646 | ||||||
Commercial Bank PSQC (The) | 20,976 | 41,191 | ||||||
Commercial International Bank Egypt SAE* | 39,384 | 128,706 | ||||||
E.Sun Financial Holding Co. Ltd. | 83,519 | 87,080 | ||||||
First Financial Holding Co. Ltd. | 109,260 | 98,795 | ||||||
Grupo Elektra SAB de CV | 360 | 23,630 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 135,484 | 106,433 | ||||||
ICICI Bank Ltd. | 5,538 | 58,540 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 384,000 | 231,950 | ||||||
Kuwait Finance House KSCP | 51,420 | 153,802 | ||||||
Malayan Banking Bhd. | 30,785 | 60,827 | ||||||
Masraf Al Rayan QSC | 101,862 | 137,504 | ||||||
Mega Financial Holding Co. Ltd. | 120,000 | 159,416 | ||||||
National Bank of Kuwait SAKP | 38,760 | 132,570 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(a) | 126,000 | 104,387 | ||||||
Qatar Islamic Bank SAQ | 24,744 | 133,200 | ||||||
Qatar National Bank QPSC | 45,576 | 273,381 | ||||||
Saudi National Bank (The) | 1,884 | 37,058 | ||||||
Sberbank of Russia PJSC | 12,360 | 42,228 | ||||||
SinoPac Financial Holdings Co. Ltd. | 114,000 | 67,423 |
Investments | Shares | Value ($) | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 118,207 | 112,410 | ||||||
|
| |||||||
3,296,176 | ||||||||
|
| |||||||
Biotechnology - 0.0%(b) | ||||||||
Celltrion, Inc. | 30 | 3,758 | ||||||
|
| |||||||
Capital Markets - 0.8% | ||||||||
Macquarie Korea Infrastructure Fund | 11,304 | 126,590 | ||||||
|
| |||||||
Chemicals - 3.6% | ||||||||
Asian Paints Ltd. | 3,906 | 164,999 | ||||||
PhosAgro PJSC | 1,158 | 81,386 | ||||||
Pidilite Industries Ltd. | 2,946 | 96,979 | ||||||
SABIC Agri-Nutrients Co. | 2,982 | 134,321 | ||||||
Yanbu National Petrochemical Co. | 4,710 | 85,114 | ||||||
|
| |||||||
562,799 | ||||||||
|
| |||||||
Commercial Services & Supplies - 0.6% |
| |||||||
S-1 Corp. | 1,800 | 101,236 | ||||||
|
| |||||||
Construction Materials - 0.8% | ||||||||
ACC Ltd. | 894 | 27,384 | ||||||
LafargeHolcim Maroc SA | 372 | 90,227 | ||||||
|
| |||||||
117,611 | ||||||||
|
| |||||||
Consumer Finance - 0.0%(b) | ||||||||
Bajaj Finance Ltd. | 66 | 6,191 | ||||||
|
| |||||||
Diversified Financial Services - 0.7% |
| |||||||
Far East Horizon Ltd. | 120,000 | 102,648 | ||||||
|
| |||||||
Diversified Telecommunication Services - 5.9% |
| |||||||
China Tower Corp. Ltd., Class H(a) | 696,000 | 83,903 | ||||||
Chunghwa Telecom Co. Ltd. | 39,000 | 164,755 | ||||||
Emirates Integrated Telecommunications Co. PJSC | 50,334 | 89,073 | ||||||
Emirates Telecommunications Group Co. PJSC | 13,536 | 121,981 | ||||||
Hellenic Telecommunications Organization SA | 2,448 | 47,379 | ||||||
Itissalat Al-Maghrib | 7,830 | 114,596 | ||||||
Saudi Telecom Co. | 5,784 | 180,986 | ||||||
Telefonica Brasil SA | 600 | 5,614 | ||||||
TIME dotCom Bhd. | 112,800 | 114,808 | ||||||
|
| |||||||
923,095 | ||||||||
|
| |||||||
Electric Utilities - 0.9% | ||||||||
Manila Electric Co. | 20,400 | 134,066 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 1.6% |
| |||||||
Hon Hai Precision Industry Co. Ltd. | 13,000 | 47,674 | ||||||
Synnex Technology International Corp. | 42,000 | 102,078 | ||||||
WPG Holdings Ltd. | 48,000 | 93,881 | ||||||
|
| |||||||
243,633 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Emerging Markets Quality Low Volatility Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Entertainment - 0.3% |
| |||||||
NetEase, Inc., ADR | 420 | 43,411 | ||||||
|
| |||||||
Food & Staples Retailing - 1.8% |
| |||||||
BIM Birlesik Magazalar A/S | 13,212 | 69,283 | ||||||
InRetail Peru Corp.(a) | 2,370 | 82,950 | ||||||
President Chain Store Corp. | 9,000 | 85,748 | ||||||
Puregold Price Club, Inc. | 66,840 | 48,647 | ||||||
|
| |||||||
286,628 | ||||||||
|
| |||||||
Food Products - 6.3% | ||||||||
Almarai Co. JSC | 5,094 | 66,664 | ||||||
Dali Foods Group Co. Ltd.(a) | 216,000 | 124,654 | ||||||
International Holding Co. PJSC* | 2,940 | 121,905 | ||||||
Nestle Malaysia Bhd. | 3,900 | 122,996 | ||||||
Orion Corp.* | 768 | 61,924 | ||||||
Tingyi Cayman Islands Holding Corp. | 60,000 | 124,193 | ||||||
Uni-President China Holdings Ltd. | 114,000 | 107,457 | ||||||
Uni-President Enterprises Corp. | 42,000 | 102,078 | ||||||
Want Want China Holdings Ltd. | 162,000 | 158,519 | ||||||
|
| |||||||
990,390 | ||||||||
|
| |||||||
Gas Utilities - 1.9% | ||||||||
China Resources Gas Group Ltd. | 16,000 | 80,025 | ||||||
ENN Energy Holdings Ltd. | 6,400 | 101,447 | ||||||
Petronas Gas Bhd. | 30,600 | 124,140 | ||||||
|
| |||||||
305,612 | ||||||||
|
| |||||||
Health Care Providers & Services - 4.0% |
| |||||||
Apollo Hospitals Enterprise Ltd. | 708 | 42,290 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 163,800 | 110,200 | ||||||
Bangkok Dusit Medical Services PCL, Class F | 17,400 | 11,706 | ||||||
Bumrungrad Hospital PCL, NVDR | 25,800 | 109,260 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. | 1,836 | 80,743 | ||||||
IHH Healthcare Bhd. | 57,600 | 88,764 | ||||||
Mouwasat Medical Services Co. | 1,902 | 100,577 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 46,800 | 91,109 | ||||||
|
| |||||||
634,649 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure - 1.0% |
| |||||||
Jubilant Foodworks Ltd. | 1,152 | 52,245 | ||||||
Yum China Holdings, Inc. | 2,334 | 112,429 | ||||||
|
| |||||||
164,674 | ||||||||
|
| |||||||
Household Durables - 0.6% | ||||||||
Coway Co. Ltd.* | 1,662 | 95,818 | ||||||
|
| |||||||
Independent Power and Renewable Electricity Producers - 0.1% |
| |||||||
Unipro PJSC | 726,000 | 22,619 | ||||||
|
| |||||||
Industrial Conglomerates - 0.4% | ||||||||
Enka Insaat ve Sanayi A/S | 59,766 | 69,765 | ||||||
|
| |||||||
Insurance - 0.6% | ||||||||
Ping An Insurance Group Co. of China Ltd., Class H | 12,000 | 93,722 | ||||||
|
|
Investments | Shares | Value ($) | ||||||
Interactive Media & Services - 4.0% |
| |||||||
Baidu, Inc., ADR* | 282 | 45,047 | ||||||
Tencent Holdings Ltd. | 9,600 | 581,105 | ||||||
|
| |||||||
626,152 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail - 4.5% |
| |||||||
Alibaba Group Holding Ltd., ADR* | 4,608 | 579,640 | ||||||
JD.com cash in lieu of shares*(c) | 457 | 17,571 | ||||||
JD.com, Inc., ADR* | 1,314 | 98,392 | ||||||
Pinduoduo, Inc., ADR* | 264 | 15,798 | ||||||
|
| |||||||
711,401 | ||||||||
|
| |||||||
IT Services - 3.9% |
| |||||||
Infosys Ltd. | 4,854 | 112,936 | ||||||
Mphasis Ltd. | 210 | 8,742 | ||||||
Samsung SDS Co. Ltd. | 222 | 25,874 | ||||||
Tata Consultancy Services Ltd. | 7,254 | 363,198 | ||||||
Tech Mahindra Ltd. | 5,454 | 108,097 | ||||||
|
| |||||||
618,847 | ||||||||
|
| |||||||
Life Sciences Tools & Services - 0.1% |
| |||||||
Samsung Biologics Co. Ltd.*(a) | 24 | 14,713 | ||||||
|
| |||||||
Marine - 0.3% | ||||||||
MISC Bhd. | 23,400 | 38,911 | ||||||
|
| |||||||
Metals & Mining - 0.9% |
| |||||||
Polyus PJSC | 546 | 85,292 | ||||||
Vale SA | 3,600 | 54,827 | ||||||
|
| |||||||
140,119 | ||||||||
|
| |||||||
Multiline Retail - 0.0%(b) | ||||||||
Robinson PCL*(c) | 600 | 351 | ||||||
|
| |||||||
Multi-Utilities - 0.8% | ||||||||
Qatar Electricity & Water Co. QSC | 26,022 | 127,358 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 1.5% |
| |||||||
Petronas Dagangan Bhd. | 17,400 | 80,650 | ||||||
Qatar Fuel QSC | 16,242 | 84,756 | ||||||
Surgutneftegas PJSC (Preference) | 156,600 | 75,481 | ||||||
|
| |||||||
240,887 | ||||||||
|
| |||||||
Personal Products - 0.4% |
| |||||||
Hengan International Group Co. Ltd. | 9,000 | 43,975 | ||||||
Hindustan Unilever Ltd. | 594 | 18,099 | ||||||
Procter & Gamble Hygiene & Health Care Ltd. | 12 | 2,373 | ||||||
|
| |||||||
64,447 | ||||||||
|
| |||||||
Pharmaceuticals - 4.0% |
| |||||||
Cadila Healthcare Ltd. | 19,434 | 105,865 | ||||||
Cipla Ltd. | 9,636 | 122,028 | ||||||
Dr Reddys Laboratories Ltd. | 684 | 39,440 | ||||||
Grand Pharmaceutical Group Ltd. | 6,000 | 4,255 | ||||||
Lupin Ltd. | 1,962 | 23,876 | ||||||
Richter Gedeon Nyrt. | 2,682 | 70,448 | ||||||
Sino Biopharmaceutical Ltd. | 96,000 | 65,990 | ||||||
Sun Pharmaceutical Industries Ltd. | 5,910 | 66,091 | ||||||
Torrent Pharmaceuticals Ltd. | 1,278 | 45,752 | ||||||
Yuhan Corp.* | 1,827 | 85,780 | ||||||
|
| |||||||
629,525 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Emerging Markets Quality Low Volatility Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Professional Services - 0.8% |
| |||||||
51job, Inc., ADR* | 2,430 | 122,472 | ||||||
|
| |||||||
Real Estate Management & Development - 0.4% |
| |||||||
Wharf Holdings Ltd. (The) | 18,000 | 61,404 | ||||||
|
| |||||||
Road & Rail - 0.5% | ||||||||
CJ Logistics Corp.* | 732 | 70,437 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 6.8% |
| |||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 47,000 | 1,074,711 | ||||||
|
| |||||||
Specialty Retail - 3.2% | ||||||||
Abu Dhabi National Oil Co. for Distribution PJSC | 108,522 | 122,023 | ||||||
China Meidong Auto Holdings Ltd. | 16,000 | 74,895 | ||||||
Home Product Center PCL, NVDR | 246,600 | 104,432 | ||||||
Jarir Marketing Co. | 2,352 | 126,254 | ||||||
Zhongsheng Group Holdings Ltd. | 10,500 | 80,323 | ||||||
|
| |||||||
507,927 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals - 4.4% |
| |||||||
Compal Electronics, Inc. | 42,000 | 38,053 | ||||||
Inventec Corp. | 84,000 | 76,105 | ||||||
Lite-On Technology Corp. | 7,000 | 15,981 | ||||||
Samsung Electronics Co. Ltd. | 9,240 | 561,835 | ||||||
|
| |||||||
691,974 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 1.0% |
| |||||||
Li Ning Co. Ltd. | 500 | 4,832 | ||||||
Page Industries Ltd. | 228 | 129,628 | ||||||
Shenzhou International Group Holdings Ltd. | 1,200 | 22,022 | ||||||
|
| |||||||
156,482 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance - 0.1% |
| |||||||
Housing Development Finance Corp. Ltd. | 396 | 13,378 | ||||||
|
| |||||||
Tobacco - 0.6% | ||||||||
KT&G Corp. | 1,338 | 86,129 | ||||||
|
| |||||||
Transportation Infrastructure - 0.7% |
| |||||||
Westports Holdings Bhd. | 120,000 | 110,094 | ||||||
|
| |||||||
Water Utilities - 0.6% | ||||||||
Guangdong Investment Ltd. | 62,000 | 88,418 | ||||||
|
| |||||||
Wireless Telecommunication Services - 5.3% |
| |||||||
Advanced Info Service PCL, NVDR | 22,200 | 146,689 | ||||||
Bharti Airtel Ltd.* | 246 | 2,404 | ||||||
Etihad Etisalat Co. | 1,902 | 16,501 | ||||||
Far EasTone Telecommunications Co. Ltd. | 38,000 | 88,804 | ||||||
Globe Telecom, Inc. | 1,260 | 76,873 | ||||||
Intouch Holdings PCL, NVDR | 55,200 | 127,244 | ||||||
Maxis Bhd. | 78,000 | 78,829 |
Investments | Shares | Value ($) | ||||||
Mobile Telecommunications Co. KSCP | 44,898 | 88,788 | ||||||
PLDT, Inc. | 2,520 | 90,666 | ||||||
Taiwan Mobile Co. Ltd. | 25,000 | 89,613 | ||||||
Vodacom Group Ltd. | 3,354 | 31,834 | ||||||
|
| |||||||
838,245 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 15,719,363 | ||||||
|
| |||||||
Total Investments - 99.8% |
| 15,719,363 | ||||||
Other assets less liabilities - 0.2% |
| 28,274 | ||||||
|
| |||||||
Net Assets - 100.0% |
| 15,747,637 | ||||||
|
|
* | 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. |
(c) | Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $17,922, which represents approximately 0.11% of net assets of the Fund. |
Percentages shown are based on Net Assets.
Abbreviations | ||
ADR | American Depositary Receipt | |
NVDR | Non-Voting Depositary Receipt | |
PJSC | Public Joint Stock Company | |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Emerging Markets Quality Low Volatility Index Fund (cont.)
Futures Contracts
FlexShares® Emerging Markets Quality Low Volatility Index Fund had the following open futures contract as of January 31, 2022:
Number of Contracts | Expiration Date | Trading Currency | Notional Amount | Value and Unrealized Appreciation | ||||||||||||||||
Long Contracts | ||||||||||||||||||||
MSCI Emerging Markets E-Mini Index | 1 | 03/18/2022 | USD | $ | 61,240 | $ | 260 |
Forward Foreign Currency Contracts
FlexShares® Emerging Markets Quality Low Volatility Index Fund had the following outstanding contracts as of January 31, 2022:
Contracts to | Counterparty | In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
USD | 7,954 | BNP Paribas SA | HKD | 62,000 | 03/16/2022 | $ | 2 | |||||||||||||
|
| |||||||||||||||||||
Total unrealized appreciation |
| $ | 2 | |||||||||||||||||
|
| |||||||||||||||||||
HKD | 82,000 | JPMorgan Chase Bank | USD | 10,526 | 03/16/2022 | $ | (10 | ) | ||||||||||||
|
| |||||||||||||||||||
Total unrealized depreciation |
| $ | (10 | ) | ||||||||||||||||
|
| |||||||||||||||||||
Net unrealized depreciation |
| $ | (8 | ) | ||||||||||||||||
|
|
Abbreviations:
HKD Hong Kong Dollar |
USD US Dollar |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Emerging Markets Quality Low Volatility Index Fund (cont.)
FlexShares® Emerging Markets Quality Low Volatility Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2022:
Brazil | 0.4 | % | ||
China | 26.1 | |||
Egypt | 0.8 | |||
Greece | 0.3 | |||
Hungary | 0.4 | |||
India | 12.0 | |||
Indonesia | 0.0 | | ||
Kuwait | 3.0 | |||
Malaysia | 5.2 | |||
Mexico | 0.1 | |||
Morocco | 1.8 | |||
Peru | 0.6 | |||
Philippines | 2.2 | |||
Qatar | 5.1 | |||
Russia | 1.9 | |||
Saudi Arabia | 7.1 | |||
South Africa | 0.2 | |||
South Korea | 7.8 | |||
Taiwan | 17.1 | |||
Thailand | 3.9 | |||
Turkey | 0.9 | |||
United Arab Emirates | 2.9 | |||
Other1 | 0.2 | |||
|
| |||
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 | 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® Morningstar US Market Factor Tilt Index Fund
January 31, 2021 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 99.4% |
| |||||||
Aerospace & Defense - 1.3% |
| |||||||
AAR Corp.*(a) | 2,805 | 112,957 | ||||||
Aerojet Rocketdyne Holdings, | 2,057 | 79,380 | ||||||
AeroVironment, Inc.*(a) | 1,309 | 74,508 | ||||||
Astronics Corp.* | 8,041 | 96,733 | ||||||
Axon Enterprise, Inc.* | 2,244 | 314,003 | ||||||
Boeing Co. (The)* | 17,578 | 3,519,819 | ||||||
BWX Technologies, Inc.(a) | 4,301 | 191,437 | ||||||
Byrna Technologies, Inc.*(a) | 935 | 10,201 | ||||||
Curtiss-Wright Corp. | 2,618 | 347,644 | ||||||
Ducommun, Inc.*(a) | 561 | 24,544 | ||||||
General Dynamics Corp. | 7,293 | 1,546,845 | ||||||
HEICO Corp.(a) | 1,683 | 229,544 | ||||||
HEICO Corp., Class A | 1,870 | 205,139 | ||||||
Hexcel Corp.* | 2,431 | 126,825 | ||||||
Howmet Aerospace, Inc. | 12,155 | 377,899 | ||||||
Huntington Ingalls Industries, Inc. | 1,309 | 245,045 | ||||||
Kaman Corp. | 3,366 | 134,539 | ||||||
Kratos Defense & Security Solutions, Inc.* | 4,301 | 72,085 | ||||||
L3Harris Technologies, Inc. | 6,358 | 1,330,666 | ||||||
Lockheed Martin Corp. | 7,667 | 2,983,460 | ||||||
Maxar Technologies, Inc.(a) | 4,862 | 126,461 | ||||||
Mercury Systems, Inc.*(a) | 4,488 | 255,457 | ||||||
Moog, Inc., Class A | 7,106 | 541,761 | ||||||
Northrop Grumman Corp. | 4,862 | 1,798,454 | ||||||
PAE, Inc.* | 13,838 | 138,518 | ||||||
Parsons Corp.*(a) | 7,293 | 222,072 | ||||||
Raytheon Technologies Corp. | 47,685 | 4,300,710 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 4,488 | 196,709 | ||||||
Textron, Inc. | 6,919 | 470,907 | ||||||
TransDigm Group, Inc.* | 1,309 | 806,593 | ||||||
Triumph Group, Inc.* | 8,228 | 149,914 | ||||||
Vectrus, Inc.* | 3,366 | 154,870 | ||||||
Virgin Galactic Holdings, Inc.*(a) | 10,285 | 94,622 | ||||||
|
| |||||||
21,280,321 | ||||||||
|
| |||||||
Air Freight & Logistics - 0.6% | ||||||||
Air Transport Services Group, | 16,830 | 451,886 | ||||||
Atlas Air Worldwide Holdings, Inc.*(a) | 7,106 | 570,825 | ||||||
CH Robinson Worldwide, Inc.(a) | 3,927 | 410,961 | ||||||
Expeditors International of Washington, Inc. | 4,301 | 492,378 | ||||||
FedEx Corp. | 7,667 | 1,885,009 | ||||||
Forward Air Corp.(a) | 935 | 99,391 | ||||||
GXO Logistics, Inc.*(a) | 1,683 | 136,676 | ||||||
Hub Group, Inc., Class A* | 9,163 | 693,822 | ||||||
United Parcel Service, Inc., Class B | 23,188 | 4,688,845 | ||||||
|
| |||||||
9,429,793 | ||||||||
|
|
Investments | Shares | Value ($) | ||||||
Airlines - 0.3% | ||||||||
Alaska Air Group, Inc.* | 5,423 | 296,855 | ||||||
Allegiant Travel Co.*(a) | 935 | 167,047 | ||||||
American Airlines Group, Inc.*(a) | 25,993 | 428,105 | ||||||
Delta Air Lines, Inc.* | 14,586 | 578,918 | ||||||
Frontier Group Holdings, Inc.*(a) | 1,496 | 19,568 | ||||||
Hawaiian Holdings, Inc.*(a) | 6,732 | 115,117 | ||||||
JetBlue Airways Corp.* | 70,125 | 1,025,929 | ||||||
SkyWest, Inc.*(a) | 13,277 | 506,517 | ||||||
Southwest Airlines Co.* | 15,147 | 677,980 | ||||||
Spirit Airlines, Inc.*(a) | 4,114 | 88,328 | ||||||
Sun Country Airlines Holdings, Inc.*(a) | 2,244 | 59,645 | ||||||
United Airlines Holdings, Inc.*(a) | 6,545 | 280,650 | ||||||
|
| |||||||
4,244,659 | ||||||||
|
| |||||||
Auto Components - 0.5% | ||||||||
Adient plc* | 23,188 | 973,200 | ||||||
American Axle & Manufacturing Holdings, Inc.*(a) | 20,009 | 162,873 | ||||||
Aptiv plc*(a) | 6,545 | 893,916 | ||||||
Autoliv, Inc.(a) | 3,366 | 333,369 | ||||||
BorgWarner, Inc. | 9,724 | 426,397 | ||||||
Cooper-Standard Holdings, Inc.*(a) | 3,927 | 80,857 | ||||||
Dana, Inc. | 30,668 | 664,269 | ||||||
Dorman Products, Inc.* | 935 | 87,544 | ||||||
Fox Factory Holding Corp.* | 1,870 | 248,841 | ||||||
Garrett Motion, Inc.*(a) | 9,911 | 69,377 | ||||||
Gentex Corp. | 8,602 | 270,103 | ||||||
Gentherm, Inc.*(a) | 1,122 | 98,052 | ||||||
Goodyear Tire & Rubber Co. (The)* | 63,206 | 1,310,260 | ||||||
LCI Industries | 5,610 | 690,984 | ||||||
Lear Corp. | 2,431 | 406,755 | ||||||
Luminar Technologies, Inc.*(a) | 11,781 | 172,474 | ||||||
Modine Manufacturing Co.* | 9,350 | 85,552 | ||||||
Patrick Industries, Inc. | 4,862 | 313,113 | ||||||
Standard Motor Products, Inc. | 2,992 | 143,227 | ||||||
Tenneco, Inc., Class A* | 9,911 | 104,066 | ||||||
Veoneer, Inc.*(a) | 7,480 | 263,371 | ||||||
Visteon Corp.*(a) | 2,244 | 227,788 | ||||||
XL Fleet Corp.*(a) | 9,724 | 20,809 | ||||||
|
| |||||||
8,047,197 | ||||||||
|
| |||||||
Automobiles - 1.8% | ||||||||
Arcimoto, Inc.*(a) | 1,496 | 9,140 | ||||||
Ford Motor Co. | 131,648 | 2,672,454 | ||||||
General Motors Co.* | 48,620 | 2,563,733 | ||||||
Harley-Davidson, Inc. | 34,782 | 1,202,414 | ||||||
Tesla, Inc.* | 21,505 | 20,144,164 | ||||||
Thor Industries, Inc.(a) | 13,277 | 1,255,871 | ||||||
Winnebago Industries, Inc.(a) | 7,480 | 482,610 | ||||||
Workhorse Group, Inc.*(a) | 10,098 | 34,131 | ||||||
|
| |||||||
28,364,517 | ||||||||
|
| |||||||
Banks - 6.7% | ||||||||
1st Source Corp.(a) | 5,610 | 279,827 | ||||||
Allegiance Bancshares, Inc.(a) | 2,992 | 131,738 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Ameris Bancorp | 14,025 | 691,573 | ||||||
Associated Banc-Corp. | 32,912 | 786,597 | ||||||
Atlantic Union Bankshares | 18,513 | 753,849 | ||||||
Banc of California, Inc.(a) | 3,740 | 72,257 | ||||||
BancFirst Corp.(a) | 3,366 | 252,282 | ||||||
Bancorp, Inc. (The)*(a) | 6,171 | 184,019 | ||||||
Bank of America Corp. | 235,807 | 10,880,135 | ||||||
Bank of Hawaii Corp.(a) | 2,431 | 209,236 | ||||||
Bank OZK | 29,359 | 1,375,469 | ||||||
BankUnited, Inc.(a) | 21,692 | 905,641 | ||||||
Banner Corp. | 6,732 | 418,124 | ||||||
Berkshire Hills Bancorp, Inc.(a) | 3,927 | 116,200 | ||||||
BOK Financial Corp.(a) | 7,854 | 805,428 | ||||||
Brookline Bancorp, Inc.(a) | 13,090 | 223,839 | ||||||
Cadence Bank(a) | 46,189 | 1,439,711 | ||||||
Cathay General Bancorp | 16,456 | 743,153 | ||||||
Central Pacific Financial Corp.(a) | 3,927 | 114,276 | ||||||
Citigroup, Inc. | 64,515 | 4,201,217 | ||||||
Citizens Financial Group, Inc. | 15,334 | 789,241 | ||||||
City Holding Co. | 374 | 29,999 | ||||||
Columbia Banking System, Inc.(a) | 16,082 | 559,171 | ||||||
Comerica, Inc. | 5,236 | 485,796 | ||||||
Commerce Bancshares, Inc.(a) | 3,180 | 219,099 | ||||||
Community Bank System, Inc.(a) | 3,366 | 240,400 | ||||||
Community Trust Bancorp, Inc. | 2,057 | 90,899 | ||||||
ConnectOne Bancorp, Inc. | 4,301 | 137,675 | ||||||
Cullen/Frost Bankers, Inc.(a) | 2,057 | 290,058 | ||||||
Customers Bancorp, Inc.* | 5,797 | 337,965 | ||||||
CVB Financial Corp.(a) | 26,554 | 584,985 | ||||||
Dime Community Bancshares, Inc. | 10,472 | 366,101 | ||||||
Eagle Bancorp, Inc.(a) | 6,171 | 370,075 | ||||||
East West Bancorp, Inc. | 5,610 | 484,367 | ||||||
Eastern Bankshares, Inc.(a) | 6,171 | 131,381 | ||||||
Enterprise Financial Services Corp.(a) | 3,740 | 185,280 | ||||||
FB Financial Corp. | 1,309 | 58,277 | ||||||
Fifth Third Bancorp(a) | 24,123 | 1,076,609 | ||||||
First Bancorp/NC(a) | 3,553 | 156,012 | ||||||
First Bancorp/PR(a) | 55,539 | 808,092 | ||||||
First Bancshares, Inc. (The)(a) | 3,179 | 114,667 | ||||||
First Busey Corp. | 14,399 | 401,444 | ||||||
First Citizens BancShares, Inc., Class A(a) | 748 | 582,752 | ||||||
First Commonwealth Financial Corp.(a) | 25,432 | 421,154 | ||||||
First Financial Bancorp | 18,887 | 476,141 | ||||||
First Financial Bankshares, Inc.(a) | 6,732 | 316,337 | ||||||
First Financial Corp. | 3,740 | 167,889 | ||||||
First Foundation, Inc. | 5,236 | 136,921 | ||||||
First Hawaiian, Inc.(a) | 27,676 | 784,615 | ||||||
First Horizon Corp. | 22,814 | 390,348 | ||||||
First Interstate BancSystem, Inc., Class A(a) | 2,431 | 89,339 | ||||||
First Merchants Corp.(a) | 13,277 | 563,343 | ||||||
First Republic Bank | 4,301 | 746,611 | ||||||
Flushing Financial Corp. | 5,423 | 128,037 | ||||||
FNB Corp.(a) | 69,377 | 896,351 | ||||||
Fulton Financial Corp. | 33,473 | 600,840 | ||||||
Glacier Bancorp, Inc.(a) | 4,862 | 252,484 |
Investments | Shares | Value ($) | ||||||
Great Western Bancorp, Inc. | 5,236 | 161,688 | ||||||
Hancock Whitney Corp. | 19,261 | 1,015,440 | ||||||
Hanmi Financial Corp. | 7,854 | 211,115 | ||||||
HarborOne Bancorp, Inc. | 2,057 | 29,209 | ||||||
Heartland Financial USA, Inc.(a) | 9,163 | 476,751 | ||||||
Heritage Commerce Corp. | 10,285 | 128,151 | ||||||
Heritage Financial Corp. | 5,984 | 145,172 | ||||||
Hilltop Holdings, Inc.(a) | 16,830 | 555,895 | ||||||
Home BancShares, Inc. | 34,969 | 823,870 | ||||||
HomeStreet, Inc. | 3,179 | 154,976 | ||||||
Hope Bancorp, Inc. | 27,676 | 463,573 | ||||||
Horizon Bancorp, Inc.(a) | 12,155 | 259,266 | ||||||
Huntington Bancshares, Inc.(a) | 46,937 | 706,871 | ||||||
Independent Bank Corp. - MA(a) | 2,431 | 205,055 | ||||||
Independent Bank Corp. - MI | 8,789 | 215,155 | ||||||
Independent Bank Group, Inc. | 9,911 | 752,443 | ||||||
International Bancshares Corp. | 13,464 | 565,892 | ||||||
Investors Bancorp, Inc.(a) | 57,035 | 930,811 | ||||||
JPMorgan Chase & Co. | 96,492 | 14,338,711 | ||||||
KeyCorp | 33,847 | 848,206 | ||||||
Lakeland Bancorp, Inc. | 12,155 | 230,094 | ||||||
Lakeland Financial Corp.(a) | 748 | 59,788 | ||||||
Live Oak Bancshares, Inc.(a) | 935 | 55,034 | ||||||
M&T Bank Corp.(a) | 4,488 | 760,177 | ||||||
Meta Financial Group, Inc.(a) | 2,992 | 177,904 | ||||||
Metropolitan Bank Holding Corp.*(a) | 1,309 | 130,900 | ||||||
Midland States Bancorp, Inc. | 4,862 | 140,366 | ||||||
National Bank Holdings Corp., Class A | 1,122 | 50,939 | ||||||
NBT Bancorp, Inc.(a) | 8,041 | 311,026 | ||||||
Nicolet Bankshares, Inc.*(a) | 3,740 | 348,157 | ||||||
OceanFirst Financial Corp.(a) | 15,895 | 360,816 | ||||||
OFG Bancorp(a) | 15,334 | 424,292 | ||||||
Old National Bancorp(a) | 41,140 | 754,096 | ||||||
Pacific Premier Bancorp, Inc. | 20,383 | 779,650 | ||||||
PacWest Bancorp | 27,115 | 1,258,949 | ||||||
Park National Corp.(a) | 935 | 126,655 | ||||||
Peoples Bancorp, Inc. | 5,984 | 198,370 | ||||||
Peoples United Financial, Inc. | 18,700 | 362,406 | ||||||
Pinnacle Financial Partners, Inc. | 4,675 | 452,119 | ||||||
PNC Financial Services Group, Inc. (The) | 14,212 | 2,927,530 | ||||||
Popular, Inc.(a) | 20,009 | 1,784,202 | ||||||
Preferred Bank(a) | 2,244 | 175,167 | ||||||
Prosperity Bancshares, Inc. | 20,944 | 1,534,148 | ||||||
QCR Holdings, Inc.(a) | 2,057 | 117,331 | ||||||
Regions Financial Corp.(a) | 34,595 | 793,609 | ||||||
Renasant Corp. | 11,033 | 405,794 | ||||||
S&T Bancorp, Inc. | 6,732 | 207,413 | ||||||
Sandy Spring Bancorp, Inc. | 9,163 | 433,502 | ||||||
Seacoast Banking Corp. of Florida(a) | 5,049 | 184,288 | ||||||
ServisFirst Bancshares, Inc. | 1,496 | 126,965 | ||||||
Signature Bank | 1,870 | 569,658 | ||||||
Silvergate Capital Corp., Class A*(a) | 1,122 | 120,884 | ||||||
Simmons First National Corp., | 24,684 | 705,962 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Southside Bancshares, Inc. | 748 | 31,341 | ||||||
SouthState Corp.(a) | 15,708 | 1,325,912 | ||||||
Sterling Bancorp(a) | 46,937 | 1,233,974 | ||||||
Stock Yards Bancorp, Inc.(a) | 561 | 33,424 | ||||||
SVB Financial Group* | 1,496 | 873,514 | ||||||
Synovus Financial Corp.(a) | 34,782 | 1,730,752 | ||||||
Texas Capital Bancshares, | 10,659 | 668,319 | ||||||
Tompkins Financial Corp.(a) | 187 | 14,878 | ||||||
Towne Bank | 14,212 | 445,973 | ||||||
TriCo Bancshares | 561 | 24,387 | ||||||
TriState Capital Holdings, Inc.* | 4,301 | 135,869 | ||||||
Triumph Bancorp, Inc.* | 561 | 49,076 | ||||||
Truist Financial Corp. | 43,945 | 2,760,625 | ||||||
Trustmark Corp.(a) | 15,708 | 511,767 | ||||||
UMB Financial Corp. | 1,496 | 147,281 | ||||||
Umpqua Holdings Corp. | 56,100 | 1,137,708 | ||||||
United Bankshares, Inc.(a) | 30,294 | 1,070,287 | ||||||
United Community Banks, Inc. | 25,058 | 886,803 | ||||||
Univest Financial Corp. | 5,984 | 180,298 | ||||||
US Bancorp(a) | 44,880 | 2,611,567 | ||||||
Valley National Bancorp(a) | 91,256 | 1,270,283 | ||||||
Veritex Holdings, Inc. | 4,675 | 187,701 | ||||||
Washington Trust Bancorp, | 5,423 | 309,545 | ||||||
Webster Financial Corp.(a) | 20,196 | 1,147,335 | ||||||
Wells Fargo & Co. | 127,721 | 6,871,390 | ||||||
WesBanco, Inc. | 12,903 | 457,927 | ||||||
Westamerica Bancorp(a) | 2,618 | 152,053 | ||||||
Western Alliance Bancorp(a) | 4,114 | 408,068 | ||||||
Wintrust Financial Corp. | 12,716 | 1,247,058 | ||||||
Zions Bancorp NA(a) | 6,358 | 431,200 | ||||||
|
| |||||||
107,468,082 | ||||||||
|
| |||||||
Beverages - 1.1% |
| |||||||
Boston Beer Co., Inc. (The), Class A* | 374 | 157,390 | ||||||
Brown-Forman Corp., Class A(a) | 1,496 | 93,709 | ||||||
Brown-Forman Corp., Class B | 4,488 | 302,626 | ||||||
Celsius Holdings, Inc.* | 561 | 26,776 | ||||||
Coca-Cola Co. (The) | 103,785 | 6,331,923 | ||||||
Coca-Cola Consolidated, Inc. | 935 | 535,755 | ||||||
Constellation Brands, Inc., Class A | 5,049 | 1,200,400 | ||||||
Keurig Dr Pepper, Inc. | 26,367 | 1,000,628 | ||||||
Molson Coors Beverage Co., Class B(a) | 6,919 | 329,759 | ||||||
Monster Beverage Corp.* | 9,537 | 827,049 | ||||||
National Beverage Corp.(a) | 1,122 | 50,120 | ||||||
PepsiCo, Inc. | 36,839 | 6,392,303 | ||||||
Vintage Wine Estates, Inc.* | 1,309 | 11,140 | ||||||
Zevia PBC, Class A*(a) | 7,106 | 56,848 | ||||||
|
| |||||||
17,316,426 | ||||||||
|
| |||||||
Biotechnology - 2.3% |
| |||||||
4D Molecular Therapeutics, Inc.* | 2,244 | 35,455 | ||||||
AbbVie, Inc. | 58,157 | 7,961,112 | ||||||
ACADIA Pharmaceuticals, | 9,350 | 210,282 | ||||||
Acumen Pharmaceuticals, | 5,236 | 26,808 | ||||||
Agenus, Inc.* | 57,035 | 157,417 | ||||||
Agios Pharmaceuticals, Inc.*(a) | 187 | 5,776 | ||||||
Akebia Therapeutics, Inc.*(a) | 10,846 | 21,584 | ||||||
Alaunos Therapeutics, Inc.*(a) | 18,887 | 20,398 |
Investments | Shares | Value ($) | ||||||
Aldeyra Therapeutics, Inc.* | 187 | 686 | ||||||
Alector, Inc.*(a) | 5,236 | 83,043 | ||||||
Alkermes plc* | 5,984 | 152,592 | ||||||
Allakos, Inc.*(a) | 748 | 5,056 | ||||||
Allogene Therapeutics, Inc.*(a) | 19,074 | 218,397 | ||||||
Alnylam Pharmaceuticals, Inc.* | 3,553 | 488,893 | ||||||
Altimmune, Inc.*(a) | 187 | 1,509 | ||||||
Amgen, Inc. | 17,952 | 4,077,617 | ||||||
Amicus Therapeutics, Inc.*(a) | 7,293 | 68,627 | ||||||
Anavex Life Sciences Corp.*(a) | 5,610 | 73,379 | ||||||
Anika Therapeutics, Inc.* | 374 | 11,893 | ||||||
Apellis Pharmaceuticals, Inc.*(a) | 3,740 | 150,610 | ||||||
Arcturus Therapeutics Holdings, Inc.*(a) | 935 | 24,432 | ||||||
Arcus Biosciences, Inc.*(a) | 1,683 | 51,836 | ||||||
Arena Pharmaceuticals, Inc.* | 2,618 | 240,804 | ||||||
Arrowhead Pharmaceuticals, Inc.* | 4,862 | 256,519 | ||||||
Atara Biotherapeutics, Inc.*(a) | 187 | 2,872 | ||||||
Atossa Therapeutics, Inc.*(a) | 7,854 | 10,760 | ||||||
Avid Bioservices, Inc.*(a) | 1,496 | 28,230 | ||||||
Avidity Biosciences, Inc.*(a) | 2,244 | 37,295 | ||||||
Avita Medical, Inc.*(a) | 5,236 | 50,632 | ||||||
Beam Therapeutics, Inc.*(a) | 1,309 | 90,596 | ||||||
BioCryst Pharmaceuticals, Inc.*(a) | 15,708 | 242,689 | ||||||
Biogen, Inc.* | 4,488 | 1,014,288 | ||||||
BioMarin Pharmaceutical, Inc.* | 3,927 | 348,050 | ||||||
Bioxcel Therapeutics, Inc.* | 5,797 | 97,969 | ||||||
Bluebird Bio, Inc.* | 5,797 | 45,738 | ||||||
Blueprint Medicines Corp.*(a) | 2,057 | 158,595 | ||||||
Bolt Biotherapeutics, Inc.*(a) | 8,976 | 34,468 | ||||||
Bridgebio Pharma, Inc.*(a) | 4,114 | 40,605 | ||||||
CareDx, Inc.* | 2,618 | 109,432 | ||||||
Caribou Biosciences, Inc.* | 1,309 | 14,046 | ||||||
Catalyst Pharmaceuticals, Inc.* | 16,830 | 96,941 | ||||||
Celldex Therapeutics, Inc.* | 1,496 | 46,391 | ||||||
CEL-SCI Corp.*(a) | 11,407 | 68,898 | ||||||
ChemoCentryx, Inc.*(a) | 2,431 | 65,370 | ||||||
Clovis Oncology, Inc.*(a) | 13,464 | 27,467 | ||||||
Coherus Biosciences, Inc.*(a) | 8,041 | 99,387 | ||||||
Crinetics Pharmaceuticals, Inc.* | 5,236 | 98,908 | ||||||
CRISPR Therapeutics AG*(a) | 3,740 | 238,425 | ||||||
Cue Biopharma, Inc.*(a) | 2,992 | 22,111 | ||||||
Curis, Inc.* | 187 | 597 | ||||||
Cytokinetics, Inc.*(a) | 3,366 | 111,718 | ||||||
CytomX Therapeutics, Inc.*(a) | 15,521 | 71,397 | ||||||
Deciphera Pharmaceuticals, Inc.*(a) | 3,179 | 26,799 | ||||||
Denali Therapeutics, Inc.*(a) | 22,253 | 761,498 | ||||||
Design Therapeutics, Inc.* | 935 | 11,818 | ||||||
Dynavax Technologies Corp.*(a) | 748 | 9,702 | ||||||
Eagle Pharmaceuticals, Inc.*(a) | 1,683 | 77,317 | ||||||
Editas Medicine, Inc.*(a) | 1,496 | 28,484 | ||||||
Emergent BioSolutions, Inc.*(a) | 11,220 | 525,096 | ||||||
Enanta Pharmaceuticals, Inc.* | 1,870 | 111,115 | ||||||
Epizyme, Inc.*(a) | 26,180 | 32,201 | ||||||
Evelo Biosciences, Inc.*(a) | 1,496 | 7,046 | ||||||
Exact Sciences Corp.*(a) | 4,675 | 356,983 | ||||||
Exelixis, Inc.* | 14,399 | 260,622 | ||||||
Fate Therapeutics, Inc.*(a) | 4,114 | 170,772 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
FibroGen, Inc.*(a) | 3,366 | 50,793 | ||||||
Fortress Biotech, Inc.*(a) | 5,049 | 10,552 | ||||||
G1 Therapeutics, Inc.*(a) | 4,675 | 47,124 | ||||||
Geron Corp.*(a) | 16,269 | 18,221 | ||||||
Gilead Sciences, Inc. | 39,644 | 2,722,750 | ||||||
Global Blood Therapeutics, Inc.* | 3,740 | 107,899 | ||||||
Gossamer Bio, Inc.*(a) | 1,309 | 12,553 | ||||||
Gritstone bio, Inc.*(a) | 5,049 | 27,568 | ||||||
Halozyme Therapeutics, Inc.*(a) | 6,545 | 226,522 | ||||||
Heron Therapeutics, Inc.*(a) | 374 | 3,258 | ||||||
Homology Medicines, Inc.*(a) | 17,952 | 66,781 | ||||||
Horizon Therapeutics plc*(a) | 6,732 | 628,298 | ||||||
Immuneering Corp., Class A*(a) | 748 | 7,480 | ||||||
ImmunoGen, Inc.*(a) | 21,879 | 123,616 | ||||||
Incyte Corp.* | 4,301 | 319,693 | ||||||
Inhibrx, Inc.* | 561 | 14,900 | ||||||
Insmed, Inc.*(a) | 6,358 | 144,199 | ||||||
Intellia Therapeutics, Inc.*(a) | 2,431 | 229,900 | ||||||
Intercept Pharmaceuticals, Inc.*(a) | 6,919 | 113,402 | ||||||
Invitae Corp.*(a) | 5,423 | 60,955 | ||||||
Ionis Pharmaceuticals, Inc.*(a) | 7,480 | 237,864 | ||||||
Iovance Biotherapeutics, Inc.*(a) | 2,992 | 49,817 | ||||||
Ironwood Pharmaceuticals, Inc.*(a) | 4,488 | 50,041 | ||||||
IVERIC bio, Inc.*(a) | 187 | 2,607 | ||||||
Jounce Therapeutics, Inc.*(a) | 2,057 | 15,386 | ||||||
KalVista Pharmaceuticals, Inc.* | 6,358 | 80,238 | ||||||
Karyopharm Therapeutics, Inc.*(a) | 7,293 | 64,908 | ||||||
Keros Therapeutics, Inc.* | 748 | 34,685 | ||||||
Kiniksa Pharmaceuticals Ltd., | 6,919 | 77,700 | ||||||
Kodiak Sciences, Inc.*(a) | 1,870 | 109,769 | ||||||
Krystal Biotech, Inc.*(a) | 2,244 | 132,396 | ||||||
Kura Oncology, Inc.*(a) | 19,261 | 271,387 | ||||||
Kymera Therapeutics, Inc.*(a) | 187 | 7,854 | ||||||
Lexicon Pharmaceuticals, Inc.*(a) | 3,553 | 11,263 | ||||||
Ligand Pharmaceuticals, Inc.* | 748 | 93,223 | ||||||
MacroGenics, Inc.* | 187 | 2,309 | ||||||
Madrigal Pharmaceuticals, Inc.* | 935 | 53,837 | ||||||
MannKind Corp.*(a) | 7,854 | 29,295 | ||||||
MeiraGTx Holdings plc* | 5,236 | 78,488 | ||||||
Mersana Therapeutics, Inc.*(a) | 10,659 | 50,843 | ||||||
Mirati Therapeutics, Inc.*(a) | 1,309 | 156,164 | ||||||
Moderna, Inc.* | 11,220 | 1,899,883 | ||||||
Myriad Genetics, Inc.*(a) | 3,179 | 83,576 | ||||||
Natera, Inc.* | 1,496 | 105,692 | ||||||
Neurocrine Biosciences, Inc.* | 2,244 | 177,321 | ||||||
Novavax, Inc.*(a) | 2,431 | 227,785 | ||||||
Ocugen, Inc.*(a) | 11,033 | 39,167 | ||||||
OPKO Health, Inc.* | 90,695 | 283,875 | ||||||
Organogenesis Holdings, Inc.*(a) | 1,683 | 12,942 | ||||||
Pieris Pharmaceuticals, Inc.*(a) | 4,114 | 14,975 | ||||||
Precigen, Inc.*(a) | 5,610 | 14,474 | ||||||
Precision BioSciences, Inc.* | 2,618 | 12,488 | ||||||
Protagonist Therapeutics, Inc.* | 1,683 | 49,295 | ||||||
Prothena Corp. plc* | 1,496 | 50,984 | ||||||
PTC Therapeutics, Inc.*(a) | 3,553 | 142,902 | ||||||
Radius Health, Inc.*(a) | 5,423 | 41,106 | ||||||
Recursion Pharmaceuticals, Inc., Class A*(a) | 1,309 | 15,499 |
Investments | Shares | Value ($) | ||||||
Regeneron Pharmaceuticals, Inc.* | 3,553 | 2,162,320 | ||||||
REGENXBIO, Inc.* | 187 | 4,937 | ||||||
Relay Therapeutics, Inc.*(a) | 4,675 | 103,458 | ||||||
REVOLUTION Medicines, Inc.*(a) | 4,301 | 92,558 | ||||||
Rhythm Pharmaceuticals, Inc.*(a) | 4,675 | 34,642 | ||||||
Rigel Pharmaceuticals, Inc.*(a) | 20,196 | 51,702 | ||||||
Rocket Pharmaceuticals, Inc.*(a) | 2,805 | 46,675 | ||||||
Rubius Therapeutics, Inc.*(a) | 935 | 6,311 | ||||||
Sage Therapeutics, Inc.*(a) | 12,903 | 508,636 | ||||||
Sangamo Therapeutics, Inc.* | 3,179 | 19,169 | ||||||
Sarepta Therapeutics, Inc.* | 5,236 | 374,741 | ||||||
Scholar Rock Holding Corp.* | 2,057 | 36,635 | ||||||
Seagen, Inc.* | 3,927 | 528,221 | ||||||
Selecta Biosciences, Inc.*(a) | 374 | 935 | ||||||
Seres Therapeutics, Inc.*(a) | 2,244 | 18,715 | ||||||
Shattuck Labs, Inc.*(a) | 5,236 | 36,181 | ||||||
Sorrento Therapeutics, Inc.*(a) | 1,870 | 6,452 | ||||||
Spero Therapeutics, Inc.*(a) | 2,805 | 33,295 | ||||||
Stoke Therapeutics, Inc.*(a) | 2,805 | 53,155 | ||||||
Surface Oncology, Inc.* | 12,155 | 45,581 | ||||||
Sutro Biopharma, Inc.*(a) | 3,366 | 35,949 | ||||||
TG Therapeutics, Inc.*(a) | 8,041 | 93,034 | ||||||
Travere Therapeutics, Inc.*(a) | 1,870 | 51,425 | ||||||
Twist Bioscience Corp.*(a) | 1,496 | 88,892 | ||||||
Ultragenyx Pharmaceutical, Inc.* | 3,366 | 235,384 | ||||||
United Therapeutics Corp.* | 1,870 | 377,497 | ||||||
Vanda Pharmaceuticals, Inc.*(a) | 1,309 | 19,844 | ||||||
Vaxart, Inc.*(a) | 187 | 926 | ||||||
Veracyte, Inc.*(a) | 3,553 | 108,047 | ||||||
Verastem, Inc.* | 12,529 | 19,169 | ||||||
Vericel Corp.*(a) | 1,683 | 59,881 | ||||||
Vertex Pharmaceuticals, Inc.* | 7,854 | 1,908,915 | ||||||
Viking Therapeutics, Inc.*(a) | 24,123 | 89,496 | ||||||
Vir Biotechnology, Inc.*(a) | 5,236 | 179,752 | ||||||
Xencor, Inc.* | 2,057 | 70,699 | ||||||
Y-mAbs Therapeutics, Inc.*(a) | 4,301 | 42,537 | ||||||
|
| |||||||
37,262,321 | ||||||||
|
| |||||||
Building Products - 0.7% |
| |||||||
A O Smith Corp. | 3,553 | 271,520 | ||||||
AAON, Inc.(a) | 2,618 | 168,207 | ||||||
Advanced Drainage Systems, Inc.(a) | 1,683 | 190,331 | ||||||
Allegion plc | 2,805 | 344,258 | ||||||
American Woodmark Corp.* | 1,683 | 100,862 | ||||||
Apogee Enterprises, Inc.(a) | 3,179 | 141,942 | ||||||
Armstrong World Industries, Inc. | 2,057 | 203,684 | ||||||
AZEK Co., Inc. (The)* | 4,675 | 154,415 | ||||||
Builders FirstSource, Inc.* | 7,293 | 495,851 | ||||||
Carlisle Cos., Inc. | 1,496 | 334,266 | ||||||
Carrier Global Corp. | 24,310 | 1,159,101 | ||||||
Cornerstone Building Brands, | 12,155 | 179,286 | ||||||
Fortune Brands Home & Security, Inc. | 4,301 | 405,025 | ||||||
Gibraltar Industries, Inc.* | 935 | 51,238 | ||||||
Griffon Corp. | 8,228 | 184,225 | ||||||
Insteel Industries, Inc.(a) | 187 | 7,074 | ||||||
JELD-WEN Holding, Inc.* | 18,887 | 445,733 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Johnson Controls International plc | 24,123 | 1,753,018 | ||||||
Lennox International, Inc. | 935 | 265,185 | ||||||
Masco Corp. | 7,480 | 473,708 | ||||||
Masonite International Corp.* | 6,358 | 630,968 | ||||||
Owens Corning | 4,114 | 364,912 | ||||||
PGT Innovations, Inc.*(a) | 5,797 | 110,085 | ||||||
Quanex Building Products Corp.(a) | 4,675 | 101,868 | ||||||
Resideo Technologies, Inc.* | 31,229 | 773,855 | ||||||
Simpson Manufacturing Co., Inc. | 1,683 | 189,826 | ||||||
Trane Technologies plc | 5,984 | 1,035,830 | ||||||
Trex Co., Inc.* | 3,553 | 324,993 | ||||||
UFP Industries, Inc. | 13,838 | 1,105,103 | ||||||
Zurn Water Solutions Corp. | 4,862 | 148,486 | ||||||
|
| |||||||
12,114,855 | ||||||||
|
| |||||||
Capital Markets - 3.1% |
| |||||||
Affiliated Managers Group, Inc. | 10,098 | 1,476,429 | ||||||
Ameriprise Financial, Inc. | 3,927 | 1,195,025 | ||||||
Ares Management Corp.(a) | 3,740 | 298,153 | ||||||
Artisan Partners Asset Management, Inc., Class A | 13,838 | 597,940 | ||||||
AssetMark Financial Holdings, Inc.* | 4,114 | 98,695 | ||||||
B. Riley Financial, Inc.(a) | 3,927 | 241,785 | ||||||
Bank of New York Mellon Corp. (The) | 24,871 | 1,473,856 | ||||||
BGC Partners, Inc., Class A | 68,629 | 289,614 | ||||||
BlackRock, Inc. | 3,927 | 3,231,685 | ||||||
Blackstone, Inc., Class A | 17,952 | 2,369,125 | ||||||
Blucora, Inc.*(a) | 16,082 | 260,850 | ||||||
Brightsphere Investment Group, Inc. | 6,171 | 133,170 | ||||||
Carlyle Group, Inc. (The) | 2,992 | 152,742 | ||||||
Charles Schwab Corp. (The) | 40,579 | 3,558,778 | ||||||
CME Group, Inc. | 9,163 | 2,102,909 | ||||||
Cohen & Steers, Inc.(a) | 748 | 62,480 | ||||||
Coinbase Global, Inc., Class A* | 748 | 142,232 | ||||||
Cowen, Inc., Class A(a) | 8,041 | 254,739 | ||||||
Evercore, Inc., Class A | 8,789 | 1,097,043 | ||||||
FactSet Research Systems, Inc. | 935 | 394,467 | ||||||
Federated Hermes, Inc., Class B | 20,944 | 693,456 | ||||||
Focus Financial Partners, Inc., | 3,927 | 197,764 | ||||||
Franklin Resources, Inc. | 11,033 | 352,725 | ||||||
Goldman Sachs Group, Inc. (The) | 11,033 | 3,913,184 | ||||||
Hamilton Lane, Inc., Class A(a) | 2,618 | 236,824 | ||||||
Houlihan Lokey, Inc. | 1,870 | 198,744 | ||||||
Interactive Brokers Group, Inc., Class A | 3,366 | 229,528 | ||||||
Intercontinental Exchange, Inc. | 15,521 | 1,965,890 | ||||||
Invesco Ltd. | 14,773 | 334,756 | ||||||
Janus Henderson Group plc | 39,083 | 1,442,163 | ||||||
Jefferies Financial Group, Inc. | 8,602 | 315,177 | ||||||
KKR & Co., Inc. | 15,708 | 1,117,781 | ||||||
LPL Financial Holdings, Inc.(a) | 2,618 | 451,134 | ||||||
MarketAxess Holdings, Inc.(a) | 935 | 322,089 | ||||||
Moelis & Co., Class A | 1,683 | 95,039 | ||||||
Moodys Corp.(a) | 4,488 | 1,539,384 | ||||||
Morgan Stanley | 47,498 | 4,870,445 |
Investments | Shares | Value ($) | ||||||
Morningstar, Inc. | 561 | 161,237 | ||||||
MSCI, Inc. | 2,057 | 1,102,799 | ||||||
Nasdaq, Inc. | 2,992 | 536,196 | ||||||
Northern Trust Corp.(b) | 6,171 | 719,785 | ||||||
Open Lending Corp., Class A*(a) | 1,309 | 24,858 | ||||||
Oppenheimer Holdings, Inc., Class A | 374 | 15,854 | ||||||
Piper Sandler Cos. | 3,366 | 519,105 | ||||||
PJT Partners, Inc., Class A | 374 | 25,926 | ||||||
Raymond James Financial, Inc.(a) | 5,797 | 613,728 | ||||||
S&P Global, Inc. | 6,545 | 2,717,615 | ||||||
Sculptor Capital Management, Inc. | 561 | 10,996 | ||||||
SEI Investments Co.(a) | 3,179 | 186,321 | ||||||
State Street Corp. | 11,407 | 1,077,962 | ||||||
StepStone Group, Inc., Class A(a) | 374 | 13,094 | ||||||
Stifel Financial Corp.(a) | 23,749 | 1,778,800 | ||||||
StoneX Group, Inc.*(a) | 4,862 | 318,996 | ||||||
T. Rowe Price Group, Inc.(a) | 7,293 | 1,126,258 | ||||||
Tradeweb Markets, Inc., Class A(a) | 3,553 | 301,188 | ||||||
Victory Capital Holdings, Inc., Class A | 1,496 | 48,874 | ||||||
Virtu Financial, Inc., Class A | 20,570 | 636,230 | ||||||
Virtus Investment Partners, Inc. | 1,496 | 391,473 | ||||||
WisdomTree Investments, Inc.(a) | 18,887 | 105,956 | ||||||
|
| |||||||
50,141,051 | ||||||||
|
| |||||||
Chemicals - 1.8% |
| |||||||
AdvanSix, Inc. | 8,602 | 362,058 | ||||||
Air Products & Chemicals, Inc. | 5,610 | 1,582,693 | ||||||
Albemarle Corp. | 3,179 | 701,732 | ||||||
Amyris, Inc.*(a) | 8,041 | 36,667 | ||||||
Ashland Global Holdings, Inc. | 2,057 | 197,554 | ||||||
Avient Corp. | 2,992 | 148,912 | ||||||
Axalta Coating Systems Ltd.* | 9,537 | 282,391 | ||||||
Balchem Corp.(a) | 2,057 | 302,256 | ||||||
Cabot Corp. | 13,090 | 719,819 | ||||||
Celanese Corp. | 3,740 | 582,355 | ||||||
CF Industries Holdings, Inc. | 8,228 | 566,662 | ||||||
Chase Corp.(a) | 187 | 17,743 | ||||||
Chemours Co. (The) | 39,083 | 1,278,405 | ||||||
Corteva, Inc. | 17,952 | 863,132 | ||||||
Danimer Scientific, Inc.*(a) | 5,797 | 29,043 | ||||||
Dow, Inc. | 22,440 | 1,340,341 | ||||||
DuPont de Nemours, Inc. | 16,643 | 1,274,854 | ||||||
Eastman Chemical Co. | 4,301 | 511,518 | ||||||
Ecolab, Inc. | 6,545 | 1,239,950 | ||||||
Ecovyst, Inc. | 1,309 | 13,391 | ||||||
Element Solutions, Inc. | 14,399 | 323,114 | ||||||
Ferro Corp.* | 6,545 | 142,681 | ||||||
FMC Corp. | 4,301 | 474,701 | ||||||
GCP Applied Technologies, Inc.* | 3,366 | 107,375 | ||||||
Hawkins, Inc.(a) | 561 | 20,936 | ||||||
HB Fuller Co.(a) | 1,683 | 120,789 | ||||||
Huntsman Corp.(a) | 47,872 | 1,715,254 | ||||||
Ingevity Corp.* | 748 | 49,301 | ||||||
Innospec, Inc.(a) | 748 | 69,534 | ||||||
International Flavors & Fragrances, Inc. | 6,358 | 838,747 | ||||||
Koppers Holdings, Inc.*(a) | 6,545 | 195,565 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Kraton Corp.* | 3,366 | 156,115 | ||||||
Kronos Worldwide, Inc.(a) | 4,675 | 67,086 | ||||||
Linde plc | 13,651 | 4,350,301 | ||||||
Livent Corp.*(a) | 7,854 | 180,720 | ||||||
Loop Industries, Inc.*(a) | 7,480 | 60,289 | ||||||
LyondellBasell Industries NV, Class A | 8,415 | 813,983 | ||||||
Minerals Technologies, Inc. | 8,228 | 575,713 | ||||||
Mosaic Co. (The) | 9,724 | 388,474 | ||||||
NewMarket Corp.(a) | 1,870 | 632,191 | ||||||
Olin Corp. | 6,171 | 312,685 | ||||||
PPG Industries, Inc. | 5,797 | 905,491 | ||||||
Quaker Chemical Corp.(a) | 374 | 78,230 | ||||||
Rayonier Advanced Materials, | 15,147 | 94,366 | ||||||
RPM International, Inc.(a) | 4,301 | 381,112 | ||||||
Scotts Miracle-Gro Co. (The)(a) | 1,309 | 197,921 | ||||||
Sensient Technologies Corp.(a) | 1,309 | 110,925 | ||||||
Sherwin-Williams Co. (The) | 6,358 | 1,821,631 | ||||||
Stepan Co. | 561 | 61,800 | ||||||
Tredegar Corp.(a) | 10,098 | 118,651 | ||||||
Trinseo plc | 8,041 | 430,515 | ||||||
Tronox Holdings plc, Class A(a) | 23,562 | 534,857 | ||||||
Valvoline, Inc. | 6,732 | 221,752 | ||||||
Westlake Chemical Corp.(a) | 187 | 18,448 | ||||||
Zymergen, Inc.*(a) | 2,805 | 14,586 | ||||||
|
| |||||||
28,637,315 | ||||||||
|
| |||||||
Commercial Services & Supplies - 0.6% |
| |||||||
ABM Industries, Inc.(a) | 15,147 | 631,478 | ||||||
ACCO Brands Corp.(a) | 27,676 | 225,283 | ||||||
ACV Auctions, Inc., Class A* | 5,049 | 66,950 | ||||||
ADT, Inc.(a) | 33,660 | 255,479 | ||||||
Brady Corp., Class A | 3,927 | 203,890 | ||||||
BrightView Holdings, Inc.*(a) | 12,155 | 161,297 | ||||||
Brinks Co. (The)(a) | 2,431 | 169,635 | ||||||
Casella Waste Systems, Inc., | 1,496 | 113,666 | ||||||
Cintas Corp. | 2,244 | 878,593 | ||||||
Clean Harbors, Inc.* | 1,683 | 155,762 | ||||||
Copart, Inc.* | 5,423 | 700,923 | ||||||
CoreCivic, Inc., REIT*(a) | 29,172 | 294,929 | ||||||
Deluxe Corp.(a) | 10,472 | 315,207 | ||||||
Driven Brands Holdings, Inc.* | 3,553 | 100,372 | ||||||
Harsco Corp.*(a) | 2,992 | 46,974 | ||||||
Healthcare Services Group, Inc.(a) | 5,423 | 98,644 | ||||||
HNI Corp.(a) | 3,740 | 156,856 | ||||||
IAA, Inc.*(a) | 2,057 | 94,478 | ||||||
Interface, Inc.(a) | 8,415 | 111,583 | ||||||
KAR Auction Services, Inc.*(a) | 31,229 | 444,076 | ||||||
Kimball International, Inc., Class B | 9,724 | 95,490 | ||||||
Matthews International Corp., Class A | 5,610 | 197,023 | ||||||
MillerKnoll, Inc.(a) | 17,205 | 664,439 | ||||||
Montrose Environmental Group, Inc.*(a) | 187 | 8,559 | ||||||
MSA Safety, Inc.(a) | 1,309 | 179,857 | ||||||
Pitney Bowes, Inc.(a) | 18,887 | 116,344 | ||||||
Republic Services, Inc. | 5,610 | 716,173 |
Investments | Shares | Value ($) | ||||||
Rollins, Inc.(a) | 4,862 | 149,993 | ||||||
RR Donnelley & Sons Co.* | 11,220 | 123,644 | ||||||
Shapeways Holdings, Inc.*(a) | 9,350 | 29,920 | ||||||
SP Plus Corp.*(a) | 4,301 | 121,202 | ||||||
Steelcase, Inc., Class A | 8,228 | 101,534 | ||||||
Stericycle, Inc.*(a) | 3,179 | 186,734 | ||||||
Tetra Tech, Inc. | 1,870 | 260,285 | ||||||
UniFirst Corp.(a) | 561 | 106,640 | ||||||
US Ecology, Inc.*(a) | 374 | 10,689 | ||||||
Viad Corp.*(a) | 2,431 | 91,576 | ||||||
Waste Management, Inc. | 10,098 | 1,519,143 | ||||||
|
| |||||||
9,905,320 | ||||||||
|
| |||||||
Communications Equipment - 0.9% |
| |||||||
ADTRAN, Inc.(a) | 4,114 | 79,030 | ||||||
Arista Networks, Inc.* | 5,423 | 674,133 | ||||||
CalAmp Corp.* | 187 | 1,111 | ||||||
Calix, Inc.* | 3,927 | 197,450 | ||||||
Cambium Networks Corp.* | 561 | 13,565 | ||||||
Casa Systems, Inc.*(a) | 4,862 | 21,539 | ||||||
Ciena Corp.* | 3,927 | 260,399 | ||||||
Cisco Systems, Inc. | 138,380 | 7,703,615 | ||||||
CommScope Holding Co., Inc.* | 46,563 | 437,227 | ||||||
Comtech Telecommunications | 4,862 | 98,844 | ||||||
Digi International, Inc.* | 3,740 | 83,552 | ||||||
Extreme Networks, Inc.* | 12,529 | 158,993 | ||||||
F5, Inc.*(a) | 1,496 | 310,600 | ||||||
Harmonic, Inc.*(a) | 2,805 | 30,182 | ||||||
Infinera Corp.*(a) | 7,293 | 61,407 | ||||||
Inseego Corp.*(a) | 5,049 | 23,023 | ||||||
Juniper Networks, Inc. | 12,903 | 449,282 | ||||||
Lumentum Holdings, Inc.*(a) | 18,139 | 1,840,746 | ||||||
Motorola Solutions, Inc. | 4,675 | 1,084,319 | ||||||
NETGEAR, Inc.* | 7,667 | 212,146 | ||||||
NetScout Systems, Inc.*(a) | 15,334 | 483,788 | ||||||
Plantronics, Inc.*(a) | 8,976 | 239,210 | ||||||
Ribbon Communications, Inc.* | 28,611 | 128,749 | ||||||
Viasat, Inc.*(a) | 3,366 | 148,171 | ||||||
Viavi Solutions, Inc.*(a) | 16,830 | 277,022 | ||||||
|
| |||||||
15,018,103 | ||||||||
|
| |||||||
Construction & Engineering - 0.3% |
| |||||||
AECOM | 5,797 | 400,747 | ||||||
Ameresco, Inc., Class A* | 1,309 | 66,249 | ||||||
API Group Corp.*(a) | 13,464 | 300,247 | ||||||
Arcosa, Inc.(a) | 1,496 | 69,803 | ||||||
Argan, Inc. | 1,870 | 69,471 | ||||||
Comfort Systems USA, Inc.(a) | 2,618 | 235,044 | ||||||
Construction Partners, Inc., | 935 | 24,534 | ||||||
Dycom Industries, Inc.* | 1,496 | 126,098 | ||||||
EMCOR Group, Inc. | 3,366 | 401,261 | ||||||
Fluor Corp.*(a) | 4,114 | 86,559 | ||||||
Granite Construction, Inc.(a) | 3,740 | 134,565 | ||||||
Great Lakes Dredge & Dock Corp.* | 8,602 | 117,761 | ||||||
Infrastructure and Energy Alternatives, Inc.* | 2,431 | 21,928 | ||||||
MasTec, Inc.*(a) | 12,716 | 1,095,229 | ||||||
MYR Group, Inc.* | 1,683 | 158,252 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Primoris Services Corp.(a) | 11,407 | 293,388 | ||||||
Quanta Services, Inc. | 4,488 | 461,007 | ||||||
Sterling Construction Co., Inc.* | 6,545 | 166,308 | ||||||
Tutor Perini Corp.* | 3,553 | 42,281 | ||||||
Valmont Industries, Inc.(a) | 748 | 162,488 | ||||||
WillScot Mobile Mini Holdings Corp.*(a) | 12,903 | 477,927 | ||||||
|
| |||||||
4,911,147 | ||||||||
|
| |||||||
Construction Materials - 0.1% |
| |||||||
Eagle Materials, Inc.(a) | 1,870 | 272,740 | ||||||
Forterra, Inc.*(a) | 4,675 | 109,722 | ||||||
Martin Marietta Materials, Inc. | 1,683 | 654,889 | ||||||
Summit Materials, Inc., Class A*(a) | 5,423 | 192,842 | ||||||
Vulcan Materials Co. | 3,366 | 640,583 | ||||||
|
| |||||||
1,870,776 | ||||||||
|
| |||||||
Consumer Finance - 0.9% |
| |||||||
Ally Financial, Inc. | 13,090 | 624,655 | ||||||
American Express Co. | 17,017 | 3,059,997 | ||||||
Atlanticus Holdings Corp.* | 561 | 36,078 | ||||||
Capital One Financial Corp. | 14,399 | 2,112,765 | ||||||
Credit Acceptance Corp.*(a) | 374 | 201,795 | ||||||
Curo Group Holdings Corp.(a) | 3,927 | 56,274 | ||||||
Discover Financial Services | 9,537 | 1,103,908 | ||||||
Encore Capital Group, Inc.*(a) | 7,293 | 470,399 | ||||||
Enova International, Inc.*(a) | 8,041 | 323,891 | ||||||
EZCORP, Inc., Class A*(a) | 2,431 | 14,513 | ||||||
FirstCash Holdings, Inc. | 1,496 | 104,271 | ||||||
Green Dot Corp., Class A* | 2,618 | 83,017 | ||||||
LendingClub Corp.*(a) | 8,041 | 150,849 | ||||||
LendingTree, Inc.* | 561 | 68,352 | ||||||
Moneylion, Inc.*(a) | 18,700 | 48,059 | ||||||
Navient Corp. | 35,904 | 625,807 | ||||||
Nelnet, Inc., Class A(a) | 4,675 | 413,878 | ||||||
OneMain Holdings, Inc. | 25,058 | 1,294,496 | ||||||
PRA Group, Inc.*(a) | 11,594 | 539,121 | ||||||
PROG Holdings, Inc.*(a) | 15,334 | 610,447 | ||||||
Regional Management Corp. | 748 | 37,969 | ||||||
SLM Corp. | 74,613 | 1,368,402 | ||||||
SoFi Technologies, Inc.*(a) | 16,082 | 200,703 | ||||||
Synchrony Financial | 16,082 | 684,932 | ||||||
Upstart Holdings, Inc.*(a) | 748 | 81,539 | ||||||
World Acceptance Corp.* | 374 | 70,679 | ||||||
|
| |||||||
14,386,796 | ||||||||
|
| |||||||
Containers & Packaging - 0.6% |
| |||||||
Amcor plc(a) | 52,360 | 628,844 | ||||||
AptarGroup, Inc. | 1,496 | 175,481 | ||||||
Avery Dennison Corp. | 1,870 | 384,135 | ||||||
Ball Corp.(a) | 8,415 | 817,096 | ||||||
Berry Global Group, Inc.* | 5,610 | 378,226 | ||||||
Crown Holdings, Inc. | 4,862 | 556,213 | ||||||
Graphic Packaging Holding Co. | 63,393 | 1,198,762 | ||||||
Greif, Inc., Class A(a) | 6,171 | 365,076 | ||||||
International Paper Co. | 12,342 | 595,502 | ||||||
Myers Industries, Inc. | 187 | 3,379 | ||||||
O-I Glass, Inc.*(a) | 31,603 | 420,636 | ||||||
Packaging Corp. of America | 3,179 | 478,853 | ||||||
Ranpak Holdings Corp.*(a) | 4,301 | 115,525 | ||||||
Sealed Air Corp. | 6,171 | 419,134 |
Investments | Shares | Value ($) | ||||||
Silgan Holdings, Inc.(a) | 18,139 | 812,264 | ||||||
Sonoco Products Co. | 22,066 | 1,249,818 | ||||||
TriMas Corp. | 1,496 | 52,001 | ||||||
Westrock Co. | 9,163 | 422,964 | ||||||
|
| |||||||
9,073,909 | ||||||||
|
| |||||||
Distributors - 0.1% |
| |||||||
Funko, Inc., Class A* | 4,301 | 74,321 | ||||||
Genuine Parts Co. | 4,675 | 622,850 | ||||||
LKQ Corp. | 10,098 | 554,279 | ||||||
Pool Corp. | 935 | 445,294 | ||||||
|
| |||||||
1,696,744 | ||||||||
|
| |||||||
Diversified Consumer Services - 0.3% |
| |||||||
2U, Inc.*(a) | 5,610 | 90,545 | ||||||
Adtalem Global Education, Inc.*(a) | 11,968 | 352,099 | ||||||
American Public Education, Inc.* | 2,244 | 47,999 | ||||||
Beachbody Co., Inc. (The)*(a) | 17,578 | 31,992 | ||||||
Bright Horizons Family Solutions, Inc.*(a) | 1,309 | 168,089 | ||||||
Chegg, Inc.* | 4,301 | 113,847 | ||||||
Coursera, Inc.* | 935 | 18,990 | ||||||
Duolingo, Inc.*(a) | 561 | 56,106 | ||||||
frontdoor, Inc.* | 4,675 | 169,702 | ||||||
Graham Holdings Co., Class B(a) | 935 | 556,437 | ||||||
Grand Canyon Education, Inc.*(a) | 8,976 | 751,112 | ||||||
H&R Block, Inc.(a) | 43,758 | 1,000,308 | ||||||
Houghton Mifflin Harcourt Co.* | 11,781 | 212,176 | ||||||
Laureate Education, Inc., Class A | 13,090 | 165,588 | ||||||
OneSpaWorld Holdings Ltd.*(a) | 9,537 | 98,422 | ||||||
Perdoceo Education Corp.* | 13,090 | 144,252 | ||||||
PowerSchool Holdings, Inc., | 2,244 | 36,757 | ||||||
Service Corp. International | 4,862 | 300,083 | ||||||
Stride, Inc.*(a) | 11,968 | 419,718 | ||||||
Terminix Global Holdings, Inc.*(a) | 4,114 | 177,478 | ||||||
Udemy, Inc.* | 1,496 | 24,235 | ||||||
Vivint Smart Home, Inc.*(a) | 3,927 | 28,274 | ||||||
WW International, Inc.*(a) | 14,025 | 176,715 | ||||||
|
| |||||||
5,140,924 | ||||||||
|
| |||||||
Diversified Financial Services - 1.3% |
| |||||||
A-Mark Precious Metals, Inc.(a) | 1,496 | 92,602 | ||||||
Apollo Global Management, Inc.(a) | 11,252 | 787,640 | ||||||
Berkshire Hathaway, Inc., Class B* | 59,840 | 18,731,117 | ||||||
Cannae Holdings, Inc.*(a) | 19,822 | 592,083 | ||||||
Compass Diversified Holdings | 374 | 9,410 | ||||||
Equitable Holdings, Inc. | 14,773 | 496,964 | ||||||
Jackson Financial, Inc., Class A(a) | 20,196 | 774,920 | ||||||
Voya Financial, Inc.(a) | 4,862 | 330,422 | ||||||
|
| |||||||
21,815,158 | ||||||||
|
| |||||||
Diversified Telecommunication Services - 0.9% |
| |||||||
Anterix, Inc.* | 187 | 9,586 | ||||||
AT&T, Inc. | 228,140 | 5,817,570 | ||||||
Bandwidth, Inc., Class A*(a) | 187 | 11,708 | ||||||
Cogent Communications Holdings, Inc.(a) | 3,179 | 202,216 | ||||||
Consolidated Communications Holdings, Inc.*(a) | 14,212 | 102,184 | ||||||
EchoStar Corp., Class A* | 8,602 | 203,781 | ||||||
Globalstar, Inc.*(a) | 22,253 | 23,811 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
IDT Corp., Class B*(a) | 3,366 | 126,326 | ||||||
Iridium Communications, Inc.*(a) | 7,480 | 268,382 | ||||||
Liberty Latin America Ltd., Class A* | 8,976 | 98,198 | ||||||
Liberty Latin America Ltd., Class C* | 40,766 | 440,681 | ||||||
Lumen Technologies, Inc.(a) | 27,676 | 342,075 | ||||||
Ooma, Inc.* | 935 | 16,867 | ||||||
Verizon Communications, Inc. | 132,770 | 7,067,347 | ||||||
|
| |||||||
14,730,732 | ||||||||
|
| |||||||
Electric Utilities - 1.4% | ||||||||
ALLETE, Inc. | 3,927 | 250,660 | ||||||
Alliant Energy Corp. | 7,854 | 470,141 | ||||||
American Electric Power Co., Inc. | 16,456 | 1,487,622 | ||||||
Avangrid, Inc.(a) | 748 | 34,947 | ||||||
Duke Energy Corp. | 24,871 | 2,612,947 | ||||||
Edison International | 11,033 | 692,762 | ||||||
Entergy Corp. | 5,984 | 668,832 | ||||||
Evergy, Inc. | 6,171 | 400,868 | ||||||
Eversource Energy | 9,537 | 853,466 | ||||||
Exelon Corp. | 31,977 | 1,853,067 | ||||||
FirstEnergy Corp. | 18,326 | 768,959 | ||||||
Hawaiian Electric Industries, | 6,732 | 286,110 | ||||||
IDACORP, Inc.(a) | 2,992 | 329,778 | ||||||
MGE Energy, Inc.(a) | 1,122 | 86,877 | ||||||
NextEra Energy, Inc. | 51,799 | 4,046,538 | ||||||
NRG Energy, Inc.(a) | 9,537 | 380,812 | ||||||
OGE Energy Corp. | 45,628 | 1,730,214 | ||||||
Otter Tail Corp. | 935 | 59,279 | ||||||
PG&E Corp.*(a) | 42,262 | 540,531 | ||||||
Pinnacle West Capital Corp. | 2,992 | 208,273 | ||||||
PNM Resources, Inc.(a) | 2,431 | 108,933 | ||||||
Portland General Electric Co. | 23,001 | 1,208,473 | ||||||
PPL Corp. | 24,684 | 732,621 | ||||||
Southern Co. (The) | 35,156 | 2,442,990 | ||||||
Xcel Energy, Inc. | 15,334 | 1,068,167 | ||||||
|
| |||||||
23,323,867 | ||||||||
|
| |||||||
Electrical Equipment - 0.7% | ||||||||
Acuity Brands, Inc. | 2,244 | 429,793 | ||||||
American Superconductor Corp.*(a) | 187 | 1,533 | ||||||
AMETEK, Inc. | 5,423 | 741,704 | ||||||
Array Technologies, Inc.*(a) | 5,984 | 63,071 | ||||||
Atkore, Inc.*(a) | 11,594 | 1,249,601 | ||||||
AZZ, Inc. | 2,618 | 124,564 | ||||||
Blink Charging Co.*(a) | 2,057 | 43,012 | ||||||
Bloom Energy Corp., Class A*(a) | 7,480 | 112,798 | ||||||
Eaton Corp. plc | 11,033 | 1,747,958 | ||||||
Emerson Electric Co. | 19,822 | 1,822,633 | ||||||
Encore Wire Corp. | 4,301 | 484,680 | ||||||
EnerSys(a) | 1,122 | 84,071 | ||||||
Eos Energy Enterprises, Inc.*(a) | 3,927 | 16,258 | ||||||
Fluence Energy, Inc.* | 7,293 | 136,379 | ||||||
FTC Solar, Inc.*(a) | 2,618 | 11,048 | ||||||
FuelCell Energy, Inc.*(a) | 19,822 | 84,045 | ||||||
Generac Holdings, Inc.* | 1,683 | 475,246 | ||||||
GrafTech International Ltd.(a) | 40,766 | 427,228 |
Investments | Shares | Value ($) | ||||||
Hubbell, Inc. | 1,309 | 245,163 | ||||||
nVent Electric plc | 10,659 | 368,695 | ||||||
Plug Power, Inc.*(a) | 16,456 | 359,893 | ||||||
Regal Rexnord Corp. | 2,244 | 355,629 | ||||||
Rockwell Automation, Inc.(a) | 2,992 | 865,346 | ||||||
Romeo Power, Inc.*(a) | 8,041 | 18,977 | ||||||
Sensata Technologies Holding plc*(a) | 4,301 | 246,705 | ||||||
Shoals Technologies Group, Inc., Class A* | 2,057 | 34,681 | ||||||
Sunrun, Inc.*(a) | 5,236 | 135,770 | ||||||
TPI Composites, Inc.* | 2,992 | 36,113 | ||||||
Vertiv Holdings Co.(a) | 4,675 | 97,521 | ||||||
Vicor Corp.* | 748 | 70,559 | ||||||
|
| |||||||
10,890,674 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 1.2% |
| |||||||
Advanced Energy Industries, Inc.(a) | 2,805 | 241,735 | ||||||
Aeva Technologies, Inc.*(a) | 22,253 | 116,383 | ||||||
Akoustis Technologies, Inc.*(a) | 4,301 | 26,021 | ||||||
Alpine 4 Holdings, Inc.*(a) | 5,423 | 8,677 | ||||||
Amphenol Corp., Class A | 16,456 | 1,309,733 | ||||||
Arlo Technologies, Inc.*(a) | 9,163 | 79,627 | ||||||
Arrow Electronics, Inc.* | 2,992 | 371,008 | ||||||
Avnet, Inc. | 21,692 | 875,489 | ||||||
Badger Meter, Inc.(a) | 935 | 94,594 | ||||||
Belden, Inc. | 3,553 | 198,790 | ||||||
Benchmark Electronics, Inc. | 935 | 22,571 | ||||||
CDW Corp. | 3,366 | 636,342 | ||||||
Cognex Corp. | 4,114 | 273,416 | ||||||
Coherent, Inc.* | 935 | 241,679 | ||||||
Corning, Inc. | 24,310 | 1,021,992 | ||||||
CTS Corp.(a) | 935 | 31,369 | ||||||
ePlus, Inc.*(a) | 2,805 | 128,946 | ||||||
Fabrinet*(a) | 1,309 | 148,127 | ||||||
FARO Technologies, Inc.* | 374 | 20,312 | ||||||
Flex Ltd.* | 18,887 | 305,592 | ||||||
II-VI, Inc.*(a) | 24,310 | 1,541,254 | ||||||
Insight Enterprises, Inc.* | 8,602 | 809,878 | ||||||
IPG Photonics Corp.*(a) | 935 | 144,430 | ||||||
Itron, Inc.* | 2,057 | 127,534 | ||||||
Jabil, Inc. | 5,984 | 367,956 | ||||||
Keysight Technologies, Inc.* | 4,862 | 820,803 | ||||||
Kimball Electronics, Inc.*(a) | 9,911 | 196,139 | ||||||
Knowles Corp.*(a) | 2,805 | 59,494 | ||||||
Lightwave Logic, Inc.*(a) | 935 | 6,741 | ||||||
Littelfuse, Inc. | 935 | 252,422 | ||||||
Methode Electronics, Inc.(a) | 10,098 | 444,615 | ||||||
MicroVision, Inc.*(a) | 8,415 | 28,695 | ||||||
National Instruments Corp. | 4,675 | 192,704 | ||||||
nLight, Inc.*(a) | 1,122 | 23,214 | ||||||
Novanta, Inc.* | 2,057 | 284,072 | ||||||
OSI Systems, Inc.* | 561 | 46,529 | ||||||
PC Connection, Inc.(a) | 748 | 32,426 | ||||||
Plexus Corp.*(a) | 7,667 | 594,346 | ||||||
Rogers Corp.* | 561 | 153,125 | ||||||
Sanmina Corp.* | 16,269 | 615,294 | ||||||
ScanSource, Inc.*(a) | 4,301 | 134,105 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
TD SYNNEX Corp.(a) | 9,163 | 958,175 | ||||||
TE Connectivity Ltd. | 8,976 | 1,283,658 | ||||||
Teledyne Technologies, Inc.* | 1,496 | 630,459 | ||||||
Trimble, Inc.* | 6,732 | 485,781 | ||||||
TTM Technologies, Inc.*(a) | 22,627 | 304,559 | ||||||
Velodyne Lidar, Inc.*(a) | 374 | 1,462 | ||||||
Vishay Intertechnology, Inc.(a) | 27,676 | 573,170 | ||||||
Vontier Corp. | 37,774 | 1,061,827 | ||||||
Zebra Technologies Corp., Class A* | 1,309 | 666,438 | ||||||
|
| |||||||
18,993,708 | ||||||||
|
| |||||||
Energy Equipment & Services - 0.5% |
| |||||||
Archrock, Inc.(a) | 14,025 | 118,371 | ||||||
Baker Hughes Co. | 24,871 | 682,460 | ||||||
Cactus, Inc., Class A(a) | 5,236 | 253,737 | ||||||
ChampionX Corp.*(a) | 14,025 | 314,160 | ||||||
Core Laboratories NV | 2,431 | 64,835 | ||||||
DMC Global, Inc.*(a) | 748 | 30,174 | ||||||
Dril-Quip, Inc.*(a) | 187 | 4,729 | ||||||
FTS International, Inc., Class A* | 1,496 | 39,420 | ||||||
Halliburton Co. | 19,822 | 609,328 | ||||||
Helix Energy Solutions Group, Inc.*(a) | 41,514 | 146,544 | ||||||
Helmerich & Payne, Inc.(a) | 8,976 | 257,611 | ||||||
Liberty Oilfield Services, Inc., Class A*(a) | 8,228 | 99,559 | ||||||
Nabors Industries Ltd.*(a) | 1,683 | 174,234 | ||||||
Newpark Resources, Inc.*(a) | 16,082 | 57,091 | ||||||
NexTier Oilfield Solutions, Inc.* | 32,164 | 193,627 | ||||||
Noble Corp.*(a) | 13,277 | 327,809 | ||||||
NOV, Inc. | 87,142 | 1,430,872 | ||||||
Oceaneering International, Inc.*(a) | 12,342 | 160,816 | ||||||
Oil States International, Inc.*(a) | 561 | 3,518 | ||||||
Patterson-UTI Energy, Inc.(a) | 2,805 | 27,938 | ||||||
ProPetro Holding Corp.*(a) | 14,399 | 151,334 | ||||||
RPC, Inc.*(a) | 18,887 | 111,622 | ||||||
Schlumberger NV | 34,034 | 1,329,708 | ||||||
Select Energy Services, Inc., Class A*(a) | 29,359 | 195,825 | ||||||
Transocean Ltd.*(a) | 138,754 | 437,075 | ||||||
US Silica Holdings, Inc.*(a) | 5,797 | 55,361 | ||||||
Weatherford International plc* | 14,399 | 431,970 | ||||||
|
| |||||||
7,709,728 | ||||||||
|
| |||||||
Entertainment - 1.1% | ||||||||
Activision Blizzard, Inc. | 19,448 | 1,536,586 | ||||||
AMC Entertainment Holdings, Inc., Class A*(a) | 10,098 | 162,174 | ||||||
Cinedigm Corp., Class A*(a) | 16,456 | 13,978 | ||||||
Cinemark Holdings, Inc.*(a) | 10,472 | 158,127 | ||||||
CuriosityStream, Inc.*(a) | 5,236 | 23,196 | ||||||
Electronic Arts, Inc. | 7,106 | 942,682 | ||||||
IMAX Corp.* | 2,057 | 35,483 | ||||||
Liberty Media Corp-Liberty Formula One, Class A* | 1,870 | 102,476 | ||||||
Liberty Media Corp-Liberty Formula One, Class C* | 5,797 | 349,153 | ||||||
Lions Gate Entertainment Corp., Class A* | 17,765 | 278,555 |
Investments | Shares | Value ($) | ||||||
Lions Gate Entertainment Corp., Class B* | 34,408 | 501,669 | ||||||
Live Nation Entertainment, Inc.*(a) | 3,553 | 389,089 | ||||||
Madison Square Garden Sports Corp., Class A*(a) | 374 | 62,110 | ||||||
Marcus Corp. (The)*(a) | 5,610 | 94,529 | ||||||
Netflix, Inc.* | 11,781 | 5,032,136 | ||||||
Playtika Holding Corp.*(a) | 3,740 | 63,692 | ||||||
Redbox Entertainment, Inc.*(a) | 2,992 | 15,379 | ||||||
Roku, Inc.*(a) | 3,179 | 521,515 | ||||||
Sciplay Corp., Class A*(a) | 187 | 2,338 | ||||||
Skillz, Inc.*(a) | 16,082 | 77,354 | ||||||
Take-Two Interactive Software, Inc.* | 2,805 | 458,169 | ||||||
Walt Disney Co. (The)* | 47,311 | 6,764,054 | ||||||
Warner Music Group Corp., Class A(a) | 6,545 | 278,163 | ||||||
World Wrestling Entertainment, Inc., Class A(a) | 1,309 | 65,371 | ||||||
Zynga, Inc., Class A* | 29,920 | 271,374 | ||||||
|
| |||||||
18,199,352 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) - 3.2% |
| |||||||
Acadia Realty Trust(a) | 4,114 | 81,416 | ||||||
Agree Realty Corp.(a) | 3,366 | 220,069 | ||||||
Alexander & Baldwin, Inc.(a) | 5,984 | 137,333 | ||||||
Alexanders, Inc.(a) | 187 | 49,231 | ||||||
Alexandria Real Estate Equities, Inc. | 3,366 | 655,831 | ||||||
American Assets Trust, Inc. | 374 | 13,453 | ||||||
American Campus Communities, Inc. | 5,423 | 283,406 | ||||||
American Finance Trust, Inc.(a) | 26,367 | 217,791 | ||||||
American Homes 4 Rent, Class A | 6,732 | 263,423 | ||||||
American Tower Corp. | 12,342 | 3,104,013 | ||||||
Americold Realty Trust | 4,488 | 127,684 | ||||||
Apartment Income REIT Corp.(a) | 5,610 | 296,320 | ||||||
Apple Hospitality REIT, Inc. | 5,236 | 84,457 | ||||||
Armada Hoffler Properties, Inc. | 1,683 | 23,612 | ||||||
Ashford Hospitality Trust, Inc.*(a) | 9,350 | 72,836 | ||||||
AvalonBay Communities, Inc. | 3,740 | 913,420 | ||||||
Bluerock Residential Growth REIT, Inc. | 7,106 | 188,664 | ||||||
Boston Properties, Inc. | 2,992 | 335,343 | ||||||
Braemar Hotels & Resorts, Inc.*(a) | 374 | 2,001 | ||||||
Brandywine Realty Trust(a) | 14,773 | 189,981 | ||||||
Brixmor Property Group, Inc. | 11,407 | 289,281 | ||||||
Camden Property Trust | 2,431 | 389,179 | ||||||
CareTrust REIT, Inc. | 2,431 | 51,561 | ||||||
CatchMark Timber Trust, Inc., | 5,423 | 44,469 | ||||||
Centerspace | 1,496 | 142,688 | ||||||
Chatham Lodging Trust*(a) | 7,667 | 101,741 | ||||||
City Office REIT, Inc.(a) | 6,545 | 116,697 | ||||||
Community Healthcare Trust, Inc. | 1,309 | 59,350 | ||||||
Corporate Office Properties Trust(a) | 8,602 | 217,286 | ||||||
Cousins Properties, Inc.(a) | 5,984 | 230,743 | ||||||
Crown Castle International Corp. | 11,220 | 2,047,762 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
CubeSmart | 7,293 | 370,047 | ||||||
CyrusOne, Inc. | 2,805 | 252,029 | ||||||
DiamondRock Hospitality Co.* | 41,327 | 386,407 | ||||||
Digital Realty Trust, Inc.(a) | 8,041 | 1,199,958 | ||||||
DigitalBridge Group, Inc.*(a) | 25,993 | 189,749 | ||||||
Diversified Healthcare Trust | 85,833 | 261,791 | ||||||
Douglas Emmett, Inc. | 8,041 | 251,040 | ||||||
Duke Realty Corp. | 9,350 | 540,243 | ||||||
EastGroup Properties, Inc. | 2,244 | 448,598 | ||||||
Empire State Realty Trust, Inc., Class A(a) | 10,098 | 90,074 | ||||||
EPR Properties(a) | 5,610 | 246,672 | ||||||
Equinix, Inc. | 2,244 | 1,626,676 | ||||||
Equity Commonwealth* | 2,805 | 73,042 | ||||||
Equity LifeStyle Properties, Inc. | 4,862 | 380,646 | ||||||
Equity Residential | 8,041 | 713,478 | ||||||
Essential Properties Realty Trust, Inc. | 2,992 | 79,438 | ||||||
Essex Property Trust, Inc. | 1,496 | 497,420 | ||||||
Extra Space Storage, Inc. | 3,366 | 667,108 | ||||||
Federal Realty Investment Trust | 2,431 | 309,928 | ||||||
First Industrial Realty Trust, Inc. | 7,854 | 477,366 | ||||||
Four Corners Property Trust, Inc. | 6,732 | 182,235 | ||||||
Franklin Street Properties Corp. | 18,513 | 102,747 | ||||||
Gaming and Leisure Properties, Inc. | 7,293 | 329,498 | ||||||
GEO Group, Inc. (The)*(a) | 32,538 | 218,981 | ||||||
Getty Realty Corp. | 4,675 | 138,707 | ||||||
Global Net Lease, Inc.(a) | 10,846 | 155,532 | ||||||
Healthcare Realty Trust, Inc. | 8,602 | 266,834 | ||||||
Healthcare Trust of America, Inc., Class A | 11,781 | 383,472 | ||||||
Healthpeak Properties, Inc. | 12,903 | 456,379 | ||||||
Hersha Hospitality Trust* | 187 | 1,687 | ||||||
Highwoods Properties, Inc. | 7,106 | 306,411 | ||||||
Host Hotels & Resorts, Inc.* | 17,952 | 311,288 | ||||||
Hudson Pacific Properties, Inc. | 10,285 | 243,035 | ||||||
Independence Realty Trust, Inc. | 2,992 | 68,786 | ||||||
Industrial Logistics Properties Trust | 4,488 | 102,910 | ||||||
Innovative Industrial Properties, Inc. | 935 | 185,308 | ||||||
Invitation Homes, Inc. | 14,212 | 596,620 | ||||||
Iron Mountain, Inc.(a) | 7,480 | 343,482 | ||||||
iStar, Inc.(a) | 6,171 | 132,491 | ||||||
JBG SMITH Properties | 6,545 | 179,333 | ||||||
Kilroy Realty Corp. | 4,675 | 299,200 | ||||||
Kimco Realty Corp. | 19,822 | 480,882 | ||||||
Kite Realty Group Trust | 6,919 | 144,469 | ||||||
Lamar Advertising Co., Class A | 2,992 | 331,394 | ||||||
Life Storage, Inc. | 2,805 | 378,535 | ||||||
LTC Properties, Inc.(a) | 4,114 | 148,392 | ||||||
LXP Industrial Trust(a) | 8,789 | 130,868 | ||||||
Macerich Co. (The)(a) | 15,521 | 256,717 | ||||||
Medical Properties Trust, Inc.(a) | 15,521 | 353,258 | ||||||
Mid-America Apartment Communities, Inc. | 2,992 | 618,387 | ||||||
Monmouth Real Estate Investment Corp. | 3,366 | 70,652 | ||||||
National Health Investors, Inc.(a) | 748 | 43,257 | ||||||
National Retail Properties, Inc.(a) | 6,358 | 282,168 |
Investments | Shares | Value ($) | ||||||
National Storage Affiliates Trust | 2,805 | 172,676 | ||||||
NexPoint Residential Trust, Inc. | 187 | 14,852 | ||||||
Office Properties Income Trust(a) | 15,147 | 385,946 | ||||||
Omega Healthcare Investors, Inc.(a) | 59,092 | 1,860,216 | ||||||
Outfront Media, Inc. | 10,659 | 264,770 | ||||||
Paramount Group, Inc. | 43,197 | 375,382 | ||||||
Park Hotels & Resorts, Inc.*(a) | 53,856 | 980,179 | ||||||
Pebblebrook Hotel Trust | 9,537 | 206,476 | ||||||
Physicians Realty Trust | 13,838 | 252,682 | ||||||
Piedmont Office Realty Trust, Inc., Class A | 10,846 | 192,625 | ||||||
Plymouth Industrial REIT, Inc. | 4,488 | 129,030 | ||||||
PotlatchDeltic Corp. | 14,773 | 794,640 | ||||||
Preferred Apartment Communities, Inc., Class A(a) | 18,139 | 302,559 | ||||||
Prologis, Inc.(a) | 20,009 | 3,137,811 | ||||||
PS Business Parks, Inc. | 561 | 93,665 | ||||||
Public Storage | 4,114 | 1,474,992 | ||||||
Rayonier, Inc.(a) | 8,976 | 327,983 | ||||||
Realty Income Corp. | 13,651 | 947,516 | ||||||
Regency Centers Corp. | 2,992 | 214,676 | ||||||
Retail Opportunity Investments | 7,480 | 138,604 | ||||||
Rexford Industrial Realty, Inc. | 5,049 | 369,435 | ||||||
RLJ Lodging Trust | 2,805 | 38,849 | ||||||
RPT Realty | 9,350 | 117,997 | ||||||
Ryman Hospitality Properties, Inc.* | 3,553 | 314,085 | ||||||
Sabra Health Care REIT, Inc. | 61,149 | 832,238 | ||||||
Safehold, Inc.(a) | 187 | 11,575 | ||||||
SBA Communications Corp. | 2,805 | 912,859 | ||||||
Service Properties Trust | 6,358 | 54,361 | ||||||
Simon Property Group, Inc. | 8,041 | 1,183,635 | ||||||
SITE Centers Corp. | 5,423 | 80,315 | ||||||
SL Green Realty Corp. | 2,570 | 186,402 | ||||||
Spirit Realty Capital, Inc.(a) | 4,488 | 213,000 | ||||||
STAG Industrial, Inc.(a) | 9,163 | 391,535 | ||||||
STORE Capital Corp. | 8,976 | 284,629 | ||||||
Summit Hotel Properties, Inc.*(a) | 10,472 | 98,646 | ||||||
Sun Communities, Inc. | 3,553 | 671,375 | ||||||
Sunstone Hotel Investors, Inc.* | 9,350 | 105,748 | ||||||
Tanger Factory Outlet Centers, | 9,537 | 162,224 | ||||||
Terreno Realty Corp.(a) | 4,301 | 321,586 | ||||||
UDR, Inc. | 8,976 | 510,196 | ||||||
Uniti Group, Inc.(a) | 5,797 | 69,912 | ||||||
Universal Health Realty Income Trust | 1,122 | 65,413 | ||||||
Urban Edge Properties | 5,049 | 92,094 | ||||||
Urstadt Biddle Properties, Inc., | 5,423 | 106,779 | ||||||
Ventas, Inc. | 8,789 | 465,993 | ||||||
VICI Properties, Inc.(a) | 17,391 | 497,730 | ||||||
Vornado Realty Trust(a) | 2,057 | 84,358 | ||||||
Washington REIT | 6,919 | 170,346 | ||||||
Welltower, Inc.(a) | 10,472 | 907,189 | ||||||
Weyerhaeuser Co. | 22,253 | 899,689 | ||||||
Whitestone REIT(a) | 12,342 | 126,012 | ||||||
WP Carey, Inc. | 4,862 | 377,291 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Xenia Hotels & Resorts, Inc.*(a) | 28,985 | 502,600 | ||||||
|
| |||||||
51,750,042 | ||||||||
|
| |||||||
Food & Staples Retailing - 1.3% |
| |||||||
Albertsons Cos., Inc., Class A(a) | 374 | 10,528 | ||||||
Andersons, Inc. (The) | 5,049 | 192,367 | ||||||
BJs Wholesale Club Holdings, Inc.* | 32,912 | 2,023,101 | ||||||
Caseys General Stores, Inc. | 1,496 | 280,964 | ||||||
Chefs Warehouse, Inc. (The)*(a) | 4,301 | 128,342 | ||||||
Costco Wholesale Corp. | 11,781 | 5,950,936 | ||||||
Grocery Outlet Holding Corp.*(a) | 3,179 | 80,683 | ||||||
Ingles Markets, Inc., Class A | 2,431 | 187,017 | ||||||
Kroger Co. (The) | 23,749 | 1,035,219 | ||||||
Performance Food Group Co.* | 5,797 | 244,575 | ||||||
PriceSmart, Inc. | 374 | 26,707 | ||||||
Rite Aid Corp.*(a) | 12,529 | 132,933 | ||||||
SpartanNash Co.(a) | 10,285 | 252,702 | ||||||
Sprouts Farmers Market, Inc.* | 29,546 | 801,878 | ||||||
Sysco Corp. | 13,464 | 1,052,211 | ||||||
United Natural Foods, Inc.*(a) | 15,147 | 587,401 | ||||||
US Foods Holding Corp.* | 8,415 | 296,713 | ||||||
Walgreens Boots Alliance, Inc. | 21,692 | 1,079,394 | ||||||
Walmart, Inc. | 45,628 | 6,379,251 | ||||||
Weis Markets, Inc.(a) | 5,049 | 304,152 | ||||||
|
| |||||||
21,047,074 | ||||||||
|
| |||||||
Food Products - 1.1% | ||||||||
Archer-Daniels-Midland Co.(a) | 19,074 | 1,430,550 | ||||||
B&G Foods, Inc.(a) | 5,984 | 186,102 | ||||||
Beyond Meat, Inc.*(a) | 3,553 | 231,407 | ||||||
Bunge Ltd. | 3,927 | 388,223 | ||||||
Calavo Growers, Inc.(a) | 2,805 | 116,155 | ||||||
Campbell Soup Co. | 4,675 | 206,261 | ||||||
Conagra Brands, Inc. | 16,456 | 572,010 | ||||||
Darling Ingredients, Inc.* | 4,862 | 310,050 | ||||||
Flowers Foods, Inc. | 12,342 | 347,180 | ||||||
Fresh Del Monte Produce, Inc. | 6,919 | 192,556 | ||||||
Freshpet, Inc.*(a) | 2,431 | 226,156 | ||||||
General Mills, Inc. | 20,944 | 1,438,434 | ||||||
Hain Celestial Group, Inc. (The)*(a) | 2,805 | 102,467 | ||||||
Hershey Co. (The) | 3,740 | 737,042 | ||||||
Hormel Foods Corp.(a) | 5,797 | 275,184 | ||||||
Hostess Brands, Inc.*(a) | 3,927 | 80,582 | ||||||
Ingredion, Inc. | 15,147 | 1,434,421 | ||||||
J & J Snack Foods Corp.(a) | 374 | 56,732 | ||||||
J M Smucker Co. (The) | 3,927 | 552,058 | ||||||
John B Sanfilippo & Son, Inc. | 187 | 14,792 | ||||||
Kellogg Co. | 6,919 | 435,897 | ||||||
Kraft Heinz Co. (The) | 20,757 | 743,101 | ||||||
Lamb Weston Holdings, Inc.(a) | 3,927 | 252,153 | ||||||
Lancaster Colony Corp.(a) | 561 | 89,070 | ||||||
McCormick & Co., Inc. (Non-Voting)(a) | 7,480 | 750,319 | ||||||
Mondelez International, Inc., Class A | 44,880 | 3,008,306 | ||||||
Pilgrims Pride Corp.* | 9,350 | 261,519 | ||||||
Post Holdings, Inc.* | 3,366 | 356,190 | ||||||
Sanderson Farms, Inc. | 4,675 | 860,200 |
Investments | Shares | Value ($) | ||||||
Seaboard Corp. | 62 | 236,839 | ||||||
Simply Good Foods Co. (The)* | 2,618 | 92,232 | ||||||
Tattooed Chef, Inc.*(a) | 10,285 | 130,619 | ||||||
Tootsie Roll Industries, Inc. | 2,805 | 95,231 | ||||||
TreeHouse Foods, Inc.*(a) | 11,781 | 456,278 | ||||||
Tyson Foods, Inc., Class A | 8,602 | 781,836 | ||||||
Vita Coco Co., Inc. (The)*(a) | 5,610 | 61,205 | ||||||
Vital Farms, Inc.*(a) | 1,870 | 30,911 | ||||||
Whole Earth Brands, Inc.*(a) | 187 | 1,773 | ||||||
|
| |||||||
17,542,041 | ||||||||
|
| |||||||
Gas Utilities - 0.4% | ||||||||
Atmos Energy Corp. | 3,366 | 360,903 | ||||||
Chesapeake Utilities Corp.(a) | 561 | 76,414 | ||||||
Macquarie Infrastructure Holdings LLC(a) | 3,366 | 12,151 | ||||||
National Fuel Gas Co. | 23,188 | 1,408,207 | ||||||
New Jersey Resources Corp. | 20,944 | 842,158 | ||||||
ONE Gas, Inc.(a) | 3,740 | 291,309 | ||||||
South Jersey Industries, Inc.(a) | 28,611 | 715,847 | ||||||
Southwest Gas Holdings, Inc. | 13,536 | 922,885 | ||||||
Spire, Inc.(a) | 11,033 | 727,295 | ||||||
UGI Corp. | 7,854 | 356,179 | ||||||
|
| |||||||
5,713,348 | ||||||||
|
| |||||||
Health Care Equipment & Supplies - 2.2% |
| |||||||
Abbott Laboratories | 47,124 | 6,006,425 | ||||||
ABIOMED, Inc.* | 1,122 | 331,966 | ||||||
Accuray, Inc.* | 4,488 | 16,381 | ||||||
Align Technology, Inc.* | 1,870 | 925,575 | ||||||
Alphatec Holdings, Inc.* | 187 | 1,934 | ||||||
AngioDynamics, Inc.* | 561 | 12,134 | ||||||
Artivion, Inc.*(a) | 2,992 | 53,258 | ||||||
Asensus Surgical, Inc.*(a) | 748 | 663 | ||||||
Aspira Womens Health, Inc.*(a) | 23,001 | 27,831 | ||||||
AtriCure, Inc.*(a) | 1,122 | 73,648 | ||||||
Avanos Medical, Inc.* | 1,122 | 33,952 | ||||||
Axogen, Inc.*(a) | 7,480 | 65,151 | ||||||
Axonics, Inc.*(a) | 748 | 35,478 | ||||||
Baxter International, Inc. | 12,903 | 1,102,432 | ||||||
Becton Dickinson and Co. | 8,976 | 2,281,161 | ||||||
BioLife Solutions, Inc.*(a) | 1,870 | 55,801 | ||||||
Bioventus, Inc., Class A*(a) | 2,805 | 36,549 | ||||||
Boston Scientific Corp.* | 35,717 | 1,532,259 | ||||||
Cardiovascular Systems, Inc.* | 187 | 3,286 | ||||||
Cerus Corp.*(a) | 17,952 | 96,223 | ||||||
ClearPoint Neuro, Inc.*(a) | 2,057 | 18,163 | ||||||
CONMED Corp.(a) | 935 | 128,637 | ||||||
Cooper Cos., Inc. (The)(a) | 1,309 | 521,375 | ||||||
CryoPort, Inc.*(a) | 1,683 | 70,299 | ||||||
CVRx, Inc.*(a) | 3,927 | 32,594 | ||||||
Dentsply Sirona, Inc. | 5,610 | 299,686 | ||||||
DexCom, Inc.* | 2,618 | 1,126,997 | ||||||
Eargo, Inc.*(a) | 9,163 | 44,074 | ||||||
Edwards Lifesciences Corp.* | 16,082 | 1,756,154 | ||||||
Envista Holdings Corp.*(a) | 6,732 | 291,092 | ||||||
Figs, Inc., Class A*(a) | 1,683 | 37,834 | ||||||
Glaukos Corp.*(a) | 2,618 | 139,382 | ||||||
Globus Medical, Inc., Class A* | 4,488 | 299,484 | ||||||
Haemonetics Corp.* | 2,992 | 144,663 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Heska Corp.*(a) | 374 | 51,455 | ||||||
Hologic, Inc.* | 7,106 | 499,125 | ||||||
ICU Medical, Inc.*(a) | 748 | 159,593 | ||||||
IDEXX Laboratories, Inc.* | 2,431 | 1,233,246 | ||||||
Inari Medical, Inc.*(a) | 561 | 41,267 | ||||||
Inogen, Inc.*(a) | 1,309 | 38,917 | ||||||
Insulet Corp.*(a) | 1,683 | 417,384 | ||||||
Integer Holdings Corp.*(a) | 935 | 73,313 | ||||||
Integra LifeSciences Holdings Corp.*(a) | 4,114 | 266,340 | ||||||
Intersect ENT, Inc.* | 935 | 25,619 | ||||||
Intuitive Surgical, Inc.* | 9,724 | 2,763,366 | ||||||
iRhythm Technologies, Inc.*(a) | 1,496 | 186,746 | ||||||
Lantheus Holdings, Inc.*(a) | 6,358 | 161,557 | ||||||
LeMaitre Vascular, Inc. | 187 | 7,912 | ||||||
LivaNova plc* | 3,179 | 238,775 | ||||||
Masimo Corp.* | 1,309 | 287,810 | ||||||
Medtronic plc | 34,595 | 3,580,237 | ||||||
Merit Medical Systems, Inc.* | 1,683 | 93,322 | ||||||
Natus Medical, Inc.* | 1,122 | 25,851 | ||||||
Neogen Corp.* | 6,171 | 225,056 | ||||||
Nevro Corp.*(a) | 2,057 | 135,145 | ||||||
Novocure Ltd.* | 2,618 | 179,726 | ||||||
NuVasive, Inc.* | 2,992 | 155,614 | ||||||
OraSure Technologies, Inc.*(a) | 187 | 1,655 | ||||||
Ortho Clinical Diagnostics Holdings plc* | 7,667 | 133,099 | ||||||
Orthofix Medical, Inc.* | 2,805 | 85,272 | ||||||
Outset Medical, Inc.*(a) | 2,618 | 97,363 | ||||||
Penumbra, Inc.*(a) | 935 | 211,319 | ||||||
PROCEPT BioRobotics Corp.*(a) | 1,870 | 34,670 | ||||||
Quidel Corp.*(a) | 9,537 | 985,744 | ||||||
ResMed, Inc. | 3,740 | 854,964 | ||||||
Retractable Technologies, Inc.*(a) | 5,984 | 32,673 | ||||||
RxSight, Inc.*(a) | 1,870 | 19,242 | ||||||
SeaSpine Holdings Corp.*(a) | 4,862 | 58,247 | ||||||
Senseonics Holdings, Inc.*(a) | 561 | 1,504 | ||||||
Shockwave Medical, Inc.* | 2,057 | 298,203 | ||||||
SI-BONE, Inc.*(a) | 2,992 | 58,942 | ||||||
Sientra, Inc.*(a) | 8,602 | 24,172 | ||||||
Sight Sciences, Inc.*(a) | 2,057 | 30,094 | ||||||
SmileDirectClub, Inc.*(a) | 36,839 | 94,308 | ||||||
STAAR Surgical Co.* | 2,244 | 163,184 | ||||||
Stereotaxis, Inc.*(a) | 3,740 | 20,607 | ||||||
STERIS plc(a) | 2,992 | 671,405 | ||||||
Stryker Corp. | 8,415 | 2,087,341 | ||||||
Surmodics, Inc.* | 187 | 8,542 | ||||||
Tactile Systems Technology, | 3,740 | 58,980 | ||||||
Tandem Diabetes Care, Inc.*(a) | 2,244 | 265,039 | ||||||
Teleflex, Inc. | 1,122 | 348,033 | ||||||
TransMedics Group, Inc.*(a) | 1,496 | 23,742 | ||||||
Treace Medical Concepts, Inc.*(a) | 2,618 | 47,491 | ||||||
Varex Imaging Corp.*(a) | 4,862 | 126,898 | ||||||
ViewRay, Inc.*(a) | 7,106 | 30,911 | ||||||
Zimmer Biomet Holdings, Inc. | 5,049 | 621,128 | ||||||
Zynex, Inc.(a) | 3,702 | 29,320 | ||||||
|
| |||||||
35,974,009 | ||||||||
|
|
Investments | Shares | Value ($) | ||||||
Health Care Providers & Services - 2.9% |
| |||||||
1Life Healthcare, Inc.*(a) | 11,220 | 125,215 | ||||||
Acadia Healthcare Co., Inc.* | 5,984 | 315,058 | ||||||
Accolade, Inc.* | 187 | 3,572 | ||||||
AdaptHealth Corp.* | 5,984 | 113,098 | ||||||
Addus HomeCare Corp.*(a) | 1,496 | 119,426 | ||||||
Agiliti, Inc.* | 374 | 7,155 | ||||||
Amedisys, Inc.*(a) | 1,683 | 227,373 | ||||||
AmerisourceBergen Corp. | 5,423 | 738,613 | ||||||
AMN Healthcare Services, Inc.*(a) | 3,179 | 322,160 | ||||||
Anthem, Inc. | 8,041 | 3,546,001 | ||||||
Apollo Medical Holdings, Inc.*(a) | 748 | 38,507 | ||||||
Aveanna Healthcare Holdings, | 5,984 | 32,852 | ||||||
Brookdale Senior Living, Inc.*(a) | 54,417 | 287,866 | ||||||
Cardinal Health, Inc. | 9,911 | 511,110 | ||||||
Castle Biosciences, Inc.*(a) | 2,244 | 97,053 | ||||||
Centene Corp.*(a) | 20,009 | 1,555,900 | ||||||
Chemed Corp. | 374 | 175,372 | ||||||
Cigna Corp. | 11,220 | 2,585,761 | ||||||
Community Health Systems, Inc.* | 27,115 | 344,089 | ||||||
Covetrus, Inc.* | 4,301 | 77,719 | ||||||
CVS Health Corp. | 42,823 | 4,561,078 | ||||||
DaVita, Inc.* | 2,805 | 303,978 | ||||||
Encompass Health Corp. | 22,814 | 1,415,381 | ||||||
Ensign Group, Inc. (The)(a) | 2,431 | 183,370 | ||||||
Fulgent Genetics, Inc.*(a) | 4,301 | 274,705 | ||||||
Guardant Health, Inc.*(a) | 2,618 | 182,082 | ||||||
Hanger, Inc.* | 3,553 | 64,416 | ||||||
HCA Healthcare, Inc. | 8,041 | 1,930,242 | ||||||
HealthEquity, Inc.*(a) | 5,236 | 279,812 | ||||||
Henry Schein, Inc.*(a) | 4,675 | 352,027 | ||||||
Humana, Inc.(a) | 4,114 | 1,614,745 | ||||||
Innovage Holding Corp.*(a) | 187 | 976 | ||||||
Joint Corp. (The)*(a) | 187 | 10,105 | ||||||
Laboratory Corp. of America Holdings* | 3,366 | 913,398 | ||||||
LHC Group, Inc.*(a) | 1,496 | 185,654 | ||||||
McKesson Corp. | 5,236 | 1,344,186 | ||||||
MEDNAX, Inc.* | 4,488 | 109,732 | ||||||
ModivCare, Inc.*(a) | 374 | 43,358 | ||||||
Molina Healthcare, Inc.* | 2,057 | 597,517 | ||||||
National HealthCare Corp. | 2,057 | 134,528 | ||||||
Oak Street Health, Inc.*(a) | 4,301 | 74,751 | ||||||
Option Care Health, Inc.*(a) | 10,098 | 235,990 | ||||||
Owens & Minor, Inc.(a) | 17,391 | 731,987 | ||||||
Patterson Cos., Inc. | 20,383 | 584,788 | ||||||
PetIQ, Inc.*(a) | 2,431 | 49,690 | ||||||
Premier, Inc., Class A | 26,928 | 1,029,188 | ||||||
Progyny, Inc.*(a) | 3,366 | 136,323 | ||||||
Quest Diagnostics, Inc. | 4,301 | 580,721 | ||||||
R1 RCM, Inc.*(a) | 4,301 | 102,278 | ||||||
RadNet, Inc.* | 1,122 | 28,891 | ||||||
Select Medical Holdings Corp. | 23,749 | 551,689 | ||||||
Surgery Partners, Inc.*(a) | 3,553 | 151,606 | ||||||
Tenet Healthcare Corp.* | 25,432 | 1,885,020 | ||||||
Tivity Health, Inc.*(a) | 5,610 | 142,718 | ||||||
Triple-S Management Corp., Class B* | 5,797 | 208,634 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
UnitedHealth Group, Inc. | 30,855 | 14,581,147 | ||||||
Universal Health Services, Inc., Class B(a) | 2,431 | 316,176 | ||||||
US Physical Therapy, Inc.(a) | 187 | 18,096 | ||||||
|
| |||||||
47,134,883 | ||||||||
|
| |||||||
Health Care Technology - 0.3% |
| |||||||
Allscripts Healthcare Solutions, Inc.* | 34,034 | 688,167 | ||||||
American Well Corp., Class A*(a) | 17,578 | 83,144 | ||||||
Cerner Corp. | 8,789 | 801,557 | ||||||
Certara, Inc.*(a) | 6,358 | 169,949 | ||||||
Change Healthcare, Inc.*(a) | 56,474 | 1,111,408 | ||||||
Computer Programs & Systems, Inc.*(a) | 3,553 | 100,621 | ||||||
Convey Health Solutions Holdings, Inc.*(a) | 3,179 | 24,764 | ||||||
Doximity, Inc., Class A*(a) | 2,431 | 110,781 | ||||||
Evolent Health, Inc., Class A*(a) | 7,106 | 168,483 | ||||||
Health Catalyst, Inc.*(a) | 374 | 11,164 | ||||||
HealthStream, Inc.* | 187 | 4,553 | ||||||
Inspire Medical Systems, Inc.*(a) | 1,496 | 331,050 | ||||||
Multiplan Corp.*(a) | 374 | 1,507 | ||||||
NextGen Healthcare, Inc.* | 561 | 10,833 | ||||||
Omnicell, Inc.*(a) | 2,431 | 364,990 | ||||||
OptimizeRx Corp.*(a) | 561 | 25,206 | ||||||
Phreesia, Inc.* | 561 | 17,498 | ||||||
Schrodinger, Inc.*(a) | 3,366 | 95,426 | ||||||
Simulations Plus, Inc.(a) | 935 | 39,756 | ||||||
Tabula Rasa HealthCare, Inc.*(a) | 1,683 | 18,160 | ||||||
Teladoc Health, Inc.*(a) | 4,862 | 372,964 | ||||||
Veeva Systems, Inc., Class A* | 3,366 | 796,194 | ||||||
Vocera Communications, Inc.*(a) | 2,057 | 162,524 | ||||||
|
| |||||||
5,510,699 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure - 1.9% |
| |||||||
Airbnb, Inc., Class A* | 9,537 | 1,468,412 | ||||||
Aramark(a) | 6,358 | 218,016 | ||||||
BJs Restaurants, Inc.*(a) | 2,244 | 67,522 | ||||||
Bloomin Brands, Inc.*(a) | 18,887 | 383,973 | ||||||
Booking Holdings, Inc.* | 1,122 | 2,755,778 | ||||||
Boyd Gaming Corp.*(a) | 4,301 | 255,737 | ||||||
Brinker International, Inc.* | 11,594 | 385,037 | ||||||
Caesars Entertainment, Inc.*(a) | 6,545 | 498,336 | ||||||
Carnival Corp.* | 22,814 | 451,945 | ||||||
Cheesecake Factory, Inc. (The)*(a) | 11,220 | 400,330 | ||||||
Chipotle Mexican Grill, Inc.* | 748 | 1,111,214 | ||||||
Choice Hotels International, Inc.(a) | 1,122 | 160,895 | ||||||
Churchill Downs, Inc.(a) | 1,309 | 275,283 | ||||||
Cracker Barrel Old Country Store, Inc.(a) | 5,797 | 690,655 | ||||||
Darden Restaurants, Inc.(a) | 2,992 | 418,491 | ||||||
Dave & Busters Entertainment, Inc.*(a) | 4,301 | 153,933 | ||||||
Del Taco Restaurants, Inc. | 7,106 | 88,612 | ||||||
Dennys Corp.* | 1,683 | 26,086 | ||||||
Dine Brands Global, Inc. | 4,114 | 279,135 | ||||||
Dominos Pizza, Inc. | 1,122 | 510,117 | ||||||
DraftKings, Inc., Class A*(a) | 9,350 | 206,541 | ||||||
El Pollo Loco Holdings, Inc.* | 3,740 | 49,892 |
Investments | Shares | Value ($) | ||||||
Esports Technologies, Inc.*(a) | 1,683 | 20,230 | ||||||
Everi Holdings, Inc.* | 8,415 | 166,364 | ||||||
Expedia Group, Inc.* | 3,927 | 719,780 | ||||||
F45 Training Holdings, Inc.*(a) | 1,309 | 16,376 | ||||||
First Watch Restaurant Group, | 1,309 | 19,687 | ||||||
GAN Ltd.*(a) | 7,293 | 50,249 | ||||||
Golden Entertainment, Inc.*(a) | 3,366 | 151,403 | ||||||
Golden Nugget Online Gaming, | 5,049 | 40,594 | ||||||
Hilton Grand Vacations, Inc.* | 6,171 | 301,515 | ||||||
Hilton Worldwide Holdings, Inc.* | 7,480 | 1,085,423 | ||||||
Hyatt Hotels Corp., Class A*(a) | 1,496 | 137,048 | ||||||
Jack in the Box, Inc.(a) | 5,797 | 527,817 | ||||||
Las Vegas Sands Corp.* | 9,350 | 409,530 | ||||||
Lindblad Expeditions Holdings, | 6,545 | 110,414 | ||||||
Marriott International, Inc., Class A* | 7,293 | 1,175,048 | ||||||
Marriott Vacations Worldwide Corp. | 2,618 | 425,111 | ||||||
McDonalds Corp. | 19,822 | 5,142,818 | ||||||
Membership Collective Group, Inc., Class A*(a) | 6,358 | 56,395 | ||||||
MGM Resorts International | 12,342 | 527,250 | ||||||
Norwegian Cruise Line Holdings Ltd.*(a) | 13,838 | 288,245 | ||||||
Papa Johns International, Inc.(a) | 935 | 115,426 | ||||||
Penn National Gaming, Inc.*(a) | 5,049 | 230,285 | ||||||
Planet Fitness, Inc., Class A* | 3,179 | 281,787 | ||||||
PlayAGS, Inc.*(a) | 3,740 | 29,135 | ||||||
Portillos, Inc., Class A*(a) | 1,683 | 44,684 | ||||||
Red Robin Gourmet Burgers, Inc.*(a) | 5,797 | 85,506 | ||||||
Red Rock Resorts, Inc., Class A | 2,244 | 99,903 | ||||||
Royal Caribbean Cruises Ltd.*(a) | 4,675 | 363,762 | ||||||
Rush Street Interactive, Inc.*(a) | 12,716 | 128,940 | ||||||
Ruths Hospitality Group, Inc.*(a) | 5,610 | 112,368 | ||||||
Scientific Games Corp.*(a) | 6,171 | 356,067 | ||||||
SeaWorld Entertainment, Inc.* | 3,740 | 222,829 | ||||||
Shake Shack, Inc., Class A*(a) | 2,244 | 148,261 | ||||||
Six Flags Entertainment Corp.* | 5,610 | 221,539 | ||||||
Starbucks Corp. | 31,229 | 3,070,435 | ||||||
Texas Roadhouse, Inc. | 2,618 | 223,551 | ||||||
Travel + Leisure Co.(a) | 18,887 | 1,072,782 | ||||||
Vail Resorts, Inc. | 1,122 | 310,906 | ||||||
Wendys Co. (The) | 6,171 | 142,118 | ||||||
Wingstop, Inc.(a) | 2,057 | 315,235 | ||||||
Wyndham Hotels & Resorts, Inc. | 3,553 | 298,274 | ||||||
Wynn Resorts Ltd.* | 2,431 | 207,729 | ||||||
Yum! Brands, Inc. | 8,415 | 1,053,305 | ||||||
|
| |||||||
31,362,064 | ||||||||
|
| |||||||
Household Durables - 0.8% |
| |||||||
Beazer Homes USA, Inc.* | 3,366 | 61,396 | ||||||
Cavco Industries, Inc.* | 187 | 50,385 | ||||||
Century Communities, Inc.(a) | 7,854 | 517,186 | ||||||
Cricut, Inc., Class A*(a) | 748 | 14,795 | ||||||
DR Horton, Inc. | 11,407 | 1,017,733 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Ethan Allen Interiors, Inc.(a) | 4,675 | 117,857 | ||||||
Garmin Ltd. | 3,740 | 465,331 | ||||||
GoPro, Inc., Class A*(a) | 28,611 | 253,493 | ||||||
Green Brick Partners, Inc.*(a) | 8,789 | 208,123 | ||||||
Helen of Troy Ltd.*(a) | 935 | 195,724 | ||||||
Hovnanian Enterprises, Inc., | 374 | 36,233 | ||||||
Installed Building Products, Inc.(a) | 748 | 82,871 | ||||||
iRobot Corp.*(a) | 1,496 | 98,018 | ||||||
KB Home(a) | 20,944 | 884,884 | ||||||
La-Z-Boy, Inc.(a) | 8,602 | 315,779 | ||||||
Leggett & Platt, Inc. | 4,675 | 186,299 | ||||||
Lennar Corp., Class A | 9,537 | 916,601 | ||||||
Lennar Corp., Class B | 561 | 45,290 | ||||||
LGI Homes, Inc.* | 5,423 | 675,218 | ||||||
Lovesac Co. (The)*(a) | 1,309 | 70,490 | ||||||
M/I Homes, Inc.*(a) | 7,854 | 416,183 | ||||||
MDC Holdings, Inc.(a) | 13,464 | 682,490 | ||||||
Meritage Homes Corp.* | 8,976 | 915,821 | ||||||
Mohawk Industries, Inc.* | 1,683 | 265,695 | ||||||
Newell Brands, Inc.(a) | 12,155 | 282,118 | ||||||
NVR, Inc.* | 107 | 570,013 | ||||||
PulteGroup, Inc. | 9,724 | 512,358 | ||||||
Purple Innovation, Inc.*(a) | 6,732 | 56,010 | ||||||
Skyline Champion Corp.*(a) | 1,870 | 125,926 | ||||||
Sonos, Inc.*(a) | 3,553 | 89,607 | ||||||
Taylor Morrison Home Corp., | 31,603 | 969,896 | ||||||
Tempur Sealy International, Inc. | 8,041 | 320,112 | ||||||
Toll Brothers, Inc. | 4,862 | 286,712 | ||||||
TopBuild Corp.*(a) | 1,122 | 261,033 | ||||||
Traeger, Inc.*(a) | 3,366 | 34,300 | ||||||
Tri Pointe Homes, Inc.* | 29,733 | 707,943 | ||||||
Tupperware Brands Corp.*(a) | 12,903 | 198,964 | ||||||
Universal Electronics, Inc.* | 2,805 | 99,549 | ||||||
Vuzix Corp.*(a) | 187 | 1,221 | ||||||
Weber, Inc., Class A(a) | 2,431 | 26,352 | ||||||
Whirlpool Corp. | 2,244 | 471,666 | ||||||
|
| |||||||
13,507,675 | ||||||||
|
| |||||||
Household Products - 1.1% |
| |||||||
Central Garden & Pet Co.* | 1,683 | 78,074 | ||||||
Central Garden & Pet Co., | 10,285 | 445,649 | ||||||
Church & Dwight Co., Inc. | 7,293 | 748,627 | ||||||
Clorox Co. (The) | 2,805 | 470,847 | ||||||
Colgate-Palmolive Co. | 21,131 | 1,742,251 | ||||||
Energizer Holdings, Inc. | 15,334 | 576,712 | ||||||
Kimberly-Clark Corp. | 11,220 | 1,544,433 | ||||||
Procter & Gamble Co. (The) | 64,141 | 10,291,424 | ||||||
Reynolds Consumer Products, | 10,285 | 311,327 | ||||||
Spectrum Brands Holdings, Inc. | 9,537 | 852,417 | ||||||
WD-40 Co.(a) | 374 | 83,125 | ||||||
|
| |||||||
17,144,886 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers - 0.1% |
| |||||||
AES Corp. (The) | 19,448 | 431,357 | ||||||
Clearway Energy, Inc., Class A | 3,553 | 109,610 | ||||||
Clearway Energy, Inc., Class C | 2,431 | 81,876 | ||||||
Ormat Technologies, Inc.(a) | 1,496 | 101,967 |
Investments | Shares | Value ($) | ||||||
Sunnova Energy International, | 1,870 | 36,764 | ||||||
Vistra Corp. | 17,578 | 383,376 | ||||||
|
| |||||||
1,144,950 | ||||||||
|
| |||||||
Industrial Conglomerates - 0.7% |
| |||||||
3M Co. | 18,326 | 3,042,482 | ||||||
General Electric Co. | 28,050 | 2,650,164 | ||||||
Honeywell International, Inc. | 17,765 | 3,632,587 | ||||||
Roper Technologies, Inc. | 2,992 | 1,307,983 | ||||||
|
| |||||||
10,633,216 | ||||||||
|
| |||||||
Insurance - 2.6% |
| |||||||
Aflac, Inc. | 21,318 | 1,339,197 | ||||||
Alleghany Corp.* | 374 | 248,336 | ||||||
Allstate Corp. (The) | 9,911 | 1,195,960 | ||||||
Ambac Financial Group, Inc.* | 8,602 | 121,890 | ||||||
American Equity Investment Life Holding Co. | 21,879 | 900,102 | ||||||
American Financial Group, Inc. | 2,805 | 365,435 | ||||||
American International Group, Inc. | 26,741 | 1,544,293 | ||||||
American National Group, Inc.(a) | 2,618 | 494,252 | ||||||
AMERISAFE, Inc.(a) | 374 | 19,642 | ||||||
Aon plc, Class A | 5,797 | 1,602,523 | ||||||
Arch Capital Group Ltd.* | 14,399 | 666,962 | ||||||
Argo Group International Holdings Ltd.(a) | 6,919 | 392,861 | ||||||
Arthur J Gallagher & Co. | 5,049 | 797,439 | ||||||
Assurant, Inc. | 2,244 | 342,232 | ||||||
Assured Guaranty Ltd.(a) | 18,513 | 986,558 | ||||||
Axis Capital Holdings Ltd. | 16,830 | 958,973 | ||||||
Brighthouse Financial, Inc.*(a) | 18,139 | 987,669 | ||||||
Brown & Brown, Inc.(a) | 6,171 | 409,014 | ||||||
BRP Group, Inc., Class A* | 1,683 | 51,365 | ||||||
Chubb Ltd. | 14,399 | 2,840,635 | ||||||
Cincinnati Financial Corp. | 4,114 | 484,753 | ||||||
CNO Financial Group, Inc. | 32,912 | 820,825 | ||||||
Employers Holdings, Inc.(a) | 748 | 29,247 | ||||||
Enstar Group Ltd.*(a) | 2,992 | 793,119 | ||||||
Erie Indemnity Co., Class A(a) | 935 | 172,134 | ||||||
Everest Re Group Ltd. | 1,122 | 317,975 | ||||||
Fidelity National Financial, Inc. | 10,846 | 546,096 | ||||||
First American Financial Corp.(a) | 4,675 | 348,334 | ||||||
Genworth Financial, Inc., | 111,265 | 433,933 | ||||||
Globe Life, Inc. | 2,618 | 267,821 | ||||||
GoHealth, Inc., Class A* | 18,139 | 50,064 | ||||||
Goosehead Insurance, Inc., | 374 | 36,869 | ||||||
Hanover Insurance Group, Inc. (The) | 7,854 | 1,083,538 | ||||||
Hartford Financial Services Group, Inc. (The) | 12,342 | 887,020 | ||||||
HCI Group, Inc. | 1,309 | 88,842 | ||||||
Horace Mann Educators Corp. | 7,667 | 291,423 | ||||||
James River Group Holdings Ltd. | 9,163 | 259,496 | ||||||
Kemper Corp.(a) | 1,496 | 89,730 | ||||||
Kinsale Capital Group, Inc.(a) | 1,309 | 262,219 | ||||||
Lemonade, Inc.*(a) | 2,244 | 71,651 | ||||||
Lincoln National Corp. | 6,732 | 471,105 | ||||||
Loews Corp. | 8,041 | 479,726 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Markel Corp.* | 374 | 461,045 | ||||||
Marsh & McLennan Cos., Inc. | 13,838 | 2,126,070 | ||||||
MBIA, Inc.*(a) | 6,545 | 89,470 | ||||||
Mercury General Corp.(a) | 6,732 | 367,971 | ||||||
MetLife, Inc. | 24,684 | 1,655,309 | ||||||
National Western Life Group, Inc., Class A | 374 | 79,987 | ||||||
Old Republic International Corp. | 12,529 | 321,118 | ||||||
Oscar Health, Inc., Class A*(a) | 10,472 | 70,162 | ||||||
Primerica, Inc.(a) | 2,057 | 317,477 | ||||||
Principal Financial Group, Inc.(a) | 9,163 | 669,449 | ||||||
ProAssurance Corp.(a) | 1,683 | 40,325 | ||||||
Progressive Corp. (The) | 18,700 | 2,031,942 | ||||||
Prudential Financial, Inc. | 12,903 | 1,439,588 | ||||||
Reinsurance Group of America, Inc. | 1,496 | 171,786 | ||||||
RenaissanceRe Holdings Ltd.(a) | 10,472 | 1,645,884 | ||||||
RLI Corp. | 1,309 | 137,157 | ||||||
Ryan Specialty Group Holdings, Inc., Class A* | 748 | 27,983 | ||||||
Safety Insurance Group, Inc. | 2,431 | 200,144 | ||||||
Selective Insurance Group, Inc. | 13,838 | 1,091,818 | ||||||
Selectquote, Inc.*(a) | 30,668 | 226,637 | ||||||
SiriusPoint Ltd.*(a) | 15,147 | 128,295 | ||||||
Stewart Information Services | 6,919 | 494,224 | ||||||
Travelers Cos., Inc. (The) | 8,415 | 1,398,405 | ||||||
Trupanion, Inc.*(a) | 2,431 | 231,553 | ||||||
Universal Insurance Holdings, Inc. | 11,594 | 199,881 | ||||||
Unum Group | 46,189 | 1,172,277 | ||||||
W R Berkley Corp. | 3,366 | 284,427 | ||||||
White Mountains Insurance Group Ltd.(a) | 187 | 194,660 | ||||||
Willis Towers Watson plc | 3,366 | 787,509 | ||||||
|
| |||||||
42,613,811 | ||||||||
|
| |||||||
Interactive Media & Services - 4.1% |
| |||||||
Alphabet, Inc., Class A* | 7,909 | 21,402,308 | ||||||
Alphabet, Inc., Class C* | 7,352 | 19,953,107 | ||||||
Angi, Inc., Class A* | 4,675 | 40,112 | ||||||
Bumble, Inc., Class A* | 3,740 | 110,367 | ||||||
Cargurus, Inc.*(a) | 5,984 | 190,890 | ||||||
Cars.com, Inc.*(a) | 19,635 | 305,913 | ||||||
Eventbrite, Inc., Class A*(a) | 5,236 | 75,032 | ||||||
EverQuote, Inc., Class A*(a) | 1,683 | 27,702 | ||||||
fuboTV, Inc.*(a) | 8,228 | 88,369 | ||||||
IAC/InterActiveCorp*(a) | 1,496 | 204,264 | ||||||
Liberty TripAdvisor Holdings, Inc., Class A*(a) | 10,846 | 24,404 | ||||||
Match Group, Inc.* | 6,732 | 758,696 | ||||||
MediaAlpha, Inc., Class A*(a) | 2,618 | 38,877 | ||||||
Meta Platforms, Inc., Class A* | 62,458 | 19,565,593 | ||||||
Pinterest, Inc., Class A* | 15,334 | 453,273 | ||||||
QuinStreet, Inc.*(a) | 1,683 | 27,079 | ||||||
Snap, Inc., Class A*(a) | 26,367 | 857,982 | ||||||
TripAdvisor, Inc.*(a) | 6,171 | 167,543 | ||||||
TrueCar, Inc.*(a) | 10,846 | 37,310 | ||||||
Twitter, Inc.* | 20,570 | 771,581 | ||||||
Vimeo, Inc.* | 8,976 | 131,498 |
Investments | Shares | Value ($) | ||||||
Yelp, Inc.*(a) | 1,122 | 38,754 | ||||||
Ziff Davis, Inc.* | 3,179 | 333,986 | ||||||
ZoomInfo Technologies, Inc., | 6,732 | 355,854 | ||||||
|
| |||||||
65,960,494 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail - 2.5% |
| |||||||
1847 Goedeker, Inc.*(a) | 34,969 | 79,030 | ||||||
1stdibs.com, Inc.*(a) | 1,122 | 11,557 | ||||||
Amazon.com, Inc.* | 11,467 | 34,303,186 | ||||||
CarParts.com, Inc.*(a) | 1,309 | 12,043 | ||||||
Chewy, Inc., Class A*(a) | 2,431 | 115,740 | ||||||
DoorDash, Inc., Class A* | 3,740 | 424,453 | ||||||
eBay, Inc. | 20,757 | 1,246,873 | ||||||
Etsy, Inc.*(a) | 2,992 | 469,983 | ||||||
Groupon, Inc.*(a) | 2,805 | 85,665 | ||||||
Lands End, Inc.*(a) | 561 | 10,283 | ||||||
Liquidity Services, Inc.* | 561 | 10,676 | ||||||
MercadoLibre, Inc.* | 1,122 | 1,270,171 | ||||||
Overstock.com, Inc.*(a) | 2,057 | 98,613 | ||||||
PetMed Express, Inc.(a) | 1,496 | 38,642 | ||||||
Porch Group, Inc.*(a) | 3,740 | 39,457 | ||||||
Poshmark, Inc., Class A*(a) | 2,992 | 47,303 | ||||||
Quotient Technology, Inc.*(a) | 5,423 | 38,558 | ||||||
Qurate Retail, Inc., Series A(a) | 88,825 | 624,440 | ||||||
RealReal, Inc. (The)* | 6,171 | 58,316 | ||||||
Revolve Group, Inc.* | 561 | 27,668 | ||||||
Shutterstock, Inc.(a) | 1,870 | 181,334 | ||||||
Stitch Fix, Inc., Class A*(a) | 5,423 | 89,100 | ||||||
ThredUp, Inc., Class A*(a) | 3,553 | 32,936 | ||||||
Wayfair, Inc., Class A*(a) | 2,057 | 320,727 | ||||||
Xometry, Inc., Class A*(a) | 748 | 38,597 | ||||||
|
| |||||||
39,675,351 | ||||||||
|
| |||||||
IT Services - 3.8% |
| |||||||
Accenture plc, Class A | 16,830 | 5,950,751 | ||||||
Affirm Holdings, Inc.*(a) | 3,740 | 239,622 | ||||||
Akamai Technologies, Inc.*(a) | 5,049 | 578,363 | ||||||
Alliance Data Systems Corp. | 12,342 | 852,092 | ||||||
Automatic Data Processing, Inc. | 11,407 | 2,351,781 | ||||||
BigCommerce Holdings, Inc., | 748 | 24,452 | ||||||
Block, Inc., Class A*(a) | 12,903 | 1,577,908 | ||||||
Brightcove, Inc.*(a) | 2,618 | 24,688 | ||||||
Broadridge Financial Solutions, Inc. | 3,366 | 535,935 | ||||||
Cantaloupe, Inc.*(a) | 2,805 | 23,562 | ||||||
Cloudflare, Inc., Class A*(a) | 6,732 | 648,965 | ||||||
Cognizant Technology Solutions Corp., Class A | 17,952 | 1,533,460 | ||||||
Concentrix Corp.(a) | 1,683 | 338,266 | ||||||
Conduent, Inc.* | 48,433 | 229,088 | ||||||
CSG Systems International, Inc.(a) | 2,992 | 169,856 | ||||||
DigitalOcean Holdings, Inc.*(a) | 374 | 21,445 | ||||||
DXC Technology Co.* | 10,846 | 326,248 | ||||||
EPAM Systems, Inc.* | 1,683 | 801,344 | ||||||
Euronet Worldwide, Inc.* | 2,431 | 325,487 | ||||||
EVERTEC, Inc.(a) | 1,870 | 81,607 | ||||||
Evo Payments, Inc., Class A*(a) | 1,309 | 31,573 | ||||||
ExlService Holdings, Inc.* | 1,122 | 135,223 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Fastly, Inc., Class A*(a) | 5,984 | 171,501 | ||||||
Fidelity National Information Services, Inc. | 19,074 | 2,287,354 | ||||||
Fiserv, Inc.* | 18,513 | 1,956,824 | ||||||
FleetCor Technologies, Inc.* | 2,057 | 490,101 | ||||||
Flywire Corp.*(a) | 748 | 21,086 | ||||||
Gartner, Inc.* | 2,431 | 714,447 | ||||||
Genpact Ltd.(a) | 3,927 | 195,368 | ||||||
Global Payments, Inc. | 9,163 | 1,373,350 | ||||||
GoDaddy, Inc., Class A* | 4,301 | 325,629 | ||||||
GreenBox POS*(a) | 3,366 | 12,959 | ||||||
Grid Dynamics Holdings, Inc.* | 374 | 9,967 | ||||||
I3 Verticals, Inc., Class A*(a) | 2,618 | 60,581 | ||||||
International Business Machines Corp. | 28,424 | 3,796,594 | ||||||
International Money Express, Inc.* | 2,618 | 41,914 | ||||||
Jack Henry & Associates, Inc.(a) | 2,057 | 345,185 | ||||||
Limelight Networks, Inc.* | 3,740 | 15,970 | ||||||
LiveRamp Holdings, Inc.* | 3,553 | 158,641 | ||||||
Marqeta, Inc., Class A*(a) | 12,903 | 152,255 | ||||||
Mastercard, Inc., Class A | 22,627 | 8,742,620 | ||||||
MAXIMUS, Inc. | 2,431 | 187,965 | ||||||
MongoDB, Inc.*(a) | 1,683 | 681,800 | ||||||
Okta, Inc.*(a) | 3,553 | 703,103 | ||||||
Paya Holdings, Inc.*(a) | 187 | 1,225 | ||||||
Paychex, Inc. | 8,415 | 990,950 | ||||||
Payoneer Global, Inc.* | 19,074 | 99,566 | ||||||
PayPal Holdings, Inc.* | 30,481 | 5,240,903 | ||||||
Perficient, Inc.*(a) | 1,122 | 117,608 | ||||||
Rackspace Technology, Inc.* | 15,708 | 196,507 | ||||||
Repay Holdings Corp.*(a) | 6,171 | 110,399 | ||||||
Sabre Corp.*(a) | 14,960 | 136,884 | ||||||
Shift4 Payments, Inc., | 3,179 | 167,597 | ||||||
Snowflake, Inc., Class A* | 6,358 | 1,754,172 | ||||||
SolarWinds Corp.(a) | 13,090 | 178,024 | ||||||
Squarespace, Inc., Class A*(a) | 1,870 | 61,972 | ||||||
Switch, Inc., Class A | 6,171 | 158,163 | ||||||
TaskUS, Inc., Class A*(a) | 1,122 | 35,904 | ||||||
Toast, Inc., Class A*(a) | 4,862 | 111,243 | ||||||
TTEC Holdings, Inc.(a) | 561 | 44,930 | ||||||
Tucows, Inc., Class A*(a) | 187 | 14,773 | ||||||
Twilio, Inc., Class A*(a) | 4,301 | 886,522 | ||||||
Unisys Corp.*(a) | 13,838 | 252,543 | ||||||
VeriSign, Inc.* | 2,618 | 568,577 | ||||||
Verra Mobility Corp.*(a) | 11,220 | 177,725 | ||||||
Visa, Inc., Class A(a) | 43,758 | 9,896,747 | ||||||
Western Union Co. (The) | 8,415 | 159,128 | ||||||
WEX, Inc.* | 2,618 | 421,446 | ||||||
|
| |||||||
61,030,438 | ||||||||
|
| |||||||
Leisure Products - 0.3% |
| |||||||
Acushnet Holdings Corp.(a) | 1,122 | 52,397 | ||||||
AMMO, Inc.*(a) | 18,887 | 87,636 | ||||||
Brunswick Corp. | 2,992 | 271,644 | ||||||
Callaway Golf Co.* | 5,236 | 124,931 | ||||||
Genius Brands International, | 33,847 | 29,775 | ||||||
Hasbro, Inc.(a) | 3,179 | 293,994 | ||||||
Johnson Outdoors, Inc., Class A | 187 | 16,871 |
Investments | Shares | Value ($) | ||||||
Malibu Boats, Inc., Class A*(a) | 4,114 | 270,125 | ||||||
MasterCraft Boat Holdings, Inc.*(a) | 5,797 | 147,418 | ||||||
Mattel, Inc.*(a) | 12,716 | 266,019 | ||||||
Nautilus, Inc.* | 11,968 | 61,037 | ||||||
Peloton Interactive, Inc., Class A*(a) | 8,041 | 219,761 | ||||||
Polaris, Inc.(a) | 13,464 | 1,515,912 | ||||||
Smith & Wesson Brands, Inc. | 8,415 | 143,728 | ||||||
Solo Brands, Inc., Class A*(a) | 1,683 | 18,782 | ||||||
Sturm Ruger & Co., Inc. | 4,114 | 276,584 | ||||||
Vinco Ventures, Inc.*(a) | 7,106 | 23,379 | ||||||
Vista Outdoor, Inc.*(a) | 11,968 | 461,725 | ||||||
YETI Holdings, Inc.*(a) | 2,805 | 183,952 | ||||||
|
| |||||||
4,465,670 | ||||||||
|
| |||||||
Life Sciences Tools & Services - 1.3% |
| |||||||
10X Genomics, Inc., Class A*(a) | 2,244 | 216,030 | ||||||
Absci Corp.*(a) | 2,057 | 13,844 | ||||||
Adaptive Biotechnologies Corp.* | 2,431 | 42,397 | ||||||
Agilent Technologies, Inc. | 8,041 | 1,120,272 | ||||||
Akoya Biosciences, Inc.*(a) | 1,122 | 12,746 | ||||||
Alpha Teknova, Inc.*(a) | 1,496 | 23,607 | ||||||
Avantor, Inc.* | 14,025 | 523,553 | ||||||
Berkeley Lights, Inc.* | 187 | 1,816 | ||||||
Bionano Genomics, Inc.*(a) | 16,269 | 36,117 | ||||||
Bio-Rad Laboratories, Inc., | 561 | 336,448 | ||||||
Bio-Techne Corp. | 935 | 351,943 | ||||||
Bruker Corp. | 2,618 | 174,359 | ||||||
Charles River Laboratories International, Inc.* | 1,309 | 431,656 | ||||||
ChromaDex Corp.*(a) | 6,545 | 18,391 | ||||||
Codexis, Inc.*(a) | 5,610 | 115,005 | ||||||
Cytek Biosciences, Inc.*(a) | 1,309 | 19,059 | ||||||
Danaher Corp. | 17,017 | 4,863,288 | ||||||
Fluidigm Corp.*(a) | 8,228 | 26,906 | ||||||
Illumina, Inc.* | 3,927 | 1,369,816 | ||||||
IQVIA Holdings, Inc.* | 5,236 | 1,282,296 | ||||||
Maravai LifeSciences Holdings, Inc., Class A* | 3,366 | 97,345 | ||||||
Medpace Holdings, Inc.*(a) | 1,122 | 199,110 | ||||||
Mettler-Toledo International, Inc.* | 561 | 826,173 | ||||||
NanoString Technologies, Inc.*(a) | 3,366 | 116,867 | ||||||
NeoGenomics, Inc.*(a) | 3,553 | 80,085 | ||||||
Pacific Biosciences of California, Inc.*(a) | 10,659 | 119,168 | ||||||
PerkinElmer, Inc.(a) | 3,740 | 643,916 | ||||||
Personalis, Inc.* | 4,675 | 53,248 | ||||||
Quanterix Corp.*(a) | 2,431 | 74,000 | ||||||
Rapid Micro Biosystems, Inc., | 2,805 | 20,000 | ||||||
Repligen Corp.*(a) | 1,496 | 296,717 | ||||||
Sotera Health Co.*(a) | 5,236 | 112,626 | ||||||
Syneos Health, Inc.* | 3,553 | 321,760 | ||||||
Thermo Fisher Scientific, Inc. | 10,472 | 6,087,374 | ||||||
Waters Corp.*(a) | 1,683 | 538,762 | ||||||
West Pharmaceutical Services, Inc. | 1,870 | 735,321 | ||||||
|
| |||||||
21,302,021 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Machinery - 1.9% |
| |||||||
AGCO Corp. | 2,618 | 306,830 | ||||||
Agrify Corp.*(a) | 2,431 | 15,048 | ||||||
Alamo Group, Inc. | 374 | 52,678 | ||||||
Albany International Corp., Class A | 2,244 | 187,845 | ||||||
Allison Transmission Holdings, Inc. | 24,871 | 944,849 | ||||||
Altra Industrial Motion Corp. | 3,740 | 180,567 | ||||||
Astec Industries, Inc.(a) | 1,683 | 106,517 | ||||||
Barnes Group, Inc. | 1,496 | 67,574 | ||||||
Blue Bird Corp.*(a) | 3,740 | 58,007 | ||||||
Caterpillar, Inc. | 17,204 | 3,467,638 | ||||||
Chart Industries, Inc.* | 2,244 | 273,476 | ||||||
CIRCOR International, Inc.*(a) | 2,618 | 72,702 | ||||||
Colfax Corp.* | 8,602 | 353,714 | ||||||
Columbus McKinnon Corp.(a) | 561 | 24,280 | ||||||
Commercial Vehicle Group, Inc.* | 6,358 | 49,211 | ||||||
Crane Co. | 3,366 | 348,415 | ||||||
Cummins, Inc. | 4,675 | 1,032,614 | ||||||
Deere & Co. | 8,976 | 3,378,566 | ||||||
Desktop Metal, Inc., Class A* | 374 | 1,530 | ||||||
Donaldson Co., Inc. | 4,675 | 260,210 | ||||||
Douglas Dynamics, Inc.(a) | 3,366 | 122,960 | ||||||
Dover Corp. | 3,740 | 635,463 | ||||||
EnPro Industries, Inc.(a) | 1,309 | 137,471 | ||||||
ESCO Technologies, Inc. | 2,244 | 179,026 | ||||||
Evoqua Water Technologies Corp.* | 5,610 | 227,205 | ||||||
Federal Signal Corp. | 1,870 | 72,967 | ||||||
Flowserve Corp. | 7,480 | 243,998 | ||||||
Fortive Corp. | 8,976 | 633,167 | ||||||
Franklin Electric Co., Inc. | 1,122 | 97,390 | ||||||
Gates Industrial Corp. plc*(a) | 17,765 | 274,825 | ||||||
Gorman-Rupp Co. (The) | 1,683 | 67,505 | ||||||
Graco, Inc. | 4,301 | 312,081 | ||||||
Greenbrier Cos., Inc. (The)(a) | 6,171 | 249,062 | ||||||
Helios Technologies, Inc. | 748 | 57,319 | ||||||
Hillenbrand, Inc.(a) | 18,513 | 860,484 | ||||||
Hyster-Yale Materials Handling, Inc. | 2,057 | 92,339 | ||||||
Ideanomics, Inc.*(a) | 935 | 1,000 | ||||||
IDEX Corp. | 1,683 | 362,586 | ||||||
Illinois Tool Works, Inc. | 7,293 | 1,705,979 | ||||||
Ingersoll Rand, Inc. | 9,350 | 525,563 | ||||||
ITT, Inc.(a) | 2,992 | 275,025 | ||||||
John Bean Technologies Corp.(a) | 1,496 | 201,960 | ||||||
Kadant, Inc.(a) | 374 | 78,159 | ||||||
Kennametal, Inc. | 5,236 | 181,009 | ||||||
Lincoln Electric Holdings, Inc. | 2,244 | 286,873 | ||||||
Lindsay Corp.(a) | 374 | 47,217 | ||||||
Manitowoc Co., Inc. (The)* | 3,366 | 61,430 | ||||||
Meritor, Inc.*(a) | 20,196 | 465,518 | ||||||
Middleby Corp. (The)*(a) | 1,870 | 346,324 | ||||||
Mueller Industries, Inc.(a) | 15,147 | 782,494 | ||||||
Mueller Water Products, Inc., Class A | 5,423 | 69,686 | ||||||
Nikola Corp.*(a) | 50,677 | 406,936 | ||||||
Nordson Corp. | 1,309 | 304,395 | ||||||
Oshkosh Corp.(a) | 2,992 | 340,520 | ||||||
Otis Worldwide Corp. | 10,285 | 878,648 |
Investments | Shares | Value ($) | ||||||
PACCAR, Inc. | 10,285 | 956,402 | ||||||
Parker-Hannifin Corp. | 3,366 | 1,043,494 | ||||||
Pentair plc | 4,114 | 262,062 | ||||||
Proto Labs, Inc.* | 1,496 | 75,069 | ||||||
RBC Bearings, Inc.*(a) | 1,122 | 202,487 | ||||||
REV Group, Inc.(a) | 7,106 | 95,434 | ||||||
Snap-on, Inc.(a) | 1,683 | 350,485 | ||||||
SPX Corp.* | 1,496 | 78,061 | ||||||
SPX FLOW, Inc.(a) | 1,496 | 128,955 | ||||||
Standex International Corp.(a) | 187 | 18,578 | ||||||
Stanley Black & Decker, Inc. | 5,236 | 914,467 | ||||||
Tennant Co.(a) | 187 | 14,431 | ||||||
Terex Corp. | 14,773 | 616,330 | ||||||
Timken Co. (The) | 16,269 | 1,086,769 | ||||||
Toro Co. (The) | 2,431 | 234,786 | ||||||
Trinity Industries, Inc.(a) | 2,992 | 85,960 | ||||||
Wabash National Corp. | 7,106 | 139,420 | ||||||
Watts Water Technologies, Inc., Class A | 935 | 143,251 | ||||||
Welbilt, Inc.*(a) | 10,098 | 239,828 | ||||||
Westinghouse Air Brake Technologies Corp. | 5,049 | 448,856 | ||||||
Woodward, Inc.(a) | 1,309 | 144,343 | ||||||
Xylem, Inc. | 4,114 | 432,052 | ||||||
|
| |||||||
30,478,375 | ||||||||
|
| |||||||
Marine - 0.1% |
| |||||||
Eagle Bulk Shipping, Inc.(a) | 1,122 | 50,288 | ||||||
Genco Shipping & Trading Ltd. | 5,797 | 90,201 | ||||||
Kirby Corp.* | 4,488 | 292,528 | ||||||
Matson, Inc.(a) | 10,098 | 986,171 | ||||||
|
| |||||||
1,419,188 | ||||||||
|
| |||||||
Media - 1.3% |
| |||||||
Advantage Solutions, Inc.*(a) | 30,294 | 220,540 | ||||||
Altice USA, Inc., Class A*(a) | 55,913 | 806,266 | ||||||
AMC Networks, Inc., Class A*(a) | 7,667 | 326,844 | ||||||
Audacy, Inc.*(a) | 748 | 1,810 | ||||||
Cable One, Inc. | 187 | 288,865 | ||||||
Cardlytics, Inc.*(a) | 2,244 | 150,572 | ||||||
Charter Communications, Inc., Class A*(a) | 3,366 | 1,997,182 | ||||||
Clear Channel Outdoor Holdings, Inc.* | 102,102 | 312,432 | ||||||
Comcast Corp., Class A | 146,421 | 7,319,586 | ||||||
Discovery, Inc., Class A*(a) | 3,927 | 109,603 | ||||||
Discovery, Inc., Class C*(a) | 5,984 | 163,662 | ||||||
DISH Network Corp., Class A* | 8,041 | 252,487 | ||||||
EW Scripps Co. (The), Class A*(a) | 14,773 | 302,847 | ||||||
Fox Corp., Class A | 8,041 | 326,545 | ||||||
Fox Corp., Class B | 2,431 | 90,385 | ||||||
Gannett Co., Inc.*(a) | 748 | 3,635 | ||||||
Gray Television, Inc.(a) | 24,684 | 514,661 | ||||||
iHeartMedia, Inc., Class A*(a) | 9,724 | 195,939 | ||||||
Interpublic Group of Cos., Inc. (The) | 11,407 | 405,405 | ||||||
John Wiley & Sons, Inc., Class A(a) | 10,846 | 550,435 | ||||||
Liberty Broadband Corp., Class A* | 561 | 82,102 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Liberty Broadband Corp., | 3,927 | 582,806 | ||||||
Liberty Media Corp-Liberty SiriusXM, Class A* | 2,057 | 95,136 | ||||||
Liberty Media Corp-Liberty SiriusXM, Class C* | 4,862 | 226,229 | ||||||
Magnite, Inc.*(a) | 935 | 12,688 | ||||||
New York Times Co. (The), Class A | 4,301 | 172,169 | ||||||
News Corp., Class A | 9,724 | 216,262 | ||||||
News Corp., Class B(a) | 3,179 | 70,701 | ||||||
Nexstar Media Group, Inc., Class A | 9,911 | 1,639,081 | ||||||
Omnicom Group, Inc. | 5,797 | 436,862 | ||||||
PubMatic, Inc., Class A*(a) | 935 | 22,954 | ||||||
Scholastic Corp.(a) | 748 | 30,683 | ||||||
Sinclair Broadcast Group, Inc., Class A(a) | 12,155 | 334,019 | ||||||
Sirius XM Holdings, Inc.(a) | 35,904 | 228,349 | ||||||
TechTarget, Inc.*(a) | 1,122 | 93,059 | ||||||
TEGNA, Inc. | 52,173 | 1,010,069 | ||||||
Thryv Holdings, Inc.*(a) | 2,992 | 97,031 | ||||||
Urban One, Inc.*(a) | 9,537 | 51,881 | ||||||
ViacomCBS, Inc. | 17,204 | 575,474 | ||||||
ViacomCBS, Inc., Class A(a) | 1,122 | 41,043 | ||||||
WideOpenWest, Inc.* | 6,732 | 125,283 | ||||||
|
| |||||||
20,483,582 | ||||||||
|
| |||||||
Metals & Mining - 0.7% | ||||||||
Alcoa Corp.(a) | 7,667 | 434,796 | ||||||
Allegheny Technologies, Inc.*(a) | 11,407 | 208,634 | ||||||
Arconic Corp.*(a) | 22,814 | 705,637 | ||||||
Carpenter Technology | 5,236 | 150,378 | ||||||
Century Aluminum Co.*(a) | 10,098 | 154,903 | ||||||
Cleveland-Cliffs, Inc.*(a) | 19,074 | 326,928 | ||||||
Coeur Mining, Inc.*(a) | 23,188 | 108,752 | ||||||
Commercial Metals Co. | 30,294 | 1,013,031 | ||||||
Compass Minerals International, Inc. | 935 | 49,929 | ||||||
Freeport-McMoRan, Inc.(a) | 45,441 | 1,691,314 | ||||||
Gatos Silver, Inc.*(a) | 2,805 | 8,724 | ||||||
Hecla Mining Co. | 14,960 | 74,202 | ||||||
Kaiser Aluminum Corp.(a) | 1,309 | 125,337 | ||||||
Materion Corp. | 561 | 46,479 | ||||||
McEwen Mining, Inc.*(a) | 1,870 | 1,594 | ||||||
MP Materials Corp.*(a) | 4,301 | 171,782 | ||||||
Newmont Corp. | 24,310 | 1,487,043 | ||||||
Nucor Corp.(a) | 9,163 | 929,128 | ||||||
Piedmont Lithium, Inc.*(a) | 3,366 | 162,847 | ||||||
Reliance Steel & Aluminum Co. | 2,431 | 371,651 | ||||||
Royal Gold, Inc.(a) | 3,553 | 360,807 | ||||||
Ryerson Holding Corp. | 935 | 19,167 | ||||||
Schnitzer Steel Industries, Inc., Class A(a) | 4,488 | 175,660 | ||||||
Southern Copper Corp. | 1,870 | 119,474 | ||||||
Steel Dynamics, Inc. | 7,480 | 415,290 | ||||||
SunCoke Energy, Inc. | 8,041 | 55,081 | ||||||
TimkenSteel Corp.*(a) | 9,350 | 131,180 | ||||||
United States Steel Corp.(a) | 60,962 | 1,263,133 | ||||||
Warrior Met Coal, Inc. | 8,415 | 220,473 |
Investments | Shares | Value ($) | ||||||
Worthington Industries, | 8,789 | 476,188 | ||||||
|
| |||||||
11,459,542 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) - 0.6% |
| |||||||
AGNC Investment Corp.(a) | 11,594 | 172,635 | ||||||
Annaly Capital Management, Inc.(a) | 36,839 | 291,028 | ||||||
Apollo Commercial Real Estate Finance, Inc.(a) | 31,790 | 433,934 | ||||||
Arbor Realty Trust, Inc.(a) | 31,229 | 546,820 | ||||||
Ares Commercial Real Estate | 5,423 | 79,664 | ||||||
ARMOUR Residential REIT, Inc. | 12,903 | 121,030 | ||||||
Blackstone Mortgage Trust, Inc., Class A(a) | 41,140 | 1,292,619 | ||||||
BrightSpire Capital, Inc. | 17,578 | 165,057 | ||||||
Broadmark Realty Capital, Inc.(a) | 40,392 | 378,877 | ||||||
Chimera Investment Corp.(a) | 51,238 | 742,951 | ||||||
Dynex Capital, Inc.(a) | 13,838 | 222,515 | ||||||
Ellington Financial, Inc.(a) | 16,082 | 285,777 | ||||||
Granite Point Mortgage Trust, Inc. | 5,610 | 67,881 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 4,114 | 170,649 | ||||||
Invesco Mortgage Capital, Inc.(a) | 85,459 | 229,030 | ||||||
KKR Real Estate Finance Trust, | 7,106 | 151,642 | ||||||
Ladder Capital Corp.(a) | 7,293 | 86,714 | ||||||
MFA Financial, Inc. | 76,670 | 354,982 | ||||||
New Residential Investment Corp. | 108,086 | 1,151,116 | ||||||
New York Mortgage Trust, Inc.(a) | 83,215 | 312,056 | ||||||
Orchid Island Capital, Inc.(a) | 20,009 | 80,636 | ||||||
PennyMac Mortgage Investment Trust(a) | 23,375 | 416,543 | ||||||
Ready Capital Corp.(a) | 14,212 | 202,379 | ||||||
Redwood Trust, Inc.(a) | 33,660 | 415,028 | ||||||
Starwood Property Trust, | 12,903 | 319,349 | ||||||
TPG RE Finance Trust, Inc. | 11,594 | 146,316 | ||||||
Two Harbors Investment Corp.(a) | 82,467 | 474,185 | ||||||
|
| |||||||
9,311,413 | ||||||||
|
| |||||||
Multiline Retail - 0.5% | ||||||||
Big Lots, Inc.(a) | 8,789 | 368,347 | ||||||
Dillards, Inc., Class A | 935 | 237,228 | ||||||
Dollar General Corp. | 6,545 | 1,364,502 | ||||||
Dollar Tree, Inc.* | 6,732 | 883,373 | ||||||
Franchise Group, Inc. | 7,854 | 393,250 | ||||||
Kohls Corp. | 6,545 | 390,802 | ||||||
Macys, Inc. | 13,464 | 344,678 | ||||||
Nordstrom, Inc.*(a) | 9,163 | 206,167 | ||||||
Ollies Bargain Outlet Holdings, Inc.*(a) | 3,366 | 161,366 | ||||||
Target Corp. | 16,269 | 3,586,176 | ||||||
|
| |||||||
7,935,889 | ||||||||
|
| |||||||
Multi-Utilities - 0.8% | ||||||||
Ameren Corp. | 6,545 | 580,803 | ||||||
Avista Corp.(a) | 14,960 | 665,122 | ||||||
Black Hills Corp. | 16,456 | 1,114,729 | ||||||
CenterPoint Energy, Inc. | 19,261 | 546,242 | ||||||
CMS Energy Corp. | 8,228 | 529,719 | ||||||
Consolidated Edison, Inc. | 10,846 | 937,637 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Dominion Energy, Inc. | 27,302 | 2,202,179 | ||||||
DTE Energy Co. | 6,732 | 810,735 | ||||||
MDU Resources Group, Inc. | 46,189 | 1,356,571 | ||||||
NiSource, Inc. | 15,895 | 463,816 | ||||||
NorthWestern Corp.(a) | 12,155 | 706,449 | ||||||
Public Service Enterprise Group, Inc. | 17,765 | 1,181,905 | ||||||
Sempra Energy(a) | 9,724 | 1,343,468 | ||||||
Unitil Corp.(a) | 2,618 | 122,889 | ||||||
WEC Energy Group, Inc. | 8,602 | 834,738 | ||||||
|
| |||||||
13,397,002 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 3.7% |
| |||||||
Alto Ingredients, Inc.*(a) | 20,757 | 107,521 | ||||||
Antero Midstream Corp.(a) | 79,288 | 788,916 | ||||||
Antero Resources Corp.*(a) | 69,751 | 1,362,237 | ||||||
APA Corp. | 15,147 | 503,032 | ||||||
Arch Resources, Inc.(a) | 4,675 | 442,442 | ||||||
Berry Corp. | 13,277 | 115,377 | ||||||
Brigham Minerals, Inc., Class A | 6,171 | 133,540 | ||||||
California Resources Corp. | 2,057 | 87,669 | ||||||
Callon Petroleum Co.*(a) | 10,846 | 536,226 | ||||||
Centennial Resource Development, Inc., Class A*(a) | 12,529 | 97,852 | ||||||
Centrus Energy Corp., Class A* | 2,057 | 89,377 | ||||||
Cheniere Energy, Inc. | 8,415 | 941,639 | ||||||
Chesapeake Energy Corp.(a) | 23,562 | 1,606,222 | ||||||
Chevron Corp. | 63,393 | 8,325,403 | ||||||
Civitas Resources, Inc.(a) | 15,708 | 856,090 | ||||||
Clean Energy Fuels Corp.* | 17,765 | 107,834 | ||||||
CNX Resources Corp.* | 53,108 | 787,592 | ||||||
Comstock Resources, Inc.*(a) | 11,968 | 93,111 | ||||||
ConocoPhillips | 42,823 | 3,794,974 | ||||||
CONSOL Energy, Inc.* | 5,610 | 121,961 | ||||||
Continental Resources, Inc.(a) | 3,740 | 194,256 | ||||||
Coterra Energy, Inc. | 27,116 | 593,839 | ||||||
Crescent Energy, Inc., Class A(a) | 561 | 7,445 | ||||||
CVR Energy, Inc. | 12,342 | 241,039 | ||||||
Delek US Holdings, Inc.*(a) | 15,335 | 237,994 | ||||||
Denbury, Inc.*(a) | 1,309 | 98,358 | ||||||
Devon Energy Corp. | 18,700 | 945,659 | ||||||
Diamondback Energy, Inc. | 6,358 | 802,125 | ||||||
Dorian LPG Ltd.(a) | 8,415 | 100,054 | ||||||
DT Midstream, Inc.(a) | 22,066 | 1,140,812 | ||||||
Earthstone Energy, Inc., | 6,358 | 86,850 | ||||||
EOG Resources, Inc. | 17,952 | 2,001,289 | ||||||
EQT Corp.*(a) | 19,074 | 405,323 | ||||||
Equitrans Midstream Corp. | 96,866 | 785,583 | ||||||
Exxon Mobil Corp. | 136,136 | 10,340,891 | ||||||
Gevo, Inc.*(a) | 374 | 1,279 | ||||||
Green Plains, Inc.*(a) | 5,049 | 154,196 | ||||||
Gulfport Energy Corp.*(a) | 2,244 | 146,870 | ||||||
Hess Corp. | 8,415 | 776,620 | ||||||
HollyFrontier Corp.(a) | 10,098 | 355,046 | ||||||
International Seaways, | 3,740 | 54,567 | ||||||
Kinder Morgan, Inc. | 58,157 | 1,009,606 | ||||||
Kosmos Energy Ltd.*(a) | 97,801 | 423,478 | ||||||
Laredo Petroleum, Inc.*(a) | 2,057 | 138,148 |
Investments | Shares | Value ($) | ||||||
Magnolia Oil & Gas Corp., Class A(a) | 11,781 | 254,823 | ||||||
Marathon Oil Corp. | 30,294 | 589,824 | ||||||
Marathon Petroleum Corp.(a) | 17,578 | 1,261,222 | ||||||
Matador Resources Co.(a) | 24,123 | 1,079,987 | ||||||
Murphy Oil Corp.(a) | 31,603 | 998,655 | ||||||
New Fortress Energy, Inc.(a) | 2,618 | 57,491 | ||||||
NextDecade Corp.* | 3,366 | 7,439 | ||||||
Northern Oil and Gas, Inc. | 12,903 | 303,479 | ||||||
Oasis Petroleum, Inc.(a) | 3,740 | 506,508 | ||||||
Occidental Petroleum Corp. | 20,383 | 767,828 | ||||||
ONEOK, Inc. | 13,090 | 794,301 | ||||||
Ovintiv, Inc.(a) | 11,033 | 428,080 | ||||||
Par Pacific Holdings, Inc.* | 8,415 | 118,652 | ||||||
PBF Energy, Inc., | 22,066 | 349,525 | ||||||
PDC Energy, Inc.(a) | 25,058 | 1,485,188 | ||||||
Peabody Energy Corp.*(a) | 25,993 | 280,724 | ||||||
Phillips 66 | 10,285 | 872,065 | ||||||
Pioneer Natural Resources Co. | 7,106 | 1,555,432 | ||||||
Range Resources Corp.*(a) | 17,017 | 327,577 | ||||||
Ranger Oil Corp.* | 5,423 | 168,167 | ||||||
Renewable Energy Group, Inc.*(a) | 11,594 | 466,774 | ||||||
Ring Energy, Inc.*(a) | 15,334 | 38,642 | ||||||
SilverBow Resources, | 935 | 21,776 | ||||||
SM Energy Co.(a) | 6,732 | 220,877 | ||||||
Southwestern Energy Co.*(a) | 225,335 | 991,474 | ||||||
Targa Resources Corp. | 7,667 | 452,966 | ||||||
Tellurian, Inc.*(a) | 15,895 | 39,896 | ||||||
Texas Pacific Land Corp.(a) | 187 | 201,025 | ||||||
Uranium Energy Corp.*(a) | 3,553 | 9,273 | ||||||
Valero Energy Corp. | 11,968 | 992,985 | ||||||
W&T Offshore, Inc.* | 34,221 | 146,466 | ||||||
Whiting Petroleum Corp.*(a) | 8,976 | 666,468 | ||||||
Williams Cos., Inc. (The) | 42,636 | 1,276,522 | ||||||
World Fuel Services Corp. | 748 | 21,101 | ||||||
|
| |||||||
59,693,554 | ||||||||
|
| |||||||
Paper & Forest Products - 0.2% |
| |||||||
Clearwater Paper Corp.*(a) | 2,431 | 76,868 | ||||||
Glatfelter Corp.(a) | 7,106 | 123,360 | ||||||
Louisiana-Pacific Corp. | 22,253 | 1,478,489 | ||||||
Mercer International, Inc.(a) | 10,472 | 127,235 | ||||||
Neenah, Inc. | 1,683 | 77,586 | ||||||
Resolute Forest Products, Inc. | 6,919 | 94,237 | ||||||
Schweitzer-Mauduit International, Inc.(a) | 4,675 | 141,512 | ||||||
Sylvamo Corp.*(a) | 6,358 | 189,405 | ||||||
Verso Corp., Class A | 8,228 | 221,169 | ||||||
|
| |||||||
2,529,861 | ||||||||
|
| |||||||
Personal Products - 0.3% | ||||||||
BellRing Brands, Inc., Class A* | 3,553 | 86,551 | ||||||
Coty, Inc., Class A*(a) | 22,066 | 187,120 | ||||||
Edgewell Personal Care | 13,838 | 633,780 | ||||||
elf Beauty, Inc.*(a) | 748 | 22,111 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 6,358 | 1,982,361 | ||||||
Herbalife Nutrition Ltd.*(a) | 23,375 | 993,671 | ||||||
Honest Co., Inc. (The)*(a) | 2,992 | 19,418 | ||||||
Inter Parfums, Inc.(a) | 561 | 55,522 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Medifast, Inc. | 561 | 111,476 | ||||||
Nu Skin Enterprises, Inc., | 12,155 | 585,750 | ||||||
Thorne HealthTech, Inc.*(a) | 2,992 | 16,097 | ||||||
USANA Health Sciences, Inc.* | 187 | 17,874 | ||||||
Veru, Inc.*(a) | 187 | 972 | ||||||
|
| |||||||
4,712,703 | ||||||||
|
| |||||||
Pharmaceuticals - 3.1% |
| |||||||
9 Meters Biopharma, Inc.* | 29,359 | 22,407 | ||||||
Aclaris Therapeutics, Inc.* | 748 | 8,168 | ||||||
Aerie Pharmaceuticals, Inc.* | 5,610 | 41,290 | ||||||
Amneal Pharmaceuticals, Inc.*(a) | 3,366 | 14,911 | ||||||
Amphastar Pharmaceuticals, | 1,122 | 25,907 | ||||||
Ampio Pharmaceuticals, | 36,091 | 18,681 | ||||||
ANI Pharmaceuticals, Inc.*(a) | 187 | 7,559 | ||||||
Antares Pharma, Inc.*(a) | 17,017 | 57,347 | ||||||
Arvinas, Inc.*(a) | 935 | 66,843 | ||||||
Axsome Therapeutics, | 1,870 | 51,313 | ||||||
BioDelivery Sciences International, Inc.*(a) | 935 | 3,422 | ||||||
Bristol-Myers Squibb Co. | 70,686 | 4,586,815 | ||||||
Cara Therapeutics, Inc.*(a) | 1,122 | 12,993 | ||||||
Cassava Sciences, Inc.*(a) | 1,122 | 49,649 | ||||||
Catalent, Inc.* | 3,927 | 408,133 | ||||||
Clearside Biomedical, Inc.* | 3,740 | 7,293 | ||||||
Collegium Pharmaceutical, | 3,740 | 66,759 | ||||||
Corcept Therapeutics, Inc.*(a) | 5,049 | 94,770 | ||||||
DICE Therapeutics, Inc.*(a) | 1,309 | 22,292 | ||||||
Elanco Animal Health, Inc.* | 9,537 | 248,343 | ||||||
Eli Lilly & Co. | 21,131 | 5,185,336 | ||||||
Endo International | 58,157 | 185,521 | ||||||
Evolus, Inc.*(a) | 2,057 | 15,263 | ||||||
Harmony Biosciences Holdings, Inc.*(a) | 748 | 26,823 | ||||||
Innoviva, Inc.*(a) | 10,472 | 167,866 | ||||||
Intra-Cellular Therapies, Inc.*(a) | 3,179 | 150,971 | ||||||
Jazz Pharmaceuticals plc*(a) | 1,870 | 259,762 | ||||||
Johnson & Johnson | 86,020 | 14,820,386 | ||||||
KemPharm, Inc.*(a) | 4,114 | 29,662 | ||||||
Marinus Pharmaceuticals, Inc.*(a) | 3,179 | 32,426 | ||||||
Merck & Co., Inc. | 80,971 | 6,597,517 | ||||||
Nektar Therapeutics*(a) | 7,854 | 87,336 | ||||||
NGM Biopharmaceuticals, Inc.* | 1,496 | 23,652 | ||||||
Ocular Therapeutix, Inc.* | 5,610 | 31,753 | ||||||
Omeros Corp.*(a) | 187 | 1,122 | ||||||
Oramed Pharmaceuticals, Inc.*(a) | 1,122 | 10,053 | ||||||
Organon & Co.(a) | 6,919 | 220,785 | ||||||
Pacira BioSciences, Inc.*(a) | 3,740 | 234,760 | ||||||
Perrigo Co. plc(a) | 32,912 | 1,252,960 | ||||||
Pfizer, Inc. | 183,821 | 9,685,528 | ||||||
Phibro Animal Health Corp., Class A | 2,057 | 39,700 | ||||||
Pliant Therapeutics, Inc.* | 2,244 | 26,322 | ||||||
PLx Pharma, Inc.*(a) | 5,610 | 37,026 | ||||||
Prestige Consumer Healthcare, Inc.* | 13,090 | 738,930 | ||||||
Provention Bio, Inc.*(a) | 374 | 2,005 |
Investments | Shares | Value ($) | ||||||
Reata Pharmaceuticals, Inc., | 2,244 | 63,101 | ||||||
Relmada Therapeutics, Inc.*(a) | 187 | 3,439 | ||||||
Revance Therapeutics, Inc.*(a) | 3,179 | 42,376 | ||||||
Royalty Pharma plc, | 9,350 | 374,093 | ||||||
Supernus Pharmaceuticals, | 5,610 | 173,068 | ||||||
TherapeuticsMD, Inc.*(a) | 99,858 | 30,307 | ||||||
Tilray Brands, Inc.*(a) | 24,497 | 146,002 | ||||||
Viatris, Inc. | 38,335 | 573,875 | ||||||
Zoetis, Inc. | 12,716 | 2,540,530 | ||||||
Zogenix, Inc.* | 4,675 | 121,597 | ||||||
|
| |||||||
49,746,748 | ||||||||
|
| |||||||
Professional Services - 0.8% |
| |||||||
ASGN, Inc.*(a) | 3,366 | 386,652 | ||||||
Barrett Business Services, | 935 | 59,840 | ||||||
Booz Allen Hamilton Holding Corp. | 3,366 | 258,273 | ||||||
CACI International, Inc., Class A* | 5,610 | 1,388,251 | ||||||
CBIZ, Inc.* | 1,870 | 72,238 | ||||||
Clarivate plc*(a) | 8,602 | 141,589 | ||||||
CoStar Group, Inc.* | 9,350 | 655,996 | ||||||
Dun & Bradstreet Holdings, Inc.*(a) | 9,350 | 187,561 | ||||||
Equifax, Inc. | 3,179 | 762,197 | ||||||
Exponent, Inc.(a) | 3,179 | 301,941 | ||||||
First Advantage Corp.* | 748 | 12,656 | ||||||
Forrester Research, Inc.* | 187 | 10,289 | ||||||
FTI Consulting, Inc.*(a) | 1,122 | 163,599 | ||||||
Heidrick & Struggles International, Inc.(a) | 2,805 | 122,775 | ||||||
Huron Consulting Group, Inc.* | 561 | 24,751 | ||||||
ICF International, Inc. | 561 | 52,953 | ||||||
IHS Markit Ltd. | 10,472 | 1,223,025 | ||||||
Insperity, Inc. | 1,122 | 120,649 | ||||||
Jacobs Engineering Group, Inc.(a) | 4,114 | 535,560 | ||||||
KBR, Inc.(a) | 8,789 | 381,443 | ||||||
Kelly Services, Inc., | 8,228 | 140,534 | ||||||
Kforce, Inc. | 374 | 25,682 | ||||||
Korn Ferry | 3,740 | 248,261 | ||||||
Leidos Holdings, Inc. | 3,927 | 351,270 | ||||||
ManpowerGroup, Inc. | 12,155 | 1,274,695 | ||||||
ManTech International Corp., Class A(a) | 1,496 | 108,071 | ||||||
Nielsen Holdings plc | 12,903 | 243,351 | ||||||
Resources Connection, Inc. | 5,984 | 104,301 | ||||||
Robert Half International, | 3,740 | 423,592 | ||||||
Science Applications International Corp. | 14,025 | 1,150,471 | ||||||
Sterling Check Corp.*(a) | 748 | 14,967 | ||||||
TransUnion | 5,049 | 520,653 | ||||||
TriNet Group, Inc.* | 1,309 | 111,527 | ||||||
TrueBlue, Inc.* | 2,618 | 69,639 | ||||||
Upwork, Inc.*(a) | 3,553 | 96,642 | ||||||
Verisk Analytics, Inc. | 4,114 | 806,879 | ||||||
|
| |||||||
12,552,773 | ||||||||
|
| |||||||
Real Estate Management & Development - 0.3% |
| |||||||
CBRE Group, Inc., Class A* | 9,537 | 966,479 | ||||||
Cushman & Wakefield plc* | 34,221 | 718,299 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
eXp World Holdings, Inc.(a) | 2,805 | 76,128 | ||||||
Howard Hughes Corp. | 1,122 | 108,060 | ||||||
Jones Lang LaSalle, Inc.*(a) | 2,057 | 515,875 | ||||||
Kennedy-Wilson Holdings, Inc. | 2,618 | 58,800 | ||||||
Newmark Group, Inc., Class A | 35,904 | 549,690 | ||||||
Opendoor Technologies, Inc.*(a) | 4,114 | 40,852 | ||||||
RE/MAX Holdings, Inc., Class A(a) | 5,797 | 172,519 | ||||||
Realogy Holdings Corp.* | 30,668 | 506,022 | ||||||
Redfin Corp.*(a) | 5,610 | 165,888 | ||||||
RMR Group, Inc. (The), Class A(a) | 374 | 11,972 | ||||||
St Joe Co. (The)(a) | 561 | 27,214 | ||||||
WeWork, Inc.*(a) | 12,155 | 90,312 | ||||||
Zillow Group, Inc., | 561 | 27,971 | ||||||
Zillow Group, Inc., | 3,179 | 160,476 | ||||||
|
| |||||||
4,196,557 | ||||||||
|
| |||||||
Road & Rail - 0.9% | ||||||||
AMERCO | 187 | 113,874 | ||||||
ArcBest Corp.(a) | 2,057 | 181,921 | ||||||
Avis Budget Group, Inc.*(a) | 1,683 | 296,511 | ||||||
Covenant Logistics Group, Inc., | 935 | 20,308 | ||||||
CSX Corp. | 57,035 | 1,951,738 | ||||||
Daseke, Inc.* | 10,472 | 117,077 | ||||||
Heartland Express, Inc. | 5,797 | 86,723 | ||||||
JB Hunt Transport Services, Inc.(a) | 2,244 | 432,060 | ||||||
Knight-Swift Transportation Holdings, Inc.(a) | 4,862 | 275,092 | ||||||
Landstar System, Inc. | 1,496 | 239,360 | ||||||
Lyft, Inc., Class A*(a) | 8,228 | 316,942 | ||||||
Marten Transport Ltd. | 2,805 | 46,815 | ||||||
Norfolk Southern Corp. | 6,732 | 1,831,037 | ||||||
Old Dominion Freight Line, Inc. | 2,618 | 790,453 | ||||||
Ryder System, Inc. | 11,781 | 862,251 | ||||||
Saia, Inc.*(a) | 935 | 265,802 | ||||||
Schneider National, Inc., Class B | 5,236 | 134,042 | ||||||
Uber Technologies, Inc.* | 42,636 | 1,594,586 | ||||||
Union Pacific Corp. | 17,204 | 4,207,238 | ||||||
Werner Enterprises, Inc. | 16,269 | 725,435 | ||||||
XPO Logistics, Inc.* | 2,805 | 185,607 | ||||||
|
| |||||||
14,674,872 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 4.6% |
| |||||||
ACM Research, Inc., | 374 | 29,789 | ||||||
Advanced Micro Devices, Inc.* | 32,351 | 3,696,102 | ||||||
Allegro MicroSystems, | 374 | 10,614 | ||||||
Alpha & Omega Semiconductor Ltd.*(a) | 5,797 | 261,039 | ||||||
Ambarella, Inc.* | 1,683 | 235,872 | ||||||
Amkor Technology, Inc.(a) | 20,570 | 452,951 | ||||||
Analog Devices, Inc. | 14,586 | 2,391,666 | ||||||
Applied Materials, Inc. | 24,310 | 3,359,156 | ||||||
Axcelis Technologies, | 1,122 | 70,248 | ||||||
AXT, Inc.*(a) | 7,480 | 56,025 | ||||||
Azenta, Inc.(a) | 2,618 | 220,802 | ||||||
Broadcom, Inc. | 13,464 | 7,888,288 | ||||||
Cirrus Logic, Inc.* | 2,992 | 267,605 | ||||||
CMC Materials, Inc. | 1,122 | 202,947 | ||||||
Cohu, Inc.*(a) | 1,309 | 43,171 |
Investments | Shares | Value ($) | ||||||
Diodes, Inc.* | 1,496 | 138,814 | ||||||
Enphase Energy, Inc.* | 3,179 | 446,554 | ||||||
Entegris, Inc. | 3,553 | 425,792 | ||||||
First Solar, Inc.* | 2,057 | 161,228 | ||||||
FormFactor, Inc.*(a) | 2,431 | 103,901 | ||||||
Ichor Holdings Ltd.*(a) | 2,431 | 103,123 | ||||||
Impinj, Inc.*(a) | 1,496 | 118,767 | ||||||
Intel Corp. | 130,526 | 6,372,279 | ||||||
KLA Corp. | 3,927 | 1,528,663 | ||||||
Kulicke & Soffa Industries, Inc.(a) | 13,464 | 736,346 | ||||||
Lam Research Corp. | 3,553 | 2,095,986 | ||||||
Lattice Semiconductor Corp.* | 4,675 | 258,154 | ||||||
MACOM Technology Solutions Holdings, Inc.*(a) | 1,496 | 91,570 | ||||||
Magnachip Semiconductor Corp.* | 5,423 | 96,475 | ||||||
Marvell Technology, Inc. | 22,627 | 1,615,568 | ||||||
MaxLinear, Inc.* | 3,553 | 213,251 | ||||||
Microchip Technology, Inc. | 15,521 | 1,202,567 | ||||||
Micron Technology, Inc. | 35,904 | 2,953,822 | ||||||
MKS Instruments, Inc.(a) | 2,057 | 319,514 | ||||||
Monolithic Power Systems, Inc. | 1,122 | 452,088 | ||||||
NeoPhotonics Corp.* | 7,106 | 109,148 | ||||||
NVIDIA Corp. | 66,011 | 16,163,454 | ||||||
NXP Semiconductors NV | 7,293 | 1,498,274 | ||||||
ON Semiconductor Corp.* | 12,529 | 739,211 | ||||||
Onto Innovation, Inc.* | 3,366 | 308,124 | ||||||
PDF Solutions, Inc.* | 374 | 11,119 | ||||||
Photronics, Inc.* | 16,269 | 290,890 | ||||||
Power Integrations, Inc. | 3,179 | 256,577 | ||||||
Qorvo, Inc.* | 2,992 | 410,742 | ||||||
QUALCOMM, Inc. | 35,904 | 6,310,487 | ||||||
Rambus, Inc.*(a) | 3,740 | 94,435 | ||||||
Semtech Corp.* | 3,553 | 252,618 | ||||||
Silicon Laboratories, Inc.*(a) | 2,431 | 401,577 | ||||||
SiTime Corp.*(a) | 561 | 130,764 | ||||||
Skyworks Solutions, Inc. | 4,114 | 602,783 | ||||||
SMART Global Holdings, Inc.*(a) | 4,675 | 268,158 | ||||||
SolarEdge Technologies, | 1,496 | 356,377 | ||||||
SunPower Corp.*(a) | 6,545 | 109,825 | ||||||
Synaptics, Inc.* | 1,683 | 354,019 | ||||||
Teradyne, Inc.(a) | 4,675 | 548,985 | ||||||
Texas Instruments, Inc. | 24,684 | 4,430,531 | ||||||
Ultra Clean Holdings, | 11,220 | 565,712 | ||||||
Universal Display Corp. | 935 | 143,532 | ||||||
Veeco Instruments, Inc.*(a) | 1,496 | 41,125 | ||||||
Wolfspeed, Inc.*(a) | 3,740 | 352,458 | ||||||
Xilinx, Inc. | 6,545 | 1,266,785 | ||||||
|
| |||||||
74,638,447 | ||||||||
|
| |||||||
Software - 7.4% | ||||||||
8x8, Inc.*(a) | 2,805 | 43,057 | ||||||
ACI Worldwide, Inc.* | 5,423 | 186,389 | ||||||
Adobe, Inc.* | 12,716 | 6,794,159 | ||||||
Agilysys, Inc.*(a) | 374 | 14,234 | ||||||
Alarm.com Holdings, | 1,309 | 97,612 | ||||||
Altair Engineering, Inc., Class A*(a) | 1,309 | 82,362 | ||||||
Alteryx, Inc., Class A*(a) | 3,740 | 213,442 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
American Software, Inc., | 1,309 | 30,094 | ||||||
Amplitude, Inc., Class A*(a) | 1,683 | 66,159 | ||||||
Anaplan, Inc.*(a) | 2,057 | 99,312 | ||||||
ANSYS, Inc.* | 2,244 | 762,982 | ||||||
Appfolio, Inc., Class A*(a) | 187 | 21,554 | ||||||
Appian Corp.* | 2,244 | 126,494 | ||||||
AppLovin Corp., Class A*(a) | 374 | 24,093 | ||||||
Asana, Inc., Class A*(a) | 935 | 49,069 | ||||||
Aspen Technology, Inc.*(a) | 1,683 | 252,719 | ||||||
Autodesk, Inc.*(a) | 5,423 | 1,354,611 | ||||||
Avalara, Inc.*(a) | 2,805 | 307,484 | ||||||
Avaya Holdings Corp.*(a) | 19,261 | 350,935 | ||||||
AvidXchange Holdings, | 3,366 | 34,872 | ||||||
Benefitfocus, Inc.*(a) | 374 | 4,166 | ||||||
Bentley Systems, Inc., | 4,301 | 172,771 | ||||||
Bill.com Holdings, Inc.*(a) | 2,244 | 422,343 | ||||||
Black Knight, Inc.* | 5,049 | 376,655 | ||||||
Blackbaud, Inc.*(a) | 1,496 | 101,937 | ||||||
Blackline, Inc.*(a) | 1,870 | 171,797 | ||||||
Bottomline Technologies DE, | 1,309 | 73,815 | ||||||
Box, Inc., Class A*(a) | 5,423 | 141,703 | ||||||
BTRS Holdings, Inc., | 10,098 | 64,627 | ||||||
C3.ai, Inc., Class A*(a) | 1,122 | 29,553 | ||||||
Cadence Design Systems, Inc.* | 7,293 | 1,109,557 | ||||||
CDK Global, Inc.(a) | 3,927 | 168,743 | ||||||
Cerence, Inc.*(a) | 1,122 | 71,236 | ||||||
Ceridian HCM Holding, | 2,805 | 212,675 | ||||||
ChannelAdvisor Corp.* | 3,740 | 79,064 | ||||||
Citrix Systems, Inc. | 2,618 | 266,879 | ||||||
Cleanspark, Inc.*(a) | 2,244 | 15,080 | ||||||
Clear Secure, Inc., Class A*(a) | 1,496 | 36,936 | ||||||
Clearwater Analytics Holdings, Inc., Class A*(a) | 1,683 | 28,695 | ||||||
CommVault Systems, Inc.* | 1,309 | 88,305 | ||||||
Confluent, Inc., Class A*(a) | 2,992 | 195,647 | ||||||
Consensus Cloud Solutions, Inc.*(a) | 3,740 | 212,058 | ||||||
Coupa Software, Inc.*(a) | 2,244 | 301,302 | ||||||
Crowdstrike Holdings, Inc., | 5,049 | 912,051 | ||||||
CS Disco, Inc.*(a) | 935 | 32,089 | ||||||
Datadog, Inc., Class A*(a) | 7,293 | 1,065,580 | ||||||
Digimarc Corp.*(a) | 748 | 23,712 | ||||||
Digital Turbine, Inc.*(a) | 748 | 33,024 | ||||||
DocuSign, Inc.* | 5,236 | 658,532 | ||||||
Dolby Laboratories, Inc., Class A | 2,431 | 213,563 | ||||||
DoubleVerify Holdings, Inc.*(a) | 748 | 20,690 | ||||||
Dropbox, Inc., Class A* | 10,846 | 268,439 | ||||||
Duck Creek Technologies, | 748 | 19,111 | ||||||
Dynatrace, Inc.*(a) | 6,358 | 348,800 | ||||||
Ebix, Inc.(a) | 3,927 | 119,342 | ||||||
Elastic NV* | 1,122 | 104,627 | ||||||
Enfusion, Inc., Class A*(a) | 748 | 10,330 | ||||||
Envestnet, Inc.*(a) | 3,740 | 276,536 | ||||||
Everbridge, Inc.*(a) | 2,431 | 124,273 | ||||||
Fair Isaac Corp.*(a) | 748 | 370,253 | ||||||
Five9, Inc.*(a) | 1,870 | 235,059 |
Investments | Shares | Value ($) | ||||||
ForgeRock, Inc., Class A*(a) | 1,309 | 18,640 | ||||||
Fortinet, Inc.* | 3,553 | 1,056,094 | ||||||
Freshworks, Inc., Class A*(a) | 2,805 | 61,009 | ||||||
Guidewire Software, Inc.* | 2,992 | 301,713 | ||||||
HubSpot, Inc.* | 1,122 | 548,434 | ||||||
Intapp, Inc.*(a) | 748 | 15,050 | ||||||
InterDigital, Inc.(a) | 935 | 64,543 | ||||||
Intuit, Inc. | 7,293 | 4,049,292 | ||||||
Jamf Holding Corp.*(a) | 374 | 12,364 | ||||||
JFrog Ltd.*(a) | 4,114 | 109,926 | ||||||
Kaleyra, Inc.*(a) | 2,244 | 19,949 | ||||||
Kaltura, Inc.*(a) | 7,106 | 25,511 | ||||||
LivePerson, Inc.*(a) | 4,675 | 139,642 | ||||||
Mandiant Corp.*(a) | 11,220 | 169,310 | ||||||
Manhattan Associates, Inc.* | 2,244 | 300,404 | ||||||
Marathon Digital Holdings, Inc.*(a) | 7,106 | 167,275 | ||||||
McAfee Corp., Class A | 561 | 14,390 | ||||||
MeridianLink, Inc.* | 748 | 14,504 | ||||||
Microsoft Corp. | 197,846 | 61,526,149 | ||||||
MicroStrategy, Inc., | 374 | 137,636 | ||||||
Mimecast Ltd.*(a) | 2,992 | 238,492 | ||||||
Mitek Systems, Inc.*(a) | 935 | 15,306 | ||||||
Model N, Inc.*(a) | 748 | 20,690 | ||||||
Momentive Global, Inc.* | 10,659 | 182,589 | ||||||
N-able, Inc.*(a) | 2,992 | 33,391 | ||||||
nCino, Inc.*(a) | 3,927 | 179,974 | ||||||
NCR Corp.*(a) | 29,920 | 1,138,755 | ||||||
New Relic, Inc.*(a) | 3,553 | 373,562 | ||||||
NortonLifeLock, Inc. | 13,651 | 355,063 | ||||||
Nuance Communications, Inc.* | 8,976 | 495,924 | ||||||
Nutanix, Inc., Class A*(a) | 8,041 | 219,841 | ||||||
Olo, Inc., Class A*(a) | 3,740 | 65,637 | ||||||
OneSpan, Inc.*(a) | 1,496 | 24,026 | ||||||
Oracle Corp. | 43,197 | 3,505,869 | ||||||
PagerDuty, Inc.*(a) | 4,488 | 148,194 | ||||||
Palantir Technologies, Inc., | 37,774 | 517,882 | ||||||
Palo Alto Networks, Inc.*(a) | 2,805 | 1,451,307 | ||||||
Paycom Software, Inc.* | 1,309 | 438,908 | ||||||
Paycor HCM, Inc.* | 1,122 | 29,105 | ||||||
Paylocity Holding Corp.*(a) | 1,122 | 228,866 | ||||||
Pegasystems, Inc.(a) | 935 | 92,771 | ||||||
PROS Holdings, Inc.*(a) | 2,244 | 62,181 | ||||||
PTC, Inc.* | 2,431 | 282,628 | ||||||
Q2 Holdings, Inc.*(a) | 3,179 | 207,430 | ||||||
Qualtrics International, Inc., | 2,057 | 60,208 | ||||||
Qualys, Inc.* | 1,496 | 191,697 | ||||||
Rapid7, Inc.*(a) | 3,553 | 342,260 | ||||||
RingCentral, Inc., Class A* | 2,431 | 429,047 | ||||||
Riot Blockchain, Inc.*(a) | 3,927 | 62,596 | ||||||
Sailpoint Technologies Holdings, Inc.*(a) | 4,675 | 180,876 | ||||||
salesforce.com, Inc.* | 25,993 | 6,046,751 | ||||||
ServiceNow, Inc.* | 5,423 | 3,176,685 | ||||||
Smartsheet, Inc., Class A* | 4,488 | 279,243 | ||||||
Smith Micro Software, | 16,456 | 68,786 | ||||||
Splunk, Inc.*(a) | 3,740 | 463,461 | ||||||
Sprinklr, Inc., Class A*(a) | 1,683 | 18,934 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Sprout Social, Inc., Class A*(a) | 2,431 | 167,374 | ||||||
SPS Commerce, Inc.*(a) | 2,244 | 277,919 | ||||||
SS&C Technologies Holdings, Inc. | 5,797 | 463,006 | ||||||
Stronghold Digital Mining, Inc., Class A*(a) | 1,870 | 16,699 | ||||||
Sumo Logic, Inc.*(a) | 5,423 | 64,588 | ||||||
Synopsys, Inc.* | 3,927 | 1,219,333 | ||||||
Tenable Holdings, Inc.* | 5,423 | 278,742 | ||||||
Teradata Corp.*(a) | 3,553 | 143,328 | ||||||
Trade Desk, Inc. (The), Class A* | 11,407 | 793,243 | ||||||
Tyler Technologies, Inc.* | 1,309 | 620,204 | ||||||
UiPath, Inc., Class A* | 7,293 | 266,413 | ||||||
Unity Software, Inc.* | 4,114 | 432,587 | ||||||
Upland Software, Inc.*(a) | 5,236 | 102,626 | ||||||
Varonis Systems, Inc.*(a) | 3,740 | 139,352 | ||||||
Verint Systems, Inc.* | 2,057 | 105,586 | ||||||
Veritone, Inc.*(a) | 2,057 | 32,439 | ||||||
Vertex, Inc., Class A*(a) | 2,992 | 43,414 | ||||||
VMware, Inc., Class A | 5,610 | 720,773 | ||||||
Vonage Holdings Corp.*(a) | 9,163 | 190,957 | ||||||
Workday, Inc., Class A* | 5,049 | 1,277,447 | ||||||
Workiva, Inc.*(a) | 1,683 | 199,065 | ||||||
Xperi Holding Corp.(a) | 25,806 | 435,347 | ||||||
Zendesk, Inc.*(a) | 2,805 | 276,321 | ||||||
Zoom Video Communications, Inc., Class A* | 5,797 | 894,361 | ||||||
Zscaler, Inc.*(a) | 1,870 | 480,796 | ||||||
Zuora, Inc., Class A*(a) | 9,911 | 164,820 | ||||||
|
| |||||||
120,280,698 | ||||||||
|
| |||||||
Specialty Retail - 2.8% | ||||||||
Aarons Co., Inc. (The) | 4,301 | 91,052 | ||||||
Abercrombie & Fitch Co., | 12,716 | 495,924 | ||||||
Academy Sports & Outdoors, Inc.* | 19,074 | 741,979 | ||||||
Advance Auto Parts, Inc.(a) | 1,870 | 432,924 | ||||||
American Eagle Outfitters, Inc.(a) | 34,408 | 785,535 | ||||||
Americas Car-Mart, Inc.*(a) | 1,496 | 142,000 | ||||||
Arko Corp.*(a) | 2,805 | 23,057 | ||||||
Asbury Automotive Group, | 5,236 | 842,839 | ||||||
AutoNation, Inc.* | 2,057 | 224,213 | ||||||
AutoZone, Inc.* | 748 | 1,485,790 | ||||||
Bath & Body Works, Inc. | 8,041 | 450,859 | ||||||
Bed Bath & Beyond, Inc.* | 19,635 | 318,872 | ||||||
Best Buy Co., Inc.(a) | 7,480 | 742,614 | ||||||
Big 5 Sporting Goods Corp.(a) | 4,488 | 88,369 | ||||||
Boot Barn Holdings, Inc.* | 1,496 | 137,587 | ||||||
Buckle, Inc. (The)(a) | 7,106 | 267,470 | ||||||
Burlington Stores, Inc.*(a) | 1,683 | 398,753 | ||||||
Caleres, Inc. | 7,854 | 188,339 | ||||||
Camping World Holdings, Inc., Class A(a) | 9,911 | 329,045 | ||||||
CarMax, Inc.*(a) | 4,862 | 540,509 | ||||||
Carvana Co.*(a) | 1,870 | 303,052 | ||||||
Cato Corp. (The), Class A | 1,683 | 27,803 | ||||||
Chicos FAS, Inc.*(a) | 374 | 1,762 | ||||||
Childrens Place, Inc. (The)*(a) | 1,683 | 119,072 | ||||||
Citi Trends, Inc.*(a) | 935 | 45,553 | ||||||
Conns, Inc.*(a) | 3,553 | 86,231 |
Investments | Shares | Value ($) | ||||||
Container Store Group, Inc. (The)*(a) | 8,041 | 82,018 | ||||||
Designer Brands, Inc., Class A*(a) | 4,862 | 64,033 | ||||||
Dicks Sporting Goods, Inc.(a) | 16,082 | 1,855,863 | ||||||
EVgo, Inc.*(a) | 3,927 | 32,398 | ||||||
Five Below, Inc.* | 1,122 | 184,008 | ||||||
Floor & Decor Holdings, Inc., | 2,244 | 243,968 | ||||||
Foot Locker, Inc. | 23,562 | 1,052,750 | ||||||
GameStop Corp., Class A*(a) | 2,057 | 224,069 | ||||||
Gap, Inc. (The) | 9,163 | 165,575 | ||||||
Genesco, Inc.*(a) | 2,244 | 144,356 | ||||||
Group 1 Automotive, Inc.(a) | 4,301 | 730,353 | ||||||
GrowGeneration Corp.*(a) | 4,488 | 37,879 | ||||||
Guess?, Inc.(a) | 7,293 | 167,885 | ||||||
Haverty Furniture Cos., Inc. | 2,057 | 60,723 | ||||||
Hibbett, Inc. | 2,431 | 149,871 | ||||||
Home Depot, Inc. (The) | 28,050 | 10,293,789 | ||||||
JOANN, Inc.(a) | 1,496 | 15,992 | ||||||
Leslies, Inc.*(a) | 2,618 | 54,533 | ||||||
Lithia Motors, Inc., Class A(a) | 1,309 | 382,398 | ||||||
LL Flooring Holdings, Inc.*(a) | 6,545 | 94,510 | ||||||
Lowes Cos., Inc. | 22,814 | 5,414,903 | ||||||
MarineMax, Inc.*(a) | 6,171 | 290,407 | ||||||
Monro, Inc.(a) | 2,805 | 139,493 | ||||||
Murphy USA, Inc. | 5,610 | 1,103,263 | ||||||
National Vision Holdings, Inc.*(a) | 3,366 | 137,602 | ||||||
ODP Corp. (The)*(a) | 13,277 | 587,242 | ||||||
OneWater Marine, Inc., Class A(a) | 748 | 38,679 | ||||||
OReilly Automotive, Inc.* | 1,870 | 1,218,772 | ||||||
Party City Holdco, Inc.*(a) | 187 | 884 | ||||||
Penske Automotive Group, Inc.(a) | 1,870 | 190,048 | ||||||
Petco Health & Wellness Co., | 3,553 | 66,619 | ||||||
Rent-A-Center, Inc.(a) | 13,464 | 567,508 | ||||||
RH*(a) | 561 | 225,982 | ||||||
Ross Stores, Inc. | 8,789 | 859,125 | ||||||
Sally Beauty Holdings, Inc.*(a) | 23,562 | 404,560 | ||||||
Shift Technologies, Inc.*(a) | 27,863 | 63,806 | ||||||
Shoe Carnival, Inc. | 2,992 | 102,207 | ||||||
Signet Jewelers Ltd. | 11,781 | 1,014,697 | ||||||
Sleep Number Corp.*(a) | 5,049 | 361,003 | ||||||
Sonic Automotive, Inc., Class A(a) | 6,545 | 333,860 | ||||||
Sportsmans Warehouse Holdings, Inc.* | 11,407 | 125,021 | ||||||
Tillys, Inc., Class A | 1,309 | 17,253 | ||||||
TJX Cos., Inc. (The) | 32,538 | 2,341,760 | ||||||
Tractor Supply Co. | 2,992 | 653,183 | ||||||
TravelCenters of America, | 2,244 | 102,281 | ||||||
Ulta Beauty, Inc.* | 1,309 | 476,136 | ||||||
Urban Outfitters, Inc.*(a) | 14,960 | 429,651 | ||||||
Victorias Secret & Co.*(a) | 16,082 | 897,858 | ||||||
Vroom, Inc.*(a) | 34,034 | 272,953 | ||||||
Warby Parker, Inc., Class A*(a) | 1,683 | 62,557 | ||||||
Williams-Sonoma, Inc.(a) | 2,431 | 390,273 | ||||||
Zumiez, Inc.*(a) | 5,984 | 268,981 | ||||||
|
| |||||||
44,506,741 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Technology Hardware, Storage & Peripherals - 4.9% |
| |||||||
3D Systems Corp.*(a) | 5,610 | 100,419 | ||||||
Apple, Inc. | 410,465 | 71,741,073 | ||||||
Corsair Gaming, Inc.*(a) | 8,228 | 160,775 | ||||||
Dell Technologies, Inc., Class C* | 8,976 | 509,927 | ||||||
Diebold Nixdorf, Inc.*(a) | 20,757 | 193,870 | ||||||
Eastman Kodak Co.*(a) | 20,383 | 80,105 | ||||||
Hewlett Packard Enterprise Co. | 44,693 | 729,837 | ||||||
HP, Inc.(a) | 39,831 | 1,462,993 | ||||||
NetApp, Inc. | 6,732 | 582,385 | ||||||
Pure Storage, Inc., Class A*(a) | 14,773 | 391,337 | ||||||
Seagate Technology Holdings plc | 7,480 | 801,482 | ||||||
Super Micro Computer, Inc.* | 11,220 | 454,634 | ||||||
Western Digital Corp.*(a) | 10,472 | 541,821 | ||||||
Xerox Holdings Corp. | 37,026 | 781,619 | ||||||
|
| |||||||
78,532,277 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 0.7% |
| |||||||
Capri Holdings Ltd.*(a) | 4,675 | 280,827 | ||||||
Carters, Inc. | 1,496 | 139,307 | ||||||
Columbia Sportswear Co. | 935 | 86,833 | ||||||
Crocs, Inc.* | 2,057 | 211,089 | ||||||
Deckers Outdoor Corp.* | 935 | 299,415 | ||||||
Fossil Group, Inc.*(a) | 12,716 | 141,020 | ||||||
G-III Apparel Group Ltd.* | 10,285 | 279,443 | ||||||
Hanesbrands, Inc. | 80,223 | 1,291,590 | ||||||
Kontoor Brands, Inc.(a) | 10,285 | 506,948 | ||||||
Levi Strauss & Co., Class A | 1,496 | 32,807 | ||||||
Lululemon Athletica, Inc.*(a) | 2,992 | 998,610 | ||||||
Movado Group, Inc.(a) | 1,870 | 69,321 | ||||||
NIKE, Inc., Class B | 34,034 | 5,039,414 | ||||||
Oxford Industries, Inc.(a) | 1,122 | 92,442 | ||||||
PVH Corp. | 3,179 | 302,037 | ||||||
Ralph Lauren Corp.(a) | 1,683 | 186,544 | ||||||
Rocky Brands, Inc.(a) | 1,870 | 79,999 | ||||||
Skechers USA, Inc., Class A* | 5,049 | 212,058 | ||||||
Steven Madden Ltd. | 5,236 | 215,409 | ||||||
Tapestry, Inc. | 10,846 | 411,606 | ||||||
Under Armour, Inc., Class A* | 5,423 | 102,115 | ||||||
Under Armour, Inc., Class C* | 10,098 | 161,467 | ||||||
Vera Bradley, Inc.* | 8,041 | 65,856 | ||||||
VF Corp.(a) | 8,041 | 524,354 | ||||||
Wolverine World Wide, Inc.(a) | 5,797 | 153,563 | ||||||
|
| |||||||
11,884,074 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance - 0.7% |
| |||||||
Axos Financial, Inc.* | 12,342 | 635,613 | ||||||
Essent Group Ltd. | 24,497 | 1,118,043 | ||||||
Federal Agricultural Mortgage Corp., Class C(a) | 2,431 | 296,096 | ||||||
Flagstar Bancorp, Inc.(a) | 11,033 | 499,243 | ||||||
Merchants Bancorp | 3,085 | 89,928 | ||||||
MGIC Investment Corp. | 82,841 | 1,257,526 | ||||||
Mr Cooper Group, Inc.* | 18,326 | 735,789 | ||||||
New York Community Bancorp, Inc.(a) | 104,346 | 1,216,674 | ||||||
NMI Holdings, Inc., Class A* | 20,570 | 508,902 | ||||||
Northfield Bancorp, Inc. | 14,586 | 229,875 | ||||||
Northwest Bancshares, Inc.(a) | 24,123 | 340,376 |
Investments | Shares | Value ($) | ||||||
PennyMac Financial Services, Inc.(a) | 8,789 | 551,070 | ||||||
Premier Financial Corp. | 11,033 | 329,335 | ||||||
Provident Financial Services, Inc. | 14,960 | 361,583 | ||||||
Radian Group, Inc. | 43,945 | 983,929 | ||||||
Rocket Cos., Inc., Class A(a) | 30,107 | 380,552 | ||||||
TFS Financial Corp.(a) | 1,683 | 29,251 | ||||||
TrustCo Bank Corp. | 3,553 | 120,447 | ||||||
Walker & Dunlop, Inc. | 2,057 | 272,367 | ||||||
Washington Federal, Inc. | 18,139 | 635,228 | ||||||
WSFS Financial Corp. | 15,333 | 803,143 | ||||||
|
| |||||||
11,394,970 | ||||||||
|
| |||||||
Tobacco - 0.5% | ||||||||
22nd Century Group, Inc.*(a) | 11,220 | 24,347 | ||||||
Altria Group, Inc. | 57,783 | 2,939,999 | ||||||
Philip Morris International, Inc. | 49,742 | 5,115,965 | ||||||
Turning Point Brands, Inc.(a) | 1,496 | 52,704 | ||||||
Universal Corp.(a) | 7,480 | 407,136 | ||||||
Vector Group Ltd.(a) | 29,359 | 326,179 | ||||||
|
| |||||||
8,866,330 | ||||||||
|
| |||||||
Trading Companies & Distributors - 0.7% |
| |||||||
Air Lease Corp. | 25,432 | 1,012,448 | ||||||
Applied Industrial Technologies, | 2,618 | 256,512 | ||||||
Beacon Roofing Supply, Inc.*(a) | 13,464 | 738,770 | ||||||
BlueLinx Holdings, Inc.*(a) | 2,057 | 147,363 | ||||||
Boise Cascade Co. | 8,976 | 630,295 | ||||||
Custom Truck One Source, Inc.*(a) | 12,155 | 99,914 | ||||||
Fastenal Co. | 15,147 | 858,532 | ||||||
GATX Corp.(a) | 2,618 | 273,450 | ||||||
Global Industrial Co.(a) | 374 | 13,075 | ||||||
GMS, Inc.* | 11,407 | 583,810 | ||||||
H&E Equipment Services, Inc.(a) | 3,553 | 147,911 | ||||||
Herc Holdings, Inc.(a) | 1,683 | 270,037 | ||||||
McGrath RentCorp(a) | 2,244 | 171,015 | ||||||
MRC Global, Inc.* | 6,732 | 49,884 | ||||||
MSC Industrial Direct Co., Inc., Class A(a) | 3,366 | 274,800 | ||||||
NOW, Inc.* | 23,001 | 204,479 | ||||||
Rush Enterprises, Inc., Class A(a) | 8,789 | 464,235 | ||||||
SiteOne Landscape Supply, | 1,496 | 269,460 | ||||||
Titan Machinery, Inc.* | 2,244 | 69,115 | ||||||
Triton International Ltd.(a) | 16,643 | 1,005,570 | ||||||
United Rentals, Inc.*(a) | 2,431 | 778,212 | ||||||
Univar Solutions, Inc.* | 37,774 | 1,001,011 | ||||||
Veritiv Corp.* | 1,496 | 139,248 | ||||||
Watsco, Inc. | 748 | 211,355 | ||||||
WESCO International, Inc.*(a) | 10,659 | 1,299,226 | ||||||
WW Grainger, Inc. | 1,122 | 555,513 | ||||||
|
| |||||||
11,525,240 | ||||||||
|
| |||||||
Water Utilities - 0.1% | ||||||||
American States Water Co.(a) | 2,618 | 241,458 | ||||||
American Water Works Co., Inc. | 4,675 | 751,740 | ||||||
California Water Service Group(a) | 1,496 | 92,887 | ||||||
Essential Utilities, Inc. | 7,667 | 373,689 | ||||||
Middlesex Water Co.(a) | 561 | 56,796 | ||||||
SJW Group(a) | 2,618 | 180,275 | ||||||
|
| |||||||
1,696,845 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Wireless Telecommunication Services - 0.1% |
| |||||||
Gogo, Inc.*(a) | 9,724 | 121,064 | ||||||
Shenandoah Telecommunications Co. | 2,244 | 51,096 | ||||||
Telephone and Data Systems, Inc.(a) | 22,440 | 444,312 | ||||||
T-Mobile US, Inc.* | 14,773 | 1,597,995 | ||||||
United States Cellular Corp.* | 2,057 | 62,985 | ||||||
|
| |||||||
2,277,452 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (COST $930,233,622) |
| 1,603,681,280 | ||||||
|
| |||||||
Investments | Number of Warrants | Value ($) | ||||||
WARRANTS - 0.0%(c) | ||||||||
Oil, Gas & Consumable Fuels - 0.0%(c) |
| |||||||
Occidental Petroleum Corp., expiring 8/3/2027, price 22.00* | 4,266 | 78,580 | ||||||
|
| |||||||
Investments | Number of Rights | Value ($) | ||||||
RIGHTS - 0.0%(c) | ||||||||
Biotechnology - 0.0%(c) |
| |||||||
Achillion Pharmaceuticals, Inc., CVR*(d) | 44,344 | 25,719 | ||||||
|
| |||||||
Media - 0.0% | ||||||||
Media General, Inc., CVR*(d) | 22,261 | | ||||||
|
| |||||||
TOTAL RIGHTS (Cost $) |
| 25,719 | ||||||
|
| |||||||
Investments | Principal Amount ($) | Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS(e) - 9.9% |
| |||||||
CERTIFICATES OF DEPOSIT - 1.8% |
| |||||||
Bank of Montreal, Chicago (SOFR + 0.14%), | 4,000,000 | 4,000,000 | ||||||
Credit Agricole CIB, New York 0.18%, 3/21/2022 | 3,000,000 | 3,000,000 | ||||||
Mizuho Bank Ltd., New York 0.25%, 5/5/2022 | 7,000,000 | 6,998,628 | ||||||
National Australia Bank, London 0.30%, 2/24/2022 | 2,500,000 | 2,499,777 | ||||||
0.35%, 4/6/2022 | 1,000,000 | 999,809 | ||||||
Oversea-Chinese Banking Corp. Ltd., New York 0.14%, 2/24/2022 | 4,000,000 | 4,000,000 |
Investments | Principal Amount ($) | Value ($) | ||||||
Societe Generale, New York 0.25%, 2/8/2022 | 4,000,000 | 3,999,969 | ||||||
The Sumitomo Bank Ltd., New York 0.15%, 3/9/2022 | 4,000,000 | 4,000,000 | ||||||
|
| |||||||
TOTAL CERTIFICATES OF DEPOSIT |
| 29,498,183 | ||||||
|
| |||||||
REPURCHASE AGREEMENTS - 8.1% |
| |||||||
BofA Securities, Inc., 0.52%, dated 1/31/2022, due 5/3/2022, repurchase price $6,007,973, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 4.38%, maturing 4/30/2023 - 2/15/2038; Common Stocks; total market value $6,424,202 | 6,000,000 | 6,000,000 | ||||||
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $50,781,004, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.00%, maturing 2/15/2026 - 5/15/2040; total market value $51,514,638 | 50,780,934 | 50,780,934 | ||||||
Deutsche Bank AG, London Branch, 0.15%, dated 1/31/2022, due 2/1/2022, repurchase price $11,900,050, collateralized by various U.S. Treasury Securities, ranging from 2.00% - 2.25%, maturing 11/15/2041 - 8/15/2051; Foreign Government Fixed Income Securities, ranging from 0.41% - 2.63%, maturing 5/20/2022 - 11/3/2031; total market value $12,093,722 | 11,900,000 | 11,900,000 | ||||||
Societe Generale, New York Branch, 0.05%, dated 1/31/2022, due 2/7/2022, repurchase price $62,000,603, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 2/1/2022 - 8/15/2046; total market value $62,702,219 | 62,000,000 | 62,000,000 | ||||||
|
| |||||||
TOTAL REPURCHASE AGREEMENTS (Cost $130,680,934) |
| 130,680,934 | ||||||
|
| |||||||
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $160,180,324) |
| 160,179,117 | ||||||
|
| |||||||
Total Investments - 109.3% |
| 1,763,964,696 | ||||||
Liabilities in excess of other assets - (9.3%) |
| (149,967,505 | ) | |||||
|
| |||||||
Net Assets - 100.0% |
| 1,613,997,191 | ||||||
|
|
* | 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® Morningstar US Market Factor Tilt Index Fund (cont.)
(a) | The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $216,590,856, collateralized in the form of cash with a value of $160,188,115 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $50,259,921 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 15, 2022 November 15, 2051 and $6,281,720 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 7.50%, and maturity dates ranging from April 20, 2022 September 20, 2117; a total value of $216,729,756. |
(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) | Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $25,719, which represents approximately 0.00% of net assets of the Fund. |
(e) | The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $160,179,117. |
(f) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of January 31, 2022. |
Percentages shown are based on Net Assets.
Abbreviations | ||
CVR | Contingent Value Rights | |
SOFR | Secured Overnight Financing Rate |
Investment in a company which was affiliated for the period ended January 31, 2022, was as follows:
Security | Value October 31, 2021 | Purchases at Cost | Sales Proceeds | Shares January 31, 2022 | Value January 31, 2022 | Change in Unrealized Appreciation (Depreciation) | Dividend Income | Realized Gain | ||||||||||||||||||||||||
Northern Trust Corp. | $ | 902,375 | $ | 17,860 | $ | 154,600 | 6,171 | $ | 719,785 | $ | (79,645 | ) | $ | 5,081 | $ | 33,795 |
Futures Contracts
FlexShares® Morningstar US Market Factor Tilt Index Fund had the following open futures contracts as of January 31, 2022:
Number of Contracts | Expiration Date | Trading Currency | Notional Amount | Value and Unrealized Depreciation | ||||||||||||||||
Long Contracts |
| |||||||||||||||||||
Russell 2000 Emini Index | 16 | 03/18/2022 | USD | $ | 1,619,520 | $ | (140,705 | ) | ||||||||||||
S&P 500 E-Mini Index | 25 | 03/18/2022 | USD | 5,630,313 | (211,564 | ) | ||||||||||||||
S&P Midcap 400 E-Mini Index | 7 | 03/18/2022 | USD | 1,840,790 | (101,854 | ) | ||||||||||||||
|
| |||||||||||||||||||
$ | (454,123 | ) | ||||||||||||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Abbreviations: | ||
USD | US Dollar |
Security Type | % of Net Assets | |||
Common Stocks | 99.4 | % | ||
Warrants | 0.0 | | ||
Rights | 0.0 | | ||
Securities Lending Reinvestments | 9.9 | |||
Others(1) | (9.3 | ) | ||
|
| |||
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 Developed Markets ex-US Factor Tilt Index Fund
January 31, 2022 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 98.6% |
| |||||||
Aerospace & Defense - 1.0% |
| |||||||
Airbus SE* | 10,395 | 1,306,511 | ||||||
Austal Ltd.(a) | 136,530 | 193,346 | ||||||
Babcock International Group plc* | 196,605 | 796,337 | ||||||
BAE Systems plc | 78,795 | 610,189 | ||||||
Bombardier, Inc., Class B* | 34,672 | 46,073 | ||||||
CAE, Inc.*(a) | 4,836 | 122,060 | ||||||
Chemring Group plc | 8,536 | 31,093 | ||||||
Dassault Aviation SA | 550 | 64,553 | ||||||
Elbit Systems Ltd. | 412 | 68,184 | ||||||
Hensoldt AG | 14,490 | 195,894 | ||||||
INVISIO AB | 2,552 | 32,617 | ||||||
Kongsberg Gruppen ASA | 1,540 | 46,359 | ||||||
Leonardo SpA* | 12,056 | 86,251 | ||||||
LISI | 880 | 27,572 | ||||||
Meggitt plc* | 16,470 | 164,623 | ||||||
Montana Aerospace AG*(b) | 1,496 | 55,434 | ||||||
MTU Aero Engines AG | 810 | 169,843 | ||||||
QinetiQ Group plc | 233,865 | 840,263 | ||||||
Rolls-Royce Holdings plc* | 150,705 | 231,511 | ||||||
Saab AB, Class B | 2,493 | 58,652 | ||||||
Safran SA | 5,940 | 709,955 | ||||||
Senior plc* | 31,416 | 56,143 | ||||||
Singapore Technologies Engineering Ltd. | 17,900 | 49,378 | ||||||
Thales SA | 1,755 | 160,221 | ||||||
Ultra Electronics Holdings plc | 1,232 | 47,935 | ||||||
|
| |||||||
6,170,997 | ||||||||
|
| |||||||
Air Freight & Logistics - 0.8% | ||||||||
bpost SA* | 34,155 | 249,636 | ||||||
Cargojet, Inc. | 352 | 49,858 | ||||||
Cia de Distribucion Integral Logista Holdings SA | 24,120 | 485,341 | ||||||
Deutsche Post AG (Registered) | 17,055 | 1,013,098 | ||||||
DSV A/S | 3,510 | 707,309 | ||||||
Freightways Ltd. | 6,248 | 49,569 | ||||||
ID Logistics Group* | 81 | 29,192 | ||||||
InPost SA*(a) | 6,512 | 52,443 | ||||||
Kerry Logistics Network Ltd.(a) | 18,500 | 46,217 | ||||||
Kintetsu World Express, Inc. | 1,900 | 46,847 | ||||||
Konoike Transport Co. Ltd. | 15,500 | 157,926 | ||||||
Mainfreight Ltd.(a) | 1,892 | 103,755 | ||||||
Oesterreichische Post AG(a) | 11,970 | 499,834 | ||||||
PostNL NV | 186,660 | 794,088 | ||||||
Royal Mail plc | 14,455 | 85,409 | ||||||
SG Holdings Co. Ltd. | 9,200 | 193,861 | ||||||
Singapore Post Ltd. | 101,200 | 47,526 | ||||||
Yamato Holdings Co. Ltd. | 6,200 | 131,076 | ||||||
|
| |||||||
4,742,985 | ||||||||
|
| |||||||
Airlines - 0.2% | ||||||||
Air Canada*(a) | 5,192 | 93,324 | ||||||
Air France-KLM*(a) | 20,064 | 89,405 |
Investments | Shares | Value ($) | ||||||
Air New Zealand Ltd.*(a) | 11,968 | 11,318 | ||||||
ANA Holdings, Inc.*(a) | 2,400 | 50,041 | ||||||
Deutsche Lufthansa AG (Registered)* | 11,748 | 89,645 | ||||||
easyJet plc* | 14,080 | 116,856 | ||||||
Exchange Income Corp. | 14,040 | 468,074 | ||||||
Finnair OYJ*(a) | 82,324 | 60,354 | ||||||
Japan Airlines Co. Ltd.* | 2,800 | 52,197 | ||||||
JET2 plc* | 2,813 | 49,742 | ||||||
Qantas Airways Ltd.* | 22,968 | 77,350 | ||||||
Singapore Airlines Ltd.* | 16,799 | 62,120 | ||||||
Wizz Air Holdings plc*(b) | 728 | 39,411 | ||||||
|
| |||||||
1,259,837 | ||||||||
|
| |||||||
Auto Components - 1.4% | ||||||||
Aisin Corp. | 4,700 | 169,278 | ||||||
ARB Corp. Ltd. | 997 | 32,418 | ||||||
Brembo SpA | 3,647 | 48,037 | ||||||
Bridgestone Corp. | 15,000 | 652,593 | ||||||
Burelle SA | 132 | 93,222 | ||||||
CIE Automotive SA | 1,716 | 49,514 | ||||||
Cie Generale des Etablissements Michelin SCA | 4,410 | 730,171 | ||||||
Cie Plastic Omnium SA | 720 | 16,546 | ||||||
Continental AG* | 2,835 | 269,942 | ||||||
Denso Corp. | 8,700 | 641,335 | ||||||
Dometic Group AB(c) | 5,962 | 65,343 | ||||||
ElringKlinger AG* | 12,150 | 141,922 | ||||||
Exedy Corp. | 13,500 | 196,715 | ||||||
Faurecia SE(d) | 4,057 | 175,782 | ||||||
FCC Co. Ltd. | 13,500 | 172,111 | ||||||
Gestamp Automocion SA(b) | 67,005 | 298,948 | ||||||
G-Tekt Corp. | 10,700 | 127,406 | ||||||
GUD Holdings Ltd.(a) | 6,543 | 56,840 | ||||||
Hella GmbH & Co. KGaA | 660 | 45,990 | ||||||
HI-LEX Corp. | 8,800 | 105,470 | ||||||
Johnson Electric Holdings Ltd.(a) | 158,778 | 269,600 | ||||||
JTEKT Corp. | 6,700 | 57,624 | ||||||
Koito Manufacturing Co. Ltd. | 2,500 | 123,888 | ||||||
KYB Corp. | 9,000 | 231,590 | ||||||
Linamar Corp. | 1,584 | 87,744 | ||||||
Magna International, Inc. | 6,975 | 561,653 | ||||||
Musashi Seimitsu Industry Co. | 18,000 | 267,598 | ||||||
NGK Spark Plug Co. Ltd. | 2,700 | 45,529 | ||||||
NHK Spring Co. Ltd.(a) | 2,900 | 22,526 | ||||||
Nifco, Inc. | 2,400 | 69,152 | ||||||
Nippon Seiki Co. Ltd. | 22,100 | 196,018 | ||||||
NOK Corp. | 200 | 2,119 | ||||||
Nokian Renkaat OYJ | 2,552 | 85,223 | ||||||
Pacific Industrial Co. Ltd. | 25,400 | 239,396 | ||||||
Piolax, Inc. | 13,500 | 203,745 | ||||||
Pirelli & C SpA(b) | 9,548 | 66,703 | ||||||
Schaeffler AG (Preference) | 60,750 | 445,038 | ||||||
Shoei Co. Ltd. | 2,200 | 83,723 | ||||||
Stanley Electric Co. Ltd. | 3,800 | 87,856 | ||||||
Sumitomo Electric Industries Ltd. | 18,000 | 236,277 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Sumitomo Riko Co. Ltd. | 12,400 | 62,955 | ||||||
Sumitomo Rubber Industries Ltd. | 4,900 | 50,520 | ||||||
TI Fluid Systems plc(b) | 7,392 | 23,505 | ||||||
Tokai Rika Co. Ltd. | 20,400 | 263,620 | ||||||
Topre Corp. | 18,000 | 186,366 | ||||||
Toyo Tire Corp. | 4,600 | 64,274 | ||||||
Toyoda Gosei Co. Ltd. | 2,000 | 41,623 | ||||||
Toyota Boshoku Corp. | 2,700 | 47,380 | ||||||
TS Tech Co. Ltd. | 4,800 | 62,487 | ||||||
Valeo | 6,030 | 166,422 | ||||||
Vitesco Technologies Group AG* | 8,865 | 433,282 | ||||||
Yokohama Rubber Co. Ltd. (The) | 3,600 | 51,926 | ||||||
|
| |||||||
8,926,945 | ||||||||
|
| |||||||
Automobiles - 2.3% | ||||||||
Aston Martin Lagonda Global Holdings plc*(a)(b) | 578 | 9,217 | ||||||
Bayerische Motoren Werke AG | 7,515 | 783,040 | ||||||
Bayerische Motoren Werke AG (Preference) | 1,012 | 86,332 | ||||||
Daimler AG | 19,800 | 1,552,152 | ||||||
Ferrari NV | 2,070 | 470,823 | ||||||
Honda Motor Co. Ltd. | 40,500 | 1,178,885 | ||||||
Isuzu Motors Ltd. | 12,200 | 147,596 | ||||||
Mazda Motor Corp.* | 17,300 | 132,725 | ||||||
Mitsubishi Motors Corp.* | 900 | 2,539 | ||||||
Nissan Motor Co. Ltd.* | 58,900 | 310,487 | ||||||
PIERER Mobility AG | 440 | 43,478 | ||||||
Porsche Automobil Holding SE (Preference) | 3,330 | 307,593 | ||||||
Renault SA* | 5,850 | 228,967 | ||||||
Stellantis NV | 53,304 | 1,013,968 | ||||||
Subaru Corp. | 13,900 | 252,064 | ||||||
Suzuki Motor Corp. | 12,300 | 519,221 | ||||||
Toyota Motor Corp. | 306,000 | 5,963,315 | ||||||
Trigano SA | 352 | 66,094 | ||||||
Volkswagen AG (Preference) | 4,410 | 906,263 | ||||||
Volvo Car AB, Class B*(a) | 67,230 | 505,768 | ||||||
Yamaha Motor Co. Ltd. | 6,900 | 162,462 | ||||||
|
| |||||||
14,642,989 | ||||||||
|
| |||||||
Banks - 10.2% | ||||||||
77 Bank Ltd. (The) | 31,500 | 413,074 | ||||||
ABN AMRO Bank NV, CVA(b) | 9,225 | 147,135 | ||||||
AIB Group plc* | 18,788 | 49,368 | ||||||
Aktia Bank OYJ | 5,368 | 69,442 | ||||||
AMCO - Asset Management Co. SpA*(d) | 239 | 1,049 | ||||||
Aozora Bank Ltd. | 2,900 | 64,783 | ||||||
Australia & New Zealand Banking Group Ltd. | 67,500 | 1,261,691 | ||||||
Awa Bank Ltd. (The) | 18,000 | 352,111 | ||||||
Banca Monte dei Paschi di Siena SpA*(a) | 139,588 | 142,771 | ||||||
Banca Popolare di Sondrio SCPA | 35,370 | 147,180 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 158,175 | 998,988 | ||||||
Banco BPM SpA | 32,208 | 99,036 | ||||||
Banco Comercial Portugues SA, Class R* | 379,192 | 63,974 |
Investments | Shares | Value ($) | ||||||
Banco de Sabadell SA* | 178,904 | 137,859 | ||||||
Banco Espirito Santo SA (Registered)*(d) | 48,647 | | ||||||
Banco Santander SA | 416,925 | 1,446,285 | ||||||
Bank Hapoalim BM | 21,555 | 221,604 | ||||||
Bank Leumi Le-Israel BM | 34,065 | 361,795 | ||||||
Bank Millennium SA* | 25,740 | 51,681 | ||||||
Bank of East Asia Ltd. (The) | 52,800 | 89,924 | ||||||
Bank of Ireland Group plc* | 19,096 | 127,626 | ||||||
Bank of Kyoto Ltd. (The) | 1,600 | 73,873 | ||||||
Bank of Montreal(a) | 15,210 | 1,720,722 | ||||||
Bank of Nova Scotia (The) | 29,430 | 2,118,738 | ||||||
Bank of Queensland Ltd. | 13,492 | 72,624 | ||||||
Bank Polska Kasa Opieki SA | 4,004 | 132,521 | ||||||
Bankinter SA(a) | 21,280 | 123,807 | ||||||
Banque Cantonale de Geneve | 765 | 135,162 | ||||||
Banque Cantonale Vaudoise (Registered)(a) | 701 | 57,447 | ||||||
Barclays plc | 368,685 | 975,541 | ||||||
BAWAG Group AG(b) | 2,156 | 128,094 | ||||||
Bendigo & Adelaide Bank Ltd. | 9,421 | 56,950 | ||||||
Berner Kantonalbank AG (Registered)(a) | 1,620 | 376,704 | ||||||
BNP Paribas SA | 26,955 | 1,903,643 | ||||||
BPER Banca | 40,348 | 83,879 | ||||||
CaixaBank SA | 105,616 | 336,952 | ||||||
Canadian Imperial Bank of Commerce | 10,890 | 1,366,773 | ||||||
Canadian Western Bank(a) | 3,124 | 94,889 | ||||||
Chiba Bank Ltd. (The) | 17,400 | 111,445 | ||||||
Chugoku Bank Ltd. (The)(a) | 76,500 | 618,108 | ||||||
Close Brothers Group plc | 1,760 | 30,296 | ||||||
Commerzbank AG* | 22,815 | 194,042 | ||||||
Commonwealth Bank of Australia | 28,440 | 1,878,306 | ||||||
Concordia Financial Group Ltd. | 32,321 | 131,556 | ||||||
Credit Agricole SA | 30,870 | 459,558 | ||||||
Credito Emiliano SpA | 30,825 | 210,439 | ||||||
Dah Sing Banking Group Ltd. | 163,840 | 155,067 | ||||||
Dah Sing Financial Holdings Ltd. | 72,000 | 232,688 | ||||||
Daishi Hokuetsu Financial Group, Inc.(a) | 18,000 | 413,348 | ||||||
Danske Bank A/S | 14,355 | 276,619 | ||||||
DBS Group Holdings Ltd. | 43,956 | 1,144,290 | ||||||
DNB Bank ASA | 16,650 | 393,465 | ||||||
Erste Group Bank AG | 8,100 | 374,373 | ||||||
FIBI Holdings Ltd. | 1,100 | 49,847 | ||||||
FinecoBank Banca Fineco SpA(a) | 12,105 | 200,899 | ||||||
First International Bank of Israel Ltd. (The) | 1,144 | 47,160 | ||||||
Fukuoka Financial Group, Inc. | 2,800 | 54,481 | ||||||
Graubuendner Kantonalbank | 7 | 11,879 | ||||||
Gunma Bank Ltd. (The)(a) | 179,700 | 586,394 | ||||||
Hachijuni Bank Ltd. (The) | 3,200 | 11,720 | ||||||
Hang Seng Bank Ltd. | 13,500 | 266,449 | ||||||
Heartland Group Holdings Ltd.(a) | 50,556 | 78,358 | ||||||
Hirogin Holdings, Inc. | 5,200 | 30,056 | ||||||
Hokuhoku Financial Group, Inc. | 53,500 | 417,878 | ||||||
HSBC Holdings plc | 489,240 | 3,463,108 | ||||||
Hyakugo Bank Ltd. (The)(a) | 99,000 | 303,294 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Illimity Bank SpA* | 3,080 | 44,574 | ||||||
ING Bank Slaski SA | 748 | 49,331 | ||||||
ING Groep NV | 90,810 | 1,329,686 | ||||||
Intesa Sanpaolo SpA | 396,990 | 1,165,745 | ||||||
Israel Discount Bank Ltd., Class A | 32,778 | 217,643 | ||||||
Iyo Bank Ltd. (The) | 130,200 | 670,068 | ||||||
Jyske Bank A/S (Registered)* | 1,292 | 75,527 | ||||||
KBC Ancora | 352 | 16,825 | ||||||
KBC Group NV | 6,075 | 523,967 | ||||||
Kiyo Bank Ltd. (The) | 29,200 | 362,133 | ||||||
Kyushu Financial Group, Inc. | 174,200 | 668,226 | ||||||
Laurentian Bank of Canada(a) | 16,245 | 565,088 | ||||||
Liechtensteinische Landesbank AG | 3,870 | 232,354 | ||||||
Lloyds Banking Group plc | 1,656,810 | 1,134,770 | ||||||
Luzerner Kantonalbank AG (Registered) | 132 | 59,404 | ||||||
Mebuki Financial Group, Inc. | 28,010 | 61,988 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 15,120 | 171,360 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 306,000 | 1,835,336 | ||||||
Mizrahi Tefahot Bank Ltd. | 3,121 | 119,527 | ||||||
Mizuho Financial Group, Inc. | 58,529 | 787,329 | ||||||
Nanto Bank Ltd. (The)(a) | 13,546 | 227,128 | ||||||
National Australia Bank Ltd. | 57,060 | 1,090,670 | ||||||
National Bank of Canada | 8,460 | 676,507 | ||||||
NatWest Group plc | 78,435 | 255,083 | ||||||
Nishi-Nippon Financial Holdings, Inc. | 58,500 | 411,239 | ||||||
Nordea Bank Abp | 59,715 | 703,342 | ||||||
North Pacific Bank Ltd.(a) | 103,500 | 223,662 | ||||||
Ogaki Kyoritsu Bank Ltd. (The) | 14,700 | 257,449 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 94,570 | 872,158 | ||||||
Pareto Bank ASA | 16,280 | 115,398 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA* | 11,308 | 131,586 | ||||||
Raiffeisen Bank International AG | 4,224 | 117,336 | ||||||
Resona Holdings, Inc. | 61,500 | 262,226 | ||||||
Ringkjoebing Landbobank A/S | 704 | 92,278 | ||||||
Royal Bank of Canada(a) | 34,200 | 3,897,316 | ||||||
San-In Godo Bank Ltd. (The) | 58,500 | 326,453 | ||||||
Santander Bank Polska SA | 836 | 71,491 | ||||||
Sbanken ASA(b) | 31,592 | 333,068 | ||||||
Shiga Bank Ltd. (The)(a) | 19,000 | 366,396 | ||||||
Shinsei Bank Ltd. | 2,600 | 47,972 | ||||||
Shizuoka Bank Ltd. (The) | 17,200 | 134,047 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 29,430 | 376,463 | ||||||
Skandinaviska Enskilda Banken AB, Class C(a) | 684 | 9,497 | ||||||
Societe Generale SA | 17,955 | 657,869 | ||||||
Spar Nord Bank A/S | 31,635 | 452,793 | ||||||
SpareBank 1 Nord Norge | 41,130 | 516,659 | ||||||
Sparebank 1 Oestlandet | 1,329 | 21,971 | ||||||
SpareBank 1 SMN | 3,103 | 51,090 | ||||||
SpareBank 1 Sorost-Norge | 16,236 | 117,636 | ||||||
SpareBank 1 SR-Bank ASA | 4,796 | 71,273 | ||||||
Sparebanken More | 2,835 | 153,578 |
Investments | Shares | Value ($) | ||||||
Sparebanken Vest | 38,430 | 456,882 | ||||||
St Galler Kantonalbank AG (Registered) | 110 | 52,870 | ||||||
Standard Chartered plc | 60,030 | 432,335 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 33,700 | 1,202,934 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 9,000 | 309,698 | ||||||
Suruga Bank Ltd.(a) | 77,300 | 330,735 | ||||||
Svenska Handelsbanken AB, Class A | 27,405 | 289,901 | ||||||
Svenska Handelsbanken AB, | 908 | 10,944 | ||||||
Swedbank AB, Class A | 14,130 | 274,816 | ||||||
Sydbank A/S | 24,210 | 849,883 | ||||||
TBC Bank Group plc | 16,020 | 303,055 | ||||||
Toronto-Dominion Bank (The) | 43,335 | 3,469,049 | ||||||
Unicaja Banco SA(b) | 474,975 | 485,059 | ||||||
UniCredit SpA | 50,895 | 798,176 | ||||||
United Overseas Bank Ltd. | 38,226 | 846,985 | ||||||
Valiant Holding AG (Registered) | 5,805 | 581,092 | ||||||
Virgin Money UK plc* | 41,844 | 106,666 | ||||||
Walliser Kantonalbank (Registered) | 485 | 52,873 | ||||||
Westpac Banking Corp. | 61,425 | 878,523 | ||||||
Yamaguchi Financial Group, Inc. | 99,000 | 609,165 | ||||||
|
| |||||||
63,624,974 | ||||||||
|
| |||||||
Beverages - 1.1% | ||||||||
Anheuser-Busch InBev SA/NV | 14,805 | 924,752 | ||||||
Asahi Group Holdings Ltd. | 11,800 | 478,042 | ||||||
Britvic plc | 3,520 | 42,881 | ||||||
Budweiser Brewing Co. APAC | 39,600 | 104,364 | ||||||
C&C Group plc*(a) | 23,522 | 69,870 | ||||||
Carlsberg A/S, Class B | 1,755 | 282,395 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc.(a) | 3,354 | 39,034 | ||||||
Coca-Cola Europacific Partners plc | 3,566 | 203,797 | ||||||
Coca-Cola HBC AG, DI* | 4,090 | 133,946 | ||||||
Davide Campari-Milano NV | 10,575 | 131,467 | ||||||
Diageo plc | 40,050 | 2,000,483 | ||||||
Fevertree Drinks plc | 2,199 | 62,930 | ||||||
Heineken Holding NV | 1,530 | 133,351 | ||||||
Heineken NV | 3,735 | 397,843 | ||||||
Ito En Ltd.(a) | 800 | 42,768 | ||||||
Kirin Holdings Co. Ltd. | 13,538 | 215,833 | ||||||
Olvi OYJ, Class A | 1,452 | 78,373 | ||||||
Pernod Ricard SA | 3,510 | 743,660 | ||||||
Primo Water Corp. | 9,675 | 161,351 | ||||||
Remy Cointreau SA | 396 | 81,902 | ||||||
Royal Unibrew A/S | 836 | 95,474 | ||||||
Sapporo Holdings Ltd. | 1,800 | 34,649 | ||||||
Suntory Beverage & Food Ltd. | 1,800 | 68,891 | ||||||
Takara Holdings, Inc. | 4,200 | 40,314 | ||||||
Treasury Wine Estates Ltd. | 8,668 | 64,735 | ||||||
|
| |||||||
6,633,105 | ||||||||
|
| |||||||
Biotechnology - 0.6% | ||||||||
Abcam plc* | 4,545 | 81,406 | ||||||
AnGes, Inc.*(a) | 17,600 | 46,740 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Argenx SE* | 945 | 248,204 | ||||||
Bavarian Nordic A/S* | 4,005 | 116,759 | ||||||
BioGaia AB, Class B | 1,134 | 61,231 | ||||||
Biotest AG (Preference)* | 1,056 | 43,563 | ||||||
Clinuvel Pharmaceuticals Ltd.(a) | 1,368 | 22,187 | ||||||
CSL Ltd. | 8,055 | 1,477,525 | ||||||
Galapagos NV* | 924 | 61,713 | ||||||
Genmab A/S* | 1,035 | 347,895 | ||||||
Genus plc | 1,232 | 62,844 | ||||||
GNI Group Ltd.*(a) | 4,400 | 39,752 | ||||||
Grifols SA(a) | 3,564 | 62,366 | ||||||
Grifols SA (Preference), Class B | 5,680 | 65,965 | ||||||
HEALIOS KK*(a) | 1,100 | 9,900 | ||||||
Idorsia Ltd.*(a) | 3,564 | 82,147 | ||||||
Imugene Ltd.* | 171,556 | 37,470 | ||||||
Mesoblast Ltd.*(a) | 44,748 | 35,468 | ||||||
MorphoSys AG* | 2,816 | 89,178 | ||||||
Oxford Biomedica plc* | 5,544 | 62,778 | ||||||
Pacific Edge Ltd.*(a) | 60,412 | 42,850 | ||||||
PeptiDream, Inc.* | 2,500 | 44,348 | ||||||
Pharma Mar SA(a) | 414 | 25,869 | ||||||
PureTech Health plc* | 5,168 | 18,894 | ||||||
SanBio Co. Ltd.*(a) | 2,200 | 20,678 | ||||||
Takara Bio, Inc.(a) | 400 | 7,929 | ||||||
Telix Pharmaceuticals Ltd.*(a) | 14,168 | 67,778 | ||||||
Valneva SE*(a) | 4,620 | 79,135 | ||||||
Vitrolife AB | 880 | 35,826 | ||||||
Zealand Pharma A/S*(a) | 3,696 | 71,444 | ||||||
|
| |||||||
3,469,842 | ||||||||
|
| |||||||
Building Products - 1.1% | ||||||||
AGC, Inc. | 5,400 | 245,103 | ||||||
Aica Kogyo Co. Ltd. | 1,500 | 40,942 | ||||||
Arbonia AG | 2,156 | 51,639 | ||||||
Assa Abloy AB, Class B | 16,290 | 441,539 | ||||||
Belimo Holding AG (Registered) | 132 | 72,164 | ||||||
Bunka Shutter Co. Ltd. | 24,200 | 220,105 | ||||||
Carel Industries SpA(a)(b) | 2,464 | 58,696 | ||||||
Central Glass Co. Ltd. | 13,700 | 251,707 | ||||||
Cie de Saint-Gobain | 12,240 | 818,460 | ||||||
Daikin Industries Ltd. | 5,100 | 1,054,524 | ||||||
dormakaba Holding AG | 44 | 24,953 | ||||||
Fletcher Building Ltd.(a) | 17,649 | 74,762 | ||||||
Geberit AG (Registered) | 585 | 392,828 | ||||||
Genuit Group plc | 15,664 | 120,209 | ||||||
GWA Group Ltd.(a) | 17,760 | 31,657 | ||||||
Inrom Construction Industries Ltd. | 8,932 | 43,820 | ||||||
Inwido AB | 4,884 | 84,975 | ||||||
James Halstead plc | 9,372 | 36,087 | ||||||
Kingspan Group plc | 2,701 | 257,728 | ||||||
Lindab International AB | 2,244 | 64,670 | ||||||
Lixil Corp. | 6,000 | 135,856 | ||||||
Munters Group AB(b) | 10,384 | 72,867 | ||||||
Nibe Industrier AB, Class B | 26,055 | 244,413 | ||||||
Nichias Corp. | 800 | 18,010 | ||||||
Nichiha Corp. | 13,500 | 330,631 | ||||||
Nitto Boseki Co. Ltd. | 1,900 | 44,950 | ||||||
Noritz Corp.(a) | 18,000 | 262,287 | ||||||
Reliance Worldwide Corp. Ltd. | 13,860 | 50,485 |
Investments | Shares | Value ($) | ||||||
ROCKWOOL International A/S, Class A | 88 | 28,506 | ||||||
ROCKWOOL International A/S, Class B | 174 | 66,168 | ||||||
Sanwa Holdings Corp. | 5,400 | 57,878 | ||||||
Schweiter Technologies AG | 56 | 73,500 | ||||||
Sekisui Jushi Corp.(a) | 14,700 | 257,449 | ||||||
Steico SE | 396 | 43,548 | ||||||
Takara Standard Co. Ltd. | 20,176 | 238,312 | ||||||
Takasago Thermal Engineering Co. Ltd.(a) | 22,500 | 373,161 | ||||||
TOTO Ltd. | 3,000 | 127,837 | ||||||
Tyman plc | 17,160 | 85,875 | ||||||
Uponor OYJ | 2,112 | 46,451 | ||||||
Volution Group plc | 7,524 | 50,473 | ||||||
|
| |||||||
6,995,225 | ||||||||
|
| |||||||
Capital Markets - 3.4% | ||||||||
3i Group plc | 23,040 | 423,489 | ||||||
ABG Sundal Collier Holding ASA | 152,595 | 147,186 | ||||||
Abrdn plc | 27,500 | 88,881 | ||||||
AJ Bell plc | 11,352 | 51,205 | ||||||
Allfunds Group plc* | 4,048 | 56,378 | ||||||
Alpha FX Group plc(b) | 1,804 | 42,719 | ||||||
Amundi SA(b) | 880 | 67,722 | ||||||
Anima Holding SpA(b) | 110,160 | 550,763 | ||||||
Ashmore Group plc | 9,588 | 36,250 | ||||||
ASX Ltd. | 2,880 | 168,801 | ||||||
AURELIUS Equity Opportunities SE & Co. KGaA | 2,464 | 77,451 | ||||||
Australian Ethical Investment Ltd. | 6,952 | 45,454 | ||||||
Avanza Bank Holding AB | 2,704 | 84,648 | ||||||
Azimut Holding SpA | 3,740 | 99,447 | ||||||
Banca Generali SpA | 1,397 | 55,720 | ||||||
Brederode SA* | 80 | 10,636 | ||||||
Brewin Dolphin Holdings plc | 17,746 | 77,974 | ||||||
Brookfield Asset Management, Inc., Class A | 24,930 | 1,372,122 | ||||||
Bure Equity AB | 968 | 33,020 | ||||||
Canaccord Genuity Group, Inc. | 39,375 | 469,974 | ||||||
CI Financial Corp. | 5,304 | 98,381 | ||||||
Cie Financiere Tradition SA | 572 | 65,737 | ||||||
CMC Markets plc(b) | 49,455 | 152,608 | ||||||
Credit Suisse Group AG (Registered) | 56,655 | 533,052 | ||||||
Daiwa Securities Group, Inc. | 40,500 | 241,893 | ||||||
Deutsche Bank AG (Registered)* | 46,710 | 641,643 | ||||||
Deutsche Boerse AG | 3,060 | 539,237 | ||||||
EFG International AG*(a) | 28,530 | 215,725 | ||||||
EQT AB | 5,220 | 201,103 | ||||||
Euronext NV(b) | 1,530 | 146,301 | ||||||
Fairfax India Holdings Corp.*(a)(b) | 36,675 | 436,433 | ||||||
flatexDEGIRO AG* | 4,400 | 83,358 | ||||||
Flow Traders(b) | 12,375 | 479,429 | ||||||
Gimv NV | 8,055 | 488,504 | ||||||
Haitong International Securities Group Ltd.(a) | 900,000 | 205,449 | ||||||
Hargreaves Lansdown plc | 5,061 | 91,055 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Hong Kong Exchanges & Clearing Ltd. | 20,658 | 1,161,450 | ||||||
HUB24 Ltd.(a) | 4,532 | 86,722 | ||||||
IG Group Holdings plc | 8,448 | 92,374 | ||||||
IGM Financial, Inc.(a) | 2,200 | 77,254 | ||||||
Impax Asset Management Group plc | 4,224 | 61,772 | ||||||
Insignia Financial Ltd.(a) | 26,488 | 65,504 | ||||||
IntegraFin Holdings plc(b) | 5,764 | 38,079 | ||||||
Intermediate Capital Group plc | 5,400 | 137,400 | ||||||
Investec plc | 16,636 | 94,747 | ||||||
IP Group plc | 84,600 | 109,417 | ||||||
JAFCO Group Co. Ltd. | 900 | 14,223 | ||||||
Japan Exchange Group, Inc. | 9,000 | 183,671 | ||||||
JTC plc(b) | 5,016 | 52,492 | ||||||
Julius Baer Group Ltd. | 5,130 | 330,705 | ||||||
Jupiter Fund Management plc | 209,115 | 644,164 | ||||||
Leonteq AG | 616 | 43,799 | ||||||
Liontrust Asset Management plc | 2,508 | 54,578 | ||||||
London Stock Exchange Group plc | 5,175 | 501,287 | ||||||
Macquarie Group Ltd. | 6,120 | 791,741 | ||||||
Magellan Financial Group Ltd.(a) | 2,640 | 34,615 | ||||||
Man Group plc | 46,935 | 121,218 | ||||||
Molten Ventures plc* | 55,620 | 570,116 | ||||||
Ninety One plc | 26,268 | 91,419 | ||||||
Nomura Holdings, Inc. | 75,800 | 332,145 | ||||||
Nordnet AB publ | 2,420 | 37,373 | ||||||
Okasan Securities Group, Inc.(a) | 84,700 | 279,332 | ||||||
Onex Corp. | 880 | 63,180 | ||||||
Partners Group Holding AG | 405 | 555,486 | ||||||
Pendal Group Ltd.(a) | 6,964 | 23,600 | ||||||
Perpetual Ltd. | 3,971 | 91,487 | ||||||
Platinum Asset Management Ltd. | 37,488 | 65,238 | ||||||
Polar Capital Holdings plc | 6,468 | 54,583 | ||||||
Quilter plc(b) | 55,748 | 102,319 | ||||||
Rathbones Group plc | 22,860 | 572,304 | ||||||
Ratos AB, Class B | 8,448 | 43,896 | ||||||
Rothschild & Co. | 1,452 | 62,422 | ||||||
Sanne Group plc | 9,329 | 114,524 | ||||||
SBI Holdings, Inc. | 4,800 | 122,557 | ||||||
Schroders plc | 1,980 | 89,735 | ||||||
Schroders plc (Non-Voting) | 96 | 2,776 | ||||||
Singapore Exchange Ltd. | 16,400 | 112,919 | ||||||
Sprott, Inc. | 1,056 | 37,065 | ||||||
St Jamess Place plc | 8,910 | 181,463 | ||||||
Swissquote Group Holding SA (Registered) | 675 | 112,808 | ||||||
Tamburi Investment Partners SpA | 10,560 | 106,540 | ||||||
Tikehau Capital SCA(a) | 1,672 | 44,327 | ||||||
TMX Group Ltd. | 836 | 85,000 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 99,000 | 344,535 | ||||||
TP ICAP Group plc | 324,225 | 609,865 | ||||||
UBS Group AG (Registered) | 88,605 | 1,627,351 | ||||||
UOB-Kay Hian Holdings Ltd. | 130,500 | 156,351 | ||||||
Value Partners Group Ltd.(a) | 368,000 | 180,282 | ||||||
Van Lanschot Kempen NV, CVA | 15,120 | 378,822 | ||||||
VNV Global AB* | 33,030 | 283,622 | ||||||
Vontobel Holding AG (Registered) | 339 | 27,854 |
Investments | Shares | Value ($) | ||||||
VZ Holding AG | 285 | 26,539 | ||||||
Warsaw Stock Exchange | 7,260 | 71,784 | ||||||
WealthNavi, Inc.*(a) | 2,400 | 33,555 | ||||||
X-Trade Brokers Dom Maklerski SA(b) | 17,952 | 72,659 | ||||||
|
| |||||||
21,044,793 | ||||||||
|
| |||||||
Chemicals - 3.1% | ||||||||
ADEKA Corp. | 2,300 | 49,204 | ||||||
Air Liquide SA | 8,100 | 1,374,546 | ||||||
Air Water, Inc. | 6,000 | 90,605 | ||||||
Akzo Nobel NV | 3,420 | 351,025 | ||||||
Arkema SA | 1,755 | 256,641 | ||||||
Asahi Kasei Corp. | 36,000 | 350,236 | ||||||
BASF SE | 21,870 | 1,655,339 | ||||||
Borregaard ASA | 1,692 | 39,472 | ||||||
C Uyemura & Co. Ltd. | 4,500 | 220,655 | ||||||
Calix Ltd.*(a) | 9,988 | 35,607 | ||||||
Chr Hansen Holding A/S | 1,584 | 126,342 | ||||||
Ciech SA | 9,548 | 98,419 | ||||||
Clariant AG (Registered)* | 2,836 | 59,367 | ||||||
Corbion NV | 1,352 | 56,047 | ||||||
Covestro AG(b) | 4,095 | 242,654 | ||||||
Croda International plc | 2,610 | 279,156 | ||||||
Daicel Corp. | 8,900 | 65,036 | ||||||
Denka Co. Ltd. | 1,400 | 48,722 | ||||||
DIC Corp. | 2,899 | 73,692 | ||||||
Elementis plc* | 41,976 | 80,196 | ||||||
Elkem ASA(b) | 7 | 25 | ||||||
EMS-Chemie Holding AG (Registered)(a) | 135 | 134,775 | ||||||
Essentra plc | 16,940 | 78,069 | ||||||
Evonik Industries AG | 4,254 | 137,292 | ||||||
FUCHS PETROLUB SE | 55 | 1,829 | ||||||
FUCHS PETROLUB SE (Preference) | 1,182 | 50,775 | ||||||
Fujimori Kogyo Co. Ltd. | 7,300 | 257,852 | ||||||
Fuso Chemical Co. Ltd. | 1,100 | 42,578 | ||||||
Givaudan SA (Registered) | 135 | 553,601 | ||||||
Hexpol AB | 5,784 | 68,194 | ||||||
ICL Group Ltd. | 9,848 | 88,013 | ||||||
Incitec Pivot Ltd. | 36,784 | 85,005 | ||||||
Israel Corp. Ltd. (The)* | 104 | 41,953 | ||||||
JCU Corp. | 1,400 | 60,022 | ||||||
Johnson Matthey plc | 5,400 | 140,551 | ||||||
JSR Corp. | 3,100 | 101,831 | ||||||
K+S AG (Registered)* | 6,160 | 115,527 | ||||||
Kaneka Corp. | 1,300 | 41,970 | ||||||
Kansai Paint Co. Ltd. | 5,300 | 109,151 | ||||||
Kemira OYJ | 2,992 | 43,602 | ||||||
KH Neochem Co. Ltd. | 2,200 | 55,809 | ||||||
Koninklijke DSM NV | 2,987 | 556,006 | ||||||
Konishi Co. Ltd. | 12,700 | 179,657 | ||||||
Kumiai Chemical Industry Co. | 8,000 | 54,641 | ||||||
Kuraray Co. Ltd. | 6,700 | 59,601 | ||||||
Kureha Corp.(a) | 6,600 | 485,728 | ||||||
LANXESS AG | 2,156 | 129,835 | ||||||
Lenzing AG* | 132 | 16,040 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Lintec Corp. | 1,800 | 41,428 | ||||||
Methanex Corp. | 1,290 | 58,658 | ||||||
Mitsubishi Chemical Holdings Corp. | 36,700 | 285,064 | ||||||
Mitsubishi Gas Chemical Co., | 6,200 | 117,139 | ||||||
Mitsui Chemicals, Inc. | 5,600 | 147,746 | ||||||
NanoXplore, Inc.*(a) | 8,536 | 36,713 | ||||||
Nihon Parkerizing Co. Ltd. | 42,400 | 380,119 | ||||||
Nippon Kayaku Co. Ltd.(a) | 3,700 | 36,382 | ||||||
Nippon Paint Holdings Co. Ltd. | 25,300 | 199,589 | ||||||
Nippon Sanso Holdings Corp. | 2,800 | 54,967 | ||||||
Nippon Shokubai Co. Ltd. | 400 | 18,676 | ||||||
Nippon Soda Co. Ltd. | 10,739 | 303,833 | ||||||
Nissan Chemical Corp. | 2,900 | 155,539 | ||||||
Nitto Denko Corp. | 2,800 | 215,057 | ||||||
NOF Corp. | 1,200 | 54,259 | ||||||
Novozymes A/S, Class B | 3,915 | 267,142 | ||||||
Nufarm Ltd.(a) | 23,520 | 73,741 | ||||||
Nutrien Ltd. | 13,185 | 920,400 | ||||||
OCI NV* | 1,318 | 35,784 | ||||||
Okamoto Industries, Inc.(a) | 6,300 | 221,163 | ||||||
Orica Ltd. | 4,722 | 46,111 | ||||||
Osaka Organic Chemical Industry Ltd. | 1,400 | 37,969 | ||||||
Osaka Soda Co. Ltd. | 9,600 | 252,862 | ||||||
Palram Industries 1990 Ltd. | 3,652 | 55,945 | ||||||
Re:NewCell AB* | 1,804 | 33,088 | ||||||
Recticel SA | 2,200 | 41,629 | ||||||
Robertet SA | 44 | 42,863 | ||||||
Sakata INX Corp.(a) | 18,000 | 150,436 | ||||||
Sanyo Chemical Industries Ltd.(a) | 6,100 | 275,287 | ||||||
Shikoku Chemicals Corp. | 16,700 | 206,241 | ||||||
Shin-Etsu Chemical Co. Ltd. | 6,700 | 1,107,121 | ||||||
Shin-Etsu Polymer Co. Ltd. | 13,700 | 129,955 | ||||||
Showa Denko KK | 4,200 | 86,351 | ||||||
Sika AG (Registered)(a) | 2,475 | 853,577 | ||||||
SOL SpA | 3,009 | 63,954 | ||||||
Solvay SA | 1,620 | 193,406 | ||||||
Sumitomo Chemical Co. Ltd. | 39,000 | 194,281 | ||||||
Symrise AG | 2,340 | 277,922 | ||||||
Synthomer plc | 9,988 | 48,858 | ||||||
T Hasegawa Co. Ltd. | 900 | 19,566 | ||||||
Taiyo Holdings Co. Ltd. | 1,800 | 52,489 | ||||||
Teijin Ltd. | 3,000 | 37,492 | ||||||
Tenma Corp. | 1,300 | 28,206 | ||||||
Tessenderlo Group SA* | 4,545 | 175,776 | ||||||
Toagosei Co. Ltd. | 5,300 | 51,747 | ||||||
Tokai Carbon Co. Ltd. | 6,600 | 67,532 | ||||||
Tokuyama Corp. | 22,500 | 354,415 | ||||||
Tokyo Ohka Kogyo Co. Ltd. | 700 | 40,764 | ||||||
Toray Industries, Inc. | 40,500 | 254,863 | ||||||
Tosoh Corp. | 7,800 | 120,765 | ||||||
Toyo Gosei Co. Ltd. | 300 | 31,451 | ||||||
Toyo Ink SC Holdings Co. Ltd. | 1,600 | 26,369 | ||||||
Toyobo Co. Ltd. | 36,000 | 401,163 | ||||||
Treatt plc | 3,432 | 48,578 | ||||||
Turpaz Industries Ltd.* | 9,724 | 79,744 | ||||||
Ube Industries Ltd. | 3,900 | 69,555 |
Investments | Shares | Value ($) | ||||||
Umicore SA(a) | 3,330 | 124,755 | ||||||
Victrex plc | 1,452 | 39,780 | ||||||
Wacker Chemie AG | 256 | 36,776 | ||||||
Yara International ASA | 3,510 | 178,963 | ||||||
Zeon Corp. | 3,600 | 41,241 | ||||||
|
| |||||||
19,246,138 | ||||||||
|
| |||||||
Commercial Services & Supplies - 1.2% |
| |||||||
Befesa SA(b) | 2,340 | 164,209 | ||||||
Biffa plc(b) | 15,576 | 70,843 | ||||||
Big Technologies plc* | 11,924 | 41,594 | ||||||
Bilfinger SE | 10,980 | 376,889 | ||||||
Boyd Group Services, Inc. | 208 | 31,434 | ||||||
Brambles Ltd.(a) | 26,235 | 178,739 | ||||||
Bravida Holding AB(b) | 4,312 | 51,185 | ||||||
Caverion OYJ | 8,888 | 61,076 | ||||||
Cewe Stiftung & Co. KGAA | 308 | 37,634 | ||||||
Cleanaway Waste Management Ltd. | 35,024 | 71,067 | ||||||
Clipper Logistics plc | 5,236 | 47,488 | ||||||
Coor Service Management Holding AB(b) | 6,692 | 56,495 | ||||||
Dai Nippon Printing Co. Ltd. | 5,700 | 135,890 | ||||||
Daiseki Co. Ltd. | 1,499 | 59,257 | ||||||
Derichebourg SA* | 34,920 | 433,339 | ||||||
Downer EDI Ltd. | 9,548 | 36,393 | ||||||
Duskin Co. Ltd. | 3,700 | 88,338 | ||||||
Elis SA* | 12 | 217 | ||||||
Elis SA - XLON* | 4,520 | 81,983 | ||||||
GFL Environmental, Inc.(a) | 1,760 | 57,790 | ||||||
HomeServe plc | 3,784 | 38,736 | ||||||
Intrum AB | 2,464 | 73,703 | ||||||
ISS A/S* | 2,508 | 46,761 | ||||||
Lassila & Tikanoja OYJ | 960 | 13,237 | ||||||
Loomis AB | 2,271 | 58,100 | ||||||
Marlowe plc*(a) | 4,092 | 49,191 | ||||||
Matsuda Sangyo Co. Ltd. | 6,900 | 139,826 | ||||||
Mitie Group plc(a) | 515,835 | 415,242 | ||||||
Mitsubishi Pencil Co. Ltd. | 1,800 | 18,652 | ||||||
Nippon Kanzai Co. Ltd.(a) | 1,300 | 31,760 | ||||||
Okamura Corp. | 33,300 | 349,401 | ||||||
Park24 Co. Ltd. | 2,200 | 32,936 | ||||||
Pilot Corp. | 1,700 | 60,121 | ||||||
Prestige International, Inc. | 4,000 | 25,133 | ||||||
Prosegur Cash SA(a)(b) | 163,760 | 119,507 | ||||||
Prosegur Cia de Seguridad SA | 84,735 | 208,973 | ||||||
Raksul, Inc.*(a) | 1,600 | 51,031 | ||||||
Rentokil Initial plc | 32,940 | 229,013 | ||||||
Restore plc | 7,172 | 44,744 | ||||||
Ritchie Bros Auctioneers, Inc. | 2,295 | 139,815 | ||||||
Sato Holdings Corp. | 1,100 | 19,217 | ||||||
Sdiptech AB, Class B* | 1,056 | 43,726 | ||||||
Secom Co. Ltd. | 3,800 | 266,602 | ||||||
Securitas AB, Class B | 7,047 | 84,444 | ||||||
Serco Group plc | 461,925 | 829,214 | ||||||
SG Fleet Group Ltd. | 60,588 | 101,169 | ||||||
Smart Metering Systems plc | 5,165 | 51,141 | ||||||
Societe BIC SA | 9,135 | 517,137 | ||||||
Sohgo Security Services Co. Ltd. | 1,900 | 68,514 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
SPIE SA | 2,992 | 68,556 | ||||||
TOMRA Systems ASA | 1,980 | 98,244 | ||||||
TOPPAN, Inc. | 9,000 | 169,963 | ||||||
Veridis Environment Ltd.* | 19,845 | 268,347 | ||||||
Waste Connections, Inc.(a) | 4,635 | 577,535 | ||||||
|
| |||||||
7,391,551 | ||||||||
|
| |||||||
Communications Equipment - 0.3% |
| |||||||
AudioCodes Ltd. | 1,936 | 56,598 | ||||||
BATM Advanced Communications Ltd. | 10,755 | 8,749 | ||||||
Gilat Satellite Networks Ltd.* | 7,568 | 57,800 | ||||||
Nokia OYJ* | 92,205 | 542,339 | ||||||
Spirent Communications plc | 44,640 | 147,572 | ||||||
Telefonaktiebolaget LM Ericsson, Class A(a) | 3,789 | 46,682 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 45,810 | 563,417 | ||||||
VTech Holdings Ltd. | 67,500 | 532,812 | ||||||
|
| |||||||
1,955,969 | ||||||||
|
| |||||||
Construction & Engineering - 2.0% |
| |||||||
Ackermans & van Haaren NV | 454 | 87,028 | ||||||
ACS Actividades de Construccion y Servicios SA(a) | 6,975 | 174,285 | ||||||
ACS Actividades de Construccion y Servicios SA*(d) | 139 | 3,473 | ||||||
Aecon Group, Inc. | 21,780 | 297,296 | ||||||
AF Gruppen ASA | 704 | 15,065 | ||||||
Arcadis NV | 1,848 | 80,296 | ||||||
Ashtrom Group Ltd. | 1,861 | 51,652 | ||||||
Badger Infrastructure Solutions Ltd. | 2,812 | 68,078 | ||||||
Balfour Beatty plc | 258,480 | 872,523 | ||||||
Boskalis Westminster | 218 | 6,134 | ||||||
Bouygues SA | 4,275 | 149,471 | ||||||
Chudenko Corp. | 13,500 | 247,563 | ||||||
Cie dEntreprises CFE | 352 | 47,430 | ||||||
CIMIC Group Ltd.(a) | 1,232 | 14,227 | ||||||
COMSYS Holdings Corp. | 4,300 | 101,580 | ||||||
Daiho Corp.(a) | 4,500 | 142,547 | ||||||
Eiffage SA | 1,800 | 187,171 | ||||||
Elco Ltd. | 231 | 19,191 | ||||||
Elecnor SA | 13,140 | 146,710 | ||||||
Electra Ltd. | 15 | 10,857 | ||||||
EXEO Group, Inc. | 3,900 | 78,558 | ||||||
Fasadgruppen Group AB | 2,508 | 42,722 | ||||||
Ferrovial SA | 7,515 | 206,985 | ||||||
Fomento de Construcciones y Contratas SA | 3,843 | 46,009 | ||||||
Fugro NV, CVA* | 7,040 | 55,780 | ||||||
GOLD FIN HLDG*(d) | 89,827 | | ||||||
Hazama Ando Corp. | 74,400 | 564,982 | ||||||
HOCHTIEF AG | 442 | 33,980 | ||||||
Instalco AB(b) | 7,260 | 52,517 | ||||||
JGC Holdings Corp.(a) | 1,000 | 9,729 | ||||||
Johns Lyng Group Ltd. | 7,568 | 41,110 | ||||||
Kajima Corp. | 12,700 | 152,102 | ||||||
Kandenko Co. Ltd. | 39,000 | 288,036 | ||||||
Keller Group plc | 26,235 | 299,185 | ||||||
Kinden Corp. | 2,300 | 32,636 |
Investments | Shares | Value ($) | ||||||
Kumagai Gumi Co. Ltd. | 14,300 | 361,642 | ||||||
Kyudenko Corp. | 2,100 | 53,218 | ||||||
Maire Tecnimont SpA(a) | 12,452 | 58,627 | ||||||
Mirait Holdings Corp. | 2,300 | 37,826 | ||||||
Monadelphous Group Ltd.(a) | 7,216 | 45,400 | ||||||
Morgan Sindall Group plc | 16,515 | 469,736 | ||||||
NCC AB, Class B | 246 | 4,043 | ||||||
Nippon Densetsu Kogyo Co. Ltd.(a) | 19,700 | 253,890 | ||||||
Nippon Road Co. Ltd. (The) | 2,500 | 181,167 | ||||||
Nishimatsu Construction Co. Ltd. | 17,600 | 580,430 | ||||||
NRW Holdings Ltd.(a) | 186,570 | 208,345 | ||||||
Obayashi Corp. | 18,100 | 145,460 | ||||||
Okumura Corp. | 15,000 | 424,387 | ||||||
Peab AB, Class B | 3,999 | 44,599 | ||||||
Penta-Ocean Construction Co. Ltd. | 1,500 | 8,253 | ||||||
Raito Kogyo Co. Ltd. | 21,200 | 343,137 | ||||||
Raiznext Corp. | 8,800 | 87,828 | ||||||
Sacyr SA*(d) | 2,747 | 6,805 | ||||||
Sacyr SA - BATE(a) | 123,750 | 306,580 | ||||||
Sanki Engineering Co. Ltd. | 19,600 | 240,864 | ||||||
Shapir Engineering and Industry Ltd. | 2,525 | 24,179 | ||||||
Shikun & Binui Ltd.* | 3,396 | 21,737 | ||||||
Shimizu Corp. | 17,800 | 117,869 | ||||||
SHO-BOND Holdings Co. Ltd. | 1,200 | 52,176 | ||||||
Skanska AB, Class B | 7,110 | 172,226 | ||||||
SNC-Lavalin Group, Inc. | 2,068 | 45,578 | ||||||
Sumitomo Densetsu Co. Ltd. | 6,400 | 115,753 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 69,140 | 259,219 | ||||||
Sweco AB, Class B(a) | 4,708 | 65,722 | ||||||
Taikisha Ltd. | 13,900 | 344,650 | ||||||
Taisei Corp. | 5,000 | 162,508 | ||||||
Takamatsu Construction Group Co. Ltd. | 9,100 | 156,925 | ||||||
Tess Holdings Co. Ltd. | 2,000 | 25,255 | ||||||
Toda Corp. | 5,200 | 33,305 | ||||||
Toenec Corp. | 2,900 | 79,909 | ||||||
Tokyu Construction Co. Ltd.(a) | 36,800 | 223,882 | ||||||
Totetsu Kogyo Co. Ltd.(a) | 10,800 | 229,169 | ||||||
Veidekke ASA | 3,088 | 45,925 | ||||||
Vinci SA | 8,595 | 931,319 | ||||||
Webuild SpA(a) | 153,450 | 318,748 | ||||||
WSP Global, Inc. | 1,237 | 164,862 | ||||||
YIT OYJ | 69,963 | 344,929 | ||||||
Yokogawa Bridge Holdings Corp. | 16,000 | 296,741 | ||||||
|
| |||||||
12,721,731 | ||||||||
|
| |||||||
Construction Materials - 0.7% |
| |||||||
Adbri Ltd.(a) | 22,176 | 45,622 | ||||||
Boral Ltd.* | 3,476 | 14,376 | ||||||
Breedon Group plc | 81,796 | 93,829 | ||||||
Brickworks Ltd. | 3,147 | 49,998 | ||||||
Buzzi Unicem SpA | 3,148 | 64,950 | ||||||
Cementir Holding NV | 19,845 | 173,076 | ||||||
CRH plc | 13,276 | 661,341 | ||||||
CSR Ltd. | 15,532 | 61,172 | ||||||
Forterra plc(b) | 13,728 | 48,808 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
HeidelbergCement AG | 3,375 | 231,769 | ||||||
Holcim Ltd.* | 12,150 | 649,227 | ||||||
Ibstock plc(b) | 27,720 | 73,340 | ||||||
Imerys SA | 1,103 | 50,101 | ||||||
James Hardie Industries plc, CHDI(a) | 6,790 | 225,130 | ||||||
Maeda Kosen Co. Ltd. | 1,200 | 35,461 | ||||||
Marshalls plc | 8,360 | 78,625 | ||||||
Mitani Sekisan Co. Ltd. | 1,200 | 67,069 | ||||||
RHI Magnesita NV(a) | 14,445 | 659,700 | ||||||
Sumitomo Osaka Cement Co. | 15,200 | 463,024 | ||||||
Taiheiyo Cement Corp. | 2,200 | 43,399 | ||||||
Titan Cement International SA* | 13,725 | 213,862 | ||||||
Vicat SA | 6,705 | 275,473 | ||||||
Wienerberger AG | 2,596 | 93,065 | ||||||
|
| |||||||
4,372,417 | ||||||||
|
| |||||||
Consumer Finance - 0.3% |
| |||||||
AEON Financial Service Co. | 400 | 4,155 | ||||||
Aiful Corp.(a) | 112,500 | 335,865 | ||||||
Allied Group Ltd. | 176,000 | 64,779 | ||||||
Cembra Money Bank AG(a) | 11,880 | 808,333 | ||||||
Credit Corp. Group Ltd.(a) | 3,350 | 79,989 | ||||||
Credit Saison Co. Ltd.(a) | 6,200 | 68,766 | ||||||
goeasy Ltd.(a) | 528 | 61,186 | ||||||
Gruppo MutuiOnline SpA | 1,056 | 49,837 | ||||||
Isracard Ltd. | 11,630 | 63,937 | ||||||
Jaccs Co. Ltd. | 11,700 | 313,760 | ||||||
Provident Financial plc* | 11,220 | 47,147 | ||||||
Resurs Holding AB(b) | 57,600 | 234,619 | ||||||
Zip Co. Ltd.*(a) | 14,040 | 31,258 | ||||||
|
| |||||||
2,163,631 | ||||||||
|
| |||||||
Containers & Packaging - 0.5% |
| |||||||
BillerudKorsnas AB | 2,965 | 46,695 | ||||||
Cascades, Inc. | 28,395 | 283,995 | ||||||
CCL Industries, Inc., Class B | 3,027 | 158,181 | ||||||
DS Smith plc | 28,260 | 142,560 | ||||||
FP Corp. | 1,200 | 38,325 | ||||||
Fuji Seal International, Inc. | 15,500 | 288,813 | ||||||
Huhtamaki OYJ | 2,051 | 79,988 | ||||||
Intertape Polymer Group, Inc.(a) | 24,075 | 485,551 | ||||||
Mayr Melnhof Karton AG(a) | 275 | 53,085 | ||||||
Orora Ltd.(a) | 19,096 | 46,551 | ||||||
Pact Group Holdings Ltd. | 79,470 | 129,898 | ||||||
Rengo Co. Ltd. | 9,500 | 70,328 | ||||||
SIG Combibloc Group AG* | 6,750 | 154,857 | ||||||
Smurfit Kappa Group plc | 4,410 | 230,125 | ||||||
Toyo Seikan Group Holdings Ltd. | 5,600 | 67,458 | ||||||
Transcontinental, Inc., Class A(a) | 29,700 | 492,743 | ||||||
Verallia SA(b) | 1,364 | 42,507 | ||||||
Vidrala SA | 415 | 35,124 | ||||||
Winpak Ltd. | 1,716 | 50,867 | ||||||
|
| |||||||
2,897,651 | ||||||||
|
| |||||||
Distributors - 0.1% |
| |||||||
Arata Corp. | 6,800 | 235,765 | ||||||
Bapcor Ltd.(a) | 6,776 | 33,418 | ||||||
Dieteren Group | 220 | 37,955 |
Investments | Shares | Value ($) | ||||||
Doshisha Co. Ltd. | 7,000 | 92,280 | ||||||
Inchcape plc | 8,938 | 100,850 | ||||||
Inter Cars SA | 484 | 53,200 | ||||||
PALTAC Corp. | 800 | 30,445 | ||||||
|
| |||||||
583,913 | ||||||||
|
| |||||||
Diversified Consumer Services - 0.1% |
| |||||||
AcadeMedia AB(b) | 29,295 | 168,223 | ||||||
Benesse Holdings, Inc. | 2,000 | 38,776 | ||||||
Cary Group AB* | 4,488 | 40,124 | ||||||
G8 Education Ltd.*(a) | 370,350 | 289,633 | ||||||
IDP Education Ltd. | 2,501 | 51,611 | ||||||
InvoCare Ltd.(a) | 4,432 | 34,910 | ||||||
LITALICO, Inc. | 1,200 | 29,494 | ||||||
Park Lawn Corp. | 1,496 | 45,546 | ||||||
Perfect Medical Health Management Ltd. | 88,000 | 54,961 | ||||||
|
| |||||||
753,278 | ||||||||
|
| |||||||
Diversified Financial Services - 1.0% |
| |||||||
Aker ASA, Class A | 264 | 22,355 | ||||||
AMP Ltd.* | 110,352 | 68,030 | ||||||
Banca IFIS SpA | 9,315 | 184,303 | ||||||
Banca Mediolanum SpA | 4,444 | 42,664 | ||||||
Banque Nationale de Belgique | 90 | 168,486 | ||||||
BFF Bank SpA(b) | 10,956 | 83,270 | ||||||
Burford Capital Ltd. | 14,175 | 128,466 | ||||||
Cerved Group SpA* | 2,271 | 25,967 | ||||||
Challenger Ltd.(a) | 9,812 | 39,543 | ||||||
Creades AB, Class A(a) | 22,590 | 292,718 | ||||||
ECN Capital Corp. | 17,100 | 71,799 | ||||||
eGuarantee, Inc. | 2,800 | 45,466 | ||||||
Element Fleet Management Corp.(a) | 9,988 | 101,702 | ||||||
Eurazeo SE | 1,144 | 89,962 | ||||||
EXOR NV | 2,880 | 238,326 | ||||||
Fuyo General Lease Co. Ltd. | 700 | 45,988 | ||||||
GRENKE AG | 1,804 | 56,462 | ||||||
Groupe Bruxelles Lambert SA | 1,440 | 153,191 | ||||||
HAL Trust(a) | 1,305 | 203,929 | ||||||
Hypoport SE* | 88 | 38,473 | ||||||
Industrivarden AB, Class A | 3,388 | 105,842 | ||||||
Industrivarden AB, Class C | 3,828 | 117,660 | ||||||
Investment AB Oresund | 9,855 | 151,191 | ||||||
Investor AB, Class A | 8,558 | 192,723 | ||||||
Investor AB, Class B | 30,186 | 647,922 | ||||||
Japan Securities Finance Co. Ltd. | 8,800 | 70,874 | ||||||
Kinnevik AB, Class B*(a) | 4,905 | 144,616 | ||||||
L E Lundbergforetagen AB, Class B | 1,348 | 68,251 | ||||||
M&G plc | 74,340 | 215,036 | ||||||
Mitsubishi HC Capital, Inc. | 24,429 | 125,299 | ||||||
Mizuho Leasing Co. Ltd. | 13,638 | 377,568 | ||||||
ORIX Corp. | 28,500 | 582,614 | ||||||
PEUGEOT INVEST | 308 | 41,156 | ||||||
Plus500 Ltd. | 39,690 | 782,776 | ||||||
Ricoh Leasing Co. Ltd. | 5,800 | 186,999 | ||||||
Sofina SA | 337 | 133,129 | ||||||
SRH NV*(d) | 2,857 | | ||||||
Svolder AB, Class B | 35,100 | 265,861 |
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.(a) | 600 | 29,264 | ||||||
Wendel SE | 497 | 53,485 | ||||||
Zenkoku Hosho Co. Ltd. | 600 | 26,557 | ||||||
|
| |||||||
6,419,923 | ||||||||
|
| |||||||
Diversified Telecommunication Services - 1.2% |
| |||||||
ARTERIA Networks Corp.(a) | 10,700 | 125,828 | ||||||
Aussie Broadband Ltd.* | 13,244 | 39,377 | ||||||
BCE, Inc.(a) | 4,635 | 241,991 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd.* | 52,780 | 89,972 | ||||||
BT Group plc | 201,420 | 528,445 | ||||||
Cellnex Telecom SA(b) | 9,135 | 412,685 | ||||||
Chorus Ltd. | 13,585 | 62,008 | ||||||
Deutsche Telekom AG (Registered) | 79,155 | 1,479,352 | ||||||
Elisa OYJ | 2,610 | 152,376 | ||||||
Gamma Communications plc | 3,432 | 71,370 | ||||||
Helios Towers plc* | 10,824 | 22,306 | ||||||
HKBN Ltd. | 51,500 | 64,725 | ||||||
HKT Trust & HKT Ltd. | 53,400 | 72,729 | ||||||
Infrastrutture Wireless Italiane | 5,179 | 55,409 | ||||||
Internet Initiative Japan, Inc. | 1,000 | 32,588 | ||||||
Koninklijke KPN NV | 58,770 | 192,834 | ||||||
NetLink NBN Trust(b) | 61,600 | 44,190 | ||||||
Nippon Telegraph & Telephone Corp. | 28,000 | 793,890 | ||||||
NOS SGPS SA(a) | 90,360 | 354,933 | ||||||
Orange SA | 46,080 | 538,252 | ||||||
PCCW Ltd. | 127,035 | 66,796 | ||||||
Proximus SADP | 2,464 | 50,036 | ||||||
Singapore Telecommunications Ltd. | 135,000 | 242,614 | ||||||
Spark New Zealand Ltd. | 20,724 | 58,933 | ||||||
Swisscom AG (Registered) | 405 | 229,763 | ||||||
Telecom Italia SpA | 250,976 | 117,095 | ||||||
Telecom Italia SpA (Retirement Savings Plan) | 96,272 | 42,629 | ||||||
Telefonica Deutschland Holding AG | 24,508 | 69,783 | ||||||
Telefonica SA(a) | 130,754 | 605,136 | ||||||
Telekom Austria AG*(a) | 1,426 | 12,309 | ||||||
Telenor ASA | 13,230 | 217,605 | ||||||
Telia Co. AB | 33,132 | 129,950 | ||||||
Telstra Corp. Ltd. | 70,155 | 193,757 | ||||||
TELUS Corp. | 8,415 | 197,903 | ||||||
United Internet AG (Registered) | 1,848 | 71,740 | ||||||
Uniti Group Ltd.*(a) | 21,252 | 62,588 | ||||||
|
| |||||||
7,743,897 | ||||||||
|
| |||||||
Electric Utilities - 1.5% |
| |||||||
Acciona SA | 528 | 91,328 | ||||||
AusNet Services Ltd. | 46,020 | 84,301 | ||||||
BKW AG | 440 | 51,984 | ||||||
Chubu Electric Power Co., Inc. | 18,000 | 179,805 | ||||||
Chugoku Electric Power Co., Inc. | 4,206 | 32,925 | ||||||
CK Infrastructure Holdings Ltd. | 11,000 | 67,714 | ||||||
CLP Holdings Ltd. | 27,500 | 274,734 | ||||||
Contact Energy Ltd. | 11,528 | 59,281 |
Investments | Shares | Value ($) | ||||||
EDP - Energias de Portugal SA | 43,695 | 222,330 | ||||||
Electricite de France SA(a) | 12,990 | 123,746 | ||||||
Elia Group SA/NV(a) | 794 | 106,542 | ||||||
Emera, Inc.(a) | 4,005 | 189,669 | ||||||
Endesa SA(a) | 6,570 | 146,158 | ||||||
Enea SA* | 66,735 | 125,189 | ||||||
Enel SpA | 185,805 | 1,412,397 | ||||||
EVN AG* | 748 | 21,843 | ||||||
Fjordkraft Holding ASA(b) | 44,415 | 188,200 | ||||||
Fortis, Inc.(a) | 7,290 | 346,100 | ||||||
Fortum OYJ | 10,125 | 272,971 | ||||||
Genesis Energy Ltd. | 14,326 | 25,121 | ||||||
HK Electric Investments & HK Electric Investments Ltd.(a)(b) | 44,500 | 44,286 | ||||||
Hokkaido Electric Power Co., Inc. | 79,000 | 342,122 | ||||||
Hokuriku Electric Power Co.(a) | 72,500 | 356,129 | ||||||
Hydro One Ltd.(b) | 6,435 | 166,162 | ||||||
Iberdrola SA*(d) | 1,550 | 17,654 | ||||||
Iberdrola SA | 95,130 | 1,083,470 | ||||||
Infratil Ltd. | 8,272 | 41,152 | ||||||
Kansai Electric Power Co., Inc. (The) | 22,500 | 211,282 | ||||||
Kyushu Electric Power Co., Inc. | 13,200 | 97,375 | ||||||
Mercury NZ Ltd. | 17,270 | 62,948 | ||||||
Okinawa Electric Power Co., Inc. (The)(a) | 18,770 | 228,384 | ||||||
Origin Energy Ltd.(a) | 45,675 | 180,853 | ||||||
Orsted A/S(b) | 3,150 | 331,739 | ||||||
PGE Polska Grupa Energetyczna SA* | 35,024 | 65,445 | ||||||
Power Assets Holdings Ltd. | 24,500 | 150,345 | ||||||
Red Electrica Corp. SA | 10,080 | 202,377 | ||||||
Romande Energie Holding SA (Registered) | 21 | 29,322 | ||||||
Shikoku Electric Power Co., | 80,700 | 557,494 | ||||||
SSE plc | 18,443 | 391,575 | ||||||
Terna - Rete Elettrica Nazionale | 23,504 | 183,118 | ||||||
Tohoku Electric Power Co., Inc. | 10,900 | 76,435 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* | 22,400 | 59,487 | ||||||
Trustpower Ltd.(a) | 5,123 | 23,686 | ||||||
Verbund AG | 1,416 | 148,892 | ||||||
|
| |||||||
9,074,070 | ||||||||
|
| |||||||
Electrical Equipment - 1.4% |
| |||||||
ABB Ltd. (Registered)(a) | 31,050 | 1,057,511 | ||||||
Alfen Beheer BV*(b) | 968 | 71,401 | ||||||
Ballard Power Systems, Inc.* | 1,824 | 19,017 | ||||||
Daihen Corp. | 9,000 | 317,900 | ||||||
DiscoverIE Group plc | 4,796 | 54,758 | ||||||
Fagerhult AB | 6,336 | 39,235 | ||||||
Fuji Electric Co. Ltd. | 3,100 | 163,845 | ||||||
Fujikura Ltd.* | 112,500 | 601,432 | ||||||
Furukawa Electric Co. Ltd. | 27,000 | 552,536 | ||||||
GARO AB(b) | 1,980 | 36,698 | ||||||
GS Yuasa Corp. | 2,700 | 57,105 | ||||||
Hexatronic Group AB | 1,540 | 61,457 | ||||||
Huber + Suhner AG (Registered) | 867 | 78,128 | ||||||
Idec Corp. | 2,200 | 46,243 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
ITM Power plc* | 10,192 | 36,975 | ||||||
Legrand SA | 4,680 | 471,116 | ||||||
Mabuchi Motor Co. Ltd. | 700 | 21,870 | ||||||
Mitsubishi Electric Corp. | 51,400 | 638,569 | ||||||
NEL ASA*(a) | 12,688 | 16,934 | ||||||
Nexans SA | 748 | 66,871 | ||||||
Nidec Corp. | 9,110 | 797,743 | ||||||
Nissin Electric Co. Ltd. | 19,200 | 239,948 | ||||||
Nitto Kogyo Corp. | 10,600 | 141,671 | ||||||
NKT A/S* | 2,970 | 124,039 | ||||||
Nordex SE* | 1,408 | 22,081 | ||||||
PowerCell Sweden AB* | 2,948 | 46,206 | ||||||
Prysmian SpA | 4,320 | 143,974 | ||||||
Sanyo Denki Co. Ltd. | 4,500 | 207,377 | ||||||
Schneider Electric SE | 9,765 | 1,634,979 | ||||||
Siemens Energy AG* | 6,840 | 151,513 | ||||||
Siemens Gamesa Renewable Energy SA* | 4,136 | 88,533 | ||||||
Signify NV(b) | 2,925 | 153,650 | ||||||
Somfy SA | 275 | 50,249 | ||||||
TKH Group NV, CVA | 2,194 | 125,802 | ||||||
Varta AG | 352 | 37,573 | ||||||
Vestas Wind Systems A/S | 17,145 | 457,085 | ||||||
|
| |||||||
8,832,024 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 1.8% |
| |||||||
Ai Holdings Corp. | 3,800 | 58,373 | ||||||
Alps Alpine Co. Ltd.(a) | 5,348 | 57,738 | ||||||
ALSO Holding AG (Registered)* | 52 | 14,465 | ||||||
Amano Corp. | 700 | 13,918 | ||||||
Anritsu Corp. | 500 | 6,821 | ||||||
AT&S Austria Technologie & Systemtechnik AG | 880 | 40,446 | ||||||
Azbil Corp. | 2,100 | 81,467 | ||||||
Barco NV(a) | 2,992 | 61,211 | ||||||
Basler AG | 264 | 35,099 | ||||||
Canon Marketing Japan, Inc. | 1,500 | 30,397 | ||||||
Celestica, Inc.* | 40,275 | 501,300 | ||||||
Citizen Watch Co. Ltd. | 22,400 | 94,868 | ||||||
Codan Ltd. | 7,304 | 46,417 | ||||||
Comet Holding AG (Registered) | 495 | 155,510 | ||||||
CONEXIO Corp. | 6,600 | 79,103 | ||||||
Daiwabo Holdings Co. Ltd. | 36,000 | 508,015 | ||||||
Dexerials Corp. | 3,500 | 94,771 | ||||||
FIH Mobile Ltd.*(a) | 328,000 | 50,057 | ||||||
Fingerprint Cards AB, | 10,108 | 20,115 | ||||||
FIT Hon Teng Ltd.*(b) | 440,000 | 76,742 | ||||||
Halma plc | 7,155 | 239,604 | ||||||
Hamamatsu Photonics KK | 2,700 | 136,611 | ||||||
Hexagon AB, Class B | 37,260 | 495,783 | ||||||
Hioki EE Corp.(a) | 700 | 40,096 | ||||||
Hirose Electric Co. Ltd. | 582 | 85,917 | ||||||
Horiba Ltd. | 800 | 42,630 | ||||||
Hosiden Corp. | 22,500 | 222,608 | ||||||
Ibiden Co. Ltd. | 2,800 | 153,092 | ||||||
Inficon Holding AG (Registered) | 44 | 52,930 | ||||||
Iriso Electronics Co. Ltd. | 1,200 | 48,375 | ||||||
Japan Aviation Electronics Industry Ltd. | 22,344 | 353,509 |
Investments | Shares | Value ($) | ||||||
Jenoptik AG | 2,585 | 93,483 | ||||||
Kaga Electronics Co. Ltd. | 9,100 | 232,979 | ||||||
Keyence Corp. | 3,300 | 1,667,685 | ||||||
Kyocera Corp. | 6,100 | 372,432 | ||||||
Lagercrantz Group AB, Class B | 2,640 | 29,613 | ||||||
Landis+Gyr Group AG* | 1,102 | 71,964 | ||||||
LEM Holding SA (Registered) | 27 | 66,989 | ||||||
Macnica Fuji Electronics Holdings, Inc. | 18,100 | 394,595 | ||||||
Maruwa Co. Ltd. | 600 | 78,004 | ||||||
Meiko Electronics Co. Ltd. | 9,000 | 305,402 | ||||||
Murata Manufacturing Co. Ltd. | 10,900 | 807,768 | ||||||
Mycronic AB | 924 | 18,749 | ||||||
NCAB Group AB | 5,280 | 40,276 | ||||||
Nichicon Corp. | 3,200 | 33,159 | ||||||
Nippon Ceramic Co. Ltd. | 900 | 19,074 | ||||||
Nippon Electric Glass Co. Ltd. | 2,200 | 54,396 | ||||||
Nippon Signal Co. Ltd.(a) | 24,000 | 185,376 | ||||||
Nissha Co. Ltd.(a) | 18,000 | 226,670 | ||||||
Nohmi Bosai Ltd. | 11,500 | 209,989 | ||||||
Novonix Ltd.*(a) | 6,864 | 36,270 | ||||||
Oki Electric Industry Co. Ltd. | 36,000 | 273,066 | ||||||
Omron Corp. | 3,800 | 273,890 | ||||||
Oxford Instruments plc | 3,036 | 88,186 | ||||||
Renishaw plc | 880 | 53,554 | ||||||
Riken Keiki Co. Ltd. | 1,200 | 56,654 | ||||||
Sensirion Holding AG*(b) | 528 | 63,856 | ||||||
Shimadzu Corp. | 5,300 | 188,818 | ||||||
Siix Corp.(a) | 13,028 | 146,872 | ||||||
Softwareone Holding AG* | 3,256 | 62,878 | ||||||
Spectris plc | 2,112 | 95,378 | ||||||
Taiyo Yuden Co. Ltd. | 2,500 | 118,898 | ||||||
TDK Corp. | 8,800 | 313,127 | ||||||
Topcon Corp. | 2,200 | 29,422 | ||||||
Vaisala OYJ, Class A | 836 | 44,421 | ||||||
Venture Corp. Ltd. | 4,500 | 58,573 | ||||||
VSTECS Holdings Ltd. | 364,000 | 359,446 | ||||||
Yokogawa Electric Corp. | 4,900 | 79,310 | ||||||
|
| |||||||
11,149,210 | ||||||||
|
| |||||||
Energy Equipment & Services - 0.4% |
| |||||||
Aker Solutions ASA*(b) | 17,908 | 46,396 | ||||||
BW Offshore Ltd.(a) | 44,206 | 134,660 | ||||||
Drilling Co. of 1972 A/S (The)* | 2,024 | 78,370 | ||||||
John Wood Group plc* | 257,220 | 767,501 | ||||||
Modec, Inc. | 6,400 | 63,653 | ||||||
Odfjell Drilling Ltd.* | 32,516 | 75,783 | ||||||
Saipem SpA*(a) | 220,185 | 333,464 | ||||||
SBM Offshore NV | 5,113 | 80,473 | ||||||
Secure Energy Services, Inc.(a) | 16,104 | 76,481 | ||||||
Subsea 7 SA | 26 | 194 | ||||||
Technip Energies NV* | 38,295 | 581,469 | ||||||
TechnipFMC plc*(a) | 9,285 | 60,260 | ||||||
Tenaris SA | 7,656 | 92,389 | ||||||
TGS ASA | 7,656 | 81,832 | ||||||
Vallourec SA* | 9,020 | 79,173 | ||||||
Worley Ltd.(a) | 10,916 | 88,829 | ||||||
|
| |||||||
2,640,927 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Entertainment - 0.6% |
| |||||||
Bollore SA | 12,858 | 68,610 | ||||||
Capcom Co. Ltd. | 3,400 | 81,175 | ||||||
CD Projekt SA | 1,193 | 52,470 | ||||||
CTS Eventim AG & Co. KGaA* | 704 | 49,340 | ||||||
Daiichikosho Co. Ltd. | 1,100 | 30,883 | ||||||
DeNA Co. Ltd. | 1,100 | 16,955 | ||||||
Embracer Group AB*(a) | 6,644 | 65,400 | ||||||
EVENT Hospitality and Entertainment Ltd.* | 2,282 | 21,625 | ||||||
Frontier Developments plc*(a) | 2,332 | 43,301 | ||||||
IGG, Inc.(a) | 330,000 | 205,257 | ||||||
Kinepolis Group NV* | 1,030 | 61,888 | ||||||
Koei Tecmo Holdings Co. Ltd.(a) | 1,246 | 44,498 | ||||||
Konami Holdings Corp. | 2,200 | 117,040 | ||||||
Modern Times Group MTG AB, Class B*(a) | 7,040 | 93,373 | ||||||
Nexon Co. Ltd. | 9,400 | 175,559 | ||||||
Nintendo Co. Ltd. | 2,000 | 974,788 | ||||||
Paradox Interactive AB(a) | 952 | 19,542 | ||||||
Shochiku Co. Ltd.* | 800 | 81,996 | ||||||
Square Enix Holdings Co. Ltd. | 1,800 | 87,325 | ||||||
Stillfront Group AB*(a) | 132,120 | 631,293 | ||||||
Team17 Group plc* | 5,676 | 54,068 | ||||||
Toei Animation Co. Ltd.(a) | 200 | 14,927 | ||||||
Toho Co. Ltd. | 3,100 | 119,050 | ||||||
Ubisoft Entertainment SA* | 1,425 | 81,053 | ||||||
Universal Music Group NV | 21,285 | 520,636 | ||||||
|
| |||||||
3,712,052 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) - 2.3% |
| |||||||
Activia Properties, Inc. | 15 | 50,575 | ||||||
Advance Residence Investment Corp.(a) | 18 | 52,879 | ||||||
Aedifica SA | 704 | 84,206 | ||||||
AEON REIT Investment Corp.(a) | 29 | 36,720 | ||||||
Allied Properties REIT | 1,540 | 54,163 | ||||||
alstria office REIT-AG*(d) | 4,356 | 95,025 | ||||||
Altarea SCA | 88 | 15,586 | ||||||
ARA LOGOS Logistics Trust | 70,400 | 42,954 | ||||||
Arena REIT(a) | 14,212 | 46,961 | ||||||
ARGAN SA | 1,035 | 129,946 | ||||||
Argosy Property Ltd. | 68,432 | 66,965 | ||||||
Artis REIT | 23,355 | 223,119 | ||||||
Ascendas REIT | 70,135 | 143,159 | ||||||
Ascott Residence Trust | 30,164 | 22,754 | ||||||
Assura plc | 57,957 | 52,020 | ||||||
Aventus Group | 20,768 | 47,408 | ||||||
Befimmo SA | 616 | 22,995 | ||||||
Big Yellow Group plc(a) | 4,224 | 84,667 | ||||||
Boardwalk REIT(a) | 8,145 | 358,257 | ||||||
British Land Co. plc (The) | 10,868 | 80,225 | ||||||
BWP Trust | 12,444 | 34,807 | ||||||
Canadian Apartment Properties REIT(a) | 1,012 | 44,489 | ||||||
Capital & Counties Properties plc | 43,340 | 99,606 | ||||||
CapitaLand China Trust | 73,814 | 64,416 | ||||||
CapitaLand Integrated Commercial Trust | 77,546 | 111,259 |
Investments | Shares | Value ($) | ||||||
Care Property Invest NV | 1,540 | 43,590 | ||||||
Carmila SA(a) | 19,336 | 318,632 | ||||||
CDL Hospitality Trusts | 36,800 | 30,754 | ||||||
Centuria Industrial REIT | 20,592 | 55,131 | ||||||
Centuria Office REIT | 164,385 | 250,166 | ||||||
Champion REIT(a) | 24,000 | 12,065 | ||||||
Charter Hall Group | 8,140 | 96,119 | ||||||
Charter Hall Long Wale REIT | 7,926 | 26,916 | ||||||
Charter Hall Retail REIT | 6,292 | 17,776 | ||||||
Charter Hall Social Infrastructure REIT | 16,192 | 43,807 | ||||||
Choice Properties REIT | 3,957 | 45,146 | ||||||
Cofinimmo SA | 507 | 74,397 | ||||||
Comforia Residential REIT, Inc.(a) | 19 | 50,788 | ||||||
Cominar REIT(a) | 45,255 | 415,970 | ||||||
Covivio | 660 | 54,676 | ||||||
CRE Logistics REIT, Inc. | 44 | 76,143 | ||||||
Crombie REIT | 3,256 | 44,316 | ||||||
Cromwell European REIT(b) | 23,174 | 60,268 | ||||||
Cromwell Property Group(a) | 48,403 | 28,646 | ||||||
CT REIT(a) | 3,432 | 45,740 | ||||||
Daiwa House REIT Investment Corp. | 42 | 124,660 | ||||||
Daiwa Securities Living Investments Corp. | 26 | 25,317 | ||||||
Derwent London plc | 1,508 | 68,890 | ||||||
Dexus | 14,476 | 104,540 | ||||||
Dexus Industria REIT | 18,568 | 40,816 | ||||||
Dream Office REIT(a) | 1,452 | 28,063 | ||||||
ESR-REIT | 252,000 | 79,207 | ||||||
Far East Hospitality Trust | 53,976 | 22,155 | ||||||
First Capital REIT | 1,819 | 25,401 | ||||||
Fortune REIT | 92,000 | 94,743 | ||||||
Frasers Centrepoint Trust | 33,249 | 55,573 | ||||||
Frasers Hospitality Trust | 39,200 | 12,901 | ||||||
Frasers Logistics & Commercial Trust(b) | 43,839 | 44,418 | ||||||
Frontier Real Estate Investment Corp. | 12 | 50,458 | ||||||
Fukuoka REIT Corp. | 26 | 36,442 | ||||||
Gecina SA | 704 | 94,781 | ||||||
Global One Real Estate Investment Corp. | 48 | 47,073 | ||||||
GLP J-REIT | 74 | 118,618 | ||||||
Goodman Group | 28,215 | 460,991 | ||||||
Goodman Property Trust | 19,085 | 31,085 | ||||||
GPT Group (The)(a) | 29,568 | 103,952 | ||||||
Granite REIT(a) | 484 | 36,717 | ||||||
Great Portland Estates plc(a) | 15,255 | 155,855 | ||||||
Growthpoint Properties Australia Ltd. | 4,004 | 11,058 | ||||||
H&R REIT(a) | 5,632 | 57,215 | ||||||
Hamborner REIT AG | 6,058 | 66,301 | ||||||
Hammerson plc(a) | 171,380 | 89,122 | ||||||
Hankyu Hanshin REIT, Inc.(a) | 26 | 33,531 | ||||||
Heiwa Real Estate REIT, Inc. | 43 | 52,619 | ||||||
Hibernia REIT plc | 34,222 | 48,644 | ||||||
HomeCo Daily Needs REIT(b) | 41,888 | 40,284 | ||||||
Hoshino Resorts REIT, Inc. | 16 | 89,980 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Hulic Reit, Inc. | 23 | 32,975 | ||||||
ICADE | 836 | 59,837 | ||||||
Ichigo Office REIT Investment Corp. | 128 | 91,091 | ||||||
Industrial & Infrastructure Fund Investment Corp.(a) | 44 | 73,508 | ||||||
Ingenia Communities Group | 28,468 | 110,515 | ||||||
Inmobiliaria Colonial Socimi SA | 7,185 | 63,146 | ||||||
InterRent REIT | 6,380 | 79,963 | ||||||
Invincible Investment Corp. | 121 | 37,857 | ||||||
Irish Residential Properties REIT plc | 25,256 | 47,394 | ||||||
Irongate Group(a) | 57,992 | 75,383 | ||||||
Itochu Advance Logistics Investment Corp.(a) | 44 | 59,723 | ||||||
Japan Hotel REIT Investment Corp. | 77 | 37,289 | ||||||
Japan Logistics Fund, Inc.(a) | 19 | 52,437 | ||||||
Japan Metropolitan Fund Invest | 147 | 123,366 | ||||||
Japan Prime Realty Investment Corp. | 13 | 42,309 | ||||||
Japan Real Estate Investment Corp. | 24 | 131,222 | ||||||
Kenedix Office Investment Corp. | 9 | 54,363 | ||||||
Kenedix Retail REIT Corp. | 31 | 72,318 | ||||||
Keppel DC REIT | 21,100 | 33,394 | ||||||
Keppel Pacific Oak US REIT(b) | 265,500 | 196,470 | ||||||
Keppel REIT | 27,933 | 23,137 | ||||||
Killam Apartment REIT(a) | 19,260 | 331,197 | ||||||
Kiwi Property Group Ltd. | 3,973 | 2,962 | ||||||
Klepierre SA | 3,960 | 104,143 | ||||||
Land Securities Group plc | 12,804 | 135,744 | ||||||
LaSalle Logiport REIT | 44 | 70,110 | ||||||
Lendlease Global Commercial REIT | 337,500 | 204,674 | ||||||
Link REIT | 39,223 | 335,764 | ||||||
LondonMetric Property plc | 19,536 | 69,930 | ||||||
LXI REIT plc(b) | 57,332 | 113,072 | ||||||
Manulife US REIT(b) | 114,400 | 73,788 | ||||||
Mapletree Commercial Trust | 34,368 | 45,751 | ||||||
Mapletree Industrial Trust | 35,086 | 65,130 | ||||||
Mapletree Logistics Trust | 45,115 | 56,387 | ||||||
Mapletree North Asia Commercial Trust(b) | 49,500 | 39,537 | ||||||
Mercialys SA | 20,385 | 223,946 | ||||||
Merlin Properties Socimi SA | 2,992 | 33,641 | ||||||
Mirai Corp. | 88 | 36,773 | ||||||
Mirvac Group | 68,490 | 125,945 | ||||||
Mitsui Fudosan Logistics Park, | 9 | 44,209 | ||||||
Montea NV | 396 | 54,513 | ||||||
Mori Hills REIT Investment Corp. | 16 | 19,579 | ||||||
National Storage REIT | 35,156 | 60,932 | ||||||
Nextensa | 1,012 | 83,609 | ||||||
Nippon Accommodations Fund, Inc. | 8 | 43,185 | ||||||
Nippon Building Fund, Inc. | 24 | 138,303 | ||||||
Nippon Prologis REIT, Inc. | 41 | 127,386 | ||||||
NIPPON REIT Investment Corp. | 11 | 36,945 | ||||||
Nomura Real Estate Master Fund, Inc. | 95 | 131,339 |
Investments | Shares | Value ($) | ||||||
NorthWest Healthcare Properties REIT(a) | 4,268 | 44,902 | ||||||
NTT UD REIT Investment Corp. | 23 | 30,820 | ||||||
One REIT, Inc. | 14 | 36,195 | ||||||
Orix JREIT, Inc.(a) | 49 | 70,082 | ||||||
OUE Commercial REIT | 2,977 | 903 | ||||||
Parkway Life REIT | 12,500 | 44,281 | ||||||
Precinct Properties New Zealand Ltd. | 22,735 | 24,039 | ||||||
Primary Health Properties plc | 28,776 | 55,479 | ||||||
Prime US REIT(b) | 189,000 | 146,475 | ||||||
Property for Industry Ltd.(a) | 26,697 | 48,479 | ||||||
Reit 1 Ltd. | 15,092 | 108,853 | ||||||
Retail Estates NV | 4,455 | 357,075 | ||||||
RioCan REIT(a) | 2,596 | 45,172 | ||||||
Rural Funds Group | 20,724 | 41,613 | ||||||
Safestore Holdings plc | 4,488 | 76,230 | ||||||
Samty Residential Investment Corp. | 44 | 44,563 | ||||||
Sasseur REIT(b) | 149,600 | 87,958 | ||||||
Scentre Group | 73,665 | 151,550 | ||||||
Secure Income REIT plc | 14,030 | 79,623 | ||||||
Segro plc | 19,530 | 341,156 | ||||||
Sekisui House Reit, Inc. | 55 | 37,327 | ||||||
Shaftesbury plc | 8,712 | 72,527 | ||||||
Shopping Centres Australasia Property Group | 32,912 | 65,159 | ||||||
SOSiLA Logistics REIT, Inc. | 44 | 61,098 | ||||||
SPH REIT | 44,800 | 31,807 | ||||||
Star Asia Investment Corp.(a) | 699 | 365,803 | ||||||
Starhill Global REIT | 146,296 | 67,081 | ||||||
Stockland | 59,220 | 168,563 | ||||||
Stride Property Group | 32,208 | 42,305 | ||||||
Summit Industrial Income REIT(a) | 3,212 | 54,552 | ||||||
Sunlight REIT | 55,000 | 29,907 | ||||||
Suntec REIT | 43,500 | 48,900 | ||||||
Target Healthcare REIT plc | 40,084 | 61,738 | ||||||
Tokyu REIT, Inc.(a) | 21 | 33,771 | ||||||
Tritax Big Box REIT plc | 33,836 | 107,770 | ||||||
UK Commercial Property REIT Ltd. | 63,932 | 70,078 | ||||||
Unibail-Rodamco-Westfield*(a) | 3,240 | 244,400 | ||||||
Unibail-Rodamco-Westfield, CHDI* | 5 | 19 | ||||||
UNITE Group plc (The) | 6,028 | 83,624 | ||||||
United Urban Investment Corp. | 40 | 47,038 | ||||||
Vicinity Centres(a) | 65,692 | 75,442 | ||||||
Vital Healthcare Property Trust(a) | 25,078 | 51,222 | ||||||
Warehouse Reit plc(b) | 20,284 | 45,339 | ||||||
Warehouses De Pauw CVA | 3,060 | 130,762 | ||||||
Waypoint REIT Ltd. | 43,262 | 82,601 | ||||||
Workspace Group plc | 8,954 | 101,451 | ||||||
Xior Student Housing NV(b) | 924 | 50,392 | ||||||
|
| |||||||
14,579,932 | ||||||||
|
| |||||||
Food & Staples Retailing - 1.8% |
| |||||||
Aeon Co. Ltd.(a) | 15,013 | 339,608 | ||||||
Ain Holdings, Inc. | 800 | 40,824 | ||||||
Alimentation Couche-Tard, Inc. | 14,490 | 584,134 | ||||||
Arcs Co. Ltd.(a) | 20,818 | 389,169 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Axfood AB | 1,496 | 37,936 | ||||||
Axial Retailing, Inc.(a) | 9,000 | 255,023 | ||||||
Belc Co. Ltd. | 5,300 | 247,464 | ||||||
Carrefour SA | 13,770 | 261,180 | ||||||
Coles Group Ltd. | 20,250 | 231,128 | ||||||
Cosmos Pharmaceutical Corp.(a) | 200 | 24,838 | ||||||
Create SD Holdings Co. Ltd. | 500 | 13,409 | ||||||
Daikokutenbussan Co. Ltd. | 400 | 15,622 | ||||||
Dairy Farm International Holdings Ltd. | 7,600 | 20,292 | ||||||
Dino Polska SA*(b) | 1,012 | 77,618 | ||||||
Empire Co. Ltd., Class A | 3,212 | 99,052 | ||||||
Endeavour Group Ltd. | 25,344 | 112,136 | ||||||
Etablissements Franz Colruyt NV | 1,044 | 42,225 | ||||||
George Weston Ltd. | 1,594 | 173,738 | ||||||
GrainCorp Ltd., Class A | 10,837 | 55,584 | ||||||
Heiwado Co. Ltd.(a) | 14,700 | 245,967 | ||||||
HelloFresh SE* | 2,565 | 168,324 | ||||||
Inageya Co. Ltd. | 11,198 | 135,960 | ||||||
Itochu-Shokuhin Co. Ltd. | 1,900 | 80,221 | ||||||
J Sainsbury plc(a) | 32,120 | 125,274 | ||||||
Jeronimo Martins SGPS SA | 5,280 | 126,427 | ||||||
Kato Sangyo Co. Ltd.(a) | 12,100 | 343,914 | ||||||
Kesko OYJ, Class A | 2,248 | 64,260 | ||||||
Kesko OYJ, Class B | 5,175 | 162,027 | ||||||
Kobe Bussan Co. Ltd.(a) | 1,900 | 58,703 | ||||||
Koninklijke Ahold Delhaize NV | 25,200 | 812,306 | ||||||
Kusuri no Aoki Holdings Co. Ltd. | 600 | 35,565 | ||||||
Lawson, Inc. | 800 | 34,992 | ||||||
Loblaw Cos. Ltd. | 2,700 | 208,200 | ||||||
MARR SpA | 1,155 | 24,380 | ||||||
MatsukiyoCocokara & Co. | 2,400 | 81,545 | ||||||
Maxvalu Nishinihon Co. Ltd. | 4,400 | 72,592 | ||||||
Maxvalu Tokai Co. Ltd. | 500 | 11,907 | ||||||
Metcash Ltd. | 29,436 | 81,920 | ||||||
Metro, Inc. | 4,635 | 247,786 | ||||||
Mitsubishi Shokuhin Co. Ltd. | 4,400 | 107,456 | ||||||
North West Co., Inc. (The)(a) | 17,595 | 484,907 | ||||||
Ocado Group plc* | 10,575 | 213,387 | ||||||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 3,623 | 289,361 | ||||||
San-A Co. Ltd. | 7,700 | 271,647 | ||||||
Seven & i Holdings Co. Ltd. | 18,300 | 888,279 | ||||||
Sheng Siong Group Ltd. | 51,500 | 56,750 | ||||||
Shop Apotheke Europe NV*(a)(b) | 748 | 96,261 | ||||||
Shufersal Ltd. | 3,578 | 33,441 | ||||||
Sligro Food Group NV*(a) | 2,552 | 64,797 | ||||||
Sonae SGPS SA | 366,210 | 417,911 | ||||||
Sugi Holdings Co. Ltd. | 800 | 46,518 | ||||||
Sundrug Co. Ltd. | 1,600 | 40,061 | ||||||
Tesco plc | 182,650 | 727,806 | ||||||
Tsuruha Holdings, Inc. | 900 | 72,094 | ||||||
United Super Markets Holdings, Inc. | 2,000 | 18,156 | ||||||
Valor Holdings Co. Ltd. | 19,900 | 380,125 | ||||||
Welcia Holdings Co. Ltd. | 2,300 | 61,779 | ||||||
Woolworths Group Ltd. | 19,710 | 477,979 |
Investments | Shares | Value ($) | ||||||
Zur Rose Group AG*(a) | 260 | 62,972 | ||||||
|
| |||||||
10,954,937 | ||||||||
|
| |||||||
Food Products - 2.9% |
| |||||||
a2 Milk Co. Ltd. (The)*(a) | 12,579 | 46,098 | ||||||
AAK AB | 2,860 | 53,268 | ||||||
Agrana Beteiligungs AG | 6,028 | 116,497 | ||||||
Ajinomoto Co., Inc. | 8,200 | 227,230 | ||||||
Ariake Japan Co. Ltd.(a) | 800 | 42,213 | ||||||
Aryzta AG* | 62,524 | 70,781 | ||||||
Associated British Foods plc | 8,055 | 209,764 | ||||||
Ausnutria Dairy Corp. Ltd.* | 315,000 | 399,125 | ||||||
Austevoll Seafood ASA | 4,884 | 64,199 | ||||||
Bakkafrost P/F | 1,281 | 87,784 | ||||||
Bakkavor Group plc(b) | 38,192 | 62,821 | ||||||
Barry Callebaut AG (Registered) | 38 | 86,608 | ||||||
Bega Cheese Ltd. | 22,616 | 81,264 | ||||||
Bell Food Group AG (Registered) | 900 | 270,662 | ||||||
Calbee, Inc. | 3,200 | 73,234 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 24 | 276,333 | ||||||
Chocoladefabriken Lindt & Spruengli AG (Registered) | 3 | 343,805 | ||||||
Cloetta AB, Class B | 16,456 | 43,264 | ||||||
Costa Group Holdings Ltd.(a) | 16,050 | 31,549 | ||||||
Cranswick plc | 924 | 45,422 | ||||||
Danone SA | 11,205 | 693,984 | ||||||
DyDo Group Holdings, Inc.(a) | 500 | 20,525 | ||||||
Ebro Foods SA | 1,618 | 29,891 | ||||||
Elders Ltd. | 13,024 | 100,019 | ||||||
Emmi AG (Registered) | 41 | 45,533 | ||||||
First Pacific Co. Ltd. | 900,000 | 346,263 | ||||||
First Resources Ltd. | 5,100 | 6,223 | ||||||
Fuji Oil Holdings, Inc. | 1,200 | 24,130 | ||||||
Fujicco Co. Ltd.(a) | 2,000 | 33,569 | ||||||
Glanbia plc | 2,024 | 27,703 | ||||||
Golden Agri-Resources Ltd. | 213,400 | 38,667 | ||||||
Greencore Group plc* | 27,148 | 44,983 | ||||||
Grieg Seafood ASA*(a) | 3,299 | 33,893 | ||||||
Hilton Food Group plc | 3,916 | 54,535 | ||||||
Hokuto Corp.(a) | 9,000 | 151,998 | ||||||
House Foods Group, Inc.(a) | 2,400 | 61,320 | ||||||
Inghams Group Ltd.(a) | 155,250 | 358,771 | ||||||
Itoham Yonekyu Holdings, Inc. | 2,100 | 12,247 | ||||||
Japfa Ltd.(a) | 201,820 | 91,794 | ||||||
JDE Peets NV | 1,804 | 53,803 | ||||||
Kagome Co. Ltd. | 900 | 23,292 | ||||||
Kameda Seika Co. Ltd.(a) | 900 | 32,532 | ||||||
Kernel Holding SA* | 17,730 | 225,631 | ||||||
Kerry Group plc, Class A(a) | 2,655 | 333,341 | ||||||
Kewpie Corp. | 2,100 | 43,030 | ||||||
Kikkoman Corp. | 3,500 | 261,836 | ||||||
KWS Saat SE & Co. KGaA | 704 | 54,454 | ||||||
Leroy Seafood Group ASA | 5,456 | 45,234 | ||||||
Maple Leaf Foods, Inc. | 301 | 7,318 | ||||||
Maruha Nichiro Corp.(a) | 18,000 | 382,105 | ||||||
Megmilk Snow Brand Co. Ltd. | 20,000 | 354,611 | ||||||
Mehadrin Ltd.* | | (e) | 20 | |||||
MEIJI Holdings Co. Ltd. | 2,800 | 173,990 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Morinaga & Co. Ltd. | 1,100 | 34,845 | ||||||
Morinaga Milk Industry Co. Ltd. | 1,200 | 57,696 | ||||||
Mowi ASA | 6,255 | 152,516 | ||||||
Nestle SA (Registered) | 47,520 | 6,077,742 | ||||||
Neto Malinda Trading Ltd.* | 3,520 | 140,678 | ||||||
NH Foods Ltd. | 3,200 | 122,473 | ||||||
Nichirei Corp. | 1,600 | 36,548 | ||||||
Nippn Corp.(a) | 28,500 | 415,782 | ||||||
Nippon Suisan Kaisha Ltd. | 13,200 | 61,289 | ||||||
Nisshin Oillio Group Ltd. (The) | 10,100 | 262,964 | ||||||
Nisshin Seifun Group, Inc. | 2,690 | 37,540 | ||||||
Nissin Foods Holdings Co. Ltd. | 1,500 | 105,836 | ||||||
Norway Royal Salmon ASA | 132 | 2,857 | ||||||
Orkla ASA | 14,111 | 134,209 | ||||||
Premier Foods plc | 286,470 | 453,524 | ||||||
Premium Brands Holdings Corp. | 660 | 62,264 | ||||||
Prima Meat Packers Ltd. | 9,000 | 196,051 | ||||||
Riken Vitamin Co. Ltd.(a) | 10,800 | 158,591 | ||||||
S Foods, Inc. | 7,500 | 228,466 | ||||||
Sakata Seed Corp. | 2,800 | 81,649 | ||||||
Salmar ASA | 748 | 50,655 | ||||||
Saputo, Inc.(a) | 4,455 | 99,798 | ||||||
Savencia SA | 1,716 | 123,497 | ||||||
Schouw & Co. A/S | 4,680 | 393,449 | ||||||
Showa Sangyo Co. Ltd.(a) | 13,500 | 314,814 | ||||||
Societe LDC SA | 1,773 | 200,741 | ||||||
Strauss Group Ltd. | 952 | 31,396 | ||||||
Suedzucker AG | 1,979 | 27,464 | ||||||
SunOpta, Inc.* | 5,588 | 29,262 | ||||||
Synlait Milk Ltd.*(a) | 1,760 | 3,641 | ||||||
Tassal Group Ltd.(a) | 69,750 | 173,473 | ||||||
Tate & Lyle plc | 11,000 | 104,252 | ||||||
Toyo Suisan Kaisha Ltd. | 1,800 | 73,343 | ||||||
United Malt Grp Ltd. | 25,168 | 73,766 | ||||||
Vilmorin & Cie SA | 1,612 | 90,714 | ||||||
Viscofan SA | 825 | 49,894 | ||||||
Vitasoy International Holdings Ltd.(a) | 72,000 | 140,352 | ||||||
WH Group Ltd.(a)(b) | 154,000 | 102,699 | ||||||
Wilmar International Ltd. | 76,500 | 241,582 | ||||||
Yakult Honsha Co. Ltd. | 2,500 | 126,275 | ||||||
Yamazaki Baking Co. Ltd.(a) | 2,900 | 41,301 | ||||||
|
| |||||||
18,115,054 | ||||||||
|
| |||||||
Gas Utilities - 0.3% |
| |||||||
AltaGas Ltd.(a) | 6,953 | 142,745 | ||||||
APA Group(a) | 16,324 | 109,950 | ||||||
Brookfield Infrastructure Corp., Class A | 704 | 46,669 | ||||||
Enagas SA(a) | 5,625 | 121,068 | ||||||
Hong Kong & China Gas Co. Ltd. | 161,907 | 249,166 | ||||||
Italgas SpA | 6,908 | 45,441 | ||||||
Keppel Infrastructure Trust | 55,647 | 23,047 | ||||||
Naturgy Energy Group SA(a) | 5,355 | 168,863 | ||||||
Nippon Gas Co. Ltd.(a) | 6,000 | 83,055 | ||||||
Osaka Gas Co. Ltd. | 10,300 | 174,490 | ||||||
Rubis SCA | 2,784 | 89,444 | ||||||
Saibu Gas Holdings Co. Ltd.(a) | 1,400 | 26,524 | ||||||
Shizuoka Gas Co. Ltd. | 22,500 | 195,270 |
Investments | Shares | Value ($) | ||||||
Snam SpA | 32,310 | 179,649 | ||||||
Superior Plus Corp.(a) | 10,208 | 103,701 | ||||||
Toho Gas Co. Ltd. | 2,000 | 54,415 | ||||||
Tokyo Gas Co. Ltd. | 11,400 | 229,039 | ||||||
|
| |||||||
2,042,536 | ||||||||
|
| |||||||
Health Care Equipment & Supplies - 1.3% |
| |||||||
Advanced Medical Solutions Group plc | 10,648 | 42,143 | ||||||
Alcon, Inc. | 8,550 | 650,536 | ||||||
Ambu A/S, Class B(a) | 3,172 | 66,548 | ||||||
Ansell Ltd.(a) | 2,200 | 41,478 | ||||||
Arjo AB, Class B | 4,131 | 41,070 | ||||||
Asahi Intecc Co. Ltd. | 3,200 | 54,044 | ||||||
BioMerieux | 825 | 96,228 | ||||||
Carl Zeiss Meditec AG | 731 | 115,993 | ||||||
Cellavision AB | 1,320 | 42,793 | ||||||
Cochlear Ltd. | 906 | 122,909 | ||||||
Coloplast A/S, Class B | 1,800 | 259,913 | ||||||
ConvaTec Group plc(b) | 26,224 | 61,747 | ||||||
Demant A/S* | 1,980 | 86,809 | ||||||
DiaSorin SpA | 293 | 44,965 | ||||||
Draegerwerk AG & Co. KGaA | 1,496 | 82,174 | ||||||
Draegerwerk AG & Co. KGaA (Preference) | 2,880 | 165,782 | ||||||
Eckert & Ziegler Strahlen- und Medizintechnik AG | 1,012 | 86,956 | ||||||
Eiken Chemical Co. Ltd. | 1,600 | 23,759 | ||||||
El.En. SpA | 2,684 | 42,905 | ||||||
Elekta AB, Class B(a) | 6,069 | 61,626 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 11,093 | 202,168 | ||||||
Fukuda Denshi Co. Ltd. | 4,500 | 323,367 | ||||||
Getinge AB, Class B | 3,190 | 123,579 | ||||||
GN Store Nord A/S | 2,064 | 123,642 | ||||||
Hogy Medical Co. Ltd. | 1,200 | 32,076 | ||||||
Hoya Corp. | 6,500 | 832,350 | ||||||
Japan Lifeline Co. Ltd.(a) | 25,500 | 221,749 | ||||||
Jeol Ltd. | 1,100 | 58,711 | ||||||
Koninklijke Philips NV | 15,121 | 498,095 | ||||||
Medistim ASA | 1,188 | 40,639 | ||||||
Menicon Co. Ltd.(a) | 1,900 | 41,669 | ||||||
Nagaileben Co. Ltd. | 1,500 | 27,195 | ||||||
Nanosonics Ltd.*(a) | 16,777 | 60,047 | ||||||
Nihon Kohden Corp. | 2,300 | 60,382 | ||||||
Nipro Corp. | 5,200 | 47,837 | ||||||
Olympus Corp.(a) | 22,500 | 497,255 | ||||||
Paramount Bed Holdings Co. Ltd. | 1,600 | 26,411 | ||||||
PolyNovo Ltd.*(a) | 32,604 | 30,092 | ||||||
Revenio Group OYJ | 924 | 47,771 | ||||||
Riverstone Holdings Ltd. | 237,600 | 123,883 | ||||||
Sartorius AG (Preference) | 450 | 240,169 | ||||||
Sedana Medical AB* | 4,620 | 36,924 | ||||||
Siemens Healthineers AG(b) | 5,175 | 329,275 | ||||||
Smith & Nephew plc | 15,795 | 265,634 | ||||||
Sonova Holding AG (Registered) | 861 | 302,397 | ||||||
STRATEC SE | 308 | 41,363 | ||||||
Straumann Holding AG (Registered) | 191 | 310,897 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Surgical Science Sweden AB* | 1,584 | 33,499 | ||||||
Sysmex Corp. | 2,700 | 253,773 | ||||||
Terumo Corp. | 13,000 | 469,117 | ||||||
Xvivo Perfusion AB* | 1,892 | 53,208 | ||||||
Ypsomed Holding AG (Registered) | 81 | 15,016 | ||||||
|
| |||||||
7,960,568 | ||||||||
|
| |||||||
Health Care Providers & Services - 0.7% |
| |||||||
Alfresa Holdings Corp. | 5,500 | 77,852 | ||||||
Ambea AB(b) | 31,050 | 172,147 | ||||||
Amplifon SpA | 2,112 | 88,854 | ||||||
Arvida Group Ltd.(a) | 33,660 | 37,581 | ||||||
As One Corp.(a) | 800 | 39,228 | ||||||
Australian Clinical Labs Ltd.*(b) | 42,300 | 151,695 | ||||||
Australian Pharmaceutical Industries Ltd.(a) | 148,995 | 159,561 | ||||||
BML, Inc. | 10,900 | 328,726 | ||||||
CareTech Holdings plc | 41,670 | 305,250 | ||||||
Chartwell Retirement Residences(a) | 5,472 | 53,481 | ||||||
China Evergrande New Energy Vehicle Group Ltd.*(a) | 40,000 | 18,467 | ||||||
CVS Group plc | 4,455 | 117,867 | ||||||
dentalcorp Holdings Ltd.* | 3,652 | 46,404 | ||||||
EBOS Group Ltd. | 2,014 | 51,453 | ||||||
Fagron | 2,504 | 42,807 | ||||||
Fresenius Medical Care AG & Co. KGaA | 4,275 | 287,824 | ||||||
Fresenius SE & Co. KGaA | 9,945 | 407,583 | ||||||
Galenica AG(b) | 792 | 55,377 | ||||||
H.U. Group Holdings, Inc. | 22,500 | 567,846 | ||||||
Healius Ltd.(a) | 14,608 | 45,697 | ||||||
Integral Diagnostics Ltd.(a) | 13,068 | 38,025 | ||||||
Korian SA | 572 | 12,440 | ||||||
Mediclinic International plc* | 11,132 | 47,524 | ||||||
Medicover AB, Class B | 1,320 | 38,748 | ||||||
Medipal Holdings Corp. | 5,100 | 91,134 | ||||||
NMC Health plc*(d) | 2,074 | 62 | ||||||
Oceania Healthcare Ltd. | 48,312 | 37,440 | ||||||
Orpea SA | 950 | 41,320 | ||||||
Raffles Medical Group Ltd. | 4,124 | 3,904 | ||||||
Ramsay Health Care Ltd. | 3,240 | 143,333 | ||||||
Ryman Healthcare Ltd.(a) | 8,272 | 53,783 | ||||||
Ship Healthcare Holdings, Inc.(a) | 1,800 | 40,054 | ||||||
Solasto Corp. | 4,400 | 40,095 | ||||||
Sonic Healthcare Ltd. | 8,190 | 218,751 | ||||||
Spire Healthcare Group plc*(b) | 14,036 | 44,725 | ||||||
Summerset Group Holdings Ltd. | 6,644 | 53,234 | ||||||
Suzuken Co. Ltd. | 1,880 | 55,556 | ||||||
Toho Holdings Co. Ltd.(a) | 26,700 | 415,011 | ||||||
Uniphar plc | 9,064 | 39,830 | ||||||
Well Health Technologies | 16,192 | 58,183 | ||||||
|
| |||||||
4,528,852 | ||||||||
|
| |||||||
Health Care Technology - 0.1% |
| |||||||
CompuGroup Medical SE & Co. KGaA | 624 | 40,991 | ||||||
Craneware plc | 1,936 | 49,351 | ||||||
EMIS Group plc | 2,728 | 48,020 | ||||||
M3, Inc. | 6,900 | 260,430 |
Investments | Shares | Value ($) | ||||||
Nexus AG | 880 | 61,754 | ||||||
Pro Medicus Ltd.(a) | 1,100 | 34,953 | ||||||
Sectra AB, Class B* | 2,948 | 48,164 | ||||||
|
| |||||||
543,663 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure - 1.2% |
| |||||||
888 Holdings plc | 8,316 | 28,451 | ||||||
Accor SA* | 3,740 | 135,671 | ||||||
Arcland Service Holdings Co. Ltd. | 1,400 | 26,341 | ||||||
Aristocrat Leisure Ltd. | 11,385 | 323,660 | ||||||
Atom Corp.(a) | 5,800 | 38,507 | ||||||
Autogrill SpA*(a) | 7,876 | 58,572 | ||||||
Basic-Fit NV*(b) | 1,196 | 56,551 | ||||||
Betsson AB, Class B* | 47,070 | 260,713 | ||||||
Cafe de Coral Holdings Ltd. | 38,000 | 64,425 | ||||||
Carnival plc* | 4,488 | 79,843 | ||||||
Collins Foods Ltd.(a) | 6,204 | 50,966 | ||||||
Colowide Co. Ltd.(a) | 3,500 | 50,119 | ||||||
Compass Group plc | 30,960 | 693,261 | ||||||
Corporate Travel Management | 3,366 | 49,304 | ||||||
Create Restaurants Holdings, Inc.(a) | 4,400 | 27,914 | ||||||
Crown Resorts Ltd.* | 2,112 | 17,990 | ||||||
Dalata Hotel Group plc* | 18,392 | 87,418 | ||||||
Dominos Pizza Enterprises Ltd.(a) | 1,398 | 101,845 | ||||||
Dominos Pizza Group plc | 26,136 | 135,563 | ||||||
Doutor Nichires Holdings Co. Ltd. | 2,700 | 37,328 | ||||||
Elior Group SA*(b) | 7,543 | 44,942 | ||||||
Entain plc* | 10,485 | 223,809 | ||||||
Evolution AB(b) | 3,105 | 377,692 | ||||||
Flight Centre Travel Group Ltd.*(a) | 4,576 | 53,325 | ||||||
Flutter Entertainment plc* | 1,493 | 224,045 | ||||||
Flutter Entertainment plc - XDUB*(a) | 1,064 | 160,185 | ||||||
Food & Life Cos. Ltd.(a) | 2,000 | 59,015 | ||||||
Fuji Kyuko Co. Ltd.(a) | 1,000 | 35,409 | ||||||
Galaxy Entertainment Group Ltd.* | 36,000 | 206,603 | ||||||
Genting Singapore Ltd. | 104,400 | 56,750 | ||||||
Greggs plc | 2,464 | 88,199 | ||||||
Hongkong & Shanghai Hotels Ltd. (The)* | 66,000 | 63,481 | ||||||
Ichibanya Co. Ltd.(a) | 1,000 | 39,878 | ||||||
Imperial Hotel Ltd. | 2,700 | 42,553 | ||||||
InterContinental Hotels Group plc* | 2,655 | 173,153 | ||||||
J D Wetherspoon plc* | 3,795 | 45,417 | ||||||
Jumbo Interactive Ltd. | 3,476 | 43,764 | ||||||
Kindred Group plc, SDR | 7,392 | 84,777 | ||||||
KOMEDA Holdings Co. Ltd. | 1,200 | 22,089 | ||||||
Kura Sushi, Inc.(a) | 1,400 | 41,675 | ||||||
Kyoritsu Maintenance Co. Ltd.(a) | 1,600 | 56,515 | ||||||
La Francaise des Jeux SAEM(b) | 1,364 | 56,024 | ||||||
Mandarin Oriental International Ltd.* | 8,000 | 17,280 | ||||||
McDonalds Holdings Co. Japan Ltd. | 1,100 | 47,924 | ||||||
Melco International Development Ltd.* | 21,000 | 24,427 | ||||||
Melia Hotels International SA* | 9,988 | 74,838 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
MGM China Holdings Ltd.*(a) | 32,400 | 21,399 | ||||||
Mitchells & Butlers plc* | 22,924 | 77,013 | ||||||
Monogatari Corp. (The) | 700 | 37,605 | ||||||
MOS Food Services, Inc.(a) | 2,100 | 54,949 | ||||||
MTY Food Group, Inc.(a) | 1,452 | 64,894 | ||||||
Ohsho Food Service Corp. | 704 | 36,170 | ||||||
Oriental Land Co. Ltd.(a) | 3,900 | 672,875 | ||||||
Playtech plc* | 8,360 | 65,503 | ||||||
Plenus Co. Ltd. | 1,000 | 17,010 | ||||||
Restaurant Brands International, Inc. | 4,905 | 274,214 | ||||||
Restaurant Brands New Zealand Ltd.* | 1,154 | 10,989 | ||||||
Restaurant Group plc (The)* | 15,488 | 19,678 | ||||||
Round One Corp. | 5,100 | 61,479 | ||||||
Royal Holdings Co. Ltd.*(a) | 1,600 | 24,731 | ||||||
Saizeriya Co. Ltd.(a) | 1,800 | 41,304 | ||||||
Sands China Ltd.* | 40,400 | 111,135 | ||||||
Scandic Hotels Group AB*(b) | 17,204 | 71,827 | ||||||
Shangri-La Asia Ltd.* | 32,000 | 24,951 | ||||||
SJM Holdings Ltd.*(a) | 76,000 | 48,538 | ||||||
SkiStar AB | 2,828 | 43,356 | ||||||
Skylark Holdings Co. Ltd.(a) | 3,700 | 48,006 | ||||||
Sodexo SA | 1,496 | 137,582 | ||||||
SSP Group plc* | 20,152 | 73,757 | ||||||
Star Entertainment Grp Ltd. (The)* | 11,421 | 27,439 | ||||||
Tabcorp Holdings Ltd. | 45,634 | 158,185 | ||||||
Tokyotokeiba Co. Ltd.(a) | 1,200 | 43,532 | ||||||
Toridoll Holdings Corp.(a) | 1,100 | 21,928 | ||||||
Trainline plc*(b) | 34,012 | 102,216 | ||||||
TUI AG, DI* | 28,116 | 95,172 | ||||||
Webjet Ltd.*(a) | 2,112 | 7,247 | ||||||
Whitbread plc* | 2,508 | 101,686 | ||||||
Wynn Macau Ltd.* | 12,800 | 11,524 | ||||||
Yoshinoya Holdings Co. Ltd.(a) | 4,900 | 100,573 | ||||||
Zensho Holdings Co. Ltd.(a) | 1,800 | 42,959 | ||||||
|
| |||||||
7,439,637 | ||||||||
|
| |||||||
Household Durables - 1.4% |
| |||||||
Azorim-Investment Development & Construction Co. Ltd.* | 4,285 | 26,173 | ||||||
Barratt Developments plc | 24,885 | 204,195 | ||||||
Bellway plc | 2,640 | 100,485 | ||||||
Berkeley Group Holdings plc | 2,069 | 116,510 | ||||||
Bonava AB, Class B | 33,128 | 284,818 | ||||||
Breville Group Ltd.(a) | 2,420 | 48,593 | ||||||
Cairn Homes plc | 38,456 | 53,349 | ||||||
Casio Computer Co. Ltd. | 3,600 | 44,647 | ||||||
Countryside Properties plc*(b) | 13,624 | 56,006 | ||||||
Crest Nicholson Holdings plc | 97,290 | 418,998 | ||||||
De Longhi SpA(a) | 1,012 | 34,487 | ||||||
DFS Furniture plc | 108,360 | 343,827 | ||||||
Dom Development SA | 2,244 | 63,034 | ||||||
Electra Consumer Products 1970 Ltd. | 4,009 | 249,920 | ||||||
Electrolux AB, Class B | 7,401 | 151,761 | ||||||
Fiskars OYJ Abp | 574 | 14,188 | ||||||
Focusrite plc | 2,156 | 38,399 | ||||||
Forbo Holding AG (Registered) | 24 | 45,987 |
Investments | Shares | Value ($) | ||||||
Fujitsu General Ltd. | 2,100 | 42,173 | ||||||
Glenveagh Properties plc*(a)(b) | 34,100 | 46,636 | ||||||
Haseko Corp. | 3,500 | 43,923 | ||||||
Iida Group Holdings Co. Ltd. | 5,400 | 111,117 | ||||||
JM AB | 1,842 | 69,227 | ||||||
JS Global Lifestyle Co. Ltd.(a)(b) | 22,000 | 34,985 | ||||||
Kaufman & Broad SA | 6,615 | 259,910 | ||||||
Ki-Star Real Estate Co. Ltd. | 3,300 | 199,332 | ||||||
Man Wah Holdings Ltd.(a) | 19,200 | 29,498 | ||||||
Nagawa Co. Ltd.(a) | 500 | 41,875 | ||||||
Neinor Homes SA(b) | 16,650 | 202,325 | ||||||
Nikon Corp. | 5,800 | 59,699 | ||||||
Nobia AB | 54,585 | 296,489 | ||||||
Open House Group Co. Ltd. | 1,800 | 92,011 | ||||||
Panasonic Corp. | 54,000 | 586,982 | ||||||
Persimmon plc | 7,605 | 244,266 | ||||||
Pressance Corp. | 9,000 | 162,933 | ||||||
Redrow plc | 10,340 | 86,010 | ||||||
Rinnai Corp. | 600 | 53,009 | ||||||
Sangetsu Corp. | 2,256 | 31,033 | ||||||
SEB SA | 616 | 92,601 | ||||||
Sekisui Chemical Co. Ltd. | 11,300 | 195,648 | ||||||
Sekisui House Ltd.(a) | 16,900 | 339,467 | ||||||
Sharp Corp. | 6,200 | 68,282 | ||||||
Sony Group Corp. | 21,300 | 2,351,365 | ||||||
Sumitomo Forestry Co. Ltd. | 3,300 | 57,279 | ||||||
Tama Home Co. Ltd.(a) | 4,400 | 88,821 | ||||||
Tamron Co. Ltd.(a) | 4,400 | 95,007 | ||||||
Taylor Wimpey plc | 89,505 | 181,087 | ||||||
Token Corp.(a) | 2,600 | 209,173 | ||||||
TomTom NV*(a) | 6,776 | 64,337 | ||||||
Victoria plc* | 5,192 | 66,176 | ||||||
Vistry Group plc | 7,172 | 98,388 | ||||||
Vitec Group plc (The) | 2,376 | 40,803 | ||||||
Zojirushi Corp.(a) | 1,300 | 16,179 | ||||||
|
| |||||||
8,953,423 | ||||||||
|
| |||||||
Household Products - 0.4% |
| |||||||
Earth Corp. | 600 | 30,358 | ||||||
Essity AB, Class A(a) | 616 | 17,159 | ||||||
Essity AB, Class B | 9,810 | 275,253 | ||||||
Henkel AG & Co. KGaA | 1,810 | 141,929 | ||||||
Henkel AG & Co. KGaA (Preference) | 3,150 | 255,867 | ||||||
Lion Corp. | 6,800 | 88,405 | ||||||
Pigeon Corp.(a) | 2,400 | 46,573 | ||||||
Reckitt Benckiser Group plc | 12,330 | 994,372 | ||||||
Sano-Brunos Enterprises Ltd. | 308 | 35,135 | ||||||
Unicharm Corp. | 8,300 | 318,890 | ||||||
|
| |||||||
2,203,941 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers - 0.2% |
| |||||||
Albioma SA | 1,496 | 57,991 | ||||||
Boralex, Inc., Class A | 2,081 | 54,078 | ||||||
Brookfield Renewable Corp. | 2,068 | 70,717 | ||||||
Capital Power Corp. | 2,596 | 80,587 | ||||||
ContourGlobal plc(b) | 17,776 | 44,550 | ||||||
Corp. ACCIONA Energias Renovables SA* | 1,276 | 38,749 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Doral Group Renewable Energy Resources Ltd.* | 2,244 | 9,074 | ||||||
Drax Group plc | 13,640 | 109,984 | ||||||
EDP Renovaveis SA | 5,236 | 109,291 | ||||||
Electric Power Development Co. Ltd.(a) | 3,100 | 40,383 | ||||||
Encavis AG | 7,436 | 115,617 | ||||||
Enlight Renewable Energy Ltd.* | 14,280 | 31,995 | ||||||
eRex Co. Ltd.(a) | 2,700 | 35,289 | ||||||
ERG SpA | 704 | 20,377 | ||||||
Falck Renewables SpA | 5,060 | 49,349 | ||||||
Innergex Renewable Energy, Inc. | 559 | 8,197 | ||||||
Meridian Energy Ltd. | 28,875 | 82,681 | ||||||
Neoen SA*(a)(b) | 1,144 | 40,294 | ||||||
Northland Power, Inc.(a) | 3,652 | 105,701 | ||||||
Scatec ASA(b) | 988 | 14,417 | ||||||
Solaria Energia y Medio Ambiente SA* | 4,928 | 85,074 | ||||||
TransAlta Corp. | 6,864 | 74,426 | ||||||
Uniper SE | 2,028 | 90,935 | ||||||
Voltalia SA (Registered)* | 2,112 | 38,828 | ||||||
|
| |||||||
1,408,584 | ||||||||
|
| |||||||
Industrial Conglomerates - 1.1% |
| |||||||
Arad Investment & Industrial Development Ltd. | 1,125 | 161,046 | ||||||
Bonheur ASA | 1,276 | 44,365 | ||||||
CK Hutchison Holdings Ltd. | 65,356 | 462,665 | ||||||
DCC plc | 2,340 | 194,835 | ||||||
Hitachi Ltd. | 23,300 | 1,200,943 | ||||||
Indus Holding AG | 7,450 | 283,949 | ||||||
Investment AB Latour, Class B | 2,024 | 62,211 | ||||||
Italmobiliare SpA | 245 | 8,706 | ||||||
Jardine Cycle & Carriage Ltd. | 3,600 | 54,021 | ||||||
Jardine Matheson Holdings Ltd. | 6,200 | 364,808 | ||||||
Keihan Holdings Co. Ltd. | 2,500 | 57,518 | ||||||
Keppel Corp. Ltd. | 30,800 | 128,699 | ||||||
Lifco AB, Class B | 4,576 | 105,697 | ||||||
Melrose Industries plc | 74,884 | 149,697 | ||||||
Nisshinbo Holdings, Inc. | 57,400 | 473,248 | ||||||
Nolato AB, Class B | 3,080 | 31,215 | ||||||
Noritsu Koki Co. Ltd. | 800 | 14,289 | ||||||
NWS Holdings Ltd. | 44,000 | 43,675 | ||||||
Rheinmetall AG | 1,144 | 118,111 | ||||||
Siemens AG (Registered) | 13,365 | 2,095,705 | ||||||
Smiths Group plc | 5,500 | 114,413 | ||||||
Storskogen Group AB, Class B*(a) | 17,380 | 77,459 | ||||||
TOKAI Holdings Corp.(a) | 47,795 | 364,192 | ||||||
Toshiba Corp.(a) | 7,800 | 320,732 | ||||||
|
| |||||||
6,932,199 | ||||||||
|
| |||||||
Insurance - 4.2% | ||||||||
Admiral Group plc | 4,815 | 203,104 | ||||||
Aegon NV | 26,004 | 145,607 | ||||||
Ageas SA | 4,770 | 227,736 | ||||||
AIA Group Ltd. | 205,000 | 2,120,313 | ||||||
Allianz SE (Registered) | 9,720 | 2,477,233 | ||||||
Alm Brand A/S | 236,430 | 445,980 | ||||||
ASR Nederland NV | 3,702 | 170,936 | ||||||
Assicurazioni Generali SpA(a) | 27,540 | 573,608 |
Investments | Shares | Value ($) | ||||||
AUB Group Ltd. | 4,928 | 80,030 | ||||||
Aviva plc | 87,570 | 510,134 | ||||||
AXA SA | 49,500 | 1,551,209 | ||||||
Baloise Holding AG (Registered) | 1,080 | 187,569 | ||||||
Beazley plc* | 13,904 | 91,593 | ||||||
Clal Insurance Enterprises Holdings Ltd.* | 2,684 | 62,418 | ||||||
CNP Assurances | 3,124 | 76,344 | ||||||
Coface SA | 5,065 | 66,374 | ||||||
Conduit Holdings Ltd. | 4,092 | 23,772 | ||||||
Dai-ichi Life Holdings, Inc. | 27,100 | 604,796 | ||||||
Direct Line Insurance Group plc | 22,704 | 92,875 | ||||||
Fairfax Financial Holdings Ltd. | 585 | 282,334 | ||||||
Gjensidige Forsikring ASA | 2,860 | 69,479 | ||||||
Great Eastern Holdings Ltd. | 2,400 | 37,451 | ||||||
Great-West Lifeco, Inc.(a) | 6,488 | 202,578 | ||||||
Grupo Catalana Occidente SA | 704 | 23,557 | ||||||
Hannover Rueck SE | 1,260 | 251,418 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 3,957 | 45,488 | ||||||
Helvetia Holding AG (Registered) | 880 | 109,451 | ||||||
Hiscox Ltd. | 5,060 | 65,905 | ||||||
iA Financial Corp., Inc. | 3,105 | 201,930 | ||||||
IDI Insurance Co. Ltd. | 3,036 | 109,966 | ||||||
Insurance Australia Group Ltd. | 44,730 | 133,622 | ||||||
Intact Financial Corp. | 2,880 | 390,016 | ||||||
Japan Post Holdings Co. Ltd.* | 25,400 | 215,721 | ||||||
Japan Post Insurance Co. Ltd. | 4,400 | 76,563 | ||||||
Just Group plc* | 426,780 | 490,995 | ||||||
Lancashire Holdings Ltd. | 96,210 | 706,068 | ||||||
Legal & General Group plc | 140,490 | 541,716 | ||||||
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 40,084 | 71,445 | ||||||
Manulife Financial Corp. | 44,820 | 932,840 | ||||||
Mapfre SA | 22,440 | 48,336 | ||||||
Medibank Pvt Ltd. | 53,667 | 116,836 | ||||||
Menora Mivtachim Holdings Ltd. | 1,761 | 42,820 | ||||||
Migdal Insurance & Financial Holdings Ltd. | 26,952 | 47,242 | ||||||
MS&AD Insurance Group Holdings, Inc. | 10,400 | 354,354 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 3,240 | 1,013,521 | ||||||
nib holdings Ltd.(a) | 11,260 | 49,424 | ||||||
NN Group NV | 7,695 | 427,682 | ||||||
Phoenix Group Holdings plc | 16,515 | 146,283 | ||||||
Phoenix Holdings Ltd. (The) | 5,085 | 60,087 | ||||||
Poste Italiane SpA(b) | 12,537 | 166,610 | ||||||
Power Corp. of Canada | 13,239 | 425,338 | ||||||
Powszechny Zaklad Ubezpieczen SA | 9,856 | 87,149 | ||||||
Protector Forsikring ASA | 4,092 | 54,064 | ||||||
Prudential plc | 44,595 | 739,210 | ||||||
PSC Insurance Group Ltd. | 14,212 | 46,260 | ||||||
QBE Insurance Group Ltd.(a) | 34,020 | 266,773 | ||||||
Sampo OYJ, Class A | 9,135 | 449,039 | ||||||
SCOR SE | 3,124 | 105,480 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Societa Cattolica Di Assicurazione SpA*(a) | 16,060 | 101,898 | ||||||
Sompo Holdings, Inc. | 8,600 | 399,604 | ||||||
Steadfast Group Ltd. | 17,908 | 58,417 | ||||||
Storebrand ASA | 13,156 | 139,203 | ||||||
Sun Life Financial, Inc.(a) | 14,535 | 822,751 | ||||||
Suncorp Group Ltd. | 26,460 | 205,812 | ||||||
Swiss Life Holding AG (Registered) | 720 | 457,806 | ||||||
Swiss Re AG | 6,885 | 741,706 | ||||||
T&D Holdings, Inc. | 13,500 | 197,770 | ||||||
Talanx AG | 968 | 45,836 | ||||||
Tokio Marine Holdings, Inc. | 17,100 | 1,013,608 | ||||||
Topdanmark A/S | 880 | 50,143 | ||||||
Trisura Group Ltd.* | 2,200 | 74,296 | ||||||
Tryg A/S | 5,124 | 120,779 | ||||||
Unipol Gruppo SpA | 6,080 | 33,778 | ||||||
UnipolSai Assicurazioni SpA(a) | 11,528 | 33,367 | ||||||
UNIQA Insurance Group AG | 45,855 | 420,994 | ||||||
Wuestenrot & Wuerttembergische AG | 7,920 | 166,380 | ||||||
Yunfeng Financial Group Ltd.*(a) | 312,000 | 68,822 | ||||||
Zurich Insurance Group AG | 3,645 | 1,725,312 | ||||||
|
| |||||||
26,194,964 | ||||||||
|
| |||||||
Interactive Media & Services - 0.2% |
| |||||||
Adevinta ASA* | 6,732 | 69,917 | ||||||
Auto Trader Group plc(b) | 16,290 | 145,907 | ||||||
Baltic Classifieds Group plc* | 16,280 | 36,149 | ||||||
Better Collective A/S*(a) | 2,464 | 51,106 | ||||||
carsales.com Ltd. | 5,148 | 79,940 | ||||||
Dip Corp. | 1,400 | 43,558 | ||||||
Kakaku.com, Inc. | 1,600 | 32,659 | ||||||
New Work SE | 159 | 34,757 | ||||||
REA Group Ltd. | 1,056 | 107,955 | ||||||
Rightmove plc | 13,545 | 118,086 | ||||||
Scout24 SE(b) | 1,232 | 72,617 | ||||||
SEEK Ltd.(a) | 5,781 | 118,076 | ||||||
Trustpilot Group plc*(b) | 10,868 | 26,669 | ||||||
Wirtualna Polska Holding SA(b) | 1,936 | 63,272 | ||||||
Z Holdings Corp. | 47,000 | 235,398 | ||||||
|
| |||||||
1,236,066 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail - 0.5% |
| |||||||
Allegro.eu SA*(b) | 3,080 | 28,287 | ||||||
ASKUL Corp.(a) | 1,000 | 12,098 | ||||||
ASOS plc* | 1,370 | 40,676 | ||||||
Auction Technology Group plc* | 4,356 | 62,650 | ||||||
Belluna Co. Ltd.(a) | 15,600 | 97,750 | ||||||
BHG Group AB* | 7,216 | 68,456 | ||||||
boohoo Group plc* | 15,511 | 22,194 | ||||||
Boozt AB*(a)(b) | 2,508 | 46,618 | ||||||
Cazoo Group Ltd.* | 3,471 | 16,451 | ||||||
Delivery Hero SE*(b) | 2,970 | 226,131 | ||||||
Demae-Can Co. Ltd.*(a) | 8,800 | 56,439 | ||||||
Dustin Group AB(b) | 3,680 | 37,454 | ||||||
Just Eat Takeaway.com NV*(b) | 1,936 | 93,883 | ||||||
Mercari, Inc.*(a) | 1,900 | 70,410 | ||||||
Moneysupermarket.com Group plc | 22,168 | 56,242 | ||||||
Moonpig Group plc* | 13,596 | 56,949 |
Investments | Shares | Value ($) | ||||||
Oisix ra daichi, Inc.*(a) | 2,000 | 41,067 | ||||||
Prosus NV* | 14,985 | 1,233,659 | ||||||
Rakuten Group, Inc.(a) | 16,100 | 138,469 | ||||||
Redbubble Ltd.*(a) | 20,372 | 25,549 | ||||||
Takkt AG | 2,728 | 45,871 | ||||||
Temple & Webster Group Ltd.*(a) | 7,304 | 43,638 | ||||||
THG plc*(a) | 21,032 | 37,191 | ||||||
Zalando SE*(b)(d) | 938 | 73,584 | ||||||
Zalando SE*(b) | 1,942 | 152,345 | ||||||
ZOZO, Inc. | 2,800 | 73,630 | ||||||
|
| |||||||
2,857,691 | ||||||||
|
| |||||||
IT Services - 1.7% |
| |||||||
AddNode Group AB | 2,640 | 101,820 | ||||||
Adesso SE | 220 | 44,836 | ||||||
Adyen NV*(b) | 540 | 1,082,953 | ||||||
Alten SA | 616 | 98,954 | ||||||
Amadeus IT Group SA* | 8,010 | 543,601 | ||||||
Appen Ltd.(a) | 2,420 | 16,402 | ||||||
Atea ASA* | 2,420 | 40,713 | ||||||
Atos SE | 3,080 | 109,105 | ||||||
Bechtle AG | 1,364 | 80,611 | ||||||
Bell System24 Holdings, Inc.(a) | 14,700 | 180,266 | ||||||
Bouvet ASA | 5,764 | 44,090 | ||||||
CANCOM SE | 2,026 | 121,506 | ||||||
Capgemini SE | 2,610 | 577,701 | ||||||
Capita plc*(a) | 656,595 | 278,195 | ||||||
CGI, Inc.* | 4,050 | 345,610 | ||||||
Change, Inc.*(a) | 3,500 | 43,346 | ||||||
Computacenter plc | 1,092 | 38,942 | ||||||
Computershare Ltd. | 11,970 | 164,368 | ||||||
Comture Corp.(a) | 2,300 | 55,332 | ||||||
Converge Technology Solutions Corp.* | 11,792 | 92,441 | ||||||
Data#3 Ltd. | 12,760 | 49,535 | ||||||
Digital Garage, Inc. | 1,300 | 45,411 | ||||||
DTS Corp. | 2,100 | 44,433 | ||||||
Econocom Group SA/NV(a) | 29,084 | 114,926 | ||||||
Edenred | 4,455 | 189,275 | ||||||
EML Payments Ltd.*(a) | 24,816 | 51,928 | ||||||
FDM Group Holdings plc | 3,850 | 55,269 | ||||||
Formula Systems 1985 Ltd. | 389 | 43,347 | ||||||
Fujitsu Ltd. | 3,200 | 417,132 | ||||||
Future Corp. | 3,400 | 42,815 | ||||||
GFT Technologies SE | 924 | 45,368 | ||||||
GMO internet, Inc. | 1,200 | 25,234 | ||||||
GMO Payment Gateway, Inc. | 1,000 | 85,485 | ||||||
Indra Sistemas SA* | 9,988 | 100,657 | ||||||
Infocom Corp. | 1,600 | 25,078 | ||||||
Infomart Corp. | 5,300 | 30,266 | ||||||
Itochu Techno-Solutions Corp. | 2,400 | 64,778 | ||||||
Keywords Studios plc | 1,144 | 38,678 | ||||||
KNOW IT AB | 1,144 | 41,426 | ||||||
Matrix IT Ltd. | 924 | 25,637 | ||||||
Megaport Ltd.*(a) | 3,960 | 37,386 | ||||||
Mitsubishi Research Institute, Inc. | 4,500 | 145,476 | ||||||
NCC Group plc | 23,672 | 60,343 | ||||||
NEC Corp. | 6,500 | 251,031 |
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 | 34,201 | ||||||
NET One Systems Co. Ltd. | 2,300 | 53,715 | ||||||
Nexi SpA*(b) | 8,235 | 119,178 | ||||||
NEXTDC Ltd.*(a) | 10,736 | 80,709 | ||||||
Nihon Unisys Ltd. | 1,100 | 28,563 | ||||||
Nomura Research Institute Ltd. | 6,845 | 235,246 | ||||||
NS Solutions Corp. | 800 | 22,530 | ||||||
NTT Data Corp. | 10,600 | 201,099 | ||||||
Nuvei Corp.*(b) | 836 | 50,924 | ||||||
Obic Co. Ltd. | 1,300 | 211,768 | ||||||
One Software Technologies Ltd. | 3,388 | 58,852 | ||||||
Otsuka Corp. | 2,500 | 100,347 | ||||||
Relia, Inc. | 15,300 | 128,667 | ||||||
Reply SpA | 484 | 80,354 | ||||||
S&T AG(a) | 3,168 | 57,496 | ||||||
SCSK Corp. | 2,700 | 45,154 | ||||||
SHIFT, Inc.* | 300 | 48,844 | ||||||
Shopify, Inc., Class A* | 1,935 | 1,866,762 | ||||||
Softcat plc | 2,288 | 50,404 | ||||||
Solutions 30 SE*(a) | 5,136 | 39,928 | ||||||
Sopra Steria Group SACA | 396 | 68,851 | ||||||
SUNeVision Holdings Ltd.(a) | 90,000 | 79,063 | ||||||
TechMatrix Corp. | 3,300 | 46,396 | ||||||
TELUS International CDA, Inc.* | 4,860 | 137,416 | ||||||
TietoEVRY OYJ | 1,598 | 47,113 | ||||||
TIS, Inc. | 4,800 | 124,681 | ||||||
Transcosmos, Inc. | 9,000 | 227,060 | ||||||
Tyro Payments Ltd.* | 8,888 | 14,027 | ||||||
Wise plc, Class A* | 9,328 | 75,490 | ||||||
Worldline SA*(b) | 4,770 | 228,244 | ||||||
|
| |||||||
10,654,788 | ||||||||
|
| |||||||
Leisure Products - 0.4% |
| |||||||
Accell Group NV* | 1,452 | 93,918 | ||||||
Bandai Namco Holdings, Inc. | 4,000 | 277,960 | ||||||
Beneteau SA* | 2,904 | 47,919 | ||||||
BRP, Inc. | 639 | 53,083 | ||||||
Games Workshop Group plc | 684 | 72,864 | ||||||
GLOBERIDE, Inc. | 9,000 | 213,704 | ||||||
Harvia OYJ(b) | 748 | 39,074 | ||||||
Heiwa Corp. | 2,450 | 38,868 | ||||||
MIPS AB(b) | 440 | 43,109 | ||||||
Mizuno Corp. | 9,000 | 171,760 | ||||||
Sega Sammy Holdings, Inc. | 2,600 | 43,234 | ||||||
Shimano, Inc. | 1,600 | 355,687 | ||||||
Snow Peak, Inc. | 1,600 | 32,160 | ||||||
Spin Master Corp.*(b) | 1,936 | 66,522 | ||||||
Technogym SpA(b) | 4,905 | 41,376 | ||||||
Thule Group AB(b) | 2,024 | 96,624 | ||||||
Tomy Co. Ltd.(a) | 36,500 | 353,200 | ||||||
Universal Entertainment Corp.* | 300 | 6,126 | ||||||
Yamaha Corp. | 3,400 | 153,144 | ||||||
Yonex Co. Ltd. | 5,600 | 34,701 | ||||||
|
| |||||||
2,235,033 | ||||||||
|
| |||||||
Life Sciences Tools & Services - 0.4% |
| |||||||
AddLife AB, Class B | 1,496 | 42,729 | ||||||
Bachem Holding AG (Registered), Class B | 88 | 51,701 |
Investments | Shares | Value ($) | ||||||
Chemometec A/S | 572 | 58,602 | ||||||
Clinigen Group plc | 5,270 | 64,271 | ||||||
Ergomed plc*(a) | 2,420 | 36,526 | ||||||
Eurofins Scientific SE(a) | 2,250 | 223,900 | ||||||
Evotec SE* | 3,111 | 124,222 | ||||||
Gerresheimer AG | 755 | 67,200 | ||||||
Lonza Group AG (Registered) | 1,260 | 857,187 | ||||||
Oxford Nanopore Technologies plc* | 5,808 | 37,793 | ||||||
QIAGEN NV* | 4,369 | 216,222 | ||||||
Sartorius Stedim Biotech | 360 | 156,218 | ||||||
Tecan Group AG (Registered) | 220 | 105,812 | ||||||
Wuxi Biologics Cayman, Inc.*(b) | 45,000 | 438,311 | ||||||
|
| |||||||
2,480,694 | ||||||||
|
| |||||||
Machinery - 3.2% |
| |||||||
Aalberts NV | 1,404 | 84,895 | ||||||
Aichi Corp. | 13,200 | 93,021 | ||||||
Aida Engineering Ltd. | 26,500 | 240,104 | ||||||
Alfa Laval AB | 5,400 | 180,210 | ||||||
Alstom SA(a) | 4,739 | 152,201 | ||||||
Amada Co. Ltd. | 7,200 | 68,798 | ||||||
ANDRITZ AG | 2,081 | 109,735 | ||||||
Atlas Copco AB, Class A | 11,295 | 657,315 | ||||||
Atlas Copco AB, Class B | 7,110 | 358,695 | ||||||
ATS Automation Tooling Systems, Inc.* | 1,980 | 80,800 | ||||||
Beijer Alma AB | 2,304 | 58,130 | ||||||
Bobst Group SA (Registered)* | 528 | 44,319 | ||||||
Bodycote plc | 11,283 | 120,270 | ||||||
Burckhardt Compression Holding AG | 132 | 61,885 | ||||||
Bystronic AG | 55 | 71,597 | ||||||
Cargotec OYJ, Class B | 684 | 33,676 | ||||||
CKD Corp. | 2,500 | 45,324 | ||||||
CNH Industrial NV | 18,630 | 278,491 | ||||||
Concentric AB | 2,420 | 67,927 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA | 720 | 28,249 | ||||||
Daetwyler Holding AG | 176 | 68,430 | ||||||
Daifuku Co. Ltd. | 2,300 | 157,891 | ||||||
Danieli & C Officine Meccaniche SpA(a) | 528 | 14,264 | ||||||
Danieli & C Officine Meccaniche SpA (Retirement Savings Plan) | 4,004 | 71,098 | ||||||
Deutz AG* | 7,436 | 50,348 | ||||||
DMG Mori Co. Ltd. | 2,100 | 32,824 | ||||||
Duerr AG | 2,684 | 117,342 | ||||||
Ebara Corp.(a) | 2,600 | 125,459 | ||||||
Electrolux Professional AB, | 4,532 | 31,390 | ||||||
Epiroc AB, Class A | 10,360 | 218,652 | ||||||
Epiroc AB, Class B | 8,055 | 144,374 | ||||||
FANUC Corp. | 3,100 | 604,261 | ||||||
Fincantieri SpA*(a) | 217,939 | 138,035 | ||||||
FLSmidth & Co. A/S(a) | 3,696 | 123,287 | ||||||
Fluidra SA | 912 | 28,728 | ||||||
Frencken Group Ltd. | 30,800 | 37,357 | ||||||
Fuji Corp. | 1,000 | 22,781 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Fujitec Co. Ltd. | 2,400 | 56,384 | ||||||
Fukushima Galilei Co. Ltd. | 4,500 | 163,832 | ||||||
GEA Group AG | 3,330 | 155,850 | ||||||
Georg Fischer AG (Registered) | 44 | 63,421 | ||||||
Giken Ltd. | 1,200 | 40,668 | ||||||
Glory Ltd. | 22,600 | 421,893 | ||||||
Harmonic Drive Systems, Inc.(a) | 1,500 | 58,256 | ||||||
Hino Motors Ltd. | 10,300 | 88,318 | ||||||
Hirata Corp. | 800 | 39,852 | ||||||
Hitachi Construction Machinery Co. Ltd. | 2,800 | 70,228 | ||||||
Hitachi Zosen Corp. | 12,400 | 81,573 | ||||||
Hoshizaki Corp. | 1,200 | 88,002 | ||||||
Husqvarna AB, Class B | 7,480 | 103,175 | ||||||
IHI Corp. | 2,500 | 49,642 | ||||||
IMI plc | 3,784 | 83,716 | ||||||
Indutrade AB | 5,130 | 125,913 | ||||||
Interpump Group SpA | 1,584 | 96,507 | ||||||
Interroll Holding AG (Registered) | 19 | 79,588 | ||||||
Japan Steel Works Ltd. (The)(a) | 900 | 29,486 | ||||||
JOST Werke AG(b) | 6,210 | 310,131 | ||||||
Jungheinrich AG (Preference) | 3,105 | 131,014 | ||||||
Kardex Holding AG (Registered) | 264 | 72,589 | ||||||
Kawasaki Heavy Industries Ltd.(a) | 2,800 | 53,631 | ||||||
KION Group AG | 1,485 | 135,306 | ||||||
Kitz Corp. | 31,300 | 180,642 | ||||||
Komatsu Ltd. | 17,200 | 418,860 | ||||||
Komax Holding AG (Registered)* | 176 | 53,610 | ||||||
Kone OYJ, Class B | 6,480 | 415,651 | ||||||
Konecranes OYJ | 2,273 | 90,047 | ||||||
Krones AG | 484 | 47,529 | ||||||
Kubota Corp. | 20,000 | 424,213 | ||||||
Kurita Water Industries Ltd. | 2,500 | 100,673 | ||||||
Kyokuto Kaihatsu Kogyo Co. Ltd. | 13,600 | 171,616 | ||||||
Makino Milling Machine Co. Ltd. | 9,000 | 306,184 | ||||||
Makita Corp. | 4,900 | 181,116 | ||||||
Manitou BF SA | 5,490 | 203,707 | ||||||
Max Co. Ltd. | 2,800 | 44,275 | ||||||
Meidensha Corp.(a) | 17,000 | 356,745 | ||||||
Metso Outotec OYJ | 13,905 | 146,741 | ||||||
MINEBEA MITSUMI, Inc. | 7,311 | 176,327 | ||||||
MISUMI Group, Inc. | 3,900 | 125,233 | ||||||
Mitsubishi Heavy Industries Ltd. | 9,000 | 242,057 | ||||||
Miura Co. Ltd. | 2,100 | 61,328 | ||||||
Morgan Advanced Materials plc | 20,416 | 87,652 | ||||||
Morita Holdings Corp. | 16,100 | 177,034 | ||||||
Nabtesco Corp. | 2,900 | 89,221 | ||||||
Nachi-Fujikoshi Corp. | 8,800 | 324,964 | ||||||
Neles OYJ | 989 | 13,759 | ||||||
NFI Group, Inc. | 3,960 | 59,472 | ||||||
NGK Insulators Ltd. | 7,900 | 132,187 | ||||||
Nikkiso Co. Ltd.(a) | 31,900 | 233,107 | ||||||
Nitta Corp. | 9,000 | 218,390 | ||||||
Nittoku Co. Ltd. | 1,300 | 34,016 | ||||||
Norma Group SE | 2,596 | 93,764 | ||||||
NSK Ltd.(a) | 9,600 | 64,736 | ||||||
NTN Corp.* | 211,500 | 420,338 | ||||||
OC Oerlikon Corp. AG (Registered) | 469 | 4,488 |
Investments | Shares | Value ($) | ||||||
OKUMA Corp. | 1,000 | 43,046 | ||||||
Organo Corp. | 3,100 | 224,378 | ||||||
OSG Corp. | 1,500 | 26,036 | ||||||
Palfinger AG | 787 | 26,731 | ||||||
Pfeiffer Vacuum Technology AG | 220 | 42,863 | ||||||
Rational AG | 55 | 45,612 | ||||||
Rotork plc | 13,640 | 61,854 | ||||||
Sandvik AB | 18,450 | 478,936 | ||||||
Savaria Corp.(a) | 3,080 | 44,900 | ||||||
Schindler Holding AG | 722 | 178,435 | ||||||
Schindler Holding AG (Registered) | 220 | 54,442 | ||||||
Sembcorp Marine Ltd.*(a) | 791,769 | 48,016 | ||||||
SFS Group AG | 220 | 31,734 | ||||||
Shibaura Machine Co. Ltd. | 2,349 | 66,765 | ||||||
Shibuya Corp. | 9,000 | 198,082 | ||||||
Shima Seiki Manufacturing Ltd. | 1,300 | 19,462 | ||||||
Shinmaywa Industries Ltd. | 21,800 | 165,924 | ||||||
Skellerup Holdings Ltd. | 10,736 | 41,600 | ||||||
SKF AB, Class A | 2,427 | 54,863 | ||||||
SKF AB, Class B | 5,895 | 128,079 | ||||||
SMC Corp. | 1,100 | 605,155 | ||||||
Spirax-Sarco Engineering plc | 1,260 | 224,073 | ||||||
Stabilus SA | 1,188 | 78,973 | ||||||
Stadler Rail AG(a) | 1,056 | 49,837 | ||||||
Star Micronics Co. Ltd. | 13,500 | 169,534 | ||||||
Sumitomo Heavy Industries Ltd. | 3,300 | 85,489 | ||||||
Tadano Ltd. | 8,900 | 76,854 | ||||||
Takeuchi Manufacturing Co. Ltd. | 2,600 | 63,903 | ||||||
Takuma Co. Ltd. | 31,700 | 400,841 | ||||||
Techtronic Industries Co. Ltd. | 30,500 | 500,670 | ||||||
THK Co. Ltd.(a) | 1,700 | 41,650 | ||||||
Tocalo Co. Ltd. | 3,800 | 45,478 | ||||||
Toyota Industries Corp. | 3,800 | 293,513 | ||||||
Trelleborg AB, Class B | 4,796 | 119,256 | ||||||
Tsubaki Nakashima Co. Ltd. | 4,400 | 53,804 | ||||||
Tsubakimoto Chain Co. | 11,200 | 309,586 | ||||||
Tsugami Corp. | 21,400 | 244,226 | ||||||
Union Tool Co. | 500 | 16,056 | ||||||
Valmet OYJ | 2,904 | 109,479 | ||||||
VAT Group AG(b) | 495 | 197,883 | ||||||
Vesuvius plc | 9,944 | 60,943 | ||||||
Volvo AB, Class A | 3,212 | 72,746 | ||||||
Volvo AB, Class B | 28,305 | 631,503 | ||||||
Wacker Neuson SE | 1,713 | 42,361 | ||||||
Wartsila OYJ Abp | 5,720 | 69,636 | ||||||
Weir Group plc (The) | 3,920 | 90,933 | ||||||
Yaskawa Electric Corp.(a) | 4,500 | 185,702 | ||||||
|
| |||||||
19,942,662 | ||||||||
|
| |||||||
Marine - 0.5% |
| |||||||
AP Moller - Maersk A/S, Class A | 68 | 226,417 | ||||||
AP Moller - Maersk A/S, Class B | 135 | 481,438 | ||||||
Clarkson plc | 1,408 | 62,244 | ||||||
D/S Norden A/S | 9,180 | 207,464 | ||||||
Dfds A/S* | 660 | 32,019 | ||||||
Golden Ocean Group Ltd. | 6,644 | 59,763 | ||||||
Kawasaki Kisen Kaisha Ltd.*(a) | 2,000 | 122,890 | ||||||
Kuehne + Nagel International AG (Registered) | 765 | 213,876 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Mitsui OSK Lines Ltd.(a) | 3,300 | 252,029 | ||||||
MPC Container Ships A/S* | 18,920 | 63,554 | ||||||
Nippon Yusen KK | 3,800 | 293,513 | ||||||
NS United Kaiun Kaisha Ltd. | 4,500 | 118,139 | ||||||
Pacific Basin Shipping Ltd.(a) | 1,800,000 | 761,778 | ||||||
SITC International Holdings Co. Ltd. | 24,000 | 90,798 | ||||||
Stolt-Nielsen Ltd. | 9,020 | 162,472 | ||||||
Wallenius Wilhelmsen ASA* | 8,536 | 45,992 | ||||||
Wilh Wilhelmsen Holding ASA, Class A | 4,576 | 110,858 | ||||||
|
| |||||||
3,305,244 | ||||||||
|
| |||||||
Media - 1.0% |
| |||||||
4imprint Group plc | 836 | 31,405 | ||||||
Ascential plc*(b) | 28,170 | 132,885 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA | 25,344 | 97,789 | ||||||
Cogeco Communications, Inc. | 572 | 46,928 | ||||||
Cogeco, Inc. | 3,150 | 202,949 | ||||||
Corus Entertainment, Inc., | 70,830 | 280,134 | ||||||
CyberAgent, Inc. | 6,300 | 72,445 | ||||||
Cyfrowy Polsat SA | 8,140 | 62,551 | ||||||
Dentsu Group, Inc. | 3,800 | 129,937 | ||||||
Euromoney Institutional Investor plc | 4,083 | 49,959 | ||||||
Eutelsat Communications SA | 3,740 | 45,992 | ||||||
Future plc | 2,332 | 98,305 | ||||||
Hakuhodo DY Holdings, Inc. | 4,700 | 70,893 | ||||||
Informa plc*(a) | 29,655 | 220,816 | ||||||
Intage Holdings, Inc.(a) | 4,100 | 62,269 | ||||||
IPSOS | 15,750 | 713,292 | ||||||
ITV plc* | 82,500 | 124,134 | ||||||
JCDecaux SA* | 968 | 26,325 | ||||||
Kadokawa Corp.(a) | 2,200 | 45,041 | ||||||
Lagardere SA* | 2,552 | 69,059 | ||||||
Mediaset Espana Comunicacion SA* | 51,660 | 240,330 | ||||||
Metropole Television SA | 4,972 | 96,201 | ||||||
MFE-MediaForEurope NV, | 33,079 | 41,791 | ||||||
Next Fifteen Communications Group plc | 5,104 | 84,228 | ||||||
Nine Entertainment Co. Holdings Ltd. | 10,556 | 19,486 | ||||||
Nippon Television Holdings, Inc. | 2,400 | 24,870 | ||||||
Nordic Entertainment Group AB, Class B* | 1,188 | 45,539 | ||||||
oOh!media Ltd.*(a) | 47,520 | 54,238 | ||||||
Pearson plc | 16,422 | 135,544 | ||||||
ProSiebenSat.1 Media SE | 2,772 | 42,836 | ||||||
Publicis Groupe SA | 5,355 | 358,376 | ||||||
Quebecor, Inc., Class B | 2,728 | 64,478 | ||||||
RAI Way SpA(b) | 8,120 | 45,786 | ||||||
Reach plc | 116,325 | 407,336 | ||||||
RTL Group SA | 1,056 | 59,189 | ||||||
S4 Capital plc* | 10,516 | 72,519 | ||||||
Schibsted ASA, Class A | 1,144 | 33,553 | ||||||
Schibsted ASA, Class B | 2,493 | 64,869 |
Investments | Shares | Value ($) | ||||||
SES SA, Receipts | 9,724 | 74,364 | ||||||
Seven West Media Ltd.*(a) | 429,570 | 189,158 | ||||||
Shaw Communications, Inc., | 7,048 | 209,977 | ||||||
Singapore Press Holdings Ltd. | 27,000 | 46,526 | ||||||
SKY Perfect JSAT Holdings, Inc. | 52,500 | 196,377 | ||||||
Storytel AB*(a) | 3,740 | 58,219 | ||||||
Stroeer SE & Co. KGaA | 620 | 46,080 | ||||||
Telenet Group Holding NV | 1,320 | 50,458 | ||||||
Television Francaise 1(a) | 38,835 | 367,210 | ||||||
TX Group AG* | 352 | 55,122 | ||||||
ValueCommerce Co. Ltd. | 1,400 | 42,343 | ||||||
Vivendi SE | 15,525 | 201,881 | ||||||
WPP plc | 21,285 | 328,834 | ||||||
YouGov plc | 7,200 | 112,055 | ||||||
|
| |||||||
6,452,881 | ||||||||
|
| |||||||
Metals & Mining - 5.2% |
| |||||||
Acerinox SA | 7,260 | 91,558 | ||||||
Agnico Eagle Mines Ltd. | 4,050 | 193,329 | ||||||
Alamos Gold, Inc., Class A | 3,971 | 27,071 | ||||||
Allkem Ltd.* | 8,316 | 52,966 | ||||||
Alumina Ltd.(a) | 42,504 | 56,449 | ||||||
AMG Advanced Metallurgical Group NV | 1,540 | 52,412 | ||||||
Anglo American plc | 32,985 | 1,428,530 | ||||||
Antofagasta plc | 7,124 | 127,359 | ||||||
Aperam SA | 1,540 | 85,903 | ||||||
ArcelorMittal SA | 14,175 | 416,243 | ||||||
Asahi Holdings, Inc. | 30,500 | 585,515 | ||||||
Aurubis AG | 1,100 | 113,223 | ||||||
AVZ Minerals Ltd.*(a) | 111,012 | 54,749 | ||||||
B2Gold Corp. | 29,700 | 106,955 | ||||||
Barrick Gold Corp. | 7,230 | 138,313 | ||||||
Barrick Gold Corp. - XLON | 22,380 | 414,721 | ||||||
Bekaert SA | 1,540 | 71,298 | ||||||
Bellevue Gold Ltd.*(a) | 49,941 | 27,093 | ||||||
BHP Group Ltd.(a) | 69,300 | 2,263,053 | ||||||
BHP Group plc(d) | 51,120 | 1,634,041 | ||||||
BlueScope Steel Ltd. | 11,205 | 144,311 | ||||||
Boliden AB(a) | 5,670 | 226,883 | ||||||
Capricorn Metals Ltd.*(a) | 19,272 | 42,907 | ||||||
Capstone Mining Corp.* | 10,472 | 44,546 | ||||||
Centamin plc | 421,110 | 502,043 | ||||||
Centerra Gold, Inc.(a) | 87,750 | 707,906 | ||||||
Chalice Mining Ltd.*(a) | 10,120 | 55,044 | ||||||
Daido Steel Co. Ltd. | 800 | 30,584 | ||||||
Daiki Aluminium Industry Co. | 13,500 | 182,773 | ||||||
De Grey Mining Ltd.*(a) | 86,240 | 68,659 | ||||||
Deterra Royalties Ltd. | 15,180 | 45,775 | ||||||
Dowa Holdings Co. Ltd. | 1,100 | 47,208 | ||||||
Dundee Precious Metals, Inc. | 79,785 | 468,622 | ||||||
Eldorado Gold Corp.* | 67,500 | 590,718 | ||||||
Endeavour Mining plc(a) | 2,501 | 55,691 | ||||||
Endeavour Silver Corp.*(a) | 11,132 | 40,351 | ||||||
Equinox Gold Corp.*(a) | 102,735 | 588,880 | ||||||
Eramet SA* | 4,185 | 426,916 | ||||||
ERO Copper Corp.* | 4,268 | 53,123 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Evolution Mining Ltd. | 35,786 | 88,246 | ||||||
Evraz plc | 15,884 | 106,405 | ||||||
Falcon Metals Ltd.* | 1 | | (f) | |||||
Ferrexpo plc | 10,868 | 35,257 | ||||||
First Majestic Silver Corp. | 3,432 | 34,838 | ||||||
First Quantum Minerals Ltd. | 10,755 | 264,774 | ||||||
Fortescue Metals Group Ltd.(a) | 41,490 | 580,835 | ||||||
Fortuna Silver Mines, Inc.*(a) | 108,135 | 367,309 | ||||||
Franco-Nevada Corp. | 3,015 | 398,436 | ||||||
Fresnillo plc | 3,872 | 32,458 | ||||||
Glencore plc* | 254,250 | 1,306,469 | ||||||
Gold Road Resources Ltd. | 80,872 | 75,781 | ||||||
Granges AB | 40,230 | 495,219 | ||||||
Greatland Gold plc* | 350,768 | 64,944 | ||||||
Grupa Kety SA | 308 | 45,666 | ||||||
Hill & Smith Holdings plc | 5,236 | 104,952 | ||||||
Hitachi Metals Ltd.* | 4,740 | 85,236 | ||||||
Hochschild Mining plc(a) | 104,355 | 144,908 | ||||||
Hudbay Minerals, Inc.(a) | 13,288 | 95,392 | ||||||
IAMGOLD Corp.* | 17,424 | 42,471 | ||||||
IGO Ltd.(a) | 13,200 | 109,276 | ||||||
Iluka Resources Ltd. | 6,916 | 50,383 | ||||||
Imdex Ltd. | 22,176 | 45,935 | ||||||
ioneer Ltd.*(a) | 110,528 | 51,396 | ||||||
Ivanhoe Mines Ltd., Class A*(a) | 13,068 | 111,897 | ||||||
Jastrzebska Spolka Weglowa SA* | 4,532 | 43,781 | ||||||
JFE Holdings, Inc. | 13,500 | 171,057 | ||||||
K92 Mining, Inc.* | 16,544 | 82,733 | ||||||
KGHM Polska Miedz SA | 2,288 | 77,990 | ||||||
Kinross Gold Corp. | 24,079 | 130,070 | ||||||
Kobe Steel Ltd. | 7,000 | 32,988 | ||||||
Kyoei Steel Ltd. | 8,300 | 111,651 | ||||||
Labrador Iron Ore Royalty Corp.(a) | 25,965 | 799,284 | ||||||
Lake Resources NL*(a) | 76,296 | 49,454 | ||||||
Lithium Americas Corp.*(a) | 2,508 | 65,648 | ||||||
Lundin Gold, Inc.* | 6,342 | 45,877 | ||||||
Lundin Mining Corp. | 13,332 | 111,013 | ||||||
Lynas Rare Earths Ltd.* | 20,205 | 127,407 | ||||||
MAG Silver Corp.* | 4,656 | 63,188 | ||||||
Maruichi Steel Tube Ltd. | 1,900 | 41,982 | ||||||
Mineral Resources Ltd.(a) | 3,870 | 151,081 | ||||||
Mitsubishi Materials Corp. | 3,800 | 67,046 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 1,600 | 44,574 | ||||||
New Gold, Inc.*(a) | 242,640 | 383,477 | ||||||
Newcrest Mining Ltd. | 15,750 | 239,133 | ||||||
Nickel Mines Ltd.(a) | 46,684 | 47,034 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 22,500 | 341,723 | ||||||
Nippon Steel Corp. | 21,815 | 351,293 | ||||||
Norsk Hydro ASA | 36,585 | 278,941 | ||||||
Northern Star Resources Ltd. | 18,392 | 107,423 | ||||||
Novagold Resources, Inc.* | 16,808 | 110,749 | ||||||
OceanaGold Corp.* | 1,000 | 1,541 | ||||||
OceanaGold Corp.*(a) | 258,582 | 398,507 | ||||||
Orla Mining Ltd.*(a) | 10,780 | 35,430 | ||||||
Osisko Gold Royalties Ltd.(a) | 9,460 | 104,433 | ||||||
Osisko Mining, Inc.* | 27,456 | 94,773 | ||||||
Outokumpu OYJ* | 7,392 | 47,133 | ||||||
OZ Minerals Ltd.(a) | 7,245 | 123,426 |
Investments | Shares | Value ($) | ||||||
Pan American Silver Corp.(a) | 4,082 | 88,297 | ||||||
Perenti Global Ltd.(a) | 328,140 | 178,017 | ||||||
Perseus Mining Ltd.*(a) | 505,800 | 518,506 | ||||||
Petropavlovsk plc*(a) | 1,159,155 | 232,810 | ||||||
Pilbara Minerals Ltd.* | 36,168 | 81,543 | ||||||
Polymetal International plc | 8,190 | 116,584 | ||||||
Pretium Resources, Inc.* | 8,756 | 118,830 | ||||||
Ramelius Resources Ltd.(a) | 293,850 | 276,388 | ||||||
Regis Resources Ltd.(a) | 269,190 | 322,418 | ||||||
Rio Tinto Ltd. | 9,090 | 714,470 | ||||||
Rio Tinto plc | 25,200 | 1,753,027 | ||||||
Salzgitter AG* | 15,795 | 533,311 | ||||||
Sandfire Resources Ltd.(a) | 157,680 | 743,215 | ||||||
Sandstorm Gold Ltd.(a) | 13,772 | 82,623 | ||||||
Sanyo Special Steel Co. Ltd. | 9,400 | 174,499 | ||||||
Sayona Mining Ltd.*(a) | 486,552 | 41,136 | ||||||
Seabridge Gold, Inc.*(a) | 5,588 | 89,589 | ||||||
Silver Lake Resources Ltd.*(a) | 25,344 | 26,248 | ||||||
SilverCrest Metals, Inc.* | 9,416 | 70,927 | ||||||
Sims Ltd. | 5,980 | 59,870 | ||||||
Solaris Resources, Inc.* | 3,872 | 42,623 | ||||||
South32 Ltd. | 122,895 | 333,355 | ||||||
SSAB AB, Class A* | 13,394 | 78,320 | ||||||
SSAB AB, Class B* | 9,504 | 48,874 | ||||||
SSR Mining, Inc. | 5,896 | 97,030 | ||||||
St Barbara Ltd.(a) | 306,180 | 264,256 | ||||||
Stelco Holdings, Inc. | 2,112 | 61,095 | ||||||
Sumitomo Metal Mining Co. Ltd. | 6,300 | 286,938 | ||||||
Teck Resources Ltd., Class B(a) | 10,890 | 336,170 | ||||||
thyssenkrupp AG* | 8,316 | 83,975 | ||||||
Toho Titanium Co. Ltd. | 200 | 1,534 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 31,500 | 297,982 | ||||||
Torex Gold Resources, Inc.* | 36,405 | 356,665 | ||||||
Turquoise Hill Resources Ltd.*(a) | 37,395 | 654,515 | ||||||
UACJ Corp.* | 11,900 | 270,480 | ||||||
voestalpine AG | 1,880 | 62,002 | ||||||
Vulcan Energy Resources Ltd.*(a) | 6,732 | 43,588 | ||||||
Wesdome Gold Mines Ltd.* | 8,888 | 76,385 | ||||||
West African Resources Ltd.*(a) | 70,224 | 54,671 | ||||||
Western Areas Ltd.* | 19,404 | 47,029 | ||||||
Westgold Resources Ltd.(a) | 164,371 | 210,191 | ||||||
Wheaton Precious Metals Corp. | 7,605 | 306,460 | ||||||
Yamana Gold, Inc. | 24,430 | 100,847 | ||||||
Yamato Kogyo Co. Ltd.(a) | 1,300 | 39,544 | ||||||
Yodogawa Steel Works Ltd.(a) | 11,900 | 251,374 | ||||||
|
| |||||||
32,512,255 | ||||||||
|
| |||||||
Multiline Retail - 0.5% |
| |||||||
B&M European Value Retail SA | 18,135 | 137,761 | ||||||
Canadian Tire Corp. Ltd., | 1,276 | 184,136 | ||||||
Dollarama, Inc. | 4,545 | 234,397 | ||||||
Europris ASA(b) | 69,255 | 514,206 | ||||||
H2O Retailing Corp.(a) | 5,615 | 38,595 | ||||||
Harvey Norman Holdings Ltd.(a) | 17,952 | 62,102 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 9,100 | 70,999 | ||||||
Izumi Co. Ltd.(a) | 1,300 | 35,709 | ||||||
J Front Retailing Co. Ltd. | 9,100 | 81,029 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Marks & Spencer Group plc* | 49,905 | 145,828 | ||||||
Marui Group Co. Ltd.(a) | 3,200 | 61,237 | ||||||
Next plc | 2,475 | 248,978 | ||||||
Pan Pacific International Holdings Corp. | 7,500 | 100,434 | ||||||
Ryohin Keikaku Co. Ltd. | 6,000 | 85,190 | ||||||
Seria Co. Ltd. | 1,000 | 25,029 | ||||||
Takashimaya Co. Ltd. | 4,400 | 41,508 | ||||||
Tokmanni Group Corp. | 2,948 | 61,203 | ||||||
Warehouse Group Ltd. (The)(a) | 30,712 | 60,510 | ||||||
Wesfarmers Ltd. | 19,620 | 728,625 | ||||||
|
| |||||||
2,917,476 | ||||||||
|
| |||||||
Multi-Utilities - 0.7% | ||||||||
A2A SpA | 51,964 | 97,834 | ||||||
ACEA SpA | 1,552 | 31,142 | ||||||
AGL Energy Ltd. | 22,792 | 114,013 | ||||||
Algonquin Power & Utilities | 12,483 | 178,146 | ||||||
Atco Ltd., Class I | 1,064 | 35,824 | ||||||
Canadian Utilities Ltd., Class A | 1,628 | 47,273 | ||||||
Centrica plc* | 126,324 | 122,570 | ||||||
E.ON SE | 55,980 | 766,849 | ||||||
Engie SA | 40,230 | 611,256 | ||||||
Hera SpA | 19,272 | 79,459 | ||||||
Iren SpA | 19,624 | 58,604 | ||||||
National Grid plc | 66,961 | 969,893 | ||||||
REN - Redes Energeticas Nacionais SGPS SA | 148,860 | 423,021 | ||||||
RWE AG | 11,070 | 462,997 | ||||||
Sembcorp Industries Ltd. | 4,000 | 6,745 | ||||||
Suez SA(d) | 1,530 | 34,011 | ||||||
Telecom Plus plc | 4,843 | 97,594 | ||||||
Veolia Environnement SA | 11,880 | 425,227 | ||||||
|
| |||||||
4,562,458 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 5.2% |
| |||||||
Advantage Energy Ltd.* | 10,340 | 55,936 | ||||||
Aker BP ASA | 1,828 | 62,860 | ||||||
Ampol Ltd. | 2,420 | 50,690 | ||||||
ARC Resources Ltd.(a) | 20,655 | 241,825 | ||||||
Baytex Energy Corp.* | 30,404 | 112,838 | ||||||
Beach Energy Ltd.(a) | 39,336 | 41,017 | ||||||
Birchcliff Energy Ltd. | 102,060 | 503,158 | ||||||
BP plc | 477,270 | 2,451,181 | ||||||
BRIGHTOIL*(d) | 50,147 | | ||||||
BW LPG Ltd.(b) | 37,485 | 200,037 | ||||||
Cameco Corp. | 7,425 | 144,261 | ||||||
Canadian Natural Resources Ltd. | 28,845 | 1,466,518 | ||||||
Capricorn Energy plc* | 23,656 | 65,190 | ||||||
Cenovus Energy, Inc.(a) | 24,165 | 351,322 | ||||||
Crescent Point Energy Corp. | 19,096 | 122,972 | ||||||
Denison Mines Corp.* | 53,196 | 64,414 | ||||||
Diversified Energy Co. plc(b) | 330,390 | 470,750 | ||||||
DNO ASA | 22,968 | 33,501 | ||||||
Enbridge, Inc. | 33,660 | 1,422,306 | ||||||
ENEOS Holdings, Inc. | 81,050 | 320,261 | ||||||
Energean plc* | 8,008 | 101,369 | ||||||
Energy Fuels, Inc.*(a) | 10,296 | 63,632 | ||||||
Enerplus Corp. | 96,435 | 1,116,153 |
Investments | Shares | Value ($) | ||||||
Eni SpA | 57,870 | 863,320 | ||||||
Equinor ASA | 25,245 | 696,102 | ||||||
Equital Ltd.* | 7,110 | 309,884 | ||||||
Euronav NV | 8,360 | 68,244 | ||||||
FLEX LNG Ltd. | 11,250 | 219,800 | ||||||
Freehold Royalties Ltd. | 5,060 | 52,319 | ||||||
Galp Energia SGPS SA | 12,584 | 137,935 | ||||||
Gaztransport Et Technigaz SA | 660 | 60,040 | ||||||
Gibson Energy, Inc. | 4,180 | 80,392 | ||||||
Hafnia Ltd.* | 46,860 | 85,458 | ||||||
Harbour Energy plc* | 13,992 | 67,243 | ||||||
Idemitsu Kosan Co. Ltd. | 5,982 | 152,113 | ||||||
Imperial Oil Ltd.(a) | 5,355 | 218,992 | ||||||
Inpex Corp. | 24,500 | 245,585 | ||||||
Itochu Enex Co. Ltd. | 18,100 | 157,241 | ||||||
Iwatani Corp. | 1,397 | 65,228 | ||||||
Japan Petroleum Exploration Co. Ltd. | 15,200 | 361,054 | ||||||
Karoon Energy Ltd.* | 45,716 | 61,520 | ||||||
Keyera Corp.(a) | 4,972 | 116,931 | ||||||
Koninklijke Vopak NV | 1,558 | 53,216 | ||||||
Lundin Energy AB | 4,264 | 171,490 | ||||||
MEG Energy Corp.* | 4,928 | 58,665 | ||||||
Mitsuuroko Group Holdings Co. Ltd. | 1,200 | 10,727 | ||||||
Naphtha Israel Petroleum Corp. Ltd.* | 7,920 | 62,807 | ||||||
Neste OYJ | 7,830 | 349,078 | ||||||
New Hope Corp. Ltd.(a) | 183,195 | 292,989 | ||||||
NexGen Energy Ltd.* | 16,236 | 66,767 | ||||||
NuVista Energy Ltd.* | 67,140 | 474,594 | ||||||
Oil Refineries Ltd.* | 575,505 | 188,530 | ||||||
OMV AG(a) | 4,005 | 242,259 | ||||||
Paramount Resources Ltd., | 4,048 | 79,540 | ||||||
Parex Resources, Inc. | 46,260 | 983,543 | ||||||
Parkland Corp.(a) | 2,207 | 58,654 | ||||||
Paz Oil Co. Ltd.* | 3,805 | 534,835 | ||||||
Pembina Pipeline Corp. | 8,235 | 261,334 | ||||||
Peyto Exploration & Development Corp.(a) | 63,810 | 499,723 | ||||||
Polski Koncern Naftowy ORLEN SA | 5,060 | 87,753 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 60,060 | 77,987 | ||||||
PrairieSky Royalty Ltd.(a) | 12,320 | 158,480 | ||||||
Repsol SA | 36,135 | 455,383 | ||||||
San-Ai Oil Co. Ltd.(a) | 26,600 | 214,000 | ||||||
Santos Ltd.(a) | 49,050 | 246,745 | ||||||
Senex Energy Ltd. | 13,816 | 44,679 | ||||||
Shell plc | 184,320 | 4,665,428 | ||||||
Suncor Energy, Inc. | 34,695 | 990,818 | ||||||
Tamarack Valley Energy Ltd. | 129,735 | 502,904 | ||||||
TC Energy Corp. | 16,425 | 847,725 | ||||||
Topaz Energy Corp. | 3,344 | 47,644 | ||||||
TotalEnergies SE | 59,310 | 3,338,953 | ||||||
Tourmaline Oil Corp. | 7,306 | 260,346 | ||||||
Tullow Oil plc*(a) | 564,030 | 376,701 | ||||||
United Energy Group Ltd.(a) | 3,622,000 | 534,181 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Vermilion Energy, Inc.* | 63,720 | 991,022 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 5,850 | 112,561 | ||||||
Whitecap Resources, Inc. | 16,984 | 119,788 | ||||||
Whitehaven Coal Ltd.* | 40,392 | 76,268 | ||||||
Woodside Petroleum Ltd.(a) | 14,400 | 254,348 | ||||||
Z Energy Ltd. | 19,228 | 44,829 | ||||||
|
| |||||||
32,318,886 | ||||||||
|
| |||||||
Paper & Forest Products - 0.6% |
| |||||||
Altri SGPS SA | 23,175 | 147,172 | ||||||
Canfor Corp.* | 1,464 | 33,244 | ||||||
Daiken Corp. | 6,500 | 118,690 | ||||||
Daio Paper Corp. | 3,745 | 60,388 | ||||||
Hokuetsu Corp.(a) | 67,600 | 444,702 | ||||||
Holmen AB, Class B | 1,540 | 73,980 | ||||||
Interfor Corp. | 24,075 | 717,063 | ||||||
Metsa Board OYJ, Class B | 6,595 | 70,233 | ||||||
Mondi plc | 8,955 | 220,946 | ||||||
Navigator Co. SA (The) | 5,269 | 19,740 | ||||||
Nippon Paper Industries Co. Ltd.(a) | 39,700 | 400,015 | ||||||
Oji Holdings Corp. | 26,000 | 136,967 | ||||||
Semapa-Sociedade de Investimento e Gestao | 3,520 | 46,956 | ||||||
Stella-Jones, Inc. | 3,652 | 114,430 | ||||||
Stora Enso OYJ, Class R | 12,780 | 256,729 | ||||||
Svenska Cellulosa AB SCA, Class A | 3,160 | 54,506 | ||||||
Svenska Cellulosa AB SCA, Class B | 9,540 | 164,500 | ||||||
Tokushu Tokai Paper Co. Ltd. | 4,500 | 161,293 | ||||||
UPM-Kymmene OYJ | 9,180 | 330,849 | ||||||
West Fraser Timber Co. Ltd.(a) | 2,250 | 208,158 | ||||||
|
| |||||||
3,780,561 | ||||||||
|
| |||||||
Personal Products - 0.9% |
| |||||||
Beiersdorf AG | 1,800 | 177,728 | ||||||
Blackmores Ltd.(a) | 1,320 | 76,000 | ||||||
euglena Co. Ltd.*(a) | 4,400 | 27,647 | ||||||
Fancl Corp. | 400 | 10,092 | ||||||
Interparfums SA | 132 | 9,914 | ||||||
Jamieson Wellness, Inc.(b) | 2,330 | 64,964 | ||||||
Kao Corp. | 7,900 | 392,995 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 900 | 69,594 | ||||||
Kose Corp. | 700 | 63,302 | ||||||
LOccitane International SA | 4,500 | 17,631 | ||||||
LOreal SA | 4,230 | 1,786,959 | ||||||
Mandom Corp. | 2,600 | 30,868 | ||||||
Milbon Co. Ltd. | 1,000 | 46,778 | ||||||
Noevir Holdings Co. Ltd. | 1,000 | 44,956 | ||||||
Ontex Group NV*(a) | 24,345 | 176,844 | ||||||
Pola Orbis Holdings, Inc. | 2,000 | 29,490 | ||||||
PZ Cussons plc | 28,228 | 73,017 | ||||||
Rohto Pharmaceutical Co. Ltd. | 2,000 | 54,849 | ||||||
Shiseido Co. Ltd. | 6,800 | 340,044 | ||||||
Unilever plc | 20,480 | 1,040,691 | ||||||
Unilever plc | 23,440 | 1,192,416 | ||||||
|
| |||||||
5,726,779 | ||||||||
|
| |||||||
Pharmaceuticals - 4.4% | ||||||||
ALK-Abello A/S* | 132 | 55,407 |
Investments | Shares | Value ($) | ||||||
Almirall SA | 4,404 | 56,231 | ||||||
Astellas Pharma, Inc. | 31,200 | 501,068 | ||||||
AstraZeneca plc | 25,920 | 2,996,611 | ||||||
Aurora Cannabis, Inc.* | 15,092 | 63,012 | ||||||
Bausch Health Cos., Inc.* | 7,515 | 184,655 | ||||||
Bayer AG (Registered) | 23,805 | 1,436,742 | ||||||
Camurus AB*(a) | 2,860 | 40,874 | ||||||
Canopy Growth Corp.* | 6,156 | 49,469 | ||||||
Chugai Pharmaceutical Co. Ltd. | 11,600 | 373,596 | ||||||
COSMO Pharmaceuticals NV*(a) | 413 | 25,373 | ||||||
Cronos Group, Inc.* | 13,640 | 50,515 | ||||||
Daiichi Sankyo Co. Ltd. | 30,900 | 687,859 | ||||||
Dechra Pharmaceuticals plc | 2,295 | 127,905 | ||||||
Eisai Co. Ltd. | 4,900 | 245,755 | ||||||
Faes Farma SA*(d) | 861 | 3,307 | ||||||
Faes Farma SA | 16,374 | 62,885 | ||||||
Financiere de Tubize SA(a) | 264 | 26,191 | ||||||
GlaxoSmithKline plc | 119,070 | 2,624,697 | ||||||
H Lundbeck A/S | 484 | 12,236 | ||||||
Haw Par Corp. Ltd. | 3,200 | 27,476 | ||||||
Hikma Pharmaceuticals plc | 2,900 | 80,850 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 1,900 | 57,301 | ||||||
Hutchmed China Ltd.* | 7,150 | 39,570 | ||||||
Indivior plc* | 47,295 | 142,770 | ||||||
Ipsen SA | 770 | 74,492 | ||||||
JCR Pharmaceuticals Co. Ltd. | 2,400 | 41,887 | ||||||
Kaken Pharmaceutical Co. Ltd. | 1,500 | 53,374 | ||||||
Kissei Pharmaceutical Co. Ltd. | 1,400 | 28,079 | ||||||
KYORIN Holdings, Inc.(a) | 4,400 | 69,575 | ||||||
Kyowa Kirin Co. Ltd. | 4,400 | 109,021 | ||||||
Merck KGaA | 2,295 | 498,846 | ||||||
Mithra Pharmaceuticals SA*(a)(b) | 1,848 | 41,536 | ||||||
Mochida Pharmaceutical Co. Ltd. | 900 | 27,806 | ||||||
Nippon Shinyaku Co. Ltd. | 1,400 | 90,762 | ||||||
Novartis AG (Registered) | 40,815 | 3,512,707 | ||||||
Novo Nordisk A/S, Class B | 28,125 | 2,780,168 | ||||||
Ono Pharmaceutical Co. Ltd. | 9,600 | 231,033 | ||||||
Orion OYJ, Class A | 352 | 14,146 | ||||||
Orion OYJ, Class B | 1,404 | 56,738 | ||||||
Otsuka Holdings Co. Ltd. | 9,100 | 309,428 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 1,628 | 90,410 | ||||||
Roche Holding AG | 11,925 | 4,571,218 | ||||||
Roche Holding AG - BR | 507 | 206,928 | ||||||
Sanofi | 19,125 | 1,988,479 | ||||||
Santen Pharmaceutical Co. Ltd. | 4,500 | 50,653 | ||||||
Sawai Group Holdings Co. Ltd. | 1,800 | 67,720 | ||||||
Shionogi & Co. Ltd. | 4,800 | 267,734 | ||||||
Sosei Group Corp.*(a) | 5,200 | 68,461 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 3,600 | 38,929 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 600 | 29,212 | ||||||
Takeda Pharmaceutical Co. Ltd. | 38,817 | 1,121,137 | ||||||
Teva Pharmaceutical Industries Ltd.* | 28,665 | 241,119 | ||||||
Torii Pharmaceutical Co. Ltd. | 800 | 19,780 | ||||||
Towa Pharmaceutical Co. Ltd.(a) | 10,200 | 247,863 | ||||||
Tsumura & Co. | 900 | 25,346 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
UCB SA | 2,385 | 235,329 | ||||||
Vetoquinol SA | 308 | 44,816 | ||||||
Vifor Pharma AG | 856 | 150,504 | ||||||
Virbac SA | 132 | 52,604 | ||||||
ZERIA Pharmaceutical Co. Ltd.(a) | 1,800 | 29,915 | ||||||
|
| |||||||
27,460,110 | ||||||||
|
| |||||||
Professional Services - 1.4% |
| |||||||
Adecco Group AG (Registered) | 4,050 | 190,614 | ||||||
AFRY AB, Class B | 2,640 | 58,716 | ||||||
Akka Technologies* | 836 | 45,452 | ||||||
ALS Ltd. | 8,712 | 71,999 | ||||||
Amadeus Fire AG | 352 | 64,871 | ||||||
Applus Services SA | 52,020 | 456,019 | ||||||
BayCurrent Consulting, Inc. | 300 | 111,694 | ||||||
Benefit One, Inc.(a) | 1,000 | 30,072 | ||||||
BeNext-Yumeshin Group Co. | 4,400 | 59,570 | ||||||
BTS Group AB, Class B | 1,100 | 40,952 | ||||||
Bureau Veritas SA | 4,393 | 124,542 | ||||||
Danel Adir Yeoshua Ltd. | 220 | 52,069 | ||||||
DKSH Holding AG | 660 | 52,315 | ||||||
Experian plc | 16,335 | 675,227 | ||||||
Funai Soken Holdings, Inc. | 2,700 | 55,418 | ||||||
GlobalData plc | 2,508 | 45,089 | ||||||
Hays plc | 34,264 | 66,151 | ||||||
Insource Co. Ltd. | 1,900 | 29,961 | ||||||
Intertek Group plc | 2,430 | 174,226 | ||||||
Intertrust NV*(b) | 34,605 | 750,241 | ||||||
IPH Ltd. | 13,904 | 79,936 | ||||||
JAC Recruitment Co. Ltd. | 1,300 | 22,339 | ||||||
LifeWorks, Inc. | 5,588 | 120,960 | ||||||
McMillan Shakespeare Ltd.(a) | 24,030 | 189,789 | ||||||
Meitec Corp. | 800 | 46,379 | ||||||
Nihon M&A Center Holdings, Inc. | 4,800 | 74,442 | ||||||
Nomura Co. Ltd. | 6,000 | 47,646 | ||||||
Omni Bridgeway Ltd.*(a) | 116,145 | 265,129 | ||||||
Pagegroup plc | 9,108 | 70,936 | ||||||
Pasona Group, Inc. | 1,800 | 39,241 | ||||||
Persol Holdings Co. Ltd. | 4,200 | 106,617 | ||||||
Randstad NV | 1,892 | 122,081 | ||||||
Recruit Holdings Co. Ltd. | 28,700 | 1,393,591 | ||||||
RELX plc | 33,300 | 1,014,167 | ||||||
RWS Holdings plc | 8,360 | 56,530 | ||||||
SGS SA (Registered) | 90 | 253,746 | ||||||
SmartGroup Corp. Ltd. | 7,766 | 39,067 | ||||||
SMS Co. Ltd. | 2,000 | 53,808 | ||||||
S-Pool, Inc. | 4,400 | 39,408 | ||||||
Stantec, Inc. | 1,848 | 97,980 | ||||||
SThree plc | 7,172 | 45,225 | ||||||
Synergie SE | 440 | 16,647 | ||||||
TechnoPro Holdings, Inc. | 1,100 | 27,694 | ||||||
Teleperformance | 945 | 353,186 | ||||||
Thomson Reuters Corp. | 2,565 | 275,216 | ||||||
Tinexta Spa | 1,056 | 37,171 | ||||||
UT Group Co. Ltd. | 2,000 | 56,325 | ||||||
Weathernews, Inc. | 500 | 33,586 | ||||||
Wolters Kluwer NV | 4,680 | 473,424 | ||||||
|
| |||||||
8,607,464 | ||||||||
|
|
Investments | Shares | Value ($) | ||||||
Real Estate Management & Development - 2.3% |
| |||||||
ADLER Group SA(a)(b) | 32,940 | 386,243 | ||||||
Aedas Homes SA(b) | 7,065 | 192,057 | ||||||
Aeon Mall Co. Ltd. | 1,990 | 28,548 | ||||||
AFI Properties Ltd. | 165 | 10,463 | ||||||
Airport City Ltd.* | 1,928 | 46,535 | ||||||
Allreal Holding AG (Registered) | 366 | 78,817 | ||||||
Alony Hetz Properties & Investments Ltd. | 2,596 | 48,035 | ||||||
Altus Group Ltd. | 2,700 | 129,523 | ||||||
Amot Investments Ltd. | 5,448 | 45,775 | ||||||
Aroundtown SA | 21,120 | 129,174 | ||||||
Ascendas India Trust | 274,500 | 263,913 | ||||||
Atrium Ljungberg AB, Class B | 792 | 17,089 | ||||||
Azrieli Group Ltd. | 532 | 47,679 | ||||||
Big Shopping Centers Ltd. | 16 | 2,552 | ||||||
Blue Square Real Estate Ltd. | 283 | 25,533 | ||||||
Bukit Sembawang Estates Ltd. | 63,000 | 232,496 | ||||||
CA Immobilien Anlagen AG | 572 | 20,743 | ||||||
Capitaland Investment Ltd.* | 45,131 | 115,151 | ||||||
Castellum AB(a) | 5,175 | 120,863 | ||||||
Catena AB | 924 | 52,169 | ||||||
Cibus Nordic Real Estate AB | 3,432 | 94,054 | ||||||
City Developments Ltd. | 9,400 | 49,011 | ||||||
CK Asset Holdings Ltd. | 45,000 | 299,229 | ||||||
CLS Holdings plc | 14,403 | 43,285 | ||||||
Colliers International Group, Inc. | 748 | 109,065 | ||||||
Corem Property Group AB, Class B | 19,888 | 56,889 | ||||||
Daito Trust Construction Co. Ltd. | 1,600 | 181,905 | ||||||
Daiwa House Industry Co. Ltd. | 16,500 | 477,566 | ||||||
Deutsche EuroShop AG | 20,295 | 379,709 | ||||||
Deutsche Wohnen SE | 1,012 | 40,954 | ||||||
DIC Asset AG | 3,740 | 63,894 | ||||||
Dios Fastigheter AB | 7,480 | 82,781 | ||||||
DREAM Unlimited Corp., Class A | 1,584 | 49,856 | ||||||
Entra ASA(b) | 2,068 | 45,344 | ||||||
ESR Cayman Ltd.*(b) | 26,400 | 88,874 | ||||||
Fabege AB | 5,412 | 80,101 | ||||||
Fastighets AB Balder, Class B* | 2,205 | 144,809 | ||||||
FastPartner AB, Class A | 3,124 | 36,079 | ||||||
FirstService Corp. | 676 | 107,736 | ||||||
Gav-Yam Lands Corp. Ltd. | 977 | 12,329 | ||||||
Gazit-Globe Ltd. | 23,563 | 242,841 | ||||||
Grainger plc | 11,088 | 44,599 | ||||||
Grand City Properties SA | 2,508 | 54,992 | ||||||
Great Eagle Holdings Ltd. | 128,555 | 359,408 | ||||||
GuocoLand Ltd. | 102,400 | 112,840 | ||||||
Hang Lung Group Ltd. | 33,000 | 73,215 | ||||||
Hang Lung Properties Ltd. | 44,000 | 94,009 | ||||||
Heba Fastighets AB, Class B | 2,640 | 42,368 | ||||||
Heiwa Real Estate Co. Ltd. | 1,300 | 44,057 | ||||||
Henderson Land Development Co. Ltd. | 33,239 | 145,147 | ||||||
Hiag Immobilien Holding AG | 355 | 36,070 | ||||||
Ho Bee Land Ltd. | 84,000 | 173,945 | ||||||
Hufvudstaden AB, Class A | 2,610 | 37,064 | ||||||
Hulic Co. Ltd. | 14,000 | 134,016 | ||||||
Hysan Development Co. Ltd. | 19,000 | 58,236 | ||||||
Ichigo, Inc.(a) | 5,500 | 13,413 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Immobel SA(a) | 1,665 | 147,824 | ||||||
IMMOFINANZ AG(a) | 2,253 | 58,140 | ||||||
Intershop Holding AG | 76 | 49,956 | ||||||
Israel Canada T.R Ltd. | 7,168 | 44,302 | ||||||
Isras Investment Co. Ltd. | 136 | 35,013 | ||||||
IWG plc* | 18,668 | 71,080 | ||||||
Jeudan A/S | 560 | 21,262 | ||||||
K Wah International Holdings Ltd. | 598,089 | 233,942 | ||||||
Katitas Co. Ltd. | 1,100 | 33,031 | ||||||
Keihanshin Building Co. Ltd. | 4,400 | 50,558 | ||||||
Kerry Properties Ltd. | 16,500 | 46,553 | ||||||
K-fast Holding AB*(b) | 5,148 | 38,359 | ||||||
Kojamo OYJ | 1,980 | 45,102 | ||||||
LEG Immobilien SE | 1,485 | 195,600 | ||||||
Lendlease Corp. Ltd.(a) | 14,937 | 104,502 | ||||||
Lifestyle Communities Ltd. | 5,148 | 60,825 | ||||||
Mega Or Holdings Ltd. | 1,085 | 48,996 | ||||||
Melisron Ltd.* | 460 | 40,098 | ||||||
Mitsubishi Estate Co. Ltd. | 25,300 | 363,828 | ||||||
Mitsui Fudosan Co. Ltd. | 22,300 | 473,869 | ||||||
Mivne Real Estate KD Ltd. | 14,248 | 60,485 | ||||||
Mobimo Holding AG (Registered)* | 352 | 114,554 | ||||||
Morguard Corp. | 1,485 | 153,206 | ||||||
New World Development Co. Ltd. | 33,590 | 136,556 | ||||||
Nexity SA | 18,855 | 782,472 | ||||||
Nomura Real Estate Holdings, Inc. | 1,400 | 32,587 | ||||||
NP3 Fastigheter AB | 396 | 12,218 | ||||||
Nyfosa AB | 2,684 | 41,407 | ||||||
OUE Ltd. | 90,000 | 87,860 | ||||||
PATRIZIA AG | 3,248 | 70,053 | ||||||
Platzer Fastigheter Holding AB, Class B | 3,080 | 40,587 | ||||||
Prashkovsky Investments and Construction Ltd. | 1,672 | 75,188 | ||||||
Property & Building Corp. Ltd.* | 128 | 16,930 | ||||||
PSP Swiss Property AG (Registered) | 531 | 63,819 | ||||||
Relo Group, Inc. | 2,270 | 40,386 | ||||||
S IMMO AG | 2,564 | 65,389 | ||||||
Sagax AB, Class B | 2,420 | 69,742 | ||||||
Samhallsbyggnadsbolaget i Norden AB | 23,265 | 139,130 | ||||||
SAMTY Co. Ltd.(a) | 9,300 | 167,396 | ||||||
Savills plc | 8,145 | 146,759 | ||||||
Sella Capital Real Estate Ltd., REIT | 80,259 | 291,713 | ||||||
Selvaag Bolig ASA | 11,440 | 66,977 | ||||||
Shun Tak Holdings Ltd.*(a) | 900,000 | 237,767 | ||||||
Singapore Land Group Ltd. | 5,656 | 10,876 | ||||||
Sino Land Co. Ltd. | 97,289 | 125,767 | ||||||
Sirius Real Estate Ltd. | 65,648 | 113,795 | ||||||
Starts Corp., Inc. | 13,500 | 291,734 | ||||||
Sumitomo Realty & Development Co. Ltd.(a) | 12,000 | 368,670 | ||||||
Summit Real Estate Holdings Ltd.* | 2,418 | 59,389 | ||||||
Sun Hung Kai Properties Ltd. | 36,500 | 443,521 | ||||||
Swire Pacific Ltd., Class A | 3,500 | 21,096 | ||||||
Swire Properties Ltd. | 24,800 | 65,836 | ||||||
Swiss Prime Site AG (Registered) | 1,314 | 128,782 |
Investments | Shares | Value ($) | ||||||
TAG Immobilien AG | 4,270 | 111,673 | ||||||
Tokyo Tatemono Co. Ltd. | 5,200 | 76,855 | ||||||
Tokyu Fudosan Holdings Corp.(a) | 11,200 | 60,848 | ||||||
Tricon Residential, Inc.(a) | 8,448 | 123,751 | ||||||
UOL Group Ltd. | 6,799 | 36,656 | ||||||
VGP NV | 176 | 49,620 | ||||||
VIB Vermoegen AG | 924 | 52,826 | ||||||
Vonovia SE | 12,593 | 711,202 | ||||||
Wallenstam AB, Class B | 4,444 | 69,559 | ||||||
Watkin Jones plc | 13,596 | 48,521 | ||||||
Wharf Real Estate Investment Co. Ltd. | 25,000 | 118,467 | ||||||
Wihlborgs Fastigheter AB | 3,652 | 74,847 | ||||||
Wing Tai Holdings Ltd. | 24,000 | 31,239 | ||||||
YH Dimri Construction & Development Ltd. | 452 | 46,797 | ||||||
Zensun Enterprises Ltd.(a) | 144,000 | 81,441 | ||||||
|
| |||||||
14,502,837 | ||||||||
|
| |||||||
Road & Rail - 1.4% | ||||||||
Aurizon Holdings Ltd. | 31,840 | 78,964 | ||||||
Canadian National Railway Co. | 10,530 | 1,282,759 | ||||||
Canadian Pacific Railway Ltd. | 15,300 | 1,094,026 | ||||||
Central Japan Railway Co.(a) | 3,700 | 486,322 | ||||||
ComfortDelGro Corp. Ltd. | 18,400 | 18,507 | ||||||
East Japan Railway Co. | 5,900 | 335,080 | ||||||
Europcar Mobility Group*(a)(b) | 248,805 | 141,017 | ||||||
Fukuyama Transporting Co. Ltd. | 1,000 | 31,243 | ||||||
Hankyu Hanshin Holdings, Inc. | 4,700 | 135,830 | ||||||
Hitachi Transport System Ltd. | 1,300 | 59,119 | ||||||
Keikyu Corp.(a) | 5,700 | 57,977 | ||||||
Keio Corp. | 1,800 | 80,451 | ||||||
Keisei Electric Railway Co. Ltd. | 2,900 | 81,167 | ||||||
Kelsian Group Ltd.(a) | 13,288 | 65,815 | ||||||
Kintetsu Group Holdings Co. Ltd.* | 3,900 | 112,710 | ||||||
Kyushu Railway Co. | 2,100 | 43,431 | ||||||
Maruzen Showa Unyu Co. Ltd. | 6,600 | 181,862 | ||||||
MTR Corp. Ltd. | 25,764 | 139,103 | ||||||
Mullen Group Ltd.(a) | 33,705 | 311,131 | ||||||
Nagoya Railroad Co. Ltd.* | 4,400 | 69,002 | ||||||
Nankai Electric Railway Co. Ltd. | 3,000 | 59,076 | ||||||
National Express Group plc* | 213,840 | 717,246 | ||||||
Nikkon Holdings Co. Ltd.(a) | 25,100 | 469,434 | ||||||
NIPPON EXPRESS HOLDINGS, Inc. | 1,600 | 94,007 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 1,000 | 22,191 | ||||||
Nobina AB(b) | 33,132 | 383,353 | ||||||
Northgate plc(a) | 101,520 | 523,706 | ||||||
NTG Nordic Transport Group A/S* | 792 | 52,265 | ||||||
Odakyu Electric Railway Co. Ltd. | 4,600 | 80,682 | ||||||
Sakai Moving Service Co. Ltd. | 2,900 | 110,237 | ||||||
Sankyu, Inc. | 1,333 | 47,836 | ||||||
SBS Transit Ltd. | 26,000 | 55,955 | ||||||
Seibu Holdings, Inc.* | 2,600 | 25,159 | ||||||
Seino Holdings Co. Ltd. | 3,100 | 30,536 | ||||||
Senko Group Holdings Co. Ltd.(a) | 53,100 | 423,049 | ||||||
Sixt SE* | 308 | 49,511 | ||||||
Sixt SE (Preference) | 298 | 26,691 | ||||||
Stef SA | 1,350 | 157,086 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
TFI International, Inc. | 1,665 | 160,177 | ||||||
Tobu Railway Co. Ltd.(a) | 4,000 | 93,070 | ||||||
Tokyu Corp. | 8,900 | 117,328 | ||||||
Trancom Co. Ltd. | 600 | 42,283 | ||||||
West Japan Railway Co. | 4,500 | 187,030 | ||||||
|
| |||||||
8,733,424 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 1.8% |
| |||||||
Advantest Corp. | 3,100 | 257,470 | ||||||
AEM Holdings Ltd. | 13,200 | 44,028 | ||||||
AIXTRON SE | 8,145 | 165,902 | ||||||
Alphawave IP Group plc*(a) | 19,492 | 42,235 | ||||||
ams-OSRAM AG*(a) | 5,984 | 98,721 | ||||||
ASM International NV | 720 | 243,750 | ||||||
ASM Pacific Technology Ltd. | 5,000 | 49,631 | ||||||
ASML Holding NV | 7,020 | 4,676,009 | ||||||
BE Semiconductor Industries NV | 1,575 | 130,300 | ||||||
Disco Corp. | 600 | 161,944 | ||||||
Ferrotec Holdings Corp.(a) | 15,500 | 372,888 | ||||||
Furuya Metal Co. Ltd.(a) | 1,600 | 139,414 | ||||||
Infineon Technologies AG | 22,095 | 899,963 | ||||||
Japan Material Co. Ltd. | 3,900 | 56,152 | ||||||
Lasertec Corp. | 1,300 | 282,903 | ||||||
Megachips Corp. | 1,000 | 35,886 | ||||||
Melexis NV | 495 | 51,217 | ||||||
Meyer Burger Technology AG*(a) | 160,380 | 60,876 | ||||||
Mimasu Semiconductor Industry Co. Ltd. | 4,600 | 96,970 | ||||||
Nordic Semiconductor ASA* | 3,828 | 111,628 | ||||||
Nova Ltd.* | 352 | 40,431 | ||||||
Optorun Co. Ltd. | 2,900 | 58,667 | ||||||
REC Silicon ASA* | 22,352 | 38,707 | ||||||
Renesas Electronics Corp.* | 24,900 | 280,496 | ||||||
Rohm Co. Ltd. | 1,600 | 132,194 | ||||||
Sanken Electric Co. Ltd. | 1,600 | 68,805 | ||||||
SCREEN Holdings Co. Ltd.(a) | 1,100 | 107,780 | ||||||
Shinko Electric Industries Co. Ltd. | 1,400 | 63,181 | ||||||
Siltronic AG | 405 | 52,710 | ||||||
SMA Solar Technology AG | 1,100 | 38,448 | ||||||
SOITEC* | 528 | 94,643 | ||||||
STMicroelectronics NV | 11,160 | 515,927 | ||||||
SUMCO Corp. | 5,700 | 102,746 | ||||||
Tokyo Electron Ltd. | 2,700 | 1,282,456 | ||||||
Tokyo Seimitsu Co. Ltd. | 1,600 | 66,583 | ||||||
Tower Semiconductor Ltd.* | 2,191 | 74,257 | ||||||
Tri Chemical Laboratories, Inc. | 1,800 | 47,880 | ||||||
Ulvac, Inc. | 1,000 | 49,989 | ||||||
X-Fab Silicon Foundries SE*(b) | 4,400 | 42,172 | ||||||
|
| |||||||
11,135,959 | ||||||||
|
| |||||||
Software - 1.4% | ||||||||
Altium Ltd.(a) | 1,716 | 43,162 | ||||||
Asseco Poland SA | 3,212 | 64,373 | ||||||
Atoss Software AG | 176 | 34,882 | ||||||
Avast plc(b) | 6,996 | 57,556 | ||||||
AVEVA Group plc | 2,332 | 91,296 | ||||||
BlackBerry Ltd.*(a) | 8,682 | 71,406 | ||||||
Blue Prism Group plc* | 6,908 | 117,056 | ||||||
BrainChip Holdings Ltd.*(a) | 89,100 | 89,455 | ||||||
Bytes Technology Group plc | 10,736 | 66,431 |
Investments | Shares | Value ($) | ||||||
Constellation Software, Inc. | 315 | 542,259 | ||||||
Dassault Systemes SE | 11,577 | 550,908 | ||||||
Descartes Systems Group, Inc. (The)* | 1,408 | 102,384 | ||||||
Digital Arts, Inc. | 1,000 | 57,974 | ||||||
Docebo, Inc.* | 1,100 | 62,136 | ||||||
dotdigital group plc | 20,856 | 41,077 | ||||||
Dubber Corp. Ltd.*(a) | 23,408 | 29,191 | ||||||
Dye & Durham Ltd.(a) | 3,388 | 97,926 | ||||||
Enghouse Systems Ltd. | 2,552 | 89,856 | ||||||
FD Technologies plc* | 132 | 2,869 | ||||||
Freee KK* | 1,200 | 46,240 | ||||||
F-Secure OYJ | 8,140 | 39,967 | ||||||
Fuji Soft, Inc. | 700 | 29,008 | ||||||
GB Group plc | 7,524 | 66,321 | ||||||
Hansen Technologies Ltd.(a) | 15,092 | 52,102 | ||||||
Hilan Ltd. | 865 | 55,176 | ||||||
Hut 8 Mining Corp.*(a) | 9,856 | 58,277 | ||||||
Ideagen plc | 13,640 | 49,593 | ||||||
IRESS Ltd. | 6,556 | 52,565 | ||||||
Kape Technologies plc* | 8,536 | 42,374 | ||||||
Kinaxis, Inc.*(a) | 520 | 67,414 | ||||||
Learning Technologies Group plc | 20,240 | 45,376 | ||||||
Lectra | 1,188 | 50,606 | ||||||
Lightspeed Commerce, Inc.* | 2,184 | 70,854 | ||||||
LINK Mobility Group Holding ASA* | 24,552 | 37,164 | ||||||
Magic Software Enterprises Ltd. | 2,288 | 43,373 | ||||||
Micro Focus International plc | 147,420 | 895,180 | ||||||
Miroku Jyoho Service Co. Ltd. | 1,000 | 10,380 | ||||||
Money Forward, Inc.*(a) | 1,100 | 48,687 | ||||||
Nemetschek SE | 884 | 80,407 | ||||||
Netcompany Group A/S(b) | 440 | 32,046 | ||||||
Nice Ltd.* | 1,081 | 274,523 | ||||||
Open Text Corp. | 4,770 | 228,186 | ||||||
Oracle Corp. Japan | 800 | 59,154 | ||||||
QT Group OYJ* | 308 | 35,010 | ||||||
Rakus Co. Ltd. | 1,600 | 31,521 | ||||||
Sage Group plc (The) | 16,875 | 163,192 | ||||||
SAP SE | 18,270 | 2,261,066 | ||||||
SimCorp A/S | 660 | 60,955 | ||||||
Sinch AB*(b) | 7,462 | 75,259 | ||||||
Software AG | 1,320 | 50,429 | ||||||
Systena Corp. | 7,600 | 23,019 | ||||||
TeamViewer AG*(b) | 3,960 | 59,130 | ||||||
Technology One Ltd.(a) | 7,884 | 57,935 | ||||||
Temenos AG (Registered) | 1,215 | 143,613 | ||||||
Trend Micro, Inc. | 2,500 | 131,482 | ||||||
Truecaller AB, Class B* | 3,168 | 25,150 | ||||||
Vitec Software Group AB, Class B | 2,332 | 104,057 | ||||||
Vobile Group Ltd.*(a)(b) | 46,000 | 31,148 | ||||||
Voyager Digital Ltd.*(a) | 62,415 | 505,484 | ||||||
WiseTech Global Ltd. | 3,555 | 113,462 | ||||||
|
| |||||||
8,519,082 | ||||||||
|
| |||||||
Specialty Retail - 1.8% | ||||||||
ABC-Mart, Inc. | 700 | 31,712 | ||||||
Accent Group Ltd.(a) | 26,488 | 37,884 | ||||||
Adairs Ltd.(a) | 54,405 | 118,060 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Alpen Co. Ltd.(a) | 4,600 | 79,445 | ||||||
Arcland Sakamoto Co. Ltd.(a) | 12,900 | 174,426 | ||||||
Aritzia, Inc.* | 1,716 | 79,566 | ||||||
Autobacs Seven Co. Ltd.(a) | 29,100 | 350,539 | ||||||
Bic Camera, Inc.(a) | 4,100 | 35,547 | ||||||
Bilia AB, Class A | 3,652 | 54,267 | ||||||
Carasso Motors Ltd. | 9,988 | 67,797 | ||||||
CECONOMY AG* | 66,015 | 290,979 | ||||||
City Chic Collective Ltd.*(a) | 15,004 | 51,904 | ||||||
Clas Ohlson AB, Class B(a) | 13,815 | 166,654 | ||||||
Currys plc | 455,715 | 649,929 | ||||||
DCM Holdings Co. Ltd. | 51,900 | 489,610 | ||||||
Delek Automotive Systems Ltd. | 20,761 | 316,862 | ||||||
Dufry AG (Registered)* | 1,188 | 60,481 | ||||||
Dunelm Group plc | 2,604 | 46,501 | ||||||
Eagers Automotive Ltd.(a) | 4,180 | 37,520 | ||||||
EDION Corp.(a) | 31,500 | 292,241 | ||||||
Fast Retailing Co. Ltd. | 1,100 | 639,523 | ||||||
Fenix Outdoor International AG | 369 | 46,727 | ||||||
Fielmann AG | 607 | 38,377 | ||||||
Fnac Darty SA | 7,785 | 457,730 | ||||||
Fox Wizel Ltd. | 123 | 23,727 | ||||||
Frasers Group plc* | 4,620 | 45,372 | ||||||
H & M Hennes & Mauritz AB, Class B(a) | 11,700 | 229,811 | ||||||
Hikari Tsushin, Inc.(a) | 400 | 47,559 | ||||||
Hornbach Baumarkt AG | 2,684 | 143,067 | ||||||
Hornbach Holding AG & Co. KGaA | 3,555 | 539,590 | ||||||
IDOM, Inc. | 20,000 | 114,385 | ||||||
Industria de Diseno Textil SA | 18,900 | 566,538 | ||||||
JB Hi-Fi Ltd.(a) | 2,881 | 93,351 | ||||||
JD Sports Fashion plc | 44,135 | 111,351 | ||||||
JINS Holdings, Inc.(a) | 900 | 55,301 | ||||||
Joshin Denki Co. Ltd.(a) | 9,000 | 162,933 | ||||||
Joyful Honda Co. Ltd. | 24,500 | 323,619 | ||||||
Kathmandu Holdings Ltd.(a) | 272,880 | 250,900 | ||||||
Kid ASA(b) | 12,555 | 142,222 | ||||||
Kingfisher plc | 46,036 | 204,501 | ||||||
Kohnan Shoji Co. Ltd. | 10,500 | 309,373 | ||||||
Komeri Co. Ltd. | 13,500 | 312,823 | ||||||
Ks Holdings Corp.(a) | 6,100 | 59,557 | ||||||
Leons Furniture Ltd. | 12,391 | 244,546 | ||||||
Luk Fook Holdings International Ltd. | 142,672 | 375,089 | ||||||
Maisons du Monde SA(b) | 2,332 | 52,754 | ||||||
Mekonomen AB* | 16,425 | 241,076 | ||||||
Musti Group OYJ*(a) | 2,068 | 61,201 | ||||||
Nextage Co. Ltd. | 3,200 | 79,427 | ||||||
Nick Scali Ltd. | 6,996 | 66,887 | ||||||
Nishimatsuya Chain Co. Ltd.(a) | 14,800 | 187,143 | ||||||
Nitori Holdings Co. Ltd.(a) | 1,600 | 227,728 | ||||||
Nojima Corp.(a) | 13,500 | 270,410 | ||||||
Pet Valu Holdings Ltd. | 1,716 | 41,625 | ||||||
Pets at Home Group plc | 11,308 | 64,782 | ||||||
Premier Investments Ltd.(a) | 3,036 | 61,604 | ||||||
Sanrio Co. Ltd. | 2,200 | 42,253 | ||||||
Shimamura Co. Ltd. | 500 | 45,389 |
Investments | Shares | Value ($) | ||||||
Sleep Country Canada Holdings, Inc.(b) | 1,760 | 49,612 | ||||||
Super Retail Group Ltd. | 5,324 | 43,624 | ||||||
T-Gaia Corp. | 9,800 | 141,100 | ||||||
USS Co. Ltd. | 5,400 | 87,450 | ||||||
Vivo Energy plc(b) | 183,870 | 326,616 | ||||||
Watches of Switzerland Group | 3,344 | 57,068 | ||||||
WH Smith plc* | 1,408 | 31,131 | ||||||
Yamada Holdings Co. Ltd. | 17,300 | 58,105 | ||||||
Yellow Hat Ltd.(a) | 13,700 | 188,691 | ||||||
|
| |||||||
11,395,572 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals - 0.5% |
| |||||||
Brother Industries Ltd. | 7,600 | 138,644 | ||||||
Canon, Inc.(a) | 21,600 | 507,734 | ||||||
Eizo Corp. | 8,700 | 296,732 | ||||||
Elecom Co. Ltd. | 1,600 | 19,135 | ||||||
FUJIFILM Holdings Corp. | 6,800 | 450,284 | ||||||
Konica Minolta, Inc.(a) | 14,500 | 60,655 | ||||||
Logitech International SA (Registered) | 3,179 | 262,091 | ||||||
Maxell Ltd. | 18,000 | 191,209 | ||||||
MCJ Co. Ltd.(a) | 27,000 | 229,638 | ||||||
Melco Holdings, Inc. | 2,900 | 91,109 | ||||||
Quadient SA | 11,925 | 241,558 | ||||||
Razer, Inc.*(b) | 264,000 | 77,193 | ||||||
Ricoh Co. Ltd.(a) | 17,200 | 144,049 | ||||||
Riso Kagaku Corp.(a) | 1,700 | 30,275 | ||||||
Seiko Epson Corp. | 8,300 | 127,786 | ||||||
Toshiba TEC Corp. | 1,100 | 41,098 | ||||||
Wacom Co. Ltd. | 8,800 | 63,007 | ||||||
|
| |||||||
2,972,197 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 1.9% |
| |||||||
adidas AG | 3,105 | 843,201 | ||||||
Asics Corp.(a) | 3,400 | 65,152 | ||||||
Brunello Cucinelli SpA* | 660 | 37,844 | ||||||
Burberry Group plc | 7,875 | 197,311 | ||||||
Canada Goose Holdings, Inc.* | 2,464 | 75,559 | ||||||
Chow Sang Sang Holdings International Ltd. | 155,000 | 204,744 | ||||||
Cie Financiere Richemont SA (Registered) | 8,775 | 1,253,033 | ||||||
Coats Group plc | 98,856 | 86,607 | ||||||
Crystal International Group Ltd.(b) | 127,500 | 37,608 | ||||||
Delta Galil Industries Ltd. | 1,106 | 68,426 | ||||||
Descente Ltd.*(a) | 1,200 | 37,023 | ||||||
Dr. Martens plc | 8,536 | 34,861 | ||||||
EssilorLuxottica SA - IM | 2,578 | 479,094 | ||||||
EssilorLuxottica SA - MO(a) | 2,642 | 494,068 | ||||||
Gildan Activewear, Inc. | 2,703 | 107,542 | ||||||
Goldwin, Inc. | 1,200 | 61,757 | ||||||
Gunze Ltd. | 6,400 | 220,785 | ||||||
Hermes International | 585 | 864,652 | ||||||
HUGO BOSS AG | 1,232 | 77,008 | ||||||
Japan Wool Textile Co. Ltd. (The) | 24,900 | 189,303 | ||||||
Kering SA | 1,260 | 926,997 | ||||||
LPP SA | 24 | 93,151 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 4,545 | 3,681,607 | ||||||
Marimekko OYJ | 484 | 39,607 | ||||||
Moncler SpA | 3,780 | 238,734 | ||||||
New Wave Group AB, Class B | 2,552 | 38,660 | ||||||
Pandora A/S | 1,890 | 203,315 | ||||||
Puma SE | 1,800 | 190,077 | ||||||
Samsonite International SA*(a)(b) | 93,600 | 194,461 | ||||||
Seiren Co. Ltd.(a) | 3,600 | 67,485 | ||||||
Spinnova OYJ*(a) | 2,948 | 35,955 | ||||||
Stella International Holdings Ltd. | 158,000 | 175,273 | ||||||
Swatch Group AG (The) | 495 | 142,644 | ||||||
Swatch Group AG (The) (Registered) | 792 | 43,894 | ||||||
Tods SpA*(a) | 245 | 13,101 | ||||||
Wacoal Holdings Corp. | 3,900 | 71,011 | ||||||
|
| |||||||
11,591,550 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance - 0.5% |
| |||||||
Aareal Bank AG | 4,545 | 145,410 | ||||||
Deutsche Pfandbriefbank AG(b) | 50,490 | 615,517 | ||||||
Equitable Group, Inc. | 10,125 | 561,739 | ||||||
First National Financial Corp.(a) | 1,452 | 50,017 | ||||||
Genworth Mortgage Insurance Australia Ltd. | 141,390 | 242,068 | ||||||
Home Capital Group, Inc.*(a) | 16,965 | 480,484 | ||||||
Liberty Financial Group Ltd.(b) | 27,280 | 105,711 | ||||||
Mortgage Advice Bureau Holdings Ltd. | 2,596 | 45,278 | ||||||
OSB Group plc | 13,068 | 96,167 | ||||||
Paragon Banking Group plc | 103,635 | 791,843 | ||||||
Resimac Group Ltd.(a) | 81,400 | 108,966 | ||||||
|
| |||||||
3,243,200 | ||||||||
|
| |||||||
Tobacco - 0.7% |
| |||||||
British American Tobacco plc | 54,360 | 2,307,207 | ||||||
Imperial Brands plc | 22,455 | 527,670 | ||||||
Japan Tobacco, Inc. | 27,000 | 537,539 | ||||||
Scandinavian Tobacco Group A/S(a)(b) | 23,580 | 505,897 | ||||||
Swedish Match AB | 27,855 | 214,327 | ||||||
|
| |||||||
4,092,640 | ||||||||
|
| |||||||
Trading Companies & Distributors - 1.9% |
| |||||||
AddTech AB, Class B | 4,180 | 76,129 | ||||||
Ashtead Group plc | 7,245 | 509,925 | ||||||
BayWa AG | 1,056 | 44,273 | ||||||
Beijer Ref AB | 4,576 | 79,077 | ||||||
Bossard Holding AG (Registered), Class A | 220 | 68,170 | ||||||
Brenntag SE | 2,255 | 191,257 | ||||||
Bufab AB | 968 | 36,245 | ||||||
Bunzl plc | 6,120 | 227,196 | ||||||
Diploma plc | 1,364 | 50,362 | ||||||
Electrocomponents plc | 5,808 | 86,572 | ||||||
Ferguson plc | 3,915 | 609,297 | ||||||
Finning International, Inc. | 4,111 | 114,557 | ||||||
Grafton Group plc | 5,016 | 77,526 | ||||||
Hanwa Co. Ltd. | 16,300 | 444,192 | ||||||
Howden Joinery Group plc | 12,330 | 134,325 | ||||||
IMCD NV | 1,080 | 184,265 |
Investments | Shares | Value ($) | ||||||
Inaba Denki Sangyo Co. Ltd. | 21,500 | 495,214 | ||||||
Inabata & Co. Ltd. | 18,200 | 272,309 | ||||||
ITOCHU Corp.(a) | 35,600 | 1,132,959 | ||||||
Kanamoto Co. Ltd. | 14,623 | 282,117 | ||||||
Kanematsu Corp. | 31,500 | 338,716 | ||||||
Kloeckner & Co. SE* | 30,915 | 344,478 | ||||||
Marubeni Corp. | 43,500 | 445,287 | ||||||
Mitsubishi Corp. | 36,000 | 1,211,300 | ||||||
Mitsui & Co. Ltd. | 38,700 | 958,390 | ||||||
MonotaRO Co. Ltd. | 5,600 | 90,348 | ||||||
Nagase & Co. Ltd. | 2,200 | 34,788 | ||||||
Nippon Steel Trading Corp. | 5,100 | 227,945 | ||||||
Nishio Rent All Co. Ltd. | 9,300 | 225,912 | ||||||
OEM International AB, Class B | 2,244 | 40,485 | ||||||
Reece Ltd.(a) | 5,999 | 91,886 | ||||||
Rexel SA | 4,641 | 102,126 | ||||||
Richelieu Hardware Ltd. | 2,684 | 105,478 | ||||||
Russel Metals, Inc.(a) | 23,940 | 597,088 | ||||||
Seven Group Holdings Ltd.(a) | 3,036 | 46,374 | ||||||
Sojitz Corp.(a) | 6,899 | 107,055 | ||||||
Sumitomo Corp. | 29,200 | 448,802 | ||||||
Theme International Holdings Ltd.* | 1,800,000 | 180,057 | ||||||
Thermador Groupe | 396 | 43,060 | ||||||
Toromont Industries Ltd. | 1,755 | 148,053 | ||||||
Toyota Tsusho Corp. | 5,400 | 216,047 | ||||||
Travis Perkins plc | 5,412 | 108,008 | ||||||
Trusco Nakayama Corp.(a) | 1,800 | 37,992 | ||||||
Yamazen Corp. | 33,700 | 290,716 | ||||||
Yuasa Trading Co. Ltd. | 9,000 | 226,513 | ||||||
|
| |||||||
11,782,871 | ||||||||
|
| |||||||
Transportation Infrastructure - 0.4% |
| |||||||
Aena SME SA*(b) | 1,125 | 180,530 | ||||||
Aeroports de Paris* | 555 | 74,441 | ||||||
Atlantia SpA* | 6,885 | 126,692 | ||||||
Atlas Arteria Ltd. | 9,240 | 42,380 | ||||||
Auckland International Airport Ltd.* | 22,876 | 107,871 | ||||||
Enav SpA*(b) | 12,657 | 57,662 | ||||||
Flughafen Zurich AG (Registered)*(a) | 320 | 58,497 | ||||||
Fraport AG Frankfurt Airport Services Worldwide* | 890 | 59,722 | ||||||
Getlink SE | 9,077 | 141,946 | ||||||
Hamburger Hafen und Logistik AG | 1,220 | 26,067 | ||||||
Japan Airport Terminal Co. Ltd.*(a) | 1,200 | 51,447 | ||||||
Kamigumi Co. Ltd. | 3,100 | 59,377 | ||||||
Mitsubishi Logistics Corp. | 1,700 | 40,647 | ||||||
Port of Tauranga Ltd. | 5,225 | 22,099 | ||||||
Qube Holdings Ltd. | 36,652 | 75,145 | ||||||
SATS Ltd.* | 19,000 | 54,942 | ||||||
Sumitomo Warehouse Co. Ltd. (The)(a) | 27,000 | 480,833 | ||||||
Sydney Airport* | 18,128 | 110,606 | ||||||
Transurban Group | 51,451 | 451,310 | ||||||
Westshore Terminals Investment Corp.(a) | 3,784 | 80,304 | ||||||
|
| |||||||
2,302,518 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Water Utilities - 0.1% |
| |||||||
Pennon Group plc | 2,970 | 43,154 | ||||||
Severn Trent plc | 4,230 | 163,048 | ||||||
United Utilities Group plc | 11,475 | 164,346 | ||||||
|
| |||||||
370,548 | ||||||||
|
| |||||||
Wireless Telecommunication Services - 0.9% |
| |||||||
Airtel Africa plc(b) | 34,804 | 71,210 | ||||||
Cellcom Israel Ltd.* | 34,020 | 197,734 | ||||||
Freenet AG | 2,198 | 59,357 | ||||||
KDDI Corp. | 40,700 | 1,287,494 | ||||||
Millicom International Cellular SA, SDR*(a) | 3,036 | 80,599 | ||||||
Okinawa Cellular Telephone Co. | 4,500 | 195,075 | ||||||
Orange Belgium SA | 1,188 | 25,809 | ||||||
Partner Communications Co. Ltd.* | 6,160 | 54,258 | ||||||
Rogers Communications, Inc., Class B | 5,265 | 266,893 | ||||||
SoftBank Corp. | 67,600 | 841,297 | ||||||
SoftBank Group Corp. | 21,882 | 951,622 | ||||||
StarHub Ltd. | 198,000 | 188,899 | ||||||
Tele2 AB, Class B | 8,052 | 116,414 | ||||||
VEON Ltd.* | 35,992 | 52,774 | ||||||
Vodafone Group plc | 635,400 | 1,108,400 | ||||||
|
| |||||||
5,497,835 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 614,219,645 | ||||||
|
| |||||||
CLOSED END FUNDS - 0.0%(g) |
| |||||||
Independent Power and Renewable Electricity Producers - 0.0%(g) |
| |||||||
Renewables Infrastructure Group Ltd. (The) | 33,616 | 60,165 | ||||||
|
| |||||||
Investments | Number of Rights | Value ($) | ||||||
RIGHTS - 0.0%(g) | ||||||||
Equity Real Estate Investment Trusts (REITs) - 0.0%(g) |
| |||||||
LXI REIT plc, expiring 2/8/2022, price 1.42 GBP*(d) | 6,879 | 461 | ||||||
|
| |||||||
Investments | Number of Warrants | Value ($) | ||||||
WARRANTS - 0.0% | ||||||||
Construction & Engineering - 0.0% |
| |||||||
Webuild SpA, expiring 8/2/2030*(d) | 10,785 | | ||||||
|
|
Investments | Principal Amount ($) | Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS(h) - 1.7% |
| |||||||
REPURCHASE AGREEMENTS - 1.7% |
| |||||||
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $7,642,411, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.00%, maturing 2/15/2026 - 5/15/2040; total market value $7,752,821 | 7,642,400 | 7,642,400 | ||||||
Deutsche Bank AG, London Branch, 0.15%, dated 1/31/2022, due 2/1/2022, repurchase price $1,200,005, collateralized by various U.S. Treasury Securities, ranging from 2.00% - 2.25%, maturing 11/15/2041 - 8/15/2051; Foreign Government Fixed Income Securities, ranging from 0.41% - 2.63%, maturing 5/20/2022 - 11/3/2031; total market value $1,219,535 | 1,200,000 | 1,200,000 | ||||||
Societe Generale, New York Branch, 0.05%, dated 1/31/2022, due 2/7/2022, repurchase price $2,000,019, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 2/1/2022 - 8/15/2046; total market value $2,022,652 | 2,000,000 | 2,000,000 | ||||||
|
| |||||||
10,842,400 | ||||||||
|
| |||||||
TOTAL SECURITIES LENDING REINVESTMENTS |
| 10,842,400 | ||||||
|
| |||||||
Total Investments - 100.3% |
| 625,122,671 | ||||||
Liabilities in excess of other assets - (0.3%) |
| (1,709,318 | ) | |||||
|
| |||||||
Net Assets - 100.0% |
| 623,413,353 | ||||||
|
|
* | 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® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
(a) | The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $57,352,867, collateralized in the form of cash with a value of $10,842,400 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $26,722,817 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 6.25%, and maturity dates ranging from February 10, 2022 August 15, 2051 and $24,666,326 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 8.50%, and maturity dates ranging from February 25, 2022 September 20, 2117; a total value of $62,231,543. |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(c) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees. |
(d) | Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $2,045,254, which represents approximately 0.33% of net assets of the Fund. |
(e) | Amount represents less than one share. |
(f) | Amount less than one dollar. |
(g) | Represents less than 0.05% of net assets. |
(h) | The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $10,842,400. |
Percentages shown are based on Net Assets.
Abbreviations | ||
CHDI | Clearing House Electronic Subregister System (CHESS) Depository Interest | |
CVA | Dutch Certification | |
DI | Depositary Interest | |
OYJ | Public Limited Company | |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
SCA | Limited partnership with share capital | |
SDR | Swedish Depositary Receipt |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Futures Contracts
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund had the following open futures contracts as of January 31, 2022:
Number of Contracts | Expiration Date | Trading Currency | Notional Amount | Value and (Depreciation) | ||||||||||||||
Long Contracts |
| |||||||||||||||||
EURO STOXX 50 Index | 56 | 03/18/2022 | EUR | $ | 2,600,810 | $ | (60,073 | ) | ||||||||||
FTSE 100 Index | 22 | 03/18/2022 | GBP | 2,183,173 | 17,580 | |||||||||||||
Hang Seng Index | 1 | 02/25/2022 | HKD | 153,009 | (5,502 | ) | ||||||||||||
Nikkei 225 Index | 21 | 03/10/2022 | JPY | 2,464,960 | (106,818 | ) | ||||||||||||
S&P/TSX 60 Index | 8 | 03/17/2022 | CAD | 1,606,416 | 5,834 | |||||||||||||
SPI 200 Index | 7 | 03/17/2022 | AUD | 846,799 | (56,724 | ) | ||||||||||||
|
| |||||||||||||||||
$ | (205,703 | ) | ||||||||||||||||
|
|
Forward Foreign Currency Contracts
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund had the following outstanding contracts as of January 31, 2022:
Contracts to Receive | Counterparty | In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
GBP | 63,203 | JPMorgan Chase Bank | USD | 83,633 | 03/16/2022 | $ | 1,143 | |||||||||||||||
GBP | 540,000 | Toronto-Dominion Bank (The) | USD | 716,288 | 03/16/2022 | 8,019 | ||||||||||||||||
NOK | 1,450,557 | Goldman Sachs & Co. | USD | 161,427 | 03/16/2022 | 1,142 | ||||||||||||||||
USD | 500,403 | JPMorgan Chase Bank | CHF | 460,788 | 03/16/2022 | 4,927 | ||||||||||||||||
USD | 405,455 | Goldman Sachs & Co. | DKK | 2,668,253 | 03/16/2022 | 3,075 | ||||||||||||||||
USD | 1,728,796 | Toronto-Dominion Bank (The) | EUR | 1,530,000 | 03/16/2022 | 12,112 | ||||||||||||||||
USD | 553,079 | Bank of New York | ILS | 1,713,030 | 03/16/2022 | 13,561 | ||||||||||||||||
USD | 718,436 | Toronto-Dominion Bank (The) | JPY | 81,419,111 | 03/16/2022 | 11,549 | ||||||||||||||||
USD | 482,467 | UBS AG | NZD | 711,055 | 03/16/2022 | 15,802 | ||||||||||||||||
|
| |||||||||||||||||||||
Total unrealized appreciation |
| $ | 71,330 | |||||||||||||||||||
|
| |||||||||||||||||||||
AUD | 568,763 | Goldman Sachs & Co. | USD | 408,152 | 03/16/2022 | $ | (7,354 | ) | ||||||||||||||
CAD | 1,644,150 | Toronto-Dominion Bank (The) | USD | 1,294,812 | 03/16/2022 | (2,106 | ) | |||||||||||||||
DKK | 2,490,000 | UBS AG | USD | 382,984 | 03/16/2022 | (7,484 | ) | |||||||||||||||
EUR | 1,517,687 | JPMorgan Chase Bank | USD | 1,724,687 | 03/16/2022 | (21,820 | ) | |||||||||||||||
HKD | 7,052,598 | BNP Paribas SA | USD | 904,737 | 03/16/2022 | (266 | ) | |||||||||||||||
ILS | 2,080,000 | Morgan Stanley | USD | 669,847 | 03/16/2022 | (14,752 | ) | |||||||||||||||
JPY | 88,770,000 | JPMorgan Chase Bank | USD | 774,127 | 03/16/2022 | (3,419 | ) | |||||||||||||||
JPY | 197,540,000 | Toronto-Dominion Bank (The) | USD | 1,740,229 | 03/16/2022 | (25,171 | ) | |||||||||||||||
SEK | 554,576 | Goldman Sachs & Co. | USD | 61,196 | 03/16/2022 | (1,758 | ) | |||||||||||||||
USD | 1,473,600 | Toronto-Dominion Bank (The) | CAD | 1,890,000 | 03/16/2022 | (12,405 | ) | |||||||||||||||
USD | 857,639 | Citibank NA | HKD | 6,690,000 | 03/16/2022 | (330 | ) | |||||||||||||||
USD | 216,764 | BNP Paribas SA | SGD | 296,100 | 03/16/2022 | (2,186 | ) | |||||||||||||||
|
| |||||||||||||||||||||
Total unrealized depreciation |
| $ | (99,051 | ) | ||||||||||||||||||
|
| |||||||||||||||||||||
Net unrealized depreciation |
| $ | (27,721 | ) | ||||||||||||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Abbreviations: |
AUD Australian Dollar |
CAD Canadian Dollar |
CHF Swiss Franc |
DKK Danish Krone |
EUR Euro |
GBP British Pound |
HKD Hong Kong Dollar |
ILS Israeli Shekel |
JPY Japanese Yen |
NOK Norwegian Krone |
NZD New Zealand Dollar |
SEK Swedish Krona |
SGD Singapore Dollar |
USD US Dollar |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2022:
Australia | 5.4 | % | ||
Austria | 0.4 | |||
Belgium | 1.0 | |||
Canada | 11.1 | |||
Denmark | 1.8 | |||
Finland | 0.8 | |||
France | 7.4 | |||
Germany | 6.4 | |||
Hong Kong | 2.6 | |||
Ireland | 0.4 | |||
Israel | 1.2 | |||
Italy | 2.2 | |||
Japan | 26.1 | |||
Netherlands | 3.0 | |||
New Zealand | 0.3 | |||
Norway | 1.3 | |||
Poland | 0.3 | |||
Portugal | 0.3 | |||
Singapore | 1.4 | |||
Spain | 2.0 | |||
Sweden | 3.5 | |||
Switzerland | 5.9 | |||
United Kingdom | 13.8 | |||
Other1 | 1.4 | |||
|
| |||
100.0 | % | |||
|
|
1 | Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
Security Type | % of Net Assets | |||
Common Stocks | 98.6% | |||
Closed End Funds | 0.0 | |||
Rights | 0.0 | |||
Warrants | 0.0 | |||
Securities Lending Reinvestments | 1.7 | |||
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, 2022 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 99.3% |
| |||||||
Aerospace & Defense - 0.3% |
| |||||||
AECC Aero-Engine Control Co. Ltd., Class A | 5,500 | 20,374 | ||||||
AECC Aviation Power Co. Ltd., Class A | 4,700 | 35,575 | ||||||
Aselsan Elektronik Sanayi ve Ticaret A/S | 6,972 | 11,226 | ||||||
AVIC Electromechanical Systems Co. Ltd., Class A | 5,300 | 10,092 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 41,000 | 23,030 | ||||||
Bharat Electronics Ltd. | 17,280 | 48,559 | ||||||
Embraer SA* | 16,500 | 63,110 | ||||||
Hanwha Aerospace Co. Ltd.* | 899 | 35,647 | ||||||
Hanwha Systems Co. Ltd.* | 689 | 8,402 | ||||||
Hindustan Aeronautics Ltd.(a) | 2,256 | 43,646 | ||||||
Korea Aerospace Industries Ltd.* | 1,608 | 47,486 | ||||||
LIG Nex1 Co. Ltd.* | 6,112 | 294,066 | ||||||
United Aircraft Corp. PJSC*^ | 25,155,036 | 203,729 | ||||||
|
| |||||||
844,942 | ||||||||
|
| |||||||
Air Freight & Logistics - 0.5% |
| |||||||
Agility Public Warehousing Co. KSC | 33,445 | 110,858 | ||||||
Aramex PJSC | 46,860 | 52,179 | ||||||
Blue Dart Express Ltd. | 265 | 24,599 | ||||||
Hanjin Transportation Co. Ltd.* | 3,300 | 75,554 | ||||||
Hyundai Glovis Co. Ltd. | 770 | 103,795 | ||||||
Imperial Logistics Ltd. | 95,590 | 398,549 | ||||||
JD Logistics, Inc.*(a) | 27,500 | 81,644 | ||||||
Kerry TJ Logistics Co. Ltd. | 99,000 | 161,061 | ||||||
SF Holding Co. Ltd., Class A | 5,500 | 54,738 | ||||||
Sinotrans Ltd., Class A | 23,500 | 15,026 | ||||||
Sinotrans Ltd., Class H | 83,000 | 26,824 | ||||||
T3EX Global Holdings Corp. | 4,000 | 16,107 | ||||||
YTO Express Group Co. Ltd., Class A | 4,700 | 11,895 | ||||||
Yunda Holding Co. Ltd., Class A | 10,600 | 32,623 | ||||||
ZTO Express Cayman, Inc. | 12,300 | 348,609 | ||||||
|
| |||||||
1,514,061 | ||||||||
|
| |||||||
Airlines - 0.2% | ||||||||
Aeroflot PJSC* | 74,029 | 54,639 | ||||||
Air Arabia PJSC* | 136,316 | 53,813 | ||||||
AirAsia Group Bhd.* | 174,900 | 22,774 | ||||||
Azul SA (Preference)* | 11,700 | 64,361 | ||||||
China Airlines Ltd.* | 77,000 | 64,780 | ||||||
China Eastern Airlines Corp. Ltd., Class A* | 14,300 | 12,895 | ||||||
China Southern Airlines Co. Ltd., Class A* | 14,100 | 16,237 | ||||||
Controladora Vuela Cia de Aviacion SAB de CV, Class A* | 38,500 | 68,315 | ||||||
Eva Airways Corp.* | 71,798 | 61,953 |
Investments | Shares | Value ($) | ||||||
Gol Linhas Aereas Inteligentes SA (Preference)* | 10,600 | 36,511 | ||||||
Hanjin Kal Corp.* | 273 | 11,912 | ||||||
InterGlobe Aviation Ltd.*(a) | 2,103 | 52,329 | ||||||
Jeju Air Co. Ltd.* | 1,962 | 24,576 | ||||||
Jin Air Co. Ltd.* | 658 | 7,642 | ||||||
Korean Air Lines Co. Ltd.* | 3,747 | 87,964 | ||||||
Pegasus Hava Tasimaciligi A/S* | 2,391 | 19,213 | ||||||
Turk Hava Yollari AO* | 16,292 | 34,878 | ||||||
|
| |||||||
694,792 | ||||||||
|
| |||||||
Auto Components - 1.0% | ||||||||
Apollo Tyres Ltd. | 151,525 | 439,919 | ||||||
Autel Intelligent Technology Corp. Ltd., Class A | 2,695 | 26,673 | ||||||
Balkrishna Industries Ltd. | 1,925 | 60,288 | ||||||
Bharat Forge Ltd. | 6,473 | 63,756 | ||||||
Bosch Ltd. | 208 | 46,086 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 55,000 | 68,320 | ||||||
DTR Automotive Corp. | 2,200 | 142,530 | ||||||
Endurance Technologies Ltd.(a) | 1,456 | 31,264 | ||||||
Exide Industries Ltd. | 28,330 | 65,925 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 4,800 | 35,879 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(a) | 8,400 | 45,137 | ||||||
Halla Holdings Corp.* | 4,400 | 147,092 | ||||||
Hankook & Co. Co Ltd.* | 907 | 9,743 | ||||||
Hankook Tire & Technology Co. Ltd.* | 2,792 | 77,935 | ||||||
Hanon Systems | 2,756 | 24,348 | ||||||
Hota Industrial Manufacturing Co. Ltd. | 16,134 | 47,798 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 9,400 | 40,596 | ||||||
Hyundai Mobis Co. Ltd. | 2,310 | 444,562 | ||||||
Hyundai Wia Corp.* | 583 | 32,451 | ||||||
Kenda Rubber Industrial Co. Ltd. | 49,000 | 52,763 | ||||||
Kordsa Teknik Tekstil A/S* | 36,135 | 91,742 | ||||||
Kumho Tire Co., Inc.* | 1 | 3 | ||||||
Mando Corp.* | 1,155 | 49,247 | ||||||
Minda Industries Ltd. | 3,795 | 56,102 | ||||||
Minth Group Ltd. | 12,000 | 54,940 | ||||||
Motherson Sumi Systems Ltd. | 28,296 | 68,064 | ||||||
Motherson Sumi Wiring India Ltd.*(b) | 28,296 | 15,111 | ||||||
MRF Ltd. | 38 | 36,740 | ||||||
Myoung Shin Industrial Co. Ltd.* | 220 | 4,371 | ||||||
Nan Kang Rubber Tire Co. Ltd. | 14,000 | 22,902 | ||||||
Nexen Tire Corp.* | 14,645 | 75,928 | ||||||
Nexteer Automotive Group Ltd.(c) | 28,000 | 30,594 | ||||||
Ningbo Joyson Electronic Corp., Class A | 4,700 | 13,490 | ||||||
S&T Motiv Co. Ltd. | 3,410 | 123,049 | ||||||
Sebang Global Battery Co. Ltd.* | 605 | 30,815 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Shandong Linglong Tyre Co. Ltd., Class A | 5,500 | 26,362 | ||||||
Sundram Fasteners Ltd. | 5,005 | 56,913 | ||||||
Tianneng Power International Ltd.(c) | 342,000 | 351,757 | ||||||
Tong Yang Industry Co. Ltd. | 220,000 | 249,551 | ||||||
Tube Investments of India Ltd. | 1,200 | 27,263 | ||||||
Weifu High-Technology Group Co. Ltd., Class A | 4,700 | 15,366 | ||||||
|
| |||||||
3,303,375 | ||||||||
|
| |||||||
Automobiles - 2.2% | ||||||||
Astra International Tbk. PT | 643,500 | 244,970 | ||||||
Bajaj Auto Ltd. | 1,289 | 61,574 | ||||||
Brilliance China Automotive Holdings Ltd.*(b) | 96,000 | 44,160 | ||||||
BYD Co. Ltd., Class A | 2,400 | 85,513 | ||||||
BYD Co. Ltd., Class H | 15,000 | 425,903 | ||||||
China Motor Corp. | 5,400 | 11,862 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 13,160 | 26,422 | ||||||
Chongqing Changan Automobile Co. Ltd., Class B | 5,300 | 2,671 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 1,188,000 | 1,043,636 | ||||||
DRB-Hicom Bhd. | 396,000 | 138,134 | ||||||
Eicher Motors Ltd. | 2,770 | 98,201 | ||||||
Ford Otomotiv Sanayi A/S | 3,376 | 62,409 | ||||||
Geely Automobile Holdings Ltd. | 106,000 | 226,204 | ||||||
Great Wall Motor Co. Ltd., Class A | 4,700 | 29,505 | ||||||
Great Wall Motor Co. Ltd., Class H(c) | 55,000 | 146,713 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 78,000 | 76,024 | ||||||
Hero MotoCorp Ltd. | 5,115 | 186,737 | ||||||
Hyundai Motor Co. | 4,950 | 778,121 | ||||||
Hyundai Motor Co. (2nd Preference) | 1,265 | 100,633 | ||||||
Hyundai Motor Co. (3rd Preference) | 54 | 3,911 | ||||||
Hyundai Motor Co. (Preference) | 715 | 55,278 | ||||||
Kia Corp. | 9,350 | 636,002 | ||||||
Li Auto, Inc., Class A* | 11,000 | 132,324 | ||||||
Mahindra & Mahindra Ltd. | 17,380 | 206,308 | ||||||
Maruti Suzuki India Ltd. | 2,475 | 285,146 | ||||||
NIO, Inc., ADR* | 25,905 | 634,932 | ||||||
Niu Technologies, ADR* | 1,135 | 15,947 | ||||||
Oriental Holdings Bhd. | 30,500 | 39,277 | ||||||
SAIC Motor Corp. Ltd., Class A | 27,500 | 80,616 | ||||||
Sanyang Motor Co. Ltd. | 275,000 | 264,975 | ||||||
Tata Motors Ltd.* | 38,060 | 264,070 | ||||||
Tata Motors Ltd., Class A* | 14,002 | 48,917 | ||||||
Tofas Turk Otomobil Fabrikasi A/S | 3,233 | 19,195 | ||||||
TVS Motor Co. Ltd. | 3,564 | 28,957 | ||||||
UMW Holdings Bhd. | 209,000 | 146,308 | ||||||
XPeng, Inc., ADR* | 102 | 3,579 | ||||||
XPeng, Inc., Class A* | 11,000 | 176,196 | ||||||
Yadea Group Holdings Ltd.(a) | 16,000 | 22,694 |
Investments | Shares | Value ($) | ||||||
Yulon Motor Co. Ltd. | 26,986 | 39,586 | ||||||
|
| |||||||
6,893,610 | ||||||||
|
| |||||||
Banks - 12.9% | ||||||||
Absa Group Ltd. | 23,815 | 261,519 | ||||||
Abu Dhabi Commercial Bank PJSC(b) | 102,945 | 251,123 | ||||||
Abu Dhabi Islamic Bank PJSC | 19,571 | 36,978 | ||||||
AFFIN Bank Bhd. | 213,227 | 90,681 | ||||||
Agricultural Bank of China Ltd., Class A | 441,100 | 205,119 | ||||||
Agricultural Bank of China Ltd., Class H | 990,000 | 375,810 | ||||||
Akbank TAS | 2,667 | 1,598 | ||||||
Akbank TAS, ADR | 60,111 | 66,122 | ||||||
Al Rajhi Bank | 24,585 | 971,107 | ||||||
Alinma Bank | 20,900 | 166,837 | ||||||
Alliance Bank Malaysia Bhd. | 551,800 | 435,059 | ||||||
Alpha Services and Holdings SA* | 70,730 | 105,453 | ||||||
AMMB Holdings Bhd.* | 82,500 | 64,258 | ||||||
AU Small Finance Bank Ltd.*(a) | 2,288 | 40,152 | ||||||
Axis Bank Ltd.* | 46,090 | 477,468 | ||||||
Banco Bradesco SA* | 44,000 | 155,782 | ||||||
Banco Bradesco SA (Preference)* | 165,220 | 709,419 | ||||||
Banco Davivienda SA (Preference)* | 54,835 | 463,219 | ||||||
Banco de Bogota SA | 4,819 | 93,886 | ||||||
Banco de Chile | 1,541,320 | 154,634 | ||||||
Banco de Credito e Inversiones SA | 1,729 | 62,790 | ||||||
Banco del Bajio SA(a) | 368,500 | 792,536 | ||||||
Banco do Brasil SA | 49,500 | 304,458 | ||||||
Banco do Estado do Rio Grande do Sul SA (Preference), Class B | 100,000 | 206,215 | ||||||
Banco Inter SA* | 11,000 | 53,819 | ||||||
Banco Pan SA (Preference) | 10,600 | 21,819 | ||||||
Banco Santander Chile | 2,123,165 | 105,547 | ||||||
Bancolombia SA | 9,900 | 99,201 | ||||||
Bancolombia SA (Preference) | 18,122 | 162,004 | ||||||
Bandhan Bank Ltd.(a) | 6,633 | 28,048 | ||||||
Bangkok Bank PCL, NVDR | 26,300 | 106,638 | ||||||
Bank Al Habib Ltd. | 392,150 | 166,573 | ||||||
Bank AlBilad* | 8,745 | 129,594 | ||||||
Bank Al-Jazira | 6,066 | 37,380 | ||||||
Bank Central Asia Tbk. PT | 1,115,500 | 591,412 | ||||||
Bank Jago Tbk. PT* | 82,500 | 94,076 | ||||||
Bank Mandiri Persero Tbk. PT | 632,500 | 328,740 | ||||||
Bank Negara Indonesia Persero Tbk. PT | 209,000 | 106,447 | ||||||
Bank of Ayudhya PCL, NVDR | 78,400 | 86,536 | ||||||
Bank of Baroda* | 15,706 | 22,636 | ||||||
Bank of Beijing Co. Ltd., Class A | 74,200 | 52,339 | ||||||
Bank of Changsha Co. Ltd., Class A | 9,400 | 11,592 | ||||||
Bank of Chengdu Co. Ltd., Class A | 10,600 | 23,347 | ||||||
Bank of China Ltd., Class A | 225,500 | 109,467 | ||||||
Bank of China Ltd., Class H | 2,640,000 | 1,025,861 | ||||||
Bank of Communications Co. Ltd., Class A | 132,000 | 98,295 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Bank of Communications Co. Ltd., Class H | 716,000 | 479,320 | ||||||
Bank of Hangzhou Co. Ltd., Class A | 18,800 | 41,644 | ||||||
Bank of India* | 5,936 | 4,319 | ||||||
Bank of Jiangsu Co. Ltd., Class A | 53,880 | 55,697 | ||||||
Bank of Nanjing Co. Ltd., Class A | 31,800 | 49,059 | ||||||
Bank of Ningbo Co. Ltd., Class A | 18,150 | 111,460 | ||||||
Bank of Qingdao Co. Ltd., Class H(a) | 53,000 | 26,168 | ||||||
Bank of Shanghai Co. Ltd., Class A | 49,500 | 54,669 | ||||||
Bank of the Philippine Islands | 61,600 | 118,548 | ||||||
Bank of Zhengzhou Co. Ltd., Class A* | 17,490 | 8,380 | ||||||
Bank of Zhengzhou Co. Ltd., Class H*(a) | 116,600 | 26,168 | ||||||
Bank Pan Indonesia Tbk. PT* | 71,500 | 3,704 | ||||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT | 2,524,500 | 231,702 | ||||||
Bank Pembangunan Daerah Jawa Timur Tbk. PT | 1,738,000 | 90,030 | ||||||
Bank Rakyat Indonesia Persero Tbk. PT | 1,342,019 | 379,782 | ||||||
Bank Tabungan Negara Persero Tbk. PT* | 2,139,500 | 251,408 | ||||||
Banque Saudi Fransi | 12,980 | 180,936 | ||||||
BDO Unibank, Inc. | 58,300 | 154,399 | ||||||
BNK Financial Group, Inc.* | 8,026 | 53,529 | ||||||
BOC Hong Kong Holdings Ltd. | 115,500 | 444,370 | ||||||
Boubyan Bank KSCP* | 10,735 | 28,565 | ||||||
Burgan Bank SAK | 28,576 | 25,472 | ||||||
Canara Bank* | 15,092 | 51,158 | ||||||
Capitec Bank Holdings Ltd. | 1,892 | 246,819 | ||||||
Chang Hwa Commercial Bank Ltd. | 125,722 | 79,780 | ||||||
China Bohai Bank Co. Ltd., Class H(a)(c) | 1,512,500 | 378,244 | ||||||
China CITIC Bank Corp. Ltd., Class H | 275,000 | 130,842 | ||||||
China Construction Bank Corp., Class A | 28,200 | 26,537 | ||||||
China Construction Bank Corp., Class H | 3,520,000 | 2,690,486 | ||||||
China Everbright Bank Co. Ltd., Class A | 132,000 | 69,263 | ||||||
China Everbright Bank Co. Ltd., Class H | 53,000 | 19,847 | ||||||
China Merchants Bank Co. Ltd., Class A | 55,000 | 425,201 | ||||||
China Merchants Bank Co. Ltd., Class H | 129,500 | 1,077,845 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 93,500 | 56,993 | ||||||
China Minsheng Banking Corp. Ltd., Class H(c) | 220,000 | 87,463 | ||||||
China Zheshang Bank Co. Ltd., Class A | 47,000 | 25,326 | ||||||
China Zheshang Bank Co. Ltd., Class H(c) | 53,000 | 21,071 |
Investments | Shares | Value ($) | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class A | 18,800 | 11,371 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 94,000 | 34,357 | ||||||
CIMB Group Holdings Bhd. | 247,948 | 308,047 | ||||||
City Union Bank Ltd. | 9,675 | 18,638 | ||||||
Commercial Bank PSQC (The) | 78,789 | 154,722 | ||||||
Commercial International Bank Egypt SAE* | 60,940 | 199,151 | ||||||
Credicorp Ltd. | 2,090 | 299,330 | ||||||
Credit Agricole Egypt SAE* | 266,015 | 135,632 | ||||||
Credit Bank of Moscow PJSC* | 229,590 | 21,343 | ||||||
CTBC Financial Holding Co. Ltd. | 660,000 | 654,922 | ||||||
DGB Financial Group, Inc.* | 4,450 | 34,072 | ||||||
Doha Bank QPSC | 41,736 | 33,597 | ||||||
Dubai Islamic Bank PJSC | 70,950 | 106,240 | ||||||
E.Sun Financial Holding Co. Ltd. | 236,879 | 246,980 | ||||||
Emirates NBD Bank PJSC | 81,400 | 295,855 | ||||||
Eurobank Ergasias Services and Holdings SA*(c) | 91,190 | 102,428 | ||||||
Far Eastern International Bank | 58,088 | 22,868 | ||||||
Federal Bank Ltd. | 72,968 | 98,370 | ||||||
First Abu Dhabi Bank PJSC | 89,650 | 488,150 | ||||||
First Financial Holding Co. Ltd. | 342,267 | 309,485 | ||||||
Grupo Aval Acciones y Valores SA (Preference) | 49,656 | 14,196 | ||||||
Grupo Bolivar SA | 825 | 18,603 | ||||||
Grupo Elektra SAB de CV(c) | 1,100 | 72,203 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 82,500 | 522,352 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O* | 49,500 | 71,317 | ||||||
Gulf Bank KSCP | 45,315 | 44,432 | ||||||
Habib Bank Ltd. | 381,560 | 261,960 | ||||||
Hana Financial Group, Inc. | 9,790 | 365,450 | ||||||
Hong Leong Bank Bhd. | 27,500 | 127,464 | ||||||
Hong Leong Financial Group Bhd. | 5,000 | 21,742 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 173,473 | 136,276 | ||||||
Huaxia Bank Co. Ltd., Class A | 47,000 | 41,570 | ||||||
ICICI Bank Ltd. | 101,750 | 1,075,552 | ||||||
IDFC First Bank Ltd.* | 61,957 | 38,815 | ||||||
Indian Bank | 20,020 | 42,040 | ||||||
IndusInd Bank Ltd. | 12,760 | 149,124 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 286,000 | 209,377 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 2,255,000 | 1,362,101 | ||||||
Industrial Bank Co. Ltd., Class A | 60,500 | 198,456 | ||||||
Industrial Bank of Korea | 10,945 | 93,970 | ||||||
Intercorp Financial Services, Inc.(a) | 1,040 | 32,750 | ||||||
Itau CorpBanca Chile SA* | 2,260,745 | 5,130 | ||||||
Itau Unibanco Holding SA (Preference) | 165,000 | 787,090 | ||||||
Itausa SA | 29,514 | 57,249 | ||||||
Itausa SA (Preference) | 161,700 | 310,306 | ||||||
JB Financial Group Co. Ltd.* | 1,500 | 10,116 | ||||||
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A | 6,700 | 7,768 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
KakaoBank Corp.* | 715 | 24,318 | ||||||
Kasikornbank PCL, NVDR | 45,500 | 204,302 | ||||||
KB Financial Group, Inc. | 13,090 | 646,085 | ||||||
Kiatnakin Phatra Bank PCL, NVDR | 26,300 | 54,899 | ||||||
Kings Town Bank Co. Ltd. | 46,000 | 67,063 | ||||||
Komercni Banka A/S | 1,272 | 56,207 | ||||||
Kotak Mahindra Bank Ltd. | 22,165 | 551,656 | ||||||
Krung Thai Bank PCL, NVDR | 185,000 | 77,789 | ||||||
Kuwait Finance House KSCP | 99,825 | 298,585 | ||||||
Kuwait International Bank KSCP* | 25,630 | 18,785 | ||||||
Malayan Banking Bhd. | 225,500 | 445,559 | ||||||
Malaysia Building Society Bhd. | 1,013,517 | 138,025 | ||||||
Masraf Al Rayan QSC | 91,300 | 123,246 | ||||||
MCB Bank Ltd. | 16,300 | 14,860 | ||||||
Meezan Bank Ltd. | 43,230 | 33,552 | ||||||
Mega Financial Holding Co. Ltd. | 349,000 | 463,635 | ||||||
Metropolitan Bank & Trust Co. | 38,560 | 44,555 | ||||||
Moneta Money Bank A/S(a) | 20,195 | 87,048 | ||||||
National Bank of Greece SA* | 15,389 | 60,206 | ||||||
National Bank of Kuwait SAKP | 143,770 | 491,732 | ||||||
Nedbank Group Ltd. | 15,691 | 193,242 | ||||||
O-Bank Co. Ltd. | 106,000 | 32,470 | ||||||
OTP Bank Nyrt.* | 7,535 | 434,286 | ||||||
Ping An Bank Co. Ltd., Class A | 55,000 | 136,780 | ||||||
Piraeus Financial Holdings SA* | 37,345 | 62,377 | ||||||
Postal Savings Bank of China Co. Ltd., Class A | 126,500 | 111,688 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(a)(c) | 330,000 | 273,394 | ||||||
Public Bank Bhd. | 511,500 | 514,494 | ||||||
Punjab National Bank* | 43,248 | 24,081 | ||||||
Qatar International Islamic Bank QSC | 9,789 | 26,885 | ||||||
Qatar Islamic Bank SAQ | 42,735 | 230,048 | ||||||
Qatar National Bank QPSC | 148,720 | 892,075 | ||||||
Qingdao Rural Commercial Bank Corp., Class A | 18,800 | 11,046 | ||||||
RBL Bank Ltd.*(a) | 203,831 | 405,081 | ||||||
Regional SAB de CV | 5,500 | 31,499 | ||||||
RHB Bank Bhd. | 77,202 | 102,555 | ||||||
Riyad Bank | 29,711 | 269,243 | ||||||
Saudi British Bank (The) | 10,285 | 109,925 | ||||||
Saudi Investment Bank (The) | 6,493 | 38,904 | ||||||
Saudi National Bank (The) | 43,890 | 863,318 | ||||||
Sberbank of Russia PJSC | 369,050 | 1,260,874 | ||||||
Sberbank of Russia PJSC (Preference) | 39,708 | 129,381 | ||||||
Security Bank Corp. | 2,550 | 5,363 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 131,000 | 217,831 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 82,500 | 109,000 | ||||||
Shinhan Financial Group Co. Ltd. | 17,270 | 546,537 | ||||||
Siam Commercial Bank PCL (The), NVDR | 59,900 | 225,783 | ||||||
SinoPac Financial Holdings Co. Ltd. | 385,000 | 227,700 | ||||||
Standard Bank Group Ltd. | 42,367 | 409,183 |
Investments | Shares | Value ($) | ||||||
State Bank of India | 60,115 | 433,648 | ||||||
Taichung Commercial Bank Co. Ltd. | 90,591 | 43,318 | ||||||
Taishin Financial Holding Co. Ltd. | 376,566 | 266,036 | ||||||
Taiwan Business Bank | 86,892 | 32,178 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 325,200 | 309,252 | ||||||
Thanachart Capital PCL, NVDR | 41,300 | 50,237 | ||||||
Tisco Financial Group PCL, NVDR | 22,200 | 65,843 | ||||||
TMBThanachart Bank PCL, NVDR | 2,078,300 | 84,892 | ||||||
Turkiye Garanti Bankasi A/S | 42,900 | 38,086 | ||||||
Turkiye Halk Bankasi A/S* | 28,578 | 10,459 | ||||||
Turkiye Is Bankasi A/S, Class C | 9,424 | 5,866 | ||||||
Turkiye Vakiflar Bankasi TAO, Class D* | 28 | 8 | ||||||
Union Bank of India Ltd.* | 10,017 | 6,363 | ||||||
Union Bank of Taiwan* | 124,325 | 63,696 | ||||||
United Bank Ltd. | 217,656 | 172,354 | ||||||
VTB Bank PJSC | 136,511,531 | 76,281 | ||||||
Woori Financial Group, Inc. | 17,875 | 217,228 | ||||||
Yapi ve Kredi Bankasi A/S | 42 | 13 | ||||||
Yes Bank Ltd.* | 38,361 | 6,837 | ||||||
|
| |||||||
41,492,510 | ||||||||
|
| |||||||
Beverages - 1.0% | ||||||||
Ambev SA | 82,500 | 232,585 | ||||||
Anadolu Efes Biracilik ve Malt Sanayii A/S | 27 | 58 | ||||||
Anhui Gujing Distillery Co. Ltd., Class B | 3,500 | 51,215 | ||||||
Arca Continental SAB de CV | 16,500 | 97,494 | ||||||
Becle SAB de CV | 10,700 | 25,826 | ||||||
Carabao Group PCL, NVDR | 600 | 1,829 | ||||||
China Foods Ltd. | 330,000 | 136,274 | ||||||
China Resources Beer Holdings Co. Ltd. | 33,107 | 246,470 | ||||||
Cia Cervecerias Unidas SA | 4,510 | 37,527 | ||||||
Coca-Cola Femsa SAB de CV | 11,000 | 57,677 | ||||||
Coca-Cola Icecek A/S | 2,875 | 24,431 | ||||||
Distell Group Holdings Ltd.* | 3,420 | 37,417 | ||||||
Embotelladora Andina SA (Preference), Class B | 9,513 | 20,489 | ||||||
Emperador, Inc. | 55,200 | 25,718 | ||||||
Fomento Economico Mexicano SAB de CV(c) | 38,500 | 289,370 | ||||||
Fraser & Neave Holdings Bhd. | 3,700 | 21,835 | ||||||
Hebei Hengshui Laobaigan Liquor Co. Ltd., Class A | 5,500 | 20,011 | ||||||
Heineken Malaysia Bhd. | 3,800 | 18,576 | ||||||
Hite Jinro Co. Ltd.* | 348 | 8,487 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 2,100 | 51,582 | ||||||
Kweichow Moutai Co. Ltd., Class A | 1,900 | 563,253 | ||||||
Lotte Chilsung Beverage Co. Ltd.* | 150 | 18,291 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 2,400 | 81,558 | ||||||
Nongfu Spring Co. Ltd., Class H(a) | 36,200 | 218,197 | ||||||
Osotspa PCL, NVDR | 4,200 | 4,068 | ||||||
Radico Khaitan Ltd. | 4,895 | 70,572 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 1,960 | 84,723 | ||||||
Tsingtao Brewery Co. Ltd., Class H(c) | 8,000 | 71,817 | ||||||
United Breweries Ltd. | 1,379 | 29,922 | ||||||
United Spirits Ltd.* | 6,262 | 72,705 | ||||||
Varun Beverages Ltd. | 1,741 | 21,111 | ||||||
Vina Concha y Toro SA | 241,146 | 387,114 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 6,600 | 205,693 | ||||||
Yantai Changyu Pioneer Wine Co. Ltd., Class B | 15,000 | 26,816 | ||||||
|
| |||||||
3,260,711 | ||||||||
|
| |||||||
Biotechnology - 0.6% | ||||||||
3SBio, Inc.*(a) | 45,980 | 36,265 | ||||||
ABLBio, Inc.* | 2,133 | 49,631 | ||||||
Adimmune Corp. | 19,000 | 27,051 | ||||||
Akeso, Inc.*(a) | 11,000 | 29,625 | ||||||
Alphamab Oncology*(a) | 24,000 | 30,717 | ||||||
Alteogen, Inc.* | 780 | 31,058 | ||||||
Amicogen, Inc.* | 514 | 11,086 | ||||||
Anterogen Co. Ltd.* | 477 | 10,387 | ||||||
AptaBio Therapeutics, Inc.* | 954 | 21,288 | ||||||
Ascentage Pharma Group International*(a)(c) | 11,000 | 28,355 | ||||||
BeiGene Ltd.*(c) | 13,000 | 214,401 | ||||||
Beijing Tiantan Biological Products Corp. Ltd., Class A | 5,300 | 23,355 | ||||||
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A | 1,200 | 42,217 | ||||||
Biocon Ltd.* | 6,644 | 32,685 | ||||||
Bioneer Corp.* | 495 | 15,357 | ||||||
Brii Biosciences Ltd.*(c) | 16,500 | 34,746 | ||||||
Burning Rock Biotech Ltd., ADR* | 1,431 | 12,879 | ||||||
Cellid Co. Ltd.* | 39 | 1,207 | ||||||
Celltrion, Inc. | 1,904 | 238,494 | ||||||
CrystalGenomics, Inc.* | 5,353 | 22,735 | ||||||
CStone Pharmaceuticals*(a)(c) | 25,000 | 19,333 | ||||||
Daan Gene Co. Ltd., Class A | 8,000 | 22,384 | ||||||
Eubiologics Co. Ltd.* | 935 | 29,202 | ||||||
GC Cell Corp.* | 474 | 27,209 | ||||||
GeneOne Life Science, Inc.* | 4,203 | 42,884 | ||||||
Genetron Holdings Ltd., ADR* | 4,943 | 20,563 | ||||||
Genexine, Inc.* | 282 | 11,217 | ||||||
Green Cross Corp.* | 163 | 23,730 | ||||||
Green Cross Holdings Corp.* | 1,219 | 22,297 | ||||||
Helixmith Co. Ltd.* | 1,890 | 31,905 | ||||||
Hualan Biological Engineering, Inc., Class A | 5,300 | 20,999 | ||||||
Hugel, Inc. | 126 | 14,215 | ||||||
I-Mab, ADR* | 742 | 18,736 | ||||||
Immunotech Biopharm Ltd.* | 25,000 | 23,501 | ||||||
Innovent Biologics, Inc.*(a)(c) | 17,000 | 71,292 | ||||||
iNtRON Biotechnology, Inc.* | 1,643 | 23,987 | ||||||
Jacobio Pharmaceuticals Group Co. Ltd.*(a) | 16,500 | 19,616 | ||||||
Kintor Pharmaceutical Ltd.*(a)(c) | 7,000 | 6,984 | ||||||
L&C Bio Co. Ltd. | 1,325 | 34,732 |
Investments | Shares | Value ($) | ||||||
Medigen Vaccine Biologics Corp.* | 4,000 | 36,456 | ||||||
MedPacto, Inc.* | 235 | 6,784 | ||||||
Medy-Tox, Inc.* | 120 | 11,467 | ||||||
Naturecell Co. Ltd.* | 2,743 | 33,676 | ||||||
NKMax Co. Ltd.* | 2,530 | 37,777 | ||||||
OBI Pharma, Inc.* | 12,000 | 51,125 | ||||||
OliX Pharmaceuticals, Inc.* | 901 | 21,563 | ||||||
Pharmicell Co. Ltd.* | 2,919 | 24,698 | ||||||
Remegen Co. Ltd., Class H*(a)(c) | 7,500 | 49,150 | ||||||
Seegene, Inc. | 1,623 | 73,240 | ||||||
Shanghai Haohai Biological Technology Co. Ltd., Class A | 770 | 12,571 | ||||||
Shanghai Junshi Biosciences Co. Ltd., Class A* | 1,113 | 10,339 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A | 9,400 | 9,938 | ||||||
SillaJen, Inc.*(b) | 2,522 | 12,657 | ||||||
SK Bioscience Co. Ltd.* | 495 | 67,752 | ||||||
Taigen Biopharmaceuticals Holdings Ltd.* | 55,000 | 26,201 | ||||||
TaiMed Biologics, Inc.* | 1,000 | 2,405 | ||||||
Vaxcell-Bio Therapeutics Co. Ltd.* | 371 | 10,541 | ||||||
Zai Lab Ltd.* | 1,350 | 59,661 | ||||||
|
| |||||||
1,956,326 | ||||||||
|
| |||||||
Building Products - 0.3% | ||||||||
Astral Ltd. | 1,766 | 51,105 | ||||||
Beijing New Building Materials plc, Class A | 5,300 | 26,936 | ||||||
Blue Star Ltd. | 2,703 | 31,314 | ||||||
China Lesso Group Holdings Ltd. | 33,000 | 57,049 | ||||||
Kajaria Ceramics Ltd. | 2,608 | 46,746 | ||||||
KCC Glass Corp. | 5,445 | 262,426 | ||||||
Kyung Dong Navien Co. Ltd.* | 208 | 8,351 | ||||||
Luoyang Glass Co. Ltd., | 18,000 | 31,856 | ||||||
LX Hausys Ltd. | 2,420 | 110,611 | ||||||
Taiwan Glass Industry Corp. | 55,000 | 45,580 | ||||||
Xinyi Glass Holdings Ltd. | 50,000 | 131,772 | ||||||
Zhejiang Weixing New Building Materials Co. Ltd., Class A | 5,300 | 18,817 | ||||||
Zhuzhou Kibing Group Co. Ltd., Class A | 5,300 | 13,131 | ||||||
|
| |||||||
835,694 | ||||||||
|
| |||||||
Capital Markets - 2.1% | ||||||||
Aju IB Investment Co. Ltd.* | 22,770 | 66,771 | ||||||
B3 SA - Brasil Bolsa Balcao | 110,000 | 302,863 | ||||||
Banco BTG Pactual SA* | 22,000 | 100,139 | ||||||
Bangkok Commercial Asset Management PCL, NVDR | 70,500 | 43,196 | ||||||
Bolsa Mexicana de Valores SAB de CV | 29,100 | 49,578 | ||||||
Boursa Kuwait Securities Co. KPSC | 4,876 | 34,288 | ||||||
Bursa Malaysia Bhd. | 8,000 | 11,965 | ||||||
Caitong Securities Co. Ltd., Class A | 9,400 | 14,398 | ||||||
Capital Securities Corp. | 110,000 | 63,871 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Changjiang Securities Co. Ltd., Class A | 14,100 | 15,484 | ||||||
China Bills Finance Corp. | 53,000 | 32,965 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 4,345,000 | 791,261 | ||||||
China Everbright Ltd. | 386,000 | 435,129 | ||||||
China Galaxy Securities Co. Ltd., Class A | 5,200 | 8,561 | ||||||
China Galaxy Securities Co. Ltd., Class H | 143,500 | 84,839 | ||||||
China Huarong Asset Management Co. Ltd., Class H*(a) | 208,000 | 11,070 | ||||||
China International Capital Corp. Ltd., Class H(a) | 37,200 | 100,424 | ||||||
China Merchants Securities Co. Ltd., Class A | 12,220 | 32,041 | ||||||
China Merchants Securities Co. Ltd., Class H(a)(c) | 16,600 | 23,290 | ||||||
China Renaissance Holdings | 109,600 | 190,876 | ||||||
CITIC Securities Co. Ltd., Class A | 16,500 | 63,767 | ||||||
CITIC Securities Co. Ltd., | 40,500 | 107,774 | ||||||
Coronation Fund Managers Ltd. | 7,009 | 23,152 | ||||||
CSC Financial Co. Ltd., Class H(a) | 440,000 | 494,309 | ||||||
Daishin Securities Co. Ltd.* | 212 | 2,928 | ||||||
Daishin Securities Co. Ltd. (Preference)* | 530 | 6,441 | ||||||
Daou Data Corp. | 7,150 | 78,588 | ||||||
Daou Technology, Inc.* | 10,643 | 177,898 | ||||||
Dhani Services Ltd.* | 14,469 | 25,478 | ||||||
Dubai Financial Market PJSC* | 67,052 | 43,447 | ||||||
Edelweiss Financial Services Ltd. | 49,005 | 45,805 | ||||||
Egyptian Financial Group-Hermes Holding Co.* | 362,523 | 338,293 | ||||||
Everbright Securities Co. Ltd., Class A | 9,400 | 20,276 | ||||||
Founder Securities Co. Ltd., Class A | 14,100 | 16,281 | ||||||
GF Securities Co. Ltd., Class A | 14,100 | 46,075 | ||||||
GF Securities Co. Ltd., Class H | 48,000 | 82,980 | ||||||
Glory Sun Financial Group | 1,272,000 | 30,179 | ||||||
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A | 8,640 | 10,967 | ||||||
Guosen Securities Co. Ltd., Class A | 14,100 | 24,278 | ||||||
Guotai Junan International Holdings Ltd. | 1,355,000 | 182,461 | ||||||
Guotai Junan Securities Co. Ltd., Class A | 22,000 | 60,933 | ||||||
Guotai Junan Securities Co. Ltd., Class H(a) | 21,200 | 32,136 | ||||||
Haitong Securities Co. Ltd., Class A | 18,800 | 33,906 | ||||||
Haitong Securities Co. Ltd., | 110,000 | 98,608 | ||||||
Hanwha Investment & Securities Co. Ltd.* | 5,088 | 19,943 | ||||||
HDFC Asset Management Co. | 782 | 23,109 |
Investments | Shares | Value ($) | ||||||
Huatai Securities Co. Ltd., Class A | 26,100 | 70,034 | ||||||
Huatai Securities Co. Ltd., Class H(a) | 51,000 | 90,259 | ||||||
IBF Financial Holdings Co. Ltd. | 49,893 | 28,611 | ||||||
ICICI Securities Ltd.(a) | 1,880 | 18,170 | ||||||
IDFC Ltd.* | 77,165 | 66,904 | ||||||
Indian Energy Exchange Ltd.(a) | 14,850 | 46,855 | ||||||
Industrial Securities Co. Ltd., Class A | 26,500 | 35,928 | ||||||
Investec Ltd. | 18,645 | 104,518 | ||||||
Is Yatirim Menkul Degerler A/S | 63,690 | 98,463 | ||||||
JM Financial Ltd. | 223,355 | 219,546 | ||||||
JSE Ltd. | 45,420 | 343,571 | ||||||
KIWOOM Securities Co. Ltd.* | 640 | 46,985 | ||||||
Korea Investment Holdings Co. Ltd.* | 1,375 | 82,694 | ||||||
Meritz Securities Co. Ltd. | 6,708 | 33,943 | ||||||
Mirae Asset Securities Co. Ltd. | 7,745 | 54,610 | ||||||
Mirae Asset Securities Co. Ltd. (2nd Preference) | 6,840 | 24,824 | ||||||
Moscow Exchange MICEX-RTS PJSC | 29,911 | 55,933 | ||||||
Multi Commodity Exchange of India Ltd. | 583 | 12,013 | ||||||
Nanjing Securities Co. Ltd., Class A | 9,400 | 13,261 | ||||||
NH Investment & Securities Co. Ltd.* | 5,665 | 53,572 | ||||||
Nippon Life India Asset Management Ltd.(a) | 5,244 | 24,139 | ||||||
Noah Holdings Ltd., ADR* | 1,113 | 34,937 | ||||||
Orient Securities Co. Ltd., Class A | 9,400 | 18,120 | ||||||
Orient Securities Co. Ltd., | 20,400 | 15,880 | ||||||
President Securities Corp. | 53,000 | 42,303 | ||||||
PSG Konsult Ltd. | 3,256 | 2,947 | ||||||
Reinet Investments SCA | 4,345 | 85,521 | ||||||
Samsung Securities Co. Ltd. | 2,255 | 74,824 | ||||||
Saratoga Investama Sedaya Tbk. PT | 159,500 | 30,498 | ||||||
SDIC Capital Co. Ltd., Class A | 14,288 | 16,835 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 86,400 | 63,388 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class H(a)(c) | 75,200 | 18,517 | ||||||
Shinyoung Securities Co. Ltd. | 1,320 | 65,808 | ||||||
Sinolink Securities Co. Ltd., Class A | 9,400 | 15,299 | ||||||
Tata Liquid Fund*(b) | 5,000 | | ||||||
UTI Asset Management Co. Ltd. | 1,378 | 16,577 | ||||||
Western Securities Co. Ltd., Class A | 10,000 | 11,940 | ||||||
Woori Investment Bank Co. Ltd.* | 6,985 | 4,664 | ||||||
Woori Technology Investment Co. Ltd.* | 3,763 | 23,193 | ||||||
Yuanta Securities Korea Co. Ltd.* | 44,364 | 127,333 | ||||||
Zheshang Securities Co. Ltd., Class A | 4,700 | 9,104 | ||||||
Zhongtai Securities Co. Ltd., Class A | 15,900 | 21,682 | ||||||
|
| |||||||
6,727,224 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Chemicals - 3.8% | ||||||||
Aarti Industries Ltd. | 4,730 | 62,555 | ||||||
Advanced Petrochemical Co. | 1,686 | 33,658 | ||||||
AECI Ltd. | 56,375 | 415,178 | ||||||
Alkyl Amines Chemicals | 220 | 9,879 | ||||||
Alpek SAB de CV(c) | 201,200 | 240,770 | ||||||
Alujain Holding | 795 | 13,137 | ||||||
Asia Polymer Corp. | 165,000 | 208,223 | ||||||
Asian Paints Ltd. | 9,350 | 394,969 | ||||||
Atul Ltd. | 259 | 33,180 | ||||||
Balaji Amines Ltd. | 742 | 32,366 | ||||||
Barito Pacific Tbk. PT | 474,700 | 29,376 | ||||||
Batu Kawan Bhd. | 6,300 | 34,921 | ||||||
Bayer CropScience Ltd. | 141 | 9,753 | ||||||
Berger Paints India Ltd. | 5,765 | 55,809 | ||||||
Boubyan Petrochemicals Co. KSCP | 7,344 | 22,209 | ||||||
Braskem SA (Preference), Class A | 5,500 | 50,929 | ||||||
Carborundum Universal Ltd. | 5,720 | 67,577 | ||||||
Castrol India Ltd. | 6,655 | 11,121 | ||||||
Chambal Fertilizers and Chemicals Ltd. | 84,590 | 490,213 | ||||||
Chandra Asri Petrochemical Tbk. PT | 41,200 | 25,281 | ||||||
Chemplast Sanmar Ltd.* | 22,110 | 164,175 | ||||||
China Lumena New Materials Corp.*(b) | 22,200 | | ||||||
China Man-Made Fiber Corp. | 689,042 | 232,620 | ||||||
China Petrochemical Development Corp.* | 85,254 | 37,088 | ||||||
China Risun Group Ltd.(a) | 55,000 | 29,836 | ||||||
China Steel Chemical Corp. | 12,000 | 49,184 | ||||||
Chunbo Co. Ltd. | 141 | 30,036 | ||||||
CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A | 5,500 | 8,744 | ||||||
Coromandel International Ltd. | 1,898 | 20,079 | ||||||
D&L Industries, Inc. | 110,800 | 18,476 | ||||||
DCM Shriram Ltd. | 1,375 | 20,848 | ||||||
Deepak Nitrite Ltd. | 1,219 | 36,453 | ||||||
Dongjin Semichem Co. Ltd. | 206 | 6,639 | ||||||
Dongyue Group Ltd.(c) | 42,000 | 50,793 | ||||||
Ecopro Co. Ltd. | 246 | 13,305 | ||||||
Egypt Kuwait Holding Co. SAE* | 32,012 | 44,497 | ||||||
EID Parry India Ltd. | 7,975 | 51,822 | ||||||
Engro Corp. Ltd. | 148,479 | 228,994 | ||||||
Engro Fertilizers Ltd. | 268,556 | 125,074 | ||||||
Fauji Fertilizer Co. Ltd. | 314,972 | 190,371 | ||||||
Finolex Industries Ltd. | 19,195 | 43,073 | ||||||
Foosung Co. Ltd.* | 1,768 | 28,012 | ||||||
Formosa Chemicals & Fibre Corp. | 74,000 | 209,650 | ||||||
Formosa Plastics Corp. | 91,000 | 343,532 | ||||||
Global New Material International Holdings Ltd.* | 55,000 | 36,608 | ||||||
Grand Pacific Petrochemical | 385,000 | 368,196 | ||||||
Guangzhou Tinci Materials Technology Co. Ltd., Class A | 700 | 10,361 |
Investments | Shares | Value ($) | ||||||
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 47,465 | 298,793 | ||||||
Hangzhou Oxygen Plant Group Co. Ltd. | 5,000 | 24,123 | ||||||
Hansol Chemical Co. Ltd.* | 232 | 40,992 | ||||||
Hanwha Solutions Corp.* | 3,452 | 92,349 | ||||||
HDC Holdings Co. Ltd.* | 18,466 | 108,452 | ||||||
Hengli Petrochemical Co. Ltd., Class A | 16,500 | 61,201 | ||||||
Hengyi Petrochemical Co. Ltd., Class A | 14,100 | 22,373 | ||||||
Huabao International Holdings Ltd.(c) | 17,000 | 10,443 | ||||||
Huafon Chemical Co. Ltd., Class A | 5,300 | 7,843 | ||||||
Huchems Fine Chemical Corp.* | 2,002 | 34,875 | ||||||
Hyosung Advanced Materials Corp.* | 55 | 19,299 | ||||||
Hyosung Chemical Corp.* | 878 | 170,793 | ||||||
Hyosung TNC Corp.* | 110 | 37,959 | ||||||
Indorama Ventures PCL, NVDR | 52,500 | 74,899 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 23,500 | 18,201 | ||||||
International CSRC Investment Holdings Co. | 53,000 | 46,971 | ||||||
Jiangsu Eastern Shenghong Co. Ltd., Class A | 5,300 | 13,963 | ||||||
Jubilant Ingrevia Ltd. | 6,490 | 49,778 | ||||||
Kansai Nerolac Paints Ltd. | 2,196 | 16,686 | ||||||
KCC Corp. | 106 | 33,501 | ||||||
Kingfa Sci & Tech Co. Ltd., Class A | 16,200 | 28,861 | ||||||
Kolon Industries, Inc. | 674 | 34,217 | ||||||
Korea Petrochemical Ind Co. Ltd.* | 2,280 | 281,808 | ||||||
KuibyshevAzot PJSC | 9,900 | 47,289 | ||||||
Kumho Petrochemical Co. Ltd.* | 715 | 86,298 | ||||||
LB Group Co. Ltd., Class A | 4,700 | 17,861 | ||||||
LG Chem Ltd.* | 935 | 495,616 | ||||||
LG Chem Ltd. (Preference)* | 170 | 42,659 | ||||||
Linde India Ltd. | 883 | 32,354 | ||||||
Lotte Chemical Corp.* | 550 | 88,967 | ||||||
LOTTE Fine Chemical Co. Ltd. | 397 | 22,394 | ||||||
Luxi Chemical Group Co. Ltd., Class A | 10,800 | 23,889 | ||||||
Mesaieed Petrochemical Holding Co. | 76,751 | 51,329 | ||||||
Miwon Commercial Co. Ltd. | 212 | 32,007 | ||||||
Nan Pao Resins Chemical Co. Ltd. | 19,000 | 94,952 | ||||||
Nan Ya Plastics Corp. | 110,000 | 341,698 | ||||||
Nantex Industry Co. Ltd. | 7,000 | 21,065 | ||||||
National Industrialization Co.* | 5,584 | 33,755 | ||||||
National Petrochemical Co. | 1,669 | 18,817 | ||||||
Navin Fluorine International Ltd. | 1,140 | 60,104 | ||||||
Ningxia Baofeng Energy Group Co. Ltd., Class A | 10,600 | 26,494 | ||||||
Nizhnekamskneftekhim PJSC | 28,600 | 41,597 | ||||||
Nizhnekamskneftekhim PJSC (Preference) | 26,400 | 34,619 | ||||||
OCI Co. Ltd. | 333 | 24,474 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Omnia Holdings Ltd. | 12,375 | 49,020 | ||||||
Orbia Advance Corp. SAB de CV | 33,533 | 78,226 | ||||||
Organichesky Sintez PJSC | 11,550 | 13,338 | ||||||
Oriental Union Chemical Corp.* | 38,000 | 27,734 | ||||||
Petkim Petrokimya Holding A/S* | 57,016 | 36,635 | ||||||
Petronas Chemicals Group Bhd. | 55,000 | 116,820 | ||||||
PhosAgro PJSC | 1,540 | 108,233 | ||||||
PI Advanced Materials Co. Ltd. | 520 | 17,556 | ||||||
PI Industries Ltd. | 1,314 | 42,851 | ||||||
Pidilite Industries Ltd. | 2,750 | 90,527 | ||||||
PTT Global Chemical PCL, NVDR | 43,000 | 72,969 | ||||||
Qurain Petrochemical Industries Co. | 15,408 | 19,788 | ||||||
Rain Industries Ltd. | 98,890 | 284,985 | ||||||
Rongsheng Petrochemical Co. Ltd., Class A | 27,500 | 77,722 | ||||||
SABIC Agri-Nutrients Co. | 4,125 | 185,806 | ||||||
Sahara International Petrochemical Co. | 5,929 | 67,951 | ||||||
Sasa Polyester Sanayi A/S* | 7,379 | 25,786 | ||||||
Sasol Ltd.* | 18,412 | 410,515 | ||||||
Satellite Chemical Co. Ltd., Class A | 2,380 | 15,704 | ||||||
Saudi Basic Industries Corp. | 16,775 | 557,095 | ||||||
Saudi Industrial Investment Group | 4,770 | 43,226 | ||||||
Saudi Kayan Petrochemical Co.* | 17,930 | 93,667 | ||||||
Scientex Bhd. | 26,100 | 28,622 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 6,110 | 28,998 | ||||||
Shanghai Putailai New Energy Technology Co. Ltd., Class A | 1,900 | 42,475 | ||||||
Shin Foong Specialty & Applied Materials Co. Ltd. | 28,000 | 149,996 | ||||||
Shinkong Synthetic Fibers Corp. | 53,000 | 36,586 | ||||||
Sichuan Yahua Industrial Group Co. Ltd., Class A | 5,300 | 19,134 | ||||||
Sinofert Holdings Ltd.*(c) | 990,000 | 132,042 | ||||||
SK Chemicals Co. Ltd.* | 412 | 42,892 | ||||||
SK IE Technology Co. Ltd.*(a) | 550 | 52,468 | ||||||
SKC Co. Ltd.* | 440 | 51,099 | ||||||
Sociedad Quimica y Minera de Chile SA (Preference), Class B | 2,763 | 147,734 | ||||||
Solar Industries India Ltd. | 1,040 | 32,176 | ||||||
Soulbrain Co. Ltd. | 141 | 28,656 | ||||||
Soulbrain Holdings Co. Ltd.* | 3,685 | 88,954 | ||||||
SRF Ltd. | 2,075 | 66,925 | ||||||
Sumitomo Chemical India Ltd. | 2,585 | 13,517 | ||||||
Supreme Industries Ltd. | 1,204 | 33,877 | ||||||
Taekwang Industrial Co. Ltd.* | 110 | 91,522 | ||||||
Taiwan Fertilizer Co. Ltd. | 24,000 | 57,640 | ||||||
Tata Chemicals Ltd. | 3,975 | 49,739 | ||||||
Tongkun Group Co. Ltd., Class A | 9,400 | 30,524 | ||||||
TSRC Corp. | 47,000 | 62,692 | ||||||
Unid Co. Ltd. | 3,025 | 206,769 | ||||||
Unipar Carbocloro SA (Preference) | 2,779 | 49,143 | ||||||
UPL Ltd. | 13,200 | 137,355 | ||||||
USI Corp. | 28,000 | 27,734 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 5,500 | 78,067 |
Investments | Shares | Value ($) | ||||||
Xinjiang Zhongtai Chemical Co. Ltd., Class A(b) | 10,600 | 17,785 | ||||||
Yanbu National Petrochemical Co. | 6,105 | 110,323 | ||||||
Yung Chi Paint & Varnish Manufacturing Co. Ltd. | 41,000 | 107,903 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A | 9,400 | 18,371 | ||||||
|
| |||||||
12,284,060 | ||||||||
|
| |||||||
Commercial Services & Supplies - 0.1% |
| |||||||
China Everbright Environment Group Ltd. | 110,000 | 81,256 | ||||||
Cleanaway Co. Ltd. | 6,000 | 44,977 | ||||||
Dynagreen Environmental Protection Group Co. Ltd., Class H(a) | 50,000 | 23,469 | ||||||
Frontken Corp. Bhd. | 44,000 | 33,535 | ||||||
GPS Participacoes e Empreendimentos SA(d) | 16,500 | 53,136 | ||||||
Indian Railway Catering & Tourism Corp. Ltd. | 6,050 | 70,373 | ||||||
KEPCO Plant Service & Engineering Co. Ltd.* | 954 | 25,680 | ||||||
PNB Holdings Corp.*(b) | 46,815 | 38,340 | ||||||
S-1 Corp. | 347 | 19,516 | ||||||
Saudi Airlines Catering Co.* | 2,585 | 57,461 | ||||||
Taiwan Secom Co. Ltd. | 3,165 | 11,550 | ||||||
|
| |||||||
459,293 | ||||||||
|
| |||||||
Communications Equipment - 0.5% |
| |||||||
Accton Technology Corp. | 10,000 | 95,276 | ||||||
Ace Technologies Corp.* | 705 | 6,638 | ||||||
Addsino Co. Ltd., Class A | 5,300 | 12,323 | ||||||
Advanced Ceramic X Corp. | 2,000 | 22,507 | ||||||
Arcadyan Technology Corp. | 87,000 | 384,734 | ||||||
BYD Electronic International Co. Ltd.(c) | 24,500 | 73,366 | ||||||
D-Link Corp. | 48,760 | 28,838 | ||||||
Glarun Technology Co. Ltd., Class A | 10,600 | 25,528 | ||||||
KMW Co. Ltd. | 563 | 14,992 | ||||||
Seojin System Co. Ltd.* | 795 | 25,522 | ||||||
Sercomm Corp. | 110,000 | 304,523 | ||||||
Sterlite Technologies Ltd. | 11,660 | 31,844 | ||||||
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A | 900 | 5,056 | ||||||
Wistron NeWeb Corp. | 148,000 | 373,006 | ||||||
ZTE Corp., Class A | 4,700 | 22,255 | ||||||
ZTE Corp., Class H | 10,600 | 28,479 | ||||||
|
| |||||||
1,454,887 | ||||||||
|
| |||||||
Construction & Engineering - 1.3% |
| |||||||
BES Engineering Corp. | 105,000 | 33,107 | ||||||
China Communications Services Corp. Ltd., Class H | 1,146,000 | 608,453 | ||||||
China Conch Venture Holdings Ltd.(c) | 55,000 | 261,332 | ||||||
China Energy Engineering Corp. Ltd., Class H(c) | 2,750,000 | 437,317 | ||||||
China Railway Group Ltd., Class A | 47,000 | 45,927 | ||||||
China Railway Group Ltd., | 110,000 | 67,714 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Continental Holdings Corp. | 220,000 | 184,691 | ||||||
CTCI Corp. | 290,000 | 399,853 | ||||||
Daewoo Engineering & Construction Co. Ltd.* | 3,901 | 18,348 | ||||||
DL Construction Co. Ltd.* | 4,290 | 99,109 | ||||||
DL E&C Co. Ltd.* | 715 | 69,098 | ||||||
DL Holdings Co. Ltd.* | 397 | 18,409 | ||||||
Ellaktor SA* | 116,050 | 162,615 | ||||||
Gamuda Bhd.* | 48,221 | 31,913 | ||||||
GEK Terna Holding Real Estate Construction SA* | 1,216 | 12,568 | ||||||
GMR Power and Urban Infra Ltd. - Spun Off*(b) | 4,842 | 3,050 | ||||||
Greentown Management Holdings Co. Ltd.(a) | 53,000 | 41,802 | ||||||
GS Engineering & Construction Corp.* | 2,750 | 89,538 | ||||||
HDC Hyundai Development Co-Engineering & Construction, Class E* | 136 | 1,630 | ||||||
Hyundai Engineering & Construction Co. Ltd.* | 2,556 | 89,476 | ||||||
IJM Corp. Bhd. | 78,400 | 26,598 | ||||||
IS Dongseo Co. Ltd.* | 808 | 31,837 | ||||||
KEC International Ltd. | 6,678 | 44,311 | ||||||
KEPCO Engineering & Construction Co., Inc.* | 382 | 22,372 | ||||||
Larsen & Toubro Ltd. | 14,114 | 361,104 | ||||||
Larsen & Toubro Ltd., GDR(a) | 296 | 7,518 | ||||||
Malaysian Resources Corp. Bhd. | 85,090 | 6,912 | ||||||
Metallurgical Corp. of China Ltd., Class A | 65,800 | 37,938 | ||||||
Metallurgical Corp. of China Ltd., Class H | 106,000 | 28,276 | ||||||
NBCC India Ltd. | 41,870 | 26,175 | ||||||
Power Construction Corp. of China Ltd., Class A | 37,600 | 51,154 | ||||||
Rail Vikas Nigam Ltd.(a) | 215,875 | 104,144 | ||||||
Samsung Engineering Co. Ltd.* | 4,345 | 77,673 | ||||||
Shanghai Construction Group Co. Ltd., Class A | 23,500 | 12,146 | ||||||
Shanghai Tunnel Engineering Co. Ltd., Class A | 14,100 | 11,851 | ||||||
Sichuan Road & Bridge Co. Ltd., Class A | 22,000 | 36,981 | ||||||
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A | 9,400 | 8,521 | ||||||
Tekfen Holding A/S* | 105,270 | 198,369 | ||||||
TY Holdings Co. Ltd.* | 1,908 | 36,641 | ||||||
United Integrated Services Co. Ltd. | 6,000 | 37,643 | ||||||
Voltas Ltd. | 4,455 | 70,644 | ||||||
Waskita Karya Persero Tbk. PT* | 603,196 | 24,535 | ||||||
Wijaya Karya Persero Tbk. PT* | 281,200 | 20,237 | ||||||
Xinte Energy Co. Ltd., Class H(c) | 110,000 | 202,012 | ||||||
|
| |||||||
4,161,542 | ||||||||
|
| |||||||
Construction Materials - 1.7% |
| |||||||
ACC Ltd. | 1,404 | 43,006 | ||||||
Ambuja Cements Ltd. | 11,597 | 56,748 |
Investments | Shares | Value ($) | ||||||
Anhui Conch Cement Co. Ltd., Class A | 11,000 | 67,759 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 43,000 | 226,648 | ||||||
Asia Cement China Holdings Corp.(c) | 200,000 | 138,249 | ||||||
Asia Cement Co. Ltd.* | 825 | 95,126 | ||||||
Asia Cement Corp. | 88,000 | 139,843 | ||||||
BBMG Corp., Class A | 42,300 | 18,208 | ||||||
Birla Corp. Ltd. | 2,530 | 46,135 | ||||||
Cementos Argos SA | 22,735 | 37,373 | ||||||
Cemex SAB de CV*(c) | 535,200 | 326,579 | ||||||
Chia Hsin Cement Corp. | 275,000 | 196,753 | ||||||
China Jushi Co. Ltd., Class A | 5,143 | 13,113 | ||||||
China National Building Material Co. Ltd., Class H | 146,050 | 188,801 | ||||||
China Resources Cement Holdings Ltd. | 68,000 | 58,429 | ||||||
China Tianrui Group Cement Co. Ltd.* | 440,000 | 357,189 | ||||||
CSG Holding Co. Ltd., Class A | 16,200 | 22,600 | ||||||
Dalmia Bharat Ltd. | 1,710 | 40,831 | ||||||
GCC SAB de CV | 7,800 | 54,939 | ||||||
Goldsun Building Materials Co. Ltd. | 55,000 | 50,721 | ||||||
Grasim Industries Ltd. | 6,710 | 155,336 | ||||||
Grupo Argos SA | 168,077 | 688,170 | ||||||
Hanil Cement Co. Ltd. | 14,135 | 216,920 | ||||||
Huaxin Cement Co. Ltd., Class A | 3,700 | 10,817 | ||||||
Huaxin Cement Co. Ltd., Class B | 10,400 | 18,512 | ||||||
Indocement Tunggal Prakarsa Tbk. PT | 32,900 | 25,049 | ||||||
JK Cement Ltd. | 530 | 23,494 | ||||||
Lucky Cement Ltd.* | 5,787 | 22,395 | ||||||
Next Science Co. Ltd.* | 2,640 | 33,835 | ||||||
Nuh Cimento Sanayi A/S | 31,350 | 112,683 | ||||||
Oyak Cimento Fabrikalari A/S* | 164,560 | 111,011 | ||||||
POSCO Chemical Co. Ltd. | 715 | 65,539 | ||||||
Qassim Cement Co. (The) | 2,860 | 60,982 | ||||||
Ramco Cements Ltd. (The) | 2,289 | 26,659 | ||||||
Saudi Cement Co. | 2,022 | 30,180 | ||||||
Semen Indonesia Persero Tbk. PT | 57,600 | 26,934 | ||||||
Shree Cement Ltd. | 220 | 71,544 | ||||||
Siam Cement PCL (The), NVDR | 12,400 | 143,385 | ||||||
Southern Province Cement Co. | 1,634 | 30,442 | ||||||
SSANGYONG C&E Co. Ltd. | 290 | 1,835 | ||||||
Taiwan Cement Corp. | 181,452 | 305,638 | ||||||
Tangshan Jidong Cement Co. Ltd., Class A | 4,700 | 8,462 | ||||||
Tipco Asphalt PCL, NVDR | 340,800 | 185,267 | ||||||
TPI Polene PCL, NVDR | 2,694,600 | 144,867 | ||||||
UltraTech Cement Ltd. | 2,367 | 228,902 | ||||||
Union Andina de Cementos SAA | 417,120 | 269,576 | ||||||
Universal Cement Corp. | 220,000 | 168,476 | ||||||
Yamama Cement Co.* | 3,763 | 27,080 | ||||||
Yanbu Cement Co. | 2,888 | 29,943 | ||||||
|
| |||||||
5,422,983 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Consumer Finance - 0.7% |
| |||||||
360 DigiTech, Inc., ADR(c) | 3,465 | 68,572 | ||||||
AEON Credit Service M Bhd. | 49,500 | 173,614 | ||||||
Bajaj Finance Ltd. | 5,225 | 490,151 | ||||||
BFI Finance Indonesia Tbk. PT | 616,000 | 55,895 | ||||||
Cholamandalam Investment and Finance Co. Ltd. | 8,525 | 71,915 | ||||||
CreditAccess Grameen Ltd.* | 1,166 | 9,812 | ||||||
Differ Group Holding Co. Ltd.*(c) | 220,000 | 63,764 | ||||||
FinVolution Group, ADR | 63,305 | 250,055 | ||||||
Krungthai Card PCL, NVDR | 21,200 | 38,204 | ||||||
Lufax Holding Ltd., ADR* | 22,330 | 110,980 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 20,141 | 43,603 | ||||||
Manappuram Finance Ltd. | 257,329 | 543,814 | ||||||
Muthoot Finance Ltd. | 2,226 | 43,481 | ||||||
Poonawalla Fincorp Ltd.* | 5,720 | 21,750 | ||||||
Samsung Card Co. Ltd. | 1,140 | 29,268 | ||||||
SBI Cards & Payment Services Ltd.* | 5,555 | 65,471 | ||||||
Shriram City Union Finance Ltd. | 1,925 | 45,822 | ||||||
Shriram Transport Finance Co. Ltd. | 5,060 | 83,295 | ||||||
Srisawad Corp. PCL, NVDR | 26,403 | 47,778 | ||||||
Sundaram Finance Ltd. | 1,445 | 43,709 | ||||||
Transaction Capital Ltd. | 17,050 | 47,976 | ||||||
Yixin Group Ltd.*(a) | 15,500 | 2,505 | ||||||
Yulon Finance Corp. | 1,391 | 8,727 | ||||||
|
| |||||||
2,360,161 | ||||||||
|
| |||||||
Containers & Packaging - 0.2% |
| |||||||
Cheng Loong Corp. | 16,000 | 19,587 | ||||||
Klabin SA | 16,500 | 77,311 | ||||||
Polyplex Thailand PCL, NVDR | 178,000 | 128,308 | ||||||
SCG Packaging PCL, NVDR | 36,400 | 68,055 | ||||||
Taiwan Hon Chuan Enterprise Co. Ltd. | 128,000 | 327,662 | ||||||
Ton Yi Industrial Corp. | 53,000 | 26,487 | ||||||
Yunnan Energy New Material Co. Ltd. | 900 | 35,926 | ||||||
|
| |||||||
683,336 | ||||||||
|
| |||||||
Distributors - 0.1% | ||||||||
Wuchan Zhongda Group Co. Ltd., Class A | 13,800 | 11,425 | ||||||
Xinhua Winshare Publishing and Media Co. Ltd., Class H | 215,000 | 162,128 | ||||||
|
| |||||||
173,553 | ||||||||
|
| |||||||
Diversified Consumer Services - 0.2% |
| |||||||
17 Education & Technology Group, Inc., ADR* | 1 | 1 | ||||||
Advtech Ltd. | 48,675 | 48,486 | ||||||
Cairo Investment & Real Estate Development Co. SAE | 14,617 | 12,096 | ||||||
China Education Group Holdings Ltd.(a) | 26,000 | 22,674 | ||||||
China Kepei Education Group | 220,000 | 70,817 | ||||||
China Yuhua Education Corp. | 766,000 | 166,019 | ||||||
Cogna Educacao* | 33,000 | 16,034 |
Investments | Shares | Value ($) | ||||||
Fu Shou Yuan International Group Ltd. | 55,000 | 43,026 | ||||||
Hope Education Group Co. | 202,000 | 25,906 | ||||||
Humansoft Holding Co. KSC | 1,431 | 14,716 | ||||||
Lung Yen Life Service Corp. | 2,000 | 3,078 | ||||||
New Oriental Education & Technology Group, Inc.* | 60,500 | 81,933 | ||||||
Offcn Education Technology Co. Ltd., Class A* | 4,700 | 4,873 | ||||||
TAL Education Group, ADR* | 22,310 | 63,807 | ||||||
Tianli Education International Holdings Ltd.(a)(b)(c) | 106,000 | 14,280 | ||||||
YDUQS Participacoes SA | 10,500 | 43,720 | ||||||
|
| |||||||
631,466 | ||||||||
|
| |||||||
Diversified Financial Services - 0.8% |
| |||||||
AVIC Industry-Finance Holdings Co. Ltd., Class A | 23,500 | 14,029 | ||||||
Bajaj Finserv Ltd. | 704 | 148,018 | ||||||
Bajaj Holdings & Investment Ltd. | 750 | 51,865 | ||||||
Chailease Holding Co. Ltd. | 29,883 | 270,208 | ||||||
China Shandong Hi-Speed Financial Group Ltd.*(c) | 306,000 | 28,255 | ||||||
Corp. Financiera Colombiana SA* | 3,252 | 24,559 | ||||||
Far East Horizon Ltd.(c) | 55,000 | 47,047 | ||||||
FirstRand Ltd. | 188,925 | 753,624 | ||||||
Grupo de Inversiones Suramericana SA(b) | 12,216 | 118,454 | ||||||
Grupo de Inversiones Suramericana SA (Preference) | 42 | 306 | ||||||
Haci Omer Sabanci Holding A/S | 54,426 | 61,625 | ||||||
L&T Finance Holdings Ltd.* | 26,381 | 26,444 | ||||||
Meritz Financial Group, Inc.* | 947 | 34,172 | ||||||
Metro Pacific Investments Corp. | 381,000 | 28,776 | ||||||
National Investments Co. | 124,465 | 114,644 | ||||||
NICE Holdings Co. Ltd.* | 9,033 | 126,634 | ||||||
Piramal Enterprises Ltd. | 2,322 | 74,417 | ||||||
Power Finance Corp. Ltd. | 40,192 | 65,548 | ||||||
REC Ltd. | 22,048 | 40,966 | ||||||
Remgro Ltd. | 15,345 | 131,578 | ||||||
Yuanta Financial Holding Co. Ltd. | 440,000 | 399,439 | ||||||
|
| |||||||
2,560,608 | ||||||||
|
| |||||||
Diversified Telecommunication Services - 1.2% |
| |||||||
AL Yah Satellite Communications Co. PJSC* | 43,340 | 31,740 | ||||||
Asia Pacific Telecom Co. Ltd.* | 68,164 | 19,483 | ||||||
China Tower Corp. Ltd., Class H(a) | 880,000 | 106,085 | ||||||
Chunghwa Telecom Co. Ltd. | 81,000 | 342,184 | ||||||
CITIC Telecom International Holdings Ltd. | 802,000 | 292,102 | ||||||
Converge Information and Communications Technology Solutions, Inc.* | 60,500 | 36,377 | ||||||
Emirates Telecommunications Group Co. PJSC | 36,080 | 325,138 | ||||||
Hellenic Telecommunications Organization SA | 8,305 | 160,735 | ||||||
HFCL Ltd. | 22,055 | 23,452 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Indus Towers Ltd. | 18,920 | 64,032 | ||||||
KT Corp. | 3,575 | 92,674 | ||||||
LG Uplus Corp. | 8,377 | 89,989 | ||||||
Link Net Tbk. PT | 489,500 | 150,097 | ||||||
Magyar Telekom Telecommunications plc | 186,264 | 246,094 | ||||||
Oi SA* | 97,700 | 19,687 | ||||||
Ooredoo QPSC | 38,060 | 75,995 | ||||||
Rostelecom PJSC | 33,770 | 32,388 | ||||||
Rostelecom PJSC (Preference) | 15,392 | 14,146 | ||||||
Sarana Menara Nusantara Tbk. PT | 315,700 | 22,500 | ||||||
Saudi Telecom Co. | 12,320 | 385,503 | ||||||
Tata Communications Ltd. | 1,646 | 28,307 | ||||||
Tata Teleservices Maharashtra Ltd.* | 23,925 | 47,836 | ||||||
Telefonica Brasil SA | 16,689 | 156,141 | ||||||
Telekom Malaysia Bhd. | 48,000 | 58,029 | ||||||
Telesites SAB de CV(c) | 22,200 | 23,416 | ||||||
Telkom Indonesia Persero Tbk. PT | 1,595,000 | 464,682 | ||||||
Telkom SA SOC Ltd.* | 152,032 | 487,446 | ||||||
TIME dotCom Bhd. | 9,000 | 9,160 | ||||||
Tower Bersama Infrastructure Tbk. PT | 121,300 | 24,290 | ||||||
True Corp. PCL, NVDR | 380,700 | 55,113 | ||||||
Turk Telekomunikasyon A/S | 19,746 | 14,101 | ||||||
|
| |||||||
3,898,922 | ||||||||
|
| |||||||
Electric Utilities - 1.2% | ||||||||
Adani Transmission Ltd.* | 5,667 | 149,675 | ||||||
Alupar Investimento SA | 3,500 | 16,768 | ||||||
Celsia SA ESP | 219,505 | 244,285 | ||||||
Centrais Eletricas Brasileiras SA | 12,900 | 85,733 | ||||||
Centrais Eletricas Brasileiras SA (Preference), Class B | 11,000 | 71,427 | ||||||
CESC Ltd. | 328,110 | 372,420 | ||||||
CEZ A/S | 5,665 | 209,823 | ||||||
Cia de Transmissao de Energia Eletrica Paulista (Preference) | 5,200 | 23,660 | ||||||
Cia Energetica de Minas Gerais | 7,197 | 25,237 | ||||||
Cia Energetica de Minas Gerais (Preference) | 40,194 | 99,387 | ||||||
Cia Paranaense de Energia | 5,500 | 36,138 | ||||||
CPFL Energia SA | 4,700 | 25,607 | ||||||
EDP - Energias do Brasil SA | 9,400 | 37,954 | ||||||
Enel Americas SA | 816,974 | 96,398 | ||||||
Enel Chile SA | 211,903 | 8,324 | ||||||
Energisa SA | 4,800 | 39,458 | ||||||
Enerjisa Enerji A/S(a) | 7,676 | 8,445 | ||||||
Engie Energia Chile SA | 165,495 | 134,700 | ||||||
Equatorial Energia SA | 27,500 | 118,908 | ||||||
Federal Grid Co. Unified Energy System PJSC | 12,705,298 | 23,429 | ||||||
First Philippine Holdings Corp. | 86,900 | 119,333 | ||||||
Holding Co. ADMIE IPTO SA(c) | 59,575 | 167,627 | ||||||
Inter RAO UES PJSC | 1,596,292 | 79,632 | ||||||
Interconexion Electrica SA ESP | 14,520 | 86,929 | ||||||
Korea Electric Power Corp. | 8,525 | 145,678 | ||||||
Manila Electric Co. | 12,350 | 81,162 | ||||||
Mosenergo PJSC | 4,455,000 | 121,535 |
Investments | Shares | Value ($) | ||||||
Neoenergia SA | 4,700 | 14,551 | ||||||
Power Grid Corp. of India Ltd. | 119,072 | 343,705 | ||||||
Public Power Corp. SA* | 2,126 | 20,544 | ||||||
ROSSETI PJSC | 1,466,436 | 19,772 | ||||||
RusHydro PJSC | 2,361,000 | 22,324 | ||||||
Saudi Electricity Co. | 26,510 | 185,476 | ||||||
SGC Energy Co. Ltd.* | 3,795 | 159,292 | ||||||
SJVN Ltd. | 254,705 | 104,616 | ||||||
Tata Power Co. Ltd. (The) | 36,575 | 120,597 | ||||||
Tenaga Nasional Bhd. | 100,900 | 220,820 | ||||||
Torrent Power Ltd. | 4,645 | 33,968 | ||||||
Transmissora Alianca de Energia Eletrica SA | 5,800 | 41,692 | ||||||
|
| |||||||
3,917,029 | ||||||||
|
| |||||||
Electrical Equipment - 1.0% | ||||||||
ABB India Ltd. | 427 | 13,167 | ||||||
AcBel Polytech, Inc. | 207,000 | 237,781 | ||||||
Advanced Energy Solution Holding Co. Ltd. | 1,000 | 53,211 | ||||||
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA* | 5,500 | 6,681 | ||||||
Amara Raja Batteries Ltd. | 1,222 | 10,140 | ||||||
Bharat Heavy Electricals Ltd.* | 45,044 | 35,010 | ||||||
CG Power & Industrial Solutions Ltd.* | 23,540 | 55,063 | ||||||
Chicony Power Technology Co. Ltd. | 71,000 | 201,406 | ||||||
China High Speed Transmission Equipment Group Co. Ltd.*(c) | 220,000 | 152,638 | ||||||
Chung-Hsin Electric & Machinery Manufacturing Corp. | 193,000 | 291,436 | ||||||
CS Wind Corp. | 86 | 3,381 | ||||||
Dongfang Electric Corp. Ltd., Class A | 9,400 | 25,326 | ||||||
Doosan Fuel Cell Co. Ltd.* | 690 | 19,690 | ||||||
Doosan Heavy Industries & Construction Co. Ltd.* | 5,500 | 80,755 | ||||||
Ecopro BM Co. Ltd. | 220 | 59,914 | ||||||
ElSewedy Electric Co. | 265,033 | 155,038 | ||||||
Fangda Carbon New Material Co. Ltd., Class A | 5,300 | 7,985 | ||||||
Finolex Cables Ltd. | 3,245 | 21,588 | ||||||
Gotion High-tech Co. Ltd., | 4,600 | 28,906 | ||||||
Graphite India Ltd. | 5 | 33 | ||||||
Havells India Ltd. | 4,620 | 73,328 | ||||||
HEG Ltd. | 1,060 | 21,598 | ||||||
Hitachi Energy India Ltd. | 371 | 15,521 | ||||||
Hyosung Heavy Industries Corp.* | 2,530 | 110,182 | ||||||
Hyundai Electric & Energy System Co. Ltd.* | 11,440 | 165,598 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A | 16,500 | 43,082 | ||||||
KEI Industries Ltd. | 1,595 | 23,003 | ||||||
Korea Electric Terminal Co. Ltd. | 3,355 | 177,839 | ||||||
Kung Long Batteries Industrial Co. Ltd. | 1,000 | 4,926 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
LS Corp.* | 1,320 | 54,694 | ||||||
LS Electric Co. Ltd.* | 456 | 18,459 | ||||||
Ming Yang Smart Energy Group Ltd., Class A | 4,500 | 18,070 | ||||||
NARI Technology Co. Ltd., Class A | 12,400 | 68,182 | ||||||
Polycab India Ltd. | 990 | 33,484 | ||||||
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A/S | 21,560 | 29,217 | ||||||
Shanghai Electric Group Co. Ltd., Class A | 24,000 | 16,137 | ||||||
Shanghai Electric Group Co. Ltd., Class H | 94,000 | 25,798 | ||||||
Shanghai Liangxin Electrical Co. Ltd., Class A | 6,500 | 16,073 | ||||||
Ta Ya Electric Wire & Cable | 53,640 | 44,067 | ||||||
Taihan Electric Wire Co. Ltd.*(b) | 7,810 | 11,402 | ||||||
Tatung Co. Ltd.* | 46,000 | 47,465 | ||||||
TBEA Co. Ltd., Class A | 10,600 | 31,057 | ||||||
Teco Electric and Machinery Co. Ltd. | 22,000 | 23,175 | ||||||
V-Guard Industries Ltd. | 11,448 | 33,083 | ||||||
Voltronic Power Technology Corp. | 1,458 | 73,912 | ||||||
Walsin Lihwa Corp. | 99,000 | 91,475 | ||||||
WEG SA | 27,500 | 166,554 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 10,600 | 24,862 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 28,200 | 48,823 | ||||||
Zhefu Holding Group Co. Ltd., Class A | 21,200 | 19,950 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 4,700 | 35,073 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 12,400 | 64,882 | ||||||
|
| |||||||
3,090,120 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 4.0% |
| |||||||
AAC Technologies Holdings, | 14,000 | 42,283 | ||||||
Apex International Co. Ltd. | 68,000 | 277,486 | ||||||
Asia Optical Co., Inc.* | 17,000 | 51,341 | ||||||
AU Optronics Corp. | 275,000 | 199,225 | ||||||
Aurora Corp. | 8,900 | 28,670 | ||||||
Avary Holding Shenzhen Co. Ltd., Class A | 4,700 | 26,810 | ||||||
BH Co. Ltd. | 11,880 | 210,893 | ||||||
BOE Technology Group Co. Ltd., Class A | 127,000 | 96,766 | ||||||
Career Technology MFG. Co. Ltd.* | 22,556 | 18,814 | ||||||
Chang Wah Electromaterials, Inc. | 32,000 | 40,555 | ||||||
Cheng Uei Precision Industry Co. Ltd. | 180,000 | 243,978 | ||||||
Chroma ATE, Inc. | 8,000 | 60,977 | ||||||
Compeq Manufacturing Co. Ltd. | 40,000 | 60,401 | ||||||
Coretronic Corp. | 23,000 | 61,771 | ||||||
Co-Tech Development Corp. | 16,000 | 38,829 | ||||||
Daeduck Electronics Co. Ltd. | 2,067 | 37,551 |
Investments | Shares | Value ($) | ||||||
Daejoo Electronic Materials Co. Ltd.* | 467 | 34,013 | ||||||
Delta Electronics Thailand PCL, NVDR | 10,600 | 110,473 | ||||||
Delta Electronics, Inc. | 39,000 | 375,782 | ||||||
Dynapack International Technology Corp. | 66,000 | 240,850 | ||||||
E Ink Holdings, Inc. | 16,000 | 84,274 | ||||||
Elite Material Co. Ltd. | 5,000 | 47,548 | ||||||
Erajaya Swasembada Tbk. PT | 3,899,500 | 149,126 | ||||||
FLEXium Interconnect, Inc.* | 10,000 | 34,731 | ||||||
Foxconn Industrial Internet Co. Ltd., Class A | 38,500 | 67,197 | ||||||
Foxconn Technology Co. Ltd. | 32,000 | 69,030 | ||||||
General Interface Solution Holding Ltd. | 5,000 | 17,096 | ||||||
Genius Electronic Optical Co. Ltd. | 2,237 | 37,801 | ||||||
Global Brands Manufacture Ltd. | 149,800 | 189,310 | ||||||
GoerTek, Inc., Class A | 4,700 | 34,755 | ||||||
Gold Circuit Electronics Ltd. | 17,000 | 46,024 | ||||||
Hana Microelectronics PCL, NVDR | 2,900 | 6,053 | ||||||
Hannstar Board Corp. | 147,000 | 219,861 | ||||||
HannStar Display Corp. | 39,000 | 22,505 | ||||||
Hengdian Group DMEGC Magnetics Co. Ltd., Class A | 5,100 | 12,723 | ||||||
Hollysys Automation Technologies Ltd.* | 28,710 | 379,259 | ||||||
Holy Stone Enterprise Co. Ltd. | 69,000 | 286,528 | ||||||
Hon Hai Precision Industry Co. Ltd. | 420,000 | 1,540,232 | ||||||
Honeywell Automation India Ltd. | 32 | 18,358 | ||||||
Huagong Tech Co. Ltd., Class A | 4,700 | 18,053 | ||||||
Iljin Materials Co. Ltd.* | 477 | 37,076 | ||||||
Inari Amertron Bhd. | 71,600 | 56,452 | ||||||
Innolux Corp. | 385,000 | 234,621 | ||||||
KCE Electronics PCL, NVDR | 2,600 | 5,603 | ||||||
Kingboard Holdings Ltd. | 25,500 | 122,798 | ||||||
Kingboard Laminates Holdings Ltd. | 37,500 | 63,770 | ||||||
L&F Co. Ltd. | 550 | 77,014 | ||||||
Largan Precision Co. Ltd. | 2,000 | 145,970 | ||||||
LG Display Co. Ltd. | 7,134 | 116,582 | ||||||
LG Innotek Co. Ltd. | 495 | 145,153 | ||||||
Lingyi iTech Guangdong Co., Class A* | 15,900 | 15,337 | ||||||
Lotes Co. Ltd. | 2,299 | 58,934 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 11,000 | 80,633 | ||||||
Mcnex Co. Ltd. | 1,130 | 48,181 | ||||||
Merry Electronics Co. Ltd. | 99,235 | 316,821 | ||||||
MH Development Ltd.*(b) | 22,000 | | ||||||
Nan Ya Printed Circuit Board Corp. | 5,000 | 84,849 | ||||||
OFILM Group Co. Ltd., Class A* | 4,700 | 5,877 | ||||||
Park Systems Corp.* | 371 | 37,085 | ||||||
Partron Co. Ltd. | 18,500 | 197,968 | ||||||
Primax Electronics Ltd. | 196,000 | 374,890 | ||||||
Raytron Technology Co. Ltd., Class A | 2,491 | 24,693 | ||||||
Redington India Ltd. | 234,905 | 510,276 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Samsung Electro-Mechanics Co. Ltd. | 2,090 | 308,602 | ||||||
Samsung SDI Co. Ltd. | 1,100 | 532,891 | ||||||
SAMT Co. Ltd.* | 30,030 | 98,771 | ||||||
Sang-A Frontec Co. Ltd. | 275 | 9,171 | ||||||
Shengyi Technology Co. Ltd., Class A | 4,700 | 14,435 | ||||||
Shenzhen Kaifa Technology Co. Ltd., Class A | 4,700 | 9,813 | ||||||
Shenzhen Kinwong Electronic Co. Ltd., Class A | 5,000 | 26,558 | ||||||
Simplo Technology Co. Ltd. | 5,200 | 58,704 | ||||||
Sinbon Electronics Co. Ltd. | 3,000 | 28,852 | ||||||
SOLUM Co. Ltd.* | 1,802 | 33,932 | ||||||
Solus Advanced Materials Co. Ltd.* | 329 | 18,449 | ||||||
Speed Tech Corp. | 55,000 | 142,374 | ||||||
Sunny Optical Technology Group Co. Ltd. | 14,100 | 361,110 | ||||||
Supreme Electronics Co. Ltd. | 196,331 | 340,936 | ||||||
Synnex Technology International Corp. | 57,000 | 138,535 | ||||||
Taiwan PCB Techvest Co. Ltd. | 110,000 | 184,296 | ||||||
Taiwan Union Technology Corp. | 127,000 | 417,793 | ||||||
Tianma Microelectronics Co. Ltd., Class A | 9,400 | 17,559 | ||||||
Tong Hsing Electronic Industries Ltd. | 3,022 | 28,738 | ||||||
Tripod Technology Corp. | 14,000 | 64,428 | ||||||
Truly International Holdings Ltd. | 880,000 | 352,111 | ||||||
Unimicron Technology Corp. | 24,000 | 172,575 | ||||||
Unisplendour Corp. Ltd., Class A | 6,580 | 21,781 | ||||||
Universal Scientific Industrial Shanghai Co. Ltd., Class A | 4,700 | 10,160 | ||||||
Vidente Co. Ltd.* | 1,431 | 17,212 | ||||||
VS Industry Bhd. | 45,600 | 13,074 | ||||||
Wah Lee Industrial Corp. | 85,640 | 307,903 | ||||||
Walsin Technology Corp.* | 9,378 | 50,744 | ||||||
Wingtech Technology Co. Ltd., Class A | 3,100 | 52,110 | ||||||
Wintek Corp.*(b) | 64,000 | | ||||||
WPG Holdings Ltd. | 55,440 | 108,432 | ||||||
WT Microelectronics Co. Ltd. | 14,000 | 42,784 | ||||||
Wuhan Guide Infrared Co. Ltd., Class A | 6,580 | 21,719 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A | 5,170 | 14,027 | ||||||
Yageo Corp. | 32,892 | 542,800 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 2,900 | 8,693 | ||||||
Zhen Ding Technology Holding Ltd. | 23,150 | 78,487 | ||||||
|
| |||||||
12,949,074 | ||||||||
|
| |||||||
Energy Equipment & Services - 0.1% |
| |||||||
Bumi Armada Bhd.* | 1,743,500 | 229,106 | ||||||
China Oilfield Services Ltd., Class A | 9,400 | 20,896 |
Investments | Shares | Value ($) | ||||||
China Oilfield Services Ltd., | 18,000 | 17,567 | ||||||
Dialog Group Bhd. | 51,700 | 31,622 | ||||||
Serba Dinamik Holdings Bhd.(b) | 54,180 | 4,314 | ||||||
|
| |||||||
303,505 | ||||||||
|
| |||||||
Entertainment - 0.9% | ||||||||
Alibaba Pictures Group Ltd.* | 160,000 | 18,057 | ||||||
Archosaur Games, Inc.(a)(c) | 110,000 | 115,254 | ||||||
Bilibili, Inc., Class Z*(c) | 4,400 | 137,007 | ||||||
CJ CGV Co. Ltd.* | 1,732 | 30,675 | ||||||
CMGE Technology Group Ltd.*(c) | 660,000 | 255,619 | ||||||
Com2uSCorp | 133 | 13,294 | ||||||
Devsisters Co. Ltd. | 495 | 28,620 | ||||||
DouYu International Holdings Ltd., ADR*(c) | 1,081 | 2,270 | ||||||
Fire Rock Holdings Ltd. | 106,000 | 10,060 | ||||||
Giantstep, Inc.* | 1,650 | 62,345 | ||||||
GOLFZON Co. Ltd.* | 1,650 | 218,722 | ||||||
HYBE Co. Ltd.* | 385 | 75,691 | ||||||
International Games System Co. Ltd. | 1,000 | 25,491 | ||||||
iQIYI, Inc., ADR*(c) | 1,686 | 6,879 | ||||||
JYP Entertainment Corp.* | 1,094 | 37,208 | ||||||
Kakao Games Corp.* | 611 | 33,300 | ||||||
Kingsoft Corp. Ltd. | 16,000 | 71,304 | ||||||
Krafton, Inc.* | 110 | 25,048 | ||||||
NCSoft Corp.* | 311 | 138,280 | ||||||
Neowiz* | 7,535 | 160,326 | ||||||
NetDragon Websoft Holdings Ltd. | 120,500 | 303,508 | ||||||
NetEase, Inc. | 39,500 | 783,663 | ||||||
Netmarble Corp.*(a) | 410 | 37,242 | ||||||
NHN Corp.* | 630 | 17,795 | ||||||
Pearl Abyss Corp.* | 990 | 77,360 | ||||||
Perfect World Co. Ltd., Class A | 4,100 | 8,766 | ||||||
PVR Ltd.* | 2,703 | 57,534 | ||||||
SM Entertainment Co. Ltd.* | 699 | 34,153 | ||||||
SMI Holdings Group Ltd.*(b) | 72,000 | | ||||||
Tencent Music Entertainment Group, ADR* | 7,897 | 48,803 | ||||||
Webzen, Inc.* | 474 | 8,650 | ||||||
Wemade Co. Ltd. | 488 | 47,120 | ||||||
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A | 4,700 | 18,341 | ||||||
Wysiwyg Studios Co. Ltd.* | 1,485 | 38,619 | ||||||
XD, Inc.*(a)(c) | 8,000 | 29,958 | ||||||
XPEC Entertainment, Inc.*(b) | 14,800 | | ||||||
YG Entertainment, Inc. | 1,100 | 44,712 | ||||||
Zhejiang Century Huatong Group Co. Ltd., Class A* | 11,280 | 12,032 | ||||||
|
| |||||||
3,033,706 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) - 1.1% |
| |||||||
Axis REIT | 99,000 | 43,995 | ||||||
Concentradora Fibra Danhos SA de CV(c) | 395,100 | 425,160 | ||||||
CPN Retail Growth Leasehold REIT* | 44,100 | 24,371 | ||||||
Embassy Office Parks REIT | 9,600 | 47,350 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S | 1,052,700 | 189,110 | ||||||
Equites Property Fund Ltd. | 27,560 | 38,089 | ||||||
ESR Kendall Square REIT Co. Ltd. | 10,945 | 52,841 | ||||||
Fibra Uno Administracion SA de CV(c) | 104,500 | 107,288 | ||||||
Fortress REIT Ltd., Class A | 31,313 | 26,091 | ||||||
Growthpoint Properties Ltd. | 90,241 | 85,108 | ||||||
Hyprop Investments Ltd. | 167,910 | 389,221 | ||||||
IGB REIT | 6,200 | 2,281 | ||||||
JR Global Reit | 58,850 | 255,318 | ||||||
KLCCP Stapled Group | 6,900 | 10,551 | ||||||
Korea Asset In Trust Co. Ltd.* | 27,225 | 81,076 | ||||||
LOTTE Reit Co. Ltd. | 1,828 | 7,855 | ||||||
MREIT, Inc. | 42,200 | 18,627 | ||||||
Pavilion REIT | 15,000 | 4,515 | ||||||
PLA Administradora Industrial S de RL de CV | 375,600 | 525,138 | ||||||
Prologis Property Mexico SA de CV(c) | 10,400 | 25,843 | ||||||
Redefine Properties Ltd. | 274,972 | 72,698 | ||||||
Resilient REIT Ltd.(c) | 159,225 | 619,814 | ||||||
Sunway REIT | 39,400 | 13,085 | ||||||
Vukile Property Fund Ltd. | 451,550 | 345,303 | ||||||
Yuexiu REIT | 72,610 | 30,450 | ||||||
|
| |||||||
3,441,178 | ||||||||
|
| |||||||
Food & Staples Retailing - 0.9% |
| |||||||
Abdullah Al Othaim Markets Co. | 944 | 26,670 | ||||||
Al Meera Consumer Goods Co. QSC | 1,990 | 10,696 | ||||||
Atacadao SA | 7,700 | 24,173 | ||||||
Avenue Supermarts Ltd.*(a) | 3,245 | 178,915 | ||||||
Berli Jucker PCL | 500 | 477 | ||||||
Berli Jucker PCL, NVDR | 13,800 | 13,160 | ||||||
BGF retail Co. Ltd.* | 239 | 32,118 | ||||||
Bid Corp. Ltd. | 6,160 | 131,936 | ||||||
BIM Birlesik Magazalar A/S | 19,666 | 103,127 | ||||||
Cencosud SA | 49,665 | 91,724 | ||||||
Cia Brasileira de Distribuicao | 77,930 | 332,120 | ||||||
Clicks Group Ltd. | 4,675 | 89,185 | ||||||
Cosco Capital, Inc. | 1,146,400 | 117,845 | ||||||
CP ALL PCL, NVDR | 72,000 | 135,696 | ||||||
Dis-Chem Pharmacies Ltd.(a) | 17,784 | 40,983 | ||||||
Dongsuh Cos., Inc. | 859 | 18,028 | ||||||
E-MART, Inc. | 605 | 66,246 | ||||||
Grupo Comercial Chedraui SA de CV | 60,500 | 121,621 | ||||||
GS Retail Co. Ltd.* | 1,333 | 29,794 | ||||||
Hyundai Greenfood Co. Ltd.* | 21,540 | 136,512 | ||||||
InRetail Peru Corp.(a) | 848 | 29,680 | ||||||
Magnit PJSC | 2,296 | 148,761 | ||||||
Migros Ticaret A/S* | 152 | 462 | ||||||
Organizacion Soriana SAB de CV, Class B(c) | 31,000 | 34,980 | ||||||
Philippine Seven Corp.* | 5,321 | 9,186 | ||||||
Pick n Pay Stores Ltd. | 6,784 | 22,365 | ||||||
President Chain Store Corp. | 13,000 | 123,858 | ||||||
Puregold Price Club, Inc. | 26,060 | 18,967 |
Investments | Shares | Value ($) | ||||||
Raia Drogasil SA | 20,900 | 91,157 | ||||||
Sendas Distribuidora SA | 27,500 | 64,892 | ||||||
Shoprite Holdings Ltd. | 10,010 | 135,889 | ||||||
Sok Marketler Ticaret A/S | 7,298 | 7,888 | ||||||
SPAR Group Ltd. (The) | 3,102 | 33,819 | ||||||
Sumber Alfaria Trijaya Tbk. PT | 445,200 | 36,063 | ||||||
Sun Art Retail Group Ltd.(c) | 24,000 | 8,741 | ||||||
Wal-Mart de Mexico SAB de CV | 104,500 | 354,963 | ||||||
Yonghui Superstores Co. Ltd., Class A | 26,500 | 16,153 | ||||||
|
| |||||||
2,838,850 | ||||||||
|
| |||||||
Food Products - 3.0% | ||||||||
Agthia Group PJSC | 11,024 | 15,067 | ||||||
Alicorp SAA | 206,360 | 369,446 | ||||||
Almarai Co. JSC | 5,995 | 78,455 | ||||||
Astra Agro Lestari Tbk. PT | 20,800 | 14,318 | ||||||
Avanti Feeds Ltd. | 507 | 4,063 | ||||||
AVI Ltd. | 8,984 | 44,258 | ||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A | 5,300 | 7,619 | ||||||
Binggrae Co. Ltd.* | 2,808 | 124,153 | ||||||
Bombay Burmah Trading Co. | 2,394 | 34,924 | ||||||
BRF SA* | 6,100 | 25,652 | ||||||
Britannia Industries Ltd. | 2,183 | 103,421 | ||||||
Century Pacific Food, Inc. | 17,700 | 9,827 | ||||||
Charoen Pokphand Enterprise | 93,000 | 276,853 | ||||||
Charoen Pokphand Foods PCL, NVDR | 83,200 | 63,097 | ||||||
Charoen Pokphand Indonesia Tbk. PT | 134,300 | 58,830 | ||||||
Cherkizovo Group PJSC | 2,594 | 100,386 | ||||||
China Feihe Ltd.(a) | 55,000 | 76,037 | ||||||
China Huiyuan Juice Group Ltd.*(b) | 24,000 | | ||||||
China Mengniu Dairy Co. Ltd.* | 55,000 | 324,461 | ||||||
China Modern Dairy Holdings Ltd.(c) | 1,870,000 | 316,561 | ||||||
China Youran Dairy Group | 385,000 | 212,804 | ||||||
Chongqing Fuling Zhacai Group Co. Ltd., Class A | 5,000 | 24,665 | ||||||
CJ CheilJedang Corp.* | 349 | 100,169 | ||||||
CJ CheilJedang Corp. (Preference)* | 104 | 13,070 | ||||||
COFCO Joycome Foods | 1,100,000 | 451,424 | ||||||
Daesang Corp.* | 11,330 | 208,179 | ||||||
Dali Foods Group Co. Ltd.(a) | 45,500 | 26,258 | ||||||
Dongwon F&B Co. Ltd.* | 582 | 86,660 | ||||||
Dongwon Industries Co. Ltd.* | 550 | 99,917 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 4,550 | 68,950 | ||||||
Genting Plantations Bhd. | 10,400 | 16,002 | ||||||
Great Wall Enterprise Co. Ltd. | 38,000 | 71,317 | ||||||
Gruma SAB de CV, Class B | 5,225 | 68,270 | ||||||
Grupo Bimbo SAB de CV, | 33,000 | 103,224 | ||||||
Grupo Nutresa SA(b) | 3,592 | 30,617 | ||||||
Guangdong Haid Group Co. Ltd., Class A | 4,800 | 54,181 | ||||||
Harim Holdings Co. Ltd.* | 18,127 | 134,280 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Health & Happiness H&H International Holdings Ltd. | 110,000 | 184,519 | ||||||
Heilongjiang Agriculture Co. Ltd., Class A | 10,600 | 22,115 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 4,700 | 22,003 | ||||||
HUISHAN DAIRY*(b) | 158,000 | | ||||||
Indofood CBP Sukses Makmur Tbk. PT | 51,800 | 31,425 | ||||||
Indofood Sukses Makmur Tbk. PT | 100,800 | 44,330 | ||||||
Industrias Bachoco SAB de CV, Series B | 80,000 | 274,958 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 8,200 | 49,043 | ||||||
International Holding Co. PJSC* | 9,625 | 399,093 | ||||||
IOI Corp. Bhd. | 66,000 | 59,763 | ||||||
Japfa Comfeed Indonesia Tbk. PT | 249,100 | 28,838 | ||||||
JBS SA | 27,600 | 182,389 | ||||||
Jiangxi Zhengbang Technology Co. Ltd., Class A | 21,200 | 29,475 | ||||||
Kuala Lumpur Kepong Bhd. | 10,831 | 55,895 | ||||||
Leong Hup International Bhd.(a) | 775,500 | 101,905 | ||||||
Lien Hwa Industrial Holdings Corp. | 15,400 | 33,830 | ||||||
Lotte Confectionery Co. Ltd.* | 990 | 95,263 | ||||||
M Dias Branco SA* | 5,300 | 23,086 | ||||||
Maeil Dairies Co. Ltd. | 2,255 | 126,078 | ||||||
Marfrig Global Foods SA | 10,600 | 44,875 | ||||||
Mayora Indah Tbk. PT | 83,900 | 10,938 | ||||||
Mezzan Holding Co. KSCC | 79,310 | 154,221 | ||||||
Minerva SA | 132,000 | 237,153 | ||||||
Monde Nissin Corp.*(a) | 187,000 | 60,089 | ||||||
Muyuan Foods Co. Ltd., Class A | 7,420 | 63,635 | ||||||
Namchow Holdings Co. Ltd. | 74,000 | 129,701 | ||||||
Nestle India Ltd. | 715 | 177,465 | ||||||
Nestle Malaysia Bhd. | 900 | 28,384 | ||||||
New Hope Liuhe Co. Ltd., | 20,000 | 50,555 | ||||||
NongShim Co. Ltd. | 56 | 15,005 | ||||||
Orion Corp.* | 550 | 44,347 | ||||||
Orion Holdings Corp.* | 12,828 | 148,977 | ||||||
Ottogi Corp.* | 15 | 5,444 | ||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk. PT | 1,490,500 | 130,582 | ||||||
PPB Group Bhd. | 14,080 | 53,420 | ||||||
QL Resources Bhd. | 25,395 | 30,155 | ||||||
Samyang Corp.* | 1,980 | 101,176 | ||||||
Samyang Foods Co. Ltd.* | 2,343 | 164,817 | ||||||
Samyang Holdings Corp.* | 3,080 | 220,493 | ||||||
San Miguel Food and Beverage, Inc. | 15,960 | 21,917 | ||||||
Sao Martinho SA | 5,300 | 36,671 | ||||||
Saudia Dairy & Foodstuff Co. | 1,166 | 50,532 | ||||||
Savola Group (The) | 6,215 | 56,486 | ||||||
Sawit Sumbermas Sarana Tbk. PT | 1,903,000 | 132,980 | ||||||
Sichuan Teway Food Group Co. Ltd., Class A | 5,300 | 17,485 | ||||||
Sime Darby Plantation Bhd. | 61,003 | 51,449 | ||||||
SLC Agricola SA | 48,400 | 419,102 | ||||||
Standard Foods Corp. | 14,652 | 27,077 |
Investments | Shares | Value ($) | ||||||
Taiwan TEA Corp.* | 8,000 | 6,069 | ||||||
Tata Consumer Products Ltd. | 11,679 | 113,828 | ||||||
Thai Union Group PCL, NVDR | 32,700 | 20,526 | ||||||
Thaifoods Group PCL, NVDR | 1,408,000 | 209,752 | ||||||
Tiger Brands Ltd.(c) | 3,445 | 40,812 | ||||||
Tingyi Cayman Islands Holding Corp. | 74,000 | 153,171 | ||||||
Toly Bread Co. Ltd., Class A | 5,300 | 21,673 | ||||||
Tongwei Co. Ltd., Class A | 5,500 | 32,272 | ||||||
Ulker Biskuvi Sanayi A/S | 64,955 | 83,182 | ||||||
Uni-President China Holdings Ltd. | 3,000 | 2,828 | ||||||
Uni-President Enterprises Corp. | 165,000 | 401,021 | ||||||
Universal Robina Corp. | 16,800 | 41,856 | ||||||
Want Want China Holdings Ltd. | 110,000 | 107,636 | ||||||
Yihai International Holding | 7,000 | 29,759 | ||||||
Yuan Longping High-tech Agriculture Co. Ltd., Class A* | 5,100 | 14,871 | ||||||
Zhou Hei Ya International Holdings Co. Ltd.(a) | 14,000 | 9,785 | ||||||
|
| |||||||
9,555,595 | ||||||||
|
| |||||||
Gas Utilities - 0.6% | ||||||||
Adani Total Gas Ltd. | 5,391 | 131,574 | ||||||
Aygaz A/S | 54,670 | 96,662 | ||||||
Beijing Enterprises Holdings Ltd. | 16,000 | 54,376 | ||||||
China Gas Holdings Ltd. | 88,000 | 149,421 | ||||||
China Resources Gas Group Ltd. | 34,000 | 170,053 | ||||||
Daesung Holdings Co. Ltd. | 1,485 | 58,944 | ||||||
ENN Energy Holdings Ltd. | 14,500 | 229,842 | ||||||
GAIL India Ltd. | 67,320 | 130,179 | ||||||
Grupo Energia Bogota SA ESP | 102,740 | 68,285 | ||||||
Gujarat Gas Ltd. | 2,679 | 24,149 | ||||||
Gujarat State Petronet Ltd. | 14,375 | 57,955 | ||||||
Indraprastha Gas Ltd. | 4,564 | 24,024 | ||||||
Korea Gas Corp.* | 999 | 29,046 | ||||||
Kunlun Energy Co. Ltd. | 130,000 | 134,042 | ||||||
Mahanagar Gas Ltd.(a) | 1,456 | 15,987 | ||||||
National Gas & Industrialization Co. | 1,155 | 16,624 | ||||||
Perusahaan Gas Negara Tbk. PT* | 155,100 | 14,882 | ||||||
Petronas Gas Bhd. | 16,500 | 66,938 | ||||||
Towngas Smart Energy Co. Ltd.* | 495,000 | 363,749 | ||||||
Zhongyu Energy Holdings Ltd. | 55,000 | 57,274 | ||||||
|
| |||||||
1,894,006 | ||||||||
|
| |||||||
Health Care Equipment & Supplies - 0.3% |
| |||||||
AK Medical Holdings Ltd.(a)(c) | 24,000 | 16,805 | ||||||
DIO Corp.* | 520 | 14,688 | ||||||
Eoflow Co. Ltd.* | 1,734 | 31,933 | ||||||
Hartalega Holdings Bhd. | 75,800 | 106,488 | ||||||
Humasis Co. Ltd.* | 2,650 | 62,431 | ||||||
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 5,300 | 24,829 | ||||||
Kangji Medical Holdings Ltd. | 25,000 | 27,284 | ||||||
Kossan Rubber Industries Bhd. | 22,800 | 9,805 | ||||||
Lifetech Scientific Corp.*(c) | 110,000 | 45,424 | ||||||
Microport Scientific Corp.(c) | 11,498 | 32,809 | ||||||
Osstem Implant Co. Ltd.*(b) | 318 | 18,821 | ||||||
Peijia Medical Ltd.*(a) | 21,000 | 29,786 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Poly Medicure Ltd. | 3,604 | 43,520 | ||||||
SD Biosensor, Inc.* | 1,595 | 80,048 | ||||||
Shandong Pharmaceutical Glass Co. Ltd., Class A | 4,700 | 25,526 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 36,000 | 44,045 | ||||||
Sri Trang Gloves Thailand PCL, NVDR | 66,400 | 57,834 | ||||||
St Shine Optical Co. Ltd. | 2,000 | 20,637 | ||||||
Suheung Co. Ltd.* | 2,640 | 86,394 | ||||||
Supermax Corp. Bhd. | 5,761 | 1,624 | ||||||
TaiDoc Technology Corp. | 28,000 | 188,250 | ||||||
Top Glove Corp. Bhd. | 120,100 | 61,119 | ||||||
Venus MedTech Hangzhou, Inc., Class H*(a)(c) | 18,500 | 71,295 | ||||||
|
| |||||||
1,101,395 | ||||||||
|
| |||||||
Health Care Providers & Services - 0.7% |
| |||||||
Al Hammadi Co. for Development and Investment | 3,740 | 41,817 | ||||||
Apollo Hospitals Enterprise Ltd. | 1,800 | 107,518 | ||||||
Bangkok Chain Hospital PCL, NVDR | 64,800 | 36,395 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 113,400 | 76,293 | ||||||
Bumrungrad Hospital PCL, NVDR | 11,300 | 47,854 | ||||||
Celltrion Healthcare Co. Ltd. | 1,473 | 76,369 | ||||||
Chabiotech Co. Ltd.* | 3,303 | 45,757 | ||||||
Chularat Hospital PCL, NVDR | 326,900 | 32,400 | ||||||
Cleopatra Hospital* | 33,041 | 10,243 | ||||||
CM Hospitalar SA* | 11,000 | 36,770 | ||||||
Dallah Healthcare Co. | 2,544 | 58,855 | ||||||
Diagnosticos da America SA* | 990 | 5,433 | ||||||
Dr Lal PathLabs Ltd.(a) | 430 | 17,117 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. | 1,760 | 77,401 | ||||||
Fleury SA | 3,600 | 13,708 | ||||||
Fortis Healthcare Ltd.* | 16,725 | 60,582 | ||||||
Genertec Universal Medical Group Co. Ltd.(a)(c) | 427,500 | 308,664 | ||||||
Hapvida Participacoes e Investimentos SA(a) | 26,900 | 64,134 | ||||||
HLB Life Science CO Ltd.* | 3,795 | 34,944 | ||||||
Huadong Medicine Co. Ltd., Class A | 5,300 | 30,474 | ||||||
Hygeia Healthcare Holdings Co. Ltd.(a) | 6,400 | 28,768 | ||||||
IHH Healthcare Bhd. | 66,000 | 101,708 | ||||||
Jinxin Fertility Group Ltd.*(a)(c) | 12,000 | 11,942 | ||||||
Kora Saude Participacoes SA* | 39,105 | 31,446 | ||||||
KPJ Healthcare Bhd. | 14,124 | 3,510 | ||||||
Life Healthcare Group Holdings Ltd. | 11,932 | 17,431 | ||||||
Max Healthcare Institute Ltd.* | 3,575 | 17,604 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A* | 9,400 | 10,544 | ||||||
Metro Healthcare Indonesia TBK PT* | 641,300 | 23,633 | ||||||
Metropolis Healthcare Ltd.(a) | 1,540 | 51,863 |
Investments | Shares | Value ($) | ||||||
Mitra Keluarga Karyasehat Tbk. PT(a) | 100,200 | 17,557 | ||||||
Mouwasat Medical Services Co. | 688 | 36,381 | ||||||
Netcare Ltd. | 79,319 | 75,986 | ||||||
Notre Dame Intermedica Participacoes SA | 12,144 | 162,835 | ||||||
Odontoprev SA | 4,900 | 11,516 | ||||||
Ping An Healthcare and Technology Co. Ltd.*(a)(c) | 5,500 | 17,422 | ||||||
Qualicorp Consultoria e Corretora de Seguros SA | 3,700 | 12,821 | ||||||
Rede DOr Sao Luiz SA(a) | 16,500 | 137,718 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 4,700 | 13,940 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 23,500 | 45,749 | ||||||
Sinopharm Group Co. Ltd., Class H | 44,000 | 98,072 | ||||||
Xian International Medical Investment Co. Ltd., Class A* | 16,500 | 18,327 | ||||||
|
| |||||||
2,129,501 | ||||||||
|
| |||||||
Health Care Technology - 0.0%(e) |
| |||||||
Alibaba Health Information Technology Ltd.*(c) | 84,000 | 62,804 | ||||||
Yidu Tech, Inc.*(a) | 5,100 | 9,510 | ||||||
|
| |||||||
72,314 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure - 0.7% |
| |||||||
Alsea SAB de CV* | 27,500 | 56,348 | ||||||
Ananti, Inc.* | 2,798 | 20,239 | ||||||
Asset World Corp. PCL, NVDR* | 342,400 | 50,391 | ||||||
Berjaya Sports Toto Bhd. | 409,013 | 185,671 | ||||||
Bloomberry Resorts Corp.* | 236,200 | 29,053 | ||||||
Central Plaza Hotel PCL* | 1,600 | 1,682 | ||||||
Central Plaza Hotel PCL, NVDR* | 33,200 | 34,900 | ||||||
DoubleUGames Co. Ltd.* | 4,117 | 170,759 | ||||||
Genting Bhd. | 77,000 | 80,394 | ||||||
Genting Malaysia Bhd. | 61,100 | 39,852 | ||||||
Grand Korea Leisure Co. Ltd.* | 1,040 | 11,431 | ||||||
Haidilao International Holding | 13,164 | 28,328 | ||||||
Hana Tour Service, Inc.* | 403 | 22,833 | ||||||
Huazhu Group Ltd.* | 33,000 | 126,540 | ||||||
Indian Hotels Co. Ltd. | 29,233 | 84,460 | ||||||
Jiumaojiu International Holdings Ltd.(a) | 6,000 | 12,835 | ||||||
Jollibee Foods Corp. | 10,380 | 48,871 | ||||||
Jubilant Foodworks Ltd. | 1,760 | 79,819 | ||||||
Kangwon Land, Inc.* | 2,365 | 48,654 | ||||||
Leejam Sports Co. JSC | 1,925 | 60,953 | ||||||
Lotte Tour Development Co. Ltd.* | 1,961 | 23,913 | ||||||
Magnum Bhd. | 19,594 | 8,801 | ||||||
Minor International PCL, NVDR* | 77,800 | 71,269 | ||||||
MK Restaurants Group PCL, NVDR | 21,300 | 33,426 | ||||||
OPAP SA | 4,417 | 65,260 | ||||||
Paradise Co. Ltd.* | 421 | 5,221 | ||||||
Seera Group Holding* | 11,330 | 59,369 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 22,200 | 26,890 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Tongcheng Travel Holdings Ltd.*(a)(c) | 18,800 | 38,431 | ||||||
Travellers International Hotel Group, Inc.*(b) | 209,900 | 11,159 | ||||||
Trip.com Group Ltd.*(c) | 8,250 | 211,605 | ||||||
Viva China Holdings Ltd. | 1,592,000 | 265,417 | ||||||
Yum China Holdings, Inc. | 7,975 | 384,156 | ||||||
|
| |||||||
2,398,930 | ||||||||
|
| |||||||
Household Durables - 1.3% |
| |||||||
Amber Enterprises India Ltd.* | 935 | 45,233 | ||||||
AmTRAN Technology Co. Ltd. | 324,767 | 189,741 | ||||||
Arcelik A/S | 4,982 | 19,107 | ||||||
Bajaj Electricals Ltd.* | 2,173 | 34,836 | ||||||
Beijing Roborock Technology Co. Ltd., Class A | 275 | 38,299 | ||||||
Coway Co. Ltd.* | 1,321 | 76,159 | ||||||
Crompton Greaves Consumer Electricals Ltd. | 15,345 | 87,282 | ||||||
Cuckoo Holdings Co. Ltd.* | 6,050 | 86,572 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 131,400 | 432,556 | ||||||
Dixon Technologies India Ltd.(a) | 705 | 41,638 | ||||||
Ecovacs Robotics Co. Ltd., Class A | 1,500 | 31,813 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A | 16,500 | 98,061 | ||||||
Haier Smart Home Co. Ltd., Class A | 10,600 | 46,045 | ||||||
Haier Smart Home Co. Ltd., Class H | 44,000 | 175,209 | ||||||
Hang Zhou Great Star Industrial Co. Ltd., Class A* | 5,000 | 19,795 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 5,300 | 28,701 | ||||||
Hanssem Co. Ltd.* | 303 | 18,172 | ||||||
Hisense Home Appliances Group Co. Ltd. | 165,000 | 215,837 | ||||||
Kinpo Electronics | 50,000 | 26,515 | ||||||
LG Electronics, Inc. | 3,797 | 401,591 | ||||||
LG Electronics, Inc. (Preference) | 584 | 29,406 | ||||||
Lock&Lock Co. Ltd.* | 728 | 6,099 | ||||||
Midea Group Co. Ltd., Class A | 11,000 | 126,497 | ||||||
MRV Engenharia e Participacoes SA | 138,500 | 349,771 | ||||||
NavInfo Co. Ltd., Class A* | 4,700 | 11,629 | ||||||
Nien Made Enterprise Co. Ltd. | 2,000 | 27,864 | ||||||
Orient Electric Ltd. | 6,985 | 31,058 | ||||||
PIK Group PJSC | 4,646 | 57,006 | ||||||
Q Technology Group Co. Ltd.(a) | 220,000 | 237,280 | ||||||
Sampo Corp. | 165,000 | 180,341 | ||||||
Skyworth Group Ltd.* | 734,000 | 432,066 | ||||||
TCL Electronics Holdings Ltd. | 385,000 | 195,029 | ||||||
TCL Technology Group Corp., Class A | 55,700 | 49,090 | ||||||
TTK Prestige Ltd. | 1,825 | 23,443 | ||||||
Vestel Beyaz Esya Sanayi ve Ticaret A/S | 148,445 | 79,005 | ||||||
Vestel Elektronik Sanayi ve Ticaret A/S | 30,645 | 55,234 |
Investments | Shares | Value ($) | ||||||
Whirlpool of India Ltd. | 674 | 16,718 | ||||||
Zinus, Inc.* | 770 | 42,540 | ||||||
|
| |||||||
4,063,238 | ||||||||
|
| |||||||
Household Products - 0.0%(e) |
| |||||||
Blue Moon Group Holdings | 26,500 | 22,974 | ||||||
C&S Paper Co. Ltd., Class A | 5,000 | 11,641 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 27,000 | 38,965 | ||||||
Unilever Indonesia Tbk. PT | 75,200 | 21,072 | ||||||
Vinda International Holdings Ltd. | 3,000 | 8,041 | ||||||
|
| |||||||
102,693 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers - 1.3% |
| |||||||
Aboitiz Power Corp. | 34,200 | 23,683 | ||||||
AC Energy Corp. | 196,100 | 36,700 | ||||||
Adani Green Energy Ltd.* | 7,920 | 199,304 | ||||||
Adani Power Ltd.* | 16,869 | 24,019 | ||||||
AES Brasil Energia SA | 5,300 | 11,788 | ||||||
Aksa Enerji Uretim A/S* | 142,120 | 132,527 | ||||||
Banpu Power PCL, NVDR | 59,300 | 30,100 | ||||||
Canvest Environmental Protection Group Co. Ltd.(a) | 275,000 | 140,717 | ||||||
CGN Power Co. Ltd., Class A | 104,500 | 47,281 | ||||||
CGN Power Co. Ltd., Class H(a) | 385,000 | 106,155 | ||||||
China Datang Corp. Renewable Power Co. Ltd., Class H(c) | 1,155,000 | 466,589 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 55,000 | 111,022 | ||||||
China National Nuclear Power Co. Ltd., Class A | 42,300 | 46,850 | ||||||
China Power International Development Ltd. | 165,000 | 81,468 | ||||||
China Resources Power Holdings Co. Ltd.(c) | 54,000 | 131,026 | ||||||
China Yangtze Power Co. Ltd., Class A | 38,500 | 132,580 | ||||||
Cia Energetica de Sao Paulo (Preference), Class B | 10,600 | 46,492 | ||||||
Colbun SA | 9 | 1 | ||||||
Datang International Power Generation Co. Ltd., Class H | 212,000 | 39,694 | ||||||
Electricity Generating PCL, NVDR | 3,400 | 17,360 | ||||||
Energy Absolute PCL, NVDR | 45,500 | 121,966 | ||||||
Eneva SA* | 22,000 | 54,731 | ||||||
Engie Brasil Energia SA | 10,000 | 76,648 | ||||||
First Gen Corp. | 29,500 | 16,204 | ||||||
Global Power Synergy PCL, NVDR | 24,700 | 58,050 | ||||||
Guangxi Guiguan Electric Power Co. Ltd., Class A | 15,000 | 12,843 | ||||||
Gulf Energy Development PCL, NVDR | 116,200 | 171,011 | ||||||
Huadian Power International Corp. Ltd., Class A | 26,500 | 17,444 | ||||||
Huaneng Lancang River Hydropower, Inc., Class A | 23,500 | 21,930 | ||||||
Huaneng Power International, Inc., Class A | 24,300 | 28,250 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Huaneng Power International, Inc., Class H | 112,000 | 58,890 | ||||||
Hub Power Co. Ltd. (The) | 504,515 | 215,702 | ||||||
Hubei Energy Group Co. Ltd., Class A | 23,500 | 16,318 | ||||||
JSW Energy Ltd. | 8,692 | 35,695 | ||||||
Malakoff Corp. Bhd. | 951,500 | 165,953 | ||||||
Mega First Corp. Bhd. | 291,500 | 245,848 | ||||||
NHPC Ltd. | 79,420 | 31,929 | ||||||
NLC India Ltd. | 107,085 | 95,788 | ||||||
NTPC Ltd. | 161,004 | 306,484 | ||||||
OGK-2 PJSC | 11,431,280 | 87,295 | ||||||
Omega Energia SA | 11,994 | 26,156 | ||||||
Ratch Group PCL, NVDR | 30,900 | 41,299 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 23,500 | 36,919 | ||||||
Shanghai Electric Power Co. Ltd., Class A | 14,100 | 26,958 | ||||||
Shenzhen Energy Group Co. Ltd., Class A | 10,600 | 11,540 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 9,400 | 16,392 | ||||||
Super Energy Corp. PCL, NVDR | 1,446,900 | 41,284 | ||||||
Taiwan Cogeneration Corp. | 3,000 | 3,996 | ||||||
Terna Energy SA | 933 | 13,534 | ||||||
TPI Polene Power PCL, NVDR | 1,406,100 | 174,839 | ||||||
Unipro PJSC | 5,337,000 | 166,278 | ||||||
|
| |||||||
4,223,530 | ||||||||
|
| |||||||
Industrial Conglomerates - 1.6% |
| |||||||
3M India Ltd.* | 69 | 23,107 | ||||||
Aamal Co. | 21,949 | 6,589 | ||||||
Aboitiz Equity Ventures, Inc. | 84,290 | 104,174 | ||||||
AG Anadolu Grubu Holding A/S | 64,625 | 182,379 | ||||||
Alfa SAB de CV, Class A | 88,000 | 63,968 | ||||||
Alliance Global Group, Inc. | 157,700 | 39,599 | ||||||
AntarChile SA | 1,696 | 14,760 | ||||||
Ayala Corp. | 5,500 | 93,870 | ||||||
Bidvest Group Ltd. (The) | 12,155 | 147,479 | ||||||
China Baoan Group Co. Ltd., Class A | 5,500 | 11,069 | ||||||
CITIC Ltd. | 220,000 | 245,462 | ||||||
CJ Corp.* | 564 | 37,148 | ||||||
DMCI Holdings, Inc. | 280,500 | 46,608 | ||||||
Doosan Co. Ltd.* | 629 | 50,403 | ||||||
Dubai Investments PJSC | 1,048,226 | 650,673 | ||||||
Enka Insaat ve Sanayi A/S | 50,808 | 59,309 | ||||||
Far Eastern New Century Corp. | 133,000 | 137,715 | ||||||
Fosun International Ltd. | 82,500 | 93,424 | ||||||
Godrej Industries Ltd.* | 3,377 | 27,716 | ||||||
Grupo Carso SAB de CV, | 11,100 | 31,012 | ||||||
GT Capital Holdings, Inc. | 2,280 | 25,495 | ||||||
Hanwha Corp.* | 1,692 | 41,405 | ||||||
Hanwha Corp. (3rd Preference)* | 1,425 | 17,613 | ||||||
HAP Seng Consolidated Bhd. | 11,900 | 21,608 | ||||||
Hong Leong Industries Bhd. | 34,200 | 75,746 | ||||||
Hyosung Corp.* | 201 | 13,572 | ||||||
Industries Qatar QSC | 37,455 | 173,130 |
Investments | Shares | Value ($) | ||||||
JG Summit Holdings, Inc. | 66,111 | 81,058 | ||||||
KAP Industrial Holdings Ltd. | 1,117,160 | 308,356 | ||||||
KOC Holding A/S | 31,460 | 76,120 | ||||||
LG Corp.* | 4,260 | 261,501 | ||||||
Lotte Corp.* | 1,392 | 30,657 | ||||||
LT Group, Inc. | 5,100 | 1,000 | ||||||
Mytilineos SA | 4,102 | 69,803 | ||||||
National Industries Group Holding SAK* | 71,610 | 69,506 | ||||||
PSG Group Ltd.* | 88,260 | 480,096 | ||||||
Quinenco SA | 12,939 | 33,700 | ||||||
Reunert Ltd.(c) | 86,350 | 266,585 | ||||||
Samsung C&T Corp. | 1,622 | 143,968 | ||||||
San Miguel Corp. | 13,510 | 29,816 | ||||||
Shanghai Industrial Holdings Ltd. | 207,000 | 305,288 | ||||||
Siemens Ltd. | 1,416 | 44,124 | ||||||
Sime Darby Bhd. | 54,600 | 28,047 | ||||||
SK, Inc. | 1,300 | 235,628 | ||||||
SM Investments Corp. | 8,490 | 158,058 | ||||||
Sunway Bhd. | 50,749 | 20,734 | ||||||
Thoresen Thai Agencies PCL, NVDR | 121,900 | 33,866 | ||||||
Turkiye Sise ve Cam Fabrikalari A/S | 49,404 | 50,820 | ||||||
|
| |||||||
5,163,764 | ||||||||
|
| |||||||
Insurance - 3.1% |
| |||||||
Allianz Malaysia Bhd. | 27,500 | 82,917 | ||||||
Bangkok Insurance PCL, NVDR | 15,800 | 126,229 | ||||||
BB Seguridade Participacoes SA | 27,500 | 119,840 | ||||||
Bupa Arabia for Cooperative Insurance Co. | 262 | 10,377 | ||||||
Caixa Seguridade Participacoes S/A | 27,500 | 46,610 | ||||||
Cathay Financial Holding Co. Ltd. | 303,000 | 689,577 | ||||||
China Development Financial Holding Corp. | 550,000 | 359,891 | ||||||
China Life Insurance Co. Ltd., Class H | 245,000 | 427,942 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 21,000 | 86,635 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 88,000 | 266,904 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 31,800 | 44,779 | ||||||
Co. for Cooperative Insurance (The) | 974 | 20,145 | ||||||
DB Insurance Co. Ltd.* | 2,014 | 100,575 | ||||||
Discovery Ltd.* | 7,242 | 72,832 | ||||||
Fubon Financial Holding Co. Ltd. | 267,453 | 726,952 | ||||||
General Insurance Corp. of | 39 | 75 | ||||||
Hanwha General Insurance Co. Ltd.* | 29,920 | 88,110 | ||||||
Hanwha Life Insurance Co. Ltd.* | 12,318 | 30,041 | ||||||
HDFC Life Insurance Co. Ltd.(a) | 17,875 | 149,101 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd.* | 2,970 | 62,701 | ||||||
ICICI Lombard General Insurance Co. Ltd.(a) | 4,049 | 74,287 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
ICICI Prudential Life Insurance Co. Ltd.(a) | 6,030 | 45,288 | ||||||
IRB Brasil Resseguros S/A* | 466,451 | 287,249 | ||||||
Korean Reinsurance Co.* | 39,738 | 334,584 | ||||||
Liberty Holdings Ltd.* | 61,237 | 387,927 | ||||||
Max Financial Services Ltd.* | 2,721 | 34,719 | ||||||
Mercuries & Associates Holding Ltd. | 205,500 | 157,372 | ||||||
Mercuries Life Insurance Co. Ltd.* | 111,700 | 37,067 | ||||||
Meritz Fire & Marine Insurance Co. Ltd.* | 1,643 | 62,490 | ||||||
Mirae Asset Life Insurance Co. Ltd.* | 30,610 | 94,077 | ||||||
Momentum Metropolitan Holdings | 24,539 | 32,010 | ||||||
New China Life Insurance Co. Ltd., Class A | 4,700 | 27,682 | ||||||
New China Life Insurance Co. Ltd., Class H | 31,100 | 88,344 | ||||||
Old Mutual Ltd. | 127,395 | 113,560 | ||||||
Peoples Insurance Co. Group of China Ltd. (The), Class H | 249,000 | 78,555 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 220,000 | 204,269 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 27,600 | 216,669 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 201,500 | 1,573,744 | ||||||
Porto Seguro SA | 9,600 | 35,851 | ||||||
Qatar Insurance Co. SAQ* | 803,495 | 578,181 | ||||||
Qualitas Controladora SAB de CV(c) | 93,500 | 504,562 | ||||||
Rand Merchant Investment Holdings Ltd. | 22,474 | 70,516 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 1,115 | 185,448 | ||||||
Samsung Life Insurance Co. Ltd. | 2,821 | 141,343 | ||||||
Sanlam Ltd. | 63,153 | 256,572 | ||||||
Santam Ltd. | 723 | 12,572 | ||||||
SBI Life Insurance Co. Ltd.(a) | 8,278 | 136,807 | ||||||
Shin Kong Financial Holding Co. Ltd. | 495,000 | 196,655 | ||||||
Shinkong Insurance Co. Ltd. | 107,000 | 183,693 | ||||||
Sul America SA* | 10,377 | 49,638 | ||||||
Syarikat Takaful Malaysia Keluarga BHD | 262,260 | 228,079 | ||||||
Tongyang Life Insurance Co. Ltd.* | 23,045 | 113,935 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H*(a)(c) | 5,500 | 18,762 | ||||||
|
| |||||||
10,074,740 | ||||||||
|
| |||||||
Interactive Media & Services - 3.3% |
| |||||||
AfreecaTV Co. Ltd.* | 275 | 34,902 | ||||||
Autohome, Inc., Class A*(c) | 5,500 | 42,004 | ||||||
Baidu, Inc., Class A*(c) | 44,000 | 811,434 | ||||||
Hello Group, Inc., ADR | 77,342 | 752,538 | ||||||
Hong Seng Consolidated Bhd.* | 62,600 | 41,280 | ||||||
Info Edge India Ltd. | 1,474 | 96,804 | ||||||
JOYY, Inc., ADR(c) | 825 | 41,712 | ||||||
Kakao Corp. | 6,275 | 442,451 |
Investments | Shares | Value ($) | ||||||
Kanzhun Ltd., ADR*(c) | 1,595 | 48,313 | ||||||
Kuaishou Technology*(a)(c) | 27,500 | 310,178 | ||||||
NAVER Corp. | 2,860 | 735,462 | ||||||
Tencent Holdings Ltd. | 117,600 | 7,118,544 | ||||||
Weibo Corp., ADR*(c) | 312 | 10,811 | ||||||
Zhihu, Inc., ADR* | 1,113 | 4,752 | ||||||
|
| |||||||
10,491,185 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail - 3.1% |
| |||||||
Alibaba Group Holding Ltd.* | 286,400 | 4,187,161 | ||||||
Americanas SA* | 13,277 | 79,287 | ||||||
Baozun, Inc., Class A*(c) | 8,000 | 30,881 | ||||||
Bukalapak.com PT Tbk.* | 1,765,500 | 43,702 | ||||||
CJ ENM Co. Ltd.* | 140 | 14,273 | ||||||
Dada Nexus Ltd., ADR*(c) | 2,805 | 30,631 | ||||||
HengTen Networks Group | 30,799 | 9,401 | ||||||
Hyundai Home Shopping Network Corp.* | 3,081 | 154,114 | ||||||
Interpark Corp.* | 33,055 | 118,455 | ||||||
JD Health International, | 22,000 | 175,914 | ||||||
JD.com cash in lieu of shares*(b) | 5,600 | 215,309 | ||||||
JD.com, Inc., Class A* | 35,650 | 1,278,317 | ||||||
Maoyan Entertainment*(a) | 22,000 | 28,214 | ||||||
Meituan, Class B*(a) | 78,500 | 2,210,771 | ||||||
momo.com, Inc. | 1,300 | 52,114 | ||||||
Naspers Ltd., Class N | 4,345 | 691,509 | ||||||
Pinduoduo, Inc., ADR* | 8,195 | 490,389 | ||||||
Vipshop Holdings Ltd., ADR* | 15,015 | 139,790 | ||||||
Zomato Ltd.* | 33,110 | 40,110 | ||||||
|
| |||||||
9,990,342 | ||||||||
|
| |||||||
IT Services - 1.6% |
| |||||||
China TransInfo Technology Co. Ltd., Class A | 4,700 | 9,924 | ||||||
Chinasoft International Ltd.* | 46,000 | 45,660 | ||||||
Chindata Group Holdings Ltd., ADR*(c) | 1,925 | 9,856 | ||||||
Cielo SA | 481,300 | 208,473 | ||||||
Coforge Ltd. | 858 | 55,345 | ||||||
Computer Age Management Services Ltd. | 1,007 | 36,400 | ||||||
Danal Co. Ltd.* | 2,860 | 23,392 | ||||||
DHC Software Co. Ltd., Class A | 9,400 | 10,529 | ||||||
Fawry for Banking & Payment Technology Services SAE* | 18,921 | 11,899 | ||||||
Firstsource Solutions Ltd. | 22,385 | 47,591 | ||||||
GDS Holdings Ltd., Class A* | 16,500 | 77,659 | ||||||
Happiest Minds Technologies Ltd. | 2,491 | 38,419 | ||||||
HCL Technologies Ltd. | 22,000 | 324,122 | ||||||
Hyundai Autoever Corp. | 212 | 22,862 | ||||||
Infosys Ltd. | 72,215 | 1,680,186 | ||||||
Kginicis Co. Ltd. | 8,610 | 123,561 | ||||||
Kingsoft Cloud Holdings Ltd., ADR* | 3,457 | 29,212 | ||||||
Larsen & Toubro Infotech Ltd.(a) | 721 | 60,584 | ||||||
Locaweb Servicos de Internet | 4,800 | 8,768 | ||||||
Lotte Data Communication Co. | 1,815 | 54,729 | ||||||
Mindtree Ltd. | 1,215 | 65,230 | ||||||
Mphasis Ltd. | 1,925 | 80,137 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
My EG Services Bhd. | 86,314 | 20,003 | ||||||
Persistent Systems Ltd. | 1,375 | 81,077 | ||||||
Posco ICT Co. Ltd. | 2,080 | 10,163 | ||||||
Samsung SDS Co. Ltd. | 770 | 89,743 | ||||||
Sonata Software Ltd. | 4,565 | 49,613 | ||||||
Systex Corp. | 102,000 | 310,247 | ||||||
Tata Consultancy Services Ltd. | 20,075 | 1,005,129 | ||||||
Tech Mahindra Ltd. | 11,000 | 218,017 | ||||||
TravelSky Technology Ltd., | 41,000 | 76,662 | ||||||
Vnet Group, Inc., ADR*(c) | 1,563 | 15,505 | ||||||
Wipro Ltd. | 28,641 | 219,771 | ||||||
Yeahka Ltd.*(c) | 17,600 | 51,688 | ||||||
|
| |||||||
5,172,156 | ||||||||
|
| |||||||
Leisure Products - 0.2% | ||||||||
Fusheng Precision Co. Ltd. | 7,000 | 49,202 | ||||||
Giant Manufacturing Co. Ltd. | 5,000 | 56,896 | ||||||
HLB, Inc.* | 1,320 | 34,711 | ||||||
Johnson Health Tech Co. Ltd. | 55,000 | 105,199 | ||||||
Merida Industry Co. Ltd. | 5,350 | 55,781 | ||||||
O-TA Precision Industry Co. Ltd. | 35,000 | 182,462 | ||||||
|
| |||||||
484,251 | ||||||||
|
| |||||||
Life Sciences Tools & Services - 0.3% |
| |||||||
Cellivery Therapeutics, Inc.* | 188 | 4,983 | ||||||
Divis Laboratories Ltd. | 2,622 | 141,816 | ||||||
EirGenix, Inc.* | 11,000 | 39,746 | ||||||
Genscript Biotech Corp.* | 20,000 | 63,225 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class H(a) | 6,500 | 67,646 | ||||||
LegoChem Biosciences, Inc.* | 1,370 | 50,970 | ||||||
Pharmaron Beijing Co. Ltd., | 1,600 | 20,263 | ||||||
Samsung Biologics Co. Ltd.*(a) | 311 | 190,650 | ||||||
Shanghai Medicilon, Inc., Class A | 385 | 21,530 | ||||||
ST Pharm Co. Ltd.* | 344 | 30,105 | ||||||
Viva Biotech Holdings(a)(c) | 22,500 | 10,301 | ||||||
WuXi AppTec Co. Ltd., Class A | 4,760 | 78,369 | ||||||
WuXi AppTec Co. Ltd., Class H(a) | 7,418 | 105,883 | ||||||
|
| |||||||
825,487 | ||||||||
|
| |||||||
Machinery - 1.1% |
| |||||||
AIA Engineering Ltd. | 972 | 24,605 | ||||||
Airtac International Group | 2,913 | 100,123 | ||||||
Ashok Leyland Ltd. | 34,234 | 60,809 | ||||||
China CSSC Holdings Ltd., Class A | 10,600 | 33,888 | ||||||
China International Marine Containers Group Co. Ltd., Class H(c) | 15,900 | 28,588 | ||||||
CIMC Enric Holdings Ltd.(c) | 48,000 | 58,480 | ||||||
CNHTC Jinan Truck Co. Ltd., Class A | 1,260 | 2,716 | ||||||
CNPC Capital Co. Ltd., Class A | 29,200 | 23,120 | ||||||
Creative & Innovative System* | 2,703 | 33,185 | ||||||
CSBC Corp. Taiwan* | 53,000 | 38,110 | ||||||
Cummins India Ltd. | 2,280 | 28,782 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.* | 705 | 11,550 | ||||||
Dawonsys Co. Ltd.* | 1,705 | 40,380 |
Investments | Shares | Value ($) | ||||||
Doosan Bobcat, Inc.* | 1,272 | 39,094 | ||||||
Dufu Technology Corp. Bhd. | 37,100 | 32,797 | ||||||
Escorts Ltd. | 2,310 | 57,279 | ||||||
Estun Automation Co. Ltd., Class A | 5,000 | 17,988 | ||||||
Haitian International Holdings Ltd. | 16,000 | 41,757 | ||||||
Hiwin Technologies Corp. | 5,372 | 50,892 | ||||||
HJ Shipbuilding & Construction Co. Ltd.* | 1,060 | 6,217 | ||||||
Hyundai Construction Equipment Co. Ltd. | 6,741 | 215,846 | ||||||
Hyundai Doosan Infracore Co. Ltd.* | 58,013 | 282,485 | ||||||
Hyundai Elevator Co. Ltd.* | 208 | 6,237 | ||||||
Hyundai Heavy Industries Co. Ltd.* | 825 | 67,957 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 1,430 | 56,761 | ||||||
Hyundai Mipo Dockyard Co. Ltd. | 602 | 34,207 | ||||||
Hyundai Rotem Co. Ltd.* | 1,766 | 27,248 | ||||||
Infore Environment Technology Group Co. Ltd., Class A | 9,400 | 9,038 | ||||||
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 3,800 | 45,777 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.* | 605 | 39,999 | ||||||
Lakshmi Machine Works Ltd. | 165 | 24,129 | ||||||
LK Technology Holdings Ltd.(c) | 19,500 | 29,559 | ||||||
Lonking Holdings Ltd. | 880,000 | 256,183 | ||||||
Pentamaster Corp. Bhd. | 21,200 | 20,666 | ||||||
People & Technology, Inc.* | 9,680 | 317,983 | ||||||
Rexon Industrial Corp. Ltd. | 74,000 | 118,128 | ||||||
Riyue Heavy Industry Co. Ltd., Class A | 5,000 | 21,892 | ||||||
SAM KANG M&T Co. Ltd.* | 1,219 | 16,786 | ||||||
Samsung Heavy Industries Co. Ltd.* | 15,922 | 68,416 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. | 12,000 | 12,527 | ||||||
Sany Heavy Industry Co. Ltd., Class A | 16,500 | 52,206 | ||||||
Schaeffler India Ltd. | 220 | 26,410 | ||||||
SFA Engineering Corp.* | 1,089 | 30,488 | ||||||
Shanghai Mechanical and Electrical Industry Co. Ltd., Class B | 114,700 | 147,275 | ||||||
Shin Zu Shing Co. Ltd. | 83,000 | 273,941 | ||||||
Sinotruk Hong Kong Ltd. | 30,500 | 45,139 | ||||||
SKF India Ltd. | 624 | 30,410 | ||||||
Timken India Ltd. | 605 | 15,632 | ||||||
Turk Traktor ve Ziraat Makineleri A/S | 6,105 | 100,161 | ||||||
UWC Bhd. | 10,600 | 11,827 | ||||||
Weichai Power Co. Ltd., Class A | 17,300 | 42,126 | ||||||
Weichai Power Co. Ltd., Class H | 74,000 | 133,242 | ||||||
XCMG Construction Machinery Co. Ltd., Class A | 18,800 | 16,658 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 104,500 | 99,697 | ||||||
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 9,400 | 28,221 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A | 9,400 | 16,761 | ||||||
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H(c) | 10,000 | 10,414 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 17,700 | 19,604 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 29,200 | 19,023 | ||||||
|
| |||||||
3,521,419 | ||||||||
|
| |||||||
Marine - 0.8% |
| |||||||
Cia Sud Americana de Vapores SA | 636,473 | 55,391 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H*(c) | 116,450 | 209,377 | ||||||
Evergreen Marine Corp. Taiwan Ltd. | 91,558 | 371,973 | ||||||
Far-Eastern Shipping Co. plc* | 302,500 | 108,938 | ||||||
HMM Co. Ltd.* | 12,375 | 224,813 | ||||||
Korea Line Corp.* | 81,290 | 144,306 | ||||||
MISC Bhd. | 60,500 | 100,604 | ||||||
Orient Overseas International Ltd. | 6,500 | 160,050 | ||||||
Pan Ocean Co. Ltd.* | 5,613 | 22,885 | ||||||
Precious Shipping PCL, NVDR | 407,000 | 191,918 | ||||||
Qatar Navigation QSC | 20,237 | 48,622 | ||||||
Regional Container Lines PCL, NVDR | 104,200 | 131,443 | ||||||
Taiwan Navigation Co. Ltd. | 110,000 | 124,973 | ||||||
Transcoal Pacific Tbk. PT* | 32,900 | 23,562 | ||||||
U-Ming Marine Transport Corp. | 14,000 | 26,728 | ||||||
Wan Hai Lines Ltd. | 42,900 | 227,502 | ||||||
Wisdom Marine Lines Co. Ltd. | 11,898 | 31,398 | ||||||
Yang Ming Marine Transport Corp.* | 58,000 | 205,609 | ||||||
|
| |||||||
2,410,092 | ||||||||
|
| |||||||
Media - 0.3% |
| |||||||
Affle India Ltd.* | 2,120 | 37,227 | ||||||
Astro Malaysia Holdings Bhd. | 139,200 | 31,927 | ||||||
Cheil Worldwide, Inc. | 1,074 | 19,556 | ||||||
China Literature Ltd.*(a)(c) | 6,200 | 37,291 | ||||||
Echo Marketing, Inc. | 10,285 | 121,151 | ||||||
Elang Mahkota Teknologi Tbk. PT* | 376,300 | 46,966 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 23,500 | 28,132 | ||||||
Grupo Televisa SAB, Series CPO | 38,500 | 78,383 | ||||||
Innocean Worldwide, Inc. | 3,813 | 157,359 | ||||||
Leo Group Co. Ltd., Class A | 18,800 | 6,823 | ||||||
Media Nusantara Citra Tbk. PT | 3,624,500 | 214,214 | ||||||
MultiChoice Group | 7,645 | 61,793 | ||||||
NanJi E-Commerce Co. Ltd., Class A | 4,700 | 4,319 | ||||||
Plan B Media PCL, NVDR* | 207,500 | 49,546 | ||||||
Saudi Research & Media Group* | 1,045 | 66,679 | ||||||
Sun TV Network Ltd. | 1,889 | 12,601 | ||||||
Surya Citra Media Tbk. PT* | 427,000 | 8,669 | ||||||
Zee Entertainment Enterprises Ltd. | 19,580 | 75,974 | ||||||
|
| |||||||
1,058,610 | ||||||||
|
| |||||||
Metals & Mining - 4.6% | ||||||||
African Rainbow Minerals Ltd. | 4,290 | 63,171 |
Investments | Shares | Value ($) | ||||||
AJU Steel Co. Ltd.* | 5,940 | 81,056 | ||||||
Alrosa PJSC | 85,800 | 125,025 | ||||||
Aluminum Corp. of China Ltd., | 26,500 | 21,898 | ||||||
Aluminum Corp. of China Ltd., | 60,000 | 31,625 | ||||||
Aneka Tambang Tbk. | 201,400 | 24,786 | ||||||
Angang Steel Co. Ltd., Class H | 38,000 | 16,521 | ||||||
Anglo American Platinum Ltd. | 2,090 | 250,646 | ||||||
AngloGold Ashanti Ltd. | 13,035 | 241,742 | ||||||
APL Apollo Tubes Ltd.* | 4,914 | 56,915 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 66,000 | 72,995 | ||||||
Beijing Shougang Co. Ltd., Class A | 10,600 | 9,259 | ||||||
Bradespar SA (Preference) | 6,186 | 31,256 | ||||||
CAP SA | 2,756 | 31,025 | ||||||
Century Iron & Steel Industrial Co. Ltd. | 6,000 | 22,866 | ||||||
Chengtun Mining Group Co. Ltd., Class A | 10,600 | 14,371 | ||||||
Chifeng Jilong Gold Mining Co. Ltd., Class A* | 10,000 | 22,057 | ||||||
China Gold International Resources Corp. Ltd. | 121,000 | 320,440 | ||||||
China Hongqiao Group Ltd.(c) | 55,000 | 61,365 | ||||||
China Metal Recycling Holdings Ltd.*(b) | 51,000 | | ||||||
China Molybdenum Co. Ltd., Class A | 22,500 | 18,275 | ||||||
China Molybdenum Co. Ltd., Class H | 57,000 | 28,948 | ||||||
China Nonferrous Mining Corp. | 495,000 | 192,349 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 5,300 | 30,957 | ||||||
China Oriental Group Co. Ltd. | 550,000 | 160,820 | ||||||
China Steel Corp. | 440,000 | 532,322 | ||||||
China Zhongwang Holdings Ltd.*(b)(c) | 699,600 | 144,956 | ||||||
Chung Hung Steel Corp. | 23,000 | 30,596 | ||||||
Cia Siderurgica Nacional SA | 22,000 | 105,815 | ||||||
Citic Pacific Special Steel Group Co. Ltd., Class A | 10,600 | 36,136 | ||||||
Dongkuk Steel Mill Co. Ltd.* | 2,067 | 25,119 | ||||||
DRDGOLD Ltd. | 209,428 | 163,129 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 45,320 | 92,157 | ||||||
Feng Hsin Steel Co. Ltd. | 16,000 | 47,746 | ||||||
Ganfeng Lithium Co. Ltd., Class A | 2,600 | 54,713 | ||||||
Ganfeng Lithium Co. Ltd., Class H(a) | 5,200 | 81,626 | ||||||
GEM Co. Ltd., Class A | 5,300 | 7,311 | ||||||
Gerdau SA (Preference) | 35,700 | 187,173 | ||||||
Gold Fields Ltd. | 32,534 | 339,409 | ||||||
Grupo Mexico SAB de CV, Series B | 110,000 | 471,931 | ||||||
Harmony Gold Mining Co. Ltd. | 18,648 | 66,504 | ||||||
Henan Shenhuo Coal & Power Co. Ltd., Class A | 5,500 | 9,263 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Hesteel Co. Ltd., Class A | 37,600 | 14,059 | ||||||
Hindalco Industries Ltd. | 51,370 | 336,661 | ||||||
Hindustan Copper Ltd. | 16,483 | 27,290 | ||||||
Hsin Kuang Steel Co. Ltd. | 110,000 | 206,443 | ||||||
Hunan Valin Steel Co. Ltd., Class A | 23,500 | 20,305 | ||||||
Hyundai Steel Co. | 3,438 | 110,940 | ||||||
Impala Platinum Holdings Ltd. | 27,805 | 420,813 | ||||||
Industrias Penoles SAB de CV | 2,325 | 24,883 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A* | 70,500 | 25,917 | ||||||
Inner Mongolia ERDOS Resources Co. Ltd., Class A | 5,300 | 18,593 | ||||||
Inner Mongolia ERDOS Resources Co. Ltd., Class B | 5,300 | 10,870 | ||||||
Jiangxi Copper Co. Ltd., Class A | 9,400 | 29,801 | ||||||
Jiangxi Copper Co. Ltd., Class H | 18,000 | 29,086 | ||||||
Jinchuan Group International Resources Co. Ltd. | 144,000 | 25,485 | ||||||
Jindal Stainless Ltd.* | 74,305 | 202,037 | ||||||
Jindal Steel & Power Ltd.* | 14,485 | 74,927 | ||||||
JSW Steel Ltd. | 31,955 | 269,330 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class A* | 122,870 | 94,427 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class D* | 364,287 | 324,221 | ||||||
Korea Zinc Co. Ltd.* | 440 | 185,782 | ||||||
Koza Altin Isletmeleri A/S* | 2,182 | 20,835 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri A/S* | 96,305 | 165,539 | ||||||
Kumba Iron Ore Ltd. | 2,200 | 76,892 | ||||||
Maanshan Iron & Steel Co. Ltd., Class A | 21,200 | 13,189 | ||||||
Maanshan Iron & Steel Co. Ltd., Class H | 110,000 | 42,885 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 45,174 | 35,530 | ||||||
Merdeka Copper Gold Tbk. PT* | 278,000 | 70,360 | ||||||
Metalurgica Gerdau SA (Preference) | 22,200 | 48,372 | ||||||
MMC Norilsk Nickel PJSC | 2,090 | 585,824 | ||||||
MMG Ltd.* | 164,000 | 52,370 | ||||||
National Aluminium Co. Ltd. | 23,045 | 33,615 | ||||||
Nickel Asia Corp. | 2,339,700 | 269,886 | ||||||
NMDC Ltd. | 36,355 | 67,694 | ||||||
Northam Platinum Holdings Ltd.* | 6,453 | 84,661 | ||||||
Novolipetsk Steel PJSC | 51,150 | 140,584 | ||||||
Polyus PJSC | 1,155 | 180,424 | ||||||
Poongsan Corp.* | 8,001 | 196,458 | ||||||
POSCO | 2,585 | 568,250 | ||||||
Press Metal Aluminium Holdings Bhd. | 66,000 | 97,135 | ||||||
Qatar Aluminum Manufacturing Co. | 42,858 | 23,177 | ||||||
Raspadskaya OJSC | 4,240 | 22,777 | ||||||
Royal Bafokeng Platinum Ltd.(c) | 5,141 | 54,211 | ||||||
Sansteel Minguang Co. Ltd. Fujian, Class A | 14,100 | 15,329 | ||||||
Saudi Arabian Mining Co.* | 7,498 | 183,658 |
Investments | Shares | Value ($) | ||||||
Seah Besteel Corp.* | 6,490 | 81,024 | ||||||
Severstal PAO | 5,995 | 116,233 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 5,100 | 15,023 | ||||||
Shandong Gold Mining Co. Ltd., Class H(a)(c) | 13,650 | 22,897 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A | 42,400 | 28,576 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A* | 16,500 | 34,502 | ||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A | 15,900 | 16,961 | ||||||
Shougang Fushan Resources Group Ltd.(c) | 1,546,000 | 471,876 | ||||||
Sibanye Stillwater Ltd. | 82,995 | 303,278 | ||||||
Steel Authority of India Ltd. | 51,824 | 68,372 | ||||||
TA Chen Stainless Pipe* | 69,793 | 110,659 | ||||||
Tata Steel Ltd. | 26,950 | 392,048 | ||||||
Tiangong International Co. Ltd. | 52,000 | 25,675 | ||||||
Tianshan Aluminum Group Co. Ltd., Class A | 10,600 | 13,705 | ||||||
Tung Ho Steel Enterprise Corp. | 10,050 | 24,390 | ||||||
United Co. RUSAL International PJSC* | 75,100 | 69,976 | ||||||
Usinas Siderurgicas de Minas Gerais SA Usiminas (Preference), Class A | 12,400 | 37,293 | ||||||
Vale Indonesia Tbk. PT | 58,300 | 19,093 | ||||||
Vale SA | 134,056 | 2,041,641 | ||||||
Vedanta Ltd. | 43,340 | 186,869 | ||||||
Volcan Cia Minera SAA, Class B* | 151,729 | 27,678 | ||||||
VSMPO-AVISMA Corp. PJSC* | 53 | 32,518 | ||||||
Xiamen Tungsten Co. Ltd., Class A | 3,900 | 11,947 | ||||||
YC INOX Co. Ltd. | 165,000 | 177,078 | ||||||
Young Poong Corp.* | 348 | 178,691 | ||||||
Yunnan Copper Co. Ltd., Class A | 9,400 | 17,647 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H(c) | 75,000 | 59,923 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A | 2,800 | 43,271 | ||||||
Zijin Mining Group Co. Ltd., Class A | 35,900 | 55,046 | ||||||
Zijin Mining Group Co. Ltd., Class H | 110,000 | 140,506 | ||||||
|
| |||||||
14,652,195 | ||||||||
|
| |||||||
Multiline Retail - 0.2% |
| |||||||
Central Retail Corp. PCL, NVDR | 81,475 | 83,200 | ||||||
El Puerto de Liverpool SAB de CV, Class C1(c) | 2,700 | 12,355 | ||||||
Falabella SA | 17,106 | 61,047 | ||||||
Golden Eagle Retail Group Ltd. | 170,000 | 126,450 | ||||||
Hyundai Department Store Co. Ltd.* | 760 | 45,077 | ||||||
Lojas Renner SA | 18,150 | 96,116 | ||||||
Lotte Shopping Co. Ltd.* | 211 | 13,950 | ||||||
Magazine Luiza SA* | 38,500 | 50,753 | ||||||
MINISO Group Holding Ltd., ADR(c) | 954 | 9,683 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Mitra Adiperkasa Tbk. PT* | 154,600 | 8,385 | ||||||
Shinsegae, Inc. | 212 | 40,800 | ||||||
Woolworths Holdings Ltd. | 13,035 | 44,548 | ||||||
|
| |||||||
592,364 | ||||||||
|
| |||||||
Multi-Utilities - 0.0%(e) |
| |||||||
Qatar Electricity & Water Co. QSC | 9,684 | 47,396 | ||||||
SPIC Dongfang New Energy Corp., Class A | 25,000 | 17,124 | ||||||
YTL Corp. Bhd. | 78,870 | 10,458 | ||||||
YTL Power International Bhd. | 1,531 | 229 | ||||||
|
| |||||||
75,207 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 4.9% |
| |||||||
Adaro Energy Tbk. PT | 428,300 | 66,708 | ||||||
Aegis Logistics Ltd. | 7 | 19 | ||||||
AKR Corporindo Tbk. PT | 748,500 | 37,992 | ||||||
Aldrees Petroleum and Transport Services Co. | 2,365 | 49,293 | ||||||
Bangchak Corp. PCL, NVDR | 141,400 | 117,851 | ||||||
Banpu PCL, NVDR | 16,200 | 5,401 | ||||||
Bashneft PJSC* | 1,305 | 23,523 | ||||||
Bashneft PJSC (Preference) | 1,163 | 15,330 | ||||||
Bayan Resources Tbk. PT | 22,000 | 56,293 | ||||||
Bharat Petroleum Corp. Ltd. | 31,884 | 169,648 | ||||||
Bukit Asam Tbk. PT | 106,000 | 21,005 | ||||||
China Coal Energy Co. Ltd., Class A | 23,500 | 22,077 | ||||||
China Coal Energy Co. Ltd., | 83,000 | 46,197 | ||||||
China Petroleum & Chemical Corp., Class A | 117,500 | 77,345 | ||||||
China Petroleum & Chemical Corp., Class H | 836,000 | 437,430 | ||||||
China Shenhua Energy Co. Ltd., Class A | 22,000 | 77,903 | ||||||
China Shenhua Energy Co. Ltd., Class H | 110,000 | 269,161 | ||||||
China Suntien Green Energy Corp. Ltd., Class H | 50,000 | 30,330 | ||||||
Coal India Ltd. | 83,655 | 179,143 | ||||||
Cosan SA | 39,664 | 177,554 | ||||||
Dana Gas PJSC | 166,367 | 46,200 | ||||||
Ecopetrol SA | 164,395 | 121,149 | ||||||
Empresas COPEC SA | 14,795 | 124,496 | ||||||
Exxaro Resources Ltd. | 9,631 | 103,382 | ||||||
Formosa Petrochemical Corp. | 29,000 | 100,198 | ||||||
Gazprom PJSC | 412,500 | 1,764,184 | ||||||
GS Holdings Corp.* | 2,530 | 80,486 | ||||||
Guanghui Energy Co. Ltd., | 37,100 | 33,630 | ||||||
Hellenic Petroleum Holdings SA | 3,199 | 23,632 | ||||||
Hindustan Petroleum Corp. Ltd. | 26,455 | 111,354 | ||||||
Indian Oil Corp. Ltd. | 80,630 | 135,279 | ||||||
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A | 5,300 | 12,190 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 517,000 | 476,674 | ||||||
LUKOIL PJSC | 12,265 | 1,081,975 | ||||||
Mari Petroleum Co. Ltd. | 1,984 | 19,107 |
Investments | Shares | Value ($) | ||||||
Medco Energi Internasional Tbk. PT* | 2,444,440 | 94,331 | ||||||
MOL Hungarian Oil & Gas plc | 20,405 | 176,730 | ||||||
Motor Oil Hellas Corinth Refineries SA | 2,820 | 44,953 | ||||||
Novatek PJSC | 20,020 | 423,480 | ||||||
Oil & Natural Gas Corp. Ltd. | 126,280 | 292,083 | ||||||
Oil India Ltd. | 21,175 | 68,003 | ||||||
Pakistan Oilfields Ltd. | 50,215 | 111,792 | ||||||
Pakistan Petroleum Ltd. | 29,830 | 13,453 | ||||||
Pakistan State Oil Co. Ltd. | 112,970 | 120,221 | ||||||
Petro Rio SA* | 16,500 | 74,328 | ||||||
PetroChina Co. Ltd., Class H | 726,000 | 360,321 | ||||||
Petroleo Brasileiro SA | 126,500 | 840,236 | ||||||
Petroleo Brasileiro SA (Preference) | 160,300 | 976,592 | ||||||
Petronas Dagangan Bhd. | 6,600 | 30,591 | ||||||
Petronet LNG Ltd. | 28,756 | 82,369 | ||||||
PTT Exploration & Production PCL | 469 | 1,824 | ||||||
PTT Exploration & Production PCL, NVDR | 55,131 | 214,431 | ||||||
PTT PCL, NVDR | 270,700 | 317,084 | ||||||
Qatar Fuel QSC | 9,120 | 47,591 | ||||||
Qatar Gas Transport Co. Ltd. | 60,844 | 60,326 | ||||||
Reliance Industries Ltd. | 67,100 | 2,146,013 | ||||||
Rosneft Oil Co. PJSC | 72,122 | 533,666 | ||||||
Rosneft Oil Co. PJSC, GDR(a) | 1,920 | 14,227 | ||||||
Saudi Arabian Oil Co.(a) | 37,565 | 373,958 | ||||||
Semirara Mining & Power Corp. | 91,700 | 45,063 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 27,500 | 54,176 | ||||||
Shanxi Coking Coal Energy Group Co. Ltd., Class A | 22,000 | 26,786 | ||||||
Shanxi Luan Environmental Energy Development Co. Ltd., Class A | 15,900 | 30,200 | ||||||
Siamgas & Petrochemicals PCL, NVDR | 182,600 | 71,296 | ||||||
SK Discovery Co. Ltd.* | 5,885 | 192,831 | ||||||
SK Gas Ltd.* | 1,302 | 125,826 | ||||||
SK Innovation Co. Ltd.* | 884 | 158,394 | ||||||
S-Oil Corp. | 1,706 | 127,366 | ||||||
Surgutneftegas PJSC | 319,000 | 149,224 | ||||||
Surgutneftegas PJSC (Preference) | 225,500 | 108,690 | ||||||
Tatneft PJSC | 22,094 | 141,267 | ||||||
Tatneft PJSC, ADR | 4,806 | 184,454 | ||||||
Tatneft PJSC (Preference) | 3,870 | 22,420 | ||||||
Thungela Resources Ltd.*(c) | 67,650 | 410,798 | ||||||
Transneft PJSC (Preference) | 55 | 105,286 | ||||||
Turkiye Petrol Rafinerileri A/S* | 660 | 8,423 | ||||||
Ultrapar Participacoes SA | 15,900 | 45,245 | ||||||
United Tractors Tbk. PT | 44,000 | 70,748 | ||||||
Yankuang Energy Group Co. Ltd., Class A | 5,300 | 19,242 | ||||||
Yankuang Energy Group Co. Ltd., Class H(c) | 52,000 | 109,634 | ||||||
|
| |||||||
15,740,111 | ||||||||
|
| |||||||
Paper & Forest Products - 0.2% | ||||||||
Century Textiles & Industries Ltd. | 4,455 | 51,704 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Empresas CMPC SA | 26,895 | 49,496 | ||||||
Indah Kiat Pulp & Paper Tbk. PT | 90,900 | 48,035 | ||||||
Kuk-il Paper Manufacturing Co. Ltd.* | 2,756 | 8,070 | ||||||
Lee & Man Paper Manufacturing Ltd. | 47,000 | 32,067 | ||||||
Nine Dragons Paper Holdings Ltd. | 55,000 | 54,735 | ||||||
Pabrik Kertas Tjiwi Kimia Tbk. PT | 53,800 | 26,279 | ||||||
Sappi Ltd.* | 17,215 | 47,583 | ||||||
Shandong Chenming Paper Holdings Ltd., Class A | 21,200 | 22,315 | ||||||
Shandong Chenming Paper Holdings Ltd., Class B | 15,900 | 6,974 | ||||||
Shandong Sun Paper Industry JSC Ltd., Class A | 9,400 | 16,421 | ||||||
Suzano SA | 27,500 | 306,591 | ||||||
YFY, Inc. | 47,000 | 55,510 | ||||||
|
| |||||||
725,780 | ||||||||
|
| |||||||
Personal Products - 0.5% |
| |||||||
Amorepacific Corp.* | 607 | 78,046 | ||||||
AMOREPACIFIC Group* | 611 | 20,679 | ||||||
Colgate-Palmolive India Ltd. | 3,836 | 73,227 | ||||||
Cosmax, Inc.* | 107 | 6,302 | ||||||
Dabur India Ltd. | 12,155 | 87,429 | ||||||
Emami Ltd. | 4,717 | 31,498 | ||||||
Gillette India Ltd. | 103 | 7,289 | ||||||
Godrej Consumer Products Ltd.* | 9,039 | 107,600 | ||||||
Grape King Bio Ltd. | 8,000 | 44,870 | ||||||
Hengan International Group Co. Ltd.(c) | 18,000 | 87,951 | ||||||
Hindustan Unilever Ltd. | 18,040 | 549,679 | ||||||
Hyundai Bioscience Co. Ltd.* | 1,007 | 24,308 | ||||||
Kolmar Korea Co. Ltd.* | 142 | 4,087 | ||||||
LG Household & Health Care Ltd. | 165 | 133,451 | ||||||
LG Household & Health Care Ltd. (Preference) | 43 | 19,547 | ||||||
Marico Ltd. | 9,900 | 64,019 | ||||||
Microbio Co. Ltd.* | 18,669 | 41,011 | ||||||
Natura & Co. Holding SA* | 11,558 | 49,410 | ||||||
TCI Co. Ltd. | 7,000 | 48,447 | ||||||
Yatsen Holding Ltd., ADR*(c) | 20,881 | 34,454 | ||||||
|
| |||||||
1,513,304 | ||||||||
|
| |||||||
Pharmaceuticals - 1.4% |
| |||||||
Ajanta Pharma Ltd. | 384 | 11,325 | ||||||
Alembic Pharmaceuticals Ltd. | 4,730 | 47,967 | ||||||
Alkem Laboratories Ltd. | 516 | 24,473 | ||||||
Apeloa Pharmaceutical Co. Ltd., Class A | 4,700 | 20,726 | ||||||
Aspen Pharmacare Holdings Ltd. | 5,610 | 75,037 | ||||||
AstraZeneca Pharma India Ltd. | 235 | 8,806 | ||||||
Asymchem Laboratories Tianjin Co. Ltd., Class A | 700 | 35,793 | ||||||
Aurobindo Pharma Ltd. | 2,889 | 24,563 | ||||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | 20,000 | 31,343 | ||||||
Binex Co. Ltd.* | 1,942 | 23,037 | ||||||
Bukwang Pharmaceutical Co. Ltd. | 1,431 | 12,583 | ||||||
Cadila Healthcare Ltd. | 4,844 | 26,387 |
Investments | Shares | Value ($) | ||||||
CanSino Biologics, Inc., Class A* | 318 | 12,793 | ||||||
CanSino Biologics, Inc., | 800 | 13,338 | ||||||
Celltrion Pharm, Inc.* | 460 | 31,519 | ||||||
Center Laboratories, Inc. | 9,088 | 18,820 | ||||||
Changchun High & New Technology Industry Group, Inc., Class A | 600 | 16,453 | ||||||
China Medical System Holdings Ltd. | 28,000 | 46,610 | ||||||
China Resources Pharmaceutical Group Ltd.(a) | 26,500 | 12,914 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 1,220,000 | 708,761 | ||||||
Chong Kun Dang Pharmaceutical Corp.* | 102 | 7,810 | ||||||
Cipla Ltd. | 9,054 | 114,657 | ||||||
CSPC Pharmaceutical Group Ltd. | 178,080 | 215,819 | ||||||
Daewoong Co. Ltd.* | 339 | 6,876 | ||||||
Daewoong Pharmaceutical Co. Ltd.* | 49 | 5,304 | ||||||
Dong-A Socio Holdings Co. Ltd. | 104 | 8,532 | ||||||
Dong-A ST Co. Ltd.* | 94 | 5,092 | ||||||
DongKook Pharmaceutical Co. Ltd.* | 30 | 498 | ||||||
Dr Reddys Laboratories Ltd. | 2,200 | 126,854 | ||||||
Enzychem Lifesciences Corp.* | 927 | 35,796 | ||||||
Genomma Lab Internacional SAB de CV, Class B | 12,000 | 11,908 | ||||||
Gland Pharma Ltd.*(a) | 1,265 | 58,114 | ||||||
GlaxoSmithKline Pharmaceuticals Ltd. | 1,140 | 23,883 | ||||||
Glenmark Pharmaceuticals Ltd. | 8,121 | 52,950 | ||||||
Grand Pharmaceutical Group Ltd.(c) | 24,000 | 17,021 | ||||||
Granules India Ltd. | 9,381 | 38,229 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H | 12,000 | 30,563 | ||||||
Hanall Biopharma Co. Ltd.* | 919 | 13,341 | ||||||
Hanmi Pharm Co. Ltd.* | 99 | 20,285 | ||||||
Hanmi Science Co. Ltd.* | 658 | 24,508 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(a) | 16,000 | 32,913 | ||||||
Hua Han Health Industry Holdings Ltd.*(b) | 3,780,000 | | ||||||
Huons Global Co. Ltd. | 4,139 | 109,870 | ||||||
Hypera SA* | 8,900 | 52,143 | ||||||
Ilyang Pharmaceutical Co. Ltd.* | 795 | 14,805 | ||||||
Ipca Laboratories Ltd. | 3,080 | 42,705 | ||||||
JB Chemicals & Pharmaceuticals Ltd. | 2,226 | 51,925 | ||||||
Jeil Pharmaceutical Co. Ltd.* | 371 | 8,340 | ||||||
JETEMA Co. Ltd.* | 19 | 281 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 8,400 | 54,039 | ||||||
Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 4,700 | 8,639 | ||||||
Jubilant Pharmova Ltd. | 4,141 | 28,809 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
JW Pharmaceutical Corp.* | 243 | 3,880 | ||||||
Kalbe Farma Tbk. PT | 491,100 | 56,001 | ||||||
Komipharm International Co. Ltd.* | 1,425 | 10,781 | ||||||
Korea United Pharm, Inc.* | 636 | 24,190 | ||||||
Laurus Labs Ltd.(a) | 9,122 | 61,451 | ||||||
Livzon Pharmaceutical Group, Inc., Class H(c) | 3,930 | 13,986 | ||||||
Lupin Ltd. | 4,620 | 56,222 | ||||||
Luye Pharma Group Ltd.*(a)(c) | 880,000 | 382,582 | ||||||
Mega Lifesciences PCL, NVDR | 400 | 559 | ||||||
Mezzion Pharma Co. Ltd.* | 212 | 32,270 | ||||||
Natco Pharma Ltd. | 4,950 | 60,387 | ||||||
Ocumension Therapeutics*(a) | 16,000 | 23,392 | ||||||
Oneness Biotech Co. Ltd.* | 3,000 | 25,778 | ||||||
Oscotec, Inc.* | 1,510 | 40,584 | ||||||
Pfizer Ltd. | 341 | 20,699 | ||||||
Pharmally International Holding Co. Ltd.*(b) | 2,564 | 3,913 | ||||||
Procter & Gamble Health Ltd. | 636 | 43,115 | ||||||
Reyon Pharmaceutical Co. Ltd.* | 1,045 | 24,706 | ||||||
Richter Gedeon Nyrt. | 2,695 | 70,789 | ||||||
Sam Chun Dang Pharm Co. Ltd. | 890 | 25,360 | ||||||
Sanofi India Ltd. | 163 | 16,516 | ||||||
SciClone Pharmaceuticals Holdings Ltd.*(a)(c) | 55,000 | 59,249 | ||||||
ScinoPharm Taiwan Ltd. | 41,000 | 34,346 | ||||||
Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 4,700 | 14,627 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 4,700 | 31,403 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 8,000 | 32,010 | ||||||
Shin Poong Pharmaceutical Co. Ltd.* | 432 | 8,565 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd.(c) | 264,000 | 49,092 | ||||||
Sino Biopharmaceutical Ltd. | 193,999 | 133,354 | ||||||
SK Biopharmaceuticals Co. Ltd.* | 330 | 20,750 | ||||||
SSY Group Ltd. | 110,000 | 48,669 | ||||||
Sun Pharmaceutical Industries Ltd. | 22,275 | 249,100 | ||||||
Suven Pharmaceuticals Ltd. | 6,784 | 48,806 | ||||||
Torrent Pharmaceuticals Ltd. | 717 | 25,668 | ||||||
TTY Biopharm Co. Ltd. | 15,000 | 36,295 | ||||||
United Laboratories International Holdings Ltd. (The) | 440,000 | 249,412 | ||||||
Yifan Pharmaceutical Co. Ltd., Class A | 4,700 | 12,634 | ||||||
Yuhan Corp.* | 1,145 | 53,759 | ||||||
Yungjin Pharmaceutical Co. Ltd.* | 1,602 | 6,213 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 1,100 | 15,601 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 700 | 39,286 | ||||||
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | 4,700 | 15,498 | ||||||
Zhejiang NHU Co. Ltd., Class A | 5,640 | 26,590 | ||||||
|
| |||||||
4,633,845 | ||||||||
|
|
Investments | Shares | Value ($) | ||||||
Professional Services - 0.1% | ||||||||
51job, Inc., ADR* | 710 | 35,784 | ||||||
Boa Vista Servicos SA | 27,500 | 29,261 | ||||||
L&T Technology Services Ltd.(a) | 689 | 43,332 | ||||||
Quess Corp. Ltd.(a) | 3,339 | 32,420 | ||||||
TeamLease Services Ltd.* | 880 | 50,972 | ||||||
|
| |||||||
191,769 | ||||||||
|
| |||||||
Real Estate Management & Development - 4.5% |
| |||||||
Agile Group Holdings Ltd.(c) | 46,000 | 24,305 | ||||||
Aldar Properties PJSC | 62,601 | 70,389 | ||||||
Aliansce Sonae Shopping Centers sa | 5,300 | 22,627 | ||||||
A-Living Smart City Services Co. Ltd.(a) | 13,250 | 25,693 | ||||||
AP Thailand PCL, NVDR | 540,200 | 165,492 | ||||||
Arabian Centres Co. Ltd. | 1,662 | 10,144 | ||||||
Arriyadh Development Co. | 2,145 | 15,436 | ||||||
Ayala Land, Inc. | 93,500 | 65,849 | ||||||
Barwa Real Estate Co. | 87,450 | 80,581 | ||||||
BR Malls Participacoes SA* | 31,500 | 57,127 | ||||||
Brigade Enterprises Ltd. | 4,730 | 31,683 | ||||||
Bumi Serpong Damai Tbk. PT* | 168,600 | 10,609 | ||||||
C&D International Investment Group Ltd.(c) | 270,791 | 514,665 | ||||||
Cathay Real Estate Development Co. Ltd. | 33,100 | 22,432 | ||||||
Cencosud Shopping SA | 11,704 | 13,850 | ||||||
Central China New Life Ltd.*(a)(c) | 220,000 | 140,224 | ||||||
Central Pattana PCL, NVDR | 11,500 | 18,738 | ||||||
China Aoyuan Group Ltd.(c) | 713,000 | 142,645 | ||||||
China Dili Group* | 100,000 | 24,495 | ||||||
China Evergrande Group | 66,000 | 14,051 | ||||||
China Jinmao Holdings Group Ltd. | 220,000 | 79,846 | ||||||
China Logistics Property Holdings Co. Ltd.*(a) | 59,000 | 33,293 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 18,800 | 40,020 | ||||||
China Overseas Grand Oceans Group Ltd. | 849,000 | 504,116 | ||||||
China Overseas Land & Investment Ltd. | 118,500 | 348,773 | ||||||
China Overseas Property Holdings Ltd.(c) | 50,000 | 57,775 | ||||||
China Resources Land Ltd. | 102,000 | 491,193 | ||||||
China Resources Mixc Lifestyle Services Ltd.(a) | 10,600 | 62,057 | ||||||
China SCE Group Holdings Ltd.(c) | 744,000 | 166,021 | ||||||
China Vanke Co. Ltd., Class A | 33,000 | 105,397 | ||||||
China Vanke Co. Ltd., Class H | 58,100 | 149,766 | ||||||
Chong Hong Construction Co. Ltd. | 112,000 | 298,382 | ||||||
CIFI Ever Sunshine Services Group Ltd.(a)(c) | 10,000 | 17,929 | ||||||
CIFI Holdings Group Co. Ltd. | 139,801 | 91,258 | ||||||
Ciputra Development Tbk. PT | 179,449 | 10,918 | ||||||
Commercial Real Estate Co. KSC | 47,355 | 19,542 | ||||||
Corp. Inmobiliaria Vesta SAB de CV | 23,200 | 43,897 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Country Garden Holdings Co. | 238,813 | 195,704 | ||||||
Country Garden Services Holdings Co. Ltd. | 40,887 | 240,418 | ||||||
Dar Al Arkan Real Estate Development Co.* | 8,271 | 22,706 | ||||||
DLF Ltd. | 15,220 | 79,728 | ||||||
Dongwon Development Co. Ltd.* | 12,595 | 49,784 | ||||||
Eco World Development Group Bhd. | 176,000 | 38,896 | ||||||
Emaar Development PJSC* | 39,052 | 45,718 | ||||||
Emaar Economic City* | 23,375 | 80,369 | ||||||
Emaar Properties PJSC | 118,085 | 156,244 | ||||||
Evergrande Property Services Group Ltd.*(a) | 188,500 | 61,403 | ||||||
Gemdale Corp., Class A | 14,100 | 28,797 | ||||||
Gemdale Properties & Investment Corp. Ltd. | 2,860,000 | 319,100 | ||||||
Godrej Properties Ltd.* | 1,507 | 34,637 | ||||||
Greenland Holdings Corp. Ltd., Class A | 29,610 | 20,328 | ||||||
Greentown China Holdings Ltd.(c) | 26,500 | 43,637 | ||||||
Greentown Service Group Co. | 30,000 | 32,933 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H(c) | 834,400 | 370,248 | ||||||
Hanson International Tbk. PT*(b) | 2,409,275 | 4,188 | ||||||
Highwealth Construction Corp. | 32,500 | 54,685 | ||||||
Hopson Development Holdings Ltd.(c) | 25,079 | 52,361 | ||||||
Huaku Development Co. Ltd. | 110,000 | 359,891 | ||||||
Huijing Holdings Co. Ltd.(c) | 326,000 | 80,689 | ||||||
Indiabulls Real Estate Ltd.* | 21,560 | 41,561 | ||||||
IOI Properties Group Bhd. | 52,800 | 12,867 | ||||||
Jiayuan International Group | 573,243 | 199,228 | ||||||
Jinke Properties Group Co. Ltd., Class A | 14,100 | 9,968 | ||||||
Kaisa Group Holdings Ltd.* | 119,714 | 13,510 | ||||||
KE Holdings, Inc., ADR* | 8,745 | 190,554 | ||||||
Kindom Development Co. Ltd. | 182,400 | 232,804 | ||||||
Kings Town Construction Co. Ltd.* | 55,000 | 74,944 | ||||||
Korea Real Estate Investment & Trust Co. Ltd.* | 76,745 | 148,333 | ||||||
KWG Group Holdings Ltd. | 26,500 | 14,410 | ||||||
KWG Living Group Holdings | 53,000 | 23,246 | ||||||
LAMDA Development SA* | 1,368 | 10,765 | ||||||
Logan Group Co. Ltd.(c) | 29,000 | 18,038 | ||||||
Longfor Group Holdings Ltd.(d) | 53,500 | 319,043 | ||||||
LSR Group PJSC | 21,295 | 180,499 | ||||||
LVGEM China Real Estate Investment Co. Ltd.*(c) | 330,000 | 62,212 | ||||||
Mabanee Co. KPSC | 18,444 | 50,235 | ||||||
Macrotech Developers Ltd.*(a) | 825 | 14,308 | ||||||
Mah Sing Group Bhd. | 616,000 | 99,343 | ||||||
MBK PCL, NVDR* | 90,344 | 34,732 | ||||||
Megaworld Corp. | 444,200 | 26,927 |
Investments | Shares | Value ($) | ||||||
Midea Real Estate Holding | 119,400 | 175,481 | ||||||
Multiplan Empreendimentos Imobiliarios SA* | 500 | 2,024 | ||||||
National Real Estate Co. KPSC* | 9,515 | 7,068 | ||||||
NEPI Rockcastle plc | 7,156 | 48,450 | ||||||
Oberoi Realty Ltd.* | 2,915 | 35,774 | ||||||
Origin Property PCL, NVDR | 540,500 | 186,687 | ||||||
OSK Holdings Bhd. | 572,000 | 117,530 | ||||||
Pakuwon Jati Tbk. PT* | 534,400 | 15,978 | ||||||
Parque Arauco SA* | 15,651 | 18,128 | ||||||
Phoenix Mills Ltd. (The) | 5,214 | 69,585 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 38,500 | 94,959 | ||||||
Poly Property Group Co. Ltd. | 880,000 | 231,355 | ||||||
Powerlong Real Estate Holdings Ltd. | 41,000 | 22,767 | ||||||
Prestige Estates Projects Ltd. | 6,042 | 39,536 | ||||||
Prince Housing & Development Corp. | 50,000 | 23,190 | ||||||
Pruksa Holding PCL, NVDR | 356,700 | 155,343 | ||||||
Quality Houses PCL, NVDR | 2,423,500 | 171,781 | ||||||
Radiance Holdings Group Co. | 330,000 | 185,366 | ||||||
Redco Properties Group Ltd.(a)(c) | 492,000 | 169,099 | ||||||
Redsun Properties Group Ltd.(c) | 476,000 | 161,769 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A | 9,400 | 6,586 | ||||||
Robinsons Land Corp. | 1,029,606 | 369,628 | ||||||
Ruentex Development Co. Ltd. | 21,600 | 49,469 | ||||||
Salhia Real Estate Co. KSCP | 30,415 | 53,319 | ||||||
Saudi Real Estate Co.* | 2,226 | 12,566 | ||||||
Seazen Group Ltd.*(c) | 83,808 | 56,642 | ||||||
Seazen Holdings Co. Ltd., Class A | 4,700 | 24,551 | ||||||
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B | 137,500 | 122,925 | ||||||
Shanghai Lingang Holdings Corp. Ltd., Class A | 5,640 | 12,803 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A | 15,900 | 26,328 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 17,540 | 16,084 | ||||||
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 4,700 | 10,101 | ||||||
Shenzhen Investment Ltd. | 1,199,930 | 281,611 | ||||||
Shimao Group Holdings Ltd.(c) | 32,000 | 23,474 | ||||||
Shimao Services Holdings Ltd.(a)(c) | 11,000 | 8,732 | ||||||
Shinsun Holdings Group Co. | 165,000 | 22,642 | ||||||
Shoucheng Holdings Ltd.(c) | 110,000 | 20,173 | ||||||
Shui On Land Ltd. | 1,567,500 | 221,127 | ||||||
Sichuan Languang Justbon Services Group Co. Ltd., Class H*(b) | 26,500 | 184,029 | ||||||
Sime Darby Property Bhd. | 178,200 | 24,694 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Sinic Holdings Group Co. Ltd., Class H(a)(b) | 318,000 | 20,552 | ||||||
Sino-Ocean Group Holding | 1,540,000 | 377,221 | ||||||
SK D&D Co. Ltd.* | 3,822 | 83,383 | ||||||
Skyfame Realty Holdings Ltd. | 1,100,000 | 118,499 | ||||||
SM Prime Holdings, Inc. | 242,000 | 166,635 | ||||||
SOHO China Ltd.* | 76,000 | 16,569 | ||||||
SP Setia Bhd. Group* | 75,694 | 22,244 | ||||||
Summarecon Agung Tbk. PT* | 227,900 | 10,775 | ||||||
Sunac China Holdings Ltd.(c) | 90,000 | 110,458 | ||||||
Sunac Services Holdings Ltd.(a) | 24,000 | 27,116 | ||||||
Supalai PCL, NVDR | 62,300 | 42,475 | ||||||
Talaat Moustafa Group | 508,281 | 299,274 | ||||||
Times China Holdings Ltd.(c) | 414,000 | 160,343 | ||||||
United Development Co. QSC | 67,999 | 31,114 | ||||||
UOA Development Bhd. | 20,600 | 8,022 | ||||||
Vista Land & Lifescapes, Inc. | 1,565,200 | 106,854 | ||||||
WHA Corp. PCL, NVDR | 375,990 | 38,621 | ||||||
Wharf Holdings Ltd. (The) | 54,000 | 184,212 | ||||||
Yuexiu Property Co. Ltd. | 63,600 | 64,436 | ||||||
Zhejiang China Commodities City Group Co. Ltd., Class A | 38,500 | 27,157 | ||||||
Zhenro Properties Group | 967,000 | 458,849 | ||||||
Zhongliang Holdings Group Co. Ltd.(a) | 259,000 | 121,901 | ||||||
Zhongtian Financial Group Co. Ltd., Class A* | 28,200 | 11,031 | ||||||
Zhuguang Holdings Group Co. Ltd.(c) | 1,210,000 | 260,697 | ||||||
|
| |||||||
14,389,001 | ||||||||
|
| |||||||
Road & Rail - 0.2% |
| |||||||
Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 104,500 | 82,906 | ||||||
BTS Group Holdings PCL, NVDR | 213,140 | 58,894 | ||||||
Cia de Locacao das Americas* | 15,500 | 76,566 | ||||||
CJ Logistics Corp.* | 150 | 14,434 | ||||||
Container Corp. of India Ltd. | 4,571 | 39,586 | ||||||
Dazhong Transportation Group Co. Ltd., Class B* | 200 | 58 | ||||||
Localiza Rent a Car SA | 10,050 | 110,910 | ||||||
Movida Participacoes SA* | 71,500 | 221,906 | ||||||
Rumo SA* | 22,000 | 64,716 | ||||||
SIMPAR SA | 17,376 | 36,224 | ||||||
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 5,500 | 12,719 | ||||||
|
| |||||||
718,919 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 6.3% |
| |||||||
ADATA Technology Co. Ltd. | 16,000 | 48,091 | ||||||
Advanced Wireless Semiconductor Co. | 5,000 | 20,943 | ||||||
Alchip Technologies Ltd. | 1,000 | 33,616 | ||||||
Amazing Microelectronic Corp. | 3,000 | 21,033 | ||||||
Andes Technology Corp. | 2,379 | 35,496 | ||||||
Anpec Electronics Corp. | 2,000 | 16,718 | ||||||
AP Memory Technology Corp. | 2,000 | 28,403 | ||||||
Ardentec Corp. | 212,000 | 397,872 | ||||||
ASE Technology Holding Co. Ltd. | 121,000 | 429,812 | ||||||
ASMedia Technology, Inc. | 1,000 | 55,727 |
Investments | Shares | Value ($) | ||||||
Chipbond Technology Corp. | 15,000 | 36,618 | ||||||
ChipMOS Technologies, Inc. | 31,000 | 51,269 | ||||||
D&O Green Technologies Bhd. | 15,300 | 17,766 | ||||||
Daqo New Energy Corp., ADR* | 1,463 | 58,696 | ||||||
DB HiTek Co. Ltd.* | 1,564 | 96,136 | ||||||
Elan Microelectronics Corp. | 4,000 | 23,226 | ||||||
Elite Semiconductor Microelectronics Technology, Inc. | 5,000 | 25,347 | ||||||
eMemory Technology, Inc. | 1,000 | 56,446 | ||||||
ENNOSTAR, Inc.* | 7,000 | 22,650 | ||||||
Eo Technics Co. Ltd.* | 134 | 11,749 | ||||||
Episil Technologies, Inc.* | 10,259 | 39,097 | ||||||
Etron Technology, Inc.* | 13,000 | 33,091 | ||||||
Eugene Technology Co. Ltd. | 1,219 | 48,133 | ||||||
Everlight Electronics Co. Ltd. | 210,000 | 404,688 | ||||||
Faraday Technology Corp. | 4,000 | 28,691 | ||||||
Fitipower Integrated Technology, Inc. | 4,000 | 29,841 | ||||||
Flat Glass Group Co. Ltd., Class A | 5,000 | 38,364 | ||||||
Flat Glass Group Co. Ltd., Class H(c) | 7,000 | 27,784 | ||||||
FocalTech Systems Co. Ltd. | 4,000 | 20,925 | ||||||
Formosa Advanced Technologies Co. Ltd. | 59,000 | 81,880 | ||||||
Foxsemicon Integrated Technology, Inc. | 6,000 | 47,890 | ||||||
GCL System Integration Technology Co. Ltd., Class A* | 25,500 | 12,779 | ||||||
GemVax & Kael Co. Ltd.* | 920 | 11,257 | ||||||
Gigadevice Semiconductor Beijing, Inc., Class A | 1,940 | 42,394 | ||||||
Global Mixed Mode Technology, Inc. | 2,000 | 16,538 | ||||||
Global Unichip Corp. | 2,000 | 33,976 | ||||||
Globalwafers Co. Ltd. | 4,000 | 110,879 | ||||||
Greatek Electronics, Inc. | 14,000 | 36,845 | ||||||
Gudeng Precision Industrial Co. Ltd. | 4,000 | 36,600 | ||||||
Hana Materials, Inc. | 318 | 14,509 | ||||||
Hangzhou First Applied Material Co. Ltd., Class A | 2,600 | 46,565 | ||||||
Hangzhou Silan Microelectronics Co. Ltd., Class A | 4,700 | 37,354 | ||||||
Holtek Semiconductor, Inc. | 6,000 | 21,680 | ||||||
Hua Hong Semiconductor Ltd.*(a)(c) | 11,000 | 52,901 | ||||||
Innox Advanced Materials Co. Ltd. | 1,210 | 50,689 | ||||||
ITE Technology, Inc. | 11,000 | 39,469 | ||||||
JA Solar Technology Co. Ltd., Class A | 4,200 | 58,506 | ||||||
JCET Group Co. Ltd., Class A | 5,300 | 22,356 | ||||||
Jusung Engineering Co. Ltd.* | 2,862 | 50,925 | ||||||
King Yuan Electronics Co. Ltd. | 35,000 | 56,375 | ||||||
Kinsus Interconnect Technology Corp. | 3,000 | 21,734 | ||||||
Koh Young Technology, Inc.* | 1,007 | 17,124 | ||||||
LandMark Optoelectronics Corp. | 5,000 | 35,234 | ||||||
LEENO Industrial, Inc.* | 180 | 27,385 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 7,620 | 83,929 | ||||||
LX Semicon Co. Ltd. | 411 | 45,788 | ||||||
Macronix International Co. Ltd. | 48,000 | 70,756 | ||||||
MediaTek, Inc. | 31,000 | 1,198,138 | ||||||
Mi Technovation Bhd. | 26,500 | 15,195 | ||||||
MLS Co. Ltd., Class A | 6,600 | 13,593 | ||||||
MPI Corp. | 44,000 | 168,476 | ||||||
Nanya Technology Corp. | 40,000 | 103,545 | ||||||
NAURA Technology Group Co. Ltd., Class A | 1,200 | 53,351 | ||||||
NEPES Corp.* | 1,325 | 33,853 | ||||||
NEXTIN, Inc.* | 265 | 13,365 | ||||||
Novatek Microelectronics Corp. | 18,000 | 304,811 | ||||||
Nuvoton Technology Corp. | 8,000 | 41,130 | ||||||
OptoTech Corp. | 13,000 | 27,296 | ||||||
Pan Jit International, Inc. | 12,000 | 39,045 | ||||||
Parade Technologies Ltd. | 1,400 | 100,669 | ||||||
Phison Electronics Corp. | 3,000 | 48,375 | ||||||
Pixart Imaging, Inc. | 9,000 | 44,492 | ||||||
Powertech Technology, Inc. | 21,000 | 73,690 | ||||||
Radiant Opto-Electronics Corp. | 14,330 | 52,294 | ||||||
RDC Semiconductor Co. Ltd.* | 3,000 | 49,831 | ||||||
Realtek Semiconductor Corp. | 10,070 | 190,437 | ||||||
RFHIC Corp. | 829 | 20,768 | ||||||
RichWave Technology Corp. | 5,000 | 39,728 | ||||||
S&S Tech Corp. | 423 | 11,001 | ||||||
SDI Corp. | 8,000 | 43,288 | ||||||
Seoul Semiconductor Co. Ltd.* | 1,370 | 16,820 | ||||||
SFA Semicon Co. Ltd.* | 3,233 | 17,432 | ||||||
Shenzhen Goodix Technology Co. Ltd., Class A | 1,800 | 25,054 | ||||||
Shinsung E&G Co. Ltd.* | 7,632 | 11,016 | ||||||
Sigurd Microelectronics Corp. | 212,000 | 430,646 | ||||||
Silergy Corp. | 2,000 | 261,020 | ||||||
Silicon Integrated Systems Corp. | 17,240 | 13,853 | ||||||
SIMMTECH Co. Ltd. | 10,010 | 390,270 | ||||||
Sino-American Silicon Products, Inc. | 13,000 | 97,918 | ||||||
Sitronix Technology Corp. | 4,000 | 40,627 | ||||||
SK Hynix, Inc. | 18,150 | 1,814,247 | ||||||
Sonix Technology Co. Ltd. | 72,000 | 213,562 | ||||||
Sunplus Technology Co. Ltd. | 29,000 | 35,189 | ||||||
Taiwan Mask Corp. | 13,000 | 45,103 | ||||||
Taiwan Semiconductor Co. Ltd. | 14,000 | 33,976 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 369,000 | 8,437,621 | ||||||
Taiwan Surface Mounting Technology Corp. | 13,000 | 60,761 | ||||||
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A | 4,700 | 31,676 | ||||||
Tianshui Huatian Technology Co. Ltd., Class A | 10,800 | 19,359 | ||||||
Tokai Carbon Korea Co. Ltd. | 86 | 9,089 | ||||||
TongFu Microelectronics Co. Ltd., Class A | 4,700 | 12,855 | ||||||
Topco Scientific Co. Ltd. | 80,000 | 474,581 | ||||||
TSE Co. Ltd. | 165 | 9,376 | ||||||
TSEC Corp.* | 24,000 | 30,546 |
Investments | Shares | Value ($) | ||||||
Ultra Chip, Inc. | 3,000 | 19,630 | ||||||
Unigroup Guoxin Microelectronics Co. Ltd., Class A | 1,600 | 53,917 | ||||||
United Microelectronics Corp. | 220,000 | 453,225 | ||||||
United Renewable Energy Co. Ltd.* | 56,574 | 40,680 | ||||||
UniTest, Inc.* | 636 | 15,590 | ||||||
Vanguard International Semiconductor Corp. | 18,000 | 84,454 | ||||||
Via Technologies, Inc. | 110,000 | 264,975 | ||||||
Visual Photonics Epitaxy Co. Ltd. | 10,000 | 45,660 | ||||||
ViTrox Corp. Bhd. | 9,600 | 18,670 | ||||||
Wafer Works Corp. | 18,511 | 51,113 | ||||||
Will Semiconductor Co. Ltd. Shanghai, Class A | 1,500 | 59,902 | ||||||
Win Semiconductors Corp. | 6,961 | 83,966 | ||||||
Winbond Electronics Corp. | 59,000 | 63,531 | ||||||
WONIK IPS Co. Ltd.* | 824 | 26,111 | ||||||
Wonik QnC Corp.* | 7,150 | 148,575 | ||||||
Wuxi Taiji Industry Co. Ltd., Class A | 21,200 | 24,246 | ||||||
XinTec, Inc. | 3,000 | 13,536 | ||||||
Xinyi Solar Holdings Ltd. | 81,343 | 129,355 | ||||||
|
| |||||||
20,158,649 | ||||||||
|
| |||||||
Software - 0.4% |
| |||||||
360 Security Technology, Inc., | 15,500 | 25,422 | ||||||
Agora, Inc., ADR*(c) | 1,696 | 19,385 | ||||||
Ahnlab, Inc.* | 190 | 12,057 | ||||||
AsiaInfo Technologies Ltd.(a) | 21,200 | 39,042 | ||||||
Beijing Kingsoft Office Software, Inc., Class A | 1,265 | 48,349 | ||||||
Birlasoft Ltd. | 9,845 | 62,746 | ||||||
China Youzan Ltd.*(c) | 740,000 | 28,470 | ||||||
Cyient Ltd. | 4,950 | 62,211 | ||||||
Douzone Bizon Co. Ltd.* | 530 | 23,082 | ||||||
Hancom, Inc.* | 8,085 | 140,507 | ||||||
Iflytek Co. Ltd., Class A | 4,700 | 32,045 | ||||||
Intellect Design Arena Ltd.* | 5,035 | 51,826 | ||||||
Kingdee International Software Group Co. Ltd.* | 55,000 | 124,424 | ||||||
KPIT Technologies Ltd. | 6,435 | 55,729 | ||||||
Linklogis, Inc., Class B*(a) | 55,000 | 59,743 | ||||||
Ming Yuan Cloud Group Holdings Ltd.*(c) | 11,000 | 22,458 | ||||||
OneConnect Financial Technology Co. Ltd., ADR* | 14,630 | 29,260 | ||||||
Oracle Financial Services Software Ltd. | 632 | 29,772 | ||||||
Route Mobile Ltd. | 954 | 22,966 | ||||||
Shanghai Baosight Software Co. Ltd., Class A | 4,200 | 35,617 | ||||||
Shanghai Baosight Software Co. Ltd., Class B | 8,930 | 40,989 | ||||||
Tanla Platforms Ltd. | 3,710 | 86,915 | ||||||
Tata Elxsi Ltd. | 770 | 78,497 | ||||||
TOTVS SA | 11,100 | 60,768 | ||||||
Weimob, Inc.*(a)(c) | 25,000 | 18,596 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 4,700 | 25,777 | ||||||
|
| |||||||
1,236,653 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Specialty Retail - 1.5% |
| |||||||
Abu Dhabi National Oil Co. for Distribution PJSC | 54,340 | 61,100 | ||||||
Ace Hardware Indonesia Tbk. PT | 206,000 | 17,689 | ||||||
Bermaz Auto Bhd. | 539,000 | 212,484 | ||||||
China Meidong Auto Holdings Ltd. | 8,000 | 37,448 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class A | 2,500 | 81,127 | ||||||
China Yongda Automobiles Services Holdings Ltd. | 61,500 | 78,634 | ||||||
Chow Tai Fook Jewellery Group Ltd. | 55,000 | 96,210 | ||||||
Cuckoo Homesys Co. Ltd.* | 3,410 | 97,873 | ||||||
Detsky Mir PJSC(a) | 258,500 | 340,515 | ||||||
Dogan Sirketler Grubu Holding A/S | 571,725 | 128,276 | ||||||
EEKA Fashion Holdings Ltd. | 110,000 | 176,337 | ||||||
Foschini Group Ltd. (The)(c) | 11,456 | 95,062 | ||||||
GOME Retail Holdings Ltd.*(c) | 383,447 | 26,063 | ||||||
Grupo SBF SA* | 5,300 | 25,702 | ||||||
Home Product Center PCL, NVDR | 133,600 | 56,578 | ||||||
Hotai Motor Co. Ltd. | 6,000 | 129,863 | ||||||
Hotel Shilla Co. Ltd. | 396 | 23,652 | ||||||
Italtile Ltd. | 10,931 | 10,952 | ||||||
Jarir Marketing Co. | 839 | 45,037 | ||||||
JUMBO SA | 2,397 | 35,469 | ||||||
K Car Co. Ltd. | 5,940 | 136,243 | ||||||
LOTTE Himart Co. Ltd.* | 4,606 | 80,619 | ||||||
M.Video PJSC | 31,680 | 153,004 | ||||||
Motus Holdings Ltd. | 84,425 | 638,508 | ||||||
MR DIY Group M Bhd.(a) | 42,400 | 35,962 | ||||||
Mr Price Group Ltd. | 5,830 | 76,823 | ||||||
Pan German Universal Motors Ltd. | 9,000 | 67,628 | ||||||
Pepkor Holdings Ltd.(a) | 42,620 | 62,291 | ||||||
Pet Center Comercio e Participacoes SA | 11,807 | 39,601 | ||||||
Pop Mart International Group Ltd.*(a)(c) | 11,000 | 54,241 | ||||||
PTT Oil & Retail Business PCL, NVDR | 90,500 | 66,866 | ||||||
Shanghai Yuyuan Tourist Mart Group Co. Ltd. | 18,800 | 27,261 | ||||||
Shinsegae International, Inc. | 81 | 7,996 | ||||||
Siam Global House PCL, NVDR | 37,322 | 21,298 | ||||||
Suning.com Co. Ltd., Class A* | 23,500 | 14,435 | ||||||
Super Group Ltd. | 186,670 | 401,455 | ||||||
Topsports International Holdings Ltd.(a) | 55,000 | 49,375 | ||||||
Truworths International Ltd. | 207,185 | 763,919 | ||||||
United Electronics Co. | 1,265 | 47,000 | ||||||
Via S/A* | 83,700 | 74,400 | ||||||
Vibra Energia SA | 44,000 | 189,755 | ||||||
Zhongsheng Group Holdings | 9,000 | 68,849 | ||||||
|
| |||||||
4,853,600 | ||||||||
|
|
Investments | Shares | Value ($) | ||||||
Technology Hardware, Storage & Peripherals - 5.2% |
| |||||||
Acer, Inc. | 102,858 | 104,840 | ||||||
Advantech Co. Ltd. | 7,941 | 108,634 | ||||||
Asia Vital Components Co. Ltd. | 122,000 | 407,047 | ||||||
ASROCK, Inc. | 21,000 | 173,654 | ||||||
Asustek Computer, Inc. | 24,000 | 310,203 | ||||||
AURAS Technology Co. Ltd. | 37,000 | 289,998 | ||||||
Canaan, Inc., ADR* | 9,900 | 42,570 | ||||||
Catcher Technology Co. Ltd. | 24,000 | 133,314 | ||||||
Chicony Electronics Co. Ltd. | 15,992 | 50,884 | ||||||
Clevo Co. | 44,000 | 48,724 | ||||||
Compal Electronics, Inc. | 165,000 | 149,493 | ||||||
CosmoAM&T Co. Ltd.* | 1,166 | 38,448 | ||||||
Darfon Electronics Corp. | 97,000 | 156,238 | ||||||
Ennoconn Corp. | 30,000 | 227,583 | ||||||
Getac Holdings Corp. | 13,000 | 25,192 | ||||||
Gigabyte Technology Co. Ltd. | 20,000 | 98,871 | ||||||
HTC Corp.* | 18,000 | 41,289 | ||||||
Innodisk Corp. | 4,733 | 32,502 | ||||||
Inventec Corp. | 87,000 | 78,824 | ||||||
KONA I Co. Ltd.* | 689 | 16,003 | ||||||
Legend Holdings Corp., Class H(a) | 285,000 | 395,470 | ||||||
Lenovo Group Ltd.(c) | 220,000 | 236,151 | ||||||
Lite-On Technology Corp. | 83,000 | 189,491 | ||||||
Micro-Star International Co. Ltd. | 21,000 | 114,007 | ||||||
Mitac Holdings Corp. | 46,600 | 54,116 | ||||||
Multilaser Industrial SA* | 99,000 | 143,373 | ||||||
Ninestar Corp., Class A | 4,700 | 36,106 | ||||||
Pegatron Corp. | 81,000 | 201,816 | ||||||
Qisda Corp. | 62,000 | 66,093 | ||||||
Quanta Computer, Inc. | 98,000 | 327,324 | ||||||
Samsung Electronics Co. Ltd. | 174,845 | 10,631,388 | ||||||
Samsung Electronics Co. Ltd. (Preference) | 27,720 | 1,524,543 | ||||||
Shenzhen Transsion Holdings Co. Ltd., Class A | 2,200 | 46,807 | ||||||
Wistron Corp. | 110,000 | 123,984 | ||||||
Wiwynn Corp. | 3,000 | 107,428 | ||||||
|
| |||||||
16,732,408 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 1.1% |
| |||||||
Aditya Birla Fashion and Retail Ltd.* | 6,536 | 25,711 | ||||||
Aksa Akrilik Kimya Sanayii A/S | 70,895 | 169,317 | ||||||
Alok Industries Ltd.* | 23,980 | 9,946 | ||||||
Alpargatas SA (Preference) | 5,500 | 30,121 | ||||||
ANTA Sports Products Ltd. | 22,000 | 328,693 | ||||||
Arezzo Industria e Comercio SA | 3,752 | 57,792 | ||||||
Bata India Ltd. | 848 | 23,456 | ||||||
Bosideng International Holdings Ltd.(c) | 96,000 | 46,661 | ||||||
Eclat Textile Co. Ltd. | 4,698 | 103,034 | ||||||
F&F Co. Ltd.* | 55 | 37,321 | ||||||
F&F Holdings Co. Ltd.* | 103 | 2,226 | ||||||
Feng TAY Enterprise Co. Ltd. | 10,600 | 85,367 | ||||||
FF Group*(b) | 3,536 | | ||||||
Fila Holdings Corp.* | 1,167 | 28,219 | ||||||
Fuguiniao Group Ltd.*(b) | 334,800 | |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Golden Solar New Energy Technology Holdings Ltd.* | 42,000 | 47,346 | ||||||
Grendene SA | 8,264 | 14,116 | ||||||
Grupo de Moda Soma SA* | 15,900 | 43,418 | ||||||
Guararapes Confeccoes SA* | 13,200 | 31,670 | ||||||
Handsome Co. Ltd.* | 5,445 | 151,313 | ||||||
Hansae Co. Ltd. | 1,281 | 26,353 | ||||||
Hwaseung Enterprise Co. Ltd.* | 331 | 3,913 | ||||||
KPR Mill Ltd. | 5,665 | 50,920 | ||||||
Lao Feng Xiang Co. Ltd., Class B | 2,500 | 8,467 | ||||||
LF Corp.* | 9,405 | 122,097 | ||||||
Li Ning Co. Ltd. | 47,000 | 454,175 | ||||||
Makalot Industrial Co. Ltd. | 4,334 | 36,073 | ||||||
Page Industries Ltd. | 130 | 73,910 | ||||||
Paiho Shih Holdings Corp. | 55,000 | 69,506 | ||||||
Pou Chen Corp. | 104,000 | 119,465 | ||||||
Rajesh Exports Ltd. | 7,074 | 79,876 | ||||||
Ruentex Industries Ltd. | 20,540 | 69,860 | ||||||
Shenzhou International Group Holdings Ltd. | 16,500 | 302,807 | ||||||
Shinsung Tongsang Co. Ltd.* | 35,200 | 96,066 | ||||||
Tainan Spinning Co. Ltd. | 48,555 | 42,159 | ||||||
Taiwan Paiho Ltd. | 17,000 | 48,896 | ||||||
Texhong Textile Group Ltd. | 110,000 | 141,916 | ||||||
Titan Co. Ltd. | 8,195 | 259,207 | ||||||
Trident Ltd. | 56,595 | 46,188 | ||||||
Vaibhav Global Ltd. | 41 | 254 | ||||||
Vivara Participacoes SA | 5,300 | 26,250 | ||||||
Welspun India Ltd. | 7,370 | 14,020 | ||||||
Xtep International Holdings | 27,500 | 49,092 | ||||||
Youngone Corp. | 890 | 34,330 | ||||||
Youngone Holdings Co. Ltd.* | 2,708 | 110,072 | ||||||
|
| |||||||
3,521,599 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance - 0.6% |
| |||||||
Aavas Financiers Ltd.* | 611 | 23,533 | ||||||
Can Fin Homes Ltd. | 4,876 | 40,261 | ||||||
Housing Development Finance Corp. Ltd. | 35,475 | 1,198,465 | ||||||
Indiabulls Housing Finance Ltd. | 165,990 | 468,680 | ||||||
LIC Housing Finance Ltd. | 11,330 | 58,508 | ||||||
Sangsangin Co. Ltd. | 15,235 | 116,269 | ||||||
|
| |||||||
1,905,716 | ||||||||
|
| |||||||
Tobacco - 0.2% |
| |||||||
British American Tobacco Malaysia Bhd. | 400 | 1,172 | ||||||
Eastern Co. SAE | 29,100 | 19,246 | ||||||
Gudang Garam Tbk. PT | 14,900 | 31,728 | ||||||
ITC Ltd. | 65,395 | 192,971 | ||||||
KT&G Corp. | 4,180 | 269,073 | ||||||
RLX Technology, Inc., ADR*(c) | 18,975 | 63,566 | ||||||
Smoore International Holdings Ltd.(a)(c) | 33,000 | 140,929 | ||||||
|
| |||||||
718,685 | ||||||||
|
| |||||||
Trading Companies & Distributors - 0.5% |
| |||||||
Adani Enterprises Ltd. | 5,186 | 119,183 | ||||||
ALAFCO Aviation Lease & Finance Co. KSCP* | 161,535 | 115,192 |
Investments | Shares | Value ($) | ||||||
Armac Locacao Logistica E Servicos SA | 11,000 | 44,456 | ||||||
Barloworld Ltd. | 98,143 | 843,890 | ||||||
BOC Aviation Ltd.(a)(c) | 9,400 | 78,599 | ||||||
COSCO SHIPPING Development Co. Ltd., Class A | 37,600 | 17,425 | ||||||
IndiaMart InterMesh Ltd.(a) | 192 | 12,836 | ||||||
LX International Corp. | 13,310 | 268,298 | ||||||
Posco International Corp. | 1,484 | 25,051 | ||||||
SK Networks Co. Ltd.* | 2,415 | 9,035 | ||||||
Xiamen C & D, Inc., Class A | 9,400 | 13,822 | ||||||
|
| |||||||
1,547,787 | ||||||||
|
| |||||||
Transportation Infrastructure - 0.9% |
| |||||||
Adani Ports & Special Economic Zone Ltd. | 13,038 | 125,152 | ||||||
Airports of Thailand PCL* | 54,000 | 103,394 | ||||||
Airports of Thailand PCL, NVDR* | 16,500 | 31,593 | ||||||
Anhui Expressway Co. Ltd., | 148,000 | 125,270 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 241,000 | 59,354 | ||||||
Beijing Capital International Airport Co. Ltd., Class H* | 110,000 | 73,215 | ||||||
CCR SA | 14,100 | 34,520 | ||||||
China Merchants Port Holdings Co. Ltd. | 55,407 | 102,038 | ||||||
COSCO SHIPPING Ports Ltd. | 86,749 | 68,976 | ||||||
EcoRodovias Infraestrutura e Logistica SA* | 4,700 | 7,010 | ||||||
Evergreen International Storage & Transport Corp. | 46,000 | 46,473 | ||||||
GMR Infrastructure Ltd.* | 48,418 | 27,316 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 12,181 | 81,496 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B* | 5,500 | 75,541 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 3,800 | 76,863 | ||||||
Guangdong Provincial Expressway Development Co. Ltd., Class B | 137,500 | 105,979 | ||||||
Hainan Meilan International Airport Co. Ltd.* | 6,000 | 15,928 | ||||||
International Container Terminal Services, Inc. | 18,150 | 71,211 | ||||||
Jasa Marga Persero Tbk. PT* | 39,723 | 9,087 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 20,000 | 20,853 | ||||||
Lingkaran Trans Kota Holdings Bhd. | 132,000 | 117,950 | ||||||
Malaysia Airports Holdings Bhd.* | 27,900 | 37,995 | ||||||
Ningbo Zhoushan Port Co. Ltd., Class A | 23,500 | 14,583 | ||||||
Novorossiysk Commercial Sea Port PJSC | 189,696 | 16,295 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 2,160 | 15,741 | ||||||
Qingdao Port International Co. Ltd., Class H(a)(c) | 47,000 | 25,436 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Saudi Ground Services Co.* | 4,431 | 40,154 | ||||||
Shanghai International Airport Co. Ltd., Class A* | 5,300 | 42,040 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 63,300 | 56,385 | ||||||
Shenzhen Airport Co. Ltd., Class A* | 9,400 | 11,061 | ||||||
Shenzhen Expressway Corp. Ltd., Class H | 22,000 | 21,753 | ||||||
Shenzhen International Holdings Ltd. | 33,343 | 33,738 | ||||||
Shenzhen Investment Holdings Bay Area Development Co. Ltd.(c) | 275,000 | 98,749 | ||||||
Sichuan Expressway Co. Ltd., Class H(c) | 330,000 | 86,758 | ||||||
Taiwan High Speed Rail Corp. | 56,000 | 57,281 | ||||||
TAV Havalimanlari Holding A/S* | 10,176 | 27,853 | ||||||
Westports Holdings Bhd. | 17,500 | 16,055 | ||||||
Yuexiu Transport Infrastructure Ltd. | 440,000 | 266,340 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 666,000 | 570,548 | ||||||
|
| |||||||
2,817,984 | ||||||||
|
| |||||||
Water Utilities - 0.6% |
| |||||||
Aguas Andinas SA, Class A | 1,426,623 | 342,990 | ||||||
Athens Water Supply & Sewage Co. SA | 17,490 | 150,968 | ||||||
Beijing Enterprises Water Group Ltd. | 132,000 | 51,293 | ||||||
China Water Affairs Group Ltd.(c) | 432,000 | 504,158 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo* | 10,000 | 70,358 | ||||||
Cia de Saneamento de Minas Gerais-COPASA | 82,500 | 204,308 | ||||||
Cia de Saneamento do Parana* | 110,000 | 417,627 | ||||||
Grandblue Environment Co. Ltd., Class A | 4,700 | 14,908 | ||||||
Guangdong Investment Ltd. | 110,000 | 156,870 | ||||||
Luenmei Quantum Co. Ltd., Class A | 9,400 | 12,021 | ||||||
|
| |||||||
1,925,501 | ||||||||
|
| |||||||
Wireless Telecommunication Services - 1.2% |
| |||||||
Advanced Info Service PCL, NVDR | 17,200 | 113,651 | ||||||
America Movil SAB de CV, Series L | 786,500 | 739,308 | ||||||
Axiata Group Bhd. | 86,304 | 76,705 | ||||||
Bharti Airtel Ltd. - XNSE* | 45,915 | 448,736 | ||||||
DiGi.Com Bhd. | 71,500 | 64,915 | ||||||
Empresa Nacional de Telecomunicaciones SA | 72,527 | 301,333 | ||||||
Etihad Etisalat Co. | 5,160 | 44,766 | ||||||
Far EasTone Telecommunications Co. Ltd. | 30,000 | 70,109 | ||||||
Globe Telecom, Inc. | 825 | 50,333 | ||||||
Indosat Tbk. PT | 31,800 | 12,658 | ||||||
Intouch Holdings PCL, NVDR | 9,200 | 21,207 | ||||||
Maxis Bhd. | 32,900 | 33,250 |
Investments | Shares | Value ($) | ||||||
Mobile Telecommunications Co. KSCP | 79,695 | 157,601 | ||||||
Mobile Telecommunications Co. Saudi Arabia* | 15,658 | 55,839 | ||||||
Mobile TeleSystems PJSC | 31,356 | 115,959 | ||||||
MTN Group Ltd.* | 59,015 | 732,900 | ||||||
PLDT, Inc. | 3,440 | 123,766 | ||||||
Sistema PJSFC | 122,643 | 31,596 | ||||||
SK Telecom Co. Ltd. | 3,756 | 175,727 | ||||||
Smartfren Telecom Tbk. PT* | 2,936,200 | 16,537 | ||||||
Taiwan Mobile Co. Ltd. | 30,000 | 107,536 | ||||||
TIM SA* | 24,700 | 61,727 | ||||||
Turkcell Iletisim Hizmetleri A/S | 23,705 | 33,025 | ||||||
Vodacom Group Ltd. | 21,505 | 204,110 | ||||||
Vodafone Idea Ltd.* | 97,468 | 13,910 | ||||||
Vodafone Qatar QSC | 117,920 | 57,162 | ||||||
|
| |||||||
3,864,366 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (COST $266,699,480) |
| 318,436,209 | ||||||
|
| |||||||
Investments | Principal Amount ($) | Value ($) | ||||||
CORPORATE BONDS - 0.0%(e) |
| |||||||
Independent Power and Renewable Electricity |
| |||||||
NTPC Ltd. | INR | 49,126 | 9,249 | |||||
|
| |||||||
Investments | Number of Rights | Value ($) | ||||||
RIGHTS - 0.0%(e) |
| |||||||
Capital Markets - 0.0%(e) |
| |||||||
CITIC Securities International Co. Ltd., expiring 2/23/2022, price 17.67 HKD*(b) | 6,075 | 2,400 | ||||||
|
| |||||||
Electrical Equipment - 0.0%(e) |
| |||||||
Doosan Heavy Industries & Construction Co. Ltd., expiring 2/11/2022, price 16,000.00 KRW*(b) | 699 | 1,887 | ||||||
|
| |||||||
TOTAL RIGHTS (Cost $) |
| 4,287 | ||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS(f) - 0.6% |
| |||||||
REPURCHASE AGREEMENTS - 0.6% |
| |||||||
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $1,729,807, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.00%, maturing 2/15/2026 - 5/15/2040; total market value $1,754,798 | 1,729,805 | 1,729,805 | ||||||
Deutsche Bank AG, London Branch, 0.15%, dated 1/31/2022, due 2/1/2022, repurchase price $300,001, collateralized by various U.S. Treasury Securities, ranging from 2.00% - 2.25%, maturing 11/15/2041 - 8/15/2051; Foreign Government Fixed Income Securities, ranging from 0.41% - 2.63%, maturing 5/20/2022 - 11/3/2031; total market value $304,884 | 300,000 | 300,000 | ||||||
|
| |||||||
2,029,805 | ||||||||
|
| |||||||
TOTAL SECURITIES LENDING | 2,029,805 | |||||||
|
| |||||||
Total Investments - 99.9% (Cost $268,729,285) |
| 320,479,550 | ||||||
Other assets less liabilities - 0.1% |
| 207,365 | ||||||
|
| |||||||
Net Assets - 100.0% |
| 320,686,915 | ||||||
|
|
* | Non-income producing security. |
^ | Security subject to restrictions on resale. |
| 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) | Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $1,168,507, which represents approximately 0.36% of net assets of the Fund. |
(c) | The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $11,389,542, collateralized in the form of cash with a value of $2,029,805 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $5,569,129 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 6.25%, and maturity dates ranging from February 10, 2022 August 15, 2051 and $4,514,524 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 8.50%, and maturity dates ranging from February 25, 2022 September 20, 2117; a total value of $12,113,458. |
(d) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees. |
(e) | Represents less than 0.05% of net assets. |
(f) | The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $2,029,805. |
Percentages shown are based on Net Assets.
Abbreviations
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
NVDR | Non-Voting Depositary Receipt | |
OJSC | Open Joint Stock Company | |
PJSC | Public Joint Stock Company | |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
SCA | Limited partnership with share capital |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Futures Contracts
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund had the following open futures contracts as of January 31, 2022:
Number of Contracts | Expiration Date | Trading Currency | Notional Amount | Value and Unrealized Depreciation | ||||||||||||||
Long Contracts | ||||||||||||||||||
MSCI Emerging Markets E-Mini Index | 54 | 03/18/2022 | USD | $ | 3,306,960 | $ | (1,365 | ) |
Forward Foreign Currency Contracts
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund had the following outstanding contracts as of January 31, 2022:
Contracts to Receive | Counterparty | In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
USD | 828,221 | BNP Paribas SA | HKD | 6,456,137 | 03/16/2022 | $ | 244 | |||||||||||||||
USD | 400,356 | Citibank NA | KRW | * | 481,000,000 | 03/16/2022 | 1,762 | |||||||||||||||
USD | 81,360 | Citibank NA | RUB | * | 6,123,045 | 03/16/2022 | 3,090 | |||||||||||||||
USD | 31,785 | Citibank NA | TWD | * | 876,120 | 03/16/2022 | 285 | |||||||||||||||
ZAR | 1,330,000 | Toronto-Dominion Bank (The) | USD | 82,136 | 03/16/2022 | 3,341 | ||||||||||||||||
|
| |||||||||||||||||||||
Total unrealized appreciation |
| $ | 8,722 | |||||||||||||||||||
|
| |||||||||||||||||||||
HKD | 1,000,000 | Citibank NA | USD | 128,298 | 03/16/2022 | $ | (51 | ) | ||||||||||||||
KRW* | 57,183,410 | Citibank NA | USD | 48,526 | 03/16/2022 | (1,140 | ) | |||||||||||||||
USD | 59,853 | Citibank NA | BRL | * | 339,553 | 03/16/2022 | (3,424 | ) | ||||||||||||||
USD | 74,498 | Citibank NA | INR | * | 5,688,500 | 03/16/2022 | (1,377 | ) | ||||||||||||||
|
| |||||||||||||||||||||
Total unrealized depreciation |
| $ | (5,992 | ) | ||||||||||||||||||
|
| |||||||||||||||||||||
Net unrealized appreciation |
| $ | 2,730 | |||||||||||||||||||
|
|
* | Non-deliverable forward. |
Abbreviations:
BRL Brazilian Real |
HKD Hong Kong Dollar |
INR Indian Rupee |
KRW Korean Won |
RUB Russian Ruble |
TWD Taiwan Dollar |
USD US Dollar |
ZAR South African Rand |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2022:
Brazil | 4.9 | % | ||
Chile | 0.7 | |||
China | 27.7 | |||
Colombia | 0.7 | |||
Czech Republic | 0.1 | |||
Egypt | 0.4 | |||
Greece | 0.4 | |||
Hungary | 0.3 | |||
India | 10.6 | |||
Indonesia | 1.6 | |||
Kuwait | 0.6 | |||
Malaysia | 2.2 | |||
Mexico | 2.2 | |||
Pakistan | 0.5 | |||
Peru | 0.3 | |||
Philippines | 0.9 | |||
Qatar | 0.9 | |||
Russia | 3.0 | |||
Saudi Arabia | 2.0 | |||
South Africa | 5.0 | |||
South Korea | 14.4 | |||
Taiwan | 15.8 | |||
Thailand | 2.0 | |||
Turkey | 1.1 | |||
United Arab Emirates | 1.0 | |||
Other1 | 0.7 | |||
|
| |||
100.0 | % | |||
|
|
1 | Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
Security Type | % of Net Assets | |||
Common Stocks | 99.3 | % | ||
Corporate Bonds | 0.0 | | ||
Rights | 0.0 | | ||
Securities Lending Reinvestments | 0.6 | |||
Others(1) | 0.1 | |||
|
| |||
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, 2022 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 98.6% |
| |||||||
Aerospace & Defense - 0.5% |
| |||||||
Lockheed Martin Corp. | 912 | 354,886 | ||||||
Textron, Inc. | 4,560 | 310,354 | ||||||
|
| |||||||
665,240 | ||||||||
|
| |||||||
Air Freight & Logistics - 1.4% |
| |||||||
Expeditors International of Washington, Inc. | 5,928 | 678,637 | ||||||
United Parcel Service, Inc., | 6,498 | 1,313,961 | ||||||
|
| |||||||
1,992,598 | ||||||||
|
| |||||||
Automobiles - 1.3% |
| |||||||
Ford Motor Co. | 19,836 | 402,671 | ||||||
Tesla, Inc.* | 1,596 | 1,495,005 | ||||||
|
| |||||||
1,897,676 | ||||||||
|
| |||||||
Banks - 4.2% |
| |||||||
Bank of America Corp. | 21,090 | 973,092 | ||||||
Citigroup, Inc. | 28,158 | 1,833,649 | ||||||
Citizens Financial Group, Inc. | 7,638 | 393,128 | ||||||
JPMorgan Chase & Co. | 798 | 118,583 | ||||||
Wells Fargo & Co. | 50,046 | 2,692,475 | ||||||
|
| |||||||
6,010,927 | ||||||||
|
| |||||||
Biotechnology - 1.8% |
| |||||||
AbbVie, Inc. | | (a) | 55 | |||||
Amgen, Inc. | 7,296 | 1,657,213 | ||||||
Gilead Sciences, Inc. | 3,306 | 227,056 | ||||||
Moderna, Inc.* | 2,052 | 347,465 | ||||||
Regeneron Pharmaceuticals, Inc.* | 157 | 95,549 | ||||||
Vertex Pharmaceuticals, Inc.* | 912 | 221,662 | ||||||
|
| |||||||
2,549,000 | ||||||||
|
| |||||||
Building Products - 1.1% |
| |||||||
Lennox International, Inc. | 1,140 | 323,327 | ||||||
Masco Corp. | 10,032 | 635,326 | ||||||
Trane Technologies plc | 3,420 | 592,002 | ||||||
|
| |||||||
1,550,655 | ||||||||
|
| |||||||
Capital Markets - 1.5% |
| |||||||
Ameriprise Financial, Inc. | 342 | 104,074 | ||||||
Bank of New York Mellon Corp. (The) | 13,680 | 810,677 | ||||||
Goldman Sachs Group, Inc. (The) | 798 | 283,035 | ||||||
Morgan Stanley | 9,462 | 970,233 | ||||||
|
| |||||||
2,168,019 | ||||||||
|
| |||||||
Chemicals - 1.3% |
| |||||||
Celanese Corp. | 1,482 | 230,762 | ||||||
Dow, Inc. | 12,540 | 749,014 | ||||||
DuPont de Nemours, Inc. | 10,488 | 803,381 | ||||||
|
| |||||||
1,783,157 | ||||||||
|
| |||||||
Communications Equipment - 1.6% |
| |||||||
Cisco Systems, Inc. | 40,128 | 2,233,926 | ||||||
|
| |||||||
Consumer Finance - 2.2% |
| |||||||
Ally Financial, Inc. | 3,762 | 179,523 | ||||||
American Express Co. | 2,622 | 471,488 |
Investments | Shares | Value ($) | ||||||
Capital One Financial Corp. | 7,524 | 1,103,996 | ||||||
Discover Financial Services | 6,384 | 738,948 | ||||||
Synchrony Financial | 16,074 | 684,592 | ||||||
|
| |||||||
3,178,547 | ||||||||
|
| |||||||
Distributors - 1.0% |
| |||||||
Genuine Parts Co. | 456 | 60,753 | ||||||
LKQ Corp. | 12,768 | 700,835 | ||||||
Pool Corp. | 1,368 | 651,510 | ||||||
|
| |||||||
1,413,098 | ||||||||
|
| |||||||
Diversified Financial Services - 1.7% |
| |||||||
Berkshire Hathaway, Inc., Class B* | 7,752 | 2,426,531 | ||||||
|
| |||||||
Diversified Telecommunication Services - 0.7% |
| |||||||
AT&T, Inc. | 19,722 | 502,911 | ||||||
Verizon Communications, Inc. | 9,120 | 485,458 | ||||||
|
| |||||||
988,369 | ||||||||
|
| |||||||
Electric Utilities - 2.2% |
| |||||||
Duke Energy Corp. | 2,280 | 239,537 | ||||||
Evergy, Inc. | 11,742 | 762,760 | ||||||
Exelon Corp. | 16,872 | 977,732 | ||||||
Southern Co. (The) | 17,442 | 1,212,045 | ||||||
|
| |||||||
3,192,074 | ||||||||
|
| |||||||
Electrical Equipment - 0.1% |
| |||||||
Emerson Electric Co. | 1,140 | 104,823 | ||||||
|
| |||||||
Energy Equipment & Services - 0.2% |
| |||||||
Schlumberger NV | 8,664 | 338,502 | ||||||
|
| |||||||
Entertainment - 1.3% |
| |||||||
Activision Blizzard, Inc. | 12,996 | 1,026,814 | ||||||
Electronic Arts, Inc. | 5,130 | 680,546 | ||||||
Liberty Media Corp-Liberty Formula One, Class C* | 798 | 48,063 | ||||||
Netflix, Inc.* | 286 | 122,162 | ||||||
|
| |||||||
1,877,585 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) - 1.8% |
| |||||||
Essex Property Trust, Inc. | 114 | 37,905 | ||||||
Iron Mountain, Inc.(b) | 15,732 | 722,413 | ||||||
Mid-America Apartment Communities, Inc.(b) | 228 | 47,123 | ||||||
Public Storage | 2,622 | 940,066 | ||||||
Regency Centers Corp. | 456 | 32,718 | ||||||
Weyerhaeuser Co. | 19,722 | 797,361 | ||||||
|
| |||||||
2,577,586 | ||||||||
|
| |||||||
Food & Staples Retailing - 0.2% |
| |||||||
Walmart, Inc. | 2,394 | 334,705 | ||||||
|
| |||||||
Food Products - 1.1% |
| |||||||
Campbell Soup Co. | 1,368 | 60,356 | ||||||
General Mills, Inc. | 3,192 | 219,226 | ||||||
Hershey Co. (The) | 1,482 | 292,058 | ||||||
Kraft Heinz Co. (The) | 8,892 | 318,334 | ||||||
Tyson Foods, Inc., Class A | 8,208 | 746,025 | ||||||
|
| |||||||
1,635,999 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® US Quality Large Cap Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Health Care Equipment & Supplies - 1.3% |
| |||||||
Abbott Laboratories | 2,166 | 276,078 | ||||||
Hologic, Inc.* | 4,674 | 328,302 | ||||||
IDEXX Laboratories, Inc.* | 1,419 | 719,859 | ||||||
ResMed, Inc. | 2,052 | 469,087 | ||||||
|
| |||||||
1,793,326 | ||||||||
|
| |||||||
Health Care Providers & Services - 3.4% |
| |||||||
Anthem, Inc. | 570 | 251,364 | ||||||
Cardinal Health, Inc. | 8,550 | 440,923 | ||||||
Cigna Corp. | 456 | 105,090 | ||||||
DaVita, Inc.* | 684 | 74,125 | ||||||
HCA Healthcare, Inc. | 4,560 | 1,094,628 | ||||||
Laboratory Corp. of America Holdings* | 2,622 | 711,506 | ||||||
McKesson Corp. | 3,648 | 936,515 | ||||||
Quest Diagnostics, Inc. | 456 | 61,569 | ||||||
UnitedHealth Group, Inc. | 2,622 | 1,239,079 | ||||||
|
| |||||||
4,914,799 | ||||||||
|
| |||||||
Health Care Technology - 0.5% |
| |||||||
Cerner Corp. | 7,980 | 727,776 | ||||||
Veeva Systems, Inc., Class A* | 114 | 26,966 | ||||||
|
| |||||||
754,742 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure - 0.2% |
| |||||||
Yum! Brands, Inc. | 2,850 | 356,734 | ||||||
|
| |||||||
Household Durables - 0.6% | ||||||||
Lennar Corp., Class A | 5,586 | 536,870 | ||||||
PulteGroup, Inc.(b) | 2,508 | 132,147 | ||||||
Whirlpool Corp.(b) | 1,026 | 215,655 | ||||||
|
| |||||||
884,672 | ||||||||
|
| |||||||
Household Products - 2.4% |
| |||||||
Colgate-Palmolive Co. | 11,058 | 911,732 | ||||||
Procter & Gamble Co. (The) | 15,390 | 2,469,326 | ||||||
|
| |||||||
3,381,058 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers - 0.5% |
| |||||||
AES Corp. (The) | 29,754 | 659,944 | ||||||
|
| |||||||
Industrial Conglomerates - 0.1% |
| |||||||
Honeywell International, Inc. | 912 | 186,486 | ||||||
|
| |||||||
Insurance - 2.2% |
| |||||||
Aflac, Inc. | 5,472 | 343,751 | ||||||
Allstate Corp. (The) | 5,358 | 646,550 | ||||||
American International Group, Inc. | 14,022 | 809,770 | ||||||
MetLife, Inc. | 13,110 | 879,157 | ||||||
Prudential Financial, Inc. | 3,990 | 445,164 | ||||||
|
| |||||||
3,124,392 | ||||||||
|
| |||||||
Interactive Media & Services - 7.7% |
| |||||||
Alphabet, Inc., Class A* | 1,621 | 4,386,539 | ||||||
Alphabet, Inc., Class C* | 1,573 | 4,269,075 | ||||||
Meta Platforms, Inc., Class A* | 7,524 | 2,356,968 | ||||||
|
| |||||||
11,012,582 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail - 2.6% |
| |||||||
Amazon.com, Inc.* | 953 | 2,850,871 | ||||||
eBay, Inc. | 10,830 | 650,558 | ||||||
Etsy, Inc.*(b) | 1,254 | 196,978 | ||||||
|
| |||||||
3,698,407 | ||||||||
|
|
Investments | Shares | Value ($) | ||||||
IT Services - 4.3% |
| |||||||
Accenture plc, Class A | 3,876 | 1,370,476 | ||||||
Cognizant Technology Solutions Corp., Class A | 5,130 | 438,205 | ||||||
Gartner, Inc.* | 2,052 | 603,062 | ||||||
Jack Henry & Associates, Inc. | 2,622 | 439,998 | ||||||
Mastercard, Inc., Class A | 1,482 | 572,615 | ||||||
Paychex, Inc. | 1,938 | 228,219 | ||||||
Visa, Inc., Class A(b) | 10,830 | 2,449,421 | ||||||
|
| |||||||
6,101,996 | ||||||||
|
| |||||||
Life Sciences Tools & Services - 1.2% |
| |||||||
Danaher Corp. | 342 | 97,740 | ||||||
ICON plc* | 342 | 90,876 | ||||||
IQVIA Holdings, Inc.* | 342 | 83,756 | ||||||
Mettler-Toledo International, Inc.* | 533 | 784,938 | ||||||
Waters Corp.* | 1,938 | 620,393 | ||||||
|
| |||||||
1,677,703 | ||||||||
|
| |||||||
Machinery - 1.5% |
| |||||||
Dover Corp. | 456 | 77,479 | ||||||
Illinois Tool Works, Inc. | 5,244 | 1,226,677 | ||||||
Parker-Hannifin Corp. | 2,508 | 777,505 | ||||||
|
| |||||||
2,081,661 | ||||||||
|
| |||||||
Media - 1.7% |
| |||||||
Comcast Corp., Class A | 7,524 | 376,125 | ||||||
Discovery, Inc., Class A*(b) | 23,826 | 664,984 | ||||||
DISH Network Corp., Class A*(b) | 2,622 | 82,331 | ||||||
Interpublic Group of Cos., Inc. (The) | 20,064 | 713,074 | ||||||
Omnicom Group, Inc. | 7,410 | 558,417 | ||||||
|
| |||||||
2,394,931 | ||||||||
|
| |||||||
Metals & Mining - 0.5% |
| |||||||
Freeport-McMoRan, Inc. | 11,058 | 411,579 | ||||||
Newmont Corp. | 5,130 | 313,802 | ||||||
|
| |||||||
725,381 | ||||||||
|
| |||||||
Multiline Retail - 1.1% |
| |||||||
Target Corp. | 7,182 | 1,583,128 | ||||||
|
| |||||||
Multi-Utilities - 1.2% |
| |||||||
DTE Energy Co. | 7,068 | 851,199 | ||||||
Public Service Enterprise Group, Inc. | 12,084 | 803,949 | ||||||
|
| |||||||
1,655,148 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 2.6% |
| |||||||
Continental Resources, Inc.(b) | 15,390 | 799,357 | ||||||
EOG Resources, Inc. | 10,032 | 1,118,367 | ||||||
Kinder Morgan, Inc. | 30,324 | 526,425 | ||||||
Marathon Petroleum Corp. | 2,736 | 196,308 | ||||||
Occidental Petroleum Corp. | 26,448 | 996,296 | ||||||
|
| |||||||
3,636,753 | ||||||||
|
| |||||||
Pharmaceuticals - 5.1% |
| |||||||
Eli Lilly & Co. | 9,120 | 2,237,957 | ||||||
Johnson & Johnson | 17,784 | 3,064,005 | ||||||
Pfizer, Inc. | 37,506 | 1,976,191 | ||||||
Viatris, Inc. | | (a) | 1 | |||||
|
| |||||||
7,278,154 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® US Quality Large Cap Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Real Estate Management & Development - 0.6% |
| |||||||
CBRE Group, Inc., Class A* | 8,208 | 831,799 | ||||||
|
| |||||||
Road & Rail - 0.4% | ||||||||
Old Dominion Freight Line, Inc. | 2,052 | 619,560 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 6.3% |
| |||||||
Advanced Micro Devices, Inc.* | 684 | 78,147 | ||||||
Applied Materials, Inc. | 6,156 | 850,636 | ||||||
Broadcom, Inc. | 1,710 | 1,001,855 | ||||||
Intel Corp. | 21,774 | 1,063,007 | ||||||
KLA Corp. | 1,824 | 710,028 | ||||||
Lam Research Corp. | 2,052 | 1,210,516 | ||||||
Microchip Technology, Inc. | 684 | 52,996 | ||||||
NVIDIA Corp. | 5,700 | 1,395,702 | ||||||
QUALCOMM, Inc. | 2,964 | 520,953 | ||||||
Texas Instruments, Inc. | 11,628 | 2,087,110 | ||||||
|
| |||||||
8,970,950 | ||||||||
|
| |||||||
Software - 10.3% |
| |||||||
Adobe, Inc.* | 4,218 | 2,253,678 | ||||||
Autodesk, Inc.* | 684 | 170,856 | ||||||
Check Point Software Technologies Ltd.* | 5,016 | 606,986 | ||||||
Fair Isaac Corp.* | 684 | 338,573 | ||||||
Fortinet, Inc.* | 1,938 | 576,051 | ||||||
Intuit, Inc. | 3,762 | 2,088,775 | ||||||
Microsoft Corp. | 20,406 | 6,345,858 | ||||||
Oracle Corp. | 25,080 | 2,035,493 | ||||||
SS&C Technologies Holdings, Inc. | 342 | 27,316 | ||||||
Zoom Video Communications, Inc., Class A* | 1,254 | 193,467 | ||||||
|
| |||||||
14,637,053 | ||||||||
|
| |||||||
Specialty Retail - 3.0% |
| |||||||
AutoZone, Inc.* | 456 | 905,776 | ||||||
Bath & Body Works, Inc. | 6,042 | 338,775 | ||||||
Best Buy Co., Inc. | 3,876 | 384,809 | ||||||
Home Depot, Inc. (The) | 3,534 | 1,296,907 | ||||||
Lowes Cos., Inc. | 4,218 | 1,001,142 | ||||||
OReilly Automotive, Inc.* | 342 | 222,899 | ||||||
Ulta Beauty, Inc.* | 228 | 82,933 | ||||||
|
| |||||||
4,233,241 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals - 8.8% |
| |||||||
Apple, Inc. | 67,374 | 11,775,628 | ||||||
HP, Inc. | 14,478 | 531,777 | ||||||
NetApp, Inc. | 1,140 | 98,621 | ||||||
Seagate Technology Holdings plc | 912 | 97,721 | ||||||
|
| |||||||
12,503,747 | ||||||||
|
| |||||||
Tobacco - 0.8% | ||||||||
Altria Group, Inc. | 4,446 | 226,212 | ||||||
Philip Morris International, Inc. | 9,120 | 937,992 | ||||||
|
| |||||||
1,164,204 | ||||||||
|
| |||||||
Trading Companies & Distributors - 0.5% |
| |||||||
United Rentals, Inc.*(b) | 1,140 | 364,937 | ||||||
WW Grainger, Inc. | 684 | 338,655 | ||||||
|
| |||||||
703,592 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 140,485,160 | ||||||
|
|
Investments | Principal Amount ($) | Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS(c) - 0.5% |
| |||||||
REPURCHASE AGREEMENTS - 0.5% |
| |||||||
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $721,657, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.00%, maturing 2/15/2026 - 5/15/2040; total market value $732,082 | 721,656 | 721,656 | ||||||
|
| |||||||
Total Investments - 99.1% |
| 141,206,816 | ||||||
Other assets less liabilities - 0.9% |
| 1,335,428 | ||||||
|
| |||||||
Net Assets - 100.0% |
| 142,542,244 | ||||||
|
|
* | Non-income producing security. |
(a) | Amount represents less than one share. |
(b) | The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $5,200,734, collateralized in the form of cash with a value of $721,656 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $4,206,951 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 15, 2022 November 15, 2051 and $388,065 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 6.25%, and maturity dates ranging from April 20, 2022 September 20, 2117; a total value of $5,316,672. |
(c) | The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $721,656. |
Percentages shown are based on Net Assets.
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, 2022:
Number of Contracts | Expiration Date | Trading Currency | Notional Amount | Value and Unrealized Depreciation | ||||||||||||||||
Long Contracts |
| |||||||||||||||||||
S&P 500 E-Mini Index | 9 | 03/18/2022 | USD | $ | 2,026,913 | $ | (57,209 | ) |
Abbreviations:
USD US Dollar
Security Type | % of Net Assets | |||
Common Stocks | 98.6 | % | ||
Securities Lending Reinvestments | 0.5 | |||
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® STOXX® US ESG Select Index Fund
January 31, 2022 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 99.2% |
| |||||||
Air Freight & Logistics - 0.3% |
| |||||||
CH Robinson Worldwide, Inc.(a) | 1,278 | 133,743 | ||||||
FedEx Corp. | 1,633 | 401,489 | ||||||
|
| |||||||
535,232 | ||||||||
|
| |||||||
Airlines - 0.1% |
| |||||||
American Airlines Group, Inc.*(a) | 2,769 | 45,606 | ||||||
Southwest Airlines Co.* | 3,408 | 152,542 | ||||||
|
| |||||||
198,148 | ||||||||
|
| |||||||
Automobiles - 3.9% |
| |||||||
Ford Motor Co. | 13,774 | 279,612 | ||||||
General Motors Co.* | 14,768 | 778,717 | ||||||
Tesla, Inc.* | 6,958 | 6,517,698 | ||||||
|
| |||||||
7,576,027 | ||||||||
|
| |||||||
Banks - 5.6% |
| |||||||
Bank of America Corp. | 74,266 | 3,426,633 | ||||||
Citigroup, Inc. | 20,022 | 1,303,833 | ||||||
Fifth Third Bancorp | 6,035 | 269,342 | ||||||
Huntington Bancshares, Inc. | 8,875 | 133,657 | ||||||
JPMorgan Chase & Co. | 25,276 | 3,756,014 | ||||||
KeyCorp | 8,733 | 218,849 | ||||||
PNC Financial Services Group, Inc. (The) | 2,840 | 585,012 | ||||||
Regions Financial Corp. | 5,751 | 131,928 | ||||||
Truist Financial Corp. | 7,171 | 450,482 | ||||||
US Bancorp | 13,561 | 789,114 | ||||||
|
| |||||||
11,064,864 | ||||||||
|
| |||||||
Beverages - 2.4% |
| |||||||
Coca-Cola Co. (The) | 33,228 | 2,027,240 | ||||||
Keurig Dr Pepper, Inc. | 3,124 | 118,556 | ||||||
PepsiCo, Inc. | 14,200 | 2,463,984 | ||||||
|
| |||||||
4,609,780 | ||||||||
|
| |||||||
Biotechnology - 1.7% |
| |||||||
AbbVie, Inc. | 9,159 | 1,253,776 | ||||||
Amgen, Inc. | 2,911 | 661,205 | ||||||
Gilead Sciences, Inc. | 8,236 | 565,648 | ||||||
Regeneron Pharmaceuticals, Inc.* | 355 | 216,049 | ||||||
Vertex Pharmaceuticals, Inc.* | 2,556 | 621,236 | ||||||
|
| |||||||
3,317,914 | ||||||||
|
| |||||||
Building Products - 0.4% |
| |||||||
Johnson Controls International plc | 5,041 | 366,329 | ||||||
Trane Technologies plc | 1,988 | 344,123 | ||||||
|
| |||||||
710,452 | ||||||||
|
| |||||||
Capital Markets - 3.0% |
| |||||||
Bank of New York Mellon Corp. (The) | 4,970 | 294,522 | ||||||
BlackRock, Inc. | 1,451 | 1,194,086 | ||||||
CME Group, Inc. | 1,278 | 293,301 | ||||||
FactSet Research Systems, Inc. | 142 | 59,908 | ||||||
Goldman Sachs Group, Inc. (The) | 3,408 | 1,208,749 | ||||||
Moodys Corp. | 1,136 | 389,648 | ||||||
Morgan Stanley | 14,342 | 1,470,629 |
Investments | Shares | Value ($) | ||||||
S&P Global, Inc.(a) | 1,633 | 678,054 | ||||||
State Street Corp. | 3,337 | 315,347 | ||||||
|
| |||||||
5,904,244 | ||||||||
|
| |||||||
Chemicals - 1.1% |
| |||||||
Air Products & Chemicals, Inc. | 1,136 | 320,488 | ||||||
Albemarle Corp. | 355 | 78,363 | ||||||
Celanese Corp. | 1,207 | 187,942 | ||||||
Corteva, Inc. | 2,840 | 136,547 | ||||||
Eastman Chemical Co. | 284 | 33,776 | ||||||
Ecolab, Inc. | 2,059 | 390,078 | ||||||
International Flavors & Fragrances, Inc. | 923 | 121,762 | ||||||
PPG Industries, Inc. | 1,491 | 232,894 | ||||||
Sherwin-Williams Co. (The) | 2,059 | 589,924 | ||||||
|
| |||||||
2,091,774 | ||||||||
|
| |||||||
Commercial Services & Supplies - 0.2% |
| |||||||
Cintas Corp. | 923 | 361,382 | ||||||
|
| |||||||
Communications Equipment - 1.1% |
| |||||||
Cisco Systems, Inc. | 35,642 | 1,984,190 | ||||||
Motorola Solutions, Inc. | 497 | 115,274 | ||||||
|
| |||||||
2,099,464 | ||||||||
|
| |||||||
Consumer Finance - 0.3% |
| |||||||
Capital One Financial Corp. | 3,053 | 447,967 | ||||||
Synchrony Financial | 4,118 | 175,385 | ||||||
|
| |||||||
623,352 | ||||||||
|
| |||||||
Containers & Packaging - 0.3% |
| |||||||
Amcor plc | 11,715 | 140,697 | ||||||
Ball Corp.(a) | 2,627 | 255,081 | ||||||
Packaging Corp. of America | 852 | 128,337 | ||||||
Westrock Co. | 1,136 | 52,438 | ||||||
|
| |||||||
576,553 | ||||||||
|
| |||||||
Distributors - 0.1% |
| |||||||
Pool Corp. | 284 | 135,255 | ||||||
|
| |||||||
Diversified Telecommunication Services - 1.5% |
| |||||||
AT&T, Inc. | 35,642 | 908,871 | ||||||
Lumen Technologies, Inc.(a) | 7,881 | 97,409 | ||||||
Verizon Communications, Inc. | 34,861 | 1,855,651 | ||||||
|
| |||||||
2,861,931 | ||||||||
|
| |||||||
Electric Utilities - 1.1% |
| |||||||
Alliant Energy Corp. | 2,272 | 136,002 | ||||||
Duke Energy Corp. | 6,390 | 671,334 | ||||||
Edison International | 3,266 | 205,072 | ||||||
Entergy Corp. | 1,349 | 150,778 | ||||||
Eversource Energy | 3,408 | 304,982 | ||||||
FirstEnergy Corp. | 4,118 | 172,791 | ||||||
NextEra Energy, Inc. | 6,603 | 515,826 | ||||||
|
| |||||||
2,156,785 | ||||||||
|
| |||||||
Electrical Equipment - 0.8% |
| |||||||
AMETEK, Inc. | 1,633 | 223,345 | ||||||
Eaton Corp. plc | 3,337 | 528,681 | ||||||
Emerson Electric Co. | 5,964 | 548,390 | ||||||
Rockwell Automation, Inc.(a) | 994 | 287,485 | ||||||
|
| |||||||
1,587,901 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® US ESG Select Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Electronic Equipment, Instruments & Components - 0.4% |
| |||||||
Amphenol Corp., Class A(a) | 2,201 | 175,177 | ||||||
Keysight Technologies, Inc.* | 710 | 119,862 | ||||||
TE Connectivity Ltd. | 1,207 | 172,613 | ||||||
Teledyne Technologies, Inc.* | 355 | 149,608 | ||||||
Trimble, Inc.* | 1,562 | 112,714 | ||||||
|
| |||||||
729,974 | ||||||||
|
| |||||||
Energy Equipment & Services - 0.5% |
| |||||||
Baker Hughes Co. | 5,183 | 142,221 | ||||||
Halliburton Co. | 7,526 | 231,349 | ||||||
Schlumberger NV | 14,981 | 585,308 | ||||||
|
| |||||||
958,878 | ||||||||
|
| |||||||
Entertainment - 1.1% |
| |||||||
Walt Disney Co. (The)* | 15,407 | 2,202,739 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) - 2.6% |
| |||||||
American Tower Corp. | 3,053 | 767,829 | ||||||
AvalonBay Communities, Inc. | 568 | 138,723 | ||||||
Digital Realty Trust, Inc. | 1,562 | 233,097 | ||||||
Duke Realty Corp. | 994 | 57,433 | ||||||
Equinix, Inc. | 600 | 434,940 | ||||||
Equity LifeStyle Properties, Inc. | 2,059 | 161,199 | ||||||
Essex Property Trust, Inc. | 213 | 70,823 | ||||||
Healthpeak Properties, Inc. | 6,106 | 215,969 | ||||||
Host Hotels & Resorts, Inc.*(a) | 5,680 | 98,491 | ||||||
Iron Mountain, Inc.(a) | 2,343 | 107,591 | ||||||
Kimco Realty Corp. | 5,538 | 134,352 | ||||||
Prologis, Inc. | 4,970 | 779,395 | ||||||
Public Storage | 1,562 | 560,024 | ||||||
Realty Income Corp. | 1,633 | 113,347 | ||||||
Simon Property Group, Inc. | 1,207 | 177,670 | ||||||
UDR, Inc. | 781 | 44,392 | ||||||
Ventas, Inc.(a) | 2,982 | 158,106 | ||||||
Welltower, Inc.(a) | 4,189 | 362,893 | ||||||
Weyerhaeuser Co. | 6,319 | 255,477 | ||||||
WP Carey, Inc. | 2,130 | 165,288 | ||||||
|
| |||||||
5,037,039 | ||||||||
|
| |||||||
Food & Staples Retailing - 0.1% |
| |||||||
Walgreens Boots Alliance, Inc. | 3,337 | 166,049 | ||||||
|
| |||||||
Food Products - 0.8% |
| |||||||
Archer-Daniels-Midland Co. | 2,627 | 197,025 | ||||||
General Mills, Inc. | 3,905 | 268,195 | ||||||
Hershey Co. (The) | 1,207 | 237,864 | ||||||
J M Smucker Co. (The)(a) | 710 | 99,812 | ||||||
Kellogg Co. | 1,775 | 111,825 | ||||||
McCormick & Co., Inc. (Non-Voting) | 1,136 | 113,952 | ||||||
Mondelez International, Inc., Class A | 6,958 | 466,395 | ||||||
|
| |||||||
1,495,068 | ||||||||
|
| |||||||
Health Care Equipment & Supplies - 2.6% |
| |||||||
Abbott Laboratories | 15,194 | 1,936,627 | ||||||
ABIOMED, Inc.* | 142 | 42,014 | ||||||
Align Technology, Inc.* | 213 | 105,426 | ||||||
Baxter International, Inc. | 2,769 | 236,583 |
Investments | Shares | Value ($) | ||||||
Becton Dickinson and Co. | 1,846 | 469,142 | ||||||
Boston Scientific Corp.* | 11,644 | 499,528 | ||||||
Edwards Lifesciences Corp.* | 5,396 | 589,243 | ||||||
Hologic, Inc.* | 2,343 | 164,572 | ||||||
IDEXX Laboratories, Inc.* | 426 | 216,110 | ||||||
Insulet Corp.* | 497 | 123,256 | ||||||
Medtronic plc | 4,402 | 455,563 | ||||||
ResMed, Inc. | 781 | 178,537 | ||||||
Zimmer Biomet Holdings, Inc. | 1,278 | 157,220 | ||||||
|
| |||||||
5,173,821 | ||||||||
|
| |||||||
Health Care Providers & Services - 3.1% |
| |||||||
AmerisourceBergen Corp. | 852 | 116,043 | ||||||
Anthem, Inc. | 2,485 | 1,095,860 | ||||||
Cigna Corp. | 1,704 | 392,704 | ||||||
CVS Health Corp. | 9,159 | 975,525 | ||||||
Humana, Inc. | 710 | 278,675 | ||||||
Laboratory Corp. of America Holdings* | 284 | 77,066 | ||||||
McKesson Corp. | 852 | 218,726 | ||||||
UnitedHealth Group, Inc. | 6,390 | 3,019,722 | ||||||
|
| |||||||
6,174,321 | ||||||||
|
| |||||||
Health Care Technology - 0.2% |
| |||||||
Cerner Corp. | 1,207 | 110,078 | ||||||
Veeva Systems, Inc., Class A* | 1,349 | 319,093 | ||||||
|
| |||||||
429,171 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure - 1.4% |
| |||||||
Booking Holdings, Inc.* | 128 | 314,385 | ||||||
Dominos Pizza, Inc. | 355 | 161,401 | ||||||
Marriott International, Inc., Class A* | 2,982 | 480,460 | ||||||
McDonalds Corp. | 3,763 | 976,310 | ||||||
MGM Resorts International | 2,556 | 109,192 | ||||||
Starbucks Corp. | 4,118 | 404,882 | ||||||
Yum! Brands, Inc. | 2,556 | 319,934 | ||||||
|
| |||||||
2,766,564 | ||||||||
|
| |||||||
Household Durables - 0.0%(b) |
| |||||||
Whirlpool Corp.(a) | 213 | 44,771 | ||||||
|
| |||||||
Household Products - 2.7% |
| |||||||
Church & Dwight Co., Inc. | 1,775 | 182,204 | ||||||
Clorox Co. (The) | 781 | 131,099 | ||||||
Colgate-Palmolive Co. | 7,384 | 608,811 | ||||||
Kimberly-Clark Corp. | 2,343 | 322,514 | ||||||
Procter & Gamble Co. (The) | 24,779 | 3,975,790 | ||||||
|
| |||||||
5,220,418 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers - 0.0%(b) |
| |||||||
AES Corp. (The) | 2,130 | 47,243 | ||||||
|
| |||||||
Industrial Conglomerates - 1.0% |
| |||||||
3M Co. | 4,828 | 801,545 | ||||||
General Electric Co. | 11,076 | 1,046,460 | ||||||
Roper Technologies, Inc. | 497 | 217,269 | ||||||
|
| |||||||
2,065,274 | ||||||||
|
| |||||||
Insurance - 1.5% |
| |||||||
Aflac, Inc. | 5,467 | 343,437 | ||||||
Aon plc, Class A | 1,136 | 314,036 | ||||||
Chubb Ltd. | 1,420 | 280,138 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® US ESG Select Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Hartford Financial Services Group, Inc. (The) | 2,201 | 158,186 | ||||||
Loews Corp. | 852 | 50,830 | ||||||
MetLife, Inc. | 5,964 | 399,946 | ||||||
Principal Financial Group, Inc.(a) | 2,485 | 181,554 | ||||||
Progressive Corp. (The) | 5,822 | 632,618 | ||||||
Prudential Financial, Inc. | 2,130 | 237,644 | ||||||
Travelers Cos., Inc. (The) | 1,633 | 271,372 | ||||||
|
| |||||||
2,869,761 | ||||||||
|
| |||||||
Interactive Media & Services - 7.9% |
| |||||||
Alphabet, Inc., Class C* | 3,246 | 8,809,547 | ||||||
Meta Platforms, Inc., Class A* | 20,164 | 6,316,575 | ||||||
Pinterest, Inc., Class A* | 1,420 | 41,975 | ||||||
Snap, Inc., Class A* | 8,662 | 281,861 | ||||||
|
| |||||||
15,449,958 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail - 4.7% |
| |||||||
Amazon.com, Inc.* | 2,872 | 8,591,502 | ||||||
eBay, Inc. | 5,041 | 302,813 | ||||||
Etsy, Inc.* | 1,065 | 167,290 | ||||||
Farfetch Ltd., Class A* | 2,698 | 58,574 | ||||||
|
| |||||||
9,120,179 | ||||||||
|
| |||||||
IT Services - 4.3% |
| |||||||
Accenture plc, Class A | 6,745 | 2,384,897 | ||||||
Akamai Technologies, Inc.* | 1,065 | 121,996 | ||||||
Automatic Data Processing, Inc. | 3,550 | 731,904 | ||||||
Cognizant Technology Solutions Corp., Class A | 3,763 | 321,435 | ||||||
EPAM Systems, Inc.* | 172 | 81,896 | ||||||
Fidelity National Information Services, Inc. | 1,988 | 238,401 | ||||||
Gartner, Inc.* | 426 | 125,197 | ||||||
International Business Machines Corp. | 9,017 | 1,204,401 | ||||||
Jack Henry & Associates, Inc. | 284 | 47,658 | ||||||
Mastercard, Inc., Class A | 7,384 | 2,853,030 | ||||||
Twilio, Inc., Class A* | 1,207 | 248,787 | ||||||
|
| |||||||
8,359,602 | ||||||||
|
| |||||||
Leisure Products - 0.0%(b) |
| |||||||
Hasbro, Inc. | 781 | 72,227 | ||||||
|
| |||||||
Life Sciences Tools & Services - 1.3% |
| |||||||
Agilent Technologies, Inc. | 2,201 | 306,643 | ||||||
Bio-Rad Laboratories, Inc., | 142 | 85,162 | ||||||
Charles River Laboratories International, Inc.* | 213 | 70,239 | ||||||
Danaher Corp. | 4,615 | 1,318,921 | ||||||
Illumina, Inc.* | 781 | 272,428 | ||||||
Mettler-Toledo International, Inc.* | 213 | 313,681 | ||||||
West Pharmaceutical Services, Inc. | 497 | 195,430 | ||||||
|
| |||||||
2,562,504 | ||||||||
|
| |||||||
Machinery - 1.8% |
| |||||||
Caterpillar, Inc. | 5,467 | 1,101,929 | ||||||
Cummins, Inc. | 1,278 | 282,285 | ||||||
Deere & Co. | 2,130 | 801,732 | ||||||
Fortive Corp. | 2,627 | 185,309 | ||||||
Graco, Inc. | 1,065 | 77,276 | ||||||
Illinois Tool Works, Inc. | 1,136 | 265,733 |
Investments | Shares | Value ($) | ||||||
Ingersoll Rand, Inc. | 1,207 | 67,845 | ||||||
Otis Worldwide Corp. | 2,698 | 230,490 | ||||||
PACCAR, Inc. | 1,349 | 125,443 | ||||||
Parker-Hannifin Corp. | 710 | 220,107 | ||||||
Stanley Black & Decker, Inc. | 568 | 99,201 | ||||||
Xylem, Inc. | 1,278 | 134,216 | ||||||
|
| |||||||
3,591,566 | ||||||||
|
| |||||||
Media - 1.1% |
| |||||||
Comcast Corp., Class A | 38,482 | 1,923,715 | ||||||
Interpublic Group of Cos., Inc. (The) | 2,840 | 100,934 | ||||||
Omnicom Group, Inc. | 2,414 | 181,919 | ||||||
|
| |||||||
2,206,568 | ||||||||
|
| |||||||
Metals & Mining - 0.3% |
| |||||||
Freeport-McMoRan, Inc. | 5,538 | 206,124 | ||||||
Newmont Corp. | 6,461 | 395,220 | ||||||
|
| |||||||
601,344 | ||||||||
|
| |||||||
Multiline Retail - 0.2% |
| |||||||
Target Corp. | 1,775 | 391,263 | ||||||
|
| |||||||
Multi-Utilities - 0.5% |
| |||||||
CMS Energy Corp. | 2,414 | 155,413 | ||||||
Dominion Energy, Inc. | 2,982 | 240,528 | ||||||
Sempra Energy | 3,124 | 431,612 | ||||||
WEC Energy Group, Inc. | 1,278 | 124,017 | ||||||
|
| |||||||
951,570 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 3.1% |
| |||||||
Chevron Corp. | 19,525 | 2,564,218 | ||||||
ConocoPhillips | 9,230 | 817,963 | ||||||
Devon Energy Corp. | 2,840 | 143,619 | ||||||
Diamondback Energy, Inc. | 426 | 53,744 | ||||||
Exxon Mobil Corp. | 21,939 | 1,666,486 | ||||||
Hess Corp. | 1,136 | 104,842 | ||||||
Occidental Petroleum Corp. | 2,982 | 112,332 | ||||||
Phillips 66 | 4,189 | 355,185 | ||||||
Valero Energy Corp. | 2,272 | 188,508 | ||||||
|
| |||||||
6,006,897 | ||||||||
|
| |||||||
Paper & Forest Products - 0.0%(b) |
| |||||||
Sylvamo Corp.* | | (c) | 11 | |||||
|
| |||||||
Personal Products - 0.2% |
| |||||||
Estee Lauder Cos., Inc. (The), Class A | 1,136 | 354,193 | ||||||
|
| |||||||
Pharmaceuticals - 6.6% |
| |||||||
Bristol-Myers Squibb Co. | 18,673 | 1,211,691 | ||||||
Eli Lilly & Co. | 7,242 | 1,777,115 | ||||||
Johnson & Johnson | 26,838 | 4,623,919 | ||||||
Merck & Co., Inc. | 25,631 | 2,088,414 | ||||||
Pfizer, Inc. | 48,138 | 2,536,391 | ||||||
Zoetis, Inc. | 3,337 | 666,699 | ||||||
|
| |||||||
12,904,229 | ||||||||
|
| |||||||
Professional Services - 0.0%(b) |
| |||||||
Booz Allen Hamilton Holding Corp. | 1,349 | 103,509 | ||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® US ESG Select Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Real Estate Management & Development - 0.1% |
| |||||||
CBRE Group, Inc., Class A* | 1,917 | 194,269 | ||||||
|
| |||||||
Road & Rail - 0.1% | ||||||||
JB Hunt Transport Services, Inc. | 568 | 109,363 | ||||||
Lyft, Inc., Class A* | 2,556 | 98,457 | ||||||
|
| |||||||
207,820 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 6.5% | ||||||||
Advanced Micro Devices, Inc.* | 6,106 | 697,610 | ||||||
Analog Devices, Inc. | 2,698 | 442,391 | ||||||
Applied Materials, Inc. | 6,248 | 863,349 | ||||||
Broadcom, Inc. | 2,130 | 1,247,924 | ||||||
Intel Corp. | 41,109 | 2,006,941 | ||||||
Lam Research Corp. | 710 | 418,843 | ||||||
Microchip Technology, Inc. | 2,982 | 231,045 | ||||||
Micron Technology, Inc. | 9,443 | 776,876 | ||||||
NVIDIA Corp. | 12,780 | 3,129,311 | ||||||
ON Semiconductor Corp.* | 1,491 | 87,969 | ||||||
QUALCOMM, Inc. | 5,751 | 1,010,796 | ||||||
Texas Instruments, Inc. | 9,443 | 1,694,924 | ||||||
Xilinx, Inc. | 781 | 151,163 | ||||||
|
| |||||||
12,759,142 | ||||||||
|
| |||||||
Software - 8.5% | ||||||||
Adobe, Inc.* | 4,047 | 2,162,312 | ||||||
Autodesk, Inc.* | 2,201 | 549,788 | ||||||
Ceridian HCM Holding, Inc.* | 568 | 43,066 | ||||||
Coupa Software, Inc.*(a) | 142 | 19,066 | ||||||
Crowdstrike Holdings, Inc., | 994 | 179,556 | ||||||
DocuSign, Inc.* | 1,420 | 178,593 | ||||||
Fortinet, Inc.* | 710 | 211,040 | ||||||
HubSpot, Inc.* | 213 | 104,114 | ||||||
Intuit, Inc. | 1,420 | 788,427 | ||||||
Microsoft Corp. | 30,104 | 9,361,742 | ||||||
NortonLifeLock, Inc. | 3,621 | 94,182 | ||||||
Oracle Corp. | 16,685 | 1,354,155 | ||||||
RingCentral, Inc., Class A* | 355 | 62,654 | ||||||
salesforce.com, Inc.* | 5,041 | 1,172,688 | ||||||
Synopsys, Inc.* | 1,065 | 330,683 | ||||||
|
| |||||||
16,612,066 | ||||||||
|
| |||||||
Specialty Retail - 3.3% | ||||||||
Advance Auto Parts, Inc. | 142 | 32,874 | ||||||
AutoZone, Inc.* | 71 | 141,031 | ||||||
Best Buy Co., Inc.(a) | 2,414 | 239,662 | ||||||
Burlington Stores, Inc.* | 710 | 168,220 | ||||||
Home Depot, Inc. (The) | 10,792 | 3,960,448 | ||||||
Lowes Cos., Inc. | 4,828 | 1,145,926 | ||||||
TJX Cos., Inc. (The) | 10,011 | 720,492 | ||||||
|
| |||||||
6,408,653 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals - 5.6% | ||||||||
Apple, Inc. | 57,439 | 10,039,189 | ||||||
Dell Technologies, Inc., Class C* | 1,278 | 72,603 | ||||||
Hewlett Packard Enterprise Co.(a) | 9,940 | 162,320 | ||||||
HP, Inc. | 12,283 | 451,155 | ||||||
NetApp, Inc. | 1,775 | 153,555 | ||||||
Western Digital Corp.* | 3,266 | 168,983 | ||||||
|
| |||||||
11,047,805 | ||||||||
|
|
Investments | Shares | Value ($) | ||||||
Textiles, Apparel & Luxury Goods - 0.3% |
| |||||||
Lululemon Athletica, Inc.*(a) | 1,278 | 426,545 | ||||||
VF Corp. | 1,278 | 83,339 | ||||||
|
| |||||||
509,884 | ||||||||
|
| |||||||
Tobacco - 0.7% | ||||||||
Altria Group, Inc. | 6,248 | 317,898 | ||||||
Philip Morris International, Inc. | 10,792 | 1,109,957 | ||||||
|
| |||||||
1,427,855 | ||||||||
|
| |||||||
Trading Companies & Distributors - 0.1% |
| |||||||
WW Grainger, Inc.(a) | 284 | 140,611 | ||||||
|
| |||||||
Water Utilities - 0.1% | ||||||||
American Water Works Co., Inc. | 1,775 | 285,420 | ||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 194,061,294 | ||||||
|
|
Investments | Principal Amount ($) | Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS(d) - 0.0%(b) |
| |||||||
REPURCHASE AGREEMENTS - 0.0%(b) |
| |||||||
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $4,992, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.00%, maturing 2/15/2026 - 5/15/2040; total market value $5,064 | 4,992 | 4,992 | ||||||
|
| |||||||
Total Investments - 99.2% |
| 194,066,286 | ||||||
Other assets less liabilities - 0.8% |
| 1,557,541 | ||||||
|
| |||||||
Net Assets - 100.0% |
| 195,623,827 | ||||||
|
|
* | Non-income producing security. |
(a) | The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $2,930,317, collateralized in the form of cash with a value of $4,992 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $2,892,654 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 15, 2022 November 15, 2051 and $24,225 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 6.25%, and maturity dates ranging from April 20, 2022 September 20, 2117; a total value of $2,921,871. |
(b) | Represents less than 0.05% of net assets. |
(c) | Amount represents less than one share. |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® US ESG Select Index Fund (cont.)
(d) | The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $4,992. |
Percentages shown are based on Net Assets.
Futures Contracts
FlexShares® STOXX® US ESG Select Index Fund had the following open futures contracts as of January 31, 2022:
Number of Contracts | Expiration Date | Trading Currency | Notional Amount | Value and Unrealized Depreciation | ||||||||||||||||
Long Contracts |
| |||||||||||||||||||
S&P 500 E-Mini Index | 7 | 03/18/2022 | USD | $ | 1,576,488 | $ | (54,599 | ) |
Abbreviations:
USD US Dollar
Security Type | % of Net Assets | |||
Common Stocks | 99.2 | % | ||
Securities Lending Reinvestments | 0.0 | | ||
Others(1) | 0.8 | |||
|
| |||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® STOXX® Global ESG Select Index Fund
January 31, 2022 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 99.5% |
| |||||||
Aerospace & Defense - 0.0%(a) |
| |||||||
MTU Aero Engines AG | 150 | 31,452 | ||||||
|
| |||||||
Air Freight & Logistics - 0.3% |
| |||||||
Deutsche Post AG (Registered) | 3,700 | 219,787 | ||||||
DSV A/S | 1,375 | 277,080 | ||||||
Royal Mail plc | 4,100 | 24,225 | ||||||
SG Holdings Co. Ltd. | 2,500 | 52,679 | ||||||
|
| |||||||
573,771 | ||||||||
|
| |||||||
Airlines - 0.0%(a) |
| |||||||
International Consolidated Airlines Group SA* | 14,725 | 30,819 | ||||||
Qantas Airways Ltd.* | 8,100 | 27,279 | ||||||
Singapore Airlines Ltd.* | 7,500 | 27,733 | ||||||
|
| |||||||
85,831 | ||||||||
|
| |||||||
Auto Components - 0.3% |
| |||||||
Aisin Corp. | 100 | 3,602 | ||||||
Bridgestone Corp. | 5,000 | 217,531 | ||||||
Cie Generale des Etablissements Michelin SCA | 1,075 | 177,989 | ||||||
Continental AG* | 475 | 45,228 | ||||||
Magna International, Inc. | 500 | 40,262 | ||||||
NGK Spark Plug Co. Ltd. | 2,500 | 42,157 | ||||||
Nokian Renkaat OYJ | 1,175 | 39,238 | ||||||
Sumitomo Rubber Industries Ltd.(b) | 2,500 | 25,776 | ||||||
Valeo | 1,000 | 27,599 | ||||||
|
| |||||||
619,382 | ||||||||
|
| |||||||
Automobiles - 3.8% |
| |||||||
Bayerische Motoren Werke AG | 1,925 | 200,579 | ||||||
Ferrari NV | 275 | 62,549 | ||||||
General Motors Co.* | 8,325 | 438,977 | ||||||
Honda Motor Co. Ltd. | 7,500 | 218,312 | ||||||
Mitsubishi Motors Corp.* | 2,500 | 7,052 | ||||||
Nissan Motor Co. Ltd.* | 12,500 | 65,893 | ||||||
Renault SA* | 800 | 31,312 | ||||||
Stellantis NV(b) | 9,000 | 171,197 | ||||||
Tesla, Inc.* | 4,325 | 4,051,314 | ||||||
Toyota Motor Corp. | 75,000 | 1,461,597 | ||||||
Volkswagen AG (Preference) | 650 | 133,576 | ||||||
|
| |||||||
6,842,358 | ||||||||
|
| |||||||
Banks - 8.5% |
| |||||||
ABN AMRO Bank NV, CVA(c) | 3,475 | 55,425 | ||||||
Australia & New Zealand Banking Group Ltd. | 9,925 | 185,515 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 39,400 | 248,839 | ||||||
Banco BPM SpA | 8,950 | 27,520 | ||||||
Banco de Sabadell SA* | 18,425 | 14,198 | ||||||
Banco Santander SA | 32,925 | 114,215 | ||||||
Bank of America Corp. | 57,625 | 2,658,818 | ||||||
Bank of Ireland Group plc* | 4,775 | 31,913 |
Investments | Shares | Value ($) | ||||||
Bank of Montreal | 2,575 | 291,312 | ||||||
Bank of Nova Scotia (The) | 7,550 | 543,543 | ||||||
Bank Polska Kasa Opieki SA | 575 | 19,031 | ||||||
Bankinter SA(b) | 5,000 | 29,090 | ||||||
Barclays plc | 84,175 | 222,727 | ||||||
Bendigo & Adelaide Bank Ltd. | 2,100 | 12,695 | ||||||
BNP Paribas SA | 5,950 | 420,207 | ||||||
CaixaBank SA | 18,600 | 59,341 | ||||||
Citigroup, Inc. | 15,200 | 989,824 | ||||||
Commerzbank AG* | 5,725 | 48,691 | ||||||
Commonwealth Bank of Australia | 11,425 | 754,559 | ||||||
Danske Bank A/S | 4,100 | 79,007 | ||||||
DBS Group Holdings Ltd. | 8,294 | 215,915 | ||||||
DNB Bank ASA | 6,600 | 155,968 | ||||||
Erste Group Bank AG | 1,450 | 67,017 | ||||||
Fifth Third Bancorp | 2,975 | 132,774 | ||||||
Hang Seng Bank Ltd. | 5,000 | 98,685 | ||||||
HSBC Holdings plc | 143,775 | 1,017,718 | ||||||
Huntington Bancshares, Inc. | 4,450 | 67,017 | ||||||
ING Groep NV | 14,075 | 206,093 | ||||||
Intesa Sanpaolo SpA | 122,900 | 360,891 | ||||||
Japan Post Bank Co. Ltd. | 2,500 | 24,452 | ||||||
JPMorgan Chase & Co. | 11,850 | 1,760,910 | ||||||
KBC Group NV | 1,375 | 118,593 | ||||||
KeyCorp | 4,475 | 112,144 | ||||||
Lloyds Banking Group plc | 436,350 | 298,862 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 97,500 | 584,788 | ||||||
Mizuho Financial Group, Inc. | 10,000 | 134,519 | ||||||
NatWest Group plc | 8,425 | 27,399 | ||||||
PNC Financial Services Group, Inc. (The) | 1,300 | 267,787 | ||||||
Raiffeisen Bank International AG | 600 | 16,667 | ||||||
Royal Bank of Canada | 5,925 | 675,193 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 9,675 | 123,761 | ||||||
Societe Generale SA | 5,850 | 214,343 | ||||||
Standard Chartered plc | 14,125 | 101,728 | ||||||
Svenska Handelsbanken AB, Class A | 9,600 | 101,553 | ||||||
Swedbank AB, Class A | 2,800 | 54,458 | ||||||
Toronto-Dominion Bank (The) | 7,500 | 600,389 | ||||||
UniCredit SpA | 11,025 | 172,903 | ||||||
US Bancorp | 7,375 | 429,151 | ||||||
Westpac Banking Corp. | 22,775 | 325,736 | ||||||
|
| |||||||
15,273,884 | ||||||||
|
| |||||||
Beverages - 2.1% |
| |||||||
Anheuser-Busch InBev SA/NV | 3,750 | 234,233 | ||||||
Asahi Group Holdings Ltd.(b) | 2,500 | 101,280 | ||||||
Budweiser Brewing Co. APAC | 22,500 | 59,297 | ||||||
Carlsberg A/S, Class B | 450 | 72,409 | ||||||
Coca-Cola Co. (The) | 15,250 | 930,402 | ||||||
Davide Campari-Milano NV | 1,400 | 17,405 | ||||||
Diageo plc | 10,450 | 521,974 | ||||||
Heineken NV | 1,225 | 130,484 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Kirin Holdings Co. Ltd. | 5,000 | 79,713 | ||||||
PepsiCo, Inc. | 7,275 | 1,262,358 | ||||||
Pernod Ricard SA | 1,100 | 233,056 | ||||||
Remy Cointreau SA | 125 | 25,853 | ||||||
Thai Beverage PCL | 57,500 | 27,854 | ||||||
|
| |||||||
3,696,318 | ||||||||
|
| |||||||
Biotechnology - 1.3% |
| |||||||
AbbVie, Inc. | 4,976 | 681,147 | ||||||
Amgen, Inc. | 1,475 | 335,031 | ||||||
CSL Ltd. | 1,900 | 348,516 | ||||||
Genmab A/S* | 275 | 92,436 | ||||||
Genus plc | 375 | 19,129 | ||||||
Gilead Sciences, Inc. | 3,175 | 218,059 | ||||||
Grifols SA | 1,575 | 27,561 | ||||||
Regeneron Pharmaceuticals, Inc.* | 275 | 167,362 | ||||||
Swedish Orphan Biovitrum AB* | 1,125 | 22,032 | ||||||
Vertex Pharmaceuticals, Inc.* | 1,325 | 322,041 | ||||||
Vitrolife AB | 375 | 15,267 | ||||||
|
| |||||||
2,248,581 | ||||||||
|
| |||||||
Building Products - 0.5% |
| |||||||
AGC, Inc. | 2,500 | 113,474 | ||||||
Assa Abloy AB, Class B | 5,850 | 158,564 | ||||||
Belimo Holding AG (Registered) | 25 | 13,667 | ||||||
Cie de Saint-Gobain | 3,450 | 230,693 | ||||||
Fletcher Building Ltd. | 2,875 | 12,179 | ||||||
Geberit AG (Registered) | 250 | 167,875 | ||||||
Lixil Corp. | 2,500 | 56,607 | ||||||
Reliance Worldwide Corp. Ltd. | 450 | 1,639 | ||||||
ROCKWOOL International A/S, Class B | 25 | 9,507 | ||||||
Trane Technologies plc | 825 | 142,807 | ||||||
|
| |||||||
907,012 | ||||||||
|
| |||||||
Capital Markets - 2.8% |
| |||||||
3i Group plc | 4,850 | 89,146 | ||||||
Abrdn plc | 16,075 | 51,955 | ||||||
Bank of New York Mellon Corp. (The) | 1,750 | 103,705 | ||||||
BlackRock, Inc. | 950 | 781,793 | ||||||
Credit Suisse Group AG (Registered) | 12,575 | 118,315 | ||||||
Euronext NV(c) | 200 | 19,124 | ||||||
Goldman Sachs Group, Inc. (The) | 2,625 | 931,035 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 5,000 | 281,114 | ||||||
Intermediate Capital Group plc | 925 | 23,536 | ||||||
Julius Baer Group Ltd. | 1,575 | 101,532 | ||||||
London Stock Exchange Group plc | 2,275 | 220,373 | ||||||
Macquarie Group Ltd. | 2,525 | 326,658 | ||||||
Man Group plc | 4,850 | 12,526 | ||||||
Moodys Corp. | 350 | 120,050 | ||||||
Morgan Stanley | 9,250 | 948,495 | ||||||
S&P Global, Inc.(b) | 700 | 290,654 | ||||||
Schroders plc | 375 | 16,996 | ||||||
Singapore Exchange Ltd. | 2,500 | 17,213 | ||||||
State Street Corp. | 1,850 | 174,825 | ||||||
UBS Group AG (Registered) | 24,550 | 450,894 | ||||||
|
| |||||||
5,079,939 | ||||||||
|
|
Investments | Shares | Value ($) | ||||||
Chemicals - 1.6% |
| |||||||
Air Liquide SA | 1,900 | 322,424 | ||||||
Air Products & Chemicals, Inc. | 550 | 155,166 | ||||||
Akzo Nobel NV | 1,225 | 125,732 | ||||||
Arkema SA | 625 | 91,397 | ||||||
Asahi Kasei Corp. | 5,000 | 48,644 | ||||||
BASF SE | 2,350 | 177,871 | ||||||
Celanese Corp. | 600 | 93,426 | ||||||
Chr Hansen Holding A/S | 600 | 47,857 | ||||||
Clariant AG (Registered)* | 2,125 | 44,483 | ||||||
Covestro AG(c) | 375 | 22,221 | ||||||
Croda International plc | 625 | 66,848 | ||||||
Ecolab, Inc. | 1,150 | 217,867 | ||||||
Evonik Industries AG | 1,525 | 49,217 | ||||||
Givaudan SA (Registered) | 50 | 205,037 | ||||||
Hexpol AB | 2,050 | 24,170 | ||||||
Incitec Pivot Ltd. | 8,000 | 18,487 | ||||||
Koninklijke DSM NV | 900 | 167,528 | ||||||
Mitsubishi Chemical Holdings Corp. | 10,000 | 77,674 | ||||||
Mitsubishi Gas Chemical Co., Inc.(b) | 2,500 | 47,234 | ||||||
Nippon Paint Holdings Co. Ltd. | 5,000 | 39,445 | ||||||
Nitto Denko Corp. | 100 | 7,681 | ||||||
Novozymes A/S, Class B | 1,075 | 73,353 | ||||||
Orica Ltd.(b) | 1,700 | 16,601 | ||||||
PPG Industries, Inc. | 550 | 85,910 | ||||||
Sherwin-Williams Co. (The) | 725 | 207,720 | ||||||
Sika AG (Registered)(b) | 700 | 241,416 | ||||||
Solvay SA | 425 | 50,739 | ||||||
Sumitomo Chemical Co. Ltd. | 5,000 | 24,908 | ||||||
Tokai Carbon Co. Ltd. | 2,500 | 25,580 | ||||||
Yara International ASA | 550 | 28,043 | ||||||
|
| |||||||
2,804,679 | ||||||||
|
| |||||||
Commercial Services & Supplies - 0.3% |
| |||||||
Brambles Ltd. | 7,750 | 52,801 | ||||||
Cintas Corp. | 450 | 176,188 | ||||||
Dai Nippon Printing Co. Ltd. | 2,500 | 59,601 | ||||||
Downer EDI Ltd. | 3,525 | 13,436 | ||||||
ISS A/S* | 1,050 | 19,577 | ||||||
Rentokil Initial plc | 13,548 | 94,191 | ||||||
Secom Co. Ltd. | 1,600 | 112,253 | ||||||
SPIE SA | 950 | 21,768 | ||||||
|
| |||||||
549,815 | ||||||||
|
| |||||||
Communications Equipment - 0.2% |
| |||||||
Nokia OYJ* | 18,288 | 107,568 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 15,147 | 186,293 | ||||||
|
| |||||||
293,861 | ||||||||
|
| |||||||
Construction & Engineering - 0.4% |
| |||||||
Bouygues SA | 2,550 | 89,158 | ||||||
Eiffage SA | 725 | 75,388 | ||||||
Ferrovial SA | 1,675 | 46,135 | ||||||
Kajima Corp. | 5,000 | 59,883 | ||||||
Skanska AB, Class B | 2,700 | 65,402 | ||||||
Sweco AB, Class B(b) | 975 | 13,611 | ||||||
Taisei Corp. | 2,500 | 81,254 | ||||||
Vinci SA | 2,150 | 232,965 | ||||||
WSP Global, Inc. | 225 | 29,987 | ||||||
|
| |||||||
693,783 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Construction Materials - 0.2% | ||||||||
CRH plc | 4,050 | 201,624 | ||||||
HeidelbergCement AG | 750 | 51,504 | ||||||
Holcim Ltd.* | 3,050 | 162,975 | ||||||
|
| |||||||
416,103 | ||||||||
|
| |||||||
Consumer Finance - 0.0%(a) | ||||||||
Synchrony Financial | 1,250 | 53,237 | ||||||
|
| |||||||
Containers & Packaging - 0.2% | ||||||||
Amcor plc | 2,850 | 34,228 | ||||||
Ball Corp. | 1,250 | 121,375 | ||||||
BillerudKorsnas AB | 350 | 5,512 | ||||||
DS Smith plc | 8,925 | 45,023 | ||||||
Orora Ltd.(b) | 1,625 | 3,961 | ||||||
Packaging Corp. of America | 625 | 94,144 | ||||||
SIG Combibloc Group AG* | 1,377 | 31,591 | ||||||
Smurfit Kappa Group plc | 1,225 | 63,924 | ||||||
|
| |||||||
399,758 | ||||||||
|
| |||||||
Distributors - 0.0%(a) | ||||||||
Dieteren Group | 50 | 8,626 | ||||||
Pool Corp. | 150 | 71,438 | ||||||
|
| |||||||
80,064 | ||||||||
|
| |||||||
Diversified Financial Services - 0.1% |
| |||||||
Challenger Ltd.(b) | 1,325 | 5,340 | ||||||
Eurazeo SE | 125 | 9,830 | ||||||
EXOR NV | 725 | 59,995 | ||||||
Groupe Bruxelles Lambert SA | 750 | 79,787 | ||||||
Kinnevik AB, Class B*(b) | 1,350 | 39,803 | ||||||
Wendel SE | 150 | 16,142 | ||||||
|
| |||||||
210,897 | ||||||||
|
| |||||||
Diversified Telecommunication Services - 0.9% |
| |||||||
BT Group plc(b) | 42,250 | 110,847 | ||||||
Cellnex Telecom SA(c) | 3,400 | 153,599 | ||||||
Deutsche Telekom AG (Registered) | 18,450 | 344,818 | ||||||
Elisa OYJ | 825 | 48,165 | ||||||
Koninklijke KPN NV | 26,895 | 88,247 | ||||||
Orange SA | 8,475 | 98,995 | ||||||
Singapore Telecommunications Ltd. | 54,100 | 97,225 | ||||||
Spark New Zealand Ltd. | 11,150 | 31,708 | ||||||
Swisscom AG (Registered) | 150 | 85,097 | ||||||
Telenor ASA(b) | 5,300 | 87,174 | ||||||
Telia Co. AB | 14,450 | 56,675 | ||||||
Telstra Corp. Ltd. | 75,900 | 209,623 | ||||||
TELUS Corp. | 3,675 | 86,428 | ||||||
United Internet AG (Registered) | 625 | 24,263 | ||||||
|
| |||||||
1,522,864 | ||||||||
|
| |||||||
Electric Utilities - 1.1% | ||||||||
Acciona SA | 50 | 8,649 | ||||||
Alliant Energy Corp. | 475 | 28,433 | ||||||
AusNet Services Ltd. | 6,475 | 11,861 | ||||||
CLP Holdings Ltd. | 12,500 | 124,879 | ||||||
Contact Energy Ltd. | 1,250 | 6,428 | ||||||
Duke Energy Corp. | 1,875 | 196,987 | ||||||
Edison International | 900 | 56,511 | ||||||
EDP - Energias de Portugal SA | 11,950 | 60,804 |
Investments | Shares | Value ($) | ||||||
Electricite de France SA | 5,481 | 52,213 | ||||||
Elia Group SA/NV(b) | 125 | 16,773 | ||||||
Endesa SA(b) | 1,350 | 30,032 | ||||||
Enel SpA | 32,925 | 250,279 | ||||||
Eversource Energy | 2,175 | 194,641 | ||||||
FirstEnergy Corp. | 2,325 | 97,557 | ||||||
Fortum OYJ | 2,627 | 70,824 | ||||||
Iberdrola SA | 21,751 | 247,730 | ||||||
Iberdrola SA*(d) | 362 | 4,123 | ||||||
Infratil Ltd. | 1,075 | 5,348 | ||||||
Kansai Electric Power Co., Inc. (The) | 5,000 | 46,952 | ||||||
Origin Energy Ltd.(b) | 2,425 | 9,602 | ||||||
Orsted A/S(c) | 850 | 89,517 | ||||||
Red Electrica Corp. SA | 750 | 15,058 | ||||||
SSE plc | 7,175 | 152,337 | ||||||
Terna - Rete Elettrica Nazionale | 10,014 | 78,019 | ||||||
Verbund AG | 400 | 42,060 | ||||||
|
| |||||||
1,897,617 | ||||||||
|
| |||||||
Electrical Equipment - 1.2% | ||||||||
ABB Ltd. (Registered) | 7,950 | 270,764 | ||||||
AMETEK, Inc. | 450 | 61,546 | ||||||
Eaton Corp. plc | 1,525 | 241,606 | ||||||
Emerson Electric Co. | 4,075 | 374,696 | ||||||
Legrand SA | 1,325 | 133,382 | ||||||
Nidec Corp. | 4,000 | 350,271 | ||||||
Prysmian SpA | 1,575 | 52,491 | ||||||
Rockwell Automation, Inc.(b) | 400 | 115,688 | ||||||
Schneider Electric SE | 2,000 | 334,865 | ||||||
Siemens Energy AG* | 2,850 | 63,130 | ||||||
Signify NV(c) | 325 | 17,072 | ||||||
Ushio, Inc. | 2,500 | 38,447 | ||||||
Vestas Wind Systems A/S | 5,225 | 139,298 | ||||||
|
| |||||||
2,193,256 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 0.8% |
| |||||||
Alps Alpine Co. Ltd.(b) | 2,500 | 26,991 | ||||||
Amphenol Corp., Class A(b) | 1,150 | 91,528 | ||||||
Azbil Corp. | 300 | 11,638 | ||||||
Halma plc | 2,250 | 75,347 | ||||||
Hamamatsu Photonics KK | 100 | 5,060 | ||||||
Hexagon AB, Class B | 4,725 | 62,871 | ||||||
Ibiden Co. Ltd. | 1,700 | 92,949 | ||||||
Kyocera Corp. | 2,500 | 152,636 | ||||||
Murata Manufacturing Co. Ltd. | 5,000 | 370,536 | ||||||
Omron Corp. | 1,200 | 86,492 | ||||||
Shimadzu Corp. | 2,500 | 89,065 | ||||||
Taiyo Yuden Co. Ltd. | 700 | 33,291 | ||||||
TDK Corp. | 2,500 | 88,956 | ||||||
TE Connectivity Ltd. | 1,100 | 157,311 | ||||||
Teledyne Technologies, Inc.* | 200 | 84,286 | ||||||
Trimble, Inc.* | 475 | 34,276 | ||||||
|
| |||||||
1,463,233 | ||||||||
|
| |||||||
Energy Equipment & Services - 0.3% |
| |||||||
Baker Hughes Co. | 2,025 | 55,566 | ||||||
Halliburton Co. | 3,975 | 122,191 | ||||||
Schlumberger NV | 9,050 | 353,584 | ||||||
Worley Ltd. | 1,000 | 8,138 | ||||||
|
| |||||||
539,479 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Entertainment - 0.7% |
| |||||||
Bollore SA | 2,850 | 15,207 | ||||||
Nintendo Co. Ltd. | 500 | 243,697 | ||||||
Ubisoft Entertainment SA* | 500 | 28,440 | ||||||
Walt Disney Co. (The)* | 7,250 | 1,036,533 | ||||||
|
| |||||||
1,323,877 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) - 1.3% |
| |||||||
Aedifica SA | 150 | 17,942 | ||||||
Ascendas REIT | 7,500 | 15,309 | ||||||
Big Yellow Group plc(b) | 1,375 | 27,561 | ||||||
CapitaLand Integrated Commercial Trust | 22,824 | 32,747 | ||||||
Charter Hall Group | 1,975 | 23,321 | ||||||
Cofinimmo SA | 150 | 22,011 | ||||||
Daiwa House REIT Investment Corp.(b) | 25 | 74,203 | ||||||
Derwent London plc | 1,350 | 61,672 | ||||||
Dexus | 10,225 | 73,841 | ||||||
Equinix, Inc. | 225 | 163,102 | ||||||
Equity LifeStyle Properties, Inc. | 1,650 | 129,178 | ||||||
Gecina SA | 300 | 40,390 | ||||||
Goodman Group | 5,575 | 91,087 | ||||||
GPT Group (The) | 5,500 | 19,336 | ||||||
Healthpeak Properties, Inc. | 3,800 | 134,406 | ||||||
Host Hotels & Resorts, Inc.* | 1,675 | 29,044 | ||||||
Iron Mountain, Inc.(b) | 675 | 30,996 | ||||||
Japan Metropolitan Fund Invest | 50 | 41,961 | ||||||
Japan Prime Realty Investment Corp. | 1 | 3,255 | ||||||
Land Securities Group plc | 4,650 | 49,298 | ||||||
Link REIT | 10,246 | 87,710 | ||||||
Mapletree Logistics Trust | 10,000 | 12,499 | ||||||
Mirvac Group | 20,800 | 38,249 | ||||||
Nippon Building Fund, Inc. | 7 | 40,338 | ||||||
Nippon Prologis REIT, Inc. | 2 | 6,214 | ||||||
Orix JREIT, Inc. | 25 | 35,756 | ||||||
Public Storage | 775 | 277,861 | ||||||
Safestore Holdings plc | 350 | 5,945 | ||||||
Segro plc | 2,598 | 45,383 | ||||||
Stockland | 15,417 | 43,883 | ||||||
United Urban Investment Corp. | 25 | 29,399 | ||||||
Ventas, Inc. | 1,575 | 83,506 | ||||||
Welltower, Inc.(b) | 2,875 | 249,061 | ||||||
Weyerhaeuser Co.(b) | 2,825 | 114,215 | ||||||
WP Carey, Inc. | 1,650 | 128,040 | ||||||
|
| |||||||
2,278,719 | ||||||||
|
| |||||||
Food & Staples Retailing - 0.4% | ||||||||
Aeon Co. Ltd.(b) | 5,000 | 113,105 | ||||||
Carrefour SA | 2,600 | 49,315 | ||||||
Coles Group Ltd. | 5,875 | 67,056 | ||||||
Etablissements Franz Colruyt NV | 300 | 12,134 | ||||||
HelloFresh SE* | 500 | 32,812 | ||||||
J Sainsbury plc | 7,275 | 28,374 | ||||||
Jeronimo Martins SGPS SA | 1,254 | 30,026 | ||||||
Kesko OYJ, Class B | 1,000 | 31,309 | ||||||
Koninklijke Ahold Delhaize NV | 6,175 | 199,047 | ||||||
Metcash Ltd. | 2,450 | 6,818 |
Investments | Shares | Value ($) | ||||||
Woolworths Group Ltd.(b) | 7,200 | 174,604 | ||||||
|
| |||||||
744,600 | ||||||||
|
| |||||||
Food Products - 1.5% | ||||||||
AAK AB | 950 | 17,694 | ||||||
Ajinomoto Co., Inc. | 2,500 | 69,278 | ||||||
Associated British Foods plc | 1,600 | 41,666 | ||||||
Bakkafrost P/F(b) | 175 | 11,992 | ||||||
Barry Callebaut AG (Registered) | 25 | 56,979 | ||||||
Danone SA | 2,900 | 179,612 | ||||||
General Mills, Inc. | 1,600 | 109,888 | ||||||
JDE Peets NV | 125 | 3,728 | ||||||
Kerry Group plc, Class A(b) | 775 | 97,303 | ||||||
Mowi ASA | 2,598 | 63,347 | ||||||
Nestle SA (Registered) | 15,900 | 2,033,588 | ||||||
Orkla ASA | 4,975 | 47,317 | ||||||
Salmar ASA | 250 | 16,930 | ||||||
|
| |||||||
2,749,322 | ||||||||
|
| |||||||
Gas Utilities - 0.2% | ||||||||
APA Group | 1,975 | 13,303 | ||||||
Enagas SA(b) | 2,175 | 46,813 | ||||||
Italgas SpA | 3,500 | 23,023 | ||||||
Naturgy Energy Group SA(b) | 825 | 26,015 | ||||||
Snam SpA | 13,327 | 74,100 | ||||||
Tokyo Gas Co. Ltd. | 5,000 | 100,456 | ||||||
|
| |||||||
283,710 | ||||||||
|
| |||||||
Health Care Equipment & Supplies - 2.2% |
| |||||||
Abbott Laboratories | 9,350 | 1,191,751 | ||||||
Alcon, Inc. | 2,625 | 199,726 | ||||||
Ambu A/S, Class B(b) | 475 | 9,965 | ||||||
Ansell Ltd.(b) | 1,350 | 25,453 | ||||||
Baxter International, Inc. | 1,175 | 100,392 | ||||||
Becton Dickinson and Co. | 1,050 | 266,847 | ||||||
BioMerieux | 225 | 26,244 | ||||||
Boston Scientific Corp.* | 6,550 | 280,995 | ||||||
Carl Zeiss Meditec AG | 150 | 23,802 | ||||||
Cochlear Ltd. | 375 | 50,873 | ||||||
Coloplast A/S, Class B | 575 | 83,028 | ||||||
ConvaTec Group plc(c) | 3,650 | 8,594 | ||||||
Demant A/S* | 250 | 10,961 | ||||||
DiaSorin SpA | 150 | 23,020 | ||||||
Edwards Lifesciences Corp.* | 2,275 | 248,430 | ||||||
Elekta AB, Class B(b) | 675 | 6,854 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 2,750 | 50,118 | ||||||
Getinge AB, Class B | 950 | 36,803 | ||||||
GN Store Nord A/S | 350 | 20,966 | ||||||
Hologic, Inc.* | 1,425 | 100,092 | ||||||
Hoya Corp. | 3,200 | 409,772 | ||||||
Insulet Corp.*(b) | 375 | 93,000 | ||||||
Koninklijke Philips NV | 4,175 | 137,527 | ||||||
Sartorius AG (Preference) | 75 | 40,028 | ||||||
Smith & Nephew plc | 4,150 | 69,793 | ||||||
Sonova Holding AG (Registered) | 325 | 114,145 | ||||||
Straumann Holding AG (Registered) | 75 | 122,080 | ||||||
Sysmex Corp. | 900 | 84,591 | ||||||
Zimmer Biomet Holdings, Inc. | 600 | 73,812 | ||||||
|
| |||||||
3,909,662 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Health Care Providers & Services - 1.2% |
| |||||||
Anthem, Inc. | 1,300 | 573,287 | ||||||
Fresenius Medical Care AG & Co. KGaA | 675 | 45,446 | ||||||
Fresenius SE & Co. KGaA | 2,700 | 110,656 | ||||||
Humana, Inc. | 325 | 127,563 | ||||||
Ramsay Health Care Ltd. | 750 | 33,179 | ||||||
Sonic Healthcare Ltd. | 3,475 | 92,815 | ||||||
UnitedHealth Group, Inc. | 2,450 | 1,157,797 | ||||||
|
| |||||||
2,140,743 | ||||||||
|
| |||||||
Health Care Technology - 0.1% | ||||||||
M3, Inc. | 3,400 | 128,328 | ||||||
Veeva Systems, Inc., Class A* | 350 | 82,789 | ||||||
|
| |||||||
211,117 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure - 0.8% |
| |||||||
Aristocrat Leisure Ltd. | 5,075 | 144,275 | ||||||
Crown Resorts Ltd.* | 1,800 | 15,332 | ||||||
Dominos Pizza Enterprises Ltd.(b) | 425 | 30,962 | ||||||
Dominos Pizza, Inc. | 250 | 113,663 | ||||||
Entain plc* | 3,550 | 75,777 | ||||||
Genting Singapore Ltd. | 20,000 | 10,872 | ||||||
Greggs plc | 725 | 25,952 | ||||||
InterContinental Hotels Group plc* | 1,375 | 89,674 | ||||||
Kindred Group plc, SDR | 1,000 | 11,469 | ||||||
Marriott International, Inc., | 2,075 | 334,324 | ||||||
Oriental Land Co. Ltd.(b) | 1,100 | 189,785 | ||||||
Restaurant Brands International, Inc. | 400 | 22,362 | ||||||
Sodexo SA | 475 | 43,684 | ||||||
Star Entertainment Grp Ltd. (The)* | 17,650 | 42,404 | ||||||
TUI AG, DI* | 9,484 | 32,103 | ||||||
Whitbread plc* | 1,050 | 42,572 | ||||||
Yum! Brands, Inc. | 1,125 | 140,816 | ||||||
|
| |||||||
1,366,026 | ||||||||
|
| |||||||
Household Durables - 0.9% | ||||||||
Barratt Developments plc | 3,350 | 27,489 | ||||||
Berkeley Group Holdings plc | 775 | 43,651 | ||||||
Breville Group Ltd.(b) | 175 | 3,514 | ||||||
Electrolux AB, Class B | 750 | 15,379 | ||||||
Man Wah Holdings Ltd.(b) | 10,000 | 15,364 | ||||||
Nikon Corp. | 2,500 | 25,732 | ||||||
Open House Group Co. Ltd.(b) | 200 | 10,224 | ||||||
Panasonic Corp. | 10,000 | 108,700 | ||||||
Persimmon plc | 2,000 | 64,238 | ||||||
SEB SA | 175 | 26,307 | ||||||
Sekisui House Ltd.(b) | 5,000 | 100,434 | ||||||
Sony Group Corp. | 10,000 | 1,103,927 | ||||||
Taylor Wimpey plc | 31,175 | 63,074 | ||||||
|
| |||||||
1,608,033 | ||||||||
|
| |||||||
Household Products - 2.0% | ||||||||
Clorox Co. (The) | 300 | 50,358 | ||||||
Colgate-Palmolive Co. | 2,675 | 220,554 | ||||||
Essity AB, Class B | 3,775 | 105,920 | ||||||
Henkel AG & Co. KGaA (Preference) | 950 | 77,166 | ||||||
Procter & Gamble Co. (The) | 16,250 | 2,607,313 | ||||||
Reckitt Benckiser Group plc | 5,125 | 413,314 |
Investments | Shares | Value ($) | ||||||
Unicharm Corp. | 2,500 | 96,051 | ||||||
|
| |||||||
3,570,676 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers - 0.0%(a) |
| |||||||
EDP Renovaveis SA | 325 | 6,784 | ||||||
Meridian Energy Ltd. | 8,000 | 22,907 | ||||||
|
| |||||||
29,691 | ||||||||
|
| |||||||
Industrial Conglomerates - 1.2% |
| |||||||
3M Co. | 2,100 | 348,642 | ||||||
CK Hutchison Holdings Ltd.(b) | 12,500 | 88,489 | ||||||
General Electric Co. | 9,075 | 857,406 | ||||||
Hitachi Ltd. | 5,100 | 262,868 | ||||||
Keppel Corp. Ltd. | 2,500 | 10,446 | ||||||
Lifco AB, Class B | 500 | 11,549 | ||||||
Roper Technologies, Inc. | 400 | 174,864 | ||||||
Siemens AG (Registered) | 2,600 | 407,694 | ||||||
Smiths Group plc | 1,625 | 33,804 | ||||||
|
| |||||||
2,195,762 | ||||||||
|
| |||||||
Insurance - 2.4% | ||||||||
Aegon NV | 3,875 | 21,698 | ||||||
Aflac, Inc. | 2,650 | 166,473 | ||||||
Allianz SE (Registered) | 800 | 203,887 | ||||||
ASR Nederland NV | 1,425 | 65,798 | ||||||
Assicurazioni Generali SpA(b) | 6,550 | 136,425 | ||||||
Aviva plc | 26,082 | 151,939 | ||||||
AXA SA | 10,500 | 329,044 | ||||||
CNP Assurances | 450 | 10,997 | ||||||
Dai-ichi Life Holdings, Inc. | 5,000 | 111,586 | ||||||
Gjensidige Forsikring ASA | 525 | 12,754 | ||||||
Hannover Rueck SE | 325 | 64,850 | ||||||
Hartford Financial Services Group, Inc. (The) | 775 | 55,699 | ||||||
Insurance Australia Group Ltd.(b) | 24,570 | 73,398 | ||||||
Japan Post Holdings Co. Ltd.* | 17,700 | 150,325 | ||||||
Legal & General Group plc | 32,535 | 125,452 | ||||||
Medibank Pvt Ltd. | 12,876 | 28,032 | ||||||
MetLife, Inc. | 2,525 | 169,326 | ||||||
MS&AD Insurance Group Holdings, Inc. | 2,500 | 85,181 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 575 | 179,869 | ||||||
Poste Italiane SpA(c) | 3,679 | 48,892 | ||||||
Power Corp. of Canada | 3,025 | 97,186 | ||||||
Powszechny Zaklad Ubezpieczen SA | 1,625 | 14,369 | ||||||
Principal Financial Group, Inc.(b) | 1,125 | 82,193 | ||||||
Progressive Corp. (The) | 3,300 | 358,578 | ||||||
Prudential plc | 15,950 | 264,389 | ||||||
QBE Insurance Group Ltd. | 13,258 | 103,964 | ||||||
Sampo OYJ, Class A | 2,575 | 126,576 | ||||||
Storebrand ASA | 720 | 7,618 | ||||||
Sun Life Financial, Inc. | 2,250 | 127,361 | ||||||
Suncorp Group Ltd. | 3,450 | 26,835 | ||||||
Swiss Life Holding AG (Registered) | 150 | 95,376 | ||||||
Swiss Re AG | 1,300 | 140,046 | ||||||
Travelers Cos., Inc. (The) | 525 | 87,245 | ||||||
Tryg A/S | 1,275 | 30,053 | ||||||
Zurich Insurance Group AG | 1,075 | 508,837 | ||||||
|
| |||||||
4,262,251 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Interactive Media & Services - 5.7% |
| |||||||
Adevinta ASA* | 775 | 8,049 | ||||||
Alphabet, Inc., Class C* | 2,525 | 6,852,774 | ||||||
Meta Platforms, Inc., Class A* | 9,500 | 2,975,970 | ||||||
Pinterest, Inc., Class A* | 2,225 | 65,771 | ||||||
Rightmove plc | 1,725 | 15,039 | ||||||
Snap, Inc., Class A* | 6,650 | 216,391 | ||||||
Z Holdings Corp. | 15,800 | 79,134 | ||||||
|
| |||||||
10,213,128 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail - 4.8% |
| |||||||
Amazon.com, Inc.* | 2,650 | 7,927,396 | ||||||
Delivery Hero SE*(c) | 700 | 53,297 | ||||||
eBay, Inc. | 2,475 | 148,673 | ||||||
Etsy, Inc.*(b) | 775 | 121,737 | ||||||
Farfetch Ltd., Class A* | 2,550 | 55,360 | ||||||
Just Eat Takeaway.com NV*(c) | 750 | 36,543 | ||||||
Rakuten Group, Inc.(b) | 7,500 | 64,504 | ||||||
Zalando SE*(c) | 1,292 | 101,354 | ||||||
Zalando SE*(c)(d) | 233 | 18,279 | ||||||
|
| |||||||
8,527,143 | ||||||||
|
| |||||||
IT Services - 3.0% | ||||||||
Accenture plc, Class A | 5,200 | 1,838,616 | ||||||
Akamai Technologies, Inc.* | 625 | 71,594 | ||||||
Alten SA | 125 | 20,080 | ||||||
Amadeus IT Group SA* | 2,350 | 159,484 | ||||||
Atos SE(b) | 750 | 26,568 | ||||||
Automatic Data Processing, Inc. | 1,075 | 221,633 | ||||||
Capgemini SE | 875 | 193,674 | ||||||
Cognizant Technology Solutions Corp., Class A | 2,075 | 177,246 | ||||||
Computershare Ltd. | 2,325 | 31,926 | ||||||
Edenred | 1,375 | 58,418 | ||||||
EPAM Systems, Inc.* | 200 | 95,228 | ||||||
Fujitsu Ltd. | 1,900 | 247,672 | ||||||
Gartner, Inc.* | 300 | 88,167 | ||||||
International Business Machines Corp. | 5,775 | 771,367 | ||||||
Mastercard, Inc., Class A | 2,200 | 850,036 | ||||||
Nexi SpA*(c) | 2,200 | 31,839 | ||||||
NEXTDC Ltd.*(b) | 1,850 | 13,907 | ||||||
Nomura Research Institute Ltd. | 3,500 | 120,286 | ||||||
NTT Data Corp.(b) | 5,000 | 94,858 | ||||||
Softcat plc | 850 | 18,725 | ||||||
Sopra Steria Group SACA | 75 | 13,040 | ||||||
Twilio, Inc., Class A* | 875 | 180,355 | ||||||
Worldline SA*(c) | 1,325 | 63,401 | ||||||
|
| |||||||
5,388,120 | ||||||||
|
| |||||||
Leisure Products - 0.1% | ||||||||
Games Workshop Group plc | 75 | 7,990 | ||||||
Hasbro, Inc. | 475 | 43,928 | ||||||
Sega Sammy Holdings, Inc. | 2,500 | 41,571 | ||||||
Thule Group AB(c) | 450 | 21,482 | ||||||
Yamaha Corp. | 900 | 40,538 | ||||||
|
| |||||||
155,509 | ||||||||
|
| |||||||
Life Sciences Tools & Services - 0.8% |
| |||||||
AddLife AB, Class B | 275 | 7,854 |
Investments | Shares | Value ($) | ||||||
Agilent Technologies, Inc. | 800 | 111,456 | ||||||
Bachem Holding AG (Registered), Class B | 25 | 14,688 | ||||||
Bio-Rad Laboratories, Inc., Class A* | 75 | 44,980 | ||||||
Charles River Laboratories International, Inc.* | 100 | 32,976 | ||||||
Danaher Corp. | 1,875 | 535,856 | ||||||
Eurofins Scientific SE(b) | 650 | 64,682 | ||||||
Lonza Group AG (Registered) | 375 | 255,115 | ||||||
Mettler-Toledo International, Inc.* | 150 | 220,902 | ||||||
Sartorius Stedim Biotech | 150 | 65,091 | ||||||
Siegfried Holding AG (Registered)* | 25 | 20,018 | ||||||
Tecan Group AG (Registered) | 25 | 12,024 | ||||||
West Pharmaceutical Services, Inc. | 150 | 58,983 | ||||||
|
| |||||||
1,444,625 | ||||||||
|
| |||||||
Machinery - 1.8% | ||||||||
Aalberts NV | 600 | 36,280 | ||||||
Alfa Laval AB | 2,025 | 67,579 | ||||||
Alstom SA(b) | 1,575 | 50,584 | ||||||
Atlas Copco AB, Class A | 3,225 | 187,680 | ||||||
Caterpillar, Inc. | 3,500 | 705,460 | ||||||
CNH Industrial NV | 6,350 | 94,923 | ||||||
Cummins, Inc. | 500 | 110,440 | ||||||
Daifuku Co. Ltd. | 800 | 54,919 | ||||||
Deere & Co. | 925 | 348,170 | ||||||
Ebara Corp. | 300 | 14,476 | ||||||
Epiroc AB, Class A | 4,150 | 87,587 | ||||||
FANUC Corp. | 900 | 175,431 | ||||||
Fortive Corp. | 650 | 45,851 | ||||||
GEA Group AG | 1,000 | 46,802 | ||||||
Georg Fischer AG (Registered) | 25 | 36,035 | ||||||
IMI plc | 2,200 | 48,672 | ||||||
KION Group AG | 375 | 34,168 | ||||||
Kone OYJ, Class B | 2,450 | 157,152 | ||||||
Kubota Corp.(b) | 7,500 | 159,080 | ||||||
Kurita Water Industries Ltd. | 100 | 4,027 | ||||||
Metso Outotec OYJ | 6,675 | 70,442 | ||||||
MINEBEA MITSUMI, Inc. | 2,500 | 60,295 | ||||||
Mitsubishi Heavy Industries Ltd. | 2,500 | 67,238 | ||||||
Otis Worldwide Corp. | 850 | 72,615 | ||||||
Rotork plc | 6,190 | 28,070 | ||||||
Schindler Holding AG | 275 | 67,964 | ||||||
Spirax-Sarco Engineering plc | 500 | 88,918 | ||||||
Trelleborg AB, Class B | 2,550 | 63,408 | ||||||
Valmet OYJ | 475 | 17,907 | ||||||
Volvo AB, Class B | 6,325 | 141,115 | ||||||
Wartsila OYJ Abp | 4,203 | 51,167 | ||||||
Weir Group plc (The) | 1,625 | 37,695 | ||||||
|
| |||||||
3,232,150 | ||||||||
|
| |||||||
Marine - 0.2% | ||||||||
AP Moller - Maersk A/S, Class B | 25 | 89,155 | ||||||
Kawasaki Kisen Kaisha Ltd.*(b) | 100 | 6,145 | ||||||
Kuehne + Nagel International AG (Registered) | 175 | 48,926 | ||||||
Mitsui OSK Lines Ltd.(b) | 500 | 38,186 | ||||||
Nippon Yusen KK | 1,500 | 115,860 | ||||||
|
| |||||||
298,272 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Media - 0.3% | ||||||||
Informa plc*(b) | 13,554 | 100,925 | ||||||
Interpublic Group of Cos., Inc. (The) | 1,825 | 64,861 | ||||||
Nordic Entertainment Group AB, Class B* | 200 | 7,667 | ||||||
Omnicom Group, Inc. | 1,825 | 137,532 | ||||||
Pearson plc | 8,019 | 66,188 | ||||||
ProSiebenSat.1 Media SE | 400 | 6,181 | ||||||
Publicis Groupe SA | 1,150 | 76,962 | ||||||
Schibsted ASA, Class A | 250 | 7,332 | ||||||
SES SA, Receipts | 3,000 | 22,942 | ||||||
Vivendi SE | 4,250 | 55,265 | ||||||
WPP plc | 4,850 | 74,928 | ||||||
|
| |||||||
620,783 | ||||||||
|
| |||||||
Metals & Mining - 1.1% | ||||||||
Allkem Ltd.* | 1,525 | 9,713 | ||||||
Alumina Ltd.(b) | 8,225 | 10,923 | ||||||
Antofagasta plc | 1,675 | 29,945 | ||||||
ArcelorMittal SA | 3,225 | 94,701 | ||||||
BHP Group Ltd.(b) | 6,075 | 198,385 | ||||||
BHP Group plc(d) | 5,175 | 165,418 | ||||||
BlueScope Steel Ltd. | 3,700 | 47,653 | ||||||
Evraz plc | 1,460 | 9,780 | ||||||
Fortescue Metals Group Ltd. | 9,225 | 129,145 | ||||||
Glencore plc* | 39,925 | 205,155 | ||||||
IGO Ltd. | 2,675 | 22,145 | ||||||
Mitsubishi Materials Corp. | 2,500 | 44,109 | ||||||
Newmont Corp. | 4,375 | 267,583 | ||||||
Norsk Hydro ASA | 8,075 | 61,568 | ||||||
Northern Star Resources Ltd. | 5,825 | 34,022 | ||||||
Rio Tinto Ltd. | 1,800 | 141,479 | ||||||
Rio Tinto plc | 6,550 | 455,648 | ||||||
South32 Ltd. | 38,325 | 103,957 | ||||||
thyssenkrupp AG* | 1,075 | 10,855 | ||||||
voestalpine AG | 450 | 14,841 | ||||||
|
| |||||||
2,057,025 | ||||||||
|
| |||||||
Multiline Retail - 0.1% | ||||||||
Isetan Mitsukoshi Holdings Ltd. | 2,500 | 19,505 | ||||||
J Front Retailing Co. Ltd. | 2,500 | 22,261 | ||||||
Marks & Spencer Group plc* | 8,200 | 23,961 | ||||||
Marui Group Co. Ltd.(b) | 2,500 | 47,841 | ||||||
Next plc | 750 | 75,448 | ||||||
Pan Pacific International Holdings Corp. | 2,500 | 33,478 | ||||||
|
| |||||||
222,494 | ||||||||
|
| |||||||
Multi-Utilities - 0.6% | ||||||||
A2A SpA | 16,060 | 30,236 | ||||||
AGL Energy Ltd. | 5,000 | 25,012 | ||||||
Centrica plc* | 63,575 | 61,686 | ||||||
CMS Energy Corp. | 950 | 61,161 | ||||||
E.ON SE | 4,730 | 64,794 | ||||||
Engie SA | 8,225 | 124,971 | ||||||
National Grid plc | 24,220 | 350,813 | ||||||
Sempra Energy | 1,250 | 172,700 | ||||||
Suez SA(d) | 875 | 19,451 |
Investments | Shares | Value ($) | ||||||
Veolia Environnement SA | 3,525 | 126,172 | ||||||
|
| |||||||
1,036,996 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 3.8% |
| |||||||
Aker BP ASA | 1,700 | 58,459 | ||||||
Ampol Ltd. | 1,050 | 21,994 | ||||||
BP plc | 91,300 | 468,902 | ||||||
Canadian Natural Resources Ltd. | 4,850 | 246,581 | ||||||
Chevron Corp. | 12,600 | 1,654,758 | ||||||
ConocoPhillips | 3,200 | 283,584 | ||||||
ENEOS Holdings, Inc. | 19,000 | 75,077 | ||||||
Eni SpA | 14,900 | 222,282 | ||||||
Equinor ASA | 6,000 | 165,443 | ||||||
Exxon Mobil Corp. | 11,226 | 852,727 | ||||||
Lundin Energy AB | 325 | 13,071 | ||||||
Neste OYJ | 2,700 | 120,372 | ||||||
OMV AG(b) | 775 | 46,879 | ||||||
Phillips 66 | 2,825 | 239,532 | ||||||
Polski Koncern Naftowy ORLEN SA | 1,400 | 24,279 | ||||||
Repsol SA | 9,375 | 118,146 | ||||||
Santos Ltd.(b) | 12,375 | 62,252 | ||||||
Shell plc | 54,000 | 1,366,252 | ||||||
Suncor Energy, Inc. | 6,200 | 177,059 | ||||||
TotalEnergies SE | 9,500 | 534,818 | ||||||
Woodside Petroleum Ltd.(b) | 1,700 | 30,027 | ||||||
|
| |||||||
6,782,494 | ||||||||
|
| |||||||
Paper & Forest Products - 0.1% | ||||||||
Holmen AB, Class B | 150 | 7,206 | ||||||
Stora Enso OYJ, Class R | 3,950 | 79,349 | ||||||
Svenska Cellulosa AB SCA, Class B | 1,750 | 30,175 | ||||||
UPM-Kymmene OYJ | 400 | 14,416 | ||||||
|
| |||||||
131,146 | ||||||||
|
| |||||||
Personal Products - 0.7% | ||||||||
Beiersdorf AG | 400 | 39,495 | ||||||
Kao Corp. | 2,500 | 124,366 | ||||||
LOreal SA | 1,375 | 580,867 | ||||||
Shiseido Co. Ltd. | 2,500 | 125,016 | ||||||
Unilever plc | 5,649 | 287,370 | ||||||
Unilever plc | 3,476 | 176,633 | ||||||
|
| |||||||
1,333,747 | ||||||||
|
| |||||||
Pharmaceuticals - 7.7% | ||||||||
ALK-Abello A/S* | 25 | 10,494 | ||||||
Astellas Pharma, Inc. | 7,500 | 120,449 | ||||||
AstraZeneca plc | 10,850 | 1,254,368 | ||||||
Bayer AG (Registered) | 3,075 | 185,591 | ||||||
Bristol-Myers Squibb Co. | 11,525 | 747,857 | ||||||
Eli Lilly & Co. | 3,325 | 815,922 | ||||||
GlaxoSmithKline plc | 13,350 | 294,278 | ||||||
Hikma Pharmaceuticals plc | 975 | 27,183 | ||||||
Ipsen SA | 400 | 38,697 | ||||||
Johnson & Johnson | 21,125 | 3,639,626 | ||||||
Kyowa Kirin Co. Ltd. | 500 | 12,389 | ||||||
Merck & Co., Inc. | 16,725 | 1,362,753 | ||||||
Merck KGaA | 725 | 157,587 | ||||||
Nippon Shinyaku Co. Ltd. | 100 | 6,483 | ||||||
Novartis AG (Registered) | 8,075 | 694,968 | ||||||
Novo Nordisk A/S, Class B | 6,925 | 684,539 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Otsuka Holdings Co. Ltd. | 2,500 | 85,008 | ||||||
Pfizer, Inc. | 22,950 | 1,209,235 | ||||||
Roche Holding AG | 3,300 | 1,264,991 | ||||||
Sanofi | 6,200 | 644,631 | ||||||
Shionogi & Co. Ltd. | 3,200 | 178,489 | ||||||
UCB SA | 750 | 74,003 | ||||||
Vifor Pharma AG | 250 | 43,956 | ||||||
Zoetis, Inc. | 1,200 | 239,748 | ||||||
|
| |||||||
13,793,245 | ||||||||
|
| |||||||
Professional Services - 0.9% | ||||||||
Adecco Group AG (Registered) | 1,175 | 55,301 | ||||||
AFRY AB, Class B | 625 | 13,901 | ||||||
ALS Ltd. | 1,675 | 13,843 | ||||||
Booz Allen Hamilton Holding Corp. | 575 | 44,120 | ||||||
Bureau Veritas SA | 2,075 | 58,826 | ||||||
Hays plc | 9,925 | 19,161 | ||||||
Intertek Group plc | 1,050 | 75,283 | ||||||
Randstad NV | 425 | 27,423 | ||||||
Recruit Holdings Co. Ltd. | 10,000 | 485,572 | ||||||
RELX plc | 14,250 | 433,990 | ||||||
SGS SA (Registered) | 25 | 70,485 | ||||||
Teleperformance | 400 | 149,497 | ||||||
Wolters Kluwer NV | 1,100 | 111,275 | ||||||
|
| |||||||
1,558,677 | ||||||||
|
| |||||||
Real Estate Management & Development - 0.2% |
| |||||||
Aroundtown SA | 5,833 | 35,676 | ||||||
Capitaland Investment Ltd.* | 4,600 | 11,737 | ||||||
Castellum AB(b) | 1,950 | 45,543 | ||||||
CK Asset Holdings Ltd. | 12,500 | 83,119 | ||||||
Kojamo OYJ | 475 | 10,820 | ||||||
Lendlease Corp. Ltd.(b) | 2,875 | 20,114 | ||||||
Mitsubishi Estate Co. Ltd. | 7,500 | 107,854 | ||||||
Swiss Prime Site AG (Registered) | 75 | 7,351 | ||||||
Vonovia SE | 1,425 | 80,478 | ||||||
Wihlborgs Fastigheter AB | 1,175 | 24,081 | ||||||
|
| |||||||
426,773 | ||||||||
|
| |||||||
Road & Rail - 0.5% | ||||||||
Aurizon Holdings Ltd. | 8,700 | 21,576 | ||||||
Canadian National Railway Co. | 4,500 | 548,188 | ||||||
JB Hunt Transport Services, Inc. | 200 | 38,508 | ||||||
Keikyu Corp.(b) | 2,500 | 25,428 | ||||||
Lyft, Inc., Class A* | 1,175 | 45,261 | ||||||
MTR Corp. Ltd. | 12,500 | 67,489 | ||||||
Nankai Electric Railway Co. Ltd. | 2,500 | 49,230 | ||||||
Tokyu Corp. | 2,500 | 32,957 | ||||||
|
| |||||||
828,637 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 6.3% |
| |||||||
Advanced Micro Devices, Inc.* | 4,775 | 545,544 | ||||||
Advantest Corp. | 1,100 | 91,360 | ||||||
ams-OSRAM AG*(b) | 1,450 | 23,921 | ||||||
Analog Devices, Inc. | 2,000 | 327,940 | ||||||
Applied Materials, Inc. | 3,825 | 528,539 | ||||||
ASM International NV | 275 | 93,099 | ||||||
ASM Pacific Technology Ltd. | 2,500 | 24,816 | ||||||
ASML Holding NV | 2,600 | 1,731,855 | ||||||
Broadcom, Inc. | 1,625 | 952,055 | ||||||
Infineon Technologies AG | 7,398 | 301,332 |
Investments | Shares | Value ($) | ||||||
Intel Corp. | 31,550 | 1,540,271 | ||||||
Lam Research Corp. | 375 | 221,220 | ||||||
Microchip Technology, Inc. | 1,400 | 108,472 | ||||||
Micron Technology, Inc. | 6,000 | 493,620 | ||||||
Nordic Semiconductor ASA* | 900 | 26,245 | ||||||
NVIDIA Corp. | 6,600 | 1,616,076 | ||||||
ON Semiconductor Corp.* | 1,125 | 66,375 | ||||||
QUALCOMM, Inc. | 4,450 | 782,132 | ||||||
Renesas Electronics Corp.* | 12,500 | 140,812 | ||||||
Rohm Co. Ltd. | 400 | 33,048 | ||||||
STMicroelectronics NV | 3,925 | 181,497 | ||||||
SUMCO Corp. | 2,500 | 45,064 | ||||||
Texas Instruments, Inc. | 7,525 | 1,350,662 | ||||||
Xilinx, Inc. | 600 | 116,130 | ||||||
|
| |||||||
11,342,085 | ||||||||
|
| |||||||
Software - 8.1% | ||||||||
Adobe, Inc.* | 2,500 | 1,335,750 | ||||||
Altium Ltd. | 675 | 16,978 | ||||||
Autodesk, Inc.* | 1,350 | 337,216 | ||||||
Ceridian HCM Holding, Inc.*(b) | 550 | 41,701 | ||||||
Coupa Software, Inc.*(b) | 200 | 26,854 | ||||||
Crowdstrike Holdings, Inc., | 525 | 94,836 | ||||||
Dassault Systemes SE | 3,800 | 180,829 | ||||||
DocuSign, Inc.* | 775 | 97,472 | ||||||
Fortinet, Inc.* | 500 | 148,620 | ||||||
HubSpot, Inc.* | 175 | 85,540 | ||||||
Intuit, Inc. | 1,100 | 610,753 | ||||||
Microsoft Corp. | 27,700 | 8,614,146 | ||||||
NortonLifeLock, Inc. | 2,225 | 57,872 | ||||||
Open Text Corp. | 1,300 | 62,189 | ||||||
Oracle Corp. | 10,700 | 868,412 | ||||||
RingCentral, Inc., Class A* | 200 | 35,298 | ||||||
Sage Group plc (The) | 5,425 | 52,463 | ||||||
salesforce.com, Inc.* | 3,875 | 901,441 | ||||||
SAP SE | 5,800 | 717,799 | ||||||
SimCorp A/S | 475 | 43,870 | ||||||
Synopsys, Inc.* | 600 | 186,300 | ||||||
WiseTech Global Ltd. | 1,000 | 31,916 | ||||||
|
| |||||||
14,548,255 | ||||||||
|
| |||||||
Specialty Retail - 2.4% | ||||||||
Best Buy Co., Inc. | 1,175 | 116,654 | ||||||
Burlington Stores, Inc.*(b) | 475 | 112,542 | ||||||
Dufry AG (Registered)* | 400 | 20,364 | ||||||
H & M Hennes & Mauritz AB, Class B(b) | 4,650 | 91,335 | ||||||
Home Depot, Inc. (The) | 6,925 | 2,541,337 | ||||||
Industria de Diseno Textil SA | 3,175 | 95,172 | ||||||
Kingfisher plc | 14,225 | 63,190 | ||||||
Lowes Cos., Inc. | 2,800 | 664,580 | ||||||
Nitori Holdings Co. Ltd.(b) | 300 | 42,699 | ||||||
TJX Cos., Inc. (The) | 6,275 | 451,612 | ||||||
USS Co. Ltd. | 2,500 | 40,486 | ||||||
Watches of Switzerland Group plc*(e) | 725 | 12,373 | ||||||
Yamada Holdings Co. Ltd. | 7,500 | 25,190 | ||||||
|
| |||||||
4,277,534 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Technology Hardware, Storage & Peripherals - 5.7% |
| |||||||
Apple, Inc. | 52,950 | 9,254,601 | ||||||
Brother Industries Ltd. | 2,500 | 45,606 | ||||||
Canon, Inc.(b) | 5,000 | 117,531 | ||||||
Dell Technologies, Inc., Class C* | 900 | 51,129 | ||||||
Hewlett Packard Enterprise Co. | 6,150 | 100,430 | ||||||
HP, Inc. | 7,725 | 283,739 | ||||||
Konica Minolta, Inc.(b) | 2,500 | 10,458 | ||||||
Logitech International SA (Registered) | 550 | 45,345 | ||||||
NetApp, Inc.(b) | 1,075 | 92,998 | ||||||
Ricoh Co. Ltd. | 2,500 | 20,937 | ||||||
Seiko Epson Corp. | 2,500 | 38,490 | ||||||
Western Digital Corp.* | 2,700 | 139,698 | ||||||
|
| |||||||
10,200,962 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 1.6% |
| |||||||
adidas AG | 975 | 264,773 | ||||||
Asics Corp. | 2,500 | 47,906 | ||||||
Burberry Group plc | 2,925 | 73,287 | ||||||
EssilorLuxottica SA - IM | 282 | 52,407 | ||||||
EssilorLuxottica SA - MO(b) | 1,393 | 260,498 | ||||||
Hermes International | 100 | 147,804 | ||||||
Kering SA | 400 | 294,285 | ||||||
Lululemon Athletica, Inc.*(b) | 700 | 233,632 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 1,425 | 1,154,299 | ||||||
Moncler SpA | 1,200 | 75,789 | ||||||
Pandora A/S | 600 | 64,544 | ||||||
Puma SE | 75 | 7,920 | ||||||
Shenzhou International Group Holdings Ltd. | 2,500 | 45,880 | ||||||
Swatch Group AG (The) | 200 | 57,634 | ||||||
|
| |||||||
2,780,658 | ||||||||
|
| |||||||
Tobacco - 0.1% | ||||||||
Imperial Brands plc | 3,675 | 86,359 | ||||||
Japan Tobacco, Inc. | 5,000 | 99,544 | ||||||
|
| |||||||
185,903 | ||||||||
|
| |||||||
Trading Companies & Distributors - 0.5% |
| |||||||
Beijer Ref AB | 550 | 9,504 | ||||||
Brenntag SE | 650 | 55,130 | ||||||
Bunzl plc | 3,325 | 123,435 | ||||||
Electrocomponents plc | 1,575 | 23,477 | ||||||
Ferguson plc | 600 | 93,379 | ||||||
IMCD NV | 200 | 34,123 | ||||||
Mitsui & Co. Ltd. | 10,000 | 247,646 | ||||||
Rexel SA | 2,300 | 50,612 | ||||||
Sojitz Corp.(b) | 3,999 | 62,054 | ||||||
Sumitomo Corp. | 10,000 | 153,699 | ||||||
Toyota Tsusho Corp. | 1,800 | 72,016 | ||||||
|
| |||||||
925,075 | ||||||||
|
| |||||||
Transportation Infrastructure - 0.2% |
| |||||||
Aena SME SA*(c) | 325 | 52,153 | ||||||
Aeroports de Paris* | 50 | 6,706 | ||||||
Atlantia SpA* | 3,025 | 55,664 | ||||||
Auckland International Airport Ltd.* | 7,756 | 36,573 | ||||||
Flughafen Zurich AG | 100 | 18,281 |
Investments | Shares | Value ($) | ||||||
Getlink SE | 2,949 | 46,116 | ||||||
Transurban Group | 15,528 | 136,206 | ||||||
|
| |||||||
351,699 | ||||||||
|
| |||||||
Water Utilities - 0.1% | ||||||||
American Water Works Co., Inc. | 900 | 144,720 | ||||||
Pennon Group plc | 100 | 1,453 | ||||||
Severn Trent plc | 1,975 | 76,127 | ||||||
United Utilities Group plc | 2,775 | 39,744 | ||||||
|
| |||||||
262,044 | ||||||||
|
| |||||||
Wireless Telecommunication Services - 0.3% |
| |||||||
Millicom International Cellular SA, SDR*(b) | 575 | 15,265 | ||||||
SoftBank Corp. | 15,000 | 186,678 | ||||||
Vodafone Group plc | 187,850 | 327,688 | ||||||
|
| |||||||
529,631 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 178,606,173 | ||||||
|
| |||||||
Investments | Principal Amount ($) | Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS(f) - 0.2% |
| |||||||
REPURCHASE AGREEMENTS - 0.2% |
| |||||||
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $331,222, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.00%, maturing 2/15/2026 - 5/15/2040; total market value $336,007 (Cost $331,222) | 331,222 | 331,222 | ||||||
|
| |||||||
Total Investments - 99.7% |
| 178,937,395 | ||||||
Other assets less liabilities - 0.3% |
| 578,273 | ||||||
|
| |||||||
Net Assets - 100.0% |
| 179,515,668 | ||||||
|
|
* | Non-income producing security. |
(a) | Represents less than 0.05% of net assets. |
(b) | The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $4,231,760, collateralized in the form of cash with a value of $331,222 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $2,823,089 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 15, 2022 November 15, 2051 and $1,284,513 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 8.50%, and maturity dates ranging from February 25, 2022 September 20, 2117; a total value of $4,438,824. |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
(c) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(d) | Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $207,271, which represents approximately 0.12% of net assets of the Fund. |
(e) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees. |
(f) | The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $331,222. |
Percentages shown are based on Net Assets.
Abbreviations
CVA | Dutch Certification | |
DI | Depositary Interest | |
OYJ | Public Limited Company Preference A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
SCA | Limited partnership with share capital | |
SDR | Swedish Depositary Receipt |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
Futures Contracts
FlexShares® STOXX® Global ESG Select Index Fund had the following open futures contracts as of January 31, 2022:
Number of Contracts | Expiration Date | Trading Currency | Notional Amount | Value and (Depreciation) | ||||||||||||||||
Long Contracts |
| |||||||||||||||||||
MSCI EAFE E-Mini Index | 2 | 03/18/2022 | USD | $ | 223,530 | $ | 1,185 | |||||||||||||
S&P 500 E-Mini Index | 3 | 03/18/2022 | USD | 675,638 | (24,212 | ) | ||||||||||||||
|
| |||||||||||||||||||
$ | (23,027 | ) | ||||||||||||||||||
|
|
Forward Foreign Currency Contracts
FlexShares® STOXX® Global ESG Select Index Fund had the following outstanding contracts as of January 31, 2022:
Contracts to Receive | Counterparty | In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
GBP | 147,000 | Toronto-Dominion Bank (The) | USD | 194,989 | 03/16/2022 | $ | 2,183 | |||||||||||||||
USD | 351,630 | Goldman Sachs & Co. | AUD | 490,000 | 03/16/2022 | 6,336 | ||||||||||||||||
USD | 217,194 | JPMorgan Chase Bank | CHF | 200,000 | 03/16/2022 | 2,138 | ||||||||||||||||
USD | 565,879 | JPMorgan Chase Bank | EUR | 500,000 | 03/16/2022 | 4,871 | ||||||||||||||||
USD | 24,528 | Morgan Stanley | GBP | 18,000 | 03/16/2022 | 385 | ||||||||||||||||
USD | 63,046 | Morgan Stanley | JPY | 7,200,000 | 03/16/2022 | 535 | ||||||||||||||||
USD | 381,380 | Toronto-Dominion Bank (The) | JPY | 43,300,000 | 03/16/2022 | 5,446 | ||||||||||||||||
USD | 115,865 | Goldman Sachs & Co. | SEK | 1,050,000 | 03/16/2022 | 3,328 | ||||||||||||||||
|
| |||||||||||||||||||||
Total unrealized appreciation |
| $ | 25,222 | |||||||||||||||||||
|
| |||||||||||||||||||||
AUD | 300,000 | Toronto-Dominion Bank (The) | USD | 214,625 | 03/16/2022 | $ | (3,220 | ) | ||||||||||||||
CHF | 94,000 | Toronto-Dominion Bank (The) | USD | 102,190 | 03/16/2022 | (1,113 | ) | |||||||||||||||
EUR | 446,000 | Toronto-Dominion Bank (The) | USD | 503,950 | 03/16/2022 | (3,531 | ) | |||||||||||||||
JPY | 60,500,000 | Toronto-Dominion Bank (The) | USD | 532,975 | 03/16/2022 | (7,709 | ) | |||||||||||||||
SEK | 1,368,000 | Toronto-Dominion Bank (The) | USD | 150,649 | 03/16/2022 | (4,030 | ) | |||||||||||||||
USD | 92,551 | Citibank NA | GBP | 70,000 | 03/16/2022 | (1,341 | ) | |||||||||||||||
USD | 66,161 | JPMorgan Chase Bank | GBP | 50,000 | 03/16/2022 | (904 | ) | |||||||||||||||
|
| |||||||||||||||||||||
Total unrealized depreciation |
| $ | (21,848 | ) | ||||||||||||||||||
|
| |||||||||||||||||||||
Net unrealized appreciation |
| $ | 3,374 | |||||||||||||||||||
|
|
Abbreviations: |
AUD Australian Dollar |
CHF Swiss Franc |
EUR Euro |
GBP British Pound |
JPY Japanese Yen |
SEK Swedish Krona |
USD US Dollar |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
FlexShares® STOXX® Global ESG Select Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2022:
Australia | 2.6 | % | ||
Austria | 0.1 | |||
Belgium | 0.4 | |||
Canada | 2.0 | |||
Colombia | 0.0 | | ||
Denmark | 1.1 | |||
Finland | 0.5 | |||
France | 4.9 | |||
Germany | 2.7 | |||
Hong Kong | 0.5 | |||
Ireland | 0.2 | |||
Italy | 1.3 | |||
Japan | 7.4 | |||
Luxembourg | 0.1 | |||
Netherlands | 1.8 | |||
New Zealand | 0.1 | |||
Norway | 0.4 | |||
Poland | 0.0 | | ||
Portugal | 0.1 | |||
Singapore | 0.3 | |||
Spain | 0.8 | |||
Sweden | 1.1 | |||
Switzerland | 4.4 | |||
United Kingdom | 6.8 | |||
United States | 59.9 | |||
Other1 | 0.5 | |||
|
| |||
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 | 99.5 | % | ||
Securities Lending Reinvestments | 0.2 | |||
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® ESG & Climate US Large Cap Core Index Fund
January 31, 2022 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 99.0% |
| |||||||
Air Freight & Logistics - 0.2% |
| |||||||
United Parcel Service, Inc., Class B | 20 | 4,044 | ||||||
|
| |||||||
Automobiles - 2.3% |
| |||||||
Ford Motor Co. | 86 | 1,746 | ||||||
General Motors Co.* | 20 | 1,054 | ||||||
Tesla, Inc.* | 62 | 58,077 | ||||||
|
| |||||||
60,877 | ||||||||
|
| |||||||
Banks - 4.3% |
| |||||||
Bank of America Corp. | 956 | 44,110 | ||||||
Citigroup, Inc. | 356 | 23,183 | ||||||
Fifth Third Bancorp | 58 | 2,588 | ||||||
JPMorgan Chase & Co. | 246 | 36,556 | ||||||
KeyCorp | 82 | 2,055 | ||||||
PNC Financial Services Group, Inc. (The) | 12 | 2,472 | ||||||
|
| |||||||
110,964 | ||||||||
|
| |||||||
Beverages - 1.6% |
| |||||||
Coca-Cola Co. (The) | 72 | 4,393 | ||||||
PepsiCo, Inc. | 214 | 37,133 | ||||||
|
| |||||||
41,526 | ||||||||
|
| |||||||
Biotechnology - 2.1% |
| |||||||
AbbVie, Inc. | 106 | 14,510 | ||||||
Amgen, Inc. | 116 | 26,348 | ||||||
Biogen, Inc.* | 38 | 8,588 | ||||||
Regeneron Pharmaceuticals, Inc.* | 4 | 2,435 | ||||||
Vertex Pharmaceuticals, Inc.* | 12 | 2,917 | ||||||
|
| |||||||
54,798 | ||||||||
|
| |||||||
Building Products - 1.1% |
| |||||||
Johnson Controls International plc | 224 | 16,278 | ||||||
Trane Technologies plc | 72 | 12,463 | ||||||
|
| |||||||
28,741 | ||||||||
|
| |||||||
Capital Markets - 3.7% |
| |||||||
Bank of New York Mellon Corp. (The) | 20 | 1,185 | ||||||
BlackRock, Inc. | 2 | 1,646 | ||||||
Goldman Sachs Group, Inc. (The) | 36 | 12,769 | ||||||
Moodys Corp. | 52 | 17,836 | ||||||
Morgan Stanley | 234 | 23,994 | ||||||
MSCI, Inc. | 10 | 5,361 | ||||||
S&P Global, Inc. | 58 | 24,083 | ||||||
State Street Corp. | 106 | 10,017 | ||||||
|
| |||||||
96,891 | ||||||||
|
| |||||||
Chemicals - 1.5% |
| |||||||
Ecolab, Inc. | 34 | 6,441 | ||||||
International Flavors & Fragrances, Inc. | 80 | 10,554 | ||||||
Linde plc | 4 | 1,275 | ||||||
PPG Industries, Inc. | 72 | 11,246 | ||||||
Sherwin-Williams Co. (The) | 34 | 9,741 | ||||||
|
| |||||||
39,257 | ||||||||
|
|
Investments | Shares | Value ($) | ||||||
Commercial Services & Supplies - 0.8% |
| |||||||
Waste Management, Inc. | 138 | 20,761 | ||||||
|
| |||||||
Communications Equipment - 1.4% |
| |||||||
Arista Networks, Inc.* | 72 | 8,950 | ||||||
Cisco Systems, Inc. | 408 | 22,713 | ||||||
Motorola Solutions, Inc. | 22 | 5,103 | ||||||
|
| |||||||
36,766 | ||||||||
|
| |||||||
Consumer Finance - 0.1% |
| |||||||
American Express Co. | 16 | 2,877 | ||||||
|
| |||||||
Containers & Packaging - 0.1% |
| |||||||
Packaging Corp. of America | 14 | 2,109 | ||||||
|
| |||||||
Diversified Financial Services - 0.7% |
| |||||||
Berkshire Hathaway, Inc., Class B* | 44 | 13,773 | ||||||
Equitable Holdings, Inc. | 118 | 3,969 | ||||||
|
| |||||||
17,742 | ||||||||
|
| |||||||
Diversified Telecommunication Services - 1.2% |
| |||||||
AT&T, Inc. | 762 | 19,431 | ||||||
Verizon Communications, Inc. | 234 | 12,456 | ||||||
|
| |||||||
31,887 | ||||||||
|
| |||||||
Electric Utilities - 1.2% |
| |||||||
Eversource Energy | 106 | 9,486 | ||||||
Exelon Corp. | 298 | 17,269 | ||||||
NextEra Energy, Inc. | 46 | 3,594 | ||||||
|
| |||||||
30,349 | ||||||||
|
| |||||||
Electrical Equipment - 0.3% |
| |||||||
Plug Power, Inc.* | 174 | 3,805 | ||||||
Rockwell Automation, Inc. | 14 | 4,049 | ||||||
|
| |||||||
7,854 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 0.3% |
| |||||||
TE Connectivity Ltd. | 46 | 6,629 | ||||||
|
| |||||||
Energy Equipment & Services - 0.7% |
| |||||||
Baker Hughes Co. | 192 | 5,268 | ||||||
Halliburton Co. | 178 | 5,472 | ||||||
Schlumberger NV | 214 | 8,361 | ||||||
|
| |||||||
19,101 | ||||||||
|
| |||||||
Entertainment - 1.3% |
| |||||||
Electronic Arts, Inc. | 32 | 4,245 | ||||||
Spotify Technology SA* | 26 | 5,103 | ||||||
Walt Disney Co. (The)* | 172 | 24,591 | ||||||
|
| |||||||
33,939 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) - 2.9% |
| |||||||
Boston Properties, Inc. | 46 | 5,156 | ||||||
Equinix, Inc. | 28 | 20,297 | ||||||
Healthpeak Properties, Inc. | 144 | 5,093 | ||||||
Prologis, Inc. | 194 | 30,423 | ||||||
Ventas, Inc. | 122 | 6,468 | ||||||
Weyerhaeuser Co. | 190 | 7,682 | ||||||
|
| |||||||
75,119 | ||||||||
|
| |||||||
Food & Staples Retailing - 0.7% |
| |||||||
Kroger Co. (The) | 70 | 3,051 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate US Large Cap Core Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Walgreens Boots Alliance, Inc. | 232 | 11,545 | ||||||
Walmart, Inc. | 30 | 4,194 | ||||||
|
| |||||||
18,790 | ||||||||
|
| |||||||
Food Products - 0.6% |
| |||||||
General Mills, Inc. | 54 | 3,709 | ||||||
Kellogg Co. | 78 | 4,914 | ||||||
Mondelez International, Inc., Class A | 108 | 7,239 | ||||||
|
| |||||||
15,862 | ||||||||
|
| |||||||
Gas Utilities - 0.2% |
| |||||||
Atmos Energy Corp. | 38 | 4,074 | ||||||
|
| |||||||
Health Care Equipment & Supplies - 2.5% |
| |||||||
Abbott Laboratories | 152 | 19,374 | ||||||
Baxter International, Inc. | 66 | 5,639 | ||||||
Boston Scientific Corp.* | 182 | 7,808 | ||||||
Edwards Lifesciences Corp.* | 88 | 9,610 | ||||||
Insulet Corp.* | 6 | 1,488 | ||||||
Medtronic plc | 194 | 20,077 | ||||||
ResMed, Inc. | 6 | 1,371 | ||||||
|
| |||||||
65,367 | ||||||||
|
| |||||||
Health Care Providers & Services - 3.3% |
| |||||||
AmerisourceBergen Corp. | 6 | 817 | ||||||
Anthem, Inc. | 62 | 27,341 | ||||||
Cigna Corp. | 104 | 23,968 | ||||||
CVS Health Corp. | 68 | 7,243 | ||||||
Humana, Inc. | 28 | 10,990 | ||||||
UnitedHealth Group, Inc. | 34 | 16,068 | ||||||
|
| |||||||
86,427 | ||||||||
|
| |||||||
Health Care Technology - 0.1% |
| |||||||
Veeva Systems, Inc., Class A* | 16 | 3,785 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure - 1.8% |
| |||||||
Caesars Entertainment, Inc.* | 30 | 2,284 | ||||||
Hilton Worldwide Holdings, Inc.* | 10 | 1,451 | ||||||
Las Vegas Sands Corp.* | 112 | 4,905 | ||||||
McDonalds Corp. | 108 | 28,021 | ||||||
Starbucks Corp. | 90 | 8,849 | ||||||
|
| |||||||
45,510 | ||||||||
|
| |||||||
Household Durables - 0.2% |
| |||||||
Whirlpool Corp. | 20 | 4,204 | ||||||
|
| |||||||
Household Products - 2.0% |
| |||||||
Church & Dwight Co., Inc. | 22 | 2,258 | ||||||
Clorox Co. (The) | 26 | 4,364 | ||||||
Colgate-Palmolive Co. | 170 | 14,017 | ||||||
Kimberly-Clark Corp. | 52 | 7,158 | ||||||
Procter & Gamble Co. (The) | 156 | 25,030 | ||||||
|
| |||||||
52,827 | ||||||||
|
| |||||||
Industrial Conglomerates - 0.3% |
| |||||||
3M Co. | 46 | 7,637 | ||||||
|
| |||||||
Insurance - 2.6% |
| |||||||
American International Group, Inc. | 76 | 4,389 | ||||||
Chubb Ltd. | 64 | 12,464 | ||||||
Hartford Financial Services Group, Inc. (The) | 106 | 7,618 |
Investments | Shares | Value ($) | ||||||
Marsh & McLennan Cos., Inc. | 96 | 14,749 | ||||||
MetLife, Inc. | 228 | 15,290 | ||||||
Prudential Financial, Inc. | 82 | 9,149 | ||||||
Travelers Cos., Inc. (The) | 16 | 2,659 | ||||||
|
| |||||||
66,318 | ||||||||
|
| |||||||
Interactive Media & Services - 6.8% |
| |||||||
Alphabet, Inc., Class A* | 24 | 64,946 | ||||||
Alphabet, Inc., Class C* | 24 | 65,135 | ||||||
Meta Platforms, Inc., Class A* | 148 | 46,362 | ||||||
Snap, Inc., Class A* | 16 | 521 | ||||||
|
| |||||||
176,964 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail - 4.0% |
| |||||||
Amazon.com, Inc.* | 28 | 83,761 | ||||||
eBay, Inc. | 218 | 13,096 | ||||||
Etsy, Inc.* | 38 | 5,969 | ||||||
MercadoLibre, Inc.* | 1 | 1,132 | ||||||
|
| |||||||
103,958 | ||||||||
|
| |||||||
IT Services - 4.4% |
| |||||||
Accenture plc, Class A | 14 | 4,950 | ||||||
Akamai Technologies, Inc.* | 42 | 4,811 | ||||||
Automatic Data Processing, Inc. | 100 | 20,617 | ||||||
Cloudflare, Inc., Class A* | 24 | 2,314 | ||||||
International Business Machines Corp. | 136 | 18,165 | ||||||
Mastercard, Inc., Class A | 102 | 39,411 | ||||||
Okta, Inc.* | 22 | 4,354 | ||||||
Twilio, Inc., Class A* | 12 | 2,473 | ||||||
Visa, Inc., Class A | 70 | 15,832 | ||||||
Wix.com Ltd.* | 10 | 1,314 | ||||||
|
| |||||||
114,241 | ||||||||
|
| |||||||
Leisure Products - 0.1% |
| |||||||
Hasbro, Inc. | 40 | 3,699 | ||||||
|
| |||||||
Life Sciences Tools & Services - 1.2% |
| |||||||
10X Genomics, Inc., Class A* | 4 | 385 | ||||||
Agilent Technologies, Inc. | 28 | 3,901 | ||||||
Illumina, Inc.* | 38 | 13,255 | ||||||
Mettler-Toledo International, Inc.* | 2 | 2,945 | ||||||
Thermo Fisher Scientific, Inc. | 4 | 2,325 | ||||||
West Pharmaceutical Services, Inc. | 20 | 7,865 | ||||||
|
| |||||||
30,676 | ||||||||
|
| |||||||
Machinery - 2.0% |
| |||||||
Caterpillar, Inc. | 40 | 8,062 | ||||||
Cummins, Inc. | 44 | 9,719 | ||||||
Deere & Co. | 36 | 13,550 | ||||||
Illinois Tool Works, Inc. | 30 | 7,018 | ||||||
Stanley Black & Decker, Inc. | 52 | 9,082 | ||||||
Xylem, Inc. | 52 | 5,461 | ||||||
|
| |||||||
52,892 | ||||||||
|
| |||||||
Media - 0.9% |
| |||||||
Comcast Corp., Class A | 176 | 8,798 | ||||||
Interpublic Group of Cos., Inc. (The) | 122 | 4,336 | ||||||
Omnicom Group, Inc. | 64 | 4,823 | ||||||
ViacomCBS, Inc. | 128 | 4,282 | ||||||
|
| |||||||
22,239 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate US Large Cap Core Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Metals & Mining - 0.5% |
| |||||||
Freeport-McMoRan, Inc. | 136 | 5,062 | ||||||
Newmont Corp. | 108 | 6,606 | ||||||
|
| |||||||
11,668 | ||||||||
|
| |||||||
Multiline Retail - 0.6% |
| |||||||
Target Corp. | 70 | 15,430 | ||||||
|
| |||||||
Multi-Utilities - 0.9% |
| |||||||
Consolidated Edison, Inc. | 108 | 9,336 | ||||||
Sempra Energy | 98 | 13,540 | ||||||
|
| |||||||
22,876 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 2.1% |
| |||||||
ConocoPhillips | 142 | 12,584 | ||||||
Devon Energy Corp. | 44 | 2,225 | ||||||
Diamondback Energy, Inc. | 14 | 1,766 | ||||||
Exxon Mobil Corp. | 44 | 3,342 | ||||||
Hess Corp. | 80 | 7,383 | ||||||
Marathon Petroleum Corp. | 132 | 9,471 | ||||||
Occidental Petroleum Corp. | 148 | 5,575 | ||||||
Pioneer Natural Resources Co. | 32 | 7,005 | ||||||
Valero Energy Corp. | 26 | 2,157 | ||||||
Williams Cos., Inc. (The) | 56 | 1,677 | ||||||
|
| |||||||
53,185 | ||||||||
|
| |||||||
Personal Products - 0.7% |
| |||||||
Estee Lauder Cos., Inc. (The), Class A | 58 | 18,084 | ||||||
|
| |||||||
Pharmaceuticals - 4.2% |
| |||||||
Bristol-Myers Squibb Co. | 204 | 13,238 | ||||||
Eli Lilly & Co. | 78 | 19,140 | ||||||
Johnson & Johnson | 202 | 34,803 | ||||||
Merck & Co., Inc. | 178 | 14,503 | ||||||
Pfizer, Inc. | 508 | 26,767 | ||||||
|
| |||||||
108,451 | ||||||||
|
| |||||||
Professional Services - 0.8% |
| |||||||
Equifax, Inc. | 34 | 8,152 | ||||||
IHS Markit Ltd. | 62 | 7,241 | ||||||
TransUnion | 14 | 1,444 | ||||||
Verisk Analytics, Inc. | 24 | 4,707 | ||||||
|
| |||||||
21,544 | ||||||||
|
| |||||||
Road & Rail - 1.8% |
| |||||||
CSX Corp. | 602 | 20,600 | ||||||
Norfolk Southern Corp. | 66 | 17,951 | ||||||
Union Pacific Corp. | 30 | 7,337 | ||||||
|
| |||||||
45,888 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 4.9% |
| |||||||
Advanced Micro Devices, Inc.* | 54 | 6,169 | ||||||
Applied Materials, Inc. | 78 | 10,778 | ||||||
Enphase Energy, Inc.* | 40 | 5,619 | ||||||
Intel Corp. | 400 | 19,528 | ||||||
Micron Technology, Inc. | 104 | 8,556 | ||||||
NVIDIA Corp. | 212 | 51,910 | ||||||
NXP Semiconductors NV | 8 | 1,644 | ||||||
QUALCOMM, Inc. | 74 | 13,006 | ||||||
SolarEdge Technologies, Inc.* | 16 | 3,812 | ||||||
Texas Instruments, Inc. | 32 | 5,744 | ||||||
|
| |||||||
126,766 | ||||||||
|
|
Investments | Shares | Value ($) | ||||||
Software - 10.3% |
| |||||||
Adobe, Inc.* | 60 | 32,058 | ||||||
Autodesk, Inc.* | 34 | 8,493 | ||||||
Bill.com Holdings, Inc.* | 6 | 1,129 | ||||||
Cadence Design Systems, Inc.* | 6 | 913 | ||||||
Crowdstrike Holdings, Inc., Class A* | 10 | 1,806 | ||||||
HubSpot, Inc.* | 2 | 978 | ||||||
Intuit, Inc. | 6 | 3,331 | ||||||
Microsoft Corp. | 498 | 154,868 | ||||||
NortonLifeLock, Inc. | 24 | 624 | ||||||
Oracle Corp. | 128 | 10,388 | ||||||
salesforce.com, Inc.* | 132 | 30,707 | ||||||
VMware, Inc., Class A | 60 | 7,709 | ||||||
Workday, Inc., Class A* | 52 | 13,157 | ||||||
Zoom Video Communications, Inc., Class A* | 10 | 1,543 | ||||||
|
| |||||||
267,704 | ||||||||
|
| |||||||
Specialty Retail - 1.7% |
| |||||||
Best Buy Co., Inc. | 16 | 1,589 | ||||||
Home Depot, Inc. (The) | 56 | 20,551 | ||||||
Lowes Cos., Inc. | 66 | 15,665 | ||||||
TJX Cos., Inc. (The) | 54 | 3,886 | ||||||
Tractor Supply Co. | 14 | 3,056 | ||||||
|
| |||||||
44,747 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals - 8.0% |
| |||||||
Apple, Inc. | 1,038 | 181,422 | ||||||
Dell Technologies, Inc., Class C* | 78 | 4,431 | ||||||
Hewlett Packard Enterprise Co. | 74 | 1,208 | ||||||
HP, Inc. | 368 | 13,517 | ||||||
NetApp, Inc. | 64 | 5,536 | ||||||
Western Digital Corp.* | 28 | 1,449 | ||||||
|
| |||||||
207,563 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 1.0% |
| |||||||
Lululemon Athletica, Inc.* | 6 | 2,002 | ||||||
NIKE, Inc., Class B | 126 | 18,657 | ||||||
VF Corp. | 70 | 4,565 | ||||||
|
| |||||||
25,224 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 2,566,831 | ||||||
|
| |||||||
Investments | Principal Amount ($) | Value ($) | ||||||
SHORT-TERM INVESTMENTS - 0.2% |
| |||||||
U.S. TREASURY OBLIGATIONS - 0.2% |
| |||||||
U.S. Treasury Bills | 5,000 | 4,993 | ||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate US Large Cap Core Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||
Total Investments - 99.2% | 2,571,824 | |||||
Other assets less liabilities - 0.8% | 21,164 | |||||
|
| |||||
Net Assets - 100.0% | 2,592,988 | |||||
|
|
* | Non-income producing security. |
(a) | The rate shown was the current yield as of January 31, 2022. |
Percentages shown are based on Net Assets.
Futures Contracts
FlexShares® ESG & Climate US Large Cap Core Index Fund had the following open futures contract as of January 31, 2022:
Number of Contracts | Expiration Date | Trading Currency | Notional Amount | Value and Unrealized Depreciation | ||||||||||||||
Long Contracts | ||||||||||||||||||
Micro E-mini S&P 500 Index | 1 | 03/18/2022 | USD | $ | 22,521 | $ | (936 | ) |
Abbreviations:
USD US Dollar |
Security Type | % of Net Assets | |||
Common Stocks | 99.0 | % | ||
Short-Term Investments | 0.2 | |||
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® ESG & Climate Developed Markets ex-US Core Index Fund
January 31, 2022 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 99.7% |
| |||||||
Air Freight & Logistics - 0.6% |
| |||||||
Deutsche Post AG (Registered) | 390 | 23,167 | ||||||
DSV A/S | 20 | 4,030 | ||||||
|
| |||||||
27,197 | ||||||||
|
| |||||||
Airlines - 0.0%(a) |
| |||||||
International Consolidated Airlines Group SA* | 974 | 2,039 | ||||||
|
| |||||||
Auto Components - 1.3% |
| |||||||
Bridgestone Corp. | 400 | 17,402 | ||||||
Cie Generale des Etablissements Michelin SCA | 114 | 18,875 | ||||||
Denso Corp. | 100 | 7,372 | ||||||
Magna International, Inc. | 40 | 3,221 | ||||||
Pirelli & C SpA(b) | 390 | 2,725 | ||||||
Sumitomo Electric Industries Ltd. | 1,000 | 13,126 | ||||||
|
| |||||||
62,721 | ||||||||
|
| |||||||
Automobiles - 2.5% |
| |||||||
Bayerische Motoren Werke AG | 78 | 8,127 | ||||||
Daimler AG | 238 | 18,657 | ||||||
Honda Motor Co. Ltd. | 200 | 5,822 | ||||||
Nissan Motor Co. Ltd.* | 1,000 | 5,271 | ||||||
Porsche Automobil Holding SE (Preference) | 152 | 14,040 | ||||||
Toyota Motor Corp. | 3,200 | 62,362 | ||||||
Volkswagen AG (Preference) | 32 | 6,576 | ||||||
|
| |||||||
120,855 | ||||||||
|
| |||||||
Banks - 11.9% |
| |||||||
ABN AMRO Bank NV, CVA(b) | 360 | 5,742 | ||||||
Australia & New Zealand Banking Group Ltd. | 1,164 | 21,757 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 1,048 | 6,619 | ||||||
Banco Santander SA | 4,500 | 15,610 | ||||||
Bank of Montreal | 196 | 22,174 | ||||||
Bank of Nova Scotia (The) | 596 | 42,907 | ||||||
Barclays plc | 3,346 | 8,854 | ||||||
BNP Paribas SA | 554 | 39,125 | ||||||
Canadian Imperial Bank of Commerce | 58 | 7,279 | ||||||
Commonwealth Bank of Australia | 618 | 40,815 | ||||||
Credit Agricole SA | 358 | 5,329 | ||||||
DBS Group Holdings Ltd. | 200 | 5,207 | ||||||
HSBC Holdings plc | 6,072 | 42,981 | ||||||
ING Groep NV | 1,802 | 26,386 | ||||||
Intesa Sanpaolo SpA | 4,750 | 13,948 | ||||||
KBC Group NV | 76 | 6,555 | ||||||
Lloyds Banking Group plc | 8,288 | 5,677 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 4,400 | 26,390 | ||||||
Mizuho Financial Group, Inc. | 400 | 5,381 | ||||||
National Australia Bank Ltd. | 1,242 | 23,740 | ||||||
NatWest Group plc | 2,312 | 7,519 |
Investments | Shares | Value ($) | ||||||
Nordea Bank Abp | 426 | 5,018 | ||||||
Resona Holdings, Inc. | 1,200 | 5,117 | ||||||
Royal Bank of Canada | 618 | 70,425 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 1,120 | 14,327 | ||||||
Societe Generale SA | 460 | 16,854 | ||||||
Svenska Handelsbanken AB, Class A | 458 | 4,845 | ||||||
Toronto-Dominion Bank (The) | 690 | 55,236 | ||||||
UniCredit SpA | 500 | 7,841 | ||||||
Westpac Banking Corp. | 1,494 | 21,368 | ||||||
|
| |||||||
581,026 | ||||||||
|
| |||||||
Beverages - 2.4% |
| |||||||
Anheuser-Busch InBev SA/NV | 300 | 18,739 | ||||||
Asahi Group Holdings Ltd. | 200 | 8,102 | ||||||
Carlsberg A/S, Class B | 70 | 11,264 | ||||||
Coca-Cola HBC AG* | 166 | 5,436 | ||||||
Diageo plc | 860 | 42,957 | ||||||
Heineken NV | 20 | 2,130 | ||||||
Kirin Holdings Co. Ltd. | 600 | 9,566 | ||||||
Pernod Ricard SA | 62 | 13,136 | ||||||
Suntory Beverage & Food Ltd. | 200 | 7,654 | ||||||
|
| |||||||
118,984 | ||||||||
|
| |||||||
Biotechnology - 0.6% |
| |||||||
CSL Ltd. | 142 | 26,047 | ||||||
Grifols SA | 242 | 4,235 | ||||||
Swedish Orphan Biovitrum AB* | 54 | 1,057 | ||||||
|
| |||||||
31,339 | ||||||||
|
| |||||||
Building Products - 1.5% |
| |||||||
Assa Abloy AB, Class B | 610 | 16,534 | ||||||
Cie de Saint-Gobain | 256 | 17,118 | ||||||
Geberit AG (Registered) | 28 | 18,802 | ||||||
Kingspan Group plc | 218 | 20,801 | ||||||
Nibe Industrier AB, Class B | 86 | 807 | ||||||
|
| |||||||
74,062 | ||||||||
|
| |||||||
Capital Markets - 2.8% |
| |||||||
Abrdn plc | 1,398 | 4,518 | ||||||
Credit Suisse Group AG (Registered) | 558 | 5,250 | ||||||
Daiwa Securities Group, Inc. | 1,400 | 8,362 | ||||||
Deutsche Bank AG (Registered)* | 386 | 5,302 | ||||||
Deutsche Boerse AG | 36 | 6,344 | ||||||
EQT AB | 142 | 5,471 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 300 | 16,867 | ||||||
IGM Financial, Inc. | 134 | 4,705 | ||||||
London Stock Exchange Group plc | 100 | 9,687 | ||||||
Macquarie Group Ltd. | 132 | 17,077 | ||||||
Nomura Holdings, Inc. | 2,200 | 9,640 | ||||||
St Jamess Place plc | 560 | 11,405 | ||||||
UBS Group AG (Registered) | 1,586 | 29,129 | ||||||
|
| |||||||
133,757 | ||||||||
|
| |||||||
Chemicals - 3.5% |
| |||||||
Akzo Nobel NV | 20 | 2,053 | ||||||
Arkema SA | 54 | 7,897 | ||||||
Chr Hansen Holding A/S | 204 | 16,271 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Clariant AG (Registered)* | 280 | 5,861 | ||||||
Covestro AG(b) | 106 | 6,281 | ||||||
Croda International plc | 142 | 15,188 | ||||||
Givaudan SA (Registered) | 4 | 16,403 | ||||||
Koninklijke DSM NV | 162 | 30,155 | ||||||
Mitsui Chemicals, Inc. | 200 | 5,277 | ||||||
Novozymes A/S, Class B | 122 | 8,325 | ||||||
Nutrien Ltd. | 168 | 11,728 | ||||||
Shin-Etsu Chemical Co. Ltd. | 100 | 16,524 | ||||||
Sika AG (Registered) | 46 | 15,864 | ||||||
Sumitomo Chemical Co. Ltd. | 1,600 | 7,970 | ||||||
Umicore SA | 36 | 1,349 | ||||||
Wacker Chemie AG | 20 | 2,873 | ||||||
|
| |||||||
170,019 | ||||||||
|
| |||||||
Commercial Services & Supplies - 0.3% |
| |||||||
Brambles Ltd. | 1,026 | 6,990 | ||||||
Dai Nippon Printing Co. Ltd. | 300 | 7,152 | ||||||
|
| |||||||
14,142 | ||||||||
|
| |||||||
Communications Equipment - 0.4% |
| |||||||
Nokia OYJ* | 1,940 | 11,411 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 840 | 10,331 | ||||||
|
| |||||||
21,742 | ||||||||
|
| |||||||
Construction & Engineering - 0.2% |
| |||||||
Vinci SA | 18 | 1,950 | ||||||
WSP Global, Inc. | 56 | 7,464 | ||||||
|
| |||||||
9,414 | ||||||||
|
| |||||||
Diversified Financial Services - 0.2% |
| |||||||
M&G plc | 2,598 | 7,515 | ||||||
ORIX Corp. | 200 | 4,089 | ||||||
|
| |||||||
11,604 | ||||||||
|
| |||||||
Diversified Telecommunication Services - 2.1% |
| |||||||
BT Group plc | 1,786 | 4,686 | ||||||
Deutsche Telekom AG (Registered) | 1,662 | 31,062 | ||||||
Koninklijke KPN NV | 1,686 | 5,532 | ||||||
Nippon Telegraph & Telephone Corp. | 300 | 8,506 | ||||||
Singapore Telecommunications Ltd. | 3,600 | 6,470 | ||||||
Swisscom AG (Registered) | 34 | 19,289 | ||||||
Telecom Italia SpA | 6,782 | 3,164 | ||||||
Telefonica Deutschland Holding AG | 1,058 | 3,012 | ||||||
Telefonica SA | 1,395 | 6,456 | ||||||
Telia Co. AB | 596 | 2,338 | ||||||
TELUS Corp. | 580 | 13,640 | ||||||
|
| |||||||
104,155 | ||||||||
|
| |||||||
Electric Utilities - 2.0% |
| |||||||
Acciona SA | 12 | 2,075 | ||||||
Electricite de France SA | 170 | 1,619 | ||||||
Enel SpA | 1,772 | 13,470 | ||||||
Hydro One Ltd.(b) | 84 | 2,169 | ||||||
Iberdrola SA | 2,592 | 29,521 | ||||||
Iberdrola SA*(c) | 43 | 490 | ||||||
Orsted A/S(b) | 120 | 12,638 | ||||||
Red Electrica Corp. SA | 558 | 11,203 | ||||||
Terna - Rete Elettrica Nazionale | 1,866 | 14,538 | ||||||
Verbund AG | 86 | 9,043 | ||||||
|
| |||||||
96,766 | ||||||||
|
|
Investments | Shares | Value ($) | ||||||
Electrical Equipment - 2.3% |
| |||||||
ABB Ltd. (Registered) | 150 | 5,109 | ||||||
Nidec Corp. | 200 | 17,513 | ||||||
Schneider Electric SE | 312 | 52,239 | ||||||
Siemens Gamesa Renewable Energy SA* | 306 | 6,550 | ||||||
Signify NV(b) | 124 | 6,514 | ||||||
Vestas Wind Systems A/S | 836 | 22,288 | ||||||
|
| |||||||
110,213 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 0.7% |
| |||||||
Halma plc | 136 | 4,554 | ||||||
Murata Manufacturing Co. Ltd. | 200 | 14,822 | ||||||
Omron Corp. | 200 | 14,415 | ||||||
|
| |||||||
33,791 | ||||||||
|
| |||||||
Energy Equipment & Services - 0.0%(a) |
| |||||||
Tenaris SA | 204 | 2,462 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) - 1.5% |
| |||||||
British Land Co. plc (The) | 884 | 6,525 | ||||||
Gecina SA | 60 | 8,078 | ||||||
GPT Group (The) | 762 | 2,679 | ||||||
Japan Real Estate Investment Corp. | 2 | 10,935 | ||||||
Land Securities Group plc | 236 | 2,502 | ||||||
Mirvac Group | 3,384 | 6,223 | ||||||
Nippon Prologis REIT, Inc. | 2 | 6,214 | ||||||
Segro plc | 810 | 14,149 | ||||||
Stockland | 702 | 1,998 | ||||||
Unibail-Rodamco-Westfield* | 80 | 6,035 | ||||||
Vicinity Centres | 4,744 | 5,448 | ||||||
|
| |||||||
70,786 | ||||||||
|
| |||||||
Food & Staples Retailing - 1.6% |
| |||||||
Aeon Co. Ltd. | 400 | 9,048 | ||||||
Carrefour SA | 202 | 3,831 | ||||||
HelloFresh SE* | 34 | 2,231 | ||||||
Jeronimo Martins SGPS SA | 238 | 5,699 | ||||||
Kesko OYJ, Class B | 130 | 4,070 | ||||||
Loblaw Cos. Ltd. | 74 | 5,706 | ||||||
Tesco plc | 5,198 | 20,713 | ||||||
Woolworths Group Ltd. | 1,000 | 24,251 | ||||||
|
| |||||||
75,549 | ||||||||
|
| |||||||
Food Products - 2.6% |
| |||||||
Ajinomoto Co., Inc. | 200 | 5,542 | ||||||
Danone SA | 46 | 2,849 | ||||||
Nestle SA (Registered) | 858 | 109,737 | ||||||
Orkla ASA | 744 | 7,076 | ||||||
|
| |||||||
125,204 | ||||||||
|
| |||||||
Gas Utilities - 0.4% |
| |||||||
Hong Kong & China Gas Co. Ltd. | 12,000 | 18,467 | ||||||
|
| |||||||
Health Care Equipment & Supplies - 2.0% |
| |||||||
Coloplast A/S, Class B | 48 | 6,931 | ||||||
ConvaTec Group plc(b) | 654 | 1,540 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 412 | 7,509 | ||||||
Koninklijke Philips NV | 1,142 | 37,618 | ||||||
Olympus Corp. | 600 | 13,260 | ||||||
Sonova Holding AG (Registered) | 36 | 12,644 | ||||||
Straumann Holding AG (Registered) | 2 | 3,255 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Sysmex Corp. | 100 | 9,399 | ||||||
Terumo Corp. | 200 | 7,217 | ||||||
|
| |||||||
99,373 | ||||||||
|
| |||||||
Health Care Providers & Services - 0.2% |
| |||||||
Amplifon SpA | 34 | 1,431 | ||||||
Fresenius Medical Care AG & Co. KGaA | 70 | 4,713 | ||||||
Fresenius SE & Co. KGaA | 114 | 4,672 | ||||||
|
| |||||||
10,816 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure - 1.1% |
| |||||||
Compass Group plc | 672 | 15,048 | ||||||
Entain plc* | 68 | 1,452 | ||||||
Flutter Entertainment plc* | 22 | 3,301 | ||||||
Genting Singapore Ltd. | 8,800 | 4,784 | ||||||
La Francaise des Jeux SAEM(b) | 128 | 5,257 | ||||||
Sands China Ltd.* | 3,200 | 8,803 | ||||||
Whitbread plc* | 344 | 13,947 | ||||||
Wynn Macau Ltd.* | 1,600 | 1,440 | ||||||
|
| |||||||
54,032 | ||||||||
|
| |||||||
Household Durables - 2.0% |
| |||||||
Barratt Developments plc | 528 | 4,333 | ||||||
Berkeley Group Holdings plc | 184 | 10,363 | ||||||
Electrolux AB, Class B | 490 | 10,048 | ||||||
JS Global Lifestyle Co. Ltd.(b) | 1,000 | 1,590 | ||||||
Panasonic Corp. | 1,200 | 13,044 | ||||||
SEB SA | 34 | 5,111 | ||||||
Sekisui House Ltd. | 500 | 10,043 | ||||||
Sony Group Corp. | 400 | 44,157 | ||||||
|
| |||||||
98,689 | ||||||||
|
| |||||||
Household Products - 0.7% |
| |||||||
Henkel AG & Co. KGaA (Preference) | 226 | 18,357 | ||||||
Reckitt Benckiser Group plc | 184 | 14,839 | ||||||
|
| |||||||
33,196 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers - 0.2% |
| |||||||
EDP Renovaveis SA | 368 | 7,681 | ||||||
|
| |||||||
Industrial Conglomerates - 1.7% |
| |||||||
Hitachi Ltd. | 800 | 41,234 | ||||||
Siemens AG (Registered) | 260 | 40,770 | ||||||
|
| |||||||
82,004 | ||||||||
|
| |||||||
Insurance - 6.6% |
| |||||||
AIA Group Ltd. | 3,600 | 37,235 | ||||||
Allianz SE (Registered) | 196 | 49,952 | ||||||
ASR Nederland NV | 110 | 5,079 | ||||||
Aviva plc | 4,574 | 26,646 | ||||||
AXA SA | 1,404 | 43,998 | ||||||
Dai-ichi Life Holdings, Inc. | 100 | 2,232 | ||||||
Insurance Australia Group Ltd. | 1,302 | 3,890 | ||||||
Japan Post Insurance Co. Ltd. | 200 | 3,480 | ||||||
Legal & General Group plc | 5,188 | 20,004 | ||||||
MS&AD Insurance Group Holdings, Inc. | 600 | 20,444 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 48 | 15,015 | ||||||
NN Group NV | 338 | 18,786 | ||||||
QBE Insurance Group Ltd. | 582 | 4,564 | ||||||
Sun Life Financial, Inc. | 476 | 26,944 |
Investments | Shares | Value ($) | ||||||
Suncorp Group Ltd. | 120 | 933 | ||||||
Swiss Life Holding AG (Registered) | 4 | 2,543 | ||||||
Swiss Re AG | 74 | 7,972 | ||||||
Zurich Insurance Group AG | 66 | 31,240 | ||||||
|
| |||||||
320,957 | ||||||||
|
| |||||||
Interactive Media & Services - 0.5% |
| |||||||
SEEK Ltd. | 394 | 8,047 | ||||||
Z Holdings Corp. | 3,600 | 18,031 | ||||||
|
| |||||||
26,078 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail - 0.2% |
| |||||||
Zalando SE*(b) | 136 | 10,669 | ||||||
|
| |||||||
IT Services - 2.3% |
| |||||||
Amadeus IT Group SA* | 30 | 2,036 | ||||||
Capgemini SE | 84 | 18,593 | ||||||
CGI, Inc.* | 166 | 14,166 | ||||||
Edenred | 106 | 4,503 | ||||||
Fujitsu Ltd. | 100 | 13,035 | ||||||
Itochu Techno-Solutions Corp. | 200 | 5,398 | ||||||
Nexi SpA*(b) | 146 | 2,113 | ||||||
Nomura Research Institute Ltd. | 400 | 13,747 | ||||||
Shopify, Inc., Class A* | 26 | 25,070 | ||||||
Worldline SA*(b) | 282 | 13,494 | ||||||
|
| |||||||
112,155 | ||||||||
|
| |||||||
Leisure Products - 0.2% |
| |||||||
Yamaha Corp. | 200 | 9,009 | ||||||
|
| |||||||
Machinery - 2.3% |
| |||||||
Alstom SA | 356 | 11,434 | ||||||
Atlas Copco AB, Class A | 226 | 13,152 | ||||||
Epiroc AB, Class A | 322 | 6,796 | ||||||
GEA Group AG | 132 | 6,178 | ||||||
Hitachi Construction Machinery Co. Ltd. | 200 | 5,016 | ||||||
Husqvarna AB, Class B | 530 | 7,311 | ||||||
KION Group AG | 88 | 8,018 | ||||||
Knorr-Bremse AG | 12 | 1,206 | ||||||
Komatsu Ltd. | 600 | 14,611 | ||||||
Kone OYJ, Class B | 24 | 1,540 | ||||||
Kubota Corp. | 200 | 4,242 | ||||||
Makita Corp. | 200 | 7,393 | ||||||
SKF AB, Class B | 340 | 7,387 | ||||||
Volvo AB, Class B | 790 | 17,625 | ||||||
Weir Group plc (The) | 82 | 1,902 | ||||||
|
| |||||||
113,811 | ||||||||
|
| |||||||
Media - 1.1% |
| |||||||
Dentsu Group, Inc. | 300 | 10,258 | ||||||
Informa plc* | 692 | 5,153 | ||||||
Pearson plc | 572 | 4,721 | ||||||
Publicis Groupe SA | 188 | 12,582 | ||||||
Quebecor, Inc., Class B | 74 | 1,749 | ||||||
WPP plc | 1,356 | 20,949 | ||||||
|
| |||||||
55,412 | ||||||||
|
| |||||||
Metals & Mining - 2.8% |
| |||||||
BHP Group Ltd. | 384 | 12,540 | ||||||
BHP Group plc(c) | 78 | 2,493 | ||||||
BlueScope Steel Ltd. | 452 | 5,821 | ||||||
Boliden AB | 98 | 3,921 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Fortescue Metals Group Ltd. | 508 | 7,112 | ||||||
Glencore plc* | 326 | 1,675 | ||||||
Hitachi Metals Ltd.* | 300 | 5,395 | ||||||
Kinross Gold Corp. | 1,156 | 6,244 | ||||||
Kirkland Lake Gold Ltd. | 156 | 5,873 | ||||||
Norsk Hydro ASA | 1,716 | 13,084 | ||||||
Polymetal International plc | 418 | 5,950 | ||||||
Rio Tinto Ltd. | 196 | 15,406 | ||||||
Rio Tinto plc | 426 | 29,635 | ||||||
Teck Resources Ltd., Class B | 604 | 18,645 | ||||||
Wheaton Precious Metals Corp. | 112 | 4,513 | ||||||
|
| |||||||
138,307 | ||||||||
|
| |||||||
Multiline Retail - 0.3% |
| |||||||
Canadian Tire Corp. Ltd., Class A | 74 | 10,679 | ||||||
Next plc | 24 | 2,414 | ||||||
|
| |||||||
13,093 | ||||||||
|
| |||||||
Multi-Utilities - 0.3% |
| |||||||
Engie SA | 274 | 4,163 | ||||||
National Grid plc | 664 | 9,618 | ||||||
|
| |||||||
13,781 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 4.7% |
| |||||||
Ampol Ltd. | 256 | 5,362 | ||||||
Cenovus Energy, Inc. | 358 | 5,205 | ||||||
Enbridge, Inc. | 1,176 | 49,692 | ||||||
Eni SpA | 1,096 | 16,350 | ||||||
Imperial Oil Ltd. | 94 | 3,844 | ||||||
Lundin Energy AB | 154 | 6,194 | ||||||
Neste OYJ | 296 | 13,196 | ||||||
Pembina Pipeline Corp. | 66 | 2,095 | ||||||
Repsol SA | 914 | 11,519 | ||||||
Santos Ltd. | 670 | 3,370 | ||||||
Shell plc | 2,460 | 62,266 | ||||||
Suncor Energy, Inc. | 212 | 6,054 | ||||||
TotalEnergies SE | 714 | 40,196 | ||||||
Woodside Petroleum Ltd. | 98 | 1,731 | ||||||
|
| |||||||
227,074 | ||||||||
|
| |||||||
Paper & Forest Products - 0.9% |
| |||||||
Mondi plc | 620 | 15,297 | ||||||
Oji Holdings Corp. | 200 | 1,054 | ||||||
Stora Enso OYJ, Class R | 378 | 7,593 | ||||||
UPM-Kymmene OYJ | 554 | 19,966 | ||||||
|
| |||||||
43,910 | ||||||||
|
| |||||||
Personal Products - 2.4% |
| |||||||
Kao Corp. | 600 | 29,848 | ||||||
LOreal SA | 116 | 49,004 | ||||||
Shiseido Co. Ltd. | 100 | 5,000 | ||||||
Unilever plc | 618 | 31,404 | ||||||
|
| |||||||
115,256 | ||||||||
|
| |||||||
Pharmaceuticals - 8.3% |
| |||||||
Astellas Pharma, Inc. | 400 | 6,424 | ||||||
AstraZeneca plc | 454 | 52,487 | ||||||
Bayer AG (Registered) | 94 | 5,673 | ||||||
Daiichi Sankyo Co. Ltd. | 800 | 17,809 | ||||||
Eisai Co. Ltd. | 100 | 5,015 | ||||||
GlaxoSmithKline plc | 2,014 | 44,395 | ||||||
H Lundbeck A/S | 68 | 1,719 | ||||||
Kyowa Kirin Co. Ltd. | 200 | 4,956 | ||||||
Merck KGaA | 38 | 8,260 | ||||||
Novartis AG (Registered) | 450 | 38,729 |
Investments | Shares | Value ($) | ||||||
Novo Nordisk A/S, Class B | 574 | 56,740 | ||||||
Ono Pharmaceutical Co. Ltd. | 500 | 12,033 | ||||||
Roche Holding AG | 216 | 82,799 | ||||||
Sanofi | 404 | 42,005 | ||||||
Takeda Pharmaceutical Co. Ltd. | 700 | 20,218 | ||||||
UCB SA | 50 | 4,934 | ||||||
|
| |||||||
404,196 | ||||||||
|
| |||||||
Professional Services - 2.3% |
| |||||||
Adecco Group AG (Registered) | 196 | 9,225 | ||||||
Experian plc | 234 | 9,673 | ||||||
Randstad NV | 178 | 11,485 | ||||||
Recruit Holdings Co. Ltd. | 500 | 24,279 | ||||||
RELX plc | 1,834 | 55,855 | ||||||
|
| |||||||
110,517 | ||||||||
|
| |||||||
Real Estate Management & Development - 1.0% |
| |||||||
City Developments Ltd. | 600 | 3,128 | ||||||
Daiwa House Industry Co. Ltd. | 800 | 23,155 | ||||||
ESR Cayman Ltd.*(b) | 2,400 | 8,080 | ||||||
Lendlease Corp. Ltd. | 210 | 1,469 | ||||||
Mitsubishi Estate Co. Ltd. | 200 | 2,876 | ||||||
New World Development Co. Ltd. | 2,000 | 8,131 | ||||||
|
| |||||||
46,839 | ||||||||
|
| |||||||
Road & Rail - 2.1% |
| |||||||
Canadian National Railway Co. | 268 | 32,648 | ||||||
Canadian Pacific Railway Ltd. | 298 | 21,309 | ||||||
Central Japan Railway Co. | 100 | 13,144 | ||||||
East Japan Railway Co. | 400 | 22,717 | ||||||
MTR Corp. Ltd. | 2,000 | 10,798 | ||||||
|
| |||||||
100,616 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 3.0% |
| |||||||
Advantest Corp. | 100 | 8,305 | ||||||
ASML Holding NV | 120 | 79,932 | ||||||
Renesas Electronics Corp.* | 200 | 2,253 | ||||||
STMicroelectronics NV | 172 | 7,952 | ||||||
Tokyo Electron Ltd. | 100 | 47,498 | ||||||
|
| |||||||
145,940 | ||||||||
|
| |||||||
Software - 1.9% |
| |||||||
Open Text Corp. | 288 | 13,777 | ||||||
SAP SE | 542 | 67,077 | ||||||
WiseTech Global Ltd. | 44 | 1,405 | ||||||
Xero Ltd.* | 122 | 9,705 | ||||||
|
| |||||||
91,964 | ||||||||
|
| |||||||
Specialty Retail - 0.8% |
| |||||||
Chow Tai Fook Jewellery Group Ltd. | 800 | 1,399 | ||||||
H & M Hennes & Mauritz AB, Class B | 404 | 7,935 | ||||||
Industria de Diseno Textil SA | 672 | 20,144 | ||||||
Kingfisher plc | 2,666 | 11,843 | ||||||
|
| |||||||
41,321 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals - 1.0% |
| |||||||
Canon, Inc. | 1,300 | 30,558 | ||||||
Logitech International SA (Registered) | 54 | 4,452 | ||||||
Ricoh Co. Ltd. | 800 | 6,700 | ||||||
Seiko Epson Corp. | 400 | 6,158 | ||||||
|
| |||||||
47,868 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 3.0% |
| |||||||
adidas AG | 52 | 14,121 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Burberry Group plc | 242 | 6,063 | ||||||
Cie Financiere Richemont SA (Registered) | 168 | 23,990 | ||||||
Hermes International | 6 | 8,868 | ||||||
Kering SA | 30 | 22,071 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 76 | 61,563 | ||||||
Puma SE | 80 | 8,448 | ||||||
|
| |||||||
145,124 | ||||||||
|
| |||||||
Trading Companies & Distributors - 0.8% |
| |||||||
Ferguson plc | 54 | 8,404 | ||||||
Mitsui & Co. Ltd. | 1,200 | 29,718 | ||||||
Rexel SA | 90 | 1,980 | ||||||
|
| |||||||
40,102 | ||||||||
|
| |||||||
Transportation Infrastructure - 0.5% |
| |||||||
Getlink SE | 572 | 8,945 | ||||||
Sydney Airport* | 1,258 | 7,676 | ||||||
Transurban Group | 778 | 6,824 | ||||||
|
| |||||||
23,445 | ||||||||
|
| |||||||
Water Utilities - 0.3% |
| |||||||
Severn Trent plc | 318 | 12,258 | ||||||
|
| |||||||
Wireless Telecommunication Services - 0.8% |
| |||||||
Rogers Communications, Inc., Class B | 48 | 2,433 | ||||||
SoftBank Corp. | 200 | 2,489 | ||||||
SoftBank Group Corp. | 400 | 17,396 | ||||||
Vodafone Group plc | 8,640 | 15,072 | ||||||
|
| |||||||
37,390 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 4,849,177 | ||||||
|
| |||||||
Total Investments - 99.7% |
| 4,849,177 | ||||||
Other assets less liabilities - 0.3% |
| 13,028 | ||||||
|
| |||||||
Net Assets - 100.0% |
| 4,862,205 | ||||||
|
|
* | Non-income producing security. |
(a) | Represents less than 0.05% of net assets. |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(c) | Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $2,983, which represents approximately 0.06% of net assets of the Fund. |
Percentages shown are based on Net Assets.
Abbreviations
CVA | Dutch Certification | |
OYJ | Public Limited Company |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
SCA | Limited partnership with share capital |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund (cont.)
Forward Foreign Currency Contracts
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund had the following outstanding contracts as of January 31, 2022:
Contracts to Receive | Counterparty | In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
USD | 2,120 | Toronto-Dominion Bank (The) | CHF | 1,950 | 03/16/2022 | $ | 23 | |||||||||||||||
USD | 565 | Bank of Montreal | DKK | 3,714 | 03/16/2022 | 5 | ||||||||||||||||
USD | 1,024 | Toronto-Dominion Bank (The) | DKK | 6,742 | 03/16/2022 | 8 | ||||||||||||||||
USD | 7,851 | BNP Paribas SA | EUR | 6,913 | 03/16/2022 | 96 | ||||||||||||||||
USD | 1,311 | Toronto-Dominion Bank (The) | EUR | 1,160 | 03/16/2022 | 10 | ||||||||||||||||
USD | 830 | Citibank NA | HKD | 6,473 | 03/16/2022 | | ||||||||||||||||
USD | 8,522 | Morgan Stanley | SEK | 77,298 | 03/16/2022 | 238 | ||||||||||||||||
USD | 658 | Toronto-Dominion Bank (The) | SEK | 5,973 | 03/16/2022 | 17 | ||||||||||||||||
|
| |||||||||||||||||||||
Total unrealized appreciation |
| $ | 397 | |||||||||||||||||||
|
| |||||||||||||||||||||
AUD | 3,764 | Morgan Stanley | USD | 2,696 | 03/16/2022 | $ | (43 | ) | ||||||||||||||
CHF | 2,985 | Bank of Montreal | USD | 3,246 | 03/16/2022 | (37 | ) | |||||||||||||||
EUR | 8,582 | Morgan Stanley | USD | 9,709 | 03/16/2022 | (80 | ) | |||||||||||||||
EUR | 5,078 | Toronto-Dominion Bank (The) | USD | 5,738 | 03/16/2022 | (40 | ) | |||||||||||||||
HKD | 32,922 | Bank of New York | USD | 4,223 | 03/16/2022 | (1 | ) | |||||||||||||||
ILS | 1,828 | Citibank NA | USD | 585 | 03/16/2022 | (9 | ) | |||||||||||||||
ILS | 7,190 | Morgan Stanley | USD | 2,322 | 03/16/2022 | (57 | ) | |||||||||||||||
JPY | 926,692 | Bank of Montreal | USD | 8,186 | 03/16/2022 | (140 | ) | |||||||||||||||
JPY | 309,666 | Morgan Stanley | USD | 2,725 | 03/16/2022 | (36 | ) | |||||||||||||||
JPY | 509,752 | Toronto-Dominion Bank (The) | USD | 4,491 | 03/16/2022 | (65 | ) | |||||||||||||||
USD | 4,272 | Morgan Stanley | CAD | 5,437 | 03/16/2022 | (3 | ) | |||||||||||||||
USD | 2,412 | Toronto-Dominion Bank (The) | CAD | 3,093 | 03/16/2022 | (20 | ) | |||||||||||||||
USD | 6,059 | Morgan Stanley | GBP | 4,583 | 03/16/2022 | (89 | ) | |||||||||||||||
USD | 3,157 | Morgan Stanley | JPY | 363,938 | 03/16/2022 | (3 | ) | |||||||||||||||
USD | 170 | Bank of Montreal | NOK | 1,530 | 03/16/2022 | (1 | ) | |||||||||||||||
USD | 466 | Goldman Sachs & Co. | SGD | 637 | 03/16/2022 | (5 | ) | |||||||||||||||
|
| |||||||||||||||||||||
Total unrealized depreciation |
| $ | (629 | ) | ||||||||||||||||||
|
| |||||||||||||||||||||
Net unrealized depreciation |
| $ | (232 | ) | ||||||||||||||||||
|
|
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 |
SEK Swedish Krona |
SGD Singapore Dollar |
USD US Dollar |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund (cont.)
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2022:
Australia | 6.5 | % | ||
Austria | 0.5 | |||
Belgium | 0.7 | |||
Brazil | 0.1 | |||
Canada | 10.1 | |||
China | 0.2 | |||
Denmark | 2.9 | |||
Finland | 1.3 | |||
France | 10.2 | |||
Germany | 8.0 | |||
Hong Kong | 1.9 | |||
Ireland | 0.5 | |||
Italy | 1.6 | |||
Japan | 19.1 | |||
Macau | 0.2 | |||
Netherlands | 6.0 | |||
New Zealand | 0.4 | |||
Norway | 0.4 | |||
Portugal | 0.1 | |||
Russia | 0.2 | |||
Singapore | 0.6 | |||
Spain | 2.6 | |||
Sweden | 2.8 | |||
Switzerland | 8.9 | |||
United Kingdom | 12.4 | |||
United States | 1.5 | |||
Other1 | 0.3 | |||
|
| |||
100.0 | % | |||
|
|
1 | Includes any non-equity securities and net other assets (liabilities). |
Security Type | % of Net Assets | |||
Common Stocks | 99.7 | % | ||
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® Morningstar Global Upstream Natural Resources Index Fund
January 31, 2022 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 99.6% |
| |||||||
Building Products - 0.4% |
| |||||||
Steico SE | 13,208 | 1,452,485 | ||||||
UFP Industries, Inc. | 165,100 | 13,184,886 | ||||||
Zurn Water Solutions Corp. | 316,992 | 9,680,936 | ||||||
|
| |||||||
24,318,307 | ||||||||
|
| |||||||
Chemicals - 14.9% |
| |||||||
CF Industries Holdings, Inc. | 1,409,954 | 97,103,532 | ||||||
Corteva, Inc.(a) | 4,467,606 | 214,802,496 | ||||||
FMC Corp. | 772,668 | 85,279,367 | ||||||
ICL Group Ltd. | 4,071,366 | 36,386,372 | ||||||
K+S AG (Registered)* | 1,182,116 | 22,169,794 | ||||||
Mosaic Co. (The) | 2,288,286 | 91,417,026 | ||||||
Nutrien Ltd.(a) | 3,470,402 | 242,256,872 | ||||||
PhosAgro PJSC | 300,482 | 21,118,256 | ||||||
PI Industries Ltd. | 511,810 | 16,690,537 | ||||||
SABIC Agri-Nutrients Co. | 1,327,404 | 59,791,379 | ||||||
Scotts Miracle-Gro Co. (The)(a) | 254,254 | 38,443,205 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 990,609 | 4,701,438 | ||||||
UPL Ltd. | 3,358,134 | 34,943,764 | ||||||
Yara International ASA | 987,298 | 50,339,071 | ||||||
|
| |||||||
1,015,443,109 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) - 1.2% |
| |||||||
Weyerhaeuser Co. | 2,073,656 | 83,837,912 | ||||||
|
| |||||||
Food Products - 14.2% |
| |||||||
a2 Milk Co. Ltd. (The)*(a) | 4,986,020 | 18,272,093 | ||||||
Archer-Daniels-Midland | 3,529,838 | 264,737,850 | ||||||
Bakkafrost P/F(a) | 303,784 | 20,817,742 | ||||||
Bunge Ltd. | 914,654 | 90,422,695 | ||||||
Charoen Pokphand Indonesia Tbk. PT | 49,199,800 | 21,551,852 | ||||||
International Holding Co. PJSC* | 3,097,276 | 128,426,004 | ||||||
IOI Corp. Bhd. | 21,463,000 | 19,434,899 | ||||||
Kuala Lumpur Kepong Bhd. | 3,962,400 | 20,448,654 | ||||||
Mowi ASA | 2,843,022 | 69,321,390 | ||||||
Muyuan Foods Co. Ltd., Class A | 2,641,620 | 22,654,848 | ||||||
New Hope Liuhe Co. Ltd., Class A* | 2,311,488 | 5,842,859 | ||||||
PPB Group Bhd. | 4,953,000 | 18,791,934 | ||||||
Salmar ASA | 353,314 | 23,926,626 | ||||||
Tongwei Co. Ltd., Class A | 2,311,400 | 13,562,615 | ||||||
Tyson Foods, Inc., Class A | 1,812,798 | 164,765,210 | ||||||
Wilmar International Ltd. | 20,142,200 | 63,607,731 | ||||||
|
| |||||||
966,585,002 | ||||||||
|
| |||||||
Metals & Mining - 29.3% |
| |||||||
Agnico Eagle Mines Ltd. | 676,910 | 32,312,632 | ||||||
Alcoa Corp.(a) | 495,300 | 28,088,463 | ||||||
Anglo American plc | 3,503,422 | 151,727,819 | ||||||
Barrick Gold Corp. | 5,022,342 | 96,079,243 | ||||||
BHP Group Ltd.(a) | 7,819,136 | 255,340,865 | ||||||
Boliden AB(a) | 700,024 | 28,011,159 |
Investments | Shares | Value ($) | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 820,300 | 4,791,371 | ||||||
First Quantum Minerals Ltd. | 1,403,350 | 34,548,583 | ||||||
Fortescue Metals Group | 4,391,660 | 61,480,642 | ||||||
Franco-Nevada Corp. | 534,924 | 70,690,892 | ||||||
Freeport-McMoRan, Inc. | 3,896,360 | 145,022,519 | ||||||
Glencore plc* | 29,278,834 | 150,449,860 | ||||||
Gold Fields Ltd. | 2,763,774 | 28,832,934 | ||||||
Grupo Mexico SAB de CV, Series B | 8,255,000 | 35,416,265 | ||||||
Hindalco Industries Ltd. | 3,671,824 | 24,063,862 | ||||||
Impala Platinum Holdings Ltd. | 2,083,562 | 31,533,573 | ||||||
MMC Norilsk Nickel PJSC | 46,158 | 12,938,013 | ||||||
MMC Norilsk Nickel PJSC, ADR | 1,179,393 | 33,164,531 | ||||||
Newcrest Mining Ltd.(a) | 2,255,266 | 34,241,822 | ||||||
Newmont Corp. | 2,156,206 | 131,895,121 | ||||||
Norsk Hydro ASA | 3,460,496 | 26,384,387 | ||||||
Rio Tinto plc | 2,882,646 | 200,529,980 | ||||||
Saudi Arabian Mining Co.* | 1,119,378 | 27,418,332 | ||||||
Sibanye Stillwater Ltd. | 7,614,412 | 27,824,351 | ||||||
South32 Ltd. | 11,963,146 | 32,450,243 | ||||||
Sumitomo Metal Mining Co. Ltd. | 721,100 | 32,842,984 | ||||||
Teck Resources Ltd., Class B(a) | 1,231,646 | 38,020,461 | ||||||
Vale SA | 10,099,553 | 153,813,720 | ||||||
Wheaton Precious Metals Corp. | 1,258,062 | 50,696,397 | ||||||
Zijin Mining Group Co. Ltd., Class A | 4,622,892 | 7,088,287 | ||||||
|
| |||||||
1,987,699,311 | ||||||||
|
| |||||||
Multi-Utilities - 1.2% |
| |||||||
Suez SA(b) | 1,046,320 | 23,259,097 | ||||||
Veolia Environnement SA(a) | 1,684,020 | 60,277,020 | ||||||
|
| |||||||
83,536,117 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 31.2% |
| |||||||
BP plc | 24,484,330 | 125,747,509 | ||||||
Cameco Corp.(a) | 1,099,566 | 21,363,639 | ||||||
Canadian Natural Resources Ltd.(a) | 1,449,578 | 73,698,469 | ||||||
Cenovus Energy, Inc. | 1,525,524 | 22,178,754 | ||||||
Chevron Corp. | 2,377,440 | 312,229,195 | ||||||
China Petroleum & Chemical Corp., Class H | 29,972,000 | 15,682,587 | ||||||
ConocoPhillips | 1,637,792 | 145,141,127 | ||||||
Coterra Energy, Inc. | 1,013,714 | 22,200,337 | ||||||
Devon Energy Corp. | 762,762 | 38,572,874 | ||||||
Diamondback Energy, Inc.(a) | 208,026 | 26,244,560 | ||||||
Eni SpA | 3,037,840 | 45,319,311 | ||||||
EOG Resources, Inc. | 726,440 | 80,983,531 | ||||||
Equinor ASA | 1,294,384 | 35,691,176 | ||||||
Exxon Mobil Corp. | 5,065,268 | 384,757,757 | ||||||
Gazprom PJSC | 15,486,380 | 66,232,317 | ||||||
Hess Corp. | 330,200 | 30,474,158 | ||||||
LUKOIL PJSC | 214,305 | 18,905,235 | ||||||
LUKOIL PJSC, ADR | 254,230 | 22,555,286 | ||||||
Marathon Oil Corp. | 970,788 | 18,901,242 | ||||||
Novatek PJSC | 1,201,928 | 25,424,191 | ||||||
Occidental Petroleum Corp. | 1,102,868 | 41,545,038 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Global Upstream Natural Resources Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Petroleo Brasileiro SA (Preference) | 5,943,600 | 36,210,068 | ||||||
Pioneer Natural Resources Co. | 280,670 | 61,435,856 | ||||||
Repsol SA | 1,707,134 | 21,513,784 | ||||||
Rosneft Oil Co. PJSC | 2,836,418 | 20,988,046 | ||||||
Saudi Arabian Oil Co.(c) | 2,545,842 | 25,343,746 | ||||||
Shell plc | 4,939,792 | 125,033,886 | ||||||
Suncor Energy, Inc. | 1,885,442 | 53,844,357 | ||||||
Tatneft PJSC | 1,934,972 | 12,372,024 | ||||||
TotalEnergies SE | 2,922,270 | 164,513,924 | ||||||
Woodside Petroleum Ltd.(a) | 1,175,512 | 20,763,149 | ||||||
|
| |||||||
2,115,867,133 | ||||||||
|
| |||||||
Paper & Forest Products - 3.2% |
| |||||||
Canfor Corp.* | 161,798 | 3,674,105 | ||||||
Chengxin Lithium Group Co. Ltd., Class A* | 330,260 | 2,306,764 | ||||||
Dongwha Enterprise Co. Ltd.* | 23,114 | 1,305,735 | ||||||
Interfor Corp. | 165,100 | 4,917,430 | ||||||
Mondi plc | 1,317,498 | 32,506,554 | ||||||
Stella-Jones, Inc. | 181,610 | 5,690,485 | ||||||
Stora Enso OYJ, Class R | 1,647,698 | 33,099,485 | ||||||
Suzano SA | 2,155,171 | 24,027,518 | ||||||
Svenska Cellulosa AB SCA, Class B | 1,670,812 | 28,810,190 | ||||||
UPM-Kymmene OYJ | 1,475,994 | 53,195,045 | ||||||
West Fraser Timber Co. | 264,160 | 24,438,642 | ||||||
|
| |||||||
213,971,953 | ||||||||
|
| |||||||
Trading Companies & Distributors - 0.9% |
| |||||||
Boise Cascade Co.(a) | 112,268 | 7,883,459 | ||||||
Mitsui & Co. Ltd. | 2,081,200 | 51,540,067 | ||||||
|
| |||||||
59,423,526 | ||||||||
|
| |||||||
Water Utilities - 3.1% |
| |||||||
American States Water | 99,060 | 9,136,304 | ||||||
American Water Works Co., Inc. | 478,790 | 76,989,432 | ||||||
Beijing Enterprises Water Group Ltd. | 13,208,000 | 5,132,412 | ||||||
California Water Service Group(a) | 132,080 | 8,200,847 | ||||||
China Water Affairs Group Ltd.(a) | 2,346,000 | 2,737,860 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo* | 660,400 | 4,646,430 | ||||||
Essential Utilities, Inc.(a) | 577,850 | 28,164,409 | ||||||
Grandblue Environment Co. Ltd., Class A | 330,200 | 1,047,348 | ||||||
Guangdong Investment Ltd. | 8,246,000 | 11,759,530 | ||||||
Pennon Group plc | 795,782 | 11,562,768 | ||||||
Severn Trent plc | 696,722 | 26,855,571 | ||||||
United Utilities Group plc | 1,845,818 | 26,436,015 | ||||||
|
| |||||||
212,668,926 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 6,763,351,296 | ||||||
|
|
Investments | Principal Amount ($) | Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS(d) - 1.4% |
| |||||||
CERTIFICATES OF DEPOSIT - 0.2% |
| |||||||
Credit Agricole CIB, New York 0.18%, 3/21/2022 | 1,000,000 | 1,000,000 | ||||||
Mizuho Bank Ltd., New York 0.25%, 5/5/2022 | 2,000,000 | 1,999,608 | ||||||
Oversea-Chinese Banking Corp. Ltd., New York 0.14%, 2/24/2022 | 7,000,000 | 7,000,000 | ||||||
Societe Generale, New York 0.25%, 2/8/2022 | 4,000,000 | 3,999,969 | ||||||
The Sumitomo Bank Ltd., New York 0.15%, 3/9/2022 | 5,000,000 | 5,000,000 | ||||||
|
| |||||||
TOTAL CERTIFICATES OF DEPOSIT (Cost $18,999,969) |
| 18,999,577 | ||||||
|
| |||||||
REPURCHASE AGREEMENTS - 1.2% |
| |||||||
BofA Securities, Inc., 0.52%, dated 1/31/2022, due 5/3/2022, repurchase price $8,010,631, collateralized by various U.S. Treasury Securities, ranging from 0.13% 4.38%, maturing 4/30/2023 2/15/2038; Common Stocks; total market value $8,565,603 | 8,000,000 | 8,000,000 | ||||||
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $29,927,277, collateralized by various U.S. Treasury Securities, ranging from 0.13% 6.00%, maturing 2/15/2026 5/15/2040; total market value $30,359,637 | 29,927,236 | 29,927,236 | ||||||
Deutsche Bank AG, London Branch, 0.15%, dated 1/31/2022, due 2/1/2022, repurchase price $6,200,026, collateralized by various U.S. Treasury Securities, ranging from 2.00% 2.25%, maturing 11/15/2041 8/15/2051; Foreign Government Fixed Income Securities, ranging from 0.41% 2.63%, maturing 5/20/2022 11/3/2031; total market value $6,300,931 | 6,200,000 | 6,200,000 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Global Upstream Natural Resources Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Societe Generale, New York Branch, 0.05%, dated 1/31/2022, due 2/7/2022, repurchase price $35,000,340, collateralized by various U.S. Treasury Securities, ranging from 0.00% 7.63%, maturing 2/1/2022 8/15/2046; total market value $35,396,414 | 35,000,000 | 35,000,000 | ||||||
|
| |||||||
TOTAL REPURCHASE AGREEMENTS |
| 79,127,236 | ||||||
|
| |||||||
TOTAL SECURITIES LENDING REINVESTMENTS | 98,126,813 | |||||||
|
| |||||||
Total Investments - 101.0% |
| 6,861,478,109 | ||||||
Liabilities in excess of other assets - (1.0%) |
| (68,985,444 | ) | |||||
|
| |||||||
Net Assets - 100.0% |
| 6,792,492,665 | ||||||
|
|
* | Non-income producing security. |
(a) | The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $411,073,914, collateralized in the form of cash with a value of $98,134,133 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $137,921,243 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 6.25%, and maturity dates ranging from February 28, 2022 February 15, 2051 and $201,977,412 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 8.50%, and maturity dates ranging from February 25, 2022 September 20, 2117; a total value of $438,032,788. |
(b) | Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $23,259,097, which represents approximately 0.34% of net assets of the Fund. |
(c) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(d) | The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $98,126,813. |
Percentages shown are based on Net Assets.
Abbreviations | ||
ADR | American Depositary Receipt | |
OYJ | Public Limited Company | |
PJSC | Public Joint Stock Company |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
SCA | Limited partnership with share capital |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Global Upstream Natural Resources Index Fund (cont.)
Futures Contracts
FlexShares® Morningstar Global Upstream Natural Resources Index Fund had the following open futures contracts as of January 31, 2022:
Number of Contracts | Expiration Date | Trading Currency | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
Long Contracts |
| |||||||||||||||||||
EURO STOXX 50 Index | 3 | 03/18/2022 | EUR | $ | 139,329 | $ | (1,661 | ) | ||||||||||||
FTSE 100 Index | 93 | 03/18/2022 | GBP | 9,228,868 | 146,070 | |||||||||||||||
FTSE/JSE Top 40 Index | 17 | 03/17/2022 | ZAR | 741,616 | 12,276 | |||||||||||||||
Hang Seng Index | 2 | 02/25/2022 | HKD | 306,019 | (11,003 | ) | ||||||||||||||
MSCI Emerging Markets E-Mini Index | 26 | 03/18/2022 | USD | 1,592,240 | (998 | ) | ||||||||||||||
S&P Midcap 400 E-Mini Index | 17 | 03/18/2022 | USD | 4,470,490 | (231,699 | ) | ||||||||||||||
S&P/TSX 60 Index | 47 | 03/17/2022 | CAD | 9,437,695 | 40,607 | |||||||||||||||
SPI 200 Index | 33 | 03/17/2022 | AUD | 3,992,051 | (262,156 | ) | ||||||||||||||
TOPIX Index | 4 | 03/10/2022 | JPY | 659,058 | (20,288 | ) | ||||||||||||||
|
| |||||||||||||||||||
$ | (328,852 | ) | ||||||||||||||||||
|
|
Forward Foreign Currency Contracts
FlexShares® Morningstar Global Upstream Natural Resources Index Fund had the following outstanding contracts as of January 31, 2022:
Contracts to Receive | Counterparty | In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
BRL* | 1,699,240 | Citibank NA | USD | 299,526 | 03/16/2022 | $ | 17,132 | |||||||||||||
CAD | 400,000 | BNP Paribas SA | USD | 313,333 | 03/16/2022 | 1,166 | ||||||||||||||
CAD | 1,600,000 | Morgan Stanley | USD | 1,244,537 | 03/16/2022 | 13,458 | ||||||||||||||
GBP | 3,594,860 | JPMorgan Chase Bank | USD | 4,756,825 | 03/16/2022 | 64,994 | ||||||||||||||
INR* | 6,925,711 | Citibank NA | USD | 90,700 | 03/16/2022 | 1,676 | ||||||||||||||
JPY | 147,390,000 | JPMorgan Chase Bank | USD | 1,273,971 | 03/16/2022 | 5,681 | ||||||||||||||
MXN | 7,380,000 | Toronto-Dominion Bank (The) | USD | 344,961 | 03/16/2022 | 9,968 | ||||||||||||||
MYR* | 504,831 | Morgan Stanley | USD | 119,283 | 03/16/2022 | 1,133 | ||||||||||||||
NOK | 13,141,048 | Goldman Sachs & Co. | USD | 1,462,421 | 03/16/2022 | 10,348 | ||||||||||||||
USD | 2,498,244 | Bank of New York | AUD | 3,500,000 | 03/16/2022 | 31,854 | ||||||||||||||
USD | 1,044,199 | JPMorgan Chase Bank | CHF | 961,534 | 03/16/2022 | 10,282 | ||||||||||||||
USD | 2,254,396 | Bank of New York | EUR | 2,000,000 | 03/16/2022 | 10,365 | ||||||||||||||
USD | 1,580,967 | Morgan Stanley | EUR | 1,400,000 | 03/16/2022 | 10,145 | ||||||||||||||
USD | 268,510 | Morgan Stanley | GBP | 200,000 | 03/16/2022 | 248 | ||||||||||||||
USD | 157,064 | BNP Paribas SA | HKD | 1,224,345 | 03/16/2022 | 46 | ||||||||||||||
USD | 1,322,349 | Toronto-Dominion Bank (The) | JPY | 149,859,584 | 03/16/2022 | 21,256 | ||||||||||||||
USD | 297,057 | Citibank NA | KRW | * | 350,052,156 | 03/16/2022 | 6,976 | |||||||||||||
USD | 16,156 | Citibank NA | RUB | * | 1,215,850 | 03/16/2022 | 614 | |||||||||||||
ZAR | 4,560,000 | Toronto-Dominion Bank (The) | USD | 281,610 | 03/16/2022 | 11,454 | ||||||||||||||
ZAR | 14,000,000 | UBS AG | USD | 891,605 | 03/16/2022 | 8,153 | ||||||||||||||
|
| |||||||||||||||||||
Total unrealized appreciation | $ | 236,949 | ||||||||||||||||||
|
| |||||||||||||||||||
AUD | 1,300,000 | Citibank NA | USD | 930,920 | 03/16/2022 | $ | (14,832 | ) | ||||||||||||
AUD | 3,553,480 | Goldman Sachs & Co. | USD | 2,550,024 | 03/16/2022 | (45,946 | ) | |||||||||||||
AUD | 740,000 | JPMorgan Chase Bank | USD | 541,071 | 03/16/2022 | (19,606 | ) | |||||||||||||
AUD | 470,000 | Morgan Stanley | USD | 331,734 | 03/16/2022 | (533 | ) | |||||||||||||
CAD | 720,000 | BNP Paribas SA | USD | 577,947 | 03/16/2022 | (11,850 | ) | |||||||||||||
CAD | 8,124,539 | Toronto-Dominion Bank (The) | USD | 6,398,418 | 03/16/2022 | (10,529 | ) | |||||||||||||
CHF | 800,000 | Morgan Stanley | USD | 873,081 | 03/16/2022 | (12,858 | ) | |||||||||||||
EUR | 500,000 | Citibank NA | USD | 566,745 | 03/16/2022 | (5,737 | ) | |||||||||||||
EUR | 2,128,602 | JPMorgan Chase Bank | USD | 2,409,061 | 03/16/2022 | (20,737 | ) | |||||||||||||
EUR | 1,000,000 | Toronto-Dominion Bank (The) | USD | 1,124,379 | 03/16/2022 | (2,364 | ) |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Global Upstream Natural Resources Index Fund (cont.)
Contracts to Receive | Counterparty | In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
GBP | 1,240,000 | Morgan Stanley | USD | 1,692,129 | 03/16/2022 | $ | (28,905 | ) | ||||||||||||
NZD | 126,346 | UBS AG | USD | 85,729 | 03/16/2022 | (2,808 | ) | |||||||||||||
SEK | 2,449,173 | Goldman Sachs & Co. | USD | 270,262 | 03/16/2022 | (7,764 | ) | |||||||||||||
USD | 5,434,740 | Bank of New York | CAD | 7,000,000 | 03/16/2022 | (68,984 | ) | |||||||||||||
USD | 3,709,303 | Bank of New York | GBP | 2,800,000 | 03/16/2022 | (46,363 | ) | |||||||||||||
USD | 371,680 | UBS AG | HKD | 2,900,000 | 03/16/2022 | (235 | ) | |||||||||||||
USD | 350,153 | JPMorgan Chase Bank | MXN | 7,400,000 | 03/16/2022 | (5,739 | ) | |||||||||||||
USD | 762,587 | Morgan Stanley | NOK | 6,900,000 | 03/16/2022 | (10,723 | ) | |||||||||||||
USD | 22,024 | BNP Paribas SA | SGD | 30,085 | 03/16/2022 | (222 | ) | |||||||||||||
USD | 1,160,865 | Bank of New York | ZAR | 18,700,000 | 03/16/2022 | (40,954 | ) | |||||||||||||
|
| |||||||||||||||||||
Total unrealized depreciation | $ | (357,689 | ) | |||||||||||||||||
|
| |||||||||||||||||||
Net unrealized depreciation | $ | (120,740 | ) | |||||||||||||||||
|
|
* | Non-deliverable forward. |
Abbreviations: |
AUD Australian Dollar |
BRL Brazilian Real |
CAD Canadian Dollar |
CHF Swiss Franc |
EUR Euro |
GBP British Pound |
HKD Hong Kong Dollar |
INR Indian Rupee |
JPY Japanese Yen |
KRW Korean Won |
MXN Mexican Peso |
MYR Malaysian Ringgit |
NOK Norwegian Krone |
NZD New Zealand Dollar |
RUB Russian Ruble |
SEK Swedish Krona |
SGD Singapore Dollar |
USD US Dollar |
ZAR South African Rand |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Global Upstream Natural Resources Index Fund (cont.)
FlexShares® Morningstar Global Upstream Natural Resources Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2022:
Australia | 6.0 | % | ||
Brazil | 3.2 | |||
Canada | 11.4 | |||
China | 1.4 | |||
Finland | 1.3 | |||
France | 3.7 | |||
Germany | 0.4 | |||
India | 1.1 | |||
Indonesia | 0.3 | |||
Israel | 0.5 | |||
Italy | 0.7 | |||
Japan | 1.2 | |||
Malaysia | 0.9 | |||
Mexico | 0.5 | |||
New Zealand | 0.3 | |||
Norway | 3.3 | |||
Russia | 3.4 | |||
Saudi Arabia | 1.7 | |||
Singapore | 0.9 | |||
South Africa | 1.3 | |||
South Korea | 0.0 | | ||
Spain | 0.3 | |||
Sweden | 0.8 | |||
United Arab Emirates | 1.9 | |||
United Kingdom | 12.5 | |||
United States | 40.6 | |||
Other1 | 0.4 | |||
|
| |||
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 | 99.6 | % | ||
Securities Lending Reinvestments | 1.4 | |||
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® Global Broad Infrastructure Index Fund
January 31, 2022 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 99.2% |
| |||||||
Air Freight & Logistics - 3.4% |
| |||||||
bpost SA*(a) | 124,032 | 906,540 | ||||||
Deutsche Post AG (Registered) | 1,254,000 | 74,489,845 | ||||||
Oesterreichische Post AG(a) | 41,040 | 1,713,718 | ||||||
Pos Malaysia Bhd.* | 364,800 | 55,345 | ||||||
PostNL NV(a) | 527,136 | 2,242,539 | ||||||
Royal Mail plc | 1,030,560 | 6,089,194 | ||||||
Singapore Post Ltd. | 2,097,600 | 985,080 | ||||||
|
| |||||||
86,482,261 | ||||||||
|
| |||||||
Commercial Services & Supplies - 4.0% |
| |||||||
Befesa SA(a)(b) | 45,600 | 3,199,962 | ||||||
Biffa plc(b) | 391,248 | 1,779,472 | ||||||
Casella Waste Systems, Inc., Class A* | 20,976 | 1,593,756 | ||||||
China Everbright Environment Group Ltd. | 4,560,000 | 3,368,443 | ||||||
Clean Harbors, Inc.* | 20,064 | 1,856,923 | ||||||
Cleanaway Co. Ltd. | 100,000 | 749,622 | ||||||
Cleanaway Waste Management Ltd. | 2,625,648 | 5,327,713 | ||||||
CoreCivic, Inc., REIT*(a) | 47,424 | 479,457 | ||||||
Daiseki Co. Ltd. | 64,360 | 2,544,238 | ||||||
Insun ENT Co. Ltd.* | 36,480 | 332,874 | ||||||
Koentec Co. Ltd.* | 21,888 | 144,165 | ||||||
Lassila & Tikanoja OYJ | 43,776 | 603,597 | ||||||
Republic Services, Inc. | 82,992 | 10,594,759 | ||||||
Shanghai Youngsun Investment Co. Ltd., Class B*^(c) | 57,800 | | ||||||
Stericycle, Inc.*(a) | 35,568 | 2,089,264 | ||||||
US Ecology, Inc.*(a) | 11,856 | 338,844 | ||||||
Waste Connections, Inc.(a) | 331,056 | 41,250,546 | ||||||
Waste Management, Inc. | 165,984 | 24,970,633 | ||||||
|
| |||||||
101,224,268 | ||||||||
|
| |||||||
Diversified Financial Services - 0.1% |
| |||||||
Metro Pacific Investments Corp. | 15,504,000 | 1,170,974 | ||||||
|
| |||||||
Diversified Telecommunication Services - 13.6% |
| |||||||
AT&T, Inc. | 2,820,816 | 71,930,808 | ||||||
BCE, Inc.(a) | 593,712 | 30,997,387 | ||||||
BT Group plc(a) | 4,936,656 | 12,951,794 | ||||||
Cellnex Telecom SA(b) | 352,032 | 15,903,503 | ||||||
China Tower Corp. Ltd., Class H(b) | 27,360,000 | 3,298,267 | ||||||
Deutsche Telekom AG (Registered) | 2,262,672 | 42,287,783 | ||||||
Hellenic Telecommunications Organization SA | 153,216 | 2,965,352 | ||||||
HKT Trust & HKT Ltd. | 2,317,000 | 3,155,676 | ||||||
Indus Towers Ltd. | 891,936 | 3,018,640 | ||||||
Infrastrutture Wireless Italiane SpA(b) | 231,648 | 2,478,361 | ||||||
Liberty Global plc, | 139,536 | 3,773,053 | ||||||
Lumen Technologies, Inc.(a) | 369,360 | 4,565,290 | ||||||
Nippon Telegraph & Telephone Corp. | 1,521,600 | 43,142,263 |
Investments | Shares | Value ($) | ||||||
Spark New Zealand Ltd. | 1,211,136 | 3,444,141 | ||||||
Swisscom AG (Registered) | 16,416 | 9,313,067 | ||||||
Telecom Italia SpA | 6,631,152 | 3,093,832 | ||||||
Telesites SAB de CV(a) | 2,188,800 | 2,308,686 | ||||||
Verizon Communications, Inc. | 1,636,128 | 87,091,093 | ||||||
|
| |||||||
345,718,996 | ||||||||
|
| |||||||
Electric Utilities - 12.9% |
| |||||||
American Electric Power Co., Inc. | 198,816 | 17,972,966 | ||||||
Duke Energy Corp. | 303,696 | 31,906,302 | ||||||
Enel SpA | 7,472,016 | 56,798,537 | ||||||
Eversource Energy | 135,888 | 12,160,617 | ||||||
Exelon Corp. | 388,512 | 22,514,270 | ||||||
Iberdrola SA | 5,590,563 | 63,672,935 | ||||||
Iberdrola SA*(c) | 93,176 | 1,061,215 | ||||||
NextEra Energy, Inc. | 775,200 | 60,558,624 | ||||||
Orsted A/S(b) | 181,488 | 19,113,211 | ||||||
Southern Co. (The)(a) | 418,608 | 29,089,070 | ||||||
Xcel Energy, Inc. | 212,496 | 14,802,471 | ||||||
|
| |||||||
329,650,218 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) - 5.5% |
| |||||||
American Tower Corp. | 179,664 | 45,185,496 | ||||||
Crown Castle International Corp. | 170,544 | 31,125,986 | ||||||
CyrusOne, Inc. | 50,160 | 4,506,876 | ||||||
Digital Realty Trust, Inc. | 112,176 | 16,740,025 | ||||||
Equinix, Inc. | 35,568 | 25,783,243 | ||||||
GEO Group, Inc. (The)*(a) | 48,336 | 325,301 | ||||||
Keppel DC REIT | 820,822 | 1,299,086 | ||||||
SBA Communications Corp. | 42,864 | 13,949,660 | ||||||
|
| |||||||
138,915,673 | ||||||||
|
| |||||||
Gas Utilities - 1.1% |
| |||||||
APA Group(a) | 966,720 | 6,511,341 | ||||||
Beijing Enterprises Holdings Ltd. | 456,000 | 1,549,718 | ||||||
Enagas SA(a) | 227,088 | 4,887,660 | ||||||
Keppel Infrastructure Trust | 4,468,800 | 1,850,777 | ||||||
Petronas Gas Bhd. | 547,200 | 2,219,915 | ||||||
Snam SpA | 1,980,864 | 11,013,921 | ||||||
|
| |||||||
28,033,332 | ||||||||
|
| |||||||
Health Care Providers & Services - 3.1% |
| |||||||
Acadia Healthcare Co., Inc.*(a) | 35,568 | 1,872,655 | ||||||
Apollo Hospitals Enterprise Ltd. | 148,656 | 8,879,518 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 15,048,000 | 10,123,899 | ||||||
Bumrungrad Hospital PCL, NVDR | 729,600 | 3,089,761 | ||||||
Encompass Health Corp.(a) | 38,304 | 2,376,380 | ||||||
Fortis Healthcare Ltd.* | 710,448 | 2,573,407 | ||||||
HCA Healthcare, Inc. | 95,760 | 22,987,188 | ||||||
IHH Healthcare Bhd. | 3,009,600 | 4,637,898 | ||||||
Life Healthcare Group Holdings Ltd. | 1,604,208 | 2,343,575 | ||||||
Mitra Keluarga Karyasehat Tbk. PT(b) | 6,931,200 | 1,214,478 | ||||||
Netcare Ltd. | 1,518,480 | 1,454,678 | ||||||
Ramsay Health Care Ltd.(a) | 235,296 | 10,409,188 | ||||||
Tenet Healthcare Corp.* | 41,952 | 3,109,482 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global Broad Infrastructure Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Universal Health Services, Inc., Class B(a) | 26,448 | 3,439,827 | ||||||
|
| |||||||
78,511,934 | ||||||||
|
| |||||||
IT Services - 0.1% |
| |||||||
Fastly, Inc., Class A*(a) | 42,864 | 1,228,482 | ||||||
NEXTDC Ltd.*(a) | 298,224 | 2,241,914 | ||||||
|
| |||||||
3,470,396 | ||||||||
|
| |||||||
Media - 5.7% |
| |||||||
Altice USA, Inc., Class A*(a) | 163,248 | 2,354,036 | ||||||
Cable One, Inc. | 2,149 | 3,319,625 | ||||||
Charter Communications, Inc., Class A*(a) | 49,248 | 29,220,808 | ||||||
Comcast Corp., Class A | 1,801,200 | 90,041,988 | ||||||
DISH Network Corp., | 103,968 | 3,264,595 | ||||||
Liberty Broadband Corp., | 60,192 | 8,933,095 | ||||||
Shaw Communications, Inc., Class B | 289,104 | 8,613,108 | ||||||
|
| |||||||
145,747,255 | ||||||||
|
| |||||||
Multi-Utilities - 10.3% |
| |||||||
Consolidated Edison, Inc. | 139,536 | 12,062,887 | ||||||
Dominion Energy, Inc. | 319,200 | 25,746,672 | ||||||
DTE Energy Co. | 76,608 | 9,225,901 | ||||||
E.ON SE | 2,032,848 | 27,847,212 | ||||||
Engie SA | 1,788,432 | 27,173,497 | ||||||
National Grid plc | 3,476,544 | 50,355,840 | ||||||
Public Service Enterprise Group, Inc. | 199,728 | 13,287,904 | ||||||
RWE AG | 650,256 | 27,196,639 | ||||||
Sempra Energy | 125,856 | 17,388,265 | ||||||
Suez SA(c) | 529,872 | 11,778,753 | ||||||
Veolia Environnement SA | 820,800 | 29,379,329 | ||||||
WEC Energy Group, Inc. | 124,032 | 12,036,065 | ||||||
|
| |||||||
263,478,964 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 8.2% |
| |||||||
Antero Midstream Corp.(a) | 134,976 | 1,343,011 | ||||||
Enbridge, Inc. | 1,948,032 | 82,314,232 | ||||||
Equitrans Midstream Corp. | 180,576 | 1,464,471 | ||||||
Keyera Corp.(a) | 211,584 | 4,976,000 | ||||||
Kinder Morgan, Inc. | 860,016 | 14,929,878 | ||||||
Koninklijke Vopak NV | 62,016 | 2,118,272 | ||||||
ONEOK, Inc. | 176,016 | 10,680,651 | ||||||
Pembina Pipeline Corp.(a) | 528,960 | 16,786,307 | ||||||
Petronet LNG Ltd. | 684,000 | 1,959,262 | ||||||
Targa Resources Corp. | 90,288 | 5,334,215 | ||||||
TC Energy Corp. | 941,184 | 48,576,284 | ||||||
Transneft PJSC (Preference) | 1,462 | 2,798,701 | ||||||
Williams Cos., Inc. (The) | 482,448 | 14,444,493 | ||||||
|
| |||||||
207,725,777 | ||||||||
|
| |||||||
Road & Rail - 16.8% |
| |||||||
Aurizon Holdings Ltd. | 2,337,456 | 5,796,928 | ||||||
Canadian National Railway Co. | 900,144 | 109,655,064 | ||||||
Canadian Pacific Railway Ltd. | 1,077,925 | 77,076,977 | ||||||
Canadian Pacific Railway Ltd. | 104,040 | 7,428,424 | ||||||
Central Japan Railway Co.(a) | 263,000 | 34,568,323 | ||||||
CSX Corp. | 880,080 | 30,116,338 | ||||||
East Japan Railway Co. | 480,500 | 27,289,147 | ||||||
Keikyu Corp.(a) | 364,800 | 3,710,528 | ||||||
Keisei Electric Railway Co. Ltd. | 219,500 | 6,143,524 |
Investments | Shares | Value ($) | ||||||
MTR Corp. Ltd. | 1,974,500 | 10,660,586 | ||||||
Norfolk Southern Corp. | 95,760 | 26,045,762 | ||||||
Odakyu Electric Railway Co. Ltd.(a) | 456,000 | 7,998,056 | ||||||
Tobu Railway Co. Ltd.(a) | 273,600 | 6,365,993 | ||||||
Union Pacific Corp. | 254,448 | 62,225,258 | ||||||
West Japan Railway Co.(a) | 310,400 | 12,900,895 | ||||||
|
| |||||||
427,981,803 | ||||||||
|
| |||||||
Transportation Infrastructure - 6.9% |
| |||||||
Adani Ports & Special Economic Zone Ltd. | 1,001,376 | 9,612,190 | ||||||
Aena SME SA*(b) | 93,024 | 14,927,668 | ||||||
Aeroports de Paris*(a) | 35,568 | 4,770,652 | ||||||
Airports of Thailand PCL, NVDR* | 5,472,000 | 10,477,249 | ||||||
Atlantia SpA* | 645,696 | 11,881,591 | ||||||
Atlas Arteria Ltd. | 1,218,432 | 5,588,485 | ||||||
Auckland International Airport Ltd.*(a) | 1,533,984 | 7,233,448 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 10,852,800 | 2,672,863 | ||||||
CCR SA | 1,368,000 | 3,349,152 | ||||||
China Merchants Port Holdings Co. Ltd. | 1,824,000 | 3,359,086 | ||||||
COSCO SHIPPING Ports Ltd. | 2,088,000 | 1,660,214 | ||||||
Getlink SE | 557,232 | 8,713,966 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B* | 487,920 | 6,701,486 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 259,920 | 5,257,436 | ||||||
International Container Terminal Services, Inc. | 2,252,640 | 8,838,215 | ||||||
Japan Airport Terminal Co. Ltd.*(a) | 119,100 | 5,106,131 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 310,080 | 2,259,714 | ||||||
Qube Holdings Ltd. | 2,435,040 | 4,992,418 | ||||||
Shenzhen International Holdings Ltd. | 1,824,679 | 1,846,313 | ||||||
Sydney Airport* | 3,430,944 | 20,933,572 | ||||||
Transurban Group | 3,902,448 | 34,230,898 | ||||||
Westports Holdings Bhd. | 1,276,800 | 1,171,404 | ||||||
Westshore Terminals Investment Corp.(a) | 52,896 | 1,122,553 | ||||||
|
| |||||||
176,706,704 | ||||||||
|
| |||||||
Water Utilities - 2.5% |
| |||||||
Aguas Andinas SA, Class A | 2,811,696 | 675,990 | ||||||
American States Water Co.(a) | 14,592 | 1,345,820 | ||||||
American Water Works Co., Inc. | 72,048 | 11,585,318 | ||||||
Beijing Enterprises Water Group Ltd. | 5,472,000 | 2,126,329 | ||||||
California Water Service Group | 20,976 | 1,302,400 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo* | 456,000 | 3,208,316 | ||||||
Cia de Saneamento de Minas Gerais-COPASA | 182,400 | 451,706 | ||||||
Cia de Saneamento do Parana (Preference)* | 1,185,600 | 895,340 | ||||||
Essential Utilities, Inc.(a) | 88,464 | 4,311,735 | ||||||
Guangdong Investment Ltd. | 3,648,000 | 5,202,373 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global Broad Infrastructure Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Middlesex Water Co.(a) | 7,296 | 738,647 | ||||||
Pennon Group plc | 347,472 | 5,048,793 | ||||||
Severn Trent plc | 321,936 | 12,409,218 | ||||||
SJW Group(a) | 11,856 | 816,404 | ||||||
TTW PCL, NVDR | 2,371,200 | 833,250 | ||||||
United Utilities Group plc(a) | 866,400 | 12,408,680 | ||||||
WHA Utilities and Power PCL, NVDR | 1,550,400 | 192,781 | ||||||
|
| |||||||
63,553,100 | ||||||||
|
| |||||||
Wireless Telecommunication Services - 5.0% |
| |||||||
KDDI Corp. | 1,075,300 | 34,015,782 | ||||||
SoftBank Group Corp. | 820,800 | 35,695,629 | ||||||
T-Mobile US, Inc.* | 236,208 | 25,550,619 | ||||||
Vodafone Group plc | 17,783,088 | 31,021,056 | ||||||
|
| |||||||
126,283,086 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (COST $2,256,882,284) |
| 2,524,654,741 | ||||||
|
| |||||||
Investments | Principal Amount ($) | Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS(d) - 0.5% |
| |||||||
REPURCHASE AGREEMENTS - 0.5% |
| |||||||
BofA Securities, Inc., 0.52%, dated 1/31/2022, due 5/3/2022, repurchase price $2,002,658, collateralized by various U.S. Treasury Securities, ranging from 0.13% 4.38%, maturing 4/30/2023 2/15/2038; Common Stocks; total market value $2,141,401 | 2,000,000 | 2,000,000 | ||||||
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $9,542,988, collateralized by various U.S. Treasury Securities, ranging from 0.13% 6.00%, maturing 2/15/2026 5/15/2040; total market value $9,680,855 | 9,542,975 | 9,542,975 | ||||||
Deutsche Bank AG, London Branch, 0.15%, dated 1/31/2022, due 2/1/2022, repurchase price $1,800,008, collateralized by various U.S. Treasury Securities, ranging from 2.00% 2.25%, maturing 11/15/2041 8/15/2051; Foreign Government Fixed Income Securities, ranging from 0.41% 2.63%, maturing 5/20/2022 11/3/2031; total market value $1,829,302 | 1,800,000 | 1,800,000 | ||||||
|
| |||||||
13,342,975 | ||||||||
|
| |||||||
TOTAL SECURITIES LENDING REINVESTMENTS (Cost $13,342,975) |
| 13,342,975 | ||||||
|
|
Investments | Principal Amount ($) | Value ($) | ||||
Total Investments - 99.7% | 2,537,997,716 | |||||
Other assets less liabilities - 0.3% | 8,843,497 | |||||
|
| |||||
Net Assets - 100.0% | 2,546,841,213 | |||||
|
|
* | Non-income producing security. |
^ | Security subject to restrictions on resale. |
| 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, 2022. The total value of securities on loan at January 31, 2022 was $118,512,126, collateralized in the form of cash with a value of $13,342,975 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $75,950,829 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 10, 2022 November 15, 2051 and $37,537,900 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 8.50%, and maturity dates ranging from February 25, 2022 September 20, 2117; a total value of $126,831,704. |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(c) | Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $12,839,968, which represents approximately 0.50% of net assets of the Fund. |
(d) | The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $13,342,975. |
Percentages shown are based on Net Assets.
Abbreviations | ||
NVDR | Non-Voting Depositary Receipt | |
OYJ | Public Limited Company | |
PJSC | Public Joint Stock Company | |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
See Accompanying Notes to the Schedules of Investments.
FlexShares® 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, 2022:
Number of Contracts | Expiration Date | Trading Currency | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | ||||||||||||
Long Contracts |
| |||||||||||||||
EURO STOXX 50 Index | 3 | 03/18/2022 | EUR | $ | 139,329 | $ | (2,005 | ) | ||||||||
FTSE 100 Index | 86 | 03/18/2022 | GBP | 8,534,222 | 74,083 | |||||||||||
S&P 500 E-Mini Index | 45 | 03/18/2022 | USD | 10,134,562 | (304,412 | ) | ||||||||||
S&P/TSX 60 Index | 39 | 03/17/2022 | CAD | 7,831,279 | 9,024 | |||||||||||
SPI 200 Index | 37 | 03/17/2022 | AUD | 4,475,936 | (279,658 | ) | ||||||||||
TOPIX Index | 15 | 03/10/2022 | JPY | 2,471,469 | (87,909 | ) | ||||||||||
|
| |||||||||||||||
$ | (590,877 | ) | ||||||||||||||
|
|
Forward Foreign Currency Contracts
FlexShares® STOXX® Global Broad Infrastructure Index Fund had the following outstanding contracts as of January 31, 2022:
Contracts to Receive | Counterparty | In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
CAD | 10,400,000 | Toronto-Dominion Bank (The) | USD | 8,132,360 | 03/16/2022 | $ | 44,600 | |||||||||||||||
GBP | 300,000 | Toronto-Dominion Bank (The) | USD | 397,938 | 03/16/2022 | 4,455 | ||||||||||||||||
JPY | 39,700,000 | Citibank NA | USD | 343,511 | 03/16/2022 | 1,167 | ||||||||||||||||
USD | 733,033 | Goldman Sachs & Co. | AUD | 1,030,000 | 03/16/2022 | 7,210 | ||||||||||||||||
USD | 493,305 | Toronto-Dominion Bank (The) | AUD | 680,000 | 03/16/2022 | 14,120 | ||||||||||||||||
USD | 9,751,889 | Citibank NA | EUR | 8,500,000 | 03/16/2022 | 214,758 | ||||||||||||||||
USD | 2,712,550 | Goldman Sachs & Co. | EUR | 2,400,000 | 03/16/2022 | 19,713 | ||||||||||||||||
USD | 418,258 | BNP Paribas SA | HKD | 3,260,399 | 03/16/2022 | 123 | ||||||||||||||||
USD | 729,328 | Toronto-Dominion Bank (The) | JPY | 82,653,561 | 03/16/2022 | 11,724 | ||||||||||||||||
|
| |||||||||||||||||||||
Total unrealized appreciation |
| $ | 317,870 | |||||||||||||||||||
|
| |||||||||||||||||||||
AUD | 150,000 | BNP Paribas SA | USD | 108,772 | 03/16/2022 | $ | (3,070 | ) | ||||||||||||||
AUD | 830,000 | Citibank NA | USD | 602,892 | 03/16/2022 | (18,006 | ) | |||||||||||||||
AUD | 107,161 | Goldman Sachs & Co. | USD | 76,900 | 03/16/2022 | (1,386 | ) | |||||||||||||||
AUD | 1,000,000 | Toronto-Dominion Bank (The) | USD | 715,416 | 03/16/2022 | (10,733 | ) | |||||||||||||||
CAD | 3,040,000 | Citibank NA | USD | 2,426,453 | 03/16/2022 | (36,264 | ) | |||||||||||||||
CAD | 1,365,816 | Toronto-Dominion Bank (The) | USD | 1,075,617 | 03/16/2022 | (1,749 | ) | |||||||||||||||
CHF | 7,000 | JPMorgan Chase Bank | USD | 7,602 | 03/16/2022 | (75 | ) | |||||||||||||||
EUR | 350,000 | Citibank NA | USD | 397,677 | 03/16/2022 | (4,971 | ) | |||||||||||||||
EUR | 2,670,130 | JPMorgan Chase Bank | USD | 3,021,939 | 03/16/2022 | (26,012 | ) | |||||||||||||||
EUR | 380,000 | Morgan Stanley | USD | 430,241 | 03/16/2022 | (3,875 | ) | |||||||||||||||
EUR | 400,000 | Toronto-Dominion Bank (The) | USD | 451,973 | 03/16/2022 | (3,167 | ) | |||||||||||||||
GBP | 520,000 | Citibank NA | USD | 712,039 | 03/16/2022 | (14,558 | ) | |||||||||||||||
JPY | 117,000,000 | Citibank NA | USD | 1,025,664 | 03/16/2022 | (9,861 | ) | |||||||||||||||
JPY | 100,000,000 | Toronto-Dominion Bank (The) | USD | 880,950 | 03/16/2022 | (12,742 | ) | |||||||||||||||
USD | 7,913,665 | Toronto-Dominion Bank (The) | CAD | 10,080,000 | 03/16/2022 | (11,697 | ) | |||||||||||||||
USD | 820,550 | Goldman Sachs & Co. | GBP | 620,000 | 03/16/2022 | (11,062 | ) | |||||||||||||||
USD | 1,748,321 | JPMorgan Chase Bank | GBP | 1,321,253 | 03/16/2022 | (23,888 | ) | |||||||||||||||
|
| |||||||||||||||||||||
Total unrealized depreciation |
| $ | (193,116 | ) | ||||||||||||||||||
|
| |||||||||||||||||||||
Net unrealized appreciation |
| $ | 124,754 | |||||||||||||||||||
|
|
Abbreviations:
AUD Australian Dollar |
CAD Canadian Dollar |
CHF Swiss Franc |
EUR Euro |
GBP British Pound |
HKD Hong Kong Dollar |
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 Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2022:
Australia | 3.8 | % | ||
Austria | 0.1 | |||
Belgium | 0.0 | | ||
Brazil | 0.3 | |||
Canada | 16.8 | |||
Chile | 0.0 | | ||
China | 0.9 | |||
Denmark | 0.8 | |||
Finland | 0.0 | | ||
France | 3.2 | |||
Germany | 6.9 | |||
Greece | 0.1 | |||
Hong Kong | 0.5 | |||
India | 1.0 | |||
Indonesia | 0.0 | | ||
Italy | 3.4 | |||
Japan | 8.6 | |||
Malaysia | 0.3 | |||
Mexico | 0.7 | |||
Netherlands | 0.2 | |||
New Zealand | 0.4 | |||
Philippines | 0.4 | |||
Russia | 0.1 | |||
Singapore | 0.2 | |||
South Africa | 0.2 | |||
South Korea | 0.0 | | ||
Spain | 3.9 | |||
Switzerland | 0.4 | |||
Taiwan | 0.0 | | ||
Thailand | 1.1 | |||
United Kingdom | 5.2 | |||
United States | 39.7 | |||
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 | 0.5 | |||
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® Global Quality Real Estate Index Fund
January 31, 2022 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 97.8% |
| |||||||
Equity Real Estate Investment Trusts (REITs) - 82.0% |
| |||||||
Abacus Property Group | 435,712 | 1,052,944 | ||||||
Acadia Realty Trust | 58,496 | 1,157,636 | ||||||
AEON REIT Investment | 896 | 1,134,532 | ||||||
Alexander & Baldwin, Inc. | 50,176 | 1,151,539 | ||||||
alstria office REIT-AG*(b) | 84,352 | 1,840,110 | ||||||
American Homes 4 Rent, Class A(a) | 148,352 | 5,805,014 | ||||||
American Tower Corp. | 46,080 | 11,589,120 | ||||||
Apple Hospitality REIT, Inc. | 113,920 | 1,837,530 | ||||||
ARGAN SA | 2,944 | 369,625 | ||||||
Argosy Property Ltd. | 1,048,192 | 1,025,716 | ||||||
AvalonBay Communities, Inc. | 74,368 | 18,162,897 | ||||||
Befimmo SA | 19,584 | 731,057 | ||||||
Big Yellow Group plc(a) | 92,800 | 1,860,107 | ||||||
Brandywine Realty Trust | 93,184 | 1,198,346 | ||||||
Brixmor Property Group, Inc. | 158,208 | 4,012,155 | ||||||
Broadstone Net Lease, Inc. | 77,568 | 1,792,596 | ||||||
BWP Trust | 340,096 | 951,270 | ||||||
Camden Property Trust | 40,448 | 6,475,320 | ||||||
Canadian Apartment Properties REIT(a) | 44,160 | 1,941,332 | ||||||
Charter Hall Group | 247,936 | 2,927,692 | ||||||
Cousins Properties, Inc.(a) | 78,976 | 3,045,315 | ||||||
Cromwell European REIT(c) | 51,200 | 133,156 | ||||||
Crown Castle International Corp. | 28,160 | 5,139,482 | ||||||
CT REIT(a) | 70,144 | 934,849 | ||||||
Daiwa Office Investment Corp. | 173 | 1,079,514 | ||||||
Dexus | 362,496 | 2,617,815 | ||||||
Dream Industrial REIT(a) | 85,120 | 1,055,467 | ||||||
Dream Office REIT(a) | 50,432 | 974,696 | ||||||
Duke Realty Corp. | 201,216 | 11,626,260 | ||||||
EastGroup Properties, Inc. | 21,120 | 4,222,099 | ||||||
Empire State Realty Trust, Inc., Class A(a) | 112,640 | 1,004,749 | ||||||
Equinix, Inc.(a) | 4,736 | 3,433,126 | ||||||
Equity Residential | 189,696 | 16,831,726 | ||||||
Essex Property Trust, Inc. | 34,688 | 11,533,760 | ||||||
Extra Space Storage, Inc. | 71,168 | 14,104,786 | ||||||
First Capital REIT(a) | 73,728 | 1,029,572 | ||||||
First Industrial Realty Trust, Inc. | 68,736 | 4,177,774 | ||||||
Frasers Logistics & Commercial Trust(c) | 1,292,800 | 1,309,867 | ||||||
Frontier Real Estate Investment Corp. | 289 | 1,215,192 | ||||||
Fukuoka REIT Corp. | 640 | 897,028 | ||||||
GEO Group, Inc. (The)*(a) | 85,760 | 577,165 | ||||||
Goodman Group | 716,160 | 11,700,991 | ||||||
Goodman Property Trust | 720,256 | 1,173,110 | ||||||
Granite REIT(a) | 17,408 | 1,320,588 | ||||||
Growthpoint Properties Australia Ltd. | 342,912 | 947,067 |
Investments | Shares | Value ($) | ||||||
Healthpeak Properties, Inc. | 287,744 | 10,177,505 | ||||||
Highwoods Properties, Inc. | 54,784 | 2,362,286 | ||||||
Hoshino Resorts REIT, Inc.(a) | 184 | 1,034,775 | ||||||
Ichigo Office REIT Investment Corp. | 640 | 455,457 | ||||||
Industrial Logistics Properties Trust | 42,880 | 983,238 | ||||||
InterRent REIT(a) | 80,128 | 1,004,278 | ||||||
Iron Mountain, Inc.(a) | 153,600 | 7,053,312 | ||||||
iStar, Inc.(a) | 49,024 | 1,052,545 | ||||||
Japan Excellent, Inc.(a) | 843 | 964,996 | ||||||
Japan Logistics Fund, Inc.(a) | 425 | 1,172,923 | ||||||
Kenedix Office Investment Corp. | 225 | 1,359,080 | ||||||
Kenedix Retail REIT Corp. | 429 | 1,000,783 | ||||||
Killam Apartment REIT(a) | 59,776 | 1,027,914 | ||||||
Kimco Realty Corp. | 229,910 | 5,577,605 | ||||||
Kimco Realty Corp. | 1,002 | 24,320 | ||||||
Lamar Advertising Co., Class A | 41,344 | 4,579,261 | ||||||
Life Storage, Inc. | 8,448 | 1,140,058 | ||||||
LondonMetric Property plc | 462,592 | 1,655,858 | ||||||
LXP Industrial Trust(a) | 145,152 | 2,161,313 | ||||||
Macerich Co. (The) | 77,312 | 1,278,740 | ||||||
Mercialys SA | 101,120 | 1,110,884 | ||||||
Mid-America Apartment Communities, Inc. | 61,184 | 12,645,509 | ||||||
Mirvac Group | 2,102,912 | 3,866,993 | ||||||
Mori Trust Sogo Reit, Inc.(a) | 712 | 859,529 | ||||||
NIPPON REIT Investment Corp. | 322 | 1,081,484 | ||||||
NorthWest Healthcare Properties REIT(a) | 92,032 | 968,225 | ||||||
Office Properties Income Trust | 39,040 | 994,739 | ||||||
Paramount Group, Inc. | 109,824 | 954,371 | ||||||
Parkway Life REIT | 320,000 | 1,133,602 | ||||||
Piedmont Office Realty Trust, Inc., Class A | 70,400 | 1,250,304 | ||||||
PotlatchDeltic Corp. | 35,328 | 1,900,293 | ||||||
Prologis, Inc. | 221,184 | 34,686,075 | ||||||
PS Business Parks, Inc. | 11,264 | 1,880,637 | ||||||
Public Storage | 68,480 | 24,552,134 | ||||||
Regency Centers Corp. | 81,408 | 5,841,024 | ||||||
Retail Opportunity Investments Corp. | 67,072 | 1,242,844 | ||||||
RPT Realty | 79,616 | 1,004,754 | ||||||
Safestore Holdings plc | 111,104 | 1,887,134 | ||||||
Saul Centers, Inc.(a) | 20,224 | 998,661 | ||||||
Segro plc | 231,168 | 4,038,108 | ||||||
Simon Property Group, Inc. | 118,784 | 17,485,005 | ||||||
SITE Centers Corp. | 86,784 | 1,285,271 | ||||||
SL Green Realty Corp.(a) | 38,120 | 2,764,460 | ||||||
Starhill Global REIT | 2,060,800 | 944,937 | ||||||
Summit Industrial Income REIT(a) | 67,584 | 1,147,833 | ||||||
Tritax Big Box REIT plc | 914,432 | 2,912,536 | ||||||
Urban Edge Properties | 68,992 | 1,258,414 | ||||||
Veris Residential, Inc.* | 63,232 | 1,043,328 | ||||||
Weyerhaeuser Co. | 399,488 | 16,151,300 | ||||||
|
| |||||||
363,058,327 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Global Quality Real Estate Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Household Durables - 0.6% |
| |||||||
Bonava AB, Class B | 106,240 | 913,399 | ||||||
Iida Group Holdings Co. Ltd. | 76,800 | 1,580,324 | ||||||
|
| |||||||
2,493,723 | ||||||||
|
| |||||||
Real Estate Management & Development - 15.2% |
| |||||||
Atrium Ljungberg AB, Class B | 6,144 | 132,568 | ||||||
Bukit Sembawang Estates Ltd. | 38,400 | 141,712 | ||||||
CA Immobilien Anlagen AG | 26,880 | 974,786 | ||||||
Castellum AB(a) | 161,792 | 3,778,688 | ||||||
Catena AB | 18,688 | 1,055,118 | ||||||
CK Asset Holdings Ltd. | 1,064,500 | 7,078,419 | ||||||
Daito Trust Construction Co. Ltd. | 34,400 | 3,910,957 | ||||||
Dios Fastigheter AB | 89,344 | 988,765 | ||||||
DREAM Unlimited Corp., Class A(a) | 40,192 | 1,265,046 | ||||||
Fabege AB | 140,544 | 2,080,131 | ||||||
Gazit-Globe Ltd. | 118,912 | 1,225,511 | ||||||
Grand City Properties SA(a) | 57,216 | 1,254,562 | ||||||
Helical plc | 21,248 | 122,582 | ||||||
Henderson Land Development Co. Ltd. | 768,000 | 3,353,669 | ||||||
Katitas Co. Ltd. | 31,600 | 948,891 | ||||||
Kennedy-Wilson Holdings, Inc. | 67,712 | 1,520,812 | ||||||
Kerry Properties Ltd. | 350,000 | 987,490 | ||||||
Kojamo OYJ(a) | 65,152 | 1,484,079 | ||||||
LEG Immobilien SE | 38,912 | 5,125,391 | ||||||
Mivne Real Estate KD Ltd. | 345,344 | 1,466,034 | ||||||
Nomura Real Estate Holdings, Inc. | 55,800 | 1,298,812 | ||||||
Platzer Fastigheter Holding AB, Class B(a) | 13,952 | 183,852 | ||||||
Realogy Holdings Corp.* | 73,984 | 1,220,736 | ||||||
Sino Land Co. Ltd. | 1,792,000 | 2,316,543 | ||||||
Sirius Real Estate Ltd. | 656,384 | 1,137,784 | ||||||
Sumitomo Realty & Development Co. Ltd. | 166,400 | 5,112,224 | ||||||
Sun Hung Kai Properties Ltd. | 691,000 | 8,396,516 | ||||||
TAG Immobilien AG | 76,544 | 2,001,850 | ||||||
Tokyo Tatemono Co. Ltd. | 102,400 | 1,513,449 | ||||||
Tricon Residential, Inc.(a) | 111,616 | 1,635,010 | ||||||
VGP NV | 4,736 | 1,335,228 | ||||||
Wihlborgs Fastigheter AB | 72,192 | 1,479,557 | ||||||
Yanlord Land Group Ltd. | 985,600 | 838,250 | ||||||
|
| |||||||
67,365,022 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 432,917,072 | ||||||
|
|
Investments | Principal Amount ($) | Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS(d) - 1.3% |
| |||||||
REPURCHASE AGREEMENTS - 1.3% |
| |||||||
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $4,583,542, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.00%, maturing 2/15/2026 - 5/15/2040; total market value $4,649,761 | 4,583,536 | 4,583,536 | ||||||
Deutsche Bank AG, London Branch, 0.15%, dated 1/31/2022, due 2/1/2022, repurchase price $1,100,005, collateralized by various U.S. Treasury Securities, ranging from 2.00% - 2.25%, maturing 11/15/2041 - 8/15/2051; Foreign Government Fixed Income Securities, ranging from 0.41% - 2.63%, maturing 5/20/2022 - 11/3/2031; total market value $1,117,907 | 1,100,000 | 1,100,000 | ||||||
|
| |||||||
5,683,536 | ||||||||
|
| |||||||
TOTAL SECURITIES LENDING REINVESTMENTS | 5,683,536 | |||||||
|
| |||||||
Total Investments - 99.1% |
| 438,600,608 | ||||||
Other assets less liabilities - 0.9% |
| 3,827,483 | ||||||
|
| |||||||
Net Assets - 100.0% |
| 442,428,091 | ||||||
|
|
* | Non-income producing security. |
(a) | The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $36,542,657, collateralized in the form of cash with a value of $5,683,536 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $25,673,633 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 15, 2022 November 15, 2051 and $6,096,277 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 8.50%, and maturity dates ranging from February 25, 2022 September 20, 2117; a total value of $37,453,446. |
(b) | Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $1,840,110, which represents approximately 0.42% of net assets of the Fund. |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Global Quality Real Estate Index Fund (cont.)
(c) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(d) | The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $5,683,536. |
Percentages shown are based on Net Assets.
Abbreviations | ||
OYJ | Public Limited Company |
Futures Contracts
FlexShares® Global Quality Real Estate Index Fund had the following open futures contracts as of January 31, 2022:
Number of Contracts | Expiration Date | Trading Currency | Notional Amount | Value and Unrealized Depreciation | ||||||||||||
Long Contracts |
| |||||||||||||||
EURO STOXX 50 Index | 3 | 03/18/2022 | EUR | $ | 139,329 | $ | (2,312 | ) | ||||||||
Hang Seng Index | 1 | 02/25/2022 | HKD | 153,009 | (5,502 | ) | ||||||||||
S&P Midcap 400 E-Mini Index | 16 | 03/18/2022 | USD | 4,207,520 | (214,939 | ) | ||||||||||
SPI 200 Index | 16 | 03/17/2022 | AUD | 1,935,540 | (127,630 | ) | ||||||||||
TOPIX Mini Index | 2 | 03/10/2022 | JPY | 32,953 | (1,536 | ) | ||||||||||
|
| |||||||||||||||
$ | (351,919 | ) | ||||||||||||||
|
|
Forward Foreign Currency Contracts
FlexShares® Global Quality Real Estate Index Fund had the following outstanding contracts as of January 31, 2022:
Contracts to Receive | Counterparty | In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
GBP | 121,709 | JPMorgan Chase Bank | USD | 161,049 | 03/16/2022 | $ | 2,200 | |||||||||||||
NOK | 12,000,000 | Toronto-Dominion Bank (The) | USD | 1,331,349 | 03/16/2022 | 13,539 | ||||||||||||||
SGD | 1,470 | BNP Paribas SA | USD | 1,076 | 03/16/2022 | 11 | ||||||||||||||
USD | 565,179 | Toronto-Dominion Bank (The) | AUD | 790,000 | 03/16/2022 | 8,479 | ||||||||||||||
USD | 138,324 | JPMorgan Chase Bank | CHF | 127,373 | 03/16/2022 | 1,362 | ||||||||||||||
USD | 104,326 | JPMorgan Chase Bank | EUR | 92,181 | 03/16/2022 | 898 | ||||||||||||||
USD | 36,111 | Bank of New York | ILS | 111,846 | 03/16/2022 | 885 | ||||||||||||||
USD | 21,440 | UBS AG | NZD | 31,599 | 03/16/2022 | 702 | ||||||||||||||
|
| |||||||||||||||||||
Total unrealized appreciation |
| $ | 28,076 | |||||||||||||||||
|
| |||||||||||||||||||
AUD | 759,336 | Goldman Sachs & Co. | USD | 544,909 | 03/16/2022 | $ | (9,818 | ) | ||||||||||||
CAD | 339,101 | Toronto-Dominion Bank (The) | USD | 267,051 | 03/16/2022 | (434 | ) | |||||||||||||
HKD | 1,265,030 | BNP Paribas SA | USD | 162,283 | 03/16/2022 | (48 | ) | |||||||||||||
JPY | 16,171,732 | Toronto-Dominion Bank (The) | USD | 142,698 | 03/16/2022 | (2,294 | ) | |||||||||||||
SEK | 2,202,771 | Goldman Sachs & Co. | USD | 243,072 | 03/16/2022 | (6,983 | ) | |||||||||||||
USD | 382,045 | Toronto-Dominion Bank (The) | CAD | 490,000 | 03/16/2022 | (3,216 | ) | |||||||||||||
USD | 1,032,124 | Citibank NA | GBP | 770,000 | 03/16/2022 | (684 | ) | |||||||||||||
USD | 252,027 | Toronto-Dominion Bank (The) | GBP | 190,000 | 03/16/2022 | (2,821 | ) | |||||||||||||
USD | 41,707 | Goldman Sachs & Co. | NOK | 374,773 | 03/16/2022 | $ | (295 | ) | ||||||||||||
|
| |||||||||||||||||||
Total unrealized depreciation |
| $ | (26,593 | ) | ||||||||||||||||
|
| |||||||||||||||||||
Net unrealized appreciation |
| $ | 1,483 | |||||||||||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Global Quality Real Estate Index Fund (cont.)
Abbreviations: |
AUD Australian Dollar |
CAD Canadian Dollar |
CHF Swiss Franc |
EUR Euro |
GBP British Pound |
HKD Hong Kong Dollar |
ILS Israeli Shekel |
JPY Japanese Yen |
NOK Norwegian Krone |
NZD New Zealand Dollar |
SEK Swedish Krona |
SGD Singapore Dollar |
USD US Dollar |
FlexShares® Global Quality Real Estate Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2022:
Australia | 5.5 | % | ||
Austria | 0.2 | |||
Belgium | 0.5 | |||
Canada | 3.2 | |||
Finland | 0.3 | |||
France | 0.3 | |||
Germany | 2.3 | |||
Hong Kong | 5.0 | |||
Israel | 0.6 | |||
Japan | 6.0 | |||
New Zealand | 0.5 | |||
Singapore | 1.0 | |||
Sweden | 2.4 | |||
United Kingdom | 3.1 | |||
United States | 66.9 | |||
Other1 | 2.2 | |||
|
| |||
100.0 | % | |||
|
|
1 | Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Global Quality Real Estate Index Fund (cont.)
Security Type | % of Net Assets | |||
Common Stocks | 97.8 | % | ||
Securities Lending Reinvestments | 1.3 | |||
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® Real Assets Allocation Index Fund
January 31, 2022 (Unaudited)
Investments | Shares | Value ($) | ||||||
EXCHANGE TRADED FUNDS - 100.0% |
| |||||||
FlexShares® Global Quality Real Estate Index Fund(a) | 167,906 | 11,617,416 | ||||||
FlexShares® Global Upstream Natural Resources Index Fund(a) | 214,898 | 8,879,585 | ||||||
FlexShares® STOXX® Global Broad Infrastructure Index Fund(a) | 350,210 | 19,664,292 | ||||||
|
| |||||||
TOTAL EXCHANGE TRADED FUNDS |
| 40,161,293 | ||||||
|
| |||||||
Total Investments - 100.0% |
| 40,161,293 | ||||||
Other assets less liabilities - 0.0%(b) |
| 174 | ||||||
|
| |||||||
Net Assets - 100.0% |
| 40,161,467 | ||||||
|
|
(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, 2022, was as follows:
Security | Value October 31, 2021 | Purchases at Cost | Sales Proceeds | Shares 2022 | Value 2022 | Change in Unrealized Appreciation (Depreciation) | Dividend Income | Realized Gain/(Loss) | ||||||||||||||||||||||||
FlexShares® Global Quality Real Estate Index Fund | $ | 8,892,328 | $ | 3,106,996 | $ | 98,441 | 167,906 | $ | 11,617,416 | $ | (284,014 | ) | $ | 130,735 | $ | 547 | ||||||||||||||||
FlexShares® Global Upstream Natural Resources Index Fund | 6,247,673 | 2,311,929 | 67,639 | 214,898 | 8,879,585 | 385,852 | 65,103 | 1,770 | ||||||||||||||||||||||||
FlexShares® STOXX® Global Broad Infrastructure Index Fund | 15,150,662 | 5,158,922 | 159,503 | 350,210 | 19,664,292 | (479,831 | ) | 151,212 | (5,958 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 30,290,663 | $ | 10,577,847 | $ | 325,583 | 733,014 | $ | 40,161,293 | $ | (377,993 | ) | $ | 347,050 | $ | (3,641 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2022 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 99.7% |
| |||||||
Aerospace & Defense - 0.5% |
| |||||||
Lockheed Martin Corp.(a) | 23,165 | 9,014,196 | ||||||
|
| |||||||
Auto Components - 0.4% |
| |||||||
Gentex Corp.(a) | 216,395 | 6,794,803 | ||||||
|
| |||||||
Banks - 4.9% |
| |||||||
Bank of America Corp. | 407,930 | 18,821,890 | ||||||
Cullen/Frost Bankers, Inc.(a) | 62,150 | 8,763,771 | ||||||
JPMorgan Chase & Co. | 362,730 | 53,901,678 | ||||||
Zions Bancorp NA(a) | 6,780 | 459,820 | ||||||
|
| |||||||
81,947,159 | ||||||||
|
| |||||||
Beverages - 0.1% |
| |||||||
Coca-Cola Co. (The) | 13,560 | 827,296 | ||||||
PepsiCo, Inc. | 2,260 | 392,155 | ||||||
|
| |||||||
1,219,451 | ||||||||
|
| |||||||
Biotechnology - 2.0% |
| |||||||
AbbVie, Inc. | 68,365 | 9,358,485 | ||||||
Amgen, Inc.(a) | 103,960 | 23,613,474 | ||||||
|
| |||||||
32,971,959 | ||||||||
|
| |||||||
Building Products - 1.0% |
| |||||||
A O Smith Corp.(a) | 106,220 | 8,117,332 | ||||||
Trane Technologies plc | 50,285 | 8,704,334 | ||||||
|
| |||||||
16,821,666 | ||||||||
|
| |||||||
Capital Markets - 0.4% |
| |||||||
Janus Henderson Group plc | 189,275 | 6,984,247 | ||||||
|
| |||||||
Chemicals - 1.7% |
| |||||||
Dow, Inc. | 37,290 | 2,227,331 | ||||||
Eastman Chemical Co.(a) | 67,800 | 8,063,454 | ||||||
Olin Corp. | 139,555 | 7,071,252 | ||||||
Sherwin-Williams Co. (The)(a) | 37,290 | 10,683,958 | ||||||
|
| |||||||
28,045,995 | ||||||||
|
| |||||||
Commercial Services & Supplies - 0.5% |
| |||||||
Cintas Corp. | 6,215 | 2,433,359 | ||||||
Rollins, Inc.(a) | 205,095 | 6,327,181 | ||||||
|
| |||||||
8,760,540 | ||||||||
|
| |||||||
Communications Equipment - 2.5% |
| |||||||
Cisco Systems, Inc. | 761,055 | 42,367,932 | ||||||
|
| |||||||
Consumer Finance - 1.9% |
| |||||||
Ally Financial, Inc.(a) | 168,935 | 8,061,578 | ||||||
Discover Financial Services | 74,580 | 8,632,635 | ||||||
OneMain Holdings, Inc. | 148,030 | 7,647,230 | ||||||
Synchrony Financial | 186,450 | 7,940,905 | ||||||
|
| |||||||
32,282,348 | ||||||||
|
| |||||||
Containers & Packaging - 0.4% |
| |||||||
International Paper Co. | 137,860 | 6,651,745 | ||||||
|
|
Investments | Shares | Value ($) | ||||||
Diversified Consumer Services - 0.5% |
| |||||||
H&R Block, Inc.(a) | 327,135 | 7,478,306 | ||||||
|
| |||||||
Diversified Telecommunication Services - 2.2% |
| |||||||
AT&T, Inc. | 537,880 | 13,715,940 | ||||||
Lumen Technologies, Inc.(a) | 644,100 | 7,961,076 | ||||||
Verizon Communications, Inc. | 287,020 | 15,278,075 | ||||||
|
| |||||||
36,955,091 | ||||||||
|
| |||||||
Electric Utilities - 1.1% |
| |||||||
IDACORP, Inc. | 42,940 | 4,732,847 | ||||||
Southern Co. (The) | 189,840 | 13,191,981 | ||||||
|
| |||||||
17,924,828 | ||||||||
|
| |||||||
Entertainment - 0.8% |
| |||||||
Activision Blizzard, Inc. | 159,330 | 12,588,663 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) - 3.4% |
| |||||||
AvalonBay Communities, Inc. | 39,550 | 9,659,296 | ||||||
Extra Space Storage, Inc. | 46,330 | 9,182,143 | ||||||
Highwoods Properties, Inc. | 180,235 | 7,771,733 | ||||||
Prologis, Inc. | 54,240 | 8,505,917 | ||||||
Public Storage | 30,510 | 10,938,750 | ||||||
SL Green Realty Corp. | 10,721 | 777,490 | ||||||
Weyerhaeuser Co. | 242,385 | 9,799,626 | ||||||
|
| |||||||
56,634,955 | ||||||||
|
| |||||||
Food & Staples Retailing - 1.8% |
| |||||||
Costco Wholesale Corp. | 565 | 285,399 | ||||||
Walmart, Inc. | 206,225 | 28,832,317 | ||||||
|
| |||||||
29,117,716 | ||||||||
|
| |||||||
Health Care Equipment & Supplies - 2.0% |
| |||||||
Abbott Laboratories | 201,140 | 25,637,304 | ||||||
ResMed, Inc. | 33,900 | 7,749,540 | ||||||
|
| |||||||
33,386,844 | ||||||||
|
| |||||||
Health Care Providers & Services - 2.0% |
| |||||||
Cardinal Health, Inc. | 150,290 | 7,750,455 | ||||||
Chemed Corp.(a) | 13,560 | 6,358,420 | ||||||
McKesson Corp. | 42,940 | 11,023,557 | ||||||
UnitedHealth Group, Inc. | 16,385 | 7,743,059 | ||||||
|
| |||||||
32,875,491 | ||||||||
|
| |||||||
Health Care Technology - 0.6% |
| |||||||
Cerner Corp. | 100,570 | 9,171,984 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure - 0.7% |
| |||||||
Dominos Pizza, Inc.(a) | 3,955 | 1,798,141 | ||||||
International Game Technology plc(a) | 100,005 | 2,677,134 | ||||||
Wingstop, Inc.(a) | 44,635 | 6,840,313 | ||||||
|
| |||||||
11,315,588 | ||||||||
|
| |||||||
Household Durables - 0.3% |
| |||||||
Tempur Sealy International, Inc. | 126,560 | 5,038,354 | ||||||
|
| |||||||
Household Products - 3.7% |
| |||||||
Clorox Co. (The) | 5,650 | 948,409 | ||||||
Colgate-Palmolive Co. | 34,465 | 2,841,639 | ||||||
Procter & Gamble Co. (The) | 362,730 | 58,200,029 | ||||||
|
| |||||||
61,990,077 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Quality Dividend Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Independent Power and Renewable Electricity Producers - 0.2% |
| |||||||
AES Corp. (The) | 183,060 | 4,060,271 | ||||||
|
| |||||||
Industrial Conglomerates - 1.0% |
| |||||||
3M Co. | 104,525 | 17,353,240 | ||||||
|
| |||||||
Insurance - 2.7% |
| |||||||
Aflac, Inc. | 168,370 | 10,577,003 | ||||||
Allstate Corp. (The) | 69,495 | 8,385,962 | ||||||
American Financial Group, Inc. | 61,585 | 8,023,294 | ||||||
Aon plc, Class A | 27,685 | 7,653,241 | ||||||
Prudential Financial, Inc.(a) | 89,835 | 10,022,891 | ||||||
|
| |||||||
44,662,391 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail - 0.6% |
| |||||||
eBay, Inc. | 51,980 | 3,122,439 | ||||||
Shutterstock, Inc.(a) | 67,800 | 6,574,566 | ||||||
|
| |||||||
9,697,005 | ||||||||
|
| |||||||
IT Services - 4.2% |
| |||||||
Accenture plc, Class A | 60,455 | 21,375,679 | ||||||
International Business Machines Corp. | 161,025 | 21,508,109 | ||||||
Mastercard, Inc., Class A | 13,560 | 5,239,313 | ||||||
Paychex, Inc. | 77,970 | 9,181,747 | ||||||
Visa, Inc., Class A(a) | 31,075 | 7,028,233 | ||||||
Western Union Co. (The)(a) | 283,630 | 5,363,443 | ||||||
|
| |||||||
69,696,524 | ||||||||
|
| |||||||
Life Sciences Tools & Services - 0.1% |
| |||||||
Agilent Technologies, Inc. | 6,780 | 944,590 | ||||||
Thermo Fisher Scientific, Inc. | 1,130 | 656,869 | ||||||
|
| |||||||
1,601,459 | ||||||||
|
| |||||||
Machinery - 1.2% |
| |||||||
Illinois Tool Works, Inc.(a) | 57,065 | 13,348,645 | ||||||
Pentair plc(a) | 108,480 | 6,910,176 | ||||||
|
| |||||||
20,258,821 | ||||||||
|
| |||||||
Media - 4.0% |
| |||||||
Comcast Corp., Class A | 304,535 | 15,223,705 | ||||||
Fox Corp., Class A(a) | 58,195 | 2,363,299 | ||||||
Interpublic Group of Cos., Inc. (The)(a) | 246,905 | 8,775,004 | ||||||
New York Times Co. (The), Class A(a) | 169,500 | 6,785,085 | ||||||
Nexstar Media Group, Inc., Class A(a) | 51,415 | 8,503,013 | ||||||
Omnicom Group, Inc.(a) | 127,690 | 9,622,718 | ||||||
Sirius XM Holdings, Inc.(a) | 1,309,105 | 8,325,908 | ||||||
TEGNA, Inc. | 344,085 | 6,661,485 | ||||||
|
| |||||||
66,260,217 | ||||||||
|
| |||||||
Metals & Mining - 1.7% |
| |||||||
Freeport-McMoRan, Inc. | 270,070 | 10,052,005 | ||||||
Newmont Corp. | 155,940 | 9,538,850 | ||||||
Southern Copper Corp.(a) | 142,380 | 9,096,658 | ||||||
|
| |||||||
28,687,513 | ||||||||
|
| |||||||
Multiline Retail - 0.8% |
| |||||||
Kohls Corp. | 76,840 | 4,588,116 |
Investments | Shares | Value ($) | ||||||
Target Corp. | 37,855 | 8,344,378 | ||||||
|
| |||||||
12,932,494 | ||||||||
|
| |||||||
Multi-Utilities - 1.0% |
| |||||||
Public Service Enterprise Group, Inc. | 144,640 | 9,622,899 | ||||||
WEC Energy Group, Inc. | 79,665 | 7,730,692 | ||||||
|
| |||||||
17,353,591 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 2.8% |
| |||||||
Antero Midstream Corp.(a) | 816,425 | 8,123,429 | ||||||
Continental Resources, Inc.(a) | 180,800 | 9,390,752 | ||||||
Coterra Energy, Inc. | 437,875 | 9,589,462 | ||||||
Exxon Mobil Corp. | 22,035 | 1,673,779 | ||||||
PDC Energy, Inc.(a) | 153,115 | 9,075,126 | ||||||
Targa Resources Corp.(a) | 161,025 | 9,513,357 | ||||||
|
| |||||||
47,365,905 | ||||||||
|
| |||||||
Paper & Forest Products - 0.5% |
| |||||||
Louisiana-Pacific Corp. | 128,820 | 8,558,801 | ||||||
Sylvamo Corp.* | 1 | 19 | ||||||
|
| |||||||
8,558,820 | ||||||||
|
| |||||||
Pharmaceuticals - 6.3% |
| |||||||
Eli Lilly & Co. | 109,045 | 26,758,553 | ||||||
Johnson & Johnson | 343,520 | 59,185,061 | ||||||
Pfizer, Inc. | 360,470 | 18,993,164 | ||||||
|
| |||||||
104,936,778 | ||||||||
|
| |||||||
Professional Services - 0.5% |
| |||||||
Robert Half International, Inc.(a) | 75,710 | 8,574,915 | ||||||
|
| |||||||
Road & Rail - 2.1% |
| |||||||
Old Dominion Freight Line, Inc. | 26,555 | 8,017,751 | ||||||
Union Pacific Corp.(a) | 107,350 | 26,252,443 | ||||||
|
| |||||||
34,270,194 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 8.5% |
| |||||||
Analog Devices, Inc. | 66,670 | 10,931,880 | ||||||
Broadcom, Inc. | 74,015 | 43,363,908 | ||||||
Intel Corp. | 695,515 | 33,955,042 | ||||||
Microchip Technology, Inc.(a) | 109,045 | 8,448,807 | ||||||
NVIDIA Corp. | 61,020 | 14,941,357 | ||||||
Texas Instruments, Inc. | 166,675 | 29,916,496 | ||||||
|
| |||||||
141,557,490 | ||||||||
|
| |||||||
Software - 7.0% |
| |||||||
CDK Global, Inc. | 201,140 | 8,642,986 | ||||||
McAfee Corp., Class A | 13,560 | 347,814 | ||||||
Microsoft Corp. | 280,805 | 87,324,739 | ||||||
NortonLifeLock, Inc.(a) | 329,960 | 8,582,260 | ||||||
Oracle Corp. | 141,815 | 11,509,705 | ||||||
|
| |||||||
116,407,504 | ||||||||
|
| |||||||
Specialty Retail - 4.8% |
| |||||||
Bath & Body Works, Inc. | 73,450 | 4,118,342 | ||||||
Best Buy Co., Inc.(a) | 70,625 | 7,011,650 | ||||||
Dicks Sporting Goods, Inc.(a) | 64,975 | 7,498,115 | ||||||
Home Depot, Inc. (The) | 87,010 | 31,930,930 | ||||||
Lowes Cos., Inc. | 94,920 | 22,529,262 | ||||||
Williams-Sonoma, Inc.(a) | 42,375 | 6,802,882 | ||||||
|
| |||||||
79,891,181 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals - 9.7% |
| |||||||
Apple, Inc. | 868,405 | 151,779,826 | ||||||
Seagate Technology Holdings plc | 87,575 | 9,383,661 | ||||||
|
| |||||||
161,163,487 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Quality Dividend Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Textiles, Apparel & Luxury Goods - 0.7% |
| |||||||
NIKE, Inc., Class B | 28,815 | 4,266,637 | ||||||
Tapestry, Inc.(a) | 196,620 | 7,461,729 | ||||||
|
| |||||||
11,728,366 | ||||||||
|
| |||||||
Tobacco - 2.8% |
| |||||||
Altria Group, Inc. | 333,915 | 16,989,595 | ||||||
Philip Morris International, Inc. | 280,805 | 28,880,794 | ||||||
|
| |||||||
45,870,389 | ||||||||
|
| |||||||
Trading Companies & Distributors - 1.1% |
| |||||||
Fastenal Co.(a) | 158,200 | 8,966,776 | ||||||
WW Grainger, Inc.(a) | 18,080 | 8,951,589 | ||||||
|
| |||||||
17,918,365 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 1,659,146,858 | ||||||
|
| |||||||
Investments | Principal Amount ($) | Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS(b) - 9.3% |
| |||||||
CERTIFICATES OF DEPOSIT - 1.0% |
| |||||||
Bank of Montreal, Chicago (SOFR + 0.14%), 0.19%, 7/18/2022(c) | 2,000,000 | 2,000,000 | ||||||
Credit Agricole CIB, New York 0.18%, 3/21/2022 | 2,000,000 | 2,000,000 | ||||||
Mizuho Bank Ltd., New York 0.25%, 5/5/2022 | 3,000,000 | 2,999,412 | ||||||
National Australia Bank, London 0.30%, 2/24/2022 | 2,500,000 | 2,499,776 | ||||||
0.35%, 4/6/2022 | 1,000,000 | 999,810 | ||||||
Oversea-Chinese Banking Corp. Ltd., New York 0.14%, 2/24/2022 | 2,000,000 | 2,000,000 | ||||||
Societe Generale, New York 0.25%, 2/8/2022 | 2,000,000 | 1,999,985 | ||||||
The Sumitomo Bank Ltd., New York 0.15%, 3/9/2022 | 3,000,000 | 3,000,000 | ||||||
|
| |||||||
TOTAL CERTIFICATES OF DEPOSIT |
| 17,498,983 | ||||||
|
| |||||||
REPURCHASE AGREEMENTS - 8.3% |
| |||||||
BofA Securities, Inc., 0.52%, dated 1/31/2022, due 5/3/2022, repurchase price $8,010,631, collateralized by various U.S. Treasury Securities, ranging from 0.13% 4.38%, maturing 4/30/2023 2/15/2038; Common Stocks; total market value $8,565,603 | 8,000,000 | 8,000,000 |
Investments | Principal Amount ($) | Value ($) | ||||||
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $74,539,323, collateralized by various U.S. Treasury Securities, ranging from 0.13% 6.00%, maturing 2/15/2026 5/15/2040; total market value $75,616,193 | 74,539,220 | 74,539,220 | ||||||
Deutsche Bank AG, London Branch, 0.15%, dated 1/31/2022, due 2/1/2022, repurchase price $5,000,021, collateralized by various U.S. Treasury Securities, ranging from 2.00% 2.25%, maturing 11/15/2041 8/15/2051; Foreign Government Fixed Income Securities, ranging from 0.41% 2.63%, maturing 5/20/2022 11/3/2031; total market value $5,081,396 | 5,000,000 | 5,000,000 | ||||||
Societe Generale, New York Branch, 0.05%, dated 1/31/2022, due 2/7/2022, repurchase price $50,000,486, collateralized by various U.S. Treasury Securities, ranging from 0.00% 7.63%, maturing 2/1/2022 8/15/2046; total market value $50,566,305 | 50,000,000 | 50,000,000 | ||||||
|
| |||||||
TOTAL REPURCHASE AGREEMENTS |
| 137,539,220 | ||||||
|
| |||||||
TOTAL SECURITIES LENDING REINVESTMENTS |
| 155,038,203 | ||||||
|
| |||||||
Total Investments - 109.0% |
| 1,814,185,061 | ||||||
Liabilities in excess of other assets - (9.0%) |
| (149,889,582 | ) | |||||
|
| |||||||
Net Assets - 100.0% |
| 1,664,295,479 | ||||||
|
|
* | Non-income producing security. |
(a) | The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $192,564,669, collateralized in the form of cash with a value of $155,043,049 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $32,491,902 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 15, 2022 November 15, 2051 and $7,585,317 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 7.50%, and maturity dates ranging from July 15, 2022 May 25, 2050; a total value of $195,120,268. |
(b) | The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $155,038,203. |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Quality Dividend Index Fund (cont.)
(c) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of January 31, 2022. |
Percentages shown are based on Net Assets.
Abbreviations | ||
SOFR | Secured Overnight Financing Rate |
Futures Contracts
FlexShares® Quality Dividend Index Fund had the following open futures contracts as of January 31, 2022:
Number of Contracts | Expiration Date | Trading Currency | Notional Amount | Value and Unrealized Depreciation | ||||||||||||
Long Contracts |
| |||||||||||||||
S&P 500 E-Mini Index | 20 | 03/18/2022 | USD | $ | 4,504,250 | $ | (128,202 | ) |
Abbreviations: |
USD US Dollar |
Security Type | % of Net Assets | |||
Common Stocks | 99.7 | % | ||
Securities Lending Reinvestments | 9.3 | |||
Others(1) | (9.0 | ) | ||
|
| |||
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, 2022 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 98.6% |
| |||||||
Banks - 3.7% |
| |||||||
Bank of America Corp. | 48,048 | 2,216,935 | ||||||
JPMorgan Chase & Co. | 95,784 | 14,233,502 | ||||||
|
| |||||||
16,450,437 | ||||||||
|
| |||||||
Beverages - 0.1% |
| |||||||
Coca-Cola Co. (The) | 3,276 | 199,869 | ||||||
PepsiCo, Inc. | 468 | 81,207 | ||||||
|
| |||||||
281,076 | ||||||||
|
| |||||||
Biotechnology - 4.7% |
| |||||||
AbbVie, Inc. | 74,100 | 10,143,549 | ||||||
Amgen, Inc. | 27,300 | 6,200,922 | ||||||
Gilead Sciences, Inc. | 59,436 | 4,082,065 | ||||||
|
| |||||||
20,426,536 | ||||||||
|
| |||||||
Building Products - 1.4% |
| |||||||
A O Smith Corp. | 27,924 | 2,133,952 | ||||||
Lennox International, Inc. | 6,396 | 1,814,033 | ||||||
Trane Technologies plc | 13,416 | 2,322,310 | ||||||
|
| |||||||
6,270,295 | ||||||||
|
| |||||||
Capital Markets - 0.4% |
| |||||||
Janus Henderson Group plc | 49,452 | 1,824,779 | ||||||
|
| |||||||
Chemicals - 1.5% |
| |||||||
CF Industries Holdings, Inc.(a) | 35,880 | 2,471,056 | ||||||
Chemours Co. (The)(a) | 63,336 | 2,071,720 | ||||||
Olin Corp. | 37,128 | 1,881,276 | ||||||
|
| |||||||
6,424,052 | ||||||||
|
| |||||||
Commercial Services & Supplies - 0.4% |
| |||||||
Rollins, Inc.(a) | 56,472 | 1,742,161 | ||||||
|
| |||||||
Communications Equipment - 3.1% |
| |||||||
Cisco Systems, Inc. | 200,772 | 11,176,977 | ||||||
Motorola Solutions, Inc. | 10,452 | 2,424,237 | ||||||
|
| |||||||
13,601,214 | ||||||||
|
| |||||||
Consumer Finance - 0.2% |
| |||||||
SLM Corp. | 56,940 | 1,044,280 | ||||||
|
| |||||||
Containers & Packaging - 0.1% |
| |||||||
International Paper Co. | 11,544 | 556,998 | ||||||
|
| |||||||
Distributors - 0.1% |
| |||||||
Pool Corp.(a) | 1,248 | 594,360 | ||||||
|
| |||||||
Diversified Consumer Services - 0.6% |
| |||||||
H&R Block, Inc.(a) | 91,416 | 2,089,770 | ||||||
Service Corp. International(a) | 8,736 | 539,186 | ||||||
|
| |||||||
2,628,956 | ||||||||
|
| |||||||
Diversified Telecommunication Services - 2.2% |
| |||||||
AT&T, Inc. | 141,804 | 3,616,002 | ||||||
Lumen Technologies, Inc.(a) | 169,260 | 2,092,053 | ||||||
Verizon Communications, Inc. | 75,660 | 4,027,382 | ||||||
|
| |||||||
9,735,437 | ||||||||
|
|
Investments | Shares | Value ($) | ||||||
Electric Utilities - 1.3% |
| |||||||
Exelon Corp. | 20,592 | 1,193,306 | ||||||
IDACORP, Inc. | 20,280 | 2,235,262 | ||||||
PPL Corp. | 23,088 | 685,252 | ||||||
Southern Co. (The) | 23,400 | 1,626,066 | ||||||
|
| |||||||
5,739,886 | ||||||||
|
| |||||||
Entertainment - 0.8% |
| |||||||
Activision Blizzard, Inc. | 42,276 | 3,340,227 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) - 6.1% |
| |||||||
American Tower Corp. | 21,684 | 5,453,526 | ||||||
CubeSmart | 12,324 | 625,320 | ||||||
Duke Realty Corp. | 41,964 | 2,424,680 | ||||||
Equity Residential | 28,392 | 2,519,222 | ||||||
Extra Space Storage, Inc. | 12,324 | 2,442,494 | ||||||
Healthpeak Properties, Inc. | 65,052 | 2,300,889 | ||||||
Iron Mountain, Inc.(a) | 48,828 | 2,242,182 | ||||||
Mid-America Apartment Communities, Inc. | 12,012 | 2,482,640 | ||||||
National Retail Properties, Inc.(a) | 2,496 | 110,773 | ||||||
Prologis, Inc. | 20,592 | 3,229,237 | ||||||
Public Storage | 8,112 | 2,908,395 | ||||||
|
| |||||||
26,739,358 | ||||||||
|
| |||||||
Food & Staples Retailing - 1.8% |
| |||||||
Costco Wholesale Corp. | 156 | 78,800 | ||||||
Walmart, Inc. | 55,536 | 7,764,488 | ||||||
|
| |||||||
7,843,288 | ||||||||
|
| |||||||
Food Products - 1.1% |
| |||||||
Hershey Co. (The) | 13,416 | 2,643,891 | ||||||
Sanderson Farms, Inc. | 11,232 | 2,066,688 | ||||||
|
| |||||||
4,710,579 | ||||||||
|
| |||||||
Health Care Equipment & Supplies - 2.5% |
| |||||||
Abbott Laboratories | 69,264 | 8,828,390 | ||||||
ResMed, Inc. | 8,892 | 2,032,711 | ||||||
|
| |||||||
10,861,101 | ||||||||
|
| |||||||
Health Care Providers & Services - 1.4% |
| |||||||
Chemed Corp.(a) | 4,056 | 1,901,899 | ||||||
UnitedHealth Group, Inc. | 8,892 | 4,202,092 | ||||||
|
| |||||||
6,103,991 | ||||||||
|
| |||||||
Health Care Technology - 0.0%(b) |
| |||||||
Cerner Corp. | 2,340 | 213,408 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure - 1.0% |
| |||||||
Dominos Pizza, Inc. | 4,524 | 2,056,836 | ||||||
Starbucks Corp. | 16,068 | 1,579,806 | ||||||
Yum! Brands, Inc. | 5,928 | 742,008 | ||||||
|
| |||||||
4,378,650 | ||||||||
|
| |||||||
Household Products - 2.8% |
| |||||||
Clorox Co. (The) | 11,856 | 1,990,148 | ||||||
Procter & Gamble Co. (The) | 63,180 | 10,137,231 | ||||||
|
| |||||||
12,127,379 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity |
| |||||||
AES Corp. (The)(a) | 75,348 | 1,671,219 | ||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Quality Dividend Defensive Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Industrial Conglomerates - 1.0% |
| |||||||
3M Co. | 27,612 | 4,584,144 | ||||||
|
| |||||||
Insurance - 2.5% |
| |||||||
Aflac, Inc. | 44,928 | 2,822,377 | ||||||
American Financial Group, Inc. | 16,536 | 2,154,310 | ||||||
Aon plc, Class A | 10,764 | 2,975,600 | ||||||
Assurant, Inc. | 1,248 | 190,333 | ||||||
MetLife, Inc.(a) | 23,088 | 1,548,281 | ||||||
Willis Towers Watson plc | 6,396 | 1,496,408 | ||||||
|
| |||||||
11,187,309 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail - 0.6% |
| |||||||
eBay, Inc. | 14,040 | 843,383 | ||||||
Shutterstock, Inc. | 17,940 | 1,739,642 | ||||||
|
| |||||||
2,583,025 | ||||||||
|
| |||||||
IT Services - 2.9% |
| |||||||
Accenture plc, Class A | 156 | 55,158 | ||||||
International Business Machines Corp. | 41,496 | 5,542,621 | ||||||
Mastercard, Inc., Class A | 3,432 | 1,326,056 | ||||||
Paychex, Inc. | 20,748 | 2,443,285 | ||||||
Visa, Inc., Class A(a) | 8,112 | 1,834,691 | ||||||
Western Union Co. (The) | 84,084 | 1,590,028 | ||||||
|
| |||||||
12,791,839 | ||||||||
|
| |||||||
Life Sciences Tools & Services - 0.5% |
| |||||||
Thermo Fisher Scientific, Inc. | 4,056 | 2,357,753 | ||||||
|
| |||||||
Machinery - 3.1% |
| |||||||
Deere & Co. | 6,084 | 2,290,018 | ||||||
Graco, Inc.(a) | 29,016 | 2,105,401 | ||||||
Illinois Tool Works, Inc. | 15,132 | 3,539,677 | ||||||
Otis Worldwide Corp.(a) | 27,300 | 2,332,239 | ||||||
Toro Co. (The)(a) | 15,912 | 1,536,781 | ||||||
Watts Water Technologies, Inc., Class A | 10,920 | 1,673,053 | ||||||
|
| |||||||
13,477,169 | ||||||||
|
| |||||||
Media - 4.0% |
| |||||||
Comcast Corp., Class A | 81,588 | 4,078,584 | ||||||
Fox Corp., Class A | 15,600 | 633,516 | ||||||
Interpublic Group of Cos., Inc. (The)(a) | 65,988 | 2,345,213 | ||||||
New York Times Co. (The), Class A(a) | 44,772 | 1,792,223 | ||||||
Nexstar Media Group, Inc., Class A(a) | 13,728 | 2,270,337 | ||||||
Omnicom Group, Inc. | 33,696 | 2,539,331 | ||||||
Sirius XM Holdings, Inc.(a) | 337,740 | 2,148,026 | ||||||
TEGNA, Inc.(a) | 90,324 | 1,748,673 | ||||||
|
| |||||||
17,555,903 | ||||||||
|
| |||||||
Metals & Mining - 1.1% |
| |||||||
Newmont Corp. | 40,872 | 2,500,140 | ||||||
Southern Copper Corp. | 37,596 | 2,402,009 | ||||||
|
| |||||||
4,902,149 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) - 0.4% |
| |||||||
AGNC Investment Corp.(a) | 117,156 | 1,744,453 | ||||||
|
|
Investments | Shares | Value ($) | ||||||
Multiline Retail - 1.2% |
| |||||||
Target Corp. | 23,556 | 5,192,449 | ||||||
|
| |||||||
Multi-Utilities - 1.6% |
| |||||||
CMS Energy Corp. | 14,664 | 944,068 | ||||||
Dominion Energy, Inc. | 17,784 | 1,434,458 | ||||||
Public Service Enterprise Group, Inc. | 36,192 | 2,407,854 | ||||||
WEC Energy Group, Inc. | 24,804 | 2,406,980 | ||||||
|
| |||||||
7,193,360 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 0.4% |
| |||||||
Coterra Energy, Inc.(a) | 61,776 | 1,352,895 | ||||||
Exxon Mobil Corp. | 5,616 | 426,591 | ||||||
|
| |||||||
1,779,486 | ||||||||
|
| |||||||
Paper & Forest Products - 0.0%(b) |
| |||||||
Sylvamo Corp.* | 1 | 24 | ||||||
|
| |||||||
Pharmaceuticals - 6.3% |
| |||||||
Eli Lilly & Co. | 38,688 | 9,493,648 | ||||||
Johnson & Johnson | 85,644 | 14,755,605 | ||||||
Pfizer, Inc. | 60,684 | 3,197,440 | ||||||
|
| |||||||
27,446,693 | ||||||||
|
| |||||||
Road & Rail - 0.5% |
| |||||||
Old Dominion Freight Line, Inc.(a) | 7,020 | 2,119,549 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 8.4% |
| |||||||
Applied Materials, Inc. | 35,880 | 4,957,898 | ||||||
Broadcom, Inc. | 19,500 | 11,424,660 | ||||||
Intel Corp. | 27,456 | 1,340,402 | ||||||
KLA Corp. | 7,332 | 2,854,127 | ||||||
Lam Research Corp. | 2,964 | 1,748,523 | ||||||
NVIDIA Corp. | 16,224 | 3,972,609 | ||||||
QUALCOMM, Inc. | 2,184 | 383,860 | ||||||
Texas Instruments, Inc. | 43,992 | 7,896,124 | ||||||
Xilinx, Inc. | 10,920 | 2,113,566 | ||||||
|
| |||||||
36,691,769 | ||||||||
|
| |||||||
Software - 7.5% |
| |||||||
CDK Global, Inc. | 53,196 | 2,285,832 | ||||||
McAfee Corp., Class A(a) | 85,800 | 2,200,770 | ||||||
Microsoft Corp. | 74,412 | 23,140,644 | ||||||
NortonLifeLock, Inc.(a) | 87,048 | 2,264,119 | ||||||
Oracle Corp. | 37,596 | 3,051,291 | ||||||
|
| |||||||
32,942,656 | ||||||||
|
| |||||||
Specialty Retail - 4.8% |
| |||||||
Best Buy Co., Inc.(a) | 17,940 | 1,781,083 | ||||||
Dicks Sporting Goods, Inc.(a) | 3,276 | 378,051 | ||||||
Home Depot, Inc. (The) | 38,064 | 13,968,727 | ||||||
Lowes Cos., Inc. | 13,572 | 3,221,314 | ||||||
Williams-Sonoma, Inc.(a) | 11,232 | 1,803,185 | ||||||
|
| |||||||
21,152,360 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals - 10.1% |
| |||||||
Apple, Inc. | 221,520 | 38,717,266 | ||||||
HP, Inc. | 79,872 | 2,933,698 | ||||||
Seagate Technology Holdings plc | 23,088 | 2,473,879 | ||||||
|
| |||||||
44,124,843 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Quality Dividend Defensive Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Textiles, Apparel & Luxury Goods - 0.4% |
| |||||||
NIKE, Inc., Class B | 12,948 | 1,917,210 | ||||||
|
| |||||||
Tobacco - 2.8% |
| |||||||
Altria Group, Inc.(a) | 88,296 | 4,492,500 | ||||||
Philip Morris International, Inc. | 74,568 | 7,669,319 | ||||||
|
| |||||||
12,161,819 | ||||||||
|
| |||||||
Trading Companies & Distributors - 0.6% |
| |||||||
Fastenal Co. | 41,964 | 2,378,519 | ||||||
Watsco, Inc. | 312 | 88,159 | ||||||
|
| |||||||
2,466,678 | ||||||||
|
| |||||||
Water Utilities - 0.2% |
| |||||||
American Water Works Co., Inc. | 5,616 | 903,053 | ||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 432,585,360 | ||||||
|
| |||||||
Investments | Principal Amount ($) | Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS(c) - 5.5% |
| |||||||
REPURCHASE AGREEMENTS - 5.5% |
| |||||||
BofA Securities, Inc., 0.52%, dated 1/31/2022, due 5/3/2022, repurchase price $1,001,329, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 4.38%, maturing 4/30/2023 - 2/15/2038; Common Stocks; total market value $1,070,700 | 1,000,000 | 1,000,000 | ||||||
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $15,860,736, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.00%, maturing 2/15/2026 - 5/15/2040; total market value $16,089,876 | 15,860,714 | 15,860,714 | ||||||
Deutsche Bank AG, London Branch, 0.15%, dated 1/31/2022, due 2/1/2022, repurchase price $2,100,009, collateralized by various U.S. Treasury Securities, ranging from 2.00% - 2.25%, maturing 11/15/2041 - 8/15/2051; Foreign Government Fixed Income Securities, ranging from 0.41% - 2.63%, maturing 5/20/2022 - 11/3/2031; total market value $2,134,186 | 2,100,000 | 2,100,000 |
Investments | Principal Amount ($) | Value ($) | ||||||
Societe Generale, New York Branch, 0.05%, dated 1/31/2022, due 2/7/2022, repurchase price $5,000,049, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 2/1/2022 - 8/15/2046; total market value $5,056,631 | 5,000,000 | 5,000,000 | ||||||
|
| |||||||
23,960,714 | ||||||||
|
| |||||||
TOTAL SECURITIES LENDING REINVESTMENTS | 23,960,714 | |||||||
|
| |||||||
Total Investments - 104.1% |
| 456,546,074 | ||||||
Liabilities in excess of other assets - (4.1%) |
| (18,113,304 | ) | |||||
|
| |||||||
Net Assets - 100.0% |
| 438,432,770 | ||||||
|
|
* | Non-income producing security. |
(a) | The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $27,832,583, collateralized in the form of cash with a value of $23,960,714 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $4,015,826 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 15, 2022 November 15, 2051 and $114,453 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 7.50%, and maturity dates ranging from April 20, 2022 September 20, 2117; a total value of $28,090,993. |
(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, 2022. The total value of securities purchased was $23,960,714. |
Percentages shown are based on Net Assets.
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, 2022:
Number of Contracts | Expiration Date | Trading Currency | Notional Amount | Value and Unrealized Depreciation | ||||||||||||
Long Contracts |
| |||||||||||||||
S&P 500 E-Mini Index | 17 | 03/18/2022 | USD | $ | 3,828,613 | $ | (138,164 | ) |
Abbreviations: |
USD US Dollar |
Security Type | % of Net Assets | |||
Common Stocks | 98.6 | % | ||
Securities Lending Reinvestments | 5.5 | |||
Others(1) | (4.1 | ) | ||
|
| |||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Quality Dividend Dynamic Index Fund
January 31, 2022 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 98.8% |
| |||||||
Air Freight & Logistics - 0.2% |
| |||||||
United Parcel Service, Inc., Class B | 168 | 33,971 | ||||||
|
| |||||||
Auto Components - 0.4% |
| |||||||
Gentex Corp. | 2,758 | 86,601 | ||||||
|
| |||||||
Banks - 6.7% |
| |||||||
Bank of America Corp. | 7,406 | 341,713 | ||||||
Citigroup, Inc. | 4,921 | 320,455 | ||||||
Cullen/Frost Bankers, Inc. | 847 | 119,435 | ||||||
JPMorgan Chase & Co. | 4,746 | 705,256 | ||||||
|
| |||||||
1,486,859 | ||||||||
|
| |||||||
Beverages - 0.1% |
| |||||||
Coca-Cola Co. (The) | 182 | 11,104 | ||||||
|
| |||||||
Biotechnology - 1.4% |
| |||||||
AbbVie, Inc. | 21 | 2,875 | ||||||
Amgen, Inc. | 1,372 | 311,636 | ||||||
|
| |||||||
314,511 | ||||||||
|
| |||||||
Building Products - 2.0% |
| |||||||
A O Smith Corp. | 1,428 | 109,128 | ||||||
Masco Corp. | 1,540 | 97,528 | ||||||
Owens Corning | 1,253 | 111,141 | ||||||
Trane Technologies plc | 658 | 113,900 | ||||||
|
| |||||||
431,697 | ||||||||
|
| |||||||
Capital Markets - 0.4% |
| |||||||
Janus Henderson Group plc | 2,485 | 91,697 | ||||||
|
| |||||||
Chemicals - 3.7% |
| |||||||
Celanese Corp. | 693 | 107,907 | ||||||
Chemours Co. (The) | 3,570 | 116,775 | ||||||
Dow, Inc. | 2,226 | 132,959 | ||||||
Eastman Chemical Co. | 903 | 107,394 | ||||||
LyondellBasell Industries NV, Class A | 1,316 | 127,296 | ||||||
Olin Corp. | 1,057 | 53,558 | ||||||
Sherwin-Williams Co. (The) | 602 | 172,479 | ||||||
|
| |||||||
818,368 | ||||||||
|
| |||||||
Commercial Services & Supplies - 0.5% |
| |||||||
Cintas Corp. | 294 | 115,110 | ||||||
|
| |||||||
Communications Equipment - 2.5% |
| |||||||
Cisco Systems, Inc. | 10,136 | 564,271 | ||||||
|
| |||||||
Consumer Finance - 3.0% |
| |||||||
Ally Financial, Inc. | 833 | 39,751 | ||||||
American Express Co. | 1,204 | 216,503 | ||||||
Capital One Financial Corp. | 1,071 | 157,148 | ||||||
Discover Financial Services | 1,120 | 129,640 | ||||||
Synchrony Financial | 2,597 | 110,606 | ||||||
|
| |||||||
653,648 | ||||||||
|
|
Investments | Shares | Value ($) | ||||||
Containers & Packaging - 0.2% |
| |||||||
International Paper Co. | 1,085 | 52,351 | ||||||
|
| |||||||
Diversified Financial Services - 0.9% |
| |||||||
Equitable Holdings, Inc. | 3,507 | 117,975 | ||||||
Voya Financial, Inc.(a) | 1,337 | 90,863 | ||||||
|
| |||||||
208,838 | ||||||||
|
| |||||||
Diversified Telecommunication Services - 2.2% |
| |||||||
AT&T, Inc. | 7,035 | 179,393 | ||||||
Lumen Technologies, Inc.(a) | 8,505 | 105,122 | ||||||
Verizon Communications, Inc. | 3,815 | 203,072 | ||||||
|
| |||||||
487,587 | ||||||||
|
| |||||||
Electric Utilities - 0.4% |
| |||||||
PPL Corp. | 2,695 | 79,988 | ||||||
|
| |||||||
Electrical Equipment - 0.6% |
| |||||||
Emerson Electric Co. | 1,456 | 133,879 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 0.2% |
| |||||||
CDW Corp. | 196 | 37,054 | ||||||
|
| |||||||
Entertainment - 0.7% |
| |||||||
Activision Blizzard, Inc. | 2,065 | 163,156 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) - 2.6% |
| |||||||
AvalonBay Communities, Inc. | 525 | 128,221 | ||||||
Highwoods Properties, Inc. | 2,310 | 99,607 | ||||||
Kimco Realty Corp. | 4,949 | 120,063 | ||||||
SL Green Realty Corp. | 1,314 | 95,277 | ||||||
Weyerhaeuser Co. | 3,297 | 133,297 | ||||||
|
| |||||||
576,465 | ||||||||
|
| |||||||
Food & Staples Retailing - 0.0%(b) |
| |||||||
Costco Wholesale Corp. | 7 | 3,536 | ||||||
|
| |||||||
Health Care Equipment & Supplies - 0.6% |
| |||||||
Abbott Laboratories | 994 | 126,695 | ||||||
|
| |||||||
Health Care Providers & Services - 0.8% |
| |||||||
Cardinal Health, Inc. | 1,477 | 76,169 | ||||||
UnitedHealth Group, Inc. | 210 | 99,240 | ||||||
|
| |||||||
175,409 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure - 0.4% |
| |||||||
International Game Technology plc | 3,038 | 81,327 | ||||||
|
| |||||||
Household Durables - 0.9% |
| |||||||
Tempur Sealy International, Inc. | 2,499 | 99,485 | ||||||
Whirlpool Corp. | 504 | 105,936 | ||||||
|
| |||||||
205,421 | ||||||||
|
| |||||||
Household Products - 0.5% |
| |||||||
Procter & Gamble Co. (The) | 707 | 113,438 | ||||||
|
| |||||||
Independent Power and Renewable Electricity |
| |||||||
AES Corp. (The) | 3,612 | 80,114 | ||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Quality Dividend Dynamic Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Industrial Conglomerates - 1.0% |
| |||||||
3M Co. | 1,379 | 228,942 | ||||||
|
| |||||||
Insurance - 2.4% |
| |||||||
Aflac, Inc. | 2,135 | 134,121 | ||||||
MetLife, Inc. | 2,149 | 144,112 | ||||||
Prudential Financial, Inc. | 1,176 | 131,206 | ||||||
Unum Group | 4,389 | 111,393 | ||||||
|
| |||||||
520,832 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail - 0.6% |
| |||||||
eBay, Inc. | 714 | 42,890 | ||||||
Shutterstock, Inc. | 896 | 86,885 | ||||||
|
| |||||||
129,775 | ||||||||
|
| |||||||
IT Services - 4.8% |
| |||||||
Accenture plc, Class A | 1,232 | 435,611 | ||||||
Genpact Ltd.(a) | 1,540 | 76,615 | ||||||
International Business Machines Corp. | 2,135 | 285,172 | ||||||
Mastercard, Inc., Class A | 168 | 64,912 | ||||||
Paychex, Inc. | 973 | 114,580 | ||||||
Visa, Inc., Class A(a) | 399 | 90,242 | ||||||
|
| |||||||
1,067,132 | ||||||||
|
| |||||||
Life Sciences Tools & Services - 2.5% |
| |||||||
Thermo Fisher Scientific, Inc. | 938 | 545,259 | ||||||
|
| |||||||
Machinery - 2.5% |
| |||||||
Crane Co. | 1,064 | 110,135 | ||||||
Cummins, Inc. | 154 | 34,015 | ||||||
Illinois Tool Works, Inc. | 763 | 178,481 | ||||||
Parker-Hannifin Corp. | 399 | 123,694 | ||||||
Snap-on, Inc. | 532 | 110,789 | ||||||
|
| |||||||
557,114 | ||||||||
|
| |||||||
Media - 4.0% |
| |||||||
Comcast Corp., Class A | 3,920 | 195,961 | ||||||
Fox Corp., Class A | 791 | 32,123 | ||||||
Interpublic Group of Cos., Inc. (The) | 3,241 | 115,185 | ||||||
New York Times Co. (The), Class A | 2,177 | 87,145 | ||||||
Nexstar Media Group, Inc., Class A | 693 | 114,608 | ||||||
Omnicom Group, Inc. | 1,736 | 130,825 | ||||||
Sirius XM Holdings, Inc.(a) | 17,066 | 108,540 | ||||||
TEGNA, Inc. | 5,005 | 96,897 | ||||||
|
| |||||||
881,284 | ||||||||
|
| |||||||
Metals & Mining - 1.1% |
| |||||||
Freeport-McMoRan, Inc. | 3,535 | 131,573 | ||||||
Southern Copper Corp. | 1,897 | 121,199 | ||||||
|
| |||||||
252,772 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) - 0.4% |
| |||||||
AGNC Investment Corp.(a) | 5,761 | 85,781 | ||||||
|
| |||||||
Multiline Retail - 1.7% |
| |||||||
Kohls Corp. | 2,002 | 119,539 | ||||||
Target Corp. | 1,190 | 262,312 | ||||||
|
| |||||||
381,851 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 4.3% |
| |||||||
Antero Midstream Corp.(a) | 10,906 | 108,515 |
Investments | Shares | Value ($) | ||||||
APA Corp. | 4,270 | 141,807 | ||||||
Continental Resources, Inc. | 2,464 | 127,980 | ||||||
Devon Energy Corp. | 651 | 32,921 | ||||||
Exxon Mobil Corp. | 273 | 20,737 | ||||||
Occidental Petroleum Corp. | 3,990 | 150,303 | ||||||
PDC Energy, Inc.(a) | 2,086 | 123,637 | ||||||
Plains GP Holdings LP, Class A*(a) | 10,178 | 117,352 | ||||||
Targa Resources Corp. | 2,170 | 128,204 | ||||||
|
| |||||||
951,456 | ||||||||
|
| |||||||
Paper & Forest Products - 0.5% |
| |||||||
Louisiana-Pacific Corp. | 1,736 | 115,340 | ||||||
|
| |||||||
Pharmaceuticals - 6.2% |
| |||||||
Eli Lilly & Co. | 14 | 3,436 | ||||||
Johnson & Johnson | 4,165 | 717,588 | ||||||
Pfizer, Inc. | 12,222 | 643,977 | ||||||
|
| |||||||
1,365,001 | ||||||||
|
| |||||||
Professional Services - 0.5% |
| |||||||
Robert Half International, Inc. | 1,022 | 115,752 | ||||||
|
| |||||||
Road & Rail - 1.7% |
| |||||||
Union Pacific Corp.(a) | 1,568 | 383,454 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 7.5% |
| |||||||
Analog Devices, Inc. | 882 | 144,622 | ||||||
Applied Materials, Inc. | 960 | 132,653 | ||||||
Broadcom, Inc. | 924 | 541,353 | ||||||
KLA Corp. | 371 | 144,419 | ||||||
Microchip Technology, Inc. | 1,442 | 111,726 | ||||||
NVIDIA Corp. | 812 | 198,826 | ||||||
Texas Instruments, Inc. | 2,219 | 398,288 | ||||||
|
| |||||||
1,671,887 | ||||||||
|
| |||||||
Software - 7.0% |
| |||||||
CDK Global, Inc. | 2,702 | 116,105 | ||||||
Microsoft Corp. | 3,773 | 1,173,328 | ||||||
NortonLifeLock, Inc. | 4,228 | 109,970 | ||||||
Oracle Corp. | 1,848 | 149,984 | ||||||
|
| |||||||
1,549,387 | ||||||||
|
| |||||||
Specialty Retail - 3.8% |
| |||||||
Bath & Body Works, Inc. | 1,288 | 72,218 | ||||||
Best Buy Co., Inc. | 931 | 92,430 | ||||||
Dicks Sporting Goods, Inc.(a) | 868 | 100,167 | ||||||
Home Depot, Inc. (The) | 231 | 84,773 | ||||||
Lowes Cos., Inc. | 1,701 | 403,732 | ||||||
Williams-Sonoma, Inc.(a) | 574 | 92,150 | ||||||
|
| |||||||
845,470 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals - 9.7% |
| |||||||
Apple, Inc. | 11,480 | 2,006,474 | ||||||
HP, Inc. | 728 | 26,739 | ||||||
Seagate Technology Holdings plc | 1,050 | 112,508 | ||||||
|
| |||||||
2,145,721 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 0.8% |
| |||||||
NIKE, Inc., Class B | 616 | 91,211 | ||||||
Tapestry, Inc. | 2,541 | 96,431 | ||||||
|
| |||||||
187,642 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Quality Dividend Dynamic Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Tobacco - 2.7% |
| |||||||
Altria Group, Inc. | 4,368 | 222,244 | ||||||
Philip Morris International, Inc. | 3,710 | 381,573 | ||||||
|
| |||||||
603,817 | ||||||||
|
| |||||||
Trading Companies & Distributors - 0.8% |
| |||||||
Fastenal Co. | 2,121 | 120,218 | ||||||
WW Grainger, Inc.(a) | 126 | 62,384 | ||||||
|
| |||||||
182,602 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 21,901,366 | ||||||
|
| |||||||
Investments | Principal Amount ($) | Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS(c) - 0.4% |
| |||||||
REPURCHASE AGREEMENTS - 0.4% |
| |||||||
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $93,398, collateralized by various U.S. Treasury Securities, ranging from 0.13% 6.00%, maturing 2/15/2026 5/15/2040; total market value $94,747 | 93,398 | 93,398 | ||||||
|
| |||||||
Total Investments - 99.2% |
| 21,994,764 | ||||||
Other assets less liabilities - 0.8% |
| 174,141 | ||||||
|
| |||||||
Net Assets - 100.0% |
| 22,168,905 | ||||||
|
|
* | Non-income producing security. |
(a) | The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $1,215,308, collateralized in the form of cash with a value of $93,398 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $817,637 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 15, 2022 November 15, 2051 and $341,159 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 7.50%, and maturity dates ranging from April 20, 2022 September 20, 2117; a total value of $1,252,194. |
(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, 2022. The total value of securities purchased was $93,398. |
Percentages shown are based on Net Assets.
See Accompanying Notes to the Schedules of Investments.
FlexShares® Quality Dividend Dynamic Index Fund (cont.)
Futures Contracts
FlexShares® Quality Dividend Dynamic Index Fund had the following open futures contracts as of January 31, 2022:
Number of Contracts | Expiration Date | Trading Currency | Notional Amount | Value and Unrealized Depreciation | ||||||||||||
Long Contracts |
| |||||||||||||||
Micro E-mini S&P 500 Index | 12 | 03/18/2022 | USD | $ | 270,255 | $ | (10,620 | ) |
Abbreviations: |
USD US Dollar |
Security Type | % of Net Assets | |||
Common Stocks | 98.8 | % | ||
Securities Lending Reinvestments | 0.4 | |||
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® International Quality Dividend Index Fund
January 31, 2022 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 98.1% |
| |||||||
Auto Components - 1.1% |
| |||||||
Bridgestone Corp. | 115,600 | 5,029,315 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(a) | 324,000 | 1,741,008 | ||||||
|
| |||||||
6,770,323 | ||||||||
|
| |||||||
Automobiles - 1.7% |
| |||||||
Bajaj Auto Ltd. | 67,375 | 3,218,443 | ||||||
Daimler AG | 40,425 | 3,168,978 | ||||||
Ford Otomotiv Sanayi A/S | 223,440 | 4,130,530 | ||||||
|
| |||||||
10,517,951 | ||||||||
|
| |||||||
Banks - 9.1% |
| |||||||
Agricultural Bank of China Ltd., Class H | 14,210,000 | 5,394,207 | ||||||
Al Rajhi Bank | 8,330 | 329,035 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 231,280 | 1,460,698 | ||||||
Bank of China Ltd., Class H | 5,145,000 | 1,999,263 | ||||||
Bank of Communications Co. Ltd., Class H | 490,000 | 328,026 | ||||||
BOC Hong Kong Holdings Ltd. | 937,000 | 3,604,978 | ||||||
China Merchants Bank Co. Ltd., Class H | 122,500 | 1,019,583 | ||||||
Commonwealth Bank of Australia(b) | 490 | 32,362 | ||||||
FinecoBank Banca Fineco SpA | 220,255 | 3,655,441 | ||||||
First Abu Dhabi Bank PJSC | 559,825 | 3,048,284 | ||||||
Hana Financial Group, Inc. | 126,420 | 4,719,121 | ||||||
Hang Seng Bank Ltd. | 33,400 | 659,215 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 2,940,000 | 1,775,865 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 1,298,500 | 7,788,183 | ||||||
Nordea Bank Abp | 117,845 | 1,388,016 | ||||||
Royal Bank of Canada | 67,620 | 7,705,745 | ||||||
Saudi National Bank (The) | 7,840 | 154,213 | ||||||
Sberbank of Russia PJSC | 1,198,050 | 4,093,186 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 340,795 | 4,359,384 | ||||||
Swedbank AB, Class A | 113,435 | 2,206,211 | ||||||
|
| |||||||
55,721,016 | ||||||||
|
| |||||||
Beverages - 0.7% |
| |||||||
|
| |||||||
Thai Beverage PCL | 8,232,000 | 3,987,694 | ||||||
|
| |||||||
Building Products - 0.6% |
| |||||||
Geberit AG (Registered) | 4,165 | 2,796,797 | ||||||
Lixil Corp. | 40,500 | 917,028 | ||||||
|
| |||||||
3,713,825 | ||||||||
|
| |||||||
Capital Markets - 4.5% |
| |||||||
3i Group plc | 146,265 | 2,688,439 | ||||||
Abrdn plc | 1,354,605 | 4,378,131 | ||||||
China Galaxy Securities Co. Ltd., Class H | 245,000 | 144,847 |
Investments | Shares | Value ($) | ||||||
CSC Financial Co. Ltd., Class H(a)(b) | 2,695,000 | 3,027,643 | ||||||
Daiwa Securities Group, Inc. | 343,000 | 2,048,623 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 28,500 | 1,602,350 | ||||||
IGM Financial, Inc.(b) | 122,255 | 4,293,056 | ||||||
Macquarie Korea Infrastructure Fund | 52,920 | 592,634 | ||||||
Moscow Exchange MICEX-RTS PJSC | 757,050 | 1,415,676 | ||||||
Partners Group Holding AG | 2,205 | 3,024,311 | ||||||
Samsung Securities Co. Ltd. | 15,680 | 520,282 | ||||||
SBI Holdings, Inc. | 136,400 | 3,482,654 | ||||||
|
| |||||||
27,218,646 | ||||||||
|
| |||||||
Chemicals - 1.0% |
| |||||||
Kumho Petrochemical Co. Ltd.* | 11,515 | 1,389,824 | ||||||
Nissan Chemical Corp. | 8,500 | 455,890 | ||||||
Nitto Denko Corp. | 17,300 | 1,328,748 | ||||||
Wacker Chemie AG | 17,150 | 2,463,703 | ||||||
Yara International ASA | 4,900 | 249,835 | ||||||
|
| |||||||
5,888,000 | ||||||||
|
| |||||||
Construction & Engineering - 0.5% |
| |||||||
HOCHTIEF AG | 40,915 | 3,145,471 | ||||||
|
| |||||||
Construction Materials - 1.9% |
| |||||||
Ambuja Cements Ltd. | 864,850 | 4,231,967 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 496,000 | 2,614,360 | ||||||
China Resources Cement Holdings Ltd.(b) | 5,204,000 | 4,471,507 | ||||||
|
| |||||||
11,317,834 | ||||||||
|
| |||||||
Diversified Financial Services - 1.9% |
| |||||||
Investor AB, Class B | 56,595 | 1,214,773 | ||||||
M&G plc | 1,671,390 | 4,834,658 | ||||||
Power Finance Corp. Ltd. | 806,050 | 1,314,567 | ||||||
REC Ltd. | 2,263,065 | 4,204,817 | ||||||
|
| |||||||
11,568,815 | ||||||||
|
| |||||||
Diversified Telecommunication Services - 1.8% |
| |||||||
Elisa OYJ | 7,840 | 457,712 | ||||||
Hellenic Telecommunications Organization SA | 57,085 | 1,104,827 | ||||||
Koninklijke KPN NV | 1,524,635 | 5,002,582 | ||||||
Proximus SADP | 10,045 | 203,983 | ||||||
Spark New Zealand Ltd. | 72,030 | 204,834 | ||||||
Swisscom AG (Registered) | 3,675 | 2,084,888 | ||||||
Telefonica SA(b) | 29,748 | 137,675 | ||||||
Telenor ASA | 86,975 | 1,430,553 | ||||||
|
| |||||||
10,627,054 | ||||||||
|
| |||||||
Electric Utilities - 2.9% |
| |||||||
Cia Paranaense de Energia | 2,499,000 | 2,988,446 | ||||||
CPFL Energia SA | 73,500 | 400,443 | ||||||
Endesa SA(b) | 58,310 | 1,297,179 | ||||||
Iberdrola SA | 255,780 | 2,913,170 | ||||||
Iberdrola SA*(c) | 4,245 | 48,348 | ||||||
Power Assets Holdings Ltd. | 367,500 | 2,255,180 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
SSE plc | 231,770 | 4,920,851 | ||||||
Verbund AG | 24,990 | 2,627,693 | ||||||
|
| |||||||
17,451,310 | ||||||||
|
| |||||||
Electrical Equipment - 0.8% |
| |||||||
Mitsubishi Electric Corp. | 289,700 | 3,599,093 | ||||||
WEG SA | 245,000 | 1,483,842 | ||||||
|
| |||||||
5,082,935 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 0.6% |
| |||||||
Hexagon AB, Class B | 182,280 | 2,425,427 | ||||||
Kingboard Laminates Holdings Ltd. | 245,000 | 416,631 | ||||||
Largan Precision Co. Ltd. | 2,000 | 145,969 | ||||||
Shimadzu Corp. | 10,200 | 363,385 | ||||||
|
| |||||||
3,351,412 | ||||||||
|
| |||||||
Energy Equipment & Services - 0.2% |
| |||||||
Tenaris SA | 91,140 | 1,099,838 | ||||||
|
| |||||||
Entertainment - 1.8% |
| |||||||
NetEase, Inc., ADR(b) | 49,735 | 5,140,609 | ||||||
Nintendo Co. Ltd. | 12,500 | 6,092,428 | ||||||
|
| |||||||
11,233,037 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) - 0.4% |
| |||||||
Stockland | 885,185 | 2,519,575 | ||||||
|
| |||||||
Food & Staples Retailing - 0.1% |
| |||||||
Cencosud SA | 446,635 | 824,871 | ||||||
|
| |||||||
Food Products - 2.2% |
| |||||||
China Feihe Ltd.(a) | 129,000 | 178,341 | ||||||
Dali Foods Group Co. Ltd.(a) | 245,000 | 141,391 | ||||||
Nestle SA (Registered) | 85,995 | 10,998,641 | ||||||
Want Want China Holdings Ltd. | 1,960,000 | 1,917,884 | ||||||
|
| |||||||
13,236,257 | ||||||||
|
| |||||||
Gas Utilities - 1.0% |
| |||||||
Naturgy Energy Group SA(b) | 182,280 | 5,747,968 | ||||||
|
| |||||||
Health Care Equipment & Supplies - 1.4% |
| |||||||
Coloplast A/S, Class B | 2,450 | 353,771 | ||||||
Hartalega Holdings Bhd. | 3,405,500 | 4,784,217 | ||||||
Hoya Corp. | 5,800 | 742,712 | ||||||
Top Glove Corp. Bhd. | 5,684,000 | 2,892,586 | ||||||
|
| |||||||
8,773,286 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure - 0.2% |
| |||||||
La Francaise des Jeux SAEM(a) | 26,460 | 1,086,803 | ||||||
|
| |||||||
Household Durables - 2.2% |
| |||||||
Barratt Developments plc | 361,620 | 2,967,284 | ||||||
Electrolux AB, Class B(b) | 35,770 | 733,480 | ||||||
Iida Group Holdings Co. Ltd. | 16,100 | 331,292 | ||||||
Nien Made Enterprise Co. Ltd. | 319,000 | 4,444,255 | ||||||
Persimmon plc | 135,730 | 4,359,526 | ||||||
Sony Group Corp. | 4,200 | 463,649 | ||||||
|
| |||||||
13,299,486 | ||||||||
|
| |||||||
Household Products - 0.4% |
| |||||||
Unilever Indonesia Tbk. PT | 9,604,000 | 2,691,150 | ||||||
|
|
Investments | Shares | Value ($) | ||||||
Independent Power and Renewable Electricity Producers - 0.6% |
| |||||||
Unipro PJSC | 122,500,000 | 3,816,579 | ||||||
|
| |||||||
Industrial Conglomerates - 0.3% |
| |||||||
Industries Qatar QSC | 429,975 | 1,987,498 | ||||||
|
| |||||||
Insurance - 4.2% |
| |||||||
Ageas SA | 21,070 | 1,005,953 | ||||||
Allianz SE (Registered) | 47,040 | 11,988,584 | ||||||
BB Seguridade Participacoes SA | 661,500 | 2,882,695 | ||||||
Caixa Seguridade Participacoes S/A | 86,568 | 146,725 | ||||||
Manulife Financial Corp. | 71,540 | 1,488,964 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 2,450 | 766,397 | ||||||
SCOR SE | 39,445 | 1,331,841 | ||||||
Zurich Insurance Group AG | 12,740 | 6,030,308 | ||||||
|
| |||||||
25,641,467 | ||||||||
|
| |||||||
Interactive Media & Services - 1.1% |
| |||||||
Kakaku.com, Inc. | 42,100 | 859,355 | ||||||
Rightmove plc | 31,605 | 275,534 | ||||||
Tencent Holdings Ltd. | 89,400 | 5,411,546 | ||||||
|
| |||||||
6,546,435 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail - 1.1% |
| |||||||
JD.com cash in lieu of | 4,242 | 163,097 | ||||||
momo.com, Inc. | 71,600 | 2,870,281 | ||||||
ZOZO, Inc. | 127,700 | 3,358,047 | ||||||
|
| |||||||
6,391,425 | ||||||||
|
| |||||||
IT Services - 1.4% |
| |||||||
Edenred | 27,440 | 1,165,813 | ||||||
Infosys Ltd. | 60,760 | 1,413,669 | ||||||
Itochu Techno-Solutions Corp. | 98,000 | 2,645,086 | ||||||
Nomura Research Institute Ltd. | 73,500 | 2,526,014 | ||||||
Obic Co. Ltd. | 4,800 | 781,914 | ||||||
|
| |||||||
8,532,496 | ||||||||
|
| |||||||
Leisure Products - 0.1% |
| |||||||
Yamaha Corp. | 16,100 | 725,181 | ||||||
|
| |||||||
Machinery - 2.8% |
| |||||||
Atlas Copco AB, Class A | 43,365 | 2,523,636 | ||||||
Atlas Copco AB, Class B | 10,535 | 531,485 | ||||||
Daifuku Co. Ltd. | 6,200 | 425,619 | ||||||
Epiroc AB, Class A | 119,560 | 2,523,363 | ||||||
Epiroc AB, Class B | 10,535 | 188,824 | ||||||
FANUC Corp. | 9,000 | 1,754,307 | ||||||
Kone OYJ, Class B | 60,760 | 3,897,366 | ||||||
Schindler Holding AG | 1,225 | 302,747 | ||||||
Schindler Holding AG (Registered) | 735 | 181,885 | ||||||
Sinotruk Hong Kong Ltd. | 2,450,000 | 3,625,882 | ||||||
Yaskawa Electric Corp.(b) | 33,400 | 1,378,321 | ||||||
|
| |||||||
17,333,435 | ||||||||
|
| |||||||
Marine - 2.2% |
| |||||||
AP Moller Maersk A/S, Class A | 129 | 429,527 | ||||||
AP Moller Maersk A/S, Class B | 245 | 873,721 | ||||||
Nippon Yusen KK | 73,500 | 5,677,154 | ||||||
Orient Overseas International Ltd. | 165,500 | 4,075,126 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
SITC International Holdings Co. Ltd. | 672,000 | 2,542,337 | ||||||
|
| |||||||
13,597,865 | ||||||||
|
| |||||||
Media - 0.8% |
| |||||||
Publicis Groupe SA | 74,725 | 5,000,873 | ||||||
|
| |||||||
Metals & Mining - 7.0% |
| |||||||
BHP Group Ltd.(b) | 91,385 | 2,984,259 | ||||||
BHP Group plc(c) | 41,405 | 1,323,503 | ||||||
Cia Siderurgica Nacional SA | 73,500 | 353,520 | ||||||
Evraz plc | 511,805 | 3,428,509 | ||||||
Fortescue Metals Group Ltd. | 447,370 | 6,262,915 | ||||||
Grupo Mexico SAB de CV, Series B | 1,029,000 | 4,414,698 | ||||||
Impala Platinum Holdings Ltd. | 14,945 | 226,184 | ||||||
Kumba Iron Ore Ltd. | 176,400 | 6,165,334 | ||||||
MMC Norilsk Nickel PJSC | 15,925 | 4,463,752 | ||||||
Polymetal International plc | 11,025 | 156,940 | ||||||
Rio Tinto plc | 127,890 | 8,896,611 | ||||||
Severstal PAO | 57,575 | 1,116,286 | ||||||
Vedanta Ltd. | 505,435 | 2,179,285 | ||||||
Wheaton Precious Metals Corp. | 11,556 | 465,675 | ||||||
|
| |||||||
42,437,471 | ||||||||
|
| |||||||
Multiline Retail - 0.5% |
| |||||||
B&M European Value Retail SA | 21,315 | 161,918 | ||||||
Wesfarmers Ltd. | 73,255 | 2,720,458 | ||||||
|
| |||||||
2,882,376 | ||||||||
|
| |||||||
Multi-Utilities - 0.7% |
| |||||||
Canadian Utilities Ltd., Class A | 72,520 | 2,105,806 | ||||||
Engie SA | 158,515 | 2,408,482 | ||||||
|
| |||||||
4,514,288 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 6.0% |
| |||||||
Adaro Energy Tbk. PT | 41,601,000 | 6,479,366 | ||||||
BP plc | 513,520 | 2,637,355 | ||||||
Canadian Natural Resources Ltd. | 141,610 | 7,199,640 | ||||||
Enbridge, Inc. | 227,850 | 9,627,818 | ||||||
Formosa Petrochemical Corp. | 336,000 | 1,160,912 | ||||||
Lundin Energy AB | 131,565 | 5,291,298 | ||||||
Petroleo Brasileiro SA (Preference) | 98,000 | 597,043 | ||||||
Shell plc | 87,220 | 2,207,675 | ||||||
TotalEnergies SE | 28,665 | 1,613,742 | ||||||
|
| |||||||
36,814,849 | ||||||||
|
| |||||||
Personal Products - 2.1% |
| |||||||
Hengan International Group Co. Ltd.(b) | 122,500 | 598,553 | ||||||
LOreal SA | 28,420 | 12,005,996 | ||||||
Unilever plc | 8,575 | 435,739 | ||||||
|
| |||||||
13,040,288 | ||||||||
|
| |||||||
Pharmaceuticals - 7.8% |
| |||||||
Astellas Pharma, Inc. | 24,500 | 393,467 | ||||||
AstraZeneca plc | 23,520 | 2,719,147 | ||||||
China Medical System Holdings Ltd. | 490,000 | 815,667 | ||||||
Chugai Pharmaceutical Co. Ltd. | 111,400 | 3,587,810 | ||||||
GlaxoSmithKline plc | 301,595 | 6,648,152 | ||||||
Novartis AG (Registered) | 104,370 | 8,982,512 | ||||||
Novo Nordisk A/S, Class B | 73,990 | 7,313,944 | ||||||
Orion OYJ, Class B(b) | 93,345 | 3,772,263 |
Investments | Shares | Value ($) | ||||||
Roche Holding AG | 33,810 | 12,960,409 | ||||||
Roche Holding AG BR | 490 | 199,989 | ||||||
|
| |||||||
47,393,360 | ||||||||
|
| |||||||
Professional Services - 1.7% |
| |||||||
Nihon M&A Center Holdings, Inc. | 109,100 | 1,692,009 | ||||||
Randstad NV | 21,315 | 1,375,345 | ||||||
Recruit Holdings Co. Ltd. | 43,100 | 2,092,814 | ||||||
RELX plc | 63,455 | 1,932,551 | ||||||
SGS SA (Registered) | 1,089 | 3,070,324 | ||||||
|
| |||||||
10,163,043 | ||||||||
|
| |||||||
Real Estate Management & Development - 2.2% |
| |||||||
Agile Group Holdings Ltd.(b) | 3,920,000 | 2,071,215 | ||||||
China Overseas Land & Investment Ltd. | 34,000 | 100,070 | ||||||
China Resources Land Ltd. | 44,000 | 211,887 | ||||||
China Vanke Co. Ltd., Class H | 73,500 | 189,463 | ||||||
CK Asset Holdings Ltd. | 44,000 | 292,579 | ||||||
Country Garden Holdings | 1,708,418 | 1,400,028 | ||||||
Country Garden Services Holdings Co. Ltd. | 49,000 | 288,123 | ||||||
Daito Trust Construction Co. Ltd. | 39,400 | 4,479,410 | ||||||
Hopson Development Holdings Ltd.(b) | 977,169 | 2,040,168 | ||||||
Land & Houses PCL, NVDR | 5,390,000 | 1,586,484 | ||||||
Logan Group Co. Ltd.(b) | 1,225,000 | 761,938 | ||||||
Sunac Services Holdings Ltd.(a) | 182,000 | 205,631 | ||||||
|
| |||||||
13,626,996 | ||||||||
|
| |||||||
Road & Rail - 0.8% |
| |||||||
Aurizon Holdings Ltd. | 1,922,270 | 4,767,260 | ||||||
Canadian National Railway Co. | 2,205 | 268,612 | ||||||
|
| |||||||
5,035,872 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 4.8% |
| |||||||
ASML Holding NV | 5,880 | 3,916,657 | ||||||
Novatek Microelectronics Corp. | 274,000 | 4,639,893 | ||||||
Parade Technologies Ltd. | 7,000 | 503,344 | ||||||
Realtek Semiconductor Corp. | 80,000 | 1,512,907 | ||||||
Silergy Corp. | 6,000 | 783,059 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 665,222 | 15,211,088 | ||||||
United Microelectronics Corp. | 595,000 | 1,225,768 | ||||||
Vanguard International Semiconductor Corp. | 306,000 | 1,435,716 | ||||||
|
| |||||||
29,228,432 | ||||||||
|
| |||||||
Software - 1.7% |
| |||||||
SAP SE | 63,700 | 7,883,410 | ||||||
Temenos AG (Registered) | 16,905 | 1,998,169 | ||||||
WiseTech Global Ltd. | 13,965 | 445,709 | ||||||
|
| |||||||
10,327,288 | ||||||||
|
| |||||||
Specialty Retail - 1.9% |
| |||||||
Chow Tai Fook Jewellery Group Ltd. | 980,000 | 1,714,282 | ||||||
Industria de Diseno Textil SA | 148,960 | 4,465,157 | ||||||
Nitori Holdings Co. Ltd. | 4,700 | 668,952 | ||||||
Topsports International Holdings Ltd.(a)(b) | 566,000 | 508,108 | ||||||
USS Co. Ltd. | 181,100 | 2,932,806 | ||||||
Vibra Energia SA | 294,000 | 1,267,910 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Workman Co. Ltd.(b) | 3,000 | 131,482 | ||||||
|
| |||||||
11,688,697 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals - 2.1% |
| |||||||
Brother Industries Ltd. | 162,400 | 2,962,593 | ||||||
Lite-On Technology Corp. | 786,000 | 1,794,456 | ||||||
Quanta Computer, Inc. | 1,225,000 | 4,091,555 | ||||||
Samsung Electronics Co. Ltd. | 58,065 | 3,530,622 | ||||||
Wiwynn Corp. | 15,000 | 537,139 | ||||||
|
| |||||||
12,916,365 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 1.8% |
| |||||||
Bosideng International Holdings Ltd.(b) | 794,000 | 385,924 | ||||||
Eclat Textile Co. Ltd. | 74,000 | 1,622,923 | ||||||
Hermes International | 2,074 | 3,065,452 | ||||||
Li Ning Co. Ltd. | 401,000 | 3,874,980 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 2,450 | 1,984,585 | ||||||
|
| |||||||
10,933,864 | ||||||||
|
| |||||||
Tobacco - 1.8% |
| |||||||
Imperial Brands plc | 239,855 | 5,636,353 | ||||||
Japan Tobacco, Inc. | 245,000 | 4,877,674 | ||||||
Swedish Match AB | 70,560 | 542,914 | ||||||
|
| |||||||
11,056,941 | ||||||||
|
| |||||||
Trading Companies & Distributors - 0.3% |
| |||||||
Ashtead Group plc | 21,070 | 1,482,969 | ||||||
|
| |||||||
Wireless Telecommunication Services - 1.3% |
| |||||||
Tele2 AB, Class B | 49,000 | 708,429 | ||||||
Total Access Communication PCL, NVDR | 3,901,500 | 5,419,564 | ||||||
Turkcell Iletisim Hizmetleri A/S | 1,416,100 | 1,972,860 | ||||||
|
| |||||||
8,100,853 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 598,091,763 | ||||||
|
| |||||||
Investments | Principal Amount ($) | Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS(d) - 0.2% |
| |||||||
REPURCHASE AGREEMENTS - 0.2% |
| |||||||
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $1,264,012, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.00%, maturing 2/15/2026 - 5/15/2040; total market value $1,282,273 | 1,264,010 | 1,264,010 |
Investments | Principal Amount ($) | Value ($) | ||||||
Deutsche Bank AG, London Branch, 0.15%, dated 1/31/2022, due 2/1/2022, repurchase price $200,001, collateralized by various U.S. Treasury Securities, ranging from 2.00% - 2.25%, maturing 11/15/2041 - 8/15/2051; Foreign Government Fixed Income Securities, ranging from 0.41% - 2.63%, maturing 5/20/2022 - 11/3/2031; total market value $203,256 | 200,000 | 200,000 | ||||||
|
| |||||||
1,464,010 | ||||||||
|
| |||||||
TOTAL SECURITIES LENDING REINVESTMENTS | 1,464,010 | |||||||
|
| |||||||
Total Investments - 98.3% (Cost $551,570,352) |
| 599,555,773 | ||||||
Other assets less liabilities - 1.7% |
| 10,350,718 | ||||||
|
| |||||||
Net Assets - 100.0% |
| 609,906,491 | ||||||
|
|
* | 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, 2022. The total value of securities on loan at January 31, 2022 was $18,249,946, collateralized in the form of cash with a value of $1,464,010 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $10,172,672 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 6.25%, and maturity dates ranging from March 3, 2022 May 15, 2051 and $7,905,470 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 8.50%, and maturity dates ranging from February 25, 2022 September 20, 2117; a total value of $19,542,152. |
(c) | Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $1,534,948, which represents approximately 0.25% of net assets of the Fund. |
(d) | The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $1,464,010. |
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 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend 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. |
Futures Contracts
FlexShares® International Quality Dividend Index Fund had the following open futures contracts as of January 31, 2022:
Number of Contracts | Expiration Date | Trading Currency | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | ||||||||||
Long Contracts |
| |||||||||||||
EURO STOXX 50 Index | 56 | 03/18/2022 | EUR | $ | 2,600,810 | $ | (41,522 | ) | ||||||
FTSE 100 Index | 23 | 03/18/2022 | GBP | 2,282,408 | 40,840 | |||||||||
MSCI Emerging Markets E-Mini Index | 62 | 03/18/2022 | USD | 3,796,880 | (16 | ) | ||||||||
S&P/TSX 60 Index | 5 | 03/17/2022 | CAD | 1,004,010 | 2,615 | |||||||||
SPI 200 Index | 7 | 03/17/2022 | AUD | 846,799 | (55,672 | ) | ||||||||
TOPIX Index | 9 | 03/10/2022 | JPY | 1,482,881 | (50,137 | ) | ||||||||
|
| |||||||||||||
$ | (103,892 | ) | ||||||||||||
|
|
Forward Foreign Currency Contracts
FlexShares® International Quality Dividend Index Fund had the following outstanding contracts as of January 31, 2022:
Contracts to Receive | Counterparty | In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
CZK | 2,736,251 | Citibank NA | USD | 121,640 | 03/16/2022 | $ | 4,006 | |||||||||||||||
GBP | 558,944 | JPMorgan Chase Bank | USD | 739,611 | 03/16/2022 | 10,105 | ||||||||||||||||
INR* | 9,479,319 | Citibank NA | USD | 124,143 | 03/16/2022 | 2,294 | ||||||||||||||||
SGD | 134,973 | BNP Paribas SA | USD | 98,809 | 03/16/2022 | 996 | ||||||||||||||||
TRY | 764,685 | UBS AG | USD | 52,422 | 03/16/2022 | 3,418 | ||||||||||||||||
USD | 411,901 | Toronto-Dominion Bank (The) | CHF | 378,890 | 03/16/2022 | 4,489 | ||||||||||||||||
USD | 1,247,728 | Toronto-Dominion Bank (The) | EUR | 1,104,251 | 03/16/2022 | 8,742 | ||||||||||||||||
USD | 529,734 | JPMorgan Chase Bank | INR | * | 39,522,943 | 03/16/2022 | 2,570 | |||||||||||||||
USD | 405,447 | Toronto-Dominion Bank (The) | JPY | 46,023,809 | 03/16/2022 | 5,864 | ||||||||||||||||
USD | 279,065 | Citibank NA | KRW | * | 328,849,715 | 03/16/2022 | 6,554 | |||||||||||||||
USD | 439,730 | Goldman Sachs & Co. | KRW | * | 528,002,869 | 03/16/2022 | 2,185 | |||||||||||||||
USD | 118,099 | UBS AG | NZD | 174,054 | 03/16/2022 | 3,868 | ||||||||||||||||
USD | 127,523 | Toronto-Dominion Bank (The) | PLN | 522,804 | 03/16/2022 | 195 | ||||||||||||||||
USD | 233,612 | Citibank NA | RUB | * | 17,581,399 | 03/16/2022 | 8,871 | |||||||||||||||
USD | 178,449 | Toronto-Dominion Bank (The) | SEK | 1,620,442 | 03/16/2022 | 4,774 | ||||||||||||||||
USD | 330,998 | Citibank NA | TWD | * | 9,123,516 | 03/16/2022 | 2,969 | |||||||||||||||
ZAR | 2,071,042 | Citibank NA | USD | 128,847 | 03/16/2022 | 4,256 | ||||||||||||||||
|
| |||||||||||||||||||||
Total unrealized appreciation | $ | 76,156 | ||||||||||||||||||||
|
| |||||||||||||||||||||
AUD | 367,379 | Goldman Sachs & Co. | USD | 263,636 | 03/16/2022 | $ | (4,750 | ) | ||||||||||||||
CAD | 224,003 | Toronto-Dominion Bank (The) | USD | 176,409 | 03/16/2022 | (287 | ) | |||||||||||||||
CHF | 411,688 | JPMorgan Chase Bank | USD | 447,082 | 03/16/2022 | (4,402 | ) | |||||||||||||||
DKK | 1,506,476 | Goldman Sachs & Co. | USD | 228,917 | 03/16/2022 | (1,736 | ) | |||||||||||||||
EUR | 848,486 | JPMorgan Chase Bank | USD | 960,280 | 03/16/2022 | (8,266 | ) | |||||||||||||||
HKD | 2,582,135 | BNP Paribas SA | USD | 331,247 | 03/16/2022 | (97 | ) | |||||||||||||||
JPY | 36,647,317 | BNP Paribas SA | USD | 320,876 | 03/16/2022 | (2,702 | ) | |||||||||||||||
JPY | 240,748,718 | Toronto-Dominion Bank (The) | USD | 2,124,347 | 03/16/2022 | (34,148 | ) | |||||||||||||||
SEK | 2,350,422 | Goldman Sachs & Co. | USD | 259,365 | 03/16/2022 | (7,451 | ) |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Index Fund (cont.)
Contracts to Receive | Counterparty | In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
USD | 501,199 | Citibank NA | BRL | * | 2,843,346 | 03/16/2022 | $ | (28,667 | ) | |||||||||||||
USD | 215,809 | Toronto-Dominion Bank (The) | CAD | 276,790 | 03/16/2022 | (1,817 | ) | |||||||||||||||
USD | 177,812 | Toronto-Dominion Bank (The) | CZK | 4,025,838 | 03/16/2022 | (7,050 | ) | |||||||||||||||
USD | 315,869 | Toronto-Dominion Bank (The) | GBP | 238,130 | 03/16/2022 | (3,536 | ) | |||||||||||||||
USD | 71,612 | Toronto-Dominion Bank (The) | MXN | 1,532,040 | 03/16/2022 | (2,069 | ) | |||||||||||||||
USD | 17,650 | Goldman Sachs & Co. | NOK | 158,603 | 03/16/2022 | (125 | ) | |||||||||||||||
USD | 230,507 | Toronto-Dominion Bank (The) | ZAR | 3,732,507 | 03/16/2022 | (9,376 | ) | |||||||||||||||
|
| |||||||||||||||||||||
Total unrealized depreciation |
| $ | (116,479 | ) | ||||||||||||||||||
|
| |||||||||||||||||||||
Net unrealized depreciation |
| $ | (40,323 | ) | ||||||||||||||||||
|
|
* Non-deliverable | forward. |
Abbreviations: |
AUD Australian Dollar |
BRL Brazilian Real |
CAD Canadian Dollar |
CHF Swiss Franc |
CZK Czech Koruna |
DKK Danish Krone |
EUR Euro |
GBP British Pound |
HKD Hong Kong Dollar |
INR Indian Rupee |
JPY Japanese Yen |
KRW Korean Won |
MXN Mexican Peso |
NOK Norwegian Krone |
NZD New Zealand Dollar |
PLN Polish Zloty |
RUB Russian Ruble |
SEK Swedish Krona |
SGD Singapore Dollar |
TRY Turkish Lira |
TWD Taiwan Dollar |
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 Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2022:
Australia | 3.2 | % | ||
Austria | 0.4 | |||
Belgium | 0.2 | |||
Brazil | 1.7 | |||
Canada | 5.4 | |||
Chile | 0.1 | |||
China | 9.4 | |||
Denmark | 1.5 | |||
Finland | 1.3 | |||
France | 4.9 | |||
Germany | 4.8 | |||
Greece | 0.2 | |||
Hong Kong | 2.1 | |||
India | 2.7 | |||
Indonesia | 1.5 | |||
Italy | 0.8 | |||
Japan | 12.6 | |||
Malaysia | 1.3 | |||
Mexico | 0.7 | |||
Netherlands | 1.7 | |||
New Zealand | 0.0 | | ||
Norway | 0.3 | |||
Qatar | 0.3 | |||
Russia | 2.4 | |||
Saudi Arabia | 0.1 | |||
Singapore | 0.7 | |||
South Africa | 1.0 | |||
South Korea | 1.8 | |||
Spain | 2.6 | |||
Sweden | 4.0 | |||
Switzerland | 8.6 | |||
Taiwan | 6.9 | |||
Thailand | 1.2 | |||
Turkey | 1.0 | |||
United Arab Emirates | 0.5 | |||
United Kingdom | 10.2 | |||
Other1 | 1.9 | |||
|
| |||
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 | 98.1 | % | ||
Securities Lending Reinvestments | 0.2 | |||
Others(1) | 1.7 | |||
|
| |||
100.0 | % | |||
|
|
(1) Includes | any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® International Quality Dividend Defensive Index Fund
January 31, 2022 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 98.6% |
| |||||||
Aerospace & Defense - 0.1% |
| |||||||
Bharat Electronics Ltd. | 20,160 | 56,653 | ||||||
|
| |||||||
Air Freight & Logistics - 0.3% |
| |||||||
Deutsche Post AG (Registered) | 990 | 58,808 | ||||||
SG Holdings Co. Ltd. | 6,000 | 126,431 | ||||||
|
| |||||||
185,239 | ||||||||
|
| |||||||
Auto Components - 0.8% |
| |||||||
Bridgestone Corp. | 13,200 | 574,282 | ||||||
|
| |||||||
Automobiles - 2.0% |
| |||||||
Bajaj Auto Ltd. | 10,230 | 488,678 | ||||||
Ford Otomotiv Sanayi A/S | 24,690 | 456,421 | ||||||
Hero MotoCorp Ltd. | 12,120 | 442,474 | ||||||
|
| |||||||
1,387,573 | ||||||||
|
| |||||||
Banks - 8.8% |
| |||||||
Banco Bilbao Vizcaya Argentaria SA | 98,370 | 621,277 | ||||||
Banco de Chile | 1,678,800 | 168,427 | ||||||
Banco Santander Chile | 3,073,080 | 152,769 | ||||||
Bank of China Ltd., Class H | 600,000 | 233,150 | ||||||
Bank of Communications Co. Ltd., Class H | 180,000 | 120,499 | ||||||
BOC Hong Kong Holdings Ltd. | 165,000 | 634,815 | ||||||
China CITIC Bank Corp. Ltd., Class H | 60,000 | 28,547 | ||||||
China Everbright Bank Co. Ltd., Class H | 390,000 | 146,046 | ||||||
Commonwealth Bank of Australia(a) | 11,550 | 762,814 | ||||||
Credit Agricole SA | 16,710 | 248,760 | ||||||
Hang Seng Bank Ltd. | 9,000 | 177,633 | ||||||
Malayan Banking Bhd. | 45,791 | 90,477 | ||||||
Masraf Al Rayan QSC | 59,700 | 80,589 | ||||||
National Bank of Canada | 2,730 | 218,305 | ||||||
Nordea Bank Abp | 50,220 | 591,507 | ||||||
Royal Bank of Canada | 9,600 | 1,093,983 | ||||||
Sberbank of Russia PJSC | 79,800 | 272,640 | ||||||
Swedbank AB, Class A | 26,460 | 514,624 | ||||||
|
| |||||||
6,156,862 | ||||||||
|
| |||||||
Beverages - 1.0% |
| |||||||
Emperador, Inc. | 1,449,000 | 675,110 | ||||||
|
| |||||||
Biotechnology - 0.2% |
| |||||||
CSL Ltd.(a) | 60 | 11,006 | ||||||
Grifols SA(a) | 6,480 | 113,392 | ||||||
|
| |||||||
124,398 | ||||||||
|
| |||||||
Capital Markets - 3.8% |
| |||||||
Abrdn plc | 129,840 | 419,648 | ||||||
CSC Financial Co. Ltd., Class H(a)(b) | 495,000 | 556,098 |
Investments | Shares | Value ($) | ||||||
Hargreaves Lansdown plc | 27,120 | 487,930 | ||||||
Macquarie Korea Infrastructure Fund | 46,410 | 519,730 | ||||||
Moscow Exchange MICEX-RTS PJSC | 227,100 | 424,675 | ||||||
Singapore Exchange Ltd. | 39,000 | 268,528 | ||||||
|
| |||||||
2,676,609 | ||||||||
|
| |||||||
Chemicals - 1.5% |
| |||||||
Evonik Industries AG | 4,830 | 155,881 | ||||||
Nissan Chemical Corp. | 6,600 | 353,986 | ||||||
Yara International ASA | 10,770 | 549,127 | ||||||
|
| |||||||
1,058,994 | ||||||||
|
| |||||||
Construction & Engineering - 1.9% |
| |||||||
ACS Actividades de Construccion y Servicios SA(a) | 5,368 | 134,131 | ||||||
ACS Actividades de Construccion y Servicios SA*(c) | 107 | 2,674 | ||||||
Bouygues SA | 4,080 | 142,653 | ||||||
HOCHTIEF AG | 1,500 | 115,317 | ||||||
Metallurgical Corp. of China Ltd., Class H | 1,740,000 | 464,146 | ||||||
Taisei Corp. | 4,900 | 159,258 | ||||||
WSP Global, Inc. | 2,340 | 311,865 | ||||||
|
| |||||||
1,330,044 | ||||||||
|
| |||||||
Construction Materials - 1.5% |
| |||||||
Ambuja Cements Ltd. | 98,130 | 480,179 | ||||||
China Resources Cement Holdings Ltd. | 686,000 | 589,442 | ||||||
|
| |||||||
1,069,621 | ||||||||
|
| |||||||
Diversified Financial Services - 1.2% |
| |||||||
Banca Mediolanum SpA | 15,360 | 147,460 | ||||||
Power Finance Corp. Ltd. | 101,760 | 165,958 | ||||||
REC Ltd. | 265,560 | 493,415 | ||||||
|
| |||||||
806,833 | ||||||||
|
| |||||||
Diversified Telecommunication Services - 2.4% |
| |||||||
Hellenic Telecommunications Organization SA | 8,700 | 168,380 | ||||||
Koninklijke KPN NV | 31,410 | 103,061 | ||||||
Nippon Telegraph & Telephone Corp. | 8,000 | 226,826 | ||||||
Orange SA | 17,490 | 204,297 | ||||||
Proximus SADP | 7,560 | 153,520 | ||||||
Spark New Zealand Ltd. | 4,500 | 12,797 | ||||||
Telefonica Deutschland Holding AG | 52,530 | 149,571 | ||||||
Telefonica SA(a) | 48,803 | 225,863 | ||||||
Telenor ASA | 25,290 | 415,967 | ||||||
|
| |||||||
1,660,282 | ||||||||
|
| |||||||
Electric Utilities - 2.5% |
| |||||||
CPFL Energia SA | 36,000 | 196,136 | ||||||
EDP - Energias de Portugal SA | 32,940 | 167,606 | ||||||
Endesa SA(a) | 5,760 | 128,138 | ||||||
Enel SpA | 54,690 | 415,726 | ||||||
Iberdrola SA | 9,120 | 103,871 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Defensive Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Iberdrola SA*(c) | 151 | 1,720 | ||||||
Red Electrica Corp. SA | 8,460 | 169,852 | ||||||
SSE plc | 27,090 | 575,164 | ||||||
|
| |||||||
1,758,213 | ||||||||
|
| |||||||
Electrical Equipment - 0.1% |
| |||||||
Mitsubishi Electric Corp. | 3,000 | 37,271 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 0.4% |
| |||||||
Kingboard Laminates Holdings Ltd. | 150,000 | 255,080 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) - 0.1% |
| |||||||
Gecina SA | 480 | 64,623 | ||||||
|
| |||||||
Food & Staples Retailing - 0.4% |
| |||||||
BIM Birlesik Magazalar A/S | 16,440 | 86,210 | ||||||
Etablissements Franz Colruyt NV | 2,670 | 107,990 | ||||||
Welcia Holdings Co. Ltd. | 3,900 | 104,756 | ||||||
|
| |||||||
298,956 | ||||||||
|
| |||||||
Food Products - 3.4% |
| |||||||
Nestle SA (Registered) | 17,280 | 2,210,088 | ||||||
Orkla ASA | 14,760 | 140,381 | ||||||
Sime Darby Plantation Bhd. | 36,000 | 30,362 | ||||||
|
| |||||||
2,380,831 | ||||||||
|
| |||||||
Gas Utilities - 2.0% |
| |||||||
Naturgy Energy Group SA(a) | 21,060 | 664,100 | ||||||
Petronas Gas Bhd. | 135,000 | 547,677 | ||||||
Snam SpA | 31,800 | 176,813 | ||||||
|
| |||||||
1,388,590 | ||||||||
|
| |||||||
Health Care Equipment & Supplies - 1.8% |
| |||||||
Coloplast A/S, Class B | 2,790 | 402,865 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 24,900 | 453,798 | ||||||
Hartalega Holdings Bhd. | 90,000 | 126,436 | ||||||
Top Glove Corp. Bhd. | 609,000 | 309,920 | ||||||
|
| |||||||
1,293,019 | ||||||||
|
| |||||||
Health Care Providers & Services - 0.1% |
| |||||||
Notre Dame Intermedica Participacoes SA | 3,000 | 40,226 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure - 0.3% |
| |||||||
Jollibee Foods Corp. | 18,000 | 84,748 | ||||||
McDonalds Holdings Co. Japan Ltd. | 3,200 | 139,414 | ||||||
|
| |||||||
224,162 | ||||||||
|
| |||||||
Household Durables - 1.2% |
| |||||||
Electrolux AB, Class B(a) | 4,050 | 83,047 | ||||||
Persimmon plc | 13,800 | 443,244 | ||||||
SEB SA | 810 | 121,764 | ||||||
Sekisui House Ltd.(a) | 9,000 | 180,781 | ||||||
Sony Group Corp. | 300 | 33,118 | ||||||
|
| |||||||
861,954 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers - 1.0% |
| |||||||
Colbun SA | 8,727,210 | 723,443 | ||||||
|
|
Investments | Shares | Value ($) | ||||||
Industrial Conglomerates - 2.2% |
| |||||||
Alfa SAB de CV, Class A | 90,000 | 65,422 | ||||||
CITIC Ltd. | 45,000 | 50,208 | ||||||
Jardine Matheson Holdings Ltd. | 9,000 | 529,560 | ||||||
Siemens AG (Registered) | 4,980 | 780,891 | ||||||
Toshiba Corp.(a) | 3,000 | 123,359 | ||||||
|
| |||||||
1,549,440 | ||||||||
|
| |||||||
Insurance - 4.6% |
| |||||||
AIA Group Ltd. | 6,000 | 62,058 | ||||||
Allianz SE (Registered) | 1,830 | 466,393 | ||||||
Aviva plc | 35,190 | 204,997 | ||||||
BB Seguridade Participacoes SA | 99,000 | 431,424 | ||||||
Direct Line Insurance Group plc | 42,420 | 173,527 | ||||||
Great-West Lifeco, Inc.(a) | 5,670 | 177,037 | ||||||
Medibank Pvt Ltd. | 66,600 | 144,992 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 930 | 290,918 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 180,000 | 167,129 | ||||||
Sampo OYJ, Class A | 4,170 | 204,980 | ||||||
SCOR SE | 4,650 | 157,005 | ||||||
Zurich Insurance Group AG | 1,500 | 710,005 | ||||||
|
| |||||||
3,190,465 | ||||||||
|
| |||||||
Interactive Media & Services - 1.5% |
| |||||||
Autohome, Inc., ADR | 15,570 | 518,792 | ||||||
Tencent Holdings Ltd. | 9,000 | 544,787 | ||||||
|
| |||||||
1,063,579 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail - 0.6% |
| |||||||
JD.com cash in lieu of shares*(c) | 428 | 16,456 | ||||||
ZOZO, Inc. | 15,000 | 394,445 | ||||||
|
| |||||||
410,901 | ||||||||
|
| |||||||
IT Services - 2.1% |
| |||||||
Edenred | 718 | 30,505 | ||||||
Itochu Techno-Solutions Corp. | 12,000 | 323,888 | ||||||
Mindtree Ltd. | 8,160 | 438,091 | ||||||
Tata Consultancy Services Ltd. | 13,530 | 677,429 | ||||||
|
| |||||||
1,469,913 | ||||||||
|
| |||||||
Leisure Products - 0.7% |
| |||||||
Shimano, Inc. | 2,200 | 489,069 | ||||||
|
| |||||||
Life Sciences Tools & Services - 0.1% |
| |||||||
Sartorius Stedim Biotech | 180 | 78,109 | ||||||
|
| |||||||
Machinery - 2.1% |
| |||||||
Atlas Copco AB, Class B | 900 | 45,404 | ||||||
Harmonic Drive Systems, Inc.(a) | 13,900 | 539,835 | ||||||
Knorr-Bremse AG | 1,470 | 147,748 | ||||||
Kone OYJ, Class B | 6,960 | 446,440 | ||||||
Rational AG | 120 | 99,518 | ||||||
Sinotruk Hong Kong Ltd. | 150,000 | 221,993 | ||||||
|
| |||||||
1,500,938 | ||||||||
|
| |||||||
Marine - 0.7% |
| |||||||
SITC International Holdings Co. Ltd. | 132,000 | 499,388 | ||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Defensive Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Media - 0.5% |
| |||||||
Publicis Groupe SA | 3,424 | 229,147 | ||||||
Quebecor, Inc., Class B | 6,210 | 146,778 | ||||||
|
| |||||||
375,925 | ||||||||
|
| |||||||
Metals & Mining - 6.8% |
| |||||||
Cia Siderurgica Nacional SA | 135,000 | 649,322 | ||||||
Evraz plc | 66,600 | 446,144 | ||||||
Fortescue Metals Group Ltd.(a) | 50,820 | 711,450 | ||||||
Fresnillo plc | 30,240 | 253,491 | ||||||
Grupo Mexico SAB de CV, | 60,000 | 257,417 | ||||||
Kumba Iron Ore Ltd. | 19,980 | 698,318 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 172,884 | 135,976 | ||||||
Novolipetsk Steel PJSC | 47,108 | 129,475 | ||||||
Rio Tinto Ltd. | 90 | 7,074 | ||||||
Rio Tinto plc | 14,340 | 997,555 | ||||||
Severstal PAO | 6,900 | 133,780 | ||||||
Tata Steel Ltd. | 23,400 | 340,405 | ||||||
|
| |||||||
4,760,407 | ||||||||
|
| |||||||
Multiline Retail - 1.9% |
| |||||||
B&M European Value Retail SA | 63,510 | 482,449 | ||||||
Canadian Tire Corp. Ltd., Class A(a) | 900 | 129,877 | ||||||
Dollarama, Inc. | 3,720 | 191,850 | ||||||
Wesfarmers Ltd. | 14,940 | 554,824 | ||||||
|
| |||||||
1,359,000 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 5.4% |
| |||||||
BP plc | 131,880 | 677,314 | ||||||
China Petroleum & Chemical Corp., Class H | 300,000 | 156,972 | ||||||
Enbridge, Inc. | 26,340 | 1,112,999 | ||||||
LUKOIL PJSC | 240 | 21,172 | ||||||
Neste OYJ | 9,180 | 409,264 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 222,570 | 289,004 | ||||||
Shell plc | 20,070 | 508,003 | ||||||
Surgutneftegas PJSC (Preference) | 276,000 | 133,031 | ||||||
TotalEnergies SE | 7,800 | 439,114 | ||||||
|
| |||||||
3,746,873 | ||||||||
|
| |||||||
Personal Products - 2.1% |
| |||||||
Hengan International Group Co. Ltd.(a) | 90,000 | 439,753 | ||||||
LOreal SA | 2,250 | 950,510 | ||||||
Unilever plc | 1,110 | 56,405 | ||||||
|
| |||||||
1,446,668 | ||||||||
|
| |||||||
Pharmaceuticals - 8.3% |
| |||||||
AstraZeneca plc | 1,140 | 131,795 | ||||||
Chugai Pharmaceutical Co. Ltd. | 12,600 | 405,803 | ||||||
Daiichi Sankyo Co. Ltd. | 19,200 | 427,407 | ||||||
GlaxoSmithKline plc | 42,090 | 927,803 | ||||||
Novartis AG (Registered) | 7,440 | 640,317 | ||||||
Novo Nordisk A/S, Class B | 1,230 | 121,586 | ||||||
Orion OYJ, Class B | 10,530 | 425,539 | ||||||
Roche Holding AG | 6,960 | 2,667,981 |
Investments | Shares | Value ($) | ||||||
Sanofi | 630 | 65,503 | ||||||
|
| |||||||
5,813,734 | ||||||||
|
| |||||||
Professional Services - 0.0%(d) |
| |||||||
RELX plc | 510 | 15,532 | ||||||
|
| |||||||
Real Estate Management & Development - 1.9% |
| |||||||
Agile Group Holdings Ltd.(a) | 750,000 | 396,279 | ||||||
Daito Trust Construction Co. Ltd. | 4,700 | 534,346 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H(a) | 276,000 | 122,469 | ||||||
KWG Group Holdings Ltd. | 105,000 | 57,095 | ||||||
Land & Houses PCL, NVDR | 630,000 | 185,433 | ||||||
|
| |||||||
1,295,622 | ||||||||
|
| |||||||
Road & Rail - 1.1% |
| |||||||
Aurizon Holdings Ltd. | 192,090 | 476,386 | ||||||
Canadian National Railway Co. | 2,340 | 285,058 | ||||||
|
| |||||||
761,444 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 4.0% |
| |||||||
ASML Holding NV | 660 | 439,625 | ||||||
Disco Corp. | 1,800 | 485,832 | ||||||
Novatek Microelectronics Corp. | 25,000 | 423,348 | ||||||
Powerchip Semiconductor Manufacturing Corp. | 60,000 | 140,649 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 56,000 | 1,280,506 | ||||||
|
| |||||||
2,769,960 | ||||||||
|
| |||||||
Software - 0.1% |
| |||||||
SAP SE | 330 | 40,840 | ||||||
|
| |||||||
Specialty Retail - 1.2% |
| |||||||
Home Product Center PCL, NVDR | 360,000 | 152,455 | ||||||
Industria de Diseno Textil SA | 17,490 | 524,272 | ||||||
USS Co. Ltd. | 11,100 | 179,758 | ||||||
|
| |||||||
856,485 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals - 4.2% |
| |||||||
Asustek Computer, Inc. | 15,000 | 193,877 | ||||||
Compal Electronics, Inc. | 180,000 | 163,083 | ||||||
FUJIFILM Holdings Corp. | 7,700 | 509,881 | ||||||
Inventec Corp. | 168,000 | 152,211 | ||||||
Lite-On Technology Corp. | 240,000 | 547,926 | ||||||
Logitech International SA (Registered) | 4,200 | 346,267 | ||||||
Pegatron Corp. | 60,000 | 149,493 | ||||||
Quanta Computer, Inc. | 54,000 | 180,362 | ||||||
Samsung Electronics Co. Ltd. | 8,520 | 518,056 | ||||||
Wistron Corp. | 150,000 | 169,070 | ||||||
|
| |||||||
2,930,226 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 1.6% |
| |||||||
Li Ning Co. Ltd. | 48,000 | 463,838 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 270 | 218,709 | ||||||
Page Industries Ltd. | 780 | 443,463 | ||||||
|
| |||||||
1,126,010 | ||||||||
|
| |||||||
Tobacco - 3.2% |
| |||||||
British American Tobacco plc | 14,010 | 594,628 | ||||||
Imperial Brands plc | 27,660 | 649,982 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Defensive Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
ITC Ltd. | 92,250 | 272,216 | ||||||
Japan Tobacco, Inc. | 30,000 | 597,266 | ||||||
Swedish Match AB | 16,410 | 126,265 | ||||||
|
| |||||||
2,240,357 | ||||||||
|
| |||||||
Trading Companies & Distributors - 1.1% |
| |||||||
ITOCHU Corp.(a) | 9,000 | 286,422 | ||||||
Mitsubishi Corp. | 9,000 | 302,825 | ||||||
Sumitomo Corp. | 13,500 | 207,494 | ||||||
|
| |||||||
796,741 | ||||||||
|
| |||||||
Transportation Infrastructure - 0.6% |
| |||||||
Westports Holdings Bhd. | 471,000 | 432,120 | ||||||
|
| |||||||
Wireless Telecommunication Services - 1.2% |
| |||||||
KDDI Corp. | 12,000 | 379,605 | ||||||
SoftBank Corp. | 14,400 | 179,211 | ||||||
Vodafone Group plc | 176,820 | 308,447 | ||||||
|
| |||||||
867,263 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 68,975,877 | ||||||
|
| |||||||
Investments | Principal Amount ($) | Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS(e) - 0.4% |
| |||||||
REPURCHASE AGREEMENTS - 0.4% |
| |||||||
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $290,328, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.00%, maturing 2/15/2026 - 5/15/2040; total market value $294,522 | 290,327 | 290,327 | ||||||
|
| |||||||
Total Investments - 99.0% |
| 69,266,204 | ||||||
Other assets less liabilities - 1.0% |
| 700,131 | ||||||
|
| |||||||
Net Assets - 100.0% |
| 69,966,335 | ||||||
|
|
* | Non-income producing security. |
(a) | The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $4,246,662, collateralized in the form of cash with a value of $290,327 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $1,043,252 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 6.25%, and maturity dates ranging from March 17, 2022 May 15, 2051 and $3,227,198 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 8.50%, and maturity dates ranging from February 25, 2022 November 2, 2086; a total value of $4,560,777. |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(c) | Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $20,850, which represents approximately 0.03% of net assets of the Fund. |
(d) | Represents less than 0.05% of net assets. |
(e) | The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $290,327. |
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. |
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, 2022:
Number of Contracts | Expiration Date | Trading Currency | Notional Amount | Value and Unrealized Appreciation/ | ||||||||||||
Long Contracts |
| |||||||||||||||
MSCI EAFE E-Mini Index | 6 | 03/18/2022 | USD | $ | 670,590 | $ | (12,067 | ) | ||||||||
MSCI Emerging Markets E-Mini Index | 6 | 03/18/2022 | USD | 367,440 | 2,743 | |||||||||||
|
| |||||||||||||||
$ | (9,324 | ) | ||||||||||||||
|
|
Forward Foreign Currency Contracts
FlexShares® International Quality Dividend Defensive Index Fund had the following outstanding contracts as of January 31, 2022:
Contracts to Receive | Counterparty | In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
NOK | 59,477 | Goldman Sachs & Co. | USD | 6,619 | 03/16/2022 | $ | 47 | |||||||||||||||
USD | 39,730 | Goldman Sachs & Co. | AUD | 55,364 | 03/16/2022 | 716 | ||||||||||||||||
USD | 228,054 | JPMorgan Chase Bank | CHF | 210,000 | 03/16/2022 | 2,246 | ||||||||||||||||
USD | 362,162 | JPMorgan Chase Bank | EUR | 320,000 | 03/16/2022 | 3,117 | ||||||||||||||||
USD | 70,591 | Toronto-Dominion Bank (The) | JPY | 8,000,000 | 03/16/2022 | 1,135 | ||||||||||||||||
|
| |||||||||||||||||||||
Total unrealized appreciation |
| $ | 7,261 | |||||||||||||||||||
|
| |||||||||||||||||||||
CHF | 87,000 | Bank of Montreal | USD | 94,476 | 03/16/2022 | $ | (927 | ) | ||||||||||||||
USD | 17,627 | Citibank NA | BRL | * | 100,000 | 03/16/2022 | (1,008 | ) | ||||||||||||||
USD | 92,626 | JPMorgan Chase Bank | GBP | 70,000 | 03/16/2022 | (1,266 | ) | |||||||||||||||
USD | 46,317 | Toronto-Dominion Bank (The) | ZAR | 750,000 | 03/16/2022 | (1,884 | ) | |||||||||||||||
|
| |||||||||||||||||||||
Total unrealized depreciation |
| $ | (5,085 | ) | ||||||||||||||||||
|
| |||||||||||||||||||||
Net unrealized appreciation |
| $ | 2,176 | |||||||||||||||||||
|
|
* | Non-deliverable forward. |
Abbreviations: |
AUD Australian Dollar |
BRL Brazilian Real |
CHF Swiss Franc |
EUR Euro |
GBP British Pound |
JPY Japanese Yen |
NOK Norwegian Krone |
USD US Dollar |
ZAR South African Rand |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Defensive Index Fund (cont.)
FlexShares® International Quality Dividend Defensive Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2022:
Australia | 3.8 | % | ||
Belgium | 0.4 | |||
Brazil | 1.9 | |||
Canada | 5.2 | |||
Chile | 1.5 | |||
China | 7.9 | |||
Denmark | 0.8 | |||
Finland | 2.1 | |||
France | 4.2 | |||
Germany | 3.3 | |||
Greece | 0.2 | |||
Hong Kong | 2.0 | |||
India | 6.1 | |||
Italy | 1.1 | |||
Japan | 11.9 | |||
Malaysia | 2.2 | |||
Mexico | 0.5 | |||
Netherlands | 0.8 | |||
New Zealand | 0.7 | |||
Norway | 1.6 | |||
Philippines | 1.1 | |||
Poland | 0.4 | |||
Portugal | 0.2 | |||
Qatar | 0.1 | |||
Russia | 1.8 | |||
Singapore | 1.1 | |||
South Africa | 1.0 | |||
South Korea | 1.5 | |||
Spain | 3.8 | |||
Sweden | 1.9 | |||
Switzerland | 9.4 | |||
Taiwan | 4.9 | |||
Thailand | 0.5 | |||
Turkey | 0.8 | |||
United Kingdom | 11.9 | |||
Other1 | 1.4 | |||
|
| |||
100.0 | % | |||
|
|
1 | Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
Security Type | % of Net Assets | |||
Common Stocks | 98.6 | % | ||
Securities Lending Reinvestments | 0.4 | |||
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® International Quality Dividend Dynamic Index Fund
January 31, 2022 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 98.5% |
| |||||||
Auto Components - 1.3% |
| |||||||
Fuyao Glass Industry Group Co. Ltd., Class H(a) | 112,000 | 601,830 | ||||||
Koito Manufacturing Co. Ltd. | 2,800 | 138,755 | ||||||
Magna International, Inc. | 2,828 | 227,721 | ||||||
Nexteer Automotive Group Ltd. | 112,000 | 122,377 | ||||||
|
| |||||||
1,090,683 | ||||||||
|
| |||||||
Automobiles - 2.6% |
| |||||||
Daimler AG | 13,160 | 1,031,632 | ||||||
Ford Otomotiv Sanayi A/S | 30,268 | 559,537 | ||||||
Geely Automobile Holdings Ltd. | 56,000 | 119,504 | ||||||
Isuzu Motors Ltd. | 16,800 | 203,248 | ||||||
Porsche Automobil Holding SE (Preference) | 2,184 | 201,737 | ||||||
|
| |||||||
2,115,658 | ||||||||
|
| |||||||
Banks - 9.4% |
| |||||||
Agricultural Bank of China Ltd., Class H | 448,000 | 170,064 | ||||||
Australia & New Zealand Banking Group Ltd. | 22,232 | 415,554 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 60,592 | 382,682 | ||||||
BNP Paribas SA | 8,596 | 607,075 | ||||||
China Construction Bank Corp., Class H | 784,000 | 599,245 | ||||||
China Merchants Bank Co. Ltd., Class H | 31,000 | 258,017 | ||||||
Credit Agricole SA | 35,588 | 529,794 | ||||||
DBS Group Holdings Ltd. | 14,363 | 373,907 | ||||||
DNB Bank ASA | 9,828 | 232,251 | ||||||
Hana Financial Group, Inc. | 18,088 | 675,205 | ||||||
Hang Seng Bank Ltd. | 11,200 | 221,054 | ||||||
ING Groep NV | 29,960 | 438,689 | ||||||
National Bank of Canada | 3,164 | 253,011 | ||||||
Nordea Bank Abp | 60,424 | 711,693 | ||||||
Royal Bank of Canada(b) | 11,032 | 1,257,169 | ||||||
Sberbank of Russia PJSC (Preference) | 31,920 | 104,005 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 46,032 | 588,832 | ||||||
|
| |||||||
7,818,247 | ||||||||
|
| |||||||
Beverages - 1.1% |
| |||||||
Anheuser-Busch InBev SA/NV | 5,768 | 360,281 | ||||||
Thai Beverage PCL | 1,106,000 | 535,762 | ||||||
|
| |||||||
896,043 | ||||||||
|
| |||||||
Building Products - 0.3% |
| |||||||
Cie de Saint-Gobain | 3,976 | 265,866 | ||||||
|
| |||||||
Capital Markets - 4.7% |
| |||||||
3i Group plc | 35,616 | 654,644 | ||||||
Abrdn plc | 179,732 | 580,900 | ||||||
CSC Financial Co. Ltd., Class H(a) | 504,000 | 566,209 |
Investments | Shares | Value ($) | ||||||
Macquarie Group Ltd. | 2,716 | 351,367 | ||||||
Magellan Financial Group Ltd.(b) | 25,340 | 332,250 | ||||||
Meritz Securities Co. Ltd. | 143,304 | 725,138 | ||||||
SBI Holdings, Inc. | 25,900 | 661,296 | ||||||
|
| |||||||
3,871,804 | ||||||||
|
| |||||||
Chemicals - 2.6% |
| |||||||
BASF SE | 7,028 | 531,949 | ||||||
Nippon Sanso Holdings Corp. | 8,400 | 164,902 | ||||||
Nissan Chemical Corp. | 9,200 | 493,435 | ||||||
Shin-Etsu Chemical Co. Ltd. | 2,800 | 462,677 | ||||||
Wacker Chemie AG | 3,416 | 490,729 | ||||||
|
| |||||||
2,143,692 | ||||||||
|
| |||||||
Construction & Engineering - 1.1% |
| |||||||
ACS Actividades de Construccion y Servicios SA(b) | 6,998 | 174,860 | ||||||
ACS Actividades de Construccion y Servicios SA*(c) | 134 | 3,348 | ||||||
Bouygues SA | 4,536 | 158,597 | ||||||
HOCHTIEF AG | 7,840 | 602,725 | ||||||
|
| |||||||
939,530 | ||||||||
|
| |||||||
Construction Materials - 0.4% |
| |||||||
China Resources Cement Holdings Ltd. | 336,000 | 288,706 | ||||||
CRH plc | 1,344 | 66,909 | ||||||
|
| |||||||
355,615 | ||||||||
|
| |||||||
Diversified Financial Services - 1.7% |
| |||||||
Banca Mediolanum SpA | 17,052 | 163,703 | ||||||
M&G plc | 242,508 | 701,478 | ||||||
REC Ltd. | 310,380 | 576,692 | ||||||
|
| |||||||
1,441,873 | ||||||||
|
| |||||||
Diversified Telecommunication Services - 1.0% |
| |||||||
Telefonica SA(b) | 146,454 | 677,796 | ||||||
Telenor ASA | 10,612 | 174,545 | ||||||
|
| |||||||
852,341 | ||||||||
|
| |||||||
Electric Utilities - 1.6% |
| |||||||
Endesa SA | 8,708 | 193,720 | ||||||
Enel SpA | 32,592 | 247,748 | ||||||
Fortum OYJ | 7,336 | 197,779 | ||||||
SSE plc | 30,856 | 655,123 | ||||||
|
| |||||||
1,294,370 | ||||||||
|
| |||||||
Electrical Equipment - 1.4% |
| |||||||
Mitsubishi Electric Corp. | 44,800 | 556,574 | ||||||
WEG SA | 103,600 | 627,453 | ||||||
|
| |||||||
1,184,027 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 0.2% |
| |||||||
Omron Corp. | 2,800 | 201,814 | ||||||
|
| |||||||
Energy Equipment & Services - 0.8% |
| |||||||
Tenaris SA | 54,096 | 652,807 | ||||||
|
| |||||||
Entertainment - 0.6% |
| |||||||
NetEase, Inc., ADR | 1,036 | 107,081 | ||||||
Nintendo Co. Ltd. | 800 | 389,915 | ||||||
|
| |||||||
496,996 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Dynamic Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Equity Real Estate Investment Trusts (REITs) - 1.1% |
| |||||||
Growthpoint Properties Ltd. | 174,776 | 164,834 | ||||||
RioCan REIT(b) | 9,716 | 169,064 | ||||||
Stockland | 206,080 | 586,582 | ||||||
|
| |||||||
920,480 | ||||||||
|
| |||||||
Food & Staples Retailing - 0.1% |
| |||||||
Cencosud SA | 25,452 | 47,006 | ||||||
|
| |||||||
Food Products - 1.4% |
| |||||||
Nestle SA (Registered) | 4,200 | 537,174 | ||||||
Want Want China Holdings Ltd. | 672,000 | 657,561 | ||||||
|
| |||||||
1,194,735 | ||||||||
|
| |||||||
Gas Utilities - 1.5% |
| |||||||
AltaGas Ltd.(b) | 9,324 | 191,421 | ||||||
Kunlun Energy Co. Ltd. | 224,000 | 230,965 | ||||||
Naturgy Energy Group SA(b) | 25,144 | 792,884 | ||||||
|
| |||||||
1,215,270 | ||||||||
|
| |||||||
Health Care Equipment & Supplies - 1.8% |
| |||||||
Hartalega Holdings Bhd. | 238,000 | 334,354 | ||||||
Hoya Corp. | 4,600 | 589,048 | ||||||
Straumann Holding AG (Registered) | 112 | 182,306 | ||||||
Top Glove Corp. Bhd. | 716,800 | 364,779 | ||||||
|
| |||||||
1,470,487 | ||||||||
|
| |||||||
Health Care Providers & Services - 0.4% |
| |||||||
Hapvida Participacoes e Investimentos SA(a) | 86,800 | 206,947 | ||||||
Notre Dame Intermedica Participacoes SA | 11,200 | 150,177 | ||||||
|
| |||||||
357,124 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure - 0.4% |
| |||||||
Aristocrat Leisure Ltd. | 6,720 | 191,040 | ||||||
OPAP SA | 11,928 | 176,234 | ||||||
|
| |||||||
367,274 | ||||||||
|
| |||||||
Household Durables - 1.9% |
| |||||||
Barratt Developments plc | 72,940 | 598,511 | ||||||
Electrolux AB, Class B(b) | 6,972 | 142,964 | ||||||
Haier Smart Home Co. Ltd., Class H | 56,000 | 222,993 | ||||||
Persimmon plc | 17,948 | 576,474 | ||||||
|
| |||||||
1,540,942 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers - 1.0% |
| |||||||
Colbun SA | 10,427,620 | 864,398 | ||||||
|
| |||||||
Industrial Conglomerates - 1.3% |
| |||||||
Siemens AG (Registered) | 5,880 | 922,016 | ||||||
SK, Inc. | 840 | 152,252 | ||||||
|
| |||||||
1,074,268 | ||||||||
|
| |||||||
Insurance - 4.4% |
| |||||||
Allianz SE (Registered) | 6,300 | 1,605,614 | ||||||
Aviva plc | 41,496 | 241,732 | ||||||
AXA SA | 14,364 | 450,133 | ||||||
BB Seguridade Participacoes SA | 30,800 | 134,221 | ||||||
Manulife Financial Corp. | 14,980 | 311,779 | ||||||
SCOR SE | 5,712 | 192,863 | ||||||
Zurich Insurance Group AG | 1,456 | 689,178 | ||||||
|
| |||||||
3,625,520 | ||||||||
|
|
Investments | Shares | Value ($) | ||||||
Interactive Media & Services - 0.6% |
| |||||||
Tencent Holdings Ltd. | 8,400 | 508,467 | ||||||
|
| |||||||
Internet & Direct Marketing Retail - 0.6% |
| |||||||
JD.com cash in lieu of shares*(c) | 385 | 14,803 | ||||||
ZOZO, Inc. | 17,100 | 449,668 | ||||||
|
| |||||||
464,471 | ||||||||
|
| |||||||
IT Services - 0.6% |
| |||||||
Capgemini SE | 1,288 | 285,088 | ||||||
Infosys Ltd. | 7,560 | 175,894 | ||||||
|
| |||||||
460,982 | ||||||||
|
| |||||||
Machinery - 3.0% |
| |||||||
Atlas Copco AB, Class B | 1,372 | 69,217 | ||||||
FANUC Corp. | 3,600 | 701,723 | ||||||
Komatsu Ltd. | 8,400 | 204,560 | ||||||
MINEBEA MITSUMI, Inc. | 5,600 | 135,061 | ||||||
SKF AB, Class B | 7,476 | 162,429 | ||||||
Volvo AB, Class B | 11,368 | 253,628 | ||||||
Wartsila OYJ Abp | 39,872 | 485,404 | ||||||
Weichai Power Co. Ltd., Class H | 7,000 | 12,604 | ||||||
Yaskawa Electric Corp.(b) | 11,200 | 462,191 | ||||||
|
| |||||||
2,486,817 | ||||||||
|
| |||||||
Marine - 2.0% |
| |||||||
Nippon Yusen KK | 9,900 | 764,678 | ||||||
Orient Overseas International Ltd. | 37,000 | 911,055 | ||||||
|
| |||||||
1,675,733 | ||||||||
|
| |||||||
Media - 0.9% |
| |||||||
Cheil Worldwide, Inc. | 3,724 | 67,807 | ||||||
Publicis Groupe SA | 10,108 | 676,465 | ||||||
|
| |||||||
744,272 | ||||||||
|
| |||||||
Metals & Mining - 7.0% |
| |||||||
Anglo American Platinum Ltd. | 1,568 | 188,044 | ||||||
BHP Group Ltd.(b) | 8,120 | 265,166 | ||||||
BHP Group plc(c) | 11,172 | 357,111 | ||||||
Evraz plc | 71,764 | 480,737 | ||||||
Fortescue Metals Group Ltd.(b) | 60,760 | 850,604 | ||||||
Gerdau SA (Preference) | 30,800 | 161,483 | ||||||
Impala Platinum Holdings Ltd. | 47,544 | 719,552 | ||||||
Kumba Iron Ore Ltd. | 23,688 | 827,916 | ||||||
MMC Norilsk Nickel PJSC | 2,128 | 596,475 | ||||||
Rio Tinto plc | 9,044 | 629,142 | ||||||
Severstal PAO | 7,952 | 154,176 | ||||||
Vedanta Ltd. | 136,892 | 590,238 | ||||||
|
| |||||||
5,820,644 | ||||||||
|
| |||||||
Multiline Retail - 0.1% |
| |||||||
Lojas Renner SA | 19,600 | 103,795 | ||||||
|
| |||||||
Multi-Utilities - 0.9% |
| |||||||
Engie SA | 47,068 | 715,153 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 7.0% |
| |||||||
Adaro Energy Tbk. PT | 5,510,400 | 858,246 | ||||||
BP plc | 147,140 | 755,687 | ||||||
Canadian Natural Resources Ltd. | 19,068 | 969,442 | ||||||
Enbridge, Inc. | 5,404 | 228,346 | ||||||
Keyera Corp.(b) | 7,644 | 179,771 | ||||||
Lundin Energy AB | 17,444 | 701,565 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Dynamic Index Fund (cont.)
Investments | Shares | Value ($) | ||||||
Pembina Pipeline Corp. | 20,692 | 656,651 | ||||||
Petroleo Brasileiro SA (Preference) | 58,800 | 358,226 | ||||||
TotalEnergies SE | 19,208 | 1,081,346 | ||||||
|
| |||||||
5,789,280 | ||||||||
|
| |||||||
Personal Products - 2.0% |
| |||||||
LOreal SA | 3,864 | 1,632,342 | ||||||
|
| |||||||
Pharmaceuticals - 4.9% |
| |||||||
Astellas Pharma, Inc. | 16,800 | 269,806 | ||||||
China Medical System Holdings Ltd. | 224,000 | 372,876 | ||||||
GlaxoSmithKline plc | 40,628 | 895,576 | ||||||
Novartis AG (Registered) | 10,360 | 891,624 | ||||||
Orion OYJ, Class B | 9,968 | 402,827 | ||||||
Roche Holding AG | 2,016 | 772,795 | ||||||
Roche Holding AG - BR | 700 | 285,699 | ||||||
Takeda Pharmaceutical Co. Ltd. | 5,600 | 161,743 | ||||||
|
| |||||||
4,052,946 | ||||||||
|
| |||||||
Professional Services - 1.7% |
| |||||||
Adecco Group AG (Registered) | 3,164 | 148,914 | ||||||
Nihon M&A Center Holdings, Inc. | 16,800 | 260,547 | ||||||
Recruit Holdings Co. Ltd. | 20,600 | 1,000,278 | ||||||
|
| |||||||
1,409,739 | ||||||||
|
| |||||||
Real Estate Management & Development - 2.5% |
| |||||||
Agile Group Holdings Ltd.(b) | 224,000 | 118,355 | ||||||
China Resources Land Ltd. | 56,000 | 269,675 | ||||||
CK Asset Holdings Ltd. | 84,000 | 558,560 | ||||||
Country Garden Holdings | 408,001 | 334,352 | ||||||
Daiwa House Industry Co. Ltd. | 2,800 | 81,041 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H(b) | 168,000 | 74,547 | ||||||
KWG Group Holdings Ltd. | 126,000 | 68,514 | ||||||
Land & Houses PCL, NVDR | 719,600 | 211,806 | ||||||
Logan Group Co. Ltd. | 84,000 | 52,247 | ||||||
Sunac Services Holdings Ltd.(a) | 252,000 | 284,720 | ||||||
|
| |||||||
2,053,817 | ||||||||
|
| |||||||
Road & Rail - 0.7% |
| |||||||
Aurizon Holdings Ltd. | 222,460 | 551,704 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 7.1% |
| |||||||
Advantest Corp. | 5,700 | 473,413 | ||||||
ASML Holding NV | 2,408 | 1,603,965 | ||||||
Globalwafers Co. Ltd. | 7,000 | 194,039 | ||||||
MediaTek, Inc. | 12,000 | 463,795 | ||||||
Nanya Technology Corp. | 69,000 | 178,615 | ||||||
Novatek Microelectronics Corp. | 35,000 | 592,687 | ||||||
Phison Electronics Corp. | 22,000 | 354,749 | ||||||
Silergy Corp. | 3,000 | 391,530 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 48,000 | 1,097,577 | ||||||
Tokyo Electron Ltd. | 1,100 | 522,482 | ||||||
|
| |||||||
5,872,852 | ||||||||
|
| |||||||
Software - 0.9% |
| |||||||
Nemetschek SE | 2,240 | 203,746 | ||||||
SAP SE | 4,256 | 526,716 | ||||||
|
| |||||||
730,462 | ||||||||
|
|
Investments | Shares | Value ($) | ||||||
Specialty Retail - 2.2% |
| |||||||
Fast Retailing Co. Ltd. | 300 | 174,415 | ||||||
Hotai Motor Co. Ltd. | 8,000 | 173,150 | ||||||
Industria de Diseno Textil SA | 20,944 | 627,808 | ||||||
USS Co. Ltd. | 11,200 | 181,377 | ||||||
Vibra Energia SA | 159,600 | 688,294 | ||||||
|
| |||||||
1,845,044 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals - 1.8% |
| |||||||
Quanta Computer, Inc. | 200,000 | 668,009 | ||||||
Samsung Electronics Co. Ltd. | 7,541 | 458,528 | ||||||
Samsung Electronics Co. Ltd. (Preference) | 6,720 | 369,586 | ||||||
|
| |||||||
1,496,123 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 1.1% |
| |||||||
Burberry Group plc | 7,700 | 192,926 | ||||||
Eclat Textile Co. Ltd. | 27,000 | 592,148 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 84 | 68,043 | ||||||
Moncler SpA | 1,372 | 86,651 | ||||||
|
| |||||||
939,768 | ||||||||
|
| |||||||
Tobacco - 1.6% |
| |||||||
Imperial Brands plc | 31,164 | 732,323 | ||||||
Japan Tobacco, Inc. | 30,800 | 613,193 | ||||||
|
| |||||||
1,345,516 | ||||||||
|
| |||||||
Trading Companies & Distributors - 1.6% |
| |||||||
Ashtead Group plc | 8,848 | 622,748 | ||||||
Ferguson plc | 4,620 | 719,017 | ||||||
|
| |||||||
1,341,765 | ||||||||
|
| |||||||
Transportation Infrastructure - 0.2% |
| |||||||
CCR SA | 61,600 | 150,810 | ||||||
|
| |||||||
Wireless Telecommunication Services - 1.4% |
| |||||||
SoftBank Group Corp. | 8,400 | 365,306 | ||||||
Total Access Communication PCL, NVDR | 534,800 | 742,889 | ||||||
Vodafone Group plc | 50,232 | 87,626 | ||||||
|
| |||||||
1,195,821 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 81,687,193 | ||||||
|
| |||||||
Investments | Principal Amount ($) | Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS(d) - 0.8% |
| |||||||
REPURCHASE AGREEMENTS - 0.8% |
| |||||||
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $563,177, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.00%, maturing 2/15/2026 - 5/15/2040; total market value $571,313 | 563,176 | 563,176 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Dynamic Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Deutsche Bank AG, London Branch, 0.15%, dated 1/31/2022, due 2/1/2022, repurchase price $100,000, collateralized by various U.S. Treasury Securities, ranging from 2.00% - 2.25%, maturing 11/15/2041 - 8/15/2051; Foreign Government Fixed Income Securities, ranging from 0.41% - 2.63%, maturing 5/20/2022 - 11/3/2031; total market value $101,628 | 100,000 | 100,000 | ||||||
|
| |||||||
663,176 | ||||||||
|
| |||||||
TOTAL SECURITIES LENDING REINVESTMENTS |
| 663,176 | ||||||
|
| |||||||
Total Investments - 99.3% (Cost $78,460,241) |
| 82,350,369 | ||||||
Other assets less liabilities - 0.7% |
| 550,040 | ||||||
|
| |||||||
Net Assets - 100.0% |
| 82,900,409 | ||||||
|
|
* | 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, 2022. The total value of securities on loan at January 31, 2022 was $4,554,786, collateralized in the form of cash with a value of $663,176 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $2,545,881 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 6.25%, and maturity dates ranging from February 28, 2022 May 15, 2051 and $1,619,930 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 8.50%, and maturity dates ranging from February 25, 2022 September 20, 2117; a total value of $4,828,987. |
(c) | Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $375,262, which represents approximately 0.45% of net assets of the Fund. |
(d) | The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $663,176. |
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. |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Dynamic Index Fund (cont.)
Futures Contracts
FlexShares® International Quality Dividend Dynamic Index Fund had the following open futures contracts as of January 31, 2022:
Number of Contracts | Expiration Date | Trading Currency | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | ||||||||||||||
Long Contracts | ||||||||||||||||||
MSCI EAFE E-Mini Index | 7 | 03/18/2022 | USD | $ | 782,355 | $ | (15,130 | ) | ||||||||||
MSCI Emerging Markets E-Mini Index | 4 | 03/18/2022 | USD | 244,960 | 1,184 | |||||||||||||
|
| |||||||||||||||||
$ | (13,946 | ) | ||||||||||||||||
|
|
Forward Foreign Currency Contracts
FlexShares® International Quality Dividend Dynamic Index Fund had the following outstanding contracts as of January 31, 2022:
Contracts to Receive | Counterparty | In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
CAD | 38,000 | Toronto-Dominion Bank (The) | USD | 29,646 | 03/16/2022 | $ | 231 | |||||||||||||||
DKK | 90,000 | Toronto-Dominion Bank (The) | USD | 13,513 | 03/16/2022 | 60 | ||||||||||||||||
GBP | 13,000 | Bank of New York | USD | 17,307 | 03/16/2022 | 130 | ||||||||||||||||
GBP | 64,000 | JPMorgan Chase Bank | USD | 84,932 | 03/16/2022 | 912 | ||||||||||||||||
USD | 29,017 | BNP Paribas SA | AUD | 40,000 | 03/16/2022 | 829 | ||||||||||||||||
USD | 78,171 | Goldman Sachs & Co. | AUD | 108,932 | 03/16/2022 | 1,409 | ||||||||||||||||
USD | 118,666 | JPMorgan Chase Bank | CHF | 109,272 | 03/16/2022 | 1,168 | ||||||||||||||||
USD | 33,886 | Goldman Sachs & Co. | DKK | 223,000 | 03/16/2022 | 257 | ||||||||||||||||
USD | 153,232 | Bank of Montreal | EUR | 135,000 | 03/16/2022 | 1,760 | ||||||||||||||||
USD | 140,660 | JPMorgan Chase Bank | EUR | 124,284 | 03/16/2022 | 1,211 | ||||||||||||||||
USD | 11,327 | BNP Paribas SA | HKD | 88,298 | 03/16/2022 | 3 | ||||||||||||||||
USD | 37,227 | JPMorgan Chase Bank | HKD | 290,000 | 03/16/2022 | 35 | ||||||||||||||||
USD | 54,779 | JPMorgan Chase Bank | JPY | 6,300,000 | 03/16/2022 | 82 | ||||||||||||||||
USD | 71,803 | Toronto-Dominion Bank (The) | JPY | 8,194,060 | 03/16/2022 | 661 | ||||||||||||||||
|
| |||||||||||||||||||||
Total unrealized appreciation |
| $ | 8,748 | |||||||||||||||||||
|
| |||||||||||||||||||||
AUD | 113,000 | Morgan Stanley | USD | 80,821 | 03/16/2022 | $ | (1,192 | ) | ||||||||||||||
CAD | 36,542 | Toronto-Dominion Bank (The) | USD | 28,778 | 03/16/2022 | (47 | ) | |||||||||||||||
CHF | 23,000 | Morgan Stanley | USD | 25,081 | 03/16/2022 | (349 | ) | |||||||||||||||
EUR | 160,000 | JPMorgan Chase Bank | USD | 182,152 | 03/16/2022 | (2,629 | ) | |||||||||||||||
EUR | 23,000 | Morgan Stanley | USD | 26,413 | 03/16/2022 | (607 | ) | |||||||||||||||
JPY | 10,500,000 | Morgan Stanley | USD | 92,526 | 03/16/2022 | (1,364 | ) | |||||||||||||||
USD | 107,074 | JPMorgan Chase Bank | GBP | 80,918 | 03/16/2022 | (1,463 | ) | |||||||||||||||
USD | 12,687 | Goldman Sachs & Co. | NOK | 114,000 | 03/16/2022 | (90 | ) | |||||||||||||||
USD | 12,445 | BNP Paribas SA | SGD | 17,000 | 03/16/2022 | (125 | ) | |||||||||||||||
|
| |||||||||||||||||||||
Total unrealized depreciation |
| $ | (7,866 | ) | ||||||||||||||||||
|
| |||||||||||||||||||||
Net unrealized appreciation |
| $ | 882 | |||||||||||||||||||
|
|
Abbreviations:
AUD Australian Dollar |
CAD Canadian Dollar |
CHF Swiss Franc |
DKK Danish Krone |
EUR Euro |
GBP British Pound |
HKD Hong Kong Dollar |
JPY Japanese Yen |
NOK Norwegian Krone |
SGD Singapore Dollar |
USD US Dollar |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Dynamic Index Fund (cont.)
FlexShares® International Quality Dividend Dynamic Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2022:
Australia | 4.3 | % | ||
Belgium | 0.4 | |||
Brazil | 3.1 | |||
Canada | 5.4 | |||
Chile | 1.1 | |||
China | 8.4 | |||
Finland | 1.3 | |||
France | 8.0 | |||
Germany | 7.4 | |||
Greece | 0.2 | |||
Hong Kong | 0.9 | |||
India | 1.6 | |||
Indonesia | 1.0 | |||
Italy | 1.4 | |||
Japan | 12.9 | |||
Malaysia | 0.8 | |||
Netherlands | 2.5 | |||
Norway | 0.5 | |||
Russia | 1.0 | |||
Singapore | 1.1 | |||
South Africa | 2.3 | |||
South Korea | 3.0 | |||
Spain | 3.4 | |||
Sweden | 3.2 | |||
Switzerland | 4.2 | |||
Taiwan | 5.7 | |||
Thailand | 1.2 | |||
Turkey | 0.7 | |||
United Kingdom | 11.5 | |||
Other1 | 1.5 | |||
|
| |||
100.0 | % | |||
|
|
1 | Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
Security Type | % of Net Assets | |||
Common Stocks | 98.5 | % | ||
Securities Lending Reinvestments | 0.8 | |||
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® iBoxx 3-Year Target Duration TIPS Index Fund
January 31, 2022 (Unaudited)
Investments | Principal Amount ($) | Value ($) | ||||||
U.S. TREASURY OBLIGATIONS - 99.9% |
| |||||||
U.S. Treasury Inflation Linked Bonds |
| |||||||
2.38%, 1/15/2025 | 161,289,228 | 181,373,824 | ||||||
2.00%, 1/15/2026 | 29,815,916 | 33,898,398 | ||||||
2.38%, 1/15/2027 | 24,213,447 | 28,684,351 | ||||||
U.S. Treasury Inflation Linked Notes |
| |||||||
0.63%, 4/15/2023 | 55,541,069 | 57,688,353 | ||||||
0.38%, 7/15/2023 | 51,773,117 | 54,079,846 | ||||||
0.63%, 1/15/2024 | 51,697,757 | 54,472,068 | ||||||
0.50%, 4/15/2024 | 37,472,244 | 39,530,987 | ||||||
0.13%, 7/15/2024 | 50,690,363 | 53,453,943 | ||||||
0.13%, 10/15/2024 | 148,923,500 | 157,165,805 | ||||||
0.25%, 1/15/2025 | 187,939,546 | 198,970,330 | ||||||
0.13%, 4/15/2025 | 149,439,985 | 157,812,167 | ||||||
0.38%, 7/15/2025 | 187,655,439 | 200,908,533 | ||||||
0.13%, 10/15/2025 | 38,759,591 | 41,127,723 | ||||||
0.63%, 1/15/2026 | 52,511,696 | 56,720,617 | ||||||
0.13%, 4/15/2026(a) | 44,595,729 | 47,303,621 | ||||||
0.13%, 7/15/2026(a) | 45,115,001 | 48,119,221 | ||||||
0.13%, 10/15/2026(a) | 42,276,221 | 45,114,822 | ||||||
0.38%, 1/15/2027(a) | 46,811,487 | 50,540,246 | ||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS |
| 1,506,964,855 | ||||||
|
| |||||||
SECURITIES LENDING REINVESTMENTS(b) - 2.8% |
| |||||||
REPURCHASE AGREEMENTS - 2.8% |
| |||||||
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $13,291,253, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.00%, maturing 2/15/2026 - 5/15/2040; total market value $13,483,272 | 13,291,235 | 13,291,235 | ||||||
Deutsche Bank AG, London Branch, 0.15%, dated 1/31/2022, due 2/1/2022, repurchase price $3,200,013, collateralized by various U.S. Treasury Securities, ranging from 2.00% - 2.25%, maturing 11/15/2041 - 8/15/2051; Foreign Government Fixed Income Securities, ranging from 0.41% - 2.63%, maturing 5/20/2022 - 11/3/2031; total market value $3,252,093 | 3,200,000 | 3,200,000 |
Investments | Principal Amount ($) | Value ($) | ||||||
Societe Generale, New York Branch, 0.05%, dated 1/31/2022, due 2/7/2022, repurchase price $25,000,243, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 2/1/2022 - 8/15/2046; total market value $25,283,153 | 25,000,000 | 25,000,000 | ||||||
|
| |||||||
41,491,235 | ||||||||
|
| |||||||
TOTAL SECURITIES LENDING REINVESTMENTS | 41,491,235 | |||||||
|
| |||||||
Total Investments102.7% |
| 1,548,456,090 | ||||||
Liabilities in excess of other assets - (2.7%) |
| (41,136,662 | ) | |||||
|
| |||||||
Net Assets - 100.0% |
| 1,507,319,428 | ||||||
|
|
(a) | The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $44,000,524, collateralized in the form of cash with a value of $41,491,235 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $3,279,251 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 1, 2022 November 15, 2051; a total value of $44,770,486. |
(b) | The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $41,491,235. |
Percentages shown are based on Net Assets.
See Accompanying Notes to the Schedules of Investments.
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund (cont.)
Security Type | % of Net Assets | |||
U.S. Treasury Obligations | 99.9 | % | ||
Securities Lending Reinvestments | 2.8 | |||
Others(1) | (2.7 | ) | ||
|
| |||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund
January 31, 2022 (Unaudited)
Investments | Principal Amount ($) | Value ($) | ||||||
U.S. TREASURY OBLIGATIONS - 99.9% |
| |||||||
U.S. Treasury Inflation Linked Bonds |
| |||||||
2.00%, 1/15/2026 | 18,373,248 | 20,888,966 | ||||||
2.38%, 1/15/2027 | 14,933,555 | 17,690,969 | ||||||
1.75%, 1/15/2028 | 31,510,075 | 36,929,817 | ||||||
3.63%, 4/15/2028 | 43,823,213 | 56,907,755 | ||||||
2.50%, 1/15/2029 | 12,038,392 | 15,024,718 | ||||||
3.88%, 4/15/2029 | 21,675,415 | 29,437,379 | ||||||
3.38%, 4/15/2032 | 5,095,439 | 7,359,117 | ||||||
U.S. Treasury Inflation Linked Notes |
| |||||||
0.13%, 4/15/2025 | 24,684,816 | 26,067,752 | ||||||
0.38%, 7/15/2025 | 31,324,743 | 33,537,041 | ||||||
0.13%, 10/15/2025 | 23,852,633 | 25,309,980 | ||||||
0.63%, 1/15/2026 | 32,343,864 | 34,936,291 | ||||||
0.13%, 4/15/2026(a) | 27,471,571 | 29,139,669 | ||||||
0.13%, 7/15/2026(a) | 27,758,707 | 29,607,167 | ||||||
0.13%, 10/15/2026 | 27,240,562 | 29,069,606 | ||||||
0.38%, 1/15/2027 | 67,223,841 | 72,578,541 | ||||||
0.38%, 7/15/2027 | 63,699,311 | 69,227,283 | ||||||
0.50%, 1/15/2028 | 38,245,398 | 41,811,531 | ||||||
0.75%, 7/15/2028 | 26,468,660 | 29,592,359 | ||||||
0.88%, 1/15/2029(a) | 26,005,691 | 29,382,390 | ||||||
0.25%, 7/15/2029 | 28,168,191 | 30,769,461 | ||||||
0.13%, 1/15/2030 | 28,886,676 | 31,222,062 | ||||||
0.13%, 7/15/2030 | 30,284,859 | 32,923,960 | ||||||
0.13%, 1/15/2031(a) | 30,104,647 | 32,692,783 | ||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS |
| 762,106,597 | ||||||
|
| |||||||
SECURITIES LENDING REINVESTMENTS(b) - 3.9% |
| |||||||
REPURCHASE AGREEMENTS - 3.9% |
| |||||||
Citigroup Global Markets, Inc., 0.05%, dated 1/31/2022, due 2/1/2022, repurchase price $4,198,621, collateralized by various U.S. Treasury Securities, ranging from 0.13% - 6.00%, maturing 2/15/2026 - 5/15/2040; total market value $4,259,278 | 4,198,615 | 4,198,615 |
Investments | Principal Amount ($) | Value ($) | ||||||
Deutsche Bank AG, London Branch, 0.15%, dated 1/31/2022, due 2/1/2022, repurchase price $900,004, collateralized by various U.S. Treasury Securities, ranging from 2.00% - 2.25%, maturing 11/15/2041 - 8/15/2051; Foreign Government Fixed Income Securities, ranging from 0.41% - 2.63%, maturing 5/20/2022 - 11/3/2031; total market value $914,651 | 900,000 | 900,000 | ||||||
Societe Generale, New York Branch, 0.05%, dated 1/31/2022, due 2/7/2022, repurchase price $25,000,243, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 2/1/2022 - 8/15/2046; total market value $25,283,153 | 25,000,000 | 25,000,000 | ||||||
|
| |||||||
30,098,615 | ||||||||
|
| |||||||
TOTAL SECURITIES LENDING REINVESTMENTS | 30,098,615 | |||||||
|
| |||||||
Total Investments - 103.8% |
| 792,205,212 | ||||||
Liabilities in excess of other assets - (3.8%) |
| (29,087,511 | ) | |||||
|
| |||||||
Net Assets - 100.0% |
| 763,117,701 | ||||||
|
|
(a) | The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $68,294,906, collateralized in the form of cash with a value of $30,098,615 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $2,311,078 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 0.00%, and maturity dates ranging from February 1, 2022 November 15, 2022 and $38,822,646 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 2, 2022 June 30, 2120; a total value of $71,232,339. |
(b) | The security was purchased with cash collateral held from securities on loan at January 31, 2022. The total value of securities purchased was $30,098,615. |
Percentages shown are based on Net Assets.
See Accompanying Notes to the Schedules of Investments.
FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund (cont.)
Security Type | % of Net Assets | |||
U.S. Treasury Obligations | 99.9 | % | ||
Securities Lending Reinvestments | 3.9 | |||
Others(1) | (3.8 | ) | ||
|
| |||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Disciplined Duration MBS Index Fund
January 31, 2022 (Unaudited)
Investments | Principal Amount ($) | Value ($) | ||||||
MORTGAGE-BACKED SECURITIES - 99.7% |
| |||||||
FHLMC |
| |||||||
2.00%, 8/1/2031 | 161,400 | 163,013 | ||||||
2.00%, 10/1/2031 | 34,531 | 34,876 | ||||||
3.00%, 4/1/2033 | 139,260 | 145,454 | ||||||
3.00%, 6/1/2033 | 112,377 | 117,376 | ||||||
3.00%, 7/1/2033 | 1,505,127 | 1,573,419 | ||||||
5.00%, 5/1/2034 | 55,152 | 61,833 | ||||||
5.00%, 7/1/2034 | 294,222 | 330,832 | ||||||
3.00%, 5/1/2035 | 19,163 | 19,959 | ||||||
5.00%, 7/1/2035 | 287,128 | 322,711 | ||||||
5.00%, 8/1/2035 | 112,639 | 126,579 | ||||||
5.00%, 10/1/2035 | 17,955 | 20,131 | ||||||
3.00%, 11/1/2035 | 22,594 | 23,588 | ||||||
5.00%, 11/1/2035 | 176,055 | 198,012 | ||||||
5.00%, 12/1/2035 | 112,779 | 127,055 | ||||||
6.00%, 1/1/2037 | 73,780 | 85,036 | ||||||
6.00%, 4/1/2037 | 36,629 | 42,201 | ||||||
6.00%, 5/1/2037 | 63,086 | 72,676 | ||||||
5.00%, 2/1/2038 | 55,508 | 62,362 | ||||||
5.00%, 7/1/2038 | 164,032 | 184,402 | ||||||
5.00%, 10/1/2038 | 49,929 | 56,095 | ||||||
5.00%, 11/1/2038 | 191,527 | 214,416 | ||||||
5.00%, 12/1/2038 | 345,108 | 386,899 | ||||||
5.00%, 2/1/2039 | 135,711 | 152,452 | ||||||
5.00%, 5/1/2039 | 68,212 | 76,491 | ||||||
5.00%, 6/1/2039 | 30,068 | 33,801 | ||||||
5.00%, 7/1/2039 | 50,570 | 56,708 | ||||||
5.00%, 9/1/2039 | 69,188 | 77,709 | ||||||
6.00%, 11/1/2039 | 40,018 | 46,067 | ||||||
5.00%, 12/1/2039 | 232,948 | 262,047 | ||||||
5.00%, 1/1/2040 | 17,542 | 19,674 | ||||||
5.00%, 3/1/2040 | 47,186 | 52,901 | ||||||
5.00%, 4/1/2040 | 21,564 | 24,251 | ||||||
6.00%, 4/1/2040 | 46,728 | 53,695 | ||||||
5.00%, 5/1/2040 | 19,332 | 21,678 | ||||||
6.00%, 5/1/2040 | 109,458 | 125,928 | ||||||
5.00%, 7/1/2040 | 105,971 | 118,855 | ||||||
6.00%, 7/1/2040 | 173,383 | 199,590 | ||||||
5.00%, 9/1/2040 | 91,963 | 103,434 | ||||||
4.00%, 1/1/2041 | 13,974 | 15,166 | ||||||
5.00%, 5/1/2041 | 150,717 | 167,622 | ||||||
5.00%, 7/1/2041 | 224,368 | 252,037 | ||||||
3.50%, 11/1/2041 | 71,832 | 76,449 | ||||||
3.00%, 3/1/2042 | 12,583 | 13,126 | ||||||
4.50%, 3/1/2042 | 599,197 | 657,621 | ||||||
3.00%, 4/1/2042 | 89,820 | 93,692 | ||||||
3.00%, 6/1/2042 | 75,829 | 79,121 | ||||||
3.00%, 8/1/2042 | 42,350 | 44,189 | ||||||
3.00%, 11/1/2042 | 283,365 | 295,585 | ||||||
3.00%, 12/1/2042 | 90,825 | 94,753 | ||||||
3.00%, 1/1/2043 | 46,500 | 48,506 |
Investments | Principal Amount ($) | Value ($) | ||||||
3.00%, 2/1/2043 | 25,153 | 26,221 | ||||||
3.00%, 3/1/2043 | 130,436 | 136,102 | ||||||
3.00%, 4/1/2043 | 30,429 | 31,732 | ||||||
3.00%, 6/1/2043 | 19,661 | 20,513 | ||||||
3.00%, 10/1/2043 | 60,140 | 62,695 | ||||||
4.00%, 8/1/2044 | 14,189 | 15,351 | ||||||
5.00%, 8/1/2044 | 40,645 | 45,651 | ||||||
4.00%, 1/1/2045 | 44,169 | 47,785 | ||||||
4.00%, 2/1/2045 | 94,662 | 103,075 | ||||||
4.00%, 8/1/2045 | 111,249 | 120,178 | ||||||
4.00%, 9/1/2045 | 18,564 | 20,016 | ||||||
4.00%, 10/1/2045 | 182,321 | 197,216 | ||||||
4.00%, 11/1/2045 | 37,092 | 39,971 | ||||||
4.00%, 12/1/2045 | 15,486 | 16,676 | ||||||
4.00%, 1/1/2046 | 47,710 | 51,449 | ||||||
2.50%, 9/1/2046 | 26,116 | 26,289 | ||||||
3.00%, 11/1/2046 | 30,362 | 31,367 | ||||||
3.00%, 12/1/2046 | 149,181 | 154,349 | ||||||
3.00%, 1/1/2047 | 955,536 | 989,140 | ||||||
FHLMC UMBS |
| |||||||
2.00%, 8/1/2031 | 39,382 | 39,757 | ||||||
2.00%, 11/1/2031 | 63,423 | 64,028 | ||||||
2.50%, 12/1/2031 | 845,169 | 868,297 | ||||||
2.00%, 2/1/2032 | 70,393 | 71,065 | ||||||
5.00%, 8/1/2035 | 431,494 | 484,985 | ||||||
1.50%, 2/1/2036 | 1,412,010 | 1,391,865 | ||||||
2.00%, 3/1/2036 | 897,424 | 906,076 | ||||||
1.50%, 4/1/2036 | 923,495 | 910,319 | ||||||
6.00%, 4/1/2036 | 490,548 | 560,328 | ||||||
2.50%, 10/1/2036 | 795,204 | 809,285 | ||||||
5.00%, 3/1/2038 | 65,260 | 73,323 | ||||||
5.00%, 7/1/2039 | 79,467 | 89,068 | ||||||
5.00%, 10/1/2039 | 30,552 | 34,370 | ||||||
5.00%, 1/1/2040 | 30,866 | 34,810 | ||||||
5.00%, 3/1/2040 | 51,929 | 58,895 | ||||||
5.00%, 5/1/2040 | 70,349 | 78,781 | ||||||
2.00%, 7/1/2040 | 124,590 | 123,783 | ||||||
6.00%, 7/1/2040 | 794,934 | 915,182 | ||||||
2.50%, 8/1/2040 | 14,991 | 15,205 | ||||||
2.50%, 9/1/2040 | 34,148 | 34,650 | ||||||
1.50%, 10/1/2040 | 620,707 | 597,654 | ||||||
3.50%, 12/1/2040 | 49,486 | 52,643 | ||||||
2.00%, 1/1/2041 | 195,300 | 194,036 | ||||||
1.50%, 3/1/2041 | 808,815 | 778,757 | ||||||
2.00%, 3/1/2041 | 702,972 | 698,416 | ||||||
4.50%, 3/1/2041 | 93,161 | 101,692 | ||||||
1.50%, 4/1/2041 | 231,425 | 222,825 | ||||||
2.00%, 4/1/2041 | 183,669 | 182,706 | ||||||
4.50%, 4/1/2041 | 18,617 | 20,498 | ||||||
1.50%, 5/1/2041 | 705,768 | 679,539 | ||||||
2.50%, 6/1/2041 | 921,188 | 937,592 | ||||||
4.00%, 1/1/2042 | 69,932 | 76,029 | ||||||
5.00%, 2/1/2042 | 56,994 | 63,774 | ||||||
3.00%, 3/1/2042 | 127,097 | 132,407 | ||||||
3.50%, 11/1/2042 | 87,945 | 93,569 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Disciplined Duration MBS Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
3.00%, 12/1/2042 | 561,749 | 585,716 | ||||||
3.50%, 1/1/2043 | 46,485 | 49,745 | ||||||
3.50%, 2/1/2043 | 32,429 | 34,350 | ||||||
2.50%, 6/1/2043 | 449,351 | 453,702 | ||||||
4.00%, 12/1/2043 | 14,205 | 15,392 | ||||||
4.50%, 3/1/2044 | 70,070 | 76,742 | ||||||
4.00%, 6/1/2044 | 5,193 | 5,616 | ||||||
4.50%, 7/1/2044 | 26,711 | 29,152 | ||||||
4.00%, 8/1/2044 | 15,332 | 16,580 | ||||||
4.00%, 12/1/2044 | 859,643 | 914,915 | ||||||
4.50%, 12/1/2044 | 15,900 | 17,350 | ||||||
5.00%, 12/1/2044 | 155,137 | 173,680 | ||||||
4.00%, 2/1/2045 | 18,932 | 20,605 | ||||||
4.50%, 9/1/2045 | 15,229 | 16,414 | ||||||
4.00%, 10/1/2045 | 50,464 | 54,369 | ||||||
4.00%, 12/1/2045 | 24,937 | 27,017 | ||||||
4.50%, 12/1/2045 | 775,123 | 845,935 | ||||||
3.00%, 1/1/2046 | 50,142 | 52,109 | ||||||
3.50%, 1/1/2046 | 916,478 | 968,590 | ||||||
4.00%, 1/1/2046 | 41,057 | 44,458 | ||||||
4.50%, 4/1/2046 | 40,850 | 44,908 | ||||||
2.50%, 10/1/2046 | 989,481 | 995,466 | ||||||
3.00%, 11/1/2046 | 519,231 | 539,360 | ||||||
2.50%, 12/1/2046 | 143,202 | 144,069 | ||||||
4.50%, 3/1/2047 | 635,305 | 688,661 | ||||||
4.50%, 8/1/2048 | 562,350 | 607,847 | ||||||
4.50%, 4/1/2050 | 1,148,689 | 1,230,728 | ||||||
2.50%, 11/1/2050 | 171,622 | 172,141 | ||||||
4.50%, 1/1/2051 | 1,303,219 | 1,400,662 | ||||||
3.00%, 3/1/2051 | 787,237 | 808,130 | ||||||
3.00%, 4/1/2051 | 531,613 | 544,026 | ||||||
FNMA UMBS |
| |||||||
3.00%, 7/1/2030 | 1,150,209 | 1,199,854 | ||||||
3.50%, 10/1/2030 | 70,769 | 73,830 | ||||||
3.50%, 11/1/2030 | 12,534 | 13,076 | ||||||
2.00%, 9/1/2031 | 32,003 | 32,308 | ||||||
2.00%, 11/1/2031 | 75,827 | 76,551 | ||||||
2.00%, 2/1/2032 | 67,864 | 68,511 | ||||||
6.00%, 12/1/2032 | 13,339 | 15,211 | ||||||
6.00%, 4/1/2033 | 8,081 | 9,190 | ||||||
3.00%, 5/1/2033 | 126,560 | 131,725 | ||||||
3.00%, 6/1/2033 | 125,971 | 131,463 | ||||||
3.00%, 7/1/2033 | 15,996 | 16,696 | ||||||
3.00%, 8/1/2033 | 1,299,614 | 1,350,910 | ||||||
3.00%, 10/1/2033 | 27,914 | 29,134 | ||||||
6.00%, 3/1/2034 | 265,107 | 299,682 | ||||||
6.00%, 8/1/2034 | 42,654 | 48,954 | ||||||
6.50%, 9/1/2034 | 130,257 | 148,538 | ||||||
6.00%, 12/1/2034 | 201,474 | 230,190 | ||||||
6.00%, 4/1/2035 | 772,496 | 865,822 | ||||||
2.50%, 7/1/2035 | 869,700 | 891,127 | ||||||
5.00%, 8/1/2035 | 26,747 | 30,021 | ||||||
1.50%, 11/1/2035 | 955,487 | 942,041 | ||||||
6.00%, 11/1/2035 | 39,146 | 44,603 | ||||||
5.00%, 12/1/2035 | 60,660 | 68,110 | ||||||
2.00%, 1/1/2036 | 612,423 | 618,281 | ||||||
3.00%, 1/1/2036 | 802,143 | 837,044 | ||||||
5.00%, 2/1/2036 | 226,251 | 254,145 |
Investments | Principal Amount ($) | Value ($) | ||||||
4.50%, 6/1/2036 | 589,181 | 646,236 | ||||||
6.00%, 6/1/2036 | 54,687 | 62,987 | ||||||
2.00%, 7/1/2036 | 1,132,956 | 1,141,744 | ||||||
2.50%, 7/1/2036 | 915,776 | 939,143 | ||||||
5.00%, 7/1/2036 | 26,204 | 29,411 | ||||||
6.50%, 8/1/2036 | 21,052 | 24,200 | ||||||
6.00%, 9/1/2036 | 843,202 | 961,487 | ||||||
2.50%, 11/1/2036 | 962,408 | 979,348 | ||||||
6.00%, 11/1/2036 | 54,925 | 63,266 | ||||||
3.00%, 1/1/2037 | 1,102,223 | 1,147,753 | ||||||
1.50%, 2/1/2037 | 1,400,000 | 1,380,026 | ||||||
6.00%, 6/1/2037 | 114,488 | 131,896 | ||||||
6.00%, 8/1/2037 | 182,392 | 208,308 | ||||||
6.00%, 9/1/2037 | 26,106 | 30,064 | ||||||
6.50%, 10/1/2037 | 44,293 | 49,693 | ||||||
5.00%, 3/1/2038 | 62,445 | 70,129 | ||||||
5.00%, 5/1/2038 | 50,116 | 56,282 | ||||||
6.00%, 5/1/2038 | 17,999 | 20,736 | ||||||
6.00%, 9/1/2038 | 32,085 | 36,965 | ||||||
5.00%, 6/1/2039 | 61,729 | 69,330 | ||||||
5.00%, 10/1/2039 | 60,443 | 67,940 | ||||||
2.50%, 12/1/2039 | 10,536 | 10,713 | ||||||
5.00%, 2/1/2040 | 49,085 | 56,122 | ||||||
5.00%, 3/1/2040 | 183,173 | 205,897 | ||||||
2.50%, 6/1/2040 | 7,115 | 7,212 | ||||||
5.00%, 6/1/2040 | 18,743 | 21,009 | ||||||
6.00%, 6/1/2040 | 130,204 | 149,824 | ||||||
2.00%, 11/1/2040 | 806,407 | 797,215 | ||||||
2.00%, 12/1/2040 | 435,325 | 429,563 | ||||||
2.00%, 1/1/2041 | 201,748 | 200,691 | ||||||
3.50%, 1/1/2041 | 44,301 | 47,127 | ||||||
1.50%, 2/1/2041 | 894,491 | 861,339 | ||||||
2.50%, 2/1/2041 | 330,381 | 336,263 | ||||||
3.50%, 2/1/2041 | 28,384 | 30,183 | ||||||
4.50%, 2/1/2041 | 148,759 | 162,857 | ||||||
1.50%, 4/1/2041 | 480,403 | 461,287 | ||||||
2.00%, 5/1/2041 | 932,772 | 927,886 | ||||||
4.50%, 5/1/2041 | 47,250 | 51,796 | ||||||
5.00%, 5/1/2041 | 38,049 | 42,739 | ||||||
6.00%, 5/1/2041 | 29,994 | 34,512 | ||||||
4.50%, 6/1/2041 | 624,593 | 679,508 | ||||||
6.00%, 6/1/2041 | 1,260,937 | 1,446,563 | ||||||
2.50%, 7/1/2041 | 939,895 | 956,633 | ||||||
5.00%, 7/1/2041 | 519,847 | 583,335 | ||||||
6.00%, 7/1/2041 | 2,387,169 | 2,748,504 | ||||||
4.50%, 8/1/2041 | 148,287 | 162,319 | ||||||
5.00%, 8/1/2041 | 77,348 | 87,178 | ||||||
4.00%, 9/1/2041 | 241,010 | 261,960 | ||||||
4.50%, 9/1/2041 | 93,103 | 101,880 | ||||||
3.50%, 10/1/2041 | 150,205 | 159,854 | ||||||
4.00%, 10/1/2041 | 64,155 | 69,757 | ||||||
5.00%, 10/1/2041 | 79,579 | 89,386 | ||||||
4.00%, 11/1/2041 | 93,645 | 101,518 | ||||||
4.00%, 12/1/2041 | 20,785 | 22,518 | ||||||
4.00%, 1/1/2042 | 189,844 | 205,908 | ||||||
4.50%, 1/1/2042 | 22,095 | 24,238 | ||||||
6.00%, 1/1/2042 | 87,389 | 100,959 | ||||||
3.00%, 3/1/2042 | 173,039 | 180,177 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Disciplined Duration MBS Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
4.00%, 3/1/2042 | 99,879 | 109,065 | ||||||
3.00%, 4/1/2042 | 58,190 | 60,685 | ||||||
4.50%, 4/1/2042 | 111,943 | 122,771 | ||||||
3.50%, 5/1/2042 | 29,462 | 31,209 | ||||||
4.50%, 5/1/2042 | 83,733 | 91,852 | ||||||
3.50%, 6/1/2042 | 52,926 | 56,271 | ||||||
3.50%, 7/1/2042 | 150,399 | 160,007 | ||||||
4.00%, 7/1/2042 | 137,481 | 150,737 | ||||||
3.50%, 8/1/2042 | 48,271 | 51,371 | ||||||
3.00%, 9/1/2042 | 84,243 | 87,833 | ||||||
3.50%, 9/1/2042 | 17,477 | 18,593 | ||||||
4.00%, 9/1/2042 | 83,691 | 91,003 | ||||||
3.00%, 10/1/2042 | 170,484 | 177,428 | ||||||
3.50%, 10/1/2042 | 30,379 | 32,162 | ||||||
2.50%, 12/1/2042 | 278,196 | 280,632 | ||||||
3.00%, 12/1/2042 | 163,414 | 170,401 | ||||||
2.50%, 1/1/2043 | 8,372 | 8,428 | ||||||
3.00%, 1/1/2043 | 160,842 | 167,610 | ||||||
3.50%, 1/1/2043 | 45,530 | 48,448 | ||||||
4.00%, 1/1/2043 | 87,524 | 94,869 | ||||||
4.50%, 1/1/2043 | 227,418 | 249,233 | ||||||
2.50%, 2/1/2043 | 865,295 | 873,175 | ||||||
3.00%, 2/1/2043 | 217,586 | 226,845 | ||||||
3.50%, 2/1/2043 | 84,325 | 89,872 | ||||||
3.50%, 3/1/2043 | 104,744 | 111,465 | ||||||
2.50%, 5/1/2043 | 14,512 | 14,533 | ||||||
2.50%, 6/1/2043 | 7,349 | 7,402 | ||||||
4.00%, 8/1/2043 | 49,636 | 53,606 | ||||||
4.00%, 9/1/2043 | 115,348 | 125,030 | ||||||
4.50%, 9/1/2043 | 31,792 | 34,828 | ||||||
4.00%, 10/1/2043 | 141,349 | 152,975 | ||||||
4.00%, 11/1/2043 | 304,997 | 331,460 | ||||||
4.50%, 11/1/2043 | 106,932 | 117,916 | ||||||
4.50%, 12/1/2043 | 77,732 | 85,032 | ||||||
4.00%, 1/1/2044 | 112,536 | 122,054 | ||||||
4.50%, 2/1/2044 | 22,820 | 24,972 | ||||||
3.00%, 3/1/2044 | 953,177 | 992,627 | ||||||
4.50%, 3/1/2044 | 122,937 | 137,858 | ||||||
5.00%, 3/1/2044 | 23,686 | 26,667 | ||||||
4.00%, 4/1/2044 | 1,136,537 | 1,229,632 | ||||||
4.50%, 4/1/2044 | 236,129 | 258,919 | ||||||
5.00%, 6/1/2044 | 37,738 | 42,017 | ||||||
3.00%, 10/1/2044 | 804,653 | 841,642 | ||||||
4.00%, 10/1/2044 | 44,676 | 48,467 | ||||||
4.50%, 10/1/2044 | 11,262 | 12,266 | ||||||
4.50%, 12/1/2044 | 42,540 | 46,572 | ||||||
4.00%, 2/1/2045 | 32,319 | 35,038 | ||||||
4.50%, 2/1/2045 | 147,062 | 160,954 | ||||||
4.00%, 4/1/2045 | 29,715 | 32,225 | ||||||
4.00%, 8/1/2045 | 14,590 | 15,738 | ||||||
4.00%, 11/1/2045 | 65,048 | 69,935 | ||||||
4.50%, 11/1/2045 | 90,885 | 99,768 | ||||||
4.00%, 12/1/2045 | 368,953 | 399,577 | ||||||
4.00%, 2/1/2046 | 11,009 | 11,877 | ||||||
4.50%, 3/1/2046 | 155,201 | 169,382 | ||||||
4.00%, 4/1/2046 | 14,429 | 15,637 | ||||||
2.50%, 6/1/2046 | 83,932 | 84,745 | ||||||
4.50%, 6/1/2046 | 107,574 | 117,348 |
Investments | Principal Amount ($) | Value ($) | ||||||
4.50%, 7/1/2046 | 22,972 | 24,833 | ||||||
4.50%, 8/1/2046 | 20,750 | 22,665 | ||||||
2.50%, 9/1/2046 | 144,849 | 145,630 | ||||||
2.50%, 10/1/2046 | 70,481 | 70,904 | ||||||
4.50%, 10/1/2046 | 39,031 | 42,152 | ||||||
2.50%, 12/1/2046 | 24,074 | 24,142 | ||||||
4.50%, 1/1/2047 | 35,759 | 38,601 | ||||||
4.00%, 2/1/2047 | 37,673 | 40,647 | ||||||
4.50%, 2/1/2047 | 43,363 | 47,545 | ||||||
2.50%, 3/1/2047 | 147,930 | 148,813 | ||||||
4.50%, 3/1/2047 | 219,064 | 243,455 | ||||||
4.50%, 5/1/2047 | 741,945 | 797,228 | ||||||
4.50%, 7/1/2047 | 93,348 | 102,315 | ||||||
5.00%, 7/1/2047 | 303,104 | 339,332 | ||||||
3.50%, 2/1/2048 | 1,360,247 | 1,436,455 | ||||||
4.50%, 4/1/2048 | 913,281 | 1,002,521 | ||||||
4.00%, 7/1/2048 | 160,839 | 173,742 | ||||||
4.50%, 11/1/2048 | 852,496 | 909,919 | ||||||
6.00%, 2/1/2049 | 110,300 | 128,468 | ||||||
2.50%, 7/1/2049 | 1,564,119 | 1,573,428 | ||||||
4.50%, 10/1/2049 | 1,011,167 | 1,081,061 | ||||||
4.50%, 11/1/2049 | 1,229,975 | 1,326,108 | ||||||
3.00%, 9/1/2050 | 675,838 | 691,978 | ||||||
2.50%, 11/1/2050 | 179,813 | 179,995 | ||||||
FNMA/FHLMC UMBS, 30 Year, Single Family |
| |||||||
TBA 1.50%, 2/25/2052 | 4,300,000 | 4,068,539 | ||||||
TBA 2.00%, 2/25/2052 | 3,600,000 | 3,510,281 | ||||||
TBA 2.50%, 2/25/2052 | 3,600,000 | 3,595,781 | ||||||
GNMA |
| |||||||
6.00%, 3/15/2033 | 58,432 | 67,512 | ||||||
5.50%, 8/20/2033 | 35,924 | 41,029 | ||||||
5.50%, 11/20/2033 | 32,780 | 36,000 | ||||||
6.00%, 12/15/2033 | 109,209 | 126,212 | ||||||
5.50%, 3/20/2034 | 39,669 | 45,420 | ||||||
5.50%, 7/20/2034 | 25,141 | 28,788 | ||||||
5.50%, 9/20/2034 | 10,719 | 11,775 | ||||||
6.00%, 2/15/2035 | 23,918 | 27,498 | ||||||
5.50%, 3/20/2036 | 81,537 | 91,981 | ||||||
5.50%, 9/20/2038 | 47,542 | 54,549 | ||||||
5.50%, 2/20/2039 | 79,341 | 91,045 | ||||||
4.50%, 5/15/2039 | 2,471,875 | 2,760,541 | ||||||
5.00%, 11/15/2039 | 2,395,444 | 2,724,094 | ||||||
4.00%, 6/15/2040 | 379,674 | 413,007 | ||||||
4.00%, 8/15/2040 | 374,718 | 409,665 | ||||||
4.00%, 11/15/2040 | 273,528 | 300,415 | ||||||
5.50%, 12/20/2040 | 23,252 | 25,999 | ||||||
5.50%, 1/20/2041 | 22,089 | 25,341 | ||||||
5.50%, 5/20/2041 | 138,314 | 158,694 | ||||||
4.00%, 9/15/2041 | 1,149,092 | 1,242,083 | ||||||
4.50%, 11/15/2041 | 531,750 | 591,050 | ||||||
5.50%, 11/20/2041 | 250,778 | 287,741 | ||||||
5.50%, 12/20/2041 | 62,473 | 69,849 | ||||||
5.50%, 2/20/2042 | 16,833 | 19,332 | ||||||
3.50%, 6/15/2042 | 530,798 | 563,056 | ||||||
2.50%, 3/20/2043 | 48,820 | 49,746 | ||||||
2.50%, 5/20/2043 | 70,631 | 71,969 | ||||||
5.50%, 3/20/2044 | 73,894 | 84,775 | ||||||
4.50%, 10/20/2044 | 148,487 | 162,958 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Disciplined Duration MBS Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
2.50%, 11/20/2044 | 41,937 | 42,616 | ||||||
5.00%, 6/20/2045 | 199,190 | 223,801 | ||||||
4.00%, 8/15/2045 | 2,378,353 | 2,607,082 | ||||||
4.50%, 12/20/2045 | 318,199 | 346,228 | ||||||
5.50%, 3/20/2046 | 705,738 | 809,729 | ||||||
5.00%, 5/20/2046 | 441,638 | 498,407 | ||||||
3.50%, 6/15/2046 | 2,810,143 | 2,981,016 | ||||||
2.50%, 10/20/2046 | 1,234,952 | 1,248,109 | ||||||
5.50%, 2/20/2047 | 279,745 | 320,979 | ||||||
5.50%, 7/20/2049 | 15,536 | 16,852 | ||||||
2.50%, 8/20/2050 | 1,893,464 | 1,909,277 | ||||||
2.00%, 10/20/2050 | 1,081,804 | 1,071,217 | ||||||
2.50%, 3/20/2051 | 1,199,180 | 1,209,194 | ||||||
3.00%, 4/20/2051 | 412,836 | 423,762 | ||||||
2.00%, 11/20/2051 | 1,192,395 | 1,180,598 | ||||||
|
| |||||||
TOTAL MORTGAGE-BACKED SECURITIES |
| 119,821,077 | ||||||
|
| |||||||
Total Investments - 99.7% |
| 119,821,077 | ||||||
Other assets less liabilities - 0.3% |
| 388,118 | ||||||
|
| |||||||
Net Assets - 100.0% |
| 120,209,195 | ||||||
|
|
Percentages shown are based on Net Assets.
Abbreviations
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GNMA | Government National Mortgage Association | |
TBA | To Be Announced; Security is subject to delayed delivery. | |
UMBS | Uniform Mortgage-Backed Securities |
Security Type | % of Net Assets | |||
Mortgage-Backed Securities | 99.7 | % | ||
Others(1) | 0.3 | |||
|
| |||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Credit-Scored US Corporate Bond Index Fund
January 31, 2022 (Unaudited)
Investments | Principal Amount ($) | Value ($) | ||||||
CORPORATE BONDS - 98.3% | ||||||||
Aerospace & Defense - 1.4% | ||||||||
Boeing Co. (The) | ||||||||
5.15%, 5/1/2030 | 150,000 | 168,997 | ||||||
General Dynamics Corp. | ||||||||
3.50%, 5/15/2025 | 375,000 | 393,918 | ||||||
3.75%, 5/15/2028 | 600,000 | 646,029 | ||||||
Huntington Ingalls Industries, Inc. |
| |||||||
3.84%, 5/1/2025 | 100,000 | 105,044 | ||||||
3.48%, 12/1/2027 | 200,000 | 207,847 | ||||||
2.04%, 8/16/2028(a) | 200,000 | 190,503 | ||||||
L3Harris Technologies, Inc. | ||||||||
3.85%, 12/15/2026 | 500,000 | 531,755 | ||||||
4.40%, 6/15/2028 | 500,000 | 550,013 | ||||||
Lockheed Martin Corp. | ||||||||
3.55%, 1/15/2026 | 605,000 | 640,316 | ||||||
Northrop Grumman Corp. | ||||||||
2.93%, 1/15/2025 | 300,000 | 309,182 | ||||||
3.25%, 1/15/2028 | 500,000 | 519,880 | ||||||
Precision Castparts Corp. | ||||||||
3.25%, 6/15/2025 | 185,000 | 193,385 | ||||||
|
| |||||||
4,456,869 | ||||||||
|
| |||||||
Air Freight & Logistics - 0.1% |
| |||||||
CH Robinson Worldwide, Inc. |
| |||||||
4.20%, 4/15/2028 | 210,000 | 231,198 | ||||||
United Parcel Service, Inc. | ||||||||
3.40%, 3/15/2029 | 200,000 | 214,438 | ||||||
|
| |||||||
445,636 | ||||||||
|
| |||||||
Banks - 25.2% | ||||||||
Banco Santander SA | ||||||||
5.18%, 11/19/2025 | 600,000 | 653,164 | ||||||
1.72%, 9/14/2027(b) | 600,000 | 575,508 | ||||||
Bancolombia SA | ||||||||
3.00%, 1/29/2025 | 250,000 | 246,143 | ||||||
Bank of America Corp. | ||||||||
4.20%, 8/26/2024 | 200,000 | 211,559 | ||||||
4.00%, 1/22/2025 | 945,000 | 995,856 | ||||||
Series L, 3.95%, 4/21/2025 | 500,000 | 526,556 | ||||||
0.98%, 9/25/2025(b) | 750,000 | 731,195 | ||||||
4.45%, 3/3/2026 | 500,000 | 540,534 | ||||||
1.20%, 10/24/2026(b) | 1,000,000 | 962,227 | ||||||
1.73%, 7/22/2027(b) | 1,000,000 | 970,376 | ||||||
Series L, 4.18%, 11/25/2027 | 615,000 | 660,932 | ||||||
3.82%, 1/20/2028(b) | 500,000 | 530,009 | ||||||
3.71%, 4/24/2028(b) | 5,000 | 5,264 |
Investments | Principal Amount ($) | Value ($) | ||||||
3.42%, 12/20/2028(b) | 250,000 | 259,772 | ||||||
4.27%, 7/23/2029(b) | 550,000 | 597,521 | ||||||
3.97%, 2/7/2030(b) | 300,000 | 321,510 | ||||||
3.19%, 7/23/2030(b) | 250,000 | 255,881 | ||||||
2.50%, 2/13/2031(b) | 600,000 | 583,600 | ||||||
2.59%, 4/29/2031(b) | 188,000 | 184,199 | ||||||
1.90%, 7/23/2031(b) | 250,000 | 231,934 | ||||||
2.69%, 4/22/2032(b) | 212,000 | 207,699 | ||||||
2.30%, 7/21/2032(b) | 500,000 | 473,309 | ||||||
2.57%, 10/20/2032(b) | 250,000 | 242,464 | ||||||
Bank of Montreal | ||||||||
4.34%, 10/5/2028(b) | 300,000 | 312,111 | ||||||
3.80%, 12/15/2032(b) | 500,000 | 525,243 | ||||||
3.09%, 1/10/2037(b) | 250,000 | 246,480 | ||||||
Bank of Nova Scotia (The) | ||||||||
3.40%, 2/11/2024 | 250,000 | 259,161 | ||||||
4.50%, 12/16/2025 | 350,000 | 377,561 | ||||||
Series 2, 3.62%, 10/27/2081(b) | 250,000 | 230,578 | ||||||
BankUnited, Inc. | ||||||||
5.13%, 6/11/2030 | 250,000 | 280,222 | ||||||
Barclays plc | ||||||||
4.38%, 9/11/2024 | 490,000 | 515,619 | ||||||
3.65%, 3/16/2025 | 200,000 | 208,164 | ||||||
5.20%, 5/12/2026 | 300,000 | 328,739 | ||||||
4.84%, 5/9/2028 | 300,000 | 323,156 | ||||||
2.67%, 3/10/2032(b) | 50,000 | 47,730 | ||||||
Canadian Imperial Bank of Commerce |
| |||||||
2.25%, 1/28/2025 | 300,000 | 302,824 | ||||||
Citigroup, Inc. | ||||||||
3.35%, 4/24/2025(b) | 600,000 | 619,169 | ||||||
4.40%, 6/10/2025 | 825,000 | 879,757 | ||||||
5.50%, 9/13/2025 | 650,000 | 721,853 | ||||||
1.28%, 11/3/2025(b) | 500,000 | 490,632 | ||||||
4.60%, 3/9/2026 | 380,000 | 411,605 | ||||||
3.11%, 4/8/2026(b) | 500,000 | 513,466 | ||||||
3.40%, 5/1/2026 | 300,000 | 315,201 | ||||||
3.20%, 10/21/2026 | 350,000 | 362,909 | ||||||
1.46%, 6/9/2027(b) | 750,000 | 719,533 | ||||||
4.45%, 9/29/2027 | 200,000 | 217,537 | ||||||
3.89%, 1/10/2028(b) | 500,000 | 530,336 | ||||||
3.67%, 7/24/2028(b) | 255,000 | 268,164 | ||||||
2.98%, 11/5/2030(b) | 500,000 | 503,559 | ||||||
2.67%, 1/29/2031(b) | 500,000 | 490,805 | ||||||
4.41%, 3/31/2031(b) | 636,000 | 700,879 | ||||||
2.57%, 6/3/2031(b) | 500,000 | 487,496 | ||||||
2.56%, 5/1/2032(b) | 100,000 | 96,938 | ||||||
Citizens Bank NA | ||||||||
3.70%, 3/29/2023 | 300,000 | 307,397 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Citizens Financial Group, Inc. | ||||||||
3.25%, 4/30/2030 | 200,000 | 206,645 | ||||||
Comerica, Inc. | ||||||||
3.70%, 7/31/2023 | 250,000 | 258,038 | ||||||
Cooperatieve Rabobank UA | ||||||||
3.75%, 7/21/2026 | 250,000 | 262,064 | ||||||
Discover Bank | ||||||||
3.35%, 2/6/2023 | 300,000 | 306,163 | ||||||
4.20%, 8/8/2023 | 400,000 | 416,408 | ||||||
2.45%, 9/12/2024 | 500,000 | 505,296 | ||||||
4.65%, 9/13/2028 | 500,000 | 552,258 | ||||||
Fifth Third Bancorp | ||||||||
1.63%, 5/5/2023 | 150,000 | 150,616 | ||||||
4.30%, 1/16/2024 | 250,000 | 261,296 | ||||||
3.65%, 1/25/2024 | 500,000 | 518,501 | ||||||
2.55%, 5/5/2027 | 250,000 | 253,105 | ||||||
Fifth Third Bank NA | ||||||||
3.85%, 3/15/2026 | 400,000 | 424,017 | ||||||
First Horizon Corp. | ||||||||
3.55%, 5/26/2023 | 250,000 | 255,625 | ||||||
HSBC Holdings plc | ||||||||
3.80%, 3/11/2025(b) | 750,000 | 776,373 | ||||||
4.25%, 8/18/2025 | 1,040,000 | 1,097,370 | ||||||
1.64%, 4/18/2026(b) | 500,000 | 488,704 | ||||||
3.90%, 5/25/2026 | 1,000,000 | 1,058,712 | ||||||
4.29%, 9/12/2026(b) | 650,000 | 689,760 | ||||||
1.59%, 5/24/2027(b) | 250,000 | 239,747 | ||||||
4.04%, 3/13/2028(b) | 700,000 | 740,083 | ||||||
4.58%, 6/19/2029(b) | 670,000 | 730,898 | ||||||
4.95%, 3/31/2030 | 500,000 | 570,265 | ||||||
3.97%, 5/22/2030(b) | 300,000 | 316,418 | ||||||
2.36%, 8/18/2031(b) | 350,000 | 329,418 | ||||||
2.80%, 5/24/2032(b) | 200,000 | 193,680 | ||||||
Huntington Bancshares, Inc. | ||||||||
4.00%, 5/15/2025 | 200,000 | 212,309 | ||||||
2.55%, 2/4/2030 | 250,000 | 247,457 | ||||||
ING Groep NV | ||||||||
3.55%, 4/9/2024 | 200,000 | 207,467 | ||||||
1.73%, 4/1/2027(b) | 500,000 | 486,094 | ||||||
4.55%, 10/2/2028 | 350,000 | 388,550 | ||||||
4.05%, 4/9/2029 | 250,000 | 271,680 | ||||||
JPMorgan Chase & Co. | ||||||||
0.70%, 3/16/2024(b) | 500,000 | 496,613 | ||||||
3.56%, 4/23/2024(b) | 300,000 | 308,004 | ||||||
3.88%, 9/10/2024 | 1,127,000 | 1,185,984 | ||||||
0.65%, 9/16/2024(b) | 285,000 | 281,125 | ||||||
4.02%, 12/5/2024(b) | 40,000 | 41,649 | ||||||
0.82%, 6/1/2025(b) | 500,000 | 488,169 | ||||||
3.90%, 7/15/2025 | 395,000 | 419,705 | ||||||
2.30%, 10/15/2025(b) | 120,000 | 120,890 | ||||||
2.00%, 3/13/2026(b) | 115,000 | 114,595 |
Investments | Principal Amount ($) | Value ($) | ||||||
2.08%, 4/22/2026(b) | 500,000 | 498,030 | ||||||
4.13%, 12/15/2026 | 369,000 | 398,020 | ||||||
3.96%, 1/29/2027(b) | 750,000 | 796,795 | ||||||
1.58%, 4/22/2027(b) | 250,000 | 241,951 | ||||||
8.00%, 4/29/2027 | 250,000 | 316,810 | ||||||
3.63%, 12/1/2027 | 250,000 | 263,243 | ||||||
3.78%, 2/1/2028(b) | 925,000 | 981,347 | ||||||
4.01%, 4/23/2029(b) | 130,000 | 139,509 | ||||||
4.20%, 7/23/2029(b) | 450,000 | 487,460 | ||||||
4.45%, 12/5/2029(b) | 500,000 | 550,331 | ||||||
3.70%, 5/6/2030(b) | 250,000 | 264,581 | ||||||
2.74%, 10/15/2030(b) | 200,000 | 198,833 | ||||||
4.49%, 3/24/2031(b) | 200,000 | 223,610 | ||||||
2.96%, 5/13/2031(b) | 500,000 | 497,216 | ||||||
1.95%, 2/4/2032(b) | 450,000 | 417,341 | ||||||
2.96%, 1/25/2033(b) | 100,000 | 100,739 | ||||||
KeyCorp | ||||||||
2.25%, 4/6/2027 | 500,000 | 498,384 | ||||||
4.10%, 4/30/2028 | 200,000 | 217,830 | ||||||
2.55%, 10/1/2029 | 200,000 | 199,850 | ||||||
Lloyds Banking Group plc | ||||||||
4.05%, 8/16/2023 | 300,000 | 311,461 | ||||||
1.63%, 5/11/2027(b) | 500,000 | 482,083 | ||||||
Mitsubishi UFJ Financial Group, Inc. |
| |||||||
3.76%, 7/26/2023 | 50,000 | 51,715 | ||||||
3.41%, 3/7/2024 | 50,000 | 51,794 | ||||||
2.19%, 2/25/2025 | 700,000 | 704,072 | ||||||
3.68%, 2/22/2027 | 350,000 | 372,026 | ||||||
3.29%, 7/25/2027 | 750,000 | 783,057 | ||||||
3.74%, 3/7/2029 | 200,000 | 212,940 | ||||||
2.05%, 7/17/2030 | 100,000 | 94,456 | ||||||
Mizuho Financial Group, Inc. | ||||||||
3.55%, 3/5/2023 | 450,000 | 461,052 | ||||||
2.55%, 9/13/2025(b) | 250,000 | 253,230 | ||||||
2.23%, 5/25/2026(b) | 750,000 | 749,714 | ||||||
3.17%, 9/11/2027 | 500,000 | 516,696 | ||||||
4.02%, 3/5/2028 | 390,000 | 421,088 | ||||||
4.25%, 9/11/2029(b) | 500,000 | 544,151 | ||||||
3.15%, 7/16/2030(b) | 200,000 | 204,670 | ||||||
2.59%, 5/25/2031(b) | 250,000 | 244,828 | ||||||
2.56%, 9/13/2031 | 250,000 | 236,396 | ||||||
National Australia Bank Ltd. | ||||||||
3.63%, 6/20/2023 | 250,000 | 258,301 | ||||||
PNC Bank NA | ||||||||
3.50%, 6/8/2023 | 250,000 | 257,653 | ||||||
3.88%, 4/10/2025 | 250,000 | 264,149 | ||||||
3.25%, 1/22/2028 | 250,000 | 261,978 | ||||||
4.05%, 7/26/2028 | 250,000 | 272,873 | ||||||
2.70%, 10/22/2029 | 500,000 | 502,947 | ||||||
PNC Financial Services Group, Inc. (The) |
| |||||||
3.90%, 4/29/2024 | 550,000 | 576,491 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
3.15%, 5/19/2027 | 80,000 | 84,273 | ||||||
2.55%, 1/22/2030 | 300,000 | 299,712 | ||||||
Royal Bank of Canada | ||||||||
4.65%, 1/27/2026 | 550,000 | 601,952 | ||||||
Santander Holdings USA, Inc. | ||||||||
4.50%, 7/17/2025 | 240,000 | 256,112 | ||||||
4.40%, 7/13/2027 | 500,000 | 533,429 | ||||||
Santander UK Group Holdings plc |
| |||||||
3.82%, 11/3/2028(b) | 200,000 | 209,568 | ||||||
Sumitomo Mitsui Financial Group, Inc. |
| |||||||
2.70%, 7/16/2024 | 1,000,000 | 1,021,858 | ||||||
2.35%, 1/15/2025 | 250,000 | 253,078 | ||||||
1.47%, 7/8/2025 | 500,000 | 488,309 | ||||||
3.78%, 3/9/2026 | 50,000 | 53,144 | ||||||
2.63%, 7/14/2026 | 600,000 | 609,420 | ||||||
3.45%, 1/11/2027 | 250,000 | 262,537 | ||||||
3.36%, 7/12/2027 | 450,000 | 472,494 | ||||||
4.31%, 10/16/2028 | 500,000 | 550,541 | ||||||
3.04%, 7/16/2029 | 300,000 | 305,398 | ||||||
2.72%, 9/27/2029 | 250,000 | 248,806 | ||||||
2.75%, 1/15/2030 | 200,000 | 199,682 | ||||||
2.13%, 7/8/2030 | 300,000 | 284,718 | ||||||
2.14%, 9/23/2030 | 250,000 | 232,528 | ||||||
SVB Financial Group | ||||||||
3.13%, 6/5/2030 | 500,000 | 512,094 | ||||||
Toronto-Dominion Bank (The) | ||||||||
0.45%, 9/11/2023 | 500,000 | 493,597 | ||||||
3.25%, 3/11/2024 | 450,000 | 466,280 | ||||||
3.62%, 9/15/2031(b) | 250,000 | 263,228 | ||||||
Truist Bank | ||||||||
3.63%, 9/16/2025 | 250,000 | 263,699 | ||||||
3.30%, 5/15/2026 | 200,000 | 208,888 | ||||||
Truist Financial Corp. | ||||||||
2.85%, 10/26/2024 | 150,000 | 154,781 | ||||||
4.00%, 5/1/2025 | 210,000 | 223,081 | ||||||
1.89%, 6/7/2029(b) | 500,000 | 480,040 | ||||||
US Bancorp | ||||||||
3.38%, 2/5/2024 | 200,000 | 207,327 | ||||||
3.95%, 11/17/2025 | 200,000 | 214,567 | ||||||
Series V, 2.38%, 7/22/2026 | 500,000 | 509,277 | ||||||
3.00%, 7/30/2029 | 200,000 | 205,964 | ||||||
Wells Fargo & Co. | ||||||||
1.65%, 6/2/2024(b) | 500,000 | 500,648 | ||||||
3.00%, 2/19/2025 | 500,000 | 514,056 | ||||||
3.55%, 9/29/2025 | 1,190,000 | 1,250,614 | ||||||
2.41%, 10/30/2025(b) | 500,000 | 503,539 | ||||||
3.00%, 4/22/2026 | 500,000 | 513,887 | ||||||
4.10%, 6/3/2026 | 500,000 | 534,303 | ||||||
3.20%, 6/17/2027(b) | 1,000,000 | 1,035,005 | ||||||
4.30%, 7/22/2027 | 1,000,000 | 1,088,301 |
Investments | Principal Amount ($) | Value ($) | ||||||
3.58%, 5/22/2028(b) | 1,110,000 | 1,166,117 | ||||||
2.39%, 6/2/2028(b) | 1,500,000 | 1,488,295 | ||||||
2.88%, 10/30/2030(b) | 450,000 | 453,273 | ||||||
2.57%, 2/11/2031(b) | 200,000 | 196,905 | ||||||
4.48%, 4/4/2031(b) | 200,000 | 224,422 | ||||||
Westpac Banking Corp. | ||||||||
1.15%, 6/3/2026 | 500,000 | 483,417 | ||||||
2.89%, 2/4/2030(b) | 300,000 | 301,224 | ||||||
4.32%, 11/23/2031(b) | 250,000 | 265,321 | ||||||
4.11%, 7/24/2034(b) | 150,000 | 157,824 | ||||||
2.67%, 11/15/2035(b) | 300,000 | 283,158 | ||||||
|
| |||||||
78,946,179 | ||||||||
|
| |||||||
Beverages - 1.1% | ||||||||
Anheuser-Busch InBev Worldwide, Inc. |
| |||||||
4.75%, 1/23/2029 | 250,000 | 283,449 | ||||||
Coca-Cola Co. (The) | ||||||||
1.00%, 3/15/2028 | 500,000 | 468,418 | ||||||
3.45%, 3/25/2030 | 200,000 | 214,910 | ||||||
2.25%, 1/5/2032 | 500,000 | 490,353 | ||||||
Constellation Brands, Inc. | ||||||||
3.60%, 2/15/2028 | 260,000 | 274,422 | ||||||
4.65%, 11/15/2028 | 600,000 | 668,193 | ||||||
Keurig Dr Pepper, Inc. | ||||||||
4.60%, 5/25/2028 | 200,000 | 221,387 | ||||||
PepsiCo, Inc. | ||||||||
7.00%, 3/1/2029 | 500,000 | 662,035 | ||||||
|
| |||||||
3,283,167 | ||||||||
|
| |||||||
Biotechnology - 1.1% | ||||||||
AbbVie, Inc. | ||||||||
2.95%, 11/21/2026 | 500,000 | 513,660 | ||||||
3.20%, 11/21/2029 | 210,000 | 216,557 | ||||||
Amgen, Inc. | ||||||||
2.60%, 8/19/2026 | 500,000 | 510,669 | ||||||
2.20%, 2/21/2027 | 300,000 | 299,238 | ||||||
2.45%, 2/21/2030 | 300,000 | 295,461 | ||||||
Gilead Sciences, Inc. | ||||||||
3.50%, 2/1/2025 | 500,000 | 522,244 | ||||||
3.65%, 3/1/2026 | 330,000 | 348,365 | ||||||
2.95%, 3/1/2027 | 800,000 | 825,729 | ||||||
|
| |||||||
3,531,923 | ||||||||
|
| |||||||
Building Products - 0.5% | ||||||||
Carlisle Cos., Inc. | ||||||||
3.75%, 12/1/2027 | 200,000 | 211,190 | ||||||
Carrier Global Corp. | ||||||||
2.72%, 2/15/2030 | 250,000 | 247,197 | ||||||
Fortune Brands Home & Security, Inc. |
| |||||||
4.00%, 6/15/2025 | 150,000 | 158,765 | ||||||
Lennox International, Inc. | ||||||||
1.35%, 8/1/2025 | 450,000 | 438,990 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Masco Corp. | ||||||||
3.50%, 11/15/2027 | 500,000 | 527,251 | ||||||
|
| |||||||
1,583,393 | ||||||||
|
| |||||||
Capital Markets - 5.9% | ||||||||
Ameriprise Financial, Inc. | ||||||||
3.70%, 10/15/2024 | 250,000 | 263,332 | ||||||
2.88%, 9/15/2026 | 200,000 | 206,591 | ||||||
Ares Capital Corp. | ||||||||
2.15%, 7/15/2026 | 500,000 | 482,376 | ||||||
2.88%, 6/15/2028 | 500,000 | 481,162 | ||||||
Bain Capital Specialty Finance, Inc. |
| |||||||
2.55%, 10/13/2026 | 175,000 | 167,269 | ||||||
Bank of New York Mellon Corp. (The) |
| |||||||
Series 0012, 3.65%, 2/4/2024 | 300,000 | 312,473 | ||||||
2.45%, 8/17/2026 | 100,000 | 102,023 | ||||||
1.65%, 7/14/2028 | 300,000 | 289,476 | ||||||
BlackRock, Inc. | ||||||||
3.20%, 3/15/2027 | 200,000 | 211,163 | ||||||
3.25%, 4/30/2029 | 400,000 | 424,054 | ||||||
Blackstone Secured Lending Fund |
| |||||||
3.65%, 7/14/2023 | 150,000 | 153,590 | ||||||
3.63%, 1/15/2026 | 750,000 | 769,023 | ||||||
2.75%, 9/16/2026 | 250,000 | 245,785 | ||||||
2.13%, 2/15/2027(a) | 250,000 | 237,786 | ||||||
Cboe Global Markets, Inc. | ||||||||
3.65%, 1/12/2027 | 200,000 | 213,984 | ||||||
1.63%, 12/15/2030 | 100,000 | 91,896 | ||||||
Charles Schwab Corp. (The) | ||||||||
4.20%, 3/24/2025 | 400,000 | 429,224 | ||||||
3.20%, 1/25/2028 | 100,000 | 105,202 | ||||||
4.00%, 2/1/2029 | 400,000 | 439,204 | ||||||
CME Group, Inc. | ||||||||
3.00%, 3/15/2025 | 325,000 | 337,482 | ||||||
Credit Suisse AG | ||||||||
1.25%, 8/7/2026 | 450,000 | 428,964 | ||||||
Credit Suisse Group AG | ||||||||
3.75%, 3/26/2025 | 150,000 | 156,302 | ||||||
Deutsche Bank AG | ||||||||
3.70%, 5/30/2024 | 645,000 | 669,236 | ||||||
1.45%, 4/1/2025(b) | 500,000 | 492,247 | ||||||
3.96%, 11/26/2025(b) | 100,000 | 104,243 | ||||||
2.13%, 11/24/2026(b) | 250,000 | 244,547 | ||||||
3.55%, 9/18/2031(b) | 250,000 | 253,197 | ||||||
Goldman Sachs BDC, Inc. | ||||||||
3.75%, 2/10/2025 | 200,000 | 206,263 | ||||||
Goldman Sachs Group, Inc. (The) |
| |||||||
4.00%, 3/3/2024 | 500,000 | 522,988 | ||||||
3.85%, 7/8/2024 | 500,000 | 521,630 | ||||||
3.50%, 1/23/2025 | 465,000 | 483,805 | ||||||
3.50%, 4/1/2025 | 500,000 | 519,831 |
Investments | Principal Amount ($) | Value ($) | ||||||
1.43%, 3/9/2027(b) | 250,000 | 240,078 | ||||||
1.54%, 9/10/2027(b) | 500,000 | 478,067 | ||||||
Jefferies Group LLC | ||||||||
4.15%, 1/23/2030 | 200,000 | 216,004 | ||||||
Lazard Group LLC | ||||||||
3.75%, 2/13/2025 | 450,000 | 471,848 | ||||||
4.50%, 9/19/2028 | 250,000 | 276,241 | ||||||
Moodys Corp. | ||||||||
3.75%, 3/24/2025 | 300,000 | 315,655 | ||||||
4.25%, 2/1/2029 | 250,000 | 275,266 | ||||||
Morgan Stanley | ||||||||
3.75%, 2/25/2023 | 800,000 | 824,129 | ||||||
0.79%, 5/30/2025(b) | 500,000 | 487,565 | ||||||
2.72%, 7/22/2025(b) | 500,000 | 508,030 | ||||||
3.13%, 7/27/2026 | 500,000 | 517,612 | ||||||
1.59%, 5/4/2027(b) | 500,000 | 482,950 | ||||||
3.62%, 4/1/2031(b) | 250,000 | 264,623 | ||||||
Nasdaq, Inc. | ||||||||
3.85%, 6/30/2026 | 215,000 | 229,535 | ||||||
1.65%, 1/15/2031 | 100,000 | 90,373 | ||||||
Owl Rock Capital Corp. | ||||||||
3.40%, 7/15/2026 | 675,000 | 672,172 | ||||||
2.63%, 1/15/2027 | 500,000 | 479,280 | ||||||
2.88%, 6/11/2028 | 250,000 | 237,795 | ||||||
S&P Global, Inc. | ||||||||
2.95%, 1/22/2027 | 200,000 | 207,188 | ||||||
1.25%, 8/15/2030 | 300,000 | 271,142 | ||||||
State Street Corp. | ||||||||
3.10%, 5/15/2023 | 200,000 | 204,949 | ||||||
3.55%, 8/18/2025 | 300,000 | 318,059 | ||||||
|
| |||||||
18,634,909 | ||||||||
|
| |||||||
Chemicals - 1.5% | ||||||||
Air Products and Chemicals, Inc. |
| |||||||
3.35%, 7/31/2024 | 521,000 | 543,331 | ||||||
Cabot Corp. | ||||||||
4.00%, 7/1/2029 | 250,000 | 266,898 | ||||||
Celanese US Holdings LLC | ||||||||
3.50%, 5/8/2024 | 200,000 | 207,172 | ||||||
FMC Corp. | ||||||||
3.20%, 10/1/2026 | 200,000 | 207,075 | ||||||
Huntsman International LLC | ||||||||
4.50%, 5/1/2029 | 250,000 | 270,129 | ||||||
Nutrien Ltd. | ||||||||
4.20%, 4/1/2029 | 500,000 | 547,109 | ||||||
PPG Industries, Inc. | ||||||||
2.40%, 8/15/2024 | 200,000 | 203,490 | ||||||
3.75%, 3/15/2028 | 250,000 | 271,208 | ||||||
Rohm and Haas Co. | ||||||||
7.85%, 7/15/2029 | 300,000 | 396,265 | ||||||
RPM International, Inc. | ||||||||
3.75%, 3/15/2027 | 100,000 | 106,382 | ||||||
4.55%, 3/1/2029 | 250,000 | 277,166 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Sherwin-Williams Co. (The) | ||||||||
3.45%, 8/1/2025 | 500,000 | 520,679 | ||||||
3.45%, 6/1/2027 | 700,000 | 737,072 | ||||||
2.95%, 8/15/2029 | 100,000 | 102,188 | ||||||
|
| |||||||
4,656,164 | ||||||||
|
| |||||||
Commercial Services & Supplies - 0.8% |
| |||||||
Cintas Corp. No. 2 | ||||||||
3.70%, 4/1/2027 | 350,000 | 374,986 | ||||||
RELX Capital, Inc. | ||||||||
3.00%, 5/22/2030 | 200,000 | 204,606 | ||||||
Republic Services, Inc. | ||||||||
2.50%, 8/15/2024 | 567,000 | 574,605 | ||||||
3.38%, 11/15/2027 | 100,000 | 104,954 | ||||||
3.95%, 5/15/2028 | 200,000 | 216,018 | ||||||
Steelcase, Inc. | ||||||||
5.13%, 1/18/2029 | 150,000 | 166,797 | ||||||
Waste Connections, Inc. | ||||||||
4.25%, 12/1/2028 | 250,000 | 274,115 | ||||||
Waste Management, Inc. | ||||||||
3.15%, 11/15/2027 | 350,000 | 364,985 | ||||||
1.15%, 3/15/2028 | 350,000 | 324,937 | ||||||
|
| |||||||
2,606,003 | ||||||||
|
| |||||||
Communications Equipment - 0.5% |
| |||||||
Cisco Systems, Inc. | ||||||||
2.20%, 9/20/2023 | 417,000 | 423,839 | ||||||
3.63%, 3/4/2024 | 300,000 | 313,572 | ||||||
2.95%, 2/28/2026 | 100,000 | 104,410 | ||||||
Motorola Solutions, Inc. | ||||||||
4.60%, 2/23/2028 | 100,000 | 110,386 | ||||||
4.60%, 5/23/2029 | 300,000 | 333,698 | ||||||
2.75%, 5/24/2031 | 250,000 | 242,713 | ||||||
|
| |||||||
1,528,618 | ||||||||
|
| |||||||
Construction Materials - 0.1% |
| |||||||
Martin Marietta Materials, Inc. | ||||||||
3.50%, 12/15/2027 | 250,000 | 265,392 | ||||||
|
| |||||||
Consumer Finance - 2.1% |
| |||||||
AerCap Ireland Capital DAC | ||||||||
4.50%, 9/15/2023 | 500,000 | 519,732 | ||||||
3.15%, 2/15/2024 | 150,000 | 153,108 | ||||||
1.75%, 1/30/2026 | 300,000 | 288,455 | ||||||
3.88%, 1/23/2028 | 350,000 | 362,145 | ||||||
3.30%, 1/30/2032 | 250,000 | 244,339 | ||||||
Ally Financial, Inc. | ||||||||
3.05%, 6/5/2023 | 400,000 | 407,554 | ||||||
8.00%, 11/1/2031 | 250,000 | 339,233 | ||||||
American Express Co. | ||||||||
3.00%, 10/30/2024 | 690,000 | 712,838 | ||||||
Capital One Financial Corp. | ||||||||
3.50%, 6/15/2023 | 320,000 | 328,940 | ||||||
3.90%, 1/29/2024 | 50,000 | 52,043 |
Investments | Principal Amount ($) | Value ($) | ||||||
3.30%, 10/30/2024 | 200,000 | 207,383 | ||||||
3.20%, 2/5/2025 | 650,000 | 671,235 | ||||||
Synchrony Financial | ||||||||
4.50%, 7/23/2025 | 600,000 | 638,856 | ||||||
3.70%, 8/4/2026 | 355,000 | 368,792 | ||||||
3.95%, 12/1/2027 | 500,000 | 523,001 | ||||||
5.15%, 3/19/2029 | 200,000 | 223,612 | ||||||
Toyota Motor Credit Corp. | ||||||||
3.05%, 1/11/2028 | 450,000 | 474,019 | ||||||
|
| |||||||
6,515,285 | ||||||||
|
| |||||||
Containers & Packaging - 0.2% |
| |||||||
Amcor Finance USA, Inc. | ||||||||
4.50%, 5/15/2028 | 300,000 | 334,686 | ||||||
Avery Dennison Corp. | ||||||||
3.35%, 4/15/2023 | 50,000 | 50,830 | ||||||
4.88%, 12/6/2028 | 200,000 | 228,481 | ||||||
|
| |||||||
613,997 | ||||||||
|
| |||||||
Diversified Financial Services - 0.9% |
| |||||||
Berkshire Hathaway, Inc. | ||||||||
3.13%, 3/15/2026 | 330,000 | 345,197 | ||||||
Block Financial LLC | ||||||||
2.50%, 7/15/2028 | 400,000 | 389,752 | ||||||
Citigroup Global Markets Holdings, Inc. |
| |||||||
0.75%, 6/7/2024 | 1,000,000 | 979,378 | ||||||
National Rural Utilities Cooperative Finance Corp. |
| |||||||
5.25%, 4/20/2046(b) | 150,000 | 160,020 | ||||||
Voya Financial, Inc. | ||||||||
3.65%, 6/15/2026 | 500,000 | 530,740 | ||||||
4.70%, 1/23/2048(b) | 100,000 | 100,002 | ||||||
5.65%, 5/15/2053(b) | 450,000 | 459,052 | ||||||
|
| |||||||
2,964,141 | ||||||||
|
| |||||||
Diversified Telecommunication Services - 2.0% |
| |||||||
AT&T, Inc. | ||||||||
2.75%, 6/1/2031 | 335,000 | 329,733 | ||||||
British Telecommunications plc |
| |||||||
9.62%, 12/15/2030(c) | 200,000 | 285,931 | ||||||
Deutsche Telekom International Finance BV |
| |||||||
8.75%, 6/15/2030(c) | 100,000 | 141,286 | ||||||
Orange SA | ||||||||
9.00%, 3/1/2031(c) | 250,000 | 370,106 | ||||||
TELUS Corp. | ||||||||
3.70%, 9/15/2027 | 200,000 | 212,536 | ||||||
Verizon Communications, Inc. |
| |||||||
4.13%, 3/16/2027 | 700,000 | 759,305 | ||||||
2.10%, 3/22/2028 | 1,000,000 | 975,268 | ||||||
4.33%, 9/21/2028 | 1,500,000 | 1,653,011 | ||||||
4.02%, 12/3/2029 | 225,000 | 244,662 | ||||||
1.68%, 10/30/2030 | 313,000 | 285,996 | ||||||
1.75%, 1/20/2031 | 500,000 | 456,384 | ||||||
2.55%, 3/21/2031 | 450,000 | 439,022 | ||||||
|
| |||||||
6,153,240 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Electric Utilities - 4.0% | ||||||||
AEP Texas, Inc. | ||||||||
3.95%, 6/1/2028 | 500,000 | 535,482 | ||||||
American Electric Power Co., Inc. |
| |||||||
Series J, 4.30%, 12/1/2028 | 295,000 | 320,586 | ||||||
3.88%, 2/15/2062(b) | 100,000 | 98,167 | ||||||
Appalachian Power Co. | ||||||||
Series X, 3.30%, 6/1/2027 | 96,000 | 100,407 | ||||||
Duke Energy Corp. | ||||||||
3.15%, 8/15/2027 | 200,000 | 207,774 | ||||||
2.45%, 6/1/2030 | 300,000 | 291,397 | ||||||
3.25%, 1/15/2082(b) | 250,000 | 233,953 | ||||||
Edison International | ||||||||
4.95%, 4/15/2025 | 700,000 | 754,284 | ||||||
5.75%, 6/15/2027 | 300,000 | 336,495 | ||||||
Emera US Finance LP | ||||||||
3.55%, 6/15/2026 | 150,000 | 156,662 | ||||||
Enel Chile SA | ||||||||
4.88%, 6/12/2028 | 250,000 | 273,046 | ||||||
Eversource Energy | ||||||||
Series L, 2.90%, 10/1/2024 | 300,000 | 307,556 | ||||||
Series U, 1.40%, 8/15/2026 | 500,000 | 482,588 | ||||||
Series M, 3.30%, 1/15/2028 | 100,000 | 103,757 | ||||||
Exelon Corp. | ||||||||
4.05%, 4/15/2030 | 500,000 | 540,949 | ||||||
Florida Power & Light Co. | ||||||||
2.85%, 4/1/2025 | 500,000 | 515,632 | ||||||
Fortis, Inc. | ||||||||
3.06%, 10/4/2026 | 200,000 | 205,465 | ||||||
Georgia Power Co. | ||||||||
3.25%, 4/1/2026 | 500,000 | 518,399 | ||||||
Interstate Power & Light Co. | ||||||||
4.10%, 9/26/2028 | 250,000 | 271,415 | ||||||
ITC Holdings Corp. | ||||||||
3.35%, 11/15/2027 | 200,000 | 206,877 | ||||||
MidAmerican Energy Co. | ||||||||
3.70%, 9/15/2023 | 472,000 | 487,271 | ||||||
3.65%, 4/15/2029 | 1,000,000 | 1,082,237 | ||||||
NextEra Energy Capital Holdings, Inc. |
| |||||||
3.55%, 5/1/2027 | 300,000 | 316,467 | ||||||
1.90%, 6/15/2028 | 500,000 | 484,894 | ||||||
2.25%, 6/1/2030 | 375,000 | 360,990 | ||||||
4.80%, 12/1/2077(b) | 100,000 | 103,604 | ||||||
5.65%, 5/1/2079(b) | 400,000 | 445,296 |
Investments | Principal Amount ($) | Value ($) | ||||||
Pacific Gas and Electric Co. | ||||||||
3.15%, 1/1/2026 | 175,000 | 175,659 | ||||||
Public Service Electric and Gas Co. |
| |||||||
3.00%, 5/15/2027 | 200,000 | 207,695 | ||||||
3.65%, 9/1/2028 | 500,000 | 536,585 | ||||||
Sierra Pacific Power Co. | ||||||||
2.60%, 5/1/2026 | 20,000 | 20,431 | ||||||
Southern Co. (The) | ||||||||
2.95%, 7/1/2023 | 300,000 | 305,860 | ||||||
3.25%, 7/1/2026 | 384,000 | 400,775 | ||||||
Series A, 3.70%, 4/30/2030 | 50,000 | 52,837 | ||||||
Series B, 4.00%, 1/15/2051(b) | 350,000 | 353,503 | ||||||
Series 21-A, 3.75%, 9/15/2051(b) | 500,000 | 489,185 | ||||||
Southwestern Electric Power Co. | ||||||||
Series M, 4.10%, 9/15/2028 | 200,000 | 215,717 | ||||||
|
| |||||||
12,499,897 | ||||||||
|
| |||||||
Electrical Equipment - 0.4% |
| |||||||
ABB Finance USA, Inc. | ||||||||
3.80%, 4/3/2028 | 300,000 | 328,108 | ||||||
Emerson Electric Co. | ||||||||
0.88%, 10/15/2026 | 200,000 | 189,832 | ||||||
Hubbell, Inc. | ||||||||
3.35%, 3/1/2026 | 200,000 | 207,950 | ||||||
3.50%, 2/15/2028 | 250,000 | 263,710 | ||||||
Rockwell Automation, Inc. | ||||||||
2.88%, 3/1/2025 | 150,000 | 154,861 | ||||||
|
| |||||||
1,144,461 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & |
| |||||||
Allegion US Holding Co., Inc. | ||||||||
3.20%, 10/1/2024 | 200,000 | 205,537 | ||||||
Amphenol Corp. | ||||||||
2.05%, 3/1/2025 | 500,000 | 503,569 | ||||||
Arrow Electronics, Inc. | ||||||||
4.00%, 4/1/2025 | 400,000 | 420,794 | ||||||
Avnet, Inc. | ||||||||
4.63%, 4/15/2026 | 175,000 | 187,476 | ||||||
CDW LLC | ||||||||
4.13%, 5/1/2025 | 300,000 | 303,657 | ||||||
2.67%, 12/1/2026 | 500,000 | 495,389 | ||||||
4.25%, 4/1/2028 | 200,000 | 198,084 | ||||||
3.25%, 2/15/2029 | 500,000 | 475,018 | ||||||
Flex Ltd. | ||||||||
4.88%, 6/15/2029 | 250,000 | 277,121 | ||||||
Keysight Technologies, Inc. | ||||||||
4.60%, 4/6/2027 | 200,000 | 221,105 | ||||||
TD SYNNEX Corp. | ||||||||
1.75%, 8/9/2026(a) | 450,000 | 434,672 | ||||||
2.38%, 8/9/2028(a) | 250,000 | 235,769 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Teledyne Technologies, Inc. |
| |||||||
2.25%, 4/1/2028 | 400,000 | 392,412 | ||||||
Trimble, Inc. |
| |||||||
4.90%, 6/15/2028 | 250,000 | 276,368 | ||||||
Tyco Electronics Group SA |
| |||||||
3.70%, 2/15/2026 | 200,000 | 211,520 | ||||||
3.13%, 8/15/2027 | 200,000 | 209,094 | ||||||
|
| |||||||
5,047,585 | ||||||||
|
| |||||||
Entertainment - 0.8% |
| |||||||
Activision Blizzard, Inc. |
| |||||||
3.40%, 9/15/2026 | 300,000 | 316,279 | ||||||
3.40%, 6/15/2027 | 200,000 | 211,445 | ||||||
Electronic Arts, Inc. |
| |||||||
4.80%, 3/1/2026 | 100,000 | 110,011 | ||||||
Netflix, Inc. |
| |||||||
4.38%, 11/15/2026 | 500,000 | 536,562 | ||||||
4.88%, 4/15/2028 | 500,000 | 549,625 | ||||||
5.88%, 11/15/2028 | 800,000 | 928,016 | ||||||
|
| |||||||
2,651,938 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) - 7.1% |
| |||||||
Agree LP |
| |||||||
2.00%, 6/15/2028 | 250,000 | 239,658 | ||||||
Alexandria Real Estate Equities, Inc. |
| |||||||
3.95%, 1/15/2028 | 100,000 | 108,074 | ||||||
2.75%, 12/15/2029 | 100,000 | 101,030 | ||||||
4.70%, 7/1/2030 | 100,000 | 114,525 | ||||||
4.90%, 12/15/2030 | 250,000 | 292,033 | ||||||
American Campus Communities Operating Partnership LP |
| |||||||
3.63%, 11/15/2027 | 200,000 | 210,226 | ||||||
American Homes 4 Rent LP |
| |||||||
4.25%, 2/15/2028 | 200,000 | 215,188 | ||||||
4.90%, 2/15/2029 | 300,000 | 338,647 | ||||||
American Tower Corp. |
| |||||||
5.00%, 2/15/2024 | 490,000 | 521,374 | ||||||
1.60%, 4/15/2026 | 500,000 | 484,236 | ||||||
3.38%, 10/15/2026 | 200,000 | 208,147 | ||||||
2.75%, 1/15/2027 | 500,000 | 505,011 | ||||||
3.55%, 7/15/2027 | 400,000 | 417,943 | ||||||
3.60%, 1/15/2028 | 500,000 | 522,740 | ||||||
3.80%, 8/15/2029 | 238,000 | 251,394 | ||||||
AvalonBay Communities, Inc. |
| |||||||
3.45%, 6/1/2025 | 200,000 | 209,559 | ||||||
3.50%, 11/15/2025 | 50,000 | 52,715 | ||||||
2.45%, 1/15/2031 | 200,000 | 198,119 | ||||||
Boston Properties LP |
| |||||||
3.25%, 1/30/2031 | 500,000 | 509,440 | ||||||
Brandywine Operating Partnership LP |
| |||||||
4.10%, 10/1/2024 | 50,000 | 52,261 | ||||||
3.95%, 11/15/2027 | 250,000 | 264,170 |
Investments | Principal Amount ($) | Value ($) | ||||||
Brixmor Operating Partnership LP |
| |||||||
4.05%, 7/1/2030 | 200,000 | 213,885 | ||||||
Crown Castle International Corp. |
| |||||||
3.10%, 11/15/2029 | 750,000 | 757,843 | ||||||
CubeSmart LP |
| |||||||
4.00%, 11/15/2025 | 250,000 | 265,352 | ||||||
3.00%, 2/15/2030 | 200,000 | 202,446 | ||||||
CyrusOne LP |
| |||||||
2.90%, 11/15/2024 | 200,000 | 206,467 | ||||||
Duke Realty LP |
| |||||||
3.25%, 6/30/2026 | 250,000 | 262,112 | ||||||
2.88%, 11/15/2029 | 100,000 | 102,144 | ||||||
EPR Properties |
| |||||||
4.95%, 4/15/2028 | 350,000 | 368,499 | ||||||
Equinix, Inc. |
| |||||||
1.45%, 5/15/2026 | 500,000 | 482,389 | ||||||
2.00%, 5/15/2028 | 500,000 | 476,783 | ||||||
3.20%, 11/18/2029 | 210,000 | 212,667 | ||||||
2.15%, 7/15/2030 | 150,000 | 140,605 | ||||||
ERP Operating LP |
| |||||||
2.85%, 11/1/2026 | 200,000 | 206,265 | ||||||
3.25%, 8/1/2027 | 45,000 | 47,247 | ||||||
Essex Portfolio LP |
| |||||||
3.88%, 5/1/2024 | 200,000 | 208,818 | ||||||
4.00%, 3/1/2029 | 500,000 | 542,481 | ||||||
3.00%, 1/15/2030 | 200,000 | 203,435 | ||||||
GLP Capital LP |
| |||||||
5.38%, 11/1/2023 | 555,000 | 585,925 | ||||||
5.25%, 6/1/2025 | 200,000 | 214,814 | ||||||
5.38%, 4/15/2026 | 500,000 | 540,790 | ||||||
5.75%, 6/1/2028 | 500,000 | 562,021 | ||||||
Healthpeak Properties, Inc. |
| |||||||
3.00%, 1/15/2030 | 250,000 | 254,719 | ||||||
Highwoods Realty LP |
| |||||||
4.13%, 3/15/2028 | 200,000 | 216,887 | ||||||
4.20%, 4/15/2029 | 100,000 | 108,138 | ||||||
Host Hotels & Resorts LP |
| |||||||
Series E, 4.00%, 6/15/2025 | 250,000 | 261,495 | ||||||
Hudson Pacific Properties LP |
| |||||||
3.25%, 1/15/2030 | 100,000 | 101,434 | ||||||
Kilroy Realty LP |
| |||||||
4.38%, 10/1/2025 | 400,000 | 429,118 | ||||||
4.25%, 8/15/2029 | 100,000 | 108,597 | ||||||
Kite Realty Group Trust |
| |||||||
4.75%, 9/15/2030 | 200,000 | 217,591 | ||||||
Life Storage LP |
| |||||||
2.20%, 10/15/2030 | 200,000 | 190,985 | ||||||
LifeStorage LP |
| |||||||
3.50%, 7/1/2026 | 200,000 | 210,647 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Mid-America Apartments LP |
| |||||||
3.95%, 3/15/2029 | 50,000 | 54,368 | ||||||
2.75%, 3/15/2030 | 150,000 | 150,715 | ||||||
National Retail Properties, Inc. |
| |||||||
3.90%, 6/15/2024 | 500,000 | 523,263 | ||||||
3.50%, 10/15/2027 | 150,000 | 157,992 | ||||||
4.30%, 10/15/2028 | 140,000 | 153,053 | ||||||
Office Properties Income Trust |
| |||||||
2.65%, 6/15/2026 | 160,000 | 156,742 | ||||||
Omega Healthcare Investors, Inc. |
| |||||||
4.95%, 4/1/2024 | 10,000 | 10,580 | ||||||
5.25%, 1/15/2026 | 300,000 | 328,127 | ||||||
4.50%, 4/1/2027 | 500,000 | 540,973 | ||||||
3.63%, 10/1/2029 | 150,000 | 152,734 | ||||||
Physicians Realty LP |
| |||||||
4.30%, 3/15/2027 | 200,000 | 217,616 | ||||||
Piedmont Operating Partnership LP |
| |||||||
3.15%, 8/15/2030 | 100,000 | 99,677 | ||||||
Prologis LP |
| |||||||
2.25%, 4/15/2030 | 200,000 | 195,072 | ||||||
Public Storage |
| |||||||
3.09%, 9/15/2027 | 200,000 | 208,347 | ||||||
1.85%, 5/1/2028 | 300,000 | 290,755 | ||||||
Realty Income Corp. |
| |||||||
4.63%, 11/1/2025 | 200,000 | 218,114 | ||||||
4.13%, 10/15/2026 | 300,000 | 326,370 | ||||||
Sabra Health Care LP |
| |||||||
5.13%, 8/15/2026 | 200,000 | 216,568 | ||||||
3.90%, 10/15/2029 | 200,000 | 204,415 | ||||||
Simon Property Group LP |
| |||||||
3.38%, 10/1/2024 | 600,000 | 624,014 | ||||||
SITE Centers Corp. |
| |||||||
3.63%, 2/1/2025 | 129,000 | 133,647 | ||||||
Spirit Realty LP |
| |||||||
4.45%, 9/15/2026 | 200,000 | 216,550 | ||||||
2.10%, 3/15/2028 | 250,000 | 239,569 | ||||||
3.40%, 1/15/2030 | 200,000 | 204,617 | ||||||
STORE Capital Corp. |
| |||||||
4.50%, 3/15/2028 | 150,000 | 162,868 | ||||||
2.75%, 11/18/2030 | 250,000 | 240,563 | ||||||
Tanger Properties LP |
| |||||||
3.88%, 7/15/2027 | 150,000 | 157,777 | ||||||
Ventas Realty LP |
| |||||||
3.50%, 2/1/2025 | 50,000 | 51,866 | ||||||
4.75%, 11/15/2030 | 200,000 | 227,329 | ||||||
Welltower, Inc. |
| |||||||
4.00%, 6/1/2025 | 200,000 | 212,487 | ||||||
3.10%, 1/15/2030 | 250,000 | 254,458 | ||||||
Weyerhaeuser Co. |
| |||||||
4.00%, 4/15/2030 | 250,000 | 270,472 |
Investments | Principal Amount ($) | Value ($) | ||||||
WP Carey, Inc. |
| |||||||
4.60%, 4/1/2024 | 195,000 | 205,498 | ||||||
4.00%, 2/1/2025 | 150,000 | 157,916 | ||||||
|
| |||||||
22,284,201 | ||||||||
|
| |||||||
Food & Staples Retailing - 0.5% |
| |||||||
Costco Wholesale Corp. |
| |||||||
2.75%, 5/18/2024 | 300,000 | 308,315 | ||||||
3.00%, 5/18/2027 | 375,000 | 392,679 | ||||||
1.38%, 6/20/2027 | 300,000 | 289,985 | ||||||
Walmart, Inc. |
| |||||||
3.05%, 7/8/2026 | 500,000 | 523,838 | ||||||
1.80%, 9/22/2031 | 100,000 | 95,495 | ||||||
|
| |||||||
1,610,312 | ||||||||
|
| |||||||
Food Products - 1.7% |
| |||||||
Campbell Soup Co. |
| |||||||
4.15%, 3/15/2028 | 150,000 | 162,602 | ||||||
Flowers Foods, Inc. |
| |||||||
3.50%, 10/1/2026 | 250,000 | 264,823 | ||||||
General Mills, Inc. |
| |||||||
4.20%, 4/17/2028 | 500,000 | 544,621 | ||||||
2.88%, 4/15/2030 | 190,000 | 192,823 | ||||||
J M Smucker Co. (The) |
| |||||||
3.38%, 12/15/2027 | 100,000 | 105,184 | ||||||
McCormick & Co., Inc. |
| |||||||
3.15%, 8/15/2024 | 200,000 | 206,347 | ||||||
3.40%, 8/15/2027 | 200,000 | 211,099 | ||||||
Mondelez International, Inc. |
| |||||||
1.50%, 5/4/2025 | 400,000 | 393,749 | ||||||
2.75%, 4/13/2030 | 200,000 | 200,746 | ||||||
Tyson Foods, Inc. |
| |||||||
4.35%, 3/1/2029 | 1,000,000 | 1,106,992 | ||||||
Unilever Capital Corp. |
| |||||||
2.60%, 5/5/2024 | 1,200,000 | 1,223,734 | ||||||
2.90%, 5/5/2027 | 200,000 | 206,813 | ||||||
3.50%, 3/22/2028 | 600,000 | 639,243 | ||||||
|
| |||||||
5,458,776 | ||||||||
|
| |||||||
Gas Utilities - 0.5% |
| |||||||
Atmos Energy Corp. |
| |||||||
0.63%, 3/9/2023 | 500,000 | 497,332 | ||||||
Eastern Energy Gas Holdings LLC |
| |||||||
Series A, 2.50%, 11/15/2024 | 410,000 | 417,910 | ||||||
3.60%, 12/15/2024 | 54,000 | 56,651 | ||||||
National Fuel Gas Co. |
| |||||||
5.20%, 7/15/2025 | 200,000 | 216,363 | ||||||
5.50%, 1/15/2026 | 275,000 | 301,486 | ||||||
4.75%, 9/1/2028 | 150,000 | 161,230 | ||||||
|
| |||||||
1,650,972 | ||||||||
|
| |||||||
Health Care Equipment & Supplies - 0.6% |
| |||||||
Abbott Laboratories |
| |||||||
3.88%, 9/15/2025 | 500,000 | 534,932 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Baxter International, Inc. |
| |||||||
2.60%, 8/15/2026 | 200,000 | 203,457 | ||||||
2.27%, 12/1/2028(a) | 500,000 | 489,517 | ||||||
DH Europe Finance II Sarl |
| |||||||
2.20%, 11/15/2024 | 250,000 | 252,943 | ||||||
Edwards Lifesciences Corp. |
| |||||||
4.30%, 6/15/2028 | 200,000 | 219,778 | ||||||
Stryker Corp. |
| |||||||
1.95%, 6/15/2030 | 100,000 | 94,528 | ||||||
|
| |||||||
1,795,155 | ||||||||
|
| |||||||
Health Care Providers & Services - 2.3% |
| |||||||
AmerisourceBergen Corp. |
| |||||||
3.40%, 5/15/2024 | 250,000 | 258,571 | ||||||
3.45%, 12/15/2027 | 200,000 | 209,598 | ||||||
Anthem, Inc. |
| |||||||
4.10%, 3/1/2028 | 500,000 | 542,368 | ||||||
Cigna Corp. |
| |||||||
4.38%, 10/15/2028 | 350,000 | 385,305 | ||||||
CVS Health Corp. |
| |||||||
4.30%, 3/25/2028 | 159,000 | 173,351 | ||||||
HCA, Inc. |
| |||||||
5.25%, 6/15/2026 | 300,000 | 327,897 | ||||||
4.13%, 6/15/2029 | 250,000 | 266,669 | ||||||
Humana, Inc. |
| |||||||
1.35%, 2/3/2027 | 100,000 | 94,694 | ||||||
3.95%, 3/15/2027 | 300,000 | 319,957 | ||||||
Laboratory Corp. of America Holdings |
| |||||||
3.60%, 2/1/2025 | 300,000 | 312,519 | ||||||
1.55%, 6/1/2026 | 750,000 | 727,537 | ||||||
McKesson Corp. |
| |||||||
1.30%, 8/15/2026 | 500,000 | 478,539 | ||||||
Quest Diagnostics, Inc. |
| |||||||
2.95%, 6/30/2030 | 200,000 | 201,870 | ||||||
UnitedHealth Group, Inc. |
| |||||||
1.15%, 5/15/2026 | 1,250,000 | 1,208,244 | ||||||
2.95%, 10/15/2027 | 250,000 | 261,372 | ||||||
3.85%, 6/15/2028 | 1,250,000 | 1,361,043 | ||||||
3.88%, 12/15/2028 | 15,000 | 16,404 | ||||||
|
| |||||||
7,145,938 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure - 0.5% |
| |||||||
Hyatt Hotels Corp. |
| |||||||
4.85%, 3/15/2026 | 200,000 | 215,512 | ||||||
Marriott International, Inc. |
| |||||||
Series EE, 5.75%, 5/1/2025 | 12,000 | 13,308 | ||||||
Series HH, 2.85%, 4/15/2031 | 150,000 | 144,693 | ||||||
McDonalds Corp. |
| |||||||
3.80%, 4/1/2028 | 90,000 | 96,740 | ||||||
2.63%, 9/1/2029 | 100,000 | 100,186 | ||||||
3.60%, 7/1/2030 | 300,000 | 321,884 |
Investments | Principal Amount ($) | Value ($) | ||||||
Starbucks Corp. |
| |||||||
4.00%, 11/15/2028 | 250,000 | 273,494 | ||||||
2.55%, 11/15/2030 | 250,000 | 246,755 | ||||||
|
| |||||||
1,412,572 | ||||||||
|
| |||||||
Household Durables - 0.9% |
| |||||||
DR Horton, Inc. |
| |||||||
2.50%, 10/15/2024 | 200,000 | 202,989 | ||||||
1.30%, 10/15/2026 | 500,000 | 477,544 | ||||||
Lennar Corp. |
| |||||||
4.50%, 4/30/2024 | 1,000,000 | 1,052,255 | ||||||
4.75%, 11/29/2027 | 300,000 | 331,481 | ||||||
PulteGroup, Inc. |
| |||||||
5.50%, 3/1/2026 | 500,000 | 558,390 | ||||||
Whirlpool Corp. |
| |||||||
4.75%, 2/26/2029 | 200,000 | 225,211 | ||||||
|
| |||||||
2,847,870 | ||||||||
|
| |||||||
Household Products - 0.4% |
| |||||||
Colgate-Palmolive Co. |
| |||||||
3.25%, 3/15/2024 | 250,000 | 260,197 | ||||||
Procter & Gamble Co. (The) |
| |||||||
3.10%, 8/15/2023 | 150,000 | 154,598 | ||||||
2.70%, 2/2/2026 | 250,000 | 259,562 | ||||||
2.80%, 3/25/2027 | 185,000 | 192,119 | ||||||
3.00%, 3/25/2030 | 400,000 | 422,240 | ||||||
|
| |||||||
1,288,716 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers - 0.3% |
| |||||||
AES Corp. (The) |
| |||||||
2.45%, 1/15/2031 | 300,000 | 283,985 | ||||||
Exelon Generation Co. LLC |
| |||||||
3.25%, 6/1/2025 | 500,000 | 518,215 | ||||||
|
| |||||||
802,200 | ||||||||
|
| |||||||
Industrial Conglomerates - 1.3% |
| |||||||
3M Co. |
| |||||||
2.25%, 3/15/2023 | 520,000 | 527,640 | ||||||
2.65%, 4/15/2025 | 500,000 | 513,120 | ||||||
3.63%, 9/14/2028 | 300,000 | 325,345 | ||||||
3.38%, 3/1/2029 | 200,000 | 212,639 | ||||||
2.38%, 8/26/2029 | 250,000 | 250,689 | ||||||
Honeywell International, Inc. |
| |||||||
1.35%, 6/1/2025 | 250,000 | 247,045 | ||||||
2.50%, 11/1/2026 | 300,000 | 307,268 | ||||||
2.70%, 8/15/2029 | 100,000 | 102,527 | ||||||
Roper Technologies, Inc. |
| |||||||
3.80%, 12/15/2026 | 200,000 | 211,953 | ||||||
4.20%, 9/15/2028 | 200,000 | 217,920 | ||||||
1.75%, 2/15/2031 | 250,000 | 226,603 | ||||||
Trane Technologies Global Holding Co. Ltd. |
| |||||||
3.75%, 8/21/2028 | 200,000 | 214,205 | ||||||
Trane Technologies Luxembourg Finance SA |
| |||||||
3.50%, 3/21/2026 | 250,000 | 262,725 | ||||||
3.80%, 3/21/2029 | 500,000 | 531,720 | ||||||
|
| |||||||
4,151,399 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Insurance - 3.6% | ||||||||
Aflac, Inc. | ||||||||
3.25%, 3/17/2025 | 200,000 | 208,922 | ||||||
2.88%, 10/15/2026 | 100,000 | 103,675 | ||||||
3.60%, 4/1/2030 | 250,000 | 268,309 | ||||||
Allied World Assurance Co. Holdings Ltd. |
| |||||||
4.35%, 10/29/2025 | 200,000 | 212,300 | ||||||
Allstate Corp. (The) | ||||||||
0.75%, 12/15/2025 | 150,000 | 143,482 | ||||||
Series B, 5.75%, 8/15/2053(b) | 400,000 | 413,100 | ||||||
American Equity Investment Life Holding Co. |
| |||||||
5.00%, 6/15/2027 | 150,000 | 167,393 | ||||||
American Financial Group, Inc. | ||||||||
3.50%, 8/15/2026 | 200,000 | 209,948 | ||||||
American International Group, Inc. |
| |||||||
2.50%, 6/30/2025 | 500,000 | 508,445 | ||||||
Series A-9, 5.75%, 4/1/2048(b) | 200,000 | 218,614 | ||||||
Aon Corp. | ||||||||
2.80%, 5/15/2030 | 250,000 | 249,938 | ||||||
2.05%, 8/23/2031 | 100,000 | 93,990 | ||||||
Aon plc | ||||||||
3.88%, 12/15/2025 | 400,000 | 425,499 | ||||||
Assurant, Inc. | ||||||||
3.70%, 2/22/2030 | 100,000 | 103,771 | ||||||
Athene Holding Ltd. | ||||||||
4.13%, 1/12/2028 | 300,000 | 320,440 | ||||||
6.15%, 4/3/2030 | 250,000 | 298,789 | ||||||
AXIS Specialty Finance LLC | ||||||||
4.90%, 1/15/2040(b) | 200,000 | 208,747 | ||||||
AXIS Specialty Finance plc | ||||||||
4.00%, 12/6/2027 | 200,000 | 213,610 | ||||||
Brighthouse Financial, Inc. | ||||||||
5.63%, 5/15/2030 | 100,000 | 116,060 | ||||||
Brown & Brown, Inc. | ||||||||
4.20%, 9/15/2024 | 200,000 | 211,006 | ||||||
2.38%, 3/15/2031 | 250,000 | 237,814 | ||||||
Chubb INA Holdings, Inc. | ||||||||
3.15%, 3/15/2025 | 270,000 | 281,744 | ||||||
Enstar Group Ltd. | ||||||||
4.95%, 6/1/2029 | 250,000 | 272,777 | ||||||
Fairfax Financial Holdings Ltd. | ||||||||
4.85%, 4/17/2028 | 250,000 | 273,177 | ||||||
Fidelity National Financial, Inc. | ||||||||
3.40%, 6/15/2030 | 250,000 | 257,018 | ||||||
First American Financial Corp. | ||||||||
4.60%, 11/15/2024 | 200,000 | 213,711 | ||||||
Globe Life, Inc. | ||||||||
4.55%, 9/15/2028 | 150,000 | 167,270 |
Investments | Principal Amount ($) | Value ($) | ||||||
Hanover Insurance Group, Inc. (The) |
| |||||||
2.50%, 9/1/2030 | 250,000 | 244,150 | ||||||
Manulife Financial Corp. | ||||||||
4.15%, 3/4/2026 | 200,000 | 214,830 | ||||||
2.48%, 5/19/2027 | 250,000 | 251,833 | ||||||
4.06%, 2/24/2032(b) | 50,000 | 52,473 | ||||||
Markel Corp. | ||||||||
3.35%, 9/17/2029 | 300,000 | 315,751 | ||||||
Marsh & McLennan Cos., Inc. | ||||||||
3.50%, 6/3/2024 | 16,000 | 16,650 | ||||||
3.50%, 3/10/2025 | 75,000 | 78,627 | ||||||
2.25%, 11/15/2030 | 515,000 | 497,308 | ||||||
MetLife, Inc. | ||||||||
4.55%, 3/23/2030 | 150,000 | 172,259 | ||||||
Principal Financial Group, Inc. | ||||||||
2.13%, 6/15/2030 | 100,000 | 96,297 | ||||||
Progressive Corp. (The) | ||||||||
2.45%, 1/15/2027 | 200,000 | 204,150 | ||||||
3.20%, 3/26/2030 | 100,000 | 105,811 | ||||||
Prudential Financial, Inc. | ||||||||
5.63%, 6/15/2043(b) | 400,000 | 414,320 | ||||||
5.20%, 3/15/2044(b) | 10,000 | 10,338 | ||||||
5.38%, 5/15/2045(b) | 500,000 | 529,514 | ||||||
4.50%, 9/15/2047(b) | 250,000 | 255,471 | ||||||
5.70%, 9/15/2048(b) | 500,000 | 545,874 | ||||||
3.70%, 10/1/2050(b) | 100,000 | 98,031 | ||||||
RenaissanceRe Finance, Inc. | ||||||||
3.45%, 7/1/2027 | 100,000 | 105,852 | ||||||
Trinity Acquisition plc | ||||||||
4.40%, 3/15/2026 | 200,000 | 215,638 | ||||||
Willis North America, Inc. | ||||||||
3.60%, 5/15/2024 | 150,000 | 155,706 | ||||||
2.95%, 9/15/2029 | 250,000 | 248,683 | ||||||
|
| |||||||
11,229,115 | ||||||||
|
| |||||||
Interactive Media & Services - 0.1% |
| |||||||
Alphabet, Inc. | ||||||||
0.80%, 8/15/2027 | 85,000 | 80,073 | ||||||
Weibo Corp. | ||||||||
3.50%, 7/5/2024 | 200,000 | 203,944 | ||||||
|
| |||||||
284,017 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail - 0.2% |
| |||||||
Alibaba Group Holding Ltd. | ||||||||
3.40%, 12/6/2027 | 500,000 | 519,705 | ||||||
2.13%, 2/9/2031 | 200,000 | 187,600 | ||||||
|
| |||||||
707,305 | ||||||||
|
| |||||||
IT Services - 1.9% | ||||||||
Automatic Data Processing, Inc. | ||||||||
1.70%, 5/15/2028 | 380,000 | 370,141 | ||||||
1.25%, 9/1/2030 | 200,000 | 182,889 | ||||||
Broadridge Financial Solutions, Inc. |
| |||||||
3.40%, 6/27/2026 | 200,000 | 209,654 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Fiserv, Inc. |
| |||||||
3.80%, 10/1/2023 | 500,000 | 517,664 | ||||||
3.50%, 7/1/2029 | 250,000 | 259,748 | ||||||
Genpact Luxembourg Sarl |
| |||||||
3.38%, 12/1/2024 | 250,000 | 258,939 | ||||||
Global Payments, Inc. |
| |||||||
4.80%, 4/1/2026 | 250,000 | 270,500 | ||||||
4.45%, 6/1/2028 | 160,000 | 174,253 | ||||||
2.90%, 5/15/2030 | 250,000 | 246,048 | ||||||
International Business Machines Corp. |
| |||||||
1.95%, 5/15/2030 | 150,000 | 141,991 | ||||||
Mastercard, Inc. |
| |||||||
2.00%, 3/3/2025 | 350,000 | 353,874 | ||||||
2.95%, 11/21/2026 | 100,000 | 104,931 | ||||||
2.95%, 6/1/2029 | 150,000 | 156,633 | ||||||
PayPal Holdings, Inc. |
| |||||||
1.65%, 6/1/2025 | 150,000 | 148,903 | ||||||
2.65%, 10/1/2026 | 100,000 | 102,639 | ||||||
2.85%, 10/1/2029 | 200,000 | 205,122 | ||||||
2.30%, 6/1/2030 | 50,000 | 49,189 | ||||||
VeriSign, Inc. |
| |||||||
4.75%, 7/15/2027 | 500,000 | 517,270 | ||||||
Visa, Inc. |
| |||||||
3.15%, 12/14/2025 | 650,000 | 682,423 | ||||||
1.90%, 4/15/2027 | 275,000 | 273,796 | ||||||
2.05%, 4/15/2030 | 500,000 | 490,086 | ||||||
Western Union Co. (The) |
| |||||||
2.85%, 1/10/2025 | 350,000 | 357,096 | ||||||
|
| |||||||
6,073,789 | ||||||||
|
| |||||||
Leisure Products - 0.1% |
| |||||||
Hasbro, Inc. |
| |||||||
3.90%, 11/19/2029 | 150,000 | 159,871 | ||||||
|
| |||||||
Life Sciences Tools & Services - 0.3% |
| |||||||
Agilent Technologies, Inc. |
| |||||||
3.88%, 7/15/2023 | 200,000 | 205,910 | ||||||
2.30%, 3/12/2031 | 150,000 | 142,802 | ||||||
Thermo Fisher Scientific, Inc. |
| |||||||
2.60%, 10/1/2029 | 500,000 | 503,210 | ||||||
|
| |||||||
851,922 | ||||||||
|
| |||||||
Machinery - 0.7% |
| |||||||
Cummins, Inc. |
| |||||||
3.65%, 10/1/2023 | 100,000 | 103,545 | ||||||
1.50%, 9/1/2030 | 150,000 | 138,509 | ||||||
Dover Corp. |
| |||||||
3.15%, 11/15/2025 | 200,000 | 209,380 | ||||||
Fortive Corp. |
| |||||||
3.15%, 6/15/2026 | 100,000 | 104,265 | ||||||
Illinois Tool Works, Inc. |
| |||||||
2.65%, 11/15/2026 | 200,000 | 206,572 | ||||||
nVent Finance Sarl |
| |||||||
4.55%, 4/15/2028 | 300,000 | 326,146 |
Investments | Principal Amount ($) | Value ($) | ||||||
Otis Worldwide Corp. |
| |||||||
2.06%, 4/5/2025 | 300,000 | 301,692 | ||||||
2.29%, 4/5/2027 | 200,000 | 199,240 | ||||||
2.57%, 2/15/2030 | 200,000 | 198,009 | ||||||
Parker-Hannifin Corp. |
| |||||||
3.25%, 6/14/2029 | 45,000 | 46,572 | ||||||
Stanley Black & Decker, Inc. |
| |||||||
4.00%, 3/15/2060(b) | 300,000 | 305,037 | ||||||
Westinghouse Air Brake Technologies Corp. |
| |||||||
4.95%, 9/15/2028(c) | 150,000 | 167,053 | ||||||
|
| |||||||
2,306,020 | ||||||||
|
| |||||||
Media - 0.5% |
| |||||||
Charter Communications Operating LLC |
| |||||||
4.20%, 3/15/2028 | 500,000 | 530,929 | ||||||
Comcast Corp. |
| |||||||
4.15%, 10/15/2028 | 201,000 | 221,380 | ||||||
4.25%, 10/15/2030 | 149,000 | 166,605 | ||||||
Fox Corp. |
| |||||||
4.71%, 1/25/2029 | 600,000 | 662,808 | ||||||
|
| |||||||
1,581,722 | ||||||||
|
| |||||||
Metals & Mining - 1.0% |
| |||||||
AngloGold Ashanti Holdings plc |
| |||||||
3.38%, 11/1/2028 | 250,000 | 242,009 | ||||||
ArcelorMittal SA |
| |||||||
4.25%, 7/16/2029 | 250,000 | 263,623 | ||||||
BHP Billiton Finance USA Ltd. |
| |||||||
3.85%, 9/30/2023 | 300,000 | 312,607 | ||||||
Freeport-McMoRan, Inc. |
| |||||||
4.13%, 3/1/2028 | 500,000 | 512,058 | ||||||
4.63%, 8/1/2030 | 500,000 | 521,010 | ||||||
Reliance Steel & Aluminum Co. |
| |||||||
1.30%, 8/15/2025 | 250,000 | 243,254 | ||||||
Rio Tinto Finance USA Ltd. |
| |||||||
7.13%, 7/15/2028 | 200,000 | 254,898 | ||||||
Steel Dynamics, Inc. |
| |||||||
2.80%, 12/15/2024 | 100,000 | 102,559 | ||||||
Vale Overseas Ltd. |
| |||||||
6.25%, 8/10/2026 | 379,000 | 434,050 | ||||||
3.75%, 7/8/2030 | 250,000 | 253,944 | ||||||
|
| |||||||
3,140,012 | ||||||||
|
| |||||||
Multiline Retail - 0.7% |
| |||||||
Dollar General Corp. |
| |||||||
3.88%, 4/15/2027 | 700,000 | 749,943 | ||||||
Dollar Tree, Inc. |
| |||||||
4.20%, 5/15/2028 | 500,000 | 543,152 | ||||||
Target Corp. |
| |||||||
3.50%, 7/1/2024 | 500,000 | 523,987 | ||||||
2.25%, 4/15/2025 | 250,000 | 253,941 | ||||||
|
| |||||||
2,071,023 | ||||||||
|
| |||||||
Multi-Utilities - 1.4% |
| |||||||
Ameren Corp. |
| |||||||
2.50%, 9/15/2024 | 700,000 | 711,208 | ||||||
1.75%, 3/15/2028 | 500,000 | 473,941 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Berkshire Hathaway Energy Co. |
| |||||||
3.75%, 11/15/2023 | 100,000 | 103,617 | ||||||
4.05%, 4/15/2025 | 1,100,000 | 1,174,652 | ||||||
3.25%, 4/15/2028 | 100,000 | 105,162 | ||||||
Consolidated Edison Co. of New York, Inc. |
| |||||||
2.40%, 6/15/2031 | 150,000 | 146,485 | ||||||
Dominion Energy, Inc. |
| |||||||
5.75%, 10/1/2054(b) | 200,000 | 209,412 | ||||||
DTE Energy Co. |
| |||||||
Series C, 2.53%, 10/1/2024(c) | 252,000 | 255,947 | ||||||
Public Service Enterprise Group, Inc. |
| |||||||
2.88%, 6/15/2024 | 400,000 | 408,155 | ||||||
Sempra Energy |
| |||||||
3.40%, 2/1/2028 | 347,000 | 362,593 | ||||||
Southern Co. Gas Capital Corp. |
| |||||||
2.45%, 10/1/2023 | 300,000 | 305,027 | ||||||
|
| |||||||
4,256,199 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 4.8% |
| |||||||
Boardwalk Pipelines LP |
| |||||||
4.45%, 7/15/2027 | 250,000 | 268,279 | ||||||
4.80%, 5/3/2029 | 250,000 | 274,288 | ||||||
Canadian Natural Resources Ltd. |
| |||||||
2.05%, 7/15/2025 | 500,000 | 497,490 | ||||||
3.85%, 6/1/2027 | 400,000 | 423,103 | ||||||
Cheniere Corpus Christi Holdings LLC |
| |||||||
5.88%, 3/31/2025 | 200,000 | 218,591 | ||||||
5.13%, 6/30/2027 | 500,000 | 552,751 | ||||||
ConocoPhillips |
| |||||||
4.30%, 8/15/2028(a) | 50,000 | 54,981 | ||||||
ConocoPhillips Co. |
| |||||||
6.95%, 4/15/2029 | 500,000 | 641,345 | ||||||
Continental Resources, Inc. |
| |||||||
4.38%, 1/15/2028 | 500,000 | 528,250 | ||||||
Coterra Energy, Inc. |
| |||||||
3.90%, 5/15/2027(a) | 500,000 | 528,455 | ||||||
Devon Energy Corp. |
| |||||||
4.50%, 1/15/2030 | 500,000 | 530,899 | ||||||
Eastern Gas Transmission & Storage, Inc. |
| |||||||
3.60%, 12/15/2024(a) | 26,000 | 27,276 | ||||||
Enbridge, Inc. |
| |||||||
3.70%, 7/15/2027 | 200,000 | 211,226 | ||||||
Series 16-A, 6.00%, 1/15/2077(b) | 350,000 | 371,789 | ||||||
5.50%, 7/15/2077(b) | 350,000 | 357,489 | ||||||
6.25%, 3/1/2078(b) | 350,000 | 372,282 | ||||||
Energy Transfer LP |
| |||||||
4.75%, 1/15/2026 | 300,000 | 322,914 | ||||||
4.95%, 5/15/2028 | 250,000 | 270,784 | ||||||
5.25%, 4/15/2029 | 150,000 | 166,980 |
Investments | Principal Amount ($) | Value ($) | ||||||
3.75%, 5/15/2030 | 100,000 | 102,814 | ||||||
Enterprise Products Operating LLC |
| |||||||
3.75%, 2/15/2025 | 700,000 | 733,973 | ||||||
4.15%, 10/16/2028 | 350,000 | 381,777 | ||||||
3.13%, 7/31/2029 | 300,000 | 308,597 | ||||||
Series E, 5.25%, 8/16/2077(b) | 200,000 | 200,521 | ||||||
5.38%, 2/15/2078(b) | 350,000 | 343,037 | ||||||
Exxon Mobil Corp. |
| |||||||
3.48%, 3/19/2030 | 200,000 | 214,051 | ||||||
Hess Corp. |
| |||||||
7.88%, 10/1/2029 | 200,000 | 263,745 | ||||||
HollyFrontier Corp. |
| |||||||
5.88%, 4/1/2026 | 400,000 | 439,494 | ||||||
Magellan Midstream Partners LP |
| |||||||
5.00%, 3/1/2026 | 250,000 | 273,460 | ||||||
Marathon Petroleum Corp. |
| |||||||
3.80%, 4/1/2028 | 250,000 | 262,617 | ||||||
MPLX LP |
| |||||||
1.75%, 3/1/2026 | 250,000 | 243,830 | ||||||
4.00%, 3/15/2028 | 600,000 | 636,222 | ||||||
ONEOK Partners LP |
| |||||||
4.90%, 3/15/2025 | 400,000 | 430,102 | ||||||
ONEOK, Inc. |
| |||||||
4.55%, 7/15/2028 | 250,000 | 267,694 | ||||||
4.35%, 3/15/2029 | 250,000 | 266,496 | ||||||
3.10%, 3/15/2030 | 175,000 | 172,351 | ||||||
Pioneer Natural Resources Co. |
| |||||||
1.13%, 1/15/2026 | 500,000 | 478,606 | ||||||
Sabine Pass Liquefaction LLC |
| |||||||
5.88%, 6/30/2026 | 50,000 | 56,380 | ||||||
4.50%, 5/15/2030 | 450,000 | 494,128 | ||||||
Spectra Energy Partners LP |
| |||||||
3.38%, 10/15/2026 | 500,000 | 521,054 | ||||||
TransCanada PipeLines Ltd. |
| |||||||
2.50%, 10/12/2031 | 250,000 | 237,978 | ||||||
Transcanada Trust |
| |||||||
Series 16-A, 5.87%, | 300,000 | 321,150 | ||||||
5.30%, 3/15/2077(b) | 300,000 | 308,412 | ||||||
5.50%, 9/15/2079(b) | 250,000 | 263,438 | ||||||
Valero Energy Partners LP |
| |||||||
4.50%, 3/15/2028 | 200,000 | 215,791 | ||||||
|
| |||||||
15,056,890 | ||||||||
|
| |||||||
Paper & Forest Products - 0.1% |
| |||||||
Suzano Austria GmbH |
| |||||||
6.00%, 1/15/2029 | 250,000 | 281,777 | ||||||
3.75%, 1/15/2031 | 150,000 | 146,123 | ||||||
|
| |||||||
427,900 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Pharmaceuticals - 1.5% |
| |||||||
Bristol-Myers Squibb Co. |
| |||||||
3.40%, 7/26/2029 | 250,000 | 265,732 | ||||||
Johnson & Johnson |
| |||||||
2.95%, 3/3/2027 | 650,000 | 678,171 | ||||||
2.90%, 1/15/2028 | 500,000 | 518,721 | ||||||
Merck & Co., Inc. |
| |||||||
2.15%, 12/10/2031 | 500,000 | 483,095 | ||||||
Merck Sharp & Dohme Corp. |
| |||||||
6.40%, 3/1/2028 | 150,000 | 184,395 | ||||||
Novartis Capital Corp. |
| |||||||
1.75%, 2/14/2025 | 150,000 | 150,247 | ||||||
3.00%, 11/20/2025 | 500,000 | 521,184 | ||||||
2.20%, 8/14/2030 | 200,000 | 196,138 | ||||||
Pfizer, Inc. |
| |||||||
2.95%, 3/15/2024 | 500,000 | 517,777 | ||||||
3.45%, 3/15/2029 | 500,000 | 536,080 | ||||||
2.63%, 4/1/2030 | 200,000 | 203,995 | ||||||
Zoetis, Inc. |
| |||||||
3.00%, 9/12/2027 | 145,000 | 149,554 | ||||||
3.90%, 8/20/2028 | 250,000 | 269,961 | ||||||
|
| |||||||
4,675,050 | ||||||||
|
| |||||||
Professional Services - 0.5% |
| |||||||
Equifax, Inc. |
| |||||||
2.60%, 12/1/2024 | 150,000 | 152,778 | ||||||
3.10%, 5/15/2030 | 250,000 | 251,232 | ||||||
IHS Markit Ltd. |
| |||||||
4.75%, 8/1/2028 | 500,000 | 567,635 | ||||||
Verisk Analytics, Inc. |
| |||||||
4.00%, 6/15/2025 | 250,000 | 264,180 | ||||||
4.13%, 3/15/2029 | 250,000 | 270,459 | ||||||
|
| |||||||
1,506,284 | ||||||||
|
| |||||||
Real Estate Management & Development - 0.1% |
| |||||||
CBRE Services, Inc. |
| |||||||
4.88%, 3/1/2026 | 200,000 | 219,338 | ||||||
|
| |||||||
Road & Rail - 1.2% |
| |||||||
Burlington Northern Santa Fe LLC |
| |||||||
3.40%, 9/1/2024 | 500,000 | 520,255 | ||||||
3.25%, 6/15/2027 | 224,000 | 237,438 | ||||||
Canadian Pacific Railway Co. |
| |||||||
3.70%, 2/1/2026 | 20,000 | 21,225 | ||||||
CSX Corp. |
| |||||||
3.80%, 3/1/2028 | 100,000 | 107,251 | ||||||
4.25%, 3/15/2029 | 200,000 | 220,472 | ||||||
JB Hunt Transport Services, Inc. |
| |||||||
3.88%, 3/1/2026 | 300,000 | 320,050 | ||||||
Norfolk Southern Corp. |
| |||||||
3.15%, 6/1/2027 | 200,000 | 208,305 | ||||||
Union Pacific Corp. |
| |||||||
3.15%, 3/1/2024 | 1,500,000 | 1,552,774 |
Investments | Principal Amount ($) | Value ($) | ||||||
2.38%, 5/20/2031 | 500,000 | 491,143 | ||||||
|
| |||||||
3,678,913 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 2.2% |
| |||||||
Broadcom Corp. |
| |||||||
3.88%, 1/15/2027 | 900,000 | 949,282 | ||||||
Broadcom, Inc. |
| |||||||
4.25%, 4/15/2026 | 500,000 | 534,379 | ||||||
3.46%, 9/15/2026 | 500,000 | 519,934 | ||||||
4.11%, 9/15/2028 | 775,000 | 825,363 | ||||||
4.75%, 4/15/2029 | 210,000 | 231,027 | ||||||
5.00%, 4/15/2030 | 300,000 | 336,006 | ||||||
4.15%, 11/15/2030 | 350,000 | 372,836 | ||||||
Intel Corp. |
| |||||||
1.60%, 8/12/2028 | 500,000 | 480,115 | ||||||
KLA Corp. |
| |||||||
4.65%, 11/1/2024 | 200,000 | 213,854 | ||||||
Maxim Integrated Products, Inc. |
| |||||||
3.45%, 6/15/2027 | 200,000 | 211,734 | ||||||
Micron Technology, Inc. |
| |||||||
4.19%, 2/15/2027 | 500,000 | 533,810 | ||||||
4.66%, 2/15/2030 | 200,000 | 221,380 | ||||||
NXP BV |
| |||||||
5.55%, 12/1/2028(a) | 200,000 | 233,392 | ||||||
Qorvo, Inc. |
| |||||||
4.38%, 10/15/2029 | 250,000 | 258,685 | ||||||
QUALCOMM, Inc. |
| |||||||
3.25%, 5/20/2027 | 200,000 | 210,342 | ||||||
Skyworks Solutions, Inc. |
| |||||||
0.90%, 6/1/2023 | 250,000 | 247,538 | ||||||
Texas Instruments, Inc. |
| |||||||
1.38%, 3/12/2025 | 200,000 | 198,223 | ||||||
2.90%, 11/3/2027 | 250,000 | 261,688 | ||||||
|
| |||||||
6,839,588 | ||||||||
|
| |||||||
Software - 2.8% |
| |||||||
Adobe, Inc. |
| |||||||
3.25%, 2/1/2025 | 250,000 | 260,825 | ||||||
2.30%, 2/1/2030 | 350,000 | 346,584 | ||||||
Autodesk, Inc. |
| |||||||
3.50%, 6/15/2027 | 200,000 | 210,939 | ||||||
CA, Inc. |
| |||||||
4.70%, 3/15/2027 | 200,000 | 214,579 | ||||||
Citrix Systems, Inc. |
| |||||||
4.50%, 12/1/2027 | 200,000 | 204,706 | ||||||
Intuit, Inc. |
| |||||||
1.35%, 7/15/2027 | 300,000 | 286,913 | ||||||
Microsoft Corp. |
| |||||||
3.63%, 12/15/2023 | 475,000 | 494,735 | ||||||
2.70%, 2/12/2025 | 640,000 | 658,876 | ||||||
3.13%, 11/3/2025 | 500,000 | 523,533 | ||||||
3.30%, 2/6/2027 | 615,000 | 653,520 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Oracle Corp. |
| |||||||
2.50%, 4/1/2025 | 500,000 | 504,552 | ||||||
1.65%, 3/25/2026 | 500,000 | 484,351 | ||||||
2.65%, 7/15/2026 | 400,000 | 402,719 | ||||||
2.80%, 4/1/2027 | 500,000 | 503,873 | ||||||
3.25%, 11/15/2027 | 800,000 | 822,533 | ||||||
2.30%, 3/25/2028 | 100,000 | 96,713 | ||||||
2.95%, 4/1/2030 | 500,000 | 490,353 | ||||||
2.88%, 3/25/2031 | 300,000 | 289,870 | ||||||
VMware, Inc. |
| |||||||
1.40%, 8/15/2026 | 500,000 | 479,176 | ||||||
1.80%, 8/15/2028 | 1,000,000 | 948,002 | ||||||
|
| |||||||
8,877,352 | ||||||||
|
| |||||||
Specialty Retail - 2.4% |
| |||||||
Advance Auto Parts, Inc. |
| |||||||
1.75%, 10/1/2027 | 60,000 | 57,206 | ||||||
AutoZone, Inc. |
| |||||||
3.25%, 4/15/2025 | 540,000 | 560,033 | ||||||
3.13%, 4/21/2026 | 125,000 | 129,643 | ||||||
3.75%, 6/1/2027 | 250,000 | 268,313 | ||||||
Best Buy Co., Inc. |
| |||||||
4.45%, 10/1/2028 | 200,000 | 221,158 | ||||||
Home Depot, Inc. (The) |
| |||||||
3.35%, 9/15/2025 | 3,000 | 3,159 | ||||||
3.00%, 4/1/2026 | 330,000 | 345,010 | ||||||
2.13%, 9/15/2026 | 500,000 | 506,371 | ||||||
2.50%, 4/15/2027 | 200,000 | 204,226 | ||||||
2.80%, 9/14/2027 | 450,000 | 467,039 | ||||||
0.90%, 3/15/2028 | 1,000,000 | 933,751 | ||||||
3.90%, 12/6/2028 | 60,000 | 65,747 | ||||||
Lowes Cos., Inc. |
| |||||||
4.00%, 4/15/2025 | 100,000 | 106,217 | ||||||
3.38%, 9/15/2025 | 600,000 | 630,946 | ||||||
3.10%, 5/3/2027 | 500,000 | 520,873 | ||||||
1.30%, 4/15/2028 | 250,000 | 232,705 | ||||||
3.65%, 4/5/2029 | 1,000,000 | 1,066,028 | ||||||
OReilly Automotive, Inc. |
| |||||||
3.55%, 3/15/2026 | 300,000 | 315,634 | ||||||
3.60%, 9/1/2027 | 200,000 | 210,938 | ||||||
4.35%, 6/1/2028 | 550,000 | 602,147 | ||||||
|
| |||||||
7,447,144 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals - 3.1% |
| |||||||
Apple, Inc. |
| |||||||
2.40%, 5/3/2023 | 1,000,000 | 1,016,568 | ||||||
0.75%, 5/11/2023 | 500,000 | 498,875 | ||||||
3.45%, 5/6/2024 | 865,000 | 903,912 | ||||||
1.13%, 5/11/2025 | 500,000 | 490,986 | ||||||
3.20%, 5/13/2025 | 300,000 | 314,206 | ||||||
3.25%, 2/23/2026 | 518,000 | 543,134 | ||||||
2.05%, 9/11/2026 | 500,000 | 502,842 | ||||||
3.35%, 2/9/2027 | 830,000 | 878,795 |
Investments | Principal Amount ($) | Value ($) | ||||||
3.20%, 5/11/2027 | 625,000 | 657,270 | ||||||
2.90%, 9/12/2027 | 500,000 | 519,956 | ||||||
3.00%, 11/13/2027 | 1,500,000 | 1,566,394 | ||||||
1.20%, 2/8/2028 | 500,000 | 472,881 | ||||||
1.40%, 8/5/2028 | 550,000 | 522,399 | ||||||
Dell International LLC |
| |||||||
5.30%, 10/1/2029 | 250,000 | 287,063 | ||||||
HP, Inc. |
| |||||||
3.00%, 6/17/2027 | 400,000 | 409,985 | ||||||
NetApp, Inc. |
| |||||||
1.88%, 6/22/2025 | 200,000 | 197,966 | ||||||
|
| |||||||
9,783,232 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 0.1% |
| |||||||
NIKE, Inc. |
| |||||||
2.75%, 3/27/2027 | 360,000 | 373,117 | ||||||
Tapestry, Inc. |
| |||||||
4.13%, 7/15/2027 | 58,000 | 61,373 | ||||||
|
| |||||||
434,490 | ||||||||
|
| |||||||
Tobacco - 1.7% |
| |||||||
Altria Group, Inc. |
| |||||||
2.35%, 5/6/2025 | 360,000 | 363,034 | ||||||
4.40%, 2/14/2026 | 500,000 | 538,682 | ||||||
4.80%, 2/14/2029 | 500,000 | 550,262 | ||||||
3.40%, 5/6/2030 | 300,000 | 301,846 | ||||||
BAT Capital Corp. |
| |||||||
3.56%, 8/15/2027 | 1,000,000 | 1,023,513 | ||||||
2.73%, 3/25/2031 | 400,000 | 375,332 | ||||||
Philip Morris International, Inc. |
| |||||||
2.88%, 5/1/2024 | 500,000 | 513,470 | ||||||
1.50%, 5/1/2025 | 473,000 | 466,986 | ||||||
2.75%, 2/25/2026 | 500,000 | 512,277 | ||||||
0.88%, 5/1/2026 | 500,000 | 474,405 | ||||||
Reynolds American, Inc. |
| |||||||
4.45%, 6/12/2025 | 200,000 | 212,373 | ||||||
|
| |||||||
5,332,180 | ||||||||
|
| |||||||
Trading Companies & Distributors - 0.5% |
| |||||||
Air Lease Corp. |
| |||||||
3.00%, 9/15/2023 | 205,000 | 208,953 | ||||||
2.30%, 2/1/2025 | 250,000 | 249,585 | ||||||
Aircastle Ltd. |
| |||||||
4.40%, 9/25/2023 | 750,000 | 777,599 | ||||||
4.25%, 6/15/2026 | 200,000 | 210,047 | ||||||
|
| |||||||
1,446,184 | ||||||||
|
| |||||||
Water Utilities - 0.2% |
| |||||||
American Water Capital Corp. |
| |||||||
3.00%, 12/1/2026 | 500,000 | 519,160 | ||||||
2.95%, 9/1/2027 | 200,000 | 206,179 | ||||||
|
| |||||||
725,339 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Wireless Telecommunication Services - 0.3% |
| |||||||
T-Mobile USA, Inc. |
| |||||||
3.88%, 4/15/2030 | 400,000 | 420,754 | ||||||
2.55%, 2/15/2031 | 400,000 | 380,656 | ||||||
|
| |||||||
801,410 | ||||||||
|
| |||||||
TOTAL CORPORATE BONDS |
| 307,889,197 | ||||||
|
| |||||||
Total Investments - 98.3% |
| 307,889,197 | ||||||
Other assets less liabilities - 1.7% |
| 5,448,433 | ||||||
|
| |||||||
Net Assets - 100.0% |
| 313,337,630 | ||||||
|
|
(a) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees. |
(b) | Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end. |
(c) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of January 31, 2022. |
Percentages shown are based on Net Assets.
Security Type | % of Net Assets | |||
Corporate Bonds | 98.3 | % | ||
Others(1) | 1.7 | |||
|
| |||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Credit-Scored US Long Corporate Bond Index Fund
January 31, 2022 (Unaudited)
Investments | Principal Amount ($) | Value ($) | ||||||
CORPORATE BONDS - 98.1% |
| |||||||
Aerospace & Defense - 2.2% |
| |||||||
Boeing Co. (The) | ||||||||
5.81%, 5/1/2050 | 150,000 | 189,054 | ||||||
L3Harris Technologies, Inc. | ||||||||
5.05%, 4/27/2045 | 100,000 | 124,122 | ||||||
Lockheed Martin Corp. | ||||||||
4.70%, 5/15/2046 | 200,000 | 245,558 | ||||||
4.09%, 9/15/2052 | 125,000 | 145,713 | ||||||
Northrop Grumman Corp. | ||||||||
4.03%, 10/15/2047 | 100,000 | 111,245 | ||||||
5.25%, 5/1/2050 | 250,000 | 329,673 | ||||||
Precision Castparts Corp. | ||||||||
3.90%, 1/15/2043 | 100,000 | 109,392 | ||||||
|
| |||||||
1,254,757 | ||||||||
|
| |||||||
Air Freight & Logistics - 0.2% |
| |||||||
FedEx Corp. | ||||||||
5.25%, 5/15/2050 | 100,000 | 124,828 | ||||||
|
| |||||||
Auto Components - 0.3% | ||||||||
Aptiv plc | ||||||||
5.40%, 3/15/2049 | 50,000 | 62,635 | ||||||
Lear Corp. | ||||||||
5.25%, 5/15/2049 | 75,000 | 89,416 | ||||||
|
| |||||||
152,051 | ||||||||
|
| |||||||
Banks - 9.2% | ||||||||
Bank of America Corp. | ||||||||
6.11%, 1/29/2037 | 250,000 | 323,649 | ||||||
7.75%, 5/14/2038 | 200,000 | 299,862 | ||||||
4.08%, 3/20/2051(a) | 250,000 | 282,286 | ||||||
Citigroup, Inc. | ||||||||
3.88%, 1/24/2039(a) | 100,000 | 108,087 | ||||||
5.88%, 1/30/2042 | 135,000 | 180,727 | ||||||
6.68%, 9/13/2043 | 150,000 | 214,204 | ||||||
4.65%, 7/30/2045 | 200,000 | 237,801 | ||||||
4.75%, 5/18/2046 | 135,000 | 156,104 | ||||||
4.65%, 7/23/2048 | 195,000 | 235,895 | ||||||
Cooperatieve Rabobank UA | ||||||||
5.25%, 5/24/2041 | 100,000 | 132,322 | ||||||
Fifth Third Bancorp | ||||||||
8.25%, 3/1/2038 | 125,000 | 198,088 | ||||||
HSBC Holdings plc | ||||||||
6.50%, 5/2/2036 | 200,000 | 262,457 | ||||||
6.80%, 6/1/2038 | 100,000 | 136,286 | ||||||
5.25%, 3/14/2044 | 200,000 | 244,888 | ||||||
JPMorgan Chase & Co. | ||||||||
6.40%, 5/15/2038 | 35,000 | 48,650 |
Investments | Principal Amount ($) | Value ($) | ||||||
3.11%, 4/22/2041(a) | 100,000 | 97,594 | ||||||
2.53%, 11/19/2041(a) | 65,000 | 58,180 | ||||||
4.95%, 6/1/2045 | 350,000 | 426,467 | ||||||
Lloyds Banking Group plc | ||||||||
4.34%, 1/9/2048 | 200,000 | 217,953 | ||||||
Regions Financial Corp. | ||||||||
7.38%, 12/10/2037 | 100,000 | 143,931 | ||||||
Wells Fargo & Co. | ||||||||
3.07%, 4/30/2041(a) | 200,000 | 193,571 | ||||||
5.38%, 11/2/2043 | 265,000 | 328,493 | ||||||
5.61%, 1/15/2044 | 100,000 | 128,296 | ||||||
4.90%, 11/17/2045 | 300,000 | 354,561 | ||||||
5.01%, 4/4/2051(a) | 100,000 | 128,687 | ||||||
|
| |||||||
5,139,039 | ||||||||
|
| |||||||
Beverages - 1.4% | ||||||||
Anheuser-Busch Cos. LLC | ||||||||
4.90%, 2/1/2046 | 50,000 | 59,459 | ||||||
Anheuser-Busch InBev Worldwide, Inc. |
| |||||||
4.60%, 4/15/2048 | 25,000 | 28,734 | ||||||
5.55%, 1/23/2049 | 50,000 | 64,748 | ||||||
5.80%, 1/23/2059 | 100,000 | 133,847 | ||||||
Coca-Cola Femsa SAB de CV | ||||||||
5.25%, 11/26/2043 | 150,000 | 190,228 | ||||||
Constellation Brands, Inc. | ||||||||
5.25%, 11/15/2048 | 75,000 | 92,528 | ||||||
3.75%, 5/1/2050 | 100,000 | 102,526 | ||||||
Keurig Dr Pepper, Inc. | ||||||||
5.09%, 5/25/2048 | 100,000 | 123,590 | ||||||
|
| |||||||
795,660 | ||||||||
|
| |||||||
Biotechnology - 5.7% | ||||||||
AbbVie, Inc. | ||||||||
4.85%, 6/15/2044 | 200,000 | 234,661 | ||||||
4.70%, 5/14/2045 | 100,000 | 115,998 | ||||||
4.88%, 11/14/2048 | 300,000 | 362,690 | ||||||
4.25%, 11/21/2049 | 100,000 | 111,489 | ||||||
Amgen, Inc. | ||||||||
5.15%, 11/15/2041 | 228,000 | 275,981 | ||||||
4.40%, 5/1/2045 | 200,000 | 223,832 | ||||||
4.56%, 6/15/2048 | 100,000 | 115,563 | ||||||
3.38%, 2/21/2050 | 100,000 | 97,054 | ||||||
4.66%, 6/15/2051 | 250,000 | 296,813 | ||||||
2.77%, 9/1/2053 | 137,000 | 118,600 | ||||||
Gilead Sciences, Inc. | ||||||||
5.65%, 12/1/2041 | 100,000 | 130,308 | ||||||
4.80%, 4/1/2044 | 150,000 | 178,786 | ||||||
4.50%, 2/1/2045 | 300,000 | 346,119 | ||||||
4.75%, 3/1/2046 | 300,000 | 360,538 | ||||||
4.15%, 3/1/2047 | 100,000 | 111,480 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Regeneron Pharmaceuticals, Inc. |
| |||||||
2.80%, 9/15/2050 | 100,000 | 86,297 | ||||||
|
| |||||||
3,166,209 | ||||||||
|
| |||||||
Building Products - 0.7% | ||||||||
Johnson Controls International plc |
| |||||||
5.13%, 9/14/2045 | 200,000 | 250,632 | ||||||
Masco Corp. | ||||||||
4.50%, 5/15/2047 | 50,000 | 57,536 | ||||||
Owens Corning | ||||||||
4.40%, 1/30/2048 | 50,000 | 55,678 | ||||||
|
| |||||||
363,846 | ||||||||
|
| |||||||
Capital Markets - 2.5% | ||||||||
CI Financial Corp. | ||||||||
4.10%, 6/15/2051 | 100,000 | 102,869 | ||||||
Goldman Sachs Group, Inc. (The) |
| |||||||
6.75%, 10/1/2037 | 100,000 | 135,426 | ||||||
4.02%, 10/31/2038(a) | 130,000 | 140,741 | ||||||
4.75%, 10/21/2045 | 85,000 | 101,946 | ||||||
Jefferies Group LLC | ||||||||
6.50%, 1/20/2043 | 100,000 | 130,473 | ||||||
Legg Mason, Inc. | ||||||||
5.63%, 1/15/2044 | 75,000 | 98,156 | ||||||
Moodys Corp. | ||||||||
2.75%, 8/19/2041 | 100,000 | 92,168 | ||||||
5.25%, 7/15/2044 | 100,000 | 127,831 | ||||||
4.88%, 12/17/2048 | 50,000 | 61,470 | ||||||
Morgan Stanley | ||||||||
6.38%, 7/24/2042 | 75,000 | 107,531 | ||||||
4.30%, 1/27/2045 | 60,000 | 69,151 | ||||||
Nasdaq, Inc. | ||||||||
3.25%, 4/28/2050 | 100,000 | 96,415 | ||||||
Raymond James Financial, Inc. | ||||||||
4.95%, 7/15/2046 | 45,000 | 54,302 | ||||||
S&P Global, Inc. | ||||||||
2.30%, 8/15/2060 | 100,000 | 79,357 | ||||||
|
| |||||||
1,397,836 | ||||||||
|
| |||||||
Chemicals - 1.5% | ||||||||
Albemarle Corp. | ||||||||
5.45%, 12/1/2044 | 50,000 | 61,792 | ||||||
Dow Chemical Co. (The) | ||||||||
9.40%, 5/15/2039 | 58,000 | 100,160 | ||||||
FMC Corp. | ||||||||
4.50%, 10/1/2049 | 50,000 | 56,509 | ||||||
LYB International Finance III LLC |
| |||||||
3.80%, 10/1/2060 | 150,000 | 145,633 | ||||||
LyondellBasell Industries NV | ||||||||
4.63%, 2/26/2055 | 100,000 | 112,642 | ||||||
RPM International, Inc. | ||||||||
4.25%, 1/15/2048 | 50,000 | 55,898 | ||||||
Sherwin-Williams Co. (The) | ||||||||
4.50%, 6/1/2047 | 145,000 | 168,271 | ||||||
3.80%, 8/15/2049 | 100,000 | 105,842 |
Investments | Principal Amount ($) | Value ($) | ||||||
3.30%, 5/15/2050 | 50,000 | 48,617 | ||||||
|
| |||||||
855,364 | ||||||||
|
| |||||||
Commercial Services & Supplies - 0.4% |
| |||||||
Republic Services, Inc. | ||||||||
6.20%, 3/1/2040 | 150,000 | 206,399 | ||||||
|
| |||||||
Communications Equipment - 0.7% |
| |||||||
Cisco Systems, Inc. | ||||||||
5.90%, 2/15/2039 | 185,000 | 254,028 | ||||||
5.50%, 1/15/2040 | 100,000 | 132,711 | ||||||
|
| |||||||
386,739 | ||||||||
|
| |||||||
Construction & Engineering - 0.2% |
| |||||||
Valmont Industries, Inc. | ||||||||
5.00%, 10/1/2044 | 100,000 | 117,073 | ||||||
|
| |||||||
Diversified Telecommunication Services - 4.9% |
| |||||||
AT&T, Inc. | ||||||||
6.25%, 3/29/2041 | 50,000 | 66,519 | ||||||
4.50%, 3/9/2048 | 100,000 | 110,771 | ||||||
5.15%, 2/15/2050 | 100,000 | 121,424 | ||||||
3.65%, 6/1/2051 | 100,000 | 98,223 | ||||||
3.30%, 2/1/2052 | 50,000 | 45,996 | ||||||
3.55%, 9/15/2055 | 100,000 | 94,586 | ||||||
3.80%, 12/1/2057 | 482,000 | 473,945 | ||||||
Bell Canada | ||||||||
4.30%, 7/29/2049 | 25,000 | 29,014 | ||||||
Bell Canada (The) | ||||||||
4.46%, 4/1/2048 | 150,000 | 176,481 | ||||||
Telefonica Emisiones SA | ||||||||
5.52%, 3/1/2049 | 150,000 | 183,287 | ||||||
TELUS Corp. | ||||||||
4.30%, 6/15/2049 | 50,000 | 57,163 | ||||||
Verizon Communications, Inc. | ||||||||
4.27%, 1/15/2036 | 339,000 | 380,740 | ||||||
3.40%, 3/22/2041 | 300,000 | 297,789 | ||||||
4.00%, 3/22/2050 | 300,000 | 324,217 | ||||||
2.88%, 11/20/2050 | 100,000 | 89,463 | ||||||
3.55%, 3/22/2051 | 200,000 | 202,870 | ||||||
|
| |||||||
2,752,488 | ||||||||
|
| |||||||
Electric Utilities - 6.8% | ||||||||
American Electric Power Co., Inc. |
| |||||||
3.25%, 3/1/2050 | 150,000 | 140,655 | ||||||
Appalachian Power Co. | ||||||||
7.00%, 4/1/2038 | 100,000 | 139,666 | ||||||
Series Y, 4.50%, 3/1/2049 | 100,000 | 114,522 | ||||||
Arizona Public Service Co. | ||||||||
4.35%, 11/15/2045 | 250,000 | 276,671 | ||||||
Duke Energy Corp. | ||||||||
4.80%, 12/15/2045 | 150,000 | 174,682 | ||||||
3.75%, 9/1/2046 | 150,000 | 153,541 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Emera US Finance LP | ||||||||
4.75%, 6/15/2046 | 100,000 | 112,598 | ||||||
Exelon Corp. | ||||||||
4.70%, 4/15/2050 | 200,000 | 238,167 | ||||||
Georgia Power Co. | ||||||||
Series 10-C, 4.75%, 9/1/2040 | 100,000 | 114,694 | ||||||
4.30%, 3/15/2042 | 100,000 | 109,071 | ||||||
4.30%, 3/15/2043 | 100,000 | 109,104 | ||||||
Series B, 3.70%, 1/30/2050 | 100,000 | 101,637 | ||||||
Series A, 3.25%, 3/15/2051 | 150,000 | 143,028 | ||||||
Interstate Power and Light Co. | ||||||||
6.25%, 7/15/2039 | 150,000 | 204,992 | ||||||
MidAmerican Energy Co. | ||||||||
4.25%, 7/15/2049 | 100,000 | 117,002 | ||||||
Oklahoma Gas and Electric Co. | ||||||||
4.15%, 4/1/2047 | 150,000 | 166,888 | ||||||
Pacific Gas & Electric Co. | ||||||||
4.95%, 7/1/2050 | 50,000 | 50,963 | ||||||
PacifiCorp | ||||||||
6.25%, 10/15/2037 | 100,000 | 133,466 | ||||||
Southern California Edison Co. | ||||||||
5.50%, 3/15/2040 | 250,000 | 299,298 | ||||||
4.50%, 9/1/2040 | 125,000 | 134,829 | ||||||
4.65%, 10/1/2043 | 100,000 | 111,453 | ||||||
4.00%, 4/1/2047 | 75,000 | 78,435 | ||||||
Series C, 4.13%, 3/1/2048 | 200,000 | 213,111 | ||||||
Southern Co. (The) | ||||||||
4.40%, 7/1/2046 | 150,000 | 166,469 | ||||||
Southwestern Electric Power Co. | ||||||||
Series L, 3.85%, 2/1/2048 | 100,000 | 102,581 | ||||||
Tucson Electric Power Co. | ||||||||
4.00%, 6/15/2050 | 100,000 | 109,460 | ||||||
|
| |||||||
3,816,983 | ||||||||
|
| |||||||
Electrical Equipment - 0.1% | ||||||||
Emerson Electric Co. | ||||||||
5.25%, 11/15/2039 | 50,000 | 63,667 | ||||||
|
| |||||||
Electronic Equipment, Instruments & |
| |||||||
Corning, Inc. | ||||||||
4.38%, 11/15/2057 | 125,000 | 139,465 | ||||||
5.45%, 11/15/2079 | 100,000 | 125,300 | ||||||
Tyco Electronics Group SA | ||||||||
7.13%, 10/1/2037 | 100,000 | 147,143 | ||||||
|
| |||||||
411,908 | ||||||||
|
| |||||||
Entertainment - 0.1% | ||||||||
Electronic Arts, Inc. | ||||||||
2.95%, 2/15/2051 | 50,000 | 45,496 | ||||||
|
|
Investments | Principal Amount ($) | Value ($) | ||||||
Equity Real Estate Investment Trusts (REITs) - 1.6% |
| |||||||
Alexandria Real Estate Equities, Inc. |
| |||||||
4.00%, 2/1/2050 | 100,000 | 110,275 | ||||||
American Tower Corp. | ||||||||
3.10%, 6/15/2050 | 150,000 | 134,193 | ||||||
Crown Castle International Corp. | ||||||||
4.15%, 7/1/2050 | 100,000 | 106,279 | ||||||
3.25%, 1/15/2051 | 100,000 | 92,280 | ||||||
Kimco Realty Corp. | ||||||||
3.70%, 10/1/2049 | 50,000 | 51,268 | ||||||
National Retail Properties, Inc. | ||||||||
3.50%, 4/15/2051 | 150,000 | 146,884 | ||||||
Regency Centers LP | ||||||||
4.40%, 2/1/2047 | 50,000 | 56,211 | ||||||
Ventas Realty LP | ||||||||
5.70%, 9/30/2043 | 50,000 | 64,135 | ||||||
Welltower, Inc. | ||||||||
4.95%, 9/1/2048 | 50,000 | 62,144 | ||||||
Weyerhaeuser Co. | ||||||||
7.38%, 3/15/2032 | 50,000 | 67,785 | ||||||
|
| |||||||
891,454 | ||||||||
|
| |||||||
Food Products - 1.1% | ||||||||
Campbell Soup Co. | ||||||||
3.13%, 4/24/2050 | 100,000 | 93,069 | ||||||
Mondelez International, Inc. | ||||||||
2.63%, 9/4/2050 | 150,000 | 132,037 | ||||||
Tyson Foods, Inc. | ||||||||
5.10%, 9/28/2048 | 300,000 | 381,345 | ||||||
|
| |||||||
606,451 | ||||||||
|
| |||||||
Gas Utilities - 0.5% | ||||||||
Atmos Energy Corp. | ||||||||
5.50%, 6/15/2041 | 50,000 | 63,716 | ||||||
4.13%, 10/15/2044 | 115,000 | 127,503 | ||||||
4.30%, 10/1/2048 | 100,000 | 115,813 | ||||||
|
| |||||||
307,032 | ||||||||
|
| |||||||
Health Care Equipment & Supplies - 0.4% |
| |||||||
Becton Dickinson and Co. | ||||||||
3.79%, 5/20/2050 | 150,000 | 157,140 | ||||||
DH Europe Finance II Sarl | ||||||||
3.40%, 11/15/2049 | 50,000 | 51,053 | ||||||
|
| |||||||
208,193 | ||||||||
|
| |||||||
Health Care Providers & Services - 3.8% |
| |||||||
AmerisourceBergen Corp. | ||||||||
4.30%, 12/15/2047 | 75,000 | 82,973 | ||||||
Cardinal Health, Inc. | ||||||||
4.37%, 6/15/2047 | 150,000 | 160,117 | ||||||
CVS Health Corp. | ||||||||
5.05%, 3/25/2048 | 210,000 | 258,191 | ||||||
HCA, Inc. | ||||||||
5.13%, 6/15/2039 | 100,000 | 115,952 | ||||||
5.50%, 6/15/2047 | 100,000 | 121,218 | ||||||
5.25%, 6/15/2049 | 100,000 | 118,310 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Humana, Inc. | ||||||||
8.15%, 6/15/2038 | 25,000 | 38,642 | ||||||
Laboratory Corp. of America Holdings |
| |||||||
4.70%, 2/1/2045 | 100,000 | 116,109 | ||||||
UnitedHealth Group, Inc. | ||||||||
5.95%, 2/15/2041 | 100,000 | 135,606 | ||||||
3.05%, 5/15/2041 | 300,000 | 294,204 | ||||||
4.63%, 11/15/2041 | 300,000 | 354,606 | ||||||
3.70%, 8/15/2049 | 75,000 | 79,989 | ||||||
3.88%, 8/15/2059 | 100,000 | 110,302 | ||||||
3.13%, 5/15/2060 | 125,000 | 118,781 | ||||||
|
| |||||||
2,105,000 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure - 2.3% |
| |||||||
McDonalds Corp. | ||||||||
4.88%, 7/15/2040 | 50,000 | 60,129 | ||||||
4.88%, 12/9/2045 | 125,000 | 150,509 | ||||||
4.45%, 3/1/2047 | 200,000 | 229,080 | ||||||
4.45%, 9/1/2048 | 100,000 | 115,641 | ||||||
3.63%, 9/1/2049 | 250,000 | 258,281 | ||||||
4.20%, 4/1/2050 | 100,000 | 112,517 | ||||||
Starbucks Corp. | ||||||||
4.50%, 11/15/2048 | 50,000 | 57,537 | ||||||
4.45%, 8/15/2049 | 100,000 | 115,386 | ||||||
3.50%, 11/15/2050 | 200,000 | 199,738 | ||||||
|
| |||||||
1,298,818 | ||||||||
|
| |||||||
Household Durables - 0.2% | ||||||||
MDC Holdings, Inc. | ||||||||
3.97%, 8/6/2061 | 100,000 | 88,726 | ||||||
|
| |||||||
Household Products - 0.3% | ||||||||
Church & Dwight Co., Inc. | ||||||||
3.95%, 8/1/2047 | 50,000 | 56,125 | ||||||
Kimberly-Clark Corp. | ||||||||
5.30%, 3/1/2041 | 100,000 | 129,217 | ||||||
|
| |||||||
185,342 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers - 0.5% |
| |||||||
Exelon Generation Co. LLC | ||||||||
5.75%, 10/1/2041 | 100,000 | 116,562 | ||||||
5.60%, 6/15/2042 | 100,000 | 115,014 | ||||||
Southern Power Co. | ||||||||
5.15%, 9/15/2041 | 50,000 | 58,017 | ||||||
|
| |||||||
289,593 | ||||||||
|
| |||||||
Industrial Conglomerates - 0.3% |
| |||||||
Honeywell International, Inc. | ||||||||
5.70%, 3/15/2036 | 100,000 | 131,709 | ||||||
Trane Technologies Luxembourg Finance SA |
| |||||||
4.50%, 3/21/2049 | 50,000 | 58,556 | ||||||
|
| |||||||
190,265 | ||||||||
|
| |||||||
Insurance - 5.0% | ||||||||
Aflac, Inc. | ||||||||
6.45%, 8/15/2040 | 50,000 | 68,858 | ||||||
4.75%, 1/15/2049 | 50,000 | 63,225 |
Investments | Principal Amount ($) | Value ($) | ||||||
Alleghany Corp. | ||||||||
4.90%, 9/15/2044 | 75,000 | 88,852 | ||||||
Allstate Corp. (The) | ||||||||
6.50%, 5/15/2057(a) | 15,000 | 19,264 | ||||||
American International Group, Inc. | ||||||||
3.88%, 1/15/2035 | 110,000 | 118,009 | ||||||
Aon Corp. | ||||||||
6.25%, 9/30/2040 | 50,000 | 69,706 | ||||||
Aon plc | ||||||||
4.60%, 6/14/2044 | 55,000 | 63,660 | ||||||
4.75%, 5/15/2045 | 100,000 | 118,233 | ||||||
Arch Capital Group Ltd. | ||||||||
7.35%, 5/1/2034 | 200,000 | 280,032 | ||||||
Arthur J Gallagher & Co. | ||||||||
3.50%, 5/20/2051 | 50,000 | 49,283 | ||||||
Berkshire Hathaway Finance Corp. | ||||||||
5.75%, 1/15/2040 | 115,000 | 154,562 | ||||||
4.25%, 1/15/2049 | 150,000 | 173,428 | ||||||
2.85%, 10/15/2050 | 50,000 | 45,922 | ||||||
Brighthouse Financial, Inc. | ||||||||
4.70%, 6/22/2047 | 39,000 | 39,431 | ||||||
Everest Reinsurance Holdings, Inc. | ||||||||
3.50%, 10/15/2050 | 100,000 | 98,963 | ||||||
Hartford Financial Services Group, Inc. (The) |
| |||||||
2.90%, 9/15/2051 | 200,000 | 184,147 | ||||||
Markel Corp. | ||||||||
5.00%, 4/5/2046 | 100,000 | 119,471 | ||||||
4.15%, 9/17/2050 | 125,000 | 137,497 | ||||||
3.45%, 5/7/2052 | 100,000 | 97,865 | ||||||
Marsh & McLennan Cos., Inc. | ||||||||
4.75%, 3/15/2039 | 100,000 | 119,999 | ||||||
4.90%, 3/15/2049 | 100,000 | 125,001 | ||||||
Progressive Corp. (The) | ||||||||
4.13%, 4/15/2047 | 100,000 | 116,075 | ||||||
Selective Insurance Group, Inc. | ||||||||
5.38%, 3/1/2049 | 25,000 | 31,966 | ||||||
W R Berkley Corp. | ||||||||
6.25%, 2/15/2037 | 100,000 | 129,287 | ||||||
4.75%, 8/1/2044 | 100,000 | 118,721 | ||||||
Willis North America, Inc. | ||||||||
5.05%, 9/15/2048 | 100,000 | 121,230 | ||||||
3.88%, 9/15/2049 | 50,000 | 51,469 | ||||||
|
| |||||||
2,804,156 | ||||||||
|
| |||||||
Interactive Media & Services - 0.1% |
| |||||||
Alphabet, Inc. | ||||||||
2.25%, 8/15/2060 | 75,000 | 61,137 | ||||||
|
| |||||||
Internet & Direct Marketing Retail - 1.2% |
| |||||||
Alibaba Group Holding Ltd. | ||||||||
4.20%, 12/6/2047 | 225,000 | 234,199 | ||||||
3.15%, 2/9/2051 | 200,000 | 175,822 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Amazon.com, Inc. | ||||||||
4.25%, 8/22/2057 | 165,000 | 198,812 | ||||||
2.70%, 6/3/2060 | 100,000 | 88,116 | ||||||
|
| |||||||
696,949 | ||||||||
|
| |||||||
IT Services - 1.2% | ||||||||
Fiserv, Inc. | ||||||||
4.40%, 7/1/2049 | 30,000 | 33,190 | ||||||
Global Payments, Inc. | ||||||||
4.15%, 8/15/2049 | 100,000 | 105,638 | ||||||
International Business Machines Corp. |
| |||||||
4.25%, 5/15/2049 | 100,000 | 113,742 | ||||||
Mastercard, Inc. | ||||||||
3.65%, 6/1/2049 | 100,000 | 109,054 | ||||||
Visa, Inc. | ||||||||
4.30%, 12/14/2045 | 170,000 | 200,614 | ||||||
Western Union Co. (The) | ||||||||
6.20%, 6/21/2040 | 100,000 | 117,441 | ||||||
|
| |||||||
679,679 | ||||||||
|
| |||||||
Leisure Products - 0.1% | ||||||||
Hasbro, Inc. | ||||||||
6.35%, 3/15/2040 | 50,000 | 66,598 | ||||||
|
| |||||||
Machinery - 0.8% | ||||||||
Dover Corp. | ||||||||
5.38%, 3/1/2041 | 100,000 | 124,721 | ||||||
Fortive Corp. | ||||||||
4.30%, 6/15/2046 | 25,000 | 28,091 | ||||||
Illinois Tool Works, Inc. | ||||||||
3.90%, 9/1/2042 | 25,000 | 27,865 | ||||||
Otis Worldwide Corp. | ||||||||
3.11%, 2/15/2040 | 50,000 | 48,708 | ||||||
3.36%, 2/15/2050 | 100,000 | 99,165 | ||||||
Parker-Hannifin Corp. | ||||||||
4.00%, 6/14/2049 | 100,000 | 110,381 | ||||||
|
| |||||||
438,931 | ||||||||
|
| |||||||
Media - 3.8% | ||||||||
Charter Communications Operating LLC |
| |||||||
3.50%, 6/1/2041 | 250,000 | 225,053 | ||||||
6.48%, 10/23/2045 | 100,000 | 126,198 | ||||||
5.75%, 4/1/2048 | 400,000 | 461,285 | ||||||
3.70%, 4/1/2051 | 250,000 | 222,355 | ||||||
Comcast Corp. | ||||||||
2.94%, 11/1/2056(b) | 135,000 | 119,998 | ||||||
2.99%, 11/1/2063(b) | 100,000 | 88,197 | ||||||
Fox Corp. | ||||||||
5.48%, 1/25/2039 | 100,000 | 121,332 | ||||||
5.58%, 1/25/2049 | 150,000 | 189,919 | ||||||
Interpublic Group of Cos., Inc. (The) |
| |||||||
5.40%, 10/1/2048 | 50,000 | 64,869 | ||||||
Time Warner Cable LLC | ||||||||
7.30%, 7/1/2038 | 200,000 | 266,449 | ||||||
6.75%, 6/15/2039 | 100,000 | 128,006 |
Investments | Principal Amount ($) | Value ($) | ||||||
5.88%, 11/15/2040 | 100,000 | 116,827 | ||||||
|
| |||||||
2,130,488 | ||||||||
|
| |||||||
Metals & Mining - 4.4% | ||||||||
ArcelorMittal SA | ||||||||
6.75%, 3/1/2041(c) | 100,000 | 127,539 | ||||||
Barrick Gold Corp. | ||||||||
5.25%, 4/1/2042 | 100,000 | 122,868 | ||||||
Barrick North America Finance LLC | ||||||||
5.70%, 5/30/2041 | 50,000 | 64,528 | ||||||
5.75%, 5/1/2043 | 100,000 | 129,815 | ||||||
Barrick PD Australia Finance Pty. Ltd. |
| |||||||
5.95%, 10/15/2039 | 80,000 | 104,520 | ||||||
BHP Billiton Finance USA Ltd. |
| |||||||
4.13%, 2/24/2042 | 50,000 | 56,225 | ||||||
5.00%, 9/30/2043 | 245,000 | 304,753 | ||||||
Freeport-McMoRan, Inc. | ||||||||
5.45%, 3/15/2043 | 200,000 | 235,522 | ||||||
Newmont Corp. | ||||||||
4.88%, 3/15/2042 | 100,000 | 120,130 | ||||||
Rio Tinto Finance USA Ltd. | ||||||||
5.20%, 11/2/2040 | 75,000 | 95,047 | ||||||
Southern Copper Corp. | ||||||||
7.50%, 7/27/2035 | 200,000 | 275,842 | ||||||
6.75%, 4/16/2040 | 50,000 | 67,544 | ||||||
5.88%, 4/23/2045 | 150,000 | 195,451 | ||||||
Vale Overseas Ltd. | ||||||||
6.88%, 11/21/2036 | 150,000 | 191,326 | ||||||
6.88%, 11/10/2039 | 200,000 | 258,189 | ||||||
Vale SA | ||||||||
5.63%, 9/11/2042 | 100,000 | 114,274 | ||||||
|
| |||||||
2,463,573 | ||||||||
|
| |||||||
Multiline Retail - 0.1% | ||||||||
Dollar General Corp. | ||||||||
4.13%, 4/3/2050 | 50,000 | 54,444 | ||||||
|
| |||||||
Multi-Utilities - 2.7% | ||||||||
Ameren Illinois Co. | ||||||||
4.80%, 12/15/2043 | 100,000 | 119,778 | ||||||
Berkshire Hathaway Energy Co. | ||||||||
6.13%, 4/1/2036 | 200,000 | 263,525 | ||||||
4.45%, 1/15/2049 | 100,000 | 115,051 | ||||||
4.25%, 10/15/2050 | 150,000 | 172,391 | ||||||
2.85%, 5/15/2051 | 200,000 | 179,686 | ||||||
Consolidated Edison Co. of New York, Inc. |
| |||||||
4.50%, 5/15/2058 | 130,000 | 149,271 | ||||||
3.70%, 11/15/2059 | 200,000 | 201,352 | ||||||
Sempra Energy | ||||||||
4.00%, 2/1/2048 | 100,000 | 106,101 | ||||||
Southern Co. Gas Capital Corp. | ||||||||
3.95%, 10/1/2046 | 84,000 | 87,343 | ||||||
4.40%, 5/30/2047 | 100,000 | 111,502 | ||||||
|
| |||||||
1,506,000 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Oil, Gas & Consumable Fuels - 10.4% |
| |||||||
Canadian Natural Resources Ltd. |
| |||||||
6.50%, 2/15/2037 | 100,000 | 127,313 | ||||||
6.25%, 3/15/2038 | 100,000 | 126,507 | ||||||
6.75%, 2/1/2039 | 100,000 | 132,485 | ||||||
Columbia Pipeline Group, Inc. |
| |||||||
5.80%, 6/1/2045 | 50,000 | 63,081 | ||||||
Enbridge, Inc. |
| |||||||
5.50%, 12/1/2046 | 25,000 | 31,725 | ||||||
4.00%, 11/15/2049 | 150,000 | 156,222 | ||||||
3.40%, 8/1/2051 | 100,000 | 95,490 | ||||||
Energy Transfer LP |
| |||||||
5.80%, 6/15/2038 | 100,000 | 115,923 | ||||||
6.50%, 2/1/2042 | 200,000 | 245,136 | ||||||
5.00%, 5/15/2044(c) | 50,000 | 52,444 | ||||||
6.13%, 12/15/2045 | 100,000 | 118,093 | ||||||
6.25%, 4/15/2049 | 200,000 | 245,911 | ||||||
Enterprise Products Operating LLC |
| |||||||
5.95%, 2/1/2041 | 180,000 | 228,833 | ||||||
4.45%, 2/15/2043 | 300,000 | 322,743 | ||||||
4.85%, 3/15/2044 | 230,000 | 261,586 | ||||||
4.25%, 2/15/2048 | 85,000 | 90,741 | ||||||
3.95%, 1/31/2060 | 150,000 | 150,351 | ||||||
Exxon Mobil Corp. |
| |||||||
4.33%, 3/19/2050 | 50,000 | 59,033 | ||||||
3.45%, 4/15/2051 | 100,000 | 103,909 | ||||||
Hess Corp. |
| |||||||
6.00%, 1/15/2040 | 50,000 | 62,100 | ||||||
5.80%, 4/1/2047 | 100,000 | 126,507 | ||||||
Kinder Morgan Energy Partners LP |
| |||||||
6.95%, 1/15/2038 | 100,000 | 132,174 | ||||||
6.38%, 3/1/2041 | 100,000 | 125,600 | ||||||
Kinder Morgan, Inc. |
| |||||||
5.55%, 6/1/2045 | 125,000 | 149,327 | ||||||
5.20%, 3/1/2048 | 100,000 | 116,213 | ||||||
3.60%, 2/15/2051 | 100,000 | 94,587 | ||||||
Magellan Midstream Partners LP |
| |||||||
5.15%, 10/15/2043 | 15,000 | 17,329 | ||||||
4.20%, 10/3/2047 | 145,000 | 150,502 | ||||||
4.85%, 2/1/2049 | 100,000 | 114,239 | ||||||
3.95%, 3/1/2050 | 100,000 | 100,213 | ||||||
Marathon Oil Corp. |
| |||||||
5.20%, 6/1/2045 | 100,000 | 114,145 | ||||||
Marathon Petroleum Corp. |
| |||||||
4.50%, 4/1/2048 | 100,000 | 109,001 | ||||||
MPLX LP |
| |||||||
4.70%, 4/15/2048 | 200,000 | 217,948 | ||||||
4.90%, 4/15/2058 | 150,000 | 163,624 | ||||||
ONEOK Partners LP |
| |||||||
6.85%, 10/15/2037 | 200,000 | 255,624 | ||||||
6.13%, 2/1/2041 | 100,000 | 120,667 |
Investments | Principal Amount ($) | Value ($) | ||||||
ONEOK, Inc. |
| |||||||
4.95%, 7/13/2047 | 150,000 | 164,974 | ||||||
7.15%, 1/15/2051 | 100,000 | 138,635 | ||||||
Phillips 66 Partners LP |
| |||||||
4.90%, 10/1/2046 | 75,000 | 86,939 | ||||||
Plains All American Pipeline LP |
| |||||||
4.70%, 6/15/2044 | 100,000 | 99,474 | ||||||
Spectra Energy Partners LP |
| |||||||
5.95%, 9/25/2043 | 100,000 | 129,677 | ||||||
TransCanada PipeLines Ltd. |
| |||||||
7.63%, 1/15/2039 | 100,000 | 147,028 | ||||||
5.10%, 3/15/2049 | 100,000 | 123,120 | ||||||
Williams Cos., Inc. (The) |
| |||||||
5.40%, 3/4/2044 | 50,000 | 59,581 | ||||||
|
| |||||||
5,846,754 | ||||||||
|
| |||||||
Pharmaceuticals - 1.1% |
| |||||||
Johnson & Johnson |
| |||||||
5.85%, 7/15/2038 | 150,000 | 206,543 | ||||||
3.70%, 3/1/2046 | 55,000 | 60,861 | ||||||
Royalty Pharma plc |
| |||||||
3.55%, 9/2/2050 | 50,000 | 45,532 | ||||||
3.35%, 9/2/2051 | 100,000 | 88,507 | ||||||
Zoetis, Inc. |
| |||||||
4.45%, 8/20/2048 | 100,000 | 120,482 | ||||||
3.00%, 5/15/2050 | 100,000 | 97,661 | ||||||
|
| |||||||
619,586 | ||||||||
|
| |||||||
Professional Services - 0.2% |
| |||||||
Equifax, Inc. |
| |||||||
7.00%, 7/1/2037 | 50,000 | 68,686 | ||||||
Verisk Analytics, Inc. |
| |||||||
3.63%, 5/15/2050 | 50,000 | 51,077 | ||||||
|
| |||||||
119,763 | ||||||||
|
| |||||||
Road & Rail - 2.2% |
| |||||||
Burlington Northern Santa Fe LLC |
| |||||||
4.90%, 4/1/2044 | 300,000 | 372,239 | ||||||
Canadian Pacific Railway Co. |
| |||||||
6.13%, 9/15/2115 | 100,000 | 140,379 | ||||||
CSX Corp. |
| |||||||
4.50%, 8/1/2054 | 50,000 | 59,328 | ||||||
Kansas City Southern |
| |||||||
4.20%, 11/15/2069 | 50,000 | 56,237 | ||||||
Norfolk Southern Corp. |
| |||||||
5.10%, 8/1/2118 | 50,000 | 60,049 | ||||||
Union Pacific Corp. |
| |||||||
3.80%, 10/1/2051 | 100,000 | 109,070 | ||||||
3.84%, 3/20/2060 | 75,000 | 81,006 | ||||||
4.10%, 9/15/2067 | 200,000 | 224,631 | ||||||
3.75%, 2/5/2070 | 100,000 | 105,500 | ||||||
|
| |||||||
1,208,439 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Semiconductors & Semiconductor Equipment - 2.9% |
| |||||||
Broadcom, Inc. |
| |||||||
3.47%, 4/15/2034(b) | 500,000 | 495,961 | ||||||
3.14%, 11/15/2035(b) | 200,000 | 189,927 | ||||||
3.50%, 2/15/2041(b) | 400,000 | 380,598 | ||||||
3.75%, 2/15/2051(b) | 100,000 | 96,714 | ||||||
Intel Corp. |
| |||||||
4.75%, 3/25/2050 | 150,000 | 185,831 | ||||||
4.95%, 3/25/2060 | 50,000 | 64,643 | ||||||
Micron Technology, Inc. |
| |||||||
3.37%, 11/1/2041 | 100,000 | 95,295 | ||||||
Texas Instruments, Inc. |
| |||||||
4.15%, 5/15/2048 | 100,000 | 117,977 | ||||||
|
| |||||||
1,626,946 | ||||||||
|
| |||||||
Software - 2.6% |
| |||||||
Microsoft Corp. |
| |||||||
2.92%, 3/17/2052 | 100,000 | 97,869 | ||||||
2.68%, 6/1/2060 | 56,000 | 50,775 | ||||||
3.04%, 3/17/2062 | 269,000 | 265,016 | ||||||
Oracle Corp. |
| |||||||
6.13%, 7/8/2039 | 105,000 | 130,029 | ||||||
3.65%, 3/25/2041 | 300,000 | 279,846 | ||||||
4.13%, 5/15/2045 | 225,000 | 218,625 | ||||||
3.60%, 4/1/2050 | 200,000 | 177,987 | ||||||
4.38%, 5/15/2055 | 115,000 | 114,203 | ||||||
3.85%, 4/1/2060 | 125,000 | 111,479 | ||||||
|
| |||||||
1,445,829 | ||||||||
|
| |||||||
Specialty Retail - 2.6% |
| |||||||
Home Depot, Inc. (The) |
| |||||||
5.95%, 4/1/2041 | 100,000 | 136,856 | ||||||
4.88%, 2/15/2044 | 75,000 | 92,858 | ||||||
4.50%, 12/6/2048 | 300,000 | 365,666 | ||||||
2.75%, 9/15/2051 | 250,000 | 231,372 | ||||||
Lowes Cos., Inc. |
| |||||||
5.00%, 4/15/2040 | 100,000 | 119,398 | ||||||
4.05%, 5/3/2047 | 200,000 | 216,462 | ||||||
4.55%, 4/5/2049 | 150,000 | 174,675 | ||||||
5.13%, 4/15/2050 | 100,000 | 127,093 | ||||||
|
| |||||||
1,464,380 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals - 2.0% |
| |||||||
Apple, Inc. |
| |||||||
4.38%, 5/13/2045 | 100,000 | 119,845 | ||||||
4.65%, 2/23/2046 | 190,000 | 235,484 | ||||||
2.95%, 9/11/2049 | 100,000 | 96,537 | ||||||
2.65%, 2/8/2051 | 100,000 | 91,470 | ||||||
2.55%, 8/20/2060 | 100,000 | 86,099 | ||||||
2.80%, 2/8/2061 | 100,000 | 90,790 | ||||||
Dell International LLC |
| |||||||
8.35%, 7/15/2046 | 62,000 | 98,212 | ||||||
Hewlett Packard Enterprise Co. |
| |||||||
6.35%, 10/15/2045(c) | 150,000 | 189,600 | ||||||
HP, Inc. |
| |||||||
6.00%, 9/15/2041 | 100,000 | 126,104 | ||||||
|
| |||||||
1,134,141 | ||||||||
|
|
Investments | Principal Amount ($) | Value ($) | ||||||
Tobacco - 4.7% |
| |||||||
Altria Group, Inc. |
| |||||||
5.80%, 2/14/2039 | 300,000 | 341,368 | ||||||
4.25%, 8/9/2042 | 140,000 | 132,777 | ||||||
4.50%, 5/2/2043 | 100,000 | 98,080 | ||||||
5.38%, 1/31/2044 | 125,000 | 136,927 | ||||||
5.95%, 2/14/2049 | 250,000 | 291,506 | ||||||
3.70%, 2/4/2051 | 100,000 | 86,742 | ||||||
BAT Capital Corp. |
| |||||||
4.39%, 8/15/2037 | 150,000 | 151,864 | ||||||
4.54%, 8/15/2047 | 200,000 | 195,310 | ||||||
4.76%, 9/6/2049 | 100,000 | 100,525 | ||||||
Philip Morris International, Inc. |
| |||||||
6.38%, 5/16/2038 | 50,000 | 67,065 | ||||||
4.13%, 3/4/2043 | 330,000 | 342,967 | ||||||
4.25%, 11/10/2044 | 350,000 | 375,422 | ||||||
Reynolds American, Inc. |
| |||||||
6.15%, 9/15/2043 | 100,000 | 116,946 | ||||||
5.85%, 8/15/2045 | 175,000 | 199,276 | ||||||
|
| |||||||
2,636,775 | ||||||||
|
| |||||||
Trading Companies & Distributors - 0.2% |
| |||||||
WW Grainger, Inc. |
| |||||||
4.60%, 6/15/2045 | 100,000 | 120,232 | ||||||
|
| |||||||
Water Utilities - 0.5% |
| |||||||
American Water Capital Corp. |
| |||||||
3.45%, 5/1/2050 | 200,000 | 200,190 | ||||||
3.25%, 6/1/2051 | 100,000 | 98,470 | ||||||
|
| |||||||
298,660 | ||||||||
|
| |||||||
Wireless Telecommunication Services - 0.7% |
| |||||||
Rogers Communications, Inc. | ||||||||
4.30%, 2/15/2048 | 200,000 | 212,140 | ||||||
4.35%, 5/1/2049 | 100,000 | 107,026 | ||||||
3.70%, 11/15/2049 | 50,000 | 48,722 | ||||||
|
| |||||||
367,888 | ||||||||
|
| |||||||
TOTAL CORPORATE BONDS |
| 55,012,565 | ||||||
|
| |||||||
Total Investments - 98.1% |
| 55,012,565 | ||||||
Other assets less liabilities - 1.9% |
| 1,043,631 | ||||||
|
| |||||||
Net Assets - 100.0% |
| 56,056,196 | ||||||
|
|
(a) | Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end. |
(b) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees. |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)
(c) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of January 31, 2022. |
Percentages shown are based on Net Assets.
Security Type | % of Net Assets | |||
Corporate Bonds | 98.1 | % | ||
Others(1) | 1.9 | |||
|
| |||
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, 2022 (Unaudited)
Investments | Principal Amount ($) | Value ($) | ||||||
CORPORATE BONDS - 97.5% |
| |||||||
Aerospace & Defense - 2.1% |
| |||||||
F-Brasile SpA Series NR, | 650,000 | 641,859 | ||||||
Howmet Aerospace, Inc. | 50,000 | 56,750 | ||||||
Spirit AeroSystems, Inc. | 790,000 | 823,697 | ||||||
TransDigm UK Holdings plc | 305,000 | 316,500 | ||||||
TransDigm, Inc. | 745,000 | 779,371 | ||||||
6.25%, 3/15/2026(a) | 3,170,000 | 3,268,270 | ||||||
6.38%, 6/15/2026 | 560,000 | 570,494 | ||||||
7.50%, 3/15/2027 | 460,000 | 477,869 | ||||||
5.50%, 11/15/2027 | 4,380,000 | 4,409,017 | ||||||
4.63%, 1/15/2029 | 1,090,000 | 1,037,070 | ||||||
4.88%, 5/1/2029 | 1,105,000 | 1,062,678 | ||||||
Triumph Group, Inc. | 498,000 | 532,225 | ||||||
6.25%, 9/15/2024(a) | 405,000 | 404,075 | ||||||
|
| |||||||
14,379,875 | ||||||||
|
| |||||||
Air Freight & Logistics - 0.1% |
| |||||||
Western Global Airlines LLC | 650,000 | 718,367 | ||||||
|
| |||||||
Airlines - 0.9% |
| |||||||
American Airlines Group, Inc. | 1,095,000 | 1,014,797 | ||||||
American Airlines, Inc. | 2,175,000 | 2,638,079 | ||||||
5.50%, 4/20/2026(a) | 1,110,000 | 1,134,975 | ||||||
5.75%, 4/20/2029(a) | 1,120,000 | 1,148,515 | ||||||
|
| |||||||
5,936,366 | ||||||||
|
| |||||||
Auto Components - 2.1% |
| |||||||
Adient US LLC | 480,000 | 509,170 | ||||||
Allison Transmission, Inc. | 285,000 | 265,284 | ||||||
American Axle & Manufacturing, | 860,000 | 795,706 | ||||||
Clarios Global LP | 605,000 | 628,392 | ||||||
6.25%, 5/15/2026(a) | 766,000 | 792,776 | ||||||
8.50%, 5/15/2027(a) | 2,570,000 | 2,690,649 |
Investments | Principal Amount ($) | Value ($) | ||||||
Cooper-Standard Automotive, Inc. | 530,000 | 566,382 | ||||||
Dealer Tire LLC | 1,015,000 | 1,041,639 | ||||||
Dornoch Debt Merger Sub, Inc. | 1,250,000 | 1,207,812 | ||||||
Icahn Enterprises | 1,295,000 | 1,307,231 | ||||||
4.38%, 2/1/2029 | 695,000 | 660,629 | ||||||
IHO Verwaltungs GmbH | 400,000 | 421,222 | ||||||
Patrick Industries, Inc. | 180,000 | 189,222 | ||||||
4.75%, 5/1/2029(a) | 675,000 | 652,404 | ||||||
Real Hero Merger Sub 2, Inc. | 1,140,000 | 1,117,747 | ||||||
Tenneco, Inc. | 580,000 | 617,337 | ||||||
Wheel Pros, Inc. | 980,000 | 912,625 | ||||||
|
| |||||||
14,376,227 | ||||||||
|
| |||||||
Automobiles - 1.9% |
| |||||||
Ford Motor Co. | 330,000 | 382,800 | ||||||
6.38%, 2/1/2029 | 150,000 | 169,222 | ||||||
9.63%, 4/22/2030 | 750,000 | 1,055,025 | ||||||
7.45%, 7/16/2031 | 982,000 | 1,246,924 | ||||||
3.25%, 2/12/2032 | 2,695,000 | 2,580,031 | ||||||
4.75%, 1/15/2043 | 996,000 | 1,020,671 | ||||||
7.40%, 11/1/2046 | 450,000 | 595,831 | ||||||
5.29%, 12/8/2046 | 400,000 | 439,588 | ||||||
Jaguar Land Rover Automotive plc | 395,000 | 414,979 | ||||||
5.88%, 1/15/2028(a) | 1,120,000 | 1,111,421 | ||||||
5.50%, 7/15/2029(a) | 1,090,000 | 1,053,708 | ||||||
Mclaren Finance plc | 1,060,000 | 1,086,739 | ||||||
PM General Purchaser LLC | 1,685,000 | 1,672,809 | ||||||
|
| |||||||
12,829,748 | ||||||||
|
| |||||||
Banks - 0.6% |
| |||||||
Intesa Sanpaolo SpA | 85,000 | 81,619 | ||||||
UniCredit SpA | 2,160,000 | 2,483,076 | ||||||
5.46%, 6/30/2035(a)(c) | 1,215,000 | 1,271,394 | ||||||
|
| |||||||
3,836,089 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Beverages - 0.2% |
| |||||||
Triton Water Holdings, Inc. | 1,540,000 | 1,445,675 | ||||||
|
| |||||||
Biotechnology - 0.1% |
| |||||||
Emergent BioSolutions, Inc. | 100,000 | 92,154 | ||||||
Grifols Escrow Issuer SA | 300,000 | 298,944 | ||||||
Horizon Therapeutics USA, Inc. | 350,000 | 363,099 | ||||||
|
| |||||||
754,197 | ||||||||
|
| |||||||
Building Products - 0.9% |
| |||||||
Builders FirstSource, Inc. | 495,000 | 515,914 | ||||||
CP Atlas Buyer, Inc. | 1,064,000 | 1,013,524 | ||||||
Eco Material Technologies, Inc. | 300,000 | 304,512 | ||||||
Griffon Corp. | 1,160,000 | 1,161,003 | ||||||
MIWD Holdco II LLC | 300,000 | 298,227 | ||||||
New Enterprise Stone & | 795,000 | 796,157 | ||||||
9.75%, 7/15/2028(a) | 535,000 | 564,502 | ||||||
Standard Industries, Inc. | 405,000 | 388,450 | ||||||
3.38%, 1/15/2031(a) | 420,000 | 382,878 | ||||||
Victors Merger Corp. | 1,085,000 | 996,394 | ||||||
|
| |||||||
6,421,561 | ||||||||
|
| |||||||
Capital Markets - 0.6% |
| |||||||
Aretec Escrow Issuer, Inc. | 830,000 | 845,579 | ||||||
Coinbase Global, Inc. | 2,195,000 | 1,968,378 | ||||||
3.63%, 10/1/2031(a) | 440,000 | 383,088 | ||||||
Compass Group Diversified Holdings LLC | 100,000 | 98,889 | ||||||
Hightower Holding LLC | 530,000 | 541,551 | ||||||
LPL Holdings, Inc. | 140,000 | 136,129 | ||||||
4.38%, 5/15/2031(a) | 200,000 | 195,564 | ||||||
Nomura Holdings, Inc. | 225,000 | 228,200 | ||||||
|
| |||||||
4,397,378 | ||||||||
|
| |||||||
Chemicals - 3.4% |
| |||||||
Ashland LLC | 45,000 | 56,418 |
Investments | Principal Amount ($) | Value ($) | ||||||
ASP Unifrax Holdings, Inc. | 1,540,000 | 1,515,961 | ||||||
7.50%, 9/30/2029(a) | 715,000 | 694,340 | ||||||
Avient Corp. | 365,000 | 375,149 | ||||||
Axalta Coating Systems LLC | 150,000 | 138,409 | ||||||
Chemours Co. | 645,000 | 656,190 | ||||||
4.63%, 11/15/2029(a) | 935,000 | 889,793 | ||||||
Cornerstone Chemical Co. | 480,000 | 419,717 | ||||||
CVR Partners LP | 565,000 | 574,961 | ||||||
EverArc Escrow Sarl | 1,605,000 | 1,536,186 | ||||||
Gates Global LLC | 510,000 | 525,810 | ||||||
Herens Holdco Sarl | 590,000 | 564,662 | ||||||
Illuminate Buyer LLC | 555,000 | 586,277 | ||||||
Ingevity Corp. | 150,000 | 149,928 | ||||||
LSB Industries, Inc. | 980,000 | 996,253 | ||||||
LSF11 A5 HoldCo LLC | 620,000 | 608,468 | ||||||
Methanex Corp. | 160,000 | 162,080 | ||||||
Minerals Technologies, Inc. | 230,000 | 233,842 | ||||||
NOVA Chemicals Corp. | 400,000 | 381,580 | ||||||
Nufarm Australia Ltd. | 250,000 | 249,035 | ||||||
Olympus Water US Holding Corp. | 910,000 | 865,137 | ||||||
6.25%, 10/1/2029(a) | 870,000 | 827,627 | ||||||
Polar US Borrower LLC | 750,000 | 717,229 | ||||||
Rayonier AM Products, Inc. | 915,000 | 936,933 | ||||||
SCIH Salt Holdings, Inc. | 2,485,000 | 2,335,999 | ||||||
6.63%, 5/1/2029(a) | 1,500,000 | 1,400,625 | ||||||
Scotts Miracle-Gro Co. (The) | 290,000 | 296,877 | ||||||
TPC Group, Inc. | 1,975,000 | 1,316,357 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Tronox, Inc. | 400,000 | 385,888 | ||||||
Valvoline, Inc. | 100,000 | 96,750 | ||||||
Venator Finance Sarl | 150,000 | 163,690 | ||||||
WR Grace Holdings LLC | 2,515,000 | 2,433,263 | ||||||
|
| |||||||
23,091,434 | ||||||||
|
| |||||||
Commercial Services & Supplies - 6.4% |
| |||||||
ADT Security Corp. (The) | 255,000 | 240,318 | ||||||
Allied Universal Holdco LLC | 1,810,000 | 1,912,310 | ||||||
4.63%, 6/1/2028(a) | 2,490,000 | 2,373,941 | ||||||
6.00%, 6/1/2029(a) | 2,955,000 | 2,805,418 | ||||||
APi Group DE, Inc. | 375,000 | 361,493 | ||||||
Aptim Corp. | 885,000 | 769,950 | ||||||
APX Group, Inc. | 1,040,000 | 1,069,442 | ||||||
5.75%, 7/15/2029(a) | 1,450,000 | 1,354,416 | ||||||
Aramark Services, Inc. | 390,000 | 395,542 | ||||||
6.38%, 5/1/2025(a) | 1,190,000 | 1,231,650 | ||||||
5.00%, 2/1/2028(a) | 1,068,000 | 1,062,334 | ||||||
Cimpress plc | 550,000 | 566,068 | ||||||
CoreCivic, Inc. | 1,320,000 | 1,381,308 | ||||||
4.75%, 10/15/2027 | 780,000 | 700,311 | ||||||
Covanta Holding Corp. | 100,000 | 99,218 | ||||||
Deluxe Corp. | 1,085,000 | 1,121,022 | ||||||
Garda World Security Corp. | 780,000 | 762,509 | ||||||
9.50%, 11/1/2027(a) | 600,000 | 631,371 | ||||||
6.00%, 6/1/2029(a) | 915,000 | 858,654 | ||||||
GFL Environmental, Inc. | 1,470,000 | 1,371,804 | ||||||
3.50%, 9/1/2028(a) | 130,000 | 122,570 | ||||||
4.75%, 6/15/2029(a) | 360,000 | 349,758 | ||||||
4.38%, 8/15/2029(a) | 1,040,000 | 992,269 | ||||||
Harsco Corp. | 450,000 | 457,895 | ||||||
Intrado Corp. | 1,415,000 | 1,381,847 | ||||||
KAR Auction Services, Inc. | 925,000 | 927,479 |
Investments | Principal Amount ($) | Value ($) | ||||||
Legends Hospitality Holding Co. LLC | 260,000 | 259,390 | ||||||
Madison IAQ LLC | 285,000 | 271,889 | ||||||
5.88%, 6/30/2029(a) | 2,545,000 | 2,355,983 | ||||||
Nielsen Finance LLC | 1,940,000 | 1,950,379 | ||||||
4.50%, 7/15/2029(a) | 1,190,000 | 1,111,555 | ||||||
5.88%, 10/1/2030(a) | 1,535,000 | 1,540,088 | ||||||
4.75%, 7/15/2031(a) | 1,520,000 | 1,416,192 | ||||||
Pitney Bowes, Inc. | 575,000 | 568,899 | ||||||
7.25%, 3/15/2029(a) | 500,000 | 501,875 | ||||||
Prime Security Services Borrower LLC | 1,240,000 | 1,153,051 | ||||||
6.25%, 1/15/2028(a) | 2,520,000 | 2,516,094 | ||||||
Ritchie Bros Auctioneers, Inc. | 440,000 | 443,740 | ||||||
Stericycle, Inc. | 610,000 | 619,010 | ||||||
3.88%, 1/15/2029(a) | 45,000 | 42,820 | ||||||
Vericast Corp. | 2,880,000 | 2,998,800 | ||||||
Waste Pro USA, Inc. | 660,000 | 641,226 | ||||||
|
| |||||||
43,691,888 | ||||||||
|
| |||||||
Construction & Engineering - 1.3% |
| |||||||
Artera Services LLC | 2,610,000 | 2,671,374 | ||||||
Brand Industrial Services, Inc. | 2,277,000 | 2,144,604 | ||||||
Brundage-Bone Concrete Pumping Holdings, Inc. | 465,000 | 471,317 | ||||||
Great Lakes Dredge & Dock Corp. | 640,000 | 655,472 | ||||||
IEA Energy Services LLC | 575,000 | 562,822 | ||||||
Pike Corp. | 1,335,000 | 1,307,098 | ||||||
Railworks Holdings LP | 630,000 | 654,057 | ||||||
VM Consolidated, Inc. | 695,000 | 692,383 | ||||||
|
| |||||||
9,159,127 | ||||||||
|
| |||||||
Consumer Finance - 1.9% |
| |||||||
Cobra AcquisitionCo LLC | 710,000 | 691,316 | ||||||
Credit Acceptance Corp. | 300,000 | 303,300 | ||||||
6.63%, 3/15/2026 | 400,000 | 412,552 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Curo Group Holdings Corp. | 2,195,000 | 2,066,691 | ||||||
Enova International, Inc. | 290,000 | 292,477 | ||||||
FirstCash, Inc. | 602,000 | 575,166 | ||||||
5.63%, 1/1/2030(a) | 965,000 | 966,081 | ||||||
Ford Motor Credit Co. LLC | 1,502,000 | 1,613,080 | ||||||
4.00%, 11/13/2030 | 1,465,000 | 1,475,248 | ||||||
3.63%, 6/17/2031 | 950,000 | 940,699 | ||||||
goeasy Ltd. | 405,000 | 413,505 | ||||||
LFS Topco LLC | 285,000 | 290,828 | ||||||
PRA Group, Inc. | 225,000 | 238,887 | ||||||
5.00%, 10/1/2029(a) | 835,000 | 825,619 | ||||||
PROG Holdings, Inc. | 1,160,000 | 1,132,839 | ||||||
World Acceptance Corp. | 860,000 | 826,847 | ||||||
|
| |||||||
13,065,135 | ||||||||
|
| |||||||
Containers & Packaging - 1.2% |
| |||||||
Ardagh Metal Packaging Finance USA LLC | 200,000 | 190,849 | ||||||
Ball Corp. | 260,000 | 241,605 | ||||||
3.13%, 9/15/2031 | 200,000 | 186,676 | ||||||
Cascades, Inc. | 285,000 | 289,608 | ||||||
Graham Packaging Co., Inc. | 1,190,000 | 1,209,463 | ||||||
Greif, Inc. | 410,000 | 424,811 | ||||||
Intelligent Packaging Ltd. Finco, Inc. | 750,000 | 746,250 | ||||||
LABL, Inc. | 760,000 | 771,495 | ||||||
5.88%, 11/1/2028(a) | 1,178,000 | 1,169,165 | ||||||
Mauser Packaging Solutions Holding Co. | 1,195,000 | 1,185,542 | ||||||
Owens-Brockway Glass Container, Inc. | 485,000 | 509,250 | ||||||
Pactiv LLC 7.95%, 12/15/2025 | 275,000 | 296,286 | ||||||
Silgan Holdings, Inc. | 185,000 | 185,007 | ||||||
Trivium Packaging Finance BV | 600,000 | 619,617 | ||||||
|
| |||||||
8,025,624 | ||||||||
|
|
Investments | Principal Amount ($) | Value ($) | ||||||
Distributors - 0.2% |
| |||||||
BCPE Empire Holdings, Inc. | 1,370,000 | 1,372,781 | ||||||
|
| |||||||
Diversified Consumer Services - 1.1% |
| |||||||
Adtalem Global Education, Inc. | 1,600,000 | 1,579,832 | ||||||
Carriage Services, Inc. | 620,000 | 605,374 | ||||||
Graham Holdings Co. | 450,000 | 465,111 | ||||||
Grand Canyon University | 765,000 | 777,012 | ||||||
Metis Merger Sub LLC | 1,430,000 | 1,365,779 | ||||||
Signal Parent, Inc. | 620,000 | 533,919 | ||||||
Sothebys 5.88%, 6/1/2029(a) | 650,000 | 659,185 | ||||||
StoneMor, Inc. | 795,000 | 814,378 | ||||||
WW International, Inc. | 920,000 | 817,604 | ||||||
|
| |||||||
7,618,194 | ||||||||
|
| |||||||
Diversified Financial Services - 0.9% |
| |||||||
Asteroid Private Merger Sub, Inc. | 860,000 | 877,479 | ||||||
CPI CG, Inc. | 547,000 | 561,252 | ||||||
Ford Holdings LLC | 210,000 | 282,530 | ||||||
Jefferies Finance LLC | 1,130,000 | 1,112,027 | ||||||
Jefferson Capital Holdings LLC | 450,000 | 447,210 | ||||||
Midcap Financial Issuer Trust | 1,345,000 | 1,357,643 | ||||||
5.63%, 1/15/2030(a) | 895,000 | 869,949 | ||||||
Sabre GLBL, Inc. | 770,000 | 790,467 | ||||||
|
| |||||||
6,298,557 | ||||||||
|
| |||||||
Diversified Telecommunication Services - 6.1% |
| |||||||
Altice France Holding SA | 2,390,000 | 2,187,173 | ||||||
Altice France SA | 1,330,000 | 1,271,906 | ||||||
5.13%, 1/15/2029(a) | 795,000 | 740,292 | ||||||
5.13%, 7/15/2029(a) | 2,765,000 | 2,563,860 | ||||||
5.50%, 10/15/2029(a) | 4,975,000 | 4,722,071 | ||||||
CCO Holdings LLC | 350,000 | 348,920 | ||||||
5.00%, 2/1/2028(a) | 285,000 | 288,209 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
5.38%, 6/1/2029(a) | 260,000 | 268,281 | ||||||
4.75%, 3/1/2030(a) | 995,000 | 986,408 | ||||||
4.50%, 8/15/2030(a) | 855,000 | 836,310 | ||||||
4.25%, 2/1/2031(a) | 1,035,000 | 990,247 | ||||||
4.75%, 2/1/2032(a) | 140,000 | 137,831 | ||||||
4.50%, 5/1/2032 | 1,772,000 | 1,710,547 | ||||||
4.50%, 6/1/2033(a) | 620,000 | 589,921 | ||||||
4.25%, 1/15/2034(a) | 865,000 | 804,415 | ||||||
Frontier Communications Holdings LLC | 700,000 | 694,599 | ||||||
6.75%, 5/1/2029(a) | 1,965,000 | 1,973,371 | ||||||
5.88%, 11/1/2029 | 1,490,000 | 1,436,427 | ||||||
6.00%, 1/15/2030(a) | 2,215,000 | 2,141,097 | ||||||
Iliad Holding SASU | 835,000 | 847,057 | ||||||
7.00%, 10/15/2028(a) | 1,720,000 | 1,748,544 | ||||||
Lumen Technologies, Inc. | 330,000 | 302,963 | ||||||
5.38%, 6/15/2029(a) | 1,460,000 | 1,390,106 | ||||||
Sprint Capital Corp. | 480,000 | 669,132 | ||||||
Telecom Italia Capital SA | 310,000 | 317,518 | ||||||
7.20%, 7/18/2036 | 1,000,000 | 1,061,515 | ||||||
Telesat Canada | 1,015,000 | 849,570 | ||||||
4.88%, 6/1/2027(a) | 1,030,000 | 834,084 | ||||||
6.50%, 10/15/2027(a) | 1,250,000 | 771,781 | ||||||
Virgin Media Finance plc | 2,380,000 | 2,244,649 | ||||||
Virgin Media Secured Finance plc | 1,250,000 | 1,275,749 | ||||||
4.50%, 8/15/2030(a) | 200,000 | 190,375 | ||||||
Windstream Escrow LLC | 1,986,000 | 2,006,108 | ||||||
Zayo Group Holdings, Inc. | 2,345,000 | 2,221,395 | ||||||
|
| |||||||
41,422,431 | ||||||||
|
| |||||||
Electric Utilities - 0.4% |
| |||||||
FirstEnergy Corp. |
| |||||||
Series C, 7.38%, 11/15/2031 | 155,000 | 198,776 | ||||||
Series C, 5.10%, 7/15/2047(d) | 225,000 | 245,641 | ||||||
Series C, 3.40%, 3/1/2050 | 340,000 | 308,941 | ||||||
NextEra Energy Operating Partners LP | 485,000 | 499,591 | ||||||
NRG Energy, Inc. | 220,000 | 227,909 | ||||||
3.88%, 2/15/2032(a) | 415,000 | 388,668 |
Investments | Principal Amount ($) | Value ($) | ||||||
Vistra Operations Co. LLC | 920,000 | 939,597 | ||||||
|
| |||||||
2,809,123 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 0.2% |
| |||||||
Likewize Corp. | 650,000 | 697,050 | ||||||
TTM Technologies, Inc. | 525,000 | 501,335 | ||||||
|
| |||||||
1,198,385 | ||||||||
|
| |||||||
Energy Equipment & Services - 1.9% |
| |||||||
Archrock Partners LP | 525,000 | 539,222 | ||||||
6.25%, 4/1/2028(a) | 780,000 | 787,769 | ||||||
Bristow Group, Inc. | 610,000 | 615,490 | ||||||
CGG SA 8.75%, 4/1/2027(a) | 1,184,000 | 1,185,586 | ||||||
CSI Compressco LP | 175,000 | 175,787 | ||||||
Oceaneering International, Inc. | 390,000 | 391,342 | ||||||
Petrofac Ltd. | 2,475,000 | 2,497,164 | ||||||
Precision Drilling Corp. | 200,000 | 201,256 | ||||||
6.88%, 1/15/2029(a) | 640,000 | 641,853 | ||||||
Transocean Guardian Ltd. | 609,440 | 582,884 | ||||||
Transocean Phoenix 2 Ltd. | 225,000 | 227,308 | ||||||
Transocean Pontus Ltd. | 83,025 | 81,940 | ||||||
Transocean Poseidon Ltd. | 656,250 | 637,616 | ||||||
Transocean Proteus Ltd. | 215,000 | 213,239 | ||||||
Transocean Sentry Ltd. | 279,108 | 269,952 | ||||||
USA Compression Partners LP | 730,000 | 744,027 | ||||||
6.88%, 9/1/2027 | 1,035,000 | 1,063,856 | ||||||
Valaris Ltd. | 975,000 | 1,015,394 | ||||||
Weatherford International Ltd. | 295,000 | 304,934 | ||||||
Welltec International ApS | 605,000 | 623,867 | ||||||
|
| |||||||
12,800,486 | ||||||||
|
| |||||||
Entertainment - 0.8% |
| |||||||
Allen Media LLC | 1,940,000 | 1,942,987 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Cinemark USA, Inc. | 130,000 | 136,172 | ||||||
Live Nation Entertainment, Inc. | 345,000 | 346,318 | ||||||
5.63%, 3/15/2026(a) | 300,000 | 305,567 | ||||||
4.75%, 10/15/2027(a) | 1,435,000 | 1,417,062 | ||||||
Skillz, Inc. | 1,005,000 | 990,704 | ||||||
|
| |||||||
5,138,810 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) - 2.6% |
| |||||||
Brookfield Property REIT, Inc. | 755,000 | 756,212 | ||||||
4.50%, 4/1/2027(a) | 1,350,000 | 1,278,828 | ||||||
Diversified Healthcare Trust | 765,000 | 812,610 | ||||||
GEO Group, Inc. (The) | 372,000 | 327,817 | ||||||
6.00%, 4/15/2026 | 825,000 | 679,804 | ||||||
Global Net Lease, Inc. | 530,000 | 510,456 | ||||||
Iron Mountain, Inc. | 1,057,000 | 1,057,058 | ||||||
4.88%, 9/15/2029(a) | 120,000 | 118,630 | ||||||
5.25%, 7/15/2030(a) | 2,621,000 | 2,606,991 | ||||||
4.50%, 2/15/2031(a) | 400,000 | 379,920 | ||||||
5.63%, 7/15/2032(a) | 964,000 | 980,075 | ||||||
Park Intermediate Holdings LLC | 745,000 | 781,620 | ||||||
Service Properties Trust | 310,000 | 304,958 | ||||||
4.65%, 3/15/2024 | 400,000 | 389,514 | ||||||
4.35%, 10/1/2024 | 1,080,000 | 1,033,333 | ||||||
4.50%, 3/15/2025 | 485,000 | 461,022 | ||||||
7.50%, 9/15/2025 | 1,200,000 | 1,266,680 | ||||||
5.25%, 2/15/2026 | 425,000 | 405,482 | ||||||
4.75%, 10/1/2026 | 545,000 | 509,384 | ||||||
Uniti Group LP | 2,150,000 | 2,238,107 | ||||||
4.75%, 4/15/2028(a) | 835,000 | 809,649 | ||||||
XHR LP 6.38%, 8/15/2025(a) | 170,000 | 176,235 | ||||||
|
| |||||||
17,884,385 | ||||||||
|
| |||||||
Food & Staples Retailing - 0.3% |
| |||||||
C&S Group Enterprises LLC | 660,000 | 601,366 | ||||||
Performance Food Group, Inc. | 140,000 | 131,601 | ||||||
US Foods, Inc. | 845,000 | 874,537 | ||||||
4.75%, 2/15/2029(a) | 250,000 | 246,069 |
Investments | Principal Amount ($) | Value ($) | ||||||
4.63%, 6/1/2030(a) | 130,000 | 126,954 | ||||||
|
| |||||||
1,980,527 | ||||||||
|
| |||||||
Food Products - 1.8% |
| |||||||
B&G Foods, Inc. | 420,000 | 425,659 | ||||||
Darling Ingredients, Inc. | 375,000 | 382,875 | ||||||
Del Monte Foods, Inc. | 585,000 | 647,095 | ||||||
Kraft Heinz Foods Co. | 190,000 | 217,055 | ||||||
5.20%, 7/15/2045 | 550,000 | 639,401 | ||||||
4.38%, 6/1/2046 | 565,000 | 599,323 | ||||||
4.88%, 10/1/2049 | 385,000 | 440,052 | ||||||
5.50%, 6/1/2050 | 415,000 | 515,175 | ||||||
Lamb Weston Holdings, Inc. | 150,000 | 148,179 | ||||||
Post Holdings, Inc. | 875,000 | 899,108 | ||||||
5.63%, 1/15/2028(a) | 955,000 | 978,684 | ||||||
5.50%, 12/15/2029(a) | 1,615,000 | 1,661,181 | ||||||
4.63%, 4/15/2030(a) | 2,613,000 | 2,521,989 | ||||||
4.50%, 9/15/2031(a) | 825,000 | 786,159 | ||||||
Sigma Holdco BV | 680,000 | 612,544 | ||||||
Simmons Foods, Inc. | 980,000 | 941,393 | ||||||
|
| |||||||
12,415,872 | ||||||||
|
| |||||||
Gas Utilities - 0.1% |
| |||||||
Suburban Propane Partners LP | 240,000 | 246,874 | ||||||
5.00%, 6/1/2031(a) | 110,000 | 108,496 | ||||||
Superior Plus LP 4.50%, | 620,000 | 621,891 | ||||||
|
| |||||||
977,261 | ||||||||
|
| |||||||
Health Care Equipment & Supplies - 0.4% |
| |||||||
Avantor Funding, Inc. | 105,000 | 104,934 | ||||||
Mozart Debt Merger Sub, Inc. | 1,090,000 | 1,050,253 | ||||||
5.25%, 10/1/2029(a) | 1,200,000 | 1,169,178 | ||||||
Ortho-Clinical Diagnostics, Inc. | 130,000 | 136,236 | ||||||
7.25%, 2/1/2028(a) | 249,000 | 263,910 | ||||||
Varex Imaging Corp. | 170,000 | 186,335 | ||||||
|
| |||||||
2,910,846 | ||||||||
|
| |||||||
Health Care Providers & Services - 3.0% |
| |||||||
Acadia Healthcare Co., Inc. | 300,000 | 304,780 | ||||||
AHP Health Partners, Inc. | 360,000 | 354,114 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Air Methods Corp. | 425,000 | 345,986 | ||||||
Centene Corp. | 260,000 | 252,693 | ||||||
2.50%, 3/1/2031 | 250,000 | 232,750 | ||||||
Community Health Systems, Inc. | 105,000 | 105,867 | ||||||
5.25%, 5/15/2030(a) | 250,000 | 249,249 | ||||||
DaVita, Inc. | 923,000 | 899,390 | ||||||
3.75%, 2/15/2031(a) | 570,000 | 524,676 | ||||||
Encompass Health Corp. | 250,000 | 253,348 | ||||||
4.50%, 2/1/2028 | 500,000 | 499,810 | ||||||
4.75%, 2/1/2030 | 530,000 | 524,215 | ||||||
Envision Healthcare Corp. | 2,500,000 | 1,304,538 | ||||||
Global Medical Response, Inc. | 715,000 | 716,148 | ||||||
Hadrian Merger Sub, Inc. | 55,000 | 56,101 | ||||||
HCA, Inc. | 150,000 | 167,267 | ||||||
3.50%, 9/1/2030 | 485,000 | 485,815 | ||||||
LifePoint Health, Inc. | 1,015,000 | 966,752 | ||||||
ModivCare, Inc. | 374,000 | 389,241 | ||||||
Molina Healthcare, Inc. | 1,005,000 | 1,009,477 | ||||||
3.88%, 5/15/2032(a) | 400,000 | 386,570 | ||||||
Prime Healthcare Services, Inc. | 80,000 | 83,709 | ||||||
Radiology Partners, Inc. | 1,980,000 | 1,974,496 | ||||||
RP Escrow Issuer LLC | 715,000 | 697,357 | ||||||
Select Medical Corp. | 880,000 | 904,917 | ||||||
Tenet Healthcare Corp. | 550,000 | 573,569 | ||||||
6.25%, 2/1/2027(a) | 1,215,000 | 1,244,470 | ||||||
6.13%, 10/1/2028(a) | 3,050,000 | 3,059,851 | ||||||
US Acute Care Solutions LLC | 355,000 | 357,268 | ||||||
US Renal Care, Inc. | 1,468,000 | 1,499,246 | ||||||
|
| |||||||
20,423,670 | ||||||||
|
| |||||||
Health Care Technology - 0.3% |
| |||||||
IQVIA, Inc. | 955,000 | 976,325 |
Investments | Principal Amount ($) | Value ($) | ||||||
5.00%, 5/15/2027(a) | 900,000 | 921,362 | ||||||
|
| |||||||
1,897,687 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure - 6.1% |
| |||||||
1011778 BC ULC | 420,000 | 433,047 | ||||||
4.38%, 1/15/2028(a) | 665,000 | 653,865 | ||||||
4.00%, 10/15/2030(a) | 1,110,000 | 1,029,203 | ||||||
Affinity Gaming | 1,265,000 | 1,285,828 | ||||||
Arrow Bidco LLC | 190,000 | 192,821 | ||||||
Boyd Gaming Corp. | 485,000 | 476,789 | ||||||
Caesars Entertainment, Inc. | 1,759,000 | 1,895,753 | ||||||
CEC Entertainment LLC | 1,265,000 | 1,216,810 | ||||||
Cedar Fair LP | 250,000 | 253,456 | ||||||
6.50%, 10/1/2028 | 215,000 | 226,629 | ||||||
5.25%, 7/15/2029 | 925,000 | 927,410 | ||||||
Churchill Downs, Inc. | 400,000 | 411,160 | ||||||
Dave & Busters, Inc. | 353,000 | 373,716 | ||||||
Fertitta Entertainment LLC 4.63%, 1/15/2029(a) | 250,000 | 244,235 | ||||||
6.75%, 1/15/2030(a) | 400,000 | 389,314 | ||||||
GPS Hospitality Holding Co. LLC | 1,155,000 | 984,638 | ||||||
Hilton Domestic Operating Co., Inc. | 340,000 | 349,136 | ||||||
3.63%, 2/15/2032(a) | 265,000 | 251,939 | ||||||
Hilton Grand Vacations Borrower Escrow LLC | 1,150,000 | 1,146,257 | ||||||
4.88%, 7/1/2031(a) | 85,000 | 82,489 | ||||||
KFC Holding Co. | 600,000 | 612,687 | ||||||
Life Time, Inc. | 905,000 | 910,204 | ||||||
8.00%, 4/15/2026(a) | 505,000 | 514,577 | ||||||
Lindblad Expeditions LLC | 100,000 | 101,306 | ||||||
MajorDrive Holdings IV LLC | 1,115,000 | 1,060,677 | ||||||
Marriott Ownership Resorts, Inc. | 265,000 | 263,435 | ||||||
4.50%, 6/15/2029(a) | 430,000 | 422,516 | ||||||
MGM Resorts International | 660,000 | 683,908 | ||||||
4.75%, 10/15/2028 | 135,000 | 134,112 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Midwest Gaming Borrower LLC | 1,555,000 | 1,521,762 | ||||||
Mohegan Gaming & Entertainment | 2,070,000 | 2,112,746 | ||||||
Motion Bondco DAC | 600,000 | 599,574 | ||||||
Peninsula Pacific Entertainment LLC | 1,110,000 | 1,192,223 | ||||||
Raptor Acquisition Corp. | 300,000 | 297,629 | ||||||
Resorts World Las Vegas LLC | 2,110,000 | 2,034,301 | ||||||
4.63%, 4/6/2031(a) | 200,000 | 191,042 | ||||||
Royal Caribbean Cruises Ltd. | 730,000 | 808,969 | ||||||
SeaWorld Parks & Entertainment, Inc. | 1,120,000 | 1,090,090 | ||||||
Six Flags Entertainment Corp. | 870,000 | 871,057 | ||||||
Sizzling Platter LLC | 1,010,000 | 1,005,066 | ||||||
TKC Holdings, Inc. | 835,000 | 840,369 | ||||||
10.50%, 5/15/2029(a) | 1,670,000 | 1,747,238 | ||||||
Travel + Leisure Co. | 500,000 | 490,140 | ||||||
Vail Resorts, Inc. | 555,000 | 576,275 | ||||||
Viking Cruises Ltd. | 235,000 | 232,789 | ||||||
5.88%, 9/15/2027(a) | 2,020,000 | 1,843,098 | ||||||
7.00%, 2/15/2029(a) | 1,165,000 | 1,116,961 | ||||||
Viking Ocean Cruises Ship VII Ltd. | 460,000 | 450,349 | ||||||
VOC Escrow Ltd. | 1,550,000 | 1,501,904 | ||||||
Wynn Las Vegas LLC | 330,000 | 330,335 | ||||||
5.50%, 3/1/2025(a) | 1,895,000 | 1,908,198 | ||||||
Wynn Resorts Finance LLC | 410,000 | 427,411 | ||||||
Yum! Brands, Inc. | 170,000 | 174,930 | ||||||
3.63%, 3/15/2031 | 600,000 | 568,167 | ||||||
4.63%, 1/31/2032 | 195,000 | 194,412 | ||||||
6.88%, 11/15/2037 | 100,000 | 117,244 | ||||||
|
| |||||||
41,772,196 | ||||||||
|
| |||||||
Household Durables - 1.2% |
| |||||||
Ashton Woods USA LLC | 550,000 | 542,550 |
Investments | Principal Amount ($) | Value ($) | ||||||
4.63%, 4/1/2030(a) | 495,000 | 487,694 | ||||||
Beazer Homes USA, Inc. | 385,000 | 411,661 | ||||||
Brookfield Residential Properties, Inc. | 540,000 | 557,650 | ||||||
4.88%, 2/15/2030(a) | 755,000 | 733,471 | ||||||
Century Communities, Inc. | 400,000 | 416,625 | ||||||
Empire Communities Corp. | 730,000 | 743,731 | ||||||
Installed Building Products, Inc. | 290,000 | 298,101 | ||||||
Mattamy Group Corp. | 615,000 | 605,022 | ||||||
New Home Co., Inc. (The) | 550,000 | 557,505 | ||||||
Newell Brands, Inc. | 291,000 | 343,805 | ||||||
Picasso Finance Sub, Inc. | 430,000 | 446,174 | ||||||
Shea Homes LP | 175,000 | 172,511 | ||||||
SWF Escrow Issuer Corp. | 1,660,000 | 1,545,966 | ||||||
Taylor Morrison Communities, Inc. | 190,000 | 198,102 | ||||||
|
| |||||||
8,060,568 | ||||||||
|
| |||||||
Household Products - 0.6% |
| |||||||
Energizer Holdings, Inc. | 800,000 | 781,744 | ||||||
4.38%, 3/31/2029(a) | 1,830,000 | 1,733,092 | ||||||
Kronos Acquisition Holdings, Inc. | 450,000 | 421,659 | ||||||
7.00%, 12/31/2027(a) | 1,105,000 | 1,002,423 | ||||||
Spectrum Brands, Inc. | 475,000 | 485,191 | ||||||
|
| |||||||
4,424,109 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers - 0.1% |
| |||||||
Calpine Corp. | 230,000 | 224,907 | ||||||
4.63%, 2/1/2029(a) | 70,000 | 65,734 | ||||||
5.00%, 2/1/2031(a) | 460,000 | 434,422 | ||||||
3.75%, 3/1/2031(a) | 100,000 | 91,035 | ||||||
|
| |||||||
816,098 | ||||||||
|
| |||||||
Insurance - 2.3% |
| |||||||
Acrisure LLC | 1,065,000 | 1,065,154 | ||||||
4.25%, 2/15/2029(a) | 850,000 | 805,010 | ||||||
6.00%, 8/1/2029(a) | 955,000 | 908,420 | ||||||
Alliant Holdings Intermediate LLC | 1,415,000 | 1,402,159 | ||||||
5.88%, 11/1/2029(a) | 920,000 | 903,086 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
AmWINS Group, Inc. | 830,000 | 813,578 | ||||||
Assurant, Inc. | 360,000 | 409,500 | ||||||
AssuredPartners, Inc. | 135,000 | 135,045 | ||||||
5.63%, 1/15/2029(a) | 870,000 | 809,805 | ||||||
BroadStreet Partners, Inc. | 1,590,000 | 1,517,933 | ||||||
Enstar Finance LLC | 225,000 | 233,149 | ||||||
GTCR AP Finance, Inc. | 745,000 | 760,787 | ||||||
HUB International Ltd. | 1,035,000 | 1,018,569 | ||||||
Liberty Mutual Group, Inc. | 275,000 | 375,311 | ||||||
4.30%, 2/1/2061(a) | 125,000 | 111,256 | ||||||
NFP Corp. | 4,315,000 | 4,111,440 | ||||||
Ryan Specialty Group LLC | 300,000 | 298,125 | ||||||
|
| |||||||
15,678,327 | ||||||||
|
| |||||||
Interactive Media & Services - 0.5% |
| |||||||
Rackspace Technology Global, Inc. | 585,000 | 547,078 | ||||||
5.38%, 12/1/2028(a) | 1,190,000 | 1,111,097 | ||||||
TripAdvisor, Inc. | 425,000 | 445,710 | ||||||
ZipRecruiter, Inc. | 980,000 | 972,503 | ||||||
|
| |||||||
3,076,388 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail - 0.4% |
| |||||||
ANGI Group LLC | 875,000 | 803,556 | ||||||
Millennium Escrow Corp. | 1,045,000 | 1,037,978 | ||||||
Photo Holdings Merger Sub, Inc. | 955,000 | 965,868 | ||||||
QVC, Inc. | 100,000 | 90,880 | ||||||
|
| |||||||
2,898,282 | ||||||||
|
| |||||||
IT Services - 1.3% |
| |||||||
Acuris Finance Us, Inc. | 559,000 | 535,706 | ||||||
Ahead DB Holdings LLC | 940,000 | 913,840 | ||||||
Arches Buyer, Inc. | 275,000 | 259,408 | ||||||
6.13%, 12/1/2028(a) | 1,301,000 | 1,263,518 |
Investments | Principal Amount ($) | Value ($) | ||||||
Austin BidCo, Inc. | 620,000 | 630,531 | ||||||
Cablevision Lightpath LLC | 895,000 | 857,705 | ||||||
Conduent Business Services LLC | 955,000 | 941,864 | ||||||
Endure Digital, Inc. | 1,585,000 | 1,412,481 | ||||||
ION Trading Technologies Sarl | 625,000 | 629,009 | ||||||
Northwest Fiber LLC | 620,000 | 584,298 | ||||||
10.75%, 6/1/2028(a) | 219,000 | 238,067 | ||||||
Presidio Holdings, Inc. | 285,000 | 301,246 | ||||||
Tempo Acquisition LLC | 130,000 | 134,375 | ||||||
Unisys Corp. | 295,000 | 314,545 | ||||||
|
| |||||||
9,016,593 | ||||||||
|
| |||||||
Leisure Products - 0.2% |
| |||||||
Universal Entertainment Corp. | 1,269,000 | 1,340,946 | ||||||
|
| |||||||
Machinery - 0.8% |
| |||||||
Amsted Industries, Inc. | 580,000 | 578,890 | ||||||
Husky III Holding Ltd. | 125,000 | 130,962 | ||||||
Interpipe Holdings plc | 500,000 | 381,875 | ||||||
OT Merger Corp. | 580,000 | 564,624 | ||||||
Titan Acquisition Ltd. | 705,000 | 719,960 | ||||||
Titan International, Inc. | 815,000 | 858,786 | ||||||
TK Elevator Holdco GmbH | 325,000 | 342,605 | ||||||
TK Elevator US Newco, Inc. | 1,130,000 | 1,146,255 | ||||||
Wabash National Corp. | 625,000 | 606,581 | ||||||
|
| |||||||
5,330,538 | ||||||||
|
| |||||||
Marine - 0.2% |
| |||||||
Acu Petroleo Luxembourg Sarl | 980,000 | 959,244 | ||||||
Stena AB | 395,000 | 406,615 | ||||||
|
| |||||||
1,365,859 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Media - 8.5% |
| |||||||
Advantage Sales & Marketing, Inc. | 875,000 | 869,794 | ||||||
Altice Financing SA | 1,355,000 | 1,259,351 | ||||||
5.75%, 8/15/2029(a) | 5,200,000 | 4,865,250 | ||||||
Belo Corp. | 175,000 | 198,822 | ||||||
CSC Holdings LLC | 1,120,000 | 1,160,466 | ||||||
6.50%, 2/1/2029(a) | 1,350,000 | 1,408,118 | ||||||
5.75%, 1/15/2030(a) | 5,240,000 | 4,934,298 | ||||||
4.63%, 12/1/2030(a) | 805,000 | 716,579 | ||||||
4.50%, 11/15/2031(a) | 220,000 | 205,341 | ||||||
5.00%, 11/15/2031(a) | 200,000 | 179,746 | ||||||
DIRECTV Holdings LLC | 5,270,000 | 5,302,147 | ||||||
DISH DBS Corp. | 1,670,000 | 1,687,301 | ||||||
7.75%, 7/1/2026 | 3,590,000 | 3,703,785 | ||||||
5.25%, 12/1/2026(a) | 1,110,000 | 1,078,781 | ||||||
7.38%, 7/1/2028 | 2,612,000 | 2,528,259 | ||||||
5.75%, 12/1/2028(a) | 845,000 | 814,061 | ||||||
5.13%, 6/1/2029 | 3,074,000 | 2,686,415 | ||||||
Gannett Holdings LLC | 285,000 | 288,947 | ||||||
GCI LLC | 745,000 | 737,539 | ||||||
Gray Escrow II, Inc. | 425,000 | 419,541 | ||||||
Gray Television, Inc. | 500,000 | 527,440 | ||||||
4.75%, 10/15/2030(a) | 370,000 | 355,069 | ||||||
iHeartCommunications, Inc. | 1,160,000 | 1,212,913 | ||||||
Liberty Interactive LLC | 140,000 | 143,822 | ||||||
8.25%, 2/1/2030 | 135,000 | 139,858 | ||||||
McGraw-Hill Education, Inc. | 2,360,000 | 2,245,162 | ||||||
8.00%, 8/1/2029(a) | 1,470,000 | 1,376,354 | ||||||
Midas OpCo Holdings LLC | 1,215,000 | 1,192,942 | ||||||
Nexstar Media, Inc. | 110,000 | 112,910 | ||||||
Outfront Media Capital LLC | 150,000 | 149,235 | ||||||
4.63%, 3/15/2030(a) | 300,000 | 288,057 | ||||||
Radiate Holdco LLC | 2,195,000 | 2,121,753 |
Investments | Principal Amount ($) | Value ($) | ||||||
Scripps Escrow II, Inc. | 725,000 | 719,417 | ||||||
Sinclair Television Group, Inc. | 125,000 | 126,391 | ||||||
5.13%, 2/15/2027(a) | 665,000 | 627,624 | ||||||
Sirius XM Radio, Inc. | 790,000 | 765,616 | ||||||
4.13%, 7/1/2030(a) | 375,000 | 357,842 | ||||||
3.88%, 9/1/2031(a) | 395,000 | 366,096 | ||||||
Summer BC Bidco B LLC | 510,000 | 500,313 | ||||||
TEGNA, Inc. | 745,000 | 732,409 | ||||||
5.00%, 9/15/2029 | 1,190,000 | 1,175,625 | ||||||
Terrier Media Buyer, Inc. | 935,000 | 985,934 | ||||||
Univision Communications, Inc. | 110,000 | 115,666 | ||||||
UPC Broadband Finco BV | 400,000 | 396,162 | ||||||
UPC Holding BV | 580,000 | 589,906 | ||||||
Urban One, Inc. | 950,000 | 967,209 | ||||||
Videotron Ltd. | 420,000 | 429,801 | ||||||
Virgin Media Vendor Financing Notes IV DAC | 395,000 | 372,931 | ||||||
VZ Secured Financing BV | 3,090,000 | 2,984,461 | ||||||
Ziggo Bond Co. BV | 870,000 | 826,787 | ||||||
|
| |||||||
57,950,246 | ||||||||
|
| |||||||
Metals & Mining - 1.3% |
| |||||||
Baffinland Iron Mines Corp. | 420,000 | 437,848 | ||||||
Century Aluminum Co. | 375,000 | 398,351 | ||||||
Cleveland-Cliffs, Inc. | 675,000 | 708,426 | ||||||
Compass Minerals International, Inc. | 135,000 | 137,306 | ||||||
6.75%, 12/1/2027(a) | 590,000 | 618,748 | ||||||
Eldorado Gold Corp. | 965,000 | 966,206 | ||||||
FMG Resources August 2006 Pty. Ltd. | 565,000 | 569,574 | ||||||
Infrabuild Australia Pty. Ltd. | 200,000 | 206,191 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Joseph T Ryerson & Son, Inc. | 195,000 | 210,358 | ||||||
New Gold, Inc. | 470,000 | 494,203 | ||||||
Perenti Finance Pty. Ltd. | 200,000 | 205,310 | ||||||
Tacora Resources, Inc. | 511,000 | 505,847 | ||||||
Taseko Mines Ltd. | 610,000 | 619,363 | ||||||
TMS International Corp. | 720,000 | 695,628 | ||||||
United States Steel Corp. | 1,365,000 | 1,385,789 | ||||||
Warrior Met Coal, Inc. | 605,000 | 635,997 | ||||||
|
| |||||||
8,795,145 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) - 0.4% |
| |||||||
Apollo Commercial Real Estate Finance, Inc. | 1,035,000 | 981,167 | ||||||
New Residential Investment Corp. | 1,195,000 | 1,184,090 | ||||||
Starwood Property Trust, Inc. | 225,000 | 231,739 | ||||||
4.38%, 1/15/2027(a) | 385,000 | 384,424 | ||||||
|
| |||||||
2,781,420 | ||||||||
|
| |||||||
Multiline Retail - 0.1% |
| |||||||
NMG Holding Co., Inc. | 845,000 | 871,867 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 12.9% |
| |||||||
Alliance Resource Operating Partners LP | 300,000 | 304,213 | ||||||
Antero Midstream Partners LP 7.88%, 5/15/2026(a) | 460,000 | 495,054 | ||||||
5.75%, 3/1/2027(a) | 310,000 | 315,207 | ||||||
5.75%, 1/15/2028(a) | 585,000 | 597,080 | ||||||
5.38%, 6/15/2029(a) | 185,000 | 186,535 | ||||||
Ascent Resources Utica Holdings LLC | 1,310,000 | 1,310,399 | ||||||
8.25%, 12/31/2028(a) | 500,000 | 524,385 | ||||||
5.88%, 6/30/2029(a) | 870,000 | 840,616 | ||||||
Athabasca Oil Corp. | 675,000 | 675,891 | ||||||
Baytex Energy Corp. | 1,145,000 | 1,226,696 | ||||||
Berry Petroleum Co. LLC | 915,000 | 918,697 | ||||||
Buckeye Partners LP | 120,000 | 110,186 | ||||||
California Resources Corp. | 671,000 | 696,834 |
Investments | Principal Amount ($) | Value ($) | ||||||
Callon Petroleum Co. | 345,000 | 345,417 | ||||||
8.25%, 7/15/2025 | 345,000 | 339,501 | ||||||
6.38%, 7/1/2026 | 385,000 | 372,064 | ||||||
8.00%, 8/1/2028(a) | 540,000 | 551,011 | ||||||
Calumet Specialty Products Partners LP | 825,000 | 889,977 | ||||||
8.13%, 1/15/2027(a) | 260,000 | 261,475 | ||||||
Centennial Resource Production LLC | 130,000 | 127,239 | ||||||
6.88%, 4/1/2027(a) | 485,000 | 491,104 | ||||||
Chesapeake Energy Corp. | 625,000 | 645,100 | ||||||
5.88%, 2/1/2029(a) | 155,000 | 161,866 | ||||||
6.75%, 4/15/2029(a) | 1,370,000 | 1,467,092 | ||||||
Citgo Holding, Inc. | 1,845,000 | 1,845,184 | ||||||
CITGO Petroleum Corp. | 981,000 | 989,329 | ||||||
6.38%, 6/15/2026(a) | 855,000 | 851,909 | ||||||
Civitas Resources, Inc. | 720,000 | 718,747 | ||||||
CNX Resources Corp. | 740,000 | 777,781 | ||||||
Colgate Energy Partners III LLC 5.88%, 7/1/2029(a) | 730,000 | 743,045 | ||||||
Coronado Finance Pty. Ltd. | 610,000 | 658,739 | ||||||
CQP Holdco LP | 2,935,000 | 2,930,055 | ||||||
Crescent Energy Finance LLC 7.25%, 5/1/2026(a) | 365,000 | 375,047 | ||||||
Crestwood Midstream Partners LP | 195,000 | 196,672 | ||||||
5.63%, 5/1/2027(a) | 600,000 | 602,754 | ||||||
6.00%, 2/1/2029(a) | 895,000 | 904,111 | ||||||
CVR Energy, Inc. | 836,000 | 807,881 | ||||||
5.75%, 2/15/2028(a) | 830,000 | 798,560 | ||||||
DCP Midstream Operating LP 6.45%, 11/3/2036(a) | 125,000 | 158,729 | ||||||
6.75%, 9/15/2037(a) | 100,000 | 129,144 | ||||||
Delek Logistics Partners LP 6.75%, 5/15/2025 | 110,000 | 110,750 | ||||||
7.13%, 6/1/2028(a) | 285,000 | 289,564 | ||||||
DT Midstream, Inc. | 135,000 | 133,560 | ||||||
Encino Acquisition Partners Holdings LLC | 1,440,000 | 1,458,302 | ||||||
Energy Ventures Gom LLC 11.75%, 4/15/2026(a) | 1,120,000 | 1,160,790 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
EnLink Midstream Partners LP 5.05%, 4/1/2045 | 125,000 | 107,294 | ||||||
5.45%, 6/1/2047 | 225,000 | 200,555 | ||||||
Enviva Partners LP | 593,000 | 613,245 | ||||||
EQM Midstream Partners LP 4.75%, 1/15/2031(a) | 140,000 | 134,238 | ||||||
6.50%, 7/15/2048 | 70,000 | 75,376 | ||||||
Genesis Energy LP | 255,000 | 252,873 | ||||||
6.50%, 10/1/2025 | 500,000 | 490,008 | ||||||
6.25%, 5/15/2026 | 620,000 | 599,233 | ||||||
8.00%, 1/15/2027 | 2,130,000 | 2,149,191 | ||||||
7.75%, 2/1/2028 | 1,605,000 | 1,586,599 | ||||||
Global Partners LP | 175,000 | 180,948 | ||||||
6.88%, 1/15/2029 | 995,000 | 1,031,129 | ||||||
Gran Tierra Energy International Holdings Ltd. | 600,000 | 555,153 | ||||||
Gran Tierra Energy, Inc. | 190,000 | 174,250 | ||||||
Great Western Petroleum LLC | 545,000 | 571,672 | ||||||
Gulfport Energy Corp. | 725,000 | 780,173 | ||||||
Harvest Midstream I LP | 925,000 | 963,836 | ||||||
Hilcorp Energy I LP | 65,000 | 66,645 | ||||||
Holly Energy Partners LP | 390,000 | 379,624 | ||||||
Howard Midstream Energy Partners LLC | 715,000 | 729,411 | ||||||
Ithaca Energy North Sea plc 9.00%, 7/15/2026(a) | 1,428,000 | 1,474,196 | ||||||
ITT Holdings LLC | 2,667,000 | 2,557,334 | ||||||
Magnolia Oil & Gas Operating LLC | 290,000 | 296,815 | ||||||
Matador Resources Co. | 905,000 | 918,697 | ||||||
MEG Energy Corp. | 1,115,000 | 1,158,792 | ||||||
Moss Creek Resources Holdings, Inc. | 1,170,000 | 1,149,022 | ||||||
Murphy Oil Corp. | 35,000 | 33,514 | ||||||
New Fortress Energy, Inc. | 2,145,000 | 2,036,291 |
Investments | Principal Amount ($) | Value ($) | ||||||
NGL Energy Operating LLC 7.50%, 2/1/2026(a) | 2,815,000 | 2,848,428 | ||||||
NGL Energy Partners LP | 585,000 | 570,960 | ||||||
6.13%, 3/1/2025 | 830,000 | 723,395 | ||||||
7.50%, 4/15/2026 | 855,000 | 747,590 | ||||||
Northern Oil and Gas, Inc. | 1,550,000 | 1,618,293 | ||||||
NuStar Logistics LP | 50,000 | 51,286 | ||||||
6.38%, 10/1/2030 | 75,000 | 81,247 | ||||||
Oasis Midstream Partners LP | 935,000 | 993,550 | ||||||
Oasis Petroleum, Inc. | 735,000 | 756,014 | ||||||
Occidental Petroleum Corp. | 75,000 | 84,879 | ||||||
8.88%, 7/15/2030 | 805,000 | 1,044,958 | ||||||
6.63%, 9/1/2030 | 1,665,000 | 1,956,974 | ||||||
6.13%, 1/1/2031 | 1,150,000 | 1,329,256 | ||||||
7.50%, 5/1/2031 | 625,000 | 773,172 | ||||||
7.88%, 9/15/2031 | 245,000 | 310,304 | ||||||
6.45%, 9/15/2036 | 95,000 | 115,556 | ||||||
Zero Coupon, 10/10/2036 | 1,640,000 | 888,765 | ||||||
7.95%, 6/15/2039 | 50,000 | 63,713 | ||||||
Parkland Corp. | 635,000 | 655,520 | ||||||
4.50%, 10/1/2029(a) | 625,000 | 603,234 | ||||||
PBF Holding Co. LLC | 3,095,000 | 3,028,759 | ||||||
7.25%, 6/15/2025 | 1,530,000 | 1,224,000 | ||||||
6.00%, 2/15/2028 | 1,655,000 | 1,166,709 | ||||||
PBF Logistics LP | 380,000 | 373,844 | ||||||
Penn Virginia Holdings LLC | 830,000 | 852,202 | ||||||
Range Resources Corp. | 500,000 | 534,690 | ||||||
Renewable Energy Group, Inc. | 760,000 | 764,549 | ||||||
Rockcliff Energy II LLC | 100,000 | 100,732 | ||||||
Rockies Express Pipeline LLC 4.80%, 5/15/2030(a) | 150,000 | 149,844 | ||||||
6.88%, 4/15/2040(a) | 90,000 | 95,528 | ||||||
Rockpoint Gas Storage Canada Ltd. | 100,000 | 100,124 | ||||||
Strathcona Resources Ltd. | 1,050,000 | 1,045,643 | ||||||
Summit Midstream Holdings LLC | 575,000 | 514,389 | ||||||
8.50%, 10/15/2026(a) | 930,000 | 954,199 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Sunoco LP | 555,000 | 573,259 | ||||||
5.88%, 3/15/2028 | 330,000 | 342,674 | ||||||
4.50%, 5/15/2029 | 400,000 | 392,294 | ||||||
4.50%, 4/30/2030(a) | 125,000 | 122,975 | ||||||
Tallgrass Energy Partners LP 5.50%, 1/15/2028(a) | 1,340,000 | 1,284,095 | ||||||
6.00%, 12/31/2030(a) | 1,590,000 | 1,520,557 | ||||||
6.00%, 9/1/2031(a) | 805,000 | 767,934 | ||||||
Tap Rock Resources LLC | 600,000 | 615,795 | ||||||
Teine Energy Ltd. | 715,000 | 731,742 | ||||||
Venture Global Calcasieu Pass LLC | 670,000 | 675,531 | ||||||
3.88%, 11/1/2033(a) | 330,000 | 327,289 | ||||||
W&T Offshore, Inc. | 1,060,000 | 1,034,777 | ||||||
Western Midstream Operating LP | 285,000 | 298,999 | ||||||
5.45%, 4/1/2044 | 105,000 | 116,179 | ||||||
5.30%, 3/1/2048 | 130,000 | 143,785 | ||||||
6.50%, 2/1/2050(d) | 325,000 | 357,284 | ||||||
|
| |||||||
88,187,881 | ||||||||
|
| |||||||
Paper & Forest Products - 0.7% |
| |||||||
Domtar Corp. | 1,729,000 | 1,700,195 | ||||||
Mercer International, Inc. | 1,270,000 | 1,254,665 | ||||||
Resolute Forest Products, Inc. | 300,000 | 296,661 | ||||||
Schweitzer-Mauduit International, Inc. | 635,000 | 632,565 | ||||||
Sylvamo Corp. | 740,000 | 761,748 | ||||||
|
| |||||||
4,645,834 | ||||||||
|
| |||||||
Personal Products - 0.5% |
| |||||||
Herbalife Nutrition Ltd. | 422,000 | 443,642 | ||||||
HLF Financing Sarl LLC | 1,410,000 | 1,337,977 | ||||||
Oriflame Investment Holding plc | 1,065,000 | 952,909 | ||||||
Prestige Brands, Inc. | 145,000 | 146,279 | ||||||
3.75%, 4/1/2031(a) | 200,000 | 181,820 | ||||||
|
| |||||||
3,062,627 | ||||||||
|
| |||||||
Pharmaceuticals - 2.3% |
| |||||||
Bausch Health Americas, Inc. | 1,885,000 | 1,953,331 |
Investments | Principal Amount ($) | Value ($) | ||||||
8.50%, 1/31/2027(a) | 3,495,000 | 3,539,125 | ||||||
Bausch Health Cos., Inc. | 1,585,000 | 1,650,793 | ||||||
7.00%, 1/15/2028(a) | 1,605,000 | 1,442,149 | ||||||
5.00%, 1/30/2028(a) | 2,930,000 | 2,475,205 | ||||||
4.88%, 6/1/2028(a) | 350,000 | 332,560 | ||||||
5.00%, 2/15/2029(a) | 260,000 | 210,213 | ||||||
6.25%, 2/15/2029(a) | 975,000 | 826,507 | ||||||
7.25%, 5/30/2029(a) | 625,000 | 561,812 | ||||||
Catalent Pharma Solutions, Inc. | 405,000 | 414,720 | ||||||
Cheplapharm Arzneimittel GmbH | 510,000 | 514,363 | ||||||
Organon & Co. | 450,000 | 445,574 | ||||||
5.13%, 4/30/2031(a) | 577,000 | 577,450 | ||||||
P&L Development LLC | 685,000 | 666,375 | ||||||
|
| |||||||
15,610,177 | ||||||||
|
| |||||||
Professional Services - 0.5% |
| |||||||
ASGN, Inc. | 295,000 | 295,056 | ||||||
CoreLogic, Inc. | 1,575,000 | 1,511,527 | ||||||
Dun & Bradstreet Corp. (The) 5.00%, 12/15/2029(a) | 855,000 | 854,171 | ||||||
Science Applications International Corp. | 525,000 | 528,339 | ||||||
|
| |||||||
3,189,093 | ||||||||
|
| |||||||
Real Estate Management & Development - 0.9% |
| |||||||
Forestar Group, Inc. | 321,000 | 314,991 | ||||||
5.00%, 3/1/2028(a) | 450,000 | 454,437 | ||||||
Hunt Cos., Inc. | 1,455,000 | 1,390,871 | ||||||
Kennedy-Wilson, Inc. | 800,000 | 795,764 | ||||||
4.75%, 2/1/2030 | 655,000 | 644,553 | ||||||
5.00%, 3/1/2031 | 150,000 | 148,241 | ||||||
WeWork Cos. LLC | 1,220,000 | 1,039,787 | ||||||
WeWork Cos., Inc. | 1,619,000 | 1,500,117 | ||||||
|
| |||||||
6,288,761 | ||||||||
|
| |||||||
Road & Rail - 1.5% |
| |||||||
Albion Financing 1 SARL | 1,395,000 | 1,382,096 | ||||||
Albion Financing 2SARL | 1,070,000 | 1,064,142 | ||||||
Carriage Purchaser, Inc. | 835,000 | 816,296 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
First Student Bidco, Inc. | 120,000 | 113,902 | ||||||
NESCO Holdings II, Inc. | 1,040,000 | 1,031,472 | ||||||
PECF USS Intermediate Holding III Corp. | 1,065,000 | 1,077,157 | ||||||
Uber Technologies, Inc. | 852,000 | 891,746 | ||||||
7.50%, 9/15/2027(a) | 1,420,000 | 1,514,075 | ||||||
6.25%, 1/15/2028(a) | 525,000 | 545,478 | ||||||
4.50%, 8/15/2029(a) | 325,000 | 315,859 | ||||||
Watco Cos. LLC | 645,000 | 668,510 | ||||||
XPO Logistics, Inc. | 909,000 | 941,983 | ||||||
|
| |||||||
10,362,716 | ||||||||
|
| |||||||
Software - 1.3% |
| |||||||
ACI Worldwide, Inc. | 295,000 | 306,358 | ||||||
Change Healthcare Holdings LLC | 1,125,000 | 1,128,769 | ||||||
Consensus Cloud Solutions, Inc. | 520,000 | 536,377 | ||||||
6.50%, 10/15/2028(a) | 875,000 | 898,800 | ||||||
Helios Software Holdings, Inc. | 540,000 | 529,232 | ||||||
LogMeIn, Inc. | 1,000,000 | 973,820 | ||||||
NortonLifeLock, Inc. | 965,000 | 968,879 | ||||||
Open Text Corp. | 250,000 | 245,552 | ||||||
Open Text Holdings, Inc. | 710,000 | 694,810 | ||||||
Rocket Software, Inc. | 1,270,000 | 1,205,281 | ||||||
SS&C Technologies, Inc. | 1,525,000 | 1,577,033 | ||||||
|
| |||||||
9,064,911 | ||||||||
|
| |||||||
Specialty Retail - 4.0% |
| |||||||
99 Escrow Issuer, Inc. | 850,000 | 645,069 | ||||||
AAG FH LP | 100,000 | 99,436 | ||||||
Arko Corp. | 765,000 | 728,750 | ||||||
Asbury Automotive Group, Inc. | 300,000 | 298,175 | ||||||
At Home Group, Inc. | 170,000 | 163,459 | ||||||
7.13%, 7/15/2029(a) | 1,130,000 | 1,061,155 |
Investments | Principal Amount ($) | Value ($) | ||||||
BCPE Ulysses Intermediate, Inc. | 760,000 | 743,067 | ||||||
eG Global Finance plc | 585,000 | 583,736 | ||||||
Ken Garff Automotive LLC 4.88%, 9/15/2028(a) | 265,000 | 256,622 | ||||||
LBM Acquisition LLC | 1,880,000 | 1,794,460 | ||||||
LCM Investments Holdings II LLC | 140,000 | 135,095 | ||||||
LSF9 Atlantis Holdings LLC 7.75%, 2/15/2026(a) | 1,815,000 | 1,750,577 | ||||||
Michaels Cos., Inc. (The) | 1,830,000 | 1,766,856 | ||||||
7.88%, 5/1/2029(a) | 3,115,000 | 2,855,489 | ||||||
Murphy Oil USA, Inc. | 220,000 | 227,604 | ||||||
3.75%, 2/15/2031(a) | 150,000 | 141,601 | ||||||
Park River Holdings, Inc. | 765,000 | 698,969 | ||||||
6.75%, 8/1/2029(a) | 735,000 | 707,739 | ||||||
PetSmart, Inc. | 1,225,000 | 1,316,391 | ||||||
Rent-A-Center, Inc. | 740,000 | 761,553 | ||||||
Sonic Automotive, Inc. | 150,000 | 145,272 | ||||||
SRS Distribution, Inc. | 115,000 | 111,323 | ||||||
6.13%, 7/1/2029(a) | 1,080,000 | 1,059,745 | ||||||
6.00%, 12/1/2029(a) | 1,770,000 | 1,721,865 | ||||||
Staples, Inc. | 4,250,000 | 4,198,936 | ||||||
10.75%, 4/15/2027(a) | 2,728,000 | 2,547,598 | ||||||
White Cap Buyer LLC | 1,015,000 | 1,042,699 | ||||||
|
| |||||||
27,563,241 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals - 0.3% |
| |||||||
Diebold Nixdorf, Inc. | 760,000 | 799,133 | ||||||
Seagate HDD Cayman | 250,000 | 271,506 | ||||||
Xerox Corp. | 75,000 | 78,135 | ||||||
Xerox Holdings Corp. | 910,000 | 916,629 | ||||||
|
| |||||||
2,065,403 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 0.4% |
| |||||||
Crocs, Inc. | 615,000 | 566,944 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Eagle Intermediate Global Holding BV | 1,650,000 | 1,487,590 | ||||||
G-III Apparel Group Ltd. | 240,000 | 253,498 | ||||||
William Carter Co. (The) | 350,000 | 358,662 | ||||||
|
| |||||||
2,666,694 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance - 2.6% |
| |||||||
Freedom Mortgage Corp. | 1,195,000 | 1,142,922 | ||||||
6.63%, 1/15/2027(a) | 1,785,000 | 1,661,496 | ||||||
Home Point Capital, Inc. | 1,210,000 | 1,051,321 | ||||||
Ladder Capital Finance Holdings LLLP REIT, | 235,000 | 236,410 | ||||||
REIT, 4.25%, 2/1/2027(a) | 715,000 | 692,370 | ||||||
LD Holdings Group LLC | 1,425,000 | 1,272,981 | ||||||
Nationstar Mortgage Holdings, Inc. | 1,270,000 | 1,247,007 | ||||||
5.13%, 12/15/2030(a) | 1,595,000 | 1,497,960 | ||||||
5.75%, 11/15/2031(a) | 1,455,000 | 1,408,789 | ||||||
PennyMac Financial Services, Inc. | 510,000 | 510,722 | ||||||
4.25%, 2/15/2029(a) | 1,260,000 | 1,146,984 | ||||||
5.75%, 9/15/2031(a) | 1,530,000 | 1,464,692 | ||||||
PHH Mortgage Corp. | 430,000 | 437,039 | ||||||
Rocket Mortgage LLC | 350,000 | 328,316 | ||||||
4.00%, 10/15/2033(a) | 140,000 | 131,246 | ||||||
United Wholesale Mortgage LLC | 660,000 | 640,325 | ||||||
5.75%, 6/15/2027(a) | 1,130,000 | 1,069,675 | ||||||
5.50%, 4/15/2029(a) | 1,615,000 | 1,481,141 | ||||||
|
| |||||||
17,421,396 | ||||||||
|
| |||||||
Tobacco - 0.5% |
| |||||||
Turning Point Brands, Inc. | 155,000 | 154,438 | ||||||
Vector Group Ltd. | 1,210,000 | 1,242,222 | ||||||
5.75%, 2/1/2029(a) | 2,105,000 | 1,948,367 | ||||||
|
| |||||||
3,345,027 | ||||||||
|
| |||||||
Trading Companies & Distributors - 0.7% |
| |||||||
Alta Equipment Group, Inc. | 285,000 | 289,686 | ||||||
BlueLinx Holdings, Inc. | 735,000 | 726,731 |
Investments | Principal Amount ($) | Value ($) | ||||||
Fortress Transportation and Infrastructure Investors LLC 9.75%, 8/1/2027(a) | 320,000 | 350,797 | ||||||
5.50%, 5/1/2028(a) | 1,350,000 | 1,309,500 | ||||||
Foundation Building Materials, Inc. | 825,000 | 797,251 | ||||||
Imola Merger Corp. | 170,000 | 165,663 | ||||||
WESCO Distribution, Inc. | 1,245,000 | 1,305,557 | ||||||
|
| |||||||
4,945,185 | ||||||||
|
| |||||||
Water Utilities - 0.1% |
| |||||||
Solaris Midstream Holdings LLC | 415,000 | 429,122 | ||||||
|
| |||||||
Wireless Telecommunication Services - 0.5% |
| |||||||
C&W Senior Financing DAC 6.88%, 9/15/2027(a) | 1,035,000 | 1,079,960 | ||||||
Vmed O2 UK Financing I plc 4.25%, 1/31/2031(a) | 1,536,000 | 1,427,558 | ||||||
4.75%, 7/15/2031(a) | 760,000 | 727,404 | ||||||
Vodafone Group plc | 240,000 | 276,227 | ||||||
|
| |||||||
3,511,149 | ||||||||
|
| |||||||
TOTAL CORPORATE BONDS |
| 665,815,505 | ||||||
|
| |||||||
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 0.0%(e) |
| |||||||
Oil, Gas & Consumable Fuels - 0.0%(e) |
| |||||||
Whiting Petroleum Corp.* | 1 | 56 | ||||||
|
| |||||||
Total Investments - 97.5% |
| 665,815,561 | ||||||
Other assets less liabilities - 2.5% |
| 17,084,196 | ||||||
|
| |||||||
Net Assets - 100.0% |
| 682,899,757 | ||||||
|
|
* | Non-income producing security. |
(a) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees. |
(b) | Payment in-kind security. |
(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. |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
(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, 2022. |
(e) | Represents less than 0.05% of net assets. |
Percentages shown are based on Net Assets.
Security Type | % of Net Assets | |||
Corporate Bonds | 97.5 | % | ||
Common Stocks | 0.0 | | ||
Others(1) | 2.5 | |||
|
| |||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® ESG & Climate High Yield Corporate Core Index Fund
January 31, 2022 (Unaudited)
Investments | Principal Amount ($) | Value ($) | ||||||
CORPORATE BONDS - 96.7% |
| |||||||
Aerospace & Defense - 0.4% |
| |||||||
Bombardier, Inc. | 48,000 | 48,686 | ||||||
7.13%, 6/15/2026(a) | 41,000 | 41,769 | ||||||
7.88%, 4/15/2027(a) | 39,000 | 39,434 | ||||||
|
| |||||||
129,889 | ||||||||
|
| |||||||
Airlines - 1.4% |
| |||||||
American Airlines Group, Inc. | 18,000 | 16,682 | ||||||
American Airlines, Inc. | 106,000 | 128,569 | ||||||
5.50%, 4/20/2026(a) | 60,000 | 61,350 | ||||||
5.75%, 4/20/2029(a) | 129,000 | 132,284 | ||||||
United Airlines, Inc. | 28,000 | 27,842 | ||||||
4.63%, 4/15/2029(a) | 28,000 | 27,753 | ||||||
|
| |||||||
394,480 | ||||||||
|
| |||||||
Auto Components - 1.8% |
| |||||||
Dealer Tire LLC | 21,000 | 21,551 | ||||||
Goodyear Tire & Rubber Co. (The) | 79,000 | 80,319 | ||||||
5.25%, 4/30/2031 | 71,000 | 71,735 | ||||||
5.25%, 7/15/2031(a) | 30,000 | 30,258 | ||||||
5.63%, 4/30/2033 | 29,000 | 29,599 | ||||||
Icahn Enterprises LP | 34,000 | 34,643 | ||||||
6.25%, 5/15/2026 | 39,000 | 40,131 | ||||||
IHO Verwaltungs GmbH | 111,000 | 114,408 | ||||||
Real Hero Merger Sub 2, Inc. | 18,000 | 17,649 | ||||||
Tenneco, Inc. | 55,000 | 51,015 | ||||||
Wheel Pros, Inc. | 28,000 | 26,075 | ||||||
|
| |||||||
517,383 | ||||||||
|
| |||||||
Automobiles - 0.8% |
| |||||||
Ford Motor Co. | 111,000 | 131,341 | ||||||
7.45%, 7/16/2031 | 28,000 | 35,554 | ||||||
3.25%, 2/12/2032 | 21,000 | 20,104 | ||||||
5.29%, 12/8/2046 | 34,000 | 37,365 | ||||||
|
| |||||||
224,364 | ||||||||
|
|
Investments | Principal Amount ($) | Value ($) | ||||||
Banks - 1.1% |
| |||||||
Intesa Sanpaolo SpA | 75,000 | 78,176 | ||||||
4.95%, 6/1/2042(a)(c) | 50,000 | 47,865 | ||||||
UniCredit SpA | 100,000 | 106,711 | ||||||
5.46%, 6/30/2035(a)(c) | 90,000 | 94,177 | ||||||
|
| |||||||
326,929 | ||||||||
|
| |||||||
Beverages - 0.1% |
| |||||||
Primo Water Holdings, Inc. | 34,000 | 32,754 | ||||||
|
| |||||||
Biotechnology - 0.2% |
| |||||||
Grifols Escrow Issuer SA | 60,000 | 59,789 | ||||||
|
| |||||||
Building Products - 0.4% |
| |||||||
Eco Material Technologies, Inc. | 25,000 | 25,376 | ||||||
New Enterprise Stone & Lime Co., Inc. | 6,000 | 6,331 | ||||||
SRM Escrow Issuer LLC | 34,000 | 34,978 | ||||||
Standard Industries, Inc. | 55,000 | 54,367 | ||||||
|
| |||||||
121,052 | ||||||||
|
| |||||||
Capital Markets - 2.2% |
| |||||||
Advisor Group Holdings, Inc. | 16,000 | 17,648 | ||||||
AG Issuer LLC | 6,000 | 6,210 | ||||||
Aretec Escrow Issuer, Inc. | 26,000 | 26,488 | ||||||
Coinbase Global, Inc. | 10,000 | 8,968 | ||||||
3.63%, 10/1/2031(a) | 10,000 | 8,706 | ||||||
Deutsche Bank AG | 125,000 | 130,307 | ||||||
3.73%, 1/14/2032(c) | 73,000 | 71,051 | ||||||
Dresdner Funding Trust I | 100,000 | 139,227 | ||||||
MSCI, Inc. | 71,000 | 71,532 | ||||||
3.63%, 9/1/2030(a) | 70,000 | 68,770 | ||||||
3.88%, 2/15/2031(a) | 79,000 | 79,021 | ||||||
|
| |||||||
627,928 | ||||||||
|
| |||||||
Chemicals - 1.8% |
| |||||||
ASP Unifrax Holdings, Inc. | 5,000 | 4,922 | ||||||
7.50%, 9/30/2029(a) | 15,000 | 14,567 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate High Yield Corporate Core Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Avient Corp. | 39,000 | 40,084 | ||||||
Axalta Coating Systems LLC | 74,000 | 68,282 | ||||||
Chemours Co. (The) | 18,000 | 18,312 | ||||||
Cornerstone Chemical Co. | 28,000 | 24,484 | ||||||
CVR Partners LP | 21,000 | 21,370 | ||||||
Gates Global LLC | 23,000 | 23,713 | ||||||
GPD Cos., Inc. | 21,000 | 22,106 | ||||||
Illuminate Buyer LLC | 16,000 | 16,902 | ||||||
LSB Industries, Inc. | 15,000 | 15,249 | ||||||
Methanex Corp. | 21,000 | 21,273 | ||||||
Olympus Water US Holding Corp. | 15,000 | 14,269 | ||||||
SCIH Salt Holdings, Inc. | 35,000 | 32,901 | ||||||
6.63%, 5/1/2029(a) | 18,000 | 16,808 | ||||||
SPCM SA | 15,000 | 14,104 | ||||||
TPC Group, Inc. | 44,000 | 29,326 | ||||||
Valvoline, Inc. | 49,000 | 47,408 | ||||||
Venator Finance Sarl | 28,000 | 26,358 | ||||||
WR Grace Holdings LLC | 40,000 | 38,700 | ||||||
|
| |||||||
511,138 | ||||||||
|
| |||||||
Commercial Services & Supplies - 3.3% |
| |||||||
ADT Security Corp. (The) | 35,000 | 32,985 | ||||||
4.88%, 7/15/2032(a) | 25,000 | 24,035 | ||||||
Allied Universal Holdco LLC | 95,000 | 97,673 | ||||||
6.00%, 6/1/2029(a) | 98,000 | 93,039 | ||||||
Aptim Corp. | 21,000 | 18,270 | ||||||
APX Group, Inc. | 18,000 | 18,509 | ||||||
5.75%, 7/15/2029(a) | 34,000 | 31,759 | ||||||
Aramark Services, Inc. | 55,000 | 56,925 |
Investments | Principal Amount ($) | Value ($) | ||||||
5.00%, 2/1/2028(a) | 34,000 | 33,820 | ||||||
Garda World Security Corp. | 11,000 | 10,753 | ||||||
9.50%, 11/1/2027(a) | 39,000 | 41,039 | ||||||
6.00%, 6/1/2029(a) | 21,000 | 19,707 | ||||||
GFL Environmental, Inc. | 40,000 | 38,862 | ||||||
Interface, Inc. | 28,000 | 28,815 | ||||||
Intrado Corp. | 34,000 | 33,203 | ||||||
Nielsen Finance LLC | 79,000 | 79,423 | ||||||
5.88%, 10/1/2030(a) | 34,000 | 34,113 | ||||||
4.75%, 7/15/2031(a) | 44,000 | 40,995 | ||||||
Prime Security Services Borrower LLC | 18,000 | 18,576 | ||||||
5.75%, 4/15/2026(a) | 79,000 | 81,986 | ||||||
6.25%, 1/15/2028(a) | 39,000 | 38,939 | ||||||
Vericast Corp. | 45,000 | 46,856 | ||||||
WASH Multifamily Acquisition, Inc. | 23,000 | 23,327 | ||||||
|
| |||||||
943,609 | ||||||||
|
| |||||||
Communications Equipment - 0.7% |
| |||||||
CommScope Technologies LLC | 55,000 | 49,100 | ||||||
CommScope, Inc. | 55,000 | 55,765 | ||||||
8.25%, 3/1/2027(a) | 71,000 | 69,580 | ||||||
4.75%, 9/1/2029(a) | 28,000 | 26,863 | ||||||
|
| |||||||
201,308 | ||||||||
|
| |||||||
Construction & Engineering - 0.7% |
| |||||||
AECOM | 44,000 | 45,908 | ||||||
Artera Services LLC | 33,000 | 33,776 | ||||||
Brand Industrial Services, Inc. | 49,000 | 46,151 | ||||||
Cellnex Finance Co. SA | 50,000 | 46,363 | ||||||
Pike Corp. | 21,000 | 20,561 | ||||||
Tutor Perini Corp. | 21,000 | 20,843 | ||||||
|
| |||||||
213,602 | ||||||||
|
| |||||||
Consumer Finance - 3.7% |
| |||||||
Finance of America Funding LLC | 16,000 | 15,682 | ||||||
Ford Motor Credit Co. LLC | 248,000 | 260,432 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate High Yield Corporate Core Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
3.38%, 11/13/2025 | 275,000 | 275,773 | ||||||
4.00%, 11/13/2030 | 100,000 | 100,700 | ||||||
OneMain Finance Corp. | 55,000 | 56,786 | ||||||
6.13%, 3/15/2024 | 79,000 | 82,850 | ||||||
6.88%, 3/15/2025 | 123,000 | 133,857 | ||||||
3.50%, 1/15/2027 | 55,000 | 52,503 | ||||||
5.38%, 11/15/2029 | 30,000 | 30,506 | ||||||
4.00%, 9/15/2030 | 55,000 | 51,525 | ||||||
|
| |||||||
1,060,614 | ||||||||
|
| |||||||
Containers & Packaging - 1.2% |
| |||||||
Berry Global, Inc. | 50,000 | 51,522 | ||||||
Cascades, Inc. | 34,000 | 34,550 | ||||||
Crown Americas LLC | 71,000 | 72,520 | ||||||
4.25%, 9/30/2026 | 44,000 | 45,434 | ||||||
Graphic Packaging International LLC | 34,000 | 35,374 | ||||||
3.50%, 3/1/2029(a) | 34,000 | 32,349 | ||||||
Sealed Air Corp. | 28,000 | 28,667 | ||||||
4.00%, 12/1/2027(a) | 50,000 | 50,473 | ||||||
|
| |||||||
350,889 | ||||||||
|
| |||||||
Distributors - 0.2% |
| |||||||
American Builders & Contractors Supply Co., Inc. | 18,000 | 17,652 | ||||||
3.88%, 11/15/2029(a) | 11,000 | 10,354 | ||||||
BCPE Empire Holdings, Inc. | 28,000 | 28,057 | ||||||
|
| |||||||
56,063 | ||||||||
|
| |||||||
Diversified Consumer Services - 0.7% |
| |||||||
Adtalem Global Education, Inc. | 34,000 | 33,571 | ||||||
Service Corp. International | 44,000 | 45,254 | ||||||
3.38%, 8/15/2030 | 79,000 | 73,892 | ||||||
Signal Parent, Inc. | 11,000 | 9,473 | ||||||
Sothebys | 50,000 | 52,089 | ||||||
|
| |||||||
214,279 | ||||||||
|
| |||||||
Diversified Financial Services - 0.4% |
| |||||||
CPI CG, Inc. | 28,000 | 28,730 | ||||||
MPH Acquisition Holdings LLC | 35,000 | 33,657 | ||||||
5.75%, 11/1/2028(a) | 5,000 | 4,505 | ||||||
Sabre GLBL, Inc. | 28,000 | 31,372 |
Investments | Principal Amount ($) | Value ($) | ||||||
7.38%, 9/1/2025(a) | 28,000 | 28,744 | ||||||
|
| |||||||
127,008 | ||||||||
|
| |||||||
Diversified Telecommunication Services - 6.0% |
| |||||||
Altice France SA | 75,000 | 69,544 | ||||||
CCO Holdings LLC | 139,000 | 142,663 | ||||||
5.00%, 2/1/2028(a) | 55,000 | 55,619 | ||||||
4.50%, 8/15/2030(a) | 71,000 | 69,448 | ||||||
4.50%, 5/1/2032 | 166,000 | 160,243 | ||||||
4.25%, 1/15/2034(a) | 40,000 | 37,198 | ||||||
Embarq Corp. | 44,000 | 45,359 | ||||||
Iliad Holding SASU | 60,000 | 60,866 | ||||||
7.00%, 10/15/2028(a) | 30,000 | 30,498 | ||||||
Level 3 Financing, Inc. | 34,000 | 34,518 | ||||||
4.63%, 9/15/2027(a) | 79,000 | 78,792 | ||||||
4.25%, 7/1/2028(a) | 45,000 | 43,010 | ||||||
Lumen Technologies, Inc. | 28,000 | 28,843 | ||||||
5.13%, 12/15/2026(a) | 95,000 | 95,793 | ||||||
4.00%, 2/15/2027(a) | 79,000 | 76,210 | ||||||
Sprint Capital Corp. | 111,000 | 132,759 | ||||||
8.75%, 3/15/2032 | 76,000 | 105,946 | ||||||
Switch Ltd. | 49,000 | 46,813 | ||||||
Telecom Italia Capital SA | 79,000 | 80,916 | ||||||
Telecom Italia SpA | 100,000 | 103,325 | ||||||
Telesat Canada | 6,000 | 3,705 | ||||||
Virgin Media Finance plc | 75,000 | 70,735 | ||||||
Virgin Media Secured Finance plc | 100,000 | 102,060 | ||||||
Windstream Escrow LLC | 49,000 | 49,496 | ||||||
|
| |||||||
1,724,359 | ||||||||
|
| |||||||
Electric Utilities - 0.4% |
| |||||||
FirstEnergy Corp. |
| |||||||
Series B, 4.15%, 7/15/2027(d) | 50,000 | 50,994 | ||||||
Series C, 7.38%, 11/15/2031 | 28,000 | 35,908 | ||||||
Series C, 3.40%, 3/1/2050 | 23,000 | 20,899 | ||||||
|
| |||||||
107,801 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate High Yield Corporate Core Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Electrical Equipment - 0.6% |
| |||||||
Sensata Technologies BV | 111,000 | 116,829 | ||||||
4.00%, 4/15/2029(a) | 50,000 | 49,223 | ||||||
|
| |||||||
166,052 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 0.1% |
| |||||||
Likewize Corp. | 16,000 | 17,158 | ||||||
|
| |||||||
Energy Equipment & Services - 2.3% |
| |||||||
Archrock Partners LP | 55,000 | 55,548 | ||||||
CGG SA | 50,000 | 50,067 | ||||||
Ensign Drilling, Inc. | 21,000 | 20,081 | ||||||
KLX Energy Services Holdings, Inc. | 11,000 | 5,954 | ||||||
Nabors Industries Ltd. | 28,000 | 26,312 | ||||||
Nabors Industries, Inc. | 28,000 | 25,942 | ||||||
Nine Energy Service, Inc. | 16,000 | 6,859 | ||||||
Patterson-UTI Energy, Inc. | 30,000 | 30,425 | ||||||
Petrofac Ltd. | 40,000 | 40,358 | ||||||
Precision Drilling Corp. | 23,000 | 23,066 | ||||||
TechnipFMC plc | 41,000 | 42,919 | ||||||
Transocean Guardian Ltd. | 33,352 | 31,899 | ||||||
Transocean Poseidon Ltd. | 71,250 | 69,227 | ||||||
Transocean, Inc. | 71,000 | 54,782 | ||||||
11.50%, 1/30/2027(a) | 23,000 | 22,861 | ||||||
7.50%, 4/15/2031 | 15,000 | 9,172 | ||||||
6.80%, 3/15/2038 | 18,000 | 10,440 | ||||||
USA Compression Partners LP | 50,000 | 50,961 | ||||||
Weatherford International Ltd. | 13,000 | 13,438 | ||||||
6.50%, 9/15/2028(a) | 15,000 | 15,497 | ||||||
8.63%, 4/30/2030(a) | 55,000 | 56,230 | ||||||
|
| |||||||
662,038 | ||||||||
|
| |||||||
Entertainment - 0.2% |
| |||||||
Allen Media LLC | 21,000 | 21,033 |
Investments | Principal Amount ($) | Value ($) | ||||||
Lions Gate Capital Holdings LLC | 34,000 | 33,853 | ||||||
|
| |||||||
54,886 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) - 3.2% |
| |||||||
HAT Holdings I LLC | 81,000 | 78,158 | ||||||
Iron Mountain, Inc. | 55,000 | 55,241 | ||||||
4.88%, 9/15/2029(a) | 79,000 | 78,098 | ||||||
4.50%, 2/15/2031(a) | 71,000 | 67,436 | ||||||
MGM Growth Properties Operating Partnership LP | 50,000 | 51,453 | ||||||
MPT Operating Partnership LP | 79,000 | 81,270 | ||||||
3.50%, 3/15/2031 | 55,000 | 52,961 | ||||||
Park Intermediate Holdings LLC | 34,000 | 34,653 | ||||||
4.88%, 5/15/2029(a) | 34,000 | 33,626 | ||||||
SBA Communications Corp. | 111,000 | 112,290 | ||||||
VICI Properties LP | 55,000 | 54,854 | ||||||
4.25%, 12/1/2026(a) | 95,000 | 96,104 | ||||||
3.75%, 2/15/2027(a) | 49,000 | 48,571 | ||||||
4.13%, 8/15/2030(a) | 71,000 | 71,127 | ||||||
|
| |||||||
915,842 | ||||||||
|
| |||||||
Food & Staples Retailing - 0.9% |
| |||||||
Albertsons Cos., Inc. | 40,000 | 40,998 | ||||||
4.88%, 2/15/2030(a) | 30,000 | 30,605 | ||||||
Rite Aid Corp. | 71,000 | 69,790 | ||||||
United Natural Foods, Inc. | 21,000 | 22,348 | ||||||
US Foods, Inc. | 44,000 | 45,538 | ||||||
4.75%, 2/15/2029(a) | 39,000 | 38,387 | ||||||
4.63%, 6/1/2030(a) | 16,000 | 15,625 | ||||||
|
| |||||||
263,291 | ||||||||
|
| |||||||
Food Products - 2.8% |
| |||||||
Kraft Heinz Foods Co. | 223,000 | 225,418 | ||||||
5.20%, 7/15/2045 | 173,000 | 201,120 | ||||||
4.38%, 6/1/2046 | 275,000 | 291,706 | ||||||
Lamb Weston Holdings, Inc. | 49,000 | 51,065 | ||||||
Pilgrims Pride Corp. | 30,000 | 29,703 | ||||||
|
| |||||||
799,012 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate High Yield Corporate Core Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Gas Utilities - 0.5% |
| |||||||
AmeriGas Partners LP | 44,000 | 45,424 | ||||||
5.88%, 8/20/2026 | 55,000 | 58,235 | ||||||
Suburban Propane Partners LP | 34,000 | 33,535 | ||||||
|
| |||||||
137,194 | ||||||||
|
| |||||||
Health Care Equipment & Supplies - 0.5% |
| |||||||
Hologic, Inc. | 55,000 | 52,203 | ||||||
Mozart Debt Merger Sub, Inc. | 50,000 | 48,177 | ||||||
5.25%, 10/1/2029(a) | 56,000 | 54,561 | ||||||
|
| |||||||
154,941 | ||||||||
|
| |||||||
Health Care Providers & Services - 6.7% |
| |||||||
Acadia Healthcare Co., Inc. | 39,000 | 38,376 | ||||||
AHP Health Partners, Inc. | 28,000 | 27,542 | ||||||
Air Methods Corp. | 18,000 | 14,653 | ||||||
Akumin, Inc. | 28,000 | 25,938 | ||||||
Centene Corp. | 215,000 | 220,831 | ||||||
4.63%, 12/15/2029 | 230,000 | 239,531 | ||||||
3.00%, 10/15/2030 | 214,000 | 207,986 | ||||||
Community Health Systems, Inc. | 34,000 | 34,281 | ||||||
DaVita, Inc. | 155,000 | 151,035 | ||||||
Encompass Health Corp. | 80,000 | 79,970 | ||||||
4.75%, 2/1/2030 | 40,000 | 39,563 | ||||||
Envision Healthcare Corp. | 39,000 | 20,351 | ||||||
Global Medical Response, Inc. | 18,000 | 18,029 | ||||||
HCA, Inc. | 49,000 | 51,010 | ||||||
5.38%, 2/1/2025 | 95,000 | 101,780 | ||||||
5.63%, 9/1/2028 | 71,000 | 79,173 | ||||||
3.50%, 9/1/2030 | 251,000 | 251,422 | ||||||
HealthEquity, Inc. | 28,000 | 27,405 | ||||||
LifePoint Health, Inc. | 15,000 | 14,287 | ||||||
MEDNAX, Inc. | 30,000 | 31,364 | ||||||
Molina Healthcare, Inc. | 20,000 | 19,757 | ||||||
3.88%, 5/15/2032(a) | 25,000 | 24,161 |
Investments | Principal Amount ($) | Value ($) | ||||||
Prime Healthcare Services, Inc. | 30,000 | 31,391 | ||||||
Radiology Partners, Inc. | 34,000 | 33,905 | ||||||
RegionalCare Hospital Partners Holdings, Inc. | 60,000 | 63,211 | ||||||
Team Health Holdings, Inc. | 23,000 | 20,621 | ||||||
Tenet Healthcare Corp. | 18,000 | 18,101 | ||||||
6.13%, 10/1/2028(a) | 18,000 | 18,058 | ||||||
US Renal Care, Inc. | 33,000 | 33,702 | ||||||
|
| |||||||
1,937,434 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure - 7.0% |
| |||||||
1011778 BC ULC | 18,000 | 16,690 | ||||||
Caesars Entertainment, Inc. | 111,000 | 114,759 | ||||||
8.13%, 7/1/2027(a) | 71,000 | 76,520 | ||||||
Caesars Resort Collection LLC | 33,000 | 34,026 | ||||||
Carnival Corp. | 44,000 | 42,342 | ||||||
4.00%, 8/1/2028(a) | 16,000 | 15,246 | ||||||
CEC Entertainment LLC | 18,000 | 17,314 | ||||||
Constellation Merger Sub, Inc. | 21,000 | 19,712 | ||||||
Golden Nugget, Inc. | 44,000 | 44,061 | ||||||
Hilton Domestic Operating Co., Inc. | 55,000 | 57,895 | ||||||
4.00%, 5/1/2031(a) | 55,000 | 54,137 | ||||||
3.63%, 2/15/2032(a) | 100,000 | 95,071 | ||||||
Hilton Worldwide Finance LLC | 55,000 | 56,157 | ||||||
International Game Technology plc | 148,000 | 148,595 | ||||||
IRB Holding Corp. | 18,000 | 18,787 | ||||||
6.75%, 2/15/2026(a) | 16,000 | 16,299 | ||||||
Life Time, Inc. | 16,000 | 16,303 | ||||||
MGM Resorts International | 79,000 | 81,647 | ||||||
5.75%, 6/15/2025 | 55,000 | 57,820 | ||||||
4.75%, 10/15/2028 | 55,000 | 54,638 | ||||||
Mohegan Gaming & Entertainment | 34,000 | 34,702 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate High Yield Corporate Core Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Peninsula Pacific Entertainment LLC | 34,000 | 36,519 | ||||||
Powdr Corp. | 21,000 | 21,826 | ||||||
Royal Caribbean Cruises Ltd. | 111,000 | 117,102 | ||||||
11.50%, 6/1/2025(a) | 49,000 | 54,301 | ||||||
4.25%, 7/1/2026(a) | 44,000 | 41,107 | ||||||
5.50%, 4/1/2028(a) | 76,000 | 73,921 | ||||||
Six Flags Entertainment Corp. | 79,000 | 79,767 | ||||||
Sizzling Platter LLC | 11,000 | 10,946 | ||||||
TKC Holdings, Inc. | 16,000 | 16,103 | ||||||
10.50%, 5/15/2029(a) | 18,000 | 18,832 | ||||||
Vail Resorts, Inc. | 23,000 | 23,882 | ||||||
Viking Cruises Ltd. | 28,000 | 27,737 | ||||||
Wynn Las Vegas LLC | 76,000 | 76,529 | ||||||
5.25%, 5/15/2027(a) | 33,000 | 32,628 | ||||||
Wynn Resorts Finance LLC | 49,000 | 47,699 | ||||||
Yum! Brands, Inc. | 55,000 | 56,573 | ||||||
4.75%, 1/15/2030(a) | 34,000 | 34,986 | ||||||
3.63%, 3/15/2031 | 95,000 | 89,960 | ||||||
4.63%, 1/31/2032 | 79,000 | 78,762 | ||||||
|
| |||||||
2,011,901 | ||||||||
|
| |||||||
Household Durables - 1.8% |
| |||||||
Century Communities, Inc. | 28,000 | 29,164 | ||||||
Empire Communities Corp. | 28,000 | 28,527 | ||||||
KB Home | 55,000 | 62,396 | ||||||
Newell Brands, Inc. | 123,000 | 129,317 | ||||||
6.00%, 4/1/2046(d) | 28,000 | 33,081 | ||||||
Taylor Morrison Communities, Inc. | 81,000 | 87,028 | ||||||
Tempur Sealy International, Inc. | 64,000 | 61,336 | ||||||
Toll Brothers Finance Corp. | 79,000 | 85,715 | ||||||
|
| |||||||
516,564 | ||||||||
|
| |||||||
Household Products - 0.4% |
| |||||||
Energizer Holdings, Inc. | 49,000 | 46,405 |
Investments | Principal Amount ($) | Value ($) | ||||||
Spectrum Brands, Inc. | 71,000 | 73,498 | ||||||
|
| |||||||
119,903 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity |
| |||||||
Clearway Energy Operating LLC | 79,000 | 74,515 | ||||||
Talen Energy Supply LLC | 20,000 | 8,526 | ||||||
10.50%, 1/15/2026(a) | 20,000 | 9,328 | ||||||
|
| |||||||
92,369 | ||||||||
|
| |||||||
Insurance - 1.8% |
| |||||||
Acrisure LLC | 50,000 | 50,007 | ||||||
4.25%, 2/15/2029(a) | 34,000 | 32,201 | ||||||
Alliant Holdings Intermediate LLC | 21,000 | 20,465 | ||||||
6.75%, 10/15/2027(a) | 44,000 | 43,601 | ||||||
AmWINS Group, Inc. | 23,000 | 22,545 | ||||||
AssuredPartners, Inc. | 21,000 | 21,007 | ||||||
BroadStreet Partners, Inc. | 16,000 | 15,275 | ||||||
Genworth Holdings, Inc. | 39,000 | 39,721 | ||||||
6.50%, 6/15/2034 | 11,000 | 11,008 | ||||||
GTCR AP Finance, Inc. | 34,000 | 34,720 | ||||||
HUB International Ltd. | 71,000 | 72,773 | ||||||
Liberty Mutual Group, Inc. | 55,000 | 48,953 | ||||||
NFP Corp. | 71,000 | 67,651 | ||||||
USI, Inc. | 28,000 | 28,044 | ||||||
|
| |||||||
507,971 | ||||||||
|
| |||||||
Interactive Media & Services - 0.4% |
| |||||||
Rackspace Technology Global, Inc. | 20,000 | 18,703 | ||||||
5.38%, 12/1/2028(a) | 20,000 | 18,674 | ||||||
Twitter, Inc. | 33,000 | 32,979 | ||||||
Ziff Davis, Inc. | 53,000 | 51,988 | ||||||
|
| |||||||
122,344 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail - 0.3% |
| |||||||
ANGI Group LLC | 16,000 | 14,694 | ||||||
Go Daddy Operating Co. LLC | 50,000 | 46,614 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate High Yield Corporate Core Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Photo Holdings Merger Sub, Inc. | 23,000 | 23,262 | ||||||
|
| |||||||
84,570 | ||||||||
|
| |||||||
IT Services - 1.5% |
| |||||||
Ahead DB Holdings LLC | 11,000 | 10,694 | ||||||
Austin BidCo, Inc. | 28,000 | 28,475 | ||||||
Black Knight InfoServ LLC | 34,000 | 32,674 | ||||||
Block, Inc. | 34,000 | 32,995 | ||||||
3.50%, 6/1/2031(a) | 34,000 | 32,446 | ||||||
Endure Digital, Inc. | 34,000 | 30,299 | ||||||
Exela Intermediate LLC | 40,000 | 25,200 | ||||||
Gartner, Inc. | 79,000 | 76,853 | ||||||
ION Trading Technologies Sarl | 50,000 | 50,321 | ||||||
Northwest Fiber LLC | 28,000 | 30,438 | ||||||
Presidio Holdings, Inc. | 28,000 | 29,596 | ||||||
Twilio, Inc. | 50,000 | 48,048 | ||||||
|
| |||||||
428,039 | ||||||||
|
| |||||||
Machinery - 0.2% |
| |||||||
JPW Industries Holding Corp. | 28,000 | 28,876 | ||||||
Maxim Crane Works Holdings Capital LLC | 1,000 | 1,024 | ||||||
Terex Corp. | 23,000 | 22,725 | ||||||
|
| |||||||
52,625 | ||||||||
|
| |||||||
Media - 5.6% |
| |||||||
Altice Financing SA | 25,000 | 23,391 | ||||||
Beasley Mezzanine Holdings LLC | 28,000 | 27,689 | ||||||
Cengage Learning, Inc. | 18,000 | 18,097 | ||||||
Clear Channel Outdoor Holdings, Inc. | 49,000 | 50,931 | ||||||
7.50%, 6/1/2029(a) | 34,000 | 35,290 | ||||||
Clear Channel Worldwide Holdings, Inc. | 55,000 | 55,064 | ||||||
Cumulus Media New Holdings, Inc. | 16,000 | 16,480 |
Investments | Principal Amount ($) | Value ($) | ||||||
Diamond Sports Group LLC | 55,000 | 25,392 | ||||||
6.63%, 8/15/2027(a) | 55,000 | 14,300 | ||||||
DIRECTV Holdings LLC | 41,000 | 41,250 | ||||||
DISH DBS Corp. | 31,000 | 31,321 | ||||||
7.75%, 7/1/2026 | 11,000 | 11,349 | ||||||
5.25%, 12/1/2026(a) | 16,000 | 15,550 | ||||||
5.75%, 12/1/2028(a) | 16,000 | 15,414 | ||||||
iHeartCommunications, Inc. | 79,000 | 82,604 | ||||||
5.25%, 8/15/2027(a) | 79,000 | 80,343 | ||||||
Lamar Media Corp. | 18,000 | 17,604 | ||||||
4.00%, 2/15/2030 | 39,000 | 37,503 | ||||||
McGraw-Hill Education, Inc. | 25,000 | 23,407 | ||||||
National CineMedia LLC | 30,000 | 25,528 | ||||||
News Corp. | 34,000 | 32,540 | ||||||
Nexstar Media, Inc. | 21,000 | 21,556 | ||||||
Outfront Media Capital LLC | 49,000 | 48,750 | ||||||
4.63%, 3/15/2030(a) | 18,000 | 17,283 | ||||||
Sirius XM Radio, Inc. | 79,000 | 80,882 | ||||||
4.00%, 7/15/2028(a) | 111,000 | 107,574 | ||||||
4.13%, 7/1/2030(a) | 79,000 | 75,386 | ||||||
Spanish Broadcasting System, Inc. | 6,000 | 6,198 | ||||||
Summer BC Bidco B LLC | 25,000 | 24,525 | ||||||
TEGNA, Inc. | 84,000 | 82,580 | ||||||
5.00%, 9/15/2029 | 49,000 | 48,408 | ||||||
Terrier Media Buyer, Inc. | 33,000 | 34,798 | ||||||
Townsquare Media, Inc. | 21,000 | 21,839 | ||||||
Univision Communications, Inc. | 55,000 | 55,488 | ||||||
6.63%, 6/1/2027(a) | 49,000 | 51,524 | ||||||
UPC Holding BV | 100,000 | 101,708 | ||||||
Urban One, Inc. | 23,000 | 23,417 | ||||||
Videotron Ltd. | 79,000 | 80,843 | ||||||
Ziggo Bond Co. BV | 50,000 | 47,516 | ||||||
|
| |||||||
1,611,322 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate High Yield Corporate Core Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Metals & Mining - 0.8% |
| |||||||
Baffinland Iron Mines Corp. | 44,000 | 45,870 | ||||||
FMG Resources August 2006 Pty. Ltd. | 100,000 | 100,809 | ||||||
Hudbay Minerals, Inc. | 18,000 | 17,666 | ||||||
6.13%, 4/1/2029(a) | 18,000 | 18,717 | ||||||
Taseko Mines Ltd. | 16,000 | 16,246 | ||||||
TMS International Corp. | 11,000 | 10,628 | ||||||
United States Steel Corp. | 10,000 | 10,152 | ||||||
|
| |||||||
220,088 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) - 0.1% |
| |||||||
Apollo Commercial Real Estate Finance, Inc. | 21,000 | 19,908 | ||||||
New Residential Investment Corp. | 23,000 | 22,790 | ||||||
|
| |||||||
42,698 | ||||||||
|
| |||||||
Multiline Retail - 0.8% |
| |||||||
Macys Retail Holdings LLC | 71,000 | 72,390 | ||||||
4.50%, 12/15/2034 | 50,000 | 45,903 | ||||||
5.13%, 1/15/2042 | 6,000 | 5,361 | ||||||
Nordstrom, Inc. | 75,000 | 69,476 | ||||||
5.00%, 1/15/2044 | 39,000 | 34,827 | ||||||
|
| |||||||
227,957 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 10.6% |
| |||||||
Aethon United BR LP | 18,000 | 18,983 | ||||||
Antero Resources Corp. | 60,000 | 65,478 | ||||||
Ascent Resources Utica Holdings LLC | 50,000 | 52,439 | ||||||
Blue Racer Midstream LLC | 28,000 | 28,547 | ||||||
Buckeye Partners LP | 20,000 | 20,000 | ||||||
4.50%, 3/1/2028(a) | 76,000 | 73,877 | ||||||
Calumet Specialty Products Partners LP | 44,000 | 44,089 | ||||||
Cheniere Energy Partners LP | 65,000 | 66,554 | ||||||
4.00%, 3/1/2031 | 65,000 | 64,768 | ||||||
3.25%, 1/31/2032(a) | 18,000 | 16,977 |
Investments | Principal Amount ($) | Value ($) | ||||||
Cheniere Energy, Inc. | 94,000 | 95,567 | ||||||
Chesapeake Energy Corp. | 33,000 | 35,339 | ||||||
Citgo Holding, Inc. | 44,000 | 44,004 | ||||||
CITGO Petroleum Corp. | 55,000 | 55,467 | ||||||
Colgate Energy Partners III LLC | 23,000 | 23,411 | ||||||
CQP Holdco LP | 65,000 | 64,890 | ||||||
Crescent Energy Finance LLC | 21,000 | 21,578 | ||||||
Crestwood Midstream Partners LP | 55,000 | 55,252 | ||||||
CrownRock LP 5.63%, 10/15/2025(a) | 34,000 | 34,302 | ||||||
5.00%, 5/1/2029(a) | 28,000 | 28,307 | ||||||
DCP Midstream Operating LP | 28,000 | 29,517 | ||||||
5.13%, 5/15/2029 | 55,000 | 58,349 | ||||||
5.85%, 5/21/2043(a)(c) | 21,000 | 20,039 | ||||||
Delek Logistics Partners LP | 21,000 | 21,336 | ||||||
Encino Acquisition Partners Holdings LLC | 18,000 | 18,229 | ||||||
Endeavor Energy Resources LP | 23,000 | 24,068 | ||||||
5.75%, 1/30/2028(a) | 44,000 | 45,579 | ||||||
Energy Ventures Gom LLC | 19,000 | 19,692 | ||||||
Enviva Partners LP | 28,000 | 28,956 | ||||||
EQT Corp. | 71,000 | 76,613 | ||||||
3.90%, 10/1/2027 | 71,000 | 71,641 | ||||||
3.63%, 5/15/2031(a) | 44,000 | 43,621 | ||||||
Genesis Energy LP | 105,000 | 105,946 | ||||||
Global Partners LP | 23,000 | 23,782 | ||||||
Gran Tierra Energy, Inc. | 30,000 | 27,513 | ||||||
Great Western Petroleum LLC | 11,000 | 11,538 | ||||||
Harvest Midstream I LP | 23,000 | 23,966 | ||||||
Hess Midstream Operations LP | 49,000 | 49,991 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate High Yield Corporate Core Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Hilcorp Energy I LP | 60,000 | 62,342 | ||||||
Holly Energy Partners LP | 18,000 | 17,521 | ||||||
ITT Holdings LLC | 55,000 | 52,738 | ||||||
MEG Energy Corp. | 90,000 | 93,535 | ||||||
Moss Creek Resources Holdings, Inc. | 50,000 | 45,838 | ||||||
Murphy Oil Corp. | 18,000 | 18,280 | ||||||
New Fortress Energy, Inc. | 20,000 | 18,986 | ||||||
6.50%, 9/30/2026(a) | 20,000 | 18,736 | ||||||
NGL Energy Operating LLC | 55,000 | 55,653 | ||||||
NGL Energy Partners LP | 28,000 | 27,328 | ||||||
6.13%, 3/1/2025 | 28,000 | 24,404 | ||||||
Northern Oil and Gas, Inc. | 25,000 | 26,102 | ||||||
Northriver Midstream Finance LP | 28,000 | 28,463 | ||||||
NuStar Logistics LP | 34,000 | 35,535 | ||||||
6.38%, 10/1/2030 | 34,000 | 36,832 | ||||||
Occidental Petroleum Corp. | 34,000 | 37,094 | ||||||
6.63%, 9/1/2030 | 18,000 | 21,156 | ||||||
6.45%, 9/15/2036 | 116,000 | 141,100 | ||||||
4.20%, 3/15/2048 | 89,000 | 82,920 | ||||||
Parkland Corp. | 50,000 | 48,259 | ||||||
4.63%, 5/1/2030(a) | 40,000 | 38,468 | ||||||
PBF Logistics LP | 18,000 | 17,708 | ||||||
Penn Virginia Holdings LLC | 15,000 | 15,401 | ||||||
Renewable Energy Group, Inc. | 18,000 | 18,108 | ||||||
Rockies Express Pipeline LLC | 49,000 | 50,416 | ||||||
Strathcona Resources Ltd. | 21,000 | 20,913 | ||||||
Summit Midstream Holdings LLC | 16,000 | 14,313 | ||||||
Sunnova Energy Corp. | 11,000 | 10,521 | ||||||
Sunoco LP | 55,000 | 56,810 |
Investments | Principal Amount ($) | Value ($) | ||||||
Tallgrass Energy Partners LP | 28,000 | 29,484 | ||||||
6.00%, 12/31/2030(a) | 49,000 | 46,860 | ||||||
Targa Resources Partners LP | 50,000 | 54,745 | ||||||
4.00%, 1/15/2032(a) | 40,000 | 39,890 | ||||||
Teine Energy Ltd. | 28,000 | 28,656 | ||||||
Western Midstream Operating LP | 44,000 | 44,485 | ||||||
5.30%, 2/1/2030(d) | 71,000 | 74,488 | ||||||
|
| |||||||
3,064,293 | ||||||||
|
| |||||||
Paper & Forest Products - 0.3% |
| |||||||
Domtar Corp. | 30,000 | 29,500 | ||||||
Mercer International, Inc. | 55,000 | 54,336 | ||||||
|
| |||||||
83,836 | ||||||||
|
| |||||||
Personal Products - 0.6% |
| |||||||
Avon Products, Inc. | 34,000 | 34,929 | ||||||
8.45%, 3/15/2043(d) | 11,000 | 13,274 | ||||||
Coty, Inc. | 39,000 | 39,224 | ||||||
6.50%, 4/15/2026(a) | 73,000 | 74,018 | ||||||
|
| |||||||
161,445 | ||||||||
|
| |||||||
Pharmaceuticals - 3.4% |
| |||||||
Bausch Health Americas, Inc. | 144,000 | 145,818 | ||||||
Bausch Health Cos., Inc. | 354,000 | 361,036 | ||||||
5.00%, 1/30/2028(a) | 76,000 | 64,203 | ||||||
4.88%, 6/1/2028(a) | 89,000 | 84,565 | ||||||
6.25%, 2/15/2029(a) | 111,000 | 94,095 | ||||||
7.25%, 5/30/2029(a) | 25,000 | 22,473 | ||||||
5.25%, 1/30/2030(a) | 106,000 | 86,113 | ||||||
Endo Dac | 11,000 | 10,892 | ||||||
6.00%, 6/30/2028(a) | 28,000 | 18,999 | ||||||
Lannett Co., Inc. | 21,000 | 16,383 | ||||||
P&L Development LLC | 16,000 | 15,565 | ||||||
Par Pharmaceutical, Inc. | 44,000 | 44,391 | ||||||
Perrigo Finance Unlimited Co. | 25,000 | 24,066 | ||||||
|
| |||||||
988,599 | ||||||||
|
| |||||||
Professional Services - 0.1% |
| |||||||
AMN Healthcare, Inc. | 28,000 | 28,225 | ||||||
CoreLogic, Inc. | 18,000 | 17,274 | ||||||
|
| |||||||
45,499 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate High Yield Corporate Core Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Real Estate Management & Development - 0.9% |
| |||||||
Howard Hughes Corp. (The) | 44,000 | 44,834 | ||||||
4.38%, 2/1/2031(a) | 44,000 | 41,929 | ||||||
Kennedy-Wilson, Inc. | 28,000 | 27,852 | ||||||
5.00%, 3/1/2031 | 28,000 | 27,671 | ||||||
Realogy Group LLC | 50,000 | 53,065 | ||||||
5.75%, 1/15/2029(a) | 44,000 | 43,260 | ||||||
WeWork Cos., Inc. | 25,000 | 23,164 | ||||||
|
| |||||||
261,775 | ||||||||
|
| |||||||
Road & Rail - 0.8% |
| |||||||
First Student Bidco, Inc. | 23,000 | 21,831 | ||||||
NESCO Holdings II, Inc. | 28,000 | 27,770 | ||||||
Uber Technologies, Inc. | 44,000 | 46,053 | ||||||
7.50%, 9/15/2027(a) | 55,000 | 58,644 | ||||||
6.25%, 1/15/2028(a) | 44,000 | 45,716 | ||||||
XPO Logistics, Inc. | 44,000 | 45,597 | ||||||
|
| |||||||
245,611 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 0.1% |
| |||||||
ON Semiconductor Corp. | 33,000 | 32,804 | ||||||
|
| |||||||
Software - 1.8% |
| |||||||
Boxer Parent Co., Inc. | 28,000 | 29,192 | ||||||
Camelot Finance SA | 18,000 | 18,271 | ||||||
Castle US Holding Corp. | 28,000 | 28,987 | ||||||
Change Healthcare Holdings LLC | 49,000 | 49,164 | ||||||
Crowdstrike Holdings, Inc. | 34,000 | 31,926 | ||||||
Elastic NV | 23,000 | 21,514 | ||||||
LogMeIn, Inc. | 33,000 | 32,136 | ||||||
NortonLifeLock, Inc. | 49,000 | 49,197 | ||||||
Nuance Communications, Inc. | 18,000 | 18,536 |
Investments | Principal Amount ($) | Value ($) | ||||||
Open Text Holdings, Inc. | 89,000 | 87,096 | ||||||
4.13%, 12/1/2031(a) | 50,000 | 48,317 | ||||||
PTC, Inc. | 34,000 | 33,772 | ||||||
Rocket Software, Inc. | 28,000 | 26,573 | ||||||
Veritas US, Inc. | 55,000 | 56,181 | ||||||
|
| |||||||
530,862 | ||||||||
|
| |||||||
Specialty Retail - 3.0% |
| |||||||
99 Escrow Issuer, Inc. | 16,000 | 12,143 | ||||||
At Home Group, Inc. | 21,000 | 20,192 | ||||||
7.13%, 7/15/2029(a) | 28,000 | 26,294 | ||||||
Bath & Body Works, Inc. | 44,000 | 52,690 | ||||||
5.25%, 2/1/2028 | 34,000 | 35,714 | ||||||
6.63%, 10/1/2030(a) | 44,000 | 47,514 | ||||||
6.88%, 11/1/2035 | 79,000 | 90,999 | ||||||
BCPE Ulysses Intermediate, Inc. | 16,000 | 15,644 | ||||||
Carvana Co. | 71,000 | 66,236 | ||||||
Gap, Inc. (The) | 36,000 | 33,545 | ||||||
3.88%, 10/1/2031(a) | 36,000 | 33,422 | ||||||
LBM Acquisition LLC | 28,000 | 26,726 | ||||||
LSF9 Atlantis Holdings LLC | 34,000 | 32,793 | ||||||
Michaels Cos., Inc. (The) | 34,000 | 32,827 | ||||||
7.88%, 5/1/2029(a) | 50,000 | 45,834 | ||||||
Park River Holdings, Inc. | 18,000 | 16,446 | ||||||
Penske Automotive Group, Inc. | 49,000 | 46,216 | ||||||
Sally Holdings LLC | 28,000 | 28,464 | ||||||
Specialty Building Products Holdings LLC | 28,000 | 28,808 | ||||||
SRS Distribution, Inc. | 34,000 | 33,362 | ||||||
Staples, Inc. | 65,000 | 64,219 | ||||||
10.75%, 4/15/2027(a) | 49,000 | 45,760 | ||||||
White Cap Buyer LLC | 18,000 | 18,491 | ||||||
White Cap Parent LLC | 6,000 | 6,097 | ||||||
|
| |||||||
860,436 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate High Yield Corporate Core Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Technology Hardware, Storage & Peripherals - 1.0% |
| |||||||
Seagate HDD Cayman | 150,000 | 147,399 | ||||||
Xerox Corp. | 44,000 | 44,656 | ||||||
6.75%, 12/15/2039 | 21,000 | 21,878 | ||||||
Xerox Holdings Corp. | 44,000 | 44,642 | ||||||
5.50%, 8/15/2028(a) | 44,000 | 44,321 | ||||||
|
| |||||||
302,896 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 0.1% |
| |||||||
Eagle Intermediate Global Holding BV | 50,000 | 45,079 | ||||||
|
| |||||||
Thrifts & Mortgage Finance - 1.4% |
| |||||||
Enact Holdings, Inc. | 21,000 | 22,240 | ||||||
Freedom Mortgage Corp. | 44,000 | 44,110 | ||||||
7.63%, 5/1/2026(a) | 49,000 | 46,865 | ||||||
Ladder Capital Finance Holdings LLLP REIT, | 28,000 | 27,445 | ||||||
LD Holdings Group LLC | 21,000 | 19,980 | ||||||
MGIC Investment Corp. | 55,000 | 56,956 | ||||||
Nationstar Mortgage Holdings, Inc. | 44,000 | 43,203 | ||||||
5.13%, 12/15/2030(a) | 44,000 | 41,323 | ||||||
PennyMac Financial Services, Inc. | 49,000 | 44,605 | ||||||
Provident Funding Associates LP | 25,000 | 25,622 | ||||||
United Wholesale Mortgage LLC | 23,000 | 22,314 | ||||||
|
| |||||||
394,663 | ||||||||
|
| |||||||
Trading Companies & Distributors - 1.9% |
| |||||||
Ahern Rentals, Inc. | 18,000 | 16,965 | ||||||
Boise Cascade Co. | 21,000 | 21,875 | ||||||
Fortress Transportation and Infrastructure Investors LLC | 95,000 | 104,143 | ||||||
5.50%, 5/1/2028(a) | 18,000 | 17,460 | ||||||
Foundation Building Materials, Inc. | 16,000 | 15,462 |
Investments | Principal Amount ($) | Value ($) | ||||||
Imola Merger Corp. | 74,000 | 72,112 | ||||||
United Rentals North America, Inc. | 79,000 | 81,291 | ||||||
5.25%, 1/15/2030 | 55,000 | 57,839 | ||||||
3.88%, 2/15/2031 | 44,000 | 42,760 | ||||||
WESCO Distribution, Inc. | 55,000 | 57,675 | ||||||
7.25%, 6/15/2028(a) | 55,000 | 58,992 | ||||||
|
| |||||||
546,574 | ||||||||
|
| |||||||
Water Utilities - 0.1% |
| |||||||
Solaris Midstream Holdings LLC 7.63%, 4/1/2026(a) | 28,000 | 28,953 | ||||||
|
| |||||||
Wireless Telecommunication Services - 4.3% |
| |||||||
Ligado Networks LLC | 114,950 | 81,276 | ||||||
17.50%, 5/1/2024(a)(b) | 34,250 | 14,395 | ||||||
Sprint Corp. | 150,000 | 162,179 | ||||||
7.13%, 6/15/2024 | 84,000 | 91,661 | ||||||
7.63%, 2/15/2025 | 55,000 | 61,277 | ||||||
7.63%, 3/1/2026 | 71,000 | 81,401 | ||||||
T-Mobile USA, Inc. | 111,000 | 108,882 | ||||||
4.75%, 2/1/2028 | 111,000 | 114,884 | ||||||
3.50%, 4/15/2031(a) | 214,000 | 209,142 | ||||||
Vmed O2 UK Financing I plc | 25,000 | 23,235 | ||||||
4.75%, 7/15/2031(a) | 65,000 | 62,212 | ||||||
Vodafone Group plc | 139,000 | 159,981 | ||||||
5.12%, 6/4/2081(c) | 60,000 | 59,048 | ||||||
|
| |||||||
1,229,573 | ||||||||
|
| |||||||
TOTAL CORPORATE BONDS |
| 27,914,335 | ||||||
|
| |||||||
Total Investments - 96.7% |
| 27,914,335 | ||||||
Other assets less liabilities - 3.3% |
| 956,787 | ||||||
|
| |||||||
Net Assets - 100.0% |
| 28,871,122 | ||||||
|
|
(a) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees. |
(b) | Payment in-kind security. |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate High Yield Corporate Core Index Fund (cont.)
(c) | Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end. |
(d) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of January 31, 2022. |
(e) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of January 31, 2022. |
Percentages shown are based on Net Assets.
Security Type | % of Net Assets | |||
Corporate Bonds | 96.7 | % | ||
Others(1) | 3.3 | |||
|
| |||
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, 2022 (Unaudited)
Investments | Principal Amount ($) | Value ($) | ||||||
CORPORATE BONDS - 98.6% |
| |||||||
Air Freight & Logistics - 0.6% |
| |||||||
FedEx Corp. | ||||||||
3.25%, 4/1/2026 | 100,000 | 105,303 | ||||||
5.25%, 5/15/2050 | 150,000 | 187,243 | ||||||
|
| |||||||
292,546 | ||||||||
|
| |||||||
Automobiles - 0.8% | ||||||||
General Motors Co. | ||||||||
6.80%, 10/1/2027 | 200,000 | 240,266 | ||||||
5.95%, 4/1/2049 | 100,000 | 127,303 | ||||||
|
| |||||||
367,569 | ||||||||
|
| |||||||
Banks - 16.6% | ||||||||
Banco Santander SA | ||||||||
2.75%, 5/28/2025 | 200,000 | 202,999 | ||||||
5.18%, 11/19/2025 | 200,000 | 217,721 | ||||||
Bank of America Corp. | ||||||||
3.46%, 3/15/2025(a) | 200,000 | 206,511 | ||||||
3.09%, 10/1/2025(a) | 200,000 | 205,002 | ||||||
1.73%, 7/22/2027(a) | 200,000 | 194,075 | ||||||
3.42%, 12/20/2028(a) | 200,000 | 207,818 | ||||||
4.27%, 7/23/2029(a) | 150,000 | 162,960 | ||||||
2.69%, 4/22/2032(a) | 200,000 | 195,942 | ||||||
6.11%, 1/29/2037 | 200,000 | 258,919 | ||||||
2.68%, 6/19/2041(a) | 100,000 | 91,267 | ||||||
Barclays plc | ||||||||
5.20%, 5/12/2026 | 200,000 | 219,159 | ||||||
4.97%, 5/16/2029(a) | 200,000 | 221,509 | ||||||
3.81%, 3/10/2042(a) | 200,000 | 198,555 | ||||||
Citigroup, Inc. | ||||||||
3.35%, 4/24/2025(a) | 250,000 | 257,987 | ||||||
3.11%, 4/8/2026(a) | 150,000 | 154,040 | ||||||
3.20%, 10/21/2026 | 150,000 | 155,533 | ||||||
4.45%, 9/29/2027 | 150,000 | 163,153 | ||||||
3.98%, 3/20/2030(a) | 50,000 | 53,550 | ||||||
4.41%, 3/31/2031(a) | 150,000 | 165,302 | ||||||
2.57%, 6/3/2031(a) | 150,000 | 146,249 | ||||||
8.13%, 7/15/2039 | 100,000 | 161,943 | ||||||
4.75%, 5/18/2046 | 100,000 | 115,632 | ||||||
4.65%, 7/23/2048 | 50,000 | 60,486 | ||||||
HSBC Holdings plc | ||||||||
3.80%, 3/11/2025(a) | 200,000 | 207,033 | ||||||
4.30%, 3/8/2026 | 200,000 | 214,593 | ||||||
4.29%, 9/12/2026(a) | 200,000 | 212,234 | ||||||
4.58%, 6/19/2029(a) | 200,000 | 218,178 | ||||||
2.80%, 5/24/2032(a) | 200,000 | 193,680 | ||||||
6.50%, 9/15/2037 | 150,000 | 199,291 |
Investments | Principal Amount ($) | Value ($) | ||||||
ING Groep NV | ||||||||
4.05%, 4/9/2029 | 200,000 | 217,344 | ||||||
JPMorgan Chase & Co. | ||||||||
3.80%, 7/23/2024(a) | 100,000 | 103,177 | ||||||
3.88%, 9/10/2024 | 150,000 | 157,851 | ||||||
1.58%, 4/22/2027(a) | 200,000 | 193,561 | ||||||
3.78%, 2/1/2028(a) | 200,000 | 212,183 | ||||||
4.45%, 12/5/2029(a) | 150,000 | 165,099 | ||||||
2.74%, 10/15/2030(a) | 150,000 | 149,125 | ||||||
4.49%, 3/24/2031(a) | 150,000 | 167,707 | ||||||
2.58%, 4/22/2032(a) | 100,000 | 97,324 | ||||||
5.60%, 7/15/2041 | 100,000 | 131,546 | ||||||
5.63%, 8/16/2043 | 100,000 | 131,445 | ||||||
Mitsubishi UFJ Financial Group, Inc. |
| |||||||
3.46%, 3/2/2023 | 200,000 | 204,836 | ||||||
2.19%, 2/25/2025 | 200,000 | 201,163 | ||||||
2.31%, 7/20/2032(a) | 200,000 | 190,867 | ||||||
Royal Bank of Canada | ||||||||
2.55%, 7/16/2024 | 100,000 | 101,983 | ||||||
1.15%, 6/10/2025 | 200,000 | 195,101 | ||||||
|
| |||||||
7,881,633 | ||||||||
|
| |||||||
Beverages - 2.7% | ||||||||
Anheuser-Busch Cos. LLC | ||||||||
3.65%, 2/1/2026 | 100,000 | 105,916 | ||||||
4.70%, 2/1/2036 | 100,000 | 115,080 | ||||||
Anheuser-Busch InBev Worldwide, Inc. |
| |||||||
4.75%, 1/23/2029 | 100,000 | 113,380 | ||||||
5.45%, 1/23/2039 | 100,000 | 123,161 | ||||||
5.55%, 1/23/2049 | 300,000 | 388,486 | ||||||
PepsiCo, Inc. | ||||||||
2.25%, 3/19/2025 | 100,000 | 101,742 | ||||||
2.63%, 7/29/2029 | 100,000 | 102,430 | ||||||
3.50%, 3/19/2040 | 200,000 | 216,378 | ||||||
|
| |||||||
1,266,573 | ||||||||
|
| |||||||
Biotechnology - 1.1% | ||||||||
Amgen, Inc. | ||||||||
1.90%, 2/21/2025 | 100,000 | 100,341 | ||||||
1.65%, 8/15/2028 | 100,000 | 95,201 | ||||||
2.80%, 8/15/2041 | 50,000 | 45,259 | ||||||
4.66%, 6/15/2051 | 200,000 | 237,451 | ||||||
Biogen, Inc. | ||||||||
3.15%, 5/1/2050 | 50,000 | 44,796 | ||||||
|
| |||||||
523,048 | ||||||||
|
| |||||||
Building Products - 0.2% | ||||||||
Johnson Controls International plc | ||||||||
4.95%, 7/2/2064(b) | 50,000 | 60,724 | ||||||
Owens Corning | ||||||||
4.30%, 7/15/2047 | 50,000 | 54,733 | ||||||
|
| |||||||
115,457 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Capital Markets - 6.0% |
| |||||||
Bank of New York Mellon Corp. (The) |
| |||||||
2.95%, 1/29/2023 | 100,000 | 101,906 | ||||||
2.10%, 10/24/2024 | 10,000 | 10,126 | ||||||
3.40%, 1/29/2028 | 100,000 | 106,242 | ||||||
BlackRock, Inc. | ||||||||
1.90%, 1/28/2031 | 200,000 | 190,610 | ||||||
Deutsche Bank AG | ||||||||
2.22%, 9/18/2024(a) | 150,000 | 150,712 | ||||||
3.96%, 11/26/2025(a) | 150,000 | 156,364 | ||||||
3.04%, 5/28/2032(a) | 150,000 | 144,761 | ||||||
Goldman Sachs Group, Inc. (The) | ||||||||
3.50%, 4/1/2025 | 200,000 | 207,932 | ||||||
6.75%, 10/1/2037 | 100,000 | 135,426 | ||||||
Morgan Stanley | ||||||||
Series F, 3.88%, 4/29/2024 | 200,000 | 209,071 | ||||||
3.88%, 1/27/2026 | 200,000 | 212,292 | ||||||
3.13%, 7/27/2026 | 200,000 | 207,045 | ||||||
0.98%, 12/10/2026(a) | 200,000 | 190,133 | ||||||
2.70%, 1/22/2031(a) | 200,000 | 198,503 | ||||||
2.24%, 7/21/2032(a) | 100,000 | 94,369 | ||||||
4.46%, 4/22/2039(a) | 100,000 | 115,158 | ||||||
5.60%, 3/24/2051(a) | 150,000 | 210,585 | ||||||
State Street Corp. | ||||||||
2.90%, 3/30/2026(a) | 100,000 | 103,065 | ||||||
2.40%, 1/24/2030 | 100,000 | 99,866 | ||||||
|
| |||||||
2,844,166 | ||||||||
|
| |||||||
Chemicals - 1.3% | ||||||||
Ecolab, Inc. | ||||||||
4.80%, 3/24/2030 | 200,000 | 234,395 | ||||||
International Flavors & Fragrances, Inc. |
| |||||||
5.00%, 9/26/2048 | 50,000 | 60,860 | ||||||
Nutrien Ltd. | ||||||||
5.88%, 12/1/2036 | 100,000 | 129,987 | ||||||
Sherwin-Williams Co. (The) | ||||||||
2.95%, 8/15/2029 | 200,000 | 204,375 | ||||||
|
| |||||||
629,617 | ||||||||
|
| |||||||
Commercial Services & Supplies - 0.6% |
| |||||||
Waste Management, Inc. | ||||||||
0.75%, 11/15/2025 | 300,000 | 286,477 | ||||||
|
| |||||||
Consumer Finance - 2.2% | ||||||||
American Express Co. | ||||||||
3.40%, 2/27/2023 | 100,000 | 102,400 | ||||||
3.13%, 5/20/2026 | 100,000 | 104,098 | ||||||
Caterpillar Financial Services Corp. | ||||||||
0.95%, 1/10/2024 | 100,000 | 99,281 | ||||||
1.10%, 9/14/2027 | 200,000 | 190,008 | ||||||
General Motors Financial Co., Inc. | ||||||||
1.25%, 1/8/2026 | 250,000 | 239,228 |
Investments | Principal Amount ($) | Value ($) | ||||||
John Deere Capital Corp. | ||||||||
3.45%, 3/7/2029 | 200,000 | 215,626 | ||||||
Synchrony Financial | ||||||||
4.38%, 3/19/2024 | 100,000 | 104,667 | ||||||
|
| |||||||
1,055,308 | ||||||||
|
| |||||||
Containers & Packaging - 0.4% |
| |||||||
International Paper Co. | ||||||||
6.00%, 11/15/2041 | 100,000 | 130,795 | ||||||
Packaging Corp. of America | ||||||||
3.05%, 10/1/2051 | 50,000 | 46,426 | ||||||
|
| |||||||
177,221 | ||||||||
|
| |||||||
Diversified Financial Services - 1.8% |
| |||||||
National Rural Utilities Cooperative Finance Corp. |
| |||||||
0.35%, 2/8/2024 | 200,000 | 195,756 | ||||||
Shell International Finance BV | ||||||||
0.38%, 9/15/2023 | 200,000 | 197,329 | ||||||
3.88%, 11/13/2028 | 100,000 | 108,655 | ||||||
6.38%, 12/15/2038 | 100,000 | 139,506 | ||||||
4.38%, 5/11/2045 | 150,000 | 174,562 | ||||||
3.25%, 4/6/2050 | 50,000 | 50,022 | ||||||
|
| |||||||
865,830 | ||||||||
|
| |||||||
Diversified Telecommunication Services - 6.0% |
| |||||||
AT&T, Inc. | ||||||||
4.35%, 3/1/2029 | 150,000 | 164,942 | ||||||
4.30%, 2/15/2030 | 150,000 | 165,188 | ||||||
2.55%, 12/1/2033 | 200,000 | 188,229 | ||||||
3.50%, 6/1/2041 | 100,000 | 97,805 | ||||||
3.50%, 9/15/2053 | 50,000 | 47,739 | ||||||
3.55%, 9/15/2055 | 200,000 | 189,171 | ||||||
3.80%, 12/1/2057 | 200,000 | 196,658 | ||||||
3.65%, 9/15/2059 | 100,000 | 95,115 | ||||||
Orange SA | ||||||||
9.00%, 3/1/2031(b) | 100,000 | 148,042 | ||||||
Telefonica Emisiones SA | ||||||||
5.21%, 3/8/2047 | 150,000 | 175,030 | ||||||
Verizon Communications, Inc. | ||||||||
3.38%, 2/15/2025 | 50,000 | 52,354 | ||||||
4.13%, 3/16/2027 | 150,000 | 162,708 | ||||||
4.33%, 9/21/2028 | 200,000 | 220,401 | ||||||
2.36%, 3/15/2032(c) | 100,000 | 94,987 | ||||||
4.50%, 8/10/2033 | 150,000 | 169,802 | ||||||
4.27%, 1/15/2036 | 150,000 | 168,469 | ||||||
2.65%, 11/20/2040 | 150,000 | 134,313 | ||||||
3.40%, 3/22/2041 | 100,000 | 99,263 | ||||||
4.86%, 8/21/2046 | 150,000 | 184,399 | ||||||
3.70%, 3/22/2061 | 100,000 | 100,740 | ||||||
|
| |||||||
2,855,355 | ||||||||
|
| |||||||
Electric Utilities - 2.5% | ||||||||
Arizona Public Service Co. | ||||||||
3.35%, 5/15/2050 | 100,000 | 94,003 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Commonwealth Edison Co. | ||||||||
Series 130, 3.13%, 3/15/2051 | 100,000 | 97,408 | ||||||
Connecticut Light and Power Co. (The) |
| |||||||
Series A, 2.05%, 7/1/2031 | 100,000 | 95,978 | ||||||
Edison International | ||||||||
4.13%, 3/15/2028 | 300,000 | 311,535 | ||||||
Eversource Energy | ||||||||
3.45%, 1/15/2050 | 100,000 | 101,121 | ||||||
Exelon Corp. | ||||||||
4.70%, 4/15/2050 | 100,000 | 119,083 | ||||||
Oncor Electric Delivery Co. LLC | ||||||||
2.75%, 6/1/2024 | 200,000 | 204,799 | ||||||
4.55%, 12/1/2041 | 100,000 | 117,007 | ||||||
Southern California Edison Co. | ||||||||
Series C, 4.13%, 3/1/2048 | 50,000 | 53,278 | ||||||
|
| |||||||
1,194,212 | ||||||||
|
| |||||||
Energy Equipment & Services - 0.6% |
| |||||||
Baker Hughes Holdings LLC | ||||||||
4.08%, 12/15/2047 | 50,000 | 53,166 | ||||||
Halliburton Co. | ||||||||
2.92%, 3/1/2030 | 100,000 | 100,395 | ||||||
4.85%, 11/15/2035 | 100,000 | 114,444 | ||||||
|
| |||||||
268,005 | ||||||||
|
| |||||||
Entertainment - 0.9% | ||||||||
Walt Disney Co. (The) | ||||||||
3.35%, 3/24/2025 | 100,000 | 104,325 | ||||||
2.00%, 9/1/2029 | 200,000 | 193,254 | ||||||
6.65%, 11/15/2037 | 100,000 | 141,074 | ||||||
|
| |||||||
438,653 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) - 2.9% |
| |||||||
Alexandria Real Estate Equities, Inc. |
| |||||||
2.75%, 12/15/2029 | 200,000 | 202,060 | ||||||
AvalonBay Communities, Inc. | ||||||||
2.95%, 5/11/2026 | 200,000 | 208,089 | ||||||
Boston Properties LP | ||||||||
3.25%, 1/30/2031 | 200,000 | 203,776 | ||||||
Equinix, Inc. | ||||||||
3.20%, 11/18/2029 | 100,000 | 101,270 | ||||||
ERP Operating LP | ||||||||
4.50%, 7/1/2044 | 100,000 | 120,348 | ||||||
Prologis LP | ||||||||
3.00%, 4/15/2050 | 100,000 | 97,872 | ||||||
Ventas Realty LP | ||||||||
4.00%, 3/1/2028 | 200,000 | 215,461 | ||||||
Welltower, Inc. | ||||||||
3.10%, 1/15/2030 | 200,000 | 203,567 | ||||||
|
| |||||||
1,352,443 | ||||||||
|
| |||||||
Food & Staples Retailing - 1.6% |
| |||||||
Kroger Co. (The) | ||||||||
2.65%, 10/15/2026 | 100,000 | 101,820 |
Investments | Principal Amount ($) | Value ($) | ||||||
3.95%, 1/15/2050 | 100,000 | 107,533 | ||||||
Walgreens Boots Alliance, Inc. | ||||||||
3.45%, 6/1/2026 | 100,000 | 104,643 | ||||||
Walmart, Inc. | ||||||||
3.40%, 6/26/2023 | 200,000 | 206,232 | ||||||
3.25%, 7/8/2029 | 100,000 | 107,380 | ||||||
4.05%, 6/29/2048 | 100,000 | 118,591 | ||||||
|
| |||||||
746,199 | ||||||||
|
| |||||||
Food Products - 1.7% | ||||||||
Campbell Soup Co. | ||||||||
4.15%, 3/15/2028 | 100,000 | 108,402 | ||||||
General Mills, Inc. | ||||||||
3.70%, 10/17/2023 | 100,000 | 103,575 | ||||||
2.88%, 4/15/2030 | 100,000 | 101,486 | ||||||
Kellogg Co. | ||||||||
2.65%, 12/1/2023 | 300,000 | 306,589 | ||||||
Mondelez International, Inc. | ||||||||
2.63%, 9/4/2050 | 100,000 | 88,024 | ||||||
Unilever Capital Corp. | ||||||||
3.50%, 3/22/2028 | 100,000 | 106,540 | ||||||
|
| |||||||
814,616 | ||||||||
|
| |||||||
Health Care Equipment & Supplies - 2.0% |
| |||||||
Abbott Laboratories | ||||||||
3.40%, 11/30/2023 | 300,000 | 310,167 | ||||||
4.90%, 11/30/2046 | 150,000 | 192,100 | ||||||
Baxter International, Inc. | ||||||||
1.73%, 4/1/2031 | 100,000 | 91,793 | ||||||
3.13%, 12/1/2051(c) | 50,000 | 47,683 | ||||||
Boston Scientific Corp. | ||||||||
2.65%, 6/1/2030 | 100,000 | 98,806 | ||||||
Medtronic, Inc. | ||||||||
4.63%, 3/15/2045 | 100,000 | 122,737 | ||||||
Zimmer Biomet Holdings, Inc. | ||||||||
2.60%, 11/24/2031 | 100,000 | 96,712 | ||||||
|
| |||||||
959,998 | ||||||||
|
| |||||||
Health Care Providers & Services - 5.5% |
| |||||||
Aetna, Inc. | ||||||||
2.80%, 6/15/2023 | 200,000 | 203,716 | ||||||
3.88%, 8/15/2047 | 50,000 | 53,022 | ||||||
AmerisourceBergen Corp. | ||||||||
2.70%, 3/15/2031 | 100,000 | 97,860 | ||||||
Anthem, Inc. | ||||||||
2.38%, 1/15/2025 | 200,000 | 202,987 | ||||||
2.25%, 5/15/2030 | 100,000 | 95,866 | ||||||
3.60%, 3/15/2051 | 200,000 | 206,127 | ||||||
Cardinal Health, Inc. | ||||||||
3.08%, 6/15/2024 | 100,000 | 102,692 | ||||||
4.90%, 9/15/2045 | 50,000 | 56,549 | ||||||
Cigna Corp. | ||||||||
4.50%, 2/25/2026 | 100,000 | 108,364 | ||||||
4.38%, 10/15/2028 | 150,000 | 165,131 | ||||||
4.90%, 12/15/2048 | 150,000 | 178,341 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
CommonSpirit Health | ||||||||
4.19%, 10/1/2049 | 100,000 | 109,975 | ||||||
CVS Health Corp. | ||||||||
3.88%, 7/20/2025 | 100,000 | 105,762 | ||||||
4.30%, 3/25/2028 | 200,000 | 218,051 | ||||||
4.78%, 3/25/2038 | 100,000 | 115,777 | ||||||
5.05%, 3/25/2048 | 150,000 | 184,422 | ||||||
4.25%, 4/1/2050 | 50,000 | 56,026 | ||||||
Kaiser Foundation Hospitals | ||||||||
Series 2021, 2.81%, 6/1/2041 | 100,000 | 95,315 | ||||||
Laboratory Corp. of America Holdings |
| |||||||
1.55%, 6/1/2026 | 100,000 | 97,005 | ||||||
2.70%, 6/1/2031 | 100,000 | 98,640 | ||||||
Quest Diagnostics, Inc. | ||||||||
4.70%, 3/30/2045 | 50,000 | 59,487 | ||||||
|
| |||||||
2,611,115 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure - 1.5% |
| |||||||
Las Vegas Sands Corp. | ||||||||
3.20%, 8/8/2024 | 100,000 | 101,309 | ||||||
Marriott International, Inc. | ||||||||
Series II, 2.75%, 10/15/2033 | 100,000 | 93,533 | ||||||
McDonalds Corp. | ||||||||
3.50%, 7/1/2027 | 100,000 | 105,910 | ||||||
3.63%, 9/1/2049 | 200,000 | 206,625 | ||||||
Sands China Ltd. | ||||||||
5.40%, 8/8/2028 | 200,000 | 206,558 | ||||||
|
| |||||||
713,935 | ||||||||
|
| |||||||
Household Durables - 0.3% | ||||||||
Lennar Corp. | ||||||||
4.50%, 4/30/2024 | 100,000 | 105,226 | ||||||
Whirlpool Corp. | ||||||||
4.60%, 5/15/2050 | 50,000 | 57,537 | ||||||
|
| |||||||
162,763 | ||||||||
|
| |||||||
Household Products - 0.2% | ||||||||
Kimberly-Clark Corp. | ||||||||
3.10%, 3/26/2030 | 100,000 | 105,158 | ||||||
|
| |||||||
Independent Power and Renewable Electricity Producers - 0.8% |
| |||||||
Exelon Generation Co. LLC | ||||||||
3.25%, 6/1/2025 | 200,000 | 207,286 | ||||||
5.75%, 10/1/2041 | 100,000 | 116,563 | ||||||
Oglethorpe Power Corp. | ||||||||
5.05%, 10/1/2048 | 50,000 | 60,670 | ||||||
|
| |||||||
384,519 | ||||||||
|
| |||||||
Insurance - 4.3% | ||||||||
Allstate Corp. (The) | ||||||||
3.85%, 8/10/2049 | 100,000 | 111,435 | ||||||
American International Group, Inc. | ||||||||
2.50%, 6/30/2025 | 200,000 | 203,378 |
Investments | Principal Amount ($) | Value ($) | ||||||
4.25%, 3/15/2029 | 200,000 | 220,016 | ||||||
4.75%, 4/1/2048 | 100,000 | 121,538 | ||||||
Chubb INA Holdings, Inc. | ||||||||
4.35%, 11/3/2045 | 100,000 | 118,590 | ||||||
Hartford Financial Services Group, Inc. (The) |
| |||||||
3.60%, 8/19/2049 | 100,000 | 102,616 | ||||||
Lincoln National Corp. | ||||||||
4.00%, 9/1/2023 | 200,000 | 207,900 | ||||||
MetLife, Inc. | ||||||||
3.60%, 4/10/2024 | 200,000 | 208,975 | ||||||
4.60%, 5/13/2046 | 100,000 | 121,959 | ||||||
Progressive Corp. (The) | ||||||||
4.20%, 3/15/2048 | 100,000 | 117,001 | ||||||
Prudential Financial, Inc. | ||||||||
4.50%, 9/15/2047(a) | 100,000 | 102,189 | ||||||
4.35%, 2/25/2050 | 150,000 | 176,389 | ||||||
Travelers Cos., Inc. (The) | ||||||||
4.00%, 5/30/2047 | 150,000 | 170,171 | ||||||
Unum Group | ||||||||
4.13%, 6/15/2051 | 50,000 | 48,163 | ||||||
|
| |||||||
2,030,320 | ||||||||
|
| |||||||
Interactive Media & Services - 0.6% |
| |||||||
Alphabet, Inc. | ||||||||
0.45%, 8/15/2025 | 100,000 | 95,870 | ||||||
1.10%, 8/15/2030 | 100,000 | 91,342 | ||||||
2.05%, 8/15/2050 | 100,000 | 82,427 | ||||||
|
| |||||||
269,639 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail - 1.7% |
| |||||||
Amazon.com, Inc. | ||||||||
1.00%, 5/12/2026 | 200,000 | 194,017 | ||||||
1.65%, 5/12/2028 | 250,000 | 242,341 | ||||||
3.88%, 8/22/2037 | 100,000 | 111,841 | ||||||
2.88%, 5/12/2041 | 150,000 | 146,369 | ||||||
eBay, Inc. | ||||||||
2.70%, 3/11/2030 | 100,000 | 99,310 | ||||||
|
| |||||||
793,878 | ||||||||
|
| |||||||
IT Services - 2.6% | ||||||||
International Business Machines Corp. |
| |||||||
3.00%, 5/15/2024 | 200,000 | 206,206 | ||||||
3.50%, 5/15/2029 | 150,000 | 158,517 | ||||||
4.25%, 5/15/2049 | 150,000 | 170,613 | ||||||
Kyndryl Holdings, Inc. | ||||||||
4.10%, 10/15/2041(c) | 25,000 | 22,557 | ||||||
Mastercard, Inc. | ||||||||
2.95%, 6/1/2029 | 200,000 | 208,845 | ||||||
PayPal Holdings, Inc. | ||||||||
1.35%, 6/1/2023 | 200,000 | 200,486 | ||||||
2.85%, 10/1/2029 | 100,000 | 102,561 | ||||||
Visa, Inc. | ||||||||
3.15%, 12/14/2025 | 150,000 | 157,482 | ||||||
|
| |||||||
1,227,267 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Leisure Products - 0.1% |
| |||||||
Hasbro, Inc. | ||||||||
6.35%, 3/15/2040 | 50,000 | 66,598 | ||||||
|
| |||||||
Machinery - 1.1% | ||||||||
Caterpillar, Inc. | ||||||||
5.20%, 5/27/2041 | 100,000 | 131,292 | ||||||
Deere & Co. | ||||||||
3.90%, 6/9/2042 | 50,000 | 56,507 | ||||||
Illinois Tool Works, Inc. | ||||||||
2.65%, 11/15/2026 | 200,000 | 206,572 | ||||||
Stanley Black & Decker, Inc. | ||||||||
4.00%, 3/15/2060(a) | 100,000 | 101,679 | ||||||
|
| |||||||
496,050 | ||||||||
|
| |||||||
Media - 0.8% | ||||||||
Fox Corp. | ||||||||
4.71%, 1/25/2029 | 100,000 | 110,468 | ||||||
ViacomCBS, Inc. | ||||||||
4.95%, 1/15/2031 | 200,000 | 227,889 | ||||||
4.95%, 5/19/2050 | 50,000 | 59,507 | ||||||
|
| |||||||
397,864 | ||||||||
|
| |||||||
Metals & Mining - 0.4% | ||||||||
Newmont Corp. | ||||||||
5.88%, 4/1/2035 | 100,000 | 124,072 | ||||||
Teck Resources Ltd. | ||||||||
6.25%, 7/15/2041 | 50,000 | 63,397 | ||||||
|
| |||||||
187,469 | ||||||||
|
| |||||||
Multiline Retail - 0.2% | ||||||||
Target Corp. | ||||||||
2.25%, 4/15/2025 | 100,000 | 101,576 | ||||||
|
| |||||||
Multi-Utilities - 0.7% | ||||||||
Consumers Energy Co. | ||||||||
4.35%, 4/15/2049 | 100,000 | 120,052 | ||||||
San Diego Gas & Electric Co. | ||||||||
2.95%, 8/15/2051 | 100,000 | 94,078 | ||||||
Sempra Energy | ||||||||
4.00%, 2/1/2048 | 100,000 | 106,101 | ||||||
|
| |||||||
320,231 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 7.4% |
| |||||||
Canadian Natural Resources Ltd. | ||||||||
6.25%, 3/15/2038 | 100,000 | 126,507 | ||||||
Cenovus Energy, Inc. | ||||||||
5.38%, 7/15/2025 | 300,000 | 328,166 | ||||||
2.65%, 1/15/2032 | 100,000 | 95,152 | ||||||
Devon Energy Corp. | ||||||||
5.00%, 6/15/2045 | 50,000 | 57,957 | ||||||
Enbridge, Inc. | ||||||||
5.50%, 7/15/2077(a) | 100,000 | 102,140 | ||||||
Enterprise Products Operating LLC | ||||||||
6.45%, 9/1/2040 | 100,000 | 132,064 | ||||||
4.25%, 2/15/2048 | 100,000 | 106,755 |
Investments | Principal Amount ($) | Value ($) | ||||||
4.80%, 2/1/2049 | 50,000 | 57,660 | ||||||
4.20%, 1/31/2050 | 50,000 | 53,134 | ||||||
Hess Corp. | ||||||||
3.50%, 7/15/2024 | 300,000 | 310,392 | ||||||
6.00%, 1/15/2040 | 50,000 | 62,100 | ||||||
Kinder Morgan Energy Partners LP | ||||||||
6.95%, 1/15/2038 | 100,000 | 132,173 | ||||||
Kinder Morgan, Inc. | ||||||||
4.30%, 6/1/2025 | 100,000 | 106,652 | ||||||
2.00%, 2/15/2031 | 100,000 | 91,024 | ||||||
5.55%, 6/1/2045 | 100,000 | 119,462 | ||||||
Magellan Midstream Partners LP | ||||||||
3.95%, 3/1/2050 | 50,000 | 50,107 | ||||||
Marathon Petroleum Corp. | ||||||||
4.50%, 4/1/2048 | 50,000 | 54,500 | ||||||
MPLX LP | ||||||||
2.65%, 8/15/2030 | 100,000 | 96,647 | ||||||
5.50%, 2/15/2049 | 100,000 | 120,007 | ||||||
Plains All American Pipeline LP | ||||||||
4.65%, 10/15/2025 | 300,000 | 322,559 | ||||||
Sabine Pass Liquefaction LLC | ||||||||
4.50%, 5/15/2030 | 100,000 | 109,806 | ||||||
Suncor Energy, Inc. | ||||||||
3.75%, 3/4/2051 | 100,000 | 101,709 | ||||||
TotalEnergies Capital International SA |
| |||||||
2.83%, 1/10/2030 | 100,000 | 101,862 | ||||||
3.13%, 5/29/2050 | 100,000 | 97,130 | ||||||
Transcontinental Gas Pipe Line Co. LLC |
| |||||||
3.25%, 5/15/2030 | 50,000 | 51,422 | ||||||
Valero Energy Corp. | ||||||||
4.00%, 4/1/2029 | 100,000 | 105,868 | ||||||
Williams Cos., Inc. (The) | ||||||||
4.55%, 6/24/2024 | 200,000 | 211,321 | ||||||
6.30%, 4/15/2040 | 100,000 | 128,529 | ||||||
5.75%, 6/24/2044 | 50,000 | 62,035 | ||||||
|
| |||||||
3,494,840 | ||||||||
|
| |||||||
Paper & Forest Products - 0.2% |
| |||||||
Suzano Austria GmbH | ||||||||
3.13%, 1/15/2032 | 100,000 | 92,669 | ||||||
|
| |||||||
Pharmaceuticals - 4.5% | ||||||||
AstraZeneca plc | ||||||||
6.45%, 9/15/2037 | 100,000 | 140,893 | ||||||
GlaxoSmithKline Capital, Inc. | ||||||||
6.38%, 5/15/2038 | 100,000 | 140,511 | ||||||
Johnson & Johnson | ||||||||
2.63%, 1/15/2025 | 100,000 | 103,584 | ||||||
1.30%, 9/1/2030 | 100,000 | 92,740 | ||||||
3.63%, 3/3/2037 | 200,000 | 220,295 | ||||||
3.70%, 3/1/2046 | 100,000 | 110,657 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Merck & Co., Inc. | ||||||||
2.90%, 3/7/2024 | 100,000 | 103,201 | ||||||
3.40%, 3/7/2029 | 100,000 | 106,387 | ||||||
2.35%, 6/24/2040 | 100,000 | 89,702 | ||||||
3.70%, 2/10/2045 | 100,000 | 107,313 | ||||||
2.75%, 12/10/2051 | 50,000 | 46,047 | ||||||
Novartis Capital Corp. | ||||||||
3.40%, 5/6/2024 | 100,000 | 104,363 | ||||||
2.00%, 2/14/2027 | 100,000 | 99,756 | ||||||
2.75%, 8/14/2050 | 100,000 | 94,594 | ||||||
Pfizer, Inc. | ||||||||
3.45%, 3/15/2029 | 100,000 | 107,216 | ||||||
7.20%, 3/15/2039 | 100,000 | 153,792 | ||||||
4.13%, 12/15/2046 | 100,000 | 116,806 | ||||||
Takeda Pharmaceutical Co. Ltd. | ||||||||
2.05%, 3/31/2030 | 200,000 | 188,204 | ||||||
|
| |||||||
2,126,061 | ||||||||
|
| |||||||
Road & Rail - 1.8% | ||||||||
Canadian National Railway Co. | ||||||||
4.45%, 1/20/2049 | 100,000 | 121,726 | ||||||
Canadian Pacific Railway Co. | ||||||||
1.35%, 12/2/2024 | 100,000 | 98,826 | ||||||
4.80%, 8/1/2045 | 100,000 | 122,367 | ||||||
CSX Corp. | ||||||||
3.40%, 8/1/2024 | 200,000 | 208,004 | ||||||
4.30%, 3/1/2048 | 100,000 | 114,646 | ||||||
3.80%, 4/15/2050 | 100,000 | 107,047 | ||||||
Norfolk Southern Corp. | ||||||||
4.65%, 1/15/2046 | 50,000 | 59,635 | ||||||
|
| |||||||
832,251 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 1.5% |
| |||||||
Intel Corp. | ||||||||
2.88%, 5/11/2024 | 100,000 | 102,891 | ||||||
3.40%, 3/25/2025 | 100,000 | 104,649 | ||||||
2.45%, 11/15/2029 | 200,000 | 199,701 | ||||||
4.75%, 3/25/2050 | 150,000 | 185,831 | ||||||
4.95%, 3/25/2060 | 50,000 | 64,643 | ||||||
Micron Technology, Inc. | ||||||||
3.37%, 11/1/2041 | 50,000 | 47,648 | ||||||
|
| |||||||
705,363 | ||||||||
|
| |||||||
Software - 3.7% | ||||||||
Microsoft Corp. | ||||||||
3.13%, 11/3/2025 | 150,000 | 157,060 | ||||||
2.40%, 8/8/2026 | 200,000 | 204,777 | ||||||
3.30%, 2/6/2027 | 200,000 | 212,527 | ||||||
3.45%, 8/8/2036 | 50,000 | 54,697 | ||||||
2.53%, 6/1/2050 | 250,000 | 227,616 | ||||||
2.92%, 3/17/2052 | 250,000 | 244,671 | ||||||
Oracle Corp. | ||||||||
3.60%, 4/1/2040 | 200,000 | 185,626 | ||||||
3.65%, 3/25/2041 | 100,000 | 93,282 |
Investments | Principal Amount ($) | Value ($) | ||||||
4.00%, 7/15/2046 | 100,000 | 95,270 | ||||||
4.10%, 3/25/2061 | 100,000 | 93,583 | ||||||
salesforce.com, Inc. | ||||||||
1.50%, 7/15/2028 | 100,000 | 95,743 | ||||||
2.90%, 7/15/2051 | 100,000 | 94,966 | ||||||
|
| |||||||
1,759,818 | ||||||||
|
| |||||||
Specialty Retail - 2.2% | ||||||||
Home Depot, Inc. (The) | ||||||||
3.90%, 12/6/2028 | 200,000 | 219,156 | ||||||
5.88%, 12/16/2036 | 150,000 | 203,183 | ||||||
Lowes Cos., Inc. | ||||||||
2.50%, 4/15/2026 | 200,000 | 204,372 | ||||||
3.65%, 4/5/2029 | 250,000 | 266,507 | ||||||
3.00%, 10/15/2050 | 150,000 | 137,366 | ||||||
|
| |||||||
1,030,584 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals - 2.9% |
| |||||||
Apple, Inc. | ||||||||
2.40%, 5/3/2023 | 100,000 | 101,657 | ||||||
3.25%, 2/23/2026 | 300,000 | 314,556 | ||||||
1.65%, 2/8/2031 | 300,000 | 281,833 | ||||||
2.38%, 2/8/2041 | 150,000 | 136,049 | ||||||
3.85%, 5/4/2043 | 150,000 | 166,343 | ||||||
4.65%, 2/23/2046 | 150,000 | 185,909 | ||||||
2.65%, 2/8/2051 | 50,000 | 45,735 | ||||||
Dell International LLC | ||||||||
8.10%, 7/15/2036 | 54,000 | 77,802 | ||||||
Hewlett Packard Enterprise Co. | ||||||||
6.35%, 10/15/2045(b) | 50,000 | 63,200 | ||||||
|
| |||||||
1,373,084 | ||||||||
|
| |||||||
Water Utilities - 0.4% | ||||||||
American Water Capital Corp. | ||||||||
2.30%, 6/1/2031 | 200,000 | 193,812 | ||||||
|
| |||||||
Wireless Telecommunication Services - 0.7% |
| |||||||
Vodafone Group plc | ||||||||
4.38%, 5/30/2028 | 100,000 | 109,433 | ||||||
5.25%, 5/30/2048 | 200,000 | 241,568 | ||||||
|
| |||||||
351,001 | ||||||||
|
| |||||||
TOTAL CORPORATE BONDS |
| 46,762,791 | ||||||
|
| |||||||
Total Investments - 98.6% |
| 46,762,791 | ||||||
Other assets less liabilities - 1.4% |
| 647,100 | ||||||
|
| |||||||
Net Assets - 100.0% |
| 47,409,891 | ||||||
|
|
(a) | Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end. |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)
(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, 2022. |
(c) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees. |
Percentages shown are based on Net Assets.
Security Type | % of Net Assets | |||
Corporate Bonds | 98.6 | % | ||
Others(1) | 1.4 | |||
|
| |||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Ready Access Variable Income Fund
January 31, 2022 (Unaudited)
Investments | Principal Amount ($) | Value ($) | ||||||
CORPORATE BONDS - 88.9% |
| |||||||
Aerospace & Defense - 0.4% |
| |||||||
Boeing Co. (The) | 929,000 | 927,757 | ||||||
1.95%, 2/1/2024 | 900,000 | 904,617 | ||||||
|
| |||||||
1,832,374 | ||||||||
|
| |||||||
Agricultural & Farm Machinery - 0.2% |
| |||||||
CNH Industrial Capital LLC | 474,000 | 476,949 | ||||||
1.95%, 7/2/2023 | 630,000 | 633,282 | ||||||
|
| |||||||
1,110,231 | ||||||||
|
| |||||||
Agricultural Products - 0.3% |
| |||||||
Cargill, Inc. | ||||||||
0.40%, 2/2/2024(a) | 1,200,000 | 1,177,053 | ||||||
|
| |||||||
Air Freight & Logistics - 0.1% |
| |||||||
United Parcel Service, Inc. | 445,000 | 449,992 | ||||||
|
| |||||||
Airlines - 0.4% | ||||||||
Southwest Airlines Co. | 1,670,000 | 1,734,796 | ||||||
|
| |||||||
Apparel, Accessories & Luxury Goods - 0.2% |
| |||||||
VF Corp. | 1,085,000 | 1,088,763 | ||||||
|
| |||||||
Asset Management & Custody Banks - 1.3% |
| |||||||
Ares Capital Corp. | 1,100,000 | 1,121,961 | ||||||
Bank of New York Mellon Corp. (The) | 2,800,000 | 2,793,284 | ||||||
Blackstone Private Credit Fund | 800,000 | 793,658 | ||||||
FS KKR Capital Corp. | 980,000 | 951,818 | ||||||
|
| |||||||
5,660,721 | ||||||||
|
| |||||||
Automobile Manufacturers - 2.6% |
| |||||||
BMW US Capital LLC | 1,250,000 | 1,287,211 | ||||||
(SOFRINDX + 0.53%), | 900,000 | 904,443 | ||||||
Daimler Finance North America LLC | 2,350,000 | 2,308,908 | ||||||
Hyundai Capital America | ||||||||
1.25%, 9/18/2023(a) | 910,000 | 902,467 |
Investments | Principal Amount ($) | Value ($) | ||||||
0.80%, 1/8/2024(a) | 1,700,000 | 1,664,436 | ||||||
0.88%, 6/14/2024(a) | 1,000,000 | 975,269 | ||||||
Nissan Motor Acceptance Co. LLC | 900,000 | 874,109 | ||||||
Volkswagen Group of America Finance LLC | 1,000,000 | 997,165 | ||||||
3.13%, 5/12/2023(a) | 1,410,000 | 1,440,657 | ||||||
|
| |||||||
11,354,665 | ||||||||
|
| |||||||
Automotive Retail - 0.4% | ||||||||
Advance Auto Parts, Inc. | 250,000 | 260,211 | ||||||
AutoZone, Inc. | 320,000 | 324,282 | ||||||
OReilly Automotive, Inc. | 1,109,000 | 1,140,278 | ||||||
|
| |||||||
1,724,771 | ||||||||
|
| |||||||
Biotechnology - 1.3% | ||||||||
AbbVie, Inc. | 4,000,000 | 4,057,416 | ||||||
Gilead Sciences, Inc. | 1,624,000 | 1,607,581 | ||||||
|
| |||||||
5,664,997 | ||||||||
|
| |||||||
Cable & Satellite - 0.8% | ||||||||
Charter Communications Operating LLC | 1,062,000 | 1,073,943 | ||||||
Comcast Cable Communications Holdings, Inc. | 1,407,000 | 1,501,195 | ||||||
Comcast Corp. | 1,000,000 | 1,010,204 | ||||||
|
| |||||||
3,585,342 | ||||||||
|
| |||||||
Commodity Chemicals - 0.1% |
| |||||||
Westlake Chemical Corp. | 300,000 | 292,443 | ||||||
|
| |||||||
Construction Machinery & Heavy Trucks - 0.5% |
| |||||||
Daimler Trucks Finance North America LLC | 2,000,000 | 2,005,083 | ||||||
|
| |||||||
Construction Materials - 0.2% |
| |||||||
Martin Marietta Materials, Inc. | 980,000 | 969,558 | ||||||
|
| |||||||
Consumer Finance - 7.0% | ||||||||
AerCap Ireland Capital DAC | 900,000 | 900,359 | ||||||
1.65%, 10/29/2024 | 750,000 | 737,696 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Ready Access Variable Income Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Ally Financial, Inc. | 1,460,000 | 1,461,604 | ||||||
4.63%, 5/19/2022 | 2,000,000 | 2,023,464 | ||||||
American Express Co. | 570,000 | 574,567 | ||||||
American Honda Finance Corp. | 2,500,000 | 2,504,379 | ||||||
0.88%, 7/7/2023 | 2,420,000 | 2,406,313 | ||||||
(ICE LIBOR USD 3 Month + 0.42%), 0.61%, 9/8/2023(b) | 600,000 | 601,811 | ||||||
Capital One Financial Corp. | ||||||||
(ICE LIBOR USD 3 Month + 0.95%), 1.15%, 3/9/2022(b) | 235,000 | 235,041 | ||||||
(ICE LIBOR USD 3 Month + 0.72%), 1.02%, 1/30/2023(b) | 1,500,000 | 1,504,236 | ||||||
3.50%, 6/15/2023 | 1,000,000 | 1,027,936 | ||||||
Caterpillar Financial Services Corp. | 500,000 | 500,884 | ||||||
2.40%, 6/6/2022 | 542,000 | 545,606 | ||||||
General Motors Financial Co., Inc. | 465,000 | 480,194 | ||||||
1.70%, 8/18/2023 | 380,000 | 380,421 | ||||||
(SOFR + 0.76%), 0.81%, 3/8/2024(b) | 800,000 | 801,803 | ||||||
3.50%, 11/7/2024 | 600,000 | 621,307 | ||||||
John Deere Capital Corp. | 300,000 | 305,242 | ||||||
2.80%, 1/27/2023 | 625,000 | 637,274 | ||||||
(SOFR + 0.12%), 0.17%, 7/10/2023(b) | 1,500,000 | 1,500,326 | ||||||
(SOFR + 0.20%), 0.25%, 10/11/2024(b) | 1,500,000 | 1,498,244 | ||||||
PACCAR Financial Corp. | 1,000,000 | 1,020,585 | ||||||
Synchrony Financial | ||||||||
4.25%, 8/15/2024 | 1,493,000 | 1,563,202 | ||||||
Toyota Motor Credit Corp. | 7,000,000 | 7,001,995 | ||||||
|
| |||||||
30,834,489 | ||||||||
|
| |||||||
Data Processing & Outsourced Services - 1.1% |
| |||||||
Fidelity National Information Services, Inc. | 910,000 | 888,373 | ||||||
Global Payments, Inc. | 240,000 | 236,915 |
Investments | Principal Amount ($) | Value ($) | ||||||
PayPal Holdings, Inc. | 320,000 | 323,316 | ||||||
1.35%, 6/1/2023 | 3,440,000 | 3,448,364 | ||||||
|
| |||||||
4,896,968 | ||||||||
|
| |||||||
Diversified Banks - 23.2% |
| |||||||
Bank of America Corp. | 3,700,000 | 3,702,220 | ||||||
(SOFR + 0.73%), 0.77%, 10/24/2024(b) | 2,200,000 | 2,217,338 | ||||||
Bank of Montreal | 3,300,000 | 3,296,194 | ||||||
Bank of New Zealand | 4,000,000 | 4,020,819 | ||||||
Bank of Nova Scotia (The) | 5,000,000 | 4,987,402 | ||||||
Banque Federative du Credit Mutuel SA | 1,000,000 | 1,011,317 | ||||||
Barclays Bank plc | 1,090,000 | 1,092,704 | ||||||
BNP Paribas SA | 300,000 | 302,272 | ||||||
4.25%, 10/15/2024 | 1,000,000 | 1,061,010 | ||||||
Canadian Imperial Bank of Commerce | 2,300,000 | 2,314,126 | ||||||
Citigroup, Inc. | 900,000 | 904,442 | ||||||
(SOFR + 0.69%), 0.74%, 1/25/2026(b) | 2,400,000 | 2,407,205 | ||||||
Commonwealth Bank of Australia | 1,800,000 | 1,801,741 | ||||||
(SOFR + 0.52%), 0.57%, 6/15/2026(a)(b) | 1,900,000 | 1,910,400 | ||||||
Cooperatieve Rabobank UA | 2,000,000 | 2,004,188 | ||||||
(SOFR + 0.38%), 0.43%, 1/10/2025(b) | 1,600,000 | 1,603,592 | ||||||
HSBC Holdings plc | 1,100,000 | 1,102,706 | ||||||
0.73%, 8/17/2024(c) | 2,240,000 | 2,205,480 | ||||||
ING Groep NV | 291,000 | 292,247 | ||||||
(SOFR + 1.01%), 1.06%, 4/1/2027(b) | 3,800,000 | 3,844,109 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Ready Access Variable Income Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
JPMorgan Chase & Co. | 700,000 | 702,358 | ||||||
2.78%, 4/25/2023(c) | 100,000 | 100,353 | ||||||
1.51%, 6/1/2024(c) | 2,350,000 | 2,352,697 | ||||||
0.77%, 8/9/2025(c) | 1,000,000 | 972,214 | ||||||
(SOFR + 0.77%), 0.81%, 9/22/2027(b) | 2,500,000 | 2,502,638 | ||||||
Lloyds Banking Group plc | 2,400,000 | 2,405,013 | ||||||
1.33%, 6/15/2023(c) | 400,000 | 400,115 | ||||||
4.05%, 8/16/2023 | 650,000 | 674,833 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 700,000 | 702,012 | ||||||
2.62%, 7/18/2022 | 2,720,000 | 2,743,252 | ||||||
3.46%, 3/2/2023 | 500,000 | 512,091 | ||||||
Mizuho Financial Group, Inc. | 600,000 | 602,359 | ||||||
(ICE LIBOR USD 3 Month + 0.84%), 1.08%, 7/16/2023(b) | 700,000 | 701,956 | ||||||
(ICE LIBOR USD 3 Month + 0.85%), 1.05%, 9/13/2023(b) | 2,250,000 | 2,258,127 | ||||||
(ICE LIBOR USD 3 Month + 0.61%), 0.80%, 9/8/2024(b) | 2,900,000 | 2,908,773 | ||||||
National Australia Bank Ltd. | 2,000,000 | 1,982,764 | ||||||
(SOFR + 0.65%), 0.70%, 1/12/2027(a)(b) | 4,000,000 | 4,018,966 | ||||||
National Bank of Canada | 900,000 | 878,655 | ||||||
NatWest Markets plc | 600,000 | 601,233 | ||||||
Nordea Bank Abp | 640,000 | 637,981 | ||||||
0.63%, 5/24/2024(a) | 1,100,000 | 1,076,290 | ||||||
Royal Bank of Canada | 600,000 | 600,000 | ||||||
(SOFRINDX + 0.44%), 0.49%, 1/21/2025(b) | 3,000,000 | 3,003,133 | ||||||
(SOFRINDX + 0.53%), 0.57%, 1/20/2026(b) | 2,750,000 | 2,747,195 | ||||||
(SOFRINDX + 0.57%), 0.61%, 4/27/2026(b) | 2,000,000 | 1,993,662 |
Investments | Principal Amount ($) | Value ($) | ||||||
Skandinaviska Enskilda Banken AB | 600,000 | 607,147 | ||||||
(ICE LIBOR USD 3 Month + 0.32%), 0.49%, 9/1/2023(a)(b) | 2,800,000 | 2,805,055 | ||||||
0.65%, 9/9/2024(a) | 500,000 | 486,954 | ||||||
Societe Generale SA | 1,000,000 | 1,011,367 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 300,000 | 293,932 | ||||||
(SOFR + 0.88%), 0.93%, 1/14/2027(b) | 1,480,000 | 1,494,196 | ||||||
Sumitomo Mitsui Trust Bank Ltd. | 900,000 | 891,086 | ||||||
0.85%, 3/25/2024(a) | 400,000 | 393,216 | ||||||
Swedbank AB | 400,000 | 399,948 | ||||||
Toronto-Dominion Bank (The) | 2,700,000 | 2,700,945 | ||||||
0.55%, 3/4/2024 | 2,000,000 | 1,961,020 | ||||||
(SOFR + 0.59%), 0.64%, 9/10/2026(b) | 2,000,000 | 2,008,509 | ||||||
US Bank NA | 500,000 | 502,392 | ||||||
Westpac Banking Corp. | 4,410,000 | 4,410,498 | ||||||
(SOFR + 0.52%), 0.57%, 6/3/2026(b) | 2,568,000 | 2,576,083 | ||||||
|
| |||||||
102,702,530 | ||||||||
|
| |||||||
Diversified Capital Markets - 2.4% |
| |||||||
Credit Suisse AG | 3,000,000 | 3,000,055 | ||||||
2.80%, 4/8/2022 | 1,300,000 | 1,305,873 | ||||||
Deutsche Bank AG | 1,150,000 | 1,155,870 | ||||||
0.90%, 5/28/2024 | 1,100,000 | 1,079,447 | ||||||
Macquarie Bank Ltd. | 650,000 | 655,824 | ||||||
UBS AG | 2,500,000 | 2,501,355 | ||||||
0.70%, 8/9/2024(a) | 200,000 | 195,377 | ||||||
UBS Group AG | 620,000 | 624,276 | ||||||
|
| |||||||
10,518,077 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Ready Access Variable Income Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Diversified REITs - 0.2% |
| |||||||
Simon Property Group LP REIT, | 700,000 | 700,961 | ||||||
|
| |||||||
Drug Retail - 0.6% | ||||||||
Walgreen Co. | 900,000 | 912,463 | ||||||
Walgreens Boots Alliance, Inc. | 1,770,000 | 1,751,570 | ||||||
|
| |||||||
2,664,033 | ||||||||
|
| |||||||
Electric Utilities - 3.9% |
| |||||||
American Electric Power Co., Inc. | 1,400,000 | 1,400,130 | ||||||
Duke Energy Corp. | 250,000 | 251,807 | ||||||
Entergy Louisiana LLC | 1,400,000 | 1,380,754 | ||||||
Eversource Energy | 1,500,000 | 1,499,885 | ||||||
Florida Power & Light Co. (SOFRINDX + 0.38%), 0.43%, 1/12/2024(b) | 4,400,000 | 4,402,449 | ||||||
Mississippi Power Co. | 950,000 | 943,466 | ||||||
NextEra Energy Capital Holdings, Inc. | 2,121,000 | 2,121,311 | ||||||
OGE Energy Corp. | 1,490,000 | 1,474,817 | ||||||
PPL Electric Utilities Corp. | 850,000 | 848,322 | ||||||
(SOFR + 0.33%), 0.38%, 6/24/2024(b) | 1,360,000 | 1,359,590 | ||||||
Southern Co. (The) | 1,840,000 | 1,798,758 | ||||||
|
| |||||||
17,481,289 | ||||||||
|
| |||||||
Electrical Components & Equipment - 0.1% |
| |||||||
Eaton Corp. | 250,000 | 253,433 | ||||||
|
|
Investments | Principal Amount ($) | Value ($) | ||||||
Financial Exchanges & Data - 1.2% |
| |||||||
Intercontinental Exchange, Inc. | 1,300,000 | 1,310,337 | ||||||
Moodys Corp. | 1,000,000 | 1,014,274 | ||||||
Nasdaq, Inc. | 2,865,000 | 2,849,246 | ||||||
|
| |||||||
5,173,857 | ||||||||
|
| |||||||
Gas Utilities - 0.8% | ||||||||
CenterPoint Energy Resources Corp. | 1,170,000 | 1,162,262 | ||||||
ONE Gas, Inc. | 2,050,000 | 2,049,996 | ||||||
Southern Natural Gas Co. LLC | 180,000 | 178,267 | ||||||
|
| |||||||
3,390,525 | ||||||||
|
| |||||||
Health Care Equipment - 2.6% |
| |||||||
Abbott Laboratories | 1,162,000 | 1,164,862 | ||||||
Baxter International, Inc. | 1,800,000 | 1,777,664 | ||||||
(SOFR + 0.44%), 0.49%, 11/29/2024(a)(b) | 1,140,000 | 1,136,928 | ||||||
Becton Dickinson and Co. | 1,900,000 | 1,905,789 | ||||||
DH Europe Finance II Sarl | 3,050,000 | 3,082,535 | ||||||
Stryker Corp. | 1,910,000 | 1,881,856 | ||||||
Zimmer Biomet Holdings, Inc. | 650,000 | 641,304 | ||||||
|
| |||||||
11,590,938 | ||||||||
|
| |||||||
Health Care Facilities - 0.1% |
| |||||||
HCA, Inc. | 400,000 | 424,193 | ||||||
|
| |||||||
Health Care Services - 0.5% |
| |||||||
CVS Health Corp. | 800,000 | 807,187 | ||||||
2.75%, 12/1/2022 | 1,610,000 | 1,627,572 | ||||||
|
| |||||||
2,434,759 | ||||||||
|
| |||||||
Homebuilding - 0.3% | ||||||||
DR Horton, Inc. | 500,000 | 506,128 | ||||||
Lennar Corp. | 940,000 | 986,403 | ||||||
|
| |||||||
1,492,531 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Ready Access Variable Income Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Household Products - 0.4% |
| |||||||
Church & Dwight Co., Inc. | 1,185,000 | 1,193,134 | ||||||
2.88%, 10/1/2022 | 400,000 | 405,242 | ||||||
|
| |||||||
1,598,376 | ||||||||
|
| |||||||
Industrial Conglomerates - 0.7% |
| |||||||
General Electric Co. | 3,000,000 | 2,964,787 | ||||||
Roper Technologies, Inc. | 290,000 | 289,607 | ||||||
|
| |||||||
3,254,394 | ||||||||
|
| |||||||
Insurance Brokers - 0.5% | ||||||||
Aon Corp. | 2,227,000 | 2,250,462 | ||||||
|
| |||||||
Integrated Oil & Gas - 0.2% |
| |||||||
Chevron Corp. | 500,000 | 499,888 | ||||||
Saudi Arabian Oil Co. | 200,000 | 198,750 | ||||||
TotalEnergies Capital International SA | 232,000 | 232,253 | ||||||
|
| |||||||
930,891 | ||||||||
|
| |||||||
Integrated Telecommunication Services - 2.6% |
| |||||||
AT&T, Inc. | 200,000 | 201,092 | ||||||
(SOFRINDX + 0.64%), 0.69%, 3/25/2024(b) | 1,160,000 | 1,160,368 | ||||||
(ICE LIBOR USD 3 Month + 1.18%), 1.38%, 6/12/2024(b) | 3,550,000 | 3,615,510 | ||||||
Bell Canada | 2,850,000 | 2,798,569 | ||||||
Verizon Communications, Inc. | 1,000,000 | 1,021,390 | ||||||
(SOFRINDX + 0.79%), 0.84%, 3/20/2026(b) | 2,600,000 | 2,616,031 | ||||||
|
| |||||||
11,412,960 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail - 0.4% |
| |||||||
eBay, Inc. | 400,000 | 401,653 | ||||||
(ICE LIBOR USD 3 Month + 0.87%), 1.17%, 1/30/2023(b) | 1,510,000 | 1,519,382 | ||||||
|
| |||||||
1,921,035 | ||||||||
|
|
Investments | Principal Amount ($) | Value ($) | ||||||
Investment Banking & Brokerage - 2.2% |
| |||||||
Charles Schwab Corp. (The) | 677,000 | 687,703 | ||||||
(SOFRINDX + 0.50%), 0.55%, 3/18/2024(b) | 1,390,000 | 1,392,310 | ||||||
Goldman Sachs Group, Inc. (The) | 300,000 | 300,162 | ||||||
(SOFR + 0.58%), 0.63%, 3/8/2024(b) | 2,600,000 | 2,599,448 | ||||||
Morgan Stanley | 845,000 | 850,856 | ||||||
0.56%, 11/10/2023(c) | 3,360,000 | 3,342,819 | ||||||
1.16%, 10/21/2025(c) | 500,000 | 488,020 | ||||||
TD Ameritrade Holding Corp. | 140,000 | 140,303 | ||||||
|
| |||||||
9,801,621 | ||||||||
|
| |||||||
IT Consulting & Other Services - 0.0%(d) |
| |||||||
International Business Machines Corp. | 100,000 | 100,663 | ||||||
|
| |||||||
Life & Health Insurance - 1.4% |
| |||||||
Athene Global Funding | 269,000 | 271,611 | ||||||
1.20%, 10/13/2023(a) | 1,900,000 | 1,886,483 | ||||||
(ICE LIBOR USD 3 | 1,000,000 | 1,003,478 | ||||||
Brighthouse Financial Global Funding | 630,000 | 622,743 | ||||||
Jackson National Life Global Funding | 670,000 | 675,443 | ||||||
Protective Life Global Funding | 900,000 | 888,967 | ||||||
Security Benefit Global Funding | 650,000 | 637,655 | ||||||
|
| |||||||
5,986,380 | ||||||||
|
| |||||||
Life Sciences Tools & Services - 0.4% |
| |||||||
Thermo Fisher Scientific, Inc. | 550,000 | 550,350 | ||||||
1.22%, 10/18/2024 | 1,390,000 | 1,371,998 | ||||||
|
| |||||||
1,922,348 | ||||||||
|
| |||||||
Managed Health Care - 2.7% |
| |||||||
Aetna, Inc. | 3,000,000 | 3,029,801 | ||||||
Cigna Corp. | 2,500,000 | 2,524,678 | ||||||
Humana, Inc. | 760,000 | 750,753 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Ready Access Variable Income Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
UnitedHealth Group, Inc. | 4,026,000 | 4,074,136 | ||||||
0.55%, 5/15/2024 | 1,580,000 | 1,547,940 | ||||||
|
| |||||||
11,927,308 | ||||||||
|
| |||||||
Movies & Entertainment - 1.8% |
| |||||||
TWDC Enterprises 18 Corp. | 5,600,000 | 5,602,014 | ||||||
2.35%, 12/1/2022 | 1,855,000 | 1,877,231 | ||||||
Walt Disney Co. (The) | 568,000 | 576,014 | ||||||
|
| |||||||
8,055,259 | ||||||||
|
| |||||||
Multi-line Insurance - 0.5% |
| |||||||
New York Life Global Funding | 2,000,000 | 2,002,672 | ||||||
|
| |||||||
Multi-Utilities - 3.0% | ||||||||
Ameren Illinois Co. | 1,000,000 | 1,006,412 | ||||||
0.38%, 6/15/2023 | 670,000 | 662,179 | ||||||
Black Hills Corp. | 960,000 | 939,472 | ||||||
CenterPoint Energy, Inc. | 1,180,000 | 1,180,061 | ||||||
Consolidated Edison, Inc. | 3,600,000 | 3,544,450 | ||||||
Dominion Energy, Inc. | 2,000,000 | 2,001,117 | ||||||
DTE Energy Co. | 3,000,000 | 2,993,168 | ||||||
2.25%, 11/1/2022 | 1,082,000 | 1,092,566 | ||||||
|
| |||||||
13,419,425 | ||||||||
|
| |||||||
Oil & Gas Equipment & Services - 0.5% |
| |||||||
Baker Hughes Holdings LLC | 1,220,000 | 1,215,643 | ||||||
Schlumberger Finance Canada Ltd. | 930,000 | 943,163 | ||||||
|
| |||||||
2,158,806 | ||||||||
|
| |||||||
Oil & Gas Exploration & Production - 0.8% |
| |||||||
Continental Resources, Inc. | 220,000 | 225,905 | ||||||
Pioneer Natural Resources Co. | 3,350,000 | 3,286,974 | ||||||
|
| |||||||
3,512,879 | ||||||||
|
|
Investments | Principal Amount ($) | Value ($) | ||||||
Oil & Gas Refining & Marketing - 0.2% |
| |||||||
Phillips 66 | 470,000 | 472,898 | ||||||
3.70%, 4/6/2023 | 600,000 | 616,074 | ||||||
|
| |||||||
1,088,972 | ||||||||
|
| |||||||
Oil & Gas Storage & Transportation - 0.4% |
| |||||||
Enbridge, Inc. | 690,000 | 689,814 | ||||||
MPLX LP | 420,000 | 427,718 | ||||||
TransCanada PipeLines Ltd. | 520,000 | 508,954 | ||||||
|
| |||||||
1,626,486 | ||||||||
|
| |||||||
Other Diversified Financial Services - 0.4% |
| |||||||
Jackson Financial, Inc. | 950,000 | 939,710 | ||||||
Synchrony Bank | 1,000,000 | 1,006,804 | ||||||
|
| |||||||
1,946,514 | ||||||||
|
| |||||||
Packaged Foods & Meats - 2.4% |
| |||||||
Campbell Soup Co. | 2,926,000 | 2,950,923 | ||||||
Conagra Brands, Inc. | 2,575,000 | 2,614,442 | ||||||
0.50%, 8/11/2023 | 560,000 | 551,933 | ||||||
General Mills, Inc. | 650,000 | 658,508 | ||||||
Hormel Foods Corp. | 280,000 | 274,640 | ||||||
McCormick & Co., Inc. | 1,111,000 | 1,121,203 | ||||||
0.90%, 2/15/2026 | 620,000 | 590,027 | ||||||
Mondelez International, Inc. | 500,000 | 499,786 | ||||||
Nestle Holdings, Inc. | 900,000 | 876,857 | ||||||
Unilever Capital Corp. | 550,000 | 551,500 | ||||||
|
| |||||||
10,689,819 | ||||||||
|
| |||||||
Paper Packaging - 0.2% | ||||||||
Avery Dennison Corp. | 1,040,000 | 1,016,835 | ||||||
|
| |||||||
Paper Products - 0.5% | ||||||||
Georgia-Pacific LLC | 2,200,000 | 2,147,812 | ||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Ready Access Variable Income Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
Pharmaceuticals - 2.1% |
| |||||||
AstraZeneca plc | 480,000 | 483,077 | ||||||
Bristol-Myers Squibb Co. | 2,000,000 | 2,012,386 | ||||||
0.54%, 11/13/2023 | 700,000 | 692,048 | ||||||
Eli Lilly & Co. | 219,000 | 219,979 | ||||||
Merck & Co., Inc. | 1,375,000 | 1,384,790 | ||||||
Pfizer, Inc. | 300,000 | 300,804 | ||||||
Shire Acquisitions Investments Ireland DAC | 1,120,000 | 1,142,227 | ||||||
Viatris, Inc. | 3,054,000 | 3,057,862 | ||||||
|
| |||||||
9,293,173 | ||||||||
|
| |||||||
Property & Casualty Insurance - 0.1% |
| |||||||
Chubb INA Holdings, Inc. | 585,000 | 591,969 | ||||||
|
| |||||||
Railroads - 0.6% | ||||||||
Canadian Pacific Railway Co. | 910,000 | 899,317 | ||||||
Union Pacific Corp. | 970,000 | 972,095 | ||||||
2.95%, 1/15/2023 | 600,000 | 608,340 | ||||||
|
| |||||||
2,479,752 | ||||||||
|
| |||||||
Regional Banks - 2.6% | ||||||||
Capital One Bank USA NA | 350,000 | 358,364 | ||||||
KeyBank NA | 4,800,000 | 4,800,484 | ||||||
PNC Financial Services Group, Inc. (The) | 375,000 | 381,126 | ||||||
Truist Financial Corp. | 2,358,000 | 2,376,033 | ||||||
(SOFR + 0.40%), 0.45%, 6/9/2025(b) | 3,750,000 | 3,740,669 | ||||||
|
| |||||||
11,656,676 | ||||||||
|
| |||||||
Residential REITs - 0.2% | ||||||||
American Campus Communities Operating Partnership LP | 985,000 | 1,006,874 | ||||||
|
| |||||||
Retail REITs - 0.7% | ||||||||
Kimco Realty Corp. | 3,000,000 | 3,043,697 | ||||||
|
|
Investments | Principal Amount ($) | Value ($) | ||||||
Semiconductors - 1.1% | ||||||||
Advanced Micro Devices, Inc. | 200,000 | 205,914 | ||||||
Analog Devices, Inc. | 610,000 | 611,613 | ||||||
Microchip Technology, Inc. | 870,000 | 847,132 | ||||||
NVIDIA Corp. | 3,390,000 | 3,355,210 | ||||||
|
| |||||||
5,019,869 | ||||||||
|
| |||||||
Soft Drinks - 0.8% | ||||||||
Keurig Dr Pepper, Inc. | 3,500,000 | 3,429,616 | ||||||
|
| |||||||
Specialized Finance - 0.5% | ||||||||
AIG Global Funding | 1,025,000 | 1,032,447 | ||||||
Element Fleet Management Corp. | 500,000 | 496,273 | ||||||
NTT Finance Corp. | 600,000 | 587,756 | ||||||
|
| |||||||
2,116,476 | ||||||||
|
| |||||||
Specialized REITs - 1.3% | ||||||||
Crown Castle International Corp. | 1,700,000 | 1,738,932 | ||||||
Public Storage | 4,000,000 | 4,000,365 | ||||||
|
| |||||||
5,739,297 | ||||||||
|
| |||||||
Specialty Chemicals - 0.2% | ||||||||
International Flavors & Fragrances, Inc. | 750,000 | 763,528 | ||||||
|
| |||||||
Systems Software - 0.5% | ||||||||
Oracle Corp. | 1,800,000 | 1,818,596 | ||||||
VMware, Inc. | 590,000 | 582,345 | ||||||
|
| |||||||
2,400,941 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals - 0.2% |
| |||||||
Dell International LLC | 268,000 | 280,337 | ||||||
Hewlett Packard Enterprise Co. | 400,000 | 403,904 | ||||||
|
| |||||||
684,241 | ||||||||
|
| |||||||
Trading Companies & Distributors - 0.9% |
| |||||||
Air Lease Corp. | 1,500,000 | 1,499,712 | ||||||
0.70%, 2/15/2024 | 1,000,000 | 973,230 | ||||||
0.80%, 8/18/2024 | 980,000 | 950,244 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Ready Access Variable Income Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
GATX Corp. | 539,000 | 547,022 | ||||||
|
| |||||||
3,970,208 | ||||||||
|
| |||||||
Trucking - 0.6% | ||||||||
Ryder System, Inc. | 1,757,000 | 1,766,624 | ||||||
3.40%, 3/1/2023 | 300,000 | 306,541 | ||||||
SMBC Aviation Capital Finance DAC | 700,000 | 723,419 | ||||||
|
| |||||||
2,796,584 | ||||||||
|
| |||||||
Wireless Telecommunication Services - 1.5% |
| |||||||
Rogers Communications, Inc. | 6,000,000 | 6,004,210 | ||||||
Vodafone Group plc | 708,000 | 716,086 | ||||||
|
| |||||||
6,720,296 | ||||||||
|
| |||||||
TOTAL CORPORATE BONDS |
| 393,694,486 | ||||||
|
| |||||||
Investments | Principal Amount ($) | Value ($) | ||||||
ASSET-BACKED SECURITIES - 2.8% |
| |||||||
AmeriCredit Automobile Receivables Trust | 371,430 | 371,400 | ||||||
Series 2021-1, Class A2, 0.28%, 6/18/2024 | 745,385 | 745,138 | ||||||
Series 2021-2, Class A2, 0.26%, 11/18/2024 | 722,555 | 721,497 | ||||||
BA Credit Card Trust | 880,000 | 885,536 | ||||||
Barclays Dryrock Issuance Trust | 700,000 | 704,478 | ||||||
Capital One Multi-Asset Execution Trust | 900,000 | 905,564 | ||||||
Enterprise Fleet Financing LLC | 386,351 | 388,394 | ||||||
Ford Credit Auto Owner Trust | 267,757 | 267,616 | ||||||
Ford Credit Floorplan Master Owner Trust A | 500,000 | 501,515 | ||||||
GM Financial Automobile Leasing Trust | 166,296 | 166,537 |
Investments | Principal Amount ($) | Value ($) | ||||||
Mercedes-Benz Auto Lease Trust | 96,801 | 96,785 | ||||||
Santander Drive Auto Receivables Trust | 500,000 | 499,482 | ||||||
Synchrony Card Funding LLC | 2,000,000 | 2,006,420 | ||||||
Verizon Owner Trust | 1,500,000 | 1,508,315 | ||||||
World Financial Network Credit Card Master Trust | 1,000,000 | 1,007,113 | ||||||
Series 2019-C, Class A, 2.21%, 7/15/2026 | 1,000,000 | 1,009,348 | ||||||
World Omni Automobile Lease Securitization Trust | 469,015 | 468,884 | ||||||
|
| |||||||
TOTAL ASSET-BACKED SECURITIES |
| 12,254,022 | ||||||
|
| |||||||
MUNICIPAL BONDS - 1.7% |
| |||||||
University of Missouri, System Facilities Revenue Bonds | 1,000,000 | 1,004,568 | ||||||
City of New York | 830,000 | 829,294 | ||||||
Series 2021-D, 0.59%, 8/1/2023 | 1,800,000 | 1,785,238 | ||||||
Anaheim Public Financing Authority | 500,000 | 488,162 | ||||||
California Earthquake Authority | 500,000 | 501,752 | ||||||
Miami-Dade County, Capital Asset Acquisition Special Obligation Bonds | 1,110,000 | 1,100,975 | ||||||
New York City Transitional Finance Authority, Building Aid | 1,000,000 | 978,075 | ||||||
Port Authority of New York & New Jersey | 1,000,000 | 997,862 | ||||||
|
| |||||||
TOTAL MUNICIPAL BONDS |
| 7,685,926 | ||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Ready Access Variable Income Fund (cont.)
Investments | Principal Amount ($) | Value ($) | ||||||
FOREIGN GOVERNMENT SECURITIES - 0.2% |
| |||||||
Japan Bank for International Cooperation 1.75%, 1/23/2023 | 800,000 | 806,591 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS - 4.0% |
| |||||||
U.S. TREASURY OBLIGATIONS - 4.0% |
| |||||||
U.S. Treasury Bills 0.25%, 12/1/2022(f) | 18,000,000 | 17,905,881 | ||||||
Total Investments - 97.6% |
| 432,346,906 | ||||||
Other assets less liabilities - 2.4% |
| 10,551,783 | ||||||
|
| |||||||
Net Assets - 100.0% |
| 442,898,689 | ||||||
|
|
(a) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees. |
(b) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of January 31, 2022. |
(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) | 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, 2022. |
(f) | The rate shown was the current yield as of January 31, 2022. |
Percentages shown are based on Net Assets.
Abbreviations | ||
ICE | Intercontinental Exchange | |
LIBOR | London Interbank Offered Rate | |
SOFR | Secured Overnight Financing Rate | |
SOFRINDX | Secured Overnight Financing Rate Index | |
USD | US Dollar |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Ready Access Variable Income Fund (cont.)
FlexShares® Ready Access Variable Income Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of January 31, 2022:
Australia | 3.9 | % | ||
Canada | 8.6 | |||
Finland | 0.4 | |||
France | 0.8 | |||
Germany | 2.5 | |||
Ireland | 0.5 | |||
Japan | 3.4 | |||
Netherlands | 1.8 | |||
New Zealand | 0.9 | |||
Saudi Arabia | 0.0 | | ||
Sweden | 1.0 | |||
Switzerland | 1.7 | |||
United Kingdom | 2.3 | |||
United States | 69.8 | |||
Other1 | 2.4 | |||
|
| |||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
1 | Includes any non-fixed-income securities and net other assets (liabilities). |
Security Type | % of Net Assets | |||
Corporate Bonds | 88.9 | % | ||
Asset-Backed Securities | 2.8 | |||
Municipal Bonds | 1.7 | |||
Foreign Government Securities | 0.2 | |||
Short-Term Investments | 4.0 | |||
Others(1) | 2.4 | |||
|
| |||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Core Select Bond Fund
January 31, 2022 (Unaudited)
Investments | Shares | Value ($) | ||||||
EXCHANGE TRADED FUNDS - 98.8% |
| |||||||
FlexShares® Credit-Scored US Corporate Bond Index Fund(a) | 715,859 | 37,061,882 | ||||||
FlexShares® Credit-Scored US Long Corporate Bond Index Fund(a) | 97,681 | 5,465,662 | ||||||
FlexShares® Disciplined Duration MBS Index Fund(a) | 1,143,410 | 26,180,659 | ||||||
FlexShares® Ready Access Variable Income Fund(a) | 114,320 | 8,618,585 | ||||||
iShares 10+ Year Investment Grade Corporate Bond ETF | 145,114 | 9,602,193 | ||||||
iShares 20+ Year Treasury Bond ETF | 78,049 | 11,113,397 | ||||||
iShares 3-7 Year Treasury Bond ETF | 17,382 | 2,204,559 | ||||||
iShares 5-10 Year Investment Grade Corporate Bond ETF | 184,348 | 10,659,001 | ||||||
iShares 7-10 Year Treasury Bond ETF | 31,940 | 3,595,486 | ||||||
iShares MBS ETF | 84,692 | 8,971,424 | ||||||
iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF | 232,135 | 12,356,546 | ||||||
|
| |||||||
TOTAL EXCHANGE TRADED FUNDS |
| 135,829,394 | ||||||
|
| |||||||
Investments | Principal Amount ($) | Value ($) | ||||||
SHORT-TERM INVESTMENTS - 0.7% |
| |||||||
U.S. TREASURY OBLIGATIONS - 0.7% |
| |||||||
U.S. Treasury Bills 0.22%, 5/19/2022(b) | 1,000,000 | 999,234 | ||||||
|
|
Investments | Principal Amount ($) | Value ($) | ||||
Total Investments - 99.5% | 136,828,628 | |||||
Other assets less liabilities - 0.5% | 737,746 | |||||
|
| |||||
Net Assets - 100.0% | 137,566,374 | |||||
|
|
(a) | Investment in affiliated Fund. Northern Trust Investments, Inc. is the Investment Adviser to both the Fund and the affiliated Funds. |
(b) | The rate shown was the current yield as of January 31, 2022. |
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, 2022, 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, 2022, was as follows:
Security | Value October 31, 2021 | Purchases at Cost | Sales Proceeds | Shares January 31, 2022 | Value January 31, 2022 | Change in Unrealized Appreciation (Depreciation) | Dividend Income | Realized Loss | ||||||||||||||||||||||||
FlexShares® Credit-Scored US Corporate Bond Index Fund | $ | 37,734,108 | $ | 4,833,961 | $ | 4,277,983 | 715,859 | $ | 37,061,882 | $ | (1,094,077 | ) | $ | 167,008 | $ | (134,127 | ) | |||||||||||||||
FlexShares® Credit-Scored US Long Corporate Bond Index Fund | 5,998,595 | 803,782 | 879,315 | 97,681 | 5,465,662 | (446,123 | ) | 46,207 | (11,277 | ) | ||||||||||||||||||||||
FlexShares® Disciplined Duration MBS Index Fund | 14,831,201 | 12,293,087 | 404,189 | 1,143,410 | 26,180,659 | (528,446 | ) | 101,159 | (10,994 | ) | ||||||||||||||||||||||
FlexShares® Ready Access Variable Income Fund | 2,015,253 | 9,578,266 | 2,938,253 | 114,320 | 8,618,585 | (17,994 | ) | 2,964 | (18,687 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 60,579,157 | $ | 27,509,096 | $ | 8,499,740 | 2,071,270 | $ | 77,326,788 | $ | (2,086,640 | ) | $ | 317,338 | $ | (175,085 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security Type | % of Net Assets | |||
Exchange Traded Funds | 98.8 | % | ||
Short-Term Investments | 0.7 | |||
Others(1) | 0.5 | |||
|
| |||
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, 2022 (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, 2022 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 | Total | |||||||||||||
FlexShares® US Quality Low Volatility Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Common Stocks* | $ | 165,128,004 | $ | | $ | | $ | 165,128,004 | ||||||||
Short-Term Investments | | 34,952 | | 34,952 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 165,128,004 | $ | 34,952 | $ | | $ | 165,162,956 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (9,907 | ) | $ | | $ | | $ | (9,907 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | (9,907 | ) | $ | | $ | | $ | (9,907 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant | Total | |||||||||||||
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund |
| |||||||||||||||
Investments | ||||||||||||||||
Common Stocks | ||||||||||||||||
Electric Utilities | $ | 3,338,609 | $ | 13,451 | $ | | $ | 3,352,060 | ||||||||
Other* | 73,092,623 | | | 73,092,623 | ||||||||||||
Securities Lending Reinvestments | ||||||||||||||||
Repurchase Agreements | | 612,791 | | 612,791 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 76,431,232 | $ | 626,242 | $ | | $ | 77,057,474 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | ||||||||||||||||
Assets | ||||||||||||||||
Forward Foreign Currency Contracts | $ | | $ | 12,699 | $ | | $ | 12,699 | ||||||||
Liabilities | ||||||||||||||||
Futures Contracts | (21,722 | ) | | | (21,722 | ) | ||||||||||
Forward Foreign Currency Contracts | | (5,098 | ) | | (5,098 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | (21,722 | ) | $ | 7,601 | $ | | $ | (14,121 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant | Total | |||||||||||||
FlexShares® Emerging Markets Quality Low Volatility Index Fund |
| |||||||||||||||
Investments | ||||||||||||||||
Common Stocks | ||||||||||||||||
Internet & Direct Marketing Retail | $ | 693,830 | $ | 17,571 | $ | | $ | 711,401 | ||||||||
Multiline Retail | | 351 | | 351 | ||||||||||||
Other* | 15,007,611 | | | 15,007,611 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 15,701,441 | $ | 17,922 | $ | | $ | 15,719,363 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 260 | $ | | $ | | $ | 260 | ||||||||
Forward Foreign Currency Contracts | | 2 | | 2 | ||||||||||||
Liabilities | ||||||||||||||||
Forward Foreign Currency Contracts | | (10 | ) | | (10 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | 260 | $ | (8 | ) | $ | | $ | 252 | |||||||
|
|
|
|
|
|
|
|
Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant | Total | |||||||||||||
FlexShares® Morningstar US Market Factor Tilt Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Common Stocks* | $ | 1,603,681,280 | $ | | $ | | $ | 1,603,681,280 | ||||||||
Rights | | | 25,719 | 25,719 | ||||||||||||
Warrants | 78,580 | | | 78,580 | ||||||||||||
Securities Lending Reinvestments | ||||||||||||||||
Certificates of Deposit | | 29,498,183 | | 29,498,183 | ||||||||||||
Repurchase Agreements | | 130,680,934 | | 130,680,934 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 1,603,759,860 | $ | 160,179,117 | $ | 25,719 | $ | 1,763,964,696 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (454,123 | ) | $ | | $ | | $ | (454,123 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | (454,123 | ) | $ | | $ | | $ | (454,123 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant | Total | |||||||||||||
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund |
| |||||||||||||||
Investments | ||||||||||||||||
Closed End Funds | $ | 60,165 | $ | | $ | | $ | 60,165 | ||||||||
Common Stocks | ||||||||||||||||
Auto Components | 8,751,163 | 175,782 | | 8,926,945 | ||||||||||||
Banks | 63,623,925 | 1,049 | | 63,624,974 | ||||||||||||
Construction & Engineering | 12,711,453 | 10,278 | | 12,721,731 | ||||||||||||
Electric Utilities | 9,056,416 | 17,654 | | 9,074,070 | ||||||||||||
Equity Real Estate Investment Trusts (REITs) | 14,484,907 | 95,025 | | 14,579,932 | ||||||||||||
Health Care Providers & Services | 4,528,790 | 62 | | 4,528,852 | ||||||||||||
Internet & Direct Marketing Retail | 2,784,107 | 73,584 | | 2,857,691 | ||||||||||||
Metals & Mining | 30,878,214 | 1,634,041 | | 32,512,255 | ||||||||||||
Multi-Utilities | 4,528,447 | 34,011 | | 4,562,458 | ||||||||||||
Pharmaceuticals | 27,456,803 | 3,307 | | 27,460,110 | ||||||||||||
Other* | 433,370,627 | | | 433,370,627 | ||||||||||||
Rights | | 461 | | 461 | ||||||||||||
Warrants | | | | | ||||||||||||
Securities Lending Reinvestments | ||||||||||||||||
Repurchase Agreements | | 10,842,400 | | 10,842,400 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 612,235,017 | $ | 12,887,654 | $ | | $ | 625,122,671 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 23,414 | $ | | $ | | $ | 23,414 | ||||||||
Forward Foreign Currency Contracts | | 71,330 | | 71,330 | ||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | (229,117 | ) | | | (229,117 | ) | ||||||||||
Forward Foreign Currency Contracts | | (99,051 | ) | | (99,051 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | (205,703 | ) | $ | (27,721 | ) | $ | | $ | (233,424 | ) | |||||
|
|
|
|
|
|
|
|
Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant | Total | |||||||||||||
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund |
| |||||||||||||||
Investments | ||||||||||||||||
Common Stocks | ||||||||||||||||
Auto Components | $ | 3,288,264 | $ | 15,111 | $ | | $ | 3,303,375 | ||||||||
Automobiles | 6,849,450 | 44,160 | | 6,893,610 | ||||||||||||
Banks | 41,241,387 | 251,123 | | 41,492,510 | ||||||||||||
Biotechnology | 1,943,669 | | 12,657 | 1,956,326 | ||||||||||||
Chemicals | 12,266,275 | 17,785 | | 12,284,060 | ||||||||||||
Commercial Services & Supplies | 420,953 | 38,340 | | 459,293 | ||||||||||||
Construction & Engineering | 4,158,492 | 3,050 | | 4,161,542 | ||||||||||||
Diversified Consumer Services | 617,186 | | 14,280 | 631,466 | ||||||||||||
Diversified Financial Services | 2,442,154 | 118,454 | | 2,560,608 | ||||||||||||
Electrical Equipment | 3,078,718 | 11,402 | | 3,090,120 | ||||||||||||
Energy Equipment & Services | 299,191 | | 4,314 | 303,505 | ||||||||||||
Equity Real Estate Investment Trusts (REITs) | 3,416,807 | 24,371 | | 3,441,178 | ||||||||||||
Food & Staples Retailing | 2,838,373 | 477 | | 2,838,850 | ||||||||||||
Food Products | 9,524,978 | 30,617 | | 9,555,595 | ||||||||||||
Health Care Equipment & Supplies | 1,082,574 | | 18,821 | 1,101,395 | ||||||||||||
Hotels, Restaurants & Leisure | 2,386,089 | 1,682 | 11,159 | 2,398,930 | ||||||||||||
Internet & Direct Marketing Retail | 9,775,033 | 215,309 | | 9,990,342 | ||||||||||||
Metals & Mining | 14,507,239 | | 144,956 | 14,652,195 | ||||||||||||
Oil, Gas & Consumable Fuels | 15,738,287 | 1,824 | | 15,740,111 | ||||||||||||
Pharmaceuticals | 4,629,932 | | 3,913 | 4,633,845 | ||||||||||||
Real Estate Management & Development | 14,180,232 | 184,029 | 24,740 | 14,389,001 | ||||||||||||
Transportation Infrastructure | 2,714,590 | 103,394 | | 2,817,984 | ||||||||||||
Other* | 159,740,368 | | | 159,740,368 | ||||||||||||
Corporate Bonds* | | 9,249 | | 9,249 | ||||||||||||
Rights | | 4,287 | | 4,287 | ||||||||||||
Securities Lending Reinvestments | ||||||||||||||||
Repurchase Agreements | | 2,029,805 | | 2,029,805 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 317,140,241 | $ | 3,104,469 | $ | 234,840 | $ | 320,479,550 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | ||||||||||||||||
Assets | ||||||||||||||||
Forward Foreign Currency Contracts | $ | | $ | 8,722 | $ | | $ | 8,722 | ||||||||
Liabilities | ||||||||||||||||
Futures Contracts | (1,365 | ) | | | (1,365 | ) | ||||||||||
Forward Foreign Currency Contracts | | (5,992 | ) | | (5,992 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | (1,365 | ) | $ | 2,730 | $ | | $ | 1,365 | |||||||
|
|
|
|
|
|
|
|
Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant | Total | |||||||||||||
FlexShares® US Quality Large Cap Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Common Stocks* | $ | 140,485,160 | $ | | $ | | $ | 140,485,160 | ||||||||
Securities Lending Reinvestments | ||||||||||||||||
Repurchase Agreements | | 721,656 | | 721,656 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 140,485,160 | $ | 721,656 | $ | | $ | 141,206,816 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (57,209 | ) | $ | | $ | | $ | (57,209 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | (57,209 | ) | $ | | $ | | $ | (57,209 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant | Total | |||||||||||||
FlexShares® STOXX® US ESG Select Index Fund |
| |||||||||||||||
Investments | ||||||||||||||||
Common Stocks* | $ | 194,061,294 | $ | | $ | | $ | 194,061,294 | ||||||||
Securities Lending Reinvestments | ||||||||||||||||
Repurchase Agreements | | 4,992 | | 4,992 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 194,061,294 | $ | 4,992 | $ | | $ | 194,066,286 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (54,599 | ) | $ | | $ | | $ | (54,599 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | (54,599 | ) | $ | | $ | | $ | (54,599 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant | Total | |||||||||||||
FlexShares® STOXX® Global ESG Select Index Fund |
| |||||||||||||||
Investments | ||||||||||||||||
Common Stocks | ||||||||||||||||
Electric Utilities | $ | 1,893,494 | $ | 4,123 | $ | | $ | 1,897,617 | ||||||||
Internet & Direct Marketing Retail | 8,508,864 | 18,279 | | 8,527,143 | ||||||||||||
Metals & Mining | 1,891,607 | 165,418 | | 2,057,025 | ||||||||||||
Multi-Utilities | 1,017,545 | 19,451 | | 1,036,996 | ||||||||||||
Other* | 165,087,392 | | | 165,087,392 | ||||||||||||
Securities Lending Reinvestments | ||||||||||||||||
Repurchase Agreements | | 331,222 | | 331,222 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 178,398,902 | $ | 538,493 | $ | | $ | 178,937,395 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 1,185 | $ | | $ | | $ | 1,185 | ||||||||
Forward Foreign Currency Contracts | | 25,222 | | 25,222 | ||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | (24,212 | ) | | | (24,212 | ) | ||||||||||
Forward Foreign Currency Contracts | | (21,848 | ) | | (21,848 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | (23,027 | ) | $ | 3,374 | $ | | $ | (19,653 | ) | ||||||
|
|
|
|
|
|
|
|
Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant | Total | |||||||||||||
FlexShares® ESG & Climate US Large Cap Core Index Fund | ||||||||||||||||
Investments | ||||||||||||||||
Common Stocks* | $ | 2,566,831 | $ | | $ | | $ | 2,566,831 | ||||||||
Short-Term Investments | | 4,993 | | 4,993 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 2,566,831 | $ | 4,993 | $ | | $ | 2,571,824 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (936 | ) | $ | | $ | | $ | (936 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | (936 | ) | $ | | $ | | $ | (936 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant | Total | |||||||||||||
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund |
| |||||||||||||||
Investments | ||||||||||||||||
Common Stocks | ||||||||||||||||
Electric Utilities | $ | 96,276 | $ | 490 | $ | | $ | 96,766 | ||||||||
Metals & Mining | 135,814 | 2,493 | | 138,307 | ||||||||||||
Other* | 4,614,104 | | | 4,614,104 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 4,846,194 | $ | 2,983 | $ | | $ | 4,849,177 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | ||||||||||||||||
Assets | ||||||||||||||||
Forward Foreign Currency Contracts | $ | | $ | 397 | $ | | $ | 397 | ||||||||
Liabilities | ||||||||||||||||
Forward Foreign Currency Contracts | | (629 | ) | | (629 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | | $ | (232 | ) | $ | | $ | (232 | ) | ||||||
|
|
|
|
|
|
|
|
Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant | Total | |||||||||||||
FlexShares® Morningstar Global Upstream Natural Resources Index Fund |
| |||||||||||||||
Investments | ||||||||||||||||
Common Stocks | ||||||||||||||||
Multi-Utilities | $ | 60,277,020 | $ | 23,259,097 | $ | | $ | 83,536,117 | ||||||||
Other* | 6,679,815,179 | | | 6,679,815,179 | ||||||||||||
Securities Lending Reinvestments | ||||||||||||||||
Certificates of Deposit | | 18,999,577 | | 18,999,577 | ||||||||||||
Repurchase Agreements | | 79,127,236 | | 79,127,236 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 6,740,092,199 | $ | 121,385,910 | $ | | $ | 6,861,478,109 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 198,953 | $ | | $ | | $ | 198,953 | ||||||||
Forward Foreign Currency Contracts | | 236,949 | | 236,949 | ||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | (527,805 | ) | | | (527,805 | ) | ||||||||||
Forward Foreign Currency Contracts | | (357,689 | ) | | (357,689 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | (328,852 | ) | $ | (120,740 | ) | $ | | $ | (449,592 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||||||
FlexShares® STOXX® Global Broad Infrastructure Index Fund |
| |||||||||||||||
Investments | ||||||||||||||||
Common Stocks | ||||||||||||||||
Electric Utilities | $ | 328,589,003 | $ | 1,061,215 | $ | | $ | 329,650,218 | ||||||||
Multi-Utilities | 251,700,211 | 11,778,753 | | 263,478,964 | ||||||||||||
Other* | 1,931,525,559 | | | 1,931,525,559 | ||||||||||||
Securities Lending Reinvestments | ||||||||||||||||
Repurchase Agreements | | 13,342,975 | | 13,342,975 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 2,511,814,773 | $ | 26,182,943 | $ | | $ | 2,537,997,716 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 83,107 | $ | | $ | | $ | 83,107 | ||||||||
Forward Foreign Currency Contracts | | 317,870 | | 317,870 | ||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | (673,984 | ) | | | (673,984 | ) | ||||||||||
Forward Foreign Currency Contracts | | (193,116 | ) | | (193,116 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | (590,877 | ) | $ | 124,754 | $ | | $ | (466,123 | ) | ||||||
|
|
|
|
|
|
|
|
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 | ||||||||||||||||
Equity Real Estate Investment Trusts (REITs) | $ | 361,218,217 | $ | 1,840,110 | $ | | $ | 363,058,327 | ||||||||
Other* | 69,858,745 | | | 69,858,745 | ||||||||||||
Securities Lending Reinvestments | ||||||||||||||||
Repurchase Agreements | | 5,683,536 | | 5,683,536 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 431,076,962 | $ | 7,523,646 | $ | | $ | 438,600,608 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | ||||||||||||||||
Assets | ||||||||||||||||
Forward Foreign Currency Contracts | $ | | $ | 28,076 | $ | | $ | 28,076 | ||||||||
Liabilities | ||||||||||||||||
Futures Contracts | (351,919 | ) | | | (351,919 | ) | ||||||||||
Forward Foreign Currency Contracts | | (26,593 | ) | | (26,593 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | (351,919 | ) | $ | 1,483 | $ | | $ | (350,436 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
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 | $ | 40,161,293 | $ | | $ | | $ | 40,161,293 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 40,161,293 | $ | | $ | | $ | 40,161,293 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||||||
FlexShares® Quality Dividend Index Fund | ||||||||||||||||
Investments | ||||||||||||||||
Common Stocks* | $ | 1,659,146,858 | $ | | $ | | $ | 1,659,146,858 | ||||||||
Securities Lending Reinvestments | ||||||||||||||||
Certificates of Deposit | | 17,498,983 | | 17,498,983 | ||||||||||||
Repurchase Agreements | | 137,539,220 | | 137,539,220 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 1,659,146,858 | $ | 155,038,203 | $ | | $ | 1,814,185,061 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (128,202 | ) | $ | | $ | | $ | (128,202 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | (128,202 | ) | $ | | $ | | $ | (128,202 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
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* | $ | 432,585,360 | $ | | $ | | $ | 432,585,360 | ||||||||
Securities Lending Reinvestments | ||||||||||||||||
Repurchase Agreements | | 23,960,714 | | 23,960,714 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 432,585,360 | $ | 23,960,714 | $ | | $ | 456,546,074 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (138,164 | ) | $ | | $ | | $ | (138,164 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | (138,164 | ) | $ | | $ | | $ | (138,164 | ) | ||||||
|
|
|
|
|
|
|
|
Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant | Total | |||||||||||||
FlexShares® Quality Dividend Dynamic Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Common Stocks* | $ | 21,901,366 | $ | | $ | | $ | 21,901,366 | ||||||||
Securities Lending Reinvestments | ||||||||||||||||
Repurchase Agreements | | 93,398 | | 93,398 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 21,901,366 | $ | 93,398 | $ | | $ | 21,994,764 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (10,620 | ) | $ | | $ | | $ | (10,620 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | (10,620 | ) | $ | | $ | | $ | (10,620 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
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 | ||||||||||||||||
Electric Utilities | $ | 17,402,962 | $ | 48,348 | $ | | $ | 17,451,310 | ||||||||
Internet & Direct Marketing Retail | 6,228,328 | 163,097 | | 6,391,425 | ||||||||||||
Metals & Mining | 41,113,968 | 1,323,503 | | 42,437,471 | ||||||||||||
Other* | 531,811,557 | | | 531,811,557 | ||||||||||||
Securities Lending Reinvestments | ||||||||||||||||
Repurchase Agreements | | 1,464,010 | | 1,464,010 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 596,556,815 | $ | 2,998,958 | $ | | $ | 599,555,773 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 43,455 | $ | | $ | | $ | 43,455 | ||||||||
Forward Foreign Currency Contracts | | 76,156 | | 76,156 | ||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | (147,347 | ) | | | (147,347 | ) | ||||||||||
Forward Foreign Currency Contracts | | (116,479 | ) | | (116,479 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | (103,892 | ) | $ | (40,323 | ) | $ | | $ | (144,215 | ) | |||||
|
|
|
|
|
|
|
|
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 | ||||||||||||||||
Construction & Engineering | $ | 1,327,370 | $ | 2,674 | $ | | $ | 1,330,044 | ||||||||
Electric Utilities | 1,756,493 | 1,720 | | 1,758,213 | ||||||||||||
Internet & Direct Marketing Retail | 394,445 | 16,456 | | 410,901 | ||||||||||||
Other* | 65,476,719 | | | 65,476,719 | ||||||||||||
Securities Lending Reinvestments | ||||||||||||||||
Repurchase Agreements | | 290,327 | | 290,327 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 68,955,027 | $ | 311,177 | $ | | $ | 69,266,204 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 2,743 | $ | | $ | | $ | 2,743 | ||||||||
Forward Foreign Currency Contracts | | 7,261 | | 7,261 | ||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | (12,067 | ) | | | (12,067 | ) | ||||||||||
Forward Foreign Currency Contracts | | (5,085 | ) | | (5,085 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | (9,324 | ) | $ | 2,176 | $ | | $ | (7,148 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
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 | ||||||||||||||||
Construction & Engineering | $ | 936,182 | $ | 3,348 | $ | | $ | 939,530 | ||||||||
Internet & Direct Marketing Retail | 449,668 | 14,803 | | 464,471 | ||||||||||||
Metals & Mining | 5,463,533 | 357,111 | | 5,820,644 | ||||||||||||
Other* | 74,462,548 | | | 74,462,548 | ||||||||||||
Securities Lending Reinvestments | ||||||||||||||||
Repurchase Agreements | | 663,176 | | 663,176 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 81,311,931 | $ | 1,038,438 | $ | | $ | 82,350,369 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 1,184 | $ | | $ | | $ | 1,184 | ||||||||
Forward Foreign Currency Contracts | | 8,748 | | 8,748 | ||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | (15,130 | ) | | | (15,130 | ) | ||||||||||
Forward Foreign Currency Contracts | | (7,866 | ) | | (7,866 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | (13,946 | ) | $ | 882 | $ | | $ | (13,064 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
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 | $ | | $ | 1,506,964,855 | $ | | $ | 1,506,964,855 | ||||||||
Securities Lending Reinvestments | ||||||||||||||||
Repurchase Agreements | | 41,491,235 | | 41,491,235 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | | $ | 1,548,456,090 | $ | | $ | 1,548,456,090 | ||||||||
|
|
|
|
|
|
|
|
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 | $ | | $ | 762,106,597 | $ | | $ | 762,106,597 | ||||||||
Securities Lending Reinvestments | ||||||||||||||||
Repurchase Agreements | | 30,098,615 | | 30,098,615 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | | $ | 792,205,212 | $ | | $ | 792,205,212 | ||||||||
|
|
|
|
|
|
|
| |||||||||
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 | $ | | $ | 119,821,077 | $ | | $ | 119,821,077 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | | $ | 119,821,077 | $ | | $ | 119,821,077 | ||||||||
|
|
|
|
|
|
|
| |||||||||
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* | $ | | $ | 307,889,197 | $ | | $ | 307,889,197 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | | $ | 307,889,197 | $ | | $ | 307,889,197 | ||||||||
|
|
|
|
|
|
|
| |||||||||
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* | $ | | $ | 55,012,565 | $ | | $ | 55,012,565 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | | $ | 55,012,565 | $ | | $ | 55,012,565 | ||||||||
|
|
|
|
|
|
|
| |||||||||
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 |
| |||||||||||||||
Common Stocks* | $ | 56 | $ | | $ | | $ | 56 | ||||||||
Corporate Bonds* | | 665,815,505 | | 665,815,505 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 56 | $ | 665,815,505 | $ | | $ | 665,815,561 | ||||||||
|
|
|
|
|
|
|
|
Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||||||
FlexShares® ESG & Climate High Yield Corporate Core Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Corporate Bonds* | $ | | $ | 27,914,335 | $ | | $ | 27,914,335 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | | $ | 27,914,335 | $ | | $ | 27,914,335 | ||||||||
|
|
|
|
|
|
|
| |||||||||
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* | $ | | $ | 46,762,791 | $ | | $ | 46,762,791 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | | $ | 46,762,791 | $ | | $ | 46,762,791 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||||||
FlexShares® Ready Access Variable Income Fund | ||||||||||||||||
Investments | ||||||||||||||||
Asset-Backed Securities | $ | | $ | 12,254,022 | $ | | $ | 12,254,022 | ||||||||
Corporate Bonds* | | 393,694,486 | | 393,694,486 | ||||||||||||
Municipal Bonds | | 7,685,926 | | 7,685,926 | ||||||||||||
Foreign Government Securities | | 806,591 | | 806,591 | ||||||||||||
Short-Term Investments | | 17,905,881 | | 17,905,881 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | | $ | 432,346,906 | $ | | $ | 432,346,906 | ||||||||
|
|
|
|
|
|
|
| |||||||||
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 | $ | 135,829,394 | $ | | $ | | $ | 135,829,394 | ||||||||
Short-Term Investments | | 999,234 | | 999,234 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 135,829,394 | $ | 999,234 | $ | | $ | 136,828,628 | ||||||||
|
|
|
|
|
|
|
|
* | See Schedules of Investments for segregation by industry type. |