Flexshares Trust
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:
811-22555
FlexShares Trust
(Exact name of registrant as specified in charter)
50 South LaSalle Street
Chicago, Illinois 60603
(Address of principal executive offices) (Zip code)
Diana E. McCarthy, Esq.
Drinker Biddle & Reath LLP
One Logan Square, Ste. 2000
Philadelphia, Pennsylvania 19103-6996
(Name and Address of Agent for Service)
with a copy to:
Peter K. Ewing
Craig R. Carberry, Esq.
Northern Trust Investments, Inc.
50 South LaSalle Street
Chicago, Illinois 60603
(Name and Address of Agent for Service)
Registrants telephone number, including area code:
(800) 595-9111
Date of fiscal year end: October 31
Date of reporting period: April 30, 2013
Item 1. Reports To Stockholders.
The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
FlexShares® Trust
Semiannual Report
April 30, 2013
FlexShares® Morningstar Global Upstream Natural Resources Index Fund
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund
FlexShares® iBoxx
5-Year Target Duration TIPS Index Fund
FlexShares® Morningstar US Market Factor Tilt Index Fund
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund
FlexShares® Quality
Dividend Index Fund
FlexShares® Quality Dividend Dynamic Index Fund
FlexShares® Quality Dividend Defensive Index Fund
FlexShares® International Quality Dividend Index Fund
FlexShares®
International Quality Dividend Dynamic Index Fund
FlexShares® International Quality Dividend Defensive Index Fund
FlexShares® Ready
Access Variable Income Fund
Table of Contents
FlexShares® Trust
Statements of Assets and Liabilities April 30, 2013
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FlexShares® Morningstar
Global Upstream Natural Resources Index Fund |
|
|
FlexShares® iBoxx
3-Year Target Duration TIPS Index Fund |
|
|
FlexShares® iBoxx
5-Year Target Duration TIPS Index Fund |
|
|
FlexShares® Morningstar
US Market Factor Tilt Index Fund |
|
|
ASSETS |
|
Securities, at cost |
|
$ |
2,324,392,177 |
|
|
$ |
1,538,113,047 |
|
|
$ |
509,234,122 |
|
|
$ |
246,596,636 |
|
Affiliate securities, at cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
102,968 |
|
Repurchase Agreements, at cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities, at value |
|
|
2,268,099,926 |
|
|
|
1,537,191,103 |
|
|
|
517,909,320 |
|
|
|
281,536,308 |
|
Affiliate securities, at value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
117,761 |
|
Repurchase Agreements, at value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
21,816,341 |
|
|
|
1,394,027 |
|
|
|
262,789 |
|
|
|
2,800,717 |
|
Foreign cash |
|
|
27,582,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted cash* |
|
|
781,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted foreign cash* |
|
|
1,792,844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized appreciation on futures contracts |
|
|
32,899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized appreciation on forward foreign currency contracts |
|
|
85,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and interest |
|
|
3,725,006 |
|
|
|
3,888,255 |
|
|
|
1,504,295 |
|
|
|
185,789 |
|
Capital shares issued |
|
|
3,509 |
|
|
|
2,540,947 |
|
|
|
1,311,741 |
|
|
|
3,366,693 |
|
Investment adviser |
|
|
37,543 |
|
|
|
33,408 |
|
|
|
19,675 |
|
|
|
8,194 |
|
Securities sold |
|
|
|
|
|
|
309,442,252 |
|
|
|
58,613,497 |
|
|
|
280 |
|
Variation margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,590 |
|
|
|
|
|
|
Total Assets |
|
|
2,323,957,230 |
|
|
|
1,854,489,992 |
|
|
|
579,621,317 |
|
|
|
288,022,332 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized depreciation on forward foreign currency contracts |
|
|
162,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred compensation (Note 7) |
|
|
26,248 |
|
|
|
22,377 |
|
|
|
12,902 |
|
|
|
5,291 |
|
Investment advisory fees |
|
|
836,765 |
|
|
|
246,709 |
|
|
|
84,352 |
|
|
|
60,342 |
|
Trustee fees (Note 7) |
|
|
11,295 |
|
|
|
11,031 |
|
|
|
6,772 |
|
|
|
2,903 |
|
Securities purchased |
|
|
35,793,746 |
|
|
|
313,256,348 |
|
|
|
60,061,191 |
|
|
|
5,141,073 |
|
Due to Authorized Participant |
|
|
781,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
85,500 |
|
|
|
|
|
|
|
|
|
|
|
10,500 |
|
|
|
|
|
|
Total Liabilities |
|
|
37,697,477 |
|
|
|
313,536,465 |
|
|
|
60,165,217 |
|
|
|
5,220,109 |
|
|
|
|
|
|
Net Assets |
|
$ |
2,286,259,753 |
|
|
$ |
1,540,953,527 |
|
|
$ |
519,456,100 |
|
|
$ |
282,802,223 |
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
|
$ |
2,334,415,175 |
|
|
$ |
1,540,497,846 |
|
|
$ |
510,114,587 |
|
|
$ |
245,610,055 |
|
Undistributed (accumulated) net investment income (loss) |
|
|
12,524,073 |
|
|
|
2,111,664 |
|
|
|
242,585 |
|
|
|
1,087,518 |
|
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency transactions |
|
|
(4,425,263 |
) |
|
|
(734,039 |
) |
|
|
423,730 |
|
|
|
1,099,383 |
|
Net unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
(56,292,251 |
) |
|
|
(921,944 |
) |
|
|
8,675,198 |
|
|
|
34,954,465 |
|
Futures contracts |
|
|
32,899 |
|
|
|
|
|
|
|
|
|
|
|
50,802 |
|
Forward foreign currency contracts and foreign currency translations |
|
|
5,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
|
$ |
2,286,259,753 |
|
|
$ |
1,540,953,527 |
|
|
$ |
519,456,100 |
|
|
$ |
282,802,223 |
|
|
|
|
|
|
|
|
|
|
|
Shares Outstanding |
|
|
66,550,001 |
|
|
|
60,654,000 |
|
|
|
19,800,001 |
|
|
|
4,200,001 |
|
Net Asset Value |
|
$ |
34.35 |
|
|
$ |
25.41 |
|
|
$ |
26.24 |
|
|
$ |
67.33 |
|
|
|
|
|
|
Cost of foreign cash |
|
$ |
27,325,267 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
Cost of restricted foreign cash |
|
$ |
1,760,028 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
* |
Restricted cash includes both cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30 as well as cash pledged by an Authorized
Participant for missing deposit securities required to secure Creation Units. |
See Accompanying Notes to the Financial Statements.
|
|
|
2 |
|
FLEXSHARES SEMIANNUAL REPORT |
Statements of Assets and Liabilities (cont.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund |
|
|
FlexShares® Morningstar Emerging
Markets Factor Tilt Index Fund |
|
|
FlexShares® Quality Dividend Index Fund
|
|
|
FlexShares® Quality Dividend Dynamic
Index Fund |
|
|
ASSETS |
|
Securities, at cost |
|
$ |
94,722,720 |
|
|
$ |
105,311,079 |
|
|
$ |
66,059,070 |
|
|
$ |
5,483,239 |
|
Affiliate securities, at cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreements, at cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities, at value |
|
|
101,169,677 |
|
|
|
106,677,721 |
|
|
|
69,998,493 |
|
|
|
5,836,916 |
|
Affiliate securities, at value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreements, at value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
50,891 |
|
|
|
3,442,934 |
|
|
|
22,964 |
|
|
|
2,065 |
|
Foreign cash |
|
|
478,782 |
|
|
|
876,575 |
|
|
|
|
|
|
|
|
|
Restricted cash* |
|
|
|
|
|
|
|
|
|
|
7,755 |
|
|
|
|
|
Restricted foreign cash* |
|
|
94,133 |
|
|
|
419,954 |
|
|
|
|
|
|
|
|
|
Unrealized appreciation on futures contracts |
|
|
43,955 |
|
|
|
68,552 |
|
|
|
|
|
|
|
|
|
Unrealized appreciation on forward foreign currency contracts |
|
|
704 |
|
|
|
61,603 |
|
|
|
|
|
|
|
|
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and interest |
|
|
457,691 |
|
|
|
166,443 |
|
|
|
64,272 |
|
|
|
3,187 |
|
Capital shares issued |
|
|
|
|
|
|
|
|
|
|
8,717,886 |
|
|
|
2,918,978 |
|
Investment adviser |
|
|
893 |
|
|
|
920 |
|
|
|
224 |
|
|
|
95 |
|
Securities sold |
|
|
702 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Variation margin |
|
|
|
|
|
|
|
|
|
|
200 |
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
102,297,428 |
|
|
|
111,714,702 |
|
|
|
78,811,794 |
|
|
|
8,761,241 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred compensation (Note 7) |
|
|
749 |
|
|
|
755 |
|
|
|
222 |
|
|
|
27 |
|
Investment advisory fees |
|
|
34,040 |
|
|
|
57,915 |
|
|
|
16,793 |
|
|
|
896 |
|
Trustee fees (Note 7) |
|
|
144 |
|
|
|
165 |
|
|
|
2 |
|
|
|
68 |
|
Securities purchased |
|
|
|
|
|
|
4,335 |
|
|
|
8,706,737 |
|
|
|
2,922,296 |
|
Due to Authorized Participant |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
40,000 |
|
|
|
75,000 |
|
|
|
7,000 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
74,933 |
|
|
|
138,170 |
|
|
|
8,730,754 |
|
|
|
2,923,287 |
|
|
|
|
|
|
Net Assets |
|
$ |
102,222,495 |
|
|
$ |
111,576,532 |
|
|
$ |
70,081,040 |
|
|
$ |
5,837,954 |
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
|
$ |
94,810,831 |
|
|
$ |
109,906,730 |
|
|
$ |
65,766,626 |
|
|
$ |
5,419,003 |
|
Undistributed (accumulated) net investment income (loss) |
|
|
893,917 |
|
|
|
322,451 |
|
|
|
177,100 |
|
|
|
12,271 |
|
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency transactions |
|
|
22,797 |
|
|
|
(158,805 |
) |
|
|
195,797 |
|
|
|
53,003 |
|
Net unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
6,446,957 |
|
|
|
1,366,642 |
|
|
|
3,939,423 |
|
|
|
353,677 |
|
Futures contracts |
|
|
43,955 |
|
|
|
68,552 |
|
|
|
2,094 |
|
|
|
|
|
Forward foreign currency contracts and foreign currency translations |
|
|
4,038 |
|
|
|
70,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
|
$ |
102,222,495 |
|
|
$ |
111,576,532 |
|
|
$ |
70,081,040 |
|
|
$ |
5,837,954 |
|
|
|
|
|
|
|
|
|
|
|
Shares Outstanding |
|
|
1,800,001 |
|
|
|
2,100,001 |
|
|
|
2,400,001 |
|
|
|
200,001 |
|
Net Asset Value |
|
$ |
56.79 |
|
|
$ |
53.13 |
|
|
$ |
29.20 |
|
|
$ |
29.19 |
|
|
|
|
|
|
Cost of foreign cash |
|
$ |
560,095 |
|
|
$ |
923,168 |
|
|
$ |
|
|
|
$ |
|
|
Cost of restricted foreign cash |
|
$ |
94,133 |
|
|
$ |
488,506 |
|
|
$ |
|
|
|
$ |
|
|
* |
Restricted cash includes both cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30 as well as cash pledged by an Authorized
Participant for missing deposit securities required to secure Creation Units. |
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
3 |
|
Statements of Assets and Liabilities (cont.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FlexShares® Quality Dividend Defensive
Index Fund |
|
|
FlexShares® International Quality
Dividend Index Fund |
|
|
FlexShares® International Quality
Dividend Dynamic Index Fund |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Securities, at cost |
|
$ |
13,747,421 |
|
|
$ |
2,502,947 |
|
|
$ |
2,503,760 |
|
Affiliate securities, at cost |
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreements, at cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities, at value |
|
|
14,532,345 |
|
|
|
2,554,554 |
|
|
|
2,543,862 |
|
Affiliate securities, at value |
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreements, at value |
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
7,755 |
|
|
|
3,294 |
|
|
|
937 |
|
Foreign cash |
|
|
|
|
|
|
8,094 |
|
|
|
10,747 |
|
Restricted foreign cash* |
|
|
|
|
|
|
1,607 |
|
|
|
|
|
Unrealized appreciation on futures contracts |
|
|
|
|
|
|
140 |
|
|
|
|
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and interest |
|
|
14,792 |
|
|
|
6,614 |
|
|
|
6,686 |
|
Capital shares issued |
|
|
2,901,493 |
|
|
|
|
|
|
|
|
|
Investment adviser |
|
|
74 |
|
|
|
87 |
|
|
|
87 |
|
Securities sold |
|
|
|
|
|
|
|
|
|
|
|
|
Variation margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
17,456,459 |
|
|
|
2,574,390 |
|
|
|
2,562,319 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
Deferred compensation (Note 7) |
|
|
61 |
|
|
|
|
|
|
|
|
|
Investment advisory fees |
|
|
3,488 |
|
|
|
512 |
|
|
|
509 |
|
Trustee fees (Note 7) |
|
|
13 |
|
|
|
87 |
|
|
|
87 |
|
Securities purchased |
|
|
2,915,855 |
|
|
|
|
|
|
|
|
|
Due to Authorized Participant |
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
1,000 |
|
|
|
5,000 |
|
|
|
5,000 |
|
|
|
|
|
|
Total Liabilities |
|
|
2,920,417 |
|
|
|
5,599 |
|
|
|
5,596 |
|
|
|
|
|
|
Net Assets |
|
$ |
14,536,042 |
|
|
$ |
2,568,791 |
|
|
$ |
2,556,723 |
|
|
|
|
|
|
|
|
|
|
NET ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
|
$ |
13,660,302 |
|
|
$ |
2,503,785 |
|
|
$ |
2,504,294 |
|
Undistributed (accumulated) net investment income (loss) |
|
|
38,502 |
|
|
|
11,992 |
|
|
|
11,584 |
|
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency transactions |
|
|
52,314 |
|
|
|
1,130 |
|
|
|
572 |
|
Net unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
784,924 |
|
|
|
51,607 |
|
|
|
40,102 |
|
Futures contracts |
|
|
|
|
|
|
140 |
|
|
|
|
|
Forward foreign currency contracts and foreign currency translations |
|
|
|
|
|
|
137 |
|
|
|
171 |
|
|
|
|
|
|
Net Assets |
|
$ |
14,536,042 |
|
|
$ |
2,568,791 |
|
|
$ |
2,556,723 |
|
|
|
|
|
|
|
|
|
|
Shares Outstanding |
|
|
500,001 |
|
|
|
100,001 |
|
|
|
100,001 |
|
Net Asset Value |
|
$ |
29.07 |
|
|
$ |
25.69 |
|
|
$ |
25.57 |
|
|
|
|
|
Cost of foreign cash |
|
$ |
|
|
|
$ |
8,151 |
|
|
$ |
10,648 |
|
Cost of restricted foreign cash |
|
$ |
|
|
|
$ |
1,747 |
|
|
$ |
|
|
* |
Restricted cash includes both cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30 as well as cash pledged by an Authorized
Participant for missing deposit securities required to secure Creation Units. |
See Accompanying Notes to the Financial Statements.
|
|
|
4 |
|
FLEXSHARES SEMIANNUAL REPORT |
Statements of Assets and Liabilities (cont.)
|
|
|
|
|
|
|
|
|
|
|
FlexShares® International Quality
Dividend Defensive Index Fund |
|
|
FlexShares® Ready
Access Variable Income Fund |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Securities, at cost |
|
$ |
2,502,144 |
|
|
$ |
7,368,187 |
|
Affiliate securities, at cost |
|
|
|
|
|
|
|
|
Repurchase Agreements, at cost |
|
|
|
|
|
|
100,000 |
|
|
|
|
|
|
Securities, at value |
|
|
2,551,947 |
|
|
|
7,386,947 |
|
Affiliate securities, at value |
|
|
|
|
|
|
|
|
Repurchase Agreements, at value |
|
|
|
|
|
|
100,000 |
|
Cash |
|
|
2,326 |
|
|
|
29,654 |
|
Foreign cash |
|
|
9,810 |
|
|
|
|
|
Restricted foreign cash* |
|
|
1,607 |
|
|
|
|
|
Unrealized appreciation on futures contracts |
|
|
140 |
|
|
|
|
|
Receivables: |
|
|
|
|
|
|
|
|
Dividends and interest |
|
|
6,318 |
|
|
|
9,323 |
|
Capital shares issued |
|
|
|
|
|
|
|
|
Investment adviser |
|
|
87 |
|
|
|
223 |
|
Securities sold |
|
|
3,728 |
|
|
|
|
|
Variation margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
2,575,963 |
|
|
|
7,526,147 |
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
Payables: |
|
|
|
|
|
|
|
|
Deferred compensation (Note 7) |
|
|
|
|
|
|
77 |
|
Investment advisory fees |
|
|
513 |
|
|
|
1,554 |
|
Trustee fees (Note 7) |
|
|
87 |
|
|
|
146 |
|
Securities purchased |
|
|
3,735 |
|
|
|
|
|
Due to Authorized Participant |
|
|
|
|
|
|
|
|
Other |
|
|
5,000 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
9,335 |
|
|
|
1,777 |
|
|
|
|
|
|
Net Assets |
|
$ |
2,566,628 |
|
|
$ |
7,524,370 |
|
|
|
|
|
|
|
|
|
NET ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
Paid-in capital |
|
$ |
2,504,093 |
|
|
$ |
7,500,075 |
|
Undistributed (accumulated) net investment income (loss) |
|
|
11,683 |
|
|
|
4,311 |
|
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency transactions |
|
|
734 |
|
|
|
1,224 |
|
Net unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
Investments |
|
|
49,803 |
|
|
|
18,760 |
|
Futures contracts |
|
|
140 |
|
|
|
|
|
Forward foreign currency contracts and foreign currency translations |
|
|
175 |
|
|
|
|
|
|
|
|
|
|
Net Assets |
|
$ |
2,566,628 |
|
|
$ |
7,524,370 |
|
|
|
|
|
|
|
|
|
Shares Outstanding |
|
|
100,001 |
|
|
|
100,001 |
|
Net Asset Value |
|
$ |
25.67 |
|
|
$ |
75.24 |
|
|
|
|
Cost of foreign cash |
|
$ |
9,822 |
|
|
$ |
|
|
Cost of restricted foreign cash |
|
$ |
1,747 |
|
|
$ |
|
|
* |
Restricted cash includes both cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30 as well as cash pledged by an Authorized
Participant for missing deposit securities required to secure Creation Units. |
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
5 |
|
FlexShares® Trust
Statements of Operations
For the six months ended April 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FlexShares® Morningstar
Global Upstream Natural Resources Index Fund |
|
|
FlexShares® iBoxx
3-Year Target Duration TIPS Index Fund |
|
|
FlexShares® iBoxx
5-Year Target Duration TIPS Index Fund |
|
|
FlexShares® Morningstar
US Market Factor Tilt Index Fund |
|
|
|
|
|
|
INVESTMENT INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend income |
|
$ |
18,741,318 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
2,322,036 |
|
Dividend income received from affiliate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
991 |
|
Interest income |
|
|
11,688 |
|
|
|
4,471,463 |
|
|
|
1,303,253 |
|
|
|
134 |
|
Foreign withholding tax on dividends |
|
|
(1,077,214 |
) |
|
|
|
|
|
|
|
|
|
|
(90 |
) |
|
|
|
|
|
Total Investment Income |
|
|
17,675,792 |
|
|
|
4,471,463 |
|
|
|
1,303,253 |
|
|
|
2,323,071 |
|
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred compensation (Note 7) |
|
|
1,863 |
|
|
|
1,249 |
|
|
|
530 |
|
|
|
276 |
|
Investment advisory fees |
|
|
3,038,210 |
|
|
|
980,441 |
|
|
|
430,745 |
|
|
|
284,803 |
|
Trustee fees (Note 7) |
|
|
38,843 |
|
|
|
31,419 |
|
|
|
14,887 |
|
|
|
7,163 |
|
|
|
|
|
|
Total Gross Expenses Before Fees Reimbursed |
|
|
3,078,916 |
|
|
|
1,013,109 |
|
|
|
446,162 |
|
|
|
292,242 |
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred compensation reimbursed (Note 7) |
|
|
(1,863 |
) |
|
|
(1,249 |
) |
|
|
(530 |
) |
|
|
(276 |
) |
Trustee fees reimbursed (Note 7) |
|
|
(38,843 |
) |
|
|
(31,419 |
) |
|
|
(14,887 |
) |
|
|
(7,163 |
) |
|
|
|
|
|
Total Net Expenses |
|
|
3,038,210 |
|
|
|
980,441 |
|
|
|
430,745 |
|
|
|
284,803 |
|
|
|
|
|
|
Net Investment Income |
|
|
14,637,582 |
|
|
|
3,491,022 |
|
|
|
872,508 |
|
|
|
2,038,268 |
|
|
|
|
|
|
|
|
|
|
|
NET REALIZED GAIN (LOSS) ON: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in affiliate securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
488 |
|
Investments in securities |
|
|
(3,535,470 |
) |
|
|
(571,086 |
) |
|
|
489,339 |
|
|
|
(52,137 |
) |
In-kind redemptions of investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,049,918 |
|
Futures contracts |
|
|
105,948 |
|
|
|
|
|
|
|
|
|
|
|
197,166 |
|
Foreign currency transactions |
|
|
167,109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Realized Gain (Loss) |
|
|
(3,262,413 |
) |
|
|
(571,086 |
) |
|
|
489,339 |
|
|
|
1,195,435 |
|
|
|
|
|
|
|
|
|
|
|
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities |
|
|
(73,674,346 |
) |
|
|
(5,185,708 |
) |
|
|
71,332 |
|
|
|
28,335,056 |
1 |
Futures contracts |
|
|
29,944 |
|
|
|
|
|
|
|
|
|
|
|
57,728 |
|
Forward foreign currency contracts |
|
|
(70,383 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Translation of other assets and liabilities denominated in foreign currencies |
|
|
47,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Change in Unrealized Appreciation (Depreciation) |
|
|
(73,667,154 |
) |
|
|
(5,185,708 |
) |
|
|
71,332 |
|
|
|
28,392,784 |
|
|
|
|
|
|
Net Realized and Unrealized Gain (Loss) |
|
|
(76,929,567 |
) |
|
|
(5,756,794 |
) |
|
|
560,671 |
|
|
|
29,588,219 |
|
|
|
|
|
|
Net Increase (Decrease) in Net Assets Resulting from Operations |
|
$ |
(62,291,985 |
) |
|
$ |
(2,265,772 |
) |
|
$ |
1,433,179 |
|
|
$ |
31,626,487 |
|
|
|
|
|
|
1 |
Includes $9,809 change in unrealized appreciation on investments in affiliates. |
See Accompanying Notes to the Financial
Statements.
|
|
|
6 |
|
FLEXSHARES SEMIANNUAL REPORT |
Statements of Operations (cont.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FlexShares® Morningstar
Developed Markets ex-US Factor Tilt Index Fund |
|
|
FlexShares® Morningstar
Emerging Markets Factor Tilt Index Fund |
|
|
FlexShares®
Quality Dividend Index Fund |
|
|
FlexShares®
Quality Dividend Dynamic Index Fund |
|
|
|
|
|
December 14, 2012* through
April 30, 2013 |
|
|
December 14, 2012* through
April 30, 2013 |
|
|
|
|
|
|
INVESTMENT INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend income |
|
$ |
1,186,074 |
|
|
$ |
622,479 |
|
|
$ |
279,738 |
|
|
$ |
30,182 |
|
Dividend income received from affiliate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
1,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign withholding tax on dividends |
|
|
(99,983 |
) |
|
|
(42,957 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Income |
|
|
1,087,229 |
|
|
|
579,522 |
|
|
|
279,738 |
|
|
|
30,182 |
|
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred compensation (Note 7) |
|
|
91 |
|
|
|
96 |
|
|
|
31 |
|
|
|
3 |
|
Investment advisory fees |
|
|
124,448 |
|
|
|
209,240 |
|
|
|
38,299 |
|
|
|
3,754 |
|
Trustee fees (Note 7) |
|
|
1,769 |
|
|
|
1,892 |
|
|
|
543 |
|
|
|
145 |
|
|
|
|
|
|
Total Gross Expenses Before Fees Reimbursed |
|
|
126,308 |
|
|
|
211,228 |
|
|
|
38,873 |
|
|
|
3,902 |
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred compensation reimbursed (Note 7) |
|
|
(91 |
) |
|
|
(96 |
) |
|
|
(31 |
) |
|
|
(3 |
) |
Trustee fees reimbursed (Note 7) |
|
|
(1,769 |
) |
|
|
(1,892 |
) |
|
|
(543 |
) |
|
|
(145 |
) |
|
|
|
|
|
Total Net Expenses |
|
|
124,448 |
|
|
|
209,240 |
|
|
|
38,299 |
|
|
|
3,754 |
|
|
|
|
|
|
Net Investment Income |
|
|
962,781 |
|
|
|
370,282 |
|
|
|
241,439 |
|
|
|
26,428 |
|
|
|
|
|
|
|
|
|
|
|
NET REALIZED GAIN (LOSS) ON: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities |
|
|
6,133 |
|
|
|
(30,122 |
) |
|
|
199,436 |
|
|
|
53,003 |
|
In-kind redemptions of investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures contracts |
|
|
27,178 |
|
|
|
(82,697 |
) |
|
|
(3,639 |
) |
|
|
|
|
Foreign currency transactions |
|
|
(3,815 |
) |
|
|
(41,154 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Realized Gain (Loss) |
|
|
29,496 |
|
|
|
(153,973 |
) |
|
|
195,797 |
|
|
|
53,003 |
|
|
|
|
|
|
|
|
|
|
|
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities |
|
|
6,613,264 |
|
|
|
1,401,907 |
|
|
|
3,939,423 |
|
|
|
353,677 |
|
Futures contracts |
|
|
46,511 |
|
|
|
73,799 |
|
|
|
2,094 |
|
|
|
|
|
Forward foreign currency contracts |
|
|
690 |
|
|
|
68,358 |
|
|
|
|
|
|
|
|
|
Translation of other assets and liabilities denominated in foreign currencies |
|
|
4,024 |
|
|
|
9,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Change in Unrealized Appreciation (Depreciation) |
|
|
6,664,489 |
|
|
|
1,553,854 |
|
|
|
3,941,517 |
|
|
|
353,677 |
|
|
|
|
|
|
Net Realized and Unrealized Gain (Loss) |
|
|
6,693,985 |
|
|
|
1,399,881 |
|
|
|
4,137,314 |
|
|
|
406,680 |
|
|
|
|
|
|
Net Increase (Decrease) in Net Assets Resulting from Operations |
|
$ |
7,656,766 |
|
|
$ |
1,770,163 |
|
|
$ |
4,378,753 |
|
|
$ |
433,108 |
|
|
|
|
|
|
* |
Commencement of investment operations. |
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
7 |
|
Statements of Operations (cont.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FlexShares®
Quality Dividend Defensive Index Fund |
|
|
FlexShares®
International Quality Dividend Index Fund |
|
|
FlexShares®
International Quality Dividend Dynamic Index Fund |
|
|
FlexShares®
International Quality Dividend Defensive Index Fund |
|
|
FlexShares® Ready Access
Variable Income Fund |
|
|
|
December 14, 2012* through April 30, 2013 |
|
|
April 12, 2013* through April 30, 2013 |
|
|
April 12, 2013* through April 30, 2013 |
|
|
April 12, 2013* through April 30, 2013 |
|
|
|
|
|
|
|
|
INVESTMENT INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend income |
|
$ |
59,541 |
|
|
$ |
14,335 |
|
|
$ |
13,522 |
|
|
$ |
13,792 |
|
|
$ |
|
|
Dividend income received from affiliate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33 |
|
|
|
25,621 |
|
Foreign withholding tax on dividends |
|
|
|
|
|
|
(1,831 |
) |
|
|
(1,429 |
) |
|
|
(1,629 |
) |
|
|
|
|
|
|
|
|
|
Total Investment Income |
|
|
59,541 |
|
|
|
12,504 |
|
|
|
12,093 |
|
|
|
12,196 |
|
|
|
25,621 |
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred compensation (Note 7) |
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 |
|
Investment advisory fees |
|
|
8,200 |
|
|
|
512 |
|
|
|
509 |
|
|
|
513 |
|
|
|
9,306 |
|
Trustee fees (Note 7) |
|
|
163 |
|
|
|
87 |
|
|
|
87 |
|
|
|
87 |
|
|
|
270 |
|
|
|
|
|
|
Total Gross Expenses Before Fees Reimbursed |
|
|
8,370 |
|
|
|
599 |
|
|
|
596 |
|
|
|
600 |
|
|
|
9,585 |
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred compensation reimbursed (Note 7) |
|
|
(7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9 |
) |
Trustee fees reimbursed (Note 7) |
|
|
(163 |
) |
|
|
(87 |
) |
|
|
(87 |
) |
|
|
(87 |
) |
|
|
(270 |
) |
|
|
|
|
|
Total Net Expenses |
|
|
8,200 |
|
|
|
512 |
|
|
|
509 |
|
|
|
513 |
|
|
|
9,306 |
|
|
|
|
|
|
Net Investment Income |
|
|
51,341 |
|
|
|
11,992 |
|
|
|
11,584 |
|
|
|
11,683 |
|
|
|
16,315 |
|
|
|
|
|
|
|
|
|
|
|
|
NET REALIZED GAIN (LOSS) ON: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities |
|
|
52,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,255 |
|
In-kind redemptions of investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures contracts |
|
|
|
|
|
|
607 |
|
|
|
|
|
|
|
607 |
|
|
|
|
|
Foreign currency transactions |
|
|
|
|
|
|
523 |
|
|
|
572 |
|
|
|
127 |
|
|
|
|
|
|
|
|
|
|
Net Realized Gain (Loss) |
|
|
52,314 |
|
|
|
1,130 |
|
|
|
572 |
|
|
|
734 |
|
|
|
1,255 |
|
|
|
|
|
|
|
|
|
|
|
|
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities |
|
|
784,924 |
|
|
|
51,607 |
|
|
|
40,102 |
|
|
|
49,803 |
|
|
|
22,444 |
|
Futures contracts |
|
|
|
|
|
|
140 |
|
|
|
|
|
|
|
140 |
|
|
|
|
|
Translation of other assets and liabilities denominated in foreign currencies |
|
|
|
|
|
|
137 |
|
|
|
171 |
|
|
|
175 |
|
|
|
|
|
|
|
|
|
|
Net Change in Unrealized Appreciation (Depreciation) |
|
|
784,924 |
|
|
|
51,884 |
|
|
|
40,273 |
|
|
|
50,118 |
|
|
|
22,444 |
|
|
|
|
|
|
Net Realized and Unrealized Gain (Loss) |
|
|
837,238 |
|
|
|
53,014 |
|
|
|
40,845 |
|
|
|
50,852 |
|
|
|
23,699 |
|
|
|
|
|
|
Net Increase (Decrease) in Net Assets Resulting from Operations |
|
$ |
888,579 |
|
|
$ |
65,006 |
|
|
$ |
52,429 |
|
|
$ |
62,535 |
|
|
$ |
40,014 |
|
|
|
|
|
|
* |
Commencement of investment operations. |
See Accompanying Notes to the Financial Statements.
|
|
|
8 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Trust
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FlexShares®
Morningstar Global Upstream Natural Resources Index Fund |
|
|
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund |
|
|
|
Six Months Ended April 30, 2013 (Unaudited) |
|
|
Year Ended October 31, 2012 |
|
|
Six Months Ended April 30, 2013 (Unaudited) |
|
|
Year Ended October 31, 2012 |
|
|
|
|
|
|
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
14,637,582 |
|
|
$ |
6,322,940 |
|
|
$ |
3,491,022 |
|
|
$ |
1,700,307 |
|
Net realized gain (loss) |
|
|
(3,262,413 |
) |
|
|
536,629 |
|
|
|
(571,086 |
) |
|
|
503,743 |
|
Net change in unrealized appreciation (depreciation) |
|
|
(73,667,154 |
) |
|
|
8,096,961 |
|
|
|
(5,185,708 |
) |
|
|
3,183,569 |
|
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resulting from Operations |
|
|
(62,291,985 |
) |
|
|
14,956,530 |
|
|
|
(2,265,772 |
) |
|
|
5,387,619 |
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(7,891,756 |
) |
|
|
(402,120 |
) |
|
|
(1,379,358 |
) |
|
|
(2,141,001 |
) |
Net realized gain |
|
|
|
|
|
|
|
|
|
|
(208,483 |
) |
|
|
(198,119 |
) |
|
|
|
|
|
Total distributions |
|
|
(7,891,756 |
) |
|
|
(402,120 |
) |
|
|
(1,587,841 |
) |
|
|
(2,339,120 |
) |
|
|
|
|
|
|
|
|
|
|
CAPITAL TRANSACTIONS(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
|
|
1,789,957,895 |
|
|
|
460,648,576 |
|
|
|
860,772,785 |
|
|
|
551,443,939 |
|
Cost of shares redeemed |
|
|
(46,506 |
) |
|
|
(11,938,905 |
) |
|
|
|
|
|
|
(11,369,874 |
) |
|
|
|
|
|
Net Increase from Capital Transactions |
|
|
1,789,911,389 |
|
|
|
448,709,671 |
|
|
|
860,772,785 |
|
|
|
540,074,065 |
|
|
|
|
|
|
Total Increase (Decrease) in Net Assets |
|
|
1,719,727,648 |
|
|
|
463,264,081 |
|
|
|
856,919,172 |
|
|
|
543,122,564 |
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of Period |
|
$ |
566,532,105 |
|
|
$ |
103,268,024 |
|
|
$ |
684,034,355 |
|
|
$ |
140,911,791 |
|
|
|
|
|
|
End of Period |
|
$ |
2,286,259,753 |
|
|
$ |
566,532,105 |
|
|
$ |
1,540,953,527 |
|
|
$ |
684,034,355 |
|
|
|
|
|
|
Undistributed (accumulated) net investment income (loss) included in end of period net assets |
|
$ |
12,524,073 |
|
|
$ |
5,778,247 |
|
|
$ |
2,111,664 |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
16,100,001 |
|
|
|
2,950,001 |
|
|
|
26,904,000 |
|
|
|
5,604,000 |
|
Shares issued |
|
|
|
|
|
|
400,000 |
|
|
|
|
|
|
|
300,000 |
|
Shares issued in-kind |
|
|
50,450,000 |
|
|
|
13,100,000 |
|
|
|
33,750,000 |
|
|
|
21,450,000 |
|
Shares redeemed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares redeemed in-kind |
|
|
|
|
|
|
(350,000 |
) |
|
|
|
|
|
|
(450,000 |
) |
|
|
|
|
|
Shares Outstanding, End of Period |
|
|
66,550,001 |
|
|
|
16,100,001 |
|
|
|
60,654,000 |
|
|
|
26,904,000 |
|
|
|
|
|
|
(1) |
Capital share transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See
Note 9 to the Financial Statements. |
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
9 |
|
Statements of Changes in Net Assets (cont.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FlexShares®
iBoxx 5-Year Target Duration TIPS Index Fund |
|
|
FlexShares® Morningstar US Market Factor Tilt Index Fund |
|
|
|
Six Months Ended April 30, 2013 (Unaudited) |
|
|
Year Ended October 31, 2012 |
|
|
Six Months Ended April 30, 2013 (Unaudited) |
|
|
Year Ended October 31, 2012 |
|
|
|
|
|
|
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
872,508 |
|
|
$ |
1,917,466 |
|
|
$ |
2,038,268 |
|
|
$ |
1,116,112 |
|
Net realized gain (loss) |
|
|
489,339 |
|
|
|
2,026,671 |
|
|
|
1,195,435 |
|
|
|
(76,180 |
) |
Net change in unrealized appreciation (depreciation) |
|
|
71,332 |
|
|
|
7,783,227 |
|
|
|
28,392,784 |
|
|
|
6,131,777 |
|
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resulting from Operations |
|
|
1,433,179 |
|
|
|
11,727,364 |
|
|
|
31,626,487 |
|
|
|
7,171,709 |
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(737,424 |
) |
|
|
(2,106,998 |
) |
|
|
(2,015,968 |
) |
|
|
(59,483 |
) |
Net realized gain |
|
|
(1,526,604 |
) |
|
|
(56,248 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions |
|
|
(2,264,028 |
) |
|
|
(2,163,246 |
) |
|
|
(2,015,968 |
) |
|
|
(59,483 |
) |
|
|
|
|
|
|
|
|
|
|
CAPITAL TRANSACTIONS(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
|
|
145,556,862 |
|
|
|
256,981,090 |
|
|
|
106,812,437 |
|
|
|
134,804,108 |
|
Cost of shares redeemed |
|
|
(80 |
) |
|
|
(37,009,292 |
) |
|
|
(3,297,597 |
) |
|
|
|
|
|
|
|
|
|
Net Increase from Capital Transactions |
|
|
145,556,782 |
|
|
|
219,971,798 |
|
|
|
103,514,840 |
|
|
|
134,804,108 |
|
|
|
|
|
|
Total Increase (Decrease) in Net Assets |
|
|
144,725,933 |
|
|
|
229,535,916 |
|
|
|
133,125,359 |
|
|
|
141,916,334 |
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of Period |
|
$ |
374,730,167 |
|
|
$ |
145,194,251 |
|
|
$ |
149,676,864 |
|
|
$ |
7,760,530 |
|
|
|
|
|
|
End of Period |
|
$ |
519,456,100 |
|
|
$ |
374,730,167 |
|
|
$ |
282,802,223 |
|
|
$ |
149,676,864 |
|
|
|
|
|
|
Undistributed (accumulated) net investment income (loss) included in end of period net assets |
|
$ |
242,585 |
|
|
$ |
107,501 |
|
|
$ |
1,087,518 |
|
|
$ |
1,065,218 |
|
|
|
|
|
|
|
|
|
|
|
SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
14,250,001 |
|
|
|
5,800,001 |
|
|
|
2,550,001 |
|
|
|
150,001 |
|
Shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued in-kind |
|
|
5,550,000 |
|
|
|
9,900,000 |
|
|
|
1,700,000 |
|
|
|
2,400,000 |
|
Shares redeemed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares redeemed in-kind |
|
|
|
|
|
|
(1,450,000 |
) |
|
|
(50,000 |
) |
|
|
|
|
|
|
|
|
|
Shares Outstanding, End of Period |
|
|
19,800,001 |
|
|
|
14,250,001 |
|
|
|
4,200,001 |
|
|
|
2,550,001 |
|
|
|
|
|
|
(1) |
Capital share transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See
Note 9 to the Financial Statements. |
See Accompanying Notes to the Financial Statements.
|
|
|
10 |
|
FLEXSHARES SEMIANNUAL REPORT |
Statements of Changes in Net Assets (cont.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund |
|
|
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund |
|
|
FlexShares®
Quality Dividend Index Fund |
|
|
|
Six Months Ended April 30, 2013 (Unaudited) |
|
|
September 25, 2012* through October 31, 2012 |
|
|
Six Months Ended April 30, 2013 (Unaudited) |
|
|
September 25, 2012* through October 31, 2012 |
|
|
December 14, 2012* through April 30, 2013 |
|
|
|
|
|
|
|
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
962,781 |
|
|
$ |
24,170 |
|
|
$ |
370,282 |
|
|
$ |
3,703 |
|
|
$ |
241,439 |
|
Net realized gain (loss) |
|
|
29,496 |
|
|
|
(9,085 |
) |
|
|
(153,973 |
) |
|
|
(21,586 |
) |
|
|
195,797 |
|
Net change in unrealized appreciation (depreciation) |
|
|
6,664,489 |
|
|
|
(169,539 |
) |
|
|
1,553,854 |
|
|
|
(47,698 |
) |
|
|
3,941,517 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resulting from Operations |
|
|
7,656,766 |
|
|
|
(154,454 |
) |
|
|
1,770,163 |
|
|
|
(65,581 |
) |
|
|
4,378,753 |
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(90,648 |
) |
|
|
|
|
|
|
(46,755 |
) |
|
|
|
|
|
|
(64,339 |
) |
Net realized gain |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions |
|
|
(90,648 |
) |
|
|
|
|
|
|
(46,755 |
) |
|
|
|
|
|
|
(64,339 |
) |
|
|
|
|
|
|
|
|
|
|
|
CAPITAL TRANSACTIONS(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
|
|
84,795,407 |
|
|
|
|
|
|
|
99,934,399 |
|
|
|
4,979,625 |
|
|
|
63,266,601 |
|
Cost of shares redeemed |
|
|
(732 |
) |
|
|
|
|
|
|
(1,619 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase from Capital Transactions |
|
|
84,794,675 |
|
|
|
|
|
|
|
99,932,780 |
|
|
|
4,979,625 |
|
|
|
63,266,601 |
|
|
|
|
|
|
Total Increase (Decrease) in Net Assets |
|
|
92,360,793 |
|
|
|
(154,454 |
) |
|
|
101,656,188 |
|
|
|
4,914,044 |
|
|
|
67,581,015 |
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of Period |
|
$ |
9,861,702 |
|
|
$ |
10,016,156 |
|
|
$ |
9,920,344 |
|
|
$ |
5,006,300 |
|
|
$ |
2,500,025 |
|
|
|
|
|
|
End of Period |
|
$ |
102,222,495 |
|
|
$ |
9,861,702 |
|
|
$ |
111,576,532 |
|
|
$ |
9,920,344 |
|
|
$ |
70,081,040 |
|
|
|
|
|
|
Undistributed (accumulated) net investment income (loss) included in end of period net assets |
|
$ |
893,917 |
|
|
$ |
21,784 |
|
|
$ |
322,451 |
|
|
$ |
(1,076 |
) |
|
$ |
177,100 |
|
|
|
|
|
|
|
|
|
|
|
|
SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
200,001 |
|
|
|
200,001 |
|
|
|
200,001 |
|
|
|
100,001 |
|
|
|
100,001 |
|
Shares issued |
|
|
1,400,000 |
|
|
|
|
|
|
|
1,600,000 |
|
|
|
100,000 |
|
|
|
|
|
Shares issued in-kind |
|
|
200,000 |
|
|
|
|
|
|
|
300,000 |
|
|
|
|
|
|
|
2,300,000 |
|
Shares redeemed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares redeemed in-kind |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares Outstanding, End of Period |
|
|
1,800,001 |
|
|
|
200,001 |
|
|
|
2,100,001 |
|
|
|
200,001 |
|
|
|
2,400,001 |
|
|
|
|
|
|
* |
Commencement of investment operations. |
(1) |
Capital share transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See
Note 9 to the Financial Statements. |
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
11 |
|
Statements of Changes in Net Assets (cont.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FlexShares®
Quality Dividend Dynamic Index Fund |
|
|
FlexShares®
Quality Dividend Defensive Index Fund |
|
|
FlexShares®
International Quality Dividend Index Fund |
|
|
|
December 14, 2012* through April 30, 2013 |
|
|
December 14, 2012* through April 30, 2013 |
|
|
April 12, 2013* through April 30, 2013 |
|
|
|
|
|
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
26,428 |
|
|
$ |
51,341 |
|
|
$ |
11,992 |
|
Net realized gain (loss) |
|
|
53,003 |
|
|
|
52,314 |
|
|
|
1,130 |
|
Net change in unrealized appreciation (depreciation) |
|
|
353,677 |
|
|
|
784,924 |
|
|
|
51,884 |
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Resulting from Operations |
|
|
433,108 |
|
|
|
888,579 |
|
|
|
65,006 |
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(14,157 |
) |
|
|
(12,839 |
) |
|
|
|
|
Net realized gain |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions |
|
|
(14,157 |
) |
|
|
(12,839 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL TRANSACTIONS(1) |
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
|
|
2,918,978 |
|
|
|
11,160,277 |
|
|
|
3,760 |
|
Cost of shares redeemed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase from Capital Transactions |
|
|
2,918,978 |
|
|
|
11,160,277 |
|
|
|
3,760 |
|
|
|
|
|
|
Total Increase (Decrease) in Net Assets |
|
|
3,337,929 |
|
|
|
12,036,017 |
|
|
|
68,766 |
|
|
|
|
|
|
|
|
|
|
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of Period |
|
$ |
2,500,025 |
|
|
$ |
2,500,025 |
|
|
$ |
2,500,025 |
|
|
|
|
|
|
End of Period |
|
$ |
5,837,954 |
|
|
$ |
14,536,042 |
|
|
$ |
2,568,791 |
|
|
|
|
|
|
Undistributed (accumulated) net investment income (loss) included in end of period net assets |
|
$ |
12,271 |
|
|
$ |
38,502 |
|
|
$ |
11,992 |
|
|
|
|
|
|
|
|
|
|
SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
100,001 |
|
|
|
100,001 |
|
|
|
100,001 |
|
Shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued in-kind |
|
|
100,000 |
|
|
|
400,000 |
|
|
|
|
|
Shares redeemed |
|
|
|
|
|
|
|
|
|
|
|
|
Shares redeemed in-kind |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares Outstanding, End of Period |
|
|
200,001 |
|
|
|
500,001 |
|
|
|
100,001 |
|
|
|
|
|
|
* |
Commencement of investment operations. |
(1) |
Capital share transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See
Note 9 to the Financial Statements. |
See Accompanying Notes to the Financial Statements.
|
|
|
12 |
|
FLEXSHARES SEMIANNUAL REPORT |
Statements of Changes in Net Assets (cont.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FlexShares®
International Quality Dividend Dynamic Index Fund |
|
|
FlexShares®
International Quality Dividend Defensive Index Fund |
|
|
FlexShares®
Ready Access Variable Income Fund |
|
|
|
April 12, 2013* through April 30, 2013 |
|
|
April 12, 2013* through April 30, 2013 |
|
|
Six Months Ended April 30, 2013 (Unaudited) |
|
|
October 9, 2012* through October 31, 2012 |
|
|
OPERATIONS |
|
Net investment income |
|
$ |
11,584 |
|
|
$ |
11,683 |
|
|
$ |
16,315 |
|
|
$ |
736 |
|
Net realized gain (loss) |
|
|
572 |
|
|
|
734 |
|
|
|
1,255 |
|
|
|
(31 |
) |
Net change in unrealized appreciation (depreciation) |
|
|
40,273 |
|
|
|
50,118 |
|
|
|
22,444 |
|
|
|
(3,684 |
) |
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resulting from Operations |
|
|
52,429 |
|
|
|
62,535 |
|
|
|
40,014 |
|
|
|
(2,979 |
) |
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
(12,740 |
) |
|
|
|
|
Net realized gain |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions |
|
|
|
|
|
|
|
|
|
|
(12,740 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL TRANSACTIONS(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
|
|
4,269 |
|
|
|
4,068 |
|
|
|
|
|
|
|
|
|
Cost of shares redeemed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase from Capital Transactions |
|
|
4,269 |
|
|
|
4,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Increase (Decrease) in Net Assets |
|
|
56,698 |
|
|
|
66,603 |
|
|
|
27,274 |
|
|
|
(2,979 |
) |
|
|
|
|
|
|
|
|
|
|
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of Period |
|
$ |
2,500,025 |
|
|
$ |
2,500,025 |
|
|
$ |
7,497,096 |
|
|
$ |
7,500,075 |
|
|
|
|
|
|
End of Period |
|
$ |
2,556,723 |
|
|
$ |
2,566,628 |
|
|
$ |
7,524,370 |
|
|
$ |
7,497,096 |
|
|
|
|
|
|
Undistributed (accumulated) net investment income (loss) included in end of period net assets |
|
$ |
11,584 |
|
|
$ |
11,683 |
|
|
$ |
4,311 |
|
|
$ |
736 |
|
|
|
|
|
|
|
|
|
|
|
SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
100,001 |
|
|
|
100,001 |
|
|
|
100,001 |
|
|
|
100,001 |
|
Shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued in-kind |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares redeemed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares redeemed in-kind |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares Outstanding, End of Period |
|
|
100,001 |
|
|
|
100,001 |
|
|
|
100,001 |
|
|
|
100,001 |
|
|
|
|
|
|
* |
Commencement of investment operations. |
(1) |
Capital share transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See
Note 9 to the Financial Statements. |
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
13 |
|
FlexShares® Trust
Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE |
|
|
|
|
|
|
Investment Operations |
|
|
Distributions |
|
|
|
Net asset value, beginning of period |
|
|
Net Investment Income |
|
|
Net Realized and Unrealized Gain (Loss) |
|
|
Total from Operations |
|
|
Net Investment income |
|
|
From Net Realized Gains |
|
|
Total |
|
|
|
|
|
|
|
|
|
Flexshares® Morningstar Global Upstream Natural Resources
Index |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months ended April 30, 2013 (Unaudited) |
|
$ |
35.19 |
|
|
$ |
0.40 |
(a) |
|
$ |
(0.87 |
) |
|
$ |
(0.47 |
) |
|
$ |
(0.37 |
) |
|
$ |
|
|
|
$ |
(0.37 |
) |
Year ended October 31, 2012 |
|
|
35.01 |
|
|
|
0.44 |
|
|
|
(0.17 |
)(g) |
|
|
0.27 |
|
|
|
(0.09 |
) |
|
|
|
|
|
|
(0.09 |
) |
For the period 09/16/11* through 10/31/11 |
|
|
35.00 |
|
|
|
0.03 |
(a) |
|
|
(0.02 |
)(g) |
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flexshares® iBoxx 3-Year Target Duration TIPS
Index |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months ended April 30, 2013 (Unaudited) |
|
|
25.43 |
|
|
|
0.09 |
(a) |
|
|
(0.05 |
) |
|
|
0.04 |
|
|
|
(0.05 |
) |
|
|
(0.01 |
) |
|
|
(0.06 |
) |
Year ended October 31, 2012 |
|
|
25.14 |
|
|
|
0.15 |
(a) |
|
|
0.39 |
|
|
|
0.54 |
|
|
|
(0.22 |
) |
|
|
(0.03 |
) |
|
|
(0.25 |
) |
For the period 09/19/11* through 10/31/11 |
|
|
25.00 |
|
|
|
0.06 |
(a) |
|
|
0.08 |
|
|
|
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flexshares® iBoxx 5-Year Target Duration TIPS
Index |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months ended April 30, 2013 (Unaudited) |
|
|
26.30 |
|
|
|
0.05 |
(a) |
|
|
0.04 |
|
|
|
0.09 |
|
|
|
(0.05 |
) |
|
|
(0.10 |
) |
|
|
(0.15 |
) |
Year ended October 31, 2012 |
|
|
25.03 |
|
|
|
0.24 |
(a) |
|
|
1.31 |
|
|
|
1.55 |
|
|
|
(0.27 |
) |
|
|
(0.01 |
) |
|
|
(0.28 |
) |
For the period 09/19/11* through 10/31/11 |
|
|
25.00 |
|
|
|
0.07 |
(a) |
|
|
(0.04 |
)(g) |
|
|
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flexshares® Morningstar US Market Factor Tilt
Index |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months ended April 30, 2013 (Unaudited) |
|
|
58.70 |
|
|
|
0.60 |
(a) |
|
|
8.69 |
|
|
|
9.29 |
|
|
|
(0.66 |
) |
|
|
|
|
|
|
(0.66 |
) |
Year ended October 31, 2012 |
|
|
51.74 |
|
|
|
0.91 |
(a) |
|
|
6.17 |
|
|
|
7.08 |
|
|
|
(0.12 |
) |
|
|
|
|
|
|
(0.12 |
) |
For the period 09/16/11* through 10/31/11 |
|
|
50.00 |
|
|
|
0.07 |
(a) |
|
|
1.67 |
|
|
|
1.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flexshares® Morningstar Developed Markets ex-US Factor
Tilt Index |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months ended April 30, 2013 (Unaudited) |
|
|
49.31 |
|
|
|
0.87 |
(a) |
|
|
6.72 |
|
|
|
7.59 |
|
|
|
(0.11 |
) |
|
|
|
|
|
|
(0.11 |
) |
For the period 09/25/12* through 10/31/12 |
|
|
50.00 |
|
|
|
0.12 |
(a) |
|
|
(0.81 |
) |
|
|
(0.69 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flexshares® Morningstar Emerging Markets Factor Tilt
Index |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months ended April 30, 2013 (Unaudited) |
|
|
49.60 |
|
|
|
0.30 |
(a) |
|
|
3.28 |
|
|
|
3.58 |
|
|
|
(0.05 |
) |
|
|
|
|
|
|
(0.05 |
) |
For the period 09/25/12* through 10/31/12 |
|
|
50.00 |
|
|
|
0.03 |
(a) |
|
|
(0.43 |
) |
|
|
(0.40 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flexshares® Quality Dividend Index
Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the period 12/14/12* through 04/30/13 (Unaudited) |
|
|
25.00 |
|
|
|
0.24 |
(a) |
|
|
4.08 |
|
|
|
4.32 |
|
|
|
(0.12 |
) |
|
|
|
|
|
|
(0.12 |
) |
|
|
|
|
|
|
|
|
Flexshares® Quality Dividend Dynamic Index
Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the period 12/14/12* through 04/30/13 (Unaudited) |
|
|
25.00 |
|
|
|
0.26 |
(a) |
|
|
4.07 |
|
|
|
4.33 |
|
|
|
(0.14 |
) |
|
|
|
|
|
|
(0.14 |
) |
|
|
|
|
|
|
|
|
Flexshares® Quality Dividend Defensive Index
Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the period 12/14/12* through 04/30/13 (Unaudited) |
|
|
25.00 |
|
|
|
0.24 |
(a) |
|
|
3.92 |
|
|
|
4.16 |
|
|
|
(0.09 |
) |
|
|
|
|
|
|
(0.09 |
) |
|
|
|
|
|
|
|
|
Flexshares® International Quality Dividend Index
Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the period 04/12/13* through 04/30/13 (Unaudited) |
|
|
25.00 |
|
|
|
0.12 |
(a) |
|
|
0.57 |
|
|
|
0.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flexshares® International Quality Dividend Dynamic Index
Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the period 04/12/13* through 04/30/13 (Unaudited) |
|
|
25.00 |
|
|
|
0.12 |
(a) |
|
|
0.45 |
|
|
|
0.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flexshares® International Quality Dividend Defensive
Index |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the period 04/12/13* through 04/30/13 (Unaudited) |
|
|
25.00 |
|
|
|
0.12 |
(a) |
|
|
0.55 |
|
|
|
0.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flexshares® Ready Access Variable
Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months ended April 30, 2013 (Unaudited) |
|
|
74.97 |
|
|
|
0.16 |
(a) |
|
|
0.24 |
|
|
|
0.40 |
|
|
|
(0.13 |
) |
|
|
|
|
|
|
(0.13 |
) |
For the period 10/09/12* through 10/31/12 |
|
|
75.00 |
|
|
|
0.01 |
(a) |
|
|
(0.04 |
) |
|
|
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
* |
Commencement of investment operations. |
(a) |
Net investment income per share is based on average shares outstanding. |
(b) |
Not annualized for periods less than one year. |
(c) |
Annualized for periods less than one year. |
(d) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period and redemption on the last day of the period at adjusted net asset value. |
(e) |
Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and
distributions at net asset value during the period and redemption on the last day of the period at market value. Market value is determined by the mid point of the bid/ask spread at 4:00 p.m. Eastern Time from the primary listing exchange. Market
value returns may vary from net asset value returns. |
(f) |
In-kind transactions are not included in portfolio turnover calculations. |
(g) |
The amount shown for a share outstanding throughout the period is not in accordance with the aggregate net realized and unrealized gain (loss) for that period
because of the timing of sales and repurchases of the Fund shares in relation to fluctuating market value of the investments in the Fund. |
See Accompanying Notes to the Financial Statements.
|
|
|
14 |
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RATIOS/SUPPLEMENTAL DATA |
|
|
|
|
Total Return(b) |
|
|
Ratios to Average Net Assets( c) |
|
|
Supplemental Data |
|
Net Asset Value, end of period |
|
|
Net
Asset Value(d) |
|
|
Market
Value (Unaudited)(e) |
|
|
Expenses |
|
|
Expenses net of reimbursements |
|
|
Net investment Income before reimbursements |
|
|
Net investment Income net of reimbursements |
|
|
Portfolio Turnover Rate(b)(f)
|
|
|
Net assets, end of period (thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
34.35 |
|
|
|
(1.36 |
)% |
|
|
(1.47 |
)% |
|
|
0.49 |
% |
|
|
0.48 |
% |
|
|
2.31 |
% |
|
|
2.31 |
% |
|
|
9 |
% |
|
$ |
2,286,260 |
|
|
35.19 |
|
|
|
0.79 |
|
|
|
1.71 |
|
|
|
0.50 |
|
|
|
0.48 |
|
|
|
2.02 |
|
|
|
2.03 |
|
|
|
5 |
|
|
|
566,532 |
|
|
35.01 |
|
|
|
0.03 |
|
|
|
(0.57 |
) |
|
|
0.77 |
|
|
|
0.48 |
|
|
|
0.53 |
|
|
|
0.82 |
|
|
|
1 |
|
|
|
103,268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25.41 |
|
|
|
0.13 |
|
|
|
0.13 |
|
|
|
0.21 |
|
|
|
0.20 |
|
|
|
0.71 |
|
|
|
0.71 |
|
|
|
42 |
|
|
|
1,540,954 |
|
|
25.43 |
|
|
|
2.15 |
|
|
|
1.94 |
|
|
|
0.22 |
|
|
|
0.20 |
|
|
|
0.57 |
|
|
|
0.59 |
|
|
|
55 |
|
|
|
684,034 |
|
|
25.14 |
|
|
|
0.56 |
|
|
|
0.82 |
|
|
|
0.51 |
|
|
|
0.20 |
|
|
|
1.72 |
|
|
|
2.03 |
|
|
|
23 |
|
|
|
140,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26.24 |
|
|
|
0.30 |
|
|
|
0.22 |
|
|
|
0.21 |
|
|
|
0.20 |
|
|
|
0.40 |
|
|
|
0.41 |
|
|
|
39 |
|
|
|
519,456 |
|
|
26.30 |
|
|
|
6.13 |
|
|
|
5.87 |
|
|
|
0.22 |
|
|
|
0.20 |
|
|
|
0.90 |
|
|
|
0.92 |
|
|
|
60 |
|
|
|
374,730 |
|
|
25.03 |
|
|
|
0.12 |
|
|
|
0.56 |
|
|
|
0.50 |
|
|
|
0.20 |
|
|
|
2.03 |
|
|
|
2.34 |
|
|
|
10 |
|
|
|
145,194 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
67.33 |
|
|
|
15.98 |
|
|
|
12.79 |
|
|
|
0.28 |
|
|
|
0.27 |
|
|
|
1.92 |
|
|
|
1.93 |
|
|
|
7 |
|
|
|
282,802 |
|
|
58.70 |
|
|
|
13.71 |
|
|
|
16.86 |
|
|
|
0.29 |
|
|
|
0.27 |
|
|
|
1.57 |
|
|
|
1.59 |
|
|
|
15 |
|
|
|
149,677 |
|
|
51.74 |
|
|
|
3.48 |
|
|
|
3.56 |
|
|
|
0.49 |
|
|
|
0.27 |
|
|
|
1.02 |
|
|
|
1.24 |
|
|
|
1 |
|
|
|
7,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
56.79 |
|
|
|
15.44 |
|
|
|
(7.96 |
) |
|
|
0.43 |
|
|
|
0.42 |
|
|
|
3.24 |
|
|
|
3.25 |
|
|
|
2 |
|
|
|
102,222 |
|
|
49.31 |
|
|
|
(1.40 |
) |
|
|
23.98 |
|
|
|
0.43 |
|
|
|
0.42 |
|
|
|
2.47 |
|
|
|
2.49 |
|
|
|
1 |
|
|
|
9,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53.13 |
|
|
|
7.22 |
|
|
|
(13.34 |
) |
|
|
0.66 |
|
|
|
0.65 |
|
|
|
1.14 |
|
|
|
1.15 |
|
|
|
5 |
|
|
|
111,577 |
|
|
49.60 |
|
|
|
(0.80 |
) |
|
|
23.52 |
|
|
|
0.67 |
|
|
|
0.65 |
|
|
|
0.50 |
|
|
|
0.52 |
|
|
|
1 |
|
|
|
9,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29.20 |
|
|
|
17.34 |
|
|
|
17.30 |
|
|
|
0.38 |
|
|
|
0.37 |
|
|
|
2.32 |
|
|
|
2.33 |
|
|
|
18 |
|
|
|
70,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29.19 |
|
|
|
17.38 |
|
|
|
18.51 |
|
|
|
0.38 |
|
|
|
0.37 |
|
|
|
2.59 |
|
|
|
2.60 |
|
|
|
15 |
|
|
|
5,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29.07 |
|
|
|
16.71 |
|
|
|
16.83 |
|
|
|
0.38 |
|
|
|
0.37 |
|
|
|
2.31 |
|
|
|
2.31 |
|
|
|
16 |
|
|
|
14,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25.69 |
|
|
|
2.76 |
|
|
|
3.04 |
|
|
|
0.55 |
|
|
|
0.47 |
|
|
|
10.91 |
|
|
|
10.99 |
|
|
|
|
|
|
|
2,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25.57 |
|
|
|
2.28 |
|
|
|
2.20 |
|
|
|
0.55 |
|
|
|
0.47 |
|
|
|
10.62 |
|
|
|
10.70 |
|
|
|
|
|
|
|
2,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25.67 |
|
|
|
2.68 |
|
|
|
3.20 |
|
|
|
0.55 |
|
|
|
0.47 |
|
|
|
10.62 |
|
|
|
10.70 |
|
|
|
|
|
|
|
2,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
75.24 |
|
|
|
0.53 |
|
|
|
4.73 |
|
|
|
0.26 |
|
|
|
0.25 |
|
|
|
0.43 |
|
|
|
0.44 |
|
|
|
34 |
|
|
|
7,524 |
|
|
74.97 |
|
|
|
(0.04 |
) |
|
|
(3.96 |
) |
|
|
0.27 |
|
|
|
0.25 |
|
|
|
0.14 |
|
|
|
0.16 |
|
|
|
2 |
|
|
|
7,497 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
15 |
|
Schedule of Investments
FlexShares® Morningstar Global Upstream
Natural Resources Index Fund
April 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS 99.2% |
|
Beverages 0.1% |
|
Tibet 5100 Water Resources Holdings Ltd. |
|
|
4,042,000 |
|
|
$ |
1,442,716 |
|
Chemicals 23.7% |
|
Agrium, Inc. |
|
|
387,397 |
|
|
|
35,568,040 |
|
CF Industries Holdings, Inc. |
|
|
163,713 |
|
|
|
30,534,112 |
|
Incitec Pivot Ltd. |
|
|
3,967,711 |
|
|
|
11,902,992 |
|
Israel Chemicals Ltd. |
|
|
1,203,224 |
|
|
|
14,317,140 |
|
K+S AG |
|
|
487,146 |
|
|
|
21,560,442 |
|
Monsanto Co. |
|
|
1,300,651 |
|
|
|
138,935,540 |
|
The Mosaic Co. |
|
|
750,684 |
|
|
|
46,234,628 |
|
Phosagro OAO (GDR) |
|
|
114,274 |
|
|
|
1,615,834 |
|
Potash Corp. of Saskatchewan, Inc. |
|
|
2,254,887 |
|
|
|
95,051,159 |
|
The Scotts Miracle-Gro Co., Class A |
|
|
114,466 |
|
|
|
5,191,033 |
|
Sociedad Quimica y Minera de Chile S.A. (ADR) |
|
|
295,482 |
|
|
|
14,623,404 |
|
Syngenta AG |
|
|
237,273 |
|
|
|
101,504,161 |
|
Taiwan Fertilizer Co. Ltd. |
|
|
1,331,000 |
|
|
|
3,184,081 |
|
Yara International ASA |
|
|
453,871 |
|
|
|
21,286,105 |
|
|
|
|
|
|
|
|
541,508,671 |
|
Containers & Packaging 0.4% |
|
MeadWestvaco Corp. |
|
|
254,221 |
|
|
|
8,765,540 |
|
Food Products 7.6% |
|
Archer-Daniels-Midland Co. |
|
|
1,718,480 |
|
|
|
58,325,211 |
|
Bunge Ltd. |
|
|
355,471 |
|
|
|
25,668,561 |
|
Charoen Pokphand Foods PCL |
|
|
8,518,400 |
|
|
|
9,214,964 |
|
Charoen Pokphand Indonesia Tbk PT |
|
|
20,007,000 |
|
|
|
10,391,911 |
|
Felda Global Ventures Holdings Bhd |
|
|
5,471,200 |
|
|
|
8,307,952 |
|
GrainCorp Ltd., Class A |
|
|
609,598 |
|
|
|
8,112,408 |
|
IOI Corp. Bhd |
|
|
6,853,505 |
|
|
|
11,330,528 |
|
Kuala Lumpur Kepong Bhd |
|
|
838,572 |
|
|
|
5,942,354 |
|
Nutreco N.V. |
|
|
89,345 |
|
|
|
8,489,302 |
|
PPB Group Bhd |
|
|
1,744,000 |
|
|
|
7,337,124 |
|
Suedzucker AG |
|
|
183,678 |
|
|
|
7,412,550 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Food Products (continued) |
|
Tongaat Hulett Ltd. |
|
|
311,454 |
|
|
$ |
4,524,932 |
|
Wilmar International Ltd. |
|
|
3,331,126 |
|
|
|
9,006,333 |
|
|
|
|
|
|
|
|
174,064,130 |
|
Metals & Mining 24.0% |
|
Agnico Eagle Mines Ltd. |
|
|
202,409 |
|
|
|
6,544,058 |
|
Alcoa, Inc. |
|
|
1,076,779 |
|
|
|
9,152,621 |
|
Anglo American PLC |
|
|
1,545,291 |
|
|
|
37,639,672 |
|
AngloGold Ashanti Ltd. |
|
|
453,871 |
|
|
|
8,458,542 |
|
Antofagasta Aberdeen Asset Management PLC |
|
|
370,018 |
|
|
|
5,168,667 |
|
Barrick Gold Corp. |
|
|
1,291,070 |
|
|
|
25,491,525 |
|
BHP Billiton Ltd. |
|
|
3,093,244 |
|
|
|
104,997,796 |
|
Cia de Minas Buenaventura S.A. (ADR) |
|
|
174,636 |
|
|
|
3,496,213 |
|
Eldorado Gold Corp. |
|
|
879,791 |
|
|
|
6,971,153 |
|
First Quantum Minerals Ltd. |
|
|
593,626 |
|
|
|
10,381,152 |
|
Franco-Nevada Corp. |
|
|
151,734 |
|
|
|
6,616,348 |
|
Freeport-McMoRan Copper & Gold, Inc. |
|
|
1,249,809 |
|
|
|
38,031,688 |
|
Glencore International PLC |
|
|
4,058,219 |
|
|
|
20,019,234 |
|
Gold Fields Ltd. |
|
|
855,833 |
|
|
|
6,085,462 |
|
Goldcorp, Inc. |
|
|
1,092,751 |
|
|
|
32,396,316 |
|
Grupo Mexico SAB de CV |
|
|
3,863,208 |
|
|
|
13,852,330 |
|
Impala Platinum Holdings Ltd. |
|
|
568,337 |
|
|
|
7,748,324 |
|
Industrias Penoles SAB de CV |
|
|
140,158 |
|
|
|
5,879,405 |
|
KGHM Polska Miedz S.A. |
|
|
125,114 |
|
|
|
5,860,604 |
|
Kinross Gold Corp. |
|
|
1,279,091 |
|
|
|
6,981,368 |
|
MMC Norilsk Nickel OJSC (ADR) |
|
|
453,432 |
|
|
|
6,946,578 |
|
Newcrest Mining Ltd. |
|
|
923,714 |
|
|
|
16,118,458 |
|
Newmont Mining Corp. |
|
|
666,831 |
|
|
|
21,605,324 |
|
Randgold Resources Ltd. |
|
|
121,121 |
|
|
|
9,538,744 |
|
Rio Tinto PLC |
|
|
1,327,406 |
|
|
|
60,305,801 |
|
Sibanye Gold Ltd.* |
|
|
855,833 |
|
|
|
809,870 |
|
Silver Wheaton Corp. |
|
|
425,920 |
|
|
|
10,429,398 |
|
Sumitomo Metal Mining Co. Ltd. |
|
|
246,031 |
|
|
|
3,427,411 |
|
Teck Resources Ltd., Class B |
|
|
510,257 |
|
|
|
13,595,355 |
|
Xstrata PLC |
|
|
2,138,917 |
|
|
|
32,075,015 |
|
Yamana Gold, Inc. |
|
|
972,961 |
|
|
|
12,062,259 |
|
|
|
|
|
|
|
|
548,686,691 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
16 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Global Upstream Natural Resources Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Multi-Utilities 0.6% |
|
Veolia Environnement S.A. |
|
|
1,018,215 |
|
|
$ |
14,048,369 |
|
Oil, Gas & Consumable Fuels
31.7% |
|
Anadarko Petroleum Corp. |
|
|
177,023 |
|
|
|
15,004,469 |
|
Apache Corp. |
|
|
174,361 |
|
|
|
12,881,791 |
|
BG Group PLC |
|
|
1,488,058 |
|
|
|
25,117,166 |
|
BP PLC |
|
|
7,960,711 |
|
|
|
57,787,195 |
|
Canadian Natural Resources Ltd. |
|
|
455,202 |
|
|
|
13,372,987 |
|
Cenovus Energy, Inc. |
|
|
331,419 |
|
|
|
9,934,168 |
|
Chevron Corp. |
|
|
803,924 |
|
|
|
98,086,767 |
|
China Petroleum & Chemical Corp., Class H |
|
|
5,924,000 |
|
|
|
6,480,782 |
|
CNOOC Ltd. |
|
|
5,594,112 |
|
|
|
10,437,691 |
|
ConocoPhillips |
|
|
489,808 |
|
|
|
29,608,894 |
|
Cosan Ltd., Class A |
|
|
411,741 |
|
|
|
8,543,626 |
|
Cosan S.A. Industria e Comercio |
|
|
278,290 |
|
|
|
6,569,286 |
|
Devon Energy Corp. |
|
|
173,030 |
|
|
|
9,527,032 |
|
Encana Corp. |
|
|
324,764 |
|
|
|
5,995,792 |
|
ENI S.p.A. |
|
|
1,075,448 |
|
|
|
25,748,530 |
|
EOG Resources, Inc. |
|
|
105,149 |
|
|
|
12,739,853 |
|
Exxon Mobil Corp. |
|
|
1,267,292 |
|
|
|
112,776,315 |
|
Gazprom OAO (ADR) |
|
|
2,179,236 |
|
|
|
17,292,238 |
|
Hess Corp. |
|
|
118,459 |
|
|
|
8,550,371 |
|
Lukoil OAO (ADR) |
|
|
235,587 |
|
|
|
14,936,216 |
|
Marathon Oil Corp. |
|
|
288,827 |
|
|
|
9,435,978 |
|
Noble Energy, Inc. |
|
|
63,155 |
|
|
|
7,154,830 |
|
Occidental Petroleum Corp. |
|
|
340,736 |
|
|
|
30,414,095 |
|
PetroChina Co. Ltd., Class H |
|
|
8,472,018 |
|
|
|
10,774,788 |
|
Petroleo Brasileiro S.A., Class A (ADR) |
|
|
874,467 |
|
|
|
17,463,106 |
|
Royal Dutch Shell PLC, Class A |
|
|
1,485,917 |
|
|
|
50,611,616 |
|
Sasol Ltd. |
|
|
239,580 |
|
|
|
10,344,263 |
|
Statoil ASA |
|
|
344,027 |
|
|
|
8,407,882 |
|
Suncor Energy, Inc. |
|
|
666,831 |
|
|
|
20,823,345 |
|
Total S.A. |
|
|
803,164 |
|
|
|
40,523,774 |
|
Tullow Oil PLC |
|
|
455,202 |
|
|
|
7,091,849 |
|
Woodside Petroleum Ltd. |
|
|
290,158 |
|
|
|
11,313,015 |
|
|
|
|
|
|
|
|
725,749,710 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Paper & Forest Products 3.4% |
|
Canfor Corp.* |
|
|
131,769 |
|
|
$ |
2,756,295 |
|
Deltic Timber Corp. |
|
|
15,972 |
|
|
|
997,931 |
|
Duratex S.A. |
|
|
706,509 |
|
|
|
5,310,744 |
|
Empresas CMPC S.A. |
|
|
1,037,579 |
|
|
|
3,829,030 |
|
International Paper Co. |
|
|
642,873 |
|
|
|
30,202,174 |
|
Louisiana-Pacific Corp.* |
|
|
202,312 |
|
|
|
3,665,893 |
|
Mondi PLC |
|
|
748,022 |
|
|
|
9,913,345 |
|
Stora Enso Oyj, Class R |
|
|
817,234 |
|
|
|
5,683,503 |
|
Sumitomo Forestry Co. Ltd. |
|
|
279,096 |
|
|
|
3,323,595 |
|
UPM-Kymmene Oyj |
|
|
756,008 |
|
|
|
7,913,964 |
|
West Fraser Timber Co. Ltd. |
|
|
41,261 |
|
|
|
3,608,209 |
|
|
|
|
|
|
|
|
77,204,683 |
|
Real Estate Investment Trusts (REITs)
2.2% |
|
Plum Creek Timber Co., Inc. |
|
|
260,876 |
|
|
|
13,445,549 |
|
Rayonier, Inc. |
|
|
189,002 |
|
|
|
11,230,499 |
|
Weyerhaeuser Co. |
|
|
834,537 |
|
|
|
25,461,724 |
|
|
|
|
|
|
|
|
50,137,772 |
|
Trading Companies & Distributors
0.3% |
|
Noble Group Ltd. |
|
|
8,697,031 |
|
|
|
7,943,945 |
|
Water Utilities 5.2% |
|
Aguas Andinas S.A., Class A |
|
|
7,002,391 |
|
|
|
5,569,240 |
|
American Water Works Co., Inc. |
|
|
436,568 |
|
|
|
18,283,468 |
|
Aqua America, Inc. |
|
|
311,642 |
|
|
|
9,888,401 |
|
Cia de Saneamento Basico do Estado de Sao Paulo |
|
|
2,418 |
|
|
|
34,066 |
|
Cia de Saneamento de Minas Gerais-COPASA |
|
|
142,772 |
|
|
|
3,291,717 |
|
CIA Saneamento Basico de Sao Paolo (ADR) |
|
|
900,312 |
|
|
|
12,874,462 |
|
Hyflux Ltd. |
|
|
2,990,000 |
|
|
|
3,325,864 |
|
Inversiones Aguas Metropolitanas S.A. |
|
|
1,327,007 |
|
|
|
2,814,155 |
|
Kurita Water Industries Ltd. |
|
|
266,910 |
|
|
|
5,477,395 |
|
Manila Water Co., Inc. |
|
|
798,600 |
|
|
|
775,123 |
|
Pennon Group PLC |
|
|
1,050,159 |
|
|
|
11,204,274 |
|
Severn Trent PLC |
|
|
531,279 |
|
|
|
15,057,533 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
17 |
|
FlexShares®
Morningstar Global Upstream Natural Resources Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Water Utilities (continued) |
|
Suez Environnement Co. |
|
|
761,332 |
|
|
$ |
10,945,786 |
|
United Utilities Group PLC |
|
|
1,649,109 |
|
|
|
19,006,215 |
|
|
|
|
|
|
|
|
118,547,699 |
|
Total Common Stocks (Cost $2,324,392,177) |
|
|
|
|
|
|
2,268,099,926 |
|
|
|
|
|
|
|
|
|
|
Total Investment Securities (Cost $2,324,392,177) 99.2% |
|
|
|
2,268,099,926 |
|
Other assets less liabilities 0.8% |
|
|
|
18,159,827 |
|
NET ASSETS 100.0% |
|
|
|
|
|
$ |
2,286,259,753 |
|
* |
Non-income producing security. |
Percentages shown are based on Net Assets.
Abbreviations:
ADR American
Depositary Receipt
GDR Global Depositary Receipt
REIT Real Estate Investment Trust
As of April 30, 2013, the gross unrealized appreciation (depreciation) of investments
based on the aggregate cost of investments for federal income tax purposes was as follows:
|
|
|
|
|
|
|
|
|
Aggregate gross unrealized appreciation |
|
$ |
82,824,005 |
|
Aggregate gross unrealized depreciation |
|
|
(139,473,090 |
) |
Net unrealized depreciation |
|
$ |
(56,649,085 |
) |
Federal income tax cost of investments |
|
$ |
2,324,749,011 |
|
Futures Contracts
Purchased
FlexShares® Morningstar Global Upstream Natural Resources Index had the following open long futures contracts as of April 30, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Contracts |
|
|
Expiration Date |
|
|
Notional Amount at Value |
|
|
Unrealized Appreciation (Depreciation) |
|
E-Mini S&P
500® Futures Contract |
|
|
6 |
|
|
|
06/21/13 |
|
|
$ |
477,660 |
|
|
$ |
(103 |
) |
FTSE 100®
Index Futures Contracts |
|
|
51 |
|
|
|
06/21/13 |
|
|
|
5,066,992 |
|
|
|
33,672 |
|
Mini Russell
2000® Futures Contracts |
|
|
29 |
|
|
|
06/21/13 |
|
|
|
2,740,790 |
|
|
|
65,501 |
|
S&P Toronto Stock Exchange 60® Index Futures Contracts |
|
|
63 |
|
|
|
06/20/13 |
|
|
|
8,883,949 |
|
|
|
(122,859 |
) |
SPI 200® Futures Contracts |
|
|
13 |
|
|
|
06/20/13 |
|
|
|
1,743,509 |
|
|
|
56,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
32,899 |
|
Cash
collateral in the amount of $1,792,844 was pledged to cover margin requirements for open futures contracts as of April 30, 2013.
Forward Foreign Currency Contracts
FlexShares® Morningstar Global Upstream Natural Resources Index had the following
outstanding contracts as of April 30, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts to Deliver |
|
Counterparty |
|
In Exchange For |
|
|
Delivery Date |
|
|
Unrealized Appreciation (Depreciation) |
|
GBP 416,916 |
|
Goldman Sachs Capital |
|
|
USD 626,000 |
|
|
|
06/19/13 |
|
|
|
$ 22,686 |
|
CAD 1,130,916 |
|
Citibank N.A. |
|
|
USD 1,100,000 |
|
|
|
06/19/13 |
|
|
|
23,040 |
|
JPY 168,489,475 |
|
Morgan Stanley |
|
|
USD 1,750,000 |
|
|
|
06/19/13 |
|
|
|
(19,879 |
) |
SGD 3,324,617 |
|
Citibank N.A. |
|
|
USD 2,660,000 |
|
|
|
06/19/13 |
|
|
|
39,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 65,219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts to Receive |
|
Counterparty |
|
In Exchange For |
|
|
Receipt Date |
|
|
Unrealized (Depreciation) |
|
USD 2,240,000 |
|
Morgan Stanley |
|
|
AUD 2,178,988 |
|
|
|
06/19/13 |
|
|
$ |
(13,592 |
) |
USD 5,665,000 |
|
Citibank N.A. |
|
|
EUR 4,371,132 |
|
|
|
06/19/13 |
|
|
|
(99,749 |
) |
USD 1,070,000 |
|
UBS AG |
|
|
CHF 1,020,470 |
|
|
|
06/19/13 |
|
|
|
(29,053 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(142,394 |
) |
See
Accompanying Notes to the Financial Statements.
|
|
|
18 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Global Upstream Natural Resources Index Fund (cont.)
FlexShares® Morningstar Global Upstream Natural Resources Index invested, as a percentage of net assets, in the following
countries as of April 30, 2013:
|
|
|
|
|
Australia |
|
|
6.7 |
% |
Brazil |
|
|
2.4 |
|
Canada |
|
|
13.9 |
|
Chile |
|
|
1.2 |
|
China |
|
|
1.3 |
|
Finland |
|
|
0.6 |
|
France |
|
|
2.9 |
|
Germany |
|
|
1.3 |
|
Indonesia |
|
|
0.4 |
|
Israel |
|
|
0.6 |
|
Italy |
|
|
1.1 |
|
Japan |
|
|
0.5 |
|
Malaysia |
|
|
1.4 |
|
Mexico |
|
|
0.9 |
|
Netherlands |
|
|
0.4 |
|
Norway |
|
|
1.3 |
|
Peru |
|
|
0.1 |
|
Philippines |
|
|
0.0
|
|
Poland |
|
|
0.3 |
|
Russia |
|
|
1.8 |
|
Singapore |
|
|
0.9 |
|
South Africa |
|
|
1.7 |
|
Switzerland |
|
|
4.4 |
|
Taiwan |
|
|
0.1 |
|
Thailand |
|
|
0.4 |
|
United Kingdom |
|
|
15.8 |
|
United States |
|
|
36.8 |
|
Other1 |
|
|
0.8 |
|
|
|
|
100.0 |
% |
|
Amount represents less than 0.05%. |
1 |
Includes any non-equity securities and net other assets (liabilities). |
See Accompanying Notes to the Financial
Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
19 |
|
Schedule of Investments
FlexShares®
iBoxx 3-Year Target Duration TIPS Index Fund
April 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Principal Amount |
|
|
Value |
|
U.S. TREASURY OBLIGATIONS 99.8% |
|
U.S. Treasury Inflation Index Notes |
|
|
|
|
|
2.00%, due 07/15/14 |
|
$ |
56,042,217 |
|
|
$ |
58,472,528 |
|
1.63%, due 01/15/15 |
|
|
55,270,257 |
|
|
|
58,092,193 |
|
0.50%, due 04/15/15 |
|
|
55,594,561 |
|
|
|
57,600,430 |
|
1.88%, due 07/15/15 |
|
|
135,763,645 |
|
|
|
146,730,777 |
|
2.00%, due 01/15/16 |
|
|
133,137,467 |
|
|
|
146,143,407 |
|
0.13%, due 04/15/16 |
|
|
700,009,006 |
|
|
|
733,506,359 |
|
2.50%, due 07/15/16 |
|
|
62,757,210 |
|
|
|
71,495,586 |
|
2.38%, due 01/15/17 |
|
|
47,531,659 |
|
|
|
54,658,220 |
|
0.13%, due 04/15/17 |
|
|
108,725,156 |
|
|
|
115,785,559 |
|
2.63%, due 07/15/17 |
|
|
37,559,971 |
|
|
|
44,574,680 |
|
1.63%, due 01/15/18 |
|
|
43,506,108 |
|
|
|
50,131,364 |
|
|
|
|
|
|
|
|
1,537,191,103 |
|
Total U.S. Treasury Obligations (Cost $1,538,113,047) |
|
|
|
1,537,191,103 |
|
|
|
|
|
|
|
|
|
|
Total Investment Securities (Cost $1,538,113,047) 99.8% |
|
|
|
1,537,191,103 |
|
Other assets less liabilities 0.2% |
|
|
|
3,762,424 |
|
NET ASSETS 100.0% |
|
|
|
|
|
$ |
1,540,953,527 |
|
As of April 30, 2013, the gross unrealized appreciation
(depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
|
|
|
|
|
|
|
Aggregate gross unrealized appreciation |
|
$ |
1,336,902 |
|
Aggregate gross unrealized depreciation |
|
|
(2,597,963 |
) |
Net unrealized depreciation |
|
$ |
(1,261,061 |
) |
Federal income tax cost of investments |
|
$ |
1,538,452,164 |
|
Percentages shown are based on Net Assets.
See Accompanying Notes to the Financial Statements.
|
|
|
20 |
|
FLEXSHARES SEMIANNUAL REPORT |
Schedule of Investments
FlexShares®
iBoxx 5-Year Target Duration TIPS Index Fund
April 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Principal Amount |
|
|
Value |
|
U.S. TREASURY OBLIGATIONS 99.7% |
|
U.S. Treasury Inflation Index Notes |
|
|
|
|
|
|
|
|
2.50%, due 07/15/16 |
|
$ |
15,865,768 |
|
|
$ |
18,074,933 |
|
2.38%, due 01/15/17 |
|
|
13,702,178 |
|
|
|
15,756,585 |
|
0.13%, due 04/15/17 |
|
|
168,699,959 |
|
|
|
179,655,010 |
|
2.63%, due 07/15/17 |
|
|
43,387,199 |
|
|
|
51,490,203 |
|
1.63%, due 01/15/18 |
|
|
50,125,447 |
|
|
|
57,758,717 |
|
1.38%, due 07/15/18 |
|
|
44,354,338 |
|
|
|
51,415,777 |
|
2.13%, due 01/15/19 |
|
|
44,042,304 |
|
|
|
53,233,200 |
|
1.88%, due 07/15/19 |
|
|
11,413,808 |
|
|
|
13,860,728 |
|
1.38%, due 01/15/20 |
|
|
14,078,379 |
|
|
|
16,671,046 |
|
1.25%, due 07/15/20 |
|
|
23,852,755 |
|
|
|
28,350,728 |
|
1.13%, due 01/15/21 |
|
|
26,915,075 |
|
|
|
31,642,393 |
|
|
|
|
|
|
|
|
517,909,320 |
|
Total U.S. Treasury Obligations (Cost $509,234,122) |
|
|
|
517,909,320 |
|
|
|
|
|
|
|
|
|
|
Total Investment Securities (Cost $509,234,122) 99.7% |
|
|
|
517,909,320 |
|
Other assets less liabilities 0.3% |
|
|
|
1,546,780 |
|
NET ASSETS 100.0% |
|
|
|
|
|
$ |
519,456,100 |
|
As of April 30, 2013, the gross unrealized appreciation
(depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
|
|
|
|
|
|
|
Aggregate gross unrealized appreciation |
|
$ |
8,605,746 |
|
Aggregate gross unrealized depreciation |
|
|
|
|
Net unrealized appreciation |
|
$ |
8,605,746 |
|
Federal income tax cost of investments |
|
$ |
509,303,574 |
|
Percentages shown are based on Net Assets.
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
21 |
|
Schedule of Investments
FlexShares®
Morningstar US Market Factor Tilt Index Fund
April
30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS 99.5% |
|
Aerospace & Defense 2.3% |
|
AAR Corp. |
|
|
5,796 |
|
|
$ |
103,516 |
|
Aerovironment, Inc.* |
|
|
924 |
|
|
|
17,889 |
|
Alliant Techsystems, Inc. |
|
|
4,200 |
|
|
|
312,312 |
|
American Science & Engineering, Inc. |
|
|
420 |
|
|
|
27,082 |
|
Astronics Corp.* |
|
|
504 |
|
|
|
14,011 |
|
BE Aerospace, Inc.* |
|
|
924 |
|
|
|
57,972 |
|
The Boeing Co. |
|
|
7,056 |
|
|
|
644,989 |
|
Cubic Corp. |
|
|
840 |
|
|
|
36,095 |
|
Curtiss-Wright Corp. |
|
|
6,132 |
|
|
|
201,375 |
|
DigitalGlobe, Inc.* |
|
|
4,116 |
|
|
|
120,146 |
|
Ducommun, Inc.* |
|
|
1,092 |
|
|
|
26,743 |
|
Esterline Technologies Corp.* |
|
|
4,116 |
|
|
|
308,865 |
|
Exelis, Inc. |
|
|
24,780 |
|
|
|
276,793 |
|
GenCorp, Inc.* |
|
|
2,856 |
|
|
|
37,328 |
|
General Dynamics Corp. |
|
|
2,688 |
|
|
|
198,804 |
|
HEICO Corp., Class A |
|
|
2,352 |
|
|
|
79,545 |
|
Hexcel Corp.* |
|
|
5,208 |
|
|
|
158,844 |
|
Honeywell International, Inc. |
|
|
8,064 |
|
|
|
593,026 |
|
Huntington Ingalls Industries, Inc. |
|
|
6,468 |
|
|
|
342,157 |
|
The KEYW Holding Corp.* |
|
|
840 |
|
|
|
11,416 |
|
Kratos Defense & Security Solutions, Inc.* |
|
|
3,948 |
|
|
|
20,095 |
|
L-3 Communications Holdings, Inc. |
|
|
840 |
|
|
|
68,250 |
|
LMI Aerospace, Inc.* |
|
|
1,260 |
|
|
|
26,951 |
|
Lockheed Martin Corp. |
|
|
2,100 |
|
|
|
208,089 |
|
Moog, Inc., Class A* |
|
|
5,712 |
|
|
|
263,951 |
|
National Presto Industries, Inc. |
|
|
504 |
|
|
|
37,800 |
|
Northrop Grumman Corp. |
|
|
2,016 |
|
|
|
152,692 |
|
Orbital Sciences Corp.* |
|
|
3,108 |
|
|
|
56,006 |
|
Precision Castparts Corp. |
|
|
1,512 |
|
|
|
289,230 |
|
Raytheon Co. |
|
|
2,604 |
|
|
|
159,833 |
|
Rockwell Collins, Inc. |
|
|
1,512 |
|
|
|
95,135 |
|
Spirit Aerosystems Holdings, Inc., Class A* |
|
|
14,028 |
|
|
|
280,420 |
|
Sypris Solutions, Inc. |
|
|
1,008 |
|
|
|
3,226 |
|
Taser International, Inc.* |
|
|
3,360 |
|
|
|
29,602 |
|
Teledyne Technologies, Inc.* |
|
|
1,932 |
|
|
|
145,016 |
|
Textron, Inc. |
|
|
2,352 |
|
|
|
60,564 |
|
TransDigm Group, Inc. |
|
|
420 |
|
|
|
61,656 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Aerospace & Defense (continued) |
|
Triumph Group, Inc. |
|
|
420 |
|
|
$ |
33,558 |
|
United Technologies Corp. |
|
|
8,820 |
|
|
|
805,178 |
|
|
|
|
|
|
|
|
6,366,160 |
|
Air Freight & Logistics 0.5% |
|
Air Transport Services Group, Inc.* |
|
|
7,140 |
|
|
|
41,198 |
|
Atlas Air Worldwide Holdings, Inc.* |
|
|
3,360 |
|
|
|
125,664 |
|
C.H. Robinson Worldwide, Inc. |
|
|
1,680 |
|
|
|
99,775 |
|
Echo Global Logistics, Inc.* |
|
|
756 |
|
|
|
13,116 |
|
Expeditors International of Washington, Inc. |
|
|
1,932 |
|
|
|
69,417 |
|
FedEx Corp. |
|
|
3,024 |
|
|
|
284,286 |
|
Forward Air Corp. |
|
|
1,512 |
|
|
|
55,778 |
|
Hub Group, Inc., Class A* |
|
|
1,932 |
|
|
|
70,808 |
|
Pacer International, Inc.* |
|
|
2,352 |
|
|
|
13,383 |
|
Park-Ohio Holdings Corp.* |
|
|
1,092 |
|
|
|
40,164 |
|
United Parcel Service, Inc., Class B |
|
|
7,476 |
|
|
|
641,740 |
|
UTi Worldwide, Inc. |
|
|
5,628 |
|
|
|
82,675 |
|
XPO Logistics, Inc.* |
|
|
504 |
|
|
|
8,220 |
|
|
|
|
|
|
|
|
1,546,224 |
|
Airlines 0.6% |
|
Alaska Air Group, Inc.* |
|
|
8,904 |
|
|
|
548,843 |
|
Allegiant Travel Co. |
|
|
756 |
|
|
|
67,964 |
|
Delta Air Lines, Inc.* |
|
|
6,636 |
|
|
|
113,741 |
|
Hawaiian Holdings, Inc.* |
|
|
6,384 |
|
|
|
35,048 |
|
JetBlue Airways Corp.* |
|
|
29,568 |
|
|
|
203,724 |
|
Republic Airways Holdings, Inc.* |
|
|
5,712 |
|
|
|
63,917 |
|
SkyWest, Inc. |
|
|
7,140 |
|
|
|
102,173 |
|
Southwest Airlines Co. |
|
|
7,224 |
|
|
|
98,969 |
|
Spirit Airlines, Inc.* |
|
|
6,636 |
|
|
|
177,181 |
|
United Continental Holdings, Inc.* |
|
|
2,604 |
|
|
|
84,109 |
|
US Airways Group, Inc.* |
|
|
20,412 |
|
|
|
344,963 |
|
|
|
|
|
|
|
|
1,840,632 |
|
Auto Components 0.9% |
|
American Axle & Manufacturing Holdings, Inc.* |
|
|
8,652 |
|
|
|
115,677 |
|
Autoliv, Inc. |
|
|
756 |
|
|
|
57,774 |
|
BorgWarner, Inc.* |
|
|
1,008 |
|
|
|
78,795 |
|
Cooper Tire & Rubber Co. |
|
|
7,896 |
|
|
|
196,531 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
22 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Auto Components (continued) |
|
Dana Holding Corp. |
|
|
18,732 |
|
|
$ |
323,127 |
|
Delphi Automotive PLC |
|
|
2,184 |
|
|
|
100,923 |
|
Dorman Products, Inc. |
|
|
1,344 |
|
|
|
50,723 |
|
Drew Industries, Inc. |
|
|
1,008 |
|
|
|
36,389 |
|
Exide Technologies* |
|
|
10,836 |
|
|
|
9,179 |
|
Federal-Mogul Corp.* |
|
|
3,192 |
|
|
|
23,876 |
|
Fuel Systems Solutions, Inc.* |
|
|
840 |
|
|
|
13,196 |
|
Gentex Corp. |
|
|
7,812 |
|
|
|
175,770 |
|
Gentherm, Inc.* |
|
|
1,764 |
|
|
|
26,866 |
|
The Goodyear Tire & Rubber Co.* |
|
|
2,520 |
|
|
|
31,487 |
|
Johnson Controls, Inc. |
|
|
6,132 |
|
|
|
214,681 |
|
Lear Corp. |
|
|
840 |
|
|
|
48,535 |
|
Modine Manufacturing Co.* |
|
|
6,888 |
|
|
|
62,956 |
|
Spartan Motors, Inc. |
|
|
1,764 |
|
|
|
9,384 |
|
Standard Motor Products, Inc. |
|
|
2,604 |
|
|
|
79,787 |
|
Stoneridge, Inc.* |
|
|
4,200 |
|
|
|
31,794 |
|
Superior Industries International, Inc. |
|
|
3,024 |
|
|
|
55,521 |
|
Tenneco, Inc.* |
|
|
7,728 |
|
|
|
298,842 |
|
TRW Automotive Holdings Corp.* |
|
|
840 |
|
|
|
50,459 |
|
Visteon Corp.* |
|
|
6,888 |
|
|
|
404,946 |
|
|
|
|
|
|
|
|
2,497,218 |
|
Automobiles 0.3% |
|
Ford Motor Co. |
|
|
32,760 |
|
|
|
449,140 |
|
General Motors Co.* |
|
|
6,132 |
|
|
|
189,111 |
|
Harley-Davidson, Inc. |
|
|
2,436 |
|
|
|
133,127 |
|
Tesla Motors, Inc.* |
|
|
588 |
|
|
|
31,746 |
|
Thor Industries, Inc. |
|
|
2,856 |
|
|
|
105,929 |
|
Winnebago Industries, Inc.* |
|
|
1,596 |
|
|
|
29,239 |
|
|
|
|
|
|
|
|
938,292 |
|
Beverages 1.3% |
|
Beam, Inc. |
|
|
1,596 |
|
|
|
103,277 |
|
The Boston Beer Co., Inc., Class A* |
|
|
504 |
|
|
|
85,337 |
|
Brown-Forman Corp., Class B |
|
|
1,344 |
|
|
|
94,752 |
|
Coca-Cola Bottling Co. Consolidated |
|
|
252 |
|
|
|
15,498 |
|
The Coca-Cola Co. |
|
|
39,312 |
|
|
|
1,664,077 |
|
Coca-Cola Enterprises, Inc. |
|
|
2,940 |
|
|
|
107,692 |
|
Constellation Brands, Inc., Class A* |
|
|
1,428 |
|
|
|
70,472 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Beverages (continued) |
|
Dr Pepper Snapple Group, Inc. |
|
|
2,184 |
|
|
$ |
106,645 |
|
Molson Coors Brewing Co., Class B |
|
|
1,428 |
|
|
|
73,685 |
|
Monster Beverage Corp.* |
|
|
1,428 |
|
|
|
80,539 |
|
National Beverage Corp. |
|
|
504 |
|
|
|
7,424 |
|
PepsiCo, Inc. |
|
|
15,540 |
|
|
|
1,281,584 |
|
|
|
|
|
|
|
|
3,690,982 |
|
Biotechnology 2.4% |
|
ACADIA Pharmaceuticals, Inc.* |
|
|
4,032 |
|
|
|
51,972 |
|
Achillion Pharmaceuticals, Inc.* |
|
|
3,864 |
|
|
|
29,135 |
|
Acorda Therapeutics, Inc.* |
|
|
2,100 |
|
|
|
83,097 |
|
Affymax, Inc.* |
|
|
1,848 |
|
|
|
1,663 |
|
Agenus, Inc.* |
|
|
1,008 |
|
|
|
4,899 |
|
Alexion Pharmaceuticals, Inc.* |
|
|
2,184 |
|
|
|
214,032 |
|
Alnylam Pharmaceuticals, Inc.* |
|
|
2,352 |
|
|
|
56,330 |
|
AMAG Pharmaceuticals, Inc.* |
|
|
1,092 |
|
|
|
24,079 |
|
Amgen, Inc. |
|
|
7,812 |
|
|
|
814,088 |
|
Amicus Therapeutics, Inc.* |
|
|
1,008 |
|
|
|
3,276 |
|
Arena Pharmaceuticals, Inc.* |
|
|
11,424 |
|
|
|
94,134 |
|
Ariad Pharmaceuticals, Inc.* |
|
|
4,368 |
|
|
|
78,056 |
|
Arqule, Inc.* |
|
|
504 |
|
|
|
1,487 |
|
Array BioPharma, Inc.* |
|
|
4,620 |
|
|
|
27,489 |
|
Astex Pharmaceuticals* |
|
|
6,552 |
|
|
|
45,078 |
|
AVEO Pharmaceuticals, Inc.* |
|
|
2,268 |
|
|
|
11,589 |
|
BioCryst Pharmaceuticals, Inc.* |
|
|
2,772 |
|
|
|
5,572 |
|
Biogen Idec, Inc.* |
|
|
2,436 |
|
|
|
533,313 |
|
BioMarin Pharmaceutical, Inc.* |
|
|
1,092 |
|
|
|
71,635 |
|
Celgene Corp.* |
|
|
4,452 |
|
|
|
525,648 |
|
Celldex Therapeutics, Inc.* |
|
|
3,696 |
|
|
|
48,233 |
|
Celsion Corp.* |
|
|
1,092 |
|
|
|
913 |
|
Cepheid, Inc.* |
|
|
3,528 |
|
|
|
134,523 |
|
Chelsea Therapeutics International Ltd.* |
|
|
3,864 |
|
|
|
7,496 |
|
Cubist Pharmaceuticals, Inc.* |
|
|
3,696 |
|
|
|
169,720 |
|
Curis, Inc.* |
|
|
4,032 |
|
|
|
15,120 |
|
Cytori Therapeutics, Inc.* |
|
|
2,604 |
|
|
|
7,317 |
|
Dendreon Corp.* |
|
|
20,076 |
|
|
|
94,558 |
|
Dyax Corp.* |
|
|
6,972 |
|
|
|
19,173 |
|
Dynavax Technologies Corp.* |
|
|
8,316 |
|
|
|
19,543 |
|
Emergent Biosolutions, Inc.* |
|
|
1,260 |
|
|
|
19,328 |
|
Exact Sciences Corp.* |
|
|
2,772 |
|
|
|
25,890 |
|
Exelixis, Inc.* |
|
|
8,988 |
|
|
|
46,648 |
|
Galena Biopharma, Inc.* |
|
|
1,596 |
|
|
|
4,581 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
23 |
|
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Biotechnology (continued) |
|
Genomic Health, Inc.* |
|
|
924 |
|
|
$ |
28,053 |
|
Geron Corp.* |
|
|
6,888 |
|
|
|
8,059 |
|
Gilead Sciences, Inc.* |
|
|
15,624 |
|
|
|
791,199 |
|
GTx, Inc.* |
|
|
4,452 |
|
|
|
20,568 |
|
Halozyme Therapeutics, Inc.* |
|
|
4,536 |
|
|
|
27,397 |
|
Idenix Pharmaceuticals, Inc.* |
|
|
5,376 |
|
|
|
19,891 |
|
ImmunoCellular Therapeutics Ltd.* |
|
|
2,604 |
|
|
|
6,562 |
|
ImmunoGen, Inc.* |
|
|
4,956 |
|
|
|
79,395 |
|
Immunomedics, Inc.* |
|
|
3,528 |
|
|
|
9,032 |
|
Incyte Corp. Ltd.* |
|
|
7,644 |
|
|
|
169,315 |
|
Infinity Pharmaceuticals, Inc.* |
|
|
2,436 |
|
|
|
104,967 |
|
InterMune, Inc.* |
|
|
3,696 |
|
|
|
34,484 |
|
Ironwood Pharmaceuticals, Inc.* |
|
|
4,116 |
|
|
|
62,604 |
|
Isis Pharmaceuticals, Inc.* |
|
|
4,956 |
|
|
|
110,965 |
|
Keryx Biopharmaceuticals, Inc.* |
|
|
4,620 |
|
|
|
37,653 |
|
Lexicon Pharmaceuticals, Inc.* |
|
|
25,284 |
|
|
|
50,062 |
|
Ligand Pharmaceuticals, Inc., Class B* |
|
|
1,428 |
|
|
|
39,013 |
|
MannKind Corp.* |
|
|
6,552 |
|
|
|
25,880 |
|
Maxygen, Inc. |
|
|
924 |
|
|
|
2,218 |
|
Medivation, Inc.* |
|
|
1,008 |
|
|
|
53,132 |
|
Merrimack Pharmaceuticals, Inc.* |
|
|
756 |
|
|
|
3,720 |
|
Momenta Pharmaceuticals, Inc.* |
|
|
2,184 |
|
|
|
26,907 |
|
Myriad Genetics, Inc.* |
|
|
4,788 |
|
|
|
133,346 |
|
Nanosphere, Inc.* |
|
|
588 |
|
|
|
1,629 |
|
Neostem, Inc.* |
|
|
7,056 |
|
|
|
3,528 |
|
Neurocrine Biosciences, Inc.* |
|
|
3,444 |
|
|
|
39,744 |
|
NewLink Genetics Corp.* |
|
|
1,260 |
|
|
|
17,564 |
|
Novavax, Inc.* |
|
|
5,124 |
|
|
|
12,041 |
|
NPS Pharmaceuticals, Inc.* |
|
|
4,536 |
|
|
|
60,918 |
|
OncoGenex Pharmaceutical, Inc.* |
|
|
672 |
|
|
|
6,807 |
|
Oncothyreon, Inc.* |
|
|
2,604 |
|
|
|
6,536 |
|
Onyx Pharmaceuticals, Inc.* |
|
|
672 |
|
|
|
63,706 |
|
Opko Health, Inc.* |
|
|
8,148 |
|
|
|
54,266 |
|
Orexigen Therapeutics, Inc.* |
|
|
4,620 |
|
|
|
28,090 |
|
Osiris Therapeutics, Inc.* |
|
|
420 |
|
|
|
4,712 |
|
PDL BioPharma, Inc. |
|
|
17,808 |
|
|
|
137,834 |
|
Peregrine Pharmaceuticals, Inc.* |
|
|
4,956 |
|
|
|
6,889 |
|
Pharmacyclics, Inc.* |
|
|
1,092 |
|
|
|
88,998 |
|
Pluristem Therapeutics, Inc.* |
|
|
1,344 |
|
|
|
4,274 |
|
Progenics Pharmaceuticals, Inc.* |
|
|
2,604 |
|
|
|
11,978 |
|
Protalix BioTherapeutics, Inc.* |
|
|
3,444 |
|
|
|
19,527 |
|
Raptor Pharmaceutical Corp.* |
|
|
1,764 |
|
|
|
12,172 |
|
Regeneron Pharmaceuticals, Inc.* |
|
|
756 |
|
|
|
162,646 |
|
Rigel Pharmaceuticals, Inc.* |
|
|
3,696 |
|
|
|
17,704 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Biotechnology (continued) |
|
Sangamo Biosciences, Inc.* |
|
|
3,276 |
|
|
$ |
33,350 |
|
Sarepta Therapeutics, Inc.* |
|
|
1,848 |
|
|
|
53,666 |
|
Savient Pharmaceuticals, Inc.* |
|
|
3,696 |
|
|
|
2,758 |
|
Seattle Genetics, Inc.* |
|
|
2,772 |
|
|
|
102,425 |
|
SIGA Technologies, Inc.* |
|
|
2,100 |
|
|
|
6,930 |
|
Spectrum Pharmaceuticals, Inc. |
|
|
2,436 |
|
|
|
18,051 |
|
StemCells, Inc.* |
|
|
924 |
|
|
|
1,562 |
|
Synageva BioPharma Corp.* |
|
|
420 |
|
|
|
21,710 |
|
Synta Pharmaceuticals Corp.* |
|
|
1,764 |
|
|
|
18,081 |
|
Targacept, Inc.* |
|
|
1,764 |
|
|
|
8,132 |
|
Theravance, Inc.* |
|
|
3,780 |
|
|
|
127,575 |
|
Threshold Pharmaceuticals, Inc.* |
|
|
2,184 |
|
|
|
10,527 |
|
Trius Therapeutics, Inc.* |
|
|
1,260 |
|
|
|
8,782 |
|
United Therapeutics Corp.* |
|
|
2,520 |
|
|
|
168,286 |
|
Vertex Pharmaceuticals, Inc.* |
|
|
2,184 |
|
|
|
167,775 |
|
Vical, Inc.* |
|
|
3,528 |
|
|
|
13,018 |
|
Zalicus, Inc.* |
|
|
8,400 |
|
|
|
4,915 |
|
ZIOPHARM Oncology, Inc.* |
|
|
3,108 |
|
|
|
5,221 |
|
|
|
|
|
|
|
|
6,668,364 |
|
Building Products 0.4% |
|
A.O. Smith Corp. |
|
|
2,016 |
|
|
|
152,067 |
|
AAON, Inc. |
|
|
1,092 |
|
|
|
31,024 |
|
American Woodmark Corp.* |
|
|
1,008 |
|
|
|
33,919 |
|
Apogee Enterprises, Inc. |
|
|
1,512 |
|
|
|
38,526 |
|
Armstrong World Industries, Inc.* |
|
|
672 |
|
|
|
34,299 |
|
Builders FirstSource, Inc.* |
|
|
1,344 |
|
|
|
8,319 |
|
Fortune Brands Home & Security, Inc.* |
|
|
1,932 |
|
|
|
70,305 |
|
Gibraltar Industries, Inc.* |
|
|
1,596 |
|
|
|
29,845 |
|
Griffon Corp. |
|
|
5,208 |
|
|
|
53,642 |
|
Lennox International, Inc. |
|
|
2,688 |
|
|
|
166,656 |
|
Masco Corp. |
|
|
3,696 |
|
|
|
71,850 |
|
NCI Building Systems, Inc.* |
|
|
1,092 |
|
|
|
18,695 |
|
Nortek, Inc.* |
|
|
672 |
|
|
|
48,290 |
|
Owens Corning* |
|
|
1,176 |
|
|
|
49,463 |
|
Quanex Building Products Corp. |
|
|
1,932 |
|
|
|
31,434 |
|
Simpson Manufacturing Co., Inc. |
|
|
2,100 |
|
|
|
60,354 |
|
Trex Co., Inc.* |
|
|
756 |
|
|
|
36,802 |
|
Universal Forest Products, Inc. |
|
|
1,008 |
|
|
|
38,909 |
|
USG Corp.* |
|
|
2,016 |
|
|
|
52,396 |
|
|
|
|
|
|
|
|
1,026,795 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
24 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Capital Markets 1.6% |
|
Affiliated Managers Group, Inc.* |
|
|
504 |
|
|
$ |
78,463 |
|
Ameriprise Financial, Inc. |
|
|
1,848 |
|
|
|
137,731 |
|
Arlington Asset Investment Corp., Class A |
|
|
924 |
|
|
|
25,031 |
|
Artio Global Investors, Inc. |
|
|
9,576 |
|
|
|
26,238 |
|
The Bank of New York Mellon Corp. |
|
|
9,492 |
|
|
|
267,864 |
|
BGC Partners, Inc., Class A |
|
|
13,356 |
|
|
|
76,396 |
|
BlackRock, Inc. |
|
|
1,260 |
|
|
|
335,790 |
|
Calamos Asset Management, Inc., Class A |
|
|
2,268 |
|
|
|
25,742 |
|
The Charles Schwab Corp. |
|
|
12,012 |
|
|
|
203,724 |
|
Cohen & Steers, Inc. |
|
|
1,092 |
|
|
|
43,145 |
|
Cowen Group, Inc., Class A* |
|
|
11,592 |
|
|
|
29,676 |
|
Diamond Hill Investment Group, Inc. |
|
|
168 |
|
|
|
12,682 |
|
E*TRADE Financial Corp.* |
|
|
14,028 |
|
|
|
144,348 |
|
Eaton Vance Corp. |
|
|
1,176 |
|
|
|
46,899 |
|
Evercore Partners, Inc., Class A |
|
|
1,428 |
|
|
|
53,907 |
|
Federated Investors, Inc., Class B |
|
|
4,704 |
|
|
|
108,004 |
|
Financial Engines, Inc. |
|
|
2,184 |
|
|
|
79,432 |
|
Franklin Resources, Inc. |
|
|
1,512 |
|
|
|
233,846 |
|
FXCM, Inc., Class A |
|
|
2,520 |
|
|
|
34,146 |
|
GAMCO Investors, Inc., Class A |
|
|
252 |
|
|
|
13,230 |
|
GFI Group, Inc. |
|
|
10,332 |
|
|
|
41,431 |
|
The Goldman Sachs Group, Inc. |
|
|
3,528 |
|
|
|
515,335 |
|
Greenhill & Co., Inc. |
|
|
1,512 |
|
|
|
69,839 |
|
HFF, Inc., Class A |
|
|
1,596 |
|
|
|
33,436 |
|
ICG Group, Inc.* |
|
|
1,932 |
|
|
|
22,933 |
|
INTL FCStone, Inc.* |
|
|
2,016 |
|
|
|
34,514 |
|
Invesco Ltd. |
|
|
4,368 |
|
|
|
138,640 |
|
Investment Technology Group, Inc.* |
|
|
5,208 |
|
|
|
56,715 |
|
Janus Capital Group, Inc. |
|
|
23,688 |
|
|
|
211,297 |
|
Knight Capital Group, Inc., Class A* |
|
|
36,540 |
|
|
|
129,352 |
|
Legg Mason, Inc. |
|
|
1,176 |
|
|
|
37,467 |
|
LPL Financial Holdings, Inc. |
|
|
336 |
|
|
|
11,612 |
|
Manning & Napier, Inc. |
|
|
840 |
|
|
|
14,708 |
|
Medallion Financial Corp. |
|
|
1,176 |
|
|
|
17,569 |
|
Morgan Stanley |
|
|
11,508 |
|
|
|
254,902 |
|
Northern Trust
Corp. |
|
|
2,184 |
|
|
|
117,761 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Capital Markets (continued) |
|
Piper Jaffray Cos.* |
|
|
2,436 |
|
|
$ |
82,239 |
|
Raymond James Financial, Inc. |
|
|
756 |
|
|
|
31,314 |
|
Safeguard Scientifics, Inc.* |
|
|
2,520 |
|
|
|
40,673 |
|
SEI Investments Co. |
|
|
1,512 |
|
|
|
43,334 |
|
State Street Corp. |
|
|
3,612 |
|
|
|
211,194 |
|
Stifel Financial Corp.* |
|
|
3,192 |
|
|
|
102,847 |
|
SWS Group, Inc.* |
|
|
4,116 |
|
|
|
23,420 |
|
T Rowe Price Group, Inc. |
|
|
2,604 |
|
|
|
188,790 |
|
TD Ameritrade Holding Corp. |
|
|
2,268 |
|
|
|
45,156 |
|
Virtus Investment Partners, Inc.* |
|
|
336 |
|
|
|
64,176 |
|
Waddell & Reed Financial, Inc., Class A |
|
|
840 |
|
|
|
36,011 |
|
Walter Investment Management Corp.* |
|
|
2,016 |
|
|
|
67,657 |
|
|
|
|
|
|
|
|
4,620,616 |
|
Chemicals 2.5% |
|
A Schulman, Inc. |
|
|
3,612 |
|
|
|
93,804 |
|
ADA-ES, Inc.* |
|
|
420 |
|
|
|
11,596 |
|
Air Products & Chemicals, Inc. |
|
|
2,100 |
|
|
|
182,616 |
|
Airgas, Inc. |
|
|
672 |
|
|
|
64,949 |
|
Albemarle Corp. |
|
|
924 |
|
|
|
56,595 |
|
American Vanguard Corp. |
|
|
1,176 |
|
|
|
33,916 |
|
Arabian American Development Co.* |
|
|
420 |
|
|
|
3,196 |
|
Ashland, Inc. |
|
|
588 |
|
|
|
50,103 |
|
Axiall Corp. |
|
|
9,156 |
|
|
|
480,232 |
|
Balchem Corp. |
|
|
1,596 |
|
|
|
69,171 |
|
Cabot Corp. |
|
|
7,560 |
|
|
|
283,954 |
|
Calgon Carbon Corp.* |
|
|
3,108 |
|
|
|
52,960 |
|
Celanese Corp. |
|
|
1,092 |
|
|
|
53,956 |
|
CF Industries Holdings, Inc. |
|
|
504 |
|
|
|
94,001 |
|
Chemtura Corp.* |
|
|
12,852 |
|
|
|
273,233 |
|
Cytec Industries, Inc. |
|
|
1,176 |
|
|
|
85,683 |
|
The Dow Chemical Co. |
|
|
10,332 |
|
|
|
350,358 |
|
E.I. du Pont de Nemours & Co. |
|
|
9,156 |
|
|
|
499,094 |
|
Eastman Chemical Co. |
|
|
1,596 |
|
|
|
106,373 |
|
Ecolab, Inc. |
|
|
3,024 |
|
|
|
255,891 |
|
Ferro Corp.* |
|
|
9,912 |
|
|
|
69,780 |
|
Flotek Industries, Inc.* |
|
|
2,688 |
|
|
|
43,116 |
|
FMC Corp. |
|
|
1,344 |
|
|
|
81,581 |
|
FutureFuel Corp. |
|
|
1,176 |
|
|
|
14,406 |
|
Hawkins, Inc. |
|
|
504 |
|
|
|
18,744 |
|
HB Fuller Co. |
|
|
2,352 |
|
|
|
89,141 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
25 |
|
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Chemicals (continued) |
|
Huntsman Corp. |
|
|
1,596 |
|
|
$ |
30,101 |
|
Innophos Holdings, Inc. |
|
|
2,688 |
|
|
|
137,921 |
|
Innospec, Inc. |
|
|
2,688 |
|
|
|
118,299 |
|
International Flavors & Fragrances, Inc. |
|
|
588 |
|
|
|
45,388 |
|
Intrepid Potash, Inc. |
|
|
2,688 |
|
|
|
49,486 |
|
Koppers Holdings, Inc. |
|
|
2,436 |
|
|
|
106,965 |
|
Kraton Performance Polymers, Inc.* |
|
|
2,772 |
|
|
|
62,952 |
|
Kronos Worldwide, Inc. |
|
|
2,436 |
|
|
|
43,068 |
|
Landec Corp.* |
|
|
1,680 |
|
|
|
22,529 |
|
LSB Industries, Inc.* |
|
|
1,932 |
|
|
|
63,099 |
|
Minerals Technologies, Inc. |
|
|
1,680 |
|
|
|
68,258 |
|
Monsanto Co. |
|
|
5,460 |
|
|
|
583,237 |
|
The Mosaic Co. |
|
|
2,604 |
|
|
|
160,380 |
|
NewMarket Corp. |
|
|
84 |
|
|
|
22,571 |
|
Olin Corp. |
|
|
10,668 |
|
|
|
257,846 |
|
OM Group, Inc.* |
|
|
4,200 |
|
|
|
102,774 |
|
Omnova Solutions, Inc.* |
|
|
5,628 |
|
|
|
37,539 |
|
PolyOne Corp. |
|
|
7,220 |
|
|
|
162,667 |
|
PPG Industries, Inc. |
|
|
1,596 |
|
|
|
234,835 |
|
Praxair, Inc. |
|
|
3,024 |
|
|
|
345,643 |
|
Quaker Chemical Corp. |
|
|
1,596 |
|
|
|
98,505 |
|
Rockwood Holdings, Inc. |
|
|
756 |
|
|
|
49,057 |
|
RPM International, Inc. |
|
|
1,092 |
|
|
|
35,381 |
|
The Scotts Miracle-Gro Co., Class A |
|
|
420 |
|
|
|
19,047 |
|
Sensient Technologies Corp. |
|
|
2,688 |
|
|
|
105,773 |
|
The Sherwin-Williams Co. |
|
|
924 |
|
|
|
169,194 |
|
Sigma-Aldrich Corp. |
|
|
924 |
|
|
|
72,710 |
|
Stepan Co. |
|
|
1,764 |
|
|
|
100,442 |
|
Tredegar Corp. |
|
|
2,940 |
|
|
|
87,024 |
|
Tronox Ltd., Class A |
|
|
1,260 |
|
|
|
25,880 |
|
The Valspar Corp. |
|
|
840 |
|
|
|
53,609 |
|
W.R. Grace & Co.* |
|
|
504 |
|
|
|
38,863 |
|
Westlake Chemical Corp. |
|
|
252 |
|
|
|
20,951 |
|
Zep, Inc. |
|
|
1,260 |
|
|
|
19,152 |
|
Zoltek Cos., Inc.* |
|
|
1,596 |
|
|
|
21,083 |
|
|
|
|
|
|
|
|
6,990,678 |
|
Commercial Banks 4.4% |
|
1st Source Corp. |
|
|
1,260 |
|
|
|
29,648 |
|
Ameris Bancorp* |
|
|
2,688 |
|
|
|
37,283 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Commercial Banks (continued) |
|
Arrow Financial Corp. |
|
|
588 |
|
|
$ |
14,224 |
|
Associated Banc-Corp |
|
|
21,588 |
|
|
|
308,061 |
|
Bancfirst Corp. |
|
|
924 |
|
|
|
38,660 |
|
Bancorp Inc./DE* |
|
|
1,764 |
|
|
|
22,932 |
|
BancorpSouth, Inc. |
|
|
4,116 |
|
|
|
65,856 |
|
Bank of Hawaii Corp. |
|
|
2,940 |
|
|
|
140,209 |
|
Bank of the Ozarks, Inc. |
|
|
2,016 |
|
|
|
82,515 |
|
BankUnited, Inc. |
|
|
2,604 |
|
|
|
66,011 |
|
Banner Corp. |
|
|
1,764 |
|
|
|
57,630 |
|
BB&T Corp. |
|
|
6,468 |
|
|
|
199,020 |
|
BBCN Bancorp, Inc. |
|
|
9,912 |
|
|
|
127,667 |
|
BOK Financial Corp. |
|
|
168 |
|
|
|
10,498 |
|
Boston Private Financial Holdings, Inc. |
|
|
4,116 |
|
|
|
39,678 |
|
Bryn Mawr Bank Corp. |
|
|
1,428 |
|
|
|
33,172 |
|
Capital Bank Financial Corp., Class A* |
|
|
1,344 |
|
|
|
24,017 |
|
CapitalSource, Inc. |
|
|
24,528 |
|
|
|
219,526 |
|
Cardinal Financial Corp. |
|
|
1,512 |
|
|
|
23,058 |
|
Cathay General Bancorp |
|
|
4,116 |
|
|
|
81,126 |
|
Central Pacific Financial Corp.* |
|
|
1,848 |
|
|
|
31,120 |
|
Chemical Financial Corp. |
|
|
3,192 |
|
|
|
79,162 |
|
CIT Group, Inc.* |
|
|
2,016 |
|
|
|
85,700 |
|
City Holding Co. |
|
|
1,596 |
|
|
|
60,935 |
|
City National Corp./CA |
|
|
1,260 |
|
|
|
72,110 |
|
CoBiz Financial, Inc. |
|
|
3,948 |
|
|
|
33,795 |
|
Columbia Banking Systems, Inc. |
|
|
2,016 |
|
|
|
43,284 |
|
Comerica, Inc. |
|
|
1,512 |
|
|
|
54,810 |
|
Commerce Bancshares, Inc./MO |
|
|
588 |
|
|
|
23,585 |
|
Community Bank System, Inc. |
|
|
4,620 |
|
|
|
132,317 |
|
Community Trust Bancorp, Inc. |
|
|
1,764 |
|
|
|
61,070 |
|
Cullen/Frost Bankers, Inc. |
|
|
504 |
|
|
|
30,447 |
|
CVB Financial Corp. |
|
|
11,592 |
|
|
|
126,005 |
|
Eagle Bancorp, Inc.* |
|
|
1,008 |
|
|
|
23,315 |
|
East West Bancorp, Inc. |
|
|
1,512 |
|
|
|
36,787 |
|
Enterprise Financial Services Corp. |
|
|
2,436 |
|
|
|
35,030 |
|
Fifth Third Bancorp |
|
|
7,728 |
|
|
|
131,608 |
|
Financial Institutions, Inc. |
|
|
1,764 |
|
|
|
33,745 |
|
First Busey Corp. |
|
|
7,728 |
|
|
|
33,230 |
|
First California Financial Group, Inc.* |
|
|
672 |
|
|
|
5,423 |
|
First Citizens BancShares, Inc./NC, Class A |
|
|
756 |
|
|
|
140,934 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
26 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Commercial Banks (continued) |
|
First Commonwealth Financial Corp. |
|
|
7,560 |
|
|
$ |
54,054 |
|
First Community Bancshares, Inc./VA |
|
|
2,016 |
|
|
|
31,268 |
|
First Connecticut Bancorp, Inc./CT |
|
|
840 |
|
|
|
12,466 |
|
First Financial Bancorp |
|
|
7,056 |
|
|
|
108,451 |
|
First Financial Bankshares, Inc. |
|
|
1,680 |
|
|
|
83,009 |
|
First Financial Corp./IN |
|
|
1,428 |
|
|
|
44,111 |
|
First Financial Holdings, Inc. |
|
|
1,344 |
|
|
|
26,934 |
|
First Horizon National Corp. |
|
|
13,776 |
|
|
|
143,270 |
|
First Interstate Bancsystem, Inc. |
|
|
2,268 |
|
|
|
46,086 |
|
First Merchants Corp. |
|
|
3,780 |
|
|
|
61,349 |
|
First Midwest Bancorp, Inc./IL |
|
|
3,864 |
|
|
|
48,493 |
|
First Niagara Financial Group, Inc. |
|
|
3,696 |
|
|
|
35,149 |
|
First Republic Bank/CA |
|
|
756 |
|
|
|
28,713 |
|
FirstMerit Corp. |
|
|
23,268 |
|
|
|
398,581 |
|
FNB Corp./PA |
|
|
18,480 |
|
|
|
210,487 |
|
Fulton Financial Corp. |
|
|
25,368 |
|
|
|
280,570 |
|
German American Bancorp, Inc. |
|
|
2,100 |
|
|
|
44,772 |
|
Glacier Bancorp, Inc. |
|
|
3,780 |
|
|
|
69,741 |
|
Great Southern Bancorp, Inc. |
|
|
1,260 |
|
|
|
33,226 |
|
Hancock Holding Co. |
|
|
1,260 |
|
|
|
34,360 |
|
Hanmi Financial Corp.* |
|
|
2,184 |
|
|
|
33,699 |
|
Home BancShares, Inc./AR |
|
|
1,344 |
|
|
|
53,384 |
|
Hudson Valley Holding Corp. |
|
|
924 |
|
|
|
14,211 |
|
Huntington Bancshares, Inc./OH |
|
|
6,720 |
|
|
|
48,182 |
|
Iberiabank Corp. |
|
|
1,596 |
|
|
|
72,810 |
|
Independent Bank Corp./MA |
|
|
2,688 |
|
|
|
83,436 |
|
International Bancshares Corp. |
|
|
7,308 |
|
|
|
141,775 |
|
Investors Bancorp, Inc. |
|
|
2,436 |
|
|
|
48,233 |
|
KeyCorp |
|
|
6,636 |
|
|
|
66,161 |
|
Lakeland Bancorp, Inc. |
|
|
2,772 |
|
|
|
26,500 |
|
Lakeland Financial Corp. |
|
|
1,848 |
|
|
|
49,526 |
|
M&T Bank Corp. |
|
|
1,008 |
|
|
|
101,002 |
|
MB Financial, Inc. |
|
|
7,308 |
|
|
|
180,946 |
|
Mercantile Bank Corp. |
|
|
1,764 |
|
|
|
29,476 |
|
National Bank Holdings Corp., Class A |
|
|
1,428 |
|
|
|
25,790 |
|
National Penn Bancshares, Inc. |
|
|
6,720 |
|
|
|
65,789 |
|
NBT Bancorp, Inc. |
|
|
5,292 |
|
|
|
107,163 |
|
OFG Bancorp |
|
|
5,712 |
|
|
|
91,792 |
|
Old National Bancorp/IN |
|
|
13,524 |
|
|
|
164,722 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Commercial Banks (continued) |
|
OmniAmerican Bancorp, Inc.* |
|
|
756 |
|
|
$ |
18,824 |
|
PacWest Bancorp |
|
|
3,948 |
|
|
|
109,478 |
|
Park National Corp. |
|
|
1,680 |
|
|
|
114,878 |
|
Park Sterling Corp.* |
|
|
3,696 |
|
|
|
21,178 |
|
Peoples Bancorp, Inc./OH |
|
|
1,092 |
|
|
|
22,255 |
|
Pinnacle Financial Partners, Inc.* |
|
|
1,764 |
|
|
|
42,812 |
|
The PNC Financial Services Group, Inc. |
|
|
4,368 |
|
|
|
296,500 |
|
PrivateBancorp, Inc. |
|
|
3,360 |
|
|
|
64,445 |
|
Prosperity Bancshares, Inc. |
|
|
2,436 |
|
|
|
111,910 |
|
Regions Financial Corp. |
|
|
14,784 |
|
|
|
125,516 |
|
Renasant Corp. |
|
|
3,192 |
|
|
|
72,841 |
|
Republic Bancorp, Inc./KY, Class A |
|
|
1,260 |
|
|
|
27,972 |
|
S&T Bancorp, Inc. |
|
|
3,528 |
|
|
|
66,573 |
|
Sandy Spring Bancorp, Inc. |
|
|
3,108 |
|
|
|
63,652 |
|
SCBT Financial Corp. |
|
|
756 |
|
|
|
36,114 |
|
Signature Bank/NY* |
|
|
1,092 |
|
|
|
78,198 |
|
Simmons First National Corp., Class A |
|
|
840 |
|
|
|
20,597 |
|
Southside Bancshares, Inc. |
|
|
2,293 |
|
|
|
49,016 |
|
Southwest Bancorp, Inc./Stillwater OK* |
|
|
420 |
|
|
|
5,552 |
|
State Bank Financial Corp. |
|
|
2,688 |
|
|
|
39,540 |
|
StellarOne Corp. |
|
|
1,176 |
|
|
|
17,628 |
|
Sterling Bancorp/NY |
|
|
3,948 |
|
|
|
44,533 |
|
Sterling Financial Corp./WA |
|
|
3,696 |
|
|
|
80,573 |
|
SunTrust Banks, Inc. |
|
|
5,460 |
|
|
|
159,705 |
|
Susquehanna Bancshares, Inc. |
|
|
23,184 |
|
|
|
270,557 |
|
SVB Financial Group* |
|
|
2,520 |
|
|
|
179,197 |
|
SY Bancorp, Inc. |
|
|
1,596 |
|
|
|
36,644 |
|
Synovus Financial Corp. |
|
|
49,056 |
|
|
|
131,961 |
|
TCF Financial Corp. |
|
|
21,336 |
|
|
|
310,439 |
|
Texas Capital Bancshares, Inc.* |
|
|
1,932 |
|
|
|
80,487 |
|
Tompkins Financial Corp. |
|
|
1,680 |
|
|
|
70,224 |
|
TowneBank/VA |
|
|
1,512 |
|
|
|
21,637 |
|
Trustmark Corp. |
|
|
8,568 |
|
|
|
210,344 |
|
U.S. Bancorp |
|
|
16,464 |
|
|
|
547,922 |
|
UMB Financial Corp. |
|
|
2,352 |
|
|
|
118,400 |
|
Umpqua Holdings Corp. |
|
|
14,532 |
|
|
|
174,384 |
|
Union First Market Bankshares Corp. |
|
|
2,856 |
|
|
|
54,007 |
|
United Bankshares, Inc./WV |
|
|
6,552 |
|
|
|
165,831 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
27 |
|
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Commercial Banks (continued) |
|
United Community Banks, Inc./GA* |
|
|
2,520 |
|
|
$ |
27,594 |
|
Valley National Bancorp |
|
|
11,424 |
|
|
|
102,702 |
|
Washington Trust Bancorp, Inc. |
|
|
1,680 |
|
|
|
44,940 |
|
Webster Financial Corp. |
|
|
10,668 |
|
|
|
249,311 |
|
Wells Fargo & Co. |
|
|
41,160 |
|
|
|
1,563,257 |
|
WesBanco, Inc. |
|
|
3,192 |
|
|
|
79,896 |
|
Westamerica Bancorp. |
|
|
1,428 |
|
|
|
61,961 |
|
Western Alliance Bancorp* |
|
|
4,284 |
|
|
|
63,018 |
|
Wilshire Bancorp, Inc.* |
|
|
8,316 |
|
|
|
53,139 |
|
Wintrust Financial Corp. |
|
|
1,848 |
|
|
|
66,269 |
|
Zions Bancorp. |
|
|
1,680 |
|
|
|
41,362 |
|
|
|
|
|
|
|
|
12,510,663 |
|
Commercial Services & Supplies
1.4% |
|
ABM Industries, Inc. |
|
|
6,552 |
|
|
|
147,748 |
|
ACCO Brands Corp.* |
|
|
14,952 |
|
|
|
100,926 |
|
Acorn Energy, Inc. |
|
|
420 |
|
|
|
3,150 |
|
The ADT Corp.* |
|
|
2,268 |
|
|
|
98,975 |
|
Avery Dennison Corp. |
|
|
924 |
|
|
|
38,300 |
|
The Brinks Co. |
|
|
5,964 |
|
|
|
158,106 |
|
Casella Waste Systems, Inc., Class A* |
|
|
1,848 |
|
|
|
8,057 |
|
Cenveo, Inc.* |
|
|
7,392 |
|
|
|
15,080 |
|
Cintas Corp. |
|
|
1,176 |
|
|
|
52,767 |
|
Clean Harbors, Inc.* |
|
|
504 |
|
|
|
28,713 |
|
Consolidated Graphics, Inc.* |
|
|
1,176 |
|
|
|
41,948 |
|
Copart, Inc.* |
|
|
1,176 |
|
|
|
41,454 |
|
Covanta Holding Corp. |
|
|
7,560 |
|
|
|
151,200 |
|
Deluxe Corp. |
|
|
6,552 |
|
|
|
249,893 |
|
EnergySolutions, Inc.* |
|
|
9,240 |
|
|
|
38,161 |
|
EnerNOC, Inc.* |
|
|
2,436 |
|
|
|
42,679 |
|
Ennis, Inc. |
|
|
3,276 |
|
|
|
50,352 |
|
G&K Services, Inc., Class A |
|
|
1,008 |
|
|
|
47,366 |
|
Healthcare Services Group, Inc. |
|
|
3,276 |
|
|
|
73,022 |
|
Heritage-Crystal Clean, Inc.* |
|
|
420 |
|
|
|
6,531 |
|
Herman Miller, Inc. |
|
|
7,476 |
|
|
|
187,573 |
|
HNI Corp. |
|
|
2,604 |
|
|
|
89,656 |
|
InnerWorkings, Inc.* |
|
|
1,512 |
|
|
|
15,226 |
|
Interface, Inc. |
|
|
3,024 |
|
|
|
50,622 |
|
Intersections, Inc. |
|
|
924 |
|
|
|
8,833 |
|
Iron Mountain, Inc. |
|
|
1,428 |
|
|
|
54,064 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Commercial Services & Supplies
(continued) |
|
KAR Auction Services, Inc. |
|
|
4,704 |
|
|
$ |
105,228 |
|
Kimball International, Inc., Class B |
|
|
420 |
|
|
|
3,860 |
|
Knoll, Inc. |
|
|
6,300 |
|
|
|
98,028 |
|
McGrath RentCorp |
|
|
1,260 |
|
|
|
39,136 |
|
Metalico, Inc.* |
|
|
7,476 |
|
|
|
11,139 |
|
Mine Safety Appliances Co. |
|
|
1,680 |
|
|
|
80,640 |
|
Mobile Mini, Inc.* |
|
|
2,016 |
|
|
|
56,710 |
|
Multi-Color Corp. |
|
|
1,680 |
|
|
|
43,445 |
|
Pitney Bowes, Inc. |
|
|
1,344 |
|
|
|
18,372 |
|
Quad/Graphics, Inc. |
|
|
2,940 |
|
|
|
61,446 |
|
R.R. Donnelley & Sons Co. |
|
|
24,192 |
|
|
|
297,803 |
|
Republic Services, Inc. |
|
|
2,352 |
|
|
|
80,156 |
|
Rollins, Inc. |
|
|
756 |
|
|
|
18,386 |
|
Standard Parking Corp.* |
|
|
840 |
|
|
|
18,052 |
|
Steelcase, Inc., Class A |
|
|
11,340 |
|
|
|
144,018 |
|
Stericycle, Inc.* |
|
|
840 |
|
|
|
90,989 |
|
Swisher Hygiene, Inc.* |
|
|
7,896 |
|
|
|
11,528 |
|
Team, Inc.* |
|
|
1,008 |
|
|
|
39,070 |
|
Tetra Tech, Inc.* |
|
|
3,276 |
|
|
|
86,126 |
|
TMS International Corp., Class A* |
|
|
1,680 |
|
|
|
24,259 |
|
Tyco International Ltd. |
|
|
4,788 |
|
|
|
153,791 |
|
UniFirst Corp. |
|
|
1,008 |
|
|
|
91,778 |
|
United Stationers, Inc. |
|
|
5,376 |
|
|
|
174,559 |
|
US Ecology, Inc. |
|
|
924 |
|
|
|
25,133 |
|
Viad Corp. |
|
|
1,092 |
|
|
|
28,447 |
|
Waste Connections, Inc. |
|
|
1,176 |
|
|
|
44,629 |
|
Waste Management, Inc. |
|
|
4,284 |
|
|
|
175,558 |
|
|
|
|
|
|
|
|
3,822,688 |
|
Communications Equipment 1.7% |
|
ADTRAN, Inc. |
|
|
3,276 |
|
|
|
68,796 |
|
Anaren, Inc.* |
|
|
1,008 |
|
|
|
23,597 |
|
ARRIS Group, Inc.* |
|
|
6,804 |
|
|
|
112,334 |
|
Aruba Networks, Inc.* |
|
|
6,216 |
|
|
|
139,798 |
|
Aviat Networks, Inc.* |
|
|
2,940 |
|
|
|
9,408 |
|
Bel Fuse, Inc., Class B |
|
|
672 |
|
|
|
9,892 |
|
Black Box Corp. |
|
|
2,184 |
|
|
|
47,436 |
|
Brocade Communications Systems, Inc.* |
|
|
59,472 |
|
|
|
346,127 |
|
CalAmp Corp.* |
|
|
840 |
|
|
|
9,349 |
|
Calix, Inc.* |
|
|
2,100 |
|
|
|
17,913 |
|
Ciena Corp.* |
|
|
5,208 |
|
|
|
77,912 |
|
Cisco Systems, Inc. |
|
|
44,436 |
|
|
|
929,601 |
|
Comtech Telecommunications Corp. |
|
|
1,092 |
|
|
|
26,874 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
28 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Communications Equipment (continued) |
|
Digi International, Inc.* |
|
|
1,344 |
|
|
$ |
12,257 |
|
EchoStar Corp., Class A* |
|
|
2,184 |
|
|
|
85,766 |
|
Emulex Corp.* |
|
|
11,424 |
|
|
|
68,544 |
|
Extreme Networks* |
|
|
10,836 |
|
|
|
36,084 |
|
F5 Networks, Inc.* |
|
|
840 |
|
|
|
64,201 |
|
Finisar Corp.* |
|
|
4,872 |
|
|
|
62,556 |
|
Globecomm Systems, Inc.* |
|
|
1,176 |
|
|
|
14,406 |
|
Harmonic, Inc.* |
|
|
13,944 |
|
|
|
79,202 |
|
Harris Corp. |
|
|
1,008 |
|
|
|
46,570 |
|
Infinera Corp.* |
|
|
5,544 |
|
|
|
46,680 |
|
InterDigital, Inc. |
|
|
2,352 |
|
|
|
104,452 |
|
Ixia* |
|
|
2,604 |
|
|
|
42,888 |
|
JDS Uniphase Corp.* |
|
|
13,272 |
|
|
|
179,172 |
|
Juniper Networks, Inc.* |
|
|
4,956 |
|
|
|
82,022 |
|
KVH Industries, Inc.* |
|
|
420 |
|
|
|
5,548 |
|
Loral Space & Communications, Inc. |
|
|
1,008 |
|
|
|
62,012 |
|
Motorola Solutions, Inc. |
|
|
2,940 |
|
|
|
168,168 |
|
NETGEAR, Inc.* |
|
|
1,932 |
|
|
|
57,554 |
|
Oclaro, Inc.* |
|
|
9,408 |
|
|
|
12,795 |
|
Oplink Communications, Inc.* |
|
|
1,092 |
|
|
|
17,931 |
|
Palo Alto Networks, Inc.* |
|
|
168 |
|
|
|
9,089 |
|
Parkervision, Inc.* |
|
|
3,192 |
|
|
|
12,736 |
|
Plantronics, Inc. |
|
|
2,436 |
|
|
|
106,745 |
|
Polycom, Inc.* |
|
|
10,332 |
|
|
|
108,486 |
|
Procera Networks, Inc.* |
|
|
840 |
|
|
|
9,316 |
|
QUALCOMM, Inc. |
|
|
17,556 |
|
|
|
1,081,801 |
|
Riverbed Technology, Inc.* |
|
|
1,596 |
|
|
|
23,717 |
|
ShoreTel, Inc.* |
|
|
2,604 |
|
|
|
9,400 |
|
Sonus Networks, Inc.* |
|
|
16,296 |
|
|
|
34,222 |
|
Symmetricom, Inc.* |
|
|
1,764 |
|
|
|
9,173 |
|
Tellabs, Inc. |
|
|
44,436 |
|
|
|
91,982 |
|
Telular Corp. |
|
|
588 |
|
|
|
7,509 |
|
Tessco Technologies, Inc. |
|
|
420 |
|
|
|
8,585 |
|
Ubiquiti Networks, Inc. |
|
|
504 |
|
|
|
7,787 |
|
ViaSat, Inc.* |
|
|
2,016 |
|
|
|
97,716 |
|
|
|
|
|
|
|
|
4,686,109 |
|
Computers & Peripherals 2.4% |
|
3D Systems Corp.* |
|
|
4,116 |
|
|
|
157,396 |
|
Apple, Inc. |
|
|
9,576 |
|
|
|
4,239,774 |
|
Avid Technology, Inc.* |
|
|
4,368 |
|
|
|
28,785 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Computers & Peripherals
(continued) |
|
Cray, Inc.* |
|
|
1,680 |
|
|
$ |
35,549 |
|
Datalink Corp.* |
|
|
1,848 |
|
|
|
20,679 |
|
Dell, Inc. |
|
|
12,264 |
|
|
|
164,338 |
|
Diebold, Inc. |
|
|
8,400 |
|
|
|
246,036 |
|
Electronics for Imaging, Inc.* |
|
|
2,436 |
|
|
|
65,090 |
|
EMC Corp.* |
|
|
21,672 |
|
|
|
486,103 |
|
Fusion-io, Inc.* |
|
|
3,780 |
|
|
|
70,988 |
|
Hewlett-Packard Co. |
|
|
16,380 |
|
|
|
337,428 |
|
Imation Corp.* |
|
|
5,796 |
|
|
|
21,329 |
|
Immersion Corp.* |
|
|
1,512 |
|
|
|
16,012 |
|
Intermec, Inc.* |
|
|
2,688 |
|
|
|
26,450 |
|
Lexmark International, Inc., Class A |
|
|
8,568 |
|
|
|
259,696 |
|
NCR Corp.* |
|
|
1,260 |
|
|
|
34,360 |
|
NetApp, Inc.* |
|
|
3,612 |
|
|
|
126,023 |
|
OCZ Technology Group, Inc.* |
|
|
10,416 |
|
|
|
13,645 |
|
QLogic Corp.* |
|
|
5,880 |
|
|
|
63,857 |
|
Quantum Corp.* |
|
|
33,264 |
|
|
|
47,567 |
|
SanDisk Corp.* |
|
|
2,352 |
|
|
|
123,339 |
|
Seagate Technology PLC |
|
|
2,940 |
|
|
|
107,898 |
|
Silicon Graphics International Corp.* |
|
|
1,848 |
|
|
|
24,024 |
|
STEC, Inc.* |
|
|
5,208 |
|
|
|
18,905 |
|
Super Micro Computer, Inc.* |
|
|
1,932 |
|
|
|
18,586 |
|
Synaptics, Inc.* |
|
|
1,764 |
|
|
|
72,730 |
|
Western Digital Corp. |
|
|
1,848 |
|
|
|
102,157 |
|
|
|
|
|
|
|
|
6,928,744 |
|
Construction & Engineering 0.5% |
|
AECOM Technology Corp.* |
|
|
13,692 |
|
|
|
398,026 |
|
Aegion Corp.* |
|
|
2,016 |
|
|
|
42,457 |
|
Ameresco, Inc., Class A* |
|
|
1,008 |
|
|
|
7,429 |
|
Argan, Inc. |
|
|
672 |
|
|
|
11,894 |
|
Comfort Systems USA, Inc. |
|
|
2,016 |
|
|
|
25,865 |
|
Dycom Industries, Inc.* |
|
|
1,764 |
|
|
|
34,081 |
|
EMCOR Group, Inc. |
|
|
5,208 |
|
|
|
194,779 |
|
Fluor Corp. |
|
|
1,764 |
|
|
|
100,513 |
|
Furmanite Corp.* |
|
|
1,932 |
|
|
|
12,268 |
|
Granite Construction, Inc. |
|
|
1,848 |
|
|
|
51,134 |
|
Great Lakes Dredge & Dock Corp. |
|
|
3,696 |
|
|
|
25,576 |
|
Jacobs Engineering Group, Inc.* |
|
|
1,260 |
|
|
|
63,605 |
|
KBR, Inc. |
|
|
1,092 |
|
|
|
32,847 |
|
Layne Christensen Co.* |
|
|
1,932 |
|
|
|
39,471 |
|
MasTec, Inc.* |
|
|
5,124 |
|
|
|
142,447 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
29 |
|
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Construction & Engineering
(continued) |
|
Michael Baker Corp. |
|
|
1,008 |
|
|
$ |
24,545 |
|
MYR Group, Inc.* |
|
|
1,092 |
|
|
|
24,898 |
|
Northwest Pipe Co.* |
|
|
840 |
|
|
|
22,924 |
|
Orion Marine Group, Inc.* |
|
|
3,108 |
|
|
|
28,469 |
|
Primoris Services Corp. |
|
|
3,276 |
|
|
|
72,203 |
|
Quanta Services, Inc.* |
|
|
2,100 |
|
|
|
57,708 |
|
Tutor Perini Corp.* |
|
|
4,536 |
|
|
|
74,572 |
|
URS Corp. |
|
|
588 |
|
|
|
25,825 |
|
|
|
|
|
|
|
|
1,513,536 |
|
Construction Materials 0.1% |
|
Eagle Materials, Inc. |
|
|
2,352 |
|
|
|
159,348 |
|
Headwaters, Inc.* |
|
|
2,352 |
|
|
|
25,542 |
|
Martin Marietta Materials, Inc. |
|
|
504 |
|
|
|
50,899 |
|
Texas Industries, Inc.* |
|
|
1,260 |
|
|
|
80,237 |
|
Vulcan Materials Co. |
|
|
1,176 |
|
|
|
58,659 |
|
|
|
|
|
|
|
|
374,685 |
|
Consumer Finance 0.8% |
|
American Express Co. |
|
|
9,156 |
|
|
|
626,362 |
|
Capital One Financial Corp. |
|
|
4,704 |
|
|
|
271,797 |
|
Cash America International, Inc. |
|
|
3,612 |
|
|
|
157,592 |
|
Credit Acceptance Corp.* |
|
|
588 |
|
|
|
58,994 |
|
DFC Global Corp.* |
|
|
6,300 |
|
|
|
85,050 |
|
Discover Financial Services |
|
|
4,284 |
|
|
|
187,382 |
|
Encore Capital Group, Inc.* |
|
|
2,604 |
|
|
|
74,188 |
|
Ezcorp, Inc., Class A* |
|
|
5,796 |
|
|
|
97,952 |
|
First Cash Financial Services, Inc.* |
|
|
1,512 |
|
|
|
77,823 |
|
Green Dot Corp., Class A* |
|
|
2,352 |
|
|
|
36,950 |
|
Nelnet, Inc., Class A |
|
|
3,108 |
|
|
|
105,672 |
|
Netspend Holdings, Inc.* |
|
|
1,848 |
|
|
|
29,494 |
|
Portfolio Recovery Associates, Inc.* |
|
|
1,260 |
|
|
|
154,665 |
|
SLM Corp. |
|
|
4,032 |
|
|
|
83,261 |
|
World Acceptance Corp.* |
|
|
1,932 |
|
|
|
171,677 |
|
|
|
|
|
|
|
|
2,218,859 |
|
Containers & Packaging 0.3% |
|
AEP Industries, Inc.* |
|
|
336 |
|
|
|
25,906 |
|
Aptargroup, Inc. |
|
|
588 |
|
|
|
32,987 |
|
Ball Corp. |
|
|
1,428 |
|
|
|
63,003 |
|
Bemis Co., Inc. |
|
|
840 |
|
|
|
33,054 |
|
Boise, Inc. |
|
|
12,768 |
|
|
|
102,016 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Containers & Packaging (continued) |
|
Crown Holdings, Inc.* |
|
|
1,176 |
|
|
$ |
50,192 |
|
Graphic Packaging Holding Co.* |
|
|
24,108 |
|
|
|
181,292 |
|
Greif, Inc., Class A |
|
|
3,612 |
|
|
|
173,990 |
|
MeadWestvaco Corp. |
|
|
1,344 |
|
|
|
46,341 |
|
Myers Industries, Inc. |
|
|
1,932 |
|
|
|
28,632 |
|
Owens-Illinois, Inc.* |
|
|
1,260 |
|
|
|
33,113 |
|
Packaging Corp of America |
|
|
840 |
|
|
|
39,950 |
|
Rock Tenn Co., Class A |
|
|
504 |
|
|
|
50,471 |
|
Sealed Air Corp. |
|
|
1,344 |
|
|
|
29,729 |
|
Silgan Holdings, Inc. |
|
|
504 |
|
|
|
24,126 |
|
Sonoco Products Co. |
|
|
840 |
|
|
|
29,434 |
|
|
|
|
|
|
|
|
944,236 |
|
Distributors 0.1% |
|
Core-Mark Holding Co., Inc. |
|
|
1,428 |
|
|
|
74,313 |
|
Genuine Parts Co. |
|
|
1,512 |
|
|
|
115,411 |
|
LKQ Corp.* |
|
|
3,024 |
|
|
|
72,818 |
|
Pool Corp. |
|
|
2,520 |
|
|
|
123,530 |
|
VOXX International Corp.* |
|
|
3,024 |
|
|
|
28,819 |
|
|
|
|
|
|
|
|
414,891 |
|
Diversified Consumer Services 0.8% |
|
American Public Education, Inc.* |
|
|
924 |
|
|
|
30,982 |
|
Apollo Group, Inc., Class A* |
|
|
13,356 |
|
|
|
245,350 |
|
Ascent Capital Group, Inc., Class A* |
|
|
1,260 |
|
|
|
83,777 |
|
Bridgepoint Education, Inc.* |
|
|
2,352 |
|
|
|
25,355 |
|
Capella Education Co.* |
|
|
1,428 |
|
|
|
50,580 |
|
Career Education Corp.* |
|
|
7,812 |
|
|
|
17,108 |
|
Carriage Services, Inc. |
|
|
1,428 |
|
|
|
24,976 |
|
Coinstar, Inc.* |
|
|
3,780 |
|
|
|
199,622 |
|
Corinthian Colleges, Inc.* |
|
|
10,416 |
|
|
|
20,832 |
|
DeVry, Inc. |
|
|
7,476 |
|
|
|
209,403 |
|
Education Management Corp.* |
|
|
3,864 |
|
|
|
21,909 |
|
Grand Canyon Education, Inc.* |
|
|
2,772 |
|
|
|
70,880 |
|
H&R Block, Inc. |
|
|
2,352 |
|
|
|
65,244 |
|
Hillenbrand, Inc. |
|
|
7,224 |
|
|
|
181,539 |
|
ITT Educational Services, Inc.* |
|
|
2,268 |
|
|
|
41,527 |
|
K12, Inc.* |
|
|
1,848 |
|
|
|
47,069 |
|
Lincoln Educational Services Corp. |
|
|
2,856 |
|
|
|
15,908 |
|
Matthews International Corp., Class A |
|
|
3,612 |
|
|
|
132,958 |
|
Regis Corp. |
|
|
7,392 |
|
|
|
138,600 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
30 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Diversified Consumer Services (continued) |
|
Service Corp. International |
|
|
7,896 |
|
|
$ |
133,284 |
|
Sothebys |
|
|
3,696 |
|
|
|
131,134 |
|
Steiner Leisure Ltd.* |
|
|
1,512 |
|
|
|
73,226 |
|
Stewart Enterprises, Inc., Class A |
|
|
9,324 |
|
|
|
83,077 |
|
Strayer Education, Inc. |
|
|
1,512 |
|
|
|
71,608 |
|
Universal Technical Institute, Inc. |
|
|
1,176 |
|
|
|
13,959 |
|
Weight Watchers International, Inc. |
|
|
336 |
|
|
|
14,169 |
|
|
|
|
|
|
|
|
2,144,076 |
|
Diversified Financial Services 1.9% |
|
Bank of America Corp. |
|
|
109,956 |
|
|
|
1,353,558 |
|
CBOE Holdings, Inc. |
|
|
4,704 |
|
|
|
176,541 |
|
Citigroup, Inc. |
|
|
25,284 |
|
|
|
1,179,751 |
|
CME Group, Inc. |
|
|
3,024 |
|
|
|
184,041 |
|
Interactive Brokers Group, Inc., Class A |
|
|
5,124 |
|
|
|
77,167 |
|
IntercontinentalExchange, Inc.* |
|
|
756 |
|
|
|
123,175 |
|
JPMorgan Chase & Co. |
|
|
31,668 |
|
|
|
1,552,049 |
|
Leucadia National Corp. |
|
|
2,604 |
|
|
|
80,444 |
|
MarketAxess Holdings, Inc. |
|
|
2,352 |
|
|
|
99,537 |
|
The McGraw-Hill Cos., Inc. |
|
|
2,688 |
|
|
|
145,448 |
|
Moodys Corp. |
|
|
2,100 |
|
|
|
127,785 |
|
MSCI, Inc.* |
|
|
1,176 |
|
|
|
40,102 |
|
The NASDAQ OMX Group, Inc. |
|
|
1,092 |
|
|
|
32,192 |
|
NewStar Financial, Inc.* |
|
|
1,680 |
|
|
|
20,076 |
|
NYSE Euronext |
|
|
1,764 |
|
|
|
68,461 |
|
PHH Corp.* |
|
|
7,140 |
|
|
|
150,511 |
|
PICO Holdings, Inc.* |
|
|
1,176 |
|
|
|
25,519 |
|
|
|
|
|
|
|
|
5,436,357 |
|
Diversified Telecommunication Services
1.5% |
|
8x8, Inc.* |
|
|
3,360 |
|
|
|
24,293 |
|
Alaska Communications Systems Group, Inc. |
|
|
4,704 |
|
|
|
7,620 |
|
AT&T, Inc. |
|
|
45,780 |
|
|
|
1,714,919 |
|
Atlantic Tele-Network, Inc. |
|
|
1,092 |
|
|
|
55,441 |
|
Cbeyond, Inc.* |
|
|
1,596 |
|
|
|
14,013 |
|
CenturyLink, Inc. |
|
|
5,040 |
|
|
|
189,353 |
|
Cincinnati Bell, Inc.* |
|
|
13,608 |
|
|
|
47,900 |
|
Cogent Communications Group, Inc. |
|
|
2,436 |
|
|
|
69,767 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Diversified Telecommunication Services
(continued) |
|
Consolidated Communications Holdings, Inc. |
|
|
2,520 |
|
|
$ |
46,444 |
|
Fairpoint Communications, Inc.* |
|
|
1,932 |
|
|
|
15,726 |
|
Frontier Communications Corp. |
|
|
8,988 |
|
|
|
37,390 |
|
General Communication, Inc., Class A* |
|
|
1,848 |
|
|
|
17,944 |
|
IDT Corp., Class B |
|
|
2,100 |
|
|
|
31,059 |
|
inContact, Inc.* |
|
|
2,940 |
|
|
|
23,814 |
|
Iridium Communications, Inc.* |
|
|
7,308 |
|
|
|
49,037 |
|
Level 3 Communications, Inc.* |
|
|
1,596 |
|
|
|
32,127 |
|
Lumos Networks Corp. |
|
|
1,932 |
|
|
|
26,063 |
|
Neutral Tandem, Inc. |
|
|
5,040 |
|
|
|
15,019 |
|
Premiere Global Services, Inc.* |
|
|
3,108 |
|
|
|
34,903 |
|
Primus Telecommunications Group, Inc. |
|
|
2,184 |
|
|
|
27,453 |
|
Towerstream Corp.* |
|
|
3,276 |
|
|
|
7,862 |
|
tw telecom inc* |
|
|
1,512 |
|
|
|
40,945 |
|
Verizon Communications, Inc. |
|
|
29,064 |
|
|
|
1,566,840 |
|
Vonage Holdings Corp.* |
|
|
19,236 |
|
|
|
58,670 |
|
Windstream Corp. |
|
|
4,200 |
|
|
|
35,784 |
|
|
|
|
|
|
|
|
4,190,386 |
|
Electric Utilities 2.0% |
|
ALLETE, Inc. |
|
|
4,452 |
|
|
|
228,610 |
|
American Electric Power Co., Inc. |
|
|
3,780 |
|
|
|
194,405 |
|
Cleco Corp. |
|
|
3,864 |
|
|
|
191,345 |
|
Duke Energy Corp. |
|
|
7,644 |
|
|
|
574,829 |
|
Edison International |
|
|
2,352 |
|
|
|
126,538 |
|
El Paso Electric Co. |
|
|
4,956 |
|
|
|
185,652 |
|
The Empire District Electric Co. |
|
|
5,376 |
|
|
|
124,024 |
|
Entergy Corp. |
|
|
1,512 |
|
|
|
107,700 |
|
Exelon Corp. |
|
|
7,476 |
|
|
|
280,425 |
|
FirstEnergy Corp. |
|
|
3,696 |
|
|
|
172,234 |
|
Great Plains Energy, Inc. |
|
|
1,092 |
|
|
|
26,350 |
|
Hawaiian Electric Industries, Inc. |
|
|
12,180 |
|
|
|
344,694 |
|
IDACORP, Inc. |
|
|
6,300 |
|
|
|
310,023 |
|
ITC Holdings Corp. |
|
|
504 |
|
|
|
46,479 |
|
MGE Energy, Inc. |
|
|
1,428 |
|
|
|
79,754 |
|
NextEra Energy, Inc. |
|
|
4,368 |
|
|
|
358,307 |
|
Northeast Utilities |
|
|
2,687 |
|
|
|
121,802 |
|
NV Energy, Inc. |
|
|
1,848 |
|
|
|
39,972 |
|
OGE Energy Corp. |
|
|
1,008 |
|
|
|
73,009 |
|
Otter Tail Corp. |
|
|
1,932 |
|
|
|
60,278 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
31 |
|
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Electric Utilities (continued) |
|
Pepco Holdings, Inc. |
|
|
1,764 |
|
|
$ |
39,866 |
|
Pinnacle West Capital Corp. |
|
|
840 |
|
|
|
51,156 |
|
PNM Resources, Inc. |
|
|
10,752 |
|
|
|
258,156 |
|
Portland General Electric Co. |
|
|
9,576 |
|
|
|
308,826 |
|
PPL Corp. |
|
|
4,536 |
|
|
|
151,412 |
|
The Southern Co. |
|
|
9,576 |
|
|
|
461,850 |
|
UIL Holdings Corp. |
|
|
6,468 |
|
|
|
269,328 |
|
Unitil Corp. |
|
|
756 |
|
|
|
22,914 |
|
UNS Energy Corp. |
|
|
4,872 |
|
|
|
248,277 |
|
Westar Energy, Inc. |
|
|
924 |
|
|
|
32,303 |
|
Xcel Energy, Inc. |
|
|
3,780 |
|
|
|
120,166 |
|
|
|
|
|
|
|
|
5,610,684 |
|
Electrical Equipment 1.0% |
|
Acuity Brands, Inc. |
|
|
2,268 |
|
|
|
165,473 |
|
American Superconductor Corp.* |
|
|
4,536 |
|
|
|
11,385 |
|
AMETEK, Inc. |
|
|
2,352 |
|
|
|
95,750 |
|
AZZ, Inc. |
|
|
1,344 |
|
|
|
56,838 |
|
The Babcock & Wilcox Co. |
|
|
1,176 |
|
|
|
31,987 |
|
Belden, Inc. |
|
|
2,520 |
|
|
|
124,538 |
|
Brady Corp., Class A |
|
|
5,964 |
|
|
|
202,060 |
|
Capstone Turbine Corp.* |
|
|
13,524 |
|
|
|
11,903 |
|
Eaton Corp. PLC |
|
|
4,368 |
|
|
|
268,239 |
|
Emerson Electric Co. |
|
|
7,560 |
|
|
|
419,656 |
|
Encore Wire Corp. |
|
|
1,008 |
|
|
|
33,012 |
|
EnerSys, Inc.* |
|
|
5,964 |
|
|
|
273,390 |
|
Enphase Energy, Inc.* |
|
|
1,260 |
|
|
|
8,870 |
|
Franklin Electric Co., Inc. |
|
|
2,016 |
|
|
|
65,258 |
|
FuelCell Energy, Inc.* |
|
|
5,964 |
|
|
|
6,262 |
|
Generac Holdings, Inc. |
|
|
2,520 |
|
|
|
90,544 |
|
General Cable Corp.* |
|
|
6,552 |
|
|
|
225,913 |
|
Global Power Equipment Group, Inc. |
|
|
1,176 |
|
|
|
19,404 |
|
GrafTech International Ltd.* |
|
|
8,484 |
|
|
|
60,915 |
|
Hubbell, Inc., Class B |
|
|
504 |
|
|
|
48,364 |
|
II-VI, Inc.* |
|
|
2,688 |
|
|
|
41,583 |
|
Polypore International, Inc.* |
|
|
2,436 |
|
|
|
102,142 |
|
Powell Industries, Inc.* |
|
|
504 |
|
|
|
24,817 |
|
Regal-Beloit Corp. |
|
|
420 |
|
|
|
33,020 |
|
Rockwell Automation, Inc. |
|
|
1,428 |
|
|
|
121,066 |
|
Roper Industries, Inc. |
|
|
924 |
|
|
|
110,557 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Electrical Equipment (continued) |
|
Sensata Technologies Holding N.V.* |
|
|
1,260 |
|
|
$ |
42,147 |
|
Thermon Group Holdings, Inc.* |
|
|
840 |
|
|
|
16,464 |
|
|
|
|
|
|
|
|
2,711,557 |
|
Electronic Equipment, Instruments & Components
1.4% |
|
Aeroflex Holding Corp.* |
|
|
2,100 |
|
|
|
15,624 |
|
Amphenol Corp., Class A |
|
|
1,764 |
|
|
|
133,217 |
|
Anixter International, Inc. |
|
|
3,360 |
|
|
|
241,046 |
|
Arrow Electronics, Inc.* |
|
|
924 |
|
|
|
36,249 |
|
Audience, Inc.* |
|
|
672 |
|
|
|
9,939 |
|
Avnet, Inc.* |
|
|
1,680 |
|
|
|
55,020 |
|
AVX Corp. |
|
|
6,636 |
|
|
|
75,053 |
|
Badger Meter, Inc. |
|
|
756 |
|
|
|
33,022 |
|
Benchmark Electronics, Inc.* |
|
|
7,560 |
|
|
|
134,870 |
|
Checkpoint Systems, Inc.* |
|
|
2,436 |
|
|
|
28,185 |
|
Cognex Corp. |
|
|
1,848 |
|
|
|
73,366 |
|
Coherent, Inc. |
|
|
1,260 |
|
|
|
70,472 |
|
Corning, Inc. |
|
|
12,264 |
|
|
|
177,828 |
|
CTS Corp. |
|
|
4,368 |
|
|
|
46,519 |
|
Daktronics, Inc. |
|
|
2,016 |
|
|
|
20,140 |
|
Dolby Laboratories, Inc., Class A |
|
|
504 |
|
|
|
16,556 |
|
DTS, Inc.* |
|
|
1,008 |
|
|
|
16,914 |
|
Echelon Corp.* |
|
|
2,940 |
|
|
|
6,497 |
|
Electro Rent Corp. |
|
|
2,184 |
|
|
|
36,189 |
|
Electro Scientific Industries, Inc. |
|
|
1,260 |
|
|
|
13,583 |
|
Fabrinet* |
|
|
2,940 |
|
|
|
40,366 |
|
FARO Technologies, Inc.* |
|
|
840 |
|
|
|
32,584 |
|
FEI Co. |
|
|
2,100 |
|
|
|
134,148 |
|
Flextronics International Ltd.* |
|
|
4,704 |
|
|
|
33,634 |
|
FLIR Systems, Inc. |
|
|
2,856 |
|
|
|
69,429 |
|
Ingram Micro, Inc., Class A* |
|
|
19,404 |
|
|
|
345,585 |
|
Insight Enterprises, Inc.* |
|
|
5,544 |
|
|
|
100,457 |
|
InvenSense, Inc.* |
|
|
1,680 |
|
|
|
15,658 |
|
IPG Photonics Corp. |
|
|
252 |
|
|
|
16,047 |
|
Itron, Inc.* |
|
|
5,124 |
|
|
|
203,167 |
|
Jabil Circuit, Inc. |
|
|
1,512 |
|
|
|
26,914 |
|
Kemet Corp.* |
|
|
6,636 |
|
|
|
41,342 |
|
Key Tronic Corp.* |
|
|
504 |
|
|
|
5,695 |
|
Littelfuse, Inc. |
|
|
1,260 |
|
|
|
87,973 |
|
Maxwell Technologies, Inc.* |
|
|
1,680 |
|
|
|
10,248 |
|
Measurement Specialties, Inc.* |
|
|
756 |
|
|
|
32,334 |
|
Mercury Systems, Inc.* |
|
|
1,932 |
|
|
|
14,934 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
32 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Electronic Equipment, Instruments &
Components (continued) |
|
Methode Electronics, Inc. |
|
|
1,932 |
|
|
$ |
27,782 |
|
Microvision, Inc.* |
|
|
2,604 |
|
|
|
5,338 |
|
Molex, Inc. |
|
|
504 |
|
|
|
13,895 |
|
MTS Systems Corp. |
|
|
840 |
|
|
|
51,198 |
|
Multi-Fineline Electronix, Inc.* |
|
|
1,176 |
|
|
|
17,922 |
|
National Instruments Corp. |
|
|
924 |
|
|
|
25,253 |
|
Neonode, Inc.* |
|
|
1,260 |
|
|
|
7,195 |
|
Newport Corp.* |
|
|
2,100 |
|
|
|
31,815 |
|
OSI Systems, Inc.* |
|
|
840 |
|
|
|
48,132 |
|
Park Electrochemical Corp. |
|
|
924 |
|
|
|
22,056 |
|
Plexus Corp.* |
|
|
4,368 |
|
|
|
117,805 |
|
Power-One, Inc.* |
|
|
15,792 |
|
|
|
99,806 |
|
RealD, Inc.* |
|
|
1,932 |
|
|
|
28,922 |
|
Rofin-Sinar Technologies, Inc.* |
|
|
1,428 |
|
|
|
35,557 |
|
Rogers Corp.* |
|
|
840 |
|
|
|
35,818 |
|
Sanmina Corp.* |
|
|
10,584 |
|
|
|
133,570 |
|
ScanSource, Inc.* |
|
|
3,276 |
|
|
|
94,906 |
|
SYNNEX Corp.* |
|
|
3,276 |
|
|
|
113,350 |
|
Tech Data Corp.* |
|
|
5,208 |
|
|
|
243,370 |
|
Trimble Navigation Ltd.* |
|
|
2,520 |
|
|
|
72,425 |
|
TTM Technologies, Inc.* |
|
|
6,384 |
|
|
|
46,156 |
|
Universal Display Corp.* |
|
|
2,184 |
|
|
|
68,665 |
|
Vishay Intertechnology, Inc.* |
|
|
17,556 |
|
|
|
246,486 |
|
Vishay Precision Group, Inc.* |
|
|
672 |
|
|
|
9,630 |
|
Zygo Corp.* |
|
|
1,008 |
|
|
|
15,080 |
|
|
|
|
|
|
|
|
4,062,936 |
|
Energy Equipment & Services 2.2% |
|
Atwood Oceanics, Inc.* |
|
|
420 |
|
|
|
20,601 |
|
Baker Hughes, Inc. |
|
|
3,612 |
|
|
|
163,949 |
|
Basic Energy Services, Inc.* |
|
|
3,948 |
|
|
|
54,206 |
|
Bristow Group, Inc. |
|
|
1,848 |
|
|
|
116,794 |
|
C&J Energy Services, Inc.* |
|
|
5,628 |
|
|
|
111,378 |
|
Cal Dive International, Inc.* |
|
|
9,660 |
|
|
|
16,132 |
|
Cameron International Corp.* |
|
|
2,604 |
|
|
|
160,276 |
|
CARBO Ceramics, Inc. |
|
|
1,092 |
|
|
|
77,150 |
|
Core Laboratories NV |
|
|
504 |
|
|
|
72,969 |
|
Dawson Geophysical Co.* |
|
|
1,176 |
|
|
|
36,150 |
|
Diamond Offshore Drilling, Inc. |
|
|
756 |
|
|
|
52,240 |
|
Dresser-Rand Group, Inc.* |
|
|
840 |
|
|
|
46,712 |
|
Dril-Quip, Inc.* |
|
|
336 |
|
|
|
28,127 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Energy Equipment & Services
(continued) |
|
Exterran Holdings, Inc.* |
|
|
5,544 |
|
|
$ |
146,472 |
|
FMC Technologies, Inc.* |
|
|
2,268 |
|
|
|
123,152 |
|
Forum Energy Technologies, Inc.* |
|
|
504 |
|
|
|
14,016 |
|
Geospace Technologies Corp.* |
|
|
672 |
|
|
|
56,697 |
|
Global Geophysical Services, Inc.* |
|
|
2,940 |
|
|
|
10,702 |
|
Gulf Island Fabrication, Inc. |
|
|
840 |
|
|
|
17,270 |
|
Gulfmark Offshore, Inc., Class A |
|
|
1,428 |
|
|
|
59,433 |
|
Halliburton Co. |
|
|
7,392 |
|
|
|
316,156 |
|
Helix Energy Solutions Group, Inc.* |
|
|
11,928 |
|
|
|
274,821 |
|
Helmerich & Payne, Inc. |
|
|
924 |
|
|
|
54,165 |
|
Hercules Offshore, Inc.* |
|
|
10,668 |
|
|
|
78,623 |
|
Hornbeck Offshore Services, Inc.* |
|
|
1,680 |
|
|
|
75,466 |
|
ION Geophysical Corp.* |
|
|
6,216 |
|
|
|
38,788 |
|
Key Energy Services, Inc.* |
|
|
20,244 |
|
|
|
120,249 |
|
Lufkin Industries, Inc. |
|
|
1,680 |
|
|
|
148,327 |
|
Matrix Service Co.* |
|
|
2,688 |
|
|
|
40,401 |
|
McDermott International, Inc.* |
|
|
31,164 |
|
|
|
332,831 |
|
Mitcham Industries, Inc.* |
|
|
1,848 |
|
|
|
27,443 |
|
Nabors Industries Ltd. |
|
|
2,436 |
|
|
|
36,028 |
|
National Oilwell Varco, Inc. |
|
|
4,368 |
|
|
|
284,881 |
|
Natural Gas Services Group, Inc.* |
|
|
672 |
|
|
|
13,568 |
|
Newpark Resources, Inc.* |
|
|
10,920 |
|
|
|
114,660 |
|
Noble Corp. |
|
|
2,352 |
|
|
|
88,200 |
|
Oceaneering International, Inc. |
|
|
1,008 |
|
|
|
70,731 |
|
Oil States International, Inc.* |
|
|
504 |
|
|
|
45,037 |
|
Pacific Drilling S.A.* |
|
|
4,956 |
|
|
|
49,461 |
|
Parker Drilling Co.* |
|
|
17,556 |
|
|
|
72,331 |
|
Patterson-UTI Energy, Inc. |
|
|
19,152 |
|
|
|
403,916 |
|
PHI, Inc.* |
|
|
1,344 |
|
|
|
37,323 |
|
Pioneer Energy Services Corp.* |
|
|
8,400 |
|
|
|
59,220 |
|
Rowan Cos., PLC, Class A* |
|
|
1,176 |
|
|
|
38,255 |
|
RPC, Inc. |
|
|
9,240 |
|
|
|
122,338 |
|
Schlumberger Ltd. |
|
|
13,524 |
|
|
|
1,006,591 |
|
SEACOR Holdings, Inc. |
|
|
924 |
|
|
|
66,630 |
|
Superior Energy Services, Inc.* |
|
|
2,352 |
|
|
|
64,892 |
|
Tesco Corp.* |
|
|
3,864 |
|
|
|
47,141 |
|
TETRA Technologies, Inc.* |
|
|
10,248 |
|
|
|
93,564 |
|
TGC Industries, Inc. |
|
|
1,764 |
|
|
|
15,647 |
|
Tidewater, Inc. |
|
|
6,300 |
|
|
|
330,435 |
|
Unit Corp.* |
|
|
5,712 |
|
|
|
240,075 |
|
Willbros Group, Inc.* |
|
|
5,712 |
|
|
|
54,264 |
|
|
|
|
|
|
|
|
6,246,884 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
33 |
|
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Food & Staples Retailing 1.8% |
|
The Andersons, Inc. |
|
|
2,352 |
|
|
$ |
128,231 |
|
Caseys General Stores, Inc. |
|
|
1,848 |
|
|
|
107,018 |
|
The Chefs Warehouse, Inc* |
|
|
924 |
|
|
|
16,992 |
|
Costco Wholesale Corp. |
|
|
4,452 |
|
|
|
482,730 |
|
CVS Caremark Corp. |
|
|
12,516 |
|
|
|
728,181 |
|
The Fresh Market, Inc.* |
|
|
2,268 |
|
|
|
92,829 |
|
Harris Teeter Supermarkets, Inc. |
|
|
6,804 |
|
|
|
284,339 |
|
Ingles Markets, Inc., Class A |
|
|
1,176 |
|
|
|
25,072 |
|
The Kroger Co. |
|
|
3,948 |
|
|
|
135,732 |
|
Nash Finch Co. |
|
|
1,680 |
|
|
|
34,524 |
|
The Pantry, Inc.* |
|
|
2,016 |
|
|
|
29,454 |
|
Pricesmart, Inc. |
|
|
924 |
|
|
|
82,449 |
|
Rite Aid Corp.* |
|
|
96,096 |
|
|
|
254,654 |
|
Roundys, Inc. |
|
|
4,284 |
|
|
|
30,673 |
|
Safeway, Inc. |
|
|
2,352 |
|
|
|
52,967 |
|
Spartan Stores, Inc. |
|
|
2,940 |
|
|
|
49,333 |
|
SUPERVALU, Inc. |
|
|
28,812 |
|
|
|
168,262 |
|
Susser Holdings Corp.* |
|
|
1,176 |
|
|
|
62,528 |
|
Sysco Corp. |
|
|
5,964 |
|
|
|
207,905 |
|
United Natural Foods, Inc.* |
|
|
2,520 |
|
|
|
125,849 |
|
Village Super Market, Inc., Class A |
|
|
756 |
|
|
|
26,611 |
|
Walgreen Co. |
|
|
6,804 |
|
|
|
336,866 |
|
Wal-Mart Stores, Inc. |
|
|
16,884 |
|
|
|
1,312,225 |
|
Weis Markets, Inc. |
|
|
1,344 |
|
|
|
56,220 |
|
Whole Foods Market, Inc. |
|
|
1,764 |
|
|
|
155,797 |
|
|
|
|
|
|
|
|
4,987,441 |
|
Food Products 1.6% |
|
Amira Nature Foods Ltd.* |
|
|
588 |
|
|
|
4,504 |
|
Annies, Inc.* |
|
|
840 |
|
|
|
31,744 |
|
Archer-Daniels-Midland Co. |
|
|
5,376 |
|
|
|
182,461 |
|
B&G Foods, Inc. |
|
|
2,688 |
|
|
|
82,952 |
|
Boulder Brands, Inc.* |
|
|
3,108 |
|
|
|
28,003 |
|
Bunge Ltd. |
|
|
1,176 |
|
|
|
84,919 |
|
Calavo Growers, Inc. |
|
|
840 |
|
|
|
23,822 |
|
Cal-Maine Foods, Inc. |
|
|
1,512 |
|
|
|
64,532 |
|
Campbell Soup Co. |
|
|
2,016 |
|
|
|
93,563 |
|
Chiquita Brands International, Inc.* |
|
|
5,796 |
|
|
|
50,020 |
|
ConAgra Foods, Inc. |
|
|
3,276 |
|
|
|
115,872 |
|
Darling International, Inc.* |
|
|
14,952 |
|
|
|
276,762 |
|
Dean Foods Co.* |
|
|
4,704 |
|
|
|
90,035 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Food Products (continued) |
|
Diamond Foods, Inc.* |
|
|
3,024 |
|
|
$ |
45,602 |
|
Dole Food Co., Inc.* |
|
|
4,452 |
|
|
|
47,904 |
|
Feihe International, Inc.* |
|
|
1,596 |
|
|
|
11,683 |
|
Flowers Foods, Inc. |
|
|
1,092 |
|
|
|
35,971 |
|
Fresh Del Monte Produce, Inc. |
|
|
5,040 |
|
|
|
128,066 |
|
General Mills, Inc. |
|
|
6,888 |
|
|
|
347,293 |
|
Green Mountain Coffee Roasters, Inc.* |
|
|
1,176 |
|
|
|
67,502 |
|
H.J. Heinz Co. |
|
|
3,276 |
|
|
|
237,248 |
|
The Hain Celestial Group, Inc.* |
|
|
2,352 |
|
|
|
153,468 |
|
The Hershey Co. |
|
|
1,596 |
|
|
|
142,299 |
|
Hillshire Brands Co. |
|
|
1,092 |
|
|
|
39,214 |
|
Hormel Foods Corp. |
|
|
1,428 |
|
|
|
58,934 |
|
Ingredion, Inc. |
|
|
588 |
|
|
|
42,342 |
|
J&J Snack Foods Corp. |
|
|
756 |
|
|
|
56,715 |
|
The JM Smucker Co. |
|
|
1,176 |
|
|
|
121,398 |
|
John B Sanfilippo & Son, Inc. |
|
|
588 |
|
|
|
12,336 |
|
Kellogg Co. |
|
|
2,520 |
|
|
|
163,901 |
|
Lancaster Colony Corp. |
|
|
1,008 |
|
|
|
79,561 |
|
McCormick & Co., Inc. |
|
|
1,176 |
|
|
|
84,601 |
|
Mead Johnson Nutrition Co. |
|
|
2,016 |
|
|
|
163,477 |
|
Mondelez International, Inc., Class A |
|
|
17,892 |
|
|
|
562,703 |
|
Omega Protein Corp.* |
|
|
2,436 |
|
|
|
22,679 |
|
Pilgrims Pride Corp.* |
|
|
4,956 |
|
|
|
48,519 |
|
Sanderson Farms, Inc. |
|
|
1,932 |
|
|
|
118,354 |
|
Seaboard Corp. |
|
|
84 |
|
|
|
230,662 |
|
Seneca Foods Corp., Class A* |
|
|
756 |
|
|
|
24,638 |
|
Smithfield Foods, Inc.* |
|
|
1,260 |
|
|
|
32,256 |
|
Snyders-Lance, Inc. |
|
|
3,276 |
|
|
|
82,490 |
|
Tootsie Roll Industries, Inc. |
|
|
1,597 |
|
|
|
49,859 |
|
TreeHouse Foods, Inc.* |
|
|
1,848 |
|
|
|
117,736 |
|
Tyson Foods, Inc., Class A |
|
|
2,436 |
|
|
|
59,999 |
|
|
|
|
|
|
|
|
4,518,599 |
|
Gas Utilities 0.5% |
|
AGL Resources, Inc. |
|
|
1,092 |
|
|
|
47,884 |
|
Atmos Energy Corp. |
|
|
672 |
|
|
|
29,817 |
|
Chesapeake Utilities Corp. |
|
|
1,260 |
|
|
|
67,234 |
|
The Laclede Group, Inc. |
|
|
2,436 |
|
|
|
113,786 |
|
National Fuel Gas Co. |
|
|
756 |
|
|
|
47,416 |
|
New Jersey Resources Corp. |
|
|
2,520 |
|
|
|
118,944 |
|
Northwest Natural Gas Co. |
|
|
1,008 |
|
|
|
44,826 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
34 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Gas Utilities (continued) |
|
ONEOK, Inc. |
|
|
1,512 |
|
|
$ |
77,656 |
|
Piedmont Natural Gas Co., Inc. |
|
|
3,780 |
|
|
|
130,145 |
|
Questar Corp. |
|
|
1,764 |
|
|
|
44,788 |
|
South Jersey Industries, Inc. |
|
|
1,596 |
|
|
|
98,473 |
|
Southwest Gas Corp. |
|
|
3,864 |
|
|
|
195,789 |
|
UGI Corp. |
|
|
840 |
|
|
|
34,423 |
|
WGL Holdings, Inc. |
|
|
5,040 |
|
|
|
232,949 |
|
|
|
|
|
|
|
|
1,284,130 |
|
Health Care Equipment & Supplies
2.3% |
|
Abaxis, Inc. |
|
|
1,176 |
|
|
|
50,203 |
|
Abbott Laboratories |
|
|
16,464 |
|
|
|
607,851 |
|
ABIOMED, Inc.* |
|
|
1,764 |
|
|
|
32,581 |
|
Accuray, Inc.* |
|
|
3,276 |
|
|
|
14,414 |
|
Alere, Inc.* |
|
|
9,912 |
|
|
|
254,540 |
|
Align Technology, Inc.* |
|
|
3,864 |
|
|
|
127,976 |
|
Analogic Corp. |
|
|
672 |
|
|
|
53,411 |
|
AngioDynamics, Inc.* |
|
|
1,764 |
|
|
|
17,869 |
|
Anika Therapeutics, Inc.* |
|
|
252 |
|
|
|
3,364 |
|
Antares Pharma, Inc.* |
|
|
5,124 |
|
|
|
19,420 |
|
ArthroCare Corp.* |
|
|
1,428 |
|
|
|
49,480 |
|
AtriCure, Inc.* |
|
|
672 |
|
|
|
5,605 |
|
Baxter International, Inc. |
|
|
5,460 |
|
|
|
381,490 |
|
Becton Dickinson and Co. |
|
|
2,604 |
|
|
|
245,557 |
|
Boston Scientific Corp.* |
|
|
15,456 |
|
|
|
115,765 |
|
C.R. Bard, Inc. |
|
|
756 |
|
|
|
75,116 |
|
Cantel Medical Corp. |
|
|
1,008 |
|
|
|
31,863 |
|
Cardiovascular Systems, Inc.* |
|
|
924 |
|
|
|
15,856 |
|
CareFusion Corp.* |
|
|
2,268 |
|
|
|
75,842 |
|
Cerus Corp.* |
|
|
3,276 |
|
|
|
17,428 |
|
Conceptus, Inc.* |
|
|
1,344 |
|
|
|
41,677 |
|
CONMED Corp. |
|
|
3,276 |
|
|
|
102,637 |
|
The Cooper Cos., Inc. |
|
|
504 |
|
|
|
55,642 |
|
Covidien PLC |
|
|
5,040 |
|
|
|
321,754 |
|
Cyberonics, Inc.* |
|
|
1,512 |
|
|
|
65,651 |
|
Cynosure, Inc., Class A* |
|
|
420 |
|
|
|
10,861 |
|
Delcath Systems, Inc.* |
|
|
4,788 |
|
|
|
3,984 |
|
DENTSPLY International, Inc. |
|
|
1,428 |
|
|
|
60,476 |
|
DexCom, Inc.* |
|
|
3,864 |
|
|
|
63,408 |
|
Edwards Lifesciences Corp.* |
|
|
1,092 |
|
|
|
69,659 |
|
Endologix, Inc.* |
|
|
2,772 |
|
|
|
41,635 |
|
GenMark Diagnostics, Inc.* |
|
|
1,344 |
|
|
|
20,899 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Health Care Equipment & Supplies
(continued) |
|
Greatbatch, Inc.* |
|
|
2,940 |
|
|
$ |
82,144 |
|
Haemonetics Corp.* |
|
|
2,856 |
|
|
|
109,956 |
|
Hansen Medical, Inc.* |
|
|
2,856 |
|
|
|
5,598 |
|
HeartWare International, Inc.* |
|
|
588 |
|
|
|
57,154 |
|
Hill-Rom Holdings, Inc. |
|
|
7,392 |
|
|
|
251,845 |
|
Hologic, Inc.* |
|
|
2,688 |
|
|
|
54,755 |
|
ICU Medical, Inc.* |
|
|
672 |
|
|
|
40,488 |
|
IDEXX Laboratories, Inc.* |
|
|
588 |
|
|
|
51,721 |
|
Insulet Corp.* |
|
|
2,184 |
|
|
|
55,124 |
|
Integra LifeSciences Holdings Corp.* |
|
|
1,512 |
|
|
|
52,965 |
|
Intuitive Surgical, Inc.* |
|
|
420 |
|
|
|
206,762 |
|
Invacare Corp. |
|
|
3,696 |
|
|
|
49,711 |
|
MAKO Surgical Corp.* |
|
|
1,932 |
|
|
|
20,460 |
|
Masimo Corp. |
|
|
2,856 |
|
|
|
57,291 |
|
Medtronic, Inc. |
|
|
10,584 |
|
|
|
494,061 |
|
MELA Sciences, Inc.* |
|
|
2,352 |
|
|
|
2,893 |
|
Meridian Bioscience, Inc. |
|
|
2,100 |
|
|
|
42,609 |
|
Merit Medical Systems, Inc.* |
|
|
2,184 |
|
|
|
21,119 |
|
Natus Medical, Inc.* |
|
|
1,512 |
|
|
|
18,915 |
|
Navidea Biopharmaceuticals, Inc.* |
|
|
4,536 |
|
|
|
11,113 |
|
Neogen Corp.* |
|
|
1,260 |
|
|
|
64,046 |
|
NuVasive, Inc.* |
|
|
2,268 |
|
|
|
47,560 |
|
NxStage Medical, Inc.* |
|
|
2,772 |
|
|
|
30,963 |
|
OraSure Technologies, Inc.* |
|
|
2,688 |
|
|
|
11,988 |
|
Orthofix International N.V.* |
|
|
1,008 |
|
|
|
32,659 |
|
Palomar Medical Technologies, Inc.* |
|
|
924 |
|
|
|
12,520 |
|
PhotoMedex, Inc.* |
|
|
1,176 |
|
|
|
19,169 |
|
Quidel Corp.* |
|
|
1,512 |
|
|
|
33,748 |
|
ResMed, Inc. |
|
|
1,596 |
|
|
|
76,640 |
|
Rockwell Medical Technologies, Inc.* |
|
|
1,428 |
|
|
|
6,055 |
|
RTI Biologics, Inc.* |
|
|
3,528 |
|
|
|
14,041 |
|
Sirona Dental Systems, Inc.* |
|
|
588 |
|
|
|
43,242 |
|
Solta Medical, Inc.* |
|
|
2,688 |
|
|
|
5,242 |
|
Spectranetics Corp.* |
|
|
2,268 |
|
|
|
42,298 |
|
St. Jude Medical, Inc. |
|
|
2,772 |
|
|
|
114,262 |
|
Staar Surgical Co.* |
|
|
1,596 |
|
|
|
11,140 |
|
STERIS Corp. |
|
|
2,856 |
|
|
|
118,781 |
|
Stryker Corp. |
|
|
3,024 |
|
|
|
198,314 |
|
SurModics, Inc.* |
|
|
840 |
|
|
|
22,218 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
35 |
|
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Health Care Equipment & Supplies
(continued) |
|
Symmetry Medical, Inc.* |
|
|
4,368 |
|
|
$ |
52,067 |
|
Synergetics USA, Inc.* |
|
|
1,848 |
|
|
|
5,452 |
|
Teleflex, Inc. |
|
|
3,444 |
|
|
|
269,080 |
|
Thoratec Corp.* |
|
|
3,192 |
|
|
|
115,550 |
|
Tornier NV* |
|
|
420 |
|
|
|
7,640 |
|
Unilife Corp.* |
|
|
4,788 |
|
|
|
9,480 |
|
Varian Medical Systems, Inc.* |
|
|
1,176 |
|
|
|
76,605 |
|
Vascular Solutions, Inc.* |
|
|
1,176 |
|
|
|
18,710 |
|
Volcano Corp.* |
|
|
2,688 |
|
|
|
54,540 |
|
West Pharmaceutical Services, Inc. |
|
|
1,764 |
|
|
|
112,649 |
|
Wright Medical Group, Inc.* |
|
|
2,100 |
|
|
|
49,224 |
|
Zeltiq Aesthetics, Inc.* |
|
|
1,008 |
|
|
|
4,415 |
|
Zimmer Holdings, Inc. |
|
|
1,764 |
|
|
|
134,858 |
|
|
|
|
|
|
|
|
6,555,754 |
|
Health Care Providers & Services
2.7% |
|
Accretive Health, Inc.* |
|
|
2,856 |
|
|
|
30,102 |
|
Aetna, Inc. |
|
|
2,940 |
|
|
|
168,874 |
|
Air Methods Corp. |
|
|
1,764 |
|
|
|
64,545 |
|
Almost Family, Inc. |
|
|
1,008 |
|
|
|
19,898 |
|
Amedisys, Inc.* |
|
|
3,780 |
|
|
|
37,951 |
|
AmerisourceBergen Corp. |
|
|
1,848 |
|
|
|
100,014 |
|
AMN Healthcare Services, Inc.* |
|
|
2,100 |
|
|
|
28,833 |
|
Amsurg Corp.* |
|
|
2,352 |
|
|
|
78,933 |
|
Assisted Living Concepts, Inc., Class A |
|
|
1,092 |
|
|
|
13,017 |
|
Bio-Reference Labs, Inc.* |
|
|
1,260 |
|
|
|
32,130 |
|
BioScrip, Inc.* |
|
|
2,856 |
|
|
|
39,584 |
|
Brookdale Senior Living, Inc.* |
|
|
2,856 |
|
|
|
73,656 |
|
Capital Senior Living Corp.* |
|
|
1,428 |
|
|
|
34,643 |
|
Cardinal Health, Inc. |
|
|
3,528 |
|
|
|
156,008 |
|
Centene Corp.* |
|
|
2,772 |
|
|
|
128,066 |
|
Chemed Corp. |
|
|
1,848 |
|
|
|
150,834 |
|
Cigna Corp. |
|
|
2,520 |
|
|
|
166,748 |
|
Community Health Systems, Inc. |
|
|
11,592 |
|
|
|
528,247 |
|
Corvel Corp.* |
|
|
252 |
|
|
|
11,962 |
|
Coventry Health Care, Inc. |
|
|
1,176 |
|
|
|
58,271 |
|
Cross Country Healthcare, Inc.* |
|
|
1,596 |
|
|
|
7,980 |
|
DaVita HealthCare Partners, Inc.* |
|
|
924 |
|
|
|
109,633 |
|
Emeritus Corp.* |
|
|
1,596 |
|
|
|
41,017 |
|
The Ensign Group, Inc. |
|
|
2,184 |
|
|
|
76,156 |
|
ExamWorks Group, Inc.* |
|
|
4,032 |
|
|
|
72,979 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Health Care Providers & Services
(continued) |
|
Express Scripts Holding Co.* |
|
|
8,316 |
|
|
$ |
493,721 |
|
Five Star Quality Care, Inc.* |
|
|
6,552 |
|
|
|
30,991 |
|
Gentiva Health Services, Inc.* |
|
|
3,948 |
|
|
|
41,415 |
|
Hanger, Inc.* |
|
|
1,932 |
|
|
|
58,714 |
|
HCA Holdings, Inc. |
|
|
1,344 |
|
|
|
53,612 |
|
Health Management Associates, Inc., Class A* |
|
|
33,852 |
|
|
|
388,960 |
|
Health Net, Inc.* |
|
|
4,284 |
|
|
|
125,950 |
|
HealthSouth Corp.* |
|
|
5,292 |
|
|
|
145,530 |
|
Healthways, Inc.* |
|
|
4,368 |
|
|
|
60,672 |
|
Henry Schein, Inc.* |
|
|
924 |
|
|
|
83,530 |
|
Humana, Inc. |
|
|
1,176 |
|
|
|
87,153 |
|
IPC The Hospitalist Co., Inc.* |
|
|
840 |
|
|
|
38,321 |
|
Kindred Healthcare, Inc.* |
|
|
6,804 |
|
|
|
71,374 |
|
Laboratory Corp of America Holdings* |
|
|
1,008 |
|
|
|
94,107 |
|
Landauer, Inc. |
|
|
504 |
|
|
|
28,158 |
|
LHC Group, Inc.* |
|
|
2,436 |
|
|
|
52,910 |
|
LifePoint Hospitals, Inc.* |
|
|
6,048 |
|
|
|
290,304 |
|
Magellan Health Services, Inc.* |
|
|
3,696 |
|
|
|
189,087 |
|
McKesson Corp. |
|
|
2,520 |
|
|
|
266,666 |
|
MEDNAX, Inc.* |
|
|
504 |
|
|
|
44,720 |
|
Molina Healthcare, Inc.* |
|
|
3,528 |
|
|
|
117,130 |
|
MWI Veterinary Supply, Inc.* |
|
|
672 |
|
|
|
79,101 |
|
National Healthcare Corp. |
|
|
1,344 |
|
|
|
62,402 |
|
Omnicare, Inc. |
|
|
924 |
|
|
|
40,443 |
|
Owens & Minor, Inc. |
|
|
8,148 |
|
|
|
265,380 |
|
Patterson Cos., Inc. |
|
|
1,008 |
|
|
|
38,254 |
|
PharMerica Corp.* |
|
|
3,780 |
|
|
|
48,724 |
|
The Providence Service Corp.* |
|
|
1,848 |
|
|
|
32,358 |
|
Quest Diagnostics, Inc. |
|
|
1,260 |
|
|
|
70,976 |
|
Select Medical Holdings Corp. |
|
|
5,208 |
|
|
|
42,966 |
|
Skilled Healthcare Group, Inc., Class A* |
|
|
2,688 |
|
|
|
18,924 |
|
Team Health Holdings, Inc.* |
|
|
1,512 |
|
|
|
56,367 |
|
Tenet Healthcare Corp.* |
|
|
13,608 |
|
|
|
617,259 |
|
U.S. Physical Therapy, Inc. |
|
|
588 |
|
|
|
14,030 |
|
UnitedHealth Group, Inc. |
|
|
8,484 |
|
|
|
508,446 |
|
Universal American Corp. |
|
|
5,376 |
|
|
|
45,965 |
|
Universal Health Services, Inc., Class B |
|
|
672 |
|
|
|
44,748 |
|
Vanguard Health Systems, Inc.* |
|
|
5,880 |
|
|
|
86,024 |
|
VCA Antech, Inc.* |
|
|
4,536 |
|
|
|
109,318 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
36 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Health Care Providers & Services
(continued) |
|
WellCare Health Plans, Inc.* |
|
|
5,712 |
|
|
$ |
333,067 |
|
WellPoint, Inc. |
|
|
2,520 |
|
|
|
183,758 |
|
|
|
|
|
|
|
|
7,691,616 |
|
Health Care Technology 0.3% |
|
Allscripts Healthcare Solutions, Inc.* |
|
|
9,408 |
|
|
|
130,207 |
|
athenahealth, Inc.* |
|
|
1,848 |
|
|
|
177,888 |
|
Cerner Corp.* |
|
|
1,428 |
|
|
|
138,188 |
|
Computer Programs & Systems, Inc. |
|
|
588 |
|
|
|
30,846 |
|
Greenway Medical Technologies* |
|
|
252 |
|
|
|
3,394 |
|
HealthStream, Inc.* |
|
|
1,092 |
|
|
|
25,072 |
|
HMS Holdings Corp.* |
|
|
4,704 |
|
|
|
118,588 |
|
MedAssets, Inc.* |
|
|
4,200 |
|
|
|
78,666 |
|
Medidata Solutions, Inc.* |
|
|
1,344 |
|
|
|
89,188 |
|
Merge Healthcare, Inc.* |
|
|
3,108 |
|
|
|
9,697 |
|
Omnicell, Inc.* |
|
|
1,764 |
|
|
|
31,787 |
|
Quality Systems, Inc. |
|
|
2,016 |
|
|
|
36,026 |
|
Vocera Communications, Inc.* |
|
|
252 |
|
|
|
4,990 |
|
|
|
|
|
|
|
|
874,537 |
|
Hotels, Restaurants & Leisure
2.2% |
|
AFC Enterprises, Inc.* |
|
|
1,260 |
|
|
|
40,169 |
|
Ameristar Casinos, Inc. |
|
|
4,116 |
|
|
|
108,621 |
|
Bally Technologies, Inc.* |
|
|
2,352 |
|
|
|
125,315 |
|
Biglari Holdings, Inc.* |
|
|
84 |
|
|
|
32,531 |
|
BJs Restaurants, Inc.* |
|
|
1,260 |
|
|
|
43,218 |
|
Bob Evans Farms, Inc. |
|
|
3,612 |
|
|
|
156,544 |
|
Boyd Gaming Corp.* |
|
|
7,812 |
|
|
|
93,744 |
|
Bravo Brio Restaurant Group, Inc.* |
|
|
924 |
|
|
|
15,708 |
|
Brinker International, Inc. |
|
|
4,620 |
|
|
|
179,718 |
|
Buffalo Wild Wings, Inc.* |
|
|
924 |
|
|
|
83,160 |
|
Caesars Entertainment Corp.* |
|
|
3,024 |
|
|
|
48,112 |
|
Carnival Corp. |
|
|
4,200 |
|
|
|
144,942 |
|
Carrols Restaurant Group, Inc.* |
|
|
1,680 |
|
|
|
7,980 |
|
CEC Entertainment, Inc. |
|
|
2,352 |
|
|
|
78,486 |
|
The Cheesecake Factory, Inc. |
|
|
2,856 |
|
|
|
113,726 |
|
Chipotle Mexican Grill, Inc.* |
|
|
336 |
|
|
|
122,032 |
|
Choice Hotels International, Inc. |
|
|
1,428 |
|
|
|
55,778 |
|
Churchill Downs, Inc. |
|
|
672 |
|
|
|
51,381 |
|
Chuys Holdings, Inc.* |
|
|
1,848 |
|
|
|
60,430 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Hotels, Restaurants & Leisure
(continued) |
|
Cracker Barrel Old Country Store, Inc. |
|
|
2,940 |
|
|
$ |
243,256 |
|
Darden Restaurants, Inc. |
|
|
840 |
|
|
|
43,369 |
|
Dennys Corp.* |
|
|
12,348 |
|
|
|
70,013 |
|
DineEquity, Inc. |
|
|
1,176 |
|
|
|
83,778 |
|
Dominos Pizza, Inc. |
|
|
3,024 |
|
|
|
166,925 |
|
Dunkin Brands Group, Inc. |
|
|
1,512 |
|
|
|
58,681 |
|
Einstein Noah Restaurant Group, Inc. |
|
|
672 |
|
|
|
9,683 |
|
Hyatt Hotels Corp., Class A* |
|
|
420 |
|
|
|
17,926 |
|
Ignite Restaurant Group, Inc.* |
|
|
672 |
|
|
|
11,720 |
|
International Game Technology |
|
|
2,856 |
|
|
|
48,409 |
|
International Speedway Corp., Class A |
|
|
1,428 |
|
|
|
46,938 |
|
Interval Leisure Group, Inc. |
|
|
2,100 |
|
|
|
40,026 |
|
Isle of Capri Casinos, Inc.* |
|
|
1,260 |
|
|
|
9,652 |
|
Jack in the Box, Inc.* |
|
|
2,352 |
|
|
|
84,319 |
|
Krispy Kreme Doughnuts, Inc.* |
|
|
3,108 |
|
|
|
42,455 |
|
Las Vegas Sands Corp. |
|
|
3,360 |
|
|
|
189,000 |
|
Life Time Fitness, Inc.* |
|
|
2,100 |
|
|
|
96,978 |
|
Marcus Corp. |
|
|
2,016 |
|
|
|
25,885 |
|
Marriott International, Inc., Class A |
|
|
3,024 |
|
|
|
130,213 |
|
Marriott Vacations Worldwide Corp.* |
|
|
2,016 |
|
|
|
91,688 |
|
McDonalds Corp. |
|
|
10,080 |
|
|
|
1,029,571 |
|
MGM Resorts International* |
|
|
2,940 |
|
|
|
41,513 |
|
Morgans Hotel Group Co.* |
|
|
1,596 |
|
|
|
9,783 |
|
Multimedia Games Holding Co., Inc.* |
|
|
1,512 |
|
|
|
37,286 |
|
Orient-Express Hotels Ltd., Class A* |
|
|
4,872 |
|
|
|
49,207 |
|
Panera Bread Co., Class A* |
|
|
336 |
|
|
|
59,549 |
|
Papa Johns International, Inc.* |
|
|
1,008 |
|
|
|
63,504 |
|
Penn National Gaming, Inc.* |
|
|
672 |
|
|
|
39,346 |
|
Pinnacle Entertainment, Inc.* |
|
|
3,276 |
|
|
|
62,441 |
|
Red Robin Gourmet Burgers, Inc.* |
|
|
756 |
|
|
|
36,568 |
|
Royal Caribbean Cruises Ltd. |
|
|
1,092 |
|
|
|
39,891 |
|
Ruby Tuesday, Inc.* |
|
|
7,980 |
|
|
|
76,927 |
|
Ruths Hospitality Group, Inc.* |
|
|
1,848 |
|
|
|
18,314 |
|
Scientific Games Corp., Class A* |
|
|
3,192 |
|
|
|
28,345 |
|
SHFL Entertainment, Inc.* |
|
|
2,772 |
|
|
|
43,798 |
|
Six Flags Entertainment Corp. |
|
|
1,428 |
|
|
|
104,058 |
|
Sonic Corp.* |
|
|
3,192 |
|
|
|
39,996 |
|
Speedway Motorsports, Inc. |
|
|
1,680 |
|
|
|
30,290 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
37 |
|
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Hotels, Restaurants & Leisure
(continued) |
|
Starbucks Corp. |
|
|
7,308 |
|
|
$ |
444,619 |
|
Starwood Hotels & Resorts Worldwide, Inc. |
|
|
2,016 |
|
|
|
130,072 |
|
Texas Roadhouse, Inc. |
|
|
3,276 |
|
|
|
76,986 |
|
Town Sports International Holdings, Inc. |
|
|
1,092 |
|
|
|
10,996 |
|
Vail Resorts, Inc. |
|
|
1,932 |
|
|
|
116,500 |
|
The Wendys Co. |
|
|
16,380 |
|
|
|
93,202 |
|
WMS Industries, Inc.* |
|
|
2,856 |
|
|
|
72,485 |
|
Wyndham Worldwide Corp. |
|
|
1,260 |
|
|
|
75,701 |
|
Wynn Resorts Ltd. |
|
|
756 |
|
|
|
103,799 |
|
Yum! Brands, Inc. |
|
|
4,620 |
|
|
|
314,714 |
|
|
|
|
|
|
|
|
6,321,970 |
|
Household Durables 0.7% |
|
American Greetings Corp., Class A |
|
|
3,696 |
|
|
|
68,154 |
|
Bassett Furniture Industries, Inc. |
|
|
168 |
|
|
|
2,357 |
|
Beazer Homes USA, Inc.* |
|
|
2,184 |
|
|
|
35,293 |
|
Blyth, Inc. |
|
|
1,260 |
|
|
|
20,765 |
|
Cavco Industries, Inc.* |
|
|
336 |
|
|
|
15,328 |
|
DR Horton, Inc. |
|
|
2,856 |
|
|
|
74,485 |
|
Ethan Allen Interiors, Inc. |
|
|
1,428 |
|
|
|
41,812 |
|
Garmin Ltd. |
|
|
1,176 |
|
|
|
41,254 |
|
Harman International Industries, Inc. |
|
|
588 |
|
|
|
26,290 |
|
Helen of Troy Ltd.* |
|
|
4,200 |
|
|
|
146,496 |
|
Hovnanian Enterprises, Inc., Class A* |
|
|
4,284 |
|
|
|
23,348 |
|
iRobot Corp.* |
|
|
1,344 |
|
|
|
39,097 |
|
Jarden Corp.* |
|
|
878 |
|
|
|
39,519 |
|
KB Home |
|
|
5,292 |
|
|
|
119,282 |
|
La-Z-Boy, Inc. |
|
|
2,772 |
|
|
|
50,062 |
|
Leggett & Platt, Inc. |
|
|
1,428 |
|
|
|
46,039 |
|
Lennar Corp., Class A |
|
|
1,596 |
|
|
|
65,787 |
|
Libbey, Inc.* |
|
|
1,596 |
|
|
|
30,915 |
|
M/I Homes, Inc.* |
|
|
1,596 |
|
|
|
39,262 |
|
MDC Holdings, Inc. |
|
|
2,352 |
|
|
|
88,435 |
|
Meritage Homes Corp.* |
|
|
1,428 |
|
|
|
69,672 |
|
Mohawk Industries, Inc.* |
|
|
588 |
|
|
|
65,197 |
|
NACCO Industries, Inc., Class A |
|
|
672 |
|
|
|
38,989 |
|
Newell Rubbermaid, Inc. |
|
|
2,268 |
|
|
|
59,739 |
|
NVR, Inc.* |
|
|
84 |
|
|
|
86,520 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Household Durables (continued) |
|
PulteGroup, Inc.* |
|
|
4,116 |
|
|
$ |
86,395 |
|
The Ryland Group, Inc. |
|
|
2,352 |
|
|
|
105,981 |
|
Skullcandy, Inc.* |
|
|
924 |
|
|
|
4,749 |
|
Standard Pacific Corp.* |
|
|
5,628 |
|
|
|
50,933 |
|
Tempur-Pedic International, Inc.* |
|
|
3,192 |
|
|
|
154,812 |
|
Toll Brothers, Inc.* |
|
|
1,512 |
|
|
|
51,877 |
|
Tupperware Brands Corp. |
|
|
588 |
|
|
|
47,216 |
|
Universal Electronics, Inc.* |
|
|
2,016 |
|
|
|
46,328 |
|
Whirlpool Corp. |
|
|
588 |
|
|
|
67,197 |
|
Zagg, Inc.* |
|
|
2,520 |
|
|
|
17,060 |
|
|
|
|
|
|
|
|
1,966,645 |
|
Household Products 1.2% |
|
Central Garden and Pet Co., Class A* |
|
|
3,192 |
|
|
|
28,090 |
|
Church & Dwight Co., Inc. |
|
|
1,428 |
|
|
|
91,235 |
|
The Clorox Co. |
|
|
1,344 |
|
|
|
115,920 |
|
Colgate-Palmolive Co. |
|
|
4,620 |
|
|
|
551,674 |
|
Energizer Holdings, Inc. |
|
|
588 |
|
|
|
56,795 |
|
Kimberly-Clark Corp. |
|
|
3,612 |
|
|
|
372,722 |
|
The Procter & Gamble Co. |
|
|
27,636 |
|
|
|
2,121,616 |
|
Spectrum Brands Holdings, Inc. |
|
|
1,680 |
|
|
|
94,080 |
|
WD-40 Co. |
|
|
756 |
|
|
|
40,771 |
|
|
|
|
|
|
|
|
3,472,903 |
|
Independent Power Producers & Energy Traders
0.1% |
|
The AES Corp. |
|
|
4,788 |
|
|
|
66,362 |
|
Calpine Corp.* |
|
|
3,696 |
|
|
|
80,314 |
|
Dynegy, Inc.* |
|
|
5,040 |
|
|
|
124,538 |
|
NRG Energy, Inc. |
|
|
3,360 |
|
|
|
93,643 |
|
Ormat Technologies, Inc. |
|
|
924 |
|
|
|
20,088 |
|
|
|
|
|
|
|
|
384,945 |
|
Industrial Conglomerates 1.1% |
|
3M Co. |
|
|
6,384 |
|
|
|
668,469 |
|
Carlisle Cos., Inc. |
|
|
672 |
|
|
|
43,592 |
|
Danaher Corp. |
|
|
6,132 |
|
|
|
373,684 |
|
General Electric Co. |
|
|
86,268 |
|
|
|
1,922,914 |
|
Raven Industries, Inc. |
|
|
1,764 |
|
|
|
59,182 |
|
|
|
|
|
|
|
|
3,067,841 |
|
Insurance 4.6% |
|
ACE Ltd. |
|
|
2,688 |
|
|
|
239,608 |
|
Aflac, Inc. |
|
|
3,696 |
|
|
|
201,210 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
38 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Insurance (continued) |
|
Alleghany Corp.* |
|
|
168 |
|
|
$ |
66,148 |
|
Allied World Assurance Co. Holdings AG |
|
|
336 |
|
|
|
30,512 |
|
The Allstate Corp. |
|
|
4,704 |
|
|
|
231,719 |
|
American Equity Investment Life Holding Co. |
|
|
7,644 |
|
|
|
116,495 |
|
American Financial Group, Inc./OH |
|
|
672 |
|
|
|
32,437 |
|
American International Group, Inc.* |
|
|
11,928 |
|
|
|
494,058 |
|
American National Insurance Co. |
|
|
1,176 |
|
|
|
110,579 |
|
American Safety Insurance Holdings Ltd.* |
|
|
1,092 |
|
|
|
26,295 |
|
AMERISAFE, Inc. |
|
|
1,092 |
|
|
|
35,665 |
|
Amtrust Financial Services, Inc. |
|
|
3,276 |
|
|
|
103,718 |
|
Aon PLC |
|
|
3,360 |
|
|
|
202,776 |
|
Arch Capital Group Ltd.* |
|
|
1,344 |
|
|
|
71,313 |
|
Argo Group International Holdings Ltd. |
|
|
3,948 |
|
|
|
163,645 |
|
Arthur J Gallagher & Co. |
|
|
1,092 |
|
|
|
46,355 |
|
Aspen Insurance Holdings Ltd. |
|
|
8,820 |
|
|
|
336,836 |
|
Assurant, Inc. |
|
|
756 |
|
|
|
35,940 |
|
Assured Guaranty Ltd. |
|
|
25,368 |
|
|
|
523,342 |
|
Axis Capital Holdings Ltd. |
|
|
1,092 |
|
|
|
48,736 |
|
Berkshire Hathaway, Inc., Class B* |
|
|
18,144 |
|
|
|
1,929,070 |
|
Brown & Brown, Inc. |
|
|
1,176 |
|
|
|
36,444 |
|
The Chubb Corp. |
|
|
2,772 |
|
|
|
244,130 |
|
Cincinnati Financial Corp. |
|
|
1,512 |
|
|
|
73,952 |
|
Citizens, Inc./TX* |
|
|
2,100 |
|
|
|
13,734 |
|
CNA Financial Corp. |
|
|
168 |
|
|
|
5,663 |
|
CNO Financial Group, Inc. |
|
|
30,240 |
|
|
|
342,317 |
|
eHealth, Inc.* |
|
|
1,092 |
|
|
|
22,867 |
|
Employers Holdings, Inc. |
|
|
1,932 |
|
|
|
43,760 |
|
Endurance Specialty Holdings Ltd. |
|
|
5,376 |
|
|
|
263,263 |
|
Enstar Group Ltd.* |
|
|
1,092 |
|
|
|
138,782 |
|
Erie Indemnity Co., Class A |
|
|
252 |
|
|
|
20,052 |
|
Everest Re Group Ltd. |
|
|
420 |
|
|
|
56,696 |
|
FBL Financial Group, Inc., Class A |
|
|
1,764 |
|
|
|
69,343 |
|
Fidelity National Financial, Inc., Class A |
|
|
1,764 |
|
|
|
47,363 |
|
First American Financial Corp. |
|
|
13,356 |
|
|
|
357,540 |
|
Genworth Financial, Inc., Class A* |
|
|
3,780 |
|
|
|
37,913 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Insurance (continued) |
|
Greenlight Capital Re Ltd., Class A* |
|
|
3,696 |
|
|
$ |
90,959 |
|
The Hanover Insurance Group, Inc. |
|
|
5,628 |
|
|
|
283,820 |
|
Hartford Financial Services Group, Inc. |
|
|
3,612 |
|
|
|
101,461 |
|
HCC Insurance Holdings, Inc. |
|
|
840 |
|
|
|
35,784 |
|
Hilltop Holdings, Inc.* |
|
|
2,184 |
|
|
|
29,244 |
|
Homeowners Choice, Inc. |
|
|
1,008 |
|
|
|
26,752 |
|
Horace Mann Educators Corp. |
|
|
5,040 |
|
|
|
113,652 |
|
Infinity Property & Casualty Corp. |
|
|
672 |
|
|
|
38,129 |
|
Kemper Corp. |
|
|
7,224 |
|
|
|
230,157 |
|
Lincoln National Corp. |
|
|
2,184 |
|
|
|
74,278 |
|
Loews Corp. |
|
|
3,612 |
|
|
|
161,348 |
|
Maiden Holdings Ltd. |
|
|
7,896 |
|
|
|
81,566 |
|
Markel Corp.* |
|
|
84 |
|
|
|
45,045 |
|
Marsh & McLennan Cos., Inc. |
|
|
5,964 |
|
|
|
226,692 |
|
MBIA, Inc.* |
|
|
8,232 |
|
|
|
77,875 |
|
Meadowbrook Insurance Group, Inc. |
|
|
6,720 |
|
|
|
52,282 |
|
Mercury General Corp. |
|
|
4,704 |
|
|
|
215,020 |
|
MetLife, Inc. |
|
|
8,988 |
|
|
|
350,442 |
|
Montpelier Re Holdings Ltd. |
|
|
6,888 |
|
|
|
177,435 |
|
National Financial Partners Corp.* |
|
|
4,872 |
|
|
|
123,456 |
|
National Interstate Corp. |
|
|
672 |
|
|
|
19,522 |
|
National Western Life Insurance Co., Class A |
|
|
336 |
|
|
|
61,360 |
|
The Navigators Group, Inc.* |
|
|
672 |
|
|
|
38,895 |
|
Old Republic International Corp. |
|
|
19,824 |
|
|
|
267,624 |
|
OneBeacon Insurance Group Ltd., Class A |
|
|
2,688 |
|
|
|
36,530 |
|
PartnerRe Ltd. |
|
|
504 |
|
|
|
47,547 |
|
The Phoenix Cos, Inc.* |
|
|
924 |
|
|
|
26,898 |
|
Platinum Underwriters Holdings Ltd. |
|
|
4,620 |
|
|
|
262,185 |
|
Primerica, Inc. |
|
|
4,956 |
|
|
|
168,306 |
|
Principal Financial Group, Inc. |
|
|
2,352 |
|
|
|
84,907 |
|
ProAssurance Corp. |
|
|
3,024 |
|
|
|
148,146 |
|
The Progressive Corp. |
|
|
6,048 |
|
|
|
152,954 |
|
Protective Life Corp. |
|
|
9,828 |
|
|
|
374,054 |
|
Prudential Financial, Inc. |
|
|
3,696 |
|
|
|
223,312 |
|
Reinsurance Group of America, Inc. |
|
|
588 |
|
|
|
36,779 |
|
RenaissanceRe Holdings Ltd. |
|
|
420 |
|
|
|
39,434 |
|
RLI Corp. |
|
|
840 |
|
|
|
60,354 |
|
Safety Insurance Group, Inc. |
|
|
1,680 |
|
|
|
83,446 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
39 |
|
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Insurance (continued) |
|
Selective Insurance Group, Inc. |
|
|
5,880 |
|
|
$ |
137,768 |
|
StanCorp Financial Group, Inc. |
|
|
5,628 |
|
|
|
243,017 |
|
State Auto Financial Corp. |
|
|
2,016 |
|
|
|
35,038 |
|
Stewart Information Services Corp. |
|
|
2,100 |
|
|
|
56,847 |
|
Symetra Financial Corp. |
|
|
9,828 |
|
|
|
133,956 |
|
Torchmark Corp. |
|
|
840 |
|
|
|
52,139 |
|
Tower Group International Ltd. |
|
|
5,044 |
|
|
|
95,427 |
|
The Travelers Cos., Inc. |
|
|
3,276 |
|
|
|
279,803 |
|
United Fire Group, Inc. |
|
|
1,596 |
|
|
|
44,624 |
|
Unum Group |
|
|
2,184 |
|
|
|
60,912 |
|
Validus Holdings Ltd. |
|
|
1,848 |
|
|
|
71,351 |
|
W.R. Berkley Corp. |
|
|
1,008 |
|
|
|
43,767 |
|
White Mountains Insurance Group Ltd. |
|
|
84 |
|
|
|
48,578 |
|
Willis Group Holdings PLC |
|
|
1,680 |
|
|
|
66,662 |
|
XL Group PLC |
|
|
2,352 |
|
|
|
73,241 |
|
|
|
|
|
|
|
|
12,931,056 |
|
Internet & Catalog Retail 0.7% |
|
Amazon.com, Inc.* |
|
|
3,612 |
|
|
|
916,762 |
|
Blue Nile, Inc.* |
|
|
756 |
|
|
|
24,668 |
|
Expedia, Inc. |
|
|
1,008 |
|
|
|
56,287 |
|
Groupon, Inc.* |
|
|
2,520 |
|
|
|
15,372 |
|
HomeAway, Inc.* |
|
|
1,680 |
|
|
|
51,324 |
|
HSN, Inc. |
|
|
1,092 |
|
|
|
57,417 |
|
Liberty Interactive Corp., Class A* |
|
|
5,796 |
|
|
|
123,397 |
|
Netflix, Inc.* |
|
|
588 |
|
|
|
127,049 |
|
Nutrisystem, Inc. |
|
|
2,436 |
|
|
|
19,732 |
|
Orbitz Worldwide, Inc.* |
|
|
1,344 |
|
|
|
8,037 |
|
Overstock.com, Inc.* |
|
|
588 |
|
|
|
12,230 |
|
PetMed Express, Inc. |
|
|
840 |
|
|
|
10,500 |
|
priceline.com, Inc.* |
|
|
504 |
|
|
|
350,779 |
|
Shutterfly, Inc.* |
|
|
1,596 |
|
|
|
71,070 |
|
TripAdvisor, Inc.* |
|
|
1,428 |
|
|
|
75,084 |
|
Valuevision Media, Inc., Class A* |
|
|
3,780 |
|
|
|
16,254 |
|
Vitacost.com, Inc.* |
|
|
924 |
|
|
|
7,189 |
|
|
|
|
|
|
|
|
1,943,151 |
|
Internet Software & Services
2.0% |
|
The Active Network, Inc.* |
|
|
1,848 |
|
|
|
9,295 |
|
Akamai Technologies, Inc.* |
|
|
1,848 |
|
|
|
81,146 |
|
Angies List, Inc.* |
|
|
1,764 |
|
|
|
42,759 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Internet Software & Services
(continued) |
|
AOL, Inc.* |
|
|
2,268 |
|
|
$ |
87,636 |
|
Bankrate, Inc.* |
|
|
2,268 |
|
|
|
30,573 |
|
Bazaarvoice, Inc.* |
|
|
1,428 |
|
|
|
10,353 |
|
Blucora, Inc.* |
|
|
2,016 |
|
|
|
29,776 |
|
Brightcove, Inc.* |
|
|
1,428 |
|
|
|
8,597 |
|
Carbonite, Inc.* |
|
|
924 |
|
|
|
9,831 |
|
comScore, Inc.* |
|
|
1,428 |
|
|
|
23,091 |
|
Constant Contact, Inc.* |
|
|
1,512 |
|
|
|
22,090 |
|
Cornerstone OnDemand, Inc.* |
|
|
1,428 |
|
|
|
51,808 |
|
CoStar Group, Inc.* |
|
|
1,344 |
|
|
|
145,703 |
|
Dealertrack Technologies, Inc.* |
|
|
2,184 |
|
|
|
60,824 |
|
Demand Media, Inc.* |
|
|
2,016 |
|
|
|
17,459 |
|
Demandware, Inc.* |
|
|
168 |
|
|
|
4,586 |
|
Dice Holdings, Inc.* |
|
|
2,688 |
|
|
|
22,687 |
|
Digital River, Inc.* |
|
|
1,932 |
|
|
|
27,975 |
|
EarthLink, Inc. |
|
|
15,036 |
|
|
|
85,555 |
|
eBay, Inc.* |
|
|
12,012 |
|
|
|
629,309 |
|
Envestnet, Inc.* |
|
|
1,176 |
|
|
|
21,427 |
|
Equinix, Inc.* |
|
|
504 |
|
|
|
107,906 |
|
ExactTarget, Inc.* |
|
|
1,092 |
|
|
|
21,381 |
|
Google, Inc., Class A* |
|
|
2,688 |
|
|
|
2,216,444 |
|
IAC/InterActiveCorp |
|
|
672 |
|
|
|
31,631 |
|
Internap Network Services Corp.* |
|
|
2,772 |
|
|
|
22,121 |
|
IntraLinks Holdings, Inc.* |
|
|
4,452 |
|
|
|
25,465 |
|
j2 Global, Inc. |
|
|
6,384 |
|
|
|
259,829 |
|
Keynote Systems, Inc. |
|
|
840 |
|
|
|
9,416 |
|
Limelight Networks, Inc.* |
|
|
8,148 |
|
|
|
15,726 |
|
LinkedIn Corp., Class A* |
|
|
672 |
|
|
|
129,085 |
|
Liquidity Services, Inc.* |
|
|
1,176 |
|
|
|
38,690 |
|
LivePerson, Inc.* |
|
|
2,520 |
|
|
|
32,306 |
|
LogMeIn, Inc.* |
|
|
1,176 |
|
|
|
26,554 |
|
MeetMe, Inc.* |
|
|
1,344 |
|
|
|
2,594 |
|
Millennial Media, Inc.* |
|
|
672 |
|
|
|
4,657 |
|
Monster Worldwide, Inc.* |
|
|
6,384 |
|
|
|
27,962 |
|
Move, Inc.* |
|
|
2,016 |
|
|
|
23,003 |
|
NIC, Inc. |
|
|
3,360 |
|
|
|
56,582 |
|
OpenTable, Inc.* |
|
|
1,260 |
|
|
|
69,791 |
|
Perficient, Inc.* |
|
|
1,596 |
|
|
|
16,726 |
|
QuinStreet, Inc.* |
|
|
3,192 |
|
|
|
20,876 |
|
Rackspace Hosting, Inc.* |
|
|
1,092 |
|
|
|
52,634 |
|
RealNetworks, Inc.* |
|
|
4,368 |
|
|
|
33,634 |
|
SciQuest, Inc.* |
|
|
924 |
|
|
|
21,123 |
|
SPS Commerce, Inc.* |
|
|
588 |
|
|
|
27,712 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
40 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Internet Software & Services
(continued) |
|
Stamps.com, Inc.* |
|
|
756 |
|
|
$ |
25,583 |
|
support.com, Inc.* |
|
|
3,192 |
|
|
|
12,736 |
|
Synacor, Inc.* |
|
|
672 |
|
|
|
1,956 |
|
Travelzoo, Inc.* |
|
|
420 |
|
|
|
10,723 |
|
United Online, Inc. |
|
|
11,172 |
|
|
|
75,970 |
|
Unwired Planet, Inc.* |
|
|
5,124 |
|
|
|
10,146 |
|
ValueClick, Inc.* |
|
|
4,200 |
|
|
|
129,612 |
|
VeriSign, Inc.* |
|
|
1,596 |
|
|
|
73,528 |
|
VistaPrint N.V.* |
|
|
1,764 |
|
|
|
71,971 |
|
Vocus, Inc.* |
|
|
1,008 |
|
|
|
8,477 |
|
Web.com Group, Inc.* |
|
|
1,512 |
|
|
|
26,309 |
|
WebMD Health Corp.* |
|
|
2,940 |
|
|
|
71,001 |
|
XO Group, Inc.* |
|
|
1,596 |
|
|
|
17,971 |
|
Yahoo!, Inc.* |
|
|
9,996 |
|
|
|
247,201 |
|
Yelp, Inc.* |
|
|
840 |
|
|
|
21,865 |
|
Zix Corp.* |
|
|
3,024 |
|
|
|
11,370 |
|
|
|
|
|
|
|
|
5,532,747 |
|
IT Services 2.9% |
|
Accenture PLC, Class A |
|
|
6,468 |
|
|
|
526,754 |
|
Acxiom Corp.* |
|
|
4,284 |
|
|
|
85,209 |
|
Alliance Data Systems Corp.* |
|
|
420 |
|
|
|
72,143 |
|
Amdocs Ltd. |
|
|
1,764 |
|
|
|
62,975 |
|
Automatic Data Processing, Inc. |
|
|
5,124 |
|
|
|
345,050 |
|
Booz Allen Hamilton Holding Corp. |
|
|
4,200 |
|
|
|
63,798 |
|
Broadridge Financial Solutions, Inc. |
|
|
1,260 |
|
|
|
31,727 |
|
CACI International, Inc., Class A* |
|
|
3,024 |
|
|
|
176,874 |
|
Cardtronics, Inc.* |
|
|
2,268 |
|
|
|
63,527 |
|
Cass Information Systems, Inc. |
|
|
420 |
|
|
|
17,556 |
|
CIBER, Inc.* |
|
|
3,276 |
|
|
|
13,956 |
|
Cognizant Technology Solutions Corp., Class A* |
|
|
3,108 |
|
|
|
201,398 |
|
Computer Sciences Corp. |
|
|
1,176 |
|
|
|
55,096 |
|
Computer Task Group, Inc. |
|
|
1,092 |
|
|
|
22,408 |
|
Convergys Corp. |
|
|
7,812 |
|
|
|
132,960 |
|
CoreLogic, Inc.* |
|
|
5,040 |
|
|
|
137,491 |
|
CSG Systems International, Inc.* |
|
|
4,200 |
|
|
|
90,762 |
|
DST Systems, Inc. |
|
|
2,856 |
|
|
|
197,492 |
|
EPAM Systems, Inc.* |
|
|
336 |
|
|
|
7,224 |
|
Euronet Worldwide, Inc.* |
|
|
2,688 |
|
|
|
82,065 |
|
ExlService Holdings, Inc.* |
|
|
1,344 |
|
|
|
43,841 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
IT Services (continued) |
|
Fidelity National Information Services, Inc. |
|
|
2,436 |
|
|
$ |
102,434 |
|
Fiserv, Inc.* |
|
|
1,428 |
|
|
|
130,105 |
|
FleetCor Technologies, Inc.* |
|
|
1,008 |
|
|
|
77,515 |
|
Forrester Research, Inc. |
|
|
672 |
|
|
|
24,091 |
|
Gartner, Inc.* |
|
|
924 |
|
|
|
53,453 |
|
Genpact Ltd. |
|
|
840 |
|
|
|
15,624 |
|
Global Cash Access Holdings, Inc.* |
|
|
5,292 |
|
|
|
37,732 |
|
Global Payments, Inc. |
|
|
840 |
|
|
|
38,976 |
|
Heartland Payment Systems, Inc. |
|
|
1,932 |
|
|
|
63,543 |
|
Higher One Holdings, Inc.* |
|
|
1,764 |
|
|
|
17,393 |
|
iGATE Corp.* |
|
|
1,428 |
|
|
|
23,833 |
|
Innodata, Inc.* |
|
|
2,604 |
|
|
|
8,541 |
|
International Business Machines Corp. |
|
|
10,668 |
|
|
|
2,160,697 |
|
Jack Henry & Associates, Inc. |
|
|
840 |
|
|
|
38,976 |
|
Lender Processing Services, Inc. |
|
|
11,172 |
|
|
|
309,911 |
|
Lionbridge Technologies, Inc.* |
|
|
6,636 |
|
|
|
22,695 |
|
ManTech International Corp., Class A |
|
|
2,772 |
|
|
|
73,985 |
|
Mastercard, Inc., Class A |
|
|
1,092 |
|
|
|
603,800 |
|
MAXIMUS, Inc. |
|
|
1,848 |
|
|
|
147,267 |
|
MoneyGram International, Inc.* |
|
|
1,764 |
|
|
|
29,124 |
|
NCI, Inc., Class A* |
|
|
1,596 |
|
|
|
6,735 |
|
NeuStar, Inc., Class A* |
|
|
3,612 |
|
|
|
158,458 |
|
Paychex, Inc. |
|
|
3,276 |
|
|
|
119,279 |
|
SAIC, Inc. |
|
|
2,436 |
|
|
|
36,394 |
|
Sapient Corp.* |
|
|
5,460 |
|
|
|
63,773 |
|
ServiceSource International, Inc.* |
|
|
2,604 |
|
|
|
16,666 |
|
Sykes Enterprises, Inc.* |
|
|
5,376 |
|
|
|
82,737 |
|
Syntel, Inc. |
|
|
756 |
|
|
|
47,756 |
|
TeleTech Holdings, Inc.* |
|
|
3,444 |
|
|
|
73,323 |
|
Teradata Corp.* |
|
|
1,512 |
|
|
|
77,218 |
|
Total System Services, Inc. |
|
|
1,764 |
|
|
|
41,666 |
|
Unisys Corp.* |
|
|
5,376 |
|
|
|
102,843 |
|
Vantiv, Inc., Class A* |
|
|
1,092 |
|
|
|
24,603 |
|
VeriFone Systems, Inc.* |
|
|
1,008 |
|
|
|
21,652 |
|
Virtusa Corp.* |
|
|
924 |
|
|
|
20,522 |
|
Visa, Inc., Class A |
|
|
5,124 |
|
|
|
863,189 |
|
The Western Union Co. |
|
|
4,788 |
|
|
|
70,910 |
|
WEX, Inc.* |
|
|
1,344 |
|
|
|
101,848 |
|
|
|
|
|
|
|
|
8,339,573 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
41 |
|
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Leisure Equipment & Products
0.2% |
|
Arctic Cat, Inc.* |
|
|
588 |
|
|
$ |
26,454 |
|
Black Diamond, Inc.* |
|
|
1,092 |
|
|
|
10,702 |
|
Brunswick Corp. |
|
|
4,620 |
|
|
|
146,269 |
|
Callaway Golf Co. |
|
|
3,444 |
|
|
|
23,075 |
|
Hasbro, Inc. |
|
|
1,092 |
|
|
|
51,728 |
|
JAKKS Pacific, Inc. |
|
|
1,176 |
|
|
|
12,830 |
|
LeapFrog Enterprises, Inc.* |
|
|
2,352 |
|
|
|
21,027 |
|
Mattel, Inc. |
|
|
3,444 |
|
|
|
157,253 |
|
Polaris Industries, Inc. |
|
|
672 |
|
|
|
57,920 |
|
Smith & Wesson Holding Corp.* |
|
|
3,108 |
|
|
|
27,288 |
|
Steinway Musical Instruments, Inc.* |
|
|
504 |
|
|
|
12,570 |
|
Sturm Ruger & Co., Inc. |
|
|
1,008 |
|
|
|
51,680 |
|
|
|
|
|
|
|
|
598,796 |
|
Life Sciences Tools & Services
0.5% |
|
Affymetrix, Inc.* |
|
|
7,224 |
|
|
|
26,295 |
|
Agilent Technologies, Inc. |
|
|
3,528 |
|
|
|
146,200 |
|
Bio-Rad Laboratories, Inc., Class A* |
|
|
252 |
|
|
|
30,177 |
|
Bruker Corp.* |
|
|
4,956 |
|
|
|
88,068 |
|
Cambrex Corp.* |
|
|
3,612 |
|
|
|
45,114 |
|
Charles River Laboratories International, Inc.* |
|
|
2,688 |
|
|
|
116,901 |
|
Covance, Inc.* |
|
|
588 |
|
|
|
43,841 |
|
Fluidigm Corp.* |
|
|
924 |
|
|
|
15,560 |
|
Furiex Pharmaceuticals, Inc.* |
|
|
168 |
|
|
|
5,704 |
|
Illumina, Inc.* |
|
|
1,260 |
|
|
|
81,510 |
|
Life Technologies Corp.* |
|
|
1,848 |
|
|
|
136,179 |
|
Luminex Corp.* |
|
|
2,016 |
|
|
|
33,526 |
|
Mettler-Toledo International, Inc.* |
|
|
336 |
|
|
|
70,211 |
|
Pacific Biosciences of California, Inc.* |
|
|
6,384 |
|
|
|
16,343 |
|
PAREXEL International Corp.* |
|
|
3,108 |
|
|
|
127,273 |
|
PerkinElmer, Inc. |
|
|
1,176 |
|
|
|
36,044 |
|
Sequenom, Inc.* |
|
|
6,720 |
|
|
|
25,334 |
|
Techne Corp. |
|
|
1,932 |
|
|
|
123,919 |
|
Thermo Fisher Scientific, Inc. |
|
|
3,528 |
|
|
|
284,639 |
|
Waters Corp.* |
|
|
924 |
|
|
|
85,378 |
|
|
|
|
|
|
|
|
1,538,216 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Machinery 3.0% |
|
Accuride Corp.* |
|
|
7,224 |
|
|
$ |
37,131 |
|
Actuant Corp., Class A |
|
|
4,116 |
|
|
|
128,831 |
|
AGCO Corp. |
|
|
756 |
|
|
|
40,257 |
|
Alamo Group, Inc. |
|
|
588 |
|
|
|
23,561 |
|
Albany International Corp., Class A |
|
|
3,360 |
|
|
|
97,608 |
|
Altra Holdings, Inc. |
|
|
1,344 |
|
|
|
35,818 |
|
American Railcar Industries, Inc. |
|
|
504 |
|
|
|
17,998 |
|
Ampco-Pittsburgh Corp. |
|
|
1,008 |
|
|
|
18,890 |
|
Astec Industries, Inc. |
|
|
1,008 |
|
|
|
33,093 |
|
Barnes Group, Inc. |
|
|
2,436 |
|
|
|
67,648 |
|
Blount International, Inc.* |
|
|
2,520 |
|
|
|
35,003 |
|
Briggs & Stratton Corp. |
|
|
6,384 |
|
|
|
143,576 |
|
Caterpillar, Inc. |
|
|
5,712 |
|
|
|
483,635 |
|
Chart Industries, Inc.* |
|
|
1,596 |
|
|
|
135,357 |
|
CIRCOR International, Inc. |
|
|
2,100 |
|
|
|
99,393 |
|
CLARCOR, Inc. |
|
|
2,520 |
|
|
|
130,284 |
|
Colfax Corp.* |
|
|
2,352 |
|
|
|
109,768 |
|
Columbus McKinnon Corp.* |
|
|
1,848 |
|
|
|
34,705 |
|
Commercial Vehicle Group, Inc.* |
|
|
2,856 |
|
|
|
20,020 |
|
Crane Co. |
|
|
6,300 |
|
|
|
339,129 |
|
Cummins, Inc. |
|
|
1,596 |
|
|
|
169,798 |
|
Deere & Co. |
|
|
3,192 |
|
|
|
285,046 |
|
Donaldson Co., Inc. |
|
|
1,092 |
|
|
|
39,727 |
|
Douglas Dynamics, Inc. |
|
|
2,268 |
|
|
|
31,729 |
|
Dover Corp. |
|
|
1,428 |
|
|
|
98,503 |
|
Dynamic Materials Corp. |
|
|
672 |
|
|
|
10,671 |
|
EnPro Industries, Inc.* |
|
|
1,092 |
|
|
|
53,814 |
|
ESCO Technologies, Inc. |
|
|
1,428 |
|
|
|
51,365 |
|
Federal Signal Corp.* |
|
|
3,276 |
|
|
|
25,422 |
|
Flow International Corp.* |
|
|
1,596 |
|
|
|
5,841 |
|
Flowserve Corp. |
|
|
504 |
|
|
|
79,692 |
|
FreightCar America, Inc. |
|
|
1,176 |
|
|
|
24,555 |
|
Gardner Denver, Inc. |
|
|
504 |
|
|
|
37,845 |
|
The Gorman-Rupp Co. |
|
|
924 |
|
|
|
26,103 |
|
Graco, Inc. |
|
|
588 |
|
|
|
35,592 |
|
Graham Corp. |
|
|
504 |
|
|
|
12,247 |
|
Greenbrier Cos., Inc.* |
|
|
3,192 |
|
|
|
72,011 |
|
Harsco Corp. |
|
|
10,164 |
|
|
|
221,880 |
|
IDEX Corp. |
|
|
840 |
|
|
|
43,705 |
|
Illinois Tool Works, Inc. |
|
|
4,032 |
|
|
|
260,306 |
|
Ingersoll-Rand PLC |
|
|
3,276 |
|
|
|
176,249 |
|
ITT Corp. |
|
|
5,628 |
|
|
|
155,333 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
42 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Machinery (continued) |
|
John Bean Technologies Corp. |
|
|
3,276 |
|
|
$ |
67,944 |
|
Joy Global, Inc. |
|
|
1,008 |
|
|
|
56,972 |
|
Kadant, Inc. |
|
|
1,680 |
|
|
|
46,486 |
|
Kaydon Corp. |
|
|
3,780 |
|
|
|
90,115 |
|
Kennametal, Inc. |
|
|
840 |
|
|
|
33,592 |
|
L.B. Foster Co., Class A |
|
|
1,260 |
|
|
|
55,629 |
|
Lincoln Electric Holdings, Inc. |
|
|
1,344 |
|
|
|
70,909 |
|
Lindsay Corp. |
|
|
672 |
|
|
|
51,623 |
|
Lydall, Inc.* |
|
|
1,428 |
|
|
|
20,477 |
|
The Manitowoc Co., Inc. |
|
|
7,140 |
|
|
|
133,946 |
|
Meritor, Inc.* |
|
|
11,676 |
|
|
|
67,721 |
|
Middleby Corp.* |
|
|
1,008 |
|
|
|
150,777 |
|
Miller Industries, Inc. |
|
|
924 |
|
|
|
13,962 |
|
Mueller Industries, Inc. |
|
|
1,596 |
|
|
|
82,641 |
|
Mueller Water Products, Inc., Class A |
|
|
8,148 |
|
|
|
48,236 |
|
Navistar International Corp.* |
|
|
10,584 |
|
|
|
350,542 |
|
NN, Inc.* |
|
|
2,016 |
|
|
|
18,164 |
|
Nordson Corp. |
|
|
588 |
|
|
|
40,860 |
|
Oshkosh Corp.* |
|
|
11,508 |
|
|
|
451,804 |
|
PACCAR, Inc. |
|
|
3,696 |
|
|
|
183,987 |
|
Pall Corp. |
|
|
1,176 |
|
|
|
78,451 |
|
Parker Hannifin Corp. |
|
|
1,428 |
|
|
|
126,478 |
|
PMFG, Inc.* |
|
|
1,512 |
|
|
|
8,709 |
|
Proto Labs, Inc.* |
|
|
336 |
|
|
|
17,163 |
|
RBC Bearings, Inc.* |
|
|
1,176 |
|
|
|
56,566 |
|
Rexnord Corp.* |
|
|
1,848 |
|
|
|
33,671 |
|
Snap-on, Inc. |
|
|
588 |
|
|
|
50,686 |
|
SPX Corp. |
|
|
420 |
|
|
|
31,294 |
|
Standex International Corp. |
|
|
1,512 |
|
|
|
79,985 |
|
Stanley Black & Decker, Inc. |
|
|
1,260 |
|
|
|
94,261 |
|
Sun Hydraulics Corp. |
|
|
1,092 |
|
|
|
35,763 |
|
Tennant Co. |
|
|
924 |
|
|
|
44,186 |
|
Terex Corp.* |
|
|
14,616 |
|
|
|
418,018 |
|
Timken Co. |
|
|
588 |
|
|
|
30,911 |
|
Titan International, Inc. |
|
|
7,140 |
|
|
|
159,293 |
|
The Toro Co. |
|
|
3,192 |
|
|
|
143,672 |
|
Trimas Corp.* |
|
|
1,428 |
|
|
|
43,554 |
|
Trinity Industries, Inc. |
|
|
10,332 |
|
|
|
436,114 |
|
Twin Disc, Inc. |
|
|
1,176 |
|
|
|
25,072 |
|
Valmont Industries, Inc. |
|
|
504 |
|
|
|
73,448 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Machinery (continued) |
|
Wabash National Corp.* |
|
|
8,400 |
|
|
$ |
79,212 |
|
WABCO Holdings, Inc.* |
|
|
672 |
|
|
|
48,539 |
|
Wabtec Corp. |
|
|
504 |
|
|
|
52,890 |
|
Watts Water Technologies, Inc., Class A |
|
|
1,596 |
|
|
|
75,108 |
|
Woodward, Inc. |
|
|
3,360 |
|
|
|
120,926 |
|
Xylem, Inc. |
|
|
2,772 |
|
|
|
76,923 |
|
|
|
|
|
|
|
|
8,426,419 |
|
Marine 0.1% |
|
Diana Containerships, Inc. |
|
|
336 |
|
|
|
1,912 |
|
Eagle Bulk Shipping, Inc.* |
|
|
4,284 |
|
|
|
15,080 |
|
Genco Shipping & Trading Ltd.* |
|
|
6,384 |
|
|
|
10,916 |
|
Kirby Corp.* |
|
|
588 |
|
|
|
44,035 |
|
Matson, Inc. |
|
|
5,124 |
|
|
|
120,619 |
|
|
|
|
|
|
|
|
192,562 |
|
Media 3.0% |
|
AMC Networks, Inc., Class A* |
|
|
504 |
|
|
|
31,757 |
|
Arbitron, Inc. |
|
|
1,428 |
|
|
|
66,673 |
|
Belo Corp., Class A |
|
|
12,096 |
|
|
|
129,669 |
|
Cablevision Systems Corp., Class A |
|
|
1,848 |
|
|
|
27,461 |
|
Carmike Cinemas, Inc.* |
|
|
420 |
|
|
|
7,375 |
|
CBS Corp., Class B |
|
|
6,132 |
|
|
|
280,723 |
|
Charter Communications, Inc., Class A* |
|
|
840 |
|
|
|
84,622 |
|
Cinemark Holdings, Inc. |
|
|
4,116 |
|
|
|
127,143 |
|
Clear Channel Outdoor Holdings, Inc., Class A* |
|
|
4,788 |
|
|
|
34,617 |
|
Comcast Corp., Class A |
|
|
26,208 |
|
|
|
1,082,390 |
|
Cumulus Media, Inc., Class A* |
|
|
8,820 |
|
|
|
28,136 |
|
Digital Generation, Inc.* |
|
|
2,520 |
|
|
|
16,884 |
|
DIRECTV* |
|
|
5,880 |
|
|
|
332,573 |
|
Discovery Communications, Inc., Class A* |
|
|
2,436 |
|
|
|
192,006 |
|
DISH Network Corp., Class A |
|
|
1,596 |
|
|
|
62,547 |
|
DreamWorks Animation SKG, Inc., Class A* |
|
|
3,528 |
|
|
|
68,020 |
|
E.W. Scripps Co., Class A* |
|
|
1,680 |
|
|
|
23,335 |
|
Entercom Communications Corp., Class A* |
|
|
3,360 |
|
|
|
26,578 |
|
Fisher Communications, Inc. |
|
|
504 |
|
|
|
20,876 |
|
Gannett Co., Inc. |
|
|
1,848 |
|
|
|
37,256 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
43 |
|
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Media (continued) |
|
Harte-Hanks, Inc. |
|
|
5,124 |
|
|
$ |
40,633 |
|
The Interpublic Group of Cos., Inc. |
|
|
4,704 |
|
|
|
65,103 |
|
John Wiley & Sons, Inc., Class A |
|
|
420 |
|
|
|
16,031 |
|
Journal Communications, Inc., Class A* |
|
|
5,208 |
|
|
|
35,466 |
|
Lamar Advertising Co., Class A* |
|
|
1,176 |
|
|
|
55,060 |
|
Liberty Global, Inc., Class A* |
|
|
2,352 |
|
|
|
170,214 |
|
Liberty Media Corp., Class A* |
|
|
756 |
|
|
|
86,849 |
|
LIN TV Corp., Class A* |
|
|
4,200 |
|
|
|
51,702 |
|
Lions Gate Entertainment Corp.* |
|
|
4,536 |
|
|
|
112,538 |
|
Live Nation Entertainment, Inc.* |
|
|
20,076 |
|
|
|
253,560 |
|
The Madison Square Garden Co., Class A* |
|
|
2,016 |
|
|
|
121,504 |
|
The McClatchy Co., Class A* |
|
|
7,392 |
|
|
|
17,076 |
|
Meredith Corp. |
|
|
4,620 |
|
|
|
179,348 |
|
Morningstar, Inc. |
|
|
252 |
|
|
|
16,635 |
|
National CineMedia, Inc. |
|
|
2,184 |
|
|
|
35,468 |
|
The New York Times Co., Class A* |
|
|
12,180 |
|
|
|
107,915 |
|
News Corp., Class A |
|
|
20,076 |
|
|
|
621,754 |
|
Omnicom Group, Inc. |
|
|
2,856 |
|
|
|
170,703 |
|
Pandora Media, Inc.* |
|
|
5,292 |
|
|
|
73,718 |
|
ReachLocal, Inc.* |
|
|
924 |
|
|
|
15,403 |
|
Regal Entertainment Group, Class A |
|
|
9,408 |
|
|
|
168,780 |
|
Rentrak Corp.* |
|
|
420 |
|
|
|
9,509 |
|
Scholastic Corp. |
|
|
3,276 |
|
|
|
89,926 |
|
Scripps Networks Interactive, Inc., Class A |
|
|
924 |
|
|
|
61,520 |
|
Sinclair Broadcast Group, Inc., Class A |
|
|
6,552 |
|
|
|
175,594 |
|
Sirius XM Radio, Inc. |
|
|
39,816 |
|
|
|
129,402 |
|
Starz Liberty Capital* |
|
|
1,176 |
|
|
|
27,495 |
|
Time Warner Cable, Inc. |
|
|
3,024 |
|
|
|
283,923 |
|
Time Warner, Inc. |
|
|
9,324 |
|
|
|
557,389 |
|
Valassis Communications, Inc. |
|
|
5,292 |
|
|
|
135,634 |
|
Viacom, Inc., Class B |
|
|
4,872 |
|
|
|
311,759 |
|
Virgin Media, Inc. |
|
|
2,520 |
|
|
|
122,926 |
|
The Walt Disney Co. |
|
|
17,640 |
|
|
|
1,108,498 |
|
The Washington Post Co., Class B |
|
|
588 |
|
|
|
260,684 |
|
World Wrestling Entertainment, Inc., Class A |
|
|
2,940 |
|
|
|
26,989 |
|
|
|
|
|
|
|
|
8,397,349 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Metals & Mining 1.0% |
|
A.M. Castle & Co.* |
|
|
1,932 |
|
|
$ |
33,462 |
|
AK Steel Holding Corp. |
|
|
17,892 |
|
|
|
59,938 |
|
Alcoa, Inc. |
|
|
12,264 |
|
|
|
104,244 |
|
Allegheny Technologies, Inc. |
|
|
840 |
|
|
|
22,663 |
|
Allied Nevada Gold Corp.* |
|
|
756 |
|
|
|
8,089 |
|
AMCOL International Corp. |
|
|
1,428 |
|
|
|
43,940 |
|
Carpenter Technology Corp. |
|
|
672 |
|
|
|
30,213 |
|
Century Aluminum Co.* |
|
|
6,048 |
|
|
|
49,352 |
|
Cliffs Natural Resources, Inc. |
|
|
1,260 |
|
|
|
26,888 |
|
Coeur dAlene Mines Corp.* |
|
|
5,880 |
|
|
|
89,611 |
|
Commercial Metals Co. |
|
|
14,616 |
|
|
|
213,686 |
|
Compass Minerals International, Inc. |
|
|
1,932 |
|
|
|
167,195 |
|
Freeport-McMoRan Copper & Gold, Inc. |
|
|
8,232 |
|
|
|
250,500 |
|
General Moly, Inc.* |
|
|
3,444 |
|
|
|
6,406 |
|
Globe Specialty Metals, Inc. |
|
|
4,200 |
|
|
|
54,852 |
|
Gold Resource Corp. |
|
|
1,764 |
|
|
|
18,063 |
|
Golden Minerals Co.* |
|
|
3,024 |
|
|
|
5,504 |
|
Haynes International, Inc. |
|
|
1,932 |
|
|
|
93,915 |
|
Hecla Mining Co. |
|
|
14,028 |
|
|
|
47,695 |
|
Horsehead Holding Corp.* |
|
|
2,268 |
|
|
|
24,268 |
|
Kaiser Aluminum Corp. |
|
|
840 |
|
|
|
52,920 |
|
Materion Corp. |
|
|
2,268 |
|
|
|
60,079 |
|
McEwen Mining, Inc.* |
|
|
17,388 |
|
|
|
40,514 |
|
Molycorp, Inc.* |
|
|
5,460 |
|
|
|
31,886 |
|
Newmont Mining Corp. |
|
|
5,628 |
|
|
|
182,347 |
|
Nucor Corp. |
|
|
3,696 |
|
|
|
161,220 |
|
Olympic Steel, Inc. |
|
|
1,344 |
|
|
|
26,880 |
|
Paramount Gold and Silver Corp.* |
|
|
6,048 |
|
|
|
9,556 |
|
Reliance Steel & Aluminum Co. |
|
|
588 |
|
|
|
38,261 |
|
Royal Gold, Inc. |
|
|
588 |
|
|
|
32,681 |
|
RTI International Metals, Inc.* |
|
|
1,596 |
|
|
|
46,316 |
|
Schnitzer Steel Industries, Inc., Class A |
|
|
3,108 |
|
|
|
76,239 |
|
Steel Dynamics, Inc. |
|
|
1,680 |
|
|
|
25,267 |
|
Stillwater Mining Co.* |
|
|
7,392 |
|
|
|
91,957 |
|
SunCoke Energy, Inc.* |
|
|
8,736 |
|
|
|
132,176 |
|
United States Steel Corp. |
|
|
1,428 |
|
|
|
25,418 |
|
Universal Stainless & Alloy Products, Inc.* |
|
|
336 |
|
|
|
11,747 |
|
US Silica Holdings, Inc. |
|
|
588 |
|
|
|
12,013 |
|
Walter Energy, Inc. |
|
|
8,148 |
|
|
|
146,012 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
44 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Metals & Mining (continued) |
|
Worthington Industries, Inc. |
|
|
6,804 |
|
|
$ |
218,953 |
|
|
|
|
|
|
|
|
2,772,926 |
|
Multiline Retail 0.6% |
|
Big Lots, Inc.* |
|
|
7,644 |
|
|
|
278,395 |
|
The Bon-Ton Stores, Inc. |
|
|
840 |
|
|
|
12,886 |
|
Dillards, Inc., Class A |
|
|
252 |
|
|
|
20,767 |
|
Dollar General Corp.* |
|
|
2,688 |
|
|
|
140,018 |
|
Dollar Tree, Inc.* |
|
|
2,352 |
|
|
|
111,861 |
|
Family Dollar Stores, Inc. |
|
|
1,008 |
|
|
|
61,861 |
|
Freds, Inc., Class A |
|
|
3,528 |
|
|
|
50,203 |
|
Gordmans Stores, Inc.* |
|
|
252 |
|
|
|
2,843 |
|
J.C. Penney Co., Inc.* |
|
|
1,344 |
|
|
|
22,068 |
|
Kohls Corp. |
|
|
2,016 |
|
|
|
94,873 |
|
Macys, Inc. |
|
|
4,368 |
|
|
|
194,813 |
|
Nordstrom, Inc. |
|
|
1,596 |
|
|
|
90,318 |
|
Saks, Inc.* |
|
|
6,468 |
|
|
|
74,705 |
|
Sears Holdings Corp.* |
|
|
336 |
|
|
|
17,250 |
|
Target Corp. |
|
|
6,300 |
|
|
|
444,528 |
|
Tuesday Morning Corp.* |
|
|
4,368 |
|
|
|
35,424 |
|
|
|
|
|
|
|
|
1,652,813 |
|
Multi-Utilities 1.0% |
|
Alliant Energy Corp. |
|
|
840 |
|
|
|
44,948 |
|
Ameren Corp. |
|
|
1,848 |
|
|
|
66,990 |
|
Avista Corp. |
|
|
7,392 |
|
|
|
207,346 |
|
Black Hills Corp. |
|
|
5,880 |
|
|
|
275,713 |
|
CenterPoint Energy, Inc. |
|
|
3,612 |
|
|
|
89,144 |
|
CH Energy Group, Inc. |
|
|
1,008 |
|
|
|
65,490 |
|
CMS Energy Corp. |
|
|
2,016 |
|
|
|
60,359 |
|
Consolidated Edison, Inc. |
|
|
2,604 |
|
|
|
165,745 |
|
Dominion Resources, Inc. |
|
|
6,216 |
|
|
|
383,403 |
|
DTE Energy Co. |
|
|
1,344 |
|
|
|
97,951 |
|
Integrys Energy Group, Inc. |
|
|
588 |
|
|
|
36,197 |
|
MDU Resources Group, Inc. |
|
|
1,848 |
|
|
|
46,108 |
|
NiSource, Inc. |
|
|
2,184 |
|
|
|
67,114 |
|
NorthWestern Corp. |
|
|
4,536 |
|
|
|
195,139 |
|
PG&E Corp. |
|
|
4,116 |
|
|
|
199,379 |
|
Public Service Enterprise Group, Inc. |
|
|
3,948 |
|
|
|
144,536 |
|
SCANA Corp. |
|
|
924 |
|
|
|
50,081 |
|
Sempra Energy |
|
|
2,184 |
|
|
|
180,944 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Multi-Utilities (continued) |
|
TECO Energy, Inc. |
|
|
1,596 |
|
|
$ |
30,531 |
|
Vectren Corp. |
|
|
10,248 |
|
|
|
384,915 |
|
Wisconsin Energy Corp. |
|
|
2,352 |
|
|
|
105,699 |
|
|
|
|
|
|
|
|
2,897,732 |
|
Office Electronics 0.1% |
|
Xerox Corp. |
|
|
10,080 |
|
|
|
86,487 |
|
Zebra Technologies Corp., Class A* |
|
|
2,856 |
|
|
|
133,232 |
|
|
|
|
|
|
|
|
219,719 |
|
Oil, Gas & Consumable Fuels 5.6% |
|
Abraxas Petroleum Corp.* |
|
|
5,964 |
|
|
|
13,359 |
|
Alon USA Energy, Inc. |
|
|
2,100 |
|
|
|
34,860 |
|
Alpha Natural Resources, Inc.* |
|
|
12,432 |
|
|
|
92,245 |
|
Amyris, Inc.* |
|
|
2,604 |
|
|
|
7,083 |
|
Anadarko Petroleum Corp. |
|
|
5,040 |
|
|
|
427,190 |
|
Apache Corp. |
|
|
3,444 |
|
|
|
254,443 |
|
Apco Oil and Gas International, Inc.* |
|
|
2,688 |
|
|
|
27,176 |
|
Approach Resources, Inc.* |
|
|
1,848 |
|
|
|
43,835 |
|
Arch Coal, Inc. |
|
|
27,468 |
|
|
|
133,220 |
|
Berry Petroleum Co., Class A |
|
|
3,108 |
|
|
|
148,904 |
|
Bill Barrett Corp.* |
|
|
2,940 |
|
|
|
58,388 |
|
BPZ Resources, Inc.* |
|
|
5,544 |
|
|
|
11,864 |
|
Cabot Oil & Gas Corp. |
|
|
2,184 |
|
|
|
148,621 |
|
Callon Petroleum Co.* |
|
|
5,292 |
|
|
|
18,945 |
|
Carrizo Oil & Gas, Inc.* |
|
|
1,848 |
|
|
|
44,759 |
|
Cheniere Energy, Inc.* |
|
|
4,704 |
|
|
|
133,970 |
|
Chesapeake Energy Corp. |
|
|
4,872 |
|
|
|
95,199 |
|
Chevron Corp. |
|
|
15,960 |
|
|
|
1,947,280 |
|
Cimarex Energy Co. |
|
|
672 |
|
|
|
49,177 |
|
Clayton Williams Energy, Inc.* |
|
|
924 |
|
|
|
35,666 |
|
Clean Energy Fuels Corp.* |
|
|
3,696 |
|
|
|
48,750 |
|
Cloud Peak Energy, Inc.* |
|
|
7,812 |
|
|
|
152,647 |
|
Cobalt International Energy, Inc.* |
|
|
1,848 |
|
|
|
51,633 |
|
Comstock Resources, Inc.* |
|
|
2,352 |
|
|
|
36,832 |
|
Concho Resources, Inc.* |
|
|
1,092 |
|
|
|
94,054 |
|
ConocoPhillips |
|
|
9,996 |
|
|
|
604,258 |
|
CONSOL Energy, Inc. |
|
|
2,016 |
|
|
|
67,818 |
|
Contango Oil & Gas Co. |
|
|
672 |
|
|
|
25,281 |
|
Continental Resources, Inc.* |
|
|
588 |
|
|
|
46,993 |
|
Crimson Exploration, Inc.* |
|
|
840 |
|
|
|
2,579 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
45 |
|
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Oil, Gas & Consumable Fuels
(continued) |
|
Crosstex Energy, Inc. |
|
|
3,948 |
|
|
$ |
72,683 |
|
CVR Energy, Inc. |
|
|
1,092 |
|
|
|
53,803 |
|
Delek US Holdings, Inc. |
|
|
4,704 |
|
|
|
169,767 |
|
Denbury Resources, Inc.* |
|
|
3,528 |
|
|
|
63,116 |
|
Devon Energy Corp. |
|
|
4,032 |
|
|
|
222,002 |
|
DHT Holdings, Inc. |
|
|
2,436 |
|
|
|
10,475 |
|
Emerald Oil, Inc.* |
|
|
1,680 |
|
|
|
10,802 |
|
Endeavour International Corp.* |
|
|
2,688 |
|
|
|
7,365 |
|
Energen Corp. |
|
|
756 |
|
|
|
35,850 |
|
Energy XXI Bermuda Ltd. |
|
|
672 |
|
|
|
15,281 |
|
EOG Resources, Inc. |
|
|
2,856 |
|
|
|
346,033 |
|
EPL Oil & Gas, Inc.* |
|
|
3,024 |
|
|
|
98,794 |
|
EQT Corp. |
|
|
1,680 |
|
|
|
126,202 |
|
Evolution Petroleum Corp.* |
|
|
1,092 |
|
|
|
10,855 |
|
EXCO Resources, Inc. |
|
|
18,480 |
|
|
|
134,165 |
|
Exxon Mobil Corp. |
|
|
36,960 |
|
|
|
3,289,070 |
|
Forest Oil Corp.* |
|
|
15,792 |
|
|
|
66,169 |
|
FX Energy, Inc.* |
|
|
2,772 |
|
|
|
10,645 |
|
Gevo, Inc.* |
|
|
4,872 |
|
|
|
8,989 |
|
Goodrich Petroleum Corp.* |
|
|
1,680 |
|
|
|
21,907 |
|
Gran Tierra Energy, Inc.* |
|
|
12,936 |
|
|
|
71,536 |
|
Green Plains Renewable Energy, Inc.* |
|
|
2,940 |
|
|
|
36,779 |
|
Gulfport Energy Corp.* |
|
|
3,864 |
|
|
|
201,662 |
|
Halcon Resources Corp.* |
|
|
4,536 |
|
|
|
29,665 |
|
Harvest Natural Resources, Inc.* |
|
|
5,124 |
|
|
|
16,807 |
|
Hess Corp. |
|
|
2,436 |
|
|
|
175,830 |
|
HollyFrontier Corp. |
|
|
1,512 |
|
|
|
74,768 |
|
Hyperdynamics Corp.* |
|
|
12,852 |
|
|
|
7,114 |
|
James River Coal Co.* |
|
|
5,040 |
|
|
|
8,316 |
|
Kinder Morgan, Inc. |
|
|
6,552 |
|
|
|
256,183 |
|
Kodiak Oil & Gas Corp.* |
|
|
14,364 |
|
|
|
112,470 |
|
Laredo Petroleum Holdings, Inc.* |
|
|
504 |
|
|
|
8,669 |
|
Magnum Hunter Resources Corp.* |
|
|
8,904 |
|
|
|
24,219 |
|
Marathon Oil Corp. |
|
|
5,544 |
|
|
|
181,122 |
|
Marathon Petroleum Corp. |
|
|
2,772 |
|
|
|
217,214 |
|
Matador Resources Co.* |
|
|
3,192 |
|
|
|
31,505 |
|
McMoRan Exploration Co.* |
|
|
5,964 |
|
|
|
98,704 |
|
Midstates Petroleum Co., Inc.* |
|
|
2,184 |
|
|
|
12,602 |
|
Miller Energy Resources, Inc.* |
|
|
1,848 |
|
|
|
7,022 |
|
Murphy Oil Corp. |
|
|
1,512 |
|
|
|
93,880 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Oil, Gas & Consumable Fuels
(continued) |
|
Newfield Exploration Co.* |
|
|
1,008 |
|
|
$ |
21,964 |
|
Noble Energy, Inc. |
|
|
2,016 |
|
|
|
228,393 |
|
Nordic American Tankers Ltd. |
|
|
6,720 |
|
|
|
59,875 |
|
Northern Oil and Gas, Inc.* |
|
|
3,108 |
|
|
|
40,062 |
|
Oasis Petroleum, Inc.* |
|
|
756 |
|
|
|
25,878 |
|
Occidental Petroleum Corp. |
|
|
6,804 |
|
|
|
607,325 |
|
Pacific Ethanol, Inc.* |
|
|
11,760 |
|
|
|
3,175 |
|
PDC Energy, Inc.* |
|
|
1,680 |
|
|
|
72,744 |
|
Peabody Energy Corp. |
|
|
2,184 |
|
|
|
43,811 |
|
Penn Virginia Corp. |
|
|
7,728 |
|
|
|
31,144 |
|
PetroQuest Energy, Inc.* |
|
|
3,108 |
|
|
|
13,302 |
|
Phillips 66 |
|
|
5,124 |
|
|
|
312,308 |
|
Pioneer Natural Resources Co. |
|
|
1,344 |
|
|
|
164,277 |
|
Plains Exploration & Production Co.* |
|
|
1,260 |
|
|
|
56,952 |
|
QEP Resources, Inc. |
|
|
1,764 |
|
|
|
50,644 |
|
Quicksilver Resources, Inc.* |
|
|
17,052 |
|
|
|
42,971 |
|
Range Resources Corp. |
|
|
1,680 |
|
|
|
123,514 |
|
Renewable Energy Group, Inc.* |
|
|
1,260 |
|
|
|
12,386 |
|
Rentech, Inc. |
|
|
11,592 |
|
|
|
23,995 |
|
Resolute Energy Corp.* |
|
|
2,436 |
|
|
|
22,460 |
|
REX American Resources Corp.* |
|
|
924 |
|
|
|
17,270 |
|
Rex Energy Corp.* |
|
|
3,024 |
|
|
|
48,596 |
|
Rosetta Resources, Inc.* |
|
|
2,604 |
|
|
|
111,738 |
|
Sanchez Energy Corp.* |
|
|
588 |
|
|
|
10,649 |
|
SandRidge Energy, Inc.* |
|
|
3,612 |
|
|
|
18,566 |
|
SemGroup Corp., Class A* |
|
|
2,352 |
|
|
|
121,951 |
|
Ship Finance International Ltd. |
|
|
6,552 |
|
|
|
107,977 |
|
SM Energy Co. |
|
|
672 |
|
|
|
40,992 |
|
Solazyme, Inc.* |
|
|
2,184 |
|
|
|
19,874 |
|
Southwestern Energy Co.* |
|
|
3,948 |
|
|
|
147,734 |
|
Spectra Energy Corp. |
|
|
6,048 |
|
|
|
190,693 |
|
Stone Energy Corp.* |
|
|
6,300 |
|
|
|
124,299 |
|
Swift Energy Co.* |
|
|
2,604 |
|
|
|
33,696 |
|
Synergy Resources Corp.* |
|
|
756 |
|
|
|
5,103 |
|
Targa Resources Corp. |
|
|
1,680 |
|
|
|
110,477 |
|
Teekay Corp. |
|
|
2,856 |
|
|
|
101,674 |
|
Tesoro Corp. |
|
|
1,092 |
|
|
|
58,313 |
|
Triangle Petroleum Corp.* |
|
|
1,932 |
|
|
|
10,607 |
|
Ultra Petroleum Corp.* |
|
|
1,512 |
|
|
|
32,357 |
|
Uranium Energy Corp.* |
|
|
4,620 |
|
|
|
7,161 |
|
Uranium Resources, Inc.* |
|
|
1,343 |
|
|
|
2,713 |
|
USEC, Inc.* |
|
|
20,748 |
|
|
|
6,639 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
46 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Oil, Gas & Consumable Fuels
(continued) |
|
Vaalco Energy, Inc.* |
|
|
7,224 |
|
|
$ |
48,545 |
|
Valero Energy Corp. |
|
|
4,452 |
|
|
|
179,505 |
|
W&T Offshore, Inc. |
|
|
4,620 |
|
|
|
53,962 |
|
Warren Resources, Inc.* |
|
|
10,248 |
|
|
|
26,952 |
|
Western Refining, Inc. |
|
|
7,728 |
|
|
|
238,872 |
|
Whiting Petroleum Corp.* |
|
|
1,092 |
|
|
|
48,594 |
|
The Williams Cos., Inc. |
|
|
6,720 |
|
|
|
256,234 |
|
World Fuel Services Corp. |
|
|
9,156 |
|
|
|
371,276 |
|
WPX Energy, Inc.* |
|
|
1,596 |
|
|
|
24,945 |
|
|
|
|
|
|
|
|
15,832,213 |
|
Paper & Forest Products 0.5% |
|
Buckeye Technologies, Inc. |
|
|
4,704 |
|
|
|
176,823 |
|
Clearwater Paper Corp.* |
|
|
2,436 |
|
|
|
112,105 |
|
Deltic Timber Corp. |
|
|
672 |
|
|
|
41,987 |
|
Domtar Corp. |
|
|
336 |
|
|
|
23,355 |
|
International Paper Co. |
|
|
3,192 |
|
|
|
149,960 |
|
KapStone Paper and Packaging Corp. |
|
|
4,536 |
|
|
|
134,175 |
|
Louisiana-Pacific Corp.* |
|
|
6,972 |
|
|
|
126,333 |
|
Mercer International, Inc.* |
|
|
2,352 |
|
|
|
14,794 |
|
Neenah Paper, Inc. |
|
|
1,932 |
|
|
|
55,564 |
|
PH Glatfelter Co. |
|
|
5,880 |
|
|
|
141,120 |
|
Resolute Forest Products, Inc.* |
|
|
13,104 |
|
|
|
191,711 |
|
Schweitzer-Mauduit International, Inc. |
|
|
3,864 |
|
|
|
155,681 |
|
Wausau Paper Corp. |
|
|
2,688 |
|
|
|
27,364 |
|
|
|
|
|
|
|
|
1,350,972 |
|
Personal Products 0.2% |
|
Avon Products, Inc. |
|
|
4,284 |
|
|
|
99,218 |
|
Elizabeth Arden, Inc.* |
|
|
1,428 |
|
|
|
58,477 |
|
The Estee Lauder Cos., Inc., Class A |
|
|
2,352 |
|
|
|
163,111 |
|
Herbalife Ltd. |
|
|
1,092 |
|
|
|
43,363 |
|
Inter Parfums, Inc. |
|
|
2,016 |
|
|
|
58,404 |
|
Medifast, Inc.* |
|
|
1,512 |
|
|
|
39,614 |
|
Natures Sunshine Products, Inc. |
|
|
840 |
|
|
|
12,289 |
|
Nu Skin Enterprises, Inc., Class A |
|
|
588 |
|
|
|
29,829 |
|
Prestige Brands Holdings, Inc.* |
|
|
3,024 |
|
|
|
81,497 |
|
Revlon, Inc., Class A* |
|
|
1,092 |
|
|
|
21,130 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Personal Products (continued) |
|
Star Scientific, Inc.* |
|
|
7,056 |
|
|
$ |
8,750 |
|
USANA Health Sciences, Inc.* |
|
|
672 |
|
|
|
37,914 |
|
|
|
|
|
|
|
|
653,596 |
|
Pharmaceuticals 3.5% |
|
AbbVie, Inc. |
|
|
16,212 |
|
|
|
746,563 |
|
Actavis, Inc.* |
|
|
1,176 |
|
|
|
124,338 |
|
Akorn, Inc.* |
|
|
3,444 |
|
|
|
51,832 |
|
Alexza Pharmaceuticals, Inc.* |
|
|
1,092 |
|
|
|
4,685 |
|
Allergan, Inc. |
|
|
3,108 |
|
|
|
352,913 |
|
Auxilium Pharmaceuticals, Inc.* |
|
|
2,352 |
|
|
|
35,115 |
|
AVANIR Pharmaceuticals, Inc., Class A* |
|
|
6,552 |
|
|
|
20,901 |
|
Bristol-Myers Squibb Co. |
|
|
17,388 |
|
|
|
690,651 |
|
Cadence Pharmaceuticals, Inc.* |
|
|
3,108 |
|
|
|
22,005 |
|
Corcept Therapeutics, Inc.* |
|
|
4,788 |
|
|
|
8,475 |
|
Depomed, Inc.* |
|
|
1,764 |
|
|
|
9,720 |
|
Eli Lilly & Co. |
|
|
9,912 |
|
|
|
548,926 |
|
Endo Health Solutions, Inc.* |
|
|
840 |
|
|
|
30,778 |
|
Endocyte, Inc.* |
|
|
1,428 |
|
|
|
19,835 |
|
Forest Laboratories, Inc.* |
|
|
2,352 |
|
|
|
87,988 |
|
Hi-Tech Pharmacal Co., Inc. |
|
|
1,344 |
|
|
|
44,433 |
|
Hospira, Inc.* |
|
|
1,428 |
|
|
|
47,295 |
|
Impax Laboratories, Inc.* |
|
|
3,444 |
|
|
|
60,270 |
|
Jazz Pharmaceuticals PLC* |
|
|
756 |
|
|
|
44,113 |
|
Johnson & Johnson |
|
|
28,056 |
|
|
|
2,391,213 |
|
The Medicines Co.* |
|
|
3,612 |
|
|
|
121,941 |
|
Merck & Co., Inc. |
|
|
30,828 |
|
|
|
1,448,916 |
|
Mylan, Inc.* |
|
|
3,360 |
|
|
|
97,810 |
|
Nektar Therapeutics* |
|
|
5,964 |
|
|
|
64,650 |
|
Optimer Pharmaceuticals, Inc.* |
|
|
2,352 |
|
|
|
36,315 |
|
Pacira Pharmaceuticals, Inc.* |
|
|
924 |
|
|
|
26,676 |
|
Pain Therapeutics, Inc.* |
|
|
2,016 |
|
|
|
8,306 |
|
Perrigo Co. |
|
|
756 |
|
|
|
90,274 |
|
Pfizer, Inc. |
|
|
60,564 |
|
|
|
1,760,595 |
|
Pozen, Inc.* |
|
|
1,008 |
|
|
|
4,969 |
|
Questcor Pharmaceuticals, Inc. |
|
|
7,476 |
|
|
|
229,812 |
|
Repros Therapeutics, Inc.* |
|
|
1,092 |
|
|
|
22,211 |
|
Sagent Pharmaceuticals, Inc.* |
|
|
840 |
|
|
|
13,894 |
|
Salix Pharmaceuticals Ltd.* |
|
|
3,024 |
|
|
|
158,125 |
|
Santarus, Inc.* |
|
|
3,780 |
|
|
|
69,439 |
|
Sciclone Pharmaceuticals, Inc.* |
|
|
2,520 |
|
|
|
11,920 |
|
Supernus Pharmaceuticals, Inc.* |
|
|
504 |
|
|
|
2,591 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
47 |
|
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Pharmaceuticals (continued) |
|
Taro Pharmaceutical Industries Ltd.* |
|
|
1,848 |
|
|
$ |
112,007 |
|
Transcept Pharmaceuticals, Inc.* |
|
|
840 |
|
|
|
3,326 |
|
ViroPharma, Inc.* |
|
|
3,696 |
|
|
|
100,716 |
|
Vivus, Inc.* |
|
|
5,880 |
|
|
|
78,145 |
|
Warner Chilcott PLC, Class A |
|
|
1,176 |
|
|
|
16,911 |
|
XenoPort, Inc.* |
|
|
1,848 |
|
|
|
11,476 |
|
Zogenix, Inc.* |
|
|
2,940 |
|
|
|
5,086 |
|
|
|
|
|
|
|
|
9,838,160 |
|
Professional Services 0.6% |
|
Acacia Research Corp.* |
|
|
2,856 |
|
|
|
68,030 |
|
The Advisory Board Co.* |
|
|
1,680 |
|
|
|
82,572 |
|
Barrett Business Services, Inc. |
|
|
84 |
|
|
|
4,447 |
|
CBIZ, Inc.* |
|
|
5,544 |
|
|
|
35,981 |
|
CDI Corp. |
|
|
672 |
|
|
|
10,530 |
|
The Corporate Executive Board Co. |
|
|
1,848 |
|
|
|
104,153 |
|
CRA International, Inc.* |
|
|
1,344 |
|
|
|
24,783 |
|
The Dolan Co.* |
|
|
5,208 |
|
|
|
9,010 |
|
The Dun & Bradstreet Corp. |
|
|
420 |
|
|
|
37,149 |
|
Equifax, Inc. |
|
|
1,260 |
|
|
|
77,112 |
|
Exponent, Inc. |
|
|
756 |
|
|
|
39,841 |
|
FTI Consulting, Inc.* |
|
|
5,376 |
|
|
|
178,053 |
|
GP Strategies Corp.* |
|
|
1,092 |
|
|
|
24,079 |
|
Heidrick & Struggles International, Inc. |
|
|
1,260 |
|
|
|
16,657 |
|
Huron Consulting Group, Inc.* |
|
|
1,176 |
|
|
|
49,133 |
|
ICF International, Inc.* |
|
|
2,520 |
|
|
|
68,317 |
|
IHS, Inc., Class A* |
|
|
420 |
|
|
|
40,921 |
|
Insperity, Inc. |
|
|
1,260 |
|
|
|
34,814 |
|
Kelly Services, Inc., Class A |
|
|
3,864 |
|
|
|
65,765 |
|
Kforce, Inc. |
|
|
2,100 |
|
|
|
31,752 |
|
Korn/Ferry International* |
|
|
6,132 |
|
|
|
101,485 |
|
Manpowergroup, Inc. |
|
|
756 |
|
|
|
40,189 |
|
Mistras Group, Inc.* |
|
|
840 |
|
|
|
15,918 |
|
Navigant Consulting, Inc.* |
|
|
6,048 |
|
|
|
74,572 |
|
Nielsen Holdings N.V. |
|
|
1,596 |
|
|
|
55,254 |
|
Odyssey Marine Exploration, Inc.* |
|
|
3,864 |
|
|
|
11,399 |
|
On Assignment, Inc.* |
|
|
1,932 |
|
|
|
46,890 |
|
Resources Connection, Inc. |
|
|
2,352 |
|
|
|
26,719 |
|
Robert Half International, Inc. |
|
|
1,512 |
|
|
|
49,624 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Professional Services (continued) |
|
RPX Corp.* |
|
|
3,108 |
|
|
$ |
41,678 |
|
Towers Watson & Co., Class A |
|
|
420 |
|
|
|
30,626 |
|
TrueBlue, Inc.* |
|
|
2,100 |
|
|
|
43,512 |
|
Verisk Analytics, Inc., Class A* |
|
|
1,260 |
|
|
|
77,225 |
|
WageWorks, Inc.* |
|
|
1,092 |
|
|
|
27,966 |
|
|
|
|
|
|
|
|
1,646,156 |
|
Real Estate Investment Trusts (REITs)
5.4% |
|
Acadia Realty Trust |
|
|
2,100 |
|
|
|
59,955 |
|
Agree Realty Corp. |
|
|
1,176 |
|
|
|
35,362 |
|
Alexanders, Inc. |
|
|
168 |
|
|
|
51,742 |
|
Alexandria Real Estate Equities, Inc. |
|
|
588 |
|
|
|
42,789 |
|
American Assets Trust, Inc. |
|
|
1,596 |
|
|
|
53,881 |
|
American Campus Communities, Inc. |
|
|
756 |
|
|
|
33,748 |
|
American Capital Agency Corp. |
|
|
3,192 |
|
|
|
106,326 |
|
American Tower Corp. |
|
|
3,864 |
|
|
|
324,537 |
|
Annaly Capital Management, Inc. |
|
|
7,308 |
|
|
|
116,490 |
|
Anworth Mortgage Asset Corp. |
|
|
16,212 |
|
|
|
102,298 |
|
Apartment Investment & Management Co., Class A |
|
|
1,260 |
|
|
|
39,199 |
|
Apollo Commercial Real Estate Finance, Inc. |
|
|
2,604 |
|
|
|
46,195 |
|
Arbor Realty Trust, Inc. |
|
|
4,704 |
|
|
|
36,315 |
|
ARMOUR Residential REIT, Inc. |
|
|
47,376 |
|
|
|
307,470 |
|
Ashford Hospitality Trust, Inc. |
|
|
8,652 |
|
|
|
111,438 |
|
Associated Estates Realty Corp. |
|
|
4,368 |
|
|
|
78,056 |
|
AvalonBay Communities, Inc. |
|
|
1,176 |
|
|
|
156,455 |
|
BioMed Realty Trust, Inc. |
|
|
3,780 |
|
|
|
85,088 |
|
Boston Properties, Inc. |
|
|
1,596 |
|
|
|
174,650 |
|
Brandywine Realty Trust |
|
|
14,112 |
|
|
|
210,692 |
|
BRE Properties, Inc. |
|
|
756 |
|
|
|
38,163 |
|
Camden Property Trust |
|
|
756 |
|
|
|
54,689 |
|
Campus Crest Communities, Inc. |
|
|
1,596 |
|
|
|
21,801 |
|
CapLease, Inc. |
|
|
8,568 |
|
|
|
60,147 |
|
Capstead Mortgage Corp. |
|
|
12,516 |
|
|
|
166,213 |
|
CBL & Associates Properties, Inc. |
|
|
4,284 |
|
|
|
103,416 |
|
Cedar Realty Trust, Inc. |
|
|
5,460 |
|
|
|
34,999 |
|
Chatham Lodging Trust |
|
|
672 |
|
|
|
12,304 |
|
Chesapeake Lodging Trust |
|
|
1,680 |
|
|
|
39,749 |
|
Chimera Investment Corp. |
|
|
8,148 |
|
|
|
26,888 |
|
Colonial Properties Trust |
|
|
4,872 |
|
|
|
113,079 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
48 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Real Estate Investment Trusts (REITs)
(continued) |
|
Colony Financial, Inc. |
|
|
6,720 |
|
|
$ |
149,856 |
|
CommonWealth REIT |
|
|
15,624 |
|
|
|
348,884 |
|
Coresite Realty Corp. |
|
|
1,848 |
|
|
|
66,861 |
|
Corporate Office Properties Trust |
|
|
4,452 |
|
|
|
129,064 |
|
Corrections Corp of America |
|
|
2,184 |
|
|
|
79,061 |
|
Cousins Properties, Inc. |
|
|
9,492 |
|
|
|
103,653 |
|
CubeSmart |
|
|
5,964 |
|
|
|
104,787 |
|
CYS Investments, Inc. |
|
|
23,772 |
|
|
|
295,486 |
|
DCT Industrial Trust, Inc. |
|
|
12,936 |
|
|
|
101,289 |
|
DDR Corp. |
|
|
2,268 |
|
|
|
41,595 |
|
DiamondRock Hospitality Co. |
|
|
11,088 |
|
|
|
110,658 |
|
Digital Realty Trust, Inc. |
|
|
1,344 |
|
|
|
94,779 |
|
Douglas Emmett, Inc. |
|
|
1,596 |
|
|
|
41,767 |
|
Duke Realty Corp. |
|
|
2,268 |
|
|
|
40,008 |
|
DuPont Fabros Technology, Inc. |
|
|
3,948 |
|
|
|
99,253 |
|
EastGroup Properties, Inc. |
|
|
1,428 |
|
|
|
90,064 |
|
Education Realty Trust, Inc. |
|
|
7,056 |
|
|
|
77,545 |
|
Equity Lifestyle Properties, Inc. |
|
|
504 |
|
|
|
40,950 |
|
Equity One, Inc. |
|
|
3,192 |
|
|
|
81,364 |
|
Equity Residential |
|
|
3,276 |
|
|
|
190,205 |
|
Essex Property Trust, Inc. |
|
|
420 |
|
|
|
65,961 |
|
Excel Trust, Inc. |
|
|
5,376 |
|
|
|
81,876 |
|
Extra Space Storage, Inc. |
|
|
2,520 |
|
|
|
109,822 |
|
Federal Realty Investment Trust |
|
|
672 |
|
|
|
78,631 |
|
FelCor Lodging Trust, Inc.* |
|
|
6,132 |
|
|
|
36,669 |
|
First Industrial Realty Trust, Inc. |
|
|
4,200 |
|
|
|
75,348 |
|
First Potomac Realty Trust |
|
|
2,436 |
|
|
|
38,976 |
|
Franklin Street Properties Corp. |
|
|
3,864 |
|
|
|
59,003 |
|
General Growth Properties, Inc. |
|
|
4,788 |
|
|
|
108,783 |
|
The Geo Group, Inc. |
|
|
5,040 |
|
|
|
188,748 |
|
Getty Realty Corp. |
|
|
3,444 |
|
|
|
73,736 |
|
Gladstone Commercial Corp. |
|
|
1,092 |
|
|
|
20,901 |
|
Glimcher Realty Trust |
|
|
8,316 |
|
|
|
104,283 |
|
Government Properties Income Trust |
|
|
2,688 |
|
|
|
70,022 |
|
Gramercy Property Trust, Inc.* |
|
|
5,460 |
|
|
|
25,935 |
|
Hatteras Financial Corp. |
|
|
12,600 |
|
|
|
344,358 |
|
HCP, Inc. |
|
|
4,452 |
|
|
|
237,292 |
|
Health Care REIT, Inc. |
|
|
2,436 |
|
|
|
182,627 |
|
Healthcare Realty Trust, Inc. |
|
|
4,872 |
|
|
|
146,257 |
|
Healthcare Trust of America, Inc., Class A |
|
|
2,604 |
|
|
|
32,498 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Real Estate Investment Trusts (REITs)
(continued) |
|
Hersha Hospitality Trust |
|
|
7,308 |
|
|
$ |
43,702 |
|
Highwoods Properties, Inc. |
|
|
4,368 |
|
|
|
179,219 |
|
Home Properties, Inc. |
|
|
924 |
|
|
|
59,561 |
|
Hospitality Properties Trust |
|
|
1,092 |
|
|
|
32,116 |
|
Host Hotels & Resorts, Inc. |
|
|
7,140 |
|
|
|
130,448 |
|
Hudson Pacific Properties, Inc. |
|
|
3,276 |
|
|
|
74,726 |
|
Inland Real Estate Corp. |
|
|
3,276 |
|
|
|
37,084 |
|
Invesco Mortgage Capital, Inc. |
|
|
16,800 |
|
|
|
359,520 |
|
Investors Real Estate Trust |
|
|
8,736 |
|
|
|
85,001 |
|
iStar Financial, Inc.* |
|
|
4,536 |
|
|
|
52,980 |
|
Kilroy Realty Corp. |
|
|
1,008 |
|
|
|
57,043 |
|
Kimco Realty Corp. |
|
|
4,116 |
|
|
|
97,878 |
|
Kite Realty Group Trust |
|
|
3,108 |
|
|
|
20,513 |
|
LaSalle Hotel Properties |
|
|
5,544 |
|
|
|
143,756 |
|
Lexington Realty Trust |
|
|
7,224 |
|
|
|
92,539 |
|
Liberty Property Trust |
|
|
1,176 |
|
|
|
50,556 |
|
LTC Properties, Inc. |
|
|
1,596 |
|
|
|
74,214 |
|
The Macerich Co. |
|
|
1,428 |
|
|
|
100,031 |
|
Mack-Cali Realty Corp. |
|
|
4,788 |
|
|
|
132,963 |
|
Medical Properties Trust, Inc. |
|
|
7,644 |
|
|
|
122,992 |
|
MFA Financial, Inc. |
|
|
14,532 |
|
|
|
134,712 |
|
Mid-America Apartment Communities, Inc. |
|
|
2,268 |
|
|
|
155,880 |
|
Monmouth Real Estate Investment Corp., Class A |
|
|
1,680 |
|
|
|
17,875 |
|
MPG Office Trust, Inc.* |
|
|
588 |
|
|
|
1,835 |
|
National Health Investors, Inc. |
|
|
1,260 |
|
|
|
83,462 |
|
National Retail Properties, Inc. |
|
|
4,536 |
|
|
|
179,988 |
|
New York Mortgage Trust, Inc. |
|
|
3,444 |
|
|
|
24,590 |
|
NorthStar Realty Finance Corp. |
|
|
21,000 |
|
|
|
209,370 |
|
Omega Healthcare Investors, Inc. |
|
|
5,376 |
|
|
|
176,709 |
|
One Liberty Properties, Inc. |
|
|
588 |
|
|
|
13,489 |
|
Parkway Properties, Inc. |
|
|
2,772 |
|
|
|
50,534 |
|
Pebblebrook Hotel Trust |
|
|
2,688 |
|
|
|
73,006 |
|
Pennsylvania Real Estate Investment Trust |
|
|
6,048 |
|
|
|
125,375 |
|
PennyMac Mortgage Investment Trust |
|
|
6,972 |
|
|
|
176,043 |
|
Piedmont Office Realty Trust, Inc., Class A |
|
|
1,764 |
|
|
|
36,197 |
|
Plum Creek Timber Co., Inc. |
|
|
1,680 |
|
|
|
86,587 |
|
Post Properties, Inc. |
|
|
2,856 |
|
|
|
141,172 |
|
Potlatch Corp. |
|
|
2,100 |
|
|
|
99,435 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
49 |
|
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Real Estate Investment Trusts (REITs)
(continued) |
|
Prologis, Inc. |
|
|
4,620 |
|
|
$ |
193,809 |
|
PS Business Parks, Inc. |
|
|
840 |
|
|
|
67,032 |
|
Public Storage |
|
|
1,344 |
|
|
|
221,760 |
|
RAIT Financial Trust |
|
|
6,804 |
|
|
|
58,106 |
|
Ramco-Gershenson Properties Trust |
|
|
2,016 |
|
|
|
35,220 |
|
Rayonier, Inc. |
|
|
1,260 |
|
|
|
74,869 |
|
Realty Income Corp. |
|
|
1,848 |
|
|
|
94,200 |
|
Redwood Trust, Inc. |
|
|
4,032 |
|
|
|
92,010 |
|
Regency Centers Corp. |
|
|
924 |
|
|
|
51,984 |
|
Resource Capital Corp. |
|
|
13,020 |
|
|
|
85,802 |
|
Retail Opportunity Investments Corp. |
|
|
4,536 |
|
|
|
67,178 |
|
Retail Properties of America, Inc., Class A |
|
|
1,596 |
|
|
|
24,435 |
|
RLJ Lodging Trust |
|
|
6,132 |
|
|
|
141,281 |
|
Rouse Properties, Inc. |
|
|
756 |
|
|
|
14,326 |
|
Ryman Hospitality Properties |
|
|
2,856 |
|
|
|
126,978 |
|
Sabra Health Care REIT, Inc. |
|
|
2,184 |
|
|
|
65,127 |
|
Saul Centers, Inc. |
|
|
420 |
|
|
|
18,816 |
|
Select Income REIT |
|
|
252 |
|
|
|
7,190 |
|
Senior Housing Properties Trust |
|
|
2,352 |
|
|
|
66,867 |
|
Simon Property Group, Inc. |
|
|
3,192 |
|
|
|
568,399 |
|
SL Green Realty Corp. |
|
|
840 |
|
|
|
76,188 |
|
Sovran Self Storage, Inc. |
|
|
1,428 |
|
|
|
97,961 |
|
Spirit Realty Capital, Inc. |
|
|
924 |
|
|
|
19,894 |
|
STAG Industrial, Inc. |
|
|
3,948 |
|
|
|
87,014 |
|
Starwood Property Trust, Inc. |
|
|
21,000 |
|
|
|
577,290 |
|
Strategic Hotels & Resorts, Inc.* |
|
|
9,744 |
|
|
|
78,634 |
|
Summit Hotel Properties, Inc. |
|
|
6,384 |
|
|
|
63,776 |
|
Sun Communities, Inc. |
|
|
1,260 |
|
|
|
64,449 |
|
Sunstone Hotel Investors, Inc.* |
|
|
8,064 |
|
|
|
100,074 |
|
Tanger Factory Outlet Centers |
|
|
3,108 |
|
|
|
115,369 |
|
Taubman Centers, Inc. |
|
|
504 |
|
|
|
43,097 |
|
Two Harbors Investment Corp. |
|
|
10,080 |
|
|
|
120,758 |
|
UDR, Inc. |
|
|
2,436 |
|
|
|
59,877 |
|
Universal Health Realty Income Trust |
|
|
1,092 |
|
|
|
58,673 |
|
Urstadt Biddle Properties, Inc., Class A |
|
|
1,092 |
|
|
|
24,319 |
|
Ventas, Inc. |
|
|
2,940 |
|
|
|
234,112 |
|
Vornado Realty Trust |
|
|
1,596 |
|
|
|
139,746 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Real Estate Investment Trusts (REITs)
(continued) |
|
Washington Real Estate Investment Trust |
|
|
3,612 |
|
|
$ |
103,159 |
|
Weingarten Realty Investors |
|
|
1,176 |
|
|
|
40,066 |
|
Weyerhaeuser Co. |
|
|
5,376 |
|
|
|
164,022 |
|
Whitestone |
|
|
1,344 |
|
|
|
22,176 |
|
Winthrop Realty Trust |
|
|
1,176 |
|
|
|
14,947 |
|
|
|
|
|
|
|
|
15,327,080 |
|
Real Estate Management & Development
0.2% |
|
CBRE Group, Inc., Class A* |
|
|
2,940 |
|
|
|
71,207 |
|
Forest City Enterprises, Inc., Class A* |
|
|
4,704 |
|
|
|
87,824 |
|
Forestar Group, Inc.* |
|
|
1,848 |
|
|
|
39,806 |
|
The Howard Hughes Corp.* |
|
|
1,596 |
|
|
|
150,630 |
|
Jones Lang LaSalle, Inc. |
|
|
420 |
|
|
|
41,588 |
|
Kennedy-Wilson Holdings, Inc. |
|
|
1,764 |
|
|
|
29,335 |
|
Realogy Holdings Corp.* |
|
|
1,008 |
|
|
|
48,384 |
|
The St. Joe Co.* |
|
|
5,208 |
|
|
|
101,921 |
|
Tejon Ranch Co.* |
|
|
756 |
|
|
|
22,060 |
|
Zillow, Inc., Class A* |
|
|
588 |
|
|
|
34,592 |
|
|
|
|
|
|
|
|
627,347 |
|
Road & Rail 1.2% |
|
AMERCO |
|
|
924 |
|
|
|
148,487 |
|
Arkansas Best Corp. |
|
|
3,276 |
|
|
|
34,431 |
|
Avis Budget Group, Inc.* |
|
|
14,280 |
|
|
|
411,835 |
|
Celadon Group, Inc. |
|
|
2,520 |
|
|
|
42,311 |
|
Con-way, Inc. |
|
|
6,972 |
|
|
|
235,653 |
|
CSX Corp. |
|
|
10,248 |
|
|
|
251,998 |
|
Genesee & Wyoming, Inc., Class A* |
|
|
1,428 |
|
|
|
121,666 |
|
Heartland Express, Inc. |
|
|
2,940 |
|
|
|
39,896 |
|
Hertz Global Holdings, Inc.* |
|
|
2,436 |
|
|
|
58,659 |
|
J.B. Hunt Transport Services, Inc. |
|
|
1,008 |
|
|
|
71,638 |
|
Kansas City Southern |
|
|
1,092 |
|
|
|
119,104 |
|
Knight Transportation, Inc. |
|
|
3,024 |
|
|
|
47,235 |
|
Landstar System, Inc. |
|
|
2,268 |
|
|
|
123,969 |
|
Marten Transport Ltd. |
|
|
756 |
|
|
|
15,400 |
|
Norfolk Southern Corp. |
|
|
2,604 |
|
|
|
201,602 |
|
Old Dominion Freight Line, Inc.* |
|
|
2,436 |
|
|
|
93,786 |
|
Quality Distribution, Inc.* |
|
|
2,688 |
|
|
|
21,396 |
|
Roadrunner Transportation Systems, Inc.* |
|
|
588 |
|
|
|
13,236 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
50 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Road & Rail (continued) |
|
Ryder System, Inc. |
|
|
6,720 |
|
|
$ |
390,230 |
|
Saia, Inc.* |
|
|
1,092 |
|
|
|
44,685 |
|
Swift Transportation Co.* |
|
|
11,172 |
|
|
|
156,631 |
|
Union Pacific Corp. |
|
|
4,704 |
|
|
|
696,004 |
|
Werner Enterprises, Inc. |
|
|
2,604 |
|
|
|
59,788 |
|
|
|
|
|
|
|
|
3,399,640 |
|
Semiconductors & Semiconductor Equipment
2.6% |
|
Advanced Energy Industries, Inc.* |
|
|
4,200 |
|
|
|
71,316 |
|
Advanced Micro Devices, Inc.* |
|
|
81,312 |
|
|
|
229,300 |
|
Altera Corp. |
|
|
3,108 |
|
|
|
99,487 |
|
Amkor Technology, Inc.* |
|
|
9,240 |
|
|
|
39,085 |
|
ANADIGICS, Inc.* |
|
|
5,460 |
|
|
|
11,466 |
|
Analog Devices, Inc. |
|
|
3,024 |
|
|
|
133,026 |
|
Applied Materials, Inc. |
|
|
9,156 |
|
|
|
132,854 |
|
Applied Micro Circuits Corp.* |
|
|
3,528 |
|
|
|
26,319 |
|
Atmel Corp.* |
|
|
25,368 |
|
|
|
164,131 |
|
ATMI, Inc.* |
|
|
1,596 |
|
|
|
34,713 |
|
Avago Technologies Ltd. |
|
|
2,268 |
|
|
|
72,485 |
|
Axcelis Technologies, Inc.* |
|
|
15,120 |
|
|
|
19,656 |
|
AXT, Inc.* |
|
|
4,452 |
|
|
|
12,777 |
|
Broadcom Corp., Class A |
|
|
5,124 |
|
|
|
184,464 |
|
Brooks Automation, Inc. |
|
|
8,736 |
|
|
|
84,914 |
|
Cabot Microelectronics Corp.* |
|
|
1,176 |
|
|
|
39,408 |
|
Cavium, Inc.* |
|
|
3,024 |
|
|
|
95,105 |
|
Ceva, Inc.* |
|
|
1,260 |
|
|
|
19,228 |
|
Cirrus Logic, Inc.* |
|
|
3,528 |
|
|
|
68,126 |
|
Cohu, Inc. |
|
|
2,688 |
|
|
|
25,724 |
|
Cree, Inc.* |
|
|
1,092 |
|
|
|
61,774 |
|
Cymer, Inc.* |
|
|
1,764 |
|
|
|
184,797 |
|
Cypress Semiconductor Corp.* |
|
|
8,064 |
|
|
|
81,366 |
|
Diodes, Inc.* |
|
|
2,016 |
|
|
|
40,844 |
|
Entegris, Inc.* |
|
|
7,392 |
|
|
|
70,076 |
|
Entropic Communications, Inc.* |
|
|
11,592 |
|
|
|
49,150 |
|
Exar Corp.* |
|
|
2,016 |
|
|
|
21,732 |
|
Fairchild Semiconductor International, Inc.* |
|
|
7,056 |
|
|
|
91,022 |
|
First Solar, Inc.* |
|
|
8,232 |
|
|
|
383,282 |
|
FormFactor, Inc.* |
|
|
3,612 |
|
|
|
17,879 |
|
Freescale Semiconductor Ltd.* |
|
|
2,772 |
|
|
|
42,911 |
|
GT Advanced Technologies, Inc.* |
|
|
16,044 |
|
|
|
63,053 |
|
Hittite Microwave Corp.* |
|
|
1,512 |
|
|
|
84,838 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Semiconductors & Semiconductor Equipment
(continued) |
|
Inphi Corp.* |
|
|
1,092 |
|
|
$ |
10,276 |
|
Integrated Device Technology, Inc.* |
|
|
7,644 |
|
|
|
54,349 |
|
Integrated Silicon Solution, Inc.* |
|
|
3,444 |
|
|
|
31,581 |
|
Intel Corp. |
|
|
41,496 |
|
|
|
993,829 |
|
Intermolecular, Inc.* |
|
|
924 |
|
|
|
8,048 |
|
International Rectifier Corp.* |
|
|
3,696 |
|
|
|
78,392 |
|
Intersil Corp., Class A |
|
|
7,140 |
|
|
|
55,406 |
|
IXYS Corp. |
|
|
1,344 |
|
|
|
12,177 |
|
KLA-Tencor Corp. |
|
|
1,344 |
|
|
|
72,912 |
|
Kopin Corp.* |
|
|
3,528 |
|
|
|
11,678 |
|
Kulicke & Soffa Industries, Inc.* |
|
|
9,240 |
|
|
|
106,814 |
|
Lam Research Corp.* |
|
|
1,680 |
|
|
|
77,650 |
|
Lattice Semiconductor Corp.* |
|
|
7,140 |
|
|
|
33,201 |
|
Linear Technology Corp. |
|
|
2,100 |
|
|
|
76,650 |
|
LSI Corp.* |
|
|
5,460 |
|
|
|
35,708 |
|
LTX-Credence Corp.* |
|
|
2,940 |
|
|
|
17,346 |
|
M/A-COM Technology Solutions Holdings, Inc.* |
|
|
756 |
|
|
|
10,607 |
|
Magnachip Semiconductor Corp.* |
|
|
3,024 |
|
|
|
48,505 |
|
Marvell Technology Group Ltd. |
|
|
4,284 |
|
|
|
46,096 |
|
Maxim Integrated Products, Inc. |
|
|
2,940 |
|
|
|
90,934 |
|
MaxLinear, Inc., Class A* |
|
|
924 |
|
|
|
5,756 |
|
MEMC Electronic Materials, Inc.* |
|
|
31,500 |
|
|
|
170,100 |
|
Micrel, Inc. |
|
|
2,520 |
|
|
|
25,351 |
|
Microchip Technology, Inc. |
|
|
1,764 |
|
|
|
64,245 |
|
Micron Technology, Inc.* |
|
|
8,316 |
|
|
|
78,337 |
|
Microsemi Corp.* |
|
|
11,760 |
|
|
|
244,608 |
|
Mindspeed Technologies, Inc.* |
|
|
2,352 |
|
|
|
5,386 |
|
MKS Instruments, Inc. |
|
|
3,108 |
|
|
|
83,512 |
|
Monolithic Power Systems, Inc. |
|
|
1,764 |
|
|
|
42,548 |
|
Nanometrics, Inc.* |
|
|
1,344 |
|
|
|
18,856 |
|
NVE Corp.* |
|
|
252 |
|
|
|
13,374 |
|
NVIDIA Corp. |
|
|
5,628 |
|
|
|
77,498 |
|
OmniVision Technologies, Inc.* |
|
|
7,056 |
|
|
|
94,621 |
|
ON Semiconductor Corp.* |
|
|
8,652 |
|
|
|
68,005 |
|
PDF Solutions, Inc.* |
|
|
1,428 |
|
|
|
24,433 |
|
Pericom Semiconductor Corp.* |
|
|
1,344 |
|
|
|
8,682 |
|
Photronics, Inc.* |
|
|
7,980 |
|
|
|
62,962 |
|
PLX Technology, Inc.* |
|
|
1,680 |
|
|
|
7,846 |
|
PMC Sierra, Inc.* |
|
|
9,660 |
|
|
|
55,642 |
|
Power Integrations, Inc. |
|
|
1,428 |
|
|
|
59,133 |
|
QuickLogic Corp.* |
|
|
2,436 |
|
|
|
6,236 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
51 |
|
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Semiconductors & Semiconductor Equipment
(continued) |
|
Rambus, Inc.* |
|
|
6,636 |
|
|
$ |
46,187 |
|
RF Micro Devices, Inc.* |
|
|
14,952 |
|
|
|
83,881 |
|
Rudolph Technologies, Inc.* |
|
|
3,612 |
|
|
|
42,152 |
|
Semtech Corp.* |
|
|
3,444 |
|
|
|
110,449 |
|
Sigma Designs, Inc.* |
|
|
3,192 |
|
|
|
15,194 |
|
Silicon Image, Inc.* |
|
|
4,284 |
|
|
|
21,120 |
|
Silicon Laboratories, Inc.* |
|
|
2,352 |
|
|
|
93,398 |
|
Skyworks Solutions, Inc.* |
|
|
1,764 |
|
|
|
38,931 |
|
Spansion, Inc., Class A* |
|
|
2,604 |
|
|
|
33,826 |
|
STR Holdings, Inc.* |
|
|
7,476 |
|
|
|
16,821 |
|
SunPower Corp.* |
|
|
4,872 |
|
|
|
66,210 |
|
Supertex, Inc. |
|
|
588 |
|
|
|
12,395 |
|
Teradyne, Inc.* |
|
|
1,512 |
|
|
|
24,857 |
|
Tessera Technologies, Inc. |
|
|
6,048 |
|
|
|
123,198 |
|
Texas Instruments, Inc. |
|
|
11,676 |
|
|
|
422,788 |
|
TriQuint Semiconductor, Inc.* |
|
|
10,416 |
|
|
|
60,829 |
|
Ultra Clean Holdings, Inc.* |
|
|
3,696 |
|
|
|
23,137 |
|
Ultratech, Inc.* |
|
|
1,344 |
|
|
|
39,608 |
|
Veeco Instruments, Inc.* |
|
|
2,604 |
|
|
|
99,134 |
|
Volterra Semiconductor Corp.* |
|
|
1,260 |
|
|
|
16,393 |
|
Xilinx, Inc. |
|
|
2,688 |
|
|
|
101,902 |
|
|
|
|
|
|
|
|
7,338,008 |
|
Software 3.1% |
|
Accelrys, Inc.* |
|
|
2,940 |
|
|
|
28,959 |
|
ACI Worldwide, Inc.* |
|
|
2,268 |
|
|
|
106,619 |
|
Activision Blizzard, Inc. |
|
|
4,032 |
|
|
|
60,278 |
|
Actuate Corp.* |
|
|
2,520 |
|
|
|
15,473 |
|
Adobe Systems, Inc.* |
|
|
5,040 |
|
|
|
227,203 |
|
Advent Software, Inc.* |
|
|
1,680 |
|
|
|
48,787 |
|
American Software, Inc./Georgia, Class A |
|
|
1,848 |
|
|
|
15,357 |
|
ANSYS, Inc.* |
|
|
924 |
|
|
|
74,715 |
|
Aspen Technology, Inc.* |
|
|
5,040 |
|
|
|
153,619 |
|
Autodesk, Inc.* |
|
|
2,100 |
|
|
|
82,698 |
|
Blackbaud, Inc. |
|
|
2,268 |
|
|
|
66,475 |
|
BMC Software, Inc.* |
|
|
1,596 |
|
|
|
72,586 |
|
Bottomline Technologies de, Inc.* |
|
|
2,184 |
|
|
|
57,221 |
|
BroadSoft, Inc.* |
|
|
1,512 |
|
|
|
38,647 |
|
CA, Inc. |
|
|
2,940 |
|
|
|
79,292 |
|
Cadence Design Systems, Inc.* |
|
|
3,360 |
|
|
|
46,368 |
|
Callidus Software, Inc.* |
|
|
1,764 |
|
|
|
7,568 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Software (continued) |
|
Check Point Software Technologies Ltd.* |
|
|
1,764 |
|
|
$ |
82,238 |
|
Citrix Systems, Inc.* |
|
|
1,848 |
|
|
|
114,890 |
|
CommVault Systems, Inc.* |
|
|
2,436 |
|
|
|
179,143 |
|
Compuware Corp.* |
|
|
11,508 |
|
|
|
138,096 |
|
Concur Technologies, Inc.* |
|
|
504 |
|
|
|
36,847 |
|
Digimarc Corp. |
|
|
336 |
|
|
|
7,372 |
|
Ebix, Inc. |
|
|
1,764 |
|
|
|
32,828 |
|
Electronic Arts, Inc.* |
|
|
3,024 |
|
|
|
53,253 |
|
Ellie Mae, Inc.* |
|
|
588 |
|
|
|
15,300 |
|
Envivio, Inc.* |
|
|
1,092 |
|
|
|
1,747 |
|
EPIQ Systems, Inc. |
|
|
3,864 |
|
|
|
53,980 |
|
FactSet Research Systems, Inc. |
|
|
336 |
|
|
|
31,608 |
|
Fair Isaac Corp. |
|
|
2,016 |
|
|
|
93,905 |
|
Fortinet, Inc.* |
|
|
1,092 |
|
|
|
19,612 |
|
Glu Mobile, Inc.* |
|
|
3,108 |
|
|
|
9,573 |
|
Guidance Software, Inc.* |
|
|
756 |
|
|
|
7,953 |
|
Guidewire Software, Inc.* |
|
|
1,260 |
|
|
|
50,501 |
|
Imperva, Inc.* |
|
|
504 |
|
|
|
19,646 |
|
Infoblox, Inc.* |
|
|
2,016 |
|
|
|
44,574 |
|
Informatica Corp.* |
|
|
1,008 |
|
|
|
33,193 |
|
Interactive Intelligence Group, Inc.* |
|
|
756 |
|
|
|
31,321 |
|
Intuit, Inc. |
|
|
2,856 |
|
|
|
170,332 |
|
Jive Software, Inc.* |
|
|
1,260 |
|
|
|
17,123 |
|
Manhattan Associates, Inc.* |
|
|
1,092 |
|
|
|
76,669 |
|
Mentor Graphics Corp. |
|
|
4,872 |
|
|
|
88,963 |
|
MICROS Systems, Inc.* |
|
|
840 |
|
|
|
35,624 |
|
Microsoft Corp. |
|
|
63,084 |
|
|
|
2,088,080 |
|
MicroStrategy, Inc., Class A* |
|
|
420 |
|
|
|
37,880 |
|
Mitek Systems, Inc.* |
|
|
1,428 |
|
|
|
7,597 |
|
Monotype Imaging Holdings, Inc. |
|
|
1,848 |
|
|
|
42,855 |
|
Net 1 UEPS Technologies, Inc.* |
|
|
5,376 |
|
|
|
40,374 |
|
Netscout Systems, Inc.* |
|
|
1,848 |
|
|
|
42,153 |
|
NetSuite, Inc.* |
|
|
588 |
|
|
|
51,721 |
|
Nuance Communications, Inc.* |
|
|
2,940 |
|
|
|
55,978 |
|
Oracle Corp. |
|
|
37,380 |
|
|
|
1,225,316 |
|
Pegasystems, Inc. |
|
|
924 |
|
|
|
23,386 |
|
Progress Software Corp.* |
|
|
3,528 |
|
|
|
79,627 |
|
Proofpoint, Inc.* |
|
|
504 |
|
|
|
9,233 |
|
PROS Holdings, Inc.* |
|
|
1,092 |
|
|
|
28,305 |
|
PTC INC* |
|
|
6,552 |
|
|
|
157,314 |
|
QLIK Technologies, Inc.* |
|
|
4,200 |
|
|
|
109,242 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
52 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Software (continued) |
|
RealPage, Inc.* |
|
|
2,016 |
|
|
$ |
41,126 |
|
Red Hat, Inc.* |
|
|
2,184 |
|
|
|
104,679 |
|
Rosetta Stone, Inc.* |
|
|
672 |
|
|
|
11,377 |
|
Rovi Corp.* |
|
|
13,188 |
|
|
|
308,467 |
|
Salesforce.com, Inc.* |
|
|
5,376 |
|
|
|
221,007 |
|
Seachange International, Inc.* |
|
|
1,512 |
|
|
|
16,420 |
|
SolarWinds, Inc.* |
|
|
924 |
|
|
|
46,985 |
|
Solera Holdings, Inc. |
|
|
756 |
|
|
|
43,530 |
|
Sourcefire, Inc.* |
|
|
1,512 |
|
|
|
72,213 |
|
Splunk, Inc.* |
|
|
588 |
|
|
|
23,990 |
|
SS&C Technologies Holdings, Inc.* |
|
|
3,108 |
|
|
|
95,385 |
|
Symantec Corp.* |
|
|
6,804 |
|
|
|
165,337 |
|
Synchronoss Technologies, Inc.* |
|
|
1,428 |
|
|
|
40,470 |
|
Synopsys, Inc.* |
|
|
1,512 |
|
|
|
53,782 |
|
Take-Two Interactive Software, Inc.* |
|
|
6,888 |
|
|
|
105,111 |
|
Tangoe, Inc.* |
|
|
1,680 |
|
|
|
21,605 |
|
TeleCommunication Systems, Inc., Class A* |
|
|
5,964 |
|
|
|
11,511 |
|
Telenav, Inc.* |
|
|
2,688 |
|
|
|
14,085 |
|
TIBCO Software, Inc.* |
|
|
1,512 |
|
|
|
29,348 |
|
TiVo, Inc.* |
|
|
6,384 |
|
|
|
74,820 |
|
Tyler Technologies, Inc.* |
|
|
1,680 |
|
|
|
106,243 |
|
Ultimate Software Group, Inc.* |
|
|
1,344 |
|
|
|
129,817 |
|
VASCO Data Security International, Inc.* |
|
|
1,260 |
|
|
|
10,723 |
|
Verint Systems, Inc.* |
|
|
2,604 |
|
|
|
86,036 |
|
VirnetX Holding Corp.* |
|
|
2,268 |
|
|
|
46,313 |
|
VMware, Inc., Class A* |
|
|
840 |
|
|
|
59,220 |
|
Vringo, Inc.* |
|
|
2,856 |
|
|
|
8,054 |
|
Websense, Inc.* |
|
|
1,932 |
|
|
|
34,467 |
|
Zynga, Inc., Class A* |
|
|
28,140 |
|
|
|
89,767 |
|
|
|
|
|
|
|
|
8,699,105 |
|
Specialty Retail 3.1% |
|
Aarons, Inc. |
|
|
3,696 |
|
|
|
106,112 |
|
Abercrombie & Fitch Co., Class A |
|
|
10,500 |
|
|
|
520,380 |
|
Advance Auto Parts, Inc. |
|
|
588 |
|
|
|
49,321 |
|
Aeropostale, Inc.* |
|
|
4,116 |
|
|
|
60,341 |
|
American Eagle Outfitters, Inc. |
|
|
1,680 |
|
|
|
32,676 |
|
Americas Car-Mart, Inc.* |
|
|
924 |
|
|
|
42,754 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Specialty Retail (continued) |
|
ANN, Inc.* |
|
|
2,688 |
|
|
$ |
79,404 |
|
Asbury Automotive Group, Inc.* |
|
|
3,696 |
|
|
|
148,173 |
|
Ascena Retail Group, Inc.* |
|
|
3,696 |
|
|
|
68,376 |
|
AutoNation, Inc.* |
|
|
420 |
|
|
|
19,114 |
|
AutoZone, Inc.* |
|
|
336 |
|
|
|
137,454 |
|
Barnes & Noble, Inc.* |
|
|
5,208 |
|
|
|
94,421 |
|
bebe stores, inc. |
|
|
1,932 |
|
|
|
10,935 |
|
Bed Bath & Beyond, Inc.* |
|
|
2,268 |
|
|
|
156,038 |
|
Best Buy Co., Inc. |
|
|
2,352 |
|
|
|
61,128 |
|
Big 5 Sporting Goods Corp. |
|
|
2,436 |
|
|
|
40,925 |
|
Body Central Corp.* |
|
|
672 |
|
|
|
6,841 |
|
Brown Shoe Co., Inc. |
|
|
3,108 |
|
|
|
52,556 |
|
The Buckle, Inc. |
|
|
1,428 |
|
|
|
69,329 |
|
Cabelas, Inc.* |
|
|
1,344 |
|
|
|
86,285 |
|
CarMax, Inc.* |
|
|
2,268 |
|
|
|
104,419 |
|
The Cato Corp., Class A |
|
|
3,360 |
|
|
|
80,674 |
|
Chicos FAS, Inc. |
|
|
5,040 |
|
|
|
92,081 |
|
The Childrens Place Retail Stores, Inc.* |
|
|
1,176 |
|
|
|
57,530 |
|
Christopher & Banks Corp.* |
|
|
1,764 |
|
|
|
12,260 |
|
Citi Trends, Inc.* |
|
|
1,680 |
|
|
|
19,774 |
|
Coldwater Creek, Inc.* |
|
|
1,176 |
|
|
|
4,198 |
|
Conns, Inc.* |
|
|
1,428 |
|
|
|
61,847 |
|
Destination Maternity Corp. |
|
|
1,680 |
|
|
|
39,900 |
|
Destination XL Group, Inc.* |
|
|
5,460 |
|
|
|
27,191 |
|
Dicks Sporting Goods, Inc. |
|
|
924 |
|
|
|
44,444 |
|
DSW, Inc., Class A |
|
|
1,512 |
|
|
|
99,973 |
|
Express, Inc.* |
|
|
11,004 |
|
|
|
200,383 |
|
The Finish Line, Inc., Class A |
|
|
6,636 |
|
|
|
128,672 |
|
Foot Locker, Inc. |
|
|
1,092 |
|
|
|
38,078 |
|
Francescas Holdings Corp.* |
|
|
2,604 |
|
|
|
74,370 |
|
GameStop Corp., Class A |
|
|
1,092 |
|
|
|
38,111 |
|
The Gap, Inc. |
|
|
3,360 |
|
|
|
127,646 |
|
Genesco, Inc.* |
|
|
3,192 |
|
|
|
196,468 |
|
GNC Holdings, Inc., Class A |
|
|
504 |
|
|
|
22,846 |
|
Group 1 Automotive, Inc. |
|
|
2,688 |
|
|
|
162,570 |
|
Guess?, Inc. |
|
|
7,476 |
|
|
|
206,936 |
|
Haverty Furniture Cos, Inc. |
|
|
1,008 |
|
|
|
23,970 |
|
hhgregg, Inc.* |
|
|
2,604 |
|
|
|
35,180 |
|
Hibbett Sports, Inc.* |
|
|
1,260 |
|
|
|
69,111 |
|
The Home Depot, Inc. |
|
|
15,372 |
|
|
|
1,127,536 |
|
Hot Topic, Inc. |
|
|
2,268 |
|
|
|
31,639 |
|
Jos A Bank Clothiers, Inc.* |
|
|
1,344 |
|
|
|
58,706 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
53 |
|
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Specialty Retail (continued) |
|
Kirklands, Inc.* |
|
|
1,680 |
|
|
$ |
20,261 |
|
L Brands, Inc. |
|
|
2,520 |
|
|
|
127,033 |
|
Lithia Motors, Inc., Class A |
|
|
2,856 |
|
|
|
141,429 |
|
Lowes Cos., Inc. |
|
|
11,424 |
|
|
|
438,910 |
|
Lumber Liquidators Holdings, Inc.* |
|
|
1,260 |
|
|
|
103,270 |
|
MarineMax, Inc.* |
|
|
1,260 |
|
|
|
14,603 |
|
Mattress Firm Holding Corp.* |
|
|
1,344 |
|
|
|
51,502 |
|
The Mens Wearhouse, Inc. |
|
|
6,132 |
|
|
|
205,422 |
|
Monro Muffler Brake, Inc. |
|
|
1,512 |
|
|
|
62,536 |
|
New York & Co., Inc.* |
|
|
1,260 |
|
|
|
5,620 |
|
Office Depot, Inc.* |
|
|
16,548 |
|
|
|
63,875 |
|
OfficeMax, Inc. |
|
|
10,920 |
|
|
|
125,689 |
|
OReilly Automotive, Inc.* |
|
|
1,176 |
|
|
|
126,208 |
|
Pacific Sunwear of California, Inc.* |
|
|
2,184 |
|
|
|
6,006 |
|
Penske Automotive Group, Inc. |
|
|
5,124 |
|
|
|
158,434 |
|
The Pep Boys-Manny Moe & Jack* |
|
|
2,436 |
|
|
|
28,258 |
|
PetSmart, Inc. |
|
|
1,092 |
|
|
|
74,518 |
|
Pier 1 Imports, Inc. |
|
|
6,132 |
|
|
|
142,324 |
|
RadioShack Corp. |
|
|
15,036 |
|
|
|
47,664 |
|
Rent-A-Center, Inc. |
|
|
7,392 |
|
|
|
258,203 |
|
Ross Stores, Inc. |
|
|
2,268 |
|
|
|
149,847 |
|
rue21, Inc.* |
|
|
840 |
|
|
|
26,796 |
|
Sally Beauty Holdings, Inc.* |
|
|
1,176 |
|
|
|
35,351 |
|
Select Comfort Corp.* |
|
|
2,856 |
|
|
|
60,604 |
|
Shoe Carnival, Inc. |
|
|
1,596 |
|
|
|
33,245 |
|
Signet Jewelers Ltd. |
|
|
420 |
|
|
|
28,867 |
|
Sonic Automotive, Inc., Class A |
|
|
4,620 |
|
|
|
101,594 |
|
Stage Stores, Inc. |
|
|
3,528 |
|
|
|
97,690 |
|
Staples, Inc. |
|
|
4,956 |
|
|
|
65,617 |
|
Stein Mart, Inc. |
|
|
3,528 |
|
|
|
27,906 |
|
Tiffany & Co. |
|
|
1,176 |
|
|
|
86,648 |
|
TJX Cos., Inc. |
|
|
7,224 |
|
|
|
352,314 |
|
Tractor Supply Co. |
|
|
672 |
|
|
|
72,018 |
|
Ulta Salon Cosmetics & Fragrance, Inc.* |
|
|
504 |
|
|
|
44,176 |
|
Urban Outfitters, Inc.* |
|
|
1,260 |
|
|
|
52,214 |
|
Vitamin Shoppe, Inc.* |
|
|
1,512 |
|
|
|
74,315 |
|
The Wet Seal, Inc., Class A* |
|
|
7,896 |
|
|
|
25,741 |
|
Williams-Sonoma, Inc. |
|
|
924 |
|
|
|
49,600 |
|
Zale Corp.* |
|
|
420 |
|
|
|
1,865 |
|
Zumiez, Inc.* |
|
|
1,092 |
|
|
|
31,635 |
|
|
|
|
|
|
|
|
8,648,884 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Textiles, Apparel & Luxury Goods
1.1% |
|
Carters, Inc.* |
|
|
1,260 |
|
|
$ |
82,391 |
|
Coach, Inc. |
|
|
2,940 |
|
|
|
173,048 |
|
Columbia Sportswear Co. |
|
|
756 |
|
|
|
44,302 |
|
Crocs, Inc.* |
|
|
11,088 |
|
|
|
177,630 |
|
Deckers Outdoor Corp.* |
|
|
4,452 |
|
|
|
245,394 |
|
Fifth & Pacific Cos., Inc.* |
|
|
7,308 |
|
|
|
150,691 |
|
Fossil, Inc.* |
|
|
504 |
|
|
|
49,452 |
|
G-III Apparel Group Ltd.* |
|
|
1,764 |
|
|
|
71,724 |
|
Hanesbrands, Inc.* |
|
|
756 |
|
|
|
37,921 |
|
Iconix Brand Group, Inc.* |
|
|
8,148 |
|
|
|
233,440 |
|
The Jones Group, Inc. |
|
|
9,240 |
|
|
|
129,360 |
|
Lululemon Athletica, Inc.* |
|
|
1,092 |
|
|
|
83,134 |
|
Maidenform Brands, Inc.* |
|
|
1,092 |
|
|
|
19,656 |
|
Michael Kors Holdings Ltd.* |
|
|
1,848 |
|
|
|
105,225 |
|
Movado Group, Inc. |
|
|
924 |
|
|
|
27,942 |
|
NIKE, Inc., Class B |
|
|
7,392 |
|
|
|
470,131 |
|
Oxford Industries, Inc. |
|
|
672 |
|
|
|
39,735 |
|
Perry Ellis International, Inc. |
|
|
1,764 |
|
|
|
30,994 |
|
PVH Corp. |
|
|
756 |
|
|
|
87,250 |
|
Quiksilver, Inc.* |
|
|
6,972 |
|
|
|
46,922 |
|
Ralph Lauren Corp. |
|
|
588 |
|
|
|
106,769 |
|
Skechers U.S.A., Inc., Class A* |
|
|
3,024 |
|
|
|
62,839 |
|
Steven Madden Ltd.* |
|
|
2,016 |
|
|
|
98,038 |
|
True Religion Apparel, Inc. |
|
|
1,260 |
|
|
|
34,096 |
|
Tumi Holdings, Inc.* |
|
|
2,940 |
|
|
|
67,708 |
|
Under Armour, Inc., Class A* |
|
|
672 |
|
|
|
38,358 |
|
Vera Bradley, Inc.* |
|
|
1,176 |
|
|
|
26,836 |
|
VF Corp. |
|
|
840 |
|
|
|
149,705 |
|
Wolverine World Wide, Inc. |
|
|
2,604 |
|
|
|
124,393 |
|
|
|
|
|
|
|
|
3,015,084 |
|
Thrifts & Mortgage Finance 0.8% |
|
Astoria Financial Corp. |
|
|
11,340 |
|
|
|
108,750 |
|
Beneficial Mutual Bancorp, Inc.* |
|
|
1,932 |
|
|
|
16,518 |
|
Berkshire Hills Bancorp, Inc. |
|
|
2,688 |
|
|
|
69,512 |
|
BofI Holding, Inc.* |
|
|
840 |
|
|
|
34,255 |
|
Brookline Bancorp, Inc. |
|
|
9,240 |
|
|
|
77,616 |
|
Capitol Federal Financial, Inc. |
|
|
8,820 |
|
|
|
104,429 |
|
Dime Community Bancshares, Inc. |
|
|
4,032 |
|
|
|
57,537 |
|
Doral Financial Corp.* |
|
|
16,884 |
|
|
|
12,717 |
|
EverBank Financial Corp. |
|
|
1,428 |
|
|
|
22,848 |
|
Federal Agricultural Mortgage Corp., Class C |
|
|
1,092 |
|
|
|
34,704 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
54 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Thrifts & Mortgage Finance
(continued) |
|
Flagstar Bancorp, Inc.* |
|
|
2,688 |
|
|
$ |
33,358 |
|
Flushing Financial Corp. |
|
|
4,032 |
|
|
|
61,206 |
|
HomeStreet, Inc. |
|
|
1,512 |
|
|
|
32,508 |
|
Hudson City Bancorp, Inc. |
|
|
3,696 |
|
|
|
30,714 |
|
MGIC Investment Corp.* |
|
|
45,108 |
|
|
|
243,583 |
|
Nationstar Mortgage Holdings, Inc.* |
|
|
420 |
|
|
|
15,443 |
|
New York Community Bancorp, Inc. |
|
|
3,360 |
|
|
|
45,528 |
|
Northwest Bancshares, Inc. |
|
|
5,460 |
|
|
|
66,885 |
|
OceanFirst Financial Corp. |
|
|
2,184 |
|
|
|
31,035 |
|
Ocwen Financial Corp.* |
|
|
3,024 |
|
|
|
110,618 |
|
Oritani Financial Corp. |
|
|
2,772 |
|
|
|
42,883 |
|
Peoples United Financial, Inc. |
|
|
3,780 |
|
|
|
49,745 |
|
Provident Financial Services, Inc. |
|
|
7,224 |
|
|
|
110,744 |
|
Provident New York Bancorp |
|
|
2,016 |
|
|
|
18,225 |
|
Radian Group, Inc. |
|
|
21,840 |
|
|
|
260,988 |
|
Rockville Financial, Inc. |
|
|
672 |
|
|
|
8,736 |
|
Territorial Bancorp, Inc. |
|
|
756 |
|
|
|
17,675 |
|
TFS Financial Corp.* |
|
|
924 |
|
|
|
10,044 |
|
TrustCo Bank Corp. NY |
|
|
11,760 |
|
|
|
63,034 |
|
United Financial Bancorp, Inc./MD |
|
|
840 |
|
|
|
12,440 |
|
ViewPoint Financial Group, Inc. |
|
|
1,764 |
|
|
|
32,846 |
|
Walker & Dunlop, Inc.* |
|
|
1,764 |
|
|
|
31,417 |
|
Washington Federal, Inc. |
|
|
13,860 |
|
|
|
237,976 |
|
Westfield Financial, Inc. |
|
|
1,008 |
|
|
|
7,590 |
|
WSFS Financial Corp. |
|
|
924 |
|
|
|
45,220 |
|
|
|
|
|
|
|
|
2,159,327 |
|
Tobacco 1.0% |
|
Alliance One International, Inc.* |
|
|
11,172 |
|
|
|
41,895 |
|
Altria Group, Inc. |
|
|
19,740 |
|
|
|
720,707 |
|
Lorillard, Inc. |
|
|
4,032 |
|
|
|
172,932 |
|
Philip Morris International, Inc. |
|
|
16,884 |
|
|
|
1,613,942 |
|
Reynolds American, Inc. |
|
|
3,192 |
|
|
|
151,365 |
|
Universal Corp. |
|
|
3,024 |
|
|
|
174,031 |
|
Vector Group Ltd. |
|
|
5,544 |
|
|
|
90,423 |
|
|
|
|
|
|
|
|
2,965,295 |
|
Trading Companies & Distributors
0.6% |
|
Aceto Corp. |
|
|
3,192 |
|
|
|
33,197 |
|
Air Lease Corp. |
|
|
3,612 |
|
|
|
99,366 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Trading Companies & Distributors
(continued) |
|
Aircastle Ltd. |
|
|
7,980 |
|
|
$ |
111,401 |
|
Applied Industrial Technologies, Inc. |
|
|
2,268 |
|
|
|
95,823 |
|
Beacon Roofing Supply, Inc.* |
|
|
2,436 |
|
|
|
92,885 |
|
CAI International, Inc.* |
|
|
1,680 |
|
|
|
42,823 |
|
DXP Enterprises, Inc.* |
|
|
504 |
|
|
|
33,707 |
|
Edgen Group, Inc.* |
|
|
1,428 |
|
|
|
9,782 |
|
Fastenal Co. |
|
|
2,604 |
|
|
|
127,726 |
|
GATX Corp. |
|
|
2,436 |
|
|
|
124,114 |
|
H&E Equipment Services, Inc. |
|
|
1,428 |
|
|
|
29,074 |
|
Houston Wire & Cable Co. |
|
|
2,184 |
|
|
|
29,746 |
|
Kaman Corp. |
|
|
1,344 |
|
|
|
45,414 |
|
MRC Global, Inc.* |
|
|
3,864 |
|
|
|
115,727 |
|
MSC Industrial Direct Co., Inc., Class A |
|
|
420 |
|
|
|
33,096 |
|
Rush Enterprises, Inc., Class B* |
|
|
4,704 |
|
|
|
93,139 |
|
TAL International Group, Inc. |
|
|
4,284 |
|
|
|
177,358 |
|
Textainer Group Holdings Ltd. |
|
|
2,016 |
|
|
|
77,959 |
|
Titan Machinery, Inc.* |
|
|
1,848 |
|
|
|
41,691 |
|
United Rentals, Inc.* |
|
|
1,344 |
|
|
|
70,708 |
|
W.W. Grainger, Inc. |
|
|
588 |
|
|
|
144,924 |
|
Watsco, Inc. |
|
|
1,680 |
|
|
|
141,758 |
|
WESCO International, Inc.* |
|
|
588 |
|
|
|
42,154 |
|
|
|
|
|
|
|
|
1,813,572 |
|
Transportation Infrastructure 0.0% |
|
Aegean Marine Petroleum Network, Inc. |
|
|
4,032 |
|
|
|
23,789 |
|
Wesco Aircraft Holdings, Inc.* |
|
|
1,176 |
|
|
|
19,416 |
|
|
|
|
|
|
|
|
43,205 |
|
Water Utilities 0.1% |
|
American States Water Co. |
|
|
1,008 |
|
|
|
55,924 |
|
American Water Works Co., Inc. |
|
|
1,764 |
|
|
|
73,876 |
|
Aqua America, Inc. |
|
|
1,344 |
|
|
|
42,645 |
|
California Water Service Group |
|
|
2,184 |
|
|
|
43,789 |
|
Connecticut Water Service, Inc. |
|
|
672 |
|
|
|
19,139 |
|
Middlesex Water Co. |
|
|
840 |
|
|
|
16,472 |
|
SJW Corp. |
|
|
672 |
|
|
|
17,042 |
|
York Water Co. |
|
|
1,260 |
|
|
|
23,625 |
|
|
|
|
|
|
|
|
292,512 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
55 |
|
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Wireless Telecommunication Services 0.4% |
|
Boingo Wireless, Inc.* |
|
|
924 |
|
|
$ |
5,756 |
|
Clearwire Corp., Class A* |
|
|
11,760 |
|
|
|
39,514 |
|
Crown Castle International Corp.* |
|
|
2,940 |
|
|
|
226,380 |
|
Leap Wireless International, Inc.* |
|
|
7,476 |
|
|
|
42,763 |
|
MetroPCS Communications, Inc.* |
|
|
2,604 |
|
|
|
30,831 |
|
NII Holdings, Inc.* |
|
|
24,948 |
|
|
|
217,048 |
|
NTELOS Holdings Corp. |
|
|
1,596 |
|
|
|
23,493 |
|
SBA Communications Corp., Class A* |
|
|
1,176 |
|
|
|
92,892 |
|
Shenandoah Telecommunications Co. |
|
|
2,940 |
|
|
|
48,187 |
|
Sprint Nextel Corp.* |
|
|
23,520 |
|
|
|
165,816 |
|
Telephone & Data Systems, Inc. |
|
|
12,852 |
|
|
|
288,399 |
|
United States Cellular Corp.* |
|
|
168 |
|
|
|
6,458 |
|
USA Mobility, Inc. |
|
|
2,856 |
|
|
|
38,756 |
|
|
|
|
|
|
|
|
1,226,293 |
|
Total Common Stocks (Cost $246,494,689) |
|
|
|
|
|
|
281,449,141 |
|
|
|
|
|
|
|
|
|
|
|
|
Principal Amount |
|
|
|
|
U.S. GOVERNMENT & AGENCY SECURITY
0.1% |
|
U.S. Treasury Bill 0.00%, due 10/17/13(a) (b) |
|
$ |
205,000 |
|
|
|
204,928 |
|
Total U.S. Government & Agency Security (Cost $204,915) |
|
|
|
|
|
|
204,928 |
|
Total Investment Securities (Cost $246,699,604) 99.6% |
|
|
|
|
|
|
281,654,069 |
|
Other assets less liabilities 0.4% |
|
|
|
|
|
|
1,148,154 |
|
NET ASSETS 100.0% |
|
|
|
|
|
$ |
282,802,223 |
|
* |
Non-income producing security. |
|
Investment in affiliated company. Northern Trust Investments, Inc., the Investment Adviser of the Fund, is an
indirect subsidiary of Northern Trust Corporation. |
(a) |
Security pledged as collateral to cover margin requirements for open futures contracts.
|
(b) |
Zero coupon security. Rate disclosed is the yield as of April 30, 2013. |
|
Amount represents less than 0.05%. |
Percentages shown are based on Net Assets.
Abbreviation:
REIT Real
Estate Investment Trust
As of April 30, 2013, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
|
|
|
|
|
|
|
|
|
Aggregate gross unrealized appreciation |
|
$ |
39,318,298 |
|
Aggregate gross unrealized depreciation |
|
|
(4,322,406 |
) |
Net unrealized appreciation |
|
$ |
34,995,892 |
|
Federal income tax cost of investments |
|
$ |
246,658,177 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
56 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar US Market Factor Tilt Index Fund (cont.)
Investment in a company which was affiliated for the period ending April 30, 2013, was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Value October 31, 2012 |
|
|
Purchases at Cost |
|
|
Sales at Cost |
|
|
Value April 30, 2013 |
|
|
Dividend Income |
|
|
Realized Gain (Loss) |
|
Northern Trust Corp. |
|
$ |
63,356 |
|
|
$ |
45,532 |
|
|
$ |
1,425 |
|
|
$ |
117,761 |
|
|
$ |
991 |
|
|
$ |
488 |
|
Futures Contracts Purchased
FlexShares®
Morningstar US Market Factor Tilt Index Fund had the following open long futures contracts as of April 30, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Contracts |
|
|
Expiration Date |
|
|
Notional Amount at Value |
|
|
Unrealized Appreciation |
|
E-Mini S&P
500® Futures Contracts |
|
|
8 |
|
|
|
06/21/13 |
|
|
$ |
636,880 |
|
|
$ |
29,434 |
|
E-Mini S&P MidCap
400® Futures Contracts |
|
|
2 |
|
|
|
06/21/13 |
|
|
|
231,540 |
|
|
|
9,110 |
|
Mini Russell 2000® Futures Contracts |
|
|
5 |
|
|
|
06/21/13 |
|
|
|
472,550 |
|
|
|
12,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
50,802 |
|
See
Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
57 |
|
Schedule of Investments
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund
April 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS 98.6% |
|
|
|
|
|
|
|
|
Aerospace & Defense 0.8% |
|
|
|
|
|
|
|
|
BAE Systems PLC |
|
|
17,443 |
|
|
$ |
101,942 |
|
Bombardier, Inc., Class A |
|
|
800 |
|
|
|
3,165 |
|
Bombardier, Inc., Class B |
|
|
10,985 |
|
|
|
43,684 |
|
CAE, Inc. |
|
|
544 |
|
|
|
5,890 |
|
Chemring Group PLC |
|
|
10,829 |
|
|
|
45,692 |
|
Cobham PLC |
|
|
2,758 |
|
|
|
10,753 |
|
European Aeronautic Defence and Space Co. N.V. |
|
|
2,817 |
|
|
|
148,947 |
|
Finmeccanica SpA* |
|
|
838 |
|
|
|
4,366 |
|
Kongsberg Gruppen AS |
|
|
903 |
|
|
|
17,097 |
|
Meggitt PLC |
|
|
4,080 |
|
|
|
29,757 |
|
MTU Aero Engines Holding AG |
|
|
245 |
|
|
|
23,205 |
|
QinetiQ Group PLC |
|
|
1,474 |
|
|
|
4,345 |
|
Rolls-Royce Holdings PLC* |
|
|
9,955 |
|
|
|
175,082 |
|
Saab AB, Class B |
|
|
233 |
|
|
|
5,118 |
|
Safran S.A. |
|
|
1,170 |
|
|
|
57,521 |
|
Singapore Technologies Engineering Ltd. |
|
|
11,000 |
|
|
|
39,297 |
|
Thales S.A. |
|
|
649 |
|
|
|
28,219 |
|
Ultra Electronics Holdings PLC |
|
|
1,083 |
|
|
|
27,812 |
|
Zodiac Aerospace |
|
|
182 |
|
|
|
22,836 |
|
|
|
|
|
|
|
|
794,728 |
|
Air Freight & Logistics 0.3% |
|
Bollore S.A. |
|
|
30 |
|
|
|
12,657 |
|
Deutsche Post AG |
|
|
4,779 |
|
|
|
113,538 |
|
Freightways Ltd. |
|
|
1,452 |
|
|
|
5,605 |
|
Goodpack Ltd. |
|
|
11,000 |
|
|
|
15,004 |
|
Mainfreight Ltd. |
|
|
2,379 |
|
|
|
21,510 |
|
Oesterreichische Post AG |
|
|
116 |
|
|
|
5,146 |
|
Panalpina Welttransport Holding AG |
|
|
30 |
|
|
|
2,923 |
|
PostNL NV* |
|
|
23,204 |
|
|
|
52,863 |
|
The Shibusawa Warehouse Co. Ltd. |
|
|
2,000 |
|
|
|
12,155 |
|
Singapore Post Ltd. |
|
|
5,000 |
|
|
|
5,237 |
|
TNT Express NV |
|
|
2,492 |
|
|
|
19,167 |
|
Toll Holdings Ltd. |
|
|
1,936 |
|
|
|
11,455 |
|
Yamato Holdings Co. Ltd. |
|
|
1,900 |
|
|
|
36,611 |
|
Yusen Logistics Co. Ltd. |
|
|
400 |
|
|
|
4,205 |
|
|
|
|
|
|
|
|
318,076 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Airlines 0.2% |
|
Air Berlin PLC* |
|
|
3,525 |
|
|
$ |
10,466 |
|
Air France-KLM* |
|
|
1,677 |
|
|
|
17,016 |
|
Air New Zealand Ltd. |
|
|
2,717 |
|
|
|
3,496 |
|
ANA Holdings, Inc. |
|
|
8,000 |
|
|
|
17,411 |
|
Cathay Pacific Airways Ltd. |
|
|
2,000 |
|
|
|
3,515 |
|
Deutsche Lufthansa AG |
|
|
1,669 |
|
|
|
33,402 |
|
easyJet PLC |
|
|
302 |
|
|
|
5,250 |
|
Finnair OYJ |
|
|
4,086 |
|
|
|
13,467 |
|
International Consolidated Airlines Group S.A.* |
|
|
6,610 |
|
|
|
27,983 |
|
Japan Airlines Co. Ltd. |
|
|
200 |
|
|
|
10,143 |
|
Norwegian Air Shuttle AS* |
|
|
303 |
|
|
|
14,579 |
|
Qantas Airways Ltd.* |
|
|
1,868 |
|
|
|
3,684 |
|
SAS AB* |
|
|
6,944 |
|
|
|
15,072 |
|
Singapore Airlines Ltd. |
|
|
2,000 |
|
|
|
18,025 |
|
Skymark Airlines, Inc.* |
|
|
500 |
|
|
|
1,848 |
|
Tiger Airways Holdings Ltd.* |
|
|
16,800 |
|
|
|
9,003 |
|
Virgin Australia Holdings Ltd.* |
|
|
9,609 |
|
|
|
4,538 |
|
|
|
|
|
|
|
|
208,898 |
|
Auto Components 1.7% |
|
Aisin Seiki Co. Ltd. |
|
|
900 |
|
|
|
32,476 |
|
Akebono Brake Industry Co. Ltd. |
|
|
5,500 |
|
|
|
26,424 |
|
Brembo SpA |
|
|
1,904 |
|
|
|
31,202 |
|
Bridgestone Corp. |
|
|
3,600 |
|
|
|
135,818 |
|
Cie Generale des Etablissements Michelin |
|
|
974 |
|
|
|
82,351 |
|
Continental AG* |
|
|
543 |
|
|
|
64,545 |
|
Daido Metal Co. Ltd. |
|
|
1,000 |
|
|
|
7,915 |
|
Denso Corp. |
|
|
2,700 |
|
|
|
120,989 |
|
ElringKlinger AG |
|
|
730 |
|
|
|
23,854 |
|
Exedy Corp. |
|
|
1,800 |
|
|
|
45,088 |
|
Faurecia |
|
|
2,766 |
|
|
|
51,418 |
|
Futaba Industrial Co. Ltd. |
|
|
1,600 |
|
|
|
7,441 |
|
GKN PLC |
|
|
8,949 |
|
|
|
38,275 |
|
G-Tekt Corp. |
|
|
400 |
|
|
|
12,607 |
|
HI-LEX Corp. |
|
|
1,300 |
|
|
|
27,892 |
|
Keihin Corp. |
|
|
2,000 |
|
|
|
32,687 |
|
Kinugawa Rubber Industrial Co. Ltd. |
|
|
3,000 |
|
|
|
15,707 |
|
Koito Manufacturing Co. Ltd. |
|
|
1,000 |
|
|
|
19,320 |
|
KYB Co. Ltd. |
|
|
9,000 |
|
|
|
49,061 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
58 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Auto Components (continued) |
|
Leoni AG |
|
|
1,765 |
|
|
$ |
79,664 |
|
Linamar Corp. |
|
|
2,475 |
|
|
|
58,685 |
|
Magna International, Inc. |
|
|
1,128 |
|
|
|
67,959 |
|
Martinrea International, Inc.* |
|
|
4,368 |
|
|
|
37,042 |
|
Musashi Seimitsu Industry Co. Ltd. |
|
|
1,800 |
|
|
|
43,406 |
|
NGK Spark Plug Co. Ltd. |
|
|
1,000 |
|
|
|
16,846 |
|
NHK Spring Co. Ltd. |
|
|
400 |
|
|
|
4,328 |
|
Nifco, Inc./Japan |
|
|
200 |
|
|
|
4,560 |
|
Nippon Seiki Co. Ltd. |
|
|
3,000 |
|
|
|
39,575 |
|
Nissin Kogyo Co. Ltd. |
|
|
2,000 |
|
|
|
44,205 |
|
NOK Corp. |
|
|
800 |
|
|
|
11,522 |
|
Nokian Renkaat OYJ |
|
|
480 |
|
|
|
20,833 |
|
Pirelli & C. SpA |
|
|
507 |
|
|
|
5,271 |
|
Plastic Omnium S.A. |
|
|
1,359 |
|
|
|
66,419 |
|
Press Kogyo Co. Ltd. |
|
|
5,000 |
|
|
|
25,562 |
|
Riken Corp. |
|
|
7,000 |
|
|
|
28,241 |
|
Sanden Corp. |
|
|
6,000 |
|
|
|
25,131 |
|
Showa Corp. |
|
|
2,500 |
|
|
|
36,264 |
|
Stanley Electric Co. Ltd. |
|
|
400 |
|
|
|
7,671 |
|
Sumitomo Rubber Industries Ltd. |
|
|
1,600 |
|
|
|
29,516 |
|
Tachi-S Co. Ltd. |
|
|
1,200 |
|
|
|
22,150 |
|
Tokai Rubber Industries Ltd. |
|
|
2,700 |
|
|
|
30,296 |
|
Topre Corp. |
|
|
2,000 |
|
|
|
18,602 |
|
Toyo Tire & Rubber Co. Ltd. |
|
|
9,000 |
|
|
|
48,414 |
|
Toyoda Gosei Co. Ltd. |
|
|
200 |
|
|
|
5,186 |
|
Toyota Industries Corp. |
|
|
900 |
|
|
|
36,772 |
|
TPR Co. Ltd. |
|
|
1,500 |
|
|
|
26,856 |
|
TS Tech Co. Ltd. |
|
|
300 |
|
|
|
9,113 |
|
Valeo S.A. |
|
|
370 |
|
|
|
21,512 |
|
Xinyi Glass Holdings Ltd. |
|
|
10,000 |
|
|
|
6,842 |
|
The Yokohama Rubber Co. Ltd. |
|
|
1,000 |
|
|
|
13,120 |
|
Yorozu Corp. |
|
|
1,200 |
|
|
|
20,018 |
|
|
|
|
|
|
|
|
1,736,651 |
|
Automobiles 2.2% |
|
Bayerische Motoren Werke AG |
|
|
1,867 |
|
|
|
169,100 |
|
Daihatsu Motor Co. Ltd. |
|
|
1,000 |
|
|
|
19,834 |
|
Daimler AG |
|
|
4,906 |
|
|
|
271,756 |
|
FFP |
|
|
130 |
|
|
|
5,269 |
|
Fiat SpA* |
|
|
4,529 |
|
|
|
27,120 |
|
Fuji Heavy Industries Ltd. |
|
|
3,000 |
|
|
|
56,668 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Automobiles (continued) |
|
Honda Motor Co. Ltd. |
|
|
9,000 |
|
|
$ |
358,023 |
|
Isuzu Motors Ltd. |
|
|
9,000 |
|
|
|
59,963 |
|
Mazda Motor Corp.* |
|
|
14,000 |
|
|
|
48,003 |
|
Mitsubishi Motors Corp.* |
|
|
18,000 |
|
|
|
21,250 |
|
Nissan Motor Co. Ltd. |
|
|
13,600 |
|
|
|
141,850 |
|
Peugeot S.A.* |
|
|
488 |
|
|
|
3,912 |
|
Piaggio & C SpA |
|
|
4,425 |
|
|
|
11,376 |
|
Renault S.A. |
|
|
993 |
|
|
|
68,496 |
|
Suzuki Motor Corp. |
|
|
1,900 |
|
|
|
48,724 |
|
Toyota Motor Corp. |
|
|
15,000 |
|
|
|
868,494 |
|
Volkswagen AG |
|
|
154 |
|
|
|
29,968 |
|
Yamaha Motor Co. Ltd. |
|
|
2,000 |
|
|
|
27,882 |
|
|
|
|
|
|
|
|
2,237,688 |
|
Beverages 1.8% |
|
Anheuser-Busch InBev N.V. |
|
|
4,208 |
|
|
|
400,830 |
|
Asahi Group Holdings Ltd. |
|
|
2,000 |
|
|
|
49,769 |
|
Britvic PLC |
|
|
4,366 |
|
|
|
29,899 |
|
C&C Group PLC |
|
|
3,999 |
|
|
|
24,885 |
|
Carlsberg A/S, Class B |
|
|
568 |
|
|
|
52,783 |
|
Coca Cola Hellenic Bottling Co. S.A.* |
|
|
901 |
|
|
|
22,249 |
|
Coca-Cola Amatil Ltd. |
|
|
3,168 |
|
|
|
49,789 |
|
Coca-Cola Central Japan Co. Ltd. |
|
|
1,500 |
|
|
|
22,636 |
|
Coca-Cola West Co. Ltd. |
|
|
200 |
|
|
|
3,722 |
|
Corby Distilleries Ltd., Class A |
|
|
238 |
|
|
|
4,813 |
|
Cott Corp. |
|
|
2,918 |
|
|
|
32,114 |
|
Davide Campari-Milano SpA |
|
|
2,464 |
|
|
|
20,043 |
|
Diageo PLC |
|
|
13,096 |
|
|
|
400,315 |
|
Heineken Holding N.V. |
|
|
540 |
|
|
|
32,507 |
|
Heineken N.V. |
|
|
1,152 |
|
|
|
81,438 |
|
Ito En Ltd. |
|
|
200 |
|
|
|
4,815 |
|
Kirin Holdings Co. Ltd. |
|
|
5,000 |
|
|
|
87,619 |
|
Mikuni Coca-Cola Bottling Co. Ltd. |
|
|
1,400 |
|
|
|
16,586 |
|
Molson Coors Canada, Inc., Class B |
|
|
120 |
|
|
|
6,228 |
|
Pernod-Ricard S.A. |
|
|
1,172 |
|
|
|
145,245 |
|
Remy Cointreau S.A. |
|
|
137 |
|
|
|
15,969 |
|
Royal UNIBREW A/S |
|
|
174 |
|
|
|
15,785 |
|
SABMiller PLC |
|
|
5,034 |
|
|
|
271,754 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
59 |
|
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Beverages (continued) |
|
Sapporo Holdings Ltd. |
|
|
2,000 |
|
|
$ |
9,096 |
|
Treasury Wine Estates Ltd. |
|
|
3,352 |
|
|
|
20,320 |
|
|
|
|
|
|
|
|
1,821,209 |
|
Biotechnology 0.4% |
|
Abcam PLC |
|
|
3,224 |
|
|
|
22,028 |
|
Actelion Ltd.* |
|
|
873 |
|
|
|
53,426 |
|
Active Biotech AB* |
|
|
270 |
|
|
|
2,367 |
|
Algeta ASA* |
|
|
597 |
|
|
|
20,273 |
|
Basilea Pharmaceutica* |
|
|
88 |
|
|
|
4,869 |
|
CK Life Sciences International Holdings, Inc. |
|
|
48,000 |
|
|
|
4,206 |
|
CSL Ltd. |
|
|
2,730 |
|
|
|
178,421 |
|
Elan Corp. PLC* |
|
|
2,403 |
|
|
|
27,737 |
|
Genmab A/S* |
|
|
575 |
|
|
|
15,008 |
|
Genus PLC |
|
|
993 |
|
|
|
20,942 |
|
Grifols S.A.* |
|
|
813 |
|
|
|
32,660 |
|
Grifols S.A., Class B* |
|
|
668 |
|
|
|
20,635 |
|
NicOx S.A.* |
|
|
2,113 |
|
|
|
7,229 |
|
QLT, Inc.* |
|
|
600 |
|
|
|
4,818 |
|
Swedish Orphan Biovitrum AB* |
|
|
2,704 |
|
|
|
17,252 |
|
Takara Bio, Inc. |
|
|
200 |
|
|
|
4,743 |
|
ThromboGenics NV* |
|
|
137 |
|
|
|
6,699 |
|
Zeltia S.A.* |
|
|
4,904 |
|
|
|
9,924 |
|
|
|
|
|
|
|
|
453,237 |
|
Building Products 0.8% |
|
Asahi Glass Co. Ltd. |
|
|
5,000 |
|
|
|
39,216 |
|
Assa Abloy AB, Class B |
|
|
1,756 |
|
|
|
70,016 |
|
Belimo Holding AG |
|
|
9 |
|
|
|
20,501 |
|
Central Glass Co. Ltd. |
|
|
9,000 |
|
|
|
31,783 |
|
Cie de St-Gobain |
|
|
2,169 |
|
|
|
87,089 |
|
Daikin Industries Ltd. |
|
|
1,100 |
|
|
|
44,154 |
|
Geberit AG* |
|
|
209 |
|
|
|
51,094 |
|
GWA Group Ltd. |
|
|
1,512 |
|
|
|
4,065 |
|
Hills Holdings Ltd. |
|
|
14,048 |
|
|
|
16,041 |
|
James Halstead PLC |
|
|
912 |
|
|
|
4,116 |
|
Kingspan Group PLC |
|
|
552 |
|
|
|
6,674 |
|
Lindab International AB |
|
|
398 |
|
|
|
3,117 |
|
LIXIL Group Corp. |
|
|
1,100 |
|
|
|
24,719 |
|
Nibe Industrier AB, Class B |
|
|
1,208 |
|
|
|
19,744 |
|
Nichias Corp. |
|
|
5,000 |
|
|
|
30,541 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Building Products (continued) |
|
Nichiha Corp. |
|
|
1,600 |
|
|
$ |
25,624 |
|
Nippon Sheet Glass Co. Ltd.* |
|
|
49,000 |
|
|
|
56,339 |
|
Nitto Boseki Co. Ltd. |
|
|
2,000 |
|
|
|
7,042 |
|
Noritz Corp. |
|
|
1,800 |
|
|
|
38,158 |
|
Rockwool International A/S, Class B |
|
|
82 |
|
|
|
10,839 |
|
Sankyo Tateyama, Inc.* |
|
|
4,500 |
|
|
|
124,130 |
|
Sekisui Jushi Corp. |
|
|
1,000 |
|
|
|
13,879 |
|
Takasago Thermal Engineering Co. Ltd. |
|
|
400 |
|
|
|
3,154 |
|
TOTO Ltd. |
|
|
1,000 |
|
|
|
10,369 |
|
Uponor OYJ |
|
|
1,292 |
|
|
|
19,146 |
|
Wienerberger AG |
|
|
3,084 |
|
|
|
38,017 |
|
|
|
|
|
|
|
|
799,567 |
|
Capital Markets 2.4% |
|
3i Group PLC |
|
|
3,034 |
|
|
|
15,517 |
|
Aberdeen Asset Management PLC |
|
|
3,889 |
|
|
|
27,159 |
|
ABG Sundal Collier Holding ASA |
|
|
12,905 |
|
|
|
9,415 |
|
AGF Management Ltd., Class B |
|
|
2,200 |
|
|
|
25,153 |
|
Allied Properties HK Ltd. |
|
|
54,000 |
|
|
|
8,489 |
|
ARA Asset Management Ltd. |
|
|
15,200 |
|
|
|
23,386 |
|
Ashmore Group PLC |
|
|
588 |
|
|
|
3,653 |
|
Avanza Bank Holding AB |
|
|
174 |
|
|
|
3,837 |
|
Azimut Holding SpA |
|
|
1,299 |
|
|
|
24,182 |
|
Banca Generali SpA |
|
|
1,368 |
|
|
|
28,226 |
|
Bank Sarasin & Cie AG, Class B* |
|
|
643 |
|
|
|
18,412 |
|
BinckBank NV |
|
|
3,474 |
|
|
|
26,652 |
|
Boursorama* |
|
|
690 |
|
|
|
5,513 |
|
Brederode S.A. |
|
|
186 |
|
|
|
6,045 |
|
Canaccord Financial, Inc. |
|
|
4,078 |
|
|
|
23,312 |
|
CI Financial Corp. |
|
|
785 |
|
|
|
22,016 |
|
Close Brothers Group PLC |
|
|
2,342 |
|
|
|
37,872 |
|
Credit Suisse Group AG* |
|
|
8,041 |
|
|
|
223,152 |
|
Daiwa Securities Group, Inc. |
|
|
9,000 |
|
|
|
79,735 |
|
Deutsche Bank AG |
|
|
5,088 |
|
|
|
234,177 |
|
Dundee Corp., Class A* |
|
|
2,342 |
|
|
|
87,710 |
|
EFG International AG* |
|
|
1,165 |
|
|
|
15,614 |
|
F&C Asset Management PLC |
|
|
11,846 |
|
|
|
18,068 |
|
Financiere de Tubize S.A.* |
|
|
179 |
|
|
|
8,531 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
60 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Capital Markets (continued) |
|
GAM Holding AG* |
|
|
1,345 |
|
|
$ |
23,745 |
|
Gimv N.V. |
|
|
148 |
|
|
|
7,625 |
|
GMP Capital, Inc. |
|
|
600 |
|
|
|
3,197 |
|
Hargreaves Lansdown PLC |
|
|
1,217 |
|
|
|
18,553 |
|
Henderson Group PLC |
|
|
2,212 |
|
|
|
5,681 |
|
ICAP PLC |
|
|
1,207 |
|
|
|
5,407 |
|
Ichiyoshi Securities Co. Ltd. |
|
|
2,700 |
|
|
|
39,276 |
|
IGM Financial, Inc. |
|
|
657 |
|
|
|
29,321 |
|
Intermediate Capital Group PLC |
|
|
20,800 |
|
|
|
136,744 |
|
Investec PLC |
|
|
3,291 |
|
|
|
23,306 |
|
IOOF Holdings Ltd. |
|
|
3,394 |
|
|
|
31,074 |
|
Jafco Co. Ltd. |
|
|
300 |
|
|
|
14,506 |
|
Julius Baer Group Ltd.* |
|
|
1,046 |
|
|
|
41,707 |
|
Jupiter Fund Management PLC |
|
|
4,862 |
|
|
|
25,010 |
|
kabu.com Securities Co. Ltd. |
|
|
2,000 |
|
|
|
14,639 |
|
Macquarie Group Ltd. |
|
|
1,856 |
|
|
|
75,504 |
|
Man Group PLC |
|
|
4,673 |
|
|
|
7,433 |
|
Marusan Securities Co. Ltd. |
|
|
1,200 |
|
|
|
10,176 |
|
Matsui Securities Co. Ltd. |
|
|
1,300 |
|
|
|
16,348 |
|
Mediobanca SpA |
|
|
3,062 |
|
|
|
19,482 |
|
MLP AG |
|
|
523 |
|
|
|
3,717 |
|
Monex Group, Inc. |
|
|
35 |
|
|
|
15,773 |
|
Nomura Holdings, Inc. |
|
|
18,900 |
|
|
|
153,862 |
|
Okasan Securities Group, Inc. |
|
|
3,000 |
|
|
|
37,635 |
|
Paris Orleans S.A. |
|
|
1,181 |
|
|
|
30,440 |
|
Partners Group Holding AG |
|
|
110 |
|
|
|
28,242 |
|
Perpetual Ltd. |
|
|
693 |
|
|
|
29,638 |
|
Ratos AB, Class B |
|
|
406 |
|
|
|
3,898 |
|
SBI Holdings, Inc./Japan |
|
|
400 |
|
|
|
7,745 |
|
Schroders PLC |
|
|
1,174 |
|
|
|
42,665 |
|
Sprott, Inc. |
|
|
1,700 |
|
|
|
5,425 |
|
Sun Hung Kai & Co. Ltd. |
|
|
30,000 |
|
|
|
20,991 |
|
SVG Capital PLC* |
|
|
9,441 |
|
|
|
58,497 |
|
Tetragon Financial Group Ltd. |
|
|
2,349 |
|
|
|
25,722 |
|
Tullett Prebon PLC |
|
|
12,241 |
|
|
|
46,582 |
|
UBS AG* |
|
|
19,976 |
|
|
|
356,964 |
|
Union Financiere de France BQE S.A. |
|
|
774 |
|
|
|
17,041 |
|
Uranium Participation Corp.* |
|
|
6,408 |
|
|
|
30,643 |
|
Value Partners Group Ltd.* |
|
|
6,000 |
|
|
|
3,672 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Capital Markets (continued) |
|
Verwaltungs- und Privat-Bank AG |
|
|
129 |
|
|
$ |
10,346 |
|
Vontobel Holding AG |
|
|
180 |
|
|
|
5,813 |
|
|
|
|
|
|
|
|
2,459,871 |
|
Chemicals 3.6% |
|
Achilles Corp./Japan |
|
|
11,000 |
|
|
|
15,809 |
|
ADEKA Corp. |
|
|
4,700 |
|
|
|
42,267 |
|
Agrium, Inc. |
|
|
909 |
|
|
|
83,458 |
|
Air Liquide S.A. |
|
|
1,677 |
|
|
|
212,517 |
|
Air Water, Inc. |
|
|
1,000 |
|
|
|
16,169 |
|
Akzo Nobel N.V. |
|
|
1,278 |
|
|
|
77,135 |
|
Arkema S.A. |
|
|
342 |
|
|
|
32,077 |
|
Asahi Kasei Corp. |
|
|
9,000 |
|
|
|
60,425 |
|
AZ Electronic Materials S.A. |
|
|
739 |
|
|
|
3,275 |
|
BASF SE |
|
|
4,862 |
|
|
|
454,601 |
|
C Uyemura & Co. Ltd. |
|
|
200 |
|
|
|
8,172 |
|
Canexus Corp. |
|
|
3,680 |
|
|
|
34,501 |
|
Chr Hansen Holding A/S |
|
|
237 |
|
|
|
8,550 |
|
Chugoku Marine Paints Ltd. |
|
|
3,000 |
|
|
|
15,122 |
|
Clariant AG* |
|
|
2,513 |
|
|
|
36,791 |
|
Croda International PLC |
|
|
704 |
|
|
|
27,152 |
|
Daicel Corp. |
|
|
1,000 |
|
|
|
8,059 |
|
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. |
|
|
4,000 |
|
|
|
18,643 |
|
Daiso Co. Ltd. |
|
|
2,000 |
|
|
|
5,872 |
|
Denki Kagaku Kogyo KK |
|
|
2,000 |
|
|
|
7,309 |
|
DIC Corp. |
|
|
2,000 |
|
|
|
4,476 |
|
DuluxGroup Ltd. |
|
|
6,454 |
|
|
|
31,421 |
|
Earth Chemical Co. Ltd. |
|
|
400 |
|
|
|
14,146 |
|
Elementis PLC |
|
|
7,867 |
|
|
|
32,263 |
|
EMS-Chemie Holding AG |
|
|
53 |
|
|
|
15,333 |
|
Filtrona PLC |
|
|
3,783 |
|
|
|
41,598 |
|
Frutarom Industries Ltd. |
|
|
360 |
|
|
|
5,322 |
|
Fuchs Petrolub AG |
|
|
89 |
|
|
|
7,291 |
|
Fujimi, Inc. |
|
|
100 |
|
|
|
1,338 |
|
Givaudan S.A.* |
|
|
45 |
|
|
|
57,936 |
|
H&R AG |
|
|
1,125 |
|
|
|
13,708 |
|
Hexpol AB |
|
|
536 |
|
|
|
30,182 |
|
Hitachi Chemical Co. Ltd. |
|
|
200 |
|
|
|
3,131 |
|
Incitec Pivot Ltd. |
|
|
7,743 |
|
|
|
23,229 |
|
Ishihara Sangyo Kaisha Ltd.* |
|
|
23,000 |
|
|
|
20,306 |
|
Israel Chemicals Ltd. |
|
|
2,640 |
|
|
|
31,413 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
61 |
|
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Chemicals (continued) |
|
The Israel Corp. Ltd.* |
|
|
6 |
|
|
$ |
3,859 |
|
Johnson Matthey PLC |
|
|
1,063 |
|
|
|
40,104 |
|
JSP Corp. |
|
|
1,100 |
|
|
|
16,069 |
|
JSR Corp. |
|
|
500 |
|
|
|
11,513 |
|
K+S AG |
|
|
947 |
|
|
|
41,913 |
|
Kaneka Corp. |
|
|
1,000 |
|
|
|
6,016 |
|
Kansai Paint Co. Ltd. |
|
|
1,000 |
|
|
|
12,822 |
|
Kemira OYJ |
|
|
222 |
|
|
|
3,363 |
|
Koninklijke DSM N.V. |
|
|
884 |
|
|
|
57,026 |
|
Koninklijke Ten Cate NV |
|
|
1,558 |
|
|
|
37,867 |
|
Kuraray Co. Ltd. |
|
|
2,000 |
|
|
|
30,366 |
|
Kureha Corp. |
|
|
7,000 |
|
|
|
24,720 |
|
Lanxess AG |
|
|
441 |
|
|
|
32,152 |
|
Lee & Man Chemical Co. Ltd. |
|
|
8,000 |
|
|
|
3,711 |
|
Linde AG |
|
|
992 |
|
|
|
187,808 |
|
LyondellBasell Industries N.V., Class A |
|
|
1,900 |
|
|
|
115,330 |
|
Methanex Corp. |
|
|
646 |
|
|
|
27,424 |
|
Mitsubishi Chemical Holdings Corp. |
|
|
5,500 |
|
|
|
26,763 |
|
Mitsubishi Gas Chemical Co. Inc. |
|
|
3,000 |
|
|
|
22,913 |
|
Mitsui Chemicals, Inc. |
|
|
2,000 |
|
|
|
4,620 |
|
Nihon Nohyaku Co. Ltd. |
|
|
2,000 |
|
|
|
19,033 |
|
Nippon Kayaku Co. Ltd. |
|
|
1,000 |
|
|
|
14,413 |
|
Nippon Paint Co. Ltd. |
|
|
1,000 |
|
|
|
11,857 |
|
Nippon Shokubai Co. Ltd. |
|
|
1,000 |
|
|
|
9,814 |
|
Nippon Soda Co. Ltd. |
|
|
9,000 |
|
|
|
41,854 |
|
The Nippon Synthetic Chemical Industry Co. Ltd. |
|
|
2,000 |
|
|
|
19,197 |
|
Nissan Chemical Industries Ltd. |
|
|
200 |
|
|
|
2,593 |
|
Nitto Denko Corp. |
|
|
900 |
|
|
|
59,132 |
|
NOF Corp. |
|
|
9,000 |
|
|
|
48,414 |
|
Novozymes A/S, Class B |
|
|
1,379 |
|
|
|
47,674 |
|
Nufarm Ltd./Australia |
|
|
4,745 |
|
|
|
20,687 |
|
Nuplex Industries Ltd. |
|
|
9,865 |
|
|
|
28,181 |
|
Orica Ltd. |
|
|
2,178 |
|
|
|
51,661 |
|
Potash Corp. of Saskatchewan, Inc. |
|
|
4,662 |
|
|
|
196,519 |
|
Sakai Chemical Industry Co. Ltd. |
|
|
3,000 |
|
|
|
9,424 |
|
Sanyo Chemical Industries Ltd. |
|
|
3,000 |
|
|
|
17,709 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Chemicals (continued) |
|
Sateri Holdings Ltd. |
|
|
12,000 |
|
|
$ |
2,814 |
|
Shin-Etsu Chemical Co. Ltd. |
|
|
2,000 |
|
|
|
134,688 |
|
Shin-Etsu Polymer Co. Ltd. |
|
|
3,800 |
|
|
|
14,083 |
|
Showa Denko KK |
|
|
2,000 |
|
|
|
3,223 |
|
Sika AG |
|
|
11 |
|
|
|
26,584 |
|
Solvay S.A. |
|
|
271 |
|
|
|
39,766 |
|
Sumitomo Bakelite Co. Ltd. |
|
|
10,000 |
|
|
|
40,550 |
|
Sumitomo Chemical Co. Ltd. |
|
|
9,000 |
|
|
|
30,120 |
|
Symrise AG |
|
|
524 |
|
|
|
22,383 |
|
Syngenta AG |
|
|
513 |
|
|
|
219,459 |
|
Taiyo Holdings Co. Ltd. |
|
|
200 |
|
|
|
6,314 |
|
Taiyo Nippon Sanso Corp. |
|
|
1,000 |
|
|
|
6,632 |
|
Takasago International Corp. |
|
|
4,000 |
|
|
|
21,353 |
|
Teijin Ltd. |
|
|
2,000 |
|
|
|
4,804 |
|
Tessenderlo Chemie NV |
|
|
745 |
|
|
|
21,088 |
|
Tikkurila Oyj |
|
|
399 |
|
|
|
8,574 |
|
Tokai Carbon Co. Ltd. |
|
|
10,000 |
|
|
|
33,775 |
|
Tokuyama Corp. |
|
|
3,000 |
|
|
|
8,069 |
|
Toray Industries, Inc. |
|
|
9,000 |
|
|
|
63,197 |
|
Tosoh Corp. |
|
|
2,000 |
|
|
|
6,591 |
|
Toyobo Co. Ltd. |
|
|
2,000 |
|
|
|
3,490 |
|
Ube Industries Ltd./Japan |
|
|
2,000 |
|
|
|
4,045 |
|
Umicore S.A. |
|
|
523 |
|
|
|
24,237 |
|
Victrex PLC |
|
|
1,424 |
|
|
|
35,572 |
|
Wacker Chemie AG |
|
|
136 |
|
|
|
10,403 |
|
Yara International ASA |
|
|
1,010 |
|
|
|
47,368 |
|
Yule Catto & Co. PLC |
|
|
14,941 |
|
|
|
46,718 |
|
Zeon Corp. |
|
|
1,000 |
|
|
|
10,748 |
|
|
|
|
|
|
|
|
3,702,166 |
|
Commercial Banks 11.3% |
|
The 77 Bank Ltd. |
|
|
1,000 |
|
|
|
5,944 |
|
The Aichi Bank Ltd. |
|
|
100 |
|
|
|
5,718 |
|
The Akita Bank Ltd. |
|
|
9,000 |
|
|
|
25,038 |
|
Aktia OYJ, Class A |
|
|
2,028 |
|
|
|
17,379 |
|
Alpha Bank AE* |
|
|
3,501 |
|
|
|
4,436 |
|
The Aomori Bank Ltd. |
|
|
10,000 |
|
|
|
29,771 |
|
Aozora Bank Ltd. |
|
|
8,000 |
|
|
|
25,049 |
|
Australia & New Zealand Banking Group Ltd. |
|
|
14,474 |
|
|
|
478,388 |
|
Banca Carige SpA |
|
|
16,096 |
|
|
|
11,714 |
|
Banca Monte dei Paschi di Siena SpA* |
|
|
11,030 |
|
|
|
3,111 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
62 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Commercial Banks (continued) |
|
Banca Piccolo Credito Valtellinese Scarl |
|
|
25,653 |
|
|
$ |
32,130 |
|
Banca Popolare dellEmilia Romagna Scrl |
|
|
747 |
|
|
|
6,333 |
|
Banca Popolare di Milano Scarl* |
|
|
5,794 |
|
|
|
3,873 |
|
Banca Popolare di Sondrio SCARL* |
|
|
804 |
|
|
|
4,666 |
|
Banco Bibao Vizcaya Argentaria S.A.* |
|
|
28,342 |
|
|
|
275,388 |
|
Banco Bilbao Vizcaya Argentaria S.A.*^ |
|
|
506 |
|
|
|
4,917 |
|
Banco BPI S.A.* |
|
|
9,348 |
|
|
|
13,434 |
|
Banco Comercial Portugues S.A., Class R* |
|
|
152,652 |
|
|
|
21,132 |
|
Banco de Sabadell S.A. |
|
|
15,765 |
|
|
|
32,819 |
|
Banco Espirito Santo S.A.* |
|
|
3,658 |
|
|
|
4,191 |
|
Banco Popolare SC* |
|
|
4,982 |
|
|
|
7,192 |
|
Banco Popular Espanol S.A. |
|
|
22,845 |
|
|
|
17,800 |
|
Banco Santander S.A.* |
|
|
55,677 |
|
|
|
403,064 |
|
Banco Santander S.A.*^ |
|
|
1,637 |
|
|
|
11,851 |
|
Bank Hapoalim BM* |
|
|
8,922 |
|
|
|
41,454 |
|
Bank Leumi Le-Israel BM* |
|
|
9,082 |
|
|
|
32,237 |
|
Bank of East Asia Ltd. |
|
|
7,540 |
|
|
|
30,993 |
|
Bank of Greece |
|
|
147 |
|
|
|
2,616 |
|
The Bank of Iwate Ltd. |
|
|
900 |
|
|
|
38,713 |
|
The Bank of Kyoto Ltd. |
|
|
1,000 |
|
|
|
10,512 |
|
Bank of Montreal |
|
|
3,467 |
|
|
|
217,806 |
|
The Bank of Nagoya Ltd. |
|
|
2,000 |
|
|
|
9,486 |
|
Bank of Nova Scotia |
|
|
6,158 |
|
|
|
355,638 |
|
The Bank of Okinawa Ltd. |
|
|
400 |
|
|
|
19,423 |
|
Bank of Queensland Ltd. |
|
|
528 |
|
|
|
5,497 |
|
Bank of the Ryukyus Ltd. |
|
|
300 |
|
|
|
4,432 |
|
The Bank of Yokohama Ltd. |
|
|
9,000 |
|
|
|
54,697 |
|
Bankia S.A.* |
|
|
16 |
|
|
|
84 |
|
Bankinter S.A.* |
|
|
1,633 |
|
|
|
6,020 |
|
Bankinter S.A.*^ |
|
|
905 |
|
|
|
3,336 |
|
Banque Cantonale Vaudoise |
|
|
8 |
|
|
|
4,431 |
|
Barclays PLC |
|
|
63,586 |
|
|
|
283,090 |
|
Bendigo and Adelaide Bank Ltd. |
|
|
2,756 |
|
|
|
31,641 |
|
Berner Kantonalbank AG |
|
|
22 |
|
|
|
6,140 |
|
BNP Paribas S.A. |
|
|
5,256 |
|
|
|
293,188 |
|
CaixaBank |
|
|
7,355 |
|
|
|
27,258 |
|
Canadian Imperial Bank of Commerce/Canada |
|
|
2,171 |
|
|
|
173,900 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Commercial Banks (continued) |
|
Canadian Western Bank |
|
|
176 |
|
|
$ |
4,980 |
|
The Chiba Bank Ltd. |
|
|
4,000 |
|
|
|
31,044 |
|
The Chiba Kogyo Bank Ltd.* |
|
|
1,900 |
|
|
|
17,243 |
|
The Chugoku Bank Ltd. |
|
|
1,000 |
|
|
|
17,411 |
|
Comdirect Bank AG |
|
|
411 |
|
|
|
4,362 |
|
Commerzbank AG* |
|
|
2,008 |
|
|
|
27,043 |
|
Commonwealth Bank of Australia |
|
|
8,616 |
|
|
|
656,925 |
|
Credit Agricole S.A.* |
|
|
5,365 |
|
|
|
49,166 |
|
Credito Bergamasco SpA |
|
|
336 |
|
|
|
5,644 |
|
Credito Emiliano SpA |
|
|
4,097 |
|
|
|
23,442 |
|
Dah Sing Banking Group Ltd. |
|
|
22,000 |
|
|
|
32,374 |
|
Dah Sing Financial Holdings Ltd. |
|
|
7,200 |
|
|
|
37,806 |
|
Danske Bank A/S* |
|
|
3,711 |
|
|
|
70,218 |
|
DBS Group Holdings Ltd. |
|
|
10,000 |
|
|
|
136,078 |
|
Dexia S.A.* |
|
|
47,953 |
|
|
|
3,161 |
|
DNB ASA* |
|
|
5,330 |
|
|
|
87,259 |
|
The Ehime Bank Ltd. |
|
|
2,000 |
|
|
|
5,153 |
|
The Eighteenth Bank Ltd. |
|
|
9,000 |
|
|
|
23,191 |
|
Erste Group Bank AG* |
|
|
1,128 |
|
|
|
35,394 |
|
Espirito Santo Financial Group S.A.* |
|
|
5,769 |
|
|
|
39,855 |
|
Eurobank Ergasias S.A.* |
|
|
7,808 |
|
|
|
2,018 |
|
The Fukui Bank Ltd. |
|
|
13,000 |
|
|
|
27,225 |
|
Fukuoka Financial Group, Inc. |
|
|
2,000 |
|
|
|
10,225 |
|
The Governor & Co. of the Bank of Ireland* |
|
|
117,954 |
|
|
|
26,281 |
|
The Gunma Bank Ltd. |
|
|
2,000 |
|
|
|
12,709 |
|
The Hachijuni Bank Ltd. |
|
|
2,000 |
|
|
|
13,592 |
|
Hang Seng Bank Ltd. |
|
|
4,500 |
|
|
|
75,265 |
|
The Higashi-Nippon Bank Ltd. |
|
|
8,000 |
|
|
|
20,285 |
|
The Hiroshima Bank Ltd. |
|
|
2,000 |
|
|
|
10,533 |
|
The Hokuetsu Bank Ltd. |
|
|
9,000 |
|
|
|
21,158 |
|
Hokuhoku Financial Group, Inc. |
|
|
2,000 |
|
|
|
4,661 |
|
HSBC Holdings PLC |
|
|
99,807 |
|
|
|
1,092,814 |
|
Intesa Sanpaolo SpA |
|
|
57,495 |
|
|
|
103,764 |
|
Israel Discount Bank Ltd., Class A* |
|
|
3,293 |
|
|
|
5,526 |
|
The Iyo Bank Ltd. |
|
|
1,000 |
|
|
|
10,471 |
|
The Joyo Bank Ltd. |
|
|
4,000 |
|
|
|
24,556 |
|
Jyske Bank A/S* |
|
|
130 |
|
|
|
5,064 |
|
Kansai Urban Banking Corp. |
|
|
18,000 |
|
|
|
24,576 |
|
KBC Groep N.V. |
|
|
1,440 |
|
|
|
56,575 |
|
Kiyo Holdings, Inc. |
|
|
8,000 |
|
|
|
13,962 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
63 |
|
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Commercial Banks (continued) |
|
Laurentian Bank of Canada |
|
|
1,650 |
|
|
$ |
72,522 |
|
Liechtensteinische Landesbank AG |
|
|
607 |
|
|
|
25,549 |
|
Lloyds Banking Group PLC* |
|
|
227,512 |
|
|
|
192,382 |
|
The Michinoku Bank Ltd. |
|
|
8,000 |
|
|
|
19,382 |
|
The Mie Bank Ltd. |
|
|
2,000 |
|
|
|
4,804 |
|
The Minato Bank Ltd. |
|
|
2,000 |
|
|
|
3,675 |
|
Mitsubishi UFJ Financial Group, Inc. |
|
|
68,700 |
|
|
|
467,592 |
|
The Miyazaki Bank Ltd. |
|
|
9,000 |
|
|
|
26,609 |
|
Mizrahi Tefahot Bank Ltd.* |
|
|
506 |
|
|
|
5,174 |
|
Mizuho Financial Group, Inc. |
|
|
123,400 |
|
|
|
272,364 |
|
The Musashino Bank Ltd. |
|
|
300 |
|
|
|
12,750 |
|
The Nanto Bank Ltd. |
|
|
1,000 |
|
|
|
4,414 |
|
National Australia Bank Ltd. |
|
|
12,258 |
|
|
|
432,630 |
|
National Bank of Canada |
|
|
903 |
|
|
|
68,363 |
|
National Bank of Greece S.A.* |
|
|
2,586 |
|
|
|
2,165 |
|
Natixis |
|
|
5,282 |
|
|
|
23,189 |
|
The Nishi-Nippon City Bank Ltd. |
|
|
2,000 |
|
|
|
6,673 |
|
Nordea Bank AB |
|
|
13,475 |
|
|
|
161,642 |
|
The Oita Bank Ltd. |
|
|
9,000 |
|
|
|
35,109 |
|
Oversea-Chinese Banking Corp. Ltd. |
|
|
15,000 |
|
|
|
132,140 |
|
Piraeus Bank S.A.* |
|
|
59,106 |
|
|
|
16,520 |
|
Raiffeisen Bank International AG |
|
|
308 |
|
|
|
10,881 |
|
Resona Holdings, Inc. |
|
|
9,000 |
|
|
|
48,044 |
|
Ringkjoebing Landbobank A/S |
|
|
102 |
|
|
|
16,775 |
|
Royal Bank of Canada |
|
|
7,778 |
|
|
|
469,997 |
|
Royal Bank of Scotland Group PLC* |
|
|
10,134 |
|
|
|
48,311 |
|
Senshu Ikeda Holdings, Inc. |
|
|
400 |
|
|
|
2,115 |
|
Seven Bank Ltd. |
|
|
1,000 |
|
|
|
3,552 |
|
The Shiga Bank Ltd. |
|
|
1,000 |
|
|
|
7,042 |
|
The Shikoku Bank Ltd. |
|
|
2,000 |
|
|
|
6,098 |
|
The Shimizu Bank Ltd. |
|
|
200 |
|
|
|
5,930 |
|
Shinsei Bank Ltd. |
|
|
8,000 |
|
|
|
22,421 |
|
The Shizuoka Bank Ltd. |
|
|
3,000 |
|
|
|
36,711 |
|
Skandinaviska Enskilda Banken AB, Class A |
|
|
7,615 |
|
|
|
78,230 |
|
Societe Generale S.A.* |
|
|
3,987 |
|
|
|
144,973 |
|
Spar Nord Bank A/S* |
|
|
5,438 |
|
|
|
35,003 |
|
SpareBank 1 SMN |
|
|
6,516 |
|
|
|
55,460 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Commercial Banks (continued) |
|
Standard Chartered PLC |
|
|
13,014 |
|
|
$ |
327,523 |
|
Sumitomo Mitsui Financial Group, Inc. |
|
|
7,200 |
|
|
|
340,376 |
|
Sumitomo Mitsui Trust Holdings, Inc. |
|
|
18,000 |
|
|
|
90,360 |
|
Suruga Bank Ltd. |
|
|
1,000 |
|
|
|
17,678 |
|
Svenska Handelsbanken AB, Class A |
|
|
2,656 |
|
|
|
120,795 |
|
Swedbank AB |
|
|
5,068 |
|
|
|
124,877 |
|
Sydbank A/S* |
|
|
1,578 |
|
|
|
35,997 |
|
The Tochigi Bank Ltd. |
|
|
6,000 |
|
|
|
24,330 |
|
The Toho Bank Ltd. |
|
|
4,000 |
|
|
|
12,524 |
|
The Tokyo Tomin Bank Ltd. |
|
|
2,500 |
|
|
|
34,853 |
|
TOMONY Holdings, Inc. |
|
|
6,600 |
|
|
|
27,102 |
|
The Toronto-Dominion Bank |
|
|
4,897 |
|
|
|
402,091 |
|
The Towa Bank Ltd. |
|
|
16,000 |
|
|
|
18,561 |
|
The Tsukuba Bank Ltd. |
|
|
5,400 |
|
|
|
26,720 |
|
UniCredit SpA* |
|
|
23,114 |
|
|
|
120,675 |
|
Unione di Banche Italiane SCPA |
|
|
4,896 |
|
|
|
20,462 |
|
United Overseas Bank Ltd. |
|
|
7,000 |
|
|
|
121,341 |
|
Valiant Holding* |
|
|
409 |
|
|
|
38,349 |
|
Westpac Banking Corp. |
|
|
16,239 |
|
|
|
569,763 |
|
Wing Hang Bank Ltd. |
|
|
500 |
|
|
|
5,254 |
|
The Yachiyo Bank Ltd. |
|
|
1,200 |
|
|
|
44,780 |
|
The Yamagata Bank Ltd. |
|
|
1,000 |
|
|
|
4,958 |
|
Yamaguchi Financial Group, Inc. |
|
|
1,000 |
|
|
|
10,851 |
|
The Yamanashi Chuo Bank Ltd. |
|
|
2,000 |
|
|
|
9,280 |
|
Zuger Kantonalbank AG |
|
|
4 |
|
|
|
21,465 |
|
|
|
|
|
|
|
|
11,515,095 |
|
Commercial Services & Supplies
1.1% |
|
Aggreko PLC |
|
|
1,503 |
|
|
|
41,686 |
|
Babcock International Group PLC |
|
|
1,776 |
|
|
|
29,577 |
|
Berendsen PLC |
|
|
3,072 |
|
|
|
36,983 |
|
Bilfinger SE |
|
|
255 |
|
|
|
25,584 |
|
Black Diamond Group Ltd. |
|
|
1,100 |
|
|
|
23,152 |
|
Brambles Ltd. |
|
|
9,326 |
|
|
|
84,417 |
|
Cabcharge Australia Ltd. |
|
|
692 |
|
|
|
3,434 |
|
Dai Nippon Printing Co. Ltd. |
|
|
3,000 |
|
|
|
29,350 |
|
Daiseki Co. Ltd. |
|
|
300 |
|
|
|
5,744 |
|
De La Rue PLC |
|
|
1,721 |
|
|
|
24,951 |
|
Derichebourg S.A.* |
|
|
4,118 |
|
|
|
16,662 |
|
Downer EDI Ltd. |
|
|
890 |
|
|
|
4,536 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
64 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Commercial Services & Supplies
(continued) |
|
Duskin Co. Ltd. |
|
|
200 |
|
|
$ |
4,061 |
|
Edenred |
|
|
1,038 |
|
|
|
34,596 |
|
G4S PLC |
|
|
6,365 |
|
|
|
30,988 |
|
Gategroup Holding AG* |
|
|
636 |
|
|
|
12,324 |
|
Homeserve PLC |
|
|
4,681 |
|
|
|
15,256 |
|
Horizon North Logistics, Inc. |
|
|
842 |
|
|
|
4,981 |
|
Intrum Justitia AB |
|
|
1,613 |
|
|
|
33,266 |
|
Kaba Holding AG, Class B* |
|
|
57 |
|
|
|
22,335 |
|
Lassila & Tikanoja OYJ* |
|
|
204 |
|
|
|
3,617 |
|
Loomis AB, Class B |
|
|
1,396 |
|
|
|
27,227 |
|
Matsuda Sangyo Co. Ltd. |
|
|
800 |
|
|
|
11,588 |
|
Mineral Resources Ltd. |
|
|
367 |
|
|
|
3,714 |
|
Mitie Group PLC |
|
|
5,833 |
|
|
|
25,075 |
|
Mitsubishi Pencil Co. Ltd. |
|
|
200 |
|
|
|
4,236 |
|
Moshi Moshi Hotline, Inc. |
|
|
200 |
|
|
|
2,961 |
|
Newalta Corp. |
|
|
1,609 |
|
|
|
22,187 |
|
Nissha Printing Co. Ltd. |
|
|
1,300 |
|
|
|
20,939 |
|
Okamura Corp. |
|
|
1,000 |
|
|
|
7,586 |
|
Oyo Corp. |
|
|
1,100 |
|
|
|
18,034 |
|
Park24 Co. Ltd. |
|
|
700 |
|
|
|
14,121 |
|
PayPoint PLC |
|
|
1,283 |
|
|
|
16,264 |
|
Pilot Corp. |
|
|
4 |
|
|
|
16,302 |
|
Progressive Waste Solutions Ltd. |
|
|
824 |
|
|
|
18,391 |
|
Prosegur Cia de Seguridad S.A. |
|
|
502 |
|
|
|
2,806 |
|
Regus PLC |
|
|
34,633 |
|
|
|
88,293 |
|
Rentokil Initial PLC |
|
|
3,855 |
|
|
|
5,691 |
|
Ritchie Bros Auctioneers, Inc. |
|
|
166 |
|
|
|
3,367 |
|
RPS Group PLC |
|
|
1,976 |
|
|
|
7,670 |
|
Salmat Ltd. |
|
|
3,131 |
|
|
|
6,598 |
|
Sato Holdings Corp. |
|
|
1,100 |
|
|
|
23,059 |
|
Seche Environnement S.A. |
|
|
94 |
|
|
|
3,735 |
|
Secom Co. Ltd. |
|
|
1,000 |
|
|
|
55,846 |
|
Securitas AB, Class B |
|
|
757 |
|
|
|
7,426 |
|
Serco Group PLC |
|
|
3,708 |
|
|
|
35,694 |
|
Shanks Group PLC |
|
|
2,768 |
|
|
|
3,522 |
|
Societe BIC S.A. |
|
|
209 |
|
|
|
22,327 |
|
Tokyu Community Corp. |
|
|
200 |
|
|
|
10,389 |
|
Tomra Systems ASA |
|
|
799 |
|
|
|
7,494 |
|
Toppan Printing Co. Ltd. |
|
|
3,000 |
|
|
|
22,852 |
|
Transcontinental, Inc., Class A |
|
|
3,584 |
|
|
|
46,214 |
|
Transfield Services Ltd. |
|
|
27,136 |
|
|
|
44,929 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Commercial Services & Supplies
(continued) |
|
Transpacific Industries Group Ltd.* |
|
|
16,864 |
|
|
$ |
16,981 |
|
|
|
|
|
|
|
|
1,111,018 |
|
Communications Equipment 0.5% |
|
AAC Technologies Holdings, Inc. |
|
|
3,500 |
|
|
|
17,070 |
|
Aastra Technologies Ltd. |
|
|
300 |
|
|
|
5,637 |
|
Alcatel-Lucent* |
|
|
16,600 |
|
|
|
22,783 |
|
Axis Communications AB |
|
|
894 |
|
|
|
24,570 |
|
Denki Kogyo Co. Ltd. |
|
|
2,000 |
|
|
|
9,280 |
|
EVS Broadcast Equipment S.A. |
|
|
86 |
|
|
|
5,839 |
|
Hitachi Kokusai Electric, Inc. |
|
|
1,000 |
|
|
|
11,765 |
|
Japan Radio Co. Ltd.* |
|
|
1,000 |
|
|
|
3,788 |
|
Nokia OYJ |
|
|
20,106 |
|
|
|
67,436 |
|
Pace PLC |
|
|
5,889 |
|
|
|
22,758 |
|
RADWARE Ltd.* |
|
|
800 |
|
|
|
11,992 |
|
Research In Motion Ltd.* |
|
|
2,196 |
|
|
|
36,023 |
|
Sierra Wireless, Inc.* |
|
|
900 |
|
|
|
9,968 |
|
Spirent Communications PLC |
|
|
12,043 |
|
|
|
24,460 |
|
Telefonaktiebolaget LM Ericsson, Class A |
|
|
566 |
|
|
|
6,864 |
|
Telefonaktiebolaget LM Ericsson, Class B |
|
|
16,075 |
|
|
|
200,902 |
|
TKH Group NV |
|
|
328 |
|
|
|
8,908 |
|
VTech Holdings Ltd. |
|
|
1,900 |
|
|
|
24,238 |
|
Wi-Lan, Inc. |
|
|
1,838 |
|
|
|
7,273 |
|
|
|
|
|
|
|
|
521,554 |
|
Computers & Peripherals 0.3% |
|
Bull* |
|
|
1,662 |
|
|
|
5,347 |
|
Eizo Corp. |
|
|
500 |
|
|
|
8,654 |
|
Fujitsu Ltd. |
|
|
10,000 |
|
|
|
41,988 |
|
Gemalto N.V. |
|
|
407 |
|
|
|
33,290 |
|
Japan Digital Laboratory Co. Ltd. |
|
|
1,800 |
|
|
|
22,137 |
|
Logitech International S.A.* |
|
|
3,059 |
|
|
|
19,494 |
|
Melco Holdings, Inc. |
|
|
1,100 |
|
|
|
18,136 |
|
NEC Corp. |
|
|
14,000 |
|
|
|
36,362 |
|
Seiko Epson Corp. |
|
|
900 |
|
|
|
10,320 |
|
Toshiba Corp. |
|
|
23,000 |
|
|
|
126,794 |
|
Wacom Co. Ltd./Japan |
|
|
1 |
|
|
|
4,573 |
|
Wincor Nixdorf AG |
|
|
543 |
|
|
|
28,607 |
|
|
|
|
|
|
|
|
355,702 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
65 |
|
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Construction & Engineering 1.5% |
|
Abengoa S.A. |
|
|
261 |
|
|
$ |
699 |
|
ACS Actividades de Construccion y Servicios S.A. |
|
|
380 |
|
|
|
9,782 |
|
Aecon Group, Inc. |
|
|
3,105 |
|
|
|
38,278 |
|
Arcadis N.V. |
|
|
894 |
|
|
|
24,758 |
|
Ausdrill Ltd. |
|
|
13,934 |
|
|
|
21,913 |
|
Ausenco Ltd. |
|
|
2,356 |
|
|
|
6,774 |
|
Balfour Beatty PLC |
|
|
1,738 |
|
|
|
5,840 |
|
Bird Construction, Inc. |
|
|
258 |
|
|
|
3,353 |
|
Boart Longyear Ltd. |
|
|
25,480 |
|
|
|
25,259 |
|
Bouygues S.A. |
|
|
885 |
|
|
|
24,724 |
|
Cardno Ltd. |
|
|
3,365 |
|
|
|
22,740 |
|
Carillion PLC |
|
|
5,329 |
|
|
|
22,245 |
|
Chiyoda Corp. |
|
|
1,000 |
|
|
|
10,256 |
|
Chudenko Corp. |
|
|
2,300 |
|
|
|
23,375 |
|
Cie dEntreprises CFE |
|
|
354 |
|
|
|
21,562 |
|
Colas S.A. |
|
|
20 |
|
|
|
3,006 |
|
COMSYS Holdings Corp. |
|
|
300 |
|
|
|
3,973 |
|
Eiffage S.A. |
|
|
82 |
|
|
|
3,634 |
|
Elecnor S.A. |
|
|
2,973 |
|
|
|
33,826 |
|
Ellaktor S.A.* |
|
|
6,332 |
|
|
|
17,281 |
|
Ferrovial S.A. |
|
|
2,044 |
|
|
|
33,860 |
|
FLSmidth & Co. A/S |
|
|
140 |
|
|
|
8,153 |
|
Fomento de Construcciones y Contratas SA |
|
|
2,880 |
|
|
|
29,886 |
|
Galliford Try PLC |
|
|
4,115 |
|
|
|
63,117 |
|
Genivar, Inc. |
|
|
1,072 |
|
|
|
26,644 |
|
Hibiya Engineering Ltd. |
|
|
1,100 |
|
|
|
10,773 |
|
Hochtief AG* |
|
|
86 |
|
|
|
5,975 |
|
Impregilo SpA |
|
|
3,756 |
|
|
|
19,748 |
|
Interserve PLC |
|
|
7,093 |
|
|
|
52,195 |
|
JGC Corp. |
|
|
1,000 |
|
|
|
29,617 |
|
Kajima Corp. |
|
|
6,000 |
|
|
|
19,156 |
|
Keller Group PLC |
|
|
554 |
|
|
|
7,411 |
|
Kier Group PLC |
|
|
1,206 |
|
|
|
21,999 |
|
Koninklijke BAM Groep NV |
|
|
12,808 |
|
|
|
56,737 |
|
Koninklijke Boskalis Westminster NV |
|
|
750 |
|
|
|
31,271 |
|
Kyudenko Corp. |
|
|
1,000 |
|
|
|
4,681 |
|
Leighton Holdings Ltd. |
|
|
1,172 |
|
|
|
24,320 |
|
Lemminkainen OYJ |
|
|
186 |
|
|
|
3,699 |
|
Macmahon Holdings Ltd. |
|
|
60,466 |
|
|
|
11,298 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Construction & Engineering
(continued) |
|
Maeda Corp. |
|
|
8,000 |
|
|
$ |
38,271 |
|
Mirait Holdings Corp. |
|
|
2,800 |
|
|
|
30,239 |
|
Monadelphous Group Ltd. |
|
|
156 |
|
|
|
3,389 |
|
Morgan Sindall Group PLC |
|
|
3,143 |
|
|
|
28,128 |
|
NCC AB, Class B |
|
|
218 |
|
|
|
5,170 |
|
Nippon Densetsu Kogyo Co. Ltd. |
|
|
3,000 |
|
|
|
33,662 |
|
Nishimatsu Construction Co. Ltd. |
|
|
14,000 |
|
|
|
26,732 |
|
NRW Holdings Ltd. |
|
|
12,772 |
|
|
|
17,235 |
|
Obayashi Corp. |
|
|
2,000 |
|
|
|
12,299 |
|
Okumura Corp. |
|
|
2,000 |
|
|
|
8,090 |
|
Outotec OYJ |
|
|
360 |
|
|
|
5,259 |
|
Peab AB |
|
|
10,549 |
|
|
|
59,124 |
|
Penta-Ocean Construction Co. Ltd. |
|
|
8,500 |
|
|
|
21,815 |
|
Royal Imtech NV* |
|
|
174 |
|
|
|
1,936 |
|
Sacyr Vallehermoso S.A.* |
|
|
11,054 |
|
|
|
23,026 |
|
Sanki Engineering Co. Ltd. |
|
|
2,000 |
|
|
|
11,375 |
|
Shikun & Binui Ltd. |
|
|
12,330 |
|
|
|
25,799 |
|
Shimizu Corp. |
|
|
2,000 |
|
|
|
8,048 |
|
SHO-BOND Holdings Co. Ltd. |
|
|
200 |
|
|
|
8,439 |
|
Skanska AB, Class B |
|
|
2,162 |
|
|
|
36,806 |
|
SNC-Lavalin Group, Inc. |
|
|
900 |
|
|
|
38,904 |
|
SOCAM Development Ltd. |
|
|
20,000 |
|
|
|
28,812 |
|
Sweco AB, Class B |
|
|
1,854 |
|
|
|
22,340 |
|
Taihei Dengyo Kaisha Ltd. |
|
|
1,000 |
|
|
|
6,088 |
|
Taikisha Ltd. |
|
|
600 |
|
|
|
13,582 |
|
Taisei Corp. |
|
|
7,000 |
|
|
|
23,355 |
|
Toyo Engineering Corp. |
|
|
3,000 |
|
|
|
14,352 |
|
Trevi Finanziaria Industriale SpA |
|
|
574 |
|
|
|
4,389 |
|
UGL Ltd. |
|
|
334 |
|
|
|
3,488 |
|
United Engineers Ltd. |
|
|
12,000 |
|
|
|
30,593 |
|
Veidekke ASA |
|
|
2,458 |
|
|
|
19,426 |
|
Vinci S.A. |
|
|
2,637 |
|
|
|
127,105 |
|
YIT OYJ |
|
|
218 |
|
|
|
4,124 |
|
Yokogawa Bridge Holdings Corp. |
|
|
1,000 |
|
|
|
10,512 |
|
Yurtec Corp. |
|
|
1,000 |
|
|
|
3,131 |
|
|
|
|
|
|
|
|
1,538,861 |
|
Construction Materials 0.5% |
|
Adelaide Brighton Ltd. |
|
|
932 |
|
|
|
3,289 |
|
Boral Ltd. |
|
|
4,399 |
|
|
|
22,832 |
|
Buzzi Unicem SpA |
|
|
811 |
|
|
|
12,414 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
66 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Construction Materials (continued) |
|
Cementir Holding SpA |
|
|
1,815 |
|
|
$ |
5,121 |
|
Cimpor Cimentos de Portugal SGPS S.A. |
|
|
521 |
|
|
|
2,349 |
|
CRH PLC |
|
|
3,972 |
|
|
|
85,489 |
|
Fletcher Building Ltd. |
|
|
3,512 |
|
|
|
26,633 |
|
HeidelbergCement AG |
|
|
747 |
|
|
|
53,841 |
|
Holcim Ltd.* |
|
|
1,155 |
|
|
|
90,080 |
|
Imerys S.A. |
|
|
76 |
|
|
|
4,985 |
|
Italcementi SpA |
|
|
3,175 |
|
|
|
11,638 |
|
Italmobiliare SpA* |
|
|
778 |
|
|
|
13,794 |
|
James Hardie Industries PLC |
|
|
2,550 |
|
|
|
26,841 |
|
Lafarge S.A. |
|
|
974 |
|
|
|
62,993 |
|
Marshalls PLC |
|
|
1,746 |
|
|
|
3,458 |
|
RHI AG |
|
|
529 |
|
|
|
17,502 |
|
Sumitomo Osaka Cement Co. Ltd. |
|
|
3,000 |
|
|
|
8,993 |
|
Taiheiyo Cement Corp. |
|
|
11,000 |
|
|
|
28,570 |
|
Titan Cement Co. S.A.* |
|
|
479 |
|
|
|
8,904 |
|
|
|
|
|
|
|
|
489,726 |
|
Consumer Finance 0.2% |
|
|
|
|
|
|
|
|
Acom Co. Ltd.* |
|
|
80 |
|
|
|
3,269 |
|
AEON Financial Service Co. Ltd. |
|
|
500 |
|
|
|
14,993 |
|
Aiful Corp.* |
|
|
3,250 |
|
|
|
37,068 |
|
Credit Saison Co. Ltd. |
|
|
1,000 |
|
|
|
29,227 |
|
FlexiGroup Ltd./Australia |
|
|
3,498 |
|
|
|
15,251 |
|
Hong Leong Finance Ltd. |
|
|
2,000 |
|
|
|
4,514 |
|
International Personal Finance PLC |
|
|
3,573 |
|
|
|
28,361 |
|
J Trust Co. Ltd. |
|
|
400 |
|
|
|
16,384 |
|
Jaccs Co. Ltd. |
|
|
6,000 |
|
|
|
41,269 |
|
Orient Corp.* |
|
|
4,000 |
|
|
|
13,838 |
|
Provident Financial PLC |
|
|
858 |
|
|
|
21,754 |
|
|
|
|
|
|
|
|
225,928 |
|
Containers & Packaging 0.3% |
|
Amcor Ltd. |
|
|
7,021 |
|
|
|
72,080 |
|
BillerudKorsnas AB |
|
|
2,448 |
|
|
|
24,203 |
|
Cascades, Inc. |
|
|
4,900 |
|
|
|
23,968 |
|
CCL Industries, Inc., Class B |
|
|
696 |
|
|
|
43,565 |
|
DS Smith PLC |
|
|
6,384 |
|
|
|
23,181 |
|
Fuji Seal International, Inc. |
|
|
900 |
|
|
|
25,343 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Containers & Packaging
(continued) |
|
Huhtamaki OYJ |
|
|
318 |
|
|
$ |
5,962 |
|
Rengo Co. Ltd. |
|
|
2,000 |
|
|
|
9,671 |
|
Rexam PLC |
|
|
3,952 |
|
|
|
31,769 |
|
RPC Group PLC |
|
|
3,214 |
|
|
|
19,899 |
|
Smurfit Kappa Group PLC |
|
|
1,115 |
|
|
|
16,567 |
|
Toyo Seikan Group Holdings Ltd. |
|
|
400 |
|
|
|
5,478 |
|
Winpak Ltd. |
|
|
210 |
|
|
|
3,913 |
|
|
|
|
|
|
|
|
305,599 |
|
Distributors 0.3% |
|
|
|
|
|
|
|
|
Breville Group Ltd. |
|
|
568 |
|
|
|
4,116 |
|
Dieteren SA/NV |
|
|
182 |
|
|
|
8,398 |
|
Doshisha Co. Ltd. |
|
|
1,800 |
|
|
|
28,383 |
|
Headlam Group PLC |
|
|
560 |
|
|
|
2,998 |
|
Inchcape PLC |
|
|
1,049 |
|
|
|
8,180 |
|
Jardine Cycle & Carriage Ltd. |
|
|
1,000 |
|
|
|
39,540 |
|
Li & Fung Ltd. |
|
|
28,000 |
|
|
|
36,224 |
|
Pacific Brands Ltd. |
|
|
51,363 |
|
|
|
45,853 |
|
Paltac Corp. |
|
|
1,500 |
|
|
|
19,480 |
|
Silver base Group Holdings Ltd. |
|
|
39,000 |
|
|
|
8,995 |
|
Smiths News PLC |
|
|
9,713 |
|
|
|
27,136 |
|
Uni-Select Inc. |
|
|
1,505 |
|
|
|
30,972 |
|
|
|
|
|
|
|
|
260,275 |
|
Diversified Consumer Services 0.1% |
|
Benesse Holdings, Inc. |
|
|
400 |
|
|
|
17,719 |
|
EnerCare, Inc. |
|
|
424 |
|
|
|
3,963 |
|
Invocare Ltd. |
|
|
2,685 |
|
|
|
32,526 |
|
Navitas Ltd. |
|
|
2,131 |
|
|
|
11,967 |
|
|
|
|
|
|
|
|
66,175 |
|
Diversified Financial Services 1.2% |
|
Ackermans & van Haaren NV |
|
|
96 |
|
|
|
8,180 |
|
ASX Ltd. |
|
|
1,028 |
|
|
|
40,134 |
|
Banque Nationale de Belgique |
|
|
10 |
|
|
|
36,322 |
|
Bolsas y Mercados Espanoles S.A. |
|
|
1,353 |
|
|
|
36,746 |
|
Challenger Ltd./Australia |
|
|
1,140 |
|
|
|
4,970 |
|
Davis & Henderson Corp. |
|
|
1,109 |
|
|
|
25,954 |
|
Deutsche Boerse AG |
|
|
965 |
|
|
|
60,305 |
|
Eurazeo |
|
|
74 |
|
|
|
3,924 |
|
Exor SpA |
|
|
152 |
|
|
|
4,609 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
67 |
|
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Diversified Financial Services
(continued) |
|
Fimalac* |
|
|
68 |
|
|
$ |
3,640 |
|
First Pacific Co. Ltd./Hong Kong |
|
|
16,000 |
|
|
|
22,143 |
|
Fuyo General Lease Co. Ltd. |
|
|
900 |
|
|
|
40,930 |
|
Grenkeleasing AG |
|
|
54 |
|
|
|
4,336 |
|
Groupe Bruxelles Lambert S.A. |
|
|
477 |
|
|
|
36,978 |
|
HAL Trust |
|
|
379 |
|
|
|
48,968 |
|
Henex |
|
|
68 |
|
|
|
4,527 |
|
Hong Kong Exchanges and Clearing Ltd. |
|
|
5,500 |
|
|
|
92,557 |
|
IBJ Leasing Co. Ltd. |
|
|
900 |
|
|
|
31,598 |
|
IG Group Holdings PLC |
|
|
2,763 |
|
|
|
23,157 |
|
Industrivarden AB, Class C |
|
|
296 |
|
|
|
5,533 |
|
ING Groep N.V.* |
|
|
20,691 |
|
|
|
170,003 |
|
Investment AB Kinnevik, Class B |
|
|
1,181 |
|
|
|
30,888 |
|
Investor AB, Class A |
|
|
877 |
|
|
|
25,390 |
|
Investor AB, Class B |
|
|
2,172 |
|
|
|
64,088 |
|
Japan Exchange Group Inc. |
|
|
100 |
|
|
|
12,278 |
|
Japan Securities Finance Co. Ltd. |
|
|
4,500 |
|
|
|
44,256 |
|
KBC Ancora* |
|
|
1,377 |
|
|
|
26,161 |
|
London Stock Exchange Group PLC |
|
|
1,194 |
|
|
|
24,920 |
|
Lundbergforetagen AB, Class B |
|
|
678 |
|
|
|
26,457 |
|
Marfin Investment Group Holdings S.A.* |
|
|
31,167 |
|
|
|
13,765 |
|
Mitsubishi UFJ Lease & Finance Co. Ltd. |
|
|
5,300 |
|
|
|
29,871 |
|
Onex Corp. |
|
|
262 |
|
|
|
13,089 |
|
ORIX Corp. |
|
|
5,500 |
|
|
|
84,468 |
|
Pacific Century Regional Developments Ltd.* |
|
|
49,000 |
|
|
|
8,355 |
|
Pargesa Holding S.A. |
|
|
70 |
|
|
|
4,883 |
|
Pohjola Bank PLC, Class A |
|
|
274 |
|
|
|
4,667 |
|
Public Financial Holdings Ltd. |
|
|
10,000 |
|
|
|
5,090 |
|
Ricoh Leasing Co. Ltd. |
|
|
1,100 |
|
|
|
33,821 |
|
Singapore Exchange Ltd. |
|
|
3,000 |
|
|
|
18,220 |
|
SNS REAAL NV*^ |
|
|
2,857 |
|
|
|
|
|
Sofina S.A. |
|
|
46 |
|
|
|
4,382 |
|
TMX Group Ltd. |
|
|
425 |
|
|
|
22,411 |
|
Wendel S.A. |
|
|
76 |
|
|
|
8,242 |
|
|
|
|
|
|
|
|
1,211,216 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Diversified Telecommunication Services
2.1% |
|
BCE, Inc. |
|
|
1,380 |
|
|
$ |
64,743 |
|
Belgacom S.A. |
|
|
812 |
|
|
|
18,735 |
|
Bell Aliant Inc. |
|
|
118 |
|
|
|
3,160 |
|
Bezeq The Israeli Telecommunication Corp. Ltd. |
|
|
12,446 |
|
|
|
18,060 |
|
BT Group PLC |
|
|
40,881 |
|
|
|
175,738 |
|
Cable & Wireless Communications PLC |
|
|
134,768 |
|
|
|
88,684 |
|
Colt Group S.A.* |
|
|
20,917 |
|
|
|
37,439 |
|
Deutsche Telekom AG |
|
|
14,887 |
|
|
|
176,290 |
|
Elisa OYJ |
|
|
439 |
|
|
|
8,334 |
|
France Telecom S.A. |
|
|
10,080 |
|
|
|
107,964 |
|
Hellenic Telecommunications Organization SA* |
|
|
545 |
|
|
|
4,742 |
|
HKT Trust / HKT Ltd. |
|
|
11,000 |
|
|
|
11,552 |
|
Hutchison Telecommunications Hong Kong Holdings Ltd. |
|
|
26,000 |
|
|
|
13,870 |
|
Iliad S.A. |
|
|
105 |
|
|
|
24,032 |
|
Inmarsat PLC |
|
|
3,160 |
|
|
|
35,534 |
|
Jazztel PLC* |
|
|
3,250 |
|
|
|
24,466 |
|
Koninklijke KPN N.V. |
|
|
6,519 |
|
|
|
13,605 |
|
Manitoba Telecom Services, Inc. |
|
|
700 |
|
|
|
22,729 |
|
Nippon Telegraph & Telephone Corp. |
|
|
2,400 |
|
|
|
118,879 |
|
PCCW Ltd. |
|
|
31,000 |
|
|
|
15,778 |
|
Portugal Telecom SGPS S.A. |
|
|
4,044 |
|
|
|
21,119 |
|
Singapore Telecommunications Ltd. |
|
|
46,000 |
|
|
|
146,779 |
|
Swisscom AG |
|
|
101 |
|
|
|
47,600 |
|
TalkTalk Telecom Group PLC |
|
|
5,820 |
|
|
|
22,709 |
|
TDC A/S |
|
|
3,956 |
|
|
|
32,124 |
|
Telecom Corp of New Zealand Ltd. |
|
|
4,251 |
|
|
|
9,500 |
|
Telecom Italia SpA |
|
|
53,535 |
|
|
|
45,348 |
|
Telefonica Deutschland Holding AG* |
|
|
679 |
|
|
|
5,394 |
|
Telefonica S.A. |
|
|
21,287 |
|
|
|
312,642 |
|
Telekom Austria AG |
|
|
364 |
|
|
|
2,498 |
|
Telenor ASA |
|
|
3,972 |
|
|
|
89,416 |
|
TeliaSonera AB |
|
|
11,954 |
|
|
|
82,345 |
|
Telstra Corp. Ltd. |
|
|
23,204 |
|
|
|
119,953 |
|
TELUS Corp. |
|
|
2,404 |
|
|
|
86,638 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
68 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Diversified Telecommunication Services
(continued) |
|
Vivendi S.A. |
|
|
7,065 |
|
|
$ |
160,209 |
|
Ziggo NV |
|
|
462 |
|
|
|
16,577 |
|
|
|
|
|
|
|
|
2,185,185 |
|
Electric Utilities 1.1% |
|
|
|
|
|
|
|
|
Acciona S.A. |
|
|
52 |
|
|
|
3,411 |
|
Cheung Kong Infrastructure Holdings Ltd. |
|
|
3,000 |
|
|
|
21,764 |
|
Chubu Electric Power Co. Inc. |
|
|
3,600 |
|
|
|
46,603 |
|
The Chugoku Electric Power Co. Inc. |
|
|
1,300 |
|
|
|
18,644 |
|
CLP Holdings Ltd. |
|
|
10,000 |
|
|
|
88,138 |
|
Contact Energy Ltd. |
|
|
4,950 |
|
|
|
22,421 |
|
EDP Energias de Portugal S.A. |
|
|
8,003 |
|
|
|
27,539 |
|
Electricite de France S.A. |
|
|
1,567 |
|
|
|
35,059 |
|
Emera Inc. |
|
|
900 |
|
|
|
33,017 |
|
Endesa S.A. |
|
|
208 |
|
|
|
4,726 |
|
Enel SpA |
|
|
34,913 |
|
|
|
135,142 |
|
Fortis, Inc. |
|
|
945 |
|
|
|
32,836 |
|
Fortum OYJ |
|
|
2,170 |
|
|
|
40,368 |
|
Hokkaido Electric Power Co. Inc.* |
|
|
400 |
|
|
|
5,071 |
|
Hokuriku Electric Power Co. |
|
|
1,100 |
|
|
|
16,193 |
|
Iberdrola S.A. |
|
|
22,728 |
|
|
|
122,555 |
|
The Kansai Electric Power Co. Inc.* |
|
|
3,900 |
|
|
|
47,564 |
|
Kyushu Electric Power Co. Inc.* |
|
|
1,900 |
|
|
|
26,234 |
|
The Okinawa Electric Power Co. Inc. |
|
|
700 |
|
|
|
25,870 |
|
Power Assets Holdings Ltd. |
|
|
7,000 |
|
|
|
68,371 |
|
Public Power Corp. S.A.* |
|
|
1,519 |
|
|
|
14,739 |
|
Red Electrica Corp. S.A. |
|
|
488 |
|
|
|
25,986 |
|
Repower AG |
|
|
33 |
|
|
|
4,789 |
|
Romande Energie Holding S.A. |
|
|
7 |
|
|
|
7,535 |
|
Shikoku Electric Power Co. Inc.* |
|
|
1,000 |
|
|
|
18,119 |
|
SP AusNet |
|
|
3,135 |
|
|
|
4,084 |
|
Spark Infrastructure Group |
|
|
8,516 |
|
|
|
15,824 |
|
SSE PLC |
|
|
5,160 |
|
|
|
125,043 |
|
Terna Rete Elettrica Nazionale SpA |
|
|
7,084 |
|
|
|
33,193 |
|
Tohoku Electric Power Co. Inc.* |
|
|
2,600 |
|
|
|
27,812 |
|
Tokyo Electric Power Co. Inc.* |
|
|
7,600 |
|
|
|
33,549 |
|
Verbund AG |
|
|
146 |
|
|
|
3,200 |
|
|
|
|
|
|
|
|
1,135,399 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Electrical Equipment 1.2% |
|
|
|
|
|
|
|
|
ABB Ltd.* |
|
|
12,306 |
|
|
$ |
278,854 |
|
Alstom S.A. |
|
|
1,162 |
|
|
|
47,737 |
|
Areva S.A.* |
|
|
411 |
|
|
|
6,229 |
|
Cosel Co. Ltd. |
|
|
700 |
|
|
|
8,041 |
|
Daihen Corp. |
|
|
5,000 |
|
|
|
15,193 |
|
Endo Lighting Corp. |
|
|
200 |
|
|
|
8,110 |
|
Fuji Electric Co. Ltd. |
|
|
2,000 |
|
|
|
6,837 |
|
Fujikura Ltd. |
|
|
4,000 |
|
|
|
14,988 |
|
Furukawa Electric Co. Ltd. |
|
|
5,000 |
|
|
|
12,627 |
|
Futaba Corp./Chiba |
|
|
400 |
|
|
|
5,572 |
|
Gamesa Corp. Tecnologica S.A. |
|
|
9,235 |
|
|
|
36,173 |
|
GS Yuasa Corp. |
|
|
1,000 |
|
|
|
4,240 |
|
Hitachi Cable Ltd. |
|
|
12,000 |
|
|
|
20,819 |
|
Huber & Suhner AG |
|
|
90 |
|
|
|
4,399 |
|
Idec Corp./Japan |
|
|
2,700 |
|
|
|
24,059 |
|
Legrand S.A. |
|
|
1,325 |
|
|
|
61,813 |
|
Mersen |
|
|
831 |
|
|
|
19,228 |
|
Mitsubishi Electric Corp. |
|
|
10,000 |
|
|
|
95,267 |
|
Nexans S.A. |
|
|
1,226 |
|
|
|
56,322 |
|
Nidec Corp. |
|
|
800 |
|
|
|
54,450 |
|
Nippon Signal Co. Ltd. |
|
|
2,600 |
|
|
|
20,953 |
|
Nissin Electric Co. Ltd. |
|
|
1,000 |
|
|
|
4,979 |
|
Nitto Kogyo Corp. |
|
|
1,300 |
|
|
|
19,338 |
|
Nordex SE* |
|
|
1,750 |
|
|
|
13,172 |
|
Ormat Industries* |
|
|
985 |
|
|
|
5,849 |
|
Phoenix Mecano AG |
|
|
18 |
|
|
|
9,112 |
|
Prysmian SpA |
|
|
882 |
|
|
|
17,826 |
|
Schneider Electric S.A. |
|
|
2,799 |
|
|
|
213,663 |
|
SGL Carbon SE |
|
|
568 |
|
|
|
19,418 |
|
Sinfonia Technology Co. Ltd. |
|
|
3,000 |
|
|
|
5,112 |
|
Sumitomo Electric Industries Ltd. |
|
|
3,600 |
|
|
|
47,823 |
|
SWCC Showa Holdings Co. Ltd.* |
|
|
9,000 |
|
|
|
9,332 |
|
Tatsuta Electric Wire and Cable Co. Ltd. |
|
|
1,000 |
|
|
|
7,135 |
|
Ushio, Inc. |
|
|
400 |
|
|
|
4,073 |
|
Vacon PLC |
|
|
308 |
|
|
|
21,148 |
|
Vestas Wind Systems A/S* |
|
|
3,844 |
|
|
|
33,349 |
|
Zumtobel AG |
|
|
2,173 |
|
|
|
24,360 |
|
|
|
|
|
|
|
|
1,257,600 |
|
Electronic Equipment, Instruments &
Components 1.4% |
|
Alps Electric Co. Ltd. |
|
|
1,200 |
|
|
|
9,128 |
|
Amano Corp. |
|
|
600 |
|
|
|
6,412 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
69 |
|
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Electronic Equipment, Instruments &
Components (continued) |
|
Anritsu Corp. |
|
|
1,000 |
|
|
$ |
14,937 |
|
Azbil Corp. |
|
|
300 |
|
|
|
6,474 |
|
Barco N.V. |
|
|
594 |
|
|
|
52,900 |
|
Canon Electronics, Inc. |
|
|
1,000 |
|
|
|
20,357 |
|
Celestica Inc.* |
|
|
10,701 |
|
|
|
92,557 |
|
Citizen Holdings Co. Ltd. |
|
|
800 |
|
|
|
4,722 |
|
Dai-ichi Seiko Co. Ltd. |
|
|
200 |
|
|
|
2,928 |
|
Daiwabo Holdings Co. Ltd. |
|
|
9,000 |
|
|
|
17,000 |
|
Domino Printing Sciences PLC |
|
|
2,246 |
|
|
|
23,316 |
|
Elec & Eltek International Co. Ltd. |
|
|
4,000 |
|
|
|
9,360 |
|
Electrocomponents PLC |
|
|
7,443 |
|
|
|
27,849 |
|
Enplas Corp. |
|
|
100 |
|
|
|
5,811 |
|
Evertz Technologies Ltd. |
|
|
300 |
|
|
|
4,668 |
|
Foxconn International Holdings Ltd.* |
|
|
5,000 |
|
|
|
1,933 |
|
FUJIFILM Holdings Corp. |
|
|
2,700 |
|
|
|
55,380 |
|
Halma PLC |
|
|
895 |
|
|
|
6,972 |
|
Hamamatsu Photonics KK |
|
|
200 |
|
|
|
8,223 |
|
Hexagon AB, Class B |
|
|
1,760 |
|
|
|
50,327 |
|
Hirose Electric Co. Ltd. |
|
|
100 |
|
|
|
14,372 |
|
Hitachi High-Technologies Corp. |
|
|
200 |
|
|
|
4,983 |
|
Hitachi Ltd. |
|
|
27,000 |
|
|
|
172,405 |
|
Horiba Ltd. |
|
|
300 |
|
|
|
10,841 |
|
Hosiden Corp. |
|
|
3,500 |
|
|
|
19,977 |
|
Hoya Corp. |
|
|
2,000 |
|
|
|
39,996 |
|
Ibiden Co. Ltd. |
|
|
700 |
|
|
|
12,252 |
|
Ingenico |
|
|
64 |
|
|
|
4,294 |
|
Japan Aviation Electronics Industry Ltd. |
|
|
3,000 |
|
|
|
25,870 |
|
Jenoptik AG |
|
|
470 |
|
|
|
5,397 |
|
Kaga Electronics Co. Ltd. |
|
|
400 |
|
|
|
3,277 |
|
Kapsch TrafficCom AG |
|
|
121 |
|
|
|
5,950 |
|
Keyence Corp. |
|
|
300 |
|
|
|
95,165 |
|
Koa Corp. |
|
|
900 |
|
|
|
9,692 |
|
Kudelski S.A.* |
|
|
266 |
|
|
|
3,350 |
|
Kyocera Corp. |
|
|
900 |
|
|
|
91,562 |
|
Laird PLC |
|
|
2,340 |
|
|
|
7,907 |
|
Maruwa Co. Ltd./Aichi |
|
|
200 |
|
|
|
6,092 |
|
Mitsumi Electric Co. Ltd.* |
|
|
3,700 |
|
|
|
21,157 |
|
Murata Manufacturing Co. Ltd. |
|
|
1,000 |
|
|
|
81,409 |
|
Nichicon Corp. |
|
|
400 |
|
|
|
4,205 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Electronic Equipment, Instruments &
Components (continued) |
|
Nihon Dempa Kogyo Co. Ltd. |
|
|
400 |
|
|
$ |
3,967 |
|
Nippon Ceramic Co. Ltd. |
|
|
400 |
|
|
|
6,948 |
|
Nippon Electric Glass Co. Ltd. |
|
|
2,000 |
|
|
|
10,184 |
|
Oki Electric Industry Co. Ltd.* |
|
|
37,000 |
|
|
|
71,030 |
|
Omron Corp. |
|
|
1,200 |
|
|
|
37,881 |
|
Orbotech Ltd.* |
|
|
400 |
|
|
|
4,100 |
|
Oxford Instruments PLC |
|
|
973 |
|
|
|
23,321 |
|
Premier Farnell PLC |
|
|
3,472 |
|
|
|
11,429 |
|
Renishaw PLC |
|
|
146 |
|
|
|
3,740 |
|
Ryosan Co. Ltd. |
|
|
1,900 |
|
|
|
34,427 |
|
Sanshin Electronics Co. Ltd. |
|
|
600 |
|
|
|
3,782 |
|
Shimadzu Corp. |
|
|
1,000 |
|
|
|
7,309 |
|
Spectris PLC |
|
|
673 |
|
|
|
22,101 |
|
Star Micronics Co. Ltd. |
|
|
3,100 |
|
|
|
36,025 |
|
Taiyo Yuden Co. Ltd. |
|
|
800 |
|
|
|
11,572 |
|
TDK Corp. |
|
|
700 |
|
|
|
25,583 |
|
Topcon Corp. |
|
|
400 |
|
|
|
4,464 |
|
Toyo Corp./Chuo-ku |
|
|
700 |
|
|
|
10,053 |
|
Venture Corp. Ltd. |
|
|
1,000 |
|
|
|
6,755 |
|
Yaskawa Electric Corp. |
|
|
1,000 |
|
|
|
12,206 |
|
Yokogawa Electric Corp. |
|
|
400 |
|
|
|
4,065 |
|
|
|
|
|
|
|
|
1,412,349 |
|
Energy Equipment & Services 1.1% |
|
Aker Solutions ASA |
|
|
1,277 |
|
|
|
17,856 |
|
AMEC PLC |
|
|
1,305 |
|
|
|
20,575 |
|
Archer Ltd.* |
|
|
12,604 |
|
|
|
8,254 |
|
Bourbon S.A. |
|
|
668 |
|
|
|
18,239 |
|
BW Offshore Ltd. |
|
|
19,432 |
|
|
|
18,362 |
|
Calfrac Well Services Ltd. |
|
|
1,883 |
|
|
|
47,906 |
|
Canadian Energy Services & Technology Corp. |
|
|
500 |
|
|
|
6,149 |
|
Canyon Services Group, Inc. |
|
|
2,799 |
|
|
|
29,191 |
|
Cie Generale de Geophysique Veritas* |
|
|
722 |
|
|
|
15,654 |
|
DOF ASA* |
|
|
1,273 |
|
|
|
5,462 |
|
Enerflex Ltd. |
|
|
2,040 |
|
|
|
28,191 |
|
Ensign Energy Services, Inc. |
|
|
254 |
|
|
|
4,283 |
|
Ezion Holdings Ltd. |
|
|
12,000 |
|
|
|
19,876 |
|
Ezra Holdings Ltd.* |
|
|
12,000 |
|
|
|
9,304 |
|
Farstad Shipping ASA |
|
|
1,218 |
|
|
|
25,811 |
|
Fred Olsen Energy ASA |
|
|
56 |
|
|
|
2,441 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
70 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Energy Equipment & Services
(continued) |
|
Fugro N.V. |
|
|
358 |
|
|
$ |
20,732 |
|
Hunting PLC |
|
|
2,251 |
|
|
|
28,273 |
|
Japan Drilling Co. Ltd. |
|
|
100 |
|
|
|
6,632 |
|
John Wood Group PLC |
|
|
1,494 |
|
|
|
18,021 |
|
Kvaerner ASA |
|
|
6,987 |
|
|
|
11,784 |
|
Lamprell PLC |
|
|
8,402 |
|
|
|
18,896 |
|
Miclyn Express Offshore Ltd. |
|
|
1,766 |
|
|
|
3,593 |
|
Modec, Inc. |
|
|
100 |
|
|
|
2,873 |
|
Mullen Group Ltd. |
|
|
180 |
|
|
|
3,912 |
|
Pason Systems, Inc. |
|
|
1,101 |
|
|
|
18,882 |
|
Petrofac Ltd. |
|
|
1,280 |
|
|
|
26,894 |
|
Petroleum Geo-Services ASA |
|
|
542 |
|
|
|
7,946 |
|
Precision Drilling Corp. |
|
|
446 |
|
|
|
3,623 |
|
Prosafe SE |
|
|
404 |
|
|
|
3,884 |
|
Saipem SpA |
|
|
1,407 |
|
|
|
39,882 |
|
Savanna Energy Services Corp. |
|
|
5,031 |
|
|
|
35,262 |
|
SBM Offshore NV* |
|
|
1,577 |
|
|
|
25,407 |
|
Schoeller-Bleckmann Oilfield Equipment AG |
|
|
202 |
|
|
|
19,777 |
|
Seadrill Ltd. |
|
|
1,929 |
|
|
|
73,949 |
|
Secure Energy Services, Inc. |
|
|
2,828 |
|
|
|
36,522 |
|
ShawCor Ltd. |
|
|
274 |
|
|
|
11,024 |
|
Shinko Plantech Co. Ltd. |
|
|
1,100 |
|
|
|
8,300 |
|
Siem Offshore, Inc.* |
|
|
4,470 |
|
|
|
6,002 |
|
Songa Offshore SE* |
|
|
3,377 |
|
|
|
3,355 |
|
Subsea 7 S.A. |
|
|
1,717 |
|
|
|
37,042 |
|
Technip S.A. |
|
|
540 |
|
|
|
58,023 |
|
Tecnicas Reunidas S.A. |
|
|
62 |
|
|
|
3,006 |
|
Tenaris S.A. |
|
|
2,548 |
|
|
|
56,570 |
|
TGS Nopec Geophysical Co. ASA |
|
|
758 |
|
|
|
27,189 |
|
Transocean Ltd.* |
|
|
1,800 |
|
|
|
92,646 |
|
Trican Well Service Ltd. |
|
|
276 |
|
|
|
3,611 |
|
Trinidad Drilling Ltd. |
|
|
6,743 |
|
|
|
46,122 |
|
Weatherford International Ltd./Switzerland* |
|
|
4,600 |
|
|
|
58,834 |
|
WorleyParsons Ltd. |
|
|
1,667 |
|
|
|
39,402 |
|
|
|
|
|
|
|
|
1,135,424 |
|
Food & Staples Retailing 2.1% |
|
Aeon Co. Ltd. |
|
|
2,900 |
|
|
|
41,054 |
|
Ain Pharmaciez, Inc. |
|
|
100 |
|
|
|
4,892 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Food & Staples Retailing
(continued) |
|
Alimentation Couche Tard, Inc., Class B |
|
|
559 |
|
|
$ |
34,017 |
|
Axfood AB |
|
|
88 |
|
|
|
3,875 |
|
Booker Group PLC |
|
|
8,274 |
|
|
|
15,324 |
|
Carrefour S.A. |
|
|
3,171 |
|
|
|
94,065 |
|
Casino Guichard Perrachon S.A. |
|
|
279 |
|
|
|
30,188 |
|
Cawachi Ltd. |
|
|
700 |
|
|
|
15,745 |
|
Cocokara fine, Inc. |
|
|
900 |
|
|
|
34,001 |
|
Colruyt S.A. |
|
|
311 |
|
|
|
15,714 |
|
CREATE SD HOLDINGS Co. Ltd. |
|
|
700 |
|
|
|
31,080 |
|
Dairy Farm International Holdings Ltd. |
|
|
900 |
|
|
|
10,800 |
|
Delhaize Group S.A. |
|
|
433 |
|
|
|
27,179 |
|
Distribuidora Internacional de Alimentacion S.A. |
|
|
4,666 |
|
|
|
36,233 |
|
Empire Co. Ltd., Class A |
|
|
90 |
|
|
|
6,129 |
|
FamilyMart Co. Ltd. |
|
|
200 |
|
|
|
9,147 |
|
George Weston Ltd. |
|
|
120 |
|
|
|
9,259 |
|
Hakon Invest AB* |
|
|
928 |
|
|
|
25,088 |
|
Heiwado Co. Ltd. |
|
|
1,800 |
|
|
|
32,448 |
|
Inageya Co. Ltd. |
|
|
800 |
|
|
|
8,311 |
|
Itochu-Shokuhin Co. Ltd. |
|
|
300 |
|
|
|
11,149 |
|
Izumiya Co. Ltd. |
|
|
1,000 |
|
|
|
5,010 |
|
J Sainsbury PLC |
|
|
8,930 |
|
|
|
52,968 |
|
The Jean Coutu Group PJC, Inc., Class A |
|
|
254 |
|
|
|
4,230 |
|
Jeronimo Martins SGPS S.A. |
|
|
1,775 |
|
|
|
42,322 |
|
Kasumi Co. Ltd. |
|
|
3,500 |
|
|
|
25,152 |
|
Kato Sangyo Co. Ltd. |
|
|
1,500 |
|
|
|
31,829 |
|
Kesko OYJ, Class B |
|
|
112 |
|
|
|
3,367 |
|
Koninklijke Ahold N.V. |
|
|
5,724 |
|
|
|
90,407 |
|
Lawson, Inc. |
|
|
300 |
|
|
|
23,653 |
|
Life Corp. |
|
|
300 |
|
|
|
4,185 |
|
Loblaw Cos. Ltd. |
|
|
459 |
|
|
|
19,508 |
|
Metcash Ltd. |
|
|
2,427 |
|
|
|
10,304 |
|
Metro AG |
|
|
648 |
|
|
|
20,226 |
|
Metro, Inc. |
|
|
416 |
|
|
|
28,256 |
|
Ministop Co. Ltd. |
|
|
1,300 |
|
|
|
22,434 |
|
The North West Co. Inc. |
|
|
1,055 |
|
|
|
26,662 |
|
Okuwa Co. Ltd. |
|
|
1,000 |
|
|
|
10,902 |
|
Olam International Ltd. |
|
|
11,000 |
|
|
|
14,960 |
|
Rallye S.A. |
|
|
1,442 |
|
|
|
57,091 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
71 |
|
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Food & Staples Retailing
(continued) |
|
San-A Co. Ltd. |
|
|
500 |
|
|
$ |
24,407 |
|
Seven & I Holdings Co. Ltd. |
|
|
4,300 |
|
|
|
165,096 |
|
Shoppers Drug Mart Corp. |
|
|
1,116 |
|
|
|
50,061 |
|
Sligro Food Group NV |
|
|
578 |
|
|
|
19,051 |
|
Sugi Holdings Co. Ltd. |
|
|
200 |
|
|
|
7,689 |
|
Sundrug Co. Ltd. |
|
|
200 |
|
|
|
8,788 |
|
Tesco PLC |
|
|
41,979 |
|
|
|
239,228 |
|
Tsuruha Holdings, Inc. |
|
|
100 |
|
|
|
9,732 |
|
UNY Group Holdings Co. Ltd. |
|
|
400 |
|
|
|
2,846 |
|
Valor Co. Ltd. |
|
|
1,500 |
|
|
|
28,365 |
|
Welcia Holdings Co. Ltd. |
|
|
300 |
|
|
|
15,799 |
|
Wesfarmers Ltd. |
|
|
6,238 |
|
|
|
280,977 |
|
WM Morrison Supermarkets PLC |
|
|
13,143 |
|
|
|
59,751 |
|
Woolworths Ltd. |
|
|
6,770 |
|
|
|
255,875 |
|
Yaoko Co. Ltd. |
|
|
300 |
|
|
|
13,058 |
|
Yokohama Reito Co. Ltd. |
|
|
2,100 |
|
|
|
18,928 |
|
|
|
|
|
|
|
|
2,188,815 |
|
Food Products 3.6% |
|
|
|
|
|
|
|
|
AarhusKarlshamn AB |
|
|
442 |
|
|
|
23,216 |
|
Adecoagro S.A.* |
|
|
1,700 |
|
|
|
12,682 |
|
Ajinomoto Co. Inc. |
|
|
3,000 |
|
|
|
41,176 |
|
Ariake Japan Co. Ltd. |
|
|
100 |
|
|
|
2,300 |
|
Aryzta AG* |
|
|
534 |
|
|
|
33,168 |
|
Associated British Foods PLC |
|
|
1,594 |
|
|
|
48,005 |
|
Austevoll Seafood ASA |
|
|
5,004 |
|
|
|
33,116 |
|
Australian Agricultural Co. Ltd.* |
|
|
7,220 |
|
|
|
8,769 |
|
Barry Callebaut AG* |
|
|
4 |
|
|
|
3,910 |
|
Bonduelle S.C.A. |
|
|
1,156 |
|
|
|
29,521 |
|
Bongrain S.A. |
|
|
157 |
|
|
|
10,639 |
|
Calbee Inc. |
|
|
100 |
|
|
|
9,896 |
|
Campofrio Food Group S.A.* |
|
|
1,557 |
|
|
|
10,223 |
|
China Fishery Group Ltd. |
|
|
26,000 |
|
|
|
8,127 |
|
China Modern Dairy Holdings Ltd.* |
|
|
40,000 |
|
|
|
13,813 |
|
CSM |
|
|
1,449 |
|
|
|
32,457 |
|
Dairy Crest Group PLC |
|
|
4,130 |
|
|
|
29,549 |
|
Danone S.A. |
|
|
3,070 |
|
|
|
234,795 |
|
DE Master Blenders 1753 NV* |
|
|
2,808 |
|
|
|
44,573 |
|
Dydo Drinco, Inc. |
|
|
100 |
|
|
|
4,476 |
|
East Asiatic Co. Ltd. A/S* |
|
|
645 |
|
|
|
11,292 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Food Products (continued) |
|
Ebro Foods S.A. |
|
|
246 |
|
|
$ |
5,050 |
|
Emmi AG* |
|
|
14 |
|
|
|
4,340 |
|
Ezaki Glico Co. Ltd. |
|
|
1,000 |
|
|
|
11,231 |
|
Fujicco Co. Ltd. |
|
|
1,000 |
|
|
|
11,508 |
|
Glanbia PLC |
|
|
294 |
|
|
|
3,934 |
|
GMG Global Ltd. |
|
|
80,000 |
|
|
|
7,470 |
|
Goodman Fielder Ltd.* |
|
|
36,811 |
|
|
|
29,614 |
|
GrainCorp Ltd., Class A |
|
|
1,281 |
|
|
|
17,047 |
|
Greencore Group PLC |
|
|
20,712 |
|
|
|
34,331 |
|
Hokuto Corp. |
|
|
600 |
|
|
|
11,568 |
|
Itoham Foods, Inc. |
|
|
2,000 |
|
|
|
9,198 |
|
J-Oil Mills, Inc. |
|
|
5,000 |
|
|
|
15,553 |
|
Kagome Co. Ltd. |
|
|
500 |
|
|
|
9,019 |
|
Kameda Seika Co. Ltd. |
|
|
200 |
|
|
|
5,242 |
|
Kerry Group PLC, Class A |
|
|
776 |
|
|
|
45,946 |
|
Kewpie Corp. |
|
|
1,000 |
|
|
|
15,101 |
|
KEY Coffee, Inc. |
|
|
100 |
|
|
|
1,574 |
|
Kikkoman Corp. |
|
|
1,000 |
|
|
|
18,982 |
|
KWS Saat AG |
|
|
39 |
|
|
|
14,654 |
|
Leroey Seafood Group ASA |
|
|
966 |
|
|
|
30,203 |
|
Lindt & Spruengli AG |
|
|
4 |
|
|
|
56,166 |
|
Maple Leaf Foods Inc. |
|
|
300 |
|
|
|
3,973 |
|
Marine Harvest ASA* |
|
|
16,169 |
|
|
|
16,851 |
|
Marudai Food Co. Ltd. |
|
|
6,000 |
|
|
|
19,895 |
|
Maruha Nichiro Holdings, Inc. |
|
|
8,000 |
|
|
|
16,015 |
|
MEIJI Holdings Co. Ltd. |
|
|
300 |
|
|
|
13,536 |
|
Mewah International Inc. |
|
|
16,000 |
|
|
|
5,846 |
|
Mitsui Sugar Co. Ltd. |
|
|
5,000 |
|
|
|
15,707 |
|
Morinaga & Co. Ltd./Japan |
|
|
5,000 |
|
|
|
10,728 |
|
Morinaga Milk Industry Co. Ltd. |
|
|
10,000 |
|
|
|
29,463 |
|
Nagatanien Co. Ltd. |
|
|
1,000 |
|
|
|
9,003 |
|
Nestle S.A. |
|
|
17,308 |
|
|
|
1,237,151 |
|
New Britain Palm Oil Ltd. |
|
|
2,217 |
|
|
|
12,594 |
|
Nichirei Corp. |
|
|
1,000 |
|
|
|
5,882 |
|
Nippon Beet Sugar Manufacturing Co. Ltd. |
|
|
10,000 |
|
|
|
18,787 |
|
Nippon Flour Mills Co. Ltd. |
|
|
6,000 |
|
|
|
27,903 |
|
Nippon Meat Packers, Inc. |
|
|
1,000 |
|
|
|
15,358 |
|
Nippon Suisan Kaisha Ltd. |
|
|
12,800 |
|
|
|
24,835 |
|
The Nisshin Oillio Group Ltd. |
|
|
7,000 |
|
|
|
24,648 |
|
Nisshin Seifun Group, Inc. |
|
|
500 |
|
|
|
6,457 |
|
Nissin Foods Holdings Co. Ltd. |
|
|
200 |
|
|
|
8,972 |
|
Nutreco N.V. |
|
|
85 |
|
|
|
8,076 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
72 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Food Products (continued) |
|
Origin Enterprises PLC |
|
|
2,793 |
|
|
$ |
17,491 |
|
Orkla ASA |
|
|
4,347 |
|
|
|
39,188 |
|
Pacific Andes Resources Development Ltd. |
|
|
29,000 |
|
|
|
3,179 |
|
Petra Foods Ltd. |
|
|
5,000 |
|
|
|
16,563 |
|
Premier Foods PLC* |
|
|
11,234 |
|
|
|
12,764 |
|
Raisio PLC, Class V |
|
|
806 |
|
|
|
3,454 |
|
Riken Vitamin Co. Ltd. |
|
|
100 |
|
|
|
2,412 |
|
Sakata Seed Corp. |
|
|
400 |
|
|
|
5,474 |
|
Salmar ASA* |
|
|
2,125 |
|
|
|
21,409 |
|
Saputo, Inc. |
|
|
729 |
|
|
|
37,593 |
|
Showa Sangyo Co. Ltd. |
|
|
4,000 |
|
|
|
13,264 |
|
Sipef S.A. |
|
|
200 |
|
|
|
15,726 |
|
Suedzucker AG |
|
|
590 |
|
|
|
23,810 |
|
SunOpta, Inc.* |
|
|
608 |
|
|
|
4,413 |
|
Super Group Ltd./Singapore |
|
|
3,000 |
|
|
|
9,573 |
|
Tate & Lyle PLC |
|
|
2,701 |
|
|
|
35,501 |
|
Tenfu Cayman Holdings Co. Ltd. |
|
|
6,000 |
|
|
|
3,247 |
|
Toyo Suisan Kaisha Ltd. |
|
|
1,000 |
|
|
|
33,980 |
|
Unilever N.V. |
|
|
8,737 |
|
|
|
372,290 |
|
Unilever PLC |
|
|
7,110 |
|
|
|
308,299 |
|
United International Enterprises |
|
|
48 |
|
|
|
8,361 |
|
Vilmorin & Cie |
|
|
35 |
|
|
|
4,476 |
|
Viscofan S.A. |
|
|
409 |
|
|
|
21,267 |
|
Vitasoy International Holdings Ltd. |
|
|
18,000 |
|
|
|
21,802 |
|
Wilmar International Ltd. |
|
|
10,000 |
|
|
|
27,037 |
|
Yakult Honsha Co. Ltd. |
|
|
400 |
|
|
|
17,431 |
|
Yamazaki Baking Co. Ltd. |
|
|
1,000 |
|
|
|
13,079 |
|
Yonekyu Corp. |
|
|
1,000 |
|
|
|
8,685 |
|
|
|
|
|
|
|
|
3,636,882 |
|
Gas Utilities 0.5% |
|
|
|
|
|
|
|
|
APA Group |
|
|
3,091 |
|
|
|
20,888 |
|
Enagas S.A. |
|
|
837 |
|
|
|
22,324 |
|
Envestra Ltd. |
|
|
16,270 |
|
|
|
17,734 |
|
Gas Natural SDG S.A. |
|
|
1,731 |
|
|
|
36,286 |
|
Hong Kong & China Gas Co. Ltd. |
|
|
27,000 |
|
|
|
81,237 |
|
Osaka Gas Co. Ltd. |
|
|
10,000 |
|
|
|
43,322 |
|
Rubis SCA |
|
|
451 |
|
|
|
29,007 |
|
Shizuoka Gas Co. Ltd. |
|
|
2,500 |
|
|
|
19,813 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Gas Utilities (continued) |
|
Snam SpA |
|
|
7,444 |
|
|
$ |
36,646 |
|
Superior Plus Corp. |
|
|
5,913 |
|
|
|
76,422 |
|
Toho Gas Co. Ltd. |
|
|
3,000 |
|
|
|
17,863 |
|
Tokyo Gas Co. Ltd. |
|
|
13,000 |
|
|
|
74,202 |
|
Valener, Inc. |
|
|
500 |
|
|
|
8,028 |
|
|
|
|
|
|
|
|
483,772 |
|
Health Care Equipment & Supplies
0.6% |
|
Ansell Ltd. |
|
|
352 |
|
|
|
5,773 |
|
BioMerieux |
|
|
53 |
|
|
|
5,044 |
|
Biosensors International Group Ltd.* |
|
|
11,000 |
|
|
|
10,717 |
|
Carl Zeiss Meditec AG |
|
|
288 |
|
|
|
8,830 |
|
Cochlear Ltd. |
|
|
309 |
|
|
|
21,164 |
|
Coloplast A/S, Class B |
|
|
470 |
|
|
|
25,599 |
|
DiaSorin SpA |
|
|
85 |
|
|
|
3,192 |
|
Draegerwerk AG & Co. KGaA |
|
|
170 |
|
|
|
19,021 |
|
Elekta AB, Class B |
|
|
1,693 |
|
|
|
26,063 |
|
Essilor International S.A. |
|
|
1,081 |
|
|
|
121,768 |
|
Fisher & Paykel Healthcare Corp. Ltd. |
|
|
2,745 |
|
|
|
6,240 |
|
Fukuda Denshi Co. Ltd. |
|
|
200 |
|
|
|
7,781 |
|
Getinge AB, Class B |
|
|
1,146 |
|
|
|
34,540 |
|
Given Imaging Ltd.* |
|
|
500 |
|
|
|
7,965 |
|
GN Store Nord A/S |
|
|
861 |
|
|
|
15,743 |
|
Hogy Medical Co. Ltd. |
|
|
200 |
|
|
|
12,319 |
|
Nagaileben Co. Ltd. |
|
|
500 |
|
|
|
8,557 |
|
Nakanishi, Inc. |
|
|
100 |
|
|
|
12,812 |
|
Nihon Kohden Corp. |
|
|
100 |
|
|
|
3,845 |
|
Nobel Biocare Holding AG* |
|
|
2,009 |
|
|
|
22,492 |
|
Olympus Corp.* |
|
|
1,100 |
|
|
|
27,610 |
|
Ossur HF |
|
|
13,908 |
|
|
|
18,938 |
|
Sartorius AG |
|
|
121 |
|
|
|
12,997 |
|
Sartorius Stedim Biotech |
|
|
38 |
|
|
|
5,391 |
|
Smith & Nephew PLC |
|
|
5,133 |
|
|
|
58,679 |
|
Sonova Holding AG* |
|
|
246 |
|
|
|
26,799 |
|
Sorin SpA* |
|
|
6,750 |
|
|
|
18,937 |
|
Straumann Holding AG |
|
|
167 |
|
|
|
21,914 |
|
Sysmex Corp. |
|
|
300 |
|
|
|
19,341 |
|
Terumo Corp. |
|
|
1,100 |
|
|
|
54,656 |
|
William Demant Holding A/S* |
|
|
60 |
|
|
|
4,806 |
|
|
|
|
|
|
|
|
649,533 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
73 |
|
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Health Care Providers & Services
0.6% |
|
Alfresa Holdings Corp. |
|
|
300 |
|
|
$ |
17,832 |
|
Amplifon SpA |
|
|
544 |
|
|
|
2,804 |
|
As One Corp. |
|
|
900 |
|
|
|
21,269 |
|
BML, Inc. |
|
|
200 |
|
|
|
5,151 |
|
Catamaran Corp.* |
|
|
1,019 |
|
|
|
58,931 |
|
Celesio AG |
|
|
142 |
|
|
|
2,813 |
|
CML HealthCare, Inc. |
|
|
2,233 |
|
|
|
17,161 |
|
Ebos Group Ltd. |
|
|
885 |
|
|
|
7,364 |
|
Extendicare, Inc./US |
|
|
900 |
|
|
|
5,038 |
|
Fresenius Medical Care AG & Co. KGaA |
|
|
1,162 |
|
|
|
80,276 |
|
Fresenius SE & Co. KGaA |
|
|
713 |
|
|
|
89,509 |
|
Medipal Holdings Corp. |
|
|
1,300 |
|
|
|
20,406 |
|
Message Co. Ltd. |
|
|
2 |
|
|
|
5,913 |
|
Metlifecare Ltd. |
|
|
2,740 |
|
|
|
8,344 |
|
Miraca Holdings, Inc. |
|
|
200 |
|
|
|
9,978 |
|
Nichii Gakkan Co. |
|
|
2,600 |
|
|
|
26,451 |
|
Oriola-KD OYJ |
|
|
5,870 |
|
|
|
18,109 |
|
Orpea |
|
|
206 |
|
|
|
8,962 |
|
Primary Health Care Ltd. |
|
|
906 |
|
|
|
4,956 |
|
Raffles Medical Group Ltd. |
|
|
2,000 |
|
|
|
5,554 |
|
Ramsay Health Care Ltd. |
|
|
632 |
|
|
|
20,987 |
|
Rhoen Klinikum AG |
|
|
166 |
|
|
|
3,550 |
|
Ryman Healthcare Ltd. |
|
|
1,245 |
|
|
|
6,515 |
|
Ship Healthcare Holdings, Inc. |
|
|
200 |
|
|
|
7,699 |
|
Sigma Pharmaceuticals Ltd. |
|
|
10,630 |
|
|
|
8,055 |
|
Sonic Healthcare Ltd. |
|
|
1,874 |
|
|
|
25,795 |
|
Suzuken Co. Ltd./Aichi Japan |
|
|
400 |
|
|
|
15,563 |
|
Toho Holdings Co. Ltd. |
|
|
300 |
|
|
|
6,871 |
|
United Drug PLC |
|
|
12,934 |
|
|
|
60,975 |
|
Vital KSK Holdings, Inc. |
|
|
600 |
|
|
|
5,420 |
|
|
|
|
|
|
|
|
578,251 |
|
Health Care Technology 0.0% |
|
M3, Inc. |
|
|
2 |
|
|
|
4,523 |
|
Hotels, Restaurants & Leisure
1.8% |
|
Accor S.A. |
|
|
741 |
|
|
|
24,521 |
|
Accordia Golf Co. Ltd. |
|
|
54 |
|
|
|
61,367 |
|
Ainsworth Game Technology Ltd. |
|
|
1,278 |
|
|
|
5,054 |
|
Aristocrat Leisure Ltd. |
|
|
922 |
|
|
|
3,771 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Hotels, Restaurants & Leisure
(continued) |
|
Atom Corp. |
|
|
1,200 |
|
|
$ |
7,047 |
|
Autogrill SpA |
|
|
270 |
|
|
|
3,497 |
|
Betfair Group PLC |
|
|
805 |
|
|
|
10,838 |
|
Betsson AB* |
|
|
754 |
|
|
|
22,073 |
|
Bwin.Party Digital Entertainment PLC |
|
|
34,903 |
|
|
|
72,576 |
|
Cafe de Coral Holdings Ltd. |
|
|
6,000 |
|
|
|
19,058 |
|
Carnival PLC |
|
|
874 |
|
|
|
31,559 |
|
Club Mediterranee S.A.* |
|
|
212 |
|
|
|
3,606 |
|
Colowide Co. Ltd. |
|
|
1,000 |
|
|
|
10,030 |
|
Compass Group PLC |
|
|
9,540 |
|
|
|
125,763 |
|
Crown Ltd. |
|
|
2,027 |
|
|
|
27,143 |
|
Dominos Pizza Enterprises Ltd. |
|
|
374 |
|
|
|
5,090 |
|
Dominos Pizza Group PLC |
|
|
2,746 |
|
|
|
27,823 |
|
Doutor Nichires Holdings Co. Ltd. |
|
|
2,700 |
|
|
|
38,528 |
|
Echo Entertainment Group Ltd. |
|
|
7,053 |
|
|
|
26,503 |
|
Enterprise Inns PLC* |
|
|
31,019 |
|
|
|
47,288 |
|
Euro Disney SCA* |
|
|
374 |
|
|
|
2,396 |
|
Flight Centre Ltd. |
|
|
118 |
|
|
|
4,675 |
|
Fuji Kyuko Co. Ltd. |
|
|
1,000 |
|
|
|
9,393 |
|
Galaxy Entertainment Group Ltd.* |
|
|
12,000 |
|
|
|
53,733 |
|
Genting Singapore PLC |
|
|
29,000 |
|
|
|
36,143 |
|
Great Canadian Gaming Corp.* |
|
|
504 |
|
|
|
4,705 |
|
Greene King PLC |
|
|
2,663 |
|
|
|
30,132 |
|
GuocoLeisure Ltd. |
|
|
13,000 |
|
|
|
9,236 |
|
Hongkong & Shanghai Hotels |
|
|
20,000 |
|
|
|
32,523 |
|
Hotel Properties Ltd. |
|
|
3,000 |
|
|
|
8,403 |
|
InterContinental Hotels Group PLC |
|
|
1,251 |
|
|
|
36,955 |
|
JD Wetherspoon PLC |
|
|
816 |
|
|
|
7,461 |
|
Kingston Financial Group Ltd. |
|
|
28,000 |
|
|
|
2,237 |
|
Kisoji Co. Ltd. |
|
|
200 |
|
|
|
3,979 |
|
Kuoni Reisen Holding AG* |
|
|
82 |
|
|
|
25,025 |
|
Ladbrokes PLC |
|
|
7,031 |
|
|
|
20,726 |
|
Lottomatica Group SpA |
|
|
116 |
|
|
|
2,961 |
|
Marstons PLC |
|
|
30,485 |
|
|
|
68,703 |
|
McDonalds Holdings Co. Japan Ltd. |
|
|
200 |
|
|
|
5,837 |
|
Melco Crown Entertainment Ltd.* |
|
|
3,300 |
|
|
|
26,449 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
74 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Hotels, Restaurants & Leisure
(continued) |
|
Melco International Development Ltd. |
|
|
13,000 |
|
|
$ |
25,294 |
|
Melia Hotels International S.A. |
|
|
336 |
|
|
|
2,492 |
|
MGM China Holdings Ltd. |
|
|
7,200 |
|
|
|
16,978 |
|
Millennium & Copthorne Hotels PLC |
|
|
524 |
|
|
|
4,612 |
|
Mitchells & Butlers PLC* |
|
|
3,873 |
|
|
|
20,157 |
|
MOS Food Services, Inc. |
|
|
600 |
|
|
|
11,974 |
|
NagaCorp Ltd. |
|
|
18,000 |
|
|
|
14,288 |
|
NH Hoteles S.A.* |
|
|
2,053 |
|
|
|
7,173 |
|
Ohsho Food Service Corp. |
|
|
800 |
|
|
|
23,349 |
|
OPAP S.A. |
|
|
526 |
|
|
|
5,194 |
|
Oriental Land Co. Ltd./Japan |
|
|
300 |
|
|
|
48,537 |
|
Paddy Power PLC |
|
|
236 |
|
|
|
19,898 |
|
PGM Holdings K K |
|
|
4 |
|
|
|
4,291 |
|
Plenus Co. Ltd. |
|
|
1,000 |
|
|
|
18,140 |
|
Rank Group PLC |
|
|
1,756 |
|
|
|
4,591 |
|
Regal Hotels International Holdings Ltd. |
|
|
14,000 |
|
|
|
6,548 |
|
Resorttrust, Inc. |
|
|
300 |
|
|
|
10,225 |
|
The Restaurant Group PLC |
|
|
3,719 |
|
|
|
27,894 |
|
Rezidor Hotel Group AB* |
|
|
2,683 |
|
|
|
12,725 |
|
Round One Corp. |
|
|
700 |
|
|
|
5,864 |
|
Saizeriya Co. Ltd. |
|
|
500 |
|
|
|
7,083 |
|
Sands China Ltd. |
|
|
11,600 |
|
|
|
60,835 |
|
Shangri-La Asia Ltd. |
|
|
12,000 |
|
|
|
23,194 |
|
SJM Holdings Ltd. |
|
|
12,000 |
|
|
|
30,245 |
|
SKYCITY Entertainment Group Ltd. |
|
|
1,876 |
|
|
|
7,178 |
|
Sodexo |
|
|
417 |
|
|
|
34,861 |
|
St Marc Holdings Co. Ltd. |
|
|
600 |
|
|
|
29,443 |
|
Tabcorp Holdings Ltd. |
|
|
1,468 |
|
|
|
5,257 |
|
Tatts Group Ltd. |
|
|
7,149 |
|
|
|
24,267 |
|
Thomas Cook Group PLC* |
|
|
48,072 |
|
|
|
96,891 |
|
Tim Hortons, Inc. |
|
|
819 |
|
|
|
44,441 |
|
Tokyo Dome Corp. |
|
|
2,000 |
|
|
|
15,440 |
|
Tokyotokeiba Co. Ltd. |
|
|
2,000 |
|
|
|
10,410 |
|
TUI AG* |
|
|
1,864 |
|
|
|
19,773 |
|
TUI Travel PLC |
|
|
966 |
|
|
|
4,725 |
|
Unibet Group PLC |
|
|
617 |
|
|
|
21,446 |
|
WATAMI Co. Ltd. |
|
|
200 |
|
|
|
3,649 |
|
Whitbread PLC |
|
|
821 |
|
|
|
32,648 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Household Durables (continued) |
|
William Hill PLC |
|
|
5,082 |
|
|
$ |
33,695 |
|
Wynn Macau Ltd.* |
|
|
7,600 |
|
|
|
23,063 |
|
Yomiuri Land Co. Ltd. |
|
|
1,000 |
|
|
|
10,266 |
|
Yoshinoya Holdings Co. Ltd. |
|
|
14 |
|
|
|
16,327 |
|
|
|
|
|
|
|
|
1,810,168 |
|
Household Durables 1.1% |
|
|
|
|
|
|
|
|
Alpine Electronics, Inc. |
|
|
2,400 |
|
|
|
24,466 |
|
Arnest One Corp. |
|
|
400 |
|
|
|
9,161 |
|
Bang & Olufsen A/S* |
|
|
222 |
|
|
|
1,853 |
|
Barratt Developments PLC* |
|
|
6,064 |
|
|
|
29,371 |
|
Bellway PLC |
|
|
1,990 |
|
|
|
41,658 |
|
Berkeley Group Holdings PLC |
|
|
872 |
|
|
|
28,297 |
|
Bovis Homes Group PLC |
|
|
2,513 |
|
|
|
30,038 |
|
Brookfield Residential Properties, Inc.* |
|
|
700 |
|
|
|
16,723 |
|
Casio Computer Co. Ltd. |
|
|
400 |
|
|
|
3,314 |
|
Chofu Seisakusho Co. Ltd. |
|
|
200 |
|
|
|
4,634 |
|
Clarion Co. Ltd.* |
|
|
3,000 |
|
|
|
4,250 |
|
Dorel Industries, Inc., Class B |
|
|
1,398 |
|
|
|
60,459 |
|
Ekornes ASA |
|
|
166 |
|
|
|
2,667 |
|
Electrolux AB |
|
|
1,082 |
|
|
|
30,672 |
|
Fleetwood Corp. Ltd. |
|
|
382 |
|
|
|
3,390 |
|
Forbo Holding AG* |
|
|
15 |
|
|
|
9,688 |
|
Foster Electric Co. Ltd. |
|
|
1,200 |
|
|
|
16,372 |
|
Fujitsu General Ltd. |
|
|
1,000 |
|
|
|
9,763 |
|
Funai Electric Co. Ltd. |
|
|
900 |
|
|
|
11,152 |
|
GUD Holdings Ltd. |
|
|
2,533 |
|
|
|
19,168 |
|
HAJIME Construction Co. Ltd. |
|
|
600 |
|
|
|
39,113 |
|
Haseko Corp.* |
|
|
8,500 |
|
|
|
12,391 |
|
Hunter Douglas NV |
|
|
110 |
|
|
|
4,497 |
|
Husqvarna AB, Class B |
|
|
2,585 |
|
|
|
14,856 |
|
Indesit Co. SpA |
|
|
2,524 |
|
|
|
19,849 |
|
JM AB |
|
|
4,419 |
|
|
|
99,669 |
|
JVC Kenwood Corp. |
|
|
6,300 |
|
|
|
16,298 |
|
Man Wah Holdings Ltd. |
|
|
5,600 |
|
|
|
5,448 |
|
Misawa Homes Co. Ltd. |
|
|
1,500 |
|
|
|
26,825 |
|
Mitsui Home Co. Ltd. |
|
|
1,000 |
|
|
|
6,016 |
|
Nexity S.A. |
|
|
1,623 |
|
|
|
58,416 |
|
Nobia AB |
|
|
2,870 |
|
|
|
16,405 |
|
Panasonic Corp.* |
|
|
11,900 |
|
|
|
86,614 |
|
Persimmon PLC* |
|
|
1,956 |
|
|
|
32,879 |
|
Persimmon PLC*^ |
|
|
1,956 |
|
|
|
2,283 |
|
Pioneer Corp.* |
|
|
13,800 |
|
|
|
28,334 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
75 |
|
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Household Durables (continued) |
|
Redrow PLC* |
|
|
7,585 |
|
|
$ |
25,252 |
|
Rinnai Corp. |
|
|
100 |
|
|
|
7,946 |
|
SEB S.A. |
|
|
46 |
|
|
|
3,338 |
|
Sekisui Chemical Co. Ltd. |
|
|
3,000 |
|
|
|
37,758 |
|
Sekisui House Ltd. |
|
|
3,000 |
|
|
|
44,995 |
|
Sharp Corp.* |
|
|
4,000 |
|
|
|
13,880 |
|
Sony Corp. |
|
|
5,400 |
|
|
|
89,418 |
|
Takamatsu Construction Group Co. Ltd. |
|
|
300 |
|
|
|
4,561 |
|
Taylor Wimpey PLC |
|
|
8,780 |
|
|
|
12,709 |
|
Techtronic Industries Co. |
|
|
7,000 |
|
|
|
16,723 |
|
Token Corp. |
|
|
390 |
|
|
|
25,103 |
|
TomTom NV* |
|
|
1,350 |
|
|
|
6,089 |
|
|
|
|
|
|
|
|
1,114,761 |
|
Household Products 0.5% |
|
Henkel AG & Co. KGaA |
|
|
648 |
|
|
|
50,790 |
|
Lion Corp. |
|
|
1,000 |
|
|
|
5,841 |
|
Pigeon Corp. |
|
|
300 |
|
|
|
25,778 |
|
PZ Cussons PLC |
|
|
631 |
|
|
|
3,920 |
|
Reckitt Benckiser Group PLC |
|
|
3,388 |
|
|
|
247,624 |
|
ST Corp. |
|
|
400 |
|
|
|
4,090 |
|
Svenska Cellulosa AB, Class A |
|
|
236 |
|
|
|
6,464 |
|
Svenska Cellulosa AB, Class B |
|
|
3,297 |
|
|
|
85,721 |
|
Unicharm Corp. |
|
|
600 |
|
|
|
38,805 |
|
|
|
|
|
|
|
|
469,033 |
|
Independent Power Producers & Energy Traders
0.2% |
|
Algonquin Power & Utilities Corp. |
|
|
2,538 |
|
|
|
20,085 |
|
APR Energy PLC |
|
|
1,640 |
|
|
|
21,186 |
|
Atlantic Power Corp. |
|
|
2,160 |
|
|
|
10,179 |
|
Capital Power Corp. |
|
|
1,350 |
|
|
|
29,541 |
|
Drax Group PLC |
|
|
2,556 |
|
|
|
24,406 |
|
EDP Renovaveis S.A.* |
|
|
3,395 |
|
|
|
17,685 |
|
Electric Power Development Co. Ltd. |
|
|
600 |
|
|
|
17,136 |
|
Enel Green Power SpA |
|
|
4,443 |
|
|
|
9,483 |
|
Energy World Corp. Ltd.* |
|
|
17,127 |
|
|
|
5,689 |
|
Infigen Energy Ltd.* |
|
|
52,096 |
|
|
|
14,331 |
|
Innergex Renewable Energy, Inc. |
|
|
832 |
|
|
|
8,420 |
|
KSK Power Ventur PLC* |
|
|
456 |
|
|
|
2,750 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Independent Power Producers &
Energy Traders (continued) |
|
Northland Power, Inc. |
|
|
180 |
|
|
$ |
3,498 |
|
TransAlta Corp. |
|
|
1,117 |
|
|
|
16,447 |
|
|
|
|
|
|
|
|
200,836 |
|
Industrial Conglomerates 1.3% |
|
CIR-Compagnie Industriali Riunite SpA |
|
|
22,628 |
|
|
|
26,163 |
|
Clal Industries Ltd. |
|
|
1,000 |
|
|
|
3,977 |
|
Cofide SpA |
|
|
6,060 |
|
|
|
3,387 |
|
CSR Ltd. |
|
|
9,902 |
|
|
|
20,866 |
|
DCC PLC |
|
|
583 |
|
|
|
21,360 |
|
Hong Leong Asia Ltd. |
|
|
4,000 |
|
|
|
5,277 |
|
Hopewell Holdings Ltd. |
|
|
3,500 |
|
|
|
13,530 |
|
Hutchison Whampoa Ltd. |
|
|
12,000 |
|
|
|
130,351 |
|
Indus Holding AG |
|
|
1,119 |
|
|
|
36,838 |
|
Jardine Matheson Holdings Ltd. |
|
|
1,200 |
|
|
|
77,916 |
|
Jardine Strategic Holdings Ltd. |
|
|
1,000 |
|
|
|
39,000 |
|
Keihan Electric Railway Co. Ltd. |
|
|
2,000 |
|
|
|
8,603 |
|
Keppel Corp. Ltd. |
|
|
9,000 |
|
|
|
78,261 |
|
Koninklijke Philips Electronics N.V. |
|
|
4,980 |
|
|
|
137,681 |
|
Nisshinbo Holdings, Inc. |
|
|
2,000 |
|
|
|
14,516 |
|
NWS Holdings Ltd. |
|
|
4,000 |
|
|
|
7,144 |
|
Rheinmetall AG |
|
|
2,097 |
|
|
|
99,432 |
|
Schouw & Co. |
|
|
735 |
|
|
|
24,370 |
|
SembCorp Industries Ltd. |
|
|
7,000 |
|
|
|
28,360 |
|
Shun Tak Holdings Ltd. |
|
|
16,000 |
|
|
|
8,412 |
|
Siemens AG |
|
|
4,277 |
|
|
|
447,157 |
|
Smiths Group PLC |
|
|
1,883 |
|
|
|
36,634 |
|
Sonae |
|
|
18,183 |
|
|
|
17,692 |
|
TOKAI Holdings Corp. |
|
|
500 |
|
|
|
1,632 |
|
|
|
|
|
|
|
|
1,288,559 |
|
Insurance 4.3% |
|
Admiral Group PLC |
|
|
1,285 |
|
|
|
25,620 |
|
Aegon N.V. |
|
|
9,677 |
|
|
|
63,931 |
|
Ageas |
|
|
1,170 |
|
|
|
42,913 |
|
AIA Group Ltd. |
|
|
55,800 |
|
|
|
247,701 |
|
Allianz SE |
|
|
2,430 |
|
|
|
358,976 |
|
Amlin PLC |
|
|
1,087 |
|
|
|
7,180 |
|
AMP Ltd. |
|
|
16,752 |
|
|
|
93,903 |
|
April |
|
|
386 |
|
|
|
6,219 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
76 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Insurance (continued) |
|
Assicurazioni Generali SpA |
|
|
6,501 |
|
|
$ |
119,393 |
|
Aviva PLC |
|
|
15,525 |
|
|
|
73,722 |
|
AXA S.A. |
|
|
9,660 |
|
|
|
181,039 |
|
Baloise Holding AG |
|
|
307 |
|
|
|
31,627 |
|
Beazley PLC |
|
|
27,640 |
|
|
|
96,577 |
|
Catlin Group Ltd. |
|
|
778 |
|
|
|
6,363 |
|
Clal Insurance Enterprises Holdings Ltd. |
|
|
1,041 |
|
|
|
17,224 |
|
CNP Assurances |
|
|
307 |
|
|
|
4,353 |
|
The Dai-ichi Life Insurance Co. Ltd. |
|
|
46 |
|
|
|
63,279 |
|
Delta Lloyd NV |
|
|
1,011 |
|
|
|
19,394 |
|
E-L Financial Corp. Ltd. |
|
|
8 |
|
|
|
4,278 |
|
Euler Hermes S.A. |
|
|
112 |
|
|
|
10,705 |
|
Fairfax Financial Holdings Ltd. |
|
|
128 |
|
|
|
51,430 |
|
Fondiaria-Sai SpA* |
|
|
73,331 |
|
|
|
133,978 |
|
Gjensidige Forsikring ASA |
|
|
688 |
|
|
|
11,102 |
|
Great-West Lifeco, Inc. |
|
|
1,406 |
|
|
|
38,244 |
|
Grupo Catalana Occidente S.A. |
|
|
2,385 |
|
|
|
54,083 |
|
Hannover Rueckversicherung SE |
|
|
254 |
|
|
|
21,472 |
|
Harel Insurance Investments & Financial Services Ltd. |
|
|
88 |
|
|
|
4,376 |
|
Helvetia Holding AG |
|
|
12 |
|
|
|
5,035 |
|
Hiscox Ltd. |
|
|
2,933 |
|
|
|
25,609 |
|
Hiscox Ltd., Class B*^ |
|
|
3,296 |
|
|
|
2,565 |
|
Industrial Alliance Insurance & Financial Services, Inc. |
|
|
522 |
|
|
|
19,316 |
|
Insurance Australia Group Ltd. |
|
|
11,439 |
|
|
|
69,108 |
|
Intact Financial Corp. |
|
|
847 |
|
|
|
51,703 |
|
Jardine Lloyd Thompson Group PLC |
|
|
258 |
|
|
|
3,403 |
|
Lancashire Holdings Ltd. |
|
|
416 |
|
|
|
5,481 |
|
Legal & General Group PLC |
|
|
30,764 |
|
|
|
81,158 |
|
Manulife Financial Corp. |
|
|
9,929 |
|
|
|
146,983 |
|
Mapfre S.A. |
|
|
6,907 |
|
|
|
25,361 |
|
Mediolanum SpA |
|
|
2,092 |
|
|
|
14,108 |
|
Milano Assicurazioni SPA* |
|
|
37,990 |
|
|
|
24,903 |
|
MS&AD Insurance Group Holdings |
|
|
2,700 |
|
|
|
72,316 |
|
Muenchener Rueckversicherungs AG |
|
|
946 |
|
|
|
189,388 |
|
NIB Holdings Ltd. |
|
|
4,093 |
|
|
|
9,984 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Insurance (continued) |
|
NKSJ Holdings, Inc. |
|
|
1,900 |
|
|
$ |
48,139 |
|
Old Mutual PLC |
|
|
25,875 |
|
|
|
82,557 |
|
Phoenix Group Holdings |
|
|
7,922 |
|
|
|
78,233 |
|
Power Corp of Canada |
|
|
2,098 |
|
|
|
56,588 |
|
Power Financial Corp. |
|
|
1,082 |
|
|
|
32,013 |
|
Prudential PLC |
|
|
13,402 |
|
|
|
230,490 |
|
QBE Insurance Group Ltd. |
|
|
6,735 |
|
|
|
93,473 |
|
Resolution Ltd. |
|
|
6,445 |
|
|
|
26,472 |
|
RSA Insurance Group PLC |
|
|
22,621 |
|
|
|
39,186 |
|
Sampo OYJ, Class A |
|
|
2,496 |
|
|
|
99,709 |
|
Schweizerische National-Versicherungs-Gesellschaft AG, Class V |
|
|
677 |
|
|
|
32,321 |
|
SCOR SE |
|
|
946 |
|
|
|
28,742 |
|
Societa Cattolica di Assicurazioni SCRL* |
|
|
2,496 |
|
|
|
49,065 |
|
Sony Financial Holdings, Inc. |
|
|
400 |
|
|
|
5,646 |
|
St Jamess Place PLC |
|
|
1,985 |
|
|
|
17,115 |
|
Standard Life PLC |
|
|
14,565 |
|
|
|
84,827 |
|
Storebrand ASA* |
|
|
680 |
|
|
|
3,095 |
|
Sun Life Financial, Inc. |
|
|
3,251 |
|
|
|
91,856 |
|
Suncorp Group Ltd. |
|
|
7,282 |
|
|
|
98,117 |
|
Swiss Life Holding AG* |
|
|
156 |
|
|
|
24,686 |
|
Swiss Re AG* |
|
|
1,901 |
|
|
|
151,331 |
|
T&D Holdings, Inc. |
|
|
2,800 |
|
|
|
32,539 |
|
Tokio Marine Holdings, Inc. |
|
|
3,800 |
|
|
|
120,542 |
|
Topdanmark A/S* |
|
|
225 |
|
|
|
5,777 |
|
Tower Ltd.* |
|
|
13,848 |
|
|
|
20,433 |
|
Tryg A/S |
|
|
70 |
|
|
|
6,068 |
|
Unipol Gruppo Finanziario SpA* |
|
|
10,424 |
|
|
|
35,732 |
|
Vienna Insurance Group AG Wiener Versicherung Gruppe |
|
|
108 |
|
|
|
5,730 |
|
Zurich Insurance Group AG* |
|
|
801 |
|
|
|
223,844 |
|
|
|
|
|
|
|
|
4,359,829 |
|
Internet & Catalog Retail 0.2% |
|
ASKUL Corp. |
|
|
200 |
|
|
|
3,550 |
|
ASOS PLC* |
|
|
379 |
|
|
|
18,876 |
|
Belluna Co. Ltd. |
|
|
2,000 |
|
|
|
19,608 |
|
Home Retail Group PLC |
|
|
16,191 |
|
|
|
39,261 |
|
N Brown Group PLC |
|
|
2,897 |
|
|
|
20,110 |
|
Nissen Holdings Co. Ltd. |
|
|
600 |
|
|
|
2,217 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
77 |
|
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Internet & Catalog Retail
(continued) |
|
Ocado Group PLC* |
|
|
6,379 |
|
|
$ |
16,878 |
|
Rakuten, Inc. |
|
|
4,100 |
|
|
|
43,732 |
|
Senshukai Co. Ltd. |
|
|
1,400 |
|
|
|
12,849 |
|
Takkt AG |
|
|
489 |
|
|
|
8,168 |
|
Wotif.com Holdings Ltd. |
|
|
712 |
|
|
|
3,777 |
|
|
|
|
|
|
|
|
189,026 |
|
Internet Software & Services
0.2% |
|
carsales.com Ltd. |
|
|
610 |
|
|
|
6,123 |
|
Dena Co. Ltd. |
|
|
500 |
|
|
|
14,265 |
|
GMO internet, Inc. |
|
|
600 |
|
|
|
7,860 |
|
Gree, Inc. |
|
|
200 |
|
|
|
2,564 |
|
Gurunavi, Inc. |
|
|
900 |
|
|
|
13,332 |
|
Internet Initiative Japan, Inc. |
|
|
200 |
|
|
|
8,049 |
|
Kakaku.com, Inc. |
|
|
200 |
|
|
|
5,166 |
|
Moneysupermarket.com Group PLC |
|
|
5,134 |
|
|
|
16,037 |
|
Open Text Corp.* |
|
|
367 |
|
|
|
24,019 |
|
Opera Software ASA |
|
|
512 |
|
|
|
3,486 |
|
Telecity Group PLC |
|
|
1,380 |
|
|
|
19,814 |
|
United Internet AG |
|
|
248 |
|
|
|
6,807 |
|
Yahoo Japan Corp. |
|
|
72 |
|
|
|
36,033 |
|
|
|
|
|
|
|
|
163,555 |
|
IT Services 0.6% |
|
|
|
|
|
|
|
|
Alten S.A. |
|
|
688 |
|
|
|
24,817 |
|
Altran Technologies S.A.* |
|
|
740 |
|
|
|
5,834 |
|
Amadeus IT Holding S.A., Class A |
|
|
1,746 |
|
|
|
51,598 |
|
Atea ASA* |
|
|
4,025 |
|
|
|
43,172 |
|
AtoS |
|
|
253 |
|
|
|
17,628 |
|
Cap Gemini S.A. |
|
|
854 |
|
|
|
39,323 |
|
CGI Group, Inc., Class A* |
|
|
1,154 |
|
|
|
36,598 |
|
Computacenter PLC |
|
|
5,274 |
|
|
|
36,757 |
|
Computershare Ltd. |
|
|
2,721 |
|
|
|
28,048 |
|
Digital Garage, Inc. |
|
|
3 |
|
|
|
10,995 |
|
Evry ASA* |
|
|
1,954 |
|
|
|
2,817 |
|
GFI Informatique SA/France |
|
|
1,712 |
|
|
|
7,313 |
|
Groupe Steria SCA |
|
|
1,090 |
|
|
|
16,109 |
|
Indra Sistemas S.A. |
|
|
5,221 |
|
|
|
70,279 |
|
Iress Ltd. |
|
|
1,067 |
|
|
|
9,260 |
|
IT Holdings Corp. |
|
|
500 |
|
|
|
7,515 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
IT Services (continued) |
|
|
|
|
|
|
|
|
Itochu Techno-Solutions Corp. |
|
|
100 |
|
|
$ |
4,753 |
|
NEC Fielding Ltd. |
|
|
1,500 |
|
|
|
19,803 |
|
NEC Networks & System Integration Corp. |
|
|
1,200 |
|
|
|
26,314 |
|
NET One Systems Co. Ltd. |
|
|
800 |
|
|
|
7,005 |
|
Nihon Unisys Ltd. |
|
|
2,700 |
|
|
|
23,228 |
|
Nomura Research Institute Ltd. |
|
|
1,000 |
|
|
|
30,130 |
|
NTT Data Corp. |
|
|
8 |
|
|
|
25,295 |
|
Obic Co. Ltd. |
|
|
10 |
|
|
|
2,637 |
|
Ordina NV* |
|
|
4,122 |
|
|
|
6,793 |
|
Otsuka Corp. |
|
|
100 |
|
|
|
10,338 |
|
SCSK Corp. |
|
|
400 |
|
|
|
8,923 |
|
Sopra Group S.A. |
|
|
258 |
|
|
|
19,882 |
|
Tieto OYJ |
|
|
219 |
|
|
|
4,695 |
|
Transcosmos, Inc. |
|
|
1,500 |
|
|
|
20,942 |
|
Wirecard AG |
|
|
693 |
|
|
|
18,611 |
|
Xchanging PLC |
|
|
3,750 |
|
|
|
7,821 |
|
|
|
|
|
|
|
|
645,233 |
|
Leisure Equipment & Products
0.2% |
|
Amer Sports Oyj |
|
|
262 |
|
|
|
4,463 |
|
Beneteau S.A.* |
|
|
374 |
|
|
|
3,920 |
|
Fields Corp. |
|
|
1,000 |
|
|
|
20,275 |
|
Mars Engineering Corp. |
|
|
600 |
|
|
|
13,403 |
|
Mizuno Corp. |
|
|
1,000 |
|
|
|
4,271 |
|
Namco Bandai Holdings, Inc. |
|
|
1,000 |
|
|
|
18,222 |
|
Nikon Corp. |
|
|
1,800 |
|
|
|
39,138 |
|
Sankyo Co. Ltd. |
|
|
200 |
|
|
|
9,116 |
|
Sega Sammy Holdings, Inc. |
|
|
1,200 |
|
|
|
31,549 |
|
Shimano, Inc. |
|
|
400 |
|
|
|
34,781 |
|
Tamron Co. Ltd. |
|
|
200 |
|
|
|
4,381 |
|
Tomy Co. Ltd. |
|
|
3,700 |
|
|
|
18,460 |
|
Trigano S.A.* |
|
|
295 |
|
|
|
3,742 |
|
Yamaha Corp. |
|
|
400 |
|
|
|
4,291 |
|
|
|
|
|
|
|
|
210,012 |
|
Life Sciences Tools & Services
0.1% |
|
EPS Corp./Japan |
|
|
4 |
|
|
|
6,336 |
|
Eurofins Scientific* |
|
|
46 |
|
|
|
10,007 |
|
Evotec AG* |
|
|
2,572 |
|
|
|
9,227 |
|
Gerresheimer AG |
|
|
532 |
|
|
|
30,409 |
|
Lonza Group AG* |
|
|
324 |
|
|
|
22,583 |
|
NORDION INC |
|
|
392 |
|
|
|
2,744 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
78 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Life Sciences Tools & Services
(continued) |
|
QIAGEN N.V.* |
|
|
956 |
|
|
$ |
18,962 |
|
Tecan Group AG* |
|
|
217 |
|
|
|
20,206 |
|
|
|
|
|
|
|
|
120,474 |
|
Machinery 3.3% |
|
|
|
|
|
|
|
|
Aalberts Industries NV |
|
|
1,737 |
|
|
|
38,965 |
|
Aida Engineering Ltd. |
|
|
2,900 |
|
|
|
23,966 |
|
Alfa Laval AB |
|
|
1,909 |
|
|
|
41,789 |
|
Amada Co. Ltd. |
|
|
1,000 |
|
|
|
8,007 |
|
Andritz AG |
|
|
344 |
|
|
|
22,441 |
|
Asahi Diamond Industrial Co. Ltd. |
|
|
400 |
|
|
|
4,193 |
|
Atlas Copco AB, Class A |
|
|
3,672 |
|
|
|
96,776 |
|
Atlas Copco AB, Class B |
|
|
2,160 |
|
|
|
51,288 |
|
ATS Automation Tooling Systems, Inc.* |
|
|
784 |
|
|
|
7,927 |
|
Bando Chemical Industries Ltd. |
|
|
7,000 |
|
|
|
21,558 |
|
Bobst Group AG* |
|
|
255 |
|
|
|
8,235 |
|
Bodycote PLC |
|
|
2,890 |
|
|
|
23,277 |
|
Bradken Ltd. |
|
|
9,417 |
|
|
|
50,245 |
|
Bucher Industries AG |
|
|
24 |
|
|
|
5,792 |
|
Cargotec Oyj, Class B |
|
|
613 |
|
|
|
18,273 |
|
CKD Corp. |
|
|
3,300 |
|
|
|
24,087 |
|
Construcciones y Auxiliar de Ferrocarriles S.A. |
|
|
58 |
|
|
|
22,940 |
|
Daifuku Co. Ltd. |
|
|
4,500 |
|
|
|
39,775 |
|
Deutz AG* |
|
|
3,730 |
|
|
|
20,202 |
|
Duerr AG |
|
|
633 |
|
|
|
72,088 |
|
Duro Felguera S.A. |
|
|
3,908 |
|
|
|
27,874 |
|
Ebara Corp. |
|
|
2,000 |
|
|
|
8,377 |
|
Faiveley Transport S.A. |
|
|
70 |
|
|
|
4,235 |
|
FANUC Corp. |
|
|
1,000 |
|
|
|
150,909 |
|
Fenner PLC |
|
|
3,867 |
|
|
|
21,161 |
|
Fiat Industrial SpA |
|
|
4,717 |
|
|
|
53,296 |
|
Fuji Machine Manufacturing Co. Ltd. |
|
|
3,800 |
|
|
|
33,042 |
|
Fujitec Co. Ltd. |
|
|
1,000 |
|
|
|
10,820 |
|
Furukawa Co. Ltd. |
|
|
18,000 |
|
|
|
23,098 |
|
GEA Group AG |
|
|
821 |
|
|
|
27,802 |
|
Georg Fischer AG* |
|
|
210 |
|
|
|
91,385 |
|
Gildemeister AG |
|
|
2,511 |
|
|
|
56,659 |
|
Glory Ltd. |
|
|
200 |
|
|
|
5,501 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Machinery (continued) |
|
|
|
|
|
|
|
|
Heidelberger Druckmaschinen AG* |
|
|
10,044 |
|
|
$ |
22,048 |
|
Hino Motors Ltd. |
|
|
1,000 |
|
|
|
15,265 |
|
Hitachi Construction Machinery Co. Ltd. |
|
|
1,100 |
|
|
|
26,108 |
|
Hitachi Koki Co. Ltd. |
|
|
600 |
|
|
|
5,205 |
|
Hitachi Zosen Corp. |
|
|
7,500 |
|
|
|
12,473 |
|
Hoshizaki Electric Co. Ltd. |
|
|
100 |
|
|
|
3,331 |
|
IHI Corp. |
|
|
8,000 |
|
|
|
29,812 |
|
IMI PLC |
|
|
1,658 |
|
|
|
31,973 |
|
Invensys PLC |
|
|
3,448 |
|
|
|
20,645 |
|
Iseki & Co. Ltd. |
|
|
2,000 |
|
|
|
7,268 |
|
The Japan Steel Works Ltd. |
|
|
1,000 |
|
|
|
5,071 |
|
JTEKT Corp. |
|
|
600 |
|
|
|
6,104 |
|
Kawasaki Heavy Industries Ltd. |
|
|
9,000 |
|
|
|
28,642 |
|
Kitz Corp. |
|
|
4,700 |
|
|
|
27,116 |
|
Komatsu Ltd. |
|
|
4,800 |
|
|
|
131,026 |
|
Komori Corp. |
|
|
2,700 |
|
|
|
33,428 |
|
Kone OYJ, Class B |
|
|
820 |
|
|
|
72,487 |
|
Konecranes OYJ |
|
|
90 |
|
|
|
3,268 |
|
Krones AG |
|
|
347 |
|
|
|
24,160 |
|
KSB AG |
|
|
17 |
|
|
|
10,579 |
|
Kubota Corp. |
|
|
5,000 |
|
|
|
71,707 |
|
Makino Milling Machine Co. Ltd. |
|
|
6,000 |
|
|
|
35,602 |
|
Makita Corp. |
|
|
600 |
|
|
|
36,526 |
|
MAN SE* |
|
|
263 |
|
|
|
29,490 |
|
Max Co. Ltd. |
|
|
1,000 |
|
|
|
11,405 |
|
Meidensha Corp. |
|
|
1,000 |
|
|
|
2,987 |
|
Melrose Industries PLC |
|
|
8,865 |
|
|
|
33,680 |
|
Metka S.A. |
|
|
1,677 |
|
|
|
25,492 |
|
Metso OYJ |
|
|
669 |
|
|
|
27,510 |
|
Meyer Burger Technology AG* |
|
|
847 |
|
|
|
5,179 |
|
Minebea Co. Ltd. |
|
|
1,000 |
|
|
|
3,193 |
|
Mitsubishi Heavy Industries Ltd. |
|
|
18,000 |
|
|
|
123,991 |
|
Mitsuboshi Belting Co. Ltd. |
|
|
3,000 |
|
|
|
16,107 |
|
Mitsui Engineering & Shipbuilding Co. Ltd. |
|
|
7,000 |
|
|
|
12,935 |
|
Morgan Advanced Materials PLC |
|
|
4,509 |
|
|
|
18,352 |
|
Mori Seiki Co. Ltd. |
|
|
2,000 |
|
|
|
25,090 |
|
Nabtesco Corp. |
|
|
200 |
|
|
|
4,414 |
|
Nachi-Fujikoshi Corp. |
|
|
9,000 |
|
|
|
40,099 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
79 |
|
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Machinery (continued) |
|
|
|
|
|
|
|
|
NGK Insulators Ltd. |
|
|
1,000 |
|
|
$ |
12,073 |
|
Nippon Sharyo Ltd. |
|
|
5,000 |
|
|
|
25,819 |
|
Nippon Thompson Co. Ltd. |
|
|
5,000 |
|
|
|
24,946 |
|
Nitta Corp. |
|
|
1,600 |
|
|
|
35,840 |
|
NKT Holding A/S |
|
|
209 |
|
|
|
7,724 |
|
Noritake Co. Ltd. |
|
|
1,000 |
|
|
|
2,700 |
|
NSK Ltd. |
|
|
4,000 |
|
|
|
32,358 |
|
NTN Corp. |
|
|
1,000 |
|
|
|
2,546 |
|
OC Oerlikon Corp. AG* |
|
|
302 |
|
|
|
3,495 |
|
Oiles Corp. |
|
|
200 |
|
|
|
4,022 |
|
OKUMA Corp. |
|
|
2,000 |
|
|
|
15,625 |
|
Organo Corp. |
|
|
3,000 |
|
|
|
17,031 |
|
Palfinger AG |
|
|
794 |
|
|
|
23,553 |
|
Pfeiffer Vacuum Technology AG |
|
|
164 |
|
|
|
19,944 |
|
Rieter Holding AG* |
|
|
18 |
|
|
|
3,007 |
|
Rotork PLC |
|
|
229 |
|
|
|
10,368 |
|
Ryobi Ltd. |
|
|
10,000 |
|
|
|
23,406 |
|
Sandvik AB |
|
|
5,427 |
|
|
|
77,006 |
|
Scania AB, Class A |
|
|
1,821 |
|
|
|
37,443 |
|
Scania AB, Class B |
|
|
1,794 |
|
|
|
38,218 |
|
Schindler Holding AG |
|
|
326 |
|
|
|
48,728 |
|
SembCorp Marine Ltd. |
|
|
7,000 |
|
|
|
24,496 |
|
Semperit AG Holding* |
|
|
82 |
|
|
|
3,211 |
|
Senior PLC |
|
|
6,886 |
|
|
|
27,329 |
|
Shima Seiki Manufacturing Ltd. |
|
|
900 |
|
|
|
19,476 |
|
Shinmaywa Industries Ltd. |
|
|
1,000 |
|
|
|
8,131 |
|
Singamas Container Holdings Ltd. |
|
|
76,000 |
|
|
|
18,607 |
|
Sintokogio Ltd. |
|
|
2,500 |
|
|
|
22,636 |
|
SKF AB, Class B |
|
|
2,352 |
|
|
|
54,793 |
|
SMC CORP NPV |
|
|
300 |
|
|
|
60,086 |
|
Spirax-Sarco Engineering PLC |
|
|
168 |
|
|
|
6,859 |
|
Sulzer AG |
|
|
72 |
|
|
|
12,293 |
|
Sumitomo Heavy Industries Ltd. |
|
|
4,000 |
|
|
|
17,739 |
|
Tadano Ltd. |
|
|
1,000 |
|
|
|
12,524 |
|
THK Co. Ltd. |
|
|
900 |
|
|
|
18,913 |
|
Tocalo Co. Ltd. |
|
|
1,100 |
|
|
|
16,092 |
|
Torishima Pump Manufacturing Co. Ltd. |
|
|
600 |
|
|
|
4,872 |
|
Toromont Industries Ltd. |
|
|
196 |
|
|
|
4,326 |
|
Toshiba Machine Co. Ltd. |
|
|
3,000 |
|
|
|
18,325 |
|
Trelleborg AB, Class B |
|
|
604 |
|
|
|
8,967 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Machinery (continued) |
|
|
|
|
|
|
|
|
Tsubakimoto Chain Co. |
|
|
9,000 |
|
|
$ |
48,137 |
|
Tsugami Corp. |
|
|
1,000 |
|
|
|
5,133 |
|
Vallourec S.A. |
|
|
506 |
|
|
|
24,346 |
|
Volvo AB, Class A |
|
|
2,386 |
|
|
|
32,971 |
|
Volvo AB, Class B |
|
|
7,605 |
|
|
|
105,384 |
|
Vossloh AG |
|
|
205 |
|
|
|
22,433 |
|
Wacker Neuson SE |
|
|
676 |
|
|
|
9,937 |
|
Wartsila OYJ Abp |
|
|
947 |
|
|
|
46,533 |
|
The Weir Group PLC |
|
|
1,234 |
|
|
|
42,330 |
|
Westport Innovations Inc.* |
|
|
92 |
|
|
|
2,875 |
|
Yangzijiang Shipbuilding Holdings Ltd. |
|
|
4,000 |
|
|
|
3,085 |
|
Zardoya Otis S.A. |
|
|
332 |
|
|
|
4,644 |
|
|
|
|
|
|
|
|
3,329,086 |
|
Marine 0.3% |
|
|
|
|
|
|
|
|
AP Moeller Maersk A/S, Class A |
|
|
2 |
|
|
|
13,687 |
|
AP Moeller Maersk A/S, Class B |
|
|
7 |
|
|
|
49,861 |
|
Cie Maritime Belge S.A. |
|
|
327 |
|
|
|
6,458 |
|
D/S Norden A/S |
|
|
137 |
|
|
|
4,240 |
|
Dfds A/S |
|
|
449 |
|
|
|
27,750 |
|
Golden Ocean Group Ltd.* |
|
|
15,271 |
|
|
|
14,722 |
|
Iino Kaiun Kaisha Ltd. |
|
|
4,300 |
|
|
|
29,885 |
|
Irish Continental Group PLC |
|
|
157 |
|
|
|
4,285 |
|
Kawasaki Kisen Kaisha Ltd. |
|
|
2,000 |
|
|
|
4,394 |
|
Kuehne + Nagel International AG |
|
|
246 |
|
|
|
28,176 |
|
Mermaid Marine Australia Ltd. |
|
|
6,477 |
|
|
|
25,953 |
|
Mitsui OSK Lines Ltd.* |
|
|
3,000 |
|
|
|
12,473 |
|
Neptune Orient Lines Ltd./Singapore* |
|
|
11,000 |
|
|
|
9,780 |
|
Nippon Yusen KK |
|
|
12,000 |
|
|
|
31,290 |
|
NS United Kaiun Kaisha Ltd.* |
|
|
3,000 |
|
|
|
5,574 |
|
Orient Overseas International Ltd. |
|
|
1,000 |
|
|
|
5,940 |
|
Pacific Basin Shipping Ltd. |
|
|
33,000 |
|
|
|
18,838 |
|
Seaspan Corp. |
|
|
500 |
|
|
|
10,965 |
|
SITC International Holdings Co. Ltd. |
|
|
55,000 |
|
|
|
20,198 |
|
Wilh Wilhelmsen Holding ASA, Class A |
|
|
789 |
|
|
|
21,928 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
80 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Marine (continued) |
|
|
|
|
|
|
|
|
Wilh Wilhelmsen Holding ASA, Class B |
|
|
231 |
|
|
$ |
6,259 |
|
|
|
|
|
|
|
|
352,656 |
|
Media 1.9% |
|
|
|
|
|
|
|
|
Aimia, Inc. |
|
|
395 |
|
|
|
6,244 |
|
Amalgamated Holdings Ltd. |
|
|
2,564 |
|
|
|
22,836 |
|
Antena 3 de Television S.A. |
|
|
1,298 |
|
|
|
7,906 |
|
APN News & Media Ltd. |
|
|
34,463 |
|
|
|
15,025 |
|
Arnoldo Mondadori Editore SpA* |
|
|
1,942 |
|
|
|
2,586 |
|
Astral Media, Inc., Class A |
|
|
405 |
|
|
|
19,730 |
|
Avex Group Holdings, Inc. |
|
|
1,800 |
|
|
|
51,426 |
|
Axel Springer AG |
|
|
92 |
|
|
|
3,881 |
|
British Sky Broadcasting Group PLC |
|
|
5,877 |
|
|
|
77,200 |
|
Cineplex, Inc. |
|
|
114 |
|
|
|
3,881 |
|
Cogeco Cable, Inc. |
|
|
200 |
|
|
|
8,916 |
|
Cogeco, Inc. |
|
|
410 |
|
|
|
17,548 |
|
Constantin Medien AG* |
|
|
9,138 |
|
|
|
18,638 |
|
Corus Entertainment, Inc., Class B |
|
|
202 |
|
|
|
4,968 |
|
CTS Eventim AG |
|
|
561 |
|
|
|
21,689 |
|
CyberAgent, Inc. |
|
|
1 |
|
|
|
1,958 |
|
Daiichikosho Co. Ltd. |
|
|
300 |
|
|
|
8,928 |
|
Daily Mail & General Trust PLC, Class A |
|
|
1,538 |
|
|
|
16,469 |
|
Dentsu, Inc. |
|
|
900 |
|
|
|
31,275 |
|
Euromoney Institutional Investor PLC |
|
|
242 |
|
|
|
3,691 |
|
Eutelsat Communications S.A. |
|
|
705 |
|
|
|
25,481 |
|
Fairfax Media Ltd. |
|
|
124,074 |
|
|
|
83,717 |
|
Fuji Media Holdings, Inc. |
|
|
12 |
|
|
|
26,055 |
|
GFK SE |
|
|
323 |
|
|
|
18,452 |
|
Gruppo Editoriale LEspresso SpA |
|
|
2,528 |
|
|
|
2,645 |
|
Hakuhodo DY Holdings, Inc. |
|
|
190 |
|
|
|
15,663 |
|
Havas S.A. |
|
|
4,401 |
|
|
|
26,928 |
|
Highlight Communications AG* |
|
|
717 |
|
|
|
3,979 |
|
Imax Corp.* |
|
|
1,152 |
|
|
|
29,491 |
|
Informa PLC |
|
|
3,125 |
|
|
|
23,249 |
|
IPSOS |
|
|
558 |
|
|
|
18,723 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Media (continued) |
|
|
|
|
|
|
|
|
ITV PLC |
|
|
18,945 |
|
|
$ |
37,123 |
|
JCDecaux S.A. |
|
|
530 |
|
|
|
14,583 |
|
Jupiter Telecommunications Co. Ltd. |
|
|
8 |
|
|
|
10,077 |
|
Kabel Deutschland Holding AG |
|
|
433 |
|
|
|
41,200 |
|
Kadokawa Group Holdings, Inc. |
|
|
300 |
|
|
|
9,409 |
|
Lagardere SCA |
|
|
685 |
|
|
|
25,486 |
|
Mecom Group PLC |
|
|
9,155 |
|
|
|
6,091 |
|
Mediaset Espana Comunicacion S.A.* |
|
|
430 |
|
|
|
3,379 |
|
Mediaset SpA |
|
|
1,482 |
|
|
|
3,834 |
|
Metropole Television S.A. |
|
|
553 |
|
|
|
9,267 |
|
Modern Times Group AB, Class B |
|
|
96 |
|
|
|
4,111 |
|
Mood Media Corp.* |
|
|
4,100 |
|
|
|
3,791 |
|
Nippon Television Holdings, Inc. |
|
|
500 |
|
|
|
8,834 |
|
NRJ Group |
|
|
658 |
|
|
|
4,980 |
|
PagesJaunes Groupe* |
|
|
5,685 |
|
|
|
11,992 |
|
Pearson PLC |
|
|
4,339 |
|
|
|
79,080 |
|
Perform Group PLC* |
|
|
1,932 |
|
|
|
15,576 |
|
Promotora de Informaciones S.A., Class A* |
|
|
5,988 |
|
|
|
1,776 |
|
ProSiebenSat.1 Media AG |
|
|
641 |
|
|
|
24,575 |
|
Publicis Groupe S.A. |
|
|
964 |
|
|
|
67,131 |
|
PubliGroupe AG* |
|
|
46 |
|
|
|
6,685 |
|
Quebecor, Inc., Class B |
|
|
98 |
|
|
|
4,569 |
|
RCS MediaGroup SpA* |
|
|
2,613 |
|
|
|
2,537 |
|
REA Group Ltd. |
|
|
407 |
|
|
|
13,144 |
|
Reed Elsevier N.V. |
|
|
3,907 |
|
|
|
63,460 |
|
Reed Elsevier PLC |
|
|
6,194 |
|
|
|
72,495 |
|
Rightmove PLC |
|
|
187 |
|
|
|
5,591 |
|
RTL Group S.A. |
|
|
22 |
|
|
|
1,569 |
|
Sanoma OYJ |
|
|
1,100 |
|
|
|
8,962 |
|
Schibsted ASA |
|
|
498 |
|
|
|
21,669 |
|
SES |
|
|
1,729 |
|
|
|
54,047 |
|
Seven West Media Ltd. |
|
|
33,581 |
|
|
|
69,718 |
|
Shaw Communications, Inc., Class B |
|
|
2,205 |
|
|
|
50,289 |
|
Singapore Press Holdings Ltd. |
|
|
11,000 |
|
|
|
39,833 |
|
Sky Deutschland AG* |
|
|
2,233 |
|
|
|
12,821 |
|
Societe dEdition de Canal + |
|
|
2,611 |
|
|
|
18,279 |
|
Societe Television Francaise 1 |
|
|
5,851 |
|
|
|
61,966 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
81 |
|
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Media (continued) |
|
|
|
|
|
|
|
|
Southern Cross Media Group Ltd. |
|
|
25,410 |
|
|
$ |
41,016 |
|
Tamedia AG |
|
|
141 |
|
|
|
15,482 |
|
Technicolor S.A.* |
|
|
15,707 |
|
|
|
65,231 |
|
Telegraaf Media Groep NV* |
|
|
508 |
|
|
|
6,001 |
|
Telenet Group Holding NV |
|
|
159 |
|
|
|
8,594 |
|
Television Broadcasts Ltd. |
|
|
1,300 |
|
|
|
9,791 |
|
Ten Network Holdings Ltd.* |
|
|
13,086 |
|
|
|
4,211 |
|
Thomson Reuters Corp. |
|
|
2,018 |
|
|
|
67,711 |
|
Toei Co. Ltd. |
|
|
5,000 |
|
|
|
37,111 |
|
Toho Co. Ltd./Tokyo |
|
|
900 |
|
|
|
20,031 |
|
Torstar Corp., Class B |
|
|
3,376 |
|
|
|
22,756 |
|
UBM PLC |
|
|
561 |
|
|
|
6,391 |
|
Village Roadshow Ltd. |
|
|
4,186 |
|
|
|
22,595 |
|
Wolters Kluwer N.V. |
|
|
1,503 |
|
|
|
33,290 |
|
WPP PLC |
|
|
6,663 |
|
|
|
110,340 |
|
Zenrin Co. Ltd. |
|
|
200 |
|
|
|
2,583 |
|
Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA |
|
|
1,382 |
|
|
|
6,213 |
|
|
|
|
|
|
|
|
1,988,454 |
|
Metals & Mining 4.8% |
|
|
|
|
|
|
|
|
Acerinox S.A. |
|
|
352 |
|
|
|
3,795 |
|
African Minerals Ltd.* |
|
|
4,519 |
|
|
|
15,385 |
|
Agnico Eagle Mines Ltd. |
|
|
967 |
|
|
|
31,264 |
|
Aichi Steel Corp. |
|
|
5,000 |
|
|
|
20,429 |
|
Alacer Gold Corp. |
|
|
1,864 |
|
|
|
5,597 |
|
Alamos Gold, Inc. |
|
|
255 |
|
|
|
3,567 |
|
Alumina Ltd.* |
|
|
24,234 |
|
|
|
24,276 |
|
AMAG Austria Metall AG(a) |
|
|
766 |
|
|
|
23,682 |
|
AMG Advanced Metallurgical Group NV* |
|
|
610 |
|
|
|
5,622 |
|
Anglo American PLC |
|
|
7,524 |
|
|
|
183,267 |
|
Antofagasta Aberdeen Asset Management PLC |
|
|
2,133 |
|
|
|
29,795 |
|
APERAM |
|
|
402 |
|
|
|
4,941 |
|
Aquarius Platinum Ltd.* |
|
|
3,920 |
|
|
|
2,360 |
|
ArcelorMittal |
|
|
4,799 |
|
|
|
58,791 |
|
Argonaut Gold, Inc.* |
|
|
2,700 |
|
|
|
17,126 |
|
Arrium Ltd. |
|
|
73,119 |
|
|
|
64,516 |
|
Asahi Holdings, Inc. |
|
|
1,300 |
|
|
|
26,318 |
|
Asanko Gold, Inc.* |
|
|
1,481 |
|
|
|
3,755 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Metals & Mining (continued) |
|
Atlas Iron Ltd. |
|
|
15,301 |
|
|
$ |
13,262 |
|
AuRico Gold, Inc. |
|
|
527 |
|
|
|
2,714 |
|
Aurizon Mines Ltd.* |
|
|
1,674 |
|
|
|
7,190 |
|
Aurubis AG |
|
|
72 |
|
|
|
4,529 |
|
B2Gold Corp.* |
|
|
616 |
|
|
|
1,549 |
|
Banro Corp.* |
|
|
1,800 |
|
|
|
2,309 |
|
Barrick Gold Corp. |
|
|
5,535 |
|
|
|
109,286 |
|
Beadell Resources Ltd.* |
|
|
5,446 |
|
|
|
3,986 |
|
BHP Billiton Ltd. |
|
|
17,488 |
|
|
|
593,617 |
|
BHP Billiton PLC |
|
|
10,883 |
|
|
|
303,365 |
|
BlueScope Steel Ltd.* |
|
|
5,703 |
|
|
|
29,304 |
|
Boliden AB |
|
|
1,560 |
|
|
|
24,726 |
|
Capstone Mining Corp.* |
|
|
2,814 |
|
|
|
5,707 |
|
Centamin PLC* |
|
|
57,377 |
|
|
|
36,908 |
|
Centerra Gold, Inc. |
|
|
234 |
|
|
|
979 |
|
Colossus Minerals, Inc.* |
|
|
584 |
|
|
|
1,335 |
|
Continental Gold Ltd.* |
|
|
3,730 |
|
|
|
18,467 |
|
Copper Mountain Mining Corp.* |
|
|
5,106 |
|
|
|
10,254 |
|
Cudeco Ltd.* |
|
|
2,694 |
|
|
|
10,543 |
|
Daido Steel Co. Ltd. |
|
|
1,000 |
|
|
|
5,441 |
|
Detour Gold Corp.* |
|
|
297 |
|
|
|
3,579 |
|
Discovery Metals Ltd.*^ |
|
|
2,575 |
|
|
|
909 |
|
Dominion Diamond Corp.* |
|
|
1,740 |
|
|
|
27,626 |
|
Dowa Holdings Co. Ltd. |
|
|
1,000 |
|
|
|
7,166 |
|
Dundee Precious Metals, Inc.* |
|
|
2,105 |
|
|
|
13,519 |
|
Eldorado Gold Corp. |
|
|
4,221 |
|
|
|
33,446 |
|
Endeavour Mining Corp.* |
|
|
3,600 |
|
|
|
3,901 |
|
Endeavour Silver Corp.* |
|
|
900 |
|
|
|
4,706 |
|
Eurasian Natural Resources Corp. PLC |
|
|
582 |
|
|
|
2,486 |
|
Evolution Mining Ltd.* |
|
|
25,525 |
|
|
|
25,834 |
|
Evraz PLC |
|
|
2,482 |
|
|
|
5,988 |
|
Ferrexpo PLC |
|
|
13,086 |
|
|
|
36,213 |
|
First Majestic Silver Corp.* |
|
|
227 |
|
|
|
2,803 |
|
First Quantum Minerals Ltd. |
|
|
3,216 |
|
|
|
56,240 |
|
Fortescue Metals Group Ltd. |
|
|
8,190 |
|
|
|
29,756 |
|
Fortuna Silver Mines, Inc.* |
|
|
3,300 |
|
|
|
10,302 |
|
Franco-Nevada Corp. |
|
|
875 |
|
|
|
38,154 |
|
Fresnillo PLC |
|
|
903 |
|
|
|
16,191 |
|
Furukawa-Sky Aluminum Corp. |
|
|
2,000 |
|
|
|
6,180 |
|
Gabriel Resources Ltd.* |
|
|
2,500 |
|
|
|
4,524 |
|
Gindalbie Metals Ltd.* |
|
|
18,250 |
|
|
|
3,410 |
|
Glencore International PLC |
|
|
20,782 |
|
|
|
102,518 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
82 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Metals & Mining (continued) |
|
Godo Steel Ltd. |
|
|
7,000 |
|
|
$ |
11,498 |
|
Goldcorp, Inc. |
|
|
4,537 |
|
|
|
134,506 |
|
Golden Star Resources Ltd.* |
|
|
1,340 |
|
|
|
1,452 |
|
Grange Resources Ltd. |
|
|
17,176 |
|
|
|
2,942 |
|
G-Resources Group Ltd.* |
|
|
255,000 |
|
|
|
11,993 |
|
Guyana Goldfields, Inc.* |
|
|
1,900 |
|
|
|
3,400 |
|
Highland Gold Mining Ltd. |
|
|
5,221 |
|
|
|
6,846 |
|
Hitachi Metals Ltd. |
|
|
1,000 |
|
|
|
10,338 |
|
Hochschild Mining PLC |
|
|
458 |
|
|
|
1,771 |
|
Hoganas AB, Class B |
|
|
699 |
|
|
|
33,421 |
|
HudBay Minerals, Inc. |
|
|
2,002 |
|
|
|
15,923 |
|
IAMGOLD Corp. |
|
|
3,442 |
|
|
|
18,513 |
|
Iluka Resources Ltd. |
|
|
3,249 |
|
|
|
30,185 |
|
Imdex Ltd. |
|
|
10,252 |
|
|
|
10,482 |
|
Imperial Metals Corp.* |
|
|
1,440 |
|
|
|
17,852 |
|
Independence Group NL |
|
|
2,157 |
|
|
|
7,389 |
|
International Minerals Corp. |
|
|
786 |
|
|
|
2,305 |
|
Ivanplats Ltd., Class A* |
|
|
4,900 |
|
|
|
14,615 |
|
JFE Holdings, Inc. |
|
|
2,700 |
|
|
|
58,429 |
|
Katanga Mining Ltd.* |
|
|
27,000 |
|
|
|
18,387 |
|
Kazakhmys PLC |
|
|
402 |
|
|
|
2,167 |
|
Kenmare Resources PLC* |
|
|
50,347 |
|
|
|
20,742 |
|
Kingsgate Consolidated Ltd. |
|
|
7,542 |
|
|
|
16,911 |
|
Kinross Gold Corp. |
|
|
6,374 |
|
|
|
34,790 |
|
Kirkland Lake Gold, Inc.* |
|
|
240 |
|
|
|
806 |
|
Kobe Steel Ltd.* |
|
|
13,000 |
|
|
|
16,949 |
|
Kyoei Steel Ltd. |
|
|
1,500 |
|
|
|
28,642 |
|
Labrador Iron Ore Royalty Corp. |
|
|
132 |
|
|
|
4,332 |
|
Lake Shore Gold Corp.* |
|
|
35,166 |
|
|
|
14,334 |
|
LionGold Corp. Ltd.* |
|
|
6,000 |
|
|
|
5,578 |
|
Lonmin PLC* |
|
|
8,497 |
|
|
|
35,575 |
|
Lundin Mining Corp.* |
|
|
1,358 |
|
|
|
5,346 |
|
Lynas Corp. Ltd.* |
|
|
35,137 |
|
|
|
18,419 |
|
MAG Silver Corp.* |
|
|
244 |
|
|
|
1,865 |
|
Major Drilling Group International |
|
|
4,564 |
|
|
|
34,167 |
|
Medusa Mining Ltd. |
|
|
1,347 |
|
|
|
4,572 |
|
Midas Holdings Ltd. |
|
|
10,000 |
|
|
|
4,019 |
|
Mineral Deposits Ltd.* |
|
|
562 |
|
|
|
1,750 |
|
Mirabela Nickel Ltd.* |
|
|
5,300 |
|
|
|
770 |
|
Mitsubishi Materials Corp. |
|
|
3,000 |
|
|
|
8,593 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Metals & Mining (continued) |
|
Mitsubishi Steel Manufacturing Co. Ltd. |
|
|
4,000 |
|
|
$ |
8,582 |
|
Mitsui Mining & Smelting Co. Ltd. |
|
|
2,000 |
|
|
|
4,496 |
|
Mongolian Mining Corp.* |
|
|
76,500 |
|
|
|
22,672 |
|
Mount Gibson Iron Ltd. |
|
|
36,993 |
|
|
|
19,008 |
|
Mytilineos Holdings S.A.* |
|
|
3,810 |
|
|
|
23,609 |
|
Neturen Co. Ltd. |
|
|
800 |
|
|
|
6,389 |
|
Nevsun Resources Ltd. |
|
|
3,783 |
|
|
|
14,179 |
|
New Gold, Inc.* |
|
|
2,306 |
|
|
|
18,524 |
|
New World Resources PLC, Class A |
|
|
5,229 |
|
|
|
12,615 |
|
Newcrest Mining Ltd. |
|
|
4,304 |
|
|
|
75,103 |
|
Newmont Canada FN Holdings ULC |
|
|
200 |
|
|
|
6,637 |
|
Nippon Coke & Engineering Co. Ltd. |
|
|
23,000 |
|
|
|
29,751 |
|
Nippon Denko Co. Ltd. |
|
|
2,000 |
|
|
|
6,981 |
|
Nippon Light Metal Holdings Co. Ltd. |
|
|
22,700 |
|
|
|
26,799 |
|
Nippon Steel & Sumitomo Metal Corp. |
|
|
39,205 |
|
|
|
104,241 |
|
Nittetsu Mining Co. Ltd. |
|
|
2,000 |
|
|
|
9,670 |
|
Norsk Hydro ASA |
|
|
5,619 |
|
|
|
26,353 |
|
Novagold Resources, Inc.* |
|
|
4,500 |
|
|
|
11,095 |
|
NV Bekaert S.A. |
|
|
1,169 |
|
|
|
37,683 |
|
Nyrstar* |
|
|
7,950 |
|
|
|
38,676 |
|
OceanaGold Corp.* |
|
|
7,784 |
|
|
|
16,870 |
|
OSAKA Titanium Technologies Co. |
|
|
200 |
|
|
|
3,977 |
|
Osisko Mining Corp.* |
|
|
871 |
|
|
|
3,680 |
|
Outokumpu OYJ* |
|
|
2,896 |
|
|
|
2,014 |
|
OZ Minerals Ltd. |
|
|
695 |
|
|
|
3,102 |
|
Pacific Metals Co. Ltd. |
|
|
7,000 |
|
|
|
35,140 |
|
Pan American Silver Corp. |
|
|
463 |
|
|
|
6,099 |
|
PanAust Ltd. |
|
|
960 |
|
|
|
2,312 |
|
Perseus Mining Ltd.* |
|
|
3,823 |
|
|
|
5,377 |
|
Petra Diamonds Ltd.* |
|
|
2,635 |
|
|
|
4,511 |
|
Petropavlovsk PLC |
|
|
9,757 |
|
|
|
22,019 |
|
Polymetal International PLC |
|
|
418 |
|
|
|
4,525 |
|
Polyus Gold International Ltd.* |
|
|
1,692 |
|
|
|
5,346 |
|
Premier Gold Mines Ltd.* |
|
|
4,194 |
|
|
|
8,798 |
|
Pretium Resources, Inc.* |
|
|
601 |
|
|
|
4,439 |
|
Primero Mining Corp.* |
|
|
500 |
|
|
|
2,958 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
83 |
|
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Metals & Mining (continued) |
|
Rainy River Resources Ltd.* |
|
|
522 |
|
|
$ |
1,204 |
|
Randgold Resources Ltd. |
|
|
522 |
|
|
|
41,109 |
|
Rautaruukki OYJ |
|
|
747 |
|
|
|
4,810 |
|
Regis Resources Ltd.* |
|
|
2,671 |
|
|
|
10,453 |
|
Resolute Mining Ltd. |
|
|
18,461 |
|
|
|
18,301 |
|
Rio Alto Mining Ltd.* |
|
|
1,500 |
|
|
|
5,518 |
|
Rio Tinto Ltd. |
|
|
2,394 |
|
|
|
138,668 |
|
Rio Tinto PLC |
|
|
7,273 |
|
|
|
330,422 |
|
Romarco Minerals, Inc.* |
|
|
8,974 |
|
|
|
3,926 |
|
Rubicon Minerals Corp.* |
|
|
2,843 |
|
|
|
4,946 |
|
Sabina Gold & Silver Corp.* |
|
|
880 |
|
|
|
1,050 |
|
Salzgitter AG |
|
|
80 |
|
|
|
3,135 |
|
San Gold Corp.* |
|
|
9,500 |
|
|
|
1,842 |
|
Sandfire Resources NL* |
|
|
2,338 |
|
|
|
13,615 |
|
Sanyo Special Steel Co. Ltd. |
|
|
6,000 |
|
|
|
24,330 |
|
Schmolz + Bickenbach AG* |
|
|
1,787 |
|
|
|
5,252 |
|
Seabridge Gold, Inc.* |
|
|
190 |
|
|
|
2,161 |
|
SEMAFO, Inc. |
|
|
2,344 |
|
|
|
4,451 |
|
Sherritt International Corp. |
|
|
16,427 |
|
|
|
76,921 |
|
Silver Lake Resources Ltd.* |
|
|
6,632 |
|
|
|
7,229 |
|
Silver Standard Resources, Inc.* |
|
|
1,414 |
|
|
|
10,164 |
|
Silver Wheaton Corp. |
|
|
1,964 |
|
|
|
48,092 |
|
Silvercorp Metals, Inc. |
|
|
1,332 |
|
|
|
3,893 |
|
Sims Metal Management Ltd. |
|
|
396 |
|
|
|
3,971 |
|
SSAB AB, Class A |
|
|
451 |
|
|
|
3,292 |
|
St Barbara Ltd.* |
|
|
27,460 |
|
|
|
17,103 |
|
Sumitomo Light Metal Industries Ltd. |
|
|
27,000 |
|
|
|
27,995 |
|
Sumitomo Metal Mining Co. Ltd. |
|
|
4,000 |
|
|
|
55,723 |
|
Sundance Resources Ltd.* |
|
|
21,665 |
|
|
|
2,361 |
|
Tahoe Resources, Inc.* |
|
|
754 |
|
|
|
13,118 |
|
Talvivaara Mining Co. PLC* |
|
|
79,905 |
|
|
|
17,411 |
|
Tanzanian Royalty Exploration Corp.* |
|
|
596 |
|
|
|
1,784 |
|
Taseko Mines Ltd.* |
|
|
1,158 |
|
|
|
2,729 |
|
Teck Resources Ltd., Class B |
|
|
3,026 |
|
|
|
80,625 |
|
Teranga Gold Corp.* |
|
|
4,200 |
|
|
|
3,675 |
|
Thompson Creek Metals Co. Inc.* |
|
|
1,270 |
|
|
|
3,800 |
|
ThyssenKrupp AG* |
|
|
2,145 |
|
|
|
38,842 |
|
Toho Titanium Co. Ltd. |
|
|
1,100 |
|
|
|
9,441 |
|
Toho Zinc Co. Ltd. |
|
|
7,000 |
|
|
|
26,157 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Metals & Mining (continued) |
|
Tokyo Steel Manufacturing Co. Ltd. |
|
|
5,700 |
|
|
$ |
23,231 |
|
Topy Industries Ltd. |
|
|
13,000 |
|
|
|
30,295 |
|
Torex Gold Resources, Inc.* |
|
|
11,529 |
|
|
|
16,047 |
|
Toyo Kohan Co. Ltd. |
|
|
1,000 |
|
|
|
3,295 |
|
Tubos Reunidos S.A. |
|
|
4,517 |
|
|
|
9,767 |
|
Turquoise Hill Resources Ltd.* |
|
|
1,138 |
|
|
|
8,033 |
|
Vedanta Resources PLC |
|
|
1,197 |
|
|
|
22,524 |
|
Viohalco Hellenic Copper and Aluminum Industry S.A.* |
|
|
1,200 |
|
|
|
7,388 |
|
Voestalpine AG |
|
|
912 |
|
|
|
28,502 |
|
Western Areas Ltd. |
|
|
924 |
|
|
|
2,647 |
|
Xstrata PLC |
|
|
11,441 |
|
|
|
171,568 |
|
Yamana Gold, Inc. |
|
|
4,224 |
|
|
|
52,367 |
|
Yamato Kogyo Co. Ltd. |
|
|
200 |
|
|
|
6,601 |
|
Yodogawa Steel Works Ltd. |
|
|
10,000 |
|
|
|
37,778 |
|
|
|
|
|
|
|
|
4,941,774 |
|
Multiline Retail 0.6% |
|
|
|
|
|
|
|
|
Canadian Tire Corp. Ltd., Class A |
|
|
371 |
|
|
|
27,368 |
|
The Daiei Inc.* |
|
|
7,950 |
|
|
|
31,176 |
|
David Jones Ltd. |
|
|
8,847 |
|
|
|
27,367 |
|
Debenhams PLC |
|
|
13,842 |
|
|
|
17,924 |
|
Dollarama, Inc. |
|
|
350 |
|
|
|
25,680 |
|
Don Quijote Co. Ltd. |
|
|
200 |
|
|
|
10,902 |
|
Fuji Co. Ltd./Ehime |
|
|
400 |
|
|
|
7,338 |
|
H2O Retailing Corp. |
|
|
1,000 |
|
|
|
11,149 |
|
Harvey Norman Holdings Ltd. |
|
|
5,395 |
|
|
|
16,801 |
|
Isetan Mitsukoshi Holdings Ltd. |
|
|
2,400 |
|
|
|
38,214 |
|
Izumi Co. Ltd. |
|
|
100 |
|
|
|
2,699 |
|
J Front Retailing Co. Ltd. |
|
|
2,000 |
|
|
|
16,795 |
|
Lifestyle International Holdings Ltd. |
|
|
4,000 |
|
|
|
8,834 |
|
Marks & Spencer Group PLC |
|
|
7,704 |
|
|
|
48,993 |
|
Marui Group Co. Ltd. |
|
|
800 |
|
|
|
9,280 |
|
Matsuya Co. Ltd.* |
|
|
600 |
|
|
|
11,802 |
|
Mothercare PLC* |
|
|
1,247 |
|
|
|
6,152 |
|
Myer Holdings Ltd. |
|
|
31,969 |
|
|
|
106,525 |
|
Next PLC |
|
|
730 |
|
|
|
49,526 |
|
PPR |
|
|
387 |
|
|
|
85,232 |
|
Ryohin Keikaku Co. Ltd. |
|
|
100 |
|
|
|
9,445 |
|
Sears Canada, Inc. |
|
|
800 |
|
|
|
7,437 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
84 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Multiline Retail (continued) |
|
Seria Co. Ltd. |
|
|
200 |
|
|
$ |
4,887 |
|
Takashimaya Co. Ltd. |
|
|
2,000 |
|
|
|
23,612 |
|
|
|
|
|
|
|
|
605,138 |
|
Multi-Utilities 1.1% |
|
|
|
|
|
|
|
|
A2A SpA |
|
|
65,745 |
|
|
|
51,747 |
|
ACEA SpA |
|
|
2,972 |
|
|
|
20,356 |
|
AGL Energy Ltd. |
|
|
3,260 |
|
|
|
53,705 |
|
Atco Ltd./Canada, Class I |
|
|
290 |
|
|
|
27,819 |
|
Canadian Utilities Ltd., Class A |
|
|
396 |
|
|
|
32,645 |
|
Centrica PLC |
|
|
26,022 |
|
|
|
150,257 |
|
DUET Group |
|
|
3,118 |
|
|
|
7,962 |
|
E.ON AG |
|
|
9,883 |
|
|
|
179,289 |
|
GDF Suez |
|
|
7,093 |
|
|
|
152,428 |
|
Hera SpA |
|
|
2,854 |
|
|
|
5,813 |
|
Iren SpA |
|
|
36,341 |
|
|
|
37,132 |
|
Just Energy Group, Inc. |
|
|
2,637 |
|
|
|
17,722 |
|
National Grid PLC |
|
|
18,832 |
|
|
|
240,197 |
|
REN Redes Energeticas Nacionais SGPS S.A. |
|
|
7,502 |
|
|
|
22,887 |
|
RWE AG |
|
|
2,761 |
|
|
|
99,383 |
|
Veolia Environnement S.A. |
|
|
1,740 |
|
|
|
24,007 |
|
|
|
|
|
|
|
|
1,123,349 |
|
Office Electronics 0.4% |
|
|
|
|
|
|
|
|
Brother Industries Ltd. |
|
|
500 |
|
|
|
5,718 |
|
Canon, Inc. |
|
|
6,400 |
|
|
|
229,628 |
|
Konica Minolta, Inc. |
|
|
1,500 |
|
|
|
10,610 |
|
Neopost S.A. |
|
|
1,927 |
|
|
|
126,888 |
|
Ricoh Co. Ltd. |
|
|
3,000 |
|
|
|
33,446 |
|
Riso Kagaku Corp. |
|
|
900 |
|
|
|
17,231 |
|
|
|
|
|
|
|
|
423,521 |
|
Oil, Gas & Consumable Fuels 6.8% |
|
Advantage Oil & Gas Ltd.* |
|
|
928 |
|
|
|
3,681 |
|
Afren PLC* |
|
|
9,620 |
|
|
|
20,078 |
|
Alliance Oil Co. Ltd.* |
|
|
5,562 |
|
|
|
44,337 |
|
AltaGas Ltd. |
|
|
249 |
|
|
|
9,293 |
|
Angle Energy, Inc.* |
|
|
2,300 |
|
|
|
7,043 |
|
AOC Holdings, Inc. |
|
|
800 |
|
|
|
2,809 |
|
Aquila Resources Ltd.* |
|
|
2,895 |
|
|
|
5,560 |
|
ARC Resources Ltd. |
|
|
1,758 |
|
|
|
49,217 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Oil, Gas & Consumable Fuels
(continued) |
|
Athabasca Oil Corp.* |
|
|
1,958 |
|
|
$ |
14,191 |
|
Aurora Oil & Gas Ltd.* |
|
|
674 |
|
|
|
2,134 |
|
Avner Oil Exploration LLP* |
|
|
32,412 |
|
|
|
22,901 |
|
AWE Ltd.* |
|
|
5,104 |
|
|
|
6,835 |
|
Bankers Petroleum Ltd.* |
|
|
6,843 |
|
|
|
17,144 |
|
Baytex Energy Corp. |
|
|
699 |
|
|
|
27,665 |
|
Beach Energy Ltd. |
|
|
2,222 |
|
|
|
3,137 |
|
BG Group PLC |
|
|
18,280 |
|
|
|
308,551 |
|
Birchcliff Energy Ltd.* |
|
|
2,682 |
|
|
|
21,065 |
|
BlackPearl Resources, Inc.* |
|
|
6,413 |
|
|
|
14,027 |
|
Bonavista Energy Corp. |
|
|
536 |
|
|
|
8,499 |
|
Bonheur ASA |
|
|
689 |
|
|
|
15,379 |
|
Bonterra Energy Corp. |
|
|
200 |
|
|
|
9,830 |
|
BowLeven PLC* |
|
|
6,058 |
|
|
|
7,425 |
|
BP PLC |
|
|
102,540 |
|
|
|
744,343 |
|
Brightoil Petroleum Holdings Ltd.* |
|
|
128,000 |
|
|
|
24,410 |
|
Bumi PLC*^ |
|
|
3,583 |
|
|
|
14,460 |
|
Buru Energy Ltd.* |
|
|
5,822 |
|
|
|
11,241 |
|
Cairn Energy PLC* |
|
|
1,237 |
|
|
|
5,556 |
|
Caltex Australia Ltd. |
|
|
948 |
|
|
|
21,197 |
|
Cameco Corp. |
|
|
1,935 |
|
|
|
37,782 |
|
Canacol Energy Ltd.* |
|
|
3,200 |
|
|
|
7,922 |
|
Canadian Natural Resources Ltd. |
|
|
5,345 |
|
|
|
157,026 |
|
Canadian Oil Sands Ltd. |
|
|
2,546 |
|
|
|
50,092 |
|
Cenovus Energy, Inc. |
|
|
4,186 |
|
|
|
125,474 |
|
China Aviation Oil Singapore Corp. Ltd. |
|
|
4,000 |
|
|
|
3,345 |
|
Coalspur Mines Ltd.* |
|
|
2,592 |
|
|
|
1,224 |
|
Coastal Energy Co.* |
|
|
134 |
|
|
|
2,572 |
|
Cosmo Oil Co. Ltd.* |
|
|
2,000 |
|
|
|
4,763 |
|
Crescent Point Energy Corp. |
|
|
1,990 |
|
|
|
76,130 |
|
Crew Energy, Inc.* |
|
|
883 |
|
|
|
6,136 |
|
Delek Group Ltd. |
|
|
19 |
|
|
|
5,000 |
|
Denison Mines Corp.* |
|
|
1,978 |
|
|
|
2,458 |
|
Det Norske Oljeselskap ASA* |
|
|
745 |
|
|
|
10,579 |
|
DNO International ASA* |
|
|
5,536 |
|
|
|
9,683 |
|
Dragon Oil PLC |
|
|
542 |
|
|
|
5,274 |
|
Enbridge Income Fund Holdings Inc. |
|
|
337 |
|
|
|
8,309 |
|
Enbridge, Inc. |
|
|
4,079 |
|
|
|
194,410 |
|
Encana Corp. |
|
|
4,152 |
|
|
|
76,654 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
85 |
|
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Oil, Gas & Consumable Fuels
(continued) |
|
Energy Resources of Australia Ltd.* |
|
|
1,430 |
|
|
$ |
1,529 |
|
Enerplus Corp. |
|
|
2,214 |
|
|
|
31,300 |
|
ENI SpA |
|
|
14,099 |
|
|
|
337,560 |
|
EnQuest PLC* |
|
|
35,849 |
|
|
|
71,920 |
|
ERG SpA |
|
|
434 |
|
|
|
4,160 |
|
Esso SA Francaise |
|
|
52 |
|
|
|
3,255 |
|
Etablissements Maurel et Prom |
|
|
4,790 |
|
|
|
81,560 |
|
Exmar NV |
|
|
1,330 |
|
|
|
12,695 |
|
Freehold Royalties Ltd. |
|
|
1,301 |
|
|
|
31,715 |
|
Frontline Ltd./Bermuda* |
|
|
1,600 |
|
|
|
2,912 |
|
Galp Energia SGPS S.A. |
|
|
2,060 |
|
|
|
33,053 |
|
Ganger Rolf ASA |
|
|
908 |
|
|
|
20,030 |
|
Genel Energy PLC* |
|
|
1,199 |
|
|
|
16,609 |
|
Gibson Energy, Inc. |
|
|
242 |
|
|
|
6,316 |
|
Golar LNG Ltd. |
|
|
100 |
|
|
|
3,342 |
|
Gulf Keystone Petroleum Ltd.* |
|
|
6,208 |
|
|
|
13,141 |
|
Heritage Oil PLC* |
|
|
882 |
|
|
|
2,196 |
|
Hoegh LNG Holdings Ltd.* |
|
|
387 |
|
|
|
3,092 |
|
Husky Energy, Inc. |
|
|
1,649 |
|
|
|
47,740 |
|
Idemitsu Kosan Co. Ltd. |
|
|
100 |
|
|
|
8,449 |
|
Imperial Oil Ltd. |
|
|
1,778 |
|
|
|
70,848 |
|
Inpex Corp. |
|
|
11 |
|
|
|
53,075 |
|
Isramco Negev 2 LP* |
|
|
34,999 |
|
|
|
6,124 |
|
Ithaca Energy, Inc.* |
|
|
15,003 |
|
|
|
24,611 |
|
Itochu Enex Co. Ltd. |
|
|
3,600 |
|
|
|
19,846 |
|
Ivanhoe Energy, Inc.* |
|
|
2,667 |
|
|
|
3,473 |
|
Japan Petroleum Exploration Co. |
|
|
200 |
|
|
|
7,915 |
|
JKX Oil & Gas PLC* |
|
|
2,004 |
|
|
|
2,113 |
|
JX Holdings, Inc. |
|
|
12,000 |
|
|
|
65,045 |
|
Kanto Natural Gas Development Ltd. |
|
|
1,000 |
|
|
|
6,745 |
|
Karoon Gas Australia Ltd.* |
|
|
3,013 |
|
|
|
13,074 |
|
Keyera Corp. |
|
|
387 |
|
|
|
24,212 |
|
Legacy Oil + Gas, Inc.* |
|
|
2,898 |
|
|
|
15,328 |
|
Linc Energy Ltd.* |
|
|
5,177 |
|
|
|
10,318 |
|
Lundin Petroleum AB* |
|
|
1,386 |
|
|
|
33,231 |
|
MEG Energy Corp.* |
|
|
668 |
|
|
|
19,140 |
|
Mongolia Energy Corp. Ltd.* |
|
|
56,000 |
|
|
|
2,345 |
|
Motor Oil Hellas Corinth Refineries S.A. |
|
|
397 |
|
|
|
4,386 |
|
Neste Oil OYJ |
|
|
268 |
|
|
|
4,180 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Oil, Gas & Consumable Fuels
(continued) |
|
New Hope Corp. Ltd. |
|
|
2,558 |
|
|
$ |
9,931 |
|
Niko Resources Ltd. |
|
|
400 |
|
|
|
2,649 |
|
Nippon Gas Co. Ltd. |
|
|
200 |
|
|
|
2,486 |
|
NuVista Energy Ltd.* |
|
|
2,413 |
|
|
|
17,560 |
|
Oil Search Ltd. |
|
|
5,646 |
|
|
|
43,546 |
|
OMV AG |
|
|
605 |
|
|
|
28,456 |
|
Ophir Energy PLC* |
|
|
2,659 |
|
|
|
16,839 |
|
Origin Energy Ltd. |
|
|
6,176 |
|
|
|
78,983 |
|
Pacific Rubiales Energy Corp. |
|
|
2,790 |
|
|
|
59,081 |
|
Paladin Energy Ltd.* |
|
|
18,665 |
|
|
|
14,628 |
|
Paramount Resources Ltd., Class A* |
|
|
80 |
|
|
|
2,867 |
|
Parex Resources, Inc.* |
|
|
6,212 |
|
|
|
27,791 |
|
Parkland Fuel Corp. |
|
|
1,251 |
|
|
|
20,708 |
|
Pembina Pipeline Corp. |
|
|
1,569 |
|
|
|
51,585 |
|
Pengrowth Energy Corp. |
|
|
1,642 |
|
|
|
8,391 |
|
Penn West Petroleum Ltd. |
|
|
2,737 |
|
|
|
25,306 |
|
PetroBakken Energy Ltd. |
|
|
2,019 |
|
|
|
17,262 |
|
Petrobank Energy & Resources Ltd.* |
|
|
814 |
|
|
|
550 |
|
Petrominerales Ltd. |
|
|
4,725 |
|
|
|
26,118 |
|
Peyto Exploration & Development Corp. |
|
|
1,036 |
|
|
|
29,869 |
|
Premier Oil PLC* |
|
|
1,543 |
|
|
|
8,955 |
|
Repsol S.A. |
|
|
4,367 |
|
|
|
102,483 |
|
Roc Oil Co. Ltd.* |
|
|
17,561 |
|
|
|
8,294 |
|
Rockhopper Exploration PLC* |
|
|
2,350 |
|
|
|
5,002 |
|
Royal Dutch Shell PLC, Class A |
|
|
20,449 |
|
|
|
697,644 |
|
Royal Dutch Shell PLC, Class B |
|
|
13,988 |
|
|
|
490,499 |
|
San-Ai Oil Co. Ltd. |
|
|
2,000 |
|
|
|
9,198 |
|
Santos Ltd. |
|
|
5,664 |
|
|
|
72,612 |
|
Saras SpA* |
|
|
2,042 |
|
|
|
2,722 |
|
Senex Energy Ltd.* |
|
|
27,229 |
|
|
|
19,362 |
|
Showa Shell Sekiyu KK |
|
|
600 |
|
|
|
4,811 |
|
Sinanen Co. Ltd. |
|
|
2,000 |
|
|
|
8,192 |
|
Soco International PLC* |
|
|
3,799 |
|
|
|
22,409 |
|
Statoil ASA |
|
|
6,149 |
|
|
|
150,279 |
|
Suncor Energy, Inc. |
|
|
8,381 |
|
|
|
261,716 |
|
Sunshine Oilsands Ltd.* |
|
|
47,629 |
|
|
|
11,661 |
|
Surge Energy, Inc.* |
|
|
700 |
|
|
|
2,123 |
|
Talisman Energy, Inc. |
|
|
5,787 |
|
|
|
69,500 |
|
TonenGeneral Sekiyu KK |
|
|
1,000 |
|
|
|
10,102 |
|
Total Gabon |
|
|
57 |
|
|
|
34,943 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
86 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Oil, Gas & Consumable Fuels
(continued) |
|
Total S.A. |
|
|
11,645 |
|
|
$ |
587,550 |
|
Tourmaline Oil Corp.* |
|
|
685 |
|
|
|
27,220 |
|
TransCanada Corp. |
|
|
3,935 |
|
|
|
195,371 |
|
TransGlobe Energy Corp.* |
|
|
708 |
|
|
|
5,617 |
|
Trilogy Energy Corp. |
|
|
106 |
|
|
|
3,104 |
|
Tullow Oil PLC |
|
|
4,996 |
|
|
|
77,836 |
|
Uranium One, Inc.* |
|
|
3,100 |
|
|
|
8,630 |
|
Veresen, Inc. |
|
|
445 |
|
|
|
5,964 |
|
Vermilion Energy, Inc. |
|
|
452 |
|
|
|
23,232 |
|
Washington H Soul Pattinson & Co. Ltd. |
|
|
264 |
|
|
|
3,985 |
|
Whitecap Resources, Inc. |
|
|
1,980 |
|
|
|
20,354 |
|
Whitehaven Coal Ltd. |
|
|
810 |
|
|
|
1,640 |
|
Woodside Petroleum Ltd. |
|
|
3,539 |
|
|
|
137,983 |
|
|
|
|
|
|
|
|
6,921,023 |
|
Paper & Forest Products 0.2% |
|
Ahlstrom Oyj |
|
|
885 |
|
|
|
13,418 |
|
Canfor Corp.* |
|
|
300 |
|
|
|
6,275 |
|
Canfor Pulp Products, Inc. |
|
|
900 |
|
|
|
8,473 |
|
Daiken Corp. |
|
|
2,000 |
|
|
|
5,461 |
|
Daio Paper Corp. |
|
|
1,000 |
|
|
|
5,995 |
|
Ence Energia y Celulosa S.A |
|
|
6,645 |
|
|
|
17,522 |
|
Holmen AB, Class B |
|
|
194 |
|
|
|
5,422 |
|
Metsa Board OYJ |
|
|
1,156 |
|
|
|
3,597 |
|
Mitsubishi Paper Mills Ltd.* |
|
|
9,000 |
|
|
|
8,870 |
|
Mondi PLC |
|
|
2,115 |
|
|
|
28,030 |
|
Norbord Inc.* |
|
|
514 |
|
|
|
17,170 |
|
Oji Holdings Corp. |
|
|
3,000 |
|
|
|
10,687 |
|
Semapa-Sociedade de Investimento e Gestao |
|
|
3,270 |
|
|
|
30,954 |
|
Stella-Jones, Inc. |
|
|
257 |
|
|
|
20,811 |
|
Stora Enso Oyj, Class R |
|
|
3,252 |
|
|
|
22,616 |
|
Sumitomo Forestry Co. Ltd. |
|
|
500 |
|
|
|
5,954 |
|
UPM-Kymmene Oyj |
|
|
2,575 |
|
|
|
26,955 |
|
West Fraser Timber Co. Ltd. |
|
|
65 |
|
|
|
5,684 |
|
|
|
|
|
|
|
|
243,894 |
|
Personal Products 0.5% |
|
Aderans Co. Ltd. |
|
|
500 |
|
|
|
8,351 |
|
Atrium Innovations, Inc.* |
|
|
1,700 |
|
|
|
20,941 |
|
Beiersdorf AG |
|
|
513 |
|
|
|
46,485 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Personal Products (continued) |
|
Dr Ci:Labo Co. Ltd. |
|
|
1 |
|
|
$ |
3,040 |
|
Fancl Corp. |
|
|
400 |
|
|
|
4,369 |
|
Kao Corp. |
|
|
2,700 |
|
|
|
93,409 |
|
Kobayashi Pharmaceutical Co. Ltd. |
|
|
100 |
|
|
|
5,461 |
|
Kose Corp. |
|
|
200 |
|
|
|
5,221 |
|
LOreal S.A.* |
|
|
1,217 |
|
|
|
217,248 |
|
Mandom Corp. |
|
|
200 |
|
|
|
7,320 |
|
Milbon Co. Ltd. |
|
|
200 |
|
|
|
7,587 |
|
Oriflame Cosmetics S.A. |
|
|
2,451 |
|
|
|
88,867 |
|
Shiseido Co. Ltd. |
|
|
1,800 |
|
|
|
25,759 |
|
|
|
|
|
|
|
|
534,058 |
|
Pharmaceuticals 5.9% |
|
|
|
|
|
|
|
|
Acrux Ltd. |
|
|
918 |
|
|
|
3,850 |
|
ALK-Abello A/S |
|
|
82 |
|
|
|
6,047 |
|
Almirall SA |
|
|
1,064 |
|
|
|
14,084 |
|
Astellas Pharma, Inc. |
|
|
2,400 |
|
|
|
139,698 |
|
AstraZeneca PLC |
|
|
6,221 |
|
|
|
323,633 |
|
Bayer AG |
|
|
4,375 |
|
|
|
456,941 |
|
BTG PLC* |
|
|
5,034 |
|
|
|
27,085 |
|
Chugai Pharmaceutical Co. Ltd. |
|
|
1,400 |
|
|
|
34,881 |
|
Daiichi Sankyo Co. Ltd. |
|
|
3,600 |
|
|
|
70,403 |
|
Dainippon Sumitomo Pharma Co. Ltd. |
|
|
1,000 |
|
|
|
18,376 |
|
Eisai Co. Ltd. |
|
|
1,400 |
|
|
|
63,885 |
|
Faes Farma S.A. |
|
|
4,090 |
|
|
|
11,189 |
|
Fuso Pharmaceutical Industries Ltd. |
|
|
2,000 |
|
|
|
8,480 |
|
Galenica AG |
|
|
15 |
|
|
|
9,850 |
|
GlaxoSmithKline PLC |
|
|
25,903 |
|
|
|
669,438 |
|
H Lundbeck A/S |
|
|
500 |
|
|
|
10,009 |
|
Haw Par Corp. Ltd. |
|
|
1,000 |
|
|
|
6,301 |
|
Hikma Pharmaceuticals PLC |
|
|
312 |
|
|
|
4,744 |
|
Hisamitsu Pharmaceutical Co. Inc. |
|
|
300 |
|
|
|
17,647 |
|
Kyowa Hakko Kirin Co. Ltd. |
|
|
1,000 |
|
|
|
12,268 |
|
Meda AB, Class A |
|
|
1,228 |
|
|
|
14,683 |
|
Merck KGaA |
|
|
360 |
|
|
|
54,867 |
|
Mitsubishi Tanabe Pharma Corp. |
|
|
1,700 |
|
|
|
25,846 |
|
Nichi-iko Pharmaceutical Co. Ltd. |
|
|
800 |
|
|
|
19,357 |
|
Nippon Shinyaku Co. Ltd. |
|
|
1,000 |
|
|
|
15,532 |
|
Novartis AG |
|
|
12,084 |
|
|
|
898,219 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
87 |
|
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Pharmaceuticals (continued) |
|
Novo Nordisk A/S, Class B |
|
|
2,154 |
|
|
$ |
378,239 |
|
Ono Pharmaceutical Co. Ltd. |
|
|
400 |
|
|
|
26,363 |
|
Orion OYJ, Class B |
|
|
611 |
|
|
|
17,561 |
|
Otsuka Holdings Co. Ltd. |
|
|
1,900 |
|
|
|
68,463 |
|
Paladin Labs, Inc.* |
|
|
100 |
|
|
|
4,991 |
|
Recordati SpA |
|
|
2,678 |
|
|
|
27,645 |
|
Roche Holding AG |
|
|
3,911 |
|
|
|
978,375 |
|
Rohto Pharmaceutical Co. Ltd. |
|
|
1,000 |
|
|
|
14,044 |
|
Sanofi |
|
|
6,337 |
|
|
|
695,278 |
|
Santen Pharmaceutical Co. Ltd. |
|
|
400 |
|
|
|
20,039 |
|
Sawai Pharmaceutical Co. Ltd. |
|
|
100 |
|
|
|
12,915 |
|
Seikagaku Corp. |
|
|
300 |
|
|
|
4,096 |
|
Shionogi & Co. Ltd. |
|
|
1,400 |
|
|
|
34,465 |
|
Shire PLC |
|
|
3,000 |
|
|
|
93,477 |
|
Stada Arzneimittel AG |
|
|
1,001 |
|
|
|
40,581 |
|
Taisho Pharmaceutical Holdings Co. Ltd. |
|
|
100 |
|
|
|
7,412 |
|
Takeda Pharmaceutical Co. Ltd. |
|
|
4,500 |
|
|
|
247,151 |
|
Teva Pharmaceutical Industries Ltd. |
|
|
5,124 |
|
|
|
200,613 |
|
Towa Pharmaceutical Co. Ltd. |
|
|
100 |
|
|
|
4,958 |
|
Tsumura & Co. |
|
|
200 |
|
|
|
6,519 |
|
UCB S.A.* |
|
|
622 |
|
|
|
36,804 |
|
The United Laboratories International Holdings Ltd.* |
|
|
18,000 |
|
|
|
6,749 |
|
Valeant Pharmaceuticals International, Inc.* |
|
|
1,515 |
|
|
|
115,223 |
|
Virbac S.A. |
|
|
82 |
|
|
|
16,757 |
|
ZERIA Pharmaceutical Co. Ltd. |
|
|
1,000 |
|
|
|
15,389 |
|
|
|
|
|
|
|
|
6,011,420 |
|
Professional Services 0.8% |
|
Adecco S.A.* |
|
|
615 |
|
|
|
32,923 |
|
ALS Ltd./Queensland |
|
|
1,657 |
|
|
|
16,839 |
|
Brunel International NV |
|
|
60 |
|
|
|
2,544 |
|
Bureau Veritas S.A. |
|
|
281 |
|
|
|
34,472 |
|
Capita PLC |
|
|
3,477 |
|
|
|
48,840 |
|
DKSH Holding AG |
|
|
54 |
|
|
|
4,703 |
|
Experian PLC |
|
|
5,635 |
|
|
|
99,280 |
|
Hays PLC |
|
|
25,650 |
|
|
|
37,287 |
|
Intertek Group PLC |
|
|
777 |
|
|
|
40,004 |
|
McMillan Shakespeare Ltd. |
|
|
342 |
|
|
|
5,418 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Professional Services (continued) |
|
Meitec Corp. |
|
|
700 |
|
|
$ |
18,016 |
|
Michael Page International PLC |
|
|
5,375 |
|
|
|
31,170 |
|
Randstad Holding N.V. |
|
|
640 |
|
|
|
26,676 |
|
SAI Global Ltd. |
|
|
4,588 |
|
|
|
16,812 |
|
Seek Ltd. |
|
|
1,978 |
|
|
|
22,956 |
|
SGS S.A. |
|
|
28 |
|
|
|
67,728 |
|
Stantec, Inc. |
|
|
78 |
|
|
|
3,341 |
|
Sthree PLC |
|
|
578 |
|
|
|
3,018 |
|
Teleperformance S.A. |
|
|
2,934 |
|
|
|
129,275 |
|
Temp Holdings Co. Ltd. |
|
|
1,400 |
|
|
|
30,397 |
|
USG People NV |
|
|
3,457 |
|
|
|
27,059 |
|
WS Atkins PLC |
|
|
5,410 |
|
|
|
75,865 |
|
|
|
|
|
|
|
|
774,623 |
|
Real Estate Investment Trusts (REITs)
2.1% |
|
Abacus Property Group |
|
|
2,180 |
|
|
|
5,295 |
|
Advance Residence Investment Corp. |
|
|
6 |
|
|
|
14,358 |
|
Allied Properties Real Estate Investment Trust |
|
|
122 |
|
|
|
4,183 |
|
Altarea |
|
|
270 |
|
|
|
50,192 |
|
ANF Immobilier |
|
|
366 |
|
|
|
11,098 |
|
Ascendas Real Estate Investment Trust |
|
|
10,000 |
|
|
|
22,328 |
|
Ascott Residence Trust |
|
|
9,000 |
|
|
|
10,267 |
|
Befimmo SCA Sicafi |
|
|
387 |
|
|
|
26,848 |
|
Beni Stabili SpA |
|
|
24,897 |
|
|
|
17,561 |
|
Big Yellow Group PLC |
|
|
2,896 |
|
|
|
18,187 |
|
Boardwalk Real Estate Investment Trust |
|
|
307 |
|
|
|
20,104 |
|
British Land Co. PLC |
|
|
4,295 |
|
|
|
39,741 |
|
Brookfield Canada Office Properties |
|
|
200 |
|
|
|
5,953 |
|
BWP Trust |
|
|
7,931 |
|
|
|
19,923 |
|
Cache Logistics Trust |
|
|
7,000 |
|
|
|
8,042 |
|
Calloway Real Estate Investment Trust |
|
|
200 |
|
|
|
6,007 |
|
Canadian Real Estate Investment Trust |
|
|
100 |
|
|
|
4,739 |
|
CapitaCommercial Trust |
|
|
16,000 |
|
|
|
22,214 |
|
CapitaRetail China Trust |
|
|
9,000 |
|
|
|
12,313 |
|
CDL Hospitality Trusts |
|
|
4,000 |
|
|
|
6,495 |
|
CFS Retail Property Trust Group |
|
|
5,170 |
|
|
|
11,807 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
88 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Real Estate Investment Trusts (REITs)
(continued) |
|
Charter Hall Group |
|
|
4,649 |
|
|
$ |
20,558 |
|
Charter Hall Retail REIT |
|
|
6,150 |
|
|
|
27,387 |
|
Chartwell Retirement Residences |
|
|
346 |
|
|
|
3,925 |
|
Cofinimmo |
|
|
162 |
|
|
|
19,532 |
|
Corio NV |
|
|
534 |
|
|
|
24,771 |
|
Cromwell Property Group |
|
|
28,661 |
|
|
|
31,239 |
|
Daiwa Office Investment Corp. |
|
|
2 |
|
|
|
9,517 |
|
Daiwahouse Residential Investment Corp. |
|
|
2 |
|
|
|
8,521 |
|
Derwent London PLC |
|
|
416 |
|
|
|
14,950 |
|
Dexus Property Group |
|
|
24,122 |
|
|
|
28,921 |
|
Dundee Real Estate Investment Trust, Class A |
|
|
200 |
|
|
|
7,359 |
|
Eurocommercial Properties NV |
|
|
739 |
|
|
|
30,223 |
|
Far East Hospitality Trust |
|
|
9,000 |
|
|
|
8,257 |
|
Federation Centres Ltd. |
|
|
3,426 |
|
|
|
9,247 |
|
Fonciere des Murs |
|
|
2,576 |
|
|
|
58,754 |
|
Fonciere Des Regions |
|
|
50 |
|
|
|
3,982 |
|
Fortune Real Estate Investment Trust |
|
|
21,000 |
|
|
|
19,483 |
|
Frasers Centrepoint Trust |
|
|
10,000 |
|
|
|
18,268 |
|
Frontier Real Estate Investment Corp. |
|
|
1 |
|
|
|
10,225 |
|
Fukuoka REIT Co. |
|
|
2 |
|
|
|
16,918 |
|
Gecina S.A. |
|
|
121 |
|
|
|
14,566 |
|
Global One Real Estate Investment Corp. |
|
|
1 |
|
|
|
6,755 |
|
Goodman Group |
|
|
9,309 |
|
|
|
50,345 |
|
Goodman Property Trust |
|
|
27,812 |
|
|
|
26,960 |
|
GPT Group |
|
|
8,875 |
|
|
|
37,772 |
|
Granite Real Estate Investment Trust |
|
|
132 |
|
|
|
5,243 |
|
Great Portland Estates PLC |
|
|
2,954 |
|
|
|
24,459 |
|
H&R Real Estate Investment Trust |
|
|
214 |
|
|
|
5,266 |
|
Hammerson PLC |
|
|
2,772 |
|
|
|
22,413 |
|
Hankyu Reit, Inc. |
|
|
1 |
|
|
|
6,611 |
|
ICADE |
|
|
114 |
|
|
|
10,521 |
|
Immobiliare Grande Distribuzione |
|
|
4,058 |
|
|
|
4,387 |
|
Industrial & Infrastructure Fund Investment Corp. |
|
|
1 |
|
|
|
10,625 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Real Estate Investment Trusts (REITs)
(continued) |
|
InnVest Real Estate Investment Trust |
|
|
1,100 |
|
|
$ |
5,468 |
|
Intu Properties PLC |
|
|
1,295 |
|
|
|
6,907 |
|
Investa Office Fund |
|
|
1,366 |
|
|
|
4,651 |
|
Japan Excellent, Inc. |
|
|
1 |
|
|
|
6,817 |
|
Japan Hotel REIT Investment Corp. |
|
|
35 |
|
|
|
14,803 |
|
Japan Logistics Fund, Inc. |
|
|
1 |
|
|
|
10,820 |
|
Japan Prime Realty Investment Corp. |
|
|
3 |
|
|
|
11,026 |
|
Japan Real Estate Investment Corp. |
|
|
3 |
|
|
|
40,222 |
|
Japan Rental Housing Investments, Inc. |
|
|
12 |
|
|
|
9,387 |
|
Japan Retail Fund Investment Corp. |
|
|
10 |
|
|
|
23,714 |
|
Kenedix Realty Investment Corp. |
|
|
3 |
|
|
|
14,090 |
|
Keppel REIT |
|
|
1,800 |
|
|
|
2,207 |
|
Kiwi Income Property Trust |
|
|
2,741 |
|
|
|
2,763 |
|
Klepierre |
|
|
655 |
|
|
|
27,806 |
|
Land Securities Group PLC |
|
|
3,476 |
|
|
|
47,257 |
|
The Link REIT |
|
|
12,000 |
|
|
|
67,959 |
|
Lippo Malls Indonesia Retail Trust |
|
|
12,000 |
|
|
|
5,115 |
|
Londonmetric Property PLC |
|
|
13,999 |
|
|
|
24,947 |
|
Mapletree Commercial Trust |
|
|
4,000 |
|
|
|
4,758 |
|
Mapletree Industrial Trust |
|
|
5,070 |
|
|
|
6,463 |
|
Mapletree Logistics Trust |
|
|
5,067 |
|
|
|
5,389 |
|
Mercialys S.A. |
|
|
257 |
|
|
|
5,741 |
|
MID Reit, Inc. |
|
|
7 |
|
|
|
18,670 |
|
Mirvac Group |
|
|
17,643 |
|
|
|
32,416 |
|
Morguard Real Estate Investment Trust |
|
|
2,025 |
|
|
|
36,862 |
|
Mori Hills REIT Investment Corp. |
|
|
1 |
|
|
|
6,950 |
|
Mori Trust Sogo Reit, Inc. |
|
|
1 |
|
|
|
9,722 |
|
Nieuwe Steen Investments NV |
|
|
3,231 |
|
|
|
24,144 |
|
Nippon Accommodations Fund, Inc. |
|
|
1 |
|
|
|
7,751 |
|
Nippon Building Fund, Inc. |
|
|
4 |
|
|
|
57,571 |
|
Nomura Real Estate Office Fund, Inc. |
|
|
1 |
|
|
|
6,385 |
|
Nomura Real Estate Residential Fund, Inc. |
|
|
3 |
|
|
|
18,571 |
|
Orix JREIT, Inc. |
|
|
5 |
|
|
|
6,755 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
89 |
|
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Real Estate Investment Trusts (REITs)
(continued) |
|
Parkway Life Real Estate Investment Trust |
|
|
9,000 |
|
|
$ |
19,510 |
|
Premier Investment Corp. |
|
|
4 |
|
|
|
18,540 |
|
Regal Real Estate Investment Trust |
|
|
56,000 |
|
|
|
18,473 |
|
RioCan Real Estate Investment Trust |
|
|
730 |
|
|
|
21,417 |
|
Segro PLC |
|
|
1,477 |
|
|
|
6,124 |
|
Sekisui House SI Investment Co. |
|
|
2 |
|
|
|
10,215 |
|
Shaftesbury PLC |
|
|
2,325 |
|
|
|
21,983 |
|
Societe Immobiliere de Location pour lIndustrie et le Commerce |
|
|
171 |
|
|
|
20,157 |
|
Starhill Global REIT |
|
|
29,000 |
|
|
|
22,722 |
|
Stockland |
|
|
10,917 |
|
|
|
43,856 |
|
Suntec Real Estate Investment Trust |
|
|
21,000 |
|
|
|
33,163 |
|
Tokyu REIT, Inc. |
|
|
3 |
|
|
|
19,095 |
|
Top REIT, Inc. |
|
|
2 |
|
|
|
10,718 |
|
Unibail-Rodamco SE |
|
|
487 |
|
|
|
127,449 |
|
United Urban Investment Corp. |
|
|
13 |
|
|
|
21,420 |
|
Vastned Retail N.V. |
|
|
534 |
|
|
|
23,863 |
|
Warehouses De Pauw SCA |
|
|
196 |
|
|
|
12,533 |
|
Wereldhave N.V. |
|
|
363 |
|
|
|
26,360 |
|
Westfield Group |
|
|
11,341 |
|
|
|
137,150 |
|
Westfield Retail Trust |
|
|
13,563 |
|
|
|
46,461 |
|
Workspace Group PLC |
|
|
750 |
|
|
|
4,377 |
|
|
|
|
|
|
|
|
2,175,308 |
|
Real Estate Management & Development
2.9% |
|
Aeon Mall Co. Ltd. |
|
|
200 |
|
|
|
6,437 |
|
Africa Israel Investments Ltd.* |
|
|
5,484 |
|
|
|
13,285 |
|
Allreal Holding AG* |
|
|
27 |
|
|
|
3,956 |
|
Alony Hetz Properties & Investments Ltd. |
|
|
5,931 |
|
|
|
38,861 |
|
Amot Investments Ltd. |
|
|
2,453 |
|
|
|
6,900 |
|
Argosy Property Ltd. |
|
|
6,525 |
|
|
|
5,849 |
|
Ascendas India Trust |
|
|
16,000 |
|
|
|
10,652 |
|
Atrium European Real Estate Ltd. |
|
|
1,234 |
|
|
|
7,373 |
|
Atrium Ljungberg AB, Class B |
|
|
1,034 |
|
|
|
14,384 |
|
Brookfield Asset Management, Inc., Class A |
|
|
2,854 |
|
|
|
110,347 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Real Estate Management & Development
(continued) |
|
Brookfield Office Properties, Inc. |
|
|
1,253 |
|
|
$ |
23,108 |
|
Bukit Sembawang Estates Ltd. |
|
|
9,000 |
|
|
|
52,101 |
|
CA Immobilien Anlagen AG* |
|
|
1,815 |
|
|
|
25,544 |
|
Capital & Counties Properties PLC |
|
|
3,771 |
|
|
|
18,077 |
|
CapitaLand Ltd. |
|
|
11,000 |
|
|
|
33,402 |
|
CapitaMalls Asia Ltd. |
|
|
10,000 |
|
|
|
17,050 |
|
Castellum AB |
|
|
1,191 |
|
|
|
17,847 |
|
Cheung Kong Holdings Ltd. |
|
|
8,000 |
|
|
|
120,403 |
|
City Developments Ltd. |
|
|
2,000 |
|
|
|
18,284 |
|
Citycon OYJ |
|
|
7,131 |
|
|
|
23,128 |
|
CLS Holdings PLC* |
|
|
280 |
|
|
|
3,994 |
|
Conwert Immobilien Invest SE |
|
|
573 |
|
|
|
6,492 |
|
Daejan Holdings PLC |
|
|
137 |
|
|
|
8,359 |
|
Daibiru Corp. |
|
|
400 |
|
|
|
5,576 |
|
Daikyo, Inc. |
|
|
2,000 |
|
|
|
7,720 |
|
Daito Trust Construction Co. Ltd. |
|
|
400 |
|
|
|
38,764 |
|
Daiwa House Industry Co. Ltd. |
|
|
3,000 |
|
|
|
67,817 |
|
Deutsche Euroshop AG |
|
|
475 |
|
|
|
20,375 |
|
Deutsche Wohnen AG |
|
|
1,101 |
|
|
|
19,436 |
|
Dolphin Capital Investors Ltd.* |
|
|
10,829 |
|
|
|
5,393 |
|
Emperor International Holdings |
|
|
54,000 |
|
|
|
15,099 |
|
Fabege AB |
|
|
2,513 |
|
|
|
27,175 |
|
Fastighets AB Balder, Class B* |
|
|
3,710 |
|
|
|
26,823 |
|
First Capital Realty, Inc. |
|
|
300 |
|
|
|
5,804 |
|
FirstService Corp./Canada* |
|
|
304 |
|
|
|
10,073 |
|
FKP Property Group |
|
|
8,879 |
|
|
|
15,208 |
|
GAGFAH S.A.* |
|
|
641 |
|
|
|
8,282 |
|
Gazit-Globe Ltd. |
|
|
475 |
|
|
|
6,329 |
|
Global Logistic Properties Ltd. |
|
|
9,000 |
|
|
|
20,168 |
|
Goldcrest Co. Ltd. |
|
|
1,000 |
|
|
|
32,902 |
|
Grainger PLC |
|
|
10,741 |
|
|
|
22,736 |
|
Great Eagle Holdings Ltd. |
|
|
15,000 |
|
|
|
63,591 |
|
GSW Immobilien AG |
|
|
538 |
|
|
|
21,612 |
|
Hang Lung Group Ltd. |
|
|
4,000 |
|
|
|
23,555 |
|
Hang Lung Properties Ltd. |
|
|
13,000 |
|
|
|
50,589 |
|
Heiwa Real Estate Co. Ltd. |
|
|
300 |
|
|
|
7,607 |
|
Henderson Land Development Co. Ltd. |
|
|
4,000 |
|
|
|
28,967 |
|
HKR International Ltd. |
|
|
39,200 |
|
|
|
19,599 |
|
Ho Bee Investment Ltd. |
|
|
8,000 |
|
|
|
13,965 |
|
Hongkong Land Holdings Ltd. |
|
|
6,000 |
|
|
|
43,560 |
|
Hufvudstaden AB, Class A |
|
|
283 |
|
|
|
3,703 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
90 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Real Estate Management & Development
(continued) |
|
Hulic Co. Ltd. |
|
|
1,600 |
|
|
$ |
17,772 |
|
Hysan Development Co. Ltd. |
|
|
2,000 |
|
|
|
9,909 |
|
Iida Home Max |
|
|
1,000 |
|
|
|
19,146 |
|
IMMOFINANZ AG* |
|
|
2,814 |
|
|
|
11,520 |
|
IVG Immobilien AG* |
|
|
3,867 |
|
|
|
3,253 |
|
K Wah International Holdings Ltd. |
|
|
55,000 |
|
|
|
30,049 |
|
Keppel Land Ltd. |
|
|
2,000 |
|
|
|
6,593 |
|
Kerry Properties Ltd. |
|
|
4,500 |
|
|
|
20,353 |
|
Klovern AB |
|
|
5,855 |
|
|
|
26,502 |
|
Kowloon Development Co. Ltd. |
|
|
17,000 |
|
|
|
22,519 |
|
Kungsleden AB |
|
|
7,390 |
|
|
|
51,830 |
|
Lend Lease Group |
|
|
2,550 |
|
|
|
28,535 |
|
Leopalace21 Corp.* |
|
|
9,900 |
|
|
|
54,882 |
|
Midland Holdings Ltd. |
|
|
4,000 |
|
|
|
1,845 |
|
Mitsubishi Estate Co. Ltd. |
|
|
7,000 |
|
|
|
227,441 |
|
Mitsui Fudosan Co. Ltd. |
|
|
4,000 |
|
|
|
135,920 |
|
Mobimo Holding AG* |
|
|
135 |
|
|
|
30,373 |
|
Morguard Corp. |
|
|
379 |
|
|
|
44,688 |
|
New World Development Co. Ltd. |
|
|
27,000 |
|
|
|
47,107 |
|
Nitsba Holdings 1995 Ltd.* |
|
|
1,947 |
|
|
|
22,651 |
|
Nomura Real Estate Holdings, Inc. |
|
|
200 |
|
|
|
5,369 |
|
Norwegian Property ASA |
|
|
13,388 |
|
|
|
18,813 |
|
NTT Urban Development Corp. |
|
|
8 |
|
|
|
11,826 |
|
Peet Ltd.* |
|
|
5,644 |
|
|
|
8,261 |
|
Polytec Asset Holdings Ltd. |
|
|
95,000 |
|
|
|
12,119 |
|
Precinct Properties New Zealand Ltd. |
|
|
22,735 |
|
|
|
20,966 |
|
PSP Swiss Property AG* |
|
|
373 |
|
|
|
35,033 |
|
Relo Holdings, Inc. |
|
|
900 |
|
|
|
50,539 |
|
Savills PLC |
|
|
2,611 |
|
|
|
23,651 |
|
Sino Land Co. Ltd. |
|
|
20,165 |
|
|
|
33,155 |
|
Songbird Estates PLC* |
|
|
12,519 |
|
|
|
27,278 |
|
Sponda OYJ |
|
|
980 |
|
|
|
5,233 |
|
ST Modwen Properties PLC |
|
|
3,576 |
|
|
|
14,883 |
|
Sumitomo Realty & Development Co. Ltd. |
|
|
2,000 |
|
|
|
94,446 |
|
Sun Hung Kai Properties Ltd. |
|
|
9,000 |
|
|
|
130,119 |
|
Swire Pacific Ltd. |
|
|
5,000 |
|
|
|
12,048 |
|
Swire Pacific Ltd., Class A |
|
|
4,500 |
|
|
|
57,202 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Real Estate Management & Development
(continued) |
|
Swire Properties Ltd. |
|
|
5,400 |
|
|
$ |
19,274 |
|
Swiss Prime Site AG* |
|
|
272 |
|
|
|
22,326 |
|
TOC Co. Ltd. |
|
|
400 |
|
|
|
3,146 |
|
Tokyo Tatemono Co. Ltd. |
|
|
3,000 |
|
|
|
27,749 |
|
Tokyu Land Corp. |
|
|
2,000 |
|
|
|
24,536 |
|
Tokyu Livable, Inc. |
|
|
400 |
|
|
|
9,810 |
|
Unite Group PLC |
|
|
3,471 |
|
|
|
18,789 |
|
UOL Group Ltd. |
|
|
2,000 |
|
|
|
11,578 |
|
Wallenstam AB, Class B |
|
|
1,505 |
|
|
|
21,390 |
|
Wharf Holdings Ltd. |
|
|
9,000 |
|
|
|
80,310 |
|
Wheelock & Co. Ltd. |
|
|
4,000 |
|
|
|
22,266 |
|
Wihlborgs Fastigheter AB |
|
|
1,229 |
|
|
|
20,315 |
|
Wing Tai Holdings Ltd. |
|
|
29,000 |
|
|
|
51,330 |
|
Ying Li International Real Estate Ltd.* |
|
|
24,000 |
|
|
|
9,938 |
|
|
|
|
|
|
|
|
2,934,847 |
|
Road & Rail 1.5% |
|
|
|
|
|
|
|
|
Asciano Ltd. |
|
|
5,427 |
|
|
|
30,421 |
|
Aurizon Holdings Ltd. |
|
|
10,532 |
|
|
|
45,371 |
|
Brockman Mining Ltd.* |
|
|
140,000 |
|
|
|
8,118 |
|
Canadian National Railway Co. |
|
|
2,340 |
|
|
|
229,452 |
|
Canadian Pacific Railway Ltd. |
|
|
936 |
|
|
|
116,841 |
|
Central Japan Railway Co. |
|
|
900 |
|
|
|
108,562 |
|
ComfortDelGro Corp. Ltd. |
|
|
13,000 |
|
|
|
20,951 |
|
DSV A/S |
|
|
1,163 |
|
|
|
29,307 |
|
East Japan Railway Co. |
|
|
1,800 |
|
|
|
151,894 |
|
Firstgroup PLC |
|
|
26,038 |
|
|
|
85,549 |
|
Go-Ahead Group PLC |
|
|
2,162 |
|
|
|
52,156 |
|
Hankyu Hanshin Holdings, Inc. |
|
|
6,000 |
|
|
|
38,805 |
|
KEIKYU CORP |
|
|
2,000 |
|
|
|
22,133 |
|
Keio Corp. |
|
|
3,000 |
|
|
|
25,808 |
|
Keisei Electric Railway Co. Ltd. |
|
|
1,000 |
|
|
|
10,574 |
|
Kintetsu Corp. |
|
|
9,000 |
|
|
|
45,550 |
|
Maruzen Showa Unyu Co. Ltd. |
|
|
2,000 |
|
|
|
7,166 |
|
MTR Corp. Ltd. |
|
|
6,500 |
|
|
|
26,802 |
|
Nagoya Railroad Co. Ltd. |
|
|
2,000 |
|
|
|
6,201 |
|
Nankai Electric Railway Co. Ltd. |
|
|
2,000 |
|
|
|
8,028 |
|
National Express Group PLC |
|
|
23,851 |
|
|
|
71,088 |
|
Nippon Express Co. Ltd. |
|
|
6,000 |
|
|
|
31,229 |
|
Nippon Konpo Unyu Soko Co. Ltd. |
|
|
2,900 |
|
|
|
44,776 |
|
Nishi-Nippon Railroad Co. Ltd. |
|
|
1,000 |
|
|
|
4,096 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
91 |
|
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Road & Rail (continued) |
|
Odakyu Electric Railway Co. Ltd. |
|
|
4,000 |
|
|
$ |
48,167 |
|
Sankyu, Inc. |
|
|
2,000 |
|
|
|
8,931 |
|
Senko Co. Ltd. |
|
|
5,000 |
|
|
|
27,102 |
|
Sixt AG |
|
|
1,408 |
|
|
|
29,454 |
|
SMRT Corp. Ltd. |
|
|
8,000 |
|
|
|
9,613 |
|
Sotetsu Holdings, Inc. |
|
|
1,000 |
|
|
|
3,891 |
|
Stagecoach Group PLC |
|
|
834 |
|
|
|
3,991 |
|
Tobu Railway Co. Ltd. |
|
|
4,000 |
|
|
|
23,242 |
|
Tokyu Corp. |
|
|
8,000 |
|
|
|
63,484 |
|
TransForce, Inc. |
|
|
200 |
|
|
|
3,953 |
|
Transport International Holdings Ltd. |
|
|
4,000 |
|
|
|
9,020 |
|
West Japan Railway Co. |
|
|
900 |
|
|
|
43,517 |
|
|
|
|
|
|
|
|
1,495,243 |
|
Semiconductors & Semiconductor Equipment
0.7% |
|
Advantest Corp. |
|
|
1,000 |
|
|
|
14,968 |
|
Aixtron SE NA |
|
|
1,414 |
|
|
|
20,190 |
|
AMS AG |
|
|
167 |
|
|
|
15,586 |
|
ARM Holdings PLC |
|
|
7,327 |
|
|
|
113,581 |
|
ASM International NV |
|
|
1,198 |
|
|
|
40,015 |
|
ASM Pacific Technology Ltd. |
|
|
400 |
|
|
|
4,123 |
|
ASML Holding NV |
|
|
2,067 |
|
|
|
153,834 |
|
CSR PLC |
|
|
4,039 |
|
|
|
30,991 |
|
Dainippon Screen Manufacturing Co. Ltd. |
|
|
1,000 |
|
|
|
5,154 |
|
Dialog Semiconductor PLC* |
|
|
974 |
|
|
|
11,583 |
|
Disco Corp. |
|
|
100 |
|
|
|
6,457 |
|
EZchip Semiconductor Ltd.* |
|
|
500 |
|
|
|
11,405 |
|
Imagination Technologies Group PLC* |
|
|
3,889 |
|
|
|
25,749 |
|
Infineon Technologies AG |
|
|
6,005 |
|
|
|
47,462 |
|
Kontron AG |
|
|
3,452 |
|
|
|
18,746 |
|
Megachips Corp. |
|
|
200 |
|
|
|
3,028 |
|
Mellanox Technologies Ltd.* |
|
|
100 |
|
|
|
5,098 |
|
Micronas Semiconductor Holding AG* |
|
|
997 |
|
|
|
7,030 |
|
Mimasu Semiconductor Industry Co. Ltd. |
|
|
500 |
|
|
|
5,061 |
|
Nordic Semiconductor ASA* |
|
|
868 |
|
|
|
2,639 |
|
Nuflare Technology, Inc. |
|
|
1 |
|
|
|
7,782 |
|
Renewable Energy Corp. ASA* |
|
|
74,459 |
|
|
|
20,642 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Semiconductors & Semiconductor Equipment
(continued) |
|
Rohm Co. Ltd. |
|
|
300 |
|
|
$ |
10,579 |
|
Sanken Electric Co. Ltd. |
|
|
5,000 |
|
|
|
23,406 |
|
Shinko Electric Industries Co. Ltd. |
|
|
600 |
|
|
|
6,098 |
|
Silex Systems Ltd.* |
|
|
720 |
|
|
|
2,033 |
|
SMA Solar Technology AG |
|
|
212 |
|
|
|
5,255 |
|
SOITEC* |
|
|
884 |
|
|
|
3,205 |
|
Solarworld AG |
|
|
1,426 |
|
|
|
1,316 |
|
STATS ChipPAC Ltd.* |
|
|
126,000 |
|
|
|
42,455 |
|
STMicroelectronics N.V. |
|
|
3,135 |
|
|
|
27,283 |
|
Sumco Corp. |
|
|
600 |
|
|
|
6,301 |
|
Tokyo Electron Ltd. |
|
|
900 |
|
|
|
46,104 |
|
Tokyo Seimitsu Co. Ltd. |
|
|
800 |
|
|
|
17,583 |
|
Ulvac, Inc.* |
|
|
300 |
|
|
|
2,347 |
|
Wolfson Microelectronics PLC* |
|
|
714 |
|
|
|
2,281 |
|
|
|
|
|
|
|
|
767,370 |
|
Software 1.0% |
|
|
|
|
|
|
|
|
Allot Communications Ltd.* |
|
|
300 |
|
|
|
3,396 |
|
Aveva Group PLC |
|
|
618 |
|
|
|
21,353 |
|
Computer Modelling Group Ltd. |
|
|
400 |
|
|
|
8,017 |
|
Constellation Software, Inc./Canada |
|
|
180 |
|
|
|
24,606 |
|
Dassault Systemes S.A. |
|
|
354 |
|
|
|
43,218 |
|
DTS Corp. |
|
|
1,100 |
|
|
|
18,441 |
|
Dwango Co. Ltd. |
|
|
1 |
|
|
|
5,051 |
|
Fidessa Group PLC |
|
|
987 |
|
|
|
27,574 |
|
Fuji Soft, Inc. |
|
|
900 |
|
|
|
24,041 |
|
GungHo Online Entertainment, Inc.* |
|
|
6 |
|
|
|
56,791 |
|
Konami Corp. |
|
|
200 |
|
|
|
4,562 |
|
MacDonald Dettwiler & Associates Ltd. |
|
|
250 |
|
|
|
18,087 |
|
Micro Focus International PLC |
|
|
2,883 |
|
|
|
30,041 |
|
Nexon Co. Ltd. |
|
|
300 |
|
|
|
3,640 |
|
NICE Systems Ltd.* |
|
|
442 |
|
|
|
15,504 |
|
Nintendo Co. Ltd. |
|
|
600 |
|
|
|
66,523 |
|
NSD Co. Ltd. |
|
|
2,300 |
|
|
|
26,138 |
|
Oracle Corp. Japan |
|
|
200 |
|
|
|
8,572 |
|
Playtech Ltd. |
|
|
2,533 |
|
|
|
24,167 |
|
The Sage Group PLC |
|
|
7,291 |
|
|
|
38,299 |
|
SAP AG |
|
|
4,834 |
|
|
|
384,364 |
|
SimCorp A/S |
|
|
71 |
|
|
|
20,779 |
|
Software AG |
|
|
367 |
|
|
|
12,844 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
92 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Software (continued) |
|
|
|
|
|
|
|
|
Tecmo Koei Holdings Co. Ltd. |
|
|
1,200 |
|
|
$ |
10,828 |
|
Temenos Group AG* |
|
|
945 |
|
|
|
22,380 |
|
Trend Micro, Inc. |
|
|
700 |
|
|
|
19,618 |
|
UBISOFT Entertainment* |
|
|
4,683 |
|
|
|
52,294 |
|
Xero Ltd.* |
|
|
600 |
|
|
|
7,669 |
|
|
|
|
|
|
|
|
998,797 |
|
Specialty Retail 1.7% |
|
|
|
|
|
|
|
|
Alpen Co. Ltd. |
|
|
1,400 |
|
|
|
29,247 |
|
AOKI Holdings, Inc. |
|
|
100 |
|
|
|
3,085 |
|
Aoyama Trading Co. Ltd. |
|
|
500 |
|
|
|
14,952 |
|
ARB Corp. Ltd. |
|
|
1,725 |
|
|
|
23,278 |
|
Automotive Holdings Group Ltd. |
|
|
7,428 |
|
|
|
31,382 |
|
Baoxin Auto Group Ltd.* |
|
|
33,000 |
|
|
|
28,788 |
|
Bic Camera, Inc. |
|
|
54 |
|
|
|
23,699 |
|
BMTC Group, Inc., Class A |
|
|
244 |
|
|
|
3,639 |
|
Carpetright PLC* |
|
|
268 |
|
|
|
2,619 |
|
Carphone Warehouse Group PLC |
|
|
2,040 |
|
|
|
7,461 |
|
Charles Voegele Holding AG* |
|
|
170 |
|
|
|
2,370 |
|
Chiyoda Co. Ltd. |
|
|
200 |
|
|
|
5,776 |
|
Chow Sang Sang Holdings International Ltd. |
|
|
7,000 |
|
|
|
18,942 |
|
Chow Tai Fook Jewellery Group Ltd. |
|
|
2,800 |
|
|
|
3,767 |
|
Clas Ohlson AB, Class B |
|
|
2,118 |
|
|
|
28,548 |
|
Darty PLC |
|
|
6,542 |
|
|
|
4,989 |
|
Delek Automotive Systems Ltd. |
|
|
1,942 |
|
|
|
20,859 |
|
Delticom AG |
|
|
112 |
|
|
|
5,508 |
|
Dixons Retail PLC* |
|
|
72,217 |
|
|
|
39,452 |
|
Dufry AG* |
|
|
55 |
|
|
|
7,336 |
|
Dunelm Group PLC |
|
|
394 |
|
|
|
5,182 |
|
EDION Corp. |
|
|
4,600 |
|
|
|
21,534 |
|
Emperor Watch & Jewellery Ltd. |
|
|
180,000 |
|
|
|
18,323 |
|
Esprit Holdings Ltd. |
|
|
12,600 |
|
|
|
17,665 |
|
Fast Retailing Co. Ltd. |
|
|
300 |
|
|
|
109,948 |
|
Fielmann AG |
|
|
70 |
|
|
|
6,761 |
|
Folli Follie Group* |
|
|
230 |
|
|
|
4,815 |
|
Geo Holdings Corp. |
|
|
21 |
|
|
|
25,094 |
|
Giordano International Ltd. |
|
|
24,000 |
|
|
|
23,998 |
|
Gulliver International Co. Ltd. |
|
|
3,100 |
|
|
|
24,887 |
|
Halfords Group PLC |
|
|
3,757 |
|
|
|
20,162 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Specialty Retail (continued) |
|
|
|
|
|
|
|
|
Hennes & Mauritz AB, Class B |
|
|
4,923 |
|
|
$ |
174,389 |
|
Honeys Co. Ltd. |
|
|
400 |
|
|
|
5,178 |
|
Howden Joinery Group PLC |
|
|
9,300 |
|
|
|
35,998 |
|
Inditex S.A. |
|
|
1,181 |
|
|
|
158,895 |
|
IT Ltd. |
|
|
14,000 |
|
|
|
5,123 |
|
JB Hi-Fi Ltd. |
|
|
5,545 |
|
|
|
92,096 |
|
Jin Co. Ltd.* |
|
|
200 |
|
|
|
11,826 |
|
Joshin Denki Co. Ltd. |
|
|
2,000 |
|
|
|
17,924 |
|
JUMBO S.A.* |
|
|
5,205 |
|
|
|
49,065 |
|
Kathmandu Holdings Ltd. |
|
|
10,721 |
|
|
|
20,693 |
|
Keiyo Co. Ltd. |
|
|
800 |
|
|
|
4,049 |
|
Kingfisher PLC |
|
|
12,421 |
|
|
|
60,529 |
|
Kohnan Shoji Co. Ltd. |
|
|
2,800 |
|
|
|
34,407 |
|
Ks Holdings Corp. |
|
|
200 |
|
|
|
7,042 |
|
Leons Furniture Ltd. |
|
|
900 |
|
|
|
11,954 |
|
LOccitane International S.A. |
|
|
1,000 |
|
|
|
2,899 |
|
Luk Fook Holdings International Ltd. |
|
|
18,000 |
|
|
|
51,027 |
|
Megane TOP Co. Ltd. |
|
|
1,500 |
|
|
|
21,605 |
|
Mekonomen AB |
|
|
674 |
|
|
|
21,293 |
|
Nafco Co. Ltd. |
|
|
600 |
|
|
|
12,744 |
|
NEC Mobiling Ltd. |
|
|
400 |
|
|
|
22,872 |
|
Nishimatsuya Chain Co. Ltd. |
|
|
400 |
|
|
|
3,963 |
|
Nitori Holdings Co. Ltd. |
|
|
150 |
|
|
|
11,303 |
|
Pal Co. Ltd. |
|
|
600 |
|
|
|
19,988 |
|
Point, Inc. |
|
|
310 |
|
|
|
15,085 |
|
Praktiker AG* |
|
|
2,466 |
|
|
|
3,605 |
|
Premier Investments Ltd. |
|
|
550 |
|
|
|
4,938 |
|
Reitmans Canada Ltd., Class A |
|
|
370 |
|
|
|
3,255 |
|
RONA, Inc. |
|
|
6,734 |
|
|
|
70,296 |
|
SA SA International Holdings Ltd. |
|
|
14,000 |
|
|
|
14,576 |
|
Sanrio Co. Ltd. |
|
|
100 |
|
|
|
5,015 |
|
Shimamura Co. Ltd. |
|
|
100 |
|
|
|
12,637 |
|
Sports Direct International PLC* |
|
|
3,304 |
|
|
|
23,974 |
|
Super Retail Group Ltd. |
|
|
315 |
|
|
|
4,303 |
|
SuperGroup PLC* |
|
|
681 |
|
|
|
7,340 |
|
T-Gaia Corp. |
|
|
1,200 |
|
|
|
12,960 |
|
Trinity Ltd. |
|
|
24,000 |
|
|
|
9,463 |
|
United Arrows Ltd. |
|
|
200 |
|
|
|
7,761 |
|
USS Co. Ltd. |
|
|
160 |
|
|
|
20,515 |
|
Valora Holding AG |
|
|
228 |
|
|
|
44,866 |
|
WH Smith PLC |
|
|
2,359 |
|
|
|
27,151 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
93 |
|
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Specialty Retail (continued) |
|
|
|
|
|
|
|
|
Xebio Co. Ltd. |
|
|
1,500 |
|
|
$ |
35,325 |
|
Yamada Denki Co. Ltd. |
|
|
590 |
|
|
|
28,437 |
|
|
|
|
|
|
|
|
1,792,430 |
|
Textiles, Apparel & Luxury Goods
1.3% |
|
Adidas AG |
|
|
1,099 |
|
|
|
114,899 |
|
Asics Corp. |
|
|
900 |
|
|
|
16,233 |
|
Bijou Brigitte AG |
|
|
254 |
|
|
|
25,434 |
|
Billabong International Ltd.* |
|
|
17,977 |
|
|
|
8,864 |
|
Brunello Cucinelli SpA* |
|
|
187 |
|
|
|
4,009 |
|
Burberry Group PLC |
|
|
2,343 |
|
|
|
48,719 |
|
China Outfitters Holdings Ltd. |
|
|
24,000 |
|
|
|
4,020 |
|
Christian Dior S.A. |
|
|
271 |
|
|
|
47,287 |
|
Cie Financiere Richemont S.A. |
|
|
2,809 |
|
|
|
227,091 |
|
Geox SpA |
|
|
2,499 |
|
|
|
7,578 |
|
Gerry Weber International AG |
|
|
393 |
|
|
|
17,256 |
|
Gildan Activewear, Inc. |
|
|
761 |
|
|
|
30,649 |
|
Gunze Ltd. |
|
|
2,000 |
|
|
|
5,215 |
|
Hermes International |
|
|
83 |
|
|
|
28,024 |
|
Hugo Boss AG |
|
|
192 |
|
|
|
22,367 |
|
The Japan Wool Textile Co. Ltd. |
|
|
3,000 |
|
|
|
25,901 |
|
Kurabo Industries Ltd. |
|
|
9,000 |
|
|
|
16,908 |
|
Luxottica Group SpA |
|
|
857 |
|
|
|
44,664 |
|
LVMH Moet Hennessy Louis Vuitton S.A. |
|
|
1,407 |
|
|
|
243,931 |
|
Mulberry Group PLC |
|
|
152 |
|
|
|
2,106 |
|
Onward Holdings Co. Ltd. |
|
|
1,000 |
|
|
|
9,352 |
|
Pacific Textile Holdings Ltd. |
|
|
25,000 |
|
|
|
30,861 |
|
Pandora A/S |
|
|
930 |
|
|
|
28,418 |
|
Puma SE* |
|
|
10 |
|
|
|
3,101 |
|
Samsonite International S.A. |
|
|
6,900 |
|
|
|
16,982 |
|
Sanyo Shokai Ltd. |
|
|
6,000 |
|
|
|
18,232 |
|
Seiko Holdings Corp. |
|
|
7,000 |
|
|
|
41,033 |
|
Seiren Co. Ltd. |
|
|
500 |
|
|
|
3,331 |
|
Stella International Holdings Ltd. |
|
|
1,500 |
|
|
|
4,417 |
|
The Swatch Group AG |
|
|
163 |
|
|
|
93,436 |
|
Swatch Group AG (The) |
|
|
190 |
|
|
|
19,103 |
|
Texwinca Holdings Ltd. |
|
|
36,000 |
|
|
|
42,028 |
|
Tods SpA |
|
|
29 |
|
|
|
4,213 |
|
TSI Holdings Co Ltd. |
|
|
400 |
|
|
|
2,952 |
|
Unitika Ltd.* |
|
|
42,000 |
|
|
|
27,595 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Textiles, Apparel & Luxury Goods
(continued) |
|
Yue Yuen Industrial Holdings Ltd. |
|
|
6,000 |
|
|
$ |
20,759 |
|
|
|
|
|
|
|
|
1,306,968 |
|
Thrifts & Mortgage Finance 0.1% |
|
Aareal Bank AG* |
|
|
2,639 |
|
|
|
63,496 |
|
First National Financial Corp. |
|
|
172 |
|
|
|
3,179 |
|
Home Capital Group, Inc. |
|
|
70 |
|
|
|
4,023 |
|
Paragon Group of Cos. PLC |
|
|
6,392 |
|
|
|
31,079 |
|
|
|
|
|
|
|
|
101,777 |
|
Tobacco 0.9% |
|
|
|
|
|
|
|
|
British American Tobacco PLC |
|
|
9,840 |
|
|
|
546,132 |
|
Imperial Tobacco Group PLC |
|
|
5,257 |
|
|
|
188,186 |
|
Japan Tobacco, Inc. |
|
|
4,900 |
|
|
|
185,366 |
|
Swedish Match AB |
|
|
990 |
|
|
|
34,381 |
|
|
|
|
|
|
|
|
954,065 |
|
Trading Companies & Distributors
1.3% |
|
Ashtead Group PLC |
|
|
3,116 |
|
|
|
28,492 |
|
BayWa AG |
|
|
72 |
|
|
|
3,626 |
|
Brenntag AG |
|
|
272 |
|
|
|
46,421 |
|
Bunzl PLC |
|
|
1,701 |
|
|
|
33,861 |
|
Cramo OYJ |
|
|
2,338 |
|
|
|
30,824 |
|
Emeco Holdings Ltd. |
|
|
28,794 |
|
|
|
13,749 |
|
Finning International, Inc. |
|
|
991 |
|
|
|
21,419 |
|
Grafton Group PLC |
|
|
6,078 |
|
|
|
42,318 |
|
Hanwa Co. Ltd. |
|
|
10,000 |
|
|
|
37,676 |
|
Inaba Denki Sangyo Co. Ltd. |
|
|
200 |
|
|
|
5,897 |
|
Inabata & Co. Ltd. |
|
|
2,800 |
|
|
|
21,932 |
|
Indutrade AB |
|
|
108 |
|
|
|
3,771 |
|
ITOCHU Corp. |
|
|
8,200 |
|
|
|
101,437 |
|
Kamei Corp. |
|
|
1,000 |
|
|
|
10,122 |
|
Kanematsu Corp.* |
|
|
27,000 |
|
|
|
37,419 |
|
Kloeckner & Co. SE* |
|
|
5,545 |
|
|
|
66,906 |
|
Kuroda Electric Co. Ltd. |
|
|
1,700 |
|
|
|
22,548 |
|
Marubeni Corp. |
|
|
9,000 |
|
|
|
64,398 |
|
MISUMI Group, Inc. |
|
|
700 |
|
|
|
21,350 |
|
Mitsubishi Corp. |
|
|
7,500 |
|
|
|
134,586 |
|
Mitsui & Co. Ltd. |
|
|
9,300 |
|
|
|
127,743 |
|
MonotaRO Co. Ltd. |
|
|
400 |
|
|
|
10,171 |
|
Nichiden Corp. |
|
|
300 |
|
|
|
7,080 |
|
Noble Group Ltd. |
|
|
11,000 |
|
|
|
10,047 |
|
Ramirent OYJ |
|
|
2,223 |
|
|
|
22,040 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
94 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Trading Companies & Distributors
(continued) |
|
Rexel S.A. |
|
|
212 |
|
|
$ |
4,669 |
|
Richelieu Hardware Ltd. |
|
|
424 |
|
|
|
16,714 |
|
Russel Metals, Inc. |
|
|
142 |
|
|
|
3,847 |
|
Seven Group Holdings Ltd. |
|
|
1,044 |
|
|
|
10,068 |
|
SIG PLC |
|
|
11,924 |
|
|
|
30,083 |
|
Sojitz Corp. |
|
|
3,000 |
|
|
|
4,712 |
|
Solar A/S, Class B |
|
|
461 |
|
|
|
23,152 |
|
Sumikin Bussan Corp. |
|
|
6,000 |
|
|
|
19,649 |
|
Sumitomo Corp. |
|
|
6,300 |
|
|
|
78,645 |
|
Tat Hong Holdings Ltd. |
|
|
20,000 |
|
|
|
24,195 |
|
Toyota Tsusho Corp. |
|
|
900 |
|
|
|
25,048 |
|
Travis Perkins PLC |
|
|
1,036 |
|
|
|
23,122 |
|
Trusco Nakayama Corp. |
|
|
1,200 |
|
|
|
24,774 |
|
Wajax Corp. |
|
|
200 |
|
|
|
6,856 |
|
Wolseley PLC |
|
|
1,495 |
|
|
|
74,063 |
|
Yamazen Corp. |
|
|
2,700 |
|
|
|
17,185 |
|
Yuasa Trading Co. Ltd. |
|
|
11,000 |
|
|
|
23,262 |
|
|
|
|
|
|
|
|
1,335,877 |
|
Transportation Infrastructure 0.5% |
|
Abertis Infraestructuras S.A. |
|
|
2,108 |
|
|
|
39,409 |
|
Aeroports de Paris |
|
|
62 |
|
|
|
5,618 |
|
Ansaldo STS SpA |
|
|
819 |
|
|
|
8,460 |
|
Atlantia SpA |
|
|
1,603 |
|
|
|
28,679 |
|
Auckland International Airport Ltd. |
|
|
9,106 |
|
|
|
24,216 |
|
Australian Infrastructure Fund |
|
|
1,446 |
|
|
|
4,728 |
|
Autostrada Torino-Milano SpA* |
|
|
2,084 |
|
|
|
24,865 |
|
BBA Aviation PLC |
|
|
12,763 |
|
|
|
49,840 |
|
China Resources and Transportation Group Ltd.* |
|
|
200,000 |
|
|
|
7,603 |
|
Flughafen Wien AG* |
|
|
104 |
|
|
|
6,454 |
|
Flughafen Zuerich AG |
|
|
16 |
|
|
|
7,789 |
|
Fraport AG Frankfurt Airport Services Worldwide |
|
|
68 |
|
|
|
4,068 |
|
Gemina SpA* |
|
|
6,809 |
|
|
|
13,026 |
|
Groupe Eurotunnel S.A. |
|
|
2,703 |
|
|
|
22,654 |
|
Hamburger Hafen und Logistik AG |
|
|
216 |
|
|
|
4,653 |
|
Hutchison Port Holdings Trust, Class U |
|
|
28,000 |
|
|
|
23,240 |
|
Japan Airport Terminal Co. Ltd. |
|
|
500 |
|
|
|
7,720 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Transportation Infrastructure (continued) |
|
Kamigumi Co. Ltd. |
|
|
1,000 |
|
|
$ |
9,362 |
|
Kobenhavns Lufthavne |
|
|
50 |
|
|
|
20,504 |
|
Koninklijke Vopak N.V. |
|
|
273 |
|
|
|
15,138 |
|
Mitsubishi Logistics Corp. |
|
|
1,000 |
|
|
|
17,873 |
|
Mitsui-Soko Co. Ltd. |
|
|
2,000 |
|
|
|
13,613 |
|
Nissin Corp. |
|
|
4,000 |
|
|
|
11,744 |
|
Qube Holdings Ltd. |
|
|
4,795 |
|
|
|
8,711 |
|
SATS Ltd. |
|
|
2,000 |
|
|
|
5,115 |
|
The Sumitomo Warehouse Co. Ltd. |
|
|
9,000 |
|
|
|
64,490 |
|
Sydney Airport |
|
|
1,178 |
|
|
|
4,231 |
|
Transurban Group |
|
|
7,679 |
|
|
|
54,364 |
|
Westshore Terminals Investment Corp. |
|
|
134 |
|
|
|
3,863 |
|
|
|
|
|
|
|
|
512,030 |
|
Water Utilities 0.2% |
|
|
|
|
|
|
|
|
Athens Water Supply & Sewage Co. SA (The) |
|
|
926 |
|
|
|
6,947 |
|
Hyflux Ltd. |
|
|
15,000 |
|
|
|
16,685 |
|
Kurita Water Industries Ltd. |
|
|
200 |
|
|
|
4,104 |
|
Pennon Group PLC |
|
|
2,517 |
|
|
|
26,854 |
|
Severn Trent PLC |
|
|
1,227 |
|
|
|
34,776 |
|
Sound Global Ltd. |
|
|
11,000 |
|
|
|
5,001 |
|
Suez Environnement Co. |
|
|
1,717 |
|
|
|
24,686 |
|
United Utilities Group PLC |
|
|
3,475 |
|
|
|
40,050 |
|
|
|
|
|
|
|
|
159,103 |
|
Wireless Telecommunication Services 1.5% |
|
Freenet AG |
|
|
1,294 |
|
|
|
32,261 |
|
KDDI Corp. |
|
|
2,800 |
|
|
|
134,524 |
|
Mobistar S.A. |
|
|
1,584 |
|
|
|
37,820 |
|
NTT DOCOMO, Inc. |
|
|
87 |
|
|
|
143,794 |
|
Okinawa Cellular Telephone Co. |
|
|
600 |
|
|
|
16,908 |
|
Rogers Communications, Inc., Class B |
|
|
2,368 |
|
|
|
116,981 |
|
SmarTone Telecommunications Holdings Ltd. |
|
|
6,000 |
|
|
|
10,685 |
|
Softbank Corp. |
|
|
5,141 |
|
|
|
254,649 |
|
Sonaecom SGPS S.A. |
|
|
2,864 |
|
|
|
6,713 |
|
StarHub Ltd. |
|
|
2,000 |
|
|
|
7,681 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
95 |
|
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Wireless Telecommunication Services
(continued) |
|
Tele2 AB, Class B |
|
|
1,665 |
|
|
$ |
28,577 |
|
Vodafone Group PLC |
|
|
261,090 |
|
|
|
797,279 |
|
|
|
|
|
|
|
|
1,587,872 |
|
Total Common Stocks (Cost $94,305,389) |
|
|
|
|
|
|
100,743,142 |
|
|
PREFERRED STOCKS 0.4% |
|
Aerospace & Defense 0.0% |
|
Rolls-Royce Holdings PLC*^ |
|
|
1,184,645 |
|
|
|
1,844 |
|
Automobiles 0.3% |
|
|
|
|
|
|
|
|
Porsche Automobil Holding SE |
|
|
837 |
|
|
|
65,647 |
|
Volkswagen AG |
|
|
783 |
|
|
|
158,872 |
|
|
|
|
|
|
|
|
224,519 |
|
Diversified Telecommunication Services 0.0% |
|
Telecom Italia SpA |
|
|
29,601 |
|
|
|
20,606 |
|
Household Products 0.1% |
|
|
|
|
|
|
|
|
Henkel AG & Co. KGaA |
|
|
918 |
|
|
|
86,657 |
|
Insurance 0.0% |
|
|
|
|
|
|
|
|
Unipol Gruppo Finanziario SpA* |
|
|
18,393 |
|
|
|
56,064 |
|
Machinery 0.0% |
|
|
|
|
|
|
|
|
KSB AG |
|
|
48 |
|
|
|
27,212 |
|
Total Preferred Stocks (Cost $403,002) |
|
|
|
|
|
|
416,902 |
|
|
|
|
|
|
|
|
|
|
|
|
No. of Rights |
|
|
Value |
|
RIGHTS 0.0% |
|
|
|
|
|
|
|
|
Africa Israel Investments Ltd., expiring 05/07/13 at 750 ILS*^ |
|
|
119 |
|
|
$ |
392 |
|
Bankia S.A., expiring 05/14/13 at 1.35 EUR* |
|
|
16 |
|
|
|
26 |
|
Faes Farma S.A., expiring 05/03/13* |
|
|
4,090 |
|
|
|
448 |
|
Koninklijke KPN N.V., expiring 05/14/13 at 1.06 EUR* |
|
|
6,519 |
|
|
|
8,767 |
|
Total Rights (Cost $14,329) |
|
|
|
|
|
|
9,633 |
|
Total Investment Securities (Cost $94,722,720) 99.0% |
|
|
|
|
|
|
101,169,677 |
|
Other assets less liabilities 1.0% |
|
|
|
|
|
|
1,052,818 |
|
NET ASSETS 100.0% |
|
|
|
|
|
$ |
102,222,495 |
|
* |
Non-income producing security. |
^ |
Security fair valued in accordance with procedures adopted by the Board of Trustees. At April 30, 2013, the value of these
securities amounted to $42,557 or 0.04% of net assets. |
(a) |
144A security Certain conditions for public sale may exist. |
|
Amount represents less than 0.05%. |
Percentages shown are based on Net Assets.
Abbreviation:
REIT Real
Estate Investment Trust
As of April 30, 2013, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
|
|
|
|
|
|
|
|
|
Aggregate gross unrealized appreciation |
|
$ |
9,151,872 |
|
Aggregate gross unrealized depreciation |
|
|
(2,704,915 |
) |
Net unrealized appreciation |
|
$ |
6,446,957 |
|
Federal income tax cost of investments |
|
$ |
94,722,720 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
96 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Futures Contracts Purchased
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund had the following open long futures contracts as of April 30, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Contracts |
|
|
Expiration Date |
|
|
Notional Amount at Value |
|
|
Unrealized Appreciation |
|
E-mini MSCI EAFE Futures Contracts |
|
|
13 |
|
|
|
06/21/13 |
|
|
$ |
1,131,520 |
|
|
$ |
43,955 |
|
Cash
collateral in the amount of $94,133 was pledged to cover margin requirements for open futures contracts as of April 30, 2013.
Forward Foreign Currency Contracts
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund had the following
outstanding contracts as of April 30, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts to Deliver |
|
|
|
Counterparty |
|
|
In Exchange For |
|
|
Delivery Date |
|
|
Unrealized Appreciation |
|
EUR 30,864 |
|
|
|
|
Citibank N.A. |
|
|
|
USD40,000 |
|
|
|
06/19/13 |
|
|
$ |
704 |
|
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index invested, as a percentage of net assets, in the following countries
as of April 30, 2013:
|
|
|
|
|
Australia |
|
|
7.8 |
% |
Austria |
|
|
0.4 |
|
Belgium |
|
|
1.1 |
|
Canada |
|
|
9.5 |
|
Denmark |
|
|
1.1 |
|
Finland |
|
|
0.7 |
|
France |
|
|
7.3 |
|
Germany |
|
|
6.6 |
|
Greece |
|
|
0.2 |
|
Hong Kong |
|
|
3.0 |
|
Ireland |
|
|
0.5 |
|
Israel |
|
|
0.6 |
|
Italy |
|
|
2.2 |
|
Japan |
|
|
22.5 |
|
Netherlands |
|
|
2.2 |
|
New Zealand |
|
|
0.3 |
|
Norway |
|
|
1.1 |
|
Portugal |
|
|
0.3 |
|
Singapore |
|
|
1.9 |
|
Spain |
|
|
2.3 |
|
Sweden |
|
|
3.0 |
|
Switzerland |
|
|
6.5 |
|
United Kingdom |
|
|
17.9 |
|
Other 1 |
|
|
1.0 |
|
|
|
|
100.0 |
% |
1 |
Includes any non-equity securities and net other assets (liabilities). |
|
Amount represents less than 0.05%. |
See Accompanying Notes to the Financial
Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
97 |
|
Schedule of Investments
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund
April 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS 90.1% |
|
Aerospace & Defense 0.2% |
|
Aselsan Elektronik Sanayi Ve Ticaret AS |
|
|
1,645 |
|
|
$ |
9,768 |
|
AviChina Industry & Technology Co. Ltd., Class H |
|
|
104,000 |
|
|
|
50,254 |
|
Embraer S.A. |
|
|
10,500 |
|
|
|
91,583 |
|
Korea Aerospace Industries Ltd. |
|
|
440 |
|
|
|
11,187 |
|
S&T Dynamics Co. Ltd. |
|
|
3,580 |
|
|
|
42,747 |
|
|
|
|
|
|
|
|
205,539 |
|
Air Freight &
Logistics 0.1% |
|
Hanjin Transportation Co. Ltd. |
|
|
1,180 |
|
|
|
24,269 |
|
Hyundai Glovis Co. Ltd. |
|
|
280 |
|
|
|
47,035 |
|
Kerry TJ Logistics Co. Ltd. |
|
|
8,000 |
|
|
|
10,707 |
|
POS Malaysia BHD |
|
|
17,600 |
|
|
|
25,164 |
|
Sinotrans Ltd., Class H |
|
|
256,000 |
|
|
|
54,759 |
|
|
|
|
|
|
|
|
161,934 |
|
Airlines 0.7% |
|
Aeroflot Russian Airlines OJSC |
|
|
35,601 |
|
|
|
61,975 |
|
Air China Ltd., Class H |
|
|
42,000 |
|
|
|
33,987 |
|
AirAsia BHD |
|
|
33,900 |
|
|
|
32,647 |
|
Asiana Airlines, Inc.* |
|
|
1,670 |
|
|
|
7,931 |
|
Cebu Air, Inc. |
|
|
6,550 |
|
|
|
12,962 |
|
China Airlines Ltd.* |
|
|
32,000 |
|
|
|
12,198 |
|
China Eastern Airlines Corp. Ltd., Class H* |
|
|
258,000 |
|
|
|
103,391 |
|
China Southern Airlines Co. Ltd., Class H |
|
|
268,000 |
|
|
|
140,896 |
|
Eva Airways Corp.* |
|
|
26,000 |
|
|
|
14,492 |
|
Garuda Indonesia Persero Tbk PT* |
|
|
117,000 |
|
|
|
7,581 |
|
Grupo Aeromexico SAB de CV* |
|
|
11,400 |
|
|
|
16,392 |
|
Korean Air Lines Co. Ltd.* |
|
|
1,090 |
|
|
|
34,938 |
|
Latam Airlines Group S.A. |
|
|
4,375 |
|
|
|
90,283 |
|
Malaysian Airline System BHD* |
|
|
9,400 |
|
|
|
2,101 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Airlines (continued) |
|
Thai Airways International PCL |
|
|
138,700 |
|
|
$ |
139,409 |
|
Turk Hava Yollari* |
|
|
10,610 |
|
|
|
44,133 |
|
|
|
|
|
|
|
|
755,316 |
|
Auto Components 0.8% |
|
Autometal S.A. |
|
|
1,400 |
|
|
|
14,690 |
|
Cheng Shin Rubber Industry Co. Ltd. |
|
|
29,000 |
|
|
|
98,167 |
|
Dae Won Kang Up Co. Ltd. |
|
|
820 |
|
|
|
6,098 |
|
Depo Auto Parts Ind Co. Ltd. |
|
|
3,000 |
|
|
|
8,031 |
|
Gajah Tunggal Tbk PT |
|
|
56,500 |
|
|
|
16,853 |
|
Global & Yuasa Battery Co. Ltd. |
|
|
420 |
|
|
|
20,746 |
|
Halla Visteon Climate Control Corp. |
|
|
700 |
|
|
|
18,909 |
|
Hyundai Mobis |
|
|
1,311 |
|
|
|
297,603 |
|
Hyundai Wia Corp. |
|
|
255 |
|
|
|
32,879 |
|
Kenda Rubber Industrial Co. Ltd. |
|
|
4,000 |
|
|
|
7,970 |
|
Kumho Tire Co., Inc.* |
|
|
1,110 |
|
|
|
11,944 |
|
Mahle-Metal Leve SA Industria e Comercio |
|
|
1,700 |
|
|
|
23,364 |
|
Mando Corp. |
|
|
258 |
|
|
|
19,679 |
|
Minth Group Ltd. |
|
|
32,000 |
|
|
|
57,233 |
|
Nan Kang Rubber Tire Co. Ltd. |
|
|
4,000 |
|
|
|
4,723 |
|
Nexen Tire Corp. |
|
|
650 |
|
|
|
8,499 |
|
SL Corp. |
|
|
1,830 |
|
|
|
24,343 |
|
Sri Trang Agro-Industry PCL |
|
|
11,300 |
|
|
|
6,006 |
|
Sungwoo Hitech Co. Ltd. |
|
|
4,623 |
|
|
|
64,226 |
|
Tianneng Power International Ltd. |
|
|
104,000 |
|
|
|
65,799 |
|
Tong Yang Industry Co. Ltd. |
|
|
16,000 |
|
|
|
16,725 |
|
Tupy S.A. |
|
|
2,300 |
|
|
|
25,421 |
|
Xingda International Holdings Ltd. |
|
|
137,000 |
|
|
|
52,430 |
|
|
|
|
|
|
|
|
902,338 |
|
Automobiles 2.1% |
|
Astra International Tbk PT |
|
|
410,500 |
|
|
|
310,329 |
|
Brilliance China Automotive Holdings Ltd.* |
|
|
42,000 |
|
|
|
51,414 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
98 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Automobiles (continued) |
|
Byd Co. Ltd., Class H* |
|
|
7,000 |
|
|
$ |
24,985 |
|
China Motor Corp. |
|
|
4,000 |
|
|
|
3,897 |
|
Dongfeng Motor Group Co. Ltd., Class H |
|
|
50,000 |
|
|
|
74,479 |
|
DRB-Hicom Bhd |
|
|
7,100 |
|
|
|
5,857 |
|
Ford Otomotiv Sanayi AS |
|
|
144 |
|
|
|
1,999 |
|
Geely Automobile Holdings Ltd. |
|
|
45,000 |
|
|
|
22,614 |
|
Ghabbour Auto |
|
|
2,371 |
|
|
|
9,065 |
|
Great Wall Motor Co. Ltd., Class H |
|
|
21,000 |
|
|
|
91,056 |
|
Guangzhou Automobile Group Co. Ltd., Class H |
|
|
46,000 |
|
|
|
37,935 |
|
Hyundai Motor Co. |
|
|
3,049 |
|
|
|
552,325 |
|
Jiangling Motors Corp. Ltd., Class B |
|
|
5,600 |
|
|
|
14,280 |
|
Kia Motors Corp. |
|
|
5,250 |
|
|
|
261,237 |
|
Mahindra & Mahindra Ltd. (GDR) |
|
|
18,127 |
|
|
|
308,884 |
|
Sanyang Industry Co. Ltd.* |
|
|
107,000 |
|
|
|
105,506 |
|
Ssangyong Motor Co. |
|
|
620 |
|
|
|
3,389 |
|
TAN Chong Motor Holdings BHD |
|
|
5,600 |
|
|
|
9,994 |
|
Tata Motors Ltd. (ADR) |
|
|
13,576 |
|
|
|
373,883 |
|
Tofas Turk Otomobil Fabrikasi AS |
|
|
1,311 |
|
|
|
9,138 |
|
UMW Holdings Bhd |
|
|
4,200 |
|
|
|
19,740 |
|
Yulon Motor Co. Ltd. |
|
|
21,000 |
|
|
|
36,006 |
|
|
|
|
|
|
|
|
2,328,012 |
|
Beverages 1.2% |
|
Anadolu Efes Biracilik Ve Malt Sanayii AS |
|
|
4,709 |
|
|
|
78,245 |
|
Arca Continental SAB de CV |
|
|
6,700 |
|
|
|
54,767 |
|
Carlsberg Brewery Malaysia Bhd |
|
|
3,200 |
|
|
|
15,713 |
|
Cia Cervecerias Unidas S.A. |
|
|
1,918 |
|
|
|
33,153 |
|
Cia de Bebidas das Americas |
|
|
2,900 |
|
|
|
119,060 |
|
Coca-Cola Femsa SAB de CV |
|
|
4,700 |
|
|
|
75,840 |
|
Coca-Cola Icecek AS |
|
|
1,394 |
|
|
|
38,864 |
|
Distell Group Ltd. |
|
|
563 |
|
|
|
7,941 |
|
Fomento Economico Mexicano SAB de CV |
|
|
36,500 |
|
|
|
413,442 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Beverages (continued) |
|
Fraser & Neave Holdings Bhd |
|
|
3,000 |
|
|
$ |
17,985 |
|
Grupo Modelo SAB de CV |
|
|
11,100 |
|
|
|
100,823 |
|
Guinness Anchor Bhd |
|
|
2,000 |
|
|
|
12,135 |
|
Hey Song Corp. |
|
|
19,000 |
|
|
|
25,141 |
|
Hite Jinro Co. Ltd. |
|
|
320 |
|
|
|
9,371 |
|
Kingway Brewery Holdings Ltd. |
|
|
42,000 |
|
|
|
16,723 |
|
Lotte Chilsung Beverage Co. Ltd. |
|
|
21 |
|
|
|
32,779 |
|
Thai Beverage PCL |
|
|
130,000 |
|
|
|
63,857 |
|
Tibet 5100 Water Resources Holdings Ltd. |
|
|
67,000 |
|
|
|
23,914 |
|
Tsingtao Brewery Co. Ltd., Class H |
|
|
4,000 |
|
|
|
26,828 |
|
Vina Concha y Toro S.A. |
|
|
29,051 |
|
|
|
56,746 |
|
Yantai Changyu Pioneer Wine Co. Ltd., Class B |
|
|
13,100 |
|
|
|
59,739 |
|
|
|
|
|
|
|
|
1,283,066 |
|
Biotechnology 0.1% |
|
Green Cross Corp. |
|
|
113 |
|
|
|
15,494 |
|
Medigen Biotechnology Corp.* |
|
|
4,000 |
|
|
|
22,567 |
|
Medipost Co. Ltd.* |
|
|
318 |
|
|
|
24,284 |
|
Medy-Tox, Inc. |
|
|
188 |
|
|
|
20,587 |
|
PharmaEngine, Inc.* |
|
|
1,000 |
|
|
|
5,218 |
|
RNL BIO Co. Ltd.* |
|
|
3,090 |
|
|
|
499 |
|
Seegene, Inc.* |
|
|
324 |
|
|
|
19,329 |
|
|
|
|
|
|
|
|
107,978 |
|
Building Products 0.1% |
|
China Liansu Group Holdings Ltd. |
|
|
14,000 |
|
|
|
7,974 |
|
KCC Corp. |
|
|
55 |
|
|
|
16,331 |
|
LG Hausys Ltd. |
|
|
257 |
|
|
|
22,986 |
|
Sung Kwang Bend Co. Ltd. |
|
|
734 |
|
|
|
15,762 |
|
Taiwan Glass Industry Corp. |
|
|
15,000 |
|
|
|
15,248 |
|
Trakya Cam Sanayi AS* |
|
|
8,025 |
|
|
|
13,558 |
|
Yuanda China Holdings Ltd. |
|
|
394,000 |
|
|
|
36,046 |
|
|
|
|
|
|
|
|
127,905 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
99 |
|
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Capital Markets 1.1% |
|
Administradora de Fondos de Pensiones Provida S.A. |
|
|
2,438 |
|
|
$ |
16,857 |
|
AFP Habitat S.A. |
|
|
4,879 |
|
|
|
9,706 |
|
Brait SE* |
|
|
14,677 |
|
|
|
59,901 |
|
Capital Securities Corp. |
|
|
29,000 |
|
|
|
10,269 |
|
CETIP SA Mercados Organizados |
|
|
3,000 |
|
|
|
35,439 |
|
China Bills Finance Corp. |
|
|
45,000 |
|
|
|
17,840 |
|
China Everbright Ltd. |
|
|
16,000 |
|
|
|
25,441 |
|
Citadel Capital SAE* |
|
|
40,421 |
|
|
|
19,877 |
|
CITIC Securities Co. Ltd., Class H |
|
|
17,000 |
|
|
|
38,554 |
|
Coronation Fund Managers Ltd. |
|
|
38,917 |
|
|
|
232,660 |
|
Daewoo Securities Co. Ltd.* |
|
|
3,150 |
|
|
|
31,177 |
|
Daishin Securities Co. Ltd.* |
|
|
6,090 |
|
|
|
51,649 |
|
Egyptian Financial Group-Hermes Holding* |
|
|
6,618 |
|
|
|
9,496 |
|
Egyptian Kuwaiti Holding Co. SAE |
|
|
15,281 |
|
|
|
17,879 |
|
Guotai Junan International Holdings Ltd. |
|
|
28,000 |
|
|
|
11,798 |
|
Haitong Securities Co. Ltd., Class H* |
|
|
17,600 |
|
|
|
25,627 |
|
Hanwha Investment & Securities Co. Ltd.* |
|
|
8,060 |
|
|
|
29,201 |
|
HMC Investment Securities Co. Ltd.* |
|
|
900 |
|
|
|
10,052 |
|
Hyundai Securities Co. Ltd. |
|
|
1,340 |
|
|
|
9,308 |
|
Investec Ltd. |
|
|
3,049 |
|
|
|
21,850 |
|
Jih Sun Financial Holdings Co. Ltd. |
|
|
167,000 |
|
|
|
49,966 |
|
KIWOOM Securities Co. Ltd.* |
|
|
188 |
|
|
|
11,523 |
|
Korea Investment Holdings Co. Ltd.* |
|
|
740 |
|
|
|
31,110 |
|
Masterlink Securities Corp. |
|
|
132,000 |
|
|
|
41,194 |
|
Meritz Securities Co. Ltd.* |
|
|
26,670 |
|
|
|
34,509 |
|
Mirae Asset Securities Co. Ltd.* |
|
|
470 |
|
|
|
19,631 |
|
NH Investment & Securities Co. Ltd.* |
|
|
5,640 |
|
|
|
24,889 |
|
OSK Holdings BHD |
|
|
25,200 |
|
|
|
13,252 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Capital Markets (continued) |
|
Pioneers Holding* |
|
|
9,974 |
|
|
$ |
5,768 |
|
President Securities Corp.* |
|
|
27,000 |
|
|
|
16,239 |
|
Samsung Securities Co. Ltd.* |
|
|
1,008 |
|
|
|
46,313 |
|
Shinyoung Securities Co. Ltd.* |
|
|
860 |
|
|
|
27,917 |
|
SK Securities Co. Ltd.* |
|
|
15,060 |
|
|
|
13,388 |
|
Sociedad de Inversiones Oro Blanco S.A. |
|
|
482,526 |
|
|
|
5,936 |
|
TONGYANG Securities, Inc.* |
|
|
15,110 |
|
|
|
54,126 |
|
Waterland Financial Holdings Co. Ltd. |
|
|
12,000 |
|
|
|
4,229 |
|
Woori Investment & Securities Co. Ltd.* |
|
|
2,690 |
|
|
|
27,601 |
|
Yuanta Financial Holding Co. Ltd. |
|
|
141,000 |
|
|
|
71,666 |
|
|
|
|
|
|
|
|
1,183,838 |
|
Chemicals 3.2% |
|
Acron JSC |
|
|
798 |
|
|
|
31,675 |
|
Aeci Ltd. |
|
|
16,286 |
|
|
|
182,035 |
|
African Oxygen Ltd. |
|
|
23,385 |
|
|
|
53,891 |
|
Asia Plastic Recycling Holding Ltd. |
|
|
2,000 |
|
|
|
5,361 |
|
Asia Polymer Corp. |
|
|
16,000 |
|
|
|
12,063 |
|
Barito Pacific Tbk PT* |
|
|
146,000 |
|
|
|
6,082 |
|
Batu Kawan BHD |
|
|
2,700 |
|
|
|
16,169 |
|
Boryszew S.A.* |
|
|
59,640 |
|
|
|
8,494 |
|
Capro Corp. |
|
|
3,600 |
|
|
|
33,342 |
|
Cheil Industries, Inc. |
|
|
905 |
|
|
|
77,985 |
|
China BlueChemical Ltd., Class H |
|
|
102,000 |
|
|
|
62,168 |
|
China Lumena New Materials Corp. |
|
|
448,000 |
|
|
|
97,559 |
|
China Manmade Fibers Corp.* |
|
|
73,000 |
|
|
|
29,064 |
|
China Petrochemical Development Corp. |
|
|
38,700 |
|
|
|
20,916 |
|
China Steel Chemical Corp. |
|
|
5,000 |
|
|
|
24,312 |
|
China Synthetic Rubber Corp. |
|
|
24,000 |
|
|
|
25,861 |
|
Ciech S.A.* |
|
|
1,667 |
|
|
|
11,555 |
|
Dongyue Group |
|
|
170,000 |
|
|
|
95,070 |
|
Eternal Chemical Co. Ltd. |
|
|
20,000 |
|
|
|
17,247 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
100 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Chemicals (continued) |
|
Everlight Chemical Industrial Corp. |
|
|
25,000 |
|
|
$ |
17,662 |
|
Foosung Co. Ltd.* |
|
|
2,860 |
|
|
|
11,751 |
|
Formosa Chemicals & Fibre Corp. |
|
|
58,000 |
|
|
|
135,802 |
|
Formosa Plastics Corp. |
|
|
74,000 |
|
|
|
179,534 |
|
Formosan Rubber Group, Inc. |
|
|
16,000 |
|
|
|
12,876 |
|
Fufeng Group Ltd. |
|
|
110,400 |
|
|
|
39,690 |
|
Grand Pacific Petrochemical |
|
|
129,000 |
|
|
|
65,785 |
|
Grupa Azoty S.A. |
|
|
1,618 |
|
|
|
31,171 |
|
Gubre Fabrikalari TAS* |
|
|
2,002 |
|
|
|
17,637 |
|
Hanwha Chemical Corp. |
|
|
1,230 |
|
|
|
18,261 |
|
Hanwha Corp. |
|
|
610 |
|
|
|
17,281 |
|
Ho Tung Chemical Corp.* |
|
|
51,000 |
|
|
|
24,971 |
|
Honbridge Holdings Ltd.* |
|
|
68,000 |
|
|
|
10,865 |
|
Huabao International Holdings Ltd. |
|
|
44,000 |
|
|
|
20,184 |
|
Huchems Fine Chemical Corp. |
|
|
1,480 |
|
|
|
30,909 |
|
Hyosung Corp. |
|
|
372 |
|
|
|
18,713 |
|
Indorama Ventures PCL |
|
|
48,400 |
|
|
|
38,753 |
|
Kolon Industries, Inc. |
|
|
367 |
|
|
|
16,995 |
|
Korea Petrochemical Ind Co. Ltd.* |
|
|
234 |
|
|
|
9,073 |
|
Kumho Petro chemical Co. Ltd. |
|
|
262 |
|
|
|
22,672 |
|
LCY Chemical Corp. |
|
|
13,000 |
|
|
|
15,395 |
|
LG Chem Ltd. |
|
|
846 |
|
|
|
199,728 |
|
Lotte Chemical Corp. |
|
|
659 |
|
|
|
97,237 |
|
Mexichem SAB de CV |
|
|
20,300 |
|
|
|
103,432 |
|
Namhae Chemical Corp. |
|
|
780 |
|
|
|
5,050 |
|
Nan Ya Plastics Corp. |
|
|
85,000 |
|
|
|
169,355 |
|
Nizhnekamskneftekhim OAO |
|
|
46,019 |
|
|
|
38,190 |
|
OCI Co. Ltd. |
|
|
315 |
|
|
|
40,473 |
|
OCI Materials Co. Ltd. |
|
|
904 |
|
|
|
26,103 |
|
Omnia Holdings Ltd. |
|
|
7,374 |
|
|
|
129,462 |
|
Oriental Union Chemical Corp. |
|
|
18,000 |
|
|
|
19,853 |
|
Petkim Petrokimya Holding AS |
|
|
8,463 |
|
|
|
14,723 |
|
Petronas Chemicals Group Bhd |
|
|
51,200 |
|
|
|
109,889 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Chemicals (continued) |
|
Phosagro OAO (GDR) |
|
|
2,766 |
|
|
$ |
39,111 |
|
PTT Global Chemical PCL |
|
|
38,300 |
|
|
|
95,261 |
|
Samsung Fine Chemicals Co. Ltd. |
|
|
405 |
|
|
|
19,638 |
|
San Fang Chemical Industry Co. Ltd. |
|
|
11,000 |
|
|
|
10,008 |
|
Shinkong Synthetic Fibers Corp. |
|
|
212,000 |
|
|
|
66,519 |
|
Sidi Kerir Petrochemicals Co. |
|
|
5,418 |
|
|
|
9,634 |
|
Sinofert Holdings Ltd. |
|
|
316,000 |
|
|
|
68,407 |
|
Sinopec Shanghai Petrochemical Co. Ltd., Class H |
|
|
342,000 |
|
|
|
117,664 |
|
SK Chemicals Co. Ltd. |
|
|
279 |
|
|
|
11,844 |
|
SKC Co. Ltd. |
|
|
300 |
|
|
|
9,044 |
|
Solar Applied Materials Technology Co. |
|
|
58,000 |
|
|
|
64,953 |
|
Soulbrain Co. Ltd. |
|
|
434 |
|
|
|
18,108 |
|
Synthos S.A. |
|
|
8,925 |
|
|
|
13,305 |
|
Taekwang Industrial Co. Ltd. |
|
|
57 |
|
|
|
52,275 |
|
Taiwan Fertilizer Co. Ltd. |
|
|
21,000 |
|
|
|
50,237 |
|
Taiwan Prosperity Chemical Corp. |
|
|
18,000 |
|
|
|
20,005 |
|
TSRC Corp. |
|
|
11,000 |
|
|
|
21,730 |
|
Unipetrol AS* |
|
|
3,917 |
|
|
|
34,438 |
|
UPC Technology Corp. |
|
|
131,000 |
|
|
|
68,581 |
|
Uralkali OJSC |
|
|
5,939 |
|
|
|
43,307 |
|
Uralkali OJSC (GDR) |
|
|
3,864 |
|
|
|
139,838 |
|
USI Corp. |
|
|
16,000 |
|
|
|
11,223 |
|
Yingde Gases Group Co. Ltd. |
|
|
13,500 |
|
|
|
12,994 |
|
Yips Chemical Holdings Ltd. |
|
|
44,000 |
|
|
|
47,909 |
|
|
|
|
|
|
|
|
3,566,357 |
|
Commercial Banks 12.4% |
|
ABSA Group Ltd. |
|
|
5,337 |
|
|
|
87,752 |
|
Agricultural Bank of China Ltd., Class H |
|
|
391,000 |
|
|
|
186,920 |
|
Akbank TAS |
|
|
4,040 |
|
|
|
21,220 |
|
Akbank TAS (ADR) |
|
|
14,748 |
|
|
|
154,559 |
|
Albaraka Turk Katilim Bankasi AS* |
|
|
10,234 |
|
|
|
11,070 |
|
Alliance Financial Group Bhd |
|
|
9,700 |
|
|
|
14,219 |
|
Asya Katilim Bankasi AS* |
|
|
10,171 |
|
|
|
12,306 |
|
Attijariwafa Bank |
|
|
889 |
|
|
|
35,259 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
101 |
|
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Commercial Banks (continued) |
|
Axis Bank Ltd. (GDR) |
|
|
13,042 |
|
|
$ |
367,524 |
|
Banco de Bogota S.A. |
|
|
953 |
|
|
|
32,877 |
|
Banco de Chile* |
|
|
223,028 |
|
|
|
34,722 |
|
Banco de Credito e Inversiones |
|
|
489 |
|
|
|
35,055 |
|
Banco do Brasil S.A. |
|
|
11,300 |
|
|
|
142,416 |
|
Banco Santander Brasil S.A. |
|
|
15,400 |
|
|
|
113,141 |
|
Banco Santander Chile |
|
|
1,016,953 |
|
|
|
67,833 |
|
Bancolombia S.A. |
|
|
4,690 |
|
|
|
77,046 |
|
Bangkok Bank PCL |
|
|
26,600 |
|
|
|
204,825 |
|
Bank BPH S.A.* |
|
|
89 |
|
|
|
1,373 |
|
Bank Central Asia Tbk PT |
|
|
245,500 |
|
|
|
271,445 |
|
Bank Danamon Indonesia Tbk PT* |
|
|
76,000 |
|
|
|
50,419 |
|
Bank Handlowy w Warszawie S.A. |
|
|
231 |
|
|
|
6,872 |
|
Bank Mandiri Persero Tbk PT |
|
|
192,500 |
|
|
|
207,894 |
|
Bank Millennium S.A.* |
|
|
4,152 |
|
|
|
6,347 |
|
Bank Negara Indonesia Persero Tbk PT |
|
|
201,500 |
|
|
|
111,916 |
|
Bank of Ayudhya PCL |
|
|
47,000 |
|
|
|
52,445 |
|
Bank of China Ltd., Class H |
|
|
1,451,000 |
|
|
|
678,701 |
|
Bank of Communications Co. Ltd., Class H |
|
|
129,000 |
|
|
|
102,560 |
|
Bank of the Philippine Islands |
|
|
12,160 |
|
|
|
30,370 |
|
Bank Pan Indonesia Tbk PT* |
|
|
119,500 |
|
|
|
9,833 |
|
Bank Pekao S.A. |
|
|
1,976 |
|
|
|
94,749 |
|
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT |
|
|
265,500 |
|
|
|
33,315 |
|
Bank Rakyat Indonesia Persero Tbk PT |
|
|
222,000 |
|
|
|
214,636 |
|
Bank St. Petersburg OJSC |
|
|
15,038 |
|
|
|
18,845 |
|
Bank Tabungan Negara Persero Tbk PT |
|
|
94,500 |
|
|
|
14,482 |
|
Bank Tabungan Pensiunan Nasional Tbk PT* |
|
|
63,000 |
|
|
|
34,343 |
|
Bank Zachodni WBK S.A. |
|
|
24 |
|
|
|
1,998 |
|
Banque Centrale Populaire |
|
|
1,585 |
|
|
|
35,091 |
|
Banque Marocaine du Commerce Exterieur |
|
|
1,770 |
|
|
|
40,653 |
|
Banregio Grupo Financiero SAB de CV* |
|
|
19,200 |
|
|
|
105,661 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Commercial Banks (continued) |
|
BDO Unibank, Inc.* |
|
|
25,460 |
|
|
$ |
56,722 |
|
BIMB Holdings Bhd |
|
|
13,100 |
|
|
|
15,113 |
|
BOC Hong Kong Holdings Ltd. |
|
|
68,000 |
|
|
|
233,951 |
|
BRE Bank S.A.* |
|
|
121 |
|
|
|
13,235 |
|
BS Financial Group, Inc. |
|
|
3,580 |
|
|
|
47,135 |
|
Capitec Bank Holdings Ltd. |
|
|
453 |
|
|
|
11,020 |
|
Chang Hwa Commercial Bank |
|
|
69,000 |
|
|
|
39,396 |
|
China Banking Corp. |
|
|
8,710 |
|
|
|
14,622 |
|
China Citic Bank Corp. Ltd., Class H |
|
|
140,000 |
|
|
|
78,834 |
|
China Construction Bank Corp., Class H |
|
|
1,391,000 |
|
|
|
1,165,052 |
|
China Development Financial Holding Corp.* |
|
|
295,000 |
|
|
|
81,567 |
|
China Merchants Bank Co. Ltd., Class H |
|
|
74,500 |
|
|
|
158,780 |
|
China Minsheng Banking Corp. Ltd., Class H |
|
|
98,500 |
|
|
|
126,542 |
|
Chinatrust Financial Holding Co. Ltd. |
|
|
221,168 |
|
|
|
134,146 |
|
Chongqing Rural Commercial Bank, Class H |
|
|
135,000 |
|
|
|
73,409 |
|
CIMB Group Holdings Bhd |
|
|
91,000 |
|
|
|
231,500 |
|
Commercial International Bank Egypt SAE |
|
|
12,749 |
|
|
|
56,241 |
|
Corpbanca S.A. |
|
|
1,697,750 |
|
|
|
23,225 |
|
Credicorp Ltd. |
|
|
1,200 |
|
|
|
180,708 |
|
Credit Immobilier et Hotelier |
|
|
1,501 |
|
|
|
40,863 |
|
DGB Financial Group, Inc. |
|
|
2,320 |
|
|
|
32,442 |
|
E.Sun Financial Holding Co. Ltd. |
|
|
67,000 |
|
|
|
40,411 |
|
Entie Commercial Bank |
|
|
8,000 |
|
|
|
4,541 |
|
Far Eastern International Bank |
|
|
21,000 |
|
|
|
8,574 |
|
First Financial Holding Co. Ltd. |
|
|
91,000 |
|
|
|
55,965 |
|
Getin Holding S.A. |
|
|
47,211 |
|
|
|
33,321 |
|
Getin Noble Bank S.A.* |
|
|
16,961 |
|
|
|
8,428 |
|
Grupo Aval Acciones y Valores |
|
|
3,748 |
|
|
|
2,596 |
|
Grupo Financiero Banorte SAB de CV, Class O |
|
|
34,400 |
|
|
|
258,921 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
102 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Commercial Banks (continued) |
|
Grupo Financiero Inbursa SAB de CV, Class O |
|
|
32,200 |
|
|
$ |
93,290 |
|
Hana Financial Group, Inc. |
|
|
5,250 |
|
|
|
167,802 |
|
HDFC Bank Ltd. (ADR) |
|
|
11,723 |
|
|
|
497,524 |
|
Hong Leong Bank Bhd |
|
|
6,600 |
|
|
|
31,368 |
|
Hong Leong Financial Group Bhd |
|
|
2,600 |
|
|
|
13,246 |
|
Hua Nan Financial Holdings Co. Ltd. |
|
|
65,000 |
|
|
|
37,773 |
|
ICICI Bank Ltd. (ADR) |
|
|
8,614 |
|
|
|
403,307 |
|
Industrial & Commercial Bank of China Ltd., Class H |
|
|
1,267,000 |
|
|
|
891,403 |
|
Industrial Bank of Korea |
|
|
4,280 |
|
|
|
48,968 |
|
ING Bank Slaski S.A.* |
|
|
279 |
|
|
|
7,956 |
|
Itausa Investimentos Itau S.A. |
|
|
8,800 |
|
|
|
63,816 |
|
Kasikornbank PCL |
|
|
35,300 |
|
|
|
254,978 |
|
KB Financial Group, Inc. |
|
|
7,010 |
|
|
|
229,147 |
|
Kiatnakin Bank PCL |
|
|
12,000 |
|
|
|
28,825 |
|
Kings Town Bank* |
|
|
64,000 |
|
|
|
58,552 |
|
Komercni Banka AS |
|
|
380 |
|
|
|
72,724 |
|
Krung Thai Bank PCL |
|
|
100,300 |
|
|
|
84,751 |
|
Malayan Banking Bhd |
|
|
69,800 |
|
|
|
220,699 |
|
Mega Financial Holding Co. Ltd. |
|
|
152,000 |
|
|
|
117,173 |
|
Metropolitan Bank & Trust |
|
|
1,600 |
|
|
|
4,840 |
|
Nedbank Group Ltd. |
|
|
3,619 |
|
|
|
76,809 |
|
OTP Bank PLC |
|
|
5,236 |
|
|
|
108,956 |
|
Philippine National Bank* |
|
|
16,560 |
|
|
|
46,268 |
|
Powszechna Kasa Oszczednosci Bank Polski S.A. |
|
|
14,155 |
|
|
|
147,394 |
|
Public Bank Bhd |
|
|
30,700 |
|
|
|
165,684 |
|
RHB Capital Bhd |
|
|
5,800 |
|
|
|
16,166 |
|
Rizal Commercial Banking Corp. |
|
|
9,930 |
|
|
|
17,853 |
|
Sberbank of Russia |
|
|
121,640 |
|
|
|
389,366 |
|
Sberbank of Russia (ADR) |
|
|
19,496 |
|
|
|
250,719 |
|
Security Bank Corp. |
|
|
690 |
|
|
|
3,306 |
|
Sekerbank TAS* |
|
|
55,989 |
|
|
|
64,310 |
|
Shinhan Financial Group Co. Ltd. |
|
|
8,060 |
|
|
|
278,840 |
|
Siam Commercial Bank PCL |
|
|
34,400 |
|
|
|
218,003 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Commercial Banks (continued) |
|
SinoPac Financial Holdings Co. Ltd. |
|
|
127,000 |
|
|
$ |
63,474 |
|
Sociedad Matriz Banco de Chile, Class B |
|
|
100,318 |
|
|
|
39,574 |
|
Standard Bank Group Ltd. |
|
|
21,864 |
|
|
|
272,862 |
|
State Bank of India (GDR) |
|
|
3,656 |
|
|
|
308,932 |
|
Ta Chong Bank Ltd.* |
|
|
61,000 |
|
|
|
21,290 |
|
Taichung Commercial Bank |
|
|
29,000 |
|
|
|
10,514 |
|
Taishin Financial Holding Co. Ltd. |
|
|
133,000 |
|
|
|
57,685 |
|
Taiwan Business Bank* |
|
|
42,000 |
|
|
|
12,908 |
|
Taiwan Cooperative Financial Holding |
|
|
69,000 |
|
|
|
39,630 |
|
Thanachart Capital PCL |
|
|
28,100 |
|
|
|
45,716 |
|
Tisco Financial Group PCL |
|
|
17,200 |
|
|
|
32,232 |
|
TMB Bank PCL |
|
|
597,500 |
|
|
|
55,780 |
|
Turkiye Garanti Bankasi AS (ADR) |
|
|
42,387 |
|
|
|
237,791 |
|
Turkiye Halk Bankasi AS |
|
|
10,542 |
|
|
|
114,916 |
|
Turkiye Is Bankasi, Class C |
|
|
28,587 |
|
|
|
110,302 |
|
Turkiye Sinai Kalkinma Bankasi AS |
|
|
9,360 |
|
|
|
13,465 |
|
Turkiye Vakiflar Bankasi Tao, Class D |
|
|
14,771 |
|
|
|
52,711 |
|
Union Bank Of Taiwan* |
|
|
23,000 |
|
|
|
8,768 |
|
VTB Bank OJSC* |
|
|
9,853,214 |
|
|
|
15,686 |
|
VTB Bank OJSC (GDR)* |
|
|
32,047 |
|
|
|
100,948 |
|
Woori Finance Holdings Co. Ltd. |
|
|
6,770 |
|
|
|
73,153 |
|
Yapi ve Kredi Bankasi AS |
|
|
14,240 |
|
|
|
44,146 |
|
|
|
|
|
|
|
|
13,794,251 |
|
Commercial Services &
Supplies 0.2% |
|
Blue Label Telecoms Ltd. |
|
|
68,656 |
|
|
|
58,930 |
|
China Everbright International Ltd. |
|
|
42,000 |
|
|
|
32,418 |
|
Fursys, Inc. |
|
|
220 |
|
|
|
5,334 |
|
Ipek Dogal Enerji Kaynaklari Ve Uretim AS* |
|
|
5,416 |
|
|
|
15,281 |
|
KEPCO Plant Service & Engineering Co. Ltd. |
|
|
223 |
|
|
|
11,521 |
|
Multiplus S.A. |
|
|
800 |
|
|
|
13,195 |
|
S-1 Corp. |
|
|
261 |
|
|
|
14,741 |
|
Taiwan Secom Co. Ltd. |
|
|
5,000 |
|
|
|
12,131 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
103 |
|
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Commercial Services &
Supplies (continued) |
|
Taiwan Sogo Shin Kong SEC |
|
|
12,000 |
|
|
$ |
15,187 |
|
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A. |
|
|
2,400 |
|
|
|
44,543 |
|
|
|
|
|
|
|
|
223,281 |
|
Communications Equipment 0.5% |
|
Accton Technology Corp. |
|
|
69,000 |
|
|
|
41,851 |
|
Alpha Networks, Inc. |
|
|
22,000 |
|
|
|
14,313 |
|
BYD Electronic International Co. Ltd. |
|
|
119,500 |
|
|
|
63,287 |
|
China Wireless Technologies Ltd. |
|
|
60,000 |
|
|
|
23,967 |
|
Comba Telecom Systems Holdings Ltd. |
|
|
45,500 |
|
|
|
15,537 |
|
Compal Communications, Inc.* |
|
|
15,000 |
|
|
|
19,391 |
|
CyberTAN Technology, Inc. |
|
|
16,000 |
|
|
|
11,927 |
|
D-Link Corp. |
|
|
28,000 |
|
|
|
16,366 |
|
Gemtek Technology Corp.* |
|
|
45,000 |
|
|
|
59,010 |
|
HTC Corp. |
|
|
14,000 |
|
|
|
142,789 |
|
Netas Telekomunikasyon AS |
|
|
907 |
|
|
|
5,437 |
|
Senao International Co. Ltd. |
|
|
1,000 |
|
|
|
3,131 |
|
TCL Communication Technology Holdings Ltd. |
|
|
77,000 |
|
|
|
30,956 |
|
Unizyx Holding Corp. |
|
|
30,000 |
|
|
|
14,333 |
|
Wistron NeWeb Corp. |
|
|
13,000 |
|
|
|
21,122 |
|
Zinwell Corp. |
|
|
45,000 |
|
|
|
37,586 |
|
ZTE Corp., Class H |
|
|
34,600 |
|
|
|
58,316 |
|
|
|
|
|
|
|
|
579,319 |
|
Computers &
Peripherals 1.1% |
|
Acer, Inc.* |
|
|
44,000 |
|
|
|
35,558 |
|
Advantech Co. Ltd. |
|
|
5,000 |
|
|
|
23,889 |
|
ASROCK, Inc. |
|
|
2,000 |
|
|
|
7,217 |
|
Asustek Computer, Inc. |
|
|
13,000 |
|
|
|
151,311 |
|
Catcher Technology Co. Ltd. |
|
|
11,000 |
|
|
|
55,723 |
|
Chicony Electronics Co. Ltd. |
|
|
9,000 |
|
|
|
26,410 |
|
Clevo Co. |
|
|
7,322 |
|
|
|
14,043 |
|
CMC Magnetics Corp.* |
|
|
425,000 |
|
|
|
76,325 |
|
Compal Electronics, Inc. |
|
|
83,000 |
|
|
|
53,717 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Computers &
Peripherals (continued) |
|
Elitegroup Computer Systems Co. Ltd. |
|
|
31,000 |
|
|
$ |
12,658 |
|
Foxconn Technology Co. Ltd. |
|
|
14,000 |
|
|
|
36,954 |
|
Getac Technology Corp. |
|
|
60,000 |
|
|
|
28,768 |
|
Gigabyte Technology Co. Ltd. |
|
|
80,000 |
|
|
|
76,172 |
|
ICP Electronics, Inc. |
|
|
10,000 |
|
|
|
12,910 |
|
Inventec Corp. |
|
|
39,000 |
|
|
|
15,594 |
|
JCY International Bhd |
|
|
32,900 |
|
|
|
5,353 |
|
Lenovo Group Ltd. |
|
|
118,000 |
|
|
|
107,804 |
|
LITE-ON IT Corp. |
|
|
16,000 |
|
|
|
17,593 |
|
Lite-On Technology Corp. |
|
|
37,000 |
|
|
|
66,573 |
|
Micro-Star International Co. Ltd. |
|
|
109,000 |
|
|
|
50,969 |
|
Mitac International Corp. |
|
|
69,000 |
|
|
|
24,432 |
|
Pegatron Corp.* |
|
|
29,000 |
|
|
|
47,462 |
|
Primax Electronics Ltd. |
|
|
28,000 |
|
|
|
27,324 |
|
Qisda Corp.* |
|
|
92,000 |
|
|
|
22,476 |
|
Quanta Computer, Inc. |
|
|
45,000 |
|
|
|
93,013 |
|
Ritek Corp.* |
|
|
426,000 |
|
|
|
56,729 |
|
Simplo Technology Co. Ltd. |
|
|
5,000 |
|
|
|
21,263 |
|
TPV Technology Ltd. |
|
|
128,000 |
|
|
|
33,152 |
|
Wistron Corp. |
|
|
45,000 |
|
|
|
45,668 |
|
|
|
|
|
|
|
|
1,247,060 |
|
Construction &
Engineering 2.2% |
|
Aveng Ltd. |
|
|
61,447 |
|
|
|
201,804 |
|
BES Engineering Corp. |
|
|
112,000 |
|
|
|
31,765 |
|
Besalco S.A. |
|
|
5,929 |
|
|
|
10,626 |
|
Budimex S.A. |
|
|
496 |
|
|
|
12,119 |
|
CH Karnchang PCL* |
|
|
14,500 |
|
|
|
13,586 |
|
China Communications Construction Co. Ltd., Class H |
|
|
90,000 |
|
|
|
86,166 |
|
China Railway Construction Corp. Ltd., Class H |
|
|
63,000 |
|
|
|
63,563 |
|
China Railway Group Ltd., Class H |
|
|
140,000 |
|
|
|
73,783 |
|
China State Construction International Holdings Ltd. |
|
|
26,000 |
|
|
|
37,858 |
|
Chung Hsin Electric & Machinery Manufacturing Corp. |
|
|
8,000 |
|
|
|
4,581 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
104 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Construction &
Engineering (continued) |
|
Continental Holdings Corp. |
|
|
28,000 |
|
|
$ |
10,674 |
|
Cosco International Holdings Ltd. |
|
|
94,000 |
|
|
|
39,850 |
|
CTCI Corp. |
|
|
7,000 |
|
|
|
13,994 |
|
Daelim Industrial Co. Ltd. |
|
|
611 |
|
|
|
42,719 |
|
Daewoo Engineering & Construction Co. Ltd.* |
|
|
760 |
|
|
|
5,217 |
|
Dialog Group BHD |
|
|
19,500 |
|
|
|
15,190 |
|
Doosan Heavy Industries & Construction Co. Ltd. |
|
|
912 |
|
|
|
33,911 |
|
Empresas ICA SAB de CV* |
|
|
29,800 |
|
|
|
81,875 |
|
Gamuda Bhd |
|
|
48,600 |
|
|
|
65,013 |
|
Grana y Montero SAA |
|
|
9,604 |
|
|
|
41,599 |
|
Group Five Ltd./South Africa |
|
|
15,001 |
|
|
|
56,781 |
|
GS Engineering & Construction Corp. |
|
|
779 |
|
|
|
21,397 |
|
HKC Holdings Ltd. |
|
|
135,000 |
|
|
|
4,523 |
|
Hyundai Development Co. |
|
|
940 |
|
|
|
19,290 |
|
Hyundai Engineering & Construction Co. Ltd. |
|
|
1,432 |
|
|
|
75,156 |
|
IJM Corp. Bhd |
|
|
27,400 |
|
|
|
49,081 |
|
Impulsora del Desarrollo y El Empleo en America Latina SAB de CV* |
|
|
23,900 |
|
|
|
57,860 |
|
Inovisi Infracom Tbk PT* |
|
|
19,500 |
|
|
|
12,736 |
|
Interchina Holdings Co.* |
|
|
200,000 |
|
|
|
11,210 |
|
Italian-Thai Development PCL* |
|
|
270,800 |
|
|
|
77,503 |
|
KEPCO Engineering & Construction Co., Inc. |
|
|
146 |
|
|
|
11,613 |
|
Kumho Industrial Co. Ltd.* |
|
|
451 |
|
|
|
4,136 |
|
Larsen & Toubro Ltd. (GDR) |
|
|
10,795 |
|
|
|
304,419 |
|
Malaysia Marine and Heavy Engineering Holdings Bhd |
|
|
4,700 |
|
|
|
5,886 |
|
Malaysian Resources Corp. Bhd* |
|
|
117,800 |
|
|
|
54,593 |
|
Metallurgical Corp of China Ltd., Class H* |
|
|
552,000 |
|
|
|
112,383 |
|
Mostotrest |
|
|
1,840 |
|
|
|
8,939 |
|
Mudajaya Group Bhd |
|
|
10,400 |
|
|
|
8,340 |
|
Murray & Roberts Holdings Ltd.* |
|
|
67,370 |
|
|
|
164,780 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Construction &
Engineering (continued) |
|
Orascom Construction Industries* ^ |
|
|
1,797 |
|
|
$ |
60,493 |
|
Promotora y Operadora de Infraestructura SAB de CV* |
|
|
8,000 |
|
|
|
71,290 |
|
Raubex Group Ltd. |
|
|
18,170 |
|
|
|
37,686 |
|
Salfacorp S.A.* |
|
|
17,267 |
|
|
|
32,227 |
|
Samsung Engineering Co. Ltd. |
|
|
588 |
|
|
|
47,251 |
|
Sino Thai Engineering & Construction PCL |
|
|
51,771 |
|
|
|
49,390 |
|
Taeyoung Engineering & Construction Co. Ltd. |
|
|
2,920 |
|
|
|
16,121 |
|
Tekfen Holding AS |
|
|
1,046 |
|
|
|
4,059 |
|
United Integrated Services Co. Ltd. |
|
|
22,000 |
|
|
|
22,103 |
|
WCT Bhd |
|
|
30,905 |
|
|
|
24,379 |
|
Wijaya Karya Persero Tbk PT |
|
|
88,000 |
|
|
|
21,723 |
|
Wilson Bayly Holmes-Ovcon Ltd. |
|
|
7,337 |
|
|
|
126,199 |
|
|
|
|
|
|
|
|
2,459,440 |
|
Construction Materials 1.5% |
|
Adana Cimento Sanayii TAS, Class A |
|
|
4,775 |
|
|
|
11,981 |
|
Akcansa Cimento AS |
|
|
569 |
|
|
|
3,426 |
|
Alexandria Portland Cement Co.* |
|
|
2,436 |
|
|
|
4,518 |
|
Anhui Conch Cement Co. Ltd., Class H |
|
|
23,000 |
|
|
|
83,280 |
|
Asia Cement China Holdings Corp. |
|
|
73,500 |
|
|
|
40,725 |
|
Asia Cement Corp. |
|
|
43,000 |
|
|
|
54,566 |
|
BBMG Corp., Class H |
|
|
184,500 |
|
|
|
148,112 |
|
Cementos Argos S.A.* |
|
|
8,156 |
|
|
|
36,399 |
|
Cementos Pacasmayo SAA |
|
|
15,269 |
|
|
|
42,743 |
|
Cemex SAB de CV* |
|
|
198,744 |
|
|
|
223,977 |
|
Chia Hsin Cement Corp. |
|
|
31,000 |
|
|
|
13,655 |
|
China National Building Material Co. Ltd., Class H |
|
|
56,000 |
|
|
|
66,098 |
|
China Resources Cement Holdings Ltd. |
|
|
24,000 |
|
|
|
13,824 |
|
China Shanshui Cement Group Ltd. |
|
|
29,000 |
|
|
|
16,405 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
105 |
|
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Construction
Materials (continued) |
|
Cimsa Cimento Sanayi VE Tica |
|
|
2,081 |
|
|
$ |
12,358 |
|
Corp. Moctezuma SAB de CV |
|
|
1,600 |
|
|
|
4,975 |
|
CSG Holding Co. Ltd., Class B |
|
|
46,700 |
|
|
|
33,458 |
|
Goldsun Development & Construction Co. Ltd. |
|
|
65,000 |
|
|
|
25,879 |
|
Grupo Argos S.A. |
|
|
5,566 |
|
|
|
61,933 |
|
Hanil Cement Co. Ltd. |
|
|
275 |
|
|
|
12,710 |
|
Holcim Indonesia Tbk PT |
|
|
21,500 |
|
|
|
8,071 |
|
Holcim Maroc S.A. |
|
|
75 |
|
|
|
13,310 |
|
Holcim Philippines, Inc. |
|
|
10,100 |
|
|
|
3,421 |
|
Huaxin Cement Co. Ltd., Class B |
|
|
25,700 |
|
|
|
44,281 |
|
Indocement Tunggal Prakarsa Tbk PT |
|
|
24,000 |
|
|
|
65,168 |
|
Konya Cimento Sanayii AS |
|
|
54 |
|
|
|
10,207 |
|
Lafarge Malayan Cement Bhd |
|
|
6,900 |
|
|
|
22,497 |
|
Magnesita Refratarios S.A. |
|
|
10,500 |
|
|
|
37,757 |
|
Mardin Cimento Sanayii ve Ticaret AS |
|
|
8,926 |
|
|
|
28,767 |
|
Misr Beni Suef Cement Co. |
|
|
1,438 |
|
|
|
9,396 |
|
Nuh Cimento Sanayi AS |
|
|
2,332 |
|
|
|
14,173 |
|
PPC Ltd. |
|
|
11,849 |
|
|
|
43,281 |
|
Semen Indonesia Persero Tbk PT |
|
|
55,000 |
|
|
|
104,088 |
|
Siam Cement PCL |
|
|
7,600 |
|
|
|
123,775 |
|
Siam City Cement PCL |
|
|
2,100 |
|
|
|
34,917 |
|
Taiwan Cement Corp. |
|
|
64,000 |
|
|
|
85,010 |
|
TCC International Holdings Ltd. |
|
|
180,000 |
|
|
|
51,259 |
|
TPI Polene PCL |
|
|
40,600 |
|
|
|
20,750 |
|
Union Andina de Cementos SAA |
|
|
29,879 |
|
|
|
44,307 |
|
Universal Cement Corp. |
|
|
24,000 |
|
|
|
14,760 |
|
West China Cement Ltd. |
|
|
128,000 |
|
|
|
22,431 |
|
|
|
|
|
|
|
|
1,712,648 |
|
Consumer Finance 0.1% |
|
Aeon Thana Sinsap Thailand PCL |
|
|
5,200 |
|
|
|
19,400 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Consumer Finance (continued) |
|
Compartamos SAB de CV |
|
|
38,800 |
|
|
$ |
64,472 |
|
Samsung Card Co. Ltd. |
|
|
890 |
|
|
|
34,144 |
|
Taiwan Acceptance Corp. |
|
|
7,000 |
|
|
|
18,145 |
|
|
|
|
|
|
|
|
136,161 |
|
Containers &
Packaging 0.2% |
|
AMVIG Holdings Ltd. |
|
|
80,000 |
|
|
|
30,926 |
|
Anadolu Cam Sanayii AS* |
|
|
8,127 |
|
|
|
12,552 |
|
Cheng Loong Corp. |
|
|
91,000 |
|
|
|
40,702 |
|
CPMC Holdings Ltd. |
|
|
21,000 |
|
|
|
16,507 |
|
Great China Metal Industry |
|
|
9,000 |
|
|
|
10,628 |
|
Greatview Aseptic Packaging Co. Ltd. |
|
|
19,000 |
|
|
|
11,360 |
|
Lock & Lock Co. Ltd. |
|
|
1,290 |
|
|
|
33,090 |
|
Nampak Ltd. |
|
|
11,661 |
|
|
|
42,815 |
|
Taiwan Hon Chuan Enterprise Co. Ltd. |
|
|
21,000 |
|
|
|
58,349 |
|
|
|
|
|
|
|
|
256,929 |
|
Distribution/Wholesale 0.0% |
|
Berli Jucker PCL |
|
|
5,600 |
|
|
|
14,072 |
|
Distributors 0.1% |
|
Dah Chong Hong Holdings Ltd. |
|
|
8,000 |
|
|
|
7,370 |
|
Dogus Otomotiv Servis ve Ticaret AS |
|
|
7,928 |
|
|
|
50,615 |
|
Imperial Holdings Ltd. |
|
|
3,287 |
|
|
|
72,712 |
|
Test-Rite International Co. Ltd. |
|
|
14,000 |
|
|
|
10,579 |
|
|
|
|
|
|
|
|
141,276 |
|
Diversified Consumer
Services 0.3% |
|
Abril Educacao S.A. |
|
|
2,200 |
|
|
|
47,499 |
|
Anhanguera Educacional Participacoes S.A. |
|
|
2,000 |
|
|
|
36,009 |
|
Estacio Participacoes S.A.* |
|
|
4,200 |
|
|
|
99,691 |
|
Kroton Educacional S.A. |
|
|
5,200 |
|
|
|
72,662 |
|
Lung Yen Life Service Corp. |
|
|
5,000 |
|
|
|
17,535 |
|
MegaStudy Co. Ltd. |
|
|
696 |
|
|
|
47,399 |
|
|
|
|
|
|
|
|
320,795 |
|
Diversified Financial
Services 1.7% |
|
African Bank Investments Ltd. |
|
|
13,847 |
|
|
|
43,919 |
|
AMMB Holdings Bhd |
|
|
45,000 |
|
|
|
99,096 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
106 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Diversified Financial
Services (continued) |
|
Ayala Corp. |
|
|
3,810 |
|
|
$ |
59,335 |
|
BM&FBovespa S.A. |
|
|
38,400 |
|
|
|
266,563 |
|
Bolsa Mexicana de Valores SAB de CV |
|
|
15,400 |
|
|
|
42,032 |
|
Bursa Malaysia Bhd |
|
|
10,900 |
|
|
|
25,615 |
|
Chailease Holding Co. Ltd.* |
|
|
21,000 |
|
|
|
63,188 |
|
Corp. Financiera Colombiana S.A.* |
|
|
2,952 |
|
|
|
56,994 |
|
Far East Horizon Ltd. |
|
|
42,000 |
|
|
|
28,575 |
|
FirstRand Ltd. |
|
|
61,367 |
|
|
|
213,019 |
|
Fubon Financial Holding Co. Ltd. |
|
|
124,000 |
|
|
|
177,101 |
|
Grupo de Inversiones Suramericana S.A. |
|
|
4,629 |
|
|
|
97,590 |
|
Grupo Security S.A. |
|
|
48,535 |
|
|
|
19,455 |
|
GT Capital Holdings, Inc. |
|
|
820 |
|
|
|
15,759 |
|
Haci Omer Sabanci Holding AS |
|
|
19,262 |
|
|
|
119,753 |
|
Hankook Tire Worldwide Co. Ltd. |
|
|
2,760 |
|
|
|
50,123 |
|
Inmuebles Carso SAB de CV* |
|
|
50,600 |
|
|
|
50,364 |
|
Intercorp Financial Services, Inc. |
|
|
346 |
|
|
|
12,183 |
|
Inversiones La Construccion S.A. |
|
|
355 |
|
|
|
6,798 |
|
JSE Ltd. |
|
|
13,404 |
|
|
|
114,456 |
|
Metro Pacific Investments Corp. |
|
|
336,600 |
|
|
|
49,803 |
|
Multi-Purpose Holdings BHD |
|
|
12,300 |
|
|
|
14,230 |
|
PSG Group Ltd. |
|
|
1,633 |
|
|
|
11,999 |
|
Remgro Ltd. |
|
|
9,981 |
|
|
|
201,089 |
|
RMB Holdings Ltd. |
|
|
17,264 |
|
|
|
76,553 |
|
Warsaw Stock Exchange |
|
|
2,646 |
|
|
|
31,656 |
|
|
|
|
|
|
|
|
1,947,248 |
|
Diversified Telecommunication
Services 1.4% |
|
Asia Pacific Telecom Co. Ltd.* |
|
|
46,899 |
|
|
|
22,312 |
|
China Communications Services Corp. Ltd., Class H |
|
|
140,000 |
|
|
|
102,466 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Diversified Telecommunication
Services (continued) |
|
China Telecom Corp. Ltd., Class H |
|
|
268,000 |
|
|
$ |
136,752 |
|
China Unicom Hong Kong Ltd. |
|
|
86,000 |
|
|
|
123,449 |
|
Chunghwa Telecom Co. Ltd. |
|
|
72,000 |
|
|
|
228,843 |
|
CITIC Telecom International Holdings Ltd. |
|
|
55,000 |
|
|
|
19,986 |
|
Empresa de Telecomunicaciones de Bogota* |
|
|
65,376 |
|
|
|
14,159 |
|
Jasmine International PCL |
|
|
123,600 |
|
|
|
34,743 |
|
KT Corp. |
|
|
510 |
|
|
|
16,694 |
|
LG Uplus Corp.* |
|
|
4,490 |
|
|
|
42,401 |
|
Magyar Telekom Telecommunications PLC |
|
|
7,627 |
|
|
|
14,075 |
|
Maroc Telecom S.A. |
|
|
1,157 |
|
|
|
15,307 |
|
Netia S.A.* |
|
|
16,764 |
|
|
|
22,284 |
|
Oi S.A. |
|
|
4,400 |
|
|
|
12,807 |
|
Rostelecom OJSC |
|
|
6,727 |
|
|
|
25,346 |
|
Rostelecom OJSC (ADR)* |
|
|
3,648 |
|
|
|
81,350 |
|
SK Broadband Co. Ltd.* |
|
|
2,669 |
|
|
|
12,675 |
|
Tata Communications Ltd. (ADR) |
|
|
16,843 |
|
|
|
142,155 |
|
Telecom Egypt Co. |
|
|
6,056 |
|
|
|
11,030 |
|
Telefonica Czech Republic AS |
|
|
2,233 |
|
|
|
32,303 |
|
Telekom Malaysia Bhd |
|
|
18,500 |
|
|
|
33,565 |
|
Telekomunikacja Polska S.A. |
|
|
14,539 |
|
|
|
32,395 |
|
Telekomunikasi Indonesia Persero Tbk PT |
|
|
179,500 |
|
|
|
216,009 |
|
Telkom SA SOC Ltd.* |
|
|
43,976 |
|
|
|
62,666 |
|
Thaicom PCL |
|
|
18,800 |
|
|
|
21,939 |
|
Time dotCom Bhd* |
|
|
29,600 |
|
|
|
38,624 |
|
True Corp. PCL* |
|
|
63,300 |
|
|
|
18,224 |
|
Turk Telekomunikasyon AS |
|
|
7,919 |
|
|
|
37,532 |
|
XL Axiata Tbk PT* |
|
|
38,500 |
|
|
|
20,195 |
|
|
|
|
|
|
|
|
1,592,286 |
|
Electric Utilities 1.2% |
|
Celsia S.A. ESP |
|
|
9,615 |
|
|
|
27,747 |
|
Centrais Eletricas Brasileiras S.A. |
|
|
4,900 |
|
|
|
13,258 |
|
CEZ AS |
|
|
4,114 |
|
|
|
119,215 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
107 |
|
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Electric Utilities (continued) |
|
Cia Energetica de Minas Gerais |
|
|
600 |
|
|
$ |
7,574 |
|
Cia General de Electricidad S.A. |
|
|
3,148 |
|
|
|
19,028 |
|
Cia Paranaense de Energia |
|
|
200 |
|
|
|
2,821 |
|
CPFL Energia S.A. |
|
|
6,500 |
|
|
|
69,600 |
|
E.CL S.A. |
|
|
5,868 |
|
|
|
12,234 |
|
EDP Energias do Brasil S.A. |
|
|
6,500 |
|
|
|
39,692 |
|
Enea S.A. |
|
|
1,303 |
|
|
|
5,361 |
|
Enersis S.A. |
|
|
304,116 |
|
|
|
114,487 |
|
Equatorial Energia S.A.* |
|
|
3,929 |
|
|
|
41,638 |
|
Federal Grid Co. Unified Energy System JSC* |
|
|
5,113,295 |
|
|
|
19,982 |
|
Federal Hydrogenerating Co. JSC |
|
|
449,938 |
|
|
|
8,091 |
|
Federal Hydrogenerating Co. JSC (ADR) |
|
|
29,268 |
|
|
|
50,341 |
|
First Philippine Holdings Corp. |
|
|
32,300 |
|
|
|
83,967 |
|
Inter Rao Ues OAO* |
|
|
18,300,000 |
|
|
|
7,617 |
|
Interconexion Electrica SA ESP |
|
|
7,855 |
|
|
|
36,131 |
|
Interregional Distribution Grid Co. Centre JSC |
|
|
2,621,080 |
|
|
|
34,708 |
|
Interregional Distribution Network Co. Center and Privolzhya OJSC |
|
|
6,582,498 |
|
|
|
29,657 |
|
Isagen SA ESP* |
|
|
7,495 |
|
|
|
10,425 |
|
Korea Electric Power Corp.* |
|
|
4,830 |
|
|
|
138,808 |
|
Light S.A. |
|
|
700 |
|
|
|
6,991 |
|
Luz del Sur SAA |
|
|
3,265 |
|
|
|
11,672 |
|
Manila Electric Co. |
|
|
4,860 |
|
|
|
44,160 |
|
Moscow United Electric Grid Co. JSC |
|
|
291,414 |
|
|
|
12,712 |
|
PGE S.A. |
|
|
14,576 |
|
|
|
75,705 |
|
Russian Grids OAO* |
|
|
438,121 |
|
|
|
19,060 |
|
Tauron Polska Energia S.A. |
|
|
25,436 |
|
|
|
33,893 |
|
Tenaga Nasional Bhd |
|
|
53,100 |
|
|
|
137,004 |
|
TGK-1 OAO* |
|
|
147,176,075 |
|
|
|
30,089 |
|
Transmissora Alianca de Energia Eletrica S.A. |
|
|
2,700 |
|
|
|
31,152 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Electric Utilities (continued) |
|
Volga Territorial Generating Co.* |
|
|
150,274 |
|
|
$ |
8,008 |
|
|
|
|
|
|
|
|
1,302,828 |
|
Electrical Equipment 0.5% |
|
AcBel Polytech, Inc. |
|
|
16,000 |
|
|
|
14,015 |
|
China Electric Manufacturing Corp. |
|
|
12,000 |
|
|
|
6,892 |
|
China High Speed Transmission Equipment Group Co. Ltd.* |
|
|
173,000 |
|
|
|
83,595 |
|
Dongfang Electric Corp. Ltd., Class H |
|
|
26,200 |
|
|
|
36,799 |
|
Dynapack International Technology Corp. |
|
|
7,000 |
|
|
|
24,312 |
|
ElSwedy Electric Co. |
|
|
2,938 |
|
|
|
8,300 |
|
Harbin Electric Co. Ltd., Class H |
|
|
108,000 |
|
|
|
82,803 |
|
LS Corp. |
|
|
526 |
|
|
|
38,687 |
|
LS Industrial Systems Co. Ltd. |
|
|
484 |
|
|
|
27,336 |
|
Shanghai Electric Group Co. Ltd., Class H |
|
|
132,000 |
|
|
|
46,264 |
|
Shihlin Electric & Engineering Corp. |
|
|
16,000 |
|
|
|
19,274 |
|
Silitech Technology Corp. |
|
|
7,000 |
|
|
|
12,903 |
|
Taihan Electric Wire Co. Ltd.* |
|
|
8,413 |
|
|
|
19,709 |
|
Teco Electric and Machinery Co. Ltd. |
|
|
33,000 |
|
|
|
31,030 |
|
Walsin Lihwa Corp.* |
|
|
76,000 |
|
|
|
23,563 |
|
Zhuzhou CSR Times Electric Co. Ltd., Class H |
|
|
25,000 |
|
|
|
69,099 |
|
|
|
|
|
|
|
|
544,581 |
|
Electronic Equipment, Instruments &
Components 2.8% |
|
3S Korea Co. Ltd.* |
|
|
2,265 |
|
|
|
14,890 |
|
Acme Electronics Corp. |
|
|
5,000 |
|
|
|
6,370 |
|
Anxin-China Holdings Ltd. |
|
|
124,000 |
|
|
|
26,044 |
|
AU Optronics Corp.* |
|
|
148,000 |
|
|
|
67,952 |
|
Aurora Corp./Taiwan |
|
|
10,000 |
|
|
|
18,264 |
|
AV Tech Corp./Taiwan |
|
|
2,000 |
|
|
|
6,303 |
|
CalComp Electronics Thailand PCL |
|
|
251,200 |
|
|
|
30,812 |
|
Cando Corp./Taiwan* |
|
|
88,398 |
|
|
|
57,510 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
108 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Electronic Equipment, Instruments &
Components (continued) |
|
Career Technology MFG. Co. Ltd. |
|
|
12,000 |
|
|
$ |
14,557 |
|
Cheng Uei Precision Industry Co. Ltd. |
|
|
6,000 |
|
|
|
11,954 |
|
Chimei Materials Technology Corp. |
|
|
23,000 |
|
|
|
27,316 |
|
Chin-Poon Industrial Co. |
|
|
16,000 |
|
|
|
20,846 |
|
Chroma ATE, Inc. |
|
|
18,000 |
|
|
|
38,608 |
|
Chunghwa Picture Tubes Ltd.* |
|
|
647,000 |
|
|
|
42,093 |
|
Compeq Manufacturing Co. |
|
|
44,000 |
|
|
|
16,400 |
|
Coretronic Corp. |
|
|
110,000 |
|
|
|
87,405 |
|
DataTec Ltd. |
|
|
29,516 |
|
|
|
165,942 |
|
Delta Electronics Thailand PCL |
|
|
23,900 |
|
|
|
30,944 |
|
Delta Electronics, Inc. |
|
|
34,000 |
|
|
|
163,018 |
|
Digital China Holdings Ltd. |
|
|
17,000 |
|
|
|
21,424 |
|
E Ink Holdings, Inc. |
|
|
19,000 |
|
|
|
14,099 |
|
Entire Technology Co. Ltd. |
|
|
7,000 |
|
|
|
7,970 |
|
Everlight Electronics Co. Ltd. |
|
|
53,000 |
|
|
|
85,304 |
|
FLEXium Interconnect, Inc. |
|
|
3,000 |
|
|
|
9,921 |
|
G Tech Optoelectronics Corp. |
|
|
10,000 |
|
|
|
21,856 |
|
Hana Microelectronics PCL |
|
|
16,500 |
|
|
|
13,942 |
|
HannStar Display Corp.* |
|
|
136,000 |
|
|
|
37,097 |
|
HannsTouch Solution, Inc.* |
|
|
36,000 |
|
|
|
11,625 |
|
Hi Sun Technology China Ltd.* |
|
|
108,000 |
|
|
|
12,525 |
|
Hollysys Automation Technologies Ltd.* |
|
|
2,000 |
|
|
|
24,080 |
|
Holy Stone Enterprise Co. Ltd. |
|
|
52,000 |
|
|
|
48,895 |
|
Hon Hai Precision Industry Co. Ltd. |
|
|
190,000 |
|
|
|
490,580 |
|
Iljin Materials Co. Ltd.* |
|
|
570 |
|
|
|
5,512 |
|
Innolux Corp.* |
|
|
155,000 |
|
|
|
96,901 |
|
Interflex Co. Ltd.* |
|
|
416 |
|
|
|
17,527 |
|
ITEQ Corp. |
|
|
16,000 |
|
|
|
18,027 |
|
Jentech Precision Industrial Co. Ltd. |
|
|
4,000 |
|
|
|
7,888 |
|
Ju Teng International Holdings Ltd. |
|
|
128,000 |
|
|
|
83,293 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Electronic Equipment, Instruments &
Components (continued) |
|
Kingboard Chemical Holdings Ltd. |
|
|
13,500 |
|
|
$ |
36,705 |
|
Kingboard Laminates Holdings Ltd. |
|
|
158,500 |
|
|
|
71,074 |
|
Largan Precision Co. Ltd. |
|
|
2,000 |
|
|
|
54,622 |
|
LG Display Co. Ltd.* |
|
|
4,450 |
|
|
|
121,018 |
|
LG Innotek Co. Ltd.* |
|
|
168 |
|
|
|
13,577 |
|
Lotes Co. Ltd. |
|
|
5,000 |
|
|
|
13,452 |
|
MIN AIK Technology Co. Ltd. |
|
|
7,000 |
|
|
|
19,806 |
|
Nan Ya Printed Circuit Board Corp. |
|
|
3,000 |
|
|
|
3,436 |
|
Pan-International Industrial |
|
|
20,000 |
|
|
|
15,790 |
|
Partron Co. Ltd. |
|
|
2,591 |
|
|
|
54,826 |
|
Samsung Electro-Mechanics Co. Ltd. |
|
|
1,138 |
|
|
|
101,782 |
|
Samsung SDI Co. Ltd. |
|
|
632 |
|
|
|
73,742 |
|
SFA Engineering Corp. |
|
|
597 |
|
|
|
34,694 |
|
Synnex Technology International Corp. |
|
|
22,000 |
|
|
|
37,198 |
|
Taiflex Scientific Co. Ltd. |
|
|
9,000 |
|
|
|
11,146 |
|
Taiwan PCB Techvest Co. Ltd. |
|
|
10,000 |
|
|
|
14,553 |
|
Test Research, Inc. |
|
|
10,000 |
|
|
|
16,502 |
|
Tong Hsing Electronic Industries Ltd. |
|
|
7,000 |
|
|
|
30,835 |
|
TPK Holding Co. Ltd. |
|
|
5,000 |
|
|
|
101,484 |
|
Tripod Technology Corp. |
|
|
7,000 |
|
|
|
15,892 |
|
Truly International Holdings |
|
|
168,000 |
|
|
|
89,622 |
|
TXC Corp. |
|
|
16,000 |
|
|
|
24,939 |
|
Unimicron Technology Corp. |
|
|
17,000 |
|
|
|
17,915 |
|
Wah Lee Industrial Corp. |
|
|
12,000 |
|
|
|
18,094 |
|
Wasion Group Holdings Ltd. |
|
|
74,000 |
|
|
|
41,574 |
|
Wintek Corp.* |
|
|
33,000 |
|
|
|
16,941 |
|
WPG Holdings Ltd. |
|
|
29,000 |
|
|
|
34,933 |
|
WT Microelectronics Co. Ltd. |
|
|
46,000 |
|
|
|
54,866 |
|
Yageo Corp.* |
|
|
115,000 |
|
|
|
36,395 |
|
Young Fast Optoelectronics Co. Ltd. |
|
|
7,000 |
|
|
|
12,595 |
|
Zhen Ding Technology Holding Ltd. |
|
|
3,000 |
|
|
|
7,329 |
|
|
|
|
|
|
|
|
3,073,031 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
109 |
|
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Energy Equipment &
Services 0.2% |
|
Bumi Armada Bhd |
|
|
19,800 |
|
|
$ |
25,966 |
|
China Oilfield Services Ltd., Class H |
|
|
26,000 |
|
|
|
51,259 |
|
Honghua Group Ltd. |
|
|
47,000 |
|
|
|
22,893 |
|
Maridive & Oil Services SAE* |
|
|
10,086 |
|
|
|
11,095 |
|
OSX Brasil S.A.* |
|
|
11,400 |
|
|
|
17,503 |
|
Sapurakencana Petroleum Bhd* |
|
|
49,000 |
|
|
|
51,214 |
|
TMK OAO |
|
|
2,648 |
|
|
|
7,032 |
|
TMK OAO (GDR) |
|
|
1,530 |
|
|
|
19,339 |
|
Wah Seong Corp. Bhd |
|
|
27,447 |
|
|
|
14,705 |
|
|
|
|
|
|
|
|
221,006 |
|
Food & Staples
Retailing 2.2% |
|
Almacenes Exito S.A. |
|
|
4,327 |
|
|
|
70,893 |
|
Big C Supercenter PCL |
|
|
7,600 |
|
|
|
59,816 |
|
BIM Birlesik Magazalar AS |
|
|
2,145 |
|
|
|
110,034 |
|
Bizim Toptan Satis Magazalari AS |
|
|
1,764 |
|
|
|
29,704 |
|
Brazil Pharma S.A. |
|
|
6,300 |
|
|
|
39,668 |
|
Cencosud S.A.* |
|
|
26,315 |
|
|
|
148,436 |
|
China Resources Enterprise Ltd. |
|
|
20,000 |
|
|
|
68,551 |
|
Clicks Group Ltd. |
|
|
5,927 |
|
|
|
37,743 |
|
Controladora Comercial Mexicana SAB de CV |
|
|
23,400 |
|
|
|
89,911 |
|
Corporativo Fragua SAB de CV |
|
|
5,695 |
|
|
|
110,090 |
|
CP ALL PCL |
|
|
99,300 |
|
|
|
148,865 |
|
DIXY Group OJSC* |
|
|
2,469 |
|
|
|
31,795 |
|
Dongsuh Co., Inc. |
|
|
1,766 |
|
|
|
43,938 |
|
E-Mart Co. Ltd. |
|
|
462 |
|
|
|
90,193 |
|
Emperia Holding S.A. |
|
|
2,022 |
|
|
|
35,153 |
|
Eurocash S.A. |
|
|
1,185 |
|
|
|
21,341 |
|
Grupo Comercial Chedraui SA de CV |
|
|
9,800 |
|
|
|
37,308 |
|
Lianhua Supermarket Holdings Co. Ltd., Class H |
|
|
65,000 |
|
|
|
39,449 |
|
Magnit OJSC |
|
|
907 |
|
|
|
194,509 |
|
Massmart Holdings Ltd. |
|
|
3,235 |
|
|
|
66,988 |
|
Migros Ticaret AS* |
|
|
852 |
|
|
|
11,045 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Food & Staples
Retailing (continued) |
|
Organizacion Soriana SAB de CV, Class B |
|
|
4,100 |
|
|
$ |
16,863 |
|
Pick n Pay Stores Ltd. |
|
|
6,869 |
|
|
|
32,501 |
|
Pickn Pay Holdings Ltd. |
|
|
53,008 |
|
|
|
104,748 |
|
President Chain Store Corp. |
|
|
8,000 |
|
|
|
49,336 |
|
Puregold Price Club, Inc. |
|
|
12,100 |
|
|
|
11,730 |
|
Raia Drogasil S.A. |
|
|
4,400 |
|
|
|
47,290 |
|
Shoprite Holdings Ltd. |
|
|
8,911 |
|
|
|
168,738 |
|
Siam Makro PCL |
|
|
2,400 |
|
|
|
61,656 |
|
The Spar Group Ltd. |
|
|
5,022 |
|
|
|
66,253 |
|
Sun Art Retail Group Ltd. |
|
|
42,000 |
|
|
|
58,666 |
|
Taiwan TEA Corp. |
|
|
35,000 |
|
|
|
21,347 |
|
Wal-Mart de Mexico SAB de CV |
|
|
101,000 |
|
|
|
320,034 |
|
Wumart Stores, Inc., Class H |
|
|
26,000 |
|
|
|
45,563 |
|
|
|
|
|
|
|
|
2,490,155 |
|
Food Products 3.3% |
|
Alicorp S.A.A. |
|
|
7,823 |
|
|
|
29,297 |
|
Asian Citrus Holdings Ltd. |
|
|
130,423 |
|
|
|
57,345 |
|
AVI Ltd. |
|
|
5,722 |
|
|
|
34,399 |
|
Binggrae Co. Ltd. |
|
|
321 |
|
|
|
39,932 |
|
Biostime International Holdings Ltd. |
|
|
2,500 |
|
|
|
14,400 |
|
BRF S.A. |
|
|
12,800 |
|
|
|
317,775 |
|
Charoen Pokphand Foods PCL |
|
|
73,800 |
|
|
|
79,835 |
|
Charoen Pokphand Indonesia Tbk PT |
|
|
159,500 |
|
|
|
82,846 |
|
Cherkizovo Group OJSC* |
|
|
3,506 |
|
|
|
57,738 |
|
China Agri-Industries Holdings Ltd. |
|
|
37,705 |
|
|
|
18,511 |
|
China Foods Ltd. |
|
|
14,000 |
|
|
|
7,144 |
|
China Huiyuan Juice Group Ltd.* |
|
|
30,000 |
|
|
|
13,491 |
|
China Mengniu Dairy Co. Ltd. |
|
|
24,000 |
|
|
|
67,572 |
|
China Ocean Resources Co. Ltd.* |
|
|
6,840 |
|
|
|
19,285 |
|
China Yurun Food Group Ltd.* |
|
|
218,000 |
|
|
|
129,779 |
|
CJ CheilJedang Corp. |
|
|
174 |
|
|
|
51,506 |
|
CP Pokphand Co. Ltd. |
|
|
54,000 |
|
|
|
5,775 |
|
Daesang Corp. |
|
|
1,070 |
|
|
|
41,292 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
110 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Food Products (continued) |
|
Dongwon Industries Co. Ltd. |
|
|
58 |
|
|
$ |
19,960 |
|
Dutch Lady Milk Industries BHD |
|
|
1,600 |
|
|
|
24,359 |
|
Felda Global Ventures Holdings Bhd |
|
|
21,300 |
|
|
|
32,344 |
|
Genting Plantations Bhd |
|
|
4,200 |
|
|
|
11,817 |
|
Global Bio-Chem Technology Group Co. Ltd. |
|
|
324,000 |
|
|
|
27,972 |
|
Great Wall Enterprise Co. Ltd. |
|
|
22,000 |
|
|
|
18,450 |
|
Gruma SAB de CV, Class B* |
|
|
10,900 |
|
|
|
54,058 |
|
Grupo Bimbo SAB de CV |
|
|
33,900 |
|
|
|
110,289 |
|
Grupo Herdez SAB de CV |
|
|
1,200 |
|
|
|
4,363 |
|
Grupo Nutresa S.A. |
|
|
2,359 |
|
|
|
32,501 |
|
Hap Seng Plantations Holdings Bhd |
|
|
13,700 |
|
|
|
12,203 |
|
IJM Plantations Bhd |
|
|
16,500 |
|
|
|
16,107 |
|
Illovo Sugar Ltd. |
|
|
9,834 |
|
|
|
37,979 |
|
Indofood CBP Sukses Makmur Tbk PT |
|
|
13,000 |
|
|
|
15,310 |
|
Indofood Sukses Makmur Tbk PT |
|
|
98,500 |
|
|
|
74,464 |
|
Industrias Bachoco SAB de CV |
|
|
5,900 |
|
|
|
16,705 |
|
IOI Corp. Bhd |
|
|
59,100 |
|
|
|
97,707 |
|
Japfa Comfeed Indonesia Tbk PT |
|
|
277,500 |
|
|
|
55,086 |
|
JBS S.A. |
|
|
12,800 |
|
|
|
40,394 |
|
Juhayna Food Industries |
|
|
8,202 |
|
|
|
9,806 |
|
Kernel Holding S.A.* |
|
|
1,000 |
|
|
|
18,135 |
|
Khon Kaen Sugar Industry PCL |
|
|
47,400 |
|
|
|
20,187 |
|
Kuala Lumpur Kepong Bhd |
|
|
10,000 |
|
|
|
70,863 |
|
Kulim Malaysia BHD |
|
|
10,300 |
|
|
|
12,120 |
|
Lien Hwa Industrial Corp. |
|
|
26,000 |
|
|
|
17,928 |
|
Lotte Confectionery Co. Ltd. |
|
|
11 |
|
|
|
19,177 |
|
Lotte Food Co. Ltd. |
|
|
40 |
|
|
|
31,962 |
|
M Dias Branco S.A. |
|
|
600 |
|
|
|
26,851 |
|
Marfrig Alimentos S.A.* |
|
|
5,800 |
|
|
|
19,783 |
|
Mayora Indah Tbk PT |
|
|
8,500 |
|
|
|
26,272 |
|
MSM Malaysia Holdings Bhd |
|
|
4,900 |
|
|
|
8,053 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Food Products (continued) |
|
Namchow Chemical Industrial Ltd. |
|
|
11,000 |
|
|
$ |
11,611 |
|
Namyang Dairy Products Co. Ltd. |
|
|
78 |
|
|
|
82,512 |
|
Nestle Malaysia Bhd |
|
|
700 |
|
|
|
14,219 |
|
NongShim Co. Ltd. |
|
|
52 |
|
|
|
15,841 |
|
Orion Corp. |
|
|
66 |
|
|
|
69,817 |
|
Ottogi Corp. |
|
|
154 |
|
|
|
66,421 |
|
Peoples Food Holdings Ltd. |
|
|
34,000 |
|
|
|
36,163 |
|
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT |
|
|
32,500 |
|
|
|
5,081 |
|
Pioneer Foods Ltd. |
|
|
26,849 |
|
|
|
231,653 |
|
PPB Group Bhd |
|
|
9,400 |
|
|
|
39,546 |
|
PT Astra Agro Lestari, Tbk |
|
|
4,000 |
|
|
|
7,282 |
|
QL Resources Bhd |
|
|
18,100 |
|
|
|
17,788 |
|
Rainbow Chicken Ltd. |
|
|
33,286 |
|
|
|
57,068 |
|
Salim Ivomas Pratama Tbk PT |
|
|
82,500 |
|
|
|
6,788 |
|
Samyang Holdings Corp. |
|
|
512 |
|
|
|
43,515 |
|
Sao Martinho S.A. |
|
|
2,500 |
|
|
|
35,184 |
|
Sarawak Oil Palms Bhd |
|
|
9,200 |
|
|
|
17,024 |
|
Shenguan Holdings Group Ltd. |
|
|
20,000 |
|
|
|
10,154 |
|
SLC Agricola S.A. |
|
|
2,400 |
|
|
|
21,161 |
|
Standard Foods Corp. |
|
|
5,000 |
|
|
|
17,112 |
|
Tereos Internacional S.A. |
|
|
44,500 |
|
|
|
71,885 |
|
Thai Union Frozen Products PCL |
|
|
19,400 |
|
|
|
37,346 |
|
Tiger Brands Ltd. |
|
|
2,989 |
|
|
|
92,877 |
|
Tingyi Cayman Islands Holding Corp. |
|
|
36,000 |
|
|
|
99,503 |
|
Tongaat Hulett Ltd. |
|
|
3,364 |
|
|
|
48,874 |
|
TSH Resources Bhd |
|
|
20,700 |
|
|
|
14,628 |
|
Ulker Biskuvi Sanayi AS |
|
|
1,236 |
|
|
|
10,579 |
|
Uni-President China Holdings Ltd. |
|
|
20,000 |
|
|
|
21,751 |
|
Uni-President Enterprises Corp. |
|
|
76,000 |
|
|
|
149,620 |
|
United Plantations BHD |
|
|
1,700 |
|
|
|
15,589 |
|
Universal Robina Corp. |
|
|
15,480 |
|
|
|
44,717 |
|
Want Want China Holdings Ltd. |
|
|
112,000 |
|
|
|
177,512 |
|
Wei Chuan Foods Corp. |
|
|
18,000 |
|
|
|
28,056 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
111 |
|
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Food Products (continued) |
|
Yashili International Holdings Ltd. |
|
|
53,000 |
|
|
$ |
20,010 |
|
|
|
|
|
|
|
|
3,690,014 |
|
Gas Utilities 0.6% |
|
China Gas Holdings Ltd. |
|
|
58,000 |
|
|
|
57,173 |
|
China Oil and Gas Group Ltd.* |
|
|
200,000 |
|
|
|
36,595 |
|
China Resources Gas Group Ltd. |
|
|
14,000 |
|
|
|
39,237 |
|
E1 Corp. |
|
|
371 |
|
|
|
27,320 |
|
ENN Energy Holdings Ltd. |
|
|
14,000 |
|
|
|
80,999 |
|
Gas Malaysia Bhd |
|
|
20,300 |
|
|
|
19,416 |
|
Gasco S.A. |
|
|
4,780 |
|
|
|
48,155 |
|
Great Taipei Gas Co. Ltd. |
|
|
20,000 |
|
|
|
14,808 |
|
Korea District Heating Corp. |
|
|
443 |
|
|
|
43,041 |
|
Korea Gas Corp. |
|
|
382 |
|
|
|
24,523 |
|
Perusahaan Gas Negara Persero Tbk PT |
|
|
190,500 |
|
|
|
122,461 |
|
Petronas Gas BHD |
|
|
9,400 |
|
|
|
60,926 |
|
Samchully Co. Ltd. |
|
|
367 |
|
|
|
43,988 |
|
Towngas China Co. Ltd. |
|
|
8,000 |
|
|
|
7,690 |
|
|
|
|
|
|
|
|
626,332 |
|
Health Care Equipment &
Supplies 0.2% |
|
Chabio & Diostech Co. Ltd.* |
|
|
3,449 |
|
|
|
40,086 |
|
Golden Meditech Holdings Ltd. |
|
|
60,000 |
|
|
|
7,036 |
|
Hartalega Holdings Bhd |
|
|
4,700 |
|
|
|
8,095 |
|
Microport Scientific Corp. |
|
|
22,000 |
|
|
|
14,004 |
|
Pihsiang Machinery Manufacturing Co. Ltd.* |
|
|
6,000 |
|
|
|
6,689 |
|
Shandong Weigao Group Medical Polymer Co. Ltd., Class H |
|
|
28,000 |
|
|
|
26,879 |
|
St Shine Optical Co. Ltd. |
|
|
2,000 |
|
|
|
42,017 |
|
Top Glove Corp. Bhd |
|
|
21,000 |
|
|
|
43,622 |
|
|
|
|
|
|
|
|
188,428 |
|
Health Care Providers &
Services 0.7% |
|
Bangkok Dusit Medical Services PCL |
|
|
10,300 |
|
|
|
59,308 |
|
Banmedica S.A. |
|
|
9,029 |
|
|
|
23,935 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Health Care Providers &
Services (continued) |
|
Bumrungrad Hospital PCL |
|
|
12,200 |
|
|
$ |
34,189 |
|
Cruz Blanca Salud S.A.* |
|
|
25,243 |
|
|
|
28,910 |
|
Diagnosticos da America S.A. |
|
|
4,400 |
|
|
|
24,228 |
|
Fleury S.A. |
|
|
900 |
|
|
|
8,575 |
|
IHH Healthcare Bhd* |
|
|
61,400 |
|
|
|
75,678 |
|
KPJ Healthcare Bhd |
|
|
21,400 |
|
|
|
42,694 |
|
Life Healthcare Group Holdings Ltd. |
|
|
21,738 |
|
|
|
91,745 |
|
Mediclinic International Ltd. |
|
|
9,788 |
|
|
|
70,884 |
|
Netcare Ltd. |
|
|
27,354 |
|
|
|
62,124 |
|
Odontoprev S.A. |
|
|
6,400 |
|
|
|
31,944 |
|
Qualicorp S.A.* |
|
|
2,100 |
|
|
|
20,449 |
|
Selcuk Ecza Deposu Ticaret ve Sanayi A.S. |
|
|
11,704 |
|
|
|
13,705 |
|
Shanghai Pharmaceuticals Holding Co. Ltd., Class H |
|
|
44,400 |
|
|
|
91,425 |
|
Sinopharm Group Co. Ltd., Class H |
|
|
18,400 |
|
|
|
54,650 |
|
|
|
|
|
|
|
|
734,443 |
|
Hotels Restaurants & Leisure 0.0% |
|
Central Plaza Hotel PCL* |
|
|
22,100 |
|
|
|
28,049 |
|
Wowprime Corp.* |
|
|
1,000 |
|
|
|
14,113 |
|
|
|
|
|
|
|
|
42,162 |
|
Hotels, Restaurants &
Leisure 0.8% |
|
Ajisen China Holdings Ltd. |
|
|
28,000 |
|
|
|
20,205 |
|
Alsea SAB de CV* |
|
|
21,300 |
|
|
|
64,654 |
|
The Ambassador Hotel |
|
|
14,000 |
|
|
|
13,615 |
|
AmRest Holdings SE* |
|
|
553 |
|
|
|
14,177 |
|
Berjaya Sports Toto Bhd |
|
|
9,666 |
|
|
|
13,343 |
|
Bloomberry Resorts Corp.* |
|
|
160,500 |
|
|
|
46,793 |
|
Central Plaza Hotel PCL* |
|
|
1,600 |
|
|
|
2,031 |
|
China Travel International Inv HK |
|
|
136,000 |
|
|
|
27,689 |
|
Formosa International Hotels Corp. |
|
|
1,000 |
|
|
|
10,911 |
|
Genting Bhd |
|
|
35,900 |
|
|
|
123,895 |
|
Genting Malaysia Bhd |
|
|
55,800 |
|
|
|
68,959 |
|
Gourmet Master Co. Ltd. |
|
|
1,000 |
|
|
|
5,574 |
|
Grand Korea Leisure Co. Ltd. |
|
|
590 |
|
|
|
18,322 |
|
Hana Tour Service, Inc. |
|
|
514 |
|
|
|
33,137 |
|
Hotel Shilla Co. Ltd. |
|
|
587 |
|
|
|
31,021 |
|
Jollibee Foods Corp. |
|
|
6,240 |
|
|
|
19,481 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
112 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Hotels, Restaurants &
Leisure (continued) |
|
Kangwon Land, Inc. |
|
|
1,890 |
|
|
$ |
53,458 |
|
Minor International PCL |
|
|
40,600 |
|
|
|
34,029 |
|
Orbis S.A. |
|
|
1,130 |
|
|
|
12,571 |
|
Paradise Co. Ltd. |
|
|
908 |
|
|
|
18,839 |
|
REXLot Holdings Ltd. |
|
|
400,000 |
|
|
|
32,987 |
|
Sun International Ltd./South Africa |
|
|
16,842 |
|
|
|
204,544 |
|
TA Enterprise Bhd |
|
|
73,700 |
|
|
|
12,233 |
|
Tsogo Sun Holdings Ltd. |
|
|
1,488 |
|
|
|
4,224 |
|
|
|
|
|
|
|
|
886,692 |
|
Household Durables 1.1% |
|
AmTRAN Technology Co. Ltd. |
|
|
115,000 |
|
|
|
94,106 |
|
Arcelik AS |
|
|
4,176 |
|
|
|
32,482 |
|
Brookfield Incorporacoes S.A.* |
|
|
46,200 |
|
|
|
50,833 |
|
Consorcio ARA SAB de CV* |
|
|
124,200 |
|
|
|
40,867 |
|
Corp. GEO SAB de CV* |
|
|
78,300 |
|
|
|
27,116 |
|
Coway Co. Ltd. |
|
|
1,050 |
|
|
|
53,201 |
|
Cyrela Brazil Realty SA Empreendimentos e Participacoes* |
|
|
4,700 |
|
|
|
42,475 |
|
Desarrolladora Homex SAB de CV* |
|
|
36,000 |
|
|
|
29,199 |
|
Even Construtora e Incorporadora S.A. |
|
|
15,300 |
|
|
|
71,775 |
|
Ez Tec Empreendimentos e Participacoes S.A. |
|
|
700 |
|
|
|
9,582 |
|
Gafisa S.A.* |
|
|
66,200 |
|
|
|
132,433 |
|
Goldin Properties Holdings Ltd.* |
|
|
18,000 |
|
|
|
10,298 |
|
Haier Electronics Group Co. Ltd.* |
|
|
14,000 |
|
|
|
25,003 |
|
Helbor Empreendimentos S.A. |
|
|
6,110 |
|
|
|
30,252 |
|
LG Electronics, Inc. |
|
|
1,954 |
|
|
|
156,313 |
|
MRV Engenharia e Participacoes S.A. |
|
|
6,200 |
|
|
|
26,698 |
|
PDG Realty SA Empreendimentos e Participacoes |
|
|
23,700 |
|
|
|
26,788 |
|
PIK Group (GDR)* |
|
|
13,669 |
|
|
|
27,051 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Household Durables (continued) |
|
Rossi Residencial S.A.* |
|
|
42,100 |
|
|
$ |
70,956 |
|
Sanyo Electric Taiwan Co. Ltd. |
|
|
7,000 |
|
|
|
8,444 |
|
Skyworth Digital Holdings Ltd. |
|
|
29,812 |
|
|
|
24,547 |
|
Steinhoff International Holdings Ltd.* |
|
|
18,760 |
|
|
|
50,020 |
|
Tatung Co. Ltd.* |
|
|
304,000 |
|
|
|
76,742 |
|
TCL Multimedia Technology Holdings Ltd. |
|
|
70,000 |
|
|
|
63,230 |
|
Tecnisa S.A.* |
|
|
4,100 |
|
|
|
18,413 |
|
Urbi Desarrollos Urbanos SAB de CV* |
|
|
96,800 |
|
|
|
14,333 |
|
Welling Holding Ltd. |
|
|
140,000 |
|
|
|
31,389 |
|
|
|
|
|
|
|
|
1,244,546 |
|
Household Products 0.3% |
|
Kimberly-Clark de Mexico SAB de CV, Class A |
|
|
27,500 |
|
|
|
96,187 |
|
LG Household & Health Care Ltd. |
|
|
177 |
|
|
|
99,485 |
|
NVC Lighting Holdings Ltd. |
|
|
74,000 |
|
|
|
18,117 |
|
Unilever Indonesia Tbk PT |
|
|
25,000 |
|
|
|
67,498 |
|
Vinda International Holdings Ltd. |
|
|
29,000 |
|
|
|
37,891 |
|
|
|
|
|
|
|
|
319,178 |
|
Independent Power Producers & Energy
Traders 1.6% |
|
Aboitiz Power Corp. |
|
|
81,900 |
|
|
|
74,219 |
|
AES Gener S.A. |
|
|
79,917 |
|
|
|
57,967 |
|
AES Tiete S.A. |
|
|
1,300 |
|
|
|
11,983 |
|
Akenerji Elektrik Uretim AS* |
|
|
46,194 |
|
|
|
43,014 |
|
China Datang Corp. Renewable Power Co. Ltd., Class H |
|
|
465,000 |
|
|
|
108,452 |
|
China Longyuan Power Group Corp., Class H |
|
|
68,000 |
|
|
|
62,299 |
|
China Power International Development Ltd. |
|
|
149,000 |
|
|
|
53,759 |
|
China Power New Energy Development Co. Ltd.* |
|
|
920,000 |
|
|
|
52,161 |
|
China Resources Power Holdings Co. Ltd. |
|
|
44,000 |
|
|
|
144,009 |
|
Colbun S.A. |
|
|
224,671 |
|
|
|
69,093 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
113 |
|
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Independent Power Producers & Energy
Traders (continued) |
|
Datang International Power Generation Co. Ltd., Class H |
|
|
486,000 |
|
|
$ |
214,174 |
|
Edegel SAA |
|
|
22,666 |
|
|
|
21,693 |
|
Electricity Generating PCL |
|
|
7,900 |
|
|
|
41,317 |
|
Empresa Nacional de Electricidad S.A./Chile |
|
|
78,677 |
|
|
|
139,333 |
|
Energy Development Corp. |
|
|
188,400 |
|
|
|
29,798 |
|
First Gen Corp.* |
|
|
49,900 |
|
|
|
27,338 |
|
Glow Energy PCL |
|
|
12,300 |
|
|
|
32,269 |
|
Huadian Power International Co., Class H* |
|
|
264,000 |
|
|
|
144,917 |
|
Huaneng Power International, Inc., Class H |
|
|
86,000 |
|
|
|
99,402 |
|
Huaneng Renewables Corp. Ltd., Class H* |
|
|
420,000 |
|
|
|
141,793 |
|
MPX Energia S.A.* |
|
|
2,800 |
|
|
|
11,945 |
|
Ratchaburi Electricity Generating Holding PCL |
|
|
22,500 |
|
|
|
45,422 |
|
Taiwan Cogeneration Corp. |
|
|
53,000 |
|
|
|
35,469 |
|
Tractebel Energia S.A. |
|
|
4,600 |
|
|
|
81,808 |
|
Zhejiang Southeast Electric Power Co., Class B |
|
|
34,800 |
|
|
|
28,919 |
|
|
|
|
|
|
|
|
1,772,553 |
|
Industrial Conglomerates 1.6% |
|
Aboitiz Equity Ventures, Inc. |
|
|
31,500 |
|
|
|
43,622 |
|
Akfen Holding AS* |
|
|
3,148 |
|
|
|
9,549 |
|
Alarko Holding AS |
|
|
10,923 |
|
|
|
33,011 |
|
Alfa SAB de CV, Class A |
|
|
48,900 |
|
|
|
113,394 |
|
Alliance Global Group, Inc. |
|
|
79,000 |
|
|
|
45,488 |
|
Allied Electronics Corp. Ltd. |
|
|
6,251 |
|
|
|
14,545 |
|
Antarchile S.A. |
|
|
8,345 |
|
|
|
132,741 |
|
Beijing Enterprises Holdings Ltd. |
|
|
10,500 |
|
|
|
78,541 |
|
Berjaya Corp. Bhd |
|
|
156,100 |
|
|
|
26,679 |
|
Berli Jucker PCL |
|
|
200 |
|
|
|
503 |
|
Bidvest Group Ltd. |
|
|
4,815 |
|
|
|
125,092 |
|
Boustead Holdings Bhd |
|
|
17,400 |
|
|
|
29,281 |
|
Citic Pacific Ltd. |
|
|
29,000 |
|
|
|
35,089 |
|
CJ Corp. |
|
|
258 |
|
|
|
33,852 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Industrial
Conglomerates (continued) |
|
DMCI Holdings, Inc. |
|
|
10,480 |
|
|
$ |
14,526 |
|
Dogan Sirketler Grubu Holding AS* |
|
|
10,842 |
|
|
|
7,315 |
|
Doosan Corp. |
|
|
127 |
|
|
|
14,184 |
|
Enka Insaat ve Sanayi AS |
|
|
4,257 |
|
|
|
13,150 |
|
Far Eastern New Century Corp. |
|
|
50,000 |
|
|
|
53,792 |
|
Grupo Carso SAB de CV |
|
|
10,900 |
|
|
|
62,056 |
|
HAP Seng Consolidated Bhd |
|
|
14,300 |
|
|
|
7,990 |
|
Hosken Consolidated Investments Ltd. |
|
|
2,125 |
|
|
|
26,709 |
|
JG Summit Holdings, Inc. |
|
|
46,600 |
|
|
|
53,778 |
|
KAP Industrial Holdings Ltd. |
|
|
100,277 |
|
|
|
33,156 |
|
KOC Holding AS |
|
|
11,075 |
|
|
|
67,002 |
|
LG Corp. |
|
|
1,630 |
|
|
|
97,093 |
|
MMC Corp. Bhd |
|
|
7,700 |
|
|
|
6,454 |
|
Quinenco S.A. |
|
|
4,676 |
|
|
|
15,322 |
|
Reunert Ltd. |
|
|
2,853 |
|
|
|
24,771 |
|
Samsung Techwin Co. Ltd. |
|
|
800 |
|
|
|
49,759 |
|
San Miguel Corp. |
|
|
8,160 |
|
|
|
23,988 |
|
Shanghai Industrial Holdings Ltd. |
|
|
8,000 |
|
|
|
25,359 |
|
Sigdo Koppers S.A. |
|
|
15,440 |
|
|
|
40,573 |
|
Sime Darby Bhd |
|
|
48,300 |
|
|
|
149,861 |
|
SK Holdings Co. Ltd. |
|
|
485 |
|
|
|
69,802 |
|
SM Investments Corp. |
|
|
3,800 |
|
|
|
105,709 |
|
Tianjin Development Hldgs Ltd.* |
|
|
46,000 |
|
|
|
30,704 |
|
Turkiye Sise ve Cam Fabrikalari AS |
|
|
7,608 |
|
|
|
12,896 |
|
Yazicilar Holding AS, Class A |
|
|
823 |
|
|
|
9,820 |
|
|
|
|
|
|
|
|
1,737,156 |
|
Insurance 2.2% |
|
Anadolu Hayat Emeklilik AS |
|
|
2,200 |
|
|
|
7,115 |
|
Bangkok Insurance PCL |
|
|
900 |
|
|
|
11,928 |
|
Bangkok Life Assurance PCL |
|
|
2,900 |
|
|
|
7,485 |
|
Brasil Insurance Participacoes e Administracao S.A. |
|
|
2,500 |
|
|
|
26,557 |
|
Cathay Financial Holding Co. Ltd. |
|
|
128,000 |
|
|
|
172,188 |
|
China Life Insurance Co. Ltd.* |
|
|
43,000 |
|
|
|
43,638 |
|
China Life Insurance Co. Ltd., Class H |
|
|
142,000 |
|
|
|
387,908 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
114 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Insurance (continued) |
|
China Pacific Insurance Group Co. Ltd., Class H |
|
|
46,400 |
|
|
$ |
166,812 |
|
China Taiping Insurance Holdings Co. Ltd.* |
|
|
17,000 |
|
|
|
28,959 |
|
Discovery Ltd. |
|
|
4,942 |
|
|
|
44,972 |
|
Dongbu Insurance Co. Ltd. |
|
|
890 |
|
|
|
35,922 |
|
Hanwha General Insurance Co. Ltd.* |
|
|
3,160 |
|
|
|
14,777 |
|
Hanwha Life Insurance Co. Ltd.* |
|
|
2,440 |
|
|
|
14,844 |
|
Hyundai Marine & Fire Insurance Co. Ltd. |
|
|
1,280 |
|
|
|
36,030 |
|
Korean Reinsurance Co. |
|
|
1,290 |
|
|
|
12,651 |
|
Liberty Holdings Ltd. |
|
|
661 |
|
|
|
8,794 |
|
LIG Insurance Co. Ltd. |
|
|
700 |
|
|
|
14,397 |
|
Long Bon International Co. Ltd.* |
|
|
47,000 |
|
|
|
39,894 |
|
LPI Capital Bhd |
|
|
5,200 |
|
|
|
23,586 |
|
Mercuries Life Insurance Co. Ltd.* |
|
|
22,000 |
|
|
|
11,927 |
|
Meritz Fire & Marine Insurance Co. Ltd. |
|
|
1,700 |
|
|
|
18,446 |
|
MMI Holdings Ltd./South Africa |
|
|
15,461 |
|
|
|
39,417 |
|
New China Life Insurance Co. Ltd., Class H |
|
|
11,300 |
|
|
|
42,008 |
|
PICC Property & Casualty Co. Ltd., Class H |
|
|
50,000 |
|
|
|
64,170 |
|
Ping An Insurance Group Co. of China Ltd., Class H |
|
|
35,500 |
|
|
|
281,096 |
|
Porto Seguro S.A. |
|
|
1,300 |
|
|
|
16,137 |
|
Powszechny Zaklad Ubezpieczen S.A. |
|
|
1,048 |
|
|
|
144,452 |
|
RMI Holdings |
|
|
11,764 |
|
|
|
30,712 |
|
Samsung Fire & Marine Insurance Co. Ltd. |
|
|
658 |
|
|
|
135,328 |
|
Samsung Life Insurance Co. Ltd. |
|
|
1,132 |
|
|
|
111,525 |
|
Sanlam Ltd. |
|
|
31,463 |
|
|
|
161,091 |
|
Santam Ltd. |
|
|
299 |
|
|
|
5,865 |
|
Shin Kong Financial Holding Co. Ltd.* |
|
|
127,000 |
|
|
|
40,107 |
|
Sinar Mas Multiartha Tbk PT |
|
|
65,000 |
|
|
|
30,586 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Insurance (continued) |
|
Sul America S.A. |
|
|
12,739 |
|
|
$ |
95,248 |
|
Taiwan Life Insurance Co. Ltd.* |
|
|
57,000 |
|
|
|
43,071 |
|
Thai Reinsurance PCL* |
|
|
140,300 |
|
|
|
26,530 |
|
Tongyang Life Insurance* |
|
|
780 |
|
|
|
6,990 |
|
Yapi Kredi Sigorta AS* |
|
|
1,972 |
|
|
|
19,352 |
|
|
|
|
|
|
|
|
2,422,515 |
|
Internet & Catalog
Retail 0.1% |
|
B2W Cia Global Do Varejo* |
|
|
3,600 |
|
|
|
20,453 |
|
CJ O Shopping Co. Ltd. |
|
|
51 |
|
|
|
15,157 |
|
GS Home Shopping, Inc. |
|
|
170 |
|
|
|
35,133 |
|
Hyundai Home Shopping Network Corp. |
|
|
35 |
|
|
|
4,831 |
|
Interpark Corp. |
|
|
805 |
|
|
|
6,432 |
|
|
|
|
|
|
|
|
82,006 |
|
Internet Software &
Services 1.0% |
|
Ahnlab, Inc. |
|
|
161 |
|
|
|
8,508 |
|
Daou Technology, Inc. |
|
|
3,220 |
|
|
|
58,623 |
|
Daum Communications Corp. |
|
|
362 |
|
|
|
29,583 |
|
NHN Corp. |
|
|
783 |
|
|
|
210,449 |
|
PChome Online, Inc. |
|
|
2,000 |
|
|
|
9,047 |
|
SINA Corp./China* |
|
|
1,300 |
|
|
|
73,216 |
|
SK Communications Co. Ltd.* |
|
|
1,014 |
|
|
|
7,504 |
|
Sohu.com, Inc.* |
|
|
1,700 |
|
|
|
87,448 |
|
Tencent Holdings Ltd. |
|
|
19,400 |
|
|
|
665,449 |
|
|
|
|
|
|
|
|
1,149,827 |
|
IT Services 0.6% |
|
Cielo S.A. |
|
|
6,240 |
|
|
|
164,590 |
|
Infosys Ltd. (ADR) |
|
|
8,676 |
|
|
|
362,136 |
|
Nan Hai Corp. Ltd.* |
|
|
3,700,000 |
|
|
|
15,257 |
|
Posco ICT Co. Ltd. |
|
|
2,226 |
|
|
|
15,160 |
|
SK C&C Co. Ltd. |
|
|
423 |
|
|
|
35,490 |
|
Sonda S.A. |
|
|
4,521 |
|
|
|
15,629 |
|
Systex Corp.* |
|
|
26,000 |
|
|
|
31,540 |
|
Travelsky Technology Ltd., Class H |
|
|
55,000 |
|
|
|
34,939 |
|
|
|
|
|
|
|
|
674,741 |
|
Leisure Equipment &
Products 0.1% |
|
Ability Enterprise Co. Ltd. |
|
|
19,000 |
|
|
|
17,383 |
|
Asia Optical Co., Inc.* |
|
|
38,000 |
|
|
|
35,989 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
115 |
|
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Leisure Equipment &
Products (continued) |
|
Genius Electronic Optical Co. Ltd. |
|
|
3,178 |
|
|
$ |
19,114 |
|
Giant Manufacturing Co. Ltd. |
|
|
5,000 |
|
|
|
29,988 |
|
Johnson Health Tech Co. Ltd. |
|
|
3,000 |
|
|
|
8,030 |
|
Merida Industry Co. Ltd. |
|
|
4,000 |
|
|
|
24,397 |
|
Young Optics, Inc. |
|
|
3,000 |
|
|
|
7,319 |
|
|
|
|
|
|
|
|
142,220 |
|
Machinery 1.0% |
|
Airtac International Group |
|
|
4,000 |
|
|
|
21,212 |
|
China Automation Group Ltd. |
|
|
93,000 |
|
|
|
20,851 |
|
China International Marine Containers Group Co. Ltd., Class H* |
|
|
8,000 |
|
|
|
12,782 |
|
China National Materials Co. Ltd., Class H |
|
|
178,000 |
|
|
|
44,038 |
|
China Rongsheng Heavy Industries Group Holdings Ltd. |
|
|
67,000 |
|
|
|
9,756 |
|
CIMC Enric Holdings Ltd. |
|
|
20,000 |
|
|
|
21,648 |
|
CSBC Corp. Taiwan |
|
|
58,000 |
|
|
|
38,127 |
|
CSR Corp. Ltd., Class H |
|
|
33,000 |
|
|
|
21,729 |
|
Daewoo Shipbuilding & Marine Engineering Co. Ltd. |
|
|
1,730 |
|
|
|
41,549 |
|
Doosan Engine Co. Ltd.* |
|
|
1,330 |
|
|
|
10,422 |
|
Doosan Infracore Co. Ltd.* |
|
|
2,130 |
|
|
|
25,240 |
|
Famur S.A.* |
|
|
4,152 |
|
|
|
6,045 |
|
Haitian International Holdings Ltd. |
|
|
9,000 |
|
|
|
15,401 |
|
Hanjin Heavy Industries & Construction Co. Ltd.* |
|
|
8,444 |
|
|
|
61,108 |
|
Hiwin Technologies Corp. |
|
|
3,000 |
|
|
|
21,144 |
|
Hyundai Heavy Industries Co. Ltd. |
|
|
778 |
|
|
|
141,994 |
|
Hyundai Mipo Dockyard |
|
|
222 |
|
|
|
21,771 |
|
Iochpe-Maxion S.A. |
|
|
3,300 |
|
|
|
40,683 |
|
King Slide Works Co. Ltd. |
|
|
3,000 |
|
|
|
23,889 |
|
Kopex S.A.* |
|
|
2,360 |
|
|
|
8,291 |
|
Lonking Holdings Ltd. |
|
|
300,000 |
|
|
|
56,825 |
|
Marcopolo S.A. |
|
|
2,000 |
|
|
|
12,603 |
|
Rechi Precision Co. Ltd. |
|
|
11,000 |
|
|
|
10,977 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Machinery (continued) |
|
Samsung Heavy Industries Co. Ltd. |
|
|
3,030 |
|
|
$ |
96,433 |
|
Sany Heavy Equipment International Holdings Co. Ltd. |
|
|
14,000 |
|
|
|
5,610 |
|
Shanghai Zhenhua Heavy Industries Co. Ltd., Class B |
|
|
89,000 |
|
|
|
31,951 |
|
Shin Zu Shing Co. Ltd. |
|
|
6,000 |
|
|
|
15,350 |
|
Sinotruk Hong Kong Ltd. |
|
|
11,000 |
|
|
|
6,123 |
|
STX Corp. Co. Ltd. |
|
|
5,950 |
|
|
|
17,640 |
|
STX Engine Co. Ltd.* |
|
|
3,370 |
|
|
|
14,306 |
|
STX Offshore & Shipbuilding Co. Ltd.* |
|
|
8,900 |
|
|
|
34,386 |
|
Sung Jin Geotec Co. Ltd.* |
|
|
260 |
|
|
|
2,550 |
|
Taewoong Co. Ltd.* |
|
|
286 |
|
|
|
6,726 |
|
TK Corp.* |
|
|
799 |
|
|
|
15,961 |
|
Turk Traktor ve Ziraat Makineleri AS |
|
|
125 |
|
|
|
4,722 |
|
United Tractors Tbk PT |
|
|
31,500 |
|
|
|
57,508 |
|
WEG S.A. |
|
|
3,500 |
|
|
|
46,352 |
|
Weichai Power Co. Ltd., Class H |
|
|
9,000 |
|
|
|
31,370 |
|
Yungtay Engineering Co. Ltd. |
|
|
6,000 |
|
|
|
14,333 |
|
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H |
|
|
22,200 |
|
|
|
22,227 |
|
|
|
|
|
|
|
|
1,111,633 |
|
Marine 0.8% |
|
China COSCO Holdings Co. Ltd., Class H* |
|
|
388,500 |
|
|
|
164,199 |
|
China Shipping Container Lines Co. Ltd., Class H* |
|
|
190,000 |
|
|
|
45,293 |
|
China Shipping Development Co. Ltd., Class H |
|
|
72,000 |
|
|
|
30,894 |
|
Chinese Maritime Transport Ltd. |
|
|
8,000 |
|
|
|
9,623 |
|
Cia Sud Americana de Vapores S.A.* |
|
|
915,546 |
|
|
|
81,554 |
|
Evergreen Marine Corp. Taiwan Ltd.* |
|
|
23,000 |
|
|
|
13,444 |
|
Far Eastern Shipping Co.* |
|
|
41,502 |
|
|
|
8,310 |
|
First Steamship Co. Ltd. |
|
|
52,034 |
|
|
|
38,701 |
|
Grindrod Ltd. |
|
|
60,156 |
|
|
|
125,905 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
116 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Marine (continued) |
|
Hanjin Shipping Co. Ltd.* |
|
|
1,800 |
|
|
$ |
13,468 |
|
Hyundai Merchant Marine Co. Ltd.* |
|
|
538 |
|
|
|
5,007 |
|
Malaysian Bulk Carriers Bhd |
|
|
25,400 |
|
|
|
12,356 |
|
MISC Bhd* |
|
|
19,100 |
|
|
|
27,371 |
|
Precious Shipping PCL |
|
|
15,700 |
|
|
|
9,522 |
|
Shih Wei Navigation Co. Ltd. |
|
|
6,484 |
|
|
|
4,757 |
|
Sincere Navigation Corp. |
|
|
13,000 |
|
|
|
12,136 |
|
Sinotrans Shipping Ltd. |
|
|
68,500 |
|
|
|
16,770 |
|
STX Pan Ocean Co. Ltd.* |
|
|
15,960 |
|
|
|
48,983 |
|
Taiwan Navigation Co. Ltd. |
|
|
26,000 |
|
|
|
20,043 |
|
Thoresen Thai Agencies PCL* |
|
|
22,780 |
|
|
|
13,893 |
|
Trada Maritime Tbk PT* |
|
|
402,000 |
|
|
|
59,954 |
|
Trencor Ltd. |
|
|
21,411 |
|
|
|
151,434 |
|
Wan Hai Lines Ltd.* |
|
|
13,000 |
|
|
|
7,268 |
|
Wisdom Marine Lines Co. Ltd. |
|
|
6,000 |
|
|
|
8,071 |
|
Yang Ming Marine Transport Corp.* |
|
|
5,000 |
|
|
|
2,245 |
|
|
|
|
|
|
|
|
931,201 |
|
Media 1.4% |
|
Astro Malaysia Holdings Bhd |
|
|
78,900 |
|
|
|
76,501 |
|
BEC World PCL |
|
|
21,300 |
|
|
|
48,624 |
|
Bhakti Investama Tbk PT |
|
|
373,500 |
|
|
|
18,824 |
|
Caxton and CTP Publishers and Printers Ltd. |
|
|
50,328 |
|
|
|
97,491 |
|
Central European Media Enterprises Ltd., Class A* |
|
|
2,679 |
|
|
|
9,912 |
|
Cheil Worldwide, Inc.* |
|
|
1,710 |
|
|
|
42,234 |
|
CJ CGV Co. Ltd. |
|
|
650 |
|
|
|
33,229 |
|
CJ E&M Corp.* |
|
|
1,074 |
|
|
|
36,278 |
|
Cyfrowy Polsat S.A.* |
|
|
3,780 |
|
|
|
20,003 |
|
Daekyo Co. Ltd. |
|
|
2,380 |
|
|
|
16,900 |
|
Dogan Yayin Holding AS* |
|
|
23,314 |
|
|
|
11,440 |
|
Fenerbahce Futbol AS |
|
|
67 |
|
|
|
1,509 |
|
Global Mediacom Tbk PT |
|
|
89,500 |
|
|
|
20,022 |
|
Grupo Televisa SAB |
|
|
46,200 |
|
|
|
233,877 |
|
Indosiar Karya Media Tbk PT* ^ |
|
|
129,000 |
|
|
|
16,983 |
|
KT Skylife Co. Ltd. |
|
|
520 |
|
|
|
20,091 |
|
Major Cineplex Group PCL |
|
|
20,200 |
|
|
|
15,279 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Media (continued) |
|
Media Nusantara Citra Tbk PT |
|
|
62,000 |
|
|
$ |
19,928 |
|
Media Prima Bhd |
|
|
48,600 |
|
|
|
38,177 |
|
Naspers Ltd., Class N |
|
|
7,366 |
|
|
|
492,439 |
|
Phoenix Satellite Television Holdings Ltd. |
|
|
20,000 |
|
|
|
7,603 |
|
SBS Media Holdings Co. Ltd. |
|
|
3,440 |
|
|
|
18,991 |
|
SM Entertainment Co.* |
|
|
324 |
|
|
|
12,459 |
|
Star Publications Malaysia Bhd |
|
|
43,300 |
|
|
|
34,583 |
|
Surya Citra Media Tbk PT^ |
|
|
36,000 |
|
|
|
10,368 |
|
TV Azteca SAB de CV |
|
|
69,900 |
|
|
|
51,692 |
|
TVN S.A. |
|
|
9,685 |
|
|
|
26,668 |
|
VGI Global Media PCL |
|
|
14,800 |
|
|
|
66,058 |
|
VODone Ltd. |
|
|
224,000 |
|
|
|
16,741 |
|
|
|
|
|
|
|
|
1,514,904 |
|
Metals & Mining 4.7% |
|
African Rainbow Minerals Ltd. |
|
|
1,707 |
|
|
|
33,614 |
|
Aluminum Corp of China Ltd., Class H* |
|
|
62,000 |
|
|
|
23,408 |
|
Aneka Tambang Persero Tbk PT |
|
|
151,500 |
|
|
|
21,504 |
|
Angang Steel Co. Ltd., Class H* |
|
|
52,000 |
|
|
|
30,621 |
|
Anglo American Platinum Ltd.* |
|
|
1,281 |
|
|
|
48,544 |
|
AngloGold Ashanti Ltd. |
|
|
7,539 |
|
|
|
140,500 |
|
ArcelorMittal South Africa Ltd.* |
|
|
3,433 |
|
|
|
8,787 |
|
Assore Ltd. |
|
|
643 |
|
|
|
20,903 |
|
Atlas Consolidated Mining & Development |
|
|
43,500 |
|
|
|
21,930 |
|
Borneo Lumbung Energi & Metal Tbk PT* |
|
|
854,000 |
|
|
|
39,527 |
|
Bradespar S.A. |
|
|
700 |
|
|
|
7,747 |
|
Bumi Resources Minerals Tbk PT* |
|
|
500,000 |
|
|
|
17,228 |
|
CAP S.A. |
|
|
1,597 |
|
|
|
50,298 |
|
Chiho-Tiande Group Ltd. |
|
|
20,000 |
|
|
|
9,406 |
|
China Hongqiao Group Ltd. |
|
|
12,500 |
|
|
|
7,232 |
|
China Metal Products |
|
|
13,000 |
|
|
|
17,223 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
117 |
|
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Metals &
Mining (continued) |
|
China Metal Recycling Holdings Ltd.^ |
|
|
51,000 |
|
|
$ |
61,971 |
|
China Molybdenum Co. Ltd., Class H |
|
|
68,000 |
|
|
|
26,287 |
|
China Nonferrous Mining Corp. Ltd.* |
|
|
140,000 |
|
|
|
48,708 |
|
China Precious Metal Resources Holdings Co. Ltd.* |
|
|
222,000 |
|
|
|
38,046 |
|
China Rare Earth Holdings Ltd. |
|
|
218,000 |
|
|
|
33,990 |
|
China Steel Corp. |
|
|
202,000 |
|
|
|
177,961 |
|
China Vanadium Titano Magnetite Mining Co. Ltd. |
|
|
172,000 |
|
|
|
41,224 |
|
China Zhongwang Holdings Ltd.* |
|
|
26,800 |
|
|
|
8,944 |
|
Chun Yuan Steel |
|
|
91,000 |
|
|
|
34,535 |
|
Chung Hung Steel Corp.* |
|
|
159,000 |
|
|
|
44,286 |
|
Cia de Minas Buenaventura S.A. (ADR) |
|
|
3,400 |
|
|
|
68,068 |
|
Cia Minera Milpo SAA |
|
|
31,483 |
|
|
|
20,246 |
|
Cia Siderurgica Nacional S.A. |
|
|
13,100 |
|
|
|
51,954 |
|
Dongkuk Steel Mill Co. Ltd. |
|
|
7,020 |
|
|
|
73,304 |
|
Eregli Demir ve Celik Fabrikalari TAS |
|
|
15,542 |
|
|
|
17,765 |
|
Ezz Steel |
|
|
5,211 |
|
|
|
6,914 |
|
Feng Hsin Iron & Steel Co. |
|
|
7,000 |
|
|
|
12,571 |
|
Fosun International Ltd. |
|
|
21,000 |
|
|
|
14,937 |
|
G J Steel PCL* |
|
|
591,100 |
|
|
|
2,618 |
|
Gerdau S.A. |
|
|
400 |
|
|
|
2,741 |
|
Gloria Material Technology Corp. |
|
|
21,000 |
|
|
|
16,259 |
|
Gold Fields Ltd. |
|
|
14,912 |
|
|
|
106,033 |
|
Grupa Kety S.A. |
|
|
669 |
|
|
|
29,855 |
|
Grupo Mexico SAB de CV |
|
|
68,800 |
|
|
|
246,697 |
|
Grupo Simec SAB de CV* |
|
|
4,800 |
|
|
|
22,123 |
|
Harmony Gold Mining Co. Ltd. |
|
|
7,837 |
|
|
|
37,691 |
|
Hunan Nonferrous Metal Corp. Ltd., Class H |
|
|
252,000 |
|
|
|
72,412 |
|
Hyundai Hysco Co. Ltd. |
|
|
700 |
|
|
|
19,577 |
|
Hyundai Steel Co. |
|
|
1,058 |
|
|
|
73,204 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Metals & Mining (continued) |
|
Impala Platinum Holdings Ltd. |
|
|
10,507 |
|
|
$ |
143,245 |
|
Industrias CH SAB de CV* |
|
|
2,800 |
|
|
|
22,531 |
|
Industrias Penoles SAB de CV |
|
|
2,345 |
|
|
|
98,369 |
|
Inner Mongolia Eerduosi Resourses Co. Ltd., Class B |
|
|
72,300 |
|
|
|
68,468 |
|
Izmir Demir Celik Sanayi AS* |
|
|
4,467 |
|
|
|
7,373 |
|
Jastrzebska Spolka Weglowa S.A. |
|
|
888 |
|
|
|
23,468 |
|
Jiangxi Copper Co. Ltd., Class H |
|
|
22,000 |
|
|
|
42,636 |
|
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A |
|
|
14,483 |
|
|
|
21,400 |
|
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D |
|
|
78,086 |
|
|
|
87,950 |
|
KGHM Polska Miedz S.A. |
|
|
2,734 |
|
|
|
128,066 |
|
KISWIRE Ltd. |
|
|
770 |
|
|
|
25,660 |
|
Korea Zinc Co. Ltd. |
|
|
169 |
|
|
|
48,415 |
|
Koza Altin Isletmeleri AS |
|
|
761 |
|
|
|
15,191 |
|
Koza Anadolu Metal Madencilik Isletmeleri AS* |
|
|
7,132 |
|
|
|
17,736 |
|
Krakatau Steel Persero Tbk PT |
|
|
141,000 |
|
|
|
7,976 |
|
Kumba Iron Ore Ltd. |
|
|
1,600 |
|
|
|
84,303 |
|
Lepanto Consolidated Mining* |
|
|
291,000 |
|
|
|
6,787 |
|
Maanshan Iron & Steel, Class H* |
|
|
242,000 |
|
|
|
59,560 |
|
Magnitogorsk Iron & Steel Works (GDR) |
|
|
8,406 |
|
|
|
25,302 |
|
Managem |
|
|
17 |
|
|
|
2,767 |
|
Mechel (ADR) |
|
|
3,380 |
|
|
|
13,790 |
|
Metalurgica Gerdau S.A. |
|
|
400 |
|
|
|
3,241 |
|
Minera Frisco SAB de CV* |
|
|
13,000 |
|
|
|
55,565 |
|
Minsur S.A. |
|
|
41,671 |
|
|
|
25,852 |
|
MMC Norilsk Nickel OJSC |
|
|
214 |
|
|
|
35,664 |
|
MMC Norilsk Nickel OJSC (ADR) |
|
|
7,127 |
|
|
|
109,186 |
|
MMG Ltd.* |
|
|
28,000 |
|
|
|
8,407 |
|
MMX Mineracao e Metalicos S.A.* |
|
|
9,123 |
|
|
|
10,677 |
|
Molibdenos y Metales S.A. |
|
|
633 |
|
|
|
11,210 |
|
Nickel Asia Corp. |
|
|
36,700 |
|
|
|
20,775 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
118 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Metals &
Mining (continued) |
|
North Mining Shares Co. Ltd., Class C* |
|
|
460,000 |
|
|
$ |
22,524 |
|
Northam Platinum Ltd.* |
|
|
35,540 |
|
|
|
131,716 |
|
Novolipetsk Steel OJSC |
|
|
22,400 |
|
|
|
37,410 |
|
Palabora Mining Co. Ltd.* |
|
|
2,358 |
|
|
|
27,958 |
|
Paranapanema S.A.* |
|
|
32,400 |
|
|
|
93,983 |
|
Philex Mining Corp. |
|
|
55,700 |
|
|
|
22,329 |
|
Polyus Gold OJSC |
|
|
184 |
|
|
|
5,747 |
|
Poongsan Corp. |
|
|
1,560 |
|
|
|
37,750 |
|
POSCO |
|
|
1,242 |
|
|
|
354,116 |
|
POSCO Chemtech Co. Ltd. |
|
|
137 |
|
|
|
15,264 |
|
Raspadskaya OAO* |
|
|
8,723 |
|
|
|
12,838 |
|
Royal Bafokeng Platinum Ltd.* |
|
|
8,532 |
|
|
|
51,530 |
|
Sahaviriya Steel Industries PCL* |
|
|
2,232,500 |
|
|
|
44,117 |
|
Seah Besteel Corp. |
|
|
2,110 |
|
|
|
57,765 |
|
SeAH Steel Corp. |
|
|
359 |
|
|
|
36,673 |
|
Severstal OAO (GDR) |
|
|
6,998 |
|
|
|
59,168 |
|
Shougang Concord International Enterprises Co. Ltd.* |
|
|
678,000 |
|
|
|
34,946 |
|
Shougang Fushan Resources Group Ltd. |
|
|
64,000 |
|
|
|
24,988 |
|
Sociedad Minera Cerro Verde S.A.A.* |
|
|
451 |
|
|
|
10,508 |
|
Sociedad Minera el Brocal S.A. |
|
|
2,500 |
|
|
|
23,265 |
|
Southern Copper Corp. |
|
|
3,200 |
|
|
|
106,656 |
|
Stalprodukt S.A.* |
|
|
224 |
|
|
|
11,379 |
|
Sterlite Industries India Ltd. (ADR) |
|
|
22,943 |
|
|
|
165,878 |
|
STP & I PCL |
|
|
3,900 |
|
|
|
12,424 |
|
TA Chen Stainless Pipe |
|
|
31,000 |
|
|
|
15,336 |
|
Timah Persero Tbk PT |
|
|
125,000 |
|
|
|
18,257 |
|
Ton Yi Industrial Corp. |
|
|
5,000 |
|
|
|
3,702 |
|
Tung Ho Steel Enterprise Corp. |
|
|
12,000 |
|
|
|
11,710 |
|
United Co. RUSAL PLC* |
|
|
50,200 |
|
|
|
25,033 |
|
Usinas Siderurgicas de Minas Gerais S.A.* |
|
|
1,800 |
|
|
|
9,056 |
|
Vale Indonesia Tbk PT |
|
|
47,000 |
|
|
|
13,777 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Metals &
Mining (continued) |
|
Vale S.A. |
|
|
25,100 |
|
|
$ |
428,690 |
|
Volcan Cia Minera SAA |
|
|
32,809 |
|
|
|
21,099 |
|
VSMPO-AVISMA Corp. |
|
|
37 |
|
|
|
6,787 |
|
Winsway Coking Coal Holding Ltd. |
|
|
274,000 |
|
|
|
25,774 |
|
Yieh Phui Enterprise Co. Ltd. |
|
|
54,000 |
|
|
|
15,022 |
|
Yieh United Steel Corp.* |
|
|
108,115 |
|
|
|
32,128 |
|
Young Poong Corp. |
|
|
4 |
|
|
|
5,811 |
|
Zhaojin Mining Industry Co. Ltd., Class H |
|
|
47,500 |
|
|
|
52,760 |
|
Zijin Mining Group Co. Ltd., Class H |
|
|
94,000 |
|
|
|
27,738 |
|
|
|
|
|
|
|
|
5,254,575 |
|
Multiline Retail 0.9% |
|
Aeon Co. M Bhd |
|
|
2,700 |
|
|
|
12,868 |
|
El Puerto de Liverpool SAB de CV |
|
|
4,500 |
|
|
|
56,847 |
|
Empresas La Polar S.A.* |
|
|
161,732 |
|
|
|
64,864 |
|
Far Eastern Department Stores Co. Ltd. |
|
|
11,000 |
|
|
|
9,728 |
|
Golden Eagle Retail Group Ltd. |
|
|
12,000 |
|
|
|
21,122 |
|
Grupo Famsa SAB de CV, Class A* |
|
|
16,200 |
|
|
|
32,209 |
|
Hyundai Department Store Co. Ltd. |
|
|
279 |
|
|
|
40,534 |
|
Hyundai Greenfood Co. Ltd. |
|
|
930 |
|
|
|
14,989 |
|
Intime Department Store Group Co. Ltd. |
|
|
18,500 |
|
|
|
21,931 |
|
Lojas Americanas S.A. |
|
|
1,800 |
|
|
|
14,458 |
|
Lojas Renner S.A. |
|
|
2,200 |
|
|
|
83,577 |
|
Lotte Shopping Co. Ltd. |
|
|
216 |
|
|
|
80,610 |
|
Magazine Luiza S.A. |
|
|
3,300 |
|
|
|
11,801 |
|
Maoye International Holdings Ltd. |
|
|
81,000 |
|
|
|
17,326 |
|
Marisa Lojas S.A. |
|
|
700 |
|
|
|
10,618 |
|
Matahari Putra Prima Tbk PT |
|
|
88,500 |
|
|
|
18,114 |
|
Mercuries & Associates Ltd. |
|
|
12,000 |
|
|
|
9,433 |
|
Mitra Adiperkasa Tbk PT |
|
|
37,000 |
|
|
|
31,396 |
|
New World Department Store China Ltd. |
|
|
29,000 |
|
|
|
14,947 |
|
Parkson Holdings Bhd |
|
|
11,900 |
|
|
|
16,506 |
|
Parkson Retail Group Ltd. |
|
|
18,500 |
|
|
|
10,012 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
119 |
|
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Multiline Retail (continued) |
|
PCD Stores Group Ltd. |
|
|
438,000 |
|
|
$ |
66,034 |
|
Ramayana Lestari Sentosa Tbk PT |
|
|
145,000 |
|
|
|
21,476 |
|
Ripley Corp. S.A. |
|
|
9,695 |
|
|
|
10,075 |
|
SACI Falabella |
|
|
9,367 |
|
|
|
106,981 |
|
Shinsegae Co. Ltd. |
|
|
106 |
|
|
|
22,763 |
|
Springland International Holdings Ltd. |
|
|
35,000 |
|
|
|
18,220 |
|
Woolworths Holdings Ltd. |
|
|
14,805 |
|
|
|
115,277 |
|
|
|
|
|
|
|
|
954,716 |
|
Multi-Utilities 0.1% |
|
YTL Corp. Bhd |
|
|
84,400 |
|
|
|
45,494 |
|
YTL Power International Bhd |
|
|
67,700 |
|
|
|
33,600 |
|
Zespol Elektrocieplowni Wroclawskich Kogeneracja S.A. |
|
|
509 |
|
|
|
7,452 |
|
|
|
|
|
|
|
|
86,546 |
|
Office Electronics 0.1% |
|
Kinpo Electronics |
|
|
213,000 |
|
|
|
50,594 |
|
Sindoh Co. Ltd. |
|
|
550 |
|
|
|
38,455 |
|
|
|
|
|
|
|
|
89,049 |
|
Oil, Gas & Consumable
Fuels 7.2% |
|
Adaro Energy Tbk PT |
|
|
265,500 |
|
|
|
33,589 |
|
Bangchak Petroleum PCL |
|
|
10,400 |
|
|
|
12,845 |
|
Banpu PCL |
|
|
2,200 |
|
|
|
25,560 |
|
Berau Coal Energy Tbk PT |
|
|
166,500 |
|
|
|
3,511 |
|
Bumi Resources Tbk PT |
|
|
289,000 |
|
|
|
19,916 |
|
China Coal Energy Co. Ltd., Class H |
|
|
66,000 |
|
|
|
50,772 |
|
China Petroleum & Chemical Corp., Class H |
|
|
364,000 |
|
|
|
398,211 |
|
China Shenhua Energy Co. Ltd., Class H |
|
|
59,500 |
|
|
|
210,457 |
|
CNOOC Ltd. |
|
|
336,000 |
|
|
|
626,921 |
|
Cosan Ltd., Class A |
|
|
2,800 |
|
|
|
58,100 |
|
Cosan S.A. Industria e Comercio |
|
|
2,100 |
|
|
|
49,572 |
|
Ecopetrol S.A. |
|
|
85,414 |
|
|
|
205,329 |
|
Empresas COPEC S.A. |
|
|
6,003 |
|
|
|
85,939 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Oil, Gas & Consumable
Fuels (continued) |
|
Energi Mega Persada Tbk PT* |
|
|
1,414,000 |
|
|
$ |
19,779 |
|
Energy Earth PCL |
|
|
24,800 |
|
|
|
6,337 |
|
Esso Thailand PCL |
|
|
170,300 |
|
|
|
55,993 |
|
Exxaro Resources Ltd. |
|
|
2,058 |
|
|
|
32,243 |
|
Formosa Petrochemical Corp. |
|
|
18,000 |
|
|
|
48,977 |
|
Garda Tujuh Buana Tbk PT* |
|
|
55,000 |
|
|
|
17,819 |
|
Gazprom Neft OAO (ADR) |
|
|
1,859 |
|
|
|
37,924 |
|
Gazprom OAO |
|
|
58,706 |
|
|
|
235,393 |
|
Gazprom OAO (ADR) |
|
|
73,857 |
|
|
|
586,055 |
|
Grupa Lotos S.A.* |
|
|
1,462 |
|
|
|
17,570 |
|
GS Holdings |
|
|
1,035 |
|
|
|
51,125 |
|
Harum Energy Tbk PT |
|
|
6,500 |
|
|
|
2,774 |
|
Hidili Industry International Development Ltd. |
|
|
169,000 |
|
|
|
38,109 |
|
HRT Participacoes em Petroleo S.A.* |
|
|
13,300 |
|
|
|
29,400 |
|
Indika Energy Tbk PT |
|
|
93,000 |
|
|
|
10,713 |
|
Indo Tambangraya Megah Tbk PT |
|
|
7,000 |
|
|
|
26,459 |
|
Inner Mongolia Yitai Coal Co. Ltd., Class B |
|
|
11,400 |
|
|
|
59,394 |
|
IRPC PCL |
|
|
237,300 |
|
|
|
33,149 |
|
Kunlun Energy Co. Ltd. |
|
|
58,000 |
|
|
|
113,450 |
|
Lubelski Wegiel Bogdanka S.A. |
|
|
785 |
|
|
|
29,069 |
|
Lukoil OAO |
|
|
2,804 |
|
|
|
178,632 |
|
Lukoil OAO (ADR) |
|
|
6,705 |
|
|
|
425,097 |
|
Medco Energi Internasional Tbk PT |
|
|
177,000 |
|
|
|
34,772 |
|
MIE Holdings Corp. |
|
|
60,000 |
|
|
|
13,839 |
|
MOL Hungarian Oil and Gas PLC |
|
|
700 |
|
|
|
49,641 |
|
NovaTek OAO |
|
|
17,922 |
|
|
|
169,180 |
|
OGX Petroleo e Gas Participacoes S.A.* |
|
|
25,500 |
|
|
|
25,761 |
|
PetroChina Co. Ltd., Class H |
|
|
388,000 |
|
|
|
493,462 |
|
Petroleo Brasileiro S.A. |
|
|
58,200 |
|
|
|
557,113 |
|
Petron Corp. |
|
|
23,300 |
|
|
|
8,718 |
|
Petronas Dagangan BHD |
|
|
4,400 |
|
|
|
34,159 |
|
Philex Petroleum Corp.* |
|
|
22,300 |
|
|
|
14,574 |
|
Polski Koncern Naftowy Orlen S.A.* |
|
|
6,036 |
|
|
|
93,610 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
120 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Oil, Gas & Consumable
Fuels (continued) |
|
Polskie Gornictwo Naftowe i Gazownictwo S.A.* |
|
|
30,059 |
|
|
$ |
50,803 |
|
PTT Exploration & Production PCL |
|
|
20,090 |
|
|
|
105,413 |
|
PTT PCL |
|
|
15,500 |
|
|
|
172,164 |
|
QGEP Participacoes S.A. |
|
|
4,300 |
|
|
|
24,624 |
|
Reliance Industries Ltd. (GDR)(a) |
|
|
19,510 |
|
|
|
574,960 |
|
Resource Alam Indonesia Tbk PT |
|
|
65,500 |
|
|
|
14,148 |
|
Rosneft OAO |
|
|
7,631 |
|
|
|
52,836 |
|
Rosneft OAO (GDR) |
|
|
16,544 |
|
|
|
113,078 |
|
SAMIR* |
|
|
614 |
|
|
|
19,772 |
|
Sasol Ltd. |
|
|
10,731 |
|
|
|
463,329 |
|
Semirara Mining Corp. |
|
|
2,170 |
|
|
|
15,816 |
|
Shell Refining Co. Federation of Malaya Bhd |
|
|
8,500 |
|
|
|
23,607 |
|
Sinopec Kantons Holdings Ltd. |
|
|
14,000 |
|
|
|
12,682 |
|
SK Gas Co. Ltd. |
|
|
528 |
|
|
|
37,396 |
|
SK Innovation Co. Ltd. |
|
|
1,177 |
|
|
|
160,311 |
|
S-Oil Corp. |
|
|
737 |
|
|
|
59,225 |
|
Surgutneftegas OAO |
|
|
37,487 |
|
|
|
32,387 |
|
Surgutneftegas OAO (ADR) |
|
|
24,362 |
|
|
|
187,602 |
|
Tambang Batubara Bukit Asam Persero Tbk PT |
|
|
14,500 |
|
|
|
22,744 |
|
Tatneft OAO |
|
|
8,311 |
|
|
|
53,478 |
|
Tatneft OAO (ADR) |
|
|
3,003 |
|
|
|
113,483 |
|
Thai Oil PCL |
|
|
15,200 |
|
|
|
34,181 |
|
TNK-BP Holding |
|
|
8,570 |
|
|
|
12,732 |
|
Tupras Turkiye Petrol Rafinerileri AS |
|
|
2,208 |
|
|
|
61,557 |
|
Turcas Petrol AS |
|
|
4,033 |
|
|
|
7,803 |
|
Ultrapar Participacoes S.A. |
|
|
6,300 |
|
|
|
167,622 |
|
United Energy Group Ltd.* |
|
|
74,000 |
|
|
|
11,442 |
|
Yanchang Petroleum International Ltd.* |
|
|
260,000 |
|
|
|
15,076 |
|
Yanzhou Coal Mining Co. Ltd., Class H |
|
|
42,000 |
|
|
|
43,729 |
|
|
|
|
|
|
|
|
7,995,012 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Paper & Forest
Products 0.7% |
|
Duratex S.A. |
|
|
7,150 |
|
|
$ |
53,746 |
|
Empresas CMPC S.A. |
|
|
21,301 |
|
|
|
78,608 |
|
Fibria Celulose S.A.* |
|
|
5,400 |
|
|
|
57,470 |
|
Hansol Paper Co. |
|
|
5,890 |
|
|
|
78,619 |
|
Indah Kiat Pulp & Paper Corp. Tbk PT* |
|
|
557,500 |
|
|
|
49,887 |
|
Jaya Tiasa Holdings BHD |
|
|
17,600 |
|
|
|
11,222 |
|
Lee & Man Paper Manufacturing Ltd. |
|
|
27,000 |
|
|
|
20,074 |
|
Masisa S.A. |
|
|
346,292 |
|
|
|
31,581 |
|
Mondi Ltd. |
|
|
17,325 |
|
|
|
231,356 |
|
Nine Dragons Paper Holdings Ltd. |
|
|
29,000 |
|
|
|
25,149 |
|
Sappi Ltd.* |
|
|
13,275 |
|
|
|
39,903 |
|
Shandong Chenming Paper Holdings Ltd., Class B |
|
|
47,300 |
|
|
|
21,942 |
|
Shandong Chenming Paper Holdings Ltd., Class H |
|
|
22,500 |
|
|
|
8,727 |
|
Shihlin Paper Corp.* |
|
|
8,000 |
|
|
|
11,900 |
|
Ta Ann Holdings Bhd |
|
|
11,100 |
|
|
|
12,733 |
|
YFY, Inc. |
|
|
212,000 |
|
|
|
103,802 |
|
|
|
|
|
|
|
|
836,719 |
|
Personal Products 0.4% |
|
Able C&C Co. Ltd. |
|
|
546 |
|
|
|
29,796 |
|
Amorepacific Corp. |
|
|
63 |
|
|
|
51,485 |
|
AMOREPACIFIC Group |
|
|
57 |
|
|
|
21,634 |
|
BaWang International Group Holding Ltd.* |
|
|
116,000 |
|
|
|
6,726 |
|
Cosmax, Inc. |
|
|
530 |
|
|
|
26,661 |
|
Hengan International Group Co. Ltd. |
|
|
14,000 |
|
|
|
144,680 |
|
Hypermarcas S.A.* |
|
|
6,700 |
|
|
|
53,546 |
|
Jinchuan Group International Resources Co. Ltd.* |
|
|
63,000 |
|
|
|
11,609 |
|
Microbio Co. Ltd. |
|
|
19,000 |
|
|
|
21,761 |
|
Natura Cosmeticos S.A. |
|
|
3,100 |
|
|
|
77,737 |
|
Real Nutriceutical Group Ltd. |
|
|
127,000 |
|
|
|
33,711 |
|
|
|
|
|
|
|
|
479,346 |
|
Pharmaceuticals 1.2% |
|
Adcock Ingram Holdings Ltd. |
|
|
23,881 |
|
|
|
162,177 |
|
Aspen Pharmacare Holdings Ltd.* |
|
|
4,965 |
|
|
|
107,731 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
121 |
|
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Pharmaceuticals (continued) |
|
Bukwang Pharmaceutical Co. Ltd. |
|
|
1,072 |
|
|
$ |
16,012 |
|
Celltrion, Inc. |
|
|
1,146 |
|
|
|
32,883 |
|
CFR Pharmaceuticals S.A. |
|
|
12,516 |
|
|
|
3,225 |
|
China Medical System Holdings Ltd. |
|
|
49,000 |
|
|
|
48,049 |
|
China Shineway Pharmaceutical Group Ltd. |
|
|
19,000 |
|
|
|
33,786 |
|
Chong Kun Dang Pharm Corp. |
|
|
430 |
|
|
|
23,934 |
|
CSPC Pharmaceutical Group Ltd.* |
|
|
126,000 |
|
|
|
60,722 |
|
Daewoong Pharmaceutical Co. Ltd. |
|
|
230 |
|
|
|
15,350 |
|
Dong-A Socio Holdings Co. Ltd. |
|
|
39 |
|
|
|
4,427 |
|
Dr Reddys Laboratories Ltd. (ADR) |
|
|
5,903 |
|
|
|
223,606 |
|
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS |
|
|
9,354 |
|
|
|
13,352 |
|
Genomma Lab Internacional SAB de CV, Class B* |
|
|
14,700 |
|
|
|
31,706 |
|
Green Cross Holdings Corp. |
|
|
1,140 |
|
|
|
17,701 |
|
Hanmi Pharm Co. Ltd.* |
|
|
336 |
|
|
|
49,578 |
|
Ilyang Pharmaceutical Co. Ltd.* |
|
|
610 |
|
|
|
20,494 |
|
Kalbe Farma Tbk PT |
|
|
371,000 |
|
|
|
53,041 |
|
Komipharm International Co. Ltd.* |
|
|
1,365 |
|
|
|
10,275 |
|
LG Life Sciences Ltd.* |
|
|
661 |
|
|
|
32,951 |
|
Lijun International Pharmaceutical Holding Ltd. |
|
|
74,000 |
|
|
|
22,980 |
|
Pharmstandard OJSC* |
|
|
149 |
|
|
|
9,866 |
|
Pharmstandard OJSC (GDR)* |
|
|
1,321 |
|
|
|
27,622 |
|
Ranbaxy Laboratories Ltd. (GDR)* |
|
|
15,978 |
|
|
|
133,896 |
|
Richter Gedeon Nyrt |
|
|
228 |
|
|
|
33,810 |
|
ScinoPharm Taiwan Ltd. |
|
|
5,000 |
|
|
|
11,622 |
|
Sihuan Pharmaceutical Holdings Group Ltd. |
|
|
33,000 |
|
|
|
18,497 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Pharmaceuticals (continued) |
|
Sino Biopharmaceutical |
|
|
52,000 |
|
|
$ |
35,848 |
|
TTY Biopharm Co. Ltd. |
|
|
9,000 |
|
|
|
29,825 |
|
Yuhan Corp. |
|
|
166 |
|
|
|
31,653 |
|
YungShin Global Holding Corp. |
|
|
12,000 |
|
|
|
16,753 |
|
|
|
|
|
|
|
|
1,333,372 |
|
Real Estate Investment Trusts
(REITs) 0.6% |
|
Akmerkez Gayrimenkul Yatirim Ortakligi AS |
|
|
1,462 |
|
|
|
15,081 |
|
Capital Property Fund |
|
|
20,303 |
|
|
|
26,672 |
|
CapitaMalls Malaysia Trust |
|
|
50,700 |
|
|
|
31,328 |
|
Cathay No. 1 REIT |
|
|
22,000 |
|
|
|
14,991 |
|
Cathay No. 2 REIT |
|
|
34,000 |
|
|
|
20,553 |
|
Emlak Konut Gayrimenkul Yatirim Ortakligi AS* |
|
|
11,564 |
|
|
|
19,795 |
|
Fibra Uno Administracion SA de CV |
|
|
24,300 |
|
|
|
93,269 |
|
Fountainhead Property Trust |
|
|
175,818 |
|
|
|
185,558 |
|
Fubon No. 1 REIT |
|
|
37,000 |
|
|
|
23,545 |
|
Fubon No. 2 REIT |
|
|
34,000 |
|
|
|
17,247 |
|
IGB Real Estate Investment Trust |
|
|
33,800 |
|
|
|
15,109 |
|
Is Gayrimenkul Yatirim Ortakligi AS |
|
|
18,055 |
|
|
|
15,805 |
|
Pavilion Real Estate Investment Trust |
|
|
22,500 |
|
|
|
11,832 |
|
SA Corporate Real Estate Fund Nominees Pty Ltd. |
|
|
184,109 |
|
|
|
89,775 |
|
Shin Kong No.1 REIT |
|
|
53,000 |
|
|
|
27,890 |
|
Sinpas Gayrimenkul Yatirim Ortakligi AS |
|
|
35,728 |
|
|
|
27,691 |
|
Sunway Real Estate Investment Trust |
|
|
39,400 |
|
|
|
20,720 |
|
Torunlar Gayrimenkul Yatirim Ortakligi AS |
|
|
5,945 |
|
|
|
14,022 |
|
Yuexiu Real Estate Investment Trust |
|
|
85,000 |
|
|
|
47,644 |
|
|
|
|
|
|
|
|
718,527 |
|
Real Estate Management &
Development 4.3% |
|
Acucap Properties Ltd. |
|
|
25,753 |
|
|
|
150,348 |
|
Agile Property Holdings Ltd. |
|
|
18,000 |
|
|
|
23,287 |
|
Agung Podomoro Land Tbk PT |
|
|
295,500 |
|
|
|
14,437 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
122 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Real Estate Management &
Development (continued) |
|
Alam Sutera Realty Tbk PT |
|
|
798,000 |
|
|
$ |
86,182 |
|
Aliansce Shopping Centers S.A. |
|
|
6,300 |
|
|
|
71,176 |
|
Alliances Developpement Immobilier S.A. |
|
|
189 |
|
|
|
10,740 |
|
Amata Corp. PCL |
|
|
20,700 |
|
|
|
16,221 |
|
Amer Group Holding |
|
|
54,880 |
|
|
|
4,432 |
|
Ayala Land, Inc. |
|
|
103,000 |
|
|
|
81,204 |
|
Bakrieland Development Tbk PT* |
|
|
2,052,500 |
|
|
|
10,978 |
|
Bangkokland PCL |
|
|
354,000 |
|
|
|
24,846 |
|
Belle Corp.* |
|
|
244,200 |
|
|
|
38,445 |
|
BR Malls Participacoes S.A.* |
|
|
8,400 |
|
|
|
99,145 |
|
BR Properties S.A. |
|
|
4,600 |
|
|
|
51,027 |
|
Bumi Serpong Damai PT |
|
|
84,000 |
|
|
|
14,947 |
|
C C Land Holdings Ltd. |
|
|
210,000 |
|
|
|
70,626 |
|
Cathay Real Estate Development Co. Ltd. |
|
|
23,000 |
|
|
|
13,794 |
|
Central Pattana PCL |
|
|
20,800 |
|
|
|
70,869 |
|
China Merchants Property Development Co. Ltd., Class B |
|
|
19,200 |
|
|
|
59,377 |
|
China Overseas Grand Oceans Group Ltd. |
|
|
7,000 |
|
|
|
11,004 |
|
China Overseas Land & Investment Ltd. |
|
|
74,000 |
|
|
|
225,988 |
|
China Properties Group Ltd.* |
|
|
15,000 |
|
|
|
3,730 |
|
China Resources Land Ltd. |
|
|
42,000 |
|
|
|
127,181 |
|
China SCE Property Holdings Ltd. |
|
|
154,000 |
|
|
|
38,695 |
|
China South City Holdings Ltd. |
|
|
344,000 |
|
|
|
58,511 |
|
China Vanke Co. Ltd., Class B |
|
|
22,300 |
|
|
|
45,171 |
|
Chong Hong Construction Co. |
|
|
6,000 |
|
|
|
20,737 |
|
Cie Generale Immobiliere |
|
|
286 |
|
|
|
18,965 |
|
Ciputra Development Tbk PT |
|
|
612,500 |
|
|
|
86,938 |
|
Country Garden Holdings Co. Ltd.* |
|
|
110,000 |
|
|
|
62,366 |
|
Cyrela Commercial Properties SA Empreendimentos e Participacoes* |
|
|
1,600 |
|
|
|
18,749 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Real Estate Management &
Development (continued) |
|
Douja Promotion Groupe Addoha S.A. |
|
|
1,857 |
|
|
$ |
12,101 |
|
Echo Investment S.A.* |
|
|
18,210 |
|
|
|
32,852 |
|
Evergrande Real Estate Group Ltd. |
|
|
128,000 |
|
|
|
52,285 |
|
Fantasia Holdings Group Co. Ltd. |
|
|
352,500 |
|
|
|
54,960 |
|
Farglory Land Development Co. Ltd. |
|
|
7,000 |
|
|
|
13,330 |
|
Filinvest Land, Inc. |
|
|
411,000 |
|
|
|
20,370 |
|
Franshion Properties China Ltd. |
|
|
30,000 |
|
|
|
10,244 |
|
Globe Trade Centre S.A.* |
|
|
14,767 |
|
|
|
36,596 |
|
Glorious Property Holdings Ltd.* |
|
|
433,000 |
|
|
|
67,512 |
|
Grand Canal Land PCL* |
|
|
149,300 |
|
|
|
19,025 |
|
Greentown China Holdings Ltd. |
|
|
29,000 |
|
|
|
56,351 |
|
Growthpoint Properties Ltd. |
|
|
36,364 |
|
|
|
119,386 |
|
Guangzhou R&F Properties Co. Ltd., Class H |
|
|
143,200 |
|
|
|
259,069 |
|
Hemaraj Land and Development PCL |
|
|
249,700 |
|
|
|
36,583 |
|
Highwealth Construction Corp. |
|
|
7,000 |
|
|
|
15,631 |
|
Hopson Development Holdings Ltd.* |
|
|
16,000 |
|
|
|
26,678 |
|
Huaku Development Co. Ltd. |
|
|
21,000 |
|
|
|
60,342 |
|
Huang Hsiang Construction Co. |
|
|
4,000 |
|
|
|
10,640 |
|
Hung Poo Real Estate Development Corp. |
|
|
9,000 |
|
|
|
10,048 |
|
Hung Sheng Construction Co. Ltd. |
|
|
86,000 |
|
|
|
71,103 |
|
Hyprop Investments Ltd. |
|
|
1,358 |
|
|
|
11,974 |
|
IGB Corp. Bhd |
|
|
13,500 |
|
|
|
10,472 |
|
Iguatemi Empresa de Shopping Centers S.A. |
|
|
1,100 |
|
|
|
13,154 |
|
IJM Land Bhd |
|
|
21,600 |
|
|
|
18,317 |
|
JHSF Participacoes S.A. |
|
|
2,400 |
|
|
|
8,750 |
|
Kaisa Group Holdings Ltd.* |
|
|
277,000 |
|
|
|
86,734 |
|
Kindom Construction Co. |
|
|
69,000 |
|
|
|
74,233 |
|
Kings Town Construction Co. Ltd. |
|
|
9,000 |
|
|
|
9,347 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
123 |
|
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Real Estate Management &
Development (continued) |
|
KLCC Property Holdings Bhd^ |
|
|
4,800 |
|
|
$ |
11,438 |
|
KrisAssets Holdings Bhd^ |
|
|
17,100 |
|
|
|
393 |
|
KWG Property Holding Ltd. |
|
|
18,000 |
|
|
|
12,432 |
|
Land and Houses PCL |
|
|
315,500 |
|
|
|
140,819 |
|
Lippo Karawaci Tbk PT |
|
|
421,500 |
|
|
|
58,527 |
|
Longfor Properties Co. Ltd. |
|
|
24,000 |
|
|
|
40,079 |
|
LPS Brasil Consultoria de Imoveis S.A. |
|
|
4,800 |
|
|
|
49,452 |
|
LSR Group (GDR) |
|
|
5,482 |
|
|
|
23,847 |
|
Mah Sing Group Bhd |
|
|
27,066 |
|
|
|
20,194 |
|
Medinet Nasr Housing* |
|
|
2,721 |
|
|
|
9,108 |
|
Megaworld Corp. |
|
|
189,000 |
|
|
|
19,056 |
|
Mingfa Group International Co. Ltd. |
|
|
36,000 |
|
|
|
11,087 |
|
Minmetals Land Ltd. |
|
|
210,000 |
|
|
|
30,036 |
|
Multiplan Empreendimentos Imobiliarios S.A. |
|
|
2,100 |
|
|
|
59,980 |
|
New World China Land Ltd. |
|
|
20,000 |
|
|
|
8,788 |
|
Pakuwon Jati Tbk PT |
|
|
229,500 |
|
|
|
9,560 |
|
Palm Hills Developments SAE* |
|
|
25,781 |
|
|
|
8,031 |
|
Parque Arauco S.A. |
|
|
24,597 |
|
|
|
63,535 |
|
Poly Property Group Co. Ltd.* |
|
|
63,000 |
|
|
|
43,918 |
|
Powerlong Real Estate Holdings Ltd. |
|
|
237,000 |
|
|
|
56,802 |
|
Prince Housing & Development Corp. |
|
|
30,000 |
|
|
|
21,449 |
|
Quality Houses PCL |
|
|
401,800 |
|
|
|
57,772 |
|
Radium Life Tech Co. Ltd. |
|
|
46,000 |
|
|
|
38,344 |
|
Renhe Commercial Holdings Co. Ltd.* |
|
|
646,000 |
|
|
|
40,788 |
|
Resilient Property Income Fund Ltd. |
|
|
8,861 |
|
|
|
58,499 |
|
Robinsons Land Corp. |
|
|
7,200 |
|
|
|
4,496 |
|
Ruentex Development Co. Ltd. |
|
|
7,000 |
|
|
|
13,710 |
|
Sao Carlos Empreendimentos e Participacoes S.A. |
|
|
700 |
|
|
|
16,244 |
|
Sentul City Tbk PT* |
|
|
1,819,000 |
|
|
|
53,321 |
|
Shanghai Industrial Urban Development Group Ltd.* |
|
|
76,000 |
|
|
|
15,375 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Real Estate Management &
Development (continued) |
|
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B |
|
|
25,800 |
|
|
$ |
35,449 |
|
Shenzhen Investment Ltd. |
|
|
328,000 |
|
|
|
137,361 |
|
Shimao Property Holdings Ltd. |
|
|
24,500 |
|
|
|
52,785 |
|
Shining Building Business Co. Ltd.* |
|
|
27,000 |
|
|
|
20,402 |
|
Shui On Land Ltd. |
|
|
63,500 |
|
|
|
21,110 |
|
Silver Grant International |
|
|
294,000 |
|
|
|
47,355 |
|
Sinolink Worldwide Holdings Ltd.* |
|
|
252,000 |
|
|
|
19,808 |
|
Sino-Ocean Land Holdings Ltd. |
|
|
65,000 |
|
|
|
42,883 |
|
Sinyi Realty Co. |
|
|
7,000 |
|
|
|
12,453 |
|
SM Development Corp. |
|
|
81,500 |
|
|
|
16,831 |
|
SM Prime Holdings, Inc. |
|
|
147,200 |
|
|
|
71,526 |
|
Soho China Ltd. |
|
|
52,500 |
|
|
|
45,325 |
|
Sonae Sierra Brasil S.A. |
|
|
2,100 |
|
|
|
28,998 |
|
SP Setia Bhd |
|
|
14,300 |
|
|
|
16,121 |
|
Summarecon Agung Tbk PT |
|
|
156,500 |
|
|
|
41,851 |
|
Sunac China Holdings Ltd. |
|
|
40,000 |
|
|
|
32,266 |
|
Sunway Bhd |
|
|
46,600 |
|
|
|
44,417 |
|
Supalai PCL |
|
|
55,400 |
|
|
|
38,695 |
|
Talaat Moustafa Group* |
|
|
12,909 |
|
|
|
7,353 |
|
Tomson Group Ltd. |
|
|
22,000 |
|
|
|
5,981 |
|
UEM Land Holdings Bhd* |
|
|
25,000 |
|
|
|
20,624 |
|
UOA Development Bhd |
|
|
69,700 |
|
|
|
50,628 |
|
Vista Land & Lifescapes, Inc. |
|
|
68,000 |
|
|
|
10,854 |
|
Yuexiu Property Co. Ltd. |
|
|
168,000 |
|
|
|
49,790 |
|
Yuzhou Properties Co. |
|
|
134,000 |
|
|
|
34,188 |
|
Zall Development Group Ltd. |
|
|
40,000 |
|
|
|
13,349 |
|
|
|
|
|
|
|
|
4,763,686 |
|
Road & Rail 0.2% |
|
All America Latina Logistica S.A. |
|
|
8,000 |
|
|
|
40,490 |
|
CJ Korea Express Co. Ltd.* |
|
|
140 |
|
|
|
13,475 |
|
Evergreen International Storage & Transport Corp. |
|
|
30,000 |
|
|
|
19,569 |
|
Guangshen Railway Co. Ltd., Class H |
|
|
224,000 |
|
|
|
112,857 |
|
JSL S.A. |
|
|
3,100 |
|
|
|
24,806 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
124 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Road &
Rail (continued) |
|
Localiza Rent a Car S.A. |
|
|
2,400 |
|
|
$ |
42,671 |
|
Tegma Gestao Logistica |
|
|
1,500 |
|
|
|
20,165 |
|
|
|
|
|
|
|
|
274,033 |
|
Semiconductors & Semiconductor
Equipment 6.4% |
|
A-DATA Technology Co. Ltd. |
|
|
10,000 |
|
|
|
19,789 |
|
Advanced Semiconductor Engineering, Inc. |
|
|
108,000 |
|
|
|
93,135 |
|
ALI Corp. |
|
|
14,000 |
|
|
|
14,967 |
|
Ardentec Corp. |
|
|
25,000 |
|
|
|
16,900 |
|
Chipbond Technology Corp. |
|
|
7,000 |
|
|
|
17,789 |
|
Dongbu HiTek Co. Ltd.* |
|
|
2,680 |
|
|
|
14,528 |
|
Duksan Hi-Metal Co. Ltd.* |
|
|
767 |
|
|
|
19,013 |
|
Elan Microelectronics Corp. |
|
|
21,000 |
|
|
|
55,859 |
|
Epistar Corp. |
|
|
18,000 |
|
|
|
31,716 |
|
Faraday Technology Corp. |
|
|
21,000 |
|
|
|
23,340 |
|
Forhouse Corp. |
|
|
25,000 |
|
|
|
12,198 |
|
Formosa Epitaxy, Inc.* |
|
|
16,000 |
|
|
|
11,385 |
|
GCL-Poly Energy Holdings Ltd. |
|
|
176,000 |
|
|
|
35,606 |
|
GemVax & Kael Co. Ltd.* |
|
|
1,261 |
|
|
|
43,281 |
|
Genesis Photonics, Inc.* |
|
|
14,000 |
|
|
|
9,677 |
|
Giga Solar Materials Corp. |
|
|
1,000 |
|
|
|
8,437 |
|
Gintech Energy Corp.* |
|
|
46,000 |
|
|
|
44,968 |
|
Global Mixed Mode Technology, Inc. |
|
|
5,000 |
|
|
|
15,587 |
|
Global Unichip Corp. |
|
|
4,000 |
|
|
|
12,158 |
|
Greatek Electronics, Inc. |
|
|
14,000 |
|
|
|
11,409 |
|
Holtek Semiconductor, Inc. |
|
|
8,000 |
|
|
|
9,705 |
|
Iljin Display Co. Ltd. |
|
|
890 |
|
|
|
17,658 |
|
Inotera Memories, Inc.* |
|
|
37,000 |
|
|
|
14,543 |
|
King Yuan Electronics Co. Ltd. |
|
|
170,000 |
|
|
|
120,968 |
|
Kinsus Interconnect Technology Corp. |
|
|
4,000 |
|
|
|
13,960 |
|
Lextar Electronics Corp.* |
|
|
15,000 |
|
|
|
16,570 |
|
Macronix International |
|
|
66,000 |
|
|
|
17,980 |
|
MediaTek, Inc. |
|
|
22,000 |
|
|
|
268,365 |
|
Melfas, Inc. |
|
|
877 |
|
|
|
14,692 |
|
Motech Industries, Inc.* |
|
|
46,000 |
|
|
|
48,086 |
|
MStar Semiconductor, Inc. |
|
|
4,000 |
|
|
|
34,156 |
|
Neo Solar Power Corp.* |
|
|
74,000 |
|
|
|
51,152 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Semiconductors & Semiconductor
Equipment (continued) |
|
Novatek Microelectronics Corp. |
|
|
10,000 |
|
|
$ |
48,794 |
|
OptoTech Corp. |
|
|
36,000 |
|
|
|
14,638 |
|
Parade Technologies Ltd. |
|
|
1,000 |
|
|
|
9,284 |
|
Phison Electronics Corp. |
|
|
2,000 |
|
|
|
15,756 |
|
Pixart Imaging, Inc. |
|
|
8,000 |
|
|
|
17,457 |
|
Powertech Technology, Inc. |
|
|
13,000 |
|
|
|
23,258 |
|
Radiant Opto-Electronics Corp. |
|
|
8,000 |
|
|
|
32,529 |
|
Realtek Semiconductor Corp. |
|
|
7,000 |
|
|
|
20,161 |
|
Regent Manner International Holdings Ltd. |
|
|
115,000 |
|
|
|
21,487 |
|
Richtek Technology Corp. |
|
|
3,000 |
|
|
|
16,519 |
|
Samsung Electronics Co. Ltd. |
|
|
2,143 |
|
|
|
2,957,741 |
|
Semiconductor Manufacturing International Corp.* |
|
|
3,529,000 |
|
|
|
254,650 |
|
Seoul Semiconductor Co. Ltd. |
|
|
570 |
|
|
|
15,424 |
|
Silicon Integrated Systems Corp.* |
|
|
38,000 |
|
|
|
12,593 |
|
Siliconware Precision Industries Co. |
|
|
57,000 |
|
|
|
67,600 |
|
Sino-American Silicon Products, Inc. |
|
|
73,000 |
|
|
|
100,798 |
|
SK Hynix, Inc.* |
|
|
9,930 |
|
|
|
269,597 |
|
Sonix Technology Co. Ltd. |
|
|
9,000 |
|
|
|
12,824 |
|
Taiwan Semiconductor Manufacturing Co. Ltd. |
|
|
473,000 |
|
|
|
1,754,998 |
|
Taiwan Surface Mounting Technology Co. Ltd. |
|
|
30,000 |
|
|
|
50,115 |
|
Transcend Information, Inc. |
|
|
3,000 |
|
|
|
10,369 |
|
United Microelectronics Corp. |
|
|
221,000 |
|
|
|
84,245 |
|
Unity Opto Technology Co. Ltd.* |
|
|
15,000 |
|
|
|
14,104 |
|
Vanguard International Semiconductor Corp. |
|
|
12,000 |
|
|
|
13,073 |
|
Via Technologies, Inc.* |
|
|
14,000 |
|
|
|
9,606 |
|
Visual Photonics Epitaxy Co. Ltd. |
|
|
13,000 |
|
|
|
15,726 |
|
Win Semiconductors Corp. |
|
|
35,000 |
|
|
|
41,568 |
|
Winbond Electronics Corp.* |
|
|
229,000 |
|
|
|
63,628 |
|
Wonik IPS Co. Ltd.* |
|
|
1,799 |
|
|
|
10,471 |
|
|
|
|
|
|
|
|
7,118,590 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
125 |
|
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Software 0.3% |
|
AsiaInfo-Linkage, Inc.* |
|
|
3,000 |
|
|
$ |
34,440 |
|
Asseco Poland S.A. |
|
|
1,542 |
|
|
|
20,917 |
|
Com2uSCorp* |
|
|
318 |
|
|
|
14,784 |
|
Cyberlink Corp. |
|
|
4,000 |
|
|
|
13,134 |
|
Gamevil, Inc.* |
|
|
198 |
|
|
|
18,878 |
|
Golfzon Co. Ltd. |
|
|
95 |
|
|
|
5,745 |
|
International Games System Co. Ltd. |
|
|
4,000 |
|
|
|
11,141 |
|
Kingdee International Software Group Co. Ltd.* |
|
|
82,000 |
|
|
|
13,525 |
|
Kingsoft Corp. Ltd. |
|
|
33,000 |
|
|
|
37,972 |
|
NCSoft Corp. |
|
|
336 |
|
|
|
50,646 |
|
Neowiz Games Corp.* |
|
|
474 |
|
|
|
7,489 |
|
Totvs S.A. |
|
|
2,400 |
|
|
|
45,155 |
|
WeMade Entertainment Co. Ltd.* |
|
|
251 |
|
|
|
12,900 |
|
|
|
|
|
|
|
|
286,726 |
|
Specialty Retail 0.8% |
|
Ace Hardware Indonesia Tbk PT |
|
|
367,500 |
|
|
|
37,043 |
|
Belle International Holdings Ltd. |
|
|
89,000 |
|
|
|
145,187 |
|
China Yongda Automobiles Services Holdings Ltd.* |
|
|
16,500 |
|
|
|
18,030 |
|
China ZhengTong Auto Services Holdings Ltd.* |
|
|
20,000 |
|
|
|
12,396 |
|
Cia Hering |
|
|
2,300 |
|
|
|
46,874 |
|
The Foschini Group Ltd. |
|
|
3,867 |
|
|
|
49,508 |
|
GOME Electrical Appliances Holding Ltd.* |
|
|
197,000 |
|
|
|
19,800 |
|
Grupo Elektra SAB DE CV |
|
|
1,185 |
|
|
|
51,116 |
|
Hengdeli Holdings Ltd. |
|
|
100,000 |
|
|
|
29,121 |
|
Home Product Center PCL |
|
|
100,567 |
|
|
|
51,397 |
|
Hotai Motor Co. Ltd. |
|
|
4,000 |
|
|
|
35,714 |
|
Indomobil Sukses Internasional Tbk PT |
|
|
18,500 |
|
|
|
10,085 |
|
JD Group Ltd./South Africa |
|
|
21,175 |
|
|
|
77,935 |
|
Kolao Holdings |
|
|
715 |
|
|
|
19,477 |
|
Lewis Group Ltd. |
|
|
13,466 |
|
|
|
88,450 |
|
LOTTE Himart Co. Ltd. |
|
|
83 |
|
|
|
5,886 |
|
M Video OJSC |
|
|
2,549 |
|
|
|
20,332 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Specialty Retail (continued) |
|
Mr Price Group Ltd. |
|
|
4,520 |
|
|
$ |
64,904 |
|
National Petroleum Co. Ltd. |
|
|
5,000 |
|
|
|
4,871 |
|
Pou Sheng International Holdings Ltd.* |
|
|
87,000 |
|
|
|
5,045 |
|
Seobu T&D* |
|
|
453 |
|
|
|
9,296 |
|
Shinsegae International Co. Ltd. |
|
|
150 |
|
|
|
10,624 |
|
Siam Global House PCL |
|
|
12,700 |
|
|
|
9,693 |
|
Truworths International Ltd. |
|
|
8,472 |
|
|
|
84,122 |
|
Tsann Kuen Enterprise Co. Ltd. |
|
|
6,000 |
|
|
|
10,348 |
|
Zhongsheng Group Holdings Ltd. |
|
|
8,000 |
|
|
|
11,113 |
|
|
|
|
|
|
|
|
928,367 |
|
Textiles, Apparel & Luxury
Goods 0.9% |
|
361 Degrees International Ltd. |
|
|
132,000 |
|
|
|
35,719 |
|
Aksa Akrilik Kimya Sanayii |
|
|
7,428 |
|
|
|
21,868 |
|
Anta Sports Products Ltd. |
|
|
17,000 |
|
|
|
14,239 |
|
Arezzo Industria e Comercio S.A. |
|
|
2,400 |
|
|
|
50,605 |
|
Billion Industrial Holdings Ltd. |
|
|
53,500 |
|
|
|
35,503 |
|
Bosideng International Holdings Ltd. |
|
|
42,000 |
|
|
|
11,040 |
|
China Dongxiang Group Co. |
|
|
142,000 |
|
|
|
24,336 |
|
China Lilang Ltd. |
|
|
25,000 |
|
|
|
15,366 |
|
Daphne International Holdings Ltd. |
|
|
16,000 |
|
|
|
16,658 |
|
Eclat Textile Co. Ltd. |
|
|
2,000 |
|
|
|
12,063 |
|
Feng TAY Enterprise Co. Ltd. |
|
|
16,000 |
|
|
|
26,376 |
|
Fila Korea Ltd. |
|
|
701 |
|
|
|
45,384 |
|
Formosa Taffeta Co. Ltd. |
|
|
12,000 |
|
|
|
11,406 |
|
FORUS S.A. |
|
|
3,750 |
|
|
|
26,206 |
|
Grendene S.A. |
|
|
1,800 |
|
|
|
20,525 |
|
Guararapes Confeccoes S.A. |
|
|
200 |
|
|
|
10,423 |
|
Handsome Co. Ltd. |
|
|
560 |
|
|
|
16,755 |
|
Hansae Co. Ltd. |
|
|
620 |
|
|
|
10,302 |
|
Lealea Enterprise Co. Ltd. |
|
|
129,000 |
|
|
|
45,241 |
|
LG Fashion Corp. |
|
|
1,290 |
|
|
|
36,956 |
|
Li Ning Co. Ltd.* |
|
|
42,000 |
|
|
|
23,163 |
|
Li Peng Enterprise Co. Ltd.* |
|
|
76,000 |
|
|
|
28,714 |
|
LPP S.A. |
|
|
13 |
|
|
|
26,333 |
|
Makalot Industrial Co. Ltd. |
|
|
7,000 |
|
|
|
29,649 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
126 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Textiles, Apparel & Luxury
Goods (continued) |
|
NG2 S.A. |
|
|
1,309 |
|
|
$ |
30,244 |
|
Nien Hsing Textile Co. Ltd. |
|
|
10,000 |
|
|
|
7,861 |
|
Peak Sport Products Co. Ltd. |
|
|
147,000 |
|
|
|
26,329 |
|
Ports Design Ltd. |
|
|
64,500 |
|
|
|
50,449 |
|
Pou Chen Corp. |
|
|
47,000 |
|
|
|
55,421 |
|
Restoque Comercio e Confeccoes de Roupas S.A. |
|
|
4,800 |
|
|
|
21,629 |
|
Ruentex Industries Ltd. |
|
|
6,000 |
|
|
|
14,353 |
|
Shenzhou International Group Holdings Ltd. |
|
|
8,000 |
|
|
|
23,194 |
|
Shinkong Textile Co. Ltd. |
|
|
10,000 |
|
|
|
12,944 |
|
Tainan Spinning Co. Ltd. |
|
|
64,000 |
|
|
|
31,445 |
|
Woongjin Chemical Co. Ltd.* ^ |
|
|
33,420 |
|
|
|
26,978 |
|
XTEP International Holdings |
|
|
26,500 |
|
|
|
11,098 |
|
Youngone Corp. |
|
|
360 |
|
|
|
14,383 |
|
Youngone Holdings Co. Ltd. |
|
|
992 |
|
|
|
70,799 |
|
|
|
|
|
|
|
|
991,957 |
|
Thrifts & Mortgage Finance 0.0% |
|
Malaysia Building Society |
|
|
19,400 |
|
|
|
17,535 |
|
Tobacco 0.3% |
|
|
|
|
|
|
|
|
British American Tobacco Malaysia Bhd |
|
|
2,100 |
|
|
|
43,705 |
|
Gudang Garam Tbk PT |
|
|
10,500 |
|
|
|
53,350 |
|
JT International Bhd |
|
|
4,700 |
|
|
|
9,917 |
|
KT&G Corp. |
|
|
2,058 |
|
|
|
148,188 |
|
Philip Morris CR AS |
|
|
15 |
|
|
|
8,565 |
|
Souza Cruz S.A. |
|
|
6,300 |
|
|
|
96,887 |
|
|
|
|
|
|
|
|
360,612 |
|
Trading Companies &
Distributors 0.3% |
|
AKR Corporindo Tbk PT |
|
|
20,000 |
|
|
|
10,594 |
|
Barloworld Ltd. |
|
|
3,829 |
|
|
|
40,070 |
|
CITIC Resources Holdings Ltd.* |
|
|
476,000 |
|
|
|
60,109 |
|
Daewoo International Corp. |
|
|
730 |
|
|
|
25,619 |
|
Hexindo Adiperkasa Tbk PT |
|
|
8,000 |
|
|
|
3,991 |
|
Hyundai Corp. |
|
|
1,760 |
|
|
|
41,391 |
|
iMarketKorea, Inc. |
|
|
780 |
|
|
|
18,698 |
|
LG International Corp. |
|
|
570 |
|
|
|
18,374 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Trading Companies &
Distributors (continued) |
|
Mills Estruturas e Servicos de Engenharia S.A. |
|
|
1,300 |
|
|
$ |
21,377 |
|
Samsung C&T Corp. |
|
|
2,313 |
|
|
|
123,914 |
|
SK Networks Co. Ltd. |
|
|
3,140 |
|
|
|
20,814 |
|
|
|
|
|
|
|
|
384,951 |
|
Transportation
Infrastructure 1.2% |
|
Airports of Thailand PCL |
|
|
7,200 |
|
|
|
35,448 |
|
Anhui Expressway Co., Class H |
|
|
78,000 |
|
|
|
43,218 |
|
Arteris S.A. |
|
|
1,700 |
|
|
|
18,841 |
|
Bangkok Expressway PCL |
|
|
25,700 |
|
|
|
35,026 |
|
Beijing Capital International Airport Co. Ltd., Class H |
|
|
98,000 |
|
|
|
67,938 |
|
CCR S.A. |
|
|
15,700 |
|
|
|
153,663 |
|
China Merchants Holdings International Co. Ltd. |
|
|
20,000 |
|
|
|
63,268 |
|
COSCO Pacific Ltd. |
|
|
28,000 |
|
|
|
37,090 |
|
EcoRodovias Infraestrutura e Logistica S.A. |
|
|
1,300 |
|
|
|
11,261 |
|
Grupo Aeroportuario del Centro Norte Sab de CV* |
|
|
11,100 |
|
|
|
42,404 |
|
Grupo Aeroportuario del Pacifico SAB de CV, Class B |
|
|
11,400 |
|
|
|
65,953 |
|
Grupo Aeroportuario del Sureste SAB de CV, Class B |
|
|
3,200 |
|
|
|
39,669 |
|
Hopewell Highway Infrastructure Ltd. |
|
|
6,500 |
|
|
|
3,208 |
|
International Container Terminal Services, Inc. |
|
|
13,500 |
|
|
|
30,175 |
|
Jasa Marga Persero Tbk PT |
|
|
17,000 |
|
|
|
11,715 |
|
Jiangsu Expressway Co. Ltd., Class H |
|
|
52,000 |
|
|
|
56,954 |
|
LLX Logistica S.A.* |
|
|
14,800 |
|
|
|
14,508 |
|
Malaysia Airports Holdings Bhd |
|
|
9,500 |
|
|
|
18,797 |
|
NCB Holdings Bhd |
|
|
16,500 |
|
|
|
24,838 |
|
Novorossiysk Commercial Sea Port PJSC (GDR) |
|
|
3,728 |
|
|
|
25,723 |
|
OHL Mexico SAB de CV* |
|
|
27,300 |
|
|
|
84,393 |
|
Road King Infrastructure Ltd. |
|
|
36,000 |
|
|
|
34,095 |
|
Santos Brasil Participacoes S.A. |
|
|
800 |
|
|
|
12,455 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
127 |
|
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Transportation
Infrastructure (continued) |
|
Shenzhen Expressway Co. Ltd., Class H |
|
|
100,000 |
|
|
$ |
41,105 |
|
Shenzhen International Holdings Ltd. |
|
|
1,397,500 |
|
|
|
181,877 |
|
Taiwan High Speed Rail Corp.* |
|
|
52,447 |
|
|
|
9,774 |
|
TAV Havalimanlari Holding AS |
|
|
2,502 |
|
|
|
17,648 |
|
Tianjin Port Development Holdings Ltd. |
|
|
302,000 |
|
|
|
43,195 |
|
Yuexiu Transport Infrastructure Ltd. |
|
|
94,000 |
|
|
|
48,086 |
|
Zhejiang Expressway Co. Ltd., Class H |
|
|
84,000 |
|
|
|
66,026 |
|
|
|
|
|
|
|
|
1,338,351 |
|
Water Utilities 0.2% |
|
Aguas Andinas S.A., Class A |
|
|
45,003 |
|
|
|
35,792 |
|
Beijing Enterprises Water Group Ltd. |
|
|
46,000 |
|
|
|
13,929 |
|
Cia de Saneamento Basico do Estado de Sao Paulo |
|
|
6,300 |
|
|
|
88,758 |
|
Cia de Saneamento de Minas Gerais-COPASA |
|
|
600 |
|
|
|
13,834 |
|
Guangdong Investment Ltd. |
|
|
28,000 |
|
|
|
27,096 |
|
Inversiones Aguas Metropolitanas S.A. |
|
|
7,326 |
|
|
|
15,536 |
|
Manila Water Co., Inc. |
|
|
10,500 |
|
|
|
10,191 |
|
Thai Tap Water Supply PCL |
|
|
42,200 |
|
|
|
15,097 |
|
|
|
|
|
|
|
|
220,233 |
|
Wireless Telecommunication
Services 3.7% |
|
Advanced Info Service PCL |
|
|
20,200 |
|
|
|
185,826 |
|
Allied Technologies Ltd. |
|
|
8,151 |
|
|
|
29,047 |
|
Almendral S.A. |
|
|
111,086 |
|
|
|
16,080 |
|
America Movil SAB de CV |
|
|
761,500 |
|
|
|
814,958 |
|
Axiata Group Bhd |
|
|
52,600 |
|
|
|
117,043 |
|
China Mobile Ltd. |
|
|
114,000 |
|
|
|
1,247,880 |
|
DiGi.Com Bhd |
|
|
67,700 |
|
|
|
103,247 |
|
Egyptian Co. for Mobile Services SAE* |
|
|
182 |
|
|
|
3,516 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Wireless Telecommunication
Services (continued) |
|
ENTEL Chile S.A. |
|
|
3,402 |
|
|
$ |
65,515 |
|
Far EasTone Telecommunications Co. Ltd. |
|
|
31,000 |
|
|
|
75,525 |
|
Globe Telecom, Inc. |
|
|
490 |
|
|
|
17,024 |
|
Indosat Tbk PT |
|
|
17,000 |
|
|
|
10,491 |
|
Maxis Bhd |
|
|
44,400 |
|
|
|
98,650 |
|
Mobile Telesystems OJSC |
|
|
18,817 |
|
|
|
166,519 |
|
MTN Group Ltd. |
|
|
33,248 |
|
|
|
598,822 |
|
Orascom Telecom Holding SAE* |
|
|
46,336 |
|
|
|
31,206 |
|
Orascom Telecom Media And Technology Holding SAE |
|
|
441,109 |
|
|
|
31,170 |
|
Philippine Long Distance Telephone Co. |
|
|
655 |
|
|
|
48,473 |
|
Shin Corp. PCL |
|
|
17,500 |
|
|
|
51,427 |
|
Sistema JSFC |
|
|
21,348 |
|
|
|
18,270 |
|
Sistema JSFC (GDR) |
|
|
2,108 |
|
|
|
40,200 |
|
SK Telecom Co. Ltd. |
|
|
258 |
|
|
|
45,331 |
|
Taiwan Mobile Co. Ltd. |
|
|
31,000 |
|
|
|
112,920 |
|
Tim Participacoes S.A.* |
|
|
15,400 |
|
|
|
64,388 |
|
Tower Bersama Infrastructure Tbk PT* |
|
|
12,000 |
|
|
|
6,974 |
|
Turkcell Iletisim Hizmetleri AS* |
|
|
15,269 |
|
|
|
94,503 |
|
Vodacom Group Ltd. |
|
|
7,001 |
|
|
|
82,002 |
|
|
|
|
|
|
|
|
4,177,007 |
|
Total Common Stocks (Cost $99,128,438) |
|
|
|
|
|
|
100,559,111 |
|
|
PREFERRED STOCKS - 5.5% |
|
Airlines 0.0% |
|
Gol Linhas Aereas Inteligentes S.A.* |
|
|
6,400 |
|
|
|
39,434 |
|
Automobiles 0.1% |
|
Hyundai Motor Co. |
|
|
1,441 |
|
|
|
105,399 |
|
Beverages 0.7% |
|
Cia de Bebidas das Americas |
|
|
14,900 |
|
|
|
623,721 |
|
Coca-Cola Embonor S.A., Class B |
|
|
11,178 |
|
|
|
34,850 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
128 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
PREFERRED STOCKS (continued) |
|
Beverages (continued) |
|
Embotelladora Andina S.A., Class A |
|
|
6,892 |
|
|
$ |
36,543 |
|
Embotelladora Andina S.A., Class B |
|
|
6,473 |
|
|
|
43,931 |
|
|
|
|
|
|
|
|
739,045 |
|
Capital Markets 0.0% |
|
Daishin Securities Co. Ltd.* |
|
|
4,660 |
|
|
|
25,261 |
|
Chemicals 0.1% |
|
|
|
|
|
|
|
|
Braskem S.A.* |
|
|
2,400 |
|
|
|
20,873 |
|
LG Chem Ltd. |
|
|
96 |
|
|
|
8,386 |
|
Nizhnekamskneftekhim OAO |
|
|
28,942 |
|
|
|
20,986 |
|
Sociedad Quimica y Minera de Chile S.A., Class B |
|
|
1,948 |
|
|
|
96,346 |
|
|
|
|
|
|
|
|
146,591 |
|
Commercial Banks 1.6% |
|
Banco Bradesco S.A. |
|
|
41,750 |
|
|
|
686,542 |
|
Banco do Estado do Rio Grande do Sul S.A. |
|
|
3,000 |
|
|
|
25,266 |
|
Banco Industrial e Comercial S.A. |
|
|
12,700 |
|
|
|
35,886 |
|
Bank St. Petersburg OJSC |
|
|
11,230 |
|
|
|
13,891 |
|
Grupo Aval Acciones y Valores |
|
|
11,333 |
|
|
|
7,943 |
|
Itau Unibanco Holding S.A. |
|
|
46,800 |
|
|
|
785,500 |
|
Itausa Investimentos Itau S.A. |
|
|
54,900 |
|
|
|
271,823 |
|
|
|
|
|
|
|
|
1,826,851 |
|
Containers &
Packaging 0.1% |
|
Klabin S.A. |
|
|
11,000 |
|
|
|
73,663 |
|
Diversified Financial
Services 0.1% |
|
Grupo de Inversiones Suramericana S.A. |
|
|
2,484 |
|
|
|
52,260 |
|
Diversified Telecommunication
Services 0.1% |
|
Axtel SAB de CV* |
|
|
109,700 |
|
|
|
36,366 |
|
Oi S.A. |
|
|
14,800 |
|
|
|
36,269 |
|
Rostelecom OJSC |
|
|
2,956 |
|
|
|
7,884 |
|
Telefonica Brasil S.A. |
|
|
5,200 |
|
|
|
138,147 |
|
|
|
|
|
|
|
|
218,666 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Electric Utilities 0.2% |
|
Centrais Eletricas Brasileiras S.A. |
|
|
3,900 |
|
|
$ |
20,266 |
|
Centrais Eletricas de Santa Catarina S.A. |
|
|
3,000 |
|
|
|
35,934 |
|
Cia de Transmissao de Energia Eletrica Paulista |
|
|
500 |
|
|
|
8,760 |
|
Cia Energetica de Minas Gerais |
|
|
8,800 |
|
|
|
112,096 |
|
Cia Energetica do Ceara |
|
|
900 |
|
|
|
21,520 |
|
Cia Paranaense de Energia |
|
|
2,200 |
|
|
|
39,126 |
|
Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A. |
|
|
14,800 |
|
|
|
60,843 |
|
|
|
|
|
|
|
|
298,545 |
|
Food & Staples
Retailing 0.1% |
|
Cia Brasileira de Distribuicao Grupo Pao de Acucar |
|
|
2,300 |
|
|
|
126,371 |
|
Household Durables 0.0% |
|
LG Electronics, Inc. |
|
|
80 |
|
|
|
1,987 |
|
Independent Power Producers & Energy
Traders 0.1% |
|
AES Tiete S.A. |
|
|
1,600 |
|
|
|
16,228 |
|
Cia Energetica de Sao Paulo |
|
|
4,500 |
|
|
|
47,599 |
|
|
|
|
|
|
|
|
63,827 |
|
Industrial Conglomerates 0.1% |
|
Allied Electronics Corp. Ltd. |
|
|
33,245 |
|
|
|
70,543 |
|
Insurance 0.0% |
|
Samsung Fire & Marine Insurance Co. Ltd. |
|
|
15 |
|
|
|
1,207 |
|
Machinery 0.1% |
|
Marcopolo S.A. |
|
|
2,900 |
|
|
|
19,304 |
|
Randon Participacoes S.A. |
|
|
6,700 |
|
|
|
43,728 |
|
|
|
|
|
|
|
|
63,032 |
|
Metals & Mining 0.9% |
|
Bradespar S.A. |
|
|
4,400 |
|
|
|
55,850 |
|
Gerdau S.A. |
|
|
15,900 |
|
|
|
124,449 |
|
Metalurgica Gerdau S.A. |
|
|
5,100 |
|
|
|
50,783 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
129 |
|
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
PREFERRED STOCKS (continued) |
|
Metals &
Mining (continued) |
|
Usinas Siderurgicas de Minas Gerais S.A.* |
|
|
7,100 |
|
|
$ |
35,154 |
|
Vale S.A. |
|
|
39,200 |
|
|
|
636,963 |
|
|
|
|
|
|
|
|
903,199 |
|
Multiline Retail 0.1% |
|
Lojas Americanas S.A. |
|
|
9,000 |
|
|
|
78,590 |
|
Oil, Gas & Consumable
Fuels 0.8% |
|
AK Transneft OAO |
|
|
27 |
|
|
|
54,775 |
|
Petroleo Brasileiro S.A. |
|
|
82,400 |
|
|
|
822,970 |
|
Surgutneftegas OAO |
|
|
37,411 |
|
|
|
26,531 |
|
TNK-BP Holding |
|
|
3,911 |
|
|
|
4,687 |
|
|
|
|
|
|
|
|
908,963 |
|
Paper & Forest Products 0.0% |
|
Suzano Papel e Celulose S.A.* |
|
|
10,600 |
|
|
|
38,806 |
|
Personal Products 0.0% |
|
Amorepacific Corp. |
|
|
24 |
|
|
|
6,527 |
|
Semiconductors & Semiconductor
Equipment 0.3% |
|
Samsung Electronics Co. Ltd. |
|
|
372 |
|
|
|
294,209 |
|
Textiles, Apparel & Luxury Goods 0.0% |
|
Alpargatas S.A. |
|
|
1,540 |
|
|
|
10,267 |
|
Cia de Tecidos do Norte de Minas Coteminas* |
|
|
9,894 |
|
|
|
19,051 |
|
|
|
|
|
|
|
|
29,318 |
|
Total Preferred Stocks (Cost $6,182,641) |
|
|
|
|
|
|
6,112,294 |
|
|
|
No. of Rights |
|
|
|
|
Rights 0.0% |
|
Cia Brasileira de Distribuicao Grupo Pao de Acucar, expiring 05/21/13 at 101.41 BRL* |
|
|
2 |
|
|
|
6 |
|
Green Cross Corp., expiring 05/31/13 at 119,500.00 KRW* ^ |
|
|
8 |
|
|
|
229 |
|
|
|
|
|
|
|
|
|
|
|
|
No. of Rights |
|
|
Value |
|
Rights (continued) |
|
Polimex-Mostostal S.A., expiring 11/29/12 at 0.52 PLN* ^ |
|
|
4,668 |
|
|
$ |
|
|
Shui On Land Ltd., expiring 05/13/13 at 1.84 HKD* |
|
|
21,166 |
|
|
|
2,236 |
|
Tisco Financial Group PCL, expiring 06/25/13 at 24.00 THB* ^ |
|
|
1,720 |
|
|
|
1,817 |
|
Total Rights (Cost $) |
|
|
|
|
|
|
4,288 |
|
|
|
No. of Warrants |
|
|
|
|
Warrants 0.0% |
|
Mah Sing Group Bhd, expiring 03/12/13 at 2.38 MYR* |
|
|
4,059 |
|
|
|
540 |
|
Thoresen Thai Agencies PCL, expiring 02/28/13 at 17.00 THB* ^ |
|
|
5,040 |
|
|
|
1,245 |
|
WCT Bhd, expiring 12/11/17 at 2.25 MYR* |
|
|
2,140 |
|
|
|
243 |
|
Total Warrants (Cost $) |
|
|
|
|
|
|
2,028 |
|
Total Investment Securities (Cost $105,311,079) 95.6% |
|
|
|
106,677,721 |
|
Other assets less liabilities 4.4% |
|
|
|
4,898,811 |
|
Net Assets 100.0% |
|
|
|
|
|
$ |
111,576,532 |
|
* |
Non-income producing security. |
(a) |
144A security Certain conditions for public sale may exist. |
^ |
Security fair valued in accordance with procedures adopted by the Board of Trustees. At April 30, 2013, the value of these
securities amounted to $191,915 or 0.17% of net assets. |
|
Amount represents less than 0.05%. |
Percentages shown are based on Net Assets.
Abbreviations:
ADR American
Depositary Receipt
GDR Global Depositary Receipt
REIT Real Estate Investment Trust
See Accompanying Notes to the Financial Statements.
|
|
|
130 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
As of April 30, 2013, the gross unrealized appreciation
(depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
|
|
|
|
|
|
|
|
|
Aggregate gross unrealized appreciation |
|
$ |
6,001,944 |
|
Aggregate gross unrealized depreciation |
|
|
(4,685,665 |
) |
Net unrealized appreciation |
|
$ |
1,316,279 |
|
Federal income tax cost of investments |
|
$ |
105,361,442 |
|
Futures Contracts
Purchased
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund had the following open long futures contracts as of April 30, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Contracts |
|
|
Expiration Date |
|
|
Notional Amount at Value |
|
|
Unrealized Appreciation |
|
MSCI Emerging Markets Mini Index Futures Contracts |
|
|
15 |
|
|
|
06/21/13 |
|
|
$ |
779,925 |
|
|
$ |
19,727 |
|
SGX S&P CNX Nifty Index Futures Contracts |
|
|
356 |
|
|
|
05/30/13 |
|
|
|
4,217,532 |
|
|
|
48,825 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
68,552 |
|
Cash
collateral in the amount of $419,954 was pledged to cover margin requirements for open futures contracts as of April 30, 2013.
Forward Foreign Currency Contracts
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund had the following
outstanding contracts as of April 30, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts to Deliver |
|
Counterparty |
|
|
In Exchange For |
|
|
Delivery Date |
|
|
Unrealized Appreciation |
|
INR 27,680,000 |
|
|
Morgan Stanley |
|
|
|
USD 500,000 |
|
|
|
06/19/13 |
|
|
$ |
8,945 |
|
INR 176,088,000 |
|
|
UBS AG |
|
|
|
USD 3,190,000 |
|
|
|
06/19/13 |
|
|
|
47,681 |
|
INR 17,946,500 |
|
|
UBS AG |
|
|
|
USD 325,000 |
|
|
|
06/19/13 |
|
|
|
4,977 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
61,603 |
|
See
Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
131 |
|
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
FlexShares® Morningstar Emerging Markets Factor Tilt Index invested, as a percentage
of net assets, in the following countries as of April 30, 2013:
|
|
|
|
|
Brazil |
|
|
10.3 |
% |
Chile |
|
|
2.1 |
|
China |
|
|
19.8 |
|
Colombia |
|
|
0.7 |
|
Czech Republic |
|
|
0.2 |
|
Egypt |
|
|
0.3 |
|
Hungary |
|
|
0.2 |
|
India |
|
|
3.7 |
|
Indonesia |
|
|
3.1 |
|
Malaysia |
|
|
3.5 |
|
Mexico |
|
|
4.6 |
|
Morocco |
|
|
0.2 |
|
Peru |
|
|
0.6 |
|
Philippines |
|
|
1.3 |
|
Poland |
|
|
1.3 |
|
Russia |
|
|
4.3 |
|
South Africa |
|
|
8.5 |
|
South Korea |
|
|
12.9 |
|
Taiwan |
|
|
12.3 |
|
Thailand |
|
|
3.6 |
|
Turkey |
|
|
2.1 |
|
Other1 |
|
|
4.4 |
|
|
|
|
100.0 |
% |
1 |
Includes any non-equity securities and net other assets (liabilities). |
See Accompanying Notes to the Financial
Statements.
|
|
|
132 |
|
FLEXSHARES SEMIANNUAL REPORT |
Schedule of Investments
FlexShares®
Quality Dividend Index Fund
April 30, 2013
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS 99.9% |
|
Aerospace & Defense 4.5% |
|
The Boeing Co. |
|
|
14,856 |
|
|
$ |
1,357,987 |
|
Exelis, Inc. |
|
|
31,560 |
|
|
|
352,525 |
|
Lockheed Martin Corp. |
|
|
5,664 |
|
|
|
561,246 |
|
Northrop Grumman Corp. |
|
|
5,880 |
|
|
|
445,351 |
|
Raytheon Co. |
|
|
7,368 |
|
|
|
452,248 |
|
|
|
|
|
|
|
|
3,169,357 |
|
Air Freight &
Logistics 0.8% |
|
United Parcel Service, Inc., Class B |
|
|
6,216 |
|
|
|
533,581 |
|
Automobiles 1.4% |
|
Ford Motor Co. |
|
|
73,704 |
|
|
|
1,010,482 |
|
Beverages 0.8% |
|
Dr Pepper Snapple Group, Inc. |
|
|
8,544 |
|
|
|
417,204 |
|
PepsiCo, Inc. |
|
|
1,992 |
|
|
|
164,280 |
|
|
|
|
|
|
|
|
581,484 |
|
Capital Markets 1.8% |
|
Ameriprise Financial, Inc. |
|
|
5,568 |
|
|
|
414,983 |
|
Apollo Investment Corp. |
|
|
8,736 |
|
|
|
76,964 |
|
Ares Capital Corp. |
|
|
4,632 |
|
|
|
84,117 |
|
Federated Investors, Inc., Class B |
|
|
13,752 |
|
|
|
315,746 |
|
Waddell & Reed Financial, Inc., Class A |
|
|
8,065 |
|
|
|
345,747 |
|
|
|
|
|
|
|
|
1,237,557 |
|
Chemicals 3.1% |
|
The Dow Chemical Co. |
|
|
10,368 |
|
|
|
351,579 |
|
E.I. du Pont de Nemours & Co. |
|
|
19,368 |
|
|
|
1,055,749 |
|
Huntsman Corp. |
|
|
19,584 |
|
|
|
369,354 |
|
Kronos Worldwide, Inc. |
|
|
3,888 |
|
|
|
68,740 |
|
The Scotts Miracle-Gro Co., Class A |
|
|
7,325 |
|
|
|
332,189 |
|
|
|
|
|
|
|
|
2,177,611 |
|
Commercial Banks 4.9% |
|
Bank of Hawaii Corp. |
|
|
6,938 |
|
|
|
330,873 |
|
BB&T Corp. |
|
|
14,448 |
|
|
|
444,565 |
|
Cullen/Frost Bankers, Inc. |
|
|
5,496 |
|
|
|
332,014 |
|
FirstMerit Corp. |
|
|
7,056 |
|
|
|
120,869 |
|
FNB Corp./PA |
|
|
6,600 |
|
|
|
75,174 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Commercial Banks (continued) |
|
National Penn Bancshares, Inc. |
|
|
7,035 |
|
|
$ |
68,873 |
|
Trustmark Corp. |
|
|
3,024 |
|
|
|
74,239 |
|
Valley National Bancorp |
|
|
7,272 |
|
|
|
65,375 |
|
Wells Fargo & Co. |
|
|
50,904 |
|
|
|
1,933,334 |
|
|
|
|
|
|
|
|
3,445,316 |
|
Commercial Services &
Supplies 2.7% |
|
Avery Dennison Corp. |
|
|
8,568 |
|
|
|
355,143 |
|
Deluxe Corp. |
|
|
8,400 |
|
|
|
320,376 |
|
Healthcare Services Group, Inc. |
|
|
13,824 |
|
|
|
308,137 |
|
Pitney Bowes, Inc. |
|
|
25,128 |
|
|
|
343,500 |
|
R.R. Donnelley & Sons Co. |
|
|
33,361 |
|
|
|
410,674 |
|
Waste Management, Inc. |
|
|
3,912 |
|
|
|
160,314 |
|
|
|
|
|
|
|
|
1,898,144 |
|
Communications Equipment 1.3% |
|
Cisco Systems, Inc. |
|
|
37,392 |
|
|
|
782,241 |
|
Harris Corp. |
|
|
1,680 |
|
|
|
77,616 |
|
Motorola Solutions, Inc. |
|
|
1,210 |
|
|
|
69,212 |
|
|
|
|
|
|
|
|
929,069 |
|
Computers &
Peripherals 4.1% |
|
Apple, Inc. |
|
|
3,192 |
|
|
|
1,413,258 |
|
Dell, Inc. |
|
|
12,514 |
|
|
|
167,688 |
|
Diebold, Inc. |
|
|
11,136 |
|
|
|
326,173 |
|
Lexmark International, Inc., Class A |
|
|
14,472 |
|
|
|
438,646 |
|
Seagate Technology PLC |
|
|
11,040 |
|
|
|
405,168 |
|
Western Digital Corp. |
|
|
2,575 |
|
|
|
142,346 |
|
|
|
|
|
|
|
|
2,893,279 |
|
Consumer Finance 0.6% |
|
SLM Corp. |
|
|
18,984 |
|
|
|
392,020 |
|
Containers &
Packaging 1.0% |
|
Greif, Inc., Class A |
|
|
6,528 |
|
|
|
314,454 |
|
Packaging Corp of America |
|
|
8,544 |
|
|
|
406,352 |
|
|
|
|
|
|
|
|
720,806 |
|
Distributors 0.6% |
|
Genuine Parts Co. |
|
|
5,424 |
|
|
|
414,014 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
133 |
|
FlexShares®
Quality Dividend Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Diversified Consumer
Services 0.6% |
|
H&R Block, Inc. |
|
|
14,352 |
|
|
$ |
398,124 |
|
Diversified Financial
Services 2.0% |
|
Bank of America Corp. |
|
|
17,352 |
|
|
|
213,603 |
|
Citigroup, Inc. |
|
|
4,680 |
|
|
|
218,369 |
|
JPMorgan Chase & Co. |
|
|
9,336 |
|
|
|
457,557 |
|
The McGraw-Hill Cos., Inc. |
|
|
6,768 |
|
|
|
366,217 |
|
NYSE Euronext |
|
|
2,787 |
|
|
|
108,163 |
|
|
|
|
|
|
|
|
1,363,909 |
|
Diversified Telecommunication
Services 5.7% |
|
AT&T, Inc. |
|
|
32,760 |
|
|
|
1,227,190 |
|
CenturyLink, Inc. |
|
|
5,357 |
|
|
|
201,262 |
|
Frontier Communications Corp. |
|
|
19,824 |
|
|
|
82,468 |
|
Verizon Communications, Inc. |
|
|
46,344 |
|
|
|
2,498,405 |
|
|
|
|
|
|
|
|
4,009,325 |
|
Electric Utilities 2.2% |
|
American Electric Power Co., Inc. |
|
|
9,936 |
|
|
|
511,008 |
|
Entergy Corp. |
|
|
1,824 |
|
|
|
129,924 |
|
FirstEnergy Corp. |
|
|
3,624 |
|
|
|
168,878 |
|
Hawaiian Electric Industries, Inc. |
|
|
12,336 |
|
|
|
349,109 |
|
Portland General Electric Co. |
|
|
5,472 |
|
|
|
176,472 |
|
PPL Corp. |
|
|
5,264 |
|
|
|
175,712 |
|
|
|
|
|
|
|
|
1,511,103 |
|
Electrical Equipment 0.6% |
|
Emerson Electric Co. |
|
|
6,336 |
|
|
|
351,712 |
|
Rockwell Automation, Inc. |
|
|
408 |
|
|
|
34,590 |
|
|
|
|
|
|
|
|
386,302 |
|
Electronic Equipment, Instruments &
Components 0.1% |
|
Molex, Inc. |
|
|
2,880 |
|
|
|
79,402 |
|
Energy Equipment &
Services 1.0% |
|
Diamond Offshore Drilling, Inc. |
|
|
4,680 |
|
|
|
323,388 |
|
RPC, Inc. |
|
|
19,998 |
|
|
|
264,773 |
|
Schlumberger Ltd. |
|
|
1,344 |
|
|
|
100,034 |
|
|
|
|
|
|
|
|
688,195 |
|
Food & Staples
Retailing 1.5% |
|
Safeway, Inc. |
|
|
17,136 |
|
|
|
385,902 |
|
Sysco Corp. |
|
|
12,600 |
|
|
|
439,236 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Food & Staples
Retailing (continued) |
|
Wal-Mart Stores, Inc. |
|
|
2,883 |
|
|
$ |
224,067 |
|
|
|
|
|
|
|
|
1,049,205 |
|
Gas Utilities 0.6% |
|
AGL Resources, Inc. |
|
|
8,808 |
|
|
|
386,231 |
|
Health Care Providers &
Services 0.8% |
|
Cardinal Health, Inc. |
|
|
5,887 |
|
|
|
260,323 |
|
Owens & Minor, Inc. |
|
|
8,592 |
|
|
|
279,842 |
|
|
|
|
|
|
|
|
540,165 |
|
Hotels, Restaurants &
Leisure 1.8% |
|
Brinker International, Inc. |
|
|
10,608 |
|
|
|
412,651 |
|
Cracker Barrel Old Country Store, Inc. |
|
|
4,464 |
|
|
|
369,351 |
|
Six Flags Entertainment Corp. |
|
|
1,176 |
|
|
|
85,695 |
|
Wynn Resorts Ltd. |
|
|
3,048 |
|
|
|
418,491 |
|
|
|
|
|
|
|
|
1,286,188 |
|
Household Durables 0.7% |
|
Garmin Ltd. |
|
|
2,328 |
|
|
|
81,666 |
|
Leggett & Platt, Inc. |
|
|
2,688 |
|
|
|
86,661 |
|
Tupperware Brands Corp. |
|
|
4,392 |
|
|
|
352,678 |
|
|
|
|
|
|
|
|
521,005 |
|
Household Products 0.5% |
|
Kimberly-Clark Corp. |
|
|
3,408 |
|
|
|
351,672 |
|
Insurance 4.2% |
|
Aflac, Inc. |
|
|
9,720 |
|
|
|
529,157 |
|
American National Insurance Co. |
|
|
847 |
|
|
|
79,643 |
|
Arthur J Gallagher & Co. |
|
|
2,430 |
|
|
|
103,154 |
|
Cincinnati Financial Corp. |
|
|
2,064 |
|
|
|
100,950 |
|
Erie Indemnity Co., Class A |
|
|
4,610 |
|
|
|
366,818 |
|
Fidelity National Financial, Inc., Class A |
|
|
5,208 |
|
|
|
139,835 |
|
The Hanover Insurance Group, Inc. |
|
|
7,872 |
|
|
|
396,985 |
|
Mercury General Corp. |
|
|
1,824 |
|
|
|
83,375 |
|
PartnerRe Ltd. |
|
|
4,032 |
|
|
|
380,379 |
|
Principal Financial Group, Inc. |
|
|
11,472 |
|
|
|
414,139 |
|
Validus Holdings Ltd. |
|
|
9,648 |
|
|
|
372,509 |
|
|
|
|
|
|
|
|
2,966,944 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
134 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Quality Dividend Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Internet Software &
Services 0.1% |
|
IAC/InterActiveCorp |
|
|
1,272 |
|
|
$ |
59,873 |
|
IT Services 5.4% |
|
Accenture PLC, Class A |
|
|
15,576 |
|
|
|
1,268,510 |
|
Automatic Data Processing, Inc. |
|
|
4,157 |
|
|
|
279,932 |
|
Booz Allen Hamilton Holding Corp. |
|
|
24,960 |
|
|
|
379,143 |
|
Broadridge Financial Solutions, Inc. |
|
|
14,880 |
|
|
|
374,678 |
|
International Business Machines Corp. |
|
|
2,808 |
|
|
|
568,732 |
|
Paychex, Inc. |
|
|
3,293 |
|
|
|
119,898 |
|
SAIC, Inc. |
|
|
27,912 |
|
|
|
417,005 |
|
Visa, Inc., Class A |
|
|
120 |
|
|
|
20,215 |
|
The Western Union Co. |
|
|
25,464 |
|
|
|
377,122 |
|
|
|
|
|
|
|
|
3,805,235 |
|
Leisure Equipment &
Products 0.3% |
|
Hasbro, Inc. |
|
|
2,050 |
|
|
|
97,108 |
|
Mattel, Inc. |
|
|
3,048 |
|
|
|
139,172 |
|
|
|
|
|
|
|
|
236,280 |
|
Machinery 0.1% |
|
Harsco Corp. |
|
|
2,928 |
|
|
|
63,918 |
|
Media 1.0% |
|
Cablevision Systems Corp., Class A |
|
|
3,216 |
|
|
|
47,790 |
|
Comcast Corp., Class A |
|
|
2,976 |
|
|
|
122,909 |
|
Gannett Co., Inc. |
|
|
16,896 |
|
|
|
340,623 |
|
Meredith Corp. |
|
|
1,728 |
|
|
|
67,081 |
|
Regal Entertainment Group, Class A |
|
|
4,706 |
|
|
|
84,426 |
|
|
|
|
|
|
|
|
662,829 |
|
Metals & Mining 0.6% |
|
Commercial Metals Co. |
|
|
19,681 |
|
|
|
287,736 |
|
Nucor Corp. |
|
|
2,736 |
|
|
|
119,345 |
|
|
|
|
|
|
|
|
407,081 |
|
Multiline Retail 0.5% |
|
Kohls Corp. |
|
|
7,968 |
|
|
|
374,974 |
|
Multi-Utilities 4.1% |
|
Ameren Corp. |
|
|
10,776 |
|
|
|
390,630 |
|
Avista Corp. |
|
|
12,504 |
|
|
|
350,737 |
|
CenterPoint Energy, Inc. |
|
|
17,592 |
|
|
|
434,170 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Multi-Utilities (continued) |
|
Consolidated Edison, Inc. |
|
|
3,432 |
|
|
$ |
218,447 |
|
DTE Energy Co. |
|
|
3,624 |
|
|
|
264,117 |
|
Public Service Enterprise Group, Inc. |
|
|
12,408 |
|
|
|
454,257 |
|
TECO Energy, Inc. |
|
|
19,882 |
|
|
|
380,343 |
|
Vectren Corp. |
|
|
10,752 |
|
|
|
403,845 |
|
|
|
|
|
|
|
|
2,896,546 |
|
Office Electronics 0.2% |
|
Xerox Corp. |
|
|
13,826 |
|
|
|
118,627 |
|
Oil, Gas & Consumable
Fuels 11.0% |
|
Chevron Corp. |
|
|
22,344 |
|
|
|
2,726,192 |
|
ConocoPhillips |
|
|
9,984 |
|
|
|
603,533 |
|
CVR Energy, Inc. |
|
|
5,952 |
|
|
|
293,255 |
|
Exxon Mobil Corp. |
|
|
35,904 |
|
|
|
3,195,097 |
|
Marathon Petroleum Corp. |
|
|
2,695 |
|
|
|
211,180 |
|
Spectra Energy Corp. |
|
|
5,688 |
|
|
|
179,343 |
|
The Williams Cos., Inc. |
|
|
12,888 |
|
|
|
491,419 |
|
|
|
|
|
|
|
|
7,700,019 |
|
Personal Products 0.5% |
|
Herbalife Ltd. |
|
|
8,760 |
|
|
|
347,860 |
|
Pharmaceuticals 7.8% |
|
Bristol-Myers Squibb Co. |
|
|
14,184 |
|
|
|
563,389 |
|
Eli Lilly & Co. |
|
|
9,000 |
|
|
|
498,420 |
|
Johnson & Johnson |
|
|
7,200 |
|
|
|
613,656 |
|
Merck & Co., Inc. |
|
|
20,400 |
|
|
|
958,800 |
|
Pfizer, Inc. |
|
|
89,976 |
|
|
|
2,615,602 |
|
Questcor Pharmaceuticals, Inc. |
|
|
4,872 |
|
|
|
149,765 |
|
Warner Chilcott PLC, Class A |
|
|
3,583 |
|
|
|
51,524 |
|
|
|
|
|
|
|
|
5,451,156 |
|
Real Estate Investment Trusts
(REITs) 6.5% |
|
Alexanders, Inc. |
|
|
720 |
|
|
|
221,753 |
|
Annaly Capital Management, Inc. |
|
|
8,424 |
|
|
|
134,279 |
|
ARMOUR Residential REIT, Inc. |
|
|
11,568 |
|
|
|
75,076 |
|
CBL & Associates Properties, Inc. |
|
|
3,240 |
|
|
|
78,214 |
|
Digital Realty Trust, Inc. |
|
|
1,512 |
|
|
|
106,626 |
|
EPR Properties |
|
|
1,560 |
|
|
|
88,202 |
|
Equity Residential |
|
|
2,592 |
|
|
|
150,491 |
|
The Geo Group, Inc. |
|
|
2,136 |
|
|
|
79,993 |
|
HCP, Inc. |
|
|
3,768 |
|
|
|
200,834 |
|
Highwoods Properties, Inc. |
|
|
2,136 |
|
|
|
87,640 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
135 |
|
FlexShares®
Quality Dividend Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Real Estate Investment Trusts
(REITs) (continued) |
|
Hospitality Properties Trust |
|
|
3,072 |
|
|
$ |
90,348 |
|
Lexington Realty Trust |
|
|
29,952 |
|
|
|
383,685 |
|
Liberty Property Trust |
|
|
2,136 |
|
|
|
91,827 |
|
Mack-Cali Realty Corp. |
|
|
2,640 |
|
|
|
73,313 |
|
Medical Properties Trust, Inc. |
|
|
5,568 |
|
|
|
89,589 |
|
MFA Financial, Inc. |
|
|
8,448 |
|
|
|
78,313 |
|
National Health Investors, Inc. |
|
|
5,234 |
|
|
|
346,700 |
|
National Retail Properties, Inc. |
|
|
2,304 |
|
|
|
91,423 |
|
Newcastle Investment Corp. |
|
|
29,760 |
|
|
|
337,181 |
|
Omega Healthcare Investors, Inc. |
|
|
3,000 |
|
|
|
98,610 |
|
Piedmont Office Realty Trust, Inc., Class A |
|
|
3,960 |
|
|
|
81,259 |
|
Plum Creek Timber Co., Inc. |
|
|
7,536 |
|
|
|
388,405 |
|
Realty Income Corp. |
|
|
2,016 |
|
|
|
102,756 |
|
Senior Housing Properties Trust |
|
|
3,288 |
|
|
|
93,478 |
|
Simon Property Group, Inc. |
|
|
5,664 |
|
|
|
1,008,588 |
|
|
|
|
|
|
|
|
4,578,583 |
|
Road & Rail 0.5% |
|
Landstar System, Inc. |
|
|
6,024 |
|
|
|
329,272 |
|
Semiconductors & Semiconductor
Equipment 0.8% |
|
Applied Materials, Inc. |
|
|
10,872 |
|
|
|
157,753 |
|
Cypress Semiconductor Corp.* |
|
|
6,819 |
|
|
|
68,804 |
|
KLA-Tencor Corp. |
|
|
1,872 |
|
|
|
101,556 |
|
Linear Technology Corp. |
|
|
2,712 |
|
|
|
98,988 |
|
Marvell Technology Group Ltd. |
|
|
4,536 |
|
|
|
48,807 |
|
Microchip Technology, Inc. |
|
|
2,712 |
|
|
|
98,771 |
|
|
|
|
|
|
|
|
574,679 |
|
Software 2.9% |
|
CA, Inc. |
|
|
14,592 |
|
|
|
393,546 |
|
Microsoft Corp. |
|
|
43,152 |
|
|
|
1,428,331 |
|
Oracle Corp. |
|
|
6,624 |
|
|
|
217,135 |
|
|
|
|
|
|
|
|
2,039,012 |
|
Specialty Retail 3.0% |
|
American Eagle Outfitters, Inc. |
|
|
15,894 |
|
|
|
309,138 |
|
Best Buy Co., Inc. |
|
|
20,208 |
|
|
|
525,206 |
|
GameStop Corp., Class A |
|
|
13,440 |
|
|
|
469,056 |
|
Guess?, Inc. |
|
|
11,814 |
|
|
|
327,011 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Specialty Retail (continued) |
|
The Home Depot, Inc. |
|
|
1,368 |
|
|
$ |
100,343 |
|
Staples, Inc. |
|
|
25,128 |
|
|
|
332,695 |
|
|
|
|
|
|
|
|
2,063,449 |
|
Thrifts & Mortgage
Finance 0.2% |
|
New York Community Bancorp, Inc. |
|
|
6,533 |
|
|
|
88,522 |
|
Peoples United Financial, Inc. |
|
|
6,264 |
|
|
|
82,434 |
|
|
|
|
|
|
|
|
170,956 |
|
Tobacco 4.5% |
|
Altria Group, Inc. |
|
|
41,952 |
|
|
|
1,531,668 |
|
Lorillard, Inc. |
|
|
3,360 |
|
|
|
144,110 |
|
Philip Morris International, Inc. |
|
|
13,512 |
|
|
|
1,291,612 |
|
Reynolds American, Inc. |
|
|
3,006 |
|
|
|
142,545 |
|
Vector Group Ltd. |
|
|
4,152 |
|
|
|
67,719 |
|
|
|
|
|
|
|
|
3,177,654 |
|
Total Common Stocks (Cost $66,059,070) |
|
|
|
|
|
|
69,998,493 |
|
|
|
|
|
|
|
|
|
|
Total Investment Securities (Cost $66,059,070) 99.9% |
|
|
|
|
|
|
69,998,493 |
|
Other assets less liabilities 0.1% |
|
|
|
82,547 |
|
Net Assets 100.0% |
|
|
|
|
|
$ |
70,081,040 |
|
* |
Non-income producing security. |
Percentages shown are based on Net Assets.
Abbreviation:
REIT Real Estate Investment Trust
As of April 30, 2013, the gross unrealized appreciation (depreciation) of investments
based on the aggregate cost of investments for federal income tax purposes was as follows:
|
|
|
|
|
|
|
|
|
Aggregate gross unrealized appreciation |
|
$ |
4,119,509 |
|
Aggregate gross unrealized depreciation |
|
|
(178,356 |
) |
Net unrealized appreciation |
|
$ |
3,941,153 |
|
Federal income tax cost of investments |
|
$ |
66,057,340 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
136 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Quality Dividend Index Fund (cont.)
Futures Contracts Purchased
FlexShares® Quality
Dividend Index Fund had the following open long futures contracts as of April 30, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Contracts |
|
|
Expiration Date |
|
|
Notional Amount at Value |
|
|
Unrealized Appreciation |
|
E-Mini S&P 500® Futures Contract |
|
|
1 |
|
|
|
06/21/13 |
|
|
$ |
79,610 |
|
|
$ |
2,094 |
|
Cash
collateral in the amount of $7,755 was pledged to cover margin requirements for open futures contracts as of April 30, 2013.
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
137 |
|
Schedule of Investments
FlexShares®
Quality Dividend Dynamic Index Fund
April 30, 2013
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS 100.0% |
|
Aerospace & Defense 2.9% |
|
Exelis, Inc. |
|
|
2,610 |
|
|
$ |
29,154 |
|
General Dynamics Corp. |
|
|
214 |
|
|
|
15,827 |
|
Lockheed Martin Corp. |
|
|
484 |
|
|
|
47,959 |
|
Northrop Grumman Corp. |
|
|
494 |
|
|
|
37,416 |
|
Raytheon Co. |
|
|
618 |
|
|
|
37,933 |
|
|
|
|
|
|
|
|
168,289 |
|
Air Freight & Logistics 0.8% |
|
United Parcel Service, Inc., Class B |
|
|
518 |
|
|
|
44,465 |
|
Auto Components 1.1% |
|
Autoliv, Inc. |
|
|
112 |
|
|
|
8,559 |
|
Cooper Tire & Rubber Co. |
|
|
1,066 |
|
|
|
26,533 |
|
Dana Holding Corp. |
|
|
1,714 |
|
|
|
29,566 |
|
|
|
|
|
|
|
|
64,658 |
|
Automobiles 1.4% |
|
Ford Motor Co. |
|
|
6,140 |
|
|
|
84,179 |
|
Beverages 0.8% |
|
Dr Pepper Snapple Group, Inc. |
|
|
710 |
|
|
|
34,669 |
|
PepsiCo, Inc. |
|
|
166 |
|
|
|
13,690 |
|
|
|
|
|
|
|
|
48,359 |
|
Capital Markets 3.0% |
|
Ameriprise Financial, Inc. |
|
|
484 |
|
|
|
36,073 |
|
Apollo Investment Corp. |
|
|
706 |
|
|
|
6,220 |
|
Ares Capital Corp. |
|
|
358 |
|
|
|
6,501 |
|
BlackRock, Inc. |
|
|
96 |
|
|
|
25,584 |
|
Federated Investors, Inc., Class B |
|
|
1,190 |
|
|
|
27,322 |
|
Invesco Ltd. |
|
|
1,174 |
|
|
|
37,263 |
|
Janus Capital Group, Inc. |
|
|
636 |
|
|
|
5,673 |
|
Waddell & Reed Financial, Inc., Class A |
|
|
682 |
|
|
|
29,237 |
|
|
|
|
|
|
|
|
173,873 |
|
Chemicals 2.9% |
|
The Dow Chemical Co. |
|
|
864 |
|
|
|
29,298 |
|
E.I. du Pont de Nemours & Co. |
|
|
1,614 |
|
|
|
87,979 |
|
Huntsman Corp. |
|
|
1,626 |
|
|
|
30,667 |
|
Kronos Worldwide, Inc. |
|
|
324 |
|
|
|
5,728 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Chemicals (continued) |
|
Olin Corp. |
|
|
258 |
|
|
$ |
6,236 |
|
RPM International, Inc. |
|
|
220 |
|
|
|
7,128 |
|
|
|
|
|
|
|
|
167,036 |
|
Commercial Banks 5.0% |
|
Bank of Hawaii Corp. |
|
|
382 |
|
|
|
18,218 |
|
Fifth Third Bancorp |
|
|
2,002 |
|
|
|
34,094 |
|
FirstMerit Corp. |
|
|
582 |
|
|
|
9,970 |
|
FNB Corp./PA |
|
|
496 |
|
|
|
5,649 |
|
Valley National Bancorp |
|
|
570 |
|
|
|
5,124 |
|
Wells Fargo & Co. |
|
|
5,692 |
|
|
|
216,182 |
|
|
|
|
|
|
|
|
289,237 |
|
Commercial Services & Supplies
2.4% |
|
Avery Dennison Corp. |
|
|
748 |
|
|
|
31,004 |
|
Deluxe Corp. |
|
|
740 |
|
|
|
28,224 |
|
KAR Auction Services, Inc. |
|
|
258 |
|
|
|
5,771 |
|
Pitney Bowes, Inc. |
|
|
2,134 |
|
|
|
29,172 |
|
R.R. Donnelley & Sons Co. |
|
|
2,778 |
|
|
|
34,197 |
|
Waste Management, Inc. |
|
|
312 |
|
|
|
12,786 |
|
|
|
|
|
|
|
|
141,154 |
|
Communications Equipment 1.2% |
|
Cisco Systems, Inc. |
|
|
3,118 |
|
|
|
65,229 |
|
Harris Corp. |
|
|
140 |
|
|
|
6,468 |
|
|
|
|
|
|
|
|
71,697 |
|
Computers & Peripherals 5.0% |
|
Apple, Inc. |
|
|
266 |
|
|
|
117,771 |
|
Dell, Inc. |
|
|
2,544 |
|
|
|
34,090 |
|
Diebold, Inc. |
|
|
936 |
|
|
|
27,415 |
|
Hewlett-Packard Co. |
|
|
1,426 |
|
|
|
29,376 |
|
Lexmark International, Inc., Class A |
|
|
1,206 |
|
|
|
36,554 |
|
Seagate Technology PLC |
|
|
938 |
|
|
|
34,425 |
|
Western Digital Corp. |
|
|
240 |
|
|
|
13,267 |
|
|
|
|
|
|
|
|
292,898 |
|
Consumer Finance 0.6% |
|
SLM Corp. |
|
|
1,574 |
|
|
|
32,503 |
|
Containers & Packaging 1.2% |
|
Greif, Inc., Class A |
|
|
574 |
|
|
|
27,649 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
138 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Quality Dividend Dynamic Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Containers & Packaging
(continued) |
|
Packaging Corp of America |
|
|
716 |
|
|
$ |
34,053 |
|
Sonoco Products Co. |
|
|
194 |
|
|
|
6,798 |
|
|
|
|
|
|
|
|
68,500 |
|
Diversified Financial Services 1.7% |
|
Bank of America Corp. |
|
|
1,456 |
|
|
|
17,923 |
|
Citigroup, Inc. |
|
|
392 |
|
|
|
18,291 |
|
JPMorgan Chase & Co. |
|
|
1,062 |
|
|
|
52,049 |
|
NYSE Euronext |
|
|
264 |
|
|
|
10,246 |
|
|
|
|
|
|
|
|
98,509 |
|
Diversified Telecommunication Services
5.8% |
|
AT&T, Inc. |
|
|
2,756 |
|
|
|
103,240 |
|
CenturyLink, Inc. |
|
|
464 |
|
|
|
17,432 |
|
Frontier Communications Corp. |
|
|
1,652 |
|
|
|
6,872 |
|
Verizon Communications, Inc. |
|
|
3,902 |
|
|
|
210,357 |
|
|
|
|
|
|
|
|
337,901 |
|
Electric Utilities 2.6% |
|
American Electric Power Co., Inc. |
|
|
830 |
|
|
|
42,687 |
|
Entergy Corp. |
|
|
160 |
|
|
|
11,397 |
|
FirstEnergy Corp. |
|
|
290 |
|
|
|
13,514 |
|
Hawaiian Electric Industries, Inc. |
|
|
1,038 |
|
|
|
29,375 |
|
PPL Corp. |
|
|
466 |
|
|
|
15,555 |
|
The Southern Co. |
|
|
638 |
|
|
|
30,771 |
|
UIL Holdings Corp. |
|
|
160 |
|
|
|
6,662 |
|
|
|
|
|
|
|
|
149,961 |
|
Electrical Equipment 1.7% |
|
Emerson Electric Co. |
|
|
1,278 |
|
|
|
70,942 |
|
Rockwell Automation, Inc. |
|
|
358 |
|
|
|
30,351 |
|
|
|
|
|
|
|
|
101,293 |
|
Electronic Equipment, Instruments & Components
0.8% |
|
Jabil Circuit, Inc. |
|
|
1,454 |
|
|
|
25,881 |
|
Molex, Inc. |
|
|
224 |
|
|
|
6,176 |
|
TE Connectivity Ltd. |
|
|
292 |
|
|
|
12,717 |
|
|
|
|
|
|
|
|
44,774 |
|
Energy Equipment & Services 1.0% |
|
Diamond Offshore Drilling, Inc. |
|
|
400 |
|
|
|
27,640 |
|
RPC, Inc. |
|
|
1,520 |
|
|
|
20,125 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Energy Equipment & Services
(continued) |
|
Schlumberger Ltd. |
|
|
114 |
|
|
$ |
8,485 |
|
|
|
|
|
|
|
|
56,250 |
|
Food & Staples Retailing 1.2% |
|
Safeway, Inc. |
|
|
916 |
|
|
|
20,628 |
|
Sysco Corp. |
|
|
832 |
|
|
|
29,004 |
|
Wal-Mart Stores, Inc. |
|
|
246 |
|
|
|
19,119 |
|
|
|
|
|
|
|
|
68,751 |
|
Gas Utilities 0.5% |
|
AGL Resources, Inc. |
|
|
728 |
|
|
|
31,923 |
|
Health Care Equipment & Supplies
0.2% |
|
Medtronic, Inc. |
|
|
270 |
|
|
|
12,604 |
|
Health Care Providers & Services
0.5% |
|
Cardinal Health, Inc. |
|
|
458 |
|
|
|
20,253 |
|
Coventry Health Care, Inc. |
|
|
174 |
|
|
|
8,621 |
|
|
|
|
|
|
|
|
28,874 |
|
Hotels, Restaurants & Leisure
1.2% |
|
Royal Caribbean Cruises Ltd. |
|
|
186 |
|
|
|
6,795 |
|
Six Flags Entertainment Corp. |
|
|
98 |
|
|
|
7,141 |
|
Starwood Hotels & Resorts Worldwide, Inc. |
|
|
156 |
|
|
|
10,065 |
|
Wyndham Worldwide Corp. |
|
|
142 |
|
|
|
8,531 |
|
Wynn Resorts Ltd. |
|
|
258 |
|
|
|
35,424 |
|
|
|
|
|
|
|
|
67,956 |
|
Household Durables 1.4% |
|
Garmin Ltd. |
|
|
164 |
|
|
|
5,753 |
|
Leggett & Platt, Inc. |
|
|
222 |
|
|
|
7,157 |
|
Newell Rubbermaid, Inc. |
|
|
322 |
|
|
|
8,481 |
|
Tupperware Brands Corp. |
|
|
366 |
|
|
|
29,390 |
|
Whirlpool Corp. |
|
|
270 |
|
|
|
30,856 |
|
|
|
|
|
|
|
|
81,637 |
|
Insurance 3.4% |
|
Aflac, Inc. |
|
|
826 |
|
|
|
44,968 |
|
American National Insurance Co. |
|
|
76 |
|
|
|
7,146 |
|
CNA Financial Corp. |
|
|
930 |
|
|
|
31,350 |
|
Hartford Financial Services Group, Inc. |
|
|
364 |
|
|
|
10,225 |
|
Lincoln National Corp. |
|
|
262 |
|
|
|
8,911 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
139 |
|
FlexShares®
Quality Dividend Dynamic Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Insurance (continued) |
|
Mercury General Corp. |
|
|
148 |
|
|
$ |
6,765 |
|
Principal Financial Group, Inc. |
|
|
992 |
|
|
|
35,811 |
|
Protective Life Corp. |
|
|
888 |
|
|
|
33,797 |
|
Prudential Financial, Inc. |
|
|
348 |
|
|
|
21,026 |
|
|
|
|
|
|
|
|
199,999 |
|
Internet & Catalog Retail 0.4% |
|
HSN, Inc. |
|
|
472 |
|
|
|
24,818 |
|
IT Services 2.7% |
|
Broadridge Financial Solutions, Inc. |
|
|
1,244 |
|
|
|
31,324 |
|
International Business Machines Corp. |
|
|
238 |
|
|
|
48,204 |
|
Paychex, Inc. |
|
|
258 |
|
|
|
9,394 |
|
SAIC, Inc. |
|
|
2,330 |
|
|
|
34,810 |
|
Visa, Inc., Class A |
|
|
10 |
|
|
|
1,685 |
|
The Western Union Co. |
|
|
2,170 |
|
|
|
32,138 |
|
|
|
|
|
|
|
|
157,555 |
|
Leisure Equipment & Products
0.3% |
|
Hasbro, Inc. |
|
|
166 |
|
|
|
7,863 |
|
Mattel, Inc. |
|
|
244 |
|
|
|
11,141 |
|
|
|
|
|
|
|
|
19,004 |
|
Machinery 0.8% |
|
Caterpillar, Inc. |
|
|
478 |
|
|
|
40,472 |
|
Harsco Corp. |
|
|
274 |
|
|
|
5,982 |
|
|
|
|
|
|
|
|
46,454 |
|
Media 1.0% |
|
Cablevision Systems Corp., Class A |
|
|
420 |
|
|
|
6,241 |
|
Comcast Corp., Class A |
|
|
242 |
|
|
|
9,995 |
|
Gannett Co., Inc. |
|
|
1,438 |
|
|
|
28,990 |
|
Meredith Corp. |
|
|
168 |
|
|
|
6,522 |
|
Regal Entertainment Group, Class A |
|
|
462 |
|
|
|
8,288 |
|
|
|
|
|
|
|
|
60,036 |
|
Metals & Mining 1.1% |
|
Commercial Metals Co. |
|
|
1,694 |
|
|
|
24,766 |
|
Nucor Corp. |
|
|
222 |
|
|
|
9,684 |
|
Steel Dynamics, Inc. |
|
|
1,820 |
|
|
|
27,373 |
|
|
|
|
|
|
|
|
61,823 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Multiline Retail 0.3% |
|
Macys, Inc. |
|
|
438 |
|
|
$ |
19,535 |
|
Multi-Utilities 3.8% |
|
Ameren Corp. |
|
|
934 |
|
|
|
33,858 |
|
Avista Corp. |
|
|
1,108 |
|
|
|
31,079 |
|
CenterPoint Energy, Inc. |
|
|
1,508 |
|
|
|
37,218 |
|
DTE Energy Co. |
|
|
122 |
|
|
|
8,891 |
|
Integrys Energy Group, Inc. |
|
|
118 |
|
|
|
7,264 |
|
Public Service Enterprise Group, Inc. |
|
|
1,056 |
|
|
|
38,660 |
|
TECO Energy, Inc. |
|
|
1,722 |
|
|
|
32,942 |
|
Vectren Corp. |
|
|
882 |
|
|
|
33,128 |
|
|
|
|
|
|
|
|
223,040 |
|
Office Electronics 0.2% |
|
Xerox Corp. |
|
|
1,282 |
|
|
|
11,000 |
|
Oil, Gas & Consumable Fuels 9.9% |
|
Chevron Corp. |
|
|
1,878 |
|
|
|
229,135 |
|
ConocoPhillips |
|
|
852 |
|
|
|
51,503 |
|
CVR Energy, Inc. |
|
|
494 |
|
|
|
24,339 |
|
Exxon Mobil Corp. |
|
|
1,274 |
|
|
|
113,373 |
|
Marathon Petroleum Corp. |
|
|
590 |
|
|
|
46,232 |
|
Occidental Petroleum Corp. |
|
|
596 |
|
|
|
53,199 |
|
Spectra Energy Corp. |
|
|
452 |
|
|
|
14,252 |
|
Teekay Corp. |
|
|
166 |
|
|
|
5,910 |
|
The Williams Cos., Inc. |
|
|
1,074 |
|
|
|
40,952 |
|
|
|
|
|
|
|
|
578,895 |
|
Paper & Forest Products 0.7% |
|
Domtar Corp. |
|
|
370 |
|
|
|
25,719 |
|
International Paper Co. |
|
|
288 |
|
|
|
13,530 |
|
|
|
|
|
|
|
|
39,249 |
|
Personal Products 0.5% |
|
Herbalife Ltd. |
|
|
728 |
|
|
|
28,909 |
|
Pharmaceuticals 7.9% |
|
Bristol-Myers Squibb Co. |
|
|
1,220 |
|
|
|
48,458 |
|
Eli Lilly & Co. |
|
|
750 |
|
|
|
41,535 |
|
Johnson & Johnson |
|
|
736 |
|
|
|
62,729 |
|
Merck & Co., Inc. |
|
|
1,700 |
|
|
|
79,900 |
|
Pfizer, Inc. |
|
|
7,574 |
|
|
|
220,176 |
|
Warner Chilcott PLC, Class A |
|
|
496 |
|
|
|
7,133 |
|
|
|
|
|
|
|
|
459,931 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
140 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Quality Dividend Dynamic Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Real Estate Investment Trusts (REITs)
6.6% |
|
Annaly Capital Management, Inc. |
|
|
676 |
|
|
$ |
10,775 |
|
ARMOUR Residential REIT, Inc. |
|
|
812 |
|
|
|
5,270 |
|
Camden Property Trust |
|
|
106 |
|
|
|
7,668 |
|
CBL & Associates Properties, Inc. |
|
|
270 |
|
|
|
6,518 |
|
Digital Realty Trust, Inc. |
|
|
136 |
|
|
|
9,591 |
|
EPR Properties |
|
|
122 |
|
|
|
6,898 |
|
Equity Residential |
|
|
222 |
|
|
|
12,889 |
|
The Geo Group, Inc. |
|
|
180 |
|
|
|
6,741 |
|
HCP, Inc. |
|
|
342 |
|
|
|
18,229 |
|
Highwoods Properties, Inc. |
|
|
178 |
|
|
|
7,303 |
|
Home Properties, Inc. |
|
|
102 |
|
|
|
6,575 |
|
Hospitality Properties Trust |
|
|
256 |
|
|
|
7,529 |
|
Kimco Realty Corp. |
|
|
386 |
|
|
|
9,179 |
|
LaSalle Hotel Properties |
|
|
232 |
|
|
|
6,016 |
|
Lexington Realty Trust |
|
|
2,616 |
|
|
|
33,511 |
|
Liberty Property Trust |
|
|
178 |
|
|
|
7,652 |
|
The Macerich Co. |
|
|
130 |
|
|
|
9,106 |
|
Mack-Cali Realty Corp. |
|
|
220 |
|
|
|
6,109 |
|
Medical Properties Trust, Inc. |
|
|
464 |
|
|
|
7,466 |
|
MFA Financial, Inc. |
|
|
704 |
|
|
|
6,526 |
|
National Health Investors, Inc. |
|
|
138 |
|
|
|
9,141 |
|
National Retail Properties, Inc. |
|
|
192 |
|
|
|
7,619 |
|
Newcastle Investment Corp. |
|
|
2,556 |
|
|
|
28,959 |
|
Omega Healthcare Investors, Inc. |
|
|
250 |
|
|
|
8,218 |
|
Realty Income Corp. |
|
|
166 |
|
|
|
8,461 |
|
Regency Centers Corp. |
|
|
134 |
|
|
|
7,539 |
|
Senior Housing Properties Trust |
|
|
274 |
|
|
|
7,790 |
|
Simon Property Group, Inc. |
|
|
526 |
|
|
|
93,665 |
|
Vornado Realty Trust |
|
|
120 |
|
|
|
10,507 |
|
Washington Real Estate Investment Trust |
|
|
218 |
|
|
|
6,226 |
|
Weingarten Realty Investors |
|
|
218 |
|
|
|
7,427 |
|
|
|
|
|
|
|
|
387,103 |
|
Road & Rail 0.5% |
|
Landstar System, Inc. |
|
|
506 |
|
|
|
27,658 |
|
Semiconductors & Semiconductor Equipment
2.1% |
|
Applied Materials, Inc. |
|
|
874 |
|
|
|
12,682 |
|
Cypress Semiconductor Corp.* |
|
|
540 |
|
|
|
5,449 |
|
KLA-Tencor Corp. |
|
|
162 |
|
|
|
8,788 |
|
Linear Technology Corp. |
|
|
792 |
|
|
|
28,908 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Semiconductors & Semiconductor Equipment
(continued) |
|
Marvell Technology Group Ltd. |
|
|
2,684 |
|
|
$ |
28,880 |
|
Microchip Technology, Inc. |
|
|
226 |
|
|
|
8,231 |
|
Texas Instruments, Inc. |
|
|
816 |
|
|
|
29,547 |
|
|
|
|
|
|
|
|
122,485 |
|
Software 2.9% |
|
CA, Inc. |
|
|
1,254 |
|
|
|
33,820 |
|
Microsoft Corp. |
|
|
3,626 |
|
|
|
120,021 |
|
Oracle Corp. |
|
|
554 |
|
|
|
18,160 |
|
|
|
|
|
|
|
|
172,001 |
|
Specialty Retail 3.1% |
|
Best Buy Co., Inc. |
|
|
1,704 |
|
|
|
44,287 |
|
GameStop Corp., Class A |
|
|
1,116 |
|
|
|
38,948 |
|
Guess?, Inc. |
|
|
998 |
|
|
|
27,625 |
|
The Home Depot, Inc. |
|
|
120 |
|
|
|
8,802 |
|
L Brands, Inc. |
|
|
698 |
|
|
|
35,186 |
|
Staples, Inc. |
|
|
2,148 |
|
|
|
28,440 |
|
|
|
|
|
|
|
|
183,288 |
|
Textiles, Apparel & Luxury Goods
0.1% |
|
Coach, Inc. |
|
|
88 |
|
|
|
5,180 |
|
Thrifts & Mortgage Finance 0.2% |
|
New York Community Bancorp, Inc. |
|
|
520 |
|
|
|
7,046 |
|
Peoples United Financial, Inc. |
|
|
514 |
|
|
|
6,764 |
|
|
|
|
|
|
|
|
13,810 |
|
Tobacco 4.6% |
|
Altria Group, Inc. |
|
|
3,536 |
|
|
|
129,099 |
|
Lorillard, Inc. |
|
|
280 |
|
|
|
12,009 |
|
Philip Morris International, Inc. |
|
|
1,138 |
|
|
|
108,782 |
|
Reynolds American, Inc. |
|
|
260 |
|
|
|
12,329 |
|
Vector Group Ltd. |
|
|
346 |
|
|
|
5,643 |
|
|
|
|
|
|
|
|
267,862 |
|
Total Common Stocks (Cost $5,483,239) |
|
|
|
|
|
|
5,836,916 |
|
|
|
|
|
|
|
|
|
|
Total Investment Securities
(Cost $5,483,239) 100.0% |
|
|
|
|
|
|
5,836,916 |
|
Other assets less liabilities 0.0% |
|
|
|
1,038 |
|
Net Assets 100.0% |
|
|
|
|
|
$ |
5,837,954 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
141 |
|
FlexShares®
Quality Dividend Dynamic Index Fund (cont.)
* |
Non-income producing security. |
|
Amount represents less than 0.05% |
Percentages shown are based on Net Assets.
Abbreviation:
REIT Real
Estate Investment Trust
As of April 30, 2013, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
|
|
|
|
|
|
|
|
|
Aggregate gross unrealized appreciation |
|
$ |
362,269 |
|
Aggregate gross unrealized depreciation |
|
|
(8,360 |
) |
Net unrealized appreciation |
|
$ |
353,909 |
|
Federal income tax cost of investments |
|
$ |
5,483,007 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
142 |
|
FLEXSHARES SEMIANNUAL REPORT |
Schedule of Investments
FlexShares® Quality Dividend Defensive Index Fund
April 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS 100.0% |
|
Aerospace & Defense 2.7% |
|
Exelis, Inc. |
|
|
6,445 |
|
|
$ |
71,991 |
|
L-3 Communications Holdings, Inc. |
|
|
195 |
|
|
|
15,844 |
|
Lockheed Martin Corp. |
|
|
1,175 |
|
|
|
116,431 |
|
Northrop Grumman Corp. |
|
|
1,225 |
|
|
|
92,781 |
|
Raytheon Co. |
|
|
1,530 |
|
|
|
93,911 |
|
|
|
|
|
|
|
|
390,958 |
|
Air Freight &
Logistics 2.0% |
|
C.H. Robinson Worldwide, Inc. |
|
|
455 |
|
|
|
27,022 |
|
United Parcel Service, Inc., Class B |
|
|
3,100 |
|
|
|
266,104 |
|
|
|
|
|
|
|
|
293,126 |
|
Automobiles 1.1% |
|
Ford Motor Co. |
|
|
11,655 |
|
|
|
159,790 |
|
Beverages 1.9% |
|
Dr Pepper Snapple Group, Inc. |
|
|
1,750 |
|
|
|
85,452 |
|
PepsiCo, Inc. |
|
|
2,225 |
|
|
|
183,496 |
|
|
|
|
|
|
|
|
268,948 |
|
Capital Markets 0.7% |
|
Apollo Investment Corp. |
|
|
1,810 |
|
|
|
15,946 |
|
Ares Capital Corp. |
|
|
900 |
|
|
|
16,344 |
|
Federated Investors, Inc., Class B |
|
|
2,820 |
|
|
|
64,747 |
|
|
|
|
|
|
|
|
97,037 |
|
Chemicals 2.3% |
|
The Dow Chemical Co. |
|
|
1,560 |
|
|
|
52,899 |
|
E.I. du Pont de Nemours & Co. |
|
|
3,970 |
|
|
|
216,405 |
|
The Scotts Miracle-Gro Co., Class A |
|
|
1,545 |
|
|
|
70,066 |
|
|
|
|
|
|
|
|
339,370 |
|
Commercial Banks 2.8% |
|
Bank of Hawaii Corp. |
|
|
1,410 |
|
|
|
67,243 |
|
BB&T Corp. |
|
|
2,980 |
|
|
|
91,695 |
|
Cullen/Frost Bankers, Inc. |
|
|
1,150 |
|
|
|
69,471 |
|
FirstMerit Corp. |
|
|
1,460 |
|
|
|
25,010 |
|
FNB Corp./PA |
|
|
1,280 |
|
|
|
14,579 |
|
National Penn Bancshares, Inc. |
|
|
1,525 |
|
|
|
14,930 |
|
Trustmark Corp. |
|
|
590 |
|
|
|
14,484 |
|
Valley National Bancorp |
|
|
1,430 |
|
|
|
12,856 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Commercial Banks (continued) |
|
Wells Fargo & Co. |
|
|
2,360 |
|
|
$ |
89,633 |
|
|
|
|
|
|
|
|
399,901 |
|
Commercial Services &
Supplies 2.1% |
|
Covanta Holding Corp. |
|
|
785 |
|
|
|
15,700 |
|
Healthcare Services Group, Inc. |
|
|
2,825 |
|
|
|
62,969 |
|
Iron Mountain, Inc. |
|
|
495 |
|
|
|
18,741 |
|
KAR Auction Services, Inc. |
|
|
645 |
|
|
|
14,429 |
|
Pitney Bowes, Inc. |
|
|
5,145 |
|
|
|
70,332 |
|
R.R. Donnelley & Sons Co. |
|
|
6,875 |
|
|
|
84,631 |
|
Waste Management, Inc. |
|
|
785 |
|
|
|
32,169 |
|
|
|
|
|
|
|
|
298,971 |
|
Communications Equipment 1.2% |
|
Cisco Systems, Inc. |
|
|
7,695 |
|
|
|
160,979 |
|
Harris Corp. |
|
|
380 |
|
|
|
17,556 |
|
|
|
|
|
|
|
|
178,535 |
|
Computers &
Peripherals 3.7% |
|
Apple, Inc. |
|
|
655 |
|
|
|
290,001 |
|
Diebold, Inc. |
|
|
2,305 |
|
|
|
67,513 |
|
Lexmark International, Inc., Class A |
|
|
2,970 |
|
|
|
90,021 |
|
Seagate Technology PLC |
|
|
2,265 |
|
|
|
83,126 |
|
|
|
|
|
|
|
|
530,661 |
|
Consumer Finance 0.6% |
|
SLM Corp. |
|
|
3,950 |
|
|
|
81,568 |
|
Containers &
Packaging 1.7% |
|
Bemis Co., Inc. |
|
|
1,890 |
|
|
|
74,371 |
|
Greif, Inc., Class A |
|
|
1,350 |
|
|
|
65,030 |
|
Packaging Corp of America |
|
|
1,760 |
|
|
|
83,706 |
|
Sonoco Products Co. |
|
|
500 |
|
|
|
17,520 |
|
|
|
|
|
|
|
|
240,627 |
|
Distributors 0.6% |
|
Genuine Parts Co. |
|
|
1,115 |
|
|
|
85,108 |
|
Diversified Consumer
Services 0.6% |
|
H&R Block, Inc. |
|
|
2,940 |
|
|
|
81,556 |
|
Diversified Financial
Services 1.9% |
|
Bank of America Corp. |
|
|
3,630 |
|
|
|
44,685 |
|
Citigroup, Inc. |
|
|
980 |
|
|
|
45,727 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
143 |
|
FlexShares®
Quality Dividend Defensive Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Diversified Financial
Services (continued) |
|
JPMorgan Chase & Co. |
|
|
1,895 |
|
|
$ |
92,874 |
|
The McGraw-Hill Cos., Inc. |
|
|
1,425 |
|
|
|
77,107 |
|
NYSE Euronext |
|
|
555 |
|
|
|
21,539 |
|
|
|
|
|
|
|
|
281,932 |
|
Diversified Telecommunication
Services 5.7% |
|
AT&T, Inc. |
|
|
6,755 |
|
|
|
253,042 |
|
CenturyLink, Inc. |
|
|
1,120 |
|
|
|
42,078 |
|
Frontier Communications Corp. |
|
|
4,110 |
|
|
|
17,098 |
|
Verizon Communications, Inc. |
|
|
9,555 |
|
|
|
515,110 |
|
|
|
|
|
|
|
|
827,328 |
|
Electric Utilities 1.9% |
|
American Electric Power Co., Inc. |
|
|
2,055 |
|
|
|
105,689 |
|
Entergy Corp. |
|
|
370 |
|
|
|
26,355 |
|
FirstEnergy Corp. |
|
|
740 |
|
|
|
34,484 |
|
Hawaiian Electric Industries, Inc. |
|
|
2,525 |
|
|
|
71,457 |
|
PPL Corp. |
|
|
1,155 |
|
|
|
38,554 |
|
|
|
|
|
|
|
|
276,539 |
|
Electrical Equipment 0.5% |
|
Emerson Electric Co. |
|
|
1,335 |
|
|
|
74,106 |
|
Energy Equipment & Services 0.9% |
|
|
|
|
|
|
|
|
Diamond Offshore Drilling, Inc. |
|
|
965 |
|
|
|
66,681 |
|
RPC, Inc. |
|
|
3,265 |
|
|
|
43,229 |
|
Schlumberger Ltd. |
|
|
285 |
|
|
|
21,213 |
|
|
|
|
|
|
|
|
131,123 |
|
Food & Staples
Retailing 5.1% |
|
The Kroger Co. |
|
|
2,855 |
|
|
|
98,155 |
|
Safeway, Inc. |
|
|
3,550 |
|
|
|
79,946 |
|
Sysco Corp. |
|
|
2,590 |
|
|
|
90,287 |
|
Wal-Mart Stores, Inc. |
|
|
6,030 |
|
|
|
468,652 |
|
|
|
|
|
|
|
|
737,040 |
|
Food Products 1.0% |
|
Campbell Soup Co. |
|
|
630 |
|
|
|
29,238 |
|
ConAgra Foods, Inc. |
|
|
860 |
|
|
|
30,418 |
|
General Mills, Inc. |
|
|
1,135 |
|
|
|
57,227 |
|
Kellogg Co. |
|
|
345 |
|
|
|
22,439 |
|
|
|
|
|
|
|
|
139,322 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Gas Utilities 0.5% |
|
AGL Resources, Inc. |
|
|
1,800 |
|
|
$ |
78,930 |
|
Health Care Providers &
Services 0.7% |
|
Cardinal Health, Inc. |
|
|
750 |
|
|
|
33,165 |
|
Owens & Minor, Inc. |
|
|
2,165 |
|
|
|
70,514 |
|
|
|
|
|
|
|
|
103,679 |
|
Hotels, Restaurants &
Leisure 1.3% |
|
Brinker International, Inc. |
|
|
2,170 |
|
|
|
84,413 |
|
Cracker Barrel Old Country Store, Inc. |
|
|
1,030 |
|
|
|
85,222 |
|
Six Flags Entertainment Corp. |
|
|
245 |
|
|
|
17,853 |
|
|
|
|
|
|
|
|
187,488 |
|
Household Durables 0.7% |
|
Garmin Ltd. |
|
|
445 |
|
|
|
15,611 |
|
Leggett & Platt, Inc. |
|
|
560 |
|
|
|
18,054 |
|
Tupperware Brands Corp. |
|
|
905 |
|
|
|
72,671 |
|
|
|
|
|
|
|
|
106,336 |
|
Household Products 0.6% |
|
The Clorox Co. |
|
|
260 |
|
|
|
22,425 |
|
Kimberly-Clark Corp. |
|
|
695 |
|
|
|
71,717 |
|
|
|
|
|
|
|
|
94,142 |
|
Insurance 5.3% |
|
American National Insurance Co. |
|
|
175 |
|
|
|
16,455 |
|
Arthur J Gallagher & Co. |
|
|
565 |
|
|
|
23,984 |
|
Cincinnati Financial Corp. |
|
|
430 |
|
|
|
21,031 |
|
Erie Indemnity Co., Class A |
|
|
955 |
|
|
|
75,989 |
|
Fidelity National Financial, Inc., Class A |
|
|
2,815 |
|
|
|
75,583 |
|
The Hanover Insurance Group, Inc. |
|
|
1,625 |
|
|
|
81,949 |
|
Marsh & McLennan Cos., Inc. |
|
|
2,305 |
|
|
|
87,613 |
|
Mercury General Corp. |
|
|
375 |
|
|
|
17,141 |
|
PartnerRe Ltd. |
|
|
840 |
|
|
|
79,246 |
|
The Travelers Cos., Inc. |
|
|
1,625 |
|
|
|
138,791 |
|
Validus Holdings Ltd. |
|
|
1,990 |
|
|
|
76,834 |
|
Willis Group Holdings PLC |
|
|
1,985 |
|
|
|
78,765 |
|
|
|
|
|
|
|
|
773,381 |
|
Internet Software &
Services 0.5% |
|
IAC/InterActiveCorp |
|
|
1,685 |
|
|
|
79,313 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
144 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Quality Dividend Defensive Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
IT Services 5.9% |
|
Accenture PLC, Class A |
|
|
3,205 |
|
|
$ |
261,015 |
|
Automatic Data Processing, Inc. |
|
|
865 |
|
|
|
58,249 |
|
Booz Allen Hamilton Holding Corp. |
|
|
5,165 |
|
|
|
78,456 |
|
Broadridge Financial Solutions, Inc. |
|
|
3,075 |
|
|
|
77,428 |
|
Fidelity National Information Services, Inc. |
|
|
600 |
|
|
|
25,230 |
|
International Business Machines Corp. |
|
|
780 |
|
|
|
157,981 |
|
Paychex, Inc. |
|
|
685 |
|
|
|
24,941 |
|
SAIC, Inc. |
|
|
5,765 |
|
|
|
86,129 |
|
Visa, Inc., Class A |
|
|
25 |
|
|
|
4,212 |
|
The Western Union Co. |
|
|
5,260 |
|
|
|
77,901 |
|
|
|
|
|
|
|
|
851,542 |
|
Leisure Equipment &
Products 0.3% |
|
Hasbro, Inc. |
|
|
440 |
|
|
|
20,843 |
|
Mattel, Inc. |
|
|
615 |
|
|
|
28,081 |
|
|
|
|
|
|
|
|
48,924 |
|
Media 1.3% |
|
Cablevision Systems Corp., Class A |
|
|
1,045 |
|
|
|
15,529 |
|
Comcast Corp., Class A |
|
|
605 |
|
|
|
24,986 |
|
Gannett Co., Inc. |
|
|
3,505 |
|
|
|
70,661 |
|
Meredith Corp. |
|
|
350 |
|
|
|
13,587 |
|
Regal Entertainment Group, Class A |
|
|
1,085 |
|
|
|
19,465 |
|
Time Warner Cable, Inc. |
|
|
540 |
|
|
|
50,701 |
|
|
|
|
|
|
|
|
194,929 |
|
Metals & Mining 0.2% |
|
Nucor Corp. |
|
|
560 |
|
|
|
24,427 |
|
Multiline Retail 0.5% |
|
Kohls Corp. |
|
|
1,645 |
|
|
|
77,414 |
|
Multi-Utilities 4.3% |
|
Ameren Corp. |
|
|
2,235 |
|
|
|
81,019 |
|
Avista Corp. |
|
|
2,620 |
|
|
|
73,491 |
|
CenterPoint Energy, Inc. |
|
|
1,665 |
|
|
|
41,092 |
|
Consolidated Edison, Inc. |
|
|
1,450 |
|
|
|
92,292 |
|
PG&E Corp. |
|
|
1,755 |
|
|
|
85,012 |
|
Public Service Enterprise Group, Inc. |
|
|
2,595 |
|
|
|
95,003 |
|
TECO Energy, Inc. |
|
|
4,135 |
|
|
|
79,103 |
|
Vectren Corp. |
|
|
2,135 |
|
|
|
80,191 |
|
|
|
|
|
|
|
|
627,203 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Oil, Gas & Consumable
Fuels 10.9% |
|
Chevron Corp. |
|
|
4,595 |
|
|
$ |
560,636 |
|
ConocoPhillips |
|
|
2,090 |
|
|
|
126,341 |
|
CVR Energy, Inc. |
|
|
1,215 |
|
|
|
59,863 |
|
Exxon Mobil Corp. |
|
|
7,700 |
|
|
|
685,223 |
|
Spectra Energy Corp. |
|
|
1,180 |
|
|
|
37,205 |
|
Teekay Corp. |
|
|
415 |
|
|
|
14,774 |
|
The Williams Cos., Inc. |
|
|
2,700 |
|
|
|
102,951 |
|
|
|
|
|
|
|
|
1,586,993 |
|
Pharmaceuticals 7.7% |
|
Bristol-Myers Squibb Co. |
|
|
2,970 |
|
|
|
117,968 |
|
Eli Lilly & Co. |
|
|
1,865 |
|
|
|
103,284 |
|
Johnson & Johnson |
|
|
1,485 |
|
|
|
126,567 |
|
Merck & Co., Inc. |
|
|
4,190 |
|
|
|
196,930 |
|
Pfizer, Inc. |
|
|
18,520 |
|
|
|
538,376 |
|
Questcor Pharmaceuticals, Inc. |
|
|
740 |
|
|
|
22,748 |
|
Warner Chilcott PLC, Class A |
|
|
1,200 |
|
|
|
17,256 |
|
|
|
|
|
|
|
|
1,123,129 |
|
Real Estate Investment Trusts
(REITs) 6.4% |
|
Alexanders, Inc. |
|
|
205 |
|
|
|
63,138 |
|
Annaly Capital Management, Inc. |
|
|
1,780 |
|
|
|
28,373 |
|
ARMOUR Residential REIT, Inc. |
|
|
2,300 |
|
|
|
14,927 |
|
Digital Realty Trust, Inc. |
|
|
315 |
|
|
|
22,214 |
|
EastGroup Properties, Inc. |
|
|
255 |
|
|
|
16,083 |
|
EPR Properties |
|
|
310 |
|
|
|
17,527 |
|
Equity Residential |
|
|
545 |
|
|
|
31,643 |
|
The Geo Group, Inc. |
|
|
450 |
|
|
|
16,852 |
|
HCP, Inc. |
|
|
810 |
|
|
|
43,173 |
|
Highwoods Properties, Inc. |
|
|
445 |
|
|
|
18,258 |
|
Home Properties, Inc. |
|
|
250 |
|
|
|
16,115 |
|
Hospitality Properties Trust |
|
|
590 |
|
|
|
17,352 |
|
Lexington Realty Trust |
|
|
6,185 |
|
|
|
79,230 |
|
Liberty Property Trust |
|
|
445 |
|
|
|
19,131 |
|
Mack-Cali Realty Corp. |
|
|
550 |
|
|
|
15,274 |
|
Medical Properties Trust, Inc. |
|
|
1,070 |
|
|
|
17,216 |
|
MFA Financial, Inc. |
|
|
1,765 |
|
|
|
16,361 |
|
Mid-America Apartment Communities, Inc. |
|
|
230 |
|
|
|
15,808 |
|
National Health Investors, Inc. |
|
|
1,055 |
|
|
|
69,883 |
|
National Retail Properties, Inc. |
|
|
480 |
|
|
|
19,046 |
|
Newcastle Investment Corp. |
|
|
6,080 |
|
|
|
68,886 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
145 |
|
FlexShares®
Quality Dividend Defensive Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Real Estate Investment Trusts
(REITs) (continued) |
|
Omega Healthcare Investors, Inc. |
|
|
580 |
|
|
$ |
19,065 |
|
Piedmont Office Realty Trust, Inc., Class A |
|
|
825 |
|
|
|
16,929 |
|
Plum Creek Timber Co., Inc. |
|
|
1,540 |
|
|
|
79,372 |
|
Rayonier, Inc. |
|
|
1,330 |
|
|
|
79,029 |
|
Realty Income Corp. |
|
|
420 |
|
|
|
21,407 |
|
Senior Housing Properties Trust |
|
|
685 |
|
|
|
19,475 |
|
Simon Property Group, Inc. |
|
|
190 |
|
|
|
33,833 |
|
Washington Real Estate Investment Trust |
|
|
545 |
|
|
|
15,565 |
|
Weingarten Realty Investors |
|
|
530 |
|
|
|
18,057 |
|
|
|
|
|
|
|
|
929,222 |
|
Road & Rail 0.5% |
|
Landstar System, Inc. |
|
|
1,250 |
|
|
|
68,325 |
|
Semiconductors & Semiconductor
Equipment 0.7% |
|
Cypress Semiconductor Corp.* |
|
|
1,455 |
|
|
|
14,681 |
|
Linear Technology Corp. |
|
|
1,935 |
|
|
|
70,628 |
|
Microchip Technology, Inc. |
|
|
520 |
|
|
|
18,938 |
|
Texas Instruments, Inc. |
|
|
90 |
|
|
|
3,259 |
|
|
|
|
|
|
|
|
107,506 |
|
Software 2.9% |
|
CA, Inc. |
|
|
2,960 |
|
|
|
79,831 |
|
Microsoft Corp. |
|
|
8,905 |
|
|
|
294,755 |
|
Oracle Corp. |
|
|
1,370 |
|
|
|
44,909 |
|
|
|
|
|
|
|
|
419,495 |
|
Specialty Retail 3.1% |
|
American Eagle Outfitters, Inc. |
|
|
3,310 |
|
|
|
64,379 |
|
Best Buy Co., Inc. |
|
|
4,145 |
|
|
|
107,729 |
|
GameStop Corp., Class A |
|
|
2,755 |
|
|
|
96,150 |
|
The Home Depot, Inc. |
|
|
305 |
|
|
|
22,372 |
|
L Brands, Inc. |
|
|
1,725 |
|
|
|
86,957 |
|
Staples, Inc. |
|
|
5,175 |
|
|
|
68,517 |
|
|
|
|
|
|
|
|
446,104 |
|
Thrifts & Mortgage
Finance 0.2% |
|
New York Community Bancorp, Inc. |
|
|
1,400 |
|
|
|
18,970 |
|
Peoples United Financial, Inc. |
|
|
1,310 |
|
|
|
17,240 |
|
|
|
|
|
|
|
|
36,210 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Tobacco 4.5% |
|
Altria Group, Inc. |
|
|
8,640 |
|
|
$ |
315,446 |
|
Lorillard, Inc. |
|
|
695 |
|
|
|
29,809 |
|
Philip Morris International, Inc. |
|
|
2,775 |
|
|
|
265,262 |
|
Reynolds American, Inc. |
|
|
620 |
|
|
|
29,400 |
|
Vector Group Ltd. |
|
|
870 |
|
|
|
14,190 |
|
|
|
|
|
|
|
|
654,107 |
|
Total Common Stocks (Cost $13,747,421) |
|
|
|
|
|
|
14,532,345 |
|
|
|
|
|
|
|
|
|
|
Total Investment Securities (Cost $13,747,421) 100.0% |
|
|
|
14,532,345 |
|
Other assets less liabilities
0.0% |
|
|
|
3,697 |
|
Net Assets 100.0% |
|
|
|
|
|
$ |
14,536,042 |
|
* |
Non-income producing security. |
|
Amount represents less than 0.05%. |
Percentages shown are based on Net Assets.
Abbreviation:
REIT Real
Estate Investment Trust
As of April 30, 2013, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
|
|
|
|
|
|
|
|
|
Aggregate gross unrealized appreciation |
|
$ |
834,289 |
|
Aggregate gross unrealized depreciation |
|
|
(48,816 |
) |
Net unrealized appreciation |
|
$ |
785,473 |
|
Federal income tax cost of investments |
|
$ |
13,746,872 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
146 |
|
FLEXSHARES SEMIANNUAL REPORT |
Schedule of Investments
FlexShares®
International Quality Dividend Index Fund
April
30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS 96.5% |
|
Aerospace &
Defense 0.7% |
|
BAE Systems PLC |
|
|
2,883 |
|
|
$ |
16,849 |
|
Air Freight &
Logistics 0.3% |
|
Deutsche Post AG |
|
|
322 |
|
|
|
7,650 |
|
Auto Components 1.2% |
|
Cie Generale des Etablissements Michelin |
|
|
64 |
|
|
|
5,411 |
|
Nokian Renkaat OYJ |
|
|
268 |
|
|
|
11,632 |
|
Valeo S.A. |
|
|
232 |
|
|
|
13,489 |
|
|
|
|
|
|
|
|
30,532 |
|
Automobiles 2.4% |
|
Bayerische Motoren Werke AG |
|
|
46 |
|
|
|
3,201 |
|
Daihatsu Motor Co. Ltd. |
|
|
1,000 |
|
|
|
19,834 |
|
Ford Otomotiv Sanayi AS |
|
|
1,137 |
|
|
|
15,786 |
|
Nissan Motor Co. Ltd. |
|
|
900 |
|
|
|
9,387 |
|
Tofas Turk Otomobil Fabrikasi AS |
|
|
2,012 |
|
|
|
14,023 |
|
|
|
|
|
|
|
|
62,231 |
|
Building Products 0.8% |
|
Asahi Glass Co. Ltd. |
|
|
2,000 |
|
|
|
15,686 |
|
Cie de St-Gobain |
|
|
140 |
|
|
|
5,621 |
|
|
|
|
|
|
|
|
21,307 |
|
Capital Markets 1.6% |
|
AFP Habitat S.A. |
|
|
6,695 |
|
|
|
13,319 |
|
ICAP PLC |
|
|
2,430 |
|
|
|
10,885 |
|
IGM Financial, Inc. |
|
|
300 |
|
|
|
13,388 |
|
Macquarie Korea Infrastructure Fund |
|
|
470 |
|
|
|
2,979 |
|
|
|
|
|
|
|
|
40,571 |
|
Chemicals 3.3% |
|
BASF SE |
|
|
283 |
|
|
|
26,461 |
|
Formosa Chemicals & Fibre Corp. |
|
|
2,000 |
|
|
|
4,683 |
|
Hitachi Chemical Co. Ltd. |
|
|
100 |
|
|
|
1,566 |
|
Israel Chemicals Ltd. |
|
|
1,006 |
|
|
|
11,970 |
|
LyondellBasell Industries N.V., Class A |
|
|
116 |
|
|
|
7,041 |
|
Mitsubishi Chemical Holdings Corp. |
|
|
1,000 |
|
|
|
4,866 |
|
Nitto Denko Corp. |
|
|
200 |
|
|
|
13,140 |
|
Sumitomo Chemical Co. Ltd. |
|
|
1,000 |
|
|
|
3,347 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Chemicals (continued) |
|
Synthos S.A. |
|
|
6,924 |
|
|
$ |
10,322 |
|
TSRC Corp. |
|
|
1,000 |
|
|
|
1,975 |
|
|
|
|
|
|
|
|
85,371 |
|
Commercial Banks 11.9% |
|
Aozora Bank Ltd. |
|
|
4,000 |
|
|
|
12,524 |
|
Australia & New Zealand Banking Group Ltd. |
|
|
829 |
|
|
|
27,400 |
|
Bank of China Ltd., Class H |
|
|
56,000 |
|
|
|
26,194 |
|
Bank of Montreal |
|
|
238 |
|
|
|
14,952 |
|
Canadian Imperial Bank of Commerce/Canada |
|
|
300 |
|
|
|
24,030 |
|
Commonwealth Bank of Australia |
|
|
1,157 |
|
|
|
88,215 |
|
HSBC Holdings PLC |
|
|
1,618 |
|
|
|
17,716 |
|
Industrial & Commercial Bank of China Ltd., Class H |
|
|
18,000 |
|
|
|
12,664 |
|
Malayan Banking Bhd |
|
|
1,600 |
|
|
|
5,059 |
|
Mizuho Financial Group, Inc. |
|
|
8,400 |
|
|
|
18,540 |
|
National Australia Bank Ltd. |
|
|
744 |
|
|
|
26,259 |
|
Royal Bank of Canada |
|
|
16 |
|
|
|
967 |
|
Westpac Banking Corp. |
|
|
859 |
|
|
|
30,139 |
|
|
|
|
|
|
|
|
304,659 |
|
Communications Equipment 0.9% |
|
HTC Corp. |
|
|
1,000 |
|
|
|
10,199 |
|
VTech Holdings Ltd. |
|
|
1,100 |
|
|
|
14,033 |
|
|
|
|
|
|
|
|
24,232 |
|
Computers &
Peripherals 0.8% |
|
Chicony Electronics Co. Ltd. |
|
|
1,000 |
|
|
|
2,934 |
|
Compal Electronics, Inc. |
|
|
18,000 |
|
|
|
11,649 |
|
Quanta Computer, Inc. |
|
|
2,000 |
|
|
|
4,134 |
|
Wistron Corp. |
|
|
3,000 |
|
|
|
3,045 |
|
|
|
|
|
|
|
|
21,762 |
|
Construction &
Engineering 2.0% |
|
Bouygues S.A. |
|
|
487 |
|
|
|
13,605 |
|
Eiffage S.A. |
|
|
295 |
|
|
|
13,072 |
|
Ferrovial S.A. |
|
|
851 |
|
|
|
14,097 |
|
Koninklijke Boskalis Westminster NV |
|
|
73 |
|
|
|
3,044 |
|
Vinci S.A. |
|
|
174 |
|
|
|
8,387 |
|
|
|
|
|
|
|
|
52,205 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
147 |
|
FlexShares®
International Quality Dividend Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Construction Materials 0.3% |
|
Asia Cement Corp. |
|
|
3,000 |
|
|
$ |
3,807 |
|
Taiwan Cement Corp. |
|
|
3,000 |
|
|
|
3,985 |
|
|
|
|
|
|
|
|
7,792 |
|
Consumer Finance 0.6% |
|
Provident Financial PLC |
|
|
570 |
|
|
|
14,452 |
|
Distributors 0.2% |
|
Li & Fung Ltd. |
|
|
4,000 |
|
|
|
5,175 |
|
Diversified Financial
Services 0.5% |
|
African Bank Investments Ltd. |
|
|
3,854 |
|
|
|
12,224 |
|
Diversified Telecommunication Services
5.3% |
|
Belgacom S.A. |
|
|
477 |
|
|
|
11,005 |
|
Bell Aliant Inc. |
|
|
100 |
|
|
|
2,678 |
|
Bezeq The Israeli Telecommunication Corp. Ltd. |
|
|
9,967 |
|
|
|
14,463 |
|
Elisa OYJ |
|
|
618 |
|
|
|
11,733 |
|
France Telecom S.A. |
|
|
678 |
|
|
|
7,262 |
|
Magyar Telekom Telecommunications PLC |
|
|
1,630 |
|
|
|
3,008 |
|
TDC A/S |
|
|
1,736 |
|
|
|
14,097 |
|
Telecom Corp of New Zealand Ltd. |
|
|
7,040 |
|
|
|
15,732 |
|
Telecom Egypt Co. |
|
|
1,323 |
|
|
|
2,410 |
|
Telecom Italia SpA |
|
|
4,218 |
|
|
|
3,573 |
|
Telefonica Czech Republic AS |
|
|
802 |
|
|
|
11,602 |
|
Telekomunikacja Polska S.A. |
|
|
3,259 |
|
|
|
7,262 |
|
TeliaSonera AB |
|
|
831 |
|
|
|
5,724 |
|
Turk Telekomunikasyon AS |
|
|
3,192 |
|
|
|
15,128 |
|
Vivendi S.A. |
|
|
486 |
|
|
|
11,021 |
|
|
|
|
|
|
|
|
136,698 |
|
Electric Utilities 1.9% |
|
Centrais Eletricas Brasileiras S.A. |
|
|
800 |
|
|
|
2,165 |
|
CEZ AS |
|
|
104 |
|
|
|
3,014 |
|
EDP Energias de Portugal S.A. |
|
|
4,244 |
|
|
|
14,604 |
|
Electricite de France S.A. |
|
|
161 |
|
|
|
3,602 |
|
Fortum OYJ |
|
|
304 |
|
|
|
5,655 |
|
Light S.A. |
|
|
300 |
|
|
|
2,996 |
|
PGE S.A. |
|
|
2,515 |
|
|
|
13,062 |
|
Terna Rete Elettrica Nazionale SpA |
|
|
829 |
|
|
|
3,884 |
|
|
|
|
|
|
|
|
48,982 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Electronic Equipment, Instruments & Components
0.5% |
|
Hoya Corp. |
|
|
700 |
|
|
$ |
13,999 |
|
Food & Staples Retailing 2.8% |
|
Koninklijke Ahold N.V. |
|
|
853 |
|
|
|
13,473 |
|
Lawson, Inc. |
|
|
200 |
|
|
|
15,768 |
|
Metcash Ltd. |
|
|
785 |
|
|
|
3,333 |
|
Metro AG |
|
|
104 |
|
|
|
3,246 |
|
Seven & I Holdings Co. Ltd. |
|
|
600 |
|
|
|
23,036 |
|
Wesfarmers Ltd. |
|
|
278 |
|
|
|
12,530 |
|
|
|
|
|
|
|
|
71,386 |
|
Food Products 2.0% |
|
Nestle S.A. |
|
|
299 |
|
|
|
21,372 |
|
Orkla ASA |
|
|
1,569 |
|
|
|
14,145 |
|
PT Astra Agro Lestari, Tbk |
|
|
6,500 |
|
|
|
11,833 |
|
Ulker Biskuvi Sanayi AS |
|
|
447 |
|
|
|
3,826 |
|
|
|
|
|
|
|
|
51,176 |
|
Gas Utilities 1.2% |
|
Enagas S.A. |
|
|
549 |
|
|
|
14,642 |
|
Gas Natural SDG S.A. |
|
|
172 |
|
|
|
3,606 |
|
Snam SpA |
|
|
2,713 |
|
|
|
13,356 |
|
|
|
|
|
|
|
|
31,604 |
|
Hotels, Restaurants & Leisure
1.4% |
|
Berjaya Sports Toto Bhd |
|
|
9,400 |
|
|
|
12,976 |
|
Lottomatica Group SpA |
|
|
107 |
|
|
|
2,731 |
|
Sands China Ltd. |
|
|
800 |
|
|
|
4,196 |
|
Tatts Group Ltd. |
|
|
3,858 |
|
|
|
13,096 |
|
TUI Travel PLC |
|
|
597 |
|
|
|
2,920 |
|
|
|
|
|
|
|
|
35,919 |
|
Household Durables 0.2% |
|
Husqvarna AB, Class A |
|
|
409 |
|
|
|
2,361 |
|
Husqvarna AB, Class B |
|
|
460 |
|
|
|
2,643 |
|
|
|
|
|
|
|
|
5,004 |
|
Household Products 0.0% |
|
Svenska Cellulosa AB, Class A |
|
|
19 |
|
|
|
520 |
|
Independent Power Producers & Energy Traders
1.1% |
|
AES Tiete S.A. |
|
|
1,400 |
|
|
|
12,904 |
|
Tractebel Energia S.A. |
|
|
800 |
|
|
|
14,228 |
|
|
|
|
|
|
|
|
27,132 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
148 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
International Quality Dividend Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Industrial Conglomerates 0.1% |
|
Boustead Holdings Bhd |
|
|
1,800 |
|
|
$ |
3,029 |
|
Insurance 7.8% |
|
Aegon N.V. |
|
|
613 |
|
|
|
4,050 |
|
Allianz SE |
|
|
164 |
|
|
|
24,227 |
|
AXA S.A. |
|
|
1,345 |
|
|
|
25,207 |
|
Baloise Holding AG |
|
|
37 |
|
|
|
3,812 |
|
CNP Assurances |
|
|
165 |
|
|
|
2,340 |
|
Euler Hermes S.A. |
|
|
145 |
|
|
|
13,860 |
|
Gjensidige Forsikring ASA |
|
|
807 |
|
|
|
13,022 |
|
Great-West Lifeco, Inc. |
|
|
119 |
|
|
|
3,237 |
|
Legal & General Group PLC |
|
|
6,153 |
|
|
|
16,232 |
|
Mapfre S.A. |
|
|
843 |
|
|
|
3,095 |
|
Mediolanum SpA |
|
|
1,039 |
|
|
|
7,007 |
|
Muenchener Rueckversicherungs AG |
|
|
137 |
|
|
|
27,427 |
|
Power Financial Corp. |
|
|
500 |
|
|
|
14,793 |
|
RSA Insurance Group PLC |
|
|
7,529 |
|
|
|
13,042 |
|
SCOR SE |
|
|
118 |
|
|
|
3,585 |
|
Standard Life PLC |
|
|
898 |
|
|
|
5,230 |
|
Sun Life Financial, Inc. |
|
|
219 |
|
|
|
6,188 |
|
Zurich Insurance Group AG* |
|
|
55 |
|
|
|
15,370 |
|
|
|
|
|
|
|
|
201,724 |
|
Leisure Equipment & Products
0.5% |
|
Sankyo Co. Ltd. |
|
|
300 |
|
|
|
13,674 |
|
Machinery 1.5% |
|
Hino Motors Ltd. |
|
|
1,000 |
|
|
|
15,265 |
|
Metso OYJ |
|
|
289 |
|
|
|
11,884 |
|
Zardoya Otis S.A. |
|
|
897 |
|
|
|
12,548 |
|
|
|
|
|
|
|
|
39,697 |
|
Media 0.3% |
|
ProSiebenSat.1 Media AG |
|
|
96 |
|
|
|
3,680 |
|
Wolters Kluwer N.V. |
|
|
174 |
|
|
|
3,854 |
|
|
|
|
|
|
|
|
7,534 |
|
Metals & Mining 3.2% |
|
BHP Billiton Ltd. |
|
|
154 |
|
|
|
5,227 |
|
Boliden AB |
|
|
179 |
|
|
|
2,837 |
|
China Hongqiao Group Ltd. |
|
|
5,000 |
|
|
|
2,893 |
|
Cia Siderurgica Nacional S.A. |
|
|
700 |
|
|
|
2,776 |
|
Eregli Demir ve Celik Fabrikalari TAS |
|
|
11,174 |
|
|
|
12,773 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Metals &
Mining (continued) |
|
Iluka Resources Ltd. |
|
|
1,225 |
|
|
$ |
11,381 |
|
Jastrzebska Spolka Weglowa S.A. |
|
|
428 |
|
|
|
11,311 |
|
KGHM Polska Miedz S.A. |
|
|
235 |
|
|
|
11,008 |
|
Kumba Iron Ore Ltd. |
|
|
207 |
|
|
|
10,907 |
|
Shougang Fushan Resources Group Ltd. |
|
|
28,000 |
|
|
|
10,932 |
|
Voestalpine AG |
|
|
23 |
|
|
|
719 |
|
|
|
|
|
|
|
|
82,764 |
|
Multiline Retail 0.2% |
|
Marks & Spencer Group PLC |
|
|
699 |
|
|
|
4,445 |
|
Multi-Utilities 1.2% |
|
E.ON AG |
|
|
661 |
|
|
|
11,991 |
|
RWE AG |
|
|
540 |
|
|
|
18,748 |
|
|
|
|
|
|
|
|
30,739 |
|
Office Electronics 0.6% |
|
Canon, Inc. |
|
|
400 |
|
|
|
14,352 |
|
Oil, Gas & Consumable Fuels
10.8% |
|
ARC Resources Ltd. |
|
|
142 |
|
|
|
3,975 |
|
Baytex Energy Corp. |
|
|
300 |
|
|
|
11,874 |
|
BP PLC |
|
|
953 |
|
|
|
6,918 |
|
Canadian Oil Sands Ltd. |
|
|
700 |
|
|
|
13,772 |
|
Encana Corp. |
|
|
300 |
|
|
|
5,539 |
|
ENI S.p.A. |
|
|
1,928 |
|
|
|
46,160 |
|
Gazprom OAO (ADR) |
|
|
3,990 |
|
|
|
31,661 |
|
Harum Energy Tbk PT |
|
|
21,000 |
|
|
|
8,964 |
|
Indo Tambangraya Megah Tbk PT |
|
|
3,000 |
|
|
|
11,340 |
|
Penn West Petroleum Ltd. |
|
|
300 |
|
|
|
2,774 |
|
Royal Dutch Shell PLC, Class A |
|
|
167 |
|
|
|
5,697 |
|
Royal Dutch Shell PLC, Class B |
|
|
1,181 |
|
|
|
41,413 |
|
Surgutneftegas OAO (ADR) |
|
|
1,745 |
|
|
|
12,040 |
|
Total S.A. |
|
|
1,321 |
|
|
|
66,651 |
|
Tupras Turkiye Petrol Rafinerileri AS |
|
|
116 |
|
|
|
3,234 |
|
Vermilion Energy, Inc. |
|
|
100 |
|
|
|
5,140 |
|
|
|
|
|
|
|
|
277,152 |
|
Paper & Forest Products 0.2% |
|
Stora Enso Oyj, Class R |
|
|
425 |
|
|
|
2,956 |
|
UPM-Kymmene Oyj |
|
|
267 |
|
|
|
2,795 |
|
|
|
|
|
|
|
|
5,751 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
149 |
|
FlexShares®
International Quality Dividend Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Personal Products 0.6% |
|
Shiseido Co. Ltd. |
|
|
1,000 |
|
|
$ |
14,311 |
|
Pharmaceuticals 7.5% |
|
AstraZeneca PLC |
|
|
935 |
|
|
|
48,641 |
|
Eisai Co. Ltd. |
|
|
300 |
|
|
|
13,689 |
|
GlaxoSmithKline PLC |
|
|
2,231 |
|
|
|
57,658 |
|
Novartis AG |
|
|
157 |
|
|
|
11,670 |
|
Ono Pharmaceutical Co. Ltd. |
|
|
300 |
|
|
|
19,772 |
|
Orion OYJ, Class B |
|
|
407 |
|
|
|
11,698 |
|
Roche Holding AG |
|
|
49 |
|
|
|
12,259 |
|
Sanofi |
|
|
149 |
|
|
|
16,348 |
|
|
|
|
|
|
|
|
191,735 |
|
Professional Services 0.6% |
|
Adecco S.A.* |
|
|
227 |
|
|
|
12,152 |
|
Randstad Holding N.V. |
|
|
68 |
|
|
|
2,834 |
|
|
|
|
|
|
|
|
14,986 |
|
Real Estate Investment Trusts (REITs)
2.5% |
|
Calloway Real Estate Investment Trust |
|
|
500 |
|
|
|
15,017 |
|
CapitaCommercial Trust |
|
|
10,000 |
|
|
|
13,884 |
|
Fonciere Des Regions |
|
|
36 |
|
|
|
2,867 |
|
Gecina S.A. |
|
|
27 |
|
|
|
3,250 |
|
Klepierre |
|
|
82 |
|
|
|
3,481 |
|
RioCan Real Estate Investment Trust |
|
|
100 |
|
|
|
2,934 |
|
Stockland |
|
|
3,559 |
|
|
|
14,297 |
|
Westfield Retail Trust |
|
|
2,174 |
|
|
|
7,447 |
|
|
|
|
|
|
|
|
63,177 |
|
Real Estate Management & Development
2.7% |
|
Daito Trust Construction Co. Ltd. |
|
|
200 |
|
|
|
19,382 |
|
Evergrande Real Estate Group Ltd. |
|
|
26,000 |
|
|
|
10,621 |
|
Guangzhou R&F Properties Co. Ltd., Class H |
|
|
8,000 |
|
|
|
14,473 |
|
KWG Property Holding Ltd. |
|
|
19,500 |
|
|
|
13,468 |
|
Redefine Properties Ltd. |
|
|
2,862 |
|
|
|
3,441 |
|
Swiss Prime Site AG* |
|
|
98 |
|
|
|
8,044 |
|
|
|
|
|
|
|
|
69,429 |
|
Semiconductors & Semiconductor Equipment
1.2% |
|
Radiant Opto-Electronics Corp. |
|
|
4,000 |
|
|
|
16,265 |
|
Samsung Electronics Co. Ltd. |
|
|
8 |
|
|
|
11,041 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Semiconductors & Semiconductor Equipment
(continued) |
|
STMicroelectronics N.V. |
|
|
360 |
|
|
$ |
3,133 |
|
|
|
|
|
|
|
|
30,439 |
|
Software 0.1% |
|
Trend Micro, Inc. |
|
|
100 |
|
|
|
2,803 |
|
Specialty Retail 0.2% |
|
Esprit Holdings Ltd. |
|
|
2,400 |
|
|
|
3,365 |
|
Hennes & Mauritz AB, Class B |
|
|
37 |
|
|
|
1,310 |
|
|
|
|
|
|
|
|
4,675 |
|
Textiles, Apparel & Luxury Goods
1.2% |
|
Anta Sports Products Ltd. |
|
|
13,000 |
|
|
|
10,888 |
|
Bosideng International Holdings Ltd. |
|
|
10,000 |
|
|
|
2,629 |
|
Grendene S.A. |
|
|
1,500 |
|
|
|
17,104 |
|
|
|
|
|
|
|
|
30,621 |
|
Tobacco 4.3% |
|
British American Tobacco Malaysia Bhd |
|
|
300 |
|
|
|
6,243 |
|
British American Tobacco PLC |
|
|
1,424 |
|
|
|
79,034 |
|
Imperial Tobacco Group PLC |
|
|
367 |
|
|
|
13,138 |
|
Japan Tobacco, Inc. |
|
|
300 |
|
|
|
11,349 |
|
|
|
|
|
|
|
|
109,764 |
|
Trading Companies & Distributors
1.0% |
|
Marubeni Corp. |
|
|
1,000 |
|
|
|
7,155 |
|
Rexel S.A. |
|
|
125 |
|
|
|
2,753 |
|
Sumitomo Corp. |
|
|
1,200 |
|
|
|
14,980 |
|
|
|
|
|
|
|
|
24,888 |
|
Transportation Infrastructure 2.6% |
|
Abertis Infraestructuras S.A. |
|
|
647 |
|
|
|
12,096 |
|
Atlantia SpA |
|
|
722 |
|
|
|
12,917 |
|
Hopewell Highway Infrastructure Ltd. |
|
|
5,000 |
|
|
|
2,468 |
|
Hutchison Port Holdings Trust, Class U |
|
|
16,000 |
|
|
|
13,280 |
|
Jiangsu Expressway Co. Ltd., Class H |
|
|
12,000 |
|
|
|
13,143 |
|
Sydney Airport |
|
|
3,918 |
|
|
|
14,072 |
|
|
|
|
|
|
|
|
67,976 |
|
Water Utilities 0.1% |
|
Suez Environnement Co. |
|
|
238 |
|
|
|
3,422 |
|
Wireless Telecommunication Services 1.6% |
|
Egyptian Co. for Mobile Services SAE* |
|
|
125 |
|
|
|
2,415 |
|
Tele2 AB, Class B |
|
|
202 |
|
|
|
3,467 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
150 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
International Quality Dividend Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Wireless Telecommunication Services
(continued) |
|
Vodacom Group Ltd. |
|
|
1,018 |
|
|
$ |
11,924 |
|
Vodafone Group PLC |
|
|
7,869 |
|
|
|
24,029 |
|
|
|
|
|
|
|
|
41,835 |
|
Total Common Stocks (Cost $2,433,484) |
|
|
|
|
|
|
2,480,354 |
|
|
PREFERRED STOCKS 2.9% |
|
Auto Components 0.5% |
|
Pirelli & C. SpA |
|
|
1,515 |
|
|
|
12,624 |
|
Capital Markets 0.6% |
|
Korea Investment Holdings Co. Ltd.* |
|
|
1,120 |
|
|
|
15,407 |
|
Diversified Telecommunication Services
0.1% |
|
Telecom Italia SpA |
|
|
4,114 |
|
|
|
2,864 |
|
Electric Utilities 0.1% |
|
Centrais Eletricas Brasileiras S.A. |
|
|
500 |
|
|
|
2,598 |
|
Independent Power Producers & Energy Traders
0.5% |
|
AES Tiete S.A. |
|
|
1,200 |
|
|
|
12,171 |
|
Industrial Conglomerates 0.6% |
|
Doosan Corp. |
|
|
350 |
|
|
|
15,477 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Oil, Gas & Consumable Fuels 0.5% |
|
SK Innovation Co. Ltd. |
|
|
251 |
|
|
$ |
13,059 |
|
Total Preferred Stocks (Cost $69,463) |
|
|
|
|
|
|
74,200 |
|
Total Investment Securities (Cost $2,502,947) 99.4% |
|
|
|
|
|
|
2,554,554 |
|
Other assets less liabilities 0.6% |
|
|
|
|
|
|
14,237 |
|
Net Assets 100.0% |
|
|
|
|
|
$ |
2,568,791 |
|
* |
Non-income producing security. |
|
Amount represents less than 0.05%. |
Percentages shown are based on Net Assets.
Abbreviations:
ADR American
Depositary Receipt
REIT Real Estate Investment Trust
As of April 30, 2013, the gross
unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
|
|
|
|
|
|
|
|
|
Aggregate gross unrealized appreciation |
|
$ |
78,026 |
|
Aggregate gross unrealized depreciation |
|
|
(26,419 |
) |
Net unrealized appreciation |
|
$ |
51,607 |
|
Federal income tax cost of investments |
|
$ |
2,502,947 |
|
Futures Contracts
Purchased
FlexShares® International Quality Dividend Index Fund had the following open long futures contracts as of April 30, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Contracts |
|
|
Expiration Date |
|
|
Notional Amount at Value |
|
|
Unrealized Appreciation |
|
SGX S&P CNX Nifty Index Futures Contract |
|
|
1 |
|
|
|
05/30/13 |
|
|
$ |
11,847 |
|
|
$ |
140 |
|
Cash
collateral in the amount of $1,607 was pledged to cover margin requirements for open futures contracts as of April 30, 2013.
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
151 |
|
FlexShares®
International Quality Dividend Index Fund (cont.)
FlexShares® International Quality Dividend Index Fund invested, as a percentage of net assets, in the following countries as of April 30, 2013:
|
|
|
|
|
Australia |
|
|
9.9 |
% |
Austria |
|
|
0.0
|
|
Belgium |
|
|
0.4 |
|
Brazil |
|
|
2.6 |
|
Canada |
|
|
5.5 |
|
Chile |
|
|
0.5 |
|
China |
|
|
4.7 |
|
Czech Republic |
|
|
0.6 |
|
Denmark |
|
|
0.5 |
|
Egypt |
|
|
0.2 |
|
Finland |
|
|
2.3 |
|
France |
|
|
8.9 |
|
Germany |
|
|
4.9 |
|
Hong Kong |
|
|
1.0 |
|
Hungary |
|
|
0.1 |
|
Indonesia |
|
|
1.3 |
|
Israel |
|
|
1.0 |
|
Italy |
|
|
4.1 |
|
Japan |
|
|
11.6 |
|
Malaysia |
|
|
1.1 |
|
Netherlands |
|
|
1.3 |
|
New Zealand |
|
|
0.6 |
|
Norway |
|
|
1.1 |
|
Poland |
|
|
2.1 |
|
Portugal |
|
|
0.6 |
|
Russia |
|
|
1.7 |
|
Singapore |
|
|
1.1 |
|
South Africa |
|
|
1.5 |
|
South Korea |
|
|
2.3 |
|
Spain |
|
|
2.3 |
|
Sweden |
|
|
0.7 |
|
Switzerland |
|
|
3.3 |
|
Taiwan |
|
|
2.4 |
|
Turkey |
|
|
2.5 |
|
United Kingdom |
|
|
14.7 |
|
Other1 |
|
|
0.6 |
|
|
|
|
100.0 |
% |
1 |
Includes any non-equity securities and net other assets (liabilities). |
|
Amount represents less than 0.05%. |
See Accompanying Notes to the Financial
Statements.
|
|
|
152 |
|
FLEXSHARES SEMIANNUAL REPORT |
Schedule of Investments
FlexShares®
International Quality Dividend Dynamic Index Fund
April 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS 95.6% |
|
Aerospace & Defense 0.8% |
|
BAE Systems PLC |
|
|
3,042 |
|
|
$ |
17,778 |
|
Bombardier, Inc., Class B |
|
|
800 |
|
|
|
3,182 |
|
|
|
|
|
|
|
|
20,960 |
|
Air Freight &
Logistics 0.1% |
|
Toll Holdings Ltd. |
|
|
533 |
|
|
|
3,154 |
|
Auto Components 2.6% |
|
Aisin Seiki Co. Ltd. |
|
|
100 |
|
|
|
3,608 |
|
Cie Generale des Etablissements Michelin |
|
|
67 |
|
|
|
5,665 |
|
Continental AG* |
|
|
115 |
|
|
|
13,670 |
|
GKN PLC |
|
|
856 |
|
|
|
3,661 |
|
Magna International, Inc. |
|
|
100 |
|
|
|
6,025 |
|
Nokian Renkaat OYJ |
|
|
277 |
|
|
|
12,022 |
|
Pirelli & C. SpA |
|
|
243 |
|
|
|
2,526 |
|
Toyota Industries Corp. |
|
|
100 |
|
|
|
4,086 |
|
Valeo S.A. |
|
|
240 |
|
|
|
13,954 |
|
|
|
|
|
|
|
|
65,217 |
|
Automobiles 0.9% |
|
Bayerische Motoren Werke AG |
|
|
171 |
|
|
|
14,722 |
|
Nissan Motor Co. Ltd. |
|
|
900 |
|
|
|
9,387 |
|
|
|
|
|
|
|
|
24,109 |
|
Beverages 0.2% |
|
Asahi Group Holdings Ltd. |
|
|
200 |
|
|
|
4,977 |
|
Biotechnology 0.4% |
|
Actelion Ltd.* |
|
|
153 |
|
|
|
9,363 |
|
Building Products 0.8% |
|
Asahi Glass Co. Ltd. |
|
|
2,000 |
|
|
|
15,686 |
|
Cie de St-Gobain |
|
|
148 |
|
|
|
5,943 |
|
|
|
|
|
|
|
|
21,629 |
|
Capital Markets 1.6% |
|
Ashmore Group PLC |
|
|
2,345 |
|
|
|
14,570 |
|
ICAP PLC |
|
|
2,445 |
|
|
|
10,952 |
|
Macquarie Group Ltd. |
|
|
119 |
|
|
|
4,841 |
|
Schroders PLC |
|
|
328 |
|
|
|
9,444 |
|
|
|
|
|
|
|
|
39,807 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Chemicals 2.9% |
|
BASF SE |
|
|
570 |
|
|
$ |
53,296 |
|
Formosa Chemicals & Fibre Corp. |
|
|
1,000 |
|
|
|
2,341 |
|
Formosa Plastics Corp. |
|
|
2,000 |
|
|
|
4,852 |
|
Synthos S.A. |
|
|
7,026 |
|
|
|
10,474 |
|
TSRC Corp. |
|
|
1,000 |
|
|
|
1,975 |
|
|
|
|
|
|
|
|
72,938 |
|
Commercial Banks 14.3% |
|
Agricultural Bank of China Ltd., Class H |
|
|
8,000 |
|
|
|
3,824 |
|
Australia & New Zealand Banking Group Ltd. |
|
|
848 |
|
|
|
28,028 |
|
Bank of China Ltd., Class H |
|
|
56,000 |
|
|
|
26,194 |
|
China Citic Bank Corp. Ltd., Class H |
|
|
16,000 |
|
|
|
9,009 |
|
China Construction Bank Corp., Class H |
|
|
37,000 |
|
|
|
30,990 |
|
China Merchants Bank Co. Ltd., Class H |
|
|
6,000 |
|
|
|
12,788 |
|
Commonwealth Bank of Australia |
|
|
1,180 |
|
|
|
89,969 |
|
HSBC Holdings PLC |
|
|
1,596 |
|
|
|
17,475 |
|
Industrial & Commercial Bank of China Ltd., Class H |
|
|
49,000 |
|
|
|
34,474 |
|
Industrial Bank of Korea |
|
|
260 |
|
|
|
2,975 |
|
Malayan Banking Bhd |
|
|
1,700 |
|
|
|
5,375 |
|
National Australia Bank Ltd. |
|
|
740 |
|
|
|
26,117 |
|
Nordea Bank AB |
|
|
1,953 |
|
|
|
23,428 |
|
Raiffeisen Bank International AG |
|
|
65 |
|
|
|
2,296 |
|
Sberbank of Russia (ADR) |
|
|
929 |
|
|
|
11,947 |
|
Societe Generale S.A.* |
|
|
257 |
|
|
|
9,345 |
|
Westpac Banking Corp. |
|
|
858 |
|
|
|
30,104 |
|
|
|
|
|
|
|
|
364,338 |
|
Communications Equipment 1.3% |
|
HTC Corp. |
|
|
2,000 |
|
|
|
20,399 |
|
VTech Holdings Ltd. |
|
|
1,100 |
|
|
|
14,032 |
|
|
|
|
|
|
|
|
34,431 |
|
Computers &
Peripherals 0.2% |
|
Quanta Computer, Inc. |
|
|
1,000 |
|
|
|
2,067 |
|
Wistron Corp. |
|
|
2,000 |
|
|
|
2,030 |
|
|
|
|
|
|
|
|
4,097 |
|
Construction &
Engineering 2.3% |
|
Bouygues S.A. |
|
|
203 |
|
|
|
5,671 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
153 |
|
FlexShares®
International Quality Dividend Dynamic Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Construction &
Engineering (continued) |
|
Ferrovial S.A. |
|
|
856 |
|
|
$ |
14,180 |
|
JGC Corp. |
|
|
1,000 |
|
|
|
29,617 |
|
Vinci S.A. |
|
|
171 |
|
|
|
8,243 |
|
|
|
|
|
|
|
|
57,711 |
|
Construction Materials 0.5% |
|
Asia Cement Corp. |
|
|
3,000 |
|
|
|
3,807 |
|
CRH PLC |
|
|
274 |
|
|
|
5,897 |
|
Taiwan Cement Corp. |
|
|
2,000 |
|
|
|
2,657 |
|
|
|
|
|
|
|
|
12,361 |
|
Distributors 0.1% |
|
Inchcape PLC |
|
|
389 |
|
|
|
3,033 |
|
Diversified Financial
Services 1.9% |
|
Eurazeo |
|
|
50 |
|
|
|
2,651 |
|
Industrivarden AB, Class A |
|
|
654 |
|
|
|
12,852 |
|
Industrivarden AB, Class C |
|
|
684 |
|
|
|
12,786 |
|
ORIX Corp. |
|
|
400 |
|
|
|
6,143 |
|
Wendel S.A. |
|
|
118 |
|
|
|
12,797 |
|
|
|
|
|
|
|
|
47,229 |
|
Diversified Telecommunication
Services 3.7% |
|
Belgacom S.A. |
|
|
485 |
|
|
|
11,190 |
|
Bezeq The Israeli Telecommunication Corp. Ltd. |
|
|
10,029 |
|
|
|
14,553 |
|
Elisa OYJ |
|
|
620 |
|
|
|
11,771 |
|
France Telecom S.A. |
|
|
689 |
|
|
|
7,380 |
|
Magyar Telekom Telecommunications PLC |
|
|
1,555 |
|
|
|
2,869 |
|
Nippon Telegraph & Telephone Corp. |
|
|
200 |
|
|
|
9,907 |
|
TDC A/S |
|
|
1,767 |
|
|
|
14,349 |
|
Telecom Egypt Co. |
|
|
1,352 |
|
|
|
2,462 |
|
TeliaSonera AB |
|
|
859 |
|
|
|
5,917 |
|
Turk Telekomunikasyon AS |
|
|
3,211 |
|
|
|
15,218 |
|
|
|
|
|
|
|
|
95,616 |
|
Electric Utilities 1.9% |
|
CEZ AS |
|
|
371 |
|
|
|
10,751 |
|
EDP Energias de Portugal S.A. |
|
|
4,434 |
|
|
|
15,257 |
|
Electricite de France S.A. |
|
|
163 |
|
|
|
3,647 |
|
Light S.A. |
|
|
300 |
|
|
|
2,996 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Electric Utilities (continued) |
|
PGE S.A. |
|
|
2,533 |
|
|
$ |
13,156 |
|
Terna Rete Elettrica Nazionale SpA |
|
|
788 |
|
|
|
3,692 |
|
|
|
|
|
|
|
|
49,499 |
|
Electrical Equipment 0.6% |
|
Schneider Electric S.A. |
|
|
197 |
|
|
|
15,038 |
|
Electronic Equipment, Instruments &
Components 1.4% |
|
Hexagon AB, Class B |
|
|
74 |
|
|
|
2,116 |
|
Hitachi Ltd. |
|
|
2,000 |
|
|
|
12,771 |
|
Hoya Corp. |
|
|
700 |
|
|
|
13,999 |
|
Omron Corp. |
|
|
100 |
|
|
|
3,157 |
|
Unimicron Technology Corp. |
|
|
3,000 |
|
|
|
3,161 |
|
|
|
|
|
|
|
|
35,204 |
|
Food & Staples
Retailing 2.5% |
|
Koninklijke Ahold N.V. |
|
|
914 |
|
|
|
14,436 |
|
Metcash Ltd. |
|
|
785 |
|
|
|
3,333 |
|
Metro AG |
|
|
100 |
|
|
|
3,121 |
|
Seven & I Holdings Co. Ltd. |
|
|
600 |
|
|
|
23,037 |
|
Wesfarmers Ltd. |
|
|
462 |
|
|
|
20,813 |
|
|
|
|
|
|
|
|
64,740 |
|
Food Products 1.5% |
|
MEIJI Holdings Co. Ltd. |
|
|
100 |
|
|
|
4,512 |
|
Nestle S.A. |
|
|
302 |
|
|
|
21,587 |
|
Nisshin Seifun Group, Inc. |
|
|
500 |
|
|
|
6,457 |
|
Nissin Foods Holdings Co. Ltd. |
|
|
100 |
|
|
|
4,486 |
|
|
|
|
|
|
|
|
37,042 |
|
Gas Utilities 0.5% |
|
Snam SpA |
|
|
2,808 |
|
|
|
13,824 |
|
Hotels, Restaurants &
Leisure 2.0% |
|
Accor S.A. |
|
|
361 |
|
|
|
11,946 |
|
Berjaya Sports Toto Bhd |
|
|
8,800 |
|
|
|
12,148 |
|
InterContinental Hotels Group PLC |
|
|
468 |
|
|
|
13,825 |
|
Tatts Group Ltd. |
|
|
3,935 |
|
|
|
13,357 |
|
|
|
|
|
|
|
|
51,276 |
|
Household Durables 0.1% |
|
Husqvarna AB, Class A |
|
|
424 |
|
|
|
2,447 |
|
Independent Power Producers & Energy
Traders 0.5% |
|
AES Tiete S.A. |
|
|
1,400 |
|
|
|
12,904 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
154 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
International Quality Dividend Dynamic Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Industrial Conglomerates 1.2% |
|
Far Eastern New Century Corp. |
|
|
3,000 |
|
|
$ |
3,227 |
|
Shanghai Industrial Holdings Ltd. |
|
|
1,000 |
|
|
|
3,170 |
|
Siemens AG |
|
|
237 |
|
|
|
24,778 |
|
|
|
|
|
|
|
|
31,175 |
|
Insurance 7.9% |
|
Aegon N.V. |
|
|
631 |
|
|
|
4,169 |
|
Allianz SE |
|
|
157 |
|
|
|
23,193 |
|
AXA S.A. |
|
|
1,303 |
|
|
|
24,420 |
|
Baloise Holding AG |
|
|
38 |
|
|
|
3,915 |
|
CNP Assurances |
|
|
173 |
|
|
|
2,453 |
|
Euler Hermes S.A. |
|
|
111 |
|
|
|
10,610 |
|
Legal & General Group PLC |
|
|
6,167 |
|
|
|
16,269 |
|
Manulife Financial Corp. |
|
|
700 |
|
|
|
10,362 |
|
Muenchener Rueckversicherungs AG |
|
|
136 |
|
|
|
27,227 |
|
Old Mutual PLC |
|
|
4,815 |
|
|
|
15,363 |
|
Prudential PLC |
|
|
1,901 |
|
|
|
32,694 |
|
RSA Insurance Group PLC |
|
|
7,589 |
|
|
|
13,146 |
|
SCOR SE |
|
|
118 |
|
|
|
3,585 |
|
Zurich Insurance Group AG* |
|
|
55 |
|
|
|
15,370 |
|
|
|
|
|
|
|
|
202,776 |
|
IT Services 0.6% |
|
NTT Data Corp. |
|
|
5 |
|
|
|
15,809 |
|
Leisure Equipment &
Products 0.2% |
|
Sankyo Co. Ltd. |
|
|
100 |
|
|
|
4,558 |
|
Machinery 4.7% |
|
FANUC Corp. |
|
|
200 |
|
|
|
30,182 |
|
Hitachi Construction Machinery Co. Ltd. |
|
|
100 |
|
|
|
2,373 |
|
IMI PLC |
|
|
747 |
|
|
|
14,405 |
|
Komatsu Ltd. |
|
|
400 |
|
|
|
10,919 |
|
Metso OYJ |
|
|
299 |
|
|
|
12,295 |
|
Sandvik AB |
|
|
895 |
|
|
|
12,699 |
|
Scania AB, Class B |
|
|
165 |
|
|
|
3,515 |
|
SKF AB |
|
|
478 |
|
|
|
11,180 |
|
SKF AB, Class B |
|
|
552 |
|
|
|
12,860 |
|
Volvo AB, Class A |
|
|
226 |
|
|
|
3,123 |
|
Volvo AB, Class B |
|
|
523 |
|
|
|
7,247 |
|
|
|
|
|
|
|
|
120,798 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Media 0.7% |
|
Informa PLC |
|
|
450 |
|
|
$ |
3,348 |
|
ProSiebenSat.1 Media AG |
|
|
93 |
|
|
|
3,565 |
|
UBM PLC |
|
|
251 |
|
|
|
2,860 |
|
WPP PLC |
|
|
476 |
|
|
|
7,883 |
|
|
|
|
|
|
|
|
17,656 |
|
Metals & Mining 6.6% |
|
BHP Billiton Ltd. |
|
|
163 |
|
|
|
5,533 |
|
BHP Billiton PLC |
|
|
691 |
|
|
|
19,262 |
|
Boliden AB |
|
|
188 |
|
|
|
2,980 |
|
China Hongqiao Group Ltd. |
|
|
5,000 |
|
|
|
2,893 |
|
Cia Siderurgica Nacional S.A. |
|
|
600 |
|
|
|
2,379 |
|
Eramet |
|
|
20 |
|
|
|
2,139 |
|
Eregli Demir ve Celik Fabrikalari TAS |
|
|
11,277 |
|
|
|
12,890 |
|
First Quantum Minerals Ltd. |
|
|
900 |
|
|
|
15,739 |
|
Grupo Mexico SAB de CV |
|
|
3,800 |
|
|
|
13,626 |
|
Jastrzebska Spolka Weglowa S.A. |
|
|
428 |
|
|
|
11,311 |
|
Jiangxi Copper Co. Ltd., Class H |
|
|
5,000 |
|
|
|
9,690 |
|
Kazakhmys PLC |
|
|
1,107 |
|
|
|
5,966 |
|
KGHM Polska Miedz S.A. |
|
|
236 |
|
|
|
11,055 |
|
Kumba Iron Ore Ltd. |
|
|
207 |
|
|
|
10,907 |
|
Rio Tinto PLC |
|
|
425 |
|
|
|
19,308 |
|
Teck Resources Ltd., Class A |
|
|
100 |
|
|
|
2,832 |
|
Teck Resources Ltd., Class B |
|
|
200 |
|
|
|
5,329 |
|
Voestalpine AG |
|
|
86 |
|
|
|
2,688 |
|
Xstrata PLC |
|
|
782 |
|
|
|
11,727 |
|
|
|
|
|
|
|
|
168,254 |
|
Multi-Utilities 1.2% |
|
E.ON AG |
|
|
672 |
|
|
|
12,191 |
|
RWE AG |
|
|
547 |
|
|
|
18,990 |
|
|
|
|
|
|
|
|
31,181 |
|
Oil, Gas & Consumable
Fuels 10.8% |
|
Baytex Energy Corp. |
|
|
300 |
|
|
|
11,874 |
|
BP PLC |
|
|
1,000 |
|
|
|
7,259 |
|
Cameco Corp. |
|
|
200 |
|
|
|
3,905 |
|
Canadian Natural Resources Ltd. |
|
|
800 |
|
|
|
23,502 |
|
Canadian Oil Sands Ltd. |
|
|
700 |
|
|
|
13,772 |
|
ENI S.p.A. |
|
|
1,935 |
|
|
|
46,328 |
|
Gazprom OAO (ADR) |
|
|
4,027 |
|
|
|
31,954 |
|
Indo Tambangraya Megah Tbk PT |
|
|
3,000 |
|
|
|
11,340 |
|
JX Holdings, Inc. |
|
|
800 |
|
|
|
4,336 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
155 |
|
FlexShares®
International Quality Dividend Dynamic Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Oil, Gas & Consumable
Fuels (continued) |
|
Penn West Petroleum Ltd. |
|
|
300 |
|
|
$ |
2,774 |
|
Royal Dutch Shell PLC, Class A |
|
|
179 |
|
|
|
6,107 |
|
Royal Dutch Shell PLC, Class B |
|
|
1,243 |
|
|
|
43,587 |
|
Suncor Energy, Inc. |
|
|
1,200 |
|
|
|
37,473 |
|
Surgutneftegas OAO (ADR) |
|
|
1,745 |
|
|
|
12,040 |
|
Talisman Energy, Inc. |
|
|
400 |
|
|
|
4,804 |
|
Tatneft OAO (ADR) |
|
|
340 |
|
|
|
12,849 |
|
Total S.A. |
|
|
66 |
|
|
|
3,330 |
|
|
|
|
|
|
|
|
277,234 |
|
Paper & Forest
Products 0.2% |
|
Stora Enso Oyj, Class R |
|
|
450 |
|
|
|
3,130 |
|
UPM-Kymmene Oyj |
|
|
280 |
|
|
|
2,931 |
|
|
|
|
|
|
|
|
6,061 |
|
Personal Products 1.1% |
|
Kao Corp. |
|
|
400 |
|
|
|
13,838 |
|
Shiseido Co. Ltd. |
|
|
1,000 |
|
|
|
14,311 |
|
|
|
|
|
|
|
|
28,149 |
|
Pharmaceuticals 5.5% |
|
AstraZeneca PLC |
|
|
931 |
|
|
|
48,433 |
|
Bayer AG |
|
|
24 |
|
|
|
2,507 |
|
Eisai Co. Ltd. |
|
|
300 |
|
|
|
13,690 |
|
GlaxoSmithKline PLC |
|
|
194 |
|
|
|
5,014 |
|
Mitsubishi Tanabe Pharma Corp. |
|
|
200 |
|
|
|
3,041 |
|
Novartis AG |
|
|
164 |
|
|
|
12,190 |
|
Ono Pharmaceutical Co. Ltd. |
|
|
300 |
|
|
|
19,772 |
|
Orion OYJ, Class B |
|
|
416 |
|
|
|
11,956 |
|
Roche Holding AG |
|
|
50 |
|
|
|
12,509 |
|
Sanofi |
|
|
48 |
|
|
|
5,266 |
|
Taisho Pharmaceutical Holdings Co. Ltd. |
|
|
100 |
|
|
|
7,412 |
|
|
|
|
|
|
|
|
141,790 |
|
Professional Services 0.6% |
|
Adecco S.A.* |
|
|
233 |
|
|
|
12,473 |
|
Randstad Holding N.V. |
|
|
73 |
|
|
|
3,043 |
|
|
|
|
|
|
|
|
15,516 |
|
Real Estate Investment Trusts
(REITs) 0.4% |
|
Fonciere Des Regions |
|
|
36 |
|
|
|
2,867 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Real Estate Investment Trusts
(REITs) (continued) |
|
Gecina S.A. |
|
|
27 |
|
|
$ |
3,250 |
|
Klepierre |
|
|
82 |
|
|
|
3,481 |
|
|
|
|
|
|
|
|
9,598 |
|
Real Estate Management &
Development 1.2% |
|
Evergrande Real Estate Group Ltd. |
|
|
26,000 |
|
|
|
10,620 |
|
Guangzhou R&F Properties Co. Ltd., Class H |
|
|
3,600 |
|
|
|
6,513 |
|
KWG Property Holding Ltd. |
|
|
19,500 |
|
|
|
13,468 |
|
|
|
|
|
|
|
|
30,601 |
|
Semiconductors & Semiconductor
Equipment 1.2% |
|
Radiant Opto-Electronics Corp. |
|
|
4,000 |
|
|
|
16,265 |
|
Samsung Electronics Co. Ltd. |
|
|
8 |
|
|
|
11,041 |
|
Siliconware Precision Industries Co. |
|
|
3,000 |
|
|
|
3,558 |
|
|
|
|
|
|
|
|
30,864 |
|
Textiles, Apparel & Luxury
Goods 0.1% |
|
Bosideng International Holdings Ltd. |
|
|
8,000 |
|
|
|
2,103 |
|
Tobacco 3.2% |
|
|
|
|
|
|
|
|
British American Tobacco PLC |
|
|
1,469 |
|
|
|
81,531 |
|
Trading Companies &
Distributors 1.1% |
|
Finning International, Inc. |
|
|
100 |
|
|
|
2,162 |
|
Marubeni Corp. |
|
|
1,000 |
|
|
|
7,155 |
|
Rexel S.A. |
|
|
129 |
|
|
|
2,841 |
|
Sumitomo Corp. |
|
|
1,200 |
|
|
|
14,980 |
|
|
|
|
|
|
|
|
27,138 |
|
Transportation
Infrastructure 0.7% |
|
COSCO Pacific Ltd. |
|
|
2,000 |
|
|
|
2,649 |
|
Hopewell Highway Infrastructure Ltd. |
|
|
5,000 |
|
|
|
2,468 |
|
Hutchison Port Holdings Trust, Class U |
|
|
16,000 |
|
|
|
13,280 |
|
|
|
|
|
|
|
|
18,397 |
|
Wireless Telecommunication
Services 0.8% |
|
NTT DOCOMO, Inc. |
|
|
1 |
|
|
|
1,653 |
|
Vodacom Group Ltd. |
|
|
1,024 |
|
|
|
11,994 |
|
Vodafone Group PLC |
|
|
2,253 |
|
|
|
6,880 |
|
|
|
|
|
|
|
|
20,527 |
|
Total Common Stocks (Cost $2,410,605) |
|
|
|
|
|
|
2,444,660 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
156 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
International Quality Dividend Dynamic Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
PREFERRED STOCKS 3.9% |
|
Auto Components 0.5% |
|
Pirelli & C. SpA |
|
|
1,562 |
|
|
$ |
13,015 |
|
Automobiles 0.6% |
|
Hyundai Motor Co. |
|
|
234 |
|
|
|
14,746 |
|
Capital Markets 1.1% |
|
Korea Investment Holdings Co. Ltd.* |
|
|
1,120 |
|
|
|
15,407 |
|
Woori Investment & Securities Co. Ltd.* |
|
|
2,850 |
|
|
|
11,852 |
|
|
|
|
|
|
|
|
27,259 |
|
Diversified Telecommunication
Services 0.1% |
|
Telecom Italia SpA |
|
|
4,355 |
|
|
|
3,032 |
|
Independent Power Producers & Energy
Traders 0.5% |
|
AES Tiete S.A. |
|
|
1,200 |
|
|
|
12,171 |
|
Industrial Conglomerates 0.6% |
|
Doosan Corp. |
|
|
360 |
|
|
|
15,919 |
|
Oil, Gas & Consumable
Fuels 0.5% |
|
SK Innovation Co. Ltd. |
|
|
251 |
|
|
|
13,060 |
|
Total Preferred Stocks (Cost $93,155) |
|
|
|
|
|
|
99,202 |
|
Total Investment Securities (Cost $2,503,760) 99.5% |
|
|
|
|
|
|
2,543,862 |
|
Other assets less liabilities 0.5% |
|
|
|
|
|
|
12,861 |
|
Net Assets 100.0% |
|
|
|
|
|
$ |
2,556,723 |
|
* |
Non-income producing security. |
Percentages shown are based on Net Assets.
Abbreviations:
ADR American
Depositary Receipt
REIT Real Estate Investment Trust
As of April 30, 2013, the gross
unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
|
|
|
|
|
|
|
|
|
Aggregate gross unrealized appreciation |
|
$ |
71,468 |
|
Aggregate gross unrealized depreciation |
|
|
(31,366 |
) |
Net unrealized appreciation |
|
$ |
40,102 |
|
Federal income tax cost of investments |
|
$ |
2,503,760 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
157 |
|
FlexShares®
International Quality Dividend Dynamic Index Fund (cont.)
FlexShares® International Quality Dividend Dynamic Index Fund invested, as a
percentage of net assets, in the following countries as of April 30, 2013:
|
|
|
|
|
Australia |
|
|
8.8 |
% |
Austria |
|
|
0.2 |
|
Belgium |
|
|
0.4 |
|
Brazil |
|
|
1.2 |
|
Canada |
|
|
5.6 |
|
China |
|
|
6.7 |
|
Czech Republic |
|
|
0.4 |
|
Denmark |
|
|
0.6 |
|
Egypt |
|
|
0.1 |
|
Finland |
|
|
2.1 |
|
France |
|
|
6.5 |
|
Germany |
|
|
7.7 |
|
Hong Kong |
|
|
0.6 |
|
Hungary |
|
|
0.1 |
|
Indonesia |
|
|
0.4 |
|
Ireland |
|
|
0.2 |
|
Israel |
|
|
0.6 |
|
Italy |
|
|
3.2 |
|
Japan |
|
|
12.4 |
|
Malaysia |
|
|
0.7 |
|
Mexico |
|
|
0.5 |
|
Netherlands |
|
|
0.9 |
|
Poland |
|
|
1.8 |
|
Portugal |
|
|
0.6 |
|
Russia |
|
|
2.7 |
|
Singapore |
|
|
0.5 |
|
South Africa |
|
|
0.9 |
|
South Korea |
|
|
3.3 |
|
Spain |
|
|
0.6 |
|
Sweden |
|
|
4.4 |
|
Switzerland |
|
|
3.4 |
|
Taiwan |
|
|
2.6 |
|
Turkey |
|
|
1.1 |
|
United Kingdom |
|
|
17.7 |
|
Other1 |
|
|
0.5 |
|
|
|
|
100.0 |
% |
1 |
Includes any non-equity securities and net other assets (liabilities). |
See Accompanying Notes to the Financial
Statements.
|
|
|
158 |
|
FLEXSHARES SEMIANNUAL REPORT |
Schedule of Investments
FlexShares®
International Quality Dividend Defensive Index Fund
April 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS 96.4% |
|
Aerospace & Defense 0.6% |
|
BAE Systems PLC |
|
|
2,857 |
|
|
$ |
16,697 |
|
Air Freight &
Logistics 0.3% |
|
Deutsche Post AG |
|
|
319 |
|
|
|
7,579 |
|
Automobiles 2.0% |
|
Bayerische Motoren Werke AG |
|
|
45 |
|
|
|
3,131 |
|
Daihatsu Motor Co. Ltd. |
|
|
1,000 |
|
|
|
19,834 |
|
Ford Otomotiv Sanayi AS |
|
|
1,123 |
|
|
|
15,592 |
|
Tofas Turk Otomobil Fabrikasi AS |
|
|
1,988 |
|
|
|
13,856 |
|
|
|
|
|
|
|
|
52,413 |
|
Building Products 0.6% |
|
Asahi Glass Co. Ltd. |
|
|
2,000 |
|
|
|
15,686 |
|
Capital Markets 1.6% |
|
AFP Habitat S.A. |
|
|
6,636 |
|
|
|
13,202 |
|
ICAP PLC |
|
|
2,402 |
|
|
|
10,759 |
|
IGM Financial, Inc. |
|
|
300 |
|
|
|
13,389 |
|
Macquarie Korea Infrastructure Fund |
|
|
470 |
|
|
|
2,979 |
|
|
|
|
|
|
|
|
40,329 |
|
Chemicals 1.5% |
|
BASF SE |
|
|
7 |
|
|
|
654 |
|
Huabao International Holdings Ltd. |
|
|
14,000 |
|
|
|
6,422 |
|
Israel Chemicals Ltd. |
|
|
993 |
|
|
|
11,816 |
|
Mitsubishi Chemical Holdings Corp. |
|
|
1,000 |
|
|
|
4,866 |
|
Sumitomo Chemical Co. Ltd. |
|
|
1,000 |
|
|
|
3,347 |
|
Synthos S.A. |
|
|
6,855 |
|
|
|
10,219 |
|
TSRC Corp. |
|
|
1,000 |
|
|
|
1,975 |
|
|
|
|
|
|
|
|
39,299 |
|
Commercial Banks 11.8% |
|
Aozora Bank Ltd. |
|
|
4,000 |
|
|
|
12,524 |
|
Australia & New Zealand Banking Group Ltd. |
|
|
358 |
|
|
|
11,833 |
|
Bank of Montreal |
|
|
230 |
|
|
|
14,449 |
|
Bank of Nova Scotia |
|
|
300 |
|
|
|
17,326 |
|
Canadian Imperial Bank of Commerce/Canada |
|
|
300 |
|
|
|
24,030 |
|
Commonwealth Bank of Australia |
|
|
1,147 |
|
|
|
87,453 |
|
HSBC Holdings PLC |
|
|
1,602 |
|
|
|
17,541 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Commercial Banks (continued) |
|
Malayan Banking Bhd |
|
|
1,600 |
|
|
$ |
5,059 |
|
Mizuho Financial Group, Inc. |
|
|
8,300 |
|
|
|
18,320 |
|
National Australia Bank Ltd. |
|
|
740 |
|
|
|
26,117 |
|
National Bank of Canada |
|
|
200 |
|
|
|
15,141 |
|
Sumitomo Mitsui Financial Group, Inc. |
|
|
500 |
|
|
|
23,637 |
|
Westpac Banking Corp. |
|
|
856 |
|
|
|
30,034 |
|
|
|
|
|
|
|
|
303,464 |
|
Communications Equipment 0.9% |
|
HTC Corp. |
|
|
1,000 |
|
|
|
10,199 |
|
VTech Holdings Ltd. |
|
|
1,100 |
|
|
|
14,033 |
|
|
|
|
|
|
|
|
24,232 |
|
Computers &
Peripherals 1.4% |
|
Asustek Computer, Inc. |
|
|
1,000 |
|
|
|
11,639 |
|
Chicony Electronics Co. Ltd. |
|
|
1,000 |
|
|
|
2,934 |
|
Compal Electronics, Inc. |
|
|
18,000 |
|
|
|
11,649 |
|
Lite-On Technology Corp. |
|
|
2,000 |
|
|
|
3,599 |
|
Quanta Computer, Inc. |
|
|
2,000 |
|
|
|
4,134 |
|
Wistron Corp. |
|
|
2,000 |
|
|
|
2,030 |
|
|
|
|
|
|
|
|
35,985 |
|
Construction &
Engineering 2.6% |
|
Bouygues S.A. |
|
|
483 |
|
|
|
13,494 |
|
Eiffage S.A. |
|
|
293 |
|
|
|
12,983 |
|
Ferrovial S.A. |
|
|
844 |
|
|
|
13,981 |
|
Obayashi Corp. |
|
|
1,000 |
|
|
|
6,149 |
|
Taisei Corp. |
|
|
5,000 |
|
|
|
16,682 |
|
Vinci S.A. |
|
|
49 |
|
|
|
2,362 |
|
|
|
|
|
|
|
|
65,651 |
|
Construction Materials 0.8% |
|
Asia Cement Corp. |
|
|
3,000 |
|
|
|
3,807 |
|
Fletcher Building Ltd. |
|
|
465 |
|
|
|
3,526 |
|
PPC Ltd. |
|
|
3,424 |
|
|
|
12,507 |
|
|
|
|
|
|
|
|
19,840 |
|
Consumer Finance 0.6% |
|
Provident Financial PLC |
|
|
565 |
|
|
|
14,325 |
|
Distributors 0.1% |
|
Li & Fung Ltd. |
|
|
2,000 |
|
|
|
2,587 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
159 |
|
FlexShares®
International Quality Dividend Defensive Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Diversified Financial
Services 0.6% |
|
African Bank Investments Ltd. |
|
|
3,820 |
|
|
$ |
12,116 |
|
Chailease Holding Co. Ltd.* |
|
|
1,000 |
|
|
|
3,009 |
|
|
|
|
|
|
|
|
15,125 |
|
Diversified Telecommunication
Services 5.4% |
|
BCE, Inc. |
|
|
100 |
|
|
|
4,692 |
|
Belgacom S.A. |
|
|
473 |
|
|
|
10,913 |
|
Bell Aliant Inc. |
|
|
100 |
|
|
|
2,678 |
|
Bezeq The Israeli Telecommunication Corp. Ltd. |
|
|
9,880 |
|
|
|
14,337 |
|
Elisa OYJ |
|
|
612 |
|
|
|
11,619 |
|
France Telecom S.A. |
|
|
672 |
|
|
|
7,198 |
|
Magyar Telekom Telecommunications PLC |
|
|
1,616 |
|
|
|
2,982 |
|
TalkTalk Telecom Group PLC |
|
|
734 |
|
|
|
2,864 |
|
TDC A/S |
|
|
1,721 |
|
|
|
13,975 |
|
Telecom Corp of New Zealand Ltd. |
|
|
6,978 |
|
|
|
15,594 |
|
Telecom Egypt Co. |
|
|
1,313 |
|
|
|
2,391 |
|
Telecom Italia SpA |
|
|
4,251 |
|
|
|
3,601 |
|
Telefonica Czech Republic AS |
|
|
795 |
|
|
|
11,500 |
|
Telstra Corp. Ltd. |
|
|
1,568 |
|
|
|
8,106 |
|
Turk Telekomunikasyon AS |
|
|
3,164 |
|
|
|
14,996 |
|
Vivendi S.A. |
|
|
481 |
|
|
|
10,907 |
|
|
|
|
|
|
|
|
138,353 |
|
Electric Utilities 3.0% |
|
Centrais Eletricas Brasileiras S.A. |
|
|
800 |
|
|
|
2,165 |
|
Chubu Electric Power Co. Inc. |
|
|
300 |
|
|
|
3,884 |
|
The Chugoku Electric Power Co. Inc. |
|
|
200 |
|
|
|
2,868 |
|
Cia Energetica de Minas Gerais |
|
|
1,200 |
|
|
|
15,148 |
|
EDPEnergias de Portugal S.A. |
|
|
4,215 |
|
|
|
14,504 |
|
Electricite de France S.A. |
|
|
160 |
|
|
|
3,580 |
|
Fortum OYJ |
|
|
701 |
|
|
|
13,040 |
|
The Kansai Electric Power Co. Inc.* |
|
|
400 |
|
|
|
4,878 |
|
Light S.A. |
|
|
300 |
|
|
|
2,996 |
|
PGE S.A. |
|
|
2,493 |
|
|
|
12,948 |
|
|
|
|
|
|
|
|
76,011 |
|
Food & Staples
Retailing 1.5% |
|
Lawson, Inc. |
|
|
200 |
|
|
|
15,769 |
|
Metcash Ltd. |
|
|
779 |
|
|
|
3,307 |
|
Metro AG |
|
|
103 |
|
|
|
3,215 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Food & Staples
Retailing (continued) |
|
Shoppers Drug Mart Corp. |
|
|
300 |
|
|
$ |
13,457 |
|
Wesfarmers Ltd. |
|
|
82 |
|
|
|
3,705 |
|
|
|
|
|
|
|
|
39,453 |
|
Food Products 2.7% |
|
Nestle S.A. |
|
|
296 |
|
|
|
21,158 |
|
Orkla ASA |
|
|
1,556 |
|
|
|
14,027 |
|
Ulker Biskuvi Sanayi AS |
|
|
440 |
|
|
|
3,766 |
|
Unilever N.V. |
|
|
685 |
|
|
|
29,188 |
|
|
|
|
|
|
|
|
68,139 |
|
Gas Utilities 0.5% |
|
Gas Natural SDG S.A. |
|
|
26 |
|
|
|
545 |
|
Snam SpA |
|
|
2,692 |
|
|
|
13,253 |
|
|
|
|
|
|
|
|
13,798 |
|
Hotels, Restaurants &
Leisure 1.9% |
|
Berjaya Sports Toto Bhd |
|
|
9,400 |
|
|
|
12,976 |
|
Grand Korea Leisure Co. Ltd. |
|
|
490 |
|
|
|
15,217 |
|
Lottomatica Group SpA |
|
|
108 |
|
|
|
2,757 |
|
Sands China Ltd. |
|
|
800 |
|
|
|
4,195 |
|
Tatts Group Ltd. |
|
|
3,801 |
|
|
|
12,902 |
|
|
|
|
|
|
|
|
48,047 |
|
Household Durables 0.1% |
|
Arcelik AS |
|
|
458 |
|
|
|
3,562 |
|
Independent Power Producers & Energy
Traders 1.0% |
|
AES Tiete S.A. |
|
|
1,300 |
|
|
|
11,982 |
|
Tractebel Energia S.A. |
|
|
800 |
|
|
|
14,228 |
|
|
|
|
|
|
|
|
26,210 |
|
Industrial Conglomerates 0.1% |
|
Boustead Holdings Bhd |
|
|
1,800 |
|
|
|
3,029 |
|
Insurance 7.7% |
|
Admiral Group PLC |
|
|
664 |
|
|
|
13,239 |
|
Allianz SE |
|
|
4 |
|
|
|
591 |
|
AXA S.A. |
|
|
1,077 |
|
|
|
20,184 |
|
Baloise Holding AG |
|
|
37 |
|
|
|
3,812 |
|
CNP Assurances |
|
|
164 |
|
|
|
2,325 |
|
Euler Hermes S.A. |
|
|
143 |
|
|
|
13,669 |
|
Gjensidige Forsikring ASA |
|
|
800 |
|
|
|
12,909 |
|
Great-West Lifeco, Inc. |
|
|
100 |
|
|
|
2,720 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
160 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
International Quality Dividend Defensive Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Insurance (continued) |
|
Intact Financial Corp. |
|
|
100 |
|
|
$ |
6,104 |
|
Mapfre S.A. |
|
|
856 |
|
|
|
3,143 |
|
Mediolanum SpA |
|
|
1,563 |
|
|
|
10,540 |
|
Muenchener Rueckversicherungs AG |
|
|
130 |
|
|
|
26,026 |
|
Power Financial Corp. |
|
|
500 |
|
|
|
14,793 |
|
Powszechny Zaklad Ubezpieczen S.A. |
|
|
104 |
|
|
|
14,335 |
|
RSA Insurance Group PLC |
|
|
7,450 |
|
|
|
12,905 |
|
Sampo OYJ, Class A |
|
|
386 |
|
|
|
15,420 |
|
SCOR SE |
|
|
117 |
|
|
|
3,555 |
|
Sun Life Financial, Inc. |
|
|
200 |
|
|
|
5,651 |
|
Zurich Insurance Group AG* |
|
|
55 |
|
|
|
15,370 |
|
|
|
|
|
|
|
|
197,291 |
|
Leisure Equipment &
Products 0.5% |
|
Sankyo Co. Ltd. |
|
|
300 |
|
|
|
13,674 |
|
Machinery 0.5% |
|
Metso OYJ |
|
|
22 |
|
|
|
905 |
|
Zardoya Otis S.A. |
|
|
892 |
|
|
|
12,477 |
|
|
|
|
|
|
|
|
13,382 |
|
Media 0.8% |
|
ProSiebenSat.1 Media AG |
|
|
94 |
|
|
|
3,604 |
|
Reed Elsevier N.V. |
|
|
228 |
|
|
|
3,703 |
|
Shaw Communications, Inc., Class B |
|
|
600 |
|
|
|
13,684 |
|
|
|
|
|
|
|
|
20,991 |
|
Metals & Mining 2.8% |
|
Barrick Gold Corp. |
|
|
200 |
|
|
|
3,949 |
|
BHP Billiton Ltd. |
|
|
153 |
|
|
|
5,194 |
|
China Hongqiao Group Ltd. |
|
|
5,000 |
|
|
|
2,893 |
|
Cia Siderurgica Nacional S.A. |
|
|
700 |
|
|
|
2,776 |
|
Eregli Demir ve Celik Fabrikalari TAS |
|
|
10,700 |
|
|
|
12,231 |
|
Iluka Resources Ltd. |
|
|
1,214 |
|
|
|
11,279 |
|
KGHM Polska Miedz S.A. |
|
|
233 |
|
|
|
10,914 |
|
Kumba Iron Ore Ltd. |
|
|
205 |
|
|
|
10,801 |
|
Shougang Fushan Resources Group Ltd. |
|
|
28,000 |
|
|
|
10,932 |
|
|
|
|
|
|
|
|
70,969 |
|
Multiline Retail 0.0% |
|
Marks & Spencer Group PLC |
|
|
132 |
|
|
|
839 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Multi-Utilities 1.2% |
|
E.ON AG |
|
|
657 |
|
|
$ |
11,919 |
|
RWE AG |
|
|
536 |
|
|
|
18,610 |
|
|
|
|
|
|
|
|
30,529 |
|
Office Electronics 0.6% |
|
Canon, Inc. |
|
|
400 |
|
|
|
14,352 |
|
Oil, Gas & Consumable
Fuels 11.2% |
|
ARC Resources Ltd. |
|
|
100 |
|
|
|
2,800 |
|
Baytex Energy Corp. |
|
|
300 |
|
|
|
11,874 |
|
BP PLC |
|
|
943 |
|
|
|
6,845 |
|
Canadian Oil Sands Ltd. |
|
|
700 |
|
|
|
13,772 |
|
ENI S.p.A. |
|
|
1,892 |
|
|
|
45,299 |
|
Gazprom OAO (ADR) |
|
|
3,960 |
|
|
|
31,423 |
|
Harum Energy Tbk PT |
|
|
21,000 |
|
|
|
8,964 |
|
Indo Tambangraya Megah Tbk PT |
|
|
3,000 |
|
|
|
11,340 |
|
Keyera Corp. |
|
|
100 |
|
|
|
6,256 |
|
Penn West Petroleum Ltd. |
|
|
300 |
|
|
|
2,774 |
|
Royal Dutch Shell PLC, Class A |
|
|
164 |
|
|
|
5,595 |
|
Royal Dutch Shell PLC, Class B |
|
|
803 |
|
|
|
28,158 |
|
Surgutneftegas OAO (ADR) |
|
|
1,725 |
|
|
|
11,902 |
|
Total S.A. |
|
|
1,550 |
|
|
|
78,205 |
|
TransCanada Corp. |
|
|
300 |
|
|
|
14,895 |
|
Tupras Turkiye Petrol Rafinerileri AS |
|
|
113 |
|
|
|
3,150 |
|
Vermilion Energy, Inc. |
|
|
100 |
|
|
|
5,140 |
|
|
|
|
|
|
|
|
288,392 |
|
Paper & Forest
Products 0.4% |
|
Oji Holdings Corp. |
|
|
1,000 |
|
|
|
3,562 |
|
Stora Enso OYJ, Class A |
|
|
264 |
|
|
|
2,161 |
|
Stora Enso Oyj, Class R |
|
|
422 |
|
|
|
2,935 |
|
UPM-Kymmene Oyj |
|
|
264 |
|
|
|
2,764 |
|
|
|
|
|
|
|
|
11,422 |
|
Personal Products 0.6% |
|
Shiseido Co. Ltd. |
|
|
1,000 |
|
|
|
14,311 |
|
Pharmaceuticals 9.1% |
|
Astellas Pharma, Inc. |
|
|
300 |
|
|
|
17,462 |
|
AstraZeneca PLC |
|
|
925 |
|
|
|
48,121 |
|
Dainippon Sumitomo Pharma Co. Ltd. |
|
|
200 |
|
|
|
3,675 |
|
Eisai Co. Ltd. |
|
|
300 |
|
|
|
13,690 |
|
GlaxoSmithKline PLC |
|
|
3,476 |
|
|
|
89,834 |
|
Novartis AG |
|
|
156 |
|
|
|
11,596 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
161 |
|
FlexShares®
International Quality Dividend Defensive Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS (continued) |
|
Pharmaceuticals (continued) |
|
Orion OYJ, Class B |
|
|
404 |
|
|
$ |
11,611 |
|
Roche Holding AG |
|
|
85 |
|
|
|
21,265 |
|
Sanofi |
|
|
141 |
|
|
|
15,470 |
|
|
|
|
|
|
|
|
232,724 |
|
Real Estate Investment Trusts
(REITs) 3.0% |
|
Boardwalk Real Estate Investment Trust |
|
|
200 |
|
|
|
13,097 |
|
Calloway Real Estate Investment Trust |
|
|
450 |
|
|
|
13,515 |
|
CapitaCommercial Trust |
|
|
3,000 |
|
|
|
4,165 |
|
Dexus Property Group |
|
|
2,940 |
|
|
|
3,525 |
|
Fonciere Des Regions |
|
|
36 |
|
|
|
2,867 |
|
Gecina S.A. |
|
|
27 |
|
|
|
3,250 |
|
Mirvac Group |
|
|
2,032 |
|
|
|
3,733 |
|
RioCan Real Estate Investment Trust |
|
|
100 |
|
|
|
2,934 |
|
Stockland |
|
|
3,513 |
|
|
|
14,113 |
|
Westfield Retail Trust |
|
|
4,252 |
|
|
|
14,566 |
|
|
|
|
|
|
|
|
75,765 |
|
Real Estate Management &
Development 2.0% |
|
Daito Trust Construction Co. Ltd. |
|
|
200 |
|
|
|
19,382 |
|
Evergrande Real Estate Group Ltd. |
|
|
26,000 |
|
|
|
10,620 |
|
First Capital Realty, Inc. |
|
|
200 |
|
|
|
3,870 |
|
Redefine Properties Ltd. |
|
|
2,838 |
|
|
|
3,412 |
|
Swiss Prime Site AG* |
|
|
163 |
|
|
|
13,379 |
|
|
|
|
|
|
|
|
50,663 |
|
Semiconductors & Semiconductor
Equipment 1.2% |
|
Radiant Opto-Electronics Corp. |
|
|
4,000 |
|
|
|
16,265 |
|
Samsung Electronics Co. Ltd. |
|
|
8 |
|
|
|
11,041 |
|
STMicroelectronics N.V. |
|
|
357 |
|
|
|
3,107 |
|
|
|
|
|
|
|
|
30,413 |
|
Software 0.2% |
|
Konami Corp. |
|
|
200 |
|
|
|
4,562 |
|
Specialty Retail 1.1% |
|
Esprit Holdings Ltd. |
|
|
2,400 |
|
|
|
3,365 |
|
Hennes & Mauritz AB, Class B |
|
|
693 |
|
|
|
24,548 |
|
|
|
|
|
|
|
|
27,913 |
|
Textiles, Apparel & Luxury
Goods 1.1% |
|
Anta Sports Products Ltd. |
|
|
13,000 |
|
|
|
10,888 |
|
Bosideng International Holdings Ltd. |
|
|
10,000 |
|
|
|
2,629 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Textiles, Apparel & Luxury
Goods (continued) |
|
Grendene S.A. |
|
|
1,400 |
|
|
$ |
15,964 |
|
|
|
|
|
|
|
|
29,481 |
|
Tobacco 4.1% |
|
British American Tobacco Malaysia Bhd |
|
|
700 |
|
|
|
14,568 |
|
British American Tobacco PLC |
|
|
923 |
|
|
|
51,228 |
|
Imperial Tobacco Group PLC |
|
|
361 |
|
|
|
12,923 |
|
Japan Tobacco, Inc. |
|
|
700 |
|
|
|
26,481 |
|
|
|
|
|
|
|
|
105,200 |
|
Trading Companies &
Distributors 0.6% |
|
Sumitomo Corp. |
|
|
1,200 |
|
|
|
14,980 |
|
Transportation
Infrastructure 2.6% |
|
Atlantia SpA |
|
|
719 |
|
|
|
12,863 |
|
Hopewell Highway Infrastructure Ltd. |
|
|
5,000 |
|
|
|
2,468 |
|
Hutchison Port Holdings Trust, Class U |
|
|
16,000 |
|
|
|
13,280 |
|
Jiangsu Expressway Co. Ltd., Class H |
|
|
12,000 |
|
|
|
13,143 |
|
SIA Engineering Co. Ltd. |
|
|
3,000 |
|
|
|
12,325 |
|
Sydney Airport |
|
|
3,867 |
|
|
|
13,889 |
|
|
|
|
|
|
|
|
67,968 |
|
Water Utilities 0.1% |
|
Suez Environnement Co. |
|
|
238 |
|
|
|
3,422 |
|
Wireless Telecommunication
Services 3.4% |
|
Advanced Info Service PCL |
|
|
1,900 |
|
|
|
17,479 |
|
Egyptian Co. for Mobile Services SAE* |
|
|
90 |
|
|
|
1,739 |
|
Shin Corp. PCL |
|
|
5,500 |
|
|
|
16,163 |
|
Tele2 AB, Class B |
|
|
198 |
|
|
|
3,398 |
|
Vodacom Group Ltd. |
|
|
1,009 |
|
|
|
11,818 |
|
Vodafone Group PLC |
|
|
11,624 |
|
|
|
35,496 |
|
|
|
|
|
|
|
|
86,093 |
|
Total Common Stocks (Cost $2,429,097) |
|
|
|
|
|
|
2,475,150 |
|
|
PREFERRED STOCKS 3.0% |
|
Auto Components 0.5% |
|
Pirelli & C. SpA |
|
|
1,501 |
|
|
|
12,507 |
|
Capital Markets 0.5% |
|
Korea Investment Holdings Co. Ltd.* |
|
|
920 |
|
|
|
12,656 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
162 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
International Quality Dividend Defensive Index Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
PREFERRED STOCKS (continued) |
|
Commercial Banks 0.1% |
|
Banco Santander Brasil S.A. |
|
|
46,200 |
|
|
$ |
3,235 |
|
Diversified Telecommunication
Services 0.1% |
|
Telecom Italia SpA |
|
|
4,159 |
|
|
|
2,895 |
|
Electric Utilities 0.2% |
|
Centrais Eletricas Brasileiras S.A. |
|
|
500 |
|
|
|
2,598 |
|
Cia Energetica de Minas Gerais |
|
|
200 |
|
|
|
2,547 |
|
|
|
|
|
|
|
|
5,145 |
|
Independent Power Producers & Energy
Traders 0.9% |
|
AES Tiete S.A. |
|
|
1,200 |
|
|
|
12,171 |
|
Cia Energetica de Sao Paulo |
|
|
1,000 |
|
|
|
10,578 |
|
|
|
|
|
|
|
|
22,749 |
|
Industrial Conglomerates 0.6% |
|
Doosan Corp. |
|
|
350 |
|
|
|
15,477 |
|
Oil, Gas & Consumable
Fuels 0.1% |
|
SK Innovation Co. Ltd. |
|
|
41 |
|
|
|
2,133 |
|
Total Preferred Stocks (Cost $73,047) |
|
|
|
|
|
|
76,797 |
|
Total Investment Securities (Cost $2,502,144) 99.4% |
|
|
|
|
|
|
2,551,947 |
|
Other assets less liabilities 0.6% |
|
|
|
|
|
|
14,681 |
|
Net Assets 100.0% |
|
|
|
|
|
$ |
2,566,628 |
|
* |
Non-income producing security. |
|
Amount represents less than 0.05%. |
Percentages shown are based on Net Assets.
Abbreviations:
ADR American
Depositary Receipt
REIT Real Estate Investment Trust
As of April 30, 2013, the gross
unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
|
|
|
|
|
|
|
|
|
Aggregate gross unrealized appreciation |
|
$ |
77,714 |
|
Aggregate gross unrealized depreciation |
|
|
(27,911 |
) |
Net unrealized appreciation |
|
$ |
49,803 |
|
Federal income tax cost of investments |
|
$ |
2,502,144 |
|
Futures Contracts
Purchased
FlexShares® International Quality Dividend Defensive Index Fund had the following open long futures contracts as of April 30, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Contracts |
|
|
Expiration Date |
|
|
Notional Amount at Value |
|
|
Unrealized Appreciation |
|
SGX S&P CNX Nifty Index Futures Contract |
|
|
1 |
|
|
|
05/30/13 |
|
|
$ |
11,847 |
|
|
$ |
140 |
|
Cash
collateral in the amount of $1,607 was pledged to cover margin requirements for open futures contracts as of April 30, 2013.
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
163 |
|
FlexShares®
International Quality Dividend Defensive Index Fund (cont.)
FlexShares® International Quality Dividend Defensive Index invested, as a percentage
of net assets, in the following countries as of April 30, 2013:
|
|
|
|
|
Australia |
|
|
9.7 |
% |
Belgium |
|
|
0.4 |
|
Brazil |
|
|
3.8 |
|
Canada |
|
|
9.5 |
|
Chile |
|
|
0.5 |
|
China |
|
|
2.3 |
|
Czech Republic |
|
|
0.4 |
|
Denmark |
|
|
0.5 |
|
Egypt |
|
|
0.2 |
|
Finland |
|
|
2.4 |
|
France |
|
|
7.7 |
|
Germany |
|
|
2.9 |
|
Hong Kong |
|
|
0.9 |
|
Hungary |
|
|
0.1 |
|
Indonesia |
|
|
0.8 |
|
Israel |
|
|
1.0 |
|
Italy |
|
|
4.0 |
|
Japan |
|
|
11.5 |
|
Malaysia |
|
|
1.4 |
|
Netherlands |
|
|
1.3 |
|
New Zealand |
|
|
0.7 |
|
Norway |
|
|
1.0 |
|
Poland |
|
|
1.9 |
|
Portugal |
|
|
0.6 |
|
Russia |
|
|
1.7 |
|
Singapore |
|
|
1.2 |
|
South Africa |
|
|
2.0 |
|
South Korea |
|
|
2.3 |
|
Spain |
|
|
1.2 |
|
Sweden |
|
|
1.1 |
|
Switzerland |
|
|
3.4 |
|
Taiwan |
|
|
2.8 |
|
Thailand |
|
|
1.3 |
|
Turkey |
|
|
2.6 |
|
United Kingdom |
|
|
14.3 |
|
Other1 |
|
|
0.6 |
|
|
|
|
100.0 |
% |
1 |
Includes any non-equity securities and net other assets (liabilities) |
See Accompanying Notes to the Financial
Statements.
|
|
|
164 |
|
FLEXSHARES SEMIANNUAL REPORT |
Schedule of Investments
FlexShares®
Ready Access Variable Income Fund
April 30, 2013
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Principal Amount |
|
|
Value |
|
Asset-Backed Securities 4.0% |
|
Ally Auto Receivables Trust, Class A2 0.45%, due 07/15/15 |
|
$ |
100,000 |
|
|
$ |
100,070 |
|
American Express Credit Account Master Trust 0.59%, due 05/15/18 |
|
|
100,000 |
|
|
|
100,267 |
|
Hyundai Auto Receivables Trust, Class A2 0.40%, due 08/17/15 |
|
|
100,000 |
|
|
|
100,029 |
|
Total Asset-Backed Securities (Cost $299,974) |
|
|
|
|
|
|
300,366 |
|
|
CORPORATE BONDS 84.9% |
|
Aerospace &
Defense 2.7% |
|
United Technologies Corp. 1.20%, due 06/01/15 |
|
|
200,000 |
|
|
|
203,157 |
|
Automobile 10.7% |
|
Daimler Finance North America LLC 1.06%, due 04/10/14(a) (b) |
|
|
500,000 |
|
|
|
502,201 |
|
Volkswagen International Finance N.V. 0.89%, due 04/01/14(a) (b) |
|
|
200,000 |
|
|
|
200,816 |
|
0.89%, due 11/20/14(a) (b) |
|
|
100,000 |
|
|
|
100,456 |
|
|
|
|
|
|
|
|
803,473 |
|
Banks 24.1% |
|
Bank of Nova Scotia 0.68%, due 03/15/16(b) |
|
|
300,000 |
|
|
|
300,983 |
|
BNP Paribas S.A. 1.18%, due 01/10/14(b) |
|
|
300,000 |
|
|
|
301,236 |
|
Credit Suisse 1.24%, due 01/14/14(b) |
|
|
250,000 |
|
|
|
251,506 |
|
ING Bank N.V. 1.23%, due 03/07/16(a) (b) |
|
|
200,000 |
|
|
|
200,029 |
|
Morgan Stanley 1.54%, due 02/25/16(b) |
|
|
200,000 |
|
|
|
201,242 |
|
Rabobank Nederland 0.76%, due 03/18/16(b) |
|
|
250,000 |
|
|
|
250,678 |
|
Royal Bank of Canada 0.80%, due 10/30/15 |
|
|
100,000 |
|
|
|
100,472 |
|
0.65%, due 03/08/16(b) |
|
|
200,000 |
|
|
|
200,537 |
|
|
|
|
|
|
|
|
1,806,683 |
|
|
|
|
|
|
|
|
|
|
|
|
Principal Amount |
|
|
Value |
|
Beverages 4.8% |
|
Anheuser-Busch InBev Worldwide, Inc. 0.83%, due 01/27/14(b) |
|
$ |
355,000 |
|
|
$ |
356,703 |
|
Commercial Banks 4.0% |
|
The Bank of New York Mellon Corp. 0.51%, due 10/23/15(b) |
|
|
100,000 |
|
|
|
100,193 |
|
The Goldman Sachs Group, Inc. 1.29%, due 11/21/14(b) |
|
|
100,000 |
|
|
|
100,733 |
|
1.60%, due 11/23/15 |
|
|
100,000 |
|
|
|
101,418 |
|
|
|
|
|
|
|
|
302,344 |
|
Consumer Finance 1.3% |
|
Caterpillar Financial Services Corp. 0.70%, due 11/06/15 |
|
|
100,000 |
|
|
|
100,209 |
|
Diversified Financial
Services 8.1% |
|
General Electric Capital Corp. 0.88%, due 12/11/15(b) |
|
|
100,000 |
|
|
|
100,922 |
|
0.88%, due 01/08/16(b) |
|
|
100,000 |
|
|
|
100,711 |
|
JPMorgan Chase & Co. 1.88%, due 03/20/15 |
|
|
200,000 |
|
|
|
204,624 |
|
1.18%, due 01/25/18(b) |
|
|
100,000 |
|
|
|
100,813 |
|
PACCAR Financial Corp. 0.70%, due 11/16/15 |
|
|
100,000 |
|
|
|
100,236 |
|
|
|
|
|
|
|
|
607,306 |
|
Diversified Telecommunication
Services 4.0% |
|
AT&T, Inc. 0.68%, due 02/12/16(b) |
|
|
300,000 |
|
|
|
301,075 |
|
Electric Utilities 2.6% |
|
Alabama Power Co. 0.55%, due 10/15/15 |
|
|
100,000 |
|
|
|
100,107 |
|
Georgia Power Co. 0.63%, due 11/15/15 |
|
|
100,000 |
|
|
|
100,098 |
|
|
|
|
|
|
|
|
200,205 |
|
Food 4.0% |
|
General Mills, Inc. 0.58%, due 01/29/16(b) |
|
|
300,000 |
|
|
|
300,367 |
|
Health Care Providers &
Services 2.7% |
|
UnitedHealth Group, Inc. 0.85%, due 10/15/15 |
|
|
200,000 |
|
|
|
201,526 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
165 |
|
FlexShares® Ready
Access Variable Income Fund (cont.)
|
|
|
|
|
|
|
|
|
|
|
Principal Amount |
|
|
Value |
|
CORPORATE BONDS (continued) |
|
Internet & Catalog
Retail 1.3% |
|
Amazon.com, Inc. 0.65%, due 11/27/15 |
|
$ |
100,000 |
|
|
$ |
100,035 |
|
IT Services 4.0% |
|
International Business Machines Corp. 0.55%, due 02/06/15 |
|
|
300,000 |
|
|
|
300,756 |
|
Oil, Gas & Consumable
Fuels 4.0% |
|
BP Capital Markets PLC 0.70%, due 11/06/15 |
|
|
100,000 |
|
|
|
100,035 |
|
Marathon Oil Corp. 0.90%, due 11/01/15 |
|
|
100,000 |
|
|
|
100,281 |
|
Total Capital Canada Ltd. 0.66%, due 01/15/16(b) |
|
|
100,000 |
|
|
|
100,663 |
|
|
|
|
|
|
|
|
300,979 |
|
Pharmaceuticals 1.3% |
|
McKesson Corp. 0.95%, due 12/04/15 |
|
|
100,000 |
|
|
|
100,547 |
|
Tobacco 1.3% |
|
Reynolds American, Inc. 1.05%, due 10/30/15 |
|
|
100,000 |
|
|
|
100,182 |
|
Wireless Telecommunication
Services 4.0% |
|
Vodafone Group PLC 0.68%, due 02/19/16(b) |
|
|
300,000 |
|
|
|
300,418 |
|
Total Corporate Bonds (Cost $6,367,197) |
|
|
|
|
|
|
6,385,965 |
|
Municipal Bonds 1.3% |
|
County of Orange CA 0.58%, due 08/01/13 |
|
|
100,000 |
|
|
|
100,005 |
|
Total Municipal Bonds (Cost $100,000) |
|
|
|
|
|
|
100,005 |
|
Certificate of Deposit 4.0% |
|
Svenska Handelsbanken AB 1.08%, due 07/17/14 |
|
|
300,000 |
|
|
|
300,827 |
|
Total Certificate of Deposit (Cost $301,245) |
|
|
|
|
|
|
300,827 |
|
|
|
|
|
|
|
|
|
|
|
|
Principal Amount |
|
|
Value |
|
Commercial Paper 4.0% |
|
Ford Motor Credit Co LLC 0.00%, due 05/30/13 |
|
$ |
300,000 |
|
|
$ |
299,784 |
|
Total Commercial Paper (Cost $299,771) |
|
|
|
|
|
|
299,784 |
|
Repurchase Agreements(c) 1.3% |
|
RBS Securities, Inc., dated 04/30/13, repurchase price $100,001 0.50%, 05/01/13 |
|
|
100,000 |
|
|
|
100,000 |
|
Total Repurchase Agreements (Cost $100,000) |
|
|
|
|
|
|
100,000 |
|
Total Investment Securities (Cost $7,468,187) 99.5% |
|
|
|
|
|
|
7,486,947 |
|
Other assets less liabilities 0.5% |
|
|
|
|
|
|
37,423 |
|
NET ASSETS 100.0% |
|
|
|
|
|
$ |
7,524,370 |
|
(a) |
144A security Certain conditions for public sale may exist. |
(b) |
Variable/Floating Rate Security Interest rate changes on these instruments are based on changes in a
designated rate. The rates shown are those in effect on April 30, 2013. |
(c) |
The nature and terms of the collateral received for the repurchase agreements are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name |
|
Fair Market Value |
|
|
Coupon Rate |
|
|
Maturity Date |
|
Federal Home Loan Banks |
|
$ |
105,441 |
|
|
|
0.5 |
% |
|
|
11/20/15 |
|
As of
April 30, 2013, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
|
|
|
|
|
|
|
|
|
Aggregate gross unrealized appreciation |
|
$ |
19,378 |
|
Aggregate gross unrealized depreciation |
|
|
(618 |
) |
Net unrealized appreciation |
|
$ |
18,760 |
|
Federal income tax cost of investments |
|
$ |
7,468,187 |
|
See Accompanying Notes to the Financial Statements.
|
|
|
166 |
|
FLEXSHARES SEMIANNUAL REPORT |
FlexShares®
Ready Access Variable Income Fund (cont.)
FlexShares® Ready Access Variable Income invested, as a percentage of net assets, in
the following countries as of April 30, 2013:
|
|
|
|
|
Canada |
|
|
9.3 |
% |
France |
|
|
4.0 |
|
Netherlands |
|
|
10.0 |
|
Sweden |
|
|
4.0 |
|
Switzerland |
|
|
3.4 |
|
United Kingdom |
|
|
5.3 |
|
United States |
|
|
63.5 |
|
Other1 |
|
|
0.5 |
|
|
|
|
100.0 |
% |
1 |
Includes any non-fixed income securities and net other assets (liabilities). |
See Accompanying Notes to the Financial
Statements.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
167 |
|
Notes to the Financial Statements April 30, 2013 (Unaudited)
1. Organization
FlexShares® Trust (the Trust), a Maryland statutory trust, was formed on May 13, 2010, originally named NT ETF
Trust and renamed FlexShares® Trust as of April 12, 2011. The Trust is registered as an open-end management
investment company under the Investment Company Act of 1940 (the 1940 Act), as amended. The Trust consists of thirteen operational exchange-traded funds as of April 30, 2013 (each a Fund and collectively the
Funds). The FlexShares® Morningstar Global Upstream Natural Resources Index Fund, FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund, FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund, and FlexShares® Ready Access Variable Income Fund are non-diversified series of the Trust, pursuant to the 1940 Act. The FlexShares® Morningstar US Market Factor Tilt Index Fund, FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares® Quality Dividend Index Fund,
FlexShares® Quality Dividend Dynamic Index Fund, FlexShares® Quality Dividend Defensive Index Fund,
FlexShares® International Quality Dividend Index Fund, FlexShares® International Quality Dividend Dynamic Index Fund, and the FlexShares® International Quality Dividend Defensive Index Fund are diversified series of the Trust, pursuant to the 1940 Act.
The FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund and FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund commenced investment operations on September 25, 2012. The
FlexShares® Ready Access Variable Income Fund commenced operations on October 9, 2012. The FlexShares® Quality Dividend Index Fund, FlexShares® Quality Dividend Dynamic Index Fund,
FlexShares® Quality Dividend Defensive Index Fund commenced investment operations on December 14, 2012.
FlexShares® International Quality Dividend Index Fund, FlexShares® International Quality Dividend Dynamic Index Fund, and FlexShares® International Quality Dividend Defensive Index Fund commenced operations on April 12, 2013.
Each Fund, except the FlexShares® Ready Access Variable Income Fund, seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of a
specified benchmark index (each an
Underlying Index). The FlexShares® Ready
Access Variable Income Fund is actively managed and does not seek to replicate the performance of a specified index. The Fund seeks maximum current income consistent with the preservation of capital and liquidity. Each Fund, except the FlexShares® Ready Access Variable Income Fund, is referred to herein as an Index Fund. Each Fund is managed by
Northern Trust Investments, Inc. (NTI or Investment Adviser), an indirect subsidiary of Northern Trust Corporation.
2. Significant Accounting Policies
The following is a summary of significant
accounting policies followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). The preparation of
financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
Investment Valuation
Each Funds Net Asset Value (NAV) is determined daily as of
the close of regular trading on the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading, based on prices at the time of closing provided that any U.S. fixed-income assets may be
valued as of the announced closing time for trading in fixed-income instruments on any day that the Securities Industry and Financial Markets Association announces an early closing time. The NAV is calculated by dividing the value of all assets of
the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.
The investments of the Funds are valued at fair value pursuant to the pricing
policy and procedures approved by the Board of Trustees of the Trust (the Board). The Funds investments are valued using market quotations when available. When market quotations are not readily available, are deemed unreliable, or
do not reflect material events occurring between the close of local markets and the time of valuation, the Funds value securities at fair value as determined
|
|
|
168 |
|
FLEXSHARES SEMIANNUAL REPORT |
Notes to the Financial Statements (cont.)
in good faith in accordance with the Funds fair value pricing procedures as approved by the Board. Such circumstances include periods when trading in a security is suspended, the exchange
or market on which a security trades closes early, the trading volume in a security is limited, corporate actions and announcements take place, or regulatory news affecting an issuer is released, such as government approvals. Additionally, the
Trust, in its discretion, may make adjustments to the prices of securities held by a Fund if an event occurs after the publication of market values normally used by a Fund but before the time as of which the Fund calculates its NAV, depending on the
nature and significance of the event, consistent with applicable regulatory guidance and the Trusts fair value procedures. Other events that can trigger fair valuing of foreign securities include, for example, significant fluctuations in
general market indicators, government actions, or natural disasters.
The use of fair valuation involves the risk that the values used by the Funds to price their investments may be higher or lower than the values used by other investment companies and investors to price
the same investments. Fair value pricing involves subjective judgments and it is possible that a fair value determination for a portfolio security may be materially different than the value that could be realized upon the sale of such security. In
addition, fair value pricing could result in a difference between the prices used to calculate a Funds NAV and the prices used by an Index Funds Underlying Index. This difference may adversely affect an Index Funds ability to track
its Underlying Index. The portfolio securities of the FlexShares® Morningstar Global Upstream Natural Resources
Index Fund, FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares® International Quality Dividend Index Fund, FlexShares® International Quality Dividend Dynamic Index Fund, and FlexShares® International Quality Dividend Defensive Index Fund are primarily listed on foreign exchanges and their value may change on days when shareholders will not be able to
purchase or sell Fund shares.
Security prices are generally
provided by independent pricing services. Portfolio securities listed or traded on domestic securities exchanges or the NASDAQ/NMS, including
dollar-dominated foreign securities or American Depositary Receipts (ADRs), are valued at the closing price on the exchange or system where the security is principally traded. The
closing price for securities traded on the NASDAQ/NMS is the Nasdaq Official Closing Price (NOCP). If there have been no sales for that day on the exchange or system where the security is principally traded, then the value is determined
with reference to the last sale price, or the NOCP, if applicable, on any other exchange or system. If there have been no sales of the security for that day on any exchange or system, the security is valued at fair value pursuant to the Trusts
fair value procedures.
Securities that are traded regularly in
the over-the-counter market (other than the NASDAQ/NMS), including securities listed on exchanges but primarily traded over-the-counter, are valued on the basis of the mean between the bid and asked quotes based upon quotes furnished by primary
market makers for those securities. Securities that may be traded over-the-counter include equity securities, fixed-income securities, non-exchange-listed foreign securities, and certain derivative instruments. Fixed-income securities, however, may
be valued on the basis of evaluated prices provided by independent pricing services when such prices are believed to reflect the fair market value of such securities. Such prices may be determined by taking into account securities prices, yields,
maturities, call features, ratings, prepayment speeds, credit risks, cash flows, institutional size trading in similar groups of securities and developments related to specific securities. Fixed-income securities maturing within a relatively short
period, less than 60 days, are valued at amortized cost, which according to NTI approximates fair value.
Foreign securities are generally priced at the closing price or last sales price reported on the foreign exchange on which they are principally traded. If there have been no sales of the security for that
day, the security will be valued at fair value pursuant to the Trusts fair value procedures. Spot and forward foreign currency exchange contracts generally are valued using an independent pricing service. The value of assets determined in
foreign currencies is converted into U.S. dollars using exchange rates deemed appropriate by NTI as investment adviser. Any use of a different rate from the rates used by an index provider to an Index Fund may adversely affect the Index Funds
ability to track its Underlying Index.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
169 |
|
Notes to the Financial Statements (cont.)
Exchange-traded financial futures and options are valued at the settlement price as established by the
exchange on which they are traded. Over-the-counter options are valued at broker-provided bid prices, as are swaps. The foregoing prices may be obtained from one or more independent pricing services or, as needed or applicable, independent
broker-dealers. If there was no sale on that day, and for non-exchange traded derivatives, the contract is valued at fair value pursuant to the Trusts fair value procedures.
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. Generally, 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 April 30, 2013 for each Fund based upon the three levels defined above. During the period ended April 30, 2013, there were four Level 3 securities. All the transfers in and out of the levels
during the period are assumed to be transferred on the last day of the period at their current value. During the period ended April 30, 2013, FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund had securities transferred from Level 1 to Level 2 with an aggregated market value of $104,454, or 0.10%
of the net assets of the Fund, due to the securities being fair valued in accordance with the Trusts fair value pricing procedures. Please refer to the Schedules of Investments to view equity and debt securities segregated by industry type
where applicable.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 Quoted Prices |
|
|
Level 2 Other Significant Observable Inputs |
|
|
Level 3 Significant Unobservable Inputs |
|
|
Total |
|
FlexShares® Morningstar Global Upstream Natural Resources Index Fund |
|
Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks* |
|
$ |
2,268,099,926 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
2,268,099,926 |
|
Total Investments |
|
$ |
2,268,099,926 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
2,268,099,926 |
|
|
|
|
|
|
Other Financial Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts |
|
$ |
155,861 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
155,861 |
|
Forward Foreign Currency Contracts |
|
|
|
|
|
|
85,098 |
|
|
|
|
|
|
|
85,098 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts |
|
|
(122,962 |
) |
|
|
|
|
|
|
|
|
|
|
(122,962 |
) |
Forward Foreign Currency Contracts |
|
|
|
|
|
|
(162,273 |
) |
|
|
|
|
|
|
(162,273 |
) |
Total Other Financial Instruments |
|
$ |
32,899 |
|
|
$ |
(77,175 |
) |
|
$ |
|
|
|
$ |
(44,276 |
) |
|
|
|
170 |
|
FLEXSHARES SEMIANNUAL REPORT |
Notes to the Financial Statements (cont.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
|
|
|
$ |
1,537,191,103 |
|
|
$ |
|
|
|
$ |
1,537,191,103 |
|
Total Investments |
|
$ |
|
|
|
$ |
1,537,191,103 |
|
|
$ |
|
|
|
$ |
1,537,191,103 |
|
|
FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund |
|
Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Obligations |
|
$ |
|
|
|
$ |
517,909,320 |
|
|
$ |
|
|
|
$ |
517,909,320 |
|
Total Investments |
|
$ |
|
|
|
$ |
517,909,320 |
|
|
$ |
|
|
|
$ |
517,909,320 |
|
|
FlexShares® Morningstar US Market Factor Tilt Index Fund |
|
Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
$ |
281,449,141 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
281,449,141 |
|
U.S. Treasury Obligations |
|
|
|
|
|
|
204,928 |
|
|
|
|
|
|
|
204,928 |
|
Total Investments |
|
$ |
281,449,141 |
|
|
$ |
204,928 |
|
|
$ |
|
|
|
$ |
281,654,069 |
|
|
|
|
|
|
Other Financial Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts |
|
$ |
50,802 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
50,802 |
|
Total Other Financial Instruments |
|
$ |
50,802 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
50,802 |
|
|
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund |
|
Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks |
|
$ |
11,494,991 |
|
|
$ |
20,104 |
|
|
$ |
|
|
|
$ |
11,515,095 |
|
Household Durables |
|
|
1,112,478 |
|
|
|
2,283 |
|
|
|
|
|
|
|
1,114,761 |
|
Insurance |
|
|
4,357,264 |
|
|
|
2,565 |
|
|
|
|
|
|
|
4,359,829 |
|
Metals & Mining |
|
|
|
|
|
|
|
|
|
|
909 |
|
|
|
909 |
|
Oil, Gas & Consumable Fuels |
|
|
6,906,563 |
|
|
|
|
|
|
|
14,460 |
|
|
|
6,921,023 |
|
Other* |
|
|
76,831,525 |
|
|
|
|
|
|
|
|
|
|
|
76,831,525 |
|
Preferred Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Defense |
|
|
|
|
|
|
1,844 |
|
|
|
|
|
|
|
1,844 |
|
Other* |
|
|
415,058 |
|
|
|
|
|
|
|
|
|
|
|
415,058 |
|
Rights |
|
|
9,241 |
|
|
|
392 |
|
|
|
|
|
|
|
9,633 |
|
Total Investments |
|
$ |
101,127,120 |
|
|
$ |
27,188 |
|
|
$ |
15,369 |
|
|
$ |
101,169,677 |
|
|
|
|
|
|
Other Financial Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts |
|
$ |
43,955 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
43,955 |
|
Forward Foreign Currency Contracts |
|
|
|
|
|
|
704 |
|
|
|
|
|
|
|
704 |
|
Total Other Financial Instruments |
|
$ |
43,955 |
|
|
$ |
704 |
|
|
$ |
|
|
|
$ |
44,659 |
|
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
171 |
|
Notes to the Financial Statements (cont.)
The following is a reconciliation of Level 3 assets for which significant
unobservable inputs were used to determine fair value:
|
|
|
|
|
Balance as of 10/31/12 |
|
$ |
|
|
Total gain or loss (realized/unrealized included in earnings) |
|
|
(10,351 |
) |
Purchases (Sales) |
|
|
25,720 |
|
Transfer into Level 3 |
|
|
|
|
Transfer out of Level 3 |
|
|
|
|
Balance as of 4/30/2013 |
|
$ |
15,369 |
|
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and
liabilities still held at 4/30/2013 |
|
$ |
(10,350 |
) |
|
|
|
|
|
|
|
|
|
Common Stock |
|
Fair Value at 4/30/2013 |
|
|
Valuation Techniques |
|
Unobservable Inputs |
Bumi PLC |
|
$ |
14,460 |
|
|
Market Transaction and Analysis |
|
Discovery Price set at Halt |
Discovery Metals Ltd. |
|
|
909 |
|
|
Market Transaction and Analysis |
|
Discovery Price set at Halt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 Quoted Prices |
|
|
Level 2 Other Significant Observable Inputs |
|
|
Level 3 Significant Unobservable Inputs |
|
|
Total |
|
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund |
|
Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction & Engineering |
|
$ |
2,398,947 |
|
|
$ |
60,493 |
|
|
$ |
|
|
|
$ |
2,459,440 |
|
Media |
|
|
1,487,553 |
|
|
|
27,351 |
|
|
|
|
|
|
|
1,514,904 |
|
Metals & Mining |
|
|
5,192,604 |
|
|
|
|
|
|
|
61,971 |
|
|
|
5,254,575 |
|
Real Estate Management & Development |
|
|
4,725,270 |
|
|
|
26,978 |
|
|
|
11,438 |
|
|
|
4,763,686 |
|
Textiles, Apparel & Luxury Goods |
|
|
991,564 |
|
|
|
393 |
|
|
|
|
|
|
|
991,957 |
|
Other* |
|
|
85,574,549 |
|
|
|
|
|
|
|
|
|
|
|
85,574,549 |
|
Preferred Stocks |
|
|
6,112,294 |
|
|
|
|
|
|
|
|
|
|
|
6,112,294 |
|
Rights |
|
|
2,242 |
|
|
|
2,046 |
|
|
|
|
|
|
|
4,288 |
|
Warrants |
|
|
783 |
|
|
|
1,245 |
|
|
|
|
|
|
|
2,028 |
|
Total Investments |
|
$ |
106,485,806 |
|
|
$ |
118,506 |
|
|
$ |
73,409 |
|
|
$ |
106,677,721 |
|
|
|
|
|
|
Other Financial Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts |
|
$ |
68,552 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
68,552 |
|
Forward Foreign Currency Contracts |
|
|
|
|
|
|
61,603 |
|
|
|
|
|
|
|
61,603 |
|
Total Other Financial Instruments |
|
$ |
68,552 |
|
|
$ |
61,603 |
|
|
$ |
|
|
|
$ |
130,155 |
|
The following is a reconciliation of Level 3 assets for which significant
unobservable inputs were used to determine fair value:
|
|
|
|
|
Balance as of 10/31/12 |
|
$ |
2,873 |
|
Total gain or loss (realized/unrealized included in earnings) |
|
|
7,873 |
|
Purchases (Sales) |
|
|
61,336 |
|
Transfer into Level
31 |
|
|
4,200 |
|
Transfer out of Level 32 |
|
|
(2,873 |
) |
Balance as of 4/30/2013 |
|
$ |
73,409 |
|
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and
liabilities still held at 4/30/2013 |
|
$ |
7,873 |
|
|
|
|
172 |
|
FLEXSHARES SEMIANNUAL REPORT |
Notes to the Financial Statements (cont.)
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
Fair Value at 4/30/2013 |
|
|
Valuation Techniques |
|
|
Unobservable Inputs |
China Metal Recycling Holdings Ltd. |
|
$ |
61,971 |
|
|
|
Market Transaction and Analysis |
|
|
Discovery Price set at Halt |
KLCC Property Holdings Bhd |
|
|
11,438 |
|
|
|
Market Transaction and Analysis |
|
|
Discovery Price set at Halt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 Quoted Prices |
|
|
Level 2 Other Significant Observable Inputs |
|
|
Level 3 Significant Unobservable Inputs |
|
|
Total |
|
FlexShares® Quality Dividend Index Fund |
|
Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks* |
|
$ |
69,998,493 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
69,998,493 |
|
Total Investments |
|
$ |
69,998,493 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
69,998,493 |
|
|
|
|
|
|
Other Financial Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts |
|
$ |
2,094 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
2,094 |
|
Total Other Financial Instruments |
|
$ |
2,094 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
2,094 |
|
|
FlexShares® Quality Dividend Dynamic Index Fund |
|
Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks* |
|
$ |
5,836,916 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
5,836,916 |
|
Total Investments |
|
$ |
5,836,916 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
5,836,916 |
|
|
FlexShares® Quality Dividend Defensive Index Fund |
|
Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks* |
|
$ |
14,532,345 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
14,532,345 |
|
Total Investments |
|
$ |
14,532,345 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
14,532,345 |
|
|
FlexShares® International Quality Dividend Index Fund |
|
Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks* |
|
$ |
2,480,354 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
2,480,354 |
|
Preferred Stocks* |
|
|
74,200 |
|
|
|
|
|
|
|
|
|
|
|
74,200 |
|
Total Investments |
|
$ |
2,554,554 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
2,554,554 |
|
|
|
|
|
|
Other Financial Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts |
|
$ |
140 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
140 |
|
Total Other Financial Instruments |
|
$ |
140 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
140 |
|
|
FlexShares® International Quality Dividend Dynamic Index Fund |
|
Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks* |
|
$ |
2,444,660 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
2,444,660 |
|
Preferred Stocks* |
|
|
99,202 |
|
|
|
|
|
|
|
|
|
|
|
99,202 |
|
Total Investments |
|
$ |
2,543,862 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
2,543,862 |
|
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
173 |
|
Notes to the Financial Statements (cont.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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* |
|
$ |
2,475,150 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
2,475,150 |
|
Preferred Stocks* |
|
|
76,797 |
|
|
|
|
|
|
|
|
|
|
|
76,797 |
|
Total Investments |
|
$ |
2,551,947 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
2,551,947 |
|
|
|
|
|
|
Other Financial Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts |
|
$ |
140 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
140 |
|
Total Other Financial Instruments |
|
$ |
140 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
140 |
|
|
FlexShares® Ready Access Variable Income Fund |
|
Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-Backed Securities |
|
$ |
|
|
|
$ |
300,366 |
|
|
$ |
|
|
|
$ |
300,366 |
|
Corporate Bonds* |
|
|
|
|
|
|
6,385,965 |
|
|
|
|
|
|
|
6,385,965 |
|
Certificates of Deposit |
|
|
|
|
|
|
300,827 |
|
|
|
|
|
|
|
300,827 |
|
Municipal Bonds |
|
|
|
|
|
|
100,005 |
|
|
|
|
|
|
|
100,005 |
|
Commercial Paper |
|
|
|
|
|
|
299,784 |
|
|
|
|
|
|
|
299,784 |
|
Repurchase Agreements |
|
|
|
|
|
|
100,000 |
|
|
|
|
|
|
|
100,000 |
|
Total Investments |
|
$ |
|
|
|
$ |
7,486,947 |
|
|
$ |
|
|
|
$ |
7,486,947 |
|
* |
See Schedules of Investments for segregation by industry type |
1. |
Security transferred from Level 1 to Level 3 during the period. Transferred into Level 3 due to security being valued by the Northern
Trust Investment Pricing and Valuation Committee. |
2. |
Security transferred from Level 3 to Level 1 during the period. Transferred out of Level 3 due to security being valued at an
unadjusted quoted market price. |
Foreign Securities
The FlexShares® Morningstar Global Upstream Natural Resources Index Fund,
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares® International Quality Dividend Index Fund, FlexShares® International Quality Dividend Dynamic Index Fund, and the FlexShares® International Quality Dividend Defensive Index Fund invest in publicly-traded equity securities of issuers in countries other than the United States of America
(U.S.). Such investments include direct investments in non-U.S. dollar denominated securities traded outside the U.S. The Funds investment also may be in the form of ADRs and Global Depositary Receipts (GDRs)
(collectively, Depositary Receipts) based on securities in its Underlying Index. ADRs are receipts that are traded in
the United States evidencing ownership of the underlying foreign securities and are denominated in U.S. dollars. GDRs are receipts issued by a non-U.S. financial institution evidencing ownership
of underlying foreign or U.S. securities and usually are denominated in foreign currencies. GDRs may not be denominated in the same currency as the securities they represent. Generally, GDRs are designed for use in foreign securities markets.
To the extent a Fund invests in ADRs, such ADRs will be listed on
a national securities exchange. To the extent a Fund invests in GDRs, such GDRs will be listed on a foreign exchange. A Fund will not invest in any unlisted Depositary Receipt, any Depositary Receipt that NTI deems to be illiquid or any Depositary
Receipt for which market quotations are not readily available. Generally, all Depositary Receipts must be sponsored.
|
|
|
174 |
|
FLEXSHARES SEMIANNUAL REPORT |
Notes to the Financial Statements (cont.)
The
FlexShares® Ready Access Variable Income Fund may invest, without limitation, in fixed-income securities and
instruments of foreign issuers in developed and emerging markets, including debt securities of foreign governments.
Investing in foreign securities, including Depositary Receipts, may result in a Fund experiencing more rapid and extreme changes in
value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments also may impose taxes and limits on
investment and repatriation. Any of these events could cause the value of a Funds foreign investments to decline. The FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund will invest primarily in emerging market countries. In addition, the FlexShares® Morningstar Global Upstream Natural Resources Index Fund,
FlexShares® International Quality Dividend Index Fund, FlexShares® International Quality Dividend Dynamic Index Fund, and the FlexShares® International Quality Dividend Defensive Index Fund may invest its assets in emerging market countries. The
FlexShares® Ready Access Variable Income Fund may invest up to 20% of its total assets in fixed-income
securities and instruments of issuers in emerging markets. The markets of emerging market countries are less developed and less liquid, subject to greater price volatility and generally subject to increased economic, political, regulatory and other
uncertainties than more developed foreign markets. The risks of foreign investment are increased when the issuer is located in a country with an emerging economy or securities market.
Inflation-Indexed Securities
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund and FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund invest primarily in U.S. Treasury Inflation-Protected Securities (TIPS). The FlexShares® Ready Access Variable Income Fund may invest in inflation-indexed securities. The value of inflation-indexed debt
securities is subject to the effects of changes in real interest rates that may change as a result of different factors. In general, the value of an inflation-indexed security, including TIPS, tends to decrease when real interest rates increase, and
increase when real
interest rates decrease. Interest payments on inflation-indexed securities will vary along with changes in the Consumer Price Index for All Urban Consumers (CPI-U) before seasonal adjustment
(calculated by the Bureau of Labor Statistics). Thus generally, during periods of rising inflation, the value of inflation-indexed securities will tend to increase and during periods of deflation, their value will tend to decrease. There can be no
assurance that the inflation index used (i.e. CPI-U) will accurately measure the price increase of a certain good or service. Increases in the principal value of TIPS due to inflation are considered taxable ordinary income for the amount of the
increase in a calendar year.
Repurchase Agreements
The FlexShares® Ready Access Variable Income Fund may enter into repurchase agreements under which it purchases securities
(collateral) for cash from a seller and agrees to resell those securities to the same seller within a specified time at a specified price. During the term of a repurchase agreement, the market value of the underlying collateral, including accrued
interest, is required to equal or exceed the market value of the repurchase agreement. The underlying collateral for tri-party repurchase agreements is held in accounts for JP Morgan Chase, the Funds custodian, at the Bank of New York or
JPMorgan Chase which, in turn, holds securities through the book-entry system at the Federal Reserve Bank of New York. The Fund is subject to credit risk on repurchase agreements to the extent that the counterparty fails to perform under the
agreement and the value of the collateral received falls below the agreed repurchase price.
The Northern Trust Company, the parent of NTI, currently is a party to various Master Repurchase Agreements with a number of different counterparties, and acts as agent of behalf of various disclosed
principals, including the Fund and various other accounts managed by NTI, in entering into repurchase agreements under the Master Repurchase Agreements. NTI administers and manages these repurchase agreements in accordance with and as part of its
duties under its investment advisory agreement with the Fund and does not collect any additional fees from the Fund for such services. The Fund has entered into repurchase agreements at April 30, 2013, as reflected in its Schedule of
Investments.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
175 |
|
Notes to the Financial Statements (cont.)
Derivative Contracts
Futures Contracts
All of the Index Funds may invest in futures contracts
to help track the price and yield performance of their underlying indexes. At the time a Fund enters into a futures contract, it is generally required to make a margin deposit with the custodian of a specified amount of liquid assets. Subsequent
payments are made or received by the Funds equal to the daily change in the contract value and are recorded as variation margin receivable or payable and offset in unrealized gains or losses. Futures are marked to market each day with the change in
value reflected in the unrealized gains or losses. A Fund recognizes a realized gain or loss when a contract is closed or expires. The Statements of Operations reflect gains or losses, if any, as realized gain (loss) on futures contracts and as
unrealized appreciation (depreciation) on futures contracts. As of April 30, 2013, the FlexShares®
Morningstar Global Upstream Natural Resources Index Fund, FlexShares® Morningstar US Market Factor Tilt Index
Fund, FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares® Quality Dividend Index Fund,
FlexShares® International Quality Dividend Index Fund, and the FlexShares® International Quality Dividend Defensive Index Fund had open futures contracts.
The use of futures contracts involves, to varying degrees, elements of market
and counterparty risk which may exceed the amounts recognized in the Statements of Assets and Liabilities. Futures contracts present the following risks: imperfect correlation between the change in market value of a Funds securities and the
price of futures contracts; the possible inability to close a futures contract when desired; losses due to unanticipated market movements which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of
securities prices, interest rates, currency exchange rates and other economic factors. Futures markets are highly volatile and the use of futures may increase the volatility of a Funds NAV. As a result of the low margin deposits normally
required in futures trading, a relatively small price movement in a futures contract may result in substantial losses to a Fund. Futures contracts
may be illiquid, and exchanges may limit fluctuations in futures contract prices during a single day. Foreign exchanges or boards of trade generally do not offer the same protection as U.S.
exchanges.
Foreign Currency Translations
Values of investments denominated in foreign currencies are converted into
U.S. dollars using the prevailing market rates on the date of valuation as quoted by one or more banks or dealers that make a two-way market in such currencies (or a data service provider based on quotations received from such banks or dealers). Any
use of a rate different from the rates used by an Index Funds index provider may affect a Funds ability to track its Underlying Index. The cost of purchases and proceeds from sales of investments, interest and dividend income are
translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such transactions. The gains or losses, if any, on investments resulting from changes in foreign exchange rates are included in the Statements
of Operations as realized gain (loss) on foreign currency transactions and unrealized appreciation (depreciation) on translation of other assets and liabilities denominated in foreign currencies.
Forward Foreign Currency Exchange Contracts
The FlexShares® Morningstar Global Upstream Natural Resources Index Fund,
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares® International Quality Dividend Index Fund, FlexShares® International Quality Dividend Dynamic Index Fund, FlexShares® International Quality Dividend Defensive Index Fund and FlexShares® Ready Access Variable Income Fund may enter into forward foreign currency exchange contracts to facilitate local settlements or to protect against currency exposure
in connection with its distributions to shareholders. The Index Funds, however, do not expect to engage in currency transactions for speculative purposes or for purposes of hedging against declines in the value of an Index Funds assets that
are denominated in a foreign currency. The FlexShares® Ready Access Variable Income Fund also may engage in
forward foreign currency transactions for hedging purposes in order to protect against uncertainty in
|
|
|
176 |
|
FLEXSHARES SEMIANNUAL REPORT |
Notes to the Financial Statements (cont.)
the level of future foreign currency exchange rates. The Fund, however, does not expect to engage in currency transactions for speculative purposes (e.g., for potential income or capital gain).
All forward foreign currency exchange contracts are marked-to-market daily at the applicable exchange rates and any resulting unrealized gains or losses are recorded in the financial statements. The Funds record realized gains or losses
at the time the forward foreign currency exchange contract is offset by entering into a closing transaction or extinguished by delivery of the currency.
There are several risks associated with these contracts. One risk is the potential inability of counterparties to meet the terms of their contracts, and
unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The measurement of
the risks associated with these instruments is meaningful only when
all related and offsetting transactions are considered. The Statements of Operations reflect realized gains or losses, if any, in realized gain (loss) on foreign currency transactions and
unrealized gains or losses in unrealized appreciation (depreciation) on forward foreign currency contracts. Forward foreign currency exchange contracts are privately negotiated transactions and can have substantial price volatility. As a result,
they offer less protection against default by the other party than is available for instruments traded on an exchange. The institutions that deal in forward foreign currency exchange contracts are not required to continue to make markets in the
currencies they trade, and these markets can experience periods of illiquidity.
As of April 30, 2013, the FlexShares® Morningstar Global
Upstream Natural Resources Index Fund, FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund
and FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund had open forward foreign currency contracts.
The following tables indicate
the location of derivative-related items on the Statements of Assets and Liabilities as well as the effect of derivative instruments on the Statements of Operations during the reporting period.
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value of Derivative Instruments as of April 30, 2013 |
|
Derivatives not accounted for as hedging instruments under ASC 815 |
|
Counterparty |
|
|
Statement of Assets and Liabilities Location |
|
Fund |
|
Value |
|
Equity Index Futures Contracts |
|
|
UBS AG |
|
|
Assets Unrealized appreciation on futures contracts |
|
FlexShares®
Morningstar Global Upstream Natural Resources Index Fund |
|
$ |
32,899 |
|
Foreign Currency Contracts |
|
|
Citibank and Goldman Sachs |
|
|
Assets Unrealized appreciation on forward foreign currency contracts |
|
FlexShares®
Morningstar Global Upstream Natural Resources Index Fund |
|
|
85,098 |
|
Foreign Currency Contracts |
|
|
Citibank and Morgan Stanley |
|
|
Liabilities Unrealized depreciation on forward foreign currency contracts |
|
FlexShares®
Morningstar Global Upstream Natural Resources Index Fund |
|
|
(162,273 |
) |
Equity Index
Futures Contracts |
|
|
UBS AG |
|
|
Assets Unrealized appreciation on futures contracts |
|
FlexShares®
Morningstar US Market Factor Tilt Index Fund |
|
|
50,802 |
* |
Equity Index
Futures Contracts |
|
|
UBS AG |
|
|
Assets Unrealized appreciation on futures contracts |
|
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index
Fund |
|
|
43,955 |
|
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
177 |
|
Notes to the Financial Statements (cont.)
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives not accounted for as hedging instruments under ASC 815 |
|
Counterparty |
|
|
Statement of Assets and Liabilities Location |
|
Fund |
|
Value |
|
Foreign Currency Contracts |
|
|
Citibank |
|
|
Assets Unrealized appreciation on forward foreign currency contracts |
|
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund |
|
$ |
704 |
|
Equity Index Futures Contracts |
|
|
UBS AG |
|
|
Assets Unrealized appreciation on futures contracts on futures contracts |
|
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund |
|
|
68,552 |
|
Foreign Currency Contracts |
|
|
Morgan Stanley and UBS AG |
|
|
Assets Unrealized appreciation on forward foreign currency contracts |
|
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund |
|
|
61,603 |
|
Equity Index Future Contracts |
|
|
Citigroup |
|
|
Assets Unrealized appreciation on future contracts |
|
FlexShares® Quality
Dividend Index Fund |
|
|
2,094 |
* |
Equity Index Futures Contracts |
|
|
Citigroup |
|
|
Assets Unrealized appreciation on futures contracts |
|
FlexShares®
International Quality Dividend Index Fund |
|
|
140 |
|
Equity Index Futures Contracts |
|
|
Citigroup |
|
|
Assets Unrealized appreciation on futures contracts |
|
FlexShares®
International Quality Dividend Defensive Index Fund |
|
|
140 |
|
* |
Includes cumulative appreciation/depreciation on futures contracts as reported in the Schedule of Investments. Only the current
days variation margin is reported within the assets or liabilities shown on the Statement of Assets and Liabilities. |
|
|
|
|
|
|
|
|
|
|
|
|
|
The Effect of Derivative Instruments on the Statement of Operations for the Period Ended April 30, 2013 |
|
Derivatives not accounted for as hedging instruments under ASC 815 |
|
Location of Gain or (Loss) on Derivatives on the
Statements of Operations |
|
Fund |
|
Realized Gain or (Loss) on Derivatives |
|
|
Change in Unrealized Appreciation or (Depreciation)
on Derivatives |
|
Equity Index Futures Contracts |
|
Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures Contracts |
|
FlexShares®
Morningstar Global Upstream Natural Resources Index Fund |
|
$ |
105,948 |
|
|
$ |
29,944 |
|
Foreign Currency Contracts |
|
Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency
contracts |
|
FlexShares®
Morningstar Global Upstream Natural Resources Index Fund |
|
|
228,647 |
|
|
|
(70,383 |
) |
Equity Index Futures Contracts |
|
Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts |
|
FlexShares®
Morningstar US Market Factor Tilt Index Fund |
|
|
197,166 |
|
|
|
57,728 |
|
|
|
|
178 |
|
FLEXSHARES SEMIANNUAL REPORT |
Notes to the Financial Statements (cont.)
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives not accounted for as hedging instruments under ASC 815 |
|
Location of Gain or (Loss) on Derivatives on the
Statements of Operations |
|
Fund |
|
Realized Gain or (Loss) on Derivatives |
|
|
Change in Unrealized Appreciation or (Depreciation)
on Derivatives |
|
Equity Index Futures Contracts |
|
Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts |
|
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund |
|
|
27,178 |
|
|
$ |
46,511 |
|
Foreign Currency Contracts |
|
Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency
contracts |
|
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund |
|
|
(10,613 |
) |
|
|
690 |
|
Equity Index Futures Contracts |
|
Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts |
|
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund |
|
|
(82,697 |
) |
|
|
73,799 |
|
Foreign Currency Contracts |
|
Net realized gain (loss) on Foreign currency transactions, Net change in unrealized appreciation (depreciation) on Forward foreign currency
contracts |
|
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund |
|
|
14,768 |
|
|
|
68,358 |
|
Equity Index Futures Contracts |
|
Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts |
|
FlexShares® Quality
Dividend Index Fund |
|
|
(3,639 |
) |
|
|
2,094 |
|
Equity Index Futures Contracts |
|
Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts |
|
FlexShares® International Quality Dividend Index Fund |
|
|
607 |
|
|
|
140 |
|
Equity Index Futures Contracts |
|
Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts |
|
FlexShares® International Quality Dividend Defensive Index Fund |
|
|
607 |
|
|
|
140 |
|
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
179 |
|
Notes to the Financial Statements (cont.)
At April 30, 2013, the volume of derivative activities for the period
was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign Exchange Contracts |
|
|
Equity Contracts |
|
Fund |
|
Number of Trades |
|
|
Average Notional Amount |
|
|
Number of
Trades |
|
|
Average Notional Amount |
|
FlexShares® Morningstar
Global Upstream Natural Resources Index Fund |
|
|
6 |
|
|
$ |
178,333 |
|
|
|
162 |
|
|
$ |
116,746 |
|
FlexShares® Morningstar
US Market Factor Tilt Index Fund |
|
|
|
|
|
|
|
|
|
|
15 |
|
|
|
89,398 |
|
FlexShares® Morningstar
Developed Markets ex-US Factor Tilt Index Fund |
|
|
1 |
|
|
|
40,000 |
|
|
|
13 |
|
|
|
87,040 |
|
FlexShares® Morningstar
Emerging MarketsFactor Tilt Index Fund |
|
|
1 |
|
|
|
1,338,333 |
|
|
|
371 |
|
|
|
13,470 |
|
FlexShares® Quality
Dividend Index Fund |
|
|
|
|
|
|
|
|
|
|
1 |
|
|
|
79,610 |
|
FlexShares®
International Quality Dividend Index Fund |
|
|
|
|
|
|
|
|
|
|
1 |
|
|
|
11,847 |
|
FlexShares®
International Quality Dividend Defensive Index Fund |
|
|
|
|
|
|
|
|
|
|
1 |
|
|
|
11,847 |
|
Taxes and Distributions
Each Fund has qualified and intends to continue to qualify as a regulated
investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net capital gains to shareholders. Accordingly,
no provision for federal and state income taxes is required in the financial statements.
As of October 31, 2012, management of the Funds has reviewed all open tax years and major jurisdictions and concluded that there is no tax liability resulting from unrecognized tax benefits relating
to uncertain income tax positions taken or expected to be taken in future tax returns. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly
change in the next 12 months. On an ongoing basis management will monitor the tax positions taken to determine if adjustment to conclusions are necessary based on factors including but not limited to further implementation on guidance expected from
Financial Accounting Standards Board (FASB) and on-going analysis of tax law, regulation, and interpretations thereof.
3. Investment Transactions and Related Income and Expense
Throughout the reporting period, investment
transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, investment transactions are accounted for on trade date on the last business day of the reporting period.
Interest income is recognized on an accrual basis. Bond discount is accreted
and premium is amortized over the expected life of each applicable security using the yield to maturity method. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are determined using the specific
identification method by comparing the identified cost of the security lot sold with the net sales proceeds.
All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign markets in which a Fund invests. These foreign taxes, if any, are paid by the
Fund and disclosed in the Statements of Operations. Foreign taxes payable, if any, are reflected in the Funds Statements of Assets and Liabilities.
Expenses directly attributable to a Fund are charged to that Fund, while expenses which are attributable to more than one Fund are allocated among the
respective Funds based upon relative net assets or another reasonable basis.
|
|
|
180 |
|
FLEXSHARES SEMIANNUAL REPORT |
Notes to the Financial Statements (cont.)
4. Investment
Advisory Fees
NTI serves as the
Investment Adviser of the Funds pursuant to the Investment Advisory Agreement. The Investment Adviser is responsible for making investment decisions for the Funds and for placing purchase and sale orders for portfolio securities, subject to the
general supervision of the Trusts Board of Trustees.
As
compensation for its advisory services and assumption of Fund expenses, NTI is entitled to a unitary management fee, computed daily and payable monthly, at the annual rates set forth in the table below (expressed as a percentage of each Funds
respective average daily net assets).
From the unitary management
fee, NTI pays most of the expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services (Covered Expenses). Covered Expenses do not include the fee payments under the
Investment Advisory Agreement, interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other
expenses not incurred in the ordinary course of business.
The
unitary management fee rate payable by each Fund is set forth in the following table:
|
|
|
|
|
Fund |
|
Unitary Management Fee |
|
FlexShares® Morningstar
Global Upstream Natural Resources Index Fund |
|
|
0.48 |
% |
FlexShares® iBoxx 3-Year
Target Duration TIPS Index Fund |
|
|
0.20 |
% |
FlexShares® iBoxx 5-Year
Target Duration TIPS Index Fund |
|
|
0.20 |
% |
FlexShares® Morningstar
US Market Factor Tilt Index Fund |
|
|
0.27 |
% |
FlexShares® Morningstar
Developed Markets ex-US Factor Tilt Index Fund |
|
|
0.42 |
% |
FlexShares® Morningstar
Emerging Markets Factor Tilt Index Fund |
|
|
0.65 |
% |
FlexShares® Quality
Dividend Index Fund |
|
|
0.37 |
% |
|
|
|
|
|
Fund |
|
Unitary Management Fee |
|
FlexShares® Quality
Dividend Dynamic Index Fund |
|
|
0.37 |
% |
FlexShares® Quality
Dividend Defensive Index Fund |
|
|
0.37 |
% |
FlexShares®
International Quality Dividend Index Fund |
|
|
0.47 |
% |
FlexShares®
International Quality Dividend Dynamic Index Fund |
|
|
0.47 |
% |
FlexShares®
International Quality Dividend Defensive Index Fund |
|
|
0.47 |
% |
FlexShares® Ready Access
Variable Income Fund |
|
|
0.25 |
% |
The Investment Adviser may voluntarily waive
any portion of its advisory fee from time to time, and may discontinue or modify any such voluntary waiver in the future at its discretion.
Amounts voluntarily waived by the Investment Adviser may not be recouped by the Investment Adviser. As of April 30, 2013, no advisory fees had been
waived.
5. Administration Fees
JPMorgan Chase Bank, N.A. (the
Administrator) serves as administrator of the Funds. The Administrator provides certain administrative services to the Funds. For these services, the Administrator is entitled to certain fees and reasonable out-of-pocket expenses. These fees
and expenses are Covered Expenses as defined above.
6.
Custodian Fees
JPMorgan Chase
Bank, N.A. (the Custodian) acts as custodian for the Funds in accordance with a Global Custody Agreement. The Custodian holds cash, securities and other assets of the Funds as required by the 1940 Act. As compensation for the services
rendered under the agreement, the Custodian is entitled to fees and reasonable out-of-pocket expenses. These fees and expenses are Covered Expenses as defined above.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
181 |
|
Notes to the Financial Statements (cont.)
7. Trustees Fees
The Trust compensates each
Trustee who is not an officer, director or employee of Northern Trust Corporation, or its subsidiaries, for his or her services as a Trustee of the Trust and as a member of Board committees.
NTI has contractually agreed with each Fund to reimburse the fees and expenses of the Trusts independent trustees and
their independent legal counsel paid by each Fund until at least March 1, 2014. After this date, NTI and each Fund may mutually agree to extend the contractual arrangement. The Board may terminate the contractual arrangement at any time if it
determines that it is in the best interest of the Fund and its shareholders.
The Trust has adopted a deferred compensation plan (DC Plan) for its Trustees who are not officers of Northern Trust or NTI. Under the DC Plan, an Independent Trustee may elect to defer all or
a portion of their compensation. The amount deferred is adjusted periodically based upon the performance of the investment options selected by the Trustees. The investment options currently under the DC Plan are the FlexShares® Morningstar US Market Factor Tilt Index Fund and the FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund. Expenses related to the DC Plan are stated on the Statements of Operations.
8. Distribution and Service Plan
Foreside Fund Services, LLC
(Foreside) serves as the Funds distributor and distributes Creation Units (as defined in Note 9) for each Fund on an agency basis. The Distributor does not receive a fee from the Funds for its distribution services. However, it
receives compensation from NTI for its services as distributor pursuant to a separate letter agreement between it and NTI.
The Trust has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the Investment Company Act of 1940. Payments to financial
intermediaries under the Plan are tied directly to their own out-of-pocket expenses. As of this date, the Plan has not been implemented with respect to the Funds. The Plan may not be implemented without further Board of Trustees approval. The
maximum distribution fee is 0.25% of each Funds respective average daily net assets
under the Plan. The Funds did not pay any 12b-1 fees during the current period.
9. Issuance and Redemption of Fund Shares
Each Fund issues and redeems shares only to
Authorized Participants (typically market makers, large investors and institutions) in exchange for the deposit or delivery of a basket of assets (securities and/or cash), in large blocks known as Creation Units, each of which is comprised of a
specified number of shares.
Retail investors may only purchase
and sell fund shares on a national securities exchange through a broker-dealer and such transactions may be subject to customary commission rates imposed by the broker-dealer.
Authorized Participants may pay transaction fees to the Funds to offset
transfer and other transaction costs associated with the issuance and redemption of Creation Units. Transaction fees remaining in the Funds were as follows:
|
|
|
|
|
|
|
|
|
Fund |
|
As of April 30, 2013* |
|
|
As of October 31, 2012** |
|
FlexShares® Morningstar
Global Upstream Natural Resources Index Fund |
|
$ |
85,500 |
|
|
$ |
28,500 |
|
FlexShares® Morningstar
US Market Factor Tilt Index Fund |
|
|
10,500 |
|
|
|
10,500 |
|
FlexShares® Morningstar
Developed Markets ex-US Factor Tilt Index Fund |
|
|
40,000 |
|
|
|
20,000 |
|
FlexShares® Morningstar
Emerging Markets Factor Tilt Index Fund |
|
|
75,000 |
|
|
|
50,000 |
|
FlexShares® Quality
Dividend Index Fund |
|
|
7,000 |
|
|
|
N/A |
|
FlexShares® Quality
Dividend Dynamic Index Fund |
|
|
2,000 |
|
|
|
N/A |
|
FlexShares®
International Quality Dividend Index Fund |
|
|
5,000 |
|
|
|
N/A |
|
FlexShares®
International Quality Dividend Dynamic Index Fund |
|
|
5,000 |
|
|
|
N/A |
|
FlexShares®
International Quality Dividend Defensive Index Fund |
|
|
5,000 |
|
|
|
N/A |
|
|
|
|
182 |
|
FLEXSHARES SEMIANNUAL REPORT |
Notes to the Financial Statements (cont.)
|
|
|
|
|
|
|
|
|
Fund |
|
As of April 30, 2013* |
|
|
As of October 31, 2012** |
|
FlexShares® Ready Access
Variable Income Fund |
|
$ |
|
|
|
$ |
700 |
|
* |
The FlexShares® Quality Dividend Index
Fund, The FlexShares® Quality Dividend Dynamic Index Fund and FlexShares® Quality Dividend
Defensive Index Fund commenced investment operations on December 14, 2012 and the FlexShares® International Quality Dividend Index Fund, FlexShares® International Quality Dividend Dynamic Index Fund and FlexShares® International Quality
Dividend Defensive Index Fund commenced operations on April 12, 2013. |
** |
The FlexShares® Morningstar Developed
Markets ex-US Factor Tilt Index Fund and FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund commenced investment operations on September 25, 2012 and
the FlexShares® Ready Access Variable Income Fund commenced investment operations on October 9, 2012. |
10. Investment Transactions
For the six months ended
April 30, 2013, FlexShares® iBoxx 3-Year Target Duration TIPS Index and FlexShares® iBoxx 5-Year Target Duration TIPS Index Funds invested solely in U.S. Government Securities. The cost of securities
purchased and proceeds from sales of securities, excluding short-term securities, derivatives and in-kind transactions for the period ended April 30, 2013, were as follows:
|
|
|
|
|
|
|
|
|
Fund |
|
Purchases |
|
|
Sales |
|
FlexShares® Morningstar
Global Upstream Natural Resources Index Fund |
|
$ |
184,483,506 |
|
|
$ |
118,066,478 |
|
FlexShares® iBoxx 3-Year
Target Duration TIPS Index Fund |
|
|
422,449,117 |
|
|
|
418,373,787 |
|
FlexShares® iBoxx 5-Year
Target Duration TIPS Index Fund |
|
|
164,065,643 |
|
|
|
164,016,698 |
|
FlexShares® Morningstar US Market Factor Tilt Index Fund |
|
|
15,449,963 |
|
|
|
14,658,886 |
|
FlexShares® Morningstar
Developed Markets ex-US Factor Tilt Index Fund |
|
|
77,842,626 |
|
|
|
1,055,205 |
|
FlexShares® Morningstar
Emerging Markets Factor Tilt Index Fund |
|
|
93,076,911 |
|
|
|
3,293,296 |
|
FlexShares® Quality
Dividend Index Fund |
|
|
6,115,878 |
|
|
|
5,855,168 |
|
|
|
|
|
|
|
|
|
|
Fund |
|
Purchases |
|
|
Sales |
|
FlexShares® Quality
Dividend Dynamic Index Fund |
|
$ |
556,709 |
|
|
$ |
489,586 |
|
FlexShares® Quality
Dividend Defensive Index Fund |
|
|
1,241,154 |
|
|
|
1,127,815 |
|
FlexShares®
International Quality Dividend Index Fund |
|
|
2,502,947 |
|
|
|
|
|
FlexShares®
International Quality Dividend Dynamic Index Fund |
|
|
2,503,760 |
|
|
|
|
|
FlexShares®
International Quality Dividend Defensive Index Fund |
|
|
2,502,144 |
|
|
|
|
|
FlexShares® Ready Access
Variable Income Fund |
|
|
4,150,453 |
|
|
|
2,125,498 |
*** |
*** |
Includes $200,523 sales of U.S. Government Securities. |
11. In-Kind Transactions
During the six-month period ended April 30,
2013, the Funds received securities in exchange for subscriptions of shares (subscriptions-in-kind). For the period ended April 30, 2013, the fair value of the securities received for subscriptions for each Fund was as follows:
|
|
|
|
|
Fund |
|
Fair Value |
|
FlexShares® Morningstar
Global Upstream Natural Resources Index Fund |
|
$ |
1,716,870,726 |
|
FlexShares® iBoxx 3-Year
Target Duration TIPS Index Fund |
|
|
858,144,643 |
|
FlexShares® iBoxx 5-Year
Target Duration TIPS Index Fund |
|
|
144,935,540 |
|
FlexShares® Morningstar
US Market Factor Tilt Index Fund |
|
|
105,770,872 |
|
FlexShares® Morningstar
Developed Markets ex-US Factor Tilt Index Fund |
|
|
8,121,902 |
|
FlexShares® Morningstar
Emerging Markets Factor Tilt Index Fund |
|
|
6,137,794 |
|
FlexShares® Quality
Dividend Index Fund |
|
|
65,598,925 |
|
FlexShares® Quality
Dividend Dynamic Index Fund |
|
|
5,363,112 |
|
FlexShares® Quality
Dividend Defensive Index Fund |
|
|
13,581,768 |
|
FlexShares®
International Quality Dividend Index Fund |
|
|
|
|
FlexShares®
International Quality Dividend Dynamic Index Fund |
|
|
|
|
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
183 |
|
Notes to the Financial Statements (cont.)
|
|
|
|
|
Fund |
|
Fair Value |
|
FlexShares®
International Quality Dividend Defensive Index Fund |
|
$ |
|
|
FlexShares® Ready Access
Variable Income Fund |
|
|
|
|
During the six months
ended April 30, 2013, the FlexShares® Morningstar US Market Factor Tilt Index Fund delivered securities in
exchange for redemption of shares (redemptions-in-kind). For financial reporting purposes, the Fund recorded net realized gains and losses in connection with each transaction. For the six months ended April 30, 2013, the fair value of the
securities transferred for redemptions for each Fund was as follows:
|
|
|
|
|
|
|
|
|
Fund |
|
Fair Value |
|
|
Net Realized Gains(Losses) |
|
FlexShares® Morningstar
US Market Factor Tilt Index Fund |
|
$ |
3,263,804 |
|
|
$ |
1,050,406 |
|
12. Principal Risk
As with any investment, you could lose all or
part of your investment in a Fund, and the Funds performance could trail that of other investments. In addition to the discussion of the risks of certain of the Funds investments included in Note 2, some of the principal risks of
investment in the Funds are summarized below. A more complete description of principal risks is included in each Funds Prospectus.
The following principal risks apply to all of the Funds:
Derivatives Risk
Changes in the value of a derivative instrument may not correlate perfectly with the underlying asset, rate or index, and the Funds could lose more than
the principal amount invested.
Market Trading Risk
Each Funds shares are listed on a securities exchange,
which presents risks including the potential lack of an active market for Fund shares, losses from trading in secondary markets, and disruption in the creation/redemption process of the Funds. Any of these factors may lead to the Funds shares
trading at a premium or discount to NAV.
The following principal risk applies only to the Index Funds:
Tracking Error Risk
Tracking error risk is the risk that an Index Funds performance may
vary substantially from the performance of the Underlying Index it tracks as a result of imperfect correlation between a Funds securities and those of the Underlying Index. Imperfect correlation may result from share purchases and redemptions,
expenses, changes in the Underlying Indexes, asset valuations, foreign currency valuations, market impact, corporate actions (such as mergers and spinoffs), legal restrictions (such as tax-related diversification requirements that apply to the Funds
but not to the Underlying Index) and timing variances, among other factors.
The following principal risks apply to each Fund as disclosed:
Concentration Risk
Each of the Index Funds, except the FlexShares® iBoxx 3-Year
Target Duration TIPS Index Fund and FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund, are
subject to Concentration Risk. To the extent that the investments of these Funds are concentrated in the securities of issuers in a particular region, country, market, industry, sector or asset class, the Funds may be subject to increased price
volatility and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that region, country, market, industry, sector or asset class.
Interest Rate/Maturity Risk
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund, FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund and FlexShares® Ready Access Variable Income Fund are subject to the risk that the value of the Funds fixed-income assets will decline because of rising interest rates. The
magnitude of this decline will often be greater for longer-term fixed income securities than shorter-term fixed-income securities. Duration is a measure used to determine the sensitivity of a securitys price to changes in interest rates. The
longer a securitys duration, the more sensitive it will be to changes in interest rates.
|
|
|
184 |
|
FLEXSHARES SEMIANNUAL REPORT |
Notes to the Financial Statements (cont.)
Non-diversification
Risk
The FlexShares® Morningstar Global Upstream Natural Resources Index Fund,
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund, FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund, and FlexShares® Ready Access Variable Income Fund (each a Fund and collectively the Funds) are non-diversified series of the Trust, pursuant to the 1940
Act. Performance of these Funds may depend on the performance of a small number of issuers because the Funds may invest a large percentage of their assets in securities issued by or representing a small number of issuers.
Small Cap Stock Risk
FlexShares® Morningstar Global Upstream Natural Resources Index Fund,
FlexShares® Morningstar US Market Factor Tilt Index Fund, FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund and FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund may invest in stocks of smaller companies which may be
subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group, and
their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.
Value Investing Risk
FlexShares® Morningstar US Market Factor Tilt Index Fund, FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund and FlexShares® Morningstar Emerging Markets Factor Tilt Index Funds investment in companies whose securities are believed to be undervalued, relative to their underlying
profitability, may not appreciate in value as anticipated.
The following principal risk applies only to the FlexShares®
Morningstar Global Upstream Natural Resources Index Fund:
Global Natural Resource Industry Risk
The Fund is subject to the risks associated with investment in the global natural resources sector in addition to the general
risk of the stock market. The natural resources sector can significantly be affected by events relating to U.S. and foreign political and economic developments and environmental and other
government regulations, as well as other factors including, but not limited to: commodity price volatility, technological developments and natural or man-made disasters. Declines in the demand for, or prices of, natural resources generally would be
expected to contribute to declines in the value of the Funds equity securities. Such declines may occur quickly and without warning and may negatively impact the value of the Fund and your investment.
The following principal risks apply only to the
FlexShares® Quality Dividend Index Fund, FlexShares® Quality Dividend Dynamic Index Fund,
FlexShares® Quality Dividend Defensive Index Fund, FlexShares® International Quality Dividend Index Fund, FlexShares® International Quality Dividend Dynamic Index Fund and FlexShares® International Quality Dividend Defensive Index Fund:
Dividend Risk
The Fund is subject to the risk that an issuer of stock held by the Fund may choose not to declare a dividend or the dividend rate might not remain at
current levels. Dividend paying stocks might not experience the same level of earnings growth or capital appreciation as non-dividend paying stocks. The Funds performance during a broad market advance could suffer because dividend paying
stocks may not experience the same capital appreciation as non-dividend paying stocks.
Volatility Risk
The Fund is subject to the risk that the actual level of volatility experienced by the Fund may be greater or lower than the targeted overall volatility of the Underlying Index. Although the Underlying
Index is designed to have a targeted overall volatility, there is no guarantee that it will have the targeted overall volatility. The Fund will continue to seek to track the Underlying Index even if the Underlying Index does not have the targeted
overall volatility. There is also the risk that the Fund may experience volatility greater or lower than that of the Underlying Index as a result of tracking error. A portfolio of securities with greater volatility is generally considered to have a
higher risk profile than a portfolio with lower volatility.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
185 |
|
Notes to the Financial Statements (cont.)
The
following principal risks apply to the FlexShares® Ready Access Variable Income Fund:
Credit (or Default) Risk
The Fund is subject to the risk that the inability or unwillingness of an
issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its payment or other financial obligations will adversely affect the value of the Funds investments and its returns. Changes in the
credit rating of a debt security held by the Fund could have a similar effect.
Debt Extension Risk
The Fund is subject to the risk that an issuer will exercise its right to pay principal on an obligation held by the Fund (such as a mortgage-backed security) later than expected. This may happen during a
period of rising interest rates. Under these circumstances, the value of the obligation will decrease and the Fund will suffer from the inability to invest in higher yielding securities.
Financial Sector Risk
The Fund is subject to the risk that the Fund will be impacted by events affecting the U.S. and non-U.S. financial sectors if it invests a relatively
large percentage of its assets in those sectors, adversely affecting the Funds performance. The U.S. and non-U.S. financial sectors can be significantly affected by changes in interest rates, government regulation, the rate of corporate and
consumer debt defaulted, price competition, the availability and cost of capital funds and fallout from the housing and sub-prime mortgage crisis. In 2008 and 2009, the U.S. financial sector was significantly impacted by bankruptcies and
consolidations of major financial firms. Events affecting the U.S. and non-U.S. financial sectors have had, and may continue to have, a significant negative impact on the valuations and stock prices of companies in this sector and have increased the
volatility of investments in those sectors.
Mortgage-Related and Other Asset-Backed Risks
The Fund is subject to the risks of investing in mortgage-related and other asset-backed securities, including Interest
Rate/Maturity Risk, Debt Extension Risk and Prepayment (or Call) Risk.
Prepayment (or Call) Risk
The Fund is subject to the risk that prepayment of the underlying mortgages or other collateral of some fixed-income securities may result in a decreased
rate of return and a decline in value of those securities.
U.S. Government Securities Risk
The Fund is subject to the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if
it is not obligated to do so by law. Many U.S. government securities that may be purchased by the Fund are not backed by the full faith and credit of the United States. It is possible that the issuers of such securities will not have the funds to
meet their payment obligations in the future.
13.
Guarantees and Indemnifications
In the normal course of business each Fund enters into contracts with third-party service providers that contain a variety of representations and
warranties and that provide general indemnifications. Additionally, under the Funds organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds.
The Funds maximum exposure under these arrangements is unknown, as it involves possible future claims that may or may not be made against the Funds.
14. New Accounting Pronouncements
In December 2011, the Financial Accounting
Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, Disclosures about Offsetting Assets and Liabilities (ASU 2011-11), to enhance disclosures about financial instruments and
derivative instruments that are subject to offsetting (netting) on the statement of assets and liabilities. This information will enable users of a Funds financial statements to evaluate the effect or potential effect of netting
arrangements on a Funds financial position.
In January
2013, the FASB issued ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities,
|
|
|
186 |
|
FLEXSHARES SEMIANNUAL REPORT |
Notes to the Financial Statements (cont.)
which replaced ASU 2011-11. ASU 2013-01 limits the scope of the new statement of assets and liabilities offsetting disclosures to derivatives, repurchase agreements and securities lending
transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. Both ASU 2011-11 and ASU 2013-01 are effective prospectively for interim or annual
periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of both of these requirements and the impacts they will have to the financial statement amounts and footnote disclosures, if any.
15. Subsequent Events
Management has evaluated subsequent events for
the Funds through the date the financial statements were issued, and has concluded that there are no additional recognized or non-recognized subsequent events relevant for financial statement disclosure.
|
|
|
|
|
FLEXSHARES SEMIANNUAL REPORT |
|
|
187 |
|
Fund Expenses (Unaudited)
As a shareholder, you incur two types of costs: (1) transaction costs for purchasing and selling
shares and (2) ongoing costs, including advisory and trustee fees. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of
investing in other funds.
Actual Expenses
The actual expense examples are
based on an investment of $1,000 invested at the beginning of a six month period and held through the period ended, April 30, 2013.
The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line,
together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the
first line under the heading Expenses Paid During the Period to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The hypothetical expense examples are based on an
investment of $1,000 invested at the beginning of a six month period and held through the period ended, April 30, 2013.
The second line under each Fund in the following table provides information about hypothetical account values and hypothetical expenses based on the
Funds actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account
balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the
expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as brokerage commissions on purchases or sales of Fund shares. Therefore, the second line for each Fund in the table is useful
in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
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Beginning Account Value |
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Ending Account Value 04/30/13 |
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Expenses Paid During the Period* |
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Annualized Expense Ratio
During Period |
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Flexshares® Morningstar Global Upstream Natural Resources Index |
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Actual |
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$ |
1,000.00 |
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$ |
986.40 |
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$ |
2.36 |
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0.48 |
% |
Hypothetical |
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$ |
1,000.00 |
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$ |
1,022.41 |
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$ |
2.41 |
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0.48 |
% |
Flexshares® iBoxx 3-Year Target Duration TIPS Index |
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Actual |
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$ |
1,000.00 |
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$ |
1,001.30 |
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$ |
0.99 |
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0.20 |
% |
Hypothetical |
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$ |
1,000.00 |
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$ |
1,023.80 |
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$ |
1.00 |
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0.20 |
% |
Flexshares® iBoxx 5-Year Target Duration TIPS Index |
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Actual |
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$ |
1,000.00 |
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$ |
1,003.00 |
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$ |
0.99 |
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0.20 |
% |
Hypothetical |
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$ |
1,000.00 |
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$ |
1,023.80 |
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$ |
1.00 |
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0.20 |
% |
Flexshares® Morningstar US Market Factor Tilt Index |
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Actual |
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$ |
1,000.00 |
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$ |
1,159.80 |
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$ |
1.45 |
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0.27 |
% |
Hypothetical |
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$ |
1,000.00 |
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$ |
1,023.46 |
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$ |
1.35 |
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0.27 |
% |
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188 |
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FLEXSHARES SEMIANNUAL REPORT |
Fund Expenses (cont.)
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Beginning Account Value |
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Ending Account Value 04/30/13 |
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Expenses Paid During the Period* |
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Annualized Expense Ratio During Period |
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Flexshares® Morningstar Developed Markets ex-US Factor Tilt Index |
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Actual |
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$ |
1,000.00 |
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$ |
1,154.40 |
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$ |
2.24 |
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0.42 |
% |
Hypothetical |
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$ |
1,000.00 |
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$ |
1,022.71 |
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$ |
2.11 |
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0.42 |
% |
Flexshares® Morningstar Emerging Markets Factor Tilt Index |
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Actual |
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$ |
1,000.00 |
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$ |
1,072.20 |
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$ |
3.34 |
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0.65 |
% |
Hypothetical |
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$ |
1,000.00 |
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$ |
1,021.57 |
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$ |
3.26 |
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0.65 |
% |
Flexshares® Quality Dividend Index
Fund(a) |
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Actual |
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$ |
1,000.00 |
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$ |
1,173.40 |
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$ |
1.49 |
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0.37 |
% |
Hypothetical |
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$ |
1,000.00 |
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$ |
1,022.96 |
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$ |
1.86 |
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0.37 |
% |
Flexshares® Quality Dividend Dynamic Index Fund(a) |
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Actual |
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$ |
1,000.00 |
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$ |
1,173.80 |
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$ |
1.49 |
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0.37 |
% |
Hypothetical |
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$ |
1,000.00 |
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$ |
1,022.96 |
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$ |
1.86 |
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0.37 |
% |
Flexshares® Quality Dividend Defensive Index Fund(a) |
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Actual |
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$ |
1,000.00 |
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$ |
1,167.10 |
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$ |
1.48 |
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0.37 |
% |
Hypothetical |
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$ |
1,000.00 |
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$ |
1,022.96 |
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$ |
1.86 |
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0.37 |
% |
Flexshares® International Quality Dividend Index Fund(b) |
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Actual |
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$ |
1,000.00 |
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$ |
1,027.60 |
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$ |
0.21 |
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0.47 |
% |
Hypothetical |
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$ |
1,000.00 |
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$ |
1,022.46 |
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$ |
2.36 |
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0.47 |
% |
Flexshares® International Quality Dividend Dynamic Index Fund(b) |
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Actual |
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$ |
1,000.00 |
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$ |
1,022.80 |
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$ |
0.21 |
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0.47 |
% |
Hypothetical |
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$ |
1,000.00 |
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$ |
1,022.46 |
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$ |
2.36 |
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0.47 |
% |
Flexshares® International Quality Dividend Defensive Index(b) |
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Actual |
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$ |
1,000.00 |
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$ |
1,026.80 |
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$ |
0.21 |
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0.47 |
% |
Hypothetical |
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$ |
1,000.00 |
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$ |
1,022.46 |
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$ |
2.36 |
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0.47 |
% |
Flexshares® Ready Access Variable Income |
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Actual |
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$ |
1,000.00 |
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$ |
1,005.30 |
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$ |
1.24 |
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0.25 |
% |
Hypothetical |
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$ |
1,000.00 |
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$ |
1,023.55 |
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$ |
1.25 |
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0.25 |
% |
Please note that while some of the Funds
commenced operations in December 2012 and April 2013, the Hypothetical Expenses Paid during the Period reflect projected activity for the full six-month period as opposed to the shorter inception period.
* |
Expenses are equal to the average account value over the period multiplied by the Funds annualized expense ratio, multiplied by
the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one half year period). |
(a) |
The Fund commenced operations on December 14, 2012. Actual Expenses Paid During the Period are equal to the Funds
annualized net expense ratio, multiplied by the average account value over the period, multiplied by 135 divided by 365 (to reflect the actual days in the period). Hypothetical Expenses Paid During the Period are equal to the Funds annualized
net expense ratio, multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half year period). |
(b) |
The Fund commenced operations on April 12, 2013. Actual Expenses Paid During the Period are equal to the Funds annualized
net expense ratio, multiplied by the average account value over the period, multiplied by 16 divided by 365 (to reflect the actual days in the period). Hypothetical Expenses Paid During the Period are equal to the Funds annualized net expense
ratio, multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half year period). |
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FLEXSHARES SEMIANNUAL REPORT |
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189 |
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Approval of Advisory Agreement
The Board of Trustees (the Board) of the FlexShares® Trust (the Trust) oversees the management of the Trust and each separate series of the Trust covered in
this report, and, as required by law, determines whether to approve the Trusts investment advisory and ancillary services agreement (the Advisory Agreement) with Northern Trust Investments, Inc. (NTI), an indirect
subsidiary of the Northern Trust Corporation. The following discussion relates to the Advisory Agreement for certain
FlexShares® Funds launched during the period covered by this report. Please see: (a) the annual report for
the period ended October 31, 2011 for a discussion of the approval of the Advisory Agreement for
FlexShares® Morningstar Global Upstream Natural Resources Index Fund, FlexShares® Morningstar U.S. Market Factor Tilt Index Fund, FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund and FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund; and (b) the annual report for the period ended October 31, 2012 for a discussion of the approval of the
Advisory Agreement for the FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund and
FlexShares® Ready Access Variable Income Fund.
The Board, including all of the Trustees who are not parties to the Advisory Agreement or interested
persons of any such party (the Independent Trustees), met on September 20, 2012 (the Meeting) to consider whether to approve the Advisory Agreement for the FlexShares® Quality Dividend Index Fund,
FlexShares® Quality Dividend Dynamic Index Fund, FlexShares® Quality Dividend Defensive Index Fund,
FlexShares® International Quality Dividend Index Fund, FlexShares® International Quality Dividend Dynamic Index Fund and FlexShares® International Quality Dividend Defensive Index Fund (each a Fund and together, the Funds).
In advance of, and in preparation for, the Trustees consideration of
the Advisory Agreement at the Meeting, the Trustees received written materials relating to the Advisory Agreement and had the opportunity to ask questions and request further information in connection with their consideration. At the Meeting, the
Trustees considered NTIs verbal presentations and discussed all of the information that had been provided. Among other things, the Board considered comparisons with other funds in
relevant peer universes and peer groups that had been objectively determined solely by Lipper, Inc. (Lipper), an independent provider of fund data.
The Independent Trustees met with their independent legal counsel separately
from the interested Trustee of the Trust and officers and employees of the Trust and NTI to consider approval of the Advisory Agreement. After evaluating all the materials, the Trustees, including the Independent Trustees, concluded that
the Advisory Agreement for the Funds was in the best interest of each Fund and its shareholders and approved the Advisory Agreement.
In approving the Advisory Agreement, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors they
deemed relevant, including, but not limited to: (1) the nature, extent and quality of the services that NTI is expected to provide to the Funds; (2) the anticipated fees and projected expenses for the Funds; (3) the projected profits
to be realized by NTI and its affiliates from the relationship with the Funds; (4) the extent to which economies of scale would be realized if the Funds grew and whether the fee levels in the Advisory Agreement reflected these economies of
scale; and (5) other benefits that NTI and its affiliates may realize as a result of their relationship with the Funds. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Boards
decision to approve the Advisory Agreement.
The material factors
and conclusions that formed the basis for the Trustees reaching their determinations to approve the Advisory Agreement are separately discussed below.
The Nature, Quality and Extent of Services
The Board examined the nature, quality and extent
of the services proposed to be provided by NTI to each Fund. The Board evaluated information regarding NTIs organizational structure and the experience and qualifications of NTIs key personnel. The Board also considered NTIs
responsibilities under the Advisory Agreement to perform securities trading services and ancillary services including, among other things: (i) filing reports with the SEC, (ii) periodically updating the Trusts registration statement,
(iii) establishing and maintaining the Funds website to comply with regulatory requirements, (iv) monitoring anticipated purchases and redemptions of
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190 |
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FLEXSHARES SEMIANNUAL REPORT |
Approval of Advisory Agreement (cont.)
creation units by shareholders and new investors, (v) providing information and assistance as required by the Trusts administrator and fund accountant in connection with the
Trusts shares, and (vi) providing assistance in connection with the operations of the Trust generally.
The Board also considered the quality of the services to be provided and the quality of NTIs resources that would be made available to the Trust. The Board noted NTIs and its affiliates
financial position, stability, and commitment to growing the exchange-traded funds business. The Board also considered the operation and strength of NTIs compliance program.
The Board concluded that it was satisfied with the nature, quality and extent
of the investment management services proposed to be provided by NTI, and that there was a reasonable basis on which to conclude that the Funds would benefit from the services proposed to be provided by NTI under the Advisory Agreement.
Performance
The Board considered that, because the Funds had
not started operations, meaningful data relating to their performance was not available and could not be a factor in the initial approval of the Advisory Agreement for the Funds.
Fees and Expenses
The Board considered the proposed unitary fee
structure and the projected expenses for each Fund. The Board noted that, under the Advisory Agreement, NTI would be responsible for most expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and
other services. The Board considered that NTI would not be responsible under the Advisory Agreement for certain expenses, including the fees and expenses of the Trusts Independent Trustees and their independent legal counsel, litigation
expenses and other extraordinary expenses. The Board also considered the agreement between the Trust and NTI, whereby NTI agreed to reimburse the fees and expenses of the Independent Trustees and their independent legal counsel with respect to a
Fund until at least one year from the effective date of the Funds registration statement. The Board reviewed comparative fee data for each Fund, including fees and expenses paid by comparable exchange-traded funds selected by Lipper, an
independent data service.
In reaching its determinations, the Board considered that the contractual management fee and total
expenses, after expense reimbursements, for each Fund were lower than the median contractual management fee and median total expenses of the comparable exchange-traded funds that Lipper had selected. The Board noted that NTI did not manage private
accounts with substantially similar investment strategies as the Funds.
Projected Profits of NTI
The Board examined NTIs projected profits in serving as each Funds investment adviser. The Board noted information provided by NTI with respect to the length of time it would take its
Funds-related advisory business to become profitable. The Board also considered NTIs projections of assets in the Funds over various time periods.
Economies of Scale
The Board considered whether NTI may realize economies of scale in managing and supporting the Funds. The Board reviewed each Funds fee
arrangements, and considered that, in light of the unitary fee structure and proposed expense reimbursement agreement, the fact that NTI will not initially make any profit from its services to the Funds and the significant investment that NTI is
making in the Trust, breakpoints were not necessary at the present time.
Other Benefits to NTI
In addition to considering the profits that may be realized by NTI, the Board considered information regarding other direct and indirect benefits NTI may receive as a result of its relationship with the
Funds, including whether any compensation would be paid to NTIs affiliates. The Board also considered that some of the Funds expected shareholders will have other client relationships with NTIs affiliates. The Board also reviewed
the extent to which NTI and its other clients, as well as the Funds, will benefit from receipt of the research products and services generated by the Funds.
For the foregoing reasons, the Board, including a majority of the Independent Trustees, determined that the Advisory Agreement was fair and reasonable in
light of the services to be provided, fees to be charged and such other matters as the Trustees considered relevant in the exercise of their reasonable business judgment.
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FLEXSHARES SEMIANNUAL REPORT |
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191 |
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For More Information
Portfolio Holdings
FlexShares® Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission
(SEC) for the first and third quarters of each fiscal year on Form N-Q. The Funds Forms N-Q are available on the SECs Web site at sec.gov. You may also review and obtain copies at the SECs Public Reference Room in
Washington, D.C. Information about the Public Reference Room may be obtained by calling 800-SEC-0330.
Proxy Voting
FlexShares®
Trust Proxy Voting Policies and Procedures are available upon request and without charge by calling 1-855-FLEXETF (1-855-353-9383) or by visiting the Funds Web site www.flexshares.com or the SECs Web site at sec.gov. Each
Funds portfolio securities voting record for the 12-month period ended June 30 is available upon request and without charge by calling 1-855-FLEXETF (1-855-353-9383) or by visiting the SECs Web site at sec.gov.
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192 |
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FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Trust
50 S. LaSalle Street
Chicago, IL
60603
800.595.9111
www.flexshares.com
FlexShares® is a registered trademark of NTI.
Morningstar® is a registered trademark of Morningstar, Inc. (Morningstar). Morningstar® Global Upstream Natural Resources IndexSM and Morningstar® US Market Factor Tilt
IndexSM are service marks of Morningstar, Inc. The iBoxx
3-Year Target Duration TIPS Index and iBoxx 5-Year Target Duration TIPS Index are each the property of Markit North America, Inc. (Markit) and have been licensed for use in connection the FlexShares iBoxx 3-Year Target Duration TIPS
Index Fund and the FlexShares iBoxx 5-Year Target Duration TIPS Index Fund, respectively. Northern Trust Quality Dividend Index SM, Northern Trust Quality Dividend Dynamic Index SM, Northern Trust Quality Dividend Defensive Index SM, Northern Trust International Quality Dividend Index SM, Northern Trust Quality Dividend Dynamic Index SM, Northern Trust International Quality Dividend Defensive
Index SM are service marks of NTI and have been licensed
for use by FlexShares Trust.
FS00041-0613
Item 2. Code Of Ethics.
Not applicable for this reporting period.
Item 3. Audit Committee Financial Expert.
Not applicable for this reporting period.
Item 4. Principal Accountant Fees and Services.
Not applicable for this reporting
period.
Item 5. Audit Committee of Listed Registrants.
Not applicable for this reporting period.
Item 6. Investments
(a) |
Schedule I Investments in Securities of Unaffiliated Issuers |
The complete schedule of investments is included in the report to shareholders in Item 1 of this Form N-CSR.
(b) |
Securities Divested of in accordance with Section 13(c) of the Investment Company Act of 1940. |
Not applicable.
Item 7. Disclosure Of Proxy Voting Policies And Procedures For Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio
Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchase Of Equity Securities By Closed-End Management Investment Company And Affiliated Purchasers.
Not applicable.
Item 10. Submission Of Matters To A Vote Of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrants
Board of Trustees.
Item 11. Controls And Procedures.
(a) |
The Registrants principal executive officer and principal financial officer, or persons performing similar functions, have concluded that the
Registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the 1940 Act)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b)
under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report. |
(b) |
There were no changes in the Registrants internal control over financial reporting (as defined in Rule 30a - 3(d) under the 1940 Act) that
occurred during the Registrants second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrants internal control over financial reporting.
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Item 12. Exhibits.
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(a)(1) |
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Not applicable for this reporting period. |
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(a)(2) |
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Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
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(b) |
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Certifications required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
FlexShares Trust
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By: |
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/s/ Shundrawn A. Thomas |
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Shundrawn A. Thomas |
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President |
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July 5, 2013 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of
1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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By: |
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/s/ Shundrawn A. Thomas |
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Shundrawn A. Thomas |
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President |
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July 5, 2013 |
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By: |
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/s/ Randal Rein |
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Randal Rein |
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Treasurer and Principal Financial Officer |
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July 5, 2013 |